Fortive Corp (FTV) 2024 Q3 法說會逐字稿

My name is Brock, and I will be your conference facilitator this afternoon. At this time, I would like to welcome everyone to Fortive Corporation's Third Quarter 2024 Earnings Results Conference Call.

我叫布洛克，我將擔任今天下午的會議主持人。現在，我歡迎大家參加 Fortive Corporation 2024 年第三季財報電話會議。

(Operator Instructions)

（操作員說明）

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

我現在想將電話轉給投資者關係副總裁埃琳娜·羅斯曼女士。羅斯曼女士，您可以開始了。

Thank you, Brock, 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 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.

謝謝布洛克，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 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, and quarterly report on Form 10-Q for the quarter ended September 27, 2024. These forward-looking statements speak only as of the date that they are made, and we do not assume an obligation to update any forward-looking statements. With that, I'd like to turn the call over to Jim.

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，包括截至2023 年12 月31 日的年度10-K 表格年度報告，以及截至2024 年9 月27 日的季度10-Q 表格季度報告。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. Our third quarter results showcase strong execution across our businesses, allowing us to deliver earnings and free cash flow at the high end of our guidance with 14% adjusted EPS and 12% free cash flow growth on 3% revenue growth. Our profitable growth reflects our dedication to building a high-quality portfolio, innovating with new products, delivering more value to customers and our dedication to the Fortive Business System and culture of continuous improvement.

謝謝，埃琳娜。大家好，感謝您加入我們。我將從幻燈片 3 開始。我們第三季的業績展示了我們各業務的強勁執行力，使我們能夠在指導的高端實現盈利和自由現金流，調整後每股收益增長14%，自由現金流增長12%，收入增長3% 。我們的獲利成長反映了我們致力於建立高品質的產品組合、透過新產品進行創新、為客戶提供更多價值，以及我們對 Fortive 業務系統和持續改進文化的奉獻。

Our leadership positions across durable growth markets are reflected in upside performance in Advanced Healthcare Solutions and continued growth in Intelligent Operating Solutions. We're pleased with the positive momentum and double-digit orders growth at Precision Technologies. Our updated outlook continues our track record of compounding earnings and free cash flow growth by double digits in 2024 while maintaining a balanced perspective on our end markets as stabilizing demand trends drive sequential improvement as we move through the remainder of the year.

我們在持久成長市場中的領導地位反映在高階醫療保健解決方案的上產業績和智慧營運解決方案的持續成長。我們對 Precision Technologies 的積極動能和兩位數的訂單成長感到高興。我們更新後的展望延續了我們在2024 年複合收益和自由現金流增長兩位數的記錄，同時對我們的終端市場保持平衡的看法，因為穩定的需求趨勢將推動我們在今年剩餘時間內實現連續改善。

Looking forward to 2025, we are poised to accelerate our strategy and ensure consistent value creation as we progress toward the spin-off of the Precision Technologies segment. The separation remains on track, and as previously disclosed, we accelerated the pace of share repurchases in the third quarter, reflecting our commitment to value-enhancing capital deployment.

展望 2025 年，我們準備加速我們的策略，並確保在精密技術部門分拆的過程中持續創造價值。分離仍在進行中，正如先前所揭露的，我們在第三季加快了股票回購的步伐，反映了我們對提升價值的資本部署的承諾。

So with that, let's take a closer look at our third quarter and year-to-date results on Slide 4 and give you some color on what we're seeing in our businesses. Strong operational execution contributed to record third quarter adjusted gross and operating margins with 60% incrementals in the third quarter on 1% core growth. These results extend our strong year-to-date operating performance with adjusted EPS up 11% and free cash flow up 13%.

因此，讓我們仔細看看幻燈片 4 上的第三季和年初至今的業績，並為您提供一些關於我們在業務中看到的情況的資訊。強勁的營運執行力推動第三季調整後毛利率和營業利潤創歷史新高，第三季核心成長 1%，增量達 60%。這些業績延續了我們今年迄今強勁的經營業績，調整後每股收益成長 11%，自由現金流成長 13%。

Turning to what we are seeing across our businesses in the quarter. Our software businesses once again posted high single-digit ARR growth. Hardware orders returned to growth, up high single digit with strong contributions from Fluke and Tektronix. While we continue to leverage FBS to mature our supply chain and increase production capacity to support accelerated demand at Qualitrol and PacSci, we shifted approximately $15 million in shipments out of the quarter. We also saw customers delay spending, including select Gordian state and local customers navigating budget and macro uncertainty. Lastly, consistent with our intent to deploy the majority of our free cash flow to share repurchases between now and the completion of the spin, we bought back approximately 4 million shares in the quarter, bringing the year-to-date total to approximately 6 million.

談談我們本季各業務的情況。我們的軟體業務再次實現了高個位數的 ARR 成長。硬體訂單恢復成長，在福祿克和泰克的強勁貢獻下實現了高個位數成長。雖然我們繼續利用 FBS 來成熟我們的供應鏈並提高產能以支持 Qualitrol 和 PacSci 的加速需求，但我們在本季度轉移了約 1500 萬美元的出貨量。我們也看到客戶推遲支出，包括部分戈爾迪州和當地客戶因預算和宏觀不確定性而推遲支出。最後，根據我們從現在到分拆完成期間將大部分自由現金流用於股票回購的意圖，我們在本季度回購了約 400 萬股股票，使年初至今的股票總數達到約 600 萬股。

Turning to Slide 5, I will provide more detail on our segment performance and expectations for the remainder of the year, starting with IOS and AHS. On a combined basis, revenues grew 4% with adjusted operating margins up 130 basis points to over 30%, representing another quarter of consistent mid-single-digit growth and robust margin expansion. Moving to the right. Intelligent Operating Solutions expanded adjusted operating margins 50 basis points on 3% revenue growth, approximately 2% core. Acquisitions and FX were both favorable.

轉向幻燈片 5，我將從 IOS 和 AHS 開始，提供有關我們的細分市場業績和今年剩餘時間預期的更多詳細資訊。綜合來看，營收成長了 4%，調整後的營業利潤率成長了 130 個基點，達到 30% 以上，代表著又一個季度持續實現中個位數成長和強勁的利潤率擴張。向右移動。智慧營運解決方案將調整後的營運利潤率擴大了 50 個基點，營收成長 3%，核心營收成長約 2%。收購和外匯都有利。

Additional highlights include: booked revenue was up low single digits in the quarter, driven by new product innovations and continued success of recent bolt-on acquisitions, partially offset by customer shipment delays. Leveraging FBS innovation tools, Fluke launched five major new products in September, a record month for NPIs, extending their leadership position in solar and energy storage tools. Orders at Fluke were up high single digit with improving trends in most regions.

其他亮點包括：在新產品創新和近期補強收購持續成功的推動下，本季預訂收入增長了低個位數，但部分被客戶發貨延遲所抵消。利用 FBS 創新工具，福祿克在 9 月推出了五款主要新產品，這對 NPI 來說是創紀錄的一個月，擴大了在太陽能和儲能工具領域的領導地位。福祿克的訂單出現高個位數成長，大多數地區的趨勢有所改善。

Segment ARR growth was high single digit, driven by mid-teens growth in eMaint as well as traction on upsell and cross-sell revenues in FAW, driving an acceleration in SaaS growth and meaningful improvements in net dollar retention.

受 eMaint 十幾歲左右的增長以及一汽追加銷售和交叉銷售收入的推動，該部門的 ARR 增長達到了高個位數，推動了 SaaS 增長的加速和淨美元保留率的顯著改善。

For example, the Accruent and RedEye product integration teams are accelerating customer transitions to our cloud-based engineering document management solution. FAW is also seeing good traction on the recently launched Gordian Cloud Platform, driving new logo velocity in K-12 and higher ed growth markets. For the full year, we expect IOS to deliver mid- to single-digit core growth with approximately 100 basis points of adjusted operating margin expansion.

例如，Accruent 和 RedEye 產品整合團隊正在加速客戶過渡到我們基於雲端的工程文件管理解決方案。一汽也看到了最近推出的 Gordian 雲端平台的良好吸引力，推動了 K-12 和高等教育成長市場的新標誌速度。就全年而言，我們預計 IOS 將實現中位數至個位數的核心成長，調整後的營業利潤率將擴大約 100 個基點。

Advanced Healthcare Solutions expanded adjusted operating margins by over 300 basis points on 8% revenue growth or 9% core, partially offset by unfavorable FX. Key growth drivers include double-digit consumables growth as expected. We had upside from strong capital and equipment sales at ASP and Fluke Health with share gains in select markets, and almost 20% SaaS growth driven by Provation.

Advanced Healthcare Solutions 將調整後營業利潤率擴大了 300 個基點，營收成長 8%，核心營收成長 9%，部分被不利的匯率所抵銷。主要成長動力包括預期的兩位數消耗品成長。我們受益於 ASP 和 Fluke Health 強勁的資本和設備銷售、特定市場的份額成長以及 Provation 推動的近 20% 的 SaaS 成長。

We also had several examples of how our increased innovation velocity is contributing to core growth with a pipeline of new products, including ASP's release of their new ULTRA GI Cycle designed to reprocess duodenoscopes using hydrogen peroxide gas plasma sterilization, which significantly improves the safety of patients and technicians as well as the environment. ULTRA GI Cycle was developed in partnership with PennTex Medical and will be ramping sales in Q4.

我們也舉了幾個例子，說明我們加快的創新速度如何透過一系列新產品促進核心成長，其中包括ASP 發布的新型ULTRA GI Cycle，旨在使用過氧化氫氣體等離子體滅菌對十二指腸鏡進行再處理，從而顯著提高患者的安全和技術人員以及環境。ULTRA GI Cycle 是與 PennTex Medical 合作開發的，並將在第四季度提高銷售量。

ASP is also expanding the launch of its steam monitoring biological indicator, making it now available in over 30 countries. Looking ahead, Provation just launched the next phase of Apex Insights, their proprietary data analytics tool that features real-time data visualization to drive informed decision-making and boost provider productivity. Based on the strength of their year-to-date execution, we now expect AHS to grow mid- to high single digit and expand margins by over 200 basis points for the full year.

ASP 也擴大了其蒸汽監測生物指示器的推出範圍，目前已在 30 多個國家推出。展望未來，Provation 剛剛推出了下一階段的 Apex Insights，這是他們專有的數據分析工具，具有即時數據視覺化功能，可推動明智的決策並提高提供者的生產力。基於今年迄今的執行力度，我們現在預計 AHS 將全年實現中高個位數成長，利潤率將擴大 200 個基點以上。

Turning to the Precision Technologies on Slide 6. Revenue was flat in the quarter with a core decline of almost 4%. Acquisitions net of divestitures contributed over 3 points to grow. Adjusted operating margins were up 70 basis points year-over-year to 26.4% with lower core volumes more than offset by productivity benefits and accretive M&A. Core revenues at Tektronix were down high single digit, slightly better than expected. However, orders were up high single digit after several quarters of decline.

