泰科電子 (TEL) 2022 Q4 法說會逐字稿

Ladies and gentlemen, thank you for standing by, and welcome to the TE Connectivity Fourth Quarter 2022 Earnings Call. (Operator Instructions) As a reminder, today's call is being recorded.

女士們，先生們，感謝各位的支持，歡迎參加 TE Con​​nectivity 2022 年第四季業績電話會議。 （操作員指示）提醒一下，今天的電話會議正在錄音中。

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

現在，我想將會議交給主持人、投資者關係副總裁蘇加爾·沙阿 (Sujal Shah)。請開始。

Good morning, and thank you for joining our conference call to discuss TE Connectivity's Fourth Quarter and Full Year 2022 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. The press release and related tables along with the slide presentation, can be found on the Investor Relations portion of our website te.com.

早安，感謝您參加我們討論 TE Con​​nectivity 2022 年第四季及全年業績的電話會議。今天與我一起參加會議的有執行長 Terrence Curtin 和財務長 Heath Mitts。在本次電話會議中，我們將提供一些前瞻性信息，並請您閱讀今天新聞稿中包含的前瞻性警示性聲明。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 (Non-GAAP) 指標，並請您閱讀新聞稿中關於這些指標使用方法的部分以及隨附的幻燈片簡報。新聞稿、相關表格和幻燈片簡報可在我們網站 te.com 的「投資者關係」部分找到。

I also want to remind you that our Q4 results include an extra week, and we will be discussing some of our results on both the 14-week and 13-week basis during the call. Please see the appendix in the slide presentation for the impact of the extra week in our results as well as the accompanying reconciliations.

我還想提醒大家，我們的第四季業績包含額外一週的數據，我們將在電話會議中討論部分基於14週和13週的業績。請參閱投影片簡報中的附錄，以了解額外一週的資料對我們績效的影響以及隨附的對帳表。

Finally, during the Q&A portion of today's call, we're asking everyone to limit themselves to one question, and you may rejoin the queue if you have a second question.

最後，在今天電話會議的問答環節，我們要求每個人只問一個問題，如果您有第二個問題，可以重新加入隊列。

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

現在，讓我將電話轉給特倫斯，請他發表開場評論。

Thank you, Sujal, and we appreciate everyone joining us today. As I typically like to do at the beginning of these calls, before we get into the slides, I'd like to spend some time discussing our performance, along with some of the developments that we're seeing since our call just 90 days ago. While there are a number of external data points showing crosscurrents from global economic uncertainty, we continue to perform well, and you'll see this both in our fourth quarter and fiscal year 2022 results.

謝謝蘇加爾，謝謝各位今天加入我們。正如我通常在電話會議開始時所做的那樣，在我們開始幻燈片演示之前，我想花點時間討論一下我們的業績，以及自90天前的電話會議以來我們看到的一些進展。儘管許多外部數據顯示全球經濟不確定性加劇，但我們仍然表現良好，您會在我們的第四季和2022財年業績中看到這一點。

Our performance came in ahead of our guidance and continues to demonstrate the benefits for how we strategically positioned our portfolio around secular growth trends as we continue to outperform our markets. We also are demonstrating operational performance in serving our customers and delivering strong financial results despite the broader macro challenges.

我們的業績超越預期，並持續展現出我們圍繞長期成長趨勢進行策略性投資組合佈局的優勢，我們的表現持續超越市場。儘管面臨更廣泛的宏觀挑戰，我們在服務客戶和實現強勁財務業績方面也展現出卓越的營運績效。

Our backlog remains near all-time high levels and our overall order levels imply solid demand across the majority of the markets we serve. Within this backdrop, we have some markets that are growing, some that are still in recovery mode back to pre-pandemic levels and others that are showing signs of moderation.

我們的積壓訂單量接近歷史最高水平，整體訂單水平表明我們服務的大多數市場需求強勁。在此背景下，一些市場正在成長，一些市場仍處於復甦階段，已恢復至疫情前的水平，還有一些市場則顯示出放緩的跡象。

At the same time, we're being negatively impacted by a stronger dollar, which will continue to be a significant headwind into 2023. I also want to highlight that our teams continue to proactively implement price increases to keep up with ongoing inflationary pressures. I am confident in our ability to execute in the short term as we navigate these challenges, and I am excited about the long-term opportunities as we go forward. And Heath and I will go into more details on these moving pieces as we discuss our performance and outlook on the call.

同時，美元走強對我們產生了負面影響，這將繼續成為2023年的一大阻力。我還想強調，我們的團隊將繼續積極實施價格上調，以應對持續的通膨壓力。我對我們應對這些挑戰的短期執行能力充滿信心，並對我們未來的長期機會感到興奮。當希思和我將在電話會議上討論我們的業績和前景時，更詳細地討論這些變化因素。

To summarize our financial performance, we delivered strong results again in the fourth quarter with double-digit organic growth and double-digit adjusted earnings per share growth year-over-year. For the full year, our adjusted sales and adjusted EPS were records with sales up 12% organically and adjusted earnings per share up 13% versus the prior year despite headwinds from foreign currency exchange and inflationary pressures.

總結我們的財務業績，我們在第四季度再次取得強勁業績，實現了兩位數的有機成長，調整後每股盈餘也較去年同期成長兩位數。全年來看，儘管面臨外匯和通膨壓力等不利因素，我們的調整後銷售額和調整後每股盈餘均創下歷史新高，有機銷售額年增12%，調整後每股盈餘較去年同期成長13%。

With this quick backdrop, let me give you some details on what we're experiencing. First, on the orders front. We're seeing some puts and takes across the different end markets we serve, and this is reflected in our orders in our backlog. With the higher backlog levels that we have and the stability we're starting to see in our supply chain for the first time since COVID, it is reasonable to see our book-to-bill below 1 in the quarter.

簡單回顧一下背景，讓我來詳細介紹一下我們的現況。首先，關於訂單方面。我們看到，我們所服務的不同終端市場出現了一些波動，這反映在我們積壓訂單中。由於積壓訂單水準較高，而且自新冠疫情以來，我們的供應鏈首次開始趨於穩定，因此本季我們的訂單出貨比低於1是合理的。

Our backlog remains strong at $6 billion, which is almost 2x higher than pre-COVID levels. If you click down on orders by segment, Transportation and Industrial are continuing to show positive order trends. In Transportation, OEM auto production is still constrained by supply chain limitations and end demand remains above current levels of production. So we continue to have a favorable outlook for this market long term on both production as well as the content growth.

我們的積壓訂單依然強勁，達到60億美元，幾乎是新冠疫情前水準的兩倍。如果您點擊細分市場中的訂單，您會發現運輸和工業領域訂單趨勢持續向好。在運輸領域，OEM汽車生產仍受到供應鏈限制，終端需求仍高於目前的生產水準。因此，我們仍然對該市場的長期生產和內容成長前景持樂觀態度。

In the Industrial segment, we continue to expect growth in comm air and medical markets as reflected in our orders, along with the benefits from wind and solar applications in our energy business. Renewables now represent 20% of our energy sales and the comm air market is still recovering to pre-COVID levels and both of these will be growth areas within the industrial segment in 2023.

在工業領域，我們預計商用空氣和醫療市場將繼續成長，這體現在我們的訂單中，同時我們能源業務中的風能和太陽能應用也將帶來效益。再生能源目前占我們能源銷售額的20%，商用空氣市場仍在恢復到新冠疫情前的水平，這兩個領域都將成為2023年工業領域的成長領域。

In our Communications segment, we are seeing orders decline in the appliance market. Based upon recent developments, we have seen our orders to cloud customers moderate reflecting lower capital spending, along with inventory adjustments in the data center supply chain. We also continue to experience inflationary pressures, and this is particularly true for resins that we use for molding as well as higher energy costs that impact our manufacturing operations globally. We are continuing to implement additional price increases to offset these inflationary costs and expect to have a positive contribution to margin later in '23 from the price cost dynamic.

在通訊業務領域，我們看到家電市場的訂單正在下降。根據近期發展情況，我們來自雲端客戶的訂單有所放緩，這反映了資本支出的減少以及資料中心供應鏈庫存的調整。我們也持續面臨通膨壓力，這尤其體現在我們用於成型的樹脂上，以及影響我們全球製造業務的能源成本上漲。我們將繼續實施額外的價格上調，以抵消這些通膨成本，並預計價格成本動態將在2023年後期對利潤率產生積極貢獻。

And the last thing I want to highlight before we turn to the slides, and I think we consistently demonstrated, we will take actions to ensure our cost structure is in line with what we're seeing in the market environment, and Heath will provide additional details on this in his section.

在我們轉到幻燈片之前，我想強調的最後一件事是，我認為我們已經一貫證明，我們將採取行動，確保我們的成本結構與我們在市場環境中看到的一致，希思將在他的部分提供有關這方面的更多詳細信息。

So now let's get into the slides, and I'd ask you to turn to Slide 3, and I'll cover some additional highlights for the fourth quarter and the full year, as well as get into our first quarter outlook. As Sujal mentioned earlier, our fourth quarter included an extra week. Our fourth quarter sales were $4.4 billion, which were up 14% on a reported basis. Our adjusted operating margins were 17.4%, and our adjusted earnings per share was $1.88, and this was up 11% year-over-year.

現在我們開始幻燈片演示，請翻到第三張幻燈片，我將介紹第四季度和全年的一些亮點，並介紹我們第一季的展望。正如Sujal之前提到的，我們的第四季比第一季多了一周。第四季銷售額為44億美元，報告顯示成長了14%。調整後的營業利益率為17.4%，調整後每股收益為1.88美元，較去年同期成長11%。

If you include the extra week to get to a better apples-to-apples comparison, our fourth quarter sales were slightly over $4 billion and this was up 12% organically year-over-year and adjusted earnings per share were $1.75. A key thing to highlight in the fourth quarter is that we delivered record free cash flow of $745 million in the quarter, which demonstrates our strong cash generation model, and we returned over $500 million to shareholders.

