Crane Co (CR) 2023 Q2 法說會逐字稿

Good morning, and welcome to the Crane Company's Second Quarter 2023 Earnings Call. (Operator Instructions) As a reminder, this conference is being recorded. At this time, I would like to hand the call over to Jason Feldman, Vice President of Treasury and Investor Relations. Thank you. You may begin.

早上好，歡迎參加起重機公司 2023 年第二季度財報電話會議。 （操作員指示）謹此提醒，本次會議正在錄製中。現在，我想將電話轉給財務和投資者關係副總裁賈森·費爾德曼 (Jason Feldman)。謝謝。你可以開始了。

Thank you, operator. And good day, everyone. Welcome to our second quarter 2023 earnings release conference call. I'm Jason Feldman, Vice President of Treasury and Investor Relations. On our call this morning, we have Max Mitchell, our President and Chief Executive Officer; and Rich Maue, our Executive Vice President and Chief Financial Officer. We will start off the call with a few prepared remarks, after which we will respond to questions.

謝謝你，接線員。大家好。歡迎參加我們的 2023 年第二季度收益發布電話會議。我是賈森·費爾德曼 (Jason Feldman)，財務和投資者關係副總裁。今天早上的電話會議上，我們的總裁兼首席執行官馬克斯·米切爾 (Max Mitchell) 出席了會議。以及我們的執行副總裁兼首席財務官 Rich Maue。我們將以一些準備好的發言開始電話會議，然後回答問題。

Just a reminder that the comments we make on this call may include some forward-looking statements. We refer you to the cautionary language at the bottom of our earnings release and also in our annual report, 10-K and subsequent filings pertaining to forward-looking statements. Also during the call, we will be using some non-GAAP numbers, which are reconciled to the comparable GAAP numbers in tables at the end of our press release and accompanying slide presentation, both of which are available on our website at www.craneco.com in the Investor Relations section.

請注意，我們在本次電話會議中發表的評論可能包括一些前瞻性陳述。我們建議您參閱我們的收益報告底部以及我們的年度報告、10-K 和與前瞻性陳述相關的後續文件中的警告性語言。此外，在電話會議期間，我們將使用一些非 GAAP 數字，這些數字與我們新聞稿和隨附幻燈片演示末尾表格中的可比 GAAP 數字進行了核對，這兩個數據均可在我們的網站 www.craneco 上獲取。 com 在投資者關係部分。

Now let me turn the call over to Max.

現在讓我把電話轉給麥克斯。

Thank you, Jason. And good morning, everyone. Thanks for joining the call today. First of all, I would like to acknowledge the sad news that my predecessor and CEO of Crane from 2000 to 2014, Mr. Eric Fast passed on July 15. Suffice it to say, I would not be here at Crane nor in my present position, if not for Eric. Eric drove the vision of moving Crane from a holding company to an integrated operating company.

謝謝你，傑森。大家早上好。感謝您今天加入通話。首先，我要承認我的前任、2000年至2014年克瑞首席執行官埃里克·法斯特先生於7月15日去世的不幸消息。我只想說，我不會在克瑞，也不會擔任現在的職位。 ，如果沒有埃里克。埃里克推動了將克瑞從一家控股公司轉變為一家綜合運營公司的願景。

Eric cultivated the beginnings of the Crane Business System, created larger business units and restructured Crane for success. All of which helped enable the strategic actions and value creation we have delivered on over the last several years. For those who remember, Eric, he was a wonderful leader and man who cared deeply for our associates, always upbeat and positive in even the most difficult circumstances.

埃里克培育了克瑞業務系統的雛形，創建了更大的業務部門並重組了克瑞以取得成功。所有這些都有助於我們在過去幾年中實現戰略行動和價值創造。對於那些記得埃里克的人來說，他是一位出色的領導者，他非常關心我們的同事，即使在最困難的情況下也始終保持樂觀和積極的態度。

Eric was someone I learned from and tried to emulate to the best of my ability. Above at all, Eric was a deeply loving family man who always emphasized the importance of personal focus and balance for all associates in addition to a passion for the customer and driving growth and results.

埃里克是我學習的對象，也是我盡力效仿的對象。最重要的是，埃里克是一位深愛家庭的男人，除了對客戶的熱情以及推動增長和成果之外，他始終強調所有員工個人關注和平衡的重要性。

Our deepest condolences go out to his wife Patty of 43 years and their children and grandchildren. Eric Fast will be greatly missed by so many friends, family and work colleagues. Thank you, Eric, for your leadership and for everything you did to make us better and to make Crane a better company. Your legacy lives on forever.

我們向他 43 歲的妻子帕蒂及其子孫表示最深切的哀悼。許多朋友、家人和同事都會非常懷念埃里克·法斯特。埃里克，感謝您的領導以及您為使我們變得更好並使克瑞成為一家更好的公司所做的一切。您的遺產永遠存在。

Moving on to the quarter. We delivered another impressive quarter, our first as a newly independent company following our April separation transaction. Core sales growth of 5% with a 30% increase in adjusted operating profit and adjusted EPS of $1.10, great performance across the businesses with both of our strategic growth platforms at or above 20% margins in the same quarter for the first time ever.

繼續看季度。我們又交付了一個令人印象深刻的季度，這是我們在四月份的分拆交易之後作為一家新獨立公司的第一個季度。核心銷售額增長 5%，調整後營業利潤增長 30%，調整後每股收益為 1.10 美元，各業務部門均表現出色，我們的兩個戰略增長平台在同一季度的利潤率首次達到或超過 20%。

This strong performance gives us confidence to raise our EPS guidance by another $0.20 to a range of $3.80 to $4.10. While the comparison to last year's EPS isn't meaningful, given the recent separation. On an operational basis, our revised full year guidance reflects 6% core sales growth driving an 18% increase in adjusted segment profit.

這種強勁的表現讓我們有信心將每股收益指引再上調 0.20 美元，達到 3.80 美元至 4.10 美元的範圍。鑑於最近的分離，與去年的每股收益進行比較沒有意義。在運營基礎上，我們修訂後的全年指導反映了 6% 的核心銷售增長，推動調整後的部門利潤增長 18%。

Strong core growth, along with a very impressive execution, delivering 50% operating leverage with operating profit increased 3x the rate of sales growth, further evidence of our ongoing execution capabilities. Regarding our end markets, the environment is fairly stable with some improving but continuing persistent supply chain challenges in Aerospace & Electronics and signs of continued slowing in end markets at Process Flow Technologies, particularly chemical. However, we continue to drive strong results and are confident in our outlook for '23 and our ability to drive significant growth in 2024 and beyond.

強勁的核心增長以及令人印象深刻的執行力，實現了 50% 的運營槓桿，運營利潤增長了銷售增長率的 3 倍，進一步證明了我們持續的執行能力。關於我們的終端市場，環境相當穩定，航空航天和電子領域的供應鏈挑戰有所改善但持續存在，並且工藝流程技術（尤其是化學領域）的終端市場有持續放緩的跡象。然而，我們將繼續取得強勁的業績，並對 23 年的前景以及 2024 年及以後推動顯著增長的能力充滿信心。

From a cost and inflation perspective, as you can see from our continued margin strength, we have been appropriately prudent with pricing actions across all of our businesses, and we continue to fully offset the impact of inflation on both a dollar and margin basis.

從成本和通貨膨脹的角度來看，正如您從我們持續的利潤率優勢中看到的那樣，我們對所有業務的定價行為都採取了適當謹慎的態度，並且我們繼續在美元和利潤率的基礎上充分抵消通貨膨脹的影響。

Starting with Aerospace & Electronics, our revised guidance is for 14% core sales growth, driving operating profit growth at roughly twice that rate. Demand remains very strong with no signs of a slowdown.

從航空航天和電子產品開始，我們修訂後的指導方針是核心銷售增長 14%，從而推動營業利潤增長大約是該速度的兩倍。需求仍然非常強勁，沒有放緩的跡象。

The supply chain environment has improved slightly, which drove the 3-point increase in our core sales guidance, but we expect further improvements to be in a gradual and measured pace. Even with those supply chain constraints, we couldn't be more excited about the growth profile of this business. We remain confident in our ability to deliver 7% to 9% core sales growth from 2024 through the end of the decade, and we are now working on opportunities to overdrive that target.

供應鏈環境略有改善，這推動我們的核心銷售指導提高了 3 個百分點，但我們預計進一步的改善將是漸進且有節制的。即使存在這些供應鏈限制，我們仍對該業務的增長狀況感到非常興奮。我們仍然對從 2024 年到本十年末實現核心銷售額增長 7% 至 9% 的能力充滿信心，並且我們現在正在尋找機會超額實現這一目標。

And with operating leverage in this business typically approaching 40%, we expect this business to generate profit growth well into the double digits into the foreseeable future which Jason and I attended the Paris Air Show last month with Jay Higgs and the Aerospace team, a great event with over 150 face-to-face meetings with key customers, partners and peers, not to mention quite a few analysts and investor meetings.

由於該業務的運營槓桿通常接近 40%，我們預計該業務在可預見的未來將實現兩位數的利潤增長，Jason 和我上個月與 Jay Higgs 和航空航天團隊一起參加了巴黎航展，這是一個偉大的成就此次活動與主要客戶、合作夥伴和同行舉行了 150 多次面對面會議，更不用說還有相當多的分析師和投資者會議。

Coming out of that show, hearing directly from our industry partners, my confidence in the demand trends and the specific positioning of our business couldn't be higher. Although there are continued industry challenges from supply chain lead times to labor shortages, demand is extremely strong, and any industry short-term supply constraints will just result in a much longer up cycle this decade and beyond with some clear benefits for suppliers like Crane. For example, given constraints on OE build rates, the fleet has aged about 15% since 2019 and the number of aircraft in the fleet less than 5 years old, down 25% since 2018 creating a long-term structural increase in the demand for aftermarket products and services.

