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.

歡迎參加阿美特克2022年第三季業績電話會議。 （操作員指示）請注意，本次會議正在錄製中。現在，我將把電話會議交給投資者關係副總裁兼財務主管Kevin Coleman。請開始。

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.

謝謝凱特。早安，感謝您參加阿美特克2022年第三季財報電話會議。今天與我一起出席的還有董事長兼執行長戴夫‧札皮科 (Dave Zapico) 和執行副總裁兼財務長比爾‧伯克 (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.

在今天的電話會議中，我們將做出前瞻性陳述，這些陳述可能會因各種風險因素和不確定因素而發生變化，這些因素可能導致實際結果與預期有顯著差異。關於可能影響我們未來業績的風險和不確定因素的詳細討論，請參閱阿美特克向美國證券交易委員會 (SEC) 提交的文件。阿美特克不承擔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.

本次電話會議中提及的任何2021年或2022年業績均以調整後數據為準，不包括稅後收購相關無形資產攤銷。 GAAP指標與調整後指標之間的對帳訊息，請參閱我們的新聞稿以及我們網站的「投資者」板塊。

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.

今天的電話會議將以戴夫和比爾的預先準備好的發言開始，然後開始提問。現在我將會議交給戴夫。

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.

謝謝凱文，大家早安。阿美特克第三季業績創歷史新高，銷售成長超乎預期，營運執行出色，獲利超乎預期。

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.

營運方面，我們的業務表現優異，成功透過漲價抵銷了通貨膨脹的影響，利潤率顯著提升。此外，我們多元化的利基市場需求持續強勁且廣泛，有機訂單成長顯著，積壓訂單金額達到創紀錄的32億美元。

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，我們宣布收購兩家優秀的企業——Navitar 和 RTDS Technologies，這將擴大我們在高端精密光學以及電網和再生能源應用測試解決方案領域的業務。我將很快公佈更多有關這些收購的細節。

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.

鑑於我們第三季的業績以及對第四季度的展望，我們再次上調了全年獲利預期。現在，我來談談我們第三季的業績。

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.

第三季銷售額創下15.5億美元的新高，較2021年同期成長8%。有機銷售額成長11%。收購貢獻了1個百分點，而外匯因素在本季造成了約4個百分點的不利影響。

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.

我們利基市場的需求也保持強勁，本季有機訂單成長9%，訂單出貨比為1.07，這是我們連續第九個季度實現正值。季度末積壓訂單達到創紀錄的32億美元，較2020年底增加約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.

本季營業利潤創紀錄達3.85億美元，較2021年第三季成長14%。本季營業利益率為24.8%，較上年同期強勁成長140個基點，各營運集團的利潤率均實現強勁成長。儘管通膨環境嚴峻，我們仍能有效提升利潤率，這反映了我們技術解決方案的差異化優勢和靈活的營運模式。

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.

本季息稅折舊攤銷前利潤 (EBITDA) 也創下 4.63 億美元的新高，較上年同期成長 12%，EBITDA 利潤率達到創紀錄的 29.8%。這一出色表現使每股攤薄收益達到創紀錄的 1.45 美元，較 2021 年第三季增長 15%，高於我們 1.36 美元至 1.38 美元的預期區間。

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，讓我從營運集團層面提供一些額外的細節。首先是電子儀器集團。電子儀器集團的營運表現優異，持續強勁且全面成長。

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.

電子儀器集團本季銷售額為10.5億美元，較去年第三季成長7%。有機銷售額成長10%，其中收購貢獻1個百分點，但被約3個百分點的外匯逆風所抵銷。

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.

我們的能源投資集團 (EIG) 業務再次實現全面成長，其中 Rauland、TMC/Precitech 和熱過程管理業務成長尤為強勁。第三季營業收入為 2.727 億美元，年增 11%。本季營業利益率為 25.9%，較上年同期成長 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].