轉向幻燈片 6 上的精密技術。本季營收持平，核心下降近 4%。扣除資產剝離後的收購貢獻了超過 3 個百分點的成長。調整後的營業利潤率年增 70 個基點，達到 26.4%，核心銷售的下降被生產力的提升和併購的增加所抵銷。泰克的核心收入下降了高個位數，略好於預期。然而，在經歷了幾個季度的下降之後，訂單量出現了高個位數的成長。

Recovery is being led by investments supporting AI applications, particularly from customers like NVIDIA and TSMC. Tektronix is also using FBS innovation tools to expand its addressable market, adding complementary performance solutions to their best-in-class electronic test and measurement suite serving their fastest-growing markets.

支援人工智慧應用的投資引領復甦，尤其是來自 NVIDIA 和台積電等客戶的投資。泰克還使用 FBS 創新工具來擴展其潛在市場，為其一流的電子測試和測量套件添加補充性能解決方案，服務於成長最快的市場。

Next month in electronica, Tek will launch a first-of-its-kind oscilloscope probing technology to enable next-generation power applications. And EA will release an industry-first triple channel bidirectional power supply, supporting new markets with higher test capacity, density and efficiency.

在下個月的電子展上，泰克將推出首創的示波器探測技術，以支援下一代電源應用。EA 將發佈業界首款三通道雙向電源，以更高的測試容量、密度和效率支援新市場。

We had double-digit growth in Qualitrol and PacSci EMC despite some shipment delays I previously mentioned. Customers are continuing to ramp grid capacity to support the demands for electricity and new sources of energy. And rising defense spending globally and advanced systems development drove another quarter of robust demand at PacSci. Overall, Sensing Technologies revenues declined low single digit. However, we had good orders growth as demand in certain industrial markets stabilize.

儘管我之前提到過一些發貨延遲，但我們在 Qualitrol 和 PacSci EMC 方面實現了兩位數的增長。客戶正在繼續提高電網容量，以滿足電力和新能源的需求。全球不斷增長的國防支出和先進系統的開發推動了 PacSci 又一個季度的強勁需求。整體而言，感測技術公司的收入下降了低個位數。然而，隨著某些工業市場的需求穩定，我們的訂單成長良好。

As a reminder, we expect PT revenue to be down low single digits on a core basis for the full year with adjusted operating margins approximately flat.

提醒一下，我們預計 PT 全年核心收入將降低個位數，調整後的營業利潤率大致持平。

Moving to the right-hand side of the slide, you can see the Precision Technologies orders and revenue trends since 2020, which historically were highly correlated. This chart reflects the divergence we have experienced the last three years as orders outpaced revenues post pandemic.

前往投影片的右側，您可以看到自 2020 年以來 Precision Technologies 的訂單和收入趨勢，它們在歷史上是高度相關的。這張圖表反映了我們在過去三年中經歷的差異，因為疫情後訂單超過了收入。

With bookings at record levels, we began to burn through excess backlog in late 2022 as order rates declined. Since then, revenue has been normalizing to orders and stabilizing demand trends overall are driving a return of orders growth in Q3 and Q4 2024, positioning PT for a gradual recovery in the year ahead.

隨著預訂量達到創紀錄水平，隨著訂單率下降，我們在 2022 年底開始消耗多餘的積壓訂單。此後，訂單收入逐漸正常化，整體需求趨勢趨於穩定，推動 2024 年第三季和第四季訂單成長恢復，為 PT 未來一年的逐步復甦做好準備。

Moving to Slide 7 and a look at the regions. We saw continued strength in select end markets and stabilizing market conditions broadly, driving an improvement in order rates as shown in our major regions. For example at Fluke, September POS was positive in all regions as daily run rates in the US and China have been trending upwards all year and rates in Europe started to stabilize.

轉到投影片 7，看看這些區域。我們看到部分終端市場持續走強，市場狀況整體穩定，推動了主要地區訂單率的改善。例如，在福祿克，9 月 POS 在所有地區都表現良好，因為美國和中國的每日運行率全年呈上升趨勢，而歐洲的運作率開始穩定。

Regional revenue growth in the quarter continues to be driven by our recurring software, services, and consumables businesses in North America as well as double-digit growth in PacSci.

本季的區域營收成長持續受到我們在北美的經常性軟體、服務和消耗品業務以及 PacSci 兩位數成長的推動。

We saw sequential improvement in Western Europe, partially driven by easier industrial comps and strong growth at ASP as sales investments in new products in select markets drove share gains. Growth in Asia continues to be impacted by weak demand in China. POS remains stable as customers and partners hold out investment decisions and inventory replenishment.

我們看到西歐的環比改善，部分原因是工業比較更容易，以及由於特定市場對新產品的銷售投資推動了份額增長，平均售價強勁增長。亞洲的成長持續受到中國需求疲軟的影響。由於客戶和合作夥伴堅持投資決策和庫存補充，POS 保持穩定。

The rest of Asia accelerated to high single-digit growth in the quarter, driven by recovery in semiconductor investments benefiting PT, and India continued to benefit from double-digit growth in IOS and Healthcare. With that, I'll turn it over to Chuck to talk through our updated fourth quarter and full year guidance.

受惠於 PT 的半導體投資復甦的推動，亞洲其他地區本季加速實現高個位數成長，印度繼續受益於 IOS 和醫療保健領域的兩位數成長。接下來，我將把它交給查克來討論我們更新的第四季度和全年指導。

Thanks, Jim, and hello, everyone. Turning to our Q4 and full year outlook on Slide 8. For the fourth quarter, we anticipate consistent performance to Q3 and year-to-date with revenue growth of approximately 3%, 1% core at the midpoint. This includes strong recurring revenue growth at IOS and Healthcare, and the expectation that continued customer and macro uncertainties will shift recovery in select markets to 2025.

謝謝吉姆，大家好。轉向幻燈片 8 上的第四季和全年展望。對於第四季度，我們預計第三季和年初至今的業績將保持一致，營收成長約為 3%，中間核心營收成長 1%。這包括 IOS 和醫療保健領域的強勁經常性收入成長，以及持續的客戶和宏觀不確定性將使特定市場的復甦推遲到 2025 年的預期。

Adjusted operating profit is expected to increase 6%, driving approximately 75 basis points of margin expansion and adjusted diluted EPS guidance is expected to be in the range of $1.11 to $1.14 with free cash flow of approximately $425 million.

調整後的營業利潤預計將成長 6%，帶動利潤率擴張約 75 個基點，調整後的攤薄每股收益指引預計將在 1.11 美元至 1.14 美元之間，自由現金流約為 4.25 億美元。

For the full year, growth is expected to be approximately 3%, 1% core. Adjusted operating profit margins are expected to be up approximately 100 basis points year-over-year with roughly 60% incremental margins, reflecting the quality of our portfolio and the proactive restructuring we did coming into the year. Further, we plan to fund additional productivity initiatives in the range of $20 million to $30 million in the fourth quarter, benefiting 2025 and beyond.

全年成長預計約 3%，核心成長 1%。調整後的營業利潤率預計將年增約 100 個基點，增量利潤率約為 60%，反映了我們投資組合的品質以及我們在今年進行的積極重組。此外，我們計劃在第四季度為額外的生產力計劃提供 2,000 萬至 3,000 萬美元的資金，使 2025 年及以後受益。

We are raising the full year adjusted diluted EPS range to $3.84 to $3.87, up 12% to 13% year-over-year. This, coupled with our free cash flow of approximately $1.4 billion, continues our track record of compounding earnings and free cash flow every year, which are up 14% and 17%, respectively, over the last five years. And now I'll turn it back over to Jim.

我們將全年調整後稀釋每股盈餘範圍提高至 3.84 美元至 3.87 美元，年增 12% 至 13%。再加上我們約 14 億美元的自由現金流，延續了我們每年複合收益和自由現金流的記錄，在過去五年中分別增長了 14% 和 17%。現在我將把它轉回給吉姆。

Thanks, Chuck. I'll resume on Slide 9. While it's too early to provide formal guidance for 2025, we are encouraged by stabilizing trends we are seeing in our markets. We expect continued momentum in our recurring revenue businesses, which will contribute to higher core growth next year. As discussed, the orders growth we are seeing in Precision Technologies is supportive of a gradual recovery through the year, recognizing the potential for ongoing geopolitical and macro uncertainties.

謝謝，查克。我將繼續看投影片 9。雖然現在提供 2025 年的正式指導還為時過早，但我們看到市場趨勢趨於穩定，這讓我們深受鼓舞。我們預計我們的經常性收入業務將繼續保持成長勢頭，這將有助於明年實現更高的核心成長。正如所討論的，我們在精密技術公司看到的訂單成長支持了全年的逐步復甦，並認識到持續的地緣政治和宏觀不確定性的潛力。

The durability of the portfolio and the power of FBS will continue to drive results, with increasing contributions from our innovation efforts, including the many exciting new product launches I highlighted on today's call. Further, with improved core growth, continued strong operational execution and the benefits of the productivity initiatives Chuck referenced, we are poised for another year of strong incremental margins.

產品組合的耐用性和 FBS 的強大功能將繼續推動業績的成長，我們的創新努力將做出越來越多的貢獻，包括我在今天的電話會議上強調的許多令人興奮的新產品發布。此外，隨著核心成長的改善、持續強勁的營運執行以及查克提到的生產力計劃的好處，我們準備好迎接另一個強勁增量利潤的一年。

Lastly, as we announced in September, we intend to deploy approximately 75% of our free cash flow generated between now and the separation to share repurchases, providing a further tailwind to EPS growth in 2025, partially offset by the potential for tax rate increases across the world, providing a headwind to our overall effective tax rate for next year.

最後，正如我們在9 月宣布的那樣，我們打算將從現在到分拆之間產生的自由現金流的約75% 用於股票回購，從而為2025 年每股收益增長提供進一步的推動力，但部分被整個行業稅率上漲的潛力所抵消。

I'll wrap up now on Slide 10. We remain committed to delivering for shareholders, and our third quarter performance once again underscores our relentless focus and execution to drive resolve. As Chuck referenced, our consistent execution has resulted in differentiated double-digit adjusted earnings and free cash flow compounding over the last five years, demonstrating our ability to profitably evolve our portfolio to deliver in any environment. We are progressing well towards the actions we announced in September to accelerate our strategy and shareholder value creation.

