阿美特克 (AME) 2022 Q3 法說會逐字稿

Welcome to the AMETEK Third Quarter 2022 Earnings Conference Call. (Operator Instructions) Please note, this event is being recorded. I would now like to turn the conference over to Kevin Coleman, Vice President of Investor Relations and Treasurer. Please go ahead.

歡迎參加 AMETEK 2022 年第三季度收益電話會議。 （操作員說明）請注意，此事件正在記錄中。我現在想將會議轉交給投資者關係副總裁兼財務主管 Kevin Coleman。請繼續。

Thank you, Kate. Good morning, and thank you for joining us for AMETEK's Third Quarter 2022 Earnings Conference Call. With me today are Dave Zapico, Chairman and Chief Executive Officer; and Bill Burke, Executive Vice President and Chief Financial Officer.

謝謝你，凱特。早上好，感謝您參加 AMETEK 的 2022 年第三季度收益電話會議。今天和我在一起的是董事長兼首席執行官 Dave Zapico；以及執行副總裁兼首席財務官 Bill Burke。

During the course of today's call, we'll be making forward-looking statements, which are subject to change based on various risk factors and uncertainties that may cause actual results to differ significantly from expectations. A detailed discussion of the risks and uncertainties that may affect our future results is contained in AMETEK's filings with the SEC. AMETEK disclaims any intention or obligation to update or revise any forward-looking statements.

在今天的電話會議期間，我們將做出前瞻性陳述，這些陳述可能會根據各種風險因素和不確定性而發生變化，這些風險因素和不確定性可能會導致實際結果與預期存在顯著差異。 AMETEK 向 SEC 提交的文件中詳細討論了可能影響我們未來業績的風險和不確定性。 AMETEK 不承擔任何更新或修改任何前瞻性陳述的意圖或義務。

Any references made on this call to 2021 or 2022 results will be on an adjusted basis, excluding after-tax acquisition-related intangible amortization. Reconciliations between GAAP and adjusted measures can be found in our press release and on the Investors section of our website.

本次電話會議中對 2021 年或 2022 年業績的任何引用都將在調整後的基礎上進行，不包括與收購相關的稅後無形攤銷。可以在我們的新聞稿和我們網站的“投資者”部分找到公認會計原則和調整後措施之間的對賬。

We'll begin today's call with prepared remarks by Dave and Bill, and then we'll open it up for questions. I'll now turn the meeting over to Dave.

我們將從戴夫和比爾準備好的講話開始今天的電話會議，然後我們將開放提問。我現在將會議交給戴夫。

Thank you, Kevin, and good morning, everyone. AMETEK delivered record results in the third quarter, with stronger-than-expected sales growth and outstanding operational execution leading to earnings above our expectations.

謝謝你，凱文，大家早上好。 AMETEK 在第三季度取得了創紀錄的業績，銷售增長強於預期，運營執行出色，導致收益超出我們的預期。

Operationally, our businesses are performing exceptionally well and successfully offsetting inflation with price increases, resulting in impressive margin expansion. We are also seeing continued strong and broad-based demand across our diversified niche markets, leading to impressive organic order growth and a record backlog of $3.2 billion.

在運營方面，我們的業務表現異常出色，並通過價格上漲成功抵消了通貨膨脹，從而實現了令人印象深刻的利潤率增長。我們還看到我們多元化利基市場的持續強勁和廣泛的需求，導致令人印象深刻的有機訂單增長和創紀錄的 32 億美元的積壓訂單。

And this morning, we announced the acquisition of two excellent businesses, Navitar and RTDS Technologies, expanding our presence in high-end precision optics and in testing solutions for the electric power grid and renewable energy applications. I will provide more details on these acquisitions shortly.

今天上午，我們宣布收購 Navitar 和 RTDS Technologies 這兩家優秀企業，擴大我們在高端精密光學以及電網和可再生能源應用測試解決方案領域的影響力。我將很快提供有關這些收購的更多細節。

Given our results in the third quarter and outlook for the fourth quarter, we are again increasing our earnings guidance for the full year. Now let me turn to our third quarter results.

鑑於我們第三季度的業績和第四季度的前景，我們再次提高了全年的盈利預期。現在讓我談談我們的第三季度業績。

Third quarter sales were a record $1.55 billion, up 8% over the same period in 2021. Organic sales were up 11%. Acquisitions added 1 point and foreign currency was an approximate 4-point headwind in the quarter.

第三季度銷售額達到創紀錄的 15.5 億美元，比 2021 年同期增長 8%。有機銷售額增長 11%。收購增加了 1 個百分點，外幣在本季度約為 4 個百分點。

Demand also remains solid across our niche markets, with organic orders growing 9% in the quarter while book-to-bill was 1.07, our ninth consecutive quarter of positive book-to-bill. Backlog at quarter end was a record $3.2 billion, up approximately $1.4 billion from the end of 2020.

我們的利基市場的需求也保持穩定，本季度有機訂單增長 9%，而訂單出貨比為 1.07，這是我們連續第九個季度實現訂單出貨量增長。季度末的積壓訂單達到創紀錄的 32 億美元，比 2020 年底增加了約 14 億美元。

Operating income in the quarter was a record $385 million, a 14% increase over the third quarter of 2021. While operating margins were 24.8% in the quarter, up a robust 140 basis points from the prior year, with strong margin expansion in each operating group. Our ability to drive meaningful margin expansion despite the inflationary environment reflects the differentiation of our technology solutions and our flexible operating model.

本季度的營業收入達到創紀錄的 3.85 億美元，比 2021 年第三季度增長 14%。雖然本季度的營業利潤率為 24.8%，比上年強勁增長 140 個基點，但每個營業的利潤率都強勁增長團體。儘管存在通貨膨脹環境，我們仍能推動有意義的利潤率增長，這反映了我們技術解決方案的差異化和我們靈活的運營模式。

EBITDA in the quarter was also a record of $463 million, up 12% over the prior year, with EBITDA margins a record 29.8%. This outstanding performance led to a record of earnings of $1.45 per diluted share, up 15% versus the third quarter of 2021 and above our guidance range of $1.36 to $1.38.

本季度的 EBITDA 也達到創紀錄的 4.63 億美元，比去年同期增長 12%，EBITDA 利潤率達到創紀錄的 29.8%。這種出色的表現導致每股攤薄收益達到創紀錄的 1.45 美元，比 2021 年第三季度增長 15%，高於我們 1.36 美元至 1.38 美元的指導範圍。

Now let me provide some additional details at the operating group level. First, the Electronic Instruments Group. The Electronic Instruments Group delivered excellent operating performance with continued strong and broad-based growth.

現在讓我在運營組級別提供一些額外的細節。一是電子儀器集團。電子儀器集團取得了卓越的經營業績，持續強勁而廣泛的增長。

Sales for our Electronic Instruments Group were $1.05 billion in the quarter, up 7% from the third quarter of last year. Organic sales were up 10%, with a 1 point contribution from acquisitions being more than offset by an approximate 3-point foreign currency headwind.

本季度我們電子儀器集團的銷售額為 10.5 億美元，比去年第三季度增長 7%。有機銷售額增長了 10%，其中 1 個百分點的收購貢獻被大約 3 個百分點的外匯逆風所抵消。

Growth was again broad-based across our EIG businesses, with particularly strong growth within our Rauland, TMC/Precitech and Thermal Process Management businesses. Third quarter operating income was $272.7 million, up 11% versus the prior year. And operating margins were 25.9% in the quarter, up 90 basis points from the prior year.

我們的 EIG 業務再次實現廣泛增長，尤其是我們的 Rauland、TMC/Precitech 和熱過程管理業務增長強勁。第三季度營業收入為 2.727 億美元，同比增長 11%。本季度營業利潤率為 25.9%，比去年同期增長 90 個基點。

The performance of our Electromechanical Group in the quarter was exceptional, with excellent sales growth and record operating results. EMG's third quarter sales were a record $497.7 million, up 8% versus the prior year, with organic sales growing 13% in the quarter and foreign currency at [4.81].

