Donaldson Company Inc (DCI) 2024 Q2 法說會逐字稿

Good morning. My name is Dennis and I will be your conference operator today. At this time, I would like to welcome everyone to the Donaldson Company Second Quarter 2024 Earnings Call. (Operator Instructions)

早安.我叫丹尼斯，今天我將擔任你們的會議操作員。現在，我歡迎大家參加唐納森公司 2024 年第二季財報電話會議。 （操作員說明）

I would now like to turn the conference over to Sarika Dhadwal, Senior Director, Investor Relations and ESG. Please go ahead.

我現在將會議交給投資者關係和 ESG 高級總監 Sarika Dhadwal。請繼續。

Good morning. Thank you for joining Donaldson's Second Quarter Fiscal 2024 Earnings Conference Call. With me today are Tod Carpenter, Chairman, CEO and President; and Scott Robinson, Chief Financial Officer. This morning, Tod and Scott will provide a summary of our second quarter performance and details on our outlook for fiscal 2024. During today's call, we will discuss non-GAAP or adjusted results.

早安.感謝您參加唐納森 2024 財年第二季財報電話會議。今天與我在一起的有董事長、執行長兼總裁 Tod Carpenter；和首席財務官斯科特羅賓遜。今天早上，托德和斯科特將提供我們第二季度業績的摘要以及我們對 2024 財年前景的詳細信息。在今天的電話會議中，我們將討論非 GAAP 或調整後的業績。

In the prior year period, second quarter fiscal 2023 non-GAAP results exclude pretax restructuring and other charges of $9.3 million. A reconciliation of GAAP to non-GAAP metrics is provided within the schedules attached to this morning's press release. Additionally, please keep in mind that any forward-looking statements made during this call are subject to risks and uncertainties, which are described in our press release and SEC filings. With that, I'll now turn the call over to Tod Carpenter. Please go ahead.

去年同期，2023 財年第二季非 GAAP 業績不包括稅前重組及其他費用 930 萬美元。今天早上新聞稿所附的時間表中提供了 GAAP 與非 GAAP 指標的調整表。此外，請記住，本次電話會議期間做出的任何前瞻性陳述都受到風險和不確定性的影響，這些風險和不確定性已在我們的新聞稿和 SEC 文件中進行了描述。現在，我將把電話轉給托德·卡彭特。請繼續。

Thanks, Sarika. Good morning, everyone. I am pleased to report our strong second quarter in which all 3 operating segments contributed to our overall sales growth, demonstrating the benefits of our diversified business model. This quarter, despite ongoing macro uncertainty, we worked to deliver Donaldson's technology-led air filtration products and services to our customers. We grew on the top line and once again delivered robust gross margin and earnings. Through the hard work and dedication of the Donaldson team, we are well on our way to a record fiscal 2024.

謝謝，薩里卡。大家，早安。我很高興地報告我們強勁的第二季度，所有三個營運部門都為我們的整體銷售成長做出了貢獻，展示了我們多元化業務模式的好處。本季度，儘管宏觀不確定性持續存在，我們仍致力於向客戶提供唐納森技術主導的空氣過濾產品和服務。我們的收入實現了成長，並再次實現了強勁的毛利率和收益。透過唐納森團隊的辛勤工作和奉獻精神，我們正在穩步邁向創紀錄的 2024 財年。

In Mobile Solutions, overall volumes rebounded this quarter despite pockets of ongoing end market weakness driven by strength in our Aftermarket business, where we continue to gain share. Mobile profitability hit an all-time high, with pretax profit margin in the quarter up 18%, up 300 basis points year-over-year. Mix benefits, strategic pricing as well as freight and select material cost deflation drove the results in the quarter.

在行動解決方案方面，儘管我們的售後市場業務實力強勁，導致終端市場持續疲軟，但本季整體銷售仍出現反彈，我們在售後市場業務中的份額不斷增加。行動獲利創歷史新高，本季稅前利潤率成長 18%，較去年同期成長 300 個基點。混合效益、策略定價以及貨運和精選材料成本通貨緊縮推動了本季的業績。

Our Industrial Solutions business continues to see broad-based sales strength driven by our create, connect, replace and the service model. Solid end market conditions and our ability to gain share and win programs in key areas such as Dust Collection, Power Generation and Aerospace and Defense have enabled our success in this segment.

在我們的創造、連接、替換和服務模式的推動下，我們的工業解決方案業務繼續保持廣泛的銷售實力。穩固的終端市場條件以及我們在除塵、發電、航空航天和國防等關鍵領域獲得份額和贏得專案的能力使我們在這一領域取得了成功。

In Life Sciences, our sales growth was driven by an expected rebound in Disk Drive as market conditions have improved over prior year. We're focused on growing our legacy businesses through new program wins and market share gains. We are also maintaining our commitment to investing in our acquired businesses and have made progress on the integration and scaling of these businesses. Overall, I'm excited about our current technologies and the pipeline of highly attractive, higher-margin opportunities, and I'll provide additional details on some of these opportunities in a few minutes.

在生命科學領域，隨著市場狀況比去年有所改善，磁碟機的預期反彈推動了我們的銷售成長。我們專注於透過贏得新項目和擴大市場份額來發展我們的傳統業務。我們也繼續致力於投資收購的業務，並在這些業務的整合和規模化方面取得了進展。總的來說，我對我們目前的技術以及一系列極具吸引力、高利潤的機會感到興奮，我將在幾分鐘內提供有關其中一些機會的更多詳細資訊。

Now I will cover some consolidated highlights. Sales of $877 million were up 6% year-over-year, driven by an increase in volume and pricing. Currency was a marginal tailwind. The volume growth and market share gains in the quarter underscore the value of our customers see in Donaldson's technology, and we believe tremendous growth opportunities remain across our diversified portfolio. While price was a contributor, we are seeing more normalized pricing and expect this to continue through the balance of the year. That said, our pricing discipline remains critical as we are still experiencing pockets of inflation.

現在我將介紹一些綜合要點。在銷量和價格成長的推動下，銷售額達 8.77 億美元，年增 6%。貨幣是一個邊際順風。本季的銷售成長和市場佔有率成長凸顯了客戶對唐納森技術的價值，我們相信我們多元化的產品組合仍然存在巨大的成長機會。雖然價格是一個因素，但我們看到定價更加標準化，並預計這種情況將持續到今年剩餘時間。儘管如此，我們的定價紀律仍然至關重要，因為我們仍在經歷小範圍的通貨膨脹。

EPS in the quarter was $0.81, an 8% increase versus prior year as gross margin improvement and favorability in other income and tax were partially offset by investments in long-term growth, including in our Life Sciences business. Backlogs remain strong and give us confidence in our outlook through the balance of the year. While overall supply chain conditions have improved, we are seeing some challenging areas such as certain material shortages. That said, our customers come first, and through our global operations teams, we are continually working to improve our on-time delivery rates and work down our backlog.

