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.

大家好，感謝您的耐心等待。歡迎參加阿美特克第一季財報電話會議。 （接線員指示）請注意，今天的會議正在錄音。現在，我將把會議交給投資者關係副總裁兼財務主管凱文·科爾曼。請開始。

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，克里斯。早安，感謝您參加阿美特克2023年第一季財報電話會議。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 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，導致實際結果與預期有顯著差異。阿美特克向美國證券交易委員會 (SEC) 提交的文件中詳細討論了可能影響我們未來業績的風險和不確定性。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 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.

本次電話會議中提及的任何2022年或2023年業績或2023年指引均基於調整後數據，不包括稅後收購相關無形資產攤銷。 GAAP與調整後指標的對帳表可在我們的新聞稿和我們網站的「投資者」區塊中找到。

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 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.

謝謝凱文，大家早安。阿美特克2023年開局良好，第一季業績優異。我們多元化終端市場持續強勁的需求，推動銷售額和訂單強勁成長，並再創歷史新高。我們的業務在本季實現了卓越的營運業績，營業利潤創歷史新高，利潤率也強勁成長。此外，我們創造了創紀錄的現金流，並將部分現金流用於今年的首次收購——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，我們提高了全年的銷售額和獲利預期。

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，我來談談我們第一季的業績。第一季銷售額為16億美元，較2022年同期成長10%。有機銷售額成長出色，達到9%。收購貢獻了2個百分點，而外匯則略有不利影響。阿美特克持續強勁的有機銷售成長反映了我們有機成長計畫的成功，以及我們在多元化且具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.

需求維持穩健，本季整體訂單成長6%。有機訂單較去年同期成長了低個位數百分比，但成長幅度並不大。本季訂單出貨比為1.13，這是我們連續第11季實現正值。本季末，我們積壓訂單量達到創紀錄的34億美元，較2022年底成長逾2億美元。

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.

如上所述，阿美特克第一季的營運表現非常出色。本季我們的營運收入達到創紀錄的4.055億美元，較2022年第一季成長15%。本季的營運利潤率達到創紀錄的25.4%，較上年同期成長120個基點。核心營運利潤率（不包括收購稀釋和2022年第一季的設施出售收益）顯著增長了180個基點，各業務類別的核心利潤率均強勁增長。本季的息稅折舊攤提前利潤（EBITDA）為4.82億美元，較上年同期成長11%，EBITDA利潤率為30.2%。如此出色的利潤率成長證明了我們營運模式的強大、業務的差異化以及團隊的出色工作。

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.

卓越的營運表現帶來了高品質的獲利，攤薄每股收益為1.49美元，較2022年第一季成長12%，高於我們每股1.38美元至1.42美元的預期範圍。現在，讓我在營運集團層面提供一些補充細節。首先是電子儀器集團。 EIG實現了卓越的銷售成長和營運業績，銷售額較上年增長13%，達到12億美元。有機銷售額成長11%。收購帶來了3個百分點的收益，但外匯因素對本季造成了輕微的阻力。強勁的有機銷售額成長仍然涵蓋我們所有業務和地區，其中航空航太和國防業務在本季度的成長尤為強勁。

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，本季創下了營業利潤紀錄。營業收入為 3.097 億美元，年增 27%，EIG 利潤率為 27.7%，較上年同期強勁增長 290 個基點。機電集團在本季也取得了優異的業績，實現了穩健的有機銷售成長和強勁的營運表現。 EMG 第一季銷售額為 4.799 億美元，較去年同期成長 2%，其中有機銷售額成長 4%，外幣匯率帶來 2 個百分點的不利影響。

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，我們的航空航太和國防業務成長強勁。 EMG 第一季的營業收入為 1.205 億美元，營業利益率為 25.1%。扣除收購稀釋和 2022 年第一季的設施出售收益，EMG 的核心利潤率較去年同期成長了 50 個基點。整體而言，我們的業務和所有阿美特克員工都表現出色，阿美特克成長模式的所有要素、卓越營運、全球和市場擴張、新產品開發以及策略性收購均進展順利。這些策略使我們能夠快速應對不斷變化的市場環境，投資於我們的業務以實現長期成長，並將資本用於增值收購。

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.

