泰科電子 (TEL) 2026 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 2026. (Operator Instructions) As a reminder, today's call is being recorded.

各位，感謝您稍候，歡迎參加 TE Connectivity 2026 會計年度第二季財報電話會議。（接線員指示）提醒您，今天的電話會議將被錄音。

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

現在我想把電話會議交給我們的主持人——投資人關係副總裁 Sujal Shah。請開始。

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

各位早安，感謝您參加我們的電話會議，討論 TE Connectivity 第二季業績以及 2026 會計年度第三季展望。今天與我一同出席的有執行長 Terrence Curtin，以及財務長 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.

在本次電話會議中，我們將提供若干前瞻性資訊，並請您查閱今日新聞稿中所載之前瞻性聲明的警示內容。

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.

此外，我們在今天上午的討論中將使用若干非 GAAP 衡量指標，並請您查閱新聞稿及隨附簡報中關於使用這些項目的章節。新聞稿與相關表格，以及簡報，可於 te.com 網站的投資人關係專區取得。

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

最後，在今天的問答環節，由於參與者眾多，我們請各位每人限問一題；若您有第二題，可再次加入提問隊列。

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

現在讓我把電話會議交給 Terrence 發表開場評論。

Thank you, Sujal. And also, once again, thank you, everyone, for joining us today.

謝謝你，Sujal。也再次感謝各位今天加入我們。

And as I normally do, before I jump into the slides, I do want to frame today's call around a few key messages. And I want to go back to November when we did our Investor Day, where we outlined how our strategy and business model are driving a broadening of growth across our portfolio while positioning us to deliver sustained margin expansion and double-digit earnings growth.

如同我一貫的做法，在我開始講解投影片之前，我想先用幾個關鍵訊息來為今天的電話會議定調。我想回到 11 月我們舉行投資人日的時候，當時我們闡述了我們的策略與商業模式如何推動我們投資組合的成長面向擴大，同時讓我們具備持續擴張利潤率並實現兩位數獲利成長的能力。

The strategy we laid out, we believe, will drive ongoing value creation for our owners. And it's based on the backbone is how we capitalize on the proliferation of data and power by providing leading interconnect products and technologies across our target markets to meet the evolving next-generation architectures of our customers.

我們所提出的策略，我們相信將為股東持續創造價值。其核心在於：我們如何把握資料與電力快速普及的趨勢，透過在目標市場提供領先的互連產品與技術，滿足客戶不斷演進的下一代架構需求。

The results we're going to get into today and talk about our further evidence of our strategy is working. Last year, we delivered $1.4 billion of growth as a company. And this year, we expect to deliver well over $2 billion of growth, with the majority of our businesses growing double digits year-over-year.

我們今天將深入說明的結果，進一步證明我們的策略正在奏效。去年，我們公司實現了 14 億美元的成長。而今年，我們預期將實現遠超過 20 億美元的成長，且我們多數業務將呈現年對年兩位數成長。

As we look at our second quarter results, we delivered strong financial performance with sales growth of 15% year-over-year and continued outperformance versus our key end markets. We also delivered earnings growth of 24% in the quarter.

就第二季結果而言，我們交出強勁的財務表現：銷售額年對年成長 15%，並持續優於我們的主要終端市場。我們在本季也實現了 24% 的獲利成長。

And when you underpin this performance, we continue to see strong order trends. In the second quarter, we had record orders of over $5 billion, which was growth of over $1 billion versus the prior year, with growth across both segments and in every business. As we expand sales, we continue to invest and scale the business to deliver consistent margin performance and earnings growth.

支撐這些表現的，是我們持續看到強勁的訂單趨勢。第二季我們的訂單創下紀錄，超過 50 億美元，較去年增加超過 10 億美元；兩大事業部門及每一項業務皆有成長。隨著銷售擴大，我們持續投資並擴充規模，以提供穩健一致的利潤率表現與獲利成長。

The performance of our teams, combined with our global manufacturing strategy, are providing resiliency within a backdrop of an ongoing dynamic global environment, and this is reflected in the performance of both segments. We expect our strong performance will continue and Heath will talk more about that when he gets into his section.

我們團隊的執行力，加上全球製造策略，使我們在持續變動的全球環境背景下具備韌性，這也反映在兩大事業部門的表現上。我們預期強勁表現將延續，Heath 在他的部分會進一步說明。

So if you could, if you're looking at the slides, I'd ask you to turn to slide 3, and I'll get into our second quarter results. as well as our outlook for the third quarter. Our second quarter sales were over $4.7 billion, with performance above guidance driven across our businesses. Sales grew 15% on a reported basis and 7% organically year-over-year. We saw orders increase to $5.3 billion and I'll provide more color on the order momentum on the next slide.

如果您正在看投影片，請翻到第 3 頁，我將說明第二季結果以及第三季展望。第二季銷售額超過 47 億美元，受各項業務帶動，表現優於指引。以報表基礎計算，銷售額成長 15%，以有機基礎計算年對年成長 7%。訂單增加至 53 億美元，我會在下一頁就訂單動能提供更多說明。

We delivered record adjusted earnings per share of $2.73, which was above our guidance and increased 24% versus the prior year. Our operating margins on an adjusted basis were 22%, and this was an increase of 130 basis points over last year due to the execution of our teams.

我們交出創紀錄的調整後每股盈餘 2.73 美元，高於指引，並較去年成長 24%。調整後營業利潤率為 22%，較去年提升 130 個基點，主要歸功於團隊的執行。

We also continue to demonstrate our strong cash generation model with free cash flow of $1.3 billion for the first half of this year, and year-to-date, we returned nearly 100% of our free cash flow to shareholders while continuing to support investments for future growth. Also, driven off of this strong free cash flow, in the quarter we announced that our Board approved a 10% increase to our quarterly cash dividend.

我們也持續展現強勁的現金創造模式：今年上半年自由現金流為 13 億美元；截至目前，我們在持續支持未來成長投資的同時，已將接近 100% 的自由現金流回饋給股東。此外，受強勁自由現金流帶動，本季我們宣布董事會核准將季度現金股利提高 10%。

As we look to the third quarter, we are expecting third quarter sales to be $5 billion, which reflect an increase of 10% versus the prior year with year-over-year and sequential growth in both of our segments. We expect adjusted earnings per share to be up 17% year-over-year to around $2.83.

展望第三季，我們預期第三季銷售額為 50 億美元，較去年增加 10%，且兩大事業部門皆將呈現年對年與季對季成長。我們預期調整後每股盈餘年對年成長 17%，約為 2.83 美元。

So I'd ask if you could turn to slide 4, and let me get into more details on the order trend momentum that we're seeing. As I mentioned, orders were $5.3 billion with a book-to-bill of 1.12. We saw orders growth in every business and in all regions on a year-over-year basis. and our order trends support the broadening of growth I've already talked about.

請翻到第 4 頁，我將更詳細說明我們看到的訂單趨勢動能。如我所提，訂單為 53 億美元，出貨比（book-to-bill）為 1.12。年對年來看，我們在每一項業務與所有地區都看到訂單成長，而訂單趨勢也支持我先前提到的成長面向擴大。

For the second quarter, over 70% of the company's order growth was in Industrial segment. Versus the prior year, Industrial segment orders grew 40% and essentially every business in the segment posted double-digit orders growth.

第二季，公司超過 70% 的訂單成長來自工業事業部門。相較去年，工業事業部門訂單成長 40%，且該部門幾乎每一項業務都繳出兩位數的訂單成長。

In addition to the ongoing momentum in digital data networks where our orders grew over 60% in the quarter, we also continue to see continued momentum in Energy, Aerospace and Defense, as well as Automated and Connected Living.

除了數位資料網路持續的動能（本季我們的訂單成長超過 60%）之外，我們也持續看到能源、航太與國防，以及自動化與互聯生活等領域的動能延續。

Turning to our Transportation segment orders. Our orders increased 13% versus the prior year, with year-over-year and sequential growth in all three of our businesses. Our order trends are supporting our growth and content outlook for the automotive business in the second half of the year. And in commercial transportation, we're seeing continued recovery in the global market with organic orders that grew year-over-year in every region.

接著看運輸事業部門的訂單。相較去年，我們的訂單增加 13%，三項業務皆呈現年對年與季對季成長。訂單趨勢支持我們對汽車業務在下半年之成長與單車價值量（content）的展望。在商用運輸方面，我們看到全球市場持續復甦，各地區的有機訂單皆呈現年對年成長。

So with that as an overview of orders, let me now discuss quarterly segment results, and I'll start with the Industrial segment on slide 5. Our sales in the Industrial Solutions segment grew 27% in the quarter and 17% on an organic basis year-over-year. We are benefiting from the secular growth trends that we see in our digital data networks business as well as our energy business, where we continue to see significant demand tied to AI and energy grid investments along with continued growth in aerospace and defense and factory automation applications.

以上為訂單概況，接下來我將說明各事業部門的季度表現，先從第 5 頁的工業事業部門開始。本季工業解決方案事業部門銷售額成長 27%，以有機基礎計算年對年成長 17%。我們受惠於數位資料網路業務與能源業務的長期結構性成長趨勢；在 AI 與電網投資帶動下需求顯著，同時航太與國防以及工廠自動化應用也持續成長。

In our digital data networks, we had another standing quarter where our business grew nearly 50% year-over-year and sales were as we expected. We continue to win new programs with customers and the orders that we have received are building backlog into 2027. We now expect our AI revenues in fiscal 2026 to be about $150 million higher than our view 90 days ago, and this entire increase will be in the second half of the year and reflects the increased momentum that I talked about in orders.

