艾默生電氣 (EMR) 2024 Q4 法說會逐字稿

Good morning, everyone, and welcome to the strategic announcement of Q4 and full year 2024 earnings conference call.

大家早安，歡迎參加第四季戰略公告和 2024 年全年收益電話會議。

(Operator Instructions) Please also note, today's event is being recorded.

（操作員說明）也請注意，今天的活動正在錄製中。

At this time, I'd like to turn the conference call over to our host, Colleen Mettler, Vice President of Investor Relations at Emerson.

現在，我想將電話會議轉交給我們的主持人、艾默生投資者關係副總裁科琳·梅特勒 (Colleen Mettler)。

Please go ahead.

請繼續。

Good morning, and thank you for joining us for Emerson's strategic announcement and fourth quarter and full year 2024 earnings conference call.

早安，感謝您參加艾默生的策略公告以及 2024 年第四季和全年財報電話會議。

This morning, I am joined by President and Chief Executive Officer, Lal Karsanbhai; Chief Financial Officer, Mike Baughman; and Chief Operating Officer, Ram Krishnan.

今天上午，總裁兼執行長 Lal Karsanbhai 也與我會面。財務長麥克·鮑曼；和首席營運長拉姆·克里希南。

As always, I encourage everyone to follow along with both slide presentation we have prepared this morning, which are available on our website.

一如既往，我鼓勵大家關注我們今天早上準備的幻燈片演示，這些演示文稿可以在我們的網站上找到。

Please join me on slide 2.

請和我一起觀看投影片 2。

This presentation may include forward-looking statements, which contain a degree of business risk and uncertainty.

本簡報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。

Please take time to read the Safe Harbor statement and note on GAAP measures.

請花時間閱讀安全港聲明和有關 GAAP 措施的說明。

Please turn to slide 3.

請翻到幻燈片 3。

Today, we have two presentations that we will discuss.

今天，我們將討論兩個簡報。

We will first go through our strategic announcements presentation and then we will go through our 2024 financial results and guide for fiscal '25.

我們將首先瀏覽我們的策略公告演示，然後我們將瀏覽 2024 年財務業績和 25 財年指南。

I will now pass the call over to Emerson's President and CEO, Lal Karsanbhai, to discuss the strategic actions we announced to complete our portfolio transformation.

我現在將把電話轉給艾默生總裁兼執行長 Lal Karsanbhai，討論我們為完成投資組合轉型而宣布的策略行動。

Thank you, Colleen.

謝謝你，科琳。

Good morning, everyone.

大家早安。

Please turn to slide 4. 2024 is an exciting year where we closed our National Instruments acquisition, did excellent work driving synergies and integration and celebrated 80 years as a company listed on the New York Stock Exchange.

請參閱投影片4。2024 年是令人興奮的一年，我們完成了對National Instruments 的收購，在推動協同效應和整合方面做出了出色的工作，並慶祝了公司在紐約證券交易所上市80 週年。

Operationally, we performed at a high level and we'll go through our results in a few minutes.

在操作上，我們表現出色，幾分鐘後我們就會看到我們的結果。

2025 is a milestone year for Emerson as we commemorate our 135 year as a company.

2025 年對艾默生來說是具有里程碑意義的一年，我們將慶祝公司成立 135 週年。

This longevity is only possible due to the talent, dedication and innovative spirit of our Emerson employees through the decades and I'm grateful for their continued contributions.

這種長壽只能歸功於艾默生員工幾十年來的才華、奉獻精神和創新精神，我感謝他們的持續貢獻。

Emerson has undergone many transformations during this storied history, and I'm excited to announce our final steps to complete our portfolio transformation, which started 3.5 years ago.

艾默生在這段傳奇的歷史中經歷了許多轉型，我很高興地宣布我們完成 3.5 年前開始的產品組合轉型的最後步驟。

Our intent has been unwavering in the execution of our vision to create a cohesive industrial technology portfolio.

我們堅定不移地執行我們的願景，即創建一個有凝聚力的工業技術組​​合。

Transformation and evolution have been hallmarks of past Emerson generations.

變革和發展是艾默生歷代的標誌。

A Persons, Chuck Knight and David Farr all had visions and reinvented this great company.

A Persons、查克奈特 (Chuck Knight) 和大衛法爾 (David Farr) 都有遠見，並重塑了這家偉大的公司。

And now this is a trademark of this management team that I have the privilege to lead.

現在，這是我有幸領導的管理團隊的標誌。

Please turn to slide 5.

請翻到投影片 5。

First, Emerson has made a proposal to acquire the remaining shares of AspenTech for $240 per share in cash, which values AspenTech at an EBITDA multiple consistent to our original transaction.

首先，艾默生提議以每股 240 美元現金收購 AspenTech 的剩餘股份，這對 AspenTech 的估值與我們最初的交易一致，為 EBITDA 倍數。

Given our position as a 57% shareholder of AspenTech, our proposal must be made public and filed under our 13-D reporting obligations as and when delivered to AspenTech.

鑑於我們作為 AspenTech 57% 的股東，我們的提案必須在交付給 AspenTech 時公開並根據我們的 13-D 報告義務進行歸檔。

We were prohibited from engaging in any take private discussions with AspenTech ahead of such public disclosure.

在此類公開披露之前，我們被禁止與 AspenTech 進行任何私下討論。

Now that our proposal has been made public, we look forward to engaging privately with a special committee of AspenTech's Board to reach a definitive agreement that will benefit both Emerson and AspenTech shareholders.

既然我們的提案已經公開，我們期待與 AspenTech 董事會的一個特別委員會私下接觸，以達成一項最終協議，這將使艾默生和 AspenTech 股東受益。

If we reach an agreement with the special committee, Emerson's proposal is that the transaction be affected by a tender offer that would be subject to a non-waivable condition that at least a majority of the AspenTech common stock held by minority stockholders be tendered in accordance with the MSW framework.

如果我們與特別委員會達成協議，艾默生的提議是，該交易將受到要約收購的影響，該要約將受到不可豁免的條件的影響，即少數股東持有的至少大部分 AspenTech 普通股將按照與城市固體廢棄物框架。

I wish to emphasize that in our capacity as a stockholder of AspenTech, we are only interested in acquiring the shares of the company that we do not currently own.

我想強調的是，作為 AspenTech 的股東，我們只對收購目前不擁有的公司股份感興趣。

And accordingly, we have no interest in a disposition or sale of our holdings in the company.

因此，我們沒有興趣處置或出售我們在該公司的股份。

This is an exciting opportunity to bring two exceptional companies fully together and unlock significant value creation potential for shareholders, employees and customers.

這是一個令人興奮的機會，可以將兩家傑出的公司完全結合在一起，並為股東、員工和客戶釋放巨大的價值創造潛力。

Since completing our initial investment in 2022, our partnership with AspenTech has been highly productive and has advanced our capabilities in software-defined automation.

自 2022 年完成初始投資以來，我們與 AspenTech 的合作一直富有成效，並提高了我們在軟體定義自動化方面的能力。

The success of our operating partnership with AspenTech over the last two years gives us confidence that the time is right to bring Emerson and AspenTech together.

過去兩年我們與 AspenTech 營運夥伴關係的成功讓我們相信，艾默生和 AspenTech 合併的時機已經成熟。

The combination of Emerson and AspenTech would advance key initiatives, create new opportunities through full integration as a single company and further accelerate Emerson's industrial software strategy.

艾默生和 AspenTech 的合併將推動關鍵舉措，透過作為一家公司的全面整合創造新的機會，並進一步加速艾默生的工業軟體策略。

Additionally, as a single company, leveraging the proven Emerson Management System, we expect there to be immediate additional cost synergies from the transaction.

此外，作為一家公司，利用經過驗證的艾默生管理系統，我們預計此交易將立即產生額外的成本綜效。

Finally, we believe this transaction and the simplified structure would make it easier for our investors to value and model our company.

最後，我們相信這次交易和簡化的結構將使我們的投資者更容易對我們的公司進行估值和建模。

Second, we have commenced a process to explore strategic alternatives, including a cash sale for our Safety and Productivity business to maximize shareholder value.

其次，我們已經開始探索策略替代方案，包括現金出售我們的安全和生產力業務，以最大限度地提高股東價值。

This segment, which includes Emerson's legacy tools businesses, is approximately 8% of 2024 revenue and comprises the remaining businesses not related to automation in Emerson's portfolio.

該細分市場包括艾默生的傳統工具業務，約佔 2024 年收入的 8%，並包括艾默生產品組合中與自動化無關的其餘業務。

This business has industry-leading margins and cash flow, but does not fit our automation thematic.

該業務擁有業界領先的利潤率和現金流，但不符合我們的自動化主題。

Third, we announced that we are increasing our return of capital to shareholders.

第三，我們宣布將增加對股東的資本回報。

We plan to repurchase approximately $2 billion of common stock in fiscal 2025, and expect to complete $1 billion by the end of the fiscal first quarter.

我們計劃在 2025 財年回購約 20 億美元的普通股，並預計在第一季末完成 10 億美元。

Together with the dividend, we expect to return approximately 100% of our guided free cash flow in 2025 to shareholders.

加上股息，我們預計將在 2025 年將指導自由現金流的約 100% 返還給股東。

The repurchase underscores Emerson's commitment to driving shareholder returns as we believe the current multiple does not accurately reflect Emerson's strong outlook, significant free cash flow generation and benefits of the strategic actions announced today.

此次回購凸顯了艾默生對推動股東回報的承諾，因為我們認為當前的本益比並不能準確反映艾默生的強勁前景、顯著的自由現金流產生以及今天宣布的戰略行動的好處。

It's important to note that post transactions, we expect to maintain our A2A credit rating.

值得注意的是，交易後，我們希望維持 A2A 信用評級。

Please turn to slide 6.

