Fortive Corp (FTV) 2025 Q3 法說會逐字稿

My name is [Brock] and I will be your conference facilitator this afternoon. At this time, I would like to welcome everyone to Fortive Corporation's third quarter 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。在此，我謹代表 Fortive 公司歡迎各位參加 2025 年第三季財報電話會議。（操作說明）

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.

現在我將把電話交給投資者關係副總裁克里斯蒂娜瓊斯女士。瓊斯女士，您可以開始會議了。

Thank you, and thank you, everyone, for joining us on today's call. I am joined today by Olumide Soroye, Fortive's President and CEO; and Mark Okerstrom, Fortive's CFO. As a reminder, we successfully completed the separation of our Precision Technology segment, now operating independently as rallying on June 28, 2025.

謝謝大家，也謝謝各位參加今天的電話會議。今天與我一同出席的有 Fortive 總裁兼執行長 Olumide Soroye 和 Fortive 財務長 Mark Okerstrom。再次提醒大家，我們已成功完成精密技術部門的分拆，該部門現已於 2025 年 6 月 28 日獨立運作。

Today's call marks Fortive's first quarterly results under our new structure. During today's call, we present certain non-GAAP financial measures. Information required by Regulation G is available on the Investors section of our website at fortive.com.

今天的電話會議是 Fortive 在新架構下的第一個季度業績發表會。在今天的電話會議中，我們將介紹一些非GAAP財務指標。根據 G 條例要求提供的資訊可在我們網站 fortive.com 的投資者關係部分取得。

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.

我們也會發表前瞻性聲明，包括關於我們預期或預期未來可能發生的事件或發展的聲明。這些前瞻性陳述存在許多風險，實際結果可能與我們今天所做的任何前瞻性陳述有重大差異。

Information regarding these risk factors is available in our SEC filings, including our annual report on Form 10-K, and the subsequent quarterly reports on Form 10-Q. These forward-looking statements speak only as of the date that they are made, and we do not assume any obligation to update any forward-looking statements.

有關這些風險因素的資訊可在我們的美國證券交易委員會文件中查閱，包括我們的 10-K 表格年度報告和隨後的 10-Q 表格季度報告。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。

Our statements on period-to-period increases or decreases refer to year-over-year comparisons unless otherwise specified. Our results and outlook discussed today are on a continuing operations basis, unless otherwise specified.

除非另有說明，否則我們關於期間增長或下降的聲明均指同比比較。除非另有說明，我們今天討論的業績和展望均基於持續經營業務。

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

接下來，我將把電話轉給奧盧米德。

Thank you, Christina. Let me begin on slide 3 with a few key messages. Q3 was our first quarter as new Fortive, following our successful spin-off of Ralliant. We are now a simpler, more focused company with a clear strategy, poised to create meaningful shareholder value. Our Q3 results offer a waypoint along our path towards creating exceptional returns for shareholders in the years ahead.

謝謝你，克里斯蒂娜。讓我從第三張投影片開始，傳達幾個關鍵訊息。第三季度是我們作為新 Fortive 的第一個季度，之前我們成功地將 Ralliant 分拆出來。我們現在是一家更精簡、更專注的公司，擁有清晰的策略，致力於為股東創造有意義的價值。我們第三季的業績為我們在未來幾年為股東創造卓越回報的道路上指明了方向。

Four highlights I would like to call out. First, our teams are executing very well with laser focused on driving profitable organic growth with the power of our Fortive business system. This grew solid results ahead of our expectations, including core growth of roughly 2%, adjusted EBITDA growth of 10% and adjusted EPS growth of 15%.

我想重點介紹以下四點。首先，我們的團隊執行力非常強，他們專注於利用 Fortive 商業系統的力量，推動獲利的有機成長。這項業績實現了穩健成長，超出了我們的預期，包括核心業務成長約 2%，調整後 EBITDA 成長 10%，調整後 EPS 成長 15%。

Though we aspire for much better as we continue executing our growth strategy, we're pleased to see acceleration in the business. Second, we are raising our full year adjusted EPS guidance. We now expect to deliver between $2.63 and $2.67 per share, reflecting our adjusted EPS overperformance in the third quarter, the impact of incremental Q3 buybacks and are otherwise unchanged view on Q4.

儘管我們渴望在繼續執行成長策略的過程中取得更好的成績，但我們很高興看到業務正在加速發展。其次，我們上調了全年調整後每股盈餘預期。我們現在預期每股盈餘將在 2.63 美元至 2.67 美元之間，這反映了我們第三季調整後每股盈餘的超預期表現、第三季新增股票回購的影響，除此之外，我們對第四季的預期保持不變。

Third, we deployed capital in the quarter in accordance with our new approach, anchored in delivering strongest related returns for shareholders. During the third quarter, we deployed $1 billion to share repurchases retiring approximately 21 million shares or 6% of our fully diluted share count.

第三，本季我們依照新的投資策略部署了資金，目標是為股東帶來最強勁的相關回報。第三季度，我們投入 10 億美元用於股票回購，註銷了約 2,100 萬股，占我們完全稀釋後股份總數的 6%。

Finally, the financial framework we outlined at our June Investor Day remains fully intact. And our Fortive Accelerated strategy is now in execution mode. We are focused on delivering benchmark beating shareholder returns by leveraging FBS to accelerate profitable organic growth allocating capital intelligently to optimize shareholder returns over the medium to long term and rebuilding investor trust. It is early days, but we couldn't be more excited for the road ahead.

最後，我們在六月投資者日上概述的財務框架仍然完全保持不變。我們的 Fortive Accelerated 策略現已進入執行階段。我們致力於透過利用 FBS 加速獲利性內生成長，實現超越基準的股東回報，並智慧地配置資本，以優化中長期股東回報，重建投資者信任。現在還處於初期階段，但我們對未來的道路感到無比興奮。

Before we dive into our Q3 results, let me highlight some examples of the progress we are making in executing our Fortive Accelerated strategy on slide 4. Our strategy to drive faster organic growth is built around fleet costs, innovation acceleration, commercial acceleration and recurring customer value, all powered by our amplified Fortive Business System and enhanced by our disciplined capital allocation approach.

在我們深入探討第三季業績之前，請允許我在第 4 張投影片中重點介紹我們在執行 Fortive Accelerated 策略方面取得的一些進展範例。我們推動更快內生成長的策略圍繞車隊成本、創新加速、商業加速和持續客戶價值展開，所有這些都由我們增強的 Fortive 業務系統提供支持，並透過我們嚴謹的資本配置方法得到加強。

We made meaningful progress in advancing our strategy in Q3. Starting with innovation acceleration. Our new product introduction velocity continues to accelerate, as a result of our renewed focus on customer-centric innovation. During the quarter, we had several notable product launches, including service channels, SaaS how to release, which introduces AI powered walker insights and streamlined payment solutions.

第三季度，我們在推動策略方面取得了實質進展。首先，要加速創新。由於我們重新聚焦以客戶為中心的創新，我們的新產品推出速度持續加快。本季度，我們推出了幾款值得關注的產品，包括服務管道、SaaS 操作指南，其中引入了 AI 驅動的步行者洞察和簡化的支付解決方案。

Additionally, Fluke continued its innovation momentum with the GFL 1500 solar ground fault locator. This marks a photo foray into the high-growth solar operations vertical and increases customer productivity by reducing troubleshooting time and decrease in hazard exposures.

此外，福祿克繼續保持創新勢頭，推出了 GFL 1500 太陽能接地故障定位器。這標誌著攝影行業正式進入高成長的太陽能營運垂直領域，並透過減少故障排除時間和降低危險暴露來提高客戶生產力。

In the quarter, we also launched a new innovation studio in Nashville, Tennessee and opened a new customer expense center at ASP's headquarters in Irvine, California. Both [powers] build to foster collaboration accelerate innovation and deepen customer relationships.

本季度，我們還在田納西州納許維爾開設了一家新的創新工作室，並在加州爾灣的 ASP 總部開設了一家新的客戶費用中心。雙方共同努力，促進合作，加速創新，深化顧客關係。

Turning to commercial acceleration. We further intensified our commercial focus on faster-growing end markets and regions. And though it is early, we are starting to see green shoots in several areas. In our iOS segment, for example, we have begun to put in place a series of commercial initiatives in North America to enhance our focus and deploy more resources towards high-growth verticals like solar operations, distributed in data centers and defense.

轉向商業加速發展。我們進一步加強了對成長較快的終端市場和地區的商業關注。雖然現在還為時過早，但我們已經開始看到一些領域出現復甦的跡象。例如，在我們的 iOS 業務領域，我們已經開始在北美實施一系列商業舉措，以加強我們的專注度，並將更多資源投入到太陽能營運、分散式資料中心和國防等高成長垂直領域。

We are seeing the early signs of impact in North America Q3 performance. We also recently stepped up our efforts in South Asia, including India, as that region continues to see exceptional economic growth. We saw significant acceleration in the region across both segments, and we are confident that our enhanced regional presence will drive strong momentum in this high-growth region in the years to come.

我們已經看到北美第三季業績開始受到衝擊的早期跡象。最近，我們也加大了在南亞（包括印度）的投入，因為該地區的經濟成長持續強勁。我們看到該地區兩個細分市場都出現了顯著的成長，我們相信，我們增強的區域影響力將在未來幾年推動這一高成長地區的強勁發展勢頭。

Moving on to recurring customer value. We remain focused on increasing recurring revenues. Here again, we are early in our journey and have meaningful runway ahead of us. In the quarter, Fluke continued to make great progress on increasing its percentage of recurring revenue, through enhancements to our maintenance software and further expansion of our service plan offerings. And in general, we saw recurring revenue growth continue to outpace our consolidated growth.

接下來談談如何為回頭客創造價值。我們將繼續專注於增加經常性收入。我們目前仍處於旅程的早期階段，前方還有很長的路要走。本季度，福祿克透過改進維護軟體和進一步擴展服務計畫產品，在提高經常性收入佔比方面持續取得巨大進展。總體而言，我們看到經常性收入成長持續超過合併後的收入成長。

Finally, disciplined capital allocation is an integral component of our Fortive Accelerated strategy. Our capital deployment priorities for new Fortive [are clear] invest in organic growth or see accretive bolt-on M&A return capital through share repurchases and maintain a modest growing dividend, all with a focus on best relative returns and maximizing medium- to long-term shareholder value.

