藝達思 (IEX) 2021 Q2 法說會逐字稿

Greetings, and welcome to IDEX Corporation's Second Quarter 2021 Earnings Conference Call. (Operator Instructions) As a reminder, this conference is being recorded.

大家好，歡迎參加 IDEX Corporation 2021 年第二季財報電話會議。 （操作員指示）提醒一下，本次會議正在錄製中。

It is now my pleasure to introduce your host, Michael Yates, Vice President and Chief Accounting Officer. Thank you. You may begin.

現在，我很高興向大家介紹主持人，副總裁兼首席會計長麥可‧耶茨。謝謝。現在，您可以開始了。

Thank you. Good morning, everyone. This is Mike Yates, Vice President and Chief Accounting Officer for IDEX Corporation. Let me start by saying thank you for joining us for our discussion of the IDEX second quarter 2021 financial highlights.

謝謝大家！大家早安。我是 IDEX 公司副總裁兼首席會計長 Mike Yates。首先，感謝大家參加我們關於 IDEX 2021 年第二季財務亮點的討論。

Last night, we issued a press release outlining our company's financial and operating performance for the 3 months ending June 30, 2021. The press release, along with the presentation slides to be used during today's webcast, can be accessed on our company's website at www.idexcorp.com.

昨晚，我們發布了一份新聞稿，概述了我們公司截至 2021 年 6 月 30 日的三個月的財務和營運表現。新聞稿以及今天網路直播中使用的簡報幻燈片可在我們公司的網站 www.idexcorp.com 上存取。

Joining me today is Eric Ashleman, our Chief Executive Officer; and Bill Grogan, our Chief Financial Officer. The format for our call today is as follows: we will begin with Eric providing an overview of the state of IDEX's business and update on our growth investments and an overview of our order performance and outlook for our end markets. Bill will then discuss our second quarter 2021 financial results and provide an update on our outlook for the third quarter and full year 2021. Finally, Eric will conclude with updates on our sustainability and diversity, equity and inclusion programs. Following our prepared remarks, we will open the call for your questions.

今天與我一同出席的還有我們的執行長Eric Ashleman和財務長Bill Grogan。我們今天的電話會議安排如下：首先，Eric將概述IDEX的業務狀況、成長投資的最新情況、訂單表現以及終端市場前景。然後，Bill將討論我們2021年第二季的財務業績，並介紹我們對2021年第三季和全年的展望。最後，Eric將介紹我們的永續發展以及多元化、公平和包容性計劃的最新情況。在準備好發言稿後，我們將開始回答大家的提問。

If you should need to exit the call for any reason, you may access a complete replay beginning approximately 2 hours after the call concludes by dialing the toll-free number (877) 660-6853 and entering conference ID number 13712090 or you may simply log on to our company's home page for a webcast replay.

如果您因任何原因需要退出通話，您可以在通話結束後約 2 小時撥打免費電話 (877) 660-6853 並輸入會議 ID 號 13712090 來存取完整重播，或者您也可以直接登入我們公司的主頁進行網路直播重播。

Before we begin, a brief reminder, this call may contain certain forward-looking statements that are subject to the safe harbor language in last night's press release and in IDEX's filings with the Securities and Exchange Commission.

在我們開始之前，請簡要提醒一下，本次電話會議可能包含某些前瞻性陳述，這些陳述受昨晚新聞稿和 IDEX 向美國證券交易委員會提交的文件中的安全港語言約束。

With that, I'll now turn this call over to our CEO Eric Ashleman.

現在，我將把這個電話轉給我們的執行長 Eric Ashleman。

Thank you, Mike. Beginning with our overview on Slide 6.

謝謝，麥克。我們從投影片 6 上的概述開始。

The past 1.5 years have been one of the most dynamic and unpredictable ever experienced, but our IDEX team stepped up again in Q2 and delivered during an extremely challenging environment. Thank you to the IDEX employees around the world who are working so hard.

過去的一年半是公司歷史上最具活力和變幻莫測的一年，但我們的 IDEX 團隊在第二季度再次展現出強大的實力，並在極具挑戰性的環境中取得了成功。感謝全球辛勤工作的 IDEX 員工。

Our commercial performance is very strong as we recorded record orders and backlog in the quarter. Order trends continue to improve sequentially, and all 3 segments are materially above pre-pandemic level. Our day rates are very strong, and our OEM order patterns are robust. Only large industrial projects, many of them in FMT, continue to lag a bit. We're beginning to see the move into planning funnels, indicating support for continued phases of organic growth in the back half of 2021 and next year.

我們的商業表現非常強勁，本季訂單量和積壓訂單量均創歷史新高。訂單趨勢持續較上季改善，三大業務部門均大幅高於疫情前的水準。我們的日費率非常高，OEM訂單模式也十分穩健。只有大型工業項目（其中許多屬於FMT領域）仍然略有滯後。我們開始看到專案進入規劃階段，這表明公司將在2021年下半年和明年繼續保持有機成長。

Our #1 operating challenge for the quarter was supply chain and logistics disruptions. IDEX is generally a short-cycle business with quick lead times. We typically operate at the component level further down our customers' bill of materials. We're also not very vertically integrated. We depend on a tight network of supplier partners, often located close by our operating units to quick turn our solutions with a minimum [visibility]. For these reasons, the challenging conditions of tight material supply and bottleneck logistics tend to lag other industrial companies.

本季我們面臨的最大營運挑戰是供應鏈和物流中斷。 IDEX 通常屬於短週期業務，交貨週期短。我們通常在客戶物料清單的下游組件層級運作。我們的垂直整​​合程度也不夠高。我們依賴緊密的供應商合作夥伴網絡，這些合作夥伴通常位於我們營運部門附近，以便在最低限度的可見性下快速交付解決方案。由於這些原因，材料供應緊張和物流瓶頸的挑戰性條件往往落後於其他工業公司。

Our agile model does support a quick calibration to today's reality, and it helps us exit quicker than many on the backside of the supply side constraint. Overall, we believe these disruptions have hit a plateau. We don't see things getting worse, and the challenges will continue to be highly variable. At the same time, we don't anticipate these disruptions getting better soon, but most likely they will not subside until the end of this year or early next year.

我們的敏捷模型確實支援快速調整以適應當前的現實，並幫助我們比許多受供應側約束的公司更快地擺脫困境。總體而言，我們認為這些中斷已進入穩定期。我們預計情況不會惡化，挑戰仍將高度可變。同時，我們預計這些中斷不會很快好轉，但很可能要到今年年底或明年年初才會消退。

We anticipated rising inflation as the global economy recovered, but like many did not imagine the sharp rate of increase. This narrowed our spread between price capture and material costs, although we remain positive overall. Our teams leveraged the systematic investments we made a few years ago in pricing management and aggressively deployed 2, sometimes 3 pricing adjustments with precision. We are on track to expand our price/cost spread to typical levels as we travel through the back half of the year.

隨著全球經濟復甦，我們預期通膨會上升，但與許多人一樣，我們並沒有預料到通膨會如此之快。這縮小了我們價格捕獲與材料成本之間的價差，儘管我們總體上仍保持樂觀。我們的團隊充分利用了幾年前在價格管理方面進行的系統性投資，積極精準地部署了兩次甚至三次價格調整。我們預計在下半年將價差擴大至正常水準。

While we spend a lot of time talking about our business's ability to capture price, one area that I don't want to miss is our continued focus on operational productivity. Our teams continue to drive margin improvement through 80/20 simplification, lean effort and through sound CapEx deployment. Our robust project funnels continue to be another weapon to combat rising costs. The one project that exemplifies the spirit deserves mention as we discuss Q2.

雖然我們花了很多時間討論公司的價格捕獲能力，但我不想忽略的一點是我們對營運效率的持續關注。我們的團隊透過「80/20」精簡、精實營運和合理的資本支出配置，持續提升利潤率。我們強大的專案漏斗仍然是應對成本上升的另一項利器。在我們討論第二季時，值得一提的是體現這一精神的項目。

Our energy market now starting to show some signs of recovery off the bottom are still lagging the overall group. Our teams are aggressively executing a facility rationalization project to consolidate our scale and focus our human resources in close working proximity. Ultimately, this is a long-term value driver for that group. But in the quarter, the project created headwinds for us as equipment was delayed and inventory positions were less than ideal to support production transfers. We expect the project to be back on track and completed by the end of the third quarter.

我們的能源市場目前已開始顯現一些觸底回升的跡象，但仍落後於集團整體水準。我們的團隊正在積極實施一項設施合理化項目，以鞏固我們的規模，並將人力資源集中到緊密的工作地點。最終，這將推動集團的長期價值成長。但在本季度，該專案給我們帶來了一些阻力，因為設備延誤，庫存狀況也不足以支持生產轉移。我們預計該項目將重回正軌，並在第三季末完成。

Overall, I am confident in our path through these choppy recovery as we continue to apply relentless focus from outstanding teams to deliver solutions that matter from high-quality businesses that are very well positioned within their application steps.

總的來說，我對我們渡過這段艱難的復甦之路充滿信心，因為我們將繼續透過優秀團隊的不懈努力，從在應用階段處於有利地位的高品質企業中提供重要的解決方案。

Moving on to Slide 7. We deployed just over $575 million in the first half of the year with our acquisitions of ABEL Pumps, Airtech and a small investment in a digitalization technology start-up within the Fire & Rescue space. We continue to build out processes and capabilities to explore additional strategic investments we want to make across IDEX. Our funnel for potential acquisitions is stronger than it has been in the past, and we are more aggressive in pursuing opportunities that enhance our business solutions, fit well with our style of competition and drive IDEX-like returns. It's early days in our integration of ABEL and Airtech, but we're happy to see that each business is performing well with excellent growth prospects in the near and long term.

