泰科電子 (TEL) 2025 Q4 法說會逐字稿

Kate, I think we're ready to go.

凱特，我想我們準備出發了。

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

各位，感謝大家的耐心等待，歡迎參加TE Con​​nectivity 2025財年第四季及最終業績財報電話會議。（操作說明）

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.

再次提醒，今天的通話將會被錄音。現在我謹將會議交給我們的主持人，投資者關係副總裁蘇賈爾·沙阿先生。請繼續。

Good morning, and thank you for joining our conference call to discuss TE Connectivity's fourth quarter and full year results and outlook for our first quarter of fiscal 2026. With me today are Chief Executive Officer, Terrence Curtin; and Chief Financial Officer, Heath Mitts.

早安，感謝各位參加我們的電話會議，討論TE Con​​nectivity第四季度和全年業績以及2026財年第一季的展望。今天陪同我出席的有執行長 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 and we ask you to review the sections of our press release and the accompanying slide presentation that address the use of these items. The press release and related tables, along with the slide presentation, can be found on the Investor Relations portion of our website at te.com.

在本次電話會議中，我們將提供一些前瞻性訊息，請您仔細閱讀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一些非GAAP指標，請您查看我們的新聞稿和隨附的幻燈片簡報中有關這些指標使用的部分。新聞稿及相關表格，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。

Now please note that we are making a change in our non-GAAP reporting with the start of our fiscal 2026 year. The fourth quarter and full year fiscal 2025 financial results that we will discuss in today's call do not reflect this change. However, beginning in fiscal 2026, we will exclude amortization expense on intangible assets from certain of our non-GAAP financial measures, and this change is reflected in our Q1 guidance. We have recast the financial information of the quarters of 2025 and 2024 to ensure an apples-to-apples comparison of our results going forward and this is provided in the slide appendix and in an 8-K that was filed this morning.

請注意，從 2026 財年開始，我們將對非 GAAP 報告進行更改。我們將在今天的電話會議上討論的 2025 財年第四季和全年財務表現並未反映這一變化。然而，從 2026 財年開始，我們將從某些非 GAAP 財務指標中剔除無形資產攤銷費用，這項變更已反映在我們的第一季業績指引中。我們已對 2025 年和 2024 年各季度的財務資訊進行了重述，以確保未來業績的可比性，相關資訊已在幻燈片附錄和今天早上提交的 8-K 文件中提供。

Also, as a reminder, we will hold our Investor Day event on November 20 in Philadelphia with the product showcase the evening before. We're excited to convey opportunities for growth and further value creation for our owners and are looking forward to seeing many of you at the event. Note that we will also have a live webcast for those who are unable to attend in person.

另外提醒大家，我們將於 11 月 20 日在費城舉辦投資者日活動，產品展示將於前一天晚上舉行。我們很高興能為我們的所有者帶來成長和進一步創造價值的機會，並期待在活動中見到你們中的許多人。請注意，我們也將為無法親臨現場的人士提供網路直播。

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

最後，在今天電話會議的問答環節，由於參與人數眾多，我們要求每位參與者只提一個問題，如果您有第二個問題，可以重新排隊。現在我把電話交給特倫斯，請他做開場白。

Thanks, Sujal, and thank you, everyone, for joining us today. Before I get into the details on the slides, I do want to reinforce a few key takeaways upfront. First off is that our strong momentum is continuing with quarterly and full year records for sales, earnings and free cash flow in what continues to be an uneven macro environment. We also continue to demonstrate the strategic positioning of our portfolio, benefiting from the secular growth trends in a number of our businesses, and we'll talk about these as we go through the discussion of our results today.

謝謝蘇賈爾，也謝謝各位今天蒞臨。在詳細介紹投影片內容之前，我想先強調幾個關鍵要點。首先，儘管宏觀環境持續不穩，但我們強勁的發展勢頭仍在延續，季度和全年銷售額、收益和自由現金流均創歷史新高。我們也繼續展示我們投資組合的策略定位，受益於我們多個業務的長期成長趨勢，我們將在今天討論業績時談到這些。

We also continue to demonstrate operational resilience with our global manufacturing strategy where we've invested heavily to ensure in-region support of our customers, and we are set up for the strong performance to continue into fiscal 2026. We expect to continue executing on our long-term value creation model, and we'll click down and provide more details at our Investor Day next month. So with that as a backdrop, I would like to get into the presentation, starting with slide 3, and I'll discuss fiscal 2025 results and our guidance for the first quarter of fiscal 2026.

我們也透過全球製造策略持續展現營運韌性，我們投入巨資確保為客戶提供區域支持，並且我們已做好準備，將強勁的業績延續到 2026 財年。我們將繼續執行我們的長期價值創造模式，並將在下個月的投資者日上提供更多細節。鑑於以上背景，我想開始今天的演講，從第 3 張投影片開始，我將討論 2025 財年的業績以及我們對 2026 財年第一季的展望。

Our fourth quarter sales were above our guidance of $4.75 billion, growing 17% on a reported basis and 11% organically year over year. Both segments contributed to our sales being above of guidance. We also saw orders increase in both segments to $4.7 billion, and this was an increase of 22% year over year, and it was up 5% sequentially.

我們第四季的銷售額超過了我們先前預期的 47.5 億美元，按報告數據計算同比增長 17%，按有機增長計算同比增長 11%。這兩個業務板塊都為我們的銷售額超出預期做出了貢獻。我們也看到這兩個部門的訂單金額均成長至 47 億美元，較去年同期成長 22%，較上季成長 5%。

We delivered adjusted earnings per share of $2.44. That was above our guidance due to the strong execution by our teams and increased 25% versus the prior year. Adjusted operating margins were 20%, increasing 130 basis points year over year. And lastly, in the quarter, free cash flow performance continued the strong momentum that we've seen throughout the year and was $1.2 billion in the fourth quarter. So let me transition to full year results.

我們調整後的每股收益為 2.44 美元。由於團隊的出色執行，這一數字高於我們的預期，比上年增長了 25%。經調整後的營業利益率為 20%，較去年成長 130 個基點。最後，本季自由現金流表現延續了全年強勁的成長勢頭，第四季達到 12 億美元。接下來，我將介紹全年業績。

Full year sales were a record at $17.3 billion, growing 9% on a reported basis and 6% on an organic basis. In our Industrial segment, we saw 24% reported growth, benefiting from bolt-on acquisitions that we made this year. On an organic basis, segment growth was 18% and capitalized on the strong demand for artificial intelligence and energy infrastructure applications.

全年銷售額創下 173 億美元的紀錄，按報告數據計算成長 9%，以有機成長計算成長 6%。在我們的工業領域，我們實現了 24% 的成長，這得益於我們今年進行的補充收購。從有機成長來看，該細分市場成長了 18%，並充分利用了對人工智慧和能源基礎設施應用的強勁需求。

In transportation, we continue to demonstrate our strong global position with strength in Asia that drove content growth from increased data connectivity and growth of the electrified powertrain in that region. We achieved record earnings in fiscal 2025. Adjusted operating margins were essentially 20%, expanding 80 basis points year over year, and adjusted earnings per share was $8.76 increasing 16% versus the prior year, driven entirely by the strong sales and margin performance.

在交通運輸領域，我們繼續展現出強大的全球地位，尤其是在亞洲的強勁實力，推動了該地區數據連接性的增強和電動動力系統的發展，從而促進了內容增長。我們在2025財年實現了創紀錄的獲利。經調整後的營業利潤率基本達到 20%，年增 80 個基點；經調整後的每股收益為 8.76 美元，比上年增長 16%，這完全得益於強勁的銷售額和利潤率表現。

We continue to demonstrate the strength of our cash generation model. We delivered free cash flow of over $3 billion with conversion levels of well over 100%. This strong cash generation gave us the flexibility for record capital deployment with over $2 billion returned to shareholders and $2.6 billion used for bolt-on acquisitions during the year. As we look forward, order levels support our outlook for double-digit growth in the first quarter.

我們持續展現出現金流模式的優勢。我們實現了超過 30 億美元的自由現金流，轉換率遠超過 100%。強勁的現金流使我們有彈性進行創紀錄的資本部署，年內向股東返還了超過 20 億美元，並用於補充收購的資金達 26 億美元。展望未來，訂單水準支撐著我們第一季實現兩位數成長的預期。

We are expecting our first quarter sales to be $4.5 billion, reflecting sequential seasonality that we typically see and increasing 17% year over year on a reported basis and up 11% organically. We expect adjusted earnings per share to be around $2.53 in the first quarter, and this will represent growth of 23% year over year. Now if you could turn to slide 4, let me get into order of details.

