泰科電子 (TEL) 2025 Q1 法說會逐字稿

Everyone, thank you for standing by and welcome to the TE Connectivity first-quarter earnings call for fiscal year 2025. (Operator Instructions)

感謝大家的耐心等待，歡迎參加 TE Con​​nectivity 2025 財年第一季財報電話會議。（操作員說明）

And as a reminder, today's call is being recorded. I would now like to turn the conference over to our host, Vice President of Investor Relations, Sujal Shah. Please go ahead.

提醒一下，今天的通話正在錄音。現在我想將會議交給我們的東道主、投資者關係副總裁 Sujal Shah。請繼續。

Good morning and thank you for joining our conference call to discuss TE Connectivity's first-quarter results and outlook for our second quarter of fiscal 2025. With me today are Chief Executive Officer, Terrence Curtin; and Chief Financial Officer Heath Mitts.

早安，感謝您參加我們的電話會議，討論 TE Con​​nectivity 第一季業績和 2025 財年第二季的前景。今天與我在一起的有執行長泰倫斯‧科廷 (Terrence Curtin)；和財務長希思·米茨。

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 in the Investor Relations portion of our website at te.com.

在本次電話會議中，我們將提供某些前瞻性訊息，我們請您查看今天新聞稿中包含的前瞻性警示聲明。此外，我們將在今天早上的討論中使用某些非公認會計準則衡量標準，我們請您查看我們的新聞稿中涉及這些項目使用的部分以及隨附的幻燈片簡報。新聞稿和相關表格以及投影片簡報可在我們網站 te.com 的投資者關係部分找到。

As a reminder, we reorganized into a two-segment structure effective with the start of fiscal 2025. Transportation solutions, where the end markets remain the same, and industrial solutions, which adds two businesses from communications. As we talk about our results today, they will be discussed in the new segment structure. Please refer to our 8-K filed in December for recast financial information under the new structure.

謹此提醒，我們從 2025 財政年度開始重組為兩部分結構。運輸解決方案（終端市場保持不變）和工業解決方案（增加了兩項通訊業務）。當我們今天談論我們的結果時，它們將在新的細分結構中進行討論。請參閱我們 12 月提交的 8-K，以了解新結構下重新調整的財務資訊。

Finally, during the Q&A portion of today's call, due to the number of participants, 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部分，由於參加人數較多，我們要求大家只回答一個問題，如果還有第二個問題，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以徵求開場評論。

Thank you, Sujal, and I first off want to say happy new year to everyone, and thank you for joining our first quarter earnings call.

謝謝你，Sujal，我首先想向大家說新年快樂，並感謝你參加我們的第一季財報電話會議。

As you all are well aware, we continue to be in an uneven global economy where we see pockets of strengths and pockets of weakness. Global economic uncertainty is creating noise as we think about 2025, but what's key is we're performing well, and our focus is to execute on what we can control to drive financial improvement as we move through 2025.

眾所周知，我們仍然處於一個不平衡的全球經濟中，我們看到了一些優勢和一些弱點。當我們思考 2025 年時，全球經濟的不確定性正在製造噪音，但關鍵是我們表現良好，我們的重點是執行我們可以控制的措施，以推動 2025 年的財務改善。

Within this backdrop, the results that our team delivered for the first quarter are very straightforward. On the top line, our sales organically were in line with our expectations. Our adjusted operating margin and EPS were records and ahead of our guidance, and our free cash flow was a record for the quarter, all driven by the execution of our teams.

在此背景下，我們團隊第一季交付的結果非常簡單。從整體來看，我們的銷售額符合我們的預期。我們調整後的營業利潤率和每股盈餘創歷史新高，並且超越了我們的指導方針，我們的自由現金流也創下了本季的紀錄，這一切都是由我們團隊的執行力推動的。

Our orders were slightly ahead of our expectations and accelerated both year over year as well as sequentially, which gives us confidence in our guidance for the sequential improvement in our top line in the second quarter and further growth in our industrial solutions segment as we go through the year.

我們的訂單略高於我們的預期，並且同比和環比均有所增長，這使我們對第二季度營收的連續改善以及工業解決方案領域的進一步增長的指導充滿信心那一年。

The one area that was not in line with our expectations was the impact of a stronger dollar, which will impact us through this year. I am proud of our team's performance and what we controlled to deliver earnings and free cash flow that were above our expectations.

與我們預期不符的一個領域是美元走強的影響，這將在今年影響我們。我為我們團隊的表現以及我們控制的交付超出我們預期的收益和自由現金流感到自豪。

Now as we expect this environment to remain dynamic, I want to reiterate four key areas that we're focused on. The first one is innovation, and even with the unevenness that we see, our customers are continuing to innovate on next-generation architectures, and what we do from a connectivity and sensing perspective is a key enabler.

現在，當我們預計這種環境將保持活力時，我想重申我們關注的四個關鍵領域。第一個是創新，即使我們看到了不平衡，我們的客戶仍在繼續在下一代架構上進行創新，而我們從連結和感測角度所做的工作是關鍵的推動因素。

We are supporting their effort in ramping key programs that drive application growth, and you're going to hear about them, whether they're the secular drivers such as high-speed connectivity for AI programs, hardening and monitoring applications of the energy infrastructure, next-generation vehicle architecture, as well as continued ramps to support our AD&M customers.

我們正在支持他們努力推動推動應用程式成長的關鍵計劃，您將會聽到它們，無論它們是人工智慧程式的高速連接、能源基礎設施的強化和監控應用程式等長期驅動因素，下一代車輛架構，以及持續的斜坡來支持我們的AD&M 客戶。

The second thing that's important that we're focused on is making sure we're executing on the operational levers to drive further adjusted margin expansion, and you see this in our first quarter results as well as our guidance.

我們關注的第二件事是確保我們執行營運槓桿以推動進一步調整的利潤率擴張，您可以在我們的第一季業績以及我們的指導中看到這一點。

Thirdly, an area that we've been working on a lot and we've invested in is really making sure we benefit from how we go our global manufacturing strategy, and this includes the localizations that we've done, where our customers need China Plus One strategies. And also on the tariff subject, we will deploy our playbook that we exercise during the 2017 tariff cycle, and we're prepared to do so if tariffs are implemented.

第三，我們一直在努力和投資的一個領域確實確保我們從我們的全球製造策略中受益，這包括我們已經完成的本地化，我們的客戶需要中國加一策略。同樣在關稅問題上，我們將部署我們在 2017 年關稅週期中執行的行動手冊，如果關稅實施，我們準備這樣做。

And the fourth key, and lastly, is continuing to drive our strong cash generation model that enables optionality of returning capital owners, as well as capitalizing on bolt-on M&A opportunities as they occur.

第四個關鍵，也是最後一個，是繼續推動我們強大的現金產生模式，使回歸資本所有者俱有選擇性，並在發生的補充併購機會中加以利用。

So with that as an overview, I'd like to get in the presentation, if you can move to slide 3, and let me discuss some additional highlights and our guides for the second quarter, and then Heath will provide further details.

因此，作為概述，我想進入演示文稿，如果您可以轉到幻燈片 3，讓我討論一些其他亮點和我們第二季度的指南，然後 Heath 將提供更多詳細資訊。

Our first-quarter sales were $3.84 billion, which were flat year over year. Adjusted earnings per share of $1.95 was ahead of our guidance and up 6% versus the prior year, and adjusted operating margins were a record at 19.4%, up 30 basis points over last year, and up in both segments.

我們第一季的銷售額為 38.4 億美元，與去年同期持平。調整後每股收益為1.95 美元，高於我們的預期，比上年增長6%，調整後營業利潤率為19.4%，創歷史新高，比去年增長30 個基點，兩個業務領域均有所增長。

Orders of $4 billion in the first quarter grew both year over year and sequentially, and as I said earlier, this was slightly better than we expected. This reflects broader growth within the industrial segment, including increased momentum in artificial intelligence programs.

第一季 40 億美元的訂單年比和季比均有所成長，正如我之前所說，這略好於我們的預期。這反映了工業領域更廣泛的成長，包括人工智慧專案的成長勢頭。

We delivered record first quarter free cash flow of $674 million, and this was up 18% year over year, and this demonstrates the high quality of our earnings. And as we look forward, we are expecting our second quarter sales to increase sequentially to $3.95 billion. On a year-over-year basis, we expect to be impacted by unfavorable currency exchange headwinds of over $100 million.

我們第一季的自由現金流達到創紀錄的 6.74 億美元，年增 18%，證明了我們獲利的高品質。展望未來，我們預計第二季銷售額將季增至 39.5 億美元。與去年同期相比，我們預計將受到超過 1 億美元的不利貨幣兌換阻力的影響。

Adjusted earnings per share in the second quarter is expected to be around $1.96, which will be up 5% year over year, and this includes a $0.06 headwind from currency exchange and tax versus the prior year.

第二季調整後每股盈餘預計約為 1.96 美元，年增 5%，其中包括與上年相比因匯率和稅收帶來的 0.06 美元的阻力。

Stepping away from the financials for a second, we are pleased to be included in the Dow Jones Sustainability Index this quarter for the 13th year. This designation continues to demonstrate our dedication to sustainable business practices that is expected by our customers and also provides value to our owners.