繼續看第7張投影片。今年上半年，我們斥資超過5.75億美元，收購了ABEL Pumps和Airtech，並對消防救援領域的一家數位化技術新創公司進行了小額投資。我們將繼續完善流程和能力，探索在IDEX進行的其他策略投資。我們的潛在收購管道比以往更加強大，我們也更加積極地尋求能夠增強我們業務解決方案、契合我們競爭風格並帶來類似IDEX回報的機會。 ABEL和Airtech的整合尚處於初期階段，但我們很高興地看到，每項業務都表現良好，並在短期和長期都擁有良好的成長前景。

While we've stepped up our M&A game, we're also investing in our existing businesses with a 45% increase in capital spending through the first half of the year. We're in the process of expanding IDEX facilities in China and India. We project significant ongoing growth opportunities across Asia, and these investments are critical to support our local-for-local approach as we move to the next level of competitive advantage.

在增加併購力度的同時，我們也投資現有業務，今年上半年資本支出成長了45%。我們正在擴建IDEX在中國和印度的工廠。我們預計亞洲地區將持續存在巨大的成長機會，這些投資對於我們邁向更高競爭優勢的在地化策略至關重要。

We're also focused on our digital strategy with our largest investments tied to our areas of higher integration and scale as we seek to drive higher impact for our customers. Lastly, as I mentioned previously, we're focused on operational productivity as market dynamics are changing as well as investing in new technology to support growth. This is on both the CapEx and OpEx side. Some of these investments are targeted at new applications in high-growth areas, like components to enable new global broadband satellite networks, building batteries for electric vehicles and providing key products to support the build-out of incremental capacity in semiconductor manufacturing. These investments are combined with targeted spend in areas to support automation and efficiencies across the shop floor. This strategic approach to both inorganic and organic investment is already paying off and sets us up for ongoing success for years to come.

我們也專注於數位化策略，最大的投資集中在整合度更高、規模更大的領域，力求為客戶帶來更大的影響力。最後，正如我之前提到的，隨著市場動態的變化，我們專注於提高營運效率，並投資新技術來支援成長。這既包括資本支出，也包括營運支出。其中一些投資瞄準高成長領域的新應用，例如用於支援新型全球寬頻衛星網路的組件、電動車電池製造，以及提供關鍵產品以支援半導體製造增量產能的建設。這些投資與整個車間自動化和效率提升領域的定向支出相結合。這種兼顧內生投資和外生投資的策略方針已經初見成效，並為我們未來數年持續成功奠定了基礎。

Turning to our commercial results on Slide 8. As I mentioned, order strength continued in the second quarter both compared to prior year and sequentially, resulting in a backlog build of $65 million in the quarter. As we look across our segments, all rebounded well from the pandemic and delivered strong organic order growth. Sequentially, Fluid & Metering technologies and Fire & Safety diversified products saw increased orders compared to the first quarter. Our Health & Science Technologies segment also saw increased sequential orders if we exclude the impact of a COVID testing application debooking that occurred in Q2.

回顧幻燈片8上的商業表現。正如我之前提到的，第二季訂單強勁，季增6,500萬美元，無論是與去年同期相比還是環比成長。縱觀我們的各個部門，所有部門都從疫情中良好反彈，並實現了強勁的有機訂單成長。流體與計量技術以及消防與安全多元化產品的訂單環比增長。如果排除第二季新冠檢測申請取消預訂的影響，我們的健康與科學技術部門的訂單也較上季成長。

Order intake across all segments was also above second quarter 2019 levels. FMT lags HST and FSD due to lower levels of investment in the oil and gas market as well as concentration in the industrial market, which saw a pre-COVID pullback in the second half of 2019. These commercial results give us confidence in our ability to deliver double-digit growth in the second half of the year and continue to highlight the resilience of our businesses and the criticality of our solutions to customers.

所有部門的訂單量也高於2019年第二季的水準。 FMT部門落後於HST部門和FSD部門，原因是油氣市場投資水平較低，且工業市場集中度較高，而工業市場在2019年下半年經歷了新冠疫情之前的回調。這些商業績效增強了我們對下半年實現兩位數成長的能力的信心，並繼續凸顯了我們業務的韌性以及我們解決方案對客戶的重要性。

On Slide 9, we provide a deeper look into our primary end markets. Our focus is shifting from recovery to growth as most of our businesses are now performing above pre-pandemic levels. Even with pockets of concern around supply chain disruptions and COVID in certain geographies, we're optimistic about the outlook of our end markets and our ability to execute within them.

幻燈片9深入介紹了我們的主要終端市場。由於我們大多數業務的業績目前都超過了疫情前的水平，我們的重點正從復甦轉向成長。儘管部分地區對供應鏈中斷和新冠疫情存在擔憂，但我們對終端市場的前景以及我們在這些市場的執行能力仍持樂觀態度。

In our Fluid & Metering technology segment, industrial day rates were strong. Supply chain challenges remain. But overall, the market trajectory was at or above 2019 levels with only large projects lagging, as I mentioned earlier.

在我們的流體和計量技術部門，工業日費率表現強勁。供應鏈挑戰依然存在。但總體而言，正如我之前提到的，市場走勢與2019年的水平持平或略有上升，只有大型專案表現落後。

Agriculture continued to drive strong growth, driven by aging farm equipment and record crop prices. Our water business was stable. We continue to monitor the impact of the federal infrastructure package on U.S. municipal spending. Energy and chemical markets continue to trail 2019 levels, primarily due to limited capital investment in the sector as well as a longer project close cycle.

受農機老化和農作物價格創紀錄的推動，農業持續強勁成長。我們的水務業務保持穩定。我們持續關注聯邦基礎設施一攬子計畫對美國市政支出的影響。能源和化學市場持續落後2019年的水平，主要原因是該產業的資本投資有限，以及專案收尾週期較長。

One item to highlight for FMT is the impact of our FMD acquisition last year. It's now in our organic figures. And with its backlog burn last year and significant pullback in customers' capital investments, it impacted FMT's organic sales by 11%. In other words, FMT's organic sales for the quarter would have been 19% instead of 8%.

對FMT來說，值得強調的一點是去年收購FMD的影響。這筆收購現在已計入我們的有機銷售額。由於去年FMD的積壓訂單消耗以及客戶資本投資的大幅縮減，這筆收購對FMT的有機銷售額產生了11%的影響。換句話說，FMT本季的有機銷售額原本應該是19%，而不是8%。

Moving to the Health & Science Technologies segment. We're seeing recovery and pivot to growth across all our end markets. Semiconductor, food and pharma continued to perform well, driven by strong market demand and winning share through our targeted growth initiatives. The overall automotive market continued to face supply chain-driven challenges but we outperformed the market due to our product concentration in higher-end European vehicles.

談到健康與科學技術部門。我們看到所有終端市場都在復甦並轉向成長。半導體、食品和製藥業務持續表現良好，這得益於強勁的市場需求以及我們透過有針對性的成長計畫贏得的市場份額。整體汽車市場持續面臨供應鏈驅動的挑戰，但由於我們的產品集中在高端歐洲汽車，我們的表現優於市場。

Our AI and life science markets continue to perform well as the pandemic impact eased and investments have increased. The industrial business within the segment saw a similar result to FMT.

隨著疫情影響緩解以及投資增加，我們的人工智慧和生命科學市場持續表現良好。該部門的工業業務表現與FMT類似。

Finally, in our Fire & Safety/Diversified Products segment, dispensing rebounded as large retailers freed up capital and worked through pent-up demand for equipment. Our BAND-IT business was adversely affected by U.S. automotive production pullbacks due to microprocessor shortages in the second quarter. However, we continue to achieve new platform wins and believe we're well positioned to outperform the market as supply chain constraints ease.

最後，在我們的消防與安全/多元化產品部門，由於大型零售商釋放資金並消化了被壓抑的設備需求，分配業務出現反彈。我們的BAND-IT業務在第二季度受到美國汽車產量因微處理器短缺而下降的不利影響。然而，我們繼續贏得新的平台，並相信隨著供應鏈限制的緩解，我們已做好準備，超越市場表現。

In Fire & Rescue, we have yet to see larger tenders come back and emerging markets remain slow. We continue to closely monitor market conditions and expect some choppiness in the second half of the year. That said, we're confident in the future trajectory of our end markets as well as our ability to execute on our strong backlog and have raised our organic growth expectations for the year.

在消防救援領域，我們尚未看到更大規模的招標活動回歸，新興市場也依然低迷。我們將繼續密切關注市場行情，預計下半年市場將出現一些波動。即便如此，我們對終端市場的未來發展方向以及我們處理強勁訂單的能力充滿信心，並已上調了今年的有機成長預期。

With that, I would like to turn it over to Bill to discuss our financial results.

說到這裡，我想把時間交給比爾來討論我們的財務表現。

Thanks, Eric. I will start with our consolidated financial results on Slide 11. Q2 orders of $751 million were up 44% overall and 39% organically as we built $65 million of backlog in the quarter. Organic orders grew sequentially and year-over-year in each of our segments, as highlighted by Eric on the prior slide.

謝謝，Eric。首先，我將在第11張投影片中介紹我們的合併財務表現。第二季訂單金額為7.51億美元，整體成長44%，有機成長39%，因為我們本季累積了6,500萬美元的待交付訂單。正如Eric在上一張幻燈片中所強調的那樣，我們各部門的有機訂單都實現了環比和同比增長。

Second quarter sales of $686 million were up 22% overall and 17% organically. While we experienced a strong rebound from the pandemic across our portfolio, we were impacted by supply chain constraints and our energy site consolidation, which tempered our results. The FMD pressure in Fluid & Metering Eric discussed also had an impact on overall organic sales. Excluding FMD, organic sales would have been up 22%.

第二季銷售額為 6.86 億美元，整體成長 22%，有機成長 17%。雖然我們的產品組合在疫情後強勁反彈，但供應鏈受限和能源站點整合的影響也影響了我們的業績。 Eric 提到的流體和計量業務的 FMD 壓力也對整體有機銷售額產生了影響。如果不計入 FMD，有機銷售額將成長 22%。

Q2 gross margin expanded by 280 basis points to 44.6%. The year-over-year increase was primarily driven by increased volume and price capture, partly offset by inflation and supply chain impacts. Excluding the impact of $1.8 million pretax fair value inventory step-up charge related to the ABEL acquisition, adjusted gross margin was 44.9% and was approximately flat sequentially.

