藝達思 (IEX) 2024 Q2 法說會逐字稿

Hello, and welcome to the IDEX Corporation Q2 2024 earnings conference call and webcast. (Operator Instructions) As a reminder, this conference is being recorded. Is now my pleasure to turn the call 20 plus years, Vice President, Investor Relations and PA. Wendy, please go ahead.

您好，歡迎參加 IDEX 公司 2024 年第二季財報電話會議和網路廣播。（操作員指示）謹此提醒，本次會議正在錄製中。現在，我很高興向投資者關係和公共事務副總裁致電 20 多年。溫迪，請繼續。

Good morning, everyone. This is Wendy Palacios, Vice President of FP&A and Investor Relations for IDEX Corporation. Thank you for joining us for our discussion of the IDEX second quarter 2024 financial highlights. Last night, we issued a press release outlining our company's financials and operating performance for the three months ending June 30, 2024. The press release along with the presentation to be used during today's webcast can be accessed at our investor website at investors.idexcorp.com.

大家早安。我是 IDEX 公司 FP&A 和投資者關係副總裁 Wendy Palacios。感謝您加入我們對 IDEX 2024 年第二季財務亮點的討論。昨晚，我們發布了一份新聞稿，概述了該公司截至 2024 年 6 月 30 日的三個月的財務和經營業績。您可以在我們的投資者網站 Investors.idexcorp.com 上存取新聞稿以及今天網路廣播中使用的簡報。

Joining me today are Eric Ashleman, our Chief Executive Officer and President; and Abhi Khandelwal, our Senior Vice President and Chief Financial Officer. Following our prepared remarks, we will open the call up for your questions.

今天加入我的是我們的執行長兼總裁 Eric Ashleman；以及我們的資深副總裁兼財務長 Abhi Khandelwal。在我們準備好的發言之後，我們將開始徵集您的問題。

Turning to slide 2, please note that during today's call, we will present certain non-GAAP financial measures. We will also make forward-looking statements within the meaning of the federal securities laws, including statements regarding events or developments that we expect or anticipate will or may occur in the future.

轉向投影片 2，請注意，在今天的電話會議中，我們將介紹某些非 GAAP 財務指標。我們也將做出聯邦證券法意義內的前瞻性陳述，包括有關我們預期或預期未來將發生或可能發生的事件或發展的陳述。

These forward-looking statements are subject to risks and uncertainties. Actual results might differ materially from any forward-looking statements that we make today, and we do not assume any obligation to update that. Information regarding these factors may cause actual results to differ materially from these forward-looking statements. It's available on our website and in our SEC filings.

這些前瞻性陳述存在風險和不確定性。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，我們不承擔任何更新的義務。有關這些因素的資訊可能會導致實際結果與這些前瞻性陳述有重大差異。它可以在我們的網站和 SEC 文件中找到。

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

現在，我將把這個電話轉給執行長兼總裁 Eric Ashleman。

Thanks, Wendy, and good morning, everyone. I'm on slide 3. IDEX delivered against expectations in Q2, despite increasing macro uncertainty with both adjusted EBITDA margin and adjusted EPS coming in slightly above our previous guidance. I'd like to thank the IDEX teams around the world for their strong execution on behalf of our customers and shareholders.

謝謝，溫迪，大家早安。我在幻燈片 3 上。儘管宏觀不確定性增加，調整後的 EBITDA 利潤率和調整後的每股收益均略高於我們先前的指導，但 IDEX 第二季度的業績超出預期。我要感謝世界各地的 IDEX 團隊代表我們的客戶和股東所展現的強大執行力。

As mentioned on our first quarter call, we saw a noticeable uptick in industrial day rates in our closest to consumption FMT businesses in December. This continued through the end of February, but pulled back a bit in March as a surprisingly firm inflation report reduced the likelihood of near term interest rate relief.

正如我們在第一季電話會議中所提到的，我們看到 12 月最接近消費的 FMT 業務的工業日費率顯著上升。這種情況一直持續到 2 月底，但在 3 月有所回落，因為通膨報告出人意料地堅挺，降低了近期降息的可能性。

These daily order rates are largely stable now and in line with our original 2024 assumptions. However, as the US election cycle is coming to full daily view, creating even more uncertainty, given the perceived disparity of outcomes, we've seen a pullback in project commitments.

這些每日訂單率目前基本上已經穩定，符合我們最初的 2024 年假設。然而，隨著美國大選週期即將全面展開，考慮到結果的差異，帶來了更多的不確定性，我們看到專案承諾有所回落。

There's no talk of project cancellation, just a quarter to push to the right. We'll continue to watch these businesses as open, economic, and political questions are resolved for any early signs of inflection.

沒有談論項目取消，只是向右推四分之一。隨著開放、經濟和政治問題的解決，我們將繼續關注這些企業是否​​有任何早期變化的跡象。

Within the HST segment, we don't yet have enough growth catalysts to overcome the pressures facing our life science and analytical instrumentation markets. Our HST industrial markets are performing as described earlier for FMT with stable day rates and deferred project activity.

在 HST 領域，我們還沒有足夠的成長催化劑來克服生命科學和分析儀器市場面臨的壓力。我們的 HST 工業市場的表現如前文所述的 FMT 那樣，具有穩定的日費率和延期的項目活動。

Despite some encouraging discussions from our semiconductor customers asking us to get ready to launch to support the next cycle of growth, we just haven't seen it yet turn into accelerating releases or increased order positions.

