Fortive Corp (FTV) 2024 Q4 法說會逐字稿

My name is Daryl, and I will be your conference facilitator this afternoon. At this time, I would like to welcome everyone to Fortive Corporation's fourth quarter 2024 earnings results Conference Call. All lines have been placed on mute to prevent any background noise. After the speakers remarks there will be a question-and-answer session.

我叫達裡爾 (Daryl)，今天下午我將擔任你們的會議主持人。現在，我歡迎大家參加 Fortive Corporation 2024 年第四季收益業績電話會議。所有線路均已靜音，以防止任何背景噪音。演講者發言後將進行問答環節。

(Operator Instructions)

（操作員指示）

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

現在我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，您可以開始您的會議了。

Thank you, Daryl, 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.

謝謝你，達裡爾，也謝謝大家參加今天的電話會議。今天和我們在一起的是我們的總裁兼執行長 Jim Lico；以及我們的高級副總裁兼財務長 Chuck McLaughlin。我們在今天的電話會議上介紹了一些非公認會計準則財務指標。

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.

規則 G 所要求的資訊可在我們網站 fortive.com 的投資者部分找到。除非另有說明，我們對同期增加或減少的陳述均指同比比較。

During the call, we will make forward-looking statements, including statements regarding events or developments that we expect or anticipate will or may occur in the future. These forward-looking statements are subject to a number of risks, and actual results might differ materially from any forward-looking statements that we make today.

在電話會議中，我們將做出前瞻性陳述，包括有關我們預期或預期未來可能發生的事件或發展的陳述。這些前瞻性陳述受多種風險影響，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 the risk factors is available in our SEC filings, including our annual report on Form 10 for the year ended December 31, 2023, and the quarterly report on Form 10-Q for the quarter ended September 27, 2024. With these, forward-looking statements, they speak only as of the date that they are made and we do not assume any obligation to update.

有關風險因素的資訊可在我們提交給美國證券交易委員會 (SEC) 的文件中找到，包括截至 2023 年 12 月 31 日的年度報告表 10 和截至 2024 年 9 月 27 日的季度報告表 10-Q。這些前瞻性陳述僅代表其作出之日的觀點，我們不承擔任何更新的義務。

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

說完這些，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. Fortive delivered better-than-expected performance in the fourth quarter, including higher core growth, earnings and free cash flow. These results capped a strong year for Fortive, including another year of record margins with gross margins of 60% and adjusted operating margins nearing 27% while continuing to fund future growth.

謝謝，埃琳娜。大家好，感謝大家的參與。我將從幻燈片 3 開始。Fortive 第四季業績優於預期，核心成長、獲利和自由現金流均有所提高。這些業績為 Fortive 強勁的一年畫上了圓滿的句號，其中包括另一年創紀錄的利潤率，毛利率達到 60%，調整後的營業利潤率接近 27%，同時繼續為未來的成長提供資金。

In addition, we compounded adjusted earnings and free cash flow 13%, contributing to our strong multiyear track record of differentiated financial performance. Our accelerated pace of innovation in 2024 helped to sustain top line momentum, given the mixed demand environment and further enhances our outlook for 2025.

此外，我們的調整後收益和自由現金流複合成長了 13%，為我們多年來保持的差異化財務表現做出了貢獻。在混合需求環境下，我們在 2024 年加快的創新步伐有助於維持營收成長勢頭，並進一步增強了我們對 2025 年的展望。

Turning to the year ahead. Fortive is poised for improving core sales growth and continued strong operating performance. We've taken a prudent and balanced approach to planning the year, reflecting momentum in our bookings and durable revenue growth in Industrial Operating Solutions and Advanced Healthcare and stabilizing trends in Precision Technologies, driving a gradual recovery through the year. Lastly, we are progressing well on the actions we announced last year to further accelerate our strategy and enhance value creation.

展望新的一年。Fortive 準備提高核心銷售成長並持續保持強勁的營運表現。我們採取了審慎、平衡的方式來規劃這一年，體現了我們在工業運營解決方案和先進醫療保健領域的訂單增長勢頭和持久的收入增長，以及精密技術的穩定趨勢，推動了全年的逐步復甦。最後，我們去年宣布的進一步加快策略實施和提升價值創造的行動正在取得良好進展。

Our teams have made meaningful progress toward the separation of the newly named precision technologies company called Ralliant. We now expect the transaction to close early in the third quarter. We also executed on our plan to prioritize return of capital to shareholders, utilizing our record free cash flow to repurchase shares. In summary, these actions reflect our commitment to unlocking long-term value for all our stakeholders.

我們的團隊在新命名的精密技術公司 Ralliant 的分離方面取得了重大進展。我們現在預計該交易將在第三季初完成。我們也執行了優先向股東返還資本的計劃，利用創紀錄的自由現金流回購股票。總而言之，這些行動體現了我們致力於為所有利害關係人釋放長期價值的承諾。

Turning to slide 4. 2024 was another year of consistent compounding, including the achievement of several record financial metrics. Since our inception, we have evolved our portfolio and leveraged the Fortive Business System to accelerate growth and innovation, expand market share and profitability, and forge the leadership skills we need for the future. The exceptional value created for customers and shareholders is reflected in our sustained multiyear performance, including an acceleration to mid-single-digit core growth on average the last five years, over 600 basis points of adjusted operating margin expansion, and 350 basis points of adjusted gross margin expansion amidst unprecedented inflation.

翻到投影片 4。2024 年是另一個持續複合成長的一年，包括實現多項創紀錄的財務指標。自成立以來，我們不斷改進產品組合，並利用 Fortive 業務系統來加速成長和創新、擴大市場份額和獲利能力，並培養未來所需的領導技能。為客戶和股東創造的卓越價值體現在我們多年持續的業績中，包括過去五年平均加速到中等個位數的核心增長、調整後的營業利潤率擴大超過 600 個基點，以及在前所未有的通貨膨脹背景下調整後的毛利率擴大 350 個基點。

Our accretive capital deployment has contributed to higher growth and higher returns. As a result, we grew free cash flow an average of 18% per year over this time, underpinned by industry-leading net working capital performance. In summary, what is unique and truly differentiated about Fortive is the breadth of results that are compounding over time relative to peers. The reason for this five year track record of success is our commitment to FBS and the strategic evolution of our portfolio.

我們的增值資本部署促進了更高的成長和更高的回報。因此，在業界領先的淨營運資本表現的支撐下，我們的自由現金流在此期間平均每年增長 18%。總而言之，Fortive 的獨特之處和真正差異化之處在於，與同行相比，其成果的廣度會隨著時間的推移而不斷增加。這五年的成功得益於我們對 FBS 的承諾以及我們產品組合的策略演變。

Turning to slide 5. Our evolution of the Fortive Business System and continuous improvement mindset have driven an acceleration in NPI velocity, helping to sustain our top line momentum. Within FBS, we have built, over time, a proven innovation tool set to identify unmet customer needs, develop new products and bring them to market faster, which ensures greater returns on our R&D investments. Just several examples of how our increased innovation velocity is contributing to growth across the enterprise.

翻到幻燈片 5。我們對 Fortive 業務系統的改進和持續改進思維推動了 NPI 速度的加速，有助於維持我們的營收成長動能。在 FBS 內部，我們隨著時間的推移建立了一套經過驗證的創新工具，用於識別未滿足的客戶需求、開發新產品並更快地將其推向市場，從而確保我們的研發投資獲得更大的回報。這只是我們提高的創新速度如何促進整個企業成長的幾個例子。

Starting with IOS. Fluke launched a record 20 major new products in the last two years, extending their leadership position in solar and energy storage tools and contributing 200 basis points to growth in 2024. Facility & Asset Lifecycle revitalized their innovation efforts for the last three years, launching its strongest slate of new products and enhancements while also expanding margins 800 basis points. Revenues from these new offerings are expected to more than double in 2025 versus last year.

從 IOS 開始。福祿克在過去兩年中創紀錄地推出了 20 款主要新產品，擴大了在太陽能和儲能工具領域的領導地位，並為 2024 年的成長貢獻了 200 個基點。設施與資產生命週期在過去三年中重振了創新力度，推出了最強大的新產品和增強功能，同時將利潤率提高了 800 個基點。預計到 2025 年，這些新產品的收入將比去年增長一倍以上。

ASP launched a record of six new products in 2024 with 510(k) approval, which are expected to contribute over $10 million of revenue in 2025. Provation added to their leading GI position with their next phase of Apex Insights, a proprietary data analytics tool that boosts provider productivity, contributing to a 67% increase in APAC SaaS sites in 2024. PT is also leveraging FBS innovation tools to advance the world's technologies. Tektronix launched four new products to their best-in-class electronic test and measurement offering, serving their fastest-growing markets.

ASP 在 2024 年推出了創紀錄的六款新產品，並獲得 510(k) 批准，預計這些產品將在 2025 年貢獻超過 1000 萬美元的收入。Provation 憑藉其下一階段的 Apex Insights（一種專有的數據分析工具，可提高提供者的生產力）鞏固了其領先的 GI 地位，並推動 2024 年亞太地區 SaaS 站點數量增加 67%。PT 也利用 FBS 創新工具來推動世界技術的發展。泰克公司推出了四款新產品，進一步豐富了其一流的電子測試和測量產品線，服務於其成長最快的市場。

Sensing Technologies is launching sensors for monitoring the liquid and air cooling systems within data centers, and Qualitrol continues its double-digit pace of growth with new electric grid monitoring and energy storage solutions to support the expansion of global power infrastructure. We're also leveraging our investments in the FORT to develop advanced software, data analytics and AI capabilities, and we expect to launch new AI-based product sets in 2025 and 2026.

Sensing Technologies 正在推出用於監控資料中心內液體和空氣冷卻系統的傳感器，而 Qualitrol 則透過新的電網監控和儲能解決方案繼續保持兩位數的增長速度，以支持全球電力基礎設施的擴張。我們也利用對 FORT 的投資來開發先進的軟體、數據分析和人工智慧功能，並預計在 2025 年和 2026 年推出基於人工智慧的新產品系列。

Moving to the fourth quarter and full year results on slide 6. We ended the year with strong operating performance, generating adjusted earnings growth approximately 3 times revenue growth. Core revenue growth of 2% in the quarter reflected an acceleration at IOS, partially offset by the anticipated decline in Precision Technologies. China headwinds continues to mute the recovery we are seeing in certain markets. Acquisitions, net of divestitures, were offset by unfavorable FX as the dollar strengthened in the quarter.

轉到幻燈片 6 上的第四季和全年業績。我們以強勁的經營業績結束了這一財年，調整後的獲利成長約為營收成長的三倍。本季核心營收成長 2%，反映了 IOS 業務的加速成長，但被 Precision Technologies 的預期下滑部分抵銷。中國的逆風繼續抑制我們在某些​​市場看到的復甦。由於本季美元走強，收購（扣除資產剝離）被不利的外匯影響所抵銷。

Further highlights of our fourth quarter performance include 100 basis points of adjusted operating margin expansion; adjusted earnings per share of $1.17, reflecting a $0.05 beat at the midpoint with earnings up 19% year-over-year; and record Q4 free cash flow of $465 million, up 13% year-over-year.

我們第四季業績的進一步亮點包括調整後營業利潤率擴大 100 個基點；調整後每股收益為 1.17 美元，比中位數高出 0.05 美元，收益同比增長 19%；第四季度自由現金流達到 4.65 億美元，同比增長 13%。

For the year, core revenue growth was 1%, reflecting the mixed demand environment and core decline in PT. Adjusted operating profit grew 7%, and margins expanded 100 basis points, representing over 60% incrementals. We delivered earnings and cash flow above our initial guidance coming into the year, with adjusted EPS of $3.89 up 13% and record free cash flow of $1.4 billion, representing 23% free cash flow margins for the year.

