Fortive Corp (FTV) 2025 Q2 法說會逐字稿

My name is Brock, and I'll be your conference facilitator this afternoon. At this time, I would like to welcome everyone to Fortive Corporation's second quarter 2025 earnings 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 年第二季收益業績電話會議。（操作員指示）

I would now like to turn the call over to Ms. Christina Jones, Vice President of Investor relations. Ms. Jones, you may begin your conference.

現在我想將電話轉給投資者關係副總裁克里斯蒂娜瓊斯女士。瓊斯女士，您可以開始您的會議了。

Thank you, and thank you, everyone for joining us on today's call. I am joined today by Olumide Soroye, our President and CEO; and Mark Okerstrom, our CFO. Today's call will begin with a brief overview of our consolidated Q2 results, which include the results of our Precision techno technology segment.

謝謝大家，也謝謝大家參加今天的電話會議。今天與我一同出席的還有我們的總裁兼執行長 Olumide Soroye 和我們的財務長 Mark Okerstrom。今天的電話會議將首先簡要概述我們的第二季度綜合業績，其中包括精密技術部門的業績。

The remainder of our remarks will focus on Fortive's continuing operations following the successful separation of the Precision Technologies business, now Ralliant which was completed on June 28, 2025.

我們接下來的評論將重點放在 Fortive 在 2025 年 6 月 28 日成功分離精密技術業務（現為 Ralliant）之後的持續經營。

Please note that we will defer any questions related to Precision Technologies to the Ralliant team who will hold their earnings call on August 12.

請注意，我們將把與 Precision Technologies 相關的任何問題轉交給 Ralliant 團隊，他們將於 8 月 12 日舉行收益電話會議。

During today's call, we will present certain non-GAAP financial measures. Information required by Regulation G is available on the investors section of our website at forvite.com. Our statements on period-to-period increases or decreases refer to year-over-year comparisons unless otherwise specified.

在今天的電話會議中，我們將介紹某些非公認會計準則財務指標。規則G所要求的資訊可在我們網站forvite.com的投資者專區查閱。除非另有說明，我們關於期間增減的聲明均指同比數據。

We will also 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.

我們還將做出前瞻性陳述，包括有關我們期望或預期未來會發生或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 these risk factors is available in our SEC filings, including our annual report on Form 10-K for the year ended December 31, 2024, and quarterly reports on Form 10-Q for the quarters ended March 28, 2025 and June 27, 2025.

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 10-K 表，以及截至 2025 年 3 月 28 日和 2025 年 6 月 27 日的季度報告 10-Q 表。

These forward-looking statements speak only as of the date they are made, and we do not assume any obligation to update any forward-looking statements.

這些前瞻性陳述僅代表其作出之日的觀點，我們不承擔更新任何前瞻性陳述的義務。

With that, I'll turn the call over Olumide.

有了這些，我將把電話轉給 Olumide。

Thank you, Christina. Let me begin on slide 3 with a few key messages. First, this was a pivotal quarter for Fortive. We successfully completed the spin-off, now Ralliant on June 28. And we've emerged as a simpler, more focused company well positioned to deliver durable and accelerated financial performance.

謝謝你，克里斯蒂娜。讓我從投影片 3 開始講幾個關鍵訊息。首先，這對 Fortive 來說是一個關鍵的季度。我們於 6 月 28 日成功完成分拆，現為 Ralliant。我們成為一家更簡單、更專注的公司，能夠提供持久且快速的財務表現。

In our final quarter as a consolidated company, we delivered adjusted EPS of $0.90 at the high-end of our guidance range with 8% growth in Trailing Twelve Months adjusted free cash flow.

在我們作為合併公司的最後一個季度中，我們實現了調整後每股收益 0.90 美元，處於指導範圍的高端，過去十二個月調整後自由現金流增長了 8%。

For new Fortive on a continuing operations basis, a key to earning some free cash flow results demonstrated resiliency. We delivered at just the EPS of $0.58 and 14% growth in Trailing Twelve Month free cash flow.

對於新的 Fortive 在持續經營的基礎上，獲得一些自由現金流結果的關鍵是表現出彈性。我們的每股盈餘僅為 0.58 美元，過去十二個月的自由現金流成長了 14%。

Despite customer demand pressures in the second half of June, stemming from tariff uncertainty, constrained government spending, and evolving healthcare policy dynamics, as previewed in our June 30 Ralliant [spin] completion press release.

儘管 6 月下半月客戶需求面臨壓力，但源於關稅不確定性、政府支出受限以及不斷變化的醫療保健政策動態，正如我們在 6 月 30 日 Ralliant [spin] 完成新聞稿中預測的那樣。

Today we are also initiating guidance for Fortive's continuing operations, reflecting a full year outlook and consistent with our new Fortive approach of providing clear and simplified guidance and disclosure.

今天，我們也將啟動對 Fortive 持續經營的指導，反映全年展望，並符合我們提供清晰、簡化的指導和揭露的新 Fortive 方法。

Finally, we remain focused on executing our Fortive Accelerated strategy introduced at our investor day seven weeks ago. And designed to drive faster profitable growth and strong shareholder value creation over the medium term. We couldn't be more confident and excited for the road ahead.

最後，我們將繼續專注於執行七週前在投資者日推出的 Fortive Accelerated 策略。旨在推動中期更快的獲利成長和強勁的股東價值創造。我們對未來的道路充滿信心和興奮。

Touching briefly on slide 4, which covers a final quarter of consolidated results, including the Precision Technologies segment, now Ralliant.

簡要介紹幻燈片 4，其中涵蓋了合併業績的最後一個季度，其中包括精密技術部門（現為 Ralliant）。

We delivered Q2 adjusted EPS of $0.90 at the high-end of our guidance range and generated approximately $300 million in adjusted free cash flow. On a Trailing Twelve Month basis, our free cash flow grew 8%. And free cash flow conversion and adjusted net income was 105%.

我們實現的第二季調整後每股收益為 0.90 美元，處於指導範圍的高端，並產生了約 3 億美元的調整後自由現金流。在過去十二個月中，我們的自由現金流增加了 8%。自由現金流轉換率和調整後淨收入為105%。

We deployed approximately $140 million towards share repurchases during the quarter. From the time of the spin announcement in September 2024 through completion in June 2025, we allocated over 75% of our consolidated free cash flow to share repurchases consistent with our previously communicated guidance about capital deployment during the period.

本季我們投入了約 1.4 億美元用於股票回購。從 2024 年 9 月宣布分拆到 2025 年 6 月完成，我們將超過 75% 的合併自由現金流分配給股票回購，這與我們先前傳達的有關該期間資本部署的指導一致。

Finally, we consider the spin-off, now Ralliant ahead of our original timeline, a testament to the power of 40 business system-driven execution and the talent and dedication of our teams around the world. From this point on, all figures and comments were referred to Fortive's continuing operations, excluding the results of the Precision Technologies segment.

最後，我們認為分拆後的 Ralliant 比我們最初的時間表提前了，這證明了 40 個業務系統驅動的執行力以及我們全球團隊的才能和奉獻精神。從此時起，所有數字和評論均指 Fortive 的持續經營業務，不包括精密技術部門的表現。

Let's move to slide 5. With the completion of the spin, new Fortive begins in Q3 as a simplified and focused company with a track record of strong, durable financial performance fortified by our 50% recurring revenues. As shown on this slide, we begin this next chapter with an attractive financial profile and track record, having delivered 4% compounded annual core revenue growth over the past five years, with solid growth every year since the global pandemic in 2020.

讓我們翻到幻燈片 5。隨著分拆的完成，新的 Fortive 將於第三季以簡化和專注的形式開始運營，並憑藉 50% 的經常性收入保持強勁、持久的財務業績。正如這張投影片所示，我們以極具吸引力的財務狀況和業績記錄開啟了新的篇章，過去五年，核心收入年複合成長率達到 4%，自 2020 年全球疫情爆發以來，每年都保持穩健成長。

Each of our two reported segments have been key contributors to this performance and are poised for acceleration powered by a accelerated strategy. Before we dive into the details of Q2 results, let me highlight some examples of exciting progress our team made in the quarter in execution of Fortive accelerate strategy on slide 6.

我們報告的兩個部門都是這項業績的關鍵貢獻者，並準備透過加速策略來實現加速。在深入了解第二季業績細節之前，讓我先在第 6 張投影片中重點介紹我們的團隊在本季度執行 Fortive 加速策略方面取得的一些令人興奮的進展。

Our strategy is built around three core levers for profitable organic growth acceleration. Innovation acceleration, commercial acceleration and recurring customer value, all powered by our Amplified Fortive business system.

我們的策略圍繞著三個核心槓桿構建，以實現盈利性有機成長的加速。創新加速、商業加速和重複客戶價值，全部由我們的 Amplified Fortive 業務系統提供支援。

Our new disciplined capital allocation approach seeks to enhance this organic results with maximizing, medium-term equity returns as our North Star. We made meaningful strides in advancing key elements of this strategy in Q2, starting with innovation acceleration. Fluke continues to execute an exciting market-leading innovation funnel. For example, Fluke's 1670 Series Multifunction Installation Tester with True Test software, Fluke Connect and wireless connectivity was named most valuable product in Control Engineering's 2025 Product of the Year Awards.

我們新的嚴謹的資本配置方法旨在透過最大化中期股權回報作為我們的北極星來增強這種有機成果。我們在第二季在推動策略的關鍵要素方面取得了有意義的進展，首先是加速創新。福祿克繼續執行令人興奮的市場領先創新管道。例如，配備 True Test 軟體、Fluke Connect 和無線連接功能的 Fluke 1670 系列多功能安裝測試儀在《控制工程》雜誌的 2025 年度產品獎中被評為最有價值的產品。

At Gordian, we're seeing strong adoption of our new cloud-based assessment and capital planning module, driving double-digit orders growth in that product category. Moving to commercial acceleration. Our Latin America growth strategy continues to ramp, delivering double-digit Q2 growth in the IOS segment in the region.

在 Gordian，我們看到我們新的基於雲端的評估和資本規劃模組得到了廣泛的採用，推動了該產品類別的訂單實現兩位數增長。邁向商業加速。我們的拉丁美洲成長策略持續加速推進，該地區的 IOS 部門在第二季度實現了兩位數的成長。

At Fluke, we saw high single-digit growth in our priority high-growth applications, including distributed energy and data centers with exciting runway ahead of us, closing with recurring customer value. Our journey at Fluke to increase recurring revenue continued with double-digit ARR growth in the quarter, and we are undertaking AI-enabled customer experience improvements across our portfolio, driving better net dollar retention and customer lifetime value.