如果加上額外一週的時間進行更準確的比較，我們第四季的銷售額略高於40億美元，年增12%，調整後每股收益為1.75美元。第四季值得強調的一點是，我們實現了創紀錄的7.45億美元自由現金流，這體現了我們強大的現金產生模式，我們向股東返還了超過5億美元。

I do want to highlight, and we've discussed it with you previously, earlier in the year, we did increase inventory levels to deal with supply chain volatility and ensure we can meet the needs of our customers. As we have begun to see our supply chain improving, we decided to get our inventory more in line and reduced our inventory by approximately $350 million in the quarter and you'll see our days on hand were actually down year-on-year in the fourth quarter.

我想強調的是，我們之前也和大家討論過，今年早些時候，我們確實提高了庫存水平，以應對供應鏈波動，確保能夠滿足客戶的需求。隨著供應鏈開始改善，我們決定進一步優化庫存，並在本季減少了約3.5億美元的庫存。您會發現，第四季度我們的庫存天數實際上比去年同期有所下降。

We do believe this was prudent balance sheet management in the current environment, and this action improved our free cash flow in the quarter but does pressure our margin in the short term.

我們確實認為這是當前環境下審慎的資產負債表管理，這項措施改善了我們本季的自由現金流，但確實在短期內給我們的利潤率帶來了壓力。

So now let me touch upon a few additional highlights for our full year results. Our fiscal 2022 results were a record at $16.3 billion, and this is up 9% year-over-year on a reported basis despite currency exchange headwinds of approximately $760 million. Sales were up 12% organically with Industrial and Communications up double digits and Transportation up high single digits, demonstrating the strategic positioning of our portfolio.

現在，我想再談談我們全年業績的幾個亮點。我們2022財年的業績創下163億美元的紀錄，儘管受到約7.6億美元的匯率不利影響，但報告顯示，年增9%。銷售額有機成長12%，其中工業和通訊業務實現兩位數成長，運輸業務實現高個位數成長，這反映了我們產品組合的策略定位。

Adjusted earnings per share was a record at $7.33, which was up 13% year-over-year and adjusted operating margins were 18.2%, with expansion in the Industrial and Communications segments versus the prior year.

調整後每股收益達到創紀錄的 7.33 美元，年增 13%，調整後營業利益率為 18.2%，工業和通訊部門較上年有所擴大。

For the full year, we returned $2.1 billion to shareholders between share buybacks and dividends as our focus was on organic investment in the business as well as return of capital to our owners.

全年我們透過股票回購和股息向股東返還了 21 億美元，因為我們的重點是業務的有機投資以及向所有者的資本回報。

Now with that as a wrap-up of the financials for 2022, let me touch upon our first quarter guidance. And I want to frame this out by incorporating some of the moving pieces I already highlighted for you. I do want to make sure we have the right baseline together for guidance. So when you look at this, the year-over-year comparison would be against $3.8 billion of sales in the first quarter of fiscal '22, and the sequential comparison would be against the 13-week sales in quarter 4 of $4 billion.

現在，作為2022年財務狀況的總結，讓我來談談我們第一季的業績指引。我想結合一些我已經為大家強調過的內容來概括一下。我希望確保我們有一個正確的指引基準。因此，年比比較是與2022財年第一季38億美元的銷售額進行比較，而季比比較是與第四季13週40億美元的銷售額進行比較。

So if we look at it going back to quarter 1 of 2022 -- I mean, sorry, '23, we do expect sales of approximately $3.75 billion. And the sales in the first quarter of '23 will be up 9% organically and down slightly on a reported basis year-over-year despite approximately $400 million of FX headwinds. Adjusted earnings per share is expected to be approximately $1.50, which includes year-over-year headwinds of approximately $0.25 from currency exchange and a higher tax rate of 21%, which will be up from a year ago.

所以，如果我們回顧2022年第一季——抱歉，是23年——我們預計銷售額約為37.5億美元。儘管面臨約4億美元的外匯逆風，2023年第一季的銷售額有機成長9%，但報告期間銷售額較去年同期略有下降。預計調整後每股收益約為1.50美元，其中包括約0.25美元的年比匯率逆風以及21%的稅率上漲，稅率將高於去年同期。

When you look at our guidance sequentially versus the 13-week $4 billion, we are declining by $300 million in sales and $0.25 in EPS. Roughly half of our top line sequential decline is from foreign currency, with the remaining balance split between typical seasonality and the decline in the communications volume due to end market moderation. The EPS decline is driven by foreign exchange and volume declines I just mentioned, as well as a temporary impact from the proactive inventory reductions we drove in the fourth quarter.

如果將我們的環比業績指引與13週40億美元的業績指引進行比較，就會發現我們的銷售額下降了3億美元，每股收益下降了0.25美元。我們營收季減的約一半是由於外匯影響，其餘部分則歸因於典型的季節性因素以及終端市場放緩導致的通訊量下降。每股盈餘的下降是由我剛才提到的外匯和銷售下降，以及我們在第四季主動減少庫存的暫時影響所造成的。

While we have some near-term pressures that are nonstructural, we have been making progress on what we can control with our teams driving price increases this past year to partially offset the increasing inflationary pressures. As we've mentioned in the past, in Transportation, there is a lag between inflation and our ability to recover through price. We have implemented additional price increases, which would get Transportation margins back up into the high teens sometime in the second half of '23.

雖然我們面臨一些非結構性短期壓力，但我們的團隊在過去一年推動價格上漲，以部分抵消不斷上升的通膨壓力，在控制方面取得了進展。正如我們過去所提到的，在運輸領域，通貨膨脹與我們透過價格復甦的能力之間存在著滯後。我們已經實施了額外的價格上漲，這將使運輸部門的利潤率在2023年下半年某個時候回升至15%左右。

While we are working through the crosscurrents we're experiencing, one thing that has not changed is the benefit we continue to see from the secular trends in our markets and the outperformance we're generating from content growth. We are benefiting from our position in electric vehicles, smart factory applications including automation, renewable energy and high-speed cloud and artificial intelligence applications. We remain committed to our business model and long-term value creations for growth, margin expansion, as well as driving our strong cash generation model.

儘管我們正在努力應對當前的逆流，但有一件事始終沒有改變，那就是我們持續受益於市場長期趨勢以及內容成長帶來的優異表現。我們受惠於在電動車、智慧工廠應用（包括自動化）、再生能源、高速雲端和人工智慧應用領域的地位。我們將繼續致力於我們的商業模式和長期價值創造，以實現成長、利潤率提升，並推動我們強勁的現金產生模式。

So with that, wrapping up the highlight slide, let's turn to Slide 4, and I'll share some more details on orders. For the fourth quarter, our orders were $4.3 billion, and this reflects resiliency in both Transportation and Industrial, and also demonstrates moderation in our Communications segment. Our backlog of $6 billion is up 11% year-over-year, and I want to emphasize that we're seeing very little impact from pushouts or cancellations from our customers.

好了，總結一下這張重點投影片，我們來看第四張投影片，我將分享更多關於訂單的細節。第四季度，我們的訂單金額為43億美元，這反映了運輸和工業部門的韌性，也顯示了我們通訊部門的放緩。我們60億美元的積壓訂單年增了11%，我想強調的是，我們幾乎沒有受到客戶延期或取消訂單的影響。

In transportation, we had a book-to-bill of 1.03, along with a strong backlog position. This reflects favorable demand patterns and demand for auto continues to be higher than what OEMs can currently produce, providing a favorable backdrop for production increases as our customer supply chain bottlenecks begin to resolve and dealer inventories get back to historical levels. Our content growth remains strong with content per vehicle expanding in fiscal '22 to over $80 per vehicle from the $60 range pre-COVID. We do expect further content expansion due to our global leadership position and increased adoption of electric vehicles globally.

在運輸領域，我們的訂單出貨比為1.03，同時積壓訂單量強勁。這反映了良好的需求模式，且汽車市場需求持續高於主機廠目前的產能，隨著我們客戶供應鏈瓶頸開始解決，經銷商庫存恢復到歷史水平，這為產量成長提供了有利背景。我們的產品內容成長保持強勁，每輛車的產品內容成本從新冠疫情前的60美元左右增長到2022財年的80美元以上。鑑於我們在全球的領導地位以及全球電動車普及率的提高，我們預計產品內容成本將進一步成長。

In our Industrial segment, we had a book-to-bill of 1.01. Year-over-year order growth was driven by both AD&M and our medical businesses as these businesses continue to recover from pre-pandemic levels. And in our Communications segment, orders declined year-over-year and sequentially, reflecting expected decline in appliances and moderation in Data & Devices as the data center supply chain adjust inventory levels for its cloud customers. Despite this market cyclicality, we expect to continue to outgrow the market in the Data & Devices business due to share gains and benefits from high speed and AI implementations in the data center and cloud.

在工業領域，我們的訂單出貨比為1.01。訂單年增率主要得益於自動化與製造（AD&M）和醫療業務，因為這些業務正在從疫情前的水平持續復甦。在通訊領域，訂單年比和環比均有所下降，這反映了家電業務的預期下降以及數據與設備業務的放緩，因為數據中心供應鏈正在調整其雲端客戶的庫存水平。儘管市場存在週期性，但由於市場份額的成長以及資料中心和雲端高速和人工智慧應用帶來的益處，我們預期資料與設備業務將繼續超越市場。

Now let me provide a little color on what we're seeing in orders geographically. On a 13-week organic basis by region, we saw year-over-year growth of 6% in China and Europe, while North America was essentially flat. On a sequential basis, we saw orders grow 18% in China with single-digit declines in Europe as well as in North America.

現在，讓我稍微介紹一下我們按地區劃分的訂單情況。按地區劃分，過去13週的有機成長中，中國和歐洲的訂單年增6%，而北美則基本持平。以環比成長來看，中國訂單成長了18%，而歐洲和北美的訂單均出現個位數下降。

So with that as a backdrop of orders and backlog, let me turn it over to Heath, and he'll get into the segment highlights as well as some information on the financials.

因此，在訂單和積壓訂單的背景下，讓我把它交給希思，他將介紹該部分的亮點以及一些財務資訊。

Thank you, Terrence, and good morning, everyone. I will now briefly discuss year-over-year segment results in the quarter on Slides 5 through 7. You can see the details on the slides, and I will talk about organic sales performance on a 13-week basis. Slide 5. Transportation sales were up 13% organically year-over-year. Our Auto business grew 16% organically with growth across all regions. We continue to increase our content per vehicle through our global leadership in EV. Electric vehicles now account for nearly 20% of auto production with further increases in production expected in '23.