全年核心收入成長 1%，反映出混合需求環境和 PT 核心收入的下降。調整後的營業利潤成長 7%，利潤率擴大 100 個基點，成長超過 60%。我們今年的獲利和現金流高於最初的預期，調整後每股收益為 3.89 美元，成長 13%，自由現金流達到創紀錄的 14 億美元，相當於全年自由現金流利潤率為 23%。

Turning to slide 7. I'll provide more detail on our segment performance for the quarter and the full year starting with IOS and AHS. On a combined basis, fourth quarter revenues grew 4% with adjusted operating margins up 140 basis points to over 33%.

翻到幻燈片 7。我將從 IOS 和 AHS 開始，提供有關本季度和全年各部門業績的更多詳細資訊。整體而言，第四季營收成長 4%，調整後的營業利潤率上漲 140 個基點，達到 33% 以上。

This represents 12 consecutive quarters of consistent mid-single-digit core growth on a combined basis, reflecting the durability and resilience of these businesses. For the full year, combined IOS and AHS delivered 4% core revenue growth and 120 basis points of adjusted operating margin expansion with over 60% incrementals.

這意味著核心業務已連續 12 個季度保持中等個位數成長，體現了這些業務的持久性和韌性。全年來看，IOS 和 AHS 合併後的核心營收成長了 4%，調整後的營業利益率擴大了 120 個基點，成長超過 60%。

Moving to the right. Intelligent Operating Solutions expanded operating margins 190 basis points on 4% revenue growth in the fourth quarter, with M&A contributions partially offset by FX headwinds. Stable industrial products demand overall and NPI momentum drove mid-single-digit revenue growth at Fluke.

向右移動。智慧營運解決方案第四季營收成長 4%，營業利潤率擴大 190 個基點，但外匯逆風部分抵銷了併購帶來的貢獻。整體穩定的工業產品需求和新產品導入勢頭推動了福祿克的收入實現中等個位數成長。

Shipments outpaced our expectations exiting the fourth quarter. As a result, we expect a slower start to the year in Q1 before returning to more normalized growth the rest of the year.

第四季的出貨量超出了我們的預期。因此，我們預計今年第一季經濟開局將放緩，隨後在今年剩餘時間內恢復更正常的成長。

Growth in Facilities & Asset Lifecycle accelerated to high single digit in the fourth quarter, enabled by stronger take rate revenue across our government and multisite retail product offerings. As you can see on the far right of the page, Advanced Healthcare Solutions grew core revenue 5% in the quarter with FX headwinds of approximately 150 basis points to total growth.

第四季度，設施和資產生命週期的成長加速至高個位數，這得益於我們政府和多站點零售產品提供的更高利率收入。正如您在頁面最右側看到的，Advanced Healthcare Solutions 本季核心營收成長了 5%，外匯逆風對總成長造成了約 150 個基點的影響。

Consumables normalized to mid-single-digit growth as expected, and Provation accelerated growth, having lapped the license headwinds earlier in the year. AHS expanded adjusted operating margins by approximately 40 basis points in the quarter and 200 basis points for the year, driven by high-margin consumable growth, partially offset by unfavorable FX.

消耗品業務按預期正常化至中等個位數成長，而 Provation 則加速成長，在今年稍早克服了許可證方面的阻力。AHS 調整後的營業利潤率在本季度擴大了約 40 個基點，全年擴大了 200 個基點，這主要得益於高利潤率消費品的增長，但部分被不利的外匯因素所抵消。

Turning to Precision Technologies on slide 8. Revenue was approximately flat in the quarter with a core decline of 3%. Acquisitions, net of divestitures, contributed approximately 3 points of growth in the quarter. This represents the second consecutive quarter of sequential core growth improvement enhanced by double-digit growth in utility and aerospace and defense markets.

轉到幻燈片 8 上的「精密技術」。本季營收基本持平，核心營收下降 3%。扣除資產剝離後，收購為本季貢獻了約 3 個百分點的成長。這是核心業務連續第二季實現成長改善，得益於公用事業、航空航太和國防市場的兩位數成長。

Adjusted operating margins contracted 200 basis points on lower core volumes, partially offset by productivity benefits and accretive M&A.

由於核心業務量下降，調整後的營業利潤率收縮了 200 個基點，但生產力效益和併購增值部分抵消了這一影響。

Core revenues at Tektronix were down low double digit in the quarter as expected. However, orders were up high single digits for the second consecutive quarter. We continue to see investments supporting power, compute and communications for data center expansion and demand for defense applications, driving Tektronix orders growth, while China and EV mobility remain weak.

正如預期的那樣，泰克公司本季的核心收入下降了兩位數。不過，訂單量連續第二季實現高個位數成長。我們繼續看到對資料中心擴展的電力、計算和通訊以及國防應用需求的投資，推動泰克訂單成長，而中國和電動車移動性仍然疲軟。

We had another quarter of double-digit growth at Qualitrol and PacSci as our teams continue to ramp production capacity to keep up with strong demand. Moving to the right side of the page, you can see the Precision Technologies revenue and adjusted operating performance for the past four years.

隨著我們的團隊繼續提高生產能力以滿足強勁的需求，Qualitrol 和 PacSci 又迎來了兩位數的成長。移至頁面右側，您可以看到 Precision Technologies 過去四年的收入和調整後的營運表現。

Since 2021, PT has grown core revenue at 4% CAGR with adjusted operating profit growing twice that rate at an 8% CAGR over the period. Core revenues declined 4% in 2024. Improved portfolio positioning and focused innovation efforts have dramatically improved the through-cycle performance.

自 2021 年以來，PT 的核心收入以 4% 的複合年增長率增長，調整後的營業利潤在此期間以 8% 的複合年增長率增長兩倍。2024年核心收入下降4%。改進的投資組合定位和集中的創新努力極大地提高了整個週期的表現。

Leveraging FBS tools, we have expanded our addressable market and added complementary solutions aligned to favorable secular trends, including next-gen power applications for new markets and new sources of energy around the world. As a result, PT is a much more durable business today with a stable margin and free cash flow profile poised for recovery in 2025.

利用 FBS 工具，我們擴大了目標市場，並增加了符合長期有利趨勢的補充解決方案，包括針對全球新市場和新能源的下一代電力應用。因此，PT 如今的業務更加持久，擁有穩定的利潤率和自由現金流狀況，預計在 2025 年復甦。

With that, I'll turn it over to Chuck to discuss our 2025 outlook.

接下來，我將把主題交給查克來討論我們對 2025 年的展望。

Thank you, Jim, and hello, everyone. Turning to slide 9. Let me set the stage for how we're thinking about the year. We continue to be encouraged by stabilizing demand trends overall, which gives us confidence in an acceleration in revenue growth from 2024 to 2025. While we are providing full year guidance for total Fortive, we thought it would be helpful to frame the key drivers of the respective new companies.

謝謝你，吉姆，大家好。翻到第 9 張投影片。讓我先介紹一下我們對今年的展望。整體需求趨勢的穩定讓我們感到鼓舞，這使我們對 2024 年至 2025 年營收成長加速充滿信心。雖然我們為 Fortive 整體提供了全年指導，但我們認為確定各個新公司的關鍵驅動因素將會有所幫助。

Starting with new Fortive on the left, comprising our IOS and AHS segments. We expect revenues of approximately $4.1 billion, supported by demand for our leading safety and productivity technologies and market share gains from new product introductions. We expect stable underlying industrial demand at Fluke with positive point-of-sale in North America and Western Europe.

從左側的新 Fortive 開始，包括我們的 IOS 和 AHS 部分。我們預計營收約為 41 億美元，這得益於市場對我們領先的安全和生產力技術的需求以及新產品推出帶來的市場份額成長。我們預計福祿克的潛在工業需求將保持穩定，北美和西歐的銷售點將保持積極狀態。

China is expected to slow, both from a GDP and industrial production perspective, and we have reflected that into our outlook. We expect sustained momentum in our software and recurring revenue businesses, including double-digit ARR growth in FAL and stable consumables growth in Healthcare. This yields low single-digit-plus to mid-single-digit core growth for New Fortive in 2025. Regarding we expect growth in the second half to outpace the first, primarily due to timing and days impact in Q1.

無論從 GDP 還是工業生產角度來看，中國經濟預計都會放緩，我們已將這一點反映在我們的展望中。我們預計軟體和經常性收入業務將保持持續成長勢頭，包括 FAL 的兩位數 ARR 成長和醫療保健領域消耗品的穩定成長。這將為 New Fortive 在 2025 年帶來低個位數以上至中等個位數的核心成長率。我們預計下半年的成長將超過上半年，這主要是由於第一季的時間和天數影響。

Turning to the PT company. We anticipate revenues of roughly $2.2 billion in 2025, with core growth up slightly for the year. Our businesses aligned to power infrastructure, compute and communications investments for data center expansion, coupled with aerospace and defense systems, comprised approximately 35% of revenue and are expected to grow double digits again in 2025. Coupled with stabilizing trends in broader semiconductor and sensor markets, we anticipate a return to core revenue growth in the second half of the year.

轉向PT公司。我們預計 2025 年的營收約為 22 億美元，全年核心收入將略有成長。我們的業務與電力基礎設施、資料中心擴展的運算和通訊投資以及航空航太和國防系統相結合，約佔總收入的 35%，預計到 2025 年將再次實現兩位數成長。加上更廣泛的半導體和感測器市場的穩定趨勢，我們預計今年下半年核心收入將恢復成長。

On slide 10, we provide further details on Q1 and 2025 guidance. Starting with the full year, we expect core revenues up 1.5% to 3.5%. FX is expected to be an approximate $90 million headwind for the year or roughly 150 basis points of impact to total growth. Adjusted operating profit is expected to increase 2% to 5%, and adjusted diluted EPS guidance is $4 to $4.12, up 3% to 6% for the year. Our adjusted EPS guidance includes a $0.20 to $0.25 headwind from a higher effective tax rate and FX. This is offset by lower share count and a slightly lower interest expense.

在第 10 張投影片上，我們提供了有關第一季和 2025 年指引的更多詳細資訊。從全年來看，我們預計核心收入將成長 1.5% 至 3.5%。預計外匯將對今年造成約 9,000 萬美元的不利影響，或對總成長造成約 150 個基點的影響。調整後的營業利潤預計將成長 2% 至 5%，調整後的稀釋每股盈餘預期為 4 美元至 4.12 美元，全年成長 3% 至 6%。我們的調整後每股盈餘指引包括更高的有效稅率和外匯帶來的 0.20 美元至 0.25 美元的不利因素。但股票數量減少和利息支出略有下降抵消了這一影響。

Adjusted free cash flow is expected to be approximately $1.5 billion, which excludes the impact of separation-related cash cost of roughly $185 million. The conversion rate on adjusted net income is approximately 100%, excluding these items.

調整後的自由現金流預計約為 15 億美元，其中不包括與分離相關的約 1.85 億美元現金成本的影響。不包括這些項目，調整後淨收入的轉換率約為 100%。

For the first quarter, we anticipate core revenues to be roughly flat. FX is expected to be an approximate $30 million revenue headwind. IOS and AHS will start the year slower due to Fluke's stronger finish in Q4 and less days in Q1, impacting consumables and service utilization.