在福祿克，我們的優先高成長應用實現了高個位數成長，其中包括分散式能源和資料中心，我們面前還有令人興奮的發展道路，最終實現了持續的客戶價值。福祿克繼續致力於增加經常性收入，本季 ARR 實現了兩位數成長，並且我們正在整個產品組合中實施人工智慧支援的客戶體驗改進，以提高淨美元保留率和客戶終身價值。

As an example, Provation launched AI assistance and intelligent automation to drive productivity in key health care workflows. All our organic growth acceleration levers are enabled by our Amplified Fortive business system, which is at the heart of our culture.

例如，Provation 推出了人工智慧輔助和智慧自動化，以提高關鍵醫療保健工作流程的生產力。我們所有的有機成長加速槓桿都由我們的 Amplified Fortive 業務系統實現，這是我們文化的核心。

In May, nearly 1,000 key members around the world participated in our [President's] Kaizen Week, tackling growth opportunities with a continuous improvement mindset. It's one of my several weeks of the year, and I was particularly inspired by the progressive deployment of AI capabilities for impacts across our 34 Kaizen teams and our team's energy around amplifying FBS for profitable growth.

五月份，全球近 1,000 名關鍵成員參加了我們的 [總裁] 改善週，以持續改進的心態抓住成長機會。這是我一年中的幾個星期之一，我特別受到啟發，因為我們的 34 個 Kaizen 團隊逐步部署了 AI 功能以產生影響，而且我們的團隊為擴大 FBS 以實現盈利增長而付出了巨大的努力。

Finally, disciplined capital allocation is an integral component of our Fortive Accelerate Strategy. At our June Investor Day, we outlined our capital allocation priorities to enhance shareholder returns, invest in organic growth, pursue accretive bolt-on M&A, deploy capital to share repurchases and maintain a growing dividend.

最後，嚴格的資本配置是我們 Fortive Accelerate 策略的一個組成部分。在六月的投資者日上，我們概述了我們的資本配置重點，以提高股東回報、投資於有機成長、追求增值附加併購、部署資本以回購股票並維持不斷增長的股息。

Aligned with these priorities, we are activating our bolt-on M&A engine, and we are applying a rigorous disciplined, approach based on relative returns to evaluate deals. We are ready to execute attractive bolt-on opportunities with the goal of enhancing shareholder returns.

根據這些優先事項，我們正在啟動我們的附加併購引擎，並採用基於相對回報的嚴格規範的方法來評估交易。我們已準備好實施有吸引力的附加機會，以提高股東回報為目標。

Looking ahead, the future is bright for Fortive. We are emerging from the spin as a more durable and resilient company, with a clear plan to accelerate shareholder value creation through profitable organic growth, disciplined capital allocation and a deliberate focus on building and maintaining invested for us.

展望未來，Fortive 的前景一片光明。我們正在走出困境，成為一家更持久、更具韌性的公司，並製定了明確的計劃，透過盈利的有機增長、嚴格的資本配置以及刻意專注於為我們建立和維護投資來加速股東價值創造。

We have rock solid confidence in the quality of our new Fortive portfolio, [purpose built] team and Fortive Accelerated strategy shared at our Investor Day seven weeks ago, notwithstanding fluctuations specific quarterly metrics.

儘管特定季度指標有所波動，但我們對七週前在投資者日上分享的新 Fortive 投資組合、[專門打造的] 團隊和 Fortive 加速策略的品質充滿信心。

Our teams are energized and powered and excited to lead Fortive into this next chapter. I have been spending time with several of our customers, and they are thrilled about our new Fortive direction and eager to be part of our innovation acceleration, commercial acceleration and recurring customer value agenda.

我們的團隊充滿活力、幹勁十足，很高興能夠帶領 Fortive 邁入新的篇章。我一直在與我們的幾位客戶交流，他們對我們新的 Fortive 方向感到非常興奮，並渴望成為我們創新加速、商業加速和經常性客戶價值議程的一部分。

With that, I'll turn it over to Mark to walk us through the financial results for Q2, our last quarter before the launch of new Fortive.

接下來，我將把時間交給馬克，讓他向我們介紹第二季的財務業績，這是新 Fortive 推出前的最後一個季度。

Thanks, Olumide. I'll begin with slide 7. In the second quarter, we delivered total revenue of just over $1 billion, down 0.4% year-over-year. On a core basis, revenue declined 0.7%. Q2 revenue growth for the company was negatively impacted late in the quarter by customer demand responses to macro pressures and uncertainty, which Olumide mentioned earlier and on which I will elaborate in more detail as I go through our segment results.

謝謝，Olumide。我將從第 7 張投影片開始。第二季度，我們的總營收略高於 10 億美元，年減 0.4%。核心收入下降了 0.7%。由於客戶對宏觀壓力和不確定性的需求反應，公司第二季度的營收成長在本季度末受到了負面影響，Olumide 之前提到過這一點，我將在介紹我們各部門的業績時更詳細地闡述這一點。

Across the first 10 weeks of the quarter, we saw a continuation of the revenue growth trends we saw in Q1. However, as June progressed, we saw year-over-year growth turn negative in the last few weeks, and we finished the month approximately $30 million below our expectations, driving year-over-year revenue growth on our $1 billion quarterly revenue base into decline territory.

在本季的前 10 週，我們看到第一季的營收成長趨勢得以延續。然而，隨著 6 月的到來，我們看到過去幾週同比增長轉為負值，當月收入比預期低了約 3000 萬美元，導致我們 10 億美元季度收入基礎上的同比收入增長進入下降區間。

Although it's early, July is looking better. Aside from these end-of-quarter factors, the business performed broadly in line with our expectations. From a geographic perspective, North America was slightly positive but less so than what we had anticipated largely due to the end of quarter factors. Western Europe, China and Latin America were down year-over-year.

儘管還為時過早，但七月的情況看起來會更好。除了這些季度末因素外，業務表現基本上符合我們的預期。從地理角度來看，北美略有積極跡象，但低於我們的預期，這主要是由於季度末因素。西歐、中國和拉丁美洲的銷售額較去年同期下降。

We delivered adjusted gross profit of $650 million, similar to last year. Adjusted gross margins were also roughly flat year-over-year as FBS driven pricing actions, growth in higher margin recurring revenues and lower costs from supply chain countermeasures were roughly offset by tariff-related cost pressures.

我們實現調整後毛利 6.5 億美元，與去年持平。調整後的毛利率也與去年同期基本持平，因為FBS推動的定價行動、高利潤率經常性收入的增長以及供應鏈對策帶來的成本降低大致被關稅相關的成本壓力所抵消。

Adjusted EBITDA was $288 million, in line with Q2 of last year, with adjusted EBITDA margins holding steady versus the prior year. We delivered adjusted EPS of $0.58, up 4% year-over-year driven by stable year-over-year adjusted EBITDA, coupled with lower interest expense on lower debt balances and the positive year-over-year impact of share repurchases.

調整後的 EBITDA 為 2.88 億美元，與去年第二季持平，調整後的 EBITDA 利潤率與前一年持平。我們實現了調整後每股收益 0.58 美元，年增長 4%，這得益於調整後 EBITDA 同比穩定，加上債務餘額減少導致利息支出減少，以及股票回購同比產生積極影響。

We estimate direct tariff costs, net of countermeasures, created a roughly $0.02 headwind to EPS in the quarter. This excludes the tariff-related quarter-end demand pressure referenced earlier. We generated $180 million of free cash flow in the second quarter with our Q2 Trailing Twelve Month free cash flow of $939 million, representing a solid 14% year-over-year increase.

我們估計，扣除對策後的直接關稅成本對本季每股收益造成了約 0.02 美元的阻力。這還不包括前面提到的與關稅相關的季度末需求壓力。我們在第二季產生了 1.8 億美元的自由現金流，過去十二個月的自由現金流為 9.39 億美元，年增 14%。

Our Q2 Trailing Twelve Month free cash flow conversion on adjusted net income was 107%. Moving to our segment results, starting with Intelligent Operating Solutions on slide 8. Both revenue and core revenue growth were essentially flat year-over-year, which was below our expectations. The back half of June, year-over-year growth turned negative, driven by two primary factors, first, general tariff uncertainty and questions around the permanence of tariff-related pricing and surcharge changes, resulted in what we believe was deferred, not canceled customer spending on certain categories of professional instrumentation of Fluke.

我們第二季過去十二個月調整後淨收入的自由現金流轉換率為 107%。轉到我們的分部結果，從第 8 張投影片上的智慧營運解決方案開始。營收和核心營收成長與去年同期相比基本持平，低於我們的預期。6 月下半月，年成長轉為負值，主要受兩個因素影響：首先，普遍的關稅不確定性以及圍繞關稅相關定價和附加費變化持久性的疑問，導致我們認為客戶對福祿克某些類別專業儀器的支出被推遲，而不是取消。

While overall orders grew in the quarter, the mix of orders, particularly in the final weeks shifted to longer lead time products, resulting in an increase in backlog and a shortfall in revenue. We expect to deliver most of the backlog over the course of the second half of the year, and we are seeing encouraging signs in July that order mix is normalizing, which would suggest that most of the Q2 revenue slip will come back to us in the next several quarters.

雖然本季整體訂單有所增長，但訂單組合（尤其是在最後幾週）轉向了交貨期較長的產品，導致積壓訂單增加和收入短缺。我們預計將在今年下半年交付大部分積壓訂單，並且我們在 7 月看到令人鼓舞的跡象，表明訂單組合正在正常化，這意味著第二季度的大部分收入下滑將在未來幾季內回升。

Secondly, constrained US government spending and fiscal tightening at state and local governments, pressure take rate procurement revenue at Gordian. Gordian usually sees a spike in spending in the last few weeks of Q2 as government entities with the June fiscal year-end rush to use their remaining budgets.

其次，美國政府支出受限，州和地方政府財政緊縮，利率採購收入承壓高漲。Gordian 通常會看到第二季最後幾週的支出激增，因為 6 月財政年度結束時政府實體急於使用剩餘預算。

Our customer discussions suggest that overall concerns about go-forward funding more broadly created a chilling effect on the usual use it or lose it behavior. Absent the above factors impacting Fluke and Gordion, the quarter would have come in broadly in line with our expectations.

