泰科電子 (TEL) 2021 Q1 法說會逐字稿

Ladies and gentlemen, thank you for standing by, and welcome to the TE Connectivity First quarter Earnings Call for Fiscal Year 2021. (Operator Instructions) As a reminder, today's call is being recorded.

女士們、先生們，感謝大家的支持，歡迎參加 TE Con​​nectivity 2021 財年第一季財報電話會議。（操作員說明）謹此提醒，今天的通話正在錄音。

I would now like to turn the conference over to our host, Vice President of Investor Relations, Sujal Shah. Please go ahead.

現在我想將會議交給我們的東道主、投資者關係副總裁 Sujal Shah。請繼續。

Good morning, and thank you for joining our conference call to discuss TE Connectivity's first quarter results. With me today are Chief Executive Officer, Terrence Curtin; and Chief Financial Officer, Heath Mitts. During this call, we will be providing certain forward-looking information, and we ask you to review the forward-looking cautionary statements included in today's press release. In addition, we will use certain non-GAAP measures in our discussion this morning, and we ask you to review the sections of our press release and the accompanying slide presentation that address the use of these items.

早安，感謝您參加我們的電話會議，討論 TE Con​​nectivity 第一季的業績。今天與我在一起的有執行長泰倫斯‧科廷 (Terrence Curtin)；財務長希思‧米茨 (Heath Mitts)。在本次電話會議中，我們將提供某些前瞻性訊息，我們請您查看今天新聞稿中包含的前瞻性警示聲明。此外，我們將在今天早上的討論中使用某些非公認會計準則衡量標準，我們請您查看我們的新聞稿以及隨附的幻燈片簡報中涉及這些項目使用的部分。

The press release and related tables, along with the slide presentation can be found on the Investor Relations portion of our website at te.com. Due to the large number of participants on the Q&A portion of today's call, we're asking everyone to limit themselves to 1 question to make sure we can give everyone an opportunity to ask questions during the allotted time. We are willing to take follow-up questions but ask that you rejoin the queue if you have a second question.

新聞稿和相關表格以及投影片簡報可在我們網站 te.com 的投資者關係部分找到。由於今天電話問答部分的參與者人數眾多，我們要求每個人只提出 1 個問題，以確保我們可以讓每個人都有機會在規定的時間內提問。我們願意回答後續問題，但如果您有第二個問題，請您重新加入隊列。

Now let me turn the call over to Terrence for opening comments.

現在讓我將電話轉給特倫斯以徵求開場評論。

Thanks, Sujal, and thank you, everyone, for joining us today to cover our results for our first fiscal quarter and also our expectations for our second fiscal quarter of 2021. Before I get into the slides, I would like to share some perspective on our first quarter. As you will see in the results, we are benefiting from our diverse portfolio and are continuing to execute on our margin expansion plans. While markets have been very dynamic over the past year, we are seeing improving conditions across the majority of them. Against this backdrop, we are demonstrating not only the resiliency of our operations, but also the ability to drive organic content growth ahead of our markets, while expanding operating margins and demonstrating strong free cash flow generation that is in line with our business model.

謝謝 Sujal，也謝謝大家今天加入我們，報道我們第一財季的業績以及我們對 2021 年第二財季的預期。在開始投影片之前，我想分享一些對我們第一季的看法。正如您將在結果中看到的那樣，我們受益於我們多元化的投資組合，並繼續執行我們的利潤擴張計劃。儘管過去一年市場非常活躍，但我們看到大多數市場的狀況都在改善。在此背景下，我們不僅展示了我們營運的彈性，而且展示了領先於市場推動有機內容成長的能力，同時擴大了營運利潤並展示了符合我們業務模式的強勁自由現金流產生。

We are positioned to continue to benefit from secular trends in growing markets while driving the margin expansion plans that we've highlighted to you, and you'll see the benefit of these efforts in our first quarter results as well as our guidance for the second quarter. With that as a quick backdrop, let me now frame out some of the key messages of today's call. First, I am very pleased with our execution in the first quarter, and I believe our teams delivered strong results. We delivered sales growth of 11% and adjusted earnings per share growth of 21% year-over-year, demonstrating the strength and diversity of the portfolio and the benefits from our operational improvements.

We are positioned to continue to benefit from secular trends in growing markets while driving the margin expansion plans that we've highlighted to you, and you'll see the benefit of these efforts in our first quarter results as well as our guidance for the second四分之一.以此為背景，現在讓我闡述一下今天電話會議的一些關鍵訊息。首先，我對我們第一季的執行情況感到非常滿意，我相信我們的團隊取得了強勁的成果。我們的銷售額年增 11%，調整後每股盈餘較去年同期成長 21%，展現了產品組合的實力和多樣性以及營運改善帶來的好處。

Our sales were ahead of our expectations in each segment, but with the greatest outperformance in transportation, where we continue to generate strong content growth from electrification of the powertrain as well as increased data in the vehicle. Our adjusted operating margins expanded 190 basis points year-over-year to 17.7% with margin growth in both transportation and our communications segment and a slight decline in our industrial segment, where we maintained mid-teens margin performance despite a sales decline.

我們在每個細分市場的銷售額都超出了我們的預期，但在運輸領域的表現最為出色，我們繼續透過動力總成電氣化以及車輛數據的增加實現強勁的內容成長。我們調整後的營業利潤率年增190 個基點，達到17.7%，運輸和通訊領域的利潤率均有所增長，而工業領域的利潤率略有下降，儘管銷售額下降，但我們的工業領域的利潤率仍維持在15% 左右。

We continue to demonstrate our strong cash generation model with our quarter 1 free cash flow being at a first quarter record of approximately $530 million. We continue to expect approximately 100% free cash flow conversion to adjusted net income for this fiscal year. And as we look to our second quarter, we are expecting our strong performance to continue. We expect sales and adjusted earnings per share, similar to the first quarter at approximately $3.5 billion of revenue and $1.47 in earnings per share. And like in the first quarter, we again expect double-digit sales and adjusted earnings per share growth year-over-year.

我們繼續展示我們強大的現金產生模型，第一季自由現金流達到約 5.3 億美元的第一季創紀錄水平。我們仍預期本財年自由現金流將約 100% 轉換為調整後淨利。當我們展望第二季度時，我們預計我們的強勁表現將持續下去。我們預期銷售額和調整後每股收益與第一季類似，營收約 35 億美元，每股收益為 1.47 美元。與第一季一樣，我們再次預期銷售額和調整後每股盈餘將達到兩位數年成長。

Now I'd like to take a moment to discuss our performance relative to where our markets were in the pre-COVID time frame of our fiscal 2019, and we do hope this will provide a baseline for evaluating our performance and progress this year. At the overall company level, our revenue is approximately back to pre-COVID levels despite the majority of our markets being below 2019 levels. And I'd like to give you some color by the 3 different segments. In our communications segment, we have seen strong improvement in our end markets, and this has helped enable sales to recover above pre-COVID levels. And for example, in data and devices as well as in appliances, we're benefiting from continued data center build-outs and home investments, respectively. In our industrial segment, it is a very different environment. We have markets that continue to remain weak as a result of COVID impacts, commercial layer and medical markets and our sales are still well below pre-COVID levels. However, what we are seeing is it does look like order patterns are indicating that we could be touching along the bottom in both of these businesses, and we could see some improvements later in the year.

現在，我想花點時間討論一下我們在 2019 財年疫情爆發前的時間範圍內相對於市場的表現，我們確實希望這將為評估我們今年的表現和進展提供基準。在公司整體層面上，儘管我們的大部分市場都低於 2019 年的水平，但我們的收入大致回到了新冠疫情之前的水平。我想透過 3 個不同的部分為您提供一些顏色。在我們的通訊領域，我們看到終端市場的強勁改善，這有助於使銷售額恢復到新冠疫情前的水平以上。例如，在數據和設備以及電器方面，我們分別受益於持續的數據中心擴張和家庭投資。在我們的工業領域，這是一個非常不同的環境。由於新冠疫情的影響，我們的市場、商業層和醫療市場持續保持疲軟，我們的銷售額仍遠低於新冠疫情前的水平。然而，我們所看到的是，訂單模式確實表明我們可能會在這兩項業務中觸底，我們可能會在今年稍後看到一些改進。

And in our transportation segment, our auto and commercial transportation businesses are now generating revenue above the levels we saw prior to COVID, even though global auto and truck production is still forecasted to be below fiscal 2019 levels. Content growth and share gains have driven the outperformance, reflecting our leadership position in these markets. TE products and technology are designed in the next-generation of sustainable vehicles at every leading OEM worldwide. The real proof of the traction is our content per vehicle progression. In fiscal 2019, our content per vehicle in auto was in the low 60s, and it's now trending into the low 70s range.

在我們的運輸領域，儘管全球汽車和卡車產量預計仍低於 2019 財年的水平，但我們的汽車和商業運輸業務目前的收入高於新冠疫情爆發之前的水平。內容成長和份額成長推動了業績的優異表現，反映了我們在這些市場中的領導地位。TE 產品和技術是為全球每家領先 OEM 的下一代永續發展車輛而設計的。牽引力的真正證明是我們每輛車進展的內容。2019 財年，我們每輛車的汽車內容在 60 左右，現在正趨向於 70 左右。

As consumer adoption increases for hybrid and electric vehicles, and we continue to bring more innovation to our customers, we expect our content per vehicle to expand into the 80s over time. What's nice is that consumer preference continues to drive the features and the technology, and we will continue to benefit as vehicles become more safe, green and connected, driving more content for connector and sensing solutions. While I am pleased with our results and the progress that we've made operationally, I'm even more excited about the sales growth and margin expansion opportunities that we still have ahead of us. We continue to execute on our margin expansion plans in transportation and industrial that we started prior to COVID and accelerated during the pandemic.

隨著消費者對混合動力和電動車的採用不斷增加，並且我們繼續為客戶帶來更多創新，我們預計每輛車的內容將隨著時間的推移擴展到 80 年代。令人高興的是，消費者的偏好繼續推動功能和技術的發展，隨著車輛變得更加安全、綠色和互聯，我們將繼續受益，從而推動連接器和感測解決方案的更多內容。雖然我對我們的業績和營運方面的進展感到滿意，但我對我們仍然面臨的銷售成長和利潤擴張機會感到更加興奮。我們繼續執行在交通運輸和工業領域的利潤擴張計劃，該計劃是在新冠疫情爆發之前就開始實施的，並在疫情期間加速實施。

I'm also very proud of the margin progression in communications, which has offset the volume-related pressure that we're seeing in industrial as a result of the market impacts due to COVID.

