[Performance Overview and Business Outlook](index=1&type=section&id=Performance%20Overview%20and%20Business%20Outlook) Amphenol achieved record sales and Adjusted Diluted EPS in Q4 and full year 2024, driven by organic growth and acquisitions, projecting robust Q1 2025 performance [Fourth Quarter 2024 Performance](index=1&type=section&id=Fourth%20Quarter%202024%20Performance) Amphenol achieved record Q4 2024 sales and Adjusted Diluted EPS, driven by strong organic growth across multiple key markets and acquisitions Fourth Quarter 2024 Financial Highlights | Metric | Value | YoY Change | | :--- | :--- | :--- | | Sales | $4.3 billion | +30% | | Organic Sales Growth | - | +20% | | GAAP Diluted EPS | $0.59 | +44% | | Adjusted Diluted EPS | $0.55 | +34% | | GAAP Operating Margin | 22.1% | - | | Adjusted Operating Margin | 22.4% | - | | Operating Cash Flow | $847 million | - | | Free Cash Flow | $648 million | - | - The **30% sales increase** was driven by strong organic growth in IT datacom, mobile networks, commercial air, mobile devices, broadband, and defense markets, along with contributions from the company's acquisition program[4](index=4&type=chunk) [Full Year 2024 Performance](index=1&type=section&id=Full%20Year%202024%20Performance) Amphenol's full year 2024 sales and Adjusted Diluted EPS reached record highs, driven by robust organic growth and strategic acquisitions Full Year 2024 Financial Highlights | Metric | Value | YoY Change | | :--- | :--- | :--- | | Sales | $15.2 billion | +21% | | Organic Sales Growth | - | +13% | | GAAP Diluted EPS | $1.92 | +24% | | Adjusted Diluted EPS | $1.89 | +25% | | GAAP Operating Margin | 20.7% | - | | Adjusted Operating Margin | 21.7% | - | | Operating Cash Flow | $2.8 billion | - | | Free Cash Flow | $2.2 billion | - | - Full-year sales growth was driven by robust organic performance in IT datacom, commercial air, mobile devices, and defense markets, supplemented by contributions from acquisitions[4](index=4&type=chunk) [Capital Allocation and Strategy](index=1&type=section&id=Capital%20Allocation%20and%20Strategy) Amphenol returned significant capital to shareholders in 2024 through buybacks and dividends, while actively pursuing strategic acquisitions - The company returned **nearly $1.3 billion** to shareholders in 2024 In Q4 alone, it purchased **2.4 million shares** for **$169 million** and paid **$199 million** in dividends[4](index=4&type=chunk)[8](index=8&type=chunk) - Completed two acquisitions in 2024: Carlisle Interconnect Technologies and Luetze[8](index=8&type=chunk) - The company expects to close the acquisition of CommScope's OWN and DAS businesses during the first quarter of 2025[5](index=5&type=chunk) [First Quarter 2025 Outlook](index=1&type=section&id=First%20Quarter%202025%20Outlook) Amphenol provided a strong outlook for Q1 2025, projecting significant year-over-year growth based on current market conditions Q1 2025 Guidance | Metric | Guidance Range | YoY Growth | | :--- | :--- | :--- | | Sales | $4.00B - $4.10B | 23% to 26% | | Adjusted Diluted EPS | $0.49 - $0.51 | 23% to 28% | [Consolidated Financial Statements](index=6&type=section&id=Consolidated%20Financial%20Statements) Amphenol's full year 2024 financial statements show strong growth in net sales and income, with expanded assets and robust operating cash flow [Condensed Consolidated Statements of Income](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Income) Amphenol's full year 2024 income statement shows significant increases in net sales, operating income, and net income attributable to the company Full Year Income Statement Highlights (2024 vs. 2023) | Metric (in millions) | 2024 | 2023 | | :--- | :--- | :--- | | Net sales | $15,222.7 | $12,554.7 | | Gross profit | $5,139.7 | $4,084.1 | | Operating income | $3,156.9 | $2,559.6 | | Net income attributable to Amphenol | $2,424.0 | $1,928.0 | | Diluted EPS | $1.92 | $1.55 | - Dividends declared per common share for the full year 2024 increased to **$0.55** from **$0.425** in 2023[20](index=20&type=chunk) [Condensed Consolidated Balance Sheets](index=7&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) As of December 31, 2024, Amphenol's total assets and liabilities grew, driven by increased cash, goodwill, and long-term debt from acquisitions Key Balance Sheet Items (in millions) | Account | Dec 31, 2024 | Dec 31, 2023 | | :--- | :--- | :--- | | Cash and cash equivalents | $3,317.0 | $1,475.0 | | Total current assets | $9,686.0 | $6,835.3 | | Goodwill | $8,236.2 | $7,092.4 | | Total Assets | $21,440.2 | $16,526.4 | | Long-term debt | $6,484.4 | $3,983.5 | | Total Liabilities | $11,584.1 | $8,099.9 | | Total Equity | $9,847.4 | $8,395.8 | [Condensed Consolidated Statements of Cash Flow](index=9&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flow) Amphenol generated substantial operating cash flow in 2024, with significant cash used for acquisitions, capital expenditures, and shareholder returns Full Year Cash Flow Summary (in millions) | Activity | 2024 | 2023 | | :--- | :--- | :--- | | Net cash provided by operating activities | $2,814.7 | $2,528.7 | | Net cash used in investing activities | ($2,648.6) | ($1,393.7) | | Net cash provided by (used in) financing activities | $1,729.9 | ($1,012.4) | | Net increase in cash and cash equivalents | $1,842.0 | $101.9 | - Key uses of cash in 2024 included **$2,156.4 million** for acquisitions, **$689.3 million** for treasury stock purchases, and **$665.4 million** for capital expenditures[26](index=26&type=chunk) [Segment Information](index=10&type=section&id=Segment%20Information) All three of Amphenol's segments reported sales growth in 2024, with Communications Solutions being the largest and fastest-growing, also showing strong margin improvement Full Year 2024 Net Sales by Segment (in millions) | Segment | 2024 Sales | 2023 Sales | YoY Growth | | :--- | :--- | :--- | :--- | | Harsh Environment Solutions | $4,417.4 | $3,530.8 | 25.1% | | Communications Solutions | $6,323.8 | $4,912.8 | 28.7% | | Interconnect and Sensor Systems | $4,481.5 | $4,111.1 | 9.0% | | **Consolidated Total** | **$15,222.7** | **$12,554.7** | **21.2%** | Full Year 2024 Operating Income & Margin by Segment | Segment | 2024 Op. Income (M) | 2024 Op. Margin | 2023 Op. Margin | | :--- | :--- | :--- | :--- | | Harsh Environment Solutions | $1,093.2 | 24.7% | 26.7% | | Communications Solutions | $1,569.6 | 24.8% | 21.6% | | Interconnect and Sensor Systems | $825.9 | 18.4% | 18.3% | [Supplemental Financial Information (Non-GAAP Reconciliations)](index=11&type=section&id=Supplemental%20Financial%20Information%20%28Non-GAAP%20Reconciliations%29) This section reconciles GAAP and non-GAAP financial measures, highlighting Amphenol's underlying operational performance, organic growth, adjusted margins, and free cash flow [Reconciliation of Net Sales Growth](index=11&type=section&id=Reconciliation%20of%20Net%20Sales%20Growth) Amphenol's full year 2024 consolidated net sales grew **21%**, with **13%** organic growth and **8%** from acquisitions, led by Communications Solutions Full Year 2024 Net Sales Growth Reconciliation | Segment | Net Sales Growth (GAAP) | Acquisition Impact | Organic Net Sales Growth (Non-GAAP) | | :--- | :--- | :--- | :--- | | Harsh Environment Solutions | 25% | 21% | 4% | | Communications Solutions | 29% | 2% | 27% | | Interconnect and Sensor Systems | 9% | 5% | 4% | | **Consolidated** | **21%** | **8%** | **13%** | [Reconciliation of Operating Results (GAAP to Non-GAAP)](index=13&type=section&id=Reconciliation%20of%20Operating%20Results%20%28GAAP%20to%20Non-GAAP%29) Amphenol's full year 2024 GAAP Diluted EPS and operating margin were adjusted to non-GAAP figures, reflecting acquisition-related and tax adjustments Full Year 2024 GAAP to Non-GAAP EPS Reconciliation | Description | Per Share Amount | | :--- | :--- | | **Reported Diluted EPS (GAAP)** | **$1.92** | | Amortization of acquisition related inventory step-up costs | $0.01 | | Acquisition-related expenses | $0.08 | | Excess tax benefits related to stock-based compensation | ($0.11) | | Discrete tax items | ($0.01) | | **Adjusted Diluted EPS (non-GAAP)** | **$1.89** | Full Year 2024 GAAP to Non-GAAP Operating Margin Reconciliation | Description | Margin % | | :--- | :--- | | **Reported Operating Margin (GAAP)** | **20.7%** | | Amortization of acquisition related inventory step-up costs | 0.1% | | Acquisition-related expenses | 0.8% | | **Adjusted Operating Margin (non-GAAP)** | **21.7%** | [Reconciliation of Free Cash Flow](index=13&type=section&id=Reconciliation%20of%20Free%20Cash%20Flow) Amphenol generated **$2.16 billion** in Free Cash Flow in 2024, derived from operating cash flow minus net capital expenditures, consistent with the prior year Full Year Free Cash Flow Calculation (in millions) | Line Item | 2024 | 2023 | | :--- | :--- | :--- | | Operating Cash Flow (GAAP) | $2,814.7 | $2,528.7 | | Capital expenditures (GAAP) | ($665.4) | ($372.8) | | Proceeds from disposals of property, plant and equipment (GAAP) | $7.8 | $4.0 | | **Free Cash Flow (non-GAAP)** | **$2,157.1** | **$2,159.9** | [Other Information](index=3&type=section&id=Other%20Information) This section provides corporate details, investor call information, non-GAAP definitions, and forward-looking statements outlining potential risks and uncertainties [About Amphenol](index=3&type=section&id=About%20Amphenol) Amphenol is a global leader in designing, manufacturing, and marketing interconnect products, serving diverse high-growth end markets across approximately 40 countries - Amphenol is one of the world's largest manufacturers of electrical, electronic and fiber optic connectors, interconnect systems, antennas, sensors, and specialty cables[11](index=11&type=chunk) - The company has a diversified presence in high-growth markets including Automotive, Broadband Communications, Commercial Aerospace, Defense, Industrial, IT and Data Communications, Mobile Devices, and Mobile Networks[11](index=11&type=chunk) [Forward-Looking Statements and Risk Factors](index=3&type=section&id=Forward-Looking%20Statements%20and%20Risk%20Factors) Forward-looking statements, including Q1 2025 guidance, are subject to various risks such as geopolitical conditions, supply chain issues, and cybersecurity threats - Forward-looking statements, including Q1 2025 guidance, are based on management's current assumptions and are subject to risks and uncertainties[13](index=13&type=chunk) - Key risks include political and economic risks, supply chain disruptions, cybersecurity threats, competition, and difficulties in integrating acquisitions[14](index=14&type=chunk)[15](index=15&type=chunk)[16](index=16&type=chunk)