請翻到幻燈片 6。

AspenTech is a leading industrial software company that delivered $1.1 billion in revenue and $941 million in ACV in 2024.

AspenTech 是一家領先的工業軟體公司，2024 年營收為 11 億美元，ACV 為 9.41 億美元。

AspenTech's process simulation and optimization software delivers efficiency and productivity gains in mission-critical environments for its global customer base, including top EPC, utilities, chemicals and energy companies.

AspenTech 的流程模擬和優化軟體為其全球客戶群（包括頂級 EPC、公用事業、化學品和能源公司）在關鍵任務環境中提高效率和生產力。

AspenTech's innovative software product capabilities are critical to helping these customers address the dual challenge of maximizing production output while also achieving sustainability goals by enabling digital transformation at scale to optimize asset performance across its life cycle.

AspenTech 的創新軟體產品功能對於幫助這些客戶應對最大化產量的雙重挑戰至關重要，同時透過大規模數位轉型優化整個生命週期的資產效能來實現永續發展目標。

Their software portfolio includes their heritage AspenTech businesses as well as the two businesses we contributed to the initial deal, SSE and DGM.

他們的軟體產品組合包括其傳統的 AspenTech 業務以及我們在初始交易中貢獻的兩項業務：SSE 和 DGM。

Today, Emerson's leading Automation Solutions and AspenTech's industrial software capabilities provide our customers with an unparalleled portfolio of offerings.

如今，艾默生領先的自動化解決方案和 AspenTech 的工業軟體功能為我們的客戶提供了無與倫比的產品組合。

Our future vision as an integrated company would accelerate innovation to deliver significant value and move the industry forward.

作為一家綜合性公司，我們的未來願景將加速創新，創造巨大價值並推動產業向前發展。

Please turn to slide 7.

請翻到幻燈片 7。

We believe bringing AspenTech fully under Emerson's ownership at this time would enable us to combine technology capabilities to rapidly accelerate our vision of moving the control system landscape to a software-defined enterprise automation architecture.

我們相信，此時將 AspenTech 完全納入艾默生旗下，將使我們能夠結合技術能力，快速加速我們將控制系統景觀轉向軟體定義的企業自動化架構的願景。

In today's typical manufacturing facility, there are clear delineations between different levels of the automation technology stack.

在當今的典型製造工廠中，自動化技術堆疊的不同層級之間有明確的界限。

Field devices send data through a variety of communication protocols into control hardware and embedded software in a distributed control system that runs the production and safety operations in the facility.

現場設備透過各種通訊協定將資料傳送到分散式控制系統中的控制硬體和嵌入式軟體中，該系統在設施中運行生產和安全操作。

This automation loop is the traditional strength of the Emerson portfolio.

這種自動化循環是艾默生產品組合的傳統優勢。

AspenTech's optimization software sits on top of this architecture providing design, operations and maintenance suites to improve overall plant performance.

AspenTech 的最佳化軟體位於該架構之上，提供設計、營運和維護套件，以提高工廠的整體效能。

Today, even within a single plant, field devices and control hardware typically come from multiple manufacturers with complex web of connections that are designed to provide data up the stack to specific departments.

如今，即使在單一工廠內，現場設備和控制硬體通常也來自多個製造商，具有複雜的連接網絡，旨在向特定部門提供堆疊資料。

For example, production and maintenance data are separately managed for those departments.

例如，這些部門的生產和維護資料是分開管理的。

This inherently siloed approach limits customers' ability to drive maximum efficiency, uptime and reliability in our operations.

這種固有的孤立方法限制了客戶在我們的營運中實現最高效率、正常運作時間和可靠性的能力。

With a fully aligned portfolio and technology road map and use of the latest technological developments that Emerson is pioneering, we believe we can move the industry to a software-defined approach in which field devices for mobile manufacturers feed data seamlessly into edge controllers that make use of a unified data fabric democratizing operational data.

憑藉完全一致的產品組合和技術路線圖以及艾默生開創的最新技術發展的使用，我們相信我們可以將行業推向軟體定義的方法，在這種方法中，行動製造商的現場設備將數據無縫地輸入到邊緣控制器中，從而利用統一的資料結構使操作資料民主化。

That data fabric would then be available to a suite of control and optimization software modules that will vary depending on specific customer needs.

然後，該資料結構將可用於一套控制和優化軟體模組，這些模組將根據特定客戶需求而變更。

We call the full suite of software modules, Emerson's Enterprise Operations platform, which will run production into our safety, reliability and optimization at the site regionally, and eventually at the enterprise level for all our customers.

我們將全套軟體模組稱為艾默生企業營運平台，該平台將在區域範圍內實現我們的安全、可靠性和優化生產，並最終在企業層級為所有客戶提供服務。

Please turn to slide 8.

請翻到幻燈片 8。

Our customers continue to evolve their production to improve efficiency and apply the latest technologies to operational footprints.

我們的客戶不斷發展其生產以提高效率並將最新技術應用於營運足跡。

While today, they continue to value the traditional benefits of the automation technology stack including security, reliability and redundancy, they are increasingly looking to benefit from new technologies that enable step changes in the productivity and longevity of facilities and production assets.

如今，他們仍然重視自動化技術堆疊的傳統優勢，包括安全性、可靠性和冗餘性，但他們越來越希望從新技術中受益，這些新技術能夠顯著提高設施和生產資產的生產力和壽命。

Emerson's Enterprise Operations platform will connect the field, edge and cloud across manufacturers to provide customers with the flexibility to manage the operations of assets from individual sites to the broad enterprise in whatever way is best for their needs.

艾默生的企業營運平台將跨製造商連接現場、邊緣和雲，為客戶提供靈活性，以最適合其需求的方式管理從單一站點到整個企業的資產運營。

We will deploy this capability in phases, moving from foundational integration of our various software modules to site level and then eventually enterprise-wide control and optimization.

我們將分階段部署此功能，從各種軟體模組的基礎整合轉向站點級別，然後最終實現企業範圍的控制和最佳化。

Fully alignment of technology road maps between Emerson and AspenTech is crucial to realizing this vision.

艾默生和 AspenTech 之間技術路線圖的完全一致性對於實現這一願景至關重要。

We believe this approach will move the existing $30 billion control system and optimization software TAM from its current construct of 1/3 software, 2/3 hardware and services for a predominantly software-based market, growing high single digits with a significant proportion of recurring revenue.

我們相信，這種方法將使現有價值300 億美元的控制系統和優化軟體TAM 從目前的1/3 軟體、2/3 硬體和服務的結構轉向以軟體為主的市場，以高個位數增長，並且經常性的比例很大。

Please turn to slide 9.

請翻到投影片 9。

The breadth and depth of Emerson and AspenTech's software capabilities across engineering and design, operations, asset performance and data management is unparalleled in our space, providing a broad set of customers with unique value across the full life cycle of their assets.

艾默生和 AspenTech 在工程和設計、營運、資產性能和數據管理方面的軟體能力的廣度和深度在我們的領域是無與倫比的，為廣大客戶在其資產的整個生命週期提供獨特的價值。

Customers use our suite of applications to design and simulate their processes, control and optimize production to maximize throughput and quality, proactively monitor their capital assets and take action before an issue emerges and more effectively utilize the wide variety of structured and unstructured data that they generate.

客戶使用我們的應用程式套件來設計和模擬他們的流程、控制和優化生產，以最大限度地提高產量和品質、主動監控他們的資本資產並在問題出現之前採取行動，並更有效地利用他們生成的各種結構化和非結構化資料。

By fully integrating AspenTech within Emerson, we'll be able to align our technology road maps more effectively and rapidly thereby accelerating the achievement of our vision of software defined automation and delivering significant value to our customers.

透過將 AspenTech 完全整合到艾默生中，我們將能夠更有效、更快速地調整我們的技術路線圖，從而加速實現我們的軟體定義自動化願景，並為我們的客戶提供巨大的價值。

Please turn to slide 10.

請翻到投影片 10。

Across the key capabilities required to offer customers an Enterprise Operations platform, we believe the combination of Emerson and AspenTech would have unique offerings relative to our leading automation competitors as well as to nontraditional players like ERP and cloud providers.

在為客戶提供企業營運平台所需的關鍵功能方面，我們相信艾默生和 AspenTech 的結合將提供相對於我們領先的自動化競爭對手以及 ERP 和雲端供應商等非傳統參與者的獨特產品。

In particular, our extensive experience integrating software modules to our distributed control system suite, our leading approach to zero trust cybersecurity and our insights into native connectivity with field devices enable us to provide compelling value to our customers.

特別是，我們將軟體模組整合到分散式控制系統套件中的豐富經驗、我們領先的零信任網路安全方法以及我們對現場設備本機連接的見解使我們能夠為客戶提供令人信服的價值。

For total clarity, AspenTech's suite of optimization software solutions would continue to be actively sold on top of third-party control systems as they are today.

為明確起見，AspenTech 的優化軟體解決方案套件將繼續在第三方控制系統之上積極銷售，就像現在一樣。

Turning to slide 11.

轉到投影片 11。

We believe this transaction would create significant value for our shareholders as well.

我們相信這項交易也將為我們的股東創造巨大的價值。

We see meaningful opportunities to leverage Emerson's management system to improve operating margins, cash flow and innovation productivity as we have demonstrated with test and measurement.

正如我們透過測試和測量所證明的那樣，我們看到了利用艾默生管理系統來提高營運利潤、現金流和創新生產力的有意義的機會。

The primary areas for synergy targets include corporate costs and G&A where we would strive to streamline duplicative functions, leverage a regional best cost model, consolidate facilities, and use Emerson's scale to reduce third-party spend.

協同目標的主要領域包括企業成本和一般行政費用，我們將努力簡化重複職能，利用區域最佳成本模型，整合設施，並利用艾默生的規模來減少第三方支出。

For R&D, we can enhance the productivity of spend and leverage common capabilities while supporting accelerated investment as we build out the Enterprise Operations platform.