最後，嚴謹的資本配置是我們 Fortive Accelerated 策略不可或缺的組成部分。我們對新 Fortive 的資本部署重點很明確：投資於內生成長或透過增值併購實現資本回報，透過股票回購收回資本，並保持適度成長的股息，所有這些都以最佳相對回報和最大化中長期股東價值為重點。

Consistent with these priorities, we repurchased about 21 million shares in the third quarter, reflecting our belief in the attractive relative return of share buybacks at the valuations we saw in the quarter. We have also revamped our M&A funnel and process to reflect our different M&A strategy going forward. Focus on accretive, smaller bolt-on M&A which meet our stringent strategic and financial criteria.

秉持這些優先事項，我們在第三季回購了約 2,100 萬股股票，這反映了我們相信，在我們本季看到的估值下，股票回購具有有吸引力的相對回報。我們也改進了併購管道和流程，以反映我們未來不同的併購策略。專注於符合我們嚴格的策略和財務標準的、能夠帶來增值效益的小型併購交易。

With that, I'll turn it over to Mark to walk through our financial results for the third quarter.

接下來，我將把發言權交給馬克，讓他來介紹我們第三季的財務表現。

Thanks, Olumide. I'll begin with slide 5. In the third quarter, we delivered total revenue of just over $1 billion, up roughly 2% year-over-year on both a reported and a core basis. The market conditions remain dynamic, we were encouraged to see growth at both iOS and AHS, and modest outperformance versus our expectations in both segments.

謝謝，奧盧米德。我將從第5張投影片開始。第三季度，我們的總營收略高於 10 億美元，按報告數據和核心數據計算，年增約 2%。市場狀況依然充滿活力，我們很高興地看到 iOS 和 AHS 都實現了成長，而這兩個細分市場的表現都略微超出了我們的預期。

In iOS, resilient customer demand drove better-than-expected results at both Fluke and our facilities and asset life cycle software businesses. In AHS, health care customers continue to exhibit caution, as they navigate recent changes to health care reimbursement and funding policy. However, we saw sequential improvement in demand for health care equipment and consumables and continued strength in health care software.

在 iOS 領域，強勁的客戶需求推動了福祿克以及我們的設施和資產生命週期軟體業務取得超乎預期的表現。在 AHS，醫療保健客戶在應對醫療保健報銷和資金政策的最新變化時，仍然表現出謹慎的態度。然而，我們看到醫療保健設備和耗材的需求持續改善，醫療保健軟體的需求也保持強勁。

From a geographic perspective, North America showed solid growth, improving sequentially from Q2, driven by strengthening demand trends for professional instrumentation and health care equipment. Europe was down year-over-year and worsened modestly from Q2, driven by weakening macro conditions in the region. Rest of World was mixed.

從地理角度來看，北美市場呈現穩健成長，較第二季有所改善，這主要得益於專業儀器和醫療保健設備需求趨勢的增強。受該地區宏觀經濟環境疲軟的影響，歐洲經濟年減，較第二季略有惡化。世界其他地區的情況則是喜憂參半。

Adjusted gross margin in the quarter was down about 60 basis points driven by tariff-related costs partially offset by pricing actions and supply chain countermeasures. Adjusted EBITDA was $309 million, up 10% year-over-year, with growth accelerating from Q2 levels. Adjusted EBITDA margin expanded approximately 200 basis points to 30%.

本季調整後毛利率下降約 60 個基點，主要原因是關稅相關成本上升，但部分被價格調整和供應鏈應對措施所抵銷。調整後 EBITDA 為 3.09 億美元，較去年同期成長 10%，成長速度較第二季有所加速。調整後 EBITDA 利潤率成長約 200 個基點至 30%。

This strong operational performance was driven by operating leverage alongside deliberate organizational streamlining and an overall sharpened focus on core cost discipline. We delivered adjusted EPS of $0.68, up 15% year-over-year, a meaningful acceleration from Q2, driven by growth in adjusted EBITDA, favorable interest expense on lower debt balances and the positive year-over-year impact of share repurchases.

這一強勁的營運業績得益於營運槓桿作用、有意識的組織精簡以及對核心成本控制的全面加強。我們實現了調整後每股收益 0.68 美元，同比增長 15%，較第二季度顯著加速增長，這主要得益於調整後 EBITDA 的增長、債務餘額減少帶來的有利利息支出以及股票回購的積極同比影響。

We estimate direct tariff costs, net of countermeasures, created a roughly $0.01 headwind to adjusted EPS in the quarter. We generated $266 million of free cash flow in the third quarter, and our Q3 trailing 12-month free cash flow grew to $922 million. Our Q3 trailing 12-month cash flow conversion on adjusted net income remains comfortably north of 100%.

我們估計，扣除反制措施後，直接關稅成本在本季對調整後每股盈餘造成了約 0.01 美元的負面影響。我們在第三季產生了 2.66 億美元的自由現金流，第三季過去 12 個月的自由現金流成長至 9.22 億美元。我們第三季過去 12 個月的現金流量轉換率（以調整後淨收入計算）仍遠高於 100%。

Moving to our segment results, starting with Intelligent Operating Solutions on slide 6. Revenue for the segment grew just over 2.5% on a reported basis with core revenue growth of 2%, slightly ahead of our expectations. Growth was driven by demand for facility and as life cycle software rail demand for professional instrumentation despite tariff volatility and strong growth in gas detection products.

接下來是各業務部門的業績報告，首先是第 6 頁的智慧營運解決方案部分。該業務板塊的收入按報告數據增長略高於 2.5%，核心收入增長 2%，略高於我們的預期。儘管關稅波動和氣體檢測產品強勁成長，但對設施和生命週期軟體的需求推動了專業儀器的需求成長。

At Fluke, we saw an improvement in customer purchasing patterns drive modest growth with particular strength in North America, partially offset by continued softness in Europe related to macro conditions. While the acceleration is encouraging, ongoing volatility in global trade policy remains a source of uncertainty.

在福祿克，我們看到客戶購買模式的改善推動了適度成長，尤其是在北美地區表現強勁，但歐洲地區因宏觀經濟狀況而持續疲軟，部分抵消了這一成長。儘管貿易成長加快令人鼓舞，但全球貿易政策的持續波動仍是不確定性的來源。

Our facilities and asset life cycle software businesses performed modestly ahead of expectations, supported by strong demand for multisite facility maintenance and marketplace software in North America. However, tighter fiscal policy and constraint funding continued to pressure on demand for our procurement and estimating solutions.

在北美市場對多站點設施維護和市場軟體的強勁需求支撐下，我們的設施和資產生命週期軟體業務表現略優於預期。然而，更嚴格的財政政策和資金限制繼續對我們的採購和估算解決方案的需求構成壓力。

Our gas detection business is growing nicely with strong demand for our hardware as a service model to ensure worker safety with particular strength in North America and Latin America. Adjusted gross margin in the segment declined by just over 90 basis points year-over-year to 65.7%, primarily due to tariff cost pressures, partially offset by pricing and supply chain counter measures.

我們的氣體檢測業務發展良好，市場對我們以硬體為服務模式的強勁需求確保了工人的安全，尤其是在北美和拉丁美洲市場。該業務板塊的調整後毛利率年減超過 90 個基點至 65.7%，主要原因是關稅成本壓力，部分被價格和供應鏈應對措施所抵銷。

Adjusted EBITDA grew 7% to $242 million, accelerating from the more modest growth we saw in Q2, driven by operating leverage and reduced costs associated with flattening and rationalizing segment level organizational structures. Adjusted EBITDA margin grew to 34.6%, up from 33.3% in the prior year period.

經過調整的 EBITDA 成長 7% 至 2.42 億美元，較第二季度較為溫和的成長有所加快，這主要得益於營運槓桿作用以及扁平化和合理化部門級組織結構所帶來的成本降低。經調整後的 EBITDA 利潤率成長至 34.6%，高於去年同期的 33.3%。

Moving to our Advanced Healthcare Solutions segment on slide 7. We delivered total revenue of $328 million. Revenue grew approximately 2% year-over-year, just over 1% on a core basis. As we noted last quarter, we continue to see reimbursement and funding policy changes impact the AHS segment, specifically the deferral of US-based hospital capital expenditures on health care equipment.

接下來，請看第 7 張投影片，了解我們的先進醫療保健解決方案部分。我們實現了總收入3.28億美元。營收年增約 2%，核心營收年增率略高於 1%。正如我們上個季度所指出的，我們繼續看到報銷和資金政策的變化影響 AHS 部門，特別是美國醫院在醫療保健設備上的資本支出被推遲。

However, demand trends in North America improved from two levels, driving sequential improvement in capital performance as some customers executed on deferred orders for sterilization and biomedical test equipment. Consumables demand also improved sequentially across most regions.

然而，北美地區的需求趨勢從兩個層面改善，推動了資本績效的逐步提高，因為一些客戶執行了先前推遲的消毒和生物醫學測試設備訂單。大多數地區的消費品需求也較上季改善。

Encouragingly, our software products in the segment continued to deliver solid growth, fueled by strong execution and structural advantages from resilient SaaS-based revenue models. Our adjusted gross margin of 58.4% in the AHS segment, similar to last year.

令人鼓舞的是，在該領域，我們的軟體產品持續保持穩健成長，這得益於強大的執行力和基於彈性的 SaaS 收入模式帶來的結構優勢。AHS 業務部門的調整後毛利率為 58.4%，與去年持平。

Adjusted EBITDA grew approximately 7% year-over-year. Adjusted EBITDA margin expanded from roughly 27% to 28%, driven by operating leverage, flattened organizational structures, partially offset by modest incremental R&D investments.

調整後 EBITDA 年成長約 7%。經過調整的 EBITDA 利潤率從約 27% 擴大到 28%，這主要得益於營運槓桿和扁平化的組織結構，但部分被適度的研發投資增量所抵消。

Turning to slide 8. As noted earlier, we deployed just over $1 billion of capital to share repurchases in the third quarter, reflecting confidence in our ability to deliver on the core value creation plan represented by our Fortive Accelerated strategy and the attractive valuations we saw in the quarter.