現在我將在投影片 10 上進行總結。我們仍然致力於為股東提供服務，我們第三季的業績再次凸顯了我們不懈的專注和執行力，以推動決心。正如查克所提到的，我們一貫的執行力在過去五年中實現了差異化的兩位數調整後收益和自由現金流複合，這證明了我們有能力在任何環境下以盈利的方式發展我們的投資組合。我們在 9 月宣布的加速策略和股東價值創造的行動方面進展順利。

Olumide, Tammy, and I have had the opportunity to meet with many of you over the past couple of months. We are seeing strong conviction in the compelling investment profiles of Fortive and PT NewCo, both of which are strategically well positioned for growth in 2025. I'm happy to share that the ramp-up work to execute the spin transaction is in place, and all functional teams and deliverables are on track to plan.

在過去的幾個月裡，奧魯米德、塔米和我有機會見到了你們中的許多人。我們對 Fortive 和 PT NewCo 引人注目的投資概況抱有強烈信心，這兩家公司在策略上都處於有利地位，並有望在 2025 年實現成長。我很高興地告訴大家，執行旋轉交易的準備工作已經到位，所有職能團隊和可交付成果都按計劃進行。

Our team's dedication to innovating for customers and creating exciting growth opportunities for our businesses underscores the collective ingenuity of our team members and the power of our culture and shared purpose, accelerating progress for customers, shareholders, and each other.

我們的團隊致力於為客戶創新並為我們的業務創造令人興奮的成長機會，這突顯了我們團隊成員的集體智慧以及我們文化和共同目標的力量，加速了客戶、股東和彼此的進步。

As a result, the best is truly yet to come. I could not be more excited for the future as both companies are well positioned to deliver enhanced value for all our stakeholders. With that, I'll turn it to Elena.

因此，最好的時刻尚未到來。我對未來感到非常興奮，因為兩家公司都處於有利位置，可以為所有利害關係人提供更高的價值。有了這個，我會把它交給艾琳娜。

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

謝謝，吉姆。我們的正式評論到此結束。布洛克，我們現在準備好提問了。

(Operator Instructions)

（操作員說明）

Nigel Coe of Wolfe Research.

沃爾夫研究中心的奈傑爾·科。

Obviously, you haven't got to be a math genius to figure out what the 4Q buildup is by segment. Just want to make sure that we're thinking about the moving pieces the right way. So 5% AHS, down maybe 2% PT, up maybe 2% IOS. Is that in the right ballpark, Chuck?

顯然，你不必是數學天才也能算出第四季各細分市場的成長。只是想確保我們以正確的方式考慮移動的部分。因此，AHS 為 5%，PT 可能下降 2%，IOS 可能上升 2%。查克，那是在正確的範圍嗎？

So you're saying for the fourth quarter, Nigel, on core growth?

奈傑爾，你是說第四季的核心成長？

Yes, for the fourth quarter, exactly, yes. you got that right, yes.

是的，第四季度，確實如此。你沒看錯，是的。

Yes. I think you're in the mid- to high single digit for AHS. Your PT number is down low single digit, and IOS is up low single digits.

是的。我認為 AHS 處於中高個位數。您的 PT 號碼下降了低個位數，而 IOS 則上升了低個位數。

Okay, so maybe a bit more growth in AHS?

好的，那麼 AHS 的成長可能會更多嗎？

Yes.

是的。

That's great. Yes. And then just on AHS...

那太棒了。是的。然後就在 AHS 上...

No, go ahead. Go ahead.

不，繼續吧。前進。

No, no. I'm just going to just follow up on the AHS consumables. It seems that the kind of the strategy of going direct is starting to really come together there. So just wondering if you can maybe just expand on that direct sales channel kind of strategy. And are you seeing kind of the benefit of increased share with some of the customers? Any sort of impact on Provation cross-selling around that? I know that was part of it. And then just maybe just touch on some of the IV shortages we've seen related to the hurricane. Does that have any influence on North American consumables in the fourth quarter?

不，不。我只想跟進 AHS 消耗品。看起來，那種直接行動的策略已經開始真正在這裡發揮作用了。因此，我想知道您是否可以擴展直接銷售管道的策略。您是否看到了增加與某些客戶的份額所帶來的好處？這對 Provation 交叉銷售有什麼影響嗎？我知道那是其中的一部分。然後也許只是談談我們所看到的一些與颶風有關的靜脈注射短缺。這對第四季北美消費品有影響嗎？

Yes. Thanks, Nigel. So I would say a couple of things. We're broadly we're really pleased with the 9% core in the segment itself. As you said, ASP is really executing well. And obviously, the margin expansion in the segment also speaks to the execution. The North American transition has been really strong and we feel really good about it relative to customer intimacy.

是的。謝謝，奈傑爾。所以我想說幾件事。總的來說，我們對該細分市場本身的 9% 核心感到非常滿意。正如您所說，ASP 確實執行得很好。顯然，該領域的利潤率擴張也說明了執行力。北美的轉型非常強勁，我們對客戶的親密感感覺非常好。

I think at this point, I would say it's helping us more on the capital side. We have several good capital wins. I would say one of the nice things we saw in the quarter was also mid-single-digit capital growth at ASP as well. So I think when you look at the go-to-market, it's not only influencing the ability to sort of get the consumable ramp rate, but it's also helping us on the capital side, probably not yet as much on the Provation side.

我認為在這一點上，我想說這在資本方面對我們有更多幫助。我們取得了一些良好的資本勝利。我想說的是，我們在本季看到的一件好事是平均售價也實現了中個位數的資本成長。因此，我認為，當你考慮進入市場時，它不僅會影響獲得消耗品爬坡率的能力，而且還會在資本方面幫助我們，但在Provation方面可能還沒有那麼大。

Provation had a very good quarter. Their SaaS growth was really strong. A number of good conversions and they've continued to execute. Their growth will has really continued to get better through the year. They do have that license software headwind in this quarter, which dissipates so we'll see improved growth as well in Provation in the fourth quarter. So you obviously have the comp a little bit in the third quarter, so just to be clear, there is a little bit of tailwind from the cap last year at ASP because of the channel conversion but execution across the board.

Provation 的季度表現非常出色。他們的 SaaS 成長非常強勁。一些良好的轉換並且它們正在繼續執行。他們的成長在這一年確實持續改善。他們在本季度確實遇到了許可證軟體的逆風，但這種逆風已經消散，因此我們將在第四季度看到 Provation 的成長有所改善。因此，顯然第三季的業績有所改善，所以需要明確的是，由於通路轉換和全面執行，去年 ASP 的上限有一些推動作用。

Fluke Health was up high single digits. So just across the board, good execution. Relative to the IV bag situation, we've seen a little bit of headwind in October, a couple of million bucks probably. We'll continue to track that so we're certainly watching it. I think the benefit of the direct movement that we've got now is we know how consumables are going the next day. So we've got much better transparency as to what's going on with North American customers for sure.

福祿克健康 (Fluke Health) 股價上漲高個位數。所以，整體而言，執行力良好。相對於靜脈輸液袋的情況，我們在 10 月看到了一些逆風，可能會損失數百萬美元。我們將繼續跟踪這一情況，因此我們肯定會關注它。我認為我們現在直接移動的好處是我們知道第二天的消耗品的情況。因此，對於北美客戶的情況，我們確實有了更好的透明度。

So I think across the board, you'll see consistent execution. And I think now when you step back, I mean, health is the strong story that we were really talking about several years ago, and now you really see the benefits now quarter after quarter with our execution capability and just the great job the team is doing.

所以我認為從整體上看，你會看到一致的執行。我認為現在當你退後一步時，我的意思是，健康是我們幾年前真正談論的一個重要故事，現在你真的看到了我們的執行能力和團隊所做的出色工作所帶來的好處。

Maybe I just wanted to start with a sort of question around near-term dynamics within the IOS segment. So clearly, some slowdown there in the third quarter. It seems like you're expecting that to kind of hold the line with low single-digit growth still in Q4. Maybe just help us understand, in the current quarter, what we should expect for Fluke versus FAL in terms of organic growth rates? And was the softness in IOS something that happened late in Q3, how is that trending at present? Any color around that, please?

也許我只是想從一個有關 IOS 領域近期動態的問題開始。很明顯，第三季出現了一些放緩。您似乎預計第四季仍將保持低個位數成長。也許只是幫助我們了解，在本季度，我們應該對 Fluke 與 FAL 的有機成長率有何預期？IOS 的疲軟是否是第三季末發生的事情，目前趨勢如何？請問周圍有什麼顏色嗎？

Yes, sure. Thanks, Julian. A couple of things. One, as you said, low single-digit growth in the third and the fourth. But I think when you step back, really, a couple of things happened. One, as we progressed through the quarter, I think what we saw at Fluke was really two things. First of all, I think the good news at Fluke was the IG business actually grew low single digits in the quarter. So we actually saw, despite some of the PMIs and some of those things, we still saw the industrial business grow.

是的，當然。謝謝，朱利安。有幾件事。一，正如您所說，第三和第四季的低個位數成長。但我認為當你退後一步時，確實發生了一些事情。第一，隨著本季的進展，我認為我們在福祿克看到的實際上是兩件事。首先，我認為 Fluke 的好消息是 IG 業務在本季實際上實現了較低的個位數成長。因此，我們實際上看到，儘管有一些採購經理人指數和其他一些因素，我們仍然看到工業業務成長。

What we really saw was some hesitation on the part of calibration customers. I think that falls into the category of sort of government uncertainty since most of those customers fall into that case. So we saw some of that. And that's really the sort of impact, a little bit of that at Fluke.

我們真正看到的是校準客戶的一些猶豫。我認為這屬於政府不確定性的範疇，因為大多數客戶都屬於這種情況。所以我們看到了其中的一些。這確實是一種影響，福祿克也有一點這樣的影響。

And I think the second thing is we normally would see a better ramp rate through the quarter. And what we saw just from a lot of our channel partners was the sort of hesitance to take on major marketing programs. We had a tremendous new product launch lineup for the as we mentioned in the prepared remarks.

我認為第二件事是我們通常會在整個季度看到更好的斜坡率。我們從許多通路合作夥伴身上看到的是，他們對開展重大行銷計畫猶豫不決。正如我們在準備好的評論中提到的，我們有一個巨大的新產品發布陣容。

And we saw really, really strong product innovation and anticipated maybe a little bit of a better take rate on those programs. And we've assumed that, that's just going to continue for the remaining part of the year, that maybe some of the macro uncertainty is going to maybe a lower growth industrial environment might cause our channel partners to be a little bit more hesitant on those programs.

