泰科電子 (TEL) 2025 Q2 法說會逐字稿

Everyone, thank you for standing by and welcome to the TE Connectivity second-quarter earnings call for fiscal year 2025.

大家好，感謝大家的支持，歡迎參加 TE Con​​nectivity 2025 財年第二季財報電話會議。

(Operator Instructions)

（操作員指示）

As a reminder, today's call is being recorded.

提醒一下，今天的通話正在錄音。

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

現在，我想將會議交給我們的主持人、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 second quarter results and our outlook for our third quarter of fiscal 2025.

早安，感謝您參加我們的電話會議，討論 TE Con​​nectivity 第二季度的業績以及我們對 2025 財年第三季度的展望。

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

今天與我一起的還有執行長 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.

在本次電話會議中，我們將提供某些前瞻性信息，並請您查看今天的新聞稿中包含的前瞻性警告聲明。此外，我們將在今天上午的討論中使用某些非公認會計準則指標。

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. 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.

我們請您閱讀我們的新聞稿和隨附的幻燈片簡報中有關這些物品用途的部分。新聞稿和相關表格以及幻燈片簡報可以在我們網站 te.com 的投資者關係部分找到。最後，在今天電話會議的問答環節，由於參與者人數較多，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.

謝謝，Sujal，也謝謝大家今天的參與。

As you're all well aware, we continue to be in a dynamic global environment that has gotten more complex over the past month due to trade dynamics. As Heath and I will cover on today's call, we are performing well and continue to execute on what we can control to deliver strong financial performance as is evident in our second quarter results we published this morning.

大家很清楚，我們仍然處於一個動態的全球環境中，過去一個月，由於貿易動態的影響，全球環境變得更加複雜。正如希思和我將在今天的電話會議上談到的那樣，我們的表現良好，並將繼續執行我們能夠控制的措施，以實現強勁的財務業績，這在我們今天上午發布的第二季度業績中得到了證明。

But before I get into the quarter details and our guidance, I want to begin by sharing how the recent tariff announcements are impacting us and the actions that we're taking to navigate these impacts. I think it's first very important to start by framing TE's business and how global we are.

但在介紹季度細節和指導之前，我想先分享最近的關稅公告對我們的影響以及我們為應對這些影響所採取的行動。我認為首先要明確 TE 的業務以及我們的全球化程度，這一點非常重要。

First, it's important to highlight that three quarters of our sales are outside the United States, and we've invested to manufacture close to our customers to be aligned with their supply chains. A second key point is that our manufacturing strategy was developed by working with our customers and has resulted in over 70% of our production being localized within each region.

首先，值得強調的是，我們四分之三的銷售額來自美國以外，我們已投資在靠近客戶的地方進行生產，以與他們的供應鏈保持一致。第二個關鍵點是，我們的製造策略是與客戶合作制定的，並且已實現 70% 以上的生產在各個地區實現在地化。

When you think about combining the first point of how much of our sales are outside the United States, combined with the second point of our manufacturing and our localization strategy, it does result in a small percentage of our sales being impacted by current tariffs, with more of the impact being seen in our industrial segment than in our transportation segment.

當你考慮將第一點（我們的銷售額有多少來自美國以外）與第二點（我們的製造和本地化戰略）結合起來時，確實會有一小部分銷售額受到當前關稅的影響，而且工業部門受到的影響比運輸部門更大。

For those products that are impacted, we have already been working with our customers to minimize the impact. We are implementing a combination of mitigation actions. This will include sourcing changes by both TE as well as our customers, as well as where sourcing changes are not possible, we will be implementing price actions.

對於受影響的產品，我們已經與客戶合作，將影響降至最低。我們正在實施一系列緩解措施。這將包括 TE 和我們客戶的採購變更，以及在無法進行採購變更的情況下，我們將實施價格行動。

We will continue to monitor changes to trade policy, but due to the mitigation levers I just laid out, we do not expect tariffs to have a meaningful impact on our third quarter earnings based upon what is enacted currently.

我們將繼續關注貿易政策的變化，但由於我剛才提出的緩解措施，根據目前實施的情況，我們預計關稅不會對我們第三季的收益產生重大影響。

And Heath will get into more details in his section about the tariff levers. I feel our teams are well-positioned to navigate this dynamic environment around us to deliver on the value proposition for our owners and our customers.

希思將在有關關稅槓桿的部分中更詳細地介紹。我認為我們的團隊完全有能力駕馭我們周圍的動態環境，為我們的業主和客戶提供價值主張。

Our performance and momentum to consistently execute on our business model is reinforced by the current year results, which include our strong second quarter and guidance for the third quarter. When we step back from some of the noise, we are hitting on all cylinders as a company.

我們今年的業績，包括強勁的第二季業績和第三季的指引，增強了我們持續執行業務模式的業績和動力。當我們遠離一些噪音時，我們公司就會全力以赴。

We're growing in line with our business model. Adjusted operating margins are running at the 19%-plus range. We continue to demonstrate our cash generation model, and we have a strong balance sheet that enables us to continue our balance capital deployment strategy.

我們正在按照我們的商業模式不斷發展。調整後的營業利益率達 19% 以上。我們繼續展示我們的現金產生模式，並且我們擁有強大的資產負債表，使我們能夠繼續我們的平衡資本部署策略。

So with that as an overall backdrop, and I'm sure we'll cover more in the Q&A, I'd like to get into the presentation which starts with slide 3. And I'll discuss some of the highlights and guidance for the third quarter of fiscal '25.

因此，以此作為整體背景，我相信我們將在問答環節中涵蓋更多內容，我想進入從投影片 3 開始的簡報。我將討論 25 財年第三季的一些亮點和指導。

Our second quarter sales were above guidance at $4.1 billion and this was up 5% organically and 4% on a reported basis year every year. These results were driven by double digit growth in our industrial solution segment, and what we saw that was very broad-based in that growth.

我們第二季的銷售額高於預期，達到 41 億美元，有機成長 5%，年增 4%。這些結果是由我們的工業解決方案部門的兩位數成長所推動的，而且我們看到這種成長的基礎非常廣泛。

We had record adjusted earnings per share of $2.10 and this was ahead of our guidance and up 13% versus the prior year. Adjusted operating margins were 19.4%, up 90 basis points over last year, driven by strong operational performance in both of our segments, and the overall expansion was driven by a 260 basis point increase in the industrial segment.

我們的調整後每股收益達到創紀錄的 2.10 美元，這超出了我們的預期，比前一年增長了 13%。調整後的營業利潤率為 19.4%，比去年同期增長 90 個基點，這得益於我們兩個部門強勁的營運業績，而整體擴張則受到工業部門 260 個基點增長的推動。

Our orders were $4.25 billion and these were up 6% on both a year over year and a sequential basis, and this supports our outlook for the sequential growth into the third quarter, and I'll get into more details on the order levels in a little bit.

我們的訂單金額為 42.5 億美元，年比和季比均成長 6%，這支持了我們對第三季季增的預期，稍後我將詳細介紹訂單水準。

We delivered strong free cash flow of $1.1 billion in the first half of this year, with approximately $1 billion returned to shareholders, and we also announced a 9% increase to our dividend. And this reinforces our strong cash generation model.

今年上半年，我們實現了 11 億美元的強勁自由現金流，其中約 10 億美元返還給股東，同時我們也宣布將股息提高 9%。這強化了我們強大的現金產生模式。

I also want to highlight that in April, we closed on the Richards acquisition in the industrial segment and we deployed $2.3 billion related to that acquisition. As we look forward, we are expecting our third quarter sales to increase sequentially to $4.3 billion and this will be up 5% organically year over year.

我還想強調的是，四月份，我們完成了工業領域對理查茲的收購，並為此投入了 23 億美元。展望未來，我們預計第三季銷售額將環比成長至 43 億美元，年增 5%。

Our guidance includes the Richard's acquisition, as well as 2 points of pricing related to tariff recovery. Adjusted earnings per share is expected to be around $2.06. This will be up 8% year over year.

我們的指導包括理查德的收購，以及與關稅恢復相關的 2 個定價點。調整後每股收益預計約為 2.06 美元。這將比去年​​同期增長 8%。

So if you could, I'd appreciate if you could turn to slide 4, and I'll get into more details on the order trends. In the quarter, we saw orders grow to $4.25 billion and we had a book to bill of 1.02. In the transportation segment, our orders were flat versus the prior year, and we had growth in Asia of 18% in transportation that was offset by declines in Europe and North America.

因此，如果可以的話，請翻到投影片 4，我將更詳細地介紹訂單趨勢。本季度，我們的訂單量成長至 42.5 億美元，訂單出貨比為 1.02。在運輸領域，我們的訂單與去年持平，亞洲運輸業務成長了 18%，但被歐洲和北美的下降所抵消。

The global auto market continues to be uneven by region, and you see the strength of our Asia position in both our orders as well as sales, which is helping to cover weak Western auto markets. Sequentially, we saw orders growth in all business and transportation.

