Fortive Corp (FTV) 2025 Q4 法說會逐字稿

Hi. My name is Shamali, and I will be your conference facilitator this afternoon. At this time, I would like to welcome everyone to Fortive Corporation's Fourth Quarter and Full Year 2025 Earnings Conference Call.

你好。我叫沙瑪莉，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 年第四季及全年業績電話會議。

(Operator Instructions) 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.

（操作員指示）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. 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.

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。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, and our results and outlook discussed today are on a continuing operations basis.

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

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. Q4 was another quarter of solid execution by our new Fortive team. With the first two quarters of performance now behind us and our 2026 strategic and financial plans firmly in place, our strong conviction in the road ahead continues to build.

謝謝你，克里斯蒂娜。讓我們從第三張投影片開始。第四季度，我們新的 Fortive 團隊又一次表現出色。前兩季的業績已經過去，我們的 2026 年策略和財務計畫也已落實到位，我們對未來道路的信心與日俱增。

In July, we began our journey as New Fortive, united by one mission, aligned around two segments serving attractive end markets with strong secular tailwinds and guided by a clear strategy with three pillars: accelerate profitable organic growth, allocate capital with discipline, and build and maintain investor trust, all with the goal of delivering benchmark beating shareholder returns in the years ahead.

7 月，我們以新 Fortive 的名義開始了新的征程，秉持著同一個使命，圍繞著服務於具有強勁長期發展趨勢的有吸引力的終端市場的兩大業務板塊，並以清晰的戰略為指導，該戰略包含三大支柱：加速盈利性內生增長、有紀律地配置資本以及建立和維護投資者帶來信任，所有這些都是為了在未來幾年超越股東的信任。

Our Q3 and Q4 results reinforce our conviction in this path. While we are still early in the journey, we are diligently executing the Fortive Accelerated strategy and sustaining the operational rigor that Fortive is known for. We enter 2026 with optimism, enthusiasm, and an unrelenting focus on execution.

第三季和第四季的業績更加堅定了我們對這條道路的信念。雖然我們仍處於發展初期，但我們正在認真執行 Fortive Accelerated 策略，並保持 Fortive 一貫的嚴謹營運。我們懷著樂觀、熱情和對執行力的不懈追求邁入2026年。

I have five key messages to cover today. First, our teams continue to execute well with the power of our Fortive Business System, driving solid Q4 results ahead of our expectations. In Q4, we delivered core growth of just over 3%, adjusted EBITDA growth of 8% and adjusted EPS growth of about 13%. We were pleased to see another quarter of growth acceleration in the business, knowing that we have even more growth upside ahead of us.

今天我要傳達五個關鍵訊息。首先，我們的團隊繼續憑藉 Fortive 商業系統的強大功能出色地執行任務，推動第四季度業績超出預期，表現穩健。第四季度，我們的核心業務成長略高於 3%，調整後 EBITDA 成長 8%，調整後每股盈餘成長約 13%。我們很高興看到公司業務連續第二個季度加速成長，並且知道未來還有更大的成長空間。

Second, our strong Q4 earnings performance resulted in full year adjusted EPS of $2.71, exceeding the high end of our guidance range of $2.63 to $2.67. Third, we continue to deploy capital in accordance with our disciplined approach, anchored in optimizing shareholder returns over the medium to long term.

第二，我們強勁的第四季獲利表現使全年調整後每股收益達到 2.71 美元，超過了我們先前 2.63 美元至 2.67 美元預期範圍的上限。第三，我們將繼續秉持嚴謹的投資策略部署資本，以中長期股東回報最大化為目標。

In the fourth quarter, we executed an additional $265 million of share repurchases, bringing total second half repurchases to $1.3 billion. Fourth, we are diligently progressing our Fortive Accelerated strategy to deliver benchmark beating shareholder returns. I'll spend a few minutes on this in the next slide.

第四季度，我們額外執行了 2.65 億美元的股票回購，使下半年的股票回購總額達到 13 億美元。第四，我們正在努力推進 Fortive Accelerated 策略，以實現超越基準的股東回報。我將在下一張投影片中花幾分鐘時間講解一下。

Finally, as we turn our focus to 2026, we are initiating full year 2026 adjusted EPS guidance of $2.90 to $3, representing approximately 9% year-over-year growth at the midpoint. Moving to Slide 4. Before we turn to our Q4 results, I'd like to highlight the progress we've made on each of the three Fortive Accelerated pillars, beginning with our focus on driving faster profitable organic growth.

最後，展望 2026 年，我們首次發布 2026 年全年調整後每股收益預期為 2.90 美元至 3 美元，其中值約為 9% 的同比增長。切換到第4張投影片。在介紹第四季度業績之前，我想重點介紹我們在 Fortive Accelerated 三大支柱領域的進展，首先是我們在推動更快、更盈利的有機增長方面所取得的進展。

In terms of innovation acceleration, this quarter, we continue to accelerate new product introduction velocity, including offerings aimed at high-growth verticals. At Fluke, we launched a new data center testing solution, CertiFiber Max, with the fastest throughput in the industry, helping customers test and validate complex fiber systems quickly and accurately.

在創新加速方面，本季我們將持續加快新產品推出速度，包括高成長垂直產業的產品。福祿克推出了全新的資料中心測試解決方案 CertiFiber Max，它擁有業界最快的吞吐量，可協助客戶快速且準確地測試和驗證複雜的光纖系統。

At ServiceChannel, our third major product release of the year went live in Q4. This release enhances maintenance professional onboarding, work order visibility, compliance and payment efficiency. On the commercial front, we continue to intensify our focus on faster-growing end markets and regions, where we have been making deliberate targeted investments.

ServiceChannel 今年的第三個主要產品版本於第四季上線。此版本更新提升了維護專業人員的入職流程、工單可見度、合規性和支付效率。在商業方面，我們繼續增加對成長較快的終端市場和地區的關注，並對這些市場和地區進行了有針對性的投資。

This quarter, we saw early signs that our targeted actions are resonating in the areas we've prioritized. Fluke delivered another strong quarter in data center. Industrial Scientific's expanded commercial coverage drove acceleration in EMEA and our investment in a broader sales team for Fluke and ASP in India directly contributed to strong growth in the region.

本季度，我們已經看到一些初步跡象表明，我們採取的有針對性的行動在我們優先發展的領域產生了積極影響。福祿克資料中心業務又迎來了一個強勁的季度。Industrial Scientific 擴大的商業覆蓋範圍推動了 EMEA 地區的加速發展，而我們對 Fluke 和 ASP 在印度的更廣泛銷售團隊的投資，直接促進了該地區的強勁增長。

We also made progress in advancing the recurring elements of our portfolio, enhancing customer engagement and strengthening the durability of our revenue streams. In Q4, recurring revenue again grew faster than consolidated revenue, driven by continued strength in Fluke's maintenance software and deeply embedded data as well as AI-enhanced software capabilities across iOS and AHS segments.

我們在推動投資組合的經常性要素、增強客戶參與度和增強收入來源的可持續性方面也取得了進展。第四季度，在福祿克維護軟體和深度嵌入式資料以及 iOS 和 AHS 領域的 AI 增強軟體功能的持續強勁推動下，經常性收入再次以高於合併收入的速度成長。

Moving to the second pillar. Disciplined capital allocation is an integral component of our Fortive Accelerated strategy. Consistent with our priorities, in the second half of 2025, we repurchased about 26 million shares or roughly 8% of our diluted shares outstanding.

接下來是第二根支柱。嚴謹的資本配置是我們 Fortive Accelerated 策略不可或缺的組成部分。與我們的優先事項一致，在 2025 年下半年，我們回購了約 2,600 萬股，約占我們稀釋後流通股的 8%。

We also continue to refine our M&A funnel and processes to reflect our go-forward strategy, prioritizing accretive bolt-on deals that meet our rigorous strategic and financial criteria. In the second half of the year, we closed 2 small transactions that met this high bar, enabling us to actively strengthen our M&A muscle.

我們也會不斷完善併購管道和流程，以反映我們未來的發展策略，優先考慮符合我們嚴格的策略和財務標準的增值型附加交易。下半年，我們完成了 2 筆符合這項高標準的小型交易，使我們能夠積極增強併購實力。

As we look to 2026 and beyond, our capital deployment priorities for New Fortive remain crystal clear: invest in organic growth, pursue bolt-on M&A where the risk-adjusted returns exceed other uses of capital, 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.