從那次展會上直接聽到我們的行業合作夥伴的聲音後，我對需求趨勢和我們業務的具體定位充滿信心。儘管從供應鏈交貨時間到勞動力短缺等行業持續面臨挑戰，但需求極其強勁，任何行業短期供應限制都只會導致本十年及以後更長的上升週期，這對像克瑞這樣的供應商來說有一些明顯的好處。例如，考慮到原廠建造率的限制，自2019年以來，機隊機齡增長了約15%，機隊機齡不足5年的飛機數量自2018年以來下降了25%，導致售後市場需求的長期結構性增長產品和服務。

This is reflected in the unusually strong aftermarket backlog. In addition to strong industry trends, our team continues to perform well and secure new business. For example, Crane was recently selected by Heart Aerospace for the joint development phase of Heart's hybrid electric ES-30 aircraft. We will be collaborating with Heart to define the electrical power distribution system, utilizing Crane's innovative, high-voltage power conversion systems and low voltage control and distribution equipment.

這反映在異常強勁的售後市場積壓上。除了強勁的行業趨勢之外，我們的團隊繼續表現良好並獲得新業務。例如，Crane 最近被 Heart Aerospace 選擇參與 Heart 混合動力電動 ES-30 飛機的聯合開發階段。我們將與 Heart 合作，利用克瑞創新的高壓電力轉換系統以及低壓控制和配電設備來定義配電系統。

Our selection on this program is a testament to the vision, strategy and investment we have made in our electrical power capabilities over the last decade. Those power conversion capabilities are also being used in a variety of other next-generation applications, including a number of large AESA radar power systems that we have already won as well as more electric and hybrid electric tactical military vehicles.

我們選擇這個項目證明了我們過去十年在電力能力方面所做的願景、戰略和投資。這些電源轉換功能也被用於各種其他下一代應用，包括我們已經贏得的許多大型 AESA 雷達電源系統以及更多電動和混合電動戰術軍用車輛。

Also in this area, the U.S. Army recently announced that the optionally manned fighting vehicle competition down selected to American Rheinmetall and General Dynamics Land Systems who will split $1.6 billion in funding to develop the M2 Bradley replacement vehicle.

同樣在這一領域，美國陸軍最近宣布，可選載人戰車競賽將由美國萊茵金屬公司和通用動力地面系統公司分出 16 億美元資金來開發 M2 布拉德利替代戰車。

Through our strategic investments in high power and bidirectional conversion, we are securing positions on both the demonstrator platforms which will position us for significant long-term growth in our defense power business.

通過我們對高功率和雙向轉換的戰略投資，我們正在確保在兩個演示平台上的地位，這將使我們在國防電力業務方面實現顯著的長期增長。

We also continue to be selected to provide content for various sixth-generation fighter demonstrators and collaborative combat aircraft programs while continuing to execute on others that were awarded within the past 12 to 18 months. This demonstrates the value Crane is delivering through our strategic investments in advanced brake control, engine lubrication, and thermal management systems.

我們還繼續被選中為各種第六代戰鬥機演示機和協作戰鬥機項目提供內容，同時繼續執行過去 12 至 18 個月內授予的其他項目。這證明了克瑞通過我們在先進制動控制、發動機潤滑和熱管理系統方面的戰略投資所提供的價值。

Just an incredibly exciting range of opportunities, reinforcing our confidence in our ability to deliver 7% to 9% long-term growth with potential upside to that target. We also have a strong growth story in Process Flow Technologies. Our revised guidance is for 6% core growth, driving 22% growth in segment profit. That's nearly 60% operating leverage, reflecting a number of factors, including strong operational execution, value pricing and continued structural change in the business.

一系列令人難以置信的令人興奮的機會，增強了我們對實現 7% 至 9% 長期增長的能力的信心，並具有實現該目標的潛在上升空間。我們在工藝流程技術領域也有強勁的增長故事。我們修訂後的指導方針是核心增長 6%，帶動部門利潤增長 22%。運營槓桿率接近 60%，反映了多種因素，包括強大的運營執行力、價值定價和持續的業務結構變化。

That structural change includes an ongoing mix shift where today, nearly 2/3 of the business is positioned in our core target markets of chemical, pharmaceutical, water, wastewater and industrial automation. It's those markets where we have the greatest differentiation and the best ability to create value for our customers. We also continue to invest for the future with new product introductions released at record pace and with structurally higher margins. New product vitality metrics continue to improve year after year, giving us high confidence in the 3% to 5% growth profile through the cycle and the substantial opportunity to further expand margins.

這種結構性變化包括持續的組合轉變，如今，近 2/3 的業務位於我們的核心目標市場：化學、製藥、水、廢水和工業自動化。在這些市場中，我們擁有最大的差異化優勢，也最有能力為客戶創造價值。我們還繼續投資未來，以創紀錄的速度推出新產品，並實現結構性更高的利潤率。新產品活力指標逐年持續改善，使我們對整個週期 3% 至 5% 的增長前景以及進一步擴大利潤率的巨大機會充滿信心。

A lot of exciting developments in this business as well. We are outperforming the markets and gaining share, driven by new product innovations. While we are extremely well positioned to continue to outgrow our markets, we have seen some signs of slowing demand as expected and consistent with our full year guidance provided in January, particularly in European chemical, nonresidential construction and industrial markets as well as some pushouts in project activity in North America.

這項業務也取得了許多令人興奮的發展。在新產品創新的推動下，我們的表現超越了市場並贏得了市場份額。雖然我們處於非常有利的位置，可以繼續超越我們的市場，但我們已經看到了一些需求放緩的跡象，正如預期的那樣，這與我們 1 月份提供的全年指引一致，特別是在歐洲化學品、非住宅建築和工業市場，以及一些市場的退出。北美的項目活動。

Notably, if you look at prior cycles, given our specific product exposures, we typically see slowing activity a few quarters before many others playing in the broader process markets. But as displayed in 2021 and previous cycles, we also tend to recover a few quarters earlier. As always, we will continue to focus on what was within our control namely gaining share to outgrow our end markets, and we are well positioned to continue doing just that.

值得注意的是，如果你看看之前的周期，考慮到我們特定的產品風險，我們通常會在許多其他公司進入更廣泛的流程市場之前幾個季度看到活動放緩。但正如 2021 年和之前週期所示，我們也傾向於提前幾個季度復甦。與往常一樣，我們將繼續專注於我們控制範圍內的事情，即獲得份額以超越我們的終端市場，並且我們有能力繼續這樣做。

For example, last quarter, I highlighted the progress we are making with our new hydrogen initiative, where we qualified a new cryogenic valve for liquid hydrogen applications to be followed by 5 additional new product lines over the next 12 months. all targeting a market that is growing at more than 15% annually. During the second quarter, we secured the first firm order for our hydrogen products ahead of our schedule and internal targets. In wastewater, we continue to see great momentum with key growth products. Our chopper pump is now in its fourth year of commercialization, continues to significantly outgrow the market with 20% year-over-year growth expected this year.

例如，上個季度，我強調了我們新的氫計劃所取得的進展，其中我們對液氫應用的新型低溫閥門進行了鑑定，並在接下來的 12 個月內推出了 5 個額外的新產品線。所有這些都瞄準了每年增長超過 15% 的市場。在第二季度，我們比計劃和內部目標提前獲得了氫產品的第一個確定訂單。在廢水領域，我們繼續看到關鍵增長產品的強勁勢頭。我們的斬波泵現已進入商業化的第四個年頭，其增長速度繼續顯著超過市場，預計今年將同比增長 20%。

The chopper pump is an innovative solution for the most challenging wastewater applications, and we continue to see this solution as a differentiator versus the competition for wastewater applications with very high solid content. In the chemical space, where we have a number of significant growth initiatives, we are also making great progress led by our portfolio of new valve and specialty pipe solutions that have differentiated sealing technology to solve reliability challenges in corrosive, abrasive, toxic and hazardous environments.

斬波泵是針對最具挑戰性的廢水應用的創新解決方案，我們繼續將這種解決方案視為與高固體含量廢水應用的競爭相比的差異化優勢。在化學領域，我們擁有許多重大增長計劃，在新型閥門和特種管道解決方案組合的引領下，我們也取得了巨大進展，這些解決方案具有差異化的密封技術，可解決腐蝕性、磨蝕性、有毒和危險環境中的可靠性挑戰。

And last quarter, I noted the launch of our innovative L-TORQ sleeve plug valve product, which now has 3 customer installed applications with commitments from 6 additional customers. That's incredibly rapid adoption for a new valve, which typically go through a lengthy evaluation process, reflecting the strength of the product's value proposition.

上個季度，我注意到我們推出了創新的 L-TORQ 套筒旋塞閥產品，該產品現已有 3 個客戶安裝的應用程序，並有另外 6 個客戶的承諾。對於新閥門來說，採用速度之快令人難以置信，這種閥門通常要經過漫長的評估過程，反映了產品價值主張的強度。

And our recently launched FK-TrieX valve, has also continued to gain traction with quotes year-to-date, now nearly triple last year's level with a growing funnel of opportunities, reflecting the valve's unique ability to solve leakage and flow problems in severe service applications, just continued progress driving growth and a great business.