我們預計第一季銷售額將達到 45 億美元，這反映了我們通常看到的季節性環比增長，並按報告數據計算同比增長 17%，按有機增長計算同比增長 11%。我們預計第一季調整後每股收益約為 2.53 美元，年增 23%。現在請翻到第 4 張投影片，讓我來詳細說明一下。

In the quarter, we saw orders of $4.7 billion, with growth year-over-year and sequentially in both segments. On a year-over-year basis, we saw organic order growth across all regions. And on a sequential basis, growth was driven by automotive, digital data networks and energy.

本季度，我們的訂單金額達到 47 億美元，兩個業務板塊均實現了同比增長和環比增長。與去年同期相比，所有地區的自然訂單量均有所成長。從季度來看，汽車、數位數據網路和能源是推動成長的主要動力。

Touching on the segment, Transportation orders increased 9% versus the prior year driven by auto growth in all regions. In the Industrial segment, orders increased 39% year over year reflecting ongoing momentum in DDN as well as our energy and AD&M businesses. Also one thing to highlight in our order is we did see order rates improve in the general industrial end markets, and we believe this indicates stability. Now let me get into the segment quarterly results. And if you could turn to slide 5, I'll start with transportation.

從該領域來看，受所有地區汽車業務成長的推動，運輸訂單比上年增長了 9%。在工業領域，訂單年增 39%，反映了 DDN 以及我們的能源和 AD&M 業務的持續成長動能。此外，需要強調的是，我們看到一般工業終端市場的訂單率有所提高，我們認為這表明市場趨於穩定。現在讓我來看看各業務部門的季度業績。如果您可以翻到第 5 張投影片，我將從交通運輸開始講起。

Our auto sales grew 2% organically in the fourth quarter with growth in Asia of 11% being offset by declines in Western regions of 4%. Our growth over market reflects the ongoing regional dynamics that we've seen all year and have impacted our growth over market. As we look forward, we expect global auto production to be 87 million to 88 million units in fiscal 2026 with content growth being driven by key wins for our leading-edge products and technology around data connectivity and electrification of the powertrain. We continue to benefit from our strong global position and localization strategy, which enables us to serve our global customer base.

第四季度，我們的汽車銷量實現了 2% 的有機成長，其中亞洲地區的成長為 11%，但被西方地區 4% 的下降所抵消。我們相對於市場的成長反映了我們全年所看到的持續的區域動態，這些動態影響了我們相對於市場的成長。展望未來，我們預計 2026 財年全球汽車產量將達到 8,700 萬至 8,800 萬輛，產量成長將主要得益於我們在數據連接和動力系統電氣化方面的領先產品和技術的關鍵成功。我們繼續受益於我們強大的全球地位和在地化策略，這使我們能夠服務我們的全球客戶群。

Turning to Commercial Transportation, we reported 5% organic growth, and this was driven entirely by growth in Europe and in Asia which was offset by ongoing weakness that we see in North America. And in our Sensors business, we saw weakness in end markets in Western regions that were partially offset by growth in Asia. For the Transportation segment, the team delivered 20% adjusted operating margins for the full year as we expected, and the team did a good job of navigating an uneven global production environment. So if you could, let me turn to Industrial Solutions segment, which is on slide 6.

再來看商業運輸方面，我們實現了 5% 的有機成長，這完全是由歐洲和亞洲的成長所推動的，但被北美持續疲軟的市場所抵消。在我們的感測器業務方面，我們看到西方地區終端市場的疲軟，但亞洲市場的成長部分抵消了這種疲軟。在運輸業務方面，團隊實現了全年 20% 的調整後營業利潤率，正如我們預期的那樣，團隊在應對不穩定的全球生產環境方面做得很好。那麼，如果可以的話，請允許我轉到工業解決方案部分，該部分在第 6 張投影片上。

And the segment grew 34% in the quarter overall as well as 24% organically. Digital Data Networks had another outstanding quarter, where the business grew 80% year over year. We continue to benefit from increasing ramps from hyperscaler platforms and for the full year, we generated over $900 million in AI revenue, tripling our AI sales versus the prior year, and this reflects our increased momentum.

該業務板塊本季整體成長了 34%，其中有機成長了 24%。數位數據網路公司又迎來了一個出色的季度，業務年增了 80%。我們繼續受益於超大規模平台的不斷增長，全年人工智慧收入超過 9 億美元，是去年人工智慧銷售額的三倍，這反映了我們不斷增強的發展勢頭。

In our Automation and Connected Living business, sales grew 11% organically year over year with 3% sequential improvement that we believe reflect stability in general industrial markets. In our Energy business, sales grew 83% and included the Richards acquisition, which enables us to capitalize on strong growth opportunities in the North American utility market. On an organic basis, our sales increased a strong 24% driven by continued increased investments by our customers and grid hardening as well as renewable applications.

在我們的自動化和互聯生活業務中，銷售額年增 11%，環比成長 3%，我們認為這反映了整體工業市場的穩定性。在我們的能源業務中，銷售額成長了 83%，其中包括對 Richards 的收購，這使我們能夠抓住北美公用事業市場強勁的成長機會。從有機成長來看，由於客戶持續增加投資、電網加固以及再生能源應用，我們的銷售額強勁成長了 24%。

In our Aerospace, Defense and Marine business, sales grew 7% organically, driven by growth across commercial aerospace as well as defense applications. And in these markets, we continue to see favorable demand trends coupled with ongoing supply chain improvement. And in our medical business, sales were roughly flat sequentially as we expected. Turning to margins for the Industrial segment.

在我們的航空航太、國防和海洋業務中，銷售額實現了 7% 的有機成長，這主要得益於商業航空航太和國防應用領域的成長。在這些市場中，我們持續看到有利的需求趨勢，同時供應鏈也不斷改善。正如我們預期的那樣，我們的醫療業務銷售額環比基本持平。接下來我們來看工業領域的利潤率。

Our adjusted operating margins expanded by nearly 300 basis points to over 20%, driven by the strong operational performance and benefits of higher volume. I am pleased with the progress our team has made this year, supporting the strong growth that we have in this segment.

受強勁的營運業績和銷售成長帶來的收益推動，我們調整後的營業利潤率成長了近 300 個基點，達到 20% 以上。我對我們團隊今年的進展感到滿意，這支撐了我們在該領域的強勁成長。

Now let me turn it over to Heath to get into more details on the financials and our expectations going forward.

現在，我把麥克風交給希思，讓他詳細介紹一下財務狀況以及我們未來的預期。

Thank you, Terrence, and good morning, everyone. Please turn to slide 7. For the quarter, adjusted operating income was $943 million with an adjusted operating margin of approximately 20%. GAAP operating income was $916 million and included $10 million of acquisition-related charges and $17 million of restructuring and other charges. For the full year 2025, fiscal -- I'm sorry, for the fiscal '25, restructuring charges were $113 million, and I expect restructuring charges in fiscal '26 to be roughly at the $100 million level.

謝謝你，特倫斯，大家早安。請翻到第7頁投影片。本季調整後的營業收入為 9.43 億美元，調整後的營業利潤率約為 20%。GAAP 營業收入為 9.16 億美元，其中包括 1,000 萬美元的收購相關費用和 1,700 萬美元的重組及其他費用。2025 財年（抱歉，應該是 2025 財年）的重組費用為 1.13 億美元，我預計 2026 財年的重組費用將約為 1 億美元。

Adjusted EPS was $2.44, and GAAP EPS was $2.23 for the quarter and included a tax charge of $0.10 related primarily to the increase in the valuation allowance for deferred tax assets. Additionally, we had restructuring, acquisition and other charges of $0.11. The adjusted effective tax rate was 21.4% in our fourth quarter and approximately 23% for the full year 2025.

本季度調整後每股收益為 2.44 美元，GAAP 每股收益為 2.23 美元，其中包括 0.10 美元的稅項支出，主要與遞延所得稅資產估值準備金的增加有關。此外，我們還有 0.11 美元的重組、收購和其他費用。第四季調整後的實際稅率為 21.4%，2025 年全年約為 23%。

Moving to fiscal '26, we expect our adjusted effective tax rate in the first quarter to be approximately 22%, with the full year being similar to last year at approximately 23%. And importantly, as always, we anticipate our cash tax rate to be well below our adjusted ETR. Now if you can turn to slide 8 for fiscal '25 performance.

展望 2026 財年，我們預期第一季的調整後有效稅率約為 22%，全年與去年類似，約 23%。重要的是，和以往一樣，我們預期現金稅率將遠低於調整後的有效稅率。現在請翻到第 8 頁，查看 2025 財年的表現。

We set records in sales, operating -- adjusted operating margins, adjusted earnings per share and free cash flow. Relative to our business model, we are delivering on our targets for sales growth, margin performance, EPS growth and cash generation. Sales of $17.3 billion were up 9% on a reported basis and 6% on an organic basis year over year, with both organic and inorganic growth driven by our Industrial segment.