我也對通訊領域的利潤成長感到非常自豪，這抵消了我們在工業領域因新冠疫情對市場的影響而面臨的與銷售相關的壓力。

So now if we could turn to the slides, and I'd ask you to turn to Slide 3 to provide some additional details for the first quarter and our expectations for the second quarter. Quarter 1 sales of $3.5 billion were better than our expectations, up 11% on a reported basis and 6% organically year-over-year. We had 12% organic growth in both transportation and in communications, with growth across all businesses in those 2 segments. Industrial segment sales were down 8% organically due to the COVID-related impacts I already talked about.

現在，如果我們可以轉向幻燈片，我請你們轉向幻燈片 3，提供第一季的一些其他詳細資訊以及我們對第二季的預期。第一季銷售額為 35 億美元，優於我們的預期，報告基礎上成長 11%，有機年增 6%。我們在交通運輸和通訊領域實現了 12% 的有機成長，這兩個領域的所有業務都實現了成長。由於我已經談到的與新冠病毒相關的影響，工業部門銷售額有機下降了 8%。

During the quarter, we saw orders of $4 billion, and this was up 25% year-over-year, reflecting an improvement in the majority of the end markets we serve, and I'll come back to orders in a couple of slides. From an earnings per share perspective, our adjusted earnings per share was $1.47. This was up 21% year-over-year due to the strong operational performance, where we showed adjusted operating income being up approximately 25% year-over-year. As we look forward, we expect our strong performance to continue into our second quarter, with sales and adjusted earnings per share being similar to first quarter levels despite lower sequential auto production.

本季度，我們的訂單金額為 40 億美元，年增 25%，反映出我們服務的大多數終端市場的改善，我將在幾張幻燈片中回顧訂單。從每股盈餘的角度來看，我們調整後的每股盈餘為 1.47 美元。由於強勁的營運業績，該數字年增 21%，調整後的營運收入年增約 25%。展望未來，我們預計我們的強勁業績將持續到第二季​​度，儘管汽車產量連續下降，但銷售和調整後每股收益與第一季水準相似。

For the second quarter, we expect sales to be approximately $3.5 billion, and this is up approximately 10% year-over-year on a reported basis and mid-single digits organically. Similar to our first quarter, year-over-year growth will be driven by transportation and communications, partially offset by an organic decline in industrial. Adjusted earnings per share is expected to be approximately $1.47 in the second quarter, and this will be up 14% year-over-year with adjusted operating margin expansion included in our earnings performance.

我們預計第二季的銷售額約為 35 億美元，按報告數據計算，年增約 10%，有機成長為中個位數。與第一季類似，年成長將由交通和通訊推動，但部分被工業的有機下降所抵消。第二季調整後每股盈餘預計約為 1.47 美元，年增 14%，調整後營業利潤率擴張包含在我們的收益表現中。

So if you could, let me turn to Slide 4, and I'll get into our order trends that we're seeing. For the first quarter, our orders were approximately $4 billion with a book-to-bill of 1.15. I would like to highlight that this level of orders reflects improvements in a number of our end markets as well as some supply chain replenishment. As we see markets improving, it is not surprising that our orders reflect the impact of supply chains being replenished after the shutdowns that occurred in the U.S. and Europe in the third quarter of last year. We are also seeing customers placing advanced orders in some cases due to product constraints and the broader electronic component categories like semiconductors and certain passive components. And the guidance that we give, does factor in the impact of these supply chain dynamics. And looking at orders by segment, on a year-over-year basis, transportation and communication orders both grew 36% with broad-based growth across all businesses.

如果可以的話，請讓我轉到投影片 4，我將介紹我們所看到的訂單趨勢。第一季度，我們的訂單約為 40 億美元，訂單出貨比為 1.15。我想強調的是，這一訂單水準反映了我們許多終端市場的改善以及供應鏈的一些補充。當我們看到市場改善時，我們的訂單反映了去年第三季美國和歐洲停工後供應鏈補充的影響，這並不奇怪。我們還看到，由於產品限制以及更廣泛的電子元件類別（例如半導體和某些被動元件），客戶在某些情況下提前下訂單。我們提供的指導確實考慮了這些供應鏈動態的影響。從各細分領域的訂單來看，交通和通訊訂單年增 36%，所有業務均廣泛成長。

Industrial orders declined slightly year-over-year. But on a sequential basis, we did see orders growth in all businesses in each segment. So let me also add some color on what we're seeing in orders from a geographic perspective, and I'll provide this on an organic basis. In China, our orders were up 33% in the first quarter with growth driven by transportation and communications. We are benefiting from our strong position in auto, commercial transportation and appliances and continue to see strong improvement across those markets in China. We also saw 26% year-over-year growth in Europe with growth in all segments. This represents a second consecutive quarter of orders growth in Europe with some markets improving following the large drops from COVID back in the middle of last year.

工業訂單年減。但從環比來看，我們確實看到每個細分市場所有業務的訂單都在成長。因此，讓我也從地理角度為我們在訂單中看到的內容添加一些顏色，我將在有機的基礎上提供這一點。在中國，第一季我們的訂單成長了 33%，成長的動力來自交通和通訊。我們受益於我們在汽車、商業運輸和家電領域的強大地位，並繼續看到中國這些市場的強勁改善。我們也看到歐洲的所有細分市場均實現了 26% 的年增長。這代表歐洲訂單連續第二季成長，一些市場繼去年年中新冠疫情大幅下降後有所改善。

And in North America, our orders were flat, with growth in transportation and communications being offset by declines in industrial. Now what I'd like to do is touch upon our segment results briefly, and I'll cover those on Slide 5 through 7 of the slides we issued. Starting with transportation. Our sales were up 12% organically year-over-year with growth in each one of our businesses. In auto, sales were up 11% organically versus global auto production growth in the low single digits. The outperformance is driven by continued strong content growth and some benefits from the supply chain replenishing. We are seeing gains from our leadership position in next-generation products and technology and the value that we bring to our customers.

在北美，我們的訂單持平，交通和通訊的成長被工業的下降所抵消。現在我想做的是簡要介紹我們的細分結果，我將在我們發布的幻燈片 5 到 7 中介紹這些結果。從交通開始。隨著每一項業務的成長，我們的銷售額年增 12%。在汽車領域，銷售量有機成長 11%，而全球汽車產量成長僅為低個位數。持續強勁的內容成長以及供應鏈補充帶來的一些好處推動了業績的優異表現。我們看到了我們在下一代產品和技術方面的領先地位以及我們為客戶帶來的價值所帶來的收益。

As I mentioned earlier, we are seeing strong content growth from the move to an electric powertrain and increased data connectivity as well as the continued electronification of the vehicle. In our commercial transportation business, we saw 25% organic growth driven by electronification trends, which are helping content outperformance as well as ongoing share gains. We are also benefiting from higher emission standards and new increased operator adoption of Euro 5 and 6 in China and new emission standards in India. We saw growth in all regions as well as all market verticals that we serve in our commercial transportation business and continue to benefit from our strong position in China. We are also seeing increased program wins in the electric powertrain and commercial transportation that will provide future content growth.

正如我之前提到的，我們看到由於轉向電動動力系統、數據連接的增加以及車輛的持續電子化，內容出現強勁增長。在我們的商業運輸業務中，在電子化趨勢的推動下，我們實現了 25% 的有機成長，這有助於內容表現出色以及持續的份額成長。我們也受惠於更高的排放標準、中國營運商新採用歐 5 和歐 6 以及印度新排放標準。我們在商業運輸業務中所服務的所有地區以及所有垂直市場都實現了成長，並繼續受益於我們在中國的強勢地位。我們也看到電動動力總成和商業運輸領域的項目不斷增加，這將帶來未來的內容成長。

In sensors, we saw 29% growth on a reported basis, which included the revenue contribution from the First Sensor acquisition. On an organic basis, sales increased 3%, driven by growth in auto applications. And we continue to expand our design win pipeline in auto sensing and expect growth at these platforms continue to increase in volume. From an operating margin perspective, the segment expanded margins by 200 basis points to 19.4%, driven by strong operational performance.

在感測器領域，我們看到報告基礎上成長了 29%，其中包括收購 First Sensor 帶來的收入貢獻。在汽車應用成長的推動下，銷售額有機成長 3%。我們將繼續擴大汽車感測領域的設計贏得管道，並預計這些平台的銷售將繼續成長。從營運利潤率的角度來看，在強勁營運績效的推動下，該部門的利潤率擴大了 200 個基點，達到 19.4%。

Now let me move over to the industrial segment, where, as I mentioned, our sales declined 8% organically year-over-year, and our adjusted operating margins were down slightly to 13.5% despite the 8% organic sales decline. I am very proud we were able to maintain our mid-teens adjusted operating margins due to the cost actions that we initiated over the past couple of years. During the quarter, the segment continued to be impacted by the decline in the commercial aerospace market, with our AD&M business declining 22% organically. As I mentioned earlier, we do believe we're touching along the bottom in this business and could see improvement in comm air later in this year.

現在讓我轉向工業領域，正如我所提到的，我們的銷售額同比有機下降了 8%，儘管有機銷售額下降了 8%，但調整後的營業利潤率略有下降至 13.5%。我非常自豪，由於過去幾年我們採取的成本行動，我們能夠維持十幾歲左右的調整後營業利潤率。本季度，該部門繼續受到商業航空航太市場下滑的影響，我們的 AD&M 業務有機下降 22%。正如我之前提到的，我們確實相信我們的業務正在觸底，並且可能會在今年稍後看到通訊空氣的改善。

Our industrial equipment business was up 8% organically with growth in all regions and strength in factory automation applications. And we continue to see weakness in our medical business with ongoing delays in interventional elective procedures that have been caused by COVID. We anticipate this to be a short-term dynamic in medical that is consistent with what our customers are seeing and expect this market to return to growth as these procedures start to increase later in the year. And lastly, in our energy business, we saw a 4% organic decline driven by COVID impact on utility spending, but we did see growth in renewable energy applications in the wind and solar applications.