翻到第8張幻燈片。如前所述，我們在第三季度投入了略高於 10 億美元的資金用於股票回購，這反映出我們對實現 Fortive Accelerated 戰略所代表的核心價值創造計劃的能力以及我們在本季度看到的有吸引力的估值充滿信心。

We funded these repurchases with a combination of the remaining proceeds from the rally and spin-off dividend, cash on hand and increased commercial paper issuance in anticipation of continued strong free cash flow generation in the quarters ahead. As previously highlighted, our free cash flow on a trailing 12-month basis were $922 million.

我們利用股價上漲和分割紅的剩餘收益、手頭現金以及為預期未來幾季持續強勁的自由現金流而增加的商業票據發行，為這些回購提供了資金。如前所述，我們過去 12 個月的自由現金流為 9.22 億美元。

Moving to slide 9. We are raising our full year adjusted EPS guidance to $2.63 to $2.67 per share. Our guidance reflects Q3 results ahead of our expectations, the impact of incremental buybacks in Q3 and otherwise no change to the view we held on Q4 as at our last earnings call. This outlook also assumes a continuation of the market dynamics we experienced as we exited Q3.

切換到第9張投影片。我們將全年調整後每股盈餘預期上調至每股 2.63 美元至 2.67 美元。我們的業績指引反映了第三季業績超出預期，第三季新增股票回購的影響，除此之外，我們對第四季的看法與我們上次財報電話會議上的看法沒有改變。這項展望也假設我們在第三季末所經歷的市場動態將持續下去。

It also reflects current or known future tariff rates expected to go into effect through the end of the year with tariffs net of countermeasures, not expected to be material in the quarter. Let me provide a few additional modeling considerations. Based on what we see today, we are expecting overall core growth to moderate in Q4 with AHS core growth broadly in line with Q3 levels and very modest core growth at iOS.

這也反映了預計在年底前生效的當前或已知的未來關稅稅率，扣除反制措施後的關稅淨額預計在本季度不會產生重大影響。我再補充幾點建模的考量。根據我們目前所看到的，我們預計第四季整體核心成長將有所放緩，其中 AHS 核心成長大致與第三季水準持平，而 iOS 核心成長則非常溫和。

We continue to expect a full year adjusted effective tax rate in the mid-teens and a Q4 tax rate in the single digits due to discrete tax items in the quarter. We also expect a sequential increase in net interest expense in Q4, reflecting our cash and debt levels at quarter end.

我們仍然預計全年調整後實際稅率在十幾個百分點左右，第四季度稅率為個位數，因為該季度存在一些特殊的稅務項目。我們也預計第四季度淨利息支出將環比增加，這反映了我們季度末的現金和債務水準。

As a final note before turning it back to Olumide for closing remarks and Q&A, in our first quarter, most spin-off, we took important first steps to demonstrate our steadfast commitment to unrelenting execution on the Fortive accelerated 3 pillar value-creation plan that we outlined at our June Investor Day. We have much work left to do. The change is underway, and we are energized by the exciting work ahead of us.

在將發言權交還給 Olumide 做總結發言和問答環節之前，最後我想說，在我們第一季度（也是分拆上市的第一季度），我們採取了重要的第一步，以證明我們對在 6 月份投資者日上概述的 Fortive 加速三大支柱價值創造計劃的堅定承諾，即不懈地執行該計劃。我們還有很多工作要做。改變正在進行中，我們對即將開展的令人興奮的工作充滿熱情。

I'll now turn it back over to Olumide.

現在我把它交還給奧盧米德。

Thanks, Mark. I'll close out our prepared remarks with a few reflections from my first quarter as CEO and offer a bit more color on the changes we have capitalized at Fortive in the past 100 days. First, our thesis behind the creation of new Fortive as a simpler, more focused company is showing promising early outcomes.

謝謝你，馬克。最後，我將回顧我擔任執行長的第一個季度，並就過去 100 天裡我們在 Fortive 取得的成就做一些更詳細的介紹，以此結束我準備好的發言。首先，我們創建 Fortive 成為一家更精簡、更專注的公司背後的理念，已經顯示出令人鼓舞的早期成果。

We have seen the benefits of simplification on our day-to-day operations enabling us to be notably more customer centric. With fewer operating brands, we've been able to simplify our organizational model and processes. That is freeing up more time across our team to focus on the source of growing our customers.

我們已經看到簡化日常營運帶來的好處，使我們能夠更加以客戶為中心。由於營運品牌數量減少，我們得以簡化組織模式和流程。這樣一來，我們團隊就能騰出更多時間，專注於客戶成長的來源。

Personally, I have really enjoyed spending significantly more time with our cost in our cross both segments as we deepen relationships and uncover additional opportunities to accelerate growth. We have also flattened out our executive leadership team to ensure that business leaders in close proximity to our customers, have a stronger voice at the top of our company. With the hotels on customers across our portfolio, I am energized by the impact of our enhanced customer-centric approach will have on our growth trajectory.

就我個人而言，我非常享受花更多的時間與我們跨部門的成本控制團隊合作，加深彼此的聯繫，並發現更多加速成長的機會。我們也精簡了高階主管領導團隊，以確保與客戶聯繫最緊密的業務領導者在公司高層擁有更大的話語權。憑藉著我們旗下所有飯店的客戶，我對我們加強以客戶為中心的策略將對我們的成長軌跡產生的影響感到振奮。

Second, we are taking deliberate steps to accelerate growth. We have given our 10 operating brands more growth oxygen and encouraging them to freely and frequently suffice the next best organic growth opportunity that may have been under acquired in the past.

其次，我們正在採取實際措施來加速成長。我們為旗下 10 個營運品牌提供了更多成長空間，並鼓勵它們自由、頻繁地抓住過去可能被忽視的下一個最佳有機成長機會。

We have transformed our strategic planning process into a more aggressive growth for cost engine, and we are emerging from our recent strategic planning cycle with a robust pipeline of investable growth opportunities. And we are reviewing our unmarked financial planning, forecasting and governance processes to enable in-year investment into growth as overperformance materializes.

我們已將策略規劃流程轉變為更具進取心的成本成長引擎，並且我們從最近的策略規劃週期中走出，擁有了一系列強勁的可投資成長機會。我們正在審查我們未公開的財務規劃、預測和治理流程，以便在績效超預期時能夠進行年內成長投資。

Third, our Fortive business system is powerful, not just for leadership and lean, but as a systematic growth engine. We are making great progress in evolving the mindset, kid enzyme tools of FBS to better sort growth, not just by integrating our AI center of excellence directly into our FBS team, but also by evolving and enhancing existing tool set and best practices around innovation, commercial acceleration and creating recurring customer value.

第三，我們的 Fortive 商業系統功能強大，不僅在領導力和精益化方面如此，而且作為一個系統性的成長引擎也十分強大。我們正在透過不斷改進思維方式和 FBS 的兒童酵素工具來更好地促進成長，這不僅是將我們的人工智慧卓越中心直接整合到我們的 FBS 團隊中，而且還透過改進和增強現有的工具集和圍繞創新、商業加速和創造持續客戶價值的最佳實踐來實現的。

Finally, our new approach to capital allocation is very different from what it was in the past. Our dynamic and disciplined capital allocation approach has one singular purpose, maximizing medium- to long-term shareholder returns. And we have demonstrated our commitment to this approach in our first quarter as new Fortive.

最後，我們新的資本配置方法與過去的方法截然不同。我們動態且嚴謹的資本配置方法只有一個目的，那就是最大限度地提高股東的中長期回報。在作為新 Fortive 的第一個季度中，我們已經展現了我們對這一方法的承諾。

We are pleased with our results this quarter, but we are not satisfied. We are driving hard towards our ambitious agenda and look forward to demonstrating continued and accelerated progress in the quarters and years ahead.

我們對本季的業績感到滿意，但我們並不滿足。我們正全力以赴地朝著我們雄心勃勃的目標前進，並期待在未來的幾個季度和幾年裡展現出持續加速的進展。

Thank you for your continued interest in Fortive. I especially want to thank our shareholders, our 100,000 customers, and all our Fortive employees around the world who do a tremendous job every day to deliver strong results and build enduring advantages in our businesses.

感謝您一直以來對福迪威的關注。我特別要感謝我們的股東、10萬名客戶以及全球所有 Fortive 員工，他們每天都辛勤工作，為我們的業務帶來強勁的業績並建立持久的優勢。

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

接下來，我將把問答環節交給克里斯蒂娜。

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

謝謝，奧盧米德。我們的發言稿到此結束。現在我們準備回答問題。

(Operator Instructions) Nigel Coe, Wolfe Research.

（操作說明）Nigel Coe，Wolfe Research。

Thanks. Good morning. Good afternoon. It's been a long day. Thanks for the details. Obviously, the margin performance was to my mind, the real highlights. And it seems -- when I look at your sort of implied 4Q guide, it looks like you're not assuming much of a sequential pickup in EBITDA margins.

謝謝。早安.午安.真是漫長的一天。謝謝你提供的詳細資訊。顯然，在我看來，利潤率的表現才是真正的亮點。而且，從你對第四季業績的隱含預期來看，你似乎並沒有預期 EBITDA 利潤率會較上季大幅提升。

I mean, we're back into something in the range of about 31% EBITDA margin for the fourth quarter. So just curious, is there any sort of -- was it sort of start on lining kind of quarter on margin and you're assuming that repeats?

我的意思是，我們第四季的 EBITDA 利潤率又回到了 31% 左右的水平。所以我很好奇，是不是某種意義上的——是不是從邊緣開始，以四分之一為單位進行排列，然後你假設這種情況會重複出現？

Any kind of details there, especially around some of the tariff offsets you expect in 4Q?

能否提供一些細節信息，特別是關於您預計在第四季度實施的一些關稅抵消措施？

Hey, Nigel, how are you? Thanks for the question. So if you think about the over performance we delivered in Q3, a part of it was revenue performance, as you called out, a big chunk of it was cost discipline. And you can see that show up in the numbers, both in unallocated corporate costs and also in the segments.

嘿，奈傑爾，你好嗎？謝謝你的提問。所以，如果你回顧我們在第三季取得的超額業績，正如你所指出的，一部分是營收成長，很大一部分是成本控制。這一點可以從數字中看出，無論是未分配的公司成本或是各個業務部門的成本。

Most of that was actually discrete actions that we took in the quarter really to start to free up resources for us ahead of annual planning, so that we could deploy against some of the initiatives that we're starting to see as part of the Fortive accelerated strategy to accelerate growth into 2026. So we do expect to redeploy some of the resources we freed up in the fourth quarter.

