阿美特克 (AME) 2023 Q4 法說會逐字稿

Good day, and thank you for standing by. Welcome to the Fourth Quarter 2023 AMETEK Earnings Conference Call. (Operator Instructions) Please be advised that today's conference is being recorded.

美好的一天，感謝您的支持。歡迎參加 AMETEK 2023 年第四季財報電話會議。 （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, Kevin Coleman, Vice President of Investment Relations and Treasurer. You may begin.

現在我想將會議交給您的發言人、投資關係副總裁兼財務主管凱文·科爾曼 (Kevin Coleman)。你可以開始了。

Thank you, Tanya. Good morning, and thank you for joining us for AMETEK's Fourth Quarter 2023 Earnings Conference Call. With me today are Dave Zapico, Chairman and Chief Executive Officer; Bill Burke, Executive Vice President and Chief Financial Officer; and Dalip Puri, Senior Vice President, Operational Finance.

謝謝你，塔妮亞。早安，感謝您參加 AMETEK 2023 年第四季財報電話會議。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，執行副總裁兼財務長； Dalip Puri，營運財務資深副總裁。

During the course of today's call, we will make 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 2024 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. We'll begin today's call with prepared remarks, and then we'll open it up for questions.

本次電話會議中對2022 年或2023 年業績或2024 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。公認會計準則與調整後措施之間的對帳可在我們的新聞稿和投資者部分找到。我們的網站。我們將以準備好的發言開始今天的電話會議，然後開始提問。

I'll now turn the meeting over to Dave.

我現在將會議交給戴夫。

Thank you, Kevin, and good morning, everyone. Before I get into the financial results for the quarter, it is with mixed emotions that I share the news of changes in our financial leadership, which we announced on January 16.

謝謝你，凱文，大家早安。在公佈本季的財務表現之前，我懷著複雜的心情分享了我們於 1 月 16 日宣布的財務領導層變動的消息。

After an outstanding 36-year career at AMETEK, our Chief Financial Officer, Bill Burke, has decided to embark on a well-deserved retirement, effective April 2, 2024. Bill's tremendous leadership of our finance organization and his strategic guidance has been instrumental in AMETEK's long-term growth and success. His legacy is deeply woven into the fabric of our organization, and we express our heartfelt gratitude for his exceptional contributions.

在AMETEK 度過了36 年的傑出職業生涯後，我們的財務長Bill Burke 決定開始當之無愧的退休生活，退休日期自2024 年4 月2 日起生效。Bill 對我們財務組織的出色領導和策略指導發揮了重要作用。AMETEK 的長期成長和成功。他的遺產深深融入了我們組織的結構中，我們對他的傑出貢獻表示衷心的感謝。

In light of this transition, I'm delighted to announce the appointment of Dalip Puri as our new Executive Vice President and Chief Financial Officer. Dalip, currently serving as Senior Vice President, Operational Finance, brings a wealth of experience and expertise to this role. Dalip joined AMETEK in 2017 as Treasurer and subsequently took on the role of Group Controller, providing financial oversight for over half of AMETEK's businesses before transitioning into his current role of Operational Finance.

鑑於這一轉變，我很高興地宣布任命 Dalip Puri 為我們新的執行副總裁兼財務長。 Dalip 目前擔任營運財務資深副總裁，為此職位帶來了豐富的經驗和專業知識。 Dalip 於 2017 年加入 AMETEK，擔任財務主管，隨後擔任集團財務總監，為 AMETEK 一半以上的業務提供財務監督，然後轉任目前的營運財務職位。

Dalip's leadership of key financial initiatives at AMETEK, along with a proven track record make him the natural choice to lead our financial organization into the future. I'm confident that under Dalip's leadership, our financial organization will continue to thrive contributing significantly to the success of AMETEK. To ensure a seamless transition, Bill will stay on as a senior adviser until April 2025. Thank you, Bill, for your exceptional service, and congratulations Dalip. I'm truly excited about the future.

Dalip 對 AMETEK 關鍵財務計劃的領導以及良好的業績記錄使他成為領導我們的金融組織走向未來的自然選擇。我相信，在 Dalip 的領導下，我們的金融組織將繼續蓬勃發展，為 AMETEK 的成功做出重大貢獻。為了確保無縫過渡，Bill 將繼續擔任高級顧問直至 2025 年 4 月。謝謝 Bill 的出色服務，並祝賀 Dalip。我對未來感到非常興奮。

Now let me turn to this quarter's results. AMETEK delivered exceptional performance in the fourth quarter, delivering record results and outstanding operational execution, leading to results ahead of our expectations. In the quarter, we set records for sales, operating income, earnings per share, EBITDA and cash flow. We also ended the quarter with record backlog.

現在讓我談談本季的業績。阿美特克在第四季度表現出色，創造了創紀錄的業績和出色的營運執行力，導致業績超出了我們的預期。本季度，我們創下了銷售額、營業收入、每股盈餘、EBITDA 和現金流的記錄。本季結束時，我們的積壓量也創下歷史新高。

Furthermore, in the quarter, we successfully deployed over $2 billion on strategic acquisitions, enhancing our portfolio with the acquisitions of Amplifier Research and Paragon Medical. These results cap a record year for acquisitions and underscore the strength of the AMETEK growth model, the quality of our businesses and the success of our organic growth initiatives. AMETEK's continued success is also the result of the dedicated efforts of our global employees. I want to thank all AMETEK colleagues for your efforts and significant contributions in 2023.

此外，本季我們成功部署了超過 20 億美元進行策略性收購，透過收購 Amplifier Research 和 Paragon Medical 增強了我們的投資組合。這些結果標誌著收購創紀錄的一年，並強調了阿美特克成長模式的優勢、我們業務的品質以及我們有機成長計畫的成功。阿美特克的持續成功也是我們全球員工辛勤努力的成果。我要感謝所有 AMETEK 同事在 2023 年所做的努力和重大貢獻。

Now let me turn to our fourth quarter financial results. Fourth quarter sales were a record $1.73 billion, up 6.5% over the same period in 2022. Organic sales growth was approximately 1.5%. Acquisitions added 4 points and foreign currency added 1 point. We ended the quarter with a record backlog of $3.53 billion, which is up 10% from the start of 2023. AMETEK's operational performance in the quarter was outstanding, with robust margin expansion and strong incremental margins.

現在讓我談談我們第四季的財務表現。第四季銷售額達到創紀錄的 17.3 億美元，較 2022 年同期成長 6.5%。有機銷售額成長率約為 1.5%。收購增加 4 分，外幣增加 1 分。本季結束時，我們的積壓訂單達到創紀錄的 35.3 億美元，比 2023 年初增長了 10%。阿美特克本季的營運業績非常出色，利潤率強勁擴張，利潤率增量強勁。

Operating income in the quarter was a record $445 million, a 12% increase over the fourth quarter of 2022. Operating margins were 25.7% in the quarter, up an impressive 120 basis points from the prior year, while core margins were up 200 basis points in the quarter. This strong margin expansion reflects the strength and flexibility of our operating model and the quality and differentiation of our businesses.

本季營業收入達到創紀錄的 4.45 億美元，比 2022 年第四季成長 12%。本季營業利潤率為 25.7%，比上一年大幅成長 120 個基點，而核心利潤率則成長 200 個基點在本季。這種強勁的利潤成長反映了我們營運模式的實力和靈活性以及我們業務的品質和差異化。

EBITDA in the quarter was a record $526 million, up 8% over the prior year, with EBITDA margins an impressive 30.4%. Our strong growth and operating performance led to robust cash generation with free cash flow up 47% in the quarter to a record $481 million. This tremendous operating performance led to record diluted earnings per share of $1.68, up 11% versus the fourth quarter of 2022 and above our guidance range of $1.61 to $1.63 per share.

本季 EBITDA 達到創紀錄的 5.26 億美元，比上年增長 8%，EBITDA 利潤率高達 30.4%，令人印象深刻。我們強勁的成長和經營業績帶來了強勁的現金生成，本季自由現金流成長了 47%，達到創紀錄的 4.81 億美元。這一巨大的經營業績導致每股攤薄收益達到創紀錄的 1.68 美元，比 2022 年第四季增長 11%，高於我們每股 1.61 美元至 1.63 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 had an excellent quarter with strong sales growth and tremendous operating performance. Sales for EIG were a record $1.24 billion in the quarter, up 7% from the fourth quarter of last year. Organic sales were up 3.5%, acquisitions added 3 points with currency accounting for the balance. EIG sales growth in the fourth quarter was strongest across our Aerospace & Defense businesses and our Materials Analysis division.

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。電子儀器集團度過了一個出色的季度，銷售成長強勁，營運表現出色。 EIG 本季銷售額達到創紀錄的 12.4 億美元，比去年第四季成長 7%。有機銷售額成長了 3.5%，收購增加了 3 個百分點，其中貨幣佔餘額。 EIG 第四季的銷售成長在航空航太與國防業務和材料分析部門最為強勁。

EIG's operating performance was impressive with strong profit growth and exceptional margin expansion. Operating income was a record $359 million, up 17% versus the prior year, while EIG operating margins were 29%, up and outstanding 250 basis points from the prior year. The Electromechanical Group also finished the year with strong performance despite the continued impact from the normalization of inventory levels across our OEM customer base.

