Fortive Corp (FTV) 2024 Q1 法說會逐字稿

Good day. My name is Dennis, and I will be your conference operator today. At this time, I would like to welcome everyone to Fortive Corporation's First Quarter 2024 Earnings Results Conference Call.

再會。我叫丹尼斯，今天我將擔任你們的會議操作員。現在，我歡迎大家參加 Fortive Corporation 2024 年第一季獲利結果電話會議。

(Operator Instructions) I would now like to turn the conference over to Ms. Elena Rosman, Vice President of Investor Relations. Ms. Rosman, you may begin your conference.

（操作員指示）我現在將會議轉交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, Dennis, 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.

謝謝丹尼斯，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)。

We present certain non-GAAP financial measures on today's call. Information required by Regulation G is 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.

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是指同比比較。

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 may differ materially from any forward-looking statements that we make today.

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。

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, 2023. 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.

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2023 年12 月31 日的年度10-K 表格年度報告。不承擔任何責任。

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

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. We have a strong start to the year, exceeding our expectations for core revenue growth, margin expansion, earnings and free cash flow in the first quarter. Our strategy to enhance our customers' safety and productivity across a number of vital sectors, from manufacturing to health care, is delivering more value for customers and more durable growth for Fortive.

謝謝，埃琳娜。大家好，感謝您加入我們。我將從幻燈片 3 開始。我們的策略旨在提高從製造到醫療保健等多個重要領域的客戶安全和生產力，為客戶帶來更多價值，並為 Fortive 帶來更持久的成長。

We delivered better-than-expected performance in each of our 3 segments, reflecting enhanced portfolio positions, the benefit of innovative new products and our dedication to the Fortive Business System. By harnessing our unique competitive advantages and strong execution capabilities, we are confident in our raised outlook for the year, which includes anticipated double-digit adjusted earnings and free cash flow growth.

我們在 3 個細分市場中的每一個領域都取得了好於預期的業績，反映了產品組合地位的增強、創新新產品的優勢以及我們對 Fortive 業務系統的奉獻。透過利用我們獨特的競爭優勢和強大的執行能力，我們對今年的展望充滿信心，其中包括預期的兩位數調整後收益和自由現金流增長。

As we look ahead, the success of our strategy is reflected in faster and more profitable through-cycle growth, which, combined with the rigorous application of a differentiated business system, delivers supportive formula for value creation by compounding results year after year. Further evidence of our strategy to build a more durable collection of businesses and higher recurring revenue profile is shown on Slide 4.

展望未來，我們策略的成功體現在更快、利潤更高的整個週期成長，再加上差異化業務體系的嚴格應用，透過年復一年的複合業績，為價值創造提供支持性公式。投影片 4 顯示了我們建立更持久的業務集合和更高的經常性收入狀況的策略的進一步證據。

Today, Fortive revenues are split with approximately half derived from highly differentiated products businesses, helping customers harness the power of emerging technologies and embrace the energy transition. As a result, today, roughly 1/3 of these revenues support customer investments in electrification and AI. Further, with the added benefit of diversification, approximately 60% of our product revenues have continued to grow despite select end markets slowing.

如今，Fortive 收入中約一半來自高度差異化的產品業務，幫助客戶利用新興技術的力量並擁抱能源轉型。因此，如今，這些收入的大約 1/3 支持客戶在電氣化和人工智慧方面的投資。此外，憑藉多元化的額外優勢，儘管特定終端市場放緩，但我們約 60% 的產品收入仍在持續成長。

Moving to the right side, the remaining 50% of our revenue includes approximately $600 million of recurring health care consumables, which are benefiting from the go-to-market changes we made last year and improved global health care markets driving faster and more profitable growth in 2024 and beyond. It also includes approximately $1 billion in software revenues, which have grown high single digits the last few years and will continue to be accretive to our growth and profitability. As our safety and productivity solutions across the enterprise continue to help solve customers' toughest challenges, we expect sustained outperformance going forward.

向右看，我們剩餘的50% 收入包括約6 億美元的經常性醫療保健消耗品，這些消耗品受益於我們去年所做的進入市場的變革以及全球醫療保健市場的改善，推動了更快、更有利可圖的成長2024 年及以後。它還包括約 10 億美元的軟體收入，該收入在過去幾年中以高個位數成長，並將繼續促進我們的成長和獲利能力。隨著我們整個企業的安全和生產力解決方案繼續幫助客戶解決最嚴峻的挑戰，我們預計未來將持續表現出色。

Turning to Slide 5. The IOS segment is really a full manifestation of our strategic playbook to evolve the company organically and inorganically, to reduce portfolio cyclicality, align investments to secular drivers and increase through-cycle core growth. With almost $2.8 billion of revenue planned this year, IOS continued to build on its leadership positions in instrumentation, software and data analytics, all benefiting from customer investments in key megatrends, keeping the world running safely, efficiently and more sustainably.

轉向幻燈片 5。 IOS 今年計劃實現近28 億美元的收入，繼續鞏固其在儀器、軟體和數據分析領域的領導地位，所有這些都受益於客戶對關鍵大趨勢的投資，使世界保持安全、高效和更永續的運行。

Over the past few years, we have expanded IOS' addressable market to $30 billion, adding companies that play in strong secular-driven markets, including the 4 bolt-ons last year. Within IOS, our scalable software business is now over $800 million in revenue, growing high single digit, helping customers streamline and digitize their workflows.

在過去的幾年裡，我們將 IOS 的潛在市場擴大到了 300 億美元，增加了在強大的長期驅動市場中發揮作用的公司，包括去年的 4 家補充公司。在 IOS 內，我們的可擴展軟體業務目前的收入已超過 8 億美元，並以高個位數成長，幫助客戶簡化和數位化其工作流程。

Today, roughly 1/3 of this segment is now in recurring revenue models, and we have further built-in durability through the intentional diversification of end markets and customer use cases that we serve. As a result, Fluke has improved through-cycle resiliency with continued order and revenue growth despite contracting PMIs over the last 16 months.

如今，該細分市場中約 1/3 處於經常性收入模式，並且透過我們所服務的終端市場和客戶用例的有意多樣化，我們進一步實現了內建耐用性。因此，儘管過去 16 個月 PMI 有所收縮，福祿克仍提高了整個週期的彈性，訂單和收入持續成長。

In facilities and asset life cycle, new logo bookings have grown double digits the last few years, underpinning continued strong multiyear growth. And in environmental health and safety, we continue to accelerate innovation and geographic expansion, driving faster growth in this platform. As you can see from the chart, this has culminated in sustained strong performance at IOS, including over 700 basis points of adjusted operating margin expansion since 2019, providing an excellent blueprint for the future evolution of Fortive as we continue to execute our formula for value creation in AHS and PT.

在設施和資產生命週期中，新標誌的預訂量在過去幾年中增長了兩位數，支撐了多年的持續強勁成長。在環境健康和安全方面，我們持續加速創新和地理擴張，推動平台更快成長。從圖表中可以看出，這最終導致了IOS 的持續強勁表現，包括自2019 年以來調整後營業利潤率擴張超過700 個基點，為Fortive 的未來發展提供了出色的藍圖，因為我們繼續執行我們的價值公式在 AHS 和 PT 中創建。

Turning to Slide 6. You can see how our portfolio is at the epicenter of the proliferation of electronics and sensors, enabling a more intelligent and sustainable future. Tektronix is solving our efficiency challenges across new and diverse end markets, benefiting from growing demand for high-performance computing systems, including academic and government institutions, defense agencies, energy companies and the utility sector. These new investment cycles start with semiconductors, then shift to infrastructure, and finally, to software and services.

轉向投影片 6。受益於學術和政府機構、國防機構、能源公司和公用事業部門等對高效能運算系統不斷增長的需求，泰克正在解決新的多元化終端市場的效率挑戰。這些新的投資週期從半導體開始，然後轉向基礎設施，最後轉向軟體和服務。

The addition of VA, the market leader for high-power electronic test solutions, will drive faster through-cycle growth in precision technologies, increasing their exposure to energy storage, mobility, hydrogen and renewable energy markets. EA is also benefiting from the rise in high-performance compute and deployment of AI and networks, which makes it an excellent complement to Tektronix.

高功率電子測試解決方案市場領導者 VA 的加入將推動精密技術更快的全週期成長，增加其在能源儲存、行動、氫能和再生能源市場的曝光度。 EA 也受益於高效能運算以及人工智慧和網路部署的興起，這使其成為泰克的絕佳補充。

The transformation of the electrical grid is a long-term secular tailwind for both Qualitrol and Fluke. Qualitrol provides the world's energy grid with monitoring equipment and sensors to ensure the life stand and customers are adding considerable capacity to support infrastructure investments and new sources of energy. Lastly, at Fluke, we are ensuring the power efficiency and reliability of these global infrastructure investments, including tools to support the installation and maintenance of solar panels and the reliability and performance of EV storage equipment, including chargers and stations.

電網轉型對於 Qualitrol 和福祿克來說都是長期的推動力。 Qualitrol 為全球能源網提供監控設備和感測器，以確保其使用壽命，客戶正在增加大量容量來支援基礎設施投資和新能源。最後，在福祿克，我們正在確保這些全球基礎設施投資的功效和可靠性，包括支援太陽能板安裝和維護的工具以及電動車儲存設備（包括充電器和充電站）的可靠性和性能。

Turning to Slide 7. Our increased innovation velocity is a direct result of our world-class business system and the work we've done to revamp our product development process to drive more consistent differentiated results. For example, in the last year, our teams identified over $1 billion of new revenue opportunities through the dream stage of our lean portfolio management process, leveraging benchmarking we did with other technology companies in our partnership with Pioneer Square Labs, to incorporate best practices and early-stage product development.

轉向幻燈片 7。例如，去年，我們的團隊透過精實投資組合管理流程的夢想階段，利用我們與Pioneer Square Labs 合作時與其他科技公司進行的基準測試，發現了超過10 億美元的新收入機會，以納入最佳實踐和早期產品開發。

As we prioritize new product development, we have reallocated roughly 25% of our R&D spend from the sustaining of legacy products to the funding of new product innovation. Fortive Software System is improving our feature on-time delivery as our operating companies are seeing a greater than 20% acceleration in software development time using Gen AI, creating bandwidth for higher value work and enabling faster innovation for our customers. FBS lean tools are also driving continued adjusted gross margin and operating margin expansion and industry-leading working capital metrics.

