Amphenol（APH）— 2026-10-28 3Q26 法說會逐字稿（英文原文＋中譯）
日期：2026-10-28（美國東部時間下午，業績於當日早上發布） 逐字稿為 Amphenol earnings call 音檔 AI 轉寫，英文原文與中譯並列；專有名詞與數字以公司 press release／10-Q 為準。2026-09-03 起生效 2 比 1 股票分割，會上所有每股數據皆為分割後口徑。
校正紀錄
本檔為 AI 語音轉寫，落地前已校正下列轉寫誤植；未列出者為原文。Memo 區塊與 Transcript 區塊同步修正。 - 00:48:50 提問「growth in ID Datacom」→ IT Datacom（英文與中譯同步） - 中譯誤譯還原：「帝國電子」→ Empire Electronics（公司名）；「網絡規模超級計算機」→ 網路規模超大規模雲端業者（web-scale hyperscaler） - 財務四項交叉驗算：①部門 Communications 66 + Harsh Environment 20 + Interconnect and Sensor 16 ＝ 102 億美元 ✓；②終端市場占比 48 + 18 + 10 + 8 + 8 + 5 + 3 ＝ 100% ✓；③訂單 121.7 億 ÷ 營收 102 億 ＝ 1.19 ✓；④調整後 EPS 0.80 vs 去年 0.46 ＝ +74% ✓（GAAP 0.79、+61% ⇒ 去年約 0.49）；⑤4Q26 指引營收 103–105 億較去年同期 +60–63% ⇒ 4Q25 約 64.4 億，全年 369–371 億 − 4Q 指引 ⇒ 前三季約 266 億；⑥營運現金流 21 億 ＝ 淨利 102% ⇒ 淨利約 20.6 億，自由現金流 16 億 ＝ 80% ✓；總負債 179 億 − 現金及短投 53 億 ＝ 淨負債 126 億 ✓ - 保留原文未改：「Elcom」（00:43:50，疑為已收購公司名轉寫，無從判斷）；「AI, SI, or accelerated computing」（00:29:52，SI 疑為縮寫轉寫）；提問者 Giordano 被稱「John」；CEO 00:26:56 稱 CommScope「valued at $3.6 billion」依同段 41 億（交割時預期）與今年 51 億對照，應為預期營收規模而非交易對價，保留原話 - 本場於美東時間 2026-10-28 召開；會上稱「our third quarter 2026 results were released this morning」，故日期欄以 2026-10-28 為準
警語：此 Memo 和逐字稿為 AI 生成，可能因為音檔品質導致轉錄逐字稿有誤，或是 AI 曲解原意／幻覺導致 Memo 內容有誤，請以原始音檔為準。
Memo 亮點 • Amphenol 公佈 2026 年第三季創紀錄的銷售額達 102 億美元，GAAP 及調整後稀釋每股盈餘分別為 0.79 美元及 0.80 美元。銷售額年增 65%，季增 17%。訂單達創紀錄的 121.7 億美元，年增 99%，訂單出貨比為 1.19。 [CFO - 00:01:22] [CFO - 00:01:54] • 調整後營業利潤率達 29.7%，年增 220 個基點，營業利益約為 30 億美元。自由現金流為 16 億美元（佔淨利的 80%）。 [CFO - 00:02:21] [CFO - 00:05:04] • 董事會批准季度股利提高 20% 至每股 0.15 美元（自 2027 年 1 月起生效），並啟動一項新的 40 億美元三年股票回購計畫，將於 2027 年 1 月開始實施。 [CFO - 00:05:42] [CFO - 00:05:55] • 宣佈四項收購案：Empire Electronics（已完成）、AdvancedPCB、Dexgreen Limited 及 Humanetics Sensors（已簽署最終協議，預計於 2027 年第一季完成）。 [CEO - 00:09:39] [CEO - 00:10:32] • IT Datacom 佔第三季銷售額的 48%，年增 117%，有機成長 77%，主要受 AI 需求推動。AI 現佔 IT Datacom 銷售約 75%。 [CEO - 00:21:16] 營收 • 2026 年第三季銷售額為 102 億美元，年增 65%，季增 17%。有機成長年增 37%，季增 16%（根據語音資料推斷）。 [CFO - 00:01:22] • 事業部門分佈：通訊解決方案 66 億美元（年增 99%，有機成長 51%，利潤率 33.1%）、嚴苛環境解決方案 20 億美元（年增 35%，有機成長 29%，利潤率 30.1%）、互連與感測系統 16 億美元（年增 17%，有機成長 11%，利潤率 20%）。 [CFO - 00:03:35] 訂單 • 2026 年第三季訂單達創紀錄的 121.7 億美元，年增 99%，季增 13%，訂單出貨比為 1.19。除一個終端市場外，所有市場均呈現正向訂單出貨比。 [CFO - 00:01:54] 獲利 • 2026 年第三季 GAAP 及調整後營業利益均約為 30 億美元。調整後營業利潤率為 29.7%，年增 220 個基點，季減 10 個基點。調整後稀釋每股盈餘為 0.80 美元，年增 74%。 [CFO - 00:02:21] [CFO - 00:04:52] • 年增利潤率提升主要因銷售量增加帶來強勁營運槓桿，抵銷近期收購帶來的利潤率稀釋影響。季減利潤率則因第二季較大關稅回收利益所致。 [CFO - 00:02:45] 公司展望、未來成長動能 • 2026 年第四季指引：銷售額 103 至 105 億美元，調整後稀釋每股盈餘 0.81 至 0.83 美元。2026 年全年指引：銷售額 369 至 371 億美元，調整後稀釋每股盈餘 2.82 至 2.84 美元。此指引暗示約 60% 年增銷售成長及約 70% EPS 成長（根據語音資料推斷）。 [CEO - 00:23:36] • CommScope 預計 2026 年銷售額達 51 億美元，對調整後每股盈餘貢獻 0.18 美元。 [CEO - 00:24:53] 市場競爭策略 • Amphenol 的收購策略與整合能力被視為核心競爭優勢，具備成功識別、執行及整合收購案的能力。 [CEO - 00:12:19] [CEO - 00:12:22] 產品組合 • IT Datacom 佔第三季銷售 48%，主要由 AI 應用推動。防務佔 8%、商用航空 3%、工業 18%、汽車 10%、通訊網路 8%、行動裝置 5%。 [CEO - 00:13:10] 新產品／新技術 • AI 與資料中心應用推動高速、光纖及電力互連顯著成長。Humanetics Sensors 收購擴展光纖感測能力。 [CEO - 00:37:02] [CEO - 00:47:28] 成本毛利 • 2026 年第三季調整後營業利潤率為 29.7%。利潤率提升來自營運槓桿及嚴謹成本管理。收購案通常利潤率較低，但預期有機成長將持續推升利潤率。 [CFO - 00:34:07] 現金、現金流 • 2026 年第三季營運現金流為 21 億美元（佔淨利 102%），自由現金流為 16 億美元（佔淨利 80%）。季末總流動性為 83 億美元，其中現金及短期投資為 53 億美元。 [CFO - 00:05:04] 股利政策 • 董事會批准季度股利提高 20% 至每股 0.15 美元，自 2027 年 1 月起開始發放。 [CFO - 00:05:42] 股本、增資、可轉換債券、庫藏股 • 批准一項新的三年 40 億美元股票回購計畫，自 2027 年 1 月 1 日起生效。公司預計於 2026 年 12 月 31 日前完成現有計畫剩餘回購。 [CFO - 00:05:55] 長短期借款 • 截至 2026 年 9 月 30 日，總負債為 179 億美元，淨負債為 126 億美元。季末淨槓桿比率為 1.1 倍。 [CFO - 00:06:17] 擴廠規劃 • 宣佈四項收購：Empire Electronics（已完成，2026 年營收 3.2 億美元）、AdvancedPCB（2.7 億美元）、Dexgreen（0.9 億美元）、Humanetics Sensors（0.7 億美元）。這些收購擴大 Amphenol 在汽車、防務、工業及通訊市場的佈局。 [CEO - 00:09:39] 產業狀況 • 大多數終端市場需求強勁，尤其是 AI、防務、工業及行動裝置。通訊網路市場因寬頻需求疲軟導致有機銷售下滑，但收購案部分抵銷此衰退。 [CEO - 00:18:24] 產業供需 • 2026 年第三季訂單出貨比為 1.19，多數終端市場訂單強勁。客戶擴大訂單視野，反映出更高的確定性及延長的承諾期。 [CFO - 00:01:54] [CEO - 00:45:31] 地緣政治 • 在動盪的地緣政治環境下，全球各國加大對現有及次世代防務技術的投資，利好 Amphenol 的防務業務。 [CEO - 00:14:06] 同業 • CommScope 現為 Amphenol 一部分，儘管通訊網路需求略顯疲軟，仍執行良好。團隊已多元化供應基礎，並利用 Amphenol 資源進行長期佈局。 [CEO - 00:27:00] 存貨庫存 • 2026 年第三季存貨天數、應收帳款天數及應付帳款天數均維持在正常範圍內。 [CFO - 00:05:18] 原物料／關鍵零組件 • CommScope 在全球供應限制下，成功多元化供應基礎並確保所有必要材料（包括玻璃），有效支持客戶需求。 [CEO - 00:28:09] 關稅 • 調整後營業利潤率季減主要因第二季關稅回收利益較大所致。 [CFO - 00:02:57] 營業利益 • 2026 年第三季 GAAP 及調整後營業利益均約為 30 億美元。 [CFO - 00:02:21] 稅率 • 2026 年第三季 GAAP 實際稅率為 27.4%；調整後有效稅率為 27%，相較 2025 年第三季分別為 23.5% 及 27%。 [CFO - 00:04:14] Transcript Presentation Operator - Operator
(00:00:02)Hello, and welcome to the third quarter 2026 earnings conference call for Amphenol Corporation. Following today's presentation, there will be a formal question-and-answer session. Until then, all lines will remain in listen-only mode. At the request of the company, today's call is being recorded. If anyone has any objections, you may disconnect at this time. I would now like to introduce today's conference host, Mr. Craig Lampo. Sir, you may begin.
(00:00:02)大家好，歡迎參加安費諾公司 2026 年第三季度的財報電話會議。在今天的簡報之後，將會有正式的問答環節。在此之前，所有線路將保持在僅聽模式。應公司的要求，今天的通話將被錄音。如果有人有任何異議，您可以在此時斷開連接。現在我想介紹今天的會議主持人，克雷格·蘭波先生。請開始。
Craig Lampo - Amphenol, CFO
(00:00:32)Thank you very much. Good afternoon, everyone. This is Craig Lampo, Amphenol CFO, and I am here with Adam Norwitt, our Chairman and CEO. We would like to welcome you to our third quarter 2026 conference call. Our third quarter 2026 results were released this morning. I will provide some financial commentary, and then Adam will give an overview of the business and current market trends. Then we will take your questions. As a reminder, during the call, we may refer to certain non-GAAP financial measures and make forward-looking statements; please refer to the relevant disclosures in our press release for further information.
(00:00:32)非常感謝。大家下午好。我是克雷格·蘭波，安費諾的首席財務官，今天我和我們的董事長兼首席執行官亞當·諾維特在一起。我們歡迎您參加我們 2026 年第三季度的電話會議。我們的 2026 年第三季度業績今早已經發布。我將提供一些財務評論，然後亞當將對業務和當前市場趨勢進行概述。然後我們將回答您的問題。提醒一下，在通話期間，我們可能會提到某些非公認會計原則的財務指標並發表前瞻性聲明；請參考我們新聞稿中的相關披露以獲取更多信息。
Craig Lampo - Amphenol, CFO
(00:01:09)In addition, as a result of our recently announced two-for-one stock split, effective September 3rd, 2026, all share and per-share data discussed on this earnings call will reflect that split. The company closed the third quarter of 2026 with record sales of $10.2 billion and GAAP and adjusted diluted EPS of 79 cents and 80 cents, respectively. Third quarter sales were up 65% in U.S. dollars and in local currencies, and 37% organically compared to the third quarter of 2025. Sequentially, sales were up 17% in U.S.
(00:01:09)此外，由於我們最近宣佈的二比一股票拆分，將於 2026 年 9 月 3 日生效，本次財報電話會議中討論的所有股份和每股數據將反映該拆分。公司在 2026 年第三季度以 102 億美元的創紀錄銷售額結束，GAAP 和調整後的稀釋每股收益分別為 79 美分和 80 美分。第三季度的銷售額在美國上升了 65%。以當地貨幣計算，與 2025 年第三季度相比，增長了 37%。按季度計算，銷售額在美國上升了 17%。
Craig Lampo - Amphenol, CFO
(00:01:45)dollars and in local currencies, and up 16% organically. Adam will comment further on trends by market in a few minutes. Orders in the quarter were a record $12.17 billion, up a strong 99% compared to the third quarter of 2025 and up 13% sequentially, resulting in another very strong book-to-bill ratio of 1.19 to 1. This impressive book-to-bill was driven by robust bookings in most of our end markets, with positive book-to-bill in all but one of our end markets this quarter. GAAP and adjusted operating income were both approximately $3 billion in the quarter, and GAAP and adjusted operating margins were 29.5% and 29.7%, respectively.