謝謝Terrence，大家早安。現在，我將在第5至7張投影片上簡要介紹本季各部門的年比業績。您可以在幻燈片上查看詳細信息，然後我將介紹13週的有機銷售業績。幻燈片5。運輸業務的銷售額年增13%。我們的汽車業務有機成長了16%，所有地區均實現了成長。憑藉我們在電動車領域的全球領先地位，我們繼續提高每輛車的產量。電動車目前佔汽車產量的近20%，預計2023年產量將進一步成長。

To provide context, EV and HEV production has grown 3x from 2019 with 14 million units produced in 2022. And importantly, for 2023, we expect our market outperformance to be well above our stated 4% to 6% range in automotive. In Commercial Transportation, we saw 13% organic growth driven by North America and Europe with significant market outperformance in all regions, driven by content growth and share gains this year.

具體來說，電動車和混合動力車的產量較2019年增加了3倍，2022年產量達到1,400萬輛。更重要的是，我們預計2023年汽車市場的表現將遠超我們先前設定的4%至6%的預期。商用運輸領域，受北美和歐洲市場推動，我們實現了13%的有機成長，所有地區均實現了顯著的市場成長，這得益於今年內容量的成長和市場份額的提升。

In Sensors, we declined 3% organically with our focused growth areas offset by continued portfolio optimization activities. At the Transportation segment level, adjusted operating margins were 16.6% and the margins reflect the short-term impact from our planned inventory reduction along with the timing of price actions to offset inflationary pressures, which Terrence mentioned earlier.

感測器業務有機下滑3%，但我們重點關注的成長領域被持續的產品組合優化活動所抵消。運輸業務調整後營業利潤率為16.6%，此利潤率反映了我們計劃削減庫存的短期影響，以及Terrence先前提到的為抵銷通膨壓力而採取的價格行動的時機。

Moving to the next slide, the Industrial segment. Sales increased 16% organically year-over-year. Industrial Equipment was up 20% organically with double-digit growth in all regions and continued benefits from factory automation applications. Aerospace and defense was also up 20% organically, with growth driven primarily by ongoing market improvement in comm air. In energy, we saw 16% organic growth driven by increased penetration in renewable applications.

下一張投影片是工業部門。銷售額較去年同期成長16%。工業設備部門有機成長20%，所有地區均達到兩位數成長，並持續受惠於工廠自動化應用。航空航太和國防部門有機成長20%，主要得益於通訊空氣市場的持續改善。能源部門有機成長16%，這得益於再生能源應用滲透率的提高。

Our medical sales were up 3% organically with increases in interventional procedures as the medical device market continues to work through supply chain challenges. Adjusted operating margins for the segment expanded year-over-year to 16.5%, driven by higher volume, price actions and implementation of previous cost actions.

隨著醫療器材市場持續應對供應鏈挑戰，介入性手術業務的成長推動醫療產品銷售額有機成長3%。受銷售成長、價格調整以及先前成本控制措施實施的推動，該部門調整後營業利潤率年增至16.5%。

The next slide, Communications. We had 3% organic growth year-over-year In Data & Devices, we saw continued market outperformance driven by content growth in high-speed cloud and share gains in artificial intelligence applications. Our appliance business declined 6% organic, reflecting the expected moderation in this end market that will continue into fiscal '23. Communications adjusted operating margins were 21.7%, reflecting the lower sales in the appliance business.

下一張投影片是通訊業務。數據與設備業務的有機成長率年增3%，這得益於高速雲端內容的成長以及人工智慧應用份額的成長，我們持續保持市場領先。家電業務有機下降6%，反映出該終端市場預期的放緩趨勢，並將持續到2023財年。通訊業務調整後營業利益率為21.7%，反映家電業務銷售額的下降。

If you turn to Slide 8, where I'll provide more details on the Q4 financials. As mentioned earlier, Q4 includes an extra week and we have provided tables in the appendix that bridge sales, margins and EPS for that extra week. Sales of $4.4 billion were up 14% on a reported basis year-over-year and currency exchange rates negatively impacted sales by $348 million versus the prior year.

請翻到第8張投影片，我將提供更多關於第四季財務狀況的詳細資訊。如前所述，第四季度包含一周的額外數據，我們在附錄中提供了表格，用於比較該額外一周的銷售額、利潤率和每股收益。銷售額為44億美元，年增14%，匯率波動對銷售額造成了3.48億美元的負面影響，與去年同期相比有所下降。

Adjusted operating income was $757 million, with an adjusted operating margin of 17.4%. We are being impacted in the near term by nonstructural pressures of foreign exchange, inflation and the previously mentioned inventory reduction. While we can't influence currency exchange rates, we are continuing to be proactive on recovering inflationary pressures through price increases. Additional upcoming price increases will go into effect in Transportation, helping to lift segment margins back to the high teens in the second half of fiscal '23.

調整後營業收入為7.57億美元，調整後營業利益率為17.4%。短期內，我們正受到外匯、通貨膨脹以及前述庫存削減等非結構性壓力的影響。雖然我們無法影響匯率，但我們將繼續積極主動地透過漲價來應對通膨壓力。運輸業務即將實施的其他漲價措施也將生效，這有助於該部門利潤率在2023財年下半年回升至15%左右。

And while our Q4 inventory reduction has a near-term impact on margins, we do expect margin expansion as we move through this year with the back half closer to run rate company margins. And as you know, we were in the 18% range for most of fiscal '22.

雖然第四季度的庫存減少在短期內會對利潤率產生影響，但我們預計，隨著公司利潤率在今年下半年接近正常營運水平，利潤率將會有所提升。如大家所知，在22財年的大部分時間裡，我們的利潤率都維持在18%左右。

GAAP operating income was $660 million and included $82 million of restructuring and other charges and $15 million of acquisition-related charges. For the full year, restructuring charges were approximately $150 million, which were in line with expectations. We did ramp up our restructuring charges in Q4 to proactively react to the market environment. While I expect restructuring charges in fiscal '23 to be roughly consistent with fiscal '22, the charges will be more heavily weighted to the first half of the fiscal year, and we will continue to further evaluate cost actions as we move forward.

以美國通用會計準則 (GAAP) 計算，營業利潤為 6.6 億美元，其中包括 8,200 萬美元的重組及其他費用，以及 1,500 萬美元的收購相關費用。全年重組費用約 1.5 億美元，符合預期。為了積極應對市場環境，我們在第四季確實提高了重組費用。雖然我預計 2023 財年的重組費用將與 2022 財年大致持平，但這些費用將更集中在本財年上半年，我們將繼續進一步評估成本控制措施。

Adjusted EPS was $1.88, and GAAP EPS was $2.21 for the quarter and included a tax-related benefit of $0.57 related to discrete tax benefits during the quarter. Additionally, we had restructuring, acquisition and other charges of $0.25. The adjusted effective tax rate was approximately 19% in both Q4 and fiscal '22 and for Q1 in fiscal '23, we expect our adjusted tax rate to be roughly 21%. Importantly, we continue to expect our cash tax rate to stay well below our stated ETR for the full year.

本季調整後每股收益為1.88美元，GAAP每股收益為2.21美元，其中包含與本季單獨稅收優惠相關的0.57美元稅收相關收益。此外，我們的重組、收購及其他費用為0.25美元。第四季和2022財年的調整後有效稅率約為19%，而2023財年第一季，我們預計調整後有效稅率約為21%。重要的是，我們繼續預計全年現金稅率將遠低於我們聲明的實際稅率。

Turning to year-over-year comparisons on Slide 9. Fiscal '22 sales of $16.3 billion were a record and up 9% on a reported basis and 12% organically year-over-year. Currency exchange rates negatively impacted sales by approximately $760 million versus the prior year due to the further strengthening of the U.S. dollar against other currencies, we expect currency exchange rate headwinds to be approximately $1 billion for fiscal '23, with roughly 70% of this headwind to be felt in the first half of the fiscal year. This equates to approximately 600 basis points of headwinds to reported growth in fiscal '23.

回顧第9張投影片上的年比數據。 22財年銷售額達163億美元，創歷史新高，報告期內成長9%，有機成長率達12%。由於美元兌其他貨幣進一步走強，匯率對銷售額造成了約7.6億美元的負面影響，較上年同期減少約10億美元。我們預計23財年匯率逆風將達到約10億美元，其中約70%的逆風將出現在財年上半年。這相當於23財年報告期間銷售額成長將減少約600個基點。

Adjusted EPS expanded 13% year-over-year to $7.33 and adjusted operating margins were 18.2%, with year-over-year expansion in our Industrial and Communications segments.

調整後每股盈餘較去年同期成長 13% 至 7.33 美元，調整後營業利潤率為 18.2%，其中工業和通訊部門年增。

Turning to cash flow. Free cash flow for the year was approximately $1.8 billion, with over $2 billion returned to shareholders through share buybacks and dividends. We continue to remain disciplined in our use of capital and our long-term strategy remains consistent, which is to return approximately 2/3 of our free cash flow to shareholders and use 1/3 for acquisitions.

談到現金流。本年度自由現金流約18億美元，其中透過股票回購和股利返還給股東超過20億美元。我們將繼續嚴格控制資本使用，並始終堅持我們的長期策略，即約2/3的自由現金流返還給股東，1/3用於收購。

Near term, we have been aggressive in buying back our stock and taking advantage of investing in our own organic value creation opportunities. And before we get into questions, let me wrap up. We delivered strong performance this past year. Our teams have continued to execute well in this volatile environment to effectively serve our customers. And while we have some near-term headwinds, I am excited about the opportunities we have ahead of us this fiscal year. Our positioning of the portfolio will drive content outperformance. We also have a trajectory for further margin expansion and EPS growth through actions we can control, including price increases to fully offset inflation, cost reduction initiatives and a strong balance sheet that can support investments for growth while continuing to return capital to shareholders.