隨著所有地區的成長以及工廠自動化應用的實力，我們的工業設備業務有機成長了 8%。我們的醫療業務持續疲軟，因新冠肺炎導致介入擇期手術持續延誤。我們預計這將是醫療領域的短期動態，與我們客戶所看到的情況一致，並預計隨著這些手術在今年稍後開始增加，該市場將恢復成長。最後，在我們的能源業務中，由於新冠疫情對公用事業支出的影響，我們的有機下降了 4%，但我們確實看到風能和太陽能應用中的可再生能源應用有所增長。

Now let me turn to the communications segment, where our sales grew 12% organically year-over-year with growth in both data and devices as well as appliances. We do continue to benefit from the recovery in China and Asia more broadly, which represents over half of our sales in this segment. In data and devices, our sales grew 5% organically year-over-year due to the strong position we built in high-speed solution for cloud applications. And in appliances, we grew 21% organically year-over-year with growth across all regions and benefits from home investments and an improved housing market. I would have to say our communication team continues to perform very well, delivering 17.6% adjusted operating margins, which is up 550 basis points versus the prior year.

現在讓我談談通訊領域，隨著數據和設備以及電器的成長，我們的銷售額年增 12%。我們確實繼續受益於中國和亞洲更廣泛的復甦，這占我們在該領域銷售額的一半以上。在數據和設備方面，由於我們在雲端應用高速解決方案方面建立了強勢地位，我們的銷售額比有機增長了 5%。在家電方面，我們的有機年增了 21%，所有地區均實現成長，並受益於住房投資和房屋市場的改善。我必須說，我們的溝通團隊繼續表現出色，調整後營業利潤率為 17.6%，比前一年增長了 550 個基點。

Now with that segment overview, let me turn it over to Heath, who will get into more details on the financials and our expectations going forward.

現在，讓我將這一細分市場的概述交給 Heath，他將詳細介紹有關財務狀況和我們未來預期的更多詳細資訊。

Thank you, Terrence, and good morning, everyone. Please turn to Slide 8, where I will provide more details on the Q1 financials. Adjusted operating income was $624 million, up approximately 25% year-over-year with an adjusted operating margin of 17.7%. GAAP operating income was $448 million and included $167 million of restructuring and other charges and $9 million of acquisition-related charges. We plan for the restructuring to be front-end loaded this year and continue to expect total restructuring charges in the ballpark of $200 million for fiscal '21, as we continue to optimize our manufacturing footprint and improve the fixed cost structure of the organization. Adjusted EPS was $1.47, and GAAP EPS was $1.13 for the quarter and included a tax-related benefit of $0.09.

謝謝你，特倫斯，大家早安。請參閱投影片 8，我將在其中提供有關第一季財務狀況的更多詳細資訊。調整後營業收入為 6.24 億美元，較去年同期成長約 25%，調整後營業利益率為 17.7%。GAAP 營業收入為 4.48 億美元，其中包括 1.67 億美元的重組和其他費用以及 900 萬美元的收購相關費用。我們計劃今年進行前端加載，並繼續預計 21 財年的重組費用總額約為 2 億美元，因為我們將繼續優化我們的製造足跡並改善組織的固定成本結構。本季調整後每股收益為 1.47 美元，GAAP 每股收益為 1.13 美元，其中包括 0.09 美元的稅務相關收益。

We also had restructuring, acquisition and other charges of $0.43, the reconciliation is provided. The adjusted effective tax rate in Q1 was approximately 20%. For the second quarter, we expect our tax rate to be in the high teens and continue to expect an effective tax rate of around 19% for fiscal '21. Importantly, we expect our cash tax rate to stay well below our reported ETR for the full year.

我們還有 0.43 美元的重組、收購和其他費用，已提供調節表。第一季調整後的有效稅率約為20%。對於第二季度，我們預計稅率將達到十幾歲，並繼續預計 21 財年的有效稅率約為 19%。重要的是，我們預計我們的現金稅率將遠低於我們報告的全年 ETR。

So if you'll turn to Slide 9. Sales of $3.5 billion were 11% -- were up 11% on a reported basis and up 6% on an organic basis year-over-year. Currency exchange rates positively impacted sales by $106 million versus the prior year. We are demonstrating our business model execution with adjusted EPS of $1.47, up 21% year-over-year. Adjusted operating margins were 17.7%, as I mentioned earlier, and that is an expansion of 190 basis points versus prior year. I am pleased with the progress we are making in driving improvements to our cost structure and our strong operational performance, and we continue to execute on our footprint consolidation and cost reduction plans in both transportation and industrial, and we are now benefiting from the heavy lifting that we've already completed in our communications segment.

因此，如果您翻到投影片 9，銷售額為 35 億美元，年增 11%，報告基礎上成長 11%，有機基礎上年增 6%。與前一年相比，貨幣匯率對銷售額產生了 1.06 億美元的正面影響。我們展示了我們的業務模型執行情況，調整後每股收益為 1.47 美元，年增 21%。正如我之前提到的，調整後的營業利潤率為 17.7%，比上年增長了 190 個基點。我對我們在推動成本結構改善和強勁營運績效方面取得的進展感到高興，我們將繼續執行運輸和工業領域的足跡整合和成本削減計劃，我們現在正從繁重的工作中受益我們已經在通訊領域完成了這一任務。

Transportation adjusted operating margin was 19.4%, which is nearing our business model target of 20%. Industrial adjusted operating margins remained in the mid-teens despite significant volume drops, which demonstrates the benefits of our cost actions that we have been discussing with you over the past few years. I'm also very pleased with the 17.6% adjusted operating margin in communication, which reflects our strong operational execution that I mentioned earlier.

運輸調整後的營業利益率為 19.4%，接近我們 20% 的商業模式目標。儘管銷量大幅下降，但行業調整後的營業利潤率仍保持在十幾歲左右，這表明我們過去幾年一直在與您討論的成本行動的好處。我對通訊領域 17.6% 的調整後營業利潤率也感到非常滿意，這反映了我之前提到的我們強大的營運執行力。

In the quarter, cash from continuing operations was $640 million, and we had very strong cash flow for the quarter of approximately $530 million, which represents a first quarter record, as Terrence mentioned, and we returned $286 million to shareholders through dividend and share repurchases. Our strong cash flow performance last year and into the first quarter of this year demonstrates the strength of our cash generation model, and we continue to expect free cash flow conversion to approximate 100% for the full year. We remain committed to our disciplined use of cash and over time, we expect 2/3 of our free cash flow to be returned to shareholders and about 1/3 to be used for acquisitions.

本季度，來自持續經營業務的現金為6.4 億美元，我們本季度的現金流非常強勁，約為5.3 億美元，正如特倫斯提到的，這創下了第一季度的記錄，我們通過股息和股票回購向股東返還了2.86 億美元。我們去年和今年第一季強勁的現金流表現證明了我們現金產生模式的實力，我們繼續預計全年自由現金流轉換率將接近 100%。我們仍然致力於嚴格使用現金，隨著時間的推移，我們預計 2/3 的自由現金流將返還給股東，約 1/3 將用於收購。

Now before we go into questions, I want to reiterate that we remain excited about how we've positioned our portfolio. With leadership positions in the markets we serve, along with organic growth and margin expansion opportunities ahead of us. To summarize, we have discussed the benefits of secular trends across our portfolio. You are seeing content growth enabling sales performance above our markets in auto and commercial transportation, benefits from some market recovery in data and devices and appliances and some markets that have been impacted by COVID in the industrial segment that are now showing signs of stabilization. We initiated cost actions well ahead of the COVID downturn, and we're seeing strong margin expansion as a result of our efforts.

現在，在我們提出問題之前，我想重申，我們對如何定位我們的投資組合仍然感到興奮。憑藉我們所服務市場的領導地位，以及我們面前有機的成長和利潤擴張機會。總而言之，我們討論了我們投資組合中長期趨勢的好處。您將看到內容的成長使得汽車和商業運輸領域的銷售業績高於我們的市場，受益於數據、設備和電器的一些市場復甦，以及工業領域中一些受新冠疫情影響的市場，這些市場目前已顯示出穩定的跡象。我們早在新冠疫情低迷之前就採取了成本行動，我們的努力使我們看到了利潤率的強勁增長。

We expect to continue to generate strong cash flow, maintain a disciplined and balanced capital strategy and drive to business model performance and our focus on value creation for our stakeholders going forward.

我們期望繼續產生強勁的現金流，維持嚴格且平衡的資本策略，推動業務模式績效，並專注於為利害關係人創造價值。

So now let's open this up for questions, Sujal?

那現在就讓我們開始提問吧，Sujal？

[Sara], could you please give the instructions for the Q&A session?

[Sara]，您能指導問答環節嗎？

(Operator Instructions) Your first question comes from the line of Craig Hettenbach.

（操作員說明）您的第一個問題來自 Craig Hettenbach。

Yes. And Terrence, thanks for the color on the current supply chain dynamics. Maybe if you can just expand on that. I know there's plenty of news around kind of bottlenecks out there. And you mentioned semiconductors. Just kind of a gauge of how you would frame what you're seeing in your business versus the demand out there? And where we are in this kind of replenishment phase?

是的。泰倫斯（Terrence），感謝您對目前供應鏈動態的闡述。也許如果你能擴展一下的話。我知道有很多關於瓶頸的新聞。你提到了半導體。只是衡量您如何根據業務需求來建立您所看到的內容？我們現在處於這種補充階段的哪個階段？

Thanks, Craig. And I would say, first off, I think, like many things COVID, the recovery is very uneven, and it's impacting different businesses differently. So the comments I made were very much around transportation. In markets that are soft, like industrial, I would tell you, we still have in places like medical and aerospace, inventory is still being burned. So I do think the factors I'm talking about the supply chain are very similar to how we painted the overall picture of the 3 segments.