我們最近推出的 FK-TrieX 閥門，今年迄今為止的報價也繼續受到關注，現在幾乎是去年水平的三倍，機會漏斗不斷增長，反映出該閥門在嚴酷工況下解決洩漏和流量問題的獨特能力應用程序，不斷進步推動增長和偉大的業務。

And then Engineered Materials, no change to our view of demand for the year, but margins have outperformed expectations. And despite the sharp declines in the RVM market, which we think is approaching a bottom, we are now confident we will keep the deleverage rate to about 25% with segment margins for the year north of 12%. Really great execution by the team. Briefly on the acquisition front. We continue to work through our deep and extensive funnel of potential deal flow, and we expect numerous opportunities will become actionable over the course of the next year.

然後是工程材料，我們對今年需求的看法沒有變化，但利潤率超出了預期。儘管 RVM 市場急劇下滑，我們認為該市場已接近底部，但我們現在有信心將去槓桿率保持在 25% 左右，今年的分部利潤率將超過 12%。團隊的執行力真的很棒。簡要介紹一下收購方面。我們將繼續致力於深入而廣泛的潛在交易流渠道，我們預計明年將有大量機會變得可行。

Today, we are involved in 3 very active acquisition processes across both aerospace and process flow technologies. And we are cautiously optimistic that one or more will come to fruition by the end of the year. Each of these active opportunities have enterprise values that would probably be in the $75 million to $200 million range.

如今，我們參與了航空航天和工藝流程技術領域的 3 個非常活躍的採購流程。我們對一項或多項計劃將在今年年底前取得成果持謹慎樂觀的態度。這些活躍機會中的每一個都具有可能在 7500 萬至 2 億美元範圍內的企業價值。

So again, off to a fantastic start post separation, and we remain confident in our ability to execute on the strategy and vision we laid out at our March Investor Day event, a 4% to 6% long-term core sales growth rate from resilient and durable businesses that derive about 40% of strategic growth platform sales from the aftermarket with substantial operating leverage on top of already solid margins today, that should lead to double digit average annual core profit growth with potential upside from capital deployment.

再次強調，分離後我們有一個美妙的開端，我們對執行我們在 3 月份投資者日活動中製定的戰略和願景的能力仍然充滿信心，彈性的長期核心銷售增長率為 4% 至 6%耐用業務約 40% 的戰略增長平台銷售額來自售後市場，在目前已經穩固的利潤率之上還具有巨大的運營槓桿，這應該會帶來兩位數的平均年度核心利潤增長，並從資本部署中獲得潛在的上行空間。

And with virtually no debt, the capital deployment opportunity is significant and a 5-year vision to get to a scale with $2 billion in sales at each of our strategy growth platforms with adjusted EBITDA margins above 20%, giving us the optionality for future strategic portfolio decisions.

由於幾乎沒有債務，資本部署機會巨大，我們的每個戰略增長平台的 5 年願景是達到 20 億美元的銷售額，調整後的 EBITDA 利潤率超過 20%，這讓我們可以選擇未來的戰略投資組合決策。

Now let me turn the call over to Rich for more specifics on the quarter.

現在讓我將電話轉給 Rich，了解有關本季度的更多具體信息。

Thank you, Max. And good morning, everyone. To start, my sincere thanks to the entire corporate team for their continued efforts on all aspects of the separation transaction and to our business teams for delivering another quarter of great results, an outstanding quarter with 5% core sales growth driving 30% adjusted operating profit growth and driven by excellent performance across all businesses.

謝謝你，麥克斯。大家早上好。首先，我衷心感謝整個公司團隊在分拆交易各個方面的持續努力，感謝我們的業務團隊在另一個季度取得了出色的業績，核心銷售增長 5%，調整後營業利潤增長 30%，這是一個出色的季度增長並受到所有業務的出色表現的推動。

I will start off with segment comments that will compare the second quarter of 2023 to 2022, excluding special items, as outlined in our press release and slide presentation. At Aerospace & Electronics, second quarter sales were very strong, increasing 17% to $189 million. Segment margins of 20.2% increased 270 basis points compared to last year, primarily reflecting strong leverage on the higher volumes and productivity.

我將首先對 2023 年第二季度與 2022 年進行比較，不包括特殊項目，如我們的新聞稿和幻燈片演示中所述。航空航天與電子公司第二季度的銷售額非常強勁，增長了 17%，達到 1.89 億美元。 20.2% 的分部利潤率比去年增加了 270 個基點，主要反映了銷量和生產率提高帶來的強大槓桿作用。

Sales growth was better than expected, but we, along with the rest of the aerospace industry still remain capacity constrained due to continued supply chain issues. The combination of supply chain constraints and strong demand drove our backlog up another 26% to $675 million. In the quarter, total aftermarket sales increased 29% with commercial aftermarket sales, up 41% and military aftermarket up 7%.

銷售增長好於預期，但由於持續的供應鏈問題，我們以及航空航天業的其他公司仍然面臨產能限制。供應鏈限制和強勁需求相結合，使我們的積壓訂單又增加了 26%，達到 6.75 億美元。本季度，售後市場總銷售額增長 29%，其中商用售後市場銷售額增長 41%，軍用售後市場銷售額增長 7%。

Commercial aftermarket demand was broad-based across spares, initial provisioning and repair and overhaul. And OE sales increased 13% in the quarter, with 15% in commercial and 10% in military. We raised our core sales outlook for the year to 14% from 11%, reflecting modest improvements in the supply chain environment. We now expect full year margins of about 20.3% reflecting 200 basis points of improvement compared to last year. We expect sales to increase sequentially for each of the next 2 quarters with margins slightly lower than the first half due to mix with more OE sales in the second half.

商業售後市場需求廣泛，涵蓋備件、初始配置、維修和大修。本季度原配設備銷售額增長了 13%，其中商業領域增長了 15%，軍用領域增長了 10%。我們將今年的核心銷售預期從 11% 上調至 14%，反映出供應鏈環境的適度改善。我們目前預計全年利潤率約為 20.3%，較去年提高 200 個基點。我們預計未來兩個季度的銷售額將連續增長，但由於下半年原配設備銷售增加，利潤率略低於上半年。

At Process Flow Technologies, sales of $263 million decreased 11%, driven by the 15% impact from the divestiture of Crane Supply in May of last year and a 1% impact from unfavorable foreign exchange. Core growth for Process Flow Technologies was solid at 4%. Adjusted operating margins of 20% increased 440 basis points from last year, primarily reflecting strong pricing and productivity gains, continued excellent execution by our teams in all areas and supporting another 50 basis point improvement to our full year margin guidance, which is now a record 18.5% for this year.

Process Flow Technologies 的銷售額為 2.63 億美元，下降了 11%，原因是去年 5 月剝離 Crane Supply 造成 15% 的影響，以及不利的外匯匯率造成 1% 的影響。 Process Flow Technologies 的核心增長率穩定在 4%。調整後營業利潤率為 20%，較去年增加 440 個基點，主要反映了定價和生產率的強勁增長，我們的團隊在所有領域持續出色的執行力，並支持我們的全年利潤率指引再提高 50 個基點，目前已創歷史新高今年為 18.5%。

Compared to the prior year, core FX-neutral backlog increased 1% and core FX-neutral orders decreased 5%. Sequentially, compared to the first quarter, FX-neutral backlog decreased 3% with FX-neutral orders down 5%. Order rates and backlog levels are consistent with the trends we have talked about since the start of the year, reflecting some modest slowing in a few markets as well as the natural impact of shortening lead times as the supply chain continues to improve.

與上年相比，核心外匯中性積壓訂單增加了 1%，核心外匯中性訂單減少了 5%。與第一季度相比，外匯中性訂單積壓量下降了 3%，其中訂單量下降了 5%。訂單率和積壓水平與我們自今年年初以來討論的趨勢一致，反映出一些市場的適度放緩以及隨著供應鏈持續改善而縮短交貨時間的自然影響。

For the full year, we continue to expect 6% core sales growth, which implies a slight sequential decline in the second half. Full year margins of 18.5% do imply lower margins in the second half consistent with our commentary last quarter. On a full year basis, our guidance of 18.5% again represents a record year, well above last year's record 16.2%.

對於全年，我們繼續預計核心銷售額增長 6%，這意味著下半年將略有環比下降。全年利潤率 18.5% 確實意味著下半年利潤率較低，這與我們上季度的評論一致。就全年而言，我們 18.5% 的指導再次創下歷史紀錄，遠高於去年創紀錄的 16.2%。

It also reflects continued execution on our stated goal of driving an average of 100 basis points of margin improvement per year. In 2019, just before COVID, margins were 13.6% and when we hit our 18.5% guidance this year, we will have more than outpaced that 100 basis point average.

它還反映了我們對每年平均提高利潤率 100 個基點的既定目標的持續執行。 2019 年，就在新冠疫情之前，利潤率為 13.6%，當我們今年達到 18.5% 的指導值時，我們的利潤率將超過 100 個基點的平均水平。

On track for a really impressive performance in 2023, driven by strong execution and productivity, pricing net of inflation and most importantly, a continued structural shift in the business to higher-margin, more differentiated products in our target markets of chemical, water, wastewater, pharmaceutical and industrial automation. The timing of margins within the year has a different set of drivers.

