Sensata Technologies Holding PLC (ST) 2021 Q2 法說會逐字稿

Good day, and welcome to Sensata Technologies Second Quarter 2021 Earnings Conference Call. (Operator Instructions) Please note this event is being recorded.

美好的一天，歡迎參加森薩塔科技 2021 年第二季財報電話會議。 （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 Mr. Jacob Sayer, Vice President of Finance. Please go ahead, sir.

現在我想將會議交給財務副會長 Jacob Sayer 先生。請繼續，先生。

Thank you, Keith. Good morning, everyone. I'd like to welcome you to Sensata's Second 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.

謝謝你，基斯。大家早安。歡迎您參加森薩塔 2021 年第二季財報電話會議。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 issued earlier today, we will be referencing a slide presentation during today's 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 our 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中引用幻燈片演示。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製中，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 or the financial performance of the company that involves risks and uncertainties. The company's actual results may differ materially from the projections described in such statements. Factors that might cause such differences include, but are not limited to, those discussed in our Forms 10-Q and 10-K as well as other subsequent filings with the SEC.

在我們開始之前，我想引用投影片 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 second 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 non-GAAP financial measures. 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 11 and 12 of the presentation, which are the primary measures management uses to evaluate the performance of the business.

在幻燈片 3 中，我們展示了森薩塔 2021 年第二季度的 GAAP 業績。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 財務指標的調整包含在收益發布和我們的簡報資料中。該公司在簡報的幻燈片 11 和 12 上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 second quarter of 2021. He will then provide an update on our recent progress in our key Sensata's Insights and Electrification strategic growth areas. Paul will cover our detailed financials for the second quarter of 2021, including organic and market outgrowth by business unit, our segment reporting and provide financial guidance for the third quarter and updated financial guidance for the full year 2021. We will then take your questions after our prepared remarks.

Jeff 今天將首先介紹我們 2021 年第二季的業務亮點。 Paul 將介紹我們2021 年第二季的詳細財務數據，包括各業務部門的有機成長和市場成長、我們的分部報告，並提供第三季的財務指導和2021 年全年的最新財務指導。 我們將在之後回答您的問題我們準備好的發言。

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, Jacob, and welcome, everyone. I'd like to start with some summary comments on our strong performance during the second quarter of 2021, as outlined on Slide 4.

謝謝你，雅各布，歡迎大家。首先，我想對我們在 2021 年第二季的強勁表現進行一些總結，如投影片 4 所述。

The business recovery we have experienced beginning in midyear 2020 continued during the second quarter. We responded effectively to increased customer demand, which drove 72% revenue growth from the prior year to a record $993 million, slightly above the guidance range we provided in April.

我們從 2020 年年中開始經歷的業務復甦在第二季度得到了延續。我們有效地回應了不斷增長的客戶需求，這使得收入比上一年增長了 72%，達到創紀錄的 9.93 億美元，略高於我們 4 月份提供的指導範圍。

While automotive and heavy vehicle production for the period came in lower than expectations because of the semiconductor chip shortage, the industrial business was somewhat stronger. In addition, we benefited during the second quarter from OEM efforts to replenish channel inventories.

雖然由於半導體晶片短缺，該時期的汽車和重型汽車產量低於預期，但工業業務有所強勁。此外，我們在第二季度受益於 OEM 補充通路庫存的努力。

We delivered $209 million in adjusted operating income during the quarter, representing 21.1% operating margin, higher sequentially as well as substantially higher than prior year period. This underscores our leading industry positions, our success in pursuing strategic growth factors and the strength and flexibility of our manufacturing and commercial model. I'd like to recognize the innovation and hard work of the entire team in achieving these strong results during the second quarter.

本季我們實現調整後營業收入 2.09 億美元，營業利益率為 21.1%，比上一季更高，也大幅高於去年同期。這凸顯了我們的領先產業地位、我們在追求策略成長因素方面的成功以及我們製造和商業模式的優勢和靈活性。我想對整個團隊在第二季度取得這些強勁成果的創新和辛勤工作表示認可。

Looking at our performance year-over-year, we once again delivered strong market outgrowth, well above our target ranges. For the second quarter of 2021, we produced 2,850 basis points of outgrowth in our heavy vehicle off-road business and 990 basis points of outgrowth in our automotive business, excluding estimated inventory growth.

從我們的同比表現來看，我們再次實現了強勁的市場成長，遠高於我們的目標範圍。 2021 年第二季度，我們的重型車輛越野業務實現了 2,850 個基點的成長，汽車業務實現了 990 個基點的成長（不包括預期的庫存成長）。

Since the beginning of 2018, we have produced 950 basis points of outgrowth on average in our heavy vehicle off-road business and 615 basis points of outgrowth on average in our automotive business. Paul will discuss our revenue outgrowth in more detail.

自 2018 年初以來，我們的重型車輛越野業務平均實現了 950 個基點的成長，汽車業務平均實現了 615 個基點的成長。保羅將更詳細地討論我們的收入成長。

Sensata today is in a substantially stronger financial position, in part because of our excellent performance over the past year. For example, we generated $127 million in free cash flow in the second quarter. Our current cash balance of $1.9 billion positions Sensata well to continue to acquire businesses that will expand our presence in the critical growth vectors of Insights and Electrification, where we have already shown important initial success.

森薩塔如今的財務狀況明顯增強，部分原因在於我們過去一年的優異表現。例如，我們第二季產生了 1.27 億美元的自由現金流。我們目前的現金餘額為 19 億美元，這使森薩塔能夠繼續收購業務，擴大我們在洞察和電氣化關鍵成長領域的業務，我們已經在這兩個領域取得了重要的初步成功。

Based on our business wins in the first half of this year and the robust forward pipeline, we are confident that our new business wins in 2021 will exceed last year's strong level of $465 million. These new business wins demonstrate customer confidence in Sensata and fuel our ability to deliver strong outgrowth in the coming years.

基於我們今年上半年的業務勝利和強勁的未來管道，我們有信心 2021 年的新業務勝利將超過去年 4.65 億美元的強勁水平。這些新業務的勝利證明了客戶對森薩塔的信心，並增強了我們在未來幾年實現強勁增長的能力。

We continue to invest in our growth initiatives in areas driven by underlying megatrends and increased our organic investment to $14 million in the second quarter from $7 million in the second quarter of last year. These investments allow us to pursue significant opportunities and expand our product portfolio in high-growth areas.

我們繼續投資於由潛在大趨勢驅動的領域的成長計劃，並將我們的有機投資從去年第二季度的 700 萬美元增加到第二季度的 1400 萬美元。這些投資使我們能夠在高成長領域尋求重大機會並擴大我們的產品組合。

On Slide 5, I share an update on our meaningful progress in Sensata Insights. I'll remind you that we provided a teach-in on our strategy and positioning in this area in early June. A replay of that presentation remains on our website. The Insights initiative addresses a market that is large and fast-growing and we are pleased by the traction we are gaining already with both current and new customers across various sectors.

在幻燈片 5 中，我分享了我們在 Sensata Insights 方面取得的有意義進展的最新情況。我要提醒您的是，我們在六月初提供了有關我們在該領域的策略和定位的宣講會。該簡報的重播保留在我們的網站上。 Insights 計畫針對的是一個龐大且快速成長的市場，我們對各行業的現有和新客戶所獲得的吸引力感到很高興。

Our revenue is on pace to achieve $100 million annualized in 2021 and grow in excess of 20% per year over the next several years. We have a substantial pipeline of over $800 million of business opportunities that have been identified. And we are working diligently to close these opportunities to fuel growth.

我們的收入預計在 2021 年實現年化 1 億美元，並在未來幾年每年增長超過 20%。我們擁有大量已確定的超過 8 億美元的商機。我們正在努力抓住這些機會來推動成長。

Our efforts in this area enabled us to close $20 million of recent new business awards. At this point, we have a very strong backlog of committed orders, representing 100% of the revenue we expect to generate from Insights for the balance of 2021. These accomplishments demonstrate the value we generate for our customers.

我們在這一領域的努力使我們最近獲得了 2000 萬美元的新業務獎項。目前，我們有大量的已承諾訂單積壓，相當於我們預計 2021 年剩餘時間從 Insights 獲得的收入的 100%。

Included in those new business wins is a large win with a global transportation services business to track their refrigerated containers. This win alone is worth over $10 million in revenue per year on average as it rolls out. In addition, we were awarded a $6 million order from a large insurance carrier to drive growth of their usage-based insurance offering. This important win represents an instance where we displaced an incumbent supplier.

這些新業務的勝利包括全球運輸服務企業追蹤其冷藏貨櫃的巨大勝利。光是這場勝利就帶來了平均每年超過 1000 萬美元的收入。此外，我們還獲得了一家大型保險公司的 600 萬美元訂單，以推動其基於使用情況的保險產品的成長。這場重要的勝利代表了我們取代現有供應商的一個例子。

In yet another example, Sensata Insights recently won wireless gateway and wheel-end sensor business from a leading North American heavy-duty trailer suspension manufacturer to enable tire inflation and monitoring in a contract worth over $9 million in annual revenue once that program launches. These wins will fan out over time, generating recurring revenue for our business as our customers adopt our solution set.

