Sensata Technologies Holding PLC (ST) 2021 Q1 法說會逐字稿

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

早安，歡迎參加森薩塔科技 2021 年第一季財報電話會議。 （操作員說明）請注意，正在記錄此事件。

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

現在我想將會議交給財務副會長 Jacob Sayer。請繼續。

Thank you, Andrew, and good morning, everyone. I'd like to welcome you to Sensata's First 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，安德魯，大家早安。歡迎您參加森薩塔 2021 年第一季財報電話會議。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 (Sensata) 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. We'll post a replay of today's webcast shortly after the conclusion of today's call.

除了我們今天早些時候發布的財務業績新聞稿外，我們還將在今天的電話會議上引用幻燈片演示。本簡報的 PDF 版本可從森薩塔的投資者關係網站下載。我們將在今天的電話會議結束後不久發布今天網路廣播的重播。

As we begin, I'd like to reference Sensata's safe harbor statement on Slide 2. During this conference call, we'll make forward-looking statements regarding future events or the financial performance of the company that involve certain risks and uncertainties. The company's actual results may differ materially from the projections described in such statements. Factors that might cause 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，我想參考幻燈片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。可能導致差異的因素包括但不限於我們在 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 GAAP -- Sensata's GAAP results for the first quarter 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 our 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 business.

在幻燈片 3 上，我們展示了 GAAP——森薩塔 2021 年第一季的 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我們的收益發布和簡報資料中。該公司在簡報的幻燈片 12 和 13 中提供了其部門營業收入的詳細信息，這是管理層用於評估業務的主要指標。

Jeff will begin today's call with highlights of our business during the first quarter of 2021. He will then provide an update on our recent progress in our key Electrification and Smart & Connected megatrend growth areas. Paul will cover our detailed financials for the first quarter of 2021, including organic and market outgrowth by business unit, our segment reporting and provide financial guidance for the second quarter and updated guidance for the full year 2021. We'll then take your questions after our prepared remarks.

Jeff 將在今天的電話會議中介紹我們 2021 年第一季的業務亮點。 Paul 將介紹我們2021 年第一季的詳細財務數據，包括各業務部門的有機成長和市場成長、我們的分部報告，並提供第二季的財務指導和2021 年全年的最新指導。

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 thoughts on our performance during the first quarter of 2021 as outlined on Slide 4.

謝謝你，雅各布，歡迎大家。我想先對我們在 2021 年第一季的業績進行一些總結性思考，如投影片 4 所示。

The business recovery we experienced during the second half of 2020 gained steam during the first quarter. Our agile response to increased demand drove 22% revenue growth from the prior year period, a record $942.5 million. We delivered $198 million in operating income during the quarter, an increase of $61.4 million and a 330 basis point expansion in margin from the prior year period. This growth is a testament to our leading market positions and the strength and flexibility of our manufacturing and commercial model. We continue to capitalize on improving markets and supported our customers as they return to higher levels of production during the quarter. The combination of more robust demand, our strong market outgrowth and the acquisition of Xirgo has enabled us to raise our financial guidance for the full year. I'd like to recognize the innovation and hard work of our entire team in achieving these strong results.

我們在 2020 年下半年經歷的業務復甦在第一季得到了推動。我們對不斷增長的需求做出的敏捷響應推動收入比上年同期增長 22%，達到創紀錄的 9.425 億美元。本季我們實現了 1.98 億美元的營業收入，比去年同期增加了 6,140 萬美元，利潤率增加了 330 個基點。這種成長證明了我們領先的市場地位以及我們製造和商業模式的實力和靈活性。我們繼續利用市場改善的機會，為我們的客戶在本季恢復更高的生產水準提供支援。更強勁的需求、強勁的市場成長以及對 Xirgo 的收購相結合，使我們能夠提高全年的財務指導。我想對我們整個團隊為取得這些出色成果而付出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. For the first quarter of 2021, we produced 1,070 basis points of outgrowth in our heavy vehicle off-road business, and 910 basis points of outgrowth in our automotive business. Sensata is in a strong financial position. We generated $77 million in free cash flow in the first quarter, and we took additional steps to further enhance our financial position and flexibility.

看看我們逐年的表現。我們再次實現了強勁的市場成長。 2021 年第一季度，我們的重型車輛越野業務實現了 1,070 個基點的成長，汽車業務實現了 910 個基點的成長。森薩塔的財務狀況強勁。第一季我們產生了 7700 萬美元的自由現金流，並採取了額外措施來進一步增強我們的財務狀況和靈活性。

During the first quarter, we redeemed our 6.25% notes that were due in 2026 and issued new notes due in 2029 at a historically low interest rate of 4%. These transactions extended the average maturity and lowered our total cost of fixed debt by 80 basis points to 4.5%. We are confident that our new business wins in 2021 will exceed last year's level of $465 million. This solidifies our ability to continue to deliver strong outgrowth in the coming years.

第一季度，我們贖回了2026年到期的6.25%票據，並以4%的歷史低利率發行了2029年到期的新票據。這些交易延長了平均期限，並將我們的固定債務總成本降低了 80 個基點，達到 4.5%。我們相信，2021 年我們贏得的新業務將超過去年 4.65 億美元的水平。這鞏固了我們在未來幾年繼續實現強勁成長的能力。

In Smart & Connected, we closed the previously announced acquisition of Xirgo Technologies on April 1, greatly expanding our ability to provide data insights to transportation and logistics customers, and adding a new customer base as well for these solutions.

在智慧與互聯領域，我們於4 月1 日完成了先前宣布的對Xirgo Technologies 的收購，大大擴展了我們為運輸和物流客戶提供數據洞察的能力，並為這些解決方案增加了新的客戶群。

We continue to invest in our megatrend growth initiatives and increased our organic investment to $12 million in the first quarter from $6 million in the first quarter of last year. These investments will allow us to pursue significant market opportunities. We also achieved a meaningful milestone in electrification through a joint venture with Churod Electronics, which I'll talk more about on the next slide.

我們繼續投資於大趨勢成長計劃，並將有機投資從去年第一季的 600 萬美元增加到第一季的 1,200 萬美元。這些投資將使我們能夠尋求重要的市場機會。我們也透過與 Churod Electronics 成立合資企業，在電氣化領域實現了一個有意義的里程碑，我將在下一張幻燈片中詳細討論這一點。

Moving to Slide 5. Sensata takes a holistic view of electrification and its growing impact on the markets we serve. Electrification is not just about electric light vehicles to us, but it includes heavy vehicles and charging infrastructure necessary to support this ecosystem. We see additional opportunities in industrial and grid applications, some of which are more nascent today. Sensata is already a leader -- a leading provider in high-voltage protection on EVs and charging infrastructure, and we intend to participate in areas of the evolving market that enable electrification to become more widespread.

轉向幻燈片 5。對我們來說，電氣化不僅涉及電動輕型汽車，還包括支援該生態系統所需的重型車輛和充電基礎設施。我們在工業和電網應用中看到了更多機會，其中一些目前還處於萌芽階段。森薩塔已經成為領導者——電動車高壓保護和充電基礎設施的領先供應商，我們打算參與不斷發展的市場領域，使電氣化變得更加普遍。

Our joint venture with Churod Electronics extends our electrical protection capabilities to mass market EVs and other electrified equipment worldwide. Churod will contribute access to its ceramic high-limitation contactor intellectual property. These contactors are optimized for medium-voltage applications in the 150 to 400 amp range common in mass market vehicles. They will also dedicate engineering resources and contribute manufacturing equipment to the JV. Sensata will contribute $9.5 million and dedicate application engineers and salespeople, and we plan to consolidate the financials of the JV in our P&L.

我們與 Churod Electronics 的合資企業將我們的電氣保護能力擴展到全球大眾市場電動車和其他電氣化設備。 Churod 將貢獻其陶瓷高限制接觸器智慧財產權。這些接觸器針對大眾市場車輛中常見的 150 至 400 安培範圍內的中壓應用進行了最佳化。他們也將向合資企業投入工程資源和製造設備。森薩塔將出資 950 萬美元，並派遣專門的應用工程師和銷售人員，我們計劃將合資企業的財務數據合併到我們的損益表中。

The JV will provide medium-voltage contactors to transportation OEMs in China, and Sensata will sell the product line to customers elsewhere in the world. This JV expands our contactor capabilities in the automotive market to vehicles that have shorter ranges and longer charging times, which are more common in Asia. This enables Sensata to offer a broader electrification solution set for electric vehicle manufacturers globally, and increases our total addressable market by more than $500 million by 2030. We are enthusiastic about this new partnership and the opportunities it provides.

