Fortive Corp (FTV) 2025 Q1 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 the Fortive Corporation's first quarter 2025 earning results conference call. (Operator Instructions)

我叫布洛克，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 2025 年第一季獲利業績電話會議。（操作員指示）

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

現在，我想將會議交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, Brock, and thank you, everyone, for joining us on today's call. I am joined today by Jim Lico, our President and CEO, and we are thrilled to welcome Mark Okerstrom, our new CFO, to the call. As he is in the process of ramping up, Jim and I will be addressing most of your questions today. For comments, Mark will also share some valuable insights and look forward to you getting to know him in the weeks and months ahead. We present certain non-GAAP financial measures on today's call.

謝謝布洛克，也謝謝大家參加今天的電話會議。今天，我們的總裁兼執行長 Jim Lico 也與我們一起參加了電話會議，我們也非常高興地歡迎新任財務長 Mark Okerstrom 參加會議。由於他正在努力提高，今天我和吉姆將解答你們的大部分問題。對於評論，馬克還將分享一些寶貴的見解，並期待您在未來幾週和幾個月內了解他。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 may differ materially from any forward-looking statements that we make today. Information regarding these risk factors is available in our SEC filings, including our annual report on Form 10 for the year ended December 31, 2024, and quarterly report on Form 10-Q for the quarter ended March 28, 2025. These forward-looking statements speak only as of the date they are made, and we do not assume any obligation to update.

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。有關這些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 2024 年 12 月 31 日的年度報告表 10 和截至 2025 年 3 月 28 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 thanks for joining us. I'll begin on slide 3. Fortive delivered a solid first quarter performance with strong operational execution, allowing us to deliver adjusted earnings per share of $0.85, in line with our expectations. Despite slightly lower-than-expected revenues, we expanded both adjusted gross and operating margins while continuing to invest for 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 第一季業績表現穩健，營運執行力強勁，調整後每股收益達到 0.85 美元，符合我們的預期。儘管收入略低於預期，但我們在繼續投資以實現成長的同時，擴大了調整後的毛利率和營業利潤率。

Our operating performance and disciplined working capital management drove better-than-expected cash flow generation in the quarter. We also continued our pace of share repurchases, reflecting our commitment to value-enhancing capital deployment. These results were achieved amidst a more dynamic macro environment and demonstrate our team's dedication to the Fortive Business System and relentless focus on execution. Our accelerated pace of innovation and durable recurring revenue profile is helping to sustain top line momentum in our Intelligent Operating Solutions and Advanced Healthcare Solutions segments for what will be Fortive. We saw customers in Precision Technologies or what we'll call Ralliant delay investments in light of increased political and macroeconomic uncertainty, putting a halt to the momentum we had seen in the second half of 2024.

我們的經營業績和嚴格的營運資本管理推動本季現金流產生優於預期。我們也持續推動股票回購步伐，體現了我們對增值資本部署的承諾。這些成果是在更動態的宏觀環境中取得的，體現了我們團隊對 Fortive 業務系統的奉獻精神和對執行的不懈關注。我們加快的創新步伐和持久的經常性收入狀況有助於維持 Fortive 智慧營運解決方案和先進醫療保健解決方案部門的營收成長動能。我們看到 Precision Technologies（我們稱之為 Ralliant）的客戶因政治和宏觀經濟不確定性增加而推遲了投資，阻止了我們在 2024 年下半年看到的勢頭。

We came into 2025 knowing it was going to be a year of uncertainty, and we would need to stay flexible to adapt to changing market dynamics. Our outlook now incorporates moderating demand in PT as well as the net impact of current tariffs. Regarding the newly announced tariffs, we are deploying countermeasures using the playbook we started back in 2018. We've been on a multiyear journey to enhance our supply chain and manufacturing resilience, enabling us to reduce our exposure to imports from China by 70% since that time. Lastly, we continue to make progress towards the separation, which we're targeting to complete by the end of the second quarter.

進入 2025 年，我們知道這將是充滿不確定性的一年，我們需要保持靈活性以適應不斷變化的市場動態。我們的展望目前涵蓋了PT的放緩需求以及當前關稅的淨影響。對於新宣布的關稅，我們正在按照2018年就開始的策略部署應對措施。我們多年來一直致力於增強我們的供應鏈和製造業的彈性，自那時起，我們對中國進口的依賴減少了 70%。最後，我們在分離方面繼續取得進展，目標是在第二季末完成。

In March, we announced our new CFO, Mark Okerstrom. His expertise in accelerating profitable growth and being a disciplined capital allocator will help drive additional shareholder value as we transition into the next chapter of Fortive. He spent the last month in immersion and getting up to speed, and we're excited to have him with us on today's call.

三月份，我們宣布了新任財務長 Mark Okerstrom。他在加速獲利成長和嚴謹的資本配置方面的專業知識將有助於在我們進入 Fortive 的下一章時推動額外的股東價值。他花了上個月的時間沉浸在工作中並不斷提高速度，我們很高興他能參加今天的電話會議。

I'll turn it over to Mark to say a few words.

我將把時間交給馬克講幾句話。

Thanks, Jim. Hi, everyone. Great to be here. I thought I'd start with a few brief remarks on my thesis for joining Fortive and some very early reflections on what I've seen so far after just over a month on the job. Firstly, I've long admired principles and practices behind the rigor that runs through Fortive by virtue of its heritage and its leadership, but I wanted to experience it close up.

謝謝，吉姆。大家好。很高興來到這裡。我想先簡單談談我加入 Fortive 的理由，以及我工作一個多月以來所見所聞的一些初步思考。首先，我一直很欽佩 Fortive 憑藉其傳統和領導力所秉持的嚴謹原則和實踐，但我想近距離體驗它。

And so far, based on what I've seen, it's impressive. FBS is real and the entire Fortive team here live and breathe it with remarkable discipline. Secondly, and with my investor hat on, I felt the stand-alone Fortive investment thesis was compelling. I was attracted by Fortive's strong portfolio of leading businesses with big moats and the secular tailwinds blowing at their backs in the markets in which they operate. I also like the near-term catalyst of the spin.

到目前為止，就我所見而言，這是令人印象深刻的。FBS 是真實的，這裡的整個 Fortive 團隊都以非凡的紀律性生活和呼吸著它。其次，以投資者的身份，我認為獨立的 Fortive 投資論點很有說服力。我被 Fortive 強大的領先業務組合所吸引，這些業務擁有強大的護城河，並且在它們運營的市場中擁有長期的順風優勢。我也喜歡旋轉的近期催化劑。

Thirdly, to add to that base thesis, I saw the personal opportunity to drive big impact and bend returns curve up and to the right using levers that are largely in the CFO's hands. I was compelled by the opportunity to work alongside Jim for a few months and then with Olumide to find creative ways over the long term to accelerate organic growth across the business while maintaining the financial discipline that Fortive has come to be known for.

第三，為了補充這個基本論點，我看到了個人機會，可以利用主要掌握在財務長手中的槓桿來推動巨大影響並使回報曲線向上和向右彎曲。我很榮幸有機會與 Jim 共事幾個月，然後與 Olumide 合作，尋找長期的創意方法，加速整個業務的有機成長，同時保持 Fortive 聞名的財務紀律。

And during my diligence work prior to joining, I also saw some real opportunities to unlock value in how we allocate the precious capital entrusted to us by our shareholders and how we work with our investor base. It's been just over a month and though it's early days, my thesis on Fortive remains well intact. I'm looking forward to meeting many of you in the coming weeks and months as I get on the road and at our Investor Day in New York on June 10.

在加入之前的盡職調查工作中，我還看到了一些真正的機會，可以釋放價值，包括如何分配股東委託給我們的寶貴資本以及如何與投資者群體合作。已經過去一個多月了，雖然才剛開始，但我對 Fortive 的論文仍然完好無損。我期待在未來幾週和幾個月的出差途中以及 6 月 10 日在紐約舉行的投資者日上與你們中的許多人見面。

With that, I'll turn it back to Jim.

說完這些，我就把話題轉回給吉姆。

Thanks, Mark. With that, let's take a closer look at our first quarter results on slide 4. Core revenue declined 2% in the quarter, slightly below our expectations. FX was a modest headwind, resulting in total revenue down 3%. Intelligent Operating Solutions and Advanced Healthcare Solutions came in as expected with core growth [up] 2.2%, which was more than offset by an 8.4% core decline in Precision Technologies.

謝謝，馬克。讓我們仔細看看幻燈片 4 上的第一季業績。本季核心營收下降 2%，略低於我們的預期。外匯是一個溫和的阻力，導致總收入下降 3%。智慧營運解決方案和進階醫療保健解決方案的核心業務符合預期，成長 2.2%，但精準技術的核心業務下降 ​​8.4%，抵消了這一成長。

While trade and macro uncertainty is delaying the recovery in PT, we had overall orders growth with continued strength in secular growth markets. We delivered adjusted operating profit of $373 million and adjusted operating margin expansion of 20 basis points, led by performance in IOS, including accretive software growth and the benefits of our productivity actions. Adjusted EPS grew 2% year-over-year to $0.85, up 13% on a two year stack, and we delivered better-than-expected adjusted free cash flow of $222 million. As a reminder, our six month growth in adjusted free cash flow was up 7%, reflecting our strong finish in Q4. We repurchased 2.5 million shares in the first quarter as planned.

儘管貿易和宏觀不確定性延緩了PT的復甦，但我們的整體訂單量有所成長，長期成長市場持續走強。我們實現了 3.73 億美元的調整後營業利潤，調整後營業利潤率擴大了 20 個基點，這主要得益於 IOS 的業績，包括軟體的增值成長和生產力行動帶來的好處。調整後每股盈餘年增 2% 至 0.85 美元，兩年累計成長 13%，我們實現了好於預期的 2.22 億美元調整後自由現金流。提醒一下，我們調整後的自由現金流六個月成長了 7%，反映了我們第四季的強勁表現。我們在第一季按計劃回購了250萬股。

Moving to slide 5, I will provide more detail on our segment performance for the quarter, beginning with new Fortive. On a combined basis, core revenue grew 2.2%, in line with our expectations of low single-digit core growth despite the roughly 200 basis point headwind from Fluke-related sales that moved into Q4 and fewer days in Q1, impacting consumable and services utilization rates. Adjusted operating profit margins expanded 80 basis points while continuing to invest for growth, highlighting the attractive incrementals of this business. Moving to the right. Intelligent Operating Solutions grew core revenues by 2%.

前往投影片 5，我將詳細介紹本季各部門的業績，首先介紹新的 Fortive。總體而言，核心收入成長了 2.2%，符合我們對低個位數核心收入成長的預期，儘管第四季度福祿克相關銷售出現了約 200 個基點的阻力，且第一季的銷售天數減少，影響了消耗品和服務的利用率。調整後的營業利潤率擴大了 80 個基點，同時繼續投資以實現成長，凸顯了該業務具有吸引力的成長潛力。向右移動。智慧營運解決方案核心收入成長了 2%。

Fluke was up low single digit as expected in the quarter. We saw stable industrial demand, particularly in North America with a more challenging macro environment in Europe and China. New product momentum in our high-growth market segments provided a tailwind to growth, including our solar and EV storage equipment commercialization efforts in addition to successful new data center product functions with LinkIQ. Combined with continued growth in software and services, this contributed to Fluke's durability in the quarter. Our Facility and Asset Lifecycle group grew core revenue mid-single digit, driven by strong take rate revenue across our multisite retail product offering, partially offset by certain government customers curtailing spending as they navigate budget and policy changes.

