艾默生電氣 (EMR) 2023 Q3 法說會逐字稿

Good morning, and welcome to Emerson Third Quarter 2023 Earnings Conference Call.

早上好，歡迎參加艾默生 2023 年第三季度收益電話會議。

(Operator Instructions) Please note that this event is being recorded. I'd like to turn the conference over to Colleen Mettler, Vice President, Investor Relations. Please go ahead.

（操作員說明）請注意，該事件正在被記錄。我想將會議交給投資者關係副總裁科琳·梅特勒 (Colleen Mettler)。請繼續。

Good morning, and thank you for joining us for Emerson's Third Quarter Fiscal 2023 Earnings Conference Call.

早上好，感謝您參加艾默生 2023 財年第三季度收益電話會議。

Today, I am joined by President and Chief Executive Officer, Lal Karsanbhai; Chief Financial Officer, Mike Baughman; and Chief Operating Officer, Ram Krishnan. As always, I encourage everyone to follow along with the slide presentation, which is available on our website.

今天，總裁兼首席執行官 Lal Karsanbhai 也加入了我的行列。首席財務官邁克·鮑曼；和首席運營官拉姆·克里希南。一如既往，我鼓勵大家關注我們網站上的幻燈片演示。

Please join me on Slide 2. This presentation may include forward-looking statements, which contain a degree of business risks and uncertainty. Please take time to read the safe harbor statement and note on non-GAAP measures.

請和我一起觀看幻燈片 2。本演示文稿可能包含前瞻性陳述，其中包含一定程度的商業風險和不確定性。請花時間閱讀安全港聲明和有關非公認會計準則措施的說明。

I will now pass the call over to Emerson President and CEO, Lal Karsanbhai, for his opening remarks.

現在我將把電話轉給艾默生總裁兼首席執行官 Lal Karsanbhai，讓他致開幕詞。

Thank you, Colleen, and good morning. This quarter's results are a testament to the tremendous people of Emerson. I am humbled by what you do every day. Thank you for the passion and energy and the effort you bring to our great company every single day.

謝謝你，科琳，早上好。本季度的業績證明了艾默生員工的出色表現。我對你每天所做的事情感到謙卑。感謝您每天為我們偉大的公司帶來的熱情、活力和努力。

2.5 years ago when I became CEO, we expressed our vision for accelerated value creation, culture, portfolio and execution. I am proud today more than ever before of the progress we have made. The Emerson Management System has empowered our leaders and opened the world of possibilities for our company in the field of innovation and commercial excellence with a higher growth, more cohesive portfolio. But above all, the Emerson Management System is the tool that enables our team to continue to deliver differentiated financial results. The work never ends, but I am proud of how far we have journeyed and the clear road ahead.

2.5 年前，當我擔任首席執行官時，我們表達了加速價值創造、文化、投資組合和執行的願景。今天我比以往任何時候都對我們所取得的進步感到自豪。艾默生管理系統為我們的領導者提供了支持，並通過更高增長、更具凝聚力的產品組合，為我們公司在創新和商業卓越領域開啟了無限可能。但最重要的是，艾默生管理系統是使我們的團隊能夠繼續提供差異化​​財務業績的工具。工作永無止境，但我為我們已經走了多遠的路和前面清晰的道路感到自豪。

Please turn to Slide 3. Q3 was an exceptional quarter, and our teams continue to perform well and deliver for our shareholders. We made tremendous progress on our strategic priorities, closing the climate -- the Copeland transaction, launching new-to-the-world products and winning several key projects in our organic growth platforms, energy transition, industrial software and priority discrete and hybrid markets. We have once again increased our expectations for the year based on our continued operational execution. We now expect double-digit underlying sales growth, approximately 50% operating leverage and over 20% adjusted EPS growth for 2023, top quartile performance.

請參閱幻燈片 3。第三季度是一個出色的季度，我們的團隊繼續表現出色，為股東做出貢獻。我們在戰略重點方面取得了巨大進展，包括氣候變化——谷輪交易、推出新產品，並贏得了有機增長平台、能源轉型、工業軟件以及優先離散和混合市場的多個關鍵項目。基於我們持續的運營執行，我們再次提高了對今年的預期。我們現在預計 2023 年將實現兩位數的基本銷售額增長、約 50% 的運營槓桿和超過 20% 的調整後每股收益增長，實現最高四分之一的業績。

As we look ahead, we are energized by our value creation opportunities. Emerson is and will continue to benefit from our significant exposure to secular growth trends, like energy affordability and security, sustainability and decarbonization, digital transformation and nearshoring. Over 30% of our sales are directly aligned to these trends, as we discussed at our investor conference in November. Our technology and solutions are highly differentiated in these spaces, positioning our business for growth.

展望未來，我們對創造價值的機會充滿活力。艾默生現在並將繼續受益於我們對長期增長趨勢的重大關注，例如能源負擔能力和安全、可持續性和脫碳、數字化轉型和近岸外包。正如我們在 11 月份的投資者會議上討論的那樣，我們超過 30% 的銷售額直接與這些趨勢保持一致。我們的技術和解決方案在這些領域具有高度差異化，為我們的業務增長奠定了基礎。

We are also innovating for these markets, helping customers solve their toughest challenges with disruptive technology and solutions. Our portfolio transformation is paying off as we have aligned our cohesive portfolio to these secular trends. And our favorable value drivers, combined with our Emerson Management System, provide the road map for future success at Emerson.

我們還針對這些市場進行創新，通過顛覆性技術和解決方案幫助客戶解決最嚴峻的挑戰。我們的投資組合轉型正在取得成效，因為我們已根據這些長期趨勢調整了有凝聚力的投資組合。我們有利的價值驅動因素與艾默生管理系統相結合，為艾默生未來的成功提供了路線圖。

Turning to Slide 4. This quarter exceeded expectations across the board. Underlying orders were up 3%, led by high single-digit process and hybrid demand growth. We continue to see secular trends driving the demand strength. As an example, LNG projects continue to move forward. And customers' energy transition and sustainability budgets are growing, improving resilience, both for greenfield projects in hydrogen, clean fuels and renewables and for brownfield, decarbonization opportunities, like emissions reductions and carbon capture.

轉向幻燈片 4。本季度全面超出預期。在高單位數流程和混合需求增長的帶動下，基礎訂單增長了 3%。我們繼續看到長期趨勢推動需求強勁。例如，液化天然氣項目持續推進。客戶的能源轉型和可持續發展預算不斷增長，提高了復原力，無論是氫、清潔燃料和可再生能源領域的綠地項目，還是減排和碳捕獲等棕地、脫碳機會。

Renewables is a particular area of strength we are winning based on our superior technology and breadth of capabilities, which we'll discuss shortly. Nearshoring is also driving incremental investments around the globe in areas like life sciences and metals and mining. It is still early stages of global stimulus for programs like the United States IRA, CHIPS and IIJA are driving additional conversations with our customers, which we expect to turn to funded projects down the road. Our strong performance in process and hybrid was partially offset by demand in discrete, which continues to slow. Orders were down in Q3 against tougher comparisons for this piece of the business. As we mentioned previously, Europe, especially Germany, continues to slow, and we have seen some softening in the U.S. and Asia.

可再生能源是我們憑藉卓越的技術和廣泛的能力而贏得的一個特殊優勢領域，我們將很快對此進行討論。近岸外包還推動了全球生命科學、金屬和採礦等領域的增量投資。美國 IRA、CHIPS 和 IIJA 等計劃仍處於全球刺激的早期階段，正在推動與我們客戶的更多對話，我們預計這些對話將轉向未來資助的項目。我們在工藝和混合領域的強勁表現被離散領域的需求部分抵消，離散領域的需求持續放緩。與該業務的更嚴格比較相比，第三季度的訂單有所下降。正如我們之前提到的，歐洲，尤其是德國，經濟繼續放緩，美國和亞洲也出現了一些疲軟。

Looking at the overall business and given continued robust demand and strong underlying growth drivers, we still expect mid-single-digit full year order growth. The continued demand and improving supply chain environment, which includes improved availability of electronic components, enabled 14% underlying sales growth in the quarter, above our expectations. The Americas and Europe were up 11% and 13%, respectively, while Asia, Middle East and Africa were up 20%, strong performance of last year's impact of the Shanghai COVID shutdowns.

縱觀整體業務，鑑於持續強勁的需求和強大的潛在增長動力，我們仍預計全年訂單增長為中個位數。持續的需求和不斷改善的供應鏈環境（包括電子元件可用性的提高）使本季度的基本銷售額增長了 14%，超出了我們的預期。美洲和歐洲分別增長了 11% 和 13%，而亞洲、中東和非洲則增長了 20%，在去年上海新冠疫情停工影響下表現強勁。

Intelligent Devices and software and control were both up double digits. It is clear when we speak to customers and compete for projects that our technology is winning in the marketplace. We are proud of what we have built and confident this will continue. Software and control growth of 19% is a testament to our leading control systems, DeltaV innovation, which are well positioned where our customers are spending, areas like life sciences, metals and mining, hydrogen, clean fuels and renewables. Within the quarter, we won large projects in life sciences, metals and mining, including lithium and LNG.

智能設備、軟件和控制均實現兩位數增長。當我們與客戶交談並競爭項目時，很明顯我們的技術正在市場上獲勝。我們對我們所建立的一切感到自豪，並相信這種情況將繼續下去。軟件和控制系統 19% 的增長證明了我們領先的控制系統 DeltaV 創新，該系統在我們的客戶消費領域（例如生命科學、金屬和採礦、氫氣、清潔燃料和可再生能源）中處於有利位置。本季度，我們贏得了生命科學、金屬和採礦業的大型項目，包括鋰和液化天然氣。

Intelligent Devices grew 13%. Final control and Measurement & Analytical are the de facto standards for traditional energy, transition energy, chemical and power markets across the globe. This later cycle exposure and the business' continued technology leadership in areas like control valves, actuators, regulators, pressure, temperature, flow, level and wireless are differentiators for Emerson and are leading to strong financial returns.

