阿美特克 (AME) 2023 Q1 法說會逐字稿

Good day, and thank you for standing by. Welcome to the AMETEK first quarter earnings conference call. (Operator Instructions) Please be advised that today's conference is being recorded. I would now like to hand the conference over to Kevin Coleman, Vice President, Investor Relations and Treasurer. Please go ahead.

美好的一天，謝謝你的支持。歡迎參加阿美特克第一季度收益電話會議。 （操作員說明）請注意，今天的會議正在錄製中。我現在想將會議交給投資者關係副總裁兼財務主管 Kevin Coleman。請繼續。

Thank you, Chris. Good morning, and thank you for joining us for AMETEK's First Quarter 2023 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，克里斯。早上好，感謝您參加我們的 AMETEK 2023 年第一季度收益電話會議。今天和我在一起的是董事長兼首席執行官 Dave Zapico；執行副總裁兼首席財務官 Bill Burke。

During the course of today's call, we will 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導致實際結果與預期大相徑庭。阿美特克提交給美國證券交易委員會的文件中包含對可能影響我們未來業績的風險和不確定性的詳細討論。阿美特克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 2022 or 2023 results or to 2023 guidance 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 2022 年或 2023 年業績或 2023 年業績指引的任何引用都將在調整後的基礎上進行，不包括稅後、與收購相關的無形資產攤銷。可以在我們的新聞稿和我們網站的投資者部分找到 GAAP 和調整措施之間的對賬。

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.

我們將以 Dave 和 Bill 準備好的發言開始今天的電話會議，然後我們將公開提問。我現在將會議轉交給戴夫。

Thank you, Kevin, and good morning, everyone. AMETEK had an excellent start to 2023 with outstanding results in the first quarter. Continued solid demand across our diverse set of end markets led to strong sales and orders growth and another record backlog. Our business has delivered tremendous operating performance with record operating profit and robust margin expansion in the quarter. Additionally, we generated record cash flows and deployed a portion of that cash flow on our first acquisition of the year, Bison Gear & Engineering.

謝謝你，凱文，大家早上好。阿美特克在 2023 年開局良好，第一季度取得了出色的成績。我們多元化的終端市場的持續強勁需求導致強勁的銷售和訂單增長以及另一個創紀錄的積壓。我們的業務在本季度取得了巨大的經營業績，營業利潤創歷史新高，利潤率強勁增長。此外，我們產生了創紀錄的現金流，並將部分現金流用於我們今年的首次收購 Bison Gear & Engineering。

Given these results and the outlook for the remainder of 2023, we are increasing our sales and earnings guidance for the full year.

鑑於這些結果以及 2023 年剩餘時間的前景，我們將提高全年的銷售和收益預期。

Now let me turn to our first quarter results. First quarter sales were $1.6 billion, up 10% over the same period in 2022. Organic sales growth was excellent at 9%. Acquisitions added 2 points, while foreign currency was a slight headwind. AMETEK's continued strong organic sales growth reflects the success of our organic growth initiatives and our leadership positions across diverse and attractive niche markets.

現在讓我談談我們第一季度的業績。第一季度銷售額為 16 億美元，比 2022 年同期增長 10%。有機銷售額增長 9%，表現出色。收購增加了 2 個百分點，而外匯略有不利因素。阿美特克持續強勁的有機銷售增長反映了我們有機增長計劃的成功以及我們在多樣化和有吸引力的利基市場中的領導地位。

Demand also remained solid with overall orders growing 6% in the quarter. Organic orders were up low-single digits on a percentage basis against a difficult prior year comparison. Book-to-bill was 1.13 in the quarter, our 11th consecutive quarter of positive book-to-bill. We ended the quarter with a record backlog of $3.4 billion, an increase of over $200 million from the end of 2022.

需求也保持穩健，本季度總訂單增長 6%。與前一年的艱難比較相比，有機訂單按百分比增長了低個位數。本季度的訂單出貨比為 1.13，這是我們連續第 11 個季度實現積極的訂單出貨比。本季度末，我們的積壓訂單達到創紀錄的 34 億美元，比 2022 年底增加了 2 億多美元。

As noted, AMETEK's operating performance in the first quarter was exceptional. Our operating income in the quarter was a record $405.5 million, a 15% increase over the first quarter of 2022. Operating margins were a record 25.4% in the quarter, up 120 basis points from the prior year. Core operating margins, which exclude acquisition dilution and the gain from a facility sale in the first quarter of 2022, we're up an impressive 180 basis points with strong core margin expansion in each group. EBITDA in the quarter was $482 million, up 11% over the prior year, and EBITDA margins were 30.2%. This outstanding margin expansion is a testament to the strength of our operating model, the differentiation of our businesses and the great work of our teams.

如前所述，阿美特克第一季度的經營業績非常出色。我們本季度的營業收入達到創紀錄的 4.055 億美元，比 2022 年第一季度增長 15%。本季度營業利潤率達到創紀錄的 25.4%，比去年同期增長 120 個基點。核心營業利潤率（不包括收購稀釋和 2022 年第一季度的設施出售收益）令人印象深刻，增長了 180 個基點，每個集團的核心利潤率都有強勁增長。本季度的 EBITDA 為 4.82 億美元，比上年增長 11%，EBITDA 利潤率為 30.2%。這種出色的利潤增長證明了我們運營模式的實力、我們業務的差異化以及我們團隊的出色工作。

This tremendous operating performance led to a high quality of earnings with diluted earnings per share of $1.49, up 12% versus the prior first quarter of 2022 and above our guidance range of $1.38 to $1.42 per share. Now let me provide some additional details at the operating group level. First, the Electronic Instruments Group. EIG delivered excellent sales growth and operating performance, with sales up 13% versus the prior year to $1.2 billion. Organic sales were up 11%. Acquisitions added 3 percentage points with foreign currency, a slight headwind in the quarter. This strong organic sales growth remains broad-based across our businesses and geographies with growth particularly strong across our Aerospace and Defense businesses in the quarter.

這種巨大的經營業績帶來了高質量的收益，每股攤薄收益為 1.49 美元，比 2022 年第一季度增長 12%，高於我們每股 1.38 美元至 1.42 美元的指導範圍。現在讓我在運營組級別提供一些額外的細節。第一，電子儀器集團。 EIG 實現了出色的銷售增長和經營業績，銷售額比上年增長 13% 至 12 億美元。有機銷售額增長了 11%。收購增加了 3 個百分點的外幣，這對本季度來說是一個輕微的逆風。這種強勁的有機銷售增長在我們的業務和地區中仍然具有廣泛的基礎，本季度我們的航空航天和國防業務的增長尤為強勁。

EIG's operating profit was impressive, resulting in a record operating profit in the quarter. Operating income was $309.7 million, up 27% versus the prior year, while EIG margins were 27.7%, up a robust 290 basis points from the prior year. The Electromechanical Group also delivered excellent results in the quarter with solid organic sales growth and strong operating performance. EMG's first quarter sales were $479.9 million, up 2% versus the prior year, with organic sales growing 4% in the quarter and foreign currency a 2-point headwind.

