阿美特克 (AME) 2023 Q3 法說會逐字稿

Good day, and welcome to the AMETEK Third Quarter 2023 Earnings Conference Call. (Operator Instructions) Please be advised that today's conference is being recorded.

美好的一天，歡迎參加 AMETEK 2023 年第三季財報電話會議。 （操作員指示）請注意，今天的會議正在錄製中。

I would now like to hand the conference over to your speaker today, Kevin Coleman, Vice President of Investor Relations and Treasurer. Please go ahead.

現在我想將會議交給今天的發言人，投資者關係副總裁兼財務主管凱文·科爾曼 (Kevin Coleman)。請繼續。

Thank you, Abigail. Good morning, and thank you for joining us for AMETEK's Third 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，阿比蓋爾。早安，感謝您參加 AMETEK 2023 年第三季財報電話會議。今天與我在一起的有董事長兼執行長戴夫‧札皮科 (Dave Zapico)；比爾·伯克（Bill Burke），執行副總裁兼財務長。

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，我們將做出前瞻性聲明，這些聲明可能會根據各種風險因素和不確定性而發生變化，這些因素和不確定性可能導致實際結果與預期有顯著差異。 AMETEK 向 SEC 提交的文件中詳細討論了可能影響我們未來業績的風險和不確定性。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 年指引的任何引用都將在調整後的基礎上進行，不包括稅後、收購相關的無形攤銷。公認會計原則和調整後的衡量標準之間的調節可以在我們的新聞稿和我們網站的投資者部分找到。

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.

我們將以戴夫和比爾準備好的發言開始今天的電話會議，然後開始提問。我現在將會議交給戴夫。

Thank you, Kevin, and good morning, everyone. AMETEK delivered excellent results in the third quarter, highlighted by outstanding operational execution, superb margin expansion, strong cash flows and earnings ahead of our expectations. In the quarter, we established records for operating income, operating margins, earnings per share, EBITDA and cash flows. Given these strong results and our outlook for the balance of the year, we have, again, increased our earnings guidance for the full year.

謝謝你，凱文，大家早安。阿美特克第三季取得了優異的業績，突顯在出色的營運執行、卓越的利潤擴張、強勁的現金流和超越我們預期的收益。本季度，我們創下了營業收入、營業利潤率、每股收益、EBITDA 和現金流的記錄。鑑於這些強勁的業績以及我們對今年剩餘時間的展望，我們再次提高了全年的獲利指引。

We have also been very active on the acquisition front. During the third quarter, we completed the acquisition of United Electronic Industries and subsequent to the end of the third quarter, we acquired Amplifier Research. Today, we also announced the signing of a definitive purchase agreement to acquire Paragon Medical, a highly attractive acquisition, which broadens our exposure in the medical technology space. I will provide more details on these acquisitions shortly.

我們在收購方面也非常積極。第三季度，我們完成了對聯合電子工業公司的收購，第三季末，我們收購了 Amplifier Research。今天，我們也宣布簽署收購 Paragon Medical 的最終購買協議，這是一項極具吸引力的收購，擴大了我們在醫療技術領域的業務。我將很快提供有關這些收購的更多詳細資訊。

Now let me turn to our third quarter results. Third quarter sales were $1.62 billion, up 5% over the same period in 2022. Organic sales growth was flat. Acquisitions added 4 points in the quarter and foreign currency added 1 point. Book-to-bill in the quarter was 0.96. We ended the quarter with a very strong backlog of $3.4 billion, near record levels and down a modest 2% sequentially. Our backlog is up 5% from last year's third quarter and up 23% or $640 million from the end of 2021.

現在讓我談談我們第三季的業績。第三季銷售額為 16.2 億美元，較 2022 年同期成長 5%。有機銷售額成長持平。本季度收購增加了 4 個點，外幣增加了 1 個點。本季的訂單出貨比為 0.96。本季結束時，我們的積壓訂單達到了 34 億美元，接近歷史最高水平，但比上一季小幅下降了 2%。我們的積壓訂單比去年第三季增加了 5%，比 2021 年底增加了 23%，即 6.4 億美元。

AMETEK's operating performance in the third quarter was exceptional. Operating income in the quarter was a record $438 million, a 14% increase over the third quarter of 2022. Operating margins were a record 27% in the quarter, up a sizable 220 basis points from the prior year. EBITDA in the quarter was also a record at $511 million, up 10% over the prior year, with EBITDA margin, an impressive 31.5%.

阿美特克第三季的經營業績非常出色。該季度的營業收入達到創紀錄的 4.38 億美元，比 2022 年第三季增長 14%。該季度的營業利潤率達到創紀錄的 27%，比上一年大幅增長 220 個基點。該季度的 EBITDA 也創歷史新高，達到 5.11 億美元，比上年增長 10%，EBITDA 利潤率高達 31.5%，令人印象深刻。

Operating cash flow was up 45% in the quarter to a record $473 million. This outstanding performance led to record earnings of $1.64 per diluted share, up 13% versus the third quarter of 2022 and above our guidance range of $1.56 to $1.58.

本季營運現金流成長 45%，達到創紀錄的 4.73 億美元。這一出色的業績導致每股攤薄收益達到創紀錄的 1.64 美元，較 2022 年第三季增長 13%，高於我們 1.56 至 1.58 美元的指導範圍。

Now let me provide some additional details at the operating group level. First, the Electronic Instruments Group. The Electronic Instruments Group delivered impressive operating performance, with continued strong and broad-based sales growth. Sales for EIG were $1.14 billion in the quarter, up 8% from the third quarter of last year. Organic sales were up 3.5%, acquisitions added 3.5% and foreign currency added a point. EIG's organic sales growth remains broad-based and reflects our leading position across attractive market segments and the impact of our organic growth initiatives.

現在讓我提供營運團隊層面的一些額外細節。一是電子儀器集團。電子儀器集團的經營業績令人印象深刻，銷售持續強勁且廣泛的成長。 EIG 本季銷售額為 11.4 億美元，比去年第三季成長 8%。有機銷售額成長 3.5%，收購成長 3.5%，外匯成長 1 個百分點。 EIG 的有機銷售成長仍然基礎廣泛，反映了我們在有吸引力的細分市場中的領先地位以及我們有機成長計劃的影響。

Growth in the quarter was particularly strong across our Aerospace & Defense businesses as well as in our Zygo, SPECTRO and CAMECA businesses. Third quarter operating income was a record $335 million, up 23% versus the prior year. And operating margins were a record 29.5% in the quarter, up an impressive 360 basis points from the prior year, tremendous work by our EIG businesses in the third quarter.

本季我們的航空航太和國防業務以及 Zygo、SPECTRO 和 CAMECA 業務的成長尤其強勁。第三季營業收入達到創紀錄的 3.35 億美元，比上年成長 23%。本季營業利潤率達到創紀錄的 29.5%，比上一年高出 360 個基點，令人印象深刻，這得益於我們的 EIG 業務在第三季度所做的巨大工作。

The Electromechanical Group also delivered solid operating performance in the quarter, despite the impact of normalization of inventory levels across our OEM customer base. EMG's third quarter sales were $487 million, down 2% versus the prior year, with organic sales down 8% in the quarter. Acquisitions added 4 points and foreign currency added 2 points. EMG's operating income in the quarter was $128 million, down 7% compared to the prior year period, while EMG's third quarter operating margins were a very solid 26.2%.

儘管受到 OEM 客戶群庫存水準正常化的影響，機電集團在本季也實現了穩健的營運表現。 EMG 第三季銷售額為 4.87 億美元，比去年同期下降 2%，其中有機銷售額下降 8%。收購增加 4 分，外幣增加 2 分。 EMG 本季營業收入為 1.28 億美元，比去年同期下降 7%，而 EMG 第三季營業利潤率為 26.2%，非常穩健。

Our performance in the third quarter, and thus far in 2023, reflects the unique value inherent in the AMETEK growth model. Our differentiated businesses are aligned with diverse and attractive growth markets, while our organic growth initiatives continue to position us for long-term sustainable growth.