我們機電集團在本季度的表現非常出色，銷售增長出色，經營業績創歷史新高。 EMG 第三季度銷售額達到創紀錄的 4.977 億美元，比去年同期增長 8%，其中有機銷售額在該季度增長 13%，外幣銷售額為 [4.81]。

Growth was very broad-based across all of our EMG businesses. EMG's operating income in the third quarter was a record $136.5 million, up 19% compared to the prior year period. EMG's third quarter operating margins were a record 27.4%, up an impressive 240 basis points versus the prior year.

我們所有 EMG 業務的增長都非常廣泛。 EMG 第三季度的營業收入達到創紀錄的 1.365 億美元，比去年同期增長 19%。 EMG 第三季度的營業利潤率達到創紀錄的 27.4%，與去年同期相比增長了 240 個基點，令人印象深刻。

Overall, our businesses delivered outstanding performance in the third quarter, allowing us to manage an uncertain macro environment, meaningfully expand margins and drive earnings ahead of our expectations. Now switching to our acquisition strategy.

總體而言，我們的業務在第三季度表現出色，使我們能夠管理不確定的宏觀環境，顯著擴大利潤率並推動盈利超出預期。現在切換到我們的收購策略。

We are very pleased to announce the acquisition of two highly strategic businesses. Navitar and RTDS Technologies are both excellent businesses and highly strategic acquisitions for AMETEK, expanding our presence with -- in attractive secular growth markets. Now let me take a moment to provide additional color on both these acquisitions, starting with Navitar.

我們非常高興地宣布收購兩項極具戰略意義的業務。 Navitar 和 RTDS Technologies 對 AMETEK 來說都是出色的業務和高度戰略性收購，從而擴大了我們在具有吸引力的長期增長市場中的影響力。現在讓我花點時間為這兩項收購提供額外的色彩，從 Navitar 開始。

Navitar is a leading provider of optical solutions for critical applications across several markets, including medical and life sciences research, machine vision and robotics, semiconductor and industrial automation. Their comprehensive suite of high-precision, custom optical solutions includes fully integrated imaging systems, sensors, cameras, optics and software.

Navitar 是為多個市場的關鍵應用提供光學解決方案的領先供應商，包括醫療和生命科學研究、機器視覺和機器人、半導體和工業自動化。他們全面的高精度定制光學解決方案套件包括完全集成的成像系統、傳感器、相機、光學器件和軟件。

Navitar is an excellent strategic and complementary fit with our Zygo business unit as their technical capabilities around cameras and optical systems further expand Zygo's product offering. Additionally, Navitar is a high-growth business, well positioned to benefit from the growth in demand for precision optical solutions across attractive growth markets. Navitar was privately held and is based in Rochester, New York.

Navitar 與我們的 Zygo 業務部門具有出色的戰略性和互補性，因為他們在相機和光學系統方面的技術能力進一步擴展了 Zygo 的產品供應。此外，Navitar 是一家高增長的企業，可以很好地受益於具有吸引力的增長市場對精密光學解決方案的需求增長。 Navitar 是一家私人控股公司，總部位於紐約州羅切斯特。

Now switching to RTDS Technologies. RTDS provides real-time digital simulation systems used by utilities and research and educational institutions in the development and testing of the electric power grid and renewable energy applications. Their simulation solutions allow engineers to rapidly prototype, verify and test the performance of the electric grid, power instruments and networks in a closed-loop systems to help accelerate product development life cycles and decrease testing costs.

現在切換到 RTDS 技術。 RTDS 提供實時數字仿真係統，供公用事業、研究和教育機構用於開發和測試電網和可再生能源應用。他們的仿真解決方案使工程師能夠在閉環系統中快速製作原型、驗證和測試電網、電力儀器和網絡的性能，以幫助加快產品開發生命週期並降低測試成本。

RTDS' simulation solutions are playing a key role in the modernization of the electric grid infrastructure as well as supporting secular growth drivers, including renewable energy, distributed power generation and energy storage. The acquisition of RTDS broadens our Power Instruments business' testing and simulation capabilities while expanding our exposure to the renewable energy space. RTDS is privately held and based in Winnipeg, Canada.

RTDS 的仿真解決方案在電網基礎設施的現代化以及支持包括可再生能源、分佈式發電和儲能在內的長期增長動力方面發揮著關鍵作用。收購 RTDS 擴大了我們電力儀器業務的測試和模擬能力，同時擴大了我們在可再生能源領域的業務。 RTDS 是一家私人控股公司，總部位於加拿大溫尼伯。

We are very excited to welcome the Navitar and RTDS teams to the AMETEK family. We deployed approximately $430 million on these acquisitions, acquiring approximately $100 million in annual sales.

我們非常高興地歡迎 Navitar 和 RTDS 團隊加入 AMETEK 大家庭。我們在這些收購中投入了大約 4.3 億美元，獲得了大約 1 億美元的年銷售額。

Over the past 2 years, we deployed more than $2.4 billion in capital on acquisitions and acquired eight businesses. Our acquisition pipeline remains solid. We have a strong balance sheet and significant financial capacity and look to remain active in deploying capital on strategic acquisitions.

在過去的 2 年中，我們在收購方面投入了超過 24 億美元的資金，並收購了八家企業。我們的收購渠道仍然穩固。我們擁有強大的資產負債表和強大的財務能力，並希望在戰略收購中繼續積極部署資本。

In addition to the recent acquisitions, we continue to focus on ensuring AMETEK is strategically positioned for long-term sustainable growth. Our businesses are driving broader adoption of our organic growth initiatives, improving growth presence, digitalization and new product development.

除了最近的收購，我們繼續專注於確保 AMETEK 在戰略上定位於長期可持續增長。我們的業務正在推動更廣泛地採用我們的有機增長計劃，改善增長存在、數字化和新產品開發。

This includes making strategic growth investments across our businesses to help support and accelerate growth. For all of 2022, we now expect to invest approximately $110 million in support of these growth initiatives. We are seeing great results from these efforts over both the short term and long term.

這包括在我們的業務中進行戰略增長投資，以幫助支持和加速增長。在 2022 年全年，我們現在預計將投資約 1.1 億美元來支持這些增長計劃。我們從這些努力中看到了短期和長期的巨大成果。

In the third quarter, sales from new products introduced over the last 3 years was 27%, a record level for our Vitality Index, reflecting the great work of our teams. These efforts have helped lead to double-digit organic sales growth in each of the past 6 quarters.

第三季度，過去 3 年推出的新產品的銷售額為 27%，創下我們活力指數的歷史新高，反映了我們團隊的出色工作。這些努力幫助在過去 6 個季度中的每個季度實現了兩位數的有機銷售額增長。

Now turning to the outlook for the remainder of the year. While we remain cautious in the short term, given the dynamic macro environment, we are highly confident in the quality of our businesses and our ability to manage through these challenging times. Given our strong third quarter results and outlook for the balance of the year, we are again increasing our sales and earnings guidance.

現在轉向今年剩餘時間的前景。儘管我們在短期內保持謹慎，但鑑於動態的宏觀環境，我們對我們的業務質量和我們在這些充滿挑戰的時期進行管理的能力充滿信心。鑑於我們強勁的第三季度業績和對今年剩餘時間的展望，我們再次提高了我們的銷售和盈利指導。

For the full year, we now expect overall and organic sales to be up approximately 10% versus our prior guidance of up high single digits. Diluted earnings per share for the year are now expected to be in the range of $5.61 to $5.63, up 16% compared to 2021. This is an increase from our previous guidance range of $5.46 to $5.54 per diluted share.

對於全年，我們現在預計整體和有機銷售額將增長約 10%，而我們之前的指導是高個位數。現在預計今年每股攤薄收益將在 5.61 美元至 5.63 美元之間，比 2021 年增長 16%。這比我們之前的每股攤薄收益 5.46 美元至 5.54 美元的指導範圍有所增加。

For the fourth quarter, overall sales are expected to be up mid-single digits compared to the same period last year. And fourth quarter earnings are expected to be in the range of $1.45 to $1.47 per diluted share, up 6% to 7% versus the prior year.

