泰科電子 (TEL) 2026 Q3 法說會逐字稿

Everyone, thank you for standing by and welcome to the TE Connectivity third-quarter earnings call for fiscal year 2026. (Operator Instructions) As a reminder, today's call is being recorded.

各位，感謝您耐心等候，歡迎參加 TE Connectivity 2026 會計年度第三季財報電話會議。(接線員指示) 提醒各位，今天的電話會議將被錄音。

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

現在我想把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 third-quarter results and outlook for our fourth quarter of fiscal 2026. With me today are Chief Executive Officer, Terrence Curtin; and Chief Financial Officer, Heath Mitts.

各位早安，感謝您加入我們的電話會議，討論 TE Connectivity 第三季業績以及 2026 會計年度第四季展望。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'll 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 (technical difficulty) -- may rejoin the queue if you have a second question.

在本次電話會議中，我們將提供某些前瞻性資訊，並請您查閱今日新聞稿中所載的前瞻性聲明警示事項。此外，我們今天上午的討論將使用某些非 GAAP 指標，並請您查閱新聞稿及隨附簡報投影片中關於使用這些項目的章節。新聞稿與相關表格，以及投影片簡報，可在投資人關係專區（技術問題）——若您有第二個問題，可能需要重新加入隊列。

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

現在，讓我把電話交給 Terrence 發表開場評論。

Good morning, everyone, and thank you for joining us. And before I get into the details on the slides, I do want to frame today's call around a couple of key takeaways. Our strategic positioning around the accelerating data and power trend continues to drive broad-based outperformance, and we are at the intersection of the largest technology and infrastructure investment cycle that's taking place around the world. We also continue to benefit from continued market momentum, driven by both secular growth trends as well as positive cyclical market inflections and we'll click down on these during today's call.

各位早安，感謝大家加入我們。在我進入投影片細節之前，我想先用幾個重點來框架今天的電話會議。我們在加速中的資料與電力趨勢上的策略定位，持續帶動全面性的超越表現；我們正處於全球正在發生的最大科技與基礎建設投資週期的交會點。我們也持續受惠於市場動能延續，這同時來自長期結構性成長趨勢以及正向的景氣循環拐點；我們將在今天的電話會議中進一步展開說明。

As we outlined at our Investor Day earlier this year, we expect our strategy to deliver broad-based growth while driving sustained margin expansion and double-digit earnings growth. As we progress through this year, we have continued to execute against this strategy, and our third-quarter results and outlook provide further evidence that our strategy is working.

如同我們今年稍早在投資人日所概述的，我們預期策略將帶來全面性的成長，同時推動持續的利潤率擴張與兩位數的獲利成長。隨著今年的推進，我們持續依此策略執行，而第三季的結果與展望也進一步證明我們的策略正在奏效。

Our positioning is creating opportunities across multiple long-term growth drivers as increasing data and power requirements are reshaping our customers' architectures and this is where our interconnect technologies are essential. Investments in AI infrastructure continue to drive strong growth in both our digital data networks and energy businesses. Further secular trends, including electrification, automation and increase in compute at the edge applications are driving growth across our aerospace and defense, automation and connected living, automotive and commercial transportation businesses.

我們的定位正在多項長期成長驅動因素上創造機會；隨著資料與電力需求增加，客戶的架構正在被重塑，而這正是我們互連技術不可或缺之處。AI 基礎設施的投資持續推動我們數位資料網路與能源業務的強勁成長。其他結構性趨勢，包括電氣化、自動化，以及邊緣應用運算量增加，也正帶動我們航太與國防、自動化與互聯生活、汽車與商用運輸等業務的成長。

These investments are expanding our opportunities across both our segments and reinforce our confidence in TE's long-term growth outlook. The strength of these trends is reflected in our record order performance with double-digit order growth in every business across both segments.

這些投資正在擴大我們在兩大事業部門的機會，並強化我們對 TE 長期成長展望的信心。這些趨勢的強勁力道反映在我們創紀錄的接單表現上——兩大事業部門旗下每一項業務的訂單成長皆達兩位數。

For the full fiscal year, we now expect sales to grow approximately 15% representing more than $2.5 billion of incremental revenue in 2026, while delivering margin expansion and earnings per share growth above 20%. Importantly, our record order momentum and growing backlog provides increasing visibility into continued broad-based growth as we move into next year, reinforcing our strategy and our ability to compound earnings that create long-term value for our owners.

就全年而言，我們目前預期銷售額約成長 15%，代表 2026 年將增加超過 25 億美元的增量營收，同時帶來利潤率擴張與超過 20% 的每股盈餘成長。更重要的是，我們創紀錄的接單動能與持續增加的在手訂單，讓我們對明年持續的全面性成長有更高的能見度，進一步印證我們的策略，以及我們透過複利式獲利成長為股東創造長期價值的能力。

So with that as a quick overview, I'd ask you to turn to slide 3 to review our third quarter results and our outlook for the fourth quarter. In the third quarter, sales were $5.2 billion, and they increased 14% on a reported basis and 12% organically over last year. Our order momentum continues to increase, which resulted in record order levels of $5.7 billion, growing 27% versus the prior year as well as 7% on a sequential basis.

以上為簡要概述，接下來請翻到投影片第 3 頁，檢視我們第三季的結果以及第四季展望。第三季銷售額為 52 億美元，按報告基礎年增 14%，按有機基礎年增 12%。我們的接單動能持續提升，使本季訂單金額達到創紀錄的 57 億美元，較去年成長 27%，較前一季亦成長 7%。

And as I normally provide more details on sales and orders in the next few slides. We delivered 22% earnings per share growth to a record adjusted earnings per share of $2.94 and adjusted margins expanded 90 basis points, reflecting the continued execution of our teams while also delivering for our customers. In this growth environment, the other thing that we're proud of, we continue to demonstrate the strength of our cash generation model.

如同以往，我會在接下來幾張投影片提供更多關於銷售與訂單的細節。我們的每股盈餘成長 22%，調整後每股盈餘創新高達 2.94 美元；調整後利潤率擴張 90 個基點，反映團隊持續的執行力，同時也為客戶交付成果。在這樣的成長環境下，另一個我們引以為傲的是，我們持續展現強勁的現金創造模式。

Year to date, we've generated approximately $2.2 billion of free cash flow while continuing to make investments to support future growth in both engineering as well as manufacturing capacity. In addition to the organic investments, Today, we signed an agreement to acquire Astrodyne TDI, which is a bolt-on acquisition that broadens our portfolio of power and filter products for mission-critical applications that will be part of our Industrial segment. And Heath will click down with some additional details about this acquisition that we're excited about in his section.

年初至今，我們已產生約 22 億美元的自由現金流，同時持續投入以支持未來成長，包括工程研發以及製造產能。除了有機投資之外，今天我們簽署協議收購 Astrodyne TDI；這是一項補強型收購，將擴充我們在關鍵任務應用的電源與濾波產品組合，並將納入我們的工業事業部門。Heath 將在他的段落中就這項我們感到振奮的收購提供更多細節。

Looking forward, we expect our fourth-quarter sales of approximately $5.25 billion, which will increase 11% versus the prior year, and we expect to deliver adjusted earnings per share of approximately $3.05. For the full year, we expect to deliver growth of 15% in sales and 23% in adjusted EPS year-over-year.

展望未來，我們預期第四季銷售額約為 52.5 億美元，較去年成長 11%，並預期調整後每股盈餘約為 3.05 美元。全年而言，我們預期銷售額年增 15%，調整後 EPS 年增 23%。

So let's get into orders. And if you could please turn to slide 4, I'll click down into the order trends we're seeing. Orders increased over $1 billion year over year to a record of $5.7 billion in the quarter, and the order momentum was in both segments, which reinforces the breadth of our growth. The Industrial segment continues its strong momentum with orders increasing 36% versus the prior year. These record industrial orders were driven by increasing momentum in AI along with strong growth in every business.

接下來談訂單。請翻到投影片第 4 頁，我將進一步說明我們看到的訂單趨勢。本季訂單金額年增超過 10 億美元，達到創紀錄的 57 億美元；訂單動能來自兩大事業部門，強化了我們成長的廣度。工業事業部門延續強勁動能，訂單較去年成長 36%。這些創紀錄的工業訂單由 AI 動能提升所帶動，並且各項業務皆呈現強勁成長。

And just to give you the flavor of the momentum in our digital data networks business, year-to-date, our orders are up over 70% versus last year. And in our Energy, Aerospace and Defense and Automation & Connected Living, all have 20% order growth year-to-date.