我們在銷售額、營業利潤率（調整後營業利潤率）、調整後每股收益和自由現金流方面均創下紀錄。就我們的商業模式而言，我們在銷售成長、利潤率表現、每股盈餘成長和現金流產生方面都實現了目標。銷售額達 173 億美元，按報告基準計算同比增長 9%，以有機增長基準計算同比增長 6%，其中有機增長和無機增長均由我們的工業部門推動。

Adjusted operating margins were essentially 20% for fiscal '25 with margin expansion of 80 basis points year over year driven by strong operational performance. Both of our segments are running at the 20% level for adjusted operating margins; we would expect further margin expansion as volumes continue to grow. Adjusted earnings per share were $8.76, up 16% year over year, driven by sales growth and margin expansion.

2025 財年調整後的營業利潤率基本為 20%，較去年同期成長 80 個基點，主要得益於強勁的營運表現。我們兩個業務部門的調整後營業利潤率均達到 20%；隨著銷售持續成長，我們預期利潤率將進一步擴大。經調整後的每股盈餘為 8.76 美元，較去年同期成長 16%，主要得益於銷售成長和利潤率擴張。

Now turning to cash, we increased our free cash flow to $3.2 billion in fiscal '25, which was up 14% or $400 million year over year. Our free cash flow reflects 100% -- over 100% conversion to adjusted net income, and we remain committed to this going forward. And keep in mind that our strong cash flow generation and cash conversion in fiscal '25 also included us investing a couple of hundred million of increased capital investments to support the growth in our industrial segment. So a very good story there.

現在來說說現金流，我們在 2025 財年將自由現金流增加到 32 億美元，比上年增長了 14%，即 4 億美元。我們的自由現金流能夠100%以上轉化為調整後的淨收入，我們將持續致力於實現這一目標。請記住，我們在 2025 財年強勁的現金流產生和現金轉換也包括我們投入數億美元的額外資本投資，以支持我們工業部門的成長。所以，這真是一個很棒的故事。

In fiscal '25, we returned roughly $2.2 billion to shareholders through share buybacks and dividends, and we deployed approximately $2.6 billion, aligned with our bolt-on acquisition strategy. Our cash generation and healthy balance sheet gives us continued optionality with uses of capital to support investments for future growth, both organically and through M&A.

在 2025 財年，我們透過股票回購和分紅向股東返還了約 22 億美元，並投入了約 26 億美元，以配合我們的補充收購策略。我們良好的現金流量和健康的資產負債表使我們在資本運用方面擁有持續的選擇權，以支持未來成長的投資，包括內生成長和併購。

Now as Sujal mentioned earlier, we are making a change to our non-GAAP reporting and going forward and beginning with the first quarter of fiscal '26, we will exclude intangible amortization expense from our non-GAAP financial measures, and this change is reflected in our Q1 guidance. You will see the historical impact of the recast materials that we have provided for fiscal '25 and fiscal '24 in the appendix of our materials. And you can assume that amortization impact will be roughly $0.15 per quarter for fiscal '26.

正如 Sujal 先前提到的，我們正在對非 GAAP 報告進行更改，從 2026 財年第一季度開始，我們將從非 GAAP 財務指標中剔除無形資產攤銷費用，這一變化已反映在我們的第一季業績指引中。您將在我們的資料附錄中看到我們為 2025 財年和 2024 財年提供的重述資料的歷史影響。您可以假設 2026 財年的攤銷影響約為每季 0.15 美元。

Now before I turn it over to questions, let me reinforce that we continue to execute well in both segments to deliver the record results you see for fiscal '25. We have positioned the company to deliver strong performance and value for our owners, and we expect our momentum to continue into fiscal '26 and beyond. We look forward to sharing more about our growth opportunities and our value creation model at our upcoming Investor Day on November 20. Now let's open it up for questions.

在進入問答環節之前，我想再次強調，我們在兩個業務板塊都繼續保持良好的執行力，從而取得了你們在 2025 財年看到的創紀錄業績。我們已將公司定位為能夠為股東帶來強勁的業績和價值，我們預計這種勢頭將持續到 2026 財年及以後。我們期待在即將於 11 月 20 日舉行的投資者日上，與大家分享更多關於我們的成長機會和價值創造模式的資訊。現在進入提問環節。

Okay. Thank you, Heath. Kate, could you please give the instructions for the Q&A session?

好的。謝謝你，希思。凱特，請問你能給出問答環節的說明嗎？

(Operator Instructions) Scott Davis, Melius Research.

（操作說明）Scott Davis，Melius Research。

Hey. Good morning, Terrence and Heath and Sujal and congrats on a great year. Hey, guys, I got to lead in on the AI stuff because it's just a giant tailwind for you and you're doing a -- seem to be doing a great job of capturing those revenues. But last quarter, I think you were talking about $800 million, you did $900 million. I think last quarter, you said you thought maybe '26 was $1 billion, can we mark-to-market that forecast? And just as importantly, where are you on kind of the scale impact there where you can get 2 or above kind of company average margins?

嘿。早安，Terrence、Heath 和 Sujal，恭喜你們度過了精彩的一年。嘿，夥計們，我得先說說人工智慧方面的事情，因為它對你們來說是一股巨大的順風，而且你們似乎在獲取這些收入方面做得非常出色。但上個季度，我記得你說過是 8 億美元，結果你們做到了 9 億美元。我記得上個季度你說過你認為 2026 年的營收可能會達到 10 億美元，我們能把這個預測按市值計價嗎？同樣重要的是，你目前所處的規模影響水準如何，才能達到公司平均利潤率的 2 倍或以上？

Yes. So no, great question, Scott. And you're right on with where we've seen the momentum all year. And in many cases, our customers on the programs that we win continue to want more and they want it faster, which is a key element of how you win in this market. And so you are right, we generated over $900 million of AI sales in '25. And remember, in '24, that was $300 million. And this is really the products that we do that go into AI with the GPUs and so forth. So we tripled our revenue in this product set which I actually think shows the job the team has done to ramp to your question.

是的。所以，斯科特，你問得好。你說的完全正確，我們今年一直都看到了這種發展勢頭。在許多情況下，我們贏得的專案的客戶都希望獲得更多，並且希望更快，這是在這個市場中獲勝的關鍵因素。所以你是對的，我們在 2025 年創造了超過 9 億美元的人工智慧銷售額。別忘了，在 2024 年，那可是 3 億美元。而這正是我們為人工智慧領域（例如與GPU等結合使用）所做的產品。因此，我們在這個產品系列中實現了三倍的收入成長，我認為這實際上表明了團隊在應對您的問題方面所做的工作。

As we look into '26, the estimates out there is for hyperscale CapEx to grow about 20%. And let's face it, we have strong orders, we have the momentum, and we have the design win traction. So we grew $600 million this year alone in AI in dollars. I think that's probably the baseline you have going into next year. from a level of dollar growth that you should be thinking about right now.

展望 2026 年，據估計超大規模資本支出將成長約 20%。說實話，我們訂單充足，勢頭強勁，設計方面也取得了成功。今年光是人工智慧領域，我們就實現了 6 億美元的成長。我認為這可能是你明年需要考慮的基準線，也是你現在應該關注的美元成長水準。

The other thing I want to highlight is while we talk about AI, we also have a lot of growth that's happening outside of AI in our DDN business. And there is business we have that is cloud business that is not AI. That business is running about $500 million right now this year that doubled versus last year. And then we also -- that's also real momentum. And then outside of that, where we play in enterprise in telecom over the past six months, I would tell you we have seen increased momentum there where those applications are growing double digit for us.

我想強調的另一點是，雖然我們談論人工智慧，但我們的 DDN 業務在人工智慧之外也取得了很大的成長。我們還有一些雲端運算業務，但它們並非人工智慧業務。該業務今年的營業額約為 5 億美元，比去年翻了一番。而且，這也是真正的勢頭。此外，在過去六個月裡，我們在電信企業領域也取得了顯著進展，這些應用實現了兩位數的成長。

So I know we spent a lot of time on AI and a lot of early thing with all the cloud CapEx went to AI, we've seen a broadening out of it, certainly nice growth in the cloud side as well. That is not AI but also seeing those growth rates. And all of that comes together to be that nice 80% growth we had this quarter, and we can see that growth momentum continuing.

我知道我們花了很多時間在人工智慧上，早期所有的雲端資本支出都投入了人工智慧領域，我們已經看到人工智慧的應用範圍不斷擴大，雲端方面也取得了不錯的成長。這並非人工智慧的功勞，而是成長率的體現。所有這些因素加在一起，促成了我們本季80%的良好成長，而且我們可以看到這種成長勢頭仍在繼續。

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

好的。謝謝你，斯科特。請問下一個問題可以嗎？

Joseph Spak, UBS.