Net Sales Growth - Net sales in Q3 2024 increased by 26% to $4,038.8 million compared to $3,199.2 million in Q3 2023, driven by strong organic growth in the Communications Solutions segment and moderate growth in the Interconnect and Sensor Systems and Harsh Environment Solutions segments[114] - Net sales for the first nine months of 2024 increased by 18% to $10,904.9 million compared to $9,227.2 million in the same period of 2023, with strong organic growth in the IT datacom, defense, and commercial aerospace markets[115] - Harsh Environment Solutions segment net sales in Q3 2024 increased by 35% in U.S. dollars and 3% organically, driven by contributions from acquisitions and strong growth in IT datacom, commercial aerospace, and mobile networks markets[116] - Communications Solutions segment experienced strong organic growth in Q3 2024, contributing significantly to the overall net sales increase[114] - Organic net sales growth in Q3 2024 was 15%, excluding currency and acquisition impacts[114] - Organic net sales growth for the first nine months of 2024 was 11%, excluding currency and acquisition impacts[115] - The IT datacom, mobile devices, and commercial aerospace markets showed strong organic growth in Q3 2024[114] - The defense market experienced moderate growth in Q3 2024, contributing to the overall increase in net sales[114] - Communications Solutions segment net sales increased 32% in Q3 2024 compared to Q3 2023, driven by strong organic growth in IT datacom, mobile devices, automotive, industrial, and mobile networks markets[117] - Interconnect and Sensor Systems segment net sales increased 12% in Q3 2024 compared to Q3 2023, primarily driven by contributions from acquisitions and strong organic growth in the IT datacom market[118] - Consolidated net sales for Q3 2024 were $4,038.8 million, a 26% increase compared to Q3 2023, with organic net sales growth of 15%[120] - Foreign net sales for Q3 2024 were $2,627.1 million, a 27% increase compared to Q3 2023, with organic net sales growth of 22%[120] Segment Performance - The Harsh Environment Solutions segment accounted for approximately 29% of total net sales in Q3 2024[116] - Communications Solutions segment operating income for Q3 2024 was $431.0 million, or 25.6% of net sales, compared to $283.3 million, or 22.1% of net sales, for Q3 2023[126] - Harsh Environment Solutions segment operating income for Q3 2024 was $283.7 million, or 23.8% of net sales, compared to $239.1 million, or 26.9% of net sales, for Q3 2023[125] - Operating income for the Interconnect and Sensor Systems segment in Q3 2024 was $217.6 million, or 18.8% of net sales, compared to $188.9 million, or 18.3% of net sales, in Q3 2023[127] Financial Performance - Selling, general and administrative expenses were $492.0 million, or 12.2% of net sales, for Q3 2024, compared to $381.6 million, or 11.9% of net sales, for Q3 2023[123] - Operating income for Q3 2024 was $819.5 million, or 20.3% of net sales, compared to $657.9 million, or 20.6% of net sales, for Q3 2023[124] - Adjusted Operating Income for Q3 2024 was $883.1 million, or 21.9% of net sales, compared to $666.9 million, or 20.8% of net sales, for Q3 2023[124] - Interest expense for Q3 2024 was $55.7 million, up from $33.6 million in Q3 2023, driven by higher borrowing levels and interest rates[128] - Effective tax rate for Q3 2024 was 21.4%, compared to 18.2% in Q3 2023, impacted by stock option exercises and acquisition-related expenses[129] - Net income attributable to Amphenol Corporation for Q3 2024 was $604.4 million, with Diluted EPS of $0.48, up from $513.9 million and $0.41 in Q3 2023[130] - Adjusted Operating Income for Q3 2024 was $883.1 million, with an Adjusted Operating Margin of 21.9%, compared to $666.9 million and 20.8% in Q3 2023[131] - Adjusted Net Income attributable to Amphenol Corporation for the first nine months of 2024 was $1,686.9 million, with Adjusted Diluted EPS of $1.34, up from $1,357.1 million and $1.09 in the same period of 2023[132] Cash Flow and Working Capital - As of September 30, 2024, the company had cash, cash equivalents, and short-term investments of $1,583.3 million, down from $1,660.2 million at the end of 2023[133] - Net cash provided by operating activities for the first nine months of 2024 was $1,967.6 million, up from $1,686.9 million in the same period of 2023[138] - Working capital components increased by $197.6 million in the first nine months of 2024, driven by higher accounts receivable, inventories, and prepaid expenses[139] - Accounts receivable increased by $511.9 million to $3,130.3 million, driven by higher sales in Q3 2024 and the impact of 2024 Acquisitions[140] - Inventories increased by $411.7 million to $2,578.8 million, primarily due to the 2024 Acquisitions and higher sales in Q3 2024[140] - Free Cash Flow increased to $1,509.1 million for the nine months ended September 30, 2024, up from $1,421.2 million in the same period in 2023[141] - Net cash used in investing activities was $2,398.2 million in the first nine months of 2024, driven by $2,099.8 million for acquisitions and $458.5 million in capital expenditures[143] - Net cash provided by financing activities was $515.8 million in the first nine months of 2024, primarily due to $1,500.1 million in net cash proceeds from borrowings[145] - Days sales outstanding decreased to 69 days at September 30, 2024, compared to 70 days at December 31, 2023[140] - Inventory days increased to 87 days at September 30, 2024, compared to 85 days at December 31, 2023[140] Acquisitions and Investments - The company's acquisition program played a key role in driving net sales growth across all segments in both Q3 and the first nine months of 2024[114][115][116] - The company completed two acquisitions in 2024, including CIT, for approximately $2,099.8 million, net of cash acquired[161] - The CIT acquisition was completed for approximately $1,995.3 million, net of cash acquired, and was funded through a combination of net proceeds from the New Senior Notes, borrowings under the U.S. Commercial Paper Program, and cash on hand[162] - The company entered into a Purchase Agreement to acquire CommScope's Mobile Networks Business for approximately $2,100 million, expected to close in Q1 2025[166] - The company incurred $63.6 million in acquisition-related expenses in Q3 2024 and $133.6 million in the first nine months of 2024, primarily due to the CIT acquisition[164] - The company completed 10 acquisitions in 2023 for approximately $970.4 million, net of cash acquired, with one acquisition resulting in a non-cash gain of $5.4 million[163] Debt and Financing - The Company increased its Revolving Credit Facility by $500.0 million to $3,000.0 million, maturing in March 2029[147] - The Company issued $1,500.0 million in New Senior Notes in April 2024, including $450.0 million due in 2027, $450.0 million due in 2029, and $600.0 million due in 2034[153] - The Company repaid $350.0 million in 3.20% Senior Notes upon maturity in April 2024[154] - The company's Euro Notes have an aggregate principal amount of €500.0 million each, with one series maturing in May 2026 and the other in October 2028[155] - The company manages interest rate risk through a mix of fixed and variable rate debt, with recent fixed-rate senior notes issued in April 2024[176] - As of September 30, 2024, the company had no borrowings outstanding under the Revolving Credit Facility, U.S. Commercial Paper Program, and Euro Commercial Paper Program[176] - The company borrowed under the U.S. Commercial Paper Program in the first nine months of 2024, partially funding the acquisition of Carlisle Interconnect Technologies (CIT) in May 2024[176] - The U.S. Federal Reserve lowered the federal funds rate modestly in September 2024, potentially reducing future interest expenses if the company borrows under floating rate instruments[176] - The company is exposed to foreign currency exchange rate risk, particularly with borrowings under the Euro Commercial Paper Program and Revolving Credit Facility denominated in various foreign currencies[175] - The company does not expect changes in interest rates to have a material effect on income or cash flows for the remainder of 2024[176] Share Repurchases and Dividends - The company repurchased 2.7 million shares for $176.2 million in Q3 2024 and 4.5 million shares for $294.8 million in the first nine months of 2024 under the 2024 Stock Repurchase Program[157] - The company has remaining authorization to repurchase up to $1,669.4 million of its Common Stock under the 2024 Stock Repurchase Program as of October 23, 2024[157] - The company repurchased 4.1 million shares for $225.6 million under the 2021 Stock Repurchase Program in the first nine months of 2024, which were the final repurchases under this program[158] - The company declared quarterly dividends of $0.165 per share in Q3 2024, an increase from $0.105 per share in Q3 2023[159][160] Internal Controls and Risk Management - The company's disclosure controls and procedures were effective as of the end of the reporting period, ensuring timely and accurate financial reporting[177] - There has been no material change in the company's internal control over financial reporting during the most recent fiscal quarter[178] Currency and Interest Rate Impact - The weaker U.S. dollar in Q3 2024 increased sales by approximately $9.2 million compared to Q3 2023[122]

Financial Data and Key Metrics - Record sales of $4.39 billion in Q3 2024, up 26% YoY in USD and 15% organically [3] - Record GAAP and adjusted diluted EPS of $0.48 and $0.50, respectively, up 17% and 28% YoY [3][5] - Record orders of $4.412 billion, up 39% YoY, with a strong book-to-bill ratio of 1.09:1 [3] - GAAP operating income of $819 million, with adjusted operating income of $883 million and a record adjusted operating margin of 21.9% [3] - Operating cash flow of $704 million (117% of net income) and free cash flow of $476 million (79% of net income) [6] - Net leverage ratio of 1.0x at the end of Q3 2024 [7] Segment Performance - **Harsh Environment Solutions**: Sales of $1.194 billion, up 35% YoY in USD and 3% organically, with a segment operating margin of 23.8% [4] - **Communications Solutions**: Sales of $1.685 billion, up 32% YoY in USD and 30% organically, with a segment operating margin of 25.6% [5] - **Interconnect and Sensor Systems**: Sales of $1.160 billion, up 12% YoY in USD and 6% organically, with a segment operating margin of 18.8% [5] Market Performance - **Defense Market**: 11% of sales, up 16% YoY in USD and 