另一個例子是，Sensata Insights 最近贏得了北美一家領先的重型拖車懸吊製造商的無線網關和輪端感測器業務，一旦該專案啟動，該合約將實現輪胎充氣和監控，年收入將超過900 萬美元。隨著時間的推移，這些勝利將逐漸擴大，隨著我們的客戶採用我們的解決方案集，為我們的業務帶來經常性收入。

Moving to Slide 6. Sensata is making excellent progress in winning new business in Electrification, in part because we take a holistic view of electrification and its growing impact on all the segments we serve. While electric light vehicles capture a lot of attention, to us, electrification also includes electrified heavy vehicles and the charging infrastructure necessary to support this ecosystem.

轉到投影片 6。雖然電動輕型車吸引了許多關注，但對我們來說，電氣化還包括電動重型汽車以及支援該生態系統所需的充電基礎設施。

Sensata is already a leading provider of high-voltage protection on EVs and charging infrastructure. As the underlying industries that enable electrification become more widespread, we intend to be a key participant, supporting our growing base of customers.

森薩塔已經是電動車和充電基礎設施高壓保護的領先供應商。隨著支援電氣化的基礎產業變得更加廣泛，我們打算成為關鍵參與者，為我們不斷成長的客戶群提供支援。

Across our businesses, we have developed a substantial pipeline of over $600 million in electrification new business opportunities that our sales and engineering teams are cultivating. In the past 2 years, that pipeline has generated over $280 million in design wins that are in the development phase and in the coming years are expected to be incremental to our more than $200 million in estimated revenue from Electrification solutions in 2021.

在我們的業務中，我們的銷售和工程團隊正在培養一系列價值超過 6 億美元的電氣化新商機。在過去 2 年裡，該管道已贏得了超過 2.8 億美元的設計勝利，這些設計處於開發階段，預計在未來幾年，到 2021 年電氣化解決方案的預計收入將增加到超過 2 億美元。

We continue to win new Electrification business at an accelerated pace. During the quarter, a large, premier European heavy vehicle OEM awarded Sensata the design for a power distribution unit to help power their future electric commercial vehicles. Power distribution units combine contactors, fuses and battery management systems, all provided by Sensata. This strategically important business win is worth over $11 million in annualized revenue once it launches.

我們繼續加速贏得新的電氣化業務。本季度，歐洲一家大型重型汽車 OEM 授予森薩塔配電裝置設計方案，以幫助為其未來的電動商用車提供動力。配電裝置結合了接觸器、保險絲和電池管理系統，全部由森薩塔提供。這項具有重要戰略意義的業務一旦啟動，年收入將超過 1,100 萬美元。

Our joint venture with Churod Electronics announced last quarter extends our electrical protection capabilities to mass market vehicles and other electrified equipment requiring medium-voltage electrical protection. This JV is already being awarded new design wins, including the battery protection contactor business of a large European OEM intending to produce EVs for the China market worth over $6 million in annual revenue.

我們與 Churod Electronics 的合資企業上季宣布將我們的電氣保護能力擴展到大眾市場車輛和其他需要中壓電氣保護的電氣化設備。該合資企業已經獲得了新的設計勝利，其中包括一家大型歐洲 OEM 的電池保護接觸器業務，該業務旨在為中國市場生產年收入超過 600 萬美元的電動車。

In addition, at the higher voltage end, we recently were awarded a contactor design from a North American OEM, using these contactors for their electrified pickup trucks worth more than $18 million in annual revenue. This utilizes the GIGAVAC robust solution. Later in the year, we will webcast a teach-in covering our electrification initiatives so that listeners can gain a better understanding of our offerings in this space, the evolving market and our go-to-market strategies in this key growth vector for Sensata.

此外，在更高電壓端，我們最近獲得了一家北美 OEM 的接觸器設計，將這些接觸器用於其年收入超過 1800 萬美元的電動皮卡車。這利用了 GIGAVAC 強大的解決方案。今年晚些時候，我們將進行網路直播，內容涉及我們的電氣化計劃，以便聽眾能夠更好地了解我們在這一領域的產品、不斷發展的市場以及我們在森薩塔這一關鍵增長領域的入市策略。

In sum, I'm pleased with our progress against these initiatives which supports our increased investment to pursue these large, fast-growing markets driven by secular trends. As I've said before, we see numerous opportunities to utilize our strong financial position, our 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 megatrends.

總而言之，我對我們在這些舉措方面取得的進展感到高興，這些舉措支持我們增加投資，以追求這些由長期趨勢驅動的大型、快速成長的市場。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，透過這些大趨勢中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。

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 second quarter, as shown on Slide 8, include record revenue of $992.7 million, an increase of 72.2% for the second quarter of 2020. Organic revenue increased 62.9%. The acquisition of Xirgo increased revenue by 4.4%. And changes in foreign currency increased revenue by 4.9%.

謝謝你，傑夫。如投影片 8 所示，第二季的主要亮點包括創紀錄的營收 9.927 億美元，比 2020 年第二季成長 72.2%。收購 Xirgo 使營收增加 4.4%。外幣變動使收入增加了 4.9%。

Adjusted operating income was $209.3 million, an increase of 179% compared to the second quarter of 2020, primarily due to higher revenues, partially offset by elevated costs related to the industry-wide semiconductor chip shortage, higher spend to support megatrend growth initiatives and higher incentive compensation aligned to improved financial performance.

調整後營業收入為 2.093 億美元，與 2020 年第二季度相比增長 179%，主要是由於收入增加，但部分被全行業半導體晶片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結合。

Second quarter of 2020, the prior year comparison quarter, included $21.6 million in savings related to temporary furloughs and salary reductions in response to the negative impact of COVID-19 on our markets and business. Adjusted net income was $151.4 million, an increase of 447% compared to the second quarter of 2020, largely due to the significant increase in operating income. Adjusted EPS was $0.95 in the second quarter, an increase of 428% compared to the prior year quarter.

2020 年第二季（即去年同期）包括因臨時休假和減薪而節省的 2,160 萬美元，以應對 COVID-19 對我們市場和業務的負面影響。調整後淨利為1.514億美元，較2020年第二季成長447%，很大程度上得益於營業收入的大幅成長。第二季調整後每股收益為 0.95 美元，比去年同期成長 428%。

Now I will discuss our performance by end market in the second quarter of 2021, as outlined on Slide 9. Our organic revenue increase of 62.9% year-on-year is comprised of overall end market growth of approximately 45.4%, estimated customer inventory restocking of 6.1% and market outgrowth of 1,140 basis points for Sensata.

現在，我將討論我們在 2021 年第二季度按終端市場劃分的業績，如幻燈片 9 所示。森薩塔(Sensata) 的成長率為6.1%，市場成長率為1,140 個基點。

Our heavy vehicle off-road business posted an organic revenue increase of 95.7%, representing end market growth of 57.6%, estimated growth of 9.6% due to customer inventory restocking and 2,850 basis points of market outgrowth.

我們的重型車輛越野業務有機收入成長 95.7%，終端市場成長 57.6%，由於客戶庫存補充和市場成長 2,850 個基點，預計成長 9.6%。

Our China on-road truck business continued to post better-than-expected growth from the accelerated adoption of NS VI emissions regulations. And we are benefiting from both a wave of electromechanical operating controls being installed in new off-road equipment and early stages of radar installations on heavy vehicles as a safety feature. We do expect market outgrowth to remain high for the balance of the year for our heavy vehicle business as the NS VI regulations in China have led to substantially increased content per truck.

由於 NS VI 排放法規的加速實施，我們的中國公路卡車業務持續實現好於預期的成長。我們受惠於新型越野設備中安裝的機電操作控制裝置以及重型車輛上早期安裝的雷達作為安全功能的浪潮。我們預計，由於中國的 NS VI 法規導致每輛卡車的含量大幅增加，我們的重型車輛業務今年剩餘時間的市場成長將保持在較高水準。

Our automotive business posted an organic revenue increase of 74.9%, representing end market growth of 56.1%, estimated growth of 8.9% due to customer inventory restocking and 990 basis points of market outgrowth. Our automotive business benefited from new product launches in powertrain and emissions, safety, in electrification-related applications and systems. Vehicle inventories, especially in North America, remain in historic lows, signaling a tailwind to automotive market growth for the foreseeable future.

我們的汽車業務有機收入成長 74.9%，終端市場成長 56.1%，由於客戶庫存補充和市場成長 990 個基點，預計成長 8.9%。我們的汽車業務受益於動力系統和排放、安全、電氣化相關應用和系統方面新產品的發布。汽車庫存，尤其是北美地區的汽車庫存仍處於歷史低位，這預示著在可預見的未來汽車市場的成長將順風順水。

Our industrial business increased 29.2% organically as global industrial end markets continued to recover in the quarter. Strong growth in heating, ventilation and air conditioning, new electrification launches and supply chain restocking benefited our industrial business.