當我們優先考慮新產品開發時，我們將約 25% 的研發支出從傳統產品的維持轉移到了新產品創新的資金。 Fortive Software System 正在改善我們的功能按時交付，因為我們的營運公司發現使用Gen AI 將軟體開發時間縮短了20% 以上，為更高價值的工作創造了頻寬，並為我們的客戶實現了更快的創新。 FBS 精實工具也推動了持續調整的毛利率和營業利潤率的擴張以及業界領先的營運資本指標。

Over the last 5 years, we've expanded adjusted gross margins over 400 basis points, operating margins by more than 600 basis points and reduced net working capital as a percent of sales by 550 basis points, with improvements in both our hardware and software businesses. In summary, FBS is fueling growth and innovation, driving differentiated operating performance, including higher free cash flow generation, our currency to further accelerate strategy and compound results through the Fortive flywheel for value creation.

在過去 5 年裡，我們的調整後毛利率提高了 400 個基點，營業利潤率提高了 600 個基點，淨營運資本佔銷售額的百分比降低了 550 個基點，硬體和軟體業務均有所改善。總而言之，FBS 正在推動成長和創新，推動差異化的經營業績，包括更高的自由現金流生成，我們的貨幣透過 Fortive 飛輪進一步加速策略和複合成果，以創造價值。

I'll wrap up on Slide 8. We're off to a strong start to the year. Core to our success has been the groundwork we've laid over several years to create more durable growth in each of our strategic segments, including at IOS, where we're seeing steady global demand for our products and technologies and continued high single-digit ARR growth. In PT, we knew coming into the year, that the normalized demand in Tektronix and Sensing would result in declining core growth in the first half, lapping strong multiyear growth rates.

我將在投影片 8 上進行總結。我們成功的核心是我們多年來奠定的基礎，以便在我們的每個策略領域創造更持久的成長，包括在IOS，我們看到全球對我們的產品和技術的需求穩定，並且持續保持高個位數增長。在 PT 領域，我們知道進入今年，泰克和感測領域的正常化需求將導致上半年核心成長下降，超越多年來強勁的成長率。

In the quarter, we saw demand for electrification and AI hardware, drive a return to positive book to bill in Q1. At AHS, we are seeing continued momentum in growth and profitability with continued consumables recovery and accretive software growth underpinning our outlook for the year.

在本季度，我們看到對電氣化和人工智慧硬體的需求，推動第一季帳面價值恢復正值。在 AHS，我們看到成長和獲利能力持續強勁，消耗品的持續復甦和軟體的成長支撐了我們今年的前景。

Turning to the right side. Continued execution in 2024 sets us up well for the achievement of the long-term targets we laid out at Investor Day last May, driven by an acceleration of software and nonrecurring products growth in 2025 and underpinned by secular investment trends; continued strong margin expansion, enabled by FBS-led innovation and operational improvement; and double-digit adjusted earnings and free cash flow growth, consistent with our long-term track record since 2019.

轉向右側。在 2025 年軟體和非經常性產品成長加速以及長期投資趨勢的支撐下，2024 年的持續執行將為我們實現去年 5 月投資者日制定的長期目標奠定良好基礎；在 FBS 主導的創新和營運改善的推動下，利潤率持續強勁成長；兩位數的調整後收益和自由現金流成長，與我們自 2019 年以來的長期業績記錄一致。

We remain focused on enhancing shareholder returns with ample firepower to fund attractive M&A opportunities that will continue to fuel the Fortive formula for value creation. And with that, I'll turn it over to Chuck to take us through the details on the first quarter financials and updated outlook for the year.

我們仍然專注於透過充足的火力提高股東回報，為有吸引力的併購機會提供資金，這將繼續推動 Fortive 的價值創造公式。接下來，我將把它交給查克，讓他帶我們詳細了解第一季的財務狀況和今年的最新展望。

Thanks, Jim, and hello, everyone. We're pleased with our Q1 performance, including 3% core growth, reflecting better-than-expected performance in all 3 segments. Total revenue growth of 4% included the benefits of acquisitions, partially offset by approximately 1 point of unfavorable FX.

謝謝吉姆，大家好。我們對第一季的業績感到滿意，包括 3% 的核心成長，反映出所有 3 個細分市場的業績均優於預期。 4% 的總收入成長包括收購帶來的收益，但部分被約 1 個百分點的不利匯率所抵銷。

Highlights of our first quarter performance include record margins in the quarter, with 110 basis points of adjusted gross and operating margin expansion, reflecting outstanding operating performance.

我們第一季業績的亮點包括該季度創紀錄的利潤率，調整後毛利率和營業利潤率擴大了 110 個基點，反映出出色的經營業績。

Adjusted earnings per share of $0.83, over the high end of our guidance, with adjusted earnings up 11% year-over-year; and free cash flow was $230 million, up 54% year-over-year, driven by strong execution across all 3 of our segments and some favorable [trends]. The trailing 12-month free cash flow is $1.33 billion, representing strong momentum towards our full year guidance of $1.39 billion.

調整後每股收益為 0.83 美元，高於我們指導的上限，調整後收益年增 11%；自由現金流為 2.3 億美元，年成長 54%，這得益於我們所有 3 個細分市場的強勁執行力和一些有利的[趨勢]。過去 12 個月的自由現金流為 13.3 億美元，顯示我們全年指導目標 13.9 億美元的強勁勢頭。

Turning to Slide 10 and the first quarter performance in each of our 3 segments, beginning with Intelligent Operating Solutions. IOS core growth was 5% in Q1, with consistent mid-single-digit core growth across all 3 platforms. M&A contributed 1 point to total growth, partially offset by unfavorable FX. Adjusted operating margins expanded 160 basis points to 31.8%, driven by favorable price realization and volume increases across the segment.

轉向幻燈片 10 以及我們三個細分市場中每個細分市場的第一季業績，從智慧營運解決方案開始。第一季 IOS 核心成長率為 5%，所有 3 個平台的核心成長率均維持在中個位數。併購為總成長貢獻了 1 個百分點，部分被不利的匯率所抵銷。受有利的價格實現和整個部門銷售成長的推動，調整後的營業利潤率擴大了 160 個基點，達到 31.8%。

Additional highlights include stable growth at Fluke, driven by the benefits of innovation and customer adoption in key growth verticals. Environmental Health and Safety had a steady growth in the quarter, with strong operating margin expansion enabled by pricing uptake and FBS-enabled efficiencies.

其他亮點包括福祿克在關鍵成長垂直領域的創新和客戶採用的好處推動下實現穩定成長。環境健康與安全業務本季穩步成長，定價採用和 FBS 提高的效率推動了營運利潤率的強勁成長。

Facility and asset life cycles continues its pace of double-digit SaaS growth, including multiple-accruing cross-sell deals with Red Eye and service channel customers. Overall, IOS is benefiting from a strong innovation pipeline, with several new product launches in the first half ramping as we move through the year.

設施和資產生命週期持續保持兩位數 SaaS 成長速度，包括與紅眼和服務通路客戶的多重應計交叉銷售交易。總體而言，IOS 受益於強大的創新管道，隨著今年的進展，上半年推出的幾款新產品不斷增加。

Moving on to Precision Technologies. Core revenue in the quarter was down 2%, driven by normalizing demand at Tektronix and Sensing. Total growth reflected the benefit of the EA acquisition, partially offset by FX headwinds and the divestiture of certain product lines of the Invetech. We've completed our 100-day integration plan for EA, and we are more confident in the strategic value of the combined businesses, having identified significant opportunities in the sales funnel, some of which combine EA's power supply offering with Tektronix services to better serve customers.

轉向精密技術。由於 Tektronix 和 Sensing 的需求正常化，該季度的核心收入下降了 2%。總成長反映了 EA 收購帶來的好處，但部分被外匯不利因素和 Invetech 某些產品線的剝離所抵消。我們已經完成了EA 的100 天整合計劃，我們對合併後業務的戰略價值更有信心，因為我們在銷售漏斗中發現了重大機會，其中一些機會將EA 的電源產品與泰克服務相結合，以更好地服務顧客。

PT adjusted operating margins expanded 80 basis points to 24.4%, reflecting accretive EA margins and productivity initiatives. Additional color includes Tektronix declined mid-single digit, as expected, driven by normalizing demand in China and slower growth in the U.S. due to delayed customer R&D investments. Sensing Technologies was down mid-single digit, with order trajectory improving as we move through the quarter, while utility and food and beverage markets remain strong. PacSci once again had double-digit growth in the quarter.

PT 調整後的營業利潤率擴大了 80 個基點，達到 24.4%，反映了 EA 利潤率和生產力計劃的增加。其他顏色包括泰克公司如預期的那樣出現中個位數的下降，這是由於中國需求正常化以及由於客戶研發投資延遲導緻美國成長放緩所推動的。感測技術業務下降了中個位數，隨著本季的推進，訂單軌跡有所改善，而公用事業和食品和飲料市場仍然強勁。 PacSci 本季再次實現兩位數成長。

Now on to Advanced Healthcare Solutions. Q1 core growth was 6%, driven by improved market conditions and consumable. Adjusted operating margins expanded 200 basis points to 24.2%, driven by strong volume growth and price realization, more than offsetting FX headwinds. Additional highlights include ASP is benefiting from the North America channel transition completed last year. Further, as hospitals continue to focus on safety and compliance and the increasing need for energy efficiency, ASP is gaining share with their proprietary hydrogen gas plasma technology that consumes 70% less energy per year than steam sterilizers.

