阿美特克 (AME) 2025 Q1 法說會逐字稿

Hello, and welcome to the first-quarter 2025 AMETEK earnings conference call. (Operator Instructions) Please be advised that today's conference is being recorded.

您好，歡迎參加 2025 年第一季 AMETEK 收益電話會議。（操作員指示）請注意，今天的會議正在錄音。

It is now my pleasure to introduce Vice President of Investor Relations and Treasurer, Kevin Coleman.

現在我很高興介紹投資者關係副總裁兼財務主管凱文‧科爾曼 (Kevin Coleman)。

Thank you, Andrew. Good morning, and welcome to AMETEK first-quarter 2025 earnings conference call. Joining me today are Dave Zapico, Chairman and Chief Executive Officer; and Dalip Puri, Executive Vice President and Chief Financial Officer. During the course of today's call, we'll be making forward-looking statements which represent the company's current expectations and are based on information currently available to the company.

謝謝你，安德魯。早安，歡迎參加 AMETEK 2025 年第一季財報電話會議。今天與我一起出席的還有董事長兼執行長 Dave Zapico；以及執行副總裁兼財務長 Dalip Puri。在今天的電話會議中，我們將做出前瞻性陳述，這些陳述代表公司目前的預期，並基於公司目前掌握的資訊。

Various risk factors and uncertainties, including government trade policies and tariffs could cause actual results to differ materially from our current 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.

各種風險因素和不確定性，包括政府貿易政策和關稅，可能導致實際結果與我們目前的預期有重大差異。阿美特克向美國證券交易委員會提交的文件中詳細討論了可能影響我們未來業績的風險和不確定性。阿美特克不承擔更新或修改任何前瞻性陳述的意圖或義務。

Any references made on this call to 2024 or 2025 results or 2025 guidance will be on an adjusted basis, excluding after-tax acquisition-related amortization and excluding a pretax $29.2 million or $0.10 diluted per diluted share charge in the first quarter of 2024 for integration costs related to the Paragon Medical acquisition. 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 2024 年或 2025 年業績或 2025 年指引的任何提及均以調整後為基礎，不包括稅後收購相關攤銷，也不包括 2024 年第一季度與 Paragon Medical 收購相關的整合成本的稅前 2920 萬美元或每股攤薄收益 0.10 美元的費用。您可以在我們新聞稿和網站的「投資者」部分找到 GAAP 與調整後指標之間的對帳。

We'll begin today's call with prepared remarks, and then we'll open it up for questions. I'll turn the meeting over to Dave.

今天的電話會議我們將以準備好的發言開始，然後開始回答問題。我將把會議交給戴夫。

Thank you, Kevin, and good morning, everyone. AMETEK had a strong start to 2025 with excellent first quarter results. We delivered robust margin expansion, generated strong free cash flow and delivered earnings above our expectations. Additionally, orders were again strong in the quarter. Our results reflect the strength of the AMETEK growth model, the quality of our niche differentiated businesses and most importantly, the outstanding efforts from our colleagues.

謝謝你，凱文，大家早安。AMETEK 憑藉出色的第一季業績，在 2025 年取得了強勁開局。我們實現了利潤率的強勁成長，產生了強勁的自由現金流，並實現了超越預期的收益。此外，本季訂單再次強勁。我們的業績反映了 AMETEK 成長模式的實力、我們利基差異化業務的質量，最重要的是，我們同事的傑出努力。

Now, let me turn to our first quarter financial results. Sales were $1.73 billion, essentially in line with the first quarter of 2024. Organic sales were down 1%, acquisitions added 1 point and foreign currency was flat. Orders were strong in the quarter, with overall orders up 8% and organic orders up 3% versus the prior year. Book-to-bill in the quarter was 1.04, and we ended the first quarter with a backlog of $3.47 billion near record levels.

現在，讓我來談談我們的第一季財務表現。銷售額為 17.3 億美元，與 2024 年第一季基本持平。有機銷售額下降 1%，收購增加 1 個百分點，外幣持平。本季訂單表現強勁，整體訂單較上年同期成長 8%，有機訂單成長 3%。本季的訂單出貨比為 1.04，第一季結束時我們的積壓訂單金額為 34.7 億美元，接近歷史最高水準。

AMETEK's operating performance to start the year was excellent. Operating income in the quarter was $455 million, a 2% increase over the first quarter of 2024. Operating margins were 26.3% in the quarter, up 60 basis points from the prior year. And excluding the dilutive impact from acquisitions, core margins were up 90 basis points in the quarter. EBITDA in the quarter was $559 million, up 3% versus the prior year with EBITDA margins in impressive 32.2%.

AMETEK 今年年初的營運表現非常出色。本季營業收入為 4.55 億美元，比 2024 年第一季成長 2%。本季營業利益率為 26.3%，較上年同期成長 60 個基點。排除收購帶來的稀釋影響，本季核心利潤率上漲了 90 個基點。本季的 EBITDA 為 5.59 億美元，較上年成長 3%，EBITDA 利潤率高達 32.2%。

This operating performance led to strong cash generation with free cash flow of $394 million in the quarter, and free cash flow to net income conversion of 112%. Diluted earnings per share were $1.75, up 7% versus the first quarter of 2024 and above our guidance range of $1.67 to $1.69 per share. Now, let me provide some additional details at the operating group level. First, the Electronic Instruments Group. Our Electronic Instruments Group continues to deliver. Excellent operating performance, resulting in robust operating margins. EIG sales were $1.14 billion, down 1% from the first quarter of last year.

這項經營業績帶來強勁的現金產生，本季自由現金流為 3.94 億美元，自由現金流向淨收入的轉換率為 112%。每股攤薄收益為 1.75 美元，較 2024 年第一季成長 7%，高於我們每股 1.67 美元至 1.69 美元的預期範圍。現在，讓我在營運組層面提供一些額外的細節。一是電子儀器集團。我們的電子儀器集團繼續提供服務。出色的營運表現帶來強勁的營運利潤率。EIG 銷售額為 11.4 億美元，較去年第一季下降 1%。

Organic sales were down 2%, acquisitions added 2 points and foreign currency was a 1 point headwind. EIG operating income was up slightly to $354.1 million, and operating margins were very strong at 31%, up 50 basis points from the prior year, while core margins weren't impressive 110 basis points.

有機銷售額下降 2%，收購增加 2 個百分點，外幣造成 1 個百分點的不利影響。EIG 營業收入小幅上漲至 3.541 億美元，營業利潤率非常強勁，達到 31%，比上年上漲 50 個基點，而核心利潤率並不令人印象深刻，僅為 110 個基點。

EMG delivered strong growth and excellent operating performance in the quarter. EMG grew $588.3 million, up 2% versus the prior year, with organic sales also up 2%. (technical difficulty) EMG's operating income in the quarter was $128.7 million, up 7% compared to the prior year period. EMG's operating margins were up a sizable 120 basis points from the first quarter of 2024.

EMG 本季實現了強勁成長和出色的營運表現。EMG 成長了 5.883 億美元，比去年成長了 2%，有機銷售額也成長了 2%。(技術難題)EMG本季的營業收入為1.287億美元，比去年同期成長7%。EMG 的營業利潤率較 2024 年第一季大幅上升了 120 個基點。

I'm pleased with our performance in the first quarter with robust margin expansion, strong order growth, excellent cash flow generation and percent earnings growth despite a continued uncertain economic environment. We remain committed to making strategic investments in our businesses to best position them for long-term growth. These investments are supporting our global and market expansion and technology innovation strategies.

儘管經濟環境持續不確定，但我對我們第一季的業績感到滿意，利潤率強勁擴張，訂單成長強勁，現金流產生出色，獲利百分比成長。我們始終致力於對我們的業務進行策略性投資，以使其處於最佳的長期成長位置。這些投資支持我們的全球市場擴張和技術創新策略。

For all of 2025, we continue to expect to invest an incremental $85 million in support of these initiatives with key investments in research, development and engineering to help advance our product differentiation. Our Vitality Index, which measures the sales of new products introduced in the past three years was a strong percentage.

到 2025 年全年，我們將繼續投資 8,500 萬美元來支持這些計劃，重點是研究、開發和工程，以幫助提升我們的產品差異化。我們的活力指數衡量了過去三年推出的新產品的銷售情況，這是一個很高的百分比。

We are confident that these investments will further solidify our competitive positions in our core markets to now broaden our exposure within new attractive growth markets. I wanted to take a moment to highlight just two of the many recent new product introductions across the company. First, from Gatan, a leader in electron microscope technology.

我們相信，這些投資將進一步鞏固我們在核心市場的競爭地位，從而擴大我們在新的有吸引力的成長市場的影響力。我想花點時間重點介紹一下公司最近推出的眾多新產品中的兩種。首先，來自電子顯微鏡技術領導者 Gatan。

They recently launched the EDAX Elite Ultra energy disperse of X-ray spectroscopy system. The Elite Ultra solves a common challenge in advanced materials research by improving the ability to map and quantify elements in very thin samples. This system provides faster, more active results allowing for deeper insights into material composition.

他們最近推出了EDAX Elite Ultra能量色散X射線光譜系統。Elite Ultra 透過提高繪製和量化極薄樣品中元素的能力，解決了先進材料研究中的常見挑戰。該系統提供更快、更活躍的結果，從而可以更深入地了解材料成分。

One of the key features of the Elite Ultra is a larger sensor, which captures more x-rays and improve the system's sensitivity to a wider range of elements leading to better data and faster analysis. Gatan worked closely with another AMETEK business, [Amtech] and the development of this advanced center technology.

Elite Ultra 的主要特點之一是更大的感測器，它可以捕捉更多的 X 射線並提高系統對更廣泛元素的靈敏度，從而獲得更好的數據和更快的分析。Gatan 與另一家 AMETEK 公司 [Amtech] 密切合作，開發了這項先進的中心技術。

This is just one example of the ways our businesses partner together to help support and accelerate our technology innovation. With this new product introduction, Gatan continues to lead the way in developing advanced solutions that help scientists and engineers push the boundaries of their scientific research.