對於第一季度，我們預計核心收入將大致持平。預計外匯將造成約​​ 3000 萬美元的收入逆風。由於福祿克第四季業績表現強勁，而第一季的銷售天數較少，IOS 和 AHS 年初的銷售速度將會放緩，影響耗材和服務利用率。

PT is expected to be down mid-single digit, representing our toughest year-over-year comp. Adjusted operating profit is expected to be roughly flat, and EPS is expected in the range of $0.83 to $0.86, including a $0.05 headwind from unfavorable FX and higher taxes. With that, I'll turn it back over to Jim to conclude.

預計太平洋時間 (PT) 將下降中個位數，這是我們最艱難的同比下降。調整後的營業利潤預計將基本持平，每股收益預計在 0.83 美元至 0.86 美元之間，其中包括不利的外匯和更高的稅收帶來的 0.05 美元的阻力。好了，現在我將把發言權交還給吉姆來做總結。

Thank you, Chuck. I'll continue on slide 11. We've made considerable progress on the actions we announced last September to accelerate our strategy and enhance value creation. Starting on the left, we utilized our record second half free cash flow to repurchase approximately 10 million shares, representing 80% of our free cash flow, slightly more than we committed to when we announced the separation. We remain committed to deploying free cash flow, incremental share repurchases as we work to execute the spin.

謝謝你，查克。我將在第 11 張投影片上繼續發言。我們在去年 9 月宣布的加速策略和提高價值創造的行動上取得了重大進展。從左翼開始，我們利用創紀錄的下半年自由現金流回購了約 1000 萬股，占我們自由現金流的 80%，略高於我們宣布分離時承諾的金額。在執行分拆的過程中，我們仍致力於部署自由現金流量和增量股票回購。

Balance sheet remains in great shape. We exited 2024 with net leverage of approximately 1.6 times, and we continue to expect that each company will sustain investment-grade balance sheets after the spin. Moving to the right, we expect the separation to close early in the third quarter, following the progress our team has made to date, including confidentially filing a draft registration statement with the SEC in December. We are processing initial comments. We expect a Form 10 filing in the spring.

資產負債表依然保持良好狀態。到 2024 年，我們的淨槓桿比率約為 1.6 倍，我們仍然預計分拆後每家公司的資產負債表都將維持投資等級。向右移動，我們預計分離將在第三季初完成，根據我們團隊迄今為止的進展，包括 12 月向美國證券交易委員會秘密提交註冊聲明草案。我們正在處理初步評論。我們預計將於春季提交 10 號表格。

Our efforts to hire top talent are well underway, ensuring we assemble a world-class corporate team to drive future success. Earlier this week, we announced that PT NewCo has an exciting new name, Ralliant Corporation, and we appointed Ganesh Moorthy as the Board Chair.

我們正在努力招募頂尖人才，確保我們組建一支世界一流的企業團隊來推動未來的成功。本週早些時候，我們宣布 PT NewCo 有一個令人興奮的新名稱，Ralliant Corporation，並且我們任命 Ganesh Moorthy 為董事會主席。

We also announced that Alan Spoon, who is retiring from the Fortive Board, and Kate Mitchell will both join the Ralliant Board. Together with Tami, these Board designees reflect Fortive's commitment to the new company's success and sustained value creation for all stakeholders. We'll continue to provide additional updates as they become available.

我們也宣布，即將從 Fortive 董事會退休的 Alan Spoon 和 Kate Mitchell 都將加入 Ralliant 董事會。這些董事會成員與 Tami 一起體現了 Fortive 對新公司成功和為所有利害關係人持續創造價值的承諾。一旦有更多更新可用，我們將繼續提供。

I'll wrap up now on slide 12. Last week, we are excited to announce that Shar Dubey was appointed Fortive's new Board Chair, succeeding Alan Spoon. On behalf of the Board and management team, I want to thank Alan for his leadership and all he's done to shepherd Fortive become a more durable growth company.

我現在將在第 12 張投影片上結束演講。上週，我們很高興地宣布，Shar Dubey 被任命為 Fortive 新任董事會主席，接替 Alan Spoon。我謹代表董事會和管理團隊感謝艾倫的領導以及他為帶領 Fortive 成為一家更持久成長的公司所做的一切。

As we enter this new chapter, I and the rest of the Board are confident that Shar is the right person to serve as the next Chair. She's been providing valuable contributions to our Board since 2020, and her deep insights into our business, culture and strategy, combined with her extensive operational and leadership expertise fare her well to steward the execution of our long-term strategy with a more focused and resilient portfolio.

當我們進入新的篇章時，我和董事會的其他成員都相信 Shar 是擔任下一任主席的合適人選。自 2020 年以來，她一直為我們的董事會做出寶貴貢獻，她對我們的業務、文化和策略有著深刻的見解，加上她豐富的營運和領導專業知識，使她能夠以更專注、更有彈性的投資組合來管理我們長期策略的執行。

This next chapter is a manifestation of the strategy we laid out at our inception, profitably evolve our portfolio to deliver in any environment. That was the case in 2024. Our enhanced portfolio positions, innovative new products, and dedication to the Fortive Business System have allowed us to deliver consistent compounding performance over the last five years. We are well positioned to continue this track record in 2025 and beyond as we progress through the separation.

下一章體現了我們在成立之初所製定的策略，即在任何環境下有利地發展我們的產品組合。2024年的情況就是這樣。我們增強的產品組合地位、創新的新產品以及對 Fortive 業務系統的奉獻精神使我們在過去五年中實現了持續的複合績效。隨著分離的不斷推進，我們已做好準備，在 2025 年及以後繼續保持這一業績。

We could not have reached this milestone in Fortive's journey without our unique culture and the passion of our 18,000 teammates around the world. Together, we show up with a mindset we can do and be better. I know I speak for the entire Fortive team, including Olumide and Tami when I say I cannot be more excited for the future as both companies are strategically well positioned for enduring success.

如果沒有我們獨特的文化和全球 18,000 名隊友的熱情，我們不可能達到 Fortive 旅程中的這一里程碑。我們齊心協力，展現出我們可以做得更好、做得更好的心態。我知道我代表整個 Fortive 團隊（包括 Olumide 和 Tami）說，我對未來感到無比興奮，因為兩家公司都已做好持久成功的策略準備。

With that, I'll turn it to Elena.

說完這些，我就把話題轉向艾琳娜。

Thanks, gents. That concludes our formal comments. Daryl, we are now ready for questions.

謝謝各位。我們的正式評論到此結束。達裡爾，我們現在可以回答問題了。

(Operator Instructions)

（操作員指示）

Robert Mason from Robert W. Baird & Co.

Robert W. Baird & Co. 的 Robert Mason

Yes. Hi. Happy Friday. Usually not saying that on a Fortive conference call. So just maybe to start. Jim, could you dig into the product side of the business and thinking this is more around, I'll say, IOS and AHS, New Fortive. When you framed out 2025 or made some initial comments back in October, I'm just curious around, has anything changed evolved as you've tightened up the plans? You made a comment around China softer, but just some perspective there around the product side.

是的。你好。星期五快樂。通常不會在 Fortive 電話會議上這麼說。所以也許只是個開始。吉姆，您能否深入研究一下業務的產品方面，並認為這更多地圍繞著 IOS 和 AHS、New Fortive。當您在 10 月提出 2025 年的目標或做出一些初步評論時，我只是很好奇，隨著您制定計劃的不斷完善，是否發生了任何變化？您對中國的評論比較溫和，但只是從產品方面發表了一些看法。

Yeah, and maybe take a way around Fortive. First of all, on New Fortive, as you mentioned, IOS and AHS. I would say, really, the aspects of the business in software and health care really performing well. We had a little bit stronger end of year at Fluke. And some of that, we'll get into that later. But I think just continuing to demonstrate in Fluke the resiliency and durability, particularly around product innovation, much of which we highlighted in the prepared remarks.

是的，也許可以繞過 Fortive。首先，關於 New Fortive，正如您所提到的，IOS 和 AHS。我想說的是，軟體和醫療保健業務方面確實表現良好。福祿克 (Fluke) 在年底取得了更強勁的業績。其中的一些內容，我們稍後會討論。但我認為，福祿克只是繼續展示其彈性和耐用性，特別是在產品創新方面，我們在準備好的評論中強調了其中的大部分內容。

I would say what's changed or maybe what we're going into 2025, Rob, a lot of the past is similar. We've got a little bit of headwind on the days in the consumables businesses and the service parts of our software businesses, which have a little bit of headwind just in the quarter, but really good performance in Q1 across the portfolio and what I'll call New Fortive.

我想說的是，到了 2025 年，我們會經歷哪些變化，或者說，羅布，過去的許多事情都是相似的。我們在消耗品業務和軟體業務的服務部分遇到了一些阻力，這些阻力在本季度有所減弱，但整個產品組合以及我稱為 New Fortive 的部分在第一季度表現得非常好。

On the -- but China is a little bit of a headwind for sure. That's most pronounced in the first quarter because what we saw last year in the first quarter, and you probably remember this was, we did see some optimism on the part of China channel partners in anticipation of some of the policy changes that were going to occur, and the impact of the China government last year, and obviously, that didn't happen. So we got a little bit tougher comp in China in the first quarter. China is going to be down really across the board.

但中國肯定會帶來一些阻力。這種現像在第一季表現得最為明顯，因為我們在去年第一季看到的情況是，你可能還記得，我們​​確實看到中國通路合作夥伴對即將發生的一些政策變化以及中國政府去年的影響持樂觀態度，但顯然，這些並沒有發生。因此，第一季我們在中國面臨的競爭更加激烈。中國經濟將全面下滑。

So on the PT front, I would say, a lot of the orders were good. We talked about the order growth in a couple of quarters in a row now. We'll see order growth in the second half as well in PT. And I would say China, but again, there, China weak and we're not getting out of the gate here. Really as we anticipated, but we're certainly not seeing any dramatic increases in China as we start the year out.

因此，就 PT 方面而言，我想說，很多訂單都很好。我們現在討論了連續幾個季度的訂單增長。我們也會看到 PT 下半年的訂單成長。我想說中國，但是中國又很弱，我們無法走這一步。確實如我們預期的那樣，但在年初我們確實沒有看到中國有任何大幅成長。

Understood. And maybe just as a follow-up specifically and maybe this touches on some of PT because you do have more government exposure there, are you seeing anything post-election around the flow of funds that you're trying to account for in the planning just within your various government exposures?

明白了。也許只是作為具體的後續行動，也許這涉及到 PT 的一些內容，因為您在那裡確實有更多的政府曝光，您是否看到選舉後資金流動方面的任何變化，而您正試圖在規劃中將這些變化考慮在您的各種政府曝光中？

We have not. In fact, I think we've said this in a couple of places. Parts of the portfolio where we have exposure to government, Gordian is a good example, although less -- more state and local, less federal. But our productivity solutions really, I think, are going to resonate and really drive cost reductions. So to some extent, we think an opportunity where we're more -- where maybe there's more fiscal responsibility actually plays to our -- play in our favor.

我們沒有。事實上，我認為我們已經在幾個地方說過這一點。我們的投資組合中有一部分涉及政府，Gordian 就是一個很好的例子，儘管涉及的政府較少——更多的是州和地方政府，較少是聯邦政府。但我認為，我們的生產力解決方案確實會產生共鳴，並真正推動成本降低。因此，從某種程度上來說，我們認為，如果我們有機會承擔更多財政責任，那麼這實際上對我們有利。

On the product side of the businesses, we've actually seen strength. We actually -- we've gotten some nice large orders from some of the primes across the portfolio. So I would say at this point, nothing would indicate that customers are changing their mindset around where they're staying in our business here at least over the past few months.