我們第三季以及 2023 年迄今為止的業績反映了 AMETEK 成長模型固有的獨特價值。我們的差異化業務與多元化且有吸引力的成長市場保持一致，而我們的有機成長計劃繼續為我們的長期永續成長奠定了基礎。

Our distributed operating structure provides our businesses with the ability to execute their growth strategy and the flexibility to react quickly to changing market conditions. And our asset-light business model and strong operational execution drive outstanding cash flow generation, which we redeploy on value-enhancing acquisitions. This strong cash flow and our robust balance sheet are key differentiators for AMETEK in this higher interest rate environment.

我們的分散式營運結構使我們的企業能夠執行其成長策略，並能夠靈活地對不斷變化的市場條件做出快速反應。我們的輕資產業務模式和強大的營運執行力推動了出色的現金流生成，我們將其重新部署到增值收購中。強勁的現金流和穩健的資產負債表是阿美特克在這種高利率環境下的關鍵優勢。

Now switching to our acquisition strategy. As noted, we have been very active in managing a strong pipeline of acquisition opportunities. We are pleased to welcome our most recent acquisitions, United Electronic Industries and Amplifier Research. I'm pleased that we have signed a definitive agreement to acquire Paragon Medical. I will provide some more color on each of these businesses, starting with Paragon Medical.

現在轉向我們的收購策略。如前所述，我們一直非常積極地管理大量收購機會。我們很高興地歡迎我們最近的收購，聯合電子工業公司和放大器研究公司。我很高興我們簽署了收購 Paragon Medical 的最終協議。我將從 Paragon Medical 開始，對每項業務進行更多介紹。

Paragon Medical is a leading manufacturer of highly engineered medical components and instruments serving applications, including orthopedics, minimally invasive surgery, robotic surgery and drug delivery solutions. Paragon's broad product portfolio of single-use and implantable components are sold to a diverse blue-chip customer base of leading medical device OEMs.

Paragon Medical 是一家領先的高度工程化醫療組件和儀器製造商，服務於骨科、微創手術、機器人手術和藥物傳輸解決方案等應用。 Paragon 廣泛的一次性和植入式組件產品組合銷往領先醫療設備 OEM 的多元化藍籌客戶群。

Paragon is an excellent acquisition for AMETEK. It expands our presence in the med tech space and provides us with access to attractive new market segments with strong growth rates. We are acquiring Paragon in an all-cash transaction valued at approximately $1.9 billion. Paragon has annual sales of approximately $500 million and is headquartered in Pierceton, Indiana. The closing of the acquisition is subject to customary closing conditions, including applicable regulatory approvals.

Paragon 是 AMETEK 的出色收購。它擴大了我們在醫療技術領域的業務，並使我們能夠進入具有強勁成長率的有吸引力的新細分市場。我們將以價值約 19 億美元的全現金交易收購 Paragon。 Paragon 年銷售額約 5 億美元，總部位於印第安納州皮爾斯頓。收購的完成須滿足慣例成交條件，包括適用的監理機關核准。

Now switching to United Electronic Industries, or UEI, which we acquired in August. UEI is a leading provider of ruggedized test, measurement, simulation and control solutions. UEI's custom products cater to diverse data acquisition needs from hardware in the loop testing, to aircraft simulators and automated testing systems and mission-critical applications.

現在轉向聯合電子工業公司 (UEI)，我們在 8 月收購了該公司。 UEI 是加固型測試、測量、模擬和控制解決方案的領先供應商。 UEI 的客製化產品可滿足從硬體在環測試到飛機模擬器和自動化測試系統以及關鍵任務應用的各種數據採集需求。

With a strong presence in the defense, aerospace nuclear power generation and semiconductor, UEI nicely complements AMETEK's Power Systems and Instruments division, significantly expanding our data acquisition capabilities. UEI has annual sales of approximately $35 million and is based in Norwood, Massachusetts.

UEI 在國防、航空航太核能發電和半導體領域擁有強大的影響力，它很好地補充了 AMETEK 的電力系統和儀器部門，顯著擴展了我們的數據採集能力。 UEI 的年銷售額約為 3500 萬美元，總部位於馬薩諸塞州諾伍德。

Next, Amplifier Research is a leading provider of innovative RF and microwave solutions. Its equipment is used for electromagnetic compatibility testing within the defense, industrial, automotive, medical and communication sectors. Amplifier Research is an outstanding strategic acquisition and complementary fit with our existing compliance test solutions business. Their technical capability has broaden our RF instrumentation and testing portfolio.

其次，Amplifier Research 是創新射頻和微波解決方案的領先供應商。其設備用於國防、工業、汽車、醫療和通訊領域的電磁相容性測試。 Amplifier Research 是一項出色的策略性收購，與我們現有的合規性測試解決方案業務形成互補。他們的技術能力拓寬了我們的射頻儀器和測試產品組合。

Amplifier Research is a growing business, well positioned to benefit from the growth in demand for electric vehicle research, development and testing. Amplifier Research is based in Souderton, PA, and has annual sales of approximately $60 million. Our acquisition pipeline remains very solid. We have a strong balance sheet and significant financial capacity and look to remain active in deploying capital in the coming quarters. AMETEK also remains committed to investing in our businesses to help position them for long-term sustainable organic growth. In 2023, we plan to invest approximately $100 million in these growth initiatives, including our new product development efforts where our businesses continue to develop highly differentiated technologies to help solve our customers' most complex challenges.

Amplifier Research 是一家不斷發展的企業，能夠從電動車研究、開發和測試需求的成長中受益。 Amplifier Research 總部位於賓州蘇德頓，年銷售額約 6,000 萬美元。我們的收購管道仍然非常穩固。我們擁有強大的資產負債表和強大的財務能力，並希望在未來幾季繼續積極部署資本。阿美特克也繼續致力於投資我們的業務，幫助它們實現長期可持續的有機成長。到 2023 年，我們計劃投資約 1 億美元用於這些成長計劃，包括我們的新產品開發工作，我們的業務將繼續開發高度差異化的技術，以幫助解決客戶最複雜的挑戰。

In the quarter, our Vitality Index, which measures sales from products introduced over the prior 3 years, were a healthy 26%. As a complement to our internal new product development efforts, our ORTEC business recently acquired a small technology company, innoRIID, to help broaden their technology capabilities in the radiation detection market.

本季度，我們的活力指數（衡量過去 3 年推出的產品的銷售額）為 26%。作為我們內部新產品開發工作的補充，我們的 ORTEC 業務最近收購了一家小型技術公司 innoRIID，以幫助擴大他們在輻射檢測市場的技術能力。

innoRIID, both cutting-edge technology expertise and an exceptional product development team known for their innovative solutions, having developed specialized artificial intelligence algorithms for radiation detection in a range of nuclear security, research, health and medical applications.

innoRIID 擁有尖端技術專業知識和以其創新解決方案而聞名的卓越產品開發團隊，開發了專門的人工智慧演算法，用於核安全、研究、健康和醫療應用領域的輻射檢測。

Now turning to our outlook for the remainder of the year. With strong performance in the third quarter and a positive outlook for the remainder of the year, we are, once again, raising our earnings guidance. For the full year, we continue to expect overall sales to be up mid- to high single digits, and we continue to expect organic sales to be up mid-single digits.

現在轉向我們對今年剩餘時間的展望。鑑於第三季的強勁表現和今年剩餘時間的積極前景，我們再次提高了獲利指引。就全年而言，我們繼續預期整體銷售額將成長中個位數至高個位數，我們繼續預期有機銷售額將成長中個位數。

Diluted earnings per share for the year are now expected to be in the range of $6.31 to $6.33, up approximately 11% compared to last year's results. This is an increase from our previous guidance range of $6.18 to $6.26 per diluted share. For the fourth quarter, we anticipate overall sales to be up mid-single digits, with adjusted earnings of $1.61 to $1.63 per share, up 6% to 7% versus the prior year.