智能設備增長 13%。最終控制和測量與分析是全球傳統能源、轉型能源、化學和電力市場的事實上的標準。這種較晚的周期暴露以及該業務在控制閥、執行器、調節器、壓力、溫度、流量、液位和無線等領域持續的技術領先地位是艾默生的優勢所在，並帶來了強勁的財務回報。

This strong sales performance and the continued operational execution of our teams led to 59% operating leverage in the quarter, excluding AspenTech. Favorable impacts from price cost and mix also drove accretive margin performance. Adjusted EPS was $1.29, beating our guidance, again driven by the strong sales and operational performance. Free cash flow was up 83% year-over-year and is up 47% year-to-date.

強勁的銷售業績和我們團隊持續的運營執行力導致本季度運營槓桿率為 59%（不包括 AspenTech）。價格成本和產品組合的有利影響也推動了利潤率的增長。調整後每股收益為 1.29 美元，超出我們的指導，這再次受到強勁銷售和運營業績的推動。自由現金流同比增長 83%，年初至今增長 47%。

Please turn to Slide 5. We continue to accelerate progress on our strategic priorities. On May 31, we closed the Copeland transaction. Emerson received $9.7 billion in upfront cash or approximately $8 billion after tax for the transaction. We also have the future proceeds from the $2.25 billion Copeland note receivable and our 40% common equity ownership with a transaction value of $1.7 billion. Post closing, Emerson has a net cash position and taking into consideration the NI acquisition, Emerson expects to have a net debt-to-EBITDA ratio of less than 2.

請參閱幻燈片 5。我們繼續加快戰略重點的進展。 5 月 31 日，我們完成了 Copeland 交易。艾默生在此次交易中獲得了 97 億美元的預付款現金，即稅後約 80 億美元。我們還擁有 22.5 億美元谷輪應收票據和 40% 普通股所有權的未來收益，交易價值為 17 億美元。交易完成後，艾默生擁有淨現金頭寸，考慮到 NI 收購，艾默生預計淨債務與 EBITDA 之比將低於 2。

I also want to provide a quick update on our corporate and platform rightsizing activities we announced at the beginning of the year. As planned, we did not have any stranded costs due to the Copeland sale and are well on track to achieve our $100 million annualized cost savings by 2024. We also released our ESG report in June, highlighting a 42% reduction in greenhouse gas emission intensity from our 2018 baseline. This achievement surpasses our 20% target 6 years ahead of schedule. In the report, we also highlight numerous examples of how Emerson is helping customers navigate the energy transition and the application of our technology to reducing emissions and energy usage.

我還想快速介紹一下我們在年初宣布的公司和平台規模調整活動的最新情況。按照計劃，我們沒有因出售谷輪而產生任何擱置成本，並且有望在 2024 年實現年化成本節約 1 億美元。我們還在 6 月份發布了 ESG 報告，強調溫室氣體排放強度減少了 42%從我們2018 年的基準來看。這一成果提前 6 年超越了我們 20% 的目標。在報告中，我們還重點介紹了艾默生如何幫助客戶實現能源轉型以及如何應用我們的技術來減少排放和能源使用的大量示例。

Lastly, before moving on to some exciting innovation and customer wins, I wanted to provide a quick update on the NI acquisition. We remain on track to close the acquisition in the first half of our fiscal 2024, and the teams are actively working on integration planning as we're prepared to be ready for day 1. In late June, NI shareholders voted in favor of our acquisition. HSR was once again approved and all necessary regulatory filings have been made. And I released their earnings last week with another record sales quarter, up 5% year-on-year and strong margin performance. They, too, are seeing supply chain constraints easing, which helped drive their sales performance by converting backlog despite the negative orders environment, which was down 17%. The demand environment for the business is playing out largely as we expected with discrete and semiconductor weakness expected to improve as the calendar year goes on.

最後，在繼續討論一些令人興奮的創新和贏得客戶之前，我想快速介紹一下 NI 收購的最新情況。我們仍有望在 2024 財年上半年完成收購，各團隊正在積極制定整合計劃，為第一天做好準備。6 月下旬，NI 股東投票支持我們的收購。 HSR 再次獲得批准，所有必要的監管備案均已完成。我上週發布了他們的財報，銷售季度再創新高，同比增長 5%，利潤率表現強勁。他們也發現供應鏈限制有所緩解，儘管訂單環境不佳（訂單量下降了 17%），但積壓訂單的轉化仍有助於推動其銷售業績。該業務的需求環境基本符合我們的預期，隨著時間的推移，分立器件和半導體的疲軟預計將得到改善。

Please turn to Slide 6. As the rate of our customer sustainability and digital investments continue to accelerate, Emerson is ensuring that we are positioned to capture this spend. Part of this is through our strong dedication to innovation,and new-to-the-world products. Recently, Emerson has had numerous impactful innovations.

請參閱幻燈片 6。隨著我們的客戶可持續發展和數字投資的速度不斷加快，艾默生正在確保我們能夠抓住這一支出。其中一部分是通過我們對創新和新產品的堅定奉獻。近年來，艾默生推出了眾多具有影響力的創新成果。

First, aspenONE V14 is the next step in helping customers on the sustainability journey. Not only does V14 offer more than 100 sustainability-specific models, it also provides solutions to help customers manage emissions and design new hydrogen processes. V14 also further incorporates artificial intelligence, which, when combined with first principle models, helps users reach optimal production, increasing profitability while reducing emissions.

首先，aspenONE V14 是幫助客戶踏上可持續發展之旅的下一步。 V14 不僅提供 100 多種可持續發展專用模型，還提供幫助客戶管理排放和設計新氫工藝的解決方案。 V14還進一步融入了人工智能，與第一原理模型相結合，可以幫助用戶實現最佳生產，提高盈利能力，同時減少排放。

Emerson also recently launched enhancements to our AMS device management software platform, now aligned for more seamless integration with AspenTech solutions like Mtell. This allows users to have more access to critical intelligent device data for use in advanced analytics and models. This example shows the differentiation of the Emerson plus AspenTech portfolio and technology synergy opportunities together.

艾默生最近還推出了 AMS 設備管理軟件平台的增強功能，現在可以與 Mtell 等 AspenTech 解決方案進行更無縫的集成。這使得用戶能夠更多地訪問關鍵智能設備數據，以用於高級分析和模型。此示例展示了艾默生與 AspenTech 產品組合的差異化以及技術協同機會。

Emerson has long been a trusted partner of utilities around the globe, as evidenced by the fact that Ovation controls approximately 50% of the electricity generated in the United States. This leadership uniquely positions Emerson to support our customers' transition to renewables. And we are doing so through our new integrated renewable energy control solution, Ovation Green. Ovation Green allows customers to manage their renewables assets like solar, wind, hydro and hydrogen, all in 1 platform, and we are already seeing early success with some of the largest utilities in the United States.

艾默生長期以來一直是全球公用事業公司值得信賴的合作夥伴，Ovation 控制著美國約 50% 的電力就證明了這一點。這種領導地位使艾默生能夠支持我們的客戶向可再生能源過渡。我們正在通過新的集成可再生能源控制解決方案 Ovation Green 來實現這一目標。 Ovation Green 允許客戶在一個平台上管理太陽能、風能、水力和氫能等可再生能源資產，我們已經在美國一些最大的公用事業公司中看到了早期的成功。

Lastly, our Measurement & Analytical business recently launched a new-to-the-world noncontacting radar device that is ideally suited for a range of applications in chemical, life sciences and food and beverage. With advanced capabilities like Bluetooth and a built-in historian to store process data and insights, the transmitter is optimized for ease-of-use and simplicity.

最後，我們的測量與分析業務最近推出了一款全新的非接觸式雷達設備，該設備非常適合化學、生命科學以及食品和飲料領域的一系列應用。憑藉藍牙等先進功能和用於存儲過程數據和見解的內置歷史記錄，發射器經過優化，易於使用且簡單。

This device incorporates radar technology, a fast-growing technology in the measurement space. As we look at continued growth in our measurement business, this innovation will serve as a foundation to building Level as the next technology pillar, accompanying our leadership in pressure, temperature and flow. As one of our key drivers -- growth drivers, Emerson is committed to accelerating innovation and meeting the rapidly evolving needs of our customers, like the ones highlighted here.

該設備採用了雷達技術，這是測量領域快速發展的技術。當我們著眼於測量業務的持續增長時，這項創新將為將 Level 打造成下一個技術支柱奠定基礎，並伴隨著我們在壓力、溫度和流量方面的領先地位。作為我們的關鍵驅動力之一——增長驅動力，艾默生致力於加速創新並滿足客戶快速變化的需求，就像這裡強調的那樣。

Turning to Slide 7. At our November investor conference, we outlined our through-the-cycle growth strategy, which includes our strategic focus on organic growth platforms. These markets, including life sciences, metals and mining, factory automation, industrial software and energy transition are areas closely aligned to the secular growth trends that are driving incremental customer investment. This is demonstrated in the evolution of our funnel over the past 9 months. Not only have we successfully expanded our funnel to $9.7 billion, over this time frame, up from $7.1 billion, but nearly all of this growth can be attributed to our growth markets, namely energy transition, life sciences and metals and mining.

轉向幻燈片 7。在 11 月份的投資者會議上，我們概述了我們的全週期增長戰略，其中包括我們對有機增長平台的戰略重點。這些市場包括生命科學、金屬和採礦、工廠自動化、工業軟件和能源轉型，這些領域與推動客戶投資增量的長期增長趨勢密切相關。過去 9 個月我們漏斗的演變就證明了這一點。在這段時間內，我們不僅成功地將渠道從 71 億美元擴大到 97 億美元，而且幾乎所有增長都可以歸因於我們的增長市場，即能源轉型、生命科學以及金屬和採礦業。

Our energy transition funnel is now nearly $5 billion, up from $3.5 billion in November. This expanded funnel is driven by new project announcements in hydrogen, clean fuels, carbon capture and EV batteries, all where we are actively engaged in our technologies well suited. We have also continued to expand our metals and mining and life science funnel, and we are now capturing additional strategic projects in our funnel as we dedicate more time and resources towards pursuing these engagements.