在強大的執行力和生產力、扣除通貨膨脹的定價以及最重要的是，在我們的化學品、水、廢水等目標市場中，業務持續向利潤率更高、差異化程度更高的產品進行結構性轉變的推動下，我們有望在 2023 年取得真正令人印象深刻的業績、製藥和工業自動化。一年內的利潤率時間有不同的驅動因素。

Last quarter, I mentioned a few items that shifted some earnings from the second half of this year into the first half. These are just timing items, but the accounting for inventory revaluation helped the first half margins at the expense of the second half and some investment spending was shifted into the second half of this year given tight labor market conditions in certain geographies, in addition to some unfavorable mix in the second half.

上個季度，我提到了一些項目，這些項目將今年下半年的一些收益轉移到了上半年。這些只是時間項目，但庫存重估的會計方法有助於上半年的利潤率，但卻損害了下半年的利潤率，而且由於某些地區勞動力市場緊張，一些投資支出被轉移到今年下半年，此外還有一些地區的勞動力市場狀況緊張。下半場的不利組合。

To a lesser degree, we will also see a second half margin impact from the slowing markets that we mentioned, consistent with our expectations dating back to our original guidance provided in January. At Engineered Materials, sales of $57 million decreased 21% compared to the prior year as expected.

在較小程度上，我們還將看到我們提到的市場放緩對下半年利潤率的影響，這與我們一月份提供的最初指導的預期一致。 Engineering Materials 的銷售額為 5700 萬美元，與上一年相比下降了 21%，正如預期的那樣。

Adjusted operating profit margins increased 180 basis points to a solid 16.6% with lower volumes heavily offset by pricing and productivity and reflecting impressive deleverage rate. For the full year, we continue to expect a sales decline of 14%, but we now expect margins of 12.2%, reflecting the team's great execution.

調整後營業利潤率增長 180 個基點，達到穩定的 16.6%，銷量下降被定價和生產率嚴重抵消，反映出令人印象深刻的去槓桿率。對於全年，我們仍然預計銷售額將下降 14%，但我們現在預計利潤率為 12.2%，這反映了團隊的出色執行力。

Moving on to total company results. In the second quarter, adjusted free cash flow of $60 million was consistent with normal seasonality as these businesses typically generate the substantial majority of cash flow in the second half of the year, and our balance sheet continues to strengthen.

接下來是公司總體業績。第二季度，調整後自由現金流為 6000 萬美元，與正常季節性相符，因為這些業務通常在下半年產生大部分現金流，而且我們的資產負債表繼續增強。

We have started to pay down our term loan with total debt at the end of the quarter of $262 million and with cash of $219 million, a lot of financial flexibility with more than $1 billion in M&A capacity today and reaching as much as $4 billion by 2028. While this is more financial flexibility than we have had historically, our capital allocation strategy is unchanged, we will deploy our capital with the same strict financial and strategic discipline that we have always employed, prioritizing investments internally for growth followed by M&A and returns to shareholders.

我們已開始償還定期貸款，本季度末總債務為 2.62 億美元，現金為 2.19 億美元，財務靈活性很大，目前的併購能力已超過 10 億美元，到 2020 年將達到 40 億美元。 2028年。雖然這比我們歷史上的財務靈活性更大，但我們的資本配置策略沒有改變，我們將按照我們一貫採用的同樣嚴格的財務和戰略紀律來部署我們的資本，優先考慮內部投資以實現增長，然後是併購和回報給股東。

Now turning to our 2023 guidance. We increased our adjusted EPS guidance range by yet another $0.20 to $3.80 to $4.10 and with adjusted EBITDA guidance now at $350 million or 17.1%.

現在轉向我們的 2023 年指導。我們將調整後每股收益指導範圍再次上調 0.20 美元至 3.80 美元至 4.10 美元，調整後 EBITDA 指導目前為 3.5 億美元或 17.1%。

While I have already discussed the segment details, the primary drivers of the increased guidance are higher core growth now in a range of 5% to 7% up 1 point from prior guidance; adjusted operating margins of 15.1%, up 60 basis points from prior guidance and nonoperating and interest expense now at $15 million, down slightly from prior guidance. So another great quarter following our separation and demonstrating that we can deliver in any environment and a very strong balance sheet and cash generation to support value-creating capital deployment.

雖然我已經討論了細分市場的詳細信息，但增加指導的主要驅動力是更高的核心增長，目前在 5% 至 7% 的範圍內，比之前的指導提高了 1 個百分點；調整後的營業利潤率為 15.1%，比之前的指導提高了 60 個基點，營業外和利息支出目前為 1500 萬美元，比之前的指導略有下降。因此，在我們分拆後又一個偉大的季度，證明我們可以在任何環境下提供服務，並擁有非常強大的資產負債表和現金生成能力，以支持創造價值的資本部署。

Operator, we are now ready to take our first question.

接線員，我們現在準備回答第一個問題。

(Operator Instructions) Our first questions come from the line of Matt Summerville with D.A. Davidson.

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

A couple of questions. First, on PFT, you gave a little bit of end market color. I was hoping you could get a little more granular with what you're seeing from an overall end market standpoint, particularly with respect to the 4 focus areas you pointed out and add a bit of geographic overlay to that? And then I have a follow-up.

有幾個問題。首先，在 PFT 上，您提供了一些終端市場的信息。我希望您能從整體終端市場的角度更詳細地了解您所看到的情況，特別是您指出的 4 個重點領域，並在其中添加一些地理覆蓋？然後我有一個後續行動。

Sure, Matt. Thanks. Well, overall, I think fairly stable slowing, as Max mentioned and I alluded to in certain markets in the longer cycle process side, we mentioned orders down year-over-year in the low single-digit range, all that consistent with the guidance that we gave at the beginning of the year. So what we're seeing is slowing most notably in European chemical, I would say, a handful of project delays and pushouts in North America and China, also in the chemical space.

當然，馬特。謝謝。嗯，總的來說，我認為放緩相當穩定，正如馬克斯提到的，我在較長周期過程方面的某些市場中提到，我們提到訂單同比下降在較低的個位數範圍內，所有這些都與指導一致我們在年初給出的。因此，我想說的是，我們所看到的放緩最明顯的是歐洲化學品，北美和中國以及化學品領域的一些項目被推遲和推遲。

MRO activity in process is generally solid, I would say. And what I would add to that is that we are seeing customers keeping inventory levels fairly lean. So channel inventory below normal levels, we don't see that having much impact here in terms of demand. There's not sort of an exodus of inventory levels. From a project point of view, we're seeing opportunities in different areas, lithium efficiency programs and upgrades in certain areas, chlor-alkali and so forth. In general, industrial markets are also decelerating slightly as we pointed out. Pharmaceutical remains strong. I would say that there's some timing on order activity there that we expect to see pick up actually as we exit the year and move into next year.

我想說，過程中的 MRO 活動總體上是穩定的。我要補充的是，我們看到客戶保持著相當精簡的庫存水平。因此，將庫存控制在正常水平以下，我們認為這不會對需求產生太大影響。庫存水平並沒有出現外流。從項目的角度來看，我們看到了不同領域的機會，鋰效率計劃和某些領域的升級，氯鹼等等。總體而言，正如我們所指出的，工業市場也略有減速。製藥業依然強勁。我想說，當我們退出今年並進入明年時，那裡的訂單活動有一些時間，我們預計會實際回升。

And generally, just leading indicators continue to reflect this mild downturn. That's -- as we predicted in the beginning of the year here in starting, again, as we started to speak about earlier. In the shorter-cycle businesses, water, wastewater -- I mean, just demand continues to be really strong, no signs of a slowdown there. That's our North American business. And then on U.K. nonresidential construction weak all year, continues to be weak and consistent with our original guidance.

總體而言，只有領先指標繼續反映這種溫和的下滑。正如我們在今年年初所預測的那樣，正如我們早些時候開始談論的那樣。在周期較短的業務中，水、廢水——我的意思是，需求仍然非常強勁，沒有放緩的跡象。這就是我們的北美業務。然後，英國非住宅建築全年疲軟，繼續疲軟，與我們最初的指導一致。

I would add, Matt, we've called this from January. And just by understanding the cycles and what we've seen historically and how we were trending. That's why we gave the guidance we did starting in January, and it's playing out really as we expected. So from Europe, I think we're starting to see the Americas see delays, not cancellations, but some project pushouts and spend, decision-making.

我想補充一點，馬特，我們從一月份就開始這麼稱呼了。只需了解週期、我們歷史上所看到的以及我們的趨勢如何。這就是為什麼我們從一月份開始就給出了指導，而且它的效果確實符合我們的預期。因此，從歐洲來看，我認為我們開始看到美洲出現延誤，不是取消，而是一些項目的推出和支出、決策。

Order rates there almost flat to slightly negative in the quarter. So you're seeing that inflection point. As we look at it, as we move forward, this cycle for the broader end markets that we participate in. we'll see this continued order decline through the balance of this year, maybe high single-digit kind of range. It bottoms out as we're projecting by, call it, the end of the year, and then you'll start to see slightly improving negative rates going into next year when we inflect positive again by, call it, September, October next year. But that's how we're modeling.

本季度的訂單率幾乎持平甚至略有負值。所以你正在看到那個拐點。正如我們所看到的，隨著我們向前邁進，我們參與的更廣泛的終端市場的這個週期。我們將看到今年餘下的訂單持續下降，可能是高個位數的範圍。正如我們預測的那樣，它會在今年年底觸底，然後你會開始看到明年負利率略有改善，屆時我們會在明年九月、十月再次出現正利率。 。但這就是我們建模的方式。

Great. That was very good color. I want to talk a little bit about the aerospace supply chain and the aspiration that some of the OEs have to drive narrowbody build rates higher. Can you talk in a little bit more detail around what you're seeing in supply chain, whether the Crane specific supply chain you feel can support those higher production rates and whether or not in the context of the revised guide -- the upwardly revised guidance for AME, whether or not you've been able to eat into any of that $50 million of -- I think you kind of referred to the supply chain trended revenue that you've highlighted earlier in the year.

