On this page of StockholderLetter.com we present the 1/17/2024 shareholder letter from TE Connectivity Ltd. — ticker symbol TEL. Reading current and past TEL letters to shareholders can bring important insights into the investment thesis.

 •  1/17/2024 Letter Continued (Full PDF)
 •  1/18/2023 TEL Stockholder Letter
 •  1/17/2025 TEL Stockholder Letter
 •  1/15/2026 TEL Stockholder Letter
 •  More "Electronic Equipment & Products" Category Stockholder Letters
 •  TEL Benford's Law Stock Score = 100

TEL 1/17/2024 Shareholder/Stockholder Letter Transcript:

TE CONNECTIVITY 2023 ANNUAL REPORT
TE CONNECTIVITY
2023 ANNUAL REPORT
TOGETHER,
LET   S ENGINEER
THE FUTURE.

CORPORATE DATA
REGISTERED & PRINCIPAL
EXECUTIVE OFFICE
TE Connectivity Ltd.
M  hlenstrasse 26
CH-8200 Schaffhausen
Switzerland
+41.0.52.633.66.61
INDEPENDENT AUDITORS
Deloitte & Touche LLP
1700 Market Street
Philadelphia, PA 19103
Deloitte AG
Pfingstweidstrasse 11
8005 Zurich
Switzerland
STOCK EXCHANGE
The company   s common shares are traded on the New York
Stock Exchange (NYSE) under the ticker symbol TEL.
FORM 10-K
Copies of the company   s Annual Report on Form 10-K for
the fiscal year ended September 29, 2023 may be obtained
by shareholders without charge upon written request to:
TE Connectivity Ltd.
M  hlenstrasse 26
CH-8200 Schaffhausen
Switzerland
The Annual Report on Form 10-K is also available on the
company   s website at www.te.com.
SHAREHOLDER SERVICES
Registered shareholders (shares held in your own name
with our transfer agent) with requests such as change
of address or dividend checks should contact
TE Connectivity   s transfer agent at:
Equiniti Shareowner Services
1110 Centre Pointe Curve, Suite 101
Mendota Heights, MN 55120-4100
866.258.4745
www.shareowneronline.com
Beneficial shareholders (shares held with a bank or broker)
should contact the bank or brokerage holding their shares
with their requests. Other shareholder inquiries may be
directed to TE Connectivity Shareholder Services at the
company   s registered and principal executive office above.
www.te.com
   2024 TE Connectivity Ltd. All Rights Reserved.
001-AR-FY2023
   TE Connectivity    and    TE Connectivity (logo)    are trademarks. This report further contains other trademarks
of ours and additional trade names and trademarks of other companies that are not owned by TE Connectivity.
We do not intend our use or display of other companies    trade names or trademarks to imply an endorsement or
sponsorship of us by such companies, or any relationship with any of these companies.

TE CONNECTIVITY LTD.
ANNUAL REPORT
TABLE OF CONTENTS
Page
Business
1
Market for Registrant   s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities
8
Management   s Discussion and Analysis of Financial Condition and Results of Operations
9
Quantitative and Qualitative Disclosures About Market Risk
28
Changes in and Disagreements With Accountants on Accounting and Financial Disclosure
28
Controls and Procedures
29
Consolidated Financial Statements
31
Swiss Statutory Financial Statements
81
Swiss Statutory Compensation Report
97
i