EIG 的經營業績令人印象深刻，利潤成長強勁，利潤率大幅擴張。營業收入達到創紀錄的 3.59 億美元，比上年增長 17%，而 EIG 營業利潤率為 29%，比上年增長 250 個基點。儘管我們的 OEM 客戶群庫存水準正常化持續影響，機電集團仍以強勁的業績結束了這一年。

Fourth quarter sales for EMG were $495 million, up 6% versus the prior year, driven by the contributions from recent acquisitions. EMG's fourth quarter operating income was $112 million, while operating margin -- operating income margins were 22.7% in the quarter. Excluding the dilutive impact from acquisitions, EMG core margins were up 100 basis points versus the prior year.

EMG 第四季銷售額為 4.95 億美元，比上年成長 6%，這主要得益於近期收購的貢獻。 EMG第四季營業收入為1.12億美元，而營業利潤率－該季度營業利潤率為22.7%。排除收購帶來的攤薄影響，EMG 核心利潤率比前一年成長了 100 個基點。

Now for the full year results. Overall performance was outstanding in 2023, establishing annual records for essentially all key financial metrics. Overall sales for the year were $6.6 billion, up 7% from 2022. Organic sales increased 4%, with acquisitions accounting for the balance of the growth. Operating income for 2023 was $1.7 billion, up 14% and operating margins were 25.9% for the full year, with margins up 150 basis points versus the prior year.

現在是全年業績。 2023 年整體業績表現出色，幾乎所有關鍵財務指標都創下了年度記錄。全年總銷售額為 66 億美元，較 2022 年成長 7%。有機銷售額成長 4%，成長的其餘部分來自收購。 2023 年營業收入為 17 億美元，成長 14%，全年營業利益率為 25.9%，較上年成長 150 個基點。

EBITDA for the year was $2 billion with EBITDA margins are very strong, 30.5%. In full year 2023, earnings were $6.38 per diluted share, up 12% versus the prior year. Our performance in the fourth quarter and full year highlights the strength of the AMETEK growth model. Our differentiated businesses are strategically aligned with diverse and attractive markets, while our organic growth initiatives position us for sustained long-term growth.

今年 EBITDA 為 20 億美元，EBITDA 利潤率非常強勁，達到 30.5%。 2023 年全年，稀釋後每股收益為 6.38 美元，較上年增長 12%。我們第四季和全年的業績凸顯了阿美特克成長模式的優勢。我們的差異化業務在策略上與多元化且有吸引力的市場保持一致，而我們的有機成長計劃使我們能夠實現持續的長期成長。

Our distributed operating structure empowers our businesses to execute on our growth strategies and quickly adapt to evolving market dynamics. This structure is a cornerstone of the success and navigating throughout different economic cycles. Furthermore, our asset-light business model and strong operational execution result in exceptional cash flow generation. This robust cash flow, coupled with our strong balance sheet, provides AMETEK with plenty of firepower to support our growth initiatives and to deploy on acquisitions.

我們的分散式營運結構使我們的業務能夠執行我們的成長策略並快速適應不斷變化的市場動態。這種結構是成功並駕馭不同經濟週期的基石。此外，我們的輕資產業務模式和強大的營運執行力帶來了卓越的現金流產生。這種強勁的現金流，加上我們強大的資產負債表，為阿美特克提供了充足的火力來支持我們的成長計畫和部署收購。

Speaking of acquisitions, we were very active in 2023, successfully deploying approximately $2.25 billion on 5 acquisitions, including the acquisitions of Amplifier Research and Paragon Medical in the fourth quarter. I'm very excited to welcome all acquired companies to AMETEK. Each acquisition is an excellent strategic fit with AMETEK as they help expand our product and technology offerings and highly attractive growth markets and applications, including renewable energy development and the modernization of the Power group.

說到收購，我們在 2023 年非常活躍，成功部署了約 22.5 億美元進行了 5 項收購，其中包括第四季度收購 Amplifier Research 和 Paragon Medical。我非常高興地歡迎所有被收購的公司加入 AMETEK。每次收購都是與 AMETEK 的絕佳策略契合，因為它們有助於擴大我們的產品和技術產品以及極具吸引力的成長市場和應用，包括再生能源開發和電力集團的現代化。

In addition, our latest acquisition, Paragon Medical, which we closed in the middle of December, nicely expands our presence in the medical technology market. Paragon is a leading manufacturer specializing in highly engineered medical components and single-use and consumable surgical instruments. Their product portfolio spans crucial medical applications, and the reputation for quality and precision has earned them the trust of a diverse customer base, including top-tier medical device OEMs.

此外，我們在 12 月中旬完成的最新收購 Paragon Medical 很好地擴大了我們在醫療技術市場的影響力。 Paragon 是一家領先的製造商，專門生產高度工程化的醫療零件以及一次性和消耗性手術器材。他們的產品組合涵蓋關鍵的醫療應用，品質和精度的聲譽為他們贏得了包括頂級醫療設備原始設備製造商在內的多元化客戶群的信任。

Looking ahead to 2024. Our acquisition pipeline remains robust. As noted, we have a strong and flexible balance sheet and anticipate remaining active deploying capital and acquisitions. In addition to our acquisition strategy, AMETEK remains committed to making strategic investments in organic growth initiatives. In 2023, we invested an incremental $100 million in growth initiatives. And in 2024, we expect to invest another incremental $100 million. The majority of this investment will be within our research, development and engineering and sales and marketing functions.

展望 2024 年。我們的收購通路依然強勁。如前所述，我們擁有強大而靈活的資產負債表，並預計將繼續積極部署資本和收購。除了我們的收購策略外，AMETEK 仍致力於對有機成長計畫進行策略性投資。 2023 年，我們在成長計畫上追加投資 1 億美元。到 2024 年，我們預計將再追加投資 1 億美元。大部分投資將用於我們的研究、開發、工程以及銷售和行銷職能。

In the quarter, our vitality index, which reflects sales from new products introduced in the last 3 years was a very healthy 29%. Through these strategic investments and acquisitions, we have seen a steady transition of AMETEK's portfolio, with an expanded presence in secular growth markets and reduced exposures in more cyclical markets. This strategic evolution of the portfolio, combined with our proven operational acumen, positions AMETEK well for continued strong and sustained growth.

本季度，我們的活力指數（反映過去 3 年推出的新產品的銷售額）為非常健康的 29%。透過這些策略投資和收購，我們看到了阿美特克投資組合的穩定轉型，擴大了在長期成長市場的影響力，並減少了在週期性市場的風險敞口。產品組合的這項策略演變，加上我們久經考驗的營運智慧，使 AMETEK 能夠保持強勁、持續的成長。

Now shifting to our outlook for the year ahead. For 2024, we expect overall sales to be up low double digits on a percentage basis with low to mid-single-digit organic sales growth. Diluted earnings per share for the year are expected to be in the range of $6 to $6.85, up 5% to 7% compared to last year's results. For the first quarter, we anticipate overall sales to be up low double digits with adjusted earnings of $1.56 to $1.60 per share, up 5% to 7% versus the prior year.

現在轉向我們對未來一年的展望。到 2024 年，我們預計整體銷售額將按百分比增長低兩位數，有機銷售額增長為低至中個位數。今年稀釋後每股收益預計在 6 美元至 6.85 美元之間，較去年業績成長 5% 至 7%。我們預計第一季整體銷售額將成長兩位數，調整後每股收益為 1.56 至 1.60 美元，比上年增長 5% 至 7%。

In summary, AMETEK's performance in the fourth quarter and throughout the full year of 2023 was outstanding. Our businesses delivered exceptional results with all elements of the AMETEK growth model, playing a key role in our success.

綜上所述，AMETEK 在第四季度以及整個 2023 年全年的表現都非常出色。我們的業務透過 AMETEK 成長模式的所有要素取得了卓越的成果，在我們的成功中發揮了關鍵作用。

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

我現在將其轉交給比爾·伯克（Bill Burke），他將介紹本季度的一些財務細節，然後我們將很高興回答您的問題。帳單？

Thank you, Dave. I appreciate your kind words at the top of the call. As Dave noted, I have made the decision to retire after 36 years with AMETEK, nearly 8 of which I had the privilege of serving as Chief Financial Officer. I want to express my deepest gratitude and thanks to the entire AMETEK family for the incredible journey we've shared. It has been an honor to contribute to the tremendous growth and success of AMETEK.

謝謝你，戴夫。感謝您在通話結束時所說的客氣話。正如 Dave 所指出的那樣，在 AMETEK 工作了 36 年後，我決定退休，其中近 8 年我有幸擔任財務長。我想對整個 AMETEK 大家庭表示最深切的謝意和謝意，感謝我們共同經歷的這段令人難以置信的旅程。我很榮幸能為 AMETEK 的巨大發展和成功做出貢獻。

To Dave and the Board of Directors, thank you for your confidence in me. Your support and leadership have been invaluable. And to my colleagues, your dedication has been the driving force behind our share of success, and I am truly thankful for the privilege of working closely with you. I look forward to remaining with the company as a senior adviser until April 2025 to ensure a seamless transition. I'm confident in Dalip's leadership and in the very strong and talented financial organization at AMETEK.

戴夫和董事會，感謝你們對我的信任。您的支持和領導非常寶貴。對於我的同事們，你們的奉獻精神是我們成功的動力，我非常感謝有幸與你們密切合作。我期待在 2025 年 4 月之前繼續擔任公司高級顧問，以確保無縫過渡。我對 Dalip 的領導力以及 AMETEK 強大且才華橫溢的財務組織充滿信心。

Before I get into the results for the fourth quarter, Dalip would like to say a few words. Dalip?