與去年同期相比，第四季度的整體銷售額預計將增長中個位數。第四季度的收益預計將在每股攤薄收益 1.45 美元至 1.47 美元之間，比去年同期增長 6% 至 7%。

To summarize, AMETEK had another excellent quarter. We delivered record performance, strong orders and sales growth, robust margin expansion, increased our earnings guidance for the year and acquired two strategic businesses. The strength of the AMETEK growth model and our talented global workforce is evident in our results, thus far, this year and will continue to allow us to operate at a high level through challenging market conditions. We remain well positioned for continued long-term growth.

總而言之，阿美特克有另一個出色的季度。我們實現了創紀錄的業績、強勁的訂單和銷售增長、強勁的利潤率擴張、提高了今年的盈利指引並收購了兩項戰略業務。 AMETEK 增長模式的優勢和我們才華橫溢的全球員工隊伍在我們今年迄今為止的業績中顯而易見，並將繼續使我們能夠在充滿挑戰的市場條件下保持高水平運營。我們仍然為持續的長期增長做好準備。

I will now turn it over to Bill Burke, who will cover some of the financial details of the quarter, then we will be glad to take your questions. Bill?

我現在將把它交給比爾伯克，他將介紹本季度的一些財務細節，然後我們很樂意回答你的問題。賬單？

Thank you, Dave. As Dave highlighted, AMETEK delivered outstanding results in the third quarter with strong sales and orders growth, excellent operating performance and a high quality of earnings. Let me provide some additional financial highlights for the quarter.

謝謝你，戴夫。正如戴夫所強調的那樣，阿美特克在第三季度取得了出色的業績，銷售和訂單增長強勁，經營業績出色，盈利質量高。讓我提供一些本季度的額外財務亮點。

Third quarter general and administrative expenses were $24.7 million, up $3 million from the prior year due to higher compensation expense in the quarter. For the full year, general and administrative expenses are expected to be up modestly from 2021 levels and approximately 1.5% of sales versus 1.6% of sales in 2021.

第三季度的一般和管理費用為 2470 萬美元，比上年增加 300 萬美元，原因是該季度的薪酬費用較高。全年，一般和管理費用預計將比 2021 年的水平小幅增加，約佔銷售額的 1.5%，而 2021 年為 1.6%。

The effective tax rate in the third quarter was 19%, down from 19.5% in the third quarter of 2021. For 2022, we anticipate our effective tax rate to be approximately 19%. And as we've stated in the past, actual quarterly tax rates can differ dramatically, either positively or negatively, from this full year estimated rate.

第三季度的有效稅率為 19%，低於 2021 年第三季度的 19.5%。到 2022 年，我們預計我們的有效稅率約為 19%。正如我們過去所說，實際季度稅率可能與全年估計稅率有顯著差異，無論是正數還是負數。

Capital expenditures in the third quarter were $28 million, and we expect capital expenditures to be approximately $130 million for the full year or about 2% of sales. Depreciation and amortization expense in the quarter was $76 million. For the full year, we expect depreciation and amortization to be approximately $310 million, including after-tax acquisition-related intangible amortization of approximately $148 million or $0.64 per diluted share.

第三季度的資本支出為 2800 萬美元，我們預計全年資本支出約為 1.3 億美元，約佔銷售額的 2%。本季度的折舊和攤銷費用為 7600 萬美元。全年，我們預計折舊和攤銷約為 3.1 億美元，包括稅後收購相關的無形攤銷約 1.48 億美元或稀釋後每股 0.64 美元。

For the quarter, operating working capital was 18.4% of sales. We generated strong levels of cash flow in the quarter. Operating cash flow was $327 million, up 7% versus the third quarter of 2021. Free cash flow was $299 million in the third quarter, up 6% from the prior year, and free cash flow to net income conversion was 100%.

本季度，營運營運資金佔銷售額的 18.4%。我們在本季度產生了強勁的現金流。經營現金流為 3.27 億美元，比 2021 年第三季度增長 7%。第三季度自由現金流為 2.99 億美元，比上年增長 6%，自由現金流與淨收入的轉換率為 100%。

Total debt ended the third quarter at $2.36 billion, down from $2.54 billion at the end of 2021. Offsetting this debt is cash and cash equivalents of $310 million. At the end of the third quarter, gross debt-to-EBITDA ratio was 1.3x, and our net debt-to-EBITDA ratio was 1.1x.

第三季度末總債務為 23.6 億美元，低於 2021 年底的 25.4 億美元。抵消這筆債務的是 3.1 億美元的現金和現金等價物。第三季度末，總債務與 EBITDA 比率為 1.3 倍，我們的淨債務與 EBITDA 比率為 1.1 倍。

As Dave noted, we've been active on the acquisition front. During the third quarter, we acquired Navitar. And subsequent to the end of the third quarter, we acquired RTDS Technologies. Combined, we deployed approximately $430 million on these two acquisitions.

正如 Dave 所說，我們一直在積極參與收購方面的工作。在第三季度，我們收購了 Navitar。在第三季度末，我們收購了 RTDS Technologies。加起來，我們在這兩項收購中投入了大約 4.3 億美元。

We remain very well positioned to deploy additional capital given the strength of our balance sheet and strong cash flows. We have no material debt maturities due until 2024 and modest levels of leverage. We continue to have excellent financial capacity and a strong balance sheet. Following our two recent acquisitions, we still have over $2 billion of cash and existing credit facilities to support our growth initiatives.

鑑於我們的資產負債表和強勁的現金流，我們仍然處於部署額外資本的有利位置。我們沒有到 2024 年到期的重大債務和適度的槓桿水平。我們繼續擁有出色的財務能力和強大的資產負債表。在我們最近的兩次收購之後，我們仍然擁有超過 20 億美元的現金和現有的信貸額度來支持我們的增長計劃。

In summary, our businesses performed exceptionally well in the third quarter and through the first 9 months of 2022. Our outlook for the remainder of the year remains positive given our strong financial position, our proven growth model and world-class workforce. Kevin?

總而言之，我們的業務在第三季度和 2022 年前 9 個月的表現異常出色。鑑於我們強勁的財務狀況、成熟的增長模式和世界一流的員工隊伍，我們對今年剩餘時間的展望仍然樂觀。凱文？

Thank you, Bill. Kate, could we please open the lines for questions?

謝謝你，比爾。凱特，我們可以請打開問題線嗎？

(Operator Instructions) Our first question is from Matt Summerville of D.A. Davidson.

（操作員說明）我們的第一個問題來自 D.A. 的 Matt Summerville。戴維森。

Dave, maybe could you talk a little bit about the organic performance you saw by geographic region and what, if anything, for lack of a better word, your canary type of businesses might be telling you about the macro environment? And then I have a follow-up.

戴夫，也許你能談談你在地理區域看到的有機表現，如果有的話，如果沒有更好的詞，你的金絲雀類型的企業可能會告訴你宏觀環境？然後我有一個跟進。

Okay. Yes. Regarding the geographic story line, it was really strong, broad-based growth across all geographies and a very balanced growth. I mean the U.S. was up about 11%. We had broad-based growth there. Notable performance in our Process and Automation businesses. The U.S. was the strongest, up 11%. Europe was up 9%, notable strength in Process and our Aerospace business. And Asia was up 9%, notable strength in our Process businesses.

好的。是的。關於地理故事情節，所有地區的增長非常強勁，基礎廣泛，增長非常平衡。我的意思是美國上漲了大約 11%。我們在那裡實現了廣泛的增長。我們的流程和自動化業務表現顯著。美國表現最強勁，上漲 11%。歐洲增長了 9%，在流程和我們的航空航天業務方面表現突出。亞洲增長了 9%，在我們的流程業務中表現出顯著的優勢。

So no canaries in the coal mine for us. Orders are strong. Sales were strong geographically, and all regions showed a solid broad-based growth, very balanced.