這只是我們業務合作以幫助支持和加速我們的技術創新的一個例子。隨著這款新產品的推出，Gatan 繼續引領進解決方案的開發，幫助科學家和工程師突破科學研究的界限。

Vision Research also launched a new line of small, powerful high-speed cameras to [Fantom] KT series. These cameras leverage a custom design high-speed sensor from (inaudible) another AMETEK business. These sensors provide superior image quality and performance, making them ideal for advanced applications.

Vision Research 也推出了全新小型、功能強大的高速攝影機 [Fantom] KT 系列。這些相機利用了另一家 AMETEK 公司（聽不清楚）客製設計的高速感光元件。這些感測器提供卓越的影像品質和性能，使其成為高級應用的理想選擇。

Their compact design makes them easy to use in a variety of set whether for industrial testing, motion analysis or medical research. Through this latest innovation, Vision Research continues to lead the market in high-speed imaging technology offering researchers powerful tools to capture and analyze fast-moving phenomena. These advancements, along with many others introduced in the quarter, highlight our continued commitment to our customers and position us well to drive long-term success and meet evolving needs across emerging applications.

其緊湊的設計使其易於在各種場合使用，無論是工業測試、運動分析或醫學研究。透過這項最新創新，Vision Research 繼續引領高速影像技術市場，為研究人員提供捕捉和分析快速移動現象的強大工具。這些進步以及本季推出的許多其他進步凸顯了我們對客戶的持續承諾，並使我們能夠推動長期成功並滿足新興應用不斷變化的需求。

Now, switching to capital deployment. Strategic acquisitions remain our number one priority for capital deployment. We are managing a robust pipeline of attractive acquisition candidates. While our top priority for capital deployment remains acquisitions, we are also well positioned to deploy capital and share buybacks.

現在轉向資本部署。策略收購仍然是我們資本部署的首要任務。我們正在管理一批極具吸引力的收購候選人。雖然我們的資本部署的首要任務仍然是收購，但我們也已做好部署資本和股票回購的準備。

We have a $1.25 billion share repurchase authorization, and as we have shown in prior periods of market dislocation, we are willing to opportunistically purchase shares. Given our robust free cash flow generation and strong flexible balance sheet, we are well positioned to deploy capital in both strategic acquisitions and opportunistic share purchases.

我們擁有 12.5 億美元的股票回購授權，正如我們在先前的市場混亂時期所表現的那樣，我們願意抓住機會購買股票。鑑於我們強勁的自由現金流產生和強大且靈活的資產負債表，我們完全有能力在策略性收購和機會性股票購買中部署資本。

Now, let me share our views on the rapidly evolving trade conflict and how AMETEK is approaching this period of heightened uncertainty. Taking a step back, during the first quarter, we saw improving order patterns and generally solid conditions across most markets and geographies. While there was still some cautiousness from customers, conditions were improving, and we were encouraged with our start to the year.

現在，讓我分享我們對迅速發展的貿易衝突的看法，以及 AMETEK 如何應對這一高度不確定的時期。回顧一下，在第一季度，我們看到大多數市場和地區的訂單模式有所改善，整體狀況穩健。儘管客戶仍有些謹慎，但情況正在改善，我們對今年的開局感到鼓舞。

With the introduction of the tariffs in early April and subsequent back and forth trade negotiations over the past month, the level of uncertainty around trade policy and its implications have increased. Although it is impossible to know how these trade conflicts will evolve, we are confident in our ability to successfully navigate an uncertain and changing economic environment.

隨著 4 月初關稅的出台以及過去一個月的反覆貿易談判，貿易政策及其影響的不確定性程度增加。儘管我們無法知道這些貿易衝突將如何演變，但我們有信心成功應對不確定和不斷變化的經濟環境。

Our distributed operating structure empowers local teams to respond quickly and appropriately to the unique dynamics of their businesses, markets, supply chains and customers. This level of flexibility is a meaningful advantage in the dynamic environment such as the current one. Our portfolio of highly differentiated products and mission-critical applications will allow us to effectively pass through higher input costs, including tariffs while continuing to deliver strong margins and cash flows.

我們的分散式營運結構使當地團隊能夠對其業務、市場、供應鏈和客戶的獨特動態做出快速且適當的反應。在目前這樣的動態環境中，這種靈活性是一項有意義的優勢。我們高度差異化的產品和關鍵任務應用程式組合將使我們能夠有效地轉嫁更高的投入成本（包括關稅），同時繼續提供強勁的利潤率和現金流。

Our broad exposure and diversification across end markets and geographies limit our dependence on any single customer, product, technology, supplier or region. This diversification is a strategic strength and help shield the entire company from a concentrated risk. Our large global manufacturing footprint and supplier base, along with our asset-light business model will allow us to localize production and adjust supply chains.

我們在終端市場和地理區域的廣泛接觸和多樣化限制了我們對任何單一客戶、產品、技術、供應商或地區的依賴。這種多樣化是一種策略優勢，有助於保護整個公司免受集中風險。我們龐大的全球製造足跡和供應商基礎，加上輕資產業務模式，將使我們能夠在地化生產並調整供應鏈。

And lastly, our strong balance sheet and outstanding cash flow generation provides us with the ability to continue playing offense through acquisitions and opportunistic share repurchases while also continuing to invest in our businesses. During the first wave of the China tariffs in 2018 during COVID and then again during the resulting supply chain basis, through high levels of economic uncertainty and each time our business has quickly reacted and strengthened decisions.

最後，我們強勁的資產負債表和出色的現金流創造能力使我們能夠透過收購和機會性股票回購繼續進攻，同時繼續投資於我們的業務。在 2018 年新冠疫情期間中國第一波關稅期間，以及隨後的供應鏈基礎期間，經歷了高度的經濟不確定性，每次我們的企業都迅速做出反應並加強決策。

Our business is robust by design and resilient by nature. We use periods of disruption to make our business stronger and more efficient. We use our strong cash flows and balance sheet to better position AMETEK for accelerated growth following the period of uncertainty. We are confident we can do the same in this environment.

我們的業務設計穩健，本質具有彈性。我們利用混亂的時期來使我們的業務更加強大和高效。我們利用強大的現金流和資產負債表，幫助 AMETEK 在不確定時期之後更好地加速成長。我們有信心在這種環境下也能做到同樣的事情。

More specifically, our businesses have responded quickly and have developed terraces plans, which include specific mitigation actions to offset the impact from tariffs. These mitigation actions include select pricing initiatives, localization of production operations, adjustments to our supply chain and targeted productivity actions.

更具體地說，我們的企業迅速做出反應，制定了階梯計劃，其中包括抵消關稅影響的具體緩解措施。這些緩解措施包括選擇定價措施、生產營運在地化、調整供應鏈和有針對性的生產力行動。

We are also finding opportunities created by the tariffs to take advantage of our substantial US manufacturing footprint to broaden our customer base and support their growth in the US. While uncertainty has increased as a result of the global trade dynamics, we believe we can offset tariff headwinds through the implementation of these mitigation actions.

我們也發現關稅帶來的機會，利用我們在美國龐大的製造基地來擴大我們的客戶群並支持他們在美國的發展。儘管全球貿易動態導致不確定性增加，但我們相信，透過實施這些緩解措施，我們能夠抵銷關稅阻力。

As a result, we continue to expect full year sales to be up low single digits on a percentage basis compared to 2024. We also continue to expect diluted earnings per share to be in the range of $7.02 to $7.18, up 3% to 5% compared to last year's results. We expect the benefits from these various mitigating actions to build throughout their. We remain confident in our full year outlook and our ability to deliver strong results in 2025.

因此，我們仍預期全年銷售額與 2024 年相比將以百分比形式成長低個位數。我們也繼續預期每股攤薄收益將在 7.02 美元至 7.18 美元之間，比去年的業績成長 3% 至 5%。我們預期這些不同的緩解措施所帶來的好處能夠在整個過程中持續累積。我們對全年前景以及在 2025 年取得強勁業績的能力充滿信心。

In summary, AMETEK delivered strong results to start the year. Our businesses executed exceptionally well, delivering strong margins, solid orders growth and earnings ahead of our expectations. The durability of the AMETEK Road bottle, combined with our diversified market exposures, outstanding cash flows improvement management capabilities position us well to navigate through these uncertain economic times. We remain focused on delivering long-term growth and creating long-term value for our shareholders.

總而言之，AMETEK 在年初取得了強勁的業績。我們的業務表現非常出色，實現了強勁的利潤率、穩健的訂單成長和超越我們預期的收益。AMETEK Road 瓶的耐用性，加上我們多元化的市場影響力和出色的現金流改善管理能力，使我們能夠很好地度過這些不確定的經濟時期。我們始終致力於實現長期成長並為股東創造長期價值。

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

現在我將把時間交給達利普，他將介紹本季的一些財務細節。那我們很樂意回答您的問題。達利普？

Thank you, Dave, and good morning, everyone. As Dave noted, AMETEK delivered a strong start to the year, highlighted by excellent operating performance, robust core margin expansion and strong free cash flow conversion. Now, let me provide some additional financial highlights for the first quarter. First quarter general and administrative expenses were $28 million, up $1.5 million from the prior year.

謝謝你，戴夫，大家早安。正如戴夫所指出的，阿美特克今年開局強勁，突出表現在出色的營運業績、強勁的核心利潤率擴張和強勁的自由現金流轉換。現在，讓我提供一些第一季的額外財務亮點。第一季的一般及行政開支為 2,800 萬美元，較上年增加 150 萬美元。

For the full year, we continue to expect general and administrative expenses to be up modestly versus 2024 levels and to remain at approximately 1.5% of sales. First quarter other operating expenses in dollars compared to the first quarter of 2024 due to lower interest and investment income. First quarter interest expense was $19 million. The effective tax rate in the quarter was 19%, in line with the first quarter of 2024. For 2025, we continue to anticipate our effective tax rate to be between 19% and 20%. As we have stated in the past, actual and quarterly tax rates can differ dramatically, either positively or negatively from this full year estimated rate.