約瑟夫‧斯帕克，瑞銀集團。

Thanks. Maybe just to follow on, I mean, you talked about some of the high-speed interconnect and data center, I was wondering if there's also -- or elements related to AI that's going to help you in '26? And then just for CapEx in '26, like you've been close to mid-5 sales this year to help build out that support? Should we expect similar levels next year to help support that continued growth? Or has most of that investment already been made? Thanks.

謝謝。或許我想接著問，您剛才談到了一些高速互連和資料中心，我想知道是否也有一些——或者與人工智慧相關的元素——會在 2026 年對您有所幫助？然後，就 2026 年的資本支出而言，就像你今年已經接近 5 年的銷售額，以幫助建立這種支持體系？我們是否可以預期明年將保持類似的成長水平，以支撐這種持續成長？或者說，大部分投資已經完成了？謝謝。

Thanks, Joe. So first off, let me get into the product sets a little bit that when we talk about our DDN business. Clearly, the bigger driver is what you get around high-speed. But we have -- our growth has also been happening around what happens on the power interconnects certainly, what we do in helping that power be more efficient from liquid bus bars and things like that, that we do with our customers.

謝謝，喬。首先，讓我先簡單介紹一下我們談到DDN業務時所涉及的產品系列。顯然，在高速行駛時，你會遇到更大的驅動力。但是，我們的成長也主要圍繞在電力互連領域展開，例如我們幫助客戶提高液態母線等電力效率。

And then also where we do cable connectivity that goes between racks and so forth, so when the numbers I quoted to Scott include all of that in those categories, Joe. And we have momentum across all of them. because all of them are key building blocks of how this architecture comes together, where you need lower power, no latency, higher speed, all happening at once. So all of those products are there.

此外，還有機架之間等設備的線纜連接，所以喬，我之前跟斯科特說的那些數據都包含了這些類別。我們在所有這些方面都取得了進展，因為它們都是建立這種架構的關鍵組成部分，這種架構需要低功耗、零延遲、高速度，並且同時實現這些目標。所以所有這些產品都在那裡。

I don't think one in flex at a higher point than the other as we continue. I think you're just going to continue to get that good momentum that we've had this year with the ramps that we have going, and the program wins that we have. Heath, why don't you take the capital side of it?

我認為隨著比賽的進行，兩者在靈活性方面沒有孰優孰劣。我認為，憑藉我們今年取得的成績和專案勝利，你們將會繼續保持良好的發展勢頭。希思，你為什麼不負責資本方面的工作？

Sure. And Joe, just as a point of reference, and you have the material there, our capital was up a couple of hundred million from FY24 to FY25 and that growth was entirely for some of these AI and cloud programs that we've won both in the past as we're expanding and/or, in some cases, adding new capacity altogether for very program-specific reasons. There will be some pressure to increase that a little bit as we move from '25 into fiscal '26. We don't guide that number specifically, but I would expect it to be kind of in line, maybe just a little bit less than the dollar increase we saw in the prior year.

當然。喬，作為參考，你那裡有相關資料，我們的資本從 2024 財年到 2025 財年增加了數億美元，這一增長完全用於我們過去贏得的一些人工智能和雲項目，因為我們正在擴大規模，或者在某些情況下，出於非常具體的項目原因，完全增加了新的容量。從 2025 財年過渡到 2026 財年，可能會有一些壓力需要稍微增加這部分支出。我們沒有具體設定目標數字，但我預計它會與去年的美元增幅大致持平，可能略低一些。

So I still think with the revenue growth and the growth that comes out of these programs, we'd still be at the TE average still in the -- a little over 5% range. And it kind of depends because sometimes these programs the revenue that comes out of these programs can lag a fiscal year or a lag when you make those investments. So I know where some of the things that the team is contemplating for this year is even investments that we'll make in '27 to support programs that we've won for -- I'm sorry, investments in late '26 for programs of oil kick into revenue for '27. So there's a lot of great momentum there. The key is for us to get up, get operationalized things, so we can't -- we're not the ones holding our customers back.

所以我仍然認為，隨著收入成長和這些項目帶來的成長，TE 平均值仍將保持在略高於 5% 的範圍內。這在某種程度上取決於具體情況，因為有時這些項目的收入可能會落後一個財政年度，或者在你進行這些投資之後才會出現滯後。所以我知道團隊今年正在考慮的一些事情，甚至是我們在 2027 年進行的投資，以支持我們在 2026 年末贏得的石油項目，這些項目將在 2027 年產生收入。所以這方面發展勢頭非常強勁。關鍵在於我們要行動起來，把事情落實到位，這樣我們就不會——我們不會成為阻礙客戶前進的人。

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

好的，謝謝你，喬。請問下一個問題可以嗎？

Mark Delaney, Goldman Sachs.

馬克‧德萊尼，高盛集團。

Good morning. Thank you very much for taking my question. So could you help us better understand trends by end market beyond DDN, including how demand trends have changed over the last 90 days? And any early views you can share for fiscal '26? Thanks.

早安.非常感謝您回答我的問題。那麼，您能否幫助我們更好地了解除 DDN 之外的終端市場趨勢，包括過去 90 天的需求趨勢發生了怎樣的變化？您對2026財年有什麼初步看法嗎？謝謝。

No, thanks, Mark. And like we've done already in the script, there's going to be some of this we're going to say, please come to Investor Day, but I'll tell you what we've seen and change over the past 90 days. Let's build on the orders that we talked about, and you can see the slide. I think one of the things that is a positive is you saw the order growth both year over year and sequentially in both segments. So I do think the environment does feel better than 90 days ago. But let me click down a little bit by the segments.

不用了，謝謝你，馬克。就像我們在劇本中已經做過的那樣，我們會說，請來參加投資者日，但我會告訴你們我們在過去 90 天裡看到了什麼，發生了哪些變化。讓我們繼續討論剛才提到的順序，您可以看看投影片。我認為積極的一點是，兩個業務板塊的訂單量都實現了同比增長和環比增長。所以我覺得現在的環境確實比90天前好多了。但讓我再往下點擊一下各個部分。

First of all, just taking transportation. Orders were up both year-over-year and sequentially in auto. And it is one of the things all in 2025, we dealt with the world where Asia production grew, Western production declined. We do actually think what we're seeing is some stability that they're probably going to be more even between regions even though a lot of production is going to stay in that $87 million to $88 million unit range, which is flattish.

首先，就是搭乘交通工具。汽車訂單量年比及季均成長。而到了 2025 年，我們所面臨的情況之一是，亞洲的生產成長，而西方的生產下降。我們確實認為，我們看到的是一種穩定性，各地區之間的市場可能會更加均衡，儘管許多產品的單價將保持在 8700 萬美元到 8800 萬美元之間，這是一個相對平穩的區間。

We also think we're going to continue to deliver content growth over market of 4 to 6 because when you think about what's happening with data needed in the car, what's happening with further creature comfort things that we all want that drives more electronification in the car as well as just the nonending growth of electrified powertrains in Asia, all of that continue to give us confidence on the 4% to 6%.

我們還認為，我們將繼續實現比市場高出 4% 到 6% 的內容增長，因為考慮到汽車所需的數據，以及我們都想要的進一步提升舒適性的功能，這些都推動了汽車的電氣化進程，再加上亞洲電動動力系統的持續增長，所有這些都讓我們對 4% 到 6% 的增長信心。

When you look at industrial transportation versus 90 days ago, Mark, honestly, there hasn't been much change, unfortunately. We continue to see Europe and Asia have growth, and North America still having declines in the truck and brass and the agricultural area. So I would say that's one that continues to be uneven that we're actually really looking for signs when can we get a little bit of a North America pickup but we are not seeing any trends that see that right now. So that's one unfortunately probably still feels modeled.

馬克，老實說，如果你把工業運輸和 90 天前的情況相比，很遺憾，並沒有太大的變化。我們看到歐洲和亞洲繼續保持成長，而北美卡車、黃銅和農業領域仍然出現下滑。所以我覺得，這種情況仍然不均衡，我們其實很想看看北美市場什麼時候才能出現一些回升的跡象，但目前我們還沒有看到任何回升的趨勢。所以很遺憾，這可能仍然感覺像是模型。

And then in the Industrial segment, I will jump over DDN like you asked, but you look across our end markets there, we're seeing consistent growth across them. In energy, we have -- you saw the organic growth this quarter of 20% and with where we position ourselves in North America and what's happening in grid investment in the T&D side by utilities is the hardening, getting it up to current trends and everything, that continues to be very good order momentum there, and we're also benefiting from utility scale renewables like solar. AD&M just continues, I would say, the market continues to move along. You've seen air framers talk about where they're getting their build rates to and it feels the supply chain continuing to show improvement which is good signs.