EIG 的營業利潤令人印象深刻，導致該季度的營業利潤創下歷史新高。營業收入為 3.097 億美元，比上年增長 27%，而 EIG 利潤率為 27.7%，比上年增長 290 個基點。機電集團在本季度也取得了優異的成績，實現了穩健的有機銷售增長和強勁的經營業績。 EMG 第一季度銷售額為 4.799 億美元，比上年同期增長 2%，本季度有機銷售額增長 4%，外匯逆風 2 點。

Growth was notably strong across our Aerospace and Defense businesses in the quarter. EMG's operating income in the first quarter was $120.5 million, and operating margins were 25.1%. On a core basis, excluding acquisition dilution and the gain from a facility sale in the first quarter of 2022, EMG margins were up 50 basis points versus last year's first quarter. So overall, tremendous performance by our businesses and all AMETEK colleagues, all elements of the AMETEK growth model, operational excellence, global and market expansion, new product development and strategic acquisitions are working well. These strategies allow us to quickly react to changing market conditions, invest in our businesses for long-term growth and deploy our capital on value-enhancing acquisitions.

本季度我們的航空航天和國防業務增長尤為強勁。 EMG 第一季度的營業收入為 1.205 億美元，營業利潤率為 25.1%。在核心基礎上，不包括收購稀釋和 2022 年第一季度設施出售的收益，EMG 的利潤率比去年第一季度上升了 50 個基點。因此，總的來說，我們的業務和所有 AMETEK 同事的巨大表現、AMETEK 增長模式、卓越運營、全球和市場擴張、新產品開發和戰略收購的所有要素都運作良好。這些戰略使我們能夠對不斷變化的市場狀況做出快速反應，投資於我們的業務以實現長期增長，並將我們的資本用於增值收購。

Now switching to our capital deployment and acquisition strategy. The primary focus for our strong cash flow remains strategic acquisitions. We are managing an active pipeline of attractive acquisition candidates, and we have a strong balance sheet and significant financial capacity to support this strategy.

現在轉向我們的資本部署和收購戰略。我們強勁現金流的主要重點仍然是戰略收購。我們正在管理一個有吸引力的收購候選人的活躍渠道，我們擁有強大的資產負債表和強大的財務能力來支持這一戰略。

I'm excited to announce our most recent acquisition, Bison Gear & Engineering. Bison is an excellent strategic fit with AMETEK's automation businesses, helping expand our presence within this attractive secular growth market. Bison is a leading provider of customized motion control solutions for use across a wide range of high-precision applications within the automation, food and beverage, power and transportation markets. Bison's portfolio of linear and motion control technology is highly complementary with existing technologies, providing an expanded product offering that enables wider and deeper market participation in attractive markets and applications, including growing electrification requirements.

我很高興地宣布我們最近的收購，Bison Gear & Engineering。 Bison 非常適合 AMETEK 的自動化業務，有助於擴大我們在這個有吸引力的長期增長市場中的影響力。 Bison 是定制運動控制解決方案的領先供應商，適用於自動化、食品和飲料、電力和運輸市場中廣泛的高精度應用。 Bison 的線性和運動控制技術組合與現有技術高度互補，提供擴展的產品供應，使市場參與更廣泛、更深入的有吸引力的市場和應用，包括不斷增長的電氣化需求。

Bison is based in St. Charles, Illinois, and has annual sales of approximately $80 million. In addition to our acquisition strategy, we remain focused on ensuring sustainable growth by investing in organic growth initiatives. This includes making strategic growth investments and driving broader adoption of (inaudible), digitalization and new product development. For all of 2023, we now expect to invest approximately $100 million in support of these growth initiatives, including investments in research, development and engineering and sales and marketing. One way we celebrate and recognize the right work of our businesses, new product development efforts is through the AMETEK Innovation Award. This award is provided annually to the AMETEK business who best demonstrates breakthrough innovation of new technology driving expanded organic growth opportunity.

Bison 總部位於伊利諾伊州聖查爾斯，年銷售額約為 8000 萬美元。除了我們的收購戰略，我們仍然專注於通過投資有機增長計劃來確保可持續增長。這包括進行戰略增長投資和推動更廣泛地採用（聽不清）、數字化和新產品開發。到 2023 年全年，我們現在預計將投資約 1 億美元來支持這些增長計劃，包括對研究、開發和工程以及銷售和營銷的投資。我們慶祝和認可我們業務的正確工作的一種方式，新產品開發工作是通過阿美特克創新獎。該獎項每年頒發給 AMETEK 業務部門，他們最好地展示了新技術的突破性創新，推動了擴大的有機增長機會。

The most recent innovation award winner was our Creaform business for developing its innovative new handheld 3D metrology solution, PL3. Creaform, based in Lévis, Canada, is a leading provider of 3D portable and automated measurement technologies for applications such as reverse engineering, quality control, product development and nondestructive testing. The introduction of PL3 further expands the breadth of Creaform's metrology offering and makes high-end 3D scanning accessible to professionals and small enterprises, opening up a new attractive market segment.

最近的創新獎獲得者是我們的 Creaform 業務部門，用於開發其創新的新型手持式 3D 計量解決方案 PL3。 Creaform 總部位於加拿大萊維斯，是 3D 便攜式和自動化測量技術的領先供應商，其應用領域包括逆向工程、質量控制、產品開發和無損檢測。 PL3 的推出進一步擴大了 Creaform 計量產品的範圍，使專業人士和小型企業都能使用高端 3D 掃描，開闢了一個新的有吸引力的細分市場。

In addition to the PL3, Creaform also recently added a new scanner to their HandySCAN 3D platform, the HandySCAN BLACK Elite Limited. The latest addition to Creaform's flagship metrology-grade 3D scanners set a new industry standard for handheld devices. I would like to extend my congratulations to the entire Creaform team for innovative new products and ongoing efforts to push the boundaries in metrology.

除了 PL3 之外，Creaform 最近還在其 HandySCAN 3D 平台上添加了一款新掃描儀 HandySCAN BLACK Elite Limited。 Creaform 旗艦級計量級 3D 掃描儀的最新成員為手持設備設立了新的行業標準。我要向整個 Creaform 團隊表示祝賀，他們推出了創新的新產品，並不斷努力突破計量學的界限。

Now turning to our outlook for the remainder of the year. We remain cautious in the short term due to uncertainties in the macroeconomic environment. However, given the strength of the AMETEK growth model and our proven operational capabilities, we are confident in our ability to manage through these challenges. The company's record backlog and leadership positions across attractive mid- and long-cycle markets position us well for continued strong growth.

現在轉向我們對今年剩餘時間的展望。由於宏觀經濟環境的不確定性，我們在短期內保持謹慎。然而，鑑於阿美特克增長模式的優勢和我們久經考驗的運營能力，我們對應對這些挑戰的能力充滿信心。該公司在有吸引力的中長期市場中創紀錄的積壓和領導地位使我們能夠繼續保持強勁增長。

Given our strong first quarter results and outlook for the balance of the year, we are increasing our sales and earnings guidance. For the full year, we now expect overall sales to be up mid- to high-single digits versus our prior guidance of up mid-single digits, with organic sales expected to be up mid-single digits.

鑑於我們強勁的第一季度業績和對今年餘下時間的展望，我們正在提高我們的銷售和盈利預期。對於全年，我們現在預計整體銷售額將達到中高個位數，而我們之前的指導是中等個位數，有機銷售額預計將達到中等個位數。

Diluted earnings per share for the year are now expected to be in the range of $5.96 to $6.10, up 5% to 7% compared to last year's results. This is an increase from our previous guidance range of $5.84 to $6 per diluted share. For the second quarter, we anticipate overall sales to be up mid- to high-single digits with earnings of $1.49 to $1.51 per share, up 8% to 9% versus the prior year.