本季每股收益為 0.81 美元，比去年同期增長 8%，原因是毛利率的改善以及其他收入和稅收的折扣被長期增長投資（包括生命科學業務）部分抵消。積壓訂單依然強勁，讓我們對今年剩餘時間的前景充滿信心。雖然整體供應鏈狀況有所改善，但我們看到一些具有挑戰性的領域，例如某些材料短缺。也就是說，我們的客戶至上，透過我們的全球營運團隊，我們不斷努力提高準時交貨率並減少積壓。

We are striving for optimal execution today and are also building for tomorrow through our investments in R&D and capital expenditures. As of the end of the second quarter, we remain on track to increase R&D investments by double digits this fiscal year, ensuring we remain the leader in technology-led filtration for decades to come. CapEx this quarter included investments in capacity, IT and infrastructure, as well as new products and technology, including for the support of the further commercialization of our Life Sciences acquisitions.

我們今天正在努力實現最佳執行，並透過對研發和資本支出的投資為明天而努力。截至第二季末，我們仍預計在本財年將研發投資增加兩位數，以確保我們在未來幾十年保持技術主導過濾領域的領導者地位。本季的資本支出包括對產能、IT 和基礎設施以及新產品和技術的投資，包括支持我們生命科學收購的進一步商業化。

Now I'll provide some detail on second quarter sales. Total company sales were $877 million, up 6% compared with prior year. Pricing was a benefit of approximately 2%. In Mobile Solutions, total sales were $550 million, a 5% increase versus 2023. Pricing added 3%, and volumes grew year-over-year. Within the Mobile segment, strength in Aftermarket offset declines in the first-fit businesses. Aftermarket sales of $425 million were up 11% year-over-year, driven by market share gains in both the independent and OE channels and by elevated levels of global equipment utilization.

現在我將提供有關第二季銷售的一些詳細資訊。該公司總銷售額為 8.77 億美元，比上年增長 6%。定價優勢約 2%。行動解決方案領域的總銷售額為 5.5 億美元，比 2023 年成長 5%。定價成長 3%，銷量較去年同期成長。在行動領域，售後市場的強勢抵消了首次適配業務的下滑。由於獨立通路和原廠通路的市佔率成長以及全球設備利用率的提高，售後市場銷售額達到 4.25 億美元，年增 11%。

In the independent channel, sales continue to be solid and increased high single digits. OE channel sales grew mid-teens. As we mentioned last quarter, we believe destocking is largely behind us. The destocking began in Q2 of last year, and we are now seeing a return to more normalized growth rates. Sales in On-Road of $34 million declined 3% due to lower levels of equipment production in APAC. Off-Road sales of $92 million were down 13% as weaker end market conditions, including in agricultural markets and in China, persist.

在獨立通路中，銷售額持續保持穩健並實現高個位數成長。 OE 通路銷售額成長了十幾歲。正如我們上季度提到的，我們相信去庫存基本上已經過去。去庫存化從去年第二季開始，現在我們看到成長率回歸到更正常化的水平。由於亞太地區設備生產水準較低，公路銷售額為 3,400 萬美元，下降了 3%。由於農業市場和中國等終端市場狀況持續疲軟，越野銷售額下降了 9,200 萬美元，下降了 13%。

We are generating solid overall growth and strong profitability in the Mobile Solutions segment despite softer first-fit performance and I would like to highlight a few ways in which our strategic execution is driving these results.

儘管首次適應表現較弱，但我們在行動解決方案領域實現了穩健的整體成長和強勁的獲利能力，我想強調我們的策略執行推動這些成果的幾種方式。

First on the Aftermarket side. We are developing and expanding our relationships with key customers in both channels. Our relationship with NAPA, which we announced in August of 2023, is a great example. Through this relationship, our heavy-duty air filtration products are being sold through NAPA's extensive U.S. network. As a reminder, Donaldson is focused on heavy-duty applications and are not targeting the light truck or car market. While we have not provided specifics on the financials around this partnership, this has been and will continue to be a meaningful driver of performance and market share gains.

首先是售後市場方面。我們正在發展和擴大與這兩個管道的主要客戶的關係。我們在 2023 年 8 月宣布與 NAPA 的關係就是一個很好的例子。透過這種關係，我們的重型空氣過濾產品透過 NAPA 廣泛的美國網路進行銷售。需要提醒的是，唐納森專注於重型應用，而不是針對輕型卡車或汽車市場。雖然我們沒有提供有關此合作關係的財務細節，但這已經並將繼續成為業績和市場份額成長的重要推動力。

On the OE side, while first-fit results have been impacted by weaker end market conditions, our customers value our technology and innovation. In air filtration, our PowerCore intake filters provide high-quality compact solutions in demanding commercial applications. Our ability to meet stringent customer requirements recently yielded a significant commercial win in Europe, increasing share in this important category. In China, while the broader market remains weak, we have gained traction with our PowerCore investments and are optimistic about our ability to gain share in the future.

在原始設備方面，雖然首次安裝結果受到終端市場狀況疲軟的影響，但我們的客戶重視我們的技術和創新。在空氣過濾方面，我們的 PowerCore 進氣過濾器可在要求嚴格的商業應用中提供高品質的緊湊型解決方案。我們滿足嚴格客戶要求的能力最近在歐洲取得了重大商業勝利，增加了在這一重要類別中的份額。在中國，雖然整體市場仍然疲軟，但我們的 PowerCore 投資已獲得牽引力，並對我們未來獲得市場份額的能力持樂觀態度。

In liquid, we are expanding our position with our Synteq XP advanced fuel filtration technology. This is a specific area in which we see tremendous opportunity and we are seeing growth with OEM customers, particularly in India and Japan. Across the entire Mobile business, we're focused on our profitability enablers, which remain consistent with what we outlined at Investor Day last April. These include continually optimizing our footprint while efficiently managing costs, refining our supply chain while maintaining quality for our customers, optimizing prices, in other words, consistently managing the price equation and consistently striving for operational excellence through ongoing initiatives to eliminate waste and improved performance.

在液體領域，我們正在利用 Synteq XP 先進的燃油過濾技術來擴大我們的地位。這是一個我們看到巨大機會的特定領域，我們看到 OEM 客戶的成長，特別是在印度和日本。在整個行動業務中，我們專注於我們的獲利推動因素，這與我們在去年四月投資者日上概述的內容保持一致。其中包括不斷優化我們的足跡，同時有效地管理成本，完善我們的供應鏈，同時保持客戶的質量，優化價格，換句話說，持續管理價格方程式，並通過持續採取措施消除浪費和提高績效，不斷追求卓越營運。

Now before moving to the Industrial segment, I'll take this opportunity to make a few comments about performance in China. The market continues to be very challenging. Sales were approximately flat versus 2023 and increased 3% in constant currency. Aftermarket showed particular strength in the quarter, offsetting significant declines in first-fit. It is important to note that while year-over-year performance improved this quarter, prior year's results were negatively impacted by COVID lockdowns and the inclusion of Chinese New Year a year ago. This resulted in fewer shipping days in the prior year period.

