泰科電子 (TEL) 2023 Q1 法說會逐字稿

Ladies and gentlemen, thank you for standing by, and welcome to the TE Connectivity First Quarter 2023 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 2023 年第一季業績電話會議。 （操作員指示）溫馨提示：今天的電話會議正在錄音中。

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 First Quarter 2023 results. With me today are Chief Executive Officer, Terrence Curtin; and Chief Financial Officer, Heath Mitts.

早安，感謝您參加我們關於 TE Con​​nectivity 2023 年第一季業績的電話會議。今天與我一起參加會議的還有執行長 Terrence Curtin 和財務長 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. 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 at te.com.

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。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。

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。

Thanks, Sujal, and thank you, everyone, for joining us today to cover our results for our first fiscal quarter, along with our outlook for our second quarter.

謝謝 Sujal，也謝謝大家今天加入我們，討論我們第一財季的業績以及第二季的展望。

Before Heath and I take you through the details on the slides, I do want to take a moment to discuss our performance within the backdrop of the current environment, along with what we're seeing since our call 90 days ago. Clearly, we're all experiencing a lot of moving pieces in the global macro environment. While this volatility is creating cyclicality in specific end markets, we continue to benefit from secular trends leading to outperformance across many of the markets we serve.

在Heath和我向大家詳細介紹幻燈片內容之前，我想花點時間討論一下我們在當前環境下的表現，以及自90天前電話會議以來的觀察。顯然，我們都在經歷全球宏觀環境中的許多波動。雖然這種波動在特定的終端市場中造成了周期性波動，但我們仍然受益於長期趨勢，從而在我們所服務的許多市場中保持優異表現。

The strategic positioning of our portfolio and our team's execution enabled us to deliver sales and adjusted earnings per share that exceeded our guidance, and we also delivered strong free cash flow in the quarter. We generated high single-digit organic growth year-over-year, with organic growth in all businesses in our Transportation and Industrial Solutions segments. The growth in these 2 segments offset incremental weakness in our Communications segment.

我們產品組合的策略定位和團隊的執行力，使我們的銷售額和調整後每股收益超出了預期，並且本季度實現了強勁的自由現金流。我們實現了同比高個位數的有機成長，其中運輸和工業解決方案部門的所有業務均實現了有機成長。這兩個部門的成長抵消了通訊部門的持續疲軟。

And while we can't control the macro environment or the headwinds from currency exchange effects, we are taking actions on the elements of our business model that we can control. Our Industrial segment continues on its journey to expand margins towards its high-teens margin target, and we'll talk through that in the call as well as we continue to implement price increases to offset inflation in our Transportation segment.

雖然我們無法控制宏觀環境或匯率波動帶來的不利因素，但我們正在針對我們能夠控制的商業模式要素採取行動。我們的工業部門繼續努力提高利潤率，力求達到高雙位數的目標，我們將在電話會議上討論這一點。同時，我們將繼續提高運輸部門的價格，以抵消通貨膨脹的影響。

In addition, we continue to drive cost reduction and footprint consolidation efforts and are now implementing additional structural reductions in communications to ensure we stay in line with the target margins in that segment as we go forward.

此外，我們將繼續推動成本削減和足跡整合工作，目前正在通訊領域實施額外的結構性削減，以確保我們在未來的發展中與該領域的目標利潤率保持一致。

So let me provide some additional color on our markets and other updates since our call 90 days ago. Our view of the transportation end markets remain unchanged. Our growth will continue to be driven by content outperformance from our global leading position in electric vehicles and electronification trends, even in an environment where auto production we expect to remain flat this year.

因此，請允許我補充一些關於我們市場以及其他自90天前電話會議以來最新進展的資訊。我們對運輸終端市場的看法保持不變。即使在我們預計今年汽車產量將保持平穩的環境下，我們仍將憑藉在電動車和電子化趨勢領域的全球領先地位，繼續透過內容方面的出色表現來推動成長。

Our view of the industrial end markets is also consistent with our prior view. We are seeing continued strong recovery in the commercial aero and medical markets as well as continued momentum in renewable applications in our energy business.

我們對工業終端市場的看法也與先前一致。我們看到商用航空和醫療市場持續強勁復甦，能源業務中的再生能源應用也保持強勁成長動能。

In our Communications segment, this is where we're seeing changes versus our prior view. Last call, we highlighted that we were expecting moderation in cloud demand in our data and devices business, and we're now seeing incremental weakness in enterprise and telecom applications, along with inventory adjustments across the broader supply chain that serves the data and device market. And as typical, our expectation is that this inventory adjustment will last a few quarters.

在我們的通訊部門，我們看到了與先前預測不同的變化。上次我們強調，我們預期數據和設備業務的雲端需求將會放緩，而現在我們看到企業和電信應用的需求正在逐漸減弱，同時服務於數據和設備市場的整個供應鏈的庫存也在調整。與往常一樣，我們預計這種庫存調整將持續數個季度。

Turning to orders. From a company perspective, our book-to-bill level remained below 1 as we expected due to the strong backlog coverage from our customers and increased stability in the broader supply chain. And I do want to highlight that our backlog remains near record levels and is almost 2x higher than we were in pre-COVID.

談到訂單。從公司角度來看，由於客戶的積壓訂單覆蓋率較高，以及整體供應鏈穩定性增強，我們的訂單出貨比保持在1以下，正如我們預期的那樣。我想強調的是，我們的積壓訂單量仍然接近歷史最高水平，幾乎是新冠疫情之前的兩倍。

Lastly, I do want to comment on the inflationary environment. And I just want to stress that we continue to be in an inflationary environment, and we've negotiated additional price increases with our customers in transportation, which will take effect as we move through this year. These increases will partially offset these inflationary costs, and we expect to have positive contributions to the transportation margins later in '23 from the price cost dynamic.

最後，我想談談通膨環境。我只想強調，我們仍然處於通膨環境中，我們已與運輸部門的客戶協商了額外的價格上漲，這些上漲將在今年內生效。這些漲價將部分抵銷通膨成本，我們預計2023年稍後價格成本動態將對運輸利潤率產生積極貢獻。

So with that as a quick overview, let me now get into the slides and discuss additional highlights, and we'll start on Slide 3.

因此，在進行快速概述之後，現在讓我進入幻燈片並討論其他亮點，我們將從幻燈片 3 開始。

Our first quarter sales were $3.8 billion, and this is up 8% organically year-over-year. We saw market outperformance in transportation and continued growth and recovery in the Industrial segment, which offset the sales decline in our Communications segment. Our sales were up 1% year-over-year on a reported basis, and was impacted by approximately $300 million of currency exchange headwinds.

我們第一季的銷售額為38億美元，年增8%。運輸業務市場表現優異，工業業務持續成長並復甦，抵消了通訊業務的銷售下滑。我們的銷售額年增1%，但受到約3億美元匯率不利因素的影響。

Order and backlog trends continue to reflect a strong demand environment in both the Transportation and Industrial segments, and I'll get into more details about order trend dynamics by segment on the next slide.

訂單和積壓趨勢持續反映出運輸和工業領域強勁的需求環境，我將在下一張投影片中詳細介紹各細分領域的訂單趨勢動態。

Adjusted earnings per share was ahead of our guidance at $1.53 and included $0.25 of currency exchange and tax headwinds versus our prior year. Adjusted operating margins came in as expected at 16.2%. Our free cash flow was strong at $400 million, and we returned approximately $410 million to shareholders. And we'll continue to be aggressive with share buybacks, taking advantage of market dislocations in our share price.

調整後每股收益為1.53美元，高於我們的預期，其中匯率和稅收因素較上年同期減少0.25美元。調整後營業利益率符合預期，達16.2%。我們的自由現金流強勁，達到4億美元，並向股東返還了約4.1億美元。我們將持續積極回購股票，並利用股價波動帶來的市場波動。

As we look forward, we are expecting second quarter sales to be approximately $3.9 billion and adjusted earnings per share to be around $1.57. Our guidance represents sequential growth in sales, driven by the Transportation and Industrial Solutions segment, and this will offset a sequential decline in our Communications segment. Our teams remain focused on how we innovate with customers around the key secular trends that we've positioned TE around, such as electric vehicles, renewable energy and data centers, just to name a few.

展望未來，我們預期第二季銷售額約為39億美元，調整後每股盈餘約1.57美元。我們的預期體現了銷售額的環比成長，這主要得益於運輸和工業解決方案部門的推動，並將抵消通訊部門的環比下滑。我們的團隊將繼續專注於如何與客戶一起創新，圍繞著我們為TE定位的關鍵長期趨勢，例如電動車、再生能源和資料中心等等。

Now I would like to move away from the financials just for a moment, and I'm pleased that TE was named to the Dow Jones Sustainability Index for the 11th consecutive year. This recognizes our positive environmental, social and governance policy and puts TE in the top 10% of the largest 2,500 companies in the S&P Broad Market Index based upon long-term ESG criteria.

現在我想暫時拋開財務話題，我很高興 TE 連續第 11 年入選道瓊永續指數。這不僅認可了我們積極的環境、社會和治理政策，也使 TE 憑藉長期 ESG 標準，躋身標準普爾大盤指數 2,500 強企業前 10% 的行列。

So let me get into the order trends and markets, and I would appreciate if you could turn to Slide 4. For the first quarter, our orders were $3.6 billion. And I think the key takeaway by segment is that we're seeing stability in Transportation, strength in the Industrial Solutions segment, and we've seen incremental weakness in Communications.