短期內，我們積極回購股票，並充分利用投資自身有機價值創造機會。在進入提問環節之前，請容許我先做個總結。過去一年，我們取得了優異的業績。我們的團隊在當前動盪的環境中依然表現優異，有效地服務客戶。儘管我們面臨一些短期阻力，但我對本財年面臨的機會充滿期待。我們對產品組合的定位將推動內容業務的優異表現。我們也擁有進一步提升利潤率和每股盈餘的軌跡，具體舉措包括：透過可控的措施，包括漲價以完全抵銷通膨、實施成本削減計劃，以及打造強勁的資產負債表，以支持增長性投資，同時持續向股東回報資本。

So there's a lot to be excited about there. Now let's open it up for questions.

所以這裡面有很多令人興奮的事情。現在讓我們開始提問。

Angela, can you please give the directions for the Q&A session.

安吉拉，您能否給予問答環節的指導。

(Operator Instructions) Your first question comes from the line of David Kelley with Jefferies.

（操作員指示）您的第一個問題來自 Jefferies 的 David Kelley。

Yes. A number of moving parts in the quarter, the extra week and inventory reduction, shifting in demand. So I was just hoping to dig into maybe the earnings trajectory into 2023. So could you walk us through or give us a sense of exit rate 2022 sales and margin levels?

是的。本季有許多變動因素，例如額外的一週工作時間、庫存減少以及需求的變化。所以我只是想深入了解2023年的獲利軌跡。您能否為我們詳細介紹一下，或讓我們了解一下2022年的銷售額和利潤率水準？

Sure, David. This is Heath. I'll take it. We just laid out a lot of moving parts for you. So I appreciate the opportunity to clarify anything that may come across as confusing. As we exited the year, certainly, we enjoyed good order volume, and we saw that reflected in our sales. And you saw that and certainly, we benefited from the flow-through of some of that. But we still are dealing with a lot of pressures. We have our inventory that we've elected to take down in the quarter. It was over 10% of our overall inventory balance. It was $350 million. And that does have a natural impact on margins and the flow through accordingly.

當然，大衛。我是希思。我接聽。我們剛剛為您列出了很多變動部分。因此，我很感激有機會澄清任何可能讓您感到困惑的問題。在年底，我們的訂單量確實不錯，這也反映在了銷售額上。您也看到了這一點，當然，我們也從部分訂單的串流中受益。但我們仍然面臨很多壓力。我們在本季選擇減少庫存。這部分庫存占我們總庫存餘額的10%以上，價值3.5億美元。這確實會對利潤率和相應的流動產生自然影響。

But importantly, we did bring our days on hand of inventory metric more back in line with where we would see a healthy ending balance at this volume level. So we feel good about that. And obviously, it had the benefit of cash flow, which was a record in the quarter of nearly $750 million. So we're going to keep our foot on that in terms of making sure that, that stays in check as we move forward. But it does have a negative near-term impact on the P&L.

但重要的是，我們確實將庫存週轉天數指標調整到了與當前交易量水準下健康的期末餘額相符的水準。我們對此感到滿意。而且顯然，這也帶來了現金流的提升，本季現金流創下了近7.5億美元的紀錄。因此，我們將繼續關注這一點，確保在未來的營運中，現金流能夠得到控制。但這確實會對損益表產生短期負面影響。

The other piece is we still are seeing a lot of heightened price pressures, particularly in transportation around inflation and where we buy resins and so forth that are oil-based driven cost structures is still hitting us. And so we do have planned increases that have already been agreed upon and will go into effect more or less the January time frame and the other parts of Q2 that we'll have a nice uptick for us as we move from the first half to the second half of the year.

另一點是，我們仍然看到價格壓力不斷加大，尤其是在運輸領域，通貨膨脹的影響，以及我們購買樹脂等產品的成本結構仍然受石油驅動，這些成本結構仍然對我們造成衝擊。因此，我們確實已經商定了漲價計劃，這些漲價計劃大致會在明年1月及第二季的其他時間段生效。隨著上半年過渡到下半年，我們的價格將會出現不錯的上漲。

And we are seeing our Communications segment moderate as expected. We had expected appliances to moderate. We've been discussing that openly throughout the year, and we have started to see that both in our orders and our sales. And that does have a little bit of a dilutive impact on the segment margins there for transport tariff or communications. So there's a few things heading in that direction.

我們看到通訊部門的業績如預期般放緩。我們原本預期家電業務的業績將會放緩。我們全年都在公開討論這個問題，並且已經開始在訂單和銷售額中看到這一點。這確實會對運輸關稅或通訊部門的利潤率產生一些稀釋性影響。所以，有一些事情正在朝著這個方向發展。

Now on the flip side, as we think about EPS, FX, and the strengthening dollar is heightened. If you recall back in July, when we snapped the line on what the currencies look like, I had given an early preview that our FY '23 exposure was going to be roughly $300 million and now we're calling that $1 billion with about $700 million that would hit us in the first half of the year. That does -- while that doesn't hit our margins quite as hard, that does have an impact on earnings per share. And we're certainly feeling that in the first quarter. We can't control that, but we are working -- that's just a reality and we want to be transparent with the analysts and owners of the stock here.

另一方面，當我們考慮每股盈餘、外匯和美元走強時，情況會更加嚴峻。如果你還記得7月我們確定匯率時的情況，我曾提前預測，2023財年的風險敞口約為3億美元，現在我們預計風險敞口將達到10億美元，其中約7億美元將在上半年對我們造成影響。雖然這不會對我們的利潤率造成太大影響，但確實會對每股盈餘產生影響。我們在第一季確實感受到了這種影響。我們無法控制，但我們正在努力——這是現實情況，我們希望對分析師和股東保持透明。

So there's some moving parts there as we work our way through the year. At the same time, we're not sitting flat-footed. We mentioned some restructuring activity. That will continue. That is about rightsizing some sort of things in an anticipated softer macro environment. So I appreciate the question and certainly, if there's follow-on, let us know.

所以，隨著我們今年的推進，有一些事情正在改變。同時，我們並沒有束手無策。我們提到了一些重組活動。這些活動將會繼續進行。這是為了在預期的宏觀環境疲軟的情況下，對某些業務進行調整。我很感謝你的提問，當然，如果有後續進展，請告知我們。

Your next question comes from the line of Wamsi Mohan with Bank of America.

您的下一個問題來自美國銀行的 Wamsi Mohan。

I was wondering if you can talk a little more about the order and backlog trends some. If you could share some color on that and maybe the magnitude of the inventory adjustment potentially that you're seeing at these ODM suppliers to hyperscalers. And if I could, I was also wondering if you could comment on how TE's performance was an outgrowth versus production in fiscal '22 for transport and how much of that was inventory adjustments in '22 as well?

我想知道您能否再多談談訂單和積壓訂單的趨勢。能否請您稍微介紹一下，以及您看到的這些針對超大規模廠商的ODM供應商的庫存調整幅度。另外，如果可以的話，您能否評論一下TE在22財年運輸業務的業績如何反映了產量的成長，以及其中有多少是22財年的庫存調整？

Sure, Wamsi. I'll take that. And let me talk about orders a little bit because I know you talked about comms. I want to talk about what we're seeing in orders again across, and then I'll talk about content outperformance.

當然，Wamsi。我接受。我知道你剛才談到了通訊，所以我想稍微談談訂單。我想再談談我們在訂單方面看到的情況，然後我會談談內容的出色表現。

First off, I just want to be honest that having a book-to-bill below 1 with where our bookings have been and building a backlog, that's not surprising to us. And as supply chains around the world improve, we would continue to expect to see book-to-bill dip below 1. So I just really want to make sure as supply chains improve, including our own, we would expect our customers to work down our backlogs that we have -- that they have with us. So I really want to make sure that people don't read into this that demand is dropping off across our markets because we're not seeing that. And as I said in the script, we aren't seeing cancellations or pushouts in any meaningful way.

首先，我想坦白說，考慮到我們目前的訂單量和積壓訂單，訂單出貨比低於1對我們來說並不令人意外。隨著全球供應鏈的改善，我們預期訂單出貨比將持續跌破1。所以我真的想確保，隨著供應鏈（包括我們自己的供應鏈）的改善，我們希望客戶能夠減少我們積壓的訂單。所以我真的想確保人們不要因為沒有看到這種情況就誤以為我們整個市場的需求都在下降。正如我在腳本中所說，我們沒有看到任何明顯的訂單取消或延期的情況。

I think if you look by segment, TS and IS, I think those backlogs are getting and book-to-bills are getting more normalized. And I think it shows resiliency. In Communications, I think what's important is we've had CapEx growth with our cloud customers that have been 20%, 30% cloud CapEx, and we've outperformed that. Clearly, you can see it in the growth rates.

我認為，如果按細分市場來看，TS 和 IS，我認為積壓訂單正在減少，訂單出貨比也越來越正常化。我認為這體現了我們的韌性。在通訊領域，我認為重要的是，我們雲端客戶的資本支出成長了 20% 到 30%，而我們的表現超過了這個數字。從成長率上就能明顯看出這一點。

But as you see the cloud CapEx moderating well off those levels, the ODM supply chain does have excess inventory in it that's being worked off. And I think that could impact us for a couple of quarters. But it's probably to that magnitude that you'll see it in our D&D business.

但正如您所看到的，雲端運算資本支出正在大幅低於這些水平，ODM供應鏈中確實存在一些正在消化的過剩庫存。我認為這可能會對我們造成持續幾季的影響。但其影響程度很可能與D&D業務的影響程度相當。

And then the other area in comms that we've always talked to you about is the appliance market was one that benefited from the trends during COVID. And we're seeing that moderation that we've always expected. So we're getting both of those in those order patterns.

我們一直與您討論的另一個通訊領域是家電市場，它受益於新冠疫情期間的趨勢。我們看到了我們一直預期的放緩。所以，我們正從這些訂單模式中看到這兩個市場。

Now let me turn to your second part of your question around content outperformance. I think what's very important is, as Sujal and I said earlier was, we aren't -- from how much our revenue has been impacted, many more from supplying disruptions, it's only about $50 million of revenue that we haven't built, that used to be about $100 million. And content outperformance was at the high end of our range that we told you 4% to 6%.

