Avantor Inc (AVTR) 2025 Q1 法說會逐字稿

Good morning. My name is Emily, and I'll be your conference operator today. At this time, I would like to welcome everyone to Avantor's first quarter 2025 earnings results conference call. (Operator Instructions)

早安.我叫艾米麗，今天我將擔任您的會議主持人。現在，我歡迎大家參加 Avantor 2025 年第一季財報業績電話會議。（操作員指示）

I will now turn the call over to Allison Hosak, Senior Vice President of Global communications. Ms. Hosak, you may begin the conference.

現在我將把電話轉給全球通訊資深副總裁艾莉森‧霍薩克 (Allison Hosak)。霍薩克女士，您可以開始會議了。

Good morning and thank you for joining us. Our speakers today are Michael Stubblefield, President and Chief Executive Officer; and Brent Jones, Executive Vice President and Chief Financial Officer.

早安，感謝您加入我們。今天的演講者是總裁兼執行長 Michael Stubblefield；以及執行副總裁兼財務長 Brent Jones。

The press release and a presentation accompanying this call are available on our Investor Relations website at ir.avantorsciences.com. A replay of this webcast will also be made available on our website after the call. Following our prepared remarks, we will open the line for questions.

本次電話會議的新聞稿和簡報可在我們的投資者關係網站 ir.avantorsciences.com 上查閱。通話結束後，我們也將在網站上提供該網路廣播的重播。在我們準備好發言之後，我們將開放提問熱線。

During this call, we will be making forward-looking statements within the meaning of the US federal securities laws, including statements regarding events or developments that we believe or anticipate may occur in the future.

在本次電話會議中，我們將根據美國聯邦證券法做出前瞻性陳述，包括有關我們認為或預期未來可能發生的事件或發展的陳述。

These forward-looking statements are subject to a number of risks and uncertainties, including those set forth in our SEC filings. Actual results might differ materially from any forward-looking statements that we make today.

這些前瞻性陳述受到許多風險和不確定性的影響，包括我們向美國證券交易委員會提交的文件中所述。實際結果可能與我們今天所做的任何前瞻性陳述有重大差異。

These forward-looking statements speak only as of the date that they are made. We do not assume any obligation to update these forward-looking statements as a result of new information, future events or other developments. This call will include a discussion of non-GAAP measures. A reconciliation of these non-gap measures can be found in the press release and in the supplemental disclosure package on our Investor Relations website.

這些前瞻性陳述僅代表其作出之日的觀點。我們不承擔因新資訊、未來事件或其他發展而更新這些前瞻性聲明的任何義務。本次電話會議將討論非公認會計準則衡量指標。這些非差距措施的對帳可以在新聞稿和我們投資者關係網站上的補充揭露包中找到。

With that, I will now turn the call over to Michael.

說完這些，我現在將電話轉給麥可。

Thank you, Alli, and good morning, everyone. I appreciate you joining us today. Before we get into our first quarter results, I want to address the CEO transition announcement we made this morning. After careful consideration, our Board of Directors and I agreed that now is the right time to initiate a transition in Avantor's leadership.

謝謝你，阿里，大家早安。感謝您今天加入我們。在我們公佈第一季業績之前，我想先談談我們今天上午宣布的執行長過渡事宜。經過仔細考慮，董事會和我一致認為現在是啟動 Avantor 領導層過渡的最佳時機。

The Board has initiated a search process to identify the company's next CEO and will look for someone who has a strong track record of delivering growth and value creation. I plan to step down once a successor is in place, and I am committed to a smooth transition. In the meantime, As I will discuss in detail shortly, our entire leadership team is focused on taking steps to accelerate growth and strengthen the business.

董事會已啟動搜尋程序，以確定公司下一任首席執行官，並將尋找一位在推動成長和創造價值方面有著出色記錄的人。我計劃在繼任者到位後卸任，並致力於實現平穩過渡。同時，正如我將很快詳細討論的那樣，我們的整個領導團隊都致力於採取措施加速成長和加強業務。

With that, let's turn to slide 3. I want to acknowledge that we are not satisfied with our first quarter performance. While we delivered earnings and margin in line with our plan, revenue in both segments fell short of our expectations. We entered 2025 with a clear focus on innovation driven growth, margin expansion and deleveraging.

接下來，讓我們翻到投影片 3。我承認我們對第一季的表現並不滿意。雖然我們的收益和利潤率符合計劃，但兩個部門的收入都未達到我們的預期。邁入2025年，我們明確將重點放在創新驅動的成長、利潤率的擴大和去槓桿。

However, sentiment in some of our end markets, particularly education and government turned cautionary as customers reacted to policy changes announced by the new administration. Also, funding fell approximately 40% in the quarter for bench stage biotech companies, leading to additional demand weakness for this important customer segment in our biopharma end markets.

然而，隨著客戶對新政府宣布的政策變化做出反應，我們的一些終端市場，特別是教育和政府市場的情緒變得謹慎。此外，本季用於基礎階段生技公司的資金下降了約 40%，導致我們生物製藥終端市場中這個重要客戶群的需求進一步疲軟。

We expect this market backdrop to continue.

我們預計這種市場背景將會持續下去。

Pressuring demand for the foreseeable future, which is reflected in reset guidance. While we cannot change the market environment, we intend to take every action within our control to enhance growth in both lab solutions and bioscience production while continuing to expand margins and reduce leverage.

在可預見的未來，需求將面臨壓力，這反映在重置指導中。雖然我們無法改變市場環境，但我們打算採取一切力所能及的行動來促進實驗室解決方案和生物科學生產的成長，同時繼續擴大利潤率並降低槓桿率。

Specific to our lab business, we are making immediate and significant changes to drive growth. We're excited to have Corey Walker, President of Lab Solutions, fully on boarded. Given his prior experience with our business, he has ramped quickly and is conducting a deep dive into the business, evaluating every aspect of our strategy and execution.

具體到我們的實驗室業務，我們正在進行立即且重大的變革以推動成長。我們很高興實驗室解決方案總裁 Corey Walker 能夠全面加入。鑑於他之前在我們業務方面的經驗，他迅速上手並深入研究了業務，評估了我們策略和執行的各個方面。

In the near term, he is working closely with the commercial team to grow and retain key accounts and aggressively pursue new accounts. In addition to the work that Corey has initiated, we have recently implemented a range of actions that will strengthen our business.

短期內，他正與商業團隊密切合作，發展並保留關鍵客戶，並積極尋求新客戶。除了 Corey 發起的工作之外，我們最近還實施了一系列旨在加強我們業務的行動。

First, our delivery excellence initiative is focused on ensuring greater supply chain efficiency and resilience. By improving data accuracy, accelerating fulfillment speeds and optimizing inventory, we are enabling differentiated service levels to our customers that will drive growth across all channels.

首先，我們的卓越交付計畫致力於確保更高的供應鏈效率和彈性。透過提高數據準確性、加快履行速度和優化庫存，我們為客戶提供差異化的服務水平，從而推動所有管道的成長。

Second, we are accelerating digital enhancements to our platform, including the rollout of our new AI enabled e-commerce platform to further streamline the customer experience. Another important step is strategically optimizing our approach to pricing by leveraging the integration of digital technologies.

其次，我們正在加速我們平台的數位化改進，包括推出我們新的人工智慧電子商務平台，以進一步簡化客戶體驗。另一個重要步驟是利用數位技術的整合從策略上優化我們的定價方法。

This transformation is expected to unlock new opportunities, maximize value and improve profitability and growth. The program will be implemented in a phased approach with the first go live scheduled for later this quarter.

預計此次轉型將釋放新的機會、實現價值最大化並提高獲利能力和成長能力。該計劃將分階段實施，首次上線計劃於本季稍後進行。

We also continue to focus on expanding our portfolio with highly attractive new products. In the first quarter, we made meaningful progress with the addition and advancement of several high impact platforms including signing a new distribution agreement with Abcam, a market leader in the antibody space with over 100,000 SKUs.

我們也將繼續致力於透過極具吸引力的新產品來擴大我們的產品組合。在第一季度，我們取得了有意義的進展，增加並改進了幾個高影響力的平台，包括與抗體領域的市場領導者 Abcam 簽署了新的分銷協議，Abcam 擁有超過 100,000 個 SKU。

They will make their high-quality antibodies and reagents available to Avantor's customers across the globe, broadening our collaboration agreement with FUJIFILM Irvine Scientific, a trusted provider of cell cultured media and bioproduction reagents. The agreement includes enhanced distribution rights across the United States, Canada, Puerto Rico, Latin America and Mexico, and makes an additional 1,500 SKUs fully accessible through Avantor's distribution network.

他們將向 Avantor 的全球客戶提供高品質的抗體和試劑，擴大我們與值得信賴的細胞培養基和生物生產試劑提供者 FUJIFILM Irvine Scientific 的合作協議。該協議包括在美國、加拿大、波多黎各、拉丁美洲和墨西哥增強分銷權，並使另外 1,500 個 SKU 可透過 Avantor 的分銷網絡完全存取。

Expanding our collaborative distribution agreement with the life science business of Merck, KGaA Darmstadt, Germany for Western Europe, further leveraging their market leading lab filtration products in our portfolio. This agreement includes over 1,900 SKUs encompassing well-known brands and accelerating commercialization and adoption of recently launched J.T. Baker viral inactivation solution, which plays a critical role in downstream viral clearance within the monoclonal antibody production workflow.

擴大我們與德國達姆施塔特默克集團生命科學業務部門在西歐的合作分銷協議，進一步利用其市場領先的實驗室過濾產品在我們的產品組合中。該協議涵蓋超過 1,900 個 SKU，涵蓋知名品牌，並加速最近推出的 J.T. 的商業化和採用。 Baker病毒滅活溶液在單株抗體生產工作流程中的下游病毒清除中起著關鍵作用。

This solution is now specified into a significant number of platforms with many more currently in late-stage evaluation. While we take steps to accelerate growth, we're also maintaining our relentless focus on efficiency and cost discipline across the company.