本季，機電集團業績表現卓越，銷售額成長顯著，營運表現創歷史新高。 EMG第三季銷售額創下4.977億美元的新高，年增8%，其中有機銷售額成長13%，外幣匯率為4.81美元。

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.

所有EMG業務均實現了廣泛成長。 EMG第三季營業收入創紀錄達到1.365億美元，年增19%。 EMG第三季營業利益率創紀錄達27.4%，較去年同期大幅上升了240個基點。

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表現優異，使我們能夠應對不確定的宏觀環境，大幅提升利潤率，並推動盈利超出預期。現在，我們將轉向收購策略。

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家高度策略性的公司。 Navitar 和 RTDS Technologies 都是阿美特克的優秀企業，也是極具戰略意義的收購，將擴大我們在具有吸引力的長期成長市場中的影響力。現在，請容許我花點時間詳細介紹這兩項收購，首先是 Navitar。

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 是領先的光學解決方案提供商，其產品廣泛應用於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等多個市場的關鍵應用。其全面的高精度客製化光學解決方案套件包含完全整合的成像系統、感測器、攝影機、光學元件和軟體。

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 業務部門具有極佳的策略互補性，其在攝影機和光學系統方面的技術實力將進一步擴展 Zygo 的產品線。此外，Navitar 是一家高成長企業，能夠從極具吸引力的成長市場對精密光學解決方案的需求成長中獲益。 Navitar 是一家私人企業，總部位於紐約州羅徹斯特。

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.

現在轉向 RTDS Technologies。 RTDS 提供即時數位模擬系統，供公用事業公司、研究和教育機構用於電網和再生能源應用的開發和測試。他們的模擬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、電力儀表和網路的性能，有助於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 的模擬解決方案在電網基礎設施現代化以及支援再生能源、分散式發電和儲能等長期成長動力方面發揮關鍵作用。收購 RTDS 拓展了我們電力儀器業務的測試和模擬能力，同時擴大了我們在再生能源領域的業務。 RTDS 是一家私人企業，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。我們在這些收購上投入了約 4.3 億美元，年銷售額約 1 億美元。

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.

過去兩年，我們投入超過24億美元用於收購，並收購了八家企業。我們的收購計劃依然穩健。我們擁有強勁的資產負債表和雄厚的財務實力，並將繼續積極投入資金進行策略性收購。

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.

除了近期的收購之外，我們將繼續致力於確保阿美特克在策略上處於長期可持續成長的有利位置。我們的業務正在推動有機成長計畫的更廣泛應用，提升成長影響力，並推動數位轉型和新產品開發。

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.

這包括對各業務進行策略性成長投資，以支持和加速成長。我們預計在2022年全年將投資約1.1億美元，用於支持這些成長計畫。這些努力在短期和長期都取得了顯著成效。

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，過去三年推出的新產品的銷售額成長了27%，創下了活力指數的新高，這反映了我們團隊的出色工作。這些努力助力我們在過去六個季度中每季都實現了兩位數的有機銷售額成長。

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.

現在談談今年剩餘時間的展望。雖然短期內我們仍持謹慎態度，但鑑於宏觀環境的動態變化，我們對業務品質以及渡過當前挑戰的能力充滿信心。鑑於我們強勁的第三季業績以及今年剩餘時間的展望，我們再次上調了銷售額和獲利預期。

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.

就全年而言，我們目前預期整體銷售額和有機銷售額將成長約10%，而先前我們預期的成長幅度為個位數。目前預計全年稀釋每股盈餘將在5.61美元至5.63美元之間，較2021年成長16%。這高於我們先前預期的稀釋每股收益5.46美元至5.54美元。

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.