現在，在轉向工業領域之前，我將藉此機會對中國的業績發表一些評論。市場仍然充滿挑戰。銷售額與 2023 年基本持平，以固定匯率計算成長 3%。本季售後市場表現出特別強勁的勢頭，抵消了首次安裝的大幅下降。值得注意的是，雖然本季業績年增有所改善，但去年的業績受到新冠疫情封鎖和一年前農曆新年的負面影響。這導致去年同期的運輸天數減少。

Turning to the Industrial Solutions segment. Industrial segment sales increased 7% to $263 million, with our project-based products driving much of the growth. Industrial Filtration Solutions, or IFS, sales grew 6% to $225 million. Market share gains and supportive end market conditions continue to drive IFS sales strength. Aerospace and Defense sales rose 12% to $39 million from program wins in Defense.

轉向工業解決方案部分。工業部門銷售額成長 7%，達到 2.63 億美元，其中我們基於專案的產品推動了這一成長。工業過濾解決方案 (IFS) 銷售額成長 6%，達到 2.25 億美元。市場佔有率的成長和終端市場的有利條件繼續推動 IFS 的銷售實力。由於國防專案的成功，航空航太和國防銷售額成長了 12%，達到 3,900 萬美元。

On the Life Sciences segment. Life Sciences sales were $63 million, a 6% year-over-year increase driven by a rebound in Disk Drive performance. As expected, sales are slowly recovering, supported by stronger data center and cloud computing demand. With the first half of fiscal 2024 behind us, I'm pleased with our performance, which reflects ongoing efforts and progress on delivering on our commitments to all of our stakeholders including our global customers and shareholders.

關於生命科學部分。生命科學銷售額為 6,300 萬美元，在磁碟機效能反彈的推動下年增 6%。正如預期的那樣，在資料中心和雲端運算需求強勁的支撐下，銷售正在緩慢復甦。 2024 財年上半年已經過去，我對我們的業績感到滿意，這反映了我們在履行對所有利害關係人（包括全球客戶和股東）的承諾方面的持續努力和進展。

Given our strong year-to-date performance and our expectations for the balance of the year, we remain on track to deliver record sales, record operating margin and record earnings in fiscal 2024. Now I will turn it over to Scott, who will provide more details on the financials and our outlook for fiscal '24. Scott?

鑑於我們年初至今的強勁業績以及對今年剩餘時間的預期，我們仍有望在2024 財年實現創紀錄的銷售額、創紀錄的營業利潤率和創紀錄的收益。現在我將把它交給斯科特，他將提供有關財務狀況和我們對 24 財年展望的更多詳細資訊。史考特？

Thanks, Tod. Good morning, everyone. I would like to start by expressing my gratitude to our employees around the globe who once again came together and helped Donaldson deliver a strong quarter. I am continually impressed by their ongoing efforts, which are driving the company forward. I will provide color on our outlook for fiscal 2024 in a few minutes, but first, we'll give additional details on the results for the second quarter.

謝謝，托德。大家，早安。首先，我要向全球各地的員工表示感謝，他們再次齊心協力，幫助唐納森實現了強勁的季度業績。他們不斷努力推動公司前進，給我留下了深刻的印象。我將在幾分鐘內提供我們對 2024 財年的展望，但首先，我們將提供有關第二季度業績的更多詳細資訊。

In summary, sales increased 6% versus 2023, operating income increased 3% and EPS of $0.81 was up 8% year-over-year. Gross margin was 35.2%, a 70 basis point improvement versus prior year. Benefits from pricing combined with deflation of freight and select material costs were the largest drivers of the year-over-year increase. Operating expenses as a percent of sales were 20.4% compared with 19.3% a year ago. Expense deleveraging in the quarter was driven by increased people-related expenses, due in part to higher headcount, and approximately half of the year-over-year increase in operating expense dollars was related to scaling of our Life Sciences acquisitions.

總之，銷售額較 2023 年成長 6%，營業收入成長 3%，每股收益 0.81 美元，較去年同期成長 8%。毛利率為 35.2%，較上年提高 70 個基點。定價帶來的好處以及運費和精選材料成本的緊縮是年成長的最大推動力。營運費用佔銷售額的百分比為 20.4%，去年同期為 19.3%。本季費用去槓桿化是由人員相關費用增加所推動的，部分原因是員工人數增加，營運費用年增的約一半與生命科學收購規模的擴大有關。

Operating margin was 14.8%, 40 basis points below 2023, as the operating expense deleveraging more than offset the gross margin increase. Now I'll discuss segment profitability. Mobile Solutions pretax profit margin was 18.0%, up 300 basis points from prior year, as the segment benefited from mix, pricing and deflation of freight and select material costs.

營業利益率為 14.8%，比 2023 年低 40 個基點，因為去槓桿化的營業費用遠遠抵銷了毛利率的成長。現在我將討論細分市場的獲利能力。行動解決方案的稅前利潤率為 18.0%，比上年增長 300 個基點，因為該部門受益於貨運和精選材料成本的組合、定價和通貨緊縮。

Industrial Solutions pretax profit margin was 18.0%, down 80 basis points year-over-year. We are pleased with the ongoing strength of the Industrial segment, and while margins declined versus 2023 due to a sales mix shift towards lower-margin products, they remain at a high level.

工業解決方案稅前利潤率為 18.0%，年減 80 個基點。我們對工業領域的持續強勢感到滿意，儘管由於銷售組合轉向利潤率較低的產品，利潤率較 2023 年有所下降，但仍保持在較高水平。

Life Sciences pretax loss was roughly $6 million, including a headwind from acquisitions of approximately $15 million. Our Life Sciences profitability targets have not materially changed, and we are confident in the profitable growth potential of our acquired businesses.

生命科學稅前虧損約 600 萬美元，其中包括約 1,500 萬美元的收購逆風。我們的生命科學獲利目標沒有發生重大變化，我們對收購業務的獲利成長潛力充滿信心。

Turning to a few balance sheet and cash flow statement highlights. Second quarter capital expenditures were approximately $22 million. Cash conversion in the quarter was 67% versus 78% in 2023. Conversion was lower year-over-year due to an increase in working capital, including higher receivables as a result of January sales strength. In terms of other capital deployment, we returned approximately $63 million to shareholders, inclusive of $30 million in the form of dividends and $33 million in share repurchases. We ended the quarter with a net debt-to-EBITDA ratio of 0.7x.

轉向一些資產負債表和現金流量表的亮點。第二季資本支出約 2,200 萬美元。本季現金轉換率為 67%，而 2023 年為 78%。由於營運資本增加，包括 1 月份銷售強勁導致應收帳款增加，現金轉換率較去年同期下降。在其他資本配置方面，我們向股東返還了約 6,300 萬美元，其中包括 3,000 萬美元的股息和 3,300 萬美元的股票回購。本季結束時，我們的淨負債與 EBITDA 比率為 0.7 倍。

Now moving to our fiscal '24 outlook. First, on sales. We are reiterating our full year sales guidance of an increase between 3% and 7%, which includes pricing of approximately 2% and a currency translation benefit of about 1%. For Mobile Solutions, we are forecasting a sales increase of between 1% and 5%, consistent with our previous expectations. Within Mobile, we are now expecting operative sales to be down low double digits versus our previous guidance of down mid-single digits as end market conditions in agriculture markets and in China continue to soften.