全球汽車市場在不同地區之間仍然不平衡，您可以看到我們在亞洲的訂單和銷售方面都佔據優勢，這有助於彌補疲軟的西方汽車市場。隨後，我們看到所有商業和運輸領域的訂單都在成長。

In the industrial segment, we continue to see strong order momentum with 13% year over year growth and 4% growth sequentially. And this growth reflects ongoing strength in artificial intelligence applications, as well as strength in our energy and AD&M businesses.

在工業領域，我們繼續看到強勁的訂單勢頭，同比增長 13%，環比增長 4%。這種成長反映了人工智慧應用的持續實力，以及我們能源和 AD&M 業務的實力。

Another thing I would like to highlight is that for the first three weeks of April, we continue to see stable order patterns and a book to bill greater than 1, which further supports our Q3 guidance.

我想強調的另一件事是，在四月的前三週，我們繼續看到穩定的訂單模式和大於 1 的訂單出貨比，這進一步支持了我們的第三季指引。

Now let me discuss year over year segment results and I'll start with transportation on slide 5. Our auto business was flat organically in the second quarter with growth in Asia of 16% being offset by declines in Western regions of 11%.

現在讓我討論同比細分結果，我將從幻燈片 5 上的運輸開始。我們的汽車業務在第二季度保持平穩，其中亞洲地區成長 16%，但西方地區下降 11%。

Our sales growth in Asia outperformed a 5% increase in Asia car production and reinforces our strong position in that region. As we look forward, we expect our global content growth to be at the low end of our 4 to 6 point range for the second half of our year.

我們在亞洲的銷售成長超過了亞洲汽車產量 5% 的成長，鞏固了我們在該地區的強勢地位。展望未來，我們預計今年下半年全球內容成長率將處於 4 至 6 個百分點的低端。

While we do expect global auto production to decline this year, we anticipate electronification across all power trains to be a key driver for our growth over market in the second half. And as we talked before, it'll be driven by software defined vehicle architecture and the related proliferation of data connectivity in the car.

雖然我們確實預計今年全球汽車產量將會下降，但我們預計所有動力傳動系統的電子化將成為下半年市場成長的主要驅動力。正如我們之前所討論的，它將由軟體定義的車輛架構以及汽車內相關的數據連接的擴散所驅動。

We also continue to expect 20% growth in hybrid and electric vehicle production, with roughly 80% of that production occurring in Asia, where we're strongly positioned and we produce locally.

我們也預計混合動力和電動車產量將繼續成長 20%，其中約 80% 的產量將在亞洲生產，我們在那裡擁有強大的市場地位，並且進行本地生產。

Turning to the commercial transportation business. The 5% organic decline was as we expected and driven by market weakness in Europe and North America that was partially offset by growth in Asia. We continue to expect this market to be slow next quarter with sales looking a lot like the second quarter.

轉向商業運輸業務。5% 的有機下降符合我們的預期，主要是由於歐洲和北美市場疲軟，但亞洲的成長部分抵消了這一影響。我們仍然預計下個季度該市場將會放緩，銷售額看起來與第二季非常相似。

And in our sensors business, the sales decline was driven by weakness in the broader industrial markets in Europe and North America. For the transportation segment overall, our teams continue to execute well in a slow environment reflected by adjusted operating margins that remained above 20% in the second quarter.

在我們的感測器業務中，銷售額的下降是由於歐洲和北美更廣泛的工業市場的疲軟造成的。就整個運輸部門而言，我們的團隊在緩慢的環境中繼續表現良好，這反映在第二季調整後的營業利潤率仍保持在 20% 以上。

Now let's turn over to the industrial solution segment. I ask you to turn to slide 6 and you just start with industrial segment that had very nice growth this quarter of 17%. That growth was driven by our digital data networks which grew nearly 80% organically with increasing ramps from hyperscale platforms.

現在讓我們轉到工業解決方案部分。我請您翻到第 6 張投影片，首先看一下工業領域，本季實現了 17% 的良好成長。這一增長是由我們的數位數據網路推動的，隨著超大規模平台的不斷增長，該網路有機增長了近 80%。

We now expect revenue from artificial intelligence applications to be above $700 million in fiscal 2025, reflecting strong program ramps and leadership in multiple hyperscale AI platforms across the customer base.

我們現在預計，到 2025 財年，人工智慧應用的收入將超過 7 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專案成長和領導地位。

In automation and connected living, it was nice to see that the unit returned to growth in the quarter with 2% organic growth and just I would tell you, it was broad-based. For the third quarter, we are expecting sales to be roughly flat to the second quarter in our ACL business.

在自動化和互聯生活領域，很高興看到該部門在本季度恢復成長，有機成長率達到 2%，而且我想說的是，這是基礎廣泛的。對於第三季度，我們預計 ACL 業務的銷售額將與第二季度大致持平。

In aerospace, defense, and marine, our sales were up 11% organically, driven by growth across commercial aerospace, defense and space applications. In these markets, we continue to see favorable demand trends coupled with ongoing supply chain recovery, and we see the momentum in these markets continuing.

在航空航太、國防和海洋領域，我們的銷售額有機成長了 11%，這得益於商業航空航太、國防和太空應用的成長。在這些市場中，我們繼續看到有利的需求趨勢以及持續的供應鏈復甦，我們看到這些市場的勢頭持續下去。

And in our medical business, we did decline 14% in the quarter due to the inventory normalization by our customers that we've been talking to you about. But a key for this business is we did see double digit sequential growth in this business as we expected.

在我們的醫療業務中，由於我們一直與您討論的客戶庫存正常化，本季我們的業務確實下降了 14%。但對於這項業務來說，關鍵在於我們確實看到了預期的兩位數連續成長。

And let me wrap up with energy, where we saw 8% sales growth organically driven by continuing momentum in grid hardening and renewable applications with double-digit growth in the United States. The Richards acquisition enables us to capitalize on strong growth opportunities in the North American utility market.

最後讓我來總結一下能源業務，我們的銷售額實現了 8% 的成長，這主要得益於美國電網強化和再生能源應用持續成長的勢頭，並實現了兩位數的成長。收購理查茲使我們能夠利用北美公用事業市場的強勁成長機會。

I would like to welcome the employees of Richards to the TE team and look forward to the value they will create as we strengthen our position in North America together.

我歡迎理查茲的員工加入 TE 團隊，並期待他們在我們共同加強在北美的地位時所創造的價值。

Now let me turn to margins. In the segment -- in the industrial segment, adjusted operating margins expanded 260 basis points to 17.9% as the teams executed well on the strong sales volumes. I am pleased with the progress that we're making in our margin journey in this segment.

現在讓我來談談邊距。在工業領域，由於團隊在強勁的銷售量下表現良好，調整後的營業利潤率擴大了 260 個基點，達到 17.9%。我對我們在這一領域的利潤成長過程中所取得的進展感到滿意。

So with that, as an overview, let me hand it over to Heath. He'll get more detail on the financials, tariffs, and our expectations going forward.

因此，作為概述，讓我將其交給希思。他將獲得有關財務、關稅和我們未來預期的更多詳細資訊。

Thank you, Terrence, and good morning, everyone.

謝謝你，特倫斯，大家早安。

Please turn to slide 7. For the quarter, adjusted operating income was $805 million with an adjusted operating margin of 19.4%. GAAP operating income was $748 million and included $12 million of acquisition-related charges and $45 million of restructuring and other charges.

請翻到幻燈片 7。本季調整後的營業收入為 8.05 億美元，調整後的營業利益率為 19.4%。以美國通用會計準則計算的營運利潤為 7.48 億美元，其中包括 1,200 萬美元的收購相關費用以及 4,500 萬美元的重組及其他費用。

For the full year, our view of restructuring is unchanged at around $100 million. Adjusted EPS was $2.10 and GAAP EPS was $0.04 for the quarter and included a one-time non-cash tax charge of $1.91 due to a change in tax law as well as restructuring, acquisition, and other charges of $0.14.

對於全年而言，我們對重組金額的預期保持不變，仍為 1 億美元左右。本季度調整後每股收益為 2.10 美元，GAAP 每股收益為 0.04 美元，其中包括因稅法變化而產生的一次性非現金稅費 1.91 美元以及重組、收購和其他費用 0.14 美元。

RB versus guidance was driven by strong operational performance in both segments. The adjusted effective tax rate was approximately $0.22 in Q2 and we expect both the third quarter and the second half adjusted tax rate to be in the 24% to 25% range.