在業務的產品方面，我們確實看到了實力。事實上，我們已經從投資組合中的一些主要公司獲得了一些不錯的大訂單。因此我想說，目前沒有任何跡象表明客戶至少在過去幾個月裡改變了他們對留在我們這裡的業務的看法。

Great thanks so much. Thanks, Rob.

非常好，非常感謝。謝謝，羅布。

Julian Mitchell with Barclays.

巴克萊銀行的朱利安·米切爾。

Hi, Julian.

你好，朱利安。

Hey, good afternoon. Maybe just a first question on the Precision Tech organic sales guide. So just there's a bunch of moving pieces but just trying to understand that improvement in year-on-year organic sales from the first quarter to the balance of the year. Maybe help us understand how much of that is a function just of selling days versus easier comp versus some end market improvement that you've embedded maybe in China or somewhere else.

嘿，下午好。也許這只是關於 Precision Tech 有機銷售指南的第一個問題。因此，有許多變動因素，但只是想了解從第一季到今年年底有機銷售額年比是否有所改善。也許可以幫助我們了解其中有多少只是銷售天數的功能，還是更容易的競爭，還是您可能在中國或其他地方嵌入的一些終端市場改進。

And also, I suppose the orders conversion into sales, you've had six months of decent orders. It sounds like that will persist. Are we seeing those orders convert into sales already? And it's just the mismatch is just a function of different comps? Or are these somehow kind of longer-dated activities in the order book that will come into revenue later than normal?

而且，我認為訂單會轉化為銷售額，您已經有六個月的好訂單了。聽起來這種情況將會持續下去。我們是否已經看到這些訂單轉化為銷售額了？不匹配僅僅是不同組件的函數嗎？還是這些是訂單簿中某種長期活動，會比正常情況晚產生收入？

Yeah, a lot to unpack there, Julian, but let me start with -- I think what you were talking about the cadence, I would certainly say the cadence through the year for PT will be really down mid-single digit in the first quarter, probably a little bit better in the second quarter and then some growth in the second half.

是的，朱利安，有很多事情需要解釋，但讓我先從——我想你談論的節奏開始，我肯定會說，PT 全年的節奏在第一季度確實會下降個位數中段，在第二季度可能會好一點，然後在下半年會有所增長。

I think that gets them to be about up slightly for the year. Some of that's going to be comps, particularly in China, where we see a lot more of the dramatic tougher comp in the first quarter and in the first half.

我認為這會讓他們今年的業績略有上漲。其中一些將是可比的，特別是在中國，我們在第一季和上半年看到了更多更為嚴峻的可比情況。

We've always said that we thought some market improvement would occur in the back half of the year. That's embedded but it's not a dramatic improvement in any way, shape or form. But we do think some markets would start to come back. And we've actually seen a number of things where customers were actually seeing that.

我們一直說，我們認為今年下半年市場會出現一些改善。這是內在的，但無論從哪方面看都不是一個顯著的改進。但我們確實認為有些市場將開始復甦。我們實際上已經看到很多顧客確實看到了這一點。

The other aspect is we're getting the really high volume numbers in places where we're seeing dramatic growth principally in Qualitrol and in EMC. We've got some investments to improve capacity, which will also help us in the second half.

另一方面，我們在 Qualitrol 和 EMC 等出現顯著增長的地方獲得了非常高的銷量。我們進行了一些投資來提高產能，這也將有助於我們下半年的發展。

So I think the combination of comp in China, some market improvement but nothing dramatic, and the combination of our ability to get more out here is really what changes first half to second half. And then I think -- as I think about really what -- when we look at the business more broadly, it's also the innovation cadence. We mentioned this in the prepared remarks but a number of the innovations, particularly at Tektronix really starts to take hold in the second half. None of it -- but we really don't have a lot of that embedded at this point.

因此，我認為，中國市場的競爭狀況、市場的一些改善（但並不顯著）以及我們在這裡獲得更多產品的能力才是上半年和下半年真正改變的原因。然後我認為——當我真正思考什麼時——當我們更廣泛地看待業務時，這也是創新節奏。我們在準備好的演講中提到了這一點，但許多創新，特別是泰克的創新，在下半年才真正開始發揮作用。沒有——但目前我們確實沒有嵌入太多內容。

That's helpful. Thank you. And then just my follow-up would be around the tariff potential there, and any way in which you could size perhaps share of purchases or COGS or something like that from some of the countries that may be affected in terms of US tariffs?

這很有幫助。謝謝。然後我的後續問題是關於那裡的關稅潛力，以及您能否估算出可能受到美國關稅影響的一些國家的購買份額或銷貨成本或類似的東西？

Yeah, Well, I would say, number one, the Canada and Mexico, even though they were postponed, really doesn't have an impact to us. So in that sense, really no impact. The China tariffs, as you know, we've had a strong playbook since 2018.

是的，我想說，第一，加拿大和墨西哥的比賽雖然被推遲了，但對我們沒有太大影響。所以從這個意義上來說，確實沒有影響。如你所知，自 2018 年以來，我們就對中國關稅採取了強有力的應對措施。

We've really just pulled out that playbook. We talked about a number of scenarios that we created several months ago when we started hearing about what the potential could be. We've already enacted those countermeasures and that's embedded in our guide. So the 10% tariffs in China have been countermeasured and we'll move through what we have.

我們確實剛剛拿出了那本劇本。當我們開始聽到可能出現的情況時，我們討論了幾個月前創建的許多場景。我們已經制定了這些對策，並且已將其納入我們的指南中。因此，中國已採取了反制措施，我們將繼續採取現有措施。

I think to some extent, how we thought about the year from a macro perspective in China does have some of the economic impact of some of the tariffs. I'm not sure we could point to any of those with true specificity.

我認為，在某種程度上，我們如何從宏觀角度看待中國今年的情況確實受到了部分關稅帶來的一些經濟影響。我不確定我們能否真正具體地指出其中任何一個。

But I think the way we planned China is going to be down here mid-single digit for the year in China for Fortive, I think, embeds the fact that there's going to be some uncertainty amongst customers, and in China. And ultimately, that will impact our revenue. So we've tried to be prudent about that as we look into the year.

但我認為，我們在中國市場的規劃是，Fortive 今年在中國市場的銷售額將下降到個位數的中段，我認為這反映了客戶和中國市場將存在一些不確定性。最終，這將影響我們的收入。因此，我們在展望今年時盡量對此保持謹慎。

Great thank. You.

非常感謝。你。

Nigel Coe from Wolfe Research,

Wolfe Research 的 Nigel Coe，

Hi. Good morning, good afternoon. So, Chuck, I think this might be your last earnings call. I'm sure you're going to miss this whole process, but thanks for all the help over the years, and good luck with your retirement.

你好。早安，下午好。所以，查克，我想這可能是你最後一次的財報電話會議了。我確信你會懷念整個過程，但感謝你多年來的幫助，祝你退休後一切順利。

Thank you.

謝謝。

A couple of quick ones here. Just the date head within 1Q, we've heard this from some other companies. Is this just the leap year in the prior year quarter or was there something on Chinese New Year? Any more color there? And then just FX has sometimes had an impact on margin conversion, I think, mainly within AHS. So any sort of peculiar sort of things to kind of flag with this dollar strengthening?

這裡有幾個簡短的。就第一季的日期而言，我們從其他一些公司那裡聽說了這一點。這只是上一季的閏年還是與中國新年有關？還有顏色嗎？我認為，外匯有時會對保證金轉換產生影響，主要是在 AHS 內部。那麼，美元走強是否預示著什麼特殊情況呢？

I think that a couple of things there. You were asking about days. I think there's something -- it's just simple days. I don't think we have -- when you look at the whole year, I don't think there's a big difference there. So they'll come back. But that's the main thing there.

我認為那裡有幾件事。您問的是日期。我認為有些事——這只是簡單的日子。我認為我們沒有——當你看全年時，我認為那裡沒有太大的差別。所以他們會回來的。但那才是最重要的。

I think when you talk about the Health margins, they get hit with a little bit more FX impact to the margins, and I think that's what you're seeing there.

我認為，當您談論健康利潤時，他們的利潤會受到更多的外匯影響，我認為這就是您所看到的。

There's a bit of a bigger days impact to Healthcare. You think about how much of that days impact sits with consumables, for example. That's about 200 basis points of headwind in the first quarter, Nigel, to their growth there.

對醫療保健的影響更大一些。例如，你想一下那一天的影響有多少是來自消耗品。奈傑爾，這意味著第一季他們的成長將遭遇約 200 個基點的阻力。

Okay. Yes, 200 basis points, yes. That's what I was thinking as well. And then just a follow-on with the spin. Just wondering if there's any more visibility on public company costs and stranded costs from the spin.

好的。是的，200個基點，是的。我也是這麼想的。然後繼續旋轉。我只是想知道，從分拆中是否可以更清楚地了解上市公司的成本和擱淺成本。

Yes. And I think we've sized them roughly around $50 million to $60 million. I think some of that we'll get after between now and spin and offset about half of that, and the other half would probably take maybe 12 to 18 months to work down and work out. But we expect to get it all normalized.

是的。我認為我們的規模大約在 5,000 萬至 6,000 萬美元之間。我認為從現在開始我們會解決其中的一部分問題，旋轉並抵消大約一半的問題，而另一半問題可能需要 12 到 18 個月的時間才能解決。但我們希望一切都恢復正常。

And, Nigel, on the separation costs, I think we -- in the slide, we showed $185 million. That's mostly on -- that's all onetime costs. That's mostly professional services, taxes, lawyers, the banker fees to do some of that work. So we've outlined that on the slide as well.

奈傑爾，關於分離成本，我想我們在幻燈片中顯示的是 1.85 億美元。這主要都是一次性成本。這些費用主要是專業服務費、稅金、律師費以及銀行家為完成部分工作而支付的費用。因此我們也在幻燈片上概述了這一點。

So as Chuck said, we'll get after the stranded costs. We're making good progress on building the teams here. So we feel -- as I mentioned in the prepared remarks, we feel really good about our ability to get the teams ready for, and hence, our ability to speed up the time line.

正如查克所說，我們會追討擱淺成本。我們在這裡的團隊建立方面取得了良好的進展。因此，我們感覺——正如我在準備好的演講中提到的那樣，我們對於讓團隊做好準備的能力感到非常滿意，因此，我們有能力加快時間表。

Okay. Thanks, Jim.

好的。謝謝，吉姆。

Thank you.

謝謝。

Steve Tusa with JP Morgan.

摩根大通的史蒂夫·圖薩。

Hey guys, how's it going? Chuck, thanks for all the help over the years and best of luck.

嘿夥計們，最近怎麼樣？查克，感謝你多年來的幫助，祝你好運。

Thank you.

謝謝。

So just on the product businesses, back to the tariff question. Did you guys see any kind of preordering ahead of the change in administration and potential tariffs? And I'm just curious as to how the quarter played out sequentially by month kind of adjusting for seasonality in a way, if you could.

因此，就產品業務而言，回到關稅問題。在政府變動和潛在關稅變化之前，你們是否看到了任何形式的預訂？我很好奇，如果可以的話，這個季度按月連續表現如何，以某種方式根據季節性進行調整。

Yeah, So I wouldn't say we identified any additional revenue relative to people prebuying, Steve. What we saw in the was pretty good cadence through. Point-of-sale was positive in North America as an example at Fluke, and that cadence was relatively consistent throughout the quarter. That's probably our best benchmark. But we identified roughly about $10 million of revenue at Fluke that we think came out of the first quarter.