現在談談我們的資本配置和收購策略。我們強勁現金流的首要重點仍是策略性收購。我們管理一系列極具吸引力的收購候選項目，並且我們擁有強勁的資產負債表和雄厚的財務實力來支持這項策略。

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收購了 Bison Gear & Engineering 公司。 Bison 與 AMETEK 的自動化業務在策略上高度契合，有助於我們在這個極具吸引力的長期成長市場中拓展業務。 Bison 是客製化運動控制解決方案的領先供應商，其產品廣泛應用於自動化、食品飲料、電力和運輸市場的各種高精度應用。 Bison 的線性和運動控制技術產品組合與現有技術高度互補，提供了更豐富的產品線，使我們能夠更廣泛、更深入地參與極具吸引力的市場和應用，包括日益增長的電氣化需求。

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 總部位於伊利諾州聖查爾斯，年銷售額約 8,000 萬美元。除了收購策略外，我們始終致力於透過投資有機成長計劃來確保永續成長。這包括進行策略性成長投資，並推動數位化和新產品開發的更廣泛應用。我們預計在 2023 年全年投資約 1 億美元用於支持這些成長計劃，包括對研發、工程以及銷售和行銷的投資。我們慶祝和認可我們各業務部門在新產品開發方面出色工作的方式之一是頒發阿美特克創新獎。該獎項每年頒發給最能展現新科技突破性創新、推動有機成長機會擴大的阿美特克業務部門。

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.

最新創新獎的獲獎者是我們的 Creaform 業務部門，因其開發了創新的全新手持式 3D 計量解決方案 PL3。 Creaform 總部位於加拿大萊維斯，是領先的 3D 便攜式自動化測量技術供應商，其產品廣泛應用於逆向工程、品質控制、產品開發和非破壞性檢測等應用領域。 PL3 的推出進一步拓展了 Creaform 計量產品的廣度，讓專業人士和小型企業都能輕鬆使用高階 3D 掃描技術，從而開闢了一個極具吸引力的新市場領域。

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 平台新增了一款掃描器——HandySCAN BLACK Elite Limited。這款 Creaform 旗艦計量級 3D 掃描器的最新成員為手持設備樹立了新的業界標準。我謹向 Creaform 全體團隊表示祝賀，祝賀他們推出創新的新產品，並不斷努力突破計量領域的界限。

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.

現在談談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，我們在短期內仍保持謹慎。然而，鑑於阿美特克強勁的成長模式和我們久經考驗的營運能力，我們有信心克服這些挑戰。公司創紀錄的訂單量以及在極具吸引力的中長週期市場的領導地位，為我們持續強勁成長奠定了良好的基礎。

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.

鑑於我們第一季強勁的業績以及對全年剩餘時間的展望，我們上調了銷售額和盈利預期。就全年而言，我們目前預計整體銷售額將成長中高個位數，而先前的預期是中個位數成長，其中有機銷售額預計將成長中個位數。

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.

預計全年稀釋每股盈餘將在5.96美元至6.10美元之間，較去年同期成長5%至7%。這高於我們先前每股5.84美元至6美元的預期範圍。我們預期第二季整體銷售額將實現中高個位數成長，每股盈餘將在1.49美元至1.51美元之間，較去年同期成長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.

總而言之，阿美特克第一季業績優異。我們實現了強勁的訂單和銷售額成長，利潤率強勁提升，訂單量創歷史新高，現金流也創歷史新高，並上調了全年獲利預期。公司差異化的技術解決方案、在極具吸引力的市場中的領先地位以及久經考驗的營運能力，使我們能夠安然度過充滿挑戰的經濟週期。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充分的靈活性，可以靈活地配置資本，從而提升股東價值。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 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，戴夫。正如戴夫所說，阿美特克第一季表現優異，為我們開啟新的一年做好了準備。本季度，我們的營運業績創歷史新高，獲利品質也很高。讓我再補充一些財務亮點。第一季的一般及行政開支為2,470萬美元，較上年同期增加500萬美元，主要是由於薪資支出增加以及可自由支配支出恢復到正常水準。

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.