那麼，讓我來談談訂單趨勢和市場，請翻到投影片4。第一季度，我們的訂單金額為36億美元。我認為，按部門劃分的關鍵點是，我們看到運輸部門保持穩定，工業解決方案部門表現強勁，而通訊部門則逐漸疲軟。

I also want to highlight that as you look at the slide, and you compare orders versus the prior year, there are some key moving pieces I want to highlight. First off is, while currency impact sales, they also do impact orders. And so the compare -- we're comparing different currency rates year-on-year. And the prior year also has higher than normal order levels due to the broad supply chain challenges we were all dealing with. I do also want to highlight, as I stressed earlier, that our backlog remains at near record levels.

我還想強調的是，當您觀看幻燈片並將訂單與去年進行比較時，我想強調一些關鍵的變動因素。首先，雖然匯率會影響銷售額，但也會影響訂單。因此，我們比較的是不同貨幣的年比匯率。由於我們都在應對廣泛的供應鏈挑戰，去年的訂單水準也高於正常水準。我還想強調，正如我之前所強調的那樣，我們的積壓訂單仍然接近歷史最高水準。

So let me get into orders by segment. Our transportation book-to-bill was 0.95, reflecting ongoing stable environment and strong backlog levels. On an organic basis, our transportation orders grew 9% year-over-year, and it reinforces our ongoing strong content growth momentum in what is essentially a flat production environment.

那麼，讓我來按部門來談談訂單情況。我們的運輸訂單出貨比為0.95，這反映了持續穩定的環境和強勁的積壓訂單水準。我們的運輸訂單年增9%，這鞏固了我們在基本持平的生產環境中持續強勁的內容成長動能。

In our Industrial segment, the book-to-bill of 1.02 reflects strong demand across most of the served end markets we're in. We continue to see momentum around renewable applications in energy and we're also continuing to see improving order trends in commercial aero and medical as those markets continue to recover.

在我們的工業領域，1.02 的訂單出貨比反映了我們所服務的大多數終端市場的強勁需求。我們持續看到能源領域再生能源應用的發展勢頭，隨著這些市場的持續復甦，我們也持續看到商用航空和醫療領域的訂單趨勢不斷改善。

Turning to Communications. The orders reflect the incremental weakness in data and devices that I talked about. And the other thing I want to highlight on the orders is the appliance market is moderating as we expected and we've been talking to you about.

談到通訊業務。訂單反映了我之前提到的數據和設備業務的疲軟。關於訂單，我想強調的另一件事是，家電市場正在放緩，正如我們預期的那樣，我們也一直在討論這個問題。

As we continue to move through this year and continue to see supply chain improvements and a reduction of backlog levels, we expect book-to-bill levels to remain below 1, which is consistent with what we've been talking to you about.

隨著今年的持續推進，我們繼續看到供應鏈的改善和積壓水平的減少，我們預計訂單出貨比將保持在 1 以下，這與我們一直與您談論的情況一致。

So with that as a brief overview of orders, let me now briefly discuss year-over-year segment results in the quarter that are laid out on Slides 5 through 7, and you can see the details on each of those slides.

因此，以此作為訂單的簡要概述，現在讓我簡要討論一下幻燈片 5 至 7 中列出的本季度同比分部業績，您可以在每張幻燈片上看到詳細信息。

Starting with Transportation. Sales growth was strong. It was up 14% organically year-over-year, with organic growth across all businesses. Our auto business grew 20% organically versus auto production that was roughly flat versus the prior year. The outperformance was driven by our global leading position in electric vehicles, we're benefiting from electronification trends in the vehicle as well as some benefits from our pricing actions.

首先從交通運輸業務開始。銷售成長強勁，年增14%，所有業務均實現有機成長。我們的汽車業務有機成長了20%，而汽車產量與去年基本持平。這一優異表現得益於我們在電動車領域的全球領先地位，我們受益於汽車電子化趨勢以及我們的定價策略。

While overall auto production is expected to be flat for this fiscal year, we expect production of hybrid and electric vehicles to grow approximately 25% of the total global auto production in 2023. And as you know, we generate 2x the content in EV platforms versus combustion engine vehicles. So we expect our content per vehicle to continue to expand as we move through the year.

雖然預計本財年汽車總產量將持平，但我們預計到2023年，混合動力車和電動車的產量將佔全球汽車總產量的約25%。如您所知，我們在電動車平台上生產的零件數量是內燃機汽車的兩倍。因此，我們預計每輛車的零件數量將在今年繼續成長。

In the commercial transportation business, we saw 3% organic growth driven by growth in North America and Europe, and this growth was partially offset by declines driven by a continued China market that's weak. And in our sensors business, we grew 3% organically, and that was driven by our growth in automotive applications.

在商業運輸業務方面，由於北美和歐洲業務的成長，我們實現了3%的有機成長，但這一成長被持續疲軟的中國市場帶來的下滑部分抵消。在感測器業務方面，我們實現了3%的有機成長，這主要得益於汽車應用業務的成長。

At the Transportation segment level, adjusted operating margins were 15.8% as expected, reflecting the lag in the timing of price actions to offset inflation. Over the past 3 to 4 months, we took incremental cost actions and are implementing additional price increases to improve margin performance. We expect adjusted operating margins to improve sequentially into quarter 2 and get back to the high teens in the second half of this year, as we mentioned last quarter.

在運輸業務層面，調整後營業利潤率為15.8%，符合預期，這反映了為抵銷通膨而採取的價格行動的時機滯後。在過去的3到4個月裡，我們採取了漸進式的成本控制措施，並正在進一步漲價，以提高利潤率。我們預計，調整後營業利潤率將在第二季度環比提升，並在今年下半年回到15%左右的水平，正如我們上個季度所提到的。

Now let me turn to the Industrial segment. In this segment, sales increased 7% organically year-over-year with organic growth across all businesses. Our Industrial Equipment business was up 3% organically, driven by continued benefits from automation applications. Our AD&M business was up 14% organically, with growth driven primarily by ongoing improvement in the commercial aero market.

現在我來談談工業部門。該部門銷售額年增7%，所有業務均實現有機成長。工業設備業務有機成長3%，這得益於自動化應用的持續成長。 AD&M業務有機成長14%，其成長主要得益於商用航空市場的持續改善。

In energy, we saw 8% organic growth with continued momentum in renewable applications. And our medical sales were up 5% organically, and we're benefiting from the recovery in interventional procedures. As you can see on the slide, from a margin perspective, we expanded adjusted operating margins by almost 200 basis points, and we continue to make progress towards our high teens margin target for the segment.

在能源領域，我們實現了8%的有機成長，再生能源應用領域持續保持成長動能。醫療銷售額有機成長5%，這得益於介入手術的復甦。正如您在幻燈片中看到的，從利潤率的角度來看，我們的調整後營業利潤率提高了近200個基點，並且我們繼續朝著該部門高雙位數利潤率的目標邁進。

Now let me turn to Communications. And in this segment, our sales were down 11% organic. The appliance market is down as we expected -- and as you would expect, with the benefit we got during COVID as it turns, we saw declines across all regions in this business. Our data and device business was down 6% organically, and this was driven by broad market weakness, which I already discussed. In the Communications segment, adjusted operating margins were 17%, driven by lower volume including declines in higher-margin distribution sales.

現在我來談談通訊業務。在這個部門，我們的銷售額有機下降了11%。家電市場正如我們預期的那樣下滑——正如您所預料的，由於新冠疫情期間我們獲得了一些好處，我們看到該業務所有地區都出現了下滑。我們的數據和設備業務有機下降了6%，這是由市場普遍疲軟造成的，我之前已經討論過這一點。在通訊部門，調整後的營業利潤率為17%，原因是銷售量下降，包括利潤率較高的分銷銷售額的下降。

We are taking additional cost actions to improve margin performance in this segment as we go forward. We will balance these actions with investments for growth as we continue to see strong design win momentum in next-generation platform serving the cloud data center market.

我們正在採取額外的成本控制措施，以提高該部門未來的利潤率。鑑於我們持續看到服務於雲端資料中心市場的下一代平台設計方案的強勁成功勢頭，我們將平衡這些措施與成長投資。

So with that as a quick overview of our performance by segment, let me turn it over to Heath, and he'll get into more details on the financials as well as our expectations going forward.

因此，在簡要概述了我們各部門的業績之後，讓我將其交給希思，他將詳細介紹財務狀況以及我們對未來的預期。

Thank you, Terrence, and good morning, everyone. Please turn to Slide 8, where I will provide more details on the Q1 financials.

謝謝Terrence，大家早安。請翻到第8張投影片，我將在這裡提供更多關於第一季財務狀況的詳細資訊。

Adjusted operating income was $622 million, with an adjusted operating margin of 16.2%. GAAP operating income was $502 million and included $111 million of restructuring and other charges and $9 million of acquisition-related charges. You'll note that we have taken nearly $200 million of restructuring charges over the last 2 quarters as we aggressively optimize our manufacturing footprint and improve the cost structure of the organization. We now expect full year restructuring charges to increase versus last year. And as we mentioned last quarter, with the charges being more heavily weighted towards the first half of our fiscal year. We will provide further updates to the restructuring expectations as we move through the year.