第二季毛利率上升280個基點至44.6%。年成長主要得益於銷售和價格的提升，但部分抵銷了通膨和供應鏈的影響。剔除與ABEL收購相關的180萬美元稅前公允價值庫存加值費用的影響，調整後毛利率為44.9%，較上季基本持平。

Second quarter operating margin was 23.1%, up 340 basis points compared to prior year. Adjusted operating margin was 24.4%, up 330 basis points compared to prior year, largely driven by gross margin expansion and fixed cost leverage, offset by a rebound in discretionary spending and investment. I will discuss the drivers of operating income in more detail on the next slide.

第二季營業利益率為23.1%，較上年同期成長340個基點。調整後營業利潤率為24.4%，較上年同期成長330個基點，主要受毛利率上升和固定成本槓桿率上升的推動，但可自由支配支出和投資的反彈抵消了這一影響。我將在下一張投影片中更詳細地討論營業利潤的驅動因素。

Our Q2 effective tax rate was 21.3%, which was lower than the prior year ETR of 22.7% due to benefits from foreign sourced income in the second quarter of 2021. This benefit also drove favorability to our guided rate for the quarter.

我們第二季的有效稅率為 21.3%，低於去年同期的 22.7% 的 ETR，這得益於 2021 年第二季來自海外收入的收益。這一收益也推動了我們本季指導稅率的有利性。

Q2 adjusted net income was $123 million, resulting in adjusted EPS of $1.61, up $0.51 or 46% over prior year adjusted EPS.

第二季調整後淨收入為 1.23 億美元，調整後每股收益為 1.61 美元，比去年調整後每股收益成長 0.51 美元或 46%。

Finally, free cash flow for the quarter was $120 million, down 25% compared to prior year and was 98% of adjusted net income. This result was impacted by a volume-driven working capital build, higher CapEx and timing of tax payments, partially offset by higher earnings. Our working capital efficiency metrics remain strong, and the teams continue to do a good job managing the significant volume changes year-over-year.

最後，本季自由現金流為1.2億美元，較上年下降25%，佔調整後淨收入的98%。這一結果受到業務量驅動的營運資本累積、更高的資本支出以及納稅時機的影響，但部分被更高的收益所抵消。我們的營運資本效率指標依然強勁，團隊持續出色地管理著年比大幅的業務量變化。

Moving on to Slide 12, which details the drivers of our adjusted operating income. Adjusted operating income increased $49 million for the quarter compared to prior year. Our 17% organic growth contributed approximately $41 million flowing through at our prior year gross margin rate. We maintained positive price material cost within the quarter and leveraged well on the volume increase. Our high contribution margins helped mitigate the profit headwinds we experienced from the supply chain disruptions.

繼續第12張投影片，其中詳細介紹了我們調整後營業收入的驅動因素。本季調整後營業收入較上年同期成長4,900萬美元。我們17%的有機成長貢獻了約4,100萬美元的淨流入，以上年同期的毛利率計算。我們在本季度保持了正價材料成本，並充分利用了銷售成長。我們較高的貢獻利潤率幫助我們緩解了供應鏈中斷帶來的利潤逆風。

In the second quarter of 2020, discretionary spending and investment were minimal, driven by a strict cost control environment during the pandemic. As we return to a spend level, in line with our growth and continued strategic investments, we see year-over-year pressure of about $11 million, in line with the guidance we gave at the beginning of the year.

2020年第二季度，受疫情期間嚴格的成本控制環境影響，可自由支配的支出和投資微乎其微。隨著我們支出水準回歸到與成長和持續策略投資相符的水平，我們預期年比壓力約為1,100萬美元，與我們年初給出的指引一致。

Even with the incremental spend, supply chain and operational issues that tempered our performance, we still achieved a robust 45% organic flow-through. Flow-through is then negatively impacted by the dilutive impact of acquisitions and FX, getting us to our reported flow-through of 39%.

即使支出增加、供應鏈和營運問題影響了我們的業績，我們仍然實現了45%的強勁有機流水。收購和外匯的稀釋效應對流水產生了負面影響，最終導致我們報告的流水率為39%。

As we highlighted, we expect to reinvest aggressively in the business to drive both organic and inorganic opportunities. We expect that our level of discretionary spending as well as associated costs from growth initiatives will similarly reduce organic flow-through in subsequent quarters.

正如我們所強調的那樣，我們預計將積極地對業務進行再投資，以推動有機和無機成長機會。我們預計，我們的可自由支配支出水準以及成長計畫的相關成本將同樣會降低後續季度的有機淨流入。

With that, I would like to provide an update on our outlook for the third quarter and full year. Moving on to Slide 13. For the third quarter, we are projecting EPS to range from $1.57 to $1.61. We expect organic revenue growth of 14% to 16% and operating margins of approximately 24.5%. The third quarter effective tax rate is expected to be 23%, and we expect a 1% top line benefit from the impact of FX. And corporate costs in the third quarter are expected to be around $21 million.

接下來，我想更新我們對第三季和全年的展望。請看第13張投影片。我們預計第三季每股收益將在1.57美元至1.61美元之間。我們預計有機收入將成長14%至16%，營業利潤率約為24.5%。預計第三季有效稅率為23%，我們預期外匯影響將帶來1%的營收成長。預計第三季企業成本約2,100萬美元。

Turning to the full year. We are increasing our full year EPS guidance from our previous range of $6.05 to $6.20, up to $6.26 to $6.36. This range includes Airtech, which will contribute $0.06 in the second half of 2021, roughly $0.03 a quarter. We are also increasing our full year organic revenue growth from 9% to 10% up to 11% to 12%. We expect operating margins of approximately 24.5%. We expect FX to provide a 2% benefit to top line results. The full year effective tax rate is expected to be around 23%. Capital expenditures are anticipated to be around $65 million, an increase of around $10 million versus our last call as we increase our investments in growth opportunities.

展望全年業績。我們將全年每股收益預期從先前的6.05美元至6.20美元上調至6.26美元至6.36美元。該預期涵蓋了Airtech，該公司將在2021年下半年貢獻0.06美元，約為每季0.03美元。我們也將全年有機收入成長率從9%至10%上調至11%至12%。我們預計營業利潤率約為24.5%。我們預期外匯交易將為營收帶來2%的收益。預計全年有效稅率約為23%。預計資本支出約為6500萬美元，較上次預測增加約1000萬美元，因為我們將加大對成長機會的投資。

Free cash flow is expected to be 110% to 115% of net income, lower versus our last guide, primarily due to the additional capital spending and higher working capital to support our increased volume. And corporate costs are expected to be approximately $77 million for the year. Finally, our earnings guidance excludes any costs, earnings associated with future acquisitions or restructuring charges.

預計自由現金流將佔淨收入的110%至115%，低於我們先前的預測，主要原因是為支持業務成長而增加的資本支出和營運資本。預計全年企業成本約7,700萬美元。最後，我們的獲利預測不包括任何成本、與未來收購或重組相關的獲利。

With that, I'll throw it back to Eric for some final thoughts.

說完這些，我將把它交還給 Eric，讓他發表一些最後的想法。

Thanks, Bill. I'm on the final slide, Slide 14. Before we open the call up to questions, I'd like to share an update on our ESG journey and the evolution of our company culture.

謝謝，比爾。我現在講最後一張投影片，也就是第14張。在開始提問之前，我想先分享一下我們ESG歷程以及公司文化演變的最新進展。

I pledged earlier this year that we would hire a new Chief Diversity, Equity and Inclusion Officer. I'm pleased to announce that I now have Troy McIntosh in my senior leadership team. He joined us just last week from U.S. Cellular, the fourth largest cellular communications carrier in the United States where he led significant improvements in their culture and levels of diversity in the workforce.

我今年稍早承諾，我們將聘請一位新的首席多元化、公平與包容官。我很高興地宣布，特洛伊·麥金托什現已加入我的高階領導團隊。他上週剛加入，此前他在美國第四大行動通訊營運商U.S. Cellular工作，並領導該公司顯著改善了企業文化，提升了員工的多元化水平。

At IDEX, Troy will help build the global road map and success measures for DE&I. He will help embed DE&I deeper in our culture and build inclusive leadership confidence and capabilities in all our people through training, education and coaching. He will help us make sure our systems mitigate bias and create opportunities for everyone, no matter of their background to reach their full potential at IDEX. I look forward to great things happening with his leadership.

在 IDEX，Troy 將協助制定 DE&I 的全球路線圖和成功衡量標準。他將幫助 DE&I 更深地融入我們的文化，並透過培訓、教育和輔導，在所有員工中建立包容性的領導信心和能力。他將幫助我們確保我們的系統能夠減少偏見，並為每個人創造機會，無論其背景如何，都能在 IDEX 充分發揮自己的潛力。我期待在他的領導下取得豐碩的成果。

I'd also like to share a nice step we're taking to improve our energy efficiencies. Work recently began on a solar array on the roof of our manufacturing facility in Germany. Once completed next month, this collection of solar panels will be about 1/3 the size of the European soccer field and provide 30% of the electricity needs for the facility. Not only will it help reduce our carbon footprint there, we estimate it will save the business more than EUR 67,000 in just the first year alone. We anticipate this project will serve as a pilot, leading the way for other solar installations on IDEX facilities around the world.

我還想分享我們正在採取的一項旨在提高能源效率的措施。我們最近開始在德國製造工廠的屋頂上安裝太陽能電池板。下個月完工後，這群太陽能板的面積將約為歐洲足球場的三分之一，並將滿足該工廠30%的電力需求。這不僅有助於減少我們在那裡的碳足跡，我們估計，僅在第一年就能為公司節省超過6.7萬歐元。我們預計，該計畫將作為試點，為IDEX全球其他工廠的太陽能安裝樹立榜樣。

Lastly, I want to share that the catastrophic flooding that devastated portions of Western Europe earlier this month has impacted many IDEX employees. About 1/4 of the employees at our German Fire & Safety business have either had their home severely damaged or destroyed. All of our employees are safe, living with friends and family as recovery efforts are ongoing. And operations continued at our facility, which is not directly impacted by the flood.