該合資公司將為中國的交通原始設備製造商提供中壓接觸器，森薩塔將向世界其他地區的客戶銷售該產品線。該合資公司將我們在汽車市場的接觸器能力擴展到續航里程較短且充電時間較長的車輛，這在亞洲更為常見。這使得森薩塔能夠為全球電動車製造商提供更廣泛的電氣化解決方案，到2030 年我們的潛在市場總額將增加超過5 億美元。熱情。

As I mentioned, Electrification is -- to us, is more than EVs, and Sensata seeks to be a partner of choice for heavy vehicle and industrial OEMs transitioning to electrified solutions as well. Sensata is a leading provider of electrification solutions for charging station OEMS, including those shown on Slide 6. In addition, we recently an signed exciting business win with new commercial EV powertrain supplier, Hyliion and EV commercial truck manufacturer, Workhorse, extending our electrification efforts.

正如我所提到的，對我們來說，電氣化不僅僅是電動車，森薩塔也致力於成為重型車輛和工業 OEM 轉向電氣化解決方案的首選合作夥伴。森薩塔是充電站OEM 電氣化解決方案的領先供應商，包括幻燈片6 中所示的解決方案。簽署了一項令人興奮的業務合同，擴大了我們的電氣化工作範圍。

During the first quarter, as previously announced, we completed the acquisition of Lithium Balance to add battery management systems to our product capabilities. We are expanding our capabilities in the e-mobility space beyond components by developing hardware and software solutions, including battery management solutions for heavy vehicle and industrial applications. This also represents an incremental $500 million in addressable market for Sensata by 2030.

如同先前所宣布的，我們在第一季完成了對 Lithium Balance 的收購，為我們的產品能力增添了電池管理系統。我們正在透過開發硬體和軟體解決方案（包括重型車輛和工業應用的電池管理解決方案）來擴展我們在電動車領域的能力，超越組件。這也意味著到 2030 年，森薩塔的潛在市場將增加 5 億美元。

Moving to Slide 7. We are expanding the electrification solutions we provide for critical applications across all the end markets we serve, but especially in automotive. The rapid introduction of new electric vehicles provides a healthy tailwind for Sensata's revenue growth. Our content in EVs represents a 20% uplift in content value as compared to the internal combustion vehicles of similar class. This content uplift is derived from a broad array of Sensata sensors and other components that we designed into battery electric vehicles, in many cases, using the same underlying technology product families that we use in internal combustion vehicles.

前往投影片 7。新型電動車的快速推出為森薩塔的收入成長提供了健康的推動力。與同類內燃機汽車相比，我們的電動車內容價值提高了 20%。這種內容的提升源自於我們為純電動車設計的各種森薩塔感測器和其他組件，在許多情況下，我們使用與內燃機汽車相同的基礎技術產品系列。

Additionally, certain sensors carry over directly from internal combustion vehicles, such as brake pressure or tire pressure sensors. We also designed additional sensors or devices unique to EVs, such as contactors and electric motor position sensors. We are broadening and deepening our portfolio -- our product portfolio to support this expanding market.

此外，某些感知器直接繼承自內燃機車輛，例如煞車壓力或輪胎壓力感知器。我們還設計了電動車特有的附加感測器或設備，例如接觸器和電動馬達位置感測器。我們正在擴大和深化我們的產品組合——我們的產品組合，以支持這個不斷擴大的市場。

Our automotive addressable market is large today and growing rapidly. Applications in internal combustion vehicles make up most of our automotive addressable market today, and this space is expected to continue to grow over the next 10 years, even with the shift in type of vehicles produced. In addition, while the electrification applications that we serve represent a smaller market today, they are expected to grow very rapidly until they become an even larger opportunity than internal combustion engines for Sensata by 2030. As a result, we are expecting a doubling of our automotive addressable market by 2030.

如今，我們的汽車潛在市場規模龐大且成長迅速。內燃機汽車的應用佔據了當今汽車市場的大部分，即使生產的車輛類型發生變化，該領域預計在未來 10 年內將繼續增長。此外，雖然我們目前服務的電氣化應用市場規模較小，但預計它們將快速成長，直到 2030 年為森薩塔提供比內燃機更大的機會。年汽車潛在市場。

On Slide 8, I want to provide an update on another meaningful milestone we achieved in our Smart & Connected initiative. We closed the acquisition of Xirgo Technologies on April 1, and welcome the Xirgo team, its capabilities and its customers to Sensata. Xirgo is a leading telematics and data insight provider for fleet management across the transportation and logistics segments. They bring a comprehensive suite of telematics asset tracking devices, cloud-based data insight solutions as well as emerging sensing applications and data services. Xirgo is complementary to and meaningfully extend Sensata's organic Smart & Connected solution for commercial fleet managers. And is consistent with Sensata's strategy to move beyond serving vehicle OEMs and engaging with the broader transportation and logistics ecosystem.

在投影片 8 上，我想介紹我們在智慧互聯計畫中實現的另一個有意義的里程碑的最新情況。我們於 4 月 1 日完成了對 Xirgo Technologies 的收購，歡迎 Xirgo 團隊、其能力和客戶加入森薩塔。 Xirgo 是一家領先的遠端資訊處理和資料洞察提供商，致力於運輸和物流領域的車隊管理。他們帶來了一整套遠端資訊處理資產追蹤設備、基於雲端的數據洞察解決方案以及新興的感測應用和數據服務。 Xirgo 是森薩塔為商業車隊管理者提供的有機智慧互聯解決方案的補充並有意義地擴展。這與森薩塔的策略是一致的，即超越為汽車原始設備製造商提供服務，並參與更廣泛的運輸和物流生態系統。

Xirgo expands our Smart & Connected addressable markets to $15 billion by 2030 by adding cargo, container and light vehicle fleet management to our heavy vehicle OEM and fleet owners. Xirgo is a fast-growing business. It is expected to generate more than $100 million in annualized revenue in 2021 and grow in excess of 20% per year over the next several years. We already have committed orders for more than 80% of the revenue we expect Xirgo to generate for the balance of 2021. Xirgo was also very profitable with approximately 50% gross margins and 25% EBITDA margins and requires little capital expenditure.

Xirgo 透過為我們的重型車輛 OEM 和車隊所有者增加貨運、貨櫃和輕型車輛車隊管理，到 2030 年將我們的智慧連網潛在市場擴大到 150 億美元。 Xirgo 是一家快速成長的企業。預計 2021 年年化收入將超過 1 億美元，並在未來幾年每年增長超過 20%。我們已經承諾了超過80% 的訂單，預計Xirgo 在2021 年剩餘時間內將產生收入。 。

Also during the quarter, we were pleased to sign up another top 25 North American fleet customer and began installation of our solution set, demonstrating our ability to move from selling hardware to providing data insight solutions on a monthly recurring subscription model. Later in the quarter, we'll webcast a teach-in for investors, covering our transportation and logistics data insight initiative, so listeners can better understand this offering, the evolving market and our go-to-market strategies.

同樣在本季度，我們很高興與另一家北美 25 強車隊客戶簽約，並開始安裝我們的解決方案集，這表明我們有能力從銷售硬體轉向以每月定期訂閱模式提供數據洞察解決方案。在本季度晚些時候，我們將為投資者進行網路直播，內容涵蓋我們的運輸和物流數據洞察計劃，以便聽眾可以更好地了解該產品、不斷發展的市場以及我們的上市策略。

I'm pleased with our progress against our megatrend initiatives, which supports our increased investment to pursue these large, fast-growing markets, driven by secular trends. We intend to continue our efforts to expand Sensata solutions for these areas organically through third-party collaboration and through acquisitions. 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.

我對我們在大趨勢舉措方面取得的進展感到高興，這些舉措支持我們在長期趨勢的推動下增加投資，以追求這些大型、快速成長的市場。我們打算繼續努力透過第三方合作和收購有機擴展森薩塔在這些領域的解決方案。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. Paul?

我現在想把電話轉給保羅。保羅？

Thank you, Jeff. Key highlights for the first quarter, as shown on Slide 10, include record revenue of $942.5 million, an increase of 21.7% from the first quarter of 2020.

謝謝你，傑夫。如投影片 10 所示，第一季的主要亮點包括創紀錄的 9.425 億美元收入，較 2020 年第一季成長 21.7%。

Organic revenue increased 18.8% and changes in foreign currency increased revenue by 2.9%. Adjusted operating income was $198.1 million, an increase of 44.9% compared to the first quarter of 2020, primarily due to higher revenues, savings from cost reduction programs and favorable foreign currency, 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 improve financial performance.

有機收入成長 18.8%，外幣變動使收入成長 2.9%。調整後營業收入為 1.981 億美元，較 2020 年第一季度增長 44.9%，主要是由於收入增加、成本削減計劃節省以及有利的外匯，但部分被全行業半導體晶片短缺導致的成本上升所抵消，增加支出以支持大趨勢成長計劃，並提高激勵薪酬以改善財務績效。

Adjusted net income was $137.6 million, an increase of 65.4% compared to the first quarter of 2020, largely due to higher revenues and improved operating performance in the quarter. Adjusted EPS was $0.86 in the first quarter, an increase of 62.3% compared to the prior year quarter.