我們的能源轉型渠道目前接近 50 億美元，高於 11 月份的 35 億美元。這一擴大的漏斗是由氫、清潔燃料、碳捕獲和電動汽車電池領域的新項目公告推動的，我們在所有這些領域都積極參與我們非常適合的技術。我們還繼續擴大我們的金屬、採礦和生命科學渠道，隨著我們投入更多的時間和資源來追求這些項目，我們現在正在我們的渠道中捕獲更多的戰略項目。

In the third quarter alone, we added over 300 projects to the funnel and were awarded a content in over 50. This indicates a solid pace of project announcements as near-shoring and sustainability trends spread globally. We expect these organic growth platforms will grow double digits through the cycle, and we are off to an excellent start in 2023.

僅在第三季度，我們就在漏斗中添加了 300 多個項目，並獲得了 50 多個內容。這表明隨著近岸和可持續發展趨勢在全球蔓延，項目公告的步伐穩健。我們預計這些有機增長平台將在整個週期中實現兩位數增長，我們將在 2023 年迎來一個良好的開端。

Please turn to Slide 8, where we'll highlight a few key wins across these segments, which underscore the power of Emerson's highly differentiated portfolio of solutions and the opportunity ahead for Emerson. The LNG wave continues to progress, and Emerson is winning our share of opportunities. Of the projects that have moved forward over the past 2 years, Emerson has been awarded content in 7, demonstrating our continued leadership in this space. These are large projects with ample automation opportunity. On average, approximately $10 million of automation opportunity per million ton per annum of liquefaction.

請參閱幻燈片 8，我們將重點介紹這些領域的一些關鍵勝利，這些勝利強調了艾默生高度差異化的解決方案組合的力量以及艾默生面臨的機遇。液化天然氣浪潮持續發展，艾默生正在贏得我們的機遇。在過去 2 年推進的項目中，艾默生獲得了 7 個項目的內容，這證明了我們在這一領域的持續領導地位。這些都是大型項目，具有充足的自動化機會。平均而言，每年每百萬噸液化可帶來約 1000 萬美元的自動化機會。

Our unmatched portfolio of measurement devices, valves, control systems and now optimization software differentiates Emerson as the only automation company capable of providing a holistic solution. Emerson's leading project execution is also a key differentiator for these large and complex projects. Through our project certainty approach, Emerson helps customers expedite project time lines and reduce project costs, key measures to reaching profitability faster.

我們無與倫比的測量設備、閥門、控制系統和現在的優化軟件產品組合使艾默生成為唯一一家能夠提供整體解決方案的自動化公司。艾默生領先的項目執行能力也是這些大型複雜項目的一個關鍵優勢。通過我們的項目確定性方法，艾默生幫助客戶加快項目時間並降低項目成本，這是更快實現盈利的關鍵措施。

One of these 7 projects was the Port Arthur LNG project. Emerson is excited to announce it will be supporting Bechtel Energy and Sempra Infrastructure in the automation of the Port Arthur LNG Phase 1 project. This liquefaction and export terminal in Southeast Texas is a premier LNG project designed for safe, reliable and efficient operations, delivering LNG to global markets through 2 trains capable of producing up to 13.5 million metric tons per annum. Emerson was chosen as a key automation partner for Bechtel Energy, providing our leading DeltaV control system, final control valves and measurement technology.

這七個項目之一是亞瑟港液化天然氣項目。艾默生很高興地宣布，它將支持柏克德能源公司和 Sempra 基礎設施公司實現亞瑟港液化天然氣一期項目的自動化。這個位於德克薩斯州東南部的液化和出口終端是一個一流的液化天然氣項目，旨在安全、可靠和高效地運營，通過 2 條每年生產高達 1,350 萬噸的列車向全球市場輸送液化天然氣。艾默生被柏克德能源公司選為主要自動化合作夥伴，提供我們領先的 DeltaV 控制系統、最終控制閥和測量技術。

Further, on Slide 9, the next market we'd like to highlight is the battery value chain. This is an area where we are winning projects based on the breadth, depth and strength of Emerson's end-to-end capabilities from the mining of lithium and copper through refining and processing and finally to EV battery manufacturing, assembly and recycling. In 2022, Emerson technology helped produce over 65% of global electric vehicles. We are excited to continue supporting companies around the world as production expands across each of these high-growth segments.

此外，在幻燈片 9 上，我們要強調的下一個市場是電池價值鏈。在這一領域，我們憑藉艾默生端到端能力的廣度、深度和實力贏得項目，從鋰和銅的開採到精煉和加工，最後到電動汽車電池的製造、組裝和回收。 2022 年，艾默生技術幫助生產了全球超過 65% 的電動汽車。隨著這些高增長領域的生產不斷擴大，我們很高興能夠繼續為世界各地的公司提供支持。

Recently, Emerson was selected to automate 2 very strategic projects in mining. First, the Ganfeng Lithium project in Argentina. Emerson's DeltaV control system was selected to automate the large-scale lithium mine, a strategic win in the lithium triangle between Argentina, Chile and Bolivia that holds much of the world's lithium reserves. DeltaV was selected because of its differentiated and flexible architecture and commissioning savings with CHARMs.

最近，艾默生被選中實施 2 個非常具有戰略意義的採礦項目的自動化。一是阿根廷贛鋒鋰業項目。艾默生的 DeltaV 控制系統被選中用於實現大型鋰礦的自動化，這是阿根廷、智利和玻利維亞之間鋰三角地區的戰略勝利，該三角地區擁有世界上大部分鋰儲量。之所以選擇 DeltaV，是因為其具有差異化且靈活的架構，並且通過 CHARM 可以節省調試費用。

The next project success was for Codelco in the Andina copper mine in Chile. Codelco is the world's largest producer of copper, and Andina site will represent over 10% of Codelco's overall output. Emerson's DeltaV and control software were selected to help automate the treatment of water on the site, allowing Codelco to accurately control water quality, efficiency and recycling.

下一個成功項目是 Codelco 在智利的安迪納銅礦。 Codelco 是全球最大的銅生產商，Andina 工廠將佔 Codelco 總產量的 10% 以上。選擇艾默生的 DeltaV 和控制軟件來幫助實現現場水處理的自動化，使 Codelco 能夠準確控制水質、效率和回收利用。

Emerson recently won a contract with one of the largest EV manufacturers because of our unique ability to support production across multiple processes in the value chain. With this project, Emerson will be the trusted automation partner to support 2 facilities: a lithium refining project and cathode production facility in Texas. DeltaV was chosen for both projects due to its robust software architecture and ability to bring together previous islands of automation.

艾默生最近贏得了與最大的電動汽車製造商之一的合同，因為我們有獨特的能力支持價值鏈中多個流程的生產。通過該項目，艾默生將成為值得信賴的自動化合作夥伴，為兩個設施提供支持：德克薩斯州的鋰精煉項目和陰極生產設施。 DeltaV 因其強大的軟件架構和將以前的自動化孤島整合在一起的能力而被選用於這兩個項目。

As the customer continues to grow operations globally with numerous expansions and new operations, Emerson is well positioned to be the supplier of choice given the unique nature and value of the capabilities that we can deliver. Emerson was also recently awarded a large project with a leading German EV manufacturer to help automate the battery cell assembly process.

隨著客戶通過大量擴張和新業務不斷擴大全球業務，鑑於我們可以提供的能力的獨特性和價值，艾默生完全有能力成為首選供應商。艾默生最近還獲得了一家領先的德國電動汽車製造商的大型項目，以幫助實現電池組裝過程的自動化。

As we look at future opportunities, NI has a leadership position with many of the largest EV and battery manufacturers in the world. And I've differentiated hardware and software solutions help customers with the R&D, testing and validation of batteries and vehicles, and we look forward to leveraging those relationships to expand our current factory automation business and build upon our recent successes.

當我們展望未來的機會時，NI 在全球許多最大的電動汽車和電池製造商中都處於領先地位。我提供差異化​​的硬件和軟件解決方案，幫助客戶進行電池和車輛的研發、測試和驗證，我們期待利用這些關係來擴展我們當前的工廠自動化業務，並在我們最近取得的成功的基礎上再接再厲。

As you can tell, we are energized by these projects and our relevance with customers. We will share our progress as Emerson continues to partner with leading EV manufacturers around the world and benefit from the strength and differentiation of our portfolio of assets.

正如您所知，這些項目以及我們與客戶的關係使我們充滿活力。隨著艾默生繼續與全球領先的電動汽車製造商合作，並從我們資產組合的實力和差異化中受益，我們將分享我們的進展。

I'll now turn the call over to Mike Baughman.

我現在將把電話轉給邁克·鮑曼。

Thanks, Lal, and good morning, everyone. Please turn to Slide 11. Our third quarter financial results were outstanding. And before talking about that, I want to thank our global teams for their hard work and execution. Our Emerson Management System is driving value as evidenced by our continued sales growth, margin expansion, earnings growth and free cash flow performance.

謝謝拉爾，大家早上好。請參閱幻燈片 11。我們第三季度的財務業績非常出色。在談論這個之前，我要感謝我們的全球團隊的辛勤工作和執行力。我們的艾默生管理系統正在推動價值增長，我們的持續銷售增長、利潤增長、盈利增長和自由現金流表現就證明了這一點。

Turning to the results. Underlying sales growth exceeded our expectations at 14%. GAAP sales were also up 14% for the quarter and price contributed approximately 5 points of growth. Backlog of $6.9 billion, remained flat quarter-over-quarter. Software and control performed better than we expected, growing underlying sales 19% due to increased availability of electronic components and our ability to convert more of the backlog in this business.