調整後營業收入為6.22億美元，調整後營業利益率為16.2%。根據美國通用會計準則 (GAAP)，營業收入為5.02億美元，其中包括1.11億美元的重組及其他費用，以及900萬美元的收購相關費用。您注意到，在過去兩個季度，我們積極優化生產佈局並改善組織成本結構，已計入近2億美元的重組費用。我們目前預計全年重組費用將較去年同期增加。正如我們在上個季度所提到的，這些費用主要集中在財年上半年。我們將在今年內進一步更新重組預期。

Adjusted EPS was $1.53, and GAAP EPS was $1.25 for the quarter and included restructuring, acquisition and other charges of $0.28. The adjusted effective tax rate was approximately 20% in Q1. And for the second quarter and for the full year, we expect our adjusted effective tax rate to be approximately 21%. And as always, importantly, we continue to expect our cash tax rate to stay well below our adjusted ETR for the full year.

本季調整後每股收益為1.53美元，GAAP每股收益為1.25美元，其中包含0.28美元的重組、收購及其他費用。第一季調整後有效稅率約為20%。我們預計第二季及全年調整後有效稅率約為21%。與以往一樣，重要的是，我們繼續預計全年現金稅率將遠低於調整後實際稅率。

Now let's turn to Slide 9. Sales of $3.8 billion were up 1% reported and up 8% on an organic basis year-over-year. Currency exchange rates negatively impacted sales by approximately $300 million and adjusted EPS by $0.21 versus the prior year. In the second quarter, we expect currency exchange rates to be a headwind of approximately $165 million year-over-year. And last quarter, we indicated that foreign exchange would negatively impact full year sales by approximately $1 billion year-over-year. We now expect the full year impact to be roughly half of this number at the current exchange rates.

現在我們來看第9張投影片。銷售額為38億美元，報告成長1%，有機成長8%。匯率對銷售額造成了約3億美元的負面影響，調整後每股盈餘較上年同期減少0.21美元。我們預計第二季匯率將對銷售額造成約1.65億美元的負面影響。上個季度，我們曾指出，外匯將對全年銷售額造成約10億美元的負面影響。我們現在預計，以當前匯率計算，全年影響將約為這一數字的一半。

Adjusted EPS was $1.53 and adjusted operating margins were 16.2% as we expected.

調整後的每股盈餘為 1.53 美元，調整後的營業利潤率為 16.2%，符合我們的預期。

Now turning to cash flow. In the quarter, we, once again, demonstrated the cash generation model of our business with cash from operations of $581 million, free cash flow was approximately $400 million, and we returned over 100% of our free cash flow to shareholders through share and dividends. We continue to remain disciplined in our use of capital, and our long-term strategy remains consistent. And as you know, that is to return 2/3 of our free cash flow to shareholders and use 1/3 for acquisitions over time.

現在談談現金流。本季度，我們再次展現了我們業務的現金產生模式，營運現金流達5.81億美元，自由現金流約為4億美元，並且我們透過股票和股息將超過100%的自由現金流返還給股東。我們將繼續嚴格控制資本使用，我們的長期策略也始終如一。如您所知，我們將把2/3的自由現金流返還給股東，並將1/3用於未來收購。

Before I turn it over to questions, let me provide a quick recap. The strategic positioning of our portfolio enabled us to deliver Q1 sales and adjusted EPS that exceeded our guidance. From a market perspective, the Transportation and Industrial segments are consistent with our view 90 days ago. We continue to benefit from content growth in Transportation and continued market recovery and growth in the Industrial segment. However, some of this was offset with cyclical weakness in communication end markets and the inventory adjustments that come with that.

在開始提問之前，我先簡單回顧一下。我們投資組合的策略定位使我們能夠實現第一季銷售額和調整後每股收益超出預期。從市場角度來看，運輸和工業板塊的表現與我們90天前的預期一致。我們繼續受益於運輸板塊的內容成長以及工業板塊的持續市場復甦和成長。然而，通訊終端市場的周期性疲軟以及隨之而來的庫存調整抵消了部分成長。

We continue to execute on our margin journey. And you can see that progression in the Industrial segment. We remain focused on the actions that we can control, implementing price increases to offset inflation and driving additional structural cost reductions to improve our margin performance as we go forward.

我們將持續推進利潤率提升。工業部門也體現了這一點。我們將繼續專注於可控的舉措，例如提高價格以抵消通膨，並進一步推動結構性成本削減，以提升未來的利潤率。

We continue to demonstrate our strong cash generation model, with strong balance sheet that can support investments for growth. We will balance the short-term pressures with long-term opportunities, and I'm very excited about the opportunities we have to drive long-term growth, margin expansion and value creation for our customers, employees and shareholders.

我們持續展現強勁的現金產生模式，強勁的資產負債表能夠支持成長投資。我們將平衡短期壓力和長期機遇，我非常期待我們有機會推動長期成長、利潤率提升，並為客戶、員工和股東創造價值。

Let's now open up for questions.

現在讓我們開始提問。

Thank you, Heath. Abby, can you please give the instructions for the Q&A session?

謝謝你，希斯。艾比，你能給問答環節的說明嗎？

(Operator Instructions) Your first question comes from the line of Mark Delaney from Goldman Sachs.

（操作員指示）您的第一個問題來自高盛的馬克·德萊尼。

Could you please provide more detail on orders, specifically the linearity of how order is tracked over the course of the quarter and into January? And any differences in order trends by market?

您能否提供更多關於訂單的詳細信息，特別是整個季度以及一月份訂單跟踪的線性情況？不同市場的訂單趨勢有何差異？

Sure. Thanks, Mark. Thanks for the question. First off, how orders trended during the quarter and even into January had been pretty stable outside -- except for our Communications segment. So when you think about orders linearity or orders were stable, except for the one area that we highlighted.

當然。謝謝，馬克。謝謝你的提問。首先，本季乃至1月的訂單趨勢都相當穩定——除了我們的通訊部門。所以，除了我們強調的一個領域外，其他部門的訂單線性或訂單量都很穩定。

And what's interesting is, and you see it on the orders chart, our backlog in both TS and IS are up year-over-year. We have seen our backlog being worked down in CS, and that reflects the demand dynamics that we see. So from a demand, I think you got to look at both orders and the backlog together to really get a picture.

有趣的是，正如您在訂單圖表中看到的那樣，我們在TS和IS部門的積壓訂單量同比增長。我們看到CS部門的積壓訂單量下降，這反映了我們所看到的需求動態。所以從需求角度來看，我認為您必須同時查看訂單量和積壓訂單量才能真正了解情況。

If you break it apart from by segment, as I said on the call, Transportation, if you remove currency effects, our orders were up 9% year-over-year. And production has been running around this 20 million units per quarter. So relatively, it's got more stable, and the supply chain has improved. And really, that growth really comes into the content that you see the strong outperformance in that we've, I think, proven to you about our content opportunity.

如果以細分市場來看，就像我在電話會議上說的，運輸業務如果剔除匯率因素，我們的訂單比去年同期成長了9%。產量也維持在每季2000萬台左右。所以相對而言，情況更加穩定，供應鏈也得到了改善。實際上，這種成長真正體現在內容業務上，正如您所看到的，我們內容業務的強勁表現已經證明了我們擁有的內容機會。

In Industrial, we continue to benefit from some markets at a recovery. You see that comm air, while single aisle is back very -- back to pre-COVID levels, dual aisle aircraft, which are bigger content opportunities for us are starting to improve. So we still see recovery there. Also in medical, we see it. And in those 2 markets, we still see some broader supply chain challenges, but we see our orders continuing to accelerate there and renewables I talked about as well.

在工業領域，我們繼續受益於一些市場的復甦。您會看到，雖然單通道飛機已經恢復到疫情前的水平，但對我們而言具有更大機會的雙通道飛機也開始改善。因此，我們仍然看到該領域正在復甦。醫療領域也看到了復甦。在這兩個市場中，我們仍然面臨一些更廣泛的供應鏈挑戰，但我們看到我們的訂單繼續加速成長，我之前提到的再生能源領域也是如此。

The only place in Industrial, I would highlight, we had multiple years of very strong growth in our industrial equipment business. We probably see that plateauing. It would probably be how I would phrase it because that growth is just off a very high base, and we're going to have tough compares.

工業領域，我想強調的是，我們唯一一個連續多年保持強勁成長的領域是工業設備業務。我們可能看到這一增長進入平台期。我可能會這樣說，因為這種增長建立在一個非常高的基數上，我們將面臨艱難的比較。

And in Communications, where we really saw the weakness, I would say, we always highlighted to you that the appliance business that we had was going to benefit in cycle due to the COVID benefit it got. It's playing out as we expected, where it got worse was in communications, where we were expecting moderation in cloud CapEx spend. We solely got weaker both in enterprise and telecom type applications. And that supply chain is shared, let's face it, whether it's distributors selling into EMS or lower-tier players or the ODMs and EMS. They all make the same, and what we are experiencing is we do see inventory burn happening there.

在通訊領域，我們確實看到了疲軟的一面。我想說，我們一直強調，由於新冠疫情帶來的利好，我們之前的家電業務將在周期中受益。正如我們預期的那樣，情況變得更糟的是通訊領域，我們原本預期雲端資本支出會有所放緩。我們只是在企業和電信類應用領域表現疲軟。而且，坦白說，這條供應鏈是共享的，無論是經銷商向EMS（電子製造服務商）或低端廠商銷售，還是ODM（原始設計製造商）和EMS（電子製造服務商）銷售。它們生產的都是相同的產品，而我們目前的情況是，我們確實看到這些領域正在發生庫存消耗。

So I think it's more of a cyclical element we're dealing with. And as you go through inventory burns, as I said on the call, that's going to be with us for at least a couple of quarters but that's going to have a cyclical pressure with us in communications.