撇開財務問題不談，我們很高興本季連續第 13 年被納入道瓊永續指數。這個頭銜繼續表明我們致力於永續商業實踐，這是我們的客戶所期望的，也為我們的所有者提供了價值。

So with that as an overview, let me get into the order trends, and you can see that on slide 4. In the quarter, we saw orders grow to $4 billion, and our book to bill was 1.05. In our transportation segment, orders came in as we expected, while in the industrial segment orders were up 15% on a sequential basis, supporting our outlook for sequential organic sales growth in the second quarter.

因此，作為概述，讓我了解訂單趨勢，您可以在幻燈片 4 上看到這一點。本季度，我們的訂單成長至 40 億美元，訂單出貨比為 1.05。在我們的交通運輸領域，訂單數量符合我們的預期，而在工業領域，訂單環比增長了 15%，支持了我們對第二季度有機銷售環比增長的預期。

In Transportation, our auto orders came in as expected, reflecting continued growth in Asia and offsetting softness in Western car production. When you look at the orders declined for the segment, it was driven by weakness in commercial transportation and sensor end markets.

在交通運輸方面，我們的汽車訂單符合預期，反映出亞洲的持續成長並抵消了西方汽車生產的疲軟。當您查看該細分市場的訂單下降時，您會發現這是由於商業運輸和感測器終端市場的疲軟。

Turning to the Industrial segment, all of our business had a book to bill over 1.25, and it supports our growth outlook. We are continuing to see sales growth in aerospace, defense, and marine, as well as in energy, and our orders in automation and connected living are indicating stabilization in factory automation end markets.

轉向工業領域，我們所有業務的帳面收入都超過 1.25，這支持了我們的成長前景。我們繼續看到航空航太、國防、海洋以及能源領域的銷售成長，我們在自動化和互聯生活領域的訂單顯示工廠自動化終端市場的穩定。

We've also talked to you about our momentum in artificial intelligence applications, and this is continuing. And just to highlight, when you look at our digital data networks business over the last three quarters, our total orders in the last three quarters for this business exceeds $1.5 billion, which sets us up for the growth that we talked to you about.

我們也與您討論了我們在人工智慧應用方面的勢頭，而且這種勢頭仍在繼續。需要強調的是，當你看看我們過去三個季度的數位數據網路業務時，我們在過去三個季度的該業務總訂單超過 15 億美元，這為我們與您談到的成長奠定了基礎。

Now let me get into year-over-year segment results, and I'll start with transportation on slide 5. Our Auto business performed as we expected and was down 3% organically in the first quarter, with strong growth in Asia being offset by declines in Western regions. As we look forward, we continue to expect global auto production to be down 1% to 2% in fiscal 2025. And we continue to expect our content growth to be at the low end of the 4 to 6 point range for the year.

現在讓我介紹一下逐年細分的結果，我將從幻燈片 5 上的交通開始。我們的汽車業務表現符合我們的預期，第一季有機下降 3%，亞洲的強勁成長被西方地區的下滑所抵消。展望未來，我們繼續預期 2025 財年全球汽車產量將下降 1% 至 2%。我們仍然預計今年的內容成長將處於 4 至 6 點範圍的低端。

While we expect overall auto production to decline this year, we expect continued growth in hybrid and EV production, with now roughly 80% of that production growth this year occurring in Asia, where we are strongly positioned.

雖然我們預計今年整體汽車產量將下降，但我們預計混合動力和電動車產量將持續成長，目前今年產量成長的約 80% 來自我們處於強勢地位的亞洲。

We also expect further electrification of the vehicles, and realize when you get electrification benefits, that's completely powertrain agnostic. And we're seeing increased content momentum driven by software-defined vehicle architectures, which require more data connectivity and provide content growth for us.

我們還期望車輛進一步電氣化，並意識到當您獲得電氣化優勢時，這完全與動力系統無關。我們看到軟體定義的車輛架構推動內容成長，這需要更多的數據連接並為我們提供內容成長。

And really to give you impact of what the momentum we're seeing, and I'll share with you, we just secured over $1 billion of new design wins with a leading Chinese auto OEM for their next generation platform that is entirely around data connectivity in the car.

實際上，為了讓您了解我們所看到的勢頭，我將與您分享，我們剛剛與一家領先的中國汽車 OEM 為其下一代完全圍繞數據連接的平台贏得了超過 10 億美元的新設計勝利在車裡。

So let me turn to the commercial transportation. And as you can see on the slide, we were down 12% organically, as we expected. And this is driven by heavy truck production weakness in Europe and North America. We do expect that demand trend will improve later in this year.

那麼讓我來談談商業運輸。正如您在幻燈片中看到的那樣，正如我們預期的那樣，我們的有機下降了 12%。這是由歐洲和北美重型卡車生產疲軟推動的。我們確實預計需求趨勢將在今年稍後有所改善。

And in our Sensors business, the sales decline was driven by weakness in the broader industrial markets in Europe and North America. From an adjusted operating margin perspective for this segment, our team's executed very well, and it's reflected by the adjusted operating margins that were 21.3% in the first quarter.

在我們的感測器業務中，銷售額下降是由於歐洲和北美更廣泛的工業市場疲軟所致。從該部門調整後營業利潤率的角度來看，我們團隊的執行情況非常好，第一季調整後營業利潤率為 21.3%，這也反映了這一點。

Now with that as an overview of Transportation, let me move to the Industrial Solution segment on slide 6. And this segment grew double digits in the quarter.

現在，作為運輸的概述，讓我轉到幻燈片 6 上的工業解決方案部分。該細分市場在本季度實現了兩位數成長。

Starting with our digital data networks business, it grew 50% organically, and our design wins are reflecting increased momentum. We now expect revenue from artificial intelligence applications to be above the $600 million in fiscal 2025, and it reflects strong growth and leadership in multiple hyperscale AI platforms across the customer base.

從我們的數位數據網路業務開始，它的有機增長了 50%，我們的設計勝利反映了成長的勢頭。我們現在預計 2025 財年人工智慧應用的營收將超過 6 億美元，這反映了客戶群中多個超大規模人工智慧平台的強勁成長和領先地位。

In automation and connected living, and this combines our former industrial equipment and appliance businesses, we declined 5% organically, driven by ongoing weakness in factory automation applications in Western geographies, especially in Europe. One nice thing is that we have seen order patterns begin to reflect stability in this end market, and we've seen increased strength in Asia in the automation area.

在自動化和互聯生活領域，這結合了我們以前的工業設備和家電業務，由於西方地區（尤其是歐洲）工廠自動化應用持續疲軟，我們有機下降了 5%。一件好事是，我們看到訂單模式開始反映出這個終端市場的穩定性，我們看到亞洲在自動化領域的實力不斷增強。

In AD&M, our sales were up 15% organically, driven by broad growth across commercial airspace, defense, and space applications. In these markets, we continue to see favorable demand trends and ongoing supply chain recovery, and we expect the momentum in these markets to continue.

在 AD&M 領域，受商業空域、國防和太空應用廣泛增長的推動，我們的銷售額有機增長了 15%。在這些市場中，我們繼續看到有利的需求趨勢和持續的供應鏈復甦，我們預計這些市場的勢頭將持續下去。

Our medical business in the quarter declined 25% as we expected, and this resulted from inventory normalization by our customers that we're seeing as the broader medical supply chain has improved, and we do expect that our medical business will show sequential growth as we move throughout this year.

正如我們預期的那樣，本季度我們的醫療業務下降了25%，這是由於我們的客戶庫存正常化所致，我們認為隨著更廣泛的醫療供應鏈的改善，我們確實預計我們的醫療業務將呈現季增今年全年都會搬家。

And the last market that I want to highlight is our Energy business. Sales were up 7% organically, driven by strength in all regions and ongoing momentum in utility-scale renewables, along with investments that are being made to support increased power generation needs as well as hardening of the infrastructure.

我想強調的最後一個市場是我們的能源業務。由於所有地區的實力和公用事業規模可再生能源的持續成長勢頭，以及為支持不斷增長的發電需求和強化基礎設施而進行的投資，銷售額有機增長了 7%。

I also want to highlight that within the quarter, we acquired Harger, which is a North American leader in lightning protecting and grounding solutions that are foundation to grid reliability and a complementary to our existing product set. This acquisition expands our portfolio for grid reliability and connectivity solutions of renewable power, utilities, and industrial power applications, and I welcome the employees of Harger to our TE team.

我還想強調的是，在本季度，我們收購了 Harger，它是北美防雷和接地解決方案的領導者，這些解決方案是電網可靠性的基礎，也是我們現有產品集的補充。此次收購擴大了我們在再生能源、公用事業和工業電力應用的電網可靠性和連接解決方案方面的產品組合，我歡迎 Harger 的員工加入我們的 TE 團隊。

For the Industrial segment, adjusted operating margins were 16.8%. They expanded 100 basis points year over year, driven by the higher volume and strong operational performance. We do expect all businesses in the industrial segment to grow sequentially on an organic basis in the second quarter, as I highlighted earlier.

工業部門調整後營業利益率為 16.8%。在銷售增加和強勁營運績效的推動下，它們比去年同期成長了 100 個基點。正如我之前強調的那樣，我們確實預計工業領域的所有業務將在第二季有機成長。

Now, with that as an overview of our performance, let me hand it over to Heath, who will get into more details on the financials and our expectations going forward.

現在，作為我們業績的概述，讓我將其交給 Heath，他將詳細介紹我們的財務狀況和我們未來的預期。

Thank you, Terrence, and good morning, everyone. Please turn to slide 7.

