Fortive Corp (FTV) 2023 Q3 法說會逐字稿

My name is Krista, and I'll be your conference facilitator this afternoon. At this time, I would like to welcome everyone to the Fortive Corporation Third Quarter 2023 Earnings Results Conference Call. (Operator Instructions) I would now like to turn the call over to Ms. Elena Rosman, Vice President of Investor Relations. Ms. Rosman, you may begin your conference.

我叫克里斯塔，今天下午我將擔任你們的會議主持人。此時此刻，我歡迎大家參加 Fortive Corporation 2023 年第三季財報電話會議。 （接線生指示）我現在想將電話轉給投資者關係副總裁 Elena Rosman 女士。羅斯曼女士，您可以開始會議了。

Thank you, Krista, 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 financial measures on today's call. Information required by Regulation G are available on the Investors section of our website at fortive.com. Our statements on period-to-period increases or decreases refer to year-over-year comparisons unless otherwise specified.

謝謝克里斯塔，也謝謝大家參加今天的電話會議。今天與我們在一起的有我們的總裁兼執行長吉姆·利科 (Jim Lico)；以及我們的高級副總裁兼財務長查克·麥克勞克林 (Chuck McLaughlin)。我們在今天的電話會議上提出了某些非公認會計準則財務指標。 G 條例要求的資訊可在我們網站 fortive.com 的投資者部分取得。除非另有說明，我們關於期間增減的陳述均指同比比較。

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. 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.

在電話會議期間，我們將做出前瞻性聲明，包括有關我們預期或預計未來將或可能發生的事件或發展的聲明。這些前瞻性陳述面臨許多風險，實際結果可能與我們今天所做的任何前瞻性陳述有重大差異。有關這些風險因素的資訊可在我們向 SEC 提交的文件中找到，包括我們截至 2022 年 12 月 31 日的年度 10-K 表格年度報告。

These forward-looking statements speak only as of the date that they are made, and we do not assume any obligation to update any forward-looking statements. With that, I'd like to turn the call over to Jim.

這些前瞻性陳述僅代表截至其作出之日的情況，我們不承擔更新任何前瞻性陳述的義務。說到這裡，我想把電話轉給吉姆。

Thanks, Elena. Hello, everyone, and thank you for joining us. I'll begin on Slide 3. In the third quarter, we continued to see the benefits of our portfolio strategy with core growth and margin expansion in all segments. Third quarter core revenue growth was 2.5%, tempered by specific headwinds in health care and slowing in parts of sensing in China. Strong execution by our teams drove substantial improvement in gross and operating margins, earnings and free cash flow.

謝謝，埃琳娜。大家好，感謝您加入我們。我將從幻燈片 3 開始。在第三季度，我們繼續看到我們的投資組合策略的好處，即所有細分市場的核心成長和利潤率擴張。第三季核心營收成長 2.5%，受到醫療保健領域的特定不利因素以及中國部分感測領域放緩的影響。我們團隊的強大執行力推動了毛利率和營業利潤率、收益和自由現金流的大幅改善。

Adjusted gross margins expanded by 160 basis points to 59.7%. Adjusted operating margins increased by 150 basis points to 25.9%, and adjusted earnings per share grew 8% and free cash flow increased 25% to $384 million.

調整後毛利率擴大 160 個基點，達到 59.7%。調整後營業利益率成長 150 個基點，達到 25.9%，調整後每股盈餘成長 8%，自由現金流成長 25%，達到 3.84 億美元。

As you can see, our strategy is delivering results with enhanced portfolio positions, innovative new products and dedication to the Fortive Business System, allowing us to consistently perform despite a mixed macro environment. As we look ahead, our attractive funnel of bolt-on and adjacent M&A opportunities across our 3 segments and 5 connected workflows are expected to drive upside in 2024 as exemplified by the acquisition of the EA Elektro-Automatik as well as 3 other bolt-ons in the quarter.

正如您所看到的，我們的策略是透過增強的投資組合地位、創新的新產品和對 Fortive 業務系統的奉獻來交付成果，使我們能夠在複雜的宏觀環境中始終如一地表現。展望未來，我們的3 個細分市場和5 個互聯工作流程中的補充和相鄰併購機會極具吸引力，預計將在2024 年推動成長，收購EA Elektro-Automatik 以及其他3 個補充項目就是例證。在本季。

Turning to Slide 4. We wanted to highlight how the year is playing out relative to our initial expectations and begin to frame our thinking for 2024. Beginning on the left, hardware product orders were stronger in the first half of the year as traction on new product launches and leveraged to secular drivers provided more backlog to buffer the normalization of supply chains. Hardware product orders were down mid-single digit, which we believe reflects continued solid demand with orders up over 20% on a 3-year stack basis in the third quarter. Point-of-sale trends in North America and Western Europe have remained healthy even as channels normalized, while we did see slowing specifically in China and parts of sensing in the quarter.

轉向投影片 4。我們想強調今年的情況與我們最初的預期相比如何，並開始製定我們對 2024 年的想法。從左側開始，由於新產品的推動，硬體產品訂單在上半年表現強勁。產品的推出和對長期驅動因素的利用提供了更多的積壓，以緩衝供應鏈的正常化。硬體產品訂單下降了中個位數，我們認為這反映了需求持續強勁，第三季訂單以 3 年堆疊運算成長了 20% 以上。即使通路正常化，北美和西歐的銷售點趨勢仍然保持健康，而我們確實看到中國和部分感測領域在本季出現放緩。

Software and services continue to demonstrate their resilience with high single-digit growth across our facilities and asset life cycle, environmental health and safety and perioperative customer workflows. The health care environment continues to improve. Core growth in the third quarter was constrained by the clearing channel inventory in ASP and continued weakness in the bioprocessing market in Invetech.

軟體和服務繼續展示其彈性，在我們的設施和資產生命週期、環境健康和安全以及圍手術期客戶工作流程中實現了高個位數成長。醫療衛生環境持續改善。第三季的核心成長受到平均售價的清算通路庫存以及英維泰生物加工市場持續疲軟的限制。

Turning to the right-hand side of the slide, we are delivering 2023 performance ahead of our initial expectations coming into the year with mid-single-digit core growth with adjusted operating profit margin incrementals over 60%, delivering nearly 2x the margin expansion planned in the year. And we are accelerating our capital deployment in the quarter with robust free cash flow and ample firepower to fund attractive M&A opportunities.

轉向幻燈片的右側，我們的2023 年業績將超出我們對今年的最初預期，其中核心增長為中個位數，調整後的營業利潤率增量超過60%，實現了計劃利潤率擴張的近2 倍在這一年。我們正在本季加速資本部署，擁有強勁的自由現金流和充足的火力來為有吸引力的併購機會提供資金。

Further evidence that our strategy to create a more durable growth company is working is highlighted on Slide 5. Our innovation and portfolio strategy continues to build on leadership positions in our connected workflows benefiting from customer investments in key megatrends, including automation and digitization, the energy transition and the need for productivity solutions contributing to our improved through-cycle performance. We have several good examples across Fortive, including: providing customer software solutions, to digitize and automate processes and deliver customer success in AI-driven ecosystems. Provation is partnering to enable real-time AI in the GI workflow, contributing to their strong win rates and accelerated mid-teens growth in '23.

投影片5 強調了我們創建更持久成長公司的策略正在發揮作用的進一步證據。我們的創新和投資組合策略繼續建立在我們互聯工作流程中的領導地位，受益於客戶對關鍵大趨勢的投資，包括自動化和數位化、能源轉型以及對生產力解決方案的需求有助於我們提高整個週期的績效。我們在 Fortive 中有幾個很好的例子，包括：提供客戶軟體解決方案，實現流程數位化和自動化，並在人工智慧驅動的生態系統中幫助客戶取得成功。 Provation 正在合作，在 GI 工作流程中啟用即時人工智慧，為他們在 23 年強勁的勝率和加速的青少年成長做出了貢獻。

And in the third quarter, Fluke added Azima DLI, a bolt-on acquisition, accelerating their AI-enabled predictive maintenance capabilities with vibration analytics and remote condition monitoring. Fortive is also helping to solve our customers' toughest energy transition challenges with breakthrough innovations. Fluke and Qualitrol are both benefiting from strong demand in solar, EV storage equipment and the build-out and modernization of electric grid infrastructure. In addition, Fluke acquired Solmetric to further solidify their leadership position in the fast-growing distributed energy market with high-precision solar test and measurement products.

在第三季度，福祿克增加了 Azima DLI，這是一項補強收購，透過振動分析和遠端狀態監控加速了其人工智慧支援的預測維護能力。 Fortive 也透過突破性創新幫助客戶解決最嚴峻的能源轉型挑戰。 Fluke 和 Qualitrol 都受益於太陽能、電動車儲存設備以及電網基礎設施的擴建和現代化的強勁需求。此外，福祿克收購了 Solmetric，以憑藉高精度太陽能測試和測量產品進一步鞏固其在快速成長的分散式能源市場的領導地位。

In this environment, our customers are putting a premium on productivity. ASP is launching new sterilization monitoring products, broadening their leading position in biological indicators, allowing customers to reprocess surgical instruments with greater speed and efficiency. Further, Gordian acquired NSR, a natural extension of the reconstruction workflow, which provides cost data that will allow them to expand job order contracting in the U.K.

在這種環境下，我們的客戶非常重視生產力。 ASP 正在推出新的滅菌監測產品，擴大其在生物指標方面的領先地位，使客戶能夠以更快的速度和效率對手術器械進行再處理。此外，Gordian 收購了 NSR，這是重建工作流程的自然延伸，它提供的成本數據將使他們能夠在英國擴大作業訂單承包。

Turning to Slide 6. We are pleased to announce our agreement to acquire EA Elektro-Automatik, enhancing our leading position in advanced electronic test and measurement solutions. EA specializes in the high-power segment of the market that serves a number of growing end markets, including data centers, energy storage, e-mobility, grid modernization and hydrogen power alternatives. EA expands Tektronix' addressable market. It complements and diversifies their offerings in the fastest-growing areas of the power market, solving for power density and efficiency challenges and creating a more sustainable and electrified world. With an estimated $175 million of revenue and low 40s operating margins in 2023, EA is expected to be accretive to our growth in margins. Tektronix' global scale, including a 10x increase in go-to-market resources, accelerates EA's global market expansion.

轉向幻燈片 6。我們很高興地宣布我們同意收購 EA Elektro-Automatik，從而增強我們在先進電子測試和測量解決方案方面的領先地位。 EA 專注於高功率市場領域，為許多不斷成長的終端市場提供服務，包括資料中心、能源儲存、電動車、電網現代化和氫能替代品。 EA 擴大了泰克的潛在市場。它補充了他們在電力市場成長最快的領域的產品並使其多樣化，解決了功率密度和效率挑戰，並創造了一個更永續和電氣化的世界。預計 EA 到 2023 年的收入將達到 1.75 億美元，營運利潤率將達到 40 多美元，預計將促進我們的利潤成長。泰克的全球規模（包括增加 10 倍的上市資源）加速了 EA 的全球市場擴張。

Further, the Fortive Business System will be a valuable tool in achieving commercial, manufacturing and operational synergies, creating unparalleled value for customers and shareholders. As a result, we are targeting an attractive double-digit return profile in year 5 and earnings accretion that ramps as we delever, given our robust free cash flow. In summary, the acquisition of EA reflects our commitment to more durable and higher growth and ability to drive higher returns for Fortive for years to come.

此外，Fortive 業務系統將成為實現商業、製造和營運協同效應的寶貴工具，為客戶和股東創造無與倫比的價值。因此，考慮到我們強勁的自由現金流，我們的目標是在第 5 年實現有吸引力的兩位數回報率，並隨著我們去槓桿化而增加收益。總之，收購 EA 體現了我們對更持久、更高成長的承諾，以及在未來幾年為 Fortive 帶來更高回報的能力。

Turning to Slide 7. Fortive Business System continues to be a differentiator for us, enabling our business to drive innovation and profitable growth. We recently completed our annual CEO Kaizen Week. This event is a hallmark. We're demonstrating our culture of continuous improvement and our ability to deliver outstanding results in our operating companies in one powerful week. As always, we bring together our most senior Fortive leaders, including our segment leaders and many of our operating company presidents with a total of 41 teams and over 500 team members driving significant improvements in growth, margins, free cash flow and breakthrough innovations.