實際上，其中大部分是我們在本季度採取的獨立行動，目的是在年度計劃制定之前騰出資源，以便我們能夠部署一些舉措，這些舉措是我們開始看到的 Fortive 加速增長戰略的一部分，旨在加速增長到 2026 年。因此，我們預計將重新部署我們在第四季度釋放出來的一些資源。

There were a few little one-timers incentive compensation, some increased capitalization of software development that happened in the quarter. We're going to maintain our cost discipline through the fourth quarter, to be sure. But we are going to reinvest some of it as we look forward here.

本季有一些小額的一次性激勵薪酬，以及軟體開發方面的一些資本化增加。可以肯定的是，我們將在第四季度繼續保持成本控制。但展望未來，我們將把其中的一部分再投資。

Okay. That's good color. And then my follow-on is really around the government shutdown. I think we hit the fourth week today. You called out some government funding pressure within Gordian. Just curious how that's impacting performance in October.

好的。顏色真好看。接下來，我的後續問題主要圍繞在政府停擺。我想我們今天就進入第四週了。你指出了戈爾迪安公司內部存在一些政府資金壓力。只是好奇這會對10月份的業績產生什麼影響。

Yeah, thanks, Nigel. So the government business for us is mostly state and local government agencies. So in that sense, the federal government shutdown is not a big factor. Our direct exposure to federal government is relatively small, just a little bit in our FAL business and Fluke AHS.

謝謝你，奈傑爾。所以對我們來說，政府業務主要面向州和地方政府機構。所以從這個意義上講，聯邦政府停擺並不是一個重要因素。我們與聯邦政府的直接業務往來相對較小，僅在我們的 FAL 業務和 Fluke AHS 中有一小部分涉及。

It really just hasn't been a major factor for us right now. It's difficult to predict the duration of the shutdown and second level impacts of a prolonged shutdown. But we feel good about the guidance based on what we know today. And again, given it's not a big direct exposure to the federal government for us, we feel good about what we've laid out.

目前這真的不是我們面臨的主要問題。很難預測停工的持續時間以及長時間停工帶來的次生影響。但根據我們目前掌握的信息，我們對這些指導意見感到滿意。再說一遍，考慮到我們與聯邦政府的直接接觸並不大，我們對我們所製定的方案感到滿意。

Deane Dray, RBC Capital Markets.

迪恩德雷，加拿大皇家銀行資本市場。

Thank you. Good day everyone. I was hoping just that circle up on capital allocation that was a sizable buyback in the quarter. Just kind of give us your thinking about the decision-making on doing buybacks? Is there an intrinsic value calculation you're doing internally? And then just the set up for M&A because you had been through this moratorium on deal making leading up to the spin. Where does that stand in priorities? Thank you.

謝謝。大家好。我原本希望資本配置方面能有所改進，因為本季會有一筆相當可觀的股票回購。請您簡單談談您對股票回購決策的考量？你們內部是否進行內在價值計算？然後就是併購的準備工作，因為在分拆之前，你們經歷了交易暫停期。這在優先順序中處於什麼位置？謝謝。

Yeah. Thanks for the question, Deane. So we were quite pleased to be able to deploy $1 billion towards share repurchase in Q3. And that reflected just a strong free cash flow the rally and dividend proceeds and just the attractive valuation we saw for our shares in the quarter.

是的。謝謝你的提問，迪恩。因此，我們非常高興能夠在第三季投入 10 億美元用於股票回購。這反映了強勁的自由現金流、股價上漲和股息收益，以及我們在本季看到的股票估值吸引力。

And like we've mentioned with respect to Fortive going forward, share repurchases will be a big part of our capital allocation option set. So anytime we see conditions like that, we'll continue to do that. To the extent that M&A is still part of our formula, we've been quite clear that we are not looking at transformational M&A.

正如我們之前提到的，對於 Fortive 而言，股票回購將是我們資本配置方案的重要組成部分。所以，每當我們遇到類似情況時，我們都會繼續這樣做。如果併購仍然是我們策略的一部分，我們已經非常明確地表示，我們不考慮變革性併購。

We're looking at smaller bolt-on acquisitions that can accelerate the go-forward growth of our existing businesses. So it's a very different playbook on M&A. We are going to be more balanced across share repurchase and this bolt-on M&A acquisitions that we do.

我們正在考慮進行規模較小的補充性收購，以加速現有業務的未來成長。所以，併購策略截然不同。我們將更平衡地進行股票回購和我們進行的附加併購收購。

Like we mentioned at our Investor Day, the formula we laid out for shareholder value creation in the next three years does not require us to do M&A. So from our point of view, we're going to take the path that offers the lowest risk to create value, and that for us does not include big M&A. So we continue to cultivate our funnel of proprietary bolt-on assets that smaller and can help our existing businesses.

正如我們在投資者日中提到的，我們為未來三年創造股東價值制定的方案並不需要我們進行併購。因此，從我們的角度來看，我們將選擇風險最低的途徑來創造價值，而對我們來說，這並不包括大規模的併購。因此，我們將繼續培養我們專有的附加資產管道，這些資產規模較小，並且可以幫助我們現有的業務。

But how we think about it? We do the analysis or point of what gives us the best relative returns between share repurchase and the M&A options that we have and in the third quarter specifically, the case was very clear, just given where the stock price was to deploy that heavy billion dollars repurchases.

但我們該如何看待這個問題呢？我們分析了股票回購和併購這兩種選擇中哪種方式能為我們帶來最佳的相對回報，尤其是在第三季度，情況非常明確，考慮到當時的股價，正是進行數十億美元巨額回購的好時機。

That's really helpful. And just as a second question, I was hoping to get some color on Fluke in the quarter, it's such a good indicator of short-cycle demand. So anything about the sell-in versus sell-through channel inventory would be helpful. Thanks.

這真的很有幫助。第二個問題是，我希望了解 Fluke 在本季的表現，因為它是短期需求的一個很好的指標。因此，任何有關進貨管道與銷貨管道庫存的資訊都將很有幫助。謝謝。

Yeah, Thanks, Deane. So we were quite pleased with Fluke in the quarter and having a return to growth in the quarter. All the fundamental metrics that set up the future looked really strong. We had order growth. POS continues to be really strong, especially in North America and stable in the rest of the world. Book-to-bill for the year continues to track north of one.

謝謝你，迪恩。因此，我們對福祿克本季的表現相當滿意，並且本季實現了成長。所有決定未來走向的基本指標都表現得非常強勁。我們的訂單量增加了。POS系統依然非常強勁，尤其是在北美，在世界其他地區也保持穩定。今年的訂單出貨比繼續保持在 1 以上。

Channel inventory outside of South America, we've said all year being elevated, but that's been improving over the course of the year. So we're in a much better place than we're at the beginning of the year. And then on top of that, our team continues to accelerate product innovation.

我們全年都在強調南美以外地區的渠道庫存處於高位，但這情況在一年中有所改善。所以我們現在的處境比年初時好得多。除此之外，我們的團隊也不斷加速產品創新。

I talked about a couple of those in the prepared remarks and also commercial execution that some markets both verticals like data center and defense that are doing really well right now and also geos like India that are doing very well. Our team continues to put a lot more horsepower behind those markets.

我在準備好的演講稿中談到了其中幾個例子，以及商業執行情況，一些市場，包括資料中心和國防等垂直領域，目前發展得非常好，還有印度等地區也發展得非常好。我們的團隊將繼續加大對這些市場的投入。

And then, we're driving more recurring revenues at Fluke, maintenance, software enhancements and additional service clients. So both by reason of how we did in Q3 at Fluke, the underlying metrics of the health of the business and then the actions the team is doing to really continue to accelerate growth, we feel quite good about the setup for the next three years at Fluke.

然後，我們正在為福祿克帶來更多經常性收入，包括維護、軟體增強和新增服務客戶。因此，無論是從福祿克第三季的業績、業務健康狀況的基本指標，還是從團隊為真正繼續加速成長而採取的行動來看，我們對福祿克未來三年的發展前景感到非常樂觀。

Scott Davis, Melius Research.

Scott Davis，Melius Research。

Hey guys. And congrats on the first full quarter was pretty clean. Guys, one of your competitors has been getting a lot of attention in the radiation test business that -- and I haven't read all talk about Landauer in a while. Can you get us up to speed on the outlook there and what you're seeing?

嘿，大家好。恭喜你，第一個完整季度過得相當順利。各位，你們的一位競爭對手在輻射測試領域引起了廣泛關注——而且我已經很久沒有看到關於 Landauer 的討論了。能否為我們介紹一下那裡的前景以及您觀察到的情況？

Yeah, thank you, Scott. So you're right, there's a lot of excitement in the Landauer business for us. As you know, it's one of the highly recurring parts of our AHS segment. So we like that attribute of the business. And we've said the current part of the company Fortive overall has been growing faster than our fleet average.

謝謝你，斯科特。所以你說得對，蘭道爾的業務讓我們感到非常興奮。如您所知，這是我們 AHS 節目中經常出現的部分之一。所以我們很欣賞這家企業的這項特質。我們之前說過，Fortive 公司目前的整體成長速度超過了我們車隊的平均成長速度。

And Landauer is a great example of that. So it's continued to grow really strongly. And that comes from the fact that our customers really rely on us for this mission-critical radiation and monitoring. That's very -- it's a very stable need for customers.

蘭道爾就是一個很好的例子。所以它一直保持著強勁的成長勢頭。這是因為我們的客戶確實依賴我們來完成這項至關重要的輻射監測任務。這是──這是顧客非常穩定的需求。

They're looking for really the number one brand that it can trust and that helps joint commission reviews and other regulatory requirements they have to meet, much easier to meet. So we see a lot of strength in that business. The thing that I find exciting for us is the work that our team is doing on innovation. And that includes finding add-on services that we can tag on to our existing customer base.

他們正在尋找真正值得信賴的第一品牌，這樣才能更輕鬆地滿足聯合委員會的審查和其他監管要求。所以我們看到這個產業很有實力。令我感到興奮的是，我們團隊在創新方面所做的工作。這包括尋找可以附加到我們現有客戶群的服務。

We have tens of thousands of customers in that business. And so the idea of thinking about that business like the software business that you can add on to existing customers besides price and expansion to other --

我們在該行業擁有數萬名客戶。因此，可以把這種業務模式想像成軟體業務，除了價格和擴展到其他領域之外，還可以為現有客戶增加其他功能。--

Scott, you are breaking up. I can't hear you? Are you there?