正如預期的那樣，Fluke 本季度實現了低個位數成長。我們看到了穩定的工業需求，特別是在北美，而歐洲和中國的宏觀環境則更具挑戰性。我們高成長市場領域的新產品勢頭為成長提供了順風，包括我們的太陽能和電動汽車儲存設備商業化努力，以及 LinkIQ 成功的新資料中心產品功能。加上軟體和服務的持續成長，這有助於福祿克在本季保持持久成長。我們的設施和資產生命週期集團的核心收入成長了中等個位數，這得益於我們多站點零售產品的強勁收入，但部分抵消了某些政府客戶在應對預算和政策變化時削減支出的效應。

Service Channel is seeing traction on its slate of new products and enhancements, in addition to increased demand for fully outsourced solutions, including an enterprise win with a large specialty discount retailer in the quarter. IOS segment adjusted operating margins expanded by 150 basis points in the quarter and over 300 basis points on a two year stack, enabled by continued accretive growth in our software and recurring revenue businesses.

服務通路的新產品和增強功能正在受到青睞，此外，對完全外包解決方案的需求也在增加，包括本季與一家大型專業折扣零售商的企業合作。IOS 部門調整後的營業利潤率在本季擴大了 150 個基點，兩年累計擴大了 300 多個基點，這得益於我們軟體和經常性收入業務的持續成長。

As you can see on the far right of the page, Advanced Healthcare Solutions grew core revenues by 2.5% in the quarter. After adjusting for the impact of fewer days in health care consumables, our infection prevention business grew mid-single digit, reflecting stable demand and continued traction in our new product introductions at ASP incentives. We continue to see strong win rates through expanded use of FBS sales and marketing tools.

正如您在頁面最右側看到的，Advanced Healthcare Solutions 本季核心營收成長了 2.5%。在調整了醫療保健耗材供應天數減少的影響後，我們的感染預防業務實現了中等個位數增長，反映了穩定的需求以及我們在平均銷售價格激勵下推出的新產品的持續吸引力。透過擴大使用 FBS 銷售和行銷工具，我們持續看到強勁的成功率。

We also saw a robust software growth at Provation, driven by continued share gains in SaaS conversions as large networks and health systems with disparate GI solutions look to consolidate and standardize platforms and cloud adoption continues to gain momentum. Positive volume leverage and accretive software mix were more than offset by growth investments, unfavorable FX and the impact of two less days, resulting in 70 basis points of adjusted operating margin contraction. Adjusted operating margins were up approximately 125 basis points on a two year stack. Overall, IOS and AHS Q1 performance reinforces the durable and profitable growth profile at New Fortive.

我們也看到 Provation 的軟體業務實現了強勁成長，這得益於 SaaS 轉換份額的持續成長，因為擁有不同 GI 解決方案的大型網路和醫療系統希望整合和標準化平台，而且雲端採用繼續獲得發展勢頭。正向交易量槓桿和加值軟體組合被成長投資、不利的外匯和兩天營業時間減少的影響所抵消，導致調整後的營業利潤率收縮 70 個基點。調整後的營業利潤率兩年內上漲了約 125 個基點。總體而言，IOS 和 AHS 第一季的業績鞏固了 New Fortive 持久且盈利的成長勢頭。

Turning to slide 6, the Precision Technologies segment. Going forward and consistent with how you'll see it represented in the published Form 10, Ralliant will report in two segments: Test and Measurement, which includes Tektronix and recently acquired EA, and Sensors and Safety Systems, which includes the Sensing Technologies and PacSci EMC businesses. For these purposes, we will refer to the new segment names.

翻到幻燈片 6，精密技術部分。展望未來，與您在已發布的 10 號表中看到的一致，Ralliant 將分為兩個部分進行報告：測試與測量（包括泰克和最近收購的 EA）以及感測器與安全系統（包括感測技術和 PacSci EMC 業務）。為了這些目的，我們將參考新的段名稱。

However, it is important to note this segment's results will differ from the presentation in the Form 10, which was prepared on a stand-alone carve-out basis and excludes approximately $80 million of annual Fluke-related service solutions revenue that is currently reported in the PT segment and will stay in Fortive going forward. On a segment basis, PT core revenue declined 8.4%, below our expectations of mid-single-digit decline, driven by lower-than-expected orders in Test and Measurement and shipment delays in Sensors and Safety Systems. Test and Measurement core revenue declined by high teens in the quarter.

然而，值得注意的是，該部門的結果將與表格 10 中的呈現有所不同，表格 10 是在獨立剝離的基礎上編制的，不包括目前在 PT 部門報告的每年約 8000 萬美元的 Fluke 相關服務解決方案收入，並且該收入今後將保留在 Fortive 中。從分部來看，PT 核心收入下降了 8.4%，低於我們預期的中等個位數下降，原因是測試和測量訂單低於預期，以及感測器和安全系統的發貨延遲。本季測試與測量核心收入下降了百分之十幾。

Order momentum we saw in Q3 and Q4 of 2024 significantly slowed in Q1 as certain customers delayed orders due to increased policy and macro uncertainty. We saw further slowing in China and a significant decline in Western Europe, with weaker EV battery production and delayed semiconductor capacity expansion. This is being partially offset by continued strong demand in communications for high-performance computers and high-bandwidth memory, both tied to the growth in AI data centers. Sensors and Safety Systems saw continued robust demand in the utility sector for grid monitoring and in the defense sector for energetic materials with strong orders growth in both businesses. Record demand levels continue to pressure supply chain, increasing our backlog in the quarter.

由於政策和宏觀不確定性增加導致某些客戶推遲了訂單，我們在 2024 年第三季和第四季看到的訂單勢頭在第一季顯著放緩。我們看到中國經濟進一步放緩，西歐經濟大幅下滑，電動車電池產量減弱，半導體產能擴張延後。但這在一定程度上被通訊領域對高效能電腦和高頻寬記憶體的持續強勁需求所抵消，這兩者都與人工智慧資料中心的成長息息相關。感測器和安全系統在公用事業領域對電網監控的需求持續強勁，在國防領域對含能材料的需求也持續強勁，兩項業務的訂單均出現強勁成長。創紀錄的需求水準繼續給供應鏈帶來壓力，導致本季的積壓訂單增加。

Overall, Sensors and Safety Systems had low single-digit core growth, reflecting a continuation of the broad industrial recovery we saw in the second half of last year, partially offset by supply chain constraints and delays to government approvals curtailing defense-related shipments. We expect accelerated growth in this segment as we move through the rest of the year. Adjusted operating profit margins contracted by 260 basis points on lower test and measurement volumes, unfavorable mix and FX, partially offset by strong margin expansion at Sensors and Safety Systems.

總體而言，感測器和安全系統的核心增長率較低，為個位數，反映了去年下半年我們看到的廣泛工業復甦的延續，但供應鏈限制和政府批准延遲導致國防相關出貨量減少，部分抵消了這一增長。我們預計，隨著今年剩餘時間的到來，該領域將加速成長。由於測試與測量量下降、產品組合不利以及外匯影響，調整後的營業利潤率收縮了 260 個基點，但感測器和安全系統的利潤率強勁增長部分抵消了這一影響。

Turning to slide 7. Policy and trade landscape has evolved significantly in the past 30 days. We came into this year planning for a number of scenarios. We have taken several steps to mitigate the impact of tariffs across our portfolio. Since 2018, we started shifting to more of an in-region, for-region manufacturing and sourcing strategy, which reduced our exposure to imports from China by 70%. Coupled with our resilient market positions, including recurring software and services revenue, strong US manufacturing footprint and reduced reliance on China, we believe we are well positioned to navigate the current environment.

翻到幻燈片 7。過去30天裡，政策和貿易格局發生了重大變化。我們今年針對多種情況進行了規劃。我們已採取多項措施來減輕關稅對我們產品組合的影響。自 2018 年以來，我們開始轉向區域內、針對區域的製造和採購策略，這使我們從中國的進口量減少了 70%。加上我們堅韌的市場地位，包括經常性的軟體和服務收入、強大的美國製造業足跡以及對中國的依賴減少，我們相信我們已準備好應對當前的環境。

We estimate the gross tariff impact is in the range of $190 million to $220 million prior to our mitigation efforts. This is primarily from China as you can see on the left-hand side of the chart. We have assumed the tariffs that are in place now or are expected to go into effect on July 9 continue through the year. Total impact breaks down roughly 60-40 between New Fortive and Ralliant. Moving to our countermeasures.

我們估計，在採取緩解措施之前，總關稅影響在 1.9 億美元至 2.2 億美元之間。正如您在圖表左側看到的，這主要來自中國。我們假設目前實施的關稅或預計 7 月 9 日生效的關稅將持續全年。整體影響在 New Fortive 和 Ralliant 之間約為 60% 和 40%。轉向我們的對策。

We have a proven playbook powered by the Fortive Business System, enabling us to move quickly to offset these headwinds. First, we are taking a strategic approach to pricing and have begun deploying price increases where appropriate. With industry-leading brands, we are collaborating with our distribution partners and customers. Coupled with our FBS pricing tools, we are quickly testing, refining and adapting to the current environment. We are also continuing to optimize sourcing and logistics to rebalance regional flows and are making select investments to localize manufacturing, which will further mitigate the headwinds over the medium term.

我們擁有由 Fortive 業務系統提供支援的經過驗證的策略，使我們能夠迅速採取行動來抵消這些不利因素。首先，我們採取了策略性的定價方法，並已開始在適當的情況下部署提價措施。我們與業界領先的品牌一起與我們的分銷合作夥伴和客戶合作。結合我們的 FBS 定價工具，我們正在快速測試、改進並適應當前環境。我們也將繼續優化採購和物流，以重新平衡區域流動，並進行選擇性投資以實現在地化製造，這將進一步緩解中期的阻力。

We expect our mitigation plans to phase in over the course of the second quarter. Coupled with other productivity and cost actions, we expect to fully offset the estimated tariff exposure by the fourth quarter of 2025 and be neutral in 2026. As a reminder, we mitigated unprecedented supply chain challenges in the last few years while still expanding free cash flow margins and leveraging FBS tools to improve profitability and reduce working capital. We are utilizing the same playbook to problem solve and are confident in our ability to continue to deliver best-in-class net working capital performance. Moving to slide 8 to talk about second quarter and full year guidance for total Fortive.

我們預計我們的緩解計劃將在第二季逐步實施。結合其他生產力和成本措施，我們預計到 2025 年第四季將完全抵銷預期的關稅風險，到 2026 年將保持中立。提醒一下，我們在過去幾年中緩解了前所未有的供應鏈挑戰，同時仍在擴大自由現金流利潤率並利用 FBS 工具來提高盈利能力並減少營運資金。我們正在利用相同的策略來解決問題，並有信心我們有能力繼續提供一流的淨營運資本績效。前往投影片 8，討論 Fortive 的第二季和全年整體指引。

We believe we've taken a pragmatic approach for the remainder of the year, adjusting our outlook to account for increased global uncertainty and the estimated impact of tariffs. Starting with the second quarter, adjusted EPS is expected in the range of $0.85 to $0.90, including a headwind from tariffs as our mitigation plans begin to ramp. From a segment perspective, we expect IOS and AHS to continue a steady pace of growth and PT to see a modest improvement from Q1. Let's discuss what this means for the year. For clarity, our 2025 adjusted EPS range of $3.80 to $4 is all in, including the impact of tariffs, net of mitigation action, as well as underlying demand moderation in PT.