該解決方案目前已應用於大量平台，還有更多平台處於後期評估階段。在我們採取措施加速成長的同時，我們也始終堅持不懈地關注整個公司的效率和成本控制。

We drove another 25% of outperformance in our multi-year cost transformation initiative and remain on track to deliver on our $300 million run rate target exiting 2026. I'm pleased to announce that we have expanded the initiative. And now expect to generate approximately $400 million in run rate gross savings by the end of 2027. Brent will share more details on this shortly.

我們在多年成本轉型計畫中再次實現了 25% 的超額業績，並預計在 2026 年底實現 3 億美元的運行率目標。我很高興地宣布我們已經擴大了這項倡議。預計到 2027 年底將產生約 4 億美元的運行率總節省。布倫特將很快分享更多有關此事的細節。

Turning to slide 4. Let's take a closer look at our performance. In the first quarter, our organic revenue declined 2% year over year, driven primarily by underperformance in our lab business. While we were awarded several new contracts and secured extensions of a number of existing contracts in the quarter, including a renewal of our supply agreement with Regeneron.

翻到幻燈片 4。讓我們仔細看看我們的表現。第一季度，我們的有機收入年減 2%，主要原因是實驗室業務表現不佳。本季度我們獲得了幾份新合同，並獲得了多份現有合約的延期，包括與 Regeneron 續簽供應協議。

The work Corey and his team are doing to accelerate the pace of new account acquisition will be critical to returning this platform to growth. Organic revenue within our biosciences production segment also came in modestly below plan as growth in process ingredients and excipients, as well as double-digit growth in our single use offering was offset by weaker demand for our controlled environment consumables that are used to maintain the integrity of our customers' clean rooms.

Corey 和他的團隊為加快新帳戶獲取速度所做的工作對於該平台恢復成長至關重要。我們生物科學生產部門的有機收入也略低於計劃，因為製程成分和輔料的增長以及一次性產品的兩位數增長被用於維護客戶潔淨室完整性的受控環境消耗品的需求疲軟所抵消。

While this revenue is sticky and highly recurring in nature, this lower demand is mostly attributable to customers placing tighter controls on usage in response to the current macro environment while still maintaining throughput.

雖然這種收入具有黏性且高度重複性，但需求下降主要是因為客戶在保持吞吐量的同時，為了應對當前的宏觀環境而對使用情況實施了更嚴格的控制。

Although, we are encouraged by in-market fundamentals and continued momentum in our bio-processing order book, we are not satisfied with overall growth and are taking action to improve performance across our organization.

儘管我們對市場基本面和生物加工訂單的持續成長勢頭感到鼓舞，但我們對整體成長並不滿意，並採取行動提高整個組織的績效。

Despite the topline pressure, adjusted EBITDA margin increased 20 basis points year-over-year to reach 17%. This reflects the continued benefits of our multi-year cost transformation initiatives. Adjusted EPS came in at $0.23, consistent with our plan.

儘管面臨營收壓力，調整後的 EBITDA 利潤率仍較去年同期成長 20 個基點，達到 17%。這反映了我們多年成本轉型計劃的持續效益。調整後的每股收益為 0.23 美元，與我們的計劃一致。

Given continued macro and policy related headwinds. We are revising our full year revenue guidance. We expect continued spending caution from education and government customers, especially in the US due to concerns about funding. Additionally, the entire market continues to digest the potential impact of tariffs, and we have been working diligently to mitigate the impact of current tariffs on our results.

鑑於宏觀和政策相關不利因素持續存在。我們正在修改全年收入預期。我們預計教育和政府客戶將繼續保持支出謹慎態度，尤其是美國客戶，因為他們擔心資金問題。此外，整個市場仍在消化關稅的潛在影響，我們一直在努力減輕當前關稅對我們業績的影響。

Based on the tariffs in place today, we have approximately 2% COGS exposure with China, which is our most significant tariff risk. Our tariff exposure to the rest of the world is modest by comparisons. Brent will walk you through the details of our updated guidance at the end of the presentation.

根據目前實施的關稅，我們對中國的銷貨成本敞口約為 2%，這是我們最大的關稅風險。相較之下，我們對世界其他地區的關稅影響較小。在演示結束時，布倫特將向您介紹我們更新後的指南的詳細資訊。

As I reflect on the quarter and look ahead, I'm encouraged that we delivered earnings in line with our plan despite a challenging external environment. That speaks to the strength of our execution and the benefits of our structural cost actions. Nevertheless, we are not satisfied with our growth, and we are taking aggressive actions to reignite the topline regardless of the macro backdrop.

當我回顧本季並展望未來時，我很高興看到，儘管外部環境充滿挑戰，我們仍實現了符合計畫的利潤。這體現了我們的執行力和結構性成本行動的效益。然而，我們對我們的成長並不滿意，無論宏觀背景如何，我們都在採取積極行動重振營收。

With that, I'll now turn it over to Brent.

現在，我將把發言權交給布倫特。

Thank you, Michael, and good morning, everyone. I'm starting with the numbers on slide 5. First quarter reported revenue was $1.58 billion, taking into account the divestiture of our clinical services business together with the impact of FX, organic revenue declined 2%. Proprietary content outperformed third-party for the second consecutive quarter.

謝謝你，邁克爾，大家早安。我從幻燈片 5 上的數字開始。第一季報告的收入為 15.8 億美元，考慮到臨床服務業務的剝離以及外匯的影響，有機收入下降了 2%。專有內容連續第二季表現優於第三方內容。

Our sales performance was primarily impacted by the headwinds affecting lab solutions that Michael just discussed. While bioscience production overall was modestly below expectations, we saw continued growth with our process ingredients, excipients and double-digit growth in single use offerings.

我們的銷售業績主要受到麥可剛才討論的實驗室解決方案不利因素的影響。雖然生物科學產量總體略低於預期，但我們看到製程成分、輔料和一次性產品持續成長，並實現兩位數成長。

We also had another strong quarter of order intake reflecting continued improvement in the bioprocessing end market. Adjusted gross profit for the quarter was $535 million, representing a 33.8% adjusted gross margin. This is a decline of 20 basis points year-over-year, impacted by the clinical services divestiture, but a 40 basis points improvement sequentially.

我們的訂單量也再次表現強勁，反映出生物加工終端市場的持續改善。本季調整後毛利為 5.35 億美元，調整後毛利率為 33.8%。受臨床服務剝離的影響，這一數字年減了 20 個基點，但比上一季提高了 40 個基點。

Adjusted EBITDA was $270 million in the quarter, representing a 17% margin and consistent with our expectations. This represents a 20 basis points improvement year-over-year and 60 basis points excluding the impact of clinical services.

本季調整後的 EBITDA 為 2.7 億美元，利潤率為 17%，符合我們的預期。這意味著同比去年同期提高了 20 個基點，若不計入臨床服務的影響則提高了 60 個基點。

Our cost transformation initiative was an important contributor to our margin performance. Notably, adjusted SG&A expense was down $21 million or 7%. Adjusted operating income was $243 million at a 15.4% margin. Interest and tax expenses were in line with our expectations.

我們的成本轉型措施對我們的利潤表現做出了重要貢獻。值得注意的是，調整後的銷售、一般及行政費用下降了 2,100 萬美元，降幅為 7%。調整後的營業收入為 2.43 億美元，利潤率為 15.4%。利息和稅金支出符合我們的預期。

As a result, adjusted earnings per share were $0.23 for the quarter, a $0.01 year-over-year improvement. Our adjusted EPS performance in the quarter reflects the flow through of our adjusted EBITDA results, as well as continued reductions in net interest expense.

因此，本季調整後每股收益為 0.23 美元，年增 0.01 美元。我們本季調整後的每股盈餘表現反映了我們調整後的 EBITDA 結果的流入，以及淨利息支出的持續減少。

Moving to cash flow. We generated $82 million in free cash flow in the quarter. Our free cash flow includes approximately $19 million of one-time costs related to the execution of our cost transformation initiative. Q1's free cash flow was also negatively impacted by working capital timing and annual incentive compensation payments.

轉向現金流。本季我們產生了 8,200 萬美元的自由現金流。我們的自由現金流包括與執行成本轉型計劃相關的約 1,900 萬美元的一次性成本。第一季的自由現金流也受到營運資本時間和年度激勵薪資支付的負面影響。

Our adjusted net leverage ended the quarter at 3.2 times adjusted EBITDA. Deleveraging remains our top capital allocation priority, and we continue to target adjusted net leverage sustainably below 3 times. Let's now take a closer look at each of our segments.

本季末，我們的調整後淨槓桿比率為調整後 EBITDA 的 3.2 倍。去槓桿仍然是我們資本配置的首要任務，我們將繼續致力於將調整後的淨槓桿率持續控制在 3 倍以下。現在讓我們仔細看看每個部分。

Lab Solutions revenue was $1.07 billion for the quarter, a decline of 3% versus prior year on an organic basis. As Michael noted, this decline was due in part to the impact of funding uncertainty within the US higher education system, which comprises approximately 5% of our total enterprise revenue.

本季實驗室解決方案營收為 10.7 億美元，與前一年相比有機下降 3%。正如麥可所指出的，這種下降部分是由於美國高等教育系統資金不確定性的影響，這部分資金約占我們企業總收入的 5%。

These impacts largely manifested in reduced levels of capital spend, along with the general slowdown in lab activity affecting consumables demand as well.

這些影響主要表現為資本支出水準的下降，以及實驗室活動的普遍放緩也影響了消耗品的需求。

As Michael noted, funding for bench stage biotech companies continues to be soft, leading to additional demand weakness for this important customer segment in our biopharma end market. Finally, we also felt the impact of increased competitive intensity that reduced volumes at a handful of customers.