預計第四季整體銷售額將較去年同期成長中個位數。第四季每股攤薄收益預計在1.45美元至1.47美元之間，較上年同期成長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，阿美特克又一個出色的季度。我們實現了創紀錄的業績，訂單和銷售額強勁增長，利潤率穩步提升，上調了全年盈利預期，並收購了兩項戰略性業務。阿美特克成長模式的優勢和我們優秀的全球員工隊伍，已在今年迄今為止的業績中得到充分體現，並將繼續幫助我們在充滿挑戰的市場環境中保持高水平運營。我們仍將保持長期持續成長的良好勢頭。

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?

現在我將把時間交給比爾伯克 (Bill Burke)，他將介紹本季的一些財務細節，然後我們很樂意回答您的問題。比爾？

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，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，銷售額和訂單增長強勁，運營表現優異，盈利質量也很高。請容許我再介紹一下本季的一些財務亮點。

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.

第三季一般及行政支出為2,470萬美元，較上年同期增加300萬美元，原因是本季薪資支出增加。預計全年一般及行政支出將較2021年水準小幅上升，約佔銷售額的1.5%，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.

第三季的有效稅率為19%，低於2021年第三季的19.5%。我們預計2022年的有效稅率約為19%。正如我們過去所指出的，實際季度稅率可能與全年預估稅率有顯著差異，無論是正向或負向。

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.

第三季資本支出為2,800萬美元，我們預期全年資本支出約1.3億美元，約佔銷售額的2%。本季折舊及攤銷費用為7600萬美元。我們預計全年折舊及攤銷費用約為3.1億美元，其中包括約1.48億美元的稅後收購相關無形資產攤銷，或每股攤薄收益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，營運資本佔銷售額的18.4%。本季我們實現了強勁的現金流。營運現金流為3.27億美元，較2021年第三季成長7%。第三季自由現金流為2.99億美元，較上年成長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.

第三季末，公司總負債為 23.6 億美元，低於 2021 年底的 25.4 億美元。公司持有 3.1 億美元的現金及現金等價物，用於抵銷這部分債務。第三季末，公司總負債與 EBITDA 比率為 1.3 倍，淨負債與 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.

正如戴夫所說，我們在收購方面一直很活躍。第三季度，我們收購了Navitar。第三季結束後，我們收購了RTDS Technologies。我們在這兩筆收購上總共投入了約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.

鑑於我們強勁的資產負債表和現金流，我們仍然具備部署額外資本的良好條件。 2024年之前，我們並無重大債務到期，且槓桿率處於適中水準。我們依然擁有卓越的財務能力和強勁的資產負債表。在最近完成兩次收購後，我們仍擁有超過20億美元的現金和現有信貸額度，以支持我們的成長計畫。

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以及2022年前9個月表現優異。鑑於我們強勁的財務狀況、成熟的成長模式和世界一流的員工隊伍，我們對今年剩餘時間的前景依然樂觀。凱文？

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

謝謝你，比爾。凱特，我們可以開始提問了嗎？

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

（操作員指示）我們的第一個問題來自 D.A. Davidson 的 Matt Summerville。

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，您能否談談按地理區域劃分的有機成長表現？以及，如果找不到更貼切的詞彙來描述，您的「金絲雀」業務可能對您揭示了哪些宏觀環境資訊？然後我還有一個後續問題。

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。就地理分佈而言，我們所有地區的成長都非常強勁，而且非常均衡。我的意思是，美國市場成長了約11%。我們在那裡實現了廣泛的成長。我們的流程和自動化業務表現顯著。美國市場表現最強勁，成長了11%。歐洲市場成長了9%，這反映了流程和航空航太業務的顯著成長。亞洲市場成長了9%，反映了流程業務的顯著成長。

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.

所以對我們來說，沒有預兆。訂單強勁。銷售在各個地區都表現強勁，所有地區都呈現出穩健的全面成長，非常均衡。

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?

明白了。然後，戴夫，您能否簡單談談第三季的價格實現？您的價格/成本比率是多少？我們該如何考慮2023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。第三季度，我們的價格繼續有效抵銷了通膨的影響，而且我們整個產品組合的定價非常一致。物價通膨率約6%，通膨率約5%。因此，我們的利差約為100個基點。我們預期第四季的物價通膨利差也將達到類似的100個基點。這些業績證明了我們產品組合的高度差異化以及我們在細分市場中的領導地位。

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.