現在轉向我們的 24 財年展望。首先，關於銷售。我們重申全年銷售預期成長 3% 至 7%，其中包括約 2% 的定價和約 1% 的貨幣換算收益。對於行動解決方案，我們預期銷售額將成長 1% 至 5%，與我們先前的預期一致。在行動領域，隨著農業市場和中國的終端市場狀況繼續疲軟，我們目前預計營運銷售額將下降兩位數，而我們先前的指導為中個位數下降。

Ongoing sales are forecast to be flat, in line with previous expectations. Our outlook for Aftermarket is unchanged at mid-single-digit growth as market share gains and elevated levels of equipment utilization continue to benefit results.

預計持續銷售將持平，與先前的預期一致。我們對售後市場的前景保持在中個位數成長不變，因為市場佔有率的成長和設備利用率的提高繼續有利於業績。

In Industrial Solutions, sales are expected to increase between 3% and 7%, with IFS sales and Aerospace and Defense sales forecast to grow mid-single digits, consistent with our previous guidance. Within IFS, demand strength and market share gains in Dust Collection and Power Generation are expected to continue. Within Aerospace and Defense, Defense sales strength and support of overall end market conditions are forecast to drive results.

在工業解決方案領域，銷售額預計將成長 3% 至 7%，其中 IFS 銷售額以及航空航太和國防銷售額預計將成長中個位數，這與我們先前的指導一致。在 IFS 內部，除塵和發電領域的需求強勁和市場份額預計將持續成長。在航空航太和國防領域，預計國防銷售實力和對整體終端市場狀況的支持將推動業績成長。

In Life Sciences, we continue to expect sales to increase approximately 20%, with a notable step-up in sales in the second half of the year. We have started to see a return to growth in our Disk Drive business and anticipate continued improvement. We are also anticipating sales momentum through the balance of the year in Food and Beverage as we expand geographically and in Bioprocessing Equipment and Consumables with the scaling of those businesses. With respect to profitability in the segment, we expect to be approximately breakeven.

在生命科學領域，我們繼續預期銷售額將成長約 20%，下半年銷售額將顯著增加。我們已經開始看到磁碟機業務恢復成長，並預計將持續改善。我們也預計，隨著我們在地理上的擴張，食品和飲料領域以及生物加工設備和消耗品領域的銷售勢頭將隨著這些業務的規模擴大而在今年剩餘時間內出現。就該領域的獲利能力而言，我們預計將大致實現損益平衡。

On a consolidated basis, with the benefit of our first half operating performance, we are increasing total company operating margin guidance to a record level of between 15.0% and 15.4% from the previous range of between 14.7% and 15.3%. The midpoint of our guidance range represents a 60 basis point year-over-year improvement from adjusted operating margin of 14.6% in fiscal 2023. Gross margin expansion is expected to be the driver of the improvement.

綜合來看，由於上半年的經營業績，我們將公司總營業利潤率指引從先前的 14.7% 至 15.3% 提高至 15.0% 至 15.4% 的創紀錄水準。我們指導範圍的中點代表 2023 財年調整後營業利潤率 14.6% 年比提高 60 個基點。毛利率擴張預計將成為這項改善的推動力。

With respect to gross margin, we are pleased with our performance through the first half of the year and expect our second half gross margin rate to approximate that of the first half. For the full year, higher operating expenses as a rate of sales should partially offset the gross margin increase as we continue investing for future profitable growth. We are expecting additional benefits for the full year from nonoperating items, including higher other income and a tax rate at the lower end of our previously guided range.

毛利率方面，我們對上半年的表現感到滿意，預計下半年的毛利率將接近上半年。就全年而言，隨著我們繼續投資於未來的獲利成長，營業費用佔銷售額的上升應部分抵消毛利率的成長。我們預計全年非經營項目將帶來更多好處，包括更高的其他收入和稅率處於我們先前指導範圍的下限。

Overall, we are increasing our EPS guidance range to between $3.24 and $3.32, a $0.24 or 8% increase at the midpoint from adjusted EPS of $3.04 in fiscal 2023. In summary, we are on track to deliver higher levels of profitability on higher levels of sales to our shareholders in fiscal 2024.

總體而言，我們將每股收益指引範圍提高到3.24 美元至3.32 美元之間，比2023 財年調整後每股收益3.04 美元增加了0.24 美元，即8%。總而言之，我們預計在更高水準的在獲利能力上達到更高水準的獲利能力。2024 財年向股東出售產品。

Now on to our balance sheet and cash flow outlook. Consistent with previous expectations, we plan to deliver cash conversion above historical averages fiscal year and with a range of between 95% and 105%. We are tightening our capital expenditure forecast to between $95 million to $110 million from a range of $95 million to $115 million previously. Capital expenditures are weighted towards growth investments, including capacity and new products and technologies across all 3 segments.

現在談談我們的資產負債表和現金流前景。與先前的預期一致，我們計劃在本財年實現高於歷史平均的現金轉換率，範圍在 95% 至 105% 之間。我們將資本支出預測從先前的 9,500 萬美元至 1.15 億美元收緊至 9,500 萬美元至 1.1 億美元。資本支出著重於成長投資，包括所有三個細分市場的產能以及新產品和技術。

In terms of strategic capital deployment, our strategy has not changed. Our first priority is to reinvest back into Donaldson either organically, as I just outlined, or inorganically through M&A, primarily in Life Sciences or industrial services, both areas in which our pipeline remains strong. We are also steadfast in our commitment to returning value to our shareholders through our dividends, which we have been increasing for 28 consecutive years and paying for 68 years, and also through our share repurchases. Now I'll turn the call back to Tod.

在策略資本配置方面，我們的策略並沒有改變。我們的首要任務是對唐納森進行再投資，要么是有機地（正如我剛才所概述的），要么是通過併購進行無機地，主要是在生命科學或工業服務領域，這兩個領域我們的產品線仍然很強大。我們也堅定地致力於透過股利以及股票回購為股東回報價值，我們已連續 28 年增加股利並支付了 68 年。現在我將把電話轉回托德。

Thanks, Scott. Donaldson Company is in as strong a position as ever to remain the leader in technology-led filtration while fulfilling our purpose of Advancing Filtration for a Cleaner World. I am confident in our ability to achieve our Investor Day targets. We are committed to our fiscal 2026 financial and strategic goals including in Life Sciences, and our 2030 ESG ambitions, and I'd like to close with some progress we've made on both fronts.