史考特，你們要分手了。我聽不到你說話？你在嗎？

Yes. Can you hear us?

是的。你們聽得到我們說話嗎？

It's breaking up. It could be our phone. It could be you guys I don't know. I'll pass it on because I don't want to be disruptive to the call.

它要解體了。可能是我們的手機。也可能是你們，我不知道。我會把它轉達過去，因為我不想打斷通話。

Brock, are you hearing us, okay?

布洛克，你聽得到我們說話嗎？

Julian Mitchell, Barclays.

巴克萊銀行的朱利安·米切爾。

Hi, good afternoon. Maybe just wanted to follow on the demand trends in AHS. Maybe help us understand sort of what's happening in terms of the equipment demand versus consumables. And you mentioned the policy and funding change headwinds, kind of how have you seen those play out affecting customer demand the past kind of couple of quarters. Just trying to understand if that headwind is getting worse or it's holding steady. And what does it mean as we're going into next year, please?

您好，下午好。或許只是想注意AHS的需求趨勢。或許可以幫助我們了解設備需求與耗材需求的關係。您提到了政策和資金變化帶來的不利因素，您認為這些因素在過去幾季對客戶需求產生了怎樣的影響？我只是想了解一下，這股逆風是在增強還是保持不變。那麼，展望明年，這又意味著什麼呢？

Yeah, thanks, Julian, for the question. So the AHS segment overall, just maybe to break you down. The software part of the business, really strong, continues to do really well. So we're quite pleased and excited about that acceleration in that part of the business.

是的，謝謝你的提問，朱利安。所以，AHS 整體上，或許可以這樣概括一下。公司軟體業務實力雄厚，持續表現優異。因此，我們對這部分業務的加速發展感到非常高興和興奮。

With respect to capital equipment in the AHS segment, we talked last quarter about to your point, the reimbursement and funding policy changes and how that's causing some of these US hospitals to defer capital equipment purchase. What we've seen since then has been encouraging, which is sequential improvement in demand for health care capital in North America based on just more certainty around the legislative conditions that they're operating under, they're still walking through the full kind of long-term effects of the OB3 Act.

關於 AHS 部門的資本設備，我們上個季度也談到了您所提到的報銷和資金政策的變化，以及這些變化如何導致一些美國醫院推遲購買資本設備。從那時起我們看到的情況令人鼓舞，即北美醫療保健資本的需求逐步改善，這得益於他們對所處立法環境的確定性增強，他們仍在逐步消化 OB3 法案的全部長期影響。

But we certainly see improvement in the demand patterns significantly in September, especially because we have a funnel of [deals and] we know what things were deferred. And we began to see more and more of those get funded in September, and we expect that trend to continue through the rest of the year. So the sequential improvement in that capital equipment purchase, we quite like.

但我們確實看到 9 月的需求模式有了顯著改善，尤其是因為我們有一系列交易，而且我們知道哪些交易被推遲了。9 月份，我們看到越來越多的此類計畫獲得資助，我們預計這一趨勢將在今年餘下的時間裡繼續下去。因此，我們對資本設備採購的持續改善感到非常滿意。

We see the same sequential improvement in consumables as well, and our biggest markets continue to grow in consumables. So overall, I'd say software doing well, the capital equipment piece, we're seeing sequential improvement, and that's quicken in September and into October as well. And then the consumables continues to be solid.

我們看到耗材方面也出現了同樣的持續改善，而且我們最大的耗材市場也不斷成長。總的來說，我認為軟體方面表現良好，資本設備方面，我們看到了持續的改善，而且這種改善在9月份和10月份會加速。然後，消耗品方面依然保持穩定。

That's great. And maybe one for Mark, just very much a CFO-type question, so apologies for that, the tax rate outlook, I think this year's sort of overall adjusted P&L tax rate is maybe 14%, something like that. I just wondered, is that sort of a normal run rate in future kind of best view on the next sort of year or two any perspectives on that you could provide?

那太棒了。也許馬克會問一個問題，這完全是一個財務長才會問的問題，所以對此我深表歉意。關於稅率前景，我認為今年整體調整後的損益表稅率可能是 14% 左右。我只是想知道，這是否是未來一兩年內正常的運行速度？您對未來一兩年的最佳展望是什麼？您能否提供一些看法？

I'm happy to, always happy to answer your CFO questions. I think it's a good framework to think about right now mid-teens. The Pillar 2 proposals that are out there, there is some risk that to the extent that the US is not excluded from that, which is current thinking, although it's not written into law that we could see something higher. But right now, from what we see, I think mid-teens is a good way to model the tax rate through 2026 at least.

我很樂意回答您關於財務長的問題，我一直都很樂意。我認為這是一個適合青少年中期思考的好框架。現有的第二支柱提案存在一定的風險，即如果美國沒有被排除在外（這是目前的想法），儘管法律上沒有明確規定，但我們可能會看到更高的目標。但就目前來看，我認為至少到 2026 年，十幾個百分點的稅率是一個不錯的預測模型。

Stephen Tusa, JP Morgan.

Stephen Tusa，摩根大通。

Hey, good afternoon, and congrats on a solid quarter, good execution. The software business, the FAL business, what are you guys seeing in the other businesses? I think you mentioned some of the construction, I guess, related to drags. But are you seeing -- how are your customers kind of treating your part of the budgets there from a kind of an IT spending perspective are you guys seeing there?

嘿，下午好，恭喜你們本季業績穩健，執行得很好。軟體業務、FAL業務，你們在其他業務領域看到了什麼？我想你提到了一些與拖曳相關的構造。但是，你們有沒有註意到——從 IT 支出的角度來看，你們的客戶是如何對待你們那部分預算的呢？

Yeah, thanks, Steve. So FAL, overall, we like -- we continue to see growth in that platform. So we quite like that. And the components of that, the service channel brand really great pull through. We talked about some of the AI-powered work order insights we're adding to that platform, which is an expansion for existing customers.

謝謝你，史蒂夫。所以總的來說，我們喜歡 FAL——我們繼續看到該平台的成長。我們很喜歡這一點。而其中的組成部分，服務通路品牌，真的非常出色。我們討論了一些我們正在添加到該平台的 AI 驅動的工單洞察功能，這是對現有客戶的擴展。

They love that. I think for customers, they view file software as a good way to scale the impact of AI because we have real network but around this business. So IT spending around that to the extent that we're helping them capture the value of AI is really, really strong right now. So we quite like that.

他們很喜歡這樣。我認為對於客戶而言，他們將文件軟體視為擴大人工智慧影響的一種好方法，因為我們擁有真正的網絡，但圍繞著這個業務。因此，目前圍繞人工智慧的IT支出，也就是幫助他們獲取人工智慧價值的支出，真的非常強勁。我們很喜歡這一點。

And then the Gordian software part, which is really around planning facility planning software, also continues to do really well. We talked last quarter about the new products we launched (technical difficulty) capital planning.

此外，Gordian 軟體部分（實際上是圍繞設施規劃軟體的）也持續表現出色。上個季度我們討論了我們推出的新產品（技術難題）資本規劃。

The order growth in that business has been terrific, separately from the procurement part of Gordian, that's been a terrific story for us from a software point of view. And then [EVERETT] continues the improvement that we've talked about over several quarters now. So overall, I think just given the nature of what our software does or customer and the fact that in the grand scheme, it's a small spend with very high return on investment that helps them on monetization and getting real value out of AI use cases.

撇開 Gordian 的採購部分不談，該業務的訂單成長非常出色，從軟體的角度來看，這對我們來說是一個非常了不起的消息。然後，[埃弗雷特]延續了我們過去幾個季度一直在討論的進步勢頭。所以總的來說，我認為考慮到我們軟體的功能或客戶的特性，以及從長遠來看，這是一筆小投入，卻能帶來非常高的投資回報，這有助於他們實現盈利，並從人工智慧用例中獲得真正的價值。

It's been a strong part of our story. And that's why we said the recurring revenue part of the company has been growing much faster than the fleet average.

它一直是我們故事的重要組成部分。這就是為什麼我們說公司經常性收入部分的成長速度遠高於車隊平均。

Got it. So FAL grew what in the quarter? Was FAL above the -- like what was the organic at FAL in the quarter in total?

知道了。那麼，FAL本季成長了多少？FAL的業績是否高於預期－例如，FAL本季整體的有機成長是多少？

Yeah, so FAL grew in total in the quarter, and you can think about it as helpful to the fleet average.

是的，所以本季 FAL 總量有所成長，你可以認為這對機隊平均值是有幫助的。

Andy Kaplowitz, Citi.

安迪‧卡普洛維茨，花旗銀行。

Hey, good morning everyone, good afternoon. So I think one of the primary goals you have or you had as you split is to simplify your overall business. So obviously, the first quarter out of the gate with good margin is a good signpost for that. But maybe talk about where you are in terms of that self-help. I know it's early, but should we get increasing impact from that simplification as we go into '26.

嘿，大家早上好，下午好。所以我認為，你們分家時的主要目標之一就是簡化整體業務。所以很明顯，開局第一季取得良好的領先優勢是一個很好的訊號。但或許可以談談你在自助方面進展到什麼程度。我知道現在還為時過早，但隨著我們進入 2026 年，這種簡化是否會產生越來越大的影響？

Yeah, no, thank you, Andy. I think the short answer is yes. If you think about what we've laid out as our plan here. The plan is we have a simpler company in the [sten] branch, which means, frankly, we can simplify how we run the company, free up more time to spend with customers to spend on growth.

不，謝謝你，安迪。我認為簡短的答案是肯定的。如果你仔細想想我們在這裡制定的計劃。我們的計劃是讓 [sten] 分公司更精簡，坦白說，這意味著我們可以簡化公司的營運方式，騰出更多時間與客戶互動，從而促進公司發展。

And like Mark mentioned, we've also created space in our P&L, as you saw with the big margin expansion in Q3, so we can actually put some more investment behind this growth ideas. So all of that's in motion right now. would expect that to keep building momentum for growth as we come out of this year.