為了讓各位更具體感受我們數位資料網路業務的動能，年初至今，我們的訂單較去年成長超過 70%。而在能源、航太與國防，以及自動化與互聯生活方面，年初至今的訂單成長皆達 20%。

Turning to Transportation, segment orders increased 19% versus the prior year, reflecting continued content growth in both automotive and commercial transportation. We saw double-digit year-over-year order growth across all three of the transportation businesses, supporting our confidence in continued market outperformance driven by where we positioned ourselves on content.

再看運輸事業部門，訂單較去年成長 19%，反映汽車與商用運輸兩者的單車/單機內容價值持續提升。我們看到運輸三大業務皆呈現兩位數的年增訂單成長，支持我們對持續超越市場表現的信心，這主要來自我們在內容配置上的定位。

We are running a book-to-bill of 1.1, both in the quarter as well as year-to-date. Our orders have not only translated into strong growth this year, but also have resulted in a record backlog position. And this backlog position is a strong growth indicator as we move into our fiscal 2027.

我們的接單出貨比（book-to-bill）為 1.1，無論是本季或年初至今皆是如此。我們的訂單不僅轉化為今年的強勁成長，也帶來創紀錄的在手訂單水位。而這個在手訂單水位，將在我們邁入 2027 會計年度時成為強勁的成長指標。

Now, let me click down into the segment results, and I'll start with the Industrial segment. That is on your slide 5. In the third quarter, our Industrial Solutions sales grew 22% on a reported basis and 21% organically year over year. With broad-based growth, as you see on the slide, across the segment, led by over 30% organic growth in both our DDN and Energy businesses. We are uniquely positioned at the intersection of the accelerating data and power investment cycle.

接下來我將進一步說明各事業部門的表現，先從工業事業部門開始。請看投影片第 5 頁。第三季，我們工業解決方案的銷售額按報告基礎年增 22%，按有機基礎年增 21%。如投影片所示，該事業部門呈現全面性成長，其中以我們 DDN 與能源業務的有機成長皆超過 30% 為首。我們在加速中的資料與電力投資週期交會點上具備獨特的定位。

What differentiates our Industrial segment is the breadth of our participation across the AI infrastructure with AI driving demand, not only for high speed and power connectivity in and around the rack, but also for the energy infrastructure required to bring power to the data center. This positions both our DDN and Energy businesses to benefit as AI infrastructure continues to scale, while the rest of our industrial portfolio continues to benefit from broader secular growth trends.

使我們工業事業部與眾不同的是，我們在 AI 基礎設施各環節的參與廣度；在 AI 驅動需求之下，不僅需要機櫃內外的高速與高功率連接，也需要將電力送入資料中心所需的能源基礎設施。這使得我們的 DDN 與能源業務能在 AI 基礎設施持續擴張時受益，同時我們其餘的工業產品組合也將持續受惠於更廣泛的長期結構性成長趨勢。

In digital data networks, our teams delivered another very strong quarter ago, with sales increasing 34% year over year and up $100 million sequentially, which was in line with our expectations, and we expect DDN to deliver the full-year growth we talked about last quarter. In data connectivity, we continue to see increasing demand as AI architectures evolve towards ingenic workloads driving greater deployment of CPUs and networking, which increases the addressable market for high-speed copper connectivity.

在數位資料網路方面，我們的團隊再度交出非常強勁的一季，銷售額年增 34%，且較前一季增加 1 億美元，符合我們的預期；我們也預期 DDN 將實現我們在上季所談到的全年成長。在資料連接方面，隨著 AI 架構演進至更高強度的工作負載，帶動 CPU 與網路設備更大規模部署，我們持續看到需求增加，進而擴大高速銅連接的可服務市場。

In Optical, we see additional long-term growth opportunities beyond what we have outlined at Investor Day. Through the Ram Photonics acquisition, we strengthened our optical roadmap with fiber attached connectivity, and we are encouraged by our customer engagements around this future growth opportunity.

在光學領域，我們看到除投資人日所概述之外的更多長期成長機會。透過收購 Ram Photonics，我們以光纖直連（fiber attached）連接強化了光學產品藍圖；我們也對客戶就此未來成長機會的互動感到鼓舞。

In our DDN business, we also see growing opportunities in power connectivity as our customers evolve their architecture. We have deep expertise in material science, thermal management, safety and reliability challenges associated moving to higher voltage connectivity. As the industry moves towards higher-voltage architectures, we are well positioned to support our customers' evolving connectivity requirements.

在我們的 DDN 業務中，隨著客戶架構演進，我們也看到電力連接方面日益增加的機會。我們在材料科學、熱管理，以及轉向更高電壓連接所伴隨的安全與可靠性挑戰方面具備深厚專業。隨著產業走向更高電壓架構，我們已做好充分準備，支援客戶不斷演進的連接需求。

Turning to Energy, we saw a very strong sales growth and our organic sales increased a very strong 33% and driven by continued investment across grid hardening, where utilities continue to modernize aging infrastructure for increased power needs as well as data center build-outs. Our AI opportunity extends beyond the rack data center build-outs are driving significant investment across the power infrastructure, and we provide the connectivity solution that enable generation, transmission and distribution infrastructure which gives us the unique position I highlighted earlier.

談到能源業務，我們看到非常強勁的銷售成長，有機銷售額大增 33%，主要由電網強韌化（grid hardening）相關的持續投資所帶動；公用事業公司持續現代化老舊基礎設施，以因應更高的用電需求，以及資料中心建置擴張。我們的 AI 機會不僅限於機櫃層級；資料中心建置正在推動電力基礎設施的大量投資，而我們提供可支援發電、輸電與配電基礎設施的連接解決方案，這也使我們具備我先前強調的獨特定位。

Turning to our Automation and Connected Living business, sales increased 16% and 14% on an organic basis with growth across every region. Versus 90 days ago, we are seeing additional indicators of both cyclical growth as well as content outperformance. We now expect this market to grow high single digits this year and with our strong position in automation, we expect to outperform the end market.

接著看自動化與互聯生活（Automation and Connected Living）業務，銷售額成長 16%，以有機基礎計算成長 14%，且各區域皆有成長。相較 90 天前，我們看到更多循環性復甦以及內容（content）優於市場的指標。我們目前預期該市場今年將呈現高個位數成長；憑藉我們在自動化領域的強勢地位，我們預期將優於終端市場表現。

In Aerospace and Defense, our business grew 12% and which reflects the continued strength in both the commercial aerospace as well as what we're seeing in the defense markets, where our data connectivity and power products are essential to next-generation platforms.

在航太與國防方面，我們的業務成長 12%，反映商用航太持續強勁，以及我們在國防市場所見的動能；我們的資料連接與電力產品對於下一代平台至關重要。

In our Medical business, our team delivered sales as we expected and at the segment level, turning to margins. Industrial segment adjusted operating margins expanded 70 basis points to nearly 23% and reflecting continued strong execution by our teams.

在醫療業務方面，我們的團隊交出符合預期的銷售表現；在事業部層級，接著看毛利與費用帶動的利潤表現。工業事業部調整後營業利益率擴張 70 個基點至接近 23%，反映團隊持續強勁的執行力。

Now, let me turn to our Transportation Solutions segment, and that will be on slide 6. In the third quarter, our Transportation Solutions segment grew 7% on a reported basis and 5% organically year over year. Growth was driven by content outperformance in our end markets, particularly in Asia our leading global position as well as our customer co-creation model.

現在讓我轉到運輸解決方案（Transportation Solutions）事業部，請看第 6 張投影片。第三季，我們的運輸解決方案事業部以報告基礎成長 7%，年增有機成長 5%。成長主要由終端市場中的內容優於市場所帶動，特別是在亞洲，並受惠於我們領先的全球地位以及與客戶共同創造（co-creation）的模式。

In Automotive, sales increased 5% on a reported basis and 3% organically. We continue to deliver growth above the market due to content drivers despite a decline in vehicle production. Data connectivity in the vehicle continues to be a significant driver along with electrification of the powertrain where we benefit largely in Asia and software-defined vehicle architectures. We expect our full year content outperformance to be in our 4- to 6-point range for both this year as well as longer term. Turning to our commercial transportation business.