目前預計今年的稀釋每股收益將在 6.31 美元至 6.33 美元之間，比去年的業績成長約 11%。這比我們之前稀釋後每股 6.18 美元至 6.26 美元的指導範圍有所增加。我們預計第四季整體銷售額將成長中個位數，調整後每股收益為 1.61 美元至 1.63 美元，較上年增長 6% 至 7%。

In summary, AMETEK's third quarter results for 2023 were outstanding, with strong growth across our long-cycle businesses, record operating performance and strong acquisition activity. Our businesses continue to excel, driven by our differentiated technology solutions serving diverse and growing markets. Our asset-light business model and strong cash flows provide us with the flexibility to navigate challenging economic environments, while actively deploying capital to enhance shareholder value. AMETEK remains firmly positioned for long-term sustainable growth.

總而言之，阿美特克 2023 年第三季業績表現出色，長週期業務成長強勁，營運表現創紀錄，收購活動強勁。在我們服務於多元化和不斷增長的市場的差異化技術解決方案的推動下，我們的業務繼續表現出色。我們的輕資產業務模式和強勁的現金流使我們能夠靈活應對充滿挑戰的經濟環境，同時積極部署資本以提高股東價值。阿美特克仍然堅定地致力於長期永續成長。

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

我現在將其交給比爾伯克 (Bill Burke)，他將介紹本季的一些財務細節。那麼我們將很樂意回答您的問題。帳單？

Thank you, Dave. As Dave noted, AMETEK delivered outstanding results in the third quarter, with exceptional operating performance, robust margin expansion and strong cash flows. Let me provide some additional financial highlights for the quarter.

謝謝你，戴夫。正如戴夫所指出的那樣，阿美特克第三季取得了出色的業績，擁有卓越的經營業績、強勁的利潤成長和強勁的現金流。讓我提供本季度的一些其他財務亮點。

Third quarter general and administrative expenses were $24.6 million, essentially unchanged from the prior year, and as a percentage of sales, were 1.5% versus 1.6% in last year's third quarter. For 2023, general administrative expenses are expected to be approximately 1.5% of sales, in line with last year's G&A to sales level. Other income and expense was a headwind of $9 million in the quarter, due largely to lower pension income and higher due diligence costs. The effective tax rate in the quarter was 17.7%, down from 19% in the third quarter of 2022, due to improved utilization of tax credits. For 2023, we now anticipate our effective tax rate to be between 18.5% and 19%. And as we stated in the past, actual quarterly tax rates can differ dramatically, either positively or negatively from this full year estimated rate.

第三季一般及管理費用為 2,460 萬美元，與去年同期基本持平，佔銷售額的百分比為 1.5%，而去年第三季為 1.6%。 2023 年，一般管理費用預計約為銷售額的 1.5%，與去年的一般管理費用與銷售額的比例一致。本季其他收入和支出出現 900 萬美元的逆風，這主要是由於退休金收入下降和盡職調查成本上升。由於稅收抵免利用率的提高，本季的有效稅率為 17.7%，低於 2022 年第三季的 19%。目前，我們預計 2023 年的有效稅率將在 18.5% 至 19% 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顯著差異，無論是正值還是負值。

Capital expenditures in the third quarter were $29 million, and we continue to expect capital expenditures to be approximately $145 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 $330 million, including after-tax, acquisition-related intangible amortization of approximately $157 million or $0.68 per share.

第三季的資本支出為 2,900 萬美元，我們繼續預期全年資本支出約為 1.45 億美元，約佔銷售額的 2%。該季度的折舊和攤銷費用為 8,200 萬美元。我們預計全年折舊和攤提約為 3.3 億美元，其中包括稅後、收購相關的無形攤銷約 1.57 億美元或每股 0.68 美元。

Operating working capital in the third quarter was 19.1% of sales. Cash flow was excellent in the quarter with outstanding growth versus the prior year. Operating cash flow was a record $473 million, up 45% versus the third quarter of 2022, while free cash flow was also a record at $444 million, up 49% over the prior year. Free cash flow conversion was 131% in the quarter. And for the full year, we continue to expect approximately 120% free cash flow to net income conversion.

第三季營運營運資金佔銷售額的19.1%。本季現金流狀況良好，與上年相比成長顯著。營運現金流達到創紀錄的 4.73 億美元，比 2022 年第三季成長 45%，而自由現金流也創紀錄的 4.44 億美元，比上一年增長 49%。本季自由現金流轉換率為 131%。對於全年，我們繼續預計自由現金流將約 120% 轉化為淨利潤。

Total debt at September 30 was $2.2 billion, down from $2.4 billion at the end of 2022. Offsetting this debt is cash and cash equivalents of $842 million. At the end of the third quarter, our gross debt-to-EBITDA ratio was 1.1x, and our net debt-to-EBITDA ratio was 0.6x, leaving us with significant available cash and financial capacity to deploy on strategic acquisitions. As Dave has noted, we've been very active.

截至 9 月 30 日，債務總額為 22 億美元，低於 2022 年底的 24 億美元。抵銷這筆債務的是現金和現金等價物 8.42 億美元。截至第三季末，我們的總負債與 EBITDA 比率為 1.1 倍，淨負債與 EBITDA 比率為 0.6 倍，這使我們擁有大量可用現金和財務能力來部署策略性收購。正如戴夫所指出的，我們一直非常活躍。

During the third quarter, we deployed approximately $150 million on the acquisitions of UEI and innoRIID. And subsequent to the end of the quarter, we deployed approximately $105 million on the acquisition of Amplifier Research. Also subsequent to the end of the third quarter, we announced the signing of a definitive agreement to acquire Paragon Medical for $1.9 billion, which would be our largest acquisition to date. Following the acquisition of Paragon, we would still have significant financial capacity with approximately $1.5 billion of cash in existing credit facilities available to support our growth initiatives.

第三季度，我們部署了約 1.5 億美元用於收購 UEI 和 innoRIID。在本季末後，我們投入了約 1.05 億美元用於收購 Amplifier Research。同樣在第三季末後，我們宣布簽署最終協議，以 19 億美元收購 Paragon Medical，這將是我們迄今為止最大的收購。收購 Paragon 後，我們仍將擁有強大的財務能力，現有信貸額度中約有 15 億美元現金可用於支持我們的成長計畫。

In summary, AMETEK had exceptional results in the third quarter. We achieved significant margin expansion and delivered high-quality earnings. Our strong position in key market segments, coupled with a very strong backlog and exceptional operating capabilities, positions us well for continued success. Kevin?

總而言之，AMETEK 在第三季取得了出色的業績。我們實現了顯著的利潤率擴張並實現了高品質的利潤。我們在關鍵細分市場的強大地位，加上非常強大的積壓訂單和卓越的營運能力，使我們能夠持續成功。凱文？

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

謝謝你，比爾。阿比蓋爾，我們可以打開提問線嗎？

(Operator Instructions) Our first question comes from Deane Dray with RBC Capital Markets.

（操作員說明）我們的第一個問題來自 RBC 資本市場的 Deane Dray。

Congrats on all the M&A successes here. Maybe we can start with Paragon. It looks right in your wheelhouse, Precision Medical, robotics. If you could provide some color on the company in terms of like what percent are consumables? We're really like seeing all those one use applications. So consumables, comment on margins and growth, if you could, please?

在此祝賀所有併購成功。也許我們可以從Paragon開始。它看起來很適合您的駕駛室、精密醫療、機器人技術。您能否提供一些有關公司的信息，例如消耗品所佔的百分比？我們真的很高興看到所有這些人都使用應用程式。那麼，如果可以的話，請對消耗品、利潤率和成長發表評論？

Yes. Sure. I'll give you my view of Paragon. As you stated, the leading provider of highly engineered medical components and instruments. When you look at the key market drivers of this acquisition, you have the aging population, the demographic shifts. You also have procedure innovation, where the minimally invasive procedures are becoming more percentages of surgeries, and they do a great job with that.