調整後淨利潤為 1.376 億美元，較 2020 年第一季成長 65.4%，主要是由於該季度營收增加和營運業績改善。第一季調整後每股收益為 0.86 美元，比去年同期成長 62.3%。

Now we'll discuss our performance by end markets in the first quarter of 2021, as outlined on Slide 11. As I mentioned a moment ago, we reported organic revenue increase of 18.8% year-on-year. This compares with overall end market growth of approximately 10.9%, representing market outgrowth of 790 basis points for Sensata.

現在，我們將討論 2021 年第一季終端市場的業績，如幻燈片 11 所示。相較之下，終端市場整體成長率約為 10.9%，意味著森薩塔的市場成長了 790 個基點。

Our heavy vehicle off-road business posted an organic revenue increase of 32.8%, representing end market growth of 22.1% and 1,070 basis points of market outgrowth. Our China on-road truck business continued to post better-than-expected growth on the adoption of NS VI emissions regulations. And we are also benefiting from a wave of electromechanical operator controls pre-installed in new offered equipment. For the past 3 years, HVOR has delivered an average 780 basis points of market outgrowth.

我們的重型車輛越野業務有機收入成長 32.8%，終端市場成長 22.1%，市場成長 1,070 個基點。隨著國六排放法規的實施，我們的中國公路卡車業務持續實現優於預期的成長。我們也受惠於新設備中預先安裝的機電操作員控制裝置。過去 3 年，HVOR 平均實現了 780 個基點的市場成長。

Our automotive business posted an organic revenue increase of 19.3%. Automotive production rebounded from the year ago period, growing 10.2%. Our automotive business product market outgrowth of 910 basis points in the first quarter, led by continued new product launches in powertrain emissions, safety and electrification-related applications and systems. For the past 3 years, automotive has delivered an average 560 basis points of market outgrowth.

我們的汽車業務有機收入成長了 19.3%。汽車產量較去年同期反彈，成長10.2%。在動力總成排放、安全和電氣化相關應用和系統方面不斷推出新產品的帶動下，我們的汽車業務產品市場第一季成長了 910 個基點。過去 3 年，汽車產業平均實現了 560 個基點的市場成長。

Our industrial business increased 16.8% organically as global industrial end markets continue 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 16.8%。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 decreased 22.4% organically, reflecting reduced OEM production and much lower air traffic, which continue to negatively impact our aerospace aftermarket business. New product launches, primarily in defense, partially offset the significant aerospace market decline this quarter.

我們的航空航太業務有機下降 22.4%，反映出 OEM 產量減少和空中交通量大幅下降，這繼續對我們的航空航太售後市場業務產生負面影響。新產品的推出（主要是國防領域）部分抵消了本季航空航太市場的大幅下滑。

Now I'd like to comment on the performance of our 2 business segments in the first quarter of 2021, starting with Performance Sensing on Slide 12. Our Performance Sensing business reported record revenues of $714.5 million, an increase of 25.6% compared to the same quarter last year. Excluding the positive impact from foreign currency of 3.2%, Performance Sensing organic revenue increased 22.4%. Performance Sensing operating income was $195.8 million, an increase of 45% as compared to the same quarter last year with operating margin of 27.4%. The increase in segment operating income was primarily due to higher revenues, savings from cost reduction actions and favorable foreign currency, somewhat offset by elevated costs related to the industry-wide semiconductor chip shortage. Performance Sensing generated incremental margin of 42% in the first quarter on higher revenue as compared to the prior year period.

現在我想談談我們 2021 年第一季 2 個業務部門的業績，從投影片 12 上的效能感測開始。一個季度。排除外匯帶來的 3.2% 的正面影響，Performance Sensing 有機收入成長了 22.4%。 Performance Sensing 營業收入為 1.958 億美元，較去年同期成長 45%，營業利益率為 27.4%。部門營業收入的成長主要是由於收入增加、成本削減措施節​​省以及有利的外匯，但在一定程度上被與全行業半導體晶片短缺相關的成本上升所抵消。與去年同期相比，Performance Sensing 營收增加，第一季利潤率成長了 42%。

As shown on Slide 13, Sensing Solutions reported revenues of $228 million in the first quarter of 2021, an increase of 10.9% compared to the same quarter last year. Excluding the positive impact from foreign currency of 2.1%, Sensing Solutions organic revenue increased 8.8%.

如投影片 13 所示，Sensing Solutions 報告 2021 年第一季營收為 2.28 億美元，較去年同期成長 10.9%。剔除2.1%的外匯正面影響，感測解決方案有機收入成長8.8%。

Sensing Solutions operating income was $66.9 million, an increase of 18.4% for the same quarter last year, with operating margin of 29.3%. Like Performance Sensing, the increase in segment operating income was primarily due to higher revenues and savings from cost reduction actions, somewhat offset by elevated costs from the industry-wide semiconductor chip shortage. Sensing Solutions generated incremental margin of 46% in the first quarter and higher revenue as compared to the prior year period.

感測解決方案營業收入為 6,690 萬美元，比去年同期成長 18.4%，營業利潤率為 29.3%。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和成本削減措施帶來的節省，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。感測解決方案第一季的利潤率成長了 46%，營收也高於去年同期。

On Slide 14. Corporate and other costs not included in segment operating income were $68.6 million in the first quarter of 2021. Excluding charges added back to our non-GAAP results, corporate and other costs were $61.8 million, an increase of $8.6 million from the prior year quarter, primarily due to 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.

幻燈片14 中。季度增加了860 萬美元。

We currently expect approximately $50 million to $55 million in megatrend-related spend in 2021 to design and develop differentiated sensor-rich and data insight solutions for the fast-growing and transformational mega transactors of Electrification and Smart & Connected.

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，用於為快速成長和轉型的電氣化和智慧互聯大型交易者設計和開發差異化的感測器豐富和數據洞察解決方案。

Slide 15 shows Sensata's first quarter 2021 non-GAAP results. Adjusted operating income was up 44.9% compared to the same quarter last year, and adjusted operating margin increased 330 basis points to 21%. 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 impact of COVID-19 pandemic. We acted early to reduce our cost structure while continuing to invest in megatrends especially in end market that we believe will enable us to deliver long-term sustainable growth.

幻燈片 15 顯示了森薩塔 2021 年第一季非 GAAP 業績。調整後營業收入較去年同期成長 44.9%，調整後營業利益率成長 330 個基點至 21%。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大流行的影響而經歷的低迷水平中快速增長。我們很早就採取行動降低成本結構，同時繼續投資於大趨勢，尤其是終端市場，我們相信這將使我們能夠實現長期永續成長。

We've included an operating income margin walk for the first quarter of 2020 to the first quarter of 2021, showing a margin benefit from increased volume and productivity as well as the impact of certain cost increases, including costs associated with the global shortage of semiconductors, COVID-related costs, higher incentive compensation costs and increased investments in our megatrend initiatives.

我們納入了 2020 年第一季至 2021 年第一季的營業收入利潤率走勢，顯示了產量和生產力增加帶來的利潤率收益，以及某些成本增加的影響，包括與全球半導體短缺相關的成本、與新冠病毒相關的成本、更高的激勵補償成本以及對我們大趨勢計畫的投資增加。

As shown on Slide 16, we generated $77 million of free cash flow during the first quarter, representing a 56% conversion rate of adjusted net income, which was tempered by rising accounts receivable from higher revenues and the timing of 2020 cash balances paid to employees during the first quarter of this year. For the full year, we expect free cash flow conversion to be approximately 85% of adjusted net income.

如投影片16 所示，我們在第一季產生了7,700 萬美元的自由現金流，調整後淨利的轉換率為56%，但由於收入增加而導致的應收帳款增加以及2020 年向員工支付現金餘額的時間安排，這一情況受到了影響今年第一季期間。我們預計全年自由現金流轉換約為調整後淨利潤的 85%。

For the full year 2021, we expect capital expenditures to be in the range of $160 million to $170 million. Sensata's net debt-to-EBITDA ratio was 2.9x at the end of March. 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 2.5 to 3.5x by the end of the year, absent further acquisitions.

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。截至 3 月底，森薩塔的淨債務與 EBITDA 比率為 2.9 倍。透過增加收益和產生自由現金流，我們預計，在沒有進一步收購的情況下，到今年年底，我們的淨槓桿率將接近我們目標營運範圍 2.5 至 3.5 倍的底部。

We have provided financial guidance for the second quarter of 2021, as shown on Slide 17. As a result of improving economic conditions, stronger outgrowth and the acquisition of Xirgo, we expect to generate revenues between $960 million and $990 million for the second quarter of 2021, representing a reported revenue increase between 67% and 72% compared to the second quarter of 2020.