我們看到了非常非常強大的產品創新，並預計這些計劃的採用率可能會更高一些。我們假設，這種情況將在今年剩餘時間內持續下去，也許一些宏觀不確定性可能會導致工業環境成長放緩，從而導致我們的通路合作夥伴在這些方面更加猶豫。

So a little bit of that, that's how we'll continue to think about it as well as the government customers thinking about maybe they won't take everything from a perspective, that we've got the orders on. As we mentioned, Fluke had high single-digit order growth in the quarter. So we feel good about where the order rate is. Point-of-sale got better through the quarter. And I think on a global basis, we had point-of-sale growth throughout the world. So in that sense, I think you're seeing just a little bit of hesitation on the inventory side and a little bit of hesitation on the programming side.

所以，這就是我們將繼續思考的方式，以及政府客戶的思考，也許他們不會從我們已經收到訂單的角度來看待一切。正如我們所提到的，福祿克本季的訂單成長率很高。所以我們對訂單率感到滿意。本季銷售點情況有所改善。我認為在全球範圍內，我們的銷售點在全球範圍內都有成長。因此，從這個意義上說，我認為您在庫存方面看到了一點猶豫，在編程方面也看到了一點猶豫。

In FAL, we had a lot of good but it really was going in some jurisdictions and states just decided to not spend as much money on the job side. Our SaaS growth was double digits at Gordian. So we saw good software growth but the take rate on some of the procurement really reflected, I think, some of the government uncertainty that might be out there. And we've sort of assumed that, that continues a little bit for the remaining part of the year.

在 FAL 中，我們有很多好處，但它確實在某些司法管轄區進行，而各州只是決定不在工作方面花那麼多錢。Gordian 的 SaaS 成長達到兩位數。因此，我們看到了良好的軟體成長，但我認為，某些採購的接受率確實反映了政府可能存在的一些不確定性。我們假設這種情況在今年剩餘時間內會持續一段時間。

We had teens bookings growth at Accruent. We saw good growth in service channels. So we think as we lead into the year, we're going to sunset some of those really, really difficult comps at Gordian as we move into '25. And the take rate, some of the things that we've got going on the bookings side at Accruent service channel sort of really a good setup for '25.

Accruent 的青少年預訂量有所增長。服務管道成長良好。因此，我們認為，隨著今年的到來，當我們進入 25 年時，我們將在 Gordian 中取消一些非常非常困難的比賽。就拿率而言，我們在 Accruent 服務管道的預訂方面所做的一些事情對於 25 來說確實是一個很好的設定。

That's helpful. And then just looking at Slide 9 for a second on the sort of 2025 initial thoughts. So sort of looking at it all together, is the view that kind of all three segments should see organic growth next year, should have strong incremental margins again helped by the proactive restructuring occurring in the current quarter? And then sort of below the line, any sort of clarity you could provide as of now on the sort of tax rate? This year is 11%. Kind of what are the ranges of where that tax rate could end up next year? And anything you wanted to flesh out on the operating margin expansion degree.

這很有幫助。然後看一下投影片 9，了解 2025 年的初步想法。因此，綜合來看，是否認為所有三個細分市場明年都應該實現有機增長，是否應該在本季度發生的主動重組的幫助下再次獲得強勁的增量利潤？然後，您現在可以就稅率的類型提供任何明確的說明嗎？今年是11%。明年稅率最終可能會達到什麼範圍？以及任何您想要充實營業利潤率擴張程度的內容。

So Nigel, I'll take a couple of those. Margin expansion and core growth, we would expect organic growth in all three segments next year at this point. We're a long way from giving a guide. But with when we have mid-single-digit growth, 75 basis points margin expansion is probably what you should look for going there. But with regards to the tax rate, it will go up from where we're at right now, calling it at 11%, probably towards, I'd say at this point, somewhere 13% to 15%, but we've got to get a little bit closer.

奈傑爾，我要拿幾個。利潤率擴張和核心成長，我們預計明年所有三個細分市場都會實現有機成長。我們距離提供指導還有很長的路要走。但當我們實現中等個位數成長時，您應該尋求 75 個基點的利潤率擴張。但就稅率而言，它將從我們現在的水平上調，稱為 11%，可能會達到，我現在想說的 13% 到 15%，但我們已經靠近一點。

And then maybe on the just on the revenue side and what we're seeing, I think really, I think when you look at maybe taking with IOS and Health, as I mentioned, the IOS setup relative to bookings and software is a good place for FAL. We think we continue to see we'll certainly see growth in IOS, and I think that will FAL will bring that up as we get into the year. Health will continue to be good, as we mentioned, probably in the mid-single-digit range. So we should see that growth there.

然後也許就收入方面以及我們所看到的情況而言，我認為真的，我認為當您考慮 IOS 和健康時，正如我提到的，與預訂和軟體相關的 IOS 設定是一個好地方對於FAL 。我們認為我們肯定會看到 IOS 的成長，並且我認為 FAL 會在進入今年時提出這一點。正如我們所提到的，健康狀況將繼續良好，可能在中等個位數範圍內。所以我們應該看到那裡的成長。

And then on the PT side, I think it's a gradual recovery. Still too soon to tell, Julian. But at the end of the day, I think what we've seen in terms of PT for the third quarter, double-digit orders growth. It was 8% at Tek, so good orders growth in the quarter. We would anticipate we'll continue to see good orders growth. That should give us growth that gives us good confidence in growth in PT for next year.

然後在 PT 方面，我認為這是一個逐步的復甦。朱利安，現在下結論還太早。但歸根結底，我認為我們在第三季的 PT 方面看到了兩位數的訂單成長。Tek 的成長率為 8%，因此該季度的訂單成長良好。我們預計我們將繼續看到良好的訂單成長。這應該會給我們帶來成長，讓我們對明年 PT 的成長充滿信心。

But how that plays out, as I said in the prepared remarks, probably a gradual recovery as we move through the year. I'm not sure the world completely shifts on January 1. So I think we'll see a gradual recovery but a good path, as Chuck mentioned, to good earnings. And as you said, with the restructuring, the product restructuring that we've done as well as the normal productivity that we normally drive in the business, we should see good incrementals just like we have this year.

但正如我在準備好的發言中所說，隨著這一年的推移，情況可能會逐漸復甦。我不確定 1 月 1 日世界會完全改變。因此，我認為我們將看到逐步復甦，但正如查克所提到的那樣，這是一條通往良好盈利的良好道路。正如你所說，透過重組、我們所做的產品重組以及我們通常在業務中推動的正常生產力，我們應該會看到像今年一樣的良好增量。

The next question comes from Scott Davis of Melius Research. Okay, we'll move on to the next question. Joe Giordano of TD Cowen.

下一個問題來自 Melius Research 的 Scott Davis。好的，我們繼續下一個問題。TD Cowen 的喬喬達諾。

Can we start on EA? You tempered expectations there last quarter. Obviously, the headlines across those markets aren't great right now, even if the business itself is well positioned within them. Like what's the risk of like a lack of a recovery in the future? How should we temper like what we think over the foreseeable future for recovery of the top line in that business?

我們可以從 EA 開始嗎？上個季度您降低了預期。顯然，即使該業務本身在這些市場中處於有利地位，但目前這些市場的頭條新聞並不好。未來缺乏復甦的風險是什麼？在可預見的未來，我們應該如何調整我們的想法，以恢復該業務的營收？

Yes, we had I think we did about $26 million or so in the quarter. We think it will look similarly that so I don't we don't have a big expectation of a big uptick here in the remaining part of the year. We've got some backlog that will shift as well. So I think at the end of the day, Joe, we're really thinking. We're seeing good the synergy work that we talked about last quarter in terms of the small order business continues to do well.

是的，我認為我們在本季的銷售額約為 2600 萬美元。我們認為它看起來會類似，所以我不認為我們對今年剩餘時間的大幅上漲沒有太大期望。我們還有一些積壓的訂單也會轉移。所以我認為歸根結底，喬，我們真的在思考。我們看到我們上季度談到的小訂單業務方面的協同工作繼續表現良好。

We actually had a large order from a utility. So the movement into different verticals away from just mobility, I think we're starting to play out. We had a 7-digit order from a large utility in the quarter. So we feel good about a number of the synergy things we're doing. But as you point out, the end markets relative to EV and mobility are certainly going to be slow. That's been tempered in our that sort of tempered our enthusiasm around any near-term recovery.

我們實際上從一家公用事業公司收到了一份大訂單。因此，我認為我們已經開始從移動性轉向不同的垂直領域。本季我們收到了一家大型公用事業公司的 7 位數訂單。因此，我們對我們正在做的一些協同工作感到滿意。但正如您所指出的，與電動車和移動出行相關的終端市場肯定會緩慢發展。這在某種程度上削弱了我們對任何近期復甦的熱情。

We would anticipate that really, I think, consistent with others sometime in the back half of next year and into '26. So that's sort of in our work. Some of our proactive restructuring is to sort of get after some of that. And we feel like a lot of the synergy work we're doing well and we're executing well. And so that with the return of the market starts to bring that business back. But it will start to recover through the year, but certainly, I think the big parts of the market, which is probably specific to your question, really, we see as an end of '25, '26 kind of time frame at this point.

我認為，我們預計這確實與明年下半年到 26 年的其他人一致。這就是我們的工作。我們的一些主動重組就是為了解決其中的一些問題。我們感覺很多協同工作都做得很好並且執行得很好。因此，隨著市場的回歸，該業務開始恢復。但它會在今年開始復甦，但當然，我認為市場的大部分，這可能是針對你的問題的，實際上，我們認為此時 25、26 種時間框架的結束。

Yes, fair enough. And I think you answered my follow-ups kind of in the slides potentially, but I'll ask them anyway. So Fluke was weaker in the quarter but orders seemed okay. Like I guess most industrial markets are doing way worse than Fluke. So are you seeing any risk of Fluke just lagging those declines? Or do you just feel like that business is order suggests that, that business continues to grow from here?

是的，很公平。我認為您可能在幻燈片中回答了我的後續問題，但無論如何我都會問他們。因此，福祿克在本季表現較弱，但訂單似乎還不錯。就像我猜想大多數工業市場的表現都比福祿克差很多。那麼，您認為福祿克有落後於這些下降的風險嗎？或者您只是覺得業務是訂單表明業務從這裡繼續成長？

And then similarly on Tek, orders are inflecting positive. You had that chart in the slides of that gap. Like does that if orders stay on this trend, does that flip to revenue positive like what, like mid-next year, 1Q, '25? Like how should we think about that?

與 Tek 類似，訂單也出現正面變化。您在那間隙的幻燈片中就有了該圖表。如果訂單維持這種趨勢，收入是否會像明年中期、25 年第一季一樣轉為正數？例如我們該如何思考這個問題？

Yes. I think we got two very different stories. I think number one, on the Fluke side, as you mentioned, a much more durable company than maybe what people were accustomed to. As I said, in some of the large order business where there's a little bit more capital involved on the calibration side, we did see that's really the headwind that we saw relative to the second half and the description that we had in the prepared remarks.