現在，讓我來談談您問題的第二部分，關於內容超越預期。我認為非常重要的一點是，正如我和蘇加爾之前所說，從我們收入受到的影響來看，我們並沒有——其中很大一部分是供應中斷的影響——我們目前只損失了大約5000萬美元的收入，而之前這個數字大約是1億美元。內容超越預期的幅度處於我們之前所說的4%到6%的區間上限。

When we look at the auto supply chain, I can't tell you what the impact of that growth is in there. We actually feel very good that it's at the high end of the range for 2022, and we expect for 2023 it will be above the high end of the range. So we don't see any major inventory impacts in the auto supply chain from what we're seeing. Certainly, we've seen orders moderate and people getting more comfortable with where -- working off the backlog.

當我們審視汽車供應鏈時，我無法告訴你這種成長會對其產生什麼影響。實際上，我們非常高興地看到，2022 年的庫存量處於區間的高端，我們預計 2023 年的庫存量將高於區間的高端。因此，從目前的情況來看，我們認為汽車供應鏈的庫存不會受到任何重大影響。當然，我們看到訂單量有所緩和，人們也越來越習慣處理積壓訂單。

Your next question comes from the line of Steven Fox with Fox Advisors.

您的下一個問題來自 Fox Advisors 的 Steven Fox。

I was just wondering since you're not providing a full fiscal year guidance for the new fiscal year, if you could maybe walk through what you're thinking about your end markets at this point in time?

我只是想知道，既然您沒有為新財年提供完整的財年指導，您是否可以介紹一下您目前對終端市場的看法？

Yes. Thanks, Steve. And we guided for the first quarter. So there is volatility in the macro. I don't think that's a surprise. And the color I'm providing is on what we're seeing today and how we're planning the business. And certainly, there can be changes here depending upon how the global macro moves.

是的，謝謝，史蒂夫。我們第一季的業績指引是這樣的。所以宏觀經濟確實存在波動，我認為這並不令人意外。我提供的資訊是基於我們目前所看到的情況以及我們的業務規劃。當然，根據全球宏觀經濟的走勢，這方面可能會有所調整。

But let me do it by segment. First off, in transportation. The transportation environment has been a challenging environment for the past couple of years. Auto production has really been sort of stuck around 76 -- 77 million units due to all the things that we talked about, whether it's supply constraints, the war in Europe, certainly extended lockdowns in China around COVID. And I still think where you get and it's nice to see some of our customers talking about semi supply improving, it's going to be really about how can they ramp production to still keep up with demand, that is greater than what they can produce. So we still see end demand for auto being above the production environment. So we still see that as a nice setup as we go into next year.

讓我按細分領域來分析一下。首先是運輸領域。過去幾年，運輸環境一直充滿挑戰。由於我們先前提到的各種因素，無論是供應限制、歐洲戰亂，或是中國為因應新冠疫情而延長的封鎖，汽車產量一直停滯在7,600萬到7,700萬輛左右。我仍然認為，看到一些客戶談論半成品供應改善，這令人欣慰。真正的關鍵在於他們如何提高產量才能滿足需求，而需求量遠大於他們的產能。因此，我們仍然看到汽車的終端需求高於生產環境。因此，我們仍然認為，這對邁入明年來說是一個好的開始。

We do also expect, as I just said, to Wamsi's question that we're going to have outperformance versus market above the 4% to 6% this year. And this is really going to be driven by the global leadership position we have where we position ourselves in electric vehicles and certainly, the penetration of electric vehicles continuing to increase as a percentage of total production.

正如我剛才回答Wamsi的問題時所說，我們確實預期今年我們的業績將優於市場4%到6%以上。這主要得益於我們在電動車領域的全球領導地位，以及電動車在總產量中所佔比例的持續成長。

The other key market that's in transportation, which is commercial transportation. It's a market that decreased double digit this year really around China and some of the emissions standards that were put in effect the year before. And we would expect that China could have an increased market situation there. And we've been driving outperformance versus the market in commercial transportation you've seen all year through all the 3 regions. So it's also something we've had a tough year this year from a market perspective in commercial transportation could have some upside next year.

交通運輸領域的另一個關鍵市場是商用運輸。由於前一年實施的一些排放標準，今年中國市場出現了兩位數的下滑。我們預計中國市場可能會有所成長。我們一直致力於推動業績超越商用運輸市場，這一點在全年所有三個地區都得到了體現。因此，從市場角度來看，今年商用運輸市場經歷了艱難的一年，但明年可能會回升。

In Industrial, you look at that, and I still think it's a very strong setup. And you heard me when I talked about orders, both on backlog and orders. And we see comm air and medical are markets that are still recovering, and we expect further growth in these markets in '23. And when you look at comm air, while single-aisle aircraft are back to pre-pandemic level from a build, double-aisle is still only at 50%. And what's nice is some of the airframers are talking about increasing production and increased demand on double-aisle aircraft.

就工業領域而言，我認為市場仍然非常強大。我之前談到訂單，包括積壓訂單和訂單，大家也都聽到了。我們看到，通訊航空和醫療市場仍在復甦，我們預計這些市場在2023年將進一步成長。就通信航空而言，雖然單通道飛機的產量已恢復到疫情前的水平，但雙通道飛機的產量仍只有50%。值得慶幸的是，一些飛機製造商正在討論增加產量和增加對雙通道飛機的需求。

The other thing that I mentioned in the script is wind and solar remained strong. And our energy business, very strong double-digit growth this year and 20% of our sales are energy from renewables. So we expect further growth in that this year. And the one market that's been really hot for us, which has been in industrial equipment, and we had extremely strong performance in the past 2 years, we see good trends there, but we're going to have tough comps. And as we're focused on higher growth applications and robotics and new programs around Ethernet connectivity, that will help make sure we outperform the market. But I just want to remind everybody we'll have tough comps there.

我在報告中提到的另一件事是風能和太陽能業務仍然強勁。我們的能源業務今年實現了非常強勁的兩位數成長，其中20%的銷售額來自再生能源。因此，我們預計今年該業務將進一步成長。對我們來說，一個非常熱門的市場是工業設備，過去兩年我們的業績非常強勁，我們看到了良好的趨勢，但未來我們的業績將面臨嚴峻的競爭。由於我們專注於高成長應用、機器人技術以及圍繞乙太網路連接的新項目，這將有助於確保我們的業績超越市場。但我只想提醒大家，我們未來在這個領域的業績將面臨嚴峻的競爭。

And in communications, the appliance market is weakening as we expected and you see the step down in our sales in the fourth quarter, and you're going to continue to see that this coming year. And in data devices, as I just talked about with Wamsi question, we do expect cloud CapEx to step down from where it was and moderate. And then we also have the ODM supply chain that's going to impact us in the first part of this year as they adjust to the hyperscale companies demand and I think it's reasonable to expect that our D&D business will be down this year based upon those 2 factors that we're dealing with.

在通訊領域，正如我們預期的那樣，家電市場正在走弱，我們第四季度的銷售額出現了下滑，這種情況在來年還將繼續。在數據設備領域，正如我剛才在回答Wamsi的問題時提到的，我們預計雲端運算的資本支出會從目前的水平下降並保持溫和。此外，ODM供應鏈也會在今年上半年對我們產生影響，因為他們會根據超大規模企業的需求進行調整。基於我們正在應對的這兩個因素，我認為我們的D&D業務今年下滑是合理的。

So I know you asked a simple question, and I gave you a lot, but it's sort of how we're thinking about the macro as we're entering '23.

所以我知道你問了一個簡單的問題，我也給了你很多答案，但這有點像我們在進入 23 年時對宏觀的思考。

Your next question comes from the line of Matt Sheerin with Stifel.

您的下一個問題來自 Stifel 的 Matt Sheerin。

I wanted to circle back to the gross margin, and specifically the impact of that inventory reduction, that's $350 million. How much -- I mean, it looks like in Q4, you were down with 220 basis points in gross margin year-over-year. It looks like you're guiding roughly 200 basis points down in Q1. So how much of that is related to that inventory reduction? And is that one quarter issue? Or does that carry through to Q2 of '23?

我想回到毛利率的問題上，特別是庫存減少的影響，也就是3.5億美元。具體是多少？我的意思是，看起來第四季的毛利率年減了220個基點。看起來第一季的毛利率預計下降了大約200個基點。那麼，這其中有多少是與庫存減少有關？庫存減少是某個季度的問題嗎？還是會延續到2023年第二季？

Matt, it's Terrence. So yes, I'll take that. And you're right. I want to be clear, this is our inventory that we took out. So I know we -- I talked a little bit about D&D supply chain with cloud customers. This is our inventory. And as Heath sort of said, our inventory is back in days on hand in the mid-80s, it was running in the 90s as we were working through supply chain. And we made the proactive action to bring inventory down.

馬特，我是特倫斯。是的，我接受。你說得對。我想說清楚，這是我們清理出來的庫存。我知道－我和雲端客戶談過一點關於《龍與地下城》供應鏈的事情。這是我們的庫存。正如希思所說，我們的庫存在手天數在80年代中期就恢復了，在90年代我們處理供應鏈的時候也恢復了。我們採取了主動措施來降低庫存。

And as you have factories that have cost of X, you have less units running through it. You have higher cost inventory you have to work off. We had a partial impact in our fourth quarter, and you'll have a bigger impact in our first quarter. That will be about 100 basis points in the first quarter. And it will be a little bit in the second quarter as it works off, but then that will be a temporary issue.

由於工廠的成本為X，因此生產單位數量會減少。您需要消化掉成本較高的庫存。第四季我們受到了部分影響，而第一季的影響會更大。第一季的影響約為100個基點。第二季的影響會略有增加，但這只是暫時的。

The other thing is why did we do it? I do think it's important. But why? It is something we make choices to carry more inventory during the year. But as our supply chain got better, and we saw more normal flow coming in, it was something we said, hey, let's make sure we get our inventory more back in line and we're serving our customers consistently, and it's just something we thought was prudent from a cash generation as well as the uncertainty in the macro.