預計2023年，一般及行政開支將較2022年水準小幅上漲，約佔銷售額的1.4%，低於2022年1.5%的水準。本季其他營收及開支出現800萬美元的逆勢成長，主要原因是退休金收入減少和盡職調查成本上升。第一季有效稅率為19.5%，而2022年第一季為19%。我們預計2023年的有效稅率仍將在19%至20%之間。正如我們過去所述，實際季度稅率可能與全年預估稅率有顯著差異，可能為正值也可能為負值。

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.

第一季資本支出為2,000萬美元，我們預期全年資本支出約為1.4億美元，約佔銷售額的2%。本季折舊及攤銷費用為8,200萬美元。我們預計全年折舊及攤銷費用約為3.35億美元，其中包括約1.57億美元的稅後收購相關無形資產攤銷，或每股攤薄收益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 (sic) [$387 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.

第一季營運資本佔銷售額的19.2%。本季現金流表現優異，較上年同期大幅成長。營運現金流達到創紀錄的3.7億美元（原文如此，3.87億美元），較2022年第一季成長92%。自由現金流也創下紀錄，達到3.67億美元，較上年同期成長110%。自由現金流轉換率也非常強勁，達到淨收入的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.

截至3月31日，總債務為22.5億美元，低於2022年底的24億美元。我們持有4億美元的現金及現金等價物，用於抵銷這筆債務。第一季末，我們的總負債與EBITDA比率為1.1倍，淨負債與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.

我們在第一季收購了Bison Gear & Engineering，鑑於我們強勁的資產負債表和現金流，我們仍然具備充足的資金來部署更多資本。我們擁有雄厚的財務實力，現有信貸額度中約有26億美元現金，足以支持我們的成長計畫。

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，我們的業務在年初取得了卓越的業績，包括強勁的有機銷售額成長、穩健的利潤率擴張和高品質的收益。凱文？

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

謝謝你，比爾。克里斯，我們可以開始提問了嗎？

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

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

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，您能否介紹一下您認為哪些業務像金絲雀一樣，以及它們如何影響您對未來環境的看法？顯然，您今天早上的發言聽起來相當積極。然後我還有一個後續問題。

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，我們的業務主要集中在中長週期。所以我們沒有短週期的「金絲雀」。我們之前關注的「金絲雀」是我們地板護理市場中成本驅動型的馬達業務，但現在基本上已經不在我們的投資組合中了。所以我們現在真正關注的是整個投資組合的實力。所以我們現在沒有看到任何「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?

簡單更新一下。您能否談談第一季的價格成本狀況，以及您預計 2023 年與 2022 年相比的絕對實現量？

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.

對。馬特，這個問題問得好。第一季度，我們的定價仍然足以抵消通貨膨脹的影響。我們的定價略高於5%，而通貨膨脹率約為4%。因此，我們的價差略高於100個基點。就全年而言，我們預計增量定價會略有緩和。因此，我們認為全年的價差將達到4%。這些業績證明了阿美特克產品組合的高度差異化，以及我們在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樂觀，我們正在創造價值，同時也為客戶創造價值。所以我們認為這種情況可以持續一段時間。雖然通貨膨脹可能會有所緩和，但我們認為它還會持續一段時間，而且我們相信我們能夠透過價格上漲跑贏通貨膨脹。

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，您能否談談——我知道您並沒有真正掌握煤礦裡的金絲雀，但您確實指出，考慮到宏觀經濟形勢，您的觀點會更加謹慎。我能看到任何明顯的趨勢促使你們持這種謹慎態度嗎？就您所看到的情況而言，顯然，今天的積壓訂單和業績都相當穩健。

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。我們對今年的業績指引和剩餘時間充滿信心。但考慮到今年尚處於初期階段，以及全球宏觀環境的風險，我們保持謹慎。正如我在準備好的發言稿中提到的，我們的訂單出貨比為1.13，相當強勁。即使扣除收購Bison的因素，訂單出貨比仍是1.1。這兩個部門的訂單出貨比都是正值。我們的積壓訂單佔年銷售額的50%以上，遠高於歷史正常水準。因此，我認為我們今年的表現相當不錯。

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.

我們之前提到過，大家預期我們將恢復更正常的訂購模式。現在供應鏈正在改善，我們也看到了一些成效。雖然我們也面臨一些業績不佳的比較，但縱觀我們的投資組合，我們發現中長期週期的表現非常好。而且感覺我們業務中最大的板塊——EIG，正在開始加速成長。所以我們覺得相當不錯。

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.