正如麥可所指出的，初級生技公司的資金持續疲軟，導致我們生物製藥終端市場這個重要客戶群的需求進一步疲軟。最後，我們也感受到了競爭加劇的影響，導致少數客戶的銷售量減少。

Turning to profitability, adjusted operating income for lab solutions was $139 million for the quarter with a 13.1% margin. Adjusted operating income margin was flat sequentially from Q4 and up 30 basis points year over year despite the headwinds to the topline. The larger performance was driven by strong operational cost management and continued savings from our cost transformation initiative.

談到獲利能力，本季實驗室解決方案的調整後營業收入為 1.39 億美元，利潤率為 13.1%。儘管面臨營業收入的不利因素，調整後的營業利潤率與第四季相比持平，年增 30 個基點。績效的提升得益於強大的營運成本管理和成本轉型措施所帶來的持續節約。

Bioscience production revenue was $516 million in Q1, essentially flat year over year on an organic basis. Bioprocessing, which represents about two-thirds of the segment, delivered low single-digit growth. While this is below expectations, the underlying business fundamentals are very encouraging.

第一季生物科學生產收入為 5.16 億美元，與去年同期基本持平。生物加工約佔該領域的三分之二，實現了低個位數成長。雖然這低於預期，但潛在的業務基本面非常令人鼓舞。

As Michael mentioned, we had solid growth in sales of our processing ingredients and excipients in double digit growth in our single use offerings, including Masterflex. However, these were offset by lower demand for controlled environment consumables.

正如邁克爾所提到的，我們的加工成分和輔料的銷售額穩步增長，包括 Masterflex 在內的一次性產品銷售額實現了兩位數的成長。然而，這些被受控環境消耗品需求的下降所抵消。

We had yet another quarter of strong order intake within bioprocessing, reflecting ongoing momentum and recovery of this end market.

我們在生物加工領域迎來了一個強勁的季度訂單量，這反映了該終端市場的持續成長動能和復甦。

Our new branded silicons platform grew mid single-digits while electronic materials were stable sequentially with an expected year over year decline. Adjusted operating income for bioscience production was $123 million for the quarter, representing a 23.9% margin. Adjusted operating income margin was down year-over-year due to modest freight and absorption headwinds.

我們的新品牌矽片平台實現了中等個位數成長，而電子材料則環比保持穩定，但預計將比去年同期下降。本季生物科學生產調整後的營業收入為 1.23 億美元，利潤率為 23.9%。由於貨運量和吸收阻力較小，調整後的營業利潤率較去年同期下降。

As Michael noted in his opening remarks, we are revising our 2025 guidance to reflect the current uncertainties related to funding and policy-related headwinds and competitive intensity.

正如麥可在開場白中指出的那樣，我們正在修改 2025 年的指導方針，以反映與資金和政策相關的阻力以及競爭強度相關的當前不確定性。

For the full year, we now expect organic revenue growth of negative 1% to positive 1%. Our clinical services divestiture represents a 2% headwind, and based on current spot rates, we now expect a 1% tailwind from FX versus the FX headwind in our prior assumptions. This leads to a reported revenue decline of 2% to flat.

就全年而言，我們目前預期有機收入成長率為負 1% 至正 1%。我們的臨床服務剝離代表著 2% 的逆風，而根據當前的現貨匯率，我們現在預計外匯將帶來 1% 的順風，而我們先前的假設是外匯逆風。這導致報告的收入下降 2% 至持平。

Our key FX assumption is continuation of the dollar EUR exchange rate of approximately 1.12%. We also assumed a modest headwind in China related to tariff impacts on demand. On a Sigmund basis, we now expect lab solutions growth to be minus low single digits to flat.

我們對外匯的主要假設是美元兌歐元匯率持續維持在 1.12% 左右。我們也假設中國在關稅對需求的影響上將面臨溫和的阻力。根據西格蒙德公式，我們現在預計實驗室解決方案的成長將為負個位數至持平。

We continue to expect bioscience production to be up mid single digits. However, due to the headwinds in controlled environment consumables, we now expect bioprocessing growth to be mid single digits. We expect adjusted EBITDA margin to be 50 basis points lower, 17.5% to 18.5%, while adjusted EPS and free cash flow remain unchanged at $1.02 to $1.10 and $650 million to $700 million respectively.

我們繼續預計生物科學產量將成長中等個位數。然而，由於受控環境消耗品面臨的阻力，我們現在預期生物加工成長率將達到中等個位數。我們預計調整後的 EBITDA 利潤率將下降 50 個基點，即 17.5% 至 18.5%，而調整後的 EPS 和自由現金流將保持不變，分別為 1.02 美元至 1.10 美元和 6.5 億美元至 7 億美元。

In terms of Q2, we expect organic revenue growth to be flat to modestly up. Our clinical services to vestiture represents a 3% headwind, and based on current spot rates, we expect a 1.5% tailwind from FX. This leads to reported revenue growth of flat to modestly down year over year. On the segment basis, we expect lab solutions to be flat to modestly down and bioscience production to be up mid single digits.

就第二季而言，我們預計有機收入成長將持平或略有上升。我們對服裝的臨床服務代表著 3% 的逆風，而根據當前的現貨匯率，我們預計外匯將帶來 1.5% 的順風。這導致報告的收入成長與去年同期持平或略有下降。從細分市場來看，我們預計實驗室解決方案將持平或略有下降，而生物科學產量將成長中等個位數。

We expect modest sequential improvement in EBITDA margin to the mid 17s. We expect that the external environment will continue to be dynamic, particularly with respect to the potential impacts of a global restructuring of international trade agreements and related taxation. While our manufacturing footprint and supply chain are significantly in region for region, we do have a meaningful amount of cross-border trade, particularly in our lab solutions business.

我們預計 EBITDA 利潤率將環比小幅提升至 17% 左右。我們預期外部環境將持續動態，特別是全球國際貿易協定和相關稅收重組的潛在影響。雖然我們的製造足跡和供應鏈主要分佈在各個地區，但我們確實有大量的跨境貿易，特別是在我們的實驗室解決方案業務中。

The updated guidance does not assume any material impact to demand or earnings from the potential tariffs. In the event renegotiated trade agreements do not adequately prevent tariff-related headwinds, we are prepared to mitigate by leveraging our global supply chain. We have a broad product offering that gives our customers optionality, and we will work closely with our customers to ensure that we are able to offset tariff surcharges to the extent possible.

更新後的指引並不認為潛在關稅會對需求或收益產生任何重大影響。如果重新談判的貿易協定無法充分防止與關稅相關的不利因素，我們準備利用我們的全球供應鏈來緩解影響。我們提供廣泛的產品，為客戶提供可選性，我們將與客戶密切合作，以確保我們能夠盡可能地抵消關稅附加費。

Finally, an update on our cost transformation. This initiative has not only made a material impact on our financial results, but it has also sharpened our focus on conversion to the bottom line and to cash. Our actions have been carefully designed and executed to ensure, that our critical capabilities remain intact. As a reminder, we exited 2024 with over $130 million of in-year savings, and an exit run rate of approximately $165 million well ahead of plan.

最後，更新一下我們的成本轉型狀況。這項舉措不僅對我們的財務表現產生了重大影響，而且還使我們更加重視轉化為底線和現金。我們的行動經過精心設計和執行，以確保我們的關鍵能力保持完好。提醒一下，到 2024 年，我們的年度節省超過 1.3 億美元，退出運行率約為 1.65 億美元，遠遠超出計劃。

In 2025 we expect to generate an incremental $75 million of in-year gross savings and exit 2025 with run rate savings in excess of $250 million. We have a clear line of sight to exiting 2026 with the promised $300 million of run rate cost savings.

我們預計，到 2025 年，年內總節省將增加 7,500 萬美元，到 2025 年底，運行率節省將超過 2.5 億美元。我們明確地希望在 2026 年實現所承諾的 3 億美元運行成本節約。

As we more deeply live into our new segments and operating model, we continue to identify further opportunities for productivity. As a result, we are expanding the initiative and now expect to exit 2027 with at least $400 million of run rate cost savings.

隨著我們更加深入地融入新的領域和營運模式，我們將繼續發現進一步提高生產力的機會。因此，我們正在擴大該計劃，預計到 2027 年將節省至少 4 億美元的營運成本。

While we aren't currently forecasting material impact to fiscal '25, we are committed to front loading the incremental savings as much as possible. In the current environment, we believe it is critical to control our controllables as much as possible, and these incremental cost actions are an important example of this. With that, I will turn the call back to Michael.

雖然我們目前沒有預測 25 財年會產生重大影響，但我們致力於盡可能預先增加增量儲蓄。在當前環境下，我們認為盡可能控制可控因素至關重要，而這些增加成本行動就是一個重要的例子。說完這些，我就把電話轉回給麥可。

Thank you, Brent. Before we move into Q&A, I would like to briefly recap today's key takeaways and reiterate our priorities moving forward. First, we remain confident in the strength and resilience of the Avantor platform.

謝謝你，布倫特。在進入問答環節之前，我想先簡單回顧一下今天的要點，並重申我們未來的優先事項。首先，我們仍然對 Avantor 平台的實力和彈性充滿信心。

Our lab solution segment is built on differentiated capabilities, a broad and expanding portfolio, and global supply chain that enables us to reliably serve our customers around the world. Our bioscience production platform has a leading bio-processing franchise, and we are the leading supplier of medical grade silicone formulations.

我們的實驗室解決方案部門建立在差異化能力、廣泛且不斷擴展的產品組合以及全球供應鏈的基礎上，使我們能夠可靠地為全球客戶提供服務。我們的生物科學生產平台擁有領先的生物加工特許經營權，並且我們是領先的醫用級矽膠配方供應商。

Second, our multi-year cost transformation initiative continues to be a powerful driver of marginal expansion and strong free cash flow. Even as we navigate near term top line headwinds. We are expanding this initiative and remain committed to best in class, operational discipline and execution.