(00:01:45)以當地貨幣計算，增長了 16%，有機增長也上升了。亞當將在幾分鐘內進一步評論各市場的趨勢。本季度的訂單創下了 121.7 億美元的紀錄，與 2025 年第三季度相比增長了 99%，按季度增長了 13%，導致再次出現非常強勁的訂單與出貨比率為 1.19 比 1。這一令人印象深刻的訂單與出貨比率是由於我們大多數終端市場的強勁訂單推動的，本季度除了其中一個終端市場外，所有終端市場均實現了正的訂單與出貨比率。本季度的 GAAP 和調整後的營業收入均約為 30 億美元，GAAP 和調整後的營業利潤率分別為 29.5% 和 29.7%。
Craig Lampo - Amphenol, CFO
(00:02:33)On an adjusted basis, operating margin increased by a strong 220 basis points from the third quarter of the prior year and declined a modest 10 basis points sequentially. The year-over-year increase in adjusted operating margin was primarily driven by robust operating leverage on significantly higher sales volumes, which more than offset the margin-dilutive impact of recent acquisitions. On a sequential basis, the slight decrease in adjusted operating margin was driven by a meaningfully larger benefit from tariff recoveries in the second quarter.
(00:02:33)在調整後的基礎上，營業利潤率較去年第三季度增長了 220 個基點，按季度輕微下降了 10 個基點。調整後的營業利潤率的同比增長主要是由於在銷售量大幅上升的情況下，強勁的營運槓桿效應，這超過了最近收購對利潤率的稀釋影響。按季度計算，調整後的營業利潤率的輕微下降是由於第二季度關稅回收的顯著好處。排除這些好處後，我們的調整後營業利潤率改善了約 70 個基點，反映出在較高銷售水平上的強勁轉換，以及最近收購的盈利能力改善的持續進展，特別是 CommScope。
Craig Lampo - Amphenol, CFO
(00:03:07)Excluding these benefits, our adjusted operating margin improved by approximately 70 basis points, reflecting strong conversion on higher sales levels, as well as continued progress on profitability improvement at recent acquisitions, particularly CommScope. I am very proud of the company's operating margin performance in the third quarter, which reflects continued strong execution by our team. Breaking down third quarter results by segment, compared to the third quarter of 2025, sales in the Communications Solutions segment were $6.6 billion, an increase of 99% in U.S.
(00:03:07)我對公司在第三季度的營業利潤率表現感到非常自豪，這反映了我們團隊持續強勁的執行力。按部門劃分第三季度的業績，與 2025 年第三季度相比，通訊解決方案部門的銷售額為 66 億美元，在美國增長了 99%。以當地貨幣計算，增長了 51%，該部門的營業利潤率為 33.1%。
Craig Lampo - Amphenol, CFO
(00:03:45)dollars and 51% organically, with a segment operating margin of 33.1%. Sales in the Harsh Environment Solutions segment were $2 billion, up 35% in U.S. dollars and 29% organically, with a segment operating margin of 30.1%. Sales in the Interconnect and Sensor Systems segment were $1.6 billion, increased by 17% in U.S. dollars and 11% organically, with a segment operating margin of 20%. The company's GAAP effective tax rate for the third quarter was 27.4%, and the adjusted effective tax rate was 27%, compared to 23.5% and 27% in the third quarter of 2025, respectively.
(00:03:45)嚴苛環境解決方案部門的銷售額為 20 億美元，在美國增長了 35%。以當地貨幣計算，增長了 29%，該部門的營業利潤率為 30.1%。互連和傳感器系統部門的銷售額為 16 億美元，在美國增長了 17%。以當地貨幣計算，增長了 11%，該部門的營業利潤率為 20%。公司第三季度的 GAAP 有效稅率為 27.4%，調整後的有效稅率為 27%，而 2025 年第三季度分別為 23.5% 和 27%。按照我們的慣例，我們的調整後稅率不包括稅務有效的收購相關成本、股票期權補償的超額稅收利益以及其他離散稅項。
Craig Lampo - Amphenol, CFO
(00:04:31)As is our typical practice, our adjusted tax rate excludes tax-effective acquisition-related costs, the excess tax benefit from stock option compensation, and other discrete tax items. GAAP diluted EPS was a record 79 cents in the third quarter, up 61% compared to the prior year period. On an adjusted basis, diluted EPS was a record 80 cents, an increase of 74% compared to 46 cents in the third quarter of 2025. This was an outstanding result. Operating cash flow in the third quarter was $2.1 billion, or 102% of net income, and free cash flow was $1.6 billion, or 80% of net income.
(00:04:31)GAAP 稀釋每股收益在第三季度創下 79 美分的紀錄，較去年同期增長了 61%。在調整後的基礎上，稀釋每股收益創下 80 美分的紀錄，較 2025 年第三季度的 46 美分增長了 74%。這是一個卓越的結果。第三季度的營業現金流為 21 億美元，或佔淨收入的 102%，自由現金流為 16 億美元，或佔淨收入的 80%。考慮到我們所經歷的增長，這是一個優秀的結果。
Craig Lampo - Amphenol, CFO
(00:05:14)An excellent result considering the growth we have experienced. From a working capital standpoint, inventory days, days sales outstanding, and payable days were all within our normal ranges. During the quarter, the company repurchased 3 million shares of common stock at an average price of approximately $81, and combined with our normal quarterly dividend, total capital returned to shareholders in the third quarter of 2026 was approximately $553 million. As noted in the earnings release, the Board of Directors approved a 20% increase to the company's quarterly dividend, raising it to 15 cents per share, effective for payments beginning in January 2027.
(00:05:14)從營運資本的角度來看，庫存天數、應收帳款天數和應付帳款天數均在我們的正常範圍內。在本季度，公司回購了 300 萬股普通股，平均價格約為 81 美元，並結合我們正常的季度股息，2026 年第三季度返還給股東的總資本約為 5.53 億美元。如財報中所述，董事會批准將公司的季度股息提高 20%，將其提高至每股 15 美分，從 2027 年 1 月開始支付。同樣在財報中提到，公司的董事會批准了一項新的三年期 40 億美元的股票回購計劃，將於 2027 年 1 月 1 日生效。
Craig Lampo - Amphenol, CFO
(00:05:55)Also noted in the earnings release, the company's Board of Directors approved a new three-year, $4 billion stock repurchase plan, effective January 1st, 2027. The company expects to complete the remaining purchases under the existing stock repurchase plan by December 31, 2026. Total debt as of September 30 was $17.9 billion, with net debt at $12.6 billion. Total liquidity at the end of the third quarter was $8.3 billion, including $5.3 billion in cash and short-term investments, plus availability under existing credit facilities.
(00:05:55)感謝大家的參與。公司預計在 2026 年 12 月 31 日之前完成現有股票回購計劃下的剩餘購買。截至 9 月 30 日的總負債為 179 億美元，淨負債為 126 億美元。第三季度末的總流動性為 83 億美元，包括 53 億美元的現金和短期投資，以及現有信貸設施的可用性。
Craig Lampo - Amphenol, CFO
(00:06:37)Third quarter 2026 adjusted EBITDA was $3.4 billion, and our net leverage ratio stood at 1.1 times at quarter-end. We are very pleased with the company's strong financial position. I will now turn the call over to Adam. He will provide some commentary on current market trends.
(00:06:37)2026 年第三季度的調整後 EBITDA 為 34 億美元，季度末的淨槓桿比率為 1.1 倍。我們對公司的強大財務狀況感到非常滿意。現在我將把電話轉交給亞當。他將對當前市場趨勢提供一些評論。
Adam Norwitt - Amphenol, CEO
(00:06:56)Well, thank you very much, Craig. I'd like to extend a warm welcome to everyone on the call today. I hope you are enjoying the fall season. Here in Wallingford, Connecticut, we are experiencing a truly beautiful New England fall day. As Craig mentioned, I will highlight our third quarter achievements and comment on the acquisitions announced today. I will also discuss trends and progress across our served markets and provide outlook commentary for the fourth quarter and full year 2026. Of course, we will have time for questions afterward.
(00:06:56)好的，非常感謝你，克雷格。我想對今天通話的每一位表示熱烈的歡迎。希望你們享受這個秋季。在康涅狄格州的沃林福德，我們正在經歷一個真正美麗的新英格蘭秋日。正如克雷格提到的，我將重點介紹我們第三季度的成就並評論今天宣佈的收購。我還將討論我們服務市場的趨勢和進展，並提供對 2026 年第四季度和全年的展望評論。當然，我們之後會有時間回答問題。
Adam Norwitt - Amphenol, CEO
(00:07:31)Regarding the third quarter, I am very proud of our team. They delivered truly excellent performance once again this quarter. Our results were significantly stronger than expected. We exceeded the high end of guidance in both sales and adjusted diluted earnings per share. Our sales grew 65% year-over-year in U.S. dollars and local currencies, reaching a new record of $10.2 billion. On an organic basis, sales increased 37%, driven by strong growth of over 20% in five of our seven end markets. I will discuss each of those markets shortly.
(00:07:31)關於第三季度，我對我們的團隊感到非常自豪。他們在本季度再次交出了真正卓越的表現。我們的結果顯著強於預期。我們在銷售和調整後的稀釋每股收益方面都超過了指導的高端。我們的銷售額以美元和當地貨幣計算同比增長 65%，達到 102 億美元的新紀錄。在有機基礎上，銷售增長了 37%，五個我們的七個終端市場的增長超過 20%。我將很快討論這些市場。
Adam Norwitt - Amphenol, CEO
(00:08:09)The company booked a record $12.2 billion in orders during the third quarter, representing a book-to-bill ratio of 1.19 to 1. Orders essentially doubled from the prior year and increased 13% sequentially. As Craig noted, our book-to-bill was positive in nearly all end markets. We are also pleased to have delivered robust adjusted operating margins of 29.7% this quarter, up 220 basis points from last year. This strong profitability reflects the outstanding execution by the Amphenol team worldwide, managing well in a challenging cost environment.
(00:08:09)公司在第三季度創下了 122 億美元的訂單紀錄，訂單與發票比率為 1.19 比 1。訂單幾乎是去年同期的兩倍，環比增長 13%。正如克雷格所提到的，我們的訂單與發票比率在幾乎所有終端市場都是正數。我們也很高興在本季度交出了 29.7% 的強勁調整後營運利潤率，比去年提高了 220 個基點。這一強勁的盈利能力反映了安費諾團隊在全球的卓越執行，能夠在挑戰性的成本環境中良好管理。
Adam Norwitt - Amphenol, CEO
(00:08:44)Adjusted diluted EPS grew 74% year-over-year, reaching a new record of $0.80 per share. We generated record operating and free cash flow of $2.1 billion and $1.6 billion, respectively, in the quarter. This is another clear demonstration of the quality of the company's earnings. Finally, I am pleased that our Board of Directors approved a 20% increase in quarterly dividends to 15 cents per share, along with a new $4 billion, three-year stock repurchase program. I cannot emphasize enough my pride in and gratitude to the Amphenol team worldwide.
(00:08:44)調整後的稀釋每股收益同比增長 74%，達到每股 0.80 美元的新紀錄。我們在本季度創造了 21 億美元和 16 億美元的紀錄營運和自由現金流。這再次清楚地展示了公司盈利的質量。最後，我很高興我們的董事會批准將季度股息提高 20% 至每股 15 美分，並啟動一項新的 40 億美元、為期三年的股票回購計劃。我無法足夠強調我對安費諾全球團隊的驕傲和感激。
Adam Norwitt - Amphenol, CEO
(00:09:29)Our results this quarter reaffirm the value of the drive, discipline, and agility of our entrepreneurial organization as we continue to perform well in a dynamic environment. We are also pleased to announce four acquisitions this quarter: one closed during the quarter and three signed definitive agreements expected to close by the end of the first quarter. First, we closed the acquisition of Empire Electronics at the beginning of September. Empire Electronics is expected to generate approximately $320 million in full-year 2026 revenue and is a leading manufacturer of complex interconnect assemblies for the automotive market, focusing on automotive lighting applications.
(00:09:29)我們本季度的結果重申了我們的驅動力、紀律和靈活性，作為一家企業組織，我們在動態環境中持續表現良好。我們也很高興在本季度宣佈四項收購：一項在季度內完成，三項簽署了預定協議，預計在第一季度末完成。首先，我們在九月初完成了對Empire Electronics的收購。Empire Electronics預計在 2026 年全年產生約 3.2 億美元的收入，是汽車市場複雜互連組件的領先製造商，專注於汽車照明應用。
Adam Norwitt - Amphenol, CEO
(00:10:10)The company is headquartered in Michigan and employs approximately 4,800 people worldwide. This company is included in our Interconnect and Sensor Systems segment. We also signed definitive agreements to acquire AdvancedPCB, Dexgreen Limited, and Humanetics Sensors. AdvancedPCB is a U.S.-based manufacturer of high-technology printed circuit boards serving the defense and industrial markets. The company is headquartered in Colorado and expects full-year sales of approximately $270 million this year. AdvancedPCB has about 800 employees across six U.S. facilities.
