Sensata Technologies Holding PLC (ST) 2020 Q4 法說會逐字稿

Good day, and welcome to the Sensata Technologies Fourth Quarter 2020 Earnings Call. (Operator Instructions) Please note that this event is being recorded. I'd now like to turn the conference over to Mr. Jacob Sayer, Vice President of Finance. Please go ahead.

美好的一天，歡迎參加森薩塔科技 2020 年第四季財報電話會議。（操作員說明）請注意，該事件正在被記錄。現在我想將會議交給財務副會長 Jacob Sayer 先生。請繼續。

Thank you, Jason, and good morning, everybody. I'd like to welcome you to Sensata's Fourth Quarter 2020 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.

謝謝傑森，大家早安。歡迎您參加森薩塔 2020 年第四季財報電話會議。參加今天電話會議的還有 Sensata 執行長兼總裁 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 conference call. The PDF of this presentation can be downloaded from Sensata's Investor Relations website. We will 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 would like to reference Sensata's safe harbor statement on Slide 2. During this conference call, we will make forward-looking statements regarding future events or the financial performance of the company that involve certain risks and uncertainties. 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。可能導致此類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 Slides 3 and 4, we show Sensata's GAAP results for the fourth quarter and full year 2020. We encourage you to review our GAAP financial statements, in addition to today's presentation.

在幻燈片 3 和 4 中，我們展示了森薩塔 2020 年第四季度和全年的 GAAP 業績。除了今天的演示之外，我們鼓勵您查看我們的 GAAP 財務報表。

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 operating segments on Slides 13 and 14 of the presentation, which are the primary measures management uses to evaluate the business.

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 13 和 14 中提供了其營運部門的詳細信息，這是管理層用於評估業務的主要指標。

Jeff will begin today's call with key highlights of our business during the fourth quarter and full year 2020. He'll then provide an update on recent progress in our key Electrification and Smart & Connected megatrend growth areas. Paul will cover our detailed financials for the fourth quarter of 2020, including organic and market outgrowth by business unit, our segment reporting, corporate expenses and balance sheet progress in the quarter and provide financial guidance for the first quarter and full year 2021. We'll then take your questions after our prepared remarks.

Jeff 將首先介紹我們 2020 年第四季和全年業務的主要亮點。然後，他將介紹我們關鍵電氣化和智慧互聯大趨勢成長領域的最新進展。Paul 將介紹我們2020 年第四季的詳細財務數據，包括各業務部門的有機成長和市場成長、我們的分部報告、公司支出和本季的資產負債表進展，並提供2021 年第一季和全年的財務指導。我們將在準備好的發言後回答您的問題。

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

現在我想將電話轉給森薩塔的執行長兼總裁 Jeff Cote。

Thank you, Jacob, and welcome to the call, everyone. I'd like to start with some summary thoughts on our performance, as outlined on Slide 5.

謝謝你，雅各布，歡迎大家來電。我想先對我們的表現進行一些總結性的思考，如投影片 5 所述。

The rebound from commercial lockdowns and quarantines instituted by governments around the world in response to COVID-19 earlier this year continued in the fourth quarter. Our response to that rebound enabled our revenue to grow 15% in the quarter sequentially to $906.5 million, consistent with the updated revenue guidance that we provided on January 8 and significantly higher than what we had anticipated during our third quarter earnings call. This growth is a testament to our leading positions and our strength and flexibility of our manufacturing model. I'm proud that we were able to capitalize quickly on improving markets and support our customers as they return to higher levels of production during the quarter. I'd like to recognize the agility and hard work of our entire team in achieving these strong results.

今年早些時候，世界各國政府為應對新冠肺炎 (COVID-19) 而實施的商業封鎖和隔離措施繼續反彈，這種情況在第四季度繼續出現。我們對這一反彈的反應使我們本季的收入環比增長了15%，達到9.065 億美元，這與我們1 月8 日提供的最新收入指引一致，並且顯著高於我們在第三季度財報電話會議中的預期。這種成長證明了我們的領先地位以及我們製造模式的實力和靈活性。我感到自豪的是，我們能夠快速利用市場改善的機會，並在客戶在本季恢復更高生產水平時為他們提供支援。我想對我們整個團隊在取得這些出色成果方面所表現出的敏捷性和辛勤工作表示認可。

Looking at our performance year-over-year, we continued to deliver strong market outgrowth. For the fourth quarter of 2020, we produced 990 basis points of outgrowth in our heavy vehicle & off-road business and 970 basis points of outgrowth in our automotive business. Continuing the trend we saw in the third quarter, inventory in the supply chain and in our customers' finished goods has continued to come down, a trend most pronounced in automotive. This sets us up very nicely for revenue growth in 2021.

從我們的同比表現來看，我們持續實現強勁的市場成長。2020 年第四季度，我們的重型車輛和越野業務實現了 990 個基點的成長，汽車業務實現了 970 個基點的成長。延續我們在第三季看到的趨勢，供應鏈和客戶製成品的庫存持續下降，這一趨勢在汽車領域最為明顯。這為我們 2021 年的營收成長奠定了良好的基礎。

For full year 2020, we delivered market outgrowth above our target ranges for both heavy vehicle & off-road and automotive. We are confident that we will sustain our outgrowth for 2021 in the range of 600 to 800 basis points for heavy vehicle & off-road and 400 to 600 basis points for automotive, consistent with our long-term goals and supported by our new business wins.

2020 年全年，我們的重型車輛、越野車和汽車市場成長均高於我們的目標範圍。我們有信心，到 2021 年，重型車輛和越野車將保持 600 至 800 個基點的增長，汽車領域將保持 400 至 600 個基點的增長，這與我們的長期目標一致，並得到新業務勝利的支持。

Sensata today is in a strong financial position. We generated a record $240 million in free cash flow in the fourth quarter, a conversion rate of 178% of adjusted net income. And $453 million for the year, a conversion rate of 130%. And we are taking several steps to further enhance our financial position and flexibility. We continue to benefit from incremental savings from the restructuring program announced last summer. These actions generated savings of $12 million in the fourth quarter, and we are expected to generate annualized savings of $60 million to $65 million starting in 2021. While market uncertainties and supply chain risks remain, our business and customer visibility has improved significantly, and we have reinstated full year 2021 financial guidance today.

如今，森薩塔的財務狀況十分強勁。第四季我們創造了創紀錄的 2.4 億美元自由現金流，調整後淨利的轉換率為 178%。年收入 4.53 億美元，轉換率為 130%。我們正在採取多項措施來進一步增強我們的財務狀況和靈活性。我們繼續受益於去年夏天宣布的重組計劃帶來的增量節省。這些行動在第四季度節省了 1,200 萬美元，預計從 2021 年開始，年化節省將達到 6,000 萬至 6,500 萬美元。儘管市場不確定性和供應鏈風險仍然存在，但我們的業務和客戶能見度已顯著提高，我們今天恢復了 2021 年全年財務指引。

Later this quarter, we intend to redeem our $750 million 6.25% notes due in 2026, which will lower our overall cost of capital. During the fourth quarter, we closed more than $145 million in new business wins, bringing us to more than $465 million in new business wins for the year. This is higher than our 5-year average of $440 million and solidifies our ability to continue to deliver market outgrowth in the coming years. We believe our success in closing a higher level of new business wins in 2020 despite the disruptions caused by the pandemic clearly demonstrates the efficient critical nature of Sensata's products.

本季晚些時候，我們打算贖回 2026 年到期的 7.5 億美元、利率為 6.25% 的票據，這將降低我們的整體資本成本。第四季度，我們贏得了超過 1.45 億美元的新業務，使我們全年的新業務贏得了超過 4.65 億美元。這高於我們 4.4 億美元的 5 年平均水平，鞏固了我們在未來幾年繼續實現市場成長的能力。我們相信，儘管疫情造成了乾擾，但我們在 2020 年仍然成功地贏得了更高水平的新業務，這清楚地表明了森薩塔產品的高效關鍵性質。

Finally, as I will discuss in more detail momentarily, we continue to invest in our megatrend growth initiatives that achieved a meaningful milestone in Electrification by acquiring Lithium Balance. This brings Lithium Balance's battery management capabilities in-house, expanding important e-mobility system offerings in heavy vehicle and industrial applications, and enlarging our position within the evolving energy management solutions space.

最後，正如我稍後將更詳細討論的那樣，我們將繼續投資於我們的大趨勢成長計劃，這些計劃透過收購 Lithium Balance 實現了電氣化領域的一個有意義的里程碑。這帶來了 Lithium Balance 的內部電池管理功能，擴展了重型車輛和工業應用中重要的電動車系統產品，並擴大了我們在不斷發展的能源管理解決方案領域的地位。

In Smart & Connected, we began installing sensors and vehicle area network solutions on our first fleet customers' equipment, and collecting revenue on a recurring subscription basis. We are pleased that this business is gaining significant momentum, with quoting activity growing dramatically with future fleet customers.

在智慧與互聯方面，我們開始在第一批車隊客戶的設備上安裝感測器和車輛區域網路解決方案，並以定期訂閱的方式收取收入。我們很高興這項業務正在獲得巨大的發展勢頭，未來車隊客戶的報價活動急劇增長。

Moving to Slide 6. Sensata takes a holistic view of Electrification and its impact on the markets we serve. We have expanded our capabilities in the e-mobility space beyond components to deliver hardware and software systems. The acquisition of GIGAVAC positions Sensata as a leading provider of high-voltage protection on EVs and charging infrastructure. We are broadening our focus beyond automotive to e-mobility applications in heavy vehicle and charging infrastructure as well as into broader industrial and grid applications. This is because we see a great deal of customer need, which Sensata is uniquely positioned to address.

前往投影片 6。我們已經將我們在電動車領域的能力擴展到組件之外，以提供硬體和軟體系統。收購 GIGAVAC 使森薩塔成為電動車和充電基礎設施高壓保護的領先供應商。我們正在將重點從汽車擴展到重型車輛和充電基礎設施中的電動車應用，以及更廣泛的工業和電網應用。這是因為我們看到了大量的客戶需求，而森薩塔擁有獨特的優勢來滿足這些需求。

During the fourth quarter, we closed another $40 million in Electrification new business wins, bringing our annual total to $180 million, including 4 of our top 5 NBOs in 2020. We are increasing our capabilities in charging infrastructure and smart grid applications, including our recent acquisition of Lithium Balance.

第四季度，我們又在電氣化領域贏得了 4000 萬美元的新業務，使我們的年度總額達到 1.8 億美元，其中包括 2020 年排名前 5 的 NBO 中的 4 個。我們正在增強充電基礎設施和智慧電網應用的能力，包括我們最近收購的 Lithium Balance。

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. And it aligns well with the fast-growing interest in production of electric vehicles around the world. Today, the rapid introduction of new electric vehicles to the market provides a tailwind to Sensata revenue growth. Our content in EVs represents a 20% uplift in content value as compared to internal combustion engine vehicles. This content uplift is derived from a broad array of Sensata sensors and other components that we designed into battery electric vehicles. Some of these are carryover from internal combustion vehicles, such as brake pressure and tire pressure sensors, while others are unique to EVs, such as contactors and electric motor position sensors. We have broadened and deepened our portfolio to support this expanding market segment. In 2020, our EV-related revenue represented approximately 5% of our automotive end market as compared to EVs representing approximately 3% of vehicles manufactured globally. So we feel confident we can grow along with the accelerated growth of EVs.

前往投影片 7。它與世界各地對電動車生產快速成長的興趣非常吻合。如今，新型電動車的快速推向市場為森薩塔收入成長提供了動力。與內燃機汽車相比，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。其中一些是內燃車輛遺留下來的，例如煞車壓力和輪胎壓力感測器，而另一些則是電動車獨有的，例如接觸器和電動馬達位置感測器。我們擴大並深化了我們的產品組合，以支持這個不斷擴大的市場領域。2020 年，我們的電動車相關收入約佔汽車終端市場的 5%，而電動車約佔全球汽車製造量的 3%。因此，我們有信心能夠隨著電動車的加速成長而成長。

To date, we have closed new Electrification business with many of the largest and most innovative automotive OEMs around the globe whose logos are shown on this slide. We are proud to have existing business or design wins on future EVs with nearly every automotive OEM with an announced EV launch. Helping these OEMs launch the next-generation of EVs represents a significant growth vector for Sensata as electric vehicles increase in number and become a larger percentage of the total vehicle fleet worldwide.