隨著本季全球工業終端市場持續復甦，我們的工業業務有機成長 29.2%。暖氣、通風和空調業務的強勁成長、新電氣化產品的推出以及供應鏈補貨使我們的工業業務受益。

Our aerospace business increased 20.6% organically, reflecting somewhat improved OEM production in air traffic, which 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.

我們的航空航太業務有機成長了 20.6%，反映出空中交通 OEM 生產有所改善，這推動了我們的航空航太售後市場業務。新產品的推出（主要是國防領域）以及售後市場的改進，使我們的航空航太業務本季的成長速度快於市場。

One of the reasons our outgrowth to market is so high this quarter is that the comparison revenue in the second quarter of 2020 was unusually low, reflecting widespread plant closures in response to COVID-19 outbreak. Slide 10 deconstructs this dynamic for you, showing what would happen if we compare this quarter's outgrowth to our normalized quarterly revenue figure instead of the low point in 2020. The resulting adjusted outgrowth of 1,640 basis points for heavy vehicle off-road and 640 basis points for automotive are still well above our target ranges, and these numbers are more appropriate figures to compare to other quarters on a stand-alone basis.

我們本季的市場成長如此之高的原因之一是 2020 年第二季的比較收入異常低，反映出為因應 COVID-19 爆發而廣泛關閉的工廠。投影片10 為您解構了這一動態，展示瞭如果我們將本季的成長與標準化季度收入數據（而不是2020 年的低點）進行比較，會發生什麼。 1,640 個基點，640 個基點汽車產業仍遠高於我們的目標範圍，這些數字更適合與其他季度進行單獨比較。

Now I'd like to comment on the performance of our 2 business segments in the second quarter of 2021, starting with Performance Sensing on Slide 11. Our Performance Sensing business reported record revenues of $741.9 million, an increase of 92.6% compared to the same quarter last year. Excluding the positive impact from foreign currency of 5.8% and the positive impact on the Xirgo acquisition of 6.6%, Performance Sensing delivered 80.2% organic revenue growth.

現在我想評論一下我們 2021 年第二季的兩個業務部門的業績，從投影片 11 上的效能感測開始。去年一個季度。排除外匯帶來的 5.8% 的正面影響和 Xirgo 收購帶來的 6.6% 的正面影響，Performance Sensing 實現了 80.2% 的有機收入成長。

Performance Sensing operating income was $202.1 million, an increase of 232.6% as compared to the same quarter last year, with operating margins of 27.2%. The increase in segment operating income was primarily due to higher revenues, somewhat offset by elevated costs related to the industry-wide semiconductor chip shortage. The prior year quarter included savings related to temporary furloughs and salary reductions. Performance Sensing generated incremental margin of 43% in the second quarter and higher organic revenue as compared to the prior year period.

Performance Sensing 營業收入為 2.021 億美元，較去年同期成長 232.6%，營業利益率為 27.2%。部門營業收入的成長主要是由於收入增加，但在一定程度上被全行業半導體晶片短缺導致的成本上升所抵消。去年同期包括與臨時休假和減薪相關的節省。 Performance Sensing 在第二季度實現了 43% 的增量利潤，與去年同期相比有機收入也有所提高。

As shown on Slide 12, Sensing Solutions reported revenues of $250.8 million in the second quarter of 2021, an increase of 31.1% as compared to the same quarter last year. Excluding the positive impact from foreign currency of 3.1%, Sensing Solutions delivered 28% organic revenue growth.

如投影片 12 所示，Sensing Solutions 報告 2021 年第二季營收為 2.508 億美元，較去年同期成長 31.1%。排除外匯帶來的 3.1% 的正面影響，感測解決方案實現了 28% 的有機收入成長。

Sensing Solutions operating income was $76.5 million, an increase of 37.1% in the same quarter last year, with operating margins of 30.5%. Like Performance Sensing, the increase in segment operating income was primarily due to higher revenues somewhat offset by elevated costs from the industry-wide semiconductor chip shortage. And again, the prior year quarter included savings related to temporary furloughs and salary reductions. Sensing Solutions generated incremental margin of 37% in the second quarter and higher organic revenue as compared to the prior year period.

感測解決方案營運收入為 7,650 萬美元，比去年同期成長 37.1%，營運利潤率為 30.5%。與性能感測部門一樣，該部門營業收入的成長主要是由於收入增加，但在一定程度上被全行業半導體晶片短缺導致的成本上升所抵消。同樣，上一年季度包括與臨時休假和減薪相關的節省。與去年同期相比，感測解決方案第二季的利潤率成長了 37%，有機收入也有所增加。

On Slide 13, Corporate and other operating expenses not included in segment operating income were $74 million in the second quarter of 2021. Excluding charges added back to our non-GAAP results, corporate and other costs were $67.7 million, an increase of $27.8 million from the prior year quarter, primarily 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. The prior year quarter included temporary savings from furloughs and salary reductions.

在投影片13 中，2021 年第二季未計入分部營業收入的公司和其他營運費用為7,400 萬美元。季度增加了2,780 萬美元。 。去年同期包括休假和減薪帶來的臨時節省。

We currently expect approximately $50 million to $55 million in megatrend-related spend in 2021, up 70% in 2020, to design and develop differentiated, sensor-rich and connected data solutions for the fast-growing and transformational megatrend vectors of Electrification and Sensata Insights.

我們目前預計2021 年大趨勢相關支出約為5,000 萬至5,500 萬美元，到2020 年將增長70%，用於為電氣化和Sensata Insights 快速增長和轉型的大趨勢向量設計和開發差異化、感測器豐富的互聯數據解決方案。

Slide 14 shows Sensata's second quarter 2021 non-GAAP results. Adjusted operating income increased 179.1% and compared to the same quarter last year, and adjusted operating margin increased 810 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 COVID-19 pandemic.

幻燈片 14 顯示了森薩塔 2021 年第二季非 GAAP 業績。調整後營業收入與去年同期相比成長179.1%，調整後營業利益率成長810個基點至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長。

We acted early during the pandemic to reduce our cost structure while continuing to invest in megatrends that are shaping our end market that we believe will enable us to deliver long-term sustainable growth. We've included an adjusted operating income margin walk from the second quarter of 2020 to the second quarter of 2021 on the slide.

我們在疫情期間儘早採取行動，降低成本結構，同時繼續投資於正在塑造我們終端市場的大趨勢，我們相信這將使我們能夠實現長期可持續增長。我們在幻燈片中包含了從 2020 年第二季到 2021 年第二季調整後的營業利潤率。

As shown on Slide 15, we generated $127 million of free cash flow during the second quarter, representing an 84% conversion rate of adjusted net income. For the full year, we expect free cash flow conversion to be approximately 85% of adjusted net income. For full year 2021, we expect capital expenditures to be in the range of $160 million to $170 million.

如投影片 15 所示，我們第二季產生了 1.27 億美元的自由現金流，調整後淨利的轉換率為 84%。我們預計全年自由現金流轉換約為調整後淨利潤的 85%。 2021 年全年，我們預計資本支出將在 1.6 億至 1.7 億美元之間。

Sensata's net debt-to-EBITDA ratio was 2.7x at the end of June 2021. Through increasing earnings and free cash flow generation, we expect our net leverage ratio to be near the bottom of our target operating range of 2.5x to 3.5x by the end of this year, absent further acquisitions.

截至2021 年6 月，森薩塔的淨負債與EBITDA 比率為2.7 倍。倍的底部。

We have provided financial guidance for the third quarter of 2021, as shown on Slide 16. We expect to generate revenues between $920 million and $950 million for the third quarter of 2021, representing a reported revenue increase between 17% and 21% compared to the third quarter of 2020. Excluding the impact of foreign currency and the Xirgo acquisition, we expect an organic revenue increase of 12% to 16% in the third quarter.

我們提供了2021 年第三季的財務指引，如投影片16 所示。 21%。

Our current fill rate is approximately 98% of the revenue guidance midpoint for the third quarter. Our current fill rate appears stronger as compared to previous quarters as some customers in the industrial and China transportation industries have extended their order lead times to better ensure supply. We estimate this extended ordering raises our fill by approximately 6% as compared to other periods.

我們目前的填充率約為第三季營收指引中位數的 98%。由於工業和中國運輸業的一些客戶延長了訂單交貨時間以更好地確保供應，我們目前的填充率似乎比前幾季更高。我們估計，與其他時期相比，這次延長訂購使我們的填充率提高了約 6%。

We expect to report adjusted operating income between $189 million and $199 million. At the midpoint, adjusted operating income margin is expected to be 20.7%, which includes 140 basis points of increased operating costs associated with the global semiconductor chip shortage, net of customer recovery actions.