是的。當然。我將告訴你我對帕拉貢的看法。正如您所說，這是高度工程化的醫療組件和儀器的領先供應商。當你審視這次收購的主要市場驅動因素時，你會發現人口老化和人口結構變化。還有手術創新，微創手術在手術中所佔的比例越來越大，他們在這方面做得很好。

And also in this market, there's a continuing trend toward outsourcing the OEMs. And they want to -- the OEMs want to accelerate their time to market, and Paragon is really well positioned with significant new product wins in this space. It serves specialty applications. I talked about the orthopedics, minimally invasive surgery, robotic surgery and drug delivery.

而且在這個市場中，外包 OEM 的趨勢持續存在。他們希望——原始設備製造商希望加快上市時間，而 Paragon 確實處於有利位置，在該領域贏得了重大新產品。它服務於特殊應用。我談到了骨科、微創手術、機器人手術和藥物輸送。

Orthopedics is the largest, but they're strong positions in each of the applications. Now the portfolio is one of your questions, consisted of single-use and consumable surgical instruments and implantable components, and about 40% of the business is recurring in nature. So the single-use and consumables surgical instruments are about 40% of the revenue. So we really like that.

骨科是最大的，但它們在每個應用中都處於強勢地位。現在，產品組合是您的問題之一，由一次性和消耗性手術器械和植入組件組成，大約 40% 的業務本質上是重複性的。因此，一次性使用和消耗性手術器械約佔收入的40%。所以我們真的很喜歡這樣。

As a blue chip customer base, over 600 programs, with diverse sources of revenue. About 85% of the business is on sole-source programs. It's a very, very sticky business. When you combine the regulatory environment with lengthy approval processes and the capabilities of Paragon, there's high switching costs.

作為藍籌客戶群，超過600個項目，收入來源多元。大約 85% 的業務來自獨家項目。這是一項非常非常有黏性的業務。當您將監管環境與冗長的審批流程以及 Paragon 的功能結合時，轉換成本會很高。

It's a business that has unique value to its customer base. We did a lot of surveys in the market, and they're the highest quality provider. They have excellent customer service. A differentiator for them is their design and development capability. And I really considered a true partner by their customers.

這是一項對其客戶群具有獨特價值的業務。我們在市場上做了很多調查，他們是最優質的提供者。他們擁有出色的客戶服務。他們的區別在於他們的設計和開發能力。我確實被他們的客戶視為真正的合作夥伴。

And when I look at this from -- that's about Paragon. When I look at what it does for AMETEK, it increases our med tech exposure now to over 20%. It's one of the goals we've been trying to achieve. It adds about $500 million of revenue to EMG, and that revenue is -- comes from Paragon, which is a secular low double-digit grower.

當我從－－那是關於Paragon的。當我觀察它為 AMETEK 所做的事情時，它使我們的醫療技術風險敞口現在增加到 20% 以上。這是我們一直在努力實現的目標之一。它為 EMG 增加了約 5 億美元的收入，而該收入來自 Paragon，這是一家長期保持低兩位數成長的公司。

It really fits our business model with the highly engineered products that provide unique value to customers. It's a growing, profitable business that provides multiple avenues of growth. And there's really an opportunity for us to improve margins by applying the AMETEK growth model. It's already a profitable business, but there's plenty of room for us to apply the AMETEK growth model and expand margins.

它確實符合我們的商業模式和為客戶提供獨特價值的高度工程化的產品。這是一個不斷成長、獲利的業務，提供多種成長途徑。我們確實有機會透過應用 AMETEK 成長模型來提高利潤率。它已經是一項獲利業務，但我們還有很大的空間來應用 AMETEK 成長模式並擴大利潤。

Paragon will benefit from the AMETEK's global infrastructure for sure, and we like the management team. They're a highly talented team, and we're excited about what we can accomplish together. And importantly, the deal economics meant AMETEK's traditional [dealers], and this is on a large deployment of capital. So our return on invested capital orders are met by this deal.

Paragon 肯定會受益於 AMETEK 的全球基礎設施，我們喜歡它的管理團隊。他們是一支才華橫溢的團隊，我們對共同實現的目標感到興奮。重要的是，交易經濟學意味著 AMETEK 的傳統[經銷商]，這是基於大量的資本部署。因此，這筆交易滿足了我們的投資資本訂單回報。

And we paid about 15x TTM EBITDA for the business. So we're very excited for the business. It's a good business for us. We've been looking at these businesses for some time and it's a universal excitement amongst Paragon and AMETEK.

我們為該業務支付了大約 15 倍的 TTM EBITDA。所以我們對這項業務感到非常興奮。這對我們來說是一筆好生意。我們關注這些業務已有一段時間了，Paragon 和 AMETEK 都對此感到興奮不已。

All right. That was a great overview, and you hit all the key questions on the consumables, margins and growth. So it sounds like a great story. And if I could just -- on a follow-up question on EMG. So we're seeing destocking all over the sector in biopharma and med tech.

好的。這是一個很棒的概述，您解決了有關消耗品、利潤和成長的所有關鍵問題。所以這聽起來是一個很棒的故事。如果我可以的話——關於肌電圖的後續問題。因此，我們看到整個生物製藥和醫療技術產業都在去庫存。

Be interested in hearing from you, besides the destocking, is there any kind of read-through on the end markets in those businesses? Are you seeing any slowing there? And look, no one's getting -- no one has a crystal ball here in terms of how long you think this lasts, but I'd love to hear your expectation on the duration of this inventory normalization.

有興趣聽聽您的意見，除了去庫存之外，這些企業的終端市場是否有任何形式的解讀？您看到那裡有任何放緩嗎？看，沒有人知道——沒有人能水晶球知道你認為這種情況會持續多久，但我很想聽聽你對庫存正常化持續時間的期望。

Yes. Sure, Deane. Great questions. For the quarter, we grew our top line 5% on a mid-single-digit guide. Our revenue was in line with the guides. The acquisition performed a bit better. And we maintained, as I said, our full year sales guide mid- to high single digits and organic growth of mid-single digits. To maintain that organic guide for the full year, our Aerospace & Defense business is stronger and our automation is weaker. And they're offsetting. That's one of the benefits of the AMETEK portfolio. And specifically in terms of Q3 revenue, we saw faster destocking in our automation businesses than we anticipated. So that's what we saw there. And we expect the destocking to continue through the end of the year.

是的。當然，迪恩。很好的問題。本季度，我們的營收成長了 5%，達到中個位數的指導值。我們的收入與指南相符。此次收購的表現稍好。正如我所說，我們維持了全年銷售指導中高個位數和中個位數的自然成長。為了維持全年的有機指導，我們的航空航太與國防業務更強，而我們的自動化業務更弱。他們正在抵消。這是 AMETEK 產品組合的優點之一。特別是就第三季收入而言，我們看到自動化業務的去庫存速度比我們預期的要快。這就是我們在那裡看到的。我們預計去庫存將持續到今年年底。

In terms of your question, is it a destock or a downturn? It's very difficult dynamic environment right now and lots of uncertainties, with the geopolitical risk, the interest rate increases. They're factoring in, for sure. But from what we see, this is largely an inventory correction. And demand looks constructive, with many new projects in the offing and the projects are not being delayed or canceled.

就你的問題而言，這是去庫存還是低迷？目前的動態環境非常困難，存在著許多不確定性，地緣政治風險和利率上升。他們肯定會考慮在內。但從我們看來，這很大程度是庫存調整。需求看起來具有建設性，許多新項目即將啟動，而且這些項目沒有被推遲或取消。

Our aerospace and defense looks solid. Our medical looks sold. Significant projects and semiconductor, clean energy, power grid. So we remain positive post destocking. And we think that destocking will continue through the end of the year. And in terms of 2024, we're going to sit down with our teams and understand what's going on. But in general, we're constructive.

我們的航空航太和國防看起來很穩固。我們的醫療造型已售出。重大項目還有半導體、清潔能源、電網。因此，我們在去庫存後仍保持樂觀態度。我們認為去庫存將持續到今年年底。就 2024 年而言，我們將與我們的團隊坐下來了解正在發生的事情。但總的來說，我們是有建設性的。

Our next question comes from Matt Summerville with D.A. Davidson.