(00:10:10)該公司總部位於密歇根州，全球僱用約 4800 名員工。該公司被納入我們的互連和傳感器系統部門。我們還簽署了收購 AdvancedPCB、Dexgreen Limited 和 Humanetics Sensors 的最終協議。AdvancedPCB 是一家美國製造商，專注於為國防和工業市場提供高科技印刷電路板。該公司總部位於科羅拉多州，預計今年的全年銷售約為 2.7 億美元。AdvancedPCB 在美國六個設施中擁有約 800 名員工。
Adam Norwitt - Amphenol, CEO
(00:11:04)It will be included in our Harsh Environment Solutions segment after closing. Next, Dexgreen is an Ireland-based provider of fiber optic connectivity products, primarily for European fiber-to-home applications. Dexgreen operates in the communications network market. With approximately 100 employees, Dexgreen is expected to generate about $90 million in full-year 2026 sales and will be included in the Communications Solutions segment post-closing. Finally, Humanetics Sensors is a leading provider of precision force sensors, specialty fiber-optic sensing products, and micro-machining solutions for the commercial, air defense, and industrial markets.
(00:11:04)完成後，它將被納入我們的惡劣環境解決方案部門。接下來，Dexgreen 是一家位於愛爾蘭的光纖連接產品供應商，主要用於歐洲的光纖到戶應用。Dexgreen 在通信網絡市場運營。Dexgreen 擁有約 100 名員工，預計在 2026 年全年產生約 9000 萬美元的銷售，並將在完成後納入通信解決方案部門。最後，Humanetics Sensors 是一家領先的精密力傳感器、專業光纖傳感產品和微加工解決方案供應商，服務於商業、空防和工業市場。
Adam Norwitt - Amphenol, CEO
(00:11:41)The company employs approximately 350 people and expects full-year 2026 sales of about $70 million. Humanetics Sensors will be included in our Interconnect and Sensor Systems segment after closing. This acquisition strengthens our position in the interconnect and sensor systems market. I must say, our team was very busy this quarter, but we remain confident that our acquisition program will continue to create significant value for the company. Our ability to identify and execute acquisitions And, very importantly, to successfully integrate these new companies into Amphenol remains a core competitive advantage for us.
(00:11:41)該公司僱用約 350 名員工，預計在 2026 年全年銷售約 7000 萬美元。Humanetics Sensors 在完成後將被納入我們的互連和傳感器系統部門。此次收購加強了我們在互連和傳感器系統市場的地位。我必須說，我們的團隊在這個季度非常忙碌，但我們仍然對我們的收購計劃能夠持續為公司創造顯著價值充滿信心。我們識別和執行收購的能力而且，非常重要的是，成功將這些新公司整合進入安費諾仍然是我們的核心競爭優勢。
Adam Norwitt - Amphenol, CEO
(00:12:33)Now, turning to our served markets, I want to reiterate how proud we are of Amphenol's broad and balanced end-market exposure. Our diverse presence across the electronics industry enables us to participate in all areas of the global electronics market, each representing significant future opportunities for expansion. We remain committed to broadening our portfolio across markets, geographies, customers, applications, and products, building on the company's momentum to further strengthen Amphenol's position well into the future.
(00:12:33)現在，轉向我們所服務的市場，我想重申我們對安費諾廣泛且平衡的終端市場曝光感到自豪。我們在電子行業的多元化存在使我們能夠參與全球電子市場的所有領域，每一個領域都代表著未來擴張的重要機會。我們仍然致力於在市場、地理、客戶、應用和產品上擴大我們的產品組合，基於公司的動能進一步加強安費諾在未來的地位。
Adam Norwitt - Amphenol, CEO
(00:13:10)That said, the defense market represented 8% of our sales this quarter, with sales growing 42% in U.S. dollars from the prior year, and 30% organically. This growth was driven by robust demand across virtually all segments of the defense market. Sequentially, our sales increased by 12%, largely in line with our expectations entering the quarter. Looking ahead to the fourth quarter, we expect a mid-single-digit increase in sales from third-quarter levels. For the full year 2026, we anticipate sales growth exceeding 35%, primarily driven by strong organic growth and the benefits of acquisitions.
(00:13:10)話雖如此，國防市場在本季度佔我們銷售的 8%，銷售額以美元計算較去年增長 42%，有機增長為 30%。這一增長是由於國防市場幾乎所有細分市場的強勁需求推動的。按季度計算，我們的銷售額增長了 12%，基本符合我們進入本季度的預期。展望第四季度，我們預計銷售額將比第三季度水平增長中單位數。對於 2026 年全年，我們預計銷售增長將超過 35%，主要受到強勁的有機增長和收購帶來的好處推動。
Adam Norwitt - Amphenol, CEO
(00:13:53)We remain very encouraged by the company's leading position in the defense interconnect market, offering the industry's widest range of high-technology products to both traditional and new defense equipment manufacturers. Amid the current dynamic geopolitical environment, countries worldwide are increasing investments in both current and next-generation defense technologies. With our expanded product offering and significant capacity expansions in recent years, we are better positioned than ever to capitalize on this long-term demand trend.
(00:13:53)我們對公司在國防互連市場的領先地位感到非常鼓舞，為傳統和新興國防設備製造商提供行業最廣泛的高科技產品。在當前動態的地緣政治環境中，世界各國正在增加對當前和下一代國防技術的投資。隨著我們擴大產品供應和近年來顯著擴大產能，我們比以往任何時候都更好地定位於利用這一長期需求趨勢。
Adam Norwitt - Amphenol, CEO
(00:14:29)The commercial air market represented 3% of our sales this quarter. Sales increased 23% from the prior year and 22% organically, benefiting from rising aircraft production volumes and continued progress in expanding our content on next-generation commercial aircraft. Sequentially, sales grew 9% from the second quarter, exceeding our expectations entering the quarter. Looking into the fourth quarter, we expect sales to remain at these strong third-quarter levels, and for the full year 2026, we anticipate approximately 20% sales growth.
(00:14:29)商業航空市場在本季度佔我們銷售的 3%。銷售額較去年增長 23%，有機增長 22%，受益於飛機生產量的上升和我們在下一代商業飛機上擴大內容的持續進展。按季度計算，銷售額較第二季度增長 9%，超出我們進入本季度的預期。展望第四季度，我們預計銷售將保持在這些強勁的第三季度水平，對於 2026 年全年，我們預計約 20% 的銷售增長。
Adam Norwitt - Amphenol, CEO
(00:15:09)I am truly proud of our team working in the commercial air market. With ongoing growth in demand for next-generation aircraft, our efforts to expand our product offering both organically and through acquisitions continue to deliver strong results. We look forward to further capitalizing on our expanded range of product solutions for the commercial air market well into the future. The industrial market represented 18% of our sales this quarter. Sales in this market grew 60% in U.S. dollars, and 25% organically, driven by strong demand across the diversified industrial market and the addition of CommScope's building connectivity business.
(00:15:09)我對我們在商業航空市場工作的團隊感到非常自豪。隨著對下一代飛機需求的持續增長，我們有機和通過收購擴大產品供應的努力繼續帶來強勁的成果。我們期待在未來繼續利用我們擴大範圍的商業航空市場產品解決方案。工業市場在本季度佔我們銷售的 18%。該市場的銷售額以美元計算增長了 60%，有機增長為 25%，這是由於多元化工業市場的強勁需求以及 CommScope 的建築連接業務的加入。
Adam Norwitt - Amphenol, CEO
(00:15:53)On an organic basis, virtually all industrial submarkets grew this quarter, with all three geographies showing strong growth. Sequentially, sales increased 7% from the second quarter, exceeding our expectations. Looking into the fourth quarter, we expect sales to moderate somewhat from these robust third-quarter levels. For the full year 2026, we now expect sales growth of more than 50%, reflecting strong organic growth and acquisition benefits. We are very excited about the company's strength across the many diversified segments of this important market.
(00:15:53)在有機基礎上，幾乎所有工業子市場在本季度均有所增長，所有三個地區均顯示出強勁增長。按季度計算，銷售額較第二季度增長了 7%，超出我們的預期。展望第四季度，我們預計銷售將從這些強勁的第三季度水平稍微減少。對於 2026 年全年，我們現在預計銷售增長將超過 50%，反映出強勁的有機增長和收購帶來的好處。我們對公司在這個重要市場的多元化細分市場中的實力感到非常興奮。
Adam Norwitt - Amphenol, CEO
(00:16:36)I remain confident in our strategy to expand our high-technology interconnect, antenna, and sensor offerings both organically and through complementary acquisitions. This strategy has enabled Amphenol to capitalize on the many electronic revolutions occurring across the diversified industrial market, creating further opportunities for our outstanding team. The automotive market represented 10% of our sales this quarter, growing 13% in U.S. dollars and 9% organically. This growth was driven primarily by strength in electric vehicles, as we achieved growth across all regions.
(00:16:36)我對我們的策略充滿信心，該策略旨在有機地和通過互補收購擴大我們的高科技互連、天線和傳感器產品。這一策略使安費諾能夠利用多元化工業市場中發生的許多電子革命，為我們出色的團隊創造進一步的機會。汽車市場在本季度佔我們銷售的 10%，以美元計算增長了 13%，有機增長為 9%。這一增長主要是由於電動車的強勁需求，我們在所有地區均實現了增長。
Adam Norwitt - Amphenol, CEO
(00:17:18)Sequentially, sales grew 12% from the second quarter, exceeding our expectations and reflecting our team's ability to quickly execute on various opportunities. This growth also included some impact from the addition of Empire late in the quarter. For the fourth quarter, we expect a slight moderation in sales from third-quarter levels. For the full year 2026, we anticipate sales growth in the 10% range compared to the prior year. I remain very proud of our team working in the global automotive market.
(00:17:18)按季度計算，銷售額較第二季度增長了 12%，超出我們的預期，反映出我們團隊快速執行各種機會的能力。這一增長還包括在季度末收購 Empire 所帶來的一些影響。對於第四季度，我們預計銷售將從第三季度水平略微減少。對於 2026 年全年，我們預計銷售增長將在 10% 左右，與去年相比。我對我們在全球汽車市場工作的團隊感到非常自豪。
Adam Norwitt - Amphenol, CEO
(00:17:52)With the acquisition of Empire, we have broadened our portfolio once again, particularly around value-added interconnect products for this important market. While there are pockets of demand uncertainty across the automotive market, our team remains focused on driving new design wins with customers increasing the content of electronics in their next-generation vehicles. We look forward to benefiting from our strength and position in the automotive market for many years to come. The communications networks market represented 8% of our sales this quarter.
(00:17:52)隨著收購 Empire，我們再次擴大了我們的產品組合，特別是在這個重要市場的增值互連產品方面。雖然汽車市場存在需求不確定性的區域，但我們的團隊仍然專注於推動與客戶的設計贏得，增加他們下一代車輛中的電子內容。我們期待在未來的多年裡受益於我們在汽車市場的實力和地位。通信網絡市場在本季度佔我們銷售的 8%。
Adam Norwitt - Amphenol, CEO
(00:18:30)Sales grew 25% in U.S. dollars from the prior year. Dollars, driven by the addition of CommScope. On an organic basis, sales declined by 28 percent from the prior year, primarily due to moderations in demand from the broadband market and other communication network operators. Sequentially, our sales declined by 13%, which was in line with our expectations. Looking to the fourth quarter, we expect a further decline in sales from third-quarter levels due to continued softness in spending, particularly in broadband.
(00:18:30)銷售額較去年增長了 25%。美元，主要受到 CommScope 的併購推動。在有機基礎上，銷售額較去年下降了 28%，主要是因為寬頻市場和其他通信網絡運營商的需求減弱。按季度計算，我們的銷售額下降了 13%，這與我們的預期一致。展望第四季度，我們預計銷售額將進一步下降，因為支出持續疲軟，特別是在寬頻領域。
Adam Norwitt - Amphenol, CEO
(00:19:08)For the full year 2026, we anticipate sales growth of more than 40%, driven by the CommScope acquisition, partially offset by some organic declines. With our expanded technology offerings following the acquisitions of both CommScope and Andrew, we are well positioned with both service provider and OEM customers across the communications networks market. Our broad range of products, coupled with our global manufacturing footprint, positions us well to support customers worldwide as they expand their networks.
(00:19:08)對於 2026 年全年，我們預計銷售增長超過 40%，主要受到 CommScope 併購的推動，部分被一些有機下降所抵消。隨著我們在收購 CommScope 和 Andrew 後擴展的技術產品，我們在通信網絡市場的服務提供商和 OEM 客戶中處於良好位置。我們的產品範圍廣泛，加上全球製造能力，使我們能夠支持全球客戶擴展其網絡。
Adam Norwitt - Amphenol, CEO
(00:19:47)The mobile devices market represented 5% of our sales in the quarter, and we were pleased that our sales grew strongly by 31% in U.S. dollars. And 29% organically. This growth was driven by wearables, handsets, laptops, and accessories, which more than offset a modest decline in tablet sales. Sequentially, our sales grew by 32%. This performance exceeded our expectations entering the quarter, as we reacted quickly to support incremental demand from several customers. Looking to the fourth quarter, we now expect sales to increase by approximately 35% from third-quarter levels.