RB 與指導值的差距是由兩個部門強勁的營運表現所推動的。第二季調整後的有效稅率約為 0.22 美元，我們預計第三季和下半年調整後的稅率將在 24% 至 25% 之間。

The higher tax rate will result in a $0.06 sequential headwind to EPS in the third quarter. For the full year, the adjusted tax rate is expected to be roughly 24%. And as a reminder, the increase versus the prior year is primarily related to the impact of the Pillar Two global min tax and jurisdictional mix of our earnings.

更高的稅率將導致第三季每股收益環比下降 0.06 美元。就全年而言，調整後的稅率預計約為24%。需要提醒的是，與前一年相比的成長主要與第二支柱全球最低稅和司法管轄區組合對我們收益的影響有關。

Importantly, and as always, we anticipate our cash tax rate to be well below our adjusted ETR.

重要的是，與往常一樣，我們預計現金稅率將遠低於調整後的 ETR。

Now if you turn to slide 8. Sales of $4.1 billion were up 5% organically year over year. Adjusted operating margins were 19.4% in the second quarter, expanding 90 basis points year over year. Adjusted earnings per share were $2.10, a company record and up 13% year over year driven by revenue growth and margin expansion.

現在請翻到幻燈片 8。銷售額達 41 億美元，較上年同期有機成長 5%。第二季調整後營業利益率為 19.4%，較去年同期成長 90 個基點。調整後每股收益為 2.10 美元，創下公司歷史新高，受營收成長和利潤率擴大的推動，年增 13%。

Turning to cash flow. Cash from operations was $653 million and free cash flow was $424 million. Through the first half of the fiscal year, cash flow was $1.1 billion. We continue to expect our free cash flow conversion to be over 100% this year.

轉向現金流。營運現金流為 6.53 億美元，自由現金流為 4.24 億美元。本財年上半年，現金流為 11 億美元。我們繼續預計今年我們的自由現金流轉換率將超過 100%。

While we are in a dynamic environment, I feel comfortable with where we are as a company and our ability to effectively navigate through this. Our cash generation and healthy balance sheet positioned us well and provides us optionality with uses of capital.

雖然我們處在一個充滿活力的環境中，但我對我們公司目前的狀況以及我們有效應對這項挑戰的能力感到滿意。我們的現金產生和健康的資產負債表為我們提供了良好的基礎，並為我們提供了資本使用的選擇性。

Through the first half of this fiscal year, we returned approximately $1 billion to shareholders and as Terrence mentioned, we recently made an announcement to raise our dividend by 9%. And also as Terrence mentioned, earlier this month, we deployed $2.3 billion of cash for the Richards acquisition in our energy business.

本財年上半年，我們向股東返還了約 10 億美元，正如 Terrence 所提到的，我們最近宣布將股息提高 9%。正如特倫斯所提到的，本月早些時候，我們為收購能源業務的理查茲公司投入了 23 億美元現金。

All this activity demonstrates the strength of our balance sheet and the confidence we have in our cash generation model. We will continue to monitor the environment as we make decisions on capital deployment going forward.

所有這些活動都證明了我們資產負債表的強勁以及我們對現金產生模式的信心。在做出未來資本部署決策時，我們將繼續監控環境。

And let me add a couple of other details on our third quarter guidance that Terrence shared. First, we are including Richards, which contributes roughly $70 million to sales and is roughly neutral to adjusted EPS, including the impact on financing.

讓我補充一下 Terrence 分享的有關我們第三季指引的其他一些細節。首先，我們把理查茲納入，它對銷售額的貢獻約為 7,000 萬美元，對調整後的每股盈餘（包括對融資的影響）的影響大致為中性。

The second item I want to cover is the tariff impact that is factored into our Q3 guidance. For those products that are affected by enacted tariffs, we estimate a cost impact of approximately 3% of sales. We anticipate that about one-third of this impact will be mitigated by sourcing changes by TE and our customers, and we expect to recover the vast majority of the remaining two-thirds of the tariff impact through pricing actions, which will represent about 2 points of price related to tariff recovery in the third quarter.

我想談的第二件事是已計入我們第三季業績預期的關稅影響。對於受到關稅影響的產品，我們估計成本影響約為銷售額的 3%。我們預計，大約三分之一的影響將透過 TE 和客戶的​​採購變化來緩解，並且我們預計透過定價行動恢復剩餘三分之二關稅影響的絕大部分，這將代表與第三季關稅恢復相關的約 2 個價格點。

These are the actions that we can control with the direct impact, and we will continue to work with our customers as they evolve their supply chain strategies.

這些都是我們可以控制的直接影響的行動，我們將繼續與客戶合作，共同發展他們的供應鏈策略。

Before I turn it over to questions, let me reinforce that we are executing well to deliver strong results and have positioned the company to successfully navigate the current dynamic environment.

在開始提問之前，我想強調一下，我們的執行情況良好，取得了強勁的業績，並使公司能夠成功應對當前的動態環境。

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

那麼，就讓我們開始提問吧。

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

艾莉，您能給問答環節的指示嗎？

(Operator Instructions)

（操作員指示）

Scott Davis, Melius.

史考特戴維斯，梅利厄斯。

Congrats on the numbers and on all this. It's encouraging.

對這些數字以及所有這些表示祝賀。這令人鼓舞。

I have to ask on the tariff stuff just because it's so topical right now and what people are focused on. But there's another kind of concern that people have, and that is an anti-American sentiment in the supply chain that perhaps certain regions may favor local suppliers versus US suppliers.

我必須詢問關稅問題，因為它現在是熱門話題，也是人們關注的焦點。但人們還有另一種擔憂，那就是供應鏈中的反美情緒，某些地區可能會青睞本地供應商而不是美國供應商。

And talk through us. And I guess the other kind of natural question is that it sounds like it's easier to get price within your auto contracts. Is that because specifically in your auto contracts, they -- it allows for changes in pricing if there's tariffs?

並透過我們進行交談。我想另一個自然的問題是，這聽起來好像在汽車合約中更容易獲得價格。這是因為具體來說，在您的汽車合約中，如果有關稅，他們允許更改價格嗎？

I just want some clarity on that, but I'm more interested really in the geopolitical challenges and what that does perhaps to the US company like TE.

我只是想弄清楚這一點，但我更感興趣的是地緣政治挑戰以及它可能對 TE 這樣的美國公司造成的影響。

So twofold. Let me take the second part first, Scott, on the pricing. The tariff impact that we have is much more in our industrial segment than our transportation segment. Because of our global scale and how much we make in region, the tariff impact that we even talk about is much more in our industrial segment where we have more fragmentation and a little bit where you're crossing borders.

所以是雙重的。史考特，讓我先談第二部分，關於定價。關稅對工業領域的影響比對運輸領域的影響大得多。由於我們的全球規模以及我們在地區內的產量，我們所談論的關稅影響更集中在我們的工業領域，因為我們的工業領域更加分散，而且跨境的影響也更大。

So when you look at it, there will be elements where we will be doing surcharges for tariffs and transportation. But in the numbers, Heath highlighted, the vast majority relates to our industrial segment, and we've been working with our automotive customers for that part on mitigation, sourcing, how do we do supply differently as well as moving tools.

因此，當您看到它時，我們會對關稅和運輸徵收附加費。但希思強調，從數字來看，絕大多數與我們的工業領域有關，我們一直在與汽車客戶就緩解、採購、如何以不同的方式供應以及如何移動工具等方面進行合作。

So I want to make sure that's clear. On your anti-American sentiment, I think there's a couple of things that are important that our teams are viewed very locally. When you think about how our business model works, it is local teams designing with the design centers.

所以我想確保這一點清楚。關於你的反美情緒，我認為有幾件事很重要，那就是我們的團隊被視為非常在地化。當你思考我們的商業模式如何運作時，你會發現它是本地團隊與設計中心合作進行設計。

It's also manufacturing and sourcing that's done from a localization. So you get that feel. That's very local. We are an extremely global company. Yes, we have American executives at the top. But when you look at really what our customers see, it is very much driven down into those local markets, whether that is in China, whether that's in Germany, whether that's in Japan, whether that's Brazil, everywhere.

這也是從本地化完成的製造和採購。所以你就會有這種感覺。這非常具有當地特色。我們是一家極為全球化的公司。是的，我們的高階主管都是美國人。但當你真正觀察我們的客戶所看到的東西時，你會發現它很大程度上被推向了那些本地市場，無論是在中國、在德國、在日本、在巴西，還是在世界各地。

And localization has always been a big part of our strategy that how we do business. As you see in our China auto results as well as China overall, we have good traction. We have not seen anti-American sentiment around what we do.