我們相信，我們對今年剩餘時間採取了務實的態度，調整了我們的前景以應對全球不確定性的增加和關稅的預期影響。從第二季開始，調整後的每股盈餘預計在 0.85 美元至 0.90 美元之間，其中包括隨著我們的緩解計畫開始實施而受到的關稅阻力。從細分市場來看，我們預期 IOS 和 AHS 將繼續保持穩定的成長速度，而 PT 將從第一季開始出現小幅改善。讓我們討論一下這對今年意味著什麼。為了清楚起見，我們 2025 年調整後的每股盈餘範圍為 3.80 美元至 4 美元，其中包括關稅的影響、減稅措施的影響以及 PT 的潛在需求放緩。

We now expect PT core revenues to be down low single digits, again assuming lower demand in Test and Measurement partially offset by new price actions related to tariff mitigation. We are maintaining our core growth outlook for New Fortive, which includes a contingency from our muted demand that can impact pockets of IOS and AHS in 2025 as government customers navigate budget uncertainty as well as new price actions to countermeasure tariffs. Our updated adjusted EPS guidance also assumes an incremental tailwind from FX rates as well as lower tax expense in the current environment. We expect to provide independent guidance for New Fortive and Ralliant post separation on their respective second quarter earnings calls in July. Now on slide 9.

我們現在預計 PT 核心收入將下降個位數，同樣假設測試和測量方面的需求下降被與關稅減免相關的新價格行動部分抵消。我們維持對 New Fortive 的核心成長前景，其中包括我們低迷的需求所帶來的意外情況，這可能會在 2025 年影響 IOS 和 AHS 的部分領域，因為政府客戶需要應對預算不確定性以及應對關稅的新價格行動。我們更新後的調整後每股盈餘指引也假設，在當前環境下，外匯匯率將帶來增量順風，稅費將降低。我們預計將在 7 月各自的第二季度收益電話會議上為 New Fortive 和 Ralliant 分離後的情況提供獨立指導。現在看投影片 9。

We've undertaken deliberate actions over the last several years to create a more resilient Fortive, including further diversifying our product portfolio, identifying and expanding into regions and growth markets. And FBS has contributed to our success innovating in markets with strong secular tailwinds for growth with increased demand for safer, more efficient and more precise solutions globally. We've increased our mix of recurring revenue businesses, which have compounded high single digit the last five years. As a result, we've sustained continued revenue growth and margin resiliency in the face of a more dynamic macro environment. The progress continues.

過去幾年來，我們採取了深思熟慮的行動來打造更具彈性的 Fortive，包括進一步豐富我們的產品組合、確定並擴展到地區和成長市場。FBS 為我們在具有強勁長期成長動力的市場中進行創新的成功做出了貢獻，因為全球對更安全、更高效、更精確的解決方案的需求不斷增加。我們增加了經常性收入業務的組合，過去五年來，該業務的複合成長率高達個位數。因此，在更動態的宏觀環境下，我們仍保持了持續的營收成長和利潤率彈性。進展仍在繼續。

Today, Fortive is approximately 40% recurring revenue, which will expand to roughly 50% post separation and benefit from accretive software growth going forward. We continue to expand our addressable markets, new product introductions like Fluke solar and thermal imaging tools and ASP's steam monitoring products. Total revenue from high-growth markets outside of China are now greater than our share of revenue from China and is growing at high single-digit pace.

目前，Fortive 的經常性收入約為 40%，分離後這一比例將擴大到約 50%，並受益於未來軟體的持續成長。我們繼續擴大我們的潛在市場，推出新產品，如福祿克太陽能和熱成像工具以及 ASP 的蒸汽監測產品。目前，來自中國以外高成長市場的總收入已超過我們在中國的收入份額，並且正以高個位數的速度成長。

Despite the delayed recovery we see at Precision Technologies, we have a diverse set of the markets with exposure to strong secular trends, and 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. Turning to slide 10, I want to provide a brief update on our separation plans before wrapping up.

儘管我們看到 Precision Technologies 的復甦有所延遲，但我們擁有多元化的市場，並受到強勁的長期趨勢的影響，而且我們始終如一的執行力在過去五年中帶來了差異化的兩位數調整後收益和自由現金流複合增長，證明了我們有能力在任何環境下實現盈利性投資組合的發展。翻到第 10 張投影片，我想在結束前先簡單介紹一下我們的分離計畫。

We continue to make progress and now expect the transaction to be effective by the end of the second quarter. In terms of upcoming milestones, we anticipate filing the Form 10 with the SEC in the coming days, announce a CFO for Ralliant and host Investor Day in New York on June 10. The Investor Day will be both in-person at the New York Stock Exchange and webcast live through our Investor Relations website. Board of Ralliant led by Olumide and Tammy will present their respective businesses, management teams and priorities as two focused independent companies. We will host an innovation showcase, highlighting our exciting pipeline of new products and solutions to help our customers solve their toughest challenges.

我們不斷取得進展，目前預計交易將在第二季末生效。就即將到來的里程碑而言，我們預計將在未來幾天向美國證券交易委員會提交 10 號表格，宣布 Ralliant 的首席財務官，並於 6 月 10 日在紐約舉辦投資者日。投資者日將在紐約證券交易所舉行，並透過我們的投資者關係網站進行網路直播。由 Olumide 和 Tammy 領導的 Ralliant 董事會將作為兩家專注的獨立公司介紹各自的業務、管理團隊和優先事項。我們將舉辦一場創新展示會，重點介紹我們令人興奮的新產品和解決方案，以幫助我們的客戶解決最棘手的挑戰。

I'm incredibly excited about the future, confident both companies will showcase their tailored growth and capital allocation strategies to drive investor returns and unlock their full potential in the years to come. I'll now wrap up on slide 11. As previously announced, I'll be retiring as President and CEO following the completion of the Ralliant spin-off. And I'd be remiss if I didn't take this opportunity to thank our extraordinary 18,000 team members who helped shape and create a more resilient Fortive today. Our greatest strength is the enduring passion and commitment of our teams who take great pride in how they show up with a deep belief in better every day.

我對未來感到無比興奮，相信兩家公司將展示其量身定制的成長和資本配置策略，以推動投資者回報並在未來幾年釋放其全部潛力。我現在將結束第 11 張投影片的發言。正如之前宣布的那樣，在 Ralliant 分拆完成後，我將辭去總裁兼執行長的職務。如果我不藉此機會感謝我們傑出的 18,000 名團隊成員，那我就是失職了，是他們幫助塑造和創建了今天更具韌性的 Fortive。我們最大的優勢在於團隊持久的熱情和承諾，他們為自己每天都能表現得更好而感到自豪。

This next chapter is a manifestation of the strategy we laid out at our inception, profitably evolve our portfolio to deliver in any environment. Our enhanced portfolio position, innovative new products and dedication to the Fortive Business System have allowed us to deliver consistent compounding performance in the last five years. As we navigate the more uncertain and dynamic year ahead, we are resolute in our commitment to supporting customers and delivering for shareholders. Our performance in the first quarter underscores our relentless focus on execution, and our updated outlook for 2025 reflects our proven playbook for navigating dynamic market conditions. We remain focused on finding opportunities to expand our leadership positions in the markets we serve while protecting earnings and free cash flow resiliency.

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。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。在我們應對未來更不確定和動態的一年時，我們堅定地致力於支持客戶並為股東帶來回報。我們第一季的業績凸顯了我們對執行力的不懈關注，而我們對 2025 年的最新展望則反映了我們應對動態市場條件的成熟策略。我們將繼續致力於尋找機會擴大我們在所服務市場中的領導地位，同時保護收益和自由現金流的彈性。

Looking ahead, we are diligently progressing toward the Investor Day on June 10, followed by the separation and successful launch of Ralliant. It's been an exciting nine years. Thank you for your trust and partnership over the years, and I look forward to seeing many of you in New York in June. With that, I'll turn it to Elena.

展望未來，我們正努力爭取 6 月 10 日的投資者日，隨後分開並成功推出 Ralliant。這是令人興奮的九年。感謝大家多年來的信任與合作，我期待六月在紐約與大家見面。說完這些，我就把話題轉向艾琳娜。

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

謝謝，吉姆。我們的正式評論到此結束。現在我們可以回答問題了。

(Operator Instructions)

（操作員指示）

Scott Davis, Melius Research.

戴維斯 (Scott Davis)，Melius Research。

Jim, we hate to see you go. It's been a pleasure and a great nine years. I hope you enjoy retirement. Don't be a stranger.

吉姆，我們不願意看到你離開。這是令人愉快且美好的九年。我希望您享受退休生活。不要成為陌生人。

Thanks, Scott.

謝謝，斯科特。

But I'll see you in June anyway. So look, I just wanted to beat this horse a bit on tariffs just because it's been on every call. You mentioned localizing production. Just wanted to kind of explicitly understand what you mean by that. Are you talking about building out new capacity in the US? Or can you just modulate your capacity back to perhaps where it's needed?

但無論如何，我會在六月見到你。所以你看，我只是想在關稅問題上稍微打敗這匹馬，因為每次通話中它都出現過。您提到了本地化生產。只是想明確地了解你的意思。您是在談論在美國建立新產能嗎？或者您可以將容量調整回所需的水平？

Yes. Scott, I think, number one, as you know, we've been on this path over the last several years of derisking our supply gain, and you've not seen any moderation or big increase in investment to do that. So we've done that in a way that's consistent with contract manufacturing and also current facilities. So we'll do that. And I would say the plans are really much more of accelerating what we were planning to do than any -- particularly as it relates to China exporting into the United States. A lot of that has been taken on since 2018 as I said in the prepared remarks, and it's just something we'll accelerate here in the coming months.

是的。史考特，我認為，第一，如你所知，過去幾年我們一直在走這條路，降低供應收益的風險，但你沒有看到為此做出任何緩和或大幅增加投資。因此，我們以符合合約製造和現有設施的方式來實現這一點。所以我們會這麼做。我想說的是，這些計劃實際上比其他計劃更能加速我們原定的計劃——特別是與中國向美國出口有關的計劃。正如我在準備好的演講中所說，自 2018 年以來我們已經開展了很多工作，而這些只是我們將在未來幾個月內加速推進的事情。

Okay. Makes sense. And just wanted to ask on Test and Measurement. I mean, it's one of the bigger declines I've seen in that business I can remember and we take a pretty deep recession to find anything comparable to that. But how much of that business has just been kind of pushed to the right versus perhaps some real air pockets in demand there?

好的。有道理。只是想問一下測試和測量方面的問題。我的意思是，這是我記憶中該行業遭遇的較大幅度下滑之一，而且只有經歷了相當嚴重的經濟衰退才出現類似情況。但是，有多少業務只是被推到了右邊，而不是那裡確實存在一些需求空洞？

Yes. I would say -- well, it's a couple of things. One, if we think about it from a -- coming into the year, we obviously saw good orders in the second half of the year in '24. So that led us to think through that things were starting to improve. I think what we saw is very much what you said, just a lot more delaying.

是的。我想說——嗯，有幾件事。首先，如果我們從今年開始考慮，我們顯然會看到 24 年下半年的訂單量良好。這讓我們認為情況正在開始好轉。我認為我們看到的情況和你所說的非常相似，只是延遲了很多。

Things stayed in the funnel in many respects but certainly the uncertainty. And it was really across geographies so it wasn't one particular geography. I would call it pretty consistent amongst all the geographies, including North America. And it was really just customers deciding to take a pause. As you know, many of our customers are semiconductor and electronics players who, obviously, the tariffs have a more measurable impact in many cases, given the typical China content.