在數位資料網路方面，我們本季再度表現突出，業務年對年成長近 50%，銷售額符合我們預期。我們持續贏得客戶的新專案，而已取得的訂單正把在手訂單（backlog）延伸至 2027 年。我們目前預期 2026 會計年度的 AI 營收將比 90 天前的看法高出約 1.5 億美元，而這整體增量都將發生在下半年，反映我在訂單部分提到的動能提升。

As we look out to the longer term, we are well positioned to continue to generate strong growth from AI applications. With our broad portfolio of data and power connectivity solutions as well as our engagements with the key architects of this space. We expect the addressable market for our AI products to continue to grow, both near term and long term. We are innovating with our customers on their road maps and architectures and are making both organic and inorganic investments to strengthen our road map for both copper and the inflection point for optical solutions.

從更長期來看，我們已具備良好定位，可持續從 AI 應用中創造強勁成長。憑藉我們涵蓋資料與電力連接的廣泛產品組合，以及我們與該領域關鍵架構設計者的合作關係，我們預期 AI 產品的可服務市場在短期與長期都將持續擴大。我們正與客戶在其產品路線圖與架構上共同創新，並透過內生成長與外延併購投資，強化我們在銅與光學解決方案拐點上的產品路線圖。

During the quarter, we acquired a leading technology for passive optical connectivity solutions, strengthening our road map to offer customer solution for both copper and optical connectivity in the future. As you would expect, we will continue to support our customers' architectures as they evolve.

本季我們收購了一項被動式光學連接解決方案的領先技術，強化我們的產品路線圖，以便未來能為客戶提供同時涵蓋銅與光學連接的解決方案。如您所預期，我們將持續支持客戶架構隨其演進而調整。

Now let me turn to the other businesses in the segment. And turning to Automation and Connected Living. We grew 8% organically year-over-year with growth in each region, and we continue to expect the momentum in the general and industrial markets to improve as we move through the year.

接下來我談談該部門的其他業務，先看自動化與互聯生活。我們的有機銷售額年對年成長 8%，各地區皆有成長；我們也持續預期，隨著今年進展，一般與工業市場的動能將有所改善。

In Energy, our sales grew 60%, including the Richards acquisition, where we're capitalizing on growth opportunities in the US utility market. Organically, sales increased 11%, driven by year-over-year growth across three key application areas: the first being energy grid hardening, second being data center, and the third being clean energy applications. We continue to see increasing investment by our customers in grid hardening as utilities upgrade aging infrastructure and improve resiliency to support more distributed and reliable networks.

在能源業務方面，我們的銷售成長了60%，其中包含Richards的併購案；我們正把握美國公用事業市場的成長機會。以有機成長來看，銷售增加11%，主要由三個關鍵應用領域的年增成長所帶動：第一是電網強化（grid hardening），第二是資料中心，第三是潔淨能源應用。我們持續看到客戶在電網強化上的投資增加，因為公用事業公司正在升級老化的基礎設施並提升韌性，以支援更分散且更可靠的網路。

In the data center, load growth is being driven by the significant build-out of power infrastructure to support AI where our connectivity solutions enable higher power density as well as reliability. And in clean energy applications, we continue to benefit from ongoing investment in utility scale solar, along with the supporting grid infrastructure required to integrate these energy sources.

在資料中心方面，負載成長是由為支援AI而大規模建置電力基礎設施所驅動；我們的連接解決方案可實現更高的功率密度以及可靠性。而在潔淨能源應用方面，我們持續受惠於公用事業級太陽能的持續投資，以及整合這些能源來源所需的配套電網基礎設施。

In our Aerospace and Defense business, our sales grew 5% organically driven by growth across both commercial aerospace and defense applications. In these markets, we continue to see favorable demand trends coupled with ongoing supply chain improvements. These trends are supported by increased global defense spending and ongoing modernization efforts that require increased data connectivity and greater power requirements, along with ongoing production ramps in the commercial aerospace field.

在航太與國防業務方面，我們的銷售以有機方式成長5%，主要由商用航太與國防應用兩端的成長所帶動。在這些市場中，我們持續看到有利的需求趨勢，並伴隨供應鏈持續改善。這些趨勢受到全球國防支出增加與持續現代化努力的支持，相關需求包括更高的資料連接性與更大的電力需求，同時商用航太領域也持續提升產能爬坡。

And lastly, in our metal business, sales grew sequentially as we expected, driven by the continued investment in growth in key therapy applications such as structural heart and electrophysiology.

最後，在我們的金屬業務方面，銷售如我們預期呈現季比成長，主要由在結構性心臟與電生理等關鍵治療應用上的持續成長投資所帶動。

So turning to margins for this segment. Industrial segment adjusted operating margins expanded 260 basis points to nearly 22% and driven by the strong operational performance by our teams and the benefits of higher volume.

接著談本部門的利潤率。工業部門調整後營業利潤率擴張260個基點，接近22%，主要由我們團隊強勁的營運表現以及更高出貨量帶來的效益所驅動。

So if you could, let me move over to slide 6, and I'll get into the Transportation segment. Our sales in the Transportation segment grew 5% in the quarter and were down slightly organically. We are delivering growth over market in both automotive and commercial transportation, reflecting our leading global position and customer co-creation model. And this is resulting in continued content growth across vehicle platforms.

如果可以的話，讓我切換到第6頁，接著說明運輸部門。本季運輸部門銷售成長5%，有機成長略為下滑。我們在汽車與商用運輸兩個領域都實現了優於市場的成長，反映我們領先的全球地位與與客戶共同創造（co-creation）的模式，並因此在各車款平台上持續帶動單車內容價值（content）成長。

Our Auto sales grew 2% on a reported basis and declined 4% organically in the second quarter. Our market outperformance against declining Auto production was driven by content growth in Asia and Europe. Year-to-date, we're averaging growth over market at the low end of our 4- to 6-point range and continue to expect content growth to be in this range for fiscal 2026 driven by our strong position and content opportunities across data connectivity in the vehicle, the electrification of the powertrain as well as electronification of the vehicle.

我們的汽車業務銷售以報告基礎計成長2%，第二季有機下滑4%。在汽車產量下滑的情況下，我們仍能優於市場，主要由亞洲與歐洲的內容價值成長所帶動。年初至今，我們的優於市場成長平均落在4到6個點區間的低端；我們仍預期2026會計年度的內容價值成長將維持在此區間，動能來自我們在車內資料連接、動力系統電動化，以及車輛電子化（electronification）等方面的強勢地位與內容機會。

Turning to Commercial Transportation. We saw 21% growth on a reported basis and 17% organically. We are seeing continued improvement in demand trends across regions with growth in Europe and Asia and stabilization in North America. Against this backdrop, we are delivering growth at significantly above the market driven by continued share gains from new program wins and increasing content per vehicle.

再看商用運輸。我們以報告基礎計成長21%，有機成長17%。我們看到各地區需求趨勢持續改善，歐洲與亞洲成長、北美趨於穩定。在此背景下，我們的成長顯著高於市場，主要由新專案得標帶來的持續市占提升，以及每輛車內容價值增加所驅動。

In our Sensors business, sales increased 2% on a reported basis and declined 3% organically, which was in line with our expectations. For the Transportation segment, the team delivered adjusted operating margins of nearly 22%, demonstrating our team's operational resiliency.

在感測器業務方面，銷售以報告基礎計成長2%，有機下滑3%，符合我們的預期。就運輸部門而言，團隊交出接近22%的調整後營業利潤率，展現我們團隊的營運韌性。

So with that as an overview of our segment performance, let me hand it over to Heath will get into more financial details and expectations going forward.

以上是我們各部門表現的概述，接下來我把時間交給Heath，他將進一步說明更多財務細節與未來展望。

Thank you, Terrence. And good morning, everyone.

謝謝你，Terrence。各位早安。

Please turn to slide 7. For the quarter, we achieved adjusted operating income of over $1 billion and adjusted operating margins of 21.7%, driven by strong operational performance by our teams in both segments. GAAP operating income was $954 million and included $8 million of acquisition-related charges, $10 million of restructuring and other charges, and $57 million of amortization expense. I continue to expect restructuring charges in fiscal '26 to be roughly $100 million.

請翻到第7頁。本季我們達成超過10億美元的調整後營業利益，調整後營業利潤率為21.7%，主要由兩個部門團隊的強勁營運表現所帶動。GAAP營業利益為9.54億美元，其中包含800萬美元的併購相關費用、1,000萬美元的重整與其他費用，以及5,700萬美元的攤銷費用。我仍預期2026會計年度的重整費用約為1億美元。

Adjusted EPS was $2.73, and GAAP EPS was $2.90 for the quarter and included a $0.39 tax benefit primarily related to a settlement of prior period tax matters as well as restructuring, acquisition, and other charges of $0.06 and amortization expense of $0.15.