迄今為止，我們已經與全球許多最大、最具創新性的汽車原始設備製造商完成了新的電氣化業務，這些製造商的徽標如這張幻燈片所示。我們很自豪能夠在未來的電動車上贏得現有業務或設計，幾乎所有汽車原始設備製造商都宣布推出電動車。隨著電動車數量的增加並在全球汽車總量中所佔的比例越來越大，幫助這些原始設備製造商推出下一代電動車對森薩塔來說是一個重要的成長載體。

As part of our holistic approach to electrification, Sensata seeks to be a partner of choice for heavy vehicle and industrial OEMs transitioning to electrified solutions as well. We recently acquired Lithium Balance after a 2-year collaboration that began when we acquired a minority stake in this company. Over that time, we have jointly won business with new electric truck and bus designs with several OEMs that bring over $250 of content per vehicle to Sensata. Battery management solutions in heavy vehicle and industrial applications will represent an incremental $500 million of serviceable market for Sensata by 2030. In addition to battery management systems for heavy vehicle and industrial applications, Lithium Balance also provides battery energy storage solutions under the Xolta brand that will establish Sensata's total in this very fast-growing space, which is estimated to exceed $6 billion in addressable market by 2030.

作為我們整體電氣化方法的一部分，森薩塔致力於成為重型車輛和工業原始設備製造商過渡到電氣化解決方案的首選合作夥伴。我們最近收購了 Lithium Balance，我們從收購這家公司的少數股權開始，開始了為期 2 年的合作。在此期間，我們與多家 OEM 共同贏得了新型電動卡車和巴士設計業務，為森薩塔帶來了每輛車超過 250 美元的內容。到 2030 年，重型車輛和工業應用中的電池管理解決方案將為森薩塔帶來價值 5 億美元的增量可用市場。除了用於重型車輛和工業應用的電池管理系統外，Lithium Balance 還提供Xolta 品牌的電池儲能解決方案，這將奠定森薩塔在這一快速成長領域的地位，預計到2030 年該市場的規模將超過60 億美元。

On Slide 9, I want to provide an update on the meaningful milestones we achieved in our Smart & Connected megatrend initiative. During the quarter, we began to roll out our first Smart & Connected installation with a top 25 North American fleet manager, demonstrating our ability to move from selling hardware to providing data insight on a monthly recurring subscription model. Several additional fleet trials are also moving toward commercialization this year. We've gained significant momentum with more than $140 million in total contract value having been quoted, representing more than $45 million of potential annual contract value with 5 fleet managers.

在投影片 9 上，我想介紹我們在智慧互聯大趨勢計畫中實現的有意義的里程碑的最新情況。本季度，我們開始與北美排名前 25 的車隊經理一起推出首個智慧互聯安裝，展示了我們從銷售硬體轉向提供每月定期訂閱模式數據洞察的能力。今年，其他幾項車隊試驗也將邁向商業化。我們已經獲得了巨大的動力，已報價的合約總價值超過 1.4 億美元，相當於與 5 名車隊經理的潛在年度合約價值超過 4500 萬美元。

Our expanding offering now includes the deployment of full stack solutions that help unlock value for fleets, including functionalities such as a vehicle area network, cloud-based data analytics and insight delivery, web portals, mobile apps and integration with third-party telematics service providers. We're pleased by the increased interest and continue to believe that our Smart & Connected fleet management initiative opens $6 billion in addressable market for Sensata by 2030. Reaching and then expanding commercialization with this exciting solution demonstrates its power to dramatically improve safety and reduce cost across commercial truck fleets.

我們不斷擴展的產品現在包括部署全端解決方案，幫助釋放車隊價值，包括車域網路、基於雲端的數據分析和洞察交付、門戶網站、行動應用程式以及與第三方遠端資訊處理服務提供商的集成等功能。我們對興趣的增加感到高興，並繼續相信我們的智慧互聯車隊管理計劃到 2030 年將為森薩塔打開 60 億美元的潛在市場。透過這項令人興奮的解決方案實現並擴大商業化，證明了其顯著提高商用卡車車隊的安全性並降低成本的能力。

In addition, in the new equipment space, we expect to close incremental new business with several leading heavy vehicle OEMs this year, building upon close to $100 million in new business wins closed to date for Smart & Connected solutions. As we capture more of this $1 billion addressable market in the OEM space, we are confident that our new business wins will convert into revenue as OEM production commences.

此外，在新設備領域，我們預計今年將與幾家領先的重型車輛原始設備製造商完成增量新業務，在此基礎上，智慧連網解決方案迄今已贏得近 1 億美元的新業務。隨著我們在 OEM 領域佔領更多 10 億美元的潛在市場，我們相信，隨著 OEM 生產的開始，我們的新業務勝利將轉化為收入。

In closing, I'm pleased with the progress against the megatrend initiatives, and this progress supports our increased investment in this area as we pursue these large fast-growing market trends. We intend to continue our efforts to expand Sensata solutions for these areas organically and through third-party collaboration and through acquisition as appropriate. 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 within these megatrends.

最後，我對大趨勢舉措所取得的進展感到高興，隨著我們追求這些快速成長的大型市場趨勢，這一進展支持我們在這一領域增加投資。我們打算繼續努力，透過第三方合作以及適當的收購，有機地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，透過有機努力以及在這些大趨勢下的補強收購，有意義地擴大我們的潛在市場。

I'll now turn the call over to Paul.

我現在將把電話轉給保羅。

Thank you, Jeff. Key highlights for the fourth quarter as shown on Slide 11, include revenue of $906.5 million, an increase of 7.1% from the fourth quarter of 2019. Organic revenue increased 5.3%. Changes in foreign currency increased revenue by 1.8%. And sequentially, from the third quarter, reported revenue increased 15%, reflecting our strong response to the continued rebound in our markets.

謝謝你，傑夫。如投影片 11 所示，第四季的主要亮點包括營收 9.065 億美元，較 2019 年第四季成長 7.1%。有機收入成長 5.3%。外幣變動使收入增加 1.8%。從第三季開始，報告營收連續成長了 15%，反映出我們對市場持續反彈的強烈反應。

You'll recall that on January 8, we updated our revenue guidance for the fourth quarter. Throughout the quarter, we saw continued strengthening, especially with our global automotive, heavy vehicle and industrial end markets, in addition to a revenue uplift from foreign exchange rate movements, and those contributed to the higher revenue performance in the quarter than we anticipated in late October.

您可能還記得，1 月 8 日，我們更新了第四季的營收指引。在整個季度中，我們看到了持續的走強，尤其是我們的全球汽車、重型車輛和工業終端市場，此外還有匯率變動帶來的收入成長，這些因素導致本季的營收表現高於我們後期的預期十月。

Adjusted operating income was $195.6 million, an increase of 1.6% compared to the fourth quarter of 2019, primarily due to higher revenues, savings from cost reduction programs and favorable foreign currency, partially offset by elevated costs resulting from the COVID-19 pandemic, higher incentive compensation aligned to improve financial performance and higher spend to support megatrend growth initiatives.

調整後營業收入為 1.956 億美元，較 2019 年第四季度增長 1.6%，主要是由於收入增加、成本削減計劃節省以及有利的外匯，部分被 COVID-19 大流行導致的成本上升所抵消，激勵薪酬旨在改善財務績效，並增加支出以支持大趨勢成長計劃。

During the second quarter, you'll recall that we announced a series of actions to structurally reduce our semi-variable cost by about 10% to achieve an expected $60 million to $65 million in annual savings. We achieved the targeted $12 million savings from these programs in the fourth quarter and expect to achieve the full annualized savings starting in 2021. Adjusted net income was $134.7 million, a decrease of 4.9% compared to the fourth quarter of 2019, largely due to higher interest expense from our new bond issuance during the third quarter of this year. Adjusted EPS was $0.85 in the fourth quarter, a decrease of 4.5% compared to the prior year quarter.

您可能還記得，在第二季度，我們宣布了一系列行動，從結構上將半可變成本降低約 10%，以實現預期的年度節省 6000 萬至 6500 萬美元。我們在第四季度實現了透過這些計劃節省 1200 萬美元的目標，並預計從 2021 年開始實現全部年度節省。調整後淨利潤為 1.347 億美元，較 2019 年第四季下降 4.9%，這主要是由於今年第三季我們發行新債券的利息費用增加。第四季調整後每股收益為 0.85 美元，比去年同期下降 4.5%。

Now I will discuss our performance by end market in the fourth quarter of 2020, as outlined on Slide 12. Overall, we reported an organic revenue increase of 5.3% year-on-year against an overall end market decrease of approximately 2.4%, representing market outgrowth of 770 basis points for Sensata. Our heavy vehicle & off-road business posted an organic revenue increase of 16.2%, representing 990 basis points of outgrowth as compared to 6.3% end market growth. Our China on-road truck business continued to post better-than-expected growth from accelerated adoption of NS VI emissions regulations. For the full year 2020, we delivered 880 basis points of outgrowth in the heavy vehicle & off-road business, higher than our long-term targeted range of 600 to 800 basis points.

現在，我將討論 2020 年第四季我們按終端市場劃分的業績，如投影片 12 所述。總體而言，我們報告有機收入年增 5.3%，而終端市場整體下降約 2.4%，這意味著森薩塔的市場成長了 770 個基點。我們的重型車輛和越野業務的有機收入成長了 16.2%，與 6.3% 的終端市場成長相比，成長了 990 個基點。由於加速採用 NS VI 排放法規，我們的中國公路卡車業務持續實現優於預期的成長。2020 年全年，我們的重型車輛和越野業務實現了 880 個基點的成長，高於我們 600 至 800 個基點的長期目標範圍。

Our automotive business posted an organic revenue increase of 4.4%. Automotive production remained at a high level during the quarter, creating broad supply chain challenges, while OEM customers worked down their inventories, which altogether, created a 5.4% negative impact on revenue. Our automotive business produced market outgrowth of 970 basis points in the fourth quarter, led by continued new product launches in emissions, electrification and safety-related applications and systems. For the full year 2020, we delivered automotive outgrowth of 690 basis points, once again higher than our long-term target range of 400 to 600 basis points. Looking ahead, lower inventory levels at our automotive customers, especially in North America, sets us up well for strong growth in 2021.

我們的汽車業務有機收入成長了 4.4%。本季汽車產量仍保持在高水平，給供應鏈帶來了廣泛的挑戰，而 OEM 客戶則減少了庫存，這總共對收入造成了 5.4% 的負面影響。在排放、電氣化和安全相關應用和系統方面不斷推出新產品的帶動下，我們的汽車業務在第四季度實現了 970 個基點的市場成長。2020 年全年，我們的汽車產量增加了 690 個基點，再次高於我們 400 至 600 個基點的長期目標範圍。展望未來，我們的汽車客戶（尤其是北美客戶）的庫存水準較低，為我們在 2021 年實現強勁成長奠定了良好基礎。

Our industrial business increased 7.7% organically, and global industrial end markets returned to growth in the quarter. Strong growth in heating, ventilation and air conditioning and 5G applications, in addition to supply chain restocking, benefited our industrial business.

我們的工業業務有機成長7.7%，全球工業終端市場在本季恢復成長。暖氣、通風和空調以及5G應用的強勁成長，加上供應鏈補貨，使我們的工業業務受益。

Our aerospace business decreased 24.8% organically, reflecting reduced OEM production and much lower air traffic, which has negatively impacted our aerospace aftermarket business for most of the year. New product launches, primarily in the defense space, partially offset the significant aerospace market decline this quarter.

我們的航空航太業務有機下降了 24.8%，反映出 OEM 產量減少和空中交通量大幅下降，這對我們今年大部分時間的航空航太售後市場業務產生了負面影響。新產品的推出（主要是在國防領域）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 fourth quarter of 2020, starting with Performance Sensing on Slide 13. Our Performance Sensing business reported revenues of $689 million, an increase of 8.9% compared to the same quarter last year. Excluding the positive impact from foreign currency of 2%, Performance Sensing organic revenue increased 6.9%. On a sequential basis, Performance Sensing revenue grew 18.6% in the third quarter as customers maintained a high order rate through the quarter. Sequentially, from the third quarter, our automotive business reported an increase of 17% and our heavy vehicle & off-road business reported increase of 23%, demonstrating the accelerated rebound of both of these markets.