謝謝你，特倫斯，大家早安。請翻到幻燈片 7。

For the quarter, adjusted operating income was $745 million, with an adjusted operating margin of 19.4%. This was a record performance with year over year expansion in both segments, as Terrence mentioned, and it reflects strong execution by our teams to deliver on operational levers, including savings from past restructuring initiatives.

該季度調整後營業收入為 7.45 億美元，調整後營業利益率為 19.4%。正如特倫斯所提到的，這兩個領域的同比擴張都創下了創紀錄的業績，這反映出我們的團隊在實現營運槓桿方面的強大執行力，包括過去重組舉措帶來的節省。

GAAP operating income was $690 million and included $5 million of acquisition-related charges and $50 million of restructuring and other charges. Q1 restructuring charges specifically were $43 million, reflecting continued footprint optimization efforts. I expect restructuring charges in fiscal '25 to be around the $100 million level, same as we said 90 days ago.

GAAP 營業收入為 6.9 億美元，其中包括 500 萬美元的收購相關費用以及 5,000 萬美元的重組和其他費用。第一季的重組費用具體為 4,300 萬美元，反映出持續的足跡優化工作。我預計 25 財年的重組費用將在 1 億美元左右，與我們 90 天前所說的相同。

Adjusted EPS was $1.95 and GAAP EPS was $1.75 for the quarter and included a tax charge of $0.04 and restructuring acquisition and other charges of $0.16. Again, as we guided 90 days ago, the adjusted effective tax rate was 23% in Q1, and we expect Q2 to be at this 23% level as well. We do continue to expect the full year tax rate to be in the 23% to 24% range.

本季調整後每股收益為 1.95 美元，公認會計原則每股收益為 1.75 美元，其中包括 0.04 美元的稅費以及 0.16 美元的重組收購和其他費用。同樣，正如我們 90 天前的指導，第一季調整後的有效稅率為 23%，我們預計第二季也將達到 23% 的水平。我們仍然預計全年稅率將在 23% 至 24% 的範圍內。

As a reminder, the increased ETR versus the prior year is primarily related to the impact of Pillar Two global min tax. But as always, and importantly, we expect our cash tax rate to be well below our adjusted ETR.

提醒一下，與前一年相比，ETR 的增加主要與第二支柱全球最低稅的影響有關。但與往常一樣，重要的是，我們預計我們的現金稅率將遠低於調整後的 ETR。

Now, if you turn to slide 8, we deliver strong adjusted margin and EPS expansion along with record free first quarter free cash flow with sales that were effectively flat year over year. Sales of $3.84 billion were unfavorably impacted by increased currency exchange headwinds in the quarter that impacted us by roughly $50 million versus our guide.

現在，如果你翻到幻燈片 8，我們將實現強勁的調整後利潤率和每股收益擴張，以及創紀錄的第一季自由現金流，銷售額實際上與去年同期持平。本季貨幣兌換不利因素的增加對 38.4 億美元的銷售額產生了不利影響，與我們的指導相比，這對我們造成了約 5,000 萬美元的影響。

Due to the strengthening of the US dollar against other currencies, we now expect year over year currency exchange headwinds to exceed $300 million for fiscal '25 with roughly $100 million of impact in each of the next three quarters.

由於美元兌其他貨幣走強，我們現在預計 25 財年的逐年貨幣兌換逆風將超過 3 億美元，未來三個季度每季的影響約為 1 億美元。

Adjusted operating margins were 19.4% in the first quarter, expanding 30 basis points year over year. Adjusted earnings per share were $1.95, up 6% year over year driven by margin expansion and included headwinds of $0.04 from the higher tax rate.

第一季調整後營業利益率為 19.4%，較去年同期成長 30 個基點。調整後每股收益為 1.95 美元，在利潤率擴張的推動下同比增長 6%，其中包括稅率提高帶來的 0.04 美元的不利影響。

Turning to cash flow, cash from operations was $878 million, and free cash flow was $674 million. In the quarter, we deployed roughly $500 million to shareholders through share buybacks and dividends, and we utilized $325 million for bolt-on acquisitions in the Industrial segment, including the Harger acquisition that Terrence mentioned earlier.

現金流方面，營運現金為 8.78 億美元，自由現金流為 6.74 億美元。本季度，我們透過股票回購和股息向股東部署了大約 5 億美元，並利用 3.25 億美元用於工業領域的補強收購，包括特倫斯先前提到的 Harger 收購。

Our cash generation and healthy balance sheet gives us more optionality with the use of capital. We will continue to have strong return of capital to shareholders, but as I mentioned last quarter, we are also looking to pursue more bolt-on acquisition opportunities at attractive valuations.

我們的現金產生和健康的資產負債表為我們在資本使用方面提供了更多選擇。我們將繼續為股東帶來強勁的資本回報，但正如我上季度提到的，我們也希望以有吸引力的估值尋求更多補充收購機會。

Before I turn it over to questions, let me reinforce that we expect to build upon our past performance to deliver strong financial results in 2025. While we cannot control the dynamics of our markets, we are well positioned to benefit from the secular growth trends in the markets we serve while continuing to deliver strong operational performance to expand margins and drive strong cash generation this year.

在我提出問題之前，讓我先強調一下，我們希望在過去的業績基礎上，在 2025 年實現強勁的財務表現。雖然我們無法控制市場的動態，但我們處於有利位置，可以從我們所服務的市場的長期成長趨勢中受益，同時繼續提供強勁的營運業績，以擴大利潤並推動今年強勁的現金產生。

So with that, let's open it up for questions, Sujal.

那麼，Sujal，讓我們開始提問吧。

Okay, Krista, can you please give the instructions for the Q&A session?

好的，Krista，可以給一下問答環節的說明嗎？

(Operator Instructions) Mark Delaney.

（操作員說明）馬克·德萊尼。

Yes, good morning. Thanks very much for taking the question. I was hoping to better understand order trends and if you could speak a bit more around orders by end market and the linearity of orders you saw this last quarter and perhaps how that's informing your 2Q guidance.

是的，早安。非常感謝您提出問題。我希望更好地了解訂單趨勢，如果您能更多地談論終端市場的訂單以及您上個季度看到的訂單線性度，以及這如何為您的第二季度指導提供資訊。

And just while you're talking on orders by end market, and recognizing that the full year AI outlook is now for over $600 million and that's strengthened. But just here in the shorter term, as you look at the order patterns, have you seen any volatility either positively or negatively as the industry is starting to transition to Blackwell? Thank you.

就在您談論終端市場的訂單時，並認識到全年人工智慧前景現在超過 6 億美元，而且這一前景得到了加強。但就短期而言，當您觀察訂單模式時，您是否看到隨著產業開始向 Blackwell 過渡，出現任何正面或負面的波動？謝謝。

Sure. Thanks, Mark, for the question. And like I said on the call, orders were ahead of where we expected. And certainly we had the FX impact. But when we think about them coming in stronger, it is why we feel good about the sequential improvement we're going to see and ongoing broad momentum in the industrial businesses to build sequentially. Certainly AI, as you talk about, but more broadly, and I'll talk about that.

當然。謝謝馬克提出這個問題。正如我在電話中所說，訂單超出了我們的預期。當然，我們也受到了外匯的影響。但是，當我們想到它們會變得更強大時，這就是為什麼我們對我們將看到的連續改善以及工業企業連續建立的持續廣泛勢頭感到滿意。當然是人工智慧，正如你所談論的，但更廣泛地說，我會談論這個。

So also I want to highlight regionally what we're seeing. We are continuing to see orders reflect broad strength in Asia. And even when you look at the orders growth that we saw, you see Asia has been accelerating. Weakness continues to be in Europe broadly, especially when you think of auto and in the industrial space and the heavy truck space where we play. And so you see that unevenness with the United States and the Americas sort of being a little bit more neutral.

因此，我還想強調一下我們所看到的地區情況。我們繼續看到訂單反映了亞洲的廣泛實力。即使你看看我們看到的訂單成長，你也會發現亞洲一直在加速。整個歐洲仍然疲軟，特別是當你想到汽車、工業領域和我們所在的重型卡車領域時。所以你會看到與美國和美洲的不平衡有點更中立。

To your question about the industrial segments and the markets, what's important is every business had a book to build above 1. And we do have the momentum in AI, and our AI orders did grow nicely in the quarter.

對於您關於工業領域和市場的問題，重要的是每個企業都有一本可以建造上述 1 的書。我們在人工智慧方面確實有動力，我們的人工智慧訂單在本季確實成長得很好。

But the Industrial segment, if you take out the AI orders, our order through 10% year overall -- year over year in that segment, and 7% sequentially, even without the AI orders that we continue to benefit from.

但在工業領域，如果去掉人工智慧訂單，我們的訂單總量同比增長了 10%，該領域同比增長了 7%，即使沒有我們繼續受益的人工智慧訂單。

In Aerospace, we continue to see growth as commercial air still is recovering. Defense is strong. And while space applications are smaller, they are the fastest growing applications that we have in that area that you see the strong double-digit growth in aerospace.

在航空航太領域，隨著商業航空仍在復甦，我們繼續看到成長。防禦力很強。雖然太空應用規模較小，但它們是我們在該領域成長最快的應用，您可以看到航空航太領域強勁的兩位數成長。

In Energy, it's a business that we've been investing in. We talked about the M&A, but you just continue to see continued order momentum around the utility applications where people are -- you see increased CapEx going into the utilities, and it's pretty broad.