(00:19:47)移動設備市場在本季度佔我們銷售的 5%，我們很高興我們的銷售額以 31% 的速度強勁增長。而且有機增長為 29%。這一增長主要受到可穿戴設備、手機、筆記本電腦和配件的推動，這些增長超過了平板電腦銷售的輕微下降。按季度計算，我們的銷售增長了 32%。這一表現超出了我們進入本季度時的預期，因為我們迅速反應以支持幾位客戶的增量需求。展望第四季度，我們現在預計銷售額將比第三季度增長約 35%。
Adam Norwitt - Amphenol, CEO
(00:20:35)For the full year 2026, we anticipate robust sales growth of more than 30% compared to the prior year. I am extremely proud of our team in the dynamic mobile devices market; their agility and responsiveness have enabled us to outperform expectations and capitalize on increased customer demand. With our leading array of antennas, interconnect products, and advanced mechanisms, including hinges, designed across a broad range of next-generation mobile devices, we are well positioned for the long term.
(00:20:35)對於 2026 年全年，我們預計銷售增長將超過 30%，與去年相比。我對我們在動態移動設備市場的團隊感到非常自豪；他們的靈活性和反應能力使我們能夠超越預期，抓住客戶需求的增長。憑藉我們領先的天線、互連產品和先進機構（包括設計於各種下一代移動設備中的鉸鏈），我們在長期內處於良好位置。
Adam Norwitt - Amphenol, CEO
(00:21:16)The IT Datacom market represented 48% of our sales in the third quarter. Sales in this key market grew by a very strong 117% in U.S. dollars and 77% organically. This growth was driven by accelerating demand for our products used in artificial intelligence applications, along with continued strong demand in our base IT Datacom business. Sequentially, sales increased by 30% from the second quarter, substantially exceeding our expectation of a mid-teens increase. The vast majority of our sequential growth was related to AI, which now represents approximately three quarters of our IT Datacom sales.
(00:21:16)IT Datacom 市場在第三季度佔我們銷售的 48%。這一關鍵市場的銷售額以 117% 的速度強勁增長，按有機計算增長 77%。這一增長主要受到我們在人工智慧應用中使用的產品需求加速的推動，以及我們基礎 IT Datacom 業務的持續強勁需求。按季度計算，銷售額較第二季度增長了 30%，大幅超出我們對中位數增長的預期。我們的絕大多數季度增長與 AI 相關，現在約佔我們 IT Datacom 銷售的四分之三。
Adam Norwitt - Amphenol, CEO
(00:22:05)Looking ahead to the fourth quarter, we expect sales to increase again by mid-single digits from these very strong third-quarter levels. For the full year 2026, we expect sales to more than double compared to the prior year, driven primarily by strong organic growth and acquisitions, including CommScope. We are more encouraged than ever by the company's position in the global IT Datacom market. Our team has done an outstanding job securing future business on next-generation systems with a broad array of customers, as well as executing on these exciting programs.
(00:22:05)展望第四季度，我們預計銷售將再次增長，增幅為中單位數，與這些非常強勁的第三季度水平相比。對於 2026 年全年，我們預計銷售將比去年翻一番，主要受到強勁的有機增長和包括 CommScope 在內的併購推動。我們對公司在全球 IT Datacom 市場的地位感到比以往任何時候都更鼓舞。我們的團隊在確保與廣泛客戶群的下一代系統未來業務方面做得非常出色，並執行這些令人興奮的計劃。
Adam Norwitt - Amphenol, CEO
(00:22:47)Additionally, the CommScope team continues to make great progress penetrating the IT Datacom market with their advanced optical interconnect solutions. Accordingly, we now expect CommScope sales in the IT Datacom market to more than double for the full year 2026, representing roughly half of their total sales for the year, compared to about a third last year. The AI revolution has created a unique opportunity for Amphenol, given our leading high-speed fiber optic and power interconnect solutions. These high-technology products are critical components in our customers' next-generation systems.
(00:22:47)此外，CommScope 團隊在其先進的光學互連解決方案方面繼續在 IT Datacom 市場取得重大進展。因此，我們現在預計 CommScope 在 IT Datacom 市場的銷售在 2026 年全年將翻一番，這將大約佔他們全年銷售的 50%，而去年約為三分之一。AI 革命為 Amphenol 創造了獨特的機會，因為我們領先的高速光纖和電力互連解決方案。這些高科技產品是我們客戶下一代系統中的關鍵組件。
Adam Norwitt - Amphenol, CEO
(00:23:30)This presents a continued long-term growth opportunity for our company. Turning to our outlook, assuming current market conditions and constant exchange rates, we expect fourth-quarter sales in the range of $10.3 to $10.5 billion and adjusted diluted EPS between $0.81 and $0.83. This represents a year-over-year sales increase of 60% to 63% and an adjusted diluted EPS increase of 65% to 69% compared to the prior-year quarter. Note that this guidance excludes acquisitions not yet closed and therefore does not include AdvancedPCB, Dexgreen, or Humanetics Sensors.
(00:23:30)這為我們公司提供了持續的長期增長機會。轉向我們的展望，假設當前市場條件和穩定的匯率，我們預計第四季度銷售額在 103 億到 105 億美元之間，調整後的稀釋每股收益在 0.81 到 0.83 美元之間。這代表著同比銷售增長 60% 到 63%，調整後的稀釋每股收益增長 65% 到 69%，與去年同期相比。請注意，這一指導不包括尚未完成的併購，因此不包括 AdvancedPCB、Dexgreen 或 Humanetics Sensors。
Adam Norwitt - Amphenol, CEO
(00:24:18)Our fourth-quarter guidance also implies full-year sales of $36.9 billion to $37.1 billion and full-year adjusted diluted EPS of $2.82 to $2.84. This outlook reflects a full-year sales increase of approximately 60% and an adjusted EPS increase of about 70%. A very strong performance. We have also upgraded our outlook for CommScope, which is included in this full-year guidance. We now expect CommScope to achieve $5.1 billion in sales and contribute 18 cents to our 2026 adjusted earnings per share. I cannot express enough gratitude to the entire CommScope team for their outstanding work as part of the Amphenol family.
(00:24:18)我們的第四季度指導還暗示全年銷售額在 369 億到 371 億美元之間，全年調整後的稀釋每股收益在 2.82 到 2.84 美元之間。這一展望反映了全年銷售約 60% 的增長和調整後每股收益約 70% 的增長。非常強勁的表現。我們還提高了對 CommScope 的展望，這已包含在這一全年指導中。我們現在預計 CommScope 將實現 51 億美元的銷售，並為我們 2026 年的調整後每股收益貢獻 18 美分。我無法對整個 CommScope 團隊在 Amphenol 大家庭中的出色工作表示足夠的感謝。
Adam Norwitt - Amphenol, CEO
(00:25:11)There is no doubt that 2026 has been a very special year for Amphenol so far. I remain confident in our management team's ability to adapt to the many opportunities and challenges in the current environment, continuing to grow our market position while driving sustainable, strong profitability this year and beyond. Finally, I want to express my gratitude to our entire global team for their truly outstanding efforts in the third quarter. They worked incredibly hard to deliver this level of growth and profitability, and I am grateful to each and every one of them worldwide.
(00:25:11)毫無疑問，2026 年迄今為止對 Amphenol 來說是一個非常特殊的年份。我對我們管理團隊在當前環境中適應眾多機會和挑戰的能力充滿信心，繼續增長我們的市場地位，同時推動今年及未來的可持續強勁盈利能力。最後，我想對我們整個全球團隊在第三季度的卓越努力表示感謝。他們非常努力地實現了這一增長和盈利能力的水平，我對全球每一位團隊成員都心存感激。
Adam Norwitt - Amphenol, CEO
(00:25:55)With that, operator, we would be happy to take any questions.
(00:25:55)那麼，操作員，我們很樂意回答任何問題。
Operator - Operator
(00:26:00)Thank you, Mr. Adam Norwitt.
(00:26:00)謝謝你，亞當·諾維特先生。
Q&A Operator - Operator
(00:26:01)The question-and-answer session will now begin. Please limit yourself to one question per caller. To ask a question, please press star followed by one on your telephone keypad now. If you change your mind, please press star one again. When preparing to ask your question, please ensure your device is unmuted locally. We have a question from Luke Junk with Baird. Your line is open. Please go ahead.
(00:26:01)問答環節現在開始。請每位來電者限制提問一個問題。要提問，請現在按下電話鍵盤上的星號，然後按一。如果您改變主意，請再次按下星號一。在準備提問時，請確保您的設備在本地未靜音。我們有來自 Baird 的 Luke Junk 的提問。您的線路已開通。請開始。
Luke Junk - Baird, Analyst
(00:26:32)Oh, great. Thank you for taking the question. I wanted to start with CommScope. Adam, perhaps you could provide some insight into the guidance raised this quarter, and on a broader scale, I’d be very interested in your thoughts on the strengths of their business model in the current tight supply chain environment. Within that, could you also comment on the work you're doing to secure fiber supply and your flexibility in that area? Thank you.
(00:26:32)哦，太好了。感謝您接受這個問題。我想從 CommScope 開始。Adam，也許您可以提供一些關於本季度提高的指導的見解，從更廣泛的角度來看，我非常想知道您對他們在當前緊張供應鏈環境中商業模式優勢的看法。在這方面，您能否也評論一下您在確保光纖供應方面所做的工作以及您在該領域的靈活性？謝謝。
Adam Norwitt - Amphenol, CEO
(00:26:56)Yes, thanks very much, Luke. Again, I want to commend the team at CommScope. When we announced the deal, we noted that the company was valued at $3.6 billion at signing. Now, it is $1.5 billion higher than that this year. At closing, we projected it would reach $4.1 billion, which is a billion more than at the start of this year. This directly reflects the team's ability to execute amid the strong demand opportunity. That demand is particularly robust in the data center market, AI, and related sectors.
(00:26:56)是的，非常感謝，Luke。再次，我想表揚 CommScope 的團隊。當我們宣佈這筆交易時，我們指出該公司的估值在簽約時為 36 億美元。現在，今年的估值比那高出 15 億美元。在結束時，我們預測它將達到 41 億美元，這比今年年初多出 10 億美元。這直接反映了團隊在強勁需求機會中執行的能力。這種需求在數據中心市場、人工智慧及相關行業特別強勁。
Adam Norwitt - Amphenol, CEO
(00:27:44)They also see strength in their industrial market. Even though there has been some softness in the communications network demand, the CommScope team is executing extremely well. By executing, I mean not only manufacturing effectively but also addressing challenges they face in the marketplace. These challenges include securing enough personnel in the right locations and obtaining materials such as glass and others. There are many constraints present globally. The team has done a fantastic job diversifying their supply base, securing all necessary materials including glass, and positioning the company to support customers effectively.
(00:27:44)他們在工業市場上也看到了強勁的需求。儘管通信網絡需求有所減弱，但 CommScope 團隊的執行表現非常出色。所謂執行，不僅是有效地製造，還包括應對他們在市場上面臨的挑戰。這些挑戰包括在正確的位置確保足夠的人員和獲取玻璃等材料。全球存在許多限制。團隊在多樣化供應基礎方面做得非常出色，確保了包括玻璃在內的所有必要材料，並使公司能夠有效支持客戶。
Adam Norwitt - Amphenol, CEO
(00:28:35)This is not just for the third and fourth quarters of 2026, but for the long term. As part of the Amphenol family, they have the resources to do this. Unlike their prior situation, where capital constraints and financial conditions limited them, CommScope is now fully leveraging being part of Amphenol, investing in new technology development and creating multiple options for all their manufacturing needs. This long-term positioning sets them up very well for the future.
(00:28:35)這不僅是為了 2026 年的第三和第四季度，而是為了長期。作為 Amphenol 大家庭的一部分，他們擁有這樣的資源。與他們之前的情況不同，當時資本限制和財務條件限制了他們，現在 CommScope 充分利用成為 Amphenol 的一部分，投資於新技術開發，並為他們所有的製造需求創造多種選擇。這種長期定位為他們的未來奠定了良好的基礎。
Operator - Operator
(00:29:14)Your next question comes from Varun Govindaraj with Bernstein. Your line is open. Please go ahead.
(00:29:14)您的下一個問題來自 Bernstein 的 Varun Govindaraj。您的線路已開通。請開始。
Varun Govindaraj - Bernstein, Analyst
(00:29:23)Good afternoon, Adam and Craig. Congratulations on the strong quarter, and thank you for taking my question. I have a question related to NVIDIA architectures. As we transition from Oberon to Kyber, theoretically in 2028, the backplane is removed and replaced by a PCB midplane structure. How do you view this from an Amphenol content perspective? Have you had any discussions regarding this? I would appreciate any qualitative insights you can share. I understand it is still early.