現在我想談談我們 2020 年第四季 2 個業務部門的業績，首先是投影片 13 上的效能感測。我們的性能感測業務收入為 6.89 億美元，比去年同期成長 8.9%。排除2%的外匯正面影響，Performance Sensing有機收入成長了6.9%。由於客戶在整個季度保持了較高的訂單率，Performance Sensing 收入在第三季度環比增長了 18.6%。從第三季開始，我們的汽車業務成長了17%，重型車和越野業務成長了23%，這兩個市場都在加速反彈。

Performance Sensing operating income was $185.1 million, an increase of 7.9% as compared to the same quarter last year, with operating margin of 26.9%. 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 caused by the COVID-19 pandemic. Sequentially, Performance Sensing generated incremental margin of 31% on a higher revenue, underscoring Sensata's profit potential associated with rebounding end markets.

Performance Sensing 營業收入為 1.851 億美元，較去年同期成長 7.9%，營業利潤率為 26.9%。部門營業收入的增加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 COVID-19 大流行造成的成本上升所抵消。隨後，Performance Sensing 在收入增加的情況下實現了 31% 的增量利潤，突顯了森薩塔與終端市場反彈相關的利潤潛力。

As shown on Slide 14, Sensing Solutions reported revenues of $217.5 million in the fourth quarter of 2020, an increase of 1.7% as compared to the same quarter last year. Excluding the positive impact of foreign currency of 1.1%, Sensing Solutions' organic revenue increased 0.6%. On a sequential basis, Sensing Solutions' revenue grew 4.9% from the third quarter as customers ramped up production through the quarter. Sequentially, from the third quarter, our industrial business reported an increase of 4%, and our aerospace business reported an increase of 11%. Sensing Solutions' operating income was $70.7 million, an increase of 2.3% from the same quarter last year, with operating margin of 32.5%. 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 COVID-19 pandemic. Sequentially, Sensing Solutions generated very strong incremental margins on the higher revenue and from productivity gains.

如投影片 14 所示，Sensing Solutions 報告 2020 年第四季營收為 2.175 億美元，比去年同期成長 1.7%。剔除1.1%的外匯正面影響，Sensing Solutions的有機收入成長0.6%。由於客戶在整個季度提高了產量，Sensing Solutions 的營收季增了 4.9%。接下來，從第三季開始，我們的工業業務成長了4%，我們的航空航太業務成長了11%。Sensing Solutions的營業收入為7,070萬美元，較去年同期成長2.3%，營業利益率為32.5%。部門營業收入的增加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 COVID-19 大流行相關的成本上升所抵消。隨後，感測解決方案憑藉更高的收入和生產力的提高，產生了非常強勁的增量利潤。

On Slide 15, corporate and other costs not included in segment operating income were $69.6 million in the fourth quarter of 2020. Excluding charges added back to our non-GAAP results, corporate and other costs were $58.5 million, an increase of $12 million from the prior year quarter, primarily due to higher global incentive compensation costs aligned to our improving financial performance and higher design and business development spend to support our megatrend growth initiatives, somewhat offset by savings from cost reduction initiatives. Items added back to our non-GAAP corporate operating expenses include restructuring-related and other costs and financing and other transaction costs.

在投影片 15 中，2020 年第四季未包含在部門營業收入中的企業和其他成本為 6,960 萬美元。不計入非GAAP 業績中的費用，公司及其他成本為5,850 萬美元，比上年同期增加1,200 萬美元，這主要是由於與我們不斷改善的財務業績以及更高的設計和業務開發相一致的全球激勵薪酬成本增加用於支持我們的大趨勢成長計劃的支出，在一定程度上被成本削減計劃帶來的節省所抵消。新增回我們的非公認會計準則公司營運費用的項目包括重組相關成本和其他成本以及融資和其他交易成本。

Megatrend investments were $8.8 million during the fourth quarter, an increase of $1.5 million from the prior year quarter. 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, to enter new markets, develop new business models and design new product categories in the fast-growing and transformational megatrend vectors of Electrification and Smart & Connected solutions.

第四季 Megatrend 投資額為 880 萬美元，比去年同期增加 150 萬美元。我們目前預計2021 年大趨勢相關支出約為5000 萬至5500 萬美元，用於設計和開發差異化的傳感器豐富和數據洞察解決方案，進入新市場，開發新業務模式並在快速增長和轉型中設計新產品類別。

Slide 16 shows Sensata's fourth quarter 2020 non-GAAP results. Adjusted operating income was up 1.6% compared to the same quarter last year, while adjusted operating margin decreased 110 basis points to 21.6%, which is near the top of our peer group and represents an attractive operating income margin profile. The decrease in both adjusted gross margin and adjusted operating margin largely reflects the elevated cost we have experienced due to the impact of the COVID-19 pandemic and the related operating and productivity challenges. We acted early during the pandemic to reduce our cost structure, while continuing to invest in megatrends and are shaping our end markets that we believe will enable us to deliver long-term sustainable growth. Incentive compensation costs have also increased, aligned to the rise in operating income as our end markets recovered from a low point in the second quarter of 2020.

幻燈片 16 顯示了森薩塔 2020 年第四季度非 GAAP 業績。與去年同期相比，調整後營業收入成長 1.6%，而調整後營業利潤率下降 110 個基點至 21.6%，接近同業最高水平，代表具有吸引力的營業收入利潤率狀況。調整後毛利率和調整後營業利潤率的下降很大程度上反映了由於 COVID-19 大流行的影響以及相關的營運和生產力挑戰而導致的成本上升。我們在疫情期間儘早採取行動，降低成本結構，同時繼續投資於大趨勢，並正在塑造我們的終端市場，我們相信這將使我們能夠實現長期可持續增長。隨著我們的終端市場從 2020 年第二季的低點復甦，激勵薪酬成本也有所增加，與營業收入的成長一致。

Adjusted net income declined 4.9% compared to the same quarter last year. The decrease largely reflects higher interest expenses related to our bond issuance in the third quarter this year and higher taxes due to jurisdictional profit mix. Finally, adjusted EPS was $0.85, down $0.04 or 4.5% as compared to the fourth quarter of 2019, as the decrease in adjusted net income was partially offset by the benefit of share repurchases in intervening periods.

調整後淨利較去年同期下降 4.9%。這一下降主要反映了今年第三季與我們發行債券相關的利息費用增加以及由於司法管轄區利潤組合導致的稅收增加。最後，調整後每股收益為 0.85 美元，較 2019 年第四季下降 0.04 美元，即 4.5%，因為調整後淨利潤的下降被期間股票回購的收益部分抵消。

As shown on Slide 17, we generated a record $240 million in free cash flow during the first quarter, representing a 178% conversion rate of adjusted net income, and finished the year with a 16-day reduction in inventory days on hand. This brings free cash flow generation to $453 million for the full year, representing 130% conversion rate. For 2021, we expect free cash flow conversion to be approximately 85%. Our capital expenditures for full year 2020 were $107 million, in line with guidance. For full year 2021, we expect capital expenditure to be in the range of $160 million to $170 million, a more normalized level as compared to 2020. Sensata's net debt-to-EBITDA ratio was 3.2x at the end of December, which is within our target operating range of 2.5 to 3.5x. During the first quarter of 2021, we have the opportunity to call in $750 million of senior notes due in 2026, which paid 6.25% in annual interest. It is our intention to repay those notes later in the first quarter to reduce our interest expense, and that assumption is built into the financial guidance we are providing today.

如投影片 17 所示，我們在第一季創造了創紀錄的 2.4 億美元自由現金流，調整後淨利的轉換率為 178%，年底庫存天數減少了 16 天。這使得全年自由現金流量達到 4.53 億美元，轉換率達到 130%。2021 年，我們預計自由現金流轉換約為 85%。我們 2020 年全年的資本支出為 1.07 億美元，符合指引。對於 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，與 2020 年相比，處於更正常的水平。截至 12 月底，森薩塔的淨債務與 EBITDA 比率為 3.2 倍，處於我們 2.5 至 3.5 倍的目標營運範圍內。2021 年第一季度，我們有機會收回 2026 年到期的 7.5 億美元優先票據，年利率為 6.25%。我們打算在第一季稍後償還這些票據，以減少我們的利息支出，這一假設已納入我們今天提供的財務指導中。

We're providing financial guidance for the first quarter of 2021, as shown on Slide 18. As a result of improving economic conditions and greater stability in customer order patterns, we expect to generate revenues between $875 million to $915 million for the first quarter of 2021, representing a reported revenue increase between 13% and 18% compared to the first quarter of 2020. At the midpoint of guidance, we expect that foreign currency will increase revenues year-over-year by approximately $17 million. Excluding the impact of foreign currency, we expect an organic revenue increase of 11% to 16% in the first quarter.

我們提供 2021 年第一季的財務指導，如投影片 18 所示。由於經濟狀況改善和客戶訂單模式更加穩定，我們預計 2021 年第一季的營收將在 8.75 億至 9.15 億美元之間，報告收入較 2020 年第一季度增長 13% 至 18%。在指導的中點，我們預計外幣收入將年增約 1700 萬美元。排除外匯影響，我們預期第一季有機收入將成長11%至16%。

You'll recall that we called out approximately $20 million to $25 million of inventory that was built by our customers, largely automotive OEMs, in the first quarter of 2020. That inventory build now reverses and acts as a headwind year-over-year growth comparisons to the first quarter of 2021. Our current fill rate is approximately 93% of the revenue guidance midpoint for the first quarter. We continue to monitor leading economic indicators and third-party forecasts to help form our view of future demand. One headwind affecting our outlook is the expected impact of a global microchip shortage that the entire auto supply chain is currently experiencing that we expect will add 25 to 50 basis points to our operating costs in the first quarter. Including this expense, we expect to report adjusted operating income between $166 million and $182 million. At the midpoint, operating income margin is expected to be 20.2%, excluding the impact of foreign exchange.

您可能還記得，我們​​在 2020 年第一季調出了約 2,000 萬至 2,500 萬美元的庫存，這些庫存是由我們的客戶（主要是汽車原始設備製造商）建造的。庫存建設現在出現逆轉，與 2021 年第一季相比，成為同比增長的阻力。我們目前的填充率約為第一季營收指引中點的 93%。我們繼續監控領先的經濟指標和第三方預測，以幫助我們形成對未來需求的看法。影響我們前景的一個不利因素是整個汽車供應鏈目前正在經歷的全球微晶片短缺的預期影響，我們預計第一季的營運成本將增加 25 至 50 個基點。包括這筆費用，我們預計調整後的營業收入將在 1.66 億美元至 1.82 億美元之間。扣除外匯影響，營業利益率中位數預計為20.2%。

On the bottom line, we expect to report adjusted net income between $106 million and $122 million, which would represent an increase of 27% to 47% compared to the first quarter of 2020. We expect to report adjusted EPS between $0.67 and $0.77, which includes a $0.01 negative impact from foreign currency at the guidance midpoint.

總體而言，我們預計調整後淨利潤將在 1.06 億美元至 1.22 億美元之間，較 2020 年第一季成長 27% 至 47%。我們預計調整後每股收益將在 0.67 美元至 0.77 美元之間，其中包括外幣對指導中點的 0.01 美元負面影響。

At the bottom of the slide, we've provided a margin walk for the first quarter of 2020 to the first quarter of 2021. This includes expected impacts from the semiconductor shortage, increased COVID-related costs, increased incentive compensation for our employees, increased megatrend investments and the impact of foreign exchange. Sensata's core business is strong, with 400 basis points of margin improvement expected from operating leverage on higher revenues and net productivity gains, including savings from cost reduction actions. Operating income margin reflects a very strong 40% incremental profit on the incremental revenue from the same period a year ago.