偉大的。那是非常好的顏色。我想談談航空航天供應鏈以及一些原始設備製造商提高窄體飛機建造率的願望。您能否更詳細地談談您在供應鏈中看到的情況，您認為起重機特定的供應鍊是否可以支持更高的生產率，以及是否在修訂後的指南（向上修訂的指南）的背景下對於 AME，無論您是否能夠吃掉這 5000 萬美元中的任何一個，我認為您提到了今年早些時候強調的供應鏈趨勢收入。

Well, you're probably looking for broader color than -- we don't have titanium -- significant titanium, for example, our castings related to our flow business. So we see a little bit there. The casting suppliers in the U.S. are somewhat constrained. I understand, not impacting us to the same degree, although a little. It remains broad-based. It's improving generally methodically.

嗯，您可能正在尋找更廣泛的顏色 - 我們沒有鈦 - 重要的鈦，例如，與我們的流動業務相關的鑄件。所以我們在那裡看到了一點。美國的鑄件供應商受到一定程度的限制。我理解，雖然有一點，但對我們的影響並沒有達到同樣的程度。它仍然具有廣泛的基礎。它總體上正在有條不紊地改進。

Many are calling out the improving trends. On the -- where it's impacting us the most is on the electrical components, semiconductors, actives passives. We're tracking less shortages. We're tracking less SKUs that we're having to chase, but there's still enough that we're not seeing a material improvement in what we're able to get out the door.

許多人都在呼籲改善趨勢。對我們影響最大的是電氣元件、半導體、有源無源器件。我們正在追踪短缺情況的減少。我們正在追踪更少的 SKU，但我們仍然沒有看到我們能夠推出的產品有實質性的改進。

So that's why we just continue to see this trend just slowly, methodically getting better, it is getting better, but not allowing us to have a significant inflection point on working the backlog down in an accelerated manner. I can't -- I don't think I want to speak more broadly for the entire industry on the build rates for the ramp up other than we're keeping up with current demand for sure and not causing any of our customers' problems at this point.

因此，這就是為什麼我們繼續看到這種趨勢緩慢地、有條不紊地變得更好，它正在變得更好，但不允許我們在以加速的方式減少積壓方面出現重大拐點。我不能——我認為我不想更廣泛地代表整個行業談論建設速度的提高，除非我們肯定能滿足當前的需求並且不會給我們的客戶帶來任何問題在此刻。

The backlog, that $50 million if you look at the increase in sales overall, based on revised guidance and when you look at the increase in the backlog, which is we predict is going to continue to grow, it's probably closer to $55 million to $60 million maybe in that range now.

積壓訂單，即 5000 萬美元，如果你看看整體銷售額的增長，根據修訂後的指導，當你看到積壓訂單的增加時，我們預測這將繼續增長，它可能接近 5500 萬美元至 60 美元現在可能在這個範圍內。

Just -- but that's just a plug number that just we kind of looking at what technically we could get out the door if we had unconstrained supply through the balance of the year that customers would accept. It means opportunity as we head into 2024, hopefully, we'll see continued improving trends. Would you guys add anything else?

只是——但這只是一個插頭號碼，我們只是想看看如果我們在今年餘下的時間裡擁有客戶能夠接受的不受限制的供應，那麼從技術上講我們可以推出什麼產品。進入 2024 年，這意味著機遇，希望我們能看到持續改善的趨勢。大家還有什麼要補充的嗎？

I mean the only thing I would say just on that -- just on that point with the $50 million, as Max mentioned that if you look at our guidance range, it implies roughly, I don't know, half of that number. But not necessarily consuming that $50 million. We're continuing to see that $50 million grow, I think is the point there. So beyond that, I have no other comments. I think you captured it all.

我的意思是我要說的唯一一件事是——就在 5000 萬美元這一點上，正如馬克斯提到的，如果你看看我們的指導範圍，它大約意味著，我不知道，這個數字的一半。但不一定要消耗那 5000 萬美元。我們將繼續看到 5000 萬美元的增長，我認為這就是重點。除此之外，我沒有其他評論。我想你已經捕捉到了這一切。

It's not the same $50 million, right? It's not (inaudible) $50 million that we can't ship. It's just backing into an ideal number that we could have shipped, unconstrained.

這和5000萬美元不一樣，對吧？這並不是（聽不清）5000 萬美元我們無法發貨。它只是回到了我們可以不受限制地發貨的理想數字。

Our next questions come from the line of Damian Karas with UBS.

我們的下一個問題來自瑞銀集團的達米安·卡拉斯 (Damian Karas)。

Nice work on another following quarter. Absolutely. So I have a few follow-up questions for you on PFT, one kind of repeat question that I hear from investors is that regarding your margin guidance. And now that you're running up more than 20% for the first half, I think the implied guide of 16% or so if that. Rich, I know you talked a little bit about your expectations of some volume declines on the short cycle. But is there any way you might be able to just give us a bridge on that margin for PFT kind of thinking about short-cycle mix, the investment ramp up, anything else that's kind of factoring in there?

下個季度的工作做得很好。絕對地。因此，我有一些關於 PFT 的後續問題要問您，我從投資者那裡聽到的重複問題之一是關於您的保證金指導的問題。現在上半年的漲幅超過 20%，我認為隱含的指導值為 16% 左右。 Rich，我知道您談到了您對短期週期成交量有所下降的預期。但是，有沒有什麼辦法可以為我們提供一個橋樑，讓 PFT 思考短週期組合、投資增加以及其他任何因素？

Yes. I'll give you some broad strokes that hopefully will be helpful. So when we look at that first half to second half performance. There's a few things that are playing in there, right? It's clearly its sales, call it, price volume, right? It's sales, you have mix elements, you have investments that we had planned to make at the beginning of the year and are flushing through more so in the second half of the year and then some inventory revaluation associated with inflation that we benefited from in the first half.

是的。我將為您提供一些大概的思路，希望對您有所幫助。所以當我們看上半場到下半場的表現時。裡面有一些東西正在播放，對嗎？顯然是它的銷量，稱之為價格量，對吧？這是銷售，你有混合元素，你有我們計劃在今年年初進行的投資，並且在今年下半年會進行更多投資，然後是與我們在今年受益的通貨膨脹相關的一些庫存重估。上半場。

When you look at each of those components, I would think about them as each within a range of 100 to 200 basis points, something like that. And then as I look at them, all of them in my mind are temporary without a doubt. But for clearly, what will play forward with respect to some of Max's comments on demand which could impact the sales and obviously, mix elements, which we'll get more and more comfortable with as we move through the balance of this year and implications to 2024. So structurally, we are super comfortable with the way we're set up in this business to continue to demonstrate what we've committed to historically around that, on average, 100 basis point margin improvement year after year.

當你查看這些組成部分時，我會將它們視為每個組成部分都在 100 到 200 個基點的範圍內，類似這樣。當我看著它們時，毫無疑問，它們在我腦海中都是暫時的。但很明顯，馬克斯對需求的一些評論將會發揮什麼作用，這可能會影響銷售，顯然，混合元素，隨著我們度過今年的平衡和影響，我們將越來越適應這些元素2024年。因此，從結構上講，我們對我們在這項業務中的設置方式感到非常滿意，以繼續展示我們歷史上所承諾的目標，即年復一年平均提高100個基點的利潤率。

Great. That's helpful. And then, Max, you mentioned being positive price cost on both a dollar and margin basis. Could you just talk about the price trend more recently? And what kind of pricing you're anticipating through the rest of the year? And just kind of thinking about some of that short-cycle demand weakness -- is that going to present an opportunity perhaps for customers to maybe jab back at some of the price inflation from recent years? Are you kind of expecting prices there to remain sticky?

偉大的。這很有幫助。然後，麥克斯，你提到了以美元和利潤為基礎的正價格成本。您能簡單談談最近的價格走勢嗎？您預計今年剩餘時間的定價會是多少？想想一些短週期的需求疲軟——這是否會為客戶提供一個機會，以回擊近年來的價格上漲？您是否預計那裡的價格會保持粘性？

I mean I think overall, we're seeing price stick without a doubt. I would say that the price cost relationship in the first half was very favorable. It's still going to be favorable in the balance in terms of margin and so forth, but it does close a little bit in the second half. So not as accretive but still positive. So that's sort of the dynamic first half to second half. As it relates to customers, I think it's about the value of the products, and we'll continue to do all that we should be doing to make sure that those prices stick.

我的意思是，我認為總體而言，我們毫無疑問地看到價格保持不變。我想說，上半年的價格成本關係非常有利。就利潤率等方面而言，平衡仍然有利，但下半年確實會有所收窄。所以雖然沒有那麼增值，但仍然是積極的。這就是上半場到下半場的動態。由於它與客戶相關，我認為這與產品的價值有關，我們將繼續盡一切努力確保這些價格保持不變。

Understood. I'll hop back in the queue.

明白了。我會跳回到隊列中。

Our next questions come from the line of Nathan Jones with Stifel.

我們的下一個問題來自 Nathan Jones 和 Stifel。

Just follow up there on Damian's question about the margin, the impact from first half to second half. Obviously, those makes a fair amount of sense, right? Not going to get inventory valuation all the time. It's a onetime. I just wanted to follow up on the investment side of it. Can you give us some more color on what these investments are? Are these kind of onetime in nature? Or it's more hiring engineers that are going to be continuing? Just any color on those investments?