(00:29:23)下午好，Adam 和 Craig。恭喜你們取得了強勁的季度成績，感謝您接受我的問題。我有一個與 NVIDIA 架構相關的問題。隨著我們從 Oberon 過渡到 Kyber，理論上在 2028 年，背板將被移除，並由 PCB 中板結構取代。從 Amphenol 的內容角度來看，您如何看待這一點？您是否有過任何關於這方面的討論？我會很感激您能分享的任何定性見解。我知道這仍然很早。
Adam Norwitt - Amphenol, CEO
(00:29:52)Well, Varun, first, let me welcome you to our call. Secondly, you will learn over time that I do not discuss specific customers or architectures. However, I will say this. I personally meet with customers frequently. Just in the past few days, I met with many customers involved in various future architectures. What we hear from all our customers designing next-generation AI architectures—whether called AI, SI, or accelerated computing—is that they require more interconnects. And more interconnect means more high-speed copper interconnect.
(00:29:52)好的，Varun，首先，讓我歡迎您參加我們的電話會議。其次，您會隨著時間的推移瞭解到，我不會討論具體的客戶或架構。不過，我會這麼說。我個人經常與客戶會面。就在過去幾天，我與許多參與各種未來架構的客戶會面。我們從所有設計下一代人工智慧架構的客戶那裡聽到的——無論稱之為 AI、SI 還是加速計算——是他們需要更多的互連。而更多的互連意味著更多的高速銅互連。
Adam Norwitt - Amphenol, CEO
(00:30:44)It signifies increased optical interconnect. It indicates greater power interconnect. Our strength lies in offering a broad range of opportunities and products, along with new developments, capacity, and scalability. Regardless of individual design choices, all our customers consistently experience the intensity of the interconnect architecture we provide.
(00:30:44)這意味著光學互連的增加。這表示電力互連的增強。我們的優勢在於提供廣泛的機會和產品，以及新的發展、產能和可擴展性。無論個別設計選擇如何，我們所有的客戶都能持續體驗到我們提供的互連架構的強度。
Operator - Operator
(00:31:19)Your next question comes from Amit Daryanani of Evercore. Your line is now open. Please proceed with your question.
(00:31:19)您的下一個問題來自 Evercore 的 Amit Daryanani。您的電話線現在已開通。請提出您的問題。
Amit Daryanani - Evercore ISI, Analyst
(00:31:29)Thank you very much, and good afternoon, everyone. Adam, considering the IT Datacom segment grew 30% sequentially, which is twice your initial expectation, and you mentioned most of this growth came from AI in your prepared remarks, I’m curious about the source of this upside and strength. Is it primarily due to customers increasing their demand, or is it driven by your ability to fulfill existing demand faster than anticipated? Could you also relate this upside to your guidance for mid-single-digit growth in the December quarter for IT Datacom broadly?
(00:31:29)非常感謝，大家下午好。Adam，考慮到 IT Datacom 部門的增長為 30%，這是您最初預期的兩倍，而且您在準備的發言中提到這一增長大部分來自 AI，我對這一增長和強勁的來源感到好奇。這主要是由於客戶需求的增加，還是因為您能夠比預期更快地滿足現有需求？您能否將這一增長與您對 IT Datacom 在 12 月季度的中單位數增長的指導相關聯？
Amit Daryanani - Evercore ISI, Analyst
(00:32:04)Is this growth reflecting the underlying deployment cadence? Or is it more a function of your delivery capabilities? Thank you.
(00:32:04)這一增長是否反映了基礎部署的節奏？還是更多地取決於您的交付能力？謝謝。
Adam Norwitt - Amphenol, CEO
(00:32:10)Thank you very much, Amit. Achieving 30% sequential demand growth in a market of this size is an extraordinary accomplishment for our team. I want to emphasize that first and foremost. Traditionally, some seasonality affects certain markets. However, it’s difficult to predict the seasonality of AI demand. We continue to guide for growth in the fourth quarter from these very high levels. So, the outlook remains very strong. I don’t believe this growth is constrained either by demand or by our capabilities.
(00:32:10)非常感謝，Amit。在這樣的市場中實現 30% 的需求增長對我們的團隊來說是一項非凡的成就。我想首先強調這一點。傳統上，一些季節性因素會影響某些市場。然而，預測 AI 需求的季節性是困難的。我們繼續指導第四季度的增長，這些增長來自於非常高的水平。因此，前景依然非常強勁。我不認為這一增長受到需求或我們的能力的限制。
Adam Norwitt - Amphenol, CEO
(00:32:45)We have been executing exceptionally well to meet our customers’ demand. The strength in the third quarter was not due to pulled-in orders. Rather, we fulfilled customer demand effectively and executed accordingly. Looking ahead to the fourth quarter, we expect a mid-single-digit increase from already very high levels. I see no indication otherwise. The fact that customers continue to procure at these high levels and that we can meet their demand is very positive from my perspective.
(00:32:45)我們在滿足客戶需求方面的執行非常出色。第三季度的強勁表現並不是由於提前訂單。相反，我們有效地滿足了客戶需求並相應地執行。展望第四季度，我們預計將從已經非常高的水平上實現中單位數的增長。我看不到其他的跡象。客戶繼續在這些高水平上採購，而我們能夠滿足他們的需求，這對我來說是非常積極的。
Operator - Operator
(00:33:22)Your next question comes from Mark Delaney of Goldman Sachs. Your line is now open. Please proceed.
(00:33:22)您的下一個問題來自高盛的 Mark Delaney。您的電話線現在已開通。請繼續。
Mark Delaney - Goldman Sachs, Analyst
(00:33:29)Good afternoon. Thank you very much for taking my question. Congratulations on the strong results. I would like to discuss EBIT margins, if possible. Overall, Non-GAAP EBIT margins are nearly 30%, which aligns with the incremental conversion margin the company has historically targeted. While I’m sure you aim to increase profitability going forward, could you comment on the company’s ability to raise its year-round incremental margins above the historical 30% target, especially considering current input cost dynamics in the industry?
(00:33:29)下午好。非常感謝您回答我的問題。恭喜您取得了強勁的業績。如果可能的話，我想討論 EBIT 利潤率。總體而言，非 GAAP EBIT 利潤率接近 30%，這與公司歷史上所針對的增量轉換利潤率相符。雖然我相信您希望未來提高盈利能力，但您能否評論公司在當前行業成本動態下，將全年增量利潤率提高到歷史 30% 目標以上的能力？
Mark Delaney - Goldman Sachs, Analyst
(00:34:03)Thank you.
(00:34:03)謝謝。
Craig Lampo - Amphenol, CFO
(00:34:05)Thanks for the question, Mark. Regarding the 29.7% operating margins we achieved this quarter, we are extremely proud of reaching such high levels. We believe this reflects the technology and value we deliver to our customers, not only in IT Datacom but across all our markets. This performance is driven by several factors. First, our customers’ significant technology, and the value we add to them, are key drivers pushing margins higher. We are also able to share some of these margins with our customers.
(00:34:05)感謝您的提問，Mark。關於我們本季度實現的 29.7% 營業利潤率，我們對達到如此高的水平感到非常自豪。我們相信這反映了我們為客戶提供的技術和價值，不僅在 IT Datacom 領域，而是在我們所有的市場中。這一表現是由幾個因素驅動的。首先，我們客戶的顯著技術，以及我們為他們增添的價值，是推動利潤率上升的關鍵因素。我們也能夠與客戶分享這些利潤率。
Craig Lampo - Amphenol, CFO
(00:34:46)However, this is only possible through strong execution and disciplined cost management by our general managers. They have done an outstanding job leveraging the volumes they manage. And these are really complex products that are very difficult to manufacture, but we do it in a way that ultimately drives margin for the business. We discussed this 30% conversion margin. We increased it a little over a year ago, and clearly, we've already begun to approach those levels. So, I don't think we would change our long-term target just yet.
(00:34:46)然而，這僅能通過我們總經理的強大執行和嚴格的成本管理來實現。他們在利用他們管理的量方面做得非常出色。這些產品實際上非常複雜，製造起來非常困難，但我們的做法最終能為業務帶來利潤。我們討論過這 30% 的轉換利潤率。我們在一年多前稍微提高了這個數字，顯然，我們已經開始接近這些水平。所以，我不認為我們會立即改變我們的長期目標。
Craig Lampo - Amphenol, CFO
(00:35:26)I'm not saying that won't happen in the future, but as we continue to grow, certainly organically, and with acquisitions, there will be some margin compression going forward because typically those acquisitions don't have the same profitability levels as the company. However, I expect our organic growth to continue increasing our margins to some degree. And I certainly don't believe this 29.7% margin represents the bottom of where we are today. Ultimately, as our revenue grows, we should be able to expand those margins.
(00:35:26)我不是說未來不會發生這種情況，但隨著我們的持續增長，無論是有機增長還是通過收購，未來會有一些利潤壓縮，因為通常這些收購的盈利能力不及公司本身。然而，我預期我們的有機增長將在某種程度上繼續提高我們的利潤率。我當然不認為這 29.7% 的利潤率代表了我們今天所處的底線。最終，隨著我們的收入增長，我們應該能夠擴大這些利潤率。
Craig Lampo - Amphenol, CFO
(00:36:05)We'll discuss longer-term conversion targets later, but we certainly expect to continue expanding margins.
(00:36:05)我們稍後會討論更長期的轉換目標，但我們確實期望繼續擴大利潤率。
Operator - Operator
(00:36:17)Your next question comes from Shreyas Patil with Wolfe Research. Your line is open. Please go ahead.
(00:36:17)您的下一個問題來自 Wolfe Research 的 Shreyas Patil。您的線路已開通。請繼續。
Shreyas Patil - Wolfe Research, Analyst
(00:36:25)Thank you for taking my question, and congratulations on the strong quarter. I'd like to focus on the power segment of the Datacom business. We know the broad trends driving increased power needs toward 800-volt architectures with higher bandwidth and lower latency demands. I'm curious about the current size of power relative to your overall AI business and how quickly the transition to higher voltage designs is occurring.
(00:36:25)感謝您回答我的問題，並祝賀您取得強勁的季度業績。我想專注於數據通信業務的電力部分。我們知道推動對 800 伏架構的電力需求增加的廣泛趨勢，這些架構具有更高的帶寬和更低的延遲需求。我對目前電力在您整體 AI 業務中的規模以及向更高電壓設計轉型的速度感到好奇。
Adam Norwitt - Amphenol, CEO
(00:36:56)Thank you very much, and welcome to you on the call for the first time. We've long discussed the triumvirate of technologies in data centers for us: high speed, optics, and power, all critical to data center construction and architecture. These are also very important to Amphenol. Each represents a core pillar technology within our company. We continue to invest heavily in these pillar technologies. Regarding power, we've been involved in power interconnects throughout Amphenol's modern history, dating back to our defense and high-voltage industrial businesses.
(00:36:56)非常感謝，歡迎您首次參加此次電話會議。我們長期以來一直在討論數據中心的三大技術：高速、光學和電力，這些對數據中心的建設和架構至關重要。這些對 Amphenol 來說也非常重要。每一項技術都是我們公司的核心支柱技術。我們繼續在這些支柱技術上進行大量投資。關於電力，我們在 Amphenol 的現代歷史中一直參與電力互連，這可以追溯到我們的國防和高壓工業業務。
Adam Norwitt - Amphenol, CEO
(00:37:44)We've worked extensively with extremely high-power interconnects. We understand how to package these interconnects for efficiency and safety, which are the two most important considerations for power connectors. Ultimately, as I've said before, data centers aim to convert electrons into tokens. If we help customers use fewer electrons through efficient power interconnects while maintaining safety and security, especially at very high voltage and power levels, that creates significant value for our customers.
(00:37:44)我們在極高功率互連方面進行了廣泛的工作。我們瞭解如何為效率和安全性包裝這些互連，這是電力連接器最重要的兩個考量。最終，正如我之前所說，數據中心的目標是將電子轉換為代幣。如果我們幫助客戶通過高效的電力互連使用更少的電子，同時保持安全性，特別是在非常高的電壓和功率水平下，這為我們的客戶創造了重大價值。
Adam Norwitt - Amphenol, CEO
(00:38:22)Regarding the scale of our power business, which is very significant, across our AI business, without giving specific decimal numbers, it represents a meaningful portion, although high speed and optics remain a very strong leadership area for us, ensuring customers receive the right power for their data centers. We view this as a high-growth opportunity as chip architectures consume more power and customers adopt new power formats like 800 volts and beyond.
(00:38:22)關於我們電力業務的規模，這在我們的 AI 業務中非常重要，雖然不提供具體的小數字，但它代表了一個有意義的部分，儘管高速和光學仍然是我們的非常強大的領導領域，確保客戶為其數據中心獲得正確的電力。我們將此視為一個高增長的機會，因為芯片架構消耗更多電力，客戶採用像 800 伏及以上的新電力格式。
Operator - Operator
(00:39:07)Your next question comes from Will Stein with Truist Securities. Your line is open. Please go ahead.
(00:39:07)您的下一個問題來自 Truist Securities 的 Will Stein。您的線路已開通。請繼續。
William Stein - Truist Securities, Analyst
(00:39:15)Great. Thanks for taking my question. Pardon me. Congratulations on the excellent results and outlook. Could you discuss capital intensity? Historically, the company's target was 3% to 4%. The last few quarters have been somewhat higher. I'm surprised you've kept it this low, given the growth. I understand much growth comes from M&A, but should we reconsider how we model CapEx over the next few quarters or years? Should we expect CapEx above the historical 3% to 4% range?