在幻燈片底部，我們提供了 2020 年第一季至 2021 年第一季的利潤率變化。這包括半導體短缺、新冠相關成本增加、員工激勵薪酬增加、大趨勢投資增加以及外匯影響的預期影響。森薩塔的核心業務強勁，預計利潤率將提高 400 個基點，因為營運槓桿帶來了更高的收入和淨生產力收益，包括成本削減措施帶來的節省。營業利潤率反映了與去年同期相比增量收入成長了 40% 的強勁利潤。

We are providing financial guidance for the full year 2021 as shown on Slide 19. For the full year 2021, while a degree of market uncertainty remains, we are planning for a continuation of recent rebounding economic and business conditions. Accordingly, we expect to generate revenues between $3.425 billion and $3.575 billion for the full year 2021, representing a reported revenue increase between 12% and 17% year-on-year. At the midpoint of guidance, we expect that foreign currency will increase revenues year-over-year by approximately $64 million. Excluding the impact of foreign currency, we expect an organic revenue increase of 10% to 15% in 2021. We expect to report adjusted operating income between $695 million and $755 million, which includes the expected impact of a global microchip shortage and expected 25 to 50 basis point cost during the first half of the year. At the midpoint, operating income margin is expected to be 20.9%, excluding the impact of foreign exchange.

我們正在提供 2021 年全年的財務指導，如幻燈片 19 所示。2021 年全年，儘管市場仍存在一定程度的不確定性，但我們計劃延續近期反彈的經濟和商業狀況。因此，我們預計 2021 年全年營收將在 34.25 億美元至 35.75 億美元之間，報告營收年增 12% 至 17%。在指導的中點，我們預計外幣收入將年增約 6,400 萬美元。排除外匯影響，我們預計 2021 年有機收入將成長 10% 至 15%。我們預計調整後的營業收入將在 6.95 億美元至 7.55 億美元之間，其中包括全球微晶片短缺的預期影響以及今年上半年預計的 25 至 50 個基點成本。扣除外匯影響，營業利益率中位數預計為20.9%。

On the bottom line, we expect to report adjusted net income between $488 million and $544 million, which would represent an increase of 40% to 56% compared to 2020. We expect to report adjusted EPS between $3.06 and $3.42, which includes a negligible impact from foreign currency at the guidance midpoint.

總體而言，我們預計調整後淨利潤將在 4.88 億美元至 5.44 億美元之間，較 2020 年增長 40% 至 56%。我們預計調整後每股收益將在 3.06 美元至 3.42 美元之間，其中外幣對指導中點的影響可以忽略不計。

At the bottom of the slide, we provided a margin walk from 2019 to 2021 to show a margin comparison to a pre-pandemic period. While fluctuating revenue has had the greatest impact on our operating income margins, COVID-related costs, incentive compensation for our employees, megatrend investments and foreign exchange have also had a meaningful impact on our operating income margin. Sensata's core business remains strong, and on a like-for-like basis, absent these additional costs, 2021 operating income margin would be higher than 2019 on similar revenue.

在幻燈片底部，我們提供了 2019 年至 2021 年的利潤率變化，以顯示與大流行前時期的利潤率比較。雖然收入波動對我們的營業利潤率影響最大，但與新冠病毒相關的成本、員工的激勵薪酬、大趨勢投資和外匯也對我們的營業利潤率產生了重大影響。森薩塔的核心業務依然強勁，在同等基礎上，如果沒有這些額外成本，2021 年營業利潤率將高於 2019 年類似收入。

On Slide 20, we provide our estimates for OEM production growth for 2021 as compared to 2020. North America automotive production is expected to rebound sharply this year as the industry seeks to address record low inventory levels at the end of 2020. Global automotive production is expected to grow 13% on a revenue-weighted basis. Moreover, all of our end markets are expected to grow in 2021. And these assumptions underpin our outlook for strong revenue and earnings growth in the coming year.

在幻燈片 20 中，我們提供了與 2020 年相比 2021 年 OEM 產量成長的估計。由於該行業尋求在 2020 年底解決創紀錄的低庫存水平，預計今年北美汽車產量將大幅反彈。以收入加權計算，全球汽車產量預計將增加 13%。此外，我們所有的終端市場預計將在 2021 年實現成長。這些假設支撐了我們對來年收入和獲利強勁成長的前景。

In sum, Sensata delivered an excellent financial finish in 2020 despite an extremely challenging environment throughout the year. We expect this strong performance to continue into 2021 as demonstrated by the financial guidance we're providing today. Driving this performance is our continued ability to achieve our growth targets, including a secular long-term market outgrowth target of 400 to 600 basis points for our automotive business and 600 to 800 basis points for our heavy vehicle business.

總而言之，儘管全年環境極具挑戰性，森薩塔在 2020 年仍取得了出色的財務表現。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。推動這項績效的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汽車業務 600 至 800 個基點的長期市場成長目標。

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. I'll wrap up with a few key messages as outlined on Slide 21. Sensata has responded very well to the rapid improvements in many of the end markets that we serve, which demonstrates the strength, flexibility and reliability of our organizational model, which enabled us to capitalize on the end market demand recovery. Our ability to respond quickly to shifting demands positions us very well as a trusted resource for our customers. We are delivering attractive end market outgrowth. We remain confident in our ability to continue to deliver this attractive end market outgrowth into the future based upon our strong levels of new business wins. We continue to deliver solid free cash flow and drove a record cash generation of $140 million in the fourth quarter, which demonstrates Sensata's resilient financial model and operating discipline.

謝謝，保羅。我將總結投影片 21 中概述的一些關鍵資訊。森薩塔對我們服務的許多終端市場的快速改善做出了很好的反應，證明了我們組織模式的實力、靈活性和可靠性，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。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，我們對未來繼續實現這一有吸引力的終端市場成長的能力充滿信心。我們繼續提供穩定的自由現金流，並在第四季度創造了創紀錄的 1.4 億美元現金生成，這體現了森薩塔富有彈性的財務模式和營運紀律。

We continue to invest in our megatrends and other growth initiatives that are opening large and rapidly growing opportunities for Sensata across all of our end markets. We are making excellent progress, as evidenced by the rollout of our first commercial fleet adoption for Smart & Connected solutions like the acquisition of Lithium Balance, which expands our electrification offerings, and by the $180 million in new Electrification business wins in 2020. We continue to believe that the overall market environment may provide interesting opportunities to further strengthen our portfolio through strategically important value-creating acquisitions. In addition, we are pursuing 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 growth opportunities and our people.

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。我們正在取得巨大進展，我們推出了第一批採用智慧連網解決方案的商業車隊，例如收購 Lithium Balance，擴大了我們的電氣化產品範圍，並在 2020 年贏得了 1.8 億美元的新電氣化業務。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，同時投資於成長機會和員工。

And finally, I'm excited about Sensata's long-standing mission to help create cleaner, safer and a more connected world, not just for our customers' products, but also through our own operations. We are incorporating ESG areas into our strategy to help ensure the long-term sustainability and success of the company for all of its stakeholders. We look forward to reporting more on this topic in the future.

最後，我對森薩塔的長期使命感到興奮，即幫助創造一個更清潔、更安全和更互聯的世界，不僅是為了我們客戶的產品，也是透過我們自己的營運。我們正在將 ESG 領域納入我們的策略，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。

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

我現在想把電話轉回給雅各。

Thank you, Jeff. (Operator Instructions) As we're in different locations today, feel free to direct your question to either Jeff or Paul directly.

謝謝你，傑夫。（操作員說明）由於我們今天在不同的地點，請隨時直接向 Jeff 或 Paul 提出您的問題。

Jason, would you please begin the Q&A?

傑森，請開始問答好嗎？

(Operator Instructions) Our first question is from Scott Davis from Melius Research.

（操作員說明）我們的第一個問題來自 Melius Research 的 Scott Davis。

The megatrend spend, the $50 million to $55 million, should we think about that as kind of the new normal as a long-term run rate? Or is that more likely to grow with revenues over time? Or is it more of a kind of a couple of years, you got to catch up and then it settles down a little bit? Or just how do you guys are thinking about that number?

大趨勢支出，即 5000 萬至 5500 萬美元，我們是否應該將其視為長期運行率的新常態？或者隨著時間的推移，這更有可能隨著收入的成長而成長嗎？或者更像是幾年之後，你必須迎頭趕上，然後才穩定下來？或者你們是如何看待這個數字的？

Yes. It's a great question, Scott. It's going to be success-driven and opportunity-driven. And so given the progress that we experienced in 2020, we believe that, that activity earned incremental investment. I would tell you that we will monitor it closely. We're not approaching this from a standpoint of we budgeted that money, and that's how we're going to spend it. We'll monitor our progress very closely quarter-to-quarter against the initiatives and the objectives that we've set out that allows for that spend. We understand our responsibility to make sure that we're looking after long-term growth of the company. And so right now, that's what we're planning to spend in 2020, but we'll continue to provide huge amounts of transparency to that spend and the success that we're able to achieve based upon that spend to our shareholders and adjust accordingly.

是的。這是一個很好的問題，斯科特。這將是成功驅動和機會驅動的。因此，鑑於我們在 2020 年取得的進展，我們相信這項活動贏得了增量投資。我想告訴你，我們將密切關注此事。我們不會從我們預算這筆錢的角度來處理這個問題，這就是我們將如何花費它的方式。我們將根據我們制定的允許該支出的舉措和目標，每季密切監控我們的進度。我們深知我們有責任確保公司的長期發展。現在，這就是我們計劃在 2020 年支出的金額，但我們將繼續向股東提供該支出以及我們根據該支出所能取得的成功的大量透明度，並進行相應調整。

The next question is from Craig Hettenbach from Morgan Stanley.

下一個問題來自摩根士丹利的克雷格·赫滕巴赫。

Great. Thanks, Jeff, for all the color on the EV front. I guess, just starting there, you mentioned a number of new components specific to EVs, be it around braking, e-motors. Just curious kind of where do you think you're seeing the most traction in some of these applications? And then I can see through the breadth of the OEMs you announced that it's broad based, but just any particular region right now where you feel like you're seeing the best traction for EVs?

偉大的。謝謝傑夫為電動車正面提供的所有顏色。我想，剛開始，您提到了一些專門針對電動車的新組件，無論是煞車、電動馬達。只是好奇，您認為其中一些應用程式最受關注的地方在哪裡？然後我可以透過您宣布的原始設備製造商的廣度來了解它的基礎廣泛，但現在您認為您看到電動車的最佳吸引力的任何特定區域？

Yes. Craig, so just to set the context, obviously, I think everybody is feeling this, a trend associated with electrification furthered by government regulation and consumer pull, it's a trend that's accelerating. And we've observed that for several years here and make sure we've invested in it. The point that we wanted to make very clear in our comments is that a lot of the content we have on combustion vehicles ports over. So it isn't as though there is a discontinuity and complete loss of all of the opportunities that we see on the combustion side. Half or more of that content applies in an EV environment, but we've also invested organically in e-motor positions and others -- position sensors and others. But we've invested inorganically; GIGAVAC, high-voltage contactors, Lithium Balance with battery management systems.

是的。克雷格，所以只是為了設定背景，顯然，我認為每個人都感受到了這一點，這是一種與政府監管和消費者拉動推動的電氣化相關的趨勢，這是一種正在加速的趨勢。我們已經觀察到這一點好幾年了，並確保我們對此進行了投資。我們想在評論中明確指出的一點是，我們關於燃燒車輛的許多內容都已被移植。因此，我們在燃燒方面看到的所有機會並不存在不連續性和完全喪失。其中一半或更多內容適用於電動車環境，但我們也有機地投資於電動馬達位置和其他位置感測器等。但我們的投資是無機投資； GIGAVAC、高壓接觸器、帶電池管理系統的鋰平衡。

The trend in terms of EVs I think that we're seeing clearly is more pronounced in Europe and in China. But again, you have to look at the segmentation of the electric vehicles in China. They're more lower-end vehicles in terms of the penetration. And we don't believe long term that's where the market will go towards longer range, shorter charge time vehicles, that's the future of electric vehicles in our view and that's the target market that we're going after. And we're seeing the trend of NBO opportunities pretty globally. The slide that you saw in terms of the number of customers that we're engaging with is very broad. And we're doing that on purpose because, candidly, we believe that our customers have an opportunity to really continue to grow here, but the true winners in terms of the market are unknown. So we're casting the net very wide to make sure that we're serving all of the customers that are making those products.