現在介紹進階醫療保健解決方案。在市場狀況和消費品改善的推動下，第一季核心成長率為 6%。在強勁的銷售成長和價格實現的推動下，調整後的營業利潤率擴大了 200 個基點，達到 24.2%，足以抵銷外匯不利因素。其他亮點包括 ASP 受益於去年完成的北美通路轉型。此外，隨著醫院繼續關注安全性和合規性以及對能源效率日益增長的需求，ASP 憑藉其專有的氫氣等離子技術贏得了市場份額，該技術每年的能耗比蒸汽滅菌器少70% 。

Book health benefited from growth in biomedical quality assurance equipment as well as supply chain and operational improvements. Our AHS software businesses continued their pace of double-digit SaaS growth. Censis is boosting sterile processing productivity with their next-gen AI² instrument recovery platform, with strong new logo bookings in the quarter. And new customer wins at Provation were partially offset by lower year-over-year license revenue, driven by a large customer order last year.

圖書健康受益於生物醫學品質保證設備的成長以及供應鏈和營運的改進。我們的 AHS 軟體業務持續保持兩位數的 SaaS 成長步伐。 Censis 正在利用其下一代 AI² 儀器回收平台提高無菌處理效率，本季新商標預訂量強勁。 Provation 贏得的新客戶被去年大客戶訂單推動的授權收入年減部分抵銷。

Turning to Slide 11. You can see total growth in the first quarter of 4% was driven by expansion in the core and positive M&A contributions, partially offset by an approximately 1 point of FX headwind. By region, we have low single-digit core revenue growth in North America, with growth in all segments despite normalizing hardware product demand.

轉向投影片 11。按地區劃分，我們在北美的核心收入成長率較低，儘管硬體產品需求正常化，但所有細分市場均實現成長。

Western Europe core revenue was up mid-single digit, driven by backlog conversions and secular investments supporting energy transition. Asia was up slightly, driven by low double-digit growth in India, partially offset by a low single-digit decline in China. And growth in IOS and AHS was more than offset by expected slowing in PT.

在積壓訂單轉換和支持能源轉型的長期投資的推動下，西歐核心收入成長了中位數。受印度低兩位數成長的推動，亞洲小幅上漲，但部分被中國低個位數下降所抵消。 IOS 和 AHS 的成長被 PT 的預期放緩所抵消。

Turning now to Slide 12 and our guidance for the second quarter and the full year. For the second quarter, we anticipate revenue growth of 2% to 3%, with core flat to 2%, driven by continued strength in IOS and AHS, partially offset by core mid-single-digit decline in PT, consistent with our prior view of the first half performance; adjusted operating profit margin is estimated at approximately 26.7%, up 75 basis points year-over-year; adjusted diluted EPS guidance of $0.90 to $0.93, up 6% to 9%; and free cash flow of $270 million, reflecting double-digit growth in the first half.

現在轉向幻燈片 12 以及我們對第二季度和全年的指導。在 IOS 和 AHS 持續強勁的推動下，我們預計第二季度營收將成長 2% 至 3%，核心營收持平至 2%，部分被 PT 中個位數下降的核心所抵消，這與我們先前的觀點一致上半年表現；調整後營業利益率預計約26.7%，年增75個基點；調整後的稀釋每股盈餘指引為 0.90 美元至 0.93 美元，上漲 6% 至 9%；自由現金流為 2.7 億美元，上半年將達到兩位數成長。

For the full year, we continue to expect core growth of 2% to 4%. Total growth is now expected in the range of 4.5% to 6%, including an approximate $60 million FX headwind versus the prior guide and the partial Invetech divestiture reducing revenues by approximately $30 million. Adjusted operating profit is expected to increase 9% to 13%, with margins at 27% to 27.5%.

對於全年，我們繼續預期核心成長率為 2% 至 4%。目前預計總成長在 4.5% 至 6% 範圍內，其中包括與先前指引相比約 6,000 萬美元的外匯逆風以及部分 Invetech 剝離導致收入減少約 3,000 萬美元。調整後營業利潤預計將成長 9% 至 13%，利潤率為 27% 至 27.5%。

We are raising adjusted diluted EPS guidance to $3.77 to $3.86, up 10% to 13% year-over-year to reflect the strength of the first quarter. The effective tax rate is expected to be in the range of 14% to 14.5%, in line with the average of the last 2 years. Free cash flow is expected to be approximately $1.39 billion, representing 11% growth year-over-year and a 22% free cash flow margin.

我們將調整後攤薄每股收益指引上調至 3.77 美元至 3.86 美元，年增 10% 至 13%，以反映第一季的強勁表現。有效稅率預計在14%至14.5%之間，與過去兩年的平均值一致。自由現金流預計約 13.9 億美元，年增 11%，自由現金流利潤率為 22%。

Before opening up for questions, I'll pass it back to Jim to provide some closing remarks.

在開始提問之前，我會將其傳回給吉姆以提供一些結束語。

Thanks, Chuck. I'll wrap it up on Slide 13. The strong start to the year and an enviable track record of improved through-cycle performance, our transformation execution and strategy to build a more durable company is playing out. However, our strategy is reflected in the continued momentum of positive core growth over the last 14 consecutive quarters, even as demand slowed in select end markets. And the strength of our execution and dedication to FBS is reflected in 15 consecutive quarters of adjusted operating margin expansion, delivering more value to customers.

謝謝，查克。我將在投影片 13 上進行總結。然而，我們的策略反映在過去連續 14 個季度核心核心成長的持續勢頭上，儘管特定終端市場的需求放緩。我們的執行力和對 FBS 的奉獻精神體現在連續 15 個季度調整後的營業利潤率擴張，為客戶提供更多價值。

When taken together, we are confident in our raised outlook for the year, continuing our track record of compounding earnings and free cash flow growth double digits in 2024. By executing the Fortive formula for value creation, we think the best is yet to come, with an opportunity to roughly double our adjusted EPS and free cash flow over the next 5 years.

綜合來看，我們對今年的展望充滿信心，將在 2024 年繼續保持複合收益和自由現金流增長兩位數的記錄。未來5 年內將調整後的每股盈餘和自由現金流增加約一倍。

With that, I'll turn it to Elena.

有了這個，我會把它交給艾琳娜。

Thank you. Dennis, we'll now take our first question.

謝謝。丹尼斯，我們現在回答第一個問題。

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

你的第一個問題來自巴克萊銀行的朱利安·米切爾。

Maybe just a first question around the Precision Tech revenue outlook. There's clearly some concerns from the commentary of one of your [oscilloscope] or instrument peers today. So I just wondered how you're thinking about that Precision Tech revenue growth trajectory over the balance of the year and particularly in Q2. And maybe any broad color on how that product hardware orders and how those have been trending versus what you'd expected?

也許只是關於 Precision Tech 收入前景的第一個問題。今天，您的一位[示波器]或儀器同行的評論顯然存在一些擔憂。所以我只是想知道您如何看待今年餘下時間，特別是第二季的精密技術收入成長軌跡。也許還有關於該產品硬體如何訂購以及這些趨勢與您的預期有何不同的廣泛資訊？

Yes. Julian, thanks for the question. I would say a couple of things. What we saw in the quarter was a book to bill -- I'd start with the sort of high-level. We saw book to bill of about 1, and we anticipate that book to bill as well in Q2. So we're starting to see the orders come back. Obviously, shipments, not yet. Probably on a revenue basis, probably PT is lower, Q2 will probably be the low point.

是的。朱利安，謝謝你的提問。我想說幾件事。我們在本季看到的是一本需要開票的書——我將從某種高層開始。我們看到圖書的出貨量約為 1，我們預計第二季的書籍出貨量也會如此。所以我們開始看到訂單回來了。顯然，發貨還沒有。可能以收入為基礎，PT可能較低，第二季可能是最低點。

We don't have a huge step up first half to second half. The first half is really playing out the way we anticipated. So in that sense, we're seeing an order book building. We're seeing -- we said last call that we would start to see orders, start to move to growth at the tail end of the second quarter. Everything we've seen, thus far, would support that sort of trajectory.

我們從上半場到下半場沒有取得很大的進步。上半場的比賽確實按照我們的預期進行。所以從這個意義上說，我們正在看到訂單簿的建造。我們看到——我們在上次電話會議上說過，我們將開始看到訂單，並在第二季末開始成長。到目前為止，我們所看到的一切都支持這種軌跡。

So we've seen some green shoots in some places. I can talk more about that. Things like Tektronix, where our Keithley business, which has tended to lead the effort on the return and was the first to go down, is now going to be high single-digit revenue growth in the first half. So we're starting to see the things that would certainly point to that trajectory change. I'll stop there and see if there's a follow-up.

所以我們在一些地方看到了一些萌芽。我可以多談談這一點。像泰克這樣的公司，我們的吉時利業務在回報率上一直領先，也是最先下降的，現在上半年收入將實現高個位數成長。因此，我們開始看到一些肯定會導致軌跡改變的事情。我會停在那裡看看是否有後續行動。

And I guess, sort of broadly on the guidance adjustments, you'd laid out your segment sort of core growth guide for the year last quarter. Just wondering if any of those had changed this time? And just trying to understand sort of in the P&L guide, the adjustment to the interest expense guide. Is that sort of a redeployment of divestment proceeds or something? Just trying to understand that sort of net income raise, with adjusted EBIT guide slight reduction?

我想，在指導調整方面，您在上個季度製定了該細分市場的核心成長指南。只是想知道這次是否有任何改變？只是想了解損益表中利息支出指南的調整。這是撤資收益的重新部署還是其他？只是想了解這種淨利潤的增長，調整後的息稅前利潤指導略有減少？

Yes. Relative to the revenue guide, obviously, what we saw in the quarter, a little bit stronger than we anticipated for Q1. We feel good about that on the backs of health strengthening. We've had several good quarters now at Health, that's a mid-single digit for the year, and we feel good about that. IOS, similarly, good strength there. We stood out in a number of places. Fluke has been very resilient as we talked about. PT is down a little bit.

是的。顯然，相對於收入指南，我們在本季看到的情況比我們對第一季的預期要強一些。在加強健康的支持下，我們對此感到滿意。我們在健康部門現在已經經歷了幾個不錯的季度，今年的業績處於中個位數，我們對此感覺良好。 IOS也是如此，實力也不錯。我們在很多地方都脫穎而出。正如我們所說，福祿克一直非常有彈性。 PT 略有下降。

So we're probably more down to the flattish up slightly. So we'll be able to -- with the other 2 segments being better. And I think, the other thing, just on the absolute terms is we absorbed, as we said, about $60 million worth of FX as well. So important to just kind of look at the total revenue growth here as the ability to absorb that, I think, really speaks to the strength that we've had. And certainly, as you see that in the -- even with the weaker PT, we were up 80 basis points of margin expansion.