展望 2026 年及以後，我們對新 Fortive 的資本部署重點仍然非常明確：投資於內生增長，在風險調整後的回報超過其他資本用途的情況下進行補充性併購，透過股票回購返還資本，並保持適度增長的股息，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。

Moving to our final pillar, building and maintaining investor trust. We were pleased to deliver performance ahead of expectations in Q3 and Q4, including adjusted EPS that surpassed the high end of our guidance range. We recognize there is more work to do here, and we remain confident and focused on delivering the 2026-2027 financial framework and further acceleration that we committed to at our Investor Day in June 2025.

接下來是我們的最後一個支柱：建立和維護投資者信任。我們很高興第三季和第四季的業績都超出預期，包括調整後的每股盈餘超過了我們預期範圍的上限。我們認識到這裡還有更多工作要做，但我們仍然有信心並專注於實現我們在 2025 年 6 月投資者日上承諾的 2026-2027 年財務框架和進一步加速發展。

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

接下來，我將把發言權交給馬克，讓他來介紹我們第四季的財務表現。

Thanks, Olumide. I'll begin with Slide 5. In the fourth quarter, we delivered total revenue of $1.1 billion, up just over 4.5% year-over-year on a reported basis and up just over 3% on a core basis. We are pleased to see volume growth return and solid performance across all regions. We again delivered core growth in both IOS and AHS with IOS outperforming our expectations and AHS performing broadly in line.

謝謝，奧盧米德。我將從第5張投影片開始。第四季度，我們的總營收為 11 億美元，以報告基準計算年增率略高於 4.5%，以核心基準計算年增略高於 3%。我們很高興看到銷量成長恢復，並且所有地區都表現出色。我們在 IOS 和 AHS 兩大業務領域再次實現了核心成長，其中 IOS 的表現超出預期，AHS 的表現基本上符合預期。

In IOS, solid customer demand and strong commercial and operational execution drove acceleration from Q3 with better-than-expected results in Professional Instrumentation and in gas detection. In AHS, overall results were broadly similar to Q3, including continued strength in health care software.

在 IOS 領域，強勁的客戶需求和強大的商業及營運執行力推動了第三季的加速成長，專業儀器和氣體檢測領域取得了超乎預期的業績。在AHS方面，整體結果與第三季大致相似，包括醫療保健軟體業務的持續強勁成長。

From a geographic perspective, all regions grew nicely with North America delivering another quarter of solid growth. APAC growth remained steady and Europe accelerated from Q3, an encouraging data point, but not yet a sustained trend. Latin American sales also picked up the pace of growth sequentially, driven by strong performance in Professional Instrumentation.

從地理角度來看，所有地區都實現了良好成長，其中北美地區又一個季度保持了穩健成長。亞太地區成長保持穩定，歐洲從第三季開始加速成長，這是一個令人鼓舞的數據點，但尚未形成持續趨勢。受專業儀器業務強勁表現的推動，拉丁美洲的銷售額也較上季加快成長。

Adjusted gross margin in the quarter was about 63%, down about 150 basis points from prior year, driven largely by product mix, the net effect of tariffs and countermeasures and targeted growth investments in our AHS segment. Q4 adjusted EBITDA was $358 million, up about 8% year-over-year.

本季調整後的毛利率約為 63%，比上年同期下降約 150 個基點，主要原因是產品組合、關稅和反制措施的淨影響以及對我們 AHS 部門的定向增長投資。第四季調整後 EBITDA 為 3.58 億美元，較去年同期成長約 8%。

Adjusted EBITDA margin expanded approximately 100 basis points to nearly 32%. This strong operational performance was driven by operating leverage alongside continued progress on deliberate organizational streamlining across the portfolio and a sharpened focus on corporate cost discipline.

調整後 EBITDA 利潤率成長約 100 個基點，接近 32%。這項強勁的營運表現得益於營運槓桿作用，以及在整個業務組合中持續推進有計劃的組織精簡和更加重視企業成本控制。

We delivered adjusted EPS of $0.90 in Q4, up about 13% year-over-year, marking our second quarter of double-digit EPS growth. Strong adjusted EPS performance was driven by growth in adjusted EBITDA, and the positive year-over-year impact of share repurchases, partially offset by modestly higher tax expense. Our full year adjusted EPS of $2.71 represented year-over-year growth of just over 12%.

第四季調整後每股收益為 0.90 美元，年成長約 13%，這是我們連續第二季實現兩位數的每股盈餘成長。經調整後的每股盈餘強勁成長主要得益於經調整後的 EBITDA 成長以及股票回購帶來的年比正面影響，但部分被略微增加的稅收支出所抵銷。我們全年調整後的每股收益為 2.71 美元，年成長略高於 12%。

We generated about $315 million of free cash flow in the fourth quarter, and about $930 million of free cash flow for the full year. Our full year 2025 free cash flow conversion on adjusted net income remains nicely north of 100%. Moving to our segment results, starting with Intelligent Operating Solutions on Slide 6.

我們在第四季產生了約 3.15 億美元的自由現金流，全年自由現金流約為 9.3 億美元。我們 2025 年全年調整後淨收入的自由現金流轉換率仍遠高於 100%。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。

Revenue for the segment grew just over 5% on a reported basis with core revenue growth of about 4%, nicely ahead of our expectations. Growth was driven by both price and volume and reflected solid performance across professional instrumentation, facility and asset life cycle software and gas detection products.

該業務板塊的收入按報告數據增長略高於 5%，核心收入增長約 4%，遠超我們的預期。成長是由價格和銷售量共同推動的，反映了專業儀器、設施和資產生命週期軟體以及氣體檢測產品的穩健表現。

At Fluke, we saw strong FBS-driven commercial and operational execution and resilient customer demand, resulting in another quarter of modest sequential acceleration despite the challenging comp from prior year. North America continues to be the strongest growth driver, and we were encouraged by early signs of improvement in Europe and green shoots from commercial efforts in Latin America and Asia Pacific.

在福祿克，我們看到了強勁的FBS驅動的商業和營運執行以及穩定的客戶需求，儘管與前一年相比面臨挑戰，但仍實現了另一個季度的小幅環比增長。北美仍然是最強勁的成長動力，歐洲的早期改善跡像以及拉丁美洲和亞太地區的商業努力所取得的積極成果都令我們感到鼓舞。

Our Facilities and Asset Lifecycle software businesses continue to deliver solid results, driven by strong demand for multisite facility maintenance and marketplace software in North America. Government demand for procurement and estimating solutions is beginning to stabilize but remains pressured compared to the strong growth we saw for several years post-COVID.

在北美市場對多站點設施維護和市場軟體的強勁需求推動下，我們的設施和資產生命週期軟體業務持續取得穩健的業績。政府對採購和估算解決方案的需求開始趨於穩定，但與新冠疫情後幾年來的強勁增長相比，仍然面臨壓力。

Our gas detection business is growing nicely, buoyed by strong demand and share gains. We saw particular strength in our Hardware-as-a-Service product line and broad strength in North America. Adjusted gross margin in the segment was just under 67%, down about 130 basis points, primarily due to product mix and the net effect of tariffs and related countermeasures.

由於強勁的需求和市場份額的成長，我們的氣體檢測業務發展良好。我們的硬體即服務產品線表現特別強勁，在北美市場也展現出廣泛的優勢。該業務板塊的調整後毛利率略低於 67%，下降了約 130 個基點，主要原因是產品組合以及關稅和相關反制措施的淨影響。

Q4 adjusted EBITDA in the segment grew 8% to $288 million, driven by operating leverage and reduced costs associated with flattening and rationalizing segment-level organizational structures, partially offset by targeted growth investments to support innovation and commercial initiatives.

第四季該業務部門調整後 EBITDA 成長 8% 至 2.88 億美元，主要得益於營運槓桿作用以及扁平化和合理化業務部門組織結構帶來的成本降低，但部分被支持創新和商業計劃的定向增長投資所抵消。

Adjusted EBITDA margin expanded to just over 37% in IOS, which is up about 100 basis points from prior year. Moving to our Advanced Healthcare Solutions segment on Slide 7. We delivered total revenue of $353 million. Revenue grew approximately 3% year-over-year and 1.6% on a core basis.

iOS 調整後 EBITDA 利潤率擴大至略高於 37%，較上年同期成長約 100 個基點。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3.53億美元。營收年增約 3%，核心營收年增約 1.6%。

As we noted throughout the year, we continue to see reimbursement and funding policy changes impact the AHS segment, specifically the deferral of U.S.-based hospital capital expenditures. However, demand trends improved again in Q4, and we are encouraged by the health of the commercial pipeline and positive customer feedback regarding the superior technical performance of our low-temperature sterilization offerings.