在能源領域，這是我們一直在投資的業務。我們討論了併購，但你會繼續看到圍繞人們所在的公用事業應用程式的持續訂單勢頭——你會看到公用事業領域的資本支出增加，而且範圍相當廣泛。

The area that a positive sign, even though stability doesn't sound positive, is the automation and control space. It's an area where we have seen orders moving sideways. We've seen acceleration in Asia. Certainly Europe in that area continues to be weak, but it's an area that sort of says it's good to finally see some stabilization in the automation and control area that maybe we can see some improvement later in the year.

儘管穩定性聽起來並不積極，但積極訊號的領域是自動化和控制空間。在這個領域，我們看到訂單橫向移動。我們已經看到亞洲的加速發展。當然，歐洲在該領域仍然疲軟，但這個領域最終看到自動化和控制領域的穩定是件好事，也許我們可以在今年稍後看到一些改善。

And in Transportation, I talked about what we're seeing in auto production. We do expect auto production to be down for the year, but the orders are sort of tracking that. And we still expect to be at the low end of the 4% to 6% of our growth of our market there, and really the weakness we saw was in that heavy truck market, and we hope that'll improve later in the year. So I think that gives the color that you asked for, and thanks for the question, Mark.

在運輸方面，我談到了我們在汽車生產中看到的情況。我們確實預計今年汽車產量將會下降，但訂單量也在某種程度上追蹤了這一情況。我們仍然預計該市場的成長將處於 4% 至 6% 的低端，我們看到的弱點實際上是在重型卡車市場，我們希望今年稍後情況會有所改善。所以我認為這給了你所要求的顏色，謝謝你的提問，馬克。

Thank you, Mark. We have the next question, please.

謝謝你，馬克。我們有下一個問題。

Scott David, Melius Research.

斯科特大衛，Melius 研究公司。

Hey. Thanks for the color on the orders. That's actually super helpful.

嘿。感謝訂單上的顏色。這實際上非常有幫助。

I wanted to move to margins, because that was operating leverage is your -- second thing you mentioned of your four priorities. But it seems like you guys have done a really nice job managing margins and actually improving margins in relatively low growth environment.

我想轉向利潤率，因為這是你提到的四個優先事項中的第二件事。但看起來你們在管理利潤率方面做得非常好，並且在相對較低的成長環境中實際上提高了利潤率。

But how do you guys think about incremental leverage? And let's just focus on TS, because I think Industrial is a little bit more clear. But how do you think about incremental leverage in TS when we get a recovery? Do you have costs that need to come back proportional to that recovery? Or do you expect to see kind of outsized incrementals when again, it may not be until 2026 or whatever, but whenever we do see a volume recovery there?

但你們如何看待增量槓桿？我們只關注 TS，因為我認為工業更清晰一些。但是，當我們復甦時，您如何看待 TS 的增量槓桿？您是否需要以回收率按比例收回成本？或者您預計會再次看到某種巨大的增量，可能要到 2026 年或其他時間，但每當我們確實看到銷量恢復時？

Scott, this is T. I'll certainly take that, and I appreciate the question. Listen, it's -- we've made a lot of strides in the TS margins. If you go back a few years, we were always talking about target margin of 20% and so forth. We don't -- we're comfortable that we're at that level. Certainly, Q1 was probably, is outsized, which is pretty common as you think about our seasonality because our China factories are always humming very strong in the first quarter, and you saw that last year as well.

斯科特，我是 T。聽著，我們在 TS 利潤方面取得了很大進展。如果你回到幾年前，我們總是在談論 20% 的目標利潤率等等。我們不——我們對自己處於這個水平感到滿意。當然，第一季可能規模過大，考慮到我們的季節性，這很常見，因為我們的中國工廠在第一季總是表現強勁，去年也看到了這一點。

So but we're confident that we're going to be at our 20% number or better by quarter as we work our way through the year. So we're feeling good about automotive elements of that. The element of the growth side as we move through this year, and obviously position ourselves for next year, are also the other components of TS, of the transportation segment.

因此，我們有信心，隨著全年的努力，我們每季的成長率將達到 20% 或更好。所以我們對其中的汽車元素感覺良好。我們今年的成長因素以及明年的明顯定位也是 TS 運輸領域的其他組成部分。

The commercial transportation business, which as you're aware is a nicely profitable component of our portfolio, you know, has been depressed with heavy truck builds and construction and mining and ag equipment being in a rough part of the cycle.

如您所知，商業運輸業務是我們投資組合中利潤豐厚的組成部分，但由於重型卡車製造、建築、採礦和農業設備處於週期的艱難階段，商業運輸業務一直處於低迷狀態。

As that returns to growth, that would be where we're going to get a lot more of the leverage from. And we're working our way through it, we're holding our head on that, but that's where we're going to see some of the leverage elements as we work our way into '26 because that levers up very nicely.

隨著經濟恢復成長，我們將從中獲得更多槓桿。我們正在努力解決這個問題，我們堅持不懈，但這就是我們在進入 26 年時將看到的一些槓桿因素，因為槓桿作用非常好。

From a cost perspective, Transportation segment, particularly Automotive and in Europe has been a heavy focus of some of our footprint activities over the last few years. And so we are getting the benefit of being able to tolerate low or sometimes negative growth environments because we've reduced some of that fixed cost structure, particularly in Western Europe, where we're probably too dependent if you go back over the past five or ten years.

從成本角度來看，交通運輸領域，特別是汽車和歐洲，在過去幾年中一直是我們一些足跡活動的重點。因此，我們受益於能夠容忍低成長或有時為負成長的環境，因為我們減少了一些固定成本結構，特別是在西歐，如果你回顧過去五年，我們可能過於依賴西歐。

So that's been a concerted effort and that journey is not quite over, but certainly, you know, you see it in the results now where our automotive growth is down 3% year over year, yet in aggregate, the transportation margins are quite solid. So, we feel good about that. Hopefully that answers your question, Scott.

因此，這是一項共同的努力，這趟旅程還沒有完全結束，但當然，你知道，你可以在現在的結果中看到這一點，我們的汽車成長率比去年同期下降了3%，但總的來說，運輸利潤率相當穩固。所以，我們對此感覺良好。希望這能回答你的問題，斯科特。

Okay, thank you, Scott. We have the next question, please.

好的，謝謝你，斯科特。我們有下一個問題。

Amit Daryanani, Evercore ISI.

阿米特·達裡亞納尼 (Amit Daryanani)，Evercore ISI。

Thanks, Scott. Good morning, everyone. Terrence, you folks talked about AI revenues exceeding the $600 million target for the year that you had actually given last quarter. I was just wondering if you could talk about what is driving the strength here? Is it better demand from hyperscalers or silicon companies? And is it more broad-based? Are you seeing more sharing games that's helping you? Is there anything that can provide some clarity in the levers to the upside you're seeing on that $600 million target would be helpful?

謝謝，斯科特。大家早安。Terrence，你們談到人工智慧收入超過了你們上個季度實際給出的 6 億美元的年度目標。我只是想知道您能否談談是什麼推動了這裡的力量？超大規模企業或矽公司的需求是否較好？它的基礎是否更廣泛？您是否看到更多對您有幫助的分享遊戲？有沒有什麼可以讓您清楚地了解實現 6 億美元目標的上行槓桿會有所幫助？

And then, maybe just related to this, as AI ramps, how should we think about the margin profile of AI versus a broader investment placement average? Thank you.

然後，也許與此相關的是，隨著人工智慧的發展，我們應該如何考慮人工智慧的利潤狀況與更廣泛的投資平均值的比較？謝謝。

Yeah, sure. Yeah, thanks, Amit. I appreciate the question. First off being when you look at it, our AI revenue in the quarter doubled already, in the quarter. And we did $300 million last year. We told you we're going to be above $600 million. And what is nice, it is a broad group of the hyperscalers.

是的，當然。是的，謝謝，阿米特。我很欣賞這個問題。首先，當你看到它時，我們本季的人工智慧收入已經翻了一番。去年我們賺了 3 億美元。我們告訴過你我們的營收將超過 6 億美元。令人高興的是，這是一個廣泛的超大規模群體。

When we think about where we positioned ourselves and it is about how you play in that ecosystem with the other semiconductor players that are in there and the hyperscalers, it isn't just one program. It is pretty broad. And it's consistent with what we told you.

當我們思考我們自己的定位，以及如何在該生態系統中與其他半導體製造商和超大規模製造商合作時，它不僅僅是一個專案。它相當廣泛。這與我們告訴你的一致。

Now what is nice, the orders keep on layering in. The momentum that we've talked to you about as we started talking about this a year and a half ago continues. Our teams are very focused on the ramp. The ramping of these programs that we have across the customer base is really a key focus. And I think in many ways, upside to the number we talked about, will really be driven by how we execute on the ramps, which is what we like.

現在好消息是，訂單不斷增加。我們一年半前開始談論這個問題時所討論的勢頭仍在繼續。我們的團隊非常專注於坡道。我們在客戶群中推廣這些計劃確實是一個重點。我認為在很多方面，除了我們談到的數字之外，實際上將由我們在坡道上的執行方式驅動，這正是我們所喜歡的。

The other thing is you sort of talk about share. Our share has not changed. It sort of stays in that 30%, 35% range. And that's at the level of the programs that we're winning. But it also shows how big the opportunity is when you think about the benefit that our industry has from bringing the connectivity to this technology. And the major connector companies are going to have the share because of the complex technology requirements that we have.