另一件事是我們為什麼要這麼做？我確實認為這很重要。但為什麼呢？我們決定在年內增加庫存。但隨著供應鏈的改善，我們看到更多的正常流量流入，我們決定，嘿，讓我們確保庫存恢復正常，並持續為客戶提供服務。我們認為，從現金流以及宏觀經濟的不確定性來看，這是謹慎的做法。

The only area we're seeing really supply chain impacts will be in some niche materials as well as those markets that are really still in recovery mode back to pre-pandemic, medical as well as commercial aerospace, which I don't think is a surprise to anybody. So it is something that was to get inventory back in line in TE. And that always is going to have a gross margin impact that will be with us here early in '23, but that was a proactive action on our part.

我們看到供應鏈真正受到影響的唯一領域將是一些利基材料，以及那些仍在復甦、恢復到疫情前的市場，包括醫療和商用航空航天，我認為這對任何人來說都不足為奇。所以，這是為了使TE的庫存恢復正常。這肯定會對毛利率產生影響，這種影響將在2023年初持續下去，但這是我們採取的主動行動。

Your next question comes from the line of Amit Daryanani with Evercore ISI.

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

Terrence, I think there's going to be a lot of focus on operating margin trajectory in fiscal '23 beyond the mid-16% I think we're going to do in December. I was wondering if you could provide some clarity on how do you think margins stack up in '23 qualitatively across segments? And really specifically on transport, reviewing the back half, recovery looks better versus the first half. And then CIS, do you think we end up dipping below 20 over there. Just any breakdown on margin trajectory going forward would be really helpful?

Terrence，我認為大家會更關注23財年的營業利潤率走勢，而不是像我預計12月那樣達到16%左右。您能否解釋一下，您認為23財年各業務部門的利潤率如何？具體到運輸業務，回顧下半年，復甦看起來比上半年好。然後是CIS業務，您認為最終會跌破20%嗎？任何關於未來利潤率走勢的分析都會很有幫助嗎？

Thanks, Amit. This is Heath. I appreciate the question. No, listen, I think it's certainly on point. As we think about transportation margins and some of the things we've already discussed this morning, a couple of things that are pressuring transportation margins. One is, we talked about the price cost differential and what we're looking forward to in terms of seeing higher prices go into effect that we've already got agreement on later in the first half of our fiscal year. That will have a benefit as we move into the second half on transportation margins.

謝謝，阿米特。我是希思。我很感謝你的提問。不，聽著，我覺得你這個問題問得沒錯。說到運輸利潤率，以及我們今天早上已經討論過的一些問題，有幾件事正在給運輸利潤率帶來壓力。首先，我們談到了價格成本差異，以及我們期待在本財年上半年稍後看到更高的價格生效，我們已經就此達成了一致。這將有利於我們進入下半年，提高運輸利潤率。

The other thing that Terrence just walked Matt through was on the inventory side. As you can imagine, we did take out $350 million of inventory as we burn through the accounting element of that and the pressure it puts on margins, there is a disproportionate amount of that, that hits transportation. So again, as we just talked about, that will have a benefit as we think about our second half versus our first half.

特倫斯剛才跟馬特講解的另一件事是關於庫存的。你可以想像，我們確實清理了價值3.5億美元的庫存，這其中涉及到會計方面的消耗，以及它對利潤率造成的壓力，其中很大一部分庫存對運輸業務造成了不成比例的影響。所以，正如我們剛才所說，當我們考慮下半年和上半年的業績時，這會帶來一些好處。

So transportation margin is definitely a second half improvement based on a couple of things we talked about. Industrial is honestly performing very well. And we've been pretty vocal and transparent with you about our journey on transportation and the restructuring journey in terms of rooftop consolidations that we've taken on. The business has done that well and has absorbed some acquisitions in the middle of this journey that are going to be very good returns for the company and for the shareholders.

因此，根據我們之前談到的幾個方面，運輸利潤率下半年肯定會有所提升。工業業務的表現確實非常好。我們一直非常坦誠地向大家分享我們在運輸業務方面的進展，以及我們在屋頂整合方面進行的重組。這項業務做得很好，並且在轉型過程中吸收了一些收購，這些收購將為公司和股東帶來非常豐厚的回報。

So we're looking forward to those. At any given time, there might be a quarter pressure here or there, but we are making strong progress towards our journey towards high teens margins even while absorbing some of the dilutive impact on acquisitions. So stay tuned on industrial, but we feel good about our trajectory there in '23.

所以我們對此充滿期待。在任何時候，都可能面臨季度壓力，但我們正朝著實現高雙位數利潤率的目標穩步前進，同時吸收了收購帶來的部分稀釋影響。因此，請繼續關注工業業務，我們對2023年該業務的發展軌跡充滿信心。

And then the last part of your question, Amit, was around transfer -- communications margins and being able to stay north of 20%. Listen, we've never advertised it as a high 20% business. We've enjoyed a couple of years, and we basically have said as a reminder that at those volume levels, it just shows what kind of margins that we can generate at those volumes.

阿米特，你問題的最後一部分是關於傳輸－通訊利潤率，以及能否維持在20%以上。聽著，我們從來沒有宣傳過這是一個高達20%的業務。我們已經享受了幾年，我們基本上只是提醒大家，在這樣的業務量水平下，它只是顯示了我們能創造什麼樣的利潤率。

Now that we're seeing volumes come back down, Terrence mentioned earlier on a question that we do expect Communications to be down modestly year-over-year on the top line, we would expect that the margins would moderate. I still think they'll be a little above 20% for the full year, but there's some pieces there that, in any given quarter that might dip below. But generally, I feel like we'll be above 20% for the year there, which still shows the resiliency of that even at lower volume.

現在我們看到業務量回落，Terrence 先前在提問時提到，我們確實預期通訊業務的營收年比會小幅下降，我們預期利潤率也會有所下降。我仍然認為全年利潤率會略高於20%，但有些業務在任何一個季度都可能跌破20%。但總體而言，我認為全年利潤率將在20%以上，這仍然表明即使在業務量較低的情況下，利潤率仍具有韌性。

Your next question comes from the line of Chris Snyder with UBS.

您的下一個問題來自瑞銀的克里斯·斯奈德。

So I wanted to talk about more the margin outlook for Transport Solutions, but maybe more so focusing on price cost. Prior commentary from the company has said that you're recovering about 2/3 of cost inflation. And it translates to more than $200 million loss at the EBIT line based on my math. Presumably, the high majority of all of that is transport. So I guess, as we look into the back half of next year, and we see pricing going higher in cost maybe flat to down, at least with metal, how should we think about that 200-plus kind of EBIT loss? Could that get to neutral? Is there any scope for that getting beyond neutral? Any color there would be helpful.

所以我想多談談運輸解決方案的利潤率前景，但可能更側重於價格成本。公司先前的評論稱，你們正在收回大約三分之二的成本通膨。根據我的計算，這意味著息稅前利潤（EBIT）損失超過2億美元。據推測，其中絕大部分是運輸業務。所以，我想，展望明年下半年，我們看到價格上漲，成本可能持平甚至下降，至少金屬產業是這樣，我們該如何看待那200多億美元的息稅前利潤損失？這能達到中性水準嗎？有沒有可能超越中性水平？任何跡像都會有所幫助。

Thanks, Chris. I'll take that. First of all, I think your math is pretty close, okay? So I'll give you the props for that, because certainly, that is not an easy way to back into, but your math is pretty close.

謝謝克里斯。我接受。首先，我覺得你的計算結果非常接近，好嗎？所以我要給你點贊，因為雖然這確實不容易推導，但你的計算結果確實非常接近。

Listen, our inflationary pressures really come from 4 main places. It's metals, right; it's resins, right, that we use for our molds; it's freight cost and it's just overall utility costs that we've seen spike, particularly in Europe to run our factories. Some of those things, we have started to see moderation on in terms of being able to as capacity has come back online and so forth. We are still feeling inflationary pressure on resins and on utilities, which are both energy-driven prices. So we are going to -- we anticipate that to continue even as we have certain buckets that will begin to moderate and potentially lower year-over-year in terms of any incremental pressure.

聽著，我們的通膨壓力其實主要來自四個面向。首先是金屬，其次是我們用於模具的樹脂，其次是我們用於製造模具的樹脂，其次是運費，最後是整體公用事業成本，這些成本我們已經看到飆升，尤其是在歐洲工廠的營運成本。隨著產能恢復等因素，其中一些成本已經開始有所緩和。我們仍然感受到樹脂和公用事業的通膨壓力，它們都是能源驅動的價格。因此，我們預計這種情況將持續下去，即使某些項目的成本將開始緩和，並且就任何增量壓力而言，這些成本可能會比去年同期下降。

Throughout the year, as you mentioned, we have recovered on the TE basis about 2/3 of that inflationary pressure through price. So that still leaves us, as you mentioned, a couple of hundred million dollar gap. When you break it into our segments, it's a little bit different. So while it maybe 2/3 for the company, it's -- we're covering much more in FY '22 in both industrial and in communications. And the nuance there is that we do -- in both of those segments, we do more through our distribution channel partners. And it's simply easier to pass along price more efficiently and more timely when you're going through distribution partners because you can go out with more regular increases and they're less about reopening contractual negotiations.

正如您所提到的，全年來看，我們透過價格因素，在成本控制（TE）基礎上收回了約三分之二的通膨壓力。所以，正如您所說，這仍然給我們留下了數億美元的缺口。如果按業務部門劃分，情況會略有不同。雖然對公司來說，這大概是三分之二，但在2022財年，我們在工業和通訊領域的覆蓋範圍要大得多。其中的細微差別在於，在這兩個領域，我們透過通路合作夥伴做得更多。透過分銷合作夥伴，更容易、更及時地傳遞價格，因為您可以更頻繁地提高價格，而他們也不太會重啟合約談判。

So those have both been recovering more price. We permit more inflation through price as we work through both not just last year but the prior year. Transportation is where it gets tougher because you've got more direct to OEM contracts. And those contracts are tied to platforms and so forth. And so many times when you're recovering inflation, which everyone is trying to do, you are discussing things that won't go into effect for some times 6 or 9 months out. And that's really what we're feeling in the transportation world now. Fortunately, we're coming up on those price increases later in the second half of this fiscal year. And I do feel that as we do that, we'll start to see that 2/3 of pricing coverage certainly will improve.