最後，我想告訴大家，本月初席捲西歐部分地區的特大洪災影響了眾多 IDEX 員工。我們德國消防安全業務部門約有四分之一的員工的住房遭到嚴重損壞或被摧毀。目前，所有員工都安然無恙，與親朋好友住在一起，災後復原工作仍在進行中。我們工廠的運作仍在繼續，並未受到洪水的直接影響。

Amid all this destruction and loss, we once again saw the spirit of IDEX come through. Colleagues from other IDEX businesses in Germany came to the area to assist. With pumping equipment from our businesses, our people work tirelessly to help draw water from flooded homes to the long road of (inaudible) . The IDEX Foundation also paid $100,000 to the German Red Cross, which has thousands of people in the region assisting those impact.

在所有這些破壞和損失中，我們再次見證了IDEX精神的彰顯。來自德國其他IDEX企業的同事們也來到該地區提供援助。我們的員工利用我們企業的抽水設備，不知疲倦地將水從被洪水淹沒的房屋中引到漫長的（聽不清）路上。 IDEX基金會也向德國紅十字會捐贈了10萬美元，該組織在該地區有數千名工作人員正在為受災民眾提供援助。

While I shared this internally, I want to again express with our employees better that we stand by you through this terrible tragedy. And thank you to all the dedicated and selfless IDEX colleagues who dropped everything and volunteered during this time of need. Your outstanding examples of what makes this company so special.

雖然我已在公司內部分享了此事，但​​我還是想再次向我們的員工們表達，在這場可怕的悲劇中，我們與你們同在。感謝所有敬業無私的 IDEX 同事們，你們在危難之際放下一切，自願奉獻。你們的傑出事蹟，讓這家公司如此與眾不同。

With that, let me pause and turn it over to the operator for your questions.

說到這裡，請容許我暫停一下，然後把時間交給接線生來回答你們的問題。

(Operator Instructions) Our first question comes from the line of Deane Dray with RBC Capital Markets.

（操作員指示）我們的第一個問題來自 RBC Capital Markets 的 Deane Dray。

Maybe we can start with Eric early comments in the prepared remarks. And I know you touched so many end markets and within the diverse product line, but what are the indicators you're looking at that suggests that the supply chain disruptions have peaked to kind of your degree of confidence? And the reason I'm also asking is like we heard yesterday from GE and 3M, and neither of them sounded as confident that the worst had passed, but you're sounding a bit or noticeably more optimistic, Eric. So maybe we can start there.

也許我們可以從艾瑞克早些時候在準備好的演講稿中提到的評論開始。我知道您觸及瞭如此多的終端市場和多元化的產品線，但您關注的哪些指標表明供應鏈中斷已經達到您認為的頂峰？我之所以問這個問題，是因為就像我們昨天從通用電氣和3M公司聽到的一樣，這兩家公司似乎都不太相信最糟糕的時期已經過去，但埃里克，您聽起來稍微樂觀了一些，或者說明顯樂觀了一些。所以，也許我們可以從這裡開始。

Sure, Dean. I guess all of this is somewhat relative at this point. I mean make no mistake, this is really, really tough right now. And so staying at a steady state is tough. It is what it is. So I don't want to mischaracterize it there.

當然，Dean。我想目前這些都只是相對而言。我的意思是，別誤會，現在真的非常非常難。所以要維持穩定狀態很難。情況就是這樣。所以我不想曲解它的意思。

For us, a couple of things to remember. We're a little less exposed to a lot of the electronics microprocessor things that other businesses are. Our bill of material is generally a little bit more streamlined and simplified. We don't have as many aggregations of complex systems. We do a lot of great critical components. And we still -- we have a lot of suppliers that are pretty close by that honestly we drive by on the way to work.

對我們來說，有幾件事需要記住。與其他企業相比，我們對電子微處理器產品的了解較少。我們的物料清單通常更加精簡和簡化。我們沒有那麼多複雜的系統組合。我們生產許多重要的關鍵部件。而且，我們仍然有很多供應商離我們很近，說實話，我們上班路上都會經過它們。

That being said, it's still very difficult for us. The indicators we're looking at, things like lead times, what are the quoted lead times and then what is the performance against them. And look, they have lengthened and extended, but they're generally kind of holding at this point. And the delivery rates against them, while not great, are at least, in our world, pretty stable at this point. So I just want to emphasize the relative nature of the comments and say, for us, it's a very, very tough environment, but we see it as one we can now begin to plan around given what we do.

話雖如此，我們仍然面臨很大困難。我們關注的指標包括交付週期，報價的交付週期是多少，以及實際交付情況如何。你看，交付週期確實有延長，但目前整體上還是比較穩定的。交付率雖然不是很高，但至少在我們這個行業，目前還是比較穩定的。所以我想強調這些評論的相對性，對我們來說，這是一個非常非常艱難的環境，但我們認為，根據我們的實際工作，我們現在可以開始圍繞它進行規劃。

That's real helpful. And if we can stay like more of a real-time analysis here, if we could. Commentary about your day rates would be helpful and the mix still not seeing kind of larger projects yet, but maybe there's some frontline discussions that you could share. And any commentary about how July has started?

這真的很有幫助。如果我們能在這裡進行更即時的分析就好了。關於你們的日薪的評論會很有幫助，而且目前還沒有看到一些大型項目，但也許你們可以分享一些前線討論的內容。關於7月份的開局，你們有什麼評論嗎？

Sure, sure. So if we kind of go back to the end of 2020, we saw -- most of the acceleration that we're seeing was in that restoration of industrial day rates in our businesses. As we look at the second quarter and even into the first days of July, it's pretty stable at this point. I mean it's kind of at a healthy clip. We'll see it move on in terms of price and some things that come up, but it's not accelerating at the same rate nor is it in our world, decelerating. Think of it as stable.

當然，當然。所以，如果我們回顧2020年底，我們看到的加速主要是因為我們企業工業日薪的恢復。縱觀第二季度，甚至7月初，我們可以看到目前的情況相當穩定。我的意思是，它處於一個健康的發展速度。我們會看到價格和其他一些因素繼續上漲，但它不會以相同的速度加速，在我們看來，也不會減速。我們可以把它看作是穩定的。

And then there's 2 other components that we think a lot about for a ton of IDEX businesses. And they're in the project category, but they're different degrees in terms of size and scope. So what we are seeing and what's contributing to growth, and I know will continue into Q3 and Q4, are what we would call -- that's a small project. These are discrete things where people are optimizing the system. Instead of asking for 1 or 2 of something, it's 10 to 20. And they're running their factory, their production lines, but they're trying to optimize it, enhance throughput, get productivity. Those are the kind of things you can do on the run. And so we're seeing that those have been strong contributors, and we think they'll continue.

然後，我們為大量IDEX業務認真考慮了另外兩個組成部分。它們屬於項目類別，但規模和範圍不同。因此，我們所看到的，以及對成長做出貢獻的，我知道會持續到第三季和第四季的，就是我們所說的——小專案。這些都是一些獨立的事情，人們正在優化系統。他們不是要求1個或2個，而是10到20個。他們運作工廠和生產線，但他們正在努力優化它，提高產量，提高生產力。這些都是可以隨時完成的事。因此，我們看到這些是強大的貢獻者，我們認為它們會持續下去。

Right past it are the classic larger projects that we and others play with, a lot of them in kind of the chemical, oil and gas infrastructure spaces. And there's just a general story there still where those things are delayed. They were frozen in 2020. They were pushed out into 2021, not canceled. I will say what we're starting to hear now and mainly from distributors that are a little closer to the frontline are that those are now starting to turn into quote activity and spec transfer and the kind of things you start to see ahead of an order and a replenishment cycle on our side.

緊隨其後的是我們和其他公司參與的經典大型項目，其中許多涉及化學、石油和天然氣基礎設施領域。目前，這些項目普遍存在延期的情況。它們在2020年被凍結，並被推遲到2021年，而不是取消。我想說的是，我們現在開始聽到的消息，主要是來自一些更接近一線的分銷商的消息，這些項目現在開始轉化為報價活動和規格轉移，以及在我們這邊訂單和補貨週期之前開始看到的那些事情。

When does that happen? Maybe there's some of it in the back half of the year. Certainly, at a minimum, we start talking about it more in planning, and I think it bodes well for the early part of 2022.

那什麼時候會發生？也許下半年會有一些。當然，至少我們會在規劃中開始更多地討論這個問題，我認為這對2022年初來說是個好兆頭。

Our next question comes from the line of Mike Halloran with Robert W. Baird.

我們的下一個問題來自羅伯特·W·貝爾德 (Robert W. Baird) 的邁克·哈洛蘭 (Mike Halloran)。

Just an update on how you're thinking about the M&A environment, your pipeline and how you're thinking about actionability of that pipeline today. I know you've got a fair amount of capacity still sitting in front of you. And just curious how actionable you think that is in the short to medium term here.

我想問一下您對併購環境、您的併購專案以及目前這些專案可行性的看法。我知道您還有相當多的產能。我很好奇您認為這些產能在短期到中期內的可行性如何。

Sure, sure. Well, I mean, I kind of view it upside down. Maybe the availability side is really, really good. I mean we could go through the specific numbers, but we've got plenty of availability and firepower to spend.

當然，當然。嗯，我的意思是，我有點顛倒了。也許可用性方面真的非常好。我的意思是，我們可以看看具體的數字，但我們有足夠的可用性和火力可以投入。

On the inside, we've been talking now for a couple of quarters about the intentionality of the resource build and the time and effort we're taking to consider all of the areas where we'd like to do more business, some of it through inorganic efforts. Think of this as a series of concentric circles radiating around places where we are participating today -- and participate. And a few things we're actually thinking of some zones where we're not part -- not currently part of IDEX that could be interesting or have IDEX-like attributes.

在內部，我們已經討論了幾個季度，關於資源建設的意圖，以及我們為考慮所有希望開展更多業務的領域而投入的時間和精力，其中一些是透過外部努力實現的。可以將其想像成一系列同心圓，圍繞著我們目前參與和正在參與的地方輻射。此外，我們實際上正在考慮一些我們目前不屬於IDEX的領域，這些領域可能很有趣，或者俱有類似IDEX的屬性。

So we've got the firepower. We're doing more work. And then the funnel of things that we're looking at, it's very active, aggressive and, I think in the end, actionable.

