Fortive Corp (FTV) 2023 Q1 法說會逐字稿

Thank you for standing by. My name is Brent, and I will be your conference facilitator this afternoon. At this time, I would like to welcome everyone to Fortive Corporation's First Quarter 2023 Earnings Results Conference Call.

謝謝你的支持。我叫布倫特，今天下午我將擔任你們的會議主持人。此時，我想歡迎大家參加 Fortive Corporation 2023 年第一季度收益結果電話會議。

(Operator Instructions)

（操作員說明）

I would now like to turn the call over to Ms. Elena Rosman, Vice President of our Investor Relations. Ms. Rosman, you may begin your conference.

我現在想把電話轉給我們的投資者關係副總裁 Elena Rosman 女士。羅斯曼女士，你可以開始你的會議了。

Thank you, Brent, and thank you, everyone, for joining us on today's call. With us today are Jim Lico, our President and Chief Executive Officer; and Chuck McLaughlin, our Senior Vice President and Chief Financial Officer. We present certain non-GAAP measures on today's call. Information required by Regulation G are available on the Investors section of our website at www.fortive.com. Our statements on period-to-period increases or decreases refer to year-over-year comparisons on a continuing operations basis. During the call, we will make forward-looking statements, including statements regarding events or developments that we expect or anticipate will or may occur in the future.

謝謝布倫特，也謝謝大家參加今天的電話會議。今天和我們在一起的是我們的總裁兼首席執行官 Jim Lico；和我們的高級副總裁兼首席財務官 Chuck McLaughlin。我們在今天的電話會議上提出了某些非 GAAP 措施。 G 條例要求的信息可在我們網站 www.fortive.com 的投資者部分獲取。我們關於同期增減的陳述是指在持續經營的基礎上進行的同比比較。在電話會議期間，我們將做出前瞻性陳述，包括關於我們預期或預期將或可能在未來發生的事件或發展的陳述。

These forward-looking statements are subject to a number of risks and actual results might differ materially from any forward-looking statements that we make today. Information regarding these risk factors is available in our SEC filings, including our annual report on Form 10-K for the year ended December 31, 2022. These forward-looking statements speak only as of the date they are made, and we do not assume any obligation to update any forward-looking statements.

這些前瞻性陳述存在許多風險，實際結果可能與我們今天做出的任何前瞻性陳述存在重大差異。有關這些風險因素的信息可在我們提交給美國證券交易委員會的文件中找到，包括我們截至 2022 年 12 月 31 日止年度的 10-K 表格年度報告。這些前瞻性陳述僅在作出之日發表，我們不假設任何更新任何前瞻性陳述的義務。

With that, I'd like to turn the call over to Jim Lico.

有了這個，我想把電話轉給 Jim Lico。

Thanks, Elena. Hello, everyone, and thank you for joining us. I'll begin on Slide 3. We had a strong start to the year, delivering better-than-expected revenues, margins and earnings in the first quarter. At 9% core growth, we're demonstrating strong execution of our strategy, building leading positions across our customers' critical connected workflows. Our ability to deliver strong growth and continued margin expansion is directly tied to our culture of continuous improvement and dedication to the Fortive Business System.

謝謝，埃琳娜。大家好，感謝您加入我們。我將從幻燈片 3 開始。我們今年開局良好，第一季度的收入、利潤和收益好於預期。以 9% 的核心增長率，我們展示了我們戰略的強大執行力，在我們客戶的關鍵互聯工作流程中建立了領先地位。我們實現強勁增長和持續利潤擴張的能力與我們持續改進和致力於 Fortive 業務系統的文化直接相關。

As a result, we expanded adjusted gross and operating margins by 80 and 100 basis points, respectively, taking margins to a first quarter record expectations for further merger and expansion this year and into the future. Free cash flow in the quarter reflects our normal seasonality as well as the timing of China collections that pushed into April. Overall, our teams have done an excellent job managing working capital in a more challenging supply chain environment as seen by our outstanding performance in 2022.

因此，我們將調整後的毛利率和營業利潤率分別提高了 80 和 100 個基點，使利潤率達到今年和未來進一步合併和擴張的第一季度創紀錄水平。本季度的自由現金流反映了我們正常的季節性以及進入 4 月份的中國收款時間。總體而言，從我們 2022 年的出色表現可以看出，我們的團隊在更具挑戰性的供應鏈環境中出色地管理了營運資金。

By harnessing our unique competitive advantages and strong execution capabilities, we are confident in our outlook and are raising and narrowing our full year 2023 guidance.

通過利用我們獨特的競爭優勢和強大的執行能力，我們對我們的前景充滿信心，並正在提高和縮小我們的 2023 年全年指引。

Turning to Slide 4. I wanted to provide an update on what we're seeing and what we expect over the course of 2023. Starting on the left in the current environment, hardware product orders were better than expected, down mid-single digit and backlog was more resilient with a book-to-bill of 1.0 in the first quarter. Our software businesses continue to see good growth benefiting from strong customer value propositions, driving double-digit growth in our SaaS revenue streams. While industry challenges remained in our Healthcare segment due to China, consumables growth in March reaffirmed recovery is underway. We expect momentum to continue and accelerate growth and profitability throughout 2023.

轉到幻燈片 4。我想提供有關我們在 2023 年期間所看到的情況和我們的預期的最新情況。從當前環境的左側開始，硬件產品訂單好於預期，下降了中個位數和積壓訂單更具彈性，第一季度的訂單出貨比為 1.0。受益於強大的客戶價值主張，我們的軟件業務繼續保持良好增長，推動我們的 SaaS 收入流實現兩位數增長。儘管由於中國，我們的醫療保健部門仍面臨行業挑戰，但 3 月份消耗品的增長再次證實復甦正在進行中。我們預計整個 2023 年增長勢頭將繼續並加速增長和盈利能力。

Moving to the right-hand side of the slide, we are seeing traction on our new product launches, favorably aligned to secular drivers including Fluke's latest family of solar tools and Tektronix' leading power and electronic test systems, together with continued software strength and recovery in healthcare, we expect to sustain core growth in the second half.

移動到幻燈片的右側，我們看到新產品發布的吸引力，與長期驅動因素保持一致，包括 Fluke 最新的太陽能工具系列和 Tektronix 領先的電力和電子測試系統，以及持續的軟件實力和恢復在醫療保健方面，我們預計下半年將維持核心增長。

Combined with favorable pricing, cost savings and discrete productivity initiatives that span all segments, we expect over 75 basis points of margin expansion in the year. Lastly, we expect robust free cash flow growth again in 2023 which together with our very strong balance sheet, gives us confidence that our attractive M&A funnel will provide opportunities to enhance earnings and cash flow compounding in the future.

結合所有細分市場的優惠定價、成本節約和離散生產力計劃，我們預計今年的利潤率將增長超過 75 個基點。最後，我們預計 2023 年自由現金流將再次強勁增長，加上我們非常強勁的資產負債表，使我們相信我們有吸引力的併購渠道將為未來增加收益和現金流複合提供機會。

Turning to Slide 5. We want to take a minute to remind you of all the work we've done to transform our portfolio and create focused segment strategies favorably aligned to a number of strong secular trends, has resulted in a more resilient Fortive with enduring growth and further margin expansion opportunities. As a result, today, we have a stronger collection of businesses with a more diversified end market mix and durable recurring revenue profile that includes leading healthcare and software franchises. Together with our enhanced innovation capabilities, we have focused our portfolio around multiyear megatrends, including automation, digitization, the electrification of everything and improving healthcare trends to name a few, all to reduce the overall cyclicality of our businesses and provide more tailwinds for growth by expanding into new markets.

轉到幻燈片 5。我們想花點時間提醒您，我們為轉變我們的投資組合所做的所有工作，並創建了有利於與許多強勁的長期趨勢保持一致的重點細分戰略，從而使 Fortive 更具彈性，經久不衰增長和進一步擴大利潤率的機會。因此，今天，我們擁有更強大的業務集合，具有更多元化的終端市場組合和持久的經常性收入狀況，其中包括領先的醫療保健和軟件特許經營權。連同我們增強的創新能力，我們將我們的產品組合集中在多年的大趨勢上，包括自動化、數字化、一切電氣化和改善醫療保健趨勢等等，所有這些都是為了減少我們業務的整體週期性，並為增長提供更多的順風拓展新市場。

As a result of these megatrends, we see continued growth across our portfolio. including the more durable software and services businesses as well as the nonrecurring portion, given the sizable amount of backlog, some of our product businesses are working through, while continuing to see resilient demand. Finally, our portfolio quality is reinforced by the substantial improvements we've made in gross and operating profit, working capital and free cash flow as a percent of revenue, driven by the rigorous application of the Fortive Business System.

由於這些大趨勢，我們看到我們的投資組合持續增長。考慮到大量積壓，包括更持久的軟件和服務業務以及非經常性部分，我們的一些產品業務正在努力解決，同時繼續看到有彈性的需求。最後，在嚴格應用 Fortive 業務系統的推動下，我們在毛利潤和營業利潤、營運資本和自由現金流佔收入的百分比方面取得的顯著改善加強了我們的投資組合質量。

Turning to Slide 6. FPS is a powerful mindset that makes continuous improvement a way of life at Fortive to drive deep engagement across our teams and hold them accountable for delivering on high expectations. With Kaizen activity accelerating, we saw significant results across the portfolio, including material improvement in delivery and past due backlog reduction in our hardware products businesses by improving planning and reducing part shortages with the Fortive material system.

轉到幻燈片 6。FPS 是一種強大的心態，它使持續改進成為 Fortive 的一種生活方式，以推動我們團隊的深度參與，並讓他們對實現高期望負責。隨著 Kaizen 活動的加速，我們在整個產品組合中看到了顯著的成果，包括通過改進規劃和使用 Fortive 材料系統減少零件短缺來減少我們硬件產品業務的交付材料改進和逾期積壓。

Board of software system deployment in our SaaS companies, including service channel, a current information is accelerating delivery of software features to customers, driving customer value and resulting in higher renewal rates and pricing gains. Our record gross margins in the first quarter were driven by a significant expansion of Kaizen events in the quarter, approximately double the number the prior year, setting us off for improved performance throughout the year.

我們 SaaS 公司的軟件系統部署板，包括服務渠道，當前的信息正在加速向客戶交付軟件功能，推動客戶價值並導致更高的續訂率和定價收益。我們在第一季度創紀錄的毛利率是由本季度 Kaizen 活動的顯著擴張推動的，數量大約是去年的兩倍，這使我們全年的業績都有所改善。

Turning to Slide 7. Fortive made sustainability a priority since its founding. It is inextricably linked to our company's shared purpose, values and business strategy, which you'll read more about in our upcoming 2023 sustainability report to be published in May. This year's report will further highlight how our commitment to sustainability is grounded in our culture of Kaizen, leveraging the power of FBS innovate products and services that enable more sustainable outcomes.