8% organically, driven by growth in space, aircraft, avionics, and ground vehicle applications [12] - **Commercial Air Market**: 6% of sales, up 123% YoY in USD and 12% organically, benefiting from the CIT acquisition and next-gen aircraft content [14] - **Industrial Market**: 23% of sales, up 24% YoY in USD, flat organically, with growth in alternative energy and medical offset by declines in factory automation and oil & gas [16] - **Automotive Market**: 19% of sales, up 4% YoY in USD, flat organically, with growth in North America and Asia offset by declines in Europe [17] - **Mobile Devices Market**: 10% of sales, up 18% YoY in USD and 17% organically, driven by broad-based strength across applications [19] - **Mobile Networks Market**: 3% of sales, up 22% YoY in USD and 19% organically, with recovery in demand from operators and equipment manufacturers [20] - **IT Datacom Market**: 25% of sales, up 60% YoY in USD and 59% organically, driven by AI applications and base IT datacom growth [21] - **Broadband Market**: 3% of sales, down 15% YoY in USD and 14% organically, with continued moderation in procurement levels [23] Strategic Direction and Industry Competition - The company closed the acquisition of Lutze Europe, strengthening its position in the industrial market [10] - Pending acquisition of Andrew businesses from CommScope expected to close in Q1 2025, enhancing the company's position in mobile networks [11] - Continued focus on high-speed, low-latency, and power-efficient interconnect products, particularly in AI and IT datacom markets [22][39] - Diversified end-market exposure reduces volatility and creates long-term growth opportunities [11] Management Commentary on Operating Environment and Future Outlook - Management highlighted strong execution and outperformance in a dynamic environment, with record sales and margins [8][9] - The company expects Q4 2024 sales of $3.950 billion to $4.50 billion and adjusted diluted EPS of $0.48 to $0.50, representing YoY growth of 19% to 22% in sales and 17% to 22% in EPS [24] - Full-year 2024 sales are expected to be $14.855 billion to $14.955 billion, with adjusted diluted EPS of $1.82 to $1.84, representing YoY growth of 18% to 19% in sales and 21% to 22% in EPS [24] Other Important Information - The company repurchased 2.7 million shares at an average price of $65, returning $308 million to shareholders in Q3 2024 [6] - Total debt stood at $5.5 billion, with net debt of $3.9 billion and total liquidity of $4.6 billion at the end of Q3 2024 [7] Q&A Session Summary Question: AI vs Non-AI Growth in IT Datacom - AI-related products accounted for more than half of the YoY growth in IT datacom, with strong underlying IT datacom demand also contributing [27][28] Question: Automotive Market Dynamics - The company continues to outperform in the automotive market, driven by content growth in electrified drivetrains and next-gen electronics, despite challenges in Europe [30][33] Question: AI Customer Base and Revenue Breakdown - The company serves a broad customer base in AI, including hyperscalers, OEMs, and chip companies, with a focus on high-speed and power-efficient interconnect products [36][39] Question: Content Growth in Next-Gen IT Systems - The company sees significant content growth in next-gen IT systems, driven by the need for high-speed, low-latency interconnect solutions, with opportunities in both copper and fiber [42][46] Question: CapEx Outlook - Elevated CapEx levels are expected to continue in Q4 2024 to support growth in IT datacom and defense markets, with a long-term target of 3% to 4% of sales [48] Question: Aerospace Guidance and Industrial Green Shoots - Aerospace guidance incorporates all known factors, including strikes, while industrial growth in North America and Asia is offset by slower demand in Europe [51][52] Question: Margin Strength and CIT Integration - Record margins were driven by strong execution, with CIT still on its journey to reach company-average margins [54][56] Question: Mobile Devices Market Growth - High single-digit growth in mobile devices is driven by content expansion and innovation, with the company guiding for robust levels in Q4 [59][62] Question: Organic Orders and Vertical Strength - The company does not break out organic orders but highlights strong book-to-bill ratios across all segments, particularly in IT datacom and defense [63] Question: Order Visibility and Fulfillment Timeline - Orders are typically fulfilled within a couple of quarters, with some extending to three quarters, particularly in IT datacom and defense [65][67] Question: Employee Motivation and Market Cycles - The company's entrepreneurial culture focuses on agility and reactivity, enabling it to navigate market cycles and capitalize on growth opportunities [69][74]

Exhibit 99.1 Amphenol News Release World Headquarters 358 Hall Avenue Wallingford, CT 06492 Telephone (203) 265-8900 AMPHENOL REPORTS RECORD THIRD QUARTER 2024 RESULTS Third Quarter 2024 Highlights: ● Record sales of $4.04 billion, up 26% in U.S. dollars and 15% organically compared to the third quarter of 2023 ● Record GAAP Diluted EPS of $0.48, up 17% compared to prior year ● Record Adjusted Diluted EPS of $0.50, up 28% compared to prior year ● GAAP and record Adjusted Operating Margin of 20.3% and 21.9%, ...