正如我們全年所指出的，我們繼續看到報銷和資金政策的變化影響 AHS 部門，特別是美國醫院資本支出的延遲。然而，第四季需求趨勢再次改善，商業通路的良好狀況以及客戶對我們低溫滅菌產品卓越技術性能的正面回饋都令我們倍感鼓舞。

Our software products in the segment continued to deliver solid growth, fueled by strong execution and structural advantages from resilient SaaS-based revenue models. Adjusted gross margin in this segment was 56% in Q4 versus roughly 58% in the prior year period, driven by strategic investments to drive growth.

我們在該領域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性優勢。該業務板塊第四季的調整後毛利率為 56%，而去年同期約為 58%，主要得益於推動成長的策略投資。

Q4 adjusted EBITDA in the segment was $92 million and adjusted EBITDA margin was 26%, with year-over-year variance driven by our growth investments as we position ourselves for acceleration in the years ahead. Turning to Slide 8.

該業務部門第四季度調整後 EBITDA 為 9,200 萬美元，調整後 EBITDA 利潤率為 26%，年比變動主要受我們為未來幾年加速發展而進行的成長投資所驅動。翻到第8張幻燈片。

As noted earlier, we deployed an incremental $265 million to share repurchases in the fourth quarter, reflecting continued confidence in our ability to deliver on our value creation plan. Additionally, we repurchased another roughly 2.5 million shares, since the end of the quarter, bringing total fully diluted shares outstanding to approximately 315 million as of the date of this call.

如前所述，我們在第四季額外投入 2.65 億美元用於股票回購，這反映出我們對實現價值創造計畫的能力持續充滿信心。此外，自本季末以來，我們又回購了約 250 萬股，截至本次電話會議之日，完全稀釋後的流通股總數約為 3.15 億股。

Our balance sheet remains strong. We finished the year at 2.6 times gross debt to adjusted EBITDA, and we have ample capacity to execute on our capital deployment priorities in 2026. As previously highlighted, our full year 2025 free cash flow was about $930 million, with free cash flow conversion on adjusted net income nicely over 100%. We remain steadfast in our commitment to our capital allocation priorities and an overall approach that seeks best relative returns.

我們的資產負債表依然穩健。我們年底的總債務與調整後 EBITDA 比率為 2.6 倍，我們有充足的能力在 2026 年執行我們的資本部署優先事項。如前所述，我們 2025 年全年自由現金流約為 9.3 億美元，自由現金流佔調整後淨收入的比例遠超 100%。我們始終堅定不移地致力於資本配置優先事項，並採取尋求最佳相對回報的整體方法。

Moving to Slide 9. We are initiating our full year adjusted EPS guidance of $2.90 to $3 per share. This outlook assumes a continuation of the market dynamics we experienced in Q4. It also reflects current tariff rates with tariffs net of countermeasures not currently expected to be meaningful to the bottom line in 2026.

切換到第9張投影片。我們首次發布全年調整後每股收益預期，為每股 2.90 美元至 3 美元。這項展望假設第四季的市場動態將延續下去。這也反映了目前的關稅稅率，扣除反制措施後的關稅預計在 2026 年不會對最終收益產生實質影響。

Let me provide a few additional considerations to assist with modeling. Based on current foreign exchange rates, we are assuming reported revenue of nearly $4.3 billion and core revenue growth in the range of 2% to 3%. We are planning for a mid-teens adjusted effective tax rate on a full year basis with Q1 through Q3 in the high teens and Q4 in the high single digits to low double digits.

為了幫助建模，我再補充幾點需要考慮的因素。根據目前的匯率，我們假設報告的收入接近 43 億美元，核心收入成長率在 2% 到 3% 之間。我們計劃全年調整後有效稅率為十幾個百分點，其中第一季至第三季為十幾個百分點，第四季為個位數高點至兩位數低點。

We are currently modeling a full year net interest expense of just over $120 million. Our current diluted share count is roughly 315 million shares, taking into account the incremental share repurchases done since the end of the fourth quarter. In terms of the shape of the year, on a reported basis, we would expect top and bottom line to broadly follow recent historical patterns.

我們目前預測全年淨利息支出略高於 1.2 億美元。考慮到自第四季末以來進行的新增股票回購，我們目前的稀釋後股份數量約為 3.15 億股。從年度整體趨勢來看，根據已公佈的數據，我們預計營收和利潤將大致遵循近期的歷史趨勢。

At current rates, we would expect FX to be an approximately 300 basis point tailwind in the first quarter, a tailwind that should ease as we move through the year. As the year unfolds and we continue to execute on our Fortive accelerated strategy, quarterly phasing may evolve.

以目前的匯率計算，我們預期外匯市場將在第一季帶來約 300 個基點的利好，但隨著時間的推移，這種利好因素將會減弱。隨著這一年的展開，以及我們繼續執行 Fortive 加速策略，季度分階段實施計劃可能會有所變化。

As a final note, before turning it back to Olumide for closing remarks and Q&A, we're off to a strong start at New Fortive, and we remain committed to unrelenting execution on the Fortive Accelerated three pillar value creation strategy and financial framework that we outlined at our June 2025 Investor Day. We recognize there is much more to do, but momentum is building, and we're excited about what lies ahead.

最後，在把發言權交還給 Olumide 做總結發言和問答環節之前，我想說，新 Fortive 的開局非常強勁，我們將繼續堅定不移地執行我們在 2025 年 6 月投資者日上概述的 Fortive Accelerated 三支柱價值創造戰略和財務框架。我們意識到還有很多工作要做，但勢頭正在增強，我們對未來充滿期待。

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 wrap up with a few reflections on where we are and where we are headed. We are now a stronger, more focused Fortive. Over the last six months, we've simplified our operating model, sharpened our strategic and capital allocation priorities, evolved our Fortive Business System into an even more powerful engine for sustained growth and elevated our team's focus on the source of all growth, our customers.

謝謝你，馬克。最後，我想就我們目前的處境和未來的方向談談我的看法。現在的福迪威更強大、更專注。在過去的六個月裡，我們簡化了營運模式，明確了策略和資本配置重點，將 Fortive 業務系統發展成為更強大的持續成長引擎，並提升了團隊對所有成長源泉——客戶的關注度。

That clarity is translating into stronger internal alignment, and real excitement across our teams. Importantly, we are seeing signals that our Fortive Accelerated strategy is working. First, in the second half of 2025, we delivered accelerating growth, expanding margins and double-digit EPS growth, while investing deliberately in the initiatives that position us to deliver on the multiyear financial framework we outlined at Investor Day.

這種清晰的認識正在轉化為更強的內部一致性，並激發我們團隊的真正熱情。重要的是，我們看到了一些跡象表明，我們的 Fortive Accelerated 策略正在奏效。首先，在 2025 年下半年，我們實現了加速成長、利潤率擴大和兩位數的每股盈餘成長，同時有意識地投資於各項舉措，使我們能夠實現我們在投資者日上概述的多年財務框架。

Second, we are allocating capital with discipline to deliver the best rate of returns over the medium to long term and executed $1.3 billion of share repurchases in the last two quarters. Finally, we are committed to building and maintaining investor trust, and we are pleased to have delivered results ahead of expectations in our first two quarters as New Fortive.

其次，我們以嚴謹的態度分配資本，以期在中長期內獲得最佳回報率，並在過去兩個季度執行了 13 億美元的股票回購。最後，我們致力於建立和維護投資者的信任，我們很高興作為新 Fortive 的前兩個季度取得了超乎預期的業績。

We are encouraged with the progress we've made in these early innings. However, we have significant unfinished business and untapped potential, and we are driving with urgency, intensity and accountability to unlock it. As we look ahead to 2026 and beyond, we are confident in the path we're on, energized by our momentum and committed to delivering strong performance for our shareholders.