其次，我們多年的成本轉型計畫持續成為邊際擴張和強勁自由現金流的強大推動力。即使我們正應對近期的營收逆風。我們正在擴大這項舉措，並繼續致力於一流的營運紀律和執行。

Finally, while growth, particularly in lab solutions, is not where we want it to be, we are taking decisive action. Under Corey Walker's leadership, we are strengthening the foundation of the business and enhancing the commercial strategy to position lab solutions for long term success.

最後，雖然成長（特別是實驗室解決方案的成長）並未達到我們期望的水平，但我們正在採取果斷行動。在 Corey Walker 的領導下，我們正在加強業務基礎並增強商業策略，以使實驗室解決方案長期成功。

We look forward to updating you on our progress in the quarters ahead. With that, I'll now turn the call over to the operator to begin the Q&A session.

我們期待在未來幾季向您通報我們的進展。現在，我將把電話轉給接線員，開始問答環節。

(operator instructions) Michael Ryskin, Bank of America.

（操作員指示）美國銀行的邁克爾·里斯金 (Michael Ryskin)。

Great. Thanks for taking the question. I guess my first one, Brent, I'll just ask on the guidance because that's kind of where you left off. The two guide, I think you said mid-single digits BPS, flat the modestly up for the whole company.

偉大的。感謝您回答這個問題。我想我的第一個問題，布倫特，我只是想問指導，因為那就是你離開的地方。這兩個指南，我認為你說的是中等個位數的 BPS，對整個公司來說都是平穩的。

That seems like a pretty aggressive step up from 1Q. Both in terms of percentage growth and just a dollar amount, are you -- was there anything timing related in any of that, clean room-controlled environment? Was there anything timing related with some of those customer agreements, are you expecting, any change in the underlying market just sort of what's driving that, improvement, both 1Q to 2Q and for the rest of the year to hit your revised guide.

與第一季相比，這似乎是一個相當積極的進步。無論是從百分比成長或美元金額來看，在無塵室控制的環境中是否存在與時間相關的因素？其中一些客戶協議是否與時間有關，您是否預計基礎市場會發生任何變化，是什麼推動了第一季到第二季以及今年剩餘時間的改善，以達到您的修訂指南。

Yeah, Michael, thanks for the question there. We're It's really a continuation of the current environment there. I mean, when you're talking about growth rates, they're always a year over year. So what's going on comparable.

是的，邁克爾，謝謝你提出這個問題。這實際上是那裡當前環境的延續。我的意思是，當你談論成長率時，它們總是逐年成長。那麼可比性到底是什麼呢？

Q2 is always a very strong quarter for us and obviously it's informed by all the momentum we're seeing in the quarter so far here. So, I think the other piece I'd add is, we thought very carefully about the three guide for the year as well as Q2 and use the line I use all the time. We think we have a balance of we think it's importantly prudent there.

對我們來說，第二季度一直是一個非常強勁的季度，顯然這是受到我們在本季度迄今為止看到的所有勢頭的影響。因此，我認為我要補充的另一點是，我們非常仔細地考慮了今年以及第二季的三個指南，並使用了我一直使用的路線。我們認為我們已經取得了平衡，我們認為這是非常重要的謹慎做法。

So, we really view the BPS Q1 is an anomaly there and in terms of timing of things. So we think that's a very sensible guide for the full year. So I, we're comfortable with what we put out there.

因此，我們確實認為 BPS Q1 是一個異常現象，並且從時間角度來看也是如此。因此我們認為這對於全年來說是一個非常合理的指導。所以，我對我們所推出的產品感到滿意。

Okay, and then for the follow up I think you called out 2% COGS exposure to China as your more significant one, just to be more specific on tariffs, can you say like what are you factoring into the new fiscal year guide.

好的，然後對於後續問題，我認為您提到了對中國的 2% COGS 風險敞口是您更重要的風險敞口，只是為了更具體地說明關稅，您能否說一下您在新財年指南中考慮了哪些因素。

I saw that you didn't change your EPS number, so are you offsetting some of that exposure with price, or with other mitigation techniques just sort of like what's built in, into your guide from a tariff set now.

我看到您沒有改變 EPS 數字，那麼您是用價格或其他緩解技術來抵消部分風險，就像現在關稅指南中內建的技術一樣。

Yeah, so what we said specifically there is for the full year guide, we have some modest demand reduction in China, as you'll recall, we don't have significant revenue in China there, so that's a very modest piece and that's through the bilateral tariffs other than. That we don't have any significant tariff assumptions built into the guy here, that's where we walk through the specifics.

是的，我們特別提到了全年指南，我們在中國的需求有所減少，你會記得，我們​​在中國沒有太多的收入，所以這是一個非常溫和的部分，而且這是透過雙邊關稅以外的因素。我們沒有對這個人做出任何重大的關稅假設，這就是我們要討論的具體細節。

The primary exposure there is the 2% of COGS related to China, which we're as we know in the remarks, we have a number of levers in region for region, alternate suppliers, we have a wide array of materials. Again, this is primary lab solutions dynamic, and obviously the offset with price and if these things became very material that could adjust things, but we're taking a no impact to the guide from tariffs.

主要的風險是與中國相關的 2% 的 COGS，正如我們在評論中所知，我們在該地區擁有多個槓桿、替代供應商，我們擁有各種各樣的材料。再次強調，這是主要的實驗室解決方案動態，顯然會與價格產生抵消，如果這些事情變得非常重要，就可以調整事情，但我們不會受到關稅指南的影響。

Okay, thank you.

好的，謝謝。

Vijay Kumar, Evercore.

維傑·庫馬爾（Vijay Kumar），Evercore。

Hi guys, good morning and thank you for taking my question. Michael, maybe my first one for you, I just look at the, BPP segment, it looks like, the advanced tech and healthcare were more or less in line with expectations and most of the changes that, came from control environment substance.

大家好，早安，謝謝你回答我的問題。邁克爾，也許我要問您的第一個問題，我只是看一下 BPP 部分，看起來，先進的技術和醫療保健或多或少符合預期，而且大多數變化都來自控制環境實質。

But my understanding is, these are products which should be tied with the production volumes, so, that true and, if so, then, why were customers cautious in in Q1? Was this just a timing of order, timing element, and that's what gives you the confidence here why BPP should go be up mid singles in 2Q.

但我的理解是，這些產品應該與產量掛鉤，所以，這是真的，如果是這樣，那麼，為什麼客戶在第一季如此謹慎？這僅僅是一個順序時間、時間因素嗎？這給了你信心，為什麼 BPP 應該在第二季漲到中路。

Good morning, Vijay and thanks for the questions. I think that is a really great place to start. When we unpack the performance in BPS segment, consistent with what we said, generally across the enterprise, we're not entirely satisfied with where the quarter played out. And you know I've taken, a number of actions to address the pockets of weakness that we saw in the quarter and we're certainly starting to see, even over the last several weeks, some impacts of some of those actions.

早安，維傑，謝謝你的提問。我認為這確實是一個很好的起點。當我們分析 BPS 部門的表現時，與我們所說的一致，總體而言，對於整個企業而言，我們對本季的表現並不完全滿意。你知道，我已經採取了一系列行動來解決我們在本季看到的一些薄弱環節，我們當然開始看到，甚至在過去幾週，其中一些行動也產生了一些影響。

Now at a little bit more granular level, when we look at, bioprocessing, which is about two third of the revenue on that platform, we remain incredibly optimistic about the end market fundamentals there. We had a great quarter on, plus ingredients, excipients.

現在，從更細緻的層面來看，當我們看生物加工時，它約佔該平台收入的三分之二，我們對其終端市場基本面仍然非常樂觀。我們本季取得了優異的成績，此外還有原料和輔料。

We highlighted, double digit growth on single use, including Masterflex that was, offset in the quarter by headwinds in the controlled environment, consumables category that you mentioned Vijay. That's an important part of the platform in that it helps maintain the integrity of these clean rooms. It's specified into the, these clean rooms, it's quite sticky in revenue.

我們強調，包括 Masterflex 在內的一次性使用產品實現了兩位數成長，但本季被您提到的受控環境、消耗品類別的不利因素所抵消，Vijay。這是平台的重要組成部分，因為它有助於維護這些無塵室的完整性。它被指定到這些潔淨室中，其收入相當棘手。

But you know what we were seeing in the quarter was, customers looking for various levers to address the macro headwinds, including inflation, and I think they were observing opportunities that they had in the quarter to optimize usage.

但你知道我們在本季看到的是，客戶正在尋找各種槓桿來應對通貨膨脹等宏觀不利因素，我認為他們正在觀察本季優化使用的機會。

We're leaning in there and, we're optimistic about or encouraged by, some of the actions that we've taken there and just give them the strength of the order book across the bio processing platform where, continue to be encouraged by, the trending that we're seeing there and feel really confident about the F the outlook that was given here today.

我們傾向於此，我們對我們在那裡採取的一些行動感到樂觀或鼓舞，並給予他們整個生物處理平台的訂單實力，我們繼續受到我們在那裡看到的趨勢的鼓舞，並對今天在這裡給出的 F 前景感到非常有信心。

Understood and maybe my follow up is on the lab side, I think, you mentioned higher comparative intensity, maybe if you could just elaborate on the comparative dynamics within the channels part of the business.

明白了，也許我的後續問題是在實驗室方面，我想，您提到了更高的比較強度，也許您可以詳細說明一下業務管道部分內的比較動態。

That's a great question, Vijay We've talked a lot in our remarks today about, the macro environment and the demand headwinds that we're seeing across the market, given a lot of the funding and policy related headwinds that all of us in this space are experiencing, and it's against that macro backdrop that we do see a heightened level of competition.

這是一個很好的問題，維傑，我們在今天的發言中已經談了很多關於宏觀環境和我們在整個市場上看到的逆風，考慮到我們所有人都在這個領域經歷了很多資金和政策相關的逆風，正是在這樣的宏觀背景下，我們確實看到了競爭的加劇。

And, at an account level, that heightened competition does manifest itself in different ways. We highlighted quite a number of new account wins and extensions, including a really important extension with Regeneron, but as Brent noted in his remarks, we also did see, some shifting within a few of our accounts that did lead to lower volumes.