轉向結果。基本銷售額增長 14%，超出了我們的預期。該季度 GAAP 銷售額也增長了 14%，價格貢獻了約 5 個百分點的增長。積壓金額為 69 億美元，環比持平。軟件和控制的表現比我們預期的要好，由於電子元件可用性的增加以及我們轉換該業務中更多積壓訂單的能力，基礎銷售額增長了 19%。

Intelligent Devices grew 13%, led by process and hybrid exposed businesses, mainly measurement and analytical and final control. These 2 businesses are leaders in later cycle markets and have a large installed base, which, along with the continued backlog conversion, contributed to strong growth in the quarter. From an industry perspective, process and hybrid remained healthy with double-digit growth in the quarter. As Lal mentioned, discrete activity has continued to slow, but still exhibited mid-single-digit sales growth due to backlog conversion.

智能設備增長了 13%，其中工藝和混合暴露業務（主要是測量、分析和最終控制）帶動了增長。這兩家企業是後期週期市場的領導者，擁有龐大的安裝基礎，加上持續的積壓訂單轉換，為本季度的強勁增長做出了貢獻。從行業角度來看，流程和混合動力保持健康，本季度實現兩位數增長。正如 Lal 提到的，離散業務活動繼續放緩，但由於積壓訂單轉換，銷售額仍呈現中等個位數增長。

Emerson adjusted segment EBITDA margin improved 370 basis points to 26.9%. Leverage, excluding AspenTech, was 59%. Strong sales growth, margin accretive price costs and favorable product and project mix, all reflect the excellent execution by our operations teams and contributed to the margin improvement. Adjusted EPS grew 40% to $1.29, and I will discuss the details of that growth on the next chart. Lastly, free cash flow of $769 million, was up 83% versus the prior year quarter. For the quarter, free cash flow conversion of adjusted earnings was 97%. The strong earnings growth and working capital improvement helped contribute to the free cash flow growth.

艾默生調整後的部門 EBITDA 利潤率提高了 370 個基點，達到 26.9%。不包括 AspenTech 的槓桿率為 59%。強勁的銷售增長、利潤增長的價格成本以及有利的產品和項目組合，都反映了我們運營團隊的出色執行力，並為利潤率的提高做出了貢獻。調整後每股收益增長 40%，達到 1.29 美元，我將在下一張圖表中討論增長的細節。最後，自由現金流為 7.69 億美元，比去年同期增長 83%。本季度，調整後收益的自由現金流轉換率為 97%。強勁的盈利增長和營運資本改善有助於自由現金流的增長。

Please turn to Slide 11 for the details of adjusted EPS and bridge from the prior year. Most importantly, the strong 14% underlying sales growth and 59% segment level operating leverage contributed $0.29 of EPS growth year-over-year. Stock compensation was a $0.06 headwind due to lower stock comp expense in the prior year, but that was more than offset by other corporate items and tax, which were an $0.08 tailwind. The reduced share count resulting from the $2 billion share repurchase completed in the first quarter contributed $0.04 to adjusted EPS.

請參閱幻燈片 11，了解上一年調整後 EPS 和橋樑的詳細信息。最重要的是，14% 的強勁基礎銷售增長和 59% 的細分市場運營槓桿為 EPS 同比增長貢獻了 0.29 美元。由於上一年股票補償費用較低，股票補償為 0.06 美元的逆風，但這被其他公司項目和稅收所抵消，這是 0.08 美元的順風。第一季度完成的 20 億美元股票回購導致股票數量減少，為調整後每股收益貢獻了 0.04 美元。

Lastly, now that the Copeland transaction has closed, we are including the interest from the Copeland note receivable and adjusted results and guidance moving forward. The Copeland note interest contributed $0.02 to adjusted EPS in the third quarter, and it is important to note this was not included in our May guidance. Overall, adjusted EPS grew 40% year-over-year to $1.29.

最後，既然谷輪交易已經完成，我們將谷輪應收票據的利息以及調整後的結果和未來指導包括在內。谷輪票據利息對第三季度調整後每股收益貢獻了 0.02 美元，值得注意的是，這並未包含在我們 5 月份的指導中。總體而言，調整後每股收益同比增長 40% 至 1.29 美元。

Turning to Slide 12. And as we look ahead to the rest of the year, I'd like to highlight a few key things. In general, end markets remain resilient. We have increased our expectations for process to double-digit sales growth with meaningful contribution from secular growth segments, energy transition and energy security. With continued strength in life sciences and metals and mining, we now expect hybrid to grow low double digits in 2023. We are discussing near-shoring initiatives with more and more customers. This is not just a trend in the United States, and we see near and long-term benefits around the globe. For example, our team recently visited Australia and China where we spoke to customers about their plans to make investments in new markets like life sciences. As a global leader for providing automation for this market, these customers are tapping Emerson to support their investments.

轉向幻燈片 12。當我們展望今年剩餘時間時，我想強調一些關鍵的事情。總體而言，終端市場仍保持彈性。我們提高了對工藝銷售增長兩位數的預期，其中長期增長領域、能源轉型和能源安全做出了有意義的貢獻。隨著生命科學、金屬和採礦業的持續強勁，我們現在預計混合動力將在 2023 年實現低兩位數增長。我們正在與越來越多的客戶討論近岸計劃。這不僅僅是美國的趨勢，我們在全球範圍內都看到了近期和長期的好處。例如，我們的團隊最近訪問了澳大利亞和中國，與客戶討論了他們在生命科學等新市場進行投資的計劃。作為為該市場提供自動化的全球領導者，這些客戶正在利用艾默生來支持他們的投資。

Discrete demand is continuing to slow, especially in Europe, and we are beginning to see the impacts in the United States and Asia. Sales growth expectations when combined with our safety and productivity commercial exposure, are in the low single-digit to mid-single-digit range as we have worked through backlog. The supply chain environment has continued to improve, allowing us to work through our backlog as we head into Q4. Price cost has been a significant tailwind in 2023, a reflection of our commercial excellence. We expect price for the year to approach 4 points, and we will remain diligent on price as a key performance lever.

離散需求持續放緩，尤其是在歐洲，我們開始看到美國和亞洲受到的影響。由於我們已經解決了積壓訂單，因此與我們的安全和生產力商業風險相結合，銷售增長預期處於低個位數到中個位數範圍內。供應鏈環境持續改善，使我們能夠在進入第四季度時解決積壓訂單。價格成本在 2023 年是一個重要的推動因素，反映了我們的商業卓越性。我們預計今年的價格將接近 4 個點，我們將繼續努力將價格作為關鍵的業績槓桿。

As we look to the future, we are excited by our growth opportunities. Emerson is uniquely positioned to support our customers' investments in key areas we expect to grow double digits through the cycle. We've demonstrated our leadership in energy transition markets, like LNG, nuclear, hydrogen, clean fuels, carbon capture and renewables. We are well positioned to capture the long-term investments driven by nearshoring. And finally, we have a leading and differentiated software portfolio that is expected to have double-digit ACV growth through the cycle. These are all trends we expect to continue to augment Emerson's growth for the foreseeable future.

展望未來，我們對我們的增長機會感到興奮。艾默生擁有獨特的優勢，可以支持客戶在關鍵領域的投資，我們預計在整個週期中將實現兩位數增長。我們已經展示了我們在液化天然氣、核能、氫氣、清潔燃料、碳捕獲和可再生能源等能源轉型市場的領導地位。我們處於有利地位，可以抓住近岸外包驅動的長期投資。最後，我們擁有領先且差異化的軟件產品組合，預計 ACV 在整個週期中將實現兩位數的增長。我們預計這些趨勢將在可預見的未來繼續促進艾默生的增長。

Please turn to Slide 13. As this chart shows, our performance this year has been exceptional. We have successfully executed on our portfolio transformation while continuing to drive strong results across the business and exceed on our commitments. Strong operational performance, improved price cost management and more favorable mix as we went through the year gave us the ability to increase our expectations throughout the year.

請參閱幻燈片 13。正如該圖表所示，我們今年的表現非常出色。我們成功地進行了產品組合轉型，同時繼續推動整個業務取得強勁成果並超越我們的承諾。這一年強勁的運營業績、改進的價格成本管理和更有利的組合使我們有能力提高全年的預期。

For 2023, underlying sales growth is now expected to be towards the top end of our previous 8.5% to 10% guidance range. We expect both Intelligent Devices and software and control to be on par with this overall updated guidance. As a reminder, AspenTech will begin rolling into our underlying sales in Q4 and as we lap a year of ownership. We are also increasing our expectation for segment operating leverage based on the strong Q3 result, sales strength, favorable price cost and continued strong operational performance. We now expect segment operating leverage to be approximately 50%, excluding AspenTech.

目前預計 2023 年基本銷售增長將接近我們之前 8.5% 至 10% 指導範圍的上限。我們預計智能設備、軟件和控制都將與此總體更新指南保持一致。提醒一下，AspenTech 將在第四季度以及我們擁有一年後開始進入我們的基礎銷售。基於強勁的第三季度業績、銷售實力、有利的價格成本和持續強勁的運營業績，我們還提高了對分部運營槓桿的預期。我們現在預計分部運營槓桿約為 50%（不包括 AspenTech）。

Adjusted EPS has been raised to $4.40 to $4.45, a 22% year-over-year increase at the midpoint. Please note this includes $0.06 of interest from the Copeland note receivable that we are now including in our adjusted results, $0.02 from Q3 and approximately $0.04 in Q4. AspenTech is still expected to contribute approximately $0.25 for the year. Post Copeland transaction close, please note we have now included an estimate for the Copeland equity loss in our GAAP guidance numbers which, in addition to the undeployed proceeds is being removed from our adjusted results and guidance. We have also adjusted our expected tax rate to approximately 22% for the year. Free cash flow is expected to be $2.2 billion to $2.3 billion for the year, of which AspenTech is contributing approximately $300 million.