我們提供了2021 年第二季的財務指引，如投影片17 所示。 。

At the midpoint of guidance, we expect that foreign currency will increase revenues year-over-year by approximately $23 million. Excluding the impact of foreign currency, we expect an organic revenue increase of 58% to 63% in the second quarter. Our current fill rate is approximately 96% of the revenue guidance midpoint for the second quarter. Our fill rate appears stronger as compared to previous quarters as some customers have extended their order lead times in order to better ensure supply.

在指導的中點，我們預計外幣收入將年增約 2,300 萬美元。排除外匯影響，我們預期第二季有機收入將成長58%至63%。我們目前的填充率約為第二季營收指引中點的 96%。與前幾季相比，我們的填充率似乎更高，因為一些客戶延長了訂單交貨時間，以更好地確保供應。

We expect to report adjusted operating income between $195 million and $205 million. At the midpoint, operating income margin is expected to be 20.5%, which includes a 150 basis point increase in our operating costs from the global semiconductor chip shortage facing the entire auto supply chain as well as other sectors.

我們預計調整後的營業收入將在 1.95 億美元至 2.05 億美元之間。中點時，營業利潤率預計為 20.5%，其中包括整個汽車供應鏈以及其他行業面臨的全球半導體晶片短缺導致我們的營業成本增加 150 個基點。

On the bottom line, we expect to report adjusted net income between $134 million and $144 million and adjusted EPS between $0.84 and $0.90, which includes a $0.01 increase from foreign currency at the guidance midpoint.

就底線而言，我們預計調整後淨利潤將在1.34 億美元至1.44 億美元之間，調整後每股收益將在0.84 美元至0.90 美元之間，其中包括按指導中點計算的外匯增加0.01 美元。

At the bottom of the slide, we have provided an operating income margin walk from the second quarter of 2020 to the second quarter 2021. This includes expected benefits from volume and productivity as well as higher costs associated with the semiconductor shortage, increased incentive compensation for our employees, increased megatrend investments and unfavorable foreign exchange. As a reminder, the second quarter of 2020 included onetime savings of approximately $22 million from furloughs and temporary salary pay cuts.

在投影片的底部，我們提供了從 2020 年第二季到 2021 年第二季的營業利潤率。的員工、大趨勢投資的增加和不利的外匯。需要提醒的是，2020 年第二季透過休假和臨時減薪一次性節省了約 2,200 萬美元。

We are increasing financial guidance for the full year 2021, as shown on Slide 18. For the full year 2021, while a degree of market uncertainty remains and, in particular, the impact of the industry-wide semiconductor shortage, we are anticipating a continuation of improved and 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 slightly higher fourth quarter revenue as compared to the third quarter.

我們正在增加2021 年全年的財務指引，如幻燈片18 所示。將持續下去經濟和商業狀況改善和穩定。我們也預期正常季節性的回歸，其中包括第三季的營收比第二季連續下降，第四季的營收比第三季略高。

In addition, our financial guide now includes the financial contribution of Xirgo. Accordingly, we now expect to generate revenues between $3.675 billion to $3.825 billion for the full year 2021, representing a reported revenue increase between 21% and 26% year-on-year. At the midpoint of guidance, we expect that foreign currency will increase revenues year-over-year by approximately $58 million. Excluding the impact of foreign currency, we expect an organic revenue increase of 16% to 21% in 2021.

此外，我們的財務指南現在包括 Xirgo 的財務貢獻。因此，我們現在預計 2021 年全年營收將在 36.75 億美元至 38.25 億美元之間，報告營收年增 21% 至 26%。在指導的中點，我們預計外幣收入將年增約 5,800 萬美元。排除外匯影響，我們預期 2021 年有機收入將成長 16% 至 21%。

We expect to report adjusted operating income between $755 million and $805 million, which includes the expected impact of a global semiconductor chip shortage, now anticipated to continue throughout the year. At the midpoint, operating income margin is expected to be 20.8%. On the bottom line, we expect to report adjusted net income between $509 million to $557 million. We expect to report adjusted EPS between $3.20 and $3.50, which includes a $0.03 increase from foreign currency at the midpoint of guidance.

我們預計調整後的營業收入將在 7.55 億美元至 8.05 億美元之間，其中包括全球半導體晶片短缺的預期影響，目前預計該短缺將持續全年。營業利益率中位數預計為 20.8%。總體而言，我們預計調整後淨利潤將在 5.09 億美元至 5.57 億美元之間。我們預計調整後每股收益將在 3.20 美元至 3.50 美元之間，其中包括按指導中位數計算的外幣匯率增加 0.03 美元。

At the bottom of the slide, we provide an operating income margin walk from 2020 to 2021 to show the moving pieces impacting margins. From improving revenue and associated productivity have the greatest impact on our operating income margins. Costs related to the semiconductor shortage, COVID-related costs, incentive compensation for our employees, the megatrend investments also have a meaningful impact on our operating income margin.

在投影片的底部，我們提供了 2020 年至 2021 年的營業收入利潤率走勢，以顯示影響利潤率的變化因素。收入和相關生產力的提高對我們的營業利潤率影響最大。與半導體短缺相關的成本、與新冠病毒相關的成本、員工的激勵薪酬、大趨勢投資也對我們的營業利潤率產生了重大影響。

On Slide 19, we provide our revised estimates for OEM production growth for 2021 as compared to our initial guide in early February. Automotive production is expected to rebound sharply this year from last year, but at a pace slightly lower than expected in February, given further production slowdowns caused by the global semiconductor shortage.

在幻燈片 19 中，我們提供了與 2 月初的初始指南相比對 2021 年 OEM 產量增長的修訂估計。預計今年汽車產量將較去年大幅反彈，但鑑於全球半導體短缺導致產量進一步放緩，增速略低於 2 月的預期。

Global automotive production is now expected to grow 12%. However, our heavy vehicle off-road and industrial end markets are now expected to grow faster in 2021 than we had communicated in February. These market assumptions underpin our current outlook for higher revenue and earnings this year.

全球汽車產量目前預計將成長 12%。然而，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我們 2 月傳達的訊息。這些市場假設支撐了我們目前對今年營收和收益成長的預期。

In sum, Sensata delivered an excellent first quarter despite broad supply chain disruptions. We expect this strong performance to continue through 2021, as demonstrated by the financial guidance we're providing today. Driving its performance is our continued ability to achieve our growth targets, including the secular long-term market outgrowth targets of 400 to 600 basis points for our automotive business and 600 to 800 basis points for heavy vehicle off-road business.

總而言之，儘管供應鏈出現廣泛中斷，森薩塔第一季的業績依然出色。我們預計這種強勁表現將持續到 2021 年，正如我們今天提供的財務指引所證明的那樣。推動其績效的因素是我們持續實現成長目標的能力，包括汽車業務 400 至 600 個基點的長期市場成長目標和重型車輛越野業務 600 至 800 個基點的長期市場成長目標。

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。

Thank you, Paul. And let me wrap up with a few key messages, which are outlined on Slide 20.

謝謝你，保羅。最後，讓我總結投影片 20 中概述的一些關鍵資訊。

Sensata has responded very well to the rapid improvements in many of our markets, demonstrating the strength, flexibility and reliability of our business and organizational model, which enabled us to capitalize on the recovery in end market demand. Our ability to respond quickly to shifting demand positions us well as a trusted resource for our customers.

森薩塔對我們許多市場的快速改善做出了很好的反應，展現了我們業務和組織模式的實力、靈活性和可靠性，這使我們能夠利用終端市場需求的復甦。我們能夠快速回應不斷變化的需求，這使我們成為客戶值得信賴的資源。

We are delivering attractive 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 wins. We continue to invest in megatrends and other growth initiatives that are opening large and rapidly growing opportunities for Sensata across all our end markets. We are making excellent progress in electrification, as evidenced by our new business wins as well as the acquisition of Lithium Balance and our joint venture with Churod Electronics, which extends our electrification offerings.

我們正在提供有吸引力的終端市場成長。基於我們強勁的新業務贏得水平，我們對未來維持這一有吸引力的終端市場成長的能力仍然充滿信心。我們繼續投資於大趨勢和其他成長計劃，為森薩塔在所有終端市場帶來大量且快速成長的機會。我們在電氣化方面取得了巨大進展，我們贏得的新業務、收購 Lithium Balance 以及我們與 Churod Electronics 的合資企業都證明了這一點，後者擴展了我們的電氣化產品範圍。

In Smart & Connected, we are very pleased to have completed the acquisition of Xirgo Technologies, and to welcome that team and that customer base to Sensata.