轉到幻燈片 7。Fortive 自成立以來就將可持續性作為優先事項。它與我們公司的共同目標、價值觀和業務戰略有著千絲萬縷的聯繫，您將在我們即將於 5 月發布的 2023 年可持續發展報告中詳細了解這些內容。今年的報告將進一步強調我們對可持續發展的承諾如何植根於我們的 Kaizen 文化，利用 FBS 創新產品和服務的力量來實現更可持續的成果。

We'll also hear how our team has strengthened our responsible sourcing initiatives, ensuring robust review of the labor and given rights practices across our supply chain and how our strong and inclusive culture is creating a community where everyone belongs, which is positively reflected in our latest employee engagement and inclusion, diversity and equity performance.

我們還將了解我們的團隊如何加強我們負責任的採購計劃，確保對整個供應鏈中的勞工和既定權利實踐進行強有力的審查，以及我們強大和包容的文化如何創造一個人人歸屬的社區，這在我們的最新的員工敬業度和包容性、多樣性和股權績效。

In summary, we are accelerating progress towards a more sustainable future for Fortive and our customers as well as the environment and the communities in which we operate. We invite you to review our report next month.

總而言之，我們正在加快步伐，為 Fortive 和我們的客戶以及我們經營所在的環境和社區創造一個更可持續的未來。我們邀請您在下個月查看我們的報告。

I'll now provide more details on each of our 3 segments, beginning with Intelligent Operating Solutions on Slide 8. IOS grew core revenue by 10% as our connected workflow strategy drove better-than-expected performance in the quarter. The segment saw a good growth in all regions with mid-single-digit growth in North America and Western Europe, and mid-40% growth in China, lapping prior year shutdowns. Solid core growth in each workflow and strong FPS driven execution resulted in 300 basis points of operating margin expansion, taking operating margins consistently above 30%.

我現在將提供有關我們 3 個細分市場中每個細分市場的更多詳細信息，從幻燈片 8 上的智能運營解決方案開始。IOS 的核心收入增長了 10%，因為我們的互聯工作流戰略推動本季度的業績好於預期。該部門在所有地區都實現了良好增長，其中北美和西歐實現了中個位數增長，中國實現了 40% 的增長，超過了去年的停產。每個工作流程的穩固核心增長和強大的 FPS 驅動執行導致營業利潤率增長 300 個基點，使營業利潤率始終保持在 30% 以上。

Looking at our performance drivers by workflow. In Connected Reliability, Fluke core revenues grew by low double digits with mid-single-digit orders growth in the quarter and point of sale remained positive in all regions. Fluke is benefiting from lean portfolio management, driving record revenue attainment and Fluke's new product launches, including the SMFT 1000 solar tester, which are benefiting from strong demand in the energy, renewables and electric vehicle markets. Elsewhere at Fluke, eMaint posted another record quarter with strong double-digit growth. We are seeing accelerated customer adoption of the X5 CMMS system with enhanced connected worker capability also closed the largest deal on record with a strategic enterprise customer. EHS revenues grew by mid-single digit with both Industrial Scientific and Intellect providing solid contributions. Industrial Scientific saw strength across all product lines, including iNET and orders growth outpaced sales driven by new product launches and cross-sell activity. Intelex posted another quarter of strong SaaS growth with low double-digit ARR growth.

通過工作流程查看我們的性能驅動因素。在 Connected Reliability 方面，Fluke 核心收入增長了低兩位數，本季度訂單增長中等個位數，所有地區的銷售點都保持正增長。 Fluke 正受益於精益產品組合管理、推動創紀錄的收入和 Fluke 的新產品發布，包括 SMFT 1000 太陽能測試儀，這些產品受益於能源、可再生能源和電動汽車市場的強勁需求。在 Fluke 的其他地方，eMaint 以強勁的兩位數增長發布了另一個創紀錄的季度。我們看到客戶加速採用具有增強的互聯員工能力的 X5 CMMS 系統，還與戰略企業客戶達成了有記錄以來最大的交易。 EHS 收入增長了中個位數，英思科和 Intellect 都做出了可觀的貢獻。 Industrial Scientific 的所有產品線（包括 iNET）都表現強勁，訂單增長超過了新產品發布和交叉銷售活動推動的銷售額。 Intelex 發布了又一個季度強勁的 SaaS 增長，ARR 增長率低至兩位數。

Moving to facilities and asset life cycle. We had high single-digit growth in the first quarter, driven by high single-digit SaaS revenue growth. Customers continue to shift larger projects to Gordian's job order contracting platform, while the wind down of endo-light programs are occurring, and the business model change and service channel lowered core growth, revenues exceeded expectations in (inaudible) as customers continue to seek more productive and digitized solutions to optimize their facilities management. For example, a large worldwide retailer is migrating multiple manual processes to the (inaudible) real estate management platform at Acron and a large enterprise customer is leveraging service channels automation services to save hundreds of thousands of dollars of mismatched invoices.

轉向設施和資產生命週期。在 SaaS 收入高個位數增長的推動下，我們在第一季度實現了高個位數增長。客戶繼續將更大的項目轉移到 Gordian 的工作訂單承包平台，同時 endo-light 項目正在結束，商業模式變化和服務渠道降低了核心增長，隨著客戶繼續尋求更多（聽不清）收入超過預期高效和數字化的解決方案來優化他們的設施管理。例如，一家大型全球零售商正在將多個手動流程遷移到 Acron 的（聽不清）房地產管理平台，而一家大型企業客戶正在利用服務渠道自動化服務來節省數十萬美元的不匹配發票。

Turning now to Slide 9. Precision Technologies delivered another quarter of strong double-digit core revenue growth or revenues increased 14%, driven by a high single-digit growth in North America, low double-digit growth in Western Europe and high 30% growth in China. PT also delivered 190 basis points of adjusted operating margin expansion with higher volume and strong price realization more than offsetting continued inflation and FX. Some highlights of the quarter included greater than 20% core revenue growth at Tektronix. Orders were better than expected, benefiting from bookings growth and electric vehicle testing programs. This and strong point of sale in all major regions drove double-digit growth across its product businesses in the first quarter, which continued to see good demand for recently introduced entry-level and mainstream stopes.

現在轉到幻燈片 9。Precision Technologies 又實現了強勁的兩位數核心收入增長或收入增長 14%，這主要得益於北美的高個位數增長、西歐的低兩位數增長和 30% 的高增長在中國。 PT 還實現了 190 個基點的調整後營業利潤率增長，銷量增加，價格實現強勁，足以抵消持續的通貨膨脹和外匯。本季度的一些亮點包括泰克超過 20% 的核心收入增長。訂單好於預期，受益於預訂增長和電動汽車測試計劃。這一點以及所有主要地區的強勁銷售點推動其產品業務在第一季度實現了兩位數的增長，這繼續看到對最近推出的入門級和主流採場的良好需求。

Sensing Technologies reported low single-digit growth as expected, driven by another quarter of strong price realization across all businesses and continued broad strength of Ultra. Pacific Scientific EMC reported a second consecutive quarter of greater than 20% growth as the business continued to deploy FBS to improve operational performance.

Sensing Technologies 報告了預期的低個位數增長，這是由於所有業務又一個季度的強勁價格實現以及 Ultra 的持續廣泛實力的推動。 Pacific Scientific EMC 報告連續第二個季度實現超過 20% 的增長，因為該企業繼續部署 FBS 以提高運營績效。

Moving now to Slide 10, in Advanced Healthcare Solutions. Core revenues are flat as the improvement in electric procedure volumes outside of China was offset by some supply chain challenges at Fluke Health Solutions and the expected headwinds in China elected procedures and the wind down in Russia. By major region, North America was up slightly, and Western Europe grew mid-single digits, offsetting a high single-digit decline in China. China elected procedures were covered in March, exiting the month at approximately 90% of normalized levels. Our outlook continues to assume that China electric procedures return to normalized levels in the second half of 2023.

現在轉到高級醫療保健解決方案中的幻燈片 10。由於 Fluke Health Solutions 的一些供應鏈挑戰以及中國選舉程序的預期逆風和俄羅斯的停滯抵消了中國境外電動手術量的增長，核心收入持平。按主要地區劃分，北美略有增長，西歐增長中等個位數，抵消了中國高個位數的下降。中國選舉程序在 3 月份得到了覆蓋，當月退出率約為正常水平的 90%。我們的展望繼續假設中國的電氣程序將在 2023 年下半年恢復到正常水平。

In the first quarter, AHS adjusted operating margins declined 260 basis points as a result of FX headwinds, supply chain challenges at Fluke Health, lowering contribution margins and higher-than-expected inflation. Some highlights in the quarter include we exited March with stronger ASP consumables growth, reaffirming recovery post COVID is underway with sales outpacing the market in most regions. Double-digit growth at Census was driven by a Censo (inaudible). Censis is also seeing strong demand for its AIT productivity platform and continues to drive productivity improvements through the application of FBS tools, which have accelerated the time from bookings to revenue. FHS saw solid demand for equipment orders and dosimetry services despite continued supply chain strengths that stalled equipment shipment.

第一季度，AHS 調整後的營業利潤率下降了 260 個基點，原因是外匯逆風、Fluke Health 的供應鏈挑戰、邊際收益下降和高於預期的通貨膨脹。本季度的一些亮點包括我們以更強勁的 ASP 消耗品增長退出 3 月，重申 COVID 後的複蘇正在進行中，大多數地區的銷售額超過了市場。 Census 的兩位數增長是由 Censo（聽不清）推動的。 Censis 還看到對其 AIT 生產力平台的強勁需求，並通過應用 FBS 工具繼續推動生產力的提高，這些工具加快了從預訂到收入的時間。 FHS 看到了對設備訂單和劑量測定服務的強勁需求，儘管持續的供應鏈優勢導致設備出貨停滯。

Lastly, Provation continues to perform very well with another quarter of double-digit growth driven by its Apex SaaS offering. Apex has seen continued high customer demand with substantial Q1 orders and a greater than 3x average revenue uplift from license migrations.

最後，Provation 繼續表現出色，在其 Apex SaaS 產品的推動下又實現了四分之一的兩位數增長。 Apex 的第一季度訂單量很大，客戶需求持續高漲，許可證遷移帶來的平均收入增長超過 3 倍。

Following a strong start to the year, we continue to expect the probations growth will accelerate through 2023 supported by customers looking to further standardize our formation across their health systems. In addition to our remarks on the first quarter performance, we thought it would be helpful to provide more detail on our expectations for the AHS segment for the remainder of this year. The headline is that we expect sequential improvement in both revenue and adjusted operating profit margin as we move through the year. Specifically on revenue, we expect favorable price in addition to the recovery of electric procedures in China resolution of supply chain challenges at Fluke Health Solutions and normal healthcare seasonality to drive higher volumes over the course of the year.