轉向投影片 7.Fortive Business System 仍然是我們的優勢所在，使我們的業務能夠推動創新和獲利成長。我們最近完成了年度執行長改善週。這次活動是一個標誌。我們正在展示我們持續改進的文化以及我們在一周內為我們的營運公司提供出色成果的能力。一如既往，我們將最資深的Fortive 領導者聚集在一起，包括我們的細分市場領導者和許多營運公司總裁，共有41 個團隊和500 多名團隊成員，推動成長、利潤、自由現金流和突破性創新的顯著改善。

Some Kaizen highlights include: at ISC and Qualitrol, their events realized 100% to 125% improvements in productivity. Service channel reduced their time to onboard new customers, and Provation had a 2x improvement in the conversion of marketing leads, both enabling more and faster ARR growth. Tektronix deployed a Copilot, leveraging AI to bring technical expertise to customers and internal automation to significantly improve their efficiency and customer experience. And Fluke Health Solutions had breakthrough results in dosimetry reporting, reducing customer response time by more than 50%. In summary, this year's event continued to emphasize the power of the Fortive Business System and the breadth of applications across our portfolio driving sustained results.

Kaizen 的一些亮點包括：在 ISC 和 Qualitrol，他們的活動實現了生產力 100% 到 125% 的提高。服務管道減少了吸引新客戶的時間，Provation 的行銷線索轉換率提高了 2 倍，從而實現了更多更快的 ARR 成長。泰克部署了 Copilot，利用人工智慧為客戶帶來技術專業知識和內部自動化，從而顯著提高他們的效率和客戶體驗。 Fluke Health Solutions 在劑量測定報告方面取得了突破性成果，將客戶回應時間縮短了 50% 以上。總之，今年的活動繼續強調 Fortive 業務系統的強大功能以及我們產品組合中推動持續成果的應用程式的廣度。

I will now provide more details on each of our 3 segments, beginning with Intelligent Operating Solutions on Slide 8. IOS grew core revenue by 4% with good growth in most regions. Margins continue to benefit from our portfolio evolution with high-margin software growth as well as price realization and productivity benefits driving 230 basis points of adjusted operating margin expansion.

我現在將提供有關我們3 個細分市場中每一個細分市場的更多詳細信息，從幻燈片8 上的智能操作解決方案開始。IOS 的核心收入增長了4%，在大多數地區都有良好的增長。利潤率持續受惠於我們的產品組合演變、高利潤率軟體成長以及價格實現和生產力優勢，推動調整後營業利潤率擴大 230 個基點。

Highlights in the quarter included: Fluke core revenues were up low single digit as solid core demand and NPI traction buffered expected channel normalization. EMA continued its strong performance with another quarter of double-digit revenue growth. Fluke secured a number of wins in secular growth markets, including a sizable calibration order from an aerospace and defense customer. Fluke also continues to see success with new product introductions with the recent launch of MecQ, a first-to-industry acoustic imager for diagnosing mechanical failures.

本季度的亮點包括： 由於穩固的核心需求和 NPI 牽引力緩衝了預期的管道正常化，福祿克核心收入增長了低個位數。 EMA 持續保持強勁表現，營收又實現了兩位數成長。福祿克在長期成長的市場中取得了許多勝利，包括來自航空航太和國防客戶的大量校準訂單。福祿克也繼續在新產品推出方面取得成功，最近推出了 MecQ，這是一款業界首款用於診斷機械故障的聲學成像儀。

EHS revenues grew mid-single digit with double-digit iNet growth and ISC and another strong quarter for SaaS and Intelex with over 50% growth in ACV customer bookings in the quarter. In addition, Marathon Petroleum, our largest iNet and SAFER Systems customer recognized Industrial Scientific with their Corporate Exceptional Partnership Award. Facility and asset life cycle revenues grew high single digit, driven by continued strength in SaaS.

EHS 營收實現中個位數成長，iNet 和 ISC 實現兩位數成長，SaaS 和 Intelex 又一個強勁的季度，本季 ACV 客戶預訂成長超過 50%。此外，我們最大的 iNet 和 SAFER Systems 客戶 Marathon Petroleum 也授予英思科公司傑出合作夥伴獎。在 SaaS 持續強勁的推動下，設施和資產生命週期收入實現高個位數成長。

Gordian continues to drive market penetration as more customers utilize their job order contracting platform to procure and manage their large infrastructure projects. Accruent secured an agreement with [Xavier] University to provide its facility management software which included cross-selling with Gordian, and ServiceChannel launched several innovations for both subscriber and provider software releases contributing to strong overall growth.

隨著越來越多的客戶利用其工作訂單承包平台來採購和管理大型基礎設施項目，Gordian 繼續推動市場滲透。 Accruent 與 [Xavier] 大學達成協議，提供其設施管理軟體，其中包括與 Gordian 的交叉銷售，ServiceChannel 為訂戶和提供者軟體版本推出了多項創新，從而促進了強勁的整體成長。

Turning now to Slide 9. Precision Technologies reported 1% core revenue growth and adjusted operating margins of 26.5%, expanding 60 basis points, reflecting strong price realization and productivity benefits. Some highlights of the quarter include: Tektronix is executing on robust backlog in power and digital test and measurement solutions and delivering low single-digit core growth and outstanding operating margin expansion. This included over 20% revenue growth in North America, reflecting continued customer investments to solve the proliferation of new power design challenges for batteries, EVs and industrial applications.

現在轉向投影片 9.Precision Technologies 報告核心營收成長 1%，調整後營業利潤率為 26.5%，擴大 60 個基點，反映出強勁的價格實現和生產力優勢。本季度的一些亮點包括： 泰克正在執行電源和數位測試與測量解決方案的大量積壓工作，並實現低個位數的核心成長和出色的營業利潤率擴張。其中北美地區的收入成長超過 20%，反映出客戶為解決電池、電動車和工業應用不斷湧現的新電源設計挑戰而進行的持續投資。

Tech orders continued to normalize off a 40% 2-year stack at the end of 2022. Double-digit order declines at Tek were greatest in China. However, we did see weekly patterns improve sequentially as we moved through the quarter. Further, we expect continued lead time improvement and channel normalization, with orders returning to growth in the coming months as customers continue to prioritize investments in semiconductor advancements, AI-enabled compute and electrification of everything.

到 2022 年底，科技訂單繼續正常化，兩年期訂單量下降了 40%。Tek 的兩位數訂單降幅在中國最為嚴重。然而，隨著本季的進展，我們確實看到每週模式持續改善。此外，我們預計交貨時間將持續改善，通路正常化，隨著客戶繼續優先投資半導體先進技術、人工智慧運算和一切電氣化，訂單將在未來幾個月恢復成長。

Sensing Technologies saw another quarter of strong orders and revenue growth at Qualitrol. This included a meaningful deal in the quarter from a large U.S. utility customer for full transformer asset monitoring solutions. Elsewhere in Sensing, slowing in China was reflected in lower-than-expected orders and revenue.

Sensing Technologies 的 Qualitrol 又一個季度實現了強勁的訂單和收入成長。其中包括本季美國一家大型公用事業客戶就完整變壓器資產監控解決方案達成的一項有意義的交易。在感測領域的其他領域，中國市場的放緩反映在訂單和收入低於預期。

Lastly, Pacific Scientific EMC reported another quarter of double-digit sales growth as it benefits from Kaizen activity to improve manufacturing capacity and operational execution to deliver on record backlog.

最後，Pacific Sc​​ience EMC 報告稱，其銷售額又實現了四分之一的兩位數增長，因為該公司受益於Kaizen 活動，旨在提高製造能力和營運執行力，以交付創紀錄的積壓訂單。

Moving now to Slide 10 and Advanced Healthcare Solutions. Core revenues were up 2%, reflecting improved underlying sterilization demand, partially offset by higher-than-expected U.S. channel inventory in ASP. For the third quarter, the total impact resulted in $11 million in less revenue, impacting AHS core growth by over 300 basis points and adjusted operating margins by almost 200 basis points. Elsewhere, high-growth markets saw revenues up high single digits, driven by robust growth in Latin America as well as good growth in Asia. Adjusted operating profit margins increased by 200 basis points year-over-year. We are seeing traction on pricing actions as well as the benefits of the productivity initiatives reflected in higher margins.

現在轉到投影片 10 和進階醫療保健解決方案。核心收入成長 2%，反映出潛在對沖需求的改善，但部分被高於預期的美國通路庫存平均售價所抵銷。第三季的整體影響導致營收減少 1,100 萬美元，影響 AHS 核心成長超過 300 個基點，調整後的營業利潤率下降近 200 個基點。在其他地區，由於拉丁美洲的強勁成長以及亞洲的良好成長，高成長市場的收入實現了高個位數成長。調整後營業利益率年增 200 個基點。我們看到定價行為的吸引力以及生產力措施的好處反映在更高的利潤率。

Additional highlights in the quarter include Censis continued to grow its subscription revenue with its CensiTrac SaaS business increasing mid-teens, benefiting from continued traction in both new logo expansion and cross-selling opportunities as customers standardize on their leading instrument tracking software solution. (inaudible) Solutions revenue increased slightly as high single-digit growth in its core dosimetry business was partially offset by project timing. We also saw continued market weakness in Invetech, accounting for approximately half of the slower-than-expected growth in the segment in the third quarter. Lastly, Provation had another quarter of excellent growth, over 20% driven by continued APAC SaaS adoption and new logo success.

本季的其他亮點包括Censis 的訂閱收入持續成長，其CensiTrac SaaS 業務成長了十幾歲左右，這得益於新商標擴展和交叉銷售機會的持續吸引力，因為客戶對其領先的儀器追蹤軟體解決方案進行了標準化。 （聽不清楚）解決方案收入略有成長，因為其核心劑量測定業務的高個位數成長被專案時間安排部分抵消。我們也看到 Invetech 的市場持續疲軟，約佔第三季該領域成長低於預期的一半。最後，Provation 又一個季度實現了出色的成長，得益於亞太地區 SaaS 的持續採用和新商標的成功，成長超過 20%。

Previewing the fourth quarter, the ASP channel transition is now complete, and we expect growth to accelerate EHS. This includes the initial ramp of ASP's recently launched portfolio of steam sterilization monitoring products, which will further build over several quarters as they expand their global reach. We continue to expect margins to ramp in Q4 and 2024, driven by consumables growth, price realization and productivity actions.

展望第四季度，ASP 通路轉型現已完成，我們預期 EHS 的成長將加速。這包括 ASP 最近推出的蒸氣滅菌監控產品組合的初步成長，隨著其全球影響力的擴大，該產品組合將在幾個季度內進一步發展。我們繼續預計，在消耗品成長、價格實現和生產力行動的推動下，第四季和 2024 年利潤率將上升。

With that, I'll pass it over to Chuck, who'll provide more color on our third quarter financials and our 2023 outlook starting on Slide 11.

接下來，我將把它交給 Chuck，他將從幻燈片 11 開始為我們的第三季財務數據和 2023 年展望提供更多資訊。

Thanks, Jim, and hello, everyone. We generated year-over-year core revenue growth of 2.5%, which included a single-digit growth in North America. As Jim mentioned, we saw over 20% growth in Tektronix and acceleration in our software and recurring revenue streams, which more than offset moderation some of the Sensing businesses. Western Europe revenue was up slightly as growth in software was offset by normalizing growth in hardware products.

謝謝吉姆，大家好。我們的核心收入年增 2.5%，其中北美地區實現個位數成長。正如 Jim 所提到的，我們看到泰克的成長超過 20%，我們的軟體和經常性收入流也在加速成長，這足以抵消一些感測業務的放緩。西歐收入略有成長，因為軟體的成長被硬體產品的正常成長所抵消。

Asia saw a continued strength in India, up mid-teens, and Japan up high single digits, which was more than offset by low double-digit decline in China. We had anticipated growth in China, was slow in the second half as we lapped outside growth in prior years.

亞洲地區印度持續走強，上漲了十幾位數，日本上漲了高個位數，但被中國兩位數的低跌幅所抵消。我們預計中國的成長在下半年會放緩，因為我們落後於前幾年的外部成長。

For example, Tektronix was down over 20% in China in the quarter. However, it was still up 20% on a 2-year stack basis. We also saw continued slowing in Sensing, given the current macro environment. While AHS grew high single digit as electric procedure volumes improved in the quarter.