所以，我們擁有強大的火力。我們正在做更多工作。而且，我們正在關注的一系列事情都非常積極、有進取心，而且我認為最終是切實可行的。

Now we still are going to take the same discipline that we've had to any of the things that we're looking at. It's got to meet certain requirements, got to fit into IDEX. It's got to leverage what we do best. But I'll tell you that we're looking at more things than we have before and probably more areas than we have previously with more people involved and lots of firepower to get the work done.

現在，我們仍然會像對待任何正在考慮的事情一樣，採取同樣的紀律。它必須滿足某些要求，必須符合IDEX（國際開發協會），必須充分利用我們最擅長的領域。但我要告訴你們，我們正在考慮的事情比以前更多，涉及的領域可能也比以前更多，而且會有更多的人員參與，並投入大量人力來完成工作。

So on that point there, more areas than maybe you previously looked. I'm guessing it's not really a change in the strategy, maybe just more iterative in broadening. Maybe some high-level thoughts on what that change is and areas that you might be thinking of loosely.

所以，關於這一點，可能比你之前看到的更多。我猜這其實不是策略上的改變，可能只是在拓展上進行了更迭代的調整。或許可以談談一些關於這個改變的高層思考，以及你可能大致想到的一些領域。

Yes. I like this analogy, and I used it a second ago. I really think about it as radiated concentric circles. So there's an anchor position generally in work that we're doing today, whether it's in the fluidics space, some of the stuff in life sciences. But I think we're willing to extend outward a little bit in terms of what's the solution that we will bring to our customer set. And so that's maybe the area of difference with slight tweaks to the model.

是的。我喜歡這個比喻，我剛才也用過。我把它想像成輻射的同心圓。所以，我們今天所做的工作，無論是在流體學領域，還是在生命科學領域，通常都有一個錨點。但我認為，就我們能為客戶群提供的解決方案而言，我們願意稍微向外擴展一些。所以，這或許就是我們模型稍微調整後的不同之處。

With always -- I mean, we've mentioned an open aperture for at least a couple of years now, at least an open mind to some things that might be very interesting that we've long considered for IDEX. I don't know if that's different. That's always been on the page. But these would be the 2 areas that -- there's a separate resource base thinking about a little further out from what we've done before, but still anchored to how we do it and a couple of zones that have always been interesting to us because they have IDEX-like attributes.

一直以來——我的意思是，我們至少在幾年前就提到了開放的視野，至少對一些可能非常有趣的事情持開放態度，這些事情我們長期以來一直在為IDEX考慮。我不知道這是否有所不同。這一直是我們討論的重點。但這將是兩個領域——一個是單獨的資源庫，它比我們以前做過的要更進一步，但仍然以我們的做法為基礎；另一個是幾個我們一直很感興趣的區域，因為它們具有類似IDEX的屬性。

Makes sense. And part of your question with Dean, you talked about some of these businesses feeling better about those as they track towards '22. Maybe just high level, how are you thinking broadly about all the puts and takes you're seeing in the portfolio now and what that means once you hit a more normalized run rate orders, record levels? You're seeing some normalization in margin or at least with the pressures from a price/cost perspective can look like as you move through the year, the timing of some of these later cycle things start getting a little bit better as you move through this year. Maybe late and early next year, you can start seeing a little bit more CapEx. Just how does that all kind of come together when you're thinking about that 1- to 2-year outlook from your seat? And what do you think the constraints are on top of that?

有道理。在你問Dean的問題中，你提到一些企業在邁向2022年時感覺比較好。或許只是從高層角度來說，你如何看待目前投資組合中看到的所有看跌期權和看漲期權？一旦達到更正常的運行率訂單或創紀錄水平，這意味著什麼？你看到利潤率正常化，或至少從價格/成本角度來看，隨著今年的推進，一些後期週期因素的時機可能會開始好轉。也許明年年底或明年年初，你會看到資本支出略有增加。從你的角度來看，從未來1到2年的前景來看，所有這些因素是如何綜合起來的？你認為除此之外還有哪些限制？

Yes, sure. So I think it's a good question, and I like the way you phrased it. If you start from the highest level and think about the next couple of years, I think you start with a very positive perspective. You recognize that like we're now coming through a pretty acute recovery cycle. That isn't completely played out. Then there's a replenishment cycle that not only, I think, is reflective of the time that we sort of were all locked away, but I think even ahead of that, there was a decent amount of industrial capacity that needs to be put back into the system.

是的，當然。所以我覺得這個問題問得好，我喜歡你的表達方式。如果你從最高層次出發，思考未來幾年，我認為你會有一個非常正面的視角。你會意識到，我們現在正經歷一個相當劇烈的復甦週期。復甦週期還沒完全結束。然後還有一個補給週期，我認為這不僅反映了我們被封鎖的時期，而且我認為即使在那之前，也有相當數量的工業產能需要重新投入系統。

The real question, I think, as we go is, if you think of this as a series of graph lines with very sharp peaks and troughs -- I mean, this is super dynamic in terms of the elements we're dealing with today. As they smooth out and look a little bit more like the Appalachians, I think that that becomes a little bit more of a standard operating environment with positive momentum. And so many of the dynamics that we're talking about now in terms of when they come back or when they reoccur, I think they would be in place and they would be things that we'd be typically used to looking at. And it would feel a little bit normalized in terms of the way that we would operate with favorable winds at our back in all of the places that we play.

我認為，真正的問題是，如果我們將其視為一系列曲線，曲線上有著非常明顯的波峰和波谷——我的意思是，就我們今天所應對的因素而言，這極具動態性。當它們逐漸平緩，看起來更像阿巴拉契亞山脈時，我認為這將成為一個更積極的標準營運環境。我們現在談論的許多動態，例如它們何時回歸或再次出現，我認為它們都會存在，並且是我們通常習慣關注的因素。這樣一來，我們就能在所有營運地點順風順水地開展運營，感覺會更加正常化。

So I think we view it that way. We're planning for it that way. It's a positive outlook, a positive framework. You just sort of have to navigate some of the puts and takes. And there's just a lot of dynamic variables here, none of which I think really get in the way of that positive outlook.

所以我認為我們是這樣看待的。我們也在這樣規劃。這是一個正面的前景，一個正面的框架。你只需要處理好一些得失。雖然有很多動態變量，但我認為這些變數都不會真正妨礙這種積極的前景。

And I think the economics associated with that growth would very much look like our traditional profile, but we'll lever extremely well. Some of the facility consolidations that we're executing on this year will be foundational, some of that margin improvement. And then two, just as we've proven here, as we progress through the year, the team's ability to go out and capture incremental price to deal with some of the supply chain issues and rising inflation, it will be bedrock as we go forward if that inflationary environment continues on for a couple of more quarters.

我認為與這種成長相關的經濟效益與我們的傳統模式非常相似，但我們將非常有效地利用槓桿。我們今年正在實施的一些設施整合將起到基礎性作用，有助於提高利潤率。其次，正如我們在這裡所證明的那樣，隨著我們一年的推進，如果通膨環境持續幾個季度，團隊有能力應對供應鏈問題和不斷上升的通膨，並抓住增量價格，這將成為我們未來發展的基石。

Our next question comes from the line of Allison Poliniak with Wells Fargo.

我們的下一個問題來自富國銀行的 Allison Poliniak。

I just want to turn to the incrementals. I know, Bill, you had mentioned from a corporate perspective that discretionary reinvestment, we're going to step up a bit here, which makes sense. But are there any notable changes as we kind of think across the segments? I know each segment has its own specific challenges that might be altered sort of in the near term as I think about the back half?

我只想談談增量。比爾，我知道，你從企業角度提到了自主再投資，我們會在這方面有所提升，這很合理。但是，當我們考慮各個細分市場時，有什麼顯著的變化嗎？我知道每個細分市場都有其獨特的挑戰，這些挑戰可能會在短期內有所改變，就像我在考慮下半年的情況一樣。

No. I mean, I think outside of FMT and there's 2 things, I think, we highlighted within the quarter, one, some of the challenges we have with our facility consolidation and energy; and then just the year-over-year comp for FMD and the pressure that that's putting on FMT's margin. Last year, they were at record backlog levels and had some really large projects. So the second and third quarter, that will weigh more on FMT's margins year-over-year. But outside of that, the other 2 segments should perform pretty consistently with how they've done in the first half of the year.

不。我的意思是，除了FMT之外，我認為本季度我們重點強調了兩件事：一是我們在設施整合和能源方面面臨的一些挑戰；二是FMD的同比表現，以及這給FMT利潤率帶來的壓力。去年，他們的積壓訂單量創歷史新高，而且有一些非常大的項目。因此，在第二季和第三季度，這些因素將對FMT的利潤率造成更大的年比壓力。但除此之外，其他兩個部門的表現應該會與上半年的表現相當一致。

Got it. And then I just want to just confirm what I hear on the price/cost spread. You said it was a little bit compressed near term, which makes sense. Do we assume that we exit '21 with, I would say, what is a more normalized spread for you guys there?

明白了。然後我想確認一下我聽到的關於價差的資訊。您說短期內價差有點壓縮，這很有道理。我們是否假設在2021年結束時，對你們來說，更正常的價差是多少？

Exactly. Yes.

確實如此。是的。

Our next question comes from the line of Nathan Jones with Stifel.

我們的下一個問題來自 Stifel 的 Nathan Jones。

I want to just follow up on Flow MD. You obviously had a pretty big impact in the quarter. Can you maybe just give us a little bit more color on recent order trends, recent backlog trends there? When do you think that will switch from being a drag to being a tailwind as that business returns to some growth?

我想跟進一下Flow MD的情況。顯然，您在本季做出了很大的貢獻。能否再詳細談談最近的訂單趨勢和積壓訂單趨勢？您認為，隨著業務恢復成長，這些因素何時會從拖累變成推動力？

Sure. I mean that's -- it's -- like it's a tough story for that business. They had -- they were burning backlog nicely, sort of right at the point of acquisition. And of course, COVID came along and devastated a lot of the core markets there. And it's a little bit more project intensive than the average IDEX business, just by the nature of what they do. These are the large units that are going out there and custody transfer in large pipeline projects and things like that.