在汽車業務方面，銷售額以報告基礎成長 5%，有機成長 3%。儘管整車產量下滑，在內容驅動因素帶動下，我們仍持續交出高於市場的成長。車內資料連接仍是重要驅動因素之一；此外，動力系統電動化亦帶來成長，我們在亞洲以及軟體定義車輛（software-defined vehicle）架構方面受益尤多。我們預期全年內容優於市場的幅度，無論今年或長期，皆將落在 4 到 6 個百分點的區間。接著談我們的商用運輸業務。

Sales increased 20% on a reported base as well as 18% on an organic basis. We continue to see improving cycle trends across regions and market verticals while delivering significant growth above the market through new program wins, further electrification of trucks in Asia and strong execution across all regions. In our Sensors business, our performance was as we expected. And at the segment level and looking at margins, the transportation team delivered adjusted operating margins of 21%, demonstrating the resiliency of the execution by our transportation team.

銷售額以報告基礎成長 20%，以有機基礎成長 18%。我們持續看到各區域與各市場垂直領域的景氣循環趨勢改善，同時透過新專案得標、亞洲卡車進一步電動化，以及各區域的強勁執行，實現顯著高於市場的成長。在感測器（Sensors）業務方面，我們的表現符合預期。在事業部層級並觀察利潤率，運輸團隊交出 21% 的調整後營業利益率，展現運輸團隊執行力的韌性。

So with that as a click down on the segment performance, let me turn it over to Heath, who will get into more details on the financials and our expectations going forward.

以上是各事業部表現的重點說明；接下來我把時間交給 Heath，他將更深入說明財務細節以及我們對未來的展望。

Thank you, Terrence, and good morning, everyone. Please turn to slide 7. For the quarter, we achieved adjusted operating income of over $1.1 billion and adjusted operating margins of 21.9%. The GAAP operating income was $981 million and included $9 million of acquisition-related charges, $83 million of restructuring and other charges and $56 million of amortization expense. I continue to expect restructuring charges in fiscal '26 to be roughly $100 million.

謝謝你，Terrence，各位早安。請翻到第 7 張投影片。本季我們達成超過 11 億美元的調整後營業利益，調整後營業利益率為 21.9%。GAAP 營業利益為 9.81 億美元，其中包含 900 萬美元的併購相關費用、8,300 萬美元的重整及其他費用，以及 5,600 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 $2.94. GAAP EPS was $2.55 for the quarter. and included restructuring, acquisition and other charges of $0.23 and amortization expense of $0.15. The adjusted effective tax rate was 23% in Q3 and we expect Q4's rate to be between 22% and 23%. Importantly, as always, we expect our cash tax rate to remain well below our adjusted effective tax rate.

本季調整後每股盈餘（EPS）為 2.94 美元；GAAP EPS 為 2.55 美元，並包含每股 0.23 美元的重整、併購及其他費用，以及每股 0.15 美元的攤銷費用。第三季調整後有效稅率為 23%，我們預期第四季稅率將介於 22% 至 23%。重要的是，一如既往，我們預期現金稅率將持續顯著低於調整後有效稅率。

Please turn to Slide 8. This slide reinforces the themes Terrence discussed, which are ongoing broad-based growth across the segments, strong operational execution by our teams and continued earnings growth. Sales of $5.2 billion were evenly split between the Industrial and Transportation segments. Given the order strength that Terrence mentioned earlier, we will exit this year with a strong backlog position in both segments. Certainly, this is influenced by AI program wins within the DDN business.

請翻到第 8 張投影片。這張投影片再次強化 Terrence 所談的主題：各事業部持續廣泛的成長、團隊強勁的營運執行，以及獲利持續成長。52 億美元的銷售額在工業與運輸兩大事業部之間大致各占一半。鑑於 Terrence 先前提到的訂單強勁，我們將在今年結束時於兩個事業部都維持強勁的在手訂單（backlog）水位。這當然也受到 DDN 業務中 AI 專案得標的影響。

The order momentum and backlog growth give us confidence that our strong performance will continue into next year. Adjusted operating margins were 21.9%, expanding 90 basis points year-over-year. Adjusted earnings per share were $2.94, up 22% year-over-year, driven by sales growth and margin expansion. The teams are doing a very good job of meeting customer demands while continuing to manage inflationary pressures through both price as well as cost actions. Turning to cash flow.

訂單動能與在手訂單成長，使我們對強勁表現延續至明年更具信心。調整後營業利益率為 21.9%，年增擴張 90 個基點。調整後每股盈餘為 2.94 美元，年增 22%，主要由銷售成長與利潤率擴張所帶動。團隊在滿足客戶需求的同時，也透過價格與成本措施持續管理通膨壓力，表現非常出色。接著談現金流。

Cash from operations was $1.2 billion and free cash flow was $883 million during the quarter. Year-to-date, free cash flow was roughly $2.2 billion and we returned approximately $2 billion to shareholders through dividends and share buybacks so far this year. We continue to expect our free cash flow conversion to be roughly 100% this year. Now let me talk about the acquisition that Terrence mentioned earlier. Astrodyne TDI will generate more than $250 million in annual sales and had a purchase price of approximately $1.4 billion.

本季營運活動現金流為 12 億美元，自由現金流為 8.83 億美元。年初至今，自由現金流約為 22 億美元；今年迄今我們透過股利與庫藏股回購，已向股東回饋約 20 億美元。我們仍預期今年自由現金流轉換率約為 100%。現在讓我談談 Terrence 先前提到的併購案。Astrodyne TDI 將帶來超過 2.5 億美元的年銷售額，收購價格約為 14 億美元。

We expect to close the transaction by the end of this calendar year, subject to customary closing conditions. Our cash generation model, coupled with our strong balance sheet supports our capital deployment strategy and Astrodyne is a good example of a strategic bolt-on acquisition while we're still returning capital to our shareholders. And before I turn it over to questions, let me reinforce that our performance reflects our positioning to benefit from the largest technology and infrastructure investments taking place globally. We are delivering well ahead of our through-cycle business model generating strong margins, earnings growth and cash flow. And just as important, our record order momentum provides heightened confidence as we ramp up fiscal '26 and jump into fiscal '27 which starts in October.

我們預期在本曆年年底前完成該交易，但仍須符合慣常的交割條件。我們的現金創造模式，加上強勁的資產負債表，支撐我們的資本配置策略；Astrodyne 是一個很好的策略性補強式併購案例，同時我們仍在向股東回饋資本。在我把時間交給提問之前，讓我再次強調，我們的表現反映了我們的定位，能夠受惠於全球正在進行的最大規模科技與基礎建設投資。我們的交付表現遠優於我們的穿越景氣循環商業模式假設，帶來強勁的利潤率、獲利成長與現金流。同樣重要的是，我們創紀錄的訂單動能，讓我們在推進 2026 會計年度並邁入自 10 月開始的 2027 會計年度時，信心大幅提升。

With that, let's open it up for questions.

那麼，我們開放提問。

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

謝謝你，Heath。Pascal，你可以請說明問答環節的指引嗎？

(Operator Instructions) Scott Davis, Melius Research.

（接線員指示）Scott Davis，Melius Research。

Terrence and Heath and Sujal. I'm going to switch directions a little bit. And can you talk a little bit about the ramp you expect in your FAU optical business. I mean, my understanding is it's a hard business to scale up and scale out, but you guys seem to have some capabilities here. It could be pretty important to kind of comment that debate of copper versus optical.

Terrence、Heath，還有 Sujal。我想稍微換個方向。你們能否談談你們預期在 FAU 光學業務的爬坡情況？我的理解是，這是一門很難擴大規模與擴展產能的業務，但你們似乎在這方面具備一些能力。這可能相當重要，也請你們就「銅纜對比光學」的討論做些評論。

So just kind of curious to see where you're at there.

所以我只是想了解一下你們目前的進展。

No. Thanks, Scott. Let me start with the second half, and then I'll talk about the FAU. I think the first thing is that, as we said, it's copper and optical. I'm going to come back to that again because you're going to have different needs, and we see in the architectures where within the rack, in what you're doing in the rack, it's going to be copper is going to be the heavy workload.

好的。謝謝，Scott。我先從後半段開始，再談 FAU。我認為第一點是，正如我們所說，是銅纜與光學並存。我會再回到這點，因為需求會有所不同；我們看到在架構上，機櫃內部、也就是你在機櫃內所做的部分，銅纜將承擔主要工作負載。

But with what we've done with the RAM Photonics acquisition, it really is something that we opened up incremental market access to as optics come into the things that are going to be the scale out and also probably moving off the switch in the architecture. And as you know, there's a lot of customers that are working on this. What really makes this exciting for us is the engagement that we have with our customers. on the FAU technology. It's early days.