例如，泰克本季在中國的股價下跌了 20% 以上。然而，在 2 年堆疊基礎上，它仍然上漲了 20%。鑑於當前的宏觀環境，我們也看到感測業務持續放緩。隨著本季電子手術量的增加，AHS 實現了高個位數成長。

Turning to Slide 12. We show operating performance highlights for the third quarter. Adjusted gross margins increased 160 basis points to a record 59.7%. On a 2-year stack basis, they are up an impressive 240 basis points driven by the benefits of our portfolio evolution, the continued application of FBS initiatives and strong price realization.

轉向幻燈片 12。我們展示了第三季的營運業績亮點。調整後毛利率成長 160 個基點，達到創紀錄的 59.7%。在 2 年堆疊的基礎上，由於我們的投資組合演變、FBS 計劃的持續應用和強勁的價格實現，它們的收益增長了令人印象深刻的 240 個基點。

Adjusted operating margins expanded 150 basis points to 25.9% or 300 basis points over the last 2 years, reflecting higher gross margins and the benefits of the productivity initiatives we executed earlier this year. Adjusted earnings per share increased 8% to $0.85 despite higher year-over-year interest and tax expense. Earnings are up 30% on a 2-year stack basis, and free cash flow was $384 million, reflecting a 25% increase over the prior year and over 50% growth in the last 2 years as we continue to grow earnings and effectively manage working cap.

過去兩年，調整後的營業利潤率擴大了 150 個基點，達到 25.9% 或 300 個基點，反映出更高的毛利率以及我們今年早些時候執行的生產力計劃的好處。儘管利息和稅收費用同比增加，但調整後每股收益仍增加 8% 至 0.85 美元。兩年收益成長了 30%，自由現金流為 3.84 億美元，比上年增長 25%，過去 2 年增長超過 50%，因為我們持續增長收益並有效管理工作帽。

Turning now to the guide on Slide 13 and the outlook for the remainder of the year. For the fourth quarter, we are adjusting our range to reflect caution around the macro in China and delayed recovery in Invetech. Core revenue growth is expected to be in the range of 1.5% to 3%. Adjusted operating profit margins are anticipated to increase by approximately 150 basis points, and adjusted diluted earnings per share are expected to be in the range of $0.92 to $0.95, representing 5% to 8% growth and includes $5 million of onetime additional corporate expense related to the remediation plans following a cybersecurity incident in early October.

現在轉向幻燈片 13 上的指南以及今年剩餘時間的展望。對於第四季度，我們正在調整範圍，以反映對中國宏觀經濟的謹慎態度以及英維泰的延遲復甦。核心收入成長預計在1.5%至3%之間。調整後的營業利潤率預計將增加約150 個基點，調整後的攤薄每股收益預計將在0.92 至0.95 美元之間，增長5% 至8%，其中包括500 萬美元的一次性額外公司費用，其中與十月初網路安全事件後的補救計畫。

We also plan to proactively fund an incremental $35 million of productivity initiatives in the fourth quarter, which are excluded from our adjusted EPS outlook with accretive benefits expected in 2024. Finally, we expect free cash flow of $415 million, representing conversion of approximately 125% of adjusted net income.

我們還計劃在第四季度主動為生產力計劃增加3500 萬美元提供資金，這些計劃不包括在我們調整後的每股收益展望中，預計2024 年將帶來增值收益。最後，我們預計自由現金流為4.15 億美元，相當於約125% 的轉換率調整後淨利。

Turning to the full year recap. We are reiterating the midpoint of our earnings guidance for 2023, which is coming in at the high end of the outlook we set at the beginning of the year. Things have largely played out as we expected with some upside driven by secular tailwinds driving market expansion in new customer innovations, resiliency of roughly 40% of recurring revenue, elevated backlogs and carryover pricing in our hardware products businesses, buffering, moderating demand as order rates normalize throughout the year.

轉向全年回顧。我們重申 2023 年獲利指引的中點，該指引處於我們年初設定的前景的高端。事情基本上如我們預期的那樣發展，長期順風推動了新客戶創新市場擴張，約40% 的經常性收入具有彈性，我們的硬體產品業務積壓和結轉定價增加，緩衝和緩和了訂單率帶來的需求全年正常化。

As a result, we have core growth and margin expansion in each of our segments. Core growth for the year as reported is now expected to be approximately 5% with adjusted profit margins anticipated to increase approximately 150 basis points. Adjusted diluted earnings per share is now expected in the range of $3.37 to $3.40, having raised our guidance twice in the year, and we continue to expect free cash flow of $1.25 billion, representing a conversion of 105% of adjusted net income and 21% free cash flow margin. With that, I'll pass it back to Jim to provide some closing remarks.

因此，我們每個細分市場都實現了核心成長和利潤擴張。目前預計今年的核心成長率約為 5%，調整後的利潤率預計將增加約 150 個基點。調整後的稀釋每股收益目前預計在 3.37 美元至 3.40 美元之間，我們今年兩次上調了指導，我們繼續預計自由現金流為 12.5 億美元，相當於調整後淨利潤的 105% 和 21%。自由現金流邊際。接下來，我將把它傳回給吉姆，以提供一些結束語。

Thanks, Chuck. I'll start to wrap up on Slide 14. Consistent with 2023, we believe we will see sustained core growth and robust margin expansion and free cash flow growth in 2024 despite the evolving macro environment. What continues to differentiate Fortive is our ability to deliver mid-single-digit through-cycle growth, reinforcing our portfolio durability and the power of FBS to deliver strong margin expansion. The consistency of our execution reflects the strength of our product vitality and alignment to high-growth secular trends. Continued solid customer demand in the buffer of excess backlog, adding to a resilient growth profile.

謝謝，查克。我將開始總結投影片 14。與 2023 年一樣，我們相信，儘管宏觀環境不斷變化，我們仍將在 2024 年看到持續的核心成長、強勁的利潤率擴張和自由現金流成長。 Fortive 持續脫穎而出的原因在於我們能夠實現中個位數的整個週期成長，增強我們的投資組合耐久性，以及 FBS 實現強勁利潤擴張的能力。我們執行的一致性反映了我們產品活力的強度以及與高成長長期趨勢的契合。在過剩積壓的緩衝下，客戶需求持續強勁，增強了彈性成長態勢。

In health care, we expect a continued modest pace of industry recovery to drive stronger growth and incremental margins as we lap discrete 2023 headwinds. Lastly, in software and other recurring, our efforts to increase demand generation and strengthen our go-to-market capabilities is expected to drive strong SaaS and license revenue growth in 2024.

在醫療保健領域，我們預計，隨著 2023 年的不利因素的到來，產業持續溫和復甦將推動更強勁的成長和增量利潤。最後，在軟體和其他經常性領域，我們為增加需求和加強進入市場能力所做的努力預計將在 2024 年推動 SaaS 和授權收入的強勁成長。

This brings me to Slide 15 and how we drive differentiated performance and value creation for our shareholders. As we finalize 2023, we are demonstrating another year of strong execution, delivering record gross margins, operating margins and free cash flow. The sustained results underscore the power of the Fortive Business System to relentlessly drive continuous improvement throughout our portfolio. As we showed at our Investor Day in May, by executing the Fortive formula, we expect to roughly double our earnings per share and generate more than $8 billion of free cash flow over the next 5 years.

這讓我想到投影片 15，以及我們如何為股東推動差異化績效和價值創造。在我們敲定 2023 年時，我們將展示另一年的強勁執行力，實現創紀錄的毛利率、營業利潤率和自由現金流。持續的績效凸顯了 Fortive 業務系統持續推動我們整個產品組合持續改善的力量。正如我們在 5 月的投資者日上所展示的那樣，透過執行 Fortive 公式，我們預計每股盈餘將增加約一倍，並在未來 5 年內產生超過 80 億美元的自由現金流。

Our acceleration of capital deployment, as demonstrated this quarter, further positions Fortive as a higher-growth cash flow compounder and a premier company delivering exceptional value to shareholders. With that, I'll turn it back to Elena.

正如本季所展示的那樣，我們加速資本部署，進一步將 Fortive 定位為成長更快的現金流複合企業和為股東提供卓越價值的一流公司。這樣，我會把它轉回給埃琳娜。

Thanks, Jim. That concludes our formal comments. Krista, we are now ready to take questions.

謝謝，吉姆。我們的正式評論到此結束。克里斯塔，我們現在準備好回答問題。

(Operator Instructions) Your first question comes from the line of Julian Mitchell from Barclays.

（操作員說明）您的第一個問題來自巴克萊銀行的 Julian Mitchell。

Maybe just wanted to start with the Precision business, just how the guidance sort of has moved around Tektronix. So it seemed like the test and measurement market was getting worse a few months ago, and you raised the Tektronix revenue guide for the year and now has come down. So maybe just help us understand, was it simply China suddenly getting very bad in late Q3 that caused such a revision? And maybe give us some context now with that PT segment being down organically in Q4, what sort of history tells us the duration of that sales downturn should be for the PT segment?

也許只是想從精密業務開始，看看泰克的指南是如何變化的。因此，幾個月前測試和測量市場似乎變得越來越糟，您提高了泰克今年的收入指南，但現在已經下降了。所以也許只是幫助我們理解，是否只是中國在第三季末突然變得非常糟糕導致了這樣的修正？也許現在可以給我們一些背景信息，因為 PT 細分市場在第四季度出現有機下滑，什麼樣的歷史告訴我們 PT 細分市場的銷售下滑應該持續多長時間？

Yes. Julian, it's Jim. And I think when you look at it, you're right. When we look at kind of where we're at now, we're back to where we were. And I think that at high single digit, I think, for the year for Tek. I think we're -- really what we saw, and you sort of answered it in the question is probably a little bit more of a step down in China. We obviously have good strength in China on a 2-year basis. I think in the third quarter -- I think we're like 30% on a 2-year stack.

是的。朱利安，是吉姆。我認為當你看到它時，你是對的。當我們看看我們現在所處的位置時，我們又回到了原來的位置。我認為泰克今年的數字處於高個位數。我認為我們確實看到了我們所看到的情況，而您在問題中的回答可能是中國的退步。從兩年來看，我們在中國顯然擁有良好的實力。我認為在第三季度——我認為我們在 2 年堆疊中的佔比約為 30%。

But I think what we saw in China was a little bit of inventory, a little bit cautiousness on the part of a number of distributor and direct customers all around China, not really necessarily industry-based, maybe more broad-based. I would call it more caution than anything. That's probably the single biggest aspect to it. We did have some push-outs a little bit from a couple of large orders that we saw as well. But I would say the big Pareto bar on that conversation related to Tek is really China.

但我認為我們在中國看到的是一點庫存，中國各地的一些經銷商和直接客戶有點謹慎，不一定是基於行業的，也許是更廣泛的。我認為這比什麼都更加謹慎。這可能是它最大的一個方面。我們確實也看到了一些大訂單的推出。但我想說，與 Tek 相關的對話中最大的帕累托棒實際上是中國。

The good news on it and what we've seen, as you know, over the last several quarters with PMIs where they've been, semiconductor index down, a number of factors that would suggest that some -- we're coming in -- we were coming into what we've been calling normalization. I think we've been consistent in that regard. We'll see Tek get a little bit better in orders in the fourth quarter than they were in the third. And our 90-day funnels actually look better now than they have been. So I think point of sale in a number of places, North America and Europe, as an example, we're good and will probably continue to be pretty good. We actually -- China POS was actually decent in Q3 as well.

關於它的好消息以及我們所看到的，如你所知，在過去幾個季度中，PMI 一直處於這種狀態，半導體指數下降，許多因素表明一些 - 我們正在進入 - - 我們正在進入所謂的正常化。我認為我們在這方面一直是一致的。我們將看到泰克第四季的訂單量比第三季好一些。事實上，我們的 90 天漏斗現在看起來比以前更好了。因此，我認為在許多地方（例如北美和歐洲）的銷售點，我們都做得很好，並且可能會繼續保持良好狀態。事實上，中國 POS 在第三季的表現也不錯。

So if I would just stay high centered on Tek, I'd say high Pareto bar is China, trend third quarter probably at the low point in many respects, will start to get a little bit better as we get towards the end of the year.

因此，如果我只是保持以泰克為中心的高位，我會說高帕累托棒是中國，第三季度的趨勢可能在許多方面處於低點，隨著我們接近年底，將開始變得更好一些。

And then any broad thoughts on sort of PT overall? You've got down organic sales this quarter. How quickly are you assuming that flips positive?