謝謝，斯科特。唐納森公司一如既往地保持著技術主導過濾領域的領先地位，同時實現我們「推進過濾，創造更清潔世界」的目標。我對我們實現投資者日目標的能力充滿信心。我們致力於實現包括生命科學在內的 2026 財年財務和戰略目標，以及 2030 年 ESG 雄心，我想以我們在這兩方面取得的一些進展作為結束語。

First, on Life Sciences and in particular, our opportunity pipeline for advanced therapies. We are presently supporting the development of over 100 therapies across the cell and gene therapy, mRNA vaccine and traditional vaccine modalities. Most therapies are in the preclinical stage. However, we do have some that are in clinical trials and a few that will likely be entering commercial production this calendar year. Importantly, these include projects originated organically and from our Univercells, Purilogics and Isolere Bio acquisitions.

首先，關於生命科學，特別是我們先進療法的機會管道。目前，我們正在支持細胞和基因療法、mRNA 疫苗和傳統疫苗方式等 100 多種療法的開發。大多數療法處於臨床前階段。然而，我們確實有一些正在進行臨床試驗，還有一些可能會在今年進入商業生產。重要的是，這些項目包括有機起源的項目以及我們收購的 Univercells、Purilogics 和 Isolere Bio 的項目。

While the therapy development process can take over a decade, we are extremely happy with the pace at which we are building and executing our pipeline. Our technology significantly increases bioprocessing productivity and purity and is helping bring more affordable life-changing therapies to those in need.

雖然治療開發過程可能需要十多年，但我們對建造和執行管道的速度非常滿意。我們的技術顯著提高了生物加工的生產力和純度，並幫助為有需要的人提供更實惠的改變生活的療法。

Donaldson is creating long-term value for our stakeholders through our products and also our practices. Through our ESG strategy, we aim to have a positive impact today and create a thriving future for people in the planet. To that end, as of the end of fiscal 2023, we reduced our Scope 1 and Scope 2 greenhouse gas emissions by 25% from our fiscal 2021 baseline, grew our renewable energy usage by approximately 20% over the same period.

唐納森透過我們的產品和實踐為我們的利害關係人創造長期價值。透過我們的 ESG 策略，我們的目標是在今天產生積極的影響，並為地球上的人們創造一個繁榮的未來。為此，截至 2023 財年末，我們將範圍 1 和範圍 2 溫室氣體排放量較 2021 財年基準減少了 25%，同期再生能源使用量增加了約 20%。

And in fiscal 2023, we donated $1.2 million through the Donaldson Foundation to benefit communities with a focus on educational initiatives. We look forward to publishing our full fiscal 2023 Sustainability Report in the spring, which will provide additional details on our accomplishments.

在 2023 財年，我們透過唐納森基金會捐贈了 120 萬美元，以教育計畫為重點造福社區。我們期待在春季發布完整的 2023 財年永續發展報告，其中將提供有關我們成就的更多詳細資訊。

To close, I would like to thank all of the Donaldson employees who are critical every day in our customer success and in building Donaldson's future. With that, I will now turn the call back to the operator to open the line for questions.

最後，我要感謝所有唐納森員工，他們每天對我們的客戶成功和建立唐納森的未來至關重要。這樣，我現在將把電話轉回接線員以打開提問線路。

(Operator Instructions) Your first question is from the line of Nathan Jones with Stifel.

（操作員說明）您的第一個問題來自 Nathan Jones 和 Stifel 的線路。

I'll start off on Life Sciences. Obviously, there's quite a big ramp in the back half of fiscal '24. We've been expecting that for a few quarters based on the guidance and based on the ramping up of some of these acquisitions. So I'm just initially hoping to get some color on how that ramps up in the back of the year. Is it kind of a linear ramp up as we go into the back half? Or there's some step-up in 3Q and flats out in 4Q? And then just the contribution of the acquisitions ramping up, this is rebounding the Disk Drive business versus expansion of the Food and Beverage business, just any additional color you can give us on how you see the back half playing out?

我將從生命科學開始。顯然，24 財年後半段的成長幅度相當大。根據指引和其中一些收購的增加，我們在幾個季度中一直預計會出現這種情況。所以我最初只是希望能夠了解今年下半年的成長情況。當我們進入後半部分時，這是一種線性上升嗎？或第三季有上升，第四季則持平？然後，收購的貢獻不斷增加，磁碟機業務的反彈與食品和飲料業務的擴張相比，您能給我們任何額外的資訊來說明您對後半部分的看法嗎？

Yes, sure. So this is Tod. So when you really look across the whole portfolio in Life Sciences, everything is contributing. They're contributing as expected, as we have really planned out the full year. And that's the contribution of the acquisitions to the extent that we plan them to with a mix as well as our overall traditional base businesses.

是的，當然。這就是托德。因此，當你真正審視生命科學領域的整​​個產品組合時，你會發現一切都在做出貢獻。他們的貢獻符合預期，因為我們確實計劃了全年。這就是我們計劃進行的收購以及我們整體傳統基礎業務的收購的貢獻。

I would tell you that to support the second half ramp-up that it is important that we are ramping up those businesses, and they'll contribute in the second half, that our backlogs do support the second half projections and the math that you properly call out. And additionally, the way to look at that is we have some very large projects, bio reactivities projects out of our Solaris acquisition that go in the second half. And then it's really a myriad of different technologies that will really combine to deliver the outlook.

我想告訴你，為了支持下半年的成長，重要的是我們要擴大這些業務，它們將在下半年做出貢獻，我們的積壓工作確實支持下半年的預測和你正確的數學大喊。此外，我們還有一些非常大的項目，就是我們下半年收購的 Solaris 中的生物反應項目。然後，實際上是無數不同的技術真正結合才能實現這一前景。

Okay. Then I guess my follow-up is around the investments that you've made, I guess primarily in Life Sciences. We're seeing some increase in SG&A as a percentage of sales. I'm just wondering about the -- how that plays out going forward? Like are you continuing to make investments in 2025? Will they kind of be ramping up at the same pace as 2024? Should we start to see a time where we start to see some leverage on the SG&A line rather than building expenses to support this growth? But just how you see that playing out, I guess, maybe '25 and beyond?

好的。然後我想我的後續行動是圍繞著您所做的投資，我想主要是在生命科學領域。我們發現 SG&A 佔銷售額的百分比有所增加。我只是想知道──未來會如何發展？ 2025 年您還會繼續投資嗎？它們會以與 2024 年相同的速度成長嗎？我們是否應該開始看到一個時候，我們開始看到SG＆A線的一些槓桿作用，而不是增加支出來支持這種增長？但你如何看待這種情況的發生，我猜，也許是 25 年及以後？

Yes. Nathan, this is Scott. Certainly, we're seeing an increase in the OpEx associated with the acquisitions this year as we lap the initial completion of the acquisitions. We want to continue to deploy capital into the Life Sciences business. And as you know, we bought some pre-revenue companies that are beginning to scale. So I mean, I think the trends will become less stark in the future as the business scales. We certainly are going to continue to invest in Life Sciences, but we reiterated our Investor Day targets for operating margin today.