所以我們可能會稍微往下一點。所以我們將能夠——其他兩個部分會更好。我認為，另一件事，就絕對而言，正如我們所說，我們還吸收了價值約 6000 萬美元的外匯。重要的是要看看這裡的總收入成長，因為我認為吸收這一成長的能力確實說明了我們所擁有的實力。當然，正如你所看到的，即使 PT 較弱，我們的利潤率擴張也提高了 80 個基點。

So I think the power -- we're certainly seeing good growth in the 2 segments, and we're managing exceptionally well the trajectory of PT right now with strong margin expansion and with things that are occurring that are going to give us confidence that the second half improves a little bit. We don't need a big step-up at PT in the second half in the total dollars perspective, and what we've seen, thus far, supports that.

因此，我認為，我們確實在這兩個領域看到了良好的成長，而且我們現在對 PT 的發展軌跡管理得非常好，利潤率強勁擴張，而且正在發生的事情將使我們有信心下半場有所改善。從總美元的角度來看，我們不需要在下半年大幅提升 PT，而迄今為止我們所看到的情況也支持了這一點。

And I'll let Chuck talk a little bit about some of the other details.

我會讓查克談談其他一些細節。

Julian, the interest expense came down primarily because, since the last time we guided, we went out and put a euro bond in place. And so that came in better, like 3.7% coupon. So that's the major change. That roughly offsets the impact -- OP impact of the FX.

朱利安，利息支出下降主要是因為，自從我們上次指導以來，我們出去發行了歐元債券。這樣效果就更好了，例如 3.7% 的優惠券。這就是主要的變化。這大致抵消了外匯的影響——OP影響。

And just to put that in dollar terms, that's about $15 million of lower interest expense versus our previous forecast. About $2 million of that was reflected in first quarter. And then to Chuck's point, about the $50 million roughly of OP hit that we do have from FX. So that's really the offset.

以美元計算，與我們先前的預測相比，利息支出減少了約 1500 萬美元。其中約 200 萬美元反映在第一季。然後 Chuck 的觀點是，我們確實從 FX 獲得了大約 5000 萬美元的 OP 命中。所以這確實是偏移量。

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

您的下一個問題來自垂直研究合作夥伴的 Jeff Sprague。

Just a couple of things. Just on the comment on the FAL businesses, this grew mid-single digit and kind of normalizing. Is that basically the trajectory you're expecting then for kind of the balance of the year in that group of companies sort of mid-single-digit growth?

只是幾件事。僅就 FAL 業務的評論而言，這一增長達到了中個位數，並且有點正常化。這基本上是您預計該集團公司今年餘下時間實現中個位數成長的軌跡嗎？

No, Jeff, we'll get that -- we'll be moving back to high single. We had a really big comp at Gordian in the first quarter. I think they were plus 25% a year ago. So ARR growth for that was about high single digits, it was roughly 9%. So good ARR growth that supports sort of high single-digit growth for the year.

不，傑夫，我們會明白的——我們將回到高單曲。第一季我們在 Gordian 的表現非常出色。我認為一年前他們的成長率是 25%。因此，ARR 成長約為高個位數，約為 9%。如此良好的 ARR 成長支持了今年的高個位數成長。

And then just on EA's performance actually in the quarter, right? The M&A impact, I think, is influenced by the divestiture, right? But so just trying to kind of understand how EA, actually, revenues performed in the quarter? You didn't own it last year, but maybe give us some sense of kind of what the growth trajectory was there?

然後就看看 EA 本季的實際表現，對嗎？我認為併購的影響是受到資產剝離的影響，對嗎？但只是想了解一下 EA 本季的實際營收表現如何？去年你並沒有擁有它，但也許能讓我們了解它的成長軌跡是什麼？

Yes, Jeff, a couple of things. FX, it pushed EA's revenue down a couple of million. And then divestiture, about $5 million, with the agreement to separate some of the Invetech business that shows up on that line. So I think he is impacted by those 2 things, down about $7 million.

是的，傑夫，有幾件事。 FX，它使 EA 的收入減少了幾百萬。然後剝離約 500 萬美元，並同意分離該線上出現的部分 Invetech 業務。所以我認為他受到這兩件事的影響，損失了大約 700 萬美元。

So Jeff, the dollars from EA, obviously, were higher than the overall M&A dollars in aggregate for PT. So EA is roughly $35 million, offset by about $5 million [worth] of tax.

所以傑夫，EA 的美元顯然高於 PT 的併購總美元。因此 EA 大約是 3500 萬美元，抵消了大約 500 萬美元[價值]的稅收。

Your next question is from the line of Jamie Cook with Truist Securities.

您的下一個問題來自 Truist Securities 的 Jamie Cook。

Just a follow-up on the PT revenue guide. I know last quarter, you specifically guided to the $2.42 billion to $2.465 billion. I'm wondering, on Slide 4, you implied PT is $2.3 billion. So is that the actual revenue guide? And can you comment given the lower revenue guide, how you're thinking about margins relative to your prior guidance? And then my last question, on the M&A front, I think before you were saying top line M&A would add, you'd get 4 points. Now you're saying 3 points. Is that just FX and Invetech?

只是 PT 收入指南的後續內容。我知道上個季度，您專門指引了 24.2 億美元至 24.65 億美元。我想知道，在投影片 4 上，您暗示 PT 為 23 億美元。那麼這是實際的收入指南嗎？鑑於收入指南較低，您能否評論一下相對於先前的指南您如何看待利潤率？然後我的最後一個問題，關於併購方面，我認為在你說頂線併購會增加之前，你會得到 4 分。現在你說的是3分。這只是FX和Invetech嗎？

Yes. So Jamie, just on the prior guide, yes, the $30 million has come out of the PT revenue from Invetech. And then to your point, there's probably another 2% that's come out due to FX. Some of that is obviously for EA as well as the core business. So that $2.3 million is the midpoint of the PT revenue guide as you pointed out.

是的。 Jamie，就先前的指南而言，是的，這 3000 萬美元來自 Invetech 的 PT 收入。然後就你的觀點而言，可能還有 2% 是由於外匯而產生的。其中一些顯然是針對 EA 及其核心業務的。因此，正如您所指出的，230 萬美元是 PT 收入指南的中點。

And then your margins on PT, can you give us an update there given the lower rev?

然後，考慮到較低的轉速，您能否向我們介紹 PT 的最新情況？

Yes. No change to the expectation of margins for PT.

是的。 PT 的利潤率預期沒有改變。

Yes. Jamie, I think that's a reflection of -- and certainly, as we said, not a lot of -- no real change here to not much change in the outlook relative to that. The first half playing out pretty much like we saw so -- we've seen some business move into the second quarter or second half, excuse me, but we've been able to manage the margin front exceptionally well based on a couple of scenarios that we thought the year would play out.

是的。傑米，我認為這反映了——當然，正如我們所說，不是很多——沒有真正的變化，相對於此，前景也沒有太大變化。上半年的情況與我們所看到的非常相似——抱歉，我們已經看到一些業務進入第二季度或下半年，但基於幾種情況，我們已經能夠非常好地管理利潤率我們認為這一年將會結束。

So a number of places in PT that we've got strength at EMC, we talked about utilities, our food and beverage businesses. So we've got some good strength there in a number of places. And obviously, that's helpful to the margin front as well.

因此，在 PT 的許多地方，我們都在 EMC 擁有優勢，我們談論了公用事業、我們的食品和飲料業務。所以我們在很多地方都有很好的實力。顯然，這對利潤率也有幫助。

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

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

A couple of questions. So first, just if we want to start with M&A and kind of mark-to-market your pipeline, is there -- should we -- or could we assume that the EA type of deal is -- and valuation range is kind of the type of stuff that you guys are looking at in '24? I'm sure it's a wide range of properties, but trying to just narrow that down a little bit? And perhaps just a little bit of a mark-to-market on how that pipeline looks.

有幾個問題。因此，首先，如果我們想從併購開始，並按市值計價，您的管道是否存在——我們應該——或者我們可以假設 EA 類型的交易是——估值範圍是你們在24 年都在看什麼類型的東西？我確信它的屬性範圍很廣，但是想把範圍縮小一點嗎？也許只是對管道的外觀進行一點以市價計算。

Yes, sure. I would say, number one, is there's probably a wide variation of valuations out there right now. You've seen some -- you haven't seen a lot of things trade, but there have been fully valued trades that have gone on relative to various things in the marketplace. Both things we'd be interested in, but also things that just have occurred. I would certainly say that we're obviously going to stay very disciplined.

是的，當然。我想說，第一，目前的估值可能有很大差異。你已經看到了一些——你還沒有看到很多東西的交易，但是已經存在與市場上的各種東西相關的完全估值的交易。這兩件事我們都會感興趣，但也有剛剛發生的事。我當然會說，我們顯然會保持非常自律。

I think what we tried to highlight on the IOS slide in the deck was the benefits of M&A and how that really has created that really durable segment with both from a standpoint of revenue growth, but also really strong profitability. And we're going to look for those kinds of things. I think the 4 deals that we did, the bolt-ons we did in the fourth quarter relative to IOS, EA, as an example, those are more than likely, but there's a wide spread of things we did, right?

我認為我們在IOS 投影片上試圖強調的是併購的好處，以及併購如何真正創造了真正持久的細分市場，無論是從收入成長的角度來看，還是從收入成長的角度來看，以及真正強勁的盈利能力。我們將尋找這類東西。我認為我們所做的 4 筆交易，我們在第四季度相對於 IOS、EA 所做的補充，作為例子，這些很有可能，但我們做了很多事情，對嗎？

We did some software. We did some data. We did some hardware businesses. The funnel looks that way, but we'll remain disciplined right now around valuation. And I think we're well served to sort of continue to be active, but at the same time, be selective around the opportunities. So I think we can get some things done for sure.