本季調整後EPS為2.73美元，GAAP EPS為2.90美元，其中包含0.39美元的稅務利益，主要與前期稅務事項的和解有關；另外也包含0.06美元的重整、併購及其他費用，以及0.15美元的攤銷費用。

The adjusted effective tax rate was approximately 21% in Q2. We expect Q3 to be around 23% and the full year tax rate to be approximately 22%. Importantly, as always, we anticipate our cash tax rate to be well below our adjusted ETR.

第二季調整後有效稅率約為21%。我們預期第三季約為23%，全年稅率約為22%。重要的是，一如往常，我們預期現金稅率將遠低於我們的調整後有效稅率（ETR）。

Now if you turn to slide 8. This slide shows the growth and broadening that Terrence discussed along with the strength of our operating model with strong margin performance and double-digit earnings growth. Sales of $4.7 billion were up 15% on a reported basis and up 7% on an organic basis year-over-year. Adjusted operating margins were 21.7% in the second quarter, expanding 130 basis points year-over-year. Adjusted earnings per share were $2.73, up 24% year-over-year, driven by sales growth and margin expansion.

現在請翻到第8頁。這張投影片呈現Terrence所提到的成長與擴展，以及我們營運模式的優勢：強勁的利潤率表現與兩位數的獲利成長。銷售額47億美元，以報告基礎計年增15%，以有機基礎計年增7%。第二季調整後營業利潤率為21.7%，年增擴張130個基點。調整後每股盈餘為2.73美元，年增24%，主要由銷售成長與利潤率擴張所帶動。

We continue to operate in a dynamic environment. Versus 90 days ago, we are seeing increased inflationary pressures across certain input costs such as oil-based resins and freight charges driven by higher energy costs and broader geopolitical tensions. We are managing these impacts through our proven playbook, including optimization of our factory footprint, targeted pricing actions and ongoing productivity initiatives. In addition, our localization strategy around supply chain enhances resiliency by positioning us to manufacture close to our customers and respond quickly to changing conditions.

我們仍在一個動態的環境中營運。相較90天前，我們看到部分投入成本的通膨壓力上升，例如以石油為基礎的樹脂與運費，主要由更高的能源成本與更廣泛的地緣政治緊張所驅動。我們透過既有且經驗證的策略來管理這些影響，包括優化工廠佈局、採取有針對性的定價行動，以及持續推動生產力提升計畫。此外，我們圍繞供應鏈的在地化策略，透過將製造佈局靠近客戶來提升韌性，使我們能快速回應變動的情勢。

Turning to cash flow. Cash from operations was $947 million, and free cash flow was $680 million. Through the first half of the fiscal year, free cash flow was a record $1.3 billion. We continue to expect our free cash flow conversion to be 100% this year.

接著談現金流。營運活動現金流為9.47億美元，自由現金流為6.80億美元。會計年度上半年，自由現金流創下13億美元的紀錄。我們仍預期今年自由現金流轉換率為100%。

Before I turn it over to questions, let me reinforce that our performance reflects strong execution in both segments. The strength that we have in orders gives us confidence in the second half, and we expect to have over $2 billion of growth this year, which will be ahead of our through-cycle target. While we remain in a dynamic environment, we have established levers in place to expand operating margins and drive double-digit earnings growth per share.

在進入提問之前，我想再次強調，我們的表現反映兩個部門都具備強勁的執行力。訂單的強勁讓我們對下半年充滿信心；我們預期今年將有超過20億美元的成長，將高於我們的景氣循環目標（through-cycle target）。儘管環境仍然動態，我們已建立可用的槓桿來擴大營業利潤率，並推動每股盈餘的兩位數成長。

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

那麼，現在我們開放提問。

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

謝謝你，Heath。Eli，請你說明Q&A環節的指引。

(Operator Instructions) Scott Davis, Melius Research.

（接線員指示）Scott Davis，Melius Research。

Can you talk about the -- there is allergy attack here, but the $150 million bump up, when does that get shipped out?

你能談談那個——我這邊有點過敏發作——但那個1.5億美元的上修，什麼時候會出貨？

Yeah, sure. So let me talk about that, and I do hope you feel better from your allergies here, Scott. The $150 million, I think one thing -- and you're talking about the AI -- when we look at it, I think let's frame a little bit where our orders are in our DDM business, and we'll talk about that $150 million because year-to-date in our DDM business, we have $2 billion of orders. And as we talked in the past few quarters, some of these orders are being scheduled out. And like you're always going to have -- when you have these programs, there'll be some lumpiness to them as programs ramp up and ramp down.

好的，當然。我來談一下，也希望你的過敏能好一些，Scott。關於那1.5億美元——我想有一點——你指的是AI——我們來看這件事時，我想先稍微框架一下我們DDM業務的訂單狀況，然後再談那1.5億美元，因為年初至今我們DDM業務的訂單有20億美元。正如我們在過去幾季所談到的，其中一些訂單的排程會往後延。就像你一向知道的——當你有這些專案時，隨著專案爬坡與降載，會出現一些不均勻（lumpiness）的情況。

So with the momentum that we've seen in order, Scott, the $150 million that I mentioned about on the statements are things that relate to the second half. Part of it is ramping of programs we have, part of it is new ramps that are coming along, and it continues to show the momentum that we have in the space. So we do think with this additional $150 million of AI revenue in the second half, that will put our DDN AI revenue, which runs about 70% of total DDN approaching $2.4 billion, just a little bit below that, and the momentum continues.

Scott，基於我們在訂單上看到的動能，我在說明中提到的那1.5億美元，是與下半年相關的項目。其中一部分來自我們既有專案的爬坡，另一部分來自即將到來的新爬坡，這也持續顯示我們在該領域的動能。因此我們認為，下半年額外增加的這1.5億美元AI營收，將使我們DDN的AI營收（約占DDN總額的70%）接近24億美元，略低於該水準，而動能仍在延續。

And it will ramp in the second half -- and like we said, about all the businesses, we do expect all of our businesses to grow from the second quarter to third quarter. So just the story continues there, where we have good engagement, good program wins and continue to have strong growth in the AI space.

而且它會在下半年爬坡——如同我們對所有業務所說的，我們確實預期所有業務都會從第二季成長到第三季。因此這個故事仍在延續：我們有良好的客戶互動、良好的專案得標，並且在AI領域持續保持強勁成長。

Mark Delaney, Goldman Sachs.

Mark Delaney，高盛。

Orders were strong again this quarter, a record high. You said its strength across all businesses, but I'm hoping you could speak more on whether you think the momentum can be sustained. And also, what TE saw with business trends so far in April, especially in light of the geopolitical and supply chain volatility?

本季訂單再次強勁，創下新高。你提到強勁來自所有業務，但我希望你能更進一步談談你是否認為這股動能可以持續。另外，TE在4月迄今看到的業務趨勢如何，特別是在地緣政治與供應鏈波動的背景下？

No. Thanks, Mark, for the question. So a couple of things. Yeah, you're right. I think when you look at this year, remember, we did $5 billion of orders in the first quarter, $5.3 billion in the second quarter. So we've stacked about $10 million of orders. So we built backlog.

不。謝謝你，Mark，提出這個問題。所以有幾點。是的，你說得對。我想當你看今年的情況時，記得我們第一季拿到 50 億美元的訂單、第二季 53 億美元。所以我們累積了大約 1000 萬美元的訂單。所以我們建立了積壓訂單。

And in the first month since quarter end, the order momentum continues to be very strong. We have not seen any demand negative impacts due to orders at all since the conflict broke out. So we continue to see that strong momentum. And I think the broadening that I talked about in the script is it is really across the businesses.

而且在季末之後的第一個月，訂單動能仍然非常強勁。自從衝突爆發以來，我們完全沒有看到訂單端出現任何需求的負面影響。所以我們持續看到那樣強勁的動能。我想我在講稿裡提到的「擴散」其實是橫跨各個事業。

When you look at the growth that we put up, which is 25% in this quarter, DDN was very strong at 60% order growth year-on-year. But if you look at the rest of the Industrial segment, essentially every business unit put up double digits. So we're continuing to have the strong momentum that we've had in energy that I mentioned, aerospace and defense, continues to build backlog. And those -- the lead time on those products are typically further out. So that's another one that's building backlog similar to what I talked about with AI.

當你看我們繳出的成長，也就是本季 25% 的成長，DDN 年對年訂單成長 60%，表現非常強。但如果你看工業事業群的其餘部分，基本上每個事業單位都達到雙位數成長。所以我們持續維持我提到在能源領域的強勁動能；航太與國防也持續累積積壓訂單。而那些——這些產品的交期通常更長。因此這也是另一個在累積積壓訂單的領域，類似我談到 AI 時所說的。

And the one that in the Industrial segment probably a little bit later of an uptick is what we're seeing in factory automation in our automation control business. When you look at that business, and I mentioned it on the script, we had growth in every region. But when you're talking about growth in every region, you're really looking at both at high double digits across every region. So we continue to see momentum building up on that CapEx investment and certainly, what we see with ISM be constructive, I also think is a good supporting fact.