是的。內森，這是史考特。當然，隨著收購的初步完成，我們今年看到與收購相關的營運支出增加。我們希望繼續將資金投入生命科學業務。如您所知，我們收購了一些開始擴大規模的未獲利公司。所以我的意思是，我認為隨著業務規模的擴大，未來趨勢將變得不那麼明顯。我們當然會繼續投資生命科學，但今天我們重申了投資者日的營業利潤率目標。

So we still see higher levels of profitability on higher sales. So I think we're going to continue to invest. But I think over time, as the revenues start to come at a good rate, the rate of the increases will slow and our margins will mix up, and so we'll be able to deliver higher levels of profitability on higher sales.

因此，我們仍然看到更高的銷售額帶來更高的獲利水準。所以我認為我們將繼續投資。但我認為，隨著時間的推移，隨著收入開始以良好的速度增長，增長速度將會放緩，我們的利潤率將會混合，因此我們將能夠在更高的銷售額上提供更高水平的盈利能力。

Yes. And I think, Nathan, just kind of building on that, I would suggest to you that the plateau of those investments is ahead of us.

是的。我認為，內森，在此基礎上，我建議您，這些投資的平穩期就在我們前面。

Your next question from the line of Angel Castillo with Morgan Stanley.

你的下一個問題來自摩根士丹利的安吉爾·卡斯蒂略。

This is Grace on for Angel. So you lowered the offer equipment outlook from single digit to low double digits. So can you help us unpack that a bit more and talk about what you're seeing in the various operative markets you serve?

這是《天使》中的格蕾絲。因此，您將報價設備前景從個位數下調至低兩位數。那麼，您能否幫助我們進一步了解這一點，並談談您在所服務的各個營運市場中看到的情況？

Sure. And across that end market, as a reminder, we consider Off-Road to comprise construction, agriculture and mining. Construction and mining had no change within the quarter. This is an agricultural story. And it's a broad-based story globally and that's really why we have reduced the outlook within that category. It's well publicized across our customer base in ag if you just continue to follow the stories that they're telling, we have done everything to bake what we know into this particular guide.

當然。提醒一下，在這個終端市場中，我們認為越野包括建築、農業和採礦業。本季建築業和採礦業沒有變化。這是一個農業故事。這是一個在全球範圍內都有廣泛基礎的故事，這就是我們降低該類別前景的真正原因。如果您繼續關注他們講述的故事，這在我們的農業客戶群中廣為人知，我們已盡一切努力將我們所知道的內容融入到這本特定的指南中。

Got it. Got it. And can you also talk about your M&A pipeline, whether we should view any incremental opportunities as more imminent?

知道了。知道了。您能否也談談您的併購管道，我們是否應該將任何增量機會視為迫在眉睫？

We continue to work the M&A portion, the integrating portion of our strategy really quite well. We suggest to you that our pipeline remains strategic, robust, and we'll continue to work on it, directly aligned with our strategies. And as Scott properly called out in the script, we primarily lean toward Life Sciences and industrial-based service acquisitions at this point.

我們繼續很好地開展併購部分，即我們策略的整合部分。我們建議您，我們的管道仍然具有策略性、穩健性，我們將繼續努力，與我們的策略直接保持一致。正如斯科特在劇本中正確指出的那樣，我們目前主要傾向於生命科學和基於工業的服務收購。

Your next question comes from the line of Bryan Blair with Oppenheimer.

你的下一個問題來自布萊恩布萊爾和奧本海默的對話。

Tod, you offered quite a bit with regard to the Bioprocessing pipeline and the exciting opportunities ahead. And I'm sorry if I missed this within the detail provided, but is there any way to quantify the continued ramp in the opportunity set if we look forward, however many years is appropriate to factor in?

Tod，您提供了許多有關生物加工管道和未來令人興奮的機會的資訊。如果我在所提供的細節中錯過了這一點，我很抱歉，但是如果我們展望未來，有沒有辦法量化機會集的持續增長，無論多少年都適合考慮在內？

Bryan, as you know, we follow them directly where they're at, preclinical, Phase I, Phase II, Phase III. We aren't publicizing where they are, frankly, out of contractual obligation not to do so. That's -- that portion of what we're supporting is really not our story to tell at this point. It's usually our customer base story. We'll do everything in our power to help you understand where we are as far as quantity as we ramp our opportunity backlogs, and that, we feel is the best we approach this.

布萊恩，如你所知，我們直接追蹤他們的臨床前、第一階段、第二階段、第三階段。坦白說，我們不會公開他們的位置，因為合約義務不這樣做。那就是——我們所支持的部分其實並不是我們目前要講述的故事。這通常是我們的客戶群故事。當我們增加機會積壓時，我們將盡一切努力幫助您了解我們在數量方面的進展，我們認為這是我們解決此問題的最佳方法。

Okay. Understood. That's fair. And your fiscal 2Q beat and the guidance raise were based on margin strength. So solid execution from your team overall. I believe it was noted -- plus correct me if I'm wrong, that Life Sciences should be about breakeven for the year. To level set on your margin outlook, how should we think about the level of margin in Mobile and Industrial in the back half? And then circling back to Life Sciences, what's a reasonable exit rate to assume or jumping off point going into fiscal '25?

好的。明白了。這還算公平。你們的第二季財報和指導上調都是基於利潤率實力。您的團隊整體執行力非常出色。我相信有人指出──如果我錯了，請糾正我，生命科學今年應該達到收支平衡。為了確定您的利潤前景，我們應該如何考慮下半年移動和工業的利潤水準？然後回到生命科學，進入 25 財年的合理退出率或起點是多少？

Yes. So there's quite a bit there in the suit, Bryan. But we -- I said in the script that we expect our gross margins in the back half to be relatively flat as compared to the first half. If you think about our operating margin guidance for the year at the midpoint of 15.2%, you'll see there's a bit of a ramp-up in terms of operating margin in Q3 and Q4. In terms of our revenues, I would say we've kind of returned to normal seasonality in kind of the 48%, 52% range. If you look at the first half and then the total guidance, we mentioned that we expected Life Sciences to be about breakeven. But clearly, as we ramp there, the profitability will improve.

是的。所以，布萊恩，這套衣服有很多東西。但我在劇本中說過，我們預計下半年的毛利率與上半年相比將相對持平。如果您考慮我們今年營業利潤率指引的中間值 15.2%，您會發現第三季和第四季的營業利潤率略有上升。就我們的收入而言，我想說我們已經恢復到正常的季節性，大約在 48%、52% 的範圍內。如果你看看上半年和整體指導，我們提到我們預期生命科學將達到損益兩平。但顯然，隨著我們在那裡擴張，獲利能力將會提高。

And then kind of for the future, I would kind of direct you back to the Investor Day targets for operating margin. I mean, we're still committed to achieving 16% at the midpoint from our current guidance of 15.2%. So we're on a 3-year journey to deliver higher levels of profitability on higher sales and going from 14.6% to 15.2% this year, with the goal of 16% after the next 2 years, I think, is -- would be a good achievement for the company. It's something that we're definitely focused on.