儘管我們的半導體客戶進行了一些令人鼓舞的討論，要求我們準備好推出產品以支援下一個成長週期，但我們還沒有看到它轉變為加速發布或增加訂單頭寸。

We think we're close here as most major players are pointing to likely strong growth in 2025. Life sciences and analytical instrumentation performed in line with expectations with a strong focus on innovations to support the next cycle of growth and excellent productivity to support margins as we await market recovery. As we said at the beginning of the year, we believe we are unlikely to see positive inflection for these markets until 2025.

我們認為我們已經接近這個目標了，因為大多數主要參與者都指出 2025 年可能會出現強勁成長。生命科學和分析儀器的表現符合預期，在我們等待市場復甦時，重點是支持下一個成長週期的創新和支持利潤率的卓越生產力。正如我們在年初所說，我們相信在 2025 年之前這些市場不太可能出現正面的變化。

FSDP had a strong quarter. Our dispensing teams are performing exceptionally well within emerging markets. Their share gains within India are nicely offsetting much of the pressure from their North American markets as large retailers stepped back following a strong two year replenishment cycle.

FSDP 本季表現強勁。我們的配藥團隊在新興市場表現異常出色。他們在印度的份額成長很好地抵消了北美市場的大部分壓力，因為大型零售商在經歷了兩年強勁的補貨週期後退出了市場。

Our fire business continues to grow as industry throughput improves. They're also growing share through higher adoption of mobile platform automation.

隨著行業吞吐量的提高，我們的消防業務持續成長。他們還透過更多地採用行動平台自動化來增加份額。

Finally, BAND-IT was affected by softness in auto and industrial demand, but continues to deliver very strong above average profitability. Finally, we were thrilled last week to announce the acquisition of Mott. We'll talk a bit more about the company in a moment as we update our work within capital deployment.

最後，BAND-IT 受到汽車和工業需求疲軟的影響，但仍持續提供高於平均水準的強勁獲利能力。最後，我們上週很高興地宣布收購 Mott。當我們更新資本部署方面的工作時，我們稍後會更多地討論該公司。

Turning to slide 4. Although market headwinds persist, we are leveraging our strong technical and innovation capabilities as well as our close customer partnerships to position our business for growth across technology enabled markets and applications.

轉到投影片 4。儘管市場逆風依然存在，但我們正在利用強大的技術和創新能力以及密切的客戶合作夥伴關係，使我們的業務在技術支援的市場和應用領域中成長。

Our materials processing technology, MP350 Microlyser Processor won the Biotech Innovation Award at Interphex, the leading global pharmaceutical and biotechnology conference. The MP350 is designed for production scale cell disruption, which is used in the manufacturing of many biotech products such as antigens for vaccines and viral vectors supporting gene therapy.

我們的材料加工技術 MP350 Microlyser Processor 在全球領先的製藥和生物技術會議 Interphex 上榮獲生物技術創新獎。MP350 專為生產規模的細胞破碎而設計，用於製造許多生物技術產品，例如疫苗抗原和支持基因治療的病毒載體。

In the life sciences area, our new Melles Griot XPLAN CCG Lens Series imaging system released in February is providing customer access to superior quality optics with off-the-shelf lead time. This aligns with our strategy to deliver leading innovation and operational scale to support our customers from prototype to production, positioning us well for growth.

在生命科學領域，我們於 2 月發布的新型 Melles Griot XPLAN CCG 鏡頭系列成像系統使客戶能夠以現成的交貨時間獲得優質的光學元件。這符合我們的策略，即提供領先的創新和營運規模，以支援我們的客戶從原型到生產，為我們的成長做好準備。

During the second quarter, our intelligent water inspection team at IPEK launched Verisight Ultra. This inspection technology tackles challenging infrastructures with remote access and an intuitive digital interface, capturing and converting data into powerful insights in the inspection of wastewater management systems.

在第二季度，我們 IPEK 的智慧水檢查團隊推出了 Verisight Ultra。該檢查技術透過遠端存取和直觀的數位介面來應對具有挑戰性的基礎設施，捕獲數據並將其轉換為廢水管理系統檢查中的強大見解。

This is one of the many examples of how we're helping municipalities deliver clean water to their communities. We also received customer approval at our Trebor business for the next generation of sustainable ultrapure water heater and pump applications used to support the semiconductor wafer fabrication process.

這是我們如何幫助市政當局向其社區提供清潔水的眾多例子之一。我們的 Trebor 業務部門也獲得了客戶對用於支援半導體晶圓製造流程的下一代永續超純水加熱器和泵浦應用的認可。

The quantum XNT (sic -- see slide 4, "NXT" ) heaters have saved semiconductor manufacturers over 0.5 billion liters of ultrapure water this year alone. We anticipate this will provide long term growth as the semiconductor market reaccelerates.

光是今年，量子 XNT（原文如此，請參閱幻燈片 4，「NXT」）加熱器就為半導體製造商節省了超過 5 億公升超純水。我們預計，隨著半導體市場的重新加速，這將帶來長期成長。

And in our fire and safety group, our teams unveiled the WildCAT solution for brush trucks used to fight wild land fires. Through a touch screen application in the cab, firefighters can take control of essential water path functions while stationary or on the move in a much safer environment. With wildfire season clearly upon us in North America, this is a critical solution that can really make a difference.

在我們的消防和安全團隊中，我們的團隊推出了用於撲滅野外土地火災的灌木卡車的 WildCAT 解決方案。透過駕駛室中的觸控螢幕應用程序，消防員可以在更安全的環境中靜止或移動時控制基本的水路功能。隨著北美野火季節的臨近，這是一個能夠真正發揮作用的關鍵解決方案。

Now turning to our disciplined capital deployment initiative on slide 5. We continue to lever our strong balance sheet to tune our portfolio for profitable growth through strategic acquisitions. Last week, we announced the acquisition of Mott Corporation, a leader in the design and manufacturing of sintered, porous materials structures, and flow control solutions with deep material science knowledge and process control capabilities.