SPECIAL NOTE ABOUT FORWARD-LOOKING STATEMENTS
We have made forward-looking statements in this Annual Report that are based on our management   s beliefs and
assumptions and on information currently available to our management. Forward-looking statements include, among others,
the information concerning our possible or assumed future results of operations, business strategies, financing plans,
competitive position, potential growth opportunities, potential operating performance improvements, acquisitions,
divestitures, the effects of competition, and the effects of future legislation or regulations. Forward-looking statements also
include statements addressing our environmental, social, governance, and sustainability plans and goals. Such statements are
   forward-looking statements    within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the
Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking
statements include all statements that are not historical facts and can be identified by the use of forward-looking terminology
such as the words    believe,       expect,       plan,       intend,       anticipate,       aspire,       estimate,       predict,       potential,       goal,   
   target,       continue,       may,    and    should,    or the negative of these terms or similar expressions.
Forward-looking statements involve risks, uncertainties, and assumptions. Actual results may differ materially from
those expressed in these forward-looking statements. Investors should not place undue reliance on any forward-looking
statements. We do not have any intention or obligation to update forward-looking statements after we file this report except
as required by law.
The risk factors described in this Annual Report and those discussed in our Annual Report on Form 10-K for the
fiscal year ended September 29, 2023 filed with the United States (   U.S.   ) Securities and Exchange Commission (the    SEC   )
could cause our results to differ materially from those expressed in forward-looking statements. There may be other risks and
uncertainties that we are unable to predict at this time or that we currently do not expect to have a material adverse effect on
our business.
ii

   TE Connectivity    and    TE Connectivity (logo)    are trademarks. This report further contains other trademarks of
ours and additional trade names and trademarks of other companies that are not owned by TE Connectivity. We do not
intend our use or display of other companies    trade names or trademarks to imply an endorsement or sponsorship of us by
such companies, or any relationship with any of these companies.
   2024 TE Connectivity Ltd. All Rights Reserved.
BUSINESS
General
TE Connectivity Ltd. (   TE Connectivity    or the    Company,    which may be referred to as    we,       us,    or    our   ) is a
global industrial technology leader creating a safer, sustainable, productive, and connected future. Our broad range of
connectivity and sensor solutions, proven in the harshest environments, enable advancements in transportation, industrial
applications, medical technology, energy, data communications, and the home.
We became an independent, publicly traded company in 2007; however, through our predecessor companies, we
trace our foundations in the connectivity business back to 1941. We are organized under the laws of Switzerland. The rights
of holders of our shares are governed by Swiss law, our Swiss articles of association, and our Swiss organizational
regulations.
We have a 52- or 53-week fiscal year that ends on the last Friday of September. Fiscal 2023, 2022, and 2021 ended
on September 29, 2023, September 30, 2022, and September 24, 2021, respectively. Fiscal 2023 and 2021 were each 52
weeks in length. Fiscal 2022 was 53 weeks in length. For fiscal years in which there are 53 weeks, the fourth fiscal quarter
includes 14 weeks.
Segments
Effective for fiscal 2023, we realigned certain product lines from the Industrial Solutions segment to the
Communications Solutions segment. We continue to operate through three reportable segments: Transportation Solutions,
Industrial Solutions, and Communications Solutions. Prior period segment results have been restated to conform to the
current segment reporting structure. See Note 20 to the consolidated financial statements for additional information. As of
fiscal year end 2023, we believe our three segments serve a combined market of approximately $200 billion.
Our net sales by segment as a percentage of our total net sales were as follows:
Transportation Solutions
Industrial Solutions
Communications Solutions
Total
2023
Fiscal
2022
2021
60 %
28
12
100 %
56 %
28
16
100 %
60 %
26
14
100 %
Below is a description of our reportable segments and the primary products, markets, and competitors of each
segment.
Transportation Solutions
The Transportation Solutions segment is a leader in connectivity and sensor technologies. The primary products sold
by the Transportation Solutions segment include terminals and connector systems and components, sensors, relays, antennas,
and application tooling. The Transportation Solutions segment   s products, which must withstand harsh conditions, are used in
the following end markets:

Automotive (72% of segment   s net sales)   We are one of the leading providers of advanced automobile
connectivity solutions. The automotive industry uses our products in automotive technologies for body and
chassis systems, convenience applications, driver information, infotainment solutions, miniaturization solutions,
motor and powertrain applications, and safety and security systems. Hybrid and electronic mobility solutions
include in-vehicle technologies, battery technologies, and charging solutions.
1

1/17/2024 Letter Continued (Full PDF)

 

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