而在工業事業群中，可能稍晚才出現上行的是我們在自動化控制業務看到的工廠自動化。當你看那個業務，我在講稿裡也提到，我們在每個地區都有成長。但當你談到每個地區都有成長時，你其實看到的是各地區都達到高雙位數成長。所以我們持續看到那項資本支出投資的動能在累積；當然，我們看到 ISM 的表現具有建設性，我也認為這是一個很好的支持性事實。

And then the other thing, when you get to transportation, clearly, our view of production hasn't changed. We've told you since the beginning of the year, we expect auto production to be slightly down. We still have that same view but our Transportation segment orders being up double digit, being led by commercial transportation, which is up a very strong double digit. And in Automotive, our orders were up mid-single digit. So showing the confidence we have around the growth in what is a production environment that I would say still isn't a positive production environment, but one that feels like it's just moving sideways and we benefit from our global position.

然後另一點，談到運輸領域，我們對產量的看法顯然沒有改變。我們從年初就告訴各位，我們預期汽車產量會小幅下滑。我們仍然維持同樣的看法，但我們運輸事業群的訂單仍是雙位數成長，主要由商用運輸帶動，且成長非常強勁、達到高雙位數。在汽車方面，我們的訂單成長為中個位數。這顯示出我們對成長的信心；在我看來，整體產量環境仍不是正向的產量環境，但感覺像是橫向移動，而我們受益於全球布局。

So the order trends are broad. They are across regions and some of the businesses that a year ago, so we would say might have been still cycling down, have come back in and really driving some of the growth that you see. And we do expect it to continue and the orders in quarter three to date through today, and we're showing that.

所以訂單趨勢是廣泛的，跨越各個地區；而且一些一年前我們可能會說仍在下行循環的業務，現在已經回來，並真正推動你所看到的一些成長。我們也預期這會持續；而第三季截至目前、到今天為止的訂單，我們也正呈現出這點。

Luke Junk, Baird.

Luke Junk，Baird。

Terrence, maybe clicking a little bigger picture. Just hoping you could provide some updated perspective from your point of view on the copper versus optical debate in AI, especially interested is just where you're leaning into any related investments. You made the comment in the script about evolving with customers and also noticed you did an optical acquisition in March of RampPhotonics, if you could speak to that as well.

Terrence，也許把視角拉大一點。我希望你能從你的角度，提供一些關於 AI 中銅線對光學之爭的最新看法，特別想了解你們在相關投資上更偏向哪一邊。你在講稿裡提到會隨客戶演進，我也注意到你們在 3 月做了一筆光學收購，收購了 RampPhotonics，如果也能談談那件事就更好了。

Okay. Thanks, Luke, for the question. And we've had many discussions about this, but I do want to start just reiterating some things before I click down a little bit to where you asked to go. It's important to be where we play, we're very fortunate to have a bird's eye view that we work with our customers and what's happening in both the data chain and the powertrain when you look at what's going on the AI architecture. And we work closely with our customers, and we're aligned with their road maps.

好的。謝謝你，Luke，提出這個問題。我們就這個議題已經討論過很多次，但在我稍微往你問的方向深入之前，我想先重申幾點。重要的是，就我們所參與的領域而言，我們很幸運能有一個鳥瞰視角：當你看 AI 架構正在發生的事情時，我們與客戶合作，涵蓋資料鏈與電力鏈。我們與客戶密切合作，並與他們的路線圖保持一致。

The other thing that we talked about at Investor Day each customer has different architectures, and they have different opinions about when things will be introduced, whether it's in the power chain or in the signal data chain. And let's face it, we work very closely to make sure we're going to hit the inflection points that they are telling us.

另外一點，我們在投資人日也談過，每位客戶都有不同的架構，對於何時導入新東西也有不同看法，不論是在電力鏈或訊號資料鏈。坦白說，我們非常密切合作，以確保能命中他們告訴我們的那些拐點。

And I think the other thing that you've all heard very consistently from the broad merchant chip companies, is that copper will continue to be the workhorse in the rack and as many applications as possible due to the cost benefit, the power benefit, the reliability as well as where it's scaled to today to be able to meet their needs. And let's face it, we agree with that, and we hear it all the time, and we have a view that it's not copper or optical, it's copper and optical how do they play together in different structures.

我想你們也一直很一致地從廣泛的商用晶片公司那裡聽到：由於成本效益、功耗優勢、可靠性，以及目前的規模化程度足以滿足需求，銅線將會在機櫃內、以及盡可能多的應用中，持續扮演主力。坦白說，我們同意這點，我們一直聽到這樣的說法；而我們的觀點是，這不是銅線或光學的二選一，而是銅線與光學——它們如何在不同架構中一起運作。

So when you sit there and you think about optics coming in, it's going to come in more into the scale out first. let's face it, we are bigger in the scale up. What we do in rack is the bigger driver of what we do and where we focus. And so you're going to see more in scale-out, and we do think that you're going to continue to have a hybrid solution between copper and optical over time.

所以當你坐下來思考光學會如何導入，它會先更多進入 scale-out。坦白說，我們在 scale-up 的比重更大。我們在機櫃內所做的，是我們業務更大的驅動因素，也是我們聚焦的地方。因此你會在 scale-out 看到更多；而我們確實認為，隨著時間推進，銅線與光學之間會持續存在一種混合式解決方案。

As I said on the call, we do view the TAM where we play and the product technology we have are going to grow as this occurs both near term and long term. And that means what happens in data as well as some power connectivity, and I know we get into that with some of you.

正如我在電話會議上所說，隨著這些變化發生，我們所參與的 TAM 以及我們擁有的產品技術，無論在短期或長期都會成長。這意味著資料端會發生的事，以及一些電力連接方面的機會——我知道我們也會和你們其中一些人深入討論。

You are right, and I mentioned it there, we did make a technology acquisition around what leading-edge optical technology that will be used to strengthen our passive optical connectivity road map. What we acquired is complementary to what we do in our portfolio, and it enables advancements in high-density fiber array connections, and this really would connect an optical fiber to a CPO. And it really helps round out our road map.

你說得對，我也在那裡提到，我們確實做了一項技術收購，聚焦在領先的光學技術，用來強化我們的被動式光學連接路線圖。我們收購的技術與我們現有產品組合互補，能推動高密度光纖陣列連接的進展；這實際上會把一條光纖連到 CPO。它確實有助於補齊我們的路線圖。

And the key we have to do is make sure we productionize and scale these technologies to really make sure we support our road map as well as our customers' road map. And we really think with this technology, it's going to fit right in very nicely. And this is something we do all the time organically, via partnerships. Sometimes we make technology investments like this.

而我們必須做的關鍵，是確保把這些技術導入量產並進行規模化，真正確保我們能支援我們的路線圖以及客戶的路線圖。我們確實認為，有了這項技術，它會非常自然、非常契合地融入其中。這是我們一直在做的事——透過內生成長、透過合作夥伴關係；有時候我們也會做像這樣的技術投資。

So we really feel like the trends are only up to the right, like we've always told you with what we have. And clearly, I think this is all good news for us. What happens on that trade-off that our customers will make that will continue to drive TAM improvement.

所以我們真的覺得，趨勢只會一路向上、向右，就像我們一直告訴各位的那樣，基於我們所擁有的能力。很明顯，我認為這對我們都是好消息。客戶在取捨上的選擇，將會持續推動 TAM 的改善。

So hopefully, that gives you some flavor Luke.

希望這能讓你有一些感覺，Luke。

Amit Daryanani, Evercore.

Amit Daryanani，Evercore。

Thanks. Good morning, everyone. Maybe I'll step away from the DDN discussion for a bit. You folks are seeing really robust growth in energy and even the commercial transport segment. I'm hoping, Terrence, if you could just talk a little bit about on energy, even ex Richards, organic growth is double digits.

謝謝。各位早安。也許我先暫時離開 DDN 的討論。你們在能源以及商用運輸領域都看到非常強勁的成長。我想請教一下，Terrence，在能源方面，即使排除 Richards，內生成長也是雙位數。

What are some of the big segments you're involved in, and how durable do you think this growth can be longer term? And maybe you can have a comparable discussion on the commercial transport side, because I think both those segments are growing much faster than most folks would expect.

你們參與的主要細分市場有哪些？你認為這樣的成長在長期來看能有多持久？另外也許你可以對商用運輸端做一個類似的討論，因為我認為這兩個領域的成長都比多數人預期的快很多。

Thanks, Amit. And I appreciate you calling out some of the other markets. So first off, on energy, the investments we've made and where we're positioned, it is very important. It is focused around -- the majority of it is in the US energy market. So anything we're talking about benefiting from is things all of you are experiencing every day.

謝謝你，Amit。我也很感謝你點出一些其他市場。首先談能源，我們所做的投資以及我們所處的位置非常重要。它主要聚焦在——大部分是在美國能源市場。所以我們所談到能受益的事情，都是你們每天都在經歷的。

Increased utility investment related to capacity as well as hardening due to the low demand that you're going to get, and probably about 60% or two-thirds of what we do is around utility and grid hardening. So It is around that infrastructure side of it. And let's face it, where we plan undergrounding with our technology and the intelligence we bring, that market is growing high single digits, and we're growing faster than that due to the efforts of our team.

公用事業在容量相關的投資增加，以及因應你將會看到的低需求而進行的強化（hardening）；而我們所做的約 60% 或三分之二，是圍繞公用事業與電網強化。所以這是在基礎設施端。坦白說，在我們以技術與我們帶來的智慧推動地下化（undergrounding）的部分，那個市場以高個位數成長，而在團隊努力之下，我們的成長速度更快。

Another important area that we do, what we call industrial is about 20% of the business, but this is where we're actually doing where energy is getting hooked up, could be a data center, could be into an industrial complex, from to be a semiconductor fab where you're bringing power in. And that's another area with what we're seeing around the CapEx that many of you write about is very key. We're seeing very strong growth there as well, and we're growing double digits there as well this year.