是的，所以我不會說我們發現了與人們預購相關的任何額外收入，史蒂夫。我們看到的是相當不錯的節奏。以福祿克為例，其北美銷售點表現積極，且整個季度的節奏相對一致。這可能是我們最好的基準。但我們發現福祿克大約有 1000 萬美元的收入來自第一季。

But that was really more mostly US distribution and European distribution. People were starting to get close to incentives as the year played out. And so there was a little bit of additional buying to get into incentive plans and things like that. So it's really that, that we identified. So it really wasn't around tariffs as near as we can tell.

但實際上這主要是美國分銷和歐洲分銷。隨著一年的過去，人們開始接近獲得激勵。因此，我們會進行一些額外的購買，以加入激勵計劃等。所以，我們確實確認了這一點。因此，據我們所知，這實際上與關稅無關。

Got it. And then just last one on the -- as a follow-up on the Tektronix, the T&M side of PT. Which verticals are you seeing the best order rates in? Which ones are kind of picking up here the most?

知道了。然後是最後一個——作為對泰克、PT 的 T&M 方面的後續跟進。您認為哪些垂直產業的訂單率最高？這裡最受關注的是哪些內容？

Yeah, I mean, we've had really strong -- anything tied to defense has been strong for several quarters, I would say. The high end, what I'll call, for lack of a better term, the high end of semiconductor and high-speed compute, hyperscalers, those kinds of quantum computing, all of those have been really good. So, design efforts, investments that are going into those opportunities have been really strong.

是的，我的意思是，我們的防守確實很強——我想說，任何與防守相關的東西在幾個季度都很強勁。高端，我稱之為，由於缺乏更好的術語，高端半導體和高速計算，超大規模，那些類型的量子計算，所有這些都非常好。因此，設計工作和對這些機會的投資都非常強勁。

Broadly, industrial hasn't -- has been pretty good, too, particularly in North America, where we've seen the weakness, as we mentioned in the prepared remarks, is really Western Europe and in China. And that really part of that is EV mobility and the other part of that is just broadly China. And most of that is really export control customers that we can no longer do business with.

總體而言，工業發展也相當不錯，特別是在北美，正如我們在準備好的發言中提到的，我們看到的弱點實際上是西歐和中國。其中，實際上一部分是電動車移動性，另一部分則是中國市場。其中大多數確實是出口管制客戶，我們不能再與他們做生意了。

Got it. Okay, thanks a lot. Have a great weekend.

知道了。好的，非常感謝。祝你周末愉快。

Thanks, Steve, You too.

謝謝，史蒂夫，你也是。

Jeff Sprague from Vertical Research Partners.

Vertical Research Partners 的 Jeff Sprague。

Thanks. Good day, everyone. How are you doing. Good to catch-up. A couple of loose ends here. Just on the days, can we just have the number? Like how many days are we talking about here? It sounds like it's 2-ish?

謝謝。大家好。你好嗎。很高興趕上。這裡有幾個未解決的問題。只是日期，我們可以只知道數字嗎？例如我們在這裡談論的是多少天？聽起來像是 2 左右？

Two days. Yes, two days was about $8 million in the first quarter.

兩天。是的，第一季兩天的收入大約是 800 萬美元。

Yeah. And you think it affects, what, 60% or 70% of your business, is that the right ballpark?

是的。您認為它會影響您業務的 60% 或 70%，這個數字準確嗎？

It's really -- it's, no. It would be consumables, which are about half of healthcare. And then the remaining, call it, $3 million or $4 million is in services and places like Gordian, so take rate business.

這確實是——不是。這將是消耗品，約佔醫療保健的一半。剩下的 300 萬或 400 萬美元則用於服務和像 Gordian 這樣的地方，所以是利率業務。

(Multiple Speakers) So think about daily services like we would do in the service organizations for Fluke and Tek as well as the services that we have in software.

（多位講者）想想我們在 Fluke 和 Tek 的服務機構中提供的日常服務，以及我們在軟體中提供的服務。

Okay. Yes, I think it might impact things in distribution but maybe not. If people want it, they'll catch it up. Okay, that's helpful. Thank you. And then just on China, I think you said down mid-single digit. I think that was a 2025 estimate. Can you just kind of level set us on how much China -- what China did in 2024 for the year and in the quarter?

好的。是的，我認為它可能會影響分銷，但也可能不會影響。如果人們想要它，他們就會得到它。好的，這很有幫助。謝謝。然後就中國而言，我認為您說的是下降了中等個位數。我認為這是 2025 年的估計。您能否大致估算一下中國在 2024 年全年及本季的表現如何？

Yes. So I think for.

是的。所以我認為。

High single-digit.

高個位數。

Yes, down high single-digit for 2024, down mid-single digits for 2025 with probably Q1 being down high single digit to low double digits in the quarter. And that's more broadly. And what's interesting, Jeff, is our high-growth markets ex China have actually been continuing to grow really well. And so that's -- I think the offset there is going to be -- we continue to see good growth in some of the other high-growth markets.

是的，2024 年將下降高個位數，2025 年將下降中等個位數，第一季可能將下降高個位數至低兩位數。這是更為廣泛的。有趣的是，傑夫，我們除中國以外的高成長市場實際上一直在持續保持良好的成長勢頭。因此，我認為，我們將繼續看到其他一些高成長市場的良好成長。

And then just maybe finally for me on sort of the flat AOP for Q1. I take it that's still some margin pressure in PT and then some upward trajectory in the other two segments, but anything you'd say there that kind of get us in the right ballpark?

然後也許最終對我來說，Q1 的 AOP 是平的。我認為 PT 的利潤率仍然面臨一些壓力，而其他兩個部門的利潤率則呈現上升趨勢，但您認為有什麼可以讓我們達到正確的水平嗎？

Yeah, I mean, I would say on flattish growth, we're typically going to -- that's kind of the overall Fortive. Margin expansion in last year, so 110 basis points in 2024 in Q1.

是的，我的意思是，我想說，在平穩增長的情況下，我們通常會——這就是整體的 Fortive。去年利潤率擴大，因此 2024 年第一季利潤率將達到 110 個基點。

So when you kind of look at where we're at on a two year stack, still good despite kind of that low single-digit growth that we would have had on a comparable basis. But it's exactly right. New Fortive or IOS and Health will be -- will have good margin expansion. And with being down the way we are in PT, we're doing a nice job of offsetting.

因此，當你回顧我們兩年來的狀況時，你會發現，儘管我們在可比較基礎上實現了較低的個位數成長，但情況仍然良好。但它確實正確。新的 Fortive 或 IOS 和 Health 將會有良好的利潤擴張。由於我們在 PT 的狀況不佳，所以我們在彌補損失方面做得很好。

When I think about how we've done in PT over the last year, given the fact that our -- Tek being down, our highest gross margin business, it's been really good operational performance to offset a number of those things. And obviously, our margin expansion for the year was good in 2024 for Fortive, in part because of IOS and AHS doing a great job but also the countermeasure work that PT did as well.

當我思考過去一年我們在 PT 方面的表現時，考慮到我們的最高毛利率業務 Tek 處於下滑狀態，我們的營運表現確實很好，可以抵消其中的一些影響。顯然，對於 Fortive 來說，2024 年的年度利潤率成長是良好的，部分原因是 IOS 和 AHS 做得很好，但 PT 也採取了應對措施。

Great thanks a lot.

非常好，非常感謝。

Thank you, Jeff.

謝謝你，傑夫。

Scott Davis with Melius Research.

Melius Research 的 Scott Davis。

Good morning out there. But, hey, I don't think you addressed it in prepared remarks but maybe you did but this is for Chuck. The tax rate seemed to be pretty volatile for the size of the company. Is there -- any particular reason why that's been hard to pin down?

大家早安。但是，嘿，我不認為你在準備好的發言中提到了這一點，但也許你提到了，但這是給查克的。對於該公司的規模來說，稅率似乎相當不穩定。有什麼特別的原因導致這問題難以確定嗎？

Well, the tax rate came down in Q4 due to discrete items. That's typically where most of those things land, and they could be somewhat unpredictable and we don't forecast them. And so I think that's what you're seeing there. When you take out discrete items, it's actually holding into that 14% range.

嗯，由於單項商品的原因，第四季的稅率有所下降。這通常是大多數事情發生的地方，它們可能有點難以預測，我們無法預測它們。所以我認為這就是你所看到的。當你取出離散項目時，它實際上保持在 14% 的範圍內。

Okay, so I get it. All right. So if you wanted to mark-to-market kind of where we are with Provation and ASP, let's just take those two businesses. What do you guys think the new realistic kind of long-term growth rates are? I mean, we know what you thought they were when you did the deals but it's been a few years now. So if we just mark-to-market now and you said, okay, over the next five years or even longer, what would you expect to be kind of the entitlement potential growth rates of those two assets now?

好的，我明白了。好的。因此，如果您想了解 Provation 和 ASP 的市價，我們就以這兩家公司為例。你們認為新的現實的長期成長率是多少？我的意思是，我們知道你在做交易時是怎麼想的，但現在已經過去好幾年了。因此，如果我們現在只是按市價計價，然後您說，好吧，在未來五年甚至更長時間內，您預計這兩項資產的權利潛在增長率是多少？

Yeah, I would say ASP mid-single-digit. That's a combination of additional elective procedures plus some price plus some volume share gain. And then as we mentioned in the prepared remarks, we're really starting to see the innovation flywheel start.

是的，我認為 ASP 處於中等個位數。這是額外的選擇性手術加上一些價格加上一些數量份額的增長。正如我們在準備好的發言中提到的那樣，我們確實開始看到創新飛輪啟動。

So we feel good that as we've talked over the years, Scott, we had six 510(k) approvals here, and it takes a while to get the innovation cycle moving in health care just because of the regulatory environment. But we're really starting to see that.

因此，我們感覺很好，正如我們多年來所談論的那樣，斯科特，我們這裡有六個 510（k）批准，而且由於監管環境的原因，醫療保健領域的創新週期需要一段時間才能啟動。但我們確實開始看到這一點。

So we feel really good about that mid-single-digit growth rate going on. It's a little bit impacted how we just talked about the days. That's our biggest days impact is that ASP.

因此，我們對目前中等個位數的成長率感到非常滿意。這對我們剛才談論的日子有點影響。對我們影響最大的是 ASP。

But when we look really at the entitled growth rate, it's mid-single digit. Provation, probably high single, low double. When we look at the SaaS conversion, it will move around a little bit depending on how that conversion goes. But that's a combination of really just the continued work, great work we're doing.

但當我們真正看一下應得的成長率時，它只是一個數的中等水準。證明，可能是高單，低雙。當我們查看 SaaS 轉換時，它會根據轉換的進展而略有波動。但這其實只是我們持續不斷的努力和出色工作的結合。

We haven't talked about it in a long time -- in some time but they're doing a great job. I mentioned the dramatic improvement increase in SaaS sites that we had, and that's really the great work we're doing.

我們已經很久沒有談論過這個問題了——雖然已經有一段時間了，但他們做得很好。我提到我們的 SaaS 網站取得了顯著的進步，這確實是我們正在做的偉大工作。

We've really got a good sales motion going. And as we also mentioned, we got Apex Insights, which is their AI offering, which is now starting to get some traction as well with customers. So call it high single to low double, and that's really what we thought we would underwrite when we bought the business.

我們的銷售活動確實進展順利。正如我們所提到的，我們獲得了 Apex Insights，這是他們的 AI 產品，現在也開始受到客戶的青睞。所以稱之為高單到低雙，這確實是我們在收購該業務時想承保的。

Yes, consistent. Okay, I'll pass that. Thank you guys. Best of luck this year. Good luck, Chuck.