我們與客戶的討論表明，對未來融資的整體擔憂更廣泛地對通常的用完即失行為產生了寒蟬效應。如果不考慮上述影響 Fluke 和 Gordion 的因素，本季的業績將基本符合我們的預期。

As always, there were puts and takes, but we've been pleased with the growth we've seen in Industrial Scientific and the IOS software businesses year-to-date. Adjusted gross profit came in at $461 million, down slightly from prior year.

像往常一樣，有得有失，但我們對今年迄今為止工業科學和 IOS 軟體業務的成長感到滿意。調整後的毛利為 4.61 億美元，較上年略有下降。

Adjusted gross margins declined to 66.1% from just under 70% a year ago, primarily due to tariff cost pressures partially offset by pricing countermeasures and growth from our higher-margin software businesses.

調整後的毛利率從一年前的略低於 70% 下降至 66.1%，主要原因是關稅成本壓力被定價對策和利潤率更高的軟體業務的成長部分抵消。

Despite the slight revenue and gross profit declines in the segment, adjusted EBITDA grew 2% to $236 million as lower operating costs more than offset the modest decline in gross profit. Adjusted EBITDA margins grew to 33.8%, up from 33.3% in the prior year period.

儘管該部門的收入和毛利略有下降，但調整後的 EBITDA 成長 2% 至 2.36 億美元，因為營運成本的降低足以抵消毛利的輕微下降。調整後的 EBITDA 利潤率從去年同期的 33.3% 成長至 33.8%。

Moving to our Advanced Healthcare Solutions segment on slide 9. We delivered total revenue of $320 million, which was below our expectations. Revenue was down 1.3% year-over-year and down 1.9% on a core basis. Towards the end of Q2, we saw reimbursement policy changes and uncertainty impact the Advanced Healthcare Solutions segment.

前往投影片 9 上的「先進醫療保健解決方案」部分。我們的總收入為 3.2 億美元，低於我們的預期。營收年減 1.3%，核心收入下降 1.9%。在第二季末，我們看到報銷政策的變化和不確定性影響了高級醫療保健解決方案部門。

Specifically, we saw the deferral of US-based hospital capital expenditures on health care equipment, including sterilization machines in ASP and quality assurance devices at Fluke Health with customers setting precautionary deferral of spending while they sort through the impact of reimbursement policy changes.

具體來說，我們看到美國醫院在醫療設備上的資本支出被推遲，包括 ASP 中的消毒機和 Fluke Health 的品質保證設備，客戶在梳理報銷政策變化的影響時設置了預防性支出延期。

We saw partially offsetting outperformance in other parts of the business with our AHS software businesses outperforming on strong execution and benefiting from resilient SaaS-based revenue models.

我們看到，其他業務部分的表現優異，但部分抵消了這一優勢，其中 AHS 軟體業務憑藉強勁的執行力和基於 SaaS 的彈性收入模式表現出色。

Absent the end of quarter pullback in health care equipment spending, AHS in total would have grown revenue, largely in line with our expectations.

如果不考慮本季末醫療設備支出的回落，AHS 的整體收入將會成長，這基本上符合我們的預期。

Despite revenue being down year-over-year, adjusted gross profit was up slightly. Adjusted gross margins were up from just under 58% last year to just over 59% with favorable pricing contribution aided by a mix shift into higher-margin AHS software revenue away from lower-margin hardware revenue.

儘管收入同比下降，但調整後的毛利略有上升。調整後的毛利率從去年的略低於 58% 上升至略高於 59%，得益於有利的定價貢獻，以及業務組合從利潤率較低的硬體收入轉向利潤率較高的 AHS 軟體收入。

Adjusted EBITDA was flat year-over-year at $86 million as we reinvested very modest gross profit dollar growth into R&D, sales and marketing initiatives to drive our top line acceleration agenda outlined by Olumide. Despite these investments and declining revenue, adjusted EBITDA margin expanded modestly from 26.6% to 26.9%.

調整後的 EBITDA 與去年同期持平，為 8,600 萬美元，因為我們將非常溫和的毛利成長重新投資於研發、銷售和行銷計劃，以推動 Olumide 概述的營收加速計劃。儘管進行了這些投資並且收入下降，調整後的 EBITDA 利潤率仍從 26.6% 小幅擴大至 26.9%。

Moving to slide 10 for a brief update on tariffs, which has shifted meaningfully since our Q1 earnings call. Based on current tariff rates in effect or expected to go into effect, we now expect the gross tariff impact for Fortive of continuing operations to be approximately $40 million to $55 million in the second half of 2025 and $80 million to $120 million on an annualized basis.

請移至投影片 10，簡要介紹關稅的最新情況，自我們第一季財報電話會議以來，關稅發生了重大變化。根據目前有效或預期生效的關稅稅率，我們現在預計 Fortive 持續經營的總關稅影響在 2025 年下半年約為 4,000 萬至 5,500 萬美元，按年率計算約為 8,000 萬至 1.2 億美元。

The majority of this impact is related to US China tariffs while the global trade environment remains volatile and that volatility is impacting our results on the margin. We are actively leveraging the Fortive Business System to adapt and respond.

這種影響主要與美國對中國的關稅有關，而全球貿易環境仍然動盪，這種波動正在影響我們的邊際表現。我們正在積極利用 Fortive 業務系統來適應和應對。

Our countermeasures include pricing actions, surcharges shifts in our global supply chain and manufacturing footprint and incremental cost and productivity initiatives. Doing tariff conditions continue along the path of what is known today, we expect gross tariffs to be mitigated fully by the fourth quarter, and we expect we will see a modest gross margin and EPS headwind in Q3 as our countermeasures continue to fully phase in.

我們的因應措施包括定價行動、全球供應鏈和製造足跡的附加費轉變以及增量成本和生產力措施。如果關稅條件繼續按照目前已知的路徑發展，我們預計到第四季總關稅將完全緩解，並且隨著我們的對策繼續全面實施，我們預計第三季的毛利率和每股盈餘將面臨適度的阻力。

Should global trade and fiscal policy remain as volatile as it has recently been, we would expect to continue to see near-term revenue impacts and challenges with revenue visibility of the type we saw in Q2.

如果全球貿易和財政政策繼續像最近一樣動盪，我們預計將繼續看到近期收入影響和挑戰，收入可見性將與我們在第二季度看到的一樣。

Turning to slide 11. We received a $1.15 billion dividend for the Ralliant spin-off, which is reflected in the Fortive continuing operations balance sheet in our earnings release. In July, we used approximately $725 million of proceeds from the dividend to pay down debt comprised of the entirety of our Japanese yen and euro-denominated term debt and a portion of our 2026 euro bonds.

翻到第 11 張投影片。我們因 Ralliant 分拆而獲得了 11.5 億美元的股息，這反映在我們收益報告中的 Fortive 持續經營資產負債表中。7 月份，我們使用了約 7.25 億美元的股息收益來償還債務，包括全部日圓和歐元計價的定期債務以及部分 2026 年歐元債券。

We plan to use the remaining dividend proceeds for share repurchases. The balance sheet figures shown here represent Fortive continuing operations on a pro forma basis, reflecting the debt pay down.

我們計劃將剩餘的股利收益用於股票回購。此處顯示的資產負債表數字代表 Fortive 的持續經營情況，反映了債務償還。

From a leverage standpoint, our gross leverage ratio is roughly 2.5 times adjusted EBITDA after these debt repayments in line with our stated target. As previously highlighted on a Trailing Twelve Month basis, we generated roughly $940 million of annual free cash flow. This, plus our strong balance sheet and growing adjusted EBITDA gives us ample capacity and flexibility to execute our capital deployment priorities, always with a disciplined focus on allocating capital based on best relative risk-adjusted returns from a shareholders perspective.

從槓桿的角度來看，償還這些債務後，我們的總槓桿率約為調整後 EBITDA 的 2.5 倍，符合我們既定的目標。如同先前所強調的，以過去十二個月計算，我們產生了約 9.4 億美元的年度自由現金流。除此之外，我們強勁的資產負債表和不斷增長的調整後 EBITDA 使我們擁有充足的能力和靈活性來執行我們的資本部署優先事項，始終嚴格注重從股東角度根據最佳相對風險調整回報來分配資本。

Moving to slide 12, we are initiating our full year adjusted EPS guidance for new Fortive at $2.50 to $2.60 per share. This outlook assumes a continuation of the market dynamics we experienced in Q2. We are not forecasting any material improvement or deterioration.

轉到第 12 張投影片，我們開始對新 Fortive 的全年調整後每股收益預測為每股 2.50 美元至 2.60 美元。這一前景假設我們在第二季經歷的市場動態將持續下去。我們沒有預測任何實質的改善或惡化。

It reflects the expected net impact of tariffs based on currently announced rates. Now let me provide a few additional modeling considerations. From a phasing perspective, we expect Q3 reported revenue to be broadly similar to Q2, including a modest tailwind from FX.

它反映了根據當前公佈的稅率預期的關稅淨影響。現在讓我提供一些額外的建模考慮。從階段角度來看，我們預計第三季報告的營收將與第二季大致相似，其中包括來自外匯的適度推動。

We are modeling second half core revenue growth broadly in the range of the core growth we saw in the first half. We also expect AHS core growth in the second half to be similar to Q2 with a more challenging year-over-year comparable in Q3.

我們對下半年核心營收成長的預測大致與上半年的核心營收成長持平。我們也預計下半年 AHS 核心成長將與第二季相似，但第三季的年成長將更具挑戰性。

From an adjusted EBITDA perspective, we expect typical seasonality with Q3 adjusted EBITDA lower than Q2 on a dollar basis. As a reminder, with lower debt balances, our interest expense will be lower in the second half. We continue to expect a full year adjusted effective tax rate in the mid-teens.

從調整後的 EBITDA 角度來看，我們預計第三季調整後的 EBITDA 將低於第二季（以美元計算）。提醒一下，由於債務餘額較低，我們下半年的利息支出將會較低。我們繼續預計全年調整後有效稅率將在十五六位數左右。

However, we are modeling Q3's tax rate in the high teens and the Q4 tax rate in the single digits due to discrete tax items in the quarter. Given seasonal revenue and margin patterns and the interest and tax assumptions I just outlined, we expect Q4 adjusted EPS to be meaningfully higher than Q3, which we currently expect to be slightly lower than what we saw in the second quarter on a cents basis.

然而，由於本季存在離散稅項，我們將第三季的稅率預測為高十幾個百分點，將第四季的稅率預測為個位數。考慮到季節性收入和利潤模式以及我剛才概述的利息和稅收假設，我們預計第四季度調整後的每股收益將顯著高於第三季度，而我們目前預計第三季度的每股收益將略低於第二季度的每股收益（以美分為基礎）。

Before I wrap up, I'd like to take a moment to walk through our approach to guidance and disclosure for the remainder of the year. As we have just outlined, we will provide annual adjusted EPS guidance updated quarterly, along with commentary on phasing throughout the year and modeling help on other key P&L line items.