然後，在工業領域，我會像你要求的那樣跳過DDN，但如果你看看我們的終端市場，我們看到它們都在持續成長。在能源領域，我們已經實現了——正如您所看到的，本季有機成長率達到了 20%。鑑於我們在北美的市場定位，以及公用事業公司在輸配電方面的電網投資正在不斷加強，以適應當前的趨勢等等，這持續為我們帶來了非常好的訂單動能。此外，我們也受益於公用事業規模的再生能源，例如太陽能。AD&M 繼續發展，我認為，市場也繼續向前發展。你已經看到一些飛機製造商在談論他們的生產速度，而且感覺供應鏈正在持續改善，這是一個好兆頭。

And then the one that I know we've been pretty hesitant on in our ACL business, which has general industrial has a little bit of things that touch the consumer. What I could tell you, the factory automation side, which is the bigger piece of it, we are seeing growth in orders across all regions. The business grew sequentially. The areas where we see weakness is things where we have things that go into HVAC, things that go into appliances, that's where we see some weakness there. So it does feel the industrial piece of that the business side has improved.

還有一點，我知道我們在 ACL 業務方面一直比較猶豫，它涉及一般工業領域，但也有一些與消費者相關的東西。我可以告訴你們的是，就工廠自動化這部分而言（這是更重要的部分），我們看到所有地區的訂單都在增加。業務逐年成長。我們發現薄弱環節的地方在於暖通空調系統和家用電器等零件，這些方面有些弱點。所以感覺工業方面，也就是商業方面，確實有所改進。

Certainly, the residential or consumer side has gotten a little weaker, but we did have nice growth. You saw that, and we think the momentum on the more of the industrial side continues to get more traction. So that's a little bit of going around the horn. As we think about entering '26, certainly, you see that in our guide with 17% overall growth and 11% organic growth here in the first quarter. The Industrial segment is still in a very good momentum and it feels like we're getting some stability across the transportation segment and a couple of markets with questions.

當然，住宅或消費方面有所疲軟，但我們確實實現了不錯的成長。你們也看到了，我們認為工業領域的成長動能將持續增強。所以這有點像繞圈圈。當我們展望 2026 年時，當然，正如我們的預測所示，第一季整體成長率為 17%，有機成長率為 11%。工業板塊依然保持著非常好的發展勢頭，交通運輸板塊似乎也趨於穩定，而一些有疑問的市場則有所改善。

All right, thank you, Mark. Can we have the next question, please?

好的，謝謝你，馬克。請問下一個問題可以嗎？

Wamsi Mohan, Bank of America.

Wamsi Mohan，美國銀行。

Thank you. Good morning. I was wondering if you could talk a little bit about margins in two ways. One is when you look at gross margins, just a few years ago, you were in the low 30s, you're squarely in the mid-30s now. How should we think about the potential for gross margins for you and for this industry to actually expand further from here?

謝謝。早安.我想請您從兩個方面談談利潤率。一方面，從毛利率來看，幾年前，毛利率還在 30% 左右，現在已經穩定在 30% 左右了。我們該如何看待貴公司以及整個產業未來進一步擴張的毛利率潛力？

And if you could comment just on the new basis of accounting, how should we think about the adjusted operating margins for both your segments? And sorry, if I could, does this change in accounting imply any increased appetite around rate and pace of M&A as well? Thank you so much.

如果您能僅就新的會計基礎發表一下看法，我們該如何看待貴公司兩個業務部門的調整後營業利潤率？另外，恕我冒昧，會計準則的這項變更是否也意味著併購的頻率和速度的需求增加？太感謝了。

Okay. I will tackle. I think you got three questions in one there, Wamsi.

好的。我會著手處理。瓦姆西，我覺得你這個問題一舉提出了三個問題。

Wamsi, you're ignoring Sujal's instructions...

瓦姆西，你無視蘇賈爾的指示…

But no, I appreciate -- I do appreciate your questions and your interest. So let's talk about margins first. Margins for the year, we -- this is a bit of a journey that we've been on. I think we were very specific with our comments around transportation going back several years, getting them closer to their margin target of about 20%. Largely, they're there. You're going to have noise in a given quarter that's going to swing you another -- on both sides of that. But for the year, they're at 20%, and we expect good things margin-wise as we go into FY '26.

但是，不，我很感激——我非常感謝您的提問和關注。那我們先來談談利潤率。今年的利潤率，我們——這算是我們一路走來的一段旅程吧。我認為，幾年前我們對運輸的評論非常具體，使他們更接近 20% 左右的利潤率目標。基本上，它們都在那裡。在一個季度中，總是會有一些噪音影響著另一個季度的走勢——無論是在正反兩方面。但就今年而言，他們的利潤率為 20%，我們預計進入 2026 財年後，利潤率方面會有不錯的表現。

The Industrial business has been more of a story around. We're rooftop consolidations and so forth and taking advantage where we have scale opportunities, particularly when we have strong programs. like we have going on in the DDN business, and we're very pleased with their performance and their jump forward in -- from -- in FY25.

工業領域的新聞一直比較多。我們正在進行屋頂整合等等，並利用規模化機會，尤其是在我們擁有強大專案的情況下。例如我們在DDN業務中正在進行的項目，我們對它們的表現以及它們在2025財年的飛躍式發展感到非常滿意。

Again, as we go into '26, we're going to be balanced with our investments. We think both of those segments will flow through on revenue growth of 30% or maybe a tad better dependent upon the mix. So I think as you do your modeling, again, what you want to put in there for the growth side, I think 30% is a good flow-through math on that piece of it for the organic growth.

再次強調，進入 2026 年，我們的投資組合將保持平衡。我們認為這兩個業務板塊的營收成長都將達到 30%，或根據產品組合的不同，可能會略高一些。所以我認為，當你進行建模時，再次考慮你想在成長方面投入什麼，我認為 30% 是一個不錯的自然成長比例。

In terms of gross margin, a lot of that flow-through math does come to gross margins, and we do get some leverage on our OpEx expense as well. So we're running this past year at about 35% gross margins. The amortization change largely affects the gross margin line. So when we think about it at the TE level, it's about 100 basis points of margin improvement, that flows through at the gross margin line. So at 35% in '25 would be kind of a recast of 36% and that's where some of that flow-through is going to occur.

就毛利率而言，許多傳遞成本的計算最終都會影響毛利率，而我們也確實在營運支出方面獲得了一些槓桿作用。所以，我們去年的毛利率大約是35%。攤銷變動對毛利率影響較大。因此，從總執行成本 (TE) 的角度來看，這相當於毛利率提高了約 100 個基點。所以，2025 年的 35% 相當於 36% 的某種重述，而部分影響也將由此產生。

If you think about the split by segment, which is another part of your question, it's in the schedule that we have in there for you that recast it and it shows the segments recasted by quarter going back to prior 8 quarters. So you can see that relative to what our actual results were. But it's heavier weighted towards the industrial segment. because obviously, the amortization expense load comes from at the acquisitions, and we've simply been more acquisitive on the acquisition front in the industrial segment over the past few years, inclusive of the Richards deal that we completed earlier this year.

如果你考慮按季度劃分（這是你問題的另一部分），我們為你準備的日程表裡有重新劃分的季度，它顯示了按季度重新劃分的季度，可以追溯到之前的 8 個季度。所以你可以看到，這與我們實際的結果相比如何。但工業領域的佔比更高。因為很顯然，攤銷費用主要來自收購，而過去幾年我們在工業領域的收購活動更加積極，包括今年稍早完成的對 Richards 的收購。

In terms of your third or fourth question on M&A, listen, I think we've been trying to be -- we're going to talk more about it in our Investor Day here in about three weeks in terms of just overall capital deployment. So I don't want to -- but I'd say it's fair to say that we're excited about are bolt-on opportunities in front of us.

關於您提出的第三或第四個關於併購的問題，聽著，我認為我們一直在努力——我們將在大約三週後的投資者日上更多地討論這個問題，主要涉及整體資本部署。所以我不想這麼說——但我覺得可以公平地說，我們眼前的這些附加機會讓我們感到興奮。

Bolt-ons don't always mean small. They come in all shapes and sizes just as we completed and FY25. We completed a Harvard deal that was a little bit smaller than with the Richards deal, which was much larger. And our appetite ranges depend on the business and the opportunity to create value there. Certainly, the optionality that I commented on earlier about free cash flow and the optionality that, that provides gives us some confidence that in some ways, we can be a little more aggressive, but we're going to be smart with our -- with the investments that we make. So stay tuned, and I look forward to seeing you in a few weeks.