關於明年，我們還沒準備好談論明年的定價和通膨問題。我想說的是，我們確實預計，從理念和營運能力來看，到2023年，我們能夠用價格來抵銷通膨。但我們暫時不會討論2023年，直到我們對每項業務進行自下而上的評估。

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，我們認為明年沒有任何幅度不會是正數，但我們還沒有數據。所以我暫時不討論這個。不過，第三季的定價表現確實不錯，我們預期第四季也會繼續保持這種勢頭。馬特，這回答你的問題了嗎？

Yes, it did.

是的，確實如此。

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.

戴夫，您剛才說了一點——當然，市場有些謹慎。您的訂單量確實很大。能否談談您對這個週期的看法？更重要的是，您認為阿美特克的相對地位如何？或許在進入下一個低迷期之前，會先於過去的週期？有什麼看法嗎？

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.

這些問題問得很好。我的意思是──我認為就阿美特克而言，我們的潛在需求依然強勁。正如我回答馬特的問題時所說，我們還沒有看到疲軟跡象。這種趨勢非常普遍。

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.

我們的有機訂單強勁，成長了9%。兩個部門都實現了正有機成長。兩個部門都表現強勁。正如我剛才提到的，我們在全球所有主要地區都保持著健康的成長率。我們對此感到滿意，本季末我們的積壓訂單量創下了歷史新高。這真的很棒。

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.

如果談到2023年，我認為我們的投資組合狀況會更好——因為我們正朝著更遠的未來發展。回顧過去，我們一直在將投資組合轉向有吸引力的成長市場，例如自動化、醫療保健和電力。我們最近的收購主要集中在再生能源領域，而市場的變化對我們來說很有吸引力。

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.

我們的科技和差異化比六、七年前更強大。我們認為，這體現在我們的有機成長中，無論是相對績效或絕對績效。整體而言，我們逐步優化了產品組合，同時又沒有犧牲幾年的成長速度，並在過程中取得了卓越的成果。

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.

我給你舉幾個例子。我們的醫療保健業務，6年前佔比約為10%，現在佔15%。航空航太和國防業務，大約六、七年前佔比約為兩位數，現在佔已經達十幾%。我們的自動化業務佔比從7%左右上升到12%。所以，所有這些領域在我們整個投資組合中所佔的比例都有了顯著提升。

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，像石油天然氣和金屬這樣的週期性業務，六年前佔銷售額的20%以上。而現在，這些業務合計銷售額約為8%。因此，我們對投資組合感到滿意，它目前表現良好，而且我們認為無論我們遇到什麼樣的經濟環境，它都會表現良好。

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.

太好了，這很有幫助。然後是關於收購。我知道您至少提到了Navitar的高成長。您能否再詳細說——這些收購的成長速度是否與AMETEK持平？是否略勝一籌？以及相對於AMETEK核心業務的利潤率表現如何？

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.

對，對。我認為－這兩筆收購的業績都將在高個位數到低兩位數的範圍內成長。所以它們都是成長勢頭良好的公司。而且這兩筆收購的都是獲利能力很強的公司。混合本益比約11倍。所以，這兩筆收購的都是獲利能力很強、不斷成長的公司，而且收購價格合理。

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.

我們很高興能擁有這些公司。它們都完美契合我們的收購策略。它們都是利基市場的領導者，擁有非常強大的技術差異化優勢，並以卓越的工程能力為後盾。它們拓展了我們在具有吸引力的成長型市場的影響力。

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 專注於高成長光學解決方案，涉及生命科學、機器視覺和機器人技術等領域。 RTDS 則擁有得天獨厚的優勢，能夠從電網現代化及其投資中獲益，並且在再生能源市場上擁有良好的曝光度。我們在這些業務上已經耕耘了很長一段時間，我很高興能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.