在今年開局強勁之後，我們繼續預計，到 2023 年，在希望進一步規範我們在其整個醫療系統中的形成的客戶的支持下，試用期增長將加速。除了我們對第一季度業績的評論外，我們認為提供更多關於我們對今年剩餘時間 AHS 部門的預期的細節會有所幫助。標題是我們預計隨著今年的推移，收入和調整後的營業利潤率都會有所改善。具體到收入，我們預計除了 Fluke Health Solutions 供應鏈挑戰的解決以及正常的醫療保健季節性因素之外，有利的價格以及中國電子程序的恢復將在這一年中推動更高的銷量。

As a result, we expect core growth will go from low single digit in Q2 to mid-single digit in the second half of the year. On margins, in addition to the uplift from higher volumes and favorable price, we see compounding tailwinds from the benefits of the productivity initiatives taking second half margins to approximately 25%. Go-to-market changes in ASP consumables in North America will improve performance and enable closer connection to our customers to better serve their needs, transitioning from a primarily distribution model to direct to the customer.

因此，我們預計核心增長將從第二季度的低個位數增長到下半年的中個位數。在利潤率方面，除了銷量增加和價格優惠帶來的提振外，我們還看到生產力舉措的好處使下半年的利潤率達到約 25%。北美 ASP 耗材的上市變化將提高性能，並與我們的客戶建立更緊密的聯繫，以更好地滿足他們的需求，從主要的分銷模式轉變為直接面向客戶。

All these actions will have carryover benefits in the years to come, positioning us for accelerated growth and profitability as the general healthcare environment continues to improve.

所有這些行動將在未來幾年產生結轉效益，使我們能夠隨著總體醫療環境的持續改善而加速增長和盈利。

With that, I'll pass it over to Chuck, who will provide more color on our first quarter financials and our 2023 outlook.

有了這個，我會把它傳遞給查克，他將為我們的第一季度財務和 2023 年展望提供更多色彩。

Thanks, Jim, and hello, everyone.

謝謝，吉姆，大家好。

I will begin on Slide 11 with a quick recap of our first quarter revenue performance for Fortive. We generated year-over-year core revenue growth of 9%. FX was 230 basis points of headwind to growth.

我將從幻燈片 11 開始，快速回顧一下 Fortive 第一季度的收入表現。我們的核心收入同比增長 9%。外匯對增長不利 230 個基點。

Turning to the geographies. We saw another quarter of strong revenue growth in each of our major regions. North America revenue was up mid-single digits, with growth in all 3 segments. Western Europe revenue grew high single digit with mid-single-digit growth at IOS and AHS and double-digit growth at PT. Asia revenue increased in the 20% range with low 30% growth in China driven by strength in both IOS and PT as we lapped easier prior year comps. Growth in China was partially offset by a high single-digit decline in AHS related to lower electric procedures due to COVID as we expected. Lastly, our high-growth markets together posted strong core growth of almost 20%.

轉向地理。我們在每個主要地區都看到了又一個季度的強勁收入增長。北美收入增長了中等個位數，所有 3 個細分市場均有增長。西歐收入實現高個位數增長，IOS 和 AHS 實現中等個位數增長，PT 實現兩位數增長。亞洲收入增長了 20%，而在 IOS 和 PT 的強勁推動下，中國的增長低至 30%，因為我們比去年同期更輕鬆。正如我們預期的那樣，中國的增長部分被與 COVID 導致的較低電氣程序相關的 AHS 高個位數下降所抵消。最後，我們的高增長市場共同實現了近 20% 的強勁核心增長。

Turning to Slide 12. We show operating performance highlights for the first quarter. Adjusted gross margins increased 80 basis points to 58.4%. As Jim mentioned, FBS driven productivity and price realization more than offset inflation, leading to record gross margins in the first quarter, which was complemented by higher volumes. Adjusted operating margins expanded to 100 basis points to 24%, while adjusted earnings per share increased 7% to $0.75, reflecting strong volume conversion, partially offset by higher interest and tax expense. Free cash flow was $150 million.

轉到幻燈片 12。我們展示了第一季度的經營業績亮點。調整後的毛利率增長 80 個基點至 58.4%。正如 Jim 所提到的，FBS 對生產率和價格實現的推動作用大於抵消了通貨膨脹，導致第一季度毛利率創下歷史新高，並得到更高銷量的補充。調整後的營業利潤率擴大到 100 個基點，達到 24%，而調整後的每股收益增加 7%，達到 0.75 美元，反映出強勁的銷量轉換，部分被更高的利息和稅收費用所抵消。自由現金流為 1.5 億美元。

While first quarter is typically our largest free cash flow quarter, receivables were negatively impacted by slower China collections in the quarter, which has since recovered in AHS.

雖然第一季度通常是我們最大的自由現金流季度，但應收賬款受到本季度中國收款速度放緩的負面影響，此後在 AHS 中有所恢復。

Turning now to the guide on Slide 13. We are raising and narrowing our previous 2023 guidance to reflect outperformance in the first quarter. For the second quarter, we anticipate core revenue growth of 2.5% to 4.5% with an FX headwind of approximately 0.5%. Adjusted operating profit margin is expected to increase 3% to 7% with margins in the range of 24.5% to 25%. Adjusted diluted net earnings per share guidance of $0.78 to $0.82, flat, up 5%, includes higher year-over-year interest and tax expense and free cash flow of approximately $285 million reflects approximately 100% of cash conversion in the quarter.

現在轉到幻燈片 13 上的指南。我們正在提高和縮小我們之前的 2023 年指南，以反映第一季度的出色表現。對於第二季度，我們預計核心收入增長 2.5% 至 4.5%，外匯逆風約為 0.5%。調整後的營業利潤率預計將增長 3% 至 7%，利潤率在 24.5% 至 25% 之間。調整後的每股攤薄淨收益為 0.78 美元至 0.82 美元，持平，增長 5%，包括同比增加的利息和稅收費用以及約 2.85 億美元的自由現金流，反映了本季度約 100% 的現金轉換。

For the full year, we now expect core revenue in the range of 4% to 5.5%, which continues to reflect year-over-year foreign exchange headwind of just under 1 point of revenue. Adjusted operating profit is expected to increase 6% to 10%, with margins in the range of 25% to 25.5%. We are increasing our adjusted diluted net EPS guidance to $3.29, $3.40, which represents an increase of 4% to 8% and includes higher year-over-year interest and tax expense, as previously expected. Free cash flow is expected to be approximately $1.25 billion, representing conversion in the range of 100% to 105% of adjusted net income and 21% free cash flow margin.

對於全年，我們現在預計核心收入在 4% 至 5.5% 之間，這繼續反映出收入同比外匯逆風略低於 1 個百分點。調整後的營業利潤預計將增長 6% 至 10%，利潤率在 25% 至 25.5% 之間。我們將調整後的攤薄每股收益淨值指引上調至 3.29 美元、3.40 美元，增幅為 4% 至 8%，其中包括同比更高的利息和稅費，如先前預期。自由現金流預計約為 12.5 億美元，相當於調整後淨收入 100% 至 105% 的轉換率和 21% 的自由現金流利潤率。

Turning to Slide 14. We've consistently said that the Fortive (inaudible) today is delivering a higher and more profitable growth. There is nowhere that this shows up more than in our free cash flow. Between 2019 and today, we have more than doubled our annual free cash flow, and we expect to continue to further enhance our compounding model with over $5 billion of capacity for M&A, enabling us to continue to invest appropriately in our businesses to further position Fortive for long-term value creation. With that, I'll pass it back to Jim to review our upcoming Investor Day and provide some closing comments.

轉到幻燈片 14。我們一直說，今天的 Fortive（聽不清）正在實現更高、更有利可圖的增長。這一點在我們的自由現金流中體現得淋漓盡致。從 2019 年到今天，我們的年度自由現金流量增加了一倍多，我們預計將繼續以超過 50 億美元的併購能力進一步增強我們的複合模型，使我們能夠繼續適當地投資於我們的業務，以進一步定位 Fortive為了長期的價值創造。有了這個，我會把它傳回給吉姆來回顧我們即將到來的投資者日並提供一些結束評論。

Thanks, Chuck. I'll now start to wrap up on Slide 15. Our team is thrilled to be back in New York for our first in-person Investor Day since 2019 to be held on May 25. We are looking forward to highlighting our progress, executing our strategy and the results that has yielded over the last 7 years, building on our strong foundation and enduring principles that underpin our execution capabilities. We will showcase how our businesses have leveraged FBS tools to innovate, take advantage of the secular tailwinds, accelerating progress across our 5 critical customer workflows. This has translated into relevant product innovations helping to solve our customers' toughest safety, quality and productivity challenges and contributing to sustained strong growth for Fortive. In the spirit of setting high expectations, we will set long-term targets. Looking out 3 and 5 years, culminating with the evolution of our strong free cash flow, supporting us ample opportunities to further accelerate our strategy. We are actively fueling our future success by building on the transformation progress and learning that has taken place since our inception, unlocking future value for Fortive.

謝謝，查克。我現在開始總結幻燈片 15。我們的團隊很高興回到紐約參加我們自 2019 年以來的第一個現場投資者日，該日將於 5 月 25 日舉行。我們期待著強調我們的進展，執行我們的戰略和過去 7 年取得的成果，建立在支撐我們執行能力的堅實基礎和持久原則之上。我們將展示我們的企業如何利用 FBS 工具進行創新，利用長期順風，加速我們 5 個關鍵客戶工作流程的進展。這已轉化為相關的產品創新，幫助我們的客戶解決最嚴峻的安全、質量和生產力挑戰，並為 Fortive 的持續強勁增長做出貢獻。本著設定高期望的精神，我們將設定長期目標。展望未來 3 年和 5 年，隨著我們強大的自由現金流的發展而達到頂峰，為我們提供充足的機會來進一步加快我們的戰略。我們以自成立以來的轉型進展和學習為基礎，積極推動我們未來的成功，為 Fortive 釋放未來價值。

Wrapping up on Slide 16. The combination of portfolio work we have done and the productivity initiatives we are implementing in the first half of 2023, prepare us for the continuing evolving macro environment and set us up for differentiated performance again in 2024. As you saw in today's press release, we're also continuing to build on our exceptional leadership culture for the Fortive of the future by expanding Tammy Newcombe's responsibilities to include the Advanced Healthcare Solutions segment in addition to our current role as segment leader of Precision Technologies succeeding Pat Murphy, who will retire at the end of the year.

總結幻燈片 16。我們已經完成的投資組合工作與我們在 2023 年上半年實施的生產力計劃相結合，使我們為不斷變化的宏觀環境做好準備，並為我們在 2024 年再次實現差異化績效做好準備。正如您所看到的在今天的新聞稿中，除了我們目前接替 Pat Murphy 擔任 Precision Technologies 部門領導者之外，我們還通過擴大 Tammy Newcombe 的職責以包括 Advanced Healthcare Solutions 部門，繼續為未來的 Fortive 打造我們卓越的領導文化，將於年底退休。

As you heard today, FBS is more robust than ever with powerful new capabilities to bring breakthrough innovations to market for our customers faster and drive enhanced business results. The evidence of this is reflected in our strong financial performance, including our free cash flow, the currency we use to measure our success. These factors culminate in the powerful formula for value creation, enabling Fortive to make a real difference in the world and deliver exceptional value to shareholders. With that, I'll turn it back to Elena.