謝謝，克雷格。我想說，首先，我認為，就像新冠疫情的許多事情一樣，復甦非常不平衡，而且它對不同企業的影響也不同。所以我發表的評論主要圍繞在交通。我想告訴你，在工業等疲軟的市場中，醫療和航空航天等領域的庫存仍在燃燒。所以我確實認為我所談論的供應鏈因素與我們描繪這三個部分的整體情況非常相似。

I think when you look at the supply chain and you go to transportation, though, I think we ought to keep in perspective where auto production went to and that automotive is a just-in-time supply chain. So back in the third quarter, 12 million units were made that we made 22 million units on the planet, I think was quicker than we all would have thought the recovery was. And there will be some areas where there will be bottlenecks as everybody recovers, and you heard that. And certainly, our customers have adjusted some of their production due to that, and that's reflected in our guidance.

我認為，當你審視供應鏈和運輸時，我認為我們應該正確看待汽車生產的去向，並且汽車是一個準時供應鏈。所以回到第三季度，我們在地球上生產了 1200 萬台，我認為這比我們所有人想像的復甦要快。隨著每個人的恢復，有些領域將會出現瓶頸，你也聽過。當然，我們的客戶因此調整了一些生產，這反映在我們的指導上。

But what's nice is, on top of that, even though we're talking about supply chain is where consumer inventory levels are, are very healthy. So when I think about what we try to track for long-term or how many cars are being bought on the planet, it's nice to see inventory levels on the lots when you look at North America and China, probably being more towards middle-to-low end of normal ranges, Europe is probably right around the middle. And it's not surprising that the supply chain is being stressed a little bit due to the improving markets we're seeing. And some of our customers have adjusted their production, and that's in our guidance.

但最重要的是，即使我們談論的是供應鏈，消費者庫存水準也非常健康。因此，當我考慮我們試圖長期追蹤的內容或全球購買了多少輛汽車時，很高興看到北美和中國的庫存水平，可能更接近中等到中-正常範圍的低端，歐洲可能就在中間。由於我們看到市場的改善，供應鏈受到一點壓力也就不足為奇了。我們的一些客戶已經調整了他們的生產，這是我們的指導方針。

Our next question comes from the line of Amit Daryanani.

我們的下一個問題來自阿米特·達裡亞納尼 (Amit Daryanani)。

I will stick to 1 question, and turn on to say, congrats on some really good execution in the last 6 months with the way demand has recovered. I guess the question I would have is, when I look at the December quarter print and the March quarter guide, especially transportation up really strong and better than end unit production. I think the fewer folks will have is that a strong first half, fiscal first half for you folks could be over shipping versus end demand and OEMs are just building a lot more inventory than they need. And the risk would eventually be that in the back half of the year, your fiscal year back half, ends up being a lot softer as OEMs start to normalize inventory.

我將堅持回答 1 個問題，然後轉而說，祝賀過去 6 個月中的一些非常好的執行以及需求的恢復。我想我會遇到的問題是，當我查看 12 月季度印刷品和 3 月季度指南時，尤其是運輸成長非常強勁，並且比最終單位生產更好。我認為更少的人會遇到的是，上半年的強勁表現，對你們來說，上半年的財年可能會超出最終需求，而原始設備製造商只是建立了比他們需要的更多的庫存。最終的風險是，隨著原始設備製造商開始使庫存正常化，您的財年後半段最終會變得更加疲軟。

Can you just perhaps talk about what are you seeing from your OEM level that gives you confidence that this isn't all building up inventory and there's a correction in the back half that we have to worry about?

您能否談談您從 OEM 層面看到的情況，這讓您相信這並不都是庫存增加的問題，而且我們必須擔心後半部分的修正？

I think the thing that you look at is certainly we have orders that are accelerating to the improving market. Supply chain does need to get to a normalized level where production is. I think when you look at auto production going from quarter 1 to quarter 2, we do expect it to be down to about 20 million units in our second quarter versus 22 in the first quarter. So that should also allow the supply chain to help normalize since there will be a little bit less production. And when we look at it is, what's really nice is our growth is due more to content and production than it is due to the supply chain replenishment.

我認為您看到的肯定是我們的訂單正在加速改善市場。供應鏈確實需要達到生產的正常水準。我認為，當你觀察第一季到第二季的汽車產量時，我們確實預計第二季的汽車產量將下降至約 2,000 萬輛，而第一季為 22 輛。因此，這也應該有助於供應鏈正常化，因為產量會稍微減少。當我們審視這一點時，真正好的一點是我們的成長更多地歸功於內容和生產，而不是供應鏈的補充。

As we've always told you in an individual quarter, you can get supply chain movements one way or the other. But when I think about content per vehicle, as I said on the call, and really think about the $10 or so that our content increased over the past couple of years, really about half of that is driven due to traditional electronification of the car being more electronics in it. The other half is being driven by the benefit of the wins we have in HEMs as well as -- I'm sorry, electric mobility as well as what we've guided in content on the car having more data. So when we look at that, that's real content growth. Certainly, inter quarter, there may be a little bit of movement as supply chain goes, but the bigger driver of our growth is content. And it's what's really allowed our transportation segment to get back to pre-COVID levels on what we all know will be production this year based upon the external estimates, that will be less than pre-COVID.

正如我們在各個季度中一直告訴您的那樣，您可以透過一種方式或另一種方式了解供應鏈的變動。但是，當我考慮每輛車的內容時，正如我在電話中所說，並真正考慮到過去幾年我們的內容增加了10 美元左右，實際上其中大約一半是由於汽車的傳統電子化而驅動的。裡面有更多電子產品。另一半是由我們在 HEM 方面取得的勝利以及——對不起，電動車以及我們在擁有更多數據的汽車內容中所引導的內容所驅動。所以當我們看到這一點時，這就是真正的內容成長。當然，隨著供應鏈的發展，季度間可能會有一些變化，但我們成長的更大驅動力是內容。這才是真正讓我們的運輸部門恢復到新冠疫情前水準的原因，我們都知道，根據外部估計，今年的產量將低於新冠疫情前的水平。

Your next question comes from the line of David Kelley.

你的下一個問題來自大衛凱利。

Maybe just following up on that point, and just to be clear, when you're talking about the buckets and the drivers of that content per vehicle ramp. Was that in regard to the shift you've seen, the low 60s to the low 70s? And just as a follow-up as we start thinking about the go-forward drivers to that low $80 target. Just curious what percentage of that or the mix shift driver you expect from the electrification and EV trends specifically?

也許只是跟進這一點，並且只是為了明確，當您談論每個車輛坡道的內容的桶和驅動程序時。這是否與您所看到的從 60 年代低到 70 年代的轉變有關？作為後續行動，我們開始考慮實現 80 美元低目標的驅動因素。只是好奇您對電氣化和電動車趨勢的具體預期佔混合換檔驅動力的比例是多少？

No. I think what you're going to see is balance as we go up into the 80s, similarly. Because I think one of the things that's important is what's nice about what we've seen over the past year is the electric vehicle seems to have stand the test of COVID. We talked about it last year about -- you had electric vehicle growth last year. This year, we believe electric vehicles on the planet are going to be up about 50% versus last year, continued strong adoption in Europe. Certainly, the adoption that Asia has already had and it's going to break through 10% of global production.

不。我認為，當我們進入 80 年代時，你會看到同樣的平衡。因為我認為重要的事情之一是我們在過去一年中所看到的好處是電動車似乎經受住了新冠病毒的考驗。我們去年談到——去年電動車有所成長。今年，我們相信全球電動車的使用量將比去年增長約 50%，歐洲的採用率持續強勁。當然，亞洲已經被採用，並將突破全球產量的 10%。

So content will continue to be benefited by our position in electric vehicle. But we also have to realize there's still content opportunity in traditional architecture, too. And those products also go into electric vehicles. So what's nice about what we talked about going to 60 to 70, it's going to be a similar picture as we go forward because where we play in the architecture is on every vehicle. It's not just electric, it's also our legacy position and how globally strong we are with that position.

因此，內容將繼續受益於我們在電動車領域的地位。但我們也必須意識到傳統建築中仍存在內容機會。這些產品也應用於電動車。所以我們談到的從 60 到 70 的好處是，隨著我們前進，這將是一個類似的畫面，因為我們在架構中發揮的作用是在每輛車上。這不僅是電動方面的問題，也是我們的傳統地位以及我們憑藉這一地位在全球範圍內的強大程度。

So as we look forward, growth components, whether it be electric vehicle powertrain movement, whether it be features and electronification of any vehicle as well as you get more data and all of those are drivers to our content. And just in the past 2 years, you can see the reality of it. And that's what we get excited about, and I think it's what we get excited about as we look to forward growth.

因此，當我們展望未來時，成長的組件，無論是電動車動力總成運動，無論是任何車輛的功能和電子化，以及您獲得的更多數據，所有這些都是我們內容的驅動力。而就在過去的兩年裡，你就可以看到它的現實。這就是我們感到興奮的地方，我認為這就是我們在展望未來成長時感到興奮的地方。

Your next question comes from the line of Matt Sheerin.

你的下一個問題來自馬特謝林（Matt Sheerin）。

Terrence, I wanted to ask, outside of transportation, the commentary on industrial, particularly of areas that you're seeing strength. How much of that is relative to supply chain inventory adjustments versus true demand? And I know there's a decent amount of distribution exposure there. Are you seeing signs of good POS or sell-through and any inventory build there?

泰倫斯，我想問一下，除了交通之外，對工業的評論，特別是對你看到的優勢領域的評論。其中有多少與供應鏈庫存調整和真實需求有關？我知道那裡有相當多的分銷曝光。您是否看到 POS 或銷售情況良好以及庫存增加的跡象？

So a couple of things, Matt. Thanks for your question. And when you think about distribution, distribution touches both our CS and IS segments, industrial and communications segments, more than transportation. Our sales into the channel in the quarter, we're on par with our total company sales growth. So that 6%, pretty much how our sales to our channel partners were. Sell-out is -- their sell-out accelerated with some of these supply chain dynamics. They have a role to play. That's why they hold inventory. We have seen some of their orders increase, but I would say we're not over shipping into our distributors. Actually, their inventory levels on sort of a churn are actually lower than normal. So that's some of the balancing that will be occurring here as the world normalizes, hopefully.