我們預計調整後的營業收入將在 1.89 億美元至 1.99 億美元之間。調整後的營業利潤率中位數預計為 20.7%，其中包括與全球半導體晶片短缺相關的 140 個基點的營業成本增加（扣除客戶恢復行動）。

On the bottom line, we expect to report adjusted net income between $130 million and $140 million and adjusted EPS between $0.82 and $0.88, which includes a $0.01 increase from foreign currency at the guidance midpoint. At the bottom of the slide, we have provided an adjusted operating income margin walk from the third quarter of 2020 to the third quarter of 2021.

就底線而言，我們預計調整後淨利潤將在1.3 億美元至1.4 億美元之間，調整後每股收益將在0.82 美元至0.88 美元之間，其中包括按指導中點計算的外匯增加0.01 美元。在投影片底部，我們提供了從 2020 年第三季到 2021 年第三季調整後的營業利潤率。

We are tightening the range of financial guidance for the full year 2021 and raising the midpoint as shown on Slide 17. For the full year 2021, while a degree of market uncertainty remains, in particular from the impact of the semiconductor chip shortage, we are anticipating a continuation of the improved and more stable economic and business conditions. We are also anticipating a return of normal seasonality, which includes sequentially lower revenue in the third quarter as compared to the second quarter and roughly flat fourth quarter revenue as compared to the third quarter.

我們正在收緊2021 年全年的財務指導範圍，並提高中點，如幻燈片17 所示。 ，但我們預計經濟和商業狀況將繼續改善且更加穩定。我們也預期正常季節性的回歸，其中包括第三季營收較第二季連續下降以及第四季營收較第三季大致持平。

Accordingly, we now expect to generate revenues between $3.77 billion and $3.84 billion for the full year 2021, representing a reported revenue increase between 24% and 26% year-on-year. Excluding the impact of foreign currency and the Xirgo acquisition, we expect an organic revenue increase of 19% to 21% in 2021.

因此，我們目前預計 2021 年全年營收將在 37.7 億美元至 38.4 億美元之間，報告營收年增 24% 至 26%。排除外匯和 Xirgo 收購的影響，我們預計 2021 年有機收入將成長 19% 至 21%。

We expect to report adjusted operating income between $782 million and $818 million, which reflects expectations for higher costs from the global semiconductor chip shortage and other inflationary impacts, somewhat offset by recovery actions we are pursuing with our customers. At the midpoint, our expectation for adjusted operating income margin is 21%.

我們預期調整後的營業收入將在7.82 億美元至8.18 億美元之間，這反映了全球半導體晶片短缺和其他通膨影響導致成本上升的預期，但我們與客戶共同採取的復甦行動在一定程度上抵消了成本上升。我們對調整後營業利益率的預期為 21%。

On the bottom line, we expect to report adjusted net income between $544 million and $576 million and adjusted EPS between $3.42 and $3.62, which includes a $0.05 benefit from foreign currency at the midpoint of guidance. At the bottom of the slide, we have provided an adjusted operating income margin walk from 2020 to '21 to show the moving pieces impacting margins.

就底線而言，我們預計調整後淨利潤將在5.44 億美元至5.76 億美元之間，調整後每股收益將在3.42 美元至3.62 美元之間，其中包括按指導中點計算的0.05 美元外匯收益。在投影片的底部，我們提供了從 2020 年到 21 年調整後的營業收入利潤率走勢，以顯示影響利潤率的變化因素。

On Slide 18, we provide our revised estimates for OEM production growth for 2021 as compared to the expectations we shared in late April. We currently expect automotive production to rebound this year from last year, but at a pace lower than expected in April given further production slowdowns caused by the global semiconductor chip shortage. We are diverging from IHS production estimates for the year with a forecast for auto production that is more conservative than IHS.

在投影片 18 中，我們提供了與 4 月底分享的預期相比對 2021 年 OEM 產量成長的修訂估計。我們目前預計今年汽車產量將較去年反彈，但鑑於全球半導體晶片短缺導致產量進一步放緩，增速將低於 4 月的預期。我們對汽車產量的預測比 IHS 更為保守，與 IHS 今年的產量預測有差異。

We currently expect global automotive production to grow 5% for the year as compared to IHS at 9% in their July update. In addition, we are expecting third quarter automotive production for our markets to be about flat with production reported in the second quarter of this year.

我們目前預計今年全球汽車產量將成長 5%，而 IHS 在 7 月更新的數據中預計將成長 9%。此外，我們預計第三季我們市場的汽車產量將與今年第二季報告的產量基本持平。

On the other hand, our heavy vehicle off-road and industrial end markets are now expected to grow faster in 2021 than we shared in April. And in line with its normal pattern, we expect our industrial business to be seasonally lower in the second half as compared to the first half of 2021. These assumptions underpin our current outlook for revenue and earnings this year.

另一方面，我們的重型車輛越野和工業終端市場目前預計 2021 年的成長速度將快於 4 月的成長速度。按照正常模式，我們預計下半年工業業務將比 2021 年上半年季節性下降。

In sum, Sensata delivered an excellent second quarter with record revenue despite broad supply chain disruptions. We expect this solid performance to continue throughout 2021 as demonstrated by the financial guidance we're providing today.

總而言之，儘管供應鏈出現廣泛中斷，森薩塔第二季的營收仍表現出色，營收創歷史新高。我們預計這種穩健的業績將在 2021 年持續下去，正如我們今天提供的財務指引所證明的那樣。

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

現在讓我將電話轉回傑夫以徵求結束意見。

Thanks, Paul. Let me wrap up quickly with a few key messages as outlined on Slide 19.

謝謝，保羅。讓我快速總結投影片 19 中概述的一些關鍵資訊。

Sensata has responded very well to the rapid improvements in many of our end markets, demonstrating the strength, flexibility and reliability of our business and organizational model. It's enabled us to capitalize on the recovery in the end market demand and deliver on customer orders. Our quick response to shifting demand positions us well as a trusted resource for our customers.

森薩塔對我們許多終端市場的快速發展做出了很好的反應，展現了我們業務和組織模式的實力、靈活性和可靠性。它使我們能夠利用終端市場需求的復甦並交付客戶訂單。我們對不斷變化的需求的快速回應使我們成為客戶值得信賴的資源。

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 upon our strong levels of new business awards and our large and expanding pipeline of new opportunities. We continue to invest in our megatrend-driven growth initiatives that are opening large and rapidly growing opportunities for Sensata across all of our end markets. We are making excellent progress in Sensata Insights and Electrification, as evidenced by the results so far this year as well as our new business wins in both areas.

我們正在實現持續強勁的終端市場成長。基於我們強大的新業務獎項水平和龐大且不斷擴大的新機會管道，我們仍然有信心在未來維持這個有吸引力的終端市場成長。我們繼續投資於大趨勢驅動的成長計劃，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。今年迄今為止的業績以及我們在這兩個領域贏得的新業務就證明了我們在森薩塔洞察和電氣化領域取得了巨大進展。

We continue to believe that the overall business environment provides interesting opportunities to further strengthen our portfolio through strategically important, value-creating acquisitions or joint ventures. In addition, we are pursuing new technology collaborations and partnerships with third parties to expand our capabilities and accelerate our megatrend growth. We expect to continue to deliver industry-leading margins for our shareholders while also increasing investments in our growth opportunities and our people.

我們仍然相信，整體商業環境提供了有趣的機會，可以透過具有策略意義、創造價值的收購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的大趨勢成長。我們期望繼續為股東提供業界領先的利潤率，同時增加對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.

最後，我對森薩塔的長期使命感到興奮，即幫助創建一個更清潔、更安全和更互聯的世界，不僅是為了我們客戶的產品，而且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。

We are incorporating ESG considerations into our strategy to bolster our long-term sustainability and success of the company for all of its stakeholders. We look forward to reporting more in the future on this topic.

我們正在將 ESG 考量納入我們的策略中，以促進公司的長期永續性和所有利害關係人的成功。我們期待將來就此主題進行更多報道。

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. (Operator Instructions) Operator, please assemble the Q&A roster.

謝謝你，傑夫。 （操作員指示）操作員，請整理問答名冊。

(Operator Instructions) And 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。

Congrats on the solid results. I was wondering if you could delve a bit deeper into your inventory assessment that you have broken out, which is very helpful. Where do you think this incremental inventory is building? And do you think that, that gets absorbed in calendar 3Q? Or does the guide include some further buildup of inventory?

祝賀取得了紮實的成果。我想知道您是否可以更深入地研究您列出的庫存評估，這非常有幫助。您認為庫存增量在哪裡？您認為這會被納入日曆第三季嗎？或者該指南是否包括進一步增加庫存？

And just a follow-up on that. You noted the sort of more conservative auto outlook versus IHS. Is that just purely based on supply constraints? And does that set up for a better '22 given the fact that your auto production view has come down materially for the rest of '21?

這只是後續行動。您提到了與 IHS 相比更保守的汽車前景。這純粹是基於供應限制嗎？考慮到您對 21 年剩餘時間的汽車產量預期大幅下降，這是否會為 22 年帶來更好的前景？

Sure, Wamsi, and Jeff and I'll both take that. In terms of the inventory estimate, how we do that is we have some sensors that we ship that have very high market share. And based on the number of units we ship versus the production, we triangulate on a certain amount of our parts that are going into customer inventory versus going in to produce those vehicles. So it is an estimate, we think it's a pretty good estimate. And that's automotive.