在地化一直是我們經營策略的重要組成部分。正如您在我們的中國汽車市場以及中國整體市場業績中所看到的，我們擁有良好的發展勢頭。我們沒有看到我們所做的事情引發反美情緒。

But it is certainly something we always keep in front of us. And it's something that we've run locally for a long time and that's why that tariff amount is as low as it is because we've always said we want to be tied to the design center locally as well as to the supply chain locally and we don't export things from the United States elsewhere to the world.

但這確實是我們始終牢記的事。這是我們長期在本地經營的業務，這也是為什麼關稅金額如此之低的原因，因為我們一直說我們希望與本地的設計中心以及本地的供應鏈聯繫起來，我們不會將產品從美國出口到世界其他地方。

I think that's a key element when you look at it. These tariff impacts are really where for what we do in the United States, which is about $4 billion of our $16 billion-plus of revenue, it really is things that we bring in from scale from elsewhere in the world.

我認為這是一個關鍵因素。這些關稅的影響實際上對我們在美國的業務產生了影響，在我們超過 160 億美元的收入中，約有 40 億美元是我們從世界其他地方大規模引進的。

And we'll have to look at do we move some of that tooling to be much more local here as we work through our mitigation strategies.

當我們制定緩解策略時，我們必須考慮是否將一些工具轉移到更本地化的地方。

Can we have the next question, please?

我們可以問下一個問題嗎？

Mark Delaney, Goldman Sachs.

高盛的馬克·德萊尼。

I'm hoping to better understand how tariffs are affecting your outlook by end market and to what extent that's informed by your recent customer conversations and order patterns, including in April. And importantly, as you think about how tariffs are affecting your views by end market, what gives you confidence that there isn't a material amount of pull in sales occurring in the near term due to tariffs?

我希望更了解關稅如何影響您的終端市場前景，以及這在多大程度上受到您最近的客戶對話和訂單模式的影響，包括 4 月的情況。重要的是，當您考慮關稅如何影響您對終端市場的看法時，什麼讓您有信心短期內不會因關稅而出現大量的銷售下滑？

Yeah. Let me talk about the pulling question and then I'll get into some of the market dynamics. First off, while there were discussions with customers about maybe thinking about, hey, do they pull some things forward, I would tell you they were just scenario planning.

是的。讓我先談談拉動問題，然後我會討論一些市場動態。首先，雖然我們與客戶討論過他們是否會將一些事情提前，但我會告訴你，他們只是在進行情境規劃。

We did not see anything meaningful, whether it be from our direct customers or our distribution customers. So when you look at it, I think in an environment where lead times are relatively normal, there's inventory available because we've been through the supply chain elements as well as uncertainty.

我們沒有看到任何有意義的東西，無論是來自我們的直接客戶還是分銷客戶。因此，當你看到它時，我認為在交貨時間相對正常的環境中，會有庫存可用，因為我們已經經歷了供應鏈要素以及不確定性。

It's not something where people say, hey, I want to pull things forward, and we did not see pullings meaningfully. As I said on the call, our orders have been remaining stable. There are a lot of customer discussions of how do you work through the mitigation strategies where you do have tariffs.

這並不是人們說的那種「嘿，我想推動事情向前發展」之類的話，我們並沒有看到任何有意義的推動。正如我在電話中所說，我們的訂單一直保持穩定。很多客戶都在討論如何在有關稅的情況下實施緩解策略。

And our teams have continued to work with our customers on the things that they have choices they can make. We also have things that we're proposing to say how do we work through, to say how do you do as much as you can to localize, to eliminate it.

我們的團隊將繼續與客戶合作，為他們提供他們可以做出的選擇。我們也提出了一些建議，說明我們如何解決，如何盡可能地在地化和消除它。

I also have to be very honest with you, we are a small part of the bond. Some of our customers have bigger things they have to figure out. We are not involved in all those discussions. We're just trying to figure out how do we help them.

我還必須非常誠實地告訴你，我們只是這段關係中的一小部分。我們的一些客戶有更大的事情需要解決。我們沒有參與所有這些討論。我們只是想弄清楚如何幫助他們。

And we're very much running the business on what we see in our orders and these customer discussions. And when we look at what I said on the call, and let me just recap it a little bit, in industrial, there's areas we just see momentum that continues to crank, DDM, the AI ramps, what we see, those ramps have accelerated.

我們主要根據訂單和客戶討論的情況來開展業務。當我們回顧我在電話中所說的內容時，讓我稍微回顧一下，在工業領域，我們看到一些領域的發展勢頭持續增強，DDM、AI 的增長，我們看到這些增長已經加速。

We told you in the call that we expect that to be over $700 million versus $600 million we just told you last quarter. In energy, the growth factors around hardening and renewables, we continue to see further strengthening there. Richards will add to that.

我們在電話會議中告訴您，我們預計這一數字將超過 7 億美元，而上個季度我們剛剛告訴您這一數字為 6 億美元。在能源方面，圍繞著強化和再生能源的成長因素，我們繼續看到其進一步加強。理查茲也會對此進行補充。

In aerospace and defense, continues to crank along. The space applications continue to crank along. We really haven't seen no pauses there. And then one bright spot that I would say in the quarter in our ACL business, it finally returned to growth, but we're taking a view due to what's going on that we think that's going to stay flat line.

在航空航太和國防領域，繼續穩步發展。太空應用繼續穩定地推進。我們確實沒有看到那裡有任何停頓。然後我想說的是，本季我們的 ACL 業務有一個亮點，那就是它終於恢復了成長，但考慮到目前的情況，我們認為成長將保持穩定。

And then in transportation, we just sort of view -- we don't view ICT and sensors to improve near term with the dynamics going on. And in automotive, we do expect auto production to go down sequentially. We do expect auto production to be down 5% year over year.

然後在交通運輸方面，我們只是認為——我們認為 ICT 和感測器不會在短期內隨著動態的發展而改善。在汽車領域，我們確實預期汽車產量將持續下降。我們確實預計汽車產量將年減 5%。

And that's going to be the trends continue that we saw in the second quarter. Growth in Asia, declines in the West that are probably pushing closer to 10%. So it's still a very mixed environment. I think those are feel right based upon what we're seeing and do view their balanced.

這就是我們在第二季度看到的趨勢的延續。亞洲經濟正在成長，而西方經濟則在下降，降幅可能接近 10%。所以這仍然是一個非常混合的環境。我認為根據我們所看到的，這些都是正確的，並且確實認為它們是平衡的。

But it isn't everything. It's just going up. And I think our team's operating well in this uneven environment and hopefully, that gives you a flavor of how recap in the markets that we see today.

但這還不是全部。它只是在上升。我認為我們的團隊在這種不平衡的環境中運作得很好，希望這能讓您了解我們今天所看到的市場狀況。

Can we have the next question, please?

我們可以問下一個問題嗎？

Amit Daryanani, Evercore ISI.

Amit Daryanani，Evercore ISI。

I just have a question on the margin expansion. And I think you've seen some really good margin expansion over the last few quarters, in fact, the last couple of years. As you go forward, can you just talk about if margin expansion and the EPS growth can sustain, especially if it ends up in a more difficult, choppy end market environment?

我只是對利潤率擴大有疑問。我認為過去幾個季度，事實上，過去幾年，利潤率確實出現了良好的擴張。展望未來，您能否談談利潤率擴張和每股盈餘成長是否能夠持續，尤其是在最終面臨更困難、動盪的終端市場環境的情況下？

I'm just hoping you would flush out marginal expansion vectors that peak and leverage across both transport and industrial segments and how much of that going forward do you think is demand versus self-help driven.

我只是希望您能找出在運輸和工業領域達到高峰和槓桿作用的邊際擴張向量，以及您認為未來有多少是由需求驅動還是自助驅動。

Well, I'm Heath. I'll take this. Obviously, I think we've covered this first half hour here this call, some of the volatility in the markets. We do have some markets that are growing nicely. We have some that are kind of more stable and we have some that are weak.

嗯，我是希思。我要這個。顯然，我認為我們已經在這次電話會議的前半小時討論了市場的一些波動。我們確實有一些市場正在良好成長。有些比較穩定，有些則比較弱。

If you add it all up and it's a fairly even or uncertain market, if you will. We're not getting a lot of support there at the aggregate level. However, we have over the last several years, as you're aware, reduced our manufactured footprint.

如果你把所有這些加起來，你會發現這是一個相當平穩或不確定的市場。從整體來看，我們並沒有得到太多的支持。然而，正如您所知，過去幾年來我們已經減少了製造足跡。

And we have taken sites offline and this is part of our localization strategy that is aligned with where our customers want us to be and in end markets where we can also then get scale and get leverage. So I do feel good about our ability to continue to ramp margins.