今年的稀釋後每股收益預計在 5.96 美元至 6.10 美元之間，與去年的結果相比增長 5% 至 7%。這比我們之前的每股稀釋後 5.84 美元至 6 美元的指導範圍有所增加。對於第二季度，我們預計整體銷售額將達到中高個位數，每股收益為 1.49 美元至 1.51 美元，比去年同期增長 8% 至 9%。

In summary, AMETEK had an excellent first quarter. We delivered strong orders and sales growth, robust margin expansion, a record backlog, record cash flows and increased our earnings guidance for the year. The company's differentiated technology solutions, market-leading positions in attractive markets and proven operating capabilities have allowed us to navigate through challenging economic cycles. Additionally, AMETEK's strong cash flows and robust balance sheet provide us meaningful flexibility to deploy capital to drive shareholder value. We remain well positioned for continued long-term growth.

總之，阿美特克第一季度表現出色。我們實現了強勁的訂單和銷售增長、強勁的利潤增長、創紀錄的積壓訂單、創紀錄的現金流，並提高了我們今年的盈利預期。公司差異化的技術解決方案、在有吸引力的市場中的市場領先地位以及經過驗證的運營能力使我們能夠度過充滿挑戰的經濟周期。此外，阿美特克強勁的現金流和穩健的資產負債表為我們提供了有意義的靈活性來部署資本以推動股東價值。我們仍然處於持續長期增長的有利位置。

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?

我現在將其轉交給 Bill Burke，他將介紹本季度的一些財務細節，然後我們很樂意回答您的問題。賬單？

Thank you, Dave. As Dave noted, AMETEK had an outstanding first quarter, positioning us well to start the year. We delivered record level operating performance and a high quality of earnings in the quarter. Let me provide some additional financial highlights. First quarter general and administrative expenses were $24.7 million, up $5 million from the prior year due to higher compensation expense as well as the return to more normal levels of discretionary spending.

謝謝你，戴夫。正如 Dave 指出的那樣，AMETEK 第一季度表現出色，為我們今年的開局做好了準備。我們在本季度實現了創紀錄的經營業績和高質量的收益。讓我提供一些額外的財務亮點。第一季度的一般和行政費用為 2470 萬美元，比上年同期增加 500 萬美元，原因是薪酬費用增加以及可自由支配支出恢復到更正常的水平。

For 2023, general and administrative expenses are expected to be up modestly versus 2022 levels and approximately 1.4% of sales, below 2022's level of 1.5% of sales. Other income and expense was a headwind of $8 million in the quarter due largely to lower pension income and higher due diligence costs. The effective tax rate in the first quarter was 19.5% versus 19% in the first quarter of 2022. For 2023, we continue to anticipate our effective tax rate to be between 19% and 20%. And as we stated in the past, actual quarterly tax rates can differ dramatically, either positively or negatively from this full year estimated rate.

到 2023 年，一般和行政費用預計將比 2022 年的水平小幅上升，約佔銷售額的 1.4%，低於 2022 年佔銷售額 1.5% 的水平。其他收入和支出在本季度出現了 800 萬美元的逆風，這主要是由於養老金收入減少和盡職調查成本增加所致。第一季度的有效稅率為 19.5%，而 2022 年第一季度為 19%。對於 2023 年，我們繼續預計我們的有效稅率將在 19% 至 20% 之間。正如我們過去所說，實際的季度稅率可能與全年估計稅率有很大差異，可能是正數也可能是負數。

Capital expenditures in the first quarter were $20 million, and we expect capital expenditures to be approximately $140 million for the full year or about 2% of sales. Depreciation and amortization expense in the quarter was $82 million. For the full year, we expect depreciation and amortization to be approximately $335 million, including after-tax, acquisition-related intangible amortization of approximately $157 million or $0.68 per diluted share.

第一季度的資本支出為 2000 萬美元，我們預計全年資本支出約為 1.4 億美元，約佔銷售額的 2%。本季度的折舊和攤銷費用為 8200 萬美元。對於全年，我們預計折舊和攤銷約為 3.35 億美元，包括稅後、與收購相關的無形資產攤銷約為 1.57 億美元或攤薄後每股 0.68 美元。

Operating working capital in the first quarter was 19.2% of sales. Cash flow was outstanding in the quarter with sizable growth versus the prior year. Operating cash flow was a record $370 million, up 92% versus the first quarter of 2022. Free cash flow was also a record at $367 million, up 110% over the prior year. While free cash flow conversion was a very strong 120% of net income.

第一季度的運營營運資金佔銷售額的 19.2%。本季度現金流量表現出色，與去年同期相比有可觀的增長。運營現金流達到創紀錄的 3.7 億美元，比 2022 年第一季度增長 92%。自由現金流也達到創紀錄的 3.67 億美元，比上年增長 110%。雖然自由現金流轉換非常強勁，占淨收入的 120%。

Total debt at March 31 was $2.25 billion, down from $2.4 billion at the end of 2022. Offsetting this debt is cash and cash equivalents of $400 million. Our gross debt-to-EBITDA ratio at the end of the first quarter was 1.1x, and our net debt-to-EBITDA ratio was 0.9x.

3 月 31 日的總債務為 22.5 億美元，低於 2022 年底的 24 億美元。抵消這筆債務的是 4 億美元的現金和現金等價物。我們在第一季度末的總債務與 EBITDA 比率為 1.1 倍，我們的淨債務與 EBITDA 比率為 0.9 倍。

During the first quarter, we acquired Bison Gear & Engineering, and we remain very well positioned to deploy additional capital given the strength of our balance sheet and strong cash flows. We have significant financial capacity with approximately $2.6 billion of cash in existing credit facilities to support our growth initiatives.

在第一季度，我們收購了 Bison Gear & Engineering，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。我們擁有強大的財務能力，現有信貸額度中的現金約為 26 億美元，可支持我們的增長計劃。

In summary, our business has delivered exceptional results to start the year with strong organic sales growth, robust margin expansion and high-quality earnings. Kevin?

總而言之，我們的業務以強勁的有機銷售增長、強勁的利潤增長和高質量的收益，在今年年初取得了非凡的業績。凱文？

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

謝謝你，比爾。克里斯，我們可以打開問題熱線嗎？

(Operator Instructions) Our first question comes from Matt Summerville of D.A. Davidson & Company.

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

A couple of questions. Dave, can you remind us what you consider to be your canary-like businesses and how they may be informing your go-forward kind of view on the environment? Obviously, you sound pretty positive this morning. And then I have a follow-up.

幾個問題。戴夫，你能提醒我們你認為你的金絲雀般的業務是什麼，以及它們如何影響你對環境的前瞻性看法嗎？顯然，你今天早上聽起來很積極。然後我有一個後續行動。

Yes, Matt, we have largely mid- and long-cycle businesses. So we don't have a short-cycle canary. And what used to be our canary was our cost-driven motors business in the floor care market, but we've largely -- that's not a part of the portfolio. So what we're looking at right now is really strength across our portfolio. So we don't see any canaries right now.

是的，馬特，我們主要有中長期業務。所以我們沒有短週期的金絲雀。過去我們的金絲雀是我們在地板護理市場的成本驅動電機業務，但我們在很大程度上 - 這不是投資組合的一部分。因此，我們現在正在關注的是我們整個產品組合的真正優勢。所以我們現在看不到任何金絲雀。

And just a small to update. Can you talk about where you were in Q1 with respect to price cost look like and the magnitude of absolute realization you expect in 2023 versus 2022?