當然，瓦姆西、傑夫和我都會接受。就庫存估算而言，我們的做法是我們發貨的一些感測器具有非常高的市場份額。根據我們發貨的數量與生產的數量，我們將進入客戶庫存與生產這些車輛的一定數量的零件進行三角測量。所以這是一個估計，我們認為這是一個相當不錯的估計。這就是汽車。

And in the heavy vehicle, we do know that some of our customers are having initial provisioning for their NS VI-compliant platforms and that inventory will stick and stay in their inventory level. So we have a pretty good feel for it. It's not a perfect answer, but it's a good estimate.

在重型車輛中，我們確實知道我們的一些客戶正在為其符合 NS VI 標準的平台進行初始配置，庫存將保持在其庫存水準。所以我們對此有很好的感覺。這不是一個完美的答案，但它是一個很好的估計。

In terms of what we're seeing around the second half of this year, we do think some of this inventory will unwind. We bring it back to last year in the third quarter, fourth quarter of 2020, we did see -- we did believe inventory levels were depleting at our customers. Then they were building inventory, we think, in the first half. And then the second half of this year, we'll see some unwind. So it is having somewhat of an impact sequentially on our revenue in the automotive business.

就我們今年下半年所看到的情況而言，我們確實認為部分庫存將會減少。我們把它帶回去年的第三季度，2020 年第四季度，我們確實看到——我們確實相信我們客戶的庫存水平正在耗盡。我們認為，他們在上半年就開始建立庫存。然後今年下半年，我們會看到一些放鬆。因此，這對我們汽車業務的收入產生了一定的影響。

And on the second part of your question, Wamsi, on the automotive outlook. I think you're right, that's the primary driver of our more conservative outlook, supply chain constraints. It's been well publicized. There are some significant challenges associated with it. You see it as consumers, in terms of lead times for vehicles, number of inventory days in North America at an all-time low. So having lived through that over the last year, experienced the challenges associated with it, we're taking a more conservative view for the balance of the year.

關於你問題的第二部分，Wamsi，關於汽車前景。我認為你是對的，這是我們更保守的前景的主要驅動因素，供應鏈限制。這已經得到了很好的宣傳。存在一些與之相關的重大挑戰。作為消費者，您會看到，就車輛的交貨時間而言，北美的庫存天數處於歷史最低水準。因此，在經歷了去年的情況並經歷了與之相關的挑戰之後，我們對今年餘下的時間採取了更保守的看法。

And your added comment regarding the outlook for next year, I think, is absolutely right. Even with a recovery of 5% of -- in auto globally year-over-year, we see this substantially below where the peak markets for auto have been historically. So there's still a lot of tailwind for automotive growth of the markets that we're seeing in 2021.

我認為，您對明年前景的補充評論是絕對正確的。即使全球汽車市場較去年同期復甦 5%，我們仍發現這一數字遠低於歷史上汽車市場的峰值。因此，我們看到 2021 年汽車市場的成長仍然有很大的推動力。

And the next question comes from Samik Chatterjee with JPMorgan.

下一個問題來自摩根大通的 Samik Chatterjee。

Jeff, I just wanted to ask you kind of more on the acquisition comment that you had. And I think it sounds like given where the leverage is and given the kind of the success you're having, you sounded a lot more aggressive about [full-swing] acquisitions. Can you give us some color about like the pipeline of opportunities you're looking at. What areas are you more focused on? And besides kind of Insights and Electrification, are you looking at any other kind of pillars of growth that you want to kind of also invest in?

傑夫，我只是想問你更多關於收購的評論。我認為，考慮到槓桿所在以及您所取得的成功，您對[全面]收購的態度聽起來更加激進。您能給我們一些關於您正在尋找的機會管道的資訊嗎？您更關注哪些領域？除了洞察力和電氣化之外，您是否還在考慮其他想要投資的成長支柱？

Yes. Great. So I'm not sure it's a more aggressive stance on M&A. We have a strong pipeline. We've had some good execution on M&A and joint venture-related activity already this year with Lithium Balance, Xirgo, the Churod joint venture. So we feel that we've got some really good momentum. We will stay very disciplined. The focus areas are around megatrends. So that's the exclusive focus of our M&A-related and joint venture-related activity. There'll be more bolt-on cereal. So the goal is to create more M&A growth every year rather than lumpy M&A growth.

是的。偉大的。所以我不確定這是否是對併購採取更激進的立場。我們有強大的管道。今年我們已經在與 Lithium Balance、Xirgo、Churod 合資企業的併購和合資相關活動中取得了良好的執行力。所以我們覺得我們有一些非常好的勢頭。我們將保持非常自律。重點領域圍繞大趨勢。因此，這是我們併購相關和合資相關活動的唯一焦點。將會有更多的補充麥片。因此，我們的目標是每年創造更多的併購成長，而不是不穩定的併購成長。

And the criteria for M&A will be accretive revenue growth, differentiated margins. And again, we'll maintain our discipline in terms of evaluating opportunities and making sure we're highly confident we'll be able to generate returns for shareholders as well as expanding our presence in these markets that we're pursuing. Hopefully, that's helpful.

併購的標準將是營收成長、差異化利潤。再次強調，我們將在評估機會方面保持紀律，並確保我們非常有信心為股東創造回報，並擴大我們在這些市場的影響力。希望有幫助。

And 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, just wondering if it would be possible to break out the $200 million in forecast 2021 Electrification revenue that you had in the deck by these 3 major end markets, so auto, industrial and heavy vehicle. And maybe also if you could speak to the relative growth rates you're seeing this year between those as well at least qualitatively.

Jeff，只是想知道汽車、工業和重型車輛這 3 個主要終端市場的預測 2021 年電氣化收入是否有可能突破 2 億美元。也許您也可以談談今年您看到的這些之間的相對增長率，至少是定性的。

Yes. So it's going to be more disproportionately weighted toward auto given that's where the business is focused in terms of the ratio of our overall company revenue. So I would say broadly, apply the same end market exposure. We're seeing very substantial growth there. We've -- we quoted that last year, we had about $120 million of Electrification business, so you can see it's substantial growth.

是的。因此，考慮到汽車業務占我們公司整體收入的比例，汽車業務的比重將更加不成比例。所以我想說，廣泛地應用相同的終端市場風險。我們看到那裡的成長非常可觀。我們去年引用過，我們的電氣化業務約為 1.2 億美元，所以你可以看到它的大幅成長。

Now some of that is coming as a result of the shift from internal combustion engines to electrified, but we see a lot of content growth there. We've talked in many other occasions regarding the fact that the transition to electrified platforms is a tailwind for us in terms of content per vehicle and also content per piece of equipment. And the opportunities, we see them as being even more significant outside of light vehicle auto.

現在，其中一些是由於從內燃機轉向電氣化的結果，但我們看到了許多內容的成長。我們在許多其他場合談到過這樣一個事實，即就每輛車的內容以及每台設備的內容而言，向電氣化平台的過渡對我們來說是一種順風。我們認為這些機會在輕型汽車之外更為重要。

So when you talk about power distribution units for commercial vehicles, the amount of opportunity we have to serve broad infrastructure plays in terms of charging stations, we've talked about that. So we see this as being a pretty broad-based play in terms of growth opportunity for us as a company.

因此，當您談論商用車輛的配電裝置時，我們已經討論了在充電站方面為廣泛的基礎設施提供服務的機會。因此，就我們公司的成長機會而言，我們認為這是一個基礎相當廣泛的遊戲。

The next question comes from Joe Spak with RBC Capital Markets.

下一個問題來自加拿大皇家銀行資本市場部的 Joe Spak。

Maybe just to get back to auto and the restock. I think last year you talked about maybe like $30 million to $35 million of restock and now it seems like another $35 million. So is the right way to think about that as the cumulative impact of the inventory build? Or did some of that stuff from last year already get unwound?

也許只是為了回到汽車和補貨。我想去年您談到的可能是 3,000 萬至 3,500 萬美元的補貨，現在看來又是 3,500 萬美元。那麼，將其視為庫存增加的累積影響是否正確？或者說去年的一些事情已經被解開了嗎？

And then I guess related, like when we talk to the automakers, it doesn't really sounds to us like they're going to stop taking product because they want to make sure they can complete the vehicles when they receive missing modules. So I'm wondering if this is, again, your unwind is just conservatism, if you think this can actually play out differently and maybe that inventory build unwinds slowly or bleeds out over time?

然後我想相關的是，就像當我們與汽車製造商交談時，我們聽起來並不覺得他們會停止購買產品，因為他們希望確保在收到丟失的模組時能夠完成車輛。所以我想知道，這是否是，你的放鬆只是保守主義，如果你認為這實際上會以不同的方式發揮作用，也許庫存會隨著時間的推移而慢慢放鬆或流失？

And Joe, last year, if I'm correct, I think we talked about inventories being depleted in the third and fourth quarter and then a rebuild of those inventories in the first half of this year. And like I said, we triangulate on that impact based on sensors with a very high market share that we're shipping into the marketplace that are at higher shipment levels in production. So it seems as if our parts are ending up in warehouses to possibly be there when they're actually able to get that last module to make sure they can release it to cars.