就全年而言，我們仍預期一般及行政開支將較 2024 年水準小幅上漲，並維持在銷售額的 1.5% 左右。由於利息和投資收入減少，第一季其他營運支出（以美元計）與 2024 年第一季相比有所下降。第一季利息支出為 1900 萬美元。本季有效稅率為 19%，與 2024 年第一季持平。到 2025 年，我們預計有效稅率仍將在 19% 至 20% 之間。正如我們過去所說，實際稅率和季度稅率可能與全年估計稅率有很大差異，可能是正數，也可能是負數。

Capital expenditures in the first quarter were $23 million. And for the full year, we expect capital expenditures to be approximately $155 million or about 2% of sales. Depreciation and amortization expense in the quarter was $106 million. For the full year, we expect depreciation and amortization to be approximately $410 million including after-tax, acquisition-related intangible amortization of approximately $203 million or $0.88 per diluted share.

第一季的資本支出為2300萬美元。我們預計全年資本支出約為 1.55 億美元，約佔銷售額的 2%。本季折舊和攤銷費用為 1.06 億美元。我們預計全年折舊和攤提約為 4.1 億美元，其中包括稅後收購相關無形資產攤提約 2.03 億美元或每股攤薄收益 0.88 美元。

Operating working capital in the first quarter was 18.1% of sales. That compares to 18.7% in last year's first quarter. Operating cash flow was $418 million up 2% versus the first quarter of 2024, while free cash flow of $394 million, up 3% over the prior year. Free cash flow conversion was strong at 112% in the quarter. For 2025, we continue to expect free cash flow conversion to be approximately 115% of net income.

第一季營運資本佔銷售額的18.1%。相比之下，去年第一季這一比例為 18.7%。營運現金流為 4.18 億美元，較 2024 年第一季成長 2%，自由現金流為 3.94 億美元，較上年成長 3%。本季自由現金流轉換率強勁，達到 112%。到 2025 年，我們仍然預期自由現金流轉換率將達到淨收入的約 115%。

Total debt at March 31 was $1.9 billion, down from $2.1 billion at the end of 2024. Offsetting this debt is cash and cash equivalents of $399 million. At the end of the first quarter, our gross debt-to-EBITDA ratio was 0.9 times, and our net debt-to-EBITDA ratio was 0.7 times. We continue to have excellent financial capacity and flexibility with approximately $2.5 billion in cash and available credit facilities to support our growth initiatives and our active acquisition pipeline.

截至 3 月 31 日的總債務為 19 億美元，低於 2024 年底的 21 億美元。抵銷這筆債務的是 3.99 億美元的現金和現金等價物。第一季末，我們的總負債與 EBITDA 比率為 0.9 倍，淨負債與 EBITDA 比率為 0.7 倍。我們繼續擁有出色的財務能力和靈活性，擁有約 25 億美元現金和可用信貸額度來支持我們的成長計劃和積極的收購管道。

While acquisitions remain our number one capital allocation priority for use of our free cash flow, we also seek to provide value to our shareholders through opportunistic share repurchases and a consistently increasing dividend. In February, we announced an 11% increase in our quarterly cash dividend to $0.31 per share, our sixth consecutive year of 10% plus annual increases in our dividend payout.

雖然收購仍然是我們利用自由現金流的首要資本配置重點，但我們也尋求透過機會性股票回購和持續增加的股利為股東提供價值。今年 2 月，我們宣布季度現金股息增加 11% 至每股 0.31 美元，這是我們連續第六年實現股息年度增長 10% 以上。

Additionally, AMETEK's Board of Directors approved a $1.25 billion share repurchase authorization in February that provides us with added flexibility to enhance shareholder value. In summary, our businesses delivered strong results to start the year. Our proven operating capabilities drove strong earnings, robust margin expansion and outstanding free cash flow conversion.

此外，AMETEK 董事會於 2 月批准了 12.5 億美元的股票回購授權，這為我們提供了更大的靈活性來提升股東價值。總而言之，我們的業務在年初取得了強勁的業績。我們久經考驗的營運能力推動了強勁的獲利、強勁的利潤率擴張和出色的自由現金流轉換。

With a proven strategy, significant capital deployment capacity and a strong track record of execution, we're confident in our positioning to navigate current trade uncertainties and drive growth and value creation in 2025.

憑藉成熟的策略、強大的資本部署能力和卓越的執行力，我們有信心應對當前的貿易不確定性，並在 2025 年推動成長和價值創造。

I'll now pass it to you, Ken.

我現在將它傳給你，肯。

Thanks, Dalip. Andrew, could we please open the lines for questions?

謝謝，達利普。安德魯，我們可以開放提問專線嗎？

(Operator Instructions) Matt Summerville, D.A. Davidson.

（操作員指示）Matt Summerville，D.A.戴維森。

Dave, could you maybe provide a little bit more detail on what you are seeing specifically in Paragon and the broader group of medical-related businesses, especially given that you explicitly called out Paragon as seemingly seeing a notable inflection in orders after a period of softness in that business after -- shortly after you acquired it 1.5 years or so ago. So a little bit more color on Paragon and Medical. And then I have a follow-up.

戴夫，您能否提供一些更詳細的信息，說明您在 Paragon 以及更廣泛的醫療相關業務中看到的具體情況，特別是考慮到您明確指出，在大約 1.5 年前收購 Paragon 後不久，該業務經歷了一段疲軟期，之後訂單似乎出現了明顯的變化。因此，Paragon 和 Medical 的色彩更加豐富一些。然後我有一個後續問題。

Sure, Matt. As you know, Paragon is a business that we acquired a little over a year ago. They specialize in single-use and consumable surgical instruments and implantable components in attractive medtech markets. And as you said, when we bought it, they were -- right after that, they went through a destocking.

當然，馬特。如您所知，Paragon 是我們一年多前收購的公司。他們專注於極具吸引力的醫療技術市場的一次性和消耗性手術器械以及植入式部件。正如你所說，當我們購買它時，他們——在那之後，他們就經歷了去庫存化。

And we took that period of time over the past year to really execute a multiyear improvement plan where we're dramatically improving the cost position of the business. Now, the business is in growing markets that has excellent engineering capability. They have a leading additive manufacturing capability, a substantial number of new program wins, and we just view the softness as customers were realigning with the current market environment.

我們利用過去一年的時間真正執行了一項多年改進計劃，大幅改善了業務的成本狀況。目前，該業務處於具有卓越工程能力的成長型市場。他們擁有領先的積層製造能力，贏得了大量新項目，而我們只是看到了客戶在重新適應當前市場環境時的疲軟表現。

There was some overbuying during the prior period. And what we saw in the quarter was very encouraging. The customers are beginning to destock. If you look broader at the automation and the med tech OEM businesses, those businesses that are really the places where we saw the destocking in some those orders were up 25% in the quarter.

前一時期出現了一些過度購買的情況。我們在本季看到的情況非常令人鼓舞。顧客開始減少庫存。如果從更廣泛的角度來看自動化和醫療技術 OEM 業務，我們實際上看到這些業務中的一些訂單出現去庫存化，而這些訂單在本季度增長了 25%。

So across all of those businesses, 25%, and Paragon led all those businesses. So Paragon was greater than 25%, substantially greater than 25%. So the customers are destocking. The business also performed very well on a profit margin basis. It was 25% in the quarter. So we have a new management team there. The business is executing -- we're working through some of our business improvement plans. Those orders that we have in the first half of the year are going to lead to us having some substantial growth in the second half of the year.

因此，在所有這些業務中，Paragon 佔據 25% 的領先地位。因此 Paragon 大於 25%，遠大於 25%。因此顧客正在減少庫存。該業務的利潤率也表現得非常好。本季這一比例為25%。所以我們在那裡有一個新的管理團隊。業務正在執行—我們正在製定一些業務改進計劃。我們上半年的訂單將推動我們下半年大幅成長。

So we're feeling really good about it. And the team is performing very well, and it's good that the market is performing exactly as we thought it would, and we told you about the past few quarters.

所以我們對此感覺非常好。團隊表現非常出色，市場表現正如我們預期的那樣，這很好，我們也向大家介紹了過去幾季的情況。

And just as a follow-up, can you speak more broadly across AMETEK as to the order cadence you've experienced through the first four months of the year? Have you seen -- and I wouldn't think so, given most of what you do is fairly customized to a degree. But are you seeing any sort of buy ahead, any sort of discernible demand destruction. And if you can maybe comment on what price realization look like in Q1?

作為後續問題，您能否更廣泛地談談 AMETEK 今年前四個月的訂單節奏？您是否看到了——我不這麼認為，因為您所做的大部分工作在一定程度上都是相當客製化的。但是，您是否看到了任何形式的購買，任何形式明顯的需求破壞？您能否評論一下第一季的價格實現？

Yes. I'll take the second part first. I mean during the quarter, we saw a couple of points of inflation, we were able to offset that with price, so it's a positive spread. In terms of orders, as I said in the prepared remarks, overall orders were up 8% in the quarter.

是的。我先講第二部分。我的意思是，在本季度，我們看到了幾個通貨膨脹點，我們能夠透過價格來抵消它，所以這是一個正價差。就訂單而言，正如我在準備好的發言中所說，本季整體訂單增加了 8%。

Organic orders were up 3%. And so that shows continued improvement that we've seen for our third quarter in a row. And sequentially, they were up about 2%, and we have a near record backlog, so that's very good. The cadence in March was the strongest month for orders in the year. So it improved throughout the quarter.

有機訂單增加了 3%。這表明我們已經連續第三個季度看到持續改善。並且連續上漲了約 2%，而且我們的積壓訂單量接近歷史最高水平，所以這非常好。三月是今年訂單最多的月份。因此整個季度的情況都有所改善。

And then we started Q2, and we were concerned because of all the tariff things going on, but our orders are still solid. We are really, really good, and we feel good about it. So pretty typical quarter with March being the strongest, and we also had a strong April.