所以我認為我們面臨的比較多是一個週期性因素。正如我在電話會議上所說，庫存消耗會持續至少幾個季度，但這會對我們的溝通造成週期性壓力。

Your next question comes from the line of David Kelley from Jefferies.

您的下一個問題來自 Jefferies 的 David Kelley。

I wanted to follow up on the Communications Solutions segment discussion. I was hoping you could provide a bit more color on the progression of comms demand throughout the quarter. And then can you give us a view or sense into how you're thinking about sequential 2Q sales and margin trajectory for the segment?

我想跟進一下關於通訊解決方案部門的討論。我希望您能更詳細地介紹一下整個季度通訊需求的進展。然後，您能否談談您對該部門第二季銷售額和利潤率環比走勢的看法或看法？

Sure, David. Thanks for the question. And I'm not going to repeat what I said in the last question on the demand side. But as you think about our comm segment, last year, pretty much every quarter, it ran in excess of $600 million and really showed the momentum we have in those applications.

當然，David。謝謝你的提問。我不想重複上一個問題中關於需求方面的內容。但想想我們的通訊部門，去年幾乎每季都超過6億美元，這確實展現了我們在這些應用領域的強勁發展勢頭。

In the first quarter, it's down to $520 million. When we look at where we see the demand levels, we think that we're probably going to be around $450 million to $500 million in revenue in the second quarter. So we do expect an incremental step down with what we're seeing in demand patterns and this inventory work off.

第一季度，營收降至5.2億美元。考慮到需求水平，我們認為第二季的營收可能會在4.5億至5億美元左右。因此，隨著需求模式的變化和庫存的減少，我們預期收入會逐步下降。

And then right now, with the best we can tell, that's probably where we're going to stay for a couple of quarters. So that's how I think you should think about it. I do think what you'll see from a margin perspective is I think we've done a great job proving to you what we've done with the cost base of this segment when you saw the margin outperformance last year. But I do think you'll see this in the mid-teens as we work through this and working it way back up as the inventory works up into the higher teens as we work through the year.

目前，就我們目前所知，我們很可能在未來幾季保持這種水平。所以我認為你應該這樣想。從利潤率的角度來看，我認為我們已經出色地證明了我們在這一部門成本基數方面所做的努力，正如你看到去年利潤率的優異表現一樣。但我認為，隨著我們逐步解決這個問題，你會看到這一利潤率在15%左右，而隨著庫存全年增長，這一利潤率會回升到15%以上。

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

您的下一個問題來自美國銀行的 Wamsi Mohan。

Terrence, can you just help us with some color around margins in your other segments as well, particularly, you expressed confidence in moving industrial back to high teens and also recovery in transport margins.

特倫斯，您能否幫助我們了解其他部門的利潤率，特別是，您表示有信心將工業利潤率恢復到十幾歲的高位，並且運輸利潤率也會恢復。

How much of that is predicated on some of these restructuring actions versus the pricing initiatives that you've taken in transport and how contractual are those? Or is there a lot of cyclicality or uncertainty associated with accomplishing those initiatives?

這其中有多少是基於這些重組措施，而不是你們在運輸領域採取的定價措施？這些舉措的合約性如何？或者說，這些措施的實施是否存在很大的周期性或不確定性？

Wamsi, this is Heath, and I'll take the question. First of all, if you just take a step back for a second, our margin targets for each of the segments is unchanged. I mean we will react to different types of market conditions in terms of the demand environment, as you would expect us to. But in terms of how we focus some of the cost reduction and footprint consolidation efforts, those strategically are unchanged.

Wamsi，我是Heath，我來回答這個問題。首先，請您先回顧一下，我們每個部門的利潤率目標都沒有改變。我的意思是，正如您所期望的那樣，我們會根據需求環境的不同市場狀況做出反應。但就我們如何集中精力降低成本和整合業務佈局而言，這些策略上並沒有改變。

Now we've accelerated some things, and you've seen that more recently in some of the charges that we've taken. And some of that is in response to a quicker decline in the communications business than what we had originally anticipated. But if you just break it down by the 3 segments, and they each have a little bit different story, the transportation margins we've talked to you about, there's been a lag from -- when we felt the inflationary pressures and continue to, and we feel those real-time versus when we can get the negotiated price increases in effect.

現在我們加快了一些步伐，您最近從我們收取的一些費用中也看到了這一點。部分原因是通訊業務的下滑速度比我們最初預期的要快。但如果按三個部門細分，它們各自情況略有不同，我們之前提到的運輸利潤率，與我們感受到通脹壓力並持續感受到通脹壓力時相比，存在一定的滯後，而且這種滯後是實時的，與我們能夠實現協商提價時相比。

And those are meaningful price increases, and we're confident that we are in the -- as we implement those in real time, that those are going to have a nice benefit for us as we work our way through the year and would expect the Transportation segment margins to be in the high teens during the second half of fiscal '23.

這些都是有意義的價格上漲，我們相信，隨著我們即時實施這些措施，這些措施將為我們全年的工作帶來良好的效益，我們預計運輸部門的利潤率將在 2023 財年下半年達到 15% 左右。

The industrial business, we're pleased with the performance. As you see in the quarter, not just year-over-year expansion, but as we continue to move forward, we've been committed to a high teens margin trajectory for the Industrial segment. That has been a balance of both restructuring and growth, and you'll continue to see us move our way through that and hopefully appreciate the progress that you see reflected in our Q1 results accordingly.

工業業務方面，我們對業績感到滿意。正如您在本季度所看到的，我們不僅實現了同比增長，而且隨著我們持續發展，我們一直致力於將工業部門的利潤率保持在十幾個百分點的高水準。這反映了重組與成長之間的平衡，您將繼續看到我們在這方面取得進展，並希望您能欣賞我們在第一季業績中體現的進步。

And then Communications is a bit of the wildcard right now. Obviously, the prior couple of years, you saw the types of margins that can kick out at the types of volume levels that we were seeing. And as Terrence mentioned, if you go back and look over the last year plus, our communications business was running well north of $600 million a quarter in revenue.

通訊業務目前有點難以預測。顯然，前幾年，我們見證了利潤率的飆升，這與我們當時的銷售水平相當。正如特倫斯所提到的，如果回顧過去一年多，我們的通訊業務每季的收入遠遠超過6億美元。

And as we go into a period here, as there's some inventory corrections and so forth where we see the revenue being somewhere in that $450 million to $500 million range for the Communications segment, as Terrence mentioned, there will be a deleveraging impact we will get after the cost structure, as you would expect.

當我們進入這個時期時，由於有一些庫存調整等，我們看到通訊部門的收入在 4.5 億美元到 5 億美元之間，正如 Terrence 提到的，在成本結構之後我們將獲得去槓桿化的影響，正如您所期望的那樣。

Our long-term margin for this business is still around 20%, but we're not going to be able to react in one quarter to be able to preserve that. So I think Terrence just mentioned it, and I'll mention it again. If you're modeling it, I'd say the Communications segment will be in the mid- to high teens from a margin perspective this year as we deal with the decline.

我們這項業務的長期利潤率仍在20%左右，但我們無法在一個季度內做出反應來維持這個水準。所以，我想Terrence剛才提到了這一點，我會再提一次。如果要進行建模，我認為今年通訊部門的利潤率將在15%到19%之間，因為我們正在應對業務下滑。

But importantly, all the areas that we are focused in and all the platforms that we have won relative to the areas that we're excited about have very good margin opportunities as we move forward. So we are confident in the overall margin projection there.

但重要的是，隨著我們前進，我們所關注的所有領域以及我們贏得的所有平台（相對於我們感興趣的領域）都擁有非常好的利潤成長機會。因此，我們對這些領域的整體利潤率預測充滿信心。

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

您的下一個問題來自瑞銀的克里斯·斯奈德。

I know the company is only guiding for the March quarter, but I wanted to ask a little bit about the outlook for the various end markets into the back half of the year. And then specifically for auto, I know that company said last quarter that there was agreed to price coming into effect in January. Is that not really having an impact until the back half? Or are you going to start to see that in Q2?

我知道公司只給了3月季度的業績指引，但我想問下半年各終端市場的前景。具體到汽車市場，我知道公司上個季度表示，雙方已達成協議，價格將於1月生效。這要到下半年才會真正產生影響力嗎？還是說，到第二季才會開始顯現影響？

Thanks, Chris. And let me talk about the first part before I get to your price question. Like you said, I'll give you some insights that I think I said in the script around how we think markets could develop.

謝謝，克里斯。在回答你的價格問題之前，我先來談談第一部分。就像你說的，我會給你一些我在劇本中提到的關於市場未來如何發展的見解。

We are only guiding for one quarter. And so in transportation, while I think there's a couple of key points as we think about these markets. I think we've said very clearly that we expect production to be flat. I also think it's important to highlight, we're still well below pre-pandemic levels in auto production.

我們只給了一個季度的業績預期。至於運輸市場，我認為在考慮這些市場時有幾個關鍵點。我們已經非常明確地表示，我們預計產量將持平。我還認為需要強調的是，我們的汽車產量仍遠低於疫情前的水平。

So while it might be around 80 million units this year and flat versus 2019, that's -- there were 88 million cars made in the planet. So we're still in below pre-pandemic levels by about 10% on production. When you look at this year, it's all going to be about our penetration in our global leading position in electric vehicles. And what we get excited about is that position, I said on there, if electric vehicles and plug-in hybrids get up to about 25% of that 80 million units, our revenue -- or auto revenue this year, the amount around electric vehicles and plug-in hybrids, will be well in excess of $2 billion of our revenue in automotive. And I think we've proved the content story there. We continue to prove it, and you see it in the outperformance.