那麼對於 PT 的整體情況有什麼廣泛的想法嗎？本季的有機銷售額有所下降。您認為這種情況多久會轉為正值？

Yes. I think what we've been talking about strategically around PT has been that we thought -- we've done a lot of work in Tek to try to move that growth rate, make it less cyclical. Our service business, as an example, in the third quarter, was up 3%, which is, I think, a good environment relative to sort of stabilizing the business a little bit. We haven't done as much work in Sensing. We've called that a low single-digit business. And as you know, we've had double-digit growth there here for a couple of years. So we anticipated that normalization there.

是的。我認為我們一直在圍繞 PT 進行策略性討論，我們認為，我們在 Tek 做了很多工作，試圖提高成長率，降低其週期性。以我們的服務業務為例，第三季成長了3%，我認為相對於業務的稍微穩定來說，這是一個很好的環境。我們在感測方面還沒有做那麼多的工作。我們稱之為低個位數業務。如您所知，幾年來我們在這裡實現了兩位數的成長。所以我們預計那裡會實現正常化。

I think what we've seen over the last sort of 60 to 90 days is what I would call more slowing. And so the PT number really in Q4 is really around Sensing. Some of that's China, some of that's some direct OEMs that have sort of pushed out blanket orders into '24. Typically, some of that is our lead times coming down. Some of that, I think, is a little bit of slowness. We talked about it on the second quarter call, automation, principally in Europe, that continues. HVAC U.S. and Europe, also a little slower. And then as I mentioned, China. So that really is the PT story in the fourth quarter relative to kind of the change in the guide.

我認為過去 60 到 90 天我們所看到的就是我所說的話更加放緩。因此，第四季的 PT 數字確實與感測相關。其中一些是中國的，一些是一些直接的原始設備製造商，他們已經將一攬子訂單推到了 24 世紀。通常，其中一些是我們的交貨時間縮短。我認為其中一些是有點慢。我們在第二季的電話會議上討論了自動化，主要是在歐洲，這種情況仍在繼續。美國和歐洲的暖通空調也稍慢一些。然後正如我所提到的，中國。這確實是第四季度的 PT 故事，與指南中的變化有關。

And just one very quick follow-up, health care. It's been a sort of a litany of issues for a few years. Once we get through the channel transition, which it sounds like that's finished, do we get back to sort of mid-single digit-plus growth in '24? Is that the sort of natural entitlement as you see it without any onetime negatives?

只有一項非常快速的後續行動，即醫療保健。幾年來，這一直是一連串的問題。一旦我們完成了通路轉型（聽起來已經完成），我們是否會在 24 年恢復到中個位數以上的成長？這是您所看到的那種沒有任何一次性負面影響的自然權利嗎？

Yes. I mean, we'll get out of guiding for '24. But I do think we'll see mid-single digit, for sure, maybe just to sort of characterize what we saw from an ASP perspective. Obviously, this channel transition, we called out about $10 million. It was about $6 million more than we anticipated in the third quarter. And some of it is really why we have the strategy to go direct. It was really about the lack of visibility we really had on natural demand.

是的。我的意思是，我們將不再提供 24 年的指導。但我確實認為我們肯定會看到中個位數，也許只是為了描述我們從 ASP 角度看到的情況。顯然，這次通路轉型，我們花了約1000萬美元。第三季比我們的預期高出約 600 萬美元。這在某種程度上就是我們採取直接戰略的真正原因。這其實是因為我們缺乏對自然需求的了解。

When we take out those sort of adjustments for channel inventory in the second and the third, what we see is on a 2-year stack, mid-single-digit growth in the second, third and fourth. So we really see more consistency. Obviously, some noise there we would prefer not to have as well. But I think where we stand into the fourth quarter, the channel situation behind us, we feel good about that. We feel good about the work the team has done. Obviously, a little bit more -- we're not proud of a little bit more noise than anticipated. We'll certainly take that.

當我們對第二年和第三年的通路庫存進行此類調整時，我們看到的是第二年、第三年和第四年的兩年堆疊中個位數成長。所以我們確實看到了更多的一致性。顯然，我們也不希望有一些噪音。但我認為我們進入第四季度的情況以及我們身後的通路情況，我們對此感覺良好。我們對團隊所做的工作感到滿意。顯然，多一點——我們並不為比預期多一點的噪音感到自豪。我們一定會接受的。

But where we stand today, I think, is in a much better position strategically, should set us up well for '24. And quite frankly, that when you see the margin expansion in health in the third, 200 basis points, we've talked about that margin continued improvement. I think even on a little bit less revenue, we had good margin expansion. So really, when you look at it kind of a good walk into Q4 and certainly sets us up for what we think will be a much better '24.

但我認為，我們今天的立場在戰略上處於更好的位置，應該為我們的 24 世紀做好準備。坦白說，當你看到健康利潤率在第三個基點擴張時，即 200 個基點，我們已經討論過利潤率持續改善。我認為即使收入減少一點，我們的利潤率也有良好的成長。所以說真的，當你看到第四季的表現時，這確實是一個很好的表現，並且肯定會讓我們為我們認為會更好的 24 年做好準備。

Your next question comes from the line of Steve Tusa from JPMorgan.

您的下一個問題來自摩根大通的史蒂夫·圖薩（Steve Tusa）。

So just on the hardware backlog you guys have talked about in the past, where do we stand on all that, the one that was like 350 at one point? What's the status of the hardware backlog?

那麼，就你們過去談到的硬體積壓問題而言，我們對所有這些問題的立場如何，曾經有 350 個這樣的積壓問題？硬體積壓情況如何？

Yes. I think you tried to take us up last quarter from 330 to 350. But I think, Steve, it's come down. I think that's a fair statement. We sort of said we might end the year in the 200 range-ish. We thought, and that's what I said in the second quarter. We think that's maybe more between 100, 150-ish, depends on how the order rate. Some of that is just blanket orders that pushed into '24 so it doesn't necessarily mean as dramatic as that number.

是的。我想你上個季度試圖將我們的人數從 330 提高到 350。但我認為，史蒂夫，它已經下降了。我認為這是一個公平的說法。我們曾說過，今年年底的價格可能會在 200 左右。我們想了，這就是我在第二季所說的。我們認為可能更多在 100 到 150 之間，取決於訂單率。其中一些只是進入 24 年的一攬子訂單，因此並不一定意味著像這個數字那麼戲劇性。

But we'll still lock into with the excess backlog of over $100 million. So not as much as we anticipated, and that's principally in Sensing, a little bit of Tek really in China -- related to China, the conversation I just had around the answers to Julian's questions. But I think where we stand today is still with $100 million-plus of backlog, that doesn't include EMC, which obviously has a very, very high backlog. So I think we still have an insurance policy going into '24.

但我們仍將鎖定超過 1 億美元的超額積壓訂單。所以沒有我們預期的那麼多，主要是在感測領域，有一點泰克真正在中國——與中國有關，我剛剛圍繞朱利安問題的答案進行了對話。但我認為我們今天的積壓訂單仍然超過 1 億美元，這還不包括 EMC，它顯然有非常非常高的積壓訂單。所以我認為我們仍然有一份進入 24 年的保險單。

And then what happened at Invetech? Can you just maybe discuss a little more of the drivers of that business for the quarter?

那麼英維泰發生了什麼事？您能否多討論一下本季該業務的驅動因素？

Yes, that business is really mostly high centered on design, engineering and manufacturing for the diagnostic and bioprocessing market. Certainly, you've heard over certainly the last couple of days how that's taken a step down to some extent. We thought our guide -- I would own this one. We thought the second half guide was sort of bottom for us. And I think as it turned out, it was not bottom and a little bit more . We think now we've taken that down to where we think that is.

是的，該業務確實主要集中於診斷和生物加工市場的設計、工程和製造。當然，您肯定在過去幾天聽說過這種情況在某種程度上有所下降。我們認為我們的指南——我會擁有這個。我們認為後半部分指南對我們來說有點底部。我認為事實證明，它還沒有觸底，而且還多了一點。我們認為現在我們已經把它降到了我們認為的水平。

But certainly, we're certainly a little bit over zealous. It's not a core health care market. As you know, the core health care market really centered around hospitals. But I think where it stands today, the engineering resources, we've certainly seen some customers sort of push projects into 2024. That's what the guide reflects.

但當然，我們確實有點過度熱心了。這不是核心醫療保健市場。如您所知，核心醫療保健市場實際上以醫院為中心。但我認為，就目前的工程資源而言，我們確實看到一些客戶將專案推遲到 2024 年。這就是指南所反映的內容。

One last one for you. Does this feel recessionary to you? And are you guys -- do you have a playbook for costs, if so?

最後一張送給你。這對你來說有衰退的感覺嗎？你們有成本手冊嗎？如果有的話？

Yes. I mean, I think, Steve, thanks for the question because I think at the end of the day, it really -- I don't know yet if this is recessionary in full. I think 4 quarters of PMI being where it's been and a number of other indexes around industrial production and some of those things having been slow. I think we've seen pockets of that. And that's been reflected in some of the order rates that we've described over the last couple of quarters. But I think if we come back to the original guide of the year, we're on that number. We prepared for slowing in some places. That's why margin expansion was so good in the second and the third quarter, following on a little bit less revenue.

是的。我的意思是，我想，史蒂夫，謝謝你提出這個問題，因為我認為歸根結底，我真的不知道這是否完全是衰退。我認為採購經理人指數 (PMI) 已連續 4 個季度保持在原來水平，許多其他有關工業生產的指數以及其中一些指標一直表現緩慢。我想我們已經看到了這樣的情況。這已經反映在我們過去幾季所描述的一些訂單率中。但我認為，如果我們回到今年最初的指南，我們會發現這個數字。我們準備在某些地方放慢速度。這就是為什麼在收入略有減少的情況下，第二季和第三季的利潤率擴張如此之好。

As we said in the prepared remarks, we've opted our productivity view of a little bit. And again, maybe a little bit of abundance of caution, but to be prepared for any environment. And we still think next year could be good. I think as we said, a number of the things that have played out in the strategy. Software was really good in the quarter. It continues to be strong. Our services businesses continue to be good. You saw Fluke in better shape, I think, that maybe if we were in a recession and their point of sale is pretty good. So I wouldn't call it necessarily yet, but I think there's pockets of things, and we'll be prepared for it.

正如我們在準備好的發言中所說，我們選擇了一點生產力觀點。再說一遍，也許要多加小心，但要為任何環境做好準備。我們仍然認為明年會很好。我認為正如我們所說，戰略中已經體現了一些內容。本季的軟體確實非常好。它繼續強勁。我們的服務業務持續保持良好勢頭。我想，你看到福祿克的狀況更好了，也許我們正處於經濟衰退時期，而且他們的銷售點相當不錯。所以我還不一定會這麼稱呼它，但我認為有很多事情，我們會為此做好準備。

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

您的下一個問題來自 Vertical Research Partners 的 Jeff Sprague。

Can we just kind of maybe come back to Tek first. So orders are down in the quarter, but you're expecting them to inflect positively in Q4. Can you just maybe elaborate on what's driving that or is that just the comps now moving the other way? Like what kind of visibility do you have on improving orders at Tek?

我們可以先回到 Tek 嗎？因此，本季的訂單量有所下降，但您預計第四季度的訂單量會出現正面變化。您能否詳細說明一下是什麼推動了這個趨勢，或者只是目前的競爭正在朝著另一個方向發展？例如您對 Tek 訂單改善情況有何了解？

Yes, it's a couple of things. I think #1 is we've seen slowing in Tek orders for a few quarters now. And so some of it is comp. You're right. We started to see some slowing. The 2- and 3-year stacks are still really strong, so we're working off a level of order -- just raw order dollar numbers that are still very, very good, quite frankly, unprecedented in the history of the company over the last few years. So in that sense, it really -- there is much of a comp issue. We started to slow in the fourth quarter of last year. So yes, that's it.