但透過我們收購 RAM Photonics 所做的布局，當光學進入那些需要 scale-out 的部分、以及在架構中可能從交換器往外移動時，這確實為我們打開了額外的市場切入機會。如你所知，很多客戶都在推進這件事。真正讓我們感到振奮的是，我們與客戶在 FAU 技術上的合作互動。目前仍在早期階段。

I think this is the type of thing. You won't really see revenue until -- meaningful revenue until we get to '28 and beyond that. But it's an incremental TAM, Scott. And it builds on the copper position, and it's going to add incremental revenue in TAM for us as we go forward. So near term, we're investing in it.

我認為這類項目，在我們到 2028 年及之後之前，你不會看到營收——至少不會看到有意義的營收。但這是額外的 TAM（可服務市場總量），Scott。它建立在我們的銅纜既有優勢之上，並將在未來為我們帶來額外的 TAM 與增量營收。因此短期內，我們正在投入資源。

Certainly, you all know the acquisition that we did. Certainly, we are investing in the scale -- scaling of the manufacturing as well as the engineering teams of that acquisition to really make sure we can meet the intercept point that our customers expect us to meet, which will be more in the '28 and beyond time frame. And that's what we get excited about and how we rounded out the portfolio with that, and we'll continue to look for opportunities that strengthen it based upon where we're co-creating with our customers.

各位也都知道我們所做的那筆收購。我們確實正在投資於該收購案的製造規模化，以及工程團隊的擴編，確保我們能達到客戶期望我們達成的切入時間點，這將更落在 2028 年及之後的時間框架。這正是我們感到興奮之處，也說明了我們如何藉此完善產品組合；我們也會持續尋找能強化該組合的機會，並以我們與客戶共同開發的方向為依據。

Next question, please?

請下一題？

Mark Delaney, Goldman Sachs.

Mark Delaney，高盛。

I'm hoping you can give more color on how the record orders in backlog are setting the company up for revenue growth, not only for this year, but any early thoughts on 2027. And as a part of the order commentary, can you speak specifically the DDN orders relative to your outlook for sales growth? Because you said it -- improving momentum in AI orders, but then you also said that revenue is tracking in line with your prior expectation within the DDN segment. So I'm trying to reconcile the comments on why DDN revenue for this year isn't tracking to be better than you previously thought and with the AI order momentum.

我希望你們能更具體說明，創紀錄的在手訂單（backlog）如何為公司帶來營收成長，不僅是今年，也包括對 2027 年的初步看法。另外，作為訂單評論的一部分，你們能否具體談談 DDN 訂單相對於你們對銷售成長的展望？因為你們提到 AI 訂單動能正在改善，但同時也說 DDN 部門的營收仍與先前預期一致。所以我想釐清：既然 AI 訂單動能提升，為什麼今年 DDN 營收沒有比你們先前想的更好？

Yes. Sure, Mark. Thanks for the question. And like you said, the orders I talked about in the call are up about $1.2 billion and the bigger jump was in our Industrial segment. So about $800 million increase in Industrial.

是的。當然可以，Mark。謝謝你的問題。如你所說，我在電話會議中提到的訂單約增加了 12 億美元，而增幅較大的部分在我們的工業（Industrial）部門。工業部門約增加了 8 億美元。

And half of that order growth came from DDN. So it ties right into the trends that you see that relate to AI and that's going to just continue AI as a percentage of that, it's just going to continue to increase. And I did mention that we had 70% order growth year-over-year or year-to-date in DDN. And let's face it. That's building backlog as we're ramping programs.

其中一半的訂單成長來自 DDN。因此這與你看到、與 AI 相關的趨勢完全一致，而且 AI 在其中所占比重只會持續提高。我也提到 DDN 的訂單年增（或年初至今）成長達 70%。坦白說，在我們推進各項專案爬坡之際，這正在累積在手訂單。

So just with where we are in the year with 3 months left these are program ramps and we have multiple program ramps going on at any time. So really, this momentum is really going to deliver more into next year than increases to this year. And we do expect DDN to be up in our fourth quarter sequentially over the third quarter. But just as importantly, when you think about that industrial segment order, and I know I mentioned some of these energy business, AD&M business as well as the ACL business are all up 20% year-to-date. And when you look at Energy and AD&M, they're really, really strong secular growth trends that we don't see that momentum slowing down.

就今年的時間點而言，距離年底只剩 3 個月，這些都是專案爬坡，而我們在任何時點都同時進行多個專案爬坡。因此，這股動能實際上會更多反映在明年，而不是對今年帶來更大的增量。我們確實預期 DDN 第四季營收將較第三季呈現季增。但同樣重要的是，當你思考工業部門的訂單時——我知道我提到過其中一些——能源業務、AD&M 業務以及 ACL 業務年初至今都成長 20%。而當你看能源與 AD&M，它們確實有非常強勁的長期結構性成長趨勢，我們不認為這股動能會放緩。

It's broad-based. It's certainly -- you can look at the investments that are happening that, that traction is going to continue and carry into '27 to your '27 question. And then the last piece that I think is the big piece in our Industrial segment is ACL is a little bit more -- have more cyclicality to it. And it's nice that we're having that cyclical uptick, but those orders are up. And then in transportation, our orders were up $400 million year over year.

這是全面性的成長。你當然可以看到正在發生的投資，而這股拉動力將持續並延伸到 2027 年，以回應你對 2027 年的問題。最後一點，我認為在工業部門中很重要的是：ACL 的循環性相對更高一些。我們很高興看到這一波循環性回升，但訂單確實在增加。另外在運輸（Transportation）方面，我們的訂單年增 4 億美元。

And we're seeing benefit of ICT. But the orders that we're seeing are really just reinforcing our content position in automotive. And vehicle production is down slightly. It really hasn't moved from when we talked to you back early in the year, and we think it will stay around this, slightly decline, but our team is doing a great job delivering the performance of content above production. And that's what our orders are reinforcing.

我們也看到 ICT 帶來的效益。但我們看到的訂單，主要是在強化我們在汽車領域的內容價值（content）布局。整體車輛產量略有下滑。相較於我們年初與各位溝通時，情況其實沒有太大變化；我們認為它會維持在這個水準附近、略為下降，但我們的團隊在交付「內容價值成長優於產量」方面做得非常出色。而我們的訂單正是在印證這一點。

The programs that are coming in to really make sure continues to have that 4 to 6 points outperformance.

這些新導入的專案，將確保我們持續維持 4 到 6 個百分點的超額表現。

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

謝謝你，Mark。請下一題，謝謝？

Wamsi Mohan, Bank of America.

Wamsi Mohan，美國銀行。

It's Ruplu filling in for Wamsi. Terrence, the question is on the transport segment. You said global vehicle production is expected to be slightly down this year. There's some concern on the China market. How do you see the China domestic market evolving versus the export market? And how do you see TE positioned here?

我是 Ruplu，代替 Wamsi 發言。Terrence，問題是關於運輸事業部門。你提到今年全球車輛產量預期會小幅下滑。市場對中國市場有些擔憂。你如何看待中國國內市場相較於出口市場的演變？以及你如何看待 TE 在這裡的定位？

Ruplu, thanks for the question, and thanks for coming for Wamsi. It's a great question. So let me frame it a little bit because when you think about TE, we need to think of production. And production is slightly down. And certainly, there's headlines that are out there that, hey, what's happening in China, domestically.

Ruplu，謝謝你的提問，也謝謝你代 Wamsi 出席。這是個很好的問題。我先稍微框架一下，因為談到 TE 時，我們需要從「產量」來思考。而產量確實是小幅下滑。當然，外界也有一些新聞標題在談：中國國內到底發生了什麼。

But China auto production is down similar to the global picture. And our Asian China position is very strong, and we had 8 points of outperformance over production in China or actually, our China business grew 6% against 2% down in production. So and exports are the element that I think people miss in that narrative. So right now, the exports are sort of out of our China OEMs are offsetting a weak China local market. But you have to think about those exports that's really driving it, what they're doing in Southeast Asia, Central and South America where they have 100% exports to Africa as well as Europe.

但中國汽車產量的下滑幅度與全球整體情況相近。我們在亞洲、特別是中國的布局非常強，我們相對於中國產量有 8 個百分點的超越表現；或者更精確地說，在產量下滑 2% 的情況下，我們的中國業務成長了 6%。我認為大家在敘事中容易忽略的一點是「出口」。目前，中國 OEM 的出口在抵消中國本地市場疲弱的影響。但你必須把出口納入考量：他們在東南亞、中南美的布局（對這些地區幾乎是 100% 出口），也出口到非洲以及歐洲，這些才是真正的驅動力。

So I do think some of the narrative is around the car sales in China, but the exports are clearly benefiting from that and offsetting that. The other thing I would just highlight, while production hasn't changed, our European business had 4 points of outperformance in the quarter. Their square back in there after last year was sluggish due to some of the EVs. And really Asia and Europe are offsetting a weak North American market still. So net-net, we feel very good about the 4% to 6%.