在介紹第四季的業績之前，達利普想先說幾句話。達利普？

Thank you, Bill, and good morning, everyone. I look forward to meeting and working with all of you in the new future. I too want to express my thanks to Dave, to Bill, to the Board of Directors and the leadership team for their trust and confidence in me. It is an honor to serve as AMETEK's EVP and CFO, and I'm very excited to lead AMETEK's incredible finance organization and to partner with Dave as we continue to deliver sustained and strong growth across our portfolio of businesses. I also want to express my thanks to Bill for his guidance and mentorship over the years and his commitment to a smooth transition.

謝謝你，比爾，大家早安。我期待在新的未來與大家見面並合作。我還要感謝戴夫、比爾、董事會和領導團隊對我的信任和信心。我很榮幸擔任 AMETEK 的執行副總裁和財務官，我很高興能夠領導 AMETEK 令人難以置信的財務組織，並與 Dave 合作，讓我們的業務組合持續實現持續強勁的成長。我還要感謝比爾多年來的指導和指導以及他對平穩過渡的承諾。

With that, I'll turn it back to you, Bill.

這樣，我會把它轉回給你，比爾。

Thank you, Dalip. Now on to the fourth quarter results. As Dave highlighted, AMETEK had an impressive finish to 2023 with outstanding operating performance leading to better-than-expected results in the fourth quarter. Let me provide some additional financial highlights for the fourth quarter and the full year as well as some additional guidance for 2024.

謝謝你，達利普。現在我們來看看第四季的業績。正如戴夫（Dave）所強調的那樣，阿美特克在 2023 年取得了令人印象深刻的成績，出色的經營業績導致第四季度的業績好於預期。讓我提供一些第四季度和全年的額外財務亮點以及 2024 年的一些額外指導。

Fourth quarter general and administrative expenses were $26.3 million, up $3 million from the prior year, but unchanged at 1.5% of sales. For the full year, general and administrative expenses were up $7 million and as a percentage of sales were 1.5%, in line with 2022 levels. For 2024, general and administrative expenses are expected to be approximately 1.4% of sales. Fourth quarter other income and expense was additional expense of $7 million compared to the fourth quarter of 2022, driven by higher due diligence costs and lower pension income.

第四季一般及管理費用為 2,630 萬美元，較上年同期增加 300 萬美元，但佔銷售額的 1.5% 不變。全年一般和管理費用增加了 700 萬美元，佔銷售額的百分比為 1.5%，與 2022 年的水平一致。 2024 年，一般及管理費用預計約為銷售額的 1.4%。與 2022 年第四季相比，第四季度其他收入和支出增加了 700 萬美元，原因是盡職調查成本上升和退休金收入下降。

For 2024, we expect other income and expense to be largely in line with 2023 levels. The effective tax rate in the quarter was 17.8%, down from 18.9% in the fourth quarter of 2023 due to statute expirations. For 2024, we anticipate our effective tax rate to be between 19% and 20%. And as we've stated in the past, actual quarterly tax rates can differ dramatically, either positively or negatively from this full year estimated rate.

2024 年，我們預計其他收入和支出將基本與 2023 年水準一致。由於法規到期，本季的有效稅率為 17.8%，低於 2023 年第四季的 18.9%。 2024 年，我們預計有效稅率將在 19% 至 20% 之間。正如我們過去所說，實際的季度稅率可能與全年估計稅率有顯著差異，無論是正值還是負值。

Capital expenditures were $60 million in the fourth quarter and $136 million for the full year. Capital expenditures in 2024 are expected to be approximately $160 million or about 2% of sales. Depreciation and amortization expense in the quarter was $92 million and for the full year was $338 million. 2024, we expect depreciation and amortization to be approximately $400 million, including after-tax, acquisition-related intangible amortization of approximately $190 million or $0.82 per diluted share.

第四季資本支出為 6,000 萬美元，全年資本支出為 1.36 億美元。 2024 年的資本支出預計約為 1.6 億美元，約佔銷售額的 2%。本季折舊和攤提費用為 9,200 萬美元，全年折舊和攤提費用為 3.38 億美元。到 2024 年，我們預計折舊和攤銷約為 4 億美元，其中包括稅後、收購相關的無形攤銷約 1.9 億美元或稀釋後每股 0.82 美元。

For the quarter, operating working capital was 17.2% of sales. Cash flow in the fourth quarter was superb with operating cash flow of record at $541 million, up 40% versus the fourth quarter of 2022. Free cash flow was also a record in the quarter, up 47% to $481 million, with free cash flow conversion of 140% for the quarter. Free cash flow for 2023 was $1.6 billion, up 58% versus the prior year and 122% of net income. For 2024, we expect free cash flow conversion to be between 110% and 120% of net income.

本季營運資本佔銷售額的 17.2%。第四季的現金流非常出色，營運現金流達到創紀錄的5.41 億美元，較2022 年第四季成長40%。該季度的自由現金流也創紀錄，成長47% 至4.81 億美元，自由現金流該季度的轉換率為 140%。 2023 年自由現金流為 16 億美元，較上年成長 58%，佔淨利的 122%。 2024 年，我們預計自由現金流轉換將在淨利的 110% 至 120% 之間。

Total debt at year-end was $3.31 billion, up from $2.39 billion at the end of 2022 due largely to the Paragon acquisition in December. Offsetting this debt is cash and cash equivalents of $410 million. As Dave noted, during the fourth quarter, we deployed approximately $2 billion on the acquisitions of Amplifier Research and Paragon Medical. Our gross leverage was 1.5x at the end of 2023, up from 1.2x at the end of 2022, despite deploying approximately $2.25 billion on acquisitions during the year. We remain very well positioned to deploy additional capital and have approximately $1.5 billion of cash and existing credit facilities to support our growth initiatives.

截至年底的總債務為 33.1 億美元，高於 2022 年底的 23.9 億美元，主要是由於去年 12 月收購 Paragon。抵銷這筆債務的是 4.1 億美元的現金和現金等價物。正如 Dave 所指出的那樣，在第四季度，我們部署了約 20 億美元用於收購 Amplifier Research 和 Paragon Medical。儘管我們在2023年底部署了約22.5億美元用於收購，但我們的總槓桿率為1.5倍，高於2022年底的1.2倍。我們仍然處於部署額外資本的有利位置，並擁有約 15 億美元的現金和現有信貸額度來支持我們的成長計畫。

In summary, our businesses performed exceptionally well in the fourth quarter and throughout all of 2023, delivering strong growth and a high quality of earnings. We are well positioned for continued growth and success in 2024.

總而言之，我們的業務在第四季度和 2023 年全年表現異常出色，實現了強勁的成長和高品質的獲利。我們已做好充分準備，在 2024 年實現持續成長和成功。

Thank you once again, and now I'll turn it back to Kevin.

再次感謝您，現在我將把它轉回給凱文。

Great. Thank you, Bill. Tanya, can we please open the line for questions?

偉大的。謝謝你，比爾。 Tanya，我們可以開通提問線嗎？

(Operator Instructions) And our first question will come from Matt Summerville of D.A. Davidson.

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

Congrats, Bill. I wanted to first ask about the EMG business and the inventory normalization you're seeing there. Using a baseball analogy, what inning are we in with respect to that normalization? And when do you start to see inflection in organic orders within EMG. So if you can first maybe start by elaborating there? And then I have a follow-up.

恭喜，比爾。我想先詢問肌電圖業務和您在那裡看到的庫存標準化情況。使用棒球類比，我們處於正常化的哪一局？你什麼時候開始看到肌電圖有機秩序的改變。那麼，您是否可以先從那裡開始闡述？然後我有一個後續行動。

Sure. Sure, Matt. Maybe the first thing I want to do is, in the outlook for 2024, Kevin told me that it may have not come through clearly. The diluted EPS for the year is $6.70 to $6.85. So that's just maybe a correction of what I had said before, if it didn't come through clearly. And now I'll get to your question, Matt.

當然。當然，馬特。也許我想做的第一件事是，在2024年的展望中，凱文告訴我，它可能還沒有清晰地實現。本年度攤薄後每股收益為 6.70 美元至 6.85 美元。所以這也許只是對我之前所說的話的修正，如果它沒有表達清楚的話。現在我來回答你的問題，馬特。

I mean we think that, as we talked about the OEM parts of our business and we think that OEM destocking largely played out as we expected during Q4, we expect it to continue through the first half of the year. We're going to have some difficult comps in Q1, then it will finish in Q2, and then we're going -- we're pretty good for the second half of the year, the way we're forecasting. So the -- again, we're working off our backlog right now. So it's not an immediate impact on revenue. But that destock will continue for the first half of the year, probably a bit more in Q1 than Q2, but we think will be good for the second half of the year. And it's already starting to happen. Some customers are have corrected their inventory levels, but it will continue through the first half of the year.

我的意思是，我們認為，當我們談論我們業務的 OEM 部分時，我們認為 OEM 去庫存基本上如我們在第四季度預期的那樣發揮作用，我們預計這種情況將持續到今年上半年。我們將在第一季進行一些困難的比賽，然後將在第二季度完成，然後我們將 - 正如我們預測的那樣，我們下半年的表現相當不錯。所以，我們現在正在處理積壓的工作。因此，這不會對收入產生直接影響。但這種去庫存將持續到今年上半年，第一季可能會比第二季多一點，但我們認為下半年會很好。這已經開始發生了。一些客戶已經調整了庫存水平，但這種情況將持續到今年上半年。

Got it. And then can you review what you experienced in terms of price capture in '23 over '22, and what we should be thinking about in '24. And ultimately, what that price cost relationship looks like this year?