當然。我的意思是，這對他們來說確實是一個艱難的時期。他們當時正在積極處理積壓訂單，差不多是在收購的時候。當然，新冠疫情爆發，摧毀了那裡的許多核心市場。而且，就其業務性質而言，他們的專案密集程度比一般的IDEX業務要高一些。他們負責大型機組的作業，以及大型管道項目的保管交接等等。

So -- and then if you think of that environment, I mean, there's been a couple of very sort of public shocks in that particular area as well. We're just -- right now, the spend is very intensive towards some other things, simple maintenance and those kind of items. So I think it's going to be a little while before that breaks.

所以——如果你考慮到當時的環境，我的意思是，那個特定地區也發生了一些非常嚴重的公共衝擊。我們現在的支出主要集中在一些其他方面，例如簡單的維護之類的。所以我認為這種情況還需要一段時間才能結束。

That said, the international markets are a little different than what we're seeing here in North America. They're generally more favorable. That business has been pointed towards those strategically long before we bought them and continue that way. So we think that's a nice extension for it. But I think as we saw even with the events that happened here a little bit recently, it didn't take too many days for things to be offline before our economy felt it. And this business makes them incredibly great and nice pieces of technology that are very useful in that continuum.

話雖如此，國際市場與我們在北美看到的略有不同。它們通常更有利。早在我們收購這些業務之前，我們的業務就已在策略上瞄準這些市場，並將繼續保持這種勢頭。因此，我們認為這是一個很好的延伸。但我認為，正如我們所看到的，即使最近發生了一些事件，我們的經濟也很快受到影響，而這些業務很快就停產。而我們的業務使它們成為極其優秀和實用的技術，在整個過程中非常有用。

So we like it from the long term and what it does. We think the prospects long term are positive in nature. But I think it's going to take a while for the spend here because of the nature of it and where it's happening to break free.

所以，從長遠來看，我們看好它以及它目前的表現。我們認為它的長期前景本質上是正面的。但我認為，鑑於其性質和發展方向，這方面的支出需要一段時間才能真正釋放出來。

So on a sequential basis, have we at least kind of hit the bottom? Or is there still more down here in your opinion?

那麼，按順序來看，我們至少已經觸底了嗎？或者您認為還會進一步下跌？

No, I think the bottom is a fair characterization.

不，我認為底部是一個公平的描述。

Okay. And then I just wanted to follow up on the digital investment that you made in Fire & Rescue. Any color you can give us around what that is? What the future digital investments look like for IDEX? And how you expect that to impact a variety of your businesses?

好的。然後我想跟進一下你們在消防救援部門的數位投資。能具體介紹一下嗎？ IDEX 未來的數位化投資是什麼樣的？您預期這會對你們各項業務產生什麼影響？

Yes. Yes. So I mean, look, it's really small. But from time to time, I think that's the nature of what some of these things will be. I will tell you it extends some of the things we've been working on anyway and talking about. I think for a while now, we've talked about some great work that we're doing to automate how that job happens. So replacing a sea of levers and gauges and fully with a touchscreen, and we've got some outstanding products that we sell to automate that now. This small extension allows you to take some of that data off the truck, essentially, make it more affordable and available to be used in other areas for firefighters.

是的，是的。我的意思是，你看，它真的很小。但有時，我認為這就是某些事物的本質。我會告訴你，它擴展了我們一直在研究和討論的一些事情。我想，一段時間以來，我們一直在談論一些我們正在做的很棒的工作，以實現工作自動化。所以，用觸控螢幕完全取代大量的槓桿和儀表，我們現在有一些優秀的產品可以實現自動化。這個小小的擴充可以讓你從消防車上取得一些數據，本質上，它更便宜，也更適合消防員在其他領域使用。

So it's -- I think it's a good example of the kind of things we'll probably see from time to time from IDEX where there's some job that we're doing and there's a way to enhance it and make it a lot more valuable. And sometimes it actually comes in very small, little transactions like this one. And so it's an indicator of things to come and levers, nice scale that we have in Fire & Rescue and a lot of things we've been working on for a number of years.

所以——我認為這是一個很好的例子，我們可能會不時從IDEX看到類似的情況，我們正在做的一些工作，有辦法改進它，讓它更有價值。有時，它實際上發生在非常小的交易中，就像這次一樣。所以，它預示著未來的發展，以及我們在消防救援領域擁有的良好規模，以及我們多年來一直在努力的許多事情。

Is this kind of technology transferable to other parts of the portfolio? Or is this really a discrete kind of thing?

這種技術可以轉移到投資組合的其他部分嗎？還是它真的是一種獨立的東西？

It could be. We didn't select it for that reason. You never say never. There's things here that you can imagine would happen in other places. We'd be careful given the small size of it. And just we're kind of an 80-20 organization anyway. So let's focus on the job we need to do at hand. But I wouldn't rule that out entirely.

有可能。我們選擇它並不是因為這個原因。世事難料。這裡發生的事情，在其他地方也可能發生。考慮到規模小，我們會謹慎行事。而我們本來就是一個80-20的組織。所以，還是專注於手邊需要完成的工作吧。但我不會完全排除這種可能性。

Our next question comes from the line of Scott Graham with Rosenblatt Securities.

我們的下一個問題來自羅森布拉特證券公司的斯科特·格雷厄姆。

A couple of questions maybe around price/cost. I know -- I've heard all of the commentary. Would you be able to tell us what price/cost actually was in the quarter? What that gap was?

可能有幾個問題是關於價格/成本的。我知道——我已經聽到了所有的評論。您能告訴我們本季的實際價格/成本是多少嗎？差距是多少？

Yes. I mean we said our historical price/cost spread is somewhere around 20 -- or excuse me, 30 to 40 basis points, and we compressed a little bit under 20 within the quarter. And again, the pricing actions that we've taken -- we look to be back at that normal level here as we progress through the back half of the year.

是的。我的意思是，我們之前說過，我們的歷史價差大約在20個基點左右，或者不好意思，30到40個基點，而我們在本季度將其壓縮到了20個基點以下。再說一次，我們採取的定價措施——隨著下半年的推進，我們預計會回到正常水平。

Got it. The other thing I was going to ask is certainly around projects because some of these things obviously can be very lucrative to you because they are -- the customer chooses you to do something that gives us pricing power in there. I was just wondering kind of like, are you -- do you think that based on what you're seeing out there, some of this quoting activity that you're hearing about through distribution, is this a conversion into, let's say, the early part of next year? I mean you guys have a lot of experience on this stuff. So when in this sort of funky cycle that we're in, when do you start to see -- when would you normally start to see that? Is that early next year, you'll -- potential?

明白了。我想問的另一件事當然是關於項目，因為有些項目顯然能為你帶來豐厚的利潤，因為客戶選擇你做某件事，我們才能掌握定價權。我只是想知道，根據你目前看到的情況，以及你透過分銷管道聽到的一些報價活動，你認為這是否會轉化為，比如說，明年年初？我的意思是，你們在這方面經驗豐富。那麼，在我們所處的這種不穩定的周期中，你什麼時候開始看到──通常什麼時候會開始看到這種情況？是明年年初嗎？

I mean like it varies to some degree, but I would say the median of that distribution, I'd say, if you're talking about it now at the distributor level, there's things that we would have to do to be involved in terms of specifications and then there's standard lead times. We're usually not the longest one anyways. It is the other parts that would go into a project.

我的意思是，這在某種程度上有所不同，但我想說的是，如果你現在談論分銷商層面，那麼這個分佈的中位數，我們必須參與到規格方面的事情，然後還有標準交付週期。反正我們通常不是交付週期最長的。專案的其他部分也會參與其中。

So if I had to say where is the medium zone, it's probably the beginning of 2022, where a lot of it would actually be put in place, things of that nature. So -- but some could be sooner, some could be later. It again depends. This is a wide spectrum given the nature of IDEX. But probably the sweet spot, I'd say, you talk about it now through the back half, you plan it, you maybe get it booked and you'd see some of it run out into the beginning part of next year.

所以，如果一定要我說中間階段在哪裡，那可能是2022年初，很多事情都會在那時真正落實到位，諸如此類。所以——但有些可能更早，有些可能更晚。這又要看情況。考慮到IDEX的性質，這是一個很廣泛的範圍。但我認為，最佳時機可能是，你現在就討論到下半年，你計劃好了，也許已經預訂好了，你會看到其中一些項目會在明年年初用完。

Got it. Got it. And last question. Same for you, Eric. So you talked around the -- why the organic was maybe a little bit below the guide. Is essentially what you're saying here is that those delays moved from 2Q to 3Q, which is maybe why 3Q is sort of like an outsized organic?

明白了，明白了。最後一個問題。艾瑞克，你也一樣。所以你談到了——為什麼有機成長可能略低於預期。你在這裡說的本質上是，這些延遲從第二季度轉移到了第三季度，這也許就是為什麼第三季度的有機成長有點像一個超大的數字？

Well, I mean, look, anything that was constrained on our side, of course, if people still want it, it's going to move into the next place. I mean for what we're ultimately thinking about, not just us but everybody, is how you go to that next level of output and throughput and capacity. And of course, as you know, we're kind of low on the food chain in a lot of places. So it's only as good as everybody being able to make a move up at this point.

嗯，我的意思是，你看，任何在我們這邊受到限制的東西，當然，如果人們仍然想要，它就會轉移到下一個地方。我的意思是，我們最終考慮的，不僅僅是我們自己，而是所有人，是如何將產量、吞吐量和產能提升到一個新的水平。當然，如你所知，我們在很多地方都處於食物鏈的低端。所以，只有在目前這個階段，每個人都能向上邁進才算好。

So I think right now, where we are is a lot of things has kind of stabilized around this reality. Everybody is working on it. That's included. We're coming up in the fall. Maybe labor availability for people that are more labor intensive, that gets better. I think that's the kind of ramp that you would start to see. It's less a complex math problem and more just ultimately people working like crazy to figure out a way to get to a place where you can process more of the backlog that many of us have.