我認為我們清楚地看到電動車的趨勢在歐洲和中國更為明顯。但同樣，你必須看看中國電動車的細分。就滲透率而言，它們是更低端的車輛。我們認為，從長遠來看，市場不會轉向續航里程更長、充電時間更短的汽車，我們認為這就是電動車的未來，也是我們追求的目標市場。我們在全球範圍內看到了 NBO 機會的趨勢。您看到的幻燈片顯示我們正在接觸的客戶數量非常廣泛。我們是故意這樣做的，因為坦白說，我們相信我們的客戶有機會真正繼續在這裡發展，但市場上真正的贏家尚不清楚。因此，我們正在廣泛地撒網，以確保我們為所有生產這些產品的客戶提供服務。

The next question is from Wamsi Mohan from Bank of America.

下一個問題來自美國銀行的瓦姆西·莫漢 (Wamsi Mohan)。

Jeff, the drag from semi shortages on margin, is that a function of higher prices of components that you're alluding to in the first half? Or is there a function of lower production that you anticipate? And is first half basically a reasonable way to think about this at the moment? Why can't that sort of last longer?

傑夫，半成品短缺對利潤率的拖累，是你在上半年提到的零件價格上漲的結果嗎？或是存在您預期的產量較低的功能？目前來看，上半年基本上是個合理的思考方式嗎？為什麼這種情況不能持續更久？

And if I could, Jeff, just given the importance of this Electrification trends that you've alluded to, if you could just maybe give us some sense of how you expect, for Sensata, the split of this to be in maybe a 2-year or 5-year timeframe between the opportunities from a heavy vehicle standpoint versus autos, that would be great.

如果可以的話，傑夫，考慮到您提到的電氣化趨勢的重要性，如果您可以讓我們了解您對森薩塔的期望，這一趨勢的劃分可能是 2-從重型車輛與汽車的角度來看，機會之間有一年或五年的時間框架，那就太好了。

Sure. So on this -- first, on the semi question, it's -- the cost is a combination of pricing and increased logistics costs given the short supply chain. So everything's expedited freight to make sure that we can keep things open and running for our customers. And again, this is a pretty broad-based industry trend. I would note that although the semi shortage -- electronic shortage is most acute, the reality is the supply chains across the world, not just with Sensata, I think we're doing a great job managing through this, but very -- on a very global basis, on a very broad basis, are stretched thin right now with the increased demand and the challenges associated with capacity, with keeping plants open, with the labor shortages and COVID-related risk. But I think that we've, as a company, demonstrated really strong resilience there.

當然。因此，首先，在半成品問題上，成本是定價和供應鏈短的情況下增加的物流成本的組合。因此，一切都是加急貨運，以確保我們能夠為客戶保持開放和運作。再說一次，這是一個相當廣泛的行業趨勢。我要指出的是，雖然半電子短缺是最嚴重的，但現實是世界各地的供應鏈，而不僅僅是森薩塔，我認為我們在管理這一問題方面做得很好，但非常 -由於需求增加以及與產能、維持工廠開放、勞動力短缺和新冠病毒相關風險相關的挑戰，全球範圍內的基礎設施目前已經捉襟見肘。但我認為，作為一家公司，我們在這方面展現了非常強大的韌性。

On your question associated with Electrification. Our view is that clearly, near term, the penetration of Electrification will be more broad in light vehicle. But we're not stopping there. We noted in our prepared comments that Lithium Balance brought the opportunity to be able to go after heavy vehicle and bus applications as well. And our view is that it's more in the bus, I think, will become electrified, but in heavy vehicle, the power requirements will take a longer period of time to migrate toward EVs. But we're focused on those markets because we think that although behind light vehicle, it will happen over time, and we want to make sure that we have an offering to be able to serve that.

關於您與電氣化相關的問題。我們的觀點是，顯然，在短期內，電氣化在輕型汽車中的滲透將更加廣泛。但我們不會就此止步。我們在準備好的評論中指出，Lithium Balance 也為重型車輛和巴士應用帶來了機會。我們的觀點是，我認為公車將更多地實現電氣化，但在重型車輛中，電力需求將需要更長的時間才能轉向電動車。但我們之所以專注於這些市場，是因為我們認為，儘管落後於輕型汽車，但隨著時間的推移，這種情況將會發生，我們希望確保我們擁有能夠滿足這一需求的產品。

The next question is from Mark Delaney from Goldman Sachs.

下一個問題來自高盛的馬克·德萊尼。

I was hoping we could speak more on Lithium Balance. And I understand it's a company you've known for some time. But maybe talk a little bit more on their technology and after having worked with them, what led you to want to complete the acquisition? And if you could also maybe speak to the financial dimensions of Lithium Balance, what kind of revenue and earnings impact, we just expect starting out and perhaps how the margin profile of Lithium Balance may look longer term, compared to the corporate average?

我希望我們能更多地談論鋰平衡。據我所知，這是一家您已經認識了一段時間的公司。但也許可以多談談他們的技術，在與他們合作之後，是什麼促使您想要完成收購？如果您還可以談談 Lithium Balance 的財務維度，我們只是期望開始時會產生什麼樣的收入和收益影響，以及與企業平均水平相比，Lithium Balance 的長期利潤狀況可能會如何？

Sure. So originally, about 2 years ago, we acquired 25% of this company. We saw the trend toward electrification accelerating. You know that we had an inorganic -- or excuse me, an organic effort around wireless battery management. So we reached out to them to build out our capability more broadly on battery management, which obviously has a hardware component but has a pretty significant software component as well. And so that was the original view of the synergy between the 2 companies. Clearly, given where electrification has gone and the content opportunity on wired battery management, we pursued the acquisition of the balance of this company. It's a small business, but it has great potential. A market size of over $500 million by -- in 2030. So it's an exciting opportunity for us in terms of expanding beyond just components into that space. And as we've highlighted, we had an early strong success in terms of a win with a heavy vehicle customer way beyond just a component, but around battery management. So we're excited about that.

當然。所以最初，大約兩年前，我們收購了這家公司 25% 的股份。我們看到電氣化趨勢正在加速。你知道，我們圍繞著無線電池管理進行了無機的——或者對不起，有機的努力。因此，我們聯繫他們，以更廣泛地建立我們在電池管理方面的能力，這顯然有一個硬體組件，但也有一個相當重要的軟體組件。這就是兩家公司之間協同效應的最初觀點。顯然，考慮到電氣化的發展方向以及有線電池管理的內容機會，我們尋求收購這家公司的其餘部分。這是一家小企業，但潛力巨大。到 2030 年，市場規模將超過 5 億美元。因此，這對我們來說是一個令人興奮的機會，可以將業務擴展到組件以外的領域。正如我們所強調的，我們在贏得重型車輛客戶方面取得了早期的巨大成功，這不僅僅是一個組件，而是圍繞電池管理。所以我們對此感到興奮。

The margin profile is pretty consistent. We've often talked about the fact that as we go beyond a center component into systems, it may not be at Sensata margins, but it will be differentiated margin, and it will help growth for the company. And so yet to be determined as that business grows. It's a small business today. But as that business grows, we're very confident it will have differentiated margins. And when it becomes a bigger component of the business, we'll be more specific in terms of the margin profile that we're experiencing there. Hopefully, that helps. Thanks, Mark.

利潤率情況相當一致。我們經常談論這樣一個事實，即當我們超越中心組件進入系統時，森薩塔的利潤率可能不會很高，但它將是差異化的利潤率，這將有助於公司的成長。隨著業務的成長，還有待確定。今天這是一家小型企業。但隨著該業務的成長，我們非常有信心它將擁有差異化的利潤率。當它成為業務的更大組成部分時，我們將更具體地了解我們在那裡經歷的利潤狀況。希望這會有所幫助。謝謝，馬克。

The next question is from Samik Chatterjee from JPMorgan.

下一個問題來自摩根大通的 Samik Chatterjee。

Yes. This is Bharat on for Samik. So if I could just ask a question on the content gain. You're coming off a year of very strong content gain and outperformance in 2020. So as we look to 2021, how should we think about the trajectory of that? And in terms of key drivers as we look into 2021, I think in 2020, we're benefiting from China emission standards and that being a big part of the story. So in terms of drivers, is it going to be more towards the EV story in 2021? How is that going to change? Any color there would be helpful.

是的。這是巴拉特 (Bharat) 代表薩米克 (Samik) 發言。所以我可以問一個關於內容增益​​的問題嗎？2020 年，您將迎來內容成長強勁且表現出色的一年。那麼，當我們展望2021年時，我們該如何思考它的軌跡呢？就我們展望 2021 年的關鍵驅動因素而言，我認為到 2020 年，我們將受益於中國的排放標準，這是整個故事的重要組成部分。那麼就駕駛員而言，2021 年是否會更多地轉向電動車？這將如何改變？任何顏色都會有幫助。

Sure. So just as a summary, I think we've quoted some of these statistics, but fourth quarter, company-wide, 770 basis points of market outgrowth. For the full year, 600 basis points. So at or above what we've quoted as being the target ranges. And that's 4 years running now, right? So the thing that's really important about the outgrowth is that because we're a long-cycle business, we get a lot of visibility to do this. Remember, during 2020, we called out third quarter that we were going to see a little bit of dip in our outgrowth, and that's exactly what happened.

當然。因此，作為總結，我認為我們引用了其中一些統計數據，但第四季度全公司範圍內的市場成長了 770 個基點。全年為 600 個基點。因此，等於或高於我們所引用的目標範圍。現在已經過去四年了，對吧？因此，關於成長真正重要的是，因為我們是一家長週期業務，所以我們有很多可見性來做到這一點。請記住，在 2020 年期間，我們在第三季表示，我們的產出將略有下降，而這正是所發生的情況。

It tends to be a little lumpy, but we're confident in the long-term growth given the engagement we have with the customers, but most importantly, the NBO wins that we have and the pipeline of those, which are driving engineering work for ultimate launches. It's very broad-based, right? So it's no one thing that's creating incredible opportunity in terms of content growth. But as we've talked about it, it's the drive around regulation globally, it's the drive around consumer preference globally, which drives customer product portfolio road maps that we engage with them on to make sure that we're helping them, whether it be increased fuel efficiency on a combustion engine or longer-range on an electric vehicle or safer application in an ag -- piece of ag equipment. There are literally dozens, if not hundreds of drivers but there are some chunky ones, implementation of TPMS in different jurisdictions around the world or rollout of exhaust gas recirculation applications. They tend to fan out over time, but there are dozens of trends that are allowing us to be confident in that trend long term.

它往往有點不穩定，但考慮到我們與客戶的互動，我們對長期成長充滿信心，但最重要的是，我們擁有的 NBO 勝利以及這些勝利正在推動工程工作終極發射。它的基礎非常廣泛，對嗎？因此，沒有任何一件事能夠在內容成長方面創造令人難以置信的機會。但正如我們所討論的，這是圍繞全球監管的驅動力，是圍繞全球消費者偏好的驅動力，這推動了我們與他們合作的客戶產品組合路線圖，以確保我們正在幫助他們，無論是提高內燃機的燃油效率或延長電動車的行駛里程或在農業設備中更安全地應用。實際上有數十名（如果不是數百名）駕駛員，但也有一些粗壯的駕駛員，在世界各地不同的司法管轄區實施 TPMS 或推出廢氣再循環應用。隨著時間的推移，它們往往會呈現扇形散開，但有數十種趨勢讓我們對這趨勢長期充滿信心。

The next question is from Matt Sheerin from Stifel.

下一個問題來自 Stifel 的 Matt Sheerin。

Jeff, I just wanted to ask concerning your full year guidance, which we certainly appreciate. And as you know, several of your peers have been reluctant to guide beyond Q1 just because of lack of visibility and a lot of moving parts. So I wanted to ask about your visibility, are you getting a better sense of order flow from your customers? And does your revenue guide contemplate hiccups in terms of production at your customers? Any issues beyond the operating costs that you talked about, but in terms of top line being impacted by the chip shortages?

傑夫，我只是想問一下您的全年指導，我們非常感謝。如您所知，您的一些同行一直不願意在第一季之後提供指導，只是因為缺乏可見性和大量移動部件。所以我想問一下您的可見性，您是否對客戶的訂單流有更好的了解？您的收入指南是否考慮到客戶生產上的問題？除了您談到的營運成本之外，還有晶片短缺對營收的影響嗎？

Yes. So we had pretty good discussions internally regarding full year guidance. You know that in our business, we have really good long-term visibility of revenue. Certainly, within a quarter, we quote our fill rate 93% higher than we normally are in terms of our fill rate in the quarter. But even beyond the quarter, we get a pretty good feel. The supply chain shortages have resulted in a situation where we've really doubled down on the engagement with customers because in some instances, we placed longer-term orders on the supply chain and therefore, we've gone to our customers and asked for longer-term visibility and commitment from them. So that adds to our confidence.