另一件事是你談論分享。我們的份額沒有改變。它有點停留在 30%、35% 的範圍內。這就是我們贏得的項目的水平。但當你考慮到我們的產業透過這項技術的連結性所帶來的好處時，它也顯示了機會有多大。由於我們擁有複雜的技術要求，主要的連接器公司將獲得份額。

On the margin, it's similar to our cloud margin products that we talked about a few years ago. We are in ramp. So these are early ramps. But margin, you're going to see the volume benefit as we move forward and you see it in the IS margin, as well as we continue to move it up, feel that we can continue to scale it. And it's going to continue to drive momentum, not just this year, but into next year.

在邊際上，它類似於我們幾年前談到的雲端邊際產品。我們在坡道上。所以這些都是早期的坡道。但是利潤率，隨著我們前進，你會看到銷售收益，你會在 IS 利潤率中看到它，我們繼續提高它，感覺我們可以繼續擴大規模。它將繼續推動勢頭，不僅是今年，而且是明年。

Okay, thank you, Amit. Can we have the next question, please?

好的，謝謝你，阿米特。我們可以問下一個問題嗎？

Wamsi Mohan, Bank of America.

萬西·莫漢，美國銀行。

Yes, thank you so much. I was wondering, Terrence, if you could talk a little bit about some of the levers that you can use if tariffs do get implemented. I think you noted some of the advantages you have around your manufacturing strategy and localization in your prepared remarks.

是的，非常感謝。特倫斯，我想知道您是否可以談談如果關稅確實實施，您可以使用的一些槓桿。我認為您在準備好的發言中指出了您在製造策略和本地化方面的一些優勢。

And secondarily, your cash flow has been very strong. We're entering kind of what is at least broadly perceived to be a market that's more favorable for M&A. I would be curious to get your thoughts around, I heard you say bolt-on, but how open is TE to doing larger deals as well? Thank you so much.

其次，你的現金流非常強勁。我們正在進入一個至少被廣泛認為更有利於併購的市場。我很想了解您的想法，我聽說您說“補強”，但 TE 對於開展更大的交易有何開放態度？太感謝了。

Sure. Let me take the first part of it and then I'll let Heath take the cash flow piece of it.

當然。讓我拿走第一部分，然後讓希思拿走現金流部分。

First off, let's just start with a little bit of a baseline for everybody about our footprint. And I know we've talked about our footprint historically from how we repositioned. Heath even talked about some of the things we've done in transportation.

首先，讓我們先為每個人提供一些關於我們的足跡的基線。我知道我們已經從我們如何重新定位的角度討論了我們歷史上的足跡。希思甚至談到了我們在交通領域所做的一些事情。

But the first thing is we've been focused a lot on localization within region. So our business is not one where you make in one region of the world and that's the manufacturing center you ship to. Our footprint is very much aligned to our customer supply chains. And we've worked very hard to say how do we make sure it's right to supporting our customers in region. And 80% of what we manufacture is in region. So it is very focused on our customers.

但首先，我們一直非常關注區域內的在地化。因此，我們的業務不是您在世界某個地區生產，而是您運送到的製造中心。我們的足跡與我們的客戶供應鏈非常一致。我們非常努力地說明如何確保為該地區的客戶提供支援是正確的。我們 80% 的產品都在該地區生產。所以它非常關注我們的客戶。

And as we do work, we feel we're playing from a good offensive position. But each customer supply chain is very nuanced. And we continue to talk to them of how no matter what comes at us from a tariff perspective, they would adapt so that we can leverage what we have or adapt.

當我們工作時，我們感覺自己處於一個良好的進攻位置。但每個客戶的供應鏈都是非常微妙的。我們繼續與他們討論，無論從關稅角度來看我們面臨什麼，他們都會適應，以便我們可以利用我們擁有的或適應的東西。

So with that as a little bit of an overview, I think the key that you should all think about as we're thinking about it is, we've dealt with tariffs already in 2017. It impacted, we had about $300 million of tariff costs that we worked with our customers on, whether that be logistical lanes, whether that be moving tooling from a manufacturing perspective. And also, in the areas where we couldn't find solutions with our customers or their choice, it was passing along the tariff costs to our customers via price.

因此，作為一點概述，我認為在我們考慮這個問題時你們都應該考慮的關鍵是，我們已經在 2017 年處理過關稅問題。它影響了我們與客戶合作的約 3 億美元的關稅成本，無論是物流通道，還是從製造角度來看移動工具。此外，在我們無法與客戶或他們的選擇找到解決方案的領域，它透過價格將關稅成本轉嫁給我們的客戶。

And that playbook that we went through back in 2017 is what we're prepared to do and we've been preparing to do, depending what we get hit with. And we don't know what it could be.

我們在 2017 年經歷的劇本就是我們準備要做的事情，我們一直在準備要做的事情，這取決於我們受到什麼打擊。我們不知道它可能是什麼。

So it is important to stay close to the customers. And we recovered the cost last time through all those options and leveraging our footprint. We think we'll do the same thing this time, and we're prepared to.

因此，與客戶保持密切聯繫非常重要。上次我們透過所有這些選項並利用我們的足跡收回了成本。我們認為這次我們會做同樣的事情，我們已經準備好了。

So Heath, with that, maybe on the tariff front, why don't you cover the cash flow and M&A topic?

那麼希思，也許在關稅方面，您為什麼不討論現金流和併購主題？

Yeah. Wamsi, obviously our cash flow, we've stacked up a couple of years of record-free cash flow as a company, and it's given us a lot of optionality. We have returned a fair amount to our owners through dividends and share repurchases, but we've continued to be active in M&A.

是的。Wamsi，顯然是我們的現金流，作為一家公司，我們已經累積了幾年創紀錄的自由現金流，這給了我們很多選擇。我們透過股利和股票回購向所有者返還了相當多的金額，但我們仍然積極參與併購。

We use the term bolt-on, really referring, just as a reminder, referring that we're looking for things that are close to home or close to the areas that we know well versus a platform that may be a new space force. So I don't want to confuse bolt-ons with size. Sometimes bolt-ons can come in as a small to midsize company. Sometimes those opportunities are much larger.

我們使用「螺栓固定」一詞，真正指的是，只是作為提醒，指的是我們正在尋找靠近家鄉或靠近我們熟悉的區域的東西，而不是可能成為新太空部隊的平台。所以我不想將螺栓固定裝置與尺寸混淆。有時，補強公司可以加入中小型公司。有時這些機會會大得多。

And we're very active right now. We have seen the pipeline increase. We have resourced it. Let's just say we've enhanced our resources around that in very particular areas where we see fragmentation and opportunities for us to go and acquire things. And it's an active environment. I'd say it's more active over the past six months in terms of discussions and deals coming to market than we had seen prior for a while.

我們現在非常活躍。我們已經看到管道的增加。我們已經為其提供了資源。這麼說吧，我們已經在非常特定的領域增強了我們的資源，在這些領域我們看到了碎片化和我們去獲取東西的機會。這是一個活躍的環境。我想說的是，在過去的六個月裡，在討論和進入市場的交易方面，它比我們之前一段時間所看到的更加活躍。

So I think there's some good opportunities out there, and you should expect us to be active as we move forward here.

所以我認為那裡有一些很好的機會，你應該期待我們在前進的過程中保持積極的態度。

All right. Thank you, Wamsi. Can we have the next question, please?

好的。謝謝你，瓦姆西。我們可以問下一個問題嗎？

Stephen Fox, Fox Advisors.

史蒂芬‧福克斯，福克斯顧問公司。

Hi. Good morning. I was wondering if you could just maybe talk a little bit more about the industrial markets, not away from the cloud business, but traditional automation and controls. You've mentioned sideways stabilization. Is that much different from what you were seeing 90 days ago? How encouraged are you that some of these trends can improve as you go through the year in any particular region?

你好。早安.我想知道您是否可以多談論工業市場，不是遠離雲端業務，而是傳統的自動化和控制。您提到了橫向穩定。這與 90 天前您所看到的有很大不同嗎？當您在任何特定地區度過這一年時，其中一些趨勢會有所改善，您對此感到多麼鼓舞？

Yeah, no, thanks, Steve, for the question. And the stabilization, I would say, is good that we're seeing. I would tell you, last time we were together, I would say we were probably a little bit more in the mode of hoping for stabilization, but we were still seeing not as many strong spots in the orders as we would like, and also in discussions with our customers. When we sit here, we truly have stabilization in our orders.

是的，不，謝謝史蒂夫提出這個問題。我想說，我們所看到的穩定是好的。我想告訴你，上次我們在一起時，我想說我們可能更多地希望穩定，但我們仍然沒有看到訂單中那麼多的強點，以及我們希望的那樣。當我們坐在這裡時，我們的訂單確實穩定了。

I also would tell you, as we look through a lot of this market goes to our distribution partners, it does look like the inventory elements are more behind us than in front of us, and we've all been trying to get our arms around that.

我還想告訴你，當我們審視這個市場的許多部分都流向我們的分銷合作夥伴時，看起來庫存元素確實在我們身後比在我們面前更多，而且我們都一直在努力爭取我們的支持那。

And the other thing is what are those inflection points that are upward that we're seeing? I would tell you, when you look at our customers in Japan and in China, the larger automation where we serve them directly, I would tell you for the past couple of quarters, you are seeing upward order momentum. So that is a positive in Asia.