太好了。然後——今年年初與Bison的收購很不錯。能透露一下目前併購計畫的細節嗎？對你們來說，併購規模擴大是否更合理？有什麼想法嗎？

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.

對。這個問題問得很好。我們非常看好Bison的交易。我們為此投入了大約1億美元，它與我們的自動化業務非常契合。我們討論過拓展Bison的業務能力。更廣泛地說，我們擁有非常廣泛且深入的人才儲備，其中充滿了極具吸引力的候選人。現在看來，價格已經有所回落。我們似乎處於有利地位，可以繼續執行我們的收購策略，並憑藉我們強勁的資產負債表、在Bison的業務能力以及強大的人才儲備，在未來幾個季度和幾年內打造差異化優勢。

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——以及我們強大的實力——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.

這個問題來自加拿大皇家銀行資本市場的 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.

也許我們可以參觀主要的終端市場，也許你可以從航空和國防開始，因為這兩個領域都提到了這一點。

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.

對。沒錯，迪恩。我們的航空航太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成長了25%左右。所有航空航太與國防業務部門都實現了成長，其中國防和商用售後市場部門尤其強勁。鑑於今年強勁的開局和積極的終端市場利好，我們預計有機銷售額將有所增長，全年增長10%，商用和國防業務部門也將實現類似的增長。

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，我將談談工藝業務。本季度，我們工藝業務的整體銷售額成長了10%。有機銷售額成長了10%。我們收購了Navitar，但很大程度上被外匯逆風所抵消。與去年類似，本季成長基礎廣泛，因為包括研究、醫療、石油和天然氣在內的主要製程終端市場的需求仍然強勁。展望未來，我們預期製程業務的有機銷售額將持續強勁成長，全年預計將實現中等個位數的成長。

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.

轉向電力和工業部門。第一季業績強勁，整體銷售額成長了10%左右。這一成長主要得益於低個位數的有機成長以及我們近期收購的RTDS的貢獻。我們預計2023年電力和工業業務仍將實現中等個位數的有機成長，預計兩個電力和工業部門都將實現類似的成長。

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，我們的自動化與工程解決方案業務。第一季有機銷售額持平，符合我們基於上年同期數據和客戶出貨時間的預期。 2023年全年，我們預計自動化與工程解決方案業務的有機銷售額將保持中等個位數成長，且兩個業務的成長率將保持相似。迪恩，以上就是公司概況。

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?

後續問題其實是Allison關於供應鏈正常化和標準化問題的後續問題。能否進一步闡述產品稀缺性？目前情況如何？您之前提到了訂單模式標準化，那麼客戶是否會以較小的訂單間隔下單？還有，比爾，您是否會釋放緩衝庫存？因為之前是…最近只是為了以防萬一，現在又回歸到「準時制」模式，您會釋放這些緩衝庫存嗎？

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。我想說的是，由於交貨週期已恢復正常，訂單模式正在回歸更正常的狀態。現在供應鏈已經改善，客戶不再提前下單，我們也看到了這種動態的體現。而且，這種趨勢在我們的OEM相關業務中比在終端市場業務中更為明顯。因此，EMG比EIG略微有所體現，但這正是我們幾個季度以來一直在傳達的預期。

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.

整體而言，我們對業績表現非常滿意。我們對創紀錄的積壓訂單也非常滿意。我們兩個部門的訂單出貨比都上升了，而且正常化正在真正回歸到正常的交貨週期。

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.

迪恩，從庫存角度來看，我們在本季度確實增加了一點庫存，但我們預計，隨著今年餘下的庫存不斷增加，您將看到我們在過去一年左右積累的庫存得到釋放，正如您所說，這是為了保護我們的客戶，並確保我們手頭有足夠合適的庫存。

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率，或許略高於正常的季節性？

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.