正如您今天所聽到的那樣，FBS 比以往任何時候都更加強大，擁有強大的新功能，可以更快地為我們的客戶將突破性創新推向市場並推動增強的業務成果。這方面的證據反映在我們強勁的財務業績中，包括我們用來衡量成功的貨幣自由現金流。這些因素最終形成了強大的價值創造公式，使 Fortive 能夠真正改變世界並為股東創造非凡的價值。有了這個，我會把它轉回給埃琳娜。

Thanks, Jim. That concludes our formal comments. Brent, we are now ready for questions.

謝謝，吉姆。我們的正式評論到此結束。布倫特，我們現在準備好提問了。

(Operator Instructions)

（操作員說明）

Your first question is from the line of Julian Mitchell with Barclays.

你的第一個問題來自 Julian Mitchell with Barclays。

Maybe the first one, and sorry to be boring and predictable. But the AHS, you gave us some very good detail on that sequential improvement through the year. I guess a couple of things I just wanted to clarify on it. One was maybe the scale of the productivity savings in the second half? Is it sort of $15 million, $20 million, something like that, that you're getting in the AHS EBIT in the back half? And then just trying to make sure we understand the scale of the importance of China for AHS. Is it about sort of 10% of the business.

也許是第一個，很抱歉無聊且可預測。但是 AHS，你給了我們一些關於這一年連續改進的非常好的細節。我想我只是想澄清幾件事。一個可能是下半年生產力節約的規模？是 1500 萬美元、2000 萬美元之類的東西，你在後半部分獲得了 AHS 息稅前利潤嗎？然後只是試圖確保我們了解中國對 AHS 的重要性。它大約佔業務的 10%。

So Julian, I'll take the first part of that. Productivity, we probably expect to do about $10 million in the first half, and that generally has a 6-month payback. So we'll probably see a like amount in the second half there, annualized is going to be a little -- obviously, a little bit bigger.

朱利安，我將負責第一部分。生產力，我們可能希望在上半年做大約 1000 萬美元，而且通常有 6 個月的回報。所以我們可能會在下半年看到類似的數量，年化會有點——顯然，會更大一些。

Yes. And on the China aspect, yes, it's about 8% to 10% of the business overall. And as we said in the prepared remarks, maybe a little bit more color there is that we obviously started pretty low in electives in the first part of the quarter in January has got better through the quarter. We exited in around 90. So we'll see a little bit of continued improvement. I think at this point, it's fair to say we sort of see electives as kind of being back to normal going into the second quarter.

是的。在中國方面，是的，它大約佔整體業務的 8% 到 10%。正如我們在準備好的評論中所說，也許有更多的顏色，我們顯然在 1 月份第一季度的選修課開始時很低，但整個季度都變得更好了。我們在 90 左右退出。所以我們會看到一些持續的改進。我認為在這一點上，可以公平地說，我們將選修課視為進入第二季度後恢復正常。

That's helpful. And then just switching back to the overall product hardware orders. You said those were down about mid-single digits in the first quarter. Is there any sort of interesting movement as you go sort of month to month? And any clues on how you're thinking about the second quarter. And if we look at the Precision Tech business specifically, and I suppose, Tektronix in it. You've had cautious comments perhaps from some companies who might be peers in recent weeks, have you seen anything shift in the market outlook for Tektronix or product hardware within PT?

這很有幫助。然後再切換回整體產品硬件訂單。你說第一季度下降了大約中個位數。當你一個月一個月地去的時候，有什麼有趣的動作嗎？以及關於您如何看待第二季度的任何線索。如果我們具體看一下 Precision Tech 業務，我想，Tektronix 也在其中。最近幾週，您可能從一些可能是同行的公司那裡得到了謹慎的評論，您是否看到泰克或 PT 內部產品硬件的市場前景有任何變化？

Yes. First of all, I think, as we said, the quarter orders for the product businesses came in better than expected. Book-to-bill being one was better than we expected. So what we saw in the quarter was pretty consistent through the quarter. Obviously, the numbers from a year-on-year perspective, get a little bit better simply because of the way China affected those businesses last year. But I think when we look at point of sale, Julian, point-of-sale was good throughout the quarter, and it was good on a global basis at Fluke and tech. So we think those things are good and feel really good about sort of the strength. I think maybe the other highlight is that Fluke grew mid-single-digit orders. We said that in the prepared remarks. But I think that's a highlight for sure.

是的。首先，我認為，正如我們所說，產品業務的季度訂單好於預期。從預訂到出貨比我們預期的要好。因此，我們在本季度看到的情況在本季度非常一致。顯然，從同比的角度來看，這些數字會好一些，這僅僅是因為去年中國對這些企業的影響方式。但我認為，當我們看銷售點時，朱利安，整個季度的銷售點都很好，而且在全球範圍內，福祿克和科技公司的銷售點都很好。所以我們認為這些東西很好，並且對某種力量感覺非常好。我想也許另一個亮點是 Fluke 的訂單增長了中個位數。我們在準備好的評論中說過。但我認為這肯定是一個亮點。

A little bit of maybe that came out of the second quarter, which quite frankly, I think just derisked the second quarter for us. So I think we feel good about that. So we're certainly out there watching for things, but we feel good about the order trajectory right now. But the 2-year stacks are still very strong. And so sometimes, we've got to be a little careful about that. I would say the last thing is that roughly $350 million of excess backlog that we talked about at the beginning of the year, it still remains intact. So that -- we tried to highlight that on one of the slides relative to the backlog protection. So I think on -- at Fluke Industrial, which is kind of our -- typically the canary in the coal mine, things look still pretty good and really still good, and we still maintain the backlog protection that we went into the start of the year.

第二季度可能出現了一點點，坦率地說，我認為這對我們來說只是降低了第二季度的風險。所以我認為我們對此感覺良好。所以我們當然在那裡觀察事情，但我們現在對訂單軌跡感覺良好。但是 2 年的堆棧仍然非常強大。所以有時候，我們必須對此小心一點。我要說的最後一件事是，我們在年初談到的大約 3.5 億美元的超額積壓訂單仍然完好無損。因此 - 我們試圖在一張幻燈片中強調與積壓保護相關的內容。所以我認為 - 在 Fluke Industrial，這是我們的 - 通常是煤礦中的金絲雀，事情看起來仍然非常好而且真的仍然很好，我們仍然保持我們在開始時進入的積壓保護年。

Your next question is from the line of Jeff Sprague with Vertical Research Partners.

您的下一個問題來自 Jeff Sprague 與 Vertical Research Partners 的合作。

Just back on AHS. I'd just like to deconstruct a little bit more kind of what happened in the quarter. Obviously, it was a very large margin miss. And then just you address it a little bit to Julian's question, but if you think about the climb out into the back half, how much of that is really in your control? You mentioned favorable price. I assume that's kind of in hand the supply chain questions. I just wonder if you could give us a little comfort or confidence that, that, in fact, is resolved and anything else to just give us some visibility on how we get to those numbers in the back half.

剛回到 AHS。我只想解構更多本季度發生的事情。顯然，這是一個非常大的差距。然後你稍微回答一下 Julian 的問題，但如果你考慮爬到後半部分，你能控制多少？你提到了優惠的價格。我認為這有點像供應鏈問題。我只是想知道你是否可以給我們一點安慰或信心，事實上，這已經解決了，還有任何其他事情可以讓我們了解我們如何在後半部分獲得這些數字。

Jeff, I'll take the first part of that. There's 3 main things that happen in health in Q1. You mentioned about Fluke health supply chain, that was a hit. FX strengthening dollar is -- it shows up more here in one of our more global businesses. So that was a part of it. And then also just thinking about the mix effect of lower consumables from China as we had COVID really hit maybe a little harder than we thought there in the first part of Q1. Those 3 things are the main reasons we came in short versus our guide for in the health sake.

傑夫，我將負責第一部分。第一季度健康方面發生了 3 件主要事情。你提到了 Fluke 健康供應鏈，它很受歡迎。外匯走強的美元是——它更多地出現在我們的一項更全球化的業務中。所以這是其中的一部分。然後還要考慮來自中國的較低消耗品的混合效應，因為 COVID 確實受到的打擊可能比我們在第一季度第一部分想像的要嚴重一些。這 3 件事是我們為了健康而缺席的主要原因。

Yes, Jeff, I would just say, as we move through the year, really, I think 3 things that are definitely in our control. Number 1 is the productivity. Chuck outlined that on Julian's question, I think, is in hand in that regard and that we're -- we've got that. Number 2 is really around price. We've had 3 quarters now of better price. The trajectory and price continues to be good. And so I think in that sense, we're leaning into that and team has done a great job relative to that principally at ASP, by the way, in that one. And then finally, a little bit better growth, as we said, elective's now normalizing here back to back to normal. And so we see that continuing to improve. We mentioned the go-to-market change that we're making at ASP in North America to go more direct, which really, I think, gives us closer to customer care and really I think, really helps us from the standpoint of really making sure that our sterilizers are running actively.

是的，傑夫，我只想說，隨著我們這一年的發展，真的，我認為 3 件事絕對在我們的控制之中。第一是生產力。 Chuck 概述了關於 Julian 的問題，我認為，在這方面已經掌握了，而且我們 - 我們已經知道了。 2號真的是圍繞價格。我們現在有 3 個季度的優惠價格。軌跡和價格繼續良好。所以我認為，從這個意義上說，我們正傾向於這一點，而且團隊在這方面做得很好，主要是在 ASP 方面，順便說一下，在那個方面。最後，正如我們所說，增長稍微好一點，選修課現在在這裡恢復正常。因此，我們看到這種情況在持續改善。我們提到了我們在北美的 ASP 正在做的更直接的進入市場的改變，我認為這真的讓我們更接近客戶服務而且我真的認為，從真正製造的角度來看真的幫助了我們確保我們的消毒器正在積極運行。

So we think those are certainly things that are within our control well after it. I feel good about the team and the work they're doing. So in that sense, it will get better in the second quarter. And then as we said, it will step into the second half with continued improvement. So -- and I think the other thing that gets missed in AHS was the quality of the quarter in Census and probation. Those businesses are obviously 2 of our higher-margin businesses. You combine that with some of the supply chain fixes that we've got in place at Fluke Health, which is really our highest margin business within how those 3 things are going to continue. So you get the help at ASP, like I just described, you get the continued work at some of the other businesses. I think that really bodes well for continued improvement throughout the year.