所以我們在煤礦裡沒有金絲雀。訂單強勁。銷售在地域上表現強勁，所有地區都表現出穩固的廣泛增長，非常平衡。

Got it. And then, Dave, could you maybe comment a little bit on what your price realization was in the third quarter? What your price/cost sort of ratio look like and how we should be thinking about incremental price actions for '23?

知道了。然後，戴夫，您能否評論一下您在第三季度的價格實現情況？您的價格/成本比率是什麼樣的，我們應該如何考慮 23 年的增量價格行動？

Yes. In the third quarter, our price continued to more than offset inflation, and the pricing was very consistent across our portfolio. Pricing was about 6% and inflation was about 5%. So we had a positive spread of approximately 100 basis points. And we expect a similar price inflation spread for Q4 of 100 basis points. And the results speak to the highly differentiated nature of our product portfolio and our leadership position in niches.

是的。在第三季度，我們的價格繼續抵消了通貨膨脹，並且我們的投資組合的定價非常一致。定價約為 6%，通貨膨脹率約為 5%。所以我們有大約 100 個基點的正價差。我們預計第四季度的價格通脹價差為 100 個基點。結果說明了我們產品組合的高度差異化性質以及我們在利基市場的領導地位。

In terms of next year, really not ready to talk about pricing and inflation next year. I will say that we do expect that we will be able to offset inflation with price in 2023 from a philosophy and an operating capability. But we're going to refrain from discussing 2023 until we get to -- go through our bottoms-up reviews with each of our businesses.

就明年而言，還真沒準備好談明年的物價和通脹。我會說，我們確實希望我們能夠在 2023 年從理念和運營能力上用價格抵消通貨膨脹。但我們將避免討論 2023 年，直到我們對每個業務進行自下而上的審查。

So there's no ranges that we think is not going to be positive next year, but we don't have the data yet. So I'm going to hold off on that one. But really good performance on pricing in Q3, and we expect it to continue in Q4. Did that answer your question, Matt?

所以沒有我們認為明年不會是積極的範圍，但我們還沒有數據。所以我要推遲那個。但在第三季度的定價方面表現非常好，我們預計第四季度將繼續。這回答了你的問題嗎，馬特？

Yes, it did.

是的，它確實。

The next question is from Allison Poliniak of Wells Fargo.

下一個問題來自富國銀行的 Allison Poliniak。

So Dave, you talked a little bit -- certainly, some caution out there. Your orders are really strong. Just maybe give your perspective of this cycle and maybe, more importantly, how you think AMETEK's relative position is entering maybe a next downturn prior to relative past cycles? Just any thoughts there.

所以戴夫，你談了一點——當然，有些謹慎。你的訂單真的很強大。只是也許給出你對這個週期的看法，也許更重要的是，你認為 AMETEK 的相對地位如何進入可能在相對過去週期之前的下一次低迷？只是那裡的任何想法。

Those are great questions. I mean the -- I think in terms of AMETEK, I think our underlying demand remains strong. As I answered Matt's question, we're not seeing weakness yet. It's really broad-based.

這些都是很好的問題。我的意思是 - 我認為就 AMETEK 而言，我認為我們的潛在需求仍然強勁。當我回答馬特的問題時，我們還沒有看到弱點。它的基礎非常廣泛。

Our organic orders are strong. They were up 9%. It was -- both groups had positive organic growth. Both groups are strong. We're growing a healthy growth rates in all major regions of the world, as I just went through. And so we feel good about that, and we ended the quarter with a record backlog. So that is really good.

我們的有機訂單很強勁。他們上漲了 9%。是——兩組都有正的有機增長。兩組都很強。正如我剛剛經歷的那樣，我們在世界所有主要地區都保持著健康的增長率。所以我們對此感覺很好，我們在本季度結束時積壓了創紀錄的訂單。所以這真的很好。

And if you talk about 2023, I think our portfolio is in much better shape to -- as we're going forward because, if you think about what's happened, we've continued to shift our portfolio to exposures in attractive growth markets, growth markets like automation, health care, power. This recent acquisition is more renewables, and the market shifts are attractive for us.

如果你談到 2023 年，我認為我們的投資組合狀況要好得多——因為我們正在前進，因為如果你想想發生了什麼，我們會繼續將我們的投資組合轉向有吸引力的增長市場、增長自動化、醫療保健、電力等市場。最近的收購更多是可再生能源，市場變化對我們很有吸引力。

And our technology, our differentiation is stronger than it was 6 or 7 years ago. And we see that playing out in our organic growth in both relative and absolute performance, we think. And the big picture, we've incrementally improved our portfolio without sacrificing a couple of years of growth to do it, and have delivered an exceptional way along the path.

我們的技術，我們的差異化比 6 或 7 年前更強。我們認為，我們認為，相對和絕對錶現都在我們的有機增長中發揮作用。總體而言，我們在不犧牲幾年增長的情況下逐步改進了我們的產品組合，並在此過程中提供了一種特殊的方式。

I'll give you some examples. Our Healthcare portfolio, it was about 10% 6 years ago, now it's 15%. Aerospace & Defense, it was about -- it was low double digits, part of the business, about 6 or 7 years ago, now it's high teens. Our Automation business went from about 7% to 12%. So good improvements in all those areas as a percentage of our total portfolio.

我會給你一些例子。我們的醫療保健產品組合，6 年前約為 10%，現在為 15%。航空航天與國防，大約是 - 大約 6 或 7 年前，它是低兩位數，是業務的一部分，現在是高青少年。我們的自動化業務從大約 7% 上升到 12%。所有這些領域的改進都非常好，占我們總投資組合的百分比。

And on the flip side, more cyclical businesses like our Oil & Gas and Metals, they were more than 20% of sales 6 years ago. And right now, combined, these sales are about 8%. So we feel good about the portfolio, and it's performing now, and we think it's going to perform in any kind of economic environment that we run into.

另一方面，像我們的石油和天然氣和金屬這樣的周期性業務，它們在 6 年前佔銷售額的 20% 以上。現在，這些銷售額加起來約為 8%。所以我們對投資組合感覺良好，它現在表現良好，我們認為它會在我們遇到的任何經濟環境中表現良好。

Great. That's helpful. And then just on the acquisitions. I know you said, at least, Navitar, high growth. Could you maybe give a little bit more color on -- is it -- are the growth of these acquisitions sort of in line with AMETEK? A little better? And just any color on the margin performance relative to AMETEK core.

偉大的。這很有幫助。然後只是關於收購。我知道你說，至少，Navitar，高增長。您能否提供更多的顏色 - 是嗎 - 這些收購的增長與 AMETEK 一致嗎？好一點？並且只是相對於 AMETEK 核心的邊際性能上的任何顏色。

Right, right. I think the -- both acquisitions are going to grow in the high single-digit to low double-digit range. So they're both good growers. And both acquisitions are very profitable businesses. The blended multiple was about 11x. So both very profitable, growing businesses and a fair price paid.

是的是的。我認為——這兩項收購都將在高個位數到低兩位數的範圍內增長。所以他們都是很好的種植者。這兩項收購都是非常有利可圖的業務。混合倍數約為 11 倍。因此，這既是非常有利可圖的、不斷發展的業務，又是一個公平的價格。

We're excited to have each of these companies. Each fit perfectly with our acquisition strategy. They're leaders in niche markets. Each has very strong technology differentiation positions that are backed by excellent engineering capabilities. And they expand our presence in attractive growth markets.

我們很高興擁有這些公司。每一個都與我們的收購戰略完美契合。他們是利基市場的領導者。每個都擁有非常強大的技術差異化地位，並以卓越的工程能力為後盾。他們擴大了我們在有吸引力的增長市場的影響力。

Navitar is in the high-growth optical solutions, in life sciences, machine vision, robotics. And RTDS is really well positioned to benefit from the modernization in electrical power grid and the investments being made there with excellent exposure to the renewables market. So we've been working on these businesses for good period of time, and I'm just really glad to have them in the portfolio.