就達米安關於利潤率、上半場到下半場的影響的問題進行跟進。顯然，這些很有道理，對吧？不會一直得到庫存估價。這是一次。我只是想跟進投資方面的情況。您能給我們更多關於這些投資的信息嗎？這些本質上是一次性的嗎？還是將繼續招聘更多工程師？這些投資有什麼色彩嗎？

The bulk of it is related to the hydrogen investment and building out this team. So we've got investment that -- and we have products and we're launching. We're accelerating that investment. We had -- the spend that we had identified was fairly from a plan standpoint, equal in each quarter and probably only 20% of it has been spent in the first half. So we've got the balance that is ramping up into the second half.

其中大部分與氫能投資和團隊建設有關。因此，我們已經進行了投資，並且我們已經有了產品並且正在推出。我們正在加速這項投資。從計劃的角度來看，我們確定的支出是相當合理的，每個季度都是相等的，而且可能只有 20% 是在上半年支出的。所以我們的平衡在下半場有所增加。

So that's a little bit of the overweight there. But this is a very conscious decision investing in a market that we like it has significant growth and the products that are right in our sweet spot. So we've told that story. There's also, I think, as we look forward, though, in terms of spend into next year, there's other investments that we've talked about that are rolling off. So I think I wouldn't look at this as necessarily a headwind even into '24. I think we can normalize into '24 as we move forward.

所以這有點超重了。但這是一個非常有意識的決定，投資於我們喜歡的具有顯著增長的市場以及正好處於我們最佳位置的產品。我們已經講過這個故事了。我認為，正如我們展望的那樣，就明年的支出而言，我們討論過的其他投資正在逐步推進。因此，我認為即使進入 24 年，我也不會認為這一定是一種逆風。我認為隨著我們的前進，我們可以進入 24 世紀正常化。

Yes, I was going to follow on with just that point.

是的，我打算繼續講這一點。

I was going to follow on with a question about that. So I guess that takes care of that one. I wanted to follow up on a couple of comments that you made during your prepared remarks, Max. Firstly, on the unusually strong aftermarket backlog, is that something that's constrained by supply? Or is there something else driving that unusually strong aftermarket backlog? And what are your thoughts on when you can convert that?

我將繼續提出一個關於這個問題的問題。所以我想這就解決了這個問題。馬克斯，我想跟進您在準備好的發言中發表的一些評論。首先，售後市場積壓異常強勁，這是否受到供應的限制？還是還有其他因素導致售後市場積壓異常強勁？當你可以轉換它時你有什麼想法？

Yes. Good question. And yes, look, we're balancing our customers' needs to the best of our ability and doing a really good job. But aftermarket sales would be stronger if we were unconstrained. So there's a mix and a margin impact that we're not seeing read through. No risk of loss, no risk of cancellation, no risk -- it's just a matter of the improving supply chain that allows us to clear that what we talked about. I think, Rich, we kind of put a rough?

是的。好問題。是的，你看，我們正在盡最大努力平衡客戶的需求，並且做得非常好。但如果我們不受限制，售後市場銷售將會更強勁。因此，我們沒有看到混合和利潤影響。沒有損失的風險，沒有取消的風險，沒有風險——這只是改善供應鏈的問題，使我們能夠澄清我們所談論的內容。我想，里奇，我們有點粗暴了？

Yes. I mean if you were to -- if we were unconstrained and we were able to ship the aftermarket that we otherwise could, you could see us almost reaching 2019 levels in sales, you come close to that. And the margin profile on those sales in aftermarket would essentially bring us back to where we were in 2019, if I'm not mistaken. So yes, it's definitely a nice tailwind is the way I think we think about it as we look at future years, future periods.

是的。我的意思是，如果我們不受限制，並且我們能夠向售後市場發貨，那麼您可以看到我們的銷售額幾乎達到 2019 年的水平，您已經很接近了。如果我沒記錯的話，售後市場銷售的利潤率基本上會讓我們回到 2019 年的水平。所以，是的，這絕對是一個很好的順風，我認為這是我們在展望未來幾年、未來時期時思考的方式。

The other thing I would add is some of it is you have airlines that are -- they are buying a little bit more, sort of moving away from just in time a little bit and having and keeping some on the shelf. But by no means, in our view, and based on all the discussions we're having, is there any sort of inventory building, there's just continued solid demand here that we are, again, pretty bullish on in terms of its impact to us as we look at '24 and '25.

我要補充的另一件事是，有些航空公司正在購買更多的飛機，有點偏離及時模式，並將一些飛機放在貨架上。但我們認為，根據我們正在進行的所有討論，絕不存在任何形式的庫存建設，這裡只是持續強勁的需求，我們再次非常看好它對我們的影響當我們看看 '24 和 '25 時。

Go ahead. I just want to say that the inventory position, I think everybody would like more, not less at this point. We're still at that stage in every part of the channel.

前進。我只是想說，庫存狀況，我想大家現在都希望更多，而不是更少。我們在渠道的每個部分仍處於這個階段。

So that $55 million, $60 million you're talking about being able to ship if you're unconstrained is primarily aftermarket subs, so very rich margin as well as constraining some of the revenue growth.

因此，如果你不受限制，你所說的能夠運送的 5500 萬美元、6000 萬美元主要是售後市場的子產品，因此利潤非常豐厚，同時也限制了部分收入的增長。

Yes. Predominantly it's weighted towards aftermarket for sure. I don't know, predominantly.

是的。當然，它主要偏重於售後市場。我不知道，主要是。

Yes. What I'd say is that it's more weighted to the aftermarket than our overall mix, that's about 70-30, right? But I don't know that I'd say predominantly.

是的。我想說的是，它對售後市場的權重比我們的整體組合更大，大約是 70-30，對吧？但我不知道我會主要說。

Makes sense. Then I just wanted to follow up on some of the PFT questions. You talked about and gave some great color on the end market weakness. I was wondering with lead times coming down, how that's impacting the order rates of your customers. It sounded like you don't think there's any excess inventory out in the market so this is really what you're looking at as underlying fundamental softness in some of these markets, I mean Europe and Chemicals not particularly surprising given some of the PMI numbers out there, but this is -- you would characterize this more as end market weakening or totally as end market weakening rather than some normalization of inventory at the customer level?

說得通。然後我只是想跟進一些 PFT 問題。您談到了終端市場的疲軟，並給出了一些精彩的描述。我想知道隨著交貨時間的縮短，這對客戶的訂單率有何影響。聽起來你不認為市場上有任何多餘的庫存，所以這確實是你所看到的一些市場的潛在基本面疲軟，我的意思是考慮到一些 PMI 數據，歐洲和化學品並不特別令人驚訝在那裡，但這是 - 您是否會將其更多地描述為終端市場疲軟或完全作為終端市場疲軟，而不是客戶層面庫存的某種正常化？

Everything we continue to -- we see here feel is end market completely, no inventory correction.

我們繼續所做的一切——我們在這裡看到的感覺完全是終端市場，沒有庫存調整。

But with lean inventory in the channels, right, and in our customers that we think reduces what you often see as kind of that multiplier magnifying effect in any sort of decline and also recovery flow through much more quickly, right? No one's still is trying to clear things, right? So it's much more direct, much faster impact. But we're not seeing any of this being related to inventory right now.

但是，通過渠道中的精益庫存（對吧）以及我們的客戶，我們認為可以減少您經常看到的乘數放大效應，以更快地速度恢復流量，對嗎？還沒有人試圖澄清事情，對嗎？所以它的影響更直接、更快。但我們目前沒有看到任何與庫存有關的情況。

And you mentioned lead times, Nathan. And the lead times have been more normalized here for the entire year. It's been nowhere near what we're seeing or continue to have to battle with in A&E. That's, I would say, almost 12 months now or more of back to normalized levels. I'm not hearing any issues with lead times. So that really hasn't impacted the kind of dramatic reductions in people than canceling or seeing none of that.

你提到了交貨時間，內森。全年的交貨時間已經更加標準化。這與我們在急症室所看到的或繼續與之鬥爭的情況相去甚遠。我想說，距離恢復正常水平已經差不多 12 個月或更長時間了。我沒有聽說交貨時間有任何問題。因此，與取消或什麼都沒有相比，這實際上並沒有影響人數的急劇減少。

Okay. That's helpful. I will get back in the queue.

好的。這很有幫助。我會回到隊列中。

Our next questions come from Ron Epstein with Bank of America.

我們的下一個問題來自美國銀行的羅恩·愛潑斯坦。

This is Jordan on for Ron. Just had a quick question. For the industrial segments, if there is a downturn in the U.S. or more of a slowdown, I know you said you guys are seeing orders get delayed -- but how should we think about -- how that would impact pricing that you guys are pushing through or even for aftermarket, how resilient that would be?

這是喬丹為羅恩代言的。只是有一個簡單的問題。對於工業領域，如果美國經濟低迷或更嚴重的放緩，我知道你們說過你們會看到訂單被推遲——但我們應該如何考慮——這將如何影響你們推動的定價通過甚至對於售後市場，這會有多大的彈性？

You're speaking specifically to Process Flow Technologies?

您是專門針對過程流程技術嗎？

Yes, yes.

是的是的。

Yes. I mean I think, look, right now, our view is that we're not seeing -- our view is that we're not seeing a large impact here. This is, as Max pointed out a little bit earlier, the nature of the declines are such that we're going to continue to hold price. And you have to give a little bit in some cases, maybe. But our view is that we're going to continue the price discipline that we have been exercising for the last couple of years for sure.