我們對初期的進展感到鼓舞。然而，我們還有大量未完成的工作和尚未開發的潛力，我們正在以緊迫感、強度和責任感來釋放這些潛力。展望 2026 年及以後，我們對目前的發展道路充滿信心，並受到發展勢頭的鼓舞，致力於為股東帶來強勁的業績。

I want to thank every one of our Fortive employees around the world, who do extraordinary work every day and dedicate themselves to our shared purpose of innovating essential technologies to keep our world safe and productive. And every one of our 100,000 customers, who entrust us with their mission-critical safety and productivity needs. Thank you all for your continued interest in Fortive.

我要感謝福迪威全球的每一位員工，他們每天都在做出卓越的貢獻，並致力於我們共同的目標：創新關鍵技術，以確保我們的世界安全和高效運作。還有我們每一位 10 萬名客戶，他們將自己至關重要的安全和生產力需求交給我們。感謝大家一直以來對福迪威的關注。

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)

（操作說明）

Deane Dray, RBC Capital Markets Inc.

迪恩德雷，加拿大皇家銀行資本市場公司

Thank you. Good day, everyone. Maybe we can start with getting some color on Fluke. It's always helpful to get a sense of the sell-in and sellout in terms of the short-cycle demand there, but it looks like you're also getting good traction with the new products. But if we could start there, please.

謝謝。大家好。或許我們可以先為福祿克上色。了解短期需求的銷售情況總是很有幫助的，但看起來你們的新產品也取得了不錯的市場反應。但如果我們可以從那裡開始就好了。

Thanks for the question, Deane. So I mean, we were very pleased with Fluke's performance and the durability of demand in that business. Just to give you a few data points, our POS trends were broadly consistent with what we've been seeing in recent quarters with North America remaining the strongest region.

謝謝你的提問，迪恩。所以我的意思是，我們對福祿克的表現以及該業務需求的持續性非常滿意。僅提供一些數據點，我們的 POS 趨勢與近幾個季度以來的趨勢基本一致，北美仍然是表現最強勁的地區。

But we also saw encouraging improvements in EMEA and LatAm and APAC was holding steady. So in terms of end demand, just solid and strong signals overall. And then the other growth at Fluke continued in the fourth quarter. We're quite pleased to see that. Like we expected the book-to-bill for the entire year finished above one.

但我們也看到歐洲、中東和非洲地區以及拉丁美洲地區出現了令人鼓舞的改善，亞太地區則保持穩定。所以就最終需求而言，整體訊號穩健強勁。然後，福祿克的其他成長勢頭在第四季度繼續保持。我們對此感到非常高興。正如我們預期的那樣，全年的帳面收入與實際收入之比超過了 1。

And kind of the channel inventory outside the U.S. continue to improve, and we expect that to continue through 2026. So everything you look at in terms of market signals is very strong. Fluke is also just a great example of the impact of our Fortive Accelerated strategy and how we're executing that.

美國以外的通路庫存也持續改善，我們預計這種情況將持續到 2026 年。所以，從市場訊號的角度來看，所有跡像都非常強烈。Fluke 也恰好體現了 Fortive Accelerated 策略的影響以及我們如何執行該策略。

So the pace of new product innovation in Fluke is faster than ever, targeted commercial investments in markets like data center and defense. The recurring revenue in Fluke, which we've talked about now a few times, that continued to grow double-digit ARR within Fluke, and it's just an exciting piece of the resiliency of that business.

因此，福祿克的新產品創新速度比以往任何時候都快，並有針對資料中心和國防等市場的商業投資。我們已經多次談到福祿克的經常性收入，它在福祿克內部持續保持兩位數的 ARR 成長，這充分體現了該公司的韌性。

So really feel good about the momentum there. I was with the Fluke team last week and the excitement level that they feel about the growth opportunities has never been higher. And for me, that's an important signal of what's to come.

所以，我對目前的勢頭感到非常樂觀。我上週和福祿克團隊在一起，他們對發展機會的興奮度從未如此之高。對我來說，這是未來發展的重要訊號。

Great. And just as a follow-up, can you talk about price? What was price? How much of a contribution in the quarter? What are you assuming in your guidance? And any color on price cost or a couple of references on tariffs?

偉大的。最後再補充一點，可以談談價格嗎？價格是多少？本季貢獻了多少？你的指導是基於哪些假設？價格方面有什麼資訊嗎？或是能提供一些關於關稅的參考資料嗎？

Sure, Deane. I'll take that. So in the quarter, price was about 2%, volume about 1% roughly. I would say 2026 is roughly in line. We got a bit of a price tailwinds in 2025 due to the tariff countermeasures we did, but I would think about it as broadly in line.

當然可以，迪恩。我接受。因此，該季度價格上漲了約 2%，成交量上漲了約 1%。我認為2026年大致符合實際情況。由於我們採取了關稅反制措施，2025 年價格方面我們獲得了一些利好，但我認為總體上是合理的。

Great. And price/cost?

偉大的。價格/成本呢？

Yeah. we're not going to provide that level of detail. I would just say that generally, we feel good about the gross margin scenarios going forward. And again, we're really committed to the 50 basis points to 100 basis points of EBITDA margin expansion that we provided in our financial framework, and we're going to use all the levers down the P&L to drive growth.

是的，我們不會提供那麼詳細的資訊。我只想說，總的來說，我們對未來的毛利率前景感到樂觀。再次重申，我們確實致力於實現我們在財務框架中提出的 EBITDA 利潤率提高 50 到 100 個基點的目標，我們將利用損益表中的所有槓桿來推動成長。

Great. Thank you.

偉大的。謝謝。

Julian Mitchell, Barclays Services Corp

朱利安米切爾，巴克萊服務公司

Hi. Good afternoon. Maybe -- I realize you don't give sort of explicit quarterly guidance, but maybe if you could help us a little bit more with how the first quarter is starting out the year. I think the last couple of years with New Fortive, it's about 20% of the year's EPS.

你好。午安.我知道您不會給出明確的季度業績指引，但如果您能稍微幫我們介紹一下今年第一季的開局情況，那就太好了。我認為，在過去幾年裡，新福迪威的貢獻大約佔全年每股收益的 20%。

I just wondered if there was anything this quarter that would make it a huge outlier versus that? And sort of allied to that, are we expecting organic sales growth each quarter is in that 2% to 3% full year range roughly?

我只是想知道，本季是否有任何因素會導致其與上一季相比出現巨大的異常值？與此相關的是，我們是否預期每季的有機銷售成長都能達到全年 2% 到 3% 的水平？

Yeah. Thanks, Julian. I think I would just turn to our prepared remarks in terms of the quarterly phasing, and we do expect reported revenue as well as adjusted EBITDA to broadly follow the trends that we've seen in terms of distribution across each of the quarters. And that takes into account all factors.

是的。謝謝你，朱利安。關於季度分階段安排，我想就我們事先準備好的發言稿進行說明。我們預計，報告的收入以及調整後的 EBITDA 將大致遵循我們在每個季度看到的分佈趨勢。而且這已經考慮到了所有因素。

As always, there's a few things with days here and there. We've got a little bit of favorability in Q1 and a little bit of a negative in Q4, but that's all accounted for in the shaping color that we've given. And then just as a reminder, we did call out that we thought there would be about 300 basis points of tailwind from FX in the first quarter, particularly, I would say that we feel good about how the year started.

像往常一樣，偶爾會有一些事情需要幾天來處理。第一季略有利好，第四季略有不利，但這都在我們給出的預測色彩中有所體現。另外，我們之前也提到過，我們認為第一季外匯市場將帶來約 300 個基點的利好，特別是，我對今年的開局感到滿意。

January has come in very solid. And so all of the shaping guidance we've given has really taken that strength into consideration.

一月份的業績非常穩健。因此，我們提供的所有塑形指導都真正考慮到了這個優勢。

And then just my second one, maybe on margins. AHS, you had some margin pressures in the fourth quarter, and you called out reinvestments, I think, maybe give us some more color on, is that something that's, I don't know, multiyear reinvestment need? Or it was just something very localized in late 2025 and we should see AHS margins pick up again in the year ahead?

然後就是我的第二個，也許會在邊緣。AHS，你們在第四季面臨一些利潤率壓力，並且提到了再投資，我想，也許可以給我們詳細說明一下，這是否需要多年的再投資？或者這只是 2025 年底的局部現象，我們應該會在未來一年看到 AHS 的利潤率再次回升？

Yeah. Thanks, Julian. A short answer is it's very localized in Q4. I mean that segment overall, as you know, has relatively strong gross margins. That's a result of the strength of our brands. And we'll keep getting better, frankly, with the innovation pace that we're driving that are generally margin accretive products, and the fact that our software and consumables component of that segment also raised the fleet average.