並且，在帳戶層面，激烈的競爭確實以不同的方式表現出來。我們強調了相當多的新帳戶勝利和擴展，包括與 Regeneron 的非常重要的擴展，但正如布倫特在評論中指出的那樣，我們也確實看到，我們的一些帳戶發生了一些變化，導致交易量下降。

Now, against that macro and competitive backdrop, I think it highlights the importance of the decisive actions that we are taking. Today to strengthen the business, we're certainly focused under Corey's leadership here of driving aggressively to retain and grow our key accounts and the overall action plan that we put in place here is really meant to strengthen the business regardless of the macro backdrop that we're in.

現在，在宏觀和競爭的背景下，我認為這凸顯了我們採取果斷行動的重要性。今天，為了加強業務，在 Corey 的領導下，我們當然專注於積極保留和發展我們的關鍵客戶，我們在此制定的整體行動計劃實際上是為了加強業務，無論我們所處的宏觀背景如何。

Rachel Vatnsdal, JPMorgan.

摩根大通的 Rachel Vatnsdal。

Great, good morning and thanks so much for taking the questions today. So I wanted to dig into the performance within lab solutions you highlighted some of the weakness within academic and government, given that 5% of your total co revenues. You also noted that there's not only weakness on the capital equipment side, but also on the lab activity side.

太好了，早安，非常感謝您今天回答問題。因此，我想深入研究實驗室解決方案的表現，您強調了學術界和政府內部的一些弱點，因為這佔您總共同收入的 5%。您也指出，不僅資本設備方面存在弱點，實驗室活動方面也存在弱點。

So can you break down for us what did you see for equipment declines within your academic and government customers. And then also what did you see for consumable declines? And then within that segment overall for academic and government, what are you assuming for declines this year? an updated guide. Thanks.

那麼，您能否為我們詳細分析一下，在學術和政府客戶中，您發現設備效能下降的情況有哪些？那麼，您還看到消耗品下降的情況如何？那麼，對於學術和政府部門來說，您認為今年的下降幅度是多少？更新的指南。謝謝。

Yeah, thanks for the question, Rachel. Obviously very relevant for the environment that that we're in. So just to recap, a couple of the key points here around the performance in the in the quarter lab platform for us fell, roughly 3% in the quarter. And as we think about how we're reflecting the current macro environment in the updated guidance that we've provided.

是的，謝謝你的提問，Rachel。顯然這與我們所處的環境非常相關。總結一下，本季實驗室平台的效能表現有幾個關鍵點下降了，大約下降了 3%。我們正在思考如何在我們提供的更新指南中反映當前的宏觀環境。

Really using a lot of the same approach that we had last year where we're projecting, current trends to persist through the balance of the year. We have baked in the headwinds that we're seeing here, particularly in the academic and government environment as you suggest. In the higher education market, the sentiment did turn decisively, more cautious, following the announcement of the NIH funding actions, and you know we saw that manifest itself with customers in a number of ways.

我們確實使用了很多與去年相同的方法，我們預測當前的趨勢將持續到今年年底。我們已經克服了這裡所看到的阻力，特別是如您所說在學術和政府環境中的阻力。在高等教育市場，隨著美國國立衛生研究院 (NIH) 資助行動的宣布，市場情緒確實發生了果斷轉變，變得更加謹慎，我們看到客戶透過多種方式體現了這一點。

Firstly, looking to optimize existing cash and funding and so you do definitely see a pullback in equipment and instruments. Also, just some caution on, hiring of new, scientists and initiating of new programs, which, is a part of how we grow that business and you know that's where the consumer. So this comes in is just, a muted level of activity generally speaking, given the uncertainty these universities have around, funding on a full year basis.

首先，尋求優化現有現金和資金，因此你肯定會看到設備和儀器的回落。此外，在僱用新科學家和啟動新專案方面需要注意一些，這是我們發展業務的一部分，你知道這就是消費者所在。因此，考慮到這些大學全年資金的不確定性，總體而言，這只是一個低迷的活動水準。

But you know when we look ahead here, together with the actions that we're taking to strengthen the business, we think that the current environment is well covered in our updated outlook for the year.

但你知道，當我們展望未來時，加上我們為加強業務而採取的行動，我們認為當前的環境已在我們對今年的最新展望中得到很好的體現。

Great, and then just for my follow up here I just wanted to dig into some of the pricing dynamics. So you, you've highlighted some of the weakened funding on not only the biotech side but also with your academic and government customers also just the broader environment with tariffs as well. So there's a few moving pieces on the pricing front.

太好了，為了跟進，我只是想深入了解一些定價動態。所以，您強調了資金的減弱，不僅是在生物技術領域，而且在學術和政府客戶方面，還有關稅等更廣泛的環境方面。因此，定價方面存在一些變動。

I believe your prior assumption within guidance was 1% to 2% pricing contribution for the year. So what is your ability to take price in this new regime that we're seeing relative to a few months ago and what are you assuming for pricing contribution in the guide. And then if I could sneak in a follow up I'm getting a bunch of questions on the tariff answer earlier in the discussion.

我相信您之前的指導假設是今年的定價貢獻率為 1% 到 2%。那麼，相對於幾個月前，我們在這種新制度下，您接受價格的能力如何？您對指南中的定價貢獻有何假設？然後，如果我可以偷偷跟進一下的話，我會在討論的早些時候對關稅問題的回答提出一堆問題。

Can you just clarify for us, is that 2% China cost, is that going to be fully absorbed in the guidance or is that not baked in at this point?

您能否為我們澄清一下，2% 的中國成本是否會被完全納入指導範圍，還是目前還沒有被納入？

Happy to address both of those. I'll cover the pricing questions, Rachel, and we'll have Brent give you some additional detail on the tariffs there. So, as pricing is an important part of our algorithm here and the level of impact I think you highlighted, I think is an appropriate way to model this and as we got into the year and got through contracting season and price administration.

很高興能解決這兩個問題。我會回答價格問題，Rachel，然後我們會讓 Brent 向您提供更多關於那裡關稅的細節。因此，由於定價是我們演算法的重要組成部分，而且我認為您強調了影響程度，我認為這是對此進行建模的適當方法，並且隨著我們進入新的一年並度過了承包季節和價格管理。

I think it's played out largely as we had expected and in line with the guidance that we had given there, probably the one dynamic to consider which is, reflected in Q1, as well as through the rest of the year is just, the increased competition for new accounts, new business, that is printing at modestly lower margins than what we would typically see, just given the competitive intensity there.

我認為，事情的發展大體上與我們預期的一致，也符合我們給出的指導，唯一需要考慮的動態是，這反映在第一季以及今年剩餘時間內，新帳戶、新業務的競爭加劇，考慮到競爭強度，利潤率略低於我們通常看到的水平。

But for the business that we have today and for the contracted customers, pricing has played out. The other thing I would point out or or highlighter to take you back to is, the actions that we outlined that we're taking to strengthen the business. One of those is in the pricing area and while we think we're pretty good at this, and you know it is a complex platform that we run to administer pricing and cost 6 million SKUs.

但對於我們目前的業務和簽約客戶來說，定價已經發揮作用了。我想指出或強調的另一件事是，我們概述了為加強業務而採取的行動。其中之一就是定價領域，雖然我們認為我們在這方面做得很好，但你知道這是一個複雜的平台，我們運行它來管理定價，成本為 600 萬個 SKU。

We are taking some additional steps and making some additional investments to strengthen our pricing capabilities, really looking to leverage the integration of a number of digital technologies that will significantly advance our capabilities in this area, making us more agile.

我們正在採取一些額外措施並進行一些額外投資來加強我們的定價能力，真正希望利用多種數位技術的整合來顯著提升我們在這一領域的能力，使我們更加靈活。

Able to do more tailoring and in this dynamic environment, the capabilities that we're adding here will enhance profitability and growth, and that will roll out on a phased approach, starting here this quarter.

能夠進行更多的定制，並且在這種動態環境中，我們在這裡添加的功能將提高盈利能力和增長，並且將從本季度開始分階段推出。

Brent, you want to answer her questions.

布倫特，你想回答她的問題。

Sure, Rachel. So the 2% of COGS. Was dimensionalizing the total exposure. We did have the other comment on we have taken a little demand out in China there on the revenue side, but on the cost side, the 2% of COGS is the exposure.

當然，Rachel。因此，COGS 為 2%。正在對總體曝光進行維度化。我們確實有另一個評​​論，我們在收入方面已經從中國獲得了一點需求，但在成本方面，2% 的 COGS 是風險敞口。

We have not explicitly included that in the guide for all the commentary we made, we'll do everything to offset that, but one day the tariff rates are actually the other they're wide, our view is don't overly speculate. We just indicate there's risk around that and we're doing everything we can to execute around it.

我們沒有明確地將這一點納入我們所做的所有評論的指南中，我們將盡一切努力來抵消這一點，但有一天關稅稅率實際上會擴大，我們的觀點是不要過度猜測。我們只是指出這存在風險，並且我們正在盡一切努力解決它。

Tycho Peterson, Jefferies.

傑富瑞 (Jefferies) 的 Tycho Peterson。

Hey, thanks. Michael, I'll take the bit on the bioprocess order book. You characterize it as strong, just maybe a little more color on demand trends, I assume book the bill above one, can you maybe just give us some flavor of what that looks like and, is this mostly emerging biotech? Is it CDMO's a little bit of a and market mix color too. Thanks.

嘿，謝謝。邁克爾，我將負責生物過程訂單的部分工作。您將其描述為強勁，只是需求趨勢可能更具色彩，我假設預訂上面的賬單，您能否給我們一些關於它的樣子，這主要是新興的生物技術嗎？CDMO 是否也有點市場混合色彩。謝謝。

He, that's really important point to articulate here today is, we are optimistic about the market fundamentals and that's really informed by now, well more than a year of momentum that we see not only on the top line but also in the building of the order book, which gives us confidence in the outlook and we see that strength in the order book, which you can assume is as strong as some of the other numbers that you've seen printed, if not stronger.