我們已經將一些站點下線，這是我們本地化策略的一部分，該策略與客戶希望我們進入的市場以及終端市場一致，以便我們可以擴大規模並獲得影響力。因此，我對我們繼續提高利潤率的能力感到滿意。

It is a huge focal point here. Over the next year or so, the bigger jump is going to be -- continue to be in the industrial segment as industrial continues its journey. And that's a combination of a variety of factors. A lot of that is volume and continued rationalization of locations.

這是這裡的一大焦點。在接下來的一年左右的時間裡，更大的飛躍將是——隨著工業繼續其發展，繼續留在工業領域。這是多種因素共同作用的結果。其中很大一部分是數量和位置的持續合理化。

But I continue to see that. Our transportation business has been hovering between 20% and 21% here for the last several quarters. I feel good about where they can be. Obviously, Terrence just outlined softer markets there.

但我還是繼續看到這種情況。過去幾個季度，我們的運輸業務一直徘徊在 20% 到 21% 之間。我對他們現在的處境感到很滿意。顯然，特倫斯只是概述了那裡較為疲軟的市場。

And so our ability to hold our head there above the 20% line feels like the right place to be until we can get back into a situation where we're growing the top line. So we've got a series of different operational levers that we're pulling in terms of protecting both margins and growing in the industrial segment as well as how that converts into EPS.

因此，在我們能夠重新實現營業收入成長之前，我們能夠將成長率保持在 20% 以上，這似乎是正確的。因此，我們採取了一系列不同的營運槓桿，以保護利潤率和工業領域的成長，以及如何將其轉化為每股盈餘。

So our business model contemplates where we sit today, where we had a good quarter. We have our outlook for the third quarter is good. We look to finish strong in FY25 and then jump into '26 without a lot of certainty of what these markets are going to do.

因此，我們的商業模式考慮了我們目前所處的位置以及我們在這個季度的業績表現。我們對第三季的展望是良好的。我們希望在 25 財年取得強勁成績，然後進入 26 財年，但對於這些市場將會如何發展還不太確定。

Can we have the next question, please?

我們可以問下一個問題嗎？

Wamsi Mohan, Bank of America.

美國銀行的 Wamsi Mohan。

Terrence, can you address how you're thinking now about content growth for the year given your commentary on production trends getting worse and obviously, it's been a slower start in the first half of the year from a content perspective?

特倫斯，鑑於您對製作趨勢越來越糟糕以及從內容角度來看今年上半年開局明顯較慢的評論，您能否談談您現在對今年內容增長的看法？

And a quick clarification for Heath if I could. The 3% of cost impact that you're noting for next quarter, how much of that is direct impact from tariffs versus your own cost increases or maybe operations or logistics or just in managing these tariffs? And how should we think about it going forward as well?

如果可以的話，我想向希斯簡單解釋一下。您注意到下個季度的成本影響為 3%，其中有多少是關稅的直接影響，有多少是您自己的成本增加，或者可能是營運或物流，或者只是管理這些關稅？我們又該如何看待這個問題的未來發展呢？

Yeah, Wamsi, let me -- I'll take both of those just for ease. First of all, being on auto production, I think the one thing that we've talked to you all about with content this year is with Europe being extremely weak, Europe is our strongest content region historically.

是的，Wamsi，為了方便起見，我會把這兩個都拿走。首先，就汽車生產而言，我認為我們今年與大家討論的一件事是，儘管歐洲極其薄弱，但從歷史上看，歐洲是我們內容最強大的地區。

And when you look at European production this year, like last quarter, it was down basically 10%. That has pressured our content and we had about a 2 point outperformance in this past quarter over production. Asia is very strong.

看看今年歐洲的產量，例如上個季度，基本上下降了 10%。這給我們的內容帶來了壓力，上個季度我們的表現比生產高出了約 2 個百分點。亞洲非常強大。

So we're feeling a little bit uneven by region and just a different regions have different content levels. As I said on the call, as we look through the remainder of the year, we're expecting to be at that low end of the 4 to 6 points.

因此，我們感覺到各地區的情況有點不平衡，不同地區的內容水平也不同。正如我在電話中所說的那樣，展望今年剩餘時間，我們預計成長率將處於 4 到 6 個百分點的低端。

We have ramps that are going on in Asia that we feel very good about. We talked about to you last quarter some of them. The data momentum around data connectivity in the car. I know years ago, it was a lot about electrified powertrain.

我們在亞洲正在建造坡道，我們對此感到非常滿意。我們上個季度與您討論了其中的一些問題。圍繞汽車數據連接的數據動量。我知道幾年前，人們就討論過很多有關電動動力系統的事情。

The data connectivity growth, and the programs that we've run around the world as people get ready for autonomy and software to find you need ethernet architecture in the car to really make this happen, and that's what we mean by data connectivity.

隨著數據連接的增長，以及我們在世界各地運行的程序，人們已經為自主性和軟體做好了準備，發現您需要汽車中的乙太網路架構才能真正實現這一點，這就是我們所說的數據連接。

That's going to be the element that allows us to get it up to the low end of the 4 to 6 points, but right now, we are being impacted by Europe being weak and being our higher content per vehicle region, it is creating a little bit of headwind of what you see overall.

這將是讓我們將其提升到 4 到 6 個百分點的低端的因素，但目前，我們受到歐洲疲軟以及我們每輛車含量較高的地區的影響，這對整體情況造成了一點阻力。

On your second part of your question, that I'll just jump right on to, when you look at the impacts that we have, there, the tariff costs that we have, that 3% of sales, they are things and most of what we have due to our localization is just where we source something -- could be something from Germany or Japan that we bring over here that we have scale advantage on that create the tariff impact so it is tariff surcharge and that's based upon the tariffs that are enacted today.

關於您問題的第二部分，我直接說說我們受到的影響，關稅成本佔銷售額的 3%，這些是東西，而我們由於本地化而獲得的大部分產品就是我們從哪裡採購的——可能是從德國或日本進口的某種產品，我們把這些產品帶到這裡，我們在這方面有規模優勢，這就產生了關稅影響，所以這是關稅附加費，這是基於關稅的附加關稅。

Can we have the next question, please?

我們可以問下一個問題嗎？

Luke Junk, Baird.

盧克·簡克，貝爾德。

Terrence, hoping you can maybe just parse out what you're seeing in automation and connected living between those two subsegments, the inflection this quarter. So we think that automation within that is also inflecting.

特倫斯，希望您能分析您在自動化和互聯生活領域看到的這兩個子領域本季的變化。因此我們認為其中的自動化也正在改變。

And maybe if you could also comment just what you're seeing geographically across those two parts of the business, including maybe indirect tariff impacts. I'm thinking appliances in China especially.

或許您也可以評論一下您在地理上對這兩個業務部分所看到的情況，包括間接關稅影響。我特別想到的是中國的家用電器。

Yeah, certainly. So when you look at it, appliance has been growing and continued to grow. And I would tell you that's been growing pretty much in all regions. The big area that we were running behind was in the automation side of it.

是的，當然。所以，如果你看一下，你會發現家電一直在成長，而且還在持續成長。我想告訴你，這趨勢在所有地區都呈現成長態勢。我們落後的一個大領域是自動化方面。

And what we saw in the quarter loop, which was really nice and took the entire unit up to growth overall was we saw orders started to pick up. You saw in Europe, they started to inflect upward. Certainly, saw them also inflect upward in Asia.

我們在季度循環中看到的情況非常好，並且使整個單位整體實現了增長，我們看到訂單開始回升。你在歐洲看到，它們開始向​​上彎曲。當然，我們也看到他們在亞洲呈現上升勢頭。

North America was steady. So right now, when you look at them, the order trends started to show an inflection point. Right now, what we're assuming with everything going on with tariffs and this is capital goods, we sort of have an outlook that we expect our sales to sort of stay where they were in the second quarter because we'd like to see that momentum stick a little bit longer just knowing what's going on the tariff uncertainty.

北美地區保持穩定。所以現在，當你觀察它們時，訂單趨勢開始顯示出一個拐點。現在，我們假設關稅和資本貨物方面的情況，我們預計我們的銷售額將保持在第二季度的水平，因為我們希望看到這種勢頭持續更長時間，只要了解關稅的不確定性。

And this is one of the markets where when we talk about impacted by tariffs, you do have a lot of supply chain crossover that happens because of the fragmentation here. So we've probably taken a more conservative view than the orders we saw.

這是一個受關稅影響的市場，由於這裡的分散性，確實存在大量供應鏈交叉的情況。因此，我們可能採取了比我們看到的訂單更保守的觀點。

But it is something right now hopefully, we can tell you next quarter, we continue to see momentum in the orders from what we saw just this last quarter.

但現在的情況是，我們可以在下個季度告訴您，我們將繼續看到訂單的成長勢頭，這與上個季度的情況一致。

Can we have the next question, please?