是的。我認為我們有兩個截然不同的故事。我認為第一，正如您所提到的，福祿克方面是一家比人們習慣的公司更耐用的公司。正如我所說，在一些大訂單業務中，校準方面涉及更多的資本，我們確實看到，相對於下半年以及我們在準備好的評論中的描述，這確實是我們看到的逆風。

But orders were better, as you said. Point-of-sale starting to inflect. I would anticipate we'll continue to see growth and that's what we think, but the probably more low single-digit growth at Fluke here in the near term. But really good execution. Our Fluke Networks business is growing high single digit as an example, based on some of the data center build-out. So we've got some pieces that are doing well. And as I said, the industrial business continues to perform at low single digits, which I mean when you think of this environment of the PMI being down for 20 months, the fact that our orders are up 13 of 15 quarters, I think just speaks to the durability of Fluke.

但正如你所說，訂單更好。銷售點開始改變。我預計我們將繼續看到成長，這就是我們的想法，但福祿克近期的個位數成長可能會更低。但執行力確實不錯。例如，基於一些資料中心的擴建，我們的福祿克網路業務正在實現高個位數成長。所以我們有一些表現不錯的作品。正如我所說，工業業務繼續以低個位數表現，我的意思是，當你想到PMI 連續20 個月下降的環境時，事實上我們的訂單在15 個季度中有13 個季度增長，我認為這只是說明問題福祿克的耐用性。

It's moving off its mid-single-digit growth trajectory. But obviously, that will come back as some of the as the PMI and some of the industrial production stuff starts to turn a little bit. Relative to Tek, as you said, orders inflecting, that's a good sign. That's what we've been saying for a couple of quarters now is that we thought the second half would inflect the growth. Some of that is comps. So we'll and generally, that's a three-to-six-month kind of time horizon so we'd start to see some of the impact of that order growth probably in the late first quarter, maybe early second quarter at this point.

它正在擺脫中個位數的成長軌跡。但顯然，隨著 PMI 和一些工業生產數據開始出現一些變化，這種情況將會回來。正如您所說，相對於 Tek，訂單發生變化，這是一個好兆頭。這就是我們幾個季度以來一直在說的，我們認為下半年將影響成長。其中一些是比較。因此，一般而言，這是一個三到六個月的時間範圍，因此我們可能會在第一季末或第二季初開始看到訂單成長的一些影響。

So we'll see how the second half we'll see how the fourth quarter plays out. But I think that's how we would see it as we stand today. We've got to get through budgets. We'll see how we finish this year, and we'll see how some of these uncertainties play out that obviously are out there on a global basis.

所以我們將看看下半場如何，我們將看到第四節的表現如何。但我認為這就是我們今天的看法。我們必須完成預算。我們將看看今年如何結束，我們將看看其中一些顯然在全球範圍內存在的不確定性如何發揮作用。

Jeffrey Sprague of Vertical Research Partners.

垂直研究合作夥伴的傑弗裡·斯普拉格。

Jeffrey Sprague Vertical Research Partners

傑弗裡·斯普拉格垂直研究合作夥伴

Just a quick first first on share repurchase. Maybe you kind of presented the broad strokes here. But looks like you could have done more, right, on your cash balances and what you're expecting here through year-end. Are you dealing with stranded cash in this, what, roughly $800 million or so I see on the balance sheet? And just give us a little bit more color on what we should expect going forward.

首先快速介紹一下股票回購。也許你在這裡介紹了大致的思路。但看起來你本可以在你的現金餘額和你對年底的預期方面做得更多，對吧。我在資產負債表上看到大約 8 億美元左右，你們是否正在處理擱淺的現金？並讓我們對未來的預期有更多的了解。

Jeff, no, it's not a stranded cash issue at all. What we did is we looked at the third quarter and we did share repurchases that equated to 75% of our projected free cash flow. Now it came in a little bit stronger and that's why it's a little bit less. What we'd look to do we'll catch that up in this fourth quarter and then probably and then also look to deploy 75% against our expected free cash flow plus the catch-up. Does that make sense?

傑夫，不，這根本不是現金擱淺問題。我們所做的是查看第三季度，我們進行了相當於我們預期自由現金流 75% 的股票回購。現在它變得更強了一點，這就是為什麼它有點少了。我們希望在第四季度趕上這一點，然後可能會考慮根據我們的預期自由現金流加上追趕的資金來部署 75%。這樣有道理嗎？

Yes, absolutely. And then Jim, just thinking about moving towards spin. You made a comment, I think, about sort of standing up the teams. But maybe elaborate on where we're at with naming rest of the management board, that sort of thing? And is it are we still on track for the plan as announced? Or now that it's kind of out there and you've sort of advertised your intentions, there's some additional chatter about other possible outcomes.

是的，絕對是。然後吉姆正在考慮轉向旋轉。我想，你發表了關於讓團隊站起來的評論。但也許可以透過命名管理委員會的其他成員來詳細說明我們所處的位置，諸如此類的事情？我們是否仍在按照宣布的計劃進行？或者現在它已經存在，並且您已經宣傳了您的意圖，因此會有一些關於其他可能結果的額外討論。

Well, I think number one is a little bit more from the prepared remarks. Yes, the ramp-up work, as I mentioned, is going well. I mean, we've got all the teams staffed relative to the work that needs to be done. We're heavy into recruiting. We're starting to secure folks. It was only six or seven weeks ago but we've made really good progress in a short period of time. Chuck and I did a review with the team on Monday and feel really good about kind of where a number of our steps are at.

嗯，我認為第一點是來自準備好的評論。是的，正如我所提到的，啟動工作進展順利。我的意思是，我們已經為所有團隊配備了與需要完成的工作相關的人員。我們正在大力招募。我們開始保護人員安全。雖然才六、七週前，但我們在短時間內取得了巨大的進展。查克和我周一與團隊一起進行了審查，對我們的一些步驟的進展感到非常滿意。

So we would still say we're on track for that fourth quarter of '25 time frame. There's a number of big events that will occur over the next 60 days. And as we see how that plays out, that will determine if things could happen quicker or anything like that. So I feel like we're in a very good place right now, given we only announced a few not even two months ago, and we'll see where we're at in a few months. But there's a number of big items that really have to happen, the Form 10 and some of those kinds of things. So yes, we feel good about where we're at.

因此，我們仍然會說我們在 25 年第四季的時間範圍內處於正軌。未來 60 天內將發生許多重大事件。當我們看到事情如何發展時，這將決定事情是否會發生得更快或類似的事情。所以我覺得我們現在處於一個非常好的位置，因為我們在兩個月前才宣布了一些，幾個月後我們就會看到我們的情況。但有許多重大項目確實必須發生，例如 Form 10 等等。所以，是的，我們對自己所處的位置感覺很好。

I think your questions relative to inbound offers and anything like that, I think what we said is we said at the time was we would receive inbound indications of interest for portions of our portfolio. We get that on a regular basis, even any time. And so just as we said at the time of announcement, we would expect to see some things, and of course, we would evaluate any inbounds against available alternatives. So we'll do that. But like any other M&A, we wouldn't comment on anything specifically, but we did we were out there saying that we would listen to things so that's where we continue to stand.

我認為你的問題與入境報價以及類似的問題有關，我認為我們當時所說的是我們將收到對我們部分投資組合感興趣的入境指示。我們定期甚至隨時都會收到此訊息。因此，正如我們在宣佈時所說的那樣，我們預計會看到一些事情，當然，我們會根據可用的替代方案評估任何入境情況。所以我們會這麼做。但與任何其他併購一樣，我們不會具體評論任何事情，但我們確實表示我們會聽取意見，所以這就是我們繼續堅持的立場。

All right. And then just a quick data point. Chuck, can you tell us what price was in the quarter and what you're expecting for Q4?

好的。然後只是一個快速的數據點。Chuck，您能告訴我們本季的價格是多少以及您對第四季的預期嗎？

3% across the company and we do expect the same level in Q4.

全公司的成長率為 3%，我們預計第四季將達到相同水準。

And Jeff, I think one of the good things in the quarter that we didn't say in the prepared remarks is that we actually saw volume improve from the second quarter to the third quarter. So it was nice to see. It's still negative volume but the volume is getting better. So I think that just speaks to a little bit of the recovery we talked about relative to orders, and now we're seeing a little bit of the natural demand play out in a few places.

傑夫，我認為本季我們在準備好的發言中沒有說的一件好事是，我們實際上看到第二季到第三季的銷量有所改善。所以很高興看到。仍然是負成交量，但成交量正在好轉。因此，我認為這只是我們談到的相對於訂單的復甦的一點點，現在我們看到一些地方出現了一些自然需求。

Scott Davis of Melius Research.

Melius Research 的 Scott戴維斯。

I guess we got to disconnect somehow with modern phone systems we don't know how to use. But this may end up being a stupid question, but as your mix sales mix shift in Tek changes more towards the guys like NVIDIA, does that are their needs different? Are they different as a customer for you guys in what they need, how they need it, what they want to pay for it? Just any color on those would be helpful.

我想我們必須以某種方式斷開與我們不知道如何使用的現代電話系統的連接。但這可能最終會成為一個愚蠢的問題，但隨著 Tek 的銷售組合轉向更多地轉向 NVIDIA 等公司，他們的需求是否有所不同？作為你們的客戶，他們的需求、需求方式以及願意支付的費用是否有所不同？任何顏色都會有幫助。

No, I would say in the short answer is they're buying the best technology. And in our case, they're buying some of the high-end solutions that we've developed over time for those specific applications. And so we were very competitive in those kinds of solutions because they're really tailored to some of the things that the NVIDIAs and TSMCs need for these high-performance data centers and that kind of thing. So no, there's no margin headwind at all in those solutions.

不，我想說的簡短答案是他們正在購買最好的技術。就我們而言，他們購買的是我們長期以來為這些特定應用程式開發的一些高端解決方案。因此，我們在此類解決方案中非常有競爭力，因為它們確實是針對 NVIDIA 和台積電這些高效能資料中心等所需的一些東西量身定制的。所以不，這些解決方案根本不存在利潤逆風。

I was hoping you'd say tailwind but anyways, helpful. Just to drill down a little bit on this customer delay spending thing. Do you sense that some of this is I mean, there's been macro uncertainty for a while now. So is some of this related to the election and perhaps some uncertainty about policy and tariffs and things like that? And maybe we get a little bit of color on that. We'll have visibility on that in a week or 2. But is there is it more related to that? It just feels like we've had macro uncertainty. You guys have probably commented on that for five of the last six quarters or so.