我們的下一個問題來自馬特·薩默維爾和 D.A.戴維森。

Dave, your EIG margin this quarter really moved into a new zip code for AMETEK. I was wondering if you could maybe talk about the key drivers as you just think about the sequential performance, right, Rev flat profitability up $28 million on the OP line as well as kind of the year-over-year dynamics. So maybe if you can just kind of flesh all of that out, that would be helpful. And then I have a follow-up.

Dave，您本季的 EIG 利潤確實轉移到了 AMETEK 的新郵遞區號。我想知道您是否可以談談關鍵驅動因素，因為您只考慮連續表現，對，OP 線的 Rev 固定盈利能力增加 2800 萬美元，以及同比動態。所以也許如果你能把所有這些都充實出來，那會很有幫助。然後我有一個後續行動。

Yes, sure, Matt. I mean if you'll go back and look at my last quarter or 2, I told you, EIG was gaining momentum, and the momentum certainly showed up in Q3. We had an excellent operating quarter. I mean EIG margins were up 360 basis points, driven by high contribution leverage on the growth. We really had excellent price cost. We had strongly performing acquisitions, and it all came together to put up record margins.

是的，當然，馬特。我的意思是，如果您回頭看看我的上一兩個季度，我告訴過您，EIG 正在獲得動力，而且這種勢頭肯定會在第三季度顯現出來。我們有一個出色的營運季度。我的意思是，在成長的高貢獻槓桿的推動下，EIG 利潤率上升了 360 個基點。我們確實有很好的性價比。我們的收購表現強勁，所有這些加起來創造了創紀錄的利潤率。

And then just as a follow-up. With respect to Paragon, I appreciate the stats you shared. Is there any way to kind of parse out what you think year 1 cash EPS accretion would look like? And then what the expected closure timing might be for that?

然後作為後續行動。關於 Paragon，我很欣賞您分享的統計數據。有沒有什麼方法可以解析出您認為第一年現金每股盈餘增加的樣子？那麼預計的關閉時間可能是什麼？

Great questions, Matt. We think the closure -- it's dependent on regulatory approval, but nothing atypical. But we think -- we'll get the approvals and close sometime in the first quarter. In terms of year 1, we'll have a very modest cash EPS accretion. It's going to be impacted by purchase accounting, integration costs, realignment cost to financing costs. We'll pay with this with a mix of cash and debt. And -- but we'll have very strong accretion in year 2. And we're excited about getting the business under our wing, improving the business and delivering. We're very excited.

很好的問題，馬特。我們認為關閉取決於監管部門的批准，但沒有什麼不尋常的。但我們認為，我們將獲得批准並在第一季的某個時候完成。就第一年而言，我們的現金每股收益成長將非常有限。它將受到採購會計、整合成本、融資成本調整成本的影響。我們將透過現金和債務的組合來支付這筆費用。而且 - 但我們將在第二年獲得非常強勁的成長。我們很高興能夠將業務置於我們的保護之下，改善業務並交付。我們非常興奮。

Just real quick, Dave. So you're not planning to non-GAAP those items out, you're just going to run them through the P&L then?

戴夫，快點。因此，您不打算按照非公認會計原則將這些項目剔除，而只是將它們納入損益表中？

We'll make that decision at the time. Historically, we have not broke them out, but with the amount of acquisition activity that we have. It may make sense to do that. We haven't made a decision yet.

我們到時候就會做出決定。從歷史上看，我們並沒有將它們分解出來，但我們進行了大量的收購活動。這樣做可能是有意義的。我們還沒有做出決定。

Our next question comes from Allison Poliniak with Wells Fargo.

我們的下一個問題來自富國銀行的艾莉森·波利尼亞克。

Just want to go back to your comments on automation. If I recall, that's typically a canary in the coal mine. But it seems from your comments what I'm reading through, I just want to clarify that it just seems to be more industry destocking for you in that market? Or was it something that -- I want to make sure I understand.

只是想回到您對自動化的評論。如果我沒記錯的話，那通常是煤礦裡的金絲雀。但從你的評論看來，我正在閱讀的內容，我只是想澄清一下，這似乎只是你在那個市場上進行了更多的行業去庫存？或者是——我想確保我理解。

Yes. We think it's destocking. We think it's destocking. And the destocking last through the year-end. And -- but post destocking, we remain constructive. We are -- that business automation sells to a lot of markets and the health care part of that market is not doing well right now and some of the other exposures, but we think it's clearly destocking.

是的。我們認為這是去庫存。我們認為這是去庫存。去庫存持續到年底。而且——但去庫存後，我們仍然保持建設性的態度。我們認為，商業自動化銷往許多市場，而該市場的醫療保健部分以及其他一些風險敞口目前表現不佳，但我們認為這顯然是在去庫存。

Got it. And then on growth investments, keeping to the $100 million. How should we be thinking about into '24? Is it something that you think there could be a raise there? And then just even with Paragon, what's that R&D? I think you talked about the design piece of it being very -- a big part of that. How does design in R&D? Is it higher than the typical AMETEK? How should we be thinking about?

知道了。然後是成長投資，維持在 1 億美元。我們該如何思考進入'24？您認為那裡可以加薪嗎？即使有了 Paragon，研發又是什麼？我認為你談到了它的設計部分是其中非常重要的一部分。研發中如何設計？它比典型的 AMETEK 更高嗎？我們該如何思考？

I think you should think about Paragon is matching the AMETEK profile.

我認為您應該考慮 Paragon 與 AMETEK 配置文件相匹配。

Got it. And then organic investments as we kind of look to '24 is?

知道了。然後，我們所期待的 24 世紀有機投資是什麼？

Yes, I mean we're going to sit down with each of our teams, discuss 2024 over the next 6 weeks. We're going to review each of the individual businesses. We do deep dives, as you know, into what they are seeing in their niches, their market dynamics, growth opportunities, cost reduction opportunities, and we want to go through that -- these meetings before there's any commentary in 2024. We'll tell you in early February. But -- so in terms of talking about next year, we'll have the typical things like we expect price to offset inflation and CapEx will be about 2% of sales and things like that. But we're going to defer from talking about the overall plan until we get to meet with our teams and understand at a detailed level.

是的，我的意思是我們將與每個團隊坐下來，在接下來的 6 週內討論 2024 年的問題。我們將審查每一項業務。如您所知，我們深入探討了他們在自己的利基市場中看到的情況、市場動態、成長機會、降低成本的機會，我們希望在 2024 年發表任何評論之前透過這些會議進行討論。2 月初告訴你。但是，就明年的討論而言，我們將有一些典型的事情，例如我們預計價格將抵消通貨膨脹，資本支出將佔銷售額的 2% 左右，諸如此類。但我們將推遲討論總體計劃，直到我們與我們的團隊會面並詳細了解為止。

Our next question comes from Jeffrey Sprague with Vertical Research Partners.

我們的下一個問題來自垂直研究合作夥伴的 Jeffrey Sprague。

Just to come back to Paragon, maybe one more time. Maybe somebody else will come at it again. I just kind of want to understand the -- maybe the profit improvement plan going forward. Because it looks like rough math right, margins, EBITDA margin is 25% or so. You're doing 800 to 1,000 bps better now than that in EIG.

只是為了再回到Paragon，也許再來一次。也許其他人會再次關注它。我只是想了解——也許是未來的利潤改善計劃。因為粗略計算一下，利潤率、EBITDA 利潤率為 25% 左右。您現在的速度比 EIG 中的好 800 到 1,000 bps。

When you talk about kind of the aspirations for the business and the cost cutting and other opportunities, is that the sort of zip code and margin improvement we should be thinking about here? And if so, over kind of how long a period of time?

當您談論對業務的期望以及成本削減和其他機會時，我們應該在這裡考慮這種郵遞區號和利潤率提高嗎？如果是的話，需要多長時間？

Yes. That is the zip code and it's over time. And we're going to build a plan with the management team and show them all the resources that AMETEK has and some of our business processes. But what you're talking about is in the zip code of what we have planned.