知道了。然後您能否回顧一下您在 23 年和 22 年在價格捕獲方面的經歷，以及我們在 24 年應該考慮的內容。最終，今年的價格成本關係是什麼樣的？

Yes, sure. In the fourth quarter, price was about 5% of sales. And total inflation was about 3.5%. And when we transition to 2024, we really see inflation decreasing. So the time where we had very significant price increases to be at or above inflation is coming to an end. And we think pricing in 2024 would be about 3% across the entire portfolio, and we think inflation will be at about 2.5%. And so we maintain a positive spread. We have the product differentiation. We're creating value. You see our new products are selling very well. But we budgeted, I would say, conservatively at 3% price capture during 2024.

是的，當然。第四季度，價格約佔銷售額的5%。總通膨率約3.5%。當我們過渡到 2024 年時，我們確實看到通膨下降。因此，價格大幅上漲至等於或高於通膨水準的時代即將結束。我們認為 2024 年整個投資組合的定價約為 3%，通膨率約為 2.5%。因此我們保持正利差。我們有產品差異化。我們正在創造價值。你看我們的新產品賣得很好。但我想說的是，我們保守地將 2024 年價格捕獲率定為 3%。

(Operator Instructions) Our next question will be coming from Deane Dray of RBC Capital Markets.

（操作員說明）我們的下一個問題將來自 RBC 資本市場的 Deane Dray。

Just I'd like to add my congrats to Bill and Dalip. And Bill that is just the epitome of a distinguished career. So congratulations, and you'll be missed.

我想向比爾和達利普表示祝賀。比爾這只是傑出職業生涯的縮影。所以恭喜你，我們會想念你的。

I appreciate that, Deane. Thank you very much.

我很感激，迪恩。非常感謝。

Dave, maybe you can take us through the key end markets and what you're seeing in terms of demand orders. And then what does Paragon do in terms of increasing your percent of medical? Is that in the range that you're comfortable with? And how do you expect to grow it from there?

戴夫，也許您可以帶我們了解主要的終端市場以及您在需求訂單方面所看到的情況。那麼 Paragon 在增加您的醫療百分比方面做了什麼？這在你覺得舒服的範圍內嗎？您預計如何從那裡發展它？

Yes, I'll start with that. With the Paragon acquisition, our portfolio has about 21% of sales into the med tech space. And we like to see that even larger. So we're still looking for acquisition in that space, and we plan to grow nicely within that space. And in fact, in the fourth quarter, Q4, we were up mid-single digits with strong growth on our EMC and Rauland businesses before we got Paragon integrated. So we're happy with the space. We want to continue to grow it, and we're still looking for deals in the space.

是的，我將從這個開始。收購 Paragon 後，我們的產品組合約佔醫療技術領域銷售額的 21%。我們希望看到更大。因此，我們仍在尋找該領域的收購，並且我們計劃在該領域取得良好的發展。事實上，在第四季度，在整合 Paragon 之前，我們的 EMC 和 Rauland 業務實現了中個位數的強勁成長。所以我們對這個空間很滿意。我們希望繼續發展它，並且仍在尋找該領域的交易。

Now I'll go around the horn, per se, I look at our various subsegments and end markets, and I'll start with our Process businesses, which are the largest component of our subsegments. And organic sales for Process were up low single digits in the quarter, completing a strong year that saw a broad-based growth across the segment.

現在我將圍繞喇叭本身，看看我們的各個細分市場和終端市場，我將從我們的流程業務開始，這是我們細分市場的最大組成部分。本季流程的有機銷售額成長了低個位數，完成了強勁的一年，整個細分市場實現了廣泛的成長。

Growth was strongest within our CAMECA and Zygo businesses given their strong technology positions with attractive research, optics and medical applications. We look to 2024, we expect organic sales for the Process businesses to be up low single digits for the full year. So it's a low single digits in 2023, low single digits in 2024. Aerospace & Defense, strong fourth quarter to complete an excellent year. Growth was broad-based across all segments. Organic growth was up high single digits in the quarter. The growth was balanced across our commercial and aerospace businesses. And for 2024, we expect the organic sales of the Aerospace & Defense businesses to again be up high single digits with similar growth across commercial aerospace and defense.

由於 CAMECA 和 Zygo 業務在具有吸引力的研究、光學和醫療應用方面的強大技術地位，其成長最為強勁。展望 2024 年，我們預期流程業務全年的有機銷售額將成長低個位數。因此，2023 年的數字較低，2024 年的數字較低。航空航太與國防，第四季度表現強勁，完成了出色的一年。所有細分市場均廣泛成長。本季有機成長達到高個位數。我們的商業和航空航天業務的成長是平衡的。到 2024 年，我們預計航空航太和國防業務的有機銷售額將再次實現高個位數成長，商業航空航太和國防業務也將出現類似增長。

I'll move to our Power businesses. They were up low double digits in the fourth quarter with contributions from the acquisitions of RTDS, UEI and Amplifier Research being offset by low single-digit organic sales growth. Our power businesses have been very active on the acquisition front with 3 highly strategic acquisitions over the past 15 months. These acquisitions broaden our exposure to attractive applications tied to renewable energy and modernization of the power grid. For 2024, we expect organic sales for the Power & Industrial businesses to be up low to mid-single digits. So there's some project -- that business is more impacted by certain projects, and we feel pretty good that we're going to be able to grow low to mid-single digits in 2024, some positive project evolutions.

我將轉向我們的電力業務。由於收購 RTDS、UEI 和 Amplifier Research 的貢獻被較低的個位數有機銷售成長所抵消，第四季度的銷售額增長了兩位數。我們的電力業務在收購方面非常活躍，在過去 15 個月內進行了 3 次高度策略性的收購。這些收購擴大了我們對與再生能源和電網現代化相關的有吸引力的應用的接觸。到 2024 年，我們預計電力和工業業務的有機銷售額將成長到中個位數。因此，有一些項目——業務受某些項目的影響更大，我們感覺很好，我們將能夠在 2024 年實現低至中個位數的增長，這是一些積極的項目進展。

And then finally, our Automation & Engineered Solutions. The segment was up mid-single digits in the quarter, with contributions from the acquisitions of Paragon Medical and Bison Engineering, being offset by a mid-single-digit decrease in organic sales. Results were in line with expectations with the impact of the normalization of inventory levels that Matt asked about across our OEM customer base, and they really continued in the quarter as expected, and we expect them to continue into 2024.

最後是我們的自動化和工程解決方案。由於收購 Paragon Medical 和 Bison Engineering 的貢獻，該部門本季實現中個位數成長，但被有機銷售額中個位數下降所抵銷。結果符合 Matt 向我們的 OEM 客戶群詢問的庫存水準正常化影響的預期，而這種情況確實在本季度持續如預期，我們預計這種情況將持續到 2024 年。

In 2024, we expect the Automation & Engineered Solutions business to be up low single digits with stronger growth in the back half of the year as our customer base normalizes inventory levels than in the first half. So the second half for that sub-segment will be stronger growth than the first half. That's around the horn, Deane.

到 2024 年，我們預計自動化和工程解決方案業務將實現低個位數成長，下半年成長將更為強勁，因為我們的客戶群庫存水準比上半年正常化。因此，該細分市場下半年的成長將比上半年強勁。就在喇叭附近，迪恩。

That's fabulous. I appreciate it. And just it's remarkable how we're seeing that momentum from '23 carry into your expectations for '24. And just one quick follow-up on the $100 million in growth investments. How does that stack up in terms of the product categories? Is there anything -- is it skewed in one way or the other? Is it evenly distributed? And where does new product vitality go from here? You're 29% this quarter, your 26% last quarter. Is there a target in mind?

太棒了。我很感激。令人驚訝的是，我們看到 23 年的勢頭融入了您對 24 年的期望。這只是 1 億美元成長投資的快速後續行動。就產品類別而言，情況如何？有沒有什麼事情——它是以一種方式還是另一種方式傾斜的？分佈均勻嗎？新產品的活力又從何而來？本季為 29%，上季為 26%。心裡有目標嗎？

Yes. I think anywhere between 20% and 30% is a good number. So that's what we've always said. And when we started tracking this, it was back in the 15% range. So we certainly have made tremendous progress with our new product development efforts. In terms of where the $100 million comes from, it's really bottom up. So our business units put plans together. And if they want to go beyond what they invested in the prior year, we will pitch those plans in their budgeting and it's spread across the business. It goes at our best growth opportunities, and it's going to be about $100 million this year.

是的。我認為 20% 到 30% 之間都是一個不錯的數字。這就是我們一直說的話。當我們開始追蹤這一點時，它又回到了 15% 的範圍內。因此，我們的新產品開發工作無疑取得了巨大進展。至於這1億美元的來源，確實是由下而上的。因此，我們的業務部門將計劃放在一起。如果他們想要超出前一年的投資，我們將在他們的預算中提出這些計劃，並將其分散到整個企業。它抓住了我們最好的成長機會，今年將達到約 1 億美元。

Our next question will be coming from Allison Poliniak of Wells Fargo.

我們的下一個問題將來自富國銀行的艾莉森·波利尼亞克。

Congrats, Bill and look forward to working with you, Dalip. Just following on Deane's R&D question. The $100 million is incremental from the '23 that you did $100 million. As you push into this med tech space, does that number need to go up higher? I mean I'm just trying to think through the investment needed to continue those trajectories for those business...