所以我們認為這些肯定是我們控制範圍內的事情。我對團隊和他們所做的工作感覺良好。所以從這個意義上說，它會在第二季度變得更好。然後正如我們所說，它將繼續改進進入下半場。所以 - 我認為 AHS 遺漏的另一件事是人口普查和試用期的季度質量。這些業務顯然是我們利潤率較高的業務中的兩項。你將其與我們在 Fluke Health 實施的一些供應鏈修復相結合，這實際上是我們在這三件事將如何繼續的情況下利潤率最高的業務。所以你得到了 ASP 的幫助，就像我剛才描述的那樣，你得到了其他一些企業的持續工作。我認為這確實是全年持續改進的好兆頭。

And then totally shifting gears, just PT strategically, right? If I don't know if you're going to end up commenting specifically on NATI, right? But it looks like you were there at or near the alter. You haven't deployed capital there really actually since Danaher bought Tektronix, really, right? and maybe you're on the verge of doing your biggest deal ever by an order of magnitude. So I just wonder if you could frame that up for us what your thinking is or was and maybe the strategic direction of that particular segment in business over time.

然後完全換檔，只是戰略性地 PT，對吧？如果我不知道你是否最終會專門針對 NATI 發表評論，對嗎？但看起來你在聖壇上或附近。自從丹納赫收購泰克以來，你實際上並沒有在那裡部署資金，真的，對吧？也許您即將完成一個數量級的最大交易。所以我只是想知道您是否可以為我們構建您的想法是什麼或曾經是什麼以及隨著時間的推移可能是該特定業務部門的戰略方向。

Yes. We've had a couple of small bolt-ons in both sensing and in tech over the years, and those have been helpful to a lot of the success, quite frankly, that we're seeing as an example. Keathley probably being the biggest capital deployment that we did a number of years ago. And that is really obviously a real success for us at tech. That was a little while ago. Since Fortive, if you will, a couple of small bolt-ons in sensing, but not much. I would say, just relative to the NATI process, we won't comment on that. But I want the interest in that from others, certainly, I think, speaks to the story that we've been telling at Tektronix. And you see it in the quarter, you see it in the back quality of the backlog. It's just the attachment of our innovation capability to some of these secular drivers in auto, EV principally as well as in power. And those are, I think, speaks well to the organic strategy and the investment we've made there tech in particular. So I think it's -- as we look forward, one of the things that I think I'd just remind everyone, we had said we had moved tech from a low single digit through the cycle grower to a mid-single-digit grower through the cycle and I think we feel very good about that to the extent that we can find ways to accelerate the capability throughout PT, we'll continue to look for those things.

是的。多年來，我們在傳感和技術領域都進行了一些小的補強，這些對取得成功很有幫助，坦率地說，我們將其視為一個例子。 Keathley 可能是我們多年前進行的最大的資本部署。這對我們在科技領域來說顯然是一個真正的成功。那是不久前的事了。自 Fortive 以來，如果您願意，可以在傳感方面進行一些小的螺栓固定，但不多。我想說，就 NATI 流程而言，我們不會對此發表評論。但我希望其他人對此感興趣，當然，我認為，這與我們在泰克講述的故事有關。你會在本季度看到它，你會在積壓的後備質量中看到它。這只是我們的創新能力對汽車、主要是電動汽車以及電力領域的一些長期驅動因素的依附。我認為，這些很好地說明了有機戰略和我們在那裡所做的投資，特別是技術。所以我認為這是——正如我們期待的那樣，我想提醒大家的一件事是，我們曾說過我們已經將技術從低個位數增長到週期增長到中等個位數增長。週期，我認為我們對此感覺非常好，因為我們可以找到方法來加速整個 PT 的能力，我們將繼續尋找這些東西。

Your next question is from the line of Steve Tusa with JPMorgan.

你的下一個問題來自摩根大通的 Steve Tusa。

Just on the management shuffling a little bit here. Can you talk about how you came to that decision (inaudible) a lot of visibility for Tammy. So and there are 2 kind of pretty different businesses. Is that a permanent solution? Or should we expect another step in that evolution?

只是在管理上有點洗牌。你能談談你是如何做出這個決定的嗎（聽不清），因為 Tammy 的知名度很高。因此，有兩種截然不同的業務。那是一個永久的解決方案嗎？還是我們應該期待這種演變的另一個步驟？

Well, I think it's certainly the solution that we feel really good about. I mean I think our talent development process. And if you go back a lot of years, you'd see us ebb and flow a little bit relative to those jobs as well as the jobs below that and Group President and operating company presidents. Our talent development is in, I think, in really a good place. Every one of our group presidents was internally promoted. 80% of our current operating company presidents were internally promoted. So I think when we really feel good about the structure, it's not just what we have at the segment level, but it's within those group presidents and operating company presidents, and we've, quite frankly, never been stronger in that regard.

好吧，我認為這肯定是我們感覺非常好的解決方案。我的意思是我認為我們的人才發展過程。如果你回到過去很多年，你會看到我們相對於這些工作以及低於該工作和集團總裁和運營公司總裁的工作有點潮起潮落。我認為，我們的人才發展確實處於一個很好的位置。我們每一位集團總裁都是內部提拔的。我們目前運營的公司總裁中有 80% 是內部提拔的。所以我認為，當我們真正對結構感覺良好時，這不僅僅是我們在細分市場層面所擁有的，而是在那些集團總裁和運營公司總裁內部，坦率地說，我們在這方面從未如此強大。

It gives us degrees of freedom to do some things throughout the leadership structure. I would also say that when you sort of look at it, it's pretty balanced from an operating profit perspective and from a just contoured market standpoint. So if we look at the split of responsibilities, yes, 2 segments to 1 segment. But when we look at a served market, ILS has half the served market, profitability is pretty close that ebbs and flows with deals. So I think we're in a very good place relative to the structure that we came to. But in part, it's not just the most senior job. It's also the quality of folks that we have across the board. We had all of our presidents in last week for our quarterly leadership summit with them, and I couldn't be more proud of the work they're doing and quite frankly, where we stand relative to the quality of leadership at the operating businesses.

它給了我們在整個領導結構中做一些事情的自由度。我還要說的是，當你看它時，從營業利潤的角度和剛剛形成的市場角度來看，它是相當平衡的。因此，如果我們看一下職責劃分，是的，2 個部分對 1 個部分。但是當我們看服務市場時，ILS 佔據了服務市場的一半，盈利能力非常接近，隨著交易的起伏。所以我認為相對於我們來到的結構，我們處於一個非常好的位置。但在某種程度上，這不僅僅是最高級的工作。這也是我們所有員工的素質。上週，我們所有的總裁都與他們一起參加了季度領導力峰會，我為他們所做的工作感到無比自豪，坦率地說，我們在運營企業的領導質量方面所處的位置。

And in terms of the portfolio was current, I mean, you guys have done a lot of (inaudible) over the years. Is there is there a constant (inaudible) you seem to be have been subtracted, I guess, in the portfolio. But are you, in any way, shape or form still kind of evaluating things there for maybe divestitures or spins or anything like that? I mean I'm thinking really Tektronix, especially in the context of what's just happened here in the last several weeks with Emerson and Nate.

就目前的投資組合而言，我的意思是，你們這些年來做了很多（聽不清）。我猜，在投資組合中是否有一個常量（聽不清）你似乎被減去了。但是，您是否以任何方式塑造或形成某種評估那裡的東西，可能是資產剝離或旋轉或類似的東西？我的意思是我真的在考慮 Tektronix，特別是在過去幾週與 Emerson 和 Nate 剛剛發生的事情的背景下。

Well, I think -- you broke up a little bit, but I think at the end, I think we got it. So I think when we look at the 3 segments we have today, the quality of businesses we have, the execution that's going on, we feel good. So I think, certainly, the Nate process, if you will, ending with Emerson doesn't really change the market structure. We feel good about what we're doing at tech and we'll continue to run the play there that we think is really good. And that's obviously a part of our success right now is the strong execution that we've had at Tektronix over the last several years.

好吧，我想 - 你分手了一點，但我想最後，我想我們明白了。所以我認為，當我們審視我們今天擁有的 3 個細分市場時，我們擁有的業務質量，正在進行的執行，我們感覺良好。所以我認為，當然，Nate 流程，如果你願意的話，以 Emerson 結束並沒有真正改變市場結構。我們對我們在科技領域所做的事情感到滿意，我們將繼續在那裡開展我們認為非常好的業務。很明顯，我們現在成功的一部分是過去幾年我們在泰克公司的強大執行力。

Your next question is from the line of Scott Davis with Melius Research.

你的下一個問題來自 Melius Research 的 Scott Davis。

I know there's just so much you can say about NATI, but it was, I think, as Greg said, kind of a pretty darn big deal versus kind of your history, is there anything that we should be taking away as far as your willingness to make bigger bets? Was this kind of a one-off unique? I know the gross margin structure was pretty attractive. But I think historically, you guys have generally looked at assets coming out of PE or pieces of assets coming out of bigger companies, but not necessarily looked at buying other public companies is really a big part of the M&A strategy. Has that changed at all, Jim and Chuck or is this -- or should we not read too much into this.

我知道關於 NATI 你能說的太多了，但我認為，正如 Greg 所說，與你的歷史相比，這是一個相當大的問題，就你的意願而言，我們應該帶走什麼做更大的賭注？這種一次性的獨一無二嗎？我知道毛利率結構非常有吸引力。但我認為，從歷史上看，你們通常關注的是來自 PE 的資產或來自大公司的部分資產，但不一定關注收購其他上市公司，這確實是併購戰略的重要組成部分。吉姆和查克，這有沒有改變，或者是這個——或者我們不應該對此讀得太多。

I think -- and we'll have a real opportunity as well to talk about this in May at the investor conference. But I think the $40 billion roughly of served market that we have today, kind of when we look at the M&A opportunities funnel, if you will, we've always talked about breadth and depth, breadth, meaning all 3 segments, operating companies, ability to accelerate strategy, depth mini size, and you're exactly right. What we've done is the deals sort of in the middle and a few -- some bolt-ons in the lower part of that if you were to think of that as a triangle. So with the bigger deals at the top, and there's fewer of those. So that's always going to be the case. I won't speak specifically to any one company or process in any way, shape or form. But what's not going to -- what never changes is the fact that we're going to continue to scan the landscape for opportunity to accelerate strategy. We're going to be disciplined about what we do.

我認為——我們也將有真正的機會在 5 月份的投資者會議上討論這個問題。但我認為我們今天所擁有的大約 400 億美元的服務市場，有點像當我們看併購機會漏斗時，如果你願意的話，我們一直在談論廣度和深度，廣度，這意味著所有 3 個細分市場，運營公司，加速戰略的能力，深度迷你尺寸，你是完全正確的。我們所做的是交易在中間和一些——如果你把它想像成一個三角形的話，在它的下部有一些螺栓固定。因此，隨著頂部更大的交易，這些交易就更少了。所以情況總是如此。我不會以任何方式、形式或形式專門針對任何一家公司或流程。但不會 - 永遠不會改變的事實是，我們將繼續掃描景觀以尋找加速戰略的機會。我們將對我們所做的事情進行紀律處分。

We're going to look for outstanding financial opportunities to continue to build the portfolio the way we have. And I think our 2022 performance speaks to the quality of that, and I think our first quarter speaks to that. So that's what we're going to continue to do. And I think that when we talk about breadth and depth, that means there's a variety of different kinds of opportunities. But most opportunities are always going to fall in the sort of bolt-on and mid-tier opportunities simply because there's a lot more of them. And we're looking to accelerate strategy in a few different businesses, and that's where those opportunities are.