然後我們開始了第二季度，我們對所有關稅問題感到擔憂，但我們的訂單仍然穩定。我們真的非常好，並且對此感覺很好。因此這是一個非常典型的季度，三月表現最為強勁，四月也同樣強勁。

Deane Dray, RBC Capital Markets.

加拿大皇家銀行資本市場 (RBC Capital Markets) 的 Deane Dray。

Maybe we'll start right where you left off with Matt's question, maybe just the next layer of detail because you're really adept at taking us through key end markets, and really, if there's ever been a time where we're interested in the nuances, it sounds like no demand destruction, but just how are you positioned -- it looks like the orders have been strong, but any kind of call-outs positives or negatives within geographies and your particular verticals?

也許我們可以從馬特的問題開始，也許只是下一層細節，因為您非常擅長帶我們了解關鍵的終端市場，而且，如果我們曾經對細微差別感興趣的話，聽起來好像沒有需求破壞，但您是如何定位的——看起來訂單一直很強勁，但在地域和特定垂直領域內，有任何正面或負面的呼籲嗎？

Yes. In the geography area, positive growth in the US, offset by modest declines internationally. So we're up a bit in the US and just down a bit in Europe and Asia. Our China market was down about 10%. Asia, excluding China, was roughly flat. So yes, it kind of played out how we thought it would. But it was, again, strength in the US offset by just modest declines in other areas.

是的。從地理區域來看，美國呈現正成長，但國際市場略為下滑。因此，我們在美國略有上升，而在歐洲和亞洲略有下降。我們的中國市場下降了約10%。除中國外的亞洲地區基本持平。是的，事情確實按照我們想像的那樣發展了。但美國經濟的強勁表現又被其他地區的輕微下滑所抵銷。

If I go around the worn on our process business, organic sales for that business declined low single digits in the first quarter, sales were pretty much in line with our expectations, and long-term project activity remains solid, but customers are still remaining cautious about when they place the POs given the broader macro uncertainties. And there were some delays in project timing and process.

如果我回顧一下我們流程業務的情況，該業務的有機銷售額在第一季度下降了個位數，銷售額基本上符合我們的預期，長期項目活動依然穩健，但考慮到更廣泛的宏觀不確定性，客戶在下訂單時仍然保持謹慎。專案時間和流程也出現了一些延遲。

And we now expect organic sales for our Process businesses to be roughly flat for the year. Our aerospace and defense business had a strong start to 2025. Organic sales were up mid-single digits in the first quarter. Growth was strongest in our commercial OEM business and our aftermarket business also had a very good quarter as we have content across a broad range of commercial aerospace platforms and aftermarket capabilities really position us well.

我們現在預計，全年流程業務的有機銷售額將基本持平。我們的航空航太和國防業務在 2025 年取得了強勁開局。第一季有機銷售額成長了中等個位數。我們的商業 OEM 業務成長最為強勁，售後市場業務也表現非常好，因為我們擁有涵蓋廣泛商業航空平台的內容，而售後市場能力確實為我們提供了良好的條件。

For the full year in A&D, we continue to expect organic sales to be up mid-single digits. And our third market segment commentary. Organic sales for our Power business were up low single digits in the quarter. We saw the growth really across our power platform. We continue to manage a strong growth funnel good new business pipeline, good opportunities in power grid modernization and electrification.

對於 A&D 全年而言，我們仍然預期有機銷售額將實現中等個位數成長。這是我們對第三個細分市場的評價。本季度，我們電力業務的有機銷售額成長了個位數。我們確實看到了整個電力平台的成長。我們繼續管理強勁的成長通路、良好的新業務通路以及電網現代化和電氣化方面的良好機會。

We are expecting some cautious customer behavior in the international markets in the near term given some of the tariff uncertainty. But for the full year, we continue to expect organic sales to be roughly flat versus the prior year. And then Lastly, I'll talk about our Automation & Engineered Solutions business.

鑑於關稅方面的不確定性，我們預期短期內國際市場上的客戶行為將較為謹慎。但就全年而言，我們仍然預期有機銷售額將與去年大致持平。最後，我將談談我們的自動化和工程解決方案業務。

The organic sales were down low single in the quarter, continued solid sequential sales growth orders were strong in the quarter. I talked about our OEM customers already as a response to mass questions. But clearly, the orders are normalizing. With both year-over-year and solid sequential orders growth and highlighted the performance of our Paradigm Medical business.

本季有機銷售額下降幅度較小，但本季銷售額持續保持穩健的連續成長，訂單表現強勁。我已經談到了我們的 OEM 客戶，以回應大量問題。但顯然，訂單正在正常化。訂單量較去年同期均有穩定成長，彰顯了我們的 Paradigm Medical 業務的優異表現。

And for the full year, we continue to expect mid-single-digit organic sales growth. We got through the quarter. I mean, it was a good quarter, pretty much as expected. But margins were good. cash flow strength was good. Base earnings were good. Orders will continue on a positive strength. Our balance sheet strength is really good. So there's a lot of positives in the first quarter, Dean.

對於全年而言，我們仍然預期有機銷售額將實現中等個位數成長。我們度過了這個季度。我的意思是，這是一個好的季度，幾乎符合預期。但利潤率不錯。現金流實力良好。基本收入不錯。訂單將繼續保持積極勢頭。我們的資產負債表實力確實很好。所以第一季有很多正面的方面，迪恩。

Yes, it really does sound that. So I appreciate that color. And just one data point on the tariffs, and that's exactly what we would have expected you to go through all the mitigation plan. Can you just size for us China as a percent China sourcing as a percent of COGS were just at that data point helps us frame what kind of headwind that you're up against?

是的，聽起來確實如此。所以我很欣賞那個顏色。只需一個有關關稅的數據點，這正是我們所期望的，您將會經歷整個緩解計劃。您能否為我們估算中國採購佔 COGS 的百分比，這個數據點有助於我們了解您所面臨的阻力有多大？

Right. I'll go through the entire tariff mitigation, what we're working on. And I'll cover China specifically a couple of different ways, what we're sourcing there and what we're selling there. So it will I think be a good good summary.

正確的。我將介紹我們正在進行的整個關稅減免工作。我將透過幾種不同的方式具體介紹中國，介紹我們在那裡採購什麼以及我們在那裡銷售什麼。所以我認為這將是一個很好的總結。

We estimate our annual tariff impact, direct impact to tariffs to be about $100 million. And we expect to be able to offset this direct impact through our mitigating actions and that and that's why we feel comfortable to reaffirm our full year sales and EPS guidance. Given our strong start to the year and some of the things that I talked about. Now, if I break down that $100 million that comes from really three sources.

我們估計，每年的關稅影響，對關稅的直接影響約為 1 億美元。我們希望能夠透過緩解措施來抵消這種直接影響，這就是為什麼我們放心地重申我們的全年銷售額和每股盈餘指引。鑑於我們今年開局強勁以及我談到的一些事情。現在，如果我把這 1 億美元分解開來，它實際上來自三個來源。

There's a 10% across-the-board tariffs for all countries. The second component it includes is the 145% tariffs on China imports to the US. Now, we have fairly limited exposure here given the proactive actions we started back in 2018 to shift sourcing away from China. We've talked about that multiple times over the years. And in fact, the remaining sourcing cost in this category are firm recently acquired businesses.

所有國家均徵收10%的統一關稅。其第二項內容是對中國輸美產品徵收145%的關稅。鑑於我們早在 2018 年就已採取積極行動，將採購業務從中國轉移出去，因此現在我們在這裡的曝光度相當有限。這些年來我們已經多次談論這個問題。事實上，這一類別中剩餘的採購成本都是公司最近收購的業務。

So the bulk of AMETEK is not sourcing from China. We're -- when we source from China, we sell in China. But we have some new acquisitions that have to work on like the Paragon deal, like some of the more recent deals, we're doing some work in China. But it's relatively modest to get that 15% tax on trade. The other element of it is in terms of Mexico. We're glad to find out that we're over -- our people have done good work, and we're over 98% compliant with the US MCA guidelines.

因此，AMETEK 的大部分產品並非來自中國。當我們從中國採購時，我們就在中國銷售。但我們還有一些新的收購需要處理，例如 Paragon 交易，以及一些最近的交易，我們正在中國進行一些工作。但對貿易徵收 15% 的稅相對來說還是比較溫和的。另一個因素與墨西哥有關。我們很高興地發現，我們的員工做得很好，我們已經 98% 以上符合美國 MCA 指南。

So very, very little exposure. So we feel really good about our ability to offset the $100 million of direct tariff exposure through our various mitigating actions. Now, the other element though, I want to make you aware of is separate from those direct impacts, we have the 125% retaliatory tariffs imposed by China on the US. And as you know, we do about 9% of our sales in China.

因此曝光率非常非常低。因此，我們對自己透過各種緩解措施抵消 1 億美元直接關稅風險的能力感到非常滿意。現在，我想讓你們知道的另一個因素與這些直接影響無關，那就是中國對美國徵收的 125% 的報復性關稅。如您所知，我們的銷售額約有 9% 來自中國。

A lot of it is local for local, but we do have approximately 4% of our sales. So in the case of the second quarter, that will be about $70 million. They're direct US to China. And we expect -- we're seeing short-term delays there given the magnitude of the tariffs. Our customers are taking a wait-and-see attitude. They're confirming to us that they still want the products but they're waiting for lower tariff levels.

其中許多都是本地產品，面向本地客戶，但我們的銷售額確實佔 4% 左右。因此，就第二季而言，這一數字約為 7,000 萬美元。它們直接從美國飛往中國。我們預計——考慮到關稅的幅度，我們將看到短期延遲。我們的客戶採取觀望態度。他們向我們確認他們仍然需要這些產品，但他們正在等待更低的關稅水平。

Much of this product is our higher-end instrumentation and optics business where there's really limited alternatives to AMETEK with similar capability products. And as you may know, we've been very careful to protect our IP for this product for many years. So we're building the product in the US. We're shipping it around the globe, our Chinese customers desire our products.