Navitar 在高增長的光學解決方案、生命科學、機器視覺、機器人技術領域。 RTDS 確實處於有利地位，可以從電網現代化和在那裡進行的投資中受益，並在可再生能源市場上佔有一席之地。因此，我們已經在這些業務上工作了很長時間，我真的很高興將它們納入投資組合。

The next question is from Deane Dray of RBC Capital Markets.

下一個問題來自加拿大皇家銀行資本市場的 Deane Dray。

We touched on it a bit so far in the earlier questions, but maybe just more methodically take us through the key end markets. It sounded like Process, Aero were strong. But can you just kind of go from the strongest to the weakest, and we'll take it from there.

到目前為止，我們在前面的問題中已經觸及了一點，但也許只是更有條理地讓我們了解了關鍵的終端市場。聽起來像 Process，Aero 很強大。但是你能不能從最強到最弱，我們會從那裡開始。

Sure, Deane, I'd be glad to do that. The strongest was Process. They had the strongest growth in the third quarter. Organic sales, up low teens on a percentage basis. The growth is really broad-based. And as I said in my prepared remarks, it was particularly strong growth across our Rauland, Healthcare business, TMC/Precitech and our Thermal Process Management businesses. And for all of '22, we now expect organic sales for our Process businesses to be up approximately 10%.

當然，迪恩，我很樂意這樣做。最強的是過程。他們在第三季度的增長最為強勁。有機銷售，按百分比增長低青少年。增長確實是廣泛的。正如我在準備好的講話中所說，我們的 Rauland、醫療保健業務、TMC/Precitech 和我們的熱過程管理業務增長特別強勁。對於 22 年的所有時間，我們現在預計我們的流程業務的有機銷售額將增長約 10%。

The segment that grew the fast -- second fastest was our Automation & Engineered Solutions. Very strong third quarter with organic sales up low double digits, a balanced growth across both Automation & Engineered Solutions. And for that subsegment, we now expect organic sales to be up approximately 10%, up from high single digits, up to 10% for the full year, with similar growth across each segment.

增長最快的部分——第二快的是我們的自動化和工程解決方案。第三季度非常強勁，有機銷售額增長了兩位數，自動化和工程解決方案實現了平衡增長。對於該細分市場，我們現在預計有機銷售額將從高個位數增長約 10%，全年增長 10%，每個細分市場的增長相似。

Then I take you to the Power & Industrial business, up mid-single digits on a percentage basis in the quarter. We saw a notable strength across our Power Instruments and Programmable Power business. And we now expect that subsegment to grow 10% also. So that was -- we rose that from high single digits to 10%.

然後我帶你去電力和工業業務，在本季度的百分比基礎上增長了中個位數。我們在電源儀器和可編程電源業務中看到了顯著的優勢。我們現在預計該細分市場也將增長 10%。所以那是 - 我們將其從高個位數提高到 10%。

And I'll talk about the Aerospace & Defense business. Organic sales for our Aerospace & Defense businesses were up mid-single digits in the third quarter. Commercial sales were really strong, up mid-teens in the quarter, driven by strong underlying demands across the industry.

我將談談航空航天和國防業務。我們航空航天和國防業務的有機銷售額在第三季度增長了中個位數。在整個行業強勁的潛在需求的推動下，本季度的商業銷售非常強勁，增長了十幾歲。

Commercial OE, aftermarket and business jet all grew nicely. The strongest were aftermarket and business jet. And Defense sales were up low single digits in the quarter. And for the full year, we expect organic sales for A&D to be up high single digits on a percentage basis, with our Commercial Aerospace business to -- growth to be stronger than the Defense growth. That's a walk around the company, Deane.

商用 OE、售後市場和公務機均增長良好。最強的是售後市場和公務機。本季度國防銷售額增長了個位數。全年，我們預計 A&D 的有機銷售額將按百分比增長高個位數，我們的商業航空航天業務的增長將強於國防增長。迪恩，那是在公司裡走一走。

That's fabulous. How about just the idea of any changes at the margin and customer buying behavior? In some cases, we've seen, as supply chains are normalizing a bit, lead times come in a bit. They don't have to put -- customers will have to give you the bigger orders just to get in line. Is there any kind of change there? And maybe share with us the cadence of the quarter in terms of orders.

這太棒了。保證金和客戶購買行為發生任何變化的想法如何？在某些情況下，我們已經看到，隨著供應鏈的正常化，交貨時間有所縮短。他們不必放——客戶必須給你更大的訂單才能排隊。那裡有什麼變化嗎？也許與我們分享本季度在訂單方面的節奏。

Right. I'll start with the cadence. We had strong orders in each month, with the strongest being September. We had a very strong September. And for that matter, our October results are consistent with our outlook showing a solid performance.

正確的。我將從節奏開始。我們每個月都有強勁的訂單，其中最強的是 9 月。我們度過了一個非常強勁的九月。就此而言，我們 10 月份的業績與我們表現穩健的前景一致。

Yes, a good question about the underlying orders. And the way I think about it, we'll certainly be running into more difficult comparisons for order input in the coming quarters. And we do expect our orders to moderate due to the fact that you're talking about our customers placed orders early due to supply chain dynamics. And we believe that the return to more normalized ordering patterns and -- but even with these factors, I expect our backlog to be in an excellent position as we enter 2023.

是的，關於基礎訂單的一個好問題。我認為，在接下來的幾個季度中，我們肯定會遇到更困難的訂單輸入比較。而且我們確實預計我們的訂單會放緩，因為您說的是我們的客戶由於供應鏈動態而提前下訂單。而且我們相信回歸到更加規範化的訂購模式 - 但即使有這些因素，我預計我們的積壓訂單將在我們進入 2023 年時處於有利位置。

The next question is from Josh Pokrzywinski at Morgan Stanley.

下一個問題來自摩根士丹利的 Josh Pokrzywinski。

Dave, I want to follow up on Deane's last question and your last comment about backlog. With supply chain starting to improve and, really, some of this kind of extra backlog really being more supply side driven than anything else, what would you say is sort of the amount of backlog you think you could convert next year? I guess, how should we think about the time frame for getting from where we are today, maybe down to more typical levels? Because the entire business isn't long cycle, just kind of pockets of it.

戴夫，我想跟進迪恩的最後一個問題和你關於積壓的最後評論。隨著供應鏈開始改善，實際上，這種額外的積壓訂單中的一些確實比其他任何東西都更受供應方驅動，您認為明年可以轉換的積壓訂單數量是多少？我想，我們應該如何考慮從我們今天的位置到更典型的水平的時間框架？因為整個業務的周期不長，只是一些口袋而已。

That's a good question. And the way -- one way that I think about it, it may help you, if you go back a few years, our annual sales were about 30% in backlog. So that was a typical year for us. We had about 30% of annual sales in backlog. Right now, we have a little more than 50% of annual sales in backlog. So there's a 20% difference there, and that's why I think we have solid visibility.

這是個好問題。和方式 - 我認為的一種方式，它可能會對你有所幫助，如果你回顧幾年，我們的年銷售額約為 30% 的積壓。所以那對我們來說是典型的一年。我們有大約 30% 的年銷售額在積壓。目前，我們有超過 50% 的年銷售額在積壓。所以那裡有 20% 的差異，這就是為什麼我認為我們有可靠的可見性。

And that's in place because of the ordering patterns of our customers have changed, and we've had really strong order input. And we had to protect our customers with inventory because of the supply chain prices. So the increase of backlog went from about 30% of annual sales to 50% of annual sales, and that's the kind of way I think about it, if that helps you.

這是因為我們客戶的訂購模式發生了變化，而且我們有非常強大的訂單輸入。由於供應鏈價格，我們不得不用庫存保護我們的客戶。因此，積壓訂單的增長從年銷售額的 30% 左右增加到年銷售額的 50%，如果這對您有幫助的話，我就是這麼想的。

That is helpful. I guess, how fungible should we think of backlog? So let's say, book-to-bill starts to trend well below 1 for a couple of quarters between comps and maybe a little bit of a demand slowdown. Are you guys able to pull that in sort of in real time? Or does that have specific dates associated with it, where you can't really pull it in as much?