我們在先前的問題中已經稍微談到了這一點，但也許可以更有系統地介紹主要的終端市場。聽起來工藝和航空市場表現強勁。您能否從最強到最弱，我們再從那裡開始講解。

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，我很樂意這麼做。最強勁的是工藝流程業務。他們在第三季度實現了最強勁的成長。有機銷售額較去年同期成長了百分之十幾。成長範圍非常廣泛。正如我在準備好的發言中所說，我們的Rauland、醫療保健業務、TMC/Precitech和熱過程管理業務的成長尤其強勁。我們預計，在整個2022年，製程流程業務的有機銷售額將成長約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.

成長最快的——也是第二快的——是我們的自動化與工程解決方案部門。第三季業績非常強勁，有機銷售額實現了低兩位數成長，自動化與工程解決方案部門實現了均衡成長。對於該子部門，我們目前預期有機銷售額將成長約10%，高於高個位數，全年最高可達10%，且各部門的成長速度都較為均衡。

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%.

接下來我來談談電力和工業業務，本季該業務的百分比成長了中等個位數。我們的電力儀器和可編程電源業務表現顯著強勁。我們現在預計該細分市場也將成長10%。也就是說，我們將其成長率從高個位數提升到了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.

我來談談航空航天和國防業務。我們航空航太和國防業務的有機銷售額在第三季度實現了中等個位數成長。受整個行業強勁的潛在需求推動，商用銷售額在本季度實現了中等個位數成長。

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.

商用原廠設備、售後市場和公務機業務均成長良好。售後市場和公務機業務表現最強勁。國防業務本季銷售額成長了低個位數。我們預計全年航空航太和國防業務的有機銷售額將以百分比形式實現高個位數成長，商用航空業務的成長將強於國防業務。迪恩，以上就是公司概況。

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。利潤率和客戶購買行為有變化嗎？在某些情況下，我們看到，隨著供應鏈逐漸恢復正常，交貨時間會縮短。客戶不必為了排隊而下更大的訂單。這方面有什麼變化嗎？能否與我們分享本季的訂單節奏？

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.

好的。我先從節奏說起。我們每個月的訂單量都很大，其中9月的訂單量最大。 9月份的業績非常強勁。而且，10月的業績也與我們的預期相符，展現出穩健的表現。

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，關於基礎訂單的問題問得很好。我認為，在接下來的幾個季度裡，我們肯定會遇到更難的訂單輸入比較。我們確實預期訂單量會有所放緩，因為你提到的客戶會因為供應鏈動態而提前下單。我們相信，隨著訂單模式的回歸更加正常化，即使存在這些因素，我預計到2023年，我們的積壓訂單量仍將處於良好狀態。

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.

Dave，我想繼續回答Deane的最後一個問題，以及你關於積壓訂單的最後一則評論。隨著供應鏈開始改善，而且這類額外的積壓訂單實際上更多是由供應方驅動的，而不是其他因素。您認為明年可以轉換的積壓訂單量大概是多少？我想，我們應該如何考慮從目前的水平，或許可以下降到更典型的水平，需要多長時間？因為整個業務的周期並不長，只是一些小環節。

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.

這個問題問得好。我想說的是，如果回顧過去幾年，我們的年銷售額大約有30%是積壓訂單。那一年對我們來說很典型。積壓訂單約佔年銷售額的30%。而現在，積壓訂單略高於年銷售額的50%。兩者之間有20%的差距，所以我認為我們擁有堅實的可預測性。

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，我們的訂單量非常大。由於供應鏈價格上漲，我們必須用庫存來保護客戶。因此，積壓訂單量從年銷售額的約30%增長到了50%，這就是我的想法，希望對您有所幫助。

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訂單的可替代性？假設訂單出貨比在可比產品和需求略有放緩的幾季內開始遠低於1。你們能即時提取這個數據嗎？還是說，這有特定的日期，在特定日期，你們無法提取那麼多資料？

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，當你查看我們積壓的訂單時，我的意思是，幾乎所有訂單都可以發貨——其中一小部分會到 2024 年發貨。但是，當你查看未來 12 個月內到期的訂單時——嗯，實際上，如果你用 15 個月的時間來度過 2023 年的剩餘時間，那麼其中很大一部分，絕大多數將在明年發貨。

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.