並且只是一個小的更新。您能否談談您在第一季度的價格成本情況以及您預計 2023 年與 2022 年的絕對實現幅度？

Right. Great question, Matt. In the first quarter, our pricing continued to more than offset inflation. Our pricing was a bit more than 5% and inflation was about 4%. So we had a spread of a little more than 100 basis points. And for the full year, we expect the incremental pricing to moderate a bit. So where we think we'll get 4% for the entire year. So -- and the results speak to the highly differentiated nature of the AMETEK product portfolio and our leadership position in the niche markets that we operate in.

正確的。好問題，馬特。在第一季度，我們的定價繼續抵消了通貨膨脹。我們的定價略高於 5%，通貨膨脹率約為 4%。所以我們的價差略高於 100 個基點。對於全年，我們預計增量定價會有所緩和。因此，我們認為我們全年將獲得 4% 的收益。所以 - 結果說明了阿美特克產品組合的高度差異化性質以及我們在我們經營的利基市場中的領導地位。

So we're pretty positive on pricing, and we're getting value and we're adding value to our customers also. So we think it can continue for some time. While inflation may moderate a bit, we think it's going to be here for a while, and we think we can outpace inflation with price.

所以我們對定價非常積極，我們正在獲得價值，我們也在為我們的客戶增加價值。所以我們認為它可以持續一段時間。雖然通貨膨脹可能會有所緩和，但我們認為它會持續一段時間，我們認為我們可以通過價格來赶超通貨膨脹。

This question comes from Allison Poliniak of Wells Fargo.

這個問題來自富國銀行的 Allison Poliniak。

Can you, Dave, just talk about -- I know you don't really have the canary in the coal mine, but you did note a little bit more cautious view just given the macro. I would see any noticeable trends that's driving some of that cautious view for you guys? And just in terms of what you're seeing, obviously, backlog and results were pretty solid today.

戴夫，你能不能談談——我知道你在煤礦中並沒有真正的金絲雀，但你確實注意到了一些更謹慎的觀點，只是考慮到宏觀。我會看到任何明顯的趨勢正在推動你們的一些謹慎觀點嗎？就您所看到的而言，顯然，今天的積壓和結果非常可靠。

Yes. We're confident in our guide and for the balance of the year. But we are cautious given how early we are in the year and given the risk in the global macro environment. And as I mentioned in the prepared remarks, the -- our book-to-bill was 1.13, that's pretty strong. And if you take out the Bison acquisition, it was still 1.1. It was positive in both groups. Our backlog is over 50% of annual sales, well above normal historical levels. So I think we're pretty well positioned to perform this year.

是的。我們對我們的指南和今年餘下的時間充滿信心。但考慮到我們今年的時間還早，並且考慮到全球宏觀環境的風險，我們持謹慎態度。正如我在準備好的評論中提到的，我們的訂單出貨率為 1.13，這非常強勁。如果你去掉 Bison 的收購，它仍然是 1.1。兩組均為陽性。我們的積壓訂單超過年銷售額的 50%，遠高於正常的歷史水平。所以我認為我們今年的表現非常好。

We have mentioned that there is an expectation that we're returning to a more normalized ordering patterns. And now that the supply chain is improving, and we're seeing some of that play out. And we also have some difficult comps, but -- and when you look across our portfolio, we're feeling really good mid and long cycle. And it feels like our -- the biggest part of our business, EIG, is starting to accelerate. So we're feeling pretty good.

我們已經提到，人們期望我們能恢復到更規範化的排序模式。現在供應鏈正在改善，我們看到了其中的一些效果。而且我們也有一些困難的組合，但是 - 當您查看我們的投資組合時，我們感覺中長期週期非常好。感覺我們——我們業務中最大的部分 EIG 開始加速發展。所以我們感覺很好。

Great. And then just -- a nice acquisition with Bison to start the year. Any color you can provide on sort of the M&A pipeline, what you're seeing? Are multiple becoming more reasonable for you guys? Just any thoughts there.

偉大的。然後 - 與 Bison 的一次不錯的收購開始了這一年。您可以在併購管道中提供任何顏色，您看到了什麼？對你們來說，倍數變得更合理了嗎？只是有任何想法。

Right. That's a great question. And we really like the Bison deal. We deployed about $100 million on it, and it's an excellent fit with our automation business. We talked about expanding our capabilities there. But more broadly, we have a very, very wide and deep pipeline. And that pipeline is filled with attractive candidates. And it feels like the pricing has come in a bit. And it feels like we're in a good position to continue our acquisition strategy and provide a differentiator in coming quarters and years with our strong balance sheet and with our capability there and with our strong pipeline.

正確的。這是一個很好的問題。我們真的很喜歡與 Bison 的交易。我們在上面部署了大約 1 億美元，它非常適合我們的自動化業務。我們討論了在那裡擴展我們的能力。但更廣泛地說，我們有一個非常非常廣泛和深入的管道。這條管道充滿了有吸引力的候選人。而且感覺定價有點上來了。感覺我們在繼續我們的收購戰略方面處於有利地位，並在未來幾個季度和幾年內憑藉我們強大的資產負債表、我們在那裡的能力以及我們強大的管道提供差異化因素。

I'm fairly optimistic that with the pricing coming in that -- and our strong -- we've done work for many years on developing a pipeline of deals that we're going to have some success this year.

我相當樂觀地認為，隨著定價的到來——以及我們的實力——我們多年來一直致力於開發一系列交易，今年我們將取得一些成功。

This question comes from Deane Dray of RBC Capital Markets.

這個問題來自 RBC Capital Markets 的 Deane Dray。

Maybe we can take the tour of the key end markets and maybe you can start with Aero & Defense because that got called out in both segments.

也許我們可以參觀一下主要的終端市場，也許你可以從航空和國防開始，因為這在這兩個領域都有用。

Right. Exactly, Deane. Our Aerospace & Defense business had an excellent start to the year. Both overall and organic sales were up mid-20s in the first quarter. And we really saw growth across all A&D segments, but our defense and our commercial aftermarket segments were particularly strong. And given the strong start to the year and the positive end market tailwinds, we now expect our organic sales to increase and to be up 10% for the full year, with similar growth across both our commercial and defense segments.

正確的。沒錯，迪恩。我們的航空航天與國防業務今年開局良好。第一季度整體銷售額和有機銷售額均增長了 20 多歲。我們確實看到了所有 A&D 部門的增長，但我們的國防和商業售後市場部門尤其強勁。鑑於今年的強勁開局和積極的終端市場順風，我們現在預計我們的有機銷售額將增長，全年將增長 10%，我們的商業和國防領域的增長也類似。

Next, I'll go to Process. Overall sales for our Process businesses increased 10% in the quarter. Organic sales were up 10%. We had the acquisition of Navitar, largely being offset by foreign currency headwinds. And similar to last year, growth was broad-based in the quarter as end market demand remains solid across key process end markets, including research, medical, oil and gas. And looking ahead, we expect to continue strong organic sales growth for process, and we expect to be up mid-single digits for the year.