恭喜，比爾，期待與您合作，達利普。接下來是迪恩的研發問題。這 1 億美元是您在 23 年增加的 1 億美元。當您進入醫療技術領域時，這個數字是否需要上升？我的意思是，我只是想考慮一下繼續這些業務的發展軌跡所需的投資...

Yes. We're currently investing just under 5.5% of sales on research, development and engineering. And as we buy higher technology businesses, that number will increase modestly. I think this year, we expect to spend $400 million on RD&E, which is up a good healthy double-digit amount on the total R&D spend.

是的。目前，我們將銷售額的 5.5% 投資於研究、開發和工程。隨著我們收購高科技企業，這個數字將會適度增加。我認為今年，我們預計將在研發和教育上花費 4 億美元，這在研發總支出中實現了兩位數的健康成長。

So our R&D is a key part of our business. We have a lot of industrial technology products that we want to maintain leadership positions in. It allows us to get the pricing that we can get because we're providing unique value to our customers. I don't think you're going to see a big jump anywhere, but it's happening as we naturally evolve our portfolio to higher technology products.

因此，我們的研發是我們業務的關鍵部分。我們有許多工業技術產品，我們希望在這些產品中保持領先地位。它使我們能夠獲得合理的定價，因為我們為客戶提供了獨特的價值。我認為你不會在任何地方看到巨大的飛躍，但隨著我們自然地將我們的產品組合發展到更高技術的產品，這種情況就會發生。

Great. And just any color on M&A. You obviously had a record year last year, still in a good position from a leverage standpoint. What are you seeing or what are we expecting? I know you mentioned med tech is sort of a vertical you want to go into. Where are you seeing the greatest opportunities? Any difference in terms of size that we should be thinking through? Just any thoughts there.

偉大的。以及併購中的任何顏色。顯然，去年你們創下了創紀錄的業績，從槓桿的角度來看，仍然處於有利位置。你看到了什麼或我們期待什麼？我知道你提到醫療技術是你想要進入的垂直領域。您在哪裡看到最大的機會？我們應該考慮尺寸方面的任何差異嗎？只是有任何想法。

No, I think we're looking at the more traditional size deals. And we're also -- we have a few of the larger size deals in our pipeline, and I would characterize Paragon on the outer edge of the larger size. We're very happy with the 5 deals that we got done. We deployed $2.25 billion. We did it across our business in different parts of it. They were high-quality additions. They expanded our presence in attractive growth markets. We have a very clear path to add value to these companies. Each business has a strong technology position. The deals will meet our traditional financial hurdles. Remember, it's a 10% return on invested capital in year 3.

不，我認為我們正在考慮更傳統的規模交易。我們還有一些規模較大的交易正在籌備中，我將Paragon 描述為較大規模交易的外緣。我們對完成的 5 筆交易感到非常滿意。我們部署了 22.5 億美元。我們在整個業務的不同部分都這樣做了。它們是高品質的補充。他們擴大了我們在有吸引力的成長市場的影響力。我們有非常明確的途徑來為這些公司增加價值。每個企業都擁有強大的技術地位。這些交易將解決我們傳統的財務障礙。請記住，第 3 年的投資資本報酬率為 10%。

In terms of our pipeline, our pipeline remains very strong. And we are actively looking at a number of high-quality deals across a broad set of markets. As always, we'll remain disciplined when we do this. And I really think that we have the opportunity to differentiate our performance with the M&A element of our growth strategy, combined with our balance sheet and cash flow positions. I mean we excel when the markets are slowing or choppy because we had great OpEx and great M&A, and we see tremendous values in the market that we're tracking. The way the market is evolving, it's probably going to be 2, 3, 4 -- second quarter, third quarter, fourth quarter, with the bulk of the opportunities are. So -- but really, this year, the pipeline looks good, and we're optimistic.

就我們的管道而言，我們的管道仍然非常強大。我們正在廣泛的市場中積極尋找大量高品質的交易。一如既往，我們在這樣做時將保持紀律。我確實認為，我們有機會透過成長策略的併購要素，結合我們的資產負債表和現金流狀況，使我們的表現脫穎而出。我的意思是，當市場放緩或波動時，我們表現出色，因為我們擁有出色的營運支出和併購，而且我們在我們追蹤的市場中看到了巨大的價值。市場發展的方式，可能會是2、3、4——第二季、第三季、第四季，其中大部分機會都是這樣。所以，但實際上，今年的管道看起來不錯，我們很樂觀。

(Operator Instructions) Our next question will be coming from Jeffrey Sprague. of Vertical Research.

（操作員說明）我們的下一個問題將來自 Jeffrey Sprague。垂直研究。

Just on deals, Dave. I think on Paragon, you're expecting most or the accretion to really kick in, in 2025, not so much '24. But can you just give us a little color on what is the EPS impact embedded in your guide for Paragon in '24 and the other deals also?

只是交易，戴夫。我認為，在《Paragon》上，你預計大部分成長會在 2025 年真正發揮作用，而不是 24 年。但是，您能否向我們介紹您的 24 年 Paragon 指南以及其他交易對 EPS 的影響？

Well, sure. Related to Paragon specifically, during the first half of the year, we're going to be doing some -- expect some muted growth for a couple of reasons. One, there is an inventory correction going on in the med tech market, and we're going to look at the portfolio and potentially prune some less product -- less profitable product areas.

嗯，當然。特別是與《Paragon》相關的是，在今年上半年，我們將做一些事情——由於幾個原因，預計成長會放緩。第一，醫療科技市場正在進行庫存調整，我們將審視產品組合，並可能削減一些產品較少、利潤較低的產品領域。

So there's a whole process that we're going to go through during this first half. And -- but all that said, we're expecting the second half to be very strong because they got some new product introductions that are very exciting. But we continue to expect within our guidance is 8% to 10% accretion and in 2024. And this is back-end loaded as we leer in the integration costs.

因此，我們在上半場將經歷一個完整的過程。儘管如此，我們預計下半年會非常強勁，因為他們推出了一些非常令人興奮的新產品。但我們仍然預計 2024 年將在我們的指導範圍內增加 8% 至 10%。而且這是後端加載的，因為我們考慮了整合成本。

Does that clarify...

這是否澄清了...

Yes, $0.08 to $0.10.

是的，0.08 美元到 0.10 美元。

Yes, $0.08 to $0.10. Yes. And then just drilling a little bit further into some of the end markets, thanks for kind of going and doing it around the world. But kind of the semi-related markets in particular, which have kind of been the vein of a lot of people's existence here recently kind of looking for the bottom and the turn. Like what are you seeing in those markets? What do you see in the quarter specifically? And how does 2024 look?

是的，0.08 美元到 0.10 美元。是的。然後再進一步深入一些終端市場，感謝您在世界各地進行的工作。但尤其是半相關市場，這已經成為最近很多人在這裡生存的脈絡，尋找底部和轉機。您在這些市場中看到了什麼？您對本季的具體情況有何看法？ 2024 年會怎樣？

We have a little different dynamic in semiconductor, and I talked about it on a couple of past calls because we have the memory downturn that a lot of people are seeing. We saw that too. But at the same time, we have some exceptional technology in our CAMECA business. It's a next-generation technology that's really is in demand in just about all fabs. And we also have our Zygo business. We're one of the few companies that can manufacture EUV, extreme ultraviolet optics and semiconductor fabrication.

我們在半導體領域的動態略有不同，我在過去的幾次電話會議中談到了這一點，因為我們面臨許多人看到的記憶體衰退。我們也看到了。但同時，我們的 CAMECA 業務擁有一些卓越的技術。這是幾乎所有晶圓廠都真正需要的下一代技術。我們還有 Zygo 業務。我們是少數能夠製造 EUV、極紫外光學元件和半導體製造的公司之一。

So those are 2 growing dynamics. It's a good place to be. They were able to offset some of the weakness we had in the -- I'll call it, the core memory part of the portfolio. And for 2023, we ended up 10%. So it was a growing market for us. And for 2024, we expect to additionally grow another plus mid-single digits. So largely because of the technology, we were able to grow in '23, and we think we'll continue to grow in '24.

所以這是兩個成長動力。這是一個好地方。他們能夠彌補我們在——我稱之為產品組合的核心記憶體部分——方面的一些弱點。到 2023 年，我們的成長率為 10%。所以這對我們來說是一個不斷成長的市場。到 2024 年，我們預計還會再成長中個位數。很大程度上得益於技術，我們能夠在 23 年實現成長，我們認為我們將在 24 年繼續成長。

Our next question will come from Nigel Coe of Wolfe Research.

我們的下一個問題將來自沃爾夫研究中心的奈傑爾·科。

Bill, congratulations on your retirement. So just a few model [lines] for me for '24. The guidance for revenue growth of low double digits. I've got high single digits coming in from M&A, obviously, mainly Paragon. Is that the right kind of ballpark about 9% coming in from M&A, which implies sort of 2%, 3% organic. Is that the right level?

比爾，恭喜你退休。所以我只需要 24 年的一些模型[生產線]。收入成長指引為低兩位數。顯然，我從併購中獲得了很高的個位數收入，主要是 Paragon。這是正確的大概嗎？大約 9% 來自併購，這意味著 2%、3% 是有機收入。這是正確的水平嗎？

You're in the ballpark, Nigel.