我們將尋找出色的財務機會，以繼續按照我們現有的方式構建投資組合。我認為我們 2022 年的表現說明了這一點，我認為我們的第一季度說明了這一點。這就是我們將繼續做的事情。而且我認為，當我們談論廣度和深度時，這意味著存在各種不同的機會。但大多數機會總是會落在那種補強和中等機會中，僅僅是因為有更多這樣的機會。我們正在尋求加速幾個不同業務的戰略，這就是那些機會所在。

Fair enough, Jim. And just to clear something up. What was the Fluke Health supply chain issue? I don't recall hearing an explanation on that.

很公平，吉姆。只是為了清理一些東西。 Fluke Health 供應鏈問題是什麼？我不記得聽過關於那個的解釋。

It's one of the things, and maybe more broadly, I think we handled our supply chain challenges. We've said we're kind of down to those sort of one-off issues that occurred through the portfolio. The fact that we did 50% more organic revenue in the quarter speaks to the quality of the teamwork we had around Fortive to deal with those challenges really, really well. But we did get caught on a couple of what we call our quality assurance equipment business in Fluke Biomet, literally 1 component that we were shorted and we'll clean that up in the second quarter. So we feel good about the work we're doing, quite frankly. Supply chain challenges are down to what often is called the golden screw. But there are a few of those, but I think we're doing an outstanding job more broadly when you look at the -- when you not only look at the core growth in the quarter, but also the 80 basis points of gross margin expansion, which I think quite frankly, I think is going to stand up well against most people.

這是其中之一，也許更廣泛地說，我認為我們處理了供應鏈挑戰。我們已經說過，我們有點陷入通過投資組合發生的那種一次性問題。事實上，我們在本季度的有機收入增加了 50%，這說明我們圍繞 Fortive 的團隊合作質量非常非常好地應對了這些挑戰。但我們確實在 Fluke Biomet 中遇到了一些我們稱之為質量保證設備業務的問題，實際上是我們短缺的 1 個組件，我們將在第二季度清理它。所以坦率地說，我們對我們正在做的工作感覺很好。供應鏈挑戰歸結為通常所說的金螺絲。但其中有一些，但我認為我們在更廣泛的方面做得非常出色——當你不僅要看本季度的核心增長，還要看毛利率增長 80 個基點時，坦率地說，我認為這將能夠很好地對抗大多數人。

Your next question is from the line of Andrew Obin with Bank of America.

你的下一個問題來自美國銀行的 Andrew Obin。

Just a question as I'm sort of looking at the sequential guidance for IOS and PT growth and looking at the comps. Just trying to figure out, it seems there is a step change down. And I apologize if I missed it, but I was just wondering, you also commented that the order book looks good, March looks good. So why this step down? And I was wondering specifically if there was some sort of clearing out of things in the backlog was sort of the golden screw becoming available or is there something else happening? Because you guys certainly don't sound particularly more pessimistic about the macro into the second quarter.

只是一個問題，因為我正在查看 IOS 和 PT 增長的順序指南並查看 comps。只是想弄清楚，似乎有一個階梯變化。如果我錯過了，我很抱歉，但我只是想知道，你還評論說訂單簿看起來不錯，三月看起來不錯。那麼為什麼要下台呢？我特別想知道積壓工作中是否有某種清理工作是金螺絲可用還是有其他事情發生？因為你們當然不會對進入第二季度的宏觀經濟感到特別悲觀。

Andrew, I'll take that. The biggest thing is really what happened last year. It's really the comp. If you remember, Shanghai was shut down at the end of Q1 and a lot of that revenue showed up in Q2. So when you -- if you adjust for that comp actually Q1 and Q2 look pretty similar from what we're doing this year. If you interrogate on the 2-year stacks, you actually start to see some acceleration even into the second half. Yes. So you're right. We think came in on balance better than we expected in Q1, and we're optimistic moving forward.

安德魯，我會接受的。最大的事情真的是去年發生的事情。這真的是比賽。如果你還記得，上海在第一季度末關閉，第二季度出現了很多收入。因此，當您 - 如果您針對該 comp 進行調整，實際上 Q1 和 Q2 看起來與我們今年所做的非常相似。如果你審視 2 年的堆棧，你實際上會開始看到一些加速甚至進入下半年。是的。所以你是對的。我們認為第一季度的表現比我們預期的要好，我們對未來的發展持樂觀態度。

Okay. Got you. But you're sort of saying take a look at a 2-year stack as opposed to 1-year stack.

好的。明白了但是您是說看看 2 年的堆棧而不是 1 年的堆棧。

I'm also saying look at the first half this year versus the first half last year, there was a lot of revenue missing in Q1 that showed up in Q2. So it's really a tough comp. But if you look at that, you really see that shutdown that happened in the last week of Q1 of last year is really what explains most of what you're talking about.

我還說看看今年上半年與去年上半年的對比，第一季度出現了很多收入缺失，而第二季度出現了。所以這真的是一個艱難的比賽。但如果你看一下，你真的會發現去年第一季度最後一周發生的停工確實解釋了你所說的大部分內容。

Okay. I'll take it offline. But can I just have a question on probation. Did we hear that right that the SaaS version is 3x revenue uplift and how fast is the SaaS conversion going? And what's the SaaS versus license mix?

好的。我會把它離線。但是我可以問一個關於試用期的問題嗎？我們是否聽對了 SaaS 版本的收入提升了 3 倍以及 SaaS 轉換的速度有多快？什麼是 SaaS 與許可組合？

Yes. We -- you did hear it right, we're at about 3x right now. We would expect the early migrations to be maybe slightly a little bit higher than maybe what the downstream ones. But we're actually ahead of the game on new bookings relative to the SaaS. So that's good. So we're all up, just probation, things are better. We thought '22 was better than expected and we started the year off well. So we are seeing a little bit of extended discussions with customers, I would say. And maybe more broadly, there are certainly in the software world. There's a little bit more funnel activity, things sitting in the funnel a little bit longer just given maybe how typical start of the year, but we still have good confidence in the projections we have for what we have in software. We had a very good ARR quarter, and we feel good more broadly about software in general.

是的。我們——你沒聽錯，我們現在大約是 3 倍。我們預計早期遷移可能會略高於下游遷移。但實際上，相對於 SaaS，我們在新預訂方面領先於遊戲。所以這很好。所以我們都起來了，只是試用期，情況好多了。我們認為 22 年比預期的要好，我們今年開局不錯。因此，我想說，我們正在與客戶進行一些擴展討論。也許更廣泛地說，在軟件世界中肯定有。有更多的漏斗活動，考慮到今年年初的典型情況，漏斗中的東西會稍微長一些，但我們仍然對我們對軟件的預測充滿信心。我們有一個非常好的 ARR 季度，我們對軟件總體感覺良好。

Your next question is from the line of Joshua Pokrzywinski with Morgan Stanley.

你的下一個問題來自摩根士丹利的 Joshua Pokrzywinski。

Just going to dig in a little bit on implied second half for PT, especially with the backlog holding up really well here in the first quarter. It looks like volumes would be kind of flat, maybe even down. Now I know the comp gets a little longer there, but just trying to triangulate the book-to-bill still being good with the basically kind of no growth second half.

只是想深入了解一下 PT 的隱含下半年，尤其是在第一季度積壓情況非常好的情況下。看起來成交量會持平，甚至可能下降。現在我知道 comp 在那裡得到了更長的時間，但只是試圖對 book-to-bill 進行三角測量仍然很好，下半年基本上沒有增長。

Yes. It's really about the 2-year stacks. We have really accelerated growth in PT in the second half of last year, Josh. So it's I think we -- as we said, the book-to-bill coming in the quarter is better. So you may say maybe that slightly derisked the second half a little bit. But it really is -- we will see a little bit more growth in the second half in PT on absolute terms, but it's really the comps. We really see continued -- really continued performance relative to the market going first half to second half for sure.

是的。這真的是關於 2 年的籌碼。喬希，我們在去年下半年確實加速了 PT 的增長。所以我認為我們——正如我們所說，本季度的訂單出貨比更好。所以你可能會說，也許下半場稍微降低了一點風險。但它確實是——我們將在下半年看到 PT 的絕對增長更多一點，但它確實是 comps。我們確實看到持續 - 相對於上半年到下半年的市場而言，確實持續表現。

Got it. That's helpful. And then just on the order intake. Again, I know you're surprised that the book-to-bill was won in the quarter. But any sort of rightsizing of the order book as lead times start to improve a little bit, customers basically just saying, look, I still want everything, but now that it's not as urgent, was there any kind of air pocket pushout that you see as a function of that?

知道了。這很有幫助。然後就在訂單攝入量上。同樣，我知道您對本季度贏得訂單出貨比感到驚訝。但是隨著交貨時間開始有所改善，訂單簿的任何形式的精簡，客戶基本上只是說，看，我仍然想要所有的東西，但現在已經不那麼緊急了，你看到有沒有什麼空穴來風？作為那個的功能？

No. I mean I think what we've seen is point of sales remain strong. Some of that, particularly at Tektronix is probably the backlog coming down, but we still have that excess backlog, which is really customer demand, it's not inventory is still very much in demand from customers. So at tech, in particular, we have very little distributor inventory or channel inventory, if you will. So we feel good about the demand being actual demand or the backlog having actual demand to it. So we haven't seen those air pockets yet. And we continue to watch -- we have a watchful eye just given what we see in the macro and those kinds of things. But so far, the demand is real and point of sale stayed strong. And that point of sale stay strong on a global basis.

不，我的意思是我認為我們所看到的是銷售點仍然強勁。其中一些，特別是在泰克，可能是積壓減少了，但我們仍然有多餘的積壓，這實際上是客戶需求，而不是客戶對庫存的需求仍然很大。因此，特別是在技術領域，如果您願意的話，我們的分銷商庫存或渠道庫存非常少。因此，我們對需求是實際需求或對它有實際需求的積壓感到滿意。所以我們還沒有看到那些氣穴。我們會繼續觀察——鑑於我們在宏觀上看到的以及那些事情，我們會保持警惕。但到目前為止，需求是真實的，銷售點保持強勁。而且該銷售點在全球範圍內保持強勁。

Your next question is from the line of Deane Dray with RBC Capital Markets.