是的。因此，我們在內部就全年指導進行了很好的討論。您知道，在我們的業務中，我們的收入具有非常良好的長期可見度。當然，在一個季度內，我們報出的填充率比正常情況下該季度的填充率高出 93%。但即使在本季度之後，我們也有很好的感覺。供應鏈短缺導致我們確實加倍了與客戶的接觸，因為在某些情況下，我們在供應鏈上下了長期訂單，因此，我們去找客戶並要求更長的時間- 他們的長期知名度和承諾。這增加了我們的信心。

But overall, we factored in some conservatism on the full year given that things may happen. You'll note -- I think you all know that IHS brought down some of the full year numbers from a light vehicle standpoint, given supply chain shortages and we're following along and using similar expectations on that. Clearly, if there's a major disruption, major lockdowns, we'll need to relook at it. But based upon what we're seeing right now, we feel very confident in the demand situation. And you highlighted it, I think the bigger concern is broader supply chains, both at our customers, there's some other suppliers and within Sensata, if we're going to focus on what we can control within our own business to make sure that we deliver for them to the extent there's demand.

但總體而言，考慮到可能發生的情況，我們在全年考慮了一些保守因素。你會注意到——我想你們都知道，考慮到供應鏈短缺，IHS 從輕型車的角度來看降低了一些全年數據，我們正在跟進並對此使用類似的預期。顯然，如果出現重大中斷、重大封鎖，我們需要重新考慮。但根據我們現在所看到的情況，我們對需求情況非常有信心。您強調了這一點，我認為更大的擔憂是更廣泛的供應鏈，無論是我們的客戶、其他一些供應商還是森薩塔內部，如果我們要專注於我們在自己的業務中可以控制的內容，以確保我們交付在有需求的情況下為他們提供服務。

The next question is from Amit Daryanani from Evercore.

下一個問題來自 Evercore 的 Amit Daryanani。

I guess, Jeff, you touched on seeing incrementally better attractive M&A opportunities. So I was hoping you would perhaps just remind us how do you think about M&A in terms of the focus area, deal sizes? And really how much leverage are we comfortable running with on our balance sheet?

我想，傑夫，你談到了越來越有吸引力的併購機會。所以我希望您能提醒我們您如何看待併購的重點領域、交易規模？我們的資產負債表上到底有多少槓桿可以放心使用？

And if you could also just touch on the second topic, the megatrend initiatives. I appreciate the OpEx clarity you folks are providing, but is there a way to think about how much revenue contribution you would get in calendar '21 from those?

您也可以談談第二個主題，即大趨勢舉措。我很欣賞你們提供的營運支出清晰度，但是有沒有辦法考慮一下你們可以在 21 年曆中從這些中獲得多少收入貢獻？

Sure. Let me try to hit on several of those topics. So let me hit on M&A first, and then I can come back to the megatrend net revenue contribution. So on the M&A front, we absolutely believe that there will be opportunities and the pipeline is quite full. Our capital allocation process will continue to be very balanced but -- associated with M&A and buyback, but right now, the focus is on M&A to drive the strategy, which will drive accretive growth for the company as we pursue opportunities in these fast-growing market segments that we've identified, Electrification and on Smart & Connected. And so we'll continue to keep you updated on that, but that is the focus area right now.

當然。讓我嘗試談談其中的幾個主題。因此，讓我先談談併購，然後我可以回到大趨勢的淨收入貢獻。因此，在併購方面，我們絕對相信會有機會，而且通路已經很滿了。我們的資本配置流程將繼續非常平衡，但與併購和回購相關，但目前的重點是併購來推動策略，這將推動公司的增值成長，因為我們在這些快速成長的領域尋求機會我們已經確定的細分市場：電氣化和智慧互聯。因此，我們將繼續向您通報最新情況，但這是目前的重點領域。

In terms of leverage, we're comfortable with the same range of leverage. We've talked about more bolt-on acquisition and we're very comfortable with the leverage range that we've given. We've done a lot in terms of earnings growth that drives that leverage down, which we're pleased about, but that's the range that we're quoting right now.

在槓桿方面，我們對相同的槓桿範圍感到滿意。我們已經討論了更多的補強收購，並且我們對我們給出的槓桿範圍非常滿意。我們在獲利成長方面做了很多工作，降低了槓桿率，我們對此感到高興，但這就是我們現在引用的範圍。

In terms of the megatrend, we'll keep you posted. I mean, we talked about the revenue that's generated today in our automotive business associated with Electrification or 5% of that revenue when only 3% of the fleet is coming from electrified vehicles. So we're very confident in the tailwind. We'll experience as that trend occurs, and we'll provide some more transparency in terms of the revenue that's being generated associated with both the Electrification trend, but also the Smart & Connected trend that they become bigger components of the overall business.

就大趨勢而言，我們會隨時向您通報。我的意思是，我們討論了今天我們的汽車業務中與電氣化相關的收入，或者當只有 3% 的車隊來自電動車時，該收入的 5%。所以我們對順風車非常有信心。當這種趨勢發生時，我們將體驗到，並且我們將在與電氣化趨勢以及智慧和互聯趨勢相關的收入方面提供更多的透明度，因為它們將成為整體業務的更大組成部分。

The next question is from Steven Fox from Fox Advisors.

下一個問題來自福克斯顧問公司的史蒂文·福克斯。

Jeff, I was just curious, you've talked a lot about electrification. Can you just -- obviously, your ICE programs aren't going away overnight. Can you sort of talk about your outgrowth prospects there and then how you manage sort of the shift in your business, transferring from an ICE-dominated business to electrification without it hurting the overall revenues?

傑夫，我只是很好奇，你談了很多關於電氣化的話題。顯然，您的 ICE 計劃不會在一夜之間消失。您能否談談您在那裡的成長前景，以及您如何管理業務的轉變，從以內燃機為主的業務轉向電氣化，而不損害整體收入？

Yes. So you said it right. The combustion engine's not going away right now. But many companies have made some very bold statements. GM's announcement that they won't make combustion engines beyond 2035. This trend is accelerating, and we're prepared for it. It's a positive thing for us. But having said that, you point out a very important point. There is continued content growth on combustion engines because between now and 2035, there are mandates regarding fuel efficiency and other CO2 emissions and other safety-related requirements that will drive content -- will continue to drive content. So we're thinking about that in terms of our R&D allocation. We're thinking about that in terms of which opportunities we pursue.

是的。所以你說的是對的。內燃機現在還沒消失。但許多公司做出了一些非常大膽的聲明。通用汽車宣布 2035 年後不再生產內燃機。這種趨勢正在加速，我們已做好準備。這對我們來說是一件正面的事情。但話說回來，你指出了非常重要的一點。內燃機的內容持續成長，因為從現在到 2035 年，有關燃油效率和其他二氧化碳排放以及其他安全相關要求的強制規定將推動內容——將繼續推動內容。因此，我們正在考慮研發分配。我們正在考慮我們尋求哪些機會。

But we are going to support our customers in terms of their road maps and help them migrate along this curve from combustion engines to electrified platforms. And again, not just in auto, in HVOR, in industrial applications, we'll do the same thing. And they make up a big portion of the NBOs that we've won. $180 million of our $465 million relate to Electrification, but the balance relate to other applications, safety and emissions-related applications. So it's still a meaningful part of the business, and we're going to focus on it, manage through this transition in a very thoughtful way, along with our customers.

但我們將在客戶的路線圖方面為他們提供支持，並幫助他們沿著這條曲線從內燃機轉向電氣化平台。再說一遍，不僅在汽車領域，在 HVOR 領域，在工業應用領域，我們也會做同樣的事情。他們佔了我們贏得的 NBO 的很大一部分。我們的 4.65 億美元中有 1.8 億美元與電氣化相關，但其餘部分與其他應用、安全和排放相關應用相關。因此，它仍然是業務中有意義的一部分，我們將專注於它，與我們的客戶一起以非常深思熟慮的方式管理這一轉變。

The next question is from Nik Todorov from Longbow.

下一個問題來自 Longbow 的 Nik Todorov。

Guys, I think relative to your last quarter, it looks like megatrends investment outlook for 2021 have increased. If that is true, maybe can you talk what's changing there? Are you maybe seeing acceleration in the Smart & Connected given the quicker turnaround of those programs? And I think, Jeff, you talked about those quotes.

夥計們，我認為相對於上個季度，2021 年的大趨勢投資前景似乎有所增加。如果這是真的，也許你能談談那裡發生了什麼變化嗎？鑑於這些計劃的周轉速度更快，您是否會看到智慧與互聯的加速發展？我想，傑夫，你談到了這些引言。

And just related to the Smart & Connected, is that $45 million per year for 5 customers, that's about $9 million to $10 million per program with a customer. Is that the average size? And how should we think about Smart & Connected wins?

與智慧互聯相關的是，5 個客戶每年 4,500 萬美元，即每個客戶專案約 900 萬至 1,000 萬美元。這是平均尺寸嗎？我們該如何看待智能互聯的勝利？

Yes. So the trend on -- excuse me, megatrend spend, we ended the fourth quarter, I think, $8.8 million of megatrend-related spend. So clearly, an uptick, supported by the progress that we're seeing, both on Smart & Connected and on Electrification. I think all of our callers and all of our investors would agree that these trends are just inevitable, and we need to make sure that we're investing heavily, and that's always an incredibly difficult balance for a long-cycle business. And we take it very seriously. We're investing shareholder dollars today in future revenue opportunities. And so we want -- again, provide the transparency on that so you don't confuse the core business as the results of the core business, but it is an area that we believe makes sense to continue and invest in. I mentioned to Scott earlier, the amount of spend will be success and market opportunity-driven, and we'll keep you updated in terms of the progress.

是的。因此，趨勢是——對不起，大趨勢支出，我認為第四季度結束時，與大趨勢相關的支出為 880 萬美元。很明顯，在我們所看到的智慧互聯和電氣化方面取得的進展的支持下，這一數字有所上升。我認為我們所有的來電者和所有投資者都會同意這些趨勢是不可避免的，我們需要確保我們進行大量投資，而這對於長週期業務來說始終是一個極其困難的平衡。我們非常認真地對待它。我們今天將股東資金投資於未來的收入機會。因此，我們希望再次提供透明度，這樣您就不會將核心業務與核心業務的結果混淆，但我們認為這是一個值得繼續投資的領域。我之前向斯科特提到，支出金額將由成功和市場機會驅動，我們將隨時向您通報進度。

The specific question regarding the annual contract value, the $45 million, it clearly depends on size of fleet, right? Not all fleets are similar in size. And when you're talking about building out the applications and serving up data across smaller fleets and larger fleets, the annual contract value could vary pretty dramatically across those. And you can imagine, we're starting with top 25, and that makes sense in terms of focus for us. But it's a meaningful opportunity that we're excited about. We're looking forward to giving you additional updates in terms of our progress as we go forward.

具體問題是年度合約價值4500萬美元，這顯然取決於機隊規模，對吧？並非所有車隊的規模都相似。當您談論建立應用程式並為小型車隊和大型車隊提供數據時，年度合約價值可能會存在很大差異。你可以想像，我們從前 25 名開始，這對我們來說是有重點的。但這是一個有意義的機會，我們對此感到興奮。隨著我們的進展，我們期待向您提供有關我們進展的更多更新資訊。

The next question is from David Williams from Loop Capital.

下一個問題來自 Loop Capital 的 David Williams。

Congrats on the quarter. I just wanted to kind of dig into the maybe the geographic trends in terms of the EV dollar content and how that differs maybe in China where you have the lower-end vehicles versus maybe a North American electric vehicle. Any sense in terms of the 20% uplift, how that would maybe break down between geographies?