接下來，我將轉到流程。我們流程業務的整體銷售額在本季度增長了 10%。有機銷售額增長了 10%。我們收購了 Navitar，這在很大程度上被外匯逆風所抵消。與去年相似，本季度的增長基礎廣泛，因為終端市場需求在關鍵過程終端市場（包括研究、醫療、石油和天然氣）中保持穩健。展望未來，我們預計流程的有機銷售將繼續強勁增長，我們預計今年將實現中等個位數增長。

Moving to the Power & Industrial segment. Strong results in the first quarter with overall sales up low teens. This growth was driven by low-single-digit organic growth and contributions from our recent acquisition, RTDS. And we continue to expect mid-single-digit organic growth for our Power & Industrial businesses in 2023, with similar growth expected across both our Power & Industrial segments.

轉向電力和工業領域。第一季度業績強勁，整體銷售額增長了十幾歲。這一增長是由低個位數的有機增長和我們最近收購的 RTDS 的貢獻推動的。我們繼續預計 2023 年我們的電力和工業業務將實現中等個位數的有機增長，我們的電力和工業部門預計也將實現類似的增長。

And finally, our Automation & Engineered Solutions. Organic sales were flat in the first quarter and in line with our expectations given prior year comparisons and timing of customer shipments. For all of 2023, we continue to expect organic sales for our Automation & Engineered solutions business to be up mid-single digits with similar growth rates across both our Automation & Engineered Solutions business. That's a walk around the company, Deane.

最後，我們的自動化和工程解決方案。第一季度的有機銷售額持平，符合我們對去年比較和客戶發貨時間的預期。在整個 2023 年，我們繼續預計我們的自動化和工程解決方案業務的有機銷售額將達到中等個位數，我們的自動化和工程解決方案業務的增長率相似。那是在公司裡走一圈，迪恩。

And a follow-up question is actually a follow-up to Allison's question around normalizing and normalization of the supply chain. So maybe if you could just expand on that, product scarcity. How has that played out? And anything on -- when you said normalized order patterns, so what -- are the customers spacing out the orders at smaller size? And anything -- and maybe for Bill, are you releasing buffer inventory because before it was -- recently it's just in case, now coming back a bit more to just in time, but will you be releasing any of this buffer inventory?

後續問題實際上是 Allison 關於供應鏈規範化和規範化問題的後續問題。因此，也許如果您可以擴展產品稀缺性。結果如何？還有什麼——當你說標準化的訂單模式時，那又怎樣——客戶是否以較小的尺寸間隔了訂單？還有任何事情——也許對比爾來說，你是否會釋放緩衝庫存，因為之前——最近只是為了以防萬一，現在又回到了及時的狀態，但你會釋放任何緩衝庫存嗎？

Yes. The -- I'd just comment that there is a return to more normalized ordering patterns because lead times are back to normal. And the customers aren't ordering early now that the supply chain has improved, and we're seeing that dynamic play out. And it plays out more in our OEM-related businesses than our end market businesses. So a little more in EMG than EIG, but it's what we've been communicating for several quarters we were expecting.

是的。 -- 我只是評論說，由於交貨時間恢復正常，因此會恢復到更規範化的訂購模式。由於供應鏈已經改善，客戶不會提前訂購，我們看到這種動態正在發揮作用。與我們的終端市場業務相比，它在我們的 OEM 相關業務中發揮的作用更大。所以在 EMG 中比 EIG 多一點，但這是我們幾個季度以來一直在溝通的內容。

And overall, we're very pleased with the order of performance. We're very pleased with our record backlog. We -- our book-to-bill was up in both groups, and the normalization is really getting back to -- just getting back to normal lead times.

總的來說，我們對性能順序非常滿意。我們對創紀錄的積壓感到非常滿意。我們 - 我們的訂單到賬單在兩組中都增加了，而且正常化真的回到了 - 只是回到了正常的交貨時間。

And Deane, from the inventory perspective, we did add a little bit in the quarter, but we'd expect as we progress through the balance of the year, you're going to see that release of inventories that we've built up over the last year or so, as you say, just in case in protecting our customers and making sure we had enough right inventory on hand.

Deane，從庫存的角度來看，我們確實在本季度增加了一點，但我們預計隨著我們在今年餘下時間的進展，你會看到我們積累的庫存釋放正如您所說，去年左右，以防萬一保護我們的客戶並確保我們手頭有足夠的正確庫存。

And would we see that inventory release result in some higher free cash flow conversion, maybe just above normal seasonality?

我們是否會看到庫存釋放導致更高的自由現金流轉換，可能略高於正常季節性？

I think it will be -- it's -- we're going to be continuing to grow the business, which requires working capital, but I think you will see a release in the inventories being a benefit to the overall free cash flow, which we'd expect would be in that 120% area for all of 2023.

我認為這將是——它是——我們將繼續發展業務，這需要營運資金，但我認為你會看到庫存的釋放對整體自由現金流有好處，我們預計 2023 年全年都將處於 120% 的區域。

Deane, we had record operating cash flow, record free cash flow and 120% conversion in the first quarter. So we think as our business is getting back to normal, you're going to see benefits in the cash flow.

迪恩，我們在第一季度的運營現金流、自由現金流和 120% 的轉化率都創下了紀錄。因此，我們認為隨著我們的業務恢復正常，您將看到現金流方面的好處。

This next question comes from Josh Pokrzywinski of Morgan Stanley.

下一個問題來自摩根士丹利的 Josh Pokrzywinski。

Dave, I just want to dig in a little bit here on throughput. So you built backlog this quarter, but you had a pretty sizable revenue beat. So I guess that's the good news. But maybe the other side of that is how should we think about where you're at, I guess, particularly on EIG in terms of is there an ability to kind of ramp revenue further based on your own supply capability or your own kind of willingness to eat into the backlog?

戴夫，我只想在這裡深入了解一下吞吐量。所以你本季度積累了積壓，但你的收入卻相當可觀。所以我想這是個好消息。但也許另一方面是我們應該如何考慮你所處的位置，我想，特別是在 EIG 方面，是否有能力根據你自己的供應能力或你自己的意願進一步增加收入吃進積壓？

Like how should we think about your own throughput or kind of backlog conversion through the year? Is this sort of where you'd like to be? Or do you want to raise that higher just given the cyclical backdrop?

比如我們應該如何考慮你自己的吞吐量或全年的積壓轉換？這是你想去的地方嗎？或者你是否想在周期性背景下提高價格？

Yes. I think EIG is more of a long-cycle business. And as these supply issues resolve, we're able to convert on more. And I would expect our backlog to stay strong for the balance of the year. I'd expect it to be a little bit lower at the end of the year, but it's still in excess of typical. And in my view, EIG is just starting to fire on all cylinders. I mean it's just really across the board. And one of the things that's happening in EIG is along with strong growth, along with solid pricing, the profit performance from the recent acquisition has been excellent. And for RTDS and Navitar, the acquisitions we did last year, they're doing well. And you're seeing Abaco also have a very strong year-over-year quarter in margins. So it feels really good for EIG. And I don't think we've taken our foot off the gas.