Part I - Financial Information [Item 1. Financial Statements](index=2&type=section&id=Item%201.%20Financial%20Statements) This section presents Amphenol's unaudited condensed consolidated financial statements for Q2 2024, including Balance Sheets, Income, Comprehensive Income, and Cash Flow, with notes on key events [Condensed Consolidated Balance Sheets](index=3&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) **Total assets** increased to **$18.59 billion** by June 30, 2024, driven by **acquisitions**, while **total liabilities** grew to **$9.54 billion** due to increased long-term debt Condensed Consolidated Balance Sheet Highlights (in millions) | Account | June 30, 2024 | December 31, 2023 | | :--- | :--- | :--- | | Total current assets | $6,971.8 | $6,835.3 | | Goodwill | $8,261.8 | $7,092.4 | | Other intangible assets, net | $1,308.7 | $834.8 | | **Total Assets** | **$18,586.8** | **$16,526.4** | | Total current liabilities | $3,455.8 | $3,152.7 | | Long-term debt, less current portion | $5,035.3 | $3,983.5 | | **Total Liabilities** | **$9,536.3** | **$8,099.9** | | **Total Equity** | **$9,030.6** | **$8,395.8** | [Condensed Consolidated Statements of Income](index=5&type=section&id=Condensed%20Consolidated%20Statements%20of%20Income) Q2 2024 **net sales** grew **18%** to **$3.61 billion**, with **net income** at **$524.8 million** and **diluted EPS** of **$0.41**, reflecting strong year-over-year performance Key Income Statement Data (in millions, except per share data) | Metric | Q2 2024 | Q2 2023 | H1 2024 | H1 2023 | | :--- | :--- | :--- | :--- | :--- | | Net sales | $3,609.7 | $3,053.9 | $6,866.0 | $6,028.0 | | Gross profit | $1,213.1 | $991.7 | $2,302.1 | $1,935.1 | | Operating income | $698.8 | $619.9 | $1,383.7 | $1,211.6 | | Net income attributable to Amphenol | $524.8 | $460.5 | $1,073.5 | $899.7 | | Diluted EPS | $0.41 | $0.37 | $0.85 | $0.73 | [Condensed Consolidated Statements of Cash Flow](index=7&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flow) H1 2024 **operating cash flow** increased to **$1.26 billion**, with **$2.20 billion** used for **acquisitions**, primarily funded by new debt issuance Cash Flow Summary for Six Months Ended June 30 (in millions) | Activity | 2024 | 2023 | | :--- | :--- | :--- | | Net cash provided by operating activities | $1,263.6 | $1,068.8 | | Net cash used in investing activities | $(2,195.7) | $(375.1) | | Net cash provided by (used in) financing activities | $743.4 | $(704.0) | | **Net decrease in cash and cash equivalents** | **$(222.5)** | **$(48.0)** | [Notes to Condensed Consolidated Financial Statements](index=8&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) Notes detail a two-for-one **stock split**, **$1.5 billion** in new **senior notes** funding **$2.1 billion** in **acquisitions**, plus a new **$2.1 billion** acquisition agreement - A two-for-one **stock split** was approved on May 20, 2024, and became effective on June 12, 2024 All share and per-share data in the report have been retroactively adjusted to reflect this split[21](index=21&type=chunk)[22](index=22&type=chunk) - In April 2024, the company issued three series of new **senior notes** totaling **$1.5 billion** to help fund the CIT **acquisition** It also repaid **$350 million** of **3.20% Senior Notes** upon maturity[35](index=35&type=chunk)[37](index=37&type=chunk)[38](index=38&type=chunk) - The company completed two **acquisitions** for ~**$2.1 billion** in H1 2024, including the significant **acquisition** of Carlisle Interconnect Technologies (CIT) for ~**$2.0 billion** on May 21, 2024 This resulted in **$70.0 million** of **acquisition**-related expenses in Q2 2024[89](index=89&type=chunk)[90](index=90&type=chunk)[92](index=92&type=chunk) - On July 18, 2024, the company entered into an agreement to acquire CommScope's Mobile Networks Business for approximately **$2.1 billion** in cash, with the transaction expected to close in the first half of 2025[118](index=118&type=chunk) - A new **$2.0 billion stock repurchase program** was authorized in April 2024 The quarterly **dividend** was increased from **$0.11** to **$0.165** per share, effective Q3 2024[63](index=63&type=chunk)[66](index=66&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations (MD&A)](index=40&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses strong Q2 2024 performance, with **net sales** up **18%** to **$3.6 billion** and **adjusted operating margin** at **21.3%**, highlighting robust **liquidity** and significant **acquisition** activity [Results of Operations](index=45&type=section&id=Results%20of%20Operations) Q2 2024 **net sales** grew **18%** to **$3.61 billion** (11% organically), driven by Communications Solutions and IT datacom/defense, with **adjusted operating margin** expanding to **21.3%** Net Sales Growth vs. Prior Year Period (Q2 2024) | Segment | Net Sales Growth (GAAP) | Constant Currency Growth | Organic Growth | | :--- | :--- | :--- | :--- | | Harsh Environment Solutions | 18% | 18% | 1% | | Communications Solutions | 24% | 25% | 23% | | Interconnect and Sensor Systems | 12% | 13% | 7% | | **Consolidated** | **18%** | **19%** | **11%** | - End market growth was driven by strong organic performance in IT datacom and defense, and moderate growth in commercial aerospace, mobile devices, mobile networks, and automotive markets[133](index=133&type=chunk) Reconciliation of GAAP to Adjusted (Non-GAAP) Results for Q2 2024 | Metric | Reported (GAAP) | Adjusted (Non-GAAP) | | :--- | :--- | :--- | | Operating Income | $698.8M | $768.8M | | Operating Margin | 19.4% | 21.3% | | Net Income | $524.8M | $553.8M | | Diluted EPS | $0.41 | $0.44 | [Liquidity and Capital