是的，有幾件事。我認為第一是我們已經看到泰克訂單已經連續幾個季度放緩。所以其中一些是比較的。你說得對。我們開始看到一些放緩。 2 年和 3 年的堆疊仍然非常強勁，因此我們正在研究一定程度的訂單 - 只是原始訂單美元​​數字仍然非常非常好，坦率地說，這在公司歷史上是前所未有的過去幾年。所以從這個意義上來說，確實存在著很大的補償問題。我們從去年第四季開始放緩。是的，就是這樣。

And then there's a little bit of -- we think China maybe get a slightly better, it was pretty dramatic in the quarter, but even in -- we've seen some early signs that maybe that gets a little bit better. I wouldn't call it good. I'd just call it a little bit better. So we had some order push from Q3 to Q4. We think we'll see those things as well. So the majority of it is comp. We're not counting on a big step-up improvement. But we are seeing some things that might suggest things might be a little bit better, and that's reflected in how we're talking about it.

然後還有一點——我們認為中國的情況可能會稍微好一點，本季的情況相當引人注目，但即使是——我們也看到了一些早期跡象，表明情況可能會好一點。我不會稱之為好的。我只是稱之為更好一點。因此，我們從第三季到第四季有一些訂單推送。我們認為我們也會看到這些事情。所以大部分都是comp。我們並不期待會有很大的進步。但我們看到的一些事情可能表明情況可能會好一點，這反映在我們談論它的方式上。

And on this inventory realignment in ASP. So you misjudged it a bit in Q3. Like what is your kind of visibility that you totally understand what's in the channel and we don't have some additional hangover into Q4 or maybe there's some hangover baked into your Q4 numbers still?

以及 ASP 中的庫存調整。所以你在第三季的判斷有點錯誤。就像您完全了解頻道中的內容的可見性是多少，並且我們沒有對第四季度產生任何額外的影響，或者也許您的第四季度數據中仍然存在一些影響？

Jeff, this is Chuck. No, we don't have anything baked into Q4. We're done shipping to the distributors. And if there's some -- we're confident that we work through everything. It was bigger than we had visibility to, which as Jim mentioned a few minutes ago, is why we wanted to make this -- one of the reasons we want to make this change. We wish we'd been able to size it properly out of the gate. But as I said, that's why we make the change. But nothing in Q4. And so we -- what we are going to see is ASP to be in mid-single digit in Q4.

傑夫，這是查克。不，我們在第四季沒有任何內容。我們已經向經銷商出貨了。如果有的話——我們有信心能夠解決一切問題。它比我們能看到的要大，正如吉姆幾分鐘前提到的，這就是我們想要做出這個的原因 - 我們想要做出這個改變的原因之一。我們希望我們能夠一開始就調整好它的大小。但正如我所說，這就是我們做出改變的原因。但第四季什麼都沒有。因此，我們將看到第四季的平均售價將達到中個位數。

.

。

And maybe just a quick one. This cyber issue, is this totally wrestled to the ground or do we have some kind of open-ended issue we're dealing with there?

也許只是一個快速的。這個網路問題，是完全被擱置了還是我們正在處理某種開放式問題？

Yes. We experienced a network infrastructure disruption from what we're calling a cyber incident in the quarter. We talked about some costs to mitigate that, roughly $0.01, around $5 million that's in the guide. That's what we called out. We did have some downtime in some North American facilities. Those are back up and running. We definitely think we can mitigate that. We've mitigated the issues relative -- we have first contained the issues. We've mitigated them. We've completed the investigation. We're implementing the final remediation measures. So we don't believe this incident has a material impact on the quarter. So that's where we stand.

是的。我們在本季經歷了所謂的網路事件造成的網路基礎設施中斷。我們討論了一些減輕成本的成本，指南中的成本約為 0.01 美元，大約 500 萬美元。這就是我們所呼籲的。我們的一些北美工廠確實出現了一些停機時間。這些已恢復並運行。我們絕對認為我們可以減輕這種情況。我們已經緩解了相關問題——我們首先控制了這些問題。我們已經減輕了它們的影響。我們已經完成了調查。我們正在實施最後的補救措施。因此，我們認為這一事件不會對該季度產生重大影響。這就是我們的立場。

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

您的下一個問題來自加拿大皇家銀行資本市場 (RBC Capital Markets) 的 Deane Dray。

Can we start with the EA acquisition? One of the things that struck me in the release is you talked about how you want to leverage the Tektronix franchise. And maybe just kind of elaborate on that. Is it distribution? Looking at their products, there's a lot of kind of similarities in terms of benchtop, but it doesn't seem to me there's a lot of product application overlap and maybe I'm wrong there. So how does the leveraging the Tek franchise play out here?

我們可以從收購 EA 開始嗎？新聞稿中令我印象深刻的一件事是您談到了您希望如何利用泰克特許經營權。也許只是詳細說明一下。是分佈嗎？看看他們的產品，在台式方面有很多相似之處，但在我看來，產品應用程式沒有很多重疊，也許我錯了。那麼，如何利用 Tek 特許經營權在這裡發揮作用呢？

Yes. There's not a lot of product overlap, Deane, you're right, but there is a bunch of application overlap. We've talked about the power market at Tek for a number of -- and how that's really been driving growth, even in the quarters we were just describing, we continued to see strength. And that's really been on the backs of our mainstream oscilloscopes and probes and our [chiefly] sourced measuring units. And almost in every one of those applications is also an EA-type product, if you will.

是的。 Deane，你是對的，產品重疊不多，但應用程式有很多重疊。我們已經多次討論了 Tek 的電力市場，以及它如何真正推動成長，即使在我們剛剛描述的季度中，我們仍然看到了強勁的勢頭。這確實是我們主流示波器和探頭以及我們[主要]採購的測量單元的支援。如果你願意的話，幾乎每一個應用程式都是 EA 類型的產品。

So we will 10x their go to market. They were mostly direct in Germany and parts of Europe, mostly with distributions in countries around the world. We'll 10x that with our own go-to-market from a capability, both direct and channel capability. We think that's a tremendous leverage point. It is at the call point we're at and we see a lot of those applications relative to seeing EA right there in many cases or, in many cases, seeing others and understanding that we can be a partner to EA in that regard relative to the go-to-market. So we feel good about the synergies. It's obviously a very good business. It's had very strong growth. It's got software-like growth and software-like margins. And we think we can really help accelerate the continued market expansion of the product lines.

因此，我們的市場投放速度將提高 10 倍。它們大多直接銷往德國和歐洲部分地區，大部分分銷到世界各地的國家。我們將透過我們自己的直接和通路能力進入市場，將這一目標提高 10 倍。我們認為這是一個巨大的槓桿點。正是在我們所處的呼叫點，我們看到了很多與 EA 相關的應用程序，在許多情況下，或者在許多情況下，看到其他應用程式並了解我們可以在這方面成為 EA 的合作夥伴進入市場。所以我們對協同效應感覺良好。顯然這是一樁非常好的生意。它有非常強勁的增長。它具有類似軟體的成長和類似軟體的利潤。我們認為我們確實可以幫助加速產品線的持續市場擴張。

Great, that's good to hear. And then just as a follow-up in some of the themes about what are you seeing that might be recessionary or not, two areas I'd be interested in hearing, the typical Fluke sell-in versus sell-through, how that is the cadence there? And then broadly, the cadence for the quarter, if you broke out revenue growth or orders, how did it play out in the quarter by month? And did you exit in a more deteriorating fashion or not?

太好了，很高興聽到這個消息。然後，作為一些主題的後續內容，關於您所看到的可能會出現衰退或不出現衰退的情況，我有興趣聽到兩個領域，典型的福祿克賣出與賣出，這是如何的節奏在那裡？然後，從廣義上講，本季度的節奏，如果您公佈了收入成長或訂單，它在每個季度的表現如何？您是否以更加惡化的方式退出？

Yes. I mean, I think when we look at Fluke POS, as an example, in North America is probably the best place to think about the U.S. economy. It played out pretty consistently, although point-of-sale came in pretty consistently. We got to look at 2-year stacks because as we fulfill backlog over the last 12 to 18 months, it does in some respects, distorted a little bit. But by and large, pretty consistent.

是的。我的意思是，我認為當我們以 Fluke POS 為例時，北美可能是考慮美國經濟的最佳地點。儘管銷售點的表現相當一致，但它的表現相當一致。我們必須查看 2 年的堆棧，因為當我們完成過去 12 到 18 個月的積壓工作時，它在某些方面確實有點扭曲。但總的來說，相當一致。

I think when we looked at China, it was probably a little slower as we got -- as we went through. But I think we have a good understanding of where that was and that kind of thing, and that's broadly China, not just Fluke. So I would say that's how anticipate it. Tek, on the other hand, was their order growth was actually better in September than it was through the early part of the quarter. I would say, though, we did see a little bit later in the month. And so there was maybe a little bit of a dynamic where you see in a few places.

我認為當我們觀察中國時，隨著我們的經歷，它可能會慢一些。但我認為我們對那件事發生在哪裡以及類似的事情有很好的了解，而且那是廣泛的中國，而不僅僅是福祿克。所以我想說這就是預期的方式。另一方面，Tek 表示，他們 9 月的訂單成長實際上比本季初期要好。不過，我想說的是，我們確實在本月晚些時候看到了一些情況。所以你在一些地方可能會看到一些動態。

But I think that's really what -- the biggest change in really how we think about the second half, though, is really coming back to less, maybe really specific OEM customers within Sensing in those markets I described and China. I think those are the 2 big changes that we really saw.

但我認為這確實是我們對下半年的看法的最大變化，實際上是在我所描述的那些市場和中國的感測領域，真正回到了更少的、也許是真正特定的 OEM 客戶。我認為這是我們真正看到的兩個重大變化。

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

您的下一個問題來自美國銀行的安德魯·奧賓（Andrew Obin）。

I guess a question on PT and the decision to sort of buy EA. I think for years and we love Tek. But it was like one of the acquisitions back at Danaher, this is the one that didn't go well. And there were questions and all of a sudden, there's a lot of attention being paid to it, right? Press report at NATI, clearly, you're making a bet here with EA. Can you just talk about the evolution of the company's thinking about sort of Tek and how you're thinking about the business overall? Where this is all of a sudden a key area for capital deployment? And what it is you're seeing 2, 3 years down the road that gets you excited?

我猜想是關於 PT 的問題以及購買 EA 的決定。我想很多年了，我們都喜歡 Tek。但這就像丹納赫的收購，進展並不順利。突然間出現了很多問題，引起了很多關注，對嗎？ NATI 的新聞報道，很明顯，你是在跟 EA 打賭。您能否談談公司對 Tek 的看法的演變以及您對整體業務的看法？哪裡突然成為資本配置的重點領域？兩三年後您所看到的是什麼讓您感到興奮？

Yes. Thanks, Andrew. I would say, number one, when you look at the returns of Tek from back a while ago, those returns are good, no. Yes, we had a little bit of challenge in the early days. That's exactly right, but that's a little bit of old tape. The returns now are good. And I think we feel good about the business. And I think the performance in the business over the last several years and the profitability that's come with that has been very good because of the strategy of getting out of some businesses that were much more volatile, the video business being one of them but a few others, getting into more services, which gives us a higher attach rate and less volatility. And you've seen that play out over the last couple of years.

是的。謝謝，安德魯。我想說，第一，當你看看 Tek 不久前的回報時，這些回報很好，不是。是的，我們在早期就遇到了一些挑戰。完全正確，但那是有點舊的磁帶。現在的回報還是不錯的。我認為我們對這項業務感覺良好。我認為過去幾年的業務表現以及隨之而來的盈利能力非常好，因為我們採取了退出一些波動性更大的業務的策略，視頻業務就是其中之一，但也只是少數。其他人則進入更多服務，這給我們帶來了更高的附加率和更少的波動性。在過去的幾年裡你已經看到了這種情況的發生。

I think as a large business within the company, we've been very specific. And we think we've been very deliberate in terms of our narrative that the power market was a very good market for us. It had good trajectories relative to secular drivers around electrification. That's not just EVs. Sometimes, people think of that as mobility. That's much more around storage. It's much more around the use of renewable energy and the challenges that, that brings to the grid, the challenge it brings to data centers, the challenge it brings on storage.

我認為作為公司內部的大型企業，我們一直都非常具體。我們認為，我們在表述電力市場對我們來說是一個非常好的市場方面是經過深思熟慮的。相對於電氣化的長期驅動因素，它有著良好的發展軌跡。這不僅僅是電動車。有時，人們認為這就是流動性。這與存儲有關。它更多地圍繞著再生能源的使用以及它給電網帶來的挑戰、它給資料中心帶來的挑戰、它給儲存帶來的挑戰。

And we've got an exceptional -- we've had exceptional success in those markets over the last few years. We talk about that relative to our own success as the mainstream oscilloscope line in that platform and the success that, that's had. So a natural extension of that is what we see at EA. And that's an opportunity for us to have a high-value bolt-on. It accretes immediately to Tektronix' growth rate and profitability. And I think investors, hopefully, will -- I think, and we've had good -- it's interesting, I've had industry people that I've known for decades tell me over the last 48 hours, what a great deal that is.