調整後每股收益已上調至 4.40 美元至 4.45 美元，中間值同比增長 22%。請注意，這包括來自谷輪應收票據的 0.06 美元利息（我們現在將其納入調整後的業績中）、第三季度的 0.02 美元和第四季度的約 0.04 美元。 AspenTech 預計今年仍將貢獻約 0.25 美元。谷輪交易完成後，請注意，我們現在已將谷輪股權損失的估計納入我們的 GAAP 指導數據中，除了未部署的收益外，我們還將從我們的調整後業績和指導中刪除。我們還將今年的預期稅率調整至約22%。今年自由現金流預計為 22 億至 23 億美元，其中 AspenTech 貢獻約 3 億美元。

Thanks for your attention. I will now turn back to Nick to open the call for questions.

感謝您的關注。現在我將回到尼克來開始提問。

(Operator Instructions) First question will be from Nigel Coe, Wolfe Research.

（操作員說明）第一個問題來自 Wolfe Research 的 Nigel Coe。

I thought maybe just to set off on the obviously very strong operating performance, but margins were the real standouts. So I'm just wondering, as we go into '24, I mean, is anything we should think about in terms of maybe some headwinds to margins? I'm thinking here about measurement analytics very strong sequentially up 20%. Are you confident you can grow off these margins going forward?

我想也許只是為了凸顯明顯非常強勁的經營業績，但利潤率才是真正的亮點。所以我只是想知道，當我們進入 24 年時，我的意思是，我們是否應該考慮一些利潤率方面的阻力？我在這裡認為測量分析非常強勁，連續增長了 20%。您有信心未來能夠利用這些利潤實現增長嗎？

Nigel, yes, we're very excited about the leverage that we've had with 40%, 53% and then 59% in the quarter. You do see that operating leverage tipped down a little bit in the fourth quarter, and we're going to exit the year around 50%. So yes, we feel good about the operating leverage, and we're not really in a position to talk about '24 at this point. But we certainly are pleased with the current year performance.

Nigel，是的，我們對本季度的槓桿率感到非常興奮，分別為 40%、53% 和 59%。你確實看到第四季度的運營槓桿略有下降，今年我們將在 50% 左右退出。所以，是的，我們對運營槓桿感覺良好，而且目前我們還不能真正談論“24”。但我們對今年的表現當然感到滿意。

And I'll just add a little bit of color. Thanks, Mike. I do believe that the underlying work that we've been doing around price, cost management, thinking about how we bring our differentiated technology to market will be sustainable into -- through the cycle as we talked about. And we look at the leverage targets as we go to '24, and we'll talk about that later in the fall. But I feel very good about the momentum in the business and the executional elements that are going to impact our ability to deliver differentiated margins on a go-forward basis.

我只會添加一點顏色。謝謝，邁克。我確實相信，我們圍繞價格、成本管理所做的基礎工作，以及思考如何將我們的差異化技術推向市場的工作，將在我們談到的周期中可持續發展。我們會在 24 世紀到來時關注槓桿目標，我們將在秋季晚些時候討論這個問題。但我對業務的勢頭和執行要素感到非常滿意，這將影響我們未來提供差異化​​利潤的能力。

That's great. And then my follow-up question is on the Control Systems organic growth in the high teens, that's a longer cycle business. And I don't really think about that as necessarily cycling up big or down big. So I mean how much of that is coming from sort of created backlog conversion with lead times, maybe some chip lead times coming down? And sort of how do we think about that going forward? Do you think you can maintain above-average growth rates in control systems and software?

那太棒了。然後我的後續問題是關於控制系統在十幾歲的有機增長，這是一個週期較長的業務。我並不認為這一定是向上或向下循環。所以我的意思是，其中有多少來自於提前期的積壓轉換，也許一些芯片的提前期會縮短？我們如何看待未來的發展？您認為您可以在控制系統和軟件方面保持高於平均水平的增長率嗎？

Yes. Nigel, Ram here. Yes, I think this particular quarter end this year, I think in the second half, the lead times catching up and better supply chains and shipping backlog is what is driving the significant growth in our systems business. But with that said, the project funnel is very good. The KOB 3 is very good. So our expectations are the momentum in that business should continue into 2024.

是的。奈傑爾，拉姆在這裡。是的，我認為今年這個特定的季度末，我認為在下半年，交貨時間的趕上以及更好的供應鍊和運輸積壓是推動我們系統業務顯著增長的因素。但話雖如此，項目漏斗非常好。 KOB 3 非常好。因此，我們的預期是該業務的勢頭應該會持續到 2024 年。

Next question will be from Andy Kaplowitz of Citigroup.

下一個問題將由花旗集團的安迪·卡普洛維茨提出。

Well, so you reiterated your mid-single-digit order growth forecast for this year and you came in at 3% this quarter despite the discrete market slowdown, you obviously gave us the new funnel of opportunities with mid-20% organic growth. So does that mean that Emerson's orders could reaccelerate from here? Or how do you think about that given the markets that you laid out?

嗯，所以你重申了今年中個位數的訂單增長預測，儘管離散市場放緩，但本季度你的訂單增長率為 3%，顯然你給我們帶來了 20% 中有機增長的新機會。那麼這是否意味著艾默生的訂單可能會從這裡重新加速？或者考慮到您所佈局的市場，您對此有何看法？

Yes. Certainly, Andy, we feel confident in that mid-single-digit guide that we laid out a quarter ago and believe we'll exit the year in that rate. The process in hybrid orders are in the high single digits as we exited the quarter, and that's where a significant amount of the momentum lies, not just in the capital expansion, but related to just everyday business activity, of course, offset by the discrete markets that we talked about through the quarter. We still feel very confident that we'll inch up from where we ended the quarter here slightly.

是的。當然，安迪，我們對一個季度前製定的中個位數指導充滿信心，並相信我們將以這個速度結束今年。當我們結束本季度時，混合訂單的流程處於高個位數，這就是重要的動力所在，不僅在於資本擴張，而且還與日常業務活動相關，當然，這被離散的業務活動所抵消。我們在整個季度討論的市場。我們仍然非常有信心，我們將比本季度末的情況略有上升。

Lal, and then maybe I could ask you a more philosophical question on AspenTech. I know at this point, it announced its guidance for FY '24, low double-digit ACV growth, and he agreed not to buy Micromine and announced a big repurchase. Are there any lessons learned as you and Antonio have worked together now for a little over a year? And given AspenTech's FY '24 guidance, do you see a nice uptick in AZPN's contribution to your EPS in '24?

拉爾，也許我可以在 AspenTech 上問你一個更哲學的問題。我知道此時，它宣布了 24 財年的指導，ACV 兩位數低增長，他同意不購買 Micromine 並宣布大規模回購。您和安東尼奧合作一年多了，有什麼經驗教訓嗎？鑑於 AspenTech 的 24 財年指導，您認為 AZPN 對 24 年每股收益的貢獻有很好的上升嗎？

No. Look, we continue to deliver on the synergy plan. I think that's point number one, not just in terms of pursuit of business collaboration between the selling organizations, but most importantly, as I highlighted in the presentation around technology. And it's that technology tie-in that ultimately will differentiate our offerings in the marketplace.

不，看，我們繼續實施協同計劃。我認為這是第一點，不僅是在追求銷售組織之間的業務合作方面，而且最重要的是，正如我在圍繞技術的演示中所強調的那樣。正是這種技術搭配最終將使我們的產品在市場上脫穎而出。

Number two. Look, over the quarter, we did a lot of work together. I think I feel really good about the plan that AspenTech laid out, the way it was communicated yesterday. I thought it was very succinct and clear. And I think they'll execute very well as we go through the quarter. There's a lot of collaboration ongoing between our joint teams and momentum it continues to build a year into a little over a year into this.

第二。看，在這個季度，我們一起做了很多工作。我認為我對 AspenTech 制定的計劃以及昨天傳達的方式感到非常滿意。我認為它非常簡潔明了。我認為在我們整個季度中他們會執行得很好。我們的聯合團隊之間正在進行大量合作，一年多一點以來，這種合作勢頭不斷增強。

Next question will be from Josh Pokrzywinski of Morgan Stanley.

下一個問題將由摩根士丹利的 Josh Pokrzywinski 提出。

So well, I'd love to kind of dig in a little bit on backlog here. So flat sequentially you highlighted the funnel of activity growing pretty materially here. So presumably, the conversion rate starts to pick up a little bit here. Do you think we're sort of in this backlog zone for a while? I think a lot of your other peers out there in multis are starting to dip into backlog with lead time normalization. Just wondering where you guys sit on that or anything you'd want to call out for the next few quarters?

好吧，我很想在這裡深入探討一下積壓的問題。如此平坦的順序，你強調了這裡的活動漏斗增長相當實質性。因此，據推測，轉化率在這裡開始有所上升。您認為我們在這個積壓區域有一段時間了嗎？我認為許多其他多領域同行都開始因交貨時間正常化而陷入積壓狀態。只是想知道你們對此有何看法，或者您想在接下來的幾個季度提出什麼建議？

Josh, yes, we certainly expect the backlog to come down a few hundred million to the fourth quarter. And it's important to note that it's year-over-year at the end of the year, we expect that to be up a little over double digits. So yes, the supply chain easing has certainly helped. But as we look ahead, we see that backlog coming down a little bit in the fourth quarter.

喬希，是的，我們當然預計第四季度積壓訂單將減少幾億。值得注意的是，到年底，我們預計這一數字將比去年同期增長兩位數以上。所以，是的，供應鏈的寬鬆肯定有所幫助。但展望未來，我們發現積壓訂單在第四季度略有下降。

Got it. That's helpful. And then just kind of going back to Nigel's question, maybe thinking about some of the factors, whether it's '24 or maybe more broadly than that on mix. It seems like with a lot of these large projects, we're going to see more KOB 1, which I think maybe in the older days of Emerson was a bigger mix headwind. But how do you guys think about that now given the change in project composition, et cetera?