是的。謝謝你，朱利安。簡而言之，它主要集中在第四季。我的意思是，如你所知，該細分市場整體毛利率相對較高。這是我們品牌實力的體現。坦白說，隨著我們不斷推動創新，推出通常能提高利潤的產品，我們將繼續進步。此外，該領域的軟體和耗材部分也提高了車隊平均水準。

And the Fortive Business System value analysis, value engineering journey continues. So the path of margin improvement in the segment remains firmly intact. And for Q4, specifically, we deliberately made some strategic investments that really set us up well for top-line growth acceleration.

Fortive 業務系統價值分析和價值工程之旅仍在繼續。因此，該細分市場的利潤率提昇路徑依然穩固。具體來說，在第四季度，我們特意進行了一些策略性投資，這確實為營收加速成長奠定了良好的基礎。

And that's the investment with customers, it sales and marketing and R&D. But they're very localized in the quarter versus a long multiyear journey type of thing. The general trend should be margin improvement.

這就是對客戶的投資，包括銷售、行銷和研發。但它們的影響範圍非常局限，僅限於一個季度，而不是像多年長遠發展那樣。整體趨勢應該是利潤率提高。

That's Great. Thank you.

那太棒了。謝謝。

Nigel Coe, Wolfe Research LLC.

Nigel Coe，Wolfe Research LLC。

Thanks. Good afternoon, everyone. Maybe just a quick same question, different flavor. Based on your comments, Mark, about normal seasonality , it feels like you should be within the range in pretty much every quarter, 2%, 3%, including the first quarter with 2Q probably your best quarter given easy comp. Just want to make sure we're not too far off base there.

謝謝。大家下午好。或許只是換個角度，問同樣的問題。馬克，根據你對正常季節性的評論，感覺你幾乎每個季度都應該在 2%、3% 的範圍內，包括第一季度，考慮到比較基數較小，第二季度可能是你表現最好的季度。只是想確認一下我們的判斷是否沒有偏誤太大。

And then maybe on the framework. I think you said 50 basis points of margin expansion. I wasn't sure, if that was the right number. And then the share count of 315 million, that's what's in the plan for the full year as well.

然後或許可以考慮框架部分。我想你說過利潤率將擴大50個基點。我不確定這個數字是否正確。此外，全年的發行量計劃也是 3.15 億股。

Yeah. I'll take those in reverse order. 315 million is, in fact, what we're modeling as well. 50 to 100 basis points is the financial framework for the two-year '26-'27 period. And I think I would model that for 2026 as well. And then in terms of core growth, I think you're in the ballpark, and I think you've got the comp right. I mean Q2 is a particularly easy comp.

是的。我將按相反的順序回答這些問題。事實上，我們建模的也是3.15億美元。 50到100個基點是2026-2027兩年期間的財務架構。我認為我也會對 2026 年的情況進行類似的預測。至於核心成長方面，我認為你的估計基本上正確，而且我認為你的比較對像也找對了。我的意思是，Q2 是一道特別容易的題目。

Okay. It seems like you've been very conservative with your framework of the EPS, but understandably as well. And then my follow-on is really on the software side. You're aware of all the concerns around AI with the kind of software model. So just maybe just take that head on and kind of what are you seeing in the software businesses in a bit more detail.

好的。看來您在EPS框架方面一直非常保守，但這也可以理解。接下來，我的工作重點將放在軟體方面。您很清楚這種軟體模型在人工智慧領域存在的所有問題。所以，或許我們應該正面探討一下，更詳細地分析您在軟體產業看到了什麼。

Are there any areas of pressure? And then given the sort of the pullback we've seen in software asset valuations, is this a good time to be buying software assets?

是否有受壓區域？鑑於軟體資產估值已經出現回調，現在是購買軟體資產的好時機嗎？

Thanks, I'll take that. So as it relates to kind of software and AI, we really see that as a meaningful acceleration for what we do in software because keep in mind, not all software is the same. What we do are mission-critical enterprise software kind of provisions for customers.

謝謝，我收下。所以就軟體和人工智慧而言，我們確實認為這對我們在軟體領域的工作來說是一個有意義的加速，因為請記住，並非所有軟體都是一樣的。我們為客戶提供關鍵任務型企業軟體。

And they have a number of characteristics, including deep workflow integration, proprietary data assets, higher regulatory requirements. A lot of them have large two sided networks with tens of thousands of participants. All of them make them really sticky and really substantial record for our customers.

它們具有許多特點，包括深度工作流程整合、專有資料資產、更高的監管要求。它們中的許多都擁有龐大的雙邊網絡，參與者達數萬人。它們都能為我們的客戶留下非常強大且極具價值的記錄。

And so what we're seeing is a strong pull from customers for us to deploy Agentic and GenAI powered enhancements, which drives even better customer experience and deepen integration into our customer workflows. And frankly, that's out of what's contributing to the growth momentum we're seeing. So net-net for us, really, AI is an opportunity, and we're actively seizing that across the portfolio, where it makes sense.

因此，我們看到客戶強烈要求我們部署 Agentic 和 GenAI 支援的增強功能，這將帶來更好的客戶體驗，並加深與客戶工作流程的整合。坦白說，這正是我們所看到的成長勢頭的部分原因。所以總的來說，對我們來說，人工智慧確實是一個機遇，我們正在積極地在整個投資組合中抓住這個機遇，只要它有意義。

To your question about is it a good time to buy software assets, it hasn't escaped our attention that the buy is really high right now, if you're looking at any software assets to make sure it can withstand the appropriate questioning on what AI means for it.

關於您提出的「現在是購買軟體資產的好時機嗎？」這個問題，我們注意到，現在正是購買的好時機。如果您正在考慮購買任何軟體資產，請確保它能夠經受住關於人工智慧對其意義的適當質詢。

So I think it just raised the huddle, Nigel, in terms of the scrutiny that goes into any software asset. And like we've mentioned, our focus now is on really targeted bolt-on deals that are small, and we're not specifically hunting for software assets at this point.

所以我覺得，奈傑爾，這件事提高了人們對任何軟體資產的審查。正如我們之前提到的，我們現在的重點是真正有針對性的小型附加交易，目前我們並沒有專門尋找軟體資產。

Scott Davis, Melius Research LLC.

斯科特·戴維斯，Melius 研究有限責任公司。

Hey guys. And Christina, congrats on the timing of that buyback seemed pretty beneficial to you guys. So look, we're trying to get used to kind of a new management team here and kind of how you guys guide. The $2.90 to $3 is a pretty tight range versus what we're used to in industrial. There's a lot of -- there's a lot of variables in any given year.

嘿，大家好。克里斯蒂娜，恭喜你們，這次回購的時機似乎對你們非常有利。所以你看，我們正在努力適應這裡的新管理團隊以及你們的指導方式。2.90 美元到 3 美元的價格區間相當窄，與我們在工業領域通常習慣的價格區間相比，這是一個相當小的區間。任何一年都有很多變數。

But is the $2.90 to $3 more a function of, you feel like you've got that kind of visibility and the puts and takes are kind of all coming together, particularly given your share count and such? Or is this, again, just trying to get a sense of how you guys are planning on guiding going forward? And maybe just give a little color there would be helpful.

但 2.90 美元到 3 美元的價格是否更多地取決於你是否覺得你擁有了那種可見性，並且所有買賣交易都匯聚在一起，特別是考慮到你的持股數量等等？或者，這只是想了解你們未來打算如何進行指導？或許在那裡加點顏色會更好。

Yeah. Thanks for the question, Scott. I think it's a by product of, I think, the durability of the business. I think the improvements we've made in forecasting the business. And then I think some of the decisions we made in 2025, I think the share repurchases in total give us about a 600 basis point tailwind to EPS net of the interest expense on it.

是的。謝謝你的提問，斯科特。我認為這是企業永續發展的副產品。我認為我們在業務預測方面取得了進步。然後我認為我們在 2025 年做出的一些決定，我認為股票回購總額將為我們帶來約 600 個基點的每股淨收益提振，扣除利息支出後。

So that gives us a fair bit of comfort. We've got a good command on the cost structure of the business. We've taken costs out of the business in 2025. We started reinvesting that in the fourth quarter. And I think when the K comes out, you'll see G&A down, sales and marketing up, R&D up, consistent with the investment priorities we've made.