所以我確實認為部分敘事聚焦在中國的汽車銷售，但出口明顯受惠並且在抵消那部分疲弱。另外我想強調的是，雖然產量沒有改變，我們歐洲業務在本季也有 4 個百分點的超越表現。在去年因部分電動車因素而較為疲弱之後，他們已經回到正軌。而亞洲與歐洲確實仍在抵消北美市場持續偏弱的情況。總體而言，我們對 4% 到 6% 的表現感到非常有信心。

Production is staying exactly where we thought, and we would expect production to be similar next year, maybe down a little bit. So feel good about the team momentum and also the content outperformance that we have this year and then into the fourth quarter, that will roll into '27.

產量維持在我們原先預期的位置，我們也預期明年產量會類似，可能再小幅下滑一些。因此，我們對團隊的動能以及今年的內容（content）超越表現感到樂觀；而且進入第四季後，這些動能會延續並滾動到 2027 年。

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

好的。謝謝你，Ruplu。請問可以進行下一個問題嗎。

Christopher Glynn, Oppenheimer.

Christopher Glynn，Oppenheimer。

Thank you, good morning. Just wanted to go a little more into the energy segment. So the organic had pretty meaningful acceleration in organic growth versus a tougher comp that spell exceptional sequential to. Are you seeing a particular build in just kind of baseline run rates there? In other words, is that new key program and design-ins layering in? Or was there something peculiar about the growth in this quarter for energy?

謝謝，早安。我想再更深入談一下能源事業部門。在面對較具挑戰性的比較基期下，有機成長率仍出現相當明顯的加速，且序列表現也非常突出。你們是否看到某種基礎性（baseline）運行率的提升？換句話說，是新的關鍵專案與設計導入（design-ins）正在疊加貢獻嗎？還是本季能源的成長有什麼特殊因素？

No. Chris, thanks for the question. And let me frame it a little bit for you. One of the things that was really nice, and we've been talking about energy and how we get excited about it, certainly ties into the power trends, but it was well over $100 million of growth this quarter of our $600 million of total growth. So it's very meaningful.

沒有。Chris，謝謝你的問題。我先幫你稍微框架一下。有一點很不錯、而且我們一直在談能源並對其感到興奮（當然也與電力趨勢相關），是本季在我們總計 6 億美元的整體成長中，能源貢獻了超過 1 億美元的成長。所以這非常有意義。

And when you look at it, we think of our energy business in 3 basic verticals below it that you should think about it. About 60% of it or two-thirds is really around where we source the utilities. And we talked to you about grid hardening, there's the investment that's happening around the aging infrastructure. Clearly, that is on an upward inflection point that you all know about. There's about 20% of it that we call industrial, but this is also where you could power into a data center, you bring power into buildings.

從結構來看，我們把能源業務大致分成 3 個基本垂直領域，你可以用這個方式來理解。其中約 60% 或三分之二，主要與公用事業端（utilities）的供應/採購相關。我們跟你們談過電網強韌化（grid hardening），以及針對老化基礎設施所進行的投資。很明顯，這正處於上行拐點，你們也都知道。約有 20% 我們稱為工業（industrial），但這也包含把電力引入資料中心、把電力引入建築物等應用。

And that is clearly growing very fast, and we're benefiting from it and even reflected in some of this quarter's numbers. And then the remainder is around clean energy. That had been and is a growth driver, been stronger in the past. But certainly, what we're seeing in the data center as well as the grid hardening is just accelerating. And if you look at energy, this year, we're probably expecting it -- you should think about it more as a mid-teens type grower this quarter.

這一塊顯然成長非常快，我們也從中受惠，且在本季部分數字中已有所反映。其餘的部分則與潔淨能源（clean energy）相關。這一直是、也仍然是成長驅動因素，過去曾更強勁。但我們目前看到的是，資料中心以及電網強韌化的需求正在加速。如果你看能源這一塊，今年我們大概會預期——你應該把它視為本季呈現「十幾%中段」（mid-teens）成長的類型。

There is a project nature to some of our programs because you're selling into infrastructure. But I really think, as you look at it this year and into next year, think about it more of a mid-teens grower is the right way to think about it. And just the last thing I would tie back to is -- and when we look at this market, yes, there is energy CapEx, but we do think about 1/3 of the energy market growth where we're positioned is driven by data center buildouts. So it ties back into yes, we have a great position in DDN, but you also -- where we're going to benefit from the power infrastructure build-out is just as important.

我們部分專案確實具有專案型（project nature），因為你是在賣給基礎設施。但我認為，無論是今年或展望明年，把它視為「十幾%中段」的成長型業務，是比較正確的理解方式。最後我想再連回一點：當我們看這個市場時，沒錯，確實有能源資本支出（CapEx），但我們也認為，在我們所處的能源市場成長中，大約有三分之一是由資料中心建置（buildouts）所驅動。所以這也連回到：是的，我們在 DDN 的布局很強，但同時，我們也會同樣受惠於電力基礎設施的擴建，而這一點同樣重要。

Can we have the next question, please?

請問可以進行下一個問題嗎？

Amit Daryanani, Evercore.

Amit Daryanani，Evercore。

There's been a lot of focus on AI revenues and maybe I missed this part, but could you just touch on how are you tracking in the June quarter versus your target? Is it still 70% of DDN, it would be good to get that clarified. And then really more broadly, as I think investors focus in on this copper versus fiber debate, can you just help frame teas opportunity across copper, optical and power? And how do you see these businesses complementing each of them over time. And if the scale-up architectures really migrate more aggressively towards optics. Do you think that's a tailwind, a headwind a neutral thing for your content story?

市場對 AI 營收有很多關注，我可能漏聽了這一段，但你能否談一下：在 6 月季度，你們相較於目標的進度如何？AI 是否仍占 DDN 的 70%？希望能釐清一下。然後更廣泛地說，當投資人聚焦在銅纜與光纖的辯論時，你能否協助框架 TE 在銅、光學與電力三個面向的機會？以及你如何看待這些業務隨時間彼此互補？如果 scale-up 架構更積極地轉向光學。你認為這對你們的內容（content）敘事而言，是順風、逆風，還是中性？

Yes, fair. So that's -- the first question is pretty straightforward. When you think about what we think about DDN and where AI is we're on track to what we said last quarter for DDN, DDN will be exactly where we thought we were going to be. And when you look at it, because of the AI momentum and the orders that we see, all you're going to continue to see is the percentage of AI of DDN is just continuing to increase. It goes up -- so I know a few quarters ago, we talked about at 70%.

是的，合理。所以——第一個問題相當直接。當你思考我們對 DDN 的看法以及 AI 所在的位置時，我們的進度符合上季所說的：DDN 會完全落在我們原先預期的水準。而從 AI 的動能以及我們看到的訂單來看，你接下來會持續看到的是：AI 在 DDN 中的占比會繼續提高。它會上升——所以我知道幾季前我們談到大約 70%。

Every quarter, it goes up as AI continues to accelerate, and that trend is going to continue. So that's the first part. On the second part, on copper, and it goes back to Scott's question, on the copper and the inflection point, a couple of things. When you're in the scale up versus scale out, let's say, scale out already is very optical because you have longer lengths and things like that. Optics are [good].

每一季都在上升，因為 AI 持續加速，而這個趨勢也會延續。所以這是第一部分。第二部分，關於銅，回到 Scott 的問題，關於銅以及拐點，有幾件事。當你是在 scale up 相對於 scale out 的情境下，比方說，scale out 已經非常偏向光學，因為距離更長等等。光學是[好的]。

When you're getting into -- getting to more ingenic workloads, that's where you're introducing more CPUs. That's all going to be copper on it. So when you look at it, as architectures are evolving and that's why you hear at the global merchant chip makers say, copper is going to be the workhorse within the rack and in that scale up is going to continue. I think where you get the inflection point, which is incremental benefit for us is when you would get opticals like CPU coming in at the switch level, it's sort of in between. And in that regard, that's where I think with what we've done with RAM on the FAU side really plays into the connectivity suite and that's incremental TAM.