我希望你會說順風，但無論如何，很有幫助。只是為了深入了解客戶延遲支出的情況。你是否感覺到其中一些是我的意思是，宏觀不確定性已經存在了一段時間了。那麼，這是否與選舉有關，以及政策和關稅等方面的一些不確定性？也許我們對此有所了解。我們將在一兩週內看到這一點。但還有與此更相關的嗎？感覺就像我們遇到了宏觀不確定性。你們可能在過去六個季度左右的五個季度對此發表了評論。

Yes, I would say it's a couple of things. And I think, yes, I think the quick answer is yes. When you think about the calibration business or you think about Gordian, they're selling into government entities. And certainly, at the state and local level, there was I think there was more uncertainty as we got closer to the election. A couple of specific jurisdictions, I think we could directly tie to that like New York City as an example, where there's obviously been some issues there. So definitely, some of this is that and that's an acceleration for maybe what we saw several over the last few quarters.

是的，我想說有幾件事。我認為，是的，我認為快速的答案是肯定的。當您想到校準業務或 Gordian 時，您會發現他們正在向政府實體出售產品。當然，在州和地方層面，我認為隨著選舉的臨近，不確定性越來越大。我認為我們可以直接聯繫幾個特定的司法管轄區，例如紐約市，那裡顯然存在一些問題。所以肯定的是，其中一些是這樣的，這可能是我們在過去幾季看到的一些加速。

As you said, there has been some macro uncertainty for relative to PMI and things like that, but a little bit more. And I think the other part of it is just the reluctance for inventory has just continued. And I think we thought with some of the promotional activity and marketing programming that we had going, we anticipated a little bit better take rate than we anticipated. And I think that just maybe speaks to maybe our customers' lower growth environment expectations and now that sort of manifests itself with us.

正如您所說，相對於 PMI 等因素存在一些宏觀不確定性，但更多。我認為另一部分是庫存的不情願仍在繼續。我認為我們認為，透過我們正在進行的一些促銷活動和行銷計劃，我們預期的採用率會比我們預期的要好一些。我認為這也許說明了我們的客戶對成長環境的較低期望，現在這種情況在我們身上得到了體現。

Andrew Kaplowitz Citigroup Inc.

安德魯‧卡普洛維茲 花旗集團公司

Just thinking a little bit more about Fortive by geography. You gave us orders this time by region. You just talked to Scott about North America. But mid-teens growth in Europe, maybe that seemed pretty strong and then Asia up slightly. I think your Q3 orders were against easier comps. But any more color on the regions? And then China continues to look tough for several of your peers at least in terms of revenue. It was down high single digits for you. So what are you seeing in?

只是從地理角度多思考一下 Fortive。這次您按地區給我們下了訂單。你剛剛和斯科特談論了北美。但歐洲的成長可能在十幾歲左右，看起來相當強勁，然後亞洲略有成長。我認為你的第三季訂單是針對更簡單的比較。但是這些區域還有更多顏色嗎？然後，至少在收入方面，中國對一些同行來說仍然顯得很艱難。對你來說，它下降了高個位數。那你看到了什麼？

Yes. Maybe first backdrop is the comment I made just in general, which is the Fluke point-of-sale on a global basis growing for September is maybe just a little bit of a backdrop of color that gives us some sense of the world.

是的。也許第一個背景是我一般性地發表的評論，即 9 月份全球範圍內福祿克銷售點的增長可能只是一點點顏色背景，讓我們對世界有一些感覺。

As you said, we gave you orders. There is there's some easier comps in some of those places. Asia ex China, Andy, would have been actually up almost double digits. So the Asia order situation is really a China situation. And as you said, we were down high single digits in revenue.

正如你所說，我們給了你命令。其中一些地方有一些更簡單的比較。安迪，除中國以外的亞洲地區，實際上會上漲近兩位數。所以亞洲秩序的情況其實就是中國的情況。正如您所說，我們的收入下降了高個位數。

But I think some of the Health was flattish on the revenue side. So we think in China as an example where it was flattish. That's probably pretty good performance relative to maybe some of the challenges that some of the other health care folks have talked about relative to China. And that really has to do probably with our consumables revenue there. We are seeing the reluctance in China for health care around tenders and things like that.

但我認為一些健康部門的收入方面表現平平。所以我們認為以中國為例，它的表現是平淡的。相對於其他一些醫療保健人士所談論的與中國相關的挑戰，這可能是相當不錯的表現。這確實可能與我們在那裡的消耗品收入有關。我們看到中國在醫療保健方面不願意招標等事情。

More broadly, I think North America will hold up the best, simply because of we've got our most recurring revenue there. Consumables is there. Our software businesses are there. The PacSci business is there. So we would see orders holding up better in North America. And I think Europe is probably a comp issue along with real strength in health. So we said that in some of the prepared remarks and obviously in the presentation, but just to give you a little bit more color around what we're seeing around the world.

更廣泛地說，我認為北美將表現最好，因為我們在那裡獲得了最多的經常性收入。消耗品是有的。我們的軟體業務就在那裡。PacSci 業務就在那裡。因此，我們會看到北美的訂單狀況更好。我認為歐洲可能是一個競爭問題以及健康的真正實力。因此，我們在一些準備好的發言中以及顯然在演示中都說了這一點，但只是為了讓您對我們在世界各地看到的情況有更多的了解。

That's helpful, Jim. And then obviously, going back to AHS for a second, it's been a difficult few years for you up until the last year or so. But given '24's strength and your own self-help in the segment, could you see an extended runway here of higher growth in that mid- to high single-digit range? I know your long-term guide's mid-single digits. But maybe a little bit more accelerated growth and better margin performance out of that. What's the runway in AHS like?

這很有幫助，吉姆。顯然，回到 AHS，直到去年左右，這幾年對你來說都是艱難的幾年。但考慮到 '24 的實力和您自己在該領域的自助能力，您是否可以看到這裡有一個更長的跑道，可以在中高個位數範圍內實現更高的增長？我知道你的長期指導是中個位數。但也許會帶來更快的成長和更好的利潤表現。AHS 的跑道是什麼樣的？

Yes. I think we had a little bit of noise in the second and third quarter of last year, given the channel transition. But I think if you take a three year view now, we've got solid mid-single-digit growth in the segment and solid margin expansion in the segment. So first of all, I think now that we've gone through the noise, I think everybody now can see, it's a little bit of the now see the benefits of the strength of the strategy and how things are playing out.

是的。我認為，考慮到通路轉型，去年第二季和第三季我們遇到了一些噪音。但我認為，如果你現在看三年，我們在該領域已經實現了穩定的中個位數成長，而該領域的利潤率也實現了穩健的擴張。首先，我認為現在我們已經經歷了噪音，我想每個人現在都可以看到，現在看到了該策略的力量所帶來的好處以及事情的進展。

I would caution everyone around getting to high single-digit. I think we really believe that long-term view is high is mid-single and feel good about that. But that will come with continued improvements in margin expansion for sure. We'll continue and I think one of the good stories that we haven't talked about yet on the call is the new product introduction we talked about in the prepared remarks.

我會提醒大家不要達到高個位數。我認為我們確實相信長期觀點是中單，並且對此感覺良好。但這肯定會伴隨著利潤率擴張的持續改善而實現。我們將繼續，我認為我們在電話會議中尚未討論的好故事之一是我們在準備好的發言中討論的新產品介紹。

We now are seeing we've gotten the commercial flywheel going in ASP. The last move of that, the high-growth markets were growing really well in ASP for a few years. We've got North America in shape last year.

現在我們看到商業飛輪已經在 ASP 中投入使用。最後一步是，高成長市場的平均售價在幾年內成長得非常好。去年我們已經在北美地區做好準備了。

The team has done a great job, really, I think, using the tools of FBS to drive continued consistency on the commercial front. And now you see the innovation front, right? We've got new innovation coming. We've expanded the use of the biological indicators in the 30 countries. So now we're getting the innovation flywheel started. We feel really good about that. Our Provation launch is really our new AI the start of some AI launches that you'll see at Provation.

我認為，該團隊確實做得非常出色，利用 FBS 的工具來推動商業方面的持續一致性。現在你看到了創新前沿，對嗎？我們即將迎來新的創新。我們已在 30 個國家擴大了生物指標的使用。現在我們正在啟動創新飛輪。我們對此感覺非常好。我們的 Provation 發布實際上是我們新的人工智慧，您將在 Provation 中看到的一些人工智慧發布的開始。

So we really I think we set us up well, but let's see how the market continues to play out. And I think mid-single is a good place to be for Health for now, with maybe a little bit better margin expansion than elsewhere. But I know as you see in the quarter, with Health margins now, when you look at the quarter, Health margins as strong as they were at 27%. Those are benchmarkable margins for our Healthcare business, and we feel really good about it.

所以我真的認為我們已經做好了準備，但讓我們看看市場如何繼續發揮作用。我認為中單目前對於健康來說是一個好地方，可能比其他地方有更好的利潤成長。但我知道，正如您在本季度看到的那樣，現在的健康利潤率，當您查看本季時，健康利潤率高達 27%。這些是我們醫療保健業務的基準利潤率，我們對此感覺非常好。

Andrew Obin of Bank of America.

美國銀行的安德魯‧奧賓。

Just to hop on Jeff's question. Can you hear me?

只是為了回答傑夫的問題。你聽得到我嗎？

Yes we can, Andrew.

是的，我們可以，安德魯。

Okay, excellent. Just to follow up on Jeff's question, you had 2.9% price this quarter. Seems to be quite a bit better than peer pricing of 1% to 2% that we're hearing from other industrial companies. Can you just talk about just overall pricing environment? I know you talked about fourth quarter, but anything structural? Have you sort of rethought your pricing strategy? And how much of this momentum in terms of outperformance is sustainable into '25?

好的，非常好。只是為了跟進 Jeff 的問題，本季您的價格為 2.9%。似乎比我們從其他工業公司聽到的 1% 到 2% 的同行定價要好得多。能簡單談談整體定價環境嗎？我知道你談到了第四季度，但有什麼結構性的嗎？您是否重新考慮過您的定價策略？這種優異表現的勢頭有多少能夠持續到 25 年？

Well, as you know, Andrew well because you know us well, we've had good we've always, I think, been above peers relative to our price. And I think that speaks to why our gross margins are so high and why, quite frankly, our R&D expenses may be a little bit higher than others is because we get paid for the innovation that's in the marketplace. And so I would expect us to continue to be above peers.