現在轉向投影片 5 中我們嚴格的資本部署計畫。我們繼續利用強大的資產負債表來調整我們的投資組合，透過策略性收購實現獲利成長。上週，我們宣布收購 Mott Corporation，該公司是燒結、多孔材料結構和流量控制解決方案設計和製造領域的領導者，並擁有深厚的材料科學知識和製程控制能力。

Mott develops highly engineered configurable mission critical solutions for scalable, high quality applications. Their business is complementary to our broader applied material science technology businesses within HST, including Muon, STC, and Optical Technologies.

Mott 為可擴展的高品質應用開發高度工程化的可配置任務關鍵型解決方案。他們的業務與我們在 HST 內更廣泛的應用材料科學技術業務（包括 Muon、STC 和光學技術）形成了互補。

And perhaps most impressively, they deliver for customers with an outstanding culture that fits really well with ours. We believe the addition of Mott will deliver value for IDEX via strong organic growth, EBITDA margin expansion to above HST average, and near term EPS accretion.

也許最令人印象深刻的是，他們為客戶提供了與我們非常契合的優秀文化。我們相信，Mott 的加入將透過強勁的有機成長、EBITDA 利潤率擴大至高於 HST 平均水平以及近期每股收益的成長，為 IDEX 帶來價值。

In addition to Mott, we acquired a small company Subterra on July 25. Subterra's technologies help digitize underground infrastructure. It will become part of the intelligent water platform within our FMT segment, adding an important piece to our analytics solution across wastewater collection systems.

除了 Mott 之外，我們還在 7 月 25 日收購了一家小公司 Subterra。Subterra 的技術有助於地下基礎設施數位化。它將成為我們 FMT 領域智慧水平台的一部分，為我們跨廢水收集系統的分析解決方案添加重要組成部分。

Finally, as we optimize our portfolio, we continually reconsider the long-term growth prospects for all of our businesses. Occasionally and typically with smaller companies that lack a path to scale, we decide to sell to an owner that can better maximize potential. During the second quarter, we divested Alfa Valvole for $45.5 million in cash. They operated within our FMT segment.

最後，當我們優化投資組合時，我們不斷重新考慮所有業務的長期成長前景。有時，通常情況下，對於缺乏規模擴張途徑的小公司，我們決定將其出售給能夠更好地發揮潛力的所有者。第二季度，我們以 4550 萬美元現金剝離了 Alfa Valvole。他們在我們的 FMT 部門運作。

With that, I'll turn it over to Abhi to discuss our financial results.

接下來，我會將其交給 Abhi 討論我們的財務表現。

Thanks Eric. Turning to the consolidated financial results on slide 6. Please note that all comparisons are against the prior year period unless otherwise stated. Orders of $773 million were up 1% on a reported basis and up 2% organically. We saw mid-single digit organic growth in FSDP and HST, which was partially offset by a mid-single digit decline in FMT driven by projects being pushed to the right.

謝謝埃里克。轉向幻燈片 6 上的綜合財務表現。請注意，除非另有說明，所有比較均與去年同期進行。訂單金額為 7.73 億美元，按報告計算成長 1%，有機成長 2%。我們看到 FSDP 和 HST 實現了中個位數的有機成長，但由於專案向右推而導致 FMT 中個位數的下降，部分抵消了這一增長。

Second quarter sales of $807 million was down 5% reported and 4% organically. We experienced an 11% decline in HST, while FMT and FSDP were essentially flat as compared to the prior year period.

第二季銷售額為 8.07 億美元，報告下降 5%，有機下降 4%。與去年同期相比，HST 下降了 11%，而 FMT 和 FSDP 基本持平。

Second quarter gross margin and adjusted gross margin were 45.4%, an expansion of 70 basis points driven by strong price cost and favorable operational productivity, partially offset by unfavorable mix, higher employee related costs and lower volume leverage.

第二季毛利率和調整後毛利率為45.4%，在強勁的價格成本和有利的營運生產力的推動下成長了70 個基點，但部分被不利的組合、較高的員工相關成本和較低的銷售槓桿所抵消。

Second quarter adjusted EBITDA margin was 27.8%, down 60 basis points. However, as compared to Q1, adjusted EBITDA was up 180 basis points. The strong sequential expansion highlights our team's continued focus on deploying 80%, 20% to drive profitability as we manage through challenging market dynamics.

第二季調整後 EBITDA 利潤率為 27.8%，下降 60 個基點。然而，與第一季相比，調整後的 EBITDA 成長了 180 個基點。強勁的連續擴張凸顯了我們的團隊在應對充滿挑戰的市場動態時，繼續專注於部署 80%、20% 的資源來提高獲利能力。

I will discuss the drivers of second quarter adjusted EBITDA on the next slide in a moment. On a GAAP basis, our Q2 effective tax rate was 21.2% versus 22.4% in the prior period. The decrease was primarily due to a discrete benefit from research and development incentive resolution related to prior years from an international taxing authority.

我稍後將在下一張投影片上討論第二季調整後 EBITDA 的驅動因素。以 GAAP 計算，我們第二季的有效稅率為 21.2%，而上一季為 22.4%。減少的主要原因是國際稅務機關與往年相關的研發獎勵決議帶來的離散效益。

Second quarter net income was $141 million, generating an EPS of $1.86. Adjusted net income was $156 million, with adjusted EPS of $2.6, down $0.12. Free cash flow for the quarter was $118 million, a decrease of 2%. We achieved a conversion rate of 75% of adjusted net income, a 310 basis point improvement on a year-over-year basis.