在智慧與互聯領域，我們非常高興完成對 Xirgo Technologies 的收購，並歡迎團隊和客戶群加入森薩塔。

We continue to believe that the overall market environment may provide 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 growth. We expect to continue to deliver industry-leading margins for our shareholders, while also investing in our growth and our people.

我們仍然相信，整體市場環境可能會提供有趣的機會，透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的大趨勢成長。我們期望繼續為股東提供領先業界的利潤，同時投資於我們的成長和員工。

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 having a meaningful contribution to a better world. We are incorporating ESG considerations into our strategy to help ensure the long-term sustainability and success of the company for all stakeholders. We look forward to report more on this topic in the future.

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。我們正在將 ESG 考量納入我們的策略中，以幫助確保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. Given the large number of listeners on the call, let's try to limit ourselves to 1 question each, please. Andrew, please assemble the Q&A roster.

謝謝你，傑夫。鑑於此次電話會議有大量聽眾，我們盡量將每個問題限制在 1 個以內。安德魯，請整理問答名單。

(Operator Instructions) The first question comes from Craig Hettenbach of Morgan Stanley.

（操作員說明）第一個問題來自摩根士丹利的Craig Hettenbach。

Jeff, can you just talk about the design activity, how it's trending in EVs compared to last year? And then also on the charging front, I don't think that gets as much attention, but you mentioned a couple of wins in activity there. If you can just expand on that.

傑夫，您能談談設計活動嗎？然後在充電方面，我認為這沒有得到太多關注，但你提到了那裡的一些活動的勝利。如果你能擴充一下的話。

Yes. I'd be glad to. So all of our customers are investing heavily in the electrification trends that are occurring. And the governments around the world, as they put together plans for investment in these areas, it just builds on the momentum that we're seeing. So there are a lot of conversations going on with customers across all of our end markets on this front. It's a really exciting time as we build our capabilities, and we have more to talk with our customers about. And so we see that trend continuing to accelerate. It is important to note, Craig, as we talked about it in our comments that there are roadmaps, product roadmaps associated with core products that our customers already have that will continue to provide opportunity for us that we're investing in.

是的。我很樂意。因此，我們所有的客戶都在大力投資正在發生的電氣化趨勢。世界各國政府在製定這些領域的投資計畫時，只是建立在我們所看到的勢頭之上。因此，我們在這方面與所有終端市場的客戶進行了許多對話。這是一個非常令人興奮的時刻，因為我們正在增強我們的能力，我們有更多的內容可以與客戶討論。因此我們看到這種趨勢繼續加速。克雷格，值得注意的是，正如我們在評論中談到的那樣，我們的客戶已經擁有與核心產品相關的路線圖、產品路線圖，這些路線圖將繼續為我們投資的機會提供機會。

And what I'm referring to is internal combustion engines as well. But we're really trying to do the best we can to balance the investments in the things we're serving for our customers that are already on the books that will propel growth with the things that will generate growth in the future, and we think we're doing a good job balancing that.

我指的也是內燃機。但我們確實正在盡最大努力平衡我們為客戶服務的投資，這些投資已經記錄在案，將推動成長，而我們認為這些投資將在未來產生成長我們在平衡這一點方面做得很好。

The next question comes from Samik Chatterjee of JPMorgan.

下一個問題來自摩根大通的 Samik Chatterjee。

This is Vignesh on for Samik Chatterjee. As per the update -- can you hear me?

我是 Vignesh，為 Samik Chatterjee 發言。根據更新－你聽得到我說話嗎？

We can, yes.

我們可以，是的。

Yes. So if you could give me some color on the Churod Electronics joint venture. Would this be an incremental market you would be looking to address to Churod? Or is this a step towards solidifying market share for GIGAVAC?

是的。那麼您能否給我一些有關 Churod Electronics 合資企業的資訊？這會是您希望 Churod 開拓的增量市場嗎？或者這是 GIGAVAC 鞏固市場份額的一步？

Yes. So let me touch on the Churod joint venture. First, it's bringing to us a new aspect of high-voltage contactors, which have a high levitation feature that many of our customers are requesting as part of their RFQs as we work with them. So it's a key product capability that they bring. And as I've mentioned, it adds this mid-voltage amperage at 150 to 400, which is something we've talked about is not having addressed with the acquisition of GIGAVAC. We were focused on the higher voltage applications, which we continue to believe will be the future for electric vehicles, but there's going to be a point in time here where the transition from internal combustion engines to electrified vehicles, there'll be a big market associated with this mid-voltage range.

是的。讓我談談 Churod 合資企業。首先，它為我們帶來了高壓接觸器的一個新方面，它具有高懸浮功能，我們的許多客戶在與他們合作時都要求將其作為詢價的一部分。因此，這是他們帶來的關鍵產品功能。正如我所提到的，它增加了 150 至 400 的中壓安培數，這是我們在收購 GIGAVAC 時尚未解決的問題。我們專注於更高電壓的應用，我們仍然相信這將是電動車的未來，但將會有一個時間點，從內燃機向電動車的過渡，將會有一個很大的市場與這個中間電壓範圍相關。

And this allows us to go after a broader segment of the market. The JV will focus on China, and we have the right to use this technology outside of China in North America and Europe. And as we mentioned, we will consolidate the results of this in our financials, and then we'll show a minority interest in the financial statements to transfer the portion of the profits associated with this. It's going to start building over time. We're already engaging with customers on selling this product portfolio, but it will build over time, and we're excited about the future in terms of what this JV can bring to us as a combined company for both us and for Churod.

這使我們能夠追求更廣泛的市場領域。合資公司將專注於中國，我們有權在中國以外的北美和歐洲使用這項技術。正如我們所提到的，我們將在我們的財務報表中合併此結果，然後我們將在財務報表中顯示少數股東權益，以轉移與此相關的部分利潤。隨著時間的推移，它將開始建造。我們已經在與客戶合作銷售該產品組合，但它會隨著時間的推移而建立，我們對未來感到興奮，因為這家合資公司作為合併公司可以為我們和 Churod 帶來什麼。

The next question comes from Wamsi Mohan with Bank of America.

下一個問題來自美國銀行的瓦姆西·莫漢 (Wamsi Mohan)。

Congrats on the strong execution. I was wondering if you could comment on the semi shortages. You clearly are baking in some cost headwind here that you're seeing from that. Are you baking in any revenue headwinds as well? And related to that, when I look at your guidance, you obviously have very strong performance, both in 1Q and guiding very strongly for 2Q. When I think about the full year, the organic revenue beat seems to be about -- upside seems to be about $80 million for the second half, but earnings seem to be somewhat down on an organic basis for the second half, the incremental earnings associated with that. So I was just wondering if you could help us think through what are the incremental costs that you're baking in, in the second half of the year.

祝賀強大的執行力。我想知道你是否可以對半短缺發表評論。從這一點來看，您顯然正面臨一些成本逆風。您是否也面臨任何收入逆風？與此相關的是，當我查看您的指導時，您顯然在第一季和第二季都有非常強勁的表現。當我考慮全年時，有機收入的成長似乎是——下半年的上漲空間約為 8000 萬美元，但下半年的有機收入似乎有所下降，相關的增量收入與此。所以我只是想知道您是否可以幫助我們考慮一下您在今年下半年的增量成本是多少。

Yes. Great, Wamsi. So why don't I address the semi shortage and then Paul can address the guidance and profitability related questions. So on the semi side, obviously, our videos, at this point, it is an industry challenge, not a Sensata specific one. I would say that I think there were many that were hoping that this would dissipate a little bit in terms of concern, mid part of this year. I think my view would be that this is going to be something that's going to be around until at least mid next year rather than going away.

是的。太棒了，瓦姆西。那麼，為什麼我不解決半短缺問題，然後保羅可以解決指導和獲利能力相關的問題。因此，在半成品方面，顯然，我們的影片在這一點上是一個行業挑戰，而不是森薩塔特有的挑戰。我想說的是，我認為有很多人希望這種擔憂在今年年中能消散一點。我認為我的觀點是，這將至少持續到明年中期，而不是消失。

We've taken many steps as we've talked about in terms of extending our orders with our suppliers to make sure that we have surety of supply. And one other thing I would mention is that there's a bigger impact associated with standard ASICs. And given the -- it's -- we're not immune to this, right? We're impacted by the shortage. But because of a large portion of our products are specific designs, we have customized ASICs. And so when there's customized ASICs, there's very specific manufacturing capacity that's set up for this. And so I think that because of that high level of design and customization, we may be feeling a little bit less of this than some maybe associated with the those that pull on more standard ASICs. It's part of the business model, it's not something we plan to do, but it's a fortunate benefit associated with the very design and nature of our product categories. Paul, do want to hit on that?