你就在球場上，奈傑爾。

Okay. Great. That's helpful. And then just anything to call out on incremental margins across both segments. We're coming off some pretty tough comps in EIG. So just curious, how we should think about maybe overall margins, but more importantly, core incremental margins.

好的。偉大的。這很有幫助。然後就是關於兩個細分市場增量利潤的任何事情。我們在 EIG 中經歷了一些相當艱難的比賽。所以只是好奇，我們應該如何考慮整體利潤率，但更重要的是，核心增量利潤率。

Are you talking about for 2024 or 2023?

你說的是2024年還是2023年？

2024.

2024 年。

2024?

2024 年？

Yes.

是的。

Yes. I mean we had a fantastic margin year in 2023 and margins were up. Core margins were up 200 basis points in the fourth quarter, reported margins are up 120 basis points. EIG had a great quarter. EMG, it was dilutive because of acquisitions. And when you peel away what was going on, they're actually up 100 basis points. So really good margins, really good incrementals. And we think for 2024, they're going to moderate a bit. They're going to continue to grow them, but they're going to moderate a bit. And for 2024, we believe that core margins are going to be up 30 basis points. We think that the core incrementals are going to be up about 30 basis points.

是的。我的意思是，2023 年我們的利潤率非常出色，而且利潤率上升。第四季核心利潤率上升 200 個基點，報告利潤率上升 120 個基點。 EIG 這個季度表現優異。 EMG，由於收購而被稀釋。當你剝開正在發生的事情時，它們實際上上漲了 100 個基點。所以利潤非常好，增量非常好。我們認為，到 2024 年，他們的政策將會有所放緩。他們將繼續增長，但會稍微放緩。到 2024 年，我們認為核心利潤率將上升 30 個基點。我們認為核心增量將上升約 30 個基點。

And we have built on our model cost reductions and pricing and things like that, but the whole thing that's to the core margins being up 30 and the core incremental is up 30 basis points. When you look at as reported margins for the year, those will be down probably about 50 basis points due to acquisition dilution. So that's the whole story.

我們已經建立在成本降低和定價等模型的基礎上，但整體而言，核心利潤率提高了 30 個基點，核心增量提高了 30 個基點。當你查看今年報告的利潤率時，由於收購稀釋，這些利潤率可能會下降約 50 個基點。這就是整個故事。

Okay. That's really helpful. And then just quickly on geographies. You've gone through the end markets, but just wondering if there's anything to call out in '24 geographically?

好的。這真的很有幫助。然後快速了解地理。您已經瀏覽過終端市場，但只是想知道 24 世紀在地理上是否有什麼值得關注的地方？

Yes, I'll do a summary of Q4 geographically, so you know where we stand. And we had growth in the quarter led by the U.S. and Asia. So the U.S. has been strong all along. Asia is picking up a bit. The U.S. was up mid-single digits with notable strength in our Materials Analysis division and Aerospace & Defense. Europe was down high single digits, driven in part by our automation business, and Asia was up about a little under 10%, about 9% with strength in our Materials Analysis division and our Ultra Precision Technology division.

是的，我將從地理角度對第四季度進行總結，以便您知道我們的立場。本季我們的成長以美國和亞洲為主導。所以美國一直都很強大。亞洲正在回升。美國的材料分析部門和航空航太與國防部門的實力顯著，成長了中個位數。歐洲下降了高個位數，部分原因是我們的自動化業務，而亞洲則上升了約 10%，其中約 9% 得益於我們的材料分析部門和超精密技術部門的實力。

We have a dynamic that was a little different than what's going on in the general marketplace. Our China sales were up 22% in Q4. So that -- they were up about 14%, 15% in the year, 22% in Q4. Strong growth in our Materials Analysis division and UPT. When we look into 2024, we think we'll grow in Asia, but we think China is going to moderate to more of a flattish market because there was some -- one of project businesses that we benefited from. So it's still going to be good for us, but we are seeing the broader impacts on the economy, and we think it will be flattish on an orders basis in 2024 in China, and we'll grow in Asia.

我們的動態與一般市場上的動態略有不同。第四季我們在中國的銷售額成長了 22%。因此，今年成長了約 14%、15%，第四季成長了 22%。我們的材料分析部門和 UPT 強勁成長。當我們展望 2024 年時，我們認為我們將在亞洲實現成長，但我們認為中國市場將趨於平穩，因為我們從中受益的專案業務之一。因此，這對我們來說仍然是件好事，但我們看到了對經濟的更廣泛影響，我們認為 2024 年中國的訂單量將持平，而我們將在亞洲實現成長。

Our next question will be coming from Scott Graham of Seaport Research Partners.

我們的下一個問題將來自海港研究合作夥伴的斯科特·格雷厄姆。

Bill, congratulations on a great run. It's been a complete pleasure working with you. I hope you remain happy invest to your family. Thank you.

比爾，恭喜你跑得很好。與您合作非常愉快。我希望您繼續快樂地為您的家人投資。謝謝。

Thank you very much, Scott. Appreciate it.

非常感謝你，斯科特。欣賞它。

I was hoping, Dave, you could go through the orders a bit for the quarter, both in total and organically?

戴夫，我希望您能稍微瀏覽一下本季的訂單，無論是整體訂單還是有機訂單？

Yes. Sure. The -- let me make sure I'm looking at the right stuff here. Yes. Yes, the orders in total for the quarter were up 16%. Now that was largely driven by the Paragon acquisition because the orders get booked as backlog the first when you acquire a business. So that 16% orders, EIG orders were up 3% and EMG orders were up 43%. And again, the EMG orders were driven by Paragon. Organically, the orders were minus 2%, and it translated into a book-to-bill of 1.10. Pretty much...

是的。當然。 - 讓我確保我在這裡看到的是正確的東西。是的。是的，該季度的訂單總數增加了 16%。現在，這主要是由 Paragon 收購推動的，因為當你收購一家企業時，訂單首先被登記為積壓訂單。因此，在 16% 的訂單中，EIG 訂單成長了 3%，EMG 訂單增加了 43%。再次強調，EMG 訂單是由 Paragon 驅動的。從有機角度來看，訂單量為負 2%，訂單出貨比為 1.10。差不多...

And would you expect, Bill, that sometime in the first half, perhaps the second quarter that the orders may be really kind of flatten out for you organically and then start to progress into the second half?

比爾，您是否期望在上半年的某個時候，也許是第二季度，您的訂單可能會有機地趨於平緩，然後開始進入下半年？

Yes. I think in the first quarter, we have some pretty difficult comps. So I expect a similar trend with orders trailing sales. But then as we get out in the second half of the year, maybe even in the second quarter, I think the orders will outpace sales. Yes.

是的。我認為在第一季度，我們有一些相當困難的比賽。因此，我預計訂單追蹤銷售額也會出現類似的趨勢。但當我們在下半年，甚至可能在第二季度，我認為訂單將超過銷售。是的。

Got it. And then [Mike], just one other question. Within the guidance, I guess, I was a little bit surprised at the level of organic you're expecting in a good way. And it looks to me off of your summary that, that's stemming from the Aerospace & Defense businesses. Would you mind parsing out for the total company kind of what you're expecting in sort of Aerospace versus Defense this year and maybe tack on what the drivers are, particularly in commercial?

知道了。然後[麥克]，還有一個問題。我想，在指導中，我對您所期望的有機水平感到有點驚訝。從你的總結來看，我認為這源自於航空航太和國防業務。您是否介意分析整個公司對今年航空航太與國防的期望，並可能補充一下驅動因素，特別是在商業領域？

Yes. I mean the overall organic growth for the company is a low to mid-single-digit number, and that's going to be in both groups, EIG and EMG. And in terms of Aerospace, we think we're going to grow about the same level that we did this year at plus high single digits. And we have really good diversity in that business. And the military orders are strong, and the commercial OE aftermarket are strong, and the commercial OE are good, too. So we think largely the -- both the military and the total commercial markets are going to be up high single digits in 2024. Pretty optimistic about that.

是的。我的意思是，公司的整體有機成長是低至中個位數的數字，這將出現在 EIG 和 EMG 兩個集團中。在航空航太方面，我們認為我們的成長水準將與今年相同，並且達到高個位數。我們在該業務中擁有非常好的多樣性。軍事訂單強勁，商業原裝備售後市場強勁，商業原裝備也很好。因此，我們認為，到 2024 年，軍事市場和整個商業市場都將出現高個位數成長。對此非常樂觀。

Our next question will come from Rob Wertheimer of Melius Research.

我們的下一個問題將來自 Melius Research 的 Rob Wertheimer。

So first question is just on growth into '24 and maybe even beyond on the growth algorithm. It seems like your expectations starting out the year is more price-led than volume. And I assume, obviously, some of the destock or channel that you talked about is holding that back. But as we get into 2H, are we looking at return to normal volume growth? And then maybe we're in place environment. I don't know if you have a bigger picture view on where pricing is going? Are we in more of a 3% world and as volume comes back, that kind of ticks up core as we exit the year? That's my first question.

所以第一個問題只是關於成長到 24 年，甚至可能超過成長演算法。看來您對今年開始的預期更多是由價格主導而不是數量主導。我認為，顯然，你談到的一些去庫存或管道正在阻礙這一趨勢。但當我們進入下半年時，我們是否會考慮恢復正常的銷售成長？然後也許我們就處於適當的環境。不知道您是否對價格走勢有更全面的了解？我們是否處於一個 3% 左右的世界，隨著交易量的回升，當我們退出這一年時，核心的數量會增加？這是我的第一個問題。

Yes. That very well could happen, Rob. I think the -- I think we're in a 3% pricing world. And I think our volume has the potential to be a little stronger in the second half than the first half. So that -- what you're saying is kind of how we're thinking about it. We've been pretty conservative in our second half outlook. But if there was something that could exceed it, it will be the second half volume. Sales volume organically.