Resources](index=53&type=section&id=Liquidity%20and%20Capital%20Resources) The company maintained strong **liquidity** and generated **$1.26 billion** **operating cash flow** and **$1.03 billion** **free cash flow** in H1 2024, primarily funding **acquisitions** and shareholder returns - Primary sources of **liquidity** are cash from **operations**, cash on hand, and availability under its **$3.0B Revolving Credit Facility** and **Commercial Paper Programs**[158](index=158&type=chunk)[175](index=175&type=chunk) Free Cash Flow for Six Months Ended June 30 (in millions) | Metric | 2024 | 2023 | | :--- | :--- | :--- | | Operating Cash Flow (GAAP) | $1,263.6 | $1,068.8 | | Capital expenditures (net of disposals) | $(230.2) | $(191.5) | | **Free Cash Flow (Non-GAAP)** | **$1,033.4** | **$877.3** | - In H1 2024, the company used cash for **acquisitions** (**$2.1B**), **stock repurchases** (**$344.2M**), and **dividends** (**$263.8M**) This was partly funded by issuing **$1.5B** in new **senior notes**[170](index=170&type=chunk)[172](index=172&type=chunk)[180](index=180&type=chunk) - A new **$2.0 billion stock repurchase program** was authorized in April 2024, replacing the expiring 2021 program[184](index=184&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=68&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company's primary **market risks** relate to **foreign currency exchange rates** and **interest rate** fluctuations, managed through a mix of **fixed** and **variable rate debt** - The company is exposed to **market risks** from **foreign currency exchange rates** and changes in **interest rates**[201](index=201&type=chunk) - **Interest rate** risk is managed with a mix of **fixed-rate senior notes** and **variable-rate debt facilities** The company is exposed to higher **interest costs** on its **variable-rate debt** (**Commercial Paper Programs**, **Revolving Credit Facility**) due to recent increases in the federal funds rate[204](index=204&type=chunk) [Item 4. Controls and Procedures](index=69&type=section&id=Item%204.%20Controls%20and%20Procedures) Management, including CEO and CFO, concluded the company's **disclosure controls and procedures** were effective as of June 30, 2024, with no material changes in **internal control over financial reporting** - Management, including the CEO and CFO, concluded that the company's **disclosure controls and procedures** were effective as of the end of the period covered by the report[205](index=205&type=chunk) - No change in **internal control over financial reporting** occurred during the most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, **internal controls**[206](index=206&type=chunk) Part II - Other Information [Item 1. Legal Proceedings](index=70&type=section&id=Item%201.%20Legal%20Proceedings) The company is party to normal course **legal actions** but does not expect them to have a material adverse effect on its financial condition, results of operations, or cash flows - The company does not expect any existing **legal or regulatory action** to have a material adverse effect on its financial condition, results of operations or cash flows[116](index=116&type=chunk)[207](index=207&type=chunk) [Item 1A. Risk Factors](index=70&type=section&id=Item%201A.%20Risk%20Factors) There have been no material changes to the company's **risk factors** as disclosed in its Annual Report on Form 10-K for the fiscal year ended December 31, 2023 - There have been no material changes to the Company's **risk factors** from the 2023 Annual Report on Form 10-K[208](index=208&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=70&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) A new **$2.0 billion stock repurchase program** was authorized in April 2024, with **3.1 million shares** repurchased for **$190.4 million** in Q2 2024 - A new **$2.0 billion stock repurchase program** was authorized by the Board on April 23, 2024, effective through April 28, 2027[209](index=209&type=chunk) Stock Repurchases for Q2 2024 (in millions, except per share data) | Period | Total Shares Purchased | Average Price Paid per Share | Total Cost | | :--- | :--- | :--- | :--- | | April 2024 | 1.26 | $57.07 | $71.8 | | May 2024 | 1.06 | $64.37 | $68.4 | | June 2024 | 0.75 | $67.12 | $50.2 | | **Total Q2** | **3.07** | **$62.05** | **$190.4** | [Item 3. Defaults Upon Senior Securities](index=71&type=section&id=Item%203.%20Defaults%20Upon%20Senior%20Securities) The company reported no defaults upon **senior securities** during the period - None[212](index=212&type=chunk) [Item 5. Other Information](index=71&type=section&id=Item%205.%20Other%20Information) No director or officer adopted or terminated a **Rule 10b5-1** or non-**Rule 10b5-1 trading arrangement** during Q2 2024 - No director or officer of the Company adopted or terminated a "**Rule 10b5-1 trading arrangement**" or "**non-Rule 10b5-1 trading arrangement**" during the three months ended June 30, 2024[213](index=213&type=chunk) [Item 6. Exhibits](index=72&type=section&id=Item%206.%20Exhibits) This section lists all **exhibits** filed with the Form 10-Q, including corporate governance documents, debt agreements, employee benefit plans, and required certifications

Amphenol Corporation (NYSE:APH) Q2 2024 Earnings Conference Call July 24, 2024 1:00 PM ET Company Participants Craig Lampo - Chief Financial Officer Adam Norwitt - Chief Executive Officer Conference Call Participants Wamsi Mohan - Bank of America Amit Daryanani - Evercore Samik Chatterjee - JPMorgan Luke Junk - Baird Asiya Merchant - Citigroup Joe Spak - UBS Guy Hardwick - Freedom Capital Markets Scott Graham - Seaport Research Andrew Buscaglia - BNP Paribas Mark Delaney - Goldman Sachs Will Stein - Truist ...