這讓我們感到相當安心。我們對公司的成本結構掌握得很好。我們已經削減了2025年的業務成本。我們從第四季開始將這筆資金再投資。我認為，當K表公佈時，你會看到一般及行政費用下降，銷售和行銷費用上升，研發費用上升，這與我們制定的投資重點一致。

And we've got really clear views on how we're translating our strategic plans through PD into our operating plans, and we feel good about execution. So I think all of that combined again with the recurring revenue profile of the business gives us comfort in the range that we've provided.

我們對如何透過產品開發將策略計畫轉化為營運計畫有著非常清晰的認識，並且對執行情況感到滿意。所以我認為，所有這些因素，再加上公司經常性的收入狀況，讓我們對所提供的產品範圍感到放心。

Okay. That's good color. And I know the term bolt-on is all in the eyes of the beholder, but what does -- when you think about a five year plan and imagine I think when order was spun out, there was actually a 10-year plan that Jim talked about.

好的。顏色真好看。我知道「附加」這個詞的含義因人而異，但是——當你考慮一個五年計劃並想像一下，我認為當訂單被拆分出來時，吉姆實際上談到了一個十年計劃。

But when you guys think about a -- just talk about a five year plan, what kind of a tailwind do you think bolt-ons are? Is it 1% on the top line? Is it 2%? Is it -- or is it just too hard to say given just really the opportunistic nature.

但是，當你們考慮——就談談五年計劃時，你們認為附加組件會帶來怎樣的順風？是總額的 1% 嗎？是2%嗎？是嗎？還是說，鑑於其機會主義的本質，很難說清楚？

Yeah. I think the last piece of your question there embeds the answer. I think it's hard to call a number based on the opportunities to make sure of it. The thing we do know for a fact, Scott, is that the value creation thesis that we've laid out here, which we are quite pleased with how this is shaping up in our first couple of quarters here.

是的。我認為你問題的最後一部分已經包含了答案。我認為很難根據各種機會來預測結果。史考特，我們確切知道的是，我們在這裡提出的價值創造理論，我們對它在前幾季的發展感到非常滿意。

It's really compelling and does not require us to do anything dramatic from an M&A point of view. We're really focused on this idea that we are going to get this set of businesses to grow much faster organically by deploying the power of Fortive Business System with the enhancements we're making to it and investing smartly from an organic point of view.

它確實很有吸引力，而且從併購的角度來看，並不需要我們採取任何重大舉措。我們非常注重這樣一個理念：透過部署 Fortive Business System 的強大功能，並對其進行改進，以及從有機成長的角度進行明智的投資，我們將使這群企業實現更快的有機成長。

So that's the primary channel in our strategy. And we're going to we're going to go full steam on that. And bolt-ons, again, these are smaller deals. I just kind of enhancements to the value creation story, but we're not going to call a number on what it has to have because it is very opportunistic and not required for our success.

所以這是我們策略中的主要管道。我們將全力以赴地推進這項工作。至於外掛配件，這些都是小商品。我只是對價值創造的故事進行一些改進，但我們不會對它必須具備的要素做出具體規定，因為它具有很強的機會主義性質，而且並非我們成功的必要條件。

Yeah. Makes sense. Okay. Thank you. Best of luck. Appreciate it.

是的。有道理。好的。謝謝。祝你好運。謝謝。

Thank you.

謝謝。

Joseph O'Dea, Wells Fargo Securities LLC.

Joseph O'Dea，富國證券有限責任公司。

Hi. Thanks for taking my question. Can you just unpack the IOS 4% organic a little bit more, the degree to which that surprised internally the sources of that surprise. And I think there's some consideration right now to weather things in, say, the middle of '25, just broadly, general industrial demand kind of pushed and the degree to which that could have benefited Q4.

你好。謝謝您回答我的問題。能再詳細解釋一下 iOS 4% 的有機成長嗎？這個成長幅度在多大程度上讓公司內部感到驚訝？以及造成這種驚訝的原因是什麼？我認為目前有一些考慮因素，比如說，在 2025 年年中，總體而言，一般工業需求有所推動，而這可能在多大程度上惠及第四季度。

Your January comments make it sound like not so much, but just trying to understand that strength a little bit more and the equipment side versus the software side. Any color there would be helpful as well.

你一月份的評論聽起來好像並非如此，但我只是想更深入地了解一下這種優勢，以及設備方面與軟體方面的區別。任何顏色都可以。

Yeah. Thanks for the question. I mean, the short answer is this was really about our teams executing Fortive Accelerated strategy much faster and much more in an impactful way than we anticipated. So if you just look at the key components of IOS, we've talked about Fluke quite a bit. That team just did a terrific job with the kind of end-of-year execution.

是的。謝謝你的提問。我的意思是，簡而言之，這實際上是因為我們的團隊以比我們預期更快、更有效的方式執行了 Fortive Accelerated 策略。所以，如果你只看 iOS 的關鍵組件，我們已經談到了福祿克多次。那支隊伍在年末執行上做得非常出色。

And we saw stronger demand in some areas like our data center applications and defense. And the team just sees all of those opportunities. I know I just got the orders in but also got the shipments out and we ended up with very healthy backlog levels. So I would call it a story of just excellent execution.

我們看到，在資料中心應用和國防等一些領域，需求更加強勁。而團隊也看到了所有這些機會。我知道我不僅接到了訂單，還完成了發貨，最終我們的積壓訂單量非常健康。所以我認為這是一個執行力極佳的故事。

And if you think about the kind of software business is the same thing, a terrific job across the board by that team to execute on the strategy and get some things done faster than we anticipated. And the gas detection and Environmental Health and Safety part of IOS, again, just strong execution to end the year and just the energy that our teams are feeling.

如果你仔細想想，軟體業務也是如此，那麼整個團隊在執行策略方面做得非常出色，並且比我們預期的更快地完成了一些工作。而 IOS 的氣體檢測和環境健康與安全部分，再次展現了強大的執行力，為這一年畫上了圓滿的句號，也體現了我們團隊的活力。

And as we go into -- into the new year, again, the outlook we've laid out here is not what you mean a change, that's significant either way on from a macro point of view, what we're really backing on here is that we have confidence in our team's ability to execute the strategy and continue driving growth.

展望新年，我們在此提出的展望並非您所指的改變，無論從宏觀角度來看，這種改變都意義重大。我們真正堅持的是，我們對團隊執行策略並繼續推動成長的能力充滿信心。

And then just circling back to your answer to Nigel's question, kind of the AI debate, and I think you made a comment about how your customers are looking for Agentic AI enhancements and maybe just a little bit of detail or color there on the types of enhancements that you're currently working on or that are in the market to expand on the offerings that you have?

然後，回到你對 Nigel 的問題的回答，也就是關於人工智慧的辯論，我想你提到過你的客戶正在尋找智慧人工智慧增強功能，也許可以詳細介紹你目前正在開發或市場上有哪些增強功能可以擴展你現有的產品？

Yeah. And we've mentioned a couple of examples of those in the prepared remarks for today. We talked about service channel and the third main release they had in 2025 was launched in Q4. That included some AI-enabled enhancements. That's a business where we have a two-sided network and really the system of record for customers' repair and maintenance.

是的。我們在今天準備好的演講稿中提到了其中的幾個例子。我們討論了服務管道，他們在 2025 年的第三個主要版本在第四季度發布。其中包括一些人工智慧增強功能。這是一個我們擁有雙邊網絡，並且真正擁有客戶維修和保養記錄系統的行業。

So it's just a natural place for customers to activate a feature that's AI-enabled. And we rolled that out in Q4. We talked about some probation on our call in Q3. So it's a very kind of targeted enhancements that deliver real business value to customers.

因此，對於用戶來說，這裡是啟動人工智慧功能的理想場所。我們在第四季推出了這項服務。我們在第三季的電話會議上討論過緩刑問題。所以這是一個非常有針對性的改進，能夠為客戶帶來真正的商業價值。

And these AI tools are really just -- they're just an instrumental help unlock value that's AI-enabled but software delivered, and that's the key because you have to land these things in the workflow software that customers can actually use. And these are enterprise customers we're talking about. So those are just a couple of examples.