事情在很多方面都停留在漏斗狀態，但肯定存在不確定性。而且它確實跨越了地域，所以它並不是某一特定的地域。我認為它在包括北美在內的所有地區都相當一致。這其實只是顧客決定暫停一下。如您所知，我們的許多客戶都是半導體和電子產品製造商，顯然，考慮到典型的中國成分，關稅在許多情況下對他們的影響更為明顯。

And I think a lot of our customers are trying to assess their own mitigation strategies. And so we just thought it prudent to sort of assume that, that stuff probably doesn't correct itself immediately. And that will continue to -- it will get better through the year but it's not going to mitigate it anywhere dramatically like we thought. And so maybe just back to first principles, as you remember, we thought we would see some of those markets come back in the second half. We had a tough China comp in the first quarter as an example.

我認為很多客戶都在嘗試評估自己的緩解策略。因此，我們認為謹慎地假設，這種情況可能不會立即得到糾正。這種情況將會持續下去——全年都會有所好轉，但不會像我們想像的那樣在任何方面顯著緩解。所以也許回到最初的原則，正如你所記得的，我們認為我們會看到其中一些市場在下半年回升。例如，第一季我們在中國市場的表現很艱難。

And we just thought those markets would -- assuming semiconductor would come back, what we really said is, hey, we think that recovery is probably pushed into '26. So we'll continue to fight for every dollar. But we just thought it was prudent to sort of see what we -- take what we saw in the first quarter and apply that to the remaining part of the year.

我們只是認為這些市場會——假設半導體會復甦，我們真正說的是，嘿，我們認為復甦可能會推遲到 26 年。因此，我們將繼續為每一美元而奮鬥。但我們只是認為，謹慎的做法是看看我們在第一季看到的情況，並將其應用到今年剩餘的時間。

Steve Tusa, JPMorgan.

摩根大通的史蒂夫·圖薩。

Thanks again for everything. I think we've been this before, but good luck in the future. I'm just trying to figure out why, I guess, like the test and measurement industry just seems to be having a bit more volatility in and around the end of the quarter, call it, maybe some preordering or pausing. We're not really seeing that in the rest of the economy. What's your kind of take on why this particular vertical of devices is seeing this type of performance versus maybe the rest of the economy?

再次感謝一切。我想我們以前也遇到過這種情況，但祝未來好運。我只是想弄清楚為什麼測試和測量行業似乎在本季度末和前後會出現更多的波動，稱之為預訂或暫停。在其他經濟領域我們並沒有看到這種情況。您如何看待這一特定垂直設備領域與其他經濟領域相比為何會出現如此出色的表現？

Well, I think a couple of things. One is if you think about its exposure, it's exposed to diversified electronics and semiconductors, a little bit back to the point I was talking about a second ago, which is these are investments that customers, in many cases, can delay because they're R&D. And so as some of the economic uncertainty has unfolded throughout the quarter, certainly as the tariff mitigation strategy that really started when the initial tariffs came out in the beginning of the year, customers have just taken a pause. And so that's what we're seeing. We're not seeing cancellations.

嗯，我想了幾點。一是如果你考慮它的曝光度，它就會暴露於多樣化的電子和半導體領域，稍微回到我剛才談到的觀點，即這些都是客戶在很多情況下可以推遲的投資，因為它們是研發。因此，隨著整個季度出現一些經濟不確定性，當然，隨著年初初始關稅出台時真正開始實施的關稅減免策略，客戶剛剛暫停了購買。這就是我們所看到的。我們沒有看到取消的情況。

We don't do a lot in production test where it might be tied to a production cycle. We really do this in a new world for the most part. And so it's easy for customers to continue to delay some of those decisions. I think as I said, we started to see things getting better in the second half from an order perspective. But what we saw in the quarter was really people taking that pause.

我們在生產測試中做的並不多，因為這些測試可能與生產週期有關。我們確實在很大程度上在新世界中做到了這一點。因此，客戶很容易繼續推遲做出某些決定。我想正如我所說的，從訂單的角度來看，我們開始看到下半年的情況有所改善。但我們在本季看到的是人們確實暫停了這項行動。

And I think that tends to be more related to other markets. Maybe it is the exposure to semiconductor and electronics, that's probably a piece. Also have the exposure to the government, has a CapEx component to it, and it's just easy to delay for a quarter or so from an investment cycle. And a lot of our customers who are trying to deal with some of the uncertainty and tariff situations that are out there are just -- they're not certain as to when their buying cycle will start again.

我認為這與其他市場更相關。也許是接觸了半導體和電子產品，這可能是其中的一部分。也涉及政府風險，有資本支出部分，很容易將投資週期推遲一個季度左右。我們的許多客戶都在努力應對一些不確定性和關稅情況——他們不確定他們的購買週期何時會再次開始。

Okay. And did you -- in any other businesses like Fluke, did you see any kind of unusual buying behavior around the end of the quarter or kind of into April here? Anything unusual in those types of businesses, the more industrial, commercial type businesses?

好的。您是否在福祿克等其他企業中看到本季末或 4 月份出現任何異常購買行為？這些類型的企業，尤其是工業和商業類型的企業，有什麼不尋常的地方嗎？

Yes, it's interesting. Even at Tek, the core industrial business at Tek was actually pretty good. It was flat, but given where the other environments were, I would say it was much better. So we've seen pretty good revenue in industrial sensing as an example. As we said, the Sensing business was -- we had growth there in orders and growth in the business when you include.

是的，很有趣。即使在 Tek，其核心工業業務實際上也相當不錯。它是平坦的，但考慮到其他環境，我會說它要好得多。以工業感測為例，我們看到了相當不錯的收入。正如我們所說，感測業務－我們的訂單量有所成長，業務量也有所成長。

and stability in the rest is Sensing. So that's your industrial exposure. To your specific question around Fluke, Fluke was -- continues to demonstrate good resiliency. So we did see a little bit of buying in March but some of that had to do with various reasons. You saw some of our customers come out today, the WESCOs and Graingers of the world.

其餘部分的穩定性就是感知。這就是你的工業曝光度。對於您關於 Fluke 的具體問題，Fluke 繼續表現出良好的彈性。因此，我們確實看到三月有少量購買，但其中一些與各種原因有關。今天您看到了我們的一些客戶前來，他們是 WESCO 和 Graingers 等公司。

And their numbers in many -- in some of the verticals that we play in, we're pretty good. So we think that's good. North American point-of-sale for Fluke was positive, and it was actually in the mid- to high single-digit range, whereas the rest of the world was sort of flattish. So North America is driving Fluke for sure. But certainly, what we've seen is a more durable Fluke over the last several years. And we would continue to expect to see that through the remaining part of the year.

在我們涉足的許多垂直領域中，他們的業績都相當不錯。所以我們認為這很好。福祿克在北美的銷售點表現良好，實際上處於中高個位數範圍內，而世界其他地區的銷售則比較平穩。因此北美肯定是 Fluke 的推動者。但可以肯定的是，過去幾年來我們看到的是更持久的僥倖。我們預計今年剩餘時間內仍將看到這種情況。

Julian Mitchell, Barclays.

巴克萊銀行的朱利安·米切爾。

Jim, thanks very much for the help and I wish you well in retirement and also welcome to Mark. Maybe just wanted to start, I suppose, with Q2 because that's the last sort of full quarter of Fortive in its current condition. So just to understand the guide a little bit, it's sort of embedding, I think, what maybe a low single-digit sequential revenue increase in both New Fortive and Ralliant, and then maybe kind of flattish margins sequentially because you've got a big tariff headwind. Is that the right way to think about it, that Q2, you get maybe, I don't know, $0.06 or something of the $0.10 tariff headwind that you guided for the year?

吉姆，非常感謝你的幫助，祝你退休後一切順利，也歡迎馬克。我想，也許只是想從第二季開始，因為這是 Fortive 目前狀況的最後一個完整季度。因此，為了稍微理解一下該指南，我認為，它有點像是嵌入了 New Fortive 和 Ralliant 的收入可能出現低個位數的連續增長，然後利潤率可能連續持平，因為面臨著巨大的關稅阻力。這樣想對嗎？第二季度，您可能會遇到大約 0.06 美元或類似的情況，而您預計今年的關稅逆風值為 0.10 美元。

Julian, this is Elena. On the outlook for Q2, we're assuming that New Fortive will continue to grow at the same pace, call it, low single digit. We've accounted for a bit more of the uncertainty in the macro environment in that expectation. We think that the Precision Technologies segment will still be down, have a core decline, call it, maybe more like mid-single digit, but an improvement, as you mentioned, sequentially from Q1. And margins, because of the impact of tariffs and our phasing in of countermeasures will be dilutive to the margin rate sequentially. They'll then get better as we move through the back half of the year. But from an all-in sort of tariff, net of countermeasures, considering the phasing effect, you're right, it's probably in that $0.06 range for tariff.

朱利安，這是艾琳娜。對於第二季的前景，我們假設 New Fortive 將繼續以相同的速度成長，即低個位數成長。我們在這個預期中考慮了宏觀環境中更多的不確定性。我們認為精密技術部門仍將處於下滑狀態，核心業務下滑，或許更像個位數中間值，但正如您所提到的，與第一季相比有所改善。而利潤率，由於關稅的影響和我們逐步採取的對策，將會逐步降低利潤率。隨著我們進入下半年，情況會變得更好。但是從整體關稅來看，扣除反措施，考慮到分階段效應，您是對的，關稅可能在 0.06 美元的範圍內。

That's great. And then just my second quick follow-up would be around the Healthcare business. So you had some margin decline in the first quarter year-on-year with sales up. I see the reference to sort of FX and probably that effect goes away the balance of the year. But is that sort of reinvestment element something that lasts all year that will weigh on the Healthcare margins or it's something specific in early in the year?

那太棒了。然後我的第二個快速跟進是關於醫療保健業務。因此，第一季的銷售額雖然上升，但利潤率卻比去年同期下降。我看到了對某種外匯的提及，而這種影響可能在今年年底前就會消失。但是，這種再投資因素是否會持續一整年，並對醫療保健利潤產生影響，還是會在今年年初出現特定情況？

So Healthcare margins do typically start off lower in the first quarter. They do tend to ramp. We expect them to ramp sequentially throughout the year. Q4 is our highest margin rate quarter for Healthcare. In the first quarter specifically, we did have some transactional FX headwinds.

因此，醫療保健行業的利潤率通常在第一季較低。它們確實有逐漸增加的趨勢。我們預計它們的銷量將在全年逐步增加。第四季是我們醫療保健領域利潤率最高的季度。具體來說，在第一季度，我們確實遇到了一些外匯交易的阻力。

You've seen that before in the Healthcare segment. That did impact us. We wouldn't expect that. We obviously don't forecast that, obviously, to reoccur. And from a growth investment perspective, we are intending to continue the growth investments but still be able to grow margins both sequentially in Healthcare throughout the year.

您之前在醫療保健領域已經看到過這種情況。這確實對我們產生了影響。我們沒想到這一點。顯然，我們預測這種情況不會再發生。從成長投資的角度來看，我們打算繼續進行成長投資，但仍能夠在全年連續提高醫療保健領域的利潤率。

Yes. And Julian, I would just say, as we look through the year, part of the impact in the quarter was those less days. Obviously, high consumables are high margin fall through. So that's part of the story as well. But we feel good about Healthcare margins.