是的，一致。好的，我會接受的。謝謝你們。祝你今年好運。祝你好運，查克。

Thanks, Scott.

謝謝，斯科特。

Andrew Obin with Bank of America.

美國銀行的安德魯‧奧賓 (Andrew Obin)。

Yeah, good morning. Hi, how are you. Just the first question, maybe talk about your digital, your software assets, Gordian, Accruent service channel. Where are we in those growth rates? And what do those look like exiting the year and going to 2025?

是的，早安。你好你好嗎。只是第一個問題，也許可以談談您的數位、軟體資產、Gordian、Accruent 服務管道。我們的成長率處於什麼水準？那麼，從今年到 2025 年，這些會是什麼樣子呢？

Yeah, We had a growth of high single digit for both quarter and the year, Andrew. Our software revenue grew overall. In Q1, it's going to grow high single, and that's with some headwinds on the service front. So we think that high single is good.

是的，安德魯，我們的季度和年度都實現了高個位數的成長。我們的軟體收入整體成長。在第一季度，它將實現高速成長，但在服務方面會面臨一些阻力。所以我們認為高單是好的。

We're seeing -- we have those dramatic growth rates at Gordian for a number of years. So the Gordian rate's moderating a little bit down into the double-digit range, low double digit, but we're seeing improvements at Accruent and ServiceChannel. So good growth there.

我們看到——Gordian 多年來一直保持著驚人的成長率。因此，Gordian 利率略微下降至兩位數範圍，低兩位數，但我們看到 Accruent 和 ServiceChannel 有所改善。那裡發展得很好。

I just mentioned about Provation, good growth there. So Intellect, we're starting to improve the growth rate there. We had a little bit of a challenge there in 2024, but we've done some nice work to continue to improve that. So overall, software in very good shape.

我剛才提到了 Provation，那裡發展得很好。因此，我們開始提高 Intellect 的成長率。2024 年我們遇到了一些挑戰，但我們已經做了一些很好的工作來繼續改善這種情況。整體而言，軟體狀況非常好。

We mentioned a number of places where we've got some innovation going on as well in FAL in the prepared remarks. So the team is executing well, innovation flywheel starting to take -- have some real impact, I would think those businesses.

我們在準備好的演講中提到了 FAL 中正在進行的一些創新。因此，團隊執行得很好，創新飛輪開始發揮作用——我認為這些企業將產生一些真正的影響。

And I think as you look at around it, I know you do this a lot, I think those numbers are going to hold up pretty well. So we feel good about where our software businesses are. And we've also dramatically improved the profitability. We talked about the 800 basis points in the prepared remarks in FAL. We're just -- we've got a lot -- we're really demonstrating how FBS can really accelerate our software business. And I think you'll continue to hear that as we progress through the year.

而且我認為，當你環顧四周時，我知道你經常這樣做，我認為這些數字將會保持得相當好。因此，我們對我們的軟體業務現狀感到滿意。而且我們的獲利能力也大幅提高了。我們在 FAL 的準備好的演講稿中討論了 800 個基點。我們只是——我們已經有很多了——我們真的在展示 FBS 如何真正加速我們的軟體業務。我想，隨著時間的流逝，你會繼續聽到這個消息。

And can we just talk about sort of utilities and power vertical? It seems structurally, things are changing there over the long term. How is the conversation changing with the customers? Do you need to add capacity? Do you have the right exposure? If you could expand on that because that's a big topic. Thank you.

我們可以討論一下公用事業和電力垂直領域嗎？從結構上看，那裡的情況正在長期改變。與顧客的對話有何變化？您需要增加容量嗎？您的曝光度正確嗎？如果您可以詳細闡述這一點，因為這是一個大主題。謝謝。

Thank you.

謝謝。

Yeah, it is. And so it really comes in two ways. In a smaller way, it comes from what we do with EA and Tektronix, where we are really playing in a lot of the technologies and R&D investments that are going into the next generation of utilities. And as the grid gets improved and technologies are going into that, obviously, R&D organizations around the world is designing those components and designing those chipsets. And we're very involved with Tek and EA there.

是的。所以它實際上有兩種表現形式。從較小的角度來說，它來自於我們與 EA 和 Tektronix 的合作，我們確實在下一代公用事業的眾多技術和研發投資中發揮了作用。隨著電網的改進和技術的不斷進步，顯然，世界各地的研發機構都在設計這些組件和晶片組。我們與 Tek 和 EA 的合作非常密切。

The bigger number, as you point out, is at Qualitrol, and that's been very strong. That's both on the grid monitoring side but also on the transformer side. We've got a number of new sensors that we're launching with those businesses. We've had double-digit growth in that business for several years. And as I mentioned on a previous question, we're ramping capacity because some of -- we're really up against our own capacity here.

正如您所指出的，數量較大的是 Qualitrol，而且非常強勁。這既涉及電網監控方面，也涉及變壓器方面。我們與這些企業合作推出了許多新型感測器。我們的業務連續幾年保持兩位數的成長。正如我在之前的問題中提到的那樣，我們正在提高產能，因為其中一些——我們確實已經達到了我們自己的產能極限。

And we look out -- that's a longer cycle business. As we look out the next 12 to 18 months, we continue to see customers making dramatic investments in those markets. So we -- that's going to be a good growth driver, as we've talked, about for what I'll call Ralliant because we have a new name now for PT. And that will be a good growth driver for Ralliant going forward.

我們發現—這是一個週期較長的業務。展望未來 12 至 18 個月，我們將繼續看到客戶在這些市場進行大規模投資。因此，正如我們所討論的，這將是一個很好的成長動力，我將其稱為 Ralliant，因為我們現在為 PT 取了一個新名字。這將成為 Ralliant 未來良好的成長動力。

Thank you.

謝謝。

Joseph Giordano from TD Cowen.

TD Cowen 的 Joseph Giordano。

Hi, guys. Thanks for taking my questions. When I benchmark Tek versus your peer group, do you think you guys have just more structural exposure to things like EV in China than some of your competitors do?

嗨，大家好。感謝您回答我的問題。當我將 Tek 與你們的同行進行對比時，你們是否認為你們在中國對電動車等產品的結構性敞口比你們的一些競爭對手更大？

Well, I think the comps are tough because you don't have a perfect view. But I would say with EA, we might have a little bit more EVs exposure as a percent of the business, but I think those numbers are relatively in line. And when we comp them against over multiyears, we see pretty similar performance.

嗯，我認為比賽很難，因為你沒有完美的視野。但我想說，對於 EA 來說，我們的電動車業務佔比可能會稍微高一點，但我認為這些數字相對來說是一致的。當我們將它們與多年的表現進行比較時，我們發現它們的表現非常相似。

Okay. And then just on PT margins in the quarter, like I think they were expected to ramp pretty considerably, and they were down sequentially on higher revenues. Just curious any color on that.

好的。然後就本季的 PT 利潤率而言，我認為預計會大幅增長，但由於收入增加，利潤率將比去年同期下降。只是好奇那是什麼顏色。

In Q4 or Q1?

在第四季還是第一季？

Q4.

問4.

The PT margins in Q4, yes, they were down relative to the volume decline revenue, 220 basis points.

是的，第四季的客運利潤率相對於銷售下降的收入下降了 220 個基點。

Well, it's a little bit. Yes, we had a little bit less revenue there and a little bit less revenue in some places where they're in some of our higher profitable businesses. Some of that is that production capacity point I made. Some of it's at Tek. So a little bit of that is a little bit of volume and then a little bit of mix, too.

嗯，有一點。是的，我們在那裡的收入略有減少，在我們利潤較高的業務所在的一些地方，我們的收入也略有減少。其中一部分就是我提出的生產能力觀點。其中一些在 Tek。因此，其中有一點點體積，然後還有一點點混合。

Okay. Thank you, guys.

好的。謝謝你們。

Thanks, Joe.

謝謝，喬。

Andy Kaplowitz with Citigroup.

花旗集團的 Andy Kaplowitz。

Hi, good morning, everyone. Chuck, thanks for all your help. Chuck or Jim, maybe you can update us on how you're thinking about price versus cost in 2025. There's obviously some tariff-related uncertainty, but I would imagine that the material cost inflation has been relatively benign. So what's embedded in your expectations for 2025?

大家好，早安。查克，謝謝你的幫忙。查克或吉姆，也許您可以告訴我們您對 2025 年價格與成本的看法。顯然存在一些與關稅相關的不確定性，但我認為材料成本通膨相對溫和。那麼，您對 2025 年有何期望呢？

We've got about 200 -- a little over 200 basis points price across the enterprise and that's pretty consistent. Look, maybe 225 basis points. So that's pretty consistent in -- across segments. So in that sense, we'll continue to -- we always go after more price so that's usually a testament to our teams. We'll see -- that will mean some -- we'll start to see volume on the IOS front here but we won't have volume in PT most likely. So given the outlook that we've got around flattish, so for the full year.

我們整個企業的價格大約在 200 到 200 多個基點之間，這是相當一致的。你看，也許是 225 個基點。因此，在各個領域中，這都是相當一致的。因此從這個意義上來說，我們將繼續下去——我們總是追求更高的價格，這通常證明了我們的團隊。我們會看到——這意味著——我們將開始看到 IOS 前端的數量，但我們很可能不會在 PT 中看到數量。因此，鑑於我們對全年前景的預期，今年全年前景將基本持平。

Helpful. And then in AHS, I think in Q3, you had double-digit consumables growth. It was mid-single digits in Q4. I know you talked about the difference in days in Q4, Q1 that's probably the big reason. But did you see anything in AHS that actually slowed or was it really just a day? Is there a difference -- a bigger difference in growth between US and, for instance, Europe and China in AHS?

很有幫助。然後在 AHS，我認為在第三季度，您的消耗品實現了兩位數的成長。第四季的增幅為個位數中段。我知道您談到了第四季和第一季天數的差異，這可能是主要原因。但是，您是否看到 AHS 中出現了任何實際減慢的現象，或者實際上只是一天？是否存在差異——美國與歐洲和中國在 AHS 領域的成長差異更大？

Yeah, Health is in a really good place. Q4 had -- didn't have the benefit of the year before comp that Q2 and Q3 did. So we really saw a good underlying performance. A little bit of impact on this IV bag situation, which we'll see in a couple of months in Q1. But broadly, really good performance in Health, particularly really across the board in all the businesses.

是的，健康狀況非常好。Q4 並沒有像 Q2 和 Q3 那樣享受到去年同期的效益。因此我們確實看到了良好的潛在表現。這對靜脈注射袋的情況有一點影響，我們將在第一季的幾個月內看到。但總體而言，醫療保健領域表現確實很好，特別是所有業務領域都表現良好。

I would say Europe was good. So in that sense, China is a little challenged. So I would say if you're anywhere in health where we're watching is in China but more broadly across the world, Japan, Middle East, we're really seeing good performance across our Health businesses. Now our most global business is ASP. So when we think around the world, it really -- ASP is really the one business that sells everywhere in the world.

我想說歐洲很好。從這個意義上來說，中國面臨一些挑戰。所以我想說，如果你關注的是中國的健康領域，但更廣泛地看，在世界各地，日本、中東，我們確實看到我們的健康業務表現良好。現在我們最全球化的業務是ASP。因此，當我們放眼全球時，ASP 確實是一家在世界各地銷售業務的企業。

Appreciate the color.

欣賞色彩。

Thanks, Andrew.

謝謝，安德魯。

Christopher Snyder from Morgan Stanley.