是的。我認為 EIG 更像是一個長周期的業務。隨著這些供應問題的解決，我們能夠轉換更多。我希望我們的積壓工作在今年餘下時間保持強勁。我希望它在今年年底會稍微低一點，但它仍然超出了正常水平。在我看來，EIG 才剛剛開始全力以赴。我的意思是它真的是全面的。 EIG 正在發生的事情之一是伴隨著強勁的增長和穩定的定價，最近收購的利潤表現非常出色。對於我們去年進行的收購，RTDS 和 Navitar 表現良好。而且你看到 Abaco 的利潤率也有非常強勁的同比增長。所以對 EIG 來說感覺真的很好。而且我認為我們還沒有鬆懈。

Got it. That's helpful. And then I guess just on your automation business. You have some of the folks out there that are more in kind of the controller, mainline automation gear, that are sitting on big orders, record backlogs as well. Are you seeing this torque from mega projects and things like nearshoring, the same as those folks? Or where you fit into that value chain? Is there's something different driving the business?

知道了。這很有幫助。然後我想就在你的自動化業務上。你有一些人更像是控制器，主線自動化設備，他們有大訂單，也記錄積壓。您是否和那些人一樣從大型項目和近岸外包之類的事情中看到了這種扭矩？或者你在價值鏈中的位置？有什麼不同的東西在推動業務嗎？

No, it's similar. I mean we're in precision motion control. So we're moving things to automate them. And we're diverse end markets. We're in medical and factory automation and a bunch of end markets. But just the business that we acquired, Bison Gear & Engineering is a perfect example of what you're talking about. I mean they have about a year of backlog. And they're really capacity limited, and that's something that we can fix in relatively quick order.

不，是相似的。我的意思是我們處於精確的運動控制中。所以我們正在移動事物以使其自動化。我們是多元化的終端市場。我們從事醫療和工廠自動化以及許多終端市場。但就我們收購的業務而言，Bison Gear & Engineering 是您所說內容的完美示例。我的意思是他們有大約一年的積壓。而且它們的容量確實有限，這是我們可以以相對較快的順序解決的問題。

And it's a business with -- to provide us a lot of cost synergy, but at the same time, growth drivers of automation and freeing up capacity to go after reshoring and electrification requirements are really on our sweet spot. So -- while we largely have the capacity in our existing businesses, we can really improve Bison. So that's in line with what you're saying in these automation markets where there's secular growth drivers and good strong backlogs.

這是一項業務——為我們提供大量的成本協同效應，但與此同時，自動化的增長動力和釋放產能以滿足回流和電氣化要求確實是我們的最佳選擇。所以——雖然我們在很大程度上擁有現有業務的能力，但我們確實可以改進 Bison。因此，這與您在這些具有長期增長動力和良好的強勁積壓的自動化市場中所說的一致。

This question comes from Rob Wertheimer of Melius Research.

這個問題來自 Melius Research 的 Rob Wertheimer。

So I wanted to circle back to M&A, where some peers have called out a very strong M&A market, including, I think, one person call it kind of one of the best ever. And your comments were very positive that could very well be AMETEK execution develop in the pipeline. So I'm curious about your general feel on the M&A markets. And if they are quite strong, I think you indicated prices coming down, what's changing in the dynamics there?

所以我想回到併購，一些同行稱這是一個非常強大的併購市場，我認為，包括一個人稱之為有史以來最好的市場之一。您的評論非常積極，這很可能是 AMETEK 執行開發的管道。所以我很好奇您對併購市場的總體看法。如果它們非常強勁，我想你表示價格正在下降，那裡的動態發生了什麼變化？

Yes. The overall M&A market in the first quarter was down quite a bit. So the overall market is not that good. And -- but what you have is a lot of buyers are cautious now, and it's because of financing capability. A lot of the private equity businesses are less active right now. But we're largely a self-funded acquisition strategy. And we have, as Bill said, over $2.6 billion of cash in existing credit facilities. And our pipeline of opportunities remain strong, and we're very active in exploring it. And we are really a meaningful level of financing to make some headway.

是的。一季度整體併購市場下滑幅度較大。所以整體市場不是很好。而且——但是現在很多買家都很謹慎，這是因為融資能力。許多私募股權企業現在不太活躍。但我們主要是自籌資金的收購戰略。正如比爾所說，我們在現有信貸額度中擁有超過 26 億美元的現金。我們的機會渠道仍然很強大，我們非常積極地探索它。我們確實在有意義的融資水平上取得了一些進展。

So it's a good opportunity for us to use this aspect of our strategy to differentiate our performance in the future. And we're very excited with the companies that are -- we've recently acquired. We're also very excited about the companies that we're working with. And we're growing our presence in attractive growth areas, and we'll stick to delivering our traditional financial orders. They are important thresholds for us. And we want to provide a strong level of returns on the capital we deploy.

因此，這是一個很好的機會，我們可以利用我們戰略的這一方面來區分我們未來的表現。我們對我們最近收購的公司感到非常興奮。我們也對與我們合作的公司感到非常興奮。我們正在擴大我們在有吸引力的增長領域的影響力，我們將堅持提供我們的傳統金融訂單。它們對我們來說是重要的門檻。我們希望為我們部署的資本提供高水平的回報。

So it's the same setup, but at the same time, I think we're in an incrementally better position because we're a strategic buyer that has a strong balance sheet, that has cash flow and has a viable pipeline of deals.

所以這是相同的設置，但與此同時，我認為我們處於越來越好的位置，因為我們是一個戰略買家，擁有強大的資產負債表、現金流和可行的交易渠道。

Great. That makes total sense. And then just to go in a different direction, to follow up on your comment on, you mentioned (inaudible) maybe pricing phase a little bit barely really towards the end of the year. Is it more to give us a sense of what's happening in the cost base inflation? Have you seen dramatic coming down in some areas or logistics or whatever? Is labor still high? I mean, just give us a little bit of sense of breakdown there.

偉大的。這是完全有道理的。然後只是朝著不同的方向前進，跟進你的評論，你提到（聽不清）可能定價階段幾乎沒有真正接近年底。是否更多地讓我們了解成本基礎通脹中發生了什麼？您是否看到某些地區或物流或其他方面的戲劇性下降？勞動力還高嗎？我的意思是，只是給我們一點崩潰感。

Right. As I said, our inflation was about 4%. We're seeing decreasing costs in some commodities, some logistic costs, but there's other inflationary costs and things like wages and travel. So there's net inflation for sure, and it's sticky, but we think it will moderate a bit this year from what we're seeing. So -- but we're well positioned to deal with that with our pricing and our portfolio of companies.

正確的。正如我所說，我們的通貨膨脹率約為 4%。我們看到一些商品的成本在下降，一些物流成本在下降，但還有其他通貨膨脹成本以及工資和差旅費等。所以肯定會有淨通脹，而且它很粘，但我們認為今年它會從我們所看到的情況來看有所緩和。所以 - 但我們有能力通過我們的定價和我們的公司組合來處理這個問題。

(Operator Instructions) Our next question comes from Nigel Coe of Wolfe Research.

（操作員說明）我們的下一個問題來自 Wolfe Research 的 Nigel Coe。

So if we go back to sort of late January, February, when you put together the 1Q plan, obviously, it came in a lot stronger, which is not untypical, but I think the upside is a bit more than normal. So maybe just talk about what surprised you to the upside? Clearly, A&D was a lot stronger. I'm wondering if you saw an inflection in defense. Curious if you saw maybe China coming in a lot better than perhaps expected. Just kind of walk off better. And maybe talk about was it mainly backlog conversion supply chain driven or customer demand driven?