喬，如果我沒記錯的話，去年我們討論過第三季和第四季庫存耗盡，然後在今年上半年重建這些庫存。正如我所說，我們根據市場份額非常高的感測器對這種影響進行三角測量，我們將這些感測器運送到生產中出貨量較高的市場。因此，看起來我們的零件最終會被存放在倉庫中，當他們真正能夠獲得最後一個模組時，以確保他們可以將其釋放到汽車上。

We've been seeing a much stronger growth trajectory because of this inventory growth and we do think if some of it unwinds, unwinds in the second half. But again, this is our best forecast and we'll have to see how it plays in the third quarter.

由於庫存成長，我們看到了更強勁的成長軌跡，我們確實認為，如果其中一些庫存有所緩解，下半年就會有所緩解。但同樣，這是我們最好的預測，我們必須看看第三季的表現如何。

Joe, to add some color to what we're experiencing on this front, I think your observations are absolutely accurate, that our customers are going really deep on this. We're having multi-party conversations to make sure that we're being as coordinated as we possibly can regarding what we build to make sure that we can serve the customer. Because at the end of the day, it doesn't help if there are parts that are not in inventory and the vehicle can't be produced because of another supplier.

喬，為了為我們在這方面的經驗增添一些色彩，我認為您的觀察絕對準確，我們的客戶對此非常深入。我們正在進行多方對話，以確保我們在建立內容方面盡可能協調一致，以確保我們能夠為客戶提供服務。因為歸根結底，如果庫存中沒有零件並且由於其他供應商而無法生產車輛，那也無濟於事。

So there's a lot of coordinating activity that's occurring on that front to make sure that we can deliver what was a record revenue quarter. So a lot of work is being done to manage that process.

因此，在這方面正在進行大量協調活動，以確保我們能夠實現創紀錄的季度收入。因此，我們正在做大量工作來管理該流程。

And the next question comes from Matt Sheerin with Stifel.

下一個問題來自 Stifel 的 Matt Sheerin。

I wanted to ask about your commentary about the input costs, particularly semiconductor cost for you and your ability or inability to pass them along. Have conditions maintained the same or worsened? And do you have any visibility into when your own supply picks up? And then in terms of passing through those costs, how are those discussions with customers going?

我想詢問您對投入成本的評論，特別是您的半導體成本以及您是否有能力轉嫁這些成本。情況是維持不變還是惡化了？您是否了解自己的供應何時回升？然後，就轉嫁這些成本而言，與客戶的討論進度如何？

The conversation with customers are going along as expected. It's a difficult conversation, but we're a strong partner and supplier to them. And so to the extent we can share those costs, they're willing to do that and we've had some success. So in the second half, the actual underlying gross costs are going up, but the recoveries are offsetting that. So good progress there, so that the net impact hasn't changed much from what we communicated back in April.

與客戶的對話正在如預期中進行。這是一次艱難的對話，但我們是他們強大的合作夥伴和供應商。因此，只要我們可以分擔這些成本，他們就願意這樣做，而我們已經取得了一些成功。因此，在下半年，實際的基本總成本正在上升，但復甦正在抵消這一點。進展非常順利，因此淨影響與我們四月份傳達的訊息相比沒有太大變化。

On the supplier side, Jeff, I would say, you want to add in here, we continue to and particularly, we're being very aggressive here in second quarter to secure inventory to make sure that we have our strong position in terms of ensuring supply. We've gone into the spot markets to buy material and feel like we're pretty well positioned from an inventory perspective to be able to serve the demand that we're seeing in the second half. Our inventory level is a little bit higher, but we're comfortable about it just given the disruption that is in the supply chain today.

在供應商方面，傑夫，我想說，你想在這裡補充一下，我們將繼續，特別是，我們在第二季度非常積極地確保庫存，以確保我們在確保供應。我們已經進入現貨市場購買材料，從庫存角度來看，我們感覺自己處於非常有利的位置，能夠滿足下半年的需求。我們的庫存水準有點高，但考慮到當今供應鏈的中斷，我們對此感到滿意。

And the next question comes from Amit Daryanani from Evercore ISI.

下一個問題來自 Evercore ISI 的 Amit Daryanani。

I guess my questions will be around the calendar '21 guide. And if I think about the auto production estimate that you have, I think you're taking it down by 700 basis points versus what you had 90 days ago. So I guess the 2 parts will be, a, what is driving such a big reduction in your estimate for auto production numbers, and I think the lowest number from any auto ecosystem company?

我想我的問題將圍繞著日曆 '21 指南。如果我考慮一下你們對汽車產量的估計，我認為與 90 天前相比，你們將其下調了 700 個基點。所以我想這兩部分將是，a，是什麼導致您對汽車產量的估計大幅減少，我認為這是所有汽車生態系統公司中最低的數字？

But secondly, you really haven't changed your overall top line assumption. So what is the offset to auto production coming down 700 basis points versus what you had 90 days ago? But the overall top line seems to hold up pretty well.

但其次，你確實沒有改變你的整體營收假設。那麼，與 90 天前相比，汽車產量下降 700 個基點的抵銷金額是多少？但整體營收似乎保持得相當好。

So we were trying to lay out for you that the auto production numbers that we see for Q3 is flat with Q2, because we don't see any real meaningful change in terms of the supply chain issues that the industry is dealing with. So it's flat Q2 to Q3. And then it improves in Q4, moves up, but not as much as what the third-party forecasts are projecting. And I think the evidence would suggest that the third-party forecast, while coming down, are not coming down fast enough to reflect what actually happens in the quarter.

因此，我們試圖向您展示，我們看到的第三季度的汽車產量與第二季度持平，因為我們沒有看到該行業正在處理的供應鏈問題出現任何真正有意義的變化。所以第二季到第三季持平。然後它在第四季度有所改善，有所上升，但沒有第三方預測的那麼多。我認為有證據表明，第三方預測雖然有所下降，但下降速度不夠快，不足以反映本季實際發生的情況。

So we think at some point, we'll get aligned there. But we think our estimate and our projection of the automotive production is a good one. It's an appropriate level given what we're seeing in the supply chain and what we're hearing from customers about their struggles in terms of ramping up capacity.

所以我們認為在某個時候，我們會在那裡達成一致。但我們認為我們對汽車產量的估計和預測是好的。考慮到我們在供應鏈中看到的情況以及我們從客戶那裡聽到的有關他們在提高產能方面的困難的信息，這是一個適當的水平。

As it relates to what's offsetting, the heavy vehicle business continues to perform better as well as our industrial business. And so they are offsetting the decline that we're seeing, actually more than offsetting the decline we're seeing, in the automotive.

由於與抵消因素相關，重型車輛業務以及我們的工業業務繼續表現更好。因此，它們正在抵消我們所看到的下降，實際上不僅僅是抵消我們在汽車領域看到的下降。

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。

Yes, just want to get a sense, and thank you for the update on Sensata Insights, both on this deck and the teach-in on how you're going after the $800 million pipeline, kind of the timetable for translating that into bookings. And then given, as you pointed out at the teach-in, this is a fragmented market around telematics, kind of what are you finding is the winning formula to secure bids versus ones that go to competitors?

是的，只是想了解一下，感謝您對森薩塔洞察的更新，無論是在這個平台上，還是關於您如何追求 8 億美元管道的講座，以及將其轉化為預訂的時間表。然後，正如您在宣講會上指出的那樣，這是一個圍繞遠端資訊處理的分散市場，您認為獲得投標與競爭對手競爭的獲勝秘訣是什麼？

Yes. So great question. So let me start with the pipeline is what would be referred to as contract value rather than typical sales value. So that is a little bit of a departure from how we would, as a company, normally refer to the opportunity pipeline that we see. So that's the way that sort of those types of more subscription-based or recurring revenue-based aftermarket models tend to refer to things.

是的。很好的問題。因此，讓我從所謂的合約價值而不是典型銷售價值的管道開始。因此，這與我們作為一家公司通常提到的機會管道的方式有點不同。這就是那些更基於訂閱或基於經常性收入的售後市場模型往往指涉事物的方式。

It's more than telematics, right? So at the core of the offering is an ability to take information off a vehicle and get it to the cloud in the form of a telematics device. But what we're experiencing in terms of engagement with customers, as we combine these, what was the Xirgo and our internal Smart & Connected value proposition, is a much broader offering than just the telematics piece, right?

這不僅僅是遠端資訊處理，對吧？因此，該產品的核心是能夠從車輛上獲取資訊並以遠端資訊處理設備的形式將其傳輸到雲端。但我們在與客戶的互動方面所經歷的，當我們將這些結合起來時，Xirgo 和我們內部的智慧互聯價值主張是一個比遠端資訊處理更廣泛的產品，對嗎？

So Sensata, if you remember from the teach-in, Sensata brings the ability to get information off a piece of equipment through our very broad-based sensing capability. And then Xirgo brought the ability to accumulate that, get it to the cloud and analyze and provide data insights or information that would be more valuable. And so that's really the value proposition.