有幾件事，馬特。謝謝你的提問。當你考慮分銷時，分銷涉及我們的 CS 和 IS 部門、工業和通訊部門，而不是運輸部門。我們本季通路的銷售額與公司總銷售額的成長持平。這 6% 與我們對通路夥伴的銷售額差不多。由於供應鏈的一些動態，他們的銷售加速了。他們可以發揮作用。這就是他們持有庫存的原因。我們看到他們的一些訂單有所增加，但我想說的是，我們並沒有向經銷商過度發貨。事實上，他們的庫存水準實際上低於正常水準。希望這就是隨著世界正常化而出現的一些平衡。

And net-net, in industrial, what I would tell you, while we may have some areas like in our industrial equipment, that showed shrink, I'll go back to, our medical customers are still burning some inventory, and so is aerospace and defense. So net-net, I would not say there is supply chain replenishment in industrial that we're benefiting from.

淨淨，在工業領域，我要告訴你的是，雖然我們可能有一些領域，比如我們的工業設備，顯示出萎縮，我會回到，我們的醫療客戶仍在燃燒一些庫存，航空航天也是如此和防禦。因此，我不會說我們正在從中受益的工業供應鏈補充。

Your next question comes from the line of Christopher Glynn.

你的下一個問題來自克里斯多福·格林。

Just the kind of CPV the last couple of years. I know there may be some rounding, but it looks like maybe you're trending a little bit above your long-term range. I think we saw that for a couple of years in the '17 to '19 period, too. Is that range hedged or anything? Or are your commercial teams just executing better in wins? Or is it fleet mix that consumers are buying?

就是最近幾年的那種CPV。我知道可能會有一些舍入，但看起來您的趨勢可能略高於長期範圍。我認為我們在 17 至 19 年間也看到了這一點。這個範圍是對沖的還是什麼？或者您的商業團隊只是在勝利中表現得更好？還是消費者購買的是機隊組合？

Well, on CPV, the range we've always said is 4% to 6%, and I believe that range is still appropriate long term. There are assumptions in there, where does electric vehicle adoption goes, certainly, feature sets and so forth. But we feel very good about that range. And certainly, that range is not -- we do not limit our commercial teams to that range. So it does come back to. There's always consumer preference there. It is nice that the consumer preference has been picking up the features that we're benefiting from. And we feel very good about that 4% to 6% range about the auto production going forward.

那麼，就CPV而言，我們一直說的範圍是4%到6%，我認為這個範圍長期來看還是合適的。其中有一些假設，電動車的採用將走向何方，當然還有功能集等等。但我們對這個範圍感覺非常好。當然，這個範圍不是——我們不會將我們的商業團隊限制在這個範圍內。所以它確實回來了。消費者的偏好總是存在的。很高興消費者已經開始選擇我們從中受益的功能。我們對未來汽車產量 4% 至 6% 的成長感到非常滿意。

So I don't think that range changes. And hopefully, we stay towards the high end of it.

所以我認為這個範圍不會改變。希望我們能夠保持在高端。

Your next question comes from the line of Scott Davis.

你的下一個問題來自斯科特戴維斯。

Anyways, I wanted to just ask you for a little bit of an update on First Sensor. What is kind of your early read on it? What you're getting out of it? Any details you can provide there would be great.

無論如何，我只是想向您詢問有關 First Sensor 的一些最新情況。您早期讀到的內容是什麼樣的？你從中得到什麼？您能提供的任何詳細資訊都會很棒。

Sure. Thanks, Scott. This is Heath, and appreciate the question. Sure. First Sensor, we own a little over 70% of it still. There's a -- given the German public company takeover dynamics, there's still a bit of a tail in terms of us acquiring the remaining 25 to 30 percentage points of the business with owners. But within that, First Sensor is behaving as we would expect it to, where we have market overlap, which is pretty considerable, whether that's in auto, general industrial, medical applications. It's trending right, as we would expect, as we see in other parts of both our sensor and our connector business.

當然。謝謝，斯科特。我是希斯，很高興能提出這個問題。當然。First Sensor，我們仍擁有其 70% 多一點的股份。考慮到德國上市公司的收購動態，我們與所有者一起收購剩餘 25 至 30 個百分點的業務仍然存在一些問題。但在這方面，First Sensor 的表現正如我們所預期的那樣，我們有相當大的市場重疊，無論是在汽車、一般工業或醫療應用領域。正如我們所期望的那樣，正如我們在感測器和連接器業務的其他部分所看到的那樣，它的趨勢是正確的。

So everything is on track there. Now it's given us about $50 million or so a quarter or $40 million, $50 million a quarter of revenue. And I would say that some of the work that we needed to do relative to some of the operational synergies, footprint consolidation things, not just on their end, but things that will eventually move into their facilities from our existing sensors business is still ongoing. So we're not expecting a lot of bottom line support this particular year, but trajectory still looks good as we move forward.

所以一切都步入正軌。現在，它每季為我們帶來約 5,000 萬美元左右的收入，或每季 4,000 萬美元、5,000 萬美元的收入。我想說的是，我們需要做的一些與營運協同效應、足跡整合相關的工作，不僅僅是在他們的末端，而且最終將從我們現有的感測器業務轉移到他們的設施中的事情仍在進行中。因此，我們預計今年不會有太多底線支持，但隨著我們前進，軌跡看起來仍然不錯。

Your next question comes from the line of Wamsi Mohan.

你的下一個問題來自瓦姆西·莫漢 (Wamsi Mohan)。

This is [Danielle] asking on behalf of Wamsi. Can you just talk about kind of your position in the broader electric vehicle market and kind of key differentiators for TE?

這是 [Danielle] 代表 Wamsi 詢問。您能否談談您在更廣泛的電動車市場中的地位以及 TE 的關鍵差異化因素？

Yes. So first off, I -- thanks for that. I think the first differentiator we have is our global position and where do we bring the innovation. And it starts with those design centers that are everywhere where current vehicles are designed in next-generation vehicles and that's pretty special. And that's where we've leveraged our traditional position there. The other thing is when you get into the architecture of a car, our knowledge is there are parts of traditional architecture that do go over into an electric vehicle. So certainly, there's a lot of discussion around the powertrain, how does that involve the batteries, but also realize that architecture does come together as you bring low voltage and high voltage together and certainly come into the infotainment and data element of it that could go into autonomy.

是的。首先，我——謝謝你。我認為我們的第一個區別在於我們的全球地位以及我們在哪裡帶來創新。它始於那些無處不在的設計中心，在下一代汽車中設計現有車輛，這是非常特別的。這就是我們利用我們在那裡的傳統地位的地方。另一件事是，當你進入汽車的架構時，我們知道傳統架構的某些部分確實可以應用在電動車中。當然，圍繞動力系統有很多討論，它如何涉及電池，但也意識到當你將低電壓和高電壓結合在一起時，架構確實會結合在一起，並且肯定會進入它的資訊娛樂和數據元素，這可能會發生變化。進入自治。

So we play across all those elements. I think it's a very unique position that TE has that also comes into the content opportunity. The other thing that is, and these are investments that we started to make 10 years ago, is when we look at electric vehicle, like I said earlier, we think there's going to be about 9 million made this year, 5 million of those will be in Asia. Europe continues to accelerate. And one of the things we probably get more excited about is not only the vehicle technology but where do you see support coming to make sure that electric vehicle penetration gets stronger.

所以我們會考慮所有這些元素。我認為 TE 擁有非常獨特的地位，這也涉及內容機會。另一件事是，這些是我們 10 年前開始進行的投資，當我們考慮電動車時，就像我之前所說的那樣，我們認為今年將生產約 900 萬輛，其中 500 萬輛將在亞洲。歐洲繼續加速。我們可能更興奮的事情之一不僅是車輛技術，而且你會在哪裡看到支援來確保電動車的普及變得更強。

There's 2 big factors that come in, not only just -- not only consumer adoption, but you come into the 2 big things outside the car that relate to infrastructure as well as battery technology. And you continue to see developments in that space that with where EVs are going, we think will create continued momentum on EV adoption as well as support of the infrastructure and certainly, the battery technologies that are so important to it. And that's happening globally.

這裡有兩個重要因素，不僅是消費者的採用，還有汽車以外與基礎設施和電池技術相關的兩個重要因素。您將繼續看到該領域的發展，隨著電動車的發展，我們認為將為電動車的採用以及基礎設施的支援創造持續的動力，當然還有對其非常重要的電池技術。這在全球範圍內都在發生。

So early on, we were very much bullish on Asia. Certainly, Europe with some of their regulations and certainly, you continue to see, at a lesser pace, momentum here. But where TE comes in on that architecture, where how that architecture comes together, the electric, the data, the signal, that is our specialty. And it's really great how these trends we're going to benefit from and show them in our content numbers.

所以很早就，我們非常看好亞洲。當然，歐洲有一些法規，當然，你繼續看到這裡的勢頭較慢。但 TE 在該架構中的作用是什麼，該架構如何整合在一起，包括電力、數據、訊號，這是我們的專長。我們將從這些趨勢中受益並在我們的內容數量中展示它們，這真的很棒。

Your next question comes from the line of Samik Chatterjee.

您的下一個問題來自 Samik Chatterjee。

I did want to go back to the content growth story again in autos. And just -- but focus a bit more on the sensor side of the business there. You kind of outlined $10 of content increase you've had over the kind of -- moving to $17 range, low 70s. Can I just clarify if -- and that includes sensors at all? Or is it de minimis at this point?

我確實想再次回到汽車領域的內容成長故事。只是 - 但更多地關注那裡的傳感器業務。您概述了您的內容增加了 10 美元 - 移動到 17 美元的範圍，低 70 美元。我可以澄清一下是否——這包括感測器嗎？還是現在已經微乎其微了？

And more kind of looking forward, how should we think about the opportunity in terms of sensors that you can address today on a vehicle and what the aspirations are of what that content per vehicle for the sensors portfolio can look like?

更展望未來，我們應該如何考慮今天可以在車輛上解決的感測器方面的機會，以及每輛車的感測器產品組合的內容的期望是什麼？

No, thank you, Samik. And actually, those figures, I said earlier, did not include sensors. That was our traditional interconnect solutions that we provide. And when you think about sensors and you think about sensors back in '19, you're talking about -- that's about $2 of content. We see that going up to about $5 of content there. So that would be additive to those figures I gave you. We're getting benefits of the launch. That's actually -- the auto launch actually drove the organic growth. Our sensory business still has a big industrial piece to it that impacted those figures, but sensors is a part that would be additive to those figures I said earlier.