是的。我的意思是，我認為，看，現在，我們的觀點是我們沒有看到——我們的觀點是我們在這裡沒有看到很大的影響。正如馬克斯早些時候指出的那樣，下跌的本質是我們將繼續維持價格不變。也許在某些情況下你必須付出一點。但我們的觀點是，我們肯定會繼續過去幾年一直實行的價格紀律。

I think price won't be because of competitive issues as I see it. It's going to be because there's real continued deflation that we're still staying ahead of and passing some on to the customer. That's something we would normally do anyway. But I don't see that as a significant challenge for us at this time.

我認為，在我看來，價格不會是因為競爭問題。這是因為通貨緊縮確實持續存在，我們仍然保持領先地位，並將一些轉嫁給客戶。無論如何，這是我們通常會做的事情。但我認為目前這對我們來說並不是一個重大挑戰。

Our next questions come from the line of Damian Karas.

我們的下一個問題來自達米安·卡拉斯（Damian Karas）。

I just have a few follow-up questions here. First, could you just clarify on the PFT guidance? Are you assuming that it's really just chemicals where you kind of take a hit as we progress through the year? Or are you kind of expecting a broader spanning impact across your short-cycle markets?

我這裡只有幾個後續問題。首先，您能否澄清一下 PFT 指南？您是否認為隨著這一年的進展，您受到打擊的只是化學品？或者您是否期望對您的短週期市場產生更廣泛的影響？

Yes. So it's chemical, it's a little bit of the industrial markets and I would rope into that also the nonres construction in particular, in the U.K. and Europe. The rest is more, yes, delayed projects and such, but those would be the categories or the areas.

是的。所以它是化學的，它是工業市場的一部分，我也會將其納入非水利建築領域，特別是在英國和歐洲。其餘的更多的是，是的，延遲的項目等等，但這些將是類別或領域。

Okay. Got it. And then you talked a little bit about the sequential improvement in A&E on the top line, but margin is sort of being negative mix. Could you remind us sort of where on average, your commercial aerospace margins are relative to the segment?

好的。知道了。然後您談到了營收方面 A&E 的連續改善，但利潤率有點呈負增長。您能否提醒我們，您的商業航空航天利潤率相對於該細分市場的平均水平如何？

You're talking about commercial versus defense. I mean on a blended basis, they're very similar. There's a different aftermarket profile on the commercial side, right? But as a result, where we have less aftermarket, our OE pricing tends to be stronger. There's not a material difference.

你說的是商業與國防。我的意思是，在混合的基礎上，它們非常相似。商業方面有不同的售後市場概況，對嗎？但結果是，在我們的售後市場較少的地方，我們的原廠定價往往會更高。沒有實質性的區別。

Okay. Okay. And then one last question for you here. So there has been some deal activity in those markets. (inaudible) got acquired, obviously, CIRCOR in the process of likely going private here. Just any thoughts on what these transactions could mean for the industry? Any potential impacts on your business? And do you think that this recent deal activity is going to have any effect impact on your ability to kind of land an attractive deal in that space, whether for better or worse?

好的。好的。然後是最後一個問題。因此，這些市場出現了一些交易活動。 （聽不清）顯然，CIRCOR 在可能私有化的過程中被收購了。您對這些交易對行業意味著什麼有什麼想法嗎？對您的業務有任何潛在影響嗎？您認為最近的交易活動是否會對您在該領域達成有吸引力的交易的能力產生任何影響，無論是好還是壞？

No, I don't see anything unusual. Nothing that we predict out of those particular deals that would impact us either negatively or positively. I think the trends are generally those in the -- those that have consolidated the space, whether it's in the Process Flow Technologies side or Aerospace & Electronics are looking at our portfolio and making strategic decisions about what's strategic and what's not. I think that's going to provide more opportunities for us, some of which were very much interested in.

不，我沒有看到任何異常。我們預計這些特定交易不會對我們產生負面或正面影響。我認為趨勢通常是那些已經鞏固了該領域的趨勢，無論是在工藝流程技術方面還是在航空航天和電子領域，都在研究我們的產品組合，並就什麼是戰略性的、什麼是非戰略性做出戰略決策。我認為這將為我們提供更多機會，其中一些機會我們非常感興趣。

We're tracking a number of them that we expect to continue to come out. I'm not going to discuss whether we participated or not. I can say that we're absolutely active in each and make conscious decisions about what we want to choose to play in and what we don't. I think we'll be very competitive for those that we do want to play in. The ones we're looking at right now are some nice bolt-ons that just would be clear fits within the business. I think the shareholders would immediately understand and appreciate the value creation that we would drive. So right down the middle of the fairway on those.

我們正在追踪其中一些我們預計會繼續出現的內容。我不會討論我們是否參加。我可以說，我們在每一個方面都絕對積極，並有意識地決定我們想選擇玩什麼、不玩什麼。我認為對於那些我們確實想參與的公司來說，我們將非常有競爭力。我們現在正在考慮的是一些很好的附加產品，它們非常適合我們的業務。我認為股東會立即理解並欣賞我們將推動的價值創造。所以就在球道中間。

But certainly, activity is high, and I think it's going to continue. I think this is a market that we'll continue to see a lots of opportunities. And I think in some cases, some of our peers for various reasons are constrained, whether it's leverage, whether it's deals that they've already done, it actually helps us. So we're properly positioned no debt, ready to move and I think that helps us. Anything else that you'd add?

但可以肯定的是，活動很活躍，而且我認為這種情況會持續下去。我認為這是一個我們將繼續看到很多機會的市場。而且我認為在某些情況下，我們的一些同行由於各種原因受到限制，無論是槓桿，無論是他們已經完成的交易，這實際上對我們有幫助。因此，我們已經做好了沒有債務的準備，準備好行動，我認為這對我們有幫助。您還有什麼要補充的嗎？

Our next questions come from the line of Matt Summerville with D.A. Davidson.

我們的下一個問題來自 Matt Summerville 和 D.A.戴維森。

Just 1 or 2 quick -- just 1 or 2 quick follow-ups. If some of these defense opportunities that Max, I think as you went through quite a few, if some of these break in your favor, ultimately, what can that 7% to 9% look like in more of a bullish scenario for A&E through the course of the remainder of the decade?

只需 1 或 2 次快速跟進——只需 1 或 2 次快速跟進。如果Max，我認為你經歷過很多這樣的防禦機會，如果其中一些對你有利，最終，在A&E的看漲情景中，7%到9%會是什麼樣子？十年剩餘時間的進程？

Well, the Heart -- to take the Heart example, I mean if you take the projections, I mean, is it going to hit, is it going to -- there's a lot of assumptions, right, Matt, but even the Heart Aerospace, which is years away, based on the projections and orders that are out there, could add 5 points of growth alone just from that opportunity on an annual basis. On the defense side, some of the others that we're looking at.

好吧，以心臟為例，我的意思是，如果你進行預測，我的意思是，它會擊中嗎？它會嗎 - 有很多假設，對吧，馬特，但即使是心臟航空航天根據現有的預測和訂單，這還需要數年時間，僅憑這一機會就可以每年增加 5 個百分點的增長。在防守方面，我們正在關注其他一些。

Yes, they're of similar size to sort of the -- the ones that were -- that we've recently won in our high-power defense business, so these are 9-figure programs over multiple years, 10 years, 15 years, some cases, 20 years. So the one that Max highlighted on the call, the Heart Aerospace, one really exciting technology and really a nice fit for us. And very successful on. That program is a development program today that finishes around 2027.

是的，它們的規模與我們最近在大功率國防業務中贏得的那些項目的規模相似，所以這些是多年、10 年、15 年的 9 位數項目，某些情況下，20年。因此，馬克斯在電話會議上強調的“Heart Aerospace”技術是一項非常令人興奮的技術，非常適合我們。並且非常成功。該計劃目前是一個開發計劃，將於 2027 年左右完成。

And so the sales that could come would be out there, would be in the 2027 time frame and starting there for about a 10- to 15-year period. Provided that they're successful, right? This is a smaller 30-seat regional aircraft, subregional aircraft. But it's very exciting.

因此，可能出現的銷售將在 2027 年的時間範圍內實現，並從那裡開始大約 10 到 15 年的時間。前提是他們成功了，對吧？這是一架較小的30座支線飛機、次支線飛機。但這非常令人興奮。

Option manned vehicle, you're probably looking at a double digit. The 7% to 9% would move to low double-digit potential. All in a lot of assumptions in that though. And it's early days.

選擇載人車輛，您可能會看到兩位數。 7% 到 9% 的潛力將轉向較低的兩位數潛力。不過，這裡面有很多假設。現在還為時尚早。

But the other key takeaway, I think, is not just that there's upside to the 7% to 9%, but that's that 7% to 9% sustainable, right? I mean when we originally put this out in May of 2021, I believe, it was for this decade, right? And some of these are extending well beyond that. And so I think that part of the takeaway is, yes, there's upside to 7% to 9%, but also that 7% to 9% is really structurally how we position the business to continue to have new wins following on some that we've already announced, right? There's a huge portfolio of the next set of wins after the ones that we've already kind of announced ramp up fully to sustain that growth rate well into the 2030s and beyond.