恭喜本季。我只是想深入了解電動車美元含量的地理趨勢，以及在中國擁有低端汽車與北美電動車的情況有何不同。20% 的提升有什麼意義嗎？

Yes. You've hit it perfectly. The reality is we're going to have lower content on vehicles that are lower range, longer charge time vehicles. So if you look -- think of the class of vehicle that has an 80-, 100-mile range, where we have less content on those versus the average of 50, right, which we've quoted 20% uplift from our average combustion engine environment. But in China, for instance, where there are [long] range vehicles, there's more content. So it tends to be less about the geographic location. It's more about the type of vehicle that we're being designed into and the content in them. Obviously, when you go outside of light vehicle into heavy vehicle applications or other bus and on-road truck type applications, the content goes up much more dramatically. And so -- and as well on energy storage and other applications, when you start to think about components, but also battery -- wired battery management systems, the content opportunity really is significantly higher. Not at the volumes of light vehicle clearly, but we are in a fortunate position to be able to leverage the scale capability we get in that high-volume light vehicle market to those other market segments that are growing very rapidly as well.

是的。你已經完美地擊中了它。現實情況是，我們將在續航里程較短、充電時間較長的車輛上提供較少的內容。因此，如果你看一下 - 想想續航里程為 80 英里、100 英里的車輛類別，與平均 50 英里相比，我們對這些車輛的內容較少，對吧，我們引用了平均燃燒量提高了 20%引擎環境。但例如在中國，那裡有[遠程]車輛，所以內容也更多。因此，它往往與地理位置無關。更多的是關於我們正在設計的車輛類型以及其中的內容。顯然，當您從輕型車輛進入重型車輛應用程式或其他巴士和公路卡車類型應用程式時，內容會顯著增加。因此，在能源儲存和其他應用方面，當您開始考慮組件以及電池時，有線電池管理系統的內容機會確實要高得多。顯然不是針對輕型汽車的銷量，但我們很幸運，能夠利用我們在大批量輕型汽車市場中獲得的規模能力來拓展那些同樣快速增長的其他細分市場。

The next question is from Christopher Glynn from Oppenheimer.

下一個問題來自奧本海默的克里斯托弗·格林。

Just going back to Slide 9 again, for a sec. The OEM market of $1 billion. You get a pretty robust $100 million wins to date. In terms of the fleet market opportunity of $6 billion, just curious to hear a little more about that bridge. Is that a focus for further M&A and a focus -- a substantial part of the megatrend investment?

再回到幻燈片 9，稍等片刻。OEM市場10億美元。迄今為止，您已經贏得了相當可觀的 1 億美元獎金。就 60 億美元的車隊市場機會而言，我只是想了解更多關於這座橋的資訊。這是進一步併購的重點還是大趨勢投資的重要組成部分？

Yes, absolutely. Clearly, there's a much bigger market in the retrofit world, but this was born out of our OEM relationships, right? So as OEMs started to implement tire pressure monitoring, which was a legislated requirement or regulated requirement, we realized, and our OEM customers realized, that you needed a vehicle area network to capture that data and also to allow for a seamless truck-to-trailer link, hence, the Smart & Connected initiative. I then we went and started researching it and engaging with fleet managers because there's a whole bunch of vehicles out there, whole bunch of logistics equipment out there that is in need of essentially becoming IoT, you're getting it smarter to become safer and more efficient. So this is an area, along with Electrification, that we'll continue to focus from an inorganic standpoint, but as well, it's a big chunk of our megatrend spend from an organic standpoint as well.

是的，絕對是。顯然，改裝領域有一個更大的市場，但這源自於我們的 OEM 關係，對吧？因此，當原始設備製造商開始實施輪胎壓力監測（這是一項立法要求或監管要求）時，我們意識到，我們的原始設備製造商客戶也意識到，您需要一個車輛區域網路來捕獲該數據，並允許無縫卡車到-拖車鏈接，因此稱為“智能互聯”計劃。然後我們開始研究它並與車隊經理合作，因為那裡有一大堆車輛，那裡有一大堆物流設備需要本質上成為物聯網，你可以讓它變得更智能，變得更安全、更安全。 。因此，從無機角度來看，這是我們將繼續關注的一個領域，就像電氣化一樣，但從有機角度來看，它也是我們大趨勢支出的很大一部分。

The next question is from Brian Johnson from Barclays.

下一個問題來自巴克萊銀行的布萊恩·約翰遜。

I just want to talk a little bit more about Slide 7. And if you kind of think about the content, obviously, the argument you'd be making there is this 20% content [so a few parts] uplift. I assume that contemplates the -- whatever content is in the engine block and transmission itself going away. But I think as you kind of think about the EV-specific components, what's your expectation for market share and profit goal in those EV-specific components versus the ICE components that aren't being carried over?

我只是想多談談投影片 7。我認為考慮到引擎缸體和變速箱本身中的任何內容都會消失。但我認為，當您考慮電動車專用組件時，與未結轉的內燃機組件相比，您對這些電動車專用組件的市場份額和利潤目標有何期望？

Yes. Great question. So let me start by saying that the 20% uplift that we've quoted is not -- we're not done. So this -- the story hasn't been written yet in terms of all the needs that OEMs will have as they roll out more of these vehicles. So we're clearly aiming for more than a 20% uplift. I just want to start there, both through organic efforts or success in terms of commercial activity, but also through inorganic efforts. So more to come on that, but we're going to keep at it.

是的。很好的問題。首先我要說的是，我們所引用的 20% 的提升還沒結束。因此，當原始設備製造商推出更多此類車輛時，他們的所有需求都還沒有被寫出來。因此，我們的目標顯然是提高 20% 以上。我只想從那裡開始，無論是透過有機努力或商業活動方面的成功，還是透過無機努力。所以還有更多的事情要做，但我們會堅持下去。

In terms of market share, the competitors that we see in these markets are -- they're different, but their -- the dynamics aren't different, right? So there tends to be 3 to 5 capable competitors in each of these applications that we're talking about. High-voltage contactors, as an example, we don't see the typical competitors that we see in a pressure environment, but we see the same competitors. It's the Panasonics, it's the -- GE has a high-voltage contactor offering. Hongfa is a China opportunity -- or a China company. LSIS is a Korean supplier of high-voltage contactors. So the dynamics and the competitive nature are very similar. They're really hard to do mission-critical applications. So you tend not to see hundreds of competitors. It's a long-winded way of saying, we would expect similar market shares, we always aim for #1 or #2 slot in the market and I think that we're heading certainly in that direction.

就市場佔有率而言，我們在這些市場中看到的競爭對手是——他們是不同的，但他們的——動力並沒有不同，對吧？因此，我們正在討論的每個應用程式中往往都有 3 到 5 個有能力的競爭對手。以高壓接觸器為例，我們沒有看到在壓力環境中看到的典型競爭對手，但我們看到了相同的競爭對手。這是松下公司，這是－GE 提供高壓接觸器產品。宏發是一個中國機會──或者說是一家中國公司。LSIS 是一家韓國高壓接觸器供應商。因此，動態和競爭性質非常相似。他們真的很難做關鍵任務應用程式。所以你往往看不到數百個競爭對手。這是一種冗長的說法，我們期望類似的市場份額，我們總是瞄準市場中的第一或第二位置，我認為我們肯定正在朝這個方向前進。

From a profit pool standpoint, component level, very similar margins, higher ASP but similar margins that we would see in our other component business, which is different from what I quoted earlier, when you start to get higher in the stack, if you will, in the battery management systems, we'll continue to believe we'll see differentiated margins, but perhaps not at the same level of margins that we would see in the content side of our product offering.

從利潤池的角度來看，組件級別，利潤率非常相似，平均售價更高，但我們在其他組件業務中會看到類似的利潤率，這與我之前引用的不同，當你開始在堆疊當中變得更高時，如果你願意的話在電池管理系統中，我們將繼續相信我們將看到差異化的利潤，但可能不會達到我們在產品提供的內容方面看到的同一水平的利潤。

The next question is from Jim Suva from Citi.

下一個問題來自花旗集團的吉姆·蘇瓦。

Just one question. Jeff, the chip shortage. How long do you think it will last? Do you have visibility into that? Or like when the auto production slows down in July, August, would that allow a time for kind of raising to catch up? Or do you think it will be resolved before then?

只有一個問題。傑夫，晶片短缺。你認為它會持續多久？你對此有了解嗎？或者就像七月、八月汽車生產放緩時，是否會有時間進行某種程度的提高來迎頭趕上？或者您認為在那之前它會得到解決？

That's a tough question. Right now, the expectation is that depending on how demand from a -- well, it's not just an auto phenomenon, it's broader demand for chips, right? So as that evolves during the year, the hope is that second half of the year will be less challenging that we're experiencing right now based upon that demand, the capacity profile that exists. Summer shutdowns, if they do have shutdowns in the automotive space, always provide a little bit of breather for folks to catch up a little bit. But our expectation is similar to what I think you've quoted that second half of the year, we'll get a little bit of breather in terms of some of these shortages. One of the things driving that as well, the expectation of a vaccine rollout and a little bit of flexibility on that front will help as well as the year progresses.

這是一個很難回答的問題。目前，人們的預期是，這取決於需求如何——嗯，這不僅僅是一種汽車現象，而是對晶片更廣泛的需求，對嗎？因此，隨著今年情況的發展，根據需求和現有的產能狀況，我們希望今年下半年的挑戰不會像我們現在所經歷的那樣。夏季停工，如果汽車領域確實停工的話，總是會為人們提供一點喘息的機會，讓他們趕上來。但我們的期望與您在今年下半年所引用的類似，我們將在其中一些短缺方面獲得一些喘息的機會。推動這一趨勢的因素之一是對疫苗推出的預期以及在這方面的一點靈活性將有助於今年的進展。

The next question is from Luke Junk from Baird.

下一個問題來自貝爾德 (Baird) 的盧克垃圾 (Luke Junk)。

Jeff, I was wondering if you could give us a rough breakdown of the $50 million to $55 million, excuse me, megatrend spending in 2021. If I remember right, it was a little bit more weighted to Smart & Connected in 2020. As we look at the incremental spend here, can you just give some color on what you're leaning into?

Jeff，我想知道您能否給我們大概介紹一下 2021 年 5000 萬至 5500 萬美元的大趨勢支出。如果我沒記錯的話，2020 年智慧與連結的權重會更大一些。當我們看到這裡的增量支出時，您能否對您的傾向做一些說明？

Yes. It's still leaning in on the Smart & Connected from an investment -- an organic investment standpoint. It is a little bit higher in the Electrification side than it was in 2020, though. So not quite at parity, but certainly the majority on the Smart & Connected side and the smaller portion on the Electrification side.

是的。從投資——有機投資的角度來看，它仍然傾向於智慧互聯。不過，電氣化方面的數字比 2020 年高。因此，雖然並不完全平等，但肯定大多數是在智慧和互聯方面，而較小的部分是在電氣化方面。

The next question is from Joseph Spak from RBC Capital Markets.

下一個問題來自加拿大皇家銀行資本市場的 Joseph Spak。

I noticed you're guiding free cash flow for '21 to 85% conversion, which I think is at the higher end of what you've historically targeted. And CapEx is clearly going higher. My guess is there's probably a little bit of working capital investment to support the sales snapback. So did something change there? Are there additional efficiencies? Or do you have sort of a new target on conversion.

我注意到你們正在指導自由現金流從 21% 轉變為 85%，我認為這是你們歷史目標的高端。資本支出顯然在上升。我的猜測是可能有一點營運資本投資來支持銷售回升。那麼那裡發生了什麼變化嗎？是否有額外的效率？或者您對轉換有新的目標嗎？

Paul, do you want to grab this one?

保羅，你想買這個嗎？

I think you described it well. We do expect to be more efficient on the working capital side. Saw a big improvement on inventory this year, and we've been struggling with inventory days in the last couple of years and we finally cracked the code here, and I think we're on a much better trajectory going forward.

我認為你描述得很好。我們確實希望在營運資金方面更有效率。今年庫存有了很大的改善，過去幾年我們一直在與庫存天數作鬥爭，我們終於在這裡破解了密碼，我認為我們未來的發展軌跡要好得多。

You're right. We're going to have to invest a little bit to support the growth. But all in all, I think we should expect conversion better than you saw in the last 2 years, which was in the high 70s. So low 80s would be a good outcome and what we're anticipating for '21.