是的。朱利安，我只想說，回顧這一年，本季的部分影響就是天數減少。顯然，高消耗品是高利潤的敗筆。這也是故事的一部分。但我們對醫療保健利潤率感到滿意。

We should -- that's a good rate. If you sort of equate for the FX and you equate for the consumables, that's a good launch rate into the rest of the year. The team is doing a nice job. The businesses that are profitable like Provation is doing well. So we feel good about the margin trajectory for Health, for sure.

我們應該——這是一個很好的比率。如果您將 FX 與消耗品進行比較，那麼這將是今年剩餘時間內的一個良好發射率。該團隊做得很好。像 Provation 這樣獲利的企業經營狀況良好。因此，我們肯定對健康業務的利潤軌跡感到滿意。

Joe Giordano, TD Cowen.

喬·喬達諾（Joe Giordano），TD Cowen。

Can I start on PT? Can you talk us through the -- like where they're manufacturing and how that compares to competition? Just wondering like as you adjust prices for tariffs there, like is there any sort of competitive imbalance versus a competitor that might be manufacturing in the United States?

我可以開始 PT 嗎？您能否向我們介紹一下—他們的生產地點以及與競爭對手相比如何？只是想知道，當您根據關稅調整價格時，與可能在美國製造的競爭對手相比是否存在某種競爭不平衡？

Well, I would say we have manufacturing all over the world. This is why we can mitigate a number of the things that have impacted the business. So we've got manufacturing in the US. Obviously, PT is a lot in that comment. You take like EMC as an example, all of its manufacturing is in the United States as an example. And that's -- they don't have much tariff impact because almost all their sales are in US --

嗯，我想說我們的製造業遍布世界各地。這就是為什麼我們可以減輕一些影響業務的因素。因此我們在美國進行製造。顯然，該評論中 PT 很多。以 EMC 為例，其所有製造業務都在美國進行。而且——他們不會受到太大的關稅影響，因為他們幾乎所有的銷售都在美國——

I'm more talking Tek, I apologize for that.

我更多的是在談論 Tek，對此我深表歉意。

Yes, that's okay. So broadly, we're -- we've got options around the world for PT. Getting to Tek specifically, we manufacture in Southeast Asia, China, and in the United States so we have flexibility in how we manufacture. Our competitors manufacture all over the world as well, sometimes in Southeast Asia, for sure, but also in Europe. So we'll -- we've been on a path to mitigate the changes that have occurred.

是的，沒關係。總體而言，我們在世界各地都有 PT 的選擇。具體來說，對於 Tek 來說，我們在東南亞、中國和美國進行生產，因此我們的生產方式具有靈活性。我們的競爭對手也在世界各地生產，當然有時在東南亞，但也在歐洲。因此，我們一直在努力緩解已經發生的變化。

Some of our -- when you look through the tariff page that we have, a number of the dollars that go from the US into China tend to be things that are IP-protected. So we'll most likely move that manufacturing into countries where we can continue to protect IP. NATO countries as an example, are one example of that type of strategy. So we're just going to accelerate, as I said.

我們的一些——當你瀏覽我們的關稅頁面時，你會發現從美國流入中國的大部分美元往往是受智慧財產權保護的東西。因此，我們很可能會將製造業轉移到能夠繼續保護智慧財產權的國家。以北約國家為例，它們就是這類策略的一個例子。所以正如我所說的，我們只會加速。

We're going to accelerate the strategies that we already had on the books. In many cases, we were doing that, particularly at Tektronix. Our supply chain and manufacturing strategy, sort of, call it, global moving manufacturing around the world really had to do with our product launches. So we were following the cadence of our product launches to protect, sort of to minimize reinvestment, if you will, but we'll accelerate that. We'll move resources around to do that. And we feel we can do that really effectively through the year. And that's part of -- it's certainly part of the reason why we're confident we can mitigate the tariff by the fourth quarter.

我們將加快實施已經制定的策略。在很多情況下，我們都會這樣做，特別是在泰克。我們的供應鏈和製造策略，或者說，全球行動製造，確實與我們的產品發布有關。因此，我們按照產品發布的步調來保護，或盡量減少再投資，但我們會加快這一進程。我們將調動資源來實現這一目標。我們認為我們可以在全年真正有效地做到這一點。這當然也是我們有信心在第四季降低關稅的部分原因。

On AHS, I mean, I know there's a little bit of a couple of fewer days, and it makes sense the comments you just made on the margins. But I think on the core growth side, I doubt anyone had [2.5]. Like was that below what you guys were thinking? Like I think the view was kind of comfortably in the mid-singles there. So if there's anything that's --

關於 AHS，我的意思是，我知道時間少了幾天，而且你剛才在邊緣上發表的評論是有道理的。但我認為在核心成長方面，我懷疑是否有人[2.5]。這和你們想的一樣嗎？就像我認為那裡的視野在中間單打是比較舒適的。所以如果有什麼--

Yes, the number we knew was going to be low single based on -- when you add the days back, you're in the mid-single-digit range. I think we talked about that in the first quarter call. So certainly, you look at that many days, the math is pretty easy. So in that sense, we feel like from the revenue perspective, AHS came in right where we thought they would.

是的，我們知道這個數字會很低，因為——當你把天數加起來時，你會處於中等個位數範圍內。我想我們在第一季的電話會議上討論過這個問題。所以當然，你看一下那麼多天，計算起來就很簡單了。因此從這個意義上來說，我們覺得從收入角度來看，AHS 的表現正如我們所預期的。

Jeff Sprague, Vertical Research Partners.

傑夫·斯普拉格（Jeff Sprague），Vertical Research Partners。

Jim, best of luck in whatever is next. Just coming back to tariffs, and I'm sorry, I was on a touch late and got dropped on the call. Is the number you're sharing with us today the annualized rate or the in-year rate? And can you just clarify how much of it you think you're offsetting in 2025?

吉姆，無論接下來發生什麼，祝你好運。回到關稅問題，很抱歉，我來晚了一點，所以電話被掛斷了。您今天與我們分享的數字是年化利率還是年內利率？您能否解釋一下您認為到 2025 年可以抵銷多少排放量？

The number is in the 2025 impact, call it, $200 million at the midpoint, and we're assuming we're going to offset about 80% of it, just.

這個數字是 2025 年的影響，中間值為 2 億美元，我們假設我們將抵消其中的 80% 左右。

And then the US exports to China, are those Fortive finished goods to Chinese customers where actually maybe that $90 million to $95 million isn't really a cost item but it's just sort of a demand destruction item? Can you just clarify that?

那麼美國對中國的出口，那些 Fortive 製成品是否真的出口到中國客戶，實際上那 9000 萬到 9500 萬美元可能並不是真正的成本項目，而只是一種需求破壞項目？你能澄清一下嗎？

No, it's manufactured product into -- that we make in the US for Chinese customers. And we can mitigate -- we'll certainly mitigate those -- it's less than 2% of our revenue. So from a high bar pareto historically, and as I said before, it's also things that are maybe more IP-related or we have the core technology and the core manufacturing capability. But we can -- we certainly can mitigate a number of those things.

不，這是我們在美國為中國客戶生產的成品。我們可以減輕——我們肯定會減輕這些——這還不到我們收入的 2%。因此，從歷史上的高標準帕累托來看，正如我之前所說，這也可能與 IP 更相關，或者我們擁有核心技術和核心製造能力。但我們可以——我們當然可以減輕其中的一些影響。

Some of that is things like Fluke calibration as an example. And we have manufacturing capacity outside of the US and outside of China in which to mitigate. So we certainly can action those things. So think of that number as a tariff number and not a demand destruction number, though, for purposes of your question.

例如，福祿克校準就是其中之一。我們在美國和中國以外地區擁有製造能力，可以緩解這種影響。所以我們當然可以採取這些行動。因此，就您的問題而言，請將該數字視為關稅數字，而不是需求破壞數字。

And then also just some further clarification on what you're expecting here. Jim, you mentioned July 9. Are you expecting that the tariffs that are on 90-day hold actually come back fully on, on July 9? Can you just clarify what you --

然後也要進一步澄清一下您所期望的內容。吉姆，你提到了 7 月 9 日。您是否預計暫停 90 天的關稅實際上會在 7 月 9 日全面恢復？你能解釋一下你--

We are, we are. We're pretty much saying, hey, everything that we know today is going to continue through the remaining part of the year.

我們是，我們是。我們基本上是在說，嘿，我們今天所知道的一切都將在今年剩餘的時間裡持續下去。

So wouldn't the rest of the world -- so everything has got kind of a base 10 then, right? I mean, wouldn't those rest of world numbers actually be even more than that? Maybe it's de minimis?

那麼世界其他地方也不會這樣——那麼所有東西都是以 10 為基數的，對嗎？我的意思是，世界其他地區的數字實際上不是會比這還要多嗎？也許這是微不足道的？

No, no. They're at the higher number. They assume it goes up. We assume everything goes up. We don't assume -- this is the more conservative approach to it. It assumes that the mitigation that was announced, the 90-day reprieve, we assume that it goes back to the original rates.

不，不。他們的數字較高。他們認為它會上升。我們假設一切都會上漲。我們不認為──這是更保守的方法。假設宣布的緩解措施，即 90 天的緩刑，我們假設它會恢復到原來的利率。

So this $200 million this year assumes all-in the full-blown...

因此，今年的 2 億美元假設全部投入…

Exactly. But to be clear, as you see the numbers, it's mostly China. So that number, if it were to go down, it's not a tremendous tailwind in any way, shape or form. And I would say the other thing is we're going to have a lot in Mexico. So if anything happens from a Mexico perspective, there was a lot of -- I know there's a lot of noise early on when the Mexico tariffs were first announced. We don't have any manufacturing in Mexico. So in many respects, we think this is an all-in -- we certainly think this is an all-in number.

確切地。但要明確的是，正如你所看到的數字，主要是中國。因此，如果這個數字下降，無論從哪方面來說，都不會帶來巨大的順風。我想說的另一件事是，我們在墨西哥將會有很多事情要做。因此，如果從墨西哥的角度來看發生了什麼事情，就會有很多——我知道在墨西哥關稅首次宣佈時就有很多喧囂。我們在墨西哥沒有任何製造業務。因此，從很多方面來看，我們認為這是一個全押——我們當然認為這是一個全押的數字。

Brad Hewitt, Wolfe Research.

布拉德休伊特（Brad Hewitt），沃爾夫研究公司。

This is Brad Hewitt on for Nigel Coe. Just curious if you could walk through your assumptions by segment both for Q2 and the back half of the year in terms of core growth and margins.

這是布拉德休伊特 (Brad Hewitt) 代替奈傑爾科 (Nigel Coe) 上場。我只是好奇您是否可以按照各部門分別闡述對第二季和下半年核心成長和利潤率的假設。

Brad, yes, I gave some overarching comments. We're not giving direct growth and margin guidance at this time, given the changing effect of our tariff countermeasures, which include a significant portion of that includes pricing. So just directionally, we talked about Q2 New Fortive core growth, low single digit, and the PT segment would be down, call it, mid-single digits. For the year, we've assumed that New Fortive, no change in the core growth rate, would be up low single digit-plus to mid-single digit. And the PT segment for the year would be down now low single digits. So down more than what we -- we had planned them to be flat for the year initially. They'll now -- we now expect them to be down low single digits.