我們在過去幾年中在這些市場上取得了非凡的成功。我們談論這一點與我們自己作為該平台主流示波器系列的成功以及所取得的成功有關。因此，這就是我們在 EA 看到的自然延伸。這對我們來說是一個獲得高價值補充的機會。它立即提高了泰克的成長率和獲利能力。我認為投資者希望能夠——我想，我們已經取得了很好的成果——有趣的是，我認識了幾十年的業內人士在過去 48 小時內告訴我，這有多重要。是。

We obviously got to continue to talk to folks about it to help them understand the company. But I think when you see it for what it is financially and what it is strategically and the fact that we can get the kind of returns that we've described, I think it's a very good addition to Tek, and we're excited about it. And we're excited about not only what it happens in '24, but quite frankly, what it really brings to the business. And we've talked a little bit about this. But as we highlighted our 2028 targets for EPS and free cash flow, EA gets us about 30% to 35% -- about 40%, actually, of the M&A EPS target. So when you look at that -- at a multiple that we were trading at today. So we feel really good about the deal, and we feel good about the opportunity to really to bring that team on. It's an outstanding team, and we think it will be a great addition to Tektronix and to PT.

顯然，我們必須繼續與人們談論這件事，以幫助他們了解公司。但我認為，當你看到它的財務和戰略意義以及我們可以獲得我們所描述的回報的事實時，我認為這是對 Tek 的一個非常好的補充，我們對此感到興奮它。我們不僅對 24 年發生的事情感到興奮，而且坦白說，對它真正為業務帶來的好處感到興奮。我們已經對此進行了一些討論。但當我們強調 2028 年 EPS 和自由現金流目標時，EA 為我們帶來了併購 EPS 目標的約 30% 至 35%——實際上約為 40%。所以當你看看我們今天交易的倍數時。所以我們對這筆交易感覺非常好，我們對有機會真正讓這支球隊加入感到非常高興。這是一支出色的團隊，我們認為它將成為泰克和 PT 的重要補充。

And just a follow-up on just software, but specific, I guess, facility and asset life cycle, right? We sort of slowed down to high single-digit growth. And I apologize if I missed it, but what were the key headwinds that sort of took it down from double digits to high single digits? And how much visibility do we have on this business reaccelerating into year-end and into '24?

只是軟體的後續行動，但我想是具體的設施和資產生命週期，對嗎？我們的成長速度有所放緩，達到個位數的高成長。如果我錯過了，我很抱歉，但是導致其從兩位數下降到高個位數的主要阻力是什麼？我們對這項業務在年底和 24 世紀重新加速發展的可見度有多少？

Yes. We -- I think FAL is in great shape. It's a great story relative to IOS margin expansion that we had. Obviously, we've had a great year-to-date in IOS margin expansion, and FAL is a great part of that story. We had a little, I would call it, a little bit of slowing in Gordian, but that is really not slowing. It's just really -- we had an exceptional first half, and so it's a little bit of moderation more than anything, but I wouldn't read anything into it. That business has never been as good a shape as it is right now.

是的。我們——我認為 FAL 狀況良好。這是一個與我們的 IOS 利潤擴張相關的精彩故事。顯然，今年迄今為止，我們在 IOS 利潤率擴張方面取得了巨大進展，而 FAL 是其中的重要組成部分。我們有一點點，我稱之為，Gordian 的一點點放緩，但這實際上並沒有放緩。這真的是——我們上半場表現得很出色，所以這比什麼都重要，但我不會解讀任何內容。業務的狀況從未像現在這樣好。

So I think at the end of the day, ServiceChannel's on a great trajectory. We talked about a number of the good things that are going on in Accruent. I wouldn't read anything into FAL than we feel really good about it. It's -- we're in a good place. It's going to be a good setup for '24. The business is really humming along.

所以我認為最終，ServiceChannel 正處於一個良好的發展軌道上。我們討論了 Accruent 中正在發生的一些好事。我不會在 FAL 中讀到任何比我們感覺更好的內容。我們處於一個好地方。這對於24年來說是一個很好的安排。生意真是蒸蒸日上。

So 10%-plus is still a good placehold for this business long term?

那麼從長遠來看，10% 以上仍然是該業務的一個不錯的立足點嗎？

Yes. I think we've said sort of high single to low double and it might move around -- you do have a little bit of nonrecurring service business in that a little bit that plays out every once in a while, you get a little bit on the comps. But yes, I mean, it's going to be that way in the 9%, 10%, 11% kind of percent probably you can dial that in for strong success in the years to come.

是的。我想我們已經說過從高單到低雙，它可能會移動——你確實有一點非經常性服務業務，每隔一段時間就會出現一點，你會得到一點比較。但是，是的，我的意思是，在 9%、10%、11% 的百分比中，情況將會如此，您可能可以在未來幾年中取得巨大成功。

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

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

I got disconnected earlier so if someone asked this question, I apologize. But can you be -- can you clarify on this channel adjustment going direct? Is there a margin payback? I would imagine you capture some of that margin that distributors were getting, but are we going to see that in the numbers? Or did you have to add costs in proportionately to that change?

我之前就斷線了，所以如果有人問這個問題，我很抱歉。但是您能澄清一下這種直接的管道調整嗎？有保證金回報嗎？我想你會獲得分銷商獲得的部分利潤，但我們會在數字中看到這一點嗎？或者您必須根據該變化按比例增加成本？

Scott, this is Chuck. Yes, there's a margin component to that. It's about 7% on the revenue that was going through the North America distributor. And you'll start to see that show up in price in Q4.

斯科特，這是查克。是的，其中有保證金成分。這大約是透過北美經銷商獲得的收入的 7%。您將在第四季度開始看到這一點體現在價格上。

Okay, good. And when you guys think about kind of your pricing strategy, and I imagine it's dynamic by SKU, but is this new world we live in one where you can go out every January 1, you think, with some sort of placeholder price increase and capture it in the marketplace? Or is that not how to think about it?

好的。當你們考慮你們的定價策略時，我想它是由 SKU 決定的，但我們所處的這個新世界是不是你們可以在每年 1 月 1 日出去，你們想，透過某種佔位符價格上漲和捕獲它在市場上嗎？或者說不應該這樣想嗎？

No. I think whether it's -- we probably have several dates. If I were to think about the hardware businesses, which we've obviously had unprecedented price over the last few years, but we will continue to have good price. We always -- we think about it as value capture more so than price. We think about our innovation capability. And if we can bring on higher innovation, ultimately we'll be rewarded for that from a gross margin perspective. I think our gross margin trajectory over the last few years is really -- is not only a good testament to FBS but it's also a good testament to innovation and our ability to launch products that have tremendous value.

不，我想我們可能有好幾次約會。如果我考慮一下硬體業務，過去幾年我們顯然擁有前所未有的價格，但我們將繼續擁有良好的價格。我們始終將其視為價值獲取而不是價格。我們考慮我們的創新能力。如果我們能夠帶來更高的創新，最終我們將從毛利率的角度獲得回報。我認為我們過去幾年的毛利率軌跡確實——不僅很好地證明了 FBS，而且也很好地證明了創新以及我們推出具有巨大價值的產品的能力。

So I think the pricing environment is going to be better going in '24 than normal. But I would say -- I wouldn't say it's better than '23. I would just say it's better than normal. And we would anticipate continuing to look for those pricing opportunities. You'll see that a little bit on the software side and built into net dollar retention. And then our pricing metric that we often talk about is really more related to the hardware businesses.

因此，我認為 24 年的定價環境將比正常情況更好。但我想說——我不會說它比 23 更好。我只想說這比正常的好。我們預計將繼續尋找這些定價機會。您會在軟體方面看到一點，並將其納入淨美元保留中。然後我們經常談論的定價指標實際上與硬體業務更相關。

But as Chuck mentioned, we'll get a little bit more price in health care. We've been getting more price in health care over the last few quarters. We think that will continue as well into '24. So a number of things that will be -- that we feel optimistic about. We're not in a guide scenario just yet for '24, but we are optimistic we can continue to get price.

但正如查克所提到的，我們在醫療保健方面的價格會更高一些。在過去的幾個季度中，我們的醫療保健價格一直在上漲。我們認為這種情況也將持續到 24 年。因此，我們對許多事情感到樂觀。我們還沒有進入 24 年的指導情景，但我們對能夠繼續獲得價格感到樂觀。

Super helpful. Best of luck for the rest of year, guys.

超有幫助。祝大家今年剩下的時間一切順利。

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

您的下一個問題來自 Wolfe Research 的 Nigel Coe。

So just on the 4Q, just mathematics here. Look, obviously $0.01 on corporate with the fiber. It seems like it's like maybe $0.01 or $0.02 on FX. Just maybe just confirm that, that move in FX about $0.01 or $0.02 on 4Q. But I'm just curious on Tek. There's obviously a pretty weak forward guidance from them. And I think we're trying to all figure out whether this is deterioration in short cycle demand or whether consumers of chips like yourself are just destocking. You've been obviously holding buffer inventory and destocking. So any perspective you have on that, Jim would be helpful.

所以就在 4Q 上，這裡只是數學。看，光纖合作顯然是 0.01 美元。看起來外匯價格可能是 0.01 美元或 0.02 美元。也許只是確認一下，第四季外匯波動約為 0.01 美元或 0.02 美元。但我只是對泰克感到好奇。他們的前瞻性指導顯然相當薄弱。我認為我們都在努力弄清楚這是否是短週期需求的惡化，或者像您這樣的晶片消費者是否只是在去庫存。顯然，您一直在持有緩衝庫存並進行去庫存。因此，如果你對此有任何看法，吉姆都會有所幫助。

Nigel, why don't I take the first one? I think there is a little bit -- I wouldn't say $0.02 impact on FX in the fourth quarter. I think it's probably a little less than [1]. But there is some effects just to close that one out. And you did note there is $0.01 in corporate cost for the remediation or efforts on the site.

奈傑爾，我為什麼不選擇第一個呢？我認為第四季對外匯的影響不會是 0.02 美元。我認為它可能比[1]少一點。但有一些影響只是為了消除這種影響。您確實注意到，網站上的補救或工作的公司成本為 0.01 美元。

Nigel, a little bit. I think I caught your question on TI and a little bit about inventory in the channel and things like that. I didn't terripart their -- everything they said, but I did read a little bit about it. I would just say from a Tektronix perspective broadly around maybe components and kind of the market, if you will, I think the biggest place we saw some level of inventory correction was in China.

奈傑爾，一點點。我想我聽到了你關於 TI 的問題，以及一些關於渠道庫存之類的問題。我沒有分述他們所說的一切，但我確實讀了一些相關內容。我只想說，從泰克的角度來看，廣泛圍繞組件和市場類型，如果你願意的話，我認為我們看到一定程度的庫存調整最大的地方是在中國。

We do track inventory levels embedded in our guide as some lowering of inventory in China over the next couple of quarters. We are -- I wouldn't say we're at elevated inventory levels as demand comes down a little bit. Lead times come down. We are managing with individual channel partners relative to inventory.

我們確實追蹤了指南中的庫存水平，因為未來幾季中國的庫存將會下降。我不會說，隨著需求略有下降，我們的庫存水準就會升高。交貨時間縮短。我們正在與各個通路合作夥伴一起管理庫存問題。

But I think in general, we feel like we're in a pretty good place with the guide of where that all sets up. Obviously, the biggest decision in that is really where the demand goes. But we think we've dialed in the kind of demand. The order of projections that I was describing earlier in the call really embedded a number of those things in those complex -- regional complexities into how we're talking about Tektronix. So if that's the answer, let me know. But if I missed it, let me know.

但我認為總的來說，我們感覺我們處於一個非常好的位置，有所有設定的指導。顯然，其中最大的決定其實是需求的走向。但我們認為我們已經滿足了這種需求。我之前在電話會議中描述的預測順序確實將許多這樣的事情嵌入到我們如何談論泰克的複雜區域中。所以如果這是答案，請告訴我。但如果我錯過了，請告訴我。

No, no. I'm just curious if you were like taking down ship inventories in particular, but...