因此，森薩塔，如果您還記得教學中的內容，森薩塔能夠透過我們基礎廣泛的感測功能從設備獲取資訊。然後，Xirgo 帶來了累積這些數據、將其傳輸到雲端並分析並提供更有價值的數據見解或資訊的能力。這才是真正的價值主張。

Clearly, they are leaders in terms of telematics, OBD port translation and so forth. But the real longer-term value creation is around that sticky information that's provided once the information gets to the cloud and they can do something with it. And that's what we're experiencing, more pull from customers as we have a broader solution set. And it's building really nicely.

顯然，他們在遠端資訊處理、OBD 連接埠轉換等方面處於領先地位。但真正的長期價值創造是圍繞著一旦訊息到達雲端就提供的黏性訊息，他們可以用它做一些事情。這就是我們正在經歷的，隨著我們擁有更廣泛的解決方案集，客戶的吸引力更大。而且它的建設非常好。

The sort of thesis of the investment, combining it with the Sensata portfolio is working out quite nicely. More to come, early days still, but we're excited about the opportunity there.

這種投資理念與森薩塔投資組合結合，效果非常好。更多內容即將推出，雖然還處於早期階段，但我們對那裡的機會感到興奮。

And 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。

Just hoping you could give us a sense of how you're thinking about outgrowth going forward. And maybe specifically in autos, should we see a continued -- or do you expect to see a continued step-up in the second half outgrowth and specifically versus your longer-term targets of 400 to 600 basis points? And as we think about those outgrowth drivers, is there an opportunity that this kind of continued step-up in autos proves more structural?

只是希望您能讓我們了解您如何看待未來的成長。也許特別是在汽車產業，我們是否應該看到持續的成長——或者您是否預計下半年成長將持續上升，特別是相對於您 400 至 600 個基點的長期目標？當我們思考這些成長驅動因素時，汽車產業的這種持續成長是否有可能被證明更具結構性？

Yes. So it's a great question. Let me start with we're really excited about the fact that we're exceeding the targets. But you might note that in our prepared comments, we spoke to the outgrowth over the last 3.5 years, which in auto was just slightly above the 600 basis points. In HVOR, it was considerably higher.

是的。所以這是一個很好的問題。首先，我們對超額完成目標感到非常興奮。但您可能會注意到，在我們準備好的評論中，我們談到了過去 3.5 年的成長，其中汽車產業的成長略高於 600 個基點。在 HVOR 中，這一數字要高得多。

So let me speak specifically to what's driving that in HVOR. The auto one, we feel great about being at the high end of the range. We'll continue to evaluate opportunities to update guidance. But there's a lot of -- there are a lot of opportunities in the pipeline, those that we've won that give us confidence that we'll continue to be quite strong in auto.

因此，讓我具體談談 HVOR 的推動因素。在汽車方面，我們對處於該系列的高端感到非常高興。我們將繼續評估更新指南的機會。但還有很多機會正在醞釀中，我們贏得的那些機會讓我們有信心我們將繼續在汽車領域保持相當強大的地位。

The HVOR requires a little bit more digging into because the outgrowth is being driven by a pretty broad range of opportunities, but there are 2 that are quite large in terms of driving it above the average of 600 to 800, and that relates to the NS VI rollout in China, which has about another 6 months to a year where until it's fully rolled out.

HVOR 需要更多的挖掘，因為增長是由相當廣泛的機會推動的，但有 2 個機會相當大，將其推至 600 至 800 的平均水平之上，這與 NS 有關VI 在中國推出，大約還有6 個月到一年的時間才能全面推出。

So we would expect that to normalize a little bit. There are always other regulatory areas that will continue to drive, but NS VI was a big one driving that. So we're a little reluctant to change the 600 to 800 in HVOR.

因此，我們預計這種情況會稍微正常化。總有其他監管領域會繼續推動這一趨勢，但 NS VI 是推動這一趨勢的重要領域。所以我們有點不願意將 HVOR 的 600 改為 800。

And the second is the conversion from mechanical hydraulic to electro hydraulic controls. We had seen a pretty significant spike and pull associated with North America and Europe. And now we're seeing that in China as well. And so that's driving higher content than outgrowth values in the HVOR business.

二是從機械液壓控制轉向電液控制的轉變。我們看到北美和歐洲出現了相當顯著的峰值和拉動。現在我們在中國也看到了這一點。因此，這推動了 HVOR 業務的內容價值高於附加價值。

So listen, at the end of the day, we're happy about being at or above the ranges. We'll continue to monitor it. And as we go forward and win new business, we'll give updates as to what we're thinking.

所以聽著，歸根結底，我們很高興能夠達到或高於這個範圍。我們將持續關注。當我們前進並贏得新業務時，我們將更新我們的想法。

And the next question comes from Joe Giordano with Cowen.

下一個問題來自喬·佐丹奴和考恩。

Can you just talk about your relative positioning within EVs like on the different types of platforms, like higher-end models versus lower-end models with different power requirements and how your -- how Sensata's products are positioned in each of those?

您能否談談您在電動車中的相對定位，例如在不同類型的平台上，例如具有不同功率要求的高端車型與低端車型，以及森薩塔的產品在每個平台上的定位如何？

Sure. So you'll recall that when we acquired GIGAVAC back in 2018, we did that because they had premier positions in the highest and most premier vehicles. And by the way, just to make sure everybody understands, when we talk about those higher-end vehicles, they are vehicles that have longer ranges and shorter charge times. It's not necessarily luxury vehicles. In the EV space, when we're talking about the technology that we need to bring to bear to help the customer solve the challenge, it's around charge time and range, which is what consumers are pulling.

當然。所以您會記得，當我們在 2018 年收購 GIGAVAC 時，我們這樣做是因為他們在最高和最優質的車輛方面擁有領先地位。順便說一句，為了確保每個人都理解，當我們談論那些高端車輛時，它們是具有更長續航里程和更短充電時間的車輛。它不一定是豪華車。在電動車領域，當我們談論需要採用哪些技術來幫助客戶解決挑戰時，我們會討論充電時間和續航里程，而這正是消費者所關注的。

At the time of that acquisition, we had a belief that, that was going to be the direction where the market was going. We think that's still going to be the case. But there will be a lot of the middle market, sort of EV market that was underserved without having more broad capabilities. So we added the Churod joint venture to the mix to allow us to be able to have a broader portfolio. So now I feel as though we're much better represented across all of those categories of electric vehicles.

在收購時，我們相信這將是市場的發展方向。我們認為情況仍然如此。但將會有許多中間市場，即電動車市場，在沒有更廣泛功能的情況下服務不足。因此，我們將 Churod 合資企業納入其中，以使我們能夠擁有更廣泛的產品組合。所以現在我覺得我們在所有這些類別的電動車中都有更好的代表。

And we're not done yet, right? So we continue to make organic investments and look for partnerships, JVs, acquisitions that will bring more capability to be able to serve these vehicle platforms as all of these customers adopt new models and they build out their next 5-, 10-, 15-year strategy in terms of product portfolio.

我們還沒完成，對吧？因此，我們繼續進行有機投資，並尋找合作夥伴、合資企業、收購，這些合作夥伴、合資企業和收購將帶來更多能力，能夠為這些車輛平台提供服務，因為所有這些客戶都採用新車型，並且他們將打造下一代5 款、10 款、15 款車型。

So really good success. We feel as though we're well covered now, not only across models, but geographically as well. And we'll keep working on it.

所以真的很成功。我們覺得我們現在已經得到了很好的覆蓋，不僅是跨模型，而且是地理上的。我們將繼續努力。

And 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。

One of the things we've recently learned from some of the semi suppliers and our industry contacts is that we're hearing about auto OE customers decontenting in sort of opportunistic fashion in order to complete kits and get cars shipped to customers, essentially rolling back some innovation in order to complete the builds. I'm wondering if you're observing this trend, whether it's affecting your business and if you're contemplating this in the guidance.

我們最近從一些半成品供應商和我們的行業聯繫人那裡了解到的一件事是，我們聽說汽車原廠客戶以某種機會主義的方式感到不滿，以便完成套件並將汽車運送給客戶，基本上是回滾一些創新以完成建造。我想知道您是否正在觀察這一趨勢，它是否會影響您的業務以及您是否在指南中考慮這一點。

Yes. So it's an interesting one. Obviously, OEMs are doing everything they possibly can to get more vehicles out. That is one of the tactics they're using.