不，謝謝你，薩米克。事實上，我之前說過，這些數字並不包括感測器。這是我們提供的傳統互連解決方案。當您想到感測器並想到 19 年的感測器時，您正在談論的是大約 2 美元的內容。我們看到那裡的內容上漲了大約 5 美元。所以這將是我給你的那些數字的補充。我們正在從發布中獲益。事實上，汽車的推出實際上推動了有機成長。我們的感官業務仍然有一個很大的工業部分影響這些數字，但感測器是我之前所說的那些數字的補充部分。

Your next question comes from the line of Mark Delaney.

你的下一個問題來自馬克·德萊尼（Mark Delaney）。

The company already talked a lot about some of the near-term dynamics in the first half of the year and some of the nice strength and recovery you're seeing. Was hoping to better understand how you're thinking, not just the second half outlook, but you're thinking about investing in the business longer-term in terms of you're deploying capital in terms of some of these acquisitions like First Sensor, some of the R&D you're doing to really capture that content growth you're seeing in EVs. What's most interesting to the company? What are you much excited about going forward?

該公司已經談論了很多關於今年上半年的一些近期動態以及您所看到的一些良好的實力和復甦。希望更了解您的想法，不僅僅是下半年的展望，而且您正在考慮對業務進行長期投資，因為您正在部署資本來收購 First Sensor 等公司，您正在做的一些研發是為了真正捕捉您在電動汽車中看到的內容增長。公司最感興趣的是什麼？您對未來最興奮的是什麼？

Yes. So thanks for that question, and I do appreciate it, Mark. I think when you think about -- when we look forward, I think there's one that I'll talk about short term, and then there's ones that I think are important longer term. I do actually think this period over the past year and the dynamics and the challenges we've all gone through, we're getting to show our portfolio, the diversity of it and why we like our portfolio. And a lot of people had questions of how this portfolio would act because it wasn't the same portfolio. And we do like our portfolio and you see that here.

是的。謝謝你提出這個問題，我真的很感激，馬克。我想，當你思考時——當我們展望未來時，我認為我會談論短期的一些問題，然後我認為一些長期重要的問題。我確實認為過去一年的這段時期以及我們都經歷過的動態和挑戰，我們正在展示我們的投資組合、它的多樣性以及為什麼我們喜歡我們的投資組合。很多人對這個投資組合將如何運作有疑問，因為它不是同一個投資組合。我們確實喜歡我們的產品組合，您可以在這裡看到這一點。

I think the other thing what we look forward is the content elements we've talked to you about and you think about transportation. The content opportunities we are talking about are still in early stages. And electric vehicle is early stage, autonomy is early stage, and that, in many ways, more content kickers we've been talking about, and you're starting to see it in the numbers, and they're going to be around for a while. But I would say it's not just limited to auto and transportation. You've seen how our communications segment has changed, certainly around our cloud investments and how we've gained share in cloud that has made that segment a good performer.

我認為我們期待的另一件事是我們與您討論過的內容元素以及您對交通的看法。我們正在談論的內容機會仍處於早期階段。電動車還處於早期階段，自動駕駛也處於早期階段，從很多方面來說，我們一直在談論更多的內容，你開始在數字中看到它，它們將持續存在很長一段時間。一會兒。但我想說這不僅限於汽車和交通。您已經看到了我們的通訊部門發生了怎樣的變化，尤其是圍繞我們的雲端投資，以及我們如何獲得了雲端中的份額，從而使該部門表現良好。

And when you think about industrial, medical will come back, comm air will come back and our positions are very strong. So there are things that certainly -- they're hurting us now, but I think will be things that drive content longer in the future. And those are the things where data and power are going, whether it's around sustainability or just being more connected, where things get more productive like factory automation, we still have content opportunity to drive growth that's going to be above market.

當你想到工業、醫療將會回歸，通訊空氣將會回歸，我們的地位非常穩固。因此，有些事情現在確實正在傷害我們，但我認為這些事情將在未來更長時間地推動內容的發展。這些都是數據和電力的發展方向，無論是圍繞永續發展還是只是更加互聯，例如工廠自動化等事情變得更加高效，我們仍然有內容機會來推動高於市場的成長。

The other thing I would just say, while I'm pleased with the execution, our margin improvement story is not over. Our transportation and our industrial segments, we've been doing some heavy lifting to get to where we believe these businesses are entitled. It's nice to see our transportation segment on lower volume than peak being back close to the margin, we think it should be at, but our industrial segment has room to go. And lastly, I think it goes to the point that you sort of alluded to in your question is we like our cash-generative business model. It provides choices, whether to return capital or to do the bolt-ons like Scott's question to Heath around First Sensor. And what's nice is we do have organic secular trends that we can do bolt-ons into. And we're going to maintain discipline as we go through it.

我想說的另一件事是，雖然我對執行情況感到滿意，但我們的利潤率改善故事還沒結束。我們的運輸和工業領域，我們一直在做一些繁重的工作，以達到我們認為這些企業有權獲得的目標。很高興看到我們的運輸部門的運輸量低於峰值，回到接近利潤率的水平，我們認為應該是這樣，但我們的工業部門還有空間。最後，我認為您在問題中提到的一點是我們喜歡我們的現金生成商業模式。它提供了選擇，是返還資本，還是像斯科特向希斯提出的有關第一傳感器的問題那樣進行補充。令人高興的是，我們確實有有機的長期趨勢，我們可以對其進行補充。我們將在整個過程中保持紀律。

So as we look forward, it's nice to see some improvement. We're always going to have a market that's probably cycling one way or the other with the diversity, but I do think what the portfolio has shown up, we're pretty proud of, and we think there's more room to run on the growth on the margin side, which turns into earnings power and cash generation for value creation.

因此，當我們展望未來時，很高興看到一些改進。我們總是會遇到一個可能以一種或另一種方式循環且具有多樣性的市場，但我確實認為我們對投資組合所顯示的內容感到非常自豪，並且我們認為還有更多的成長空間在利潤方面，它轉化為創造價值的獲利能力和現金產生。

Your next question comes from the line of Joe Giordano.

你的下一個問題來自喬·佐丹奴。

It's great to see the total content scaling from -- you mentioned the 60s to 70s. I'm just -- I wanted to talk maybe like longer term. I know we always -- you guys always mentioned like the EV is generally like 2x a regular car. As we start hitting those inflection points where EV production scales like exponentially, what does that like spread look like? How much of that spread is like actually more physical volumes on the cars? And how much is because the price of these products is significantly higher because the volumes are significantly lower. And like how does that change over time? Does the price go down substantially, but the volume scale, so gross dollars, it's very, very positive, but the spread between ICE and EV kind of compresses? How do we think about that when we get to like significant deployment of EV?

很高興看到總內容從您提到的 60 年代擴展到 70 年代。我只是——我想談談更長遠的問題。我知道我們總是——你們總是提到電動車通常是普通汽車的兩倍。當我們開始遇到電動車產量呈指數級增長的轉折點時，這種分佈是什麼樣的？這種傳播有多少實際上是汽車上更多的物理量？多少是因為這些產品的價格明顯較高，因為銷售量明顯較低。隨著時間的推移，情況會如何改變？價格是否大幅下降，但銷售規模（總美元）是否非常非常積極，但內燃機和電動車之間的價差卻壓縮？當我們開始喜歡大規模部署電動車時，我們會如何看待這一點？

Well, a couple of things. And our content assumption always assumes -- I do think we have to keep in reality, a nice vehicle. If you take this year where people think mid-80 million vehicles will be made in 2021, there is 70-some million of ICE vehicles made versus 9 million of electric vehicles made. So there is a scale advantage, certainly, our customers expect that. And we do expect there will be price compression in our content as EV scale. We also have to make sure we bring our technology and our scale to make sure these vehicles are affordable. And so that's always been included. You will still have increased content. So I don't think you see it getting to an ICE engine content, but there will be some as you move up the volume curve on platforms and as the industry scales, and we've always said that to you.

嗯，有幾件事。我們的內容假設總是假設——我確實認為我們必須在現實中保留一輛好的車輛。如果以今年為例，人們認為 2021 年將生產 8,000 萬輛汽車，那麼內燃機汽車的產量將達到 7,000 萬輛，而電動車的產量將達到 900 萬輛。因此，我們的客戶當然希望有規模優勢。我們確實預計，隨著電動車規模的擴大，我們的內容價格將會壓縮。我們還必須確保帶來我們的技術和規模，以確保這些車輛價格實惠。所以這總是被包括在內。您仍然會獲得更多的內容。所以我認為你不會看到它進入 ICE 引擎內容，但隨著你在平台上的銷售曲線上升和行業規模擴大，將會有一些內容，我們總是對你這麼說。

So that's how we've always said it, and then we don't see that changing, and it's something that's very important for the industry to make sure electric vehicles are on par with traditional engines so that consumers can choose what they want.

這就是我們一直這麼說的，但我們沒有看到這種變化，確保電動車與傳統引擎處於同一水平，以便消費者可以選擇他們想要的東西，這對產業來說非常重要。

Your next question comes from the line of Chris Snyder.

你的下一個問題來自克里斯·史奈德。

Just another one on the content per vehicle. And then particularly comments that CPV is in the low 70s today versus the low 60s, I believe, you said in 2019. So some quick back of the envelope math there implies high single-digit annual growth. So I guess, is there any reason why this growth rate would slow maybe over the next 2 years? I understand longer term, there can be more pricing competition as that builds. But I guess over the next 2 years, is there any reason to think that would slow? Obviously, the number is building off a higher base, but EV unit production is inflecting, and it seems like there could also be some sensor tailwinds as well.