正如我們所討論的那樣，我們已經採取了許多措施來延長與供應商的訂單，以確保我們有供應保證。我要提到的另一件事是，與標準 ASIC 相關的影響更大。考慮到——我們也不能倖免，對吧？我們受到了短缺的影響。但由於我們的產品很大一部分是特定設計的，所以我們有客製化的ASIC。因此，當出現客製化 ASIC 時，就會為此建立非常具體的製造能力。因此，我認為由於高水準的設計和定制，我們可能會感覺比那些使用更標準 ASIC 的產品要少一些。這是商業模式的一部分，不是我們計劃要做的事情，但它是與我們產品類別的設計和性質相關的幸運好處。保羅，你想談這個嗎？

Yes. Wamsi, just trying to keep a sense what we laid out what the impact of the chip shortage would be for the year. It was about 1%. And it's mostly around logistics costs, expediting. It's a supply chain, it's compressed. So we expedite inbound and outbound to serve our customers. If you look at the margin profile for the year, it's first half and second half are pretty flat. And if you look at year-over-year, when you start to unpeel the item there and you look at the conversion of profit and incremental revenue year-on-year and you adjust for the acquisitions, currency and the chip shortage, we're running in the incremental margins in the mid-40s. So I think it's very strong performance. I think it's good productivity, good operating leverage, good cost management in the midst of a very disruptive semiconductor supply chain shortfall.

是的。 Wamsi，只是想了解我們所闡述的今年晶片短缺的影響。大約是1%。這主要是圍繞物流成本和加快速度。這是一個供應鏈，它是壓縮的。因此，我們加快入境和出境服務，為我們的客戶提供服務。如果你看一下今年的利潤率狀況，你會發現上半年和下半年相當持平。如果你逐年觀察，當你開始剝開那裡的項目，你會看到逐年利潤和增量收入的轉換，並根據收購、貨幣和晶片短缺進行調整，我們’重新運行在40 年代中期的增量利潤中。所以我認為這是非常強大的表現。我認為，在極具破壞性的半導體供應鏈短缺中，這是良好的生產力、良好的營運槓桿、良好的成本管理。

Thank you, Wamsi. Good questions.

謝謝你，瓦姆西。好問題。

The next question comes from Mark Delaney with Goldman Sachs.

下一個問題來自高盛的馬克·德萊尼。

Does the company have details you can provide on whether the higher outgrowth that Sensata reported in the auto segment is being sold through rather than sitting in inventory? And I think investors are asking about the potential for inventory being built up of electronic components because perhaps auto OEMs or stuck, we need for semi chips to arrive, but they're still buying products like sensors and contactors. Or maybe they just want to be building a buffer of electronic products more broadly, given some of the uncertainties related to the global supply chain?

您是否可以提供該公司的詳細信息，說明森薩塔在汽車領域報告的較高增長是否是通過銷售而不是庫存？我認為投資者正在詢問電子元件庫存累積的潛力，因為也許汽車原始設備製造商或陷入困境，我們需要半晶片到達，但他們仍在購買感測器和接觸器等產品。或者考慮到與全球供應鏈相關的一些不確定性，他們可能只是想更廣泛地建立電子產品緩衝區？

Mark, great question. We're spending a fair amount of time understanding whether or not ultimately, the demand that we're seeing from our customers is raw demand. I think that's the crust of your question. We're looking at third-party indications regarding overall demand. You look at things like IHS estimates of vehicles, production and sold. We look at PMI indicators, which are at record high in Europe, 62; US at 59. China is still in the positive territory. So there are a lot of indications associated with what would drive raw demand for our customers' products. And so those are all quite strong.

馬克，好問題。我們花了相當多的時間來了解我們從客戶那裡看到的需求最終是否是原始需求。我認為這就是你問題的核心。我們正在研究有關整體需求的第三方跡象。你可以查看 IHS 對車輛、產量和銷售量的估計等資訊。我們來看看PMI指標，歐洲的PMI指標創歷史新高，為62；美國排名第 59 名。因此，有許多跡象表明什麼會推動客戶產品的原始需求。所以這些都非常強大。

We're seeing no indication that there's any meaningful supply chain, even replenishment or build-up other than maybe in the industrial segment, we see a tiny bit. But an indication I would give you is if you look at North American automotive vehicle days, we're at 39 days at the end of the first quarter. We were at 48 at the end of the year. This is extraordinarily low. And I think we're all seeing the impact of this as consumers in terms of lead times to get products, not just vehicles, but other electronics and so forth.

我們沒有看到任何跡象表明存在任何有意義的供應鏈，甚至除了工業領域以外的補充或建設，我們看到了一點點。但我想告訴你的是，如果你看看北美的汽車天數，第一季末的天數是 39 天。年底我們已經48歲了。這是非常低的。我認為，作為消費者，我們都看到了這一點對獲取產品的交貨時間的影響，不僅是車輛，還有其他電子產品等。

We're watching this very closely because we obviously don't want to be whipsawed by this. We're having extensive conversations with our customers to make sure that we understand raw demand as we prioritize where the manufacturing needs to be emphasized to make sure we serve our customers. And we'll continue to report on that. But the short end -- short story is we're not seeing any meaningful build up in the supply chain at this point.

我們正在密切關注此事，因為我們顯然不想因此而受到打擊。我們正在與客戶進行廣泛的對話，以確保我們了解原始需求，同時優先考慮需要強調的製造領域，以確保我們為客戶服務。我們將繼續對此進行報導。但短期的結果是，我們目前在供應鏈中沒有看到任何有意義的建設。

The next question comes from Luke Junk with Baird.

下一個問題來自盧克·垃圾和貝爾德。

Jeff, hoping you could talk about the Xirgo deal, especially in the initial feedback that you've gotten with fleet customers. I know it's still early, but wondering about the thesis around channels to market playing out thus far as you start to engage with those customers.

Jeff，希望您能談談 Xirgo 交易，尤其是您從車隊客戶那裡得到的初步回饋。我知道現在還為時過早，但是當您開始與這些客戶互動時，我想知道有關市場管道的論文到目前為止的情況。

Yes. So we just closed on April 1. But obviously, we had some engagement with them, but we were very careful during that period where we were waiting for regulatory clearance, but you know that we've worked with them for the past 1.5 years. So we know the management team, we know -- we're working on some joint customers. It's been received very well. This is an acquisition that is very tightly aligned to our strategy. We've been talking about our initiative associated with Smart & Connected for the last 18 months to 2 years. And this is squarely in that point. There's a lot of complementary aspects of what this brings to us. It opens up a much bigger market in terms of not only the offering but the market segments that we'll be able to go after.

是的。所以我們剛剛在 4 月 1 日關閉。所以我們了解管理團隊，我們知道—我們正在與一些共同客戶合作。反響非常好。這是一次與我們的策略非常契合的收購。在過去 18 個月到 2 年裡，我們一直在談論與智慧和連結相關的措施。這正是這一點。這給我們帶來了很多互補的方面。它不僅在產品方面而且在我們能夠追求的細分市場方面開闢了一個更大的市場。

And as we've talked about, it's a very attractive business in terms of the growth trajectory. And the data points that we see now that we have a couple, 3 weeks in, and we're able to look more closely at how that -- the rest of the year is panning out. I mentioned that more than 80% of the 2021 revenue is already in orders from customers. So we're seeing very positive feedback. We're having a lot of engagement with customers, who are their customers or our customers or joint customers. And excited about doing this teach-in in the next couple of months, so that we can have that management team spend some more time with our investor base to explain in more detail what we're seeing.

正如我們所討論的，就成長軌跡而言，這是一項非常有吸引力的業務。我們現在看到的數據表明，三週後，我們能夠更仔細地觀察今年剩餘時間的情況。我提到2021年80%以上的收入已經來自客戶的訂單。所以我們看到了非常正面的回饋。我們與客戶進行了大量的接觸，這些客戶是他們的客戶、我們的客戶或共同客戶。我們對在接下來的幾個月內進行這次宣講感到興奮，這樣我們就可以讓管理團隊花更多的時間與我們的投資者群體一起更詳細地解釋我們所看到的情況。

The next question comes from Matt Sheerin with Stifel.

下一個問題來自 Stifel 的 Matt Sheerin。

Jeff, I wanted to ask another question regarding the strength you're seeing in the heavy truck and HVOR market. You talked about some catalysts and drivers in China. But could you talk about what you're seeing in other markets? And I know that '19 and into '20 was in a down cycle, and there were just talk about an up cycle and investment cycle. Is that what you're seeing? Or is it just a rebound off of the bottom here?