你的下一個問題來自加拿大皇家銀行資本市場的 Deane Dray。

I want to circle back on the Page 5, the concept about backlog protected, and it came up in Julian's question, too, is it was my sense that some of this backlog build, the excess or outside backlog, like Fluke, short cycle wouldn't typically see much in the way of backlog, but you've got it now. To me, that seems it's more transitory, a supply chain heel that will come down -- so how much of this backlog protected would be transitory by definition? Or you just think there's a certain amount that carries through each year on the kind of book and ship over a couple of quarters?

我想回到第 5 頁，關於受保護積壓的概念，它也出現在 Julian 的問題中，我是否認為某些積壓構建，多餘或外部積壓，如 Fluke，短週期會通常在積壓工作中看不到太多，但您現在已經知道了。對我來說，這似乎更暫時，供應鏈的腳跟會下降——那麼根據定義，受保護的積壓訂單中有多少是暫時的？或者你只是認為每年有一定數量的書籍和發貨在幾個季度內完成？

Yes, it's a great question. I think number one is, if we take Fluke in the industrial business, we don't have a huge amount of excess backlog in that business. Point-of-sale remains strong. And I think what we're seeing is just continued good execution from the Fluke team. The back -- the sort of backlog protected on that slide is mostly a Tek and in sensing. And in Tek, I think it's we don't anticipate that excess even burning down this year, Deane. So I would say in some respects, we're probably going to run with excess backlog in perpetuity. And I think in both cases, it's really about the secular drivers that exist that we've really tried to build the business around. We're seeing better performance as an example, in Western Europe. And I think that's really because of the sustainability, electric vehicles, the power -- a lot of the grid upgrades, some of those things, those investments are very much happening in Europe, and we're taking advantage of those opportunities. So we like the durability, if you will, of the backlog.

是的，這是一個很好的問題。我認為第一是，如果我們在工業業務中採用福祿克，我們在該業務中沒有大量積壓。銷售點依然強勁。而且我認為我們所看到的只是 Fluke 團隊繼續良好的執行。背面 - 幻燈片上保護的那種積壓主要是 Tek 和傳感。在 Tek，Deane，我認為我們預計今年甚至不會出現過剩。所以我想說，在某些方面，我們可能會永遠積壓過多。我認為在這兩種情況下，我們真正試圖圍繞其開展業務的存在的世俗驅動因素確實存在。例如，我們在西歐看到了更好的表現。我認為這真的是因為可持續性、電動汽車、電力——很多電網升級，其中一些，這些投資在歐洲非常多地發生，我們正在利用這些機會。因此，如果您願意，我們喜歡積壓的耐用性。

Some of it is excess, and that's why we call it that way. And some of it is a little bit of in precision relative to what it will be like long term. But we do see when we interrogate that backlog on a pretty regular basis, we like the durability of it, the resiliency of it pretty because of the secular drivers that we listed on the right side of that page. So we think we're in a better position for the year because of the strategic moves we've made over the last few years relative to those secular drivers.

其中一些是多餘的，這就是我們這樣稱呼它的原因。相對於長期的情況，其中一些有點精確。但我們確實看到，當我們定期審視積壓工作時，我們喜歡它的耐用性，它的彈性非常好，因為我們在該頁面右側列出了長期驅動因素。因此，我們認為，由於我們在過去幾年相對於那些長期驅動因素採取的戰略舉措，我們在今年處於更好的位置。

Great. That was really helpful. And then just as a follow-up, and I might have missed this. Did you comment on carryover pricing benefits and whether you plan any further pricing actions over the near term?

偉大的。這真的很有幫助。然後作為後續行動，我可能錯過了這個。您是否評論過結轉定價的好處以及您是否計劃在短期內採取任何進一步的定價行動？

Yes, Deane, this is Chuck. We had about 4.5% price in Q1. Much of that is carryover. But we continue to be active at we still got inflation coming out. So maybe it won't be as high, I would expect that inflation is going to moderate from the rate set increases from last year, but there's still inflation coming out. And so we'll still be deploying price as we go through the year.

是的，迪恩，這是查克。我們在第一季度的價格約為 4.5%。其中大部分是遺留物。但我們繼續保持活躍，因為我們仍然看到通貨膨脹。所以也許它不會那麼高，我預計通脹將從去年的利率上漲中緩和，但通脹仍然存在。因此，我們將在這一年中繼續部署價格。

The other thing that we continue to see opportunity for is the FBS tools related to price. We still see even the price that we put into the marketplace, still opportunities to realize that price at a higher rate, Deane. So we're going to continue to do the things Chuck just described. And as we mentioned earlier, health will continue to improve price, which we feel good about so. But it's also the realization. And I think this is -- we've always had good realization, as you know, knowing us for a long time. But I think our ability to continue to do that and apply FBS to that is something that we'll continue to do throughout the year, even in places where maybe we don't put as much into the marketplace, we're going to continue to work on the price realization.

我們繼續看到機會的另一件事是與價格相關的 FBS 工具。我們仍然看到我們投入市場的價格，仍然有機會以更高的速度實現該價格，Deane。所以我們將繼續做查克剛才描述的事情。正如我們之前提到的，健康將繼續提高價格，我們對此感到滿意。但這也是實現。我認為這是——我們一直都有很好的認識，正如你所知，認識我們很長時間了。但我認為我們有能力繼續這樣做並將 FBS 應用到這一點上，這是我們將在全年繼續做的事情，即使在我們可能沒有投入那麼多市場的地方，我們也會繼續致力於價格實現。

Your next question is from the line of Nigel Coe with Wolfe Research.

您的下一個問題來自 Wolfe Research 的 Nigel Coe。

So I want to go back to Tammy taken leadership at AHS. Jim, are you looking for a change in the way that HS is management. I have no idea what that means, it's bono question, but if you think about accelerating growth or improving the consistency of the margin performance, supply chain, et cetera, are there things that Tammy can bring to bear from the time running Tektronix that can actually improve AHS.

所以我想回到 Tammy 在 AHS 的領導地位。吉姆，您是否正在尋求改變 HS 的管理方式。我不知道這意味著什麼，這是一個善意的問題，但如果你考慮加速增長或提高利潤率表現、供應鍊等方面的一致性，Tammy 是否可以從運行泰克的時間中帶來哪些東西可以實際上改善 AHS。

Yes. I think any time we get a new leadership into a role like that, Nigel, we see a new set of eyes and that always is a good thing. When we hired Olumide a few years ago, I think we got a new set of eyes on IOS, and you're seeing that quality of performance play out in IOS right now. He's brought some new skill sets to the role has done some things over the last year that you've had health that are definitely sticking and Tammy will bring the same thing. That's the expectation. And I think we benefit from sometimes those new perspectives.

是的。我認為，每當我們讓新的領導擔任這樣的角色時，奈傑爾，我們就會看到一雙新的眼睛，這總是一件好事。幾年前，當我們聘請 Olumide 時，我認為我們對 IOS 有了新的認識，您現在可以看到 IOS 的性能質量。他為這個角色帶來了一些新的技能組合，在過去的一年裡做了一些事情，你的健康肯定會堅持下去，而 Tammy 也會帶來同樣的事情。這就是期望。我認為我們有時會從這些新觀點中受益。

Okay. And then just going back to the whole kind of Nate situation. If you think about what Nate might have given you, if you had bought that business, are there things you can do organically to accomplish those things maybe on a longer-term basis. But you've done -- obviously, you've done a good job of extending the kind of the vertical markets that (inaudible) time. But other things you can do to extend down into the more the validation and maybe the production phases of your customers -- or the other bolt-ons you can do, yes.

好的。然後回到整個 Nate 的情況。如果你想一想 Nate 可能會給你帶來什麼，如果你買了那家公司，你是否可以有機地做一些事情來完成這些事情，也許是在長期的基礎上。但是你已經完成了 - 顯然，你在擴展那種（聽不清）時間的垂直市場方面做得很好。但是您可以做的其他事情可以向下擴展到更多的驗證階段，也許還可以擴展到客戶的生產階段——或者您可以做的其他補強措施，是的。

I would say, regardless of the process, our strategic thinking around tech has been very focused on the secular drivers, not to bear too much repeating on that. But it's been around changing the vertical focus, as you know, well, and that's played out. And some of that has been innovation efforts that we would certainly look to add to if opportunities become available. So we would never say never to -- but that doesn't really change anything that relative to what's been going on in the external environment. That's why we do strategic plans every year. That's why we really kind of come with a different emphasis every year. And we feel good about the strategy at tech and to the extent that we've got bolt-on opportunities there as well as any of the other businesses that we have, we're always going to be looking at those opportunities to accelerate strategy into the markets. As an example, we would power is a good example. We would love to do more in power. If we found an M&A opportunity that is that, we would certainly look at it. (inaudible) is a good example, although it was a few years ago. It's really extended our ability to do some things relative to power and we're bearing the benefits of the fruits of that work today.

我要說的是，無論過程如何，我們圍繞技術的戰略思考一直非常關注長期驅動因素，無需過多重複。但正如你所知，它一直圍繞著改變垂直焦點，而且已經結束了。其中一些是創新努力，如果有機會，我們肯定會增加這些努力。所以我們永遠不會說永遠不會——但這並沒有真正改變任何與外部環境中發生的事情相關的事情。這就是我們每年制定戰略計劃的原因。這就是為什麼我們每年都有不同的重點。我們對技術戰略感到滿意，並且在某種程度上我們在那里以及我們擁有的任何其他業務都有補強機會，我們將始終關注這些機會以加速戰略進入市場。舉個例子，我們的電源就是一個很好的例子。我們很樂意做更多的事情。如果我們發現這樣的併購機會，我們肯定會關注它。 （聽不清）是一個很好的例子，儘管那是幾年前的事了。它確實擴展了我們做一些與權力相關的事情的能力，我們今天正在享受這項工作的成果。

Your next question is from the line of Andy Kaplowitz with Citigroup.

你的下一個問題來自花旗集團的 Andy Kaplowitz。

Jim, can you talk a little bit more about what you're seeing by region? I know you mentioned you expect China to slow a bit, but it's continued to be really strong for Fortive. I think -- last quarter, you said Western Europe might grow a little more slowly, but you just mentioned some secular trends holding up well in Europe. So you would you say these trends are proving more durable than you originally thought? And do you see an extended CapEx cycle in the U.S. from trends such as electrification and onshoring?