(00:39:15)很好。感謝您回答我的問題。抱歉。恭喜您取得優異的業績和前景。您能談談資本強度嗎？歷史上，公司的目標是 3% 到 4%。最近幾個季度的數字稍微高一些。鑒於增長，我對您保持這麼低的數字感到驚訝。我理解大部分增長來自併購，但我們是否應該重新考慮未來幾個季度或幾年的資本支出模型？我們是否應該預期資本支出會超過歷史的 3% 到 4% 範圍？
Craig Lampo - Amphenol, CFO
(00:39:50)Thanks, Will. I appreciate the question. I believe the historical 3% to 4% range will likely remain consistent moving forward. Clearly, as we grow at this level, there will be certain quarters where we exceed the 4% range, and possibly even slightly surpass it for the year, given the extraordinary growth we have seen. However, long term, as we return to more normal growth levels in the future, I would not expect to see growth much beyond the 3% to 4% range. Ultimately, the general capital structure and capital intensity of our business has certainly increased somewhat.
(00:39:50)謝謝你，Will。我感謝這個問題。我相信歷史上的 3% 到 4% 範圍在未來可能會保持一致。顯然，隨著我們在這個水平上的增長，將會有某些季度我們超過 4% 的範圍，甚至可能在全年稍微超過這個範圍，考慮到我們所見的非凡增長。然而，從長遠來看，隨著我們未來回到更正常的增長水平，我不會期望看到增長超過 3% 到 4% 的範圍。最終，我們業務的一般資本結構和資本密集度確實有所增加。
Craig Lampo - Amphenol, CFO
(00:40:36)We definitely have more automation in place now. We've discussed the value automation brings to the company, which has modestly increased, trending toward the upper 4% range. But, I would still consider the overall range of 3% to 4% as appropriate, with occasional periods slightly above 4%, especially during times of rapid growth.
(00:40:36)我們現在確實有更多的自動化設備。我們已經討論了自動化為公司帶來的價值，這一價值已經適度增加，趨向於上限的 4% 範圍。但是，我仍然認為 3% 到 4% 的整體範圍是合適的，偶爾會有稍微超過 4% 的時期，特別是在快速增長的時期。
Operator - Operator
(00:41:02)Your next question comes from Andrew Buscaglia of BNP Paribas. Your line is open. Please go ahead.
(00:41:02)您的下一個問題來自 BNP Paribas 的 Andrew Buscaglia。您的線路已開通。請繼續。
Andrew Buscaglia - BNP Paribas, Analyst
(00:41:11)Good afternoon, everyone. Good afternoon, Andrew. I'd like to switch gears and discuss industrial for a moment, as the growth there surprised me with its strength. You mentioned it is broad-based, but could you identify two or three key sub-verticals? I understand it's somewhat of a mix, but could you specify what is driving this growth and why it is picking up now?
(00:41:11)大家下午好。下午好，Andrew。我想轉換話題，討論一下工業領域，因為那裡的增長讓我驚訝於其強勁。您提到這是廣泛的，但您能否指出兩到三個關鍵的子垂直領域？我理解這是一種混合，但您能否具體說明是什麼驅動了這一增長，以及為什麼現在增長加速？
Adam Norwitt - Amphenol, CEO
(00:41:40)Yes, thank you. Thank you very much. The term 'hodgepodge' sounds a bit negative. I would describe it as a very diverse set of applications across the industrial market. We track many of these segments, approximately a dozen and a half or more. The vast majority of these are currently experiencing double-digit organic growth. This includes building automation, where we have the addition of CommScope, along with strong growth prior to that. Industrial instrumentation is also very strong. We see great strength in sectors like oil and gas.
(00:41:40)是的，謝謝。非常感謝。“混合”這個詞聽起來有點負面。我會將其描述為工業市場中非常多樣化的應用集合。我們追蹤許多這些細分市場，大約有十幾個或更多。目前這些市場中的絕大多數都在經歷雙位數的有機增長。這包括建築自動化，我們有 CommScope 的加入，以及在此之前的強勁增長。工業儀器也非常強勁。我們在石油和天然氣等行業中看到強勁的增長。
Adam Norwitt - Amphenol, CEO
(00:42:24)Alternative energy is another area of significant growth. Additionally, anything related to electrification, factory automation, and heavy equipment is performing well. I'm listing these examples to illustrate the breadth of growth. Andrew, I wouldn't single out any one segment as the primary driver. Is some of the industrial growth related to the massive boom in data center construction? There is some connection, but it is neither predominant nor dominating the growth. We are seeing some benefit from that sector.
(00:42:24)替代能源是另一個顯著增長的領域。此外，與電氣化、工廠自動化和重型設備相關的任何事物表現良好。我列舉這些例子是為了說明增長的廣度。Andrew，我不會單獨指出任何一個細分市場作為主要驅動因素。一些工業增長是否與數據中心建設的巨大繁榮有關？確實有一些聯繫，但它既不是主導的，也不是主導增長的。我們從該行業中看到了一些好處。
Adam Norwitt - Amphenol, CEO
(00:42:58)However, we also observe strong growth in markets that are not closely correlated with data centers. This reflects a couple of important factors. First, we continue to develop new products and enabling technologies at a time when customers across the industrial market are increasing the electronic content in their products. Whether it's earth-moving machinery, next-generation factory automation, or public safety equipment, we see a significant increase in electronic content. Second, we have expanded our product offerings and manufacturing support for customers through our acquisition program.
(00:42:58)然而，我們也觀察到在與數據中心不密切相關的市場中有強勁增長。這反映了幾個重要因素。首先，我們在客戶在工業市場中增加其產品的電子內容的時候，繼續開發新產品和啟用技術。無論是土方機械、下一代工廠自動化，還是公共安全設備，我們看到電子內容有顯著增加。其次，我們通過收購計劃擴大了我們的產品供應和對客戶的製造支持。
Adam Norwitt - Amphenol, CEO
(00:43:50)We recently announced four acquisitions today. A couple of these will further expand our industrial market product offerings, including Elcom, acquired earlier this year, which broadened our industrial market portfolio. We have been deliberate in adding interconnect, value-added interconnect, sensor, and antenna technologies that enable our industrial customers. I feel very positive about the prospects in this market. It has not always been easy, as you know. We experienced a year or two of challenging demand.
(00:43:50)我們今天剛剛宣佈了四項收購。其中幾項將進一步擴大我們的工業市場產品供應，包括今年早些時候收購的 Elcom，這擴大了我們的工業市場產品組合。我們在增加互連、增值互連、傳感器和天線技術方面非常謹慎，這些技術使我們的工業客戶受益。我對這個市場的前景感到非常樂觀。如您所知，這並不總是容易的。我們經歷了一兩年的需求挑戰。
Adam Norwitt - Amphenol, CEO
(00:44:24)However, we are now seeing robust organic growth in the industrial market. I believe that 25% organic growth year-over-year represents probably the strongest quarter we've had in quite some time.
(00:44:24)然而，我們現在在工業市場中看到強勁的有機增長。我相信25% 的年增長率可能代表了我們在相當長一段時間內最強的一個季度。
Operator - Operator
(00:44:40)Your next question comes from Joseph Spak with UBS. Your line is now open. Please proceed.
(00:44:40)您的下一個問題來自於 UBS 的 Joseph Spak。您的線路現在已經開通。請繼續。
Joseph Spak - UBS, Analyst
(00:44:48)Thank you very much. I have a quick housekeeping item followed by a question. Adam, regarding orders, the 1.19 book-to-bill ratio is on a much larger revenue base. I know you've discussed this in the past. With your timeline extending somewhat, are we seeing customers extend visibility or any changes there? On a broader scale, I'm curious how you view data center growth scaling optical demand over time. And I think eventually, we might see some price compression. Do you anticipate further optical gains in any other end markets?
(00:44:48)非常感謝。我有一個快速的事務事項，然後是個問題。Adam，關於訂單，1.19 的訂單與出貨比率是基於更大的收入基礎。我知道您之前已經討論過這個問題。隨著您的時間表有所延長，我們是否看到客戶延長了可見性或有任何變化？在更廣泛的範疇中，我很好奇您如何看待數據中心的增長如何隨時間推動光學需求。我認為最終我們可能會看到一些價格壓縮。您預期在其他終端市場會有進一步的光學增長嗎？
Adam Norwitt - Amphenol, CEO
(00:45:29)Thanks, Joe. Regarding orders, we've seen customers broaden their order aperture over the past year. This partly reflects the overall environment. It relates to the certainty of their plans. In some cases, when we invest, we ensure customers share the risk, which sometimes involves extended order commitments. However, nothing this quarter differs from what we said a quarter ago. On optics, we currently see significant activity in three end markets. These are IT datacom, communications networks, and defense, which may not always be top of mind.
(00:45:29)謝謝，Joe。關於訂單，我們看到客戶在過去一年中擴大了他們的訂單範圍。這在某種程度上反映了整體環境。這與他們計劃的確定性有關。在某些情況下，當我們投資時，我們確保客戶分擔風險，這有時涉及延長訂單承諾。然而，這個季度的情況與我們一個季度前所說的並無不同。在光學方面，我們目前在三個終端市場看到顯著的活動。這些是 IT 數據通信、通信網絡，和國防，這可能並不總是被人們所關注。
Adam Norwitt - Amphenol, CEO
(00:46:30)Our defense-related optics business is very strong. As with data centers, where we offer active and passive copper and optics, we provide similar solutions for defense, though with different products due to packaging and environmental requirements. Defense speeds are not at the level of supercomputer clusters, but these remain highly advanced technology products, an area we've been involved in for a long time. We continue to invest heavily in high-technology optics in this sector. We also have a new development.
(00:46:30)我們的國防相關光學業務非常強勁。與數據中心一樣，我們提供主動和被動的銅纜和光學解決方案，對於國防，我們提供類似的解決方案，儘管由於包裝和環境要求，產品有所不同。國防的速度並不在超級計算機集群的水平，但這些仍然是高度先進的技術產品，我們在這個領域已經參與了很長時間。我們繼續在這個行業中重金投資於高科技光學。我們還有一個新的發展。
Adam Norwitt - Amphenol, CEO
(00:47:28)That is the acquisition of Humanetics Sensors. While not a large company, with $70 million in sales and the deal not yet closed, Humanetics offers force sensors and fiber optic-based sensing. This uses optical technology to measure parameters like pressure, force, and disruptions. Using light refraction is an interesting sensing modality, expanding our sensing opportunities and enhancing our optical technology capabilities. So, Joe, this represents another area of expansion. Primarily in industrial and defense sensing applications.
(00:47:28)那就是收購 Humanetics Sensors。雖然這不是一家大公司，銷售額為 7000 萬美元，交易尚未完成，但 Humanetics 提供力傳感器和基於光纖的感測技術。這使用光學技術來測量壓力、力量和擾動等參數。使用光的折射是一種有趣的感測方式，擴展了我們的感測機會，並增強了我們的光學技術能力。所以，Joe，這代表了另一個擴展的領域。主要是在工業和國防感測應用方面。
Adam Norwitt - Amphenol, CEO
(00:48:33)We will see what else develops. As one of the world's largest optical interconnect companies, we are excited about this broad range of opportunities.
(00:48:33)我們將看看還會有什麼發展。作為全球最大的光學互連公司之一，我們對這一廣泛的機會感到興奮。
Operator - Operator
(00:48:42)Your next question comes from Wamsi Mohan with Bank of America. Your line is open. Please proceed.
(00:48:42)您的下一個問題來自於美國銀行的 Wamsi Mohan。您的線路已開通。請繼續。
Wamsi Mohan - BofA Securities, Analyst
(00:48:50)Yes, thank you. Congratulations on your first $10 billion quarter. I recall when you reached $1 billion, so this is a significant milestone. Adam, regarding growth in IT Datacom, we are seeing the backlog extend somewhat more than historically. How concerned should we be about this extended backlog and the potential impact of funding concerns on new cloud build-outs? Would you say there was any lumpiness or timing shifts in Q3 demand affecting Q4, given significant project ramps? Thank you very much.
(00:48:50)是的，謝謝。恭喜您達成首個 100 億美元的季度。我記得您達到 10 億美元的時候，所以這是一個重要的里程碑。Adam，關於 IT 數據通信的增長，我們看到訂單積壓比歷史上延長了一些。我們應該對這個延長的訂單積壓以及資金問題對新雲建設的潛在影響有多擔憂？您會說第三季度的需求是否有任何不穩定或時間變化影響第四季度，考慮到重大項目的增長？非常感謝。
Adam Norwitt - Amphenol, CEO
(00:49:30)Thanks very much, Wamsi. Thank you. First and foremost, thank you for acknowledging the $10 billion quarter. I also remember when we had our first billion-dollar quarter. I also recall when we achieved our first billion-dollar year. So, that is a long memory. And it wasn't that long ago; in fact, it was in 2021 that we crossed $10 billion for the year. As a slight diversion, if you'll indulge me, that was the year when, at the end of reaching $10 billion, we created our three operating divisions. We also promoted three exceptional individuals to become presidents of those divisions.