這些人工智慧工具其實只是——它們只是幫助釋放人工智慧賦能的價值，而這種價值是透過軟體實現的，這才是關鍵，因為你必須把這些東西整合到客戶實際可以使用的工作流程軟體中。而且我們說的都是企業客戶。以上只是幾個例子。

Yeah. Thank you.

是的。謝謝。

Scott Graham, Seaport Research Partners.

Scott Graham，Seaport Research Partners。

Hey. Good afternoon. Very nice quarter. Congratulations. Olumide, I asked you a question at Investor Day last, I guess it was June about the FAL business and the business had been constantly kind of lowered the growth outlook had been lowered by the former team and kind of landed in sort of that mid-single-digit area since then we've had the government shutdown.

嘿。午安.非常好的街區。恭喜。奧盧米德，我上次在投資者日（大概是六月）問過你一個關於FAL業務的問題，當時該業務的增長預期一直被前任團隊下調，最終降到了個位數中段。而從那以後，政府就停擺了。

But as that gets past us, I hope you don't mind if I ask you again, do you see FAL kind of sort of in steadying into sort of a mid-single-digit growth algorithm, let's say, even in beginning in the second half of this year.

但既然這件事已經過去了，我希望你不介意我再問你一次，你是否認為 FAL 的增長演算法會趨於穩定，比如說，即使從今年下半年開始，也能達到個位數的中等增長水平？

Yeah. thanks for that question. So short answer is we're really likely the FAL platform and the potential there. And all three of our operating brands there have continued to strengthen their performance. And so we feel really good about that outlook. A little bit like I mentioned at Investor Day, we don't have a selling on what's possible with this business.

嗯，謝謝你的提問。簡而言之，我們很可能真的看好 FAL 平台及其潛力。我們在該地區的三個營運品牌均持續提升業績。因此，我們對這種前景感到非常樂觀。就像我在投資者日上提到的那樣，我們對這項業務的潛力並沒有太多的宣傳。

And the confidence we have is it certainly would deliver and help us attain the financial framework that we've laid out. And how high it can go; we intentionally don't put a cap on it. And we like what we're seeing across all the brands. We think it's going to be a strong year of continued acceleration for that platform.

我們確信它一定能夠實現我們所製定的財務框架。至於它能升到多高，我們故意不設上限。我們對所有品牌目前的表現都很滿意。我們認為今年該平台將持續加速發展，勢頭強勁。

That's great. And then just quickly turning to ASP. I want to try to understand the dynamic here. I know that there's been consternation around CapEx from hospital customers, but that business is more a consumable business. So can you maybe help us understand a little bit the dynamic there, why that ASP has been weak for a couple of quarters now off of the concerns that the hospitals have.

那太棒了。然後迅速轉向ASP。我想試著理解這裡面的動態。我知道醫院客戶對資本支出感到擔憂，但醫院業務更多的是消耗性業務。那麼，您能否幫我們稍微了解其中的動態，為什麼因為醫院的擔憂，ASP 已經連續幾季疲軟了？

I understand that that's a spending thing, not just CapEx probably more broadly. But again, ASP is more of a consumables business. And I guess I thought it would not have been hurt as much by some of the pullbacks in CapEx. Could you walk us through that?

我明白這是支出問題，可能不只是資本支出問題，而是更廣泛的支出問題。但話說回來，ASP 更像是消耗品業務。我原以為資本支出的一些削減不會對它造成那麼大的影響。能給我們詳細解釋一下嗎？

Yeah. No. Thanks for that. And it's an important clarification because I think from a consumables point of view, from a services point of view and in the software components of our AHS segment overall. Those continue to grow and really steady contribution in Q4 to our growth.

是的。不。謝謝。這是一個重要的澄清，因為我認為從耗材的角度來看，從服務的角度來看，以及從我們整個 AHS 部門的軟體組件的角度來看，這一點都非常重要。這些業務持續成長，並在第四季度為我們的成長做出了非常穩定的貢獻。

The key is the capital equipment, while it's not a huge percentage, the revenue recognition happens in quarter when the transaction happens, while consumables and services, they're wonderful because they're consistent over the life cycle, but capital is more concentrated revenue impact.

關鍵在於資本設備，雖然它所佔比例不大，但收入確認發生在交易發生的季度；而消耗品和服務則很好，因為它們在整個生命週期內保持穩定，但資本對收入的影響更為集中。

So that's where -- that remains the place, where we had the pressure in really in Q2, Q3 and Q4. The important thing is it got progressively better. Q2 was sort of the worst and it got better in Q3 and better in Q4. And our client and our customers continue to be a little bit cautious given what's going on with health care policy. But it's getting better literally by the week.

所以，這就是——這就是我們在第二季、第三季和第四季真正感受到壓力的地方。重要的是情況逐漸好轉。第二季情況最糟糕，第三季有所好轉，第四季更好。鑑於當前的醫療保健政策形勢，我們的客戶和顧客仍然保持著一定的謹慎態度。但情況確實每週都在好轉。

And we like that trend. We're staying close to our customers. I was with some of them just a couple of days ago, earlier this week, and they love our team, they love our products and we're with them as they try to sort through the spending challenges they have.

我們喜歡這種趨勢。我們與客戶保持密切聯繫。就在幾天前，也就是本週早些時候，我和他們中的一些人在一起，他們很喜歡我們的團隊，很喜歡我們的產品，我們會幫助他們解決他們面臨的支出難題。

Thank you.

謝謝。

Andrew Kaplowitz, Citibank Cameroon SA.

安德魯‧卡普洛維茲 (Andrew Kaplowitz)，喀麥隆花旗銀行。

Hi Ron.

嗨，羅恩。

Hello Andy.

你好，安迪。

So You mentioned some green shoot scenarios such as Europe and Asia within IOS, but you didn't want to get too excited about those areas, which I get. But can you give more color into what is inflecting in those areas, within Fluke, for instance. And what do you assess is the durability of the turn as you see it?

所以你提到了 iOS 領域在歐洲和亞洲的一些發展前景，但你不想對這些地區抱有過高的期望，我可以理解。但您能否更詳細地描述這些領域（例如 Fluke）正在發生的變化？那麼，您如何評價這次轉彎的耐用性呢？

Yeah. So I mean, as you kind of get to read the approach we're trying to take. We're trying to be really clear-eyed and prudent before we call a single quarter a new trend. What I would say is for both EMEA and APAC, and frankly, LatAm. It was a story of our teams really settling into what the macro conditions was and executing much better and that's really the primary thing that we saw in Q4.

是的。所以我的意思是，當你了解了我們正在嘗試採取的方法之後，你就會明白了。在將某個季度的情況稱為新趨勢之前，我們力求保持清醒的頭腦和謹慎的態度。我想說的是，這適用於歐洲、中東和非洲地區、亞太地區，坦白說，也適用於拉丁美洲地區。這講述的是我們的團隊真正適應了宏觀環境並更好地執行了各項任務，而這正是我們在第四季度看到的主要變化。

And So I wouldn't call it a market inflection. We want to see a few more quarters of that before we make a call on that. But at this point, I would describe it as we got better outcomes based on our team's execution and we expect, at some point, the market will get better, but that will be upside for us.

所以我不會稱之為市場轉捩點。我們希望再觀察幾個季度的數據，然後再做決定。但就目前而言，我認為我們取得更好的結果是基於我們團隊的執行力，我們預期在某個時候市場會好轉，但這對我們來說將是好事。

That's helpful. And maybe we could focus on gas detection a little. I mean what's going on in Industrial Scientific, I think you mentioned growing market share, your teams are doing really well. What kind of growth are you dialing in for '26 sort of in that kind of business?

那很有幫助。或許我們可以稍微關心一下氣體檢測方面的問題。我是說，工業科學領域現在的情況如何？我想你提到過市場份額正在成長，你們的團隊做得非常出色。在2026年，你對這類業務的成長預期是什麼？

So in terms of what's going on there, I think it's a great story. It's a great story of we've got a great market that delivers mission-critical safety solutions. We've got a great product that really leads the market in this hardware as a service offering, which is kind of the exciting and fast-growing piece of that business for us. And we've got a great team that's excited about what they're doing.