知道了。這很有幫助。然後回到奈傑爾的問題，也許考慮一些因素，無論是“24”還是比混合更廣泛的因素。似乎在很多這樣的大型項目中，我們將看到更多的 KOB 1，我認為這在艾默生的舊時代可能是一個更大的混合逆風。但考慮到項目構成等方面的變化，你們現在如何看待這一點？

Yes. I think -- first off, I think just to add to what we said -- relayed to Nigel, the KOB 3 business performance has been very strong. Right now, we're running at 65% plus KOB 3 rates with strong performance in North America. So that has really contributed to the outsized leverage we saw in the first 3 quarters. And we don't expect that to materially change in the next 2 to 3 quarters. But you are right, as our project backlog has built up, and we see project shipments go into '24, that will throttle leverage down to the mid-30s or high 30s rates we've guided to you in the past. So that's really a dynamic you should look for in 2024.

是的。我認為——首先，我想補充一下我們向 Nigel 轉述的內容——KOB 3 的業務表現非常強勁。目前，我們的運行速度為 65% 以上 KOB 3，在北美表現強勁。因此，這確實導致了我們在前三個季度看到的巨大槓桿率。我們預計這種情況在未來 2 到 3 個季度不會發生重大變化。但你是對的，隨著我們的項目積壓不斷增加，並且我們看到項目發貨進入 24 年，這會將槓桿率降至我們過去指導給您的 30 多歲左右或 30 多歲高位。因此，這確實是 2024 年您應該尋找的動力。

Yes. I think you're absolutely right. I think we're -- there's a fixed handle on the MRO and replacement business. We don't expect that. I think you're absolutely right to change as we go through the year. There's a lot of positive activity there. So feel good about that mix despite a very robust capital project funnel.

是的。我認為你是完全正確的。我認為我們對 MRO 和更換業務有一個固定的處理方式。我們不希望這樣。我認為你在這一年中做出改變是絕對正確的。那裡有很多積極的活動。因此，儘管資本項目渠道非常強勁，但對這種組合感覺良好。

Next question will be from Steve Tusa, JPMorgan.

下一個問題將由摩根大通的史蒂夫·圖薩提出。

The incrementals getting back to Nigel's question, I guess, given what happened this year, is there any view on how you view kind of the long-term trajectory on those incrementals. Can you just remind us of what your long-term view on that is and how that kind of plays out? And maybe how the mix may impact that over the next couple of years as perhaps the MRO stuff slows and the project stuff comes on.

增量回到奈傑爾的問題，我想，考慮到今年發生的事情，您對這些增量的長期軌蹟有何看法。您能否提醒我們您對此的長期看法以及結果如何？隨著 MRO 工作的放緩和項目工作的開展，這種組合可能會在未來幾年內產生怎樣的影響。

Yes. Look, we guided in November, Steve, at 35% through the cycle. Obviously, we're in a very positive point in the cycle at this moment in time. And look, as we look at our mix of business, our tech, geographical mix, as we go into November, we may assess that, but that's the guide that we put out last November. Obviously, we're outperforming that number today.

是的。看，史蒂夫，我們在 11 月份指導了整個週期的 35%。顯然，目前我們正處於週期的一個非常積極的時刻。看看，當我們進入 11 月時，當我們審視我們的業務組合、技術、地理組合時，我們可能會對此進行評估，但這是我們去年 11 月發布的指南。顯然，我們今天的表現超過了這個數字。

And then what is the contribution from kind of price cost this year, just roughly?

那麼今年價格成本的貢獻大約是多少？

Yes. Well, on price in the quarter, we have 9 points of volume and 5 points of price. Price will moderate as we go into the fourth, I think, for the year 3 to 3.5, approaching 4 points of price in the full year guide of 10% underlying sales.

是的。那麼，就本季度的價格而言，我們有 9 個數量點和 5 個價格點。我認為，當我們進入第四年時，價格將趨於緩和，即今年 3 至 3.5，接近 10% 基礎銷售額的全年指導價格的 4 個點。

Next question will be from Andrew Obin, Bank of America.

下一個問題將由美國銀行的安德魯·奧賓 (Andrew Obin) 提出。

I guess the KOB terminology just refuses to die...

我猜KOB這個術語就是不會消亡……

I'm trying to kill it.

我正試圖殺死它。

I'm aware of that. So just a question on supply chain. Are you guys -- some of your competitors are talking about deflation or disinflation. Are you seeing an opportunity to extract discounts from your supply chain? Just trying to understand, right, people are talking about inflation subsiding. Are we going to see bottom line benefit for a company like Emerson over the next 6 to 12 months?

我對此很清楚。所以這只是一個關於供應鏈的問題。你們的一些競爭對手正在談論通貨緊縮或通貨緊縮嗎？您是否看到了從供應鏈中獲取折扣的機會？只是想了解一下，對吧，人們正在談論通脹消退。在接下來的 6 到 12 個月內，我們會看到像艾默生這樣的公司獲得利潤嗎？

Simple answer is yes, Andrew. And we look at, obviously, direct material, indirect material and logistics. So we are going to see deflation or positive NMI or favorable NMI. We are seeing that already in the second half of this year and should see that continue into next year. So it will be favorable for us. What I will say, though, is if you go back to pre-COVID levels, logistics cost, for example, are already there. So we've seen a lot of the logistics benefit already come through on the direct material front, particularly castings, machine parts, electronics, we will see deflation in '24 versus '23, but still not back to pre-COVID levels. So maybe the opportunity there for us is continued deflation over the next several quarters as the market eases.

簡單的答案是肯定的，安德魯。顯然，我們關注的是直接材料、間接材料和物流。因此，我們將看到通貨緊縮或積極的 NMI 或有利的 NMI。我們已經在今年下半年看到了這種情況，並且應該會看到這種情況持續到明年。所以這對我們來說是有利的。不過，我要說的是，如果你回到新冠疫情之前的水平，物流成本等就已經存在了。因此，我們已經看到直接材料方面已經實現了很多物流效益，特別是鑄件、機器零件、電子產品，我們將在24 年與23 年看到通貨緊縮，但仍然不會回到新冠疫情之前的水平。因此，隨著市場的緩和，我們面臨的機會可能是未來幾個季度持續的通貨緊縮。

Excellent. And just a question on Aspen and Emerson. Can you just talk a little bit more about channel integration, because we're hearing that you guys are driving Aspen and Emerson closer together and the relationship is evolving. Just trying to understand how much upside do you think or how much margin of safety there is, given that historically, Emerson sales force has been very, very commercial. By incentivizing the salespeople seems like the relationship is going outside the initial channel. Just talk a little bit more about the opportunity.

出色的。只是關於阿斯彭和艾默生的問題。您能多談談渠道整合嗎？因為我們聽說你們正在推動阿斯彭和艾默生更加緊密地聯繫在一起，而且這種關係正在不斷發展。只是想了解您認為有多少上升空間或有多少安全邊際，因為從歷史上看，艾默生銷售隊伍一直非常非常商業化。通過激勵銷售人員，這種關係似乎超出了最初的渠道。多談談這個機會。

Yes. So you are spot on. I think over the last year and certainly in the last 6 months, the collaboration and the refinement of our go-to-market or joint go-to-market approach, whether it's our project or the white spaces, has certainly improved. Yes, you are correct. In certain markets, China, for example, we're collaborating a lot more in terms of having the channels work together, incentive plans for both channels to support each other have been put in place, and that's really stimulating the right behavior, if you will, as both teams go out and pursue competitive displacement opportunities or Aspen, for example, selling on our DeltaV installed base.

是的。所以你是對的。我認為在過去的一年裡，當然在過去的 6 個月裡，我們的上市或聯合上市方法的協作和完善，無論是我們的項目還是空白領域，都確實得到了改善。是的，你是對的。在某些市場，例如中國，我們在渠道合作方面進行了更多合作，兩個渠道互相支持的激勵計劃已經到位，這確實刺激了正確的行為，如果你將會，因為兩個團隊都會出去尋找競爭性的替代機會，或者例如阿斯彭，在我們的DeltaV 安裝基礎上進行銷售。

So yes, I think we'll continue to evolve and progress that. We're being very careful and we're taking it market by market and doing what makes sense. I don't think there's a one-size-fits-all approach to every market. But certainly, the collaboration and the incentives for our sales organizations to collaborate have improved over the last 6 months.

所以，是的，我認為我們將繼續發展和進步。我們非常謹慎，我們正在逐個市場地進行，並做有意義的事情。我認為沒有一種適合每個市場的一刀切的方法。但可以肯定的是，在過去 6 個月裡，我們銷售組織的協作和協作激勵有所改善。

Next question will be from Chris Snyder, UBS.

下一個問題將由瑞銀集團 (UBS) 的克里斯·斯奈德 (Chris Snyder) 提出。

Congrats on a strong quarter. I guess I wanted to follow up on some of the prior conversation and communication on margins. If our math's right, the guide seems to imply a pretty material sequential decline in margins into the fourth quarter despite a step-up in revenue. I guess, is that right? And what's driving that?

祝賀季度表現強勁。我想我想跟進之前的一些談話和邊緣交流。如果我們的數學正確，那麼該指南似乎意味著，儘管收入有所增加，但第四季度的利潤率將出現相當大的連續下降。我想，是這樣嗎？是什麼推動了這一點？

Yes. We will see a decline in margin in the fourth quarter. And if you think about the third quarter that was driven by price and leverage, both of those things will be a little bit lower in the fourth quarter. As we mentioned, the pricing for the full year will be about 4 relative to the 5 in the fourth quarter or in the third quarter rather, and the mix will also have an effect there as we close out the year.