布拉德，是的，我給了一些總體評論。考慮到我們的關稅對策的影響不斷變化，其中很大一部分包括定價，我們目前不提供直接的成長和利潤率指導。因此，從方向來看，我們談到了第二季新 Fortive 核心業務的成長，低個位數，而 PT 部門的成長將會下降，也就是中等個位數。對於今年，我們假設 New Fortive 的核心成長率沒有變化，將成長低個位數以上至中等個位數。今年的 PT 部分將下降個位數。因此，降幅超過了我們最初計劃的全年持平水平。他們現在——我們現在預計他們的收入將下降個位數。

You should consider that really the change in the year is really in PT. Really, what we're saying about New Fortive is a little bit of derisking relative to sort of some of the government spending, but at the end of the day, right to where we thought we'd be in what would now be called New Fortive.

您應該考慮到年份的變化實際上是在 PT 中。實際上，我們所說的新福蒂夫 (New Fortive) 相對於某些政府支出而言，是一種降低風險的做法，但最終，它還是達到了我們原先認為的新福蒂夫 (New Fortive) 的水平。

And then maybe just on the margin side, again, I'll comment. We expect margins in the second quarter to be down sequentially from the first quarter. That reflects lower demand in PT, as Jim just referenced, as well as the effect of tariffs that are largely somewhat not offset by countermeasures by the second quarter. Moving into the second half, though, we would expect margins to improve then sequentially. And again, historically, Q4 is our strongest margin quarter, and that would be true across all of the segments.

然後也許只是在邊緣方面，我會再次發表評論。我們預計第二季的利潤率將比第一季環比下降。正如 Jim 剛才提到的，這反映了 PT 的需求下降，以及關稅的影響，而第二季度的對策在很大程度上並未抵消關稅的影響。不過，進入下半年，我們預期利潤率將較上季提高。從歷史上看，第四季度是我們利潤率最高的季度，所有部門都是如此。

Okay, that's helpful. And then you guys called out the mid-single-digit core growth in FAL in Q1. Just curious if you could break that down between the two businesses. And then within FAL, are you seeing any pockets of hesitancy from government customers?

好的，這很有幫助。然後你們宣布第一季 FAL 的核心業務實現了中等個位數成長。我只是好奇您是否可以對這兩家企業進行細分。那麼在 FAL 內部，您是否看到政府客戶有任何猶豫？

Yes. No, we had a good quarter in FAL led by ServiceChannel, one of the best NDR numbers I think we've seen in a while. So we feel good about what's going on in FAL. A little bit Gordian. Gordian was good, current continued to come most of where we thought they'd be with a little bit of hesitation on some customers, but by and large, the funnels remain good and strong.

是的。不，在 ServiceChannel 的帶領下，我們在 FAL 度過了一個很好的季度，我認為這是我們一段時間以來看到的最好的 NDR 數字之一。因此我們對 FAL 的進展感到滿意。有點戈爾迪安式。Gordian 表現不錯，電流繼續流向我們認為的大部分區域，儘管有些客戶有些猶豫，但總的來說，漏斗仍然良好且強勁。

We'll see how state and local agencies play out in the second quarter. So some of our muted view of what might happen in the second quarter, if there's anything is we'll see how the second quarter is always a big quarter for Gordian. We'll see how that plays out. So far, so good in terms of what we've seen in the quarter. As an example, procurement in the first quarter at Gordian was double digits.

我們將觀察州和地方機構在第二季的表現。因此，我們對第二季可能發生的情況持謹慎看法，如果有的話，我們將看到第二季對 Gordian 來說始終是一個重要的季度。我們將拭目以待事情將如何發展。到目前為止，就本季度的表現而言，一切都很好。例如，Gordian 第一季的採購量達到了兩位數。

So we didn't see reluctance. We did see some in FAL in total. We saw some municipalities and government agencies with a little bit of uncertainty. But I think the number we posted all up mid-single digit is a very strong number. And we feel good about the trajectory of the business for the remaining part of the year.

因此，我們並沒有看到不情願。我們確實在 FAL 中看到了一些。我們看到一些市政當局和政府機構有點不確定。但我認為，我們公佈的數字都在個位數中間，這是一個非常強大的數字。我們對今年剩餘時間的業務發展軌跡感到樂觀。

Andrew Obin, Bank of America.

美國銀行的安德魯‧奧賓。

Jim, thank you for all your help over the years. It's been a pleasure. Just to clarify, so Tek orders were positive in the first quarter and you haven't seen things worsen in April, but you are assuming fewer deals in the pipeline convert in the rest of the year. Is that right? Just to clarify that.

吉姆，感謝您多年來的幫助。我很榮幸。需要澄清的是，Tek 的訂單在第一季是積極的，而且您在四月份沒有看到情況惡化，但您假設在今年剩餘時間內，正在進行的交易會減少。是嗎？只是為了澄清這一點。

No, Andrew, just to be clear. PT orders were positive in the quarter, in the first quarter. And that really, if you think about Test and Measurement down sort of high teens and Sensing and Systems up. So think about that.

不，安德魯，只是為了清楚起見。第一季度，PT 訂單為正值。事實上，如果您考慮測試和測量，其數值會下降到十幾歲左右，而感測和系統則會上升到十幾歲左右。所以考慮一下。

Okay. And just could you remind us just how is Tektronix different versus Keysight or Anritsu? Because I think Anritsu reported March quarter, Keysight get it like a couple of months back but just there is a disconnect. What end market really differentiates you from the competitors? Just remind us.

好的。您能否提醒我們泰克與是德科技或安立公司有何不同？因為我認為安立公司報告了三月季度的數據，而是德科技幾個月前就得到了這個數據，但兩者之間存在脫節。哪個終端市場真正讓您與競爭對手區分開來？只是提醒我們一下。

No, I think there's certainly a couple of things. One is we tend to be much more in the R&D lab. I would say we're not as much comms when you think of telco, comms, we certainly don't have exposure to that. The RF products and RF technologies, less software tech as well, particularly Keysight's got a little bit more software. So I would say those are definitely the differentiation, different parts of the market.

不，我認為肯定有幾件事。一是我們更傾向於待在研發實驗室裡。我想說的是，當你想到電信、通訊時，我們的通訊業務不多，我們當然也沒有接觸過這方面業務。RF 產品和 RF 技術，軟體技術也較少，特別是 Keysight 的軟體較多。所以我想說這些肯定是差異化，是市場的不同部分。

And I think some of it is -- can be answered by when we start to look at two year stacks and things like that and how the backlog played out over the course of the last few years. As you get there, you get closer to the -- the numbers are much more in line when you start to look at it from that perspective.

我認為，當我們開始研究兩年的堆積情況以及過去幾年積壓情況時，就可以回答其中的一些問題。當你到達那裡時，你會更接近——當你從那個角度開始看待它時，數字會更加一致。

Really appreciate it. And just a follow-up on your footprint. So are you keeping CapEx, and I know it's still for the combined entity and I know we're going to separate. But is the implication that the CapEx for '25 staying flat, going up, going down, when all is said and done with your actions?

真的很感激。只是追蹤你的足跡。那你會保留資本支出嗎？我知道它仍然用於合併後的實體，我知道我們將會分開。但是，當您採取的行動全部完成後，這是否意味著 25 年的資本支出將保持穩定、上升或下降？

Yes, it will be flat. I mean, I wouldn't think we -- first of all, I think our ability to sort of keep CapEx low, we tend to have a low CapEx model. We're mostly final assembly and test. So there might be a little bit of movement of prioritization around CapEx. It's really more that than anything else.

是的，它會是平的。我的意思是，我不認為我們——首先，我認為我們有能力維持較低的資本支出，我們傾向於採用低資本支出模式。我們主要進行最後的組裝和測試。因此，資本支出的優先順序可能會有一點變動。這確實比其他任何事情都重要。

But I think in terms of just how we think about relocating manufacturing, we'll do that with partners as well that also keeps CapEx low. So specific to CapEx, it's not going to be a needle-mover certainly for the remaining part of the year as we move the supply chains and move our manufacturing around.

但我認為，就我們如何考慮轉移製造業而言，我們也會與合作夥伴一起這樣做，這樣也能維持較低的資本支出。因此，具體到資本支出，隨著我們轉移供應鏈和製造環節，它在今年剩餘時間內肯定不會產生重大影響。

Andy Kaplowitz, Citigroup.

花旗集團的安迪‧卡普洛維茲 (Andy Kaplowitz)。

Jim, thanks for your help. Mark, welcome. Just I think, Jim, you mentioned Sensors and Systems, you said, increased backlog, but can you talk about the shipping delays you saw on the defense side? I think that's not necessarily a new phenomenon for you. So what's the visibility you have to that improvement that I think you talked about in the second half of the year?

吉姆，謝謝你的幫忙。馬克，歡迎光臨。我只是覺得，吉姆，你提到了感測器和系統，你說積壓增加了，但你能談談你在國防方面看到的運輸延誤嗎？我認為這對你來說不一定是個新現象。那麼，對於您在下半年談到的改進，您有何看法？

Yes. We've had such record growth in that business that from quarter-to-quarter, we get a little bit of -- we do get a little bit of movement, as you said. We're working off sort of record backlog in that business and record quarters. However, the issue in this month was really related to sort of some of the -- if we had any impact from a DOGE perspective, it was probably here. We had -- we -- in many cases, we need the US.

是的。我們的業務取得了創紀錄的成長，正如您所說，每個季度我們都會取得一點進展。我們正在努力解決該業務和創紀錄季度的積壓問題。然而，本月的問題確實與某些方面有關——如果我們從 DOGE 的角度來看有任何影響，那可能就在這裡。在很多情況下，我們需要美國。

government to validate and verify product before we ship it. And we just had a little bit more variation in that than we would normally see. And so that was really the impact there. We feel good about the manufacturing capacity we're putting in that business. The business is one of the better -- we have one of the better FBS teams there.

政府在我們發貨之前對產品進行驗證和核實。我們觀察到的變化比我們通常看到的要多一點。這確實產生了影響。我們對在該業務中投入的製造能力感到滿意。我們的業務水平較高——我們在那裡擁有一支較好的 FBS 團隊。

They're certainly working through that. So this is really -- there's a lot has been told about the supply chain of the defense industry. So a lot of our work is really building the supply chain resiliency while we build in the capacity that we're going to need to continue to deal with the record demand that will be in that business here for the next several years.

他們確實正在努力解決這個問題。所以這確實是——關於國防工業供應鏈已經有很多討論。因此，我們的許多工作實際上都是在建立供應鏈彈性，同時建立我們需要的產能，以繼續滿足未來幾年該業務的創紀錄需求。

Very helpful. And then, Jim, I just want to dig into the sales by region for Fortive. I know prior to this quarter, you already expected China to be down. What are you thinking now and what are you thinking for North America and Western Europe?

非常有幫助。然後，吉姆，我只想深入了解 Fortive 各地區的銷售情況。我知道在本季之前，您就已經預期中國經濟將會下滑。您現在在想什麼？您對北美和西歐有什麼看法？

Yes. I think North America is going to be good. It will be our best market for sure. I would say if you were to just think about our growth in the quarter, it was strong. And it was strong across the board. North America consumables, as an example, at ASP were very good. Our asymmetry business at was good. So we saw good health care in North America. We saw -- obviously, our software businesses are mostly in North America. So we good.

是的。我認為北美的情況會很好。這肯定會是我們最好的市場。我想說，如果你只考慮我們本季的成長，你會發現它是強勁的。且其表現全面強勁。以北美消耗品為例，其 ASP 表現非常好。我們的不對稱業務做得很好。因此我們看到北美的醫療保健狀況良好。我們看到——顯然，我們的軟體業務主要在北美。所以我們很好。

Fluke had a good North American number. So I would say in New Fortive, we had a good North America number. And we've continued to think for all of Fortive, North America will continue to be one of our better markets. I would say China, we now think it's probably, for all of Fortive, down high single for the year. That's going to be -- that's without thinking through how pricing and tariffs play through.