然後，對於未來，我將引導您回到投資者日的營業利潤率目標。我的意思是，我們仍然致力於在目前 15.2% 的指導值的基礎上實現 16% 的目標。因此，我們將在三年內透過更高的銷售額實現更高水準的獲利能力，並將今年從 14.6% 提高到 15.2%，我認為未來 2 年後目標是 16%為公司取得了良好的成績。這是我們絕對關注的事情。

Your next question is from the line of Brian Drab with William Blair.

你的下一個問題來自布萊恩·德拉布（Brian Drab）和威廉·布萊爾（William Blair）的對話。

This is Tyler Hutton on for Brian. Just really quick. You mentioned a discussion with larger customers about pricing before. How have those discussions gone since you're still seeing some material inflation in -- are those same discussions still going on with some of your new China and India customers?

我是泰勒赫頓 (Tyler Hutton) 替補布萊恩 (Brian) 發言。真的很快。您之前提到與大客戶討論定價問題。由於您仍然看到一些實質的通膨，這些討論進行得怎麼樣——您的一些新的中國和印度客戶是否仍在進行同樣的討論？

Yes. So when you look -- you're right, when you look across the macro situation that we have across our raw materials and such, it's really quite mixed. We certainly have not seen that abating significantly to the point of where pricing discussions are changing. We are -- we've returned back to a more normal pricing cadence, whereby we still have the need to increase pricing. This year, we have said that pricing will be an add of about 2% across the corporation. We did take pricing actions in January. Again, we're back to a more normal cadence. And the conversations really have not turned at all from just trying to deal with what's out there in the world.

是的。因此，當你觀察我們的原料等宏觀情況時，你是對的，你會發現情況確實很複雜。我們當然還沒有看到這種情況顯著減弱到定價討論發生變化的程度。我們已經回到了更正常的定價節奏，但我們仍然需要提高定價。今年，我們說過整個公司的定價將增加約 2%。我們在一月確實採取了定價行動。我們再次回到了更正常的節奏。而且談話實際上並沒有完全從試圖處理世界上發生的事情轉向。

Right, I appreciate the color. And then my final question is just a little more broad. Obviously, artificial intelligence has been a big focus for several industries. How could applications within Donaldson's portfolio benefit from AI? And have you guys been having those discussions? And then kind of along with that, can you just kind of describe your opportunity with data center solutions?

好吧，我很欣賞這個顏色。我的最後一個問題有點廣泛。顯然，人工智慧已成為多個行業的焦點。唐納森產品組合中的應用程式如何從人工智慧中受益？你們進行過這些討論嗎？除此之外，您能描述一下您在資料中心解決方案方面的機會嗎？

Sure. So we continue to obviously talk about AI within the company. There are 2 approaches to that. One is, as you alluded to, what would we be able to put inside our product families. And then the other one is, is there operations or process efficiencies that can we gain by using AI inside the corporation. I would say our focus is more on the internal looking one, relative to the process improvement inside the company using AI rather than on the product-based activities.

當然。因此，我們顯然會繼續在公司內部討論人工智慧。有兩種方法。一是，正如您所提到的，我們能夠將什麼放入我們的產品系列中。另一個問題是，我們是否可以透過在公司內部使用人工智慧來提高營運或流程效率。我想說，我們的重點更放在內部，相對於公司內部使用人工智慧的流程改進，而不是基於產品的活動。

The product-based activities will likely be more in the sense of supporting our connected-based products for quicker analysis in our Industrial base segment for performance of -- and outcomes of those Industrial-based systems that we've put out in the world.

基於產品的活動可能更多是為了支持我們的基於互聯的產品，以便在我們的工業基礎領域更快地分析我們在世界上推出的那些基於工業的系統的性能和結果。

That's the way we look at it. Overall, AI is likely still early innings for us, much like so many other corporations in the industrial space. We'll continue to invest and learn about it.

我們就是這樣看的。總體而言，人工智慧對我們來說可能仍處於早期階段，就像工業領域的許多其他公司一樣。我們將繼續投資並了解它。

(Operator Instructions) Our next question is from the line of Laurence Alexander with Jefferies.

（操作員說明）我們的下一個問題來自 Laurence Alexander 和 Jefferies。

Two quick ones. Could you tease out a little bit how you're thinking about sequentially, the development of the On-Road market? And secondly, given how the Life Sciences business is evolving, how has your thinking changed, if at all, around the opportunity set for acquisition targets?

兩個快的。您能否整理一下您是如何依序考慮公路市場的發展的？其次，考慮到生命科學業務的發展，您的想法圍繞著收購目標的機會發生了怎樣的變化（如果有的話）？

Sure. So I'll take On-Road first. I would tell you On-Road for us, as you kind of move around the world, U.S. remains as we would have expected it year-over-year. It's comfortable in higher rates. We expect it to bounce along where it is. In Europe, we have expected On-Road to be, say, a bit more guarded than the United States, probably more of a bit more of a negative outlook, but not dramatically so.

當然。所以我會先選擇On-Road。我會告訴你，當你在世界各地移動時，美國仍然像我們預期的那樣年復一年。利率較高時很舒服。我們預計它會沿著目前的位置反彈。在歐洲，我們預計 On-Road 會比美國更加謹慎，可能會更加消極，但情況不會太嚴重。

And then over in Asia, obviously, we still have a lot of headwinds in China, as everyone does. And then Japan is also a bit more of a down market in the On-Road sector. And so we've combined that geographical look and bake that within the guide, and that's how we see it planning going forward.

然後在亞洲，顯然，我們在中國仍然面臨許多阻力，就像每個人一樣。日本的公路車市場也比較低迷。因此，我們將地理外觀結合起來，並將其烘焙到指南中，這就是我們對未來規劃的看法。

As far as the Life Sciences acquisition piece. So we have a pretty complicated puzzle. I think we showed many pieces of that to you in the Investor Day deck. If you follow along in the Investor Day deck and kind of look where we've added technology or process-type of improvements, you'll be able to see where we believe we still have gaps. We are focused on filling out that puzzle either organically or inorganically. We do not believe we have changed at anything material in approach to what we still have it to buy. And we will remain active to fill out that puzzle either organically or inorganically and build on our Life Sciences segment.

至於生命科學收購部分。所以我們有一個非常複雜的難題。我想我們在投資者日套牌中向您展示了其中的許多內容。如果您按照投資者日平台進行操作並查看我們在哪些方面添加了技術或流程類型的改進，您將能夠看到我們認為仍然存在差距的地方。我們專注於有機或無機地填補這個難題。我們不認為我們對我們仍然需要購買的東西的態度發生了任何實質性的改變。我們將繼續積極地以有機或無機的方式填補這個難題，並以我們的生命科學部門為基礎。

Next question is a follow-up from the line of Nathan Jones with Stifel.