因此，雖然今年的產量可能在8,000萬輛左右，與2019年持平，但全球汽車產量為8,800萬輛。因此，我們的產量仍比疫情前的水準低約10%。展望今年，一切都取決於我們在全球電動車領域領先地位的滲透率。我們對此感到興奮，我之前說過，如果電動車和插電式混合動力汽車佔8000萬輛銷量的25%左右，那麼我們今年的汽車收入，即電動汽車和插電式混合動力汽車的收入，將遠遠超過我們汽車業務收入的20億美元。我認為我們已經證明了內容故事的價值。我們會繼續證明這一點，您可以從我們優異的表現中看到這一點。

Looking at outside of automotive and transportation, commercial transportation, last year was a negative market for that -- those submarkets. This year is probably going to be flattish with anything going on in North America and Europe being offset by China weakness, and we'll slightly outgrow that due to our content momentum.

除了汽車和交通運輸之外，商業運輸領域去年對這些子市場來說是一個負面市場。今年可能表現平平，北美和歐洲的市場表現將被中國市場的疲軟所抵消，而我們憑藉內容業務的強勁成長勢頭，將略微超越這一水平。

In Industrial, I already covered comm air medical or recovering markets. So we expect that you're going to continue to see further growth in these markets because it's how we're catching up. And then there's also levers of further growth potential, especially when you get into comm air and dual aisle aircraft, which are only at 50% of pre-pandemic levels. And renewables, that momentum continues. So I really don't view that's going to slow, and that's up to 25% of our energy revenues related to renewables.

在工業領域，我已經涵蓋了通訊航空、醫療或復甦市場。因此，我們預計這些市場將繼續成長，因為我們正在迎頭趕上。此外，還有一些進一步成長潛力的槓桿，尤其是在通訊航空和雙通道飛機領域，這些市場的產能僅為疫情前的50%。再生能源領域的成長勢頭仍在持續。因此，我認為這種勢頭不會放緩，而且我們高達25%的能源收入與再生能源相關。

And in Communications, I think we spent a lot of time on already about how you should think about that market from here as well as maybe where the revenue can be. On the second part of your question around pricing, in the first quarter, we were with our customers. And our pricing in automotive, it does lag. When we get inflationary pressures, inflation doesn't stop. We have negotiation with our customers, and we did an additional round in the December quarter, which were negotiated, and now they are starting to come in.

在通訊領域，我想我們已經花了很多時間討論如何從現在開始考慮這個市場，以及可能的收入來源。關於你問題的第二部分，關於定價，在第一季度，我們與客戶進行了溝通。而我們在汽車領域的定價確實存在滯後。即使面臨通膨壓力，通膨也不會停止。我們與客戶進行了談判，並在12月季度進行了另一輪談判，現在他們開始參與了。

They do phase in into the early part of calendar year. And we will get margin improvement in transportation this quarter, in the second quarter from the first quarter, and then it will continue to increase as we go through the year. So those have been negotiated, and we're going to start seeing the benefits of those as they come in as we work through this year.

這些措施會在年初逐步實施。本季度，我們的運輸業務利潤率將在第一季的基礎上有所提升，第二季度的利潤率也將有所提升，並且會持續到年底。這些措施已經商定，隨著這些措施在今年逐步實施，我們將開始看到它們帶來的好處。

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

您的下一個問題來自 Stifel 的 Matt Sheerin。

Heath, I wanted to just ask about your inventory levels. I know last quarter, you talked about some margin headwinds due to reduction in your own inventory within transportation. It looks like your actual inventory dollars were up quarter-on-quarter. So could you walk us through that inventory picture?

希思，我想問一下你們的庫存水準。我知道上個季度，你們提到由於運輸部門庫存減少，利潤率出現了一些下滑。現在看來，你們的實際庫存金額較上季有所增加。能不能請您介紹一下庫存狀況？

Yes. Sure, Matt. Thanks for the question. And honestly, it's fairly straightforward. And we normally grow inventory in our fiscal Q1 that we just -- that we're talking about today in anticipation of things specifically related to activities in China in anticipation of the Chinese New Year.

是的，當然，馬特。謝謝你的提問。說實話，這很簡單。我們通常會在第一財季增加庫存，我們今天討論的這個，是為了應對與中國農曆新年相關的活動。

So if you think about the increase we had from -- sequentially within the quarter, about half of that was just the revaluation due to foreign exchange. And the other half was the planned inventory build that we anticipate. As you think about it for the year, I -- we'll continue to be aggressive.

所以，如果你想想我們本季環比的成長，你會發現其中大約一半是外匯匯率帶來的升值，另一半是我們預期的計畫庫存增加。考慮到今年的情況，我們將繼續積極進取。

I do not anticipate -- and when you look at -- when we sit back and look at this at the end of the year, that we're going to have a material inventory inflation. Obviously, we'll do what we need to do on the communications side as we deal with everything Terrence has talked about already. And then the other 2 segments are well on plan for that.

我預計，當我們在年底回顧時，庫存不會出現實質的膨脹。顯然，我們會在溝通方面做好必要的工作，就像特倫斯之前提到的所有事情一樣。其他兩個部門也正在按計劃進行。

So hopefully, that answers your question.

希望這能回答你的問題。

Your next question comes from the line of Jim Suva from Citi.

您的下一個問題來自花旗銀行的 Jim Suva。

Your transportation content story is very positive and compelling. So congratulations on that. One concern we get though is given a recession or a slowdown in the economy concern, is there any signs of auto unit you mentioned flat outlook, but a potential inventory correction there or a slowdown there as we progress through 2023?

您的交通運輸內容報道非常積極且引人入勝。恭喜您。然而，我們擔心的一個問題是，鑑於經濟衰退或放緩的擔憂，有沒有跡象表明，正如您所提到的，汽車部門的前景持平，但隨著2023年的到來，該部門可能會出現庫存調整或放緩？

No. Thanks, Jim, for the question. And what we continually monitor with our customers is really how's inventory to the consumer. And when we look at that inventory, Jim, North America is still in the mid-30 days, which is well below the 60 days, which is more traditional.

不，吉姆，謝謝你的提問。我們持續關注的是客戶庫存到消費者手中的情況。吉姆，當我們查看庫存時，北美的庫存週期仍然在30天左右，遠低於更傳統的60天。

Europe is pretty much in line and China is in line. So we continue to monitor that. What's also nice you continue to see the supply chain improving across the world, that anything that would be out there in the supply chain is being worked off.

歐洲基本上符合標準，中國也一樣。所以我們會持續關注。同樣令人欣慰的是，我們看到全球供應鏈不斷改善，供應鏈中所有可能出現的問題都得到了解決。

So I'll be honest with you, we got to watch it. So certainly, we're in a slowing macro economy, but I do want to also stress again auto production is still 10% below pre-pandemic. So I don't think we've overshot, but I think we have to keep an eye on it. And I think flat is the way we're seeing it, is a prudent way that we've been planning our business right now.

所以說實話，我們必須密切注意。誠然，我們正處於宏觀經濟放緩的階段，但我還是想再次強調，汽車產量仍比疫情前低10%。所以我認為我們並沒有超調，但我認為我們必須密切注意。我認為持平是我們目前對情勢的看法，也是我們目前規劃業務的審慎方式。

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

您的下一個問題來自 Evercore 的 Amit Daryanani。

I guess, Terrence, I'd love to kind of have you spent a bit more time on the price increases that you're expecting on the transportation side how that flows into the model in '23 and can you just quantify what the size increases are that you expect this year?

特倫斯，我想請您多花點時間討論一下您預計的交通方面的價格上漲，這些價格上漲將如何影響 23 年的模型，您能否量化您預計今年的價格上漲幅度？

And then secondly, I think the fear I would have is, can you really raise prices on customers the auto OEMs, we are actually lowering the price of their own car size by 15%, 20% at this point? Or do you end up with more sizable pushback, if not for this a likely for next year?

其次，我擔心的是，汽車製造商真的能提高客戶價格嗎？我們目前實際上已經把他們同級別車型的價格降低了15%到20%。或者，最終會面臨更大的阻力嗎？如果不是這樣，明年可能還會面臨更大的阻力。

So I'd love to just see your perspective on your confidence that these price increases will flow through? And what sort of benefit are you embedding from that into your guide for 2023?

所以，我很想聽聽您對這些漲價措施能否順利實施的信心？您認為這將為2023年的指南帶來哪些好處？

Yes. So a couple of things, Amit. You were breaking up a little bit, so I hope I get every element of your question.

是的。所以有幾件事，阿米特。你當時有點分手，所以我希望我理解你問題的每個細節。

First off, being our pricing with our customers are contractual. So no different than you've seen us have a lag in transportation. I do want to make sure it is around transportation. These are negotiated elements that came in, and we have been, over the past 3 to 4 months, doing another round, which does give us the confidence around the pricing and those global agreements aren't checked.