(00:49:30)非常感謝，Wamsi。謝謝您。首先，感謝您對於這個 100 億美元季度的肯定。我也記得我們第一次達到十億美元季度的時候。我也記得我們第一次達到十億美元年度的時候。所以，這是一段漫長的記憶。而且那並不是很久以前；事實上，我們在 2021 年達到年度超過 100 億美元的里程碑。當然，如果您願意讓我稍微偏離一下，那一年在達到 100 億美元的結尾，我們創建了三個運營部門。我們還晉升了三位卓越的個人成為這些部門的總裁。
Adam Norwitt - Amphenol, CEO
(00:50:07)I've always emphasized how, at Amphenol, we are singularly focused on protecting and scaling the Amphenol culture. I believe it is no coincidence that we crossed $10 billion in quarterly sales just five years after surpassing $10 billion in annual sales. The real inflection point was the creation of those divisions, which allows us to preserve, secure, and thrive with the Amphenol culture. Thank you for the diversion and the opportunity, Wamsi. Regarding your question on the backlog, I think it's normal to have these longer-dated orders.
(00:50:07)我一直強調，在安費諾，我們專注於保護和擴展安費諾文化。我相信，我們在季度銷售中超過 100 億美元，正好是在年度銷售超過 100 億美元五年後，這並非巧合。真正的轉折點是這些部門的創建，這使我們能夠保留、保障並繁榮發展安費諾文化。感謝您的偏離和這個機會，Wamsi。關於您對於積壓訂單的問題，我認為有這些長期訂單是正常的。
Adam Norwitt - Amphenol, CEO
(00:50:47)I discussed some of the reasons for that earlier, so I won't repeat myself. I wouldn't say there's an enormous exposure to, as you mentioned, neocloud. The vast majority of demand we and our customers are seeing comes from some of the world's most highly capitalized companies, who are doubling down on creating new functionalities, capabilities, and compute capacity for their customers. So, I don't know if there's one or another that people might be a little nervous about on any given day. To me, it's more about these extraordinary organizations making historic investments in a technology that, at least to me, also appears to be historic in nature.
(00:50:47)我之前討論過一些原因，所以我不會重複。我不會說我們對於您提到的 neocloud 有巨大的風險。我們和客戶所看到的需求絕大多數來自一些全球資本化最高的公司，他們正在加倍努力創造新的功能、能力和計算能力以滿足客戶需求。所以，我不知道是否有某一個或另一個讓人們在某一天感到有些緊張。對我來說，這更多是關於這些非凡組織在一項技術上進行歷史性投資，而這項技術在我看來也似乎具有歷史意義。
Adam Norwitt - Amphenol, CEO
(00:51:39)I wouldn't point to any lumpiness last quarter or project-based lumpiness. We're not really seeing project-based lumpiness in our IT datacom business right now.
(00:51:39)我不會指出上個季度的任何不穩定性或基於項目的不穩定性。我們目前在 IT 數據通信業務中並沒有看到基於項目的不穩定性。
Operator - Operator
(00:51:52)Your next question comes from Asiya Merchant with Citigroup. Your line is open. Please go ahead.
(00:51:52)您的下一個問題來自於花旗集團的 Asiya Merchant。您的線路已開通。請繼續。
Asiya Merchant - Citi, Analyst
(00:52:00)Great. Thank you. Great to hear from you all. And again, congratulations on the quarter as well. Adam, at our conference, you sounded very excited about defense, and clearly, the end market has performed really well. Could you share some of the key drivers and how we should think about this long-term? At any given point, there are always political— reasons why budgets could be constrained or not in defense, but how are you thinking about this, not just for the next quarter, since you've guided for that, but for the medium and long term regarding the defense opportunity?
(00:52:00)很好。謝謝。很高興聽到你們的消息。再次祝賀你們這個季度的表現。Adam，在我們的會議上，您聽起來對於國防非常興奮，顯然，最終市場表現得非常好。您能分享一些主要驅動因素，以及我們應該如何看待這個長期的問題嗎？在任何給定的時刻，總是有政治—可能會限制或不限制國防預算的原因，但您如何看待這個問題，不僅僅是針對下一季度，因為您已經對此做出了指導，而是針對中長期的國防機會？
Asiya Merchant - Citi, Analyst
(00:52:35)Thank you.
(00:52:35)謝謝。
Adam Norwitt - Amphenol, CEO
(00:52:37)Thank you very much, Asiya. I do recall our conversation and appreciate you hosting us at that time. We remain very excited about our defense business. In many ways, the defense market is, for Amphenol, kind of our birthright. Let me put it that way. We've been involved in innovating defense electronics since the early 1940s. Since then, we have been at the vanguard of developing next-generation technologies to meet the demands of each era. Today, it's a confluence of factors. You have geopolitics, which are— to say the least, dynamic.
(00:52:37)非常感謝您，Asiya。我確實記得我們的對話，並感謝您當時的接待。我們對於國防業務仍然感到非常興奮。在許多方面，國防市場對於安費諾來說，算是我們的傳承。我這麼說吧。自 1940 年代初以來，我們一直參與國防電子的創新。從那時起，我們一直在開發下一代技術，以滿足每個時代的需求。今天，這是一系列因素的交匯。您有地緣政治，這是—至少可以說是動態的。
Adam Norwitt - Amphenol, CEO
(00:53:21)Additionally, there is a technology inflection in the defense market where our customers and the governments relying on them for military hardware are accelerating the adoption of next-generation technologies, which involve increased electronics intensity and, consequently, greater demand for our products. There's also a third factor. Not only are we supporting our traditional customers, whom we serve diligently, but we also have significant growth with new defense customers who often require more innovative solutions, faster turnaround, and greater creativity in product types.
(00:53:21)此外，國防市場也出現了技術轉折，我們的客戶和依賴他們的政府正在加速採用下一代技術，這涉及到電子強度的增加，因此對我們產品的需求也隨之增加。還有第三個因素。我們不僅支持我們的傳統客戶，並且我們也在與新的國防客戶中實現顯著增長，他們通常需要更具創新性的解決方案、更快的周轉和更大的產品類型創意。
Adam Norwitt - Amphenol, CEO
(00:54:10)With our breadth and depth of technologies, coupled with entrepreneurial agility across Amphenol, we are in a very strong position. The last piece is geographical. There is no doubt that the U.S. remains the world's largest defense market, at least among countries we can serve as an American company. But we also see rapid growth in other countries—NATO members, South Asian countries, Middle Eastern nations, and others—who are accelerating investments in their own native military technologies. And because of our global presence and the fact that we've always had engineers providing local support at all locations, we occupy a uniquely advantageous position in relation to that dynamic.
(00:54:10)憑藉我們的技術廣度和深度，加上安費諾的創業靈活性，我們處於一個非常強大的位置。最後一個因素是地理因素。毫無疑問，美國仍然是世界上最大的國防市場，至少在我們能夠作為美國公司服務的國家中。但我們也看到其他國家——北約成員國、南亞國家、中東國家等——正在加速對本國軍事技術的投資。在他們自己的本土軍事技術上。由於我們在全球的存在，以及我們始終有工程師在所有地點提供本地支持，我們在這一動態中佔據了獨特的有利位置。
Adam Norwitt - Amphenol, CEO
(00:55:01)So, there are many initiatives happening simultaneously. I believe our company is truly purpose-built to capitalize on all of these opportunities.
(00:55:01)因此，有許多計劃同時進行。我相信我們的公司確實是為了利用所有這些機會而建立的。
Operator - Operator
(00:55:10)Your next question comes from Joseph Cardoso with J.P. Morgan. Your line is open. Please proceed.
(00:55:10)您的下一個問題來自於 J.P. 的 Joseph Cardoso。摩根。您的線路已開通。請繼續。
Joseph Cardoso - J.P. Morgan, Analyst
(00:55:18)Good afternoon, and congratulations on the results from my side as well. For my question, Adam, I wanted to touch on your comments about CommScope benefiting from being part of Amphenol, which was quite evident in today's results and disclosures, especially regarding the upside in earnings contribution relative to sales. Could we delve deeper into the drivers you're observing across the business, whether related to scale, mix, synergies, or other factors? Taking a step back, how should we think about the path for CommScope's margins to reach the corporate average?
(00:55:18)下午好，恭喜你們取得的成果。關於我的問題，亞當，我想談談你提到的 CommScope 受益於成為 Amphenol 一部分的評論，這在今天的結果和披露中非常明顯，特別是在相對於銷售的收益貢獻上升方面。我們能否深入探討您在業務中觀察到的驅動因素，無論是與規模、組合、協同效應還是其他因素有關？從整體上看，我們應該如何看待 CommScope 的利潤率達到公司平均水平的路徑？
Joseph Cardoso - J.P. Morgan, Analyst
(00:55:54)What are the main factors influencing this progression? And how are you considering the timeline, given the execution we've seen so far? Thank you.
(00:55:54)影響這一進展的主要因素是什麼？而您如何考慮時間表，考慮到我們迄今為止所看到的執行？謝謝。
Adam Norwitt - Amphenol, CEO
(00:56:03)Thanks very much, Joe. Look, again, We are extremely proud of the team at CommScope. And I appreciate how you phrased it—taking advantage of being part of Amphenol. In most companies, when discussing an acquisition, the focus is on what we are doing to improve them. But in this case, your phrasing aligns with my perspective: what are they doing? As the owners of that business—owner in quotes, but at Amphenol, those quotes barely exist—that sense of ownership is real. What are they doing now that they are part of the Amphenol family to leverage that relationship and elevate their company?
(00:56:03)非常感謝，喬。看，再次強調，我們對 CommScope 團隊感到非常自豪。我也很感謝您這樣表述——利用成為 Amphenol 一部分的優勢。在大多數公司中，討論收購時，重點是我們正在做什麼來改善他們。但在這種情況下，您的表述與我的觀點一致：他們在做什麼？作為該業務的擁有者——用引號標示的擁有者，但在 Amphenol，這些引號幾乎不存在——那種擁有感是真實的。他們現在作為 Amphenol 家族的一部分在做什麼，以利用這種關係並提升他們的公司？
Adam Norwitt - Amphenol, CEO
(00:56:51)We are not the ones creating that success. They are. But they are doing it as part of Amphenol. So, what exactly are they doing? First, they have access to capital. Craig, sitting next to me, has built a fortress-like balance sheet, giving us the capacity to make smart investments with great returns. That is something they are leveraging. Encouraging them not to hesitate in requesting capital is something we assist with. We also support their global expansion—considering the rapid, strong year-over-year growth, what resources do they need to expand in various countries beyond what they previously had?
(00:56:51)我們不是創造那種成功的人。他們是。但他們是在 Amphenol 的一部分中做到的。那麼，他們究竟在做什麼？首先，他們可以獲得資本。坐在我旁邊的克雷格建立了一個堡壘般的資產負債表，使我們能夠進行明智的投資，獲得良好的回報。這是他們正在利用的東西。鼓勵他們不要猶豫地請求資本是我們協助的事情。我們還支持他們的全球擴張——考慮到快速、強勁的年增長，他們需要什麼資源來在各國擴張，超出他們之前擁有的？
Adam Norwitt - Amphenol, CEO
(00:57:39)Occasionally, we provide a helping hand. Regarding one word you mentioned, which I avoid— I won't repeat it, but it starts with an 'S' and ends with 'nergies'. That is not a term we use at Amphenol. We avoid it because we do not presume to know their business better than they do. They understand their business best. They know what actions to take. It's not about combining one plus one to make 1.5 by having two people do the work of one. It is not that at all. Rather, now that they are part of our company, we promote ownership and entrepreneurship throughout their organization to unleash the power of their people and drive results.
(00:57:39)偶爾，我們會提供幫助。關於您提到的一個詞，我避免使用——我不會重複它，但它以 'S' 開頭，以 'nergies' 結尾。這不是我們在 Amphenol 使用的術語。我們避免使用它，因為我們不假設比他們更瞭解他們的業務。他們最瞭解自己的業務。他們知道該採取什麼行動。這不是將一加一變成 1.5，讓兩個人做一個人的工作。根本不是這樣。而是，現在他們成為我們公司的成員，我們在他們的組織中推動擁有感和企業家精神，以釋放他們的力量並推動結果。
Adam Norwitt - Amphenol, CEO
(00:58:29)That is exactly what has happened. This approach has improved their margins, because ultimately, margin equals price minus cost. When control over these factors is consolidated under one person, margins tend to improve. Looking long term, I am sure Craig would agree with me, We see great potential for the company to reach Amphenol's corporate average, even as that average has increased significantly.
(00:58:29)這正是發生的事情。這種方法改善了他們的利潤率，因為最終，利潤率等於價格減去成本。當對這些因素的控制集中在一個人手中時，利潤率往往會改善。從長遠來看，我相信克雷格會同意我的看法，我們看到公司有很大的潛力達到 Amphenol 的公司平均水平，即使該平均水平已顯著提高。
Craig Lampo - Amphenol, CFO
(00:58:53)In fact, I would say they are already in the low 20s on an operating margin basis. So, they are already at what the corporate average was a couple of years ago or less. So, I believe there is tremendous opportunity for them to raise their profitability to the company average over time. And they are already doing a tremendous job this year. I would say that, compared to the beginning of the year, there is now greater confidence that this will happen in the long term.