當你開始進入——走向更 agentic 的工作負載時，那就是你引入更多 CPU 的地方。那上面都會是銅。所以當你看這件事，隨著架構在演進，這也是為什麼你會聽到全球商用晶片製造商說，銅將會是機櫃內的主力，而在 scale up 方面也會持續。我認為我們看到拐點、也就是對我們的增量效益，是當你會在交換器層級導入像是 CPU 進來的光學連結時，它有點介於中間。在這方面，我認為我們在 FAU 端對 RAM 所做的事情，確實會帶動連接解決方案組合，並帶來增量 TAM。

And that doesn't even get into. And that's just on the data side when we're talking about it. Like I said in the prepared remarks, power just continues to move up. The power connectivity as they're moving to higher-voltage architectures, you introduce optics that creates more power need. And if you look at that, in some cases, we can get content increases, that will be 1.5 what traditional power content would be.

而那甚至還沒談到。而這只是我們在談資料端的部分。就像我在事先準備的講稿裡說的，功率只會持續往上走。當電力連接朝更高電壓的架構移動時，你導入光學就會創造更高的用電需求。如果你看這點，在某些情況下，我們的內容量（content）可以增加，會是傳統電力內容量的 1.5 倍。

So all this in collection, we like it. We think it is all positive for us. And we have to realize, when you play with technology and play where we want to play, architectures evolve and you need data, you need power, and we do both. So we get excited about it. We think it's going to continue to benefit us as we move forward. And clearly, our orders also represent that.

所以把這些綜合起來，我們很喜歡。我們認為這對我們都是正面的。而且我們必須認清，當你在技術上投入、並在我們想要參與的領域布局時，架構會演進，你需要資料、你需要電力，而我們兩者都做。所以我們對此感到興奮。我們認為隨著我們往前走，它會持續讓我們受益。而且很明顯，我們的訂單也反映了這一點。

We have next question, please.

請下一個問題。

Joe Giordano, TD Cowen.

Joe Giordano，TD Cowen。

I wanted to touch on the other parts of DDN. So like if you're tracking towards your AI cloud number of like around $2.4 billion, it suggests that like the rest of DDN, that $800 million of more traditional stuff isn't growing that fast this year. And I'm just curious what the -- can you frame that piece for us? And when you talk about the Agentic/CPU-type incremental demand that you see, where would that fall? Would that fall within that billion that you're currently calling AI cloud, or would that fall into that other like $800-ish million of like more traditional? And how should we think about the kind step up there?

我想談一下 DDN 的其他部分。所以如果你正朝著 AI 雲端大約 24 億美元的數字前進，這表示 DDN 其餘那大約 8 億美元、較傳統的部分，今年成長沒有那麼快。我只是好奇——你能否幫我們框架一下那一塊？另外，當你談到你看到的 Agentic/CPU 類型的增量需求時，那會落在哪裡？那會落在你目前稱為 AI 雲端的那 10 億美元裡，還是會落在另外那大約 8 億美元、較傳統的部分？我們應該如何看待那邊的階梯式提升（step up）？

Well, a couple of things. When you see that content step up, this is where in this space, it blurs a lot, and it depends on where the customer is that's doing it, Joe. And I'm not trying to be cute but when you actually sit there, if the hyperscaler is doing it, we would put it more in the AI cloud number. If it was just somebody buying a server, it might be an enterprise type number. So we continue to get clouding on that due to how these architectures evolve.

嗯，有幾件事。當你看到內容量的階梯式提升時，在這個領域界線會變得很模糊，而且取決於是哪一位客戶在做，Joe。我不是想耍花樣，但當你真的坐下來看，如果是 hyperscaler 在做，我們會把它更多歸在 AI 雲端的數字裡。如果只是有人買一台伺服器，那可能會算在企業端的數字。所以因為這些架構如何演進，我們在這方面持續看到更多雲端化（clouding）。

And it's another reason why you're going to hear us talk much more at the DDN level as we go forward. But when you look at it, I talked about it just on the prior question, the growth in AI and cloud is the big momentum and growth driver. What you look at in the other areas, you do see people prioritizing to the AI workload. So while you do see some increase elsewhere, it's not as big of an increase as AI and cloud. In some cases, we actually see down a little bit as you have a shift of investment. But net-net, long term, both will be benefited as these architectures go forward. I just think we're in really early days to see it outside of the AI and cloud space.

這也是為什麼接下來你會聽到我們在 DDN 層級談得更多。但當你看這件事，我在上一題也提到，AI 與雲端的成長是最大的動能與成長驅動因素。至於其他領域，你確實會看到大家把優先順序放在 AI 工作負載上。所以雖然你會在其他地方看到一些增加，但增幅不如 AI 與雲端那麼大。在某些情況下，因為投資轉移，我們甚至看到略微下滑。但整體而言，長期來看，隨著這些架構往前推進，兩者都會受益。我只是認為現在還非常早期，除了 AI 與雲端領域之外，還不太看得到。

Asiya Merchant, Citi.

Asiya Merchant，花旗（Citi）。

Just a little bit, if you can clarify on the sequential order growth that you're seeing within the DDN and AI and cloud. I think the commentary was more year-to-date with orders up 70%. So just if you could clarify that in line with the content growth that you expect or one would expect as you see new architectures coming here, which tend to be more content intensive and should benefit TE.

想請你稍微澄清一下，你在 DDN 以及 AI 與雲端內看到的訂單環比成長。我想你們的評論比較偏向年初至今訂單成長 70%。所以如果你能澄清一下，並把它和你預期的內容量成長、或隨著新架構導入（通常內容量更高、應該有利於 TE）所帶來的影響對齊。

Yes. So when you look at it, we had very strong organic growth in bookings as you saw on that slide, you'll look at that. If you -- and I'm just trying to get a paper in front of me on a sequential basis, about half of that growth was due to DDN similar to the year-over-year. So we continue to get very strong growth momentum. And as I said, I think the real number is that 70% plus year-to-date bookings growth that we have. So it's very strong across as you look at it, but DDN played a very big role in that order growth in industrial in the quarter. Which was about half of our overall order growth sequentially.

是的。所以當你看，我們在接單（bookings）上有非常強勁的有機成長，你在那張投影片上也看到了。如果你——我只是想把手邊的資料拿出來——以環比來看，大約一半的成長來自 DDN，和年增的情況類似。所以我們持續看到非常強的成長動能。而且如我所說，我認為真正的數字是我們年初至今超過 70% 的接單成長。所以整體來看非常強，但 DDN 在本季工業領域的訂單成長中扮演了非常重要的角色。就環比而言，大約占我們整體訂單成長的一半。

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

謝謝你，Asiya。請下一個問題。

Steven Fox, Fox Advisors LLC.

Steven Fox，Fox Advisors LLC。

I was wondering if you could just go a little bit deeper on the acquisition you just announced. I'm not quite clear what's special about it. And as just as a related subject, does this mean, given what you've done recently in that tower space, does this mean you're more aggressive in that area? It seems like there's a lot of opportunity you guys build an even bigger business.

我想知道你是否可以再更深入談一下你們剛宣布的收購案。我不太清楚它特別之處在哪裡。另外作為相關問題，鑑於你們最近在 tower 那個領域的動作，這是否代表你們在那一塊更積極？看起來有很多機會讓你們把業務做得更大。

No, Steve, great question. And let me talk about it a little bit. And to your point, I know we get a lot of discussion around data, especially with DDN and where we do data connectivity in the vehicle, but we get excited about power and data. Because when you think about where we plan the architecture, somebody's making a semi choice, somebody is making a power supply choice and how does the architecture come together is always what we're looking at. So we look at both.

不，Steve，問得很好。我稍微談一下。就像你說的，我們在資料方面有很多討論，特別是 DDN，以及我們在車內做資料連接的部分，但我們對電力和資料都很興奮。因為當你思考我們如何規劃架構時，有人正在做半導體的選擇，有人正在做電源供應器的選擇，而架構如何整合在一起一直是我們在看的重點。所以我們兩者都看。

Even if you look at this year with RAM that we don't -- which in optical connectivity, that's data, this is a power play. And I'll ask Heath to talk about it. But when you look at what we announced Astrodyne TDI has a very good position both in power filters, which make sure you have quality power coming to applications as well as some custom power supplies. And we already have a very similar position that Astrodyne has in the power filter side. we've had something from a legacy perspective.

即使你看今年我們在 RAM 上做的——我們不——在光學連接上，那是資料，但這是一個電力的布局。我會請 Heath 來談。但當你看我們宣布的內容，Astrodyne TDI 在電力濾波器方面有非常好的地位，能確保高品質電力供應到各種應用，同時也有一些客製化電源供應器。而我們在電力濾波器這一端，其實也已經有和 Astrodyne 類似的布局，從傳統（legacy）的角度我們早就有相關產品。

We added to it with Schaffner and about 40% Astrodyne is in the filtering -- power filtering side. So this just continues to add to our position, which certainly is a great thing to have. On top of it, they do some custom power solutions that actually go into applications that we really like, like semiconductor equipment goes into the defense market as well as medical markets that we talk about.