對於研發，我們可以提高支出效率並利用通用功能，同時在建立企業營運平台時支援加速投資。

We believe the transaction will meet Emerson's return thresholds, and we expect the impact to adjusted earnings per share to be neutral in fiscal 2025 with synergies.

我們相信該交易將滿足艾默生的回報門檻，並且我們預計對 2025 財年調整後每股收益的影響將是中性的，並具有協同效應。

Please turn to slide 12.

請翻到投影片 12。

Now is the right time to acquire all outstanding shares of common stock of AspenTech.

現在是收購 AspenTech 全部已發行普通股的最佳時機。

The combination of Emerson and AspenTech would accelerate the achievement of our software-defined automation strategy and provide unparalleled value to customers.

艾默生和 AspenTech 的合併將加速我們軟體定義自動化策略的實現，並為客戶提供無與倫比的價值。

As a single company, leveraging the proven Emerson management system, there would be immediate additional cost efficiencies from the transaction in addition to opportunities to enhance operational performance at AspenTech.

作為一家單一公司，利用經過驗證的艾默生管理系統，除了有機會提高 AspenTech 的營運績效外，這筆交易還將立即帶來額外的成本效率。

Lastly, a single integrated company reduces structural complexity for our investors.

最後，單一的綜合公司降低了投資者的結構複雜性。

We are excited by the opportunity to bring AspenTech fully into Emerson.

我們很高興有機會將 AspenTech 完全引入艾默生。

Please turn to slide 13.

請翻到投影片 13。

Our second announcement this morning is that we have commenced a review of strategic alternatives for the Safety & Productivity business, including a cash sale.

今天早上我們發布的第二項聲明是，我們已開始審查安全與生產力業務的策略替代方案，包括現金出售。

This business is a $1.4 billion global manufacturer of professional plumbing and electrical tools as well as wet dry and commercial vacuums with leading gross margins and strong free cash flow generation.

該公司是一家價值 14 億美元的全球專業管道和電動工具以及乾濕式和商用吸塵器製造商，具有領先的毛利率和強勁的自由現金流。

Safety & Productivity is a technology-based business with premium brands, including Rigid, Klocke and Greenlea that is exposed to attractive growth drivers such as reshoring and domestic manufacturing, but is not aligned to our strategic road map.

安全與生產力是一家以技術為基礎的業務，擁有 Rigid、Klocke 和 Greenlea 等優質品牌，受到回流和國內製造等有吸引力的成長動力的影響，但與我們的策略路線圖不符。

There is no deadline or definitive timetable set for the completion of the strategic alternative process or assurance the process will result in any transaction.

沒有為完成策略替代流程設定最後期限或明確的時間表，也沒有保證該流程將導致任何交易。

Please turn to slide 14.

請翻到投影片 14。

We are focused on our value creation road map.

我們專注於價值創造路線圖。

And at the successful completion of these strategic actions, we will have created a highly attractive $16 billion global industrial technology company with a comprehensive portfolio of software-defined and hardware advantaged automation solutions.

成功完成這些戰略行動後，我們將創建一家極具吸引力的 160 億美元全球工業技術公司，擁有全面的軟體定義和硬體優勢自動化解決方案組合。

Our cohesive portfolio generates strong profitability and cash.

我們具有凝聚力的投資組合產生了強勁的獲利能力和現金。

And our growth platforms are aligned to underlying secular market trends, which will deliver significant growth going forward to support our 4% to 7% through-the-cycle organic growth framework.

我們的成長平台與潛在的長期市場趨勢保持一致，這將帶來未來的顯著成長，以支持我們 4% 至 7% 的整個週期有機成長框架。

Industrial software is our largest growth platform, and software represents approximately 14% of post-transaction sales, which is well positioned to increase as we drive the software content in our business higher.

工業軟體是我們最大的成長平台，軟體約佔交易後銷售額的 14%，隨著我們推動業務中的軟體內容不斷提高，這一數字有望繼續增長。

ACV, which is an operating metric used to gauge the underlying health of software businesses is $1.4 billion and grew at 10% year-over-year.

ACV 是用於衡量軟體業務基本健康狀況的營運指標，價值 14 億美元，年增 10%。

We will simplify the reporting segments with these transactions moving from 7 to 5 as we intend to consolidate AspenTech into control systems and software.

由於我們打算將 AspenTech 整合到控制系統和軟體中，因此我們將簡化報告部分，將這些交易從 7 個減少到 5 個。

We have conviction in the profit and growth potential of this premier collection of industrial technology assets centered on an automation thematic and we are excited to deliver further growth, margin expansion and shareholder value creation.

我們對這個以自動化主題為中心的一流工業技術資產的利潤和成長潛力充滿信心，我們很高興能夠實現進一步的成長、利潤率擴張和股東價值創造。

The AspenTech proposal was made public today pursuant to regulatory obligations and we have walked you through our plan and why we are pursuing this transaction now.

AspenTech 的提案今天根據監管義務公開，我們已向您介紹了我們的計劃以及我們現在進行這項交易的原因。

The next steps in both of the portfolio transactions announced today will be done privately.

今天宣布的兩項投資組合交易的後續步驟將私下進行。

We do not intend to make any further public statements or announcements regarding the proposal or review of the strategic alternatives until such time as a definitive agreement is reached or a further disclosure is appropriate.

在達成最終協議或適當進行進一步披露之前，我們不打算就戰略替代方案的提議或審查發表任何進一步的公開聲明或公告。

We will not be taking or answering any questions on the AspenTech proposal today or until such time is appropriate.

今天或在適當的時候，我們不會接受或回答有關 AspenTech 提案的任何問題。

I will now turn the call over to Mike Baughman to review our 2024 results and 2025 guidance.

我現在將把電話轉給 Mike Baughman，以審查我們 2024 年的業績和 2025 年的指導。

Thanks, Lal, and good morning, everyone.

謝謝拉爾，大家早安。

We will now go to the next presentation, shifting the call to the earnings press release and discuss our 2024 financial results and 2025 guidance.

我們現在將進入下一個演示，將電話會議轉向收益新聞稿，並討論我們的 2024 年財務業績和 2025 年指導。

We will also share with you what we are seeing in our funnel and end markets.

我們還將與您分享我們在通路和終端市場中看到的情況。

Please join me on slide 16.

請跟我一起看投影片 16。

We continue to deliver on our value creation framework.

我們繼續實現我們的價值創造框架。

As you can see in this chart, 2024 was another excellent year that met or exceeded guidance.

正如您在此圖表中所看到的，2024 年又是達到或超過指導值的出色一年。

Underlying sales grew 6% and operating leverage was 47%, both in line with August guidance.

基礎銷售額成長 6%，營運槓桿率為 47%，均符合 8 月的指引。

Adjusted EPS was $5.49 at the high end of August guidance and free cash flow was $2.9 billion, which exceeded our guidance.

調整後每股收益為 8 月底指導值的最高值 5.49 美元，自由現金流為 29 億美元，超出了我們的指導價值。

Quarterly underlying orders growth exited the year at 2% and our full year growth is also 2%.

今年季度基本訂單成長率為 2%，全年成長率也是 2%。

This order's growth was led by our process and hybrid businesses, which were up mid-single digits for the year.

該訂單的成長是由我們的流程和混合業務帶動的，該業務今年實現了中個位數的成長。

Discrete Automation orders were down mid-single digits for the year, but turned positive in Q4 as we expected, though not included in the underlying for 2024.

離散自動化訂單今年下降了中個位數，但正如我們預期的那樣在第四季度轉為正值，儘管沒有包含在 2024 年的基本訂單中。

Test & Measurement orders in the quarter were down 7% but improved 2 points sequentially, and we remain optimistic about a recovery in this business in 2025.

本季度測試與測量訂單下降 7%，但環比提高 2 個百分點，我們對該業務在 2025 年的復甦仍持樂觀態度。

Additionally, we executed approximately $435 million of share repurchase above the August guidance as we saw an opportunity to buy our 2025 dilution in advance at an attractive valuation.

此外，我們在 8 月的指引之上執行了約 4.35 億美元的股票回購，因為我們看到了以有吸引力的估值提前購買 2025 年稀釋股權的機會。

Our 2024 performance was another year of strong operating results and demonstrates the work of our transformed higher-growth, higher-margin portfolio.

我們 2024 年的業績又是強勁營運表現的一年，展現了我們轉型後的高成長、高利潤投資組合的成效。

Please turn to slide 17, where I will provide additional color on our 2024 performance.

請參閱投影片 17，我將在其中提供有關我們 2024 年業績的更多資訊。

Underlying sales growth of 6% was led by our process and hybrid businesses, which were up high single digits for the year.

6% 的基本銷售額成長是由我們的流程和混合業務帶動的，這些業務今年實現了高個位數成長。

Intelligent Devices grew 5%, while software and control grew 8% and price contributed 2 points of growth.

智慧型設備成長5%，軟體和控製成長8%，價格貢獻2個百分點的成長。

Asia, Middle East and Africa led the growth of 8% with exceptional performance from the Middle East and Africa led by strong project activity in LNG and chemical.

亞洲、中東和非洲引領了 8% 的成長，其中中東和非洲在液化天然氣和化學品項目活動的強勁帶動下表現出色。

China was down 3% for the year as chemical and discrete were low amidst weak demand.

由於需求疲軟，化學和離散產品價格低迷，中國全年股價下跌 3%。

Europe was up 7% with sustained strength in LNG, sustainability and decarbonization and life sciences.

歐洲成長了 7%，在液化天然氣、永續發展、脫碳和生命科學領域持續強勁。

Americas also performed well, up 4%, led by power, LNG, metals and mining and life sciences.