Jeff，我想問另一個關於您在重型卡車和 HVOR 市場看到的實力的問題。您談到了中國的一些催化劑和驅動因素。但您能談談您在其他市場看到的情況嗎？我知道 19 世紀和 20 世紀處於下行週期，當時只是在談論上升週期和投資週期。這就是你所看到的嗎？或只是從底部反彈？

Yes. I think it's a combination of all of the above, to be honest with you. So let me touch on Q1 first. And let me first touch on the market for heavy vehicle. Across our segments within heavy vehicle, we saw first quarter to first quarter expansion, pretty meaningful expansion in all markets other than European on-road, which was still down about 14% versus first quarter of last year. But broadly, 22% market recovery across the HVOR market. And then coupled with what is just really, really strong outgrowth, over 1,000 basis points of outgrowth, given acceleration and continued investment and rollout on a variety of programs that our customers have.

是的。老實說，我認為這是以上所有因素的結合。讓我先談談 Q1。首先讓我談談重型車輛市場。在我們的重型車輛細分市場中，我們看到第一季到第一季的擴張，除了歐洲公路市場以外的所有市場都實現了相當有意義的擴張，與去年第一季相比，歐洲公路市場仍下降了約14%。但總體而言，HVOR 市場復甦了 22%。再加上真正非常強勁的成長，超過 1,000 個基點的成長，考慮到我們客戶擁有的各種計畫的加速和持續投資和推出。

NS VI in China is obviously an impact, but Paul mentioned in the prepared comments also the continued migration from mechanical controls to electronic controls. So all the investments that we've made over the past 3, 4, 5 years in trends that were occurring in HVOR are benefiting us in addition to the market recovery that we're seeing, ultimately driving what is a 35%, 36% growth year-over-year. And obviously, Q2 was even greater, 110% growth with about 56% market growth.

NS VI 在中國顯然是一個影響，但 Paul 在準備好的評論中也提到了從機械控製到電子控制的持續遷移。因此，除了我們看到的市場復甦之外，我們在過去 3、4、5 年針對 HVOR 趨勢所做的所有投資都使我們受益，最終推動了 35%、36% 的成長同比增長。顯然，第二季的增幅更大，成長了 110%，市場成長率約為 56%。

As we go into Q2, the only market segment within HVOR that we see declining quarter-over-quarter is China, and it's down a tiny bit, maybe 1% versus Q2 of last year. And similarly, on the full year, we see growth across -- market growth across all the segments with the exception of China, which is not new. We had forecasted that ultimately that would be down a little bit for 2021 versus '20.

當我們進入第二季度時，我們看到 HVOR 中唯一一個季度環比下降的細分市場是中國，而且與去年第二季度相比，下降了一點點，可能是 1%。同樣，在全年中，我們看到所有細分市場的市場成長，但中國除外，這並不新鮮。我們曾預測，最終 2021 年這一數字將比 20 年略有下降。

The next question comes from Jim Suva with Citi.

下一個問題來自花旗銀行的吉姆·蘇瓦。

Great results and outlook. When you mentioned your fill rate, I believe it was like in the 90% is quite high. Does that impact pricing for your company products and margins? What I mean by that is, do customers actually pay the same amount or pay a little bit more or a little bit less if they have more visibility and secured supply in a time of uncertainty? And can you actually get above 100%, like by running an extra overtime shift? Or does it just simply not work that way?

偉大的成果和前景。當你提到你的填充率時，我相信90%是相當高的。這會影響貴公司產品的定價和利潤嗎？我的意思是，如果客戶在不確定的時期擁有更多的可見性並確保供應，他們實際上會支付相同的金額還是支付更多或更少？你真的可以透過額外加班來達到 100% 以上嗎？或者它根本不能那樣工作嗎？

It's Paul. I'll take it, Jim. It does not affect pricing specifically. We're not charging to let people get in the front of the line. We're operating under our purchase orders or contracts that we have with our customers. The fill is stronger, and we're seeing on the industrial side a faster fill rate. And the learning there is that our customers are ordering sooner in the process to ensure that they get the security supply they're looking for. So the matter really is ordering behavior more than pricing or any other economic behavior.

是保羅。我會接受的，吉姆。它不會具體影響定價。我們不會為了讓人們排在前面而收費。我們根據與客戶簽訂的採購訂單或合約進行營運。填充力更強，我們在工業方面看到更快的填充率。我們了解到，我們的客戶在過程中會更早訂購，以確保他們獲得所需的安全供應。因此，問題實際上在於訂購行為，而不是定價或任何其他經濟行為。

We serve all the demand that we can for our customers. So to the extent they order, we're going to serve it. And so it would -- it could get to 100% if everything was ordered by the time we have this earnings release, but typically, that's not the case. And we're normally in the -- have been running in the low 90s. So this is a little bit hotter, but it's been identified as to why based on our interactions with our customers.

我們竭盡全力滿足客戶的所有需求。因此，只要他們訂購，我們就會提供服務。因此，如果在我們發布財報時一切都已訂購，則可能會達到 100%，但通常情況並非如此。我們通常處於 90 年代低水平。所以這有點熱，但根據我們與客戶的互動已經確定了原因。

The next question comes from Michael Filatov with Berenberg Capital.

下一個問題來自 Berenberg Capital 的 Michael Filatov。

Just a quick one on Churod. I understand that your content per vehicle for EVs in China is obviously a lot lower than it is in North America and Europe. And that's mainly due to the sort of lower voltage EVs you have in that market. So I'm wondering how does this Churod acquisition change that content outlook for you guys in China and what that will look like going forward.

關於 Churod 的快速介紹。據我了解，中國的電動車每輛車的含量明顯低於北美和歐洲。這主要是由於該市場上的電動車電壓較低。所以我想知道這次 Churod 的收購將如何改變你們在中國的內容前景以及未來會是什麼樣子。

Yes. You're hitting on one of the major thesis of why we did this joint venture. It's about expanding the product capabilities, and it's a capability set that candidly is just in higher demand in China right now. And I would expect it would be for the next 10 or 15 years as that market continues to evolve. And so -- and that's why the JV is focused on that end market, right? So I had mentioned that the JV itself is going to focus on the China end market, but we were able to negotiate the ability to bring that capability into the other market that we serve. And clearly, we're having those conversations as well. But it's just -- listen, when every auto maker out there has a different product strategy in terms of how they're going to go about this and the more capability we can bring both in the form of products and engineering capability is going to make it a better environment for us to be able to participate. This definitely has the potential to drive the content per vehicle in China in the very positive direction. So that's where we are on that one. Thanks.

是的。你說到了我們為什麼要成立這家合資企業的主要論點之一。這是關於擴展產品功能，坦白說，目前中國對這種功能的需求更高。我預計隨著市場的不斷發展，未來 10 或 15 年都會如此。所以——這就是合資企業專注於終端市場的原因，對吧？因此，我曾提到合資企業本身將專注於中國終端市場，但我們能夠協商將這種能力引入我們服務的其他市場的能力。顯然，我們也在進行這些對話。但這只是——聽著，當每個汽車製造商在如何實現這一目標方面都有不同的產品策略時，我們可以以產品和工程能力的形式帶來更多的能力。提供了更好的環境。這絕對有可能推動中國每輛車的內容朝著非常積極的方向發展。這就是我們目前的情況。謝謝。

The next question comes from Joe Giordano with Cowen.

下一個問題來自喬·佐丹奴和考恩。

It's Rob on for Joe. Just 2 quick ones for me. First, given the strong 1Q and full year guidance, I just wanted to see given that production accidents were a little bit handicapped. Just curious if there's anything incremental that we should be aware of that gives you a little bit more caution for the rest of the year than you had coming into Q1.

羅布代替喬。對我來說只有 2 個快速的。首先，考慮到第一季和全年的強勁指引，我只是想看看生產事故有點不利。只是好奇是否有任何我們應該注意的增量，讓您在今年剩餘時間裡比第一季更加謹慎。

And then just on backlog, how much backlog do you have from orders received in the last few quarters that you've been unable to ship? I believe you all have been under shipping relative to production the last few quarters.

然後就積壓訂單而言，過去幾季收到的訂單中有多少積壓訂單無法出貨？我相信過去幾季你們的出貨量都與生產有關。

Well, this quarter, we actually don't see much inventory dislocation. It was pretty balanced. So when we look at our revenue and we try to unpack it particularly in automotive, which I think is what you're speaking specifically to. We look at production, we look at our outgrowth, which is our content growth, which we track by partner by launching to a new platform. And again, pricing headwinds. And so the math worked out quite well, where we were serving the market, and we're also outgrowing the market based on our new business wins and the launch of those new business wins in the quarter. So it was a pretty balanced quarter. In the past, we've seen some inventory impact that affected our revenue, but it was muted in Q2.