在結束之前，我想花點時間介紹我們在今年剩餘時間的指導和披露方法。正如我們剛才概述的那樣，我們將提供每季更新的年度調整後每股盈餘指引，以及全年分階段的評論和其他關鍵損益項目的建模協助。

Our disclosures will remain focused on key metrics at the Fortive and segment level with color at a lower level of granularity as appropriate to provide clarity on key drivers of performance. This approach reflects our ongoing desire for clarity and simplification in our communications with the investor community.

我們的揭露仍將重點放在 Fortive 和細分級別的關鍵指標，並視情況使用較低粒度的顏色，以明確績效的關鍵驅動因素。這種方法反映了我們與投資者群體溝通時對清晰度和簡化性的持續追求。

As a final note, before turning it back to Olumide for closing remarks and Q&A, I wanted to directly and clearly state that recent near-term revenue volatility has absolutely no impact on our confidence in the future outlook for our business. And specifically, the medium-term financial framework we shared at our recent Investor Day remains firmly intact.

最後要說的是，在交還給 Olumide 進行結語和問答之前，我想直接而明確地指出，近期的短期收入波動絕對不會影響我們對業務未來前景的信心。具體來說，我們在最近的投資者日上分享的中期財務框架仍然完好無損。

Q3 marks the beginning of our new chapter and we are moving the pieces into place to drive accelerated growth and shareholder value creation in the coming years. The three-pillar value creation plan we outlined at our June Investor Day is now solidly in the implementation phase, and I couldn't be more excited for the road ahead.

第三季標誌著我們新篇章的開始，我們正在採取一切措施，以推動未來幾年的加速成長和股東價值創造。我們在六月投資者日概述的三大支柱價值創造計畫目前正穩步進入實施階段，我對未來的道路感到無比興奮。

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

有了這個，我會把它交還給 Olumide。

Thanks, Mark. Let me close our prepared remarks on slide 13 with a few reflections on what's ahead for Fortive. First, we have a long track record of strong annual financial performance, as presented on this page. Solid revenue growth, expanding EBITDA margins and resilient free cash flow in the last five years. Q2 2025 was our last quarter before the launch of new Fortive.

謝謝，馬克。讓我在第 13 張投影片上結束我們準備好的發言，並對 Fortive 的未來做一些思考。首先，如本頁所示，我們長期以來一直保持著強勁的年度財務表現。過去五年，營收穩定成長，EBITDA 利潤率不斷擴大，自由現金流強勁。2025 年第二季是我們推出新款 Fortive 之前的最後一個季度。

While core growth in the quarter was below our expectations, our earnings and free cash flow stood up well in the face of unexpected headwinds. We delivered 4% adjusted EPS growth and 14% Trailing Twelve Month free cash flow growth.

儘管本季的核心成長低於我們的預期，但面對意外的逆風，我們的收益和自由現金流仍然表現良好。我們實現了 4% 的調整後每股收益成長和 14% 的過去十二個月自由現金流成長。

This is a testament to our team, the operation leverage and cash generation strength in our business and the Fortive Business System. We are excited about what that portends as we return to normal and accelerating growth. With Q2 and the spin behind us, we now enter the era of Fortive accelerated. Our purpose built new Fortive team is excited about the opportunity ahead of us, and we thank you all for your interest in Fortive.

這證明了我們的團隊、我們業務的營運槓桿和現金生成實力以及 Fortive 業務系統。隨著我們恢復正常並加速成長，我們對這一預示的前景感到興奮。隨著 Q2 和旋轉的結束，我們現在進入了 Fortive 加速時代。我們專門組成的新 Fortive 團隊對未來的機會感到興奮，我們感謝大家對 Fortive 的關注。

I especially want to thank our investors, our 100,000 customers and all our Fortive employees around the world across our 10 iconic operating brands who do a tremendous job every day, deliver near-term results and build enduring advantages in our businesses.

我特別要感謝我們的投資者、10 萬名客戶以及遍布全球 10 個標誌性營運品牌的所有 Fortive 員工，他們每天都在出色地完成工作，取得了短期成果，並為我們的業務建立了持久優勢。

With that, I'll turn it to Christina for Q&A.

接下來，我將把問題交給克里斯蒂娜進行問答。

Thanks, Olumide. That concludes our prepared remarks. We are now ready for questions.

謝謝，Olumide。我們的準備好的演講到此結束。現在我們可以回答問題了。

(Operator Instructions)

（操作員指示）

Julian Mitchell, Barclays.

巴克萊銀行的朱利安·米切爾。

Hi, good afternoon, and congrats on getting the first earnings out of the way as RemainCo or New Fortive. Maybe just wanted to start with the sort of second half moving pieces between the third and fourth quarter. So it seems like maybe third quarter EPS is in the maybe low mid-50s range in terms of cents, perhaps sort of flattish EBITDA sequentially and then there's the tax pressure.

大家下午好，恭喜 RemainCo 或 New Fortive 取得第一筆收益。也許只是想從第三節和第四節之間的下半場動作開始。因此看起來，第三季的 EPS 可能處於 50 美分左右的低位區間，EBITDA 可能與上一季持平，然後還有稅收壓力。

And into the fourth quarter, it looks like you need a sort of $0.30 or so increase in EPS sequentially helped by that tax rate dropping in Q4. I just wanted to make sure that, that rough framework made sense in terms of your full year guidance. And just sort of help us understand on the operating line, why do you get such a big lift in Q4.

進入第四季度，由於第四季度稅率下降，看起來你需要每股收益連續增加 0.30 美元左右。我只是想確保這個粗略的框架對於你的全年指導是有意義的。這只是幫助我們從營運角度來理解，為什麼第四季的業績會獲得如此大的成長。

Yeah. Thanks, Julian. I'll take this one. So there definitely are a few things going on. I'd say directionally, you're thinking about things the right way. As a reminder, just normal seasonality of this business is for there to be a step down from Q2 to Q3. So you definitely see that in the way we're sort of shaping the year.

是的。謝謝，朱利安。我要這個。所以肯定發生了一些事情。我想說，從方向上看，你正在以正確的方式思考問題。提醒一下，該業務的正常季節性是從第二季到第三季出現下滑。所以你肯定能從我們塑造這一年的方式中看到這一點。

Added to that is we do have some negative impact from tariffs still that are going to hit us in the third quarter, which sort of builds upon it. And then as you move into the fourth quarter, again, normal seasonality is the biggest driver. But if you work down through adjusted EBITDA first, you've got a couple of other factors. One is that the tariff countermeasures are fully implemented and they actually become a slight positive at current rates into the fourth quarter.

除此之外，關稅仍會對我們產生一些負面影響，這些影響將在第三季持續下去。然後，當進入第四季度時，正常的季節性再次成為最大的驅動因素。但如果您先研究調整後的 EBITDA，您會發現其他幾個因素。一是關稅反制措施全面實施，以目前的利率水平，第四季實際上會略微產生正成長。

And secondly, you've got a tailwind from FX, which, again, foreign-denominated currencies, more US dollars in revenue, and the vast majority of our costs are sitting in US dollars. So that does drop through to adjusted EBITDA. That's been compounded as you move down to adjusted EPS because you've got the discrete items on tax rate that we mentioned, which pushes tax rate down into the single-digit zone.

其次，外匯對我們有利，外匯又以外幣計價，美元收入增多，而且我們的絕大部分成本都以美元計算。因此這確實會影響到調整後的 EBITDA。當您轉到調整後的每股收益時，這種情況會變得更加複雜，因為您得到了我們提到的稅率的獨立項目，這會將稅率推低至個位數區域。

You've got lower interest expense on lower debt balances. And then you've also got the year-over-year impact of share repurchases, they're helping EPS as well.

債務餘額越低，利息支出就越低。然後你也會發現股票回購的年比影響，它們也有助於每股盈餘。

That's helpful. And then just my follow-up would be around a couple of them main end markets that led to the shortfall in Q2 and how you're thinking about those playing out from here? In particular, I suppose the government pressure at FAL.

這很有幫助。然後我的後續問題是導致第二季出現短缺的幾個主要終端市場，以及您如何看待這些市場接下來的表現？特別是，我認為政府對 FAL 施加了壓力。

What are you assuming there in terms of how much faster that improves? And then in health care, just unpack a little bit because you had the sort of selling days headwind in Q1 and then it's seen to morph into something more problematic late in Q2. Sort of what are you seeing right now there in Q3?

您對這種改善的速度有何假設？然後在醫療保健領域，稍微分析一下，因為在第一季度，我們遇到了銷售逆風，而在第二季度末，這種情況似乎演變成更嚴重的問題。現在您在第三季看到了什麼？

Yeah. Thanks, Julian. I'll take that one. So in many ways, Q2 played out exactly how we expected, except for these three discrete items. So I'll go through the three of them. So the first one on the FAL and government spending at Gordian.

是的。謝謝，朱利安。我要那個。因此，從許多方面來看，除了這三個獨立項目之外，第二季的表現完全符合我們的預期。因此我將逐一介紹這三個。第一個問題是關於 FAL 和政府在 Gordian 的支出。

The nature of that is we were coming up after 2022 and 2023 where we had double-digit growth in that business. So we knew we kind of had a comp issue coming in. And then the June, we always say June is a big month, but in particular for that business because it's the year-end, for the state and local agencies.

其本質是，我們在 2022 年和 2023 年之後實現了該業務的兩位數成長。所以我們知道我們遇到了一些補償問題。然後是六月，我們總是說六月是一個重要的月份，但對於該行業來說尤其如此，因為它是年末，對於州和地方機構也是如此。

They usually have a big spike in spending, which just didn't happen as much I've seen for the last several June -- the last several years. But what we do know to be the case is that the projects in the pipeline are still there. They are essential projects for these communities that have to get done.

他們的支出通常會大幅增加，但過去幾年六月我所見過的這種情況並不多見。但我們確實知道的是，正在籌備的項目仍然存在。對這些社區來說，這些都是必須完成的重要項目。

So we know as a matter of fact, that these agencies are working through getting those projects funded. The exact timing of when they flow through our revenues is hard to predict. I would say that for the second half, the guidance we've laid out here comprehends any range of outcomes on how that plays through, whether it's fast or slow. We have enough other things to make sure our guidance here is secure. So that is going to trickle through, just the prediction of the time line is hard to nail down.