是的。那是郵政編碼，它已經過去了。我們將與管理團隊一起制定計劃，並向他們展示 AMETEK 擁有的所有資源以及我們的一些業務流程。但你所說的是我們計劃的郵遞區號。

And just to elaborate a little bit more on how this fits. Is there a kind of a commercial or operational synergy with other parts of the business? Or should we just think of this as an interesting, healthy kind of stand-alone business that drops into the portfolio?

只是為了詳細說明它是如何適合的。與業務的其他部分是否存在某種商業或營運綜效？或者我們應該將其視為一項有趣、健康的獨立業務並納入投資組合？

We have an existing business. And our EMG business, it's about a $200 million business. It's -- or called our engineered medical components. So we're familiar with these segments. There's completely different end markets, but think about that as additive to that existing position, but in a greater scale.

我們有現有的業務。我們的肌電圖業務價值約 2 億美元。它是——或稱為我們的工程醫療組件。所以我們對這些細分市場很熟悉。有完全不同的終端市場，但可以將其視為現有地位的補充，但規模更大。

And then maybe just one last one from me. The med tech world has been a little rocky here the last couple of years, procedures post-COVID, everything. You characterized it as a double-digit secular grower. But are they kind of sitting in a little bit of a trough here, impacted by those sorts of forces? Or maybe just kind of the...

然後也許只是我的最後一篇。過去幾年，醫療技術世界一直有點不穩定，新冠疫情後的程序等等。您將其描述為兩位數的長期種植者。但他們是否有點陷入困境，受到這些力量的影響？或者也許只是某種...

No, not really. They're growing nicely. I mean you have the market growth that they're benefiting from, and they happen to be in the fastest areas. They've deployed their resources well and they're benefiting from the faster -- fastest growth areas.

不，不是真的。他們長得很好。我的意思是，他們受益於市場成長，而且他們恰好位於最快的領域。他們很好地部署了資源，並且從成長最快的領域中受益。

They're winning new business on new programs, it's pretty substantial. And we did surveys on these businesses, and this is a really good business in terms of their capability and how they take care of their customers, and they're definitely winning share. So it's going to be a low double-digit grower for the next few years, and a lot of that's programmed in. Now that's the way we're looking at. There's going to be ups and downs as we go throughout the years, but this is a solid business with really good growth prospects.

他們透過新項目贏得了新業務，這是相當可觀的。我們對這些企業進行了調查，從他們的能力以及他們照顧客戶的方式來看，這是一家非常好的企業，而且他們肯定會贏得份額。因此，未來幾年它將保持兩位數的低成長，其中許多都已被編程。現在這就是我們正在考慮的方式。這些年來，我們的發展會經歷起起落落，但這是一項穩健的業務，具有非常好的成長前景。

Our next question comes from Scott Graham with Seaport Research Partners.

我們的下一個問題來自 Seaport Research Partners 的 Scott Graham。

Nice quarter. So just a couple of items, Bill. What was the working capital percent last year?

不錯的季度。比爾，只有幾件事。去年的營運資金百分比是多少？

Give me one second on that.

請給我一點時間。

Sure. Sure. I'll just -- I'll ask another one.

當然。當然。我會問另一個人。

I got it. It was 18 4.

我得到了它。當時是18點4分。

18 4. Okay. And then the $1.5 billion of availability, just maybe walk us through there. That is net of Paragon, I assume? And is that like an assumption at about 2.5x leverage?

18 4. 好的。然後 15 億美元的可用性，也許可以引導我們到達那裡。我想那是Paragon的淨值？這是否類似於槓桿率約為 2.5 倍的假設？

No, that's the amount of cash and availability under our revolver post-Paragon. The leverage post-Paragon would only be about 1.5x EBITDA at the gross level. So substantial financial flexibility as well as we're still well underlevered, I would say. And as Dave has talked about, lots of other opportunities available to us as we look to continue the acquisition strategy. So again, it's always finding the right businesses for the AMETEK portfolio is not capital constrained.

不，這就是我們的左輪手槍在Paragon之後的現金數量和可用性。 Paragon 後的槓桿率僅為總水準 EBITDA 的 1.5 倍左右。我想說的是，我們的財務靈活性如此之大，但我們的槓桿率仍然很低。正如戴夫所說，當我們希望繼續實施收購策略時，我們還有很多其他機會。再說一次，它總是為 AMETEK 投資組合尋找合適的業務，而不受資本限制。

Right. Right. Yes, that's how you do that as well.

正確的。正確的。是的，你也是這樣做的。

Other way to make that, as Bill said, post-Paragon, we have 1.5 leverage. We wanted to take at up to 2.5 leverage, which is we've been there before, and that's not a high number for all. We can spend $2.6 billion on acquisitions, above and beyond Paragon. So we're in the M&A game, and our pipeline looks really good. And we have the balance sheet to be able to execute on it and the capability to integrate these businesses.

正如比爾所說，在 Paragon 之後，我們有 1.5 的槓桿率。我們希望採用高達 2.5 的槓桿率，這是我們以前達到的水平，但這對所有人來說並不是一個很高的數字。我們可以花費 26 億美元進行超越 Paragon 的收購。所以我們正在進行併購遊戲，我們的管道看起來非常好。我們擁有能夠執行的資產負債表以及整合這些業務的能力。

When you are looking at deals these days in this interest rate environment, you're obviously funding them off of a lot of balance sheet liquidity and admittedly, maybe now higher rates off of the revolver. But are you impute an interest rate that is kind of more market-oriented when you make these decisions?

當你在這種利率環境下考慮這些交易時，你顯然是從大量的資產負債表流動性中為它們提供資金，並且不可否認，現在可能是左輪手槍的更高利率。但是，當您做出這些決定時，您是否會估算出更以市場為導向的利率？

Yes. Our models use current borrowing rates as part of that decision-making process.

是的。我們的模型使用當前借款利率作為決策過程的一部分。

Got it. Last question is the typical one, Dave, would you mind kind of maybe unbundling on the four divisions?

知道了。最後一個問題是典型的問題，戴夫，您介意將四個部門分開嗎？

Sure, Scott. I'll walk around the business. I'll start with our process business. And -- overall, sales for process were up mid-single digits at low single-digit organic sales and the contribution from the acquisition of Navitar. And demand across our process markets remains solid. Our products and technologies are well aligned with important secular growth trends like the energy transition and health care. Growth in the quarter was strongest across these end markets. While our high-end optics business in Zygo continues to perform very well, with strong demand for our custom optical solutions. And for the full year, we continue to expect mid-single-digit organic sales growth for our Process businesses.

當然，斯科特。我會在公司周圍走走。我將從我們的流程業務開始。總體而言，在低個位數的有機銷售額和收購 Navitar 的貢獻下，工藝銷售額增長了中個位數。我們整個流程市場的需求依然強勁。我們的產品和技術與能源轉型和醫療保健等重要的長期成長趨勢非常契合。這些終端市場本季的成長最為強勁。我們在 Zygo 的高端光學業務繼續表現出色，對我們的客製化光學解決方案的需求強勁。就全年而言，我們繼續預期流程業務的有機銷售額將實現中個位數成長。

Going to Aerospace & Defense Next. Aerospace & Defense continues to perform well. Organic sales were up low double digits in the quarter. Growth remains strong and broad-based across our A&D subsegments. Our growth in the quarter was strongest in our defense businesses, while commercial OEM and aftermarket businesses also grew at healthy levels. Given this strong performance, we now expect sales for Aerospace & Defense to increase mid-teens on a percentage basis for the full year.