另一個我們很重要的領域，我們稱之為工業（industrial），約占業務的 20%；但這是我們實際在做能源接入的地方，可能是資料中心、可能是工業園區，或是像半導體晶圓廠那樣把電力引入。這也是一個關鍵領域；就你們許多人所撰寫的資本支出而言，我們看到的趨勢非常重要。我們在那裡也看到非常強勁的成長，今年同樣是雙位數成長。

And then the third area, the balance of it is really where we positioned ourselves around clean energy and renewables. Up until a couple of years ago, that's what we talked to you a lot about. And we're still growing high single digit and there Certainly, there's been some policy elements that have slowed down some of that market. But with all the levers we have, we get really excited about the growth we have there to grow above market. And it's an area that we continue to get excited about how do we continue to deepen our position there.

接著第三個領域，其餘的重點其實就是我們在潔淨能源與再生能源方面的布局。直到幾年前為止，這一直是我們跟各位談得很多的主題。我們目前仍維持高個位數成長；當然，確實有一些政策因素讓部分市場放緩。但憑藉我們手上的所有槓桿，我們對於在那裡實現高於市場的成長感到非常振奮。而且這也是我們持續感到興奮的領域：我們要如何繼續深化在那裡的地位。

Jumping over to commercial transportation. I do want to sort of say, this business is one that unlike what I just talked about, it is truly a global business. We're pretty even between North America, Europe, and Asia. And what we've seen this quarter, last year, we were seeing strength that was coming out of Asia. It was coming out of Europe where you saw whether it was truck and bus, ag, construct and improving outside the United States, we're starting to see stabilization here, and we're seeing our orders pick up as people are reacting to the stabilization as well as looking forward to 2027 and the sales growth says it by itself.

再跳到商用運輸。我確實想先說，這個業務不同於我剛才談的，它是真正的全球性業務。我們在北美、歐洲與亞洲的比重相當平均。而我們在本季看到的是：去年我們看到的強勁動能主要來自亞洲，也來自歐洲——不論是卡車與巴士、農業、工程建設等在美國以外的市場改善。現在我們開始看到這裡趨於穩定，也看到隨著大家對穩定化做出反應、並展望 2027 年，我們的訂單開始回升，而銷售成長本身就說明了一切。

You see the growth that was very strong in the quarter. The market probably grew globally in the quarter, 4%. So that outperformance was very strong with us growing well into the double digits. And it really comes into our position on next-gen vehicles as well as the trends we talked to you about in automotive all the time. We talked to you about data in the vehicle. We talk to you about powertrain and emissions that electronification piece, and we're seeing that.

你可以看到本季成長非常強勁。全球市場本季可能成長了 4%。因此，我們以兩位數的成長大幅超越市場，表現非常強。這主要來自我們在下一代車輛上的布局，以及我們一直跟各位談到的汽車趨勢。我們常談車內數據；我們談動力系統與排放，也就是電動化那一塊，而我們正在看到這些趨勢的落地。

And in places like Asia where electrification of the powertrain is getting deeper and deeper into the various types of vehicles, we get a content uplift. And in some cases, that content uplift and I know Aaron talked about this back at Investor Day, we could have on some vehicles up to $2,000 when you get to next-generation powertrains versus $400 today.

在像亞洲這樣的地區，動力系統的電動化正更深、更廣地滲透到各類型車輛中，這讓我們的單車內容價值（content）提升。在某些情況下，這種內容價值提升——我知道 Aaron 在投資人日也談過——當你進入下一代動力系統時，某些車型我們的單車內容價值最高可達 2,000 美元，而今天大約是 400 美元。

So we see that strength. It's good to see the market stabilizing. And certainly, we saw it in the orders that were up very strong, as I mentioned. And we just think there are going to be things that are getting back to that broadening of growth that I talked about in the script.

所以我們看到這股強勁動能。很高興看到市場正在穩定下來；而且如我提到的，我們也確實在訂單上看到非常強勁的成長。我們認為，接下來會有一些因素讓成長回到我在講稿中提到的「更廣泛擴散的成長」。

Wamsi Mohan, Bank of America.

Wamsi Mohan，美國銀行。

The content growth in the 4% to 6% range for the year, that indicates a meaningful acceleration from this past quarter. Maybe you can share some color on what you're seeing that's going to drive that acceleration? And if you could just clarify for us the quarter-on-quarter order trend in DDN, I think you noted 60% year-over-year increase in orders. Wondering if you can characterize the sequential change in orders there, too.

全年內容成長在 4% 到 6% 的區間，這代表相較於上一季有顯著加速。能否分享一下你們看到哪些因素將推動這個加速？另外，能否也幫我們釐清一下 DDN 的訂單季對季趨勢？我記得你提到訂單年增 60%，想請你也描述一下那邊訂單的環比變化。

Sure. So let me get into Auto a little bit. So first off, on Auto, I do want to start with production, because it's not lost, there's headlines out there. And when we think about production, production how we saw it as we start the year hasn't changed. We expect there to be 88 million to 89 million units and when we started the year, we thought every market was going to be down slightly.

好的。我先多談一點汽車業務。首先，在汽車方面，我想先從產量談起，因為外面有一些新聞標題，我們也沒有忽略。當我們看產量時，我們年初看到的產量展望並沒有改變。我們預期會是 8,800 萬到 8,900 萬輛；而在年初，我們認為每個市場都會小幅下滑。

Europe is up a little bit. Asia and China is exactly where we thought. North America is a little worse. So when you look at it, the production environment is playing out as we want, certainly, some of the regional pieces are a little bit different, mainly in North America, being a little worse, Europe being a little stronger.

歐洲略有上升。亞洲與中國正如我們預期。北美則稍微更差一些。所以整體來看，產量環境的走勢符合我們的預期；當然，一些區域面的表現略有不同，主要是北美稍弱、歐洲稍強。

And when you look quarter-to-date, I mean, year-to-date, and we asked you not to look at quarters, we're running at the 4-point outperformance above production. And really, when you look at that, we were very strong in China right off the bat, continue to show that strong presence that we have. You're a nice growth over market, where it isn't where we were with in North America due to some of the cancellations you saw. But overall, we're still in the range. And our results and orders continue to say we're going to be at the range.

而當你看截至目前——我是說年初至今——我們也請各位不要只看單一季度，我們目前的表現是較產量高出 4 個百分點的超額成長。仔細看之下，我們一開始在中國就非常強勁，並持續展現我們在那裡的強勢存在。我們在市場之上有不錯的成長；而北美則因為你們看到的一些取消訂單，沒有達到我們先前的水準。但整體而言，我們仍在區間內。我們的結果與訂單也持續顯示，我們會落在該區間。

So as we look forward, those production assumptions and orders continue to be very strong, and it's around the drivers we talked about. In Asia, electric vehicle adoption continues, that's not changing as well as strong in the data connectivity side. And as you go into North America, we have some EV pressures that we've been dealing with. But net-net, we feel good about where we are in the 4% to 6% at the lower end, and we expect to be there for the year and do expect first half versus second half, while production is going to be fairly flattish, if you compare halves that our automotive business will be up.

所以往前看，這些產量假設與訂單仍然非常強勁，並且與我們談到的驅動因素一致。在亞洲，電動車採用率持續提升，這點沒有改變；數據連結性方面也同樣強勁。至於北美，我們確實面臨一些電動車壓力並一直在應對。但總體而言，我們對於 4% 到 6%（偏下緣）的表現感到有信心，預期全年會落在那裡；並且也預期上半年對比下半年，雖然若以半年度比較，產量大致持平，但我們的汽車業務將會成長。

On DDN, I don't have all the quarters in front me. But $2 billion is the first half orders that I mentioned. I also want to say we will have bumpiness. These are programs. It goes back to where we talked about. We're very excited that they're across a broad customer base. We're growing across all the customers that are key and -- but we will have some lumpiness.

至於 DDN，我手邊沒有把每一季的數字都放在眼前。但我提到的 20 億美元是上半年的訂單。我也想補充，我們會有一些波動性。這些是專案型的業務，回到我們之前談的：我們很興奮它們分布在廣泛的客戶基礎上。我們在所有關鍵客戶上都在成長——但確實會有一些不均勻（lumpiness）。

And Wamsi, we can follow up later to your question. I just don't have it here in front of me.

Wamsi，我們之後可以再跟進你的問題。我現在手邊沒有相關資料。

Christopher Glynn, Oppenheimer.

Christopher Glynn，Oppenheimer。

Been around the portfolio pretty thoroughly. So just wanted to talk about capital and portfolio did a little bolt-on. Hasn't been much on divestiture for quite a while. I'm not sure how you view sensors, but just that and the weighting of acquisition pipeline versus buyback acceleration potential?

你們已經相當完整地談過投資組合了。所以我想談一下資本與投資組合：你們做了一些小型併購（bolt-on），但很久沒有看到資產剝離。我不確定你們如何看待感測器業務，但想請教這點，以及在併購管線的權重相較於加速回購的可能性，你們怎麼取捨？

Sure. Let me talk a little bit, and then I'll also ask Heath to jump in. First off, similar, I think when you think about what we teed up in November at the Investor Day, nothing's changed. We really like the portfolio. I think what you're going to continue to see is the bolt-ons that we talked about.