我們做了一些軟體。我們做了一些數據。我們做了一些硬體業務。漏斗看起來是這樣，但我們現在將在估值方面保持紀律。我認為我們繼續保持活躍是有好處的，但同時也要對機會進行選擇性。所以我認為我們肯定可以完成一些事情。

But by the same token, I think we're going to remain disciplined. And we like to -- the revenue for EA has come down a little bit for the year. We really feel good about that deal. We're still going to -- the accretion on that is still going to be the same as it was relative to our original thought process. So it's still going to be a very accretive deal and a really good deal into '25. So those are the -- certainly the kinds of things we'd be active in for sure.

但出於同樣的原因，我認為我們將保持紀律。我們喜歡——EA 今年的收入略有下降。我們對這筆交易真的感覺很好。我們仍然會——其成長仍然與我們最初的思考過程相關。因此，這仍將是一項非常增值的交易，並且是進入 25 年的一項非常好的交易。所以這些都是我們一定會積極參與的事情。

Okay. Helpful. And then just to go back to the guide, and honestly, I never ask about a specific guide in this way. But if you look at your comps, if you look at the commentary or just think about what you've said over the last hour and then think about where ASP is at, I would think that, that guide for the year -- rest of the year, seems a bit on the conservative side.

好的。有幫助。然後回到指南，老實說，我從來沒有以這種方式詢問具體的指南。但是，如果你看看你的比較，如果你看看評論，或者只是想想你在過去一個小時裡所說的話，然後想想 ASP 的情況，我會認為，今年的指南 - 其餘部分今年，似乎有點保守。

Is that -- would you characterize that? Is it perhaps just being a little bit cautious on China or just general global macro? Or am I in the right ballpark that maybe this is you guys just being a little bit conservative. And if nothing changes, perhaps you'd probably at the higher end of that, if not higher.

那是——你能描述一下嗎？也許只是對中國有點謹慎，還是只是對全球宏觀經濟持謹慎態度？或者我的想法是否正確，也許你們只是有點保守。如果沒有任何變化，也許你可能會達到更高的水平，甚至更高。

Well, we just beat our first quarter guide. So that's the first thing. And there was an operational beat there of about $0.01. And they're really $0.02 when you look at we offset the FX and then $0.01 of corporate cost. So it's a good -- I think it was a good start, a very good start to the year. I said that in our prepared remarks.

好吧，我們只是超越了第一季的指導。這是第一件事。營運節拍約為 0.01 美元。當你看到我們抵消了外匯和 0.01 美元的公司成本時，它們實際上是 0.02 美元。所以這是一個很好的——我認為這是一個很好的開始，今年非常好的開始。我在我們準備好的發言中這麼說過。

I think if you said, hey, hey, Jim, would you like to get out of the gate at 110 basis points of gross margin and operating margin expansion? Or would you like to drive EPS at 11%? I'd say that's a really good start. And I'd say our full year looks a lot like that, too. So we like the guide. And what we tried to highlight is, yes, there is some uncertainty.

我想，如果你說，嘿，嘿，吉姆，你願意以 110 個基點的毛利率和營業利潤率擴張走出大門嗎？還是您希望 EPS 成長 11%？我想說這是一個非常好的開始。我想說我們的全年看起來也很相似。所以我們喜歡這個指南。我們試圖強調的是，是的，存在一些不確定性。

I would tell you, I was with the China team a week ago. And they're feeling better about where they were versus, call it, 8 weeks ago when I was with them the first time in the year. They were much more optimistic. We would talk to some of the quality productive forces, investments that China is talking about. So we still have -- we still sit right now in our guide, embedded in our guide is China being down. But at the same time, there's probably some opportunity of some of the Chinese government active investments occur because those are in places that are very subsequent important to us.

我可以告訴你，一週前我還在中國隊。與 8 週前我今年第一次和他們在一起時相比，他們對自己的處境感覺更好了。他們要樂觀得多。我們會談論一些中國正在談論的優質生產力、投資。所以我們仍然——我們現在仍然坐在我們的指南中，在我們的指南中嵌入的是中國正在下滑。但同時，中國政府的一些積極投資可能存在一些機會，因為這些投資位於對我們非常重要的地方。

Our other high-growth markets are already growing. Interestingly enough, our other high-growth markets, which are bigger than China, are growing mid-single digit, there probably some opportunity there. So it's still early. And certainly, there's a lot of things out there that you could say could go another way, but -- well, we really got out of the gate really well and feel really good about it. And we'll work every day to make it better for sure.

我們的其他高成長市場已經在成長。有趣的是，我們其他比中國更大的高成長市場正在以中個位數成長，那裡可能存在一些機會。所以現在還早。當然，有很多事情你可以說可以走另一種方式，但是——嗯，我們真的很好地走出了大門，並且感覺非常好。我們每天都會努力讓它變得更好。

Let's see where we get through in the second quarter. But yes, there's certainly some opportunities. We tried to highlight like energy transition AI, the percent in product revenue is at some places where there's certainly opportunity for us to continue to do well.

讓我們看看第二季的表現如何。但是，是的，肯定有一些機會。我們試圖強調像能源轉型人工智慧一樣，產品收入的百分比在某些方面我們肯定有機會繼續做得很好。

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

您的下一個問題來自加拿大皇家銀行資本市場部的 Deane Dray。

Just following up there. I heard yet another AI reference, a lot of references in the prepared remarks. So where would you rank order -- you don't have to go through them all, but what are the most important exposures where you have near-term, real-time leverage to the AI build-out?

只是跟著那裡。我又聽到了人工智慧的參考文獻，在準備好的發言中有很多參考文獻。那麼你會排在哪裡——你不必把它們全部看完，但你對人工智慧建設有近期、即時影響力的最重要的風險敞口是什麼？

Well, yes, I think where we showed on the slide in high-performance compute and in data center expansion, the chips that are going to go into data centers, as an example, next generation. We got an 8-digit order from a Keithley as an example for that in the quarter that will ship later in the year, with some semiconductor manufacturers in Taiwan.

嗯，是的，我認為我們在幻燈片上展示了高效能運算和資料中心擴展的內容，例如將進入資料中心的晶片，例如下一代晶片。我們以吉時利的一份 8 位數訂單為例，該訂單將在今年稍後向台灣的一些半導體製造商發貨。

So I would say, first and foremost, we're seeing it on the chip build-out. We're certainly seeing that. We're certainly seeing it again with utility infrastructure and grid infrastructure growth at Qualitrol and Fluke. Those would certainly stand out as direct investments relative to the preparation of AI and the future of the world.

所以我想說，首先也是最重要的是，我們在晶片構建上看到了它。我們當然看到了這一點。隨著 Qualitrol 和 Fluke 公用事業基礎設施和電網基礎設施的成長，我們肯定會再次看到這種情況。作為與人工智慧準備和世界未來相關的直接投資，這些肯定會脫穎而出。

So -- and then on the flip side, we're starting to launch AI solutions, Deane. So when we think about what we're doing at Censis, Provation, Gordian, the's quarter we just announced the Gordian platform, which allows for us to integrate all of our data and solutions together. So we'll start to see some of those in our revenue base. It's selling AI solutions as well. So on the front end, we're seeing the early stages of that investment. And with -- primarily within PT, we'll start to see that play out. We're starting to see that play out in Keithley. We'll start to see that play out of Tek in the second half.

所以，另一方面，我們開始推出人工智慧解決方案，迪恩。因此，當我們思考我們在 Censis、Provation、Gordian 所做的事情時，我們剛剛宣布了 Gordian 平台，該平台使我們能夠將所有數據和解決方案整合在一起。因此，我們將開始在我們的收入基礎中看到其中一些。它還銷售人工智慧解決方案。因此，在前端，我們看到了該投資的早期階段。主要是在 PT 內，我們將開始看到這種情況的發生。我們開始在吉時利看到這種情況的發生。我們將在下半場開始看到泰克的表現。

And then, obviously, with Qualitrol and Fluke certainly with -- as those data centers and things get built, we're going to certainly participate in that relative to both the electrical grid infrastructure needed to support that as well as the tools needed to sort of build those data centers and maintain them as well.

然後，顯然，Qualitrol 和福祿克肯定會——隨著這些數據中心和設備的建成，我們肯定會參與其中，涉及支持這些基礎設施所需的電網基礎設施以及分類所需的工具建立並維護這些數據中心。

Great. Those are real specific data points, so I appreciate your sharing. And then as a follow-up, and I might have missed it in your answer to Julian's question, but the weakness in Tektronix you referenced, what was the delayed customer R&D in the U.S.? Is that just -- is it product cycle related? Is there anything related to worries about the election that's starting to read through some hesitation in orders?

偉大的。這些都是真實的具體數據點，所以我感謝您的分享。然後作為後續行動，我可能在您對朱利安問題的回答中漏掉了這一點，但是您提到的泰克的弱點是什麼，美國的客戶研發延遲是什麼？這只是－與產品週期相關嗎？是否有任何與選舉相關的擔憂開始導致訂單上的一些猶豫？

Yes. Deane, I think, well, the first half is going to play out at Tek almost identically to exactly how we thought it would play out. So I don't want to -- I want -- I should say that first. I would -- well, certainly, what we see is some delay on what I would call [MilGov] investments that we typically start to see early in the year. They're still in the funnel. They're now showing up maybe later in the year. That's both direct government customers as well as some of the primes. So that's a movement of that.

是的。 Deane，我認為，好吧，上半場在 Tek 的表現幾乎與我們想像的完全一樣。所以我不想——我想——我應該先這麼說。我會——當然，我們看到的是我所說的[MilGov]投資的一些延遲，我們通常會在今年年初開始看到這種投資。他們仍然在漏斗中。他們現在可能會在今年晚些時候出現。這既是直接的政府客戶，也是一些主要客戶。這就是一個運動。

The good news on that is we're seeing them in the funnel, and they're growing in the funnel. So -- and we're starting to see some of those orders, hence, the book to bill is over 1. So we're certainly starting to see those things. Generally, we would have been able to convert them to revenue maybe a little sooner. But because the funnel's moved and because some of those things have come a little bit later in the end of the second quarter, then that really presents it for more of a second half opportunity.