美洲也表現出色，成長了 4%，其中電力、液化天然氣、金屬、採礦和生命科學領漲。

Test & Measurement, which was excluded from the underlying metric contributed $1.46 billion to our net sales, down 12% for the year and within our expectations.

測試與測量（排除在基本指標之外）為我們的淨銷售額貢獻了 14.6 億美元，全年下降 12%，符合我們的預期。

Following our typical seasonality, backlog increased in Q4 from Q3, and we exited the year at $7.2 billion.

按照我們典型的季節性規律，第四季的積壓訂單比第三季有所增加，全年結束時我們的收入為 72 億美元。

Excluding T&M from this backlog figure, our backlog grew $150 million driven by process and hybrid investments that were slightly offset by the decline in our discrete and other businesses.

如果不計入積壓訂單數據中的 T&M，由於流程和混合投資的推動，我們的積壓訂單增長了 1.5 億美元，但我們的離散業務和其他業務的下降略微抵消了這一增長。

Adjusted segment EBITDA margin was 26%, up 100 basis points from the prior year due to favorable price cost and cost reductions.

由於有利的價格成本和成本削減，調整後的部門 EBITDA 利潤率為 26%，比上年增長 100 個基點。

Operating leverage, which excludes Test & Measurement in 2024 was 47%, reflecting the strong operational execution and profitability of our business.

2024 年，不包括測試與測量的營運槓桿率為 47%，反映了我們業務強勁的營運執行力和獲利能力。

Test & Measurement delivered an adjusted segment EBITDA margin of 24%, including the realization of $100 million of synergies and a 130 basis points favorable impact from the timing of the acquisitions closed in Q1.

測試與測量部門調整後的 EBITDA 利潤率為 24%，其中包括實現了 1 億美元的協同效應，以及第一季完成的收購時間帶來的 130 個基點的有利影響。

Adjusted earnings per share came in at $5.49, up 24% from 2023.

調整後每股收益為 5.49 美元，較 2023 年增長 24%。

Operations contributed $1.06 of growth with a $0.01 offset in non-operating items.

營運貢獻了 1.06 美元的成長，非營運項目抵消了 0.01 美元。

Test & Measurement exceeded our initial expectations and delivered $0.45 as increased and accelerated synergies offset lower than originally expected sales volume.

測試與測量超出了我們最初的預期，交付了 0.45 美元，因為協同效應的增加和加速抵消了低於最初預期的銷售。

AspenTech contributed $0.35, slightly above our expectations of $0.32 to $0.34.

AspenTech 貢獻了 0.35 美元，略高於我們 0.32 至 0.34 美元的預期。

Finally, Emerson delivered stronger-than-expected free cash flow of $2.9 billion, up 23% year-on-year despite a headwind of approximately $235 million from acquisition-related costs, higher CapEx.

最後，儘管收購相關成本和較高的資本支出帶來了約 2.35 億美元的阻力，但艾默生的自由現金流仍強於預期，達 29 億美元，較去年同期成長 23%。

Higher earnings and inventory improvements drove the year-on-year improvement in cash.

獲利增加和庫存改善推動現金年比改善。

Free cash flow margin for the year was 16.6%, a 110 basis points improvement from the prior year.

全年自由現金流利潤率為 16.6%，較前一年提高 110 個基點。

Please turn to slide -- 18.

請翻幻燈片——18。

Before discussing 2025's guidance, I'd like to review the exceptional financial performance of the company over the last three years.

在討論 2025 年指導之前，我想回顧一下該公司過去三年出色的財務表現。

Our portfolio transformation began in late 2021, and the gray bar shows the pre-transformation results for that year.

我們的投資組合轉型於 2021 年底開始，灰色長條顯示當年轉型前的結果。

The blue bars represent the results for the company we have today, inclusive of Safety & Productivity from 2021 through 2024.

藍色長條代表我們公司目前的業績，包括 2021 年至 2024 年的安全和生產力。

We have delivered three years of underlying sales growth at the high end or above of our long range framework of 4% to 7% through the cycle, which demonstrates a structurally improved and more cohesive Emerson that is aligned to secular growth drivers.

我們在整個週期內實現了三年的基本銷售成長，達到了4% 至7% 的長期框架的高端或更高水平，這表明艾默生在結構上得到了改善，更具凝聚力，與長期增長動力保持一致。

Our differentiated technology and innovation leadership are evident in the remarkable gross margin performance.

我們的差異化技術和創新領先地位在卓越的毛利率表現中得到了體現。

In 2024, we delivered gross margins of 50.8% for the year, a record for Emerson, and up nearly 1,000 basis points from our pre-transformation portfolio in 2021.

2024 年，我們的毛利率達到 50.8%，創下艾默生的歷史記錄，比 2021 年轉型前的投資組合成長了近 1,000 個基點。

We have also significantly improved adjusted segment EBITDA, closing 2024 at a record high of 26%.

我們也大幅改善了調整後的部門 EBITDA，到 2024 年末達到 26% 的歷史新高。

Our higher-margin portfolio, coupled with the processes driven by our updated Emerson Management System has enabled several consecutive years of outsized leverage performance.

我們利潤率較高的產品組合，加上更新後的艾默生管理系統驅動的流程，使我們連續多年實現了超額槓桿業績。

All of this has produced three consecutive years of adjusted earnings per share growth over 20%.

所有這些使得調整後每股收益連續三年增長超過20%。

We are proud of the leading industrial technology company we created and our accomplishments over the last three years.

我們為我們創建的領先工業技術公司以及過去三年所取得的成就感到自豪。

As we take the final steps in our portfolio transformation, we are energized to continue creating shareholder value.

當我們邁出投資組合轉型的最後一步時，我們充滿活力地繼續創造股東價值。

Please turn to slide 20.

請翻到投影片 20。

I would now like to talk a little bit about our funnel and what we are seeing in our served markets.

我現在想談談我們的管道以及我們在所服務的市場中看到的情況。

We continue to see strong project activity with our large project funnel exiting the year at $11.2 billion, up approximately $200 million from Q3.

我們繼續看到強勁的專案活動，今年我們的大型專案漏斗價值為 112 億美元，比第三季增加了約 2 億美元。

Customers are continuing to invest in areas aligned to our growth platforms.

客戶正在繼續投資與我們的成長平台相符的領域。

LNG, life sciences and sustainability and decarbonization drove the increase versus the prior quarter.

與上一季相比，液化天然氣、生命科學、永續發展和脫碳推動了這一成長。

The three year visibility of projects within the funnel, size of the funnel and the continued growth give us confidence that we are in a capital formation cycle where our customers need automation content to meet their complex objectives.

漏斗內專案的三年可見度、漏斗的規模和持續成長使我們相信，我們正處於資本形成周期，我們的客戶需要自動化內容來滿足其複雜的目標。

We performed well in the quarter, winning approximately $400 million of project content with nearly 60% in our growth platforms.

我們在本季表現良好，贏得了約 4 億美元的專案內容，其中近 60% 位於我們的成長平台。

Wins in LNG, chemical and sustainability and decarbonization led the conversion in the quarter, and I'd like to highlight a few notable lens.

液化天然氣、化學品、永續發展和脫碳領域的勝利引領了本季的轉型，我想強調一些值得注意的方面。

First, Emerson was selected to provide our leading instruments to Orthos carbon capture and storage project in the North Sea.

首先，艾默生被選中為北海 Orthos 碳捕獲和封存專案提供我們領先的儀器。

Orthos will store approximately 37 million tons of CO2 transported from the Port of Rotterdam from customers such as Air Liquide, Air Products, ExxonMobil and Shell.

Orthos 將儲存約 3,700 萬噸從鹿特丹港運輸的二氧化碳，這些二氧化碳來自液化空氣集團、空氣產品公司、埃克森美孚和殼牌等客戶。

Next, Emerson was chosen to automate a new world-class petrochemical complex in Saudi Arabia.

接下來，艾默生被選中為沙烏地阿拉伯一座新的世界級石化廠提供自動化服務。

Emerson will provide control and safety systems and software, asset management software and valves.

艾默生將提供控制和安全系統及軟體、資產管理軟體和閥門。

Third, Emerson was recently awarded a large enterprise contract for Test & Measurement software with a semiconductor company that is a leader in the GPU space driving the proliferation of AI.

第三，艾默生最近與一家半導體公司簽訂了一份測試與測量軟體的大型企業合同，該公司是 GPU 領域的領導者，推動了人工智慧的發展。

This multiyear contract will support an enterprise-wide semiconductor and electronics production analytics platform to help maximize this customer's production capacity and product quality.

這份多年合約將支援企業範圍的半導體和電子產品生產分析平台，以幫助最大限度地提高該客戶的生產能力和產品品質。

Emerson will provide our OptimalPlus production analytics platform, along with local customer engineering, operations and support capabilities.

艾默生將提供我們的 OptimalPlus 生產分析平台，以及本地客戶工程、營運和支援能力。

Both large project and MRO business performed well in the year, with MRO representing 64% of sales.

大型專案和MRO業務今年均表現良好，MRO佔銷售額的64%。

Emerson serves an expansive set of customers in diverse industries demonstrating our relevance across the process, hybrid and discrete landscapes.

艾默生為不同行業的廣泛客戶提供服務，展示了我們在流程、混合和離散領域的相關性。

Our top 20 direct customers made up only approximately 9% of sales with the largest being around $180 million.

我們的前 20 位直接客戶僅佔銷售額的 9% 左右，其中最大的客戶約為 1.8 億美元。

Emerson has consistently proven it can capture price in the market, driven in part by the long tail of the customers we serve.

艾默生不斷證明，它能夠在市場上獲得價格優勢，這在一定程度上是由我們服務的客戶的長尾所推動的。

Turning to slide 21.

轉到投影片 21。

We will now discuss our outlook for 2025.

我們現在將討論 2025 年的展望。

We expect process and hybrid markets to be resilient with moderating growth, discrete markets to turn positive and sales growth in all world areas.