好的。我先談一點，然後也請 Heath 補充。首先，跟你說的一樣，回到我們在 11 月投資人日所提出的內容，沒有任何改變。我們非常喜歡目前的投資組合。我認為你們接下來會持續看到我們所談到的那些補強型併購（bolt-ons）。

Like I mentioned with Richards in the energy space, certainly we did something in the DDN space around the technology acquisition. It's more about playing offense than defense and pruning right now to really make sure we capitalize on the growth trends where we position ourselves.

就像我提到的，在能源領域我們收購了 Richards；當然，我們也在 DDN 領域做了與技術收購相關的動作。現在更重要的是主動進攻，而不是防守或修剪資產，確保我們能把握我們所處位置上的成長趨勢。

Heath, do you want to flesh out a little bit.

Heath，你要不要再補充一下？

Chris, I'd say the pipeline is actually for M&A, it's actually -- it's pretty active right now. I mean there's a lot of things that we see either real time or that we anticipate coming to market here in the next three quarters. Some of those we're taking a very hard look at in terms of how they fit with us and where we can create value for our owners. There's other things that might be interesting, but there might be other people who are better owners for.

Chris，我會說目前我們的併購（M&A）管線其實——其實相當活躍。我的意思是，我們看到很多項目，不論是正在進行中的，或是我們預期在接下來三個季度會進入市場的。有些我們正在非常仔細地評估，看看它們如何與我們契合，以及我們能在哪些方面為股東創造價值。也有一些可能很有趣，但可能有其他人更適合成為它們的擁有者。

So there's a level of interest there from our side outside of some of just the technology investment that Terrence mentioned. And I guess I'd just say stay tuned because that strategy is never linear. We have to see when things come to market and when they make sense for us. But yeah, it's a reasonable pipeline right now.

所以除了 Terrence 提到的一些技術投資之外，我們這邊也確實有一定程度的興趣。我想我只能說請持續關注，因為這個策略從來不是線性的。我們必須看項目何時進入市場，以及何時對我們而言是合理的。但對，現在的管線是相當不錯的。

Joseph Spak, UBS.

Joseph Spak，瑞銀（UBS）。

Just wanted to touch on -- just want to touch on margins for a second. I mean you mentioned some of the inflationary costs. And just given the velocity with how fast things moved, I wonder if that weighed it all in the quarter.

我想先簡單碰一下毛利率。我是說，你提到一些通膨成本。考量到變動速度這麼快，我想知道這是否在本季造成了影響。

But more importantly, for the next quarter outlook, you mentioned how in the past, you always do a good job internally and passing stuff on. But is that -- so I think that protects EBIT, but should we expect a little bit of margin pressure just on the math next quarter? And could you quantify that at all?

但更重要的是，對於下季展望，你提到過去你們在內部一直很擅長把成本轉嫁出去。但那——所以我想這能保護 EBIT，不過從數學上看，下季我們是否應該預期會有一些毛利率壓力？你能否量化一下？

Joe, I mean, we've been dealing with different types of inflationary pressures, whether those are tariff related or certainly the metals that we've seen some pretty significant inflation on here for a while. Within the quarter that we just reported here in the second quarter, certainly, we've seen the oil-based derivatives increase. For us, that means resins, and we do buy a lot of resin. So we've seen those go up. We've seen freight and logistics costs go up as we move things around to our customers.

Joe，我們一直在面對不同類型的通膨壓力，不論是與關稅相關的，或是我們一段時間以來看到金屬價格出現相當顯著的通膨。在我們剛公布的第二季當中，我們確實看到石油衍生品價格上升。對我們而言，這代表樹脂，而我們確實採購大量樹脂，所以看到這些成本上升。我們也看到運費與物流成本上升，因為我們需要把產品運送並調度到客戶端。

So we do have a playbook. The team is pretty well conditioned right now that we don't get caught flat-footed when we see these things happening. We're able to largely pass that through in terms of price or maybe some other things we can do with our customers logistically in terms of where they take receipt of things. But there is a little bit of noise in our absolute margins for sure on that.

所以我們確實有一套應對手冊。團隊目前訓練得相當到位，當我們看到這些事情發生時，不會措手不及。我們大多能在價格上把它轉嫁出去，或者在物流上與客戶配合做一些其他安排，例如他們在哪裡收貨。但可以肯定的是，這確實會讓我們的絕對毛利率出現一些雜訊。

Now as we talked about at the Investor Day, we're still committed to our -- to getting at least 30% flow-through on the operating income side year-over-year. We were able to do that in both segments. And obviously, for the company, I think if you kind of think about what our guide implies, you'll still see that level of consistency as we work forward.

如同我們在投資人日所談到的，我們仍然承諾——在營業利益端，年對年至少要達到 30% 的流入（flow-through）。我們在兩個事業部都做到了。當然，就公司整體而言，我認為如果你從我們的指引所暗示的情況來看，隨著我們往前推進，你仍會看到那樣的一致性。

So when you're getting 30% flow-through, it does have -- and you're sitting at 22% margins, it does have that ability to move margins up. But I'd say both segments are operating well in this environment. But in terms of the headwind towards margins, there's a little bit of noise in there. And some of that's just the timing of when we feel those costs come in versus when the price is realized. But again, in absolute terms, I think that we're managing through it.

因此，當你有 30% 的流入，而且毛利率在 22% 的水準時，確實具備推升毛利率的能力。但我會說，在這樣的環境下，兩個事業部的營運都表現良好。不過就毛利率的逆風而言，裡面確實有一些雜訊。其中一部分只是我們感受到成本進來的時間點，與價格實現的時間點之間的落差。但再說一次，就絕對值而言，我認為我們正在把它管理過去。

Joe Giordano, TD Cowen.

Joe Giordano，TD Cowen。

Just curious, like I guess this is somewhat data center, but it could be more broad, and I think you just touched on it a little bit. But when you see orders up as much as we're seeing and price cost still kind of lagging, like how do we think about like the price inherent in the orders versus the price that's coming through in P&L? Like is there a real lag there? Like are you kind of covered already in the kind of in the backlog? And Heath, just if there's any update on CapEx expectations for the year in light of the orders?

我只是好奇，我想這有點偏資料中心，但也可能更廣泛，而且我覺得你剛剛也稍微提到了一點。當我們看到訂單成長幅度像現在這麼大，而價格/成本仍然有點落後時，我們該如何看待訂單中隱含的價格，與損益表（P&L）中反映出來的價格之間的關係？那裡是否真的存在明顯的落後期？你們是否在積壓訂單（backlog）中其實已經大致覆蓋了？另外，Heath，鑑於訂單狀況，今年的資本支出（CapEx）預期是否有任何更新？

Yeah. Joe, let me hit -- I mean, I'm not -- we haven't seen -- from an order perspective, we haven't seen people in any real activity or motivation to get ahead or pull things in. So -- and we're pretty tied in with both where we sell direct as well as with our distributor base on that front. So we haven't really seen any noise there in terms of people trying to get in ahead of a price increase.

是的。Joe，我先回應——我的意思是，從訂單角度來看，我們沒有看到客戶有任何真正的行為或動機去提前、或把需求往前拉。所以——而且我們在直銷以及經銷商體系兩端都跟得很緊。在這方面，我們確實沒有看到什麼雜訊，沒有看到有人試圖在漲價前先搶進。

The orders that we're seeing are really project-based and things that we've had in the pipeline that are coming and then where we see it come in from -- it's a little bit more hand to mouth from distribution, it's pretty consistent. So that has not been highlighted to us from our businesses as a major concern in terms of matching up when they're seeing the inflation versus when the price is going in. But there is always a little bit of natural timing there.

我們看到的訂單主要是以專案為基礎，屬於我們管線中原本就有、現在逐步落地的案子；至於從——經銷端進來的部分，會比較偏向即買即用（hand to mouth），但整體相當一致。因此，就「他們感受到通膨」與「價格反映進來」的時間匹配而言，我們的各個事業並沒有把這點當作主要疑慮回報給我們。不過，時間差本來就總會有一點自然存在。

On CapEx, we have taken our CapEx up this year. We talked a little bit about it in prior calls. You should expect CapEx this year to be to run about 6% of revenue. That increase that we've had over the past couple of years is almost entirely due to ramping the AI programs within our DDN business. And those are tied to very specific programs.

關於資本支出（CapEx），我們今年已經把 CapEx 上調了。我們在前幾次電話會議也稍微談過。你們可以預期今年 CapEx 約為營收的 6%。過去幾年 CapEx 的增加幾乎完全是因為我們在 DDN 業務中加速推進 AI 專案的擴產（ramp）。而這些都對應到非常特定的專案。

When we make capital investments, we have been awarded programs at that pace -- at those spots. And so we have some protection on that. We're not just out speculating where we need to make those big CapEx investments. So in some ways, that's a good indicator if I'm sitting in your shoes of what's to come in that space.

當我們進行資本投資時，我們是在那樣的節奏——在那些節點上——已經拿到專案（awarded programs）之後才投入。因此我們在這方面有一定的保護。我們不是在猜測、投機式地去做那些大額 CapEx 投資。所以從某種角度來看，如果我站在你的位置，這其實是該領域未來發展的一個不錯指標。

Guy Hardwick, Barclays.