正如馬克所提到的那樣，我們的損益表也騰出了空間，正如你在第三季利潤率大幅擴張中所看到的，所以我們實際上可以對這些成長想法進行更多投資。所以所有這些目前都在進行中。預計隨著今年的結束，這種成長勢頭將繼續增強。

And then I'd say, secondly, the other thing that's been quite important in this change with the company is the capital allocation strategy. So not only are we going to grow the company faster and the seeds we're planting around products, commercial and requiring value is playing through on that.

其次，我認為，公司此次變革中另一個非常重要的因素是資本配置策略。因此，我們不僅要讓公司發展得更快，而且我們圍繞著產品、商業和價值需求播下的種子也正在發揮作用。

But we are also going to significantly shift how we think about capital allocation. And you saw that with the share repurchase that we did in Q3 here. And as we go forward, you're going to see that balance continue to play out. And so we're one quarter in 100 days into the journey and I would expect that the best is still ahead of us yet.

但我們也將大幅轉變我們對資本配置的看法。你們也看到了，我們在第三季進行了股票回購。隨著我們不斷前進，你會看到這種平衡繼續發揮作用。旅程已經過了100天的四分之一，我相信最好的還在後頭。

Helpful. And then could you give us some more color on what you're seeing in demand by region? I think you asked pretty good. I think you mentioned Western Europe maybe downshifted a little China. Like what are you seeing across your end markets by geography?

很有幫助。那麼，您能否更詳細地介紹一下您觀察到的各個地區的需求？我覺得你問得很好。我想你提到過西歐可能比中國略微放緩了步伐。例如，您從地理來看，各個終端市場的情況如何？

Yeah, no, I think you have it generally right. I would say the style of the show continues to be North America real strong performance in North America. I think part of that's the market, part of that's going to are keen really have pushed hard from an innovation point of view in some of the best end markets, data centers and so on in the US especially, but also just the market conditions have been more favorable for us.

是的，不，我覺得你的說法基本上正確。我認為該節目的風格仍然是北美風格，在北美地區表現出色。我認為部分原因是市場因素，部分原因是他們確實非常熱衷於從創新角度在一些最好的終端市場（例如美國的資料中心等）大力推進，但同時也是因為市場環境對我們更有利。

And then on the other hand, I'd say Western Europe, especially has been the softest market for us. And that's been the case most of the Q2 got a little bit better in Western Europe, but then that didn't really sustain in Q3. So we're not expecting anything to get dramatically better in Western Europe for the rest of the year. So we kind of plan that in here and anything better will be upside for us. And then the rest of the world was just mixed.

另一方面，我認為西歐市場，尤其是西歐市場，對我們來說一直是最疲軟的市場。第二季大部分時間都是如此，西歐的情況略有好轉，但這種好轉勢頭在第三季並沒有持續下去。因此，我們預計今年剩餘時間西歐的情況不會出現顯著改善。所以我們在這裡做了一些計劃，任何更好的結果對我們來說都是有利的。而世界其他地方則一片混雜。

And generally stable, I'd say, in China and mixed everywhere else. So North America, really good, Western Europe really soft, everything else in the middle.

在中國，情況整體穩定；而在其他地方，情況則比較複雜。所以北美地區非常好，西歐地區比較軟，其他地區則介於兩者之間。

Jeffrey Sprague, Vertical Research Partners.

Jeffrey Sprague，Vertical Research Partners。

Hey, hello, everyone. Thank you. Hey, just wanted to get a little bit better sense of maybe the margin trajectory. First off, can you just elaborate a little bit more. You said there was some one timers in the quarter, and I don't know if there was a change in capitalization policy or something? Did that all run through corporate? And then essentially, you're saying that you're using that benefit in Q3 to spend for growth in Q4.

嘿，大家好。謝謝。嘿，我只是想更了解一下利潤率的走勢。首先，您能再詳細說明一下嗎？你說本季有一些一次性交易，我不知道是不是資本化政策或其他方面發生了變化？這一切都是透過公司總部進行的嗎？本質上，你的意思是說，你要利用第三季的收益來為第四季的成長做出貢獻。

Can you just put a little bit more color or detail around that and correct me if I'm wrong there.

能再添加一些顏色或細節嗎？如果我說錯了，請糾正我。

Yeah, sure, happy to Jeff. So there were a few one-timers in the quarter. There were two primary drivers. One was just increased capitalization rates at some of our software companies as they were building a new product that was not yet sort of deployed into live production. So that was one impact. That basically lowers R&D and then ultimately will come back in the future as that's amortized in.

是的，當然，很高興認識傑夫。所以本季出現了一些一次性事件。主要有兩個驅動因素。其中之一是我們的一些軟體公司提高了資本化率，因為他們正在開發一款尚未部署到實際生產環境中的新產品。這是其中一個影響。這基本上會降低研發投入，但最終會在未來隨著成本攤銷而獲得補償。

The second was that we did have some adjustments to incentive compensation and that was a good guy as well. Those items hit a combination of the segments and the corporate costs. the expectation, even though we are actually making direct cost reductions to actually fund growth is that overall OpEx will step back up in the fourth quarter as we don't repeat some of these one-timers as we start to pull in some of the investment ideas that we've got as part of the strategic planning exercise and annual planning exercise that Olumide laid out.

第二點是，我們對激勵性薪酬做了一些調整，那也是個好人。這些項目涉及各個業務部門和公司成本。儘管我們正在直接削減成本以資助成長，但預計第四季度整體營運支出將回升，因為我們不再重複一些一次性支出，而是開始落實我們在策略規劃和年度規劃中提出的一些投資理念，這些理念是奧盧米德製定的。

But we're going to maintain discipline and we expect to still have a strong margin profile. But overall, OpEx should pop back up a bit in the fourth quarter.

但我們將保持紀律，並預計仍將保持強勁的利潤率。但總體而言，營運支出在第四季應該會略有回升。

Does the -- I mean trying to triangulate between what you gave us in making an educated guess on interest expense and everything and the share count. It looks like you're sort of guiding segment level margins I don't know, kind of flat-ish in Q4 on a year-over-year basis. Is that correct?

我的意思是，試圖根據你提供的信息，對利息支出和其他所有因素以及股份數量做出合理的猜測。看起來你們似乎在引導各業務板塊的利潤率，我不知道，第四季同比來看基本持平。是這樣嗎？

I think you're in the zone. You're going to get a year-over-year basis out of the corporate or year-on-year expansion out of the corporate cost. But you're broadly in the zone, you'll see some pressure in gross margin, particularly in iOS, that then is largely offset sort of below the gross margin line.

我覺得你進入狀態了。您將從公司成本中獲得同比收益，或從公司成本中獲得同比擴張收益。但總體來說，你處於這個範圍內，你會看到毛利率面臨一些壓力，尤其是在 iOS 領域，但這在很大程度上會被毛利率線以下的因素所抵消。

Joseph O'Dea, Wells Fargo.

約瑟夫‧奧迪亞，富國銀行。

Hi, thanks for taking my questions. We wanted to just get a little bit more color on comments around giving brands more growth oxygen, which sounds like an exciting initiative. We, I guess, saw the Q3 R&D down, but maybe that's a little bit more non-repeat. I'm just curious in terms of what exactly is encompassed in sort of resourcing the growth oxygen for 10 operating brands and how to think about the time of that sort of flowing through to organic growth kind of impact?

您好，感謝您回答我的問題。我們想更詳細地了解關於為品牌提供更多成長空間的評論，這聽起來像是一項令人興奮的舉措。我想，我們看到第三季的研發投入有所下降，但這或許與以往的情況不太一樣。我只是好奇，為 10 個營運品牌提供成長所需的資源究竟包含哪些內容，以及如何看待這種資源投入在有機成長中所產生的影響所需的時間？

Yeah, thanks for that. thanks for that. Let me just describe what it is that we've done. So what we've done in the first 100 days here is, we've gone through our strategic planning process with each of our 10 brands. And the nature of that is really digging to find the best ideas for organic growth acceleration. And maybe we're on the leverage so far.

是啊，謝謝。謝謝。讓我來描述一下我們所做的事情。因此，在前 100 天裡，我們對旗下 10 個品牌中的每一個都進行了策略規劃流程。而其本質在於深入挖掘，尋找加速有機成長的最佳方案。或許到目前為止，我們還處於優勢地位。

And it may be really compelling enhancement products for customers. It could be commercial capacity expansion in attractive markets like data center or India, or it could be expansion to add-on services or software offerings for customers. that we just haven't had the space in our P&L to get to. So we went through a process to really assemble all of those ideas across our brands. And I'm just incredibly impressed by the slate of pragmatic and actionable ideas that came out from that process.

而且，對顧客來說，這可能是非常有吸引力的產品。這可能是指在資料中心或印度等有吸引力的市場擴大商業產能，也可能是指拓展為客戶提供的附加服務或軟體產品，而這些專案我們目前的損益表中還沒有足夠的空間來實現。因此，我們透過一系列流程，將我們旗下所有品牌的這些理念真正整合起來。我對這過程中湧現的一系列務實且可操作的想法印象深刻。

So we now have this funnel of terrific ideas that we're getting after very aggressively. And what we've then done is to say, look, we are going to be very disciplined in assessing which of those have the highest confidence and the best return potential. And for those ones, we'll make space on the P&L.

所以我們現在有了這樣一批絕妙的想法，我們正在非常積極地去爭取它們。然後我們採取的措施是，我們將非常嚴謹地評估哪些方案具有最高的信心和最佳的回報潛力。對於這些項目，我們會在損益表中留出空間。

That's what we mean by group oxygen to make to fund those and to get them done. So some of the margin expansion we got in Q3 that we talked about, we are going to save some of that to invest over the course of Q4 here to really think about it as a surge in guessing those great ideas, execute it faster.

這就是我們所說的“集體力量”，即為這些項目提供資金並完成它們。因此，正如我們之前提到的，我們在第三季度獲得的利潤擴張，我們將把其中的一部分留到第四季度進行投資，以便真正將其視為一種快速抓住那些偉大想法並更快執行的契機。

So as we go into '26, they're having a lot of impact, keeping in mind that some of them are short time to impact things like commercial capacity add, some of which are market and demand gen add. So we feel quite good about the setup and the space we've created in the P&L to get after this and really give us businesses more.