回到收購的問題。我猜這些收購更多是以北美為中心的。所以我想知道這其中是否包含某種全球化的視角。

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?

我想確認一些數字。聽起來這些合併後的EBITDA利潤率高達30%。這兩次收購之間有什麼區別嗎？或者您認為它們相當一致？它們還能更高嗎？我的意思是，供應鏈等方面是否存在某種簡單的綜效，可以真正推動這些利潤率的提升？

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，你關於獲利能力的說法是對的。他們是高獲利能力的企業。 Navitar 的成長率可能比 RTDS 略高，但獲利能力略低。 RTDS 的獲利能力更高，成長率也保持健康，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.

這些交易對我們而言具有一定的綜效。它們都是私人企業，我們有絕佳的機會來提升成本控制和創收能力。此外，交易還涉及全球化。 RTDS 的全球化程度已經高於 Navitar，但它們都將受益於 AMETEK 的全球規模。所以，您的見解很有見地。

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.

太好了。接下來我想深入探討EMG的利潤率，它的表現相當出色。 EMG的定價成本是否過高？還是說，我們是否看到了商用航空售後市場的一些綜合影響？如果能提供更多細節就更好了。

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。我的意思是——正如您所說，EMG在本季度的業績非常出色。他們的利潤率達到了創紀錄的27.4%。最大的因素在於，我們利潤率較高的業務在本季成長得更快。 EMG幾乎完成了AMETEK一直在做的事情，透過產品組合來提升差異化曲線。而且，我們逐步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，隨著我們不斷推動差異化，他們的業務記錄確實很好，也因此獲得了更好的定價。但就定價而言，AMETEK 旗下所有業務的定價都非常普遍。所以，EIG 和 EMG 的價格並不相似。仔細想想，這確實存在一定的混合效應，因為利潤率較高的業務在本季成長更快。

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?

我想再多談談積壓訂單，順著喬希的問題說。比爾，你有提到過，我記得是比爾，15個月有點像是可出貨期。所以，你是說客戶不能延後，這些是合約規定的出貨日期嗎？那裡的情況是怎樣的？

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。我之所以花了15個月的時間，是為了讓我們能撐到明年年底。這正是我當時想表達的意思。你總是需要和你的客戶合作，推動或拉進訂單。而且——但我認為我想表達的重點是，大部分積壓訂單明年都會到期並可發貨，我們會處理好。但正如戴夫所說，這只佔明年出貨量的一半。我們將繼續預訂訂單，並根據這些訂單發貨。

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。所以，您剛才說您和客戶討論過這個問題，其中一些事情有可能推遲一兩個季度嗎？

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——這是一個由穩定的採購訂單支撐的穩定待辦事項訂單。但我們與客戶合作，既有拉進訂單，也有推出訂單，這不可避免地每季都會發生。

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? .

明白了。我的另一個問題是關於收購的。所以有兩筆交易。至少今年比較平靜。所以，這種情況或許會讓人充滿希望？您是否開始看到買賣價差接近某個可能加速的水平？或者這只是幾筆交易造成的？我問這個問題是因為是兩筆，而不是一筆，對吧？

Right, right.

對，對。

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

對。那麼您認為這對接下來的6個月意味著什麼？

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.