我們可以問下一個問題嗎？

Samik Chatterjee, JPMorgan.

摩根大通的 Samik Chatterjee。

Maybe if I can just ask you on the AI momentum that you're seeing on that front, I know that the first three months of this year, there's been a lot of concern from investors about sort of pull back from customers and related to their sort of spend on data centers and expansion of data centers as well as new bids.

也許我可以問您關於人工智慧在這方面的發展勢頭的問題，我知道今年前三個月，投資者非常擔心客戶的撤資，以及他們在數據中心上的支出、數據中心的擴張以及新的投標。

But maybe if you can clarify what's driving the higher guide on your front, are you seeing some of the orders come in much higher than expected or was this more about you being conservative initially with the numbers and raising it with more higher visibility.

但是，如果您可以澄清一下是什麼推動了您前面的更高指導，您是否看到一些訂單比預期的要高得多，或者這更多的是因為您最初對數字持保守態度，並通過更高的知名度來提高它。

And just any more color on what you're hearing from the customer there primarily just in the backdrop of the investor concerns we're hearing.

您從客戶那裡聽到的消息是否更詳細一些，主要是在我們聽到的投資者擔憂的背景下。

I think one of the things that's important in our second quarter, we saw a 150% increase in our orders. So these are real orders. Certainly overall, AI CapEx continues to grow. And certainly, I know some of the players have made different comments, but I think what's important is these are ramps of programs that we've won.

我認為第二季最重要的事情之一是我們的訂單量增加了 150%。所以這些都是真的訂單。當然，總體而言，人工智慧資本支出仍在持續成長。當然，我知道一些球員發表了不同的評論，但我認為重要的是這些都是我們贏得的項目的坡道。

So these are ramps that we're working with our customers on and the hyperscalers are the ones that we're working with here across our customer base. And the increase that you saw was about $50 million more than we had in the second quarter.

因此，這些都是我們與客戶合作的平台，超大規模企業是我們在整個客戶群中合作的企業。您所看到的增幅比第二季增加了約 5000 萬美元。

So some of the beat that I said was broad-based was due to us being able to ramp quicker for our customers. And then you're going to have the remaining increase in the next couple of quarters. And it's really about ramping quicker on programs we've won and orders coming in with higher demand on it.

因此，我所說的廣泛的成長部分是由於我們能夠更快地為客戶提供服務。然後你將會在接下來的幾個季度看到剩餘的成長。這實際上是為了更快地完成我們贏得的項目並滿足更高需求的訂單。

So that's something that we get excited about. And I know we talked earlier, probably two or three quarters ago about where do we go there. We're closer to that $1 billion number. That we'll probably be running at next year in '26 as we continue to have these ramps increase.

這讓我們感到興奮。我知道我們之前討論過，大概是兩、三個季度前，討論過我們要去哪裡。我們離 10 億美元這個數字更近了。隨著這些坡道的持續增加，我們可能會在明年（26 年）開始運行。

So the momentum is real. The programs are real. And certainly, working hard with our customers, making sure we ramp to their needs as they're trying to deploy their AI servers.

所以這種勢頭是真實存在的。這些程序都是真實的。當然，我們會與客戶一起努力，確保在他們嘗試部署 AI 伺服器時滿足他們的需求。

Can we have the next question, please?

我們可以問下一個問題嗎？

Joe Giordano, TD Cowen.

喬·喬達諾（Joe Giordano），TD Cowen。

I wanted to talk on the automation side. It's good to hear the commentary that Europe is getting better. I mean arguably, off very low levels. In the US, I'm curious like are you just still seeing kind of a pause in customers wanting to move forward with things until they know what the rules of engagement are from a policy standpoint?

我想談談自動化方面。很高興聽到歐洲正在變得更好的評論。我的意思是可以說處於非常低的水平。在美國，我很好奇，您是否仍然看到客戶暫停購買，直到他們從政策角度了解交戰規則為止？

No. What I would say there is uncertainty, Joe. Yeah. Let's face it. Everybody's trying to figure out their supply chains right now. So there is a lot of effort that are going on to say, how do I work on supply chains, how do I work upon what's in front of me.

不。我想說的是，存在不確定性，喬。是的。讓我們面對現實吧。現在每個人都在試圖弄清楚自己的供應鏈。因此，我們需要付出很多努力來思考，我該如何處理供應鏈，我該如何處理我面前的問題。

So that uncertainty, let's face it, we all have the same number of people, pre-tariffs than we have today. So it does create a distraction of what people work time on. I would tell you, we did see orders pick up in the United States and automation.

所以，讓我們面對這種不確定性，在徵收關稅之前，我們的人口數量與現在是一樣的。所以它確實會分散人們的工作時間。我想告訴你，我們確實看到美國訂單和自動化程度的上升。

I think the element that we're just being a little bit cautious with our guide is really, it was -- this was the first quarter in a long time. We do worry just as where do people take their CapEx plans. Very honestly, our CapEx plans are not changing meaningfully.

我認為，我們對我們的指南有點謹慎，事實上，這是很長一段時間以來的第一個季度。我們確實擔心人們會把他們的資本支出計畫帶到哪裡。坦白說，我們的資本支出計畫並沒有發生重大變化。

We have to ramp AI programs. We have other programs we have to ramp. The facilities we need to build to support those. But I do just think the amount of effort going in around how do we make sure we make what we can, I think is pretty prevalent across every company as they're trying to figure this out.

我們必須加強人工智慧計畫。我們還有其他項目需要推進。我們需要建造這些設施來支持這些。但我確實認為，在如何確保我們能做到我們所能做到的事情方面所付出的努力，我認為在每家公司中都很普遍，因為他們都在試圖弄清楚這一點。

So it does create a little bit of a distraction and another focus area for people to figure out real-time. And typically, people that are working -- the automation plans are the same people that are in the manufacturing area trying to figure everything else out on capacity and so forth.

因此，它確實會造成一點幹擾，並為人們即時弄清楚另一個焦點區域。通常，制定自動化計劃的人員和在製造領域試圖解決產能等其他問題的人員是同一批人。

So it's just why we have probably a little bit more of an uncertain tone around it in some of our other markets.

所以這就是為什麼我們在其他一些市場上可能會有更多不確定的氣氛。

Can we have the next question, please?

我們可以問下一個問題嗎？

Saree Boroditsky, Jefferies.

薩裡‧博羅迪茨基 (Saree Boroditsky)，傑弗里斯 (Jefferies)。

Maybe turning to medical. Obviously, another tough quarter on destocking. Could you just update us on channel inventory and how you expect this market to play out for the remainder of the year? And then just a way to estimate, what underlying demand is first what you're seeing in your sales?

也許轉向醫療。顯然，這又是一個去庫存化艱難的一個季度。您能否向我們介紹一下通路庫存以及您對今年剩餘時間內該市場走勢的預期？然後只是一種估算的方法，您在銷售中首先看到的潛在需求是什麼？

Sure. Yeah. Where we position our medical business, it's around a mid single digit market. We did have coming out of COVID and our first quarter, we expected, so that's a December quarter, we saw customers pull back majorly around all the supply chain inventory.

當然。是的。我們的醫療業務定位在一個中等個位數的市場。我們確實已經走出了 COVID 的陰影，並且正如我們預期的那樣，在第一季度，也就是 12 月季度，我們看到客戶大幅削減了所有供應鏈庫存。

What's really nice is you saw about a 20% sequential increase in that business. We view that inventory elements over and you're going to continue to see us have a second half sequential improvement over the first half in that business as we work out of that.

真正令人高興的是，您看到該業務連續成長了約 20%。我們認為庫存要素已經結束，隨著我們努力解決這個問題，您將繼續看到我們下半年的業務比上半年有所改善。

Can we have the next question, please?

我們可以問下一個問題嗎？

Colin Langan, Wells Fargo.

富國銀行的科林·蘭根。

I mean it sounds like you're pretty well-positioned on tariff risk given you're pretty local within reach. I guess we'll find out over the next few months how things settle in. But do you think that could be an advantage over time or are your competitors, do they all have pretty similar footprints?

我的意思是，聽起來您在關稅風險方面處於相當有利的位置，因為您距離當地很近。我想我們會在接下來的幾個月裡發現事情進展如何。但是，您是否認為，隨著時間的推移，這會成為一種優勢？或者，您的競爭對手是否都有非常相似的足跡？

Yeah, any thoughts there in terms of maybe how that shapes up going forward?

是的，對於未來發展有什麼想法嗎？

No. Well, it's very much competitor by competitor. But we do view we're advantaged. The localization that we've invested in, it has been significant. And some of the things we did when we invested in restructuring to get things, we took capacity offline in certain regions of the world to make it much more localized is an advantage.