我們預期流程和混合市場將具有彈性，成長放緩，離散市場將轉正，全球所有地區的銷售將成長。

We are seeing customers continue to invest in digitalization and automation technology to enhance plant efficiency, reliability, output and sustainability.

我們看到客戶繼續投資數位化和自動化技術，以提高工廠效率、可靠性、產量和永續性。

We expect sustained demand in process and hybrid markets with the capital cycle remaining constructive, as shown in our project funnel with projects continuing to move forward at a healthy pace.

我們預期流程和混合市場的需求將持續成長，資本週期仍保持建設性，正如我們的專案漏斗所示，專案將繼續以健康的速度向前推進。

We expect MRO to continue to perform well with stable demand in North America and Europe.

我們預計 MRO 將繼續表現良好，北美和歐洲需求穩定。

The demand in both capital projects and MRO is driven by secular trends of energy security and affordability, sustainability and decarbonization, nearshoring and digital transformation, and we continue to see strong activity across many verticals, led by LNG and other energy transition segments, life sciences, power and metals and mining.

資本項目和MRO 的需求受到能源安全和可負擔性、永續性和脫碳、近岸外包和數位轉型等長期趨勢的推動，我們繼續看到以液化天然氣和其他能源轉型領域、生命科學為首的許多垂直領域的強勁活動、電力、金屬和採礦業。

Overall, we expect our process and hybrid businesses to grow in the mid-single digits for the year.

總體而言，我們預計今年我們的流程和混合業務將實現中個位數成長。

We are still looking for a meaningful recovery in discrete market demand in the first half of 2025, which we expect will lead to a second half sales recovery and mid-single-digit sales growth for the year.

我們仍在尋求 2025 年上半年離散市場需求的有意義復甦，預計這將導致下半年銷售復甦和全年中個位數銷售成長。

The majority of our discrete served markets appear to have bottomed, and we have seen positive indicators of early stage recovery in semiconductor, industrial and factory automation markets.

我們的大多數離散服務市場似乎已經觸底，我們已經看到半導體、工業和工廠自動化市場早期復甦的積極跡象。

However, automotive markets, particularly EV, remain weak, and we will continue to watch these closely.

然而，汽車市場，尤其是電動車市場仍然疲軟，我們將繼續密切關注。

Additionally, our Test & Measurement business will benefit from further -- actions in the year and we are now targeting $200 million by year three from our previous target of $185 million due to faster execution of our overall synergy plan.

此外，我們的測試與測量業務將受益於今年的進一步行動，由於我們整體協同計劃的更快執行，我們現在的目標是到第三年實現2 億美元的目標，而之前的目標是1.85 億美元。

We anticipate growth in all world areas led by Middle East and Africa, India, Southeast Asia and Mexico from continued investment in energy and energy transition projects.

我們預計，透過對能源和能源轉型項目的持續投資，以中東和非洲、印度、東南亞和墨西哥為首的世界所有地區都會成長。

We expect China to return to growth by the second half for being down low single digits in 2024 as we expect investments in self-reliance programs and sustainability to continue, coupled with recovery in discrete markets, as we begin to lap easier comps.

我們預計中國將在 2024 年下半年恢復成長，因為我們預計對自力更生計畫和永續發展的投資將繼續，加上離散市場的復甦，因為我們開始取得更容易的比較。

North America is expected to grow in the low single digits, aided by LNG life sciences and a strong outlook for power generation, transmission and distribution due to the significant demand growth for electricity related to AI and data centers.

由於人工智慧和資料中心相關電力需求的顯著增長，受益於液化天然氣生命科學以及發電、輸電和配電的強勁前景，北美地區預計將以較低的個位數成長。

Finally, we expect mid-single-digit growth in Europe from continued investments in the energy transition.

最後，我們預期歐洲將因能源轉型的持續投資而實現中個位數成長。

Please join me on slide 22 for details on our guidance for the first quarter and full year 2025.

請跟我一起觀看投影片 22，詳細了解我們對 2025 年第一季和全年的指導。

It should be noted that our 2025 guidance is based on the current company without the impact of today's announced portfolio actions.

應該指出的是，我們的 2025 年指引是基於當前公司，沒有受到今天宣布的投資組合行動的影響。

We have provided the relevant safety and productivity contribution of the guide to help investors size the potential impact of the strategic review of that business, and we have continued to detail our expectations for our 57% ownership stake in AspenTech.

我們提供了該指南的相關安全性和生產力貢獻，以幫助投資者衡量該業務策略審查的潛在影響，並且我們繼續詳細說明我們對 AspenTech 57% 所有權股份的期望。

Underlying sales are expected to grow 3% to 5% in the year.

預計今年基礎銷售額將成長 3% 至 5%。

Safety & Productivity growth is expected to be approximately flat for the year.

預計今年安全和生產力成長將基本持平。

And because it is only about 8% of total Emerson sales, it is not expected to have a material impact on the overall growth rate for the year when it exits our results.

而且由於它僅佔艾默生總銷售額的 8% 左右，因此當它退出我們的業績時，預計不會對當年的整體成長率產生實質影響。

Operating leverage, which now includes Test & Measurement, is expected to be in the mid-40s.

營運槓桿（現在包括測試與測量）預計將在 40 多歲左右。

We expect adjusted earnings per share for the year to be between $5.85 and $6.05. AspenTech's contribution is expected to be $0.44 to $0.46 for the year, and Safety & Productivity is expected to contribute approximately $0.48.

我們預計今年調整後每股收益將在 5.85 美元至 6.05 美元之間。 AspenTech 今年的貢獻預計為 0.44 至 0.46 美元，安全與生產力預計貢獻約 0.48 美元。

Full year free cash flow is expected to be $3.2 billion to $3.3 billion with approximately $0.2 billion from Safety & Productivity.

全年自由現金流預計為 32 億至 33 億美元，其中約 2 億美元來自安全性和生產力。

For the first quarter, we expect underlying sales to increase 2% to 3% with leverage in the mid-50s.

對於第一季度，我們預計基礎銷售額將成長 2% 至 3%，槓桿率在 50 左右。

We expect adjusted EPS of $1.25 to $1.30, of which $0.10 to $0.11 comes from AspenTech.

我們預計調整後每股收益為 1.25 美元至 1.30 美元，其中 0.10 美元至 0.11 美元來自 AspenTech。

As discussed earlier, we expect approximately $2 billion of share repurchase for the year and the current plan is to complete $1 billion in the first quarter.

如前所述，我們預計今年將回購約 20 億美元的股票，目前的計畫是第一季完成 10 億美元。

Finally, we expect dividend payments to be approximately $1.2 billion and our tax rate to be approximately 22% for the year.

最後，我們預計今年的股息支付約為 12 億美元，稅率約為 22%。

Please turn to slide 23.

請翻至投影片 23。

Emerson remains committed to disciplined capital allocation and is increasing return of capital to shareholders in 2025 as we complete our portfolio transformation.

艾默生仍然致力於嚴格的資本配置，並在 2025 年完成投資組合轉型時增加股東的資本回報。

We continue to have four primary capital allocation priorities.

我們仍然有四個主要的資本配置優先事項。

The first is reinvestment in the business, and Emerson spent approximately 8% of sales on RD&E in 2024 and we expect a similar level of spend in 2025.

首先是對業務的再投資，艾默生在 2024 年將銷售額的約 8% 用於研發和設計，我們預計 2025 年將有類似的支出水準。

Both Test & Measurement and AspenTech spent around 20% of their sales on RD&E and growth opportunities in these businesses, which is a reflection of our commitment to realize these growth opportunities.

Test &Measurement 和 AspenTech 將約 20% 的銷售額用於研發和評估以及這些業務的成長機會，這反映了我們對實現這些成長機會的承諾。

As discussed previously, we are increasing our share repurchases to approximately $2 billion and expect around $1 billion in the first quarter.

如前所述，我們將股票回購增加至約 20 億美元，預計第一季回購規模約 10 億美元。

We are also entering our 69 year of increased dividends per share.

我們也進入了每股股利增加的第 69 年。

And this quarter, we increased the quarterly dividend per share to

本季度，我們將每股季度股利提高至

[$0.52 and three quarter cents] .

[0.52 美元又四分之三美分]。

Capital returned to shareholders through the dividend and share repurchase is expected to be approximately 100% of free cash flow in 2025.

預計到 2025 年，透過股利和股票回購返還給股東的資本將約為自由現金流的 100%。

Over the past three years, we have been focused on portfolio transformation and allocated capital primarily to strategic M&A and paying down debt.

過去三年，我們一直專注於投資組合轉型，將資本主要用於策略併購和償還債務。

We have also returned $6.5 billion to shareholders through dividends and share buybacks during that time.

在此期間，我們也透過股利和股票回購向股東返還了 65 億美元。

After the successful completion of the actions announced today, we expect our net debt to adjusted EBITDA ratio to be under 2 and well within the credit rating agencies' metrics to maintain our A2A credit ratings.

在成功完成今天宣布的行動後，我們預計我們的淨債務與調整後 EBITDA 比率將低於 2，並且完全符合信用評級機構維持 A2A 信用評級的指標。

As we move forward beyond 2025, we plan to maintain our A2A credit ratings.

2025 年之後，我們計劃維持 A2A 信用評級。

The company's expected future free cash flows and debt capacity within the range of the A2A metrics provide sufficient flexibility to continue meaningful returns of capital to shareholders and execution of strategic bolt-on acquisitions.

該公司預期的未來自由現金流和負債能力在 A2A 指標範圍內，為繼續為股東帶來有意義的資本回報和執行策略性補充收購提供了足夠的靈活性。

Finally, I would like to echo Lal's earlier comments and thank all the Emerson employees, whose efforts are the real force behind these excellent financial results.