所以我認為，目前我們的情況是，很多事情已經圍繞著這個現實穩定下來。每個人都在為此努力，包括我們自己。秋季即將到來。也許對於那些勞力密集型企業來說，勞動力的可用性會有所改善。我認為你會開始看到這種成長。這與其說是一個複雜的數學問題，不如說是人們最終拼命工作，想辦法處理更多積壓的工作。

Understood. And I promise this is my last question. This is the time of the year where your predecessor started to talk about sort of a construct around 2022 sales. That was kind of what my earlier question was starting to get to. Is there anything you could offer on 2022 at this point, Eric?

明白了。我保證這是我的最後一個問題。今年這個時候，您的前任開始談論2022年的銷售目標。我之前的問題也牽涉到這個。艾瑞克，您現在能談談關於2022年銷售額的計畫嗎？

I would not want to do that. Maybe this would normally be the time. But I mean there's a lot of variables still out there, including one we haven't talked about yet here today, which is the nature of our -- virus go and things of that sort. So I just -- it would be too speculative and wouldn't really, I think, imply a lot.

我不想那樣做。也許現在通常是時候了。但我的意思是，還有很多變數，包括我們今天還沒談到的一個變數，那就是我們的病毒傳播的性質等等。所以我覺得──這太具推測性了，而且我認為並不能真正說明很多問題。

I think, look, we generally feel, as I said before, that we think that the strong winds at our back are going to continue. We know that we and others are working to elevate capacity and throughput, which is going to be beneficial to all of us. And there's just a function out there that eventually variables have a tendency to smooth over time and they become expectation, and we see all of those things leading up for more positive days ahead.

我認為，正如我之前所說，我們普遍認為，我們背後的強勁動力將會持續下去。我們知道，我們和其他人正在努力提高產能和吞吐量，這將對我們所有人都有好處。而且，隨著時間的推移，變數最終會趨於平滑，並成為預期，我們看到所有這些都將為未來帶來更積極的影響。

Our next question comes from the line of Matt Summerville with D.A. Davidson.

我們的下一個問題來自 D.A. Davidson 的 Matt Summerville。

A couple of questions. Pricing has come up a couple of times here in the Q&A. And I was just wondering, Bill, if you could provide in absolute terms what your price realization was through the first 6 months of the year and how much incremental price capture you're looking for to get back into that 30, 40 basis point spread you typically aim to be in, please.

有幾個問題。在問答環節中，定價問題出現了幾次。比爾，我想知道，您能否以絕對值的形式提供一下今年前六個月的價格實現情況，以及您希望獲得多少增量價格捕獲才能回到您通常想要的30到40個基點的利差？

No. I mean we were close to a little over 1 point in the first half, and we're going to accelerate from that in the back half would be kind of the framework I'd give you.

不。我的意思是，我們在上半場的領先優勢接近 1 分多一點，而我們將在下半場加速，這就是我給你的框架。

And then given your answer to an earlier question, Eric, a steady state of tough or bad or whatever sort of word you used when talking about supply chain. Is that resulting, I would imagine, in similar anxiety among your customer base with you being a supplier to them? In that sense, do you get the sense that they're pulling forward demand, they're over-ordering? Can you talk about what you're seeing in terms of sell-in and sell-through into your distribution channels, please?

艾瑞克，關於你之前問題的回答，你談到供應鏈時，總是用「艱難」或「糟糕」之類的字眼。我想，這是否會導致你的客戶群對你作為供應商的焦慮感也隨之而來？從這個意義上講，你是否感覺到他們在提前需求，訂購過多？能否談談你觀察到的通路的銷售情況？

Yes. So I would say like we've had this question now for a couple of quarters. And generally, as you know, we do a lot of customized products, a lot of things that are very, very hyper specific. They don't have a lot of like just high-volume stocking orders and things like -- parts. So we're not a great company to stock a lot of material.

是的。我想說，這個問題我們已經存在好幾個季度了。總的來說，如你所知，我們做很多客製化產品，很多產品都非常非常特殊。他們沒有很多像大批量庫存訂單和零件之類的東西。所以我們不是一家擅長儲存大量材料的公司。

That being said, I probably would point to this quarter as a higher number of that. We're just because of -- I mean our own lead times are extending, and that's an unusual occurrence. We're aggressively doing some things on price, us and everybody else. So there's -- I don't think it's a giant number for this. It just kind of can't be. But it's in there, more than we've seen before in terms of people trying to get a place in line or potentially say, hey, can I -- I'll take a risk here and so I can avoid part of the price increase. But it's a point or 2 of the company. It's not a giant part, only applies in 2.

話雖如此，我可能會認為本季的數字會更高。我們只是因為——我的意思是，我們自己的交貨週期正在延長，這是不尋常的現象。我們正在積極地對價格採取一些措施，包括我們自己和其他人。所以——我認為這個數字不會很高。不可能很高。但它確實存在，比我們以前見過的要多，比如那些想排隊的人，或者可能會說，嘿，我可以——我願意在這裡冒險一下，這樣我就可以避免部分價格上漲。但這只占公司利潤的1%或2%。這不是很大的一部分，只適用於2%。

This distribution, you go to a lot of our distributors, you're not going to see a lot of product on the shelf, mainly because of just the model. It often needs to be customized at the last minute to some regard. We have quick lead times anyway. It doesn't add a lot of value to sit on a shelf somewhere and make that guess.

這種分銷方式，你去我們很多經銷商那裡，貨架上不會有很多產品，主要是因為型號不同。產品通常需要在最後一刻根據某些方面進行客製化。反正我們的交貨時間也很快。把產品放在貨架上，然後胡亂猜測，並不能帶來多少價值。

So I guess long story short, we have probably a higher incidence of this than we typically do. But because of the nature of IDEX, it's still a really, really low number for us.

長話短說，我們這種情況的發生率可能比平常高。但由於IDEX的性質，對我們來說，這個數字仍然非常非常低。

Our next question comes from the line of Rob Wertheimer with Melius Research.

我們的下一個問題來自 Melius Research 的 Rob Wertheimer。

I was thinking the comments you made in the prepared remarks on CapEx, spending opportunities, advanced manufacturing, and I wondered if you could expand on really in whatever direction you like, but I was curious about ROI versus inorganic investment right now, maybe specific margin improvement on projects that you're doing related to that. Maybe how far down the road you are ongoing for a long time or if there's a real shift here and what it could mean for margin potential over time. Just love to hear more about it.

我一直在思考您在準備好的發言中關於資本支出、支出機會和先進製造業的評論，想知道您是否可以就任何您喜歡的方向進行擴展，但我很好奇目前的投資回報率 (ROI) 與非晶態投資 (Non-Inorganic Investment) 之間的關係，以及您正在進行的與此相關的項目的具體利潤率提升情況。或許您可以問一下，您計劃長期堅持多久，或者這方面是否真的發生了轉變，以及這對長期的利潤潛力意味著什麼。我很想聽聽您對此的更多看法。

All right. So look, we don't have a lot of CapEx intensity at IDEX, anyway. But it is a ramp-up from where we've typically been. A lot of it is attributed to the story around emerging markets for us, where we're taking very deliberate actions in both our areas of concentration in China and India to make long-term infrastructure bet over there to support a really, really, really good local-to-local capability set that we have. So there's a big driver there that, of course, doesn't reoccur all that often.

好的。所以，你看，IDEX 的資本支出強度本來就不高。但比起以往，現在有所提升。這很大程度歸功於我們在新興市場的佈局。我們在中國和印度這兩個重點領域都採取了非常謹慎的行動，在那裡進行長期基礎設施投資，以支持我們現有的非常非常優秀的本地對本地能力。所以，這裡面有一個重要的驅動因素，當然，這種因素並不常出現。

Outside of that, a next level down in the category of doing it more than we used to would be things like factory floor automation. The technology available is pretty phenomenal today. And the cost points have come down to the point where even in our world, it makes sense from time to time to put a robot where somebody was standing for, particularly when we've got some labor availability issues and a lot of it is high technology based. So those are projects -- I think there's a graphic on the slide deck that I used, it's something that we're actually using in that area.

除此之外，比以往更進一步的措施是工廠車間自動化。如今可用的技術已經相當先進。成本也已經下降到即使在我們這個時代，有時用機器人代替人工也是合理的，尤其是在勞動力短缺、且許多工作都基於高科技的情況下。所以，這些都是專案——我記得我用過的幻燈片裡有一張圖，是我們在這個領域實際使用的東西。

That's just -- I mean, it's a great lever of operational productivity. It doesn't necessarily inflect the curve too tremendously. But it really helps us from a business perspective concentrate our efforts on very talented people and putting them in the areas where we're growing the company and drawing from within as opposed to having to go out on the outside. Bill, anything to add?

這只是——我的意思是，它是提升營運效率的重要槓桿。它不一定能大幅改變曲線。但從業務角度來看，它確實幫助我們將精力集中在非常有才華的人身上，並將他們安排到公司發展的領域，從內部吸引人才，而不是從外部招募。比爾，還有什麼要補充的嗎？

I would say that the returns on those investments are our highest return investments we can make. I mean generally 2 or 3x what we do on the inorganic side. Because the return profile and the margin impact, these are kind of 12- to 18-month return profiles for things on both the productivity and then the growth side.

我想說，這些投資的回報是我們能做到的最高回報。我的意思是，通常是我們非有機投資回報的兩到三倍。因為回報曲線和利潤率的影響，這些回報曲線大致相當於12到18個月的回報曲線，涵蓋了生產力和成長兩個面向。

Our next question comes from the line of Joseph Giordano with Cowen.

我們的下一個問題來自 Cowen 的 Joseph Giordano。

This is Francisco on for Joe. Could you talk a little bit about -- just give us some detail on what you're seeing on municipal budgets and any sort of expectations there around the infrastructure bill as well?

我是弗朗西斯科，請喬提問。您能否稍微談談您對市政預算的看法，以及對基礎設施法案的預期？

Sure. Well, I mean there's always an interesting dynamic there. I mean, I would say, number one, the financial positions of most municipalities certainly here in the United States are probably thought to be better than they were, let's say, a year ago. It's a lot of the stimulus money and things like that comes in and tax receipts generally have been higher. So I think just overall financial condition is good.