所以，這兩家公司的價格都在回升。我們允許透過價格上漲來進一步推高通膨，因為我們不僅在去年，而且在前一年也都這樣做。運輸業的情況更加艱難，因為你與原始設備製造商（OEM）簽訂了更多直接合約。這些合約與平台等等掛鉤。很多時候，當你在努力回升通膨水準時，大家都在討論一些需要6到9個月才能生效的事情。這正是我們現在在運輸業感受到的。幸運的是，我們將在本財年下半年稍後開始漲價。我確實認為，隨著我們這樣做，我們將開始看到2/3的價格覆蓋率肯定會有所改善。

Now as we get to the back half of our year, where we go above the inflationary pressures, I would say, stay tuned. But we -- that ratio will improve as we work our way from the first half to the second half sure. And that gives us more confidence as we move into -- as we move and make our plans for the rest of the fiscal year.

現在，我們進入下半年，通膨壓力已經得到緩解，我想說，請繼續關注。但隨著上半年到下半年的推進，這一比率肯定會有所改善。這將使我們更有信心地制定本財年剩餘時間的計劃。

Your next question comes from the line of Joe Spak with RBC Capital Markets.

您的下一個問題來自加拿大皇家銀行資本市場的喬·斯帕克 (Joe Spak)。

Heath, you mentioned some higher restructuring. I was wondering if you could give a little bit more details on that stepped-up level in the fourth quarter. It looks like it was really in the transportation business. And I think on your guidance, it looks like restructuring is still going to be a healthier level in the first quarter. So maybe just a little bit more on those actions, what you're looking for in terms of a payback. And when can restructuring return to more normalized levels?

希思，您提到了一些更高水準的重組。我想知道您能否就第四季度的升級水平提供更多細節。看起來這主要體現在運輸業務上。我認為根據您的指導，第一季的重組水平似乎仍將保持更健康的水平。所以，能否再多談談這些行動，以及您期望的回報是什麼？重組何時才能恢復到更正常的水平？

Joe, thanks for the question. Listen, as we noted in the prepared comments, we did do a little more than 80 -- of the $150 million and change that we took charges for in FY '22, little over $80 million of that was in the fourth quarter. And a lot of it was geared towards transportation. Now we have been working our way through restructuring programs, which has been very focused on factory footprint consolidations. I think we've been pretty clear that we had some European footprint in Western Europe that we've been in the process of taking off line. .

喬，謝謝你的提問。聽著，正如我們在準備好的評論中提到的，我們在22財年收取的1.5億美元費用和變更中，有8000多萬美元是在第四季度進行的。其中很大一部分用於運輸。現在，我們一直在推進重組計劃，這些計劃主要側重於工廠佈局的整合。我想我們已經非常清楚，我們在西歐有一些工廠佈局，我們正在逐步恢復這些工廠的運作。

Most of that is in transportation and, to a lesser extent, in our Industrial segment. Those are either finished, on track or certainly underway versus when those charges were taken and the payback for those continues to be in line with what you would expect for us and when you start talking about European footprint consolidations, you're somewhere in that 2- to 3-year payback period.

其中大部分是在運輸領域，其次是工業領域。與這些費用計入時相比，這些項目要么已經完工，要么進展順利，要么肯定正在進行中。這些項目的回報仍然符合您的預期。如果您談到歐洲業務的整合，那麼回報期大約在2到3年之間。

The charges that we took in the fourth quarter and that I anticipate taking in the first quarter certainly are more geared towards a bit more of a somber view of the macroeconomic view, and we want to make sure that we are getting ahead of that. Now we're not going to do anything to pinch capacity to a point that we can't deal with a rebound in certain markets, and it won't be universally applied across TE, but it will be disproportionate in our Transportation segment, both in auto and then a couple of other selected places. So this will be more focused on cost reduction, and we want those costs to come out. We want to come up with our structural cost and I think importantly, lowering our fixed cost structure as we move forward here to maintain some nimbleness on the margin front.

我們在第四季以及我預計在第一季將要提列的支出，無疑更多是基於對宏觀經濟情勢較為悲觀的判斷，我們希望確保能夠提前做好準備。目前，我們不會採取任何措施來壓縮產能，以免無法應對某些市場的反彈。這並非適用於所有TE，但在我們的運輸部門，包括汽車部門以及其他一些特定領域，這種削減將更為顯著。因此，這將更加側重於降低成本，我們希望這些成本能夠受到控制。我們希望降低結構性成本，我認為更重要的是，隨著我們業務的推進，降低固定成本結構，以保持利潤率的靈活性。

Your next question comes from the line of Mark Delaney with Goldman Sachs.

您的下一個問題來自高盛的馬克·德萊尼。

I want to understand what's making the company take the view that 2023 content growth will be higher than the 4% to 6% target? And do you think there will be any inventory reductions that your customers could be making and that perhaps could offset some of the underlying content growth this coming year?

我想了解一下，是什麼讓公司認為2023年的內容成長率將高於4%至6%的目標？您是否認為客戶可能會減少庫存，從而抵消明年部分潛在的內容成長？

Mark, thanks for the question. And really, when you look at it, I think it just has to do with -- when we look at the setup of electric vehicle penetration and you see -- and I know Heath talked about where electric vehicles have grown from and to, and the broad global acceptance of them, which is exciting to u, it's very exciting to us that we still continue to see that being a big driver of our content growth. And with the mix that we would expect, we do expect that we would be above the high end of the 4% to 6% range.

馬克，謝謝你的提問。說實話，我認為這個問題與電動車普及率的設定有關——我知道希思談到了電動車的發展歷程，以及電動車在全球範圍內的廣泛接受度，這讓你感到興奮，我們很高興看到它仍然是我們內容增長的重要驅動力。按照我們預期的混合比例，我們確實預期我們的成長將超過4%到6%的上限。

That also has a view when we make that comment, and as I sort of said, production is stable. And we do view, we'll drive that off of stable production. We don't assume major supply chain excesses in the supply chain when we say that, and it's what we're seeing, especially as you look at our orders and where our book-to-bill has gotten to in auto, it's more back to more traditional levels. So net-net, we actually feel pretty good If production was to change meaningfully, maybe that could create a little bit of supply chain. But right now, we're not expecting that.

我們發表上述言論時也持有這樣的看法，正如我之前所說，生產穩定。我們確實認為，穩定的生產將推動這一成長。我們這麼說，並不意味著供應鏈中存在嚴重的過剩現象，而這正是我們所看到的，尤其是當你看到我們的訂單以及汽車行業的訂單出貨比時，它已經回到了更傳統的水平。所以總的來說，我們感覺相當不錯。如果生產發生有意義的變化，或許可以創造一些供應鏈。但目前，我們並沒有期待這一點。

Your next question comes from the line of Samik Chatterjee with JPMorgan.

您的下一個問題來自摩根大通的 Samik Chatterjee。

This is MP on for Samik Chatterjee. I just wanted to ask on transportation relative to the underlying market, like what are your expectations for auto production growth for 2023? Like IHS is currently forecasting a 4% growth, like amounting to nearly 85 million vehicles produced. What's your take on that?

我是薩米克·查特吉的議員。我想問一下，關於交通運輸與基礎市場的關係，您對2023年的汽車產量成長有何預期？ IHS目前預測汽車產量將成長4%，達到近8,500萬輛。您對此有何看法？

Thank you for the question. And I think what's important -- and I know at times, we don't include light vehicles, so it might be a little bit different on how we talk number and how you talk. We saw about 20 million units made in the fourth quarter of 2022. And we also expect 20 million units to be made in the first quarter and there will be seasonality in it. And we think production can be a little up. But net-net, we don't see it's going to be a rocket ship of production increases. We sort of view it will be up low single digits, which I don't think is far off of what you say. So net-net, I think that's how we see production right now as the OEMs try to make sure they fulfill the demand that's in excess of production.

謝謝你的提問。我認為重要的是——我知道有時我們不包含輕型汽車，所以我們談論數字的方式和你談論的方式可能會有點不同。我們看到2022年第四季的產量約為2000萬輛。我們也預計第一季的產量也將達到2,000萬輛，這其中會受到季節性的影響。我們認為產量可能會略有上升。但總體而言，我們認為產量不會像火箭一樣快速成長。我們認為產量會以個位數低速成長，我認為這和你所說的相差不遠。所以，我認為目前我們對產量的看法就是這樣，因為原始設備製造商正在努力確保滿足超過產量的需求。

Your next question comes from the line of Jim Suva with Citigroup.

您的下一個問題來自花旗集團的 Jim Suva。

Heath and Terrence, at this time of year, you typically give a little bit more on the 2023 or the next year outlook. I know -- I think I heard Terrence talk a little bit about the end markets. But then with the moving parts of inventory digestion, book-to-bill and all that, I was thinking -- and restructuring, I was thinking on the company totality level, any preliminary thoughts on either sales or margins or cost structure or cash flow for kind of the full years as we look out because there are a lot of moving parts?

希思和特倫斯，每年這個時候，你們通常會對2023年或明年的前景給予一些展望。我知道——我好像聽到特倫斯談了一些關於終端市場的事情。但是，考慮到庫存消化、訂單出貨比等等這些變動因素，以及重組，我在公司整體層面上思考，對於我們展望的全年銷售額、利潤率、成本結構或現金流，您有什麼初步想法嗎？因為有很多變動因素。

Jim, this is Heath. Well, certainly, we've got to be careful in terms of what we say because we have not provided FY '23 guidance other than a few buckets like where current -- foreign currency currently stands as well as what we're anticipating for restructuring. Those were full year numbers.

吉姆，我是希思。當然，我們必須謹慎行事，因為我們沒有提供2023財年的業績指引，除了一些方面，例如目前的外匯狀況以及我們對重組的預期。這些都是全年數據。

I think as we sum up a lot of things here, we've talked a little bit today about the first half versus second half. And hopefully, that provides a little bit of color for you and our expectation is that margins will improve and you can kind of cascade that way down through the P&L.

我想，我們今天總結了很多事情，也稍微討論了上半年和下半年的比較。希望這能給大家一些參考。我們預期利潤率會有所提升，而這種提升會一直延續到損益表中。

From a cash flow perspective, listen, we finished very strong and had record free cash flow in the quarter and that was largely attributable to our inventory reduction. We do expect to have a strong cash year in FY '23. We will fund all the organic opportunities that are in front of us because we still are in a lot of markets and applications where we can outgrow our markets. That should give you some confidence that we feel pretty good about the revenue line.