因此，如果我們回到 1 月下旬、2 月，當你制定 1Q 計劃時，顯然，它的表現要強得多，這並非不典型，但我認為上行空間比正常情況要多一些。那麼也許只是談談讓你感到驚訝的事情？顯然，A&D 更強大。我想知道你是否看到了防守的變化。好奇你是否看到中國的表現可能比預期的要好得多。只是有點走開更好。也許談論它主要是積壓轉換供應鏈驅動還是客戶需求驅動？

Yes. The first point was our positive book-to-bill in both groups and overall, it was also order driven, not just backlog driven. The second point is what really is changing is the supply chain is getting much better. So we're able to convert on more backlog. And in China, in particular, you mentioned it was up about 12% for us. So it was a good grower. And as they're recovering from their COVID lockdowns, our business is developing nicely there. So it's really both. We had good book-to-bill, we converted on the backlog and we're strong across all geographies.

是的。第一點是我們在兩個集團和整體上的正面訂單出貨比，它也是訂單驅動的，而不僅僅是積壓驅動的。第二點是真正發生變化的是供應鏈變得更好。所以我們能夠轉換更多積壓。尤其是在中國，您提到我們增長了約 12%。所以它是一個很好的種植者。隨著他們從 COVID 封鎖中恢復過來，我們的業務在那裡發展得很好。所以它真的是兩者兼而有之。我們有很好的訂單到賬單，我們轉換了積壓訂單，我們在所有地區都很強大。

No, there's no question about it. You talked about the expectation that you'd expect to burn some backlog between now and year-end. You talked about order patterns changing, which is very natural with the supply chain improvements. Have you seen that change, David, happened already? Did that sort of happen in March, April? Are we starting to burn backlog through the second quarter? Curious on what you see in real time.

不，這是毫無疑問的。你談到了你期望從現在到年底之間燃燒一些積壓的期望。您談到了訂單模式的變化，這對於供應鏈的改進是很自然的。大衛，你看到這種變化已經發生了嗎？這種事情發生在三月、四月嗎？我們是否會在第二季度開始處理積壓的訂單？對您實時看到的內容感到好奇。

Yes. We started to see a little bit, the chip patterns last year. We started calling out last year, and we did see it. And it's mainly our OEM businesses. It's not so much in -- we're selling directly to end users because we have customized products, and they pretty much aren't going to over order a lot of expensive things like that. But on our OEM businesses, we have been seeing it for a while, and we did see it in the quarter.

是的。我們開始看到一點，去年的籌碼模式。我們去年開始呼籲，我們確實看到了。這主要是我們的 OEM 業務。它不是那麼多 - 我們直接向最終用戶銷售，因為我們有定制產品，他們幾乎不會過度訂購很多像這樣的昂貴的東西。但在我們的 OEM 業務上，我們已經看到了一段時間，我們確實在本季度看到了它。

Okay. Great. And then it seems like I'm close to the end of the queue here. So maybe I'll throw in one more question if I can. The Bison deal, motion control, I don't think we've seen the motion control acquisition for some time or one of this size. Is there a desire to maybe do more of these kinds of deals, maybe become a bit more of a scale player in motion control?

好的。偉大的。然後我好像快排到隊伍的末尾了。如果可以的話，也許我會再提出一個問題。 Bison 交易，運動控制，我認為我們已經有一段時間沒有看到運動控制採集或這種規模的採集了。是否有可能做更多此類交易的願望，也許成為運動控制領域更大規模的參與者？

I think there is a desire, but we need the technology and the business has to be successful and a niche, and we have to add value to it. And I think there are a few other businesses that we're looking at right now that would be very attractive to us. And Bison just fit all those characteristics. We can add substantial value. It was a fair price. It has capability that we don't have. And we can really improve the business to address -- go after more of the applications that they have been not able to go after. So it really fits in our toolkit and really adds value to our solution offerings. And there are other businesses like that we're looking at. And there are several businesses that we're looking at. And -- but we're going to be -- we're going to wait for the right opportunities, and I think those opportunities are showing up.

我認為有一種願望，但我們需要技術，而且業務必須成功並佔據一席之地，我們必須為其增加價值。而且我認為我們現在正在尋找的其他一些業務對我們非常有吸引力。而野牛恰好符合所有這些特徵。我們可以增加可觀的價值。這是一個公平的價格。它有我們沒有的能力。我們可以真正改善業務來解決 - 追求更多他們無法追求的應用程序。所以它真的適合我們的工具包，並真正為我們的解決方案產品增加價值。我們正在關注其他類似的業務。我們正在關注幾家企業。而且 - 但我們將會 - 我們將等待合適的機會，我認為這些機會正在出現。

This question comes from Christopher Glynn of Oppenheimer & Co. Inc.

這個問題來自 Oppenheimer & Co. Inc. 的 Christopher Glynn。

Amazing to see the 1.1x organic book-to-bill at this point in the supply chain in the cycle. But I did want to ask about Abaco, as you just kind of hit the 2-year anniversary. Just curious for an overall kind of update on the past 2 years integrating, getting to know that business. And is it episodic? Or is it in, in a nice kind of scaling mode here would you project?

令人驚訝的是，在周期的供應鏈中的這一點上看到 1.1 倍的有機訂單到賬單。但我確實想問問關於 Abaco 的問題，因為你們剛剛迎來 2 週年紀念日。只是對過去 2 年整合、了解該業務的整體更新感到好奇。它是偶發的嗎？或者它是在一種很好的縮放模式下，你會在這裡投射嗎？

No, it's definitely not episodic. I mean, we had -- if you go back after we first bought it, we get the supply chain crisis in electronics, and we had to work through all of that. And we've also augmented the management team. And I think we're really in the right gear now with that business. The defense market is strong. We're in the right areas. So that business is going to accelerate and be a big contributor for us going forward.

不，這絕對不是偶發的。我的意思是，我們有——如果你在我們第一次購買它之後回去，我們就會遇到電子產品的供應鏈危機，我們必須解決所有這些問題。我們還擴充了管理團隊。而且我認為我們現在在這項業務上確實處於正確的位置。國防市場強勁。我們在正確的區域。因此，該業務將加速發展，並成為我們前進的重要貢獻者。

Great. And on the organic kind of mid-single-digit outlook, could you kind of parse that, how you're thinking about the 2 segments relative to one another? Similar kind of outperformance from the first quarter at EIG, do we expect that to continue?

偉大的。關於有機的中個位數前景，你能分析一下嗎，你是如何看待這兩個細分市場的相互關係的？ EIG 第一季度的類似表現，我們預計這種情況會持續下去嗎？

Yes. I think both groups have a very good chance to grow mid-single digits for the full year organically. EIG, a little bit stronger than EMG, but both groups have the potential to grow mid-single digits.

是的。我認為這兩個群體都有很好的機會在全年有機地增長中等個位數。 EIG，比 EMG 強一點，但兩組都有中個位數增長的潛力。

Our next question comes from Andrew Obin of Bank of America.

我們的下一個問題來自美國銀行的安德魯·奧賓。

This is David Ridley-Lane on for Andrew. Lot of commentary about improvements to supply chain. Just to go down a little, what about in your Aerospace business? We've heard more mixed messages about component availability and it could be constraints revenue. Obviously, you had very strong revenue growth this quarter. Just an update on Aero's specific supply chain.

這是安德魯的大衛雷德利萊恩。很多關於供應鏈改進的評論。只是稍微下降一點，你的航空航天業務怎麼樣？我們聽到了更多關於組件可用性的混合消息，這可能會限制收入。顯然，本季度您的收入增長非常強勁。只是 Aero 特定供應鏈的更新。

The aero-specific supply chain is improving as our entire supply chain is. And we grew mid-20% organic growth in the quarter. We have a good supply chain team there, a good management team running that business. So it feels like that business is accelerating. That was our strongest area, and we took out the year on that segment. So there are always challenges in different markets. And -- but in the Aerospace right now, I see us accelerating growth is what we're looking at.