他，今天要闡明的非常重要的一點是，我們對市場基本面持樂觀態度，這一點現在已經得到證實，我們不僅看到了收入的增長勢頭，還看到了訂單簿的建設，這讓我們對前景充滿信心，我們看到了訂單簿的強勁勢頭，你可以認為它與你看到的其他一些數字一樣強勁，甚至更強。

Pretty broad based. It's across the portfolio ingredients, excipients, we were really encouraged by a strong double digit growth of our single use offering, including Masterflex in the in the quarter. And just given how pervasive our platform is, we're agnostic around modality around indication.

基礎相當廣泛。在整個產品組合成分、輔料中，我們一次性產品（包括 Masterflex）的兩位數強勁成長令我們感到鼓舞。鑑於我們的平台的普及程度，我們對指示的方式持不可知論。

And so, pretty safe to assume with the broad exposure that we that we have and the momentum that we see that we don't really see a lot of differences, between, large pharma biotechs, CDMOs, we see the strength, pretty uniform across the space.

因此，可以相當安全地假設，憑藉我們廣泛的曝光度和我們看到的勢頭，我們並沒有真正看到大型製藥生物技術公司、CDMO 之間的太多差異，我們看到整個領域的實力相當一致。

Okay. And then back to this issue on the controlled environmental consumables. Can you just break out the percentage of revenues or mix, I mean, we've never really heard you talk about this business before. So how large is it and what do you think it takes to turn it around? I mean, we're still in a tough, a budget environment. So is there anything you can do proactively?

好的。然後回到受控環​​境消耗品這個問題。您能否單獨列出收入百分比或組合，我的意思是，我們之前從未聽過您談論這項業務。那麼它有多大？您認為需要什麼才能扭轉這個局面？我的意思是，我們仍然處於艱難的預算環境。那您可以主動做些什麼嗎？

Great questions, so we actually, incorporate that into our bio processing categorization of what's included in the two third of our revenue. And classically that application would reliably grow mid to high single digits and even as recently as the fourth quarter it was growing high single digits.

很好的問題，所以我們實際上將其納入了生物加工分類中，占我們收入的三分之二。而該應用程式通常會以中高個位數穩定成長，甚至在最近的第四季度，其成長率也達到高個位數。

So the pullback that we saw in Q1 was certainly unexpected, but as we started to spot some of the optimization and usage, the team has kicked into action, and we have really ramped up commercial intensity and account level activities.

因此，我們在第一季看到的回調肯定是出乎意料的，但隨著我們開始發現一些優化和使用情況，團隊開始採取行動，我們確實加大了商業強度和帳戶級活動。

To, drive, improve performance there and when we look at, order trends daily rate of sales over in those categories over the last, month or so, I think we're encouraged by the actions that we're taking are certainly having the intended effect and, moving things in the in the right direction here.

為了推動和提高那裡的業績，當我們查看過去一個月左右這些類別的訂單趨勢日銷售率時，我認為我們所採取的行動令人鼓舞，這些行動肯定會產生預期的效果，並使事情朝著正確的方向發展。

Dan Brennan, TD Cowen.

丹布倫南 (Dan Brennan)，TD Cowen。

Great, thank you. Maybe just one back to the tariff situation, sorry to kind of revisit this. I just want to kinda make sure I understand it. So for the 145% tariff that the US is placing on China, so the 2% of COGS.

太好了，謝謝。也許只是回到關稅情況，很抱歉再次談論這個問題。我只是想確保我理解了它。因此，美國對中國徵收 145% 的關稅，其銷貨成本為 2%。

Right, it sounds like you guys are not including any impact from that. I know you're talking about you offset it. I'm just trying to figure that out and could you speak a little bit too more broadly what percent of your US sales are sourced?

好的，聽起來你們沒有考慮到這方面的影響。我知道你在談論抵消它。我只是想弄清楚這一點，您能否更廣泛地講一下，您的美國銷售額有多少百分比來自美國？

So if you, even outside of China and Europe, because they're still expected to be, right now a 10% minimum tariff on those. I'm just trying to figure out like, have you assumed those impacts and you're just trying to offset them or you're not assuming those impacts at all would be my first question.

因此，即使在中國和歐洲以外，由於預計仍將對這些產品徵收 10% 的最低關稅。我只是想弄清楚，您是否假設了這些影響並且只是試圖抵消它們，或者您根本沒有假設這些影響，這是我的第一個問題。

Yeah, Dan. We're not assuming those impacts. It is so dynamic right now, as we noted, the China exposure is the lion's share of the exposure. We do have some of the other jurisdictions. It's obviously significant difference, 135%, 145% versus 10% tariffs there, but the exposure to China dwarfs the other ones.

是的，丹。我們沒有假設這些影響。正如我們所注意到的，目前它非常活躍，中國業務佔了最大份額。我們確實有一些其他的司法管轄區。顯然，存在顯著差異，那裡的關稅為 135%、145%，而那裡的關稅為 10%，但對中國的出口額卻遠遠超過其他國家。

We will do our best to offset, but again it's the environment is so dynamic we sort of knew any estimation we have there would be wrong, so, that's the approach we've taken.

我們將盡力抵消，但環境是如此動態，我們知道我們所做的任何估計都是錯誤的，所以，這就是我們採取的方法。

And then maybe just to follow on and add a little bit more color to the topic and put that 2% of COGS in context, on our cost basis that we have that would, in the current.

然後，也許只是為了繼續往下講，給這個主題添加一些色彩，並將 2% 的 COGS 放在我們目前的成本基礎上。

What we know currently about the tariffs on imports from China to the US, that's less than $100 million of exposure for us, and I think it's important to highlight the number of levers that we have to offset that, whether it be, alternate sourcing optionality for our customers.

據我們目前了解，美國對中國進口商品徵收的關稅給我們帶來的風險不到 1 億美元，我認為重要的是要強調我們可以用來抵消這一影響的手段數量，無論是為客戶提供替代採購選擇。

We have a significant number of the skews that we've purchased out of China that can be sourced from other suppliers that are specified into our customers' work flows here and it would be appropriate for them to use.

我們從中國購買了大量的偏斜，這些偏斜可以從其他供應商處採購，這些供應商已在我們客戶的工作流程中指定，並且適合他們使用。

We have inventory hedges against some of these things, and ultimately we have the flexibility to, incorporate tariff surcharges as necessary, but the situation is extremely fluid, there's been talk this week that, perhaps the rates could cut in half. So, we're continuing to follow it closely. We're working closely with our customers on how best to mitigate this, and I think we're in a good position to offset this as it plays out.

我們對其中一些產品進行了庫存對沖，最終我們可以靈活地根據需要納入關稅附加費，但情況極其不穩定，本周有傳言稱，稅率可能會減半。因此，我們將繼續密切關注。我們正在與客戶密切合作，研究如何最好地緩解這一影響，我認為我們處於有利地位，可以抵消這種影響。

Got it. And then maybe, just to follow up on the lab side, I know there's been a few questions to ask, but just would love to unpack that a little bit more. So, could you just speak to what happened to your higher ed business in the quarter and kind of what you're assuming, and then I don't know if you size it, the bench stage biotech business which you talked about being weak, how big is that and kind of how have you thought about that outlook?

知道了。然後也許只是為了跟進實驗室方面的情況，我知道有幾個問題要問，但我只是想進一步解釋一下。那麼，您能否談談本季度您的高等教育業務發生了什麼情況，以及您的假設，然後我不知道您是否評估了它的規模，您談到的薄弱的初級生物技術業務，它的規模有多大，以及您如何看待它的前景？

And then I apologize, you talked about the competitive intensity. Michael, you and I have spoken that there's a lot of moment and [pop]s distributors still out there, so it's not just you and Thermo. So, I'm just wondering if you could speak a little bit also just unpack that a little bit.

然後我很抱歉，您談到了競爭強度。邁克爾，你和我都說過，現在仍然有很多 Moment 和 [pop] 分銷商，所以不僅僅是你和 Thermo。所以，我只是想知道您是否可以稍微講一下並解釋一下這一點。

Like it sounds like you lost some share in the quarter. Just wanted to understand, like if you think about the overall market for lab distribution, are you growing well below that now or are you still growing roughly online? Thank you.

聽起來你在本季失去了一些份額。只是想了解一下，如果您考慮實驗室分銷的整體市場，您現在的增長速度是否遠低於這個水平，還是您仍然在網上大致增長？謝謝。

I'm going to do my best to unpack, the questions there. I think, the heart of it obviously rests on, our shared, disappointment with the performance of the platform in the quarter and it underscores the importance of having Corey on Board here and the aggressive actions.

我將盡力解答這些問題。我認為，問題的核心顯然在於我們對本季平台表現的共同失望，這凸顯了 Corey 加入董事會以及採取積極行動的重要性。

We're taking. We acknowledge the macro backdrop is challenging. It's challenging for everyone right now, and we're not, just trying to hide behind that and certainly doing everything within our control to maximize the growth of the platform and certainly strengthen it over the long term.

我們正在拍攝。我們承認宏觀背景充滿挑戰。現在對每個人來說這都是一個挑戰，我們不會只是試圖躲在它的後面，而是盡我們所能，最大限度地促進平台的成長，並從長遠來看加強它。

The headwinds in, funding are associated with funding uncertainty and academia and government. I think are well documented. As a category, at an enterprise level, I think you'll see in, some of our disclosures today, we're off mid single digits for the portion of that that's in the US, you're off well into the double digits and, that we have assumed that those trends continued.

資金方面的阻力與資金不確定性以及學術界和政府有關。我認為都有充分的記錄。作為一個類別，在企業層面，我想你會在我們今天的一些披露中看到，我們在美國的部分已經偏離了中等個位數，而你則遠遠偏離了兩位數，並且我們假設這些趨勢將會持續下去。

Biotech funding has been weak. It now rests at levels that were probably lower than where they were at even three years ago. And that said, I think a number of occasions at an enterprise level that's low single digit exposure for us, but it's all in the lab and when you flip it into the lab segment, that's probably around 10% of our of our overall exposure and similar to the assumptions we've made on academia and government.