第二季淨利為 1.41 億美元，每股收益為 1.86 美元。調整後淨利為 1.56 億美元，調整後每股收益為 2.6 美元，下降 0.12 美元。該季度自由現金流為 1.18 億美元，下降 2%。我們實現了調整後淨利潤的 75% 轉換率，比去年同期提高了 310 個基點。

We have a strong balance sheet and this quarter we repaid $25 million of the $50 million previously outstanding debt under our term facility, and we paid $52.2 million in cash dividends. The dividend was 119th consecutive quarterly dividend payout.

我們擁有強大的資產負債表，本季我們根據定期貸款償還了先前未償債務 5,000 萬美元中的 2,500 萬美元，並支付了 5,220 萬美元的現金股息。此次股利是連續第 119 次季度股利支付。

Moving on to slide 7, which details the adjusted EBITDA drivers. For the second quarter, adjusted EBITDA decreased by $17 million. The 4% organic sales production unfavorably impacted adjusted EBITDA by $23 million flowing through at our prior year adjusted gross margin rate.

前往投影片 7，其中詳細介紹了調整後的 EBITDA 驅動因素。第二季調整後 EBITDA 減少 1700 萬美元。以上一年調整後毛利率計算，4% 的有機銷售產量對調整後 EBITDA 產生了 2,300 萬美元的不利影響。

The negative volume flow through was partially offset by strong price cost spread of 100 basis points in the quarter and operational productivity, resulting in a $13 million benefit over the prior year. In the quarter, we saw unfavorable mix driven by dispensing and lower overall industrial activity.

本季 100 個基點的強勁價格成本差和營運生產力部分抵消了負流量，從而比前一年實現了 1,300 萬美元的收益。在本季度，我們看到了由分配和整體工業活動下降所推動的不利組合。

These factors resulted in a negative 48.7% organic flow through. The impact of FX lowered adjusted EBITDA by $1 million, while acquisitions net of divestitures was flat on a quarter-over-quarter basis as the benefits from our acquisitions were offset by adjusted EBITDA from divested companies. This resulted in a negative 42.4% flow through for the second quarter.

這些因素導致有機流量為負 48.7%。外匯的影響使調整後的 EBITDA 降低了 100 萬美元，而扣除資產剝離後的收購淨額環比持平，因為收購帶來的收益被剝離公司的調整後 EBITDA 所抵消。這導致第二季的流量為負 42.4%。

I will now review segment level performance. Turning to slide 8 on FMT segment. In Q2, orders decreased 4% organically, driven primarily by the cyclical decline in the Ag market and-push-out of industrial project activity as Eric discussed in his opening remarks.

我現在將回顧部門層級的績效。前往關於 FMT 部分的幻燈片 8。正如艾瑞克在開場白中所討論的那樣，第二季訂單有機減少了 4%，這主要是由於農業市場的周期性下滑和工業項目活動的退出所致。

Organic sales were flat as lower volumes, particularly in our industrial system pump businesses were offset by continued strong price capture. More specifically, we are seeing stable day rates across industrials. We're seeing project spending push outs in the current macroeconomic climate.

有機銷售額持平，因為銷量下降（尤其是我們的工業系統泵業務）被持續強勁的價格捕獲所抵消。更具體地說，我們看到整個工業的日費率穩定。在當前的宏觀經濟環境下，我們看到項目支出不斷增加。

Our water businesses continue to benefit from strong municipal activity. While the Ag market is experiencing a cyclical downturn, our teams continue to make their own luck and we are pleased with our team's performance against the current backdrop.

我們的水務業務持續受益於強勁的市政活動。雖然農業市場正在經歷週期性低迷，但我們的團隊繼續創造自己的運氣，我們對我們團隊在當前背景下的表現感到滿意。

Adjusted EBITDA margin decreased 140 basis points due to higher discretionary spending, lower volume leverage and higher employee related costs, partially offset by strong price cost spread and favorable operational productivity.

由於可自由支配支出增加、銷售槓桿降低以及員工相關成本增加，調整後的 EBITDA 利潤率下降了 140 個基點，但部分被強勁的價格成本利差和良好的營運生產力所抵消。

Moving on to slide 9 on our HST segment. Despite slower than expected recovery in the semiconductor industry and delayed industrial projects due to demand softness, organic orders were up 5% year over year. Organic sales were down 11%, primarily driven by life sciences and analytical instrumentation markets.

繼續看 HST 部分的幻燈片 9。儘管半導體產業復甦速度慢於預期，且需求疲軟導致工業項目推遲，但有機訂單年增 5%。有機銷售額下降 11%，主要受到生命科學和分析儀器市場的推動。

While the market is experiencing a transitional period, we continue to work closely with our customers on innovation as we position ourselves for growth while we wait for the markets to recover. While we are seeing early signs of encouragement in our semicon end markets, we have not yet seen the inflection in our orders.

雖然市場正在經歷轉型期，但我們將繼續與客戶密切合作進行創新，在等待市場復甦的同時實現成長。雖然我們在半導體終端市場看到了鼓舞的早期跡象，但我們的訂單尚未出現變化。

In line with our FMT industrial businesses, our existing industrial businesses are also experiencing project push outs. Q2 adjusted EBITDA margin for HST improved 10 basis points year over year, primarily due to the net accretive impact of acquisitions and divestitures.

與我們的 FMT 工業業務一樣，我們現有的工業業務也正在經歷專案推出。第二季 HST 調整後 EBITDA 利潤率年增 10 個基點，主要是由於收購和資產剝離的淨增值影響。

On an organic basis, adjusted EBITDA margin decreased 20 basis points, driven by lower volume leverage, unfavorable mix and higher employee related costs, partially offset by operational productivity, strong price cost and lower discretionary spending. Sequentially, margins improved 150 basis points despite a sequential sales decline, which is a reflection of our strong focus on driving operational efficiency.