好消息是我們在漏斗中看到它們，並且它們正在漏斗中成長。所以——我們開始看到其中一些訂單，因此，要開單的書已經超過 1。一般來說，我們可能會更快地將它們轉化為收入。但由於漏斗發生了移動，而且其中一些事情在第二季度末稍晚一些發生，所以這確實為下半場提供了更多的機會。

But at this point, we wouldn't see those canceled. And I don't think we tie those to the election. I think we'd probably tie that more to just investment decisions that people have made with some uncertainty as the year started out maybe delaying some of those investments. As you well know, sometimes those investments can get delayed for a quarter or 2. But ultimately, I think, as you said, our customer base or the leading technology companies in the world, are they going to not invest in technology and innovation? I think it's a good test they're going to do that.

但目前，我們不會看到這些被取消。我認為我們不會將這些與選舉聯繫起來。我認為我們可能會將其更多地與人們在年初做出的帶有一定不確定性的投資決策聯繫起來，可能會推遲其中一些投資。如您所知，有時這些投資可能會推遲一個季度或兩個季度。我認為他們這樣做是一個很好的測試。

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

您的下一個問題來自摩根大通的 Steve Tusa。

Can you just delve a little bit more into Tektronix and the book to bill there? I know you guys mentioned the hardware in total. Book to bill, but maybe just give us an update on maybe where the, I guess, excess backlog, if that's even a thing still. Kind of where the excess backlog sits and then Tektronix' book to bill, and then what you'd expect for growth for the rest of the year there at this stage.

您能更深入地了解泰克和在那裡計費的書嗎？我知道你們總共提到了硬體。預訂到帳單，但也許只是給我們更新一下，我猜，多餘的積壓可能在哪裡，如果這仍然是一個問題。有點是多餘的積壓，然後是泰克的帳單，然後是您對今年剩餘時間現階段的成長的預期。

Yes. Steve, Tektronix' book to bill was 0.95 in the quarter. For PT, Sensing and Tek combined is 1.0, and for hardware products overall was 1.0. And then we talked about Tektronix revenue being down mid-single digit in the quarter. Our expectation would be that Tektronix revenue for the year will be down mid-single digit, but that's always been reflected in our outlook for the year.

是的。 Steve，泰克本季的帳面成本比為 0.95。對於 PT、Sensing 和 Tek 合計為 1.0，對於硬體產品總體為 1.0。然後我們談到泰克本季的收入下降了個位數中位數。我們預計泰克今年的營收將下降中個位數，但這始終反映在我們對今年的展望中。

Okay. So no change there. And then maybe just sticking on book to bill. I think it's like a little bit hard to like calibrate these EA revenues, I guess. We had expected something a little bit more than where it was, and I'm not sure we've quite bridged the gap on that. But what's, I guess, the book to bill for that business just to kind of help us understand what kind of run rate they're going at on the EA side, that new acquisition?

好的。所以那裡沒有變化。然後也許只是堅持按書付費。我想，校準這些 EA 收入有點困難。我們的預期比實際情況要高一些，但我不確定我們是否已經完全彌補了這一差距。但我想，為該業務開立帳單的書是什麼，只是為了幫助我們了解他們在 EA 方面的新收購的運行速度？

Yes. I'll just really quick on the numbers for EA, and I'll let Jim comment on the acquisition overall. We had expected revenues for EA for the year to be, call it, $190 million, $195 million. That's come down. It's probably closer to $180 million to $185 million. Part of that is foreign exchange, and part of that is some push out of larger projects in the year.

是的。我會快速介紹一下 EA 的數據，然後讓吉姆對此次收購的整體情況發表評論。我們原本預期 EA 今年的營收為 1.9 億美元、1.95 億美元。就這樣下來了。可能接近 1.8 億至 1.85 億美元。其中一部分是外匯，一部分是今年大型專案的推出。

Specifically, in Q1, right, the revenue, we talked about the $35 million, again, we have planned for something in the low 40s for the quarter. There is a seasonal component to that. And maybe, Jim, you want to talk a little bit more about, certainly, the kind of 100-day review and give some color on the acquisition.

具體來說，在第一季度，右邊的收入，我們談到了 3500 萬美元，我們再次計劃本季的收入在 40 左右。其中有季節性因素。吉姆，也許你想多談談，當然，百日審查，並為這次收購提供一些色彩。

Yes. Steve, I would say a couple of things. One, as we said in the prepared remarks, we -- one of the things that's really evident and certainly have been around the world, not only with the U.S. view of this, but China, India, a number of other places, we clearly see a great product that customers really like. So I think, as we start out, we really affirmed the fact that the product and the technology is really, really strong.

是的。史蒂夫，我想說幾件事。一，正如我們在準備好的演講中所說，我們——這是真正明顯的事情之一，而且肯定已經在世界各地發生過，不僅美國對此有看法，而且中國、印度和其他許多地方也有這種看法，我們顯然看到客戶真正喜歡的優質產品。所以我認為，當我們開始時，我們確實確認了產品和技術非常非常強大的事實。

As Elena said, a little bit less revenue in the first quarter. I mentioned this in a couple of places in the first quarter that getting the backlog out in that business has been a little bit more challenging than anticipated in terms of that. So book to bill, I think, was over 1 in the first quarter. But our opportunity to sort of continue to work FBS and make the factory a little bit more flexible and, certainly, we're in the process of doing.

正如埃琳娜所說，第一季的收入略有減少。我在第一季的幾個地方提到過這一點，即解決該業務中的積壓訂單比預期更具挑戰性。因此，我認為第一季的訂單出貨比超過 1。但我們有機會繼續使用 FBS 並使工廠更加靈活，當然，我們正在這樣做。

We've come down a little bit on the -- on what we think the revenue will be for the year. We still think the accretion is the same. So we're still going to deliver, from an earnings perspective, in a very good place. And we feel good about the business. So mobility is a little bit slower. We anticipated that mobility would be slow this year. That was certainly in our view. And so that's played out.

我們對今年的收入進行了一些下調。我們仍然認為吸積是相同的。因此，從獲利角度來看，我們仍將實現一個非常好的目標。我們對這項業務感覺良好。所以移動速度稍微慢了一點。我們預計今年的流動性將會緩慢。我們當然認為這一點。事情就這樣結束了。

But the data center opportunities are very good. And quite frankly, the funnel with Tektronix is building well. So we said we need -- we were going to build that funnel in the first half. We would start to see that revenue in the second half. And we feel good about the funnel build, thus far.

但數據中心的機會非常好。坦白說，與泰克的頻道正在建立良好。所以我們說我們需要——我們將在上半年建立這個管道。我們將在下半年開始看到這項收入。到目前為止，我們對漏斗的建造感覺良好。

We mentioned one of the opportunities on the prepared remarks around how now we're linking their sales with our services with a large-scale order that we'll get here shortly. We feel really good about the synergy opportunity as well. So maybe taking a little longer to get started, simply because of maybe some of the things in the marketplace, but feel really good about it right now. And we're in a good position for that business as it stands to finish the year and move into '25.

我們在準備好的評論中提到了一個機會，即我們現在如何將他們的銷售與我們的服務與我們很快就會到達的大規模訂單聯繫起來。我們也對協同機會感到非常滿意。因此，可能需要更長的時間才能開始，只是因為市場上的一些東西，但現在感覺非常好。我們在該業務方面處於有利地位，因為它預計將在今年結束並進入 25 年。

And where do the excess backlog stand today? That's my last one.

如今過剩的積壓在哪裡？這是我的最後一張。

Yes, I'm not -- forgive me, I'm not sure what that number is, but it's probably in the, I guess, in the $10 million-ish range or something like that.

是的，我不是——請原諒，我不確定這個數字是多少，但我猜它可能在 1000 萬美元左右或類似的範圍內。

Okay. So normalized.

好的。如此常態化。

Yes.

是的。

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

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

Jim, just in AHS. I know you did well in the quarter, and maybe you talked about some potential upside there. You did mention maybe some Provation headwinds still. Is there anything that's still holding you back at all from even better performance, with the understanding that it was quite good in the quarter?

吉姆，剛在美國衛生服務部。我知道您在本季度表現良好，也許您談到了一些潛在的好處。你確實提到了可能仍然存在一些挑戰的逆風。儘管本季的業績相當不錯，但還有什麼因素阻礙您取得更好的業績嗎？

Yes. I mean we're really happy about the quarter. And if you think about the number of quarters here, obviously, we had the transition in North America last year. But if you look at what we've done multiyear and high-growth markets exceptionally well. The strength of the strategic nature of what we wanted to do is really playing out well. So we feel very good about where ASP is at. We feel good about the broader segment.

是的。我的意思是我們對這個季度非常滿意。如果你考慮一下這裡的季度數量，顯然，我們去年在北美進行了轉型。但如果你看看我們在多年和高成長市場所做的工作就非常出色。我們想做的事情的戰略性質的力量確實發揮得很好。所以我們對 ASP 的現況感到非常滿意。我們對更廣泛的細分市場感覺良好。

Relative to Provation, we -- in the first half of last year, we had a large-scale license software business order that we're going to work through in the first and second quarter. That business will still grow well this year. SaaS is growing double digit in the business. So we really feel good about where Provation is.

相對於 Provation，我們在去年上半年獲得了一份大規模許可軟體業務訂單，我們將在第一季和第二季完成該訂單。該業務今年仍將成長良好。 SaaS 業務正在以兩位數的速度成長。所以我們對 Provation 的位置感到非常滿意。

But we do have to work through that large license customer that it's kind of -- plays out a little bit more of a onetime opportunity. Good news about that, it's a very large license deal that we're going to be able to convert fast over the next several years. So in terms of opportunity, there's still great opportunity to Provation. So we feel good about where the segments stands.