不。嗯，很大程度上是競爭對手之間的競爭。但我們確實認為我們有優勢。我們對在地化的投資意義重大。我們在投資重組時所做的一些事情，我們在世界某些地區下線了產能，使其更加本地化，​​這是一個優勢。

We do have some competitors that only make in one region of the world, some of our middle and smaller competitors. So we very much for you as we deal with our customers and we look at mitigation strategies, this is something that can be advantaged as we move forward and as we help work them through it.

我們確實有一些競爭對手只在世界某個地區生產，其中包括一些中型和小型競爭對手。因此，當我們與客戶打交道並研究緩解策略時，我們非常感謝您，這對我們前進並幫助他們解決問題大有裨益。

So we have a very positive competitive tone going through this. And how do we help our customers work through it and also show we might have more options than others.

因此，我們在這個過程當中保持著非常正面的競爭態度。我們如何幫助客戶解決這個問題，並表明我們可能比其他人擁有更多的選擇。

Can we have the next question, please?

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。

A lot of good panoramic topics covered. I was curious about space. It's a relatively small market, but it's scaling. Just wondering if you could help us understand the scope of that and that is it something that's kind of doubling from a small base or just kind of the contours of what's going on with space and how that might contribute over the next couple of years really.

涵蓋了很多很好的全景主題。我對太空很好奇。這是一個相對較小的市場，但它正在擴大。只是想知道您是否可以幫助我們了解其範圍，這是否是從小基數翻倍的東西，或者只是太空領域正在發生的事情的輪廓，以及這在未來幾年可能如何做出貢獻。

Chris, I appreciate you using the word panoramic. I don't think I've ever had that on an earnings call. Space is important. So when you sit there and it -- where we serve it is really in our aerospace defense and marine, not surprisingly.

克里斯，我很欣賞你使用“全景”這個詞。我認為我從來沒有在收益電話會議上遇到過這種情況。空間很重要。所以當你坐在那裡時——我們所服務的領域實際上是航空航天、國防和海洋，這並不奇怪。

And one of the things that is nice is where this is where you get a convergence with how the space field has changed with who actually builds current space vehicles happen. Also what happens in low Earth satellites benefit us in space.

令人高興的事情之一是，你可以看到太空領域的變化以及當前太空飛行器的實際建造者。低地球衛星上發生的事情也對我們在太空中有益。

So it is an area that has morphed a lot. It's an area where data speeds, things that we talked to you about in AI, similar data speeds, you need to continue to work to. And we leverage what we do in our DDM business, but clearly, the environment is much different than the space application.

所以這是一個發生了很大變化的領域。這是一個數據速度領域，我們在人工智慧領域與您討論過的事情，類似的數據速度，您需要繼續努力。我們利用我們在 DDM 業務中所做的工作，但顯然，環境與空間應用有很大不同。

And it's where some of the standards that are there and the materials you have to use get very specialized, and it's areas where we excel at. So it has been a driver. It is something you said it very well. It's multiplying at a very quick pace. But it's on a lower base.

這裡的某些標準和必須使用的材料非常專業，而這正是我們擅長的領域。因此它已經成為一種驅動力。您說得很好。它正在以非常快的速度繁殖。但其基礎較低。

While you also benefit from redundancy in these applications. But you do have compute that's increasing massively. And that's areas when we look at high speed, high power. And then have to do the packaging that exists in a space application.

同時您也可以從這些應用程式的冗餘中受益。但你的運算能力確實在大幅增加。這就是我們所關注的高速、高功率領域。然後必須進行存在於空間應用程式中的包裝。

It is a vector that is a smaller vector in our AD&M space, but a vector that we've been benefiting from, and we expect we're going to continue to talk to you about.

在我們的 AD&M 領域中，它是一個較小的向量，但我們一直從中受益，我們期望繼續與您討論。

Can we have the next question, please?

我們可以問下一個問題嗎？

Asiya Merchant, Citigroup.

花旗集團的 Asiya Merchant。

If you can just talk a little bit about commercial transportation. I think the guide is for it to be kind of flattish. Just how we should think about the trajectory of that segment, subsegment, if it is higher margins? And when we should start to see some recovery in that, that could possibly be a positive driver for your transportation segment margins?

能否簡單談一下商業運輸的情況？我認為指南是讓它有點平坦。如果利潤率更高，我們該如何看待該細分市場、次細分市場的軌跡？當我們開始看到一些復甦時，這可能會對你們的運輸部門利潤率產生積極的推動作用？

No, certainly. So we have told you for numerous quarters now, we see an environment. And when we do commercial transportation, that's Class 8 truck, that's ag equipment. That's also construction equipment. And the ag environment has been tough. Certainly, financing has hit some of these markets.

不，當然。我們已經告訴你們很多次了，我們看到了一個環境。當我們進行商業運輸時，那是 8 級卡車，那是農業設備。這也是建築設備。農業環境一直很艱辛。當然，融資已經衝擊了其中一些市場。

And in Europe and North America, you've seen that softness play out more while this year, we do expect that places like India and China have had increases in unit production. So really there's catalysts that are out there for Europe and North America, certainly with North America around some of the emission changes that are coming up in 2017.

在歐洲和北美，這種疲軟態勢更加明顯，而今年，我們預期印度和中國等地的單位產量將會增加。因此，歐洲和北美確實存在催化劑，北美肯定會在 2017 年出現一些排放變化。

How does that all impact with some of the uncertainty? We do think that will create at some point an inflection point. And we just don't know if that's going to be two quarters out, three quarters out. Right now, we see our business. The orders are staying very stable.

這一切對於某些不確定性有何影響？我們確實認為這將在某個時候創造一個轉折點。我們只是不知道這是否會是兩個季度之後，還是三個季度之後。現在，我們看到了我們的業務。訂單保持非常穩定。

So we've got it into the third quarter to stay stable. But I do think what you'll get is as some of those emission things play in, you will see a more traditional cycle for the Class 8 trucks, and your point is very valid of this does run a higher margin and you'll expect a higher quality when that volume comes.

因此，我們進入第三季是為了保持穩定。但我確實認為，隨著排放問題的出現​​，您將看到 8 級卡車的循環更加傳統，您的觀點非常正確，這確實會帶來更高的利潤，而且當產量達到一定水平時，您會期待更高的品質。

Can we have the next question, please?

我們可以問下一個問題嗎？

Joe Spak, UBS.

瑞銀的喬·斯帕克。

I just wanted to maybe dive in a little bit more to the industrial orders, which were strong. But are you including any of the Richards acquisition in that growth? And I know you sort of made some comments about AI as well.

我只是想更深入地了解工業訂單，這些訂單表現強勁。但是，您是否將理查茲的收購也納入了這一成長之中？我知道您也對人工智慧發表了一些評論。

So I'm just trying to get a sense of like what the underlying organic like old core historical orders -- industrial orders were because you also made a comment about I guess in the US, you saw a pick up, but like my understanding is a lot of that equipment for factory automation comes from overseas.

所以我只是想了解一下底層有機的東西，例如舊的核心歷史訂單——工業訂單，因為你也評論說我猜在美國，你看到了回升，但我的理解是，很多工廠自動化設備都來自海外。

So it seems like they're -- it is going to get more expensive under this regime. So just want to understand how you're thinking about that sort of order trends there.

因此看起來──在這種制度下，成本將會變得更加昂貴。所以只是想了解您是如何看待那裡的訂單趨勢的。

No. When you look at our order trends in the industrial segment, pretty much across the board, we had orders growth year over year. So I just want to make sure that when you look at that, that was across the board strong order growth.

不。當您查看我們工業領域的訂單趨勢時，幾乎全盤來看，我們的訂單都在逐年增長。所以我只是想確保當你看到這一點時，這是一個全面強勁的訂單增長。

It was an automation. It was in the appliance area. And this would be only where we serve local customers, Joe. So if we're serving a German factory automation player, we would be getting that in our European business, not in our US business.

這是一種自動化。它位於電器區域。這只是我們為當地客戶提供服務的地方，喬。因此，如果我們為德國工廠自動化企業提供服務，我們會在歐洲業務中獲得服務，而不是在美國業務中獲得服務。

So the growth is very broad. There is no Richard orders and/or orders that we didn't close that till April, so that we'll start getting that. And the growth was also, you said there, it was across the board with Europe actually getting closer to zero than where it was before.

因此成長前景十分廣闊。沒有理查德的訂單和/或我們直到四月才關閉的訂單，所以我們將開始收到這些訂單。而且您說的，成長也是全面的，歐洲的成長水準實際上比以前更接近零。

So it was very broad geographically around the world, across all the business units. And you even saw that in our results sequentially. Our sales were up across all our business units from quarter one to quarter two.