從現金流的角度來看，聽著，我們本季業績表現強勁，自由現金流創歷史新高，這主要歸功於我們庫存的減少。我們預計23財年現金流將強勁成長。我們將為所有擺在我們面前的有機成長機會提供資金，因為我們仍然在許多市場和應用領域擁有超越現有市場的成長潛力。這應該能讓您更有信心，我們對收入前景充滿信心。

And in general, I feel good about that cash opportunity, not just return money back to shareholders, but to fund the CapEx and the investments we need and still deliver a very strong cash flow year above where we are in FY '22. So I know that's probably more vague than you wanted, but that's about all I can give you at this point.

總的來說，我對這個現金機會感到很滿意，它不僅能把錢返還給股東，還能為資本支出和我們所需的投資提供資金，並且仍然能實現比2022財年更強勁的現金流。我知道這可能比你想要的更模糊，但目前我能告訴你的也就這些了。

Your next question comes from the line of Shreyas Patil with Wolfe Research.

您的下一個問題來自 Wolfe Research 的 Shreyas Patil。

I was just -- maybe on automotive. You talked about content outgrowth this year. It sounds like it was around 6 points. And I'm just curious what that would be if you stripped out some of the price recoveries just to kind of get a sense of the underlying content growth?

我只是——也許在汽車方面。您談到了今年的內容成長。聽起來大概是6個百分點。我很好奇，如果您剔除一些價格回升的影響，只是為了了解潛在的內容成長，那麼這個數字會是多少？

And then I think as we look ahead, how are you thinking about the ability to sustain that 6 points of growth over market or potentially even do better than that? And as you look at your position amongst some of the big OEMs that are poised to be the largest players in EV, what gives you confidence that you're seeing content expansion, especially with those OEMs?

然後，我想，展望未來，您如何看待能夠維持這6個百分點的市場成長，甚至可能做得更好？考慮到您在一些有望成為電動車領域最大參與者的大型原始設備製造商中的地位，是什麼讓您有信心看到內容擴展，尤其是在這些原始設備製造商中？

Yes, sure. So couple of things, and I missed it on my answer earlier, so I apologize to the earlier question. One of the things as we get into and being above the 6% this year is not only content, but we will have price benefit for the costs that we've talked about. So I missed that on the '23 element as we get in there, and those numbers were framed out earlier.

是的，當然。有幾件事我之前回答的時候沒提到，所以我對之前的問題表示歉意。今年我們進入並超過6%的目標，其中之一不僅是內容，而且我們之前談到的成本將帶來價格優勢。所以，我之前沒提到23年，這些數字之前已經算出來了。

When we look at the program wins and this year alone, our electric vehicle revenue of our Automotive and Transportation segment is $1 billion. So if you take what we have today in our revenue, it's $1 billion today. And when we look at the momentum that we have, which are by platform wins, guess what, that's how we build capacity, we know those wins. And really, the bigger wildcard is what cars get made, how to -- what consumers -- what cars consumers want, sorry, I said the backwards. And really, that's the bigger variable.

看看我們贏得的項目，光是今年，我們汽車和運輸部門的電動車收入就達到了10億美元。所以，如果算上我們目前的收入，那就是10億美元。再看看我們目前的勢頭，也就是平台的勝利，你猜怎麼著，這就是我們建立產能的方式，我們知道這些勝利。實際上，更大的變數是生產什麼汽車，如何生產——消費者想要什麼汽車——抱歉，我說反了。這才是真正的變數。

So net-net, when we look at the programs that we've won, we feel very good about the content momentum as well as where we're positioned globally. And let's face it, it's not only the OEMs we know here in the U.S., you take places like China, which is about 1/3 of the global electric vehicle cars made in the war. So the 14 million that he talked about, 4 million to 5 million of them are made in China. And that position is very important as well as elsewhere with our European customers, our Japanese customers and our Korean customer. So we feel very good about the content and it shows the demonstration of our global position as well as, I think, the $1 billion of revenue we have already in 2022 really shows how deep our penetration is already in EV, that's EV revenue.

所以，總的來說，當我們回顧我們贏得的項目時，我們對內容發展勢頭以及我們在全球的定位感到非常滿意。說實話，這不僅是我們在美國所了解的原始設備製造商，還包括像中國這樣的地方，約佔二戰期間全球電動車產量的三分之一。所以，他提到的1400萬輛電動車，其中400萬到500萬輛是在中國生產的。這個地位對我們其他地區的歐洲客戶、日本客戶和韓國客戶都至關重要。因此，我們對內容發展感到非常滿意，這不僅展現了我們的全球地位，而且我認為，我們在2022年已經實現的10億美元收入，也真正表明了我們在電動車領域的滲透率有多高，也就是電動車收入。

Your next question comes from the line of Luke Junk with Baird.

您的下一個問題來自貝爾德的盧克瓊克 (Luke Junk)。

Terrence, regarding the outlook for communications normalization, clearly, there's been a lot of data center capacity put into places since COVID hit in 2020, and that's, of course, benefited data in devices. What I'm wondering is, as you look forward, do you think there are opportunities to go back and strengthen the system after what at times has seen like a very frantic piece of investment in the past 3 years? Any near-term changes in channel inventory side, of course?

Terrence，關於通訊正常化的前景，顯然，自2020年新冠疫情爆發以來，資料中心的容量已大幅增加，這當然有利於設備中的資料。我想知道的是，展望未來，在過去三年經歷了有時非常瘋狂的投資之後，您是否認為還有機會回頭加強這個系統？當然，通路庫存方面近期會有什麼變化嗎？

Yes. So Luke, one of the things is I think there were elements that were certainly around COVID from an investment. But I also think it really supports their core business models. It could be around gaming elements and so forth where people want to have service, it's not just about COVID, but it's also about how the network that we've all used has had to get strengthened. And I also think there's a big element about refresh that you're always going to have around the energy efficiency of the cloud infrastructure and the data centers that go into it.

是的。盧克，我認為投資中肯定有一些與新冠疫情相關的因素。但我認為這也確實支持了他們的核心商業模式。這些因素可能與遊戲元素等等有關，人們需要這些服務。這不僅與新冠疫情有關，還與我們如何加強我們一直使用的網路有關。此外，我還認為，更新的一個重要因素是雲端基礎設施及其資料中心的能源效率，這一點始終需要關注。

So when we look out, there will always be steps around how the technology improves to make them more efficient. Certainly, the speeds in the data center are always very important and some of that will come in as chipsets come out for the data center. You will continue to see a refresh element of the cycle. I'm not sure you're going to have the 20%, 30% growth we've had from the past couple of years.

所以，放眼未來，我們會看到技術不斷改進，以提高效率。當然，資料中心的速度始終非常重要，隨著資料中心晶片組的推出，速度也會隨之提升。你將繼續看到週期中的更新元素。我不確定我們能否維持過去幾年那樣的20%或30%的成長。

So when we talk about it, we really view it's a moderation off of 2 very strong CapEx years by the cloud customers. But I think when you think about efficiency, AI, how they continue to improve the compute, the move in the store element of everything that a data center and a cloud needs to do, that all plays into content growth for us. So we're very excited about that trend long term. Certainly, we think as we're starting '23, we have a little bit of moderation on the CapEx side as well as the supply chain getting in live, like you said, from a channel perspective.

所以當我們談論它時，我們實際上認為這是雲端客戶過去兩年非常強勁的資本支出的緩和。但我認為，當你考慮到效率、人工智慧、他們如何持續改進運算能力，以及資料中心和雲端需要做的所有事情的儲存元素的遷移時，所有這些都會對我們的內容成長產生影響。所以我們對這一長期趨勢感到非常興奮。當然，我們認為，在2023年伊始，我們在資本支出方面以及供應鏈上線方面都會有所緩和，就像你說的，從渠道的角度來看。

Your next question comes from the line of Joe Giordano with Cowen.

您的下一個問題來自 Cowen 公司的 Joe Giordano。

This is Tristan in for Joe. Thanks for squeezing me in here. Just wanted to double click on your industrial orders, which I believe was down sequentially despite that extra week? Like any reason for that? Anything you can highlight?

我是特里斯坦，代替喬。謝謝你抽出時間。我想雙擊你們的工業訂單，我認為儘管多了一個星期，但環比還是下降了。有什麼原因嗎？有什麼可以強調的嗎？

No. As I said on the call a little bit, in industrial equipment, we have seen a moderation a little bit, but off a very high level. And I wouldn't use the word moderation, like we've been talking about in communications. Our Industrial Equipment business has had very strong growth. It does look like the orders are moving more a little bit sideways and actually coming down, and that's what you're really reflecting in our orders. And also realized orders do also represent -- they do have currency effects in them as well. So you'll also see that sequentially have an impact to what Heath and I talked about from a sales element also does affect our orders.

不。正如我在電話會議上提到的，在工業設備領域，我們看到了略微的放緩，但幅度非常大。我不會用「放緩」這個詞，就像我們在溝通中討論的那樣。我們的工業設備業務成長非常強勁。看起來訂單量確實在橫向移動，實際上正在下降，這正是我們訂單量的真實反映。此外，已實現訂單也確實受到匯率因素的影響。所以你也會看到，匯率因素會持續影響我和Heath談到的銷售因素，也會影響我們的訂單量。

Okay. Thank you, Tristan. And I'd like to thank everybody for joining us on the call this morning. If you have any more questions, please contact Investor Relations at TE. Thank you, and have a nice morning.

好的。謝謝你，特里斯坦。感謝大家今天上午參加我們的電話會議。如果您還有其他問題，請聯絡 TE 的投資者關係部門。謝謝大家，祝您早安。

Ladies and gentlemen, today's conference will be available for replay beginning at 11:30 a.m. Eastern Time, today, November 2, on the Investor Relations portion of TE Connectivity's website. That will conclude the conference for today.

女士們，先生們，今天的會議將於美國東部時間11月2日上午11:30在TE Con​​nectivity網站的投資者關係板塊提供重播。今天的會議到此結束。