另一件事是我們看到的那些向上的轉折點是什麼？我想告訴你，當你看看我們在日本和中國的客戶時，我們直接為他們提供更大的自動化服務，我會告訴你在過去的幾個季度裡，你看到了訂單的上升勢頭。所以這對亞洲來說是正面的。

I would say, the US customers we have here are probably more sideways, but that's a positive versus where it's been. And our European customers are continuing to show weakness. So overall, it's stable. I think it's not surprising when you think about the geographic mix, what we're seeing in different economies and investment levels.

我想說，我們這裡的美國客戶可能更偏向，但與過去相比，這是正面的。我們的歐洲客戶持續表現疲軟。所以整體來說還是穩定的。我認為，當你考慮到地理組合、我們在不同經濟體和投資水平中看到的情況時，這並不奇怪。

But stabilization is the first step. And certainly when we think about, you know, what is needed when you think about productivity, if people do things that are needed around tariffs, about reshoring, these are all areas that we think are positive drivers where we play, which is mainly in the discrete. And let's face it, we've been a company that's been investing CapEx and investing ahead, and we think other companies are going to have to do it.

但穩定是第一步。當然，當我們考慮生產力時需要什麼，如果人們在關稅、回流方面做一些必要的事情，這些都是我們認為是我們所從事的積極驅動因素的領域，主要是在離散的。讓我們面對現實吧，我們一直是一家一直在投資資本支出和提前投資的公司，我們認為其他公司也必須這樣做。

So net-net, I think it's more positive than it was, but certainly it's not a full upward tilt in every region on the order book by any means. It's more sideways globally with unevenness like I talked in the early part. So, Steve, I hope that adds color. But I think that's an area that we can build off of as we move through this year.

因此，我認為這比以前更加積極，但無論如何，訂單簿上的每個區域都不會完全向上傾斜。就像我在前面提到的那樣，全球範圍內更加橫向且不均勻。所以，史蒂夫，我希望這能增添色彩。但我認為這是我們今年可以進一步發展的一個領域。

Okay. Thank you, Steve. Can we have the next question, please?

好的。謝謝你，史蒂夫。我們可以問下一個問題嗎？

Colin Langan, Wells Fargo.

柯林‧蘭根，富國銀行。

Hey, guys. This is Kosta Tasoulis filling in for Colin. I just wanted to double-click on your LVP assumption down negative 1 to 1.5, growth over markets, low into the 4 to 6 range. Could you just double-click on North America, Europe, and China?

嘿，夥計們。我是科斯塔·塔蘇里斯 (Kosta Tasoulis) 接替科林 (Colin)。我只是想雙擊你的 LVP 假設，將負值 1 降至 1.5，成長超過市場，低至 4 至 6 範圍。你可以雙擊北美、歐洲和中國嗎？

Sure. Sure. Thank you for the question. And first off, as we said on the call, we do expect auto production this year to be down a point or two. It was down 3% in the first quarter. And the first quarter we saw very strong production growth in Asia. We saw Europe was down 10% in auto production. And we saw North America being down a little bit in auto production.

當然。當然。謝謝你的提問。首先，正如我們在電話會議上所說，我們確實預計今年的汽車產量將下降一兩個百分點。第一季下降了 3%。第一季我們看到亞洲的產量成長非常強勁。我們看到歐洲的汽車產量下降了 10%。我們看到北美的汽車產量略有下降。

So you see the unevenness in the production. When we think about the 4% to 6% range, we have said we're going to be at the low end of that range. I do want to remind everybody when it comes to Europe, Europe is our highest content per vehicle. We have. So we still believe we can be at the low end of that range, the 4% to 6% growth over market really driven out of Asia.

所以你會看到生產的不均勻性。當我們考慮 4% 到 6% 的範圍時，我們說過我們將處於該範圍的低端。我確實想提醒大家，說到歐洲，歐洲是我們每輛車的最高含量。我們有。因此，我們仍然相信我們可以處於該範圍的低端，4% 至 6% 的市場成長確實是由亞洲推動的。

And the other thing is I know the discussion around electric vehicles in the West is one where there's lots of questions. But on the planet, there's going to be about 4 million more electrified vehicles made, and 80% of those are going to be in Asia where we have a very strong position. So we still will benefit from that content increase in Asia as the Western OEMs do their transitions.

另一件事是我知道西方關於電動車的討論存在著許多問題。但在地球上，電動車的產量將增加約 400 萬輛，其中 80% 將在亞洲生產，我們在亞洲擁有非常強大的地位。因此，隨著西方原始設備製造商的轉型，我們仍將從亞洲內容的增加中受益。

The other thing I would say, electronification, which we've always talked about, and that includes what happens around 48-volt introduction into a vehicle, all the safety features, all the autonomy features, zonal compute designs that get put in, and certainly how software-defined architectures occur. All of that creates a need for connectivity, and certainly we're seeing an acceleration on that. That also gives us confidence to be at the low end of that range.

我想說的另一件事是電子化，我們一直在談論這一點，其中包括將 48 伏特引入車輛所發生的情況、所有安全功能、所有自主功能、引入的區域計算設計，以及當然，軟體定義的架構是如何發生的。所有這些都產生了對連接的需求，而且我們當然看到了這種連接的加速。這也讓我們有信心處於該範圍的低端。

And I mentioned the design one that we had just recently with a large China OEM that sort of shows the level of that content increase. So this year we do expect the production environment to be weak in Europe. We do expect the EV environment to be weak in Europe. North America, slightly down. The growth of vehicle production and then the electrified trends will be driven out of Asia where we have a great position.

我提到了我們最近剛與一家大型中國 OEM 進行的設計，這在某種程度上顯示了內容增加的水平。因此，我們預計今年歐洲的生產環境將會疲軟。我們確實預計歐洲的電動車環境將會疲軟。北美略有下降。汽車產量的成長以及隨後的電氣化趨勢將被趕出亞洲，而我們在亞洲擁有良好的地位。

Okay, thank you, Kosta. Can we have the next question, please?

好的，謝謝你，科斯塔。我們可以問下一個問題嗎？

William Stein, Truist Securities.

威廉斯坦，Truist 證券公司。

I'd like to maybe dig into this opportunity a little bit. It may be one level down. We've heard quite a bit about cross-licensing technology in this area. I don't think that's new to the connector industry. So maybe you can confirm that or put it in context and maybe also help us understand the effect on revenue and margins when there's cross-licensing of IP going on in that space. Thanks so much.

我想也許能稍微挖掘一下這個機會。可能會低一級。我們聽說過很多有關該領域交叉許可技術的資訊。我認為這對於連接器行業來說並不新鮮。因此，也許您可以確認這一點，或將其放在上下文中，也許還可以幫助我們了解當該領域發生知識產權交叉授權時對收入和利潤的影響。非常感謝。

Yeah, sure, Will. A couple of things. When we do have cross-licensing, and you have seen it over time in the telecom and datacom space. So you're right. This is not new. And it's an area that, as you have ramps, our customers ask for, hey, I want to make sure I have security of supply. And we have cross-licensed with competitors over time to really make sure we help the customers with these ramps.

是的，當然，威爾。有幾件事。當我們確實有交叉許可時，您已經在電信和數據通訊領域看到了這種情況。所以你是對的。這並不新鮮。這是一個區域，當你有坡道時，我們的客戶會要求，嘿，我想確保我有供應安全。隨著時間的推移，我們與競爭對手進行了交叉許可，以真正確保我們能夠幫助客戶完成這些坡道。

So when you sit there, you have a sharing of share, obviously. It is a collaborative, but it's also, let's face it, we have to cross-license each other's technology to really make sure we help the customer get to the solution.

所以當你坐在那裡時，顯然你有一份分享。這是一種協作，但讓我們面對現實吧，我們必須交叉授權彼此的技術，以真正確保我們幫助客戶找到解決方案。

And so I actually viewed something that's about an exciting growth trend. And let's face it, as we cross-license with each other, we have to make sure we have partners that can meet the ramps of the volumes that are coming. And it's really something that's been very traditional in the interconnect space and the datacom space for a long time.

所以我實際上看到了一些令人興奮的成長趨勢。讓我們面對現實吧，當我們相互交叉授權時，我們必須確保我們的合作夥伴能夠滿足即將到來的銷售成長。這確實是互連領域和數據通訊領域長期以來非常傳統的事情。

Okay, thank you, Will. Next question, please.

好的，謝謝你，威爾。請下一個問題。

Asiya Merchant, Citigroup.

花旗集團 Asiya Merchant。

Great, thank you for the question. We got some questions recently about the co-packaged opportunity that some of the semiconductor players are participating in. How do you guys think about this AI opportunity? I think you've outlined it as $1 billion perhaps in a few years. Clearly that's accelerating or seems to be accelerating here, just given what you guys are forecasting for fiscal '25. But longer term, how do you think about co-packaged optics and how TE plays in that space? Thank you.