但我們確實必須與大型授權客戶合作，這更像是一次機會。好消息是，這是一項非常大的授權協議，我們將能夠在未來幾年內快速轉換。所以從機會上來說，Provation還是有很大的機會的。因此，我們對這些細分市場的現狀感到滿意。

We mentioned in some of the prepared remarks,about some of the -- what things we're seeing around our plasma strategy and the efficiency and efficacy of how we do hydrogen peroxide and all that. So the product and innovation wheel that we started to talk about, steam sterilization, BI, biological indicators, a number of the things that we're really -- we're trying to work through over the last couple of years. We're starting to see the innovation flywheel get started at ASP. And so we feel good about where the segment is at and where it's going to go through the year.

我們在一些準備好的評論中提到了一些——我們在等離子體策略方面看到的一些事情以及我們如何生產過氧化氫的效率和功效等等。因此，我們開始談論的產品和創新輪，蒸汽滅菌、BI、生物指示劑，以及我們在過去幾年中真正努力解決的一些問題。我們開始看到創新飛輪在 ASP 上啟動。因此，我們對該細分市場的現狀以及全年的發展前景感到滿意。

Great. And then I know you reiterated it, but like when I think about the [450] for next year, like there's a fair amount of moving pieces nowadays, FX, M&A, as we talked about. So what's your confidence level, Jim, at this point? And what do you need to do to sort of get there?

偉大的。然後我知道你重申了這一點，但就像當我想到明年的 [450] 時，就像現在有相當多的變動，外匯、併購，正如我們所討論的。那麼吉姆，你現在的信心是多少？你需要做什麼才能到達那裡？

Well, I think, number one, I think the first quarter affirms what we're able to do, right? With the growth rate that we had in the quarter, we still drove strong EPS growth and strong free cash flow growth. Our guide demonstrates that.

嗯，我認為，第一，我認為第一季肯定了我們能夠做的事情，對嗎？憑藉本季的成長率，我們仍然推動了每股收益的強勁成長和自由現金流的強勁成長。我們的指南證明了這一點。

So we get to the end of the year, double-digit earnings growth, double-digit free cash flow growth, really strong operating margin expansion, a great setup for -- and a little bit on a not mid-single-digit growth yet. So as we move into mid-single-digit growth and our track record of earnings growth, free cash flow growth and margin expansion, I think those are the things that give us confidence.

因此，到今年年底，我們將實現兩位數的獲利成長、兩位數的自由現金流成長、真正強勁的營業利潤率擴張，這是一個很好的基礎——但還沒有實現中個位數的增長。因此，當我們進入中個位數成長以及我們的獲利成長、自由現金流成長和利潤率擴張的記錄時，我認為這些給了我們信心。

Now again, it's April of '24. We're talking about a 2025, [if I may]. But at the end of the day -- or will be made here shortly. So I think at the end of the day, we're in a very good place to talk about '25. But obviously, we're very focused on '24 here. So -- and I think what we'll see through the quarters is the demonstration of that, the kinds of numbers that I think really support our multiyear path, which has been very good, and also our multiyear future.

現在又是 24 年 4 月。我們正在談論 2025 年，[如果可以的話]。但最終，或者很快就會在這裡完成。所以我認為歸根結底，我們是在一個非常好的地方來談論'25。但顯然，我們非常關注 '24。因此，我認為我們將透過這些季度看到的是這一點的證明，我認為這些數字真正支持我們的多年道路，這非常好，也是我們多年的未來。

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 hate to like retread. Ground has been trod on already. But -- so Elena, you mentioned Tek down mid-single digits. That was in the plan from day 1, down mid singles in 1Q. I'm just curious why things wouldn't get better in the second half of the year just given the comps? And therefore, my question really is, in second quarter, is Tek down sort of high singles, maybe a bit worse than that, some PT down maybe mid-singles? Just thinking about how we should think about the way this comes through the year?

所以我討厭重讀。地面已經被踩過。但是，埃琳娜，你提到 Tek 的數字是個位數。這從第一天開始就在計劃中，在第一季的中單打中下降。我只是好奇為什麼下半年狀況不會好轉？因此，我的問題實際上是，在第二季度，Tek 是否在高單打中下降，也許比這更糟糕，一些 PT 可能在中單打中下降？只是想想我們該如何思考這一年的度過方式？

Yes. That's right, Nigel. And as we said in our prepared remarks that we expected PT to be down mid-single digit for the quarter. That would include Tek to be down slightly more than that. So in -- probably in that mid- to high single-digit range for Tek in Q2.

是的。沒錯，奈傑爾。正如我們在準備好的發言中所說，我們預計本季 PT 將下降中個位數。這將包括泰克的跌幅略高於此。因此，泰克在第二季的業績可能處於中高個位數範圍內。

Okay.

好的。

So then I would say, Nigel, that your point around inflecting getting a little bit better, that's the book to bill that we talked about. That continues to do good. Keithley is a good leading indicator. The PMIs are a good leading indicator. Our sales funnels are a good leading indicator. And so we'll step through a little bit better performance as we get through the second half.

那麼我想說，奈傑爾，你關於變形變得更好一點的觀點，就是我們討論過的要計費的書。這繼續帶來好處。吉時利是一個很好的領先指標。 PMI 是一個很好的領先指標。我們的銷售漏斗是一個很好的領先指標。因此，當我們進入下半場時，我們將取得更好的表現。

I think the other thing to consider, right, is that Tek did continue to grow revenues throughout all of last year.

我認為另一件需要考慮的事情是，泰克去年全年的收入確實持續成長。

Right. Okay. That's clear. And then the pricing of PT, I think, was about 1 change, 1% or so for the year -- for the quarter. It's been a bit of a decel versus the run rate. Is there a risk that, that could go negative or flatten out completely, given the weakness in volumes?

正確的。好的。很清楚。然後，我認為 PT 的定價大約有 1 次變化，全年（季度）變化約 1%。與運行速度相比，這有點減速。鑑於成交量疲軟，是否存在可能出現負值或完全持平的風險？

Nigel, this is Chuck. I wouldn't expect that to be the case. I think there's a little bit of timing here. But as we move through the year, we expect that probably in PT, we had, I think, 1% to 2% and gradually going up as we move through the quarters.

奈傑爾，這是查克。我沒想到會是這樣。我認為這裡有一點時機。但隨著今年的進展，我們預計在 PT 中，我認為我們的成長率可能會達到 1% 到 2%，並且隨著季度的進展逐漸上升。

And Nigel, just to add, price/cost is in a good place. So when you look at the margin expansion that we did in PT in the first quarter and the anticipated margin expansion through the year, we'd probably get a little bit less price when the top line is like that. It's not unnatural to maybe not maybe give a little bit up. But the price/cost stance is really good. So we're in a good position to be able to do that and still grow margins.

奈傑爾補充一下，價格/成本處於一個很好的位置。因此，當你看看我們第一季在 PT 的利潤率擴張以及全年預期的利潤率擴張時，當收入達到這樣的水平時，我們可能會得到稍微低一點的價格。也許不放棄一點並不是不自然的。但價格/成本立場確實很好。因此，我們處於有利位置，能夠做到這一點，並且仍然可以增加利潤。

That's great. And sorry, a quick one on EA. The 1Q seasonality for kind of the full year, is this a business that typically has a weak 1Q and then a back half loading in the plan?

那太棒了。抱歉，簡單介紹一下 EA。第一季的季節性相當於全年，這是否是一家通常第一季疲軟，然後計劃中的後半負荷的業務？

Yes. It's -- we're new to it. So we've got some multiyear history, but you have the numbers, you don't always have the history. It's certainly a business that has historically been back end weighted, that's for sure. So that private companies sometimes don't necessarily push everything until -- make sure the end of the year. So that's not unusual. And we'll get the cadence here improved every quarter as we work through the integration.

是的。這是——我們是新手。所以我們有一些多年的歷史，但你有數字，你並不總是擁有歷史。這肯定是一個歷史上一直以後端為重的業務，這是肯定的。因此，私人公司有時不一定會推動一切，直到——確保年底。所以這並不罕見。當我們進行整合時，我們每季都會提高節奏。

Your next question is from the line of Joe O'Dea with 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 60% of revenue you talked about growing through the industrial slowdown and the PMI, I think primarily related to Fluke. But drill the question really around the ability to grow through PMI slowing. And to what degree you attribute that to outgrowing end markets or other factors that were at play for Fluke to post more kind of stable trends through some of those headwinds?

我想從您談到的透過工業放緩和 PMI 成長的 60% 收入開始，我認為主要與福祿克有關。但這個問題其實是圍繞著 PMI 放緩實現成長的能力展開的。您在多大程度上將其歸因於終端市場的成長過快或其他因素對福祿克在這些逆風中發布更穩定趨勢的影響？

Well, I definitely think we're outperforming the market. And I think Fluke's done a great job. When you look at a number of things, obviously, an outstanding global franchise presence in every -- pretty much every country of the world. Team does a great job on the innovation front. We had 4 new product launches just in the first quarter alone. Our eMaint business is doing really well. So our Fluke reliability growth -- eMaint was up 17% in the quarter.

嗯，我絕對認為我們的表現優於市場。我認為福祿克做得很好。當你看很多事情時，顯然，世界上幾乎每個國家都有出色的全球特許經營權。團隊在創新方面做得很好。光是第一季我們就推出了 4 款新產品。我們的 eMaint 業務做得非常好。因此，我們的福祿克可靠性成長 - eMaint 在本季成長了 17%。

So just as we look over the last several quarters, our ability to outgrow PMI has really been the long-term work we've done to make the business more durable. And that really is an end market story. Our solar and EV product lines grew over 30%. So it's really been redirecting -- we talked about in one of the prepared slides about our lean portfolio management or our product development process and how we're really designating those R&D investments towards more secular drivers.

因此，正如我們回顧過去幾季一樣，我們超越 PMI 的成長能力實際上是我們為使業務更加持久而所做的長期工作。這確實是一個終端市場的故事。我們的太陽能和電動車產品線成長了 30% 以上。所以它確實是在重定向——我們在一張準備好的幻燈片中討論了我們的精益投資組合管理或我們的產品開發流程，以及我們如何真正將這些研發投資指定為更長期的驅動因素。

Fluke is certainly a good example of that in terms of what they've been trying to do over the last few years and the 2 bolt-on deals that they did in the fall, which really has supported and helped around those same secular drivers. So I think we're in a really good position in the business because we've been intentional about the innovation investments. We've been intentional about our commercial investments, and that's playing out.