Fluke 在北美的業績表現不錯。所以我想說，在 New Fortive，我們的北美業績表現不錯。我們一直認為，對於 Fortive 而言，北美將繼續成為我們更好的市場之一。我想說的是，我們現在認為，對於整個 Fortive 來說，中國可能是今年單月銷售額最高的國家。那將是——那還沒有考慮定價和關稅如何發揮作用。

But we do think that, that's a little bit more challenged than we anticipated. So I would say China is going to be a tough market. Western Europe is tough. We had a really tough Western Europe market for PT. And so I think -- but broadly, we're seeing -- we're certainly seeing some slowing in Western Europe.

但我們確實認為，這比我們預期的要困難一些。所以我想說中國將會是一個艱難的市場。西歐的情況很嚴峻。對 PT 來說，西歐市場確實很艱難。所以我認為——但從總體上看——我們確實看到西歐的經濟有所放緩。

So what's embedded in the guide and everything we think about for both New Fortive and Ralliant going forward is really probably North America being good, Western Europe being challenged, more challenged on the Ralliant side, China being challenged. And then the rest of the high-growth market has been good. We had a good Latin America quarter. We think that will continue to be good. We think a number of the other non-China high-growth markets, as we've said in the prepared remarks, that's bigger than China today, and that will continue to get bigger with growth rates there. So those are places, quite frankly, that we're making some investments in places like India, as an example. So we think those can continue and that will be the basis for which we built the guidance.

因此，指南中的內容以及我們對 New Fortive 和 Ralliant 未來發展的所有想法實際上可能是北美表現良好，西歐面臨挑戰，Ralliant 面臨更多挑戰，中國面臨挑戰。其餘高成長市場表現良好。我們在拉丁美洲的季度表現良好。我們認為這種情況將會持續下去。我們認為，正如我們在準備好的發言中所說，許多其他非中國高成長市場目前都比中國更大，而且隨著中國的成長率，這些市場的規模也將繼續擴大。坦白說，我們正在對一些地方進行投資，例如印度。因此我們認為這些可以繼續下去，這將是我們制定指導的基礎。

Chris Snyder, Morgan Stanley.

摩根士丹利的克里斯·斯奈德。

Appreciate all the help and best of luck going forward. On the price cost, I think of the $200 million growth, you guys talked about $80 million -- or sorry, 80% recovery. So I guess of that, I guess, $160 million, any way to think about how much of it is coming from price, how the price flows through and from like a cadence perspective in the coming quarters? And then when you guys talk about completely mitigating the tariffs in '26, is that at a margin percentage level? Is that a dollar level?

感謝大家的幫忙並祝一切順利。關於價格成本，我認為 2 億美元的成長，你們談到了 8,000 萬美元——或者抱歉，80% 的回收率。因此，我猜，對於這 1.6 億美元，有什麼辦法可以考慮其中有多少來自價格，價格如何流動，以及從未來幾季的節奏角度來看？那麼，當你們談到在 26 年完全降低關稅時，這是在利潤百分比水平上嗎？這是美元水準嗎？

Yes, Chris, I think -- I'll take your question. I know you were getting out there. I would say, number one, just from a tariff mitigation perspective, it will be on a dollar basis, not on a percentage basis, simply because the amount of dollars that you have to offset is, just with our gross margins, as an example, is pretty dramatic. So we will see some gross margin and OP margin degradation. Elena talked about that a few minutes ago.

是的，克里斯，我想——我會回答你的問題。我知道你正要出去。我想說，第一，僅從關稅減免的角度來看，它將以美元為基礎，而不是以百分比為基礎，因為你必須抵消的美元數額，僅以我們的毛利率為例，就相當可觀。因此，我們將看到毛利率和營業利潤率下降。埃琳娜幾分鐘前談到了這一點。

We'll see some of that as it plays out through the year. As Elena said, $0.06 to $0.07 related to tariff impact in the second quarter. We talked about $0.10 in total. So that gives you -- fully mitigated. So that gives you a little bit of a sense of what the cadence probably looks like.

隨著這一年的發展，我們會看到一些這樣的情況。正如埃琳娜所說，第二季度的關稅影響與 0.06 美元到 0.07 美元有關。我們總共談了 0.10 美元。這樣你就得到了——完全緩解。這樣您就可以稍微了解一下節奏大概是什麼樣的。

Our biggest impact in the second quarter, a little bit less in the third quarter, mitigated in the fourth quarter. That's on a dollar basis to reiterate that point. So that's how we think about it. And relative to your question around price, about two-thirds price. Some of it will be surcharges but most of it will be true price.

我們受到的影響在第二季最大，在第三季稍小一些，在第四季有所緩解。這是以美元為基礎來重申這一點。這就是我們的想法。相對於您關於價格的問題，價格大約是三分之二。其中一些是附加費，但大部分是真實價格。

And hence, some of the reasons why the second quarter doesn't have the mitigation. It takes a while to get some of those pricing actions in place, whether it's with channel partners or customers. We're certainly working through those pricing arrangements, and that on a global basis, that takes a little while to do. So that's why the cadence is such. And we feel good about those actions, the combination of the strength of our brands, the strength of our innovation and technology really allows for some of this. And I think customers have understood that this is unfortunately one of the situations that comes with some of these tariffs.

因此，第二季沒有出現緩解的一些原因。無論是與通路夥伴或客戶，實施某些定價行動都需要一段時間。我們當然正在製定這些定價安排，但從全球範圍來看，這需要一些時間。這就是為什麼節奏如此。我們對這些行動感到滿意，我們品牌的實力、創新和技術的實力相結合確實可以實現其中的一些目標。我認為客戶已經明白，不幸的是，這是部分關稅帶來的情況。

Yes. No, absolutely. I appreciate all of that color. And then maybe following up on Precision Tech. Could you provide an update on EA Elektro? I would imagine that turning organic here in Q1 led to some of the pressure on PT organic in the quarter. So any just color on how that business did in Q1? And then what does the guide assume for EA Elektro for the full year?

是的。不，絕對不是。我很欣賞所有這些顏色。然後也許會跟進 Precision Tech。您能提供有關 EA Elektro 的最新消息嗎？我可以想像，第一季的有機轉型會給 PT 有機業務帶來一些壓力。那麼，您能大致了解一下該業務在第一季的表現嗎？那麼該指南對 EA Elektro 全年的業績有何預期？

Yes. I think number one, increasingly, as we probably think about it all as one as we continue to get closer just because of the order trade-off of Tek salespeople and EA salespeople. But you're certainly right. The toughest organic -- EA went organic in the first quarter, and the biggest headwind for that quarter is the first quarter. So certainly, part of the headwind that we talked about in Test and Measurement is going to be that.

是的。我認為，第一，我們可能會把這一切看作一個整體，因為我們之間的距離越來越近，這只是因為 Tek 銷售人員和 EA 銷售人員之間的訂單權衡。但你確實是對的。最艱難的有機成長－EA 在第一季實現了有機成長，而該季度最大的阻力就是第一季。因此，我們在「測試與測量」中討論的部分阻力肯定就是這樣。

We think that, that business is probably in the $20 million to $25 million range per quarter per year. And part of the Western Europe degradation that we talked about is really EV mobility investments on the part of European automakers. So we've embedded that in the guide. That really means that while we thought we'd probably have mid-single-digit growth at EA for the year, we're probably closer to flattish. We'll see how things play out, but we continue to see good traction on some of the things that we're doing in the funnel.

我們認為，該業務每季每年的銷售額可能在 2,000 萬至 2,500 萬美元之間。我們談到的西歐衰退的部分原因實際上是歐洲汽車製造商對電動車的投資。因此我們將其嵌入到指南中。這實際上意味著，儘管我們原以為 EA 今年的營收可能會達到中等個位數成長，但實際成長可能更接近持平。我們將觀察事情如何發展，但我們繼續看到我們在漏斗中所做的一些事情取得了良好的進展。

But very much the uncertainty that I described more broadly about customers is certainly embedded in the auto customer base. You've certainly seen that this week with GM and GM's announcement this week in terms of how they're seeing things. So I think the global automotive business is challenged for sure from an investment perspective. And we've been seeing that from investments on their part, and we would anticipate that, that continues through the remaining part of the year.

但我更廣泛地描述的有關客戶的不確定性肯定深深植根於汽車客戶群中。您本週肯定已經從通用汽車及其本週發布的公告中看到了這一點，表明了他們如何看待這一情況。因此我認為從投資角度來看全球汽車業務肯定面臨挑戰。我們從他們的投資中看到了這一點，我們預計這種情況將持續到今年剩餘時間。

Deane Dray, RBC Capital Markets.

加拿大皇家銀行資本市場 (RBC Capital Markets) 的 Deane Dray。

Best of luck, Jim. You and I go way back to your Danaher days so I appreciate it. And welcome to Mark. My question is on, just given the headwinds at PT, I didn't hear anything about taking any cost-out repositioning, given these headwinds. The FBS playbook would be to kind of try to manage decrementals in line with all off in demand. I know you've got a spin happening so maybe that complicates things. But just can you address about any opportunity here to take some costs out?

祝你好運，吉姆。我們很久以前就認識你們在丹納赫的日子了，所以我很感激。歡迎馬克。我的問題是，考慮到 PT 面臨的阻力，我沒有聽到任何關於採取任何成本削減重新定位的消息。FBS 的策略是嘗試根據所有需求來管理遞減量。我知道你遇到了旋轉，所以這可能會使事情變得複雜。但是您能否談談這裡有任何可以降低成本的機會嗎？

Yes. We announced, I think, $20 million of restructuring at the beginning of the year so we've done a bunch of proactive restructuring as well to get ready for that. And some of that impact will be -- gets better through the year for sure. We've taken a lot of other costs out to offset some of the decrementals. Tek is one of our higher incremental businesses just because of the high gross margins and high standard margins in the business.

是的。我認為，我們在年初宣布了 2000 萬美元的重組計劃，因此我們也做了一系列積極的重組來為此做好準備。其中一些影響肯定會在一年內得到改善。我們已經削減了大量其他成本來抵消部分減幅。Tek 是我們成長率較高的業務之一，因為該業務的毛利率和標準利潤率都很高。

And part of the tariff mitigation will be some realignment that does require a little bit of investment -- maintaining investments as well. So I think the team is managing very well and I think we're in a good place. So let's see how it plays out. But first and foremost is getting some of this price in the marketplace, getting the tariffs mitigated, that's the first order. Now that's -- the more we can get -- the best levers we have in that business is to get pricing into the marketplace faster and to get the tariffs mitigated more quickly.

關稅減免的一部分將涉及一些調整，這確實需要一點投資——同時也需要維持投資。所以我認為球隊管理得很好，我們處於一個很好的位置。那麼讓我們看看結果如何。但首要的是讓部分價格進入市場，降低關稅，這是首要任務。現在，我們能做的越多，我們在這個行業中擁有的最佳槓桿就是更快地將價格推向市場，更快地降低關稅。

Those actions will be more helpful than a little bit more restructuring. But certainly, I know Tammy and the team are certainly very rigorous in terms of how they think about investment and how they think about offsetting challenges, and I'm confident that they'll continue to find ways to do that through the year.