太好了，謝謝你的提問。最近，我們收到了一些關於一些半導體廠商參與的聯合包裝機會的問題。你們如何看待這個人工智慧機會？我認為您已經將其概述為幾年後可能達到 10 億美元。顯然，考慮到你們對 25 財年的預測，這種情況正在加速或似乎正在加速。但從長遠來看，您如何看待聯合封裝光學元件以及 TE 如何在該領域發揮作用？謝謝。

First off being, while we do play in optics, we don't play in co-packaged optics. That is a capability we do not bring. But even when you get into that, you have connectivity you're going to need that will still be on copper. Let's face it, that is our strength. And when you look at the architectures, you do have customers that are going to experience what happens close to the chip, what happens further away. And over time, it will be a hybrid approach.

首先，雖然我們確實涉足光學領域，但我們不涉足聯合封裝光學領域。這是我們不具備的能力。但即使您涉足這一領域，您仍然需要銅纜連接。讓我們面對現實吧，這就是我們的力量。當您查看架構時，確實有客戶將體驗靠近晶片發生的情況以及更遠的地方發生的情況。隨著時間的推移，這將是一種混合方法。

So when we think about what we've gone out with a guide, that includes that you will have evolution of the architecture. And when you get into things like that, it just means you're going to have harder problems you have to solve, which typically means that's where engineers do their best work. And we get excited as the architecture gets evolved.

因此，當我們考慮我們已經推出的指南時，其中包括您將獲得架構的演進。當你遇到這樣的事情時，這只意味著你將遇到更困難的問題需要解決，這通常意味著工程師會盡最大努力工作。隨著架構的發展，我們感到很興奮。

Okay. Thank you, Asiya. Can we have the next question, please?

好的。謝謝你，阿西婭。我們可以問下一個問題嗎？

Luke Junk, Baird.

路克垃圾，貝爾德。

Good morning. Thanks for taking the question. Terrence, hoping you could just expand a little bit more on your comment about the opportunity for tell around data in the car, specifically, and, of course, coming out of SDB architectures.

早安.感謝您提出問題。Terrence，希望您能進一步闡述您對汽車中資料外洩機會的評論，特別是，當然，來自 SDB 架構的機會。

You mentioned that major award in China, but maybe if you could just zoom out to the pipeline more broadly, especially in Asia where that trend is ahead of the West, and maybe would it be possible to put some guardrails around CPV terms as well as a lot of attention on electrification in terms of incremental content, but maybe this could be an underappreciated driver. Thank you.

你提到了中國的一項重大獎項，但也許如果你能更廣泛地關注管道，特別是在亞洲，這種趨勢領先於西方，也許有可能圍繞 CPV 條款和 CPV 條款設置一些護欄在增量內容方面，人們對電氣化給予了很多關注，但這可能是一個被低估的驅動力。謝謝。

No, Luke. No, a couple of things. You know, when we've always talked to everybody about content, we've always sort of said, you know, as the electrified powertrain moves, that plays a big chunk of the content, but there's this other bucket that's electronification that is just as important.

不，盧克。不，有幾件事。你知道，當我們總是和每個人談論內容時，我們總是說，隨著電氣化動力系統的移動，它會播放很大一部分內容，但還有另一個桶，那就是電子化，它只是同樣重要。

And as you said, when you think about software-defined, our Asian customers are clearly leading the way here, and we continue to see that momentum. And it's an area that we've always been excited about. You're really looking at how do you get data connectivity, Ethernet in a car that really allows all the software definitions as mechanical buttons move and so forth get eliminated. You need to have that software-defined architecture that allows that configuration to occur.

正如您所說，當您考慮軟體定義時，我們的亞洲客戶顯然在這方面處於領先地位，並且我們將繼續看到這種勢頭。這是我們一直感到興奮的領域。你真正關心的是如何獲得數據連接，汽車中的以太網真正允許消除機械按鈕移動等所有軟體定義。您需要擁有允許進行該配置的軟體定義架構。

And let's face it, there needs to be connections that go into all the modules to make sure this comes to life. And what's been nice is our product set here has continued to grow. It's up to about $600 million this year, which doesn't even include the wind. And you can get a feel of what that does already on a content per vehicle.

讓我們面對現實吧，所有模組中都需要有連接，以確保這一切得以實現。令人高興的是我們的產品系列不斷成長。今年這數字高達約 6 億美元，其中還不包括風電。您可以了解每輛車的內容已經做了什麼。

And we only expect that that's going to accelerate. And even when you think about that billion dollar of wind we've gotten recently from one customer, those winds are accelerating. And it's adding another content lever that supports our 4 to 6.

我們只期望這種情況會加速。即使你想到我們最近從一位客戶那裡獲得的價值數十億美元的風電，這些風電仍在加速。它還添加了另一個支持我們 4 到 6 人的內容槓桿。

And it's one of the things that we get excited about. And we'll continue to share thoughts about how those winds continue to impact us as that acceleration continues to occur.

這是我們感到興奮的事情之一。隨著加速的繼續發生，我們將繼續分享關於這些風如何繼續影響我們的想法。

Okay. Thank you, Luke. Can we have the next question, please?

好的。謝謝你，盧克。我們可以問下一個問題嗎？

Joe Giordano, TD Cowen.

喬·佐丹奴，TD·考恩。

Hey, guys. I think we've touched a lot on the major subjects. So maybe if I could just ask quickly on industrial equipment, I know you've mentioned orders suggest stabilization. Are you seeing any evidence of, like, that orders need to kind of ramp from here? Or are we kind of just at a level that seems consistent with end demand?

嘿，夥計們。我認為我們已經在主要主題上觸及了很多。因此，也許如果我可以快速詢問工業設備，我知道您已經提到訂單表明穩定。您是否看到任何證據表明訂單需要從這裡開始增加？或者我們只是處於與最終需求一致的水平？

And then similarly on medical, the pretty substantial kind of decline in there in the quarter, and much different than the last couple that we've been seeing here. So is that the beginning of something that you're seeing there? Or is that kind of a one-time correction and we're kind of back to a normal rate? How do you kind of view that market?

同樣，在醫療方面，本季度出現了相當大的下降，與我們在這裡看到的最後幾個下降有很大不同。那麼這就是你所看到的事情的開始嗎？還是這是一次性修正，我們就回到正常利率了？您如何看待這個市場？

Sure, Joe. Two very different questions. On industrial equipment, I think what we're seeing is stabilization. And we would like to see other regions strengthening more, to call it broader, on that inflection point like I talked earlier. But I think from a modeling perspective right now, we'll get a little bit of sequential improvement. And then hopefully that accelerates. But I would say have a view of stabilization right now.

當然，喬。兩個截然不同的問題。在工業設備方面，我認為我們看到的是穩定。我們希望看到其他地區在這個拐點上得到更多加強，稱之為更廣泛的加強，就像我之前談到的那樣。但我認為從現在的建模角度來看，我們將得到一些連續的改進。然後希望這會加速。但我想說的是，現在有穩定的觀點。

On medical, I would say that's a one-time event. We did expect this. We had some customers that over-inventoried. And across the medical device, we did see them take it down. And then we think that as we move forward, you're going to see sequential improvement off the first quarter. You shouldn't assume it stays there. We've seen orders already improve. Booked to build well above one. But it really was a pocket here in the supply chain that will build sequentially back up as we move through the year.

在醫學上，我想說這是一次性事件。我們確實預料到了這一點。我們有一些庫存過多的客戶。在整個醫療設備上，我們確實看到他們把它拆掉了。然後我們認為，隨著我們前進，您將看到第一季的連續改善。你不應該假設它留在那裡。我們看到訂單已經有所改善。預訂建造遠高於一號。但這確實是供應鏈中的一個口袋，隨著一年的推移，它會逐漸恢復。

So thanks for the question, Joe. Thank you, Joe. Can we have the next question, please?

謝謝你的提問，喬。謝謝你，喬。我們可以問下一個問題嗎？

Saree Boroditsky, Jefferies.

薩雷·博羅迪茨基，傑弗里斯。

Hi, good morning. So maybe just building on some of the margin commentary that you've made. You know, you spoke about some of the restructuring charges related to footprint consolidation this year. Maybe talk a little bit about the benefit of that restructuring for margins for 2025 or maybe 2026. Thank you so much.

嗨，早安。因此，也許只是以您所做的一些邊際評論為基礎。您知道，您談到了今年與足跡整合相關的一些重組費用。或許可以談談 2025 年或 2026 年獲利重組的好處。太感謝了。

Saree, this is Heath. I'll take that. Well, our footprint journey has been, you know, going on for several years now. And a lot of it is the continuation of moving legacy western or more expensive production areas to lower cost regions. And that has continued. That will continue. You see it currently in our certainly as we can leverage modest and negative growth in our transportation segment, yet ability to expand margins.

紗麗，這是希斯。我會接受的。嗯，你知道，我們的足跡之旅已經持續了好幾年了。其中很大一部分是繼續將傳統的西方或更昂貴的生產地區轉移到成本較低的地區。這種情況一直持續著。這將繼續下去。您目前肯定會看到這一點，因為我們可以利用運輸部門的溫和負成長，但有能力擴大利潤率。

So that is a global comment, but certainly most of our restructuring there has been a little bit more focused in Europe as we've moved away from western Europe and into eastern Europe and Morocco. For the industrial segment, though, the industrial segment is obviously a little bit more fragmented with five different business units within that segment that we report on here. We will see more growth there this year.