是的。這很可能發生，羅布。我認為——我認為我們正處於 3% 的定價世界中。我認為我們下半年的成交量有可能比上半年稍強。所以——你所說的就是我們的想法。我們對下半年的前景相當保守。但如果說有什麼可以超越的話，那就是後半捲了。有機銷售量。

Okay. Perfect. And then I wonder, just given the rise of med tech in the portfolio, if you could just give a general thoughts on your value add there. Is it different from anything in the core? General thoughts on core growth there. And then if the acquisition environment differs at all, if it's more white space, if it's more competing against others and deals? Just a couple of general thoughts there, if you would.

好的。完美的。然後我想知道，鑑於醫療技術在投資組合中的崛起，您是否可以對您在那裡的增值給出一個總體想法。它與核心中的任何東西有什麼不同嗎？關於核心成長的一般想法。然後，如果收購環境有任何不同，是否有更多空白，是否與其他人和交易競爭更多？如果你願意的話，這裡只是一些一般性的想法。

Yes, we've been -- acquired some good medical businesses. I mean if we go back and look, the Rauland business has been a fabulous winner for us, and that business is growing in the market. And we made an EMC acquisition, and that business has been very successful. And that business is in the similar market that Paragon has been. So that gave us confidence. And it's -- they're classic AMETEK businesses. We win in the market based on technology, based on engineering. They're a little more OEM than end market.

是的，我們已經收購了一些優秀的醫療企業。我的意思是，如果我們回頭看看，勞蘭業務對我們來說是一個神話般的贏家，而且該業務正在市場上不斷增長。我們收購了 EMC，這項業務非常成功。該業務與 Paragon 所處的市場類似。這給了我們信心。它們是典型的 AMETEK 業務。我們以技術、工程為基礎贏得市場。他們更多的是 OEM 而非終端市場。

But basically, our whole EMG business is more OEM than end market. You have longer looks at your customers in terms of what you're going to be building in the future. So it's a pretty stable market. And we just think the growth in the case of Paragon over the next 3 years will be a little bit slower to get down on that gate because of some of the things that are going on. But we're pretty confident it's going to be a low double-digit grower over the next few years. So we think with those portfolio additions, they're going to grow just a bit greater than the rate of our base portfolio.

但基本上，我們的整個肌電圖業務更多的是 OEM，而不是終端市場。您將根據未來要開發的產品來更仔細地審視您的客戶。所以這是一個相當穩定的市場。我們只是認為，由於正在發生的一些事情，Paragon 在未來 3 年的成長速度會稍微慢一些。但我們非常有信心在未來幾年內它將實現兩位數的低成長。因此，我們認為，隨著這些投資組合的增加，它們的成長速度將略高於我們基本投資組合的速度。

Our next question will come from Andrew Buscaglia of BNP Paribas Exane.

我們的下一個問題將來自法國巴黎銀行 Exane 的 Andrew Buscaglia。

Andrew, are you there?

安德魯，你在嗎？

Can you hear me, okay?

你聽得到我說話嗎？

Yes, we hear you.

是的，我們聽到了。

Fine, then let's go to the next caller, and Andrew can get back into the queue.

好的，那麼讓我們接聽下一個呼叫者，Andrew 就可以回到佇列中了。

Certainly. Moving forward. Our next question is going to come from Andrew Obin of Bank of America.

當然。向前進。我們的下一個問題將來自美國銀行的安德魯·奧賓。

Bill, congratulations.

比爾，恭喜你。

Thank you. Appreciate it.

謝謝。欣賞它。

Yes. So just a little bit more color. You -- I think other automation/short-cycle companies expect second half rebound. Your comments sort of indicate something very similar. What kind of visibility do you have on that? And what gives you confidence that things are actually are going to turn in the second half? And I acknowledge that your view is very much consistent with what we hear from everybody else.

是的。所以只要多一點顏色就可以了。我認為其他自動化/短週期公司預計下半年會反彈。你的評論表明了一些非常相似的事情。您對此有何看法？是什麼讓您相信下半年情況會發生轉變？我承認您的觀點與我們從其他人那裡聽到的非常一致。

Yes. I think that in that second half for automation, in particular, we're conservative on the input that we're getting from our customers in the marketplace. And I think that for the entire segment, we're forecasting it to be up low single digits. So we're not out. If we just put in there what our customers are telling us it would be higher. So we've been -- it's a bit of conservative that we placed in it. And it's largely from talking to customers and understanding their inventory levels and it's the typical work that we do to set a plan for the year. And it's -- we think the -- we'll see a positive second half as those orders, those backlogs are depleted.

是的。我認為，特別是在自動化的下半年，我們對從市場客戶獲得的意見持保守態度。我認為，對於整個細分市場，我們預測其增幅將是低個位數。所以我們沒有出去。如果我們只是把客戶告訴我們的內容放在那裡，價格會更高。所以我們一直——這有點保守。這主要是透過與客戶交談並了解他們的庫存水平，這是我們制定年度計劃的典型工作。我們認為，隨著訂單和積壓訂單的減少，我們將看到下半年的正面情況。

Excellent. And just maybe a follow-on building on that. You talked about sort of increasing investment, but are there business units that need to start expanding capacity? Where are you broadly in capacity utilization? And finally, as you are expanding capacity, what are you going to do differently about your supply chain and where you are putting this capacity versus maybe pre-COVID?

出色的。也許只是在此基礎上的後續建設。您談到了增加投資，但是是否有業務部門需要開始擴大產能？您的產能利用率大致處於什麼水準？最後，當你擴大產能時，你將對你的供應鏈採取哪些不同的做法，以及與新冠疫情之前相比，你將把這些產能放在哪裡？

Yes. I mean in terms of supply chain, we did a lot of work to eliminate the risks from China, and we did it actually before COVID. So we were well positioned during it. And I think the -- our supply chain is developing naturally around the different regions of the world, and it's not as China-centric because of that. So that's 1 item. I think that in terms of capacity, we put significant capacity investments in over the past few years. We're a low CapEx business. And it's not -- we don't have to come to you and get away from our typical 2% of sales. We did it within our 2% of sales guideline. We put incremental capacity in our Mexican facilities. We put incremental capacity in our Malaysian facilities. We put incremental capacity in our Serbian facilities.

是的。我的意思是在供應鏈方面，我們做了很多工作來消除來自中國的風險，而且我們實際上在新冠疫情之前就已經做到了。所以我們在這段期間處於有利位置。我認為，我們的供應鏈正在世界不同地區自然發展，因此並不以中國為中心。這是 1 項。我認為就產能而言，過去幾年我們投入了大量產能投資。我們是一家資本支出較低的企業。事實並非如此——我們不必來找您並擺脫我們典型的 2% 銷售額。我們在銷售指導方針的 2% 之內做到了這一點。我們在墨西哥工廠增加了產能。我們在馬來西亞工廠增加了產能。我們在塞爾維亞工廠增加了產能。

So I think we're pretty -- we have an asset-light business model, and we can usually ramp-up pretty quickly, and we have the flexibility to reduce cost very quickly. So that's one of the advantages of the AMETEK model with our low CapEx environment. We can grow sales and adjust sales on the downside without big capacity investments or without stringent investments when we downsize. So we're in excellent position to grow, and we've done all that work over the past few years or so. I feel really confident that we're going to be able to keep up with the growth through the next growth cycle.

所以我認為我們很不錯——我們有輕資產的商業模式，我們通常可以很快地擴大規模，而且我們可以靈活地快速降低成本。這就是 AMETEK 模型在我們的低資本支出環境中的優勢之一。我們可以增加銷售額並在下行時調整銷售額，而無需進行大量產能投資或在縮小規模時無需嚴格投資。因此，我們處於發展的有利位置，並且在過去幾年左右的時間裡我們已經完成了所有這些工作。我非常有信心我們將能夠在下一個成長週期中保持成長。

Our next question is coming from Brett Linzey of Mizuho.

我們的下一個問題來自 Mizuho 的 Brett Linzey。

Congratulations to everyone. I wanted to come back to the pruning comment on Paragon. So you indicated you're running down some of the less profitable areas, makes sense. I guess in the context of the broader portfolio, as you continue to shift towards this higher growth, higher-margin areas, is there more pruning to do on the other side in the context of the total AMETEK portfolio?

恭喜大家。我想回到 Paragon 的修剪評論。所以你表示你正在經營一些利潤較低的領域，這是有道理的。我想在更廣泛的投資組合的背景下，當您繼續轉向更高成長、更高利潤的領域時，在整個阿美特克投資組合的另一邊是否需要進行更多的修剪？

This pruning process is something that we do with just about every new acquisition. So this is not new. And Paragon is a little bigger business, and we're going to be careful with it, but it's something that we do all the time. So all M&A deals will go through this process. Paragon is going to be going through in the first half. And we look at our own portfolio, and we do that kind of thing all the time. So yes, it can continue, and we're pretty good at that portfolio rationalization things.