不，不。我只是好奇你是否特別喜歡減少船舶庫存，但是...

I was looking down our inventory. The one thing about us, and you know this because our working capital performance has been so good. We really didn't build a lot of inventory into the company. We certainly will be taking actions on inventory, given our revenue guide for the fourth quarter is a little different than it was. So we're certainly working on that. But in terms of having big inventories on our own, we haven't necessarily been building big inventories. That's the sort of lean manufacturing, quite frankly. So sorry, really good question.

我正在查看我們的庫存。關於我們的一件事，你知道這一點，因為我們的營運資金表現非常好。我們確實沒有在公司建立大量庫存。鑑於我們第四季度的收入指南與以前略有不同，我們當然會對庫存採取行動。所以我們肯定正在努力解決這個問題。但就我們自己擁有大量庫存而言，我們不一定在建立大量庫存。坦白說，這就是精實製造。很抱歉，這是一個很好的問題。

No, that's right. Yes. And then my follow-up question, I think this is a quick one. I thought Slide 14 was a good slide showing the variability in revenue growth, but ultimately, around a mid-single-digit type of growth rate. And 2024 was sort of cupping to that. So I'm just curious, does the same thing, as we frame '24, does the same apply to incremental margins? And the spirit of the question is you're coming off a really big year for incrementals. So I think we're north of [60%] Does that mean that '24 might be sort of below natural levels? Or are you confident you can build on '23 margins in the 40%, 50% range, perhaps?

不，沒錯。是的。然後是我的後續問題，我認為這是一個很快的問題。我認為投影片 14 是一張很好的幻燈片，顯示了收入成長的變化，但最終成長率約為中個位數。 2024 年對這一點來說有點像是杯測。所以我只是好奇，正如我們在 24 年框架中所做的那樣，同樣的事情也適用於增量利潤嗎？問題的實質是，你即將度過增量的非常重要的一年。所以我認為我們已經超過了 [60%] 這是否意味著 24 年可能低於自然水平？或者您有信心能夠將 23 年利潤率維持在 40%、50% 的範圍內？

Nigel, a couple of things to think about as '23 margins are very good. And normally, we'd think about 40% incrementals and I think it's been 60%. That has to do with more with the productivity things that we did earlier in the year and then you saw us do some more. So no, we would always expect 40% incrementals moving forward. And then it will be a little bit more elevated because of the actions that we're taking right now. So we will build on what we've done here, and we would expect them to be elevated from what they would be because of the actions that we're taking here in the second half.

Nigel，有幾件事需要考慮，因為 23 年的利潤率非常好。通常情況下，我們會考慮 40% 的增量，我認為是 60%。這與我們今年早些時候所做的生產力工作有關，然後你看到我們做了更多的事情。所以不，我們總是期望未來有 40% 的增量。然後，由於我們現在正在採取的行動，它會更高一些。因此，我們將在我們在這裡所做的基礎上再接再厲，並且由於我們在下半年採取的行動，我們預計它們會比原來的水平有所提高。

And Nigel, relative to core growth, I think hopefully, that slide is helpful because what we were trying to articulate is what we really said is mid-single digits through the cycle. So after a couple of years of 10%-like growth, we would anticipate having a little bit of normal -- we've been talking about this for 3 quarters. We have a little bit of normalization. We talked about that consistently about that in the second half of the year.

奈傑爾，相對於核心成長，我認為這張投影片很有幫助，因為我們試圖闡明的是我們真正所說的是整個週期的中位數。因此，在經歷了幾年 10% 左右的成長之後，我們預計會出現一些正常情況——我們已經討論這個問題三個季度了。我們有一點正常化。我們在下半年一直在談論這個問題。

We're seeing that mostly very, very consistent with what we talked about. I think a little bit of difference in Sensing, a little bit of difference in China relative to what we talked about. But again, I think we're seeing that normalization here in the second half of the year. And I think that's very consistent with how we would look at a mid-single-digit grower through the cycle. And as Chuck just mentioned, the fact that we've been prepared for things means we've been able to drive really good margin expansion even with some slowing in the second half of the year because of our preparation and because of how we run the business.

我們發現這與我們所討論的內容非常非常一致。我認為相對於我們所討論的，感測方面有一點不同，在中國也有一點不同。但我認為我們將在今年下半年看到這種正常化。我認為這與我們對整個週期中個位數種植者的看法非常一致。正如查克剛才提到的，事實上，我們已經做好了準備，這意味著我們能夠推動真正良好的利潤率擴張，即使在下半年有所放緩，因為我們的準備工作以及我們的運營方式商業。

Your next question comes from the line of Andy Kaplowitz from Citigroup.

您的下一個問題來自花旗集團的安迪·卡普洛維茨（Andy Kaplowitz）。

So I think one of the keys for ASP as you go into Q4 '23 and '24 is consumables coming back and being relatively strong. I think you've talked about underlying elective procedures improving. I would surmise that's the case in the U.S. and I guess in China at this point. But what is your visibility into the consumables ramp-up, and if anything, would stop ASP from recording the stronger consumables demand?

因此，我認為進入 23 年和 24 年第 4 季時，ASP 的關鍵之一是消耗品的回歸併相對強勁。我想你已經談到了潛在的選擇性程序的改進。我猜想美國的情況就是這樣，我想目前中國的情況也是。但您對消耗品成長的了解如何？如果有的話，是否會阻止平均售價記錄更強勁的消耗品需求？

So Andy, a couple of things just from elective procedures, generally in Q2, we thought we were 95% around the world. A little bit slowed in China because of the anticorruption stuff probably did 90%. But definitely improving around the world. We do have this inventory adjustment transition in North America. But when you look through that, the actual consumables and growth is already there. It's there in Q2 and Q3 when you understand how the customers are using our products.

安迪，有幾件事僅來自選擇性程序，通常在第二季度，我們認為我們在全球範圍內有 95% 的人。中國的速度有點慢，因為反腐敗的事情可能佔了 90%。但在世界範圍內肯定有所改善。我們在北美確實進行了庫存調整過渡。但當你仔細觀察時，你會發現實際的消耗品和成長已經存在。當您了解客戶如何使用我們的產品時，就會在第二季和第三季出現。

And that's where when Jim talks about the 2-year stack, we're up 8%, 9% from Q2, Q3, Q4 rather consistently when you just take that 1 thing out. So we think we're already seeing that and what's actually going to use with us. Let me stop there and see if that made sense.

這就是當吉姆談論 2 年堆疊時，當你把那一件事去掉時，我們比第二季、第三季、第四季成長了 8%、9%，相當一致。所以我們認為我們已經看到了這一點以及對我們實際有用的東西。讓我停下來看看這是否有道理。

Yes. No, that totally makes sense. And then maybe just shifting gears, Jim, could you talk a little bit more how you're thinking about M&A now? After the announcement of VA and you had the 3 small bolt-ons, how are you balancing thinking about the higher rates environment in terms of your own M&A strategy? And should we expect a higher tempo of M&A from Fortive over the short to medium term?

是的。不，這完全有道理。然後也許只是換個方向，吉姆，你能多談談你現在對併購的看法嗎？在宣布 VA 並進行了 3 個小補充之後，您如何在自己的併購策略中平衡考慮更高的利率環境？我們是否應該期待 Fortive 在中短期內加快併購步伐？

Well, I think it's really -- when we were in our -- when we had our Investor Day in May, what we tried to outline was the opportunities in front of us. And I think what I tried to really try to communicate that and consistently is really around the fact that we were active, that we -- I think I said in the second quarter call, I thought we'd get some things done in the second half. But maybe -- I probably had 4 of the 5 parts already drawn at that point.

嗯，我認為，當我們在五月舉辦投資者日時，我們試圖概述的是擺在我們面前的機會。我認為我一直在努力傳達這一點，那就是我們很活躍，我想我在第二季的電話會議上說過，我認為我們會在第二季完成一些事情一半。但也許——那時我可能已經畫好了 5 個部分中的 4 個。

But I think we've been busy. We've been active. We've been looking for unique situations. I think everybody was looking for a step down in massive price differences. We've seen a number of peer companies pay robust prices. I think what we've been able to do is find those unique situations. Those 3 bolt-ons were unique situations, places like Azima, where we've had a long-term relationship with them and a little bit of a partnership. Solmetric, which is a tool, solar tool company. These are unique things that we're able to do that are really product extensions with high ROICs. And as I was mentioning earlier in the call, EA is really very similar. It's a business we've known for a while. We've known it in the market. They actually are well known amongst all test and measurement players for their technology and their ability to sort of play in the really good high-growth applications.

但我想我們一直很忙。我們一直很活躍。我們一直在尋找獨特的情況。我認為每個人都在尋求縮小巨大的價格差異。我們看到許多同行公司支付了高昂的價格。我認為我們能夠做的就是找到那些獨特的情況。這 3 個補充項目的情況都很獨特，例如 Azima，我們與他們建立了長期的合作關係，並建立了一些合作關係。 Solmetric，這是一家工具、太陽能工具公司。這些都是我們能夠做的獨特的事情，它們實際上是具有高投資回報率的產品擴展。正如我之前在電話會議中提到的，EA 確實非常相似。這是我們已經了解有一段時間的業務了。我們在市場上就知道了。事實上，他們因其技術和在真正優秀的高成長應用中發揮作用的能力而在所有測試和測量參與者中眾所周知。

And so I think we'll continue to look for those opportunities that are there, and we think they are. We'll continue to do that. But we'll also do that within the context of looking for strong returns, and that's what you'll see. And I think what makes us -- I think what we've been trying to talk about is that we would demonstrate these things, they're hard to plan out. So sometimes they come in bunches like they did this quarter. But we will remain active, but we'll be looking for those opportunities that are, I think, very similar to what we've seen this quarter, which is unique situations where we really have an opportunity to get higher returns.

所以我認為我們將繼續尋找那些存在的機會，我們認為它們確實存在。我們將繼續這樣做。但我們也會在尋求強勁回報的背景下這樣做，這就是您將看到的。我認為是什麼讓我們——我認為我們一直在試圖談論的是我們將展示這些東西，它們很難計劃出來。所以有時他們會像本季那樣成群結隊地出現。但我們將保持活躍，但我認為，我們將尋找那些與我們本季看到的非常相似的機會，這是我們真正有機會獲得更高回報的獨特情況。

That's great, Jim. And Chuck, just to sort of follow up on my first question. You don't need a consumables ramp up to make your Q4 margin, right? You already have it. It's just the other thing getting better?

太好了，吉姆。查克，我想跟進我的第一個問題。您不需要增加消耗品來增加第四季的利潤，對吧？你已經擁有了。只是其他事情變得更好了嗎？

Yes, that's exactly right.

是的，完全正確。

Your next question comes from the line of Joe Giordano from TD Cowen.

您的下一個問題來自 TD Cowen 的 Joe Giordano。

I wanted to start on AHS. Like I think if I look back, right, like going back to 2018, the average growth is something like high 2% range, and this year is going to be kind of maybe a little bit below that. So I know there's a lot of different things and you're certainly not the only people that get kind of surprised to what's going on in health care now. I mean, that's pretty much everybody. But like what makes us really confident modeling forward that the entitlement is like mid-single digits-plus and that's really only happened one time since '18 despite portfolio changes there?

我想從 AHS 開始。我想，如果我回顧過去，對吧，例如回到 2018 年，平均成長率約為 2%，而今年的成長率可能會略低於這個水平。所以我知道有很多不同的事情，你當然不是唯一對醫療保健領域目前發生的事情感到驚訝的人。我的意思是，幾乎每個人都是這樣。但是，是什麼讓我們真正有信心向前建模，即該權利大約是個位數以上，而且自 18 年以來，儘管投資組合發生了變化，這種情況實際上只發生過一次？

Well, I think embedded in what the comment Chuck just had about consumables is number one, obviously a little bit of noise, but we had COVID for several years, and that certainly created a lot of noise given the fact that it was a regional situation, we were kind of behind in the U.S. for a while and then China and all that. I won't reiterate all that. You know it.