下一個問題是 Nathan Jones 和 Stifel 的後續問題。

A couple of follow-ups on the Mobile segment, specifically on the margins, obviously, quarterly records, very well done there. I just -- you called out price, lower freight and mix. It doesn't seem like any of those should change in the short term. So is there any reason why the margins at that kind of level are not sustainable in the short term? And then as a follow-up to that, the pricing gains that you've made in Mobile Solutions were very hard for -- during COVID and during the inflationary period. Is there a threat to the pricing on that as your OEM customers are starting to see volume declines, particularly in places like ag? And how you go about defending those price gains? And I'll leave it there.

移動領域的一些後續行動，特別是在邊緣，顯然，季度記錄，做得非常好。我只是——你喊出了價格、更低的運費和組合。短期內這些似乎都不該改變。那麼，這種水準的利潤率在短期內不可持續有什麼原因嗎？隨之而來的是，在新冠疫情期間和通貨膨脹時期，您在行動解決方案中獲得的定價收益非常困難。當您的 OEM 客戶開始看到銷售量下降時，尤其是在農業等領域，定價是否會受到威脅？您如何捍衛這些價格上漲？我會把它留在那裡。

First, Nathan, on your first question relative to do we see anything short term that's going to be changing pricing outlooks or our margin outlook, and we agree with you. There is nothing really short term. I think it's important to understand the mix components of all of that, however, the mix component is very important, right? Because we have volume gains, market share gains, and we have pricing working at our backs on the replacement of our business in the independent channel, particularly, and that mixes up the overall margins.

首先，內森，關於你的第一個問題，我們是否認為短期內會改變定價前景或我們的利潤前景，我們同意你的觀點。沒有什麼是真正短期的。我認為了解所有這些的混合組件很重要，但是，混合組件非常重要，對嗎？因為我們的銷售量有所成長，市場佔有率有所成長，而且我們的定價在獨立通路中取代我們的業務方面發揮了作用，這會影響整體利潤率。

The -- and then to the other tailwind to us as far as a percentage basis, the OE business is down, particularly in ag. And when we ship less ag, obviously, our margin is going up. So as would come back whenever that market does turn, obviously, we feel some margin-based pressures. But like you mentioned, we don't see that as imminent. And so in the short term, we would not expect that to change.

然後，就百分比而言，我們的另一個推動因素是，原廠業務下降，尤其是農業業務。顯然，當我們發貨量減少時，我們的利潤率就會上升。因此，每當市場轉向時，我們都會感受到一些基於利潤的壓力。但正如您所提到的，我們認為這不會迫在眉睫。因此，在短期內，我們預期這種情況不會改變。

Looking forward, though, the pricing across the OE -- but we're just trying to have fair relationships with our customer base. And yes, they were long and hard-fought battles. But I think we've achieved a good end for both our customer base as well as balancing company. And so far, our customers believe that, too. There's -- we're not trying to maximize margins here. We're just trying to have fair relationships. And that's where, for the most part, where we sit today. And so we would expect it to be able to hold. And so the headwinds we would feel, as to your first point, is more of a mix-based conversation rather than a pricing-based conversation.

不過，展望未來，整個 OE 的定價 - 但我們只是試圖與我們的客戶群建立公平的關係。是的，這是一場漫長而艱苦的戰鬥。但我認為我們已經為我們的客戶群和平衡公司取得了良好的結果。到目前為止，我們的客戶也相信這一點。我們並不想在這裡最大化利潤。我們只是想建立公平的關係。在很大程度上，這就是我們今天所坐的地方。所以我們希望它能夠堅持下去。因此，就您的第一點而言，我們感受到的阻力更多是基於混合的對話，而不是基於定價的對話。

Your next question is from the line of Joseph Donahue with Baird.

你的下一個問題來自約瑟夫·多納休（Joseph Donahue）和貝爾德（Baird）的路線。

All right. Cool. So just looking ahead, you mentioned these large bioreactor wins potentially shipping in the second half. Does that mean that when we start thinking about the first half of next year, we shouldn't necessarily run rate revenue from the second half? And then I'll just get my second question now. Can you give a little bit more color on what specifically is pushing up R&D spend in the second half to meet the 20% growth?

好的。涼爽的。因此，展望未來，您提到這些大型生物反應器的勝利可能會在下半年發貨。這是否意味著，當我們開始考慮明年上半年時，我們不一定要從下半年開始計算收入？然後我現在就回答第二個問題。您能否詳細說明一下推動下半年研發支出達到 20% 成長的具體因素是什麼？

Yes. So as far as next year, we're going to be a lot smarter in -- when we guide next year about -- gosh, maybe [70%] from now. They -- it does make -- when you have large projects like we have, it makes it a bit lumpy. So we'll take that to do it how appropriately looking forward at that time.

是的。因此，就明年而言，當我們指導明年的時候，我們將會變得更加聰明，天哪，也許從現在開始[70%]。他們——它確實使得——當你有像我們這樣的大型專案時，它會變得有點不穩定。因此，我們將在那時採取適當的措施來做到這一點。

As far as the R&D spend, the overall R&D spend is the ramping up of the acquisitions so that we can continue to bring those products to market, et cetera. And that's as we would have expected it. We are intentionally being aggressive in order to bring those products to market as quickly as we can. And the reason why we feel like we can do that is because at the macro, if you just step back at our company, we are -- we have just told you in the last quarter, we put up record top line, record bottom line and we're aggressively investing for tomorrow and building out a new leg to our corporation.

就研發支出而言，整體研發支出是收購的增加，以便我們能夠繼續將這些產品推向市場等等。這正如我們所期望的。我們有意積極進取，以便盡快將這些產品推向市場。我們之所以覺得我們可以做到這一點，是因為從宏觀角度來看，如果你退一步看我們公司，我們——我們剛剛在上個季度告訴過你，我們創下了創紀錄的營收、創紀錄的淨利潤我們正在為明天積極投資，為我們的公司建立新的支柱。

And so consequently, strategically, we're very proud of what we're accomplishing. And what you're calling out in the R&D spend for Life Sciences, we feel is building a stronger company for our shareholders and for our future.

因此，從策略上講，我們對我們所取得的成就感到非常自豪。您在生命科學的研發支出中所呼籲的，我們認為是為我們的股東和我們的未來建立更強大的公司。

At this time, there are no further questions. I will now turn the call over to Tod Carpenter for closing remarks.

目前，沒有其他問題了。我現在將把電話轉給托德·卡彭特（Tod Carpenter）做總結發言。

That concludes the call today. Thanks to everyone who participated, and I look forward to reporting our third quarter fiscal 2024 results in June. Have a great day. Goodbye.

今天的電話會議到此結束。感謝所有參與的人，我期待在 6 月報告我們的 2024 財年第三季業績。祝你有美好的一天。再見。

This concludes the Donaldson Company's Second Quarter 2024 Earnings Call. Thank you for your participation. You may now disconnect.

唐納森公司 2024 年第二季財報電話會議到此結束。感謝您的參與。您現在可以斷開連線。