因此，它的地理範圍非常廣泛，遍布全球所有業務部門。您甚至在我們的結果中連續看到了這一點。從第一季到第二季度，我們所有業務部門的銷售額都有所成長。

Can we have the next question, please?

我們可以問下一個問題嗎？

Stephen Fox, Fox Advisors.

史蒂芬‧福克斯（Stephen Fox），福克斯顧問公司。

Terrence, I was wondering if you could just more broadly talk about your pricing power going forward from two aspects. One, you sell into a lot of large OEMs that may be feeling demand pain down the road in addition to like all the tariff questions.

特倫斯，我想知道您是否可以從兩個方面更廣泛地談論您未來的定價能力。首先，你的產品賣給許多大型原始設備製造商，除了關稅問題之外，他們可能還會感受到未來需求的痛苦。

And then two, like you mentioned, there's a lot of different types of competitors out there that you may run into regional, smaller, large, global, otherwise. And just sort of how responsible you think they will be on pricing?

其次，正如您所提到的，您可能會遇到許多不同類型的競爭對手，有區域性的、小型的、大型的、全球性的等等。您認為他們在定價方面會有多負責任？

Yeah, no, good question, Steve. I think when you look at it, this year, before the tariffs hit us, our pricing is neutral at the total TE level. We are price positive in our industrial segment. And just a little negative in the transportation segment.

是的，不，好問題，史蒂夫。我認為，今年在關稅對我們造成衝擊之前，我們的定價在整體 TE 水準上是中性的。我們對工業領域的價格持樂觀態度。運輸領域的情況略有負面。

So one of the things that we've had this year, let's face it, that certain input costs have gone up on certain materials. We've been very disciplined on that as well as the tariffs that we talked about today. So I tend to think that the pricing environment will continue to be dictated by where input costs go and also the tariff impacts.

所以，我們今年遇到的情況之一是，某些材料的某些投入成本上漲了。我們對此以及我們今天談到的關稅問題都非常嚴格。因此，我傾向於認為定價環境將繼續取決於投入成本的去向以及關稅的影響。

And I feel our team has done a good job managing it as well as the other things that we can do to help our customers like we talked about on the mitigation actions. Are there things we localize, move tools on, the way we have our supply chain set up with our customers, is there things we can do together?

我認為我們的團隊在管理方面做得很好，而且我們還可以做其他事情來幫助我們的客戶，就像我們在緩解措施中談到的那樣。我們是否可以在地化一些東西，移動工具，我們與客戶建立供應鏈的方式，我們可以一起做一些事情嗎？

And they're the ideas we're going that are also ways we provide value. That's a little bit different than we talked to you about in a certain environment like that. So that's the benefit that we have in this uncertain time. But I feel good how the teams are managing through the pricing aspects and I do think it's different than how we used to do it.

這些都是我們要實現的想法，也是我們提供價值的方式。這與我們之前在特定環境下討論的內容略有不同。這就是我們在這個不確定的時期所獲得的好處。但我對團隊在定價方面的管理感到滿意，我確實認為這與我們過去的做法不同。

Can we have the next question, please?

我們可以問下一個問題嗎？

William Stein, Truist Securities.

威廉·斯坦（William Stein），Truist Securities。

But I'd say Paul's also hydromatic. The question is about AI data center business. Industry consensus do reflect a pretty pulling meaningful in activity that went on to some degree during calendar Q1, but more so that's sort of accelerating.

但我想說保羅也是液壓的。問題是關於AI資料中心業務的。行業共識確實反映了第一季一定程度上發生的相當有意義的活動，但更重要的是這種活動正在加速。

I wonder how certain you are about your earlier comments about not seeing meaningful pull ins. I wonder what your visibility is to that. And also I'm hoping you can comment on the customer concentration or dispersion and any anticipated change in that.

我想知道您對之前關於沒有看到有意義的拉動的評論有多確定。我不知道您對此有何看法。我還希望您能對客戶集中度或分散度以及任何預期的變化進行評論。

So well, on the AI side, we do play across the hyperscalers. We also partner with the other semiconductor companies that would be more of our peers in that space that do some of the signal elements on a semiconductor.

因此，在人工智慧方面，我們確實在跨超大規模運算領域開展工作。我們也與其他半導體公司合作，這些公司與我們在該領域處於同一水平，負責半導體上的一些訊號元件。

So our focus is more on the hyperscaler side. I would say we did not see pull-ins related to this. This has been very much a function of ramping, ramping with our customers on the AI side, which gives us confidence of what they're telling us, as well as how we're working with them together to continue to ramp up, that gives us confidence in the over $700 million.

因此我們的重點更放在超大規模方面。我想說的是，我們沒有看到與此相關的拉攏。這在很大程度上是我們與客戶在人工智慧方面共同努力的結果，這讓我們對他們告訴我們的事情充滿信心，也讓我們對如何與他們合作繼續擴大規模充滿信心，這讓我們對超過 7 億美元充滿信心。

So we did not see pull in from the AI customers at all.

所以我們根本沒有看到來自 AI 客戶的吸引力。

Can we have the next question, please?

我們可以問下一個問題嗎？

Shreyas Patil, Wolfe Research.

Shreyas Patil，沃爾夫研究公司。

Just maybe to put a finer point on a previous question, how should we think about the pace at which you can get recoveries in the auto end market? I believe in the past, we've talked about how it takes longer than industrial, but I'm wondering if you'd expect recoveries to be faster in this scenario.

也許只是為了更準確地回答前面的問題，我們該如何看待汽車終端市場的復甦速度？我相信在過去，我們已經討論過它比工業所需的時間更長，但我想知道在這種情況下您是否期望恢復速度更快。

And then maybe just on capital allocation, curious how you're thinking about the priorities there between buybacks and M&A, especially following this this Richards acquisition.

然後也許只是關於資本配置，好奇您如何看待回購和併購之間的優先級，特別是在這次理查茲收購之後。

I'll let Heath take this, but I do want to stress what I said earlier that the bulk of our tariff exposure is more in our industrial segment than our transportation segment. So I know I said that a couple of times. I want to make sure that comes through where if certainly, in the industrial segment, we have more pricing levers.

我讓希思來處理這個問題，但我確實想強調我之前所說的，我們的關稅風險主要集中在工業領域，而不是運輸領域。我知道我已經說過幾次了。我希望確保這一點能夠實現，在工業領域，我們擁有更多的定價槓桿。

Heath, things you want to add on capital over that.

希思，你想在此基礎上增加資本。

I just think on the capital allocation, obviously, we did deploy a significant amount of capital, with the Richards deal. It was $2.3 billion. So you've seen that and you'll see that result in a modest amount of increase in our debt levels as well.

我只是認為在資本配置方面，顯然，我們確實透過理查茲交易部署了大量資本。金額為 23 億美元。所以你已經看到了這一點，你也會看到這也導致我們的債務水準適度增加。

Having said that, as we look forward, we still feel very confident in our cash generation model. Our ability to generate cash in this environment has been fairly resilient. And we feel good about it. So an M&A engine is not something you just turn on and off, it's something you have to cultivate over time.

話雖如此，展望未來，我們仍然對我們的現金產生模式充滿信心。我們在這種環境下創造現金的能力相當強。我們對此感到很高興。因此，併購引擎不是你可以輕易打開和關閉的東西，而是需要隨著時間的推移而培養的東西。

And so we're always active in that. Having said all that, there's opportunities to buy our shares as well. So you'll see a balance of that as we go through the year. I don't mean intend to be too vague here. But deals kind of come in a lumpy format.

因此我們一直積極參與此事。話雖如此，也有機會購買我們的股票。因此，隨著時間的流逝，您會看到平衡的現象。我在這裡並不是想表達太模糊的意思。但交易的形式有點不統一。

They're never -- it's never a linear process in terms of when acquisitions get done. But we have a lot of sticks in the fire right now with that and looking at things not of the same size as Richards though. So but it's still in the bolt on category of things that we look at.

就收購完成時間而言，它從來都不是一個線性過程。但是，現在我們有很多事情要做，而且所考慮的事情與理查茲的規模並不相同。但它仍然屬於我們所關注的附加類別。

And in the meantime, we're in the market every day with the share buyback.

同時，我們每天都在市場上回購股票。

If you have further questions, please contact Investor Relations at TE. I want to thank everybody for joining us this morning and have a nice day.

如果您還有其他問題，請聯絡 TE 投資者關係部門。我想感謝大家今天早上的參加，祝大家有個愉快的一天。

Today's conference call will be available for replay beginning at 11:30 AM Eastern time today, April 23 on the Investor Relations portion of TE Connectivity's website.

今天的電話會議將於今天（4 月 23 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提供重播。

That will conclude today's conference call. Have a good day.

今天的電話會議到此結束。祝你有美好的一天。