生物技術資金一直很薄弱。目前其水準可能甚至比三年前的水準還要低。話雖如此，我認為在企業層面，很多時候我們的曝光率都只有個位數，但這一切都發生在實驗室中，當你把它轉移到實驗室部分時，這可能占我們整體曝光率的 10% 左右，與我們對學術界和政府所做的假設類似。

Reflected in the current guidance is that those you know headwinds persist through the balance of the year. We're not incorporating any recovery for that. And of course we are taking actions and, as those actions take hold and are successful. That could provide us some upside to, where we rest.

目前的指導意見反映出，那些已知的不利因素將持續到今年年底。我們沒有為此納入任何恢復措施。當然，我們正在採取行動，而這些行動正在發揮作用並取得成功。這可以為我們的休息提供一些好處。

The market isn't a duopoly. It's, highly fragmented. There are a number of players here. We're all facing the same challenges, and I think we're navigating the headwinds and the competitive intensity as well as, anyone in the quarter.

市場並不是雙頭壟斷的。它是高度分散的。這裡有很多玩家。我們都面臨著同樣的挑戰，我認為我們和本季的任何人一樣，正在應對逆風和競爭激烈的情況。

Certainly, we did see, some movement at, some of the accounts. We also had a number of wins and so it's hard to say, how you know how our numbers compared to others, other than to acknowledge, we're not satisfied with it. We're well positioned, to serve this space and as the actions take hold that we've initiated and the market recovers, we're well positioned for long term growth here.

當然，我們確實看到一些帳戶出現了一些變動。我們也取得了一些勝利，所以很難說，你怎麼知道我們的數字與其他人相比如何，除了承認，我們對此並不滿意。我們已做好準備，為這個領域提供服務，隨著我們採取的行動和市場的復甦，我們已做好準備，實現這裡的長期成長。

Doug Schenkel, Wolfe Research.

道格‧申克爾，沃爾夫研究中心。

Good morning and thank you for taking my questions and before asking my two, I just want to thank you, Michael, for all your help over the years. So I know today's not the end, but I know you're moving out, so congrats on that. And again, thank you for all your help. So, like on just a couple things, first on bioprocessing.

早安，感謝您回答我的問題，在提出我的問題之前，我只想感謝您，邁克爾，多年來的幫助。所以我知道今天不是結束，但我知道你要搬出去了，所以恭喜你。再次感謝您的幫忙。因此，就幾件事而言，首先是生物加工。

Obviously, this has come up a little bit, but on one hand you sound good on the order book and trends. On the other hand, you lowered expectations for bioprocessing. Is that largely just a function of the environment and wanting to be a little bit more conservative given everything that's going on outside your control in spite of the fact that that business actually looks, okay?

顯然，這已經出現了一點，但一方面，你對訂單和趨勢的看法聽起來不錯。另一方面，您降低了對生物加工的期望。這是否很大程度上只是環境的功能，考慮到正在發生的一切你無法控制的事情，儘管這項業務實際上看起來不錯，但你還是想更加保守？

And then the second topic is really a longer term question. I think a lot of us appreciate the efforts you're making to aggressively control what you can control in terms of cost in a scenario where the company returns to more normalish mid-single digit level growth in 2026 with higher growth from higher margin businesses.

第二個主題其實是一個長期問題。我認為，我們很多人都很欣賞你們為積極控製成本所做的努力，因為在這種情況下，公司將在 2026 年恢復到更正常的中等個位數增長水平，並且利潤率更高的業務將帶來更高的增長。

It seems like mathematically you could drive 100basis points to 150 basis points of margin expansion in that scenario again, I'm not asking you to guide, but I just want you to tell me if I'm doing my math right. Thank you.

從數學上看，在這種情況下，你似乎可以再次推動利潤率擴大 100 個基點到 150 個基點，我不是要求你指導，但我只是想讓你告訴我我的計算是否正確。謝謝。

Both very good questions. Doug. Let me take the first one on bioprocessing. We'll have Brent, give you some color on, incremental margins, as growth returns to the platform. So, starting with BPP, our bioprocessing platform, there is a lot of momentum. I just reiterate what I've already said, we're encouraged by the in market fundamentals, and our order book has been strong and that's across, that platform, whether it be, processing ingredients or single use or even, these controlled environment consumables.

這兩個問題都非常好。道格。我首先來談談生物加工。隨著成長重回平台，我們將有布倫特為您提供一些增量利潤的資訊。因此，從我們的生物處理平台 BPP 開始，我們就擁有了很大的發展動能。我只是重申我已經說過的話，我們受到市場基本面的鼓舞，我們的訂單一直很強勁，而且遍布整個平台，無論是加工原料還是一次性使用，甚至是這些受控環境消耗品。

The guide at mid single digits that that Brent outlined, does reflect, the low single digit growth of the platform in in Q1 and kind of rolls that into the full guide here. But when we look at the order book and the trending that we're seeing, we do see, the incremental improvement in the business, particularly here in the second quarter, and think that the guide is to use Brent's word is prudent.

布倫特概述的中等個位數指引確實反映了該平台在第一季的低個位數成長，並將其納入了這裡的完整指引中。但是，當我們查看訂單和我們看到的趨勢時，我們確實看到業務的逐步改善，特別是在第二季度，並且認為使用布倫特的話作為指導是謹慎的。

We thought about it. Quite carefully and looking at the positioning and the data, we are taking action similar to what we're doing on labs to drive the business and I think there's, a lot working here in our bioprocessing platform to be excited about.

我們考慮過這個問題。仔細查看定位和數據，我們正在採取類似於在實驗室中為推動業務所採取的行動，我認為我們的生物處理平台上有很多值得興奮的工作。

Doug, talking about the margin point and again absolutely not making the future guidance there but just with particularly what we can do on the BPS side of the business incremental margins you can print there are fantastic once you get to the right levels of growth.

道格，談論利潤點，絕對不是對未來的指導，而只是特別針對我們在 BPS 業務方面所能做的事情，一旦達到正確的增長水平，您可以打印的增量利潤率將會非常棒。

Obviously, the lab, the lack of growth, the growth, we do have meaningful fixed cost against that and that impacts margins for sure. We've talked about the 20% EBITDA margin slash. [196] accounting for the clinical services divestiture this platform absolutely wants to be above 20% margin there we just need the right growth entitlement against it.

顯然，實驗室缺乏成長，成長，我們確實有有意義的固定成本，這肯定會影響利潤率。我們已經討論過 20% 的 EBITDA 利潤率削減。 [196] 考慮到臨床服務的剝離，該平台的利潤率絕對希望超過 20%，我們只是需要相應的成長權利。

And you know I think your comments absolutely correct there, but let's get further in the year. Let us get back to the right kind of demand environment and you know that that'll absolutely be a topic when we get into guidance for '26.

你知道，我認為你的評論完全正確，但讓我們在今年進一步討論。讓我們回到正確的需求環境，你知道，當我們進入 26 年指導時，這絕對會成為一個主題。

Luke Sergott, Barclays.

巴克萊銀行的盧克‧塞戈特 (Luke Sergott)。

Great thanks guys I just want to talk about the business transformation, and especially on the lab sciences side that you guys talking about doing the improvements there, like how much of the change that you that you're taking a look at, is due to substandard or sub optimal portfolio.

非常感謝大家，我只想談談業務轉型，特別是在實驗室科學方面，你們談到了在那裡進行的改進，例如你們正在研究的變化有多少是由於不合格或次優的投資組合造成的。

I'm just trying to get a sense of what you guys need to do from an investment standpoint to kind of sendoff the competitive dynamics there.

我只是想從投資的角度了解你們需要做些什麼來激發那裡的競爭活力。

Good questions, Luke. Where I'd start with that is just highlighting, our focus on enhancing and positioning the growth of that business, to weather the current macro environment. And there's going to be a lot of aspects to it, Corey's now been on the ground here for a month. Fortunately, he knows the business well from his time here before and has ramped, quickly, and he's moving, aggressively to interrogate, the business strategy and execution and maybe no stone unturned and working very closely with the commercial team, in the near term to drive, new account acquisition and retention of existing accounts.

好問題，盧克。首先我想強調的是，我們專注於加強和定位業務成長，以應對當前的宏觀環境。這其中會涉及很多方面，科里現在已經在這裡待了一個月了。幸運的是，他之前在這裡工作期間對業務非常了解，並且能夠快速上手，他正在積極地審視業務戰略和執行情況，並且不遺餘力地與商業團隊密切合作，在短期內推動新帳戶的獲取和現有賬戶的保留。

But there are a number of other things that we are doing to strengthen the business. Investing to deliver differentiated, service levels that are important to our customers in these sensitive end markets, enhancing the customer experience and streamlining that experience through an AI enabled e-commerce platform that's now been live here in the US for a bit and we're in the midst of rolling it out in Europe, investing in enhanced pricing capabilities.

但我們正在做許多其他事情來加強業務。我們投資提供差異化、對這些敏感終端市場的客戶至關重要的服務水平，透過人工智慧電子商務平台來增強客戶體驗並簡化體驗，該平台現已在美國上線一段時間，我們正在歐洲推出，投資於增強的定價能力。

As always, continuing to drive innovation into our portfolio, and we're really excited by the content that we were able to add to the portfolio in the first quarter and I wouldn't say any of these actions are specific to one single data point we're getting out of the market.

像往常一樣，我們繼續推動投資組合的創新，我們對第一季能夠添加到投資組合中的內容感到非常興奮，我不會說這些行動中的任何一個都是針對我們從市場中獲得的單一數據點的內容。

It really just is a reflection of, we understand the environment that we're in and we understand the expectations that we have for this for this business, and we are doing everything we can, to control the. The business in this environment and strengthen it. And I think we're confident in the actions that we're taking will give us the best chance to grow this platform long term.