該產品大部分屬於我們的高端儀器和光學業務，其中與 AMETEK 具有類似功能的產品的替代品非常有限。您可能知道，多年來我們一直非常小心地保護該產品的智慧財產權。所以我們在美國生產該產品。我們將其運往世界各地，我們的中國客戶對我們的產品非常感興趣。

But that $70 million in Q2 is very difficult to predict the outcome near term. And we don't have control over that situation. We may be able to ship at all in Q2. We may not be able to ship it in Q2 because there's a risk beyond our control, and they're related to country-to-country dynamics.

但第二季的 7,000 萬美元短期內的結果很難預測。我們無法控制這種情況。我們可能能夠在第二季度發貨。我們可能無法在第二季度發貨，因為存在我們無法控制的風險，而且這些風險與國家之間的動態有關。

So when we looked at that risk, we have ways to fix it. We understand that some of our products are so specialized that there is a, I'll call it, an opaque process in China where customers can go and get exemptions. We understand that some of our products are qualifying for those exemptions, but we don't -- we're monitoring the situation, but we don't have more detail than that.

因此，當我們審視這個風險時，我們有辦法解決它。我們知道，我們的一些產品非常專業，在中國存在一個不透明的流程，客戶可以透過這個流程獲得豁免。我們知道我們的一些產品符合這些豁免條件，但是我們正在監控情況，但我們沒有更多細節。

We're also initiating an element of a manufacturing and localization plan that will change the value-added nature of some of our production processes so that we don't run into this problem. So we're going to use our footprint to change some sourcing, some assemblies, some test and calibration processes. So we get substantial transformation in markets that aren't subject to tariffs. And finally, with the -- I mean, we can sell these products to outside of China. This isn't an issue where we can't sell them there. They're just -- in the queue, they've been started.

我們還啟動了一項製造和本地化計劃，該計劃將改變我們部分生產流程的增值性質，以避免遇到這個問題。因此，我們將利用我們的足跡來改變一些採購、一些組裝、一些測試和校準流程。因此，我們在沒有關稅限制的市場中實現了實質的轉變。最後，我的意思是，我們可以將這些產品銷往中國以外的地方。這並不是我們不能在那裡銷售它們的問題。他們只是——在隊列中，他們已經開始了。

There's $70 million planned for Q2. So we're really dealing with a shorter-term issue here. And how that's going to turn out in Q2, I'm not certain. It could turn out well. It could be delayed we're comfortable that we can offset the problem in the year. Over the balance of year, we feel very good with a very good plan that I can talk a little bit more about. But that is the issue that we're dealing with very near term in terms of Q2, and it could swing either way. It could go in Q2, it could shift to Q3.

第二季計劃投入 7,000 萬美元。所以我們實際上處理的是一個短期問題。但我不確定第二季的結果會如何。結果可能會很好。這個問題可能會被推遲，但我們相信我們可以在一年內解決這個問題。在今年剩下的時間裡，我們感覺非常好，有一個非常好的計劃，我可以再多談一點。但這是我們在第二季近期要處理的問題，而且情況可能會有變化。它可能進入第二季度，也可能轉移到第三季度。

We just got uncomfortable dealing with the uncertainty in the near term was something we didn't really control. And that's why we're comping the year, but that the swing between Q2 and Q3 were not starting of.

我們只是對處理短期內的不確定性感到不安，這是我們無法真正控制的事情。這就是我們對全年進行比較的原因，但第二季和第三季之間的波動尚未開始。

Dave, that all sounds like you've got it dialed in, right? We understand these are extenuating circumstances, but you guys have been through this before. At least in terms of supply chain challenges. We appreciate all the color here.

戴夫，聽起來你已經把一切都安排好了，對吧？我們明白這些都是情有可原的情況，但你們以前也經歷過這種情況。至少在供應鏈挑戰方面。我們欣賞這裡的所有色彩。

Jamie Cook, Truist.

傑米·庫克（Jamie Cook），Truist。

I guess, my question, if you look at the spread, obviously, the EMG margins have been under pressure relative to history for reasons we all know. But I'm just wondering with some of the positive momentum you're seeing in the orders for that segment and in particular, Paragon with some of the cost actions you've taken as orders and sales start to improve? How do we think about the margin trajectory for that business? I guess that's my first question.

我想，我的問題是，如果你看一下價差，顯然，由於我們都知道的原因，EMG 利潤率相對於歷史而言一直處於壓力之下。但我只是想知道，您在該部門的訂單中看到了一些積極的勢頭，特別是，隨著訂單和銷售開始改善，Paragon 採取了一些成本行動？我們如何看待該業務的利潤軌跡？我想這是我的第一個問題。

And my second question, obviously, acquisitions is your specialty. Just wondering if just given the complexity around trade war and tariffs and all that type of stuff, if some of the larger acquisitions that you guys have been contemplating, if that's sort of on hold at this point.

我的第二個問題，顯然收購是您的專長。只是想知道，考慮到貿易戰和關稅等問題的複雜性，你們一直在考慮的一些較大規模的收購，目前是否處於擱置狀態。

And then just last, administrative. I think you guys usually guide one quarter out, and I don't think you guided for the second quarter. So I just want to know if I missed anything.

最後，是行政方面。我認為你們通常會對第一季做出預測，但我認為你們不會對第二季做出預測。所以我只是想知道我是否遺漏了什麼。

Yes. No, Jamie. You didn't and really the response to Dean in my prior question, uncertainty around the Q2 sales and whether that shifted to later in the year is why we didn't guide for Q2. So we affirmed the year, but we did not to Q2 because of the uncertainty related to the Paragon margins we're going to see upside in the second half of the year for sure because we're continuing to work through our improvement plans and now we have some volume. So we have some upside in margins for sure in Paragon in the second half of the year.

是的。不，傑米。您沒有，實際上，我之前的問題中對 Dean 的回答是，第二季度銷售情況的不確定性以及這種不確定性是否會轉移到今年晚些時候，這就是我們沒有為第二季度提供指導的原因。因此，我們確認了今年的業績，但由於 Paragon 利潤率的不確定性，我們沒有確認第二季度的業績，但我們肯定會在下半年看到上漲，因為我們正在繼續執行改進計劃，現在我們已經有了一些銷量。因此，今年下半年 Paragon 的利潤率肯定會上升。

And I guess I'm thinking EMG in total, like just the spread between EMG IMG, obviously powered on EMG.

我想我正在考慮 EMG 總體，就像 EMG IMG 之間的傳播，顯然是由 EMG 提供動力。

Yes, I think that the way EIG margins are extremely good, and they're performing extremely well. I think if you want to think about it from your perspective, we have a hedge on EMG margins. There's some upside there and given the acceleration in that business and then the third thing you talked.

是的，我認為 EIG 的利潤率非常好，而且表現也非常好。我認為，如果您願意從您的角度考慮這個問題，我們對 EMG 利潤率進行了對沖。那裡有一些好處，而且考慮到該業務的加速發展，然後是您談到的第三件事。

Just M&A, like I'm --

只是併購，就像我一樣--

Yes. We have a very, very robust pipeline, and we're very active in the pipeline. Some of the deals the uncertain nature of it, there's been some delays. Some of them are going forward. And we have -- over the history of time, we've been buyers in markets and down markets. And we've been able to buy some of the best businesses, the best returns for our shareholders in down markets. So we're very active. If you think about this thing, I mean, we're ideally positioned to deal in this changing environment. We're very good operators.

是的。我們擁有非常非常強大的管道，我們在管道方面非常活躍。由於某些交易的不確定性，出現了一些延誤。其中一些正在向前邁進。縱觀歷史，我們一直是市場和低迷市場的買家。在市場低迷時期，我們收購了一些最好的企業，為股東帶來了最佳回報。所以我們非常活躍。如果你考慮一下這件事，我的意思是，我們處於理想的位置來應對這個不斷變化的環境。我們是非常優秀的操作員。

We've been through challenge before, as we talked about with Dean. We've got an experienced management team. We've got a distributed operating structure that really empowers local management. We have our portfolio of essential mission-critical businesses that allow us to pass through higher input costs. I mean we expect to differentiate our performance and M&A is going to be part of that. It's very difficult to predict.

正如我們與 Dean 談論的那樣，我們之前也經歷過挑戰。我們擁有一支經驗豐富的管理團隊。我們擁有一個分散式營運結構，可以真正增強本地管理能力。我們擁有一系列至關重要的業務，可以讓我們轉嫁更高的投入成本。我的意思是，我們希望實現業績差異化，而併購將成為其中的一部分。這很難預測。

If we sign a deal in a couple of weeks or we signed a deal at the end of the year. But we're not backing off at all. And we're in the fortunate position that we can do two things at once. And we're going after M&A, and we also have a balance sheet in periods of dislocation. We've used our balance sheet to initiate buybacks also.

如果我們在幾週內簽署協議或在年底簽署協議。但我們絲毫沒有退縮。我們很幸運，可以同時做兩件事。我們正在進行併購，在混亂時期我們也有資產負債表。我們也利用資產負債表來啟動回購。

Jeff Sprague, Vertical Research Partners.

傑夫·斯普拉格（Jeff Sprague），Vertical Research Partners。

Dave, thanks for that super detailed kind of tariff run down. I wonder if you could just give us the punchline now, like China specifically, what is it that you're looking to overcome there on that 145%.

戴夫，謝謝你提供如此詳細的關稅資訊。我想知道您現在是否可以給我們一個大概的答案，例如具體到中國，您希望透過 145% 來克服什麼問題。

Well, the 145% is built into the $100 million. And so it's 125%. Well, but on the supply chain, it's $145. That's within the $100 million, and that's fairly small. So again, we just have a couple of recent acquisitions. So that goes into the $100 million on the $100 million is the total amount of things going to the US.

嗯，145% 是包含在 1 億美元中的。所以是 125%。嗯，但是在供應鏈上，它是 145 美元。這個數字在 1 億美元以內，相當小。再次強調，我們最近剛進行了幾項收購。所以，這 1 億美元就是流向美國的總金額。

Got it. And then just thinking about this possible shipping delay in Q2 and appreciate the guidance uncertainty it creates. We should just assume that's very high incremental margin business, though, right? I would guess that rose $0.10 or more of sort of variance in an all else equal construct as it relates toQ2?