Exhibit 99.1 Amphenol News Release Second Quarter 2024 Highlights: Increase in Quarterly Dividend World Headquarters 358 Hall Avenue Wallingford, CT 06492 Telephone (203) 265-8900 ● Record sales of $3.61 billion, up 18% in U.S. dollars and 11% organically compared to the second quarter of 2023 ● GAAP Diluted EPS of $0.41, up 11% compared to prior year ● Record Adjusted Diluted EPS of $0.44, up 22% compared to prior year ● GAAP and record Adjusted Operating Margin of 19.4% and 21.3%, respectively ● Operating ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2024 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | --- | --- | |------------------------------------------------------------------------------|-------------------------------------------------------------------| | | For ...

Financial Data and Key Metrics Changes - The company reported Q1 2024 sales of $3,256 million, a 9% increase in U.S. dollars and a 10% increase in local currencies compared to Q1 2023, with a 6% organic growth [4][5] - Adjusted diluted EPS for Q1 2024 was $0.80, up 16% from $0.69 in Q1 2023, while GAAP diluted EPS was $0.87, reflecting a 23% increase [7] - Operating cash flow was $599 million, representing 120% of adjusted net income, and free cash flow was $506 million, or 101% of adjusted net income [7][8] - The book-to-bill ratio for the quarter was 1.03:1, with orders amounting to $3,348 million, a 16% increase year-over-year and a 66% increase sequentially [5][13] Business Segment Data and Key Metrics Changes - Harsh Environment Solutions segment sales were $916 million, up 7% in U.S. dollars and 3% organically, with an operating margin of 26.7% [6] - Communications Solutions segment sales reached $1,266 million, a 12% increase in U.S. dollars and 11% organically, with an operating margin of 22.6% [6] - Interconnect and Sensor Systems segment sales were $1,075 million, an 8% increase in U.S. dollars and 2% organically, with an operating margin of 18.2% [6] Market Data and Key Metrics Changes - The defense market represented 11% of sales, growing 13% in U.S. dollars and 11% organically [17] - The commercial aerospace market saw a 20% increase in sales, driven by broad-based strength across aircraft applications [18] - The industrial market represented 25% of sales, with a 1% decline in U.S. dollars and a 10% decline organically [20] - The automotive market grew 18% in U.S. dollars and 17% organically, representing 24% of sales [22] - The mobile devices market was flat year-over-year in U.S. dollars but grew 2% organically, representing 8% of sales [23] - The IT datacom market grew 29% in U.S. dollars and 28% organically, driven by demand for AI-related products [25][26] Company Strategy and Development Direction - The company announced a new $2 billion three-year stock repurchase program, indicating a balanced capital deployment strategy [14][28] - The acquisition of Carlisle Interconnect Technologies for $2 billion is expected to enhance the company's offerings in harsh environment interconnect solutions [15][42] - The company aims to leverage its diversified market exposure to mitigate risks and capitalize on growth opportunities across the global electronics industry [16] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to adapt to market opportunities and challenges, aiming for sustainable profitability [29] - The outlook for Q2 2024 anticipates sales between $3.240 billion and $3.300 billion, representing a growth of 6% to 8% year-over-year [28] - Management highlighted the importance of AI investments and the company's strong position in the IT datacom market, expecting continued growth in this area [25][26] Other Important Information - The company completed a $1.5 billion U.S. bond offering to fund the acquisition of Carlisle Interconnect Technologies [9] - Total debt as of March 31 was $4.3 billion, with net debt at $2.3 billion and total liquidity of $5.7 billion [8][9] Q&A Session Summary Question: Insights on AI-related products and market potential - Management highlighted the critical role of high-speed, low-latency interconnect products in AI infrastructure, with significant growth driven by AI data centers [31][34][37] Question: Factors driving the uptick in orders and book-to-bill ratio - Positive book-to-bill ratio of 1.03 was driven by strong bookings in IT Datacom and Commercial Air, while Mobile Networks and Industrial markets showed slight negative trends [40] Question: Opportunities and margin improvements from the CIT acquisition - The acquisition is expected to enhance product offerings and improve margins through operational synergies and access to low-cost manufacturing [42][46] Question: Capital allocation strategy and M&A activity - The company maintains a balanced capital deployment strategy, with a strong M&A pipeline and plans for continued share repurchases alongside the CIT acquisition [58][61] Question: Update on automotive market dynamics - The automotive market is benefiting from increased electronic content in vehicles, with strong demand for communications technology and electrified drivetrains [64][66]

Exhibit 99.1 Amphenol News Release World Headquarters 358 Hall Avenue Wallingford, CT 06492 Telephone (203) 265-8900 AMPHENOL REPORTS FIRST QUARTER 2024 RESULTS AND ANNOUNCES NEW STOCK REPURCHASE PROGRAM First Quarter 2024 Highlights: ● Sales of $3.26 billion, up 9% in U.S. dollars and 6% organically compared to the first quarter of 2023 ● GAAP Diluted EPS of $0.87, up 23% compared to prior year ● Adjusted Diluted EPS of $0.80, up 16% compared to prior year ● GAAP and Adjusted Operating Margin of 21.0% ● Op ...