這是關於每輛車的內容的另一篇文章。然後特別評論說，今天的 CPV 處於 70 多歲的低位，而我相信，您在 2019 年說過，CPV 處於 60 多歲的低位。因此，一些快速的數學計算意味著年增長率將達到高個位數。所以我想，有什麼理由可以解釋為什麼這個成長率在未來兩年可能會放緩嗎？我知道從長遠來看，隨著價格競爭的加劇，可能會出現更多的價格競爭。但我想在接下來的兩年裡，有沒有理由認為這速度會放緩？顯然，這個數字是建立在更高的基礎上的，但電動車的產量正在發生變化，而且似乎也可能存在一些感測器的推動力。

So when we look at it, it goes back to what I said before, we think it's 4% to 6% above global production. And that, depending what you assume on production growth from here, you take the content and add it to. And so I'm not sure it would slow. I mean, it will come into how consumer preferences are, but it's what we get excited about on content. So I don't see it slowing. I see it actually being a real engine for us, and we've been investing around it. And certainly, we'd like to see that the revenue that's coming through on it. We'll partner with our customers, and we know we're stopping their hardest challenges.

因此，當我們審視它時，這又回到了我之前所說的，我們認為它比全球產量高出 4% 到 6%。而且，根據您對此處產量成長的假設，您可以獲得內容並將其添加到其中。所以我不確定它會變慢。我的意思是，這將取決於消費者的偏好如何，但這也是我們對內容感到興奮的地方。所以我不認為它正在放緩。我認為它實際上是我們真正的引擎，我們一直在圍繞它進行投資。當然，我們希望看到由此帶來的收入。我們將與客戶合作，我們知道我們正在阻止他們面臨的最艱鉅的挑戰。

Your next question comes from the line of Joseph Spak.

你的下一個問題來自 Joseph Spak。

Terrence, you mentioned a couple of times how you're excited about the margin progression opportunities. If we go all the way back to 2017, you laid out this 30 to 80 basis points a year, which would have brought you close to 19%. I know a lot of outside factors have occurred since then. But you've also taken some other actions. So I'm just curious, do you have a view of the margin potential of this business looking out a few years? Is 19%, 20% range still the goal?

特倫斯，您多次提到您對利潤成長機會感到多麼興奮。如果我們一直追溯到 2017 年，你每年設定 30 到 80 個基點，這將使你接近 19%。我知道從那時起發生了很多外部因素。但您還採取了一些其他行動。所以我很好奇，您對這項業務未來幾年的利潤潛力有何看法？19%、20%的範圍仍是目標嗎？

Yes. Jim (sic) [Joe], this is Heath. I'll take that question. The progression over time certainly is still part of our operating model and how we think about to go forward. Certainly, we've had to deal with some things that were unexpected relative to market conditions, no different than any other company out there. But we still feel like we're in a pretty good place. Now acquisitions are always going to feather in to a point where you have to overcome some of that dilutive impact initially and then you build upon that moving forward. But I still feel very good about it. I think you got to kind of break it down into the segments as well. The segments, we've kind of targeted and talked about automotive being roughly a 20% operating income business, which is above -- vails a good return from our overall investment as well as provides opportunity to enable reinvestment in the business for future growth, and that's a good return model.

是的。吉姆（原文如此）[喬]，這是希思。我來回答這個問題。隨著時間的推移，不斷進步當然仍然是我們營運模式以及我們未來發展思維的一部分。當然，我們必須處理一些相對於市場狀況而言出乎意料的事情，這與其他公司沒有什麼不同。但我們仍然覺得我們處於一個非常好的位置。現在，收購總是會逐漸發展到一定程度，您必須先克服一些稀釋影響，然後在此基礎上繼續前進。但我仍然對此感覺非常好。我認為你也必須將其分解為幾個部分。這些細分市場，我們有針對性地討論過，汽車業務大約佔營業收入的 20%，高於我們的整體投資，並提供了對業務進行再投資以實現未來增長的良好回報，這是一個很好的回報模式。

Industrial, which is in the low teens as we sit here today, but coming off of a pretty significant downturn, particularly in the commercial aerospace side as well as in the medical side, is still holding its head. But we would expect that over time, again, to be up in the high teens. So there's a fair amount of leverage there. And then in communications, we're in a pretty good place. We've done a lot of heavy lifting there, going back several years. And you're seeing the results there now when we get the types of volume reduction -- I'm sorry, the types of volume increases that we've seen, both in appliances and data and devices, you can see what the flow-through is in our factory environment with an optimized footprint that we enjoy today within communications.

當我們今天坐在這裡時，工業業仍處於十幾歲左右，但剛剛擺脫了相當嚴重的低迷，特別是在商業航空航天領域和醫療領域，仍然保持著領先地位。但我們預計隨著時間的推移，這一數字將再次達到十幾歲。所以那裡有相當大的槓桿作用。然後在通訊方面，我們處於一個非常好的位置。幾年前，我們在那裡做了很多繁重的工作。現在，當我們得到容量減少的類型時，您會看到結果 - 對不起，我們已經看到容量增加的類型，無論是在電器、數據和設備中，您都可以看到流量 - through 位於我們的工廠在環境中，具有優化的佔地面積，這是我們今天在通訊領域所享受的。

So there is still leverage in both transportation and in industrial. And in addition to that, we are still tackling some of the costs in the operating expense line that you would expect us to. And that's been coming down ratably, particularly as a percentage of sales, and that will continue to be the case. So feel good about our ability to continue to expand margins for some time now.

因此，交通運輸和工業仍然具有槓桿作用。除此之外，我們仍在解決您期望我們解決的營運費用項目中的一些成本。而且這一數字一直在大幅下降，特別是佔銷售額的百分比，而且這種情況將持續下去。因此，我們對我們在一段時間內繼續擴大利潤率的能力感到滿意。

Your next question comes from the line of Luke Junk.

你的下一個問題來自盧克垃圾。

Heath, maybe another question for you. Wondering if you could put this quarter's margin performance in context of the 20% midterm margin target for Transportation Solutions specifically. Just wondering how this quarter's profitability impacts that trajectory going forward, maybe thinking in LEB terms, specifically, what it says about the production needed to hit that 20% margin target relative to maybe what you would have thought pre-COVID?

希斯，也許還有一個問題想問你。想知道您是否可以將本季的利潤率表現與運輸解決方案 20% 的中期利潤率目標結合起來。只是想知道本季的獲利能力如何影響未來的發展軌跡，也許用LEB 的術語來思考，具體來說，它對達到20% 的利潤率目標所需的產量（相對於您在新冠疫情之前的想法）有何看法？

Well, it's a good question, right? I mean, we -- certainly, 19.4% is a solid number at that segment level. But you have to remember that we are still trending well below where we were just a couple of years ago in terms of total global auto production. So we did a little north of 20%. So global water production in the quarter was a little north of 22 million units. If you think about where we were in 2018 and '19, we're still trending pretty -- still below those quarterly numbers.

嗯，這是個好問題，對吧？我的意思是，我們——當然，19.4% 在該細分市場層面上是一個可靠的數字。但你必須記住，就全球汽車總產量而言，我們的趨勢仍然遠低於幾年前。所以我們做得比 20% 稍高。因此，本季全球水產量略高於 2,200 萬單位。如果你想想我們 2018 年和 19 年的情況，我們的趨勢仍然相當不錯——仍然低於季度數字。

So yes, what it shows you is what we can do on lower auto production relative to some of those prior hurdles because we have tackled the fixed costs. But at the same time, we are going after we've been pretty public with you about some of the restructuring that we're doing and particularly in some of the -- what had been announced, and we're working through some European footprint moves within our transportation segment. And those are underway. In some cases, they're being pressured because we need some volume out of those facilities. But we'll see more benefit from those restructuring plans as we get through 2021 and into '22.

所以，是的，它向您展示的是，相對於之前的一些障礙，我們可以在較低的汽車產量方面做些什麼，因為我們已經解決了固定成本。但同時，我們正在向大家公開我們正在進行的一些重組，特別是在已經宣布的一些重組中，我們正在努力在歐洲開展一些業務在我們的運輸部門內移動。這些正在進行中。在某些情況下，他們面臨壓力，因為我們需要從這些設施中拿出一些容量。但隨著 2021 年和 22 世紀的到來，我們將看到這些重組計劃帶來更多好處。

The other thing I would say is when you see the types of recovery and Terrence mentioned going from 12 million units in the June quarter to 22 million units in the December quarter, that is a very steep ramp in terms of our ability to ramp up. And as part of that, you would expect there is some inefficiencies that are embedded in that. And so although we're pleased with the margins, there's still room to go with them.

我要說的另一件事是，當你看到復甦的類型時，Terrence 提到從6 月季度的1200 萬台增加到12 月季度的2200 萬台，就我們的提升能力而言，這是一個非常陡峭的增長。作為其中的一部分，您可能會發現其中存在一些低效率的情況。因此，儘管我們對利潤率感到滿意，但仍有空間。

Your next question comes from the line of James Suva.

你的下一個問題來自詹姆斯·蘇瓦（James Suva）。

My one question is on average selling prices, kind of looking ahead in the transportation segment. In the past, I believe, under conventional cars and autos, the price declines are kind of like 1% to 2%. Is that going to be similar as you look at more, say, battery connected HV cars in the future similar percent or actually better percent declines or worse declines? The reason why I ask is, as you know, there's a lot of shortages in the automotive semiconductor industry, and they're seeing better pricing declines. I know that you have more annual or longer-term contracts. But I was kind of wondering, longer term, for that segment, is the math formula of the 1% to 2% average price decline still intact? Or because these are newer technologies, they should actually decline faster? Or because they're newer technologies that they could actually hold up better?

我的一個問題是平均售價，以及對運輸領域的未來展望。過去，我認為，傳統汽車和汽車的價格下降幅度約為 1% 至 2%。當你看到未來更多的電池連接的高壓汽車時，這是否會類似，或者實際上更好的百分比下降或更嚴重的下降？我問這個問題的原因是，如您所知，汽車半導體行業存在大量短缺，而且他們看到價格下降幅度更大。我知道你們有更多的年度或長期合約。但我有點想知道，從長遠來看，對於該細分市場，平均價格下降 1% 至 2% 的數學公式是否仍然完好無損？或者因為這些是較新的技術，它們實際上應該衰退得更快？或者因為它們是更新的技術，實際上可以更好地保持？

So Jim, a couple of things. Thanks for the question, and I'll tie back to the question I got earlier. First off, when we look at pricing right now, we sort of view it as stable. Certainly, we don't make semiconductors. So some of the shortages that are happening in that space, yes, we do. When you look longer term, and that assumes supply chain normalizes, we do expect our electric vehicle product portfolio to have a higher price curve just due to the volume. And that's something we've always said that's included in our 4% to 6%. And so depending upon how those volumes go, and that's typically the arrangements that we have with our customers that are typically volume and we sit down and have those discussions with our customer.