我認為我們會繼續發展業務，這需要營運資金，但我認為你會看到庫存的釋放有利於整體自由現金流，我們預計 2023 年全年整體自由現金流將保持在 120% 左右。

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，我們第一季的營運現金流和自由現金流均創歷史新高，轉換率也達到了120%。因此，我們認為，隨著業務恢復正常，現金流將會成長。

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，我想稍微深入談談吞吐量。您本季積壓了訂單，但收入卻大幅超出預期。我想這是個好消息。但另一方面，我們應該如何看待您的現狀，尤其是在EIG方面，您是否有能力根據自身的供應能力或您自己消化積壓訂單的意願來進一步提高收入？

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?

例如，我們該如何看待你們全年的吞吐量或積壓訂單轉換率？這是你們想要達到的水平嗎？還是說，考慮到週期性因素，你們想提高這個數字？

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更像是長週期業務。隨著這些供應問題的解決，我們能夠實現更多轉換。我預計我們的訂單量在今年餘下時間將保持強勁。我預計年底的訂單量會略有下降，但仍然高於正常水平。在我看來，EIG才剛開始全速前進，全面發力。 EIG正在發生的一件事是，除了強勁的成長和穩健的定價之外，最近收購帶來的利潤表現也非常出色。我們去年收購的RTDS和Navitar也表現良好。你可以看到，Abaco的季度利潤率也比去年同期成長非常強勁。所以這對EIG來說感覺非常好。我認為我們並沒有放鬆油門。

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?

明白了。這很有幫助。然後我想談談你們的自動化業務。你們有一些人主要負責控制器、主線自動化設備，他們手上有很多大訂單，積壓訂單也很多。你們是否也看到了大型專案和近岸外包等業務帶來的動力？或者你們在價值鏈中處於什麼位置？有什麼不同的因素在推動你們的業務發展嗎？

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，很相似。我的意思是，我們從事精密運動控制。所以我們在移動物體以實現自動化。我們的終端市場非常多樣化，涉及醫療、工廠自動化等一系列終端市場。但我們收購的Bison Gear & Engineering公司就是一個很好的例子。我的意思是，他們有大約一年的積壓訂單。而且他們的產能非常有限，我們可以相對快速地解決這個問題。

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.

這項業務能為我們提供巨大的成本協同效應，同時，自動化的成長動力以及釋放產能以滿足回流和電氣化需求，這對我們來說是真正的利好。因此，雖然我們現有業務的產能基本上充足，但我們仍可以真正提升Bison的績效。這與您所說的自動化市場的情況一致，這些市場擁有長期的成長動力和強勁的訂單儲備。

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?

所以我想回到併購問題。一些同行認為併購市場非常強勁，其中我記得有人稱之為有史以來最好的市場之一。您的評論非常積極，這很可能是阿美特克正在醞釀的執行力提升。所以我很想知道您對併購市場的整體看法。如果市場相當強勁，我想您之前提到過價格正在下降，那麼市場動態發生了哪些變化？

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。第一季整體併購市場下滑幅度較大，所以整體市場不太好。而且──但你看到的是，現在很多買家都很謹慎，這是因為融資能力的問題。很多私募股權公司現在不那麼活躍了。但我們主要採取的是自籌資金的收購策略。正如比爾所說，我們現有的信貸額度超過26億美元。我們的機會管道依然強勁，我們也積極探索。我們的融資水準確實很有意義，有助於取得一些進展。

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，這對我們來說是一個很好的機會，可以利用我們策略的這一方面來在未來實現差異化。我們對最近收購的公司感到非常興奮。我們也對正在合作的公司感到非常興奮。我們正在一些具有吸引力的成長領域擴大影響力，並將繼續執行我們傳統的金融訂單。這些對我們來說是重要的門檻。我們希望為我們投入的資本提供豐厚的回報。

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，但同時，我認為我們處於一個更好的位置，因為我們是一個戰略買家，擁有強大的資產負債表，有現金流，有可行的交易管道。

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.

太好了。這完全說得通。然後換個角度，繼續你的評論，你提到（聽不清楚）定價階段可能在年底前才剛開始。這更多的是為了讓我們了解成本基礎通膨的情況嗎？你是否看到某些領域、物流或其他領域的成本大幅下降？勞動成本仍然很高嗎？我的意思是，請給我們稍微分析一下這方面的細分。

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.