首先，我們與客戶的定價是基於合約的。所以這和你看到的運輸方面的滯後沒什麼不同。我確實想確保這和運輸方面有關。這些都是經過協商的因素，在過去的3到4個月裡，我們又進行了一輪談判，這確實讓我們對定價更有信心，而且那些全球協議也無需審核。

Now certainly, each one is a little bit different, and they will be coming in. So we will see the benefit of them starting this quarter that we're in, and it will accelerate as we go through the year. And the other element is we're still dealing with inflation. So when you look at it, we are still in an inflationary environment, things that are oil-based how utilities and conversion costs that come out of some of the materials we use.

當然，每項措施都略有不同，而且它們會陸續到位。因此，從本季開始，我們就能感受到它們帶來的好處，而且這種好處會隨著全年的推移而加速。另一個因素是我們仍在應對通貨膨脹。所以，從通膨的角度來看，我們仍然處於通貨膨脹的環境中，包括與石油相關的成本、公用事業成本以及我們使用的一些材料產生的加工成本。

We're still in an inflationary period, even though it might be a lower rate than last year. And we're still dealing with that in transportation as these prices come in. So as I said on our prerecorded message, we do expect our margin to get up in the high teens in the flat environment later in the year, and that will benefit from the pricing that we put in -- and what we do with our customers, we are a commodity business.

我們仍處於通膨時期，儘管通膨率可能低於去年。隨著價格上漲，我們仍在應對運輸業的通膨壓力。正如我在預錄資訊中所說，我們預計利潤率在今年稍後的平穩環境下將達到15%左右，這將受益於我們制定的定價策略——以及我們為客戶提供的服務——我們是一家大宗商品企業。

We are key to their EV launches. We aren't making commodity products here. And that's the contractual nature of what we do with them. So certainly, they may have some price pressure. Certainly, we've had price pressure, and that's what we had to go through some negotiations, and we do have confidence around them.

我們是他們電動車發布的關鍵。我們在這裡不生產商品。這就是我們與他們合作的合約性質。所以他們肯定會面臨一些價格壓力。當然，我們也面臨價格壓力，這也是我們必須進行一些談判的原因，我們對他們確實有信心。

Your next question comes from the line of Scott Davis from Melius.

您的下一個問題來自 Melius 的 Scott Davis。

There's been a lot of talk already on kind of inventories and price and inflation. But can you disaggregate inflation a little bit for us and help us understand kind of -- are you seeing material moderation in things like labor inflation? I mean we can follow the materials ourselves, but labor is something that I think is a little bit harder to track.

關於庫存、價格和通貨膨脹，已經有許多討論。您能否稍微分解通貨膨脹，幫助我們理解一下—您是否看到勞動力通膨等方面出現了實質的緩和？我的意思是，我們可以自己追蹤原物料價格，但我認為勞動價格比較難追蹤。

Yes, Scott, I think it's important when you look through that in our world, material is the biggest part of our spend when you look through it. Labor is incrementally higher, but the bigger pressure that we have is really around the base materials we use.

是的，史考特，我認為這一點很重要，仔細想想，在我們的世界裡，材料是我們支出中最大的一部分。人工成本雖然逐漸上升，但我們面臨的更大壓力實際上來自於我們使用的基礎材料。

And during this period, you cover it well, you really have not only the base material, but then you also have where do utilities and conversion costs come in. And where I would say we're still seeing inflation metals have come off, I would say it's more neutral year-over-year.

在此期間，你要很好地覆蓋它，你實際上不僅擁有基礎材料，而且你還擁有公用事業和轉換成本。我想說的是，我們仍然看到通膨金屬已經回落，我想說它同比更中性。

In resin-based things and chemicals, where you use a lot of energy to make those and let's face it, some of that those come out of Europe, continuing to see inflation there. Utilities around the world, certainly, the cost to run factories is inflationary.

生產樹脂基產品和化學品需要消耗大量能源，而且說實話，其中一些產品來自歐洲，那裡的通貨膨脹持續存在。世界各地的公用事業，當然，營運工廠的成本也會導致通貨膨脹。

And the other area that I would say we talked about that actually has retreated is around how do you move things around the planet. -- from a freight and logistics perspective. So last year, you would have had everything inflationary. You're seeing freight logistics come down. You're seeing metals be more neutral, but you're still seeing resins and oil-based things that are energy-intensive still have an inflation around it. Labor for us is incrementally inflationary, but I wouldn't say it's the biggest headwind we have, and that may be different for other companies.

我想說，我們討論的另一個實際上已經倒退的領域是如何在全球範圍內運輸貨物——從貨運和物流的角度來看。去年，所有東西都會受到通貨膨脹的影響。你會看到貨運物流價格下降。你會看到金屬價格趨於中性，但你仍然會看到樹脂和石油基能源密集型產品仍然受到通貨膨脹的影響。對我們來說，勞動力是漸進式通膨，但我不會說這是我們面臨的最大阻力，其他公司的情況可能會有所不同。

Your question comes from the line of Christopher Glynn from Oppenheimer.

您的問題來自奧本海默公司的克里斯托弗·格林。

Just shifting gears a little bit. I was curious about the Industrial segment margins. Incrementals were a few hundred percentage points. And you held margins on lower sales versus the second half of last year. So I'm curious if you're hitting more of a culmination of the cost structure program that you've been talking about for a while?

稍微換個話題。我對工業部門的利潤率很感興趣。增量有幾百個百分點。與去年下半年相比，你們的銷售額有所下降，但利潤率仍保持穩定。所以，我很好奇，你們最近一直在談論的成本結構計畫是否已經達到了頂峰？

Chris, it's Heath. It's a good question. feels like we're always on this journey with Industrial. I would say that, certainly, we're pleased with the results in the quarter. And as we look through the year and our internal viewpoint, certainly, there's progress being made.

克里斯，我是希思。這個問題問得好。感覺我們一直在工業領域前進。我想說，我們對本季的業績非常滿意。回顧這一年，從內部來看，我們確實取得了一些進展。

Now the other thing, and there's a lot of good reasons, but we do -- this is -- this does tend to be the segment that we are the most acquisitive in. And we have done enough acquisitions last -- in the last couple of years, where we feel, at least 100 basis points of margin pressure just from those acquisitions. But that's part of the value creation journey, right? We bring something in. We know it's lower margin. We get the cost structure right. We integrate as appropriate, and then we start to see the returns from -- overall.

還有一件事，有很多充分的理由，但我們確實——這——這確實是我們收購意願最強的領域。過去幾年，我們已經進行了足夠的收購，我們感覺這些收購至少會給利潤率帶來100個基點的壓力。但這也是價值創造過程的一部分，對吧？我們引進了一些業務。我們知道利潤率較低。我們調整了成本結構。我們進行適當的整合，然後我們開始看到整體回報。

So absent that impact, I feel very good about where we are from the restructuring journey we've been on, which is really a flip top -- or I'm sorry, a rooftop consolidation journey that we've been talking pretty publicly about for the last 5 years.

因此，如果沒有這種影響，我對我們所經歷的重組歷程感到非常滿意，這實際上是一次翻天覆地的變化——或者對不起，是我們在過去五年裡一直公開談論的屋頂整合歷程。

We have made a ton of progress on those rooftop consolidations. And then just the acquisitions are the things that are kind of the wildcard in here in terms of the pressure relative to the opportunity. Sometimes, we don't get into that as much, but still it was pertinent to your question. I thought I'd highlight that, Chris.

我們在屋頂整合方面取得了巨大的進展。而收購，就機會與壓力而言，可以說是不確定因素。有時我們不會深入討論這個問題，但這仍然與你的問題有關。克里斯，我想強調一下這一點。

Your next question comes from the line of William Stein from Truist.

您的下一個問題來自 Truist 的 William Stein。

Great. You just answered a bit of this, but I'd like to dig a little bit more into the M&A opportunity. You highlighted that the company plans to spend over time about 1/3 of its free cash flow on acquisitions. I think it's been significantly below that level for several years.

太好了。您剛剛回答了一部分，但我想更深入地談談併購機會。您強調說，公司計劃逐步將約三分之一的自由現金流用於收購。我認為，多年來，這一比例一直遠低於這個水平。

So I'm hoping you can maybe refresh our memories as to both the strategic and tactical approach to M&A and whether we might expect that to accelerate in the next couple of years given the spend has been, I think, quite a bit below that 1/3 of free cash flow number?

因此，我希望您能讓我們重新認識併購的策略和戰術方法，以及考慮到支出一直遠低於自由現金流的 1/3，我們是否可以預期未來幾年併購速度會加速？

I appreciate the question. And certainly, the 2/3, 1/3 ratio that we talked about, have talked about for years is through a cycle, right? You're going to have periods of time when you do acquisitions and it's heavier or size of a deal tends to swing you in a particular direction.

我很感謝你的提問。當然，我們多年來一直討論的2/3或1/3的比例，是貫穿一個週期的，對吧？在進行收購的過程中，總是會遇到一些時期，交易規模較大或交易量較大，往往會影響你的投資方向。

I would tell you that there's been times over the last couple of years where we have not spent that 1/3. At the same time, that doesn't mean we're not active in the space. I think, so far this fiscal year, we've spent about $100 million on our transaction. So we're -- I don't know what that is in terms of our ratio, which you can't look at it in really quarter-by-quarter or even in a 1-year off basis.

我想說的是，在過去幾年裡，我們確實有幾次沒有花掉那三分之一。但這並不意味著我們在這個領域不活躍。我想，到目前為止，本財年我們在交易上已經花了約1億美元。所以，我不知道這個比例是多少，因為你不能逐個季度，甚至不能以一年為單位來計算。

We do have a pipeline of activity. And as you imagine, besides the stuff that we keep track of and we monitor and cultivate on our own, we, obviously, are involved in a lot of processes that are out there as well.