是的。我們將看到第四季度的利潤率下降。如果你考慮一下第三季度是由價格和槓桿驅動的，那麼第四季度這兩件事都會略低一些。正如我們提到的，全年的定價將約為 4，而第四季度或第三季度的定價為 5，而且當我們結束今年時，這種組合也會產生影響。

I appreciate that. And then just maybe I was looking for some more color on the pipeline of big process projects. Are there some concern in the market that with oil and gas kind of commodities down pretty well off the high and that includes LNG that there could be some slowdown or pressure on these projects seem to have really good momentum on there. So can you just maybe talk about what you're seeing there and particularly on the traditional energy and the LNG side?

我很感激。然後也許我正在尋找大型流程項目的更多色彩。市場是否擔心石油和天然氣類商品從高點大幅下跌，其中包括液化天然氣，這些項目可能會出現一些放緩或壓力，這些項目似乎有非常好的勢頭。那麼您能否談談您在那裡看到的情況，特別是在傳統能源和液化天然氣方面？

Yes. I'll make a couple of comments, and if Ram wants to add color here. Look, the bulk of what we're seeing is gas. It's not oil where we do see activity in the oils around sustainability, conversions, carbon capture, et cetera, and emissions reduction. But it's the gas activity that I think is very relevant. And that is entirely tied to Europe, to energy security and affordability. And we have not seen any slowdown in the activity, as a matter of fact, an acceleration through the quarter in terms of funding processes. There are 7 projects currently out of 9 funded and moving forward aggressively and we've booked 7 of the 9 -- in 7 of the 9 already. So I haven't seen any evidence, and we have not felt within the business any evidence of any potential pullback in the gas infrastructure build-out or LNG infrastructure build-out.

是的。如果拉姆想在這裡添加色彩，我會發表一些評論。看，我們看到的大部分是氣體。我們確實看到石油圍繞可持續性、轉化、碳捕獲等和減排等活動，這並不是石油。但我認為與氣體活動非常相關。這完全與歐洲、能源安全和負擔能力相關。我們沒有看到活動有任何放緩，事實上，本季度融資流程有所加速。目前，9 個項目中有 7 個已獲得資助並正在積極推進，我們已經預訂了 9 個項目中的 7 個——9 個項目中的 7 個已經預訂。因此，我沒有看到任何證據，而且我們在企業內部也沒有感受到任何天然氣基礎設施建設或液化天然氣基礎設施建設可能出現縮減的證據。

Ram?

內存？

Yes. And just to add to that, as it relates to our traditional markets, outside of LNG, as Lal mentioned, chemical is another area where we see continued momentum on projects, certainly in markets like the Middle East, U.S. and China. In terms of our 2 traditional energy business, FPSO activity in Brazil, Guyana and Asia still continues to be good and moving forward. And then obviously, as we've said, activities in metals and mining, life sciences and nuclear continue to progress.

是的。除此之外，正如拉爾提到的，由於它與我們的傳統市場相關，除了液化天然氣之外，化學品是我們看到項目持續增長的另一個領域，尤其是在中東、美國和中國等市場。就我們的第二個傳統能源業務而言，巴西、圭亞那和亞洲的 FPSO 活動仍然繼續良好並向前發展。顯然，正如我們所說，金屬和採礦、生命科學和核能領域的活動繼續取得進展。

So the funnel is diversified. That's what we like about the funnel, and it's not really dependent outside of LNG, not really dependent on one large market, and we feel very confident that on the LNG side, particularly in Qatar and in the U.S. and East Africa, those projects will move forward.

所以渠道是多元化的。這就是我們喜歡這個漏斗的地方，它並不真正依賴於液化天然氣之外，也不真正依賴於一個大市場，我們非常有信心在液化天然氣方面，特別是在卡塔爾、美國和東非，這些項目將前進。

Next question will be from Deane Dray, RBC Capital Markets.

下一個問題將由加拿大皇家銀行資本市場部的迪恩·德雷 (Deane Dray) 提出。

I appreciate the spotlight you put on the battery value chain, and we see this as linked to the whole array of these powerful mega projects that are going on now. In fact, battery is one of the biggest there. But just can you give us -- and it's all tied to the reshoring, nearshoring phenomenon. Give us a sense of what kind of win rates you're seeing there within the battery, but also on other projects? There's more than 50 different projects over $1 billion. Just if you could cut across those, wherein else are you winning like in the semiconductor side, other automation projects and so forth?

我感謝您對電池價值鏈的關注，我們認為這與目前正在進行的一系列強大的大型項目有關。事實上，電池是最大的電池之一。但這一切都與回流、近岸現像有關。請讓我們了解一下您在電池組以及其他項目中看到的獲勝率是多少？有 50 多個不同的項目超過 10 億美元。如果你能跨越這些，那麼你還能在哪些方面獲勝，比如在半導體方面、其他自動化項目等等？

Yes. No, Deane, I'm happy to. So I'll start with LNG, which has been very important. We're winning at a rate higher than 50% so far. We feel really good about continued differentiation in the marketplace and really becoming a de facto automation supplier there. In the hydrogen space at 50% right now, in terms of win rate to the funnel and across the battery ecosystem, feel very, very strong that -- very, very confident that, that sits in the 45% to 55% range as well. In fields like life sciences, it's much higher. And that is due to the very strong position of Delta V and the various instrumentation technologies that we bring to bear.

是的。不，迪恩，我很高興。所以我將從液化天然氣開始，這非常重要。到目前為止，我們的勝率高於 50%。我們對市場上的持續差異化並真正成為那裡事實上的自動化供應商感到非常高興。目前氫能領域的勝率是 50%，就漏斗和整個電池生態系統的勝率而言，我感覺非常非常強烈——非常非常有信心，這也位於 45% 到 55% 的範圍內。在生命科學等領域，這個數字要高得多。這是由於 Delta V 的強大地位以及我們所採用的各種儀器技術。

So overall, I feel really good about the execution to the projects in the funnel. The pursuits are funded by internal teams. There's multi-vary calling points between engineering companies, end users and contractors. And it occurs at all levels within our organization from Ram and I, down into the card-carrying salespeople.

總的來說，我對漏斗中項目的執行感覺非常好。這些追求由內部團隊資助。工程公司、最終用戶和承包商之間存在多種調用點。它發生在我們組織內的各個級別，從拉姆和我，一直到持卡銷售人員。

Good to hear. And then second question would be for Mike. Just can you share with us some of the actions on the working capital side? There was really good free cash flow in the quarter. I would imagine you're still in this sort of interim period prior to NATI, where there's only so much you can do on the working capital side. But just give us a sense of what actions near term, how that translates into free cash flow for the year and then into early '24?

很高興聽到。第二個問題是問邁克的。您能否與我們分享一些在營運資金方面的行動？本季度的自由現金流確實很好。我想你仍然處於 NATI 之前的過渡時期，在營運資金方面你能做的只有這麼多。但只要讓我們了解一下近期會採取哪些行動，這些行動如何轉化為今年以及 24 年初的自由現金流？

Yes, Deane, we have been really focused on inventory with the supply chain challenges, and we've seen some improvement, and we expect to see some continued improvement as we move into the fourth quarter around inventory. On receivables, with 14% growth, there's going to be a growth in receivables, and I'll tell you that DSOs have stayed flat, and the execution there has been really, really good.

是的，迪恩，我們一直非常關注供應鏈挑戰的庫存，我們已經看到了一些改善，並且隨著我們進入第四季度，我們預計庫存將持續改善。在應收賬款方面，隨著 14% 的增長，應收賬款將會增長，我會告訴你，DSO 一直保持平穩，而且執行情況非常非常好。

If we look ahead, we're expecting for the fourth quarter operating cash flow around $800 million to $900 million and CapEx around $150 million, which should put us in around $2.2 billion to $2.3 billion for the year. So I feel good about the actions that we're taking. There's been a strong focus on inventory with the backdrop of the supply chain moving around and settling, which is good, but that's been our focus. The past new performance has continued to come down on the receivables side, which has been really helpful as well.

如果我們展望未來，我們預計第四季度的運營現金流約為 8 億至 9 億美元，資本支出約為 1.5 億美元，這將使我們今年的收入約為 22 億至 23 億美元。所以我對我們正在採取的行動感到滿意。在供應鏈移動和穩定的背景下，人們非常關注庫存，這很好，但這一直是我們的重點。過去的新業績在應收賬款方面持續下降，這也確​​實很有幫助。

Yes. But just let's be clear, a growth in accounts receivable is a high-quality problem.

是的。但我們要明確一點，應收賬款的增長是一個高質量的問題。

That's true.

這是真的。

Next question will be from Jeff Sprague, Vertical Research.

下一個問題將由垂直研究部門的傑夫·斯普拉格（Jeff Sprague）提出。

I apologize if this was addressed. I was on a little late. But Lal, can you just give us thought -- your updated thoughts on how we're progressing towards regulatory approvals on national instruments, and I know your view on 2024 was more subdued than what -- the Street consensus was, but they did post some soft orders here in Q2. So just any thoughts on maybe the trajectory of that business as you work towards close.

如果這個問題得到解決，我深表歉意。我來得有點晚了。但是拉爾，您能否給我們思考一下——您對我們如何取得國家文書監管批准進展的最新想法，我知道您對 2024 年的看法比華爾街的共識更為溫和，但他們確實發布了第二季度有一些軟訂單。因此，當您努力關閉時，您可能會想到該業務的發展軌跡。

Yes, Jeff. Yes, I did cover it in my script, but I'll be happy to repeat the key points. So on the regulatory, we have HSR approval and all the filings have been made, some already obviously obtained. So we feel very confident on the time line to close in the first half of our fiscal 2024. In terms of the business performance, look, it's largely playing out as we built into our model. Orders are down 17% end of the -- that's largely driven by weakness in semiconductor and discrete, but we expect that to improve as the calendar year goes on, and that's how we built into the business case.