最後，我想回應 Lal 先前的評論，並感謝所有艾默生員工，他們的努力是這些出色財務表現背後的真正力量。

It's your dedication to our company and our customers that will drive our customers' success and our shareholders' returns.

您對我們公司和客戶的奉獻將推動我們客戶的成功和股東的回報。

I will now pass the call back to Colleen.

我現在將把電話轉回給科琳。

Thank you, Mike.

謝謝你，麥克。

(Operator Instructions)

（操作員說明）

I'd like to remind you of Lal's earlier comments, we will not be addressing questions on the portfolio announcements beyond the information we shared today in our slides, prepared remarks and press release materials.

我想提醒您拉爾先前的評論，除了我們今天在幻燈片、準備好的評論和新聞稿資料中分享的資訊之外，我們不會解決有關投資組合公告的問題。

We will update the market as and when appropriate or required with respect to AspenTech's proposal and the Safety and Productivity strategic review.

我們將在適當或需要時就 AspenTech 的提案以及安全和生產力策略審查向市場提供最新資訊。

With that, I will now turn it over to the operator to start the Q&A.

現在我將把它交給接線員開始問答。

(Operator Instructions).

（操作員說明）。

Andy Kaplowitz, Citigroup.

安迪‧卡普洛維茨，花旗集團。

Congrats on the announcements today.

祝賀今天的公告。

Well, so $7.2 billion of total -- at the end of Q4 was down a little bit, as you said it would be, but your pipeline of new awards were up.

嗯，72 億美元的總額在第四季度末有所下降，正如您所說的那樣，但您的新獎項管道增加了。

So can you talk about how you're thinking about Emerson's overall book-to-bill for '25?

那麼您能否談談您對艾默生 25 年整體訂單出貨量的看法？

Do you think you could grow backlog?

您認為積壓訂單會增加嗎？

Could you elaborate on when end markets continue to drive process and hybrid markets to support your mid-single-digit growth expectations in '25?

您能否詳細說明終端市場何時繼續推動流程和混合市場以支持您在 25 年實現中個位數成長的預期？

Yes, Andy.

是的，安迪。

Look, certainly, the backlog come down in -- from Q3 is part of our seasonality as we see these higher volumes being shipped in Q4.

當然，從第三季開始，積壓訂單有所下降，這是我們季節性的一部分，因為我們看到第四季的出貨量有所增加。

We believe the $7.2 billion is a very healthy level and supportive of the guide for next year.

我們認為 72 億美元是一個非常健康的水平，並支持明年的指導。

So my expectation is I think about the order environment that we expressed today and the sales environment is a book-to-bill have gone into 2025.

因此，我的期望是，考慮到我們今天所表達的訂單環境和銷售環境，即從訂單到帳單的銷售環境已進入 2025 年。

So really no meaningful change there and really well positioned.

所以確實沒有任何有意義的改變，而且定位非常好。

And then process and hybrid, Lal, like it seems like you actually had more new -- well, you had more new wins in Q4 than Q3.

然後是流程和混合，拉爾，看起來你實際上有更多新的東西——嗯，你在第四季度比第三季度獲得了更多的新勝利。

Did you see reacceleration, just stability?

您是否看到了重新加速，而只是穩定？

Like what are you seeing in those markets?

您在這些市場中看到了什麼？

Yes.

是的。

No.

不。

Look, I think the projects continue to move in the right direction.

看，我認為這些項目繼續朝著正確的方向發展。

As you know, LNG took a little bit of a pause on new awards in North America, but continue to expand globally in Africa and the Middle East predominantly, which was critical for us.

如您所知，液化天然氣在北美的新獎項上稍有停頓，但繼續在全球擴張，主要是在非洲和中東，這對我們至關重要。

But we continue to see very strong sustainability decarbonization activity in Europe, life science activity globally and power generation, particularly in the United States and Europe to support the data center requirements that are out there.

但我們繼續看到歐洲非常強勁的可持續脫碳活動、全球生命科學活動和發電，特別是在美國和歐洲，以支持現有的資料中心需求。

So feel very optimistic that we closed the year in the mid-single digits from process hybrid and that we have a strong outlook going into next year.

因此，我們非常樂觀地認為，我們在混合流程中以中個位數結束了這一年，並且我們對明年的前景充滿信心。

Deane Dray, RBC Capital Markets.

迪恩德雷 (Deane Dray)，加拿大皇家銀行資本市場。

Add my congratulations.

加上我的祝賀。

There's a lot of moving parts, but the slides were really helpful in the commentary.

有很多活動部分，但幻燈片對評論非常有幫助。

Look, it's -- this little bit of the dog that didn't bark, but you didn't talk about any sort of customer delays, push-outs, any hesitancy about committing on the approval process for projects.

聽著，這隻狗沒有叫，但你沒有談論任何形式的客戶延遲、推出，以及對專案審批流程的任何猶豫。

Did you see any of that?

你看到這些了嗎？

And then just separately, the -- what's going into the assumptions about the second half recovery in China.

然後分別討論關於中國下半年復甦的假設。

Are you seeing any green shoots?

你看到任何綠芽了嗎？

Any specifics other than like an easier comp?

除了更簡單的組合之外，還有什麼具體細節嗎？

Ram here.

拉姆在這裡。

Yes, we did not see any delays from customers.

是的，我們沒有看到客戶有任何延誤。

Certainly, nothing in the Middle East or North America or Europe.

當然，中東、北美或歐洲什麼都沒有。

All of the project shipments that we had baked into our Q4 plan shift.

我們已將所有項目出貨納入第四季的計畫轉變。

So we are not sensing any of that.

所以我們沒有感覺到任何這些。

And the capital cycle remains to be strong for us in energy, energy transition, power, LNG.

我們在能源、能源轉型、電力、液化天然氣領域的資本週期仍然強勁。

So the pace of business and process and hybrid continues.

因此，業務、流程和混合的步伐仍在繼續。

Obviously, the discrete recovery is what we're watching.

顯然，我們正在觀察的是離散復甦。

Orders turning positive for our discrete automation business in Q4 is certainly a positive for us.

第四季我們的離散自動化業務訂單轉正對我們來說無疑是一個正面的因素。

And we're confident that Test & Measurement will see continued momentum going into 2025.

我們相信測試與測量將在 2025 年保持持續成長的勢頭。

And then what was your second piece of your question

那你的第二個問題是什麼

-- ?

——？

China.

中國。

Yes, China.

是的，中國。

In terms of China, obviously, the power segment in China is pretty good for us.

就中國而言，顯然，中國的電力領域對我們來說相當好。

It's really discrete and chemical recovery.

這確實是離散的化學回收。

Our hope is, obviously, there's a lot of stimulus.

顯然，我們的希望是有很多刺激措施。

There's certainly some green shoots we're seeing in the chemical space we expect to manifest in the first half.

我們肯定會在化學領域看到一些萌芽，預計將在上半年顯現出來。

It will come down, the pace of discrete recovery, which we're anticipating to happen in the second half of 2025.

離散復甦的步伐將會放緩，我們預計這將在 2025 年下半年發生。

That kind of shapes up our China plan low to mid-single-digit growth for next year.

這決定了我們明年中國的低至中個位數成長計畫。

Nigel Coe, Wolfe Research.

奈傑爾·科，沃爾夫研究中心。

Lots to unpack here.

這裡有很多需要解壓縮的東西。

That's for sure.

這是肯定的。

So just on that last part, the DA kind of trends in the first half of next year.

最後一部分是明年上半年 DA 的趨勢。

Do you think that -- are you confident that we're going to be sort of narrowing the declines in the first half of fiscal '25 from the exit rate from '24?

您是否認為—您有信心我們將在某種程度上縮小 25 財年上半年退出率與 24 財年相比的跌幅嗎？

And this is not a question on the transaction, but just maybe just clarify, when you talk about EPS neutrality, is that pro forma total synergies, i.e., not captured in FY25, but those would be what was actually typically captured in FY25?

這不是關於交易的問題，但也許只是澄清一下，當您談論EPS 中性時，這是否是形式上的總體協同效應，即未在2025 財年中捕獲，但這些通常是在25 財年中實際捕獲的？

Lal here.

拉爾在這裡。

So I'll take the first part and hand it over to Baughman on the second question.

所以我會把第一部分交給鮑曼來回答第二個問題。

So on discrete, certainly, we saw discrete turn positive in the fourth quarter, which is encouraging to see that bottom out and set for recovery as we go through '25.

因此，在離散產品方面，我們當然看到離散產品在第四季度轉為正值，令人鼓舞的是，在我們進入 25 年時，看到其觸底反彈並開始復甦。

The elements of discrete in Test & Measurement sequentially were up as well quarter-over-quarter, down 7% orders in the last quarter, but that's a significant improvement.

測試與測量中的分立元件環比也連續增長，上一季的訂單量下降了 7%，但這是一個顯著的進步。

So we continue to believe that we're seeing the early shoots, the green shoots of that market recovery, which gives us the confidence in the forecast that we put for the second half of 2025.

因此，我們仍然相信，我們正在看到市場復甦的早期萌芽和綠芽，這讓我們對 2025 年下半年的預測充滿信心。

Ram, any color?

拉姆，有什麼顏色嗎？

Yes.

是的。

And to add on the Test & Measurement, we're equally balanced across four markets: Semiconductors, ADG, transportation and our portfolio business, which addresses a broad spectrum of markets.

除此之外，我們在四個市場上也取得了相同的平衡：半導體、ADG、運輸和我們的投資組合業務，該業務涉及廣泛的市場。

Three out of the four, we see good momentum that supports the recovery plan that we've laid out to drive growth in the second half of 2025 -- orders in the first half of '25.

四分之三，我們看到了良好的勢頭，支持了我們為推動 2025 年下半年成長而製定的復甦計劃——25 年上半年的訂單。

The transportation piece, which is about 20% of our sales in Test & Measurement, which is exposed to the EV markets is one we're watching.