摩根士丹利的克里斯多福·史奈德。

Hi. How is it going guys. I appreciate the questions. I wanted to ask on PT orders. Great to see that double-digit positive for the second quarter in a row. Are orders going higher in absolute terms? Because I know the comps are negative. And then with that, anything you could share on how Precision Tech, the book-to-bill is trending in Q4. Thank you.

你好。大家好嗎？我很感謝你們提出這些問題。我想詢問 PT 訂單。很高興看到連續第二季實現兩位數的正成長。從絕對數量來看，訂單量是否有增加？因為我知道比較結果是負面的。然後，您可以分享一下 Precision Tech 第四季的訂單出貨比趨勢嗎？謝謝。

Yes. So book-to-bill for PT and certainly for Tech and Sensing on a combined basis is one for the year. It's a little below -- just below 1, 0.96 for the fourth quarter but that's typical for us in the fourth quarter, given the seasonality of the shipments that we have in the fourth quarter.

是的。因此，PT 以及 Tech 和 Sensing 的訂單出貨比是全年之最。該數字略低於 - 略低於 1，第四季度為 0.96，但考慮到第四季度出貨量的季節性，這對於我們第四季度來說是典型的。

Yeah, I would say dollars, I think, were up Q4 from Q3. And we'll grow orders in the first half in PT. A little bit of pressure in the first quarter because of some of the comp issues I was mentioning around China, but we still see continued growth in orders here in the first half. And to Steve's question around how does some of the timing, I think it was Steve's, around six months or nine months, we'll start to see some of that shipment impact.

是的，我認為第四季的美元比第三季有所上漲。我們將在 PT 上半年增加訂單。由於我提到的中國的一些競爭問題，第一季面臨一些壓力，但我們仍然看到上半年這裡的訂單持續成長。至於史蒂夫關於時間安排的問題，我認為史蒂夫的答案是，大約六個月或九個月後，我們就會開始看到一些出貨量的影響。

We did see some of those orders more back-end loaded. Some of it is because they're semiconductor-related and they're semiconductor investments in the second half. But we also saw some of our sensing companies that typically get blanket orders.

我們確實看到其中一些訂單的後端加載較多。部分原因是它們與半導體相關，並且是下半年的半導體投資。但我們也看到一些感測公司通常會收到集體訂單。

Some of those orders we've got -- normally we would get for a full 12 months, we've only got for a few months. So we see a little bit of that order rate coming into shipments more, a little bit more back-end loaded than typical. But we feel very comfortable with that sort of seasonality relative to years past.

我們收到的一些訂單——通常我們會收到整整 12 個月的訂單，但我們只收到了幾個月的訂單。因此，我們看到訂單率有一點點上升到出貨量，後端負載比通常情況下要高一點。但與過去幾年相比，我們對這種季節性感到非常滿意。

Thank you for that. Really appreciate it. And then maybe just following up. I was surprised to see Precision Tech organic growth were lower in Q4, I think, down mid-singles versus Q4 down 3% just because we are seeing that positive order momentum.

謝謝你。真的很感激。然後也許只是跟進。我很驚訝地看到 Precision Tech 第四季度的有機成長率較低，我認為，與第四季度相比，下降了 3%，只是因為我們看到了積極的訂單勢頭。

It doesn't seem like the days impact is all that material for Precision Tech based on some of the prior commentary. So I guess, is the -- is Q1, is that down mid-single reflecting EA Electro now coming into organic? And with that, what is the expectation for EA Elektro in 2025? Thank you.

根據先前的一些評論，當天的影響似乎對 Precision Tech 來說並不是那麼重要。所以我猜，Q1 中單的下滑是否反映了 EA Electro 正在進入有機成長階段？那麼，您對 EA Elektro 在 2025 年的期望是什麼？謝謝。

Yeah, So I would say a couple of things on the first quarter. One is China a little bit more challenged than we anticipated so I would say that's part of that. Second of all, you're right, EA going into core and EA's best quarter last year was the first quarter because of the backlog coming in. So that's part of it as well.

是的，所以我想就第一季說幾件事。一是中國面臨的挑戰比我們預期的要大一些，所以我認為這是其中的一部分。其次，您說得對，EA 進入核心階段，而 EA 去年表現最好的季度是第一季度，因為有積壓訂單。這也是其中的一部分。

We think the good thing about EA, we certainly -- and we mentioned it in the prepared remarks but just to put a ball around it, much of that EV mobility challenge that we saw principally in Western Europe and in China is EA. So that is certainly -- we think EA will grow mid-single digits this year.

我們認為 EA 的好處是，我們當然——我們在準備好的評論中提到了這一點，但只是為了概括一下，我們主要在西歐和中國看到的電動車移動挑戰很大程度上是 EA。所以，我們當然認為 EA 今年的成長率將達到中個位數。

And with the power of FBS and some of the things we've done operationally, we're going to get their margin rate back to where they were when we bought the company. So the margin rate is now in really good shape. We're going to put it.

憑藉 FBS 的力量以及我們在營運上所做的一些事情，我們將使他們的利潤率恢復到我們收購該公司時的水平。因此，保證金率現在處於非常好的狀態。我們要把它放上去。

We'll be -- the business will be back into growth mode as we move through the year. The Tektronix sales synergies are ahead of plan, and that's really, really working well, particularly in North America as we find new parts of growth in different markets. And we've started to get some of those orders.

隨著時間的流逝，我們的業務將恢復成長模式。泰克的銷售協同效應超出了計劃，而且效果確實非常好，特別是在北美，因為我們在不同的市場找到了新的成長點。我們已經開始接到一些這樣的訂單。

So I think those are some of the things that are going well. But again, we've talked about this through 2024. The large order EV business that was a big part of their business back in 2022 and 2023, we have not seen that come back nor have we planned for it to come back in 2025.

所以我認為這些都是進展順利的事情。但我們已經討論過 2024 年的情況了。大型訂單電動車業務是他們 2022 年和 2023 年業務的重要組成部分，但我們尚未看到該業務復甦，也沒有計劃在 2025 年復甦。

I'd just add that the EA headwind is about $10 million on a core basis. It's $10 million of the core decline year-over-year for Q1.

我只想補充一點，EA 的核心逆風約為 1000 萬美元。第一季核心營收年減 1000 萬美元。

Thank you for that. I really appreciate it.

謝謝你。我真的很感激。

Deane Dray with RBC Capital Markets.

加拿大皇家銀行資本市場的 Deane Dray。

Thank you. Good day, everyone. I also want to wish Chuck all the best.

謝謝。大家好。我也祝福查克一切順利。

Thanks, Dean.

謝謝，迪恩。

Hey, Chuck, before you ride off into the sunset, I want to put the spotlight on net working capital. And at 6%, that puts Fortive in among the elite. And so I was hoping you could just parse out how that looks New Fortive versus Ralliant? Did I say that right, Ralliant?

嘿，查克，在你騎馬走向夕陽之前，我想把焦點放在淨營運資本上。6% 的市佔率讓 Fortive 躋身精英行列。所以我希望您能分析一下 New Fortive 與 Ralliant 的差異？我說得對嗎，Ralliant？

Yes, you did.

是的，你做到了。

How does that break out? I would imagine the more software part of New Fortive skews that lower, but just directionally, can you help us there?

這是怎麼發生的？我可以想像 New Fortive 的軟體部分會偏低，但只是從方向上來說，您能幫助我們嗎？

Yeah, I think that -- I'm not sure -- I haven't really looked at that detailed in terms of with Ralliant, but we have looked at it excluding the software, which would have it at around 9%. And that's what I would expect Ralliant to be in that zone, which is also really good. But we have a really good working capital.

是的，我認為——我不確定——我還沒有真正詳細研究過 Ralliant 的情況，但我們已經研究過不包括軟體的情況，其比例約為 9%。這就是我期望 Ralliant 處於的那個區域，這也非常好。但我們的營運資金確實充足。

So similar question for the two. I was not expecting Ralliant to be that low on the net working capital, which is a positive obviously. But just what does that mean for Ralliant's free cash flow, after both companies, kind of free cash flow cadence on an annual basis based upon that? It's got to be both very comfortably above 100% conversion.

所以這兩個問題很相似。我沒想到 Ralliant 的淨營運資本會這麼低，這顯然是件好事。但是，對於 Ralliant 的自由現金流來說，這意味著什麼？在兩家公司合併後，基於此，年度自由現金流節奏是如何的？轉換率必須非常輕鬆地達到 100% 以上。

No. I think not above 100% but pushing -- and I'd say that 95% to 100%. The two things that really drive you over 100% would be whether you have software. Some software companies have maybe working capital or doing M&A and be able to do improvement. But I'd expect to be 95% to 100%.

不。我認為不會超過 100%，但會努力——我會說是 95% 到 100%。真正能讓你付出 100% 努力的兩件事是你是否有軟體。一些軟體公司可能擁有營運資金或正在進行併購並能夠進行改進。但我預計會達到 95% 到 100%。

Yeah, we'll certainly get more clarity as we get to Investor Day. But Deane, you point out, the free cash flow both businesses is going to be really strong.

是的，隨著投資者日的到來，我們肯定會得到更清晰的答案。但是迪恩，你指出，這兩家企業的自由現金流將會非常強勁。

Great. And just to clarify on your software business collectively, are you at the negative working capital level?

偉大的。只是為了澄清一下你們的軟體業務，你們的營運資本水準是否處於負值？

Collectively, I don't know because not all software companies do that, but some do. I think we're pretty flat.

總的來說，我不知道，因為並非所有軟體公司都這樣做，但有些軟體公司會這樣做。我認為我們的關係相當平穩。

Yeah, We're still working through ServiceChannel is probably the big change there, Deane. They weren't typically that way. And so contractually, we're working through that over time. Accruent is probably the biggest negative working capital software business we have.

是的，我們仍在努力透過 ServiceChannel 實現這一目標，這可能是最大的改變，迪恩。他們通常不是那樣的。因此，根據合同，我們會逐步解決這個問題。Accruent 可能是我們最大的負營運資本軟體業務。

Have. Great, thank you for all that color.

有。太好了，謝謝你提供的所有顏色。

Jamie Cook from Truist.

Truist 的 Jamie Cook。

Hi. Just two quick follow-ups. One, within PT, I think last quarter, you noted some improvement in semi. Can you just talk about what you saw specifically in the fourth quarter and your expectations for 2025?

你好。只需快速跟進兩個問題。首先，在 PT 內部，我認為上個季度，您注意到了半導體方面的一些改善。您能談談您在第四季度看到的具體情況以及對 2025 年的期望嗎？

And then my other question, congrats on the spin happening earlier. Just because we get questions on it, I assume the probability of anything happening on PT, an inbound offer, we can just assume that sort of put to bed and not on the table? Thank you.

然後我的另一個問題是，祝賀旋轉早些時候發生。只是因為我們對此有疑問，我假設 PT 上發生任何事情的可能性，即入站報價，我們可以假設這種情況已被擱置而不是被擺上檯面？謝謝。

Yeah, I'll take the second one. I think that's probably pretty -- that's a fair assumption that we're going forward with the spin and we've evaluated all inbound offers. And then remind me of the first question that you had?

是的，我會選擇第二個。我認為這可能是相當合理的——我們將繼續推進這一舉措，並且已經評估了所有收到的報價。然後提醒我你提出的第一個問題？

Improvement in semi, yes. Jamie, it's Jim. I would say a couple of things. One is where we're kind of a little bit getting back to the prepared remarks, the high-speed compute aspects of semiconductor have been good. NVIDIA is a customer. Some of the large hyperscalers are customers. So I would say that's the good part. I would say that pretty typical to what you're seeing in some other places, the weaker aspects of semi are more the sort of discrete consumer products, that kind of stuff. And we don't anticipate a return on that.