從有機角度來看，調整後的EBITDA 利潤率下降了20 個基點，原因是銷售槓桿率下降、不利的組合和員工相關成本上升，但部分被營運生產力、強勁的價格成本和可自由支配支出下降所抵消。儘管銷售額連續下降，但利潤率仍提高了 150 個基點，這反映了我們對提高營運效率的高度重視。

Now turning to slide 10. Organic orders in our fire and safety, diversified product segment were up 6%. Organic net sales were up 1% compared to the prior year, driven by price capture across all markets and continued dispensing project wins in emerging markets.

現在翻到投影片 10。我們的消防與安全、多元化產品領域的有機訂單成長了 6%。受所有市場價格捕獲以及新興市場持續分配項目勝利的推動，有機淨銷售額與前一年相比增長了 1%。

We are seeing positive trends within the fire and safety business as the OEMs continue to work that backlog down. BAND-IT saw weakness tied to auto and weaker industrial project activity. Q2 adjusted EBITDA margin declined 40 basis points year-over-year, primarily due to higher employee-related costs and lower volume leverage, partially offset by strong price cost and operational productivity.

隨著原始設備製造商繼續減少積壓訂單，我們看到消防和安全業務出現正面趨勢。BAND-IT 看到了與汽車和工業項目活動疲軟相關的疲軟。第二季調整後 EBITDA 利潤率年減 40 個基點，主要是因為員工相關成本上升和銷售槓桿下降，但部分被強勁的價格成本和營運生產力所抵銷。

With that I would like to provide an update on our outlook for the third quarter and full year on slide 11. Note that our guidance does not contemplate the impact from future acquisitions. For the third quarter, we project organic sales to increase 0% to 1% compared to prior year.

接下來，我想在投影片 11 上提供我們對第三季和全年展望的最新情況。請注意，我們的指導意見並未考慮未來收購的影響。對於第三季度，我們預計有機銷售額將比去年同期成長 0% 至 1%。

We anticipate an adjusted EBITDA margin of approximately 27% with GAAP EPS in the range of $1.6 to $1.66 and adjusted EPS in the range of $1.85 to $1.90. On a year-over-year basis, we expect low single digit organic sales decline in HST and FSDP and low single digit growth in FMT.

我們預計調整後的 EBITDA 利潤率約為 27%，GAAP 每股收益為 1.6 美元至 1.66 美元，調整後每股收益為 1.85 美元至 1.90 美元。與去年同期相比，我們預計 HST 和 FSDP 的有機銷售額將出現低個位數的下降，而 FMT 的有機銷售額將出現低個位數的成長。

Given our current view on the timing of end market recoveries, we are revising our full year outlook. We now expect revenue to decline 1% to 2% compared to our prior outlook of growth of 0% to 2%. Given the revised organic assumptions, we expect full year adjusted EBITDA margin of approximately 27% versus our prior outlook of approximately 28%.

鑑於我們目前對終端市場復甦時間的看法，我們正在修改全年展望。我們現在預計收入將下降 1% 至 2%，而先前的成長預期為 0% 至 2%。鑑於修訂後的有機假設，我們預計全年調整後 EBITDA 利潤率約為 27%，而我們先前的預期約為 28%。

We project GAAP diluted EPS to range from $6.85 to $6.95 compared to our previous guidance of $7.13 to $7.43, and adjusted EPS to range from $7.80 to $7.90 versus our previous outlook of $8.15 to $8.45. The update to our full year revenue guidance implies mid-single digit organic sales decline in HST with low single-digit growth in FMT and FSDP. We will continue to closely monitor the end markets while maintaining our focused effort on driving profitable growth.

我們預計GAAP 攤薄後每股收益為6.85 美元至6.95 美元，而我們先前的指引為7.13 美元至7.43 美元，調整後每股收益為7.80 美元至7.90 美元，而我們先前預期的為8.15 美元至8.45 美元。我們對全年收入指引的更新意味著 HST 有機銷售額出現中個位數下降，而 FMT 和 FSDP 則出現低個位數成長。我們將繼續密切關注終端市場，同時繼續專注於推動獲利成長。

With that, I will turn it over to Eric for closing remarks.

接下來，我將把它交給艾瑞克（Eric）做總結發言。

Thanks Abhi. I'm on slide 12. Today along the way, we touched on each of our key value drivers, organic growth, inorganic growth, and margin expansion. We continue to apply our IDEX operating model, and 80%, 20% philosophy across all aspects of our business. It frames our culture and drives our growth and profitability.

謝謝阿比。我在投影片 12 上。今天，我們談到了每個關鍵價值驅動因素：有機成長、無機成長和利潤擴張。我們繼續將 IDEX 營運模式和 80%、20% 理念應用於我們業務的各個方面。它塑造了我們的文化並推動我們的成長和獲利能力。

We are innovating and winning today with our best 80s customers in very attractive markets. We believe broader economic support will really amplify these efforts over time. We have stepped up inorganic efforts with a series of thematic proprietary acquisitions intended to drive above average growth in advantaged markets, and we continue to strip complexity out of our businesses to support maximum financial leverage and impact.

今天，我們正在與我們最優秀的 80 年代客戶一起在極具吸引力的市場中創新並贏得勝利。我們相信，隨著時間的推移，更廣泛的經濟支持將真正放大這些努力。我們透過一系列專題專有收購加強了無機努力，旨在推動優勢市場高於平均水平的成長，並且我們繼續消除業務的複雜性，以支持最大的財務槓桿和影響力。

Thanks again to our IDEX employees and partners around the world for all that you do to drive trusted solutions that improve lives. With that, I'll turn it over to the operator for your questions.