知道了。然後想想第二季度可能出現的發貨延遲，並理解它所帶來的指導不確定性。我們應該假設這是增量利潤率非常高的業務，對嗎？我猜測，在其他所有條件相同的情況下，與第二季度相關的差異會上升 0.10 美元或更多？

Yes, I think that that's -- I think you're thinking about it the right way. It's our high-end products. That capability is not available for many places in the world and it's higher margin business, and I think you're thinking about it right.

是的，我認為——我認為你的想法是正確的。這是我們的高端產品。世界上很多地方都不具備這種能力，而且這是利潤更高的業務，我認為你的想法是正確的。

And we've gotten some inbound questions just about your research exposure and dose risk and anything of that along those lines. Could you just address what, if anything, you're seeing there and what your exposure is?

我們收到了一些關於您的研究暴露和劑量風險以及類似問題的問題。您能否簡單介紹一下您在那裡看到了什麼以及您的曝光情況如何？

Yes. The total research exposure is about 10% of sales is international. And a lot of the dose stuff has been in a lot of life science research, and we have some exposure there, but not much. So there are some delays with our government customers. But at this point, for us, it's relatively modest.

是的。總研究曝光量約佔銷售額的 10%，是國際性的。許多劑量問題已經出現在許多生命科學研究中，我們也有一些接觸，但不是很多。因此我們的政府客戶遇到了一些延誤。但就目前而言，對我們來說，這個數字還是相對適中的。

And then just maybe last from me. Just on price, can you share -- sorry if I missed it, what price was in the quarter? And I don't think you changed the organic growth outlook, but I would assume your outlook implicitly would now include some more price maybe with some volume detraction on the economic uncertainties?

這也許就是我最後一次了。僅就價格而言，您能分享一下嗎——如果我錯過了，請抱歉，本季的價格是多少？而且我認為您沒有改變有機成長前景，但我認為您的前景現在隱含地會包括一些價格因素，也許還會有一些數量因素因經濟不確定性而受到影響？

You're exactly right. And we rolled out the whole year, the volume was down a little bit, but the pricing was up a little bit. And as part of our tariff mitigation plan, and we felt comfortable keeping the full year guide to plus low single digits early. In terms of the specific price, we're not going to give out that specific number, but I can tell you that we covered all inflationary costs in Q1. We had a good positive spread and we expect that to continue throughout the year.

你說得完全正確。我們全年都在推廣，銷量略有下降，但價格略有上漲。作為我們關稅減免計劃的一部分，我們很放心地將全年指導價保持在年初的低個位數。至於具體價格，我們不會透露具體數字，但我可以告訴你，我們在第一季已經涵蓋了所有通膨成本。我們取得了良好的正向利差，預計這股勢頭將持續全年。

Andrew Obin, Bank of America.

美國銀行的安德魯‧奧賓。

Can we just talk about just a particular in test and measurement side, we've heard a lot of concerns and these are broad macro concerns that a lot of the components that go into the high-end instrumentation are sourced by many in the industry in China. And I think you guys have done a fairly good job, as you pointed out, of adjusting your supply chain away from China over the past five, six, seven years.

我們能否只談論測試和測量方面的一個具體問題，我們聽到了很多擔憂，這些都是廣泛的宏觀擔憂，即許多高端儀器儀表中的組件都來自中國業內的許多企業。正如你所指出的，我認為你們在過去五、六、七年裡在調整供應鏈以脫離中國方面做得相當不錯。

What kind of opportunities does it create, right? Because are these big concerns that shipments are going to come to a grinding halt in May. You guys seem to have better supply chains. I would imagine on the margin, some of your competition in the US does come internationally. Could you just describe the opportunity to set that, that creates for you?

這創造了什麼樣的機會呢？因為人們普遍擔心 5 月的出貨量將會驟然停止。你們似乎有更好的供應鏈。我可以想像，在美國，你們的一些競爭對手確實來自國際。您能否描述一下為您創造的這個機會？

Yes. Really, it's a great question, Andrew. We have a good structure, good bones to deal with this situation. We have 100 plants approximately in the US, and we have 50 internationally. And we're already working with some customers that we haven't worked with in the past and on some opportunities in the US to use our infrastructure in the US to be able to win market share. So there's a -- we're clearly focused on the tariff mitigation, but there are opportunities to using our structure in the US.

是的。確實，這是一個很好的問題，安德魯。我們擁有良好的結構和骨骼來應對這種情況。我們在美國有大約 100 家工廠，在國際上也有 50 家工廠。我們已經與一些過去沒有合作過的客戶合作，並在美國尋找一些機會，利用我們在美國的基礎架構來贏得市場份額。因此，我們顯然專注於降低關稅，但也有機會在美國利用我們的結構。

And I think that, that structure of 50 plants outside the US really gives us some flexibility to look at localization at a different level and the transformation of the value adds, so that as we move through the course of the year, we're going to be able to mitigate the impact of tariffs. So I think it's a comprehensive plan.

我認為，在美國以外擁有 50 家工廠的結構確實為我們提供了一定的靈活性，讓我們能夠從不同層面看待本地化和增值的轉型，這樣，隨著我們在這一年中的發展，我們將能夠減輕關稅的影響。所以我認為這是一個全面的計劃。

Dalip and I reviewed the one of the things we've done a good job after the year is being great operating system, great business system, but providing our structure and then getting all of our teams to execute within it, and we learn from that. So we alone through plans with every one of our businesses, and we're going to continue that for a period of time.

達利普和我回顧了我們這一年來做得很好的事情之一，那就是建立了出色的操作系統和出色的業務系統，同時提供了我們的結構，然後讓我們所有的團隊在其中執行，我們從中吸取了教訓。因此，我們獨自製定了與每項業務相關的計劃，並且我們將在一段時間內繼續這樣做。

And there were plans in the business and it talked about the tariff mitigation to talk about sourcing changes. It talked about select pricing opportunities. I talked about going on offense. And we spent a lot of time understanding where our competitors are located and where we're located and areas of advantage that we're going to have in the new structure, and we're working on those now. And we're getting positive playback from our customers.

並且業務中存在計劃，其中討論了關稅減免和採購變化。它討論了選擇定價機會。我談到了進攻。我們花了很多時間了解我們的競爭對手在哪裡、我們在哪裡以及我們在新結構中的優勢領域，我們現在正在努力解決這些問題。並且我們從客戶那裡得到了正面的回饋。

And just a follow-up question. Given this new round of tariffs, how are you and the Board thinking about manufacturing footprint your supply chain because clearly, you've made major adjustments in the aftermath of the first wave. What, if any, adjustments just directionally, you and the Board are thinking longer term? And the follow-up question on that is, what are you guys doing to your CapEx spending this year? Is it going up? Or is it going down?

這只是一個後續問題。鑑於新一輪關稅，您和董事會如何看待製造足跡的供應鏈，因為很明顯，在第一波關稅之後，您已經做出了重大調整。您和董事會正在考慮哪些長期的方向性調整（如果有的話）？後續問題是，你們今年的資本支出計畫是怎麼樣的？它會漲嗎？還是正在下降？

Yes. I think the -- the board is very pleased that we started to reduce our risk from China supply chain five years ago. And we were constantly acquiring businesses. So we're working on exiting those businesses, and that's in process. I think in terms of our manufacturing footprint, I just think having expanded localization in various countries, so that longer term, we're less dependent on some of the tariffs is the right thing to do.

是的。我認為董事會非常高興我們五年前就開始降低來自中國供應鏈的風險。我們不斷收購企業。因此，我們正在努力退出這些業務，並且該工作正在進行中。我認為就我們的製造足跡而言，擴大在各國的本地化，以便從長遠來看減少對某些關稅的依賴是正確的做法。

So we're not changing maybe where we build the core technology, but we're shifting the value add to more and more locales around the world, and we've been doing that over time. That's why we have 50 plants outside the US. That's why we've been so successful in these international markets almost, I think, in the quarter, high 40 sales work for international markets, and we're going to continue doing that.

因此，我們可能不會改變建立核心技術的地點，但我們會將增值轉移到世界各地越來越多的地方，而且我們一直在這樣做。這就是我們在美國以外擁有 50 家工廠的原因。這就是為什麼我們在本季在國際市場上取得如此大的成功，我認為，國際市場的銷售額幾乎達到了 40%，我們將繼續這樣做。

So we think that's the right strategy, the right plan. In terms of CapEx, we're not reducing our (inaudible) we have some very aggressive digital programs going on right now. We have -- we're looking to improve our sourcing with AI. We're looking to improve our e-commerce capabilities. So we have some very, very long-term strategic plans that are around improving our capability through software investments, and we're going to continue those.

所以我們認為這是正確的策略、正確的計畫。就資本支出而言，我們不會減少（聽不清楚），我們現在正在實施一些非常積極的數位計畫。我們正在尋求利用人工智慧來改善我們的採購。我們正在尋求提高我們的電子商務能力。因此，我們有一些非常長期的策略計劃，旨在透過軟體投資來提高我們的能力，我們將繼續這些計劃。

And we also have -- we have a good footprint already. So it's largely effectively utilizing that footprint. So I feel good about that. And I see no reason at this time to change our capital spending plan.

而且我們已經擁有了良好的足跡。因此，它在很大程度上有效地利用了這一足跡。所以我對此感覺很好。我認為目前沒有理由改變我們的資本支出計畫。

Brett Linzey, Mizuho

瑞穗銀行 Brett Linzey

I wanted to come back to the destocking comment around automation Engineered Solutions. Perhaps just an update on the level of OEM inventory in some of those channels? And then anything in terms of the pulse on capital projects? Are you seeing any shift in time lines as it relates to some of those businesses.

我想回到有關自動化工程解決方案的去庫存評論。也許只是對某些管道中的 OEM 庫存水準進行更新？那麼關於資本項目的脈搏又如何呢？您是否看到與某些業務相關的時間線有任何變化。

Yes. In terms of the time lines, I talked about a little bit in our process business. We are -- we're not seeing projects canceled, but we're seeing uncertainty and some projects are delayed. And we made an adjustment in our annual outlook related to that business because of that. So that's definitely happening.