外掛式改裝件並不總是意味著體積小。它們有各種形狀和大小，就像我們完成的2025財年一樣。我們完成了一項哈佛大學的收購交易，這筆交易的規模比理查茲大學的收購交易要小一些，而理查茲大學的收購交易規模要大得多。我們的消費範圍取決於業務以及在該業務中創造價值的機會。當然，我之前提到的自由現金流的選擇權，以及它所提供的選擇權，讓我們在某些​​方面更有信心，我們可以更積極一些，但我們會謹慎地進行投資。敬請期待，我期待幾週後與您見面。

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

好的，謝謝你，瓦姆西。請問下一個問題可以嗎？

Amit Daryanani, Evercore ISI.

Amit Daryanani，Evercore ISI。

Thank you very much. I just had a couple of questions just on the DDN segment broadly. There is -- on the AI side, it sounds like $1.5 billion revenue run rate is sort of what you're comfortable with. I'd love to understand, do you see this growth coming more from end demand end units? Or is there a share gain narrative as well as some of these programs are starting to mature, perhaps the share is getting more in your favor? Let me just kind of understand the levers behind the growth you see.

非常感謝。我只是想就DDN部分提出幾個問題。確實如此——在人工智慧方面，聽起來你對 15 億美元的年化收入比較滿意。我想了解的是，您認為這種成長更多是來自終端需求和終端產品嗎？或者，隨著這些項目逐漸成熟，市場佔有率是否也在成長？也許市佔率正變得越來越對你有利？讓我先了解你所看到的成長背後的驅動因素。

And then on DDN [ex-AI], your growth over there actually been really impressive north of 40%, I think, in fiscal '25 which is much better than what the end markets are there. So what's driving this growth on DDN [ex-AI] as well? Thank you.

然後是 DDN（前 AI 業務），你們在 2025 財年的成長確實非常令人印象深刻，超過了 40%，我認為這比終端市場的狀況要好得多。那麼，是什麼因素推動了DDN（前身為AI）的成長呢？謝謝。

Yes. So twofold one, Amit, sorry. The one time, I guess you're adding the AI and the cloud piece together. So I just want to make sure where that comes from. And honestly, that's program ramp wins. Like we've always told you, we have a nice position with the hyperscalers. We have to play everywhere there, and these are ramps there. And I think our share has been pretty stable but really benefiting from the technology and where we're co-designing with our hyperscale customers that, in some cases, have their own GPUs.

是的。所以，阿米特，抱歉，這是雙重的。我想，這一次，你大概是把人工智慧和雲端運算結合起來了吧。所以我只是想確認一下它的來源。說實話，這就是專案進展順利的秘訣。正如我們一直告訴你們的那樣，我們與超大規模資料中心營運商的關係非常融洽。我們必須在那裡到處玩耍，而這些就是坡道。我認為我們的市場份額一直相當穩定，並且真正受益於技術進步，以及我們與超大規模客戶共同進行設計，在某些情況下，這些客戶擁有自己的 GPU。

Outside of AI and cloud, what I would tell you, what we saw and just if you take the past quarter, in enterprise and cloud, we grew about 15%. And on things around the edge and IoT, it was a similar number in the double digits. And what you see is I do think it's the bump down effect that's happening in CapEx. Our product set is very broad.

除了人工智慧和雲端運算之外，我想告訴你的是，就上個季度而言，在企業和雲端運算領域，我們成長了約 15%。在邊緣運算和物聯網領域，這個數字也差不多，達到了兩位數。我認為，目前資本支出正受到下調的影響。我們的產品種類非常豐富。

When you deal with high-speed things, they do cascade down over time. So I do think you sort of have lines do blur between AI and non-AI. And the key thing is cloud CapEx, that the key element is that's the number we keep an eye on, which is growing 20%, I think is a bump effect that cascades down. And if you remember like a year ago, we all just thought all the cloud CapEx was only going to AI. We're seeing that broaden out.

當你處理高速運轉的事物時，它們會隨著時間的推移而產生連鎖反應。所以我認為人工智慧和非人工智慧之間的界線確實有些模糊了。關鍵在於雲端資本支出，這是我們一直在關注的關鍵因素，它成長了 20%，我認為這是一種連鎖反應。如果你還記得大約一年前，我們都認為所有的雲端運算資本支出都將用於人工智慧。我們看到這種情況正在擴大。

And clearly, as you added some of my numbers together, you have those lines blurring, but it's really created that really strong growth that we've had that not only in the quarter, we grew 80%, but basically, we grew that for the year organically. And it was in the AI, the cloud that's non-AI as well as we're starting to see pick-up here in the past couple of quarters. on the enterprise to telco as well as IoT and Edge.

顯然，當你把我的一些數字加在一起時，你會發現這些界限變得模糊了，但這確實創造了我們一直擁有的強勁增長，不僅在本季度增長了 80%，而且基本上，我們全年都實現了有機增長。而且，在人工智慧、非人工智慧雲端以及過去幾季我們開始看到這些領域的成長，包括企業、電信、物聯網和邊緣運算。

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

好的。謝謝你，阿米特。請問下一個問題可以嗎？

Luke Junk, Baird.

盧克瓊克，貝爾德。

Hi. Good morning. Thanks for taking the question. Terrence, I wanted to circle back to transportation in the orders in particular. You had mentioned that you had seen order growth in all regions this quarter. I'm just wondering relative to auto outgrowth, especially that has been more weighted to Asia and China recently, would you say this might pretend a more balanced outgrowth algorithm? And I think you spoke to production being more balanced in the West, but what about some PE-specific dynamics as well? Thank you.

你好。早安.感謝您回答這個問題。特倫斯，我想再談談訂單中的運輸問題。您曾提到本季所有地區的訂單量都有所成長。我只是想知道，相對於最近更側重亞洲和中國的自動成長而言，您認為這是否會形成一種更平衡的成長演算法？我認為你提到了西方的生產更加平衡，但是私募股權產業的一些具體動態呢？謝謝。

No. Thanks, Luke. And first of all, so you are right in my comments. We've had this out balance of production this year, and that has created a little bit of a headwind because our mix -- I mean, our content per vehicle is higher in the West. You all know that. So that has created a little bit of pressure on where you've seen our content outperformance be a little bit lighter than our 4% to 6%.

不。謝謝你，盧克。首先，你說的沒錯。今年我們的生產一直處於不平衡狀態，這造成了一些不利影響，因為我們的產品組合——我的意思是，我們每輛車的零件含量在西部地區更高。你們都知道這一點。因此，這給我們的內容表現帶來了一些壓力，其表現略低於我們 4% 到 6% 的預期。

But as we look forward, as we work through these Western declines and they become more flattish, I do view you're going to see content per growth in every region that contributes above that to get to the 4% to 6%. Certainly, there's different opportunities in different regions. The electrified powertrain is driven out of Asia, data connectivities in every region. Certainly, feature sets are different that drive electronics in the vehicle. But the key thing is -- different by region.

但展望未來，隨著我們逐步克服西方經濟下滑的趨勢，使其趨於平緩，我認為每個貢獻超過 4% 到 6% 的地區的成長都將達到預期水準。當然，不同地區的機會也各不相同。電動動力系統源自亞洲，數據連結涵蓋各個地區。當然，驅動車輛電子設備的各種功能集各不相同。但關鍵在於——因地區而異。

But the key thing you have to realize in every region, all of whom are increasing. It's just the rate of increase. So net-net, we do think you'll see content growth over market, be more even this year. But certainly, there'll be a little anomaly just due to the trends are very different in region.

但你必須意識到，在每個地區，所有這些地區的人口都在增加。這只是成長率而已。總而言之，我們認為今年內容成長將超過市場平均水平，兩者將更加均衡。但可以肯定的是，由於不同地區的趨勢差異很大，會出現一些異常情況。

Thanks for the question, Luke.

謝謝你的提問，盧克。

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

謝謝你，盧克。我可以問下一個問題嗎？

Samik Chatterjee, JPMorgan.

Samik Chatterjee，摩根大通。

Hi. Thank you for taking my question. This is (inaudible) on for Samik Chatterjee. So I just wanted to ask on implied margin guidance for (inaudible). So based on my calculation, even after adjusting for the change in non-GAAP calculations, the implied margins are close to 21%, like -- which is a robust expansion relative to 4Q. Can you please highlight the drivers that are driving that margin expansion there?

你好。感謝您回答我的問題。這是（聽不清楚）薩米·查特吉的節目。所以我想問一下關於隱含利潤率指引的問題。（聽不清楚）因此，根據我的計算，即使在調整了非GAAP計算的變化之後，隱含利潤率也接近21%，就像——相對於第四季度來說，這是一個強勁的成長。請您重點介紹一下推動利潤率擴張的因素？

Hey, Samik, I'm going to have Heath answer that question on where sequential margin go sequentially Q4 to Q1.