我們確實有一系列的活動。正如你所想像的，除了我們自己追蹤、監控和培育的內容之外，我們顯然還參與了許多外部流程。

However, our approach to this is unchanged. That means the deal has to be strategically important for us, number one. Number two, where do we add value as the owner of that company. And then number three, obviously, the financial profile of the acquisition and how it relates to what's good use of cash for our owners.

然而，我們處理此事的策略並沒有改變。這意味著，首先，這筆交易必須對我們具有戰略重要性。其次，身為該公司的所有者，我們能從哪些方面增加價值。第三，顯然，收購的財務狀況以及它與所有者如何合理利用現金之間的關係。

So we're going to continue to be disciplined in that process. We're going to continue to make sure that we're making smart acquisitions and in spaces that we feel very good about. So there is some fragmentation out there, and it just depends on which of our business units. And we'll continue to be aggressive in those areas, and we'll see where it all adds up here as we track it over time.

因此，我們將繼續在這過程中保持紀律。我們將繼續確保進行明智的收購，並專注於我們非常看好的領域。因此，市場上存在一些碎片化，這取決於我們選擇哪個業務部門。我們將繼續在這些領域積極進取，並隨著時間的推移觀察這一切的進展。

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

您的下一個問題來自 Cowen 公司的 Joe Giordano。

This is Michael on for Joe. Earlier, you mentioned elevated restructuring costs in the first half of the year, which are more in line with 2020 levels. Can you disaggregate the drivers behind that? I know you had mentioned a little bit earlier, but any additional color would be super helpful.

麥可代替喬為您解答。之前您提到了上半年重組成本上升，這更接近2020年的水準。您能否分析一下背後的驅動因素？我知道您之前提到過一些，但任何補充細節都會非常有幫助。

Yes. And Michael, I appreciate the question. As you think about it, when we went into the year, we said restructuring will be roughly flat or down from the prior year. And prior year FY '21 number was around -- I'm sorry, FY '22 number was around $150 million. Certainly, that was our plan going into the year, with the incremental downturn, particularly in the Communications segment.

是的。邁克爾，我很感謝你的提問。正如你所說，我們進入今年時說過，重組將與前一年基本持平或下降。而前一年21財年的重整金額大約是──抱歉，22財年的數字大約是1.5億美元。當然，這是我們進入今年的計劃，尤其是在通訊領域，業務逐漸下滑。

We have elected to accelerate some things in order to react more aggressively to that, which will push our FY '23 number higher. I'm not at a point right now where I want to quantify exactly how much higher it is. We'll have a better view when we're back online here in April.

為了更積極地應對這種情況，我們選擇加快一些專案的進度，這將推高我們23財年的業績。目前我還無法量化具體成長幅度。等到四月公司恢復營運時，我們就能對未來有更清楚的認知。

But I would say that it's -- we took a charge in Q1 of north of $100 million that we've already spent a good chunk of that, and that was really to aggressively get after a few things here. Longer term, certainly, after we react to that, we would anticipate bringing this number down. And our hope was to do some of that in '23, but with the market conditions, that's not going to happen.

但我想說的是——我們在第一季支出了超過1億美元，其中很大一部分已經花掉了，這實際上是為了積極推進一些項目。當然，從長遠來看，在我們對此做出反應後，我們預計這個數字會下降。我們原本希望在2023年實現部分目標，但考慮到目前的市場狀況，這不太可能實現。

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

您的下一個問題來自摩根大通的 Samik Chatterjee。

I guess I wanted to see if I can dig into the industrial equipment subsegment a bit and get some more color there. You talked about the recovery that you're seeing in medical, comm air and also the strength in renewables. But when I look at the industrial equipment, the broader sort of industrial group there, how are you -- what are you seeing in terms of the impact of the macro? What are the puts and takes there? And any sort of color on book-to-bill? What that sort of subsegment is tracking at?

我想看看我能否深入研究工業設備細分市場，並了解更多詳情。您談到了醫療、商用航空以及再生能源領域的復甦。但當我觀察工業設備，也就是更廣泛的工業領域時，您如何看待宏觀經濟的影響？該領域的風險敞口和收益分別是多少？訂單出貨比（B/B）方面有什麼具體資訊嗎？這類細分市場的走勢如何？

Yes. So first off, when you look at it, I would tell you, I do think we have to keep in the context our industrial equipment business grew 25% each of the last 2 years. So very strong growth. And I think what we're seeing is we continue to see the backlog around CapEx whether it's around what you see around automotive, electric vehicle, those types of things, that backlog is very strong.

是的。首先，我想說的是，我們必須考慮到我們的工業設備業務在過去兩年中每年都成長了25%。成長非常強勁。而且，我認為我們看到的是，資本支出的積壓訂單持續增加，無論是汽車、電動車或其他領域，積壓訂單都非常強勁。

We are also seeing supply chain improving. So in that space, you're seeing supply chain improving. So that will impact order levels a little bit, but not to the extent we're seeing in Communications. The other thing that I think we're watching is, it's not lost on us, what's happening in consumer electronics. Consumer electronics is a big user of factory automation. And that certainly has been a weakened market.

我們也看到供應鏈正在改善。所以在這個領域，你會看到供應鏈正在改善。這會對訂單水準產生一些影響，但不會像通訊業那麼嚴重。我認為我們正在關注的另一件事是，我們並沒有忽略消費性電子領域正在發生的事情。消費性電子是工廠自動化的一大用戶。而這無疑是一個疲軟的市場。

What happens around warehousing could be a weaker environment as well. So when we look at that, there are areas, but there are strength areas when you think about the infrastructure investment as well that our products go into. And you're also seeing strength in process automation.

倉儲業的情況也可能較為疲軟。因此，從我們的角度來看，存在一些優勢領域，但考慮到我們產品所涉及的基礎設施投資，也存在一些優勢領域。此外，流程自動化領域也表現出色。

So I would tell you, it's not all in one direction. I think it's also -- we have tough compares that we're going to be going up against. And it feels like we've seen a peak and plateauing is how we would see it both from an orders as well as the supply chain improves.

所以我想說，事情並非全朝著一個方向發展。我認為──我們還要面對一些嚴峻的挑戰。感覺我們已經看到了一個高峰，而隨著訂單和供應鏈的改善，我們預計會進入一個平穩期。

Your next question comes from the line of Steve Fox from Fox.

您的下一個問題來自福克斯的史蒂夫福克斯。

Just one broad question on China. There's been a lot of news flow out of there and questions around how companies manufacturing footprint should look for the long term or even shorter term given all the changes in terms of government policies, et cetera.

關於中國，我只想問一個廣泛的問題。關於中國，有許多新聞報道，以及考慮到政府政策等方面的變化，企業的製造足跡在長期甚至短期內應該如何規劃的問題。

Can you just sort of sum up your current situation in China? And then how you look at sort of your global footprint, especially as you do some restructuring down the road here?

能簡單介紹一下目前在中國的情況嗎？您如何看待公司的全球佈局，尤其是在未來重組的情況下？

Sure. Thanks, Steve. And a couple of things. I mean you followed us for quite some time now, and we've always been on that how do we produce engineer where we make if we can? And our China footprint is very much for China. We are not a big exporter out of China, and anywhere we even do have that.

當然。謝謝，史蒂夫。還有幾件事。我的意思是，你已經關注我們很久了，我們一直在思考，如果可以的話，我們如何在生產地生產工程師？我們的中國業務主要集中在中國。我們在中國並不是一個大型出口商，甚至在其他地方我們都沒有出口。

We do continue to look at where do we have China plus 1 within region where we might be doing some things for Japanese or Korean customers in China, they may want an option. So I view it much more as a modification and an evolution than a wholesale change because we don't import a lot of things back to places like the United States.

我們確實在持續研究在哪些地區開展「中國+1」業務，我們可能會為在中國的日本或韓國客戶提供一些服務，他們可能想要一些選擇。因此，我認為這更像是一種調整和演變，而非徹底的改變，因為我們不會將許多產品進口回美國等地。

We're also -- when you think through our growth opportunity, we talk a lot about electric vehicles. China is the largest electric vehicle market. So we continue to look at how do we expand capacity in China to support those local OEMs as they continue to make up the lion's share of electric vehicles.

當你思考我們的成長機會時，我們會經常談論電動車。中國是最大的電動車市場。因此，我們將繼續研究如何在中國擴大產能，以支持那些本土汽車製造商，因為它們繼續佔據電動車市場的最大份額。

So net-net, our strategy to move back again to the big picture we want to manufacture in region, it's the best for the supply chain. Certainly, we have to mirror what our customer supply chains are, and you're going to continue to see us modify so that we make within region.

所以，總的來說，我們的策略是回歸到我們希望在區域內生產的大局，這對供應鏈來說是最好的。當然，我們必須反映客戶的供應鏈，你會看到我們不斷調整，以便在區域內生產。

And even some of the things Heath talked about in restructuring is, in some cases, we're still exporting out of places like Europe into China. We want to make sure we're more localized in China. So we're continuing to invest in China around these key verticals that we expect to be there long term and drive our growth.