福祿克無疑是一個很好的例子，因為他們在過去幾年中一直在努力做的事情以及他們在秋季所做的兩筆補充交易確實為這些世俗驅動因素提供了支持和幫助。因此，我認為我們在業務中處於非常有利的位置，因為我們一直有意識地進行創新投資。我們一直有意識地進行商業投資，而這一點正在發揮作用。

And certainly, share is always a tough thing because most of their competitors are our regional companies in various countries. So we don't have great numbers on market share. But as we look with our -- as you know, a good chunk of that business is with channels. And our channel partners are certainly excited about our partnership and what we can do together. That's usually a good sign of how we're performing.

當然，分享始終是一件艱難的事情，因為他們的大多數競爭對手都是我們在各國的區域公司。所以我們的市佔率並不大。但正如您所知，正如我們所見，該業務的很大一部分與管道有關。我們的通路夥伴當然對我們的合作夥伴關係以及我們可以共同做的事情感到興奮。這通常是我們表現如何的好跡象。

And then I also wanted to ask on ASP. I think consumables in North America was up 7% in the fourth quarter, just looking for what you saw in the first quarter and as you're sort of on the other side of the transition through go-to-market, how that's coming together to drive some of the consumables demand?

然後我也想問ASP。我認為北美的消費品在第四季度增長了 7%，只是看看你在第一季看到的情況，因為你正處於進入市場轉型的另一邊，這是如何結合在一起的來帶動一些消耗品的需求？

Yes. For ASP, specifically, in Q1, I think we were up 11% in Q1, just pretty much right where we expected to be here. Now as we move through the year because that transition happened over the year, that's going to moderate some of that. But right on track and delivering the growth we expected and please see, as well as, importantly, the margin expansion.

是的。具體來說，對於 ASP，在第一季度，我認為我們在第一季度成長了 11%，與我們預期的水平非常接近。現在，隨著我們度過這一年，因為這一轉變發生在這一年中，這將緩解其中的一些情況。但一切都在正軌上，並實現了我們預期的成長，請看到，以及重要的是，利潤率的擴張。

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

您的下一個問題來自 Joe Giordano 和 TD Cowen。

On Fluke, obviously, that business has been remarkably resilient. Is that business, like you mentioned solar, is there a risk on -- an election risk there if policy changes shift? Or is that just -- could that just be offset by more positive trends within data center electrification, things like that? How would you kind of handicap that into an election if the administration changes?

顯然，福祿克的業務一直非常有彈性。就像您提到的太陽能產業一樣，如果政策發生變化，是否存在選舉風險？或者這可以被數據中心電氣化等更積極的趨勢所抵消？如果政府發生變化，你會如何阻礙選舉？

Well, I think number one is we're more tied to the maintenance of those than we are to the construction of them. So in many respects, it's what's out there today. And so that's number one. Number 2 is, I think when you look around the world, certainly take a global view of solar, too, and you have a very good global opportunity. I would say the same thing about electrification.

嗯，我認為第一是我們對這些設施的維護比對它們的建造更感興趣。所以從很多方面來說，這就是今天的情況。所以這是第一。第二點是，我認為當你環顧世界時，當然也要對太陽能採取全球視野，你有一個非常好的全球機會。關於電氣化，我也會說同樣的話。

So -- and it's really more of the maintenance of those systems than the construction of those statements -- those situations. So much more tied to the maintenance -- the field maintenance of all of that. So I would say we feel very good about the opportunity. And I think, if you think longer term over the next few years, you'd probably bet on those things continue to be pretty good. So yes, I think we're much more tied to the -- I think the bottom line is we're much more tied to the maintenance of those -- the field maintenance of all of that.

因此，這些情況實際上更多的是對這些系統的維護，而不是建構這些語句。更多的是與維護相關——所有這些的現場維護。所以我想說我們對這個機會感覺非常好。我認為，如果你從長遠來看未來幾年，你可能會押注這些事情會繼續很好。所以，是的，我認為我們更關注——我認為底線是我們更關注這些的維護——所有這些的現場維護。

Okay. And then just curious, with the numbers on EA lowering the top line a little bit, is that business still like 40-plus EBITDA margins at the lower revenue rate?

好的。然後我很好奇，隨著 EA 的數據略微降低了營收，該業務在較低的收入率下是否仍能獲得 40 多的 EBITDA 利潤率？

Yes. Yes. It came out very strong. And actually, it's also why we're seeing that margin expansion at PT. That's part of the story.

是的。是的。結果非常強勁。事實上，這也是我們看到 PT 利潤率擴張的原因。這是故事的一部分。

Today's final question will come from the line of Andrew Buscaglia with BNP Paribas.

今天的最後一個問題將來自法國巴黎銀行的安德魯·布斯卡利亞 (Andrew Buscaglia)。

So you talked to -- gave some good color around PT getting through the rest of the year, your margins really -- your margin guidance really implies quite a step-up in the back half. What are some other contributors, specifically within AHS, that might help that? And then specifically in IOS, your incrementals have been outstanding. But what's like a normalized incremental as we get through 2024?

因此，您對 PT 在今年剩餘時間的利潤率進行了一些良好的描述，您的利潤率指導確實意味著下半年的相當大的進步。還有哪些貢獻者（特別是 AHS 內部的貢獻者）可能對此有所幫助？然後，特別是在 IOS 中，您的增量非常出色。但到 2024 年，標準化增量會怎麼樣呢？

Andrew, I think the -- a couple of things to think about. We generally think about incrementals at around 40% in the base case. So that's probably a good place to start. When you're talking about the step up as we move through the year, we've got the top line with 48% of the revenue in the first half and 52% in the second half. So there's always this upward trajectory in terms of seasonality from the first half to second half, and that drives through more volume. And that's the biggest key to expanding the margins.

安德魯，我認為有幾件事需要考慮。在基本情況下，我們通常會考慮 40% 左右的增量。所以這可能是個很好的起點。當你談論我們在這一年中的進步時，我們的收入佔上半年收入的 48%，下半年佔收入的 52%。因此，從上半年到下半年，季節性總是呈現上升趨勢，從而推動了更多的交易量。這是擴大利潤率的最大關鍵。

When you look year-over-year, the 100 basis points that we saw in Q1, it steps up through the year because of volume and normal seasonality. We guided to 75 basis points for the year, and I think -- or more with the productivity initiatives. Health is off to a great start with 200 basis points. So we've got a lot of things going the right way, but it's really the volume falling through those in.

當你對比去年同期來看時，我們在第一季看到的 100 個基點，由於交易量和正常的季節性，這一數字在全年中一直在上升。我們今年的指導目標是 75 個基點，我認為——或者更多的是生產力計劃。健康狀況良好，上漲 200 個基點。所以我們有很多事情都在以正確的方式進行，但實際上是數量下降了。

Okay. And staying with -- just touching on AHS. The distributor transition is definitely helping you guys. Can you talk a little bit more about that business as we progress through the year? I think -- yes -- I think with the way that your incrementals have been strong there. Can you talk a little bit more about how that continues there -- as sustainability there?

好的。並繼續 - 只是觸及 AHS。經銷商轉型絕對對你們有幫助。隨著我們這一年的進展，您能多談談這項業務嗎？我認為——是的——我認為你們的增量在那裡很強大。能多談談那裡的可持續性嗎？

Yes. We've got that for health care. Keep in mind, it's early in the year, but 125 basis points for the year. But in Q1, you're seeing the full benefit show up with the dealer transition here in Q1. If you remember Q4 last year, it also saw the full benefit. And as we move through the year, there's going to be a little bit of stuff that we're getting into tougher margin expansion, but we expect to be over the $125 million margin expansion for the year at AHS. Very pleased with another strong quarter of really strong margin expansion and growth here, and we expect to continue that through the quarter or through the years.

是的。我們有這個用於醫療保健。請記住，現在還處於今年年初，但今年已經上漲了 125 個基點。但在第一季度，您會看到隨著經銷商在第一季的轉型，所有的好處都會顯現出來。如果你還記得去年第四季，它也看到了全部的好處。隨著今年的進展，我們將在一些方面進行更嚴格的利潤擴張，但我們預計 AHS 今年的利潤擴張將超過 1.25 億美元。我們對又一個強勁的季度利潤率擴張和成長感到非常高興，我們希望在整個季度或數年內繼續保持這種勢頭。

This concludes the question-and-answer session. I will now turn the call back over to Jim Lico for closing remarks.

問答環節到此結束。現在我將把電話轉回給吉姆·利科（Jim Lico）做總結發言。

Well, thanks, everybody, for the opportunity to spend some time today. We -- hopefully, you hear from us, feel really good about the first quarter. We feel really good about the full year. Obviously, some puts and takes relative to everything. But the guide holds, and it is raised. And so we feel, operationally, we're executing very well. From a margin expansion from an EPS perspective, free cash flow, we're executing really well. We love the fact that the trajectory on Health now after several quarters is in such a good position. And we've got a number of opportunities here that are really playing out, we're excited about. So hopefully that comes through. We look forward to the follow-up calls. I know our team will be available, and we'll see you on the road here shortly. Thanks, everyone.

好的，謝謝大家，給我今天花點時間的機會。希望您聽到我們的消息後，我們對第一季感覺非常好。我們對全年的感覺非常好。顯然，一些放和取與一切有關。但指南成立，並且它被提出。因此，我們認為，在營運方面，我們執行得非常好。從每股盈餘和自由現金流的角度來看，利潤率擴張，我們的執行情況非常好。我們喜歡這樣一個事實：幾個季度後，健康業務的軌跡現在處於如此良好的位置。我們在這裡擁有許多真正發揮作用的機會，我們對此感到興奮。所以希望這能成功。我們期待後續電話。我知道我們的團隊隨時待命，很快我們就會在路上見到您。感謝大家。

This concludes Fortive Corporation's First Quarter 2024 Earnings Results Conference Call. Thank you for joining. You may now disconnect.

Fortive 公司 2024 年第一季財報電話會議至此結束。感謝您的加入。您現在可以斷開連線。