接下來進入航空航天與國防。航空航太與國防持續表現良好。本季有機銷售額成長兩位數。我們的航空航太和國防細分領域的成長依然強勁且基礎廣泛。本季我們的國防業務成長最為強勁，而商業 OEM 和售後市場業務也以健康水準成長。鑑於這種強勁的表現，我們現在預計航空航天與國防的全年銷售額將按百分比增長。

In Power & Industrial, those businesses delivered solid results in the third quarter, with overall sales up mid-teens. This growth was driven by a low single-digit organic sales growth and the contribution from the acquisition of RTDS Technologies. We saw the strongest growth in the quarter across our renewable energy and power simulation businesses, including RTDS. Our power businesses are well positioned to benefit from long-term investments required to modernize the electric power grid and build-out of the renewable energy infrastructure globally. And for all of 2023, we continue to expect mid-single-digit organic sales growth for our Power business.

在電力和工業領域，這些業務在第三季度取得了穩健的業績，整體銷售額成長了十幾歲。這一成長是由較低的個位數有機銷售額成長以及收購 RTDS Technologies 的貢獻所推動的。我們的再生能源和電力模擬業務（包括 RTDS）在本季實現了最強勁的成長。我們的電力業務處於有利地位，可以從電網現代化和全球再生能源基礎設施建設所需的長期投資中受益。在 2023 年全年，我們繼續預期電力業務的有機銷售額將實現中個位數成長。

And finally, our Automation & Engineered Solutions business. Overall sales for AE&S, were down mid-single digits in the quarter, with contributions from the acquisition of Bison Engineering, being more than offset by a low double-digit decrease in organic sales. As we expected, the impact from normalization of inventory levels, which we talked about earlier, across our OEM customer base, combined with the challenging prior year comparisons, created a short-term headwind for our OEM exposed businesses.

最後是我們的自動化和工程解決方案業務。本季 AE&S 的整體銷售額下降了個位數，其中收購 Bison Engineering 的貢獻被有機銷售額兩位數的低點下降所抵消。正如我們所預期的那樣，我們之前談到的庫存水準正常化對我們的 OEM 客戶群的影響，加上充滿挑戰的去年比較，為我們的 OEM 業務帶來了短期阻力。

We believe underlying demand is solid. As we talked about earlier, and across our diverse Automation & Engineered Solutions markets, we remain constructive. But we do expect, as we said before, the inventory normalization is going to recur throughout the OEM customer base will continue through the end of the year. And now for the full year, we expect organic sales for our Automation & Engineered Solutions businesses to be down mid-single digits versus the prior year. So that's all for the subsegment commentary here, Scott.

我們相信潛在需求是穩固的。正如我們之前談到的，在我們多樣化的自動化和工程解決方案市場中，我們仍然保持建設性的態度。但我們確實預計，正如我們之前所說，整個 OEM 客戶群的庫存正常化將持續到今年年底。現在，就全年而言，我們預計自動化和工程解決方案業務的有機銷售額將比上一年下降中個位數。這就是分段評論的全部內容，斯科特。

Our next question comes from Nigel Coe with Wolfe Research.

我們的下一個問題來自 Wolfe Research 的 Nigel Coe。

Congrats on the deal, deals even. Okay, good, I couldn't hear you. Okay so maybe you could do the same process geographically, talk about what you're seeing by geography. I'd be curious about Europe and China. And also, you gave some perspective on business performance. Maybe you could talk about -- maybe just for a final point on 4Q. Maybe talk about core growth and acquisition and contribution for 4Q.

恭喜達成交易，甚至達成交易。好吧，好吧，我聽不到你說話。好吧，也許你可以在地理上做同樣的過程，談談你在地理上看到的東西。我對歐洲和中國很好奇。此外，您也對業務績效提出了一些看法。也許你可以談談——也許只是第四季的最後一點。也許談談核心成長和收購以及對第四季的貢獻。

Okay. Q4 and geography. Okay. I'll go across the geographies. We had continued solid growth in the U.S., with the international slowing a bit. So I'll unpack that a bit. The U.S. was up mid-single digits, with notable strength in our process business. Europe was down low single digits, notable strength in Process and our Aerospace business, but weakness in Automation.

好的。 Q4 和地理。好的。我將穿越各個地理區域。我們在美國市場持續穩健成長，但國際市場略有放緩。所以我會稍微解壓一下。美國的增幅為中個位數，我們的流程業務實力顯著。歐洲下降了低個位數，流程和航空航太業務實力顯著，但自動化業務疲軟。

You mentioned China. Our China exposure was down 3%. Strong growth in Process, weakness in Automation. And overall, Asia was down about 10%. So China did better than overall Asia, kind of about 9% of sales. So again, up in the U.S., slowing in international markets. And the second question you asked was on Q4 and the guide for Q4. And our sales will be up mid-single digits. We'll grow in revenue. There are two factors impacting the earnings in Q4 and one of them is a higher tax rate. And the second one is there's some acquisition, integration costs and they're related to the deals we completed. But we're very confident in our guide for Q4.

你提到了中國。我們的中國風險敞口下降了 3%。流程成長強勁，自動化疲軟。總體而言，亞洲下跌了約 10%。因此，中國的表現比整個亞洲好，約佔銷售額的 9%。同樣，美國市場上漲，國際市場放緩。您問的第二個問題是關於第四季和第四季的指南。我們的銷售額將實現中個位數成長。我們的收入將會成長。影響第四季獲利的因素有兩個，其中之一是稅率上升。第二個問題是存在一些收購、整合成本，它們與我們完成的交易有關。但我們對第四季的指南非常有信心。

I'm sorry, David, what is the core growth for 4Q?

抱歉，大衛，第四季的核心成長是​​多少？

Core growth for Q4 was low to mid-single digits.

第四季的核心成長為低至中個位數。

Okay. So that's obviously acceleration from 3Q. What's driving that acceleration?

好的。所以這顯然是第三季的加速。是什麼推動了這種加速？

I think we're seeing some good demand on the EIG side from the typical year-end selling -- year-end sales that we typically get of capital spending, plus the EIG business is performing well. So our Aerospace and our Process businesses are performing well, and that's what driving the organic sales in Q4 to be higher than the organic sales in Q3.

我認為我們從典型的年終銷售中看到了 EIG 方面的一些良好需求——我們通常從資本支出中獲得的年終銷售，加上 EIG 業務表現良好。因此，我們的航空航太和流程業務表現良好，這就是推動第四季度有機銷售額高於第三季度有機銷售額的原因。

Got it. That's helpful. Maybe just one more for me. So obviously, Paragon, big deal. You've posed another smaller deal. You sound really bullish on the outlook as well. So it seems like the cut line is still pretty fertile. I mean are we seeing here a change in behavior from sellers that we see more willing sellers? Are we seeing any change in sort of (inaudible) multiples here? Any color on the market would be helpful.

知道了。這很有幫助。也許對我來說只是多一個。顯然，Paragon，有什麼大不了的。您提出了另一項較小的交易。您聽起來也對前景非常樂觀。所以看起來切割線還是很豐富的。我的意思是，我們是否看到賣家的行為發生了變化，我們看到了更願意的賣家？我們在這裡看到（聽不清楚）倍數有任何變化嗎？市場上的任何顏色都會有幫助。

Yes, I think it's a little choppy in the market and people are reevaluating. And the interest rates are higher. So financing that debt on a continuing organization may be a challenge. And as I said in the beginning of the year, our pipeline is strong. I would categorize our pipeline right now is very strong. We have a lot of attractive candidates we're looking at. And I'm just bullish on being able to differentiate AMETEK's performance over the next 12 to 24 months with our OpEx and our M&A.

是的，我認為市場有點波動，人們正在重新評估。而且利率更高。因此，為持續組織的債務融資可能是一個挑戰。正如我在年初所說，我們的管道很強大。我認為我們現在的管道非常強大。我們正在尋找很多有吸引力的候選人。我只是看好阿美特克能夠在未來 12 到 24 個月內透過我們的營運支出和併購來區分業績。

Our next question comes from Christopher Glynn with Oppenheimer.

我們的下一個問題來自奧本海默的克里斯托弗·格林。

I want to keep it going on Paragon a little bit. I think you listed as -- for medical components and instruments. I'm wondering if it is the OEM and some of the instrument spaces? And also a little bit on ownership history and the deal process, competitiveness and such.