這實際上只是一種反映，我們了解我們所處的環境，我們了解我們對這項業務的期望，我們正在盡一切努力控制。在這種環境下開展業務並加強它。我認為，我們相信，我們正在採取的行動將為我們提供長期發展這個平台的最佳機會。

Alright great and then just to follow up here talk about the incremental $100 million on the cost out. Brent, you talked about trying to do, what you can and front load that in the earlier years like what can you do? Just digging a little bit more there on specifics that you know you run the risk there or have to strike a balance without disrupting your overall sales force or you know the momentum you're trying to build within the two segments.

好的，太好了，接下來我們來談談成本增加的 1 億美元。布倫特，你談到了嘗試做什麼，你能做什麼，以及在早年預先投入你能做什麼？只要稍微深入挖掘一下具體細節，您就會知道您在那裡面臨風險，或者必須在不影響整體銷售團隊的情況下取得平衡，或者您知道您試圖在兩個部分內建立的勢頭。

Yeah, Luke, that's actually very well taken, and we tried to address a little bit of that directly in the prepared remarks. I mean, I think the first thing I'd start with there is the program to date we think it's been done really clean, hasn't led any disruption.

是的，盧克，這確實非常好，我們試圖在準備好的發言中直接談及這一點。我的意思是，我認為首先要說的是，到目前為止，我們認為該計劃已經做得非常乾淨，沒有造成任何干擾。

I mean, like at the end of the day, even though we want to rationalize the cost base, job one is growth, absolutely focused on growth across both sides of the business, and I think another reason we've executed so rapidly or consequence of that is you want to minimize the disruption to the org.

我的意思是，儘管我們想要合理化成本基礎，但首要任務是成長，絕對專注於業務雙方的成長，我認為我們執行得如此迅速的另一個原因或其結果是，我們希望盡量減少對組織的干擾。

So moving to the left, so to speak, is really valuable there. Some of these things, I mean, these really are the insights cos leadership is going to be really helpful for it as well. But just as you understand the segment structure is better here that unlocks sort of more of what we have existing, but some of these things will take some time, but they're really important like.

因此，可以說，向左移動確實很有價值。我的意思是，其中一些確實是見解，因為領導力也會對此非常有幫助。但正如您所理解的，這裡的分段結構更好，可以解鎖更多現有的內容，但其中一些事情需要一些時間，但它們確實很重要。

We're going to have an initiative on digitization in connection with manufacturing that's going to both make go a long ways towards delighting our customers as well as really enhancing on cost. Michael made a number of the comments on, tech enablement on pricing. You're going to see that from many other commercial pieces, so we're going to balance.

我們將在製造業方面採取一項數位化舉措，這將大大提高我們的客戶滿意度，並真正降低成本。邁克爾就定價技術支援發表了一些評論。您將從許多其他商業作品中看到這一點，因此我們要保持平衡。

Where do we move faster, where do we move left on it versus some of these things that take time, but we think we'll have very decisive impacts on the business. So that that's how we're thinking about it.

我們在哪些方面行動更快，在哪些方面行動更積極，而有些事情則需要時間，但我們認為我們將對業務產生非常決定性的影響。這就是我們的想法。

Tejas Savant, Morgan Stanley.

摩根士丹利的 Tejas Savant。

Hey guys, good morning and thanks for the time. Brent, maybe starting with you at a relatively high level, that 200 bps reduction in organic growth, can you just bridge us to that between, education and government, the controlled environment, consumables, the competitive intensity you guys cited, and then a little bit of a haircut on China. Like if you were to parse it out that 200 bps, how would you do it?

嘿，大家早安，感謝你們抽出時間。布倫特，也許你先從相對較高的水平開始講，有機增長率下降了 200 個基點，你能否將我們與教育和政府、受控環境、消耗品、你們提到的競爭強度，以及對中國的一點削減聯繫起來。例如，如果您要解析出那 200 bps，您會怎麼做？

Yeah, what I do, bridging that to us is it's almost, it's largely driven by the policy environment and then the biotech funding piece. So it's largely lab solutions when you look at the underlying segment piece of it, very modest piece on the critical environment and our China sales are so small there that wouldn't be a significant portion of the bridge.

是的，我所做的就是，這對我們來說幾乎很大程度上是由政策環境和生物技術資金部分驅動的。因此，當您查看其底層部分時，它主要是實驗室解決方案，在關鍵環境中佔比非常小，而且我們在中國的銷售額非常小，因此不會佔橋樑的很大一部分。

So it's all in many respects when you think about it, it's taking the Q1 rates on growth and really extending them to the year and you can see sort of the Q1 decrement really is what we're turning into the full year guide update.

因此，從很多方面來看，當你考慮這個問題時，它都是將第一季的成長率延伸到全年，你可以看到，第一季的下降實際上就是我們轉化為全年指南更新的結果。

Got it. That's helpful. And then Michael, one for you again, at a high level, last quarter we spoke a little bit offline about, your ability to help customers navigate the shifting tariff environment and some of the supply chain de-risking that they're looking to do. Why isn't this an opportunity for you to perhaps even, gain some share from customers who are currently sourcing direct, or sourcing from smaller distributors in the months ahead as vendor consolidation is a theme we hear about from some of these customers.

知道了。這很有幫助。然後邁克爾，再次向您提問，在高層，上個季度我們在線下進行了一些交談，討論了您幫助客戶應對不斷變化的關稅環境的能力，以及他們希望進行的一些供應鏈降低風險的工作。為什麼這對您來說不是一個機會，甚至可能從目前直接採購的客戶或未來幾個月從較小的分銷商那裡採購的客戶那裡獲得一些份額，因為供應商整合是我們從一些客戶那裡聽到的主題。

Conversely, are any of your customers choosing to go direct and just sort of disintermediate the middleman or in combination with this increased competitive intensity you called out, does that just nullify any benefit from potential share gains at the moment?

相反，您的客戶中是否有人選擇直接購買，從而繞過中間商，或者，結合您所說的競爭加劇的程度，這是否會抵消目前潛在的市場份額增長帶來的好處？

A great question, when we look at the environment, that we're in and particularly the global nature of our of our supply chain, the broad, product assortments and optionality that it gives our customers, we think we are uniquely positioned to support our customers through this challenging environment and, in times of this like this or you know where there's friction in the system, it certainly gives you an opportunity to get close to your customers and be a solution provider to them.

一個很好的問題，當我們審視我們所處的環境，特別是我們供應鏈的全球性、它為客戶提供的廣泛的產品種類和可選性時，我們認為我們處於獨特的地位，可以在這個充滿挑戰的環境中支持我們的客戶，並且在這樣的時期或您知道系統存在摩擦的時候，它無疑為您提供了接近客戶並成為他們解決方案的機會。

And given, all the flexibility that we've talked about and the optionality that we offer, we are working very closely with our customers, both existing as well as potential that are looking to find ways to address the current, macro headwinds that we're all facing.

鑑於我們所討論的所有靈活性以及我們提供的可選性，我們正在與現有客戶和潛在客戶密切合作，尋找解決我們當前面臨的宏觀逆風的方法。

And so yeah, certainly would never want to imply, for our remarks today that we're not looking at it that way and with the work that Corey is certainly leading together with our commercial associates who are, deeply engaged with our with our customers, we are moving as aggressively as we can not only to support the customers but to strengthen and grow the business.

是的，我們今天的言論絕對不會暗示我們不會這樣看待這個問題，而且在 Corey 和我們與客戶深度合作的商業夥伴的共同領導下，我們正在盡可能積極地行動，不僅支持客戶，而且加強和發展業務。

And you know with all that we have here our value proposition is certainly enhanced in an environment like this and you know you. Point there about, our folks cutting out the middle man that's not a trend that we've that we've experienced in this environment and I think that largely just due to, the value proposition and strength of a supply chain that looks like ours, the unparalleled customer access that we provide, the agility, the choice, and the ability to serve these customers the way, we do really is an important part of our differentiated platform here.

你知道，憑藉我們所擁有的一切，在這樣的環境中，我們的價值主張肯定會得到提升，你知道的。這裡要指出的是，我們的員工正在削減中間商，這不是我們在這種環境下所經歷的趨勢，我認為這很大程度上只是因為我們的供應鏈的價值主張和實力，我們提供的無與倫比的客戶訪問、靈活性、選擇以及以我們的方式為這些客戶提供服務的能力，這確實是我們在這裡差異化平台的重要組成部分。

Got it. Appreciate the color, Michael. Thank you and thanks for the help of the earth.

知道了。欣賞這顏色，麥可。謝謝你，感謝地球的幫助。

Thank you.

謝謝。

Thank you. Those are all the questions we have time for today, and so I will hand back to Michael Stubblefield for closing remarks.

謝謝。這些就是我們今天有時間回答的所有問題，因此我將把話題交還給邁克爾·斯塔布爾菲爾德 (Michael Stubblefield) 作結束語。

Yeah, thank you all for joining us today. As you've heard through our prepared marks and through our Q&A session here, we are not satisfied with our overall results and hopefully you sense the urgency that we're moving to enhance performance and maximize value in this environment.

是的，感謝大家今天加入我們。正如您透過我們的準備好的分數和我們的問答環節所聽到的，我們對我們的整體結果並不滿意，希望您能感受到我們正在努力提高績效並在這種環境中實現價值最大化的緊迫性。

Including through the upsizing of our cost reduction initiatives, the board and our entire leadership team are committed to achieving this objective, and we look forward to discussing our progress as we move forward until then be well. Thank you.

包括透過擴大我們的成本削減舉措，董事會和我們的整個領導團隊都致力於實現這一目標，我們期待在未來的進展過程中討論我們的進展。謝謝。

Thank you everyone for joining us today. This concludes our call, and you may now disconnect your line.

感謝大家今天的參與。我們的通話到此結束，您可以掛斷電話了。