但我認為，另一個關鍵要點不僅僅是 7% 到 9% 的增長空間，而且 7% 到 9% 的增長是可持續的，對嗎？我的意思是，當我們最初於 2021 年 5 月發布此內容時，我相信是為了這十年，對嗎？其中一些遠遠超出了這一範圍。因此，我認為，部分要點是，是的，7% 至 9% 有上升空間，而且 7% 至 9% 實際上是我們在結構上定位業務的方式，以便在我們的一些業務之後繼續取得新的勝利。已經宣布了吧？在我們已經宣布的一系列勝利之後，還有一系列巨大的勝利組合將全面提升，以在 2030 年代及以後維持這一增長率。

Got it. That's helpful. And then I apologize if you touched on this, but just a little bit more deal color in terms of the multiples you're seeing between the 2 businesses and if you were a betting man where you see the higher probability, you closed the deal between A&E and PFT?

知道了。這很有幫助。然後，如果您談到這一點，我深表歉意，但就您在兩家企業之間看到的倍數而言，交易顏色稍微多一點，如果您是一個投注者，您看到更高的概率，那麼您就完成了交易急診室和 PFT？

Actually, I'm bullish on both spaces. And I think we're going to be competitive. The multiples are for the Flow business is probably still averaging in that 13x the -- but it depends on the business. It depends on the specifics, of course, north, south of that and the synergies that the acquirer can bring. Any deals or maybe still averaging 15 plus high teens, we'd say.

事實上，我對這兩個領域都看好。我認為我們將會具有競爭力。 Flow 業務的倍數可能仍然平均為 13 倍——但這取決於業務。當然，這取決於具體情況，以及收購方可以帶來的協同效應。我們會說，任何交易或者可能仍然平均 15 歲以上。

Which is when you think about where our multiple is today relative to where we were 12 months ago, obviously, our currency is a little bit different today as well.

當你考慮我們今天的倍數相對於 12 個月前的情況時，顯然，我們今天的貨幣也有點不同。

For sure. Totally agree.

一定。完全同意。

Thank you. Our next questions come from the line of Nathan Jones with Stifel.

謝謝。我們的下一個問題來自 Nathan Jones 和 Stifel。

Yes, a couple more follow-ups, and I'll go on the capital allocation side first. Obviously, our multiples are higher than Flow multiples at the moment and aerospace markets are pretty hot for deals. Does that -- do you think more about flexibility from that perspective, maybe it's today to be acquiring PFT? It might be better later on to acquire Aero or are there specific deals out there where you have an advantage in terms of being able to generate synergies or being able to leverage those assets. So just any more color you can give us on -- just how you're thinking about the differences in multiples and how that maybe changes your approach to allocating capital here over the short term next year to this.

是的，還有一些後續行動，我將首先討論資本配置方面。顯然，我們目前的市盈率高於 Flow 市盈率，而且航空航天市場的交易非常火爆。您是否從這個角度更多地考慮靈活性，也許今天就收購 PFT？稍後收購 Aero 可能會更好，或者是否有特定的交易讓您在能夠產生協同效應或能夠利用這些資產方面具有優勢。因此，您可以向我們提供更多信息——您如何考慮市盈率的差異，以及這可能如何改變您明年短期內在此分配資本的方法。

Yes, you bet. Thank you. It always starts with the strategic fit. The attractiveness of the space and extendability. And in some cases, there's some technology and some extensions that are just really nice fits for the portfolio. So we don't like to value and pay for any sales synergies, but there's significant synergies that we can bring through TBS and integration of some consolidation. So it all starts with attractiveness.

是的，你敢打賭。謝謝。它總是從戰略契合開始。空間的吸引力和可擴展性。在某些情況下，有些技術和一些擴展非常適合該產品組合。因此，我們不喜歡重視和支付任何銷售協同效應，但我們可以通過 TBS 和一些整合的整合帶來顯著的協同效應。所以這一切都始於吸引力。

As we think about it, there might be an ideal timing that you can wish for. But the reality is when these opportunities come up, it could be in private equity that's coming out. It could be a family run business that all of a sudden, the owner decides to make a life change decision or a large industrial decides to carve out something that's no longer strategic. You've got to be prepared to move and that opportunity is not going to come back around.

正如我們所思考的，可能會有一個您所希望的理想時機。但現實是，當這些機會出現時，私募股權可能就會出現。這可能是一家家族企業，突然之間，所有者決定做出改變生活的決定，或者一家大型工業企業決定開闢一些不再具有戰略意義的東西。你必須做好搬家的準備，而且這個機會不會再回來了。

And so we're not -- we're going to stay disciplined. We're not going to overpay, but we're going to bring the full synergies that we can bring. I think we're going to be very competitive, and I think we're going to get some things accomplished towards our accelerated growth strategy in becoming more of a serial acquirer post separation.

所以我們不會——我們將保持紀律。我們不會支付過高的費用，但我們將帶來我們可以帶來的全部協同效應。我認為我們將非常有競爭力，而且我認為我們將在加速增長戰略方面取得一些成就，在分拆後成為更多的連續收購者。

Yes. I would just add that our objective here is to grow both businesses, right, through organic and inorganic means. And with both of these businesses at $2 billion plus, as we've alluded to, that enables other optionality for us to consider. So trying to decide on multiples and pricing and does it make sense today versus tomorrow or to wait and considering everything that Max just mentioned as well, what I just said sort of plays into our calculus as well.

是的。我想補充一點，我們的目標是通過有機和無機方式發展這兩項業務，對吧。正如我們所提到的，這兩項業務的規模均超過 20 億美元，這使我們能夠考慮其他選擇。因此，嘗試決定倍數和定價，今天與明天相比是否有意義，或者等待並考慮麥克斯剛才提到的一切，我剛才所說的也對我們的演算有所影響。

And then just one on Aero with the supply chain constraints. Are there any opportunities on pricing that, that creates for you?

然後只有一個關於航空的供應鏈限制。有沒有為您創造的定價機會？

Not specifically for Aero. I mean we're always value pricing depending on the opportunity and whenever contracts up renegotiating and having those discussions standing up for our value prop. The technology that we drive, whether that's in microwave, whether that's on the defense power side. So not necessarily due to supply chain constraints. I don't see that.

不是專門針對 Aero 的。我的意思是，我們總是根據機會以及每當合同重新談判並進行這些討論來支持我們的價值支柱時進行價值定價。我們推動的技術，無論是微波領域，還是國防力量方面。所以不一定是由於供應鏈的限制。我不這麼認為。

Yes. I would agree with that. And the team is doing, I would say, a very good job with price in Aero, just like across the rest of the business. I would -- I'd offer up that -- if there's an area of potential upside in the future to our -- or to really just increase the confidence level on the high side of our 7% to 9%, it's our successes that we think we're going to continue to see in price.

是的。我同意這一點。我想說，該團隊在 Aero 領域的價格方面做得非常好，就像其他業務一樣。我會——我會提出——如果我們的未來有一個潛在的上行空間——或者真的只是提高我們7%至9%的較高的信心水平，那就是我們的成功我們認為我們將繼續看到價格。

Because of the technology, because of the technology we're driving and the differentiation and the value to the customer.

因為技術，因為我們正在推動的技術以及為客戶帶來的差異化和價值。

These additional opportunities we've been discussing on the last few questions on upside to the 7% to 9%. Would you expect those to be accretive to the margin profile or decretive to the margin profile?

我們在過去的幾個問題中一直在討論這些額外的機會，即 7% 至 9% 的上漲。您認為這些會增加保證金狀況還是會降低保證金狀況？

Yes, we would expect them to be, I would say, consistent with our margin profile, not necessarily something that's going to continue to drive them up. I mean the -- so I would say consistent, Nathan, at this point.

是的，我想說，我們希望它們與我們的利潤狀況一致，但不一定會繼續推動它們上漲。我的意思是——所以我會說一致，內森，在這一點上。

Fair enough.

很公平。

Thank you. We have reached the end of our question-and-answer session. I would now like to hand the call back over to Max Mitchell for any closing comments.

謝謝。我們的問答環節已經結束。我現在想將電話轉回給馬克斯·米切爾（Max Mitchell）以徵求結束意見。

Thank you, operator. A great first half of 2023 with excellent results and a strong outlook ahead. On the broader macroeconomic front, I have no predictions, soft landing, minor recession, no recession, inflation tamed, inflation persistent, global tensions, elections. As the late great Tina Turner, once said, reflecting on life's journey, it's not about what happens, but how you deal with it and at Crane, as always, we are ready for anything with a proven ability to execute under any set of circumstances responding by being nimble and quick to adjust while driving execution and results. That's what gives us such high confidence in our ability to create value in the years ahead.

謝謝你，接線員。 2023 年上半年成績斐然，前景樂觀。在更廣泛的宏觀經濟方面，我沒有任何預測，軟著陸，小幅衰退，沒有衰退，通貨膨脹得到抑制，通貨膨脹持續存在，全球緊張局勢，選舉。正如已故偉大的蒂娜·特納在反思人生旅程時曾經說過的那樣，重要的不是發生了什麼，而是如何處理它，在克瑞，一如既往，我們已經做好了應對任何事情的準備，並在任何情況下都有經過驗證的執行能力通過靈活、快速地調整來做出響應，同時推動執行和結果。這讓我們對未來幾年創造價值的能力充滿信心。

I look forward to speaking to you next on our Q3 call in October. Thank you all for your interest in Crane. Have a great day. Thanks, everyone.

我期待著在 10 月份的第三季度電話會議上與您交談。感謝大家對起重機的興趣。祝你有美好的一天。感謝大家。

Thank you. This does conclude today's teleconference. We appreciate your participation. You may disconnect your lines at this time. Enjoy the rest of your day.

謝謝。今天的電話會議到此結束。我們感謝您的參與。此時您可以斷開線路。享受你一天剩下的時間。