我們透過 Schaffner 也把這塊做大了，而 Astrodyne 約有 40% 的業務在濾波——電源濾波這一側。因此，這會持續強化我們的布局，這當然是非常好的事情。此外，他們也提供一些客製化電源解決方案，實際應用在我們非常喜歡的領域，例如半導體設備，也延伸到我們提到的國防市場以及醫療市場。

So we're going to continue for those customers as they evolve their architecture being able to give a pretty robust power solution piece to them that we've given them, but it's going to expand it. And that really -- the custom piece expands our TAM. And we're very excited for this team to join TE later in our -- later this calendar year. And Heath, why don't you talk about some of the numbers?

因此，隨著這些客戶的架構演進，我們會持續支持他們，能夠提供我們已經交付給他們、相當強健的電源解決方案模組，但也會進一步擴大。而這——客製化這一塊會擴大我們的 TAM（可服務總市場）。我們非常期待這個團隊在今年稍晚——在本曆年稍晚加入 TE。Heath，你要不要談談一些數字？

Thanks. And Steve, I mentioned on the call that this business has been growing very nicely with a really nice trajectory going forward. And we calendarize it for our fiscal year, it's about $250 million in sales right now. As I mentioned in my prepared remarks, we paid about $1.4 billion that will be funded through cash. We expect it to close later this year.

謝謝。Steve，我在電話會議上提到，這項業務一直成長得非常好，且未來的成長軌跡也很漂亮。若按我們的會計年度換算，目前銷售額約為 2.5 億美元。如我在事先準備的發言中提到，我們支付約 14 億美元，將以現金資金支應。我們預期會在今年稍晚完成交割。

This business as it comes into TE and our Industrial segment, it will be accretive to our growth rates and our margins at both the TE level and the industrial level. So it's a really attractive business. On top of that, we do see the operational synergies, both in where they manufacture versus where we manufacture some opportunities there as well as some other things that we bring to the table in terms of the construct of the deal. So pretty excited about getting this one over. We just got to get it through the customer close process towards the end of this calendar year.

這項業務併入 TE 以及我們的工業事業群後，無論在 TE 整體層級或工業事業群層級，都將對我們的成長率與利潤率帶來增益（accretive）。因此，這是一項非常具吸引力的業務。此外，我們也看到營運協同效益，包括他們的製造地點相對於我們的製造地點所帶來的一些機會，以及我們在交易架構上能帶來的其他事項。所以我們對完成這筆交易相當興奮。我們只需要在本曆年年底前，完成客戶端的結案流程。

Manmohanpreet Singh, JPMorgan.

JPMorgan 的 Manmohanpreet Singh。

I just wanted to ask about the AI-specific revenues. Can you please provide an update on the updated guide for AI revenues relative to the past update of $2.4 billion. And also how to really think about AI linked or AI data center linked revenues within the Energy segment and now potentially also within the Astrodyne acquisition.

我想問一下 AI 相關的營收。能否請你更新一下 AI 營收的最新指引，相對於先前更新的 24 億美元？另外，該如何看待能源事業群中與 AI 連動、或與 AI 資料中心連動的營收，以及現在可能也會出現在 Astrodyne 併購案中的相關營收？

So a couple of things. First off being, as we said earlier, we expect DDN to be delivering on what we set 90 days ago. So it's fully as we expected. And it's going to continue, the AI revenues are going to continue to increase as a percentage of DDN based upon the strong backlog we have and the growth momentum going into '27. On the energy, as I mentioned a little bit earlier, about 20% of our energy business is benefiting from where you get data center build-out.

有幾點。首先，如我們先前所說，我們預期 DDN 會交付 90 天前我們所設定的目標。所以一切完全符合我們的預期。而且，基於我們強勁的在手訂單（backlog）以及邁向 '27 年的成長動能，AI 營收占 DDN 的比重將持續上升。在能源方面，如我稍早提到，我們約 20% 的能源業務受惠於資料中心的建置擴張。

So you do see that. You see that driving really nice growth in the energy business. And when you look at the acquisition we just talked about with Astrodyne on it gets the benefit really from where it plays into semiconductor equipment. Clearly, where you have the increased capacity going in, 4 chips that are all driven by AI. Clearly, that's a really good position they have and we will benefit from that -- through that position that they have, and we're going to build on.

所以你確實看得到這點。你也看得到它推動能源業務非常不錯的成長。而就我們剛談到的 Astrodyne 併購案而言，它的受益點主要來自其切入半導體設備的定位。很明顯地，當產能擴增、投入的晶片——這些都由 AI 驅動時，他們所處的位置非常有利，我們也會透過他們的這個定位受益，並在此基礎上持續深化。

Can we have the next question, please?

請問可以進行下一個問題嗎？

Joe Spak, UBS.

UBS 的 Joe Spak。

Terrence, at your Investor Day in late '25, you talked about that AI cloud being $3 billion in 2 years, it should be next year '27. You've raised your -- that number through this year and even in your commentary today that it's sort of in line with prior communications, it suggests like the annualized rate in fourth quarter is already at, if not above $3 billion. So I was wondering if you could help provide an update to that figure or maybe some context and sort of how you're thinking about that business over the coming years.

Terrence，在你們 '25 年底的投資人日，你提到 AI 雲端在 2 年內會達到 30 億美元，應該是在明年 '27 年。你們今年已經上調了那個數字，而且你今天的評論也表示大致符合先前的溝通，這似乎暗示第四季的年化水準已經達到、甚至高於 30 億美元。所以我想請你協助更新一下那個數字，或提供一些背景脈絡，並談談你們如何看待未來幾年的這項業務。

No. I think the things you said are right on, Joe, and let me give you context. And we said this last quarter, the $3 billion we laid out, we're ahead of. And that has continued to shift left, and that's how you should think about it. Even with the momentum we have in the orders we've laid out, DDN is going to be a very big growth driver into '27 again.

不。Joe，我認為你說的都很到位，我來提供一些脈絡。而且我們上季也說過，我們提出的 30 億美元目標，我們已經超前。而且這個時間點持續往前移（shift left），你應該用這樣的方式來理解。即便以我們已揭露的訂單動能來看，DDN 在邁向 '27 年的過程中仍會再次成為非常重要的成長驅動力。

And as well as the other units that we have from a growth perspective. So nothing has changed on that. $3 billion continues to shift left, and we'll be above that. And what's really good is the breadth of the growth we have, which includes DDN to really make sure we continue to compound the growth that we've had on top of the 15% we're going to deliver this year.

同時，從成長角度來看，我們還有其他事業單位也會貢獻。所以這方面沒有任何改變。30 億美元的達成時間點持續往前移，我們也會高於這個數字。而真正令人振奮的是我們成長的廣度，其中包含 DDN，能確保我們在今年將交付的 15% 成長之上，持續複利式地累積成長。

Colin Langan, Wells Fargo.

Wells Fargo 的 Colin Langan。

Great. Could you touch on the opportunity on 800-volt data centers, obviously, that sort of came up during the quarter. Does that -- any color on how much content that switch could add. And then any color on the competitive landscape. Does that change opening up some maybe new competitors? Obviously, you have the current data center market fairly locked up. But does that actually allow some new competitors to come in with that technology shift potentially coming in the next few years?

很好。能否談談 800 伏特資料中心的機會？顯然這在本季期間被提到。這樣的切換可能會增加多少內容價值（content），能否提供一些說明？另外也想請你談談競爭態勢。這是否會改變競爭格局、引入一些新的競爭者？顯然你們目前在資料中心市場的地位相當穩固。但這樣的技術轉換在未來幾年可能發生時，是否反而讓一些新競爭者有機會進入？

First off being, when you think about power -- and in our AI revenue, probably one-third of what we do in AI is power connectivity, whereas two-thirds is data connectivity. And when you sit there, you're going to continue to see as that power in flex up, it's going to create opportunity for us. So we have a very strong position in power we're already architecting with our customers around how does the data and power needs go together and when you were really talking at the rack. I don't see new entrants coming in because this is a simultaneous equation of trade-offs and constraints between the data and the power equation when you're at the rack. And our customers really like somebody that understands both the power chain and the signal chain.