當我回顧我們的待辦事項、交易和潛在交易時，我非常樂觀地認為，在接下來的12個月裡，我們將能夠充分利用我們的自由現金流並進行收購。我們的專案儲備非常非常充足。我們目前正在與不少企業合作，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，我們能獲得融資來做到這一點嗎？我的意思是，現在交易的定價已經開始顯現，而且我們相對於其他一些競爭性收購（例如私募股權）的相對地位已經有所提升。因此，我對2023年的交易非常樂觀。我們的積壓訂單、我們的資產負債表以及強勁的現金流都將提供支援。因此，這將成為阿美特克未來發展的重要組成部分。

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?

所以你的意思是，戴夫，你有信心在未來 12 個月內，你可以將 100% 的自由現金流用於交易？

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.

（操作員指示）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的。我不知道您能否詳細說明他們涉足的細分市場。我之所以提出這個問題，是因為全球在產業回流方面的運作方式發生了一些非常大的變化，例如在北美投資電池工廠和半導體工廠等等。我想知道Navitar的歷史成長率、未來的成長率，以及他們真正瞄準的領域，以及這些領域是否得益於一些正在進行的投資。

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.

是的。我認為部分回流會對他們有幫助。我的意思是，他們最大的細分市場是醫療和生命科學領域，他們在各種顯微鏡使用的光學元件方面擁有非常成功的滲透率。而且，他們的光學元件非常非常優秀，在許多機器視覺和機器人應用上都有應用。

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.

他們向一些高端市場的知名半導體公司銷售產品。我們認為，這項業務與我們領先的光學業務Zygo的結合，能夠將兩者完美結合，為我們提供一些額外的工具來更好地服務客戶。我們對未來非常樂觀，這筆交易的風險也很低。

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。太好了。如果可以的話，我可以問一下關於即時資料系統（RTDS）的類似問題嗎？隨著電網即將發生一些變化，這或許是一個長期趨勢，但我不知道您是否看到了其中的機會和轉折點。

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.

是的。我認為我們做這項業務的時機恰到好處，因為人們把再生能源接入電網，無論是風力發電場、太陽能板，還是電氣化設施，例如電動車充電設備，這些接入電網的設施都不簡單。必須進行大量的分析，以了解這些設施對電網的影響。

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，電網方面也投入了大量資金。 《基礎建設法案》的部分內容也涉及電網投資。即時數據系統 (RTDS) 主要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電力線路現代化改造的前景。因此，它們對未來發展前景非常看好。而且它們擁有一支優秀的技術團隊。因此，我們對這項業務在 AMETEK 的領導下的發展前景充滿信心。

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

下一個問題來自美國銀行的安德魯‧奧賓。

Can you hear me?

你聽得到我嗎？

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?

關於RTDS的一個問題。隨著你們轉向更多軟體，我知道你們的一些同行在轉型過程中，嘗試應用業務系統。但是，你們要如何將客戶流失之類的因素納入你們的框架中，並優化業務呢？

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，你們在整合資產和提高利潤率方面有著出色的策略。你們如何將這些策略應用於像 RTDS 這樣更數位化的資產？由於這看起來非常有趣，你們做了哪些調整？

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。 RTDS 和許多 AMETEK 的業務類似，都是硬體和軟體結合來運作的。所以其實沒什麼不同，而且它也不是純軟體業務。我們基本上避開了純軟體業務，因為定價太高，我們無法獲得良好的回報。

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.

正如您所說，我們看不到能為業務帶來什麼綜效。但同時，軟體對阿美特克來說非常重要。正是在這些組合系統中，非常複雜的硬體系統需要軟體。而這正是我們的專長，RTDS 正是為此而生。

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，這是讓軟體變得聰明的好方法。然後還有一個問題。考慮到目前的情況，AMETEK 是否在哪些業務上增加了產能或計劃增加產能？只是想跟進一下之前問過的一些問題。

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。我們正在低成本地區增加大量產能。今年，我們擴建了在墨西哥的工廠。我們擴建了在塞爾維亞的工廠。我們擴建了在馬來西亞的工廠。此外，我們也正在籌備更多項目，但這些項目都是今年實施的，旨在增加產能。

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，我們正在低成本地區處理我們的業務量，這為我們帶來了協同效應，也為我們打開了本地市場准入的大門。因此，我們一直在大力投資低成本生產製造。馬來西亞正在成為我們理想的生產基地。此外，東歐、塞爾維亞和墨西哥也為美國市場提供服務。所以，我們正在建造這些區域中心，這對我們來說非常成功。今年，我們已經投入了大量產能。

The next question is from Christopher Glynn of Oppenheimer.