嘿，Samik，我會讓Heath回答關於第四季到第一季環比利潤率變化的問題。

Samik, first of all, well, as you know, we don't guide a specific margin target. However, I think it's fair to say with the breadcrumbs that we've given you on various things with tax rate and -- so -- and implied what our EPS guide is and our revenue guide, you can you can assume that we're going to see an increase in margins modestly sequentially, probably more driven by transportation, which tends to have the highest auto production number in our calendar -- in our fiscal first quarter each year and neutral or maybe flattish in industrial. But I don't want to get into guiding margin rates, but I think that would be a fair assumption.

薩米克，首先，如你所知，我們不設定具體的利潤率目標。不過，我認為根據我們之前透露的稅率等信息，以及我們對每股收益和營收的預期，我們可以合理地推斷，利潤率將環比小幅增長，這可能更多地受到交通運輸業的推動，因為交通運輸業往往在我們每年的第一財季擁有最高的汽車產量，而工業方面則可能保持中性或持平。但我不想討論指導性利潤率，但我認為這是一個合理的假設。

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

好的，謝謝。請問下一個問題可以嗎？

Guy Hardwick, Barclays.

蓋伊哈德威克，巴克萊銀行。

Hi. Terence, I know you kind of answer the question about the growth in DDN [ex-AI]. But I think I heard you say the cloud business doubled to $500 million. Can you tell me what's driving that? I assume it's cloud companies pushing their on-premise customers to the cloud, and they seem to be growing at 20%. So just wondering how much visibility you have in this business because it potentially could be a multiyear runway. What sort of kind of growth assumptions should we assume sort of medium term?

你好。Terence，我知道你對 DDN（前 AI）的成長問題有所回應。但我好像聽到你說雲端運算業務規模翻了一番，達到 5 億美元。你能告訴我這是什麼原因造成的嗎？我猜是雲端公司在推動其本地部署客戶遷移到雲端，而且他們的成長率似乎達到了 20%。所以我想知道你在這個行業有多大的發展前景，因為這可能是一個可以持續多年的行業。我們應該對中期成長做出怎樣的假設？

Yes. So first off, Guy, you are right. The comments I made in -- to Scott's question really had to do with our cloud revenue, which is in non-AI applications was about $250 million in last year, and it was up to $500 million this year. And I do think it's about the infrastructure being upgraded and not everything has a GPU, but you do have cloud data center. There's other things going in it that are being upgraded, and we're benefiting from that. So clearly, you have very high-end compute that's happening on the IN side, but on the high-end side, but you're going to have cascade down that we're benefiting from our broad product set.

是的。首先，蓋伊，你說得對。我針對 Scott 的問題所做的評論實際上與我們的雲端收入有關，去年在非人工智慧應用領域的雲端收入約為 2.5 億美元，而今年已增至 5 億美元。我認為這與基礎設施的升級有關，雖然不是所有設備都有 GPU，但確實有雲端資料中心。還有其他一些方面也在進行升級，我們從中受益匪淺。顯然，IN 端正在進行非常高階的運算，但高階端也會受益於我們廣泛的產品組合，產生級聯效應。

And I do think we're going to continue to benefit from that growth trend going forward, it may not have as much content as we have on AI is going to have a nice growth rate to it because certainly connecting GPU to GPU like we do today and that's more of the AI element. You don't have that product in there, but certainly, you have the high speeds needed in these next-gen servers that the cloud needs.

而且我認為我們將繼續受益於這種成長趨勢，雖然它可能不會像我們在人工智慧領域那樣擁有那麼多內容，但它將擁有良好的成長率，因為像我們今天這樣將 GPU 連接到 GPU 肯定屬於人工智慧的範疇。雖然你們沒有那種產品，但你們肯定擁有雲端所需的下一代伺服器所需的高速效能。

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

好的，謝謝你，蓋伊。請問下一個問題可以嗎？

Colin Langan, Wells Fargo.

柯林‧蘭根，富國銀行。

Great. Thanks for taking my question. Just to follow up on the outlook in autos to grow 4% to 6% over market, I mean, any way to frame the challenge from EV adoption slowing down in developed markets. Is that sort of going to keep you at the lower end of that range or even below that range given some of the pushbacks in some of those products? Or is that kind of offset by other factors?

偉大的。謝謝您回答我的問題。關於汽車產業預計比市場平均成長 4% 至 6% 的前景，我的意思是，任何能夠解釋已開發市場電動車普及速度放緩所帶來的挑戰的方法。考慮到某些產品遇到的阻力，這樣做是否會讓你的價格保持在較低水平，甚至低於該水平？或者說，這種影響會被其他因素抵銷嗎？

No. When you look at it, I think, clearly, when you have EV adoption, the biggest driver of it is Asia, and that's full steam ahead. Do you have less adoption elsewhere in the world where you have -- you're not going to full EVs, you might be going to a hybrid, which gives us a content increase but not the total content increase you have in a full electric. The element that you have to remember is I need you to think about what's happened to content, not only in EV, but outside. Think about the Ethernet connectivity that you need in a car for autonomy for the sensor suite for everything else that needs to happen in the car for software updates over the top.

不。仔細分析一下，我認為很明顯，電動車普及的最大驅動力是亞洲，而且亞洲正在全力推動電動車的普及。世界其他地方的電動車普及率是否較低？ ——你們可能不會選擇純電動車，而是會選擇混合動力車，這雖然能帶來一定的含量提升，但無法達到純電動車那樣的總量提升。你需要記住的一點是，我需要你思考內容領域發生了什麼變化，不僅是電動車領域，還有電動車領域以外的內容領域。想想汽車自動駕駛所需的乙太網路連接，以及感測器套件、汽車上其他所有功能以及軟體更新所需的連接。

All of that's being put in, and we benefited from that had really nice growth this year on it and that's going to be a key driver, almost just as important as what we've gotten out of EV. And then the other thing that come into the safety features, the comfort features, everything else that's getting added to the vehicle also adds content. So we actually view it's going to be more balanced. And when we're at Investor Day here just next month, we'll spend more time on this to make sure everybody has a clear picture of how we see the content growth going forward.

所有這些都在進行中，我們從中受益匪淺，今年在這方面取得了非常好的成長，這將是一個關鍵的驅動因素，幾乎與我們從電動車中獲得的收益一樣重要。此外，安全功能、舒適功能以及添加到車輛中的其他所有東西也會增加內容。所以我們認為情況會更加平衡。在下個月的投資者日上，我們將花更多時間討論這個問題，以確保每個人都清楚地了解我們對未來內容成長的看法。

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

好的，謝謝你，科林。請問下一個問題可以嗎？

Asiya Merchant, Citigroup.

阿西婭·默錢特，花旗集團。

Great. Thank you for taking my question. Can you just talk a little bit about the book-to-bill, specifically, I think in Industrial, given the strong momentum you have, DDN and as well as some of the other segments that you talked about. Is book-to-bill below 1 here, I think I calculated it to be 0.96. Is that a metric that investors should focus on? And how we should think about that relative to your guide? Thank you.

偉大的。感謝您回答我的問題。您能否談談訂單出貨比，特別是工業領域，鑑於您們強勁的發展勢頭，以及您提到的其他一些細分市場？這裡的訂單出貨比低於1嗎？我計算出來的數值是0.96。這是投資人應該關注的指標嗎？那麼，我們應該如何看待這一點，並將其與您的指南聯繫起來？謝謝。

No, thanks for the question and good morning. I would say you have to look at order levels and the one element you get always this time of the year is we do have sequential seasonality that's very normal. And especially in our industrial segment, you have factories that shut down around holidays in the western part of the world. So in many ways, and if you look back over time, you will always see we have a step down in quarter four to quarter one due to this factor. It's almost like we have one less week of business due to how people leverage their production planning.

不，謝謝你的提問，早安。我認為你需要關注訂單水平，而每年這個時候都會出現的一個現像是，訂單會呈現季節性波動，這是非常正常的。尤其是在我們的工業領域，西方國家的工廠會在假日期間停工。因此，從很多方面來看，如果你回顧過去，你會發現由於這個因素，我們在第四季到第一季之間總是會出現下滑。由於人們如何利用生產計劃，我們幾乎相當於少了一週的營業時間。

And the element is $4.7 billion of orders in the fourth quarter against the $4.5 billion guide for the first quarter is very healthy. So I know the book-to-bill takes current quarter, but what's really nice is the trend you see going into a sequentially slower quarter just due to seasonality is really how you should look at it.

第四季訂單金額達 47 億美元，高於第一季 45 億美元的預期，這數據非常健康。我知道訂單出貨比會反映當季情況，但真正有趣的是，由於季節性因素，你會在下一季看到業務成長放緩的趨勢，這才是你應該關注的重點。

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

好的，謝謝你，阿西婭。請問下一個問題可以嗎？

William Stein, Truist Securities.