Guy Hardwick，Barclays。

I think you said the AI business will be running at $2.4 billion this year. I assume that includes the cloud business, which I think was running like a $500 million last year. But my question is actually on the 30%, which is AI or cloud related, that's enterprise telecom, which potentially could be squeezed for or competing for dollars from -- for AI because of AI investments. So maybe you could talk about the trends in enterprise telecom and other IT.

我想你說 AI 業務今年會跑到 24 億美元。我假設這包含雲端業務，而我記得雲端業務去年大概是 5 億美元的規模。但我真正的問題其實是關於那 30%（我理解是 AI 或雲端相關），另外還有企業電信（enterprise telecom），它可能會因為 AI 投資而被擠壓、或在預算上與 AI 競爭。所以也許你可以談談企業電信以及其他 IT 的趨勢。

No. Actually, thanks, Scott, for the question. And what we've seen, and we talked a little bit last time, what we're seeing is we're actually not to the level of growth that we see in the AI side, but that spending is constructive. On the enterprise, telecom and wireless space as a collective, we are seeing nice growth there. It's not at the rates like I talked about 60%.

不。其實，Scott，謝謝你的問題。我們看到的情況——我們上次也稍微提到——是我們雖然沒有達到 AI 端那樣的成長水準，但那部分支出是正向、具建設性的。在企業、電信與無線領域合計來看，我們看到不錯的成長。當然，不是我提到的那種 60% 的成長率。

But I would say how people are prioritizing that between those spends, I'm not sure I'm the best person to say for the broader market. But in our order trends, we are seeing nice growth, and it is growth in those other product categories or end market segments.

但我會說，市場整體在這些支出之間如何排序優先順序，我不確定我是不是最適合代表整個市場來評論的人。不過就我們的訂單趨勢而言，我們確實看到不錯的成長，而且成長也來自那些其他產品類別或終端市場區隔。

Asiya Merchant, Citigroup.

Asiya Merchant，Citigroup。

My question is around just tightness in components, whether it's memory or CPUs and even GPU and allocation. Maybe you could help us understand if hyperscalers, were they providing much better visibility as a result of the hyperscalers as well as your chip companies that you deal with, if they were just providing better visibility due to the supply chain issues? And if you're forecasting any more complexity as these programs ramp in the back half?

我的問題是關於零組件的緊俏程度，不論是記憶體或 CPU，甚至 GPU 以及配額（allocation）。也許你可以幫我們理解一下：超大規模雲端業者（hyperscalers）以及你們合作的晶片公司，是否因為供應鏈問題而提供了更好的能見度？以及當這些專案在下半年加速爬坡（ramp）時，你們是否預期會出現更多複雜性？

Sure. No, thanks for the question. So first off, when you look at the product categories you're talking about memory, GPUs, CPUs, we don't buy that. So from our procurement, we don't buy that. Certainly, it's well known that memory is tight.

當然。謝謝你的問題。首先，針對你提到的產品類別——記憶體、GPU、CPU——我們不採購那些。就我們的採購而言，我們不買那些。當然，眾所周知，記憶體確實很緊。

And when I think about our business, which is important, what we're seeing for our customers, they are -- and you've heard me talk about in the orders, they are going out their orders a little bit to make sure capacity is reserved and on the ramps that they have coming. So that's built more backlog for us, as we've highlighted in the orders in DDM. But net-net, we're not seeing availability issues on what we procure to make our products.

而當我看我們的業務——這點很重要——我們從客戶端看到的是：他們——你也聽我在談訂單時提到——會把下單時間拉得更長一些，以確保產能被保留，並配合他們即將到來的爬坡節奏。因此，這為我們帶來了更多的積壓訂單（backlog），如同我們在 DDM 的訂單中所強調的。但總體而言，我們在我們所採購、用來製造產品的項目上，並沒有看到供應可得性問題。

Certainly, our customers continue to ask us to ramp and ramp quicker. So we're not seeing any slowdowns from our builds into our customer, our hyperscaler customers at all. If anything, as we've talked about with the $150 million, some of that is they're increasing their ramps. So clearly, memory is tight. You can go to the memory and see that. But net-net, we're not seeing any impact in any of our businesses yet. And some of our customers are trying to do planning and they build buffer stock to make sure their supply is secure on those components, but we're not the closest to it.

當然，我們的客戶仍持續要求我們加速爬坡、而且要更快。因此，我們完全沒有看到我們對客戶、對超大規模雲端客戶的出貨建置（builds）有任何放緩。若有的話，正如我們提到那 1.5 億美元的部分，其中一些就是他們在提高爬坡速度。所以很明顯，記憶體很緊，你去看記憶體市場就知道。但總體而言，我們目前還沒有看到對我們任何業務造成影響。有些客戶在做規劃時會建立緩衝庫存（buffer stock），以確保那些零組件供應安全，但我們並不是最貼近那一段的人。

Steven Fox, Fox Advisors.

Steven Fox，Fox Advisors。

I just had one on the energy market. So the organic growth has slowed, still double digits. But I was curious, Terrence, you've talked about how energy can sort of be hand-in-hand with the growth you see in some of the data center markets. Are you seeing conversations with customers that there's a lag effect that maybe we see an acceleration in growth? Or is 10% type of the number we should think about? Can you just give us a sense for how energy looks maybe going out the next few quarters?

我只有一個關於能源市場的問題。有機成長放緩了，但仍是雙位數。不過我想問，Terrence，你談過能源可能會與你在某些資料中心市場看到的成長相互呼應。你是否在與客戶的對話中看到一種落後效應（lag effect），也就是我們可能會看到成長加速？還是說 10% 左右就是我們應該預期的數字？你能否讓我們了解一下，未來幾季能源業務大概會是什麼樣子？

Yeah. No, Steve, I think what's important is please keep the framing of what I talked about, about, hey, 60%-plus of this energy business is utility grid hardening, what is data center or industrial and then what is renewable. And I do think that the growth rate came down a little bit is due to the clean energy side where you have had some pauses. But what's happening in utility, grid hardening and the industrial/data center space, it's full steam ahead.

是的。不，Steve，我認為重要的是請維持我剛才談到的框架：嘿，這個能源業務有 60% 以上是公用事業電網強化（utility grid hardening），接著是資料中心或工業，然後是再生能源。我確實認為成長率稍微下來一點，是因為潔淨能源那一端出現了一些暫停。但在公用事業、電網強化以及工業/資料中心領域，則是全速前進。

Now there is elements that you come into regulatory elements of when things get built and staged, but feel very good about where we are and feel like we'll be staying around this double digit for a while now with this build that we're seeing with probably the biggest lumpiness being in the clean energy space.

當然，會有一些因素涉及法規面，影響建置與分期（staged）的時間點，但我們對目前的位置感到非常有信心，也覺得在我們看到的這波建置帶動下，雙位數成長應該還會維持一段時間；其中波動性（lumpiness）最大的大概會是在潔淨能源領域。

Samik Chatterjee, JPMorgan.

Samik Chatterjee，JPMorgan。

Terrence, if I can ask you to go back to the discussion around your capabilities that you're adding related to optical and on copper in terms of scale up. At the Investor Day, you had given us this AI rack representation and copper content, or your content could be as much as $870 per chip.

Terrence，如果可以的話，我想回到你們在光學（optical）以及銅線（copper）相關、用於 scale up 的新增能力的討論。在投資人日，你們給了我們一個 AI 機櫃（rack）的示意，以及銅線含量——或者你們的內容價值——每顆晶片可能高達 870 美元。

When you're engaging with your customers now and as you think about optical and scale up, is that going to be additive to the content opportunity that you outlined at the Investor Day? Or is it going to be part of that overall content that you presented at the Investor Day? And maybe sort of how are you thinking about in five years' time, how does the mix between copper and optical look in that content opportunity in a scale-up domain?

當您現在與客戶互動、並思考光學與擴展（scale up）時，這是否會在您於投資人日所概述的內容機會之上帶來增量？還是說，這會是您在投資人日所呈現之整體內容的一部分？另外，或許請您談談您對五年後的看法：在擴展（scale-up）領域的內容機會中，銅與光學之間的組合會是什麼樣子？

Thank you, Sameer. So first off, when you think about the technology acquisition we did and even what I said, this will help us in the scale-out element where we're not as strong because this is really where you get to where the fiber attached to the CPO for the scale-out. So that would be increased content versus what happens in the rack.

謝謝你，Sameer。首先，當你想到我們所做的技術收購，以及我剛才所說的，這將幫助我們在 scale-out 的部分，因為在那一塊我們相對沒那麼強；而這正是光纖連接到 CPO、用於 scale-out 的地方。因此，相較於機櫃（rack）內部所發生的內容，這會帶來更高的內容量。

And over time, this is going to migrate and what that migration rate is, is going to be very iterative with our customers as they make design constraints between the power chain and the data chain. And we even see that as inferencing is coming in how the architecture continues to move.