因此，進入 2026 年，它們將產生很大的影響，但要記住，其中一些影響是短期的，例如增加商業產能，而另一些則是增加市場和需求。因此，我們對目前的安排以及我們在損益表中創造的空間感到非常滿意，這樣我們就可以全力以赴，真正為企業帶來更多收益。

As we call it, growth oxygen that maybe they've hired historically when we've been really tight across the board, but it's just really been intentional in planting seeds that will power the growth that the case that we've made is the growth, and so we're planting the seeds for that.

我們稱之為增長的氧氣，也許過去我們在各方面都非常嚴格的時候，他們僱用了一些人，但這確實是有意為之，目的是播下種子，為增長提供動力，而我們所提出的理由就是增長，所以我們正在為此播種。

And then on organic growth, composition and sort of thinking about the price and volume piece and volume kind of slightly down in the quarter, is the setup that you think the volume decline rate is actually a little steeper into the end of the year? Is that partly comps? And then just any color on where you see the best opportunity for volume to get a little bit better, maybe areas that you're watching most closely?

然後，關於有機增長、組成以及價格和銷量方面的問題，考慮到本季度銷量略有下降，您是否認為銷量下降速度在年底會更快一些？這其中一部分是競爭對手嗎？然後，用任何顏色標記你認為最有希望提升銷量的地方，或是你最密切關注的區域？

Yeah, I mean, so again, a few ways should think about that. One is we like what we're seeing from pricing this year because I think in many ways, that's a reflection of the value of those brands. And so we -- and some of it is in the benefit of tariffs and we're covering that. But on the all of it, it's been an affirmation that we can get price in this business.

是的，我的意思是，所以，有幾種方法可以考慮這一點。一方面，我們喜歡今年的價格趨勢，因為我認為在很多方面，這反映了這些品牌的價值。因此，我們——其中一部分是關稅帶來的好處，我們正在彌補這部分損失。但總的來說，這證實了我們在這個行業中能夠獲得應有的價格。

So we expect that to continue. And the exciting thing for us is a lot of the growth ideas I talked about are really about volume. And I would say, across our businesses, we see real upside from volume. And I think if you think about our biggest brands in Fluke and the AHS segment, those are areas where we have very specific ideas that can help with volume growth over the next year here going into '26.

所以我們預計這種情況還會持續下去。令我們興奮的是，我提到的許多成長理念其實都與銷量有關。而且我認為，在我們所有業務領域，銷售成長確實帶來了顯著的提升。我認為，如果你想想我們在福祿克和AHS領域最大的品牌，這些領域我們有一些非常具體的想法，可以幫助我們在2026年實現銷售成長。

So we certainly expect the price kind of strength to continue to be a big contributor to our growth. And in the volume piece of the math will get better over the course of our journey here the next year to three. So that's what we would expect.

因此，我們當然預期價格走強將繼續成為我們成長的重要推動因素。而數量部分的數學計算將在未來一到三年內改進。所以，這符合我們的預期。

Chris Snyder, Morgan Stanley.

克里斯‧史奈德，摩根士丹利。

Thank you. I wanted to follow up on some of the Q4 commentary. I mean, I think you guys said you expect organic growth to moderate in Q4 relative to Q3. Is that just a function of a more difficult comp? Or did some of the Q2 disruption get pushed into Q3 revenue. So maybe that was a little bit overstated versus demand? Any color there would be helpful. Thank you.

謝謝。我想就第四季度的一些評論做一些後續跟進。我的意思是，我記得你們說過預計第四季有機成長將比第三季度有所放緩。這僅僅是因為題目難度更高嗎？或者說，第二季的一些損失被轉移到了第三季的收入？所以，相對於需求而言，也許有點誇大其詞了？任何顏色都會有所幫助。謝謝。

Sure. Happy to answer that, Chris. There are a few things that are happening. One is that in Q4, we do have a little bit of a tougher comp. If you look at the script commentary from last year, we talked about some pull forward from Q2 into Q4.

當然。樂意回答這個問題，克里斯。有幾件事正在發生。一是第四季的年比數據確實比較高。如果你看看去年的劇本評論，我們討論過將一些第二季的進度提前到第四季。

I think it's particularly acute in the iOS segment. There was, I think, a little bit of a snapback in Q3 in terms of just some of that $30 million coming back. I would just say, though, overall, the trends that we're seeing across the iOS segment and the AHS segment are broadly consistent.

我認為這個問題在 iOS 領域尤其突出。我認為，第三季出現了一些反彈，那 3000 萬美元中的一部分被收回了。不過，我想說的是，總體而言，我們在 iOS 領域和 AHS 領域看到的趨勢大致上是一致的。

They're encouraging. I think as Olumide said, we've got lots of optimism for better volume growth as we step into 2026, but we do have some timing-related impacts that are sort of shifting things from Q2 to Q3 and then out at Q4.

他們很鼓勵我。我認為正如奧盧米德所說，我們對進入 2026 年後的銷量增長充滿樂觀，但確實存在一些與時間相關的因素，導致銷量增長從第二季度推遲到第三季度，然後推遲到第四季度。

Thank you. I appreciate that. And then maybe just a follow-up on AHS. From the outside looking in, it's very difficult to kind of have a sense for the performance versus the health care policy and funding challenges that could be coming or maybe leaving the market based on the policy. So I guess it seems like you guys think AHS will have another pretty solid quarter here in Q4. But I guess what gives you guys confidence that the North America health care spend can be supportive or resilient through just a kind of a choppy, hard-to-predict policy backdrop. Thank you.

謝謝。我很感激。然後或許可以跟進《美國恐怖故事》。從外部觀察，很難了解醫療保健政策和資金挑戰對市場表現的影響，也很難了解根據政策可能會出現的市場萎縮或退出市場的情況。所以看來你們都認為AHS在第四季會繼續保持不錯的表現。但我想，是什麼讓你們相信，即使在政策環境動盪、難以預測的情況下，北美醫療支出也能維持支撐或韌性呢？謝謝。

Yeah, no, thanks for that. Thanks for that. I mean, overall, we like the AHS part that's set up here. So if you think about it, this time last year, AHS segment grew 9% and organic growth in Q3 of 24%, 6% for the year overall. And so we know what the capacity of this business is.

不，謝謝。謝謝。我的意思是，總的來說，我們很喜歡這裡呈現的《美國恐怖故事》部分。所以仔細想想，去年這個時候，AHS 業務成長了 9%，第三季有機成長率為 24%，全年整體成長率為 6%。因此，我們知道這家企業的產能是多少。

And despite the choppiness of 2025 with all the health care related policy changes. Our businesses continue to do the right things for our customers, the depth of customer loyalty, customer support and have experiences personally just been helped a lot of our customers in that segment is incredibly strong.

儘管 2025 年醫療保健相關政策變化頻繁，但情況動盪不安。我們的業務持續為客戶做正確的事情，客戶忠誠度、客戶支援和親身經歷都讓我們在這個領域擁有非常強大的實力，我們幫助過許多客戶。

So we like us set up. We like what we're doing with respect to innovation, we like what we're doing with respect to kind of the commercial engagement with customers and recurring value that we're adding to those customers across all our brands. So that piece, we really like.

所以我們喜歡這樣的安排。我們對自己在創新方面所做的工作感到滿意，我們對與客戶的商業互動以及我們透過所有品牌為客戶創造的持續價值感到滿意。我們非常喜歡這件作品。

And then if you think about the fundamental kind of spend and demand profile of health care in the US. Whatever is going on in the end, it still comes down to the basic fact that we've got aging demographics we've got increasingly sophisticated health care options and intervention options for this aging demographics, a lot of which have two or more chronic conditions.

然後，如果你思考美國醫療保健的基本支出和需求狀況。無論最終結果如何，歸根結底，基本事實仍然是：人口老化，我們為這些老齡人口提供了越來越複雜的醫療保健選擇和乾預選擇，其中許多人患有兩種或兩種以上的慢性疾病。

We continue to have shortage in provider capacity. That means the kinds of solutions that we bring to drive productivity and safety are going to be incredibly supported by this tailwind over the next three to five years. So irrespective of the choppiness of policy decisions in '25.

我們仍面臨醫療服務能力不足的問題。這意味著，在未來三到五年內，我們為提高生產力和安全性而提出的各種解決方案將得到這股順風的極大支持。所以，儘管2025年的政策決定有些動盪不安。

We like what we're doing on innovation, on commercial and recurring value. And we like the underlying sustained circular trends that make this health care and especially the industrial part of health care that we forecast be a good market to be in. So that's kind of where we forecast is play for what's going to create value beyond quarter-to-quarter noisiness in the space. We really like the business and we think we're well set up.

我們對自己在創新、商業價值和持續價值方面所做的工作感到滿意。我們喜歡醫療保健領域持續的循環發展趨勢，尤其是我們預測將成為醫療保健產業良好市場的工業部分。所以，我們預測，未來能夠創造價值、超越季度波動的因素，正是在這裡發揮作用。我們非常喜歡這個行業，而且我們認為我們已經做好了充分的準備。

Jamie Cook, Truist Securities.

Jamie Cook，Truist Securities。

Hi, good afternoon, I guess. A couple -- two quick questions. One, you talked about Fortive accelerated innovation acceleration, commercial acceleration, like all these opportunities to sort of ignite growth profitably. Just to be clear, I mean, it doesn't sound like you embed any of that in your guidance -- so just wondering if there's opportunity for upside on the top line as some of these initiatives go through.

你好，下午好。一對夫婦——兩個簡短的問題。第一，您談到了 Fortive 加速創新、加速商業化，以及所有這些以盈利方式激發成長的機會。需要澄清的是，我的意思是，聽起來你們的指導方針中並沒有包含這些內容——所以我想知道，隨著這些舉措的推進，營收是否有可能出現增長。

And then just my second follow-up question. The $63.6 million in other on the adjusted operating profit, what -- I mean that's usually trends, I guess, in the low 30s. Can you just break apart like what was in that number and then what's implied for the fourth quarter? Thank you.

那麼，我的第二個後續問題。調整後的營業利潤中其他項目 6360 萬美元，我的意思是，這通常是趨勢，我想，在 30 美元左右。你能把這個數字拆解開來，分析一下它所代表的意義，以及它對第四季的影響嗎？謝謝。

Thanks for the question. I'll take the first part, and then I'll have Mark take the second one. The way we think about it is we laid out at our Investor Day in June, our financial framework for the two-year period '26, '27 and that -- the premise of that is the company we now have is going to be [3% to 4%] organic growth, and then after 2027 gets better than that.