因此，事實上我們知道，這些機構正在努力為這些計畫籌集資金。它們流入我們收入的具體時間很難預測。我想說的是，對於下半年，我們在這裡制定的指導涵蓋了任何一系列的結果，無論是快速還是緩慢。我們還有足夠的其他東西來確保我們在這裡的指導是安全的。所以這將會逐漸顯現，只是時間軸的預測很難確定。

With respect to health care, I mean, I would say that the overall segment continues to be very strong for us. There was a very specific plan in June for capital equipment purchases by hospitals. So if you think about it, the One Big Beautiful Bill was signed on July 4.

關於醫療保健，我想說的是，我們的整體業務仍然非常強勁。六月推出了針對醫院資本設備採購的非常具體的計畫。如果你仔細想想，《一項偉大的美麗法案》是在 7 月 4 日簽署的。

So that means that three weeks before that, these hospitals were trying to figure out what the final provisions were going to be, how that affects the economics in terms of especially Medicaid and sort of uninsured and what that means for them overall.

這意味著在那之前的三週，這些醫院正在試圖弄清楚最終的規定是什麼，這將如何影響經濟，特別是醫療補助和無保險經濟，以及這對他們整體意味著什麼。

So a lot of them really just precautionary deferral health equipment purchases. These are essential sterilization and safety equipment that they do have to buy. We've already seen in July some favorable trends that some of that's coming back. So again, we know it's going to come back. We haven't assumed it's all going to flow through in Q3 or Q4, our guidance is secure, whatever the time line is from that.

因此，他們中的許多人實際上只是預防性地推遲購買醫療設備。這些都是他們必須購買的必需的消毒和安全設備。我們已經在七月看到了一些有利趨勢，其中一些正在復甦。所以，我們知道它會回來的。我們還沒有假設這一切都會在第三季或第四季完成，無論時間表如何，我們的指導都是安全的。

And I think the Fluke one, just to close it out, Julian, it's the easiest one in many ways because POS was very strong, orders grew in the quarter. And so you said, well, what happened. It really was we had a slight shift in mix from short cycle to longer cycle in late June, which meant we build backlog.

最後，我認為 Fluke 是最簡單的一個，Julian，因為 POS 非常強勁，本季訂單有所成長。所以你說，好吧，發生了什麼事。事實上，我們在 6 月底就從短週期略微轉向了長週期，這意味著我們累積了訂單。

And so again, we know the backlog is going to burn over the next few quarters. And again, whatever range of outcomes is safe within our guidance. So overall, a solid quarter, and we feel good about what we assumed here.

因此，我們再次知道，積壓訂單將在接下來的幾個季度內耗盡。再次強調，無論結果如何，在我們的指導範圍內都是安全的。總體而言，這是一個穩健的季度，我們對所做的假設感到滿意。

Great, thank you.

太好了，謝謝。

Thanks, Julian.

謝謝，朱利安。

Nigel Coe, Wolfe Research.

沃爾夫研究公司的奈傑爾·科伊。

Thanks. Good morning. Sorry, good afternoon. Thanks for the details. So I think you said sales in line with 2Q and 3Q. And then you clarified to the previous question that sales normally down Q on Q. I just want to clarify that point. Is organic sales in 3Q consistent with the modest decline we saw in 2Q, just want to pin that one up?

謝謝。早安.抱歉，下午好。謝謝你的詳細資料。所以我認為您說的銷售額與第二季和第三季一致。然後您澄清了上一個問題，即銷售額通常會逐季下降。我只是想澄清這一點。第三季的有機銷售額是否與我們在第二季看到的溫和下滑一致，只是想確定這一點嗎？

Yeah. I mean I would think on a consolidated basis, it's roughly in line. The one thing to keep in mind is that for AHS specifically, I would expect the back half growth rate to be consistent with what we see -- saw in Q2, again, really largely on the factors that Olumide mentioned, there continues to be pressure on health care reimbursement rates, and we don't expect that to subside in time in the back half of the year.

是的。我的意思是，我認為從合併的基礎來看，情況大致如此。要記住的一件事是，具體到 AHS，我預計下半年的成長率將與我們在第二季度看到的情況一致，同樣，這很大程度上取決於 Olumide 提到的因素，醫療保健報銷率繼續面臨壓力，我們預計這種壓力不會在下半年及時消退。

Okay. So just -- so again, maybe just being dumb. So the organic sales growth consistent with 2Q on in basis or dollar sales?

好的。所以只是——所以再說一遍，也許只是愚蠢而已。那麼有機銷售額成長與第二季的基礎銷售額或美元銷售額一致嗎？

Dollar sales.

美元銷售額。

Dollar sales, okay.

美元銷售額，好。

Growth rate to be roughly in the first half.

成長率大致與上半年持平。

Thank you very much. Okay. And so that implies that IOS organic sales growth would improve materially in 3Q, but AHS still in that down 2% type of range. if we're seeing this temporary dislocation in June from the sterilization equipment, why wouldn't AHS improve in the second half of the year?

非常感謝。好的。這意味著 IOS 有機銷售額成長將在第三季大幅提升，但 AHS 仍將處於下降 2% 的範圍內。如果我們在 6 月看到滅菌設備帶來的暫時性脫節，那麼為什麼 AHS 在下半年不會改善呢？

Yeah. Let me take that one, Nigel. That's the right question. I think part of it is the Q3 2024 comp for AHS is quite high. So that's part of what you see. And so Q3, especially for EHS, would not show the quick pop in (inaudible) improvement that IOS will show. And I think we also, again, just precaution, we've kind of assumed in our guide here that, to Mark's point, these hospitals, and they're different -- the academic hospitals are different than the big ones than the rural hospitals.

是的。讓我來接手這個，奈傑爾。這是正確的問題。我認為部分原因是 AHS 2024 年第三季的業績相當高。這就是您所看到的一部分。因此，第三季度，尤其是對於 EHS 而言，不會像 IOS 那樣出現快速的（聽不清楚）改善。而且我認為，我們再次強調，只是出於預防措施，我們在指南中假設，正如馬克所說，這些醫院是不同的——學術醫院與大型醫院和鄉村醫院不同。

But we've just kind of from a prudence point of view, assume that it takes a bit of time for it all to unwind. Unlike for Fluke, where we know its backlog we built, and that's going to be easier to burn because it's all in our control. So there's some of that you see that the comp effect in Q3 for AHS and it's just the nature of the specific hurdles that we run into in late June and what we've assumed for how quickly they resolve.

但我們只是從謹慎的角度來考慮，認為這一切需要一些時間才能解決。與 Fluke 不同，我們知道我們建立的積壓工作，而且它會更容易燃燒，因為一切都在我們的掌控之中。因此，您會看到 AHS 在第三季的競爭效應，這只是我們在 6 月底遇到的具體障礙的性質，以及我們對它們解決速度的假設。

Thanks for the minute. So comps certainly do get tougher. So I see that. And then just a quick one on Gordion. It seems like you had a little bit of the June year-end friction around use it or lose it. So just to be clear that that business has recovered in Q3 so far.

謝謝您的寶貴時間。因此競爭確實變得更加激烈。我明白。然後我們再簡單談談戈迪恩 (Gordion)。看起來你在六月底遇到了一些關於「要嘛用，要嘛丟」的摩擦。因此需要明確的是，到目前為止，該業務在第三季已經復甦。

I'm just wondering, could you maybe just give us some renewal rates around Gordion or the IOS software. That would be helpful. Thanks.

我只是想知道，您能否告訴我們一些有關 Gordion 或 IOS 軟體的續訂費率。那將會很有幫助。謝謝。

Yeah. So I mean just on the Gordian piece. So yeah, it was a specific situation around this year and for the state and local. We are seeing that kind of ease up a little bit in July, but it's too early to call victory on it, but it's certainly feeling like things are easing up a little bit. I think in terms of overall software renewal rates, I would tell you that all of our software business has had very good NDR in the quarter.

是的。所以我的意思只是關於戈爾迪安 (Gordian) 的部分。是的，這是今年針對州和地方的特殊情況。我們看到 7 月這種情況有所緩解，但現在就說勝利還為時過早，但確實感覺情況正在有所緩解。我認為就整體軟體續訂率而言，我想告訴您，我們所有的軟體業務在本季度都取得了非常好的 NDR。

So renewal rates are really strong across the board. What we're really focused on is instead of just gross dollar retention, really working on the kind of the expansion and the cross-sell and upsell and pricing to get our MDR to even higher levels.

因此，整體續約率確實很高。我們真正關注的不僅僅是總美元保留率，而是真正致力於擴張、交叉銷售、追加銷售和定價，以使我們的 MDR 達到更高的水平。

But from a renewal point of view, are all really strong, really, really strong, like Mark mentioned, we're talking about the three areas that kind of didn't go the way we expect. But the fact of it is, everything else, went really well for us in the quarter, which I think just gives us a lot of confidence as we look at the medium-term outlook that we laid out seven weeks ago.

但從更新的角度來看，都非常強大，非常非常強大，就像馬克提到的那樣，我們正在談論三個沒有按照我們預期的方式發展的領域。但事實是，本季我們的其他一切都進展順利，我認為這給了我們很大的信心，因為我們回顧了七週前製定的中期前景。

That's great. Thank you.

那太棒了。謝謝。

Stephen Tusa, JPMorgan.

摩根大通的史蒂芬·圖薩。

I Echo Julien's comments on congratulations for coming out here in your first quarter public. So just a little bit on the -- at a higher level, the rationale around -- I mean, I didn't quite get the slide maybe. But it looks like you guys will not be giving organic growth guidance at a high level, you'll just be giving kind of like color on that. Is that right?

我同意朱利安的評論，恭喜您在第一季公開露面。所以只是稍微談談 — — 從更高層次來看，背後的理由 — — 我的意思是，我可能沒有完全理解這張投影片。但看起來你們不會給出高水準的有機成長指導，而只是給出類似的說明。是嗎？

That's the intention Steve. And I think I would think about it as we're going to try this approach for the back half of the year. We want to get feedback as we go. And really just to reiterate the goals here, number one, is we just really wanted to simplify the way that we communicate with investors has certainly been a strong point of feedback from the broader investment community of course, and we've taken that on board.