吉姆，有幾件事。謝謝你的提問，我將回到我之前提出的問題。首先，當我們現在考慮定價時，我們認為它是穩定的。當然，我們不生產半導體。因此，該領域正在發生一些短缺，是的，我們確實如此。從長遠來看，假設供應鏈正常化，我們確實預期我們的電動車產品組合將因銷量而具有更高的價格曲線。這是我們一直說的，包含在我們的 4% 到 6% 中。因此，取決於這些數量的進展情況，這通常是我們與客戶的安排，通常是數量，我們坐下來與客戶進行這些討論。

I would also tell you that when we think about content, we do expect content to be about 2x with EVs. And also the margin targets we give you also include that pricing that Heath has talked about a few minutes ago. So net-net, it will be a little bit higher as it scales in those product sets. But overall, as part of our margin model and content model, we've always reviewed with you.

我還想告訴你，當我們考慮內容時，我們確實預計電動車的內容約為 2 倍。我們給您的利潤目標還包括希思幾分鐘前談到的定價。因此，隨著這些產品集的擴展，它會更高一些。但總體而言，作為我們的利潤模型和內容模型的一部分，我們始終與您一起進行審查。

Your next question comes from the line of Williams Stein.

你的下一個問題來自威廉斯斯坦。

Hearing a louder chorus of voices talking about ECU consolidation as an aspect of the evolution of automotive networking architectures, things like domain architectures and zonal architectures. Do you see this happening as well? Or is it more talk from some technology providers than sort of real action by the Tier 1s and OEs? And also, I'm curious how you expect this will influence connector units, pricing and your print position with customers?

聽到越來越多的聲音談論 ECU 整合是汽車網路架構（例如領域架構和區域架構）發展的一個面向。您也看到這種情況發生嗎？還是一些技術提供者的空談多於一級供應商和營運商的實際行動？另外，我很好奇您預計這將如何影響連接器單元、定價以及您在客戶中的列印地位？

So well, this is not a new trend. So I think there's a big thing here. And the trend of how do you bring feature integration into an ECU and certainly, the car has a lot of ECUs, but how the -- instead of adding a box to a car when you want to add to the architecture, you're adding a feature into an ECU which does help make sure the architecture doesn't get out of control. So this is not a new trend. It's always been a trend. Certainly, some people will go out and say, will there be only 1 mega ECU or 2. I think that's not a new idea, but I think that's going to be much further out. Net-net, what happens is the amount of interconnects that are in those ECUs become more complicated, which help us. And then certainly, the interfaces around where do you need to sense what's going on in the car also creates more connections. And no different than the content picture, I hope I painted earlier around where is content coming from, that $10, half of it is due to electric content, electric powertrain content, some data. But the other half is due to the low voltage architecture, that continues to get more connections in it as the car has more features to it. And you still need to have a connection to wherever the feature is back to a box.

好吧，這不是一個新趨勢。所以我認為這裡有一件大事。趨勢是如何將功能整合到 ECU 中，當然，汽車有很多 ECU，但是當您想要添加到架構中時，不是在汽車上添加一個盒子，而是添加ECU 中的一項功能確實有助於確保架構不會失控。所以這並不是一個新趨勢。這一直是一種趨勢。當然，有些人會出來說，只有 1 個大型 ECU 還是 2 個。我認為這不是一個新想法，但我認為這會更遙遠。Net-net，這些 ECU 中的互連數量變得更加複雜，這對我們有幫助。當然，您需要感知汽車內發生的情況的介面也會創建更多連接。與內容圖片沒有什麼不同，我希望我早先畫出了內容的來源，即 10 美元，其中一半來自電動內容、電動動力系統內容和一些數據。但另一半是由於低電壓架構，隨著汽車具有更多功能，它會繼續獲得更多連接。而且您仍然需要與該功能返回到盒子的任何地方建立連接。

So certainly, ECU, no different than what semiconductors do all the time, which is it integrates more into a chip. You're going to see that in the car, that creates more complex connecting solutions as that box has to connect into other applications in the car, and that's actually good for us. We think it adds more connections, and it actually creates complexity, which our customers need us more from an innovation perspective. So I hope that frames it a little bit and helps you with that question.

當然，ECU 與半導體一直在做的事情沒有什麼不同，那就是它把更多的東西整合到了晶片中。您將在汽車中看到，這會創建更複雜的連接解決方案，因為該盒子必須連接到汽車中的其他應用程序，這實際上對我們有好處。我們認為它增加了更多的聯繫，但它實際上創造了複雜性，從創新的角度來看，我們的客戶更需要我們。所以我希望我的框架能幫助你解決這個問題。

Your next question comes from the line of David Williams.

你的下一個問題來自大衛威廉斯。

Just wanted to kind of see if you could read into some of the trends you're seeing within the data center, the strength there and maybe what your view is for the year in terms of that -- those trends?

只是想看看您是否可以了解您在資料中心內看到的一些趨勢、那裡的優勢以及您對今年的趨勢有何看法？

Well, the data center, what -- it's one of those markets, I would tell you, was not COVID impacted from the cycle and that just continued. So when we look at cloud and data center spending, we're looking at another double-digit increase this year. And I think the start that we're getting in the unit -- in our data and devices units there, certainly, when you look at where semiconductors are growing, that's also a supporter of it, and we see the cloud spending just continuing. And what's really nice that over -- as our team -- Heath talked about the margin progression, one of the things as we also work margin is where we we're going to appoint our engineers at. And what we're also very pleased with is our share gain and position that we've earned across all the cloud providers and not only on the margin side, the team should be congratulated also what they've done and how do we bring the innovation to those cloud providers.

好吧，資料中心，我會告訴你，它是這些市場之一，沒有受到新冠疫情週期的影響，而且這種情況還在繼續。因此，當我們考慮雲端和資料中心支出時，我們預計今年將再次出現兩位數的成長。我認為我們正在進入這個部門——在我們的數據和設備部門，當然，當你看到半導體在哪裡增長時，這也是它的支持者，我們看到雲端支出仍在繼續。真正令人高興的是，作為我們的團隊，希思談到了利潤的進展，我們也在處理利潤，其中一件事就是我們將在哪裡任命我們的工程師。我們也非常滿意的是我們在所有雲端供應商中獲得的份額收益和地位，而不僅僅是在利潤方面，團隊也應該祝賀他們所做的事情以及我們如何帶來這些雲端提供者的創新。

Your next question comes from the line of Nik Todorov.

你的下一個問題來自尼克·托多羅夫。

Terrence, I think I heard you talk about increased design wins with electrification and the commercial transportation. I wonder if you can give us a little bit more color on that. And maybe compare at what stage do you think the EV in commercial transportation is relative to where EV in light vehicle is today? Are we maybe where light vehicle EV was a year or 2 years ago?

泰倫斯，我想我聽到你談到了透過電氣化和商業運輸增加設計勝利。我想知道你能否給我們更多的資訊。也許您認為商業交通中的電動車與當今輕型汽車中的電動車處於哪個階段？我們的輕型汽車電動車可能處於一年或兩年前的狀態嗎？

No. Thanks for the question, Nik. And when you look at it, we all had the discussions around auto a lot. And we have -- we've talked to you before about electric vehicles and trucks. And a lot of things happening around the last mile fleet. What I've said is, over this past year, we've seen a very significant increase in more platform work by the major commercial truck OEMs. And when you look at that increased activity, it seems to be more serious activity than dabbling products and projects. And what is really nice is when you think about our position in commercial transportation, it's in many ways, very similar to our automotive position. It's global, it's agnostic to the architecture. That's why we like being a Tier 2. And when we sit there and we look at what our teams are working on, we're seeing an acceleration. So certainly, when we look at commercial transportation, the breadth of vehicles that are in there, whether it's mining, whether it's Class A trucks and so forth, it's pretty broad. But we do get excited about the content opportunity there as well. And it does feel where we are today from a program activity is probably where we were 3 to 4 years ago in automotive, just giving you a gut feel on that of where this momentum is starting to accelerate. And it's really nice that we're going to leverage our position like we did in automotive, and that can be a content lever in ICT.

不。謝謝你的提問，尼克。當你看到它時，我們都圍繞著汽車進行了很多討論。我們之前已經與您討論過電動車和卡車。最後一哩車隊周圍發生了很多事情。我所說的是，在過去的一年裡，我們看到主要商用卡車原始設備製造商的平台工作顯著增加。當你看到增加的活動時，你會發現這似乎是比涉足產品和項目更嚴肅的活動。真正好的一點是，當您考慮我們在商業運輸領域的地位時，您會發現它在許多方面與我們在汽車領域的地位非常相似。它是全球性的，與架構無關。這就是為什麼我們喜歡成為第二梯隊。當我們坐在那裡，看看我們的團隊正在做什麼時，我們看到了加速。所以，當然，當我們觀察商業運輸時，那裡的車輛種類繁多，無論是採礦車、A 級卡車等等，它的範圍都相當廣泛。但我們也對那裡的內容機會感到興奮。從專案活動來看，我們今天的處境確實可能與 3 到 4 年前汽車產業的處境相似，只是讓你直觀地感受到這種勢頭開始加速。我們將像在汽車領域那樣利用我們的地位，這真的很好，這可以成為 ICT 領域的內容槓桿。

It looks like there's no further questions. So if you have any questions, please contact Investor Relations at TE. Thank you for joining us, and have a nice day.

看來沒有其他問題了。因此，如果您有任何疑問，請聯絡 TE 的投資者關係部門。感謝您加入我們，祝您有美好的一天。

Ladies and gentlemen, your conference will be made available for replay beginning at 11:30 a.m. Eastern Time today January 27, 2021, on the Investor Relations portion of TE Connectivity's website. That will conclude your conference for today.

女士們、先生們，你們的會議將於上午 11:30 開始重播。東部時間今天 2021 年 1 月 27 日，在 TE Con​​nectivity 網站的投資者關係部分。今天的會議到此結束。