希思在重組中談到的一些事情是，在某些情況下，我們仍在從歐洲等地出口產品到中國。我們希望確保我們在中國的業務更加本地化。因此，我們將繼續在中國投資這些關鍵的垂直領域，我們預計這些領域將長期存在並推動我們的成長。

Your next question comes from the line of Guy Hardwick from Credit Suisse.

您的下一個問題來自瑞士信貸的 Guy Hardwick。

Just want to understand, sorry if this has been covered already, but I want to understand that the transportation margins just a little bit better. So I think you guided to, at the last quarter, at least 100 basis points of impact on the transportation margins for the inventory reduction.

我想了解一下，抱歉，如果這個問題已經講過了，但我想了解一下運輸利潤率會稍微好一點。所以我認為您預測上個季度庫存減少至少會對運輸利潤率產生100個基點的影響。

At the same time, you also benefited in this quarter from, I believe, very strong pricing as well as strong outgrowth driven by mix. And even if I take out that 100 basis points of inventory reduction impact, you're still like 100 to 140 basis points decline in the margin despite the pricing.

同時，我相信本季你們也受益於非常強勁的定價以及產品組合驅動的強勁成長。即使我剔除庫存減少100個基點的影響，儘管定價有所調整，利潤率仍會下降100到140個基點。

So does the pricing get even stronger as the year progresses? Is that kind of what you're communicating? Can you help me understand that a little better.

那麼，隨著時間的推移，定價會變得更高嗎？這就是您所傳達的意思嗎？您能幫我更能理解一下嗎？

Sure. Guy, this is Heath. We covered some of this a little bit earlier, but our price increases largely are a little more calendar-focused, if you think about it and go into effect really as we sit here today. So January-ish time frame, they're obviously not all aligned on the same date, but more or less, we didn't see much help in our first quarter results in transportation or otherwise from pricing.

當然。蓋伊，我是希思。我們之前已經討論過一些，但如果你仔細想想，我們的漲價主要還是受時間因素的影響，而且是在今天我們坐在這裡的時候生效的。所以，在一月份左右的時間範圍內，漲價顯然不會全部在同一天發生，但或多或​​少，我們第一季的運輸或其他業務的業績並沒有因為價格上漲而得到太大的提升。

So it pretty well laid out as you would have thought in terms of that. Now as we work our way through the year, both in the quarter -- as Terrence mentioned earlier, both in the quarter and the second quarter that we're sitting in today as well as our second half of our fiscal year, we do expect a significant help from those pricing increases. And you'll see those -- I'm confident you'll see those in both our second quarter results as well as the back half of the year.

所以，正如您所想的那樣，一切都安排得井井有條。現在，隨著我們全年的推進，無論是在本季度——正如Terrence之前提到的，無論是在我們今天所處的季度和第二季度，還是財年下半年，我們確實預計這些價格上漲將帶來顯著的幫助。我相信，您會看到這些——無論是在我們第二季的業績中，還是在今年下半年。

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

您的下一個問題來自貝爾德 (Baird) 的盧克瓊克 (Luke Junk)。

A modeling question for me. Heath, just wondering if you can help us understand the moving pieces around your updated FX guidance, specifically, how that translates from revenue to earnings? Wondering what has changed versus 90 days ago in terms of how it works through the plumbing, if you will, especially thinking about the back half of the year and the earnings impact as the top line impact starts to moderate?

一個建模問題。 Heath，您能否幫助我們理解您更新後的外匯指引中存在哪些變化，具體來說，它是如何從收入轉化為盈利的？您想知道與90天前相比，它在通路運作方面發生了哪些變化，尤其是考慮到下半年以及隨著營收影響開始減弱，對獲利的影響？

Sure, Luke. And listen, it's been a moving piece for us as well over the past 90 days. The top line piece is really just we snap a line in the sand in terms of where things are relative to the dollar. And we did see the dollar weaken in the quarter, particularly towards the end of the quarter. And obviously, that's impacting most of all companies who are global. That's the translation impact.

當然，盧克。聽著，過去90天裡，這對我們來說也是一件令人興奮的事。最重要的是，我們確實在美元匯率方面劃了一條底線。我們確實看到美元在本季走弱，尤其是在季度末。顯然，這對大多數全球化公司都產生了影響。這就是對翻譯的影響。

The transactional impact is a little bit harder because that starts getting into where we denominate currency versus where we have costs and those types of things and where we move things across border, across currencies. And so that piece of it has more of an impact to the EPS element of it.

交易的影響稍微大一些，因為它涉及到我們以哪種貨幣計價、以哪種成本來衡量，以及我們跨國、跨幣種轉移貨物等因素。因此，這部分對每股盈餘的影響更大。

Now we talked last quarter about $1 billion, and most of that first half -- $1 billion year-over-year and most of that in the first half weighted. Now it's about half of that at today's rates, and that's still largely in the first half of the year. And you see the numbers we talked about, the $300 million year-over-year impact in the first quarter and $165 million that we just guided for the second quarter in terms of that, and I think we provided in the bridges, the EPS elements of that.

我們上個季度談到了10億美元，其中大部分是上半年的支出——同比增長10億美元，而且大部分是上半年的加權值。以今天的匯率計算，現在大約是這個數字的一半，而且這仍然主要發生在上半年。你看我們談到的數字，第一季年增3億美元，第二季我們剛剛預測的1.65億美元，我認為我們已經提供了這些橋樑效應，包括每股盈餘。

Now at today's rates, if you work your way through the back half of the year, it balances itself out. You don't have much of an impact in the back half of the year. A little bit of headwind I think in the third quarter, and it swings around a little bit of tailwind in the fourth quarter, but we're getting into much smaller numbers at that point.

照現在的利率，如果你算下半年的情況，它就會自行平衡。下半年不會有太大的影響。我認為第三季會有一些逆風，第四季會有一些順風，但到那時我們的數字會小得多。

So the back half, again, at today's rates, we don't know what's going to go from there. That's kind of how it looks.

所以，按照今天的利率，我們不知道後半段會發生什麼事。目前的情況就是這樣。

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

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

Just coming back to communications. So maybe thinking a little bit beyond this year. You've talked about the ability to sustain low 20% margins in that segment. Obviously, we're going to be dipping below that for the next few quarters, but I'm just trying to get a sense of the bridge to get back to that low 20s level.

回到通訊業務。所以，或許可以稍微考慮一下今年以後的情況。您之前提到過，我們有能力維持該部門約20%的利潤率。顯然，未來幾季我們的利潤率會跌破這個數字，但我只是想了解回到20%出頭水準的過渡期。

I mean how much of that is really dependent on the end markets versus some of the internal cost actions that you're talking about taking out?

我的意思是，其中有多少真正依賴終端市場，有多少依賴您所說的一些內部成本行動？

Sure. This is Heath. I'll take this. It's really -- I mean, listen, I think if you look at your models, first of all, it's our smallest segment, right? So there's a little bit of [law] small numbers here on a relative basis for TE when you start getting to the margin rates.

當然。我是希思。我接了。這真的……我的意思是，聽著，如果你看一下你的模型，首先，這是我們最小的部分，對吧？所以，當你開始計算利潤率時，TE 的相對數字會比較小。

And we are always very careful about not jumping up and down to when we had the real high margins the last 2 years because we knew what the leverage was in those factories when you have that kind of output and when you see it flip around.

我們始終非常小心，不會像過去兩年利潤率真正高的時候那樣上下波動，因為我們知道，當你擁有那種產量時，當你看到產量出現逆轉時，這些工廠的槓桿作用是什麼。

So when you go from a $600 million to $650 million per quarter run rate at that segment down to sub $500 million here for the next few quarters, it does have a meaningful impact. And I think part of it also is the amount of inventory bleed off and the margins that we know exist in that channel inventory. That's just the reality of the cyclical nature of this.

因此，當該部門的季度營業額從每季6億美元到6.5億美元下降到接下來幾季的5億美元以下時，確實會產生重大影響。我認為部分原因還在於庫存流失量以及我們已知的通路庫存利潤率。這就是周期性因素的現實。

Now our confidence, in terms of being able to get back to closer to a 20% margin number for the segment, really resides in the fact that we don't -- we see this as more than a $2 billion segment annually, right? We do see this continuing to grow.

現在，我們有信心讓該部門的利潤率回到接近20%的水平，這實際上取決於我們是否認為這個部門每年的利潤會超過20億美元，對吧？我們確實看到它繼續增長。

We know the markets where they are. We know where our customers' capital needs are and the things and the platforms that we've been specced in on that are incremental growth to us going forward for the next several years. We feel good about that, and we know what the margin is going to look like, but we're going through a bit of an air pocket here for the rest of '23 or for at least the next couple of quarters of '23.

我們了解市場所在。我們了解客戶的資金需求，以及我們已投入的、未來幾年將帶來增量成長的技術和平台。我們對此感到滿意，也知道利潤率將會如何，但在2023年剩餘時間，或至少在接下來的幾個季度，我們可能會遇到一些困難。

Okay. Thank you. We'd like to thank everybody for joining our call this morning. And if you do have additional questions, please contact Investor Relations at TE. Thank you, and have a nice day.

好的。謝謝大家。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，祝大家有美好的一天。

Ladies and gentlemen, today's conference call will be available for replay beginning at 11:30 a.m. Eastern Time today, January 25, on the Investor Relations portion of TE Connectivity's website.

女士們、先生們，今天的電話會議將於今天（1 月 25 日）美國東部時間上午 11:30 開始在 TE Con​​nectivity 網站的投資者關係部分重播。

That will conclude the conference for today.

今天的會議就到此結束。