嗯，我認為查克剛剛對消耗品的評論是第一，顯然有點噪音，但我們已經有新冠病毒好幾年了，考慮到這是一個地區性的情況，這肯定會產生很多噪音，我們在美國落後了一段時間，然後在中國等等。我不會重申這一切。你知道的。

I think where we stand today and what Chuck just described is as you sort of look through kind of these onetime channel situation, which we really believe was the right thing to do strategically, we're seeing that growth now. And I think the 200 basis points of margin expansion in the third quarter in the segment really speaks to the fact that ASP's margins are starting to get up better because the rest of the margins in the segment are very strong.

我認為我們今天的立場以及查克剛剛描述的情況是，當你審視這些一次性管道情況時，我們確實認為這是戰略上正確的做法，我們現在看到了這種增長。我認為該領域第三季利潤率擴張了 200 個基點，這確實說明了 ASP 的利潤率開始更好地成長，因為該領域的其他利潤率非常強勁。

So we feel good about the launch point relative to how we've just described it. And '24, as I said earlier in the year, '23, the health care market would be a little bit better. It wouldn't be great but it would be better and '24 would be better than '23 and '25 would be better than '24. So we continue to think that -- we continue to see that. So that's what gives us the confidence. And again, I understand, given the fact that this inventory situation in the third quarter was a little bit more than we anticipated, but -- and so obviously, that puts some skepticism in the nature of the question.

因此，相對於我們剛剛描述的方式，我們對啟動點感覺良好。 '24，正如我今年早些時候所說，'23，醫療保健市場會好一點。這不會很好，但會更好，「24」會比「23」更好，「25」會比「24」更好。所以我們繼續認為——我們繼續看到這一點。這就是給我們信心的原因。再說一次，我理解，考慮到第三季度的庫存情況比我們預期的要多一點，但是——很明顯，這讓人對問題的性質產生了一些懷疑。

But I think as we stand here today with what we've got going, we saw good equipment growth, high-growth markets. Growth in the quarter was 10%. So I think we've got other parts of the world in better shape, and now we've got -- we needed to get North America in a better shape. That's really been the drag on the business in the last few years. And we feel that we needed to do the channel change in order to make that happen. And that's now behind us, and we walk into the fourth quarter and into '24 with a number of those things behind us.

但我認為，當我們今天站在這裡，我們看到了良好的設備成長和高成長的市場。本季成長率為 10%。所以我認為我們已經讓世界其他地區的狀況變得更好，現在我們需要讓北美變得更好。這確實是過去幾年業務的拖累。我們認為我們需要改變渠道才能實現這一目標。現在這些都已經過去了，我們進入第四季並進入 24 年，其中許多事情都已經過去了。

Fair enough. And then just last for me on the hardware backlog that you talked about. I think you said like what, it was 350 or so last quarter, probably ending around 150-ish, give or take, at the end of the year. So I guess, rough numbers we're talking like orders under revenue by like $100 million a quarter right now? And then we exit the year as a pretty small percentage of like the total business there. So like we need to -- when does dollars have to -- like dollars of orders rather than percentage of orders have to start inflecting before like the revenue catches down to the orders?

很公平。最後我要談談您提到的硬體積壓工作。我想你是這麼說的，上個季度大約是 350 左右，到年底可能會達到 150 左右。所以我想，我們所說的粗略數字，例如現在每季收入增加 1 億美元的訂單？然後我們退出這一年時，只佔總業務的一小部分。那麼，就像我們需要——什麼時候美元必須——例如訂單的美元而不是訂單的百分比必須在收入趕上訂單之前開始變化？

Yes. Yes, a couple of things. Number one is just remember, we created about we've created $300 million over -- that $330 million is an excess backlog number, not a backlog number. So in a couple of years, we created $330 million just to -- and we said then we naturally deplete -- under normal circumstances, we would deplete backlog in the second half of the year. That's pretty natural. We had said that was likely to get us from $330 million to $200 million. We now think that's about $125-ish million, call it, $100 million to $150 million, maybe because I don't think we can be super precise here.

是的。是的，有幾件事。第一，請記住，我們已經創造了 3 億多美元——這 3.3 億美元是超額積壓數量，而不是積壓數量。因此，在幾年內，我們創造了 3.3 億美元，只是為了——我們說然後我們將自然耗盡——在正常情況下，我們將在下半年耗盡積壓訂單。這很自然。我們曾說過，這可能會讓我們的收入從 3.3 億美元增加到 2 億美元。我們現在認為這大約是 1.25 億美元左右，可以稱之為 1 億到 1.5 億美元，也許是因為我認為我們在這裡無法做到超級精確。

And so it's call that about somewhere in the neighborhood of $50 million to $100 million difference. We think some of that already got pushed into '24 and some of it probably is inventory corrections mostly in China. And it's really the Sensing story that I talked about earlier in the call. So hopefully, that reconciles a little bit of that for you from a numbers perspective.

因此，這大約是 5,000 萬至 1 億美元的差異。我們認為其中一些已經被推遲到了 24 年，其中一些可能是主要在中國的庫存調整。這確實是我之前在電話會議中談到的感測故事。希望這可以從數字的角度為您協調一些。

Your next question comes from the line of Joe O'Dea from Wells Fargo.

您的下一個問題來自富國銀行的 Joe O'Dea。

I wanted to start on the just kind of inventory rationalization. And could you explain a little bit more kind of the differences between Fluke versus Tek and Sensing? And so what -- I think you're seeing it in Fluke as well, but it seems like you're seeing it in ways which it isn't surprising. And so whether that's a function of there were longer lead times in Tek and Sensing that led to more forward buying, whether that's more tied to the end mark they're serving? Just trying to understand why they might be marching down a little bit of different paths in terms of managing through some of the destock effect.

我想從庫存合理化開始。您能否解釋一下 Fluke 與 Tek 和 Sensing 之間的差異？那又怎樣——我想你在《福祿克》中也看到了這一點，但你似乎以一種不令人驚訝的方式看到了它。那麼，這是否是由於 Tek 和 Sensing 的交貨時間較長而導致更多的提前購買，這是否與他們所服務的最終標記更相關？只是想了解為什麼他們在管理一些去庫存效應方面可能會走一些不同的道路。

Yes. Joe, are you talking about inventory or backlog?

是的。喬，你是在談論庫存還是積壓訂單？

I'm talking about inventory.

我說的是庫存。

Okay. Well, I don't think we had a big inventory correction here. If I -- I might have miscommunicated that, but I think what we're really saying, the backlog answer I just had is really the story relative to our order rate. And I would say most of that in Sensing is not really inventory as much as it is -- it could be inventory but it really is much more OEMs really pushing out. I think it's much more of a demand issue than in excess in specific verticals.

好的。嗯，我認為我們沒有進行大幅庫存調整。如果我——我可能誤解了這一點，但我認為我們真正想說的是，我剛剛得到的積壓答案實際上是與我們的訂單率相關的故事。我想說的是，感測領域的大部分並不是真正的庫存——它可能是庫存，但實際上是更多的原始設備製造商真正推出了庫存。我認為這更多的是需求問題，而不是特定垂直領域的過剩問題。

The majority of that backlog reduction, which you could think of that as the order kind of orders changing is really in 3 specific verticals as we talked about, one being in sort of in automation, industrial automation, mostly with Europe OEMs, semiconductor, really 2 equipment companies that we supply, HVAC kind of on a global basis in China and a little bit of medical with some specific customers. So that's really the big change in our excess backlog number that I was just suggesting to Joe, and that's really mostly in Sensing, a little bit of Tek, a little bit at Fluke, but not -- but really a big story.

正如我們所討論的，積壓訂單減少的大部分（您可以將其視為訂單類型的變化）實際上是在3 個特定的垂直領域，其中一個是自動化、工業自動化，主要是歐洲原始設備製造商、半導體，實際上我們為 2 家設備公司提供服務，在全球範圍內為中國提供 HVAC 設備，並為一些特定客戶提供一些醫療設備。因此，這確實是我剛剛向 Joe 建議的超額積壓數量的重大變化，這實際上主要是在感測領域，有一點 Tek，有一點在福祿克，但不是——但確實是一個大故事。

And relative to inventory in channel, what I was trying to suggest is, yes, a little bit at Tek relative to China. But in North America and Europe, we still had pretty good POS. And I would anticipate that if demand's really normalizing a little bit more. So if we continue to see that, we'll see some normal changes in inventory as lead times come down, but nothing -- we don't anticipate at this point anything dramatic.

相對於渠道庫存，我想建議的是，是的，泰克相對於中國有一點庫存。但在北美和歐洲，我們仍然擁有相當不錯的 POS。如果需求真的更正常化一點的話，我預期會出現這種情況。因此，如果我們繼續看到這種情況，隨著交貨時間的縮短，我們會看到庫存發生一些正常的變化，但不會有任何變化——我們目前預計不會出現任何戲劇性的變化。

That's helpful. And then I wanted to ask on EA and just how to think about the revenue growth potential and incrementals there over the next kind of 5 years, what you're thinking about to get to that kind of ROIC target. I mean, it seems like we're looking at maybe solid double-digit revenue growth and some really strong incrementals and the 10x go-to-market is pretty compelling. But maybe any details there in terms of kind of what you see for that revenue growth over the next number of years?

這很有幫助。然後我想問 EA，如何考慮未來 5 年的收入成長潛力和增量，以及您如何考慮實現這種投資回報率目標。我的意思是，我們似乎正在尋找穩定的兩位數收入成長和一些非常強勁的增量，而且 10 倍的上市速度非常引人注目。但也許有關於您認為未來幾年收入成長的任何細節？

Yes. Joe, we think it's going to be low double digit over the next 5 years. Really strong incrementals here like we've got some other examples that about 60% fall through. It gets us -- I think we talked about or as Jim mentioned earlier, with 20% of our next 5-year free cash flow, we're going to get $0.40 of EPS out in [2028] That's the math that we've given out.

是的。喬，我們認為未來 5 年的成長率將是兩位數。這裡的增量非常強大，就像我們有一些其他例子一樣，大約 60% 都失敗了。這讓我們明白了——我想我們談到過，或者正如吉姆之前提到的，我們將在[2028]用我們下一個5 年自由現金流的20% 獲得0.40 美元的每股收益，這就是我們的數學計算給了。

And I would just add, that's obviously a lower growth rate than they've anticipated. We think there's upside opportunity as well, given the synergy and the go-to-market expansion. So we like the business, and we look forward to continuing to talk about it in the near term.

我想補充一點，這顯然比他們預期的成長率低。考慮到綜效和上市擴張，我們認為也存在上行機會。因此，我們喜歡這項業務，並期待在短期內繼續討論它。

I will now turn the call over to Jim Lico for closing remarks.

我現在將把電話轉給吉姆·利科 (Jim Lico) 致閉幕詞。

Thanks, Krista, and thanks, everyone, for taking the call. We appreciate the time and energy and enthusiasm of the questions. We obviously have some -- we'll have some follow-up with many of you and we look forward to that. I think what you saw in the quarter, obviously, a few changes on the revenue line. But I think what we've tried to say from day 1 is that we see some normalization in the second half. We saw that maybe a little bit more in the third than we anticipated.

謝謝克里斯塔，也謝謝大家接電話。我們感謝您投入的時間、精力和熱情提出問題。顯然，我們有一些——我們將與你們中的許多人進行一些後續行動，我們對此充滿期待。我認為您在本季度看到的顯然是收入方面的一些變化。但我認為我們從第一天起就試圖說的是，我們在下半年看到了一些正常化。我們在第三場比賽中看到的情況可能比我們預期的要多一些。

But what we also said is that we'll continue to drive margins and continue to set the business up for long-term sustainability and success. I think the margin expansion you saw the free cash flow, the number of deals that we did, that was very consistent with the strategy we've outlined. We think we continue to set up for '24. Well, we'll obviously get to a guide here in the next few months. We look forward to finishing the year out here strongly. We'll see you on the road, and we look forward to taking your follow-up. Thanks, everyone. Have a great day.

但我們也表示，我們將繼續提高利潤率，並繼續為業務的長期可持續性和成功做好準備。我認為你看到的自由現金流、我們所做的交易數量的利潤率擴張，這與我們概述的策略非常一致。我們認為我們會繼續為 24 年做好準備。嗯，顯然我們會在接下來的幾個月內找到指南。我們期待著在這裡強勁地結束這一年。我們將在路上見到您，並期待您的跟進。感謝大家。祝你有美好的一天。

This concludes today's conference call. Thank you for your participation, and you may now disconnect.

今天的電話會議到此結束。感謝您的參與，您現在可以斷開連接。