嗯，這個季度，我們實際上沒有看到太多庫存錯位。這是相當平衡的。因此，當我們審視我們的收入時，我們會嘗試將其特別是在汽車領域進行分析，我認為這正是您所說的具體內容。我們著眼於製作，著眼於我們的成果，即我們的內容成長，我們透過合作夥伴透過推出新平台來追蹤內容成長。再次，定價逆風。因此，數學結果非常好，我們在服務市場，基於我們的新業務勝利和本季新業務勝利的推出，我們的成長也超過了市場。所以這是一個相當平衡的季度。過去，我們看到一些庫存影響影響了我們的收入，但在第二季影響不大。

In terms of serving demand, we're serving -- I think the team has done an unbelievable job in the current conditions to serve the demand that's out there. And our fill rate is the best indicator we can provide in terms of what the demand is and our ability to serve that demand as of a point in time.

就服務需求而言，我們正在服務——我認為團隊在當前條件下為滿足現有需求做了令人難以置信的工作。我們的填充率是我們可以提供的最佳指標，可以衡量需求是什麼以及我們在某個時間點滿足該需求的能力。

The next question comes from Amit Daryanani with Evercore ISI.

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

I guess I want to go back to the calendar '21 EPS guide. And I guess if I think about it versus 90 days ago, you're taking up the guide by $0.11 or so, but the Q1 beat alone was $0.14. And then I think FX and Xirgo, my math will add about $0.10 or $0.11 versus 90 days ago. So I guess, in my head, I would have thought, Jeff, you would raise the EPS guide about $0.25, not $0.11. Maybe just touch on what are some of the offsets here that are not enabling that expansion?

我想我想回到日曆 '21 EPS 指南。我想，如果我考慮一下與 90 天前相比，您將比指南上漲 0.11 美元左右，但僅第一季的漲幅就為 0.14 美元。然後我認為 FX 和 Xirgo，我的計算將比 90 天前增加約 0.10 美元或 0.11 美元。所以我想，在我的腦海裡，我會想，傑夫，你會將每股盈餘指引提高約 0.25 美元，而不是 0.11 美元。也許只是談談這裡有哪些抵消因素無法實現這種擴張？

And then on the semiconductor shortages, and I've heard you talk a fair a bit about this. I feel like if I walk into an auto dealership, prices are going up. So I'm curious what is your ability to pass price increases to your customers to offset some of these challenges over here.

然後是關於半導體短缺的問題，我聽你談過很多關於這個問題的事情。我感覺如果我走進一家汽車經銷店，價格就會上漲。因此，我很好奇你們有什麼能力將價格上漲轉嫁給客戶，以抵消這裡的一些挑戰。

So Amit, I mean, the biggest one is the chip shortage. I mean that's over $30 million. I mean Xirgo adds -- certainly adds somewhere in that $75 million of revenue, low 20% op income. I think currency is a little bit favorable, but -- and you called those out. But the biggest issue is the chip shortage, right? So that's impacting our costs. We called it out. We had about $8 million to $10 million or so in the first quarter. We're going to have another $30 million in the rest of the 9 months. And it's also impacting our ability to hit some of the productivity goals that we are looking for because we're dealing with a very compressed supply chain, hand to mouth in many cases. And so we're not having able to get at some of the things we wanted to work on, that we saw a clear line of sight to high savings. So those things will get deferred into 2022.

所以阿米特，我的意思是，最大的問題是晶片短缺。我的意思是，這超過了 3000 萬美元。我的意思是 Xirgo 增加了——肯定增加了 7500 萬美元的收入，低 20% 的營運收入。我認為貨幣有點有利，但是——你指出了這些。但最大的問題是晶片短缺，對嗎？這會影響我們的成本。我們大聲疾呼。第一季我們的營收約為 800 萬至 1,000 萬美元。在剩下的 9 個月裡，我們將再獲得 3,000 萬美元。它也影響了我們實現我們正在尋求的一些生產力目標的能力，因為我們正在處理一個非常壓縮的供應鏈，在許多情況下都是勉強糊口。因此，我們無法完成一些我們想要做的事情，我們無法看到高節省的清晰視線。所以這些事情將會被推遲到 2022 年。

But again, I go back and look at the year-over-year. If you look at the incremental revenue, the incremental profit, it's very strong. If you adjust for acquisitions and the chip shortage, and investment in megatrends and FX, we're in the, like I said, we're in the mid-40s conversion of revenue -- profit on revenue. But I think it's really strong performance. And we've tried to lay it out in the bunch of walks to give you as much information as we possibly can to help you understand how the margin is progressing for '20 to '21.

但我再次回顧去年的情況。如果你看看增量收入、增量利潤，它是非常強勁的。如果你根據收購和晶片短缺以及對大趨勢和外匯的投資進行調整，就像我說的那樣，我們正處於 40 年代中期的收入轉換——收入利潤。但我認為這確實是非常強大的表現。我們試圖將其放在一系列步行中，以便為您提供盡可能多的信息，以幫助您了解 20 年至 21 年的利潤進展。

And I think that's the new information from the last time we provided the guide. I think the general view was that the chip shortage was going to dissipate by mid this year. That's clear that it's not happening, given a lot of things, including high levels of demand that those companies are seeing right now. And so now we're factoring in that longer-term impact associated with it.

我認為這是我們上次提供指南時的新資訊。我認為普遍的觀點是晶片短缺問題將在今年年中消失。考慮到許多因素，包括這些公司目前看到的高需求，很明顯這種情況不會發生。因此，現在我們正在考慮與之相關的長期影響。

It only had 20 to 50 basis points in the first quarter and so in the second quarter, and obviously, it's much higher than that in the percent and the dollars.

第一季只有20到50個基點，第二季也只有20到50個基點，顯然，它比百分比和美元要高得多。

And is there time for an additional question?

還有時間問一個附加問題嗎？

We'll take 1 more, I think, Andrew. Thank you.

我想，我們還要再拿一個，安德魯。謝謝。

Okay. And that question will come from David Williams with Loop Capital.

好的。這個問題將由 Loop Capital 的 David Williams 提出。

And I just want to ask on the heavy vehicle side. If there's any dynamics there that you think maybe is driving that? Is there any of the infrastructure maybe spending from maybe North America perspective? Or how do you think about that in terms of potential upside as we kind of move through some of the seemless factors that we're seeing throughout the global economies?

我只想問重型車輛方面。您認為是否有任何動力推動了這個趨勢？從北美的角度來看，是否有任何基礎設施可能會支出？或者，當我們經歷在全球經濟中看到的一些看似看似無關緊要的因素時，您如何看待潛在的上行空間？

Yes. So you cut out at the end there, but I think the question was regarding the significant change that we're seeing in the HVOR market expectations versus even 3 months ago. And I do believe that infrastructure spend and a variety of factors are driving that. We mentioned -- Paul mentioned in the opening comments the automotive demand actually is going down a little bit from what we thought it was going to be 3 months ago. The aerospace is down a little bit from what we expected 3 months ago. Industrial is up a tiny bit.

是的。所以你在最後刪掉了，但我認為問題在於我們看到的 HVOR 市場預期與 3 個月前相比發生了重大變化。我確實相信基礎設施支出和各種因素正在推動這一趨勢。我們提到——保羅在開場評論中提到，汽車需求實際上比我們 3 個月前的預期有所下降。航空航太產業比我們 3 個月前的預期略有下降。工業品小幅上漲。

But the big mover here is HVOR, we had anticipated about 6% market growth. Now it's 15%, 17% market growth. And I do believe that infrastructure spend and other factors are driving that comp just in general confidence. So that's certainly what we're hearing from our customers and what we're seeing in the news and reading about.

但這裡的最大推動者是 HVOR，我們預期市場成長率約為 6%。現在市場成長15%、17%。我確實相信，基礎設施支出和其他因素正在推動整體信心的提高。這當然是我們從客戶那裡聽到的，也是我們在新聞和閱讀中看到的。

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

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

Thank you, Andrew. Sorry, we're unable to get everyone's call, but we want to allow people to get on with their day. I'd like to thank everyone for joining us this morning. Sensata will be participating in upcoming virtual investor conferences, including those sponsored by Oppenheimer, JPMorgan and Evercore during the second quarter. As Jeff mentioned, we'll also -- we're also planning a teach-in about our Smart & Connected initiative, including Xirgo this quarter, and we'll share details of that event soon. We look forward to seeing you at one of these events or on our second quarter earnings call in late July.

謝謝你，安德魯。抱歉，我們無法接聽每個人的電話，但我們希望人們能夠繼續他們的一天。我要感謝大家今天早上加入我們。森薩塔將參加即將舉行的虛擬投資者會議，包括第二季由奧本海默、摩根大通和 Evercore 贊助的會議。正如 Jeff 所提到的，我們還計劃舉辦一次有關我們的智慧互聯計畫的宣講會，其中包括本季度的 Xirgo，我們將很快分享該活動的詳細資訊。我們期待在其中一場活動或 7 月下旬的第二季財報電話會議上見到您。

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

感謝您今天早上加入我們以及您對森薩塔的興趣。安德魯，你現在可以結束通話了。

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。您現在可以斷開連線。