而隨著時間推移，這將會遷移；至於遷移速度會是多少，將會與我們的客戶非常迭代式地共同推進，因為他們需要在電力鏈（power chain）與資料鏈（data chain）之間做設計約束的取捨。我們也看到，隨著推論（inferencing）導入，整體架構也持續在演進。

So when you sit there versus what we talked about, it's an increase of content that we have, and it's just the positioning that we're always going to be looking at to do in all of our businesses, not just EDN to say, how do we get deeper with our customers in their architecture. And this is a nice fill of a building block that we feel with what we can do with it and integrate it with what we do already. we'll be able to hit the inflection point that they're working on.

所以，回到我們先前談到的內容，這代表我們所擁有的內容量是增加的；而我們一向會在所有業務中（不僅是 EDN）持續思考的定位是：我們如何在客戶的架構中更深入參與。這是一個很好的基礎模組（building block）補強；我們相信，透過我們能做的事情，並把它與我們既有能力整合，我們將能在他們正在推進的拐點（inflection point）上切入。

Colin Langan, Wells Fargo.

Colin Langan，富國銀行（Wells Fargo）。

A follow-up actually on the co-packaged optics. I mean if you don't sort of build out the fiber optics capability from where you are today, any way to frame the downside or the content loss if a customer switches from copper to a fiber optic solution?

其實是針對共封裝光學（co-packaged optics）的追問。我的意思是，如果你們不從目前的基礎進一步建立光纖光學能力，是否有任何方式可以量化或框定其下行風險，或是當客戶從銅轉向光纖光學解決方案時可能造成的內容流失？

So Colin, the one thing I'm going to say, I'm going to go back to what I said in the script. It's very clear with the work we do with our customers, it's not going to be an or, it's going to be an end between copper and fiber. And that word, while it's a simple word, copper and fiber sounds like more important words, the end is the most important.

Colin，我要說的一點是，我會回到我在講稿裡說過的內容。我們與客戶合作的工作非常清楚：這不會是二選一（or），而會是銅與光纖之間的「以及」（and）。這個字雖然很簡單；相較之下，「銅」與「光纖」聽起來像更重要的詞，但「以及」才是最重要的。

And even when we think about the copper TAM, even as optics gets introduced into scale out and how it could be a mix in the rack, our TAM and copper is going to continue to grow due to the power elements that you need, power connectivity goes up, where they will continue to keep copper within the rack as the workhorse. So those types of things, we still see TAM growth in copper. And then we're also going to benefit from the inflection points when it does occur of optical, we're really nicely positioned for it.

即使我們思考銅的 TAM（總可服務市場），就算光學被導入到 scale-out、以及在機櫃內可能形成混合，我們在銅上的 TAM 仍將持續成長，因為你所需要的電力相關要素會增加，電力連接需求會上升；而他們仍會在機櫃內保留銅作為主力（workhorse）。因此，我們仍看到銅的 TAM 成長。同時，當光學的拐點確實發生時，我們也會受益，而我們在那方面的布局非常到位。

William Stein, Truist Securities.

William Stein，Truist Securities。

In the industrial end market, I have sort of two related questions. The DDN piece, there's very clear growth in bookings, and I congratulate you on that. It's clear that you've got growth coming. But it was a bit surprising to have two sequential quarters of flattish revenue performance. I wonder if you can explain why the revenue hasn't been growing for the last couple of quarters meaningfully in that part of Industrial.

在工業終端市場，我有兩個相關的問題。DDN 這一塊，訂單（bookings）成長非常明顯，我也要恭喜你們；很清楚你們的成長即將到來。但連續兩季營收表現偏平，確實有點出乎意料。我想請教，為什麼工業這一部分的營收在過去幾季沒有出現有意義的成長？

And related -- perhaps related to that, this quarter, we saw segment revenue in Industrial grow, but op margin decline. And I wonder if it's related to orders maybe ramping later in the year instead of now or maybe it's the recent acquisition you did in energy -- any help there would be much appreciated.

另外一個相關——也許是相關的——問題是，本季我們看到工業部門營收成長，但營業利益率（op margin）下滑。我想知道這是否與訂單可能在今年稍晚才加速、而不是現在，或是與你們近期在能源領域所做的收購有關——若能提供一些說明將非常感謝。

First off, Will, on your first part of your question, the important thing is we're going to grow this year in DDN and AI by about $1 billion. Looking at things on quarters, and I know I say it in automotive a lot, and you're all probably rolling your eyes right now with me. You look at a quarter, there's different programs that ramp supply chain impacts.

首先，Will，針對你問題的第一部分，重點是我們今年在 DDN 與 AI 的成長大約會增加 10 億美元。以季度來看——我知道我在汽車業務也常這麼說，你們可能現在都跟我一起翻白眼了——看單一季度時，會有不同專案的爬坡，以及供應鏈影響。

And I think the more important point is we've increased our revenue by another $150 million. We're going to be stepping up here in the second half. And even the number we shared at Investor Day of the $3 billion, it continues to shift towards the left due to the momentum that we have.

而我認為更重要的一點是，我們的營收又增加了 1.5 億美元。我們將在下半年加速提升。甚至我們在投資人日分享的 30 億美元數字，也因為我們目前的動能而持續往左移（也就是更早實現）。

Heath, do you want to cover the margin side?

Heath，你要不要說明一下毛利率／利潤率那一塊？

Yeah. The year-over-year margins are up significantly. So I assume you're talking about the sequential margins. Listen, it's a similar answer to what Terrence just said. You're going to have -- always have a little bit of noise in any quarter. Sometimes that works in your favor, sometimes it sequentially evens out. We tend to look at margins on a year-to-date or rolling basis.

好。年對年（year-over-year）的利潤率顯著上升，所以我猜你指的是季對季（sequential）的利潤率。聽著，答案跟 Terrence 剛才說的類似。任何一季都會——總是會有一些雜訊。有時候對你有利，有時候季對季會拉回平均。我們通常以年初至今或滾動基礎來看利潤率。

I'd say if I think about anything that's specific to that, I mean, we have ramped no different than I talked about CapEx earlier with Joe's question. We have ramped some investments in our DDN business to support these programs. So there's different times over a 90-day period that you might feel some of that pinch point a little bit more. But when I think about the full year or even where we are year-to-date, I feel good about both the margin performance as well as the flow-through on that organic revenue growth. So there's nothing that I'm I'll say, dwelling on relative to some kind of sequential move there.

如果要說有什麼特別因素，我的意思是，我們的投資爬坡，跟我先前在 Joe 的問題中談到資本支出（CapEx）一樣。我們在 DDN 業務上加大了一些投資，以支援這些專案。因此在 90 天期間的不同時間點，你可能會更明顯感受到一些壓力點。但當我看全年、或甚至看年初至今的表現，我對利潤率表現以及有機營收成長的流入（flow-through）都感到滿意。所以相對於某種季對季變動，我沒有什麼特別需要掛念的。

Shreyas Patil, Wolfe Research.

Shreyas Patil，Wolfe Research。

Maybe just coming back to the discussion on CPO and optical. I'm just curious how big your optical business for AI applications is today and where you feel the need to further bolster via M&A, maybe on the transceiver side or DCI modules or things like that?

我想回到 CPO 與光學的討論。我很好奇，你們目前在 AI 應用上的光學業務規模有多大？以及你們覺得是否需要透過併購（M&A）進一步補強，例如在收發器（transceiver）端、或 DCI 模組等這類領域？

Shreyas, I think that what's important is, and in the pre-remarks, and we're going to stay impassive. When you look at transceivers and things like that, I don't think that's where we add value in the supply chain. And really when you look at what we're doing here and what TE does is how do you get the signal chain that's moving off a CPO, would be the fiber attach, how do you get out to an optical back plane? And really the technology we did helps our base around the fiber attach.

Shreyas，我認為重要的是——在事前發言中我們也提到——我們會保持冷靜、不躁進。當你看收發器等產品時，我不認為那是我們在供應鏈中能夠增加價值的地方。真正來看我們在這裡做的事、以及 TE 所做的事，是：如何把從 CPO 移出的訊號鏈接出去——也就是光纖貼附（fiber attach）——以及如何連接到光學背板（optical back plane）。而我們所取得的技術，確實強化了我們在光纖貼附方面的基礎能力。

Also, we are stronger within the rack, so that's going to be further out. We do think this will get us into some scale-out options versus a scale-up, which is more limited. But we will continue to look at via partnerships versus organic development, as well as what we just did to say, how do we build it out? We really like how we're positioned with this building block we got in to really make sure we can help our customers as they evolve their architecture. So thanks for the question.

另外，我們在機櫃內部更強，所以那會是在更後段。我們確實認為，這將讓我們進入一些 scale-out 的選項，而不只是較受限的 scale-up。不過，我們會持續透過合作夥伴關係，而非完全依靠內生成長（organic development），以及像我們剛做的這類行動，來思考如何把能力建構完整。我們非常喜歡目前透過這個取得的基礎模組所形成的定位，確保能在客戶架構演進時提供協助。謝謝你的提問。

All right. I want to thank everyone for joining us this morning. And if you have further questions, please contact Investor Relations at TE. Thank you, and have a nice day.

好，我要感謝各位今天早上加入我們。如果你們還有進一步問題，請聯絡 TE 的投資人關係部門。謝謝，祝各位有美好的一天。

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

今天的電話會議將於美東時間今天上午 11:30 起，在 TE Connectivity 網站的投資人關係（Investor Relations）專區提供重播。今天的會議到此結束。謝謝，再見。