這很有幫助。我想，我們應該如何看待積壓？因此，假設在比較之間的幾個季度內，訂單出貨比開始遠低於 1，並且可能會出現一點需求放緩。你們能實時拉動嗎？或者這是否有與之相關的特定日期，你不能真正把它拉進去？

Yes, Josh, I'd say, as you look at the backlog we have, I mean, almost all of it could be shipped -- there'll be a small portion of it that would flip over into 2024. But when you look at what's coming due over the next 12 months, next -- well, really, if you look at it 15 months to get you through the balance of 2023, there's a large portion of it, the great majority of it will ship in the next year.

是的，喬希，我想說的是，當您查看我們的積壓訂單時，我的意思是，幾乎所有這些都可以發貨——其中一小部分會翻轉到 2024 年。但是當你看在接下來的 12 個月裡，下一個——好吧，真的，如果你看一下 15 個月來讓你度過 2023 年的剩餘時間，其中很大一部分將在接下來的時間裡發貨年。

The next question is from Nigel Coe of Wolfe Research.

下一個問題來自 Wolfe Research 的 Nigel Coe。

Just going back to the acquisitions. I'm guessing these are more North American-centric acquisitions. So just wondering if there's a globalization sort of angle to this.

只是回到收購。我猜這些都是以北美為中心的收購。所以只是想知道這是否有全球化的角度。

And just want to confirm some numbers. It sounds like these are high-30% EBITDA margin, combined. Is there any difference between the two acquisitions? Or would you say they are quite consistent across the both of them? And can they go even higher than that? I mean, are there any sort of easy synergies from supply chain, et cetera, that can actually move the needle on those margins?

只是想確認一些數字。聽起來這些都是高達 30% 的 EBITDA 利潤率，加起來。兩次收購有什麼區別嗎？或者你會說他們在他們兩個方面都非常一致？他們還能走得更高嗎？我的意思是，供應鍊等方面是否存在任何簡單的協同作用，實際上可以推動這些利潤的增長？

Yes, you're right about the profitability. They're high-profitability businesses. Navitar is -- maybe has a little higher growth rate and a little lower profitability than RTDS that has higher profitability and still is a healthy growth rate, but maybe slower than Navitar's.

是的，您對盈利能力的看法是正確的。他們是高利潤的企業。 Navitar 可能比 RTDS 具有更高的增長率和更低的盈利能力，RTDS 具有更高的盈利能力並且仍然是健康的增長率，但可能比 Navitar 慢。

We -- there's a normal amount of synergy for us in these deals. They're both private businesses, and there's excellent opportunities for us to improve the cost and revenue-generation capabilities of the business. And there is a globalization theme. RTDS is more globalized already than Navitar, but both of them will benefit from AMETEK's global scale. So good insight on your part.

我們 - 在這些交易中對我們來說具有正常的協同作用。他們都是私營企業，我們有很好的機會來提高企業的成本和創收能力。還有一個全球化主題。 RTDS 已經比 Navitar 更加全球化，但它們都將受益於 AMETEK 的全球規模。你的洞察力很好。

That's great. And then my follow-on is really digging into the EMG margins, which were pretty exceptional. Did a disproportionate amount of price cost land in EMG? Or are we seeing some mix impact from commercial Aero aftermarket? Any details there would be great.

那太棒了。然後我的後續工作真的是深入挖掘 EMG 利潤，這是非常特殊的。在 EMG 中是否有不成比例的價格成本？還是我們看到商業航空售後市場的一些混合影響？那裡的任何細節都會很棒。

Yes. I mean the -- EMG's performance was excellent in the quarter, as you mentioned. They had record margins of 27.4%. And the biggest factor when you look at it is our higher-margin businesses are growing faster in the quarter in particular. And EMG has pretty much done what AMETEK continues to do and moving up the differentiation curve with their product portfolio. And we exited some of the lower-margin consumer businesses over time.

是的。正如你所提到的，我的意思是——EMG 在本季度的表現非常出色。他們的利潤率達到創紀錄的 27.4%。當你看到它時，最大的因素是我們的高利潤業務在本季度增長得特別快。 EMG 幾乎完成了 AMETEK 繼續做的事情，並通過他們的產品組合提升了差異化曲線。隨著時間的推移，我們退出了一些利潤率較低的消費業務。

So they're really good book of business as we go forward, up the differentiation curve, and they're getting better pricing because of that. But in terms of pricing, it was really broad-based across all of AMETEK. So it wasn't -- EIG and EMG were similar in terms of price. It's really -- if you want to think about it, the -- there's a certain mix effect because the higher-margin businesses grew faster in the quarter.

因此，隨著我們向前發展，沿著差異化曲線上升，它們確實是一本很好的商業書籍，因此它們的定價也越來越好。但就定價而言，它在整個 AMETEK 中都非常廣泛。所以它不是 - EIG 和 EMG 在價格方面相似。這真的 - 如果你想考慮一下， - 存在一定的混合效應，因為利潤率較高的業務在本季度增長得更快。

The next question is from Scott Graham of Loop Capital Markets.

下一個問題來自 Loop Capital Markets 的 Scott Graham。

I wanted to talk a little bit more about the backlog, piggyback on to Josh's question. Bill, you indicated, I think it was Bill, that 15 months is kind of like the shippable. So are you also saying that customers can't push that back, that these are sort of contracted shipment dates? What's the dynamic look like there?

我想多談一點關於積壓的事情，順便提一下 Josh 的問題。比爾，你說過，我認為是比爾，15 個月有點像可發貨的。那麼您是否還說客戶不能推遲，這些是合同約定的發貨日期？那裡的動態是什麼樣的？

Yes. The reason I took the 15 months was to get us to the end of next year. That's really the point I was making there. And you always have to work with your customers on push-outs or pull-ins. And -- but I think the point I was trying to make is that much of that backlog is due and shippable next year, and we'll work through it. But as Dave said, it's only half of next year's shipments. We're going to continue to book orders and be able to ship against those.

是的。我花了 15 個月的原因是為了讓我們到明年年底。這就是我要表達的意思。而且您總是必須與您的客戶合作推出或拉入。而且 - 但我認為我試圖說明的一點是，大部分積壓工作將在明年到期並可交付，我們將解決它。但正如戴夫所說，這只是明年出貨量的一半。我們將繼續預訂訂單並能夠根據這些訂單發貨。

Okay. So when you say you talked about -- talked with customers about this, there is a chance that some of these things could be pushed out a quarter or 2?

好的。因此，當您說您談論過-與客戶談論過這個問題時，其中一些事情可能會被推遲四分之一或兩個季度？

Yes.

是的。

Yes. Yes. And like any typical business, I mean, there -- it's a firm backlog backed by firm POs. But we work with our customers on both pull-ins and push-outs and, inevitably, that happens every quarter.

是的。是的。就像任何典型的業務一樣，我的意思是，這是一個由公司 PO 支持的公司積壓工作。但我們與客戶合作進行拉入和推出，並且不可避免地每個季度都會發生這種情況。

Got it. My other question is around acquisitions. So two deals. It's been quiet this year, at least. So maybe is this a situation hope springs eternal? Is it -- are you starting to see bid-ask spreads close in to a point where there might be an acceleration? Or was this just something that a couple of deals? And I'm asking the question because it's two, it's not one, right? .

知道了。我的另一個問題是關於收購的。所以兩個交易。至少今年很平靜。那麼也許這是一種希望永恆的情況？是不是 - 您是否開始看到買賣價差接近可能加速的點？或者這只是幾筆交易？我問這個問題是因為它是兩個，而不是一個，對吧？ .

Right, right.

是的是的。

Right. So what does that mean for like the next 6 months, do you think?