是的。正如我所說，我們的通貨膨脹率約為4%。我們看到一些商品成本、一些物流成本正在下降，但還有其他通膨成本，例如薪資和差旅費。所以肯定存在淨通膨，而且通膨會持續一段時間，但我們認為，從目前的情況來看，今年的通膨會略有緩和。所以——但我們憑藉我們的定價和公司組合，已經做好了應對這個問題的準備。

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

（操作員指示）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?

所以，如果我們回顧一下您制定第一季計畫的1月底或2月份，顯然，業績表現強勁得多，這並不罕見，但我認為成長幅度比平常大一些。所以，能否談談哪些方面讓您感到意外？顯然，航空航太和國防業務表現強勁得多。我想知道您是否看到了國防業務的轉折點。我很好奇，您是否認為中國市場的表現可能比預期好得多，可以說是略勝一籌。能否談談這主要是由積壓訂單轉換、供應鏈驅動，還是顧客需求驅動？

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。首先，我們兩個集團的訂單出貨比都呈現正成長，而且整體而言，這不僅是訂單驅動，也是訂單驅動。其次，真正改變的是供應鏈正在大幅改善。因此，我們能夠將更多的積壓訂單轉化為訂單。尤其是在中國，您提到我們的訂單量增加了約12%。所以，這是一個好的成長點。隨著中國市場從新冠疫情封鎖中逐漸恢復，我們的業務也發展良好。所以，兩者兼具。我們的訂單出貨比表現良好，積壓訂單也實現了轉化，而且我們在所有地區都表現強勁。

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，毫無疑問。您提到了從現在到年底預計會消耗一些積壓訂單。您提到了訂單模式的變化，這在供應鏈改進過程中很自然。 David，您已經看到這種變化了嗎？三月、四月有發生過嗎？我們會在第二季開始消耗積壓訂單嗎？我很好奇您即時看到的情況。

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。我們從去年就開始注意到一些晶片的模式。我們去年就開始關注晶片市場，也確實看到了一些變化。這主要體現在我們的OEM業務上。我們直接向終端用戶銷售產品，因為我們有客製化產品，他們幾乎不會過度訂購那些昂貴的產品。但就OEM業務而言，我們已經注意到這種情況一段時間了，而且在本季也確實看到了。

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。太好了。看來我快要問完了。如果可以的話，我再問一個問題。 Bison 的交易，運動控制，我覺得我們已經有一段時間沒看到運動控制的收購了，而且規模也這麼大。你們有沒有想過要做更多這樣的交易，或是在運動控制領域成為更具規模的參與者？

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.

我認為有這種需求，但我們需要技術，而且業務必須成功，而且利基市場，我們必須為其增值。我認為我們目前正在考慮的其他一些業務對我們來說也很有吸引力。 Bison 恰好符合所有這些特點。我們可以增加實質的價值。價格合理，它擁有我們所不具備的功能。而且我們可以真正改進業務，以解決更多他們無法解決的應用問題。所以它非常適合我們的工具包，並且確實為我們的解決方案產品增值。我們正在考慮其他類似的業務。我們正在考慮幾項業務。而且——但我們會——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?

在供應鏈週期的這個階段，看到有機訂單出貨比成長1.1倍，真是令人驚訝。不過，我想問Abaco的狀況，因為你們剛好迎來兩週年紀念日。我很好奇，過去兩年來，你們在整合和了解這家公司方面取得了哪些整體進展？這種成長是階段性的嗎？還是說，你們預期會以一種良好的規模模式發展？

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，這絕對不是偶發性的。我的意思是，如果你回顧我們最初收購它之後的情況，我們當時就面臨了電子產品供應鏈危機，我們必須努力克服所有這些問題。而且我們也擴充了管理團隊。我認為我們現在正處於正確的發展階段。國防市場強勁。我們正處於正確的領域。因此，這項業務將會加速發展，並成為我們未來發展的一大貢獻者。

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?

太好了。關於中個位數的自然成長前景，您能否分析一下，您如何看待這兩個部門之間的相互關係？ EIG 的表現與第一季類似，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。我認為這兩個集團都很有可能實現全年中個位數的有機成長。 EIG 略強於 EMG，但這兩個集團都有可能實現中個位數的成長。

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

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.