這就是史蒂夫的意圖。我想我會考慮這一點，因為我們將在下半年嘗試這種方法。我們希望在進行過程中獲得回饋。這裡我再次重申我們的目標，首先，我們只是想簡化與投資人溝通的方式，這當然是來自更廣泛投資界的強烈回饋，我們已經採納了這一點。

Secondly, though, just to be very clear, our sights are very much set on the value creation plan that we laid out. It's a multiyear value creation plan. And so part of the simplification effort is to make sure that we have the ability from quarter to quarter and across P&L items to make business decisions that are smart business decisions that will support that medium-term value creation goal and that's what's led us to, again, annual adjusted EPS, only with hopefully modeling help it is maybe more helpful than specific quarterly guidance might have been in the past.

其次，需要明確的是，我們的目光主要集中在我們所製定的價值創造計畫。這是一項多年的價值創造計劃。因此，簡化工作的一部分是確保我們有能力在每個季度和各個損益項目中做出明智的業務決策，以支持中期價值創造目標，這也是我們再次實現年度調整後每股收益的原因，希望在模型的幫助下，它可能比過去的具體季度指導更有用。

Okay. yeah, my feedback would be like one number is probably not enough, but I guess we'll see how it goes in the next couple of quarters here. And then I think Olumide, you said you're going to -- you emphasized that you're kind of ready to do bolt-ons. I thought there'd be a little bit of a breather on that front. Is there anything that you are changing in that approach relative to what Fortive has done historically?

好的。是的，我的回饋是，一個數字可能不夠，但我想我們會在接下來的幾季看看情況如何。然後我想，奧盧米德，你說過你會——你強調你已經準備好進行附加工作了。我以為在這方面我們會稍微喘口氣。與 Fortive 過去的做法相比，你們在這種方法上有什麼改變嗎？

Was there a bit of a reset on the process or anything like that? Or should we just think about this as a continuation of what's been happening for the last few years.

這個過程是否有一些重置或類似的事情？或者我們應該把這看作是過去幾年發生的事情的延續。

Well, so thanks, Steve. So I mean, it is -- we've tried to be really clear about how this is a very different capital allocation play call that we've made here. And so the first is the kind of the dynamic balance across share repurchase and kind of accretive M&A that is really focused on bolt-ons.

好吧，謝謝你，史蒂夫。所以我的意思是——我們試圖真正清楚地說明這是我們在這裡做出的非常不同的資本配置決策。因此，首先是股票回購和增值性併購之間的動態平衡，這種平衡真正專注於附加功能。

So that is very different. The second thing that is different is, we've really elevated our kind of the financial and strategic scrutiny that we apply to these bolt-on deals that we do. We have a strong track record on them. And we've elevated that level of scrutiny on those bolt-ons. And I would say in terms of kind of the timing, obviously, we've been kind of quiet now since we announced the spin in September 2024.

所以這是非常不同的。第二個不同之處在於，我們確實提高了對這些附加交易的財務和策略審查力度。我們在這些方面有著良好的業績記錄。我們已經提高了對這些附加裝置的審查等級。我想說，就時間安排而言，顯然，自從我們在 2024 年 9 月宣布分拆以來，我們一直很安靜。

And even for nine months before that, we've been quiet. So I think one thing we've continued to do in that quiet period, Steve, is we've continued to cultivate these proprietary deals with assets that are close to areas of strength for us that we advantage natural owners for that we know exactly how to create value for.

甚至在此之前的九個月裡，我們也一直保持沉默。因此，史蒂夫，我認為在這段平靜時期我們一直在做的一件事就是，我們一直在培育這些專有交易，這些交易涉及接近我們優勢領域的資產，我們對自然所有者有利，我們確切地知道如何為他們創造價值。

So now we're kind of opening the conversation to see which ones of those meet a very high bar on bolt-ons that are accretive and have strategic fit and meet our financial criteria. And it's always, as you know how to predict the exact timing of when these things will mature for execution.

因此，現在我們正在展開對話，看看其中哪些項目能夠滿足非常高的附加標準，這些附加標準具有增值性、戰略契合性並且符合我們的財務標準。而且，正如你所知，你總是能夠預測這些事情何時成熟並可以執行的確切時間。

But we're open for business, and at the same time, a level of kind of discipline and especially our attention to making sure that every deal we do is beyond reproach is really high right now. So we'll hold it high bar, but we're also open for business.

但我們已經開門營業了，同時，我們的紀律性、尤其是對確保我們所做的每筆交易都無可挑剔的關注度現在都非常高。因此，我們會保持高標準，但我們也願意開展業務。

Yeah, makes a lot of sense. Thanks a lot.

是的，很有道理。多謝。

Thanks.

謝謝。

Jeff Sprague, Vertical Research Partners.

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

Hey, thanks. Good afternoon, everyone. Yeah, I'm still a little confused on a couple of the guidance inputs here and myself. So I think we've got AHS nailed down. But what are you implying for IOS then dollar sales roughly equivalent in Q3 and then a seasonal pickup in Q4. Can you just clarify that?

嘿，謝謝。大家下午好。是的，我對這裡的一些指導意見和我自己仍然有點困惑。所以我認為我們已經搞定了 AHS。但是，您暗示 IOS 的美元銷售額在第三季大致相當，然後在第四季出現季節性回升。你能澄清一下嗎？

Yeah. I would think about IOS broadly is following the same pattern that we spoke about for Fortive in total. So you will see a pickup in core growth through Q3. And I think about the back half in total, as being broadly consistent with what we saw in the first half in terms of core growth rates.

是的。我認為 IOS 總體上遵循了我們為 Fortive 討論的相同模式。因此，您將看到第三季核心成長的回升。我認為下半年整體而言，核心成長率與上半年基本一致。

And then just trying to triangulate to what you said about EPS and maybe I've got something wrong below the line on interest or other. But so it looks like you're implying down margins on flat sequential revenues in AHS. Is that correct? Or where is the implicit margin pressure in Q3?

然後嘗試與您所說的 EPS 進行三角測量，也許我在利息或其他方面有錯誤。但看起來你暗示 AHS 的連續收入持平，但利潤率卻下降了。對嗎？或是第三季的隱性利潤壓力在哪裡？

So Q3, I would think about AHS as being broadly consistent with -- I'd say, probably down a little bit versus Q3 of last year, again, just on the trends that we saw, tariff impact, et cetera. And then IOS, I would think about is, again, just down slightly, again, on that tariff impact. And then you see a rebound in the fourth quarter on the factors that we mentioned.

因此，我認為第三季度的 AHS 大致與去年第三季度一致 - 我想說，可能與去年第三季度相比略有下降，同樣，只是根據我們看到的趨勢，關稅影響等。然後，我認為 IOS 再次略有下降，再次受到關稅的影響。然後你會看到，我們提到的因素在第四季出現反彈。

And I'm sorry, just -- I mean there's -- I guess there's an upper bound on high teens and there's a lower bound on single-digit tax rate for Q3 and Q4. But maybe you could just tell us what you're expecting for the annual tax rate. So we don't get too far out of whack, I'm trying to triangulate between those 2.

很抱歉，只是——我的意思是——我猜第三季度和第四季度的高十幾歲的稅率有一個上限，而個位數的稅率有一個下限。但也許您可以告訴我們您對年度稅率的預期。為了避免我們之間的差距太大，我試圖在這兩者之間進行三角測量。

Yeah. I mean I would think about annual tax rate in, call it, 14% to 16% zone.

是的。我的意思是我會考慮將年度稅率定在 14% 到 16% 之間。

Yeah.

是的。

Okay. Great. I'll leave it there. Thank you.

好的。偉大的。我就把它留在那裡。謝謝。

Yeah, thanks, Jeff.

是的，謝謝，傑夫。

Scott Davis, Melius Research.

戴維斯 (Scott Davis)，Melius Research。

Hey guys, and Christina. Congrats on getting all the stuff done. So I'm sure it was a lot of work. But in that context, as I just wanted to ask, how big of a distraction was it to the organization with the spin and the management change kind of at the similar time, I would imagine that would create some amongst folks, but maybe some color around that.

嘿，大家好，我是克里斯蒂娜。恭喜你完成了所有的事情。所以我確信這需要大量的工作。但在這種情況下，正如我剛才想問的，這種同時發生的調整和管理層變動對組織造成了多大的干擾，我想這會在人們中間引起一些反響，但也許會有一些影響。

Yeah. Well, thanks. I think the -- it is a lot of work for the team, and I'm grateful to just the incredible effort that our teams put into getting the spin executed at the same time getting the quarter delivered and end up at the high end of our adjusted EPS guide.

是的。嗯，謝謝。我認為這對團隊來說是一項艱鉅的工作，我很感激我們的團隊付出了巨大的努力，在完成季度交付的同時完成了調整，並最終達到了調整後每股收益指南的高端。

So it was a lot. And to your point, the leadership change is a lot too, while obviously, I'm not new to the team, but it's still a change. I would say that in the spirit of our culture because the thing that makes Fortive special, it's not any one of us is the fact that all 10,000 of our teams are deeply rooted in the Fortive business system, and that's how we do everything we do.

所以數量很多。正如您所說，領導層的變動也很大，雖然我對這個團隊並不陌生，但這仍然是一個變化。我想說，我們的文化精神在於，Fortive 之所以與眾不同，並不是因為我們任何一個人，而是因為我們所有的 10,000 名團隊成員都深深紮根於 Fortive 業務系統，這就是我們所做的一切。

The show goes on in that sense. So from a distraction point of view, for most of our operating companies, which is where we serve our customers, it really wasn't much of a disruption. Most of the spin activity was on the corporate team.

從這個意義上來說，演出還在繼續。因此，從分散注意力的角度來看，對於我們大多數營運公司（即我們為客戶提供服務的地方）而言，這實際上並沒有造成太大的干擾。大部分旋轉活動都在公司團隊中進行。

So again, I wouldn't say it was not changed, but just to calibrate it, overall, we still delivered a solid first half despite this kind of late in the quarter call growth range that's $30 million on a $1 billion revenue base in the quarter, I think our teams just did an incredible job of resiliency, staying focused, and I'll tell you just right now, the level of excitement about the future and the path we're on with Fortive Accelerated is quite a thrill to see.

所以，我再說一遍，我不會說它沒有改變，但只是為了校準它，總體而言，儘管本季度末的電話增長範圍是 3000 萬美元，而本季度的收入為 10 億美元，但我們仍然在上半年取得了穩健的業績，我認為我們的團隊在恢復力、保持專注程度方面做得非常出色，我現在就告訴我們在未來的道路上看到令人興奮的道路以及未來令人興奮的道路以及我現在就告訴我們在未來的道路上令人興奮的道路

Well, best of luck guys. I'm going to pass it on. That's enough for me. Thank you.

好吧，祝大家好運。我要把它傳承下去。對我來說這就夠了。謝謝。

I appreciate it. Thanks.