正確的。那麼這對接下來的 6 個月意味著什麼，你覺得呢？

When I look at our backlog and deals and potential deals, I feel very optimistic that over the next, say, 12 months, we're going to be able to deploy our free cash flow and acquisitions. We -- the pipeline is very, very strong. There's a -- we're working with quite a few businesses right now and actively exploring some exciting opportunities.

當我查看我們的積壓、交易和潛在交易時，我感到非常樂觀，在接下來的 12 個月內，我們將能夠部署我們的自由現金流和收購。我們 - 管道非常非常強大。有一個 - 我們現在正在與很多企業合作，並積極探索一些令人興奮的機會。

So can we have the financing to do it? I mean the pricing is starting to come in on deals now, and our relative position versus some other competitive buying, like private equity, has improved. So I'm looking -- I'm pretty optimistic about deals for 2023. And our backlog is going to support, and our balance sheet supports it, strong cash flow supports it. So it's going to be a big part of the future AMETEK story.

那麼我們是否有足夠的資金來做這件事呢？我的意思是，現在交易開始定價，我們相對於其他一些競爭性收購（如私募股權）的相對地位有所改善。所以我在看——我對 2023 年的交易非常樂觀。我們的積壓訂單將支持它，我們的資產負債表支持它，強勁的現金流支持它。因此，它將成為未來 AMETEK 故事的重要組成部分。

So you're saying, Dave, you're confident that over the next 12 months, you can deploy 100% of your free cash flow on deals?

所以你是說，戴夫，你有信心在接下來的 12 個月內，你可以將 100% 的自由現金流用於交易嗎？

Yes, I believe that to be true.

是的，我相信這是真的。

(Operator Instructions) The next question is from Rob Wertheimer of Melius Research.

（操作員說明）下一個問題來自 Melius Research 的 Rob Wertheimer。

My question is on Navitar. I don't know if you can expand on the niches they participate in. And the reason for the question is just there's some very large changes in -- from the way the world's working with reshoring with investment in battery factories and semiconductor factories in North America and so on. And I'm wondering about that historical growth rate, future growth rate and where they really attack and whether that's helped by some of the ongoing investments.

我的問題是關於 Navitar。我不知道你是否可以擴大他們參與的利基市場。問題的原因只是發生了一些非常大的變化——從世界與北部電池工廠和半導體工廠的投資回流的方式美國等。而且我想知道歷史增長率、未來增長率以及它們真正攻擊的地方，以及一些正在進行的投資是否有所幫助。

Right. Yes. I think some of the reshoring is going to help them. I mean their largest market segment is in the medical and life sciences area, where they're very -- they have very successful penetration in the optics used in various types of microscopes. There are also -- their optics are very, very good, and they're in a lot of machine vision and robotics applications.

正確的。是的。我認為一些回流會幫助他們。我的意思是，他們最大的細分市場是在醫療和生命科學領域，他們非常 - 他們在各種顯微鏡中使用的光學系統中取得了非常成功的滲透。還有——他們的光學非常非常好，而且他們在很多機器視覺和機器人應用中。

They sell to some big-name semiconductor companies at the high end of the market. And we just think the combination of this business with our Zygo business, that's the premier optical business, just puts it together and gives us some additional tools to go to our customers with. And it's -- very optimistic on the future and very low-risk deal for us.

他們向高端市場的一些知名半導體公司出售產品。我們只是認為這項業務與我們的 Zygo 業務的結合，這是首屈一指的光學業務，只是將它們放在一起，並為我們提供了一些額外的工具來接觸我們的客戶。而且它 - 對我們的未來和非常低風險的交易非常樂觀。

Okay. Great. And if I may, can I ask the same sort of question on RTDS? With some of the upcoming changes to power grids, maybe that's a longer-term situation, but I don't know if you're seeing opportunity and inflection there.

好的。偉大的。如果可以的話，我可以在 RTDS 上問同樣的問題嗎？隨著電網即將發生的一些變化，也許這是一個長期的情況，但我不知道你是否看到了機會和轉折點。

We are. And I think we got this business at the right time because as people put renewable energy on the grid, and whether it's a wind farm or a field of solar panels, or on the electrification, the charging devices for electric vehicles, each one of those things that they add to the grid is not simple. There has to be a lot of analysis done and they have to understand the impact of -- they're adding to the grid.

我們是。而且我認為我們在正確的時間開展了這項業務，因為隨著人們將可再生能源併入電網，無論是風電場還是太陽能電池板領域，還是電氣化，電動汽車的充電設備，每一個他們添加到網格中的東西並不簡單。必須進行大量分析，他們必須了解他們正在添加到網格中的影響。

And at the same time, there's a lot of investment in the grid. Some of the Infrastructure Act is putting investment in the grid. And RTDS is really used to help simulate and modernize the grid. So they have a high market share, and they're used by all the utilities to understand what's going to happen with modernizing their electric route. So they're really well positioned for the future. And they have an excellent team of technical people. So we're optimistic on what that business can do with -- under AMETEK.

同時，電網也有大量投資。一些基礎設施法案正在對電網進行投資。 RTDS 真正用於幫助模擬和現代化電網。因此，它們擁有很高的市場份額，所有公用事業公司都使用它們來了解現代化電力路線會發生什麼。所以他們真的為未來做好了準備。他們擁有一支優秀的技術人員團隊。因此，我們對 AMETEK 的業務可以做什麼持樂觀態度。

The next question is from Andrew Obin of Bank of America.

下一個問題來自美國銀行的 Andrew Obin。

Can you hear me?

你能聽到我嗎？

Yes.

是的。

Just a question on RTDS. As you guys move into more software, I know some of your peers as they were making a transition, you try to apply the business system. But how do you fit something like churn into your framework and to optimizing the business?

只是一個關於 RTDS 的問題。隨著你們轉向更多的軟件，我知道你們的一些同行正在轉型，你們嘗試應用業務系統。但是，您如何將諸如流失之類的東西融入您的框架並優化業務？

Clearly, you have an amazing playbook for integrating assets and taking the margins up. How do you apply your playbook to a more digital asset like RTDS? And what adjustments have you had to make because that seems very interesting?

顯然，你有一個驚人的劇本來整合資產和提高利潤。你如何將你的劇本應用到像 RTDS 這樣更數字化的資產上？你必須做出哪些調整，因為這看起來很有趣？

Yes. In the case of RTDS, it's like many AMETEK businesses. It's a combination of hardware and then software to operate the business. So it's really not different, and it's not a software-only business. And we've largely stayed away from software-only businesses because the pricing has been very high, and we couldn't get a good return on it.

是的。就 RTDS 而言，它就像許多 AMETEK 業務一樣。它是硬件和軟件的組合來運營業務。所以它真的沒有什麼不同，它不是一個純軟件業務。而且我們基本上遠離純軟件業務，因為定價非常高，我們無法從中獲得良好的回報。

And to your point, we don't see the synergy that will add to the businesses. So -- but at the same time, software is very important to AMETEK. It's in these combined systems, very complex hardware systems that need software. And that's our specialty, and RTDS gets right into that.

就您的觀點而言，我們看不到會增加業務的協同作用。所以——但與此同時，軟件對 AMETEK 來說非常重要。正是在這些組合系統中，非常複雜的硬件系統需要軟件。這就是我們的專長，RTDS 就在這方面。

No, that's a great way to get smart on software. And then another question for you. Are there any businesses where AMETEK has added capacity or has plans to add capacity, given what's happening out there? Just to follow up on some of the questions were asked before.

不，這是讓軟件變得聰明的好方法。然後再問你一個問題。鑑於目前正在發生的情況，AMETEK 是否有任何企業增加了產能或計劃增加產能？只是為了跟進之前提出的一些問題。

Yes. We have -- we're bringing on a lot of capacity in low-cost regions. And we -- during this year, I mean, we've expanded our facilities in Mexico. We expanded our facility in Serbia. We expanded our facility in Malaysia. And we have more in the works, but those were all put in place this year to add additional capacity.