交通運輸部分約占我們測試與測量部門銷售額的 20%，涉及電動車市場，是我們正在關注的部分。

That's where we haven't seen the turn, but three out of the four markets have turned.

這是我們還沒有看到轉變的地方，但四個市場中的三個已經發生了轉變。

And if you saw some of the results are order pace reported by some of the players in Test & Measurement, the semicon space, you can see that market has turned.

如果您看到一些結果是半導體領域測試與測量領域的一些參與者報告的訂單速度，您可以看到市場已經轉變。

So it's supportive of a broad recovery in the industry.

因此，這支持了該行業的廣泛復甦。

And Nigel, on your second question, just to be clear, you were asking about the comment with respect to AspenTech being neutral to '25?

Nigel，關於你的第二個問題，澄清一下，你是在問有關 AspenTech 對 25 保持中立的評論？

Yes, neutral.

是的，中立。

Yes.

是的。

Great.

偉大的。

Let me do a couple of things to think about there, and we're obviously not going to talk specifics.

讓我考慮一些事情，我們顯然不會談論具體細節。

But looking at models that have been out there, there are a couple of things to highlight for everybody.

但看看現有的模型，有幾點需要向大家強調。

First is synergies.

首先是協同效應。

As Lal mentioned, we are expecting synergies to come with this transaction.

正如拉爾所提到的，我們預計這筆交易將產生協同效應。

The second thing would be the seasonality of the AspenTech business.

第二件事是 AspenTech 業務的季節性。

This is a process we've begun that will be one that takes months, not weeks to complete.

這是我們已經開始的一個過程，需要幾個月而不是幾週的時間才能完成。

And obviously, as AspenTech talked about on their call yesterday, and as their seasonality has traditionally been, it's weighted toward the back half of the year.

顯然，正如 AspenTech 昨天在電話會議上談到的那樣，正如他們的季節性傳統上一樣，它的重點是今年下半年。

And then the third thing that I would point out is that our modeling shows a closing balance sheet with increased debt, obviously, well within the metrics of the A2A ratings, but we do expect a significant portion of that increased debt to be short-term debt.

然後我要指出的第三件事是，我們的模型顯示期末資產負債表的債務增加，顯然，完全符合 A2A 評級的指標，但我們確實預計增加的債務中有很大一部分是短期債務債務。

And interest rates, while being persistently high at the long end of the curve, we do expect some decreases in the short end of the curve that we've modeled in.

利率雖然在曲線長端持續處於高位，但我們確實預期我們建模的曲線短端會出現一些下降。

Steve Tusa, JPMorgan.

史蒂夫圖薩，摩根大通。

Just a quick one on the details.

簡單介紹一下細節。

The backlog, you said that was up $150 million sequentially for the core, ex-T&M, or -- was that sequential?

您說核心（不包括 T&M）的積壓訂單連續增加了 1.5 億美元，或者——這是連續的嗎？

Or was that year-over-year?

還是同比？

That's year-over-year, Steve.

這是年復一年的情況，史蒂夫。

That's year-over-year.

這是逐年的。

Okay.

好的。

Okay.

好的。

Got it.

知道了。

And then -- sorry, just can you just walk us to that like neutral impact from Aspen for this year?

然後 - 抱歉，您能帶我們了解今年阿斯彭的中性影響嗎？

I'll take that one, Steve.

我會接受那個，史蒂夫。

No, I'm not going to go into the details of outline categories of synergies in my previous comments, but I'm not going to walk through the details of the math there.

不，我不會在先前的評論中詳細介紹協同效應的大綱類別，但我也不會詳細介紹其中的數學細節。

Okay.

好的。

But it is just the core Aspen performance.

但這只是阿斯彭的核心表演。

It's not like dependent on like these other transactions and what you do with the balance sheet.

它不像其他交易那樣依賴您對資產負債表的處理。

It's really just like core Aspen, what you're losing and then -- or what you're gaining, and then the synergies associated with that.

這真的就像阿斯本的核心一樣，你失去了什麼，然後——或者你得到了什麼，然後與之相關的協同效應。

Correct.

正確的。

Yes, that's correct.

是的，這是正確的。

Okay.

好的。

So just where did the T&M backlog end?

那麼測試與測量積壓到底到哪裡去了呢？

$400 million.

4億美元。

$200

200 美元

million?

百萬？

$400

400 美元

million.

百萬。

Andrew Obin, Bank of America.

安德魯‧奧賓，美國銀行。

You guys highlighted power as a growth vector in '25.

你們在 25 年強調了權力作為成長向量。

I think it's been a while since you've been excited about this.

我想你已經有一段時間沒有對此感到興奮了。

Can you just give us more detail as to what are you seeing in your traditional power business?

您能否更詳細地介紹一下您對傳統電力業務的看法？

Maybe update us what the mix is?

也許可以告訴我們混合是什麼？

And then as a follow-up, lots to talk on nuclear upgrades, bringing back mothball capacity, SMRs.

接下來，我們有很多關於核升級、恢復後備能力、SMR 的討論。

What exactly is your nuclear exposure?

您的核暴露到底是什麼？

Do you have an certification on your valves?

你們的閥門有認證嗎？

And what are you seeing into '25 on that business?

您對 25 年這項業務有何看法？

Yes, Andrew, Lal here.

是的，安德魯，拉爾在這裡。

So yes, we did highlight that about two quarters ago in terms of the acceleration that we're seeing in power generation, transmission and distribution investments, particularly in that case, in North America, driven by data center investment and the requirements for power.

所以，是的，我們確實在大約兩個季度前強調了發電、輸電和配電投資的加速，特別是在北美，受資料中心投資和電力需求的推動。

It's been manifested in three ways, predominantly in the marketplace.

它表現在三個方面，主要是在市場上。

Extension of life of existing facilities, the bringing back of certain nuclear facilities, which were mothballed years ago, and then the build-out of new combined cycle generating facilities.

延長現有設施的使用壽命，恢復多年前封存的某些核子設施，然後建造新的複合循環發電設施。

Alongside, of course, a very broad investment in the grid, which now needs to manage disparate sources of generation that impact what is a very aging infrastructure.

當然，同時，也要對電網進行非常廣泛的投資，電網現在需要管理不同的發電來源，這些發電來源會影響非常老化的基礎設施。

Power generation represents approximately 9% of revenue in the company today.

目前，發電量約占公司收入的 9%。

It's -- we have seen order acceleration in that business into the mid to high single digits over the year.

我們已經看到該業務的訂單在一年中加速達到中高個位數。

That is a very differentiated performance for our ovation business, which today serves just about every segment of the power generation market from traditional power generation sources to hydro, solar and wind.

對於我們的 ovation 業務來說，這是一個非常差異化的業績，該業務如今幾乎服務於從傳統發電源到水力發電、太陽能發電和風能發電市場的各個領域。

And we expect that to continue as we go forward here in 2025.

我們預計這種情況將在 2025 年繼續前進。

Lastly, on AspenTech, certainly, the GGM business has seen accelerated growth driven by the investments in the grid, and we're pretty excited about that.

最後，在 AspenTech 上，當然，GGM 業務在電網投資的推動下實現了加速成長，我們對此感到非常興奮。

Let's say, low teens ACV growth that they've talked about and experienced.

比方說，他們談論和經歷過的青少年 ACV 增長較低。

So together, that's a very significant portfolio of capabilities that we bring into a market that is reinvesting at a relatively high rate.

因此，這是一個非常重要的功能組合，我們將其帶入一個再投資率相對較高的市場。

How big is nuclear as a percent of power?

核能佔電力的百分比有多大？

Nuclear is about 20% of our overall power business, the 9% that Lal referenced.

核電業務約占我們整體電力業務的 20%，即拉爾提到的 9%。

We have a broad scope of capabilities for the nuclear business, obviously, instrumentation, valves, our control system through a particular channel, and then our solanoid valve category as well.

我們在核能業務方面擁有廣泛的能力，顯然包括儀表、閥門、通過特定通道的控制系統，以及我們的電磁閥類別。

And we have a leading position, particularly in our final control elements and instrumentation.

我們擁有領先地位，特別是在我們的最終控制元件和儀表方面。

And we have a very good presence across all of the nuclear facilities on a global basis.

我們在全球所有核設施中都擁有良好的影響力。

We participate in every region of the world.

我們參與世界每個地區。

Jeff Sprague, Vertical Research.

傑夫·斯普拉格，垂直研究。

You guys have been busy.

你們一直很忙。

Just back one more on Aspen.

剛剛在阿斯彭回來了一篇。

It might have been Nigel's original question.

這可能是奈傑爾最初的問題。

But I just want to clarify, obviously, you're not going to own it for the full fiscal year.

但我只是想澄清一下，顯然，你不會在整個財年都擁有它。

A month that's already passed.

一個月已經過去了。

Does the neutral comment assumes kind of midyear closing?

中立評論是否假設年中結束？

Or is it a pro forma for the full year?

還是全年的準備考試？

Can you just clarify that?

你能澄清一下嗎？

We're not going to get into specifics around timing, Jeff, but the comment was intended to be for the year.

傑夫，我們不會詳細討論時間安排，但該評論是針對今年的。

And as I mentioned, there's obviously a seasonality element to that business that is helpful to the back half of the year.

正如我所提到的，該業務顯然存在季節性因素，這對今年下半年有幫助。

So not going to get into specific timing.

所以不打算討論具體時間。

And then Lal, it was interesting your choice of words on Safety & Productivity, I think exploring an exit, including a cash sale sort of makes it sound like that's the least attractive option.

然後拉爾，有趣的是你對安全和生產力的選擇，我認為探索退出，包括現金出售，聽起來像是最不吸引人的選擇。

I assume there would be a fair amount of leakage on a sale, given how long you've owned these assets.