這些行動比一點點重組更有幫助。但當然，我知道 Tammy 和團隊在考慮投資和如何應對挑戰方面非常嚴謹，我相信他們會在今年繼續找到這樣做的方法。

Got it. And just a last quick one comment in the prepared remarks about growth investments. Can you size that? Where is it across the segments? And have you throttled any of those back?

知道了。最後，在準備好的發言中，我再簡單談談關於成長投資的評論。你能確定尺寸嗎？它在各個細分市場中處於什麼位置？您是否已經限制了其中任何一項？

Well, I'd say the growth investments, particularly on the New Fortive side have continued. I think we called it out on the Healthcare side, in particular, where we spent some money in R&D. I think one of the things you've seen from the Healthcare business, particularly out of ASP here recently in the fourth quarter, we talked about a number of those 510(k) approvals that we got in the second half of last year. We're continuing to invest in a number of innovation fronts that will play out over the next year or so. So there's certainly some investments.

嗯，我想說的是，成長投資，特別是在 New Fortive 方面的成長投資仍在繼續。我認為我們在醫療保健方面特別指出了這一點，我們在研發方面花了一些錢。我認為您從醫療保健業務中看到的一件事，特別是最近第四季度的 ASP，我們談到了去年下半年獲得的許多 510（k）批准。我們將繼續投資於一些創新領域，這些領域將在未來一年左右發揮作用。所以肯定會有一些投資。

I probably -- and there are some as well on the IOS side as well. So I'd characterize those growth movements more on the New Fortive front. Think about that in the $10-ish million range probably, maybe a little bit more. And you'll get -- I think you'll get some good color as to how that's going to play out when we get to Investor Day here in June.

我可能——IOS 方面也有一些。因此，我會從新福蒂夫 (New Fortive) 的角度來更多地描述這些增長動向。想想看，這個價格大概在 1000 萬美元左右，甚至可能更多。你會明白——我想當我們在六月的投資者日到來時，你會對這一切將如何發展有一個很好的了解。

Andrew Buscaglia, BNP Paribas Asset Management.

法國巴黎銀行資產管理公司的安德魯‧布斯卡利亞 (Andrew Buscaglia)。

I was hoping you guys can update us on some of the software trends you're seeing. It sounds like it's going well in Advanced Healthcare. Hard to sort of see it in the margins with the growth of investments. In IOS, obviously, you can see it in the margins the last couple of years. But we're seeing kind of conflicting comments when you look across the software industry. I'm not a software analyst but you see some mix, sort of mix trends. So I'm wondering, how are those businesses handling the tariff situation? And can you just talk about the latest you're seeing there?

我希望你們能向我們介紹一下你們所看到的一些軟體趨勢。聽起來高級醫療保健方面進展順利。隨著投資的增長，很難在利潤中看到這一點。在 IOS 中，顯然，你可以在過去幾年中看到它。但當我們縱觀整個軟體產業時，我們看到了相互矛盾的評論。我不是軟體分析師，但你會看到一些混合趨勢。所以我想知道，這些企業是如何處理關稅狀況的？您能談談您在那裡看到的最新情況嗎？

Yes. I would say exceptionally the quick answer is there's really not a tariff impact necessarily within our software businesses. As we mentioned in the prepared remarks, our Facility and Asset Lifecycle software businesses are performing well. There's some uncertainty but I think the team has done a nice job of, from an innovation perspective and a number of and really commercialization, to really get after things. And so I feel good about where we're at.

是的。我想說的是，快速回答是，關稅對我們的軟體業務實際上不一定會產生影響。正如我們在準備好的演講中所提到的，我們的設施和資產生命週期軟體業務表現良好。雖然存在一些不確定性，但我認為從創新角度和商業化角度來看，團隊已經做得很好了。所以我對我們的現狀感到滿意。

We mentioned the strength of ServiceChannel is one example. On the Healthcare front, Provation and Censis both had good quarters. Provation in particular, is doing very well. So we -- that's a very high-margin business already. So I would say in general, we feel good about -- yes, there's some puts and takes relative to some customers, but we got some nice -- we saw some nice -- we secured some nice large orders in the quarter in a number of places.

我們提到的ServiceChannel的優點就是一個例子。在醫療保健方面，Provation 和 Censis 均有良好的表現。尤其是 Provation，表現非常出色。所以，這已經是利潤非常高的業務了。所以我想說，總的來說，我們感覺很好——是的，相對於一些客戶來說，有一些付出和收穫，但我們得到了一些不錯的——我們看到了一些不錯的——我們在本季度在很多地方獲得了一些不錯的大訂單。

So yes, there's some uncertainty but that's balanced with some of the innovation that we've done. And I think we're managing the businesses exceptionally well. There's probably a little bit of upside that we haven't built in, which is if you sort of said what would happen if tariffs play through, probably at Gordian and a little bit of ServiceChannel where we have some pass-through business. If the tariffs were to raise the input costs there, we do see a benefit on the pass-through side. So we'll see how that plays out.

所以是的，存在一些不確定性，但這與我們所做的一些創新相平衡。我認為我們的業務管理非常出色。可能還有一些我們尚未考慮到的優勢，也就是說，如果您說如果關稅發揮作用會發生什麼，可能在 Gordian 和 ServiceChannel 會發生一些事情，我們在那裡有一些轉嫁業務。如果關稅提高了那裡的投入成本，我們確實會看到轉嫁的好處。我們將拭目以待事情將如何發展。

It's still way too early days. But we did see that in sort of the supply chain tariff era of a few years ago. So we'll see where that plays out. As I mentioned, way too early to tell. That's probably more a late second half dynamic as we start to see things start to play out in the business. So well managed, FBS continues to apply in those businesses, and it's certainly part of the resilience and durability story that you'll hear from Olumide talk about when we get to Investor Day here in June.

現在還為時過早。但我們確實在幾年前的供應鏈關稅時代看到了這種情況。因此我們將拭目以待。正如我所提到的，現在下結論還為時過早。這可能更像是下半年後期的動態，因為我們開始看到業務開始發揮作用。管理得如此出色，FBS 將繼續應用於這些業務，這無疑是彈性和耐用性故事的一部分，當我們在 6 月份的投資者日上聽到 Olumide 談論這個故事時，您就會聽到。

Okay, yes. That's helpful. Last question, probably a silly one, but you had a bigger buyback in the quarter than I was expecting. With the stock where it is, what did you see in the last few months here before the spin occurred? Still plan to allocate a fair amount in that direction?

好的，是的。這很有幫助。最後一個問題，可能有點傻，但本季你們的回購規模比我預期的還要大。就目前股票的情況而言，在股票減持之前的幾個月裡，您看到了什麼？仍計劃在該方向分配相當數量的資金嗎？

Yes. We didn't talk about this in the spin, I think, because our prepared remarks are pretty straightforward and down the middle. We're going to pull in the spin a little bit now that we're saying at the end of the second quarter. So that just speaks to the strength of the actions that we've taken. Our team has done a great job.

是的。我認為，我們在演講中沒有談論這個問題，因為我們準備好的發言非常直接和中肯。既然我們已經說到了第二季末，現在我們要稍微收緊一下節奏。這正好說明了我們所採取的行動有多麼有力。我們的團隊做得非常出色。

We've got -- Tammy has got a leadership team ready to go. We'll announce the CFO here in a few days. So we're in a good place relative to Ralliant. The balance sheets are in a good place. We're still planning on investment grade.

我們已經—塔米已經準備好了領導團隊。我們將在幾天後宣布財務長的任命。因此，相對於 Ralliant，我們處於有利地位。資產負債表狀況良好。我們仍在規劃投資等級。

We bought back about 2.5 million shares, I think, in the quarter. We'll continue to devote free cash flow to buy back certainly an attractive prices. There's opportunity there. And then as we get to the time of the spin in July, you'll certainly hear some of this at Investor Day and certainly, both businesses, as incredibly focused and well-run independent companies. You're going to have an opportunity to hear more about that as they get to the second half guide.

我認為，我們在本季回購了約 250 萬股。我們將繼續投入自由現金流以極具吸引力的價格回購。那裡有機會。然後，當我們進入 7 月的分拆時，您肯定會在投資者日聽到一些這樣的消息，當然，這兩家公司都是非常專注且運作良好的獨立公司。當他們進入下半部分指南時，您將有機會聽到更多有關此內容的資訊。

And I think we're in a really good position to do that. So I think it's an exciting time for sure for both Tammy and Olumide to lay that out. And I think we're in a really good place to do that here in the coming months. And I think with that, we'll call it.

我認為我們完全有能力做到這一點。因此我認為這對 Tammy 和 Olumide 來說肯定是一個令人興奮的時刻。我認為，在接下來的幾個月裡，我們將會處於一個非常有利的位置來做到這一點。我想，有了它，我們就可以稱呼它。

Yes sir, this concludes our question-and-answer session. I'd now like to turn the call back over to Jim Lico for closing comments.

是的，先生，我們的問答環節到此結束。現在我想將電話轉回給 Jim Lico 來做最後發言。

All right. Well, thanks, Brock. And as many said, I appreciate all the thank yous. It's nice for you to say that, but I'll be still -- I'm not going anywhere. I'm still working really hard with Tammy and Olumide here to finish off the second quarter and get everything launched.

好的。好吧，謝謝你，布洛克。正如許多人所說，我感謝大家的感謝。你這麼說很好，但我會保持安靜——我不會去任何地方。我仍在與 Tammy 和 Olumide 一起努力完成第二季並啟動一切工作。

Incredibly proud of our team over the last -- particularly over the last month and dealing with a lot of the challenges that we described. But I think at the end of the day, when you look at where we're at, in true Fortive Spirit, businesses are countermeasuring well, dealing with challenges well, and the power of FBS continues to demonstrate in so many ways. We didn't talk about the power of our free cash flow, but that's going to continue this year and it's going to set us up exceptionally well for what we -- what both independent companies will be doing here, both in the back half of the year and certainly into '26 as we continue to build two great businesses. Thanks for all the time and the energy and the questions today. I know you're incredibly busy today so we appreciate your time.

我為我們的團隊在過去的表現感到無比自豪——特別是在過去的一個月裡，我們應對了所描述的許多挑戰。但我認為，最終當你審視我們所處的情況時，你會發現，在真正的 Fortive 精神下，企業能夠很好地應對挑戰，FBS 的力量將繼續在很多方面得到體現。我們沒有談論自由現金流的力量，但今年這種力量將會繼續，而且會為我們兩家獨立公司在今年下半年以及在2026年繼續打造兩家偉大的企業所做的工作打下非常好的基礎。感謝您今天付出的時間、精力和提出的問題。我知道您今天非常忙，所以我們很感謝您抽出時間。

We look forward to the follow-up and questions with our IR team and certainly with Mark and I. And we look forward to seeing all of you in June to talk about two great companies and how -- and the excitement that you'll hear and the passion you'll hear from our teams, I think it's going to be an exciting day on June 10. We'll see you then. Thanks, everyone.

我們期待與我們的 IR 團隊以及馬克和我進行後續跟進和提問。我們期待在 6 月與大家見面，討論兩家偉大的公司以及如何——以及您將聽到的來自我們團隊的興奮和熱情，我認為 6 月 10 日將是令人興奮的一天。到時候見。謝謝大家。

Ladies and gentlemen, thank you for your participation. This concludes today's teleconference. You may disconnect your lines, and have a wonderful day.

女士們、先生們，感謝你們的參與。今天的電話會議到此結束。您可以斷開線路，享受美好的一天。