是的。就時間軸而言，我談了一點我們的流程業務。我們沒有看到項目被取消，但我們看到了不確定性，一些項目被推遲了。因此，我們對與該業務相關的年度展望進行了調整。所以這肯定會發生。

Yes, another question, Yes. The OEM inventory. What we're seeing is that the destock is not completed for all customers. But once it ends, then you see a pop. And those customers are recalibrating to the demand levels. And you're going to see that as we work through the course of 2024. So by 2025, excuse me, by the time '25 is completely over. I think all the destocking will be done. I was thinking, but it's starting to happen now, and it's driving -- drove strong orders in the first quarter.

是的，另一個問題，是的。OEM庫存。我們看到的情況是，並非所有客戶的庫存都已移除。但一旦結束，你就會看到流行音樂。這些客戶正在重新調整需求水準。隨著我們進入 2024 年，您會看到這一點。所以到 2025 年，對不起，到 2025 年就徹底結束了。我認為所有去庫存工作都會完成。我之前也在想，但現在這種情況開始發生了，而且推動了第一季訂單的強勁成長。

Okay. Got it. And I guess just a quick follow-up there. So I guess the assumption for the year from a planning perspective is that persists through the balance of the year? Or does it improve in the second half? Any thoughts there?

好的。知道了。我想這只是一個快速的後續問題。所以我猜從規劃角度來看，今年的假設是，這個假設會持續到今年底？或者說下半場會有所改善？有什麼想法嗎？

Yes. You're talking about our sales or are you talking about orders? Or are you talking about what part of our business?

是的。您是在談論我們的銷售額還是訂單？或者您說的是我們業務的哪一部分？

I'm just talking about the level of inventory, like when do you think that gets worked down and were kind of normal.

我只是在談論庫存水平，例如您認為什麼時候庫存水平會下降並恢復正常。

Yes, I think in the automation area, that's working itself through. We're seeing the US is kind of, I'll call it, finished some destocking is still occurring in Europe, places like Germany. So that's automation. In terms of the medtech OEMs, I think it's OEM dependent. And they all have different supply chains, and they're good at running their business, but they seem to not really have very take control on their inventory.

是的，我認為在自動化領域，這一點正在解決。我們看到美國已經完成了一些去庫存化進程，但歐洲、德國等地仍在進行去庫存化。這就是自動化。就醫療技術 OEM 而言，我認為它依賴 OEM。他們都有不同的供應鏈，並且擅長經營自己的業務，但他們似乎並沒有真正控制好自己的庫存。

So we're seeing -- it's difficult to predict. It's difficult for them to predict and it's difficult for us to predict because of that, but you're seeing as they work through their process, the destock is ending, and there's more normalization inventory. And we saw a big chunk of that in Q1, and that's like what we saw with the Paragon orders, right?

所以我們看到——這很難預測。他們很難預測，因此我們也很難預測，但你會看到，隨著他們完成流程，去庫存即將結束，正常化庫存也會增加。我們在第一季看到了很大一部分，這就像我們在 Paragon 訂單中看到的那樣，對嗎？

Paragon orders were up much, much more than 25%. And in Q1. And that was a customer is getting to the point where they're recalibrating, they're normalized and they're setting their plan for the year. And as we go through the year, we're going to see other med tech customers do that. But it's happening as we thought it would.

Paragon 的訂單量成長遠超過 25%。並且在第一季。而客戶正處於重新調整、正常化和製定年度計畫的階段。隨著時間的推移，我們將看到其他醫療技術客戶也這樣做。但事情正如我們想像的那樣發生了。

I appreciate the insight. And then maybe just one more on A&D, not much ground was covered here. How are those businesses performing versus expectations? And is your thinking an outlook changed between commercial and defense based on any developments we've seen?

我很欣賞你的見解。然後可能只剩下關於 A&D 的介紹，這裡涉及的內容並不多。這些企業的表現與預期相比如何？根據我們所看到的任何發展，您是否認為商業和國防之間的觀點發生了變化？

Yes. We're still feeling really good about the aerospace business. It grew mid-single digits in the quarter. We're expecting it to grow mid-single digits for the year with balanced growth across both our commercial segment and our defense segment. When I think about the commercial segment, you have the OEM multiyear backlogs that was -- that drove a significant part of our growth in Q1, and they have 8-, 10-year backlog depending on what you look at.

是的。我們仍然對航空航天業務感到非常樂觀。本季其成長率達到了中等個位數。我們預計今年的成長率將達到中等個位數，商業部門和國防部門將實現均衡成長。當我考慮商業領域時，你會發現 OEM 多年的積壓訂單——這推動了我們第一季的成長，而且根據你所看到的情況，他們有 8 年、10 年的積壓訂單。

So we feel good about that. And in the defense area, the funding is solid, and we feel good about that. In terms of the aftermarket, a lot of older planes are flying now because there's been some delays on this OEM side and that plays to our strength with slower fleet retirements. And that business is a good domestic business, but also a good international business.

因此我們對此感到很高興。在國防領域，資金充足，我們對此感到滿意。就售後市場而言，現在有許多老式飛機仍在飛行，因為原始設備製造商 (OEM) 方面出現了一些延誤，而這有利於我們減緩機隊退役速度。這項業務不僅是一項很好的國內業務，也是一項很好的國際業務。

And older planes are flying. There's -- in the US, there's some dislocation now (inaudible) fuel costs are coming down and the dynamic there is we don't get the OEM sale, it's okay because we have such a strong aftermarket presence. And that team running that business is just on a great job for us. So for us, and we're in some niches in this aerospace business, it's about 17%, 18% of our company. But it's -- I would say it's very stable, strong growing business for right now.

老式飛機也在飛行。在美國，現在存在一些混亂（聽不清楚）燃料成本正在下降，而且那裡的動態是我們沒有獲得 OEM 銷售，這沒關係，因為我們擁有如此強大的售後市場影響力。負責這項業務的團隊為我們做出了巨大的貢獻。因此對我們來說，我們在航空航太業務的某些領域，這大約占我們公司的 17% 到 18%。但我想說，就目前而言，它的業務非常穩定，成長強勁。

I appreciate all the details always.

我總是很欣賞所有的細節。

Scott Graham, Seaport Research Partners.

格雷厄姆（Scott Graham），海港研究合作夥伴。

I wanted to maybe unbundle aerospace and defense a little bit. I know you just did a little bit more just now, Dave. But when you went through your prepared -- or the question-and-answer period with A&D, you didn't specifically talk about defense. And I know that, that business has been a little bit flat down the last couple of quarters. Are you suggesting that defense kind of gets better in the second half of the year?

我可能想稍微將航空航天和國防分開。我知道你剛才做了一點，戴夫。但是當你做好準備——或者在與 A&D 進行問答環節時，你並沒有具體談論防守。我知道，過去幾個季度，這項業務一直有些平淡。您是否認為今年下半年的防守會有所改善？

And then my follow-up on that would also be on the Aerospace side. I know you just indicated that you're comfortable with your aftermarket business. But obviously, there's some passenger weariness to travel, and I'm wondering how that might roll into the second half.

然後我的後續關注點也將是在航空航天方面。我知道您剛才表示您對自己的售後業務感到滿意。但顯然，有些乘客對旅行感到厭倦，我不知道這種情況在下半年會如何發展。

Yes, great question. Specifically on defense, we're expecting growth -- balanced growth across all subsegments. So we're expecting defense to grow in the second half of the year. And we'll see what gets passed in Congress and things, but it's pretty optimistic right now. So I think we're well positioned there, and there's long-term threats, obviously. In terms of the aftermarket, you're exactly right.

是的，很好的問題。具體來說，在國防方面，我們預計所有子領域都將實現平衡成長。因此我們預計下半年防禦能力將會成長。我們將拭目以待國會通過哪些法案，但目前情況相當樂觀。所以我認為我們在那裡處於有利地位，而且顯然存在長期威脅。就售後市場而言，您說得完全正確。

I mean you're seeing some airlines with some stress. But again, that's why I was -- the planes are still flying. And older planes in particular are flying longer because fleet retirements have slowed. And I just think that it's our aerospace business and aftermarket is a US and international business. In our international business, we have operations all over. So I have a feeling that if the US slows the international market will strengthen or will stay strong because they're in a little bit different cycle. But right now, what we're looking at is all sides of the business are strong.

我的意思是，你看到一些航空公司面臨一些壓力。但同樣，這就是我的原因——飛機仍在飛行。由於機隊退役速度放緩，舊飛機的飛行時間尤其更長。我只是認為我們的航空航太業務和售後市場是美國和國際業務。在我們的國際業務中，我們的業務遍布各地。因此，我有一種感覺，如果美國經濟放緩，國際市場將會走強或保持強勁，因為它們處於略有不同的周期。但目前，我們看到的是業務的各個方面都很強勁。

I just wanted to also ask, if I could, about capital allocation. You seem to have a little bit more jump in your speech when you're talking about capital, it seems like you're a little bit more excited about M&A and then talked about share repurchases, a bit more than you've talked about in the past. You have a lot of capital to deploy. Your net leverage number is very low, obviously.

如果可以的話，我還想問一下有關資本配置的問題。當您談論資本時，您的演講似乎更有跳躍性，似乎您對併購更感興趣，然後又談論了股票回購，比您過去談論的要多一些。您有大量資本可供部署。顯然，您的淨槓桿率非常低。

And I was just wondering, on the M&A side, are you seeing bid-ask spreads kind of get a little bit more favorable. And on the share repurchase side, do you see be more active this year?

我只是想知道，在併購方面，買賣價差是否會變得更有利一些。在股票回購方面，您認為今年會更活躍嗎？

Yes. I think that we're well positioned, Scott. I mean, we have, as you said, our net debt to EBITDA is 0.7%. When you go through just locations like this a couple of times in your career, you realize that opportunities are going to be there, and we're working with people. I think good assets are still demanding good prices. So it's not like you're seeing tremendous bargains.