所以就那裡發生的事情而言，我認為這是一個很棒的故事。這是一個很棒的故事，它講述了我們擁有一個能夠提供關鍵任務安全解決方案的龐大市場。我們擁有一款非常棒的產品，在硬體即服務領域中真正處於市場領先地位，這對我們來說是業務中令人興奮且快速成長的部分。我們擁有一支優秀的團隊，他們對自己正在做的事情充滿熱情。

And executing on innovation, better than they've ever done and we're investing in targeted markets. We mentioned the work they did in EMEA with investing in capacity, commercial capacity, our sales capacity there and that yielded results. And they're also really just a new level of customer engagement in that business across the leadership team and they have the support of our entire leadership team as to do that.

他們在創新方面執行得比以往任何時候都好，而且我們正在投資目標市場。我們提到了他們在歐洲、中東和非洲地區投資產能、商業產能和銷售產能所做的工作，這些工作也取得了成果。而且，這實際上也代表著該業務領導團隊客戶參與度的新水平，並且他們也得到了我們整個領導團隊的支持。

So that's really what's going on. And as we look at '26, we've -- we're counting on that continued execution and -- we baked that into the outlook we laid out here. So we expect it to be a really strong year for that business.

這就是事情的真相。展望 2026 年，我們指望著這種持續的執行，並且——我們已將這一點融入我們在這裡提出的展望中。因此，我們預計今年該業務將表現非常強勁。

Appreciate the color.

欣賞這種顏色。

Christopher Snyder, Morgan Stanley.

克里斯多福‧史奈德，摩根士丹利。

Thank you. I wanted to ask about IOS organic growth in Q4. I mean, I think you guys mentioned that Fluke was the growth leader in that segment for the quarter. But I was wondering if you could provide any more color or numbers just on the respective growth rates for Fluke versus the software businesses within IOS.

謝謝。我想了解一下第四季 iOS 的自然成長情況。我的意思是，我想你們之前提到過，福祿克是該季度該細分市場的成長領導者。但我很想知道您能否提供更多關於福祿克與iOS軟體業務各自成長率的具體數據或資訊。

And then as we look into next year, I'm assuming the 2% to 3% organic growth guide underwrite something below 4% for IOS. So just kind of wondering, which of the categories is expected to decelerate from that Q4 number? Thank you.

展望明年，我預計 2% 到 3% 的自然成長預期將導致 iOS 的成長低於 4%。所以我想知道，預計哪些類別的成長速度會比第四季的數據放緩？謝謝。

Yeah. No. Thanks for the question. Thanks for the question. Overall, I'd say all the elements of IOS contributed to our performance in Q4. I'd say they all did frankly, better than we expected. So I wouldn't call it a Fluke only story in that sense.

是的。不。謝謝你的提問。謝謝你的提問。總的來說，我認為 iOS 的所有因素都對我們第四季的業績做出了貢獻。坦白說，我覺得他們都表現得比我們預期的還要好。所以從這個意義上講，我不會稱它為僅僅是僥倖的故事。

And then as we look into what we're expecting for 2026, and your question on is anyone decelerating to get us from Fortive what we've effectively included in a guide here. Look, the way I'd describe it is we expect all the businesses to contribute to the growth story here. And we're really, really confident that our teams are set up to execute effectively the strategy we've laid out.

然後，當我們展望 2026 年的預期時，以及您提出的關於是否有人放慢速度來從 Fortive 獲得我們在這裡指南中有效包含的內容的問題。我的意思是，我們希望所有企業都能為這裡的成長做出貢獻。我們非常有信心，我們的團隊已經做好準備，能夠有效地執行我們所製定的策略。

So I wouldn't call anyone with the expectation to decelerate. What we reflected, frankly, in our guide here is we're early in the year, and we want to make sure that we set up a guide that gives us a chance to actually rely on our execution without counting on macros.

所以我不會打電話給任何人，期望他們能減速。坦白說，我們在這份指南中反映的是，現在才年初，我們希望確保制定一份指南，讓我們有機會真正依靠執行力，而不是依賴宏。

And if things improve macro, you saw some of the PMI data that came out if that plays out as a sustained expansion. That will be upside. If things get better and government spend, that will be upside for us, but we've tried to be prudent and open-eyed in our guide here, not expecting that we're lowering our aspiration for faster growth in any way.

如果宏觀經濟情勢好轉，如你所看到的，一些採購經理人指數（PMI）數據顯示，經濟可能會持續擴張。那將是件好事。如果情況好轉，政府支出增加，這對我們來說是好事，但我們在這份指南中一直保持謹慎和清醒的頭腦，並沒有因此降低我們對更快增長的期望。

Thank you. I really appreciate that. I really appreciate that. And then obviously, there's been a good amount of conversation already around what could AI mean for the software businesses, there's market concerns and competition from that.

謝謝。我非常感謝。我非常感謝。顯然，關於人工智慧對軟體產業意味著什麼，已經有很多討論，這其中也存在市場擔憂和競爭。

I guess, is there anything metrics you could provide, whether it's around recontracting rates, new customer wins. I mean let's just give you confidence that these solutions are -- still have really strong traction in the market and are winning with customers.

我想問一下，您能否提供一些指標，例如續約率、新客戶獲取量等等。我的意思是，我們只是想讓您相信，這些解決方案在市場上仍然非常受歡迎，並且贏得了客戶的青睞。

Yeah. No, thanks for that. And look, I realize the curiosity on this question is at an all-time high right now. The thing I would say on that is I described the substance of why we're winning and why we see this accelerate up. But I'll just say all of these businesses for us, continue to contribute a growth rate that's higher than our fleet.

是的。不，謝謝你。我知道，現在大家對這個問題的好奇心達到了前所未有的高度。我想說的是，我已經闡述了我們獲勝的實質原因以及我們為何看到這種趨勢加速發展。但我只想說，所有這些業務對我們來說，其成長率都高於我們的船隊成長率。

ARR growth is really strong. Gross dollar retention, which is the renewal rates remain really strong across all these businesses. Our net dollar retention continues to get better, which means some of these AI enhancements we're adding on are actually driving expansion of what customers attain us.

ARR成長非常強勁。總美元留存率（即續約率）在所有這些企業中都保持著非常強勁的水平。我們的淨美元留存率持續提高，這意味著我們添加的一些人工智慧增強功能實際上正在推動客戶為我們帶來的收益成長。

And the customer use rate of these products are actually getting better for us because of the innovation pace that our teams are driving. So everything we see in substance and not every software business is the same have been around software now for decades. And you have to be deciding on what the actual business is. And for this enterprise system of record type of things that we do. It's really -- all the metrics are encouraging for us.

由於我們團隊不斷推進創新，這些產品的客戶使用率實際上正在提高。所以，我們看到的實質內容，以及並非所有軟體企業都相同，都與軟體產業息息相關幾十年了。你必須決定實際的業務是什麼。以及我們所做的這種企業記錄系統之類的事情。確實——所有指標都對我們有利。

Thank you. I appreciate that perspective.

謝謝。我很欣賞這種觀點。

Thank you. And we have reached the end of the question-and-answer session. I would like to turn the floor back to Olumide Soroye for closing remarks.

謝謝。問答環節到此結束。我謹將發言權交還給奧盧米德·索羅耶，請他作總結發言。

Well, thank you very much for joining us. Thanks for your interest in Fortive. We are really excited about how the equity value creation story we're building is shaping up. First two quarters as New Fortive. We've accelerated top line performance, reduced cost, repurchased 26 million shares. And we're pleased with how that set us up for 2026.

非常感謝您的參與。感謝您對福迪威的關注。我們對我們正在建立的股權價值創造故事的進展感到非常興奮。前兩個季度作為新 Fortive 公司運營。我們提高了營收，降低了成本，並回購了 2,600 萬股股票。我們對這為2026年所做的準備感到滿意。

But importantly, our focus here is really on accelerating our execution on the strategy we've laid out here. Our teams are excited. Our customers are engaging, and we're just grateful for your interest and look forward to a terrific journey of value creation ahead of us. Thank you all.

但重要的是，我們目前的重點是加快執行我們所製定的策略。我們的團隊都非常興奮。我們的客戶非常積極參與，我們衷心感謝您的關注，並期待未來一段創造價值的精彩旅程。謝謝大家。

Thank you. This concludes today's conference, and you may disconnect your lines at this time. We thank you for your participation.

謝謝。今天的會議到此結束，您可以斷開線路了。感謝您的參與。