吉姆，你能多談談你在各個地區看到的情況嗎？我知道你提到過你預計中國會放緩一點，但對於 Fortive 來說，它仍然非常強勁。我認為 - 上個季度，您說西歐的增長速度可能會慢一些，但您剛剛提到了歐洲的一些長期趨勢。所以你會說這些趨勢比你原先想像的更持久嗎？您是否從電氣化和在岸外包等趨勢中看到美國資本支出週期延長？

Yes. It's -- I definitely think China will slow. We've had so many good years of China. And obviously, we just posted a 30% kind of quarter. It was probably going to stand up pretty well. So I think in ad sense, we got -- we'll digest some of that growth here through the year. But I would expect China to slow in the second half a little bit, particularly because of the tough as well as tough comps. It's part of that tougher comp conversation we had relative to the segments. I think Western Europe is holding up for the reasons I said. Broader Europe has slowed a little bit. And so that's in the context of everything that we've got in the guide is the expectation that probably Central and Eastern Europe is a little slower. Some of that having to do with the war. Some of it obviously has to do with us getting out of Russia. But it's also just a little bit of slowing. But the Western European investment in a few countries has held up pretty well. I still expect North America to be a good region for us, partly because our software and a lot of our durability is in North America. I think when we -- it's probably still too early to tell to be very specific. But my expectation probably when we get to the end of the year is that North America probably is the most durable of all the regions.

是的。這是——我絕對認為中國會放緩。我們在中國度過了很多美好的歲月。顯然，我們剛剛發布了一個 30% 的季度。它可能會很好地站起來。所以我認為從廣告的角度來看，我們得到了 - 我們將在這一年中消化一些增長。但我預計中國在下半場會放緩一點，特別是因為強硬的組合。這是我們就細分市場進行的更艱難的競爭對話的一部分。我認為西歐因為我所說的原因而堅持下去。更廣泛的歐洲已經放緩了一點。因此，在我們指南中的所有內容的背景下，預計中歐和東歐可能會慢一些。其中一些與戰爭有關。其中一些顯然與我們離開俄羅斯有關。但這也只是一點點放緩。但西歐在一些國家的投資一直保持良好。我仍然希望北美對我們來說是一個很好的地區，部分原因是我們的軟件和我們的很多耐用性都在北美。我認為當我們 - 現在說非常具體可能還為時過早。但我的預期可能是，到年底時，北美可能是所有地區中最耐用的。

Helpful Jim and I wanted to ask an AHS question maybe in a different way. You mentioned China letter procedures at 90% in March. Maybe a little bit faster improvement from where you started the quarter and you did mention overall consumables better in March. I know Invetech is still somewhat weak, which I think is still somewhat difficult comparisons versus during the pandemic. But do you think by the second half of '23 that maybe normalization from the pandemic actually happens, whether it's improved staff in at your customers, better consumables for you or improve (inaudible) just the market around you change.

樂於助人的吉姆和我可能想以不同的方式提出 AHS 問題。你在 3 月份提到了 90% 的中國信函程序。與本季度開始的地方相比，可能會有更快的改進，並且您確實在 3 月份更好地提到了整體消耗品。我知道 Invetech 仍然有些疲軟，我認為與大流行期間相比，這仍然有些困難。但是你認為到 23 年下半年，大流行的正常化可能真的會發生嗎，無論是改善客戶的員工，為你提供更好的消耗品，還是改善（聽不清）你周圍的市場變化。

Yes, we do. I mean we even saw some green shoots in March, quite frankly, in the U.S. consumables as an example, which had good growth. So Yes, we think the -- you're exactly right. We think the second -- it's going to start to get a little weird still comparing to 2019 here by the time. So I think as we get into the second half, I think we'd probably say our bet right now is it's normalized. There'll still be labor shortages. If you recall back in our start of the year call, we said, "Hey, we thought '23 would be better than '22. '24 would be better than '23." And I think some of that continues. That's going to continue through the year and our self-help is going to get better as well. as I said earlier in the call. So I think the combination of things getting a little better in the marketplace as well as our self-help start to see the traction of that. I'm confident we'll start to see the benefits of those things playing out in the second quarter and then into the second half.

是的，我們有。我的意思是，我們甚至在 3 月份看到了一些萌芽，坦率地說，以美國消費品為例，增長良好。所以是的，我們認為 - 你是完全正確的。我們認為第二個——與 2019 年相比，它會開始變得有點奇怪。所以我認為當我們進入下半場時，我想我們現在可能會說我們的賭注是標準化的。仍然會有勞動力短缺。如果你還記得我們年初的電話會議，我們說，“嘿，我們認為 23 年會比 22 年好。24 年會比 23 年好。”我認為其中一些還在繼續。這將持續一整年，我們的自助服務也將變得更好。正如我早些時候在電話中所說的那樣。所以我認為市場上的事情變得更好以及我們的自助相結合開始看到它的吸引力。我相信我們會在第二季度和下半年開始看到這些事情的好處。

Your final question comes from the line of Joe Giordano with Cowen.

你的最後一個問題來自 Joe Giordano 和 Cowen 的對話。

So on the pie chart that you have for revenue where you have like the backlog protected that Deane was referencing earlier. Just curious like the biggest piece of that is recurring ex software. Just like if we go into like a more like a real recession, how recurring is that business in a good time versus how recurring is it in a bad time is there slippage as customers get tighter with their wallet?

因此，在您擁有的收入餅圖上，您有 Deane 之前提到的積壓保護。只是好奇，就像其中最大的一塊是重複出現的前軟件。就像我們進入更像是一場真正的衰退一樣，該業務在好時期的反復出現與在不好時期的反復出現有多少隨著客戶的錢包變得更緊而出現下滑？

I think it holds up pretty well. I think, number one, there's a couple of big pieces in there, right? Consumables at ASP is a big piece. iNet our EMC businesses in there, which is long-term contracts. So we've got a number of -- and of course, broadly defined services, so though it should hold up well. And we feel good about -- it held up very well in the first quarter as an example with really good growth. So you combine that with software and then even the healthcare hardware. We've got a good portion of the portfolio that we think is really resilient. You combine that with roughly 25% of our hardware nonrecurring, which is backlog protected, we feel pretty good. And as I mentioned earlier, the secular drivers in the entire product side also provide some -- another good insurance policy here. So we're -- we've really run the playbook that we've talked about so many times. We're prepared for a number of scenarios. We took some restructuring earlier productivity initiatives earlier in the year, as you know.

我認為它保持得很好。我想，第一，裡面有幾塊大塊的，對吧？ ASP 的耗材是一個很大的部分。 iNet 我們的EMC 業務在裡面，這是長期合同。所以我們有很多——當然，定義廣泛的服務，所以儘管它應該保持良好。我們感覺很好——它在第一季度表現非常好，作為一個增長非常好的例子。所以你把它與軟件結合起來，然後甚至是醫療保健硬件。我們認為我們的投資組合中有很大一部分是真正有彈性的。將其與我們大約 25% 的非經常性硬件（受積壓保護）相結合，我們感覺非常好。正如我之前提到的，整個產品方面的長期驅動因素也提供了一些 - 另一個很好的保險政策。所以我們 - 我們真的運行了我們已經討論過很多次的劇本。我們為多種情況做好了準備。如您所知，我們在今年早些時候採取了一些重組早期生產力的舉措。

We've upped that as well. So we feel like we're building scenarios around what could happen. It's hard to predict the future. But the portfolio was developed many -- over the years, in most cases, to deal with a lot of these challenges, and we think we're well prepared for.

我們也提高了這一點。所以我們覺得我們正在圍繞可能發生的事情構建場景。很難預測未來。但多年來，在大多數情況下，投資組合已經開發了許多，以應對許多這些挑戰，我們認為我們已經做好了充分的準備。

Fair enough. And then just to follow up on the discussion about the cyclical businesses. And so like IOS and PT, both came in quarter ahead pretty solidly ahead of what you suggested in your guidance for 1Q and the full year guidance on the growth side are pretty much the same, a little bit bump in one, but pretty much the same. Now how should we think about that? Is it kind of lower view of the second half? Or like you mentioned the backlog is totally high. So just curious how we should interpret that.

很公平。然後只是跟進有關週期性業務的討論。因此，就像 IOS 和 PT 一樣，兩者都比你在第一季度的指導意見中所建議的要好得多，而且全年增長方面的指導意見幾乎是一樣的，有一點點顛簸，但幾乎相同的。現在我們應該如何考慮呢？這是對下半場的看法嗎？或者就像你提到的積壓非常高。所以很好奇我們應該如何解釋它。

Yes. I think the first half doesn't change all that much. Chuck kind of talked about that a little bit. But I think you think about derisking the second half. It's a little bit of derisking. And if things continue to play out as positive as they have, there might be some opportunity. But I think right now, let's see how things play out. But as we said on a 2-year stack, the hardware business, the product businesses do get a little bit better given the tougher comps in the second half. But where we stand today, I think we -- I think most people would be envious of the start that we had for the year, and we feel good about that.

是的。我認為上半年變化不大。 Chuck 稍微談到了這一點。但我認為你會考慮降低下半場的風險。這有點降低風險。如果事情繼續像現在這樣積極地發展，那麼可能會有一些機會。但我認為現在，讓我們看看事情會如何發展。但正如我們在 2 年堆棧中所說的那樣，考慮到下半年更艱難的競爭，硬件業務、產品業務確實有所好轉。但我們今天所處的位置，我認為我們 - 我認為大多數人都會羨慕我們今年的開端，我們對此感覺很好。

There are no further questions at this time. I will turn the call back over to Mr. Jim Lico.

目前沒有其他問題。我會將電話轉回給 Jim Lico 先生。

Thanks, Brent, and thanks, everyone, for taking the time today. We know it's a busy schedule for all of you. We appreciate the questions. We certainly appreciate the interest. I hope from the words from Chuck and I, you heard as well as the prepared remarks, and hopefully, the presentation was helpful was helpful as well. We're off to a good start. We feel good about it. There is certainly some uncertainty out there in a number of ways. We feel well prepared for it. We'll look forward to the follow-up questions, I can give you more color on that to the extent we can be helpful.

謝謝布倫特，也謝謝大家今天抽出時間來。我們知道這對你們所有人來說都很忙。我們感謝您提出問題。我們當然感謝您的興趣。我希望從查克和我的話中，你聽到了準備好的評論，希望演講對你有所幫助。我們有了一個良好的開端。我們對此感覺很好。在許多方面肯定存在一些不確定性。我們為此做好了充分的準備。我們將期待後續問題，我可以在我們可以提供幫助的範圍內為您提供更多顏色。

We're really looking forward to sharing our story more longer term at our investor conference. We think it's an opportunity for us to really demonstrate a lot of the things we've talked about today relative to how that plays out, the strength of -- in addition to not only the strength of the financials, but also the strength of the strategy, which really continues to help us. We had a great 2022. We think it's also going to help us post a good '23. We look forward to seeing you soon. Thanks, everyone. Take care.

我們真的很期待在我們的投資者會議上更長期地分享我們的故事。我們認為這是一個機會，讓我們能夠真正展示我們今天所討論的很多事情，這些事情是如何發揮作用的，除了財務實力之外，還有實力戰略，它確實繼續幫助我們。我們度過了一個美好的 2022 年。我們認為這也將幫助我們度過一個美好的 23 年。我們期待著你的到來。感謝大家。小心。

Ladies and gentlemen, thank you for participating. This concludes today's conference call. You may now disconnect.

女士們，先生們，感謝你們的參與。今天的電話會議到此結束。您現在可以斷開連接。