我很感激。謝謝。

Andy Kaplowitz ,Citigroup.

花旗集團的安迪‧卡普洛維茲 (Andy Kaplowitz)。

Hey, good morning everyone.

嘿，大家早安。

Morning.

早晨。

So you mentioned the deferred spending at Fluke toward the end of the quarter, but you said that the order mix, I think, is normalizing. I guess the question is why did you see a bit of a gap down now? Because Fluke's been as you know, pretty stable for a long period of time, even I think in the initial tariff-related volatility. So how much do you worry if at all, that it's just maybe more macro uncertainty creeping in? Or it's just the sort of temporary thing? And what are you seeing in the channel?

所以您提到了 Fluke 在本季末的遞延支出，但您說我認為訂單組合正在正常化。我想問題是為什麼你現在看到有點向下的差距？因為正如你所知，福祿克長期以來一直相當穩定，甚至我認為在最初與關稅相關的波動中也是如此。那麼，您是否擔心，這是否只是更多的宏觀不確定性正在悄悄出現？還是這只是暫時現象？在頻道中看到了什麼？

Yeah. Thanks for that question. I mean, I think we're -- I'll just step back for Fluke overall, you're exactly right. Our level of confidence and excitement in the kind of really differentiated position of that business. If you think about industrial professional instrumentation, you'll be hard pressed to find a business with the brand strengths and the gross margins and the resiliency that we've shown the fact that [15%] of that business is now recurring revenue, an continues to grow at double-digit ARR for that piece of it.

是的。謝謝你的提問。我的意思是，我認為我們——我只是退一步談談 Fluke 的整體情況，你說得完全正確。我們對該業務真正差異化的地位充滿信心和興奮。如果您考慮工業專業儀器儀表，您將很難找到具有品牌優勢、毛利率和彈性的企業，我們已經證明了事實，即該業務的[15％]現在是經常性收入，並且該部分繼續以兩位數的ARR增長。

So nothing changed about Fluke, the focus on innovation and how that adds acceleration to what's already a great story. So all of that stays the same. And I think, again, what happened in Q2 was, again, just very simply, for short cycle type of products, customers on a few big orders saying, Hey, I want to wait and see what happens with tariffs before I place the order. And in the meantime, I'm going to burn through the inventory I have and a lot of those are coming back now.

因此，福祿克沒有任何改變，重點仍然是創新，以及創新如何加速其已經很偉大的故事的發展。所以所有這一切都保持不變。我認為，第二季度發生的事情非常簡單，對於短週期類型的產品，一些大訂單的客戶會說，嘿，我想在下訂單之前先看看關稅會發生什麼。同時，我將消耗掉我所有的庫存，現在很多庫存又回來了。

So the broad story that's the context for your question is right, which is outlook remains strong, we feel great about the outlook. What we've done with the second half guide is really just very prudently and in a balanced way looked at what we saw in the first half and the fact that kind of the tariff back and forth is not all settled yet.

因此，您提出的問題的背景大致上是正確的，即前景依然強勁，我們對前景感到樂觀。我們對下半年指南所做的只是非常謹慎和平衡地看待我們在上半年看到的情況，以及關稅來回尚未完全解決的事實。

And while we don't know exactly how all of that will would trickle through the system, including in some of the international markets in Western Europe and China and Latin America where there are other things at work in those markets as they try to shift some more money to defense and all of that.

雖然我們不知道所有這些意願將如何滲透到整個體系中，包括西歐、中國和拉丁美洲的一些國際市場，但這些市場還有其他因素在起作用，他們試圖將更多的資金轉移到國防等領域。

We just prudently assumed that the second half in a kind of call growth performance for Fluke and IOS will be the same as what we saw in the first half knowing that there's a lot of things that give us kind of a chance to accelerate off that going into next year. So nothing has changed about the fundamentals of Fluke in many ways, we're more excited about our prospects now in the medium term for that business than we've ever been. But we just really try to be prudent and balanced about the second half guide.

我們只是謹慎地假設，Fluke 和 IOS 下半年的成長表現將與上半年相同，因為我們知道有很多事情可以讓我們有機會在明年加速成長。因此，福祿克的基本面在許多方面都沒有改變，我們對該業務的中期前景比以往任何時候都更加興奮。但我們確實試圖對下半年的指南保持謹慎和平衡。

Helpful. And can I ask you a follow-up to that? Like if I look at China and Europe, it feels like at best those geographies are stable and maybe there's been a little bit of a step down as you for instance, you get that transition to defense in Europe you talked about. So what are you seeing there? Are you guys seeing sort of stability? Is it a little bit weaker in those regions? More color, I think, would be helpful.

很有幫助。我可以問您一個後續問題嗎？例如，如果我看看中國和歐洲，感覺這些地區充其量是穩定的，也許出現了一點退步，例如，你談到的歐洲向防禦的過渡。那麼你在那裡看到了什麼？你們看到了某種穩定性嗎？這些地區是不是稍微弱一點？我認為更多的顏色會有幫助。

Yeah, absolutely. So I mean let me just give you a feel at a point. So from a point of sale point of view, I'd say North America was our best market. And so -- and as we look at the rest of the year, I expect that to be the case. I think double-digit POS, which is really strong.

是的，絕對是如此。所以我的意思是讓我給你一個感覺。因此從銷售角度來看，我認為北美是我們最好的市場。所以——當我們展望今年剩餘時間時，我預計情況會如此。我認為兩位數的 POS 確實很強大。

And then for Western Europe and most of APAC, the point of sale is generally flat, kind of flattish, which, again, is consistent with what we expected coming into the year. I think as we look out, we're not assuming any of that changes dramatically. We think for North America will continue to be strong. I think in many ways some of the benefits of the policy changes as it pulls more industrial manufacturing capacity into the US will provide a tailwind for North America. So we feel the North America trajectory remain strong.

對於西歐和亞太地區的大部分地區來說，銷售點總體上是持平的，有點持平，這與我們對今年的預期一致。我認為，當我們觀察時，我們不會假設任何事情會發生巨大的變化。我們認為北美將持續強勁。我認為，從許多方面來看，政策變化帶來的一些好處將為北美帶來順風，因為政策變革將更多的工業製造能力吸引到美國。因此我們認為北美的發展軌跡依然強勁。

And then for China, we really do feel like -- it feels like there's -- it's bottomed out a little bit and it gets better from here on, especially given the framework on tariffs, feels to be getting to some point of closure on here.

對於中國而言，我們確實感覺——感覺它已經觸底了一點，並且從現在開始會變得更好，特別是考慮到關稅框架，感覺它正在到達某種結束點。

We think that would reduce some of the anxiety in the system and help us sort of see the bounce in China over time. And in many ways, I think Western Europe is the one that still to be seen as they kind of try to walk through a number of active wars in the region and a number of important decisions on moving spend into defense and how that affects the overall economy.

我們認為這將減少系統中的一些焦慮，並幫助我們隨著時間的推移看到中國經濟的反彈。從很多方面來看，我認為西歐仍是一個有待觀察的國家，因為他們正在努力解決該地區的一系列戰爭，並將開支轉移到國防以及這將如何影響整體經濟做出一系列重要決定。

But again, I feel good about the work that our team is doing in terms of innovation for those markets and controlling the things that we control.

但我再次對我們的團隊在這些市場創新和控制我們所控制的事情方面所做的工作感到滿意。

Appreciate all the color.

欣賞所有的色彩。

Thanks.

謝謝。

Joe Giordan, TD Cowen.

喬·喬丹（Joe Giordan），TD Cowen。

Hey guys, thanks for taking my questions. Just curious with all the pressure on hospitals and what reimbursement can mean for margins for like most of the hospitals are -- a lot of non-for-profits a lot with really thin margins. Does this push them towards like more down the line to single-use applications where it's just -- if they're focused on lowering the amount of dollars they spend at any given time unlike larger-scale equipment?

嘿夥計們，謝謝你們回答我的問題。只是好奇醫院面臨的所有壓力以及報銷對利潤意味著什麼，就像大多數醫院一樣——許多非營利醫院的利潤非常微薄。這是否會促使他們更多地轉向一次性應用，如果他們專注於降低在特定時間花費的金額（與大型設備不同）？

No, we don't think so. I guess this is a short answer. I think if you think about what this all means for health care providers, I think it means they probably would have pressure on reimbursement. They may even have at some level, pressure on sort of the kind of the inshore customer base, which may affect volumes. And so then you say, well, what are they likely to do about that?

不，我們不這麼認為。我想這是一個簡短的回答。我想，如果你想想這對醫療保健提供者意味著什麼，我認為這意味著他們可能會面臨報銷壓力。在某種程度上，他們甚至可能對近海客戶群造成壓力，從而影響銷售。那你會問，那麼，他們可能會怎麼做呢？

I think the first thing to think about is the profit center for these hospitals are in the operating room. So they're likely to want to move more activity through the operating room.

我認為首先要考慮的是這些醫院的利潤中心在手術室。因此他們可能希望透過手術室進行更多的活動。

And as they do that, the fact of it matter is. There are a lot of disadvantages to single use steel, including effectiveness and also kind of total cost of ownership of those kind of approaches versus the kind of high effective instruments, robotics, endoscopes that are really needed for the highly profitable procedures going to the [OR].

當他們這樣做的時候，事實就變得重要了。一次性鋼材有許多缺點，包括有效性，以及這類方法的整體擁有成本，與高效儀器、機器人、內視鏡相比，這些才是高利潤手術真正需要的。[或]。

So we don't -- we see in many ways more movement to advanced devices that tend to be connected with more profitable procedures. And those devices are not single use and those devices would need very tough on germs and gentle on devices, sterilization procedures that map well with where we've picked us a position of strength.

所以我們不會——我們在很多方面看到更多向先進設備轉移的趨勢，這些設備往往與更有利可圖的程序相關。而且這些設備不是一次性使用的，這些設備需要對細菌非常強硬、對設備非常溫和的消毒程序，這些消毒程序與我們選擇的優勢地位很好地對應。

So I was with one of our big hospital clients just recently. And absolutely, everything we're hearing from them is, hey, we need you more than ever because the way this market is shifting, we need more through the OR.

所以我最近和我們的一位大醫院客戶在一起。毫無疑問，我們從他們那裡聽到的一切都是，嘿，我們比以往任何時候都更需要你，因為這個市場正在發生變化，我們需要透過 OR 獲得更多。

We need things that can really help handle robotics and endoscopes and these types of instruments that are becoming the higher -- you think about the volume of use of devices in ORs, it's really shifting towards this higher value, higher effectiveness, higher complexity devices, not single use things that it really economics when you think about the total cost and the effectiveness trade-off just isn't as compelling as you might say.