當然。嗯，我的意思是，那裡總是存在著有趣的動態。我的意思是，我想說，首先，大多數美國市政當局的財務狀況可能被認為比一年前更好。因為有很多刺激資金之類的東西進來，而且稅收收入普遍較高。所以我認為整體財務狀況良好。

Your question on the infrastructure spend thing is interesting. I mean there's always a question of how long do you go from a concept to an actual project-based reality and how long that takes. Ultimately, there's different parts of IDEX where that would actually help us in a good way. I'd point to our water business is one of them. There's a lot of talk in that about water infrastructure and the criticality there. I mean one of our businesses does an awful lot of great work on sort of flow monitoring studies, which ultimately support CapEx projects. Like you have to do one to then determine what it is you're going to buy in terms of CapEx.

你關於基礎設施支出的問題很有趣。我的意思是，總是有一個問題：從概念到實際的專案落地需要多長時間，以及這需要多長時間。最終，IDEX 的不同部門都能從中受益。我想指出，我們的水務業務就是其中之一。關於水務基礎設施及其關鍵性的討論很多。我的意思是，我們的一個部門在流量監測研究方面做了很多出色的工作，這些研究最終支持資本支出項目。你必須先進行一項研究，然後才能確定要購買哪些資本支出。

So I think we're well positioned there, and there are some other pockets as well. But like always, it probably will take longer to play out and run through the system than we might imagine. But I would put it in the category just like in -- they're seeing, I think, from receipts and economics that it's positive and certainly in a position that's better than I might have imagined it would be as we went into a pandemic.

所以我認為我們在這方面處於有利地位，而且還有其他一些機會。但像往常一樣，它可能需要比我們想像的更長的時間來發揮作用並在整個系統中運作。但我會把它歸類為——我認為，從收入和經濟效益來看，它的表現是積極的，而且肯定比我在疫情爆發時想像的要好。

That's very helpful. And if you could maybe talk a little bit about your expectations for Fire & Rescue. I know you guys have it down for the market outlook, but maybe a little bit more longer term, what drives the recovery there?

這很有幫助。您能否談談對消防救援產業的預期？我知道你們對市場前景已經有所預期，但或許可以更長期地談談，是什麼推動了消防救援產業的復甦？

Well, sure. I mean our Fire & Rescue business is -- I mean, they're phenomenal businesses. We've added to them over the years. We've got a nice scalable concentration, and it's one of our most geographically dispersed business.

嗯，當然。我的意思是，我們的消防和救援業務——我的意思是，它們是非凡的業務。這些年來，我們一直在拓展這些業務。我們的業務集中度具有良好的可擴展性，而且它是我們地理分佈最分散的業務之一。

You start with the premise that we've got incredible assets in that space. We've always said it was kind of a mature, steady market for us as a backdrop overall. A couple of things going on there that at least in the near term probably put it into the red zone most for us. One is that industry is even before the pandemic was struggling with output execution around chassis and trucks and things and in a couple of different geographies. Obviously, what's going on now isn't making that better. And so just backlogs on fire truck continues to be as long as it was a year ago, if not longer. So you have a little bit of a moderation effect there.

首先，我們在這個領域擁有令人難以置信的資產。我們一直說，總體而言，這對我們來說是一個成熟且穩定的市場。但在那裡發生的一些事情，至少在短期內，可能會讓我們陷入最危險的情況。其一，即使在疫情爆發之前，該行業在幾個不同地區的底盤、卡車等產品的產出執行上就舉步維艱。顯然，現在的情況並沒有改善這種情況。消防車的積壓訂單仍然和一年前一樣長，甚至更長。所以，這其中存在一些緩和效應。

And then on the emerging markets side, specifically China, and we definitely see -- we've seen a couple of ways now of push for localization versus -- in our case, we actually do a fair amount of imported products into that zone to complement our local brand there as well. And I don't think -- long term, that hasn't necessarily impacted us, but it does impact us from a timing perspective, tends to keep tenders captive until we sort of see how it runs out. And so that's maybe the new element on top of the existing element and basically as a pretty steady market anyways.

然後是新興市場方面，特別是中國，我們確實看到了——我們現在已經看到了幾種推動本地化的方式——就我們而言，我們實際上將相當數量的進口產品引入該地區，以補充我們在那裡的本地品牌。我認為——從長遠來看，這不一定會影響我們，但從時間角度來看，它確實會影響我們，往往會讓我們的招標項目停滯不前，直到我們看到招標活動結束。所以，這可能是現有因素之上的新因素，基本上可以說這是一個相當穩定的市場。

I always encourage people when they think about it, this is where like what we're doing in terms of our application sets on a critical job matters. So like the discussion we had earlier about automation and the things that we're doing to change the nature of the job is the exciting element with great, well-positioned global assets on a -- you can still think of it as a mission-critical job, very steady state. Generally, it's going to be something that's supported in the long term with funding and things. But it does go through certain ebbs and flows. And right now, it's on one of the more red not green zones, but we think long term is going to be fine.

我總是鼓勵人們思考這個問題，這正是我們在關鍵工作中應用集所做的事情。就像我們之前討論的自動化以及我們正在做的改變工作性質的事情一樣，這是一個令人興奮的因素，我們擁有大量、佈局良好的全球資產——你仍然可以把它看作是一項關鍵任務，處於非常穩定的狀態。一般來說，它會得到資金和其他方面的長期支持。但它確實會經歷一定的波動。目前，它處於一個更紅的區域，而不是綠區，但我們認為長期來看會很好。

Our next question comes from the line of Bryan Blair with Oppenheimer.

我們的下一個問題來自奧本海默公司的布萊恩布萊爾。

I wanted to quickly follow up on Nathan's question regarding your digital investment in Fire & Rescue. Any color you can provide on how we should think about that technology an extension of SAM capabilities?

我想快速跟進一下Nathan關於你們在消防救援領域的數位投資的問題。您能否具體解釋一下，我們該如何看待這項技術作為SAM功能的延伸？

Well, I think without spending too much time on lots of details here, you can think of it, what the SAM unit, and for the others on the call, this is essentially the brand name or the trade name for the automation that we do within a mobile application. That brings together a lot of important data points, some of which are related to our hardware, some are related to others that are in that mobile platform. And you can think of it in the simplest way as this technology allows it to come off the truck. It's a way to make that happen, to make it more mobile and less truck-based.

嗯，我想不用在這裡花太多時間討論細節，你可以想像一下，SAM 單元是什麼，對於電話會議中的其他嘉賓來說，這本質上是我們在行動應用程式中實現的自動化的品牌名稱或商業名稱。它匯集了許多重要的數據點，其中一些與我們的硬體相關，一些與該行動平台上的其他數據點相關。你可以簡單地想像，這項技術允許它從卡車上卸下來。這是一種實現這一點的方法，使其更具移動性，而不是依賴卡車。

Okay. It sounds like a very natural extension. And you offered an understandably nuanced answer with regard to the actionability of the M&A pipeline. In simple terms, can you share the size of the funnel relative to pre-pandemic less?

好的。這聽起來很自然。而且，關於併購管道的可操作性，您給出了一個可以理解的細緻入微的答案。簡單來說，能否分享一下與疫情前相比，通路規模的縮小情況？

Yes. Certainly, in terms of ours, if we just listed up the things that are on there and added up to tens of transaction prices, it's larger. It's larger, I think, largely because of the work that we're putting in as we consider things and where we could go and how we could resource it with both people internal in the company and consider the firepower that we have to deploy. So yes, I think it's safe to say there's a larger funnel by potential transaction size.

是的。當然，就我們而言，如果我們把上面列出的所有東西都列出來，加起來有幾十個交易價格，規模肯定更大。我認為，規模更大，主要是因為我們在考慮各種因素時投入了大量精力，包括我們可以採取哪些行動，如何與公司內部人員合作，以及我們必須部署的火力。所以，是的，我認為可以肯定地說，潛在交易規模的漏斗更大。

There are no other questions in the queue. I'd like to hand the call back to management for closing remarks.

隊列中沒有其他問題。我想將電話交回給管理階層，請他們做最後發言。

Okay. Well, I'd like to thank you all for joining and spending some time with us here today. As we said in the prepared remarks in the beginning, I mean, really, really dynamic time with a lot of variables kind of swirling around. What we talk about in our business is we get all of that, we deal with that on a day-to-day basis. But at the end, we ask people to take a deep breath, kind of come back and recognize that when a world kind of goes through what it's going through, it has a lot of problems that need to be solved. And the IDEX technologies that we have and the people that we have that drive them, they made up well with these kind of demands.

好的。非常感謝大家今天加入我們，並與我們共度時光。正如我們在一開始的準備發言中所說，我的意思是，這是一個非常動態的時代，充滿了各種變數。我們在業務中談論的是，我們每天都會遇到所有這些問題，並處理這些問題。但最後，我們請大家深吸一口氣，回過頭來體認到，當一個世界經歷它正在經歷的事情時，它有很多問題需要解決。而我們擁有的IDEX技術和推動這些技術的人才，很好地滿足了這些需求。

So we've got well-positioned businesses. We've got incredible teams and talent. We're really, really focused. We're now to a phase of 80-20, where it's very, very intuitive. And we're putting that to work in what's, no doubt, a dynamic and variable environment. At the end, I think the trade winds here are very favorable. We believe very strongly in our near-term and our medium-term and ultimately the long-term prospects of the company, but recognize we kind of have to live moment to moment as we're going through this with an eye on the horizon. And I assure you that's the one that we're thinking about the most. Thanks again for joining us.

所以，我們的業務定位明確，擁有優秀的團隊和人才。我們非常非常專注。我們現在正處於「80-20」階段，非常依賴直覺。我們正在將這種直覺運用在一個無疑充滿活力和變化的環境中。最後，我認為目前的情況非常有利。我們非常看好公司的短期、中期以及最終的長期前景，但我們也意​​識到，在經歷這一切的過程中，我們必須活在當下，放眼未來。我向你們保證，這是我們最關注的。再次感謝你們加入我們。

Ladies and gentlemen, this does conclude today's teleconference. Thank you for your participation. You may disconnect your lines at this time, and have a wonderful day.

女士們，先生們，今天的電話會議到此結束。感謝各位的參與。現在您可以掛斷電話了，祝您擁有美好的一天。