是的。我認為我們處於有利地位，史考特。我的意思是，正如您所說，我們的淨債務與 EBITDA 比率為 0.7%。當你在職業生涯中經歷過幾次這樣的情況時，你會意識到機會就在那裡，而且我們正在與人們一起工作。我認為優質資產仍然需要好的價格。所以你看到的並不是巨大的便宜貨。

They've come in a bit. But we have a really good pipeline. We have a good reputation. We're working with some people, a lot of processes going on. And I think that we're just in an ideal position to acquire some businesses and also act on the dislocation and stock price that could be occurring. And when I put the two together, at a time we're be on your back foot. We're not on our back foot.

他們進來了一會兒。但我們的管道確實很好。我們享有良好的聲譽。我們正在與一些人合作，許多流程正在進行中。我認為我們正處於一個理想的位置，可以收購一些企業，並針對可能發生的混亂和股價採取行動。當我將兩者結合起來時，我們就會處於劣勢。我們並沒有處於劣勢。

So you're bringing our steps forward lean. So I think you got that right. And this is a time where we can differentiate our performance.

所以你讓我們的步伐更向前邁進。所以我認為你的理解是正確的。這是我們能夠脫穎而出的時刻。

Rob Wertheimer, Melius Research.

Rob Wertheimer，Melius Research。

I just wanted to kind of follow on that acquisition topic that's come up a couple of times. And obviously, there's a lot of uncertainty maybe more on our side of the phone than what you guys appear to be seeing to date at least with the comments around April and 1Q being okay.

我只是想繼續討論一下已經出現過幾次的收購話題。顯然，我們這邊存在的不確定性可能比你們迄今為止看到的要多，至少 4 月和第一季左右的評論是可以的。

Have the conversations around acquisitions change? I mean there's uncertainty on cost a little bit of uncertainty in the demand environment. Do you have to wait until you get clarity? Do you -- how do you kind of approach that uncertainty from a valuation and/or close.

關於收購的討論有變化嗎？我的意思是成本存在不確定性，需求環境也存在一點不確定性。您是否必須等到事情清楚之後才可以？您如何從估值和/或收盤角度來應對這種不確定性？

Yes, it's a great question, Rob. It's still specific. So for example, if you're going to acquire a business that has a huge supply chain from China, that may be a weight right now and delayed because you see how that is going to play out. But then you deal specifically, you have other dynamics.

是的，這是一個很好的問題，羅布。還是很具體的。舉例來說，如果你要收購一家在中國擁有龐大供應鏈的企業，那麼現在這可能會成為一個負擔，而且會被推遲，因為你會看到事情會如何發展。但是當你具體處理時，你會發現其他動態。

So we've been doing this for a long time. It is an uncertain time, especially when you look at it month-to-month, but we're looking at in the long term. And we've been through this before, and it's going to be -- there are opportunities arising and that's -- we got some issues we're managing through.

我們已經這樣做了很長時間。這是一個不確定的時期，特別是當你逐月觀察時，但我們正在著眼於長遠。我們以前也經歷過這種情況，而且這種情況將會不斷出現，我們也遇到了一些問題，正在努力解決。

We talked about them. We have a tremendous amount of detail on them. But overall, think that we're well positioned to do well. And I think that you're correct. The some deals are moving ahead. Some deals have been a sideline for a period of time. But because of the trade dynamics, but there's enough in our pipeline that we're still working aggressively on them. So does that answer your question, Rob?

我們談論了他們。我們掌握了大量有關它們的詳細資訊。但總體而言，我們認為我們有能力做好這件事。我認為你是對的。一些交易正在推進。有些交易在一段時間內一直處於次要地位。但由於貿易動態，我們的通路仍有足夠多的產品，我們仍在積極努力。那麼這回答了你的問題嗎，羅布？

It does.

確實如此。

Joe Giordano, TD Cowen

喬·喬達諾（Joe Giordano），TD Cowen

This is Dan on for Joe. And I had a question on commercial aerospace. You spoke about obviously US travel volumes potentially declining, but you mentioned that international might remain strong. But in terms of actions that the airlines are taking, one of the major line companies talk about reducing maintenance spend. Is that something that you see broadly in the industry? Or is that something that would impact you as later. Basically, any color on what you're hearing from customers or how something like that would impact your business?

這是丹代替喬上場。我有一個關於商業航空航天的問題。您談到美國的旅遊量顯然可能會下降，但您提到國際旅遊量可能保持強勁。但就航空公司正在採取的行動而言，一家主要的航線公司談到了減少維護支出。這是您在業界普遍看到的情況嗎？或者那會對你以後產生影響。基本上，您從客戶那裡聽到了什麼消息，或者類似的消息會如何影響您的業務？

Yes. I think that the impact on our business is relatively muted the aftermarket piece of the business is a smaller part compared to the OE piece of the business and compared to the defense business. we could see a downturn in that part of the business. We're not seeing it now, but we're very diversified in some specific areas and there is a future downturn, we'll deal at it, but right now, it's not happening. That's a fact in our business.

是的。我認為，對我們業務的影響相對較小，與原始設備製造商業務和國防業務相比，售後市場業務比例較小。我們可能會看到該部分業務出現下滑。我們現在沒有看到這種情況，但我們在某些​​特定領域非常多樣化，未來可能會出現經濟衰退，我們會應對，但目前，這種情況還沒有發生。這是我們業務中的事實。

I appreciate and I apologize if asked during the call a bit late, but are you seeing any pre-buys broadly in the market? And specifically for you guys was any part of your mitigation actions for tariffs that include you yourself prebuying? Yes. I think that we build customized products. So we didn't see -- there could be some prebuying, but we didn't see a lot of it.

我很感激，如果在通話中問得有點晚，我深感抱歉，但您是否看到市場上出現廣泛的預購現象？具體來說，你們採取的關稅緩解措施中是否包括預先購買？是的。我認為我們製造的是客製化產品。所以我們沒有看到——可能有一些預購，但我們沒有看到很多。

So I think that we see that less than most, but there could have been some there. In terms of inventory purchases, we're certainly doing the smart things. And we have operators in our distributed model that are very, very to run their businesses like they own them. And if they think they want to bring some inventory in because it makes sense, they're making those decisions. Appreciate that.

所以我認為我們看到的這種情況比大多數人看到的要少，但可能還是有一些的。在庫存採購方面，我們確實做了明智的事情。在我們的分散式模型中，我們的營運商非常、非常願意像擁有自己的業務一樣來經營他們的業務。如果他們認為引入一些庫存是合理的，他們就會做出這些決定。非常感謝。

Andrew Buscaglia, BNP Paribas.

安德魯·巴斯卡利亞，法國巴黎銀行。

David, I wanted to ask you, your backlog has been at record levels almost every quarter now going back as far as I remember. So I'm curious, what gets this backlog to convert presumably, tariffs are now kind of delaying that conversion?

大衛，我想問你，據我所知，幾乎每個季度你的積壓訂單都達到了創紀錄的水平。所以我很好奇，是什麼導致了這些積壓訂單的轉換，大概是關稅現在在某種程度上延遲了這種轉換？

Well, maybe you're not seeing that, but that's the thought I had I guess this is very unique to AMETEK, and it sets you up pretty interesting once it does start to convert. So kind of what gets to go in your?

好吧，也許您沒有看到這一點，但這就是我的想法，我認為這對 AMETEK 來說非常獨特，一旦它開始轉換，它就會讓您感到非常有趣。那麼，您要做什麼呢？

Yes. I think that the backlog is at high levels. It's -- there are some delays related to tariffs. We talked about some of the delays for the products that we're shipping directly to China. We're talking about other situations where the tariffs are causing customers that go back and have to get more money to buy products. So I think the tariffs are going to cause some delays.

是的。我認為積壓的訂單量很高。這是——與關稅有關的一些延誤。我們討論了直接運往中國的一些產品的延誤問題。我們正在討論其他情況，關稅導致消費者退回並不得不花更多的錢來購買產品。所以我認為關稅會造成一些延誤。

And I think we have a good tariff mitigation plan. We have good localization plans and there's some comfort in having that backlog as we navigate through this thing over the next -- in terms of the coming quarters. But you're right, there are some delays caused by the tariffs.

我認為我們有一個很好的關稅減免計劃。我們有良好的在地化計劃，在接下來的幾個季度中，當我們處理這件事情時，有這些積壓的工作會讓我們感到些許安慰。但您說得對，關稅確實造成了一些延誤。

And we're -- are you saying, I don't know any patterns in the last few quarters, where the backlog specifically is building. It sounds like A&D, even some of your medical stuff, but is there a concentration in one area that you're seeing? Or can you talk a little bit more about the color within that backlog?

而且我們—您是說，我不知道過去幾季積壓訂單的具體形成模式。這聽起來像是 A&D，甚至包括一些醫療方面的東西，但是您是否看到某個領域的集中度較高？或者您能否再多談談積壓工作中的顏色？

No, I don't think it's concentrated. I think you hit the areas. I mean, A&D backlog is a longer-cycle business. It's strong. I think the big change is the med tech with Paragon backlog is increasing.

不，我認為它並不濃縮。我認為您擊中了這些區域。我的意思是，A&D 積壓業務是一個週期較長的業務。它很強大。我認為最大的變化是 Paragon 積壓的醫療技術正在增加。

Thank you. I'll now hand the call back over to Vice President of Investor Relations and Treasurer, Kevin Coleman for any closing remarks.

謝謝。現在，我將把電話轉回給投資者關係副總裁兼財務主管凱文·科爾曼 (Kevin Coleman)，請他做最後發言。

Thanks again, Andrew, and thanks, everyone, for joining our 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.

再次感謝安德魯，也感謝大家今天參加我們的電話會議。提醒一下，您可以在 ametek.com 的「投資者」部分觀看網路直播的重播。祝你有美好的一天。

Ladies and gentlemen, thank you for participating. This does conclude today's program, and you may now disconnect.

女士們、先生們，感謝你們的參與。今天的節目到此結束，大家可以斷開連結了。