所以這是一個全球性的評論，但隨著我們從西歐轉向東歐和摩洛哥，我們的大部分重組都更加關注歐洲。然而，對於工業領域來說，工業領域顯然更加分散，我們在此報告的該領域內有五個不同的業務部門。今年我們將看到那裡的更多成長。

And to Terrence's point, some of that's obviously driven by the AI activity within our DDN business, but it's also more broad-based across other areas like energy and aerospace and defense and then modest recoveries and things like our ACL business, which is the old industrial equipment and appliances.

在Terrence 看來，其中一些顯然是由我們DDN 業務中的人工智慧活動推動的，但它在能源、航空航天和國防等其他領域也有更廣泛的基礎，然後是適度的復甦以及我們的ACL 業務等業務，這是舊的工業設備和器具。

So we are expecting not just top line support there, but pretty significant margin improvement as we work our way through the year. And we feel good about that. We know we're below where we need to be from an entitlement perspective there at that segment level. Certainly getting some help from the factory automation side of industrial equipment, which is a nice margin business, will help in that journey.

因此，我們預計不僅會獲得營收支持，而且隨著我們全年的努力，利潤率也會顯著提高。我們對此感覺良好。我們知道，從該細分市場的權利角度來看，我們還低於我們需要達到的水平。當然，從工業設備的工廠自動化方面獲得一些幫助（這是一項利潤豐厚的業務）將有助於這一過程。

But in the meantime, there's some things that we've done on the cost side and otherwise to mitigate some of this as we start to pull ahead margin-wise within that segment. I think when you sit back and we're sitting back at the end of the year, you'll see more margin expansion there than you will anywhere else in the country.

但同時，我們在成本方面做了一些事情，並在其他方面做了一些事情，以緩解其中的一些問題，因為我們開始在該細分市場中提高利潤率。我認為，當你坐下來，我們在年底坐下來時，你會看到那裡的利潤率擴張比全國其他任何地方都多。

All right. Thank you, Saree. Can we have the next question, please?

好的。謝謝你，莎莉。我們可以問下一個問題嗎？

Samik Chatterjee, JPMorgan.

薩米克‧查特吉，摩根大通。

Hi. Thanks for taking my question. Just a quick one here. I know multiple times in your prepared remarks you mentioned that you expect commercial vehicles to improve during the year and that to drive transportation margins to be better. Can you just sort of highlight what is driving that confidence, what you're seeing in data points to inform that view? I mean, just would help to understand sort of the indications that you're getting there.

你好。感謝您提出我的問題。這裡只是快速介紹一下。我知道您在準備好的發言中多次提到，您預計商用車在今年會有所改善，從而推動運輸利潤率更好。您能否強調一下是什麼推動了這種信心，您在數據點中看到了什麼來傳達這種觀點？我的意思是，這將有助於理解您即將到達那裡的某種跡象。

Thank you. Yes, the ICT business, and I think we've been pretty public with it, is a nice margin business and has been for quite a long time. It does cycle. It cycles with heavy truck production. We're well positioned globally there, so sometimes we do feel the impact of certain regions as they go through different parts of their cycle, both directions.

謝謝。是的，資訊通信技術業務，我認為我們已經非常公開地談論它，是一個利潤豐厚的業務，並且已經存在了相當長的時間。它確實循環。它與重型卡車的生產循環。我們在全球範圍內處於有利地位，因此有時我們確實會感受到某些地區的影響，因為它們經歷了周期的不同部分，雙向。

And so my comment earlier was really referring to even though there's the top line and there's a dilutive impact there coming from that part of the segment relative to where it fits in, we've been able to hold our margins okay, but as we start to see growth in that segment, I'm sorry, in that business unit, the commercial transportation business unit, hopefully towards the end of this fiscal year. But certainly, where we see things starting to line up with our customers for 2026, we would expect some outsized margin support there, just given how it leaps into that segment.

因此，我之前的評論實際上指的是，儘管有頂線，並且該細分市場的這一部分相對於它所適合的地方產生了稀釋性影響，但我們一直能夠保持良好的利潤率，但當我們開始時抱歉，希望看到該業務部門（商業運輸業務部門）在本財年末看到成長。但當然，如果我們看到 2026 年情況開始與我們的客戶保持一致，考慮到它如何躍入該細分市場，我們預計會得到一些巨大的利潤支持。

So we're not spiking the ball now. We're not calling for a recovery in the next quarter or two, but certainly some of the discussions that we're seeing, and there is a little bit of a longer view in terms of where things are, and particularly with some of the emissions standards change for heavy truck.

所以我們現在不扣球。我們並不是呼籲在未來一兩個季度內實現復甦，但肯定是我們所看到的一些討論，並且對於事情的現狀有一些更長遠的看法，特別是對於一些重型卡車排放標準發生變化。

Yeah, there will be an emissions change in '27, and there is typically pull forward of demand before that, and that's one of the elements as we look further out in the year and into '26. We would expect that that's when that cycle you'll probably see some benefit from it to East Point.

是的，27 年排放量將會發生變化，在此之前通常會出現需求提前，這是我們展望今年和 26 年的因素之一。我們預計，到那時您可能會看到東點公司從中受益。

All right. Thank you, Samik. Can we have the next question, please?

好的。謝謝你，薩米克。我們可以問下一個問題嗎？

Joe Spak, UBS.

喬·斯帕克，瑞銀集團。

Thanks so much. Two quick margin questions for me. First, in Auto, we know typically the December quarter, companies tend to get some engineering recoveries from the customers. I was wondering if that occurred at all and helped the transportation margins, so by how much, and from the old reporting segment, we could surmise that digital data networks is an above-average segment margin business. You can talk about how you're investing ahead, the need to invest.

非常感謝。我有兩個快速保證金問題。首先，在汽車領域，我們知道通常在 12 月季度，公司往往會從客戶那裡獲得一些工程回收。我想知道這種情況是否真的發生並有助於運輸利潤率，那麼有多少，從舊的報告部門，我們可以推測數位數據網路是一個高於平均水平的部門利潤率業務。您可以談論您未來的投資方式以及投資的必要性。

And I'm just wondering if as you sort of continue to see strong AI growth, whether we could actually see a little bit of margin variability from that growth, depending on the pace of investment and when business comes on.

我只是想知道，當你繼續看到人工智慧的強勁成長時，我們是否真的會看到這種成長帶來的利潤率的一點變化，這取決於投資的速度和業務的開展時間。

A couple of things. We have been investing for these ramps, so let's take the second part of your question, Joe. In the first part, I'm going to ask you to re-ask it. You broke up a little bit, but on DDN, you've seen where it was in the cloud cycle.

有幾件事。我們一直在投資這些坡道，所以讓我們來回答你問題的第二部分，喬。在第一部分中，我將要求您重新提問。你們分手了一點，但在 DDN 上，你們已經看到了它在雲週期中的位置。

We have been investing ahead to make sure we're adding capacity to really handle the ramps we have, doubling businesses. It does create a lot of execution and investment in the head, and we have been doing that. Programs will be lumpy at times, and you'll see that in our orders already, so you will see that impact on our margin in this segment.

我們一直在提前投資，以確保我們能夠增加產能，並真正應對現有的需求，使業務量翻倍。它確實在頭腦中創造了大量的執行力和投資，我們一直在這樣做。計劃有時會很混亂，您已經在我們的訂單中看到了這一點，因此您會看到這對我們在該細分市場中的利潤的影響。

Can you talk about the transportation question again? I missed that one around December.

能再談談交通問題嗎？12月左右我錯過了那一次。

Sorry. In Auto, typically we see in the December quarter, sometimes companies get some engineering recoveries from their customers, and I was just wondering whether that occurred or helped the margins at all in the quarter.

對不起。在汽車領域，我們通常會在 12 月的季度看到，有時公司會從客戶那裡獲得一些工程補償，我只是想知道這種情況是否發生或是否有助於提高該季度的利潤。

No, we do not have that. When you look at the first quarter margin, he said it well earlier. It is the highest production period of the year, mainly out of Asia. Our plants really crank at that time, and we get the volume benefit from it. And if you look back in many years, our first quarter margin is a little bit hotter than other times of the year, and it's really due to Asia. It has nothing to do with engineering reimbursement, Joe.

不，我們沒有。當你看第一季的利潤率時，他早些時候就說過了。這是一年中產量最高的時期，主要來自亞洲。那時我們的工廠真正開始運轉，我們從中獲得了產量效益。如果你回顧多年，我們第一季的利潤率比一年中其他時期要高一些，這實際上是由於亞洲。這與工程報銷無關，喬。

All right. Thank you, Joe. Can we have the next question?

好的。謝謝你，喬。我們可以問下一個問題嗎？

Christopher Glynn, Oppenheimer.

克里斯托弗·格林，奧本海默。

Christopher, you may be on mute.

克里斯托弗，你可能處於靜音狀態。

Do we have any answers? Okay. I think we're having some trouble with Chris's line. So Chris, we will circle back with you later. But if there's no further questions, I want to thank everybody for joining us this morning. If you have more questions, please contact Investor Relations at TE. Thanks, everyone, and have a nice day.

我們有答案嗎？好的。我想我們在克里斯的台詞上遇到了一些麻煩。克里斯，我們稍後會再與您聯繫。如果沒有其他問題，我要感謝大家今天早上加入我們。如果您有更多疑問，請聯絡 TE 的投資者關係部門。謝謝大家，祝你有美好的一天。

This concludes today's conference call. Thank you for your participation, and you may now disconnect.

今天的電話會議到此結束。感謝您的參與，您現在可以斷開連接。