我想讓它在《Paragon》上繼續下去一點。我認為您將醫療部件和儀器列為--。我想知道是否是 OEM 和一些儀器空間？還有一些關於所有權歷史、交易流程、競爭力等方面的內容。

Yes. When you think about Paragon, they're largely selling to an OEM customer base, but they do sell some of their surgical instruments directly to the end customer, but it's largely an OEM customer base. We purchased the business from American Securities. And from our view, they did an excellent job running the business and got a fantastic management team in place, have a good growth strategy. And they're -- what they did is really position kind of a pure med tech play, by positioning this with some other parts of their portfolio. So we're pretty excited about what we're buying.

是的。當您想到 Paragon 時，您會發現他們主要向 OEM 客戶群銷售，但他們確實將一些手術器械直接銷售給最終客戶，但主要是 OEM 客戶群。我們從美國證券公司購買了這項業務。在我們看來，他們在經營業務方面做得非常出色，並擁有一支出色的管理團隊，擁有良好的成長策略。他們所做的實際上是定位一種純粹的醫療科技遊戲，將其與他們投資組合的其他部分一起定位。所以我們對我們所購買的東西感到非常興奮。

Our next question comes from Peter Costa with Mizuho.

我們的下一個問題來自瑞穗的彼得·科斯塔。

This is Peter as on for Brett Linzey. So just coming back to orders. Could you provide some context during the monthly order cadence through the quarter and then moving into October? Have you been seeing anything concerning or anything tracking better than your internal expectations?

這是彼得（Peter），代表布雷特·林澤（Brett Linzey）。所以只是回到訂單。您能否提供整個季度以及進入 10 月份的每月訂單節奏的一些背景資訊？您是否看到任何令人擔憂的事情或任何比您的內部預期更好的事情？

No. I think the quarterly evolution of orders is about what we see. We mentioned our book-to-bill and things like that. And we started out in Q4, in line with what we need to deliver those results. So we had talked -- in our last few earnings calls, we highlighted a couple of dynamics that would impact orders, and our orders have been very strong for an extended period of time. In fact, we averaged 18% organic growth in 2021 and 2022, and we had 12 consecutive quarters up to this quarter with positive book-to-bill. So as a result, we have a near record backlog, as we said, the dynamics are playing out as we anticipated.

不。我認為訂單的季度演變與我們所看到的差不多。我們提到了我們的訂單到帳單之類的事情。我們從第四季開始，這符合我們實現這些結果所需的條件。因此，我們在過去的幾次財報電話會議中強調了一些會影響訂單的動態，並且我們的訂單在很長一段時間內一直非常強勁。事實上，我們在 2021 年和 2022 年的平均有機成長率為 18%，截至本季度，我們已連續 12 個季度實現正的訂單出貨比。因此，正如我們所說，我們的積壓量接近創紀錄，動態正在按照我們的預期進行。

Our next question comes from Andrew Obin with 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 Obin. Wondering if you've seen any impact from the higher interest rates on end market demand? And in particular, some of the other publicly traded test and measurement companies have mentioned project delays, particularly in China. Have you seen anything along those lines?

我是安德魯‧奧賓 (Andrew Obin) 的大衛‧雷德利‧萊恩 (David Ridley-Lane)。想知道利率上升是否對終端市場需求產生了影響？特別是，其他一些上市測試和測量公司也提到了專案延遲，特別是在中國。你看過類似的事情嗎？

Yes. As I mentioned, we were down about 3% organically in China. So there was some delays, but it wasn't substantial. In terms of increasing interest rates, that's one of the uncertainties that we're clearly looking at. And it's a very dynamic environment right now. And there are factors for sure, but we're not seeing an impact on projects proceeding or anything like that from the interest rates at this point.

是的。正如我所提到的，我們在中國的有機下降了約 3%。所以有一些延遲，但並不嚴重。就利率上升而言，這是我們明確關注的不確定因素之一。現在的環境非常活躍。肯定有一些因素，但目前我們還沒有看到利率對專案進度或類似情況產生影響。

Got it. And are you supply chain constrained at this point in your aerospace and defense businesses? Is that a sort of a limiter on growth accelerating and even greater over time?

知道了。目前，您的航空航太和國防業務的供應鏈是否受到限制？這是否是成長加速的限制因素，並且隨著時間的推移甚至會更大？

We are not supply chain limited in aerospace at this time. Now the industry is dealing with some supply chain difficulties, but we're not limited.

目前我們的供應鏈並不限於航空航太領域。現在產業正在應對一些供應鏈困難，但我們並不局限於此。

Our next question comes from Michael Anastasiou with TD Cowen.

我們的下一個問題來自 TD Cowen 的 Michael Anastasiou。

Back to Paragon, currently, medical-related revenues are about, give or take, 10% of sales. And after this acquisition, it takes you to about 20%. So was just expecting -- just curious if you're expecting to make like a deeper push into medical moving forward? And then what is sort of like the best way to think about balancing M&A dollars for these different end markets as well? Any color would be helpful.

回到 Paragon，目前醫療相關收入約佔銷售額的 10%。這次收購後，你的股價會上升到 20% 左右。所以我只是期待 - 只是好奇你是否希望更深入地推動醫療向前發展？那麼，考慮平衡這些不同終端市場的併購資金的最佳方法是什麼？任何顏色都會有幫助。

Yes, there's a balance in AMETEK's end markets, and we really like that balance. That's why we're able to navigate some of the challenges that we're going through right now. So it's -- we plan on keeping that balance. But if there are other attractive areas in the medical space, we'll certainly look at them. But it's -- we like the balance in the portfolio.

是的，AMETEK 的終端市場存在平衡，我們非常喜歡這種平衡。這就是為什麼我們能夠應對目前正在經歷的一些挑戰。所以我們計劃保持這種平衡。但如果醫療領域還有其他有吸引力的領域，我們肯定會關注它們。但我們喜歡投資組合的平衡。

And what was your other question, Michael? M&A dollars. I mean we have a distributed operating model. In all of our businesses, we have management teams there that are doing strategy work around their businesses and trying to make their businesses better, and they're bringing forward acquisition candidates. So we don't have a predefined number of -- predefined amount of capital that we're going to apply to certain markets. We're going to be looking for the deal, the deal quality, the quality of the businesses and if we have the management teams to integrate them. So we have a different viewpoint. We don't look at it from the top down in terms of dollars allocated per market.

邁克爾，你的另一個問題是什麼？併購美元。我的意思是我們有一個分散式營運模式。在我們所有的業務中，我們都有管理團隊圍繞他們的業務進行策略工作，並努力讓他們的業務變得更好，他們正在提出收購候選人。因此，我們沒有預先確定要應用於某些市場的預先確定的資本數量。我們將尋找交易、交易品質、業務品質以及我們是否有管理團隊來整合它們。所以我們有不同的觀點。我們不會從上到下按照每個市場分配的美元來看待它。

Got you. That's helpful. And just kind of diving back into it. So potentially, depending on availability of assets and as such, do you expect total revenues to the medical end market increasing over time? And how do you expect that?

明白你了。這很有幫助。只是重新投入其中。那麼，根據資產的可用性，您預期醫療終端市場的總收入是否會隨著時間的推移而增加？您對此有何期待？

Yes, it's 20% now. It could go 25%, 30%, that wouldn't bother us. But we plan on having a diversified revenue base.

是的，現在是20%。它可能會上升 25%、30%，這不會打擾我們。但我們計劃擁有多元化的收入基礎。

That concludes the question-and-answer session. At this time, I would like to turn it back to Kevin Coleman for closing remarks.

問答環節到此結束。現在，我想請凱文·科爾曼（Kevin Coleman）發表結束語。

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

謝謝阿比蓋爾，謝謝大家參加我們的電話會議。提醒一下，今天網路廣播的重播可以在 ametek.com 的投資者部分存取。祝你有美好的一天。

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

感謝您參加今天的會議。這確實結束了該程式。您現在可以斷開連線。