再次感謝我們世界各地的 IDEX 員工和合作夥伴為推動改善生活的值得信賴的解決方案所做的一切。這樣，我會將其轉交給接線員詢問您的問題。

(Operator Instructions) Mike Halloran, Baird.

（操作員說明）Mike Halloran，Baird。

Hey, good morning everyone.

嘿，大家早安。

Hi Mike.

嗨，麥克。

Hi Mike.

嗨，麥克。

Hi Mike.

嗨，麥克。

So let's start by understanding the change in the guide here. If I hear the comments right, Eric, be the underlying daily rates were relatively stable in the quarter. And demand commentary has I don't know, maybe a touch of optimism to it, but there's been more project push outs and timing related things.

因此，讓我們先了解指南中的變更。艾瑞克，如果我沒聽錯的話，本季的基本日利率相對穩定。我不知道需求評論是否樂觀，但有更多的項目推出和時間相關的事情。

So the core of the question is what's really changed from an end market dynamic as we move through the second quarter into the back half, the magnitude of the drop of the organic trends in the back half versus where it was previously, seems more severe than the comments you're making. So just kind of want to bridge the gap between the two, if you would.

因此，問題的核心是，當我們從第二季進入後半段時，終端市場動態真正發生了哪些變化，與之前相比，後半段的有機趨勢下降的幅度似乎比前半段更為嚴重。你正在發表的評論。所以如果你願意的話，我只是想彌補兩者之間的差距。

Yeah. So look, I think you hit the first part of it dead on here, I kind of walked and I went back a little further, kind of walked it from December all the way up to the present. And we've seen kind of this level of core rate stabilization since that initial pullback from the exuberance of Q1 right on that March time and it held through the quarter, and that's across the board in FMT, in the industrial like portions of HST.

是的。所以看，我想你已經把它的第一部分擊中了，我有點走，我又往前走了一點，有點從十二月一直走到現在。自從 3 月第一季的繁榮開始回落以來，我們已經看到了這種程度的核心利率穩定，並且這種情況在整個季度都保持不變，這在 FMT 和 HST 的工業類部分中都是如此。

I think the two components that are most different from us relative to the last guidance is we had anticipated some semicon launch in HST, and there's a lot of signal sent our way around ramps up in capacity. I mean, obviously that sector had trouble with it last time. It just didn't materialize into orders. And in fact, we had some deferments in that area pretty late in the late innings of the second quarter, pushed into the back half that we've now got to keep an eye on.

我認為相對於上一個指導意見，與我們最不同的兩個組成部分是我們預計 HST 中會推出一些半導體，並且我們發出了很多關於產能提升的信號。我的意思是，顯然該部門上次遇到了麻煩。它只是沒有具體化為訂單。事實上，我們在第二節後半局在該領域有一些推遲，推到了我們現在必須密切關注的後半部分。

The second piece, we never talk about project business as a massive part of IDEX, but I got to say that what changed here sort of mid-May on and we saw a lot of it in June, some of that continuing into July, I think it's paying off the two uncertainty elements that I talked about here.

第二部分，我們從不談論專案業務作為 IDEX 的重要組成部分，但我必須說，這裡發生的變化在 5 月中旬發生，我們在 6 月看到了很多變化，其中一些持續到 7 月，我我認為它正在抵消我在這裡談到的兩個不確定因素。

It's this notion of inflation and rate relief, and when it's going to come, which has been sort of out there since that March timeframe. Just a lot of political uncertainty is kind of the second thing. So we've had these conversations with distributors, OEMs. We've asked them about their own businesses, how you're thinking about it and you kind of consistently hear those two things.

這就是通貨膨脹和利率減免以及何時到來的概念，自三月的時間框架以來就一直存在。其次是政治上的不確定性。因此，我們與分銷商、原始設備製造商進行了這些對話。我們向他們詢問了他們自己的業務，你是如何看待它的，你一直聽到這兩件事。

And then for us, it's manifested, as I said in the opening comments, not as cancellation or pullback in resourcing but just approval loops that take longer to come together. So for us that played out. We saw in FMT and a few sectors, we saw it across some of the markets in HST, and we saw it in that frankly, the growth initiative file that we also referenced here that we were counting on to lift a bit for us in the back half.

然後，對我們來說，正如我在開場評論中所說，這並不是取消或撤回資源，而只是需要更長的時間才能完成的審批循環。所以對我們來說，這已經完成了。我們在FMT 和一些行業中看到了這一點，我們在HST 的一些市場中看到了這一點，坦率地說，我們在增長計劃文件中看到了這一點，我們也在這裡引用了該文件，我們希望在該文件中為我們帶來一點提升。

And in fact, some of those projects to have that same narrative and overhang. So I think the optimism through all of that is that ultimately, those questions are going to be resolved as they resolve the fact that these are still resourced, we're still engaged, we're still talking about what comes next.

事實上，其中一些項目具有相同的敘述和懸念。因此，我認為樂觀的是，最終，這些問題將得到解決，因為它們解決了這樣一個事實：這些問題仍然有資源，我們仍然參與，我們仍然在討論接下來會發生什麼。

I think that's where the comment, and the confidence comes from in the fact that it's sitting on a core foundation. Those day rates, what that tells you is the system is still operating, it's still effective, people are maintaining things and those two pieces together give you the long term view that I think eventually this sorts itself out.