首先，談到電力——在我們的 AI 營收中，大約三分之一來自電力連接（power connectivity），而三分之二來自資料連接（data connectivity）。而當你看到電力需求提升時，這會為我們創造機會。因此，我們在電力方面已經有非常強的布局，並且正與客戶一起進行架構設計，思考資料與電力需求如何整合，尤其是在機櫃（rack）層級。我不認為會有新進者進來，因為在機櫃層級，資料與電力之間是一個同時方程式，涉及取捨與限制條件。而我們的客戶非常喜歡能同時理解電力鏈（power chain）與訊號鏈（signal chain）的合作夥伴。

So when we look at it, we feel very fortunate that we can have discussions with them on the power chain that also considers the data chain, and that's an advantaged position. And we feel that you're going to continue to see outgrowth in that area as people move up the high-voltage architectures. Some people are playing with 800 volts, but there's a whole continuum of where people are making trade-offs. So I don't think it's one end game. And that's what's really great about what DDN is going through.

所以當我們看這件事時，我們覺得很幸運，能與他們就電力鏈進行討論，同時也把資料鏈納入考量，這是一個具優勢的位置。而且我們認為，隨著大家往更高電壓的架構演進，你會持續看到這個領域的超額成長（outgrowth）。有些人正在嘗試 800 伏特，但在各種取捨之間其實存在一整個連續光譜。所以我不認為只有單一的終局（end game）。而這正是 DDN 正在經歷的事情中非常棒的一點。

All of our customers are really experimenting in the architecture on different trade-offs to make sure they get to the lowest cost per token. We have to realize that's the ultimate end game that they're going to. And different customers have different paths that are trying to challenge. So when we look at it, that's going to be part of the growth momentum we have is what's happening on the power chain as you move up. And like I said, already a third of our business is related to the power connectivity side.

我們所有客戶都在架構上針對不同的取捨進行各種嘗試，以確保能把每個 token 的成本降到最低。我們必須認知到，那就是他們最終要達成的終局目標。而不同客戶有不同的路徑，並試圖在各自的方向上突破。因此我們在看這件事時，隨著你往上移動、電力鏈上正在發生的事情，將會成為我們成長動能的一部分。而且如我所說，我們的業務中已有三分之一與電力連接端相關。

William Stein, Truist Security.

William Stein，Truist Security。

Believe it or not, I'm going to get off the AI topic for a moment anyway. I'm hoping, Terrence, you can talk to us a little bit more about what's going on in defense. Our channel checks suggest that the strength in that end market has been unusual. And I'm hoping you can talk about new projects and backlog trends and perhaps component pricing as well in that end market?

信不信由你，我先暫時離開一下 AI 的話題。我希望 Terrence 你能再多跟我們談談國防領域目前的情況。我們的通路調查顯示，那個終端市場的強勁程度相當不尋常。我也希望你能談談新專案、在手訂單（backlog）趨勢，以及該終端市場的零組件定價等面向。

Sure, Will. Thanks for the question. Yes. And on Defense, I mean, let's face it. It is at a different inflection point due to some of the geopolitics in the world, and you all know that.

當然，Will。謝謝你的問題。是的。談到國防，坦白說，由於全球一些地緣政治因素，它正處於不同的拐點，而各位也都知道。

So I don't need to talk about that. But what we're also seeing -- we are seeing a velocity increase on programs due to what's going on. And it is also both very strong in Europe as well as in the US. So it's on both of those vectors that are very much driving the increased backlog. And even when we talk about the backlog position earlier, and we said it a quarter or so ago, backlog that we're having, some of the more significant builds are not only DDN, it's also in aerospace and defense.

所以我不需要再多談那些。但我們也看到——因為目前的情勢，專案推進速度正在加快。而且在歐洲與美國都非常強勁。因此，正是這兩個方向共同推動在手訂單增加。甚至我們先前談到在手訂單狀況時——大概一季左右前我們提過——我們看到一些更顯著的增量不僅來自 DDN，也來自航太與國防。

And especially on the defense side. So that inflection point and even when you look at what is budgeted for defense spending around the hardware side, which is where we would play is very important. It is also important when you think about when you get into UAVs and applications like that, come back to the data connectivity and the power connectivity is very important. And when you get things that are remotely controlled, that comes into very high-speed elements where the compute has actually happened real time, and we're benefiting from that.

尤其是在國防端。因此，這個拐點，以及當你看國防支出在硬體端的預算（也就是我們參與的領域）時，這點非常重要。同時，當你想到無人機（UAV）及這類應用時，回到資料連接與電力連接就變得非常重要。而當你進入遠端控制的情境時，就會涉及非常高速的元件，運算實際上是即時發生的，而我們也因此受益。

So we're on a breadth of programs the growth that we're having, the defense is growing faster than comm air right now, which is a little bit different than you would have thought about TE maybe 10 years ago. But that trend is a real secular trend that we don't see slowing down, and we continue to invest in capacity to make sure we can deliver for our customers.

因此，我們在多元專案上都有成長；目前國防的成長速度比商用航太更快，這與你可能對 TE 在大約 10 年前的印象有些不同。但這個趨勢是一個真正的長期結構性趨勢，我們看不到它放緩，並且我們持續投資產能，以確保能為客戶交付。

Shreyas Patil, Wolfe Research.

Shreyas Patil，Wolfe Research。

Terrence, maybe to put a finer point on some earlier questions. How much of the business today is tied optical in AI in areas such as transceivers. And then maybe away from that. I'm curious if you could talk a little bit about the incremental margins in the quarter look pretty strong at even as you're facing input cost inflation. And on my math, a little like the organic flow through next quarter appears pretty strong as well, so I'm just curious what's driving that.

Terrence，也許把先前一些問題再更精準地問一下。目前業務中有多少與 AI 的光學相關（例如收發器等領域）？另外先撇開那點不談，我想請你談談本季的增量毛利率看起來相當強勁，儘管你們正面臨投入成本通膨。而按我的計算，下季的有機成長流入（flow-through）看起來也相當強，所以我想了解是什麼在驅動。

Sure, Shreyas. Let me take the first piece. As I said earlier, when you think about optics today, we do have optical positions today that we have the element is we are not a major player in scale out, so when you think about scale out, which is almost all optical today, we have a limited position there. Where we typically are completely focused in the scale-up in the rack is where our focus has been and continues to be as we make the investments. Do you want to talk about the margin?

好的，Shreyas。我先回答第一部分。如我先前所說，談到目前的光學，我們確實在光學上有一些布局；但我們並不是 scale-out 的主要玩家，所以當你想到 scale-out——而那幾乎現在全都是光學——我們在那裡的布局有限。我們通常完全聚焦在機櫃內的 scale-up，這一直是、也將持續是我們投資的重點。你要談談毛利率嗎？

Sure. Shreyas, the -- we are running kind of where we would expect at these volume levels. So certainly, the heightened growth in industrial, you would expect to see 30-plus percent flow through for this type of volume. A given quarter, as I've said in the past, is not always the best measuring stick, but I would say the momentum is there, and you see it in our margin rates as those continue to improve both at the industrial segment as well as the Transportation segment that doesn't have quite the same market support that we're seeing in the industrial segment. But as we finish up the year, your fourth quarter question, as we ramp up the year, certainly, we've maintained that strong momentum.

當然。Shreyas——我們目前的表現大致符合我們在這些出貨量水準下的預期。因此，工業端的高成長，你會預期在這種出貨量下看到 30% 以上的流入率（flow-through）。我過去也說過，單一季度不一定是最好的衡量標準，但我會說動能確實存在，你也能從我們的毛利率中看到：工業事業群的毛利率持續改善，運輸事業群也在改善，雖然它沒有像工業端那樣獲得同等的市場支撐。但隨著我們完成本年度——你問到第四季——當我們在年度中持續拉升時，我們確實維持了強勁動能。

There's nothing that really changes that perspective on things. And quite honestly, as we jump into '27, we would expect the same kind of moment.

沒有任何事情會真正改變我們對這些事情的看法。而且坦白說，當我們進入 2027 年時，我們也會預期同樣類型的動能。

Can we have the next question, please?

請問可以進行下一個問題嗎？

There are no more questions in the queue. This therefore concludes our Q&A, and I will pass the call back for some closing remarks.

目前隊列中沒有更多問題。因此問答環節到此結束，我將把電話交回去做一些結語。

No. Thank you. I want to thank everybody for joining us this morning. And if you have any questions, please contact Investor Relations at TE. Thank you and have a nice day.

好的。謝謝。感謝各位今天早上參與。如果你有任何問題，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 TE Connectivity's website. That will conclude the conference for today.

今天的電話會議將於今日美東時間上午 11:30 起，在 TE Connectivity 官網的投資人關係頁面提供重播。今天的會議到此結束。