(00:58:53)事實上，我會說他們在經營利潤率方面已經達到了低 20 的水平。因此，他們已經達到了幾年前的公司平均水平或更低。所以，我相信他們有巨大的機會在未來提高他們的盈利能力至公司平均水平。他們今年已經做得非常出色。我會說，與年初相比，現在對於這將在長期內發生的信心更強。
Operator - Operator
(00:59:31)Your next question comes from Joe Giordano with TD Cowen. Your line is open. Please go ahead.
(00:59:31)下一個問題來自 TD Cowen 的 Joe Giordano。您的線路已開通。請繼續。
Joseph Giordano - TD Cowen, Analyst
(00:59:39)Hey guys, appreciate you. Excuse me here. I know you are all focused, as you should be, on capitalizing on this enormous opportunity in front of you. But I remember not long ago when many of these calls started with you discussing the diverse nature of the firm, noting that nothing exceeds 20% of sales, allowing you to weather storms in any one area because of that diversity. This growth has been entirely organic, so the change in sales splits is happening for the best possible reasons. With IT Datacom poised to represent over 50% of the company next year, does this force you to reexamine balance sheet usage?
(00:59:39)嘿，大家，感謝你們。抱歉打擾一下。我知道你們都專注於把握眼前這個巨大的機會，這是應該的。但我記得不久前，許多這類電話會議都是以你們討論公司的多樣性開始，指出沒有任何一個市場的銷售超過 20%，這使你們能夠因為這種多樣性而在任何一個領域中抵禦風暴。這一增長完全是有機的，因此銷售分配的變化是出於最好的原因。隨著 IT Datacom 明年將佔公司超過 50% 的比例，這是否迫使你們重新檢視資產負債表的使用？
Joseph Giordano - TD Cowen, Analyst
(01:00:19)Do you need to scale up in other areas to mitigate potential risks as cycles ultimately occur in these businesses?
(01:00:19)你們是否需要在其他領域擴大規模，以減輕這些業務最終出現週期性風險的可能性？
Adam Norwitt - Amphenol, CEO
(01:00:29)Thank you very much, John. There is no doubt about it. The diversity of the company is very important to Amphenol. Reflecting on why that is important, it has always been for two reasons. First, to insulate us from the risk of exposure to any given market. Second, to ensure we have the position and visibility to be present whenever an electronics revolution occurs. There is no doubt that the second reason remains very strong. We hold a substantial and broad position across all sectors of the global electronics industry.
(01:00:29)非常感謝你，John。這毫無疑問。公司的多樣性對 Amphenol 來說非常重要。回顧為什麼這很重要，這一直有兩個原因。首先，是為了使我們免受任何特定市場的風險影響。其次，確保我們有足夠的地位和能見度，能夠在電子革命發生時隨時參與。毫無疑問，第二個原因依然非常強大。我們在全球電子行業的所有領域中持有相當廣泛的地位。
Adam Norwitt - Amphenol, CEO
(01:01:08)No question about that. Regarding IT Datacom representing 48% of our sales this quarter, as you said, this has happened for a good reason. This is an area... where the world has devoted unprecedented resources to build upon this exciting new revolutionary technology. That technology requires a higher intensity of interconnect products due to its architecture and nature. It's a neural network. It needs connections. Amphenol has done a commendable job capitalizing on this, taking more than our fair share of the opportunity.
(01:01:08)這一點毫無疑問。關於 IT Datacom 在本季度佔我們銷售的 48%，正如你所說，這是出於一個好的原因。這是一個領域……世界在這個令人興奮的新革命性技術上投入了前所未有的資源。由於其架構和性質，這項技術需要更高強度的互連產品。這是一個神經網絡。它需要連接。Amphenol 在這方面做得相當出色，佔據了超過我們應得的機會份額。
Adam Norwitt - Amphenol, CEO
(01:01:47)This accumulation has resulted in tremendous growth, quadrupling the size of our business in less than four years. That growth accounts for the 48% sales figure. So the real question is, what are we doing about that? We will continue to invest heavily in new technologies to meet the demands of the IT Datacom market. This is truly a historic opportunity. I am very proud of how our team has reacted, capitalized on it, and supported customers throughout the stack. We will drive success diversely across customers, from chip makers to web-scale hyperscalers who are investing heavily, and everything in between.
(01:01:47)這一積累導致了巨大的增長，在不到四年的時間內使我們的業務規模增長了四倍。這一增長解釋了 48% 的銷售數字。所以真正的問題是，我們對此做了什麼？我們將繼續在新技術上進行大量投資，以滿足 IT Datacom 市場的需求。這真的是一個歷史性的機會。我對我們團隊的反應、把握機會以及在整個過程中支持客戶感到非常自豪。我們將在客戶之間多樣化推動成功，從芯片製造商到正在大量投資的網路規模超大規模雲端業者（hyperscaler），還有其他所有相關方。
Adam Norwitt - Amphenol, CEO
(01:02:39)We will engage every party involved in this market. We will do so using a multitude of our own technologies across all these programs. Diversification within IT Datacom is a major focus for us. I am very proud of what we have achieved so far. At the same time, we will continue to double down on other Amphenol markets. Those other markets are evident even this quarter. It is notable that we generated $1.6 billion in free cash flow this quarter. We have allocated that $1.6 billion in free cash to four acquisitions costing roughly the same amount.
(01:02:39)我們將與市場上每一方參與者進行合作。我們將利用我們在所有這些計劃中的多種技術來實現這一目標。在 IT Datacom 中的多樣化是我們的主要重點。我對我們迄今為止所取得的成就感到非常自豪。同時，我們將繼續加大對其他 Amphenol 市場的投入。這些其他市場在本季度也顯而易見。值得注意的是，我們在本季度產生了 16 億美元的自由現金流。我們已將這 16 億美元的自由現金分配給四項收購，成本大致相同。
Adam Norwitt - Amphenol, CEO
(01:03:24)Excluding AI and its growth, we are driving organic growth in the high teens percentage range for the company. This is a very strong performance and further evidence that we continue to double down across the electronics industry. There is another concept at Amphenol as well. We call it driving with one foot on the gas and one on the brake. Many companies, during robust periods, forget that driving a car involves two pedals. We never forget about that second pedal. And how does that manifest within our company?
(01:03:24)除了人工智慧及其增長外，我們正在推動公司有機增長，增長率在高十幾個百分比的範圍內。這是一個非常強勁的表現，進一步證明瞭我們在電子行業中持續加大投入。Amphenol 還有另一個概念。我們稱之為一隻腳踩油門，一隻腳踩剎車。許多公司在繁榮時期忘記了駕駛汽車涉及兩個踏板。我們從不忘記那第二個踏板。這在我們公司中如何體現？
Adam Norwitt - Amphenol, CEO
(01:04:06)Well, it means that regardless of how well things are going, we will continually strive to embed flexibility and agility throughout the company to respond effectively if any issues arise in our markets. This involves making smart investments. It also means ensuring that the agility of our culture is instilled at every level of the organization, so our local teams, deeply connected to their markets, We have a saying within our team. If you see something, do something, then say something. The idea is to react immediately to the moment, whether it is positive or negative.
(01:04:06)嗯，這意味著無論情況如何，我們都將不斷努力在整個公司中嵌入靈活性和敏捷性，以便在市場出現任何問題時能夠有效應對。這涉及到明智的投資。這也意味著確保我們文化的敏捷性在組織的每個層級中都能得到灌輸，因此我們的地方團隊與其市場緊密相連，我們團隊中有一句話。如果你看到什麼，就去做什麼，然後再說什麼。這個想法是立即對當下做出反應，無論是正面還是負面。在這種高增長的環境中建立和加強這種敏捷性是一個優先事項，特別是因為我們的市場已經自然增長到比以前大得多的規模。
Adam Norwitt - Amphenol, CEO
(01:04:48)Building and reinforcing that agility amid this high growth is a priority, especially as our market has organically grown to a much larger scale than before. When you consider AI as a percentage of global electronics spending, I believe it represents a significant portion.
(01:04:48)當你考慮人工智慧在全球電子支出中的比例時，我相信它佔據了相當大的部分。你的最後一個問題來自 Seaport Research Partners 的 Scott Graham。
Operator - Operator
(01:05:13)Your final question comes from Scott Graham with Seaport Research Partners. Your line is now open. Please proceed.
(01:05:13)你的線路現在已經開通。請繼續。非常感謝你們讓我參加。
Scott Graham - Seaport Research Partners, Analyst
(01:05:22)Thank you all for fitting me in. I wanted to ask a similar question to the one posed earlier regarding defense. Any unbundling you can provide on that would be helpful. Specifically, in air, land, and sea, where are you strongest? Where are you seeing the strongest growth? And importantly, do you believe you are benefiting from current conflicts in a way that might impact sales a year from now, assuming those conflicts conclude?
(01:05:22)我想問一個與之前關於防務的問題相似的問題。你能提供的任何拆解都會很有幫助。具體來說，在空中、陸地和海洋中，你們在哪裡最強？你們在哪裡看到最強的增長？更重要的是，你認為你們是否從當前的衝突中受益，這可能會影響到一年的銷售，假設這些衝突結束？非常感謝你，Scott。
Adam Norwitt - Amphenol, CEO
(01:06:00)Thanks very much, Scott. It's never difficult for me to discuss defense. We have a fantastic business there, and we remain focused on doubling down on it. I look at many different segments within the defense market. We do. Perhaps not as many as in diversified industrial, but we consider about a dozen different applications. Last quarter alone, nearly every one of those segments grew by double digits. We are seeing strong growth across areas like space, land, unmanned vehicles, communications, avionics, vehicles, munitions, and naval.
(01:06:00)討論防務對我來說從來不是困難的。我們在那裡有一個很棒的業務，我們仍然專注於加倍努力。我關注防務市場中的許多不同細分領域。我們有。也許沒有多元化工業那麼多，但我們考慮大約十幾種不同的應用。僅在上個季度，幾乎所有這些細分市場都實現了雙位數增長。我們在太空、陸地、無人車輛、通信、航空電子、車輛、彈藥和海軍等領域看到強勁增長。此外，隨著各種衝突的持續進行，這不僅僅是針對美國的。
Adam Norwitt - Amphenol, CEO
(01:06:50)Additionally, with the various conflicts ongoing, and this is not only specific to the U.S. military, I believe we are entering a phase where, regardless of conflict resolutions—and I sincerely hope these conflicts end quickly— we refer to this as a defense business, not an offense business. We certainly want these conflicts to conclude. At the same time, there is no doubt we are entering a phase with significant replenishment requirements. This is a multi-year, if not multi-decade, initiative across multiple countries worldwide.
(01:06:50)我相信我們正進入一個階段，無論衝突如何解決——我真心希望這些衝突能夠迅速結束——我們稱之為防務業務，而不是進攻業務。我們當然希望這些衝突能夠結束。同時，毫無疑問，我們正進入一個有著重大補充需求的階段。這是一個跨越多個國家的多年，甚至是數十年的計劃。同時，全球的軍隊正在大力投資於我們討論的所有細分市場的下一代技術。我不確定我是否已經完全為你拆解了這些，但關於我們的立場和各種支出的影響，顯然，如果全球的軍事支出急劇下降，我們將受到影響。然而，補充的形式是一種抵消。
Adam Norwitt - Amphenol, CEO
(01:07:37)Concurrently, militaries globally are investing heavily in next-generation technology across all the segments we discussed. I’m not sure if I’ve fully unbundled it for you, but regarding our position and the impact of various spending, obviously, if military spending were to drop sharply worldwide, we would be affected. However, there is an offset in the form of replenishment. Another offset is the adoption of new technologies. Additionally, our company-specific advantage is our ability to capture more than our fair share due to the breadth and depth of our product portfolio.
(01:07:37)另一種抵消是新技術的採用。此外，我們公司特有的優勢是，由於我們產品組合的廣度和深度，我們能夠獲得超過我們應有的份額。此時沒有進一步的問題，所以我將把時間交回給 Adam Norwitt 先生進行結語。非常感謝大家。這真是一個愉快的經歷。
Operator - Operator
(01:08:21)There are no further questions at this time, so I will hand back to Mr. Adam Norwitt for closing remarks.
(01:08:21)我感謝你們在這樣美麗的秋日中抽出時間。
Adam Norwitt - Amphenol, CEO
(01:08:28)Thank you all very much. It’s truly a pleasure. I appreciate you taking time out of your busy day on such a beautiful fall day. Hard to say goodbye, but we look forward to seeing everyone in the new year. Perhaps I’m the first to wish you happy holidays, and we’ll see you in 2027. Thanks so much. Thank you. Goodbye.
(01:08:28)難以道別，但我們期待在新的一年見到大家。也許我是第一個祝你們假期快樂的人，我們 2027 年再見。非常感謝。謝謝你。再見。這次通話到此結束。感謝您的參加。您現在可以斷開連接。謝謝。再見。
Operator - Operator
(01:08:52)This concludes today’s call. Thank you for joining. You may now disconnect your lines.
(01:08:52)這次通話到此結束。謝謝您的參加。您現在可以斷開連接。