威廉·斯坦，Truist Securities。

Great. Thank you for taking my question. I want to first recognize very good results on revenue and earnings and the outlook in the same regard. So the question I'm going to ask is maybe is not quite as optimistic, but I do want to recognize the great results and outlook. On the margins, however, I have this lingering question, you're, again, beating on revenue. You're beating in this new partly from this new category of AI, which I would expect to carry better margins.

偉大的。感謝您回答我的問題。首先，我想肯定公司在營收和獲利方面取得了非常好的成績，而且前景也同樣樂觀。所以我接下來要問的問題可能沒那麼樂觀，但我確實想肯定這些優異的成果和前景。不過，我始終有個疑問，你們又一次在打擊收入方面輸球了。你之所以能取得這樣的新成績，部分原因在於人工智慧的這個新類別，我預期它會有更好的利潤率。

The conversion margins are not bad, but I think they were a little bit below consensus. And if you look to the out quarter, if you don't make that amort adjustment, I think it's the same story, (inaudible) earnings fees, but margins are a little bit disappointing from a perspective. Is there something dragging on profitability today that you could clarify for us? Thank you.

轉換率還不錯，但我認為略低於市場預期。如果你看看下個季度，如果不進行攤銷調整，我認為情況也一樣，（聽不清楚）收益費用，但從某個角度來看，利潤率有點令人失望。目前是否存在影響獲利的因素，您能否為我們澄清一下？謝謝。

Will, I'm not -- we've kind of been holding this roughly 30% flow-through here for a while. And so I think when you look at our -- and there are some bridges, I think, in the back when you look at our operational performance and you look at the fourth quarter or the full year '25, and our guide for '26 year over year or at least our first quarter guide, I think you would come back into a number that has a 3 in front of it. So certainly, amortization change was not done for any reason other than to just better represent kind of our cash profitability of the business. And so you're always going to have a little bit of noise between segments and within the segment, maybe even some mix within a segment, but that noise goes both directions. And so I don't get too hung up on that quarter-to-quarter.

威爾，我不是——我們已經把這個大約 30% 的流通率維持了一段時間了。所以我覺得，當你審視我們的營運業績，看看2025年第四季或全年業績，以及我們對2026年同比業績的預測，或至少是我們第一季的預測時，你會發現一些問題。我認為，當你審視我們的營運表現時，你會發現一些問題。所以，攤銷調整的唯一目的就是為了更能反映我們企業的現金獲利能力。因此，在各個片段之間以及片段內部總會有一些噪音，甚至在片段內部也可能有一些混合，但這種噪音是雙向的。所以我不會太糾結於季度之間的差距。

But no, from a fundamental perspective, there's nothing that drags on us. I would say in certain pieces of the business that are passing on a little bit more tariff pricing that tariff pricing and the revenue that comes from that does not include any margin behind it. So when we do see a spike in some of that tariff pricing, some of those businesses struggle a little bit because you might add revenue with no margin, but that's just more of a recovery mechanism. So that can create noise. But I'd say you look at the schedules that we provided for the quarter, for the full year and certainly for our guide, you'd see a 30% or so in there.

但從根本上來說，沒有什麼能拖累我們。我認為，在某些業務環節中，如果將更多的關稅成本轉嫁出去，那麼關稅成本以及由此產生的收入就不包含任何利潤。所以，當我們看到某些關稅價格飆升時，一些企業會遇到一些困難，因為收入可能會增加但沒有利潤，但這更多的是一種恢復機制。這樣可能會產生噪音。但我想說，如果你看看我們提供的季度計劃、全年計劃，當然還有我們的指導方針，你會發現其中大約有 30% 的比例。

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

好的，謝謝你，威爾。請問下一個問題可以嗎？

Shreyas Patil, Wolfe Research.

Shreyas Patil，Wolfe Research。

Hey. Thanks a lot for taking my question. On the AI piece, you're growing very rapidly, run rating at about $1.2 billion. You've talked in the past about this being a 3-player market. One of your competitors appears to be quite a bit ahead on revenue, maybe 3 times the revenues that you're doing at the moment. So I guess, as we think ahead, how do you think about the market share dynamics in this space. Do you see an -- should we be thinking over the long run that this will eventually become a more balanced market share across the three big players? Or do you see -- tell as sort of a firm number two over time?

嘿。非常感謝您回答我的問題。在人工智慧領域，你們發展非常迅速，營運估值約 12 億美元。你之前說過這是一個三方市場。你的一個競爭對手的收入似乎遠遠領先你，可能是你目前收入的 3 倍。所以我想，展望未來，您如何看待這個領域的市佔率動態？你認為－我們是否應該從長遠角度考慮，這最終會導致三大廠商的市佔率更加平衡？或者你認為──隨著時間的推移，他會成為某種意義上的二號人物？

I think what you have here, and you said it well that when you look at the players, it is a concentrated player because what occurs is who can provide this technology. And when you look at how you have to co-design a ramp to the level that you've seen us do, it doesn't mean it's going to be a concentrated market. I think we have to continue to look for technology inflections and they are typically going to be the areas where you see opportunities to gain share. But we got to compete on technology, we got to compete on ramp with the customers, and we have to compete plan on the ecosystem. And I think what's really good is that we provide the technology that shows we can provide it, and we're going to compete every day to try to increase share.

我認為你在這裡所說的，當你觀察這些參與者時，你會發現這是一個競爭非常激烈的局面，因為關鍵在於誰能提供這項技術。當你看到我們需要共同設計一個坡道才能達到我們所看到的水平時，這並不意味著它將成為一個集中的市場。我認為我們必須繼續尋找技術變革的契機，這些領域通常也是我們獲得市場份額的機會所在。但我們必須依靠技術競爭，我們必須依靠客戶通路競爭，我們必須依靠生態系統規劃競爭。我認為真正好的一點是，我們提供的技術表明我們能夠做到這一點，我們將每天努力競爭，爭取提高市場份額。

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

好的，謝謝你，Shreyas。請問下一個問題可以嗎？

Joseph Giordano, TD Cowen.

Joseph Giordano，TD Cowen。

Good morning. This is Michael on for Joe.

早安.這裡是麥可替喬報道。

Hey, Michael.

嘿，麥可。

So previously, you mentioned strong content in bus bars and cabling and also previously other cores back plane content in particular. Are there any recent order wins you'd like to highlight there specifically? And then what types of customers are you seeing the most order activity with right now between GPUs, custom ASICs, hyperscale or stuff of that nature? Thank you.

之前您提到過母線和電纜中的強含量，以及之前其他核心背板中的強含量。近期有哪些訂單是您想要特別重點介紹的？那麼，目前您觀察到哪些類型的客戶訂單活動最為活躍，包括 GPU、客製化 ASIC、超大規模資料中心以及類似產品？謝謝。

So first off being -- the wins that we have are across the product set. And in some cases, we're stronger with certain customers on one product set versus the other. You should assume you get one product set or all product sets with one customer. We compete individually on each one of those products that's what you sort of talked about. And that's just reality as we work the architecture real time.

首先要說明的是－我們所取得的成功涵蓋了所有產品系列。在某些情況下，我們在某些​​產品組合上比在其他產品組合上更能贏得某些客戶的青睞。你應該假設你會收到一套產品或所有產品套裝，無論它們來自哪個客戶。我們在每款產品上都單獨展開競爭，也就是你剛才提到的。這就是我們在即時建立架構時所面臨的現實。

The bulk of our wins when you see the revenue traction we have in the ramp were mainly with the hyperscalers. We have wins across the hyperscaler group as well as the semi players. But the element is the bigger driver of growth for us is the hyperscalers that have their custom TPUs and GPUs.

從我們目前的營收成長動能來看，我們大部分的成功都來自於超大規模資料中心。我們在超大規模資料中心領域以及半導體資料中心領域都取得了勝利。但對我們來說，更大的成長動力來自擁有客製化 TPU 和 GPU 的超大規模資料中心營運商。

Okay. Thank you, Mike. It looks like there's no further questions. So we appreciate all of you joining us this morning for the call. And if you have further questions, please contact Investor Relations at TE. Thanks, everyone, and have a nice day.

好的。謝謝你，麥克。看來沒有其他問題了。感謝各位今天上午參加我們的電話會議。如果您還有其他疑問，請聯絡TE的投資者關係部門。謝謝大家，祝大家今天愉快。

Thank you, everybody.

謝謝大家。

Today's conference call will be available for replay beginning at 11:30 AM Eastern Time today, October 29, on the Investor Relations portion of TE Connectivity's website. That will conclude the conference for today.

今天（10 月 29 日）上午 11:30（美國東部時間），TE Con​​nectivity 網站的投資者關係部分將提供本次電話會議的錄音回放。今天的會議到此結束。