我認為這就是評論和信心的來源，因為它是建立在核心的基礎上。這些日費率告訴你係統仍在運行，仍然有效，人們正在維護東西，這兩部分一起給你提供了長期的觀點，我認為最終會解決這個問題。

So the follow then up on that is how do you think this recovery curves and plays out? If you listen to your comments on a lot of the project activity still there, more push out, more timing oriented and some stability on the daily rates.

那麼接下來您認為這種復甦曲線和結果如何呢？如果你聽聽你對許多項目活動的評論仍然存在，更多的推出，更多的時間導向和每日費率的一些穩定性。

Is this a scenario when these things start hitting, we could see a pretty rapid recovery pace, not saying this year, not even asking for a timing component to it? Or are you thinking something a little bit more iterative and modest as we think about moving into '25?

這是不是一種情況，當這些事情開始發生時，我們可以看到相當快的恢復速度，而不是說今年，甚至不需要計時組件？或者，當我們考慮進入 25 世紀時，您是否正在考慮一些更迭代和謙虛的事情？

Because at the end of the day, it seems like you're saying in a lot of things that need to be really surfaced to be really positive about it. It's just a question of when they hit. And so just trying to understand the recovery time from your (multiple speakers)

因為歸根結底，你似乎說了很多需要真正表達出來才能真正積極的事情。這只是他們何時擊中的問題。所以只是想了解你的恢復時間（多個發言者）

Yeah. I'll kind of go through that in two dimensions. And I'm sure the second dimension we'll talk about as well in terms of the kind of core sectors in HST that have been pressured for a while. But if I start where I just left off on the last discussion, the uncertainty attributable to those two dynamics kind of interest rate and where that's going to go interest rate, travel and geopolitical situations, good shot those are resolved to some degree here as we close out the year.

是的。我將從兩個維度來討論這個問題。我確信我們也會討論第二個維度，即 HST 中受到壓力一段時間的核心部門。但如果我從上次討論的地方開始，由於這兩種動態利率以及利率、旅行和地緣政治局勢的走向，這些不確定性將在某種程度上得到解決，因為我們結束這一年。

We've seen in other occasions when things like that have been resolved and there's a lot of captive energy, things have started pretty aggressively. We'll have to see, I mean, rates have been high for a while now. Does it take a while to fire that engine back up again in terms of investments?

我們在其他場合看到過，當類似的問題得到解決並且有大量的被束縛的能量時，事情就開始了相當積極的情況。我的意思是，我們必須看看利率已經高了一段時間了。就投資而言，是否需要一段時間才能重新啟動引擎？

Q4 and what we see in kind of the book-to-bill ratio there, I think given just the nature of where the election is and where some of these other decisions are going to play out will be a key input for us to understand kind of rate of travel into '25.

第四季以及我們在那裡看到的訂單出貨比，我認為考慮到選舉地點的性質以及其他一些決定將在哪裡進行，這將是我們了解訂單出貨比的關鍵輸入進入'25的旅行率。

But I would say that the things that are embedded in those projects, the solutions that people are addressing with our technology, things that are being elongated now, I mean, frankly, they're overdue, they need to happen. We've kind of talked about this for a while. And I think I'm pretty optimistic that those ultimately get deployed and get deployed in a way that's favorable for us as we go forward.

但我想說的是，這些項目中嵌入的東西，人們用我們的技術解決的解決方案，現在正在延長的東西，我的意思是，坦率地說，它們已經過期了，它們需要發生。我們已經討論這個問題有一段時間了。我認為我非常樂觀地認為這些最終會被部署，並以有利於我們前進的方式進行部署。

I think the other side of it, that's we're going to come back and keep take an eye at the life science and analytical instrumentation sector, which as you know, has been kind of flat for us for a while now after an initial slide of recalibration in the first half of last year.

我認為另一方面，我們將回來並密切關註生命科學和分析儀器領域，正如你所知，在最初的下滑之後，該領域對我們來說已經有一段時間持平了。 。

I think there's a little optimism there as well in the conversations we're having that we're closer to the end of that cycle than the middle of the beginning. We're coming up, by the end of the year, it will be about two years, and you know we've been experiencing that as our customers start to now look at the lifecycle of the technology that's out there and the opportunity for refresh.

我認為在我們正在進行的對話中也存在一些樂觀情緒，即我們更接近該週期的結束而不是開始的中間。我們即將到來，到今年年底，大約需要兩年時間，你知道我們已經經歷過這種情況，因為我們的客戶現在開始關注現有技術的生命週期以及更新的機會。

We're seeing indications of things like accelerating drug discovery and trials. There's a lot of innovation announcements that our customers are talking about, and we've got great content on the gear that lines up well with us.

我們看到了諸如加速藥物發現和試驗之類的跡象。我們的客戶正在談論許多創新公告，我們在與我們非常契合的裝備方面提供了豐富的內容。

I think on the China piece of that, I think our expectations have been calibrated for a while. We'll see, I think everyone's looking for signs of stimulus becomes effective there. But I would see that that's a little bit more of an optimistic in tone and tenor as well.

我認為就中國而言，我們的期望已經調整了一段時間。我認為每個人都在尋找刺激措施生效的跡象，我們拭目以待。但我認為這在語氣和基調上也更加樂觀。

And then finally, on the semicon part, as I said in the remarks in the beginning, a lot of people referencing hey '25 looks like it's going to be a pretty strong cycle, and so we'll be looking for when does the bridge link us from here to there.

最後，在半導體部分，正如我在開頭的評論中所說，很多人提到“嘿 25”，看起來這將是一個非常強勁的周期，因此我們將尋找橋樑何時完成將我們從這裡鏈接到那裡。

Thank you.

謝謝。

Thanks, Mike.

謝謝，麥克。

Vlad Bystricky, Citigroup.