是的。所以這是一個有趣的事情。顯然，原始設備製造商正在竭盡全力生產更多車輛。這是他們正在使用的策略之一。

So let me give you an example. If we had migrated to a next-generation sensor with that OEM due to cost reasons or whatever, tighter tolerances or faster response time, OEMs are willing to take a step back to go to the prior-generation sensor if the availability of the ASIC is there. It doesn't necessarily change the ability for them to meet the regulation, but there -- in some instances, there are cost implications associated with that. So as part of our product road mapping, we purposefully designed our new product to be able to give them a lower cost product going forward. And so sometimes we're taking a step back, we're having the commercial discussion regarding that.

讓我舉個例子。如果由於成本原因或其他原因、更嚴格的容差或更快的響應時間，我們已經與該OEM 一起遷移到下一代感測器，並且ASIC 的可用性是可用的，那麼OEM 願意退後一步，轉向上一代感測器。它不一定會改變他們滿足法規的能力，但在某些情況下，會產生與之相關的成本影響。因此，作為我們產品路線圖的一部分，我們有目的地設計新產品，以便能夠為他們提供成本更低的產品。因此，有時我們會退後一步，對此進行商業討論。

But at the end of the day, the goal is to help our customers get more vehicles produced so that they can sell more vehicles. And so that's one technique that they're using, and they're looking at a lot of different ways to try to figure out how to get a complete set -- chipset to be able to make the cars.

但歸根結底，我們的目標是幫助我們的客戶生產更多車輛，以便他們可以銷售更多車輛。這就是他們正在使用的一種技術，他們正在尋找許多不同的方法來試圖弄清楚如何獲得一套完整的晶片組來製造汽車。

And the next question comes from Nik Todorov with Longbow Research.

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

I understand that could be a hard-to-answer question, but what is your sense how much of your product could be sitting at partially built light vehicles or heavy vehicles right now? And how should that relate to the inventory destocking that you talked about?

我知道這可能是一個很難回答的問題，但您覺得您的產品目前有多少可能用於部分製造的輕型車輛或重型車輛？這與您談到的庫存去庫存有何關係？

I don't think we have visibility to where it is in their supply chain, but we estimated about $25 million of build this quarter. Things that we shipped that were in some -- it didn't go into a produced vehicle.

我認為我們無法了解其供應鏈中的位置，但我們估計本季的建設成本約為 2500 萬美元。我們運送的一些東西——它沒有進入生產的車輛。

Yes. So that's all inclusive, right? It's hard for us to sort of really gauge where it sits. But when we do the math on our revenue growth and we back into the factors we know, including production numbers, we get about $25 million of inventory build in the quarter. Hopefully, that's helpful.

是的。所以這就是全包的，對嗎？我們很難真正判斷它的位置。但是，當我們計算收入成長並回到我們已知的因素（包括產量數據）時，我們會發現本季的庫存增加約為 2500 萬美元。希望有幫助。

And the next question comes from Rod Lache with Wolfe Research.

下一個問題來自 Wolfe Research 的 Rod Lache。

This is Shreyas Patil on for Rod. Just a question, how should we think about bridging from the first half to the second half of this year? End market production should be higher in automotive and you are raising industrial and HVOR production and market expectations, but the guidance is implying about an 8% decline in revenue.

這是羅德的施裡亞斯·帕蒂爾。只是一個問題，今年上半年到下半年我們該如何思考？汽車領域的終端市場產量應該會更高，並且您正在提高工業和 HVOR 產量以及市場預期，但指導意味著收入將下降約 8%。

And then just quickly, if you could help frame the content benefit from the conversion to electronic hydraulics that you mentioned for HVOR.

然後很快，如果您能幫助建立您提到的 HVOR 電子液壓轉換中的內容優勢。

Yes, on the revenue piece, it's -- like I said earlier, it's -- the reduction in automotive is being more than offset by improvements in both industrial and HVOR. I mean the improvement in HVOR and industrial are about the same in terms of the sequential step-up or at least relative to what we guided last time.

是的，在收入方面，就像我之前所說的那樣，汽車行業的減少被工業和 HVOR 的改善所抵消。我的意思是，HVOR 和工業的改進在連續升級方面大致相同，或至少相對於我們上次指導的改進。

On the second part of your question, just to make sure I understand it, are you looking for a little bit more visibility into what this conversion from mechanical hydraulic to electronic hydraulic is? Is that the nature of your question?

關於您問題的第二部分，只是為了確保我理解它，您是否希望更多地了解從機械液壓到電子液壓的轉換是什麼？這就是你問題的本質嗎？

It was one of the reasons you're achieving the above your prior target in terms of outgrowth. I just want to understand what -- the benefit that is to Sensata either on like a per vehicle basis or just some way to frame that.

這是您在產出方面實現上述目標的原因之一。我只是想了解森薩塔為每輛車帶來的好處，或者只是以某種方式來說明這一點。

Yes, got you. Okay. So let me -- so the application is an electronic joystick or integrated armrest in an agriculture piece of agricultural equipment or construction equipment or material handling equipment. So it's not a $5 content item.

是的，明白了。好的。讓我來說一下，該應用程式是農業設備或建築設備或物料搬運設備中的電子操縱桿或整合扶手。所以它不是 5 美元的內容項目。

Joysticks or integrated armrest can have ASPs anywhere from $50 up to $600, depending on the complexity of the design. So it's significant content. The volumes, obviously, are considerably lower than what we would see in a light vehicle market, but the ASPs are quite high and they drive significant content as that pans out. Hopefully, that's helpful.

操縱桿或整合扶手的平均售價從 50 美元到 600 美元不等，具體取決於設計的複雜程度。所以這是很重要的內容。顯然，銷量遠低於我們在輕型汽車市場中看到的量，但平均售價相當高，隨著銷售量的增長，它們會帶來大量內容。希望有幫助。

Thank you, Rod (sic) [Shreyas]. And just to be crystal clear, I mean, in the second half versus the first half, we did talk about our industrial business coming back to its normal seasonal pattern, which is a weaker second half than the first half.

謝謝你，羅德（原文如此）[Shreyas]。明確地說，我的意思是，在下半年與上半年相比，我們確實談到了我們的工業業務恢復到正常的季節性模式，即下半年比上半年疲軟。

And in the heavy vehicle business, while it's experiencing great outgrowth in the fourth quarter typically is a little bit lighter seasonally. So that kind of accounts for the first half and second half and then also the automotive business declining a bit due to the low production levels.

在重型車輛業務中，雖然第四季度經歷了巨大的成長，但季節性成長通常會稍微放緩。因此，上半年和下半年汽車業務也因生產水準較低而略有下降。

And 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。

Just a quick question around aerospace. It looks like you're maintaining the market growth expectation for aerospace. But I think there are some indicators that suggest that the market backdrop is improving slightly. So just any commentary around aerospace market growth in the second half and if there's potential for upside, particularly because it's your highest-margin business.

只是一個關於航空航天的簡單問題。看來你們維持了航空航太市場的成長預期。但我認為有一些指標顯示市場背景正在略有改善。因此，關於下半年航空航太市場成長以及是否有上漲潛力的任何評論，特別是因為它是您利潤率最高的業務。

Yes. It's a long-cycle business. It is largely -- demand is largely aligned to, as we said, OEM production and the air traffic. It is getting better. But this is a business that's pretty small relative to the rest of Sensata. So a few million of improved revenue, we'd expect to see in the second half versus the first half and it is very profitable. But it's not going to be a major needle mover this year, but it is showing signs of improvement, which is great news.

是的。這是一個長週期的生意。正如我們所說，需求很大程度上與 OEM 生產和空中交通保持一致。情況正在好轉。但與森薩塔的其他業務相比，這個業務規模相當小。因此，我們預計下半年的收入將比上半年增加數百萬，而且利潤非常豐厚。但今年它不會成為一個主要的推動因素，但它正在顯示出改善的跡象，這是個好消息。

Thank you. And at this time, as there are no more questions, I would like to return the floor to Mr. Jacob Sayer for any closing comments.

謝謝。此時，由於沒有其他問題了，我想請 Jacob Sayer 先生發言以徵求結束意見。

Thank you, Keith. I'd like to thank everyone for joining us this morning. Sensata will be participating in upcoming virtual investor conferences this quarter, including Jefferies Technology Conference and the RBC Global Industrial Conference during the upcoming quarter. As Jeff mentioned, we're also planning a teach-in about our Electrification initiatives later in the year, and we'll share details of that event ahead of time.

謝謝你，基斯。我要感謝大家今天早上加入我們。森薩塔將參加本季即將舉行的虛擬投資者會議，包括下一季的 Jefferies 技術會議和 RBC 全球工業會議。正如傑夫所提到的，我們還計劃在今年稍後舉辦有關我們的電氣化計劃的宣講會，我們將提前分享活動的詳細資訊。

We look forward to seeing you at one of those events or on our third quarter earnings call, which will happen in late October. Thank you for joining us this morning and for your interest in Sensata. Keith, you may now end the call.

我們期待在其中一場活動或我們將於 10 月底舉行的第三季財報電話會議上見到您。感謝您今天早上加入我們以及您對森薩塔的興趣。基思，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 your lines.

謝謝。會議現已結束。感謝您參加今天的演講。現在您可以斷開線路。