與我們的整個供應鏈一樣，航空專用供應鏈也在不斷改進。我們在本季度實現了 20% 的有機增長。我們在那裡有一個優秀的供應鏈團隊，一個管理該業務的優秀管理團隊。所以感覺業務正在加速發展。那是我們最強大的領域，我們在該領域度過了一年。所以在不同的市場總是存在挑戰。而且 - 但現在在航空航天領域，我看到我們正在加速增長。

And then on the Electronic Instruments Group, that commentary is very interesting that you're actually seeing some re-acceleration in demand. Are there any secular themes that you would point to? Can you identify certain maybe reshoring-related projects, et cetera, that are helpful there?

然後在 Electronic Instruments Group 上，評論非常有趣，您實際上看到了需求的重新加速。你有什麼世俗的主題嗎？您能否確定某些可能與回流相關的項目，等等，在那裡有幫助？

More than the secular -- there are secular opportunities driving growth. A lot of it is our approach and our niche focus. We have very flexible businesses that are aggressive. They go after where the niche opportunities are. I'll give you a couple of examples. In the semiconductor market, our Semiconductor business, which is about 6% of our sales, it was actually up in the first quarter. And most semiconductor businesses aren't up in the first quarter. And the reason is that, well, we participate some in the memory area that was down. We also participate in semiconductor research, which is very strong now.

不僅僅是世俗的——還有推動增長的長期機會。其中很多是我們的方法和我們的利基重點。我們擁有非常靈活且積極進取的業務。他們追求利基機會所在的地方。我會給你幾個例子。在半導體市場，我們的半導體業務約占我們銷售額的 6%，實際上在第一季度有所增長。大多數半導體業務在第一季度都沒有增長。原因是，好吧，我們參與了一些已關閉的內存區域。我們還參與半導體研究，現在非常強大。

And In the EUV optics within semiconductors were just very strong. So at the same time, there is some weakness in the market. We're very agile and can adapt, and we've been doing that for years, and we're growing. So I think that the big thing, I think, when you look across our whole businesses is there are growth opportunities for sure. We're very agile. Our distributor model lets us get after them with management teams dedicated to businesses and markets. And I don't see that stopping.

在 EUV 中，半導體中的光學器件非常強大。因此，與此同時，市場存在一些疲軟。我們非常敏捷並且能夠適應，多年來我們一直在這樣做，而且我們正在成長。所以我認為，當你審視我們的整個業務時，我認為最重要的是肯定有增長機會。我們非常敏捷。我們的分銷商模式讓我們可以通過專注於業務和市場的管理團隊來追隨他們。而且我沒有看到停止。

This question comes from Michael Anastasiou of TD Cowen.

這個問題來自 TD Cowen 的 Michael Anastasiou。

There's been some commentary as of late for destocking in different areas of the medical and life science-related end markets. Can you just briefly describe where your portfolio specifically plays in that area and your outlook for the year? Any color would be appreciated.

最近有一些關於醫療和生命科學相關終端市場不同領域去庫存的評論。您能否簡要描述一下您的投資組合在該領域的具體作用以及您對今年的展望？任何顏色將不勝感激。

Sure. The medical market is about 15% of our sales now. And in the quarter, it was up high teens with strong growth in our Rauland business and also our Engineered mechanical components business. And for the full year, we expect it to be up high-single digits. So we expect to be growing in that medical space. And it's much like the discussion I just had with David about we're in the right niches because in Rauland, their primary product are really to improve the efficiency of nurses.

當然。醫療市場現在約占我們銷售額的 15%。在本季度，我們的 Rauland 業務和我們的工程機械零部件業務都實現了強勁增長。對於全年，我們預計它會達到高個位數。因此，我們希望在該醫療領域取得增長。這很像我剛剛與大衛討論我們處於正確的利基市場，因為在 Rauland，他們的主要產品確實是提高護士的效率。

And as long as I've been alive, you have nursing shortages in the United States and Rauland's nurse call systems make nurses more efficient. So coming out of the pandemic, we see a lot of spending on dealing with the shortages, and Rauland has great products and very successful in that area.

只要我還活著，美國就存在護士短缺問題，Rauland 的護士呼叫系統讓護士更有效率。因此，從大流行中走出來，我們看到大量支出用於應對短缺，而 Rauland 擁有出色的產品，並且在該領域非常成功。

And in our EMC business, we're dealing with a lot of single procedure, single-use-type devices that we're building components for and that business is accelerating. So both of those core businesses that make up the large part of our medical businesses are doing well, and we were up high teens in the quarter.

在我們的 EMC 業務中，我們正在處理許多單一程序、一次性類型的設備，我們正在為其構建組件並且該業務正在加速。因此，構成我們醫療業務大部分的這兩項核心業務都表現良好，而且我們在本季度增長了十幾歲。

Our last question comes from Joseph Donahue of Baird.

我們的最後一個問題來自 Baird 的 Joseph Donahue。

I am on for Rob. Kind of following up on the commentary that you had earlier. Could you just kind of take the temperature on R&D spending? Should we expect it to stay strong, you think, through the rest of the year?

我支持羅布。有點跟進你之前的評論。您能稍微了解一下研發支出的溫度嗎？你認為我們是否應該期望它在今年餘下的時間裡保持強勁？

In relation to the semiconductor, I think there's a lot happening now for -- we're transitioning from one technology to -- new technology and smaller and smaller nodes. So I think that we're seeing the strength in semiconductor research spending, and it's one of the strongest areas of our business right now. Again, it's another area where we're in the right niche.

關於半導體，我認為現在發生了很多事情——我們正在從一種技術過渡到——新技術和越來越小的節點。所以我認為我們看到了半導體研究支出的實力，這是我們目前業務最強大的領域之一。同樣，這是我們處於正確利基市場的另一個領域。

Got you. And then this could just be on our side, but EMG looked a little bit below normal seasonal growth. Is there any difference in supply improvement across the 2 segments going on or anything else that we should be thinking about?

明白了然後這可能就在我們這邊，但 EMG 看起來略低於正常的季節性增長。這兩個細分市場的供應改善是否有任何差異，或者我們應該考慮的其他任何事情？

I think when you look at EMG, the organic growth was up 4%. So they had a good, good quarter. They had some headwinds from currency. And so EIG grew faster for sure, but EMG was still really solid.

我認為當你看 EMG 時，有機增長增長了 4%。所以他們有一個很好的季度。他們在貨幣方面遇到了一些不利因素。所以 EIG 確實增長得更快，但 EMG 仍然非常穩固。

Thank you. That concludes our Q&A segment. I'll now turn it back over to Kevin Coleman for closing remarks.

謝謝。我們的問答環節到此結束。我現在將把它轉回給凱文科爾曼作結束語。

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

謝謝克里斯，也謝謝大家今天參加我們的電話會議。提醒一下，可以在 ametek.com 的投資者部分訪問今天網絡廣播的重播。祝你有美好的一天。

And thank you all for your participation in today's conference. This does conclude the program. You may now disconnect.

感謝大家參加今天的會議。這確實結束了程序。您現在可以斷開連接。