下一個問題來自奧本海默公司的克里斯多福·格林。

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.

我對活力指數（Vitality Index）27%的創紀錄水準感到好奇。我認為這與關於EMG利潤率的一些討論有關。但是，您認為哪個水準代表著業務的成熟活力？我的意思不是負面的，但你們的許多產品都有根深蒂固的市場，我只是好奇你們是如何看待這一點的。

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。首先，活力指數不僅對我們有幫助，它還能幫助我們訂定定價。因為我們不斷為產品和客戶增加新功能和新優勢，而且它還能讓我們透過持續的工程投資獲得更高的價格，多年來，我們的工程投資一直保持在5%以上。

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.

我們最初開始追蹤活力值時，它只有15%左右。過去10到15年裡，它上升到了20%左右。現在，我對27%的活力值感到非常滿意。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。我們認為，27%的銷售額來自終端市場，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，我設定了一個範圍，我認為20%到30%對AMETEK來說是一個非常好的數字。 Vitality不僅能幫助公司推出新產品，贏得市場份額，還能幫助公司定價——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?

太好了。然後我想稍微談談過程控制市場。您提到了一些品牌。我很好奇，您是否看到某些終端市場或應用程式出現了一些特別的變化，無論是傾向於產能投資還是現代化升級？

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。我想說的是——工藝製造領域全面強勁。但醫療保健和能源領域是本季表現突出的兩個領域。然後是TMC/Precitech，它是一種精密技術，我們正在做別人做不到的事。我們的訂單量連續多個季度保持高位，現在銷售額正在迎頭趕上。

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.

我是特里斯坦，代替喬。我想稍微回到艾莉森的問題，也許換個角度問。但如果我們遭遇工業衰退，例如像2016年一樣，您認為您目前的投資組合與6年前相比會如何表現？只是想了解衰退的嚴重程度。

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，在經濟衰退之前，很難理解具體情況，因為它們各不相同。但正如我所說，我認為我們的產品組合已經得到了顯著改善。而且我認為，考慮到我提到的所有其他因素，我們的定價策略能夠有效抵禦通貨膨脹。我認為，到2023年，隨著供應鏈短缺的緩解，我們的營運資本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，我將拭目以待，看看我們從業務中學到什麼。但我們確實預計，我們的長週期業務在航空航太與國防以及能源領域都將表現強勁。我們預計，到2023年，我們的訂單量將達到歷史最高水準。

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.

至於應對經濟衰退的策略，假設我們確實看到經濟放緩，並開始出現衰退，我們會像過去一樣做出反應，並適當地管理我們的業務。我們認為，我們擁有一個行之有效的模式，無論在市場上漲或下跌時都能有效運作。

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.

最近的例子是2020年新冠疫情引發的經濟衰退期間。如果你看看我們當時的表現，你會發現，儘管當時銷售額疲軟，但我們的利潤率實際上增長了80個基點，而利潤率僅下降了17%。因此，我們有能力應對經濟的上升週期和下降週期。我相信，無論何時，下一次經濟衰退都不會例外。

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。我想將會議交還給凱文·科爾曼，請他致閉幕詞。

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.

太好了！再次感謝凱特，也感謝大家參加我們的電話會議。另外，小提醒：您可以在 ametek.com 的「投資者」板塊觀看今天的網路直播回放。祝您擁有美好的一天。

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。您可以斷開連線了。