嗯，正如你所知，安德魯，因為你很了解我們，我們一直都很好，我認為，相對於我們的價格，我們一直高於同行。我認為這說明了為什麼我們的毛利率如此之高，而且坦白說，為什麼我們的研發費用可能比其他人高一點，因為我們從市場上的創新中獲得報酬。因此，我希望我們能夠繼續領先同行。

We always reconsider those things as we think about as we look at share positions and as we think about opportunities for growth, and we'll always do that. But I think it's really the basis of our innovation. And we certainly had, as I said before, some really strong innovation in a number of places. So we think the environment remains good for innovators, and I think that we fall into that category.

當我們考慮股票部位和成長機會時，我們總是會重新考慮這些事情，而且我們將永遠這樣做。但我認為這確實是我們創新的基礎。正如我之前所說，我們確實在許多地方進行了一些非常強大的創新。因此，我們認為環境仍有利於創新者，我認為我們屬於這一類。

Okay. And just a little bit more color on high single-digit core order growth in Tektronix. Is this all green shoots in semiconductors? Just would love to get more color as to what are the other areas that have turned positive.

好的。泰克核心訂單的高個位數成長也為我們帶來了更多的色彩。這都是半導體領域的新芽嗎？只是希望獲得更多關於哪些其他領域已變得積極的信息。

Yes. I would certainly say part of it is comp. So what we said was the dollars are going up, which is good. So we look at it in two bases, obviously, the run rate, the growth rate as well as the total dollars and they're going up. So that's a good sign as you meant. We're starting to see some things that are coming out. We referenced some of those on the prepared remarks, where we're seeing people who are investing in data centers and investing in batteries and investing in next-generation electrification.

是的。我肯定會說其中一部分是補償。所以我們說美元正在上漲，這是好事。因此，我們從兩個基礎來看待它，顯然，運行率、成長率以及總美元都在上升。正如你所說，這是一個好兆頭。我們開始看到一些正在出現的事情。我們在準備好的演講中引用了其中的一些內容，我們看到人們正在投資資料中心、投資電池和投資下一代電氣化。

The new designs and the new innovation that our customers are trying to bring out, we're obviously helping them with those solutions. And so that's really where the green shoots are. They're in different parts of the world. As an example, we had a good quarter in Korea because we're starting to see some investments in Korea. We've seen some other parts of the world. China has still been a little tough, but we've absorbed that and still continue to be good in other parts of the world.

我們的客戶試圖推出新設計和新創新，我們顯然正在透過這些解決方案來幫助他們。這才是真正的萌芽。他們在世界的不同地方。舉個例子，我們在韓國的季度表現不錯，因為我們開始在韓國看到一些投資。我們已經看到了世界的其他一些地方。中國仍然有點強硬，但我們已經吸收了這一點，並且在世界其他地區仍然表現出色。

So it's really about the a lot of the parts of the strategy we've talked about electrification. Some of that is next-generation government and MilGov. Those are parts of the economy that still continue to be good. We see that in other places, and we started to see some of those things come back. Some of the order delays that we talked about in the second quarter, we got those orders in the third quarter.

所以這實際上與我們討論的電氣化策略的許多部分有關。其中一些是下一代政府和米爾政府。這些是經濟仍然持續良好的部分。我們在其他地方也看到了這一點，我們開始看到其中一些東西又回來了。我們在第二季談到的一些訂單延遲，我們在第三季收到了這些訂單。

So a number of things have just started to come in place. Still tough in the sort of basic base business of broadly defined semiconductor, broadly defined industrial. But as you said, we are seeing some of those green shoots have impact as we start to see the order rate turn.

因此，許多事情才剛開始落實。在廣義半導體和廣義工業的基礎業務中仍然很艱難。但正如您所說，隨著我們開始看到訂單率的轉變，我們看到其中一些萌芽產生了影響。

Jamie Cook of Truist.

Truist 的傑米庫克。

I guess two questions. I guess what sort of struck me about the quarter was the strength, I guess, in the PT margins, given that organic growth continues to sort of disappoint there. So is there anything that's going on there structurally, the price? Just trying to understand. I don't think we've ever had a margin that high except for maybe a fourth quarter.

我猜有兩個問題。我想這個季度讓我印象深刻的是 PT 利潤率的強勁，因為有機成長仍然令人失望。那麼，價格方面有什麼結構性的變化嗎？只是想了解一下。我認為除了第四季度之外，我們從未有過如此高的利潤率。

And then I guess just my second question on the framing to 2025, understanding the spin is going to happen at the end of 2025. And so maybe the question isn't as relevant, but I still think it speaks to the quality of the assets within the portfolio in SBS. Can you frame your how you think about the historical like sort of 4 0 EPS number that you guys put out there for 2025 and the different levers that you could pull to get to an EPS number close to that?

然後我想我的第二個問題是關於 2025 年框架的，理解旋轉將在 2025 年底發生。因此，也許這個問題並不那麼重要，但我仍然認為這說明了 SBS 投資組合中資產的品質。您能否闡述一下您對 2025 年每股收益 4 0 的歷史數字的看法，以及您可以採取哪些不同的手段來達到接近該數字的每股收益？

Jamie, this is Chuck. A couple of things on PT. One is we've got two things going in. We came into the year and we did some self-help at the end of last year, so some restructuring and that's helping across the whole company but also you're seeing that in PT. Also, the EA business is, while not in core, it's in total and those came in with really good margins. I think those are probably the two biggest drivers behind the operating margin expansion you're seeing.

傑米，這是查克。關於 PT 的一些事。一是我們有兩件事要做。我們進入了這一年，去年年底我們做了一些自助，因此進行了一些重組，這對整個公司都有幫助，但你也在 PT 中看到了這一點。此外，EA 業務雖然不是核心業務，但它是整體業務，而且這些業務的利潤率非常高。我認為這可能是您所看到的營業利潤率擴張背後的兩個最大驅動因素。

Yes, Jamie, I would say relative to the 4 50, we always said the 4 50 was the target and never would be a guide. Just I would reiterate that. And certainly, with revenue being our jumping-off point of revenue now being roughly a couple of hundred million dollars lower than we anticipated, we certainly would say that we'll have a good we have a pathway to good earnings and free cash flow growth for next year and feel good about that.

是的，傑米，我想說相對於 4 50，我們總是說 4 50 是目標，永遠不會成為指導。我只是想重申一下。當然，由於收入是我們的起點，現在的收入比我們的預期低約幾億美元，我們當然會說我們將擁有良好的收入和自由現金流增長的途徑明年並對此感覺良好。

But I think we're we don't want to get to a specific guide. I think the core components that we tried to outline until we get to February was IOS and AHS recurring revenue will continue to drive growth. As I mentioned, PT will have a more gradual growth path in the year, which should have growth. As you said, our incrementals are always good. It's really a foundational piece of FBS.

但我認為我們不想獲得具體的指南。我認為我們在 2 月之前試圖概述的核心組件是 IOS 和 AHS 經常性收入將繼續推動成長。正如我所提到的，PT 今年將有一個更漸進的成長路徑，應該會有成長。正如你所說，我們的增量總是好的。它確實是 FBS 的基礎部分。

I'd harken back to our five years. Our five year average here is 125 basis points of margin expansion, 12% profit growth and 14% EPS growth. So I think our path is definitely prologue. We're definitely going to see those trajectories. But I think we need to see where we end up the year. And I wouldn't put I wouldn't dial 450 in any way, shape or form.

我會回想起我們的五年。我們的五年平均利潤率為 125 個基點，利潤成長 12%，每股收益成長 14%。所以我認為我們的道路絕對是序幕。我們肯定會看到這些軌跡。但我認為我們需要看看今年的結果。我不會說我不會以任何方式、形狀或形式撥打 450。

I think we're going to we're that was, like I said, that was never that was always kind of an aspirational target. And certainly, with the conditions that we've seen relative to the revenue we'll be we'll have really good EPS growth for next year. But let's see where we get to when we finish the year.

我認為我們會做到這一點，就像我說的那樣，這從來都不是一個理想的目標。當然，根據我們所看到的與收入相關的條件，我們明年的每股盈餘將會有非常好的成長。但讓我們看看今年結束時我們會取得什麼進展。

Deane Dray of RBC Capital Markets.

加拿大皇家銀行資本市場的 Deane Dray。

This came up a couple of different times but just frame for us what the plan is on this proactive restructuring, and this is above your normal level. And what sense of payback or timing and across which segments?

這個問題出現過幾次，但只是為我們框架了這次主動重組的計劃，這超出了你們的正常水平。回報或時機是什麼感覺以及在哪些細分市場上？

I think it's we've got a couple of solar places. That's where we're targeting where, I think. And I think the payback we usually talk about is within first year. Maybe it's a little sooner than that. We'll give when we get into giving the guide, we'll probably nail that down a little bit.

我認為我們有幾個太陽能場所。我想這就是我們的目標。我認為我們通常談論的回報是在第一年之內。也許比這早一點。當我們開始提供指南時，我們可能會稍微確定一下。

Okay. And then this is more of a nuanced question, but when you talked about the some of the slowing decision-making and policy uncertainty and so forth, you cited calibration customers that might be deferred. And maybe just I don't understand that business well enough. But that, to me, sounds like they have regulatory obligations. You can't defer it that long or maybe there's a warranty issue. But when you say some calibration customers are deferring, what exactly are you referring to?

好的。這更是一個微妙的問題，但是當您談到一些決策放緩和政策不確定性等問題時，您提到了可能會推遲的校準客戶。也許只是我對這個行業還不夠了解。但對我來說，這聽起來像是他們有監管義務。你不能推遲那麼久，或者可能有保固問題。但是，當您說一些校準客戶延遲時，您到底指的是什麼？

Yes. So we've had tremendous growth over the last several years at Fluke calibration team. Some of it is regulatory, some of it is replacement. I think what we've seen is where we have regulatory decisions or expansions, we certainly are seeing that revenue. But I would say where we have replacement, people are deferring replacements a little bit until they see a number of things playing out. Some of that's in the government and so they're just being a little reluctant to replacement.

是的。因此，福祿克校準團隊在過去幾年中取得了巨大的發展。有些是監管，有些是替代。我認為我們所看到的是我們有監管決策或擴張，我們當然也看到了收入。但我想說的是，在我們有替代品的地方，人們會稍微推遲替代品，直到他們看到一些事情正在發生。其中一些是政府的，所以他們只是有點不願意更換。

So we're assuming at this point that, that's going to continue for a little while until we maybe get a little bit more certainty and that's really how it plays out.

因此，我們現在假設，這種情況將持續一段時間，直到我們得到更多的確定性，而這確實是如何發生的。

Chris Snyder of Morgan Stanley.