考慮到您擁有這些資產的時間，我認為出售時會存在相當大的洩漏。

Can you give us some context to that?

您能給我們一些背景資訊嗎？

And have you had an opportunity to maybe explore more creative options, spin, RMT, things like that, that wouldn't come with tax leakage?

您是否有機會探索更多創造性的選擇，旋轉，RMT，諸如此類的事情，而不會帶來稅收洩漏？

No.

不。

Look, everything's on the table at this point.

看，現在一切都擺在桌面上了。

I just want to be fully inclusive of all the opportunities that we're considering.

我只是想充分包容我們正在考慮的所有機會。

And beyond that, until such time that we deem appropriate, I'm not going to comment any further on the structure there.

除此之外，在我們認為適當的時候，我不會進一步評論那裡的結構。

And I'm sorry, just one quick one.

抱歉，請快速說一句。

The second half timing of kind of discrete recovery, does that apply equally in your view in terms of both legacy Emerson discrete and T&M?

您認為下半年分立式復原的時機對於傳統艾默生分立式和 T&M 來說是否同樣適用？

Or do you see them on a little bit different schedules?

或者你看到他們的時間表有點不同嗎？

No.

不。

Legacy discrete turned positive in the last quarter on orders, and we expect that to be in the cycle and recovering alongside T&M.

傳統離散裝置在上個季度的訂單量轉為正值，我們預計該訂單將進入週期並與 T&M 一起復甦。

Joe O'Dea, Wells Fargo.

喬奧迪，富國銀行。

Congrats on the news this morning.

恭喜今天早上的消息。

Can you talk about this evolution toward more software-defined automation and the time line that you envision for that and how that gets implemented across MRO versus brownfield, greenfield?

您能否談談這種向軟體定義自動化的發展以及您為此設想的時間線，以及如何在 MRO 與棕地、綠地中實施？

I'm not sure in terms of the challenges in sort of transitioning an operating system towards software-enabled the way you're talking about as opposed to starting fresh.

我不確定將作業系統轉變為軟體支援的方式所面臨的挑戰，而不是重新開始。

So how we should think about the time line towards this evolution?

那我們該如何思考這演變的時間線呢？

Well, it's a journey.

嗯，這是一次旅行。

What I outlined there, Joe, is a three-phase approach starting at the foundational level at the site.

喬，我在那裡概述的是從網站的基礎層面開始的三階段方法。

And that's really what we're seeing today in terms of addressing the market needs that exist at a customer level, whether that's digital transformation, this conversion that we've been talking about for a number of years now of IT and OT, the democratization of data that needs to be available and accessible across apartments, asset optimization, which is incredibly important to drive reliability and safety and ultimately remote or autonomous operations as well.

這確實是我們今天在滿足客戶層面存在的市場需求方面所看到的，無論是數位轉型，還是我們多年來一直在談論的 IT 和 OT 的轉型，以及民主化需要跨公寓提供和訪問的數據、資產優化，這對於提高可靠性和安全性以及最終的遠端或自主操作非常重要。

The second level as you go through that foundation is to drive it at a site level.

當您完成該基礎時，第二個級別是在網站層級驅動它。

And against some of those technology implications, you can probably think about this as a -- each of these steps as a three to five year potential journey really depends on the rate of adoption.

針對其中一些技術影響，您可能可以將其視為三到五年的潛在旅程中的每一步實際上取決於採用率。

We're going to be very intentional in how we engage customers, be some that cross that chasm before others and are going to innovate with the technology.

我們將非常有意識地與客戶互動，成為先於其他人跨越鴻溝的人，並利用科技進行創新。

And then lastly, on the third phase, that's an enterprise-level opportunity.

最後，在第三階段，這是一個企業級機會。

That's really the proof point operating at the site and those customers that see an opportunity to really drive the same -- those levels of efficiency across the entire fleet of their assets.

這確實是現場營運的證明點，也是那些看到了真正推動同樣的機會的客戶——整個資產車隊的效率水平。

Ram?

記憶體？

Yes.

是的。

And just to add to that, our technology road map will have a scalable enterprise operations platform solution that can be applied certainly in brownfield-type environments as well as greenfield.

除此之外，我們的技術路線圖將提供一個可擴展的企業營運平台解決方案，該解決方案肯定可以應用於棕地類型環境以及綠地環境。

So we won't limit the applicability of the solution to just greenfield.

因此，我們不會將解決方案的適用性限制在新建專案。

It's very important to understand that there's significant number of facilities that will require a digital transformation road map and the applicability of the solution to brownfield is an important element of how we're going to design the architecture.

非常重要的是要了解，有大量設施需要數位轉型路線圖，而解決方案對棕地的適用性是我們如何設計架構的重要元素。

And then just quickly on megaprojects.

然後快速開展大型專案。

We've heard a little bit more discussion of that this quarter.

本季我們聽到了更多關於此問題的討論。

You talked about the pipeline.

您談到了管道。

One of the markets you didn't talk about as much was chemicals in terms of accelerating.

您沒有過多談論的市場之一是化學品市場的加速發展。

What we track is there could be an acceleration in those starts as well.

我們追蹤的是，這些啟動也可能會加速。

Like Aspen's been still talking about some challenges there.

就像阿斯彭仍在談論那裡的一些挑戰一樣。

But just overall, in terms of any acceleration on large project starts next year and then specifically within chemicals.

但總體而言，就大型專案的加速而言，明年將開始，特別是在化學品領域。

Yes.

是的。

We've seen our chemical activity in the Middle East, for example, be particularly strong.

例如，我們發現我們在中東的化學活動特別強烈。

We do expect chemical and petrochemical in North America post elections, obviously, going into next year, to return.

我們確實預計北美的化學和石化產業在選舉後顯然會在明年回歸。

We're watching China cautiously.

我們正在謹慎地觀察中國。

It did slow in China, but we do expect with the stimulation of the economy that has happened that we will see chemical activity there as well as Southeast Asia.

中國的化學活動確實放緩，但我們確實預計，隨著經濟的刺激，我們將看到那裡以及東南亞的化學活動。

We haven't baked in a huge amount of chemical recovery, to be honest, in the plan.

老實說，我們的計劃中並沒有考慮大量的化學品回收。

Our plan is really contingent more on energy, energy transition, LNG, sustainability, decarbonization, power, life sciences and metals and mining.

我們的計劃實際上更多地取決於能源、能源轉型、液化天然氣、永續性、脫碳、電力、生命科學以及金屬和採礦。

If we have a strong presence in chemical, if chemical does surprise us to the positive, particularly in Europe, that's certainly promising to our 3 to 5 guide and then certainly China.

如果我們在化學領域擁有強大的影響力，如果化學確實給我們帶來了積極的驚喜，特別是在歐洲，那麼這肯定會給我們的 3 到 5 指南帶來希望，當然還有中國。

Julian Mitchell, Barclays.

朱利安米切爾，巴克萊銀行。

Just wanted to follow up on the organic sales guidance for Test & Measurement because I think the total for the year is sort of up 3% to 5%.

只是想跟進測試與測量的有機銷售指南，因為我認為今年的總銷售額增長了 3% 到 5%。

It sounds like processing hybrid's up mid-single and discrete is up, I think, mid-single as well.

聽起來處理混合動力已經上升到中單，而離散處理也上升了，我認為，中單也是如此。

So just wanted to sort of check that and what's embedded for Test & Measurement and how we think about sort of any first half versus second half T&M dynamics, please?

所以只是想檢查一下測試和測量中嵌入了什麼以及我們如何看待上半年與下半年的測試和測量動態？

So you are correct, mid-single for process, hybrid.

所以你是對的，中單流程，混合動力。

Mid-single for discrete into the 3% to 5% plan.

中單為離散進3%~5%計劃。

Test & Measurement sales is also mid-single, but high single-digit orders.

測試與測量銷售額也處於中等個位數，但訂單數量較高。

We consumed backlog this year.

今年我們消耗了積壓訂單。

So our plan is to get orders growing at a faster rate sales, but sales guide for Test & Measurement is mid-single digits for 2025 and ramping in the second half.

因此，我們的計劃是讓訂單以更快的速度成長，但測試與測量的銷售指南在 2025 年為中個位數，並在下半年大幅成長。

And then just my second one around synergies.

然後是我關於協同效應的第二個。

I guess sort of two pieces of that.

我想大概有兩個部分。

One is Test & Measurement.

一是測試與測量。

There's $100 million of synergies to go over two years.

兩年內將產生 1 億美元的綜效。

Do we just assume a slight majority of that in 2025 to sort of $60 million or so?

我們是否只是假設 2025 年其中的微弱多數達到 6000 萬美元左右？

And really just clarifying from the prior series of questions.

實際上只是澄清之前的一系列問題。

Is it fair to say at this point, you're not going to provide that kind of synergy run rate assumption for Aspen?

現在可以公平地說，您不會為阿斯彭提供這種協同運行率假設嗎？

Just wanted to make sure I didn't miss it from earlier.

只是想確保我沒有錯過早些時候的事情。

Yes, Julian.

是的，朱利安。

Yes, thank you.

是的，謝謝。

So yes, your assumptions on Test & Measurement is fair.

所以是的，您對測試和測量的假設是公平的。

And in terms of Aspen, we will provide that color once we have a definitive agreement, and we'll lay the details out for you.

就阿斯彭而言，一旦我們達成最終協議，我們將提供該顏色，並且我們將為您提供詳細資訊。

But until that time, no comment on the timing or the scale.

但在那之前，沒有對時間或規模發表評論。

And gentlemen, with that, we'll be ending today's question-and-answer session as well as today's presentation.

先生們，我們今天的問答環節和演講就到此結束。

We do thank you for joining.

我們非常感謝您的加入。

Please have a nice day.

請祝你有美好的一天。

You may now disconnect your lines.

現在您可以斷開線路。