我是 David Ridley-Lane，代表 Andrew 進行採訪。關於供應鏈改進的評論很多。我想稍微談談您的航空航天業務的情況。我們聽到了更多關於零件供應情況的矛盾訊息，這可能會限制收入。顯然，您本季的營收成長非常強勁。我只想更新一下航空航太業務的具體供應鏈。

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.

航空專用供應鏈和我們整個供應鏈一樣，都在不斷改進。本季度，我們的有機成長率達到了20%左右。我們擁有優秀的供應鏈團隊和優秀的管理團隊來經營這項業務。所以感覺這項業務正在加速發展。這是我們最強的領域，我們在這領域取得了豐碩的成果。所以，不同的市場總是存在著挑戰。但就目前而言，在航空航太領域，我認為我們正在加速成長。

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?

關於電子儀器集團，您提到的評論很有意思，您實際上看到了需求的重新加速成長。您能指出一些長期因素嗎？您能否指出一些可能與回流相關的項目等等，這些項目對電子儀器集團有幫助？

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.

除了長期因素之外，還有長期機會推動成長。這很大程度上歸功於我們的方法和對利基市場的專注。我們的業務非常靈活，積極進取。它們會抓住利基市場機會。我舉幾個例子。在半導體市場，我們的半導體業務（約占我們銷售額的6%）在第一季實際上是成長的。而大多數半導體業務在第一季都沒有成長。原因是，我們參與了一些處於低迷狀態的記憶體領域。我們也參與了半導體研究，目前這方面的業務非常強勁。

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.

半導體領域的EUV光學元件表現非常強勁。同時，市場也存在一些疲軟因素。我們非常靈活，能夠適應變化，多年來一直如此，而且我們也在不斷發展。所以，我認為，縱觀我們整個業務，最重要的是，肯定存在成長機會。我們非常靈活。我們的經銷商模式讓我們能夠透過專注於業務和市場的管理團隊來應對客戶需求。我認為這種模式不會停止。

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。您能否簡要介紹一下您的投資組合在這些領域的具體佈局以及您對今年的展望？如有任何疑問，我們將不勝感激。

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 (sic) [Medical] 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。醫療市場目前約占我們銷售額的15%。本季度，我們的Rauland業務和工程機械（原文如此）[醫療]零件業務成長強勁，實現了兩位數的高成長。我們預計全年銷售額將達到個位數高成長。因此，我們預計醫療領域將實現成長。這就像我剛才和David討論的那樣，我們處於正確的利基市場，因為在Rauland，他們的主要產品實際上是提高護理人員的效率。

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.

在我活著的這段時間裡，美國一直存在著護士短缺的問題，而Rauland的護士呼叫系統提高了護士的工作效率。疫情過後，我們看到人們在應對護理人員短缺方面投入了大量資金，而Rauland的產品非常出色，在這方面也取得了巨大的成功。

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，我們處理大量單次操作、一次性使用的設備，我們正在為其製造零件，而且這項業務正在加速發展。因此，構成我們醫療業務很大一部分的這兩個核心業務都表現良好，本季我們的營收成長了15%左右。

Our last question comes from Joseph Donahue of Baird.

我們的最後一個問題來自貝爾德公司的約瑟夫·多納休。

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Rob。我想跟進一下你之前的評論。能簡單談談研發支出的情況嗎？你認為今年剩餘時間研發支出應該保持強勁嗎？

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，我認為現在有很多事情正在發生——我們正在從一種技術過渡到——新技術以及越來越小的節點。所以我認為我們看到了半導體研發支出的強勁成長，這是我們目前業務最強勁的領域之一。同樣，這也是我們處於正確利基的另一個領域。

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。這可能只是對我們有利，但EMG的季節性成長看起來略低於正常。這兩個部門的供應改善情況有什麼不同嗎？或者有其他我們應該考慮的因素嗎？

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，EMG的有機成長率達到了4%。所以他們這個季度表現非常出色。他們受到了一些貨幣方面的不利因素的影響。因此，EIG的成長速度肯定更快，但EMG的表現仍然非常穩健。

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。現在請凱文·科爾曼致閉幕詞。

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。溫馨提醒，您可以在 ametek.com 的「投資者」板塊觀看今天的網路直播重播。祝大家有美好的一天。

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。今天的節目到此結束。現在您可以斷開連線了。