我們幾乎在每次新收購時都會進行這種修剪過程。所以這並不新鮮。 Paragon 是一個規模更大的業務，我們會謹慎對待它，但這是我們一直在做的事情。所以所有的併購交易都會經歷這個過程。 Paragon 將在上半場結束。我們審視自己的投資組合，我們一直在做這樣的事情。所以是的，它可以繼續下去，而且我們非常擅長投資組合合理化。

Do you have another question, Brett?

布雷特，你還有其他問題嗎？

Yes. And then just a second question on OpEx versus CapEx. I guess as you look at the customer spending environment for this year, and if you were to hone in on just those capital spending intensive businesses, have the planning assumptions or the tone changed in the last few months in that capital -- the capital spending type businesses at all?

是的。然後是關於營運支出與資本支出的第二個問題。我想當你審視今年的客戶支出環境時，如果你要專注於那些資本支出密集型業務，那麼在過去幾個月中，該資本的規劃假設或基調是否發生了變化——資本支出到底有什麼類型的企業？

In the U.S., there's a record number of projects from clean energy, power grid, semiconductor, they're just at a different level than they've been before. And a lot of that is from the government spending and backing. So that's largely continued. And at some point, it's going to provide an optimistic playing field for a lot of people in the industry. And I don't think we have that kind of upside built into our model right now, but it's -- there's planning going on with those projects right now. And that particular dynamic about the U.S. spending is driving the typical projects. So we're tracking to a very high number.

在美國，清潔能源、電網、半導體等領域的項目數量創歷史新高，只是與以前的水平不同。其中很大一部分來自政府支出和支持。所以基本上還在繼續。在某種程度上，它將為該行業的許多人提供一個樂觀的競爭環境。我認為我們的模型目前還沒有這種優勢，但現在正在計劃這些項目。美國支出的這種特殊動態正在推動典型項目的發展。所以我們追蹤到一個非常高的數字。

Our next question will come from Joe Giordano at TD Cowen.

我們的下一個問題將來自 TD Cowen 的 Joe Giordano。

So a lot of companies are seeing -- have seen orders kind of decline organically for multiple quarters now. And predominantly, it's all attributed to inventory adjustment and supply chain, and hardly anyone has said anything about underlying conditions not being fine. So just curious if -- one, if you would agree with that. And two, if it worries you that everyone is seeing order declines and no one is saying anything is happening other than supply chain adjustments?

因此，許多公司都看到訂單已經連續多個季度有機下降。這主要歸因於庫存調整和供應鏈，幾乎沒有人說過任何關於基本條件不好的事情。所以只是好奇——一，你是否同意這一點。第二，如果你擔心每個人都看到訂單下降並且沒有人說除了供應鏈調整之外發生了任何事情？

It really doesn't because it's 100-year pandemic. I mean you saw what happened. The supply chains were broken. People put inventory in place. And as I just got done talking to the last call, the project business is so strong. So we have a similar view. We're -- our businesses in health care, Aerospace & Defense, Power and energy are performing well. They have a lot of projects. And we just think that we've going to work off the inventory, and then there's going to be a return to more typical growth for the industrial market.

事實並非如此，因為這是 100 年的大流行。我的意思是你看到了發生的事情。供應鏈被打破。人們將庫存到位。當我剛結束最後一個電話會議時，專案業務非常強勁。所以我們有類似的看法。我們的醫療保健、航空航太與國防、電力和能源業務表現良好。他們有很多項目。我們只是認為我們將消除庫存，然後工業市場就會恢復到更典型的成長。

I mean, at the end of the day, though, nobody knows. And if we run into a recession, we have good muscle memory in that area. So we'll be able to react as we always react, and we can run our business appropriately. And in fact, select businesses have already been doing that during '23 margins in our automation business. Those people did a great job of removing excess costs from the business. So we're pretty good at reacting. But right now, we don't see that. We see the inventory being worked off, mainly in our OEM businesses and looking toward the future, we're optimistic with the number of new projects we have in the future.

我的意思是，最終沒有人知道。如果我們遇到經濟衰退，我們在該區域有良好的肌肉記憶。因此，我們將能夠像往常一樣做出反應，並且我們可以適當地經營我們的業務。事實上，在我們的自動化業務的 23 年利潤期間，部分企業已經這麼做了。這些人在消除企業多餘成本方面做得很好。所以我們非常善於做出反應。但現在，我們還沒有看到這一點。我們看到庫存正在清理，主要是在我們的 OEM 業務中，展望未來，我們對未來新項目的數量感到樂觀。

Next question is going to come from Steve Barger with KeyBanc Capital Markets.

下一個問題將由 KeyBanc Capital Markets 的 Steve Barger 提出。

Dave, for the semi business, you mentioned your exposure to optics, which is great, but does that extend to advanced packaging applications, which are expected to show strong growth rates for the next couple of years? And if not, is getting specific exposure there? Something the team is looking at for M&A?

戴夫，對於半成品業務，您提到了您對光學的接觸，這很棒，但這是否會擴展到先進的封裝應用，預計這些應用將在未來幾年表現出強勁的增長率？如果沒有，是否會在那裡獲得特定的曝光？團隊正在考慮併購什麼？

Yes. We have a little bit of exposure to advanced packaging, but it's spread across the business in different places, we're selling some components. So that's one of the items that our M&A teams are looking at, and we have exposure, but we'd like to have more.

是的。我們對先進封裝有一點接觸，但它分佈在不同地方的業務中，我們正在銷售一些組件。所以這是我們的併購團隊正在考慮的項目之一，我們有曝光，但我們希望有更多。

Okay. And then on the memory side, it seems like pricing is improving finally, and maybe fab utilization rates are starting to improve a bit. Is that translating into product inflection for you yet? Or is there still inventory that needs to be cleared on the memory side specifically?

好的。然後在記憶體方面，價格似乎終於在改善，也許晶圓廠利用率也開始有所改善。這對你來說已經轉化為產品變化了嗎？或者內存方面是否還有庫存需要專門清理？

Yes. I think that market on the memory side, that market is pretty much bottomed. So I don't think there's -- when that ticks up, there's going to be a -- I think that's immediately going to flow to the bottom line. I think the inventory there is mainly cleared out.

是的。我認為內存方面的市場已經基本觸底。所以我不認為——當這種情況上升時，將會——我認為這會立即流入底線。我認為那裡的庫存主要已經清空了。

Our next question comes from Andrew Buscaglia of BNP Paribas Exane.

我們的下一個問題來自法國巴黎銀行 Exane 的 Andrew Buscaglia。

Go ahead, Andrew.

繼續吧，安德魯。

Okay. I'm going to release Andrew's line.

好的。我要發布安德魯的台詞。

And our next question will be coming from Rob Mason of Baird.

我們的下一個問題將來自貝爾德 (Baird) 的 Rob Mason。

Yes. And I'll offer my congratulations as well, Bill. Dave, a lot of questions have been asked. I just circle back to the Process business. You talked about that going to be up low single digits for the year. There's a lot in there from a business mix and market standpoint. Could you maybe speak to anything that could outperform that low single digits or anything that would stand out? And just for clarity sake, what is the actual Process industry exposure there now?

是的。我也將表示祝賀，比爾。戴夫，有人問了很多問題。我只是回到流程業務。您談到今年該數字將呈現低個位數成長。從業務組合和市場的角度來看，其中有很多內容。您能否談談任何可以超越這個低個位數的東西或任何可以脫穎而出的東西？為了清楚起見，現在流程產業的實際風險是什麼？

Yes. The process is -- a broader look at our Process & Analytical Instruments business and the specific Process industry would be more the Process & Analytical Instruments business, which is a good part of it. And I think that what you're going to see there is our energy businesses are perhaps -- they grew nicely in Q4, and they have a good outlook for 2024. I think we sell a lot of business to Asia and China is -- I told you, we talked about it being flat. So that's something that we're concerned within the year for Process.

是的。這個過程是——更廣泛地審視我們的過程和分析儀器業務，具體的過程行業將更多地是過程和分析儀器業務，這是其中的一個很好的部分。我認為你會看到我們的能源業務可能在第四季度增長良好，並且對 2024 年前景看好。我認為我們向亞洲和中國出售了很多業務——我告訴過你，我們討論過它是平坦的。所以這是我們今年 Process 所關心的事。

But as long as we keep developing state-of-the-art projects that are unmatched by our competitors, we're going to be fine in Process and as evidenced by our CAMECA, Zygo, broader UPT, broader MAD sales. So it's the research market, it's the optics market that are driving the business, and there are some medical applications in our Rauland business that are in that segment. So there's a mix of different end market drivers. But when you look at the thing in total, we're calling it up low single digits this year. And again, the international parts of the business will be weaker than the U.S. parts.

但只要我們繼續開發競爭對手無法比擬的最先進的項目，我們的流程就會很好，我們的 CAMECA、Zygo、更廣泛的 UPT、更廣泛的 MAD 銷售就證明了這一點。因此，研究市場、光學市場正在推動業務發展，我們的 Rauland 業務中的一些醫療應用也屬於該領域。因此，存在不同的終端市場驅動因素。但當你從整體來看時，我們認為今年的增幅是低個位數。同樣，該業務的國際部分將弱於美國部分。

And I'm showing no further questions. I would now like to turn the conference back to Kevin Coleman for closing remarks.

我沒有再提出任何問題。現在我想請凱文·科爾曼（Kevin Coleman）致閉幕詞。

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

再次感謝 Tanya，也感謝大家參加我們今天的電話會議。提醒一下，可以在 ametek.com 的投資者部分存取網路廣播的重播。祝你有美好的一天。

This concludes today's conference call. Thank you for participating. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。