我們需要能夠真正幫助處理機器人和內視鏡以及這些類型的儀器的東西，這些儀器正在變得越來越高級 - 你想想手術室中設備的使用量，它實際上正在轉向這種更高價值、更高效、更高複雜度的設備，而不是單一用途的東西，當你考慮總成本和有效性權衡時，它真的很經濟，但並不像你說的那麼引人注目。

Fair enough. As you guys start on bolt-on M&A., I'm just curious what the -- like the appetite is on the software side, just given where the multiple of the stock is, what you might have to pay for stuff like this. What is the kind of appetite to buy something that might be fast growth, but it's early stage and may ultimately grow slower? Just curious where that kind of force ranks between acquiring in fall versus acquiring an like on Fluke or on AHS type stuff.

很公平。當你們開始進行附加併購時，我只是好奇——例如對軟體方面的興趣是什麼，考慮到股票的倍數，你可能需要為這樣的東西支付多少錢。購買一個可能快速增長，但處於早期階段並且最終增長速度可能較慢的東西的胃口是什麼樣的？只是好奇這種力量在秋季獲得與在 Fluke 或 AHS 類型的東西上獲得之間的排名如何。

Yeah. Well, I'd say, overall, we've tried to keep it simple, which is that we have clear strategic and financial criteria. And whether it's a software asset, consumable recurring revenue asset, kind of a differentiated, very durable hardware asset. They have to meet the same criteria.

是的。嗯，我想說，總的來說，我們試著保持簡單，也就是說我們有明確的策略和財務標準。無論它是軟體資產、消耗性經常性收入資產，或是差異化、非常耐用的硬體資產。他們必須滿足相同的標準。

So we've shown that irrespective of the type of asset, when we apply the new focus we have on proprietary deal cultivation, this is like we're not waiting for a (inaudible) process, we're actually cultivating this over many years, whether it's software or hardware.

因此，我們已經表明，無論資產類型如何，當我們將新的重點放在專有交易培育上時，這就像我們不在等待（聽不清楚）過程，而是我們實際上在多年培育它，無論是軟體還是硬體。

You can get a great asset and price is very much part of our strategy when we think about the accretive nature of this asset. So you get a great asset but also at the right price that obviously, to your point, is compatible with kind of the multiple we're trading at and give us the chance to be accretive from that perspective.

您可以獲得一項優質資產，當我們考慮該資產的增值性質時，價格是我們策略的重要組成部分。因此，您不僅獲得了優質資產，而且價格也合適，顯然，就您的觀點而言，這與我們交易的市盈率相符，並讓我們有機會從這個角度實現增值。

So we feel good that we don't really need to draw a hard line as long as we stick on principal to the criteria that we've laid out. Again, if you think about the bolt-ons that we did in the second half of 2025, there was a software asset in there, and it was -- the price point fit very well in terms of multiples.

因此，只要我們堅持既定的標準，我們就不需要劃定強硬界限，這讓我們感到很高興。再說一次，如果你想想我們在 2025 年下半年所做的附加工作，你會發現其中有一個軟體資產，而且從倍數來看，價格點非常合適。

We didn't have to get frothy. And we had some data AI assets, and we had some hardware assets. So that's how we're looking at it. We'll hold to our criteria. And if it fits, it fits. If it doesn't, we don't sell a compaction to do any type of deal.

我們沒有必要變得興奮。我們有一些資料 AI 資產，也有一些硬體資產。這就是我們看待它的方式。我們將堅持我們的標準。如果合適，那就合適。如果沒有的話，我們不會出售壓縮件來進行任何類型的交易。

Thanks guys.

謝謝大家。

Deane Dray, RBC Capital Markets.

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

Thank you. Good day, everyone. I also add my congrats.

謝謝。大家好。我也表示祝賀。

Thank you.

謝謝。

Hey, I missed the first couple of minutes at the opening, so I don't know if this got to address. But anything on stranded costs? Is New Fortive already sized appropriately post spin anything kind of repositioning that and what the timing would be in size.

嘿，我錯過了開場的最初幾分鐘，所以我不知道這個問題是否得到了解決。但關於擱淺成本有什麼問題嗎？新 Fortive 的尺寸是否已經合適，在旋轉後是否需要任何形式的重新定位以及尺寸調整的時間是什麼時候。

Yeah, thanks, Dean. I'll take. I'll take that. I'd say we're broadly on track with the guidance that was given previously. We've got about, I think, half of the stranded costs that are out, done and dusted and we're going to work on the rest over the next, call it, 12 months or so.

是的，謝謝，迪恩。我會接受的。我會接受的。我想說，我們大致上按照之前給的指導進行。我認為，我們已經解決了大約一半的擱淺成本，我們將在接下來的 12 個月左右的時間內解決剩餘的成本。

I would also say just generally, as a team that sort of got this opportunity to drive or medium long-term value creation here. We are looking at opportunities around the business to just be more efficient to be able to divert dollars to their highest and best use. So I think in addition to stranded costs, I mean, we're going to be on the lookout for other opportunities to essentially describe better performance across the business through cost discipline.

我還要說的是，一般來說，作為一個團隊，我們有機會在這裡推動或創造中長期價值。我們正在尋找業務方面的機會，以便能夠更有效地將資金轉移到其最高和最佳用途。所以我認為，除了擱淺成本之外，我們還將尋找其他機會，透過成本限制來從本質上描述整個業務的更好績效。

Great. And then just as a follow-up, -- on the cadence of the months, June being down, July bounced back, stabilized. We've heard that elsewhere today and some another industrial. Can you just expand on that? What were the businesses that were down in June?

偉大的。然後作為後續行動，按照月份的節奏，六月下降，七月反彈，趨於穩定。我們今天在其他地方和其他一些工業界也聽到了這種說法。能詳細闡述嗎？六月哪些企業出現下滑？

Was that deferred? And you think that will still the return in July, you still might see some of those deferred projects coming back over the next couple of quarters. But just kind of digging there, what were the businesses and expectations for the quarter.

那是被延後了嗎？如果您認為 7 月仍會恢復，您仍可能會看到一些延期項目在接下來的幾個季度內恢復。但只是深入挖掘一下，本季的業務和預期是什麼。

Yeah. No, thanks. So there are really three specific areas. So the first one was some of our short cycle professional instrumentation product groups at Fluke where we saw customers on some big orders just say, Hey, I'm going to wait to see what happens with tariffs on July 9 and on August 1. And then I think a lot of them are now coming back in and placing those orders. So we feel good that, that results fairly quickly.

是的。不，謝謝。所以實際上有三個特定領域。第一個是福祿克的一些短週期專業儀器產品組，我們看到一些大訂單的客戶說，嘿，我要等著看 7 月 9 日和 8 月 1 日的關稅會發生什麼。然後我想他們中的很多人現在又回來下訂單了。因此，我們很高興看到結果很快。

And that's a big chunk of it. The second area is on health care capital equipment where, again, hospitals were holding up and seeing the impact of the Big Beautiful Act and other affect economics before they procure capital equipment.

這佔了很大一部分。第二個領域是醫療保健資本設備，同樣，醫院在採購資本設備之前，一直在等待並看到《大美麗法案》和其他影響經濟因素的影響。

The funnel remains strong. We didn't lose a single one of those deals just to be really clear. And so it's really things shipped into the right. The exact timing of when those customers place the order., we've tried to be prudent and it feels like it gets better in July, but it's too early to call kind of final victory on that.

漏斗依然強勁。需要明確的是，我們沒有失去任何一筆交易。所以這實際上是把東西運送到右邊。這些客戶下訂單的具體時間，我們一直試圖保持謹慎，感覺七月份情況會好轉，但現在就說取得最終勝利還為時過早。

And then the third one is the state and local government procurement business where -- and think about this as projects in each of our communities where they're trying to fix it leaking roof and city hall, they're trying to replace mechanical equipment in a K-12 school that has to be replaced. And on the margin in the June year-end for a lot of them, they had less money to kind of use it or lose it.

第三個是州和地方政府採購業務——可以將其視為我們每個社區的項目，他們試圖修復漏水的屋頂和市政廳，他們試圖更換必須更換的 K-12 學校的機械設備。對許多公司來說，到了 6 月底，他們可用的或損失的資金就變少了。

And so they deferred some of those, but the projects that have to get done. So again, they will come back to it. So we -- and everything else at Fortive was right on track with what we expected, except for those three. So we feel good about how that resolves. We've tried to be prudent on assumptions about how quickly they all come back but that's how we thought about it.

因此他們推遲了其中一些但必須完成的項目。所以，他們會再次回到這個問題。因此，除了這三個之外，Fortive 的所有其他事情都符合我們的期望。因此，我們對這個問題的解決方案感到滿意。我們試著謹慎地假設他們回來的速度有多快，但這就是我們的想法。

That's really helpful. Thank you.

這真的很有幫助。謝謝。

Thanks.

謝謝。

This now concludes our question-and-answer session. I would like to turn the floor back over to Olumide for closing comments.

我們的問答環節到此結束。我想將發言權交還給 Olumide 來做最後陳述。

Excellent. Well, thank you all for joining us. We appreciate your interest. Our team as you hopefully can sense is incredibly excited about the opportunity ahead. We've laid out the plan to have this company in its simpler and more focused form grow faster.

出色的。好吧，謝謝大家加入我們。感謝您的關注。正如您所感受到的，我們的團隊對未來的機會感到無比興奮。我們已經制定了計劃，讓這家公司以更簡單、更專注的形式更快地發展。

We got our entire leadership team together to get everyone aligned on that. Just in the last couple of weeks here, the excitement level is really high for us. We also said our capital allocation is a critical part of our value creation strategy. So the discipline on that is going to be ferocious from our point of view going forward to make sure we're beyond reproach.

我們召集了整個領導團隊，讓每個人都就此達成一致。就在過去的幾周里，我們的興奮程度非常高。我們也表示，資本配置是我們價值創造策略的關鍵部分。因此，從我們的角度來看，今後在這方面的紀律將會非常嚴格，以確保我們無可指責。

And then just making sure that we build and maintain investor trust. And again, hopefully, you've seen that in the way we are approaching these communications. We thank you for your interest, and we'll see you around.

然後確保我們建立並維護投資者的信任。再次希望您已經從我們處理這些溝通的方式中看到了這一點。感謝您的關注，期待與您再次相見。

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。