是的。我們有——我們正在低成本地區增加大量產能。我們 - 在這一年裡，我的意思是，我們擴大了在墨西哥的設施。我們擴大了在塞爾維亞的設施。我們擴大了在馬來西亞的工廠。我們還有更多的工作，但這些都在今年到位，以增加額外的容量。

So we're dealing with our volume in low-cost regions, and it provides a synergy to -- and local market access for us. So we've been investing heavily in low-cost production manufacturing. And Malaysia is becoming a good facility for us. Again, Eastern Europe, Serbia and Mexico for the U.S. So it's -- we have these regional hubs that we're building up, and it's very successful for us. And we've put a lot of capacity in place this year.

因此，我們正在處理我們在低成本地區的銷量，它為我們提供了協同效應和本地市場准入。因此，我們一直在大力投資低成本的生產製造。馬來西亞正在成為我們的好地方。再一次，美國的東歐、塞爾維亞和墨西哥。所以，我們正在建立這些區域中心，這對我們來說非常成功。今年我們已經投入了大量的產能。

The next question is from Christopher Glynn of Oppenheimer.

下一個問題來自 Oppenheimer 的 Christopher Glynn。

Was curious about the Vitality Index, 27%, a record level. I think that ties into some of the discussion on the EMG margins. But is there a level you think of it as a mature level of vitality for the business? And I don't mean that as a negative, but you've got an entrenched market for a lot of your products, and I'm just kind of curious how you're thinking about that.

對活力指數 27% 的創紀錄水平感到好奇。我認為這與關於 EMG 利潤的一些討論有關。但是有沒有一個你認為成熟的商業活力水平？我並不是說這是負面的，但是你的很多產品都有一個根深蒂固的市場，我只是有點好奇你是怎麼想的。

Yes. The first thing is, not only is the Vitality Index, it helps us with our pricing. Because we're continually adding new features and benefits to our products and our customers, and it enables us to garner a higher price because of the engineering investment that we're making, very consistent engineering investment over 5% over many years.

是的。第一件事是，不僅是活力指數，它還可以幫助我們定價。因為我們不斷地為我們的產品和客戶添加新的功能和優勢，並且由於我們正在進行的工程投資，它使我們能夠獲得更高的價格，多年來非常一致的工程投資超過 5%。

We first started tracking the Vitality, it was in the mid-teens. And over the past 10 or 15 years, it got into the 20s and the mid-20s. And now, I'm just very pleased with 27% Vitality. Clearly, our new product development process is working. We're developing products our customers want to buy. And 27% of sales for our end markets, we think that's a really good number.

我們第一次開始追踪活力，是在十幾歲的時候。在過去的 10 年或 15 年中，它進入了 20 年代和 20 年代中期。而現在，我對 27% 的活力感到非常滿意。顯然，我們的新產品開發流程正在發揮作用。我們正在開發客戶想要購買的產品。我們最終市場銷售額的 27%，我們認為這是一個非常好的數字。

And in general, I put a range around it, I think between 20% and 30% is a very good number for AMETEK. And again, the Vitality helps not only from new products, having fresh new products that you can win share with, but it also helps with pricing -- realized pricing.

總的來說，我設置了一個範圍，我認為 20% 到 30% 之間對於 AMETEK 來說是一個非常好的數字。再說一次，Vitality 不僅有助於新產品，擁有可以贏得份額的新產品，而且還有助於定價——實現定價。

Great. And then I just wanted to go into the Process markets a little bit. It's -- you called out some of your brands. I'm curious if you're seeing any particular inflection in certain end markets or applications really stepping out, whether it's leaning towards capacity investments or maybe modernizations?

偉大的。然後我只是想稍微進入流程市場。這是 - 你叫出了你的一些品牌。我很好奇您是否看到某些終端市場或應用程序真的出現了任何特殊的變化，無論是傾向於產能投資還是現代化？

Yes. I would say the -- strong across the board in Process. But the health care space and the energy space are two areas that stood out in the quarter. And then with TMC/Precitech, it's just a precision technology, where we're doing things that other people can't do. And our orders have been high for multiple quarters, and now the sales are catching up.

是的。我會說——在流程中全面強大。但醫療保健領域和能源領域是本季度表現突出的兩個領域。然後使用 TMC/Precitech，它只是一項精密技術，我們正在做其他人無法做的事情。而且我們的訂單連續幾個季度都很高，現在銷量正在迎頭趕上。

The next question is from Joe Giordano of Cowen.

下一個問題來自 Cowen 的 Joe Giordano。

This is Tristan in for Joe. I guess, I'd like to go back to Allison's question a little bit and maybe ask it a little bit differently. But if we were to have an industrial recession, the likes of 2016, for example, how do you think your current portfolio would fare versus your portfolio 6 years ago? Just trying to get a sense of the magnitude there.

這是喬的特里斯坦。我想，我想稍微回到艾莉森的問題上，也許會問一些不同的問題。但是，如果我們遇到工業衰退，例如 2016 年，您認為您當前的投資組合與 6 年前的投資組合相比會如何？只是想了解那裡的規模。

Yes. I mean, it's difficult to understand the specifics until you're in a recession because they're all different. But as I said, I think our portfolio has been improved dramatically. And I think that when you think about all the other things that I mentioned, we would stay in front of inflation with pricing. I think in 2023, as the supply chain shortages abate, we believe our working capital will decrease to a more normalized level.

是的。我的意思是，在你處於經濟衰退之前很難理解細節，因為它們都是不同的。但正如我所說，我認為我們的投資組合得到了顯著改善。而且我認為，當您考慮我提到的所有其他事情時，我們將通過定價保持在通貨膨脹面前。我認為在 2023 年，隨著供應鏈短缺的緩解，我們相信我們的營運資金將下降到更正常的水平。

In the vertical markets, I'm going to wait and see what we learn from our businesses, but we do expect our longer-cycle businesses to be strong in both A&D and Energy. And we do expect to have a historically strong backlog when we enter 2023.

在垂直市場，我將觀望我們從業務中學到什麼，但我們確實希望我們的較長周期業務在 A&D 和能源方面都表現強勁。當我們進入 2023 年時，我們確實預計會有歷史上強大的積壓。

And in terms of a recession playbook, let's say we do see slowing and we start to see a recession, we'll react and manage our business appropriately as we have done in the past. And we think we have a proven model that works well in both up markets and down markets.

就衰退劇本而言，假設我們確實看到放緩並且我們開始看到衰退，我們將像過去一樣做出反應並適當地管理我們的業務。我們認為我們有一個經過驗證的模型，在上漲市場和下跌市場中都表現良好。

And the most recent example of this was during the COVID-driven recession in 2020. And if you look at how we performed through that, despite the weakness in sales during the time, our margins actually grew 80 basis points and decremental margins were only 17%. So we've got the capability to manage in both up cycles and down cycles. And I believe that the next recession will be no different, whenever it comes.

最近的一個例子是在 2020 年由 COVID 驅動的衰退期間。如果你看看我們的表現如何，儘管當時銷售疲軟，但我們的利潤率實際上增長了 80 個基點，而遞減的利潤率僅為 17 %。所以我們有能力在上升週期和下降週期中進行管理。而且我相信下一次經濟衰退將不會有什麼不同，無論何時到來。

This concludes our question-and-answer session. I would like to turn the conference back over to Kevin Coleman for closing remarks.

我們的問答環節到此結束。我想把會議轉回給凱文·科爾曼（Kevin Coleman）做閉幕詞。

Great. Thank you again, Kate, and thank you, everyone, for joining us for our conference call. And as a reminder, a replay of today's webcast can be accessed in the Investors section of ametek.com. Have a great day.

偉大的。再次感謝你，凱特，感謝大家加入我們的電話會議。提醒一下，可以在 ametek.com 的“投資者”部分重播今天的網絡廣播。祝你有美好的一天。

The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

會議現已結束。感謝您參加今天的演講。您現在可以斷開連接。