是的，傑夫。是的，我確實在劇本中涵蓋了它，但我很樂意重複要點。因此，在監管方面，我們已獲得高鐵批准，所有備案均已提交，其中一些顯然已經獲得。因此，我們對 2024 財年上半年結束的時間線非常有信心。就業務績效而言，看，它很大程度上是在我們構建模型時發揮作用的。年底訂單量下降了 17%，這主要是由於半導體和分立器件的疲軟造成的，但我們預計隨著日曆年的推移，情況會有所改善，這就是我們在業務案例中的構建方式。

Having said that, Jeff, we had another record quarter. Sales were up 5% year-over-year. The profitability continued to improve and is very strong, particularly with GPs at very high levels. So we feel excellent about the execution in the business, and we'll continue to stay close on our collaboration to be in our integration planning so that we can hit the ground running on day 1.

話雖如此，傑夫，我們又創造了一個創紀錄的季度。銷售額同比增長 5%。盈利能力持續改善且非常強勁，特別是在普通合夥人水平非常高的情況下。因此，我們對業務執行情況感到非常滿意，並且我們將繼續在整合計劃中保持密切合作，以便我們能夠在第一天就開始運作。

Great. And then a few things I did hear on the Q&A. It was a lot of discussion here on margin leverage, mix and et cetera, just kind of drilling in on price costs specifically. I would imagine we're maybe at or near kind of peak positive gap on that metric. I just wondered if you would opine on that. And maybe more importantly, though, my question is your ability to kind of maintain a positive spread between price and cost as we kind of look forward here the next several quarters?

偉大的。然後是我在問答中聽到的一些事情。這裡有很多關於保證金槓桿、組合等的討論，只是專門討論價格成本。我想我們可能處於或接近該指標的峰值正差距。我只是想知道你對此有何看法。也許更重要的是，我的問題是，當我們期待接下來的幾個季度時，您是否有能力在價格和成本之間保持正價差？

Yes. Yes. Ram, why don't you give us a...

是的。是的。拉姆，你為什麼不給我們一個...

Yes. So I think we're very confident in maintaining price cost green going into next year. However, price cost in terms of margin point contribution or the spread will be lower as we go forward. I mean we've had an exceptionally good year here in terms of price performance and obviously, Nmi coming down in the second half. That will continue. I mean we will be green price cost, but the margin point contribution from it will be lower in '24, which will have an impact on leverage rates.

是的。因此，我認為我們對明年保持價格成本綠色非常有信心。然而，隨著我們的前進，保證金點貢獻或點差方面的價格成本將會降低。我的意思是，我們在價格表現方面度過了非常好的一年，顯然，Nmi 在下半年有所下降。這將繼續下去。我的意思是，我們將採用綠色價格成本，但其保證金點貢獻將在 24 年降低，這將對槓桿率產生影響。

Next question will be from Tommy Moll, Stephens Inc.

下一個問題將來自 Stephens Inc. 的湯米·莫爾 (Tommy Moll)。

Well, I think it was a quarter ago, maybe before you called out some of the softening on the discrete side. That was originally, I think, in Europe, primarily Germany, but then you highlighted some evolving trends in the U.S. and Asia as well. Can you give us any more insight there?

嗯，我想那是一個季度前的事了，也許是在你指出離散方面的一些疲軟之前。我認為這最初是在歐洲，主要是在德國，但後來你也強調了美國和亞洲的一些不斷變化的趨勢。您能給我們更多的見解嗎？

Yes. We saw that develop through the quarter, Tommy. You're absolutely right. A quarter ago, we talked about weakness that we began to see, particularly in automotive and in packaging OEMs, which, as you know, in Germany, not only serve the German market, but export throughout the world. That did spread into the United States and into parts of Asia. And that developed through the quarter that drove more weakness in that discrete business, which again, makes sense from a cycle perspective for us, but that really developed over the last 3 months.

是的。湯米，我們看到了整個季度的發展。你是絕對正確的。一個季度前，我們談到了我們開始看到的弱點，特別是在汽車和包裝原始設備製造商方面，如您所知，這些在德國不僅服務於德國市場，還出口到世界各地。這確實蔓延到了美國和亞洲部分地區。這一季度的發展導致該離散業務更加疲軟，從周期角度來看，這對我們來說是有意義的，但實際上是在過去 3 個月中發展起來的。

I appreciate it. Lal, I also wanted to ask about culture. It's something that you've highlighted throughout your entire tenure as CEO. At the same time, pro forma for NATI, you'll have a much larger organization, including pieces that had their own cultures before they were folded into Emerson. So situate us on that journey and give us some insight into what the consolidated approach will be once your portfolio is more mature?

我很感激。拉爾，我也想問一下文化。這是您在擔任首席執行官的整個任期內一直強調的事情。同時，在 NATI 的備考中，您將擁有一個更大的組織，其中包括在併入艾默生之前擁有自己文化的作品。那麼，請讓我們了解一下您的投資組合更加成熟後，整合方法將會是什麼？

Yes. No, I appreciate the question, Tom. As you know, that's pillar #1 and continues to be pillar #1 for the organization. We're very excited about the journey we're on. As you know, culture is not something that you change immediately, but as you have to journey. And there's been a lot done in -- across Emerson.

是的。不，我很欣賞這個問題，湯姆。如您所知，這是組織的第一支柱，並且仍然是該組織的第一支柱。我們對我們正在進行的旅程感到非常興奮。如您所知，文化不是您可以立即改變的東西，而是您必須經歷的過程。艾默生已經做了很多工作。

What I particularly am excited about is the culture that exists today at National Instruments. It is something that is familiar to us. It is a very attractive place to work, a culture based around learning, curiosity, and that is felt in every engagement that we've had with that team. They have moved ahead in many of the dimensions that we are looking to do here at Emerson, and we're going to be learning from NI and applying a lot of their lessons to what we implement here in our company.

讓我特別興奮的是 National Instruments 現有的文化。這是我們很熟悉的事情。這是一個非常有吸引力的工作場所，一種基於學習和好奇心的文化，我們與該團隊的每一次接觸都能感受到這一點。他們在艾默生希望實現的許多方面取得了進展，我們將向 NI 學習，並將他們的大量經驗教訓應用到我們公司的實施中。

So I think there's an accretion there and an accelerator there from what they've done and -- but at the end of the day, it's a company of engineers, who are curious, who lean forward and think about tech in differentiated ways and that's essentially who we are today.

因此，我認為他們所做的事情會帶來積累和加速器，但歸根結底，這是一家由工程師組成的公司，他們充滿好奇心，他們向前傾斜並以不同的方式思考技術，這就是本質上我們就是今天的我們。

Next question will be from Joe O'Dea of Wells Fargo.

下一個問題將由富國銀行的 Joe O'Dea 提出。

I guess one more just related to the price cost dynamic, I think, pretty clear in terms of what you're seeing on the cost opportunity side. But just overall, how you think that filters through on the price side. So I appreciate that still a positive margin spread even if narrowing. But in conversations you're having, are you seeing a little bit more discussion around that? Are you seeing areas where price is actually moving down?

我想還有一個與價格成本動態有關，我認為，就您在成本機會方面看到的情況而言，這一點非常清楚。但總體而言，您的想法如何影響到價格方面。因此，我很欣賞即使利差縮小，仍然存在正值。但在你們正在進行的對話中，您是否看到了更多圍繞這個問題的討論？您是否看到價格實際上正在下降的區域？

No, we expect price to remain positive. The magnitude of the price will be. Obviously, it's not as part -- the increases won't be as positive as we saw in the inflationary times of the last couple of years. But our automation business, we have a leadership position in all the markets we play in. We bring a lot of technology to our customers. Obviously, KOB 3, which is the replacement cycle is 65% of our sales. So we'll be positive price going into 2024, even as we execute on the favorable deflation that we will see on purchases like electronics, castings, machine parts.

不，我們預計價格將保持正值。價格的大小將是。顯然，這不是一部分——增長不會像我們在過去幾年的通貨膨脹時期看到的那樣積極。但我們的自動化業務在我們參與的所有市場中都處於領先地位。我們為客戶帶來了很多技術。顯然，KOB 3，即更換週期，占我們銷量的65%。因此，進入 2024 年，即使我們在電子產品、鑄件、機器零件等採購方面看到有利的通貨緊縮，我們仍將保持積極的價格。

Got it. And then also wanted to circle back, a couple of comments on near-shoring and I think kind of a broadening out maybe of the trends there. And so if you could expand on that a little bit and just touch on sort of the evolution of what you've seen, maybe kind of led in North America, but just sort of what inning you think we're on? Are you seeing any kind of stabilization in those trends in the U.S., but you're seeing kind of growth budding in other regions. And so if you can touch on those regions and verticals a little bit more?

知道了。然後我還想回顧一下，對近岸外包的一些評論，我認為這可能是那裡趨勢的擴大。因此，如果您可以稍微擴展一下這一點，並談談您所看到的某種演變，也許是在北美領先，但您認為我們處於哪一局？您是否看到美國的這些趨勢有所穩定，但其他地區的增長正在萌芽？那麼您是否可以更多地接觸這些區域和垂直領域？

I'll say a few comments and I have asked Ram to add a little color as well. Look, I think we're in early innings, certainly early innings in terms of the infrastructure, chips, near-shoring activities, and it's broad-based. It's driven clearly in the EV value chain that I've described in Life Sciences, semiconductor, which will benefit in National Instrument significantly as well. But it's Australia, it's Europe, it's the United States with very robust activity across all world areas. But I have to say, based on just the pace of activity, I do believe there are many innings yet to be played here.

我會說一些評論，並且我也請拉姆添加一些顏色。聽著，我認為我們正處於早期階段，在基礎設施、芯片、近岸活動方面當然還處於早期階段，而且基礎廣泛。它在我在生命科學、半導體中描述的電動汽車價值鏈中得到了明確的驅動，這也將在國家儀器中顯著受益。但澳大利亞、歐洲、美國在世界各地的活動都非常活躍。但我不得不說，僅根據活動節奏，我確實相信這裡還有很多局尚未打完。

This concludes our conference today. Thank you for attending this presentation. You may now disconnect.

我們今天的會議到此結束。感謝您參加本次演講。您現在可以斷開連接。