摩根士丹利的克里斯·斯奈德。

I think you said previously that in addition to PT orders being up double digits year-on-year, you're seeing sequential improvement in the absolute order rates from Q2 to Q3. I guess my question is, is that primarily or entirely just driven by the military and government orders that got pushed out of Q2 and seems like came through here in Q3? Or are you seeing broader sequential improvement across some of the other green sheets that you mentioned?

我想您之前說過，除了 PT 訂單年增兩位數之外，您還看到第二季到第三季絕對訂單率的連續改善。我想我的問題是，這主要或完全是由第二季推出的軍事和政府命令推動的，而這些命令似乎是在第三季發布的？或者您看到您提到的其他一些綠色錶有更廣泛的連續改善？

Yes, I think certainly in the places where we're seeing real growth like Qualitrol and EMC, it's true growth and it's really, I think, secular-driven, given the markets they play in. And then I would say at Tek, it's absolute beyond just what we saw from some of those things moving. So it's a little bit more than that. So in that sense, we that's what gives the confidence that we described. And then, of course, as I said on the growth rate, it's the comp side but on the dollars basis, it's how I just described it.

是的，我認為，在我們看到像 Qualitrol 和 EMC 這樣的真正成長的地方，這是真正的成長，考慮到它們所處的市場，我認為這確實是長期驅動的。然後我想說，在 Tek，這絕對超出了我們從一些正在發生的事情中看到的情況。所以比這多一點。所以就這個意義上來說，我們就是這樣給予我們所描述的信心的。當然，正如我在成長率方面所說的那樣，這是比較方面的，但在美元基礎上，這就是我剛才所描述的。

And then I guess just following up on PT. I certainly understand in the back half year, organic growth is below order rates because you're comping backlog burn as we see on this Slide 6. But as we look into 2025, should revenue at PT grow in line with orders? Just because it seems like 2024 is roughly a 1.0 book-to-bill year so you don't have that kind of backlog burn comps as we go into next year. So any thoughts on that would be helpful.

然後我想只是跟進 PT。我當然明白，在下半年，自然成長低於訂單率，因為您正在計算積壓訂單消耗，正如我們在投影片 6 中看到的那樣。但展望 2025 年，PT 的營收成長是否應該與訂單成長一致？只是因為 2024 年似乎是大約 1.0 的訂單出貨比年，所以當我們進入明年時，你不會有那種積壓燒錢的情況。因此，對此的任何想法都會有所幫助。

Yes. I think at a high level, we would start to see those growth rates merge. There's a little bit of noise in the EMC business and in the sensing business, when we start to see the larger OEM contracts start to grow. So that could be a little bit different by quarter. But on a full year basis, that tends to mute itself out over time.

是的。我認為在高水準上，我們將開始看到這些成長率合併。當我們開始看到更大的 OEM 合約開始成長時，EMC 業務和感測業務出現了一些噪音。因此，每個季度的情況可能會略有不同。但從全年來看，隨著時間的推移，這種情況往往會自行消失。

The last question today comes from Joe O'Dea of Wells Fargo.

今天的最後一個問題來自富國銀行的 Joe O'Dea。

Wanted to I think you commented that some shipments had pushed from Q3, maybe to Q4 or further in Qualitrol. I think that's been an area of some strength. And so I'm not sure if that's kind of projects and just delays or kind of what customers might be deciding to do there. So any color there?

我想您評論說，Qualitrol 的一些出貨量已從第三季推遲到第四季或更遠。我認為這是一個具有一定優勢的領域。因此，我不確定這是否是一種項目，只是延遲，或者是客戶可能決定在那裡做的事情。那麼有什麼顏色嗎？

Yes. Joe, it's really a function of the other to Sensing came in a little slower, and we anticipate getting more out from Qualitrol and EMC than we anticipated. So this is not a customer demand situation at all. They've continued to grow really well. In fact, both of them had, I believe, had record quarters. But it was really an ability to countermeasure some of the other weakness. And it was really so we've assumed that, that probably doesn't happen here for the remaining part of the year. But the demand profile for both those businesses is very strong and should be, and we certainly believe that's going to go well into '25.

是的。Joe，這實際上是 Sensing 的另一個功能，速度稍慢一些，我們預計從 Qualitrol 和 EMC 中獲得的收益比我們預期的要多。所以根本不是客戶需求的狀況。他們繼續成長得很好。事實上，我相信他們兩人都創下了創紀錄的季度業績。但這確實是一種抵消其他一些弱點的能力。我們確實假設，今年剩餘時間這種情況可能不會發生。但這兩家業務的需求狀況都非常強勁，而且應該如此，我們當然相信這種情況將持續到 25 年。

And just kind of, is that more supply chain-related and maybe not reaching the potential that you thought you had for shipments there or just any additional thoughts on it?

只是，這是否更多地與供應鏈相關，並且可能沒有達到您認為在那裡發貨的潛力，或者只是對此有任何其他想法？

A little bit of supply chain, a little bit of factory capacity. It's just it's a little bit of both. I would say on the defense side, a little bit more supply chain.

一點供應鏈，一點工廠產能。只是兩者兼而有之。我想說的是，在防禦方面，供應鏈要多一點。

Okay, understood. And then just Provation and that driving the 20% SaaS growth at AHS, are you seeing kind of acceleration there? And just anything when it comes to innovation or end market activity that's supporting that acceleration?

好的，明白了。然後，Provation 推動了 AHS 20% 的 SaaS 成長，您是否看到了那裡的加速？當涉及到創新或終端市場活動時，有什麼可以支持這種加速？

Yes, I think it's a few things that we're really excited about. I think when we bought Provation, one of the things we said was, we would start to see some of the growth for the SaaS conversion because we have our current licensed software solution is really PVMD is it's very much pervasive in hospitals. The conversion to SaaS very much will be part of our innovation story, but it would also be part of the hospitals themselves moving to cloud and moving all of their operations to cloud.

是的，我認為有一些事情讓我們感到非常興奮。我認為，當我們購買 Provation 時，我們所說的一件事是，我們將開始看到 SaaS 轉換的一些增長，因為我們目前的授權軟體解決方案實際上是 PVMD，它在醫院中非常普遍。向 SaaS 的轉換在很大程度上將是我們創新故事的一部分，但它也將是醫院本身遷移到雲端並將其所有營運遷移到雲端的一部分。

Obviously, the advent of AI and the promise of AI has more hospitals moving to cloud. And when they do that, they're really ready for our Apex solution. And so we're just seeing an acceleration of that story. So it's a combination we announced in the prepared remarks, some of our launches that are really AI-related, the start of that for us. But we're also, to some extent, following the technology trend of hospitals moving to cloud.

顯然，人工智慧的出現和人工智慧的承諾讓更多的醫院轉向雲端。當他們這樣做時，他們就真正為我們的 Apex 解決方案做好了準備。所以我們只是看到這個故事的加速發展。因此，這是我們在準備好的發言中宣布的組合，我們的一些發布確實與人工智慧相關，這對我們來說是一個開始。但在某種程度上，我們也在追隨醫院向雲端遷移的技術趨勢。

And when they do that, they want Apex. And so we're really excited about that business. As you mentioned, the SaaS growth is very good. And we would anticipate that, that continues to be very strong. And in many cases, as you know, we're converting our maintenance stream to Apex.

當他們這樣做時，他們想要 Apex。所以我們對這項業務感到非常興奮。正如您所提到的，SaaS 的成長非常好。我們預計，這種情況將繼續非常強勁。如您所知，在許多情況下，我們正在將維護流程轉換為 Apex。

And those maintenance stream conversions are at a very strong rate. So really, the strategy playing out very much how we thought it would when we bought the company several years ago.

這些維護流的轉換速度非常快。事實上，該策略的實施與我們幾年前收購該公司時的預期非常一致。

Elena Rosman VP of Investor Relations

埃琳娜·羅斯曼 (Elena Rosman) 投資者關係副總裁

I would just add that in the fourth quarter, we'll have lapped the license headwind from last year. So that does mean that the growth rate in Provation does accelerate to high single digit in the fourth quarter and would accelerate in 2025.

我想補充一點，在第四季度，我們將克服去年的許可逆風。因此，這確實意味著 Provation 的成長率確實會在第四季度加速至高個位數，並將在 2025 年加速。

We have reached the end of the question-and-answer session. I would like to turn the call back over to Jim Lico for closing remarks.

我們的問答環節已經結束。我想將電話轉回給吉姆·利科 (Jim Lico)，讓其致閉幕詞。

Thanks, everybody, for taking the time. I know a very busy day for all of you in an obvious as always, a busy earnings season. Hopefully, you heard from us today really a sense of some of the things we really were prepared for and in a lower growth environment, a number of really strong execution. I think we fall to the 60% incrementals, the strong operating profit growth that we had and EPS growth really on the backs of lower growth.

謝謝大家抽出時間。我知道對你們所有人來說，今天是非常忙碌的一天，一如既往，這是一個繁忙的財報季節。希望您今天從我們這裡聽到的確實是我們真正準備好的一些事情，以及在較低增長環境中的一些非常強大的執行力。我認為我們的增量會下降到 60%，我們的強勁營業利潤成長和每股盈餘成長實際上是在較低成長的基礎上實現的。

That will continue in the fourth quarter. And I really think that speaks to the power of FBS and the power of our ability to execute in this environment. We feel good about what the ramp what '25 what we can do in '25. We'll see how that plays out. But I think one of the things we've talked about for several years really played out this quarter is the pervasiveness of our innovation capability.

這種情況將持續到第四季。我真的認為這說明了 FBS 的力量以及我們在這種環境下執行能力的力量。我們對 25 年我們能做的事情感到滿意。我們將看看結果如何。但我認為我們多年來討論的一件事在本季真正發揮作用的是我們創新能力的普遍性。

You heard it at Fluke. You heard it at Tek. You heard it at ASP. You heard it within FAW. All of our major businesses, lots of examples of new innovative products that will that are hitting the marketplace to give us what we think are really exciting opportunities and really speaks to the power of the changes we've made in our innovation process over the last several years. So we'll look forward to the continued follow-up from many of you, and we look forward to seeing you on the road here soon. Have a great rest of the season, and we'll talk soon. Thank you.

您在福祿克公司聽過。你在 Tek 聽過。您在 ASP 中聽過。你在一汽內部聽過。我們所有的主要業務，許多新的創新產品的例子將進入市場，為我們提供我們認為真正令人興奮的機會，並真正說明我們在過去的創新過程中所做的改變的力量幾年。因此，我們期待你們中的許多人繼續跟進，並期待很快在路上見到你們。祝你這個賽季好好休息，我們很快就會再談。謝謝。

This concludes today's conference. You may disconnect your lines at this time. Thank you for your participation.

今天的會議到此結束。此時您可以斷開線路。感謝您的參與。