是的，半程改進了。傑米，我是吉姆。我想說幾件事。首先，我們有點回到準備好的發言，半導體的高速運算方面一直都很好。NVIDIA 是我們的客戶。一些大型超大規模企業是其客戶。所以我想說這是好的部分。我想說的是，這與你在其他地方看到的情況非常相似，半導體的弱點更在於離散消費產品之類的東西。我們並不期望獲得回報。

We're starting to see some green shoots there, but without a doubt, and that's -- some of that's in the order rate, but we're sort of expecting some improvement in that by the end of the year, but we haven't anticipated any big dramatic improvement through in the end of the year.

我們開始看到一些復甦的跡象，但毫無疑問，部分跡象體現在訂單率上，我們預計到今年年底會有所改善，但我們預計年底不會出現任何重大的顯著改善。

Thank you.

謝謝。

Thank you.

謝謝。

Joseph O'Dea from Wells Fargo.

富國銀行的約瑟夫·奧迪亞。

Hi. Thanks for taking my questions. A fair amount of focus on China, but just if you could talk a little bit about regional expectations specific to Fluke really, and how you think about the growth opportunity within the guide if we think about it from North America, Europe, China kind of perspective, what type of growth you think you can do in Fluke?

你好。感謝您回答我的問題。相當多的焦點放在中國，但如果您能談談對福祿克的具體區域預期，以及如果我們從北美、歐洲、中國的角度考慮，您如何看待指南中的增長機會，您認為福祿克可以實現哪些類型的增長？

Yeah, I think we think about -- I think we did sort of low single-digit-plus at Fluke at 2024. We'd anticipate the same thing being in 2025, so pretty similar expectations. Team has done a nice job. As we mentioned, making a lot of their own luck with this acceleration of the innovation cycle.

是的，我想我們會考慮——我認為我們在 2024 年在 Fluke 的業績達到了低個位數以上。我們預計 2025 年也會出現同樣的情況，因此預期非常相似。團隊做得很好。正如我們所提到的，隨著創新週期的加速，他們自己也獲得了極大的運氣。

North America will be the winner in the club house most likely regionally. But we expect some growth in Western Europe, and we expect good growth outside of China in the high-growth markets. We do expect probably China to be down a little bit in the full year, with most of that being in the first half just because of comps, mostly comp challenge. So we don't have a big anticipation of any big improvement in the market.

從地區來看，北美很可能成為俱樂部的贏家。但我們預期西歐市場將出現一定成長，我們預期中國以外的高成長市場也將出現良好的成長。我們確實預期中國全年的銷售額可能會略有下降，其中大部分下降發生在上半年，主要是因為同店銷售額下降，主要是同店銷售額下降帶來的挑戰。因此，我們對市場不會有任何重大的改善並不抱持太大的期望。

As I mentioned, point-of-sale is a little mixed. Our sort of day-to-day run rate point-of-sale at Fluke in China is actually down, but our sort of project-based point-of-sale is actually up. So we are still seeing some -- and I think that's really a function of the innovation. We're finding places where that innovation can work.

正如我所提到的，銷售點有點混亂。福祿克中國公司的日常銷售點運作率實際上是下降的，但基於專案的銷售點運作率實際上是上升的。所以我們仍然看到一些——我認為這確實是創新的功能。我們正在尋找這種創新能夠發揮作用的地方。

But sort of the day-to-day run rate business still hasn't come back yet. And we'll probably -- we'll continue to stay prudent around that as well. So Fluke's in a really good position as we start the year off and after a strong finish. Some of the -- maybe a little bit of that weakness in the first quarter is what we mentioned, which is some of the revenue coming out of the first quarter. We saw that in the fourth.

但日常運作率業務仍未恢復。我們也可能會繼續對此保持謹慎。因此，Fluke 在年初和年末都取得了強勁成績，處於非常有利的位置。我們提到的第一季的一些疲軟現象可能是第一季的部分收入。我們在第四節看到了這一點。

And then on the Sensing side, just any color on what kind of growth you expect out of Qualitrol? Trying to get a little bit of perspective on whether those capacity constraints, what kind of an impact they have on growth constraints? And then also within Sensing, just anything on Hengstler and demand trends in Europe, whether there's anything encouraging there?

然後在感測方面，您預計 Qualitrol 會有什麼樣的成長？試著稍微了解一下這些產能限制是否會對成長限制產生什麼樣的影響？然後同樣在感測領域，關於亨斯特勒 (Hengstler) 和歐洲需求趨勢的任何信息，是否有令人鼓舞的消息？

Well, I would say, number one, Qualitrol, multi-year double-digit growth, and we would expect that again this year. And that's a little bit of the capacity constraints. It's not just the volume this year, it's the sum total of the continued volume growth that we've got. So we'll have a little bit of capacity increase there to deal with the long-term demand trends that are very strong.

嗯，我想說，第一，Qualitrol 連續多年實現兩位數成長，我們預計今年也會如此。這就是一點容量限制。這不僅是今年的銷量，而是我們持續銷售成長的總和。因此，我們將稍微增加產能，以因應非常強勁的長期需求趨勢。

Sensing in general, we saw order growth in the second half. I think double-digit order growth in Sensing in the second half. So we -- but some of the blanket orders that we would normally see at the end of the year to cover the entire year, we did not see.

整體來看，我們看到下半年訂單有所成長。我認為下半年感測領域的訂單將達到兩位數成長。所以我們——但是我們並沒有看到一些我們通常在年底看到的涵蓋全年的綜合訂單。

And I would say that's -- part of that is Hengstler as you point out. And I think where your question is going is exactly right. Their exposure to European automation is a higher percentage of anywhere else in Sensing, and that's really where their business has been the most weak.

我想說的是 — — 正如您所指出的，部分原因是 Hengstler。我認為你的問題完全正確。他們在歐洲自動化領域的業務佔比感測行業的其他任何地方都要高，而這實際上是他們的業務最薄弱的領域。

And also, China has been weak. We have some automation customers there as well. And that would principally be in discrete automation, which is probably consistent with a lot of what you heard from others over the last few weeks.

而且中國一直很弱。我們在那裡也有一些自動化客戶。這主要體現在離散自動化方面，這可能與您過去幾週從其他人那裡聽到的許多內容一致。

Indeed it is. Thanks a lot.

確實如此。多謝。

Scott Davis from Melius Research

Melius Research 的 Scott Davis

Good afternoon. Good morning for you. And thank you for taking the question. And Chuck, good luck and be happy.

午安.早安.感謝您回答這個問題。祝查克好運、幸福。

Thank you.

謝謝。

A couple of questions around, first of all, on -- my questions are actually all around margins. So in the quarter, was price cost your typical spread, 50, 100 basis points? Is that fair?

首先，我有幾個問題——我的問題實際上都與利潤有關。那麼在本季度，價格成本的典型價差是 50 還是 100 個基點？這樣公平嗎？

Price was 3% in the quarter. And we look at gross margins, we expanded gross margins 10 basis points in the quarter. So relative to that sort of spread, it's probably on par with what it's been over the course of the year.

本季價格上漲了 3%。我們來看看毛利率，本季我們的毛利率提高了 10 個基點。因此，相對於這種傳播，它可能與一年中的水平相當。

Okay. And then could you remind us what the restructuring savings will be? What's the plan there and how they layer into earnings as the quarters progress?

好的。然後您能否提醒我們重組節省的金額是多少？那裡的計劃是什麼？隨著季度的進展，他們將如何增加收益？

We funded $20 million of restructuring in the fourth quarter. We assume that, that hold in and get gradually, we see the benefits of that over the course of the year. Not much, maybe a couple of million dollars of benefit, call it, $0.01 in the first quarter guidance.

我們在第四季度投入了 2000 萬美元用於重組。我們假設，堅持下去並逐漸獲得好處，我們將在一年內看到它的好處。不多，也許有幾百萬美元的收益，在第一季的指導中也就是 0.01 美元。

Thank a lot.

非常感謝。

All right. Thanks, Scott.

好的。謝謝，斯科特。

Thank you. There are no further questions at this time. I would now like to hand the call back over to Jim Lico for any closing comments.

謝謝。目前沒有其他問題。現在我想將電話轉回給 Jim Lico，請他發表最後評論。

Well, thanks, Daryl, and thanks, everyone. Incredibly, incredibly thoughtful set of questions. We appreciate all that. Obviously, Elena and team will be available for any other questions just want to thank everyone. A lot of comments around Chuck.

好吧，謝謝達裡爾，也謝謝大家。這一系列問題令人難以置信、令人深思熟慮。我們對此表示感謝。顯然，埃琳娜和團隊將隨時解答任何其他問題，只是想感謝大家。圍繞查克有很多評論。

I just want to make sure everybody knows he's not going anywhere. He's going to continue to support the Fortive team here through the spin. So you may have an opportunity to hear from him a little bit. But he's done -- obviously done a great job for us over the years, and we're excited for what he will do next, but that's not just -- that's not tomorrow. He's still got some work to do near as I can tell.

我只是想確保每個人都知道他不會去任何地方。他將繼續在這裡支持 Fortive 團隊。所以你可能有機會聽到他的一些消息。但他多年來顯然為我們做出了巨大的貢獻，我們對他下一步的計劃感到興奮，但這不是明天的事。據我所知，他目前還有一些工作要做。

So anyway, as you can hear, exciting times for us. We couldn't be more excited. Good finish to the year. I think in many respects, we pointed out some of the five year numbers that we're really proud of. When you look at several records set in 2024 around a number of things.

無論如何，正如您所聽到的，這對我們來說是激動人心的時刻。我們非常興奮。今年的收尾很好。我認為在很多方面，我們都指出了一些我們真正引以為傲的五年數字。當你看到 2024 年在許多方面創下的幾項記錄。

Despite some of the mixed macro environment, we were able to do a number of things on the margin and free cash flow front that I think are just synonymous with FBS and really have an opportunity to really set us up for 2025.

儘管宏觀環境好壞參半，我們仍然能夠在利潤和自由現金流方面做很多事情，我認為這與 FBS 同義，並且確實有機會為我們在 2025 年做好準備。

But probably the most important thing is how FBS has really driven innovation. And really, when you see that across the board, I think you'll hear more of that as we progress through the year. We're excited about 2025. We're excited with the fact that we can bring to you the idea that the spin is going to happen faster. It really speaks, I think, as well to the power of FBS and the quality of our team.

但可能最重要的是 FBS 如何真正推動創新。事實上，當你全面看到這一點時，我想隨著我們一年年的進展，你會聽到更多這樣的消息。我們對 2025 年充滿期待。我們很高興能夠為您帶來旋轉速度更快的想法。我認為這確實也證明了 FBS 的實力和我們團隊的素質。

So we'll look forward to the follow-up questions. We'll see many of you out on the road here soon. A lot to do here between now and the spin. We're excited about it, and we look forward to continue to talk about all the exciting things going on in Fortive.

因此我們期待後續問題。我們很快就會在路上見到你們。從現在到旋轉之間有很多事情要做。我們對此感到興奮，並期待繼續談論 Fortive 正在發生的所有令人興奮的事情。

Thanks. Have a great day, and have a great weekend.

謝謝。祝您有個愉快的一天，並度過愉快的週末。

Great. Thank you. This does now conclude today's teleconference. We appreciate your participation. You may disconnect your lines at this time. Enjoy the rest of your day.

偉大的。謝謝。今天的電話會議到此結束。感謝您的參與。現在您可以斷開線路。享受你剩餘的一天。