謝謝你的提問。第一部分我來做，第二部分讓馬克來做。我們的想法是，我們在 6 月的投資者日上提出了 2026 年、2027 年及以後兩年的財務框架——其前提是，我們現在的公司將實現 3% 至 4% 的有機增長，然後在 2027 年之後會更好。

And then we'll have, imagine expansion, 50 basis points to 200 basis points and then adjusted EPS growth, that's a high single-digit plus growth. So that financial framework befits from all of these Fortive Accelerated initiatives. That's what gives us confidence that financial framework remains intact. And so that's where you're going to see the impact of it.

然後，我們設想擴張幅度為 50 到 200 個基點，調整後的每股盈餘成長將達到接近兩位數的成長。因此，此財務框架受益於 Fortive Accelerated 的所有舉措。正是這一點讓我們相信金融框架依然完好無損。所以，你將會在那裡看到它的影響。

But with respect for the guide for this year, we feel good about the way we've reflected the macro conditions and all the forces at work across the three areas we've talked about on tariffs and health care spending and state and local government spending.

但就今年的指導方針而言，我們對我們反映宏觀經濟狀況以及我們在關稅、醫療保健支出以及州和地方政府支出這三個領域中所有起作用的因素的方式感到滿意。

And we -- that's all reflected in guide for this year. But the way to think about our Fortive Accelerated strategy and the impact of that is it really is what gives us complete confidence in the financial framework that we laid out for '26, '27.

而我們——這一切都體現在今年的指南中。但思考我們的 Fortive Accelerated 策略及其影響的方式是，它確實讓我們對我們為 2026 年和 2027 年制定的財務框架充滿信心。

And then I'll let Mark touch on the second part of the question.

然後，我將讓馬克來談談問題的第二部分。

Yeah. I think, Jamie, we'll get back to that. I think you're referring to that other operating income in the AHS segment. So just give us a bit -- I'll circle back with you on that. Maybe we can go to the next question.

是的。傑米，我想我們之後會再談到這個問題。我想你指的是AHS部門的另一項營業收入。稍等片刻——我稍後會再跟你討論這個問題。或許我們可以進入下一個問題了。

Joseph Giordano, TD Cowen.

Joseph Giordano，TD Cowen。

Hi, good afternoon. This is Chris on for Jeff. You had called out the growth, the double-digit growth in recurring revenue and you noted that it was outpacing the overall average. Where do you see recurring revenue potentially ending up as a percent of total in the longer term? And what are some key levers that you have in both segments to sustain that above corporate average trajectory?

您好，下午好。這裡是克里斯替傑夫報道。您曾指出，經常性收入實​​現了兩位數的成長，而這一成長速度超過了整體平均水平。從長遠來看，您認為經常性收入最終佔總收入的百分比會是多少？那麼，在這兩個業務板塊中，你們有哪些關鍵的槓桿措施來維持高於公司平均的成長動能？

Yeah, thanks for the question. So we like the recurring revenue percentage continuing to go up. And we don't -- we've deliberately not still in on our high dose. So we expect it to continue to grow and have no limit on what's possible over time.

謝謝你的提問。所以我們很高興看到經常性收入佔比持續上升。而我們沒有——我們故意沒有繼續服用高劑量藥物。因此，我們預計它將繼續增長，並且隨著時間的推移，其發展潛力將無限大。

The second thing I'd say is if you think about the pieces of company today that are still not recurring. And then you think about how quickly those can change, we still do have some incredibly powerful professional instrumentation offerings at Fluke. That's the biggest chunk of our business that's nonrecurring. Now that business was almost 0% recurring 10 years ago. And if you go back five years ago, it was probably 5%, 6% recurring.

我想說的第二點是，如果你想想如今公司裡那些仍無法持續產生效益的部分。然後想想這些變化有多快，我們福祿克仍然擁有一些非常強大的專業儀器產品。這是我們業務中最大的非經常性支出部分。十年前，這項業務的回頭率幾乎是零。如果回顧五年前，這個比例可能在 5% 到 6% 之間。

Today, it's $0.15 recurring. So the biggest lever for us to keep driving recurring revenue is continuing to attach more recurring things Fluke. And we also have some examples from businesses that were mostly transactional like Industrial Scientific 10 years ago, and we've shifted those to more hardware as a service recurring offerings.

今天，費用為 0.15 美元，定期收取。因此，我們持續推動經常性收入的最大槓桿是繼續增加更多經常性服務。我們還有一些例子，例如 10 年前以交易為主的 Industrial Scientific 公司，我們已經將這些業務轉型為以硬體為導向的定期供貨模式。

And again, that gives us a little bit of a template of some of the things we could do for some of our offerings at Fluke as well is shift them to more of a hardware as a service offering. So that's probably the single biggest bucket of revenues that will move to the most as we shift more of the company towards recurring.

這再次為我們提供了一個模板，讓我們了解福祿克的一些產品也可以如何轉型為硬體即服務產品。因此，隨著公司業務轉型為經常性收入，這部分收入很可能成為轉移幅度最大的單一收入來源。

And we're going to -- internationally, it's one of our 3 pillars for Fortive Accelerated. It's driving current customer [value].

而我們將會－在國際上，這是我們 Fortive Accelerated 的三大支柱之一。它正在吸引現有客戶[價值]。

The next question --

下一個問題--

Operator, I'll just circle back on Jamie's question. That incremental expense was predominantly related to separation related stock compensation matters. So fair market about adjustments as well as the acceleration of certain executive compensation associated with the transition of leadership.

接線員，我稍後再回覆傑米的問題。這筆新增支出主要與離職相關的股票補償事宜有關。因此，對於與領導層過渡相關的某些高階主管薪酬的調整以及加速成長，市場是公平的。

Andrew Buscaglia, BNP Paribas Asset Management.

安德魯·布斯卡利亞，法國巴黎銀行資產管理公司。

Hi, good afternoon, everyone. You guys -- there's a lot of noise on the margin side, Q3 to Q4, but I'm looking at high level into '26, how volume depends on margins. And can we comment on some of these savings helping you expand in a low or no volume environment? And then another question is, any update on are there incremental stranded costs we'll see fall out in '26? Or where do we stand with that side of the story?

大家好，下午好。各位－第三季到第四季利潤率方面有很多噪音，但我著眼於2026年，關注銷量如何取決於利潤率。我們能否談談這些節省成本如何幫助您在低銷售或零銷售環境下實現業務擴張？還有一個問題是，關於 2026 年將會出現哪些新增擱淺成本，目前有什麼最新消息嗎？或者，我們對故事的另一方持什麼立場？

Yeah, thanks for the question. At this point, I would just turn your attention to the financial framework we laid out at Investor Day, which was again 3% to 4% revenue growth, 50 basis points to 100 basis points of adjusted EBITDA margin expansion and high single-digit plus adjusted EPS growth. We're in the middle of annual planning right now.

謝謝你的提問。此時，我想請大家關注我們在投資者日上提出的財務框架，即 3% 至 4% 的收入增長，50 至 100 個基點的調整後 EBITDA 利潤率擴張，以及高個位數以上的調整後每股收益增長。我們目前正在進行年度計劃制定。

And really, we're just trying to strike balance between driving the appropriate amount of margin expansion along with accelerating growth, and we'll be able to give you a little bit more color on that, obviously, on our next call.

實際上，我們只是想在推動適當程度的利潤率擴張和加速成長之間取得平衡，顯然，我們會在下次電話會議上為您提供更多細節。

In terms of stranded costs, we're almost there. We took some other actions, as you saw in the third quarter. There is some stock comp related stranded costs that we'll be sort of working out. A lot of that sits in the segments, but we're almost there, probably in 6 to 12 months, we'll have the rest of it out. And as a reminder, I think we said we had $25 million that was out and there was $25 million left to go. It's probably half of that remaining for us to take out over the course of the next 6 to 12 months.

就擱淺成本而言，我們幾乎已經達到目標了。正如你們在第三季度看到的那樣，我們還採取了一些其他措施。有一些與股票補償相關的擱淺成本，我們正在想辦法解決。很多內容都包含在各個部分中，但我們快要完成了，可能在 6 到 12 個月內，我們將推出其餘部分。再次提醒一下，我們之前說過已經撥付了 2500 萬美元，還剩下 2500 萬美元待撥付。接下來 6 到 12 個月，我們大概還能拿出其中的一半。

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。我想把發言權交還給奧盧米德，請他做總結發言。

Thanks, Brock, and thank you all for joining us. We really appreciate your interest in Fortive. We could not be more excited about the journey we're just starting here. And it's still early. We realize that some of you know us and some of you are new to us, but we are incredibly excited.

謝謝布洛克，也謝謝各位的參與。我們非常感謝您對福迪威的關注。我們對即將開始的這段旅程感到無比興奮。現在還為時過早。我們知道你們當中有些認識我們，有些人是新認識的，但我們感到無比興奮。

We have a simple playbook here. We've got a great portfolio. We believe we're going to drive faster profitable organic growth from this portfolio. We are going to continue to be very disciplined in terms of leverage down the P&L and our cost discipline with FBS helping us through that. And our capital allocation approach is going to be intelligently positioned to balance share repurchase and smaller bolt-on M&A.

我們這裡有一套簡單的操作指南。我們擁有非常出色的投資組合。我們相信，我們將透過這項投資組合實現更快、更獲利的內生成長。我們將繼續嚴格控制損益表中的槓桿率和成本，FBS 將在這方面幫助我們。我們的資本配置方式將巧妙地平衡股票回購和規模較小的補充性併購。

We believe that, that formula and us doing what we said we'd do on that and building trust and maintaining trust will do incredible things for shareholder valuation in the next three years. So that's exciting for us. We hope it is for you as well. Thanks for joining, and we'll see you next time.

我們相信，這項策略，加上我們說到做到，建立並維護信任，將在未來三年內為股東估值帶來巨大的提升。這對我們來說很令人興奮。我們也希望它對您有幫助。感謝您的參與，我們下次再見。

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

女士們、先生們，感謝各位的參與。今天的電話會議到此結束。您可以斷開線路，祝您有美好的一天。