你說得對。我們將不得不進行一些投資來支持成長。但總而言之，我認為我們應該預期轉換率會比過去兩年（大約 70 多歲）更好。因此，80 年代低將是一個很好的結果，也是我們對 21 世紀的預期。

The next question is from David Kelley from Jefferies.

下一個問題來自 Jefferies 的 David Kelley。

I was hoping you could provide some more color on the 5% OEM inventory impact in autos. Just going back to the third quarter, there was a discussion of channel inventory normalization. And first, we were curious as to the drivers of the incremental work down in Q4, but also how you see channel inventory today, it would be great.

我希望您能提供更多有關汽車 5% OEM 庫存影響的資訊。剛才回到第三季度，有關於通路庫存正常化的討論。首先，我們很好奇第四季度增量工作的驅動因素，以及您如何看待今天的通路庫存，這將是很棒的。

Yes. So it was an interesting year, Q1 inventory build in the supply chain given how quickly demand dropped that weren't able to shut the spigots off quick enough than it built inventory. And then clearly, in the second half, there was a depletion of inventories. As a data point, North American automotive vehicle inventory was 48 days ending the year. I can't remember the last time we saw 48 days. Data we experienced and talked with folks who are buying vehicles or vehicles they're selling at list price. So there is a higher demand than they can make vehicles right now, and that's having the impact of tightening up the supply chain. But certainly, the North American vehicle inventory is a very valid data point, and it's consistent with what we're hearing from customers in terms of what they're seeing in their inventories more broadly in the supply chain.

是的。因此，這是有趣的一年，考慮到需求下降的速度，供應鏈中第一季的庫存增加了，而關閉龍頭的速度比庫存增加的速度還不夠快。很明顯，下半年庫存出現了耗盡。作為一個數據點，北美汽車庫存在年底為 48 天。我不記得我們上次見面是什麼時候了，48天了。我們體驗並與購買車輛或以標價銷售車輛的人交談的數據。因此，目前的需求超出了他們製造車輛的能力，這導致了供應鏈收緊。但可以肯定的是，北美汽車庫存是一個非常有效的數據點，它與我們從客戶那裡聽到的關於他們在供應鏈中更廣泛的庫存中看到的情況一致。

The next question is from Michael Filatov from 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 on the vehicle area network. You guys said that the first rollout on a small number of trucks and trailers will use the TPMS as the first sensing application. What can we see is the opportunity beyond TPMS in that Smart & Connected universe? What other sensing applications do you see on those platforms? And maybe what the content opportunity could grow from on an annual basis since it is mostly the SaaS-type business model?

只是一個關於車輛區域網路的簡單問題。你們說，在少數卡車和拖車上的首次部署將使用 TPMS 作為第一個感測應用。在智慧互聯領域，除了 TPMS 之外，我們還能看到什麼機會？您在這些平台上還看到了哪些其他感測應用程式？由於內容主要是 SaaS 類型的商業模式，也許內容機會每年會成長多少？

Yes. So we've talked about 2 other parameters that are key care abouts for fleet managers that we're focused on from an organic standpoint, and that includes load management. So understanding not only total load in the trailer, but also the distribution of that load for safe distribution of the load for safe travel. And the second area is around wheel head sensing. So that's essentially monitoring wheel bearings to prevent downtime on the road. And so short of doing regularly scheduled maintenance on that, in addition to doing regularly scheduled maintenance, understanding what's going on, on the wheel end to predict potential failure of a bearing is another area. We announced last year that we had a product that we developed in conjunction with Hendrickson to be able to bring that sensing parameter to market.

是的。因此，我們討論了另外兩個參數，這兩個參數是我們從有機角度關注的車隊經理重點關注的參數，其中包括負載管理。因此，不僅要了解拖車中的總負載，還要了解該負載的分佈，以便安全地分配負載以實現安全行駛。第二個區域是輪頭感測周圍。因此，這本質上是監控車輪軸承，以防止道路停機。因此，除了進行定期維護之外，了解輪端發生的情況以預測軸承的潛在故障是另一個領域。我們去年宣布，我們與 Hendrickson 共同開發了一款產品，能夠將這種感測參數推向市場。

But those are the 3 that we're starting with. But as you can imagine, once you have a captive piece of equipment, with your vehicle area network on it, with a connection to the cloud, with a network that can analyze data, the opportunity is pretty broad in terms of adding either other Sensata sensors, acquired capabilities or third-party collaboration to bring more sensors to enrich the data profile of what we're offering here. So more to come. And obviously, every time you add more data, right, you start with adding a sensor to collect that data, you bring it to the cloud, the value proposition increases for the fleet. So that -- the pricing would be commensurate with that expanded offering.

但這就是我們開始的三個。但正如您可以想像的那樣，一旦您擁有一台專屬設備，上面有您的車輛局域網，連接到雲，並且網絡可以分析數據，那麼在添加其他森薩塔產品方面的機會就相當廣泛傳感器、獲得的能力或第三方協作帶來更多感測器來豐富我們在這裡提供的數據配置文件。未來還會有更多。顯然，每當您添加更多數據時，對吧，您首先添加感測器來收集該數據，然後將其帶到雲端，車隊的價值主張就會增加。因此，定價將與擴大的產品相稱。

The next question is from Joseph Giordano from Cowen.

下一個問題來自 Cowen 的 Joseph Giordano。

This is Robert in for Joe. I just had a quick one on HVOR. I just want to dig into your expectations for 2021. I see you have market up 6% and outgrowth of like 600, 800 bps. Just wondering, what's going to be driving that outgrowth this year? Is there going to be change from like China VI emissions? Do you see any other opportunities there? And then any sense of like geographic puts and takes of where you expect to outperform more?

這是羅伯特代替喬。我剛剛快速了解了 HVOR。我只是想深入了解您對 2021 年的期望。我看到市場上漲了 6%，成長率約 600、800 個基點。只是想知道，今年的成長將由什麼推動？像國六這樣的排放會有變化嗎？您認為那裡還有其他機會嗎？然後，您希望在哪些地方表現得更好，是否有類似地理看跌期權和賣出選擇權的感覺？

Yes. So it feels really good to be in an HVOR market that's turned the corner on growth, right? This has been a market that started declining way before COVID hit. Middle of 2019, have started to decline in terms of just a market downturn. And we've been dealing through that. In the first quarter of this year, we're starting to see a turnaround of any of those. Certainly, across the overall market in the first quarter, we're expecting about 15% market growth. And as you look at the full year across the globe, we're -- that tapers a little bit less, but let's just call it, 6% plus market growth across the world.

是的。因此，進入一個已經實現成長的 HVOR 市場感覺真的很好，對嗎？這個市場在新冠疫情爆發前就開始下滑。2019年中期，就剛開始的市場低迷而言，已經開始下滑。我們一直在處理這個問題。今年第一季度，我們開始看到這些情況出現改善。當然，從第一季的整體市場來看，我們預期市場成長率約為 15%。當你看看全球全年的情況時，我們會發現，全球市場成長放緩，但我們姑且稱之為 6% 以上。

Now where we see geographic impact, clearly, in the first quarter, we're seeing it everywhere other than European on-road. In the full year, interestingly, what has been a big driver of growth, which is China, will start to turn down and will start to get into more difficult comps. But all the other markets, North America and European on-road, ag, construction, all positive market comparisons, 2021 versus '20, and China would be down a little bit versus 2020.

現在，我們在第一季清楚地看到了地理影響，除了歐洲公路以外，我們在其他地方都看到了這種影響。有趣的是，全年的成長動力——中國——將開始下滑，並開始陷入更困難的競爭。但所有其他市場，北美和歐洲的道路、農業、建築，所有積極的市場比較，2021 年與 20 世紀相比，中國將比 2020 年略有下降。

The next question is from William Stein from Truist.

下一個問題來自 Truist 的 William Stein。

This is Joe on for Will. Acknowledging that this is far from a normal demand environment, I'm just -- it looks like the Q1 guide is roughly mid-single digits below normal seasonal. Is that just a pull-in from Q4? Or is there some conservatism baked in there? And then if you could just comment on inventory levels, specifically at Tier 1 customers.

這是喬替威爾代言。我承認這與正常的需求環境相去甚遠，但我只是——看起來第一季的指導值大約低於正常季節性的中個位數。這只是第四季的拉動嗎？或者其中是否存在某種保守主義？然後您是否可以評論庫存水平，特別是一級客戶的庫存水平。

Yes. It's a good question, but I'm a little bit at a loss. I mean things have been so volatile. It's hard to sort of look at normal seasonality. I would say that clearly, we're seeing some good growth in terms of first quarter versus first quarter of last year. The seasonality aspects of it in terms of how that demand would normally play out is a little bit harder, honestly, to be able to speak to. And as we sort of get to a little bit more consistent trends, perhaps we'll get back to that more normal seasonal trends that we would see in the business.

是的。這是個好問題，但我有點不知所措。我的意思是事情一直都如此不穩定。很難觀察正常的季節性。我想說的是，與去年第一季相比，我們看到第一季出現了良好的成長。老實說，就需求通常如何發揮而言，其季節性方面有點難以談論。當我們獲得更一致的趨勢時，也許我們會回到我們在業務中看到的更正常的季節性趨勢。

The next question is from Rod Lache from Wolfe Research.

下一個問題來自 Wolfe Research 的 Rod Lache。

I had another EV question. You mentioned that the EV specific content is on the longer range, faster charge vehicles, which makes sense given the GIGAVAC and other technologies you have. Obviously, a lot of those are higher end luxury, like the Teslas and the Taycans of the world. Just wondering if you're seeing a similar 20% uplift in content on the high-volume mass market vehicles with longer range that are rolling out like the ID.3s of the world or those that are being contemplated, whether you see a similar content and margin opportunity for those mass market cars?

我還有另一個電動車問題。您提到電動車的具體內容是關於續航里程更長、充電速度更快的車輛，考慮到您擁有的 GIGAVAC 和其他技術，這是有道理的。顯然，其中許多都是高端奢侈品，例如世界各地的特斯拉和 Taycan。只是想知道您是否看到類似20% 的內容在大批量大眾市場車輛上出現，這些車輛具有更長的續航里程，這些車輛正在推出，例如世界各地的ID.3 或正在考慮的車輛，您是否看到類似的內容那些大眾市場汽車的利潤機會？

Yes. So -- yes, I think we do, right? And so I don't always attribute long range to luxury. I think that there is some segmentation that's occurring there, where you're going to see more vehicles go to long range, even though they may not be historically considered to be a luxury vehicle. But I understand your point on that. But we don't see any specific variation in terms of mass market, in terms of content. Clearly, some of the companies that are producing larger vehicles or larger numbers of vehicles, you know that we are suppliers to them, right? You saw our list on there. And so we're -- that's the purpose of including the customer list is to accentuate the broad engagement that we have across the market with many of the, if not all of the OEMs that are producing electric vehicles.

是的。所以——是的，我想我們是這樣的，對吧？因此，我並不總是將長航程歸因於豪華。我認為那裡正在發生一些細分，你會看到更多的車輛進入長途行駛，儘管它們在歷史上可能不被認為是豪華車。但我理解你的觀點。但我們在大眾市場和內容方面沒有看到任何具體的變化。顯然，一些生產更大車輛或更多車輛的公司，您知道我們是他們的供應商，對吧？你在那裡看到了我們的名單。因此，我們將客戶名單納入其中的目的是為了強調我們與市場上許多（如果不是全部）生產電動車的原始設備製造商的廣泛合作。

This concludes our question-and-answer session. I'd 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, Jason. I'd like to thank everyone for joining us today. Sensata will be participating in several upcoming virtual investor conferences during the first quarter, including those sponsored by Goldman Sachs, Barclays, Wolfe Research, Berenberg, Morgan Stanley and Truist Capital. So it's going to be a busy calendar. We look forward to seeing you at one of those events or on our first quarter earnings call late in April.

謝謝你，傑森。我要感謝大家今天加入我們。Sensata 將參加第一季即將舉行的幾場虛擬投資者會議，包括由高盛、巴克萊、Wolfe Research、Berenberg、摩根士丹利和 Truist Capital 贊助的會議。所以這將是一個忙碌的日曆。我們期待在其中一次活動或四月底的第一季財報電話會議上見到您。

Thank you for joining us this morning and your interest in Sensata. Jason, 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。傑森，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。