弗拉德·比斯特里奇，花旗集團。

Hey, good morning, guys.

嘿，早上好，夥計們。

Good morning Vladimir.

早上好，弗拉基米爾。

(multiple speakers) So maybe just a quick question on free cash flow. I know I think you did about 75% conversion in the quarter. You talked about 100% plus for the year. So can you just talk about what needs to happen to hit that higher conversion rate for the year and sort of your level of visibility or confidence in that?

（多名發言者）所以也許只是一個關於自由現金流的簡單問題。我知道我認為您在本季度的轉換率約為 75%。你談到了今年 100% 以上。那麼，您能否談談需要採取什麼措施才能達到今年更高的轉換率，以及您對此的可見度或信心程度？

Yeah, Vlad, this is Abhi, I can take that. So first of all, when you think about the 75% for Q2 and compared to prior years, it's in line with what we typically see in Q2 just the way the timing of the cash flows play out. I'll answer the other question, which is the confidence level in a cash flow north of 1%.

是的，弗拉德，這是阿比，我可以接受。因此，首先，當你考慮第二季度的 75% 並與前幾年相比時，它與我們通常在第二季度看到的現金流發揮的時間方式一致。我將回答另一個問題，即現金流量超過 1% 的置信水平。

We feel highly confident, that's our forecast for the year. Things that we are focused on that we continue to drive is inventory reduction in line with where the top line is. As you think about the back half of the year and where our top line is, our teams are focused on driving inventory to the right levels that will drive working capital. And we feel pretty comfortable with us hitting our free cash flow target.

我們非常有信心，這是我們對今年的預測。我們繼續關注的重點是根據營收減少庫存。當你想到今年下半年以及我們的營收時，我們的團隊專注於將庫存提高到適當的水平，從而推動營運資金的成長。我們對實現自由現金流目標感到非常滿意。

Great. That's helpful of you. Appreciate it. And then wanted to dig in a little on FSDP, the plus 6% organic orders in the quarter, it's pretty encouraging. I guess was there any bigger one time orders in there to think about or sort of, again, your level of visibility to quarters remaining positive in the back half if the macro holds as it is.

偉大的。這對你很有幫助。欣賞它。然後想深入了解 FSDP，本季有機訂單增加 6%，非常令人鼓舞。我想是否有更大的一次性訂單需要考慮，或者再次，如果宏觀經濟保持不變，您對後半段季度保持積極的可見性水平。

Yeah, Vlad, I can give you color on that. So if you think about the order profile for Q2 and where we landed that growth typically are pretty much came from FSDP. And if I look at the segment or look at the business and where they were, it was primary driven by fire or North America OEM demand.

是的，弗拉德，我可以告訴你這一點。因此，如果您考慮第二季的訂單情況以及我們的成長情況，成長通常主要來自 FSDP。如果我看看這個細分市場或業務及其所在位置，就會發現它主要是由火災或北美 OEM 需求驅動的。

So that's where we saw the growth in Q2 from an order standpoint in FSDP. Now keep in mind, in FSDP, we also have dispensing. And so orders sometimes can get choppy because you might have been talking a lot about the dispensing emerging market growth and those come in bigger chunks of orders.

這就是我們從 FSDP 訂單角度來看第二季成長的地方。現在請記住，在 FSDP 中，我們也有配藥。因此，訂單有時可能會變得不穩定，因為您可能一直在談論新興市場的成長，而這些成長來自於更大的訂單。

So you could see something in Q1 that we shipped throughout the year. But if you think about Q2 and the growth in Q2 is tied to North America OEM demand that we saw in the quarter.

所以你可以在第一季看到我們全年發貨的東西。但如果你考慮第二季度，第二季度的成長與我們在本季看到的北美 OEM 需求有關。

All right, thanks Abhi, I will be back in queue.

好的，謝謝 Abhi，我會重新排隊。

Nathan Jones, Stifel.

內森瓊斯，斯蒂菲爾。

Good morning, everyone.

大家早安。

Hello Nathan.

你好內森。

Hello Nathan.

你好內森。

Good morning.

早安.

I think it's been a while since we've talked about fire OEM demand being positive. So that's good to hear. I wanted to follow up on the HST numbers. The guidance does imply that you're going to see a little bit of revenue improvement in the back half relative to the first half.

我認為我們已經有一段時間沒有談論消防 OEM 的積極需求了。很高興聽到這個消息。我想跟進 HST 數字。該指導確實意味著您將看到下半年相對於上半年的收入有所改善。

Is that just in the absence of inventory destocking that you saw through second half of '23 and into '24? And just how you think that's going to progress as we get into the back half?

這是否只是在您從 23 年下半年到 24 年看到的庫存去庫存的情況下？當我們進入後半場時，你認為這會如何進展？

Yeah. Well, some of the cases where we talked about larger chunks that had been deferred and deferred here more recently. I mean those are lining up closer to the back half of the year. We again know what those programs are. We know what the platforms are, and ultimately they do support the bridge to some of the growth that the OEMs are talking about, specifically in the semicon area.

是的。好吧，我們討論了一些最近被推遲和推遲的較大塊的情況。我的意思是這些都在接近今年下半年的時候排隊。我們再次知道這些程序是什麼。我們知道這些平台是什麼，最終它們確實支援 OEM 所談論的一些成長的橋樑，特別是在半導體領域。

We have a couple of other HST programs that we've been monitoring for a while. I mean they're very, very milestone-based, and I'm pretty confident that those are going to hit as well. So it's I think it's largely attributable to those two things.

我們還有其他幾個 HST 計劃，我們已經監控了一段時間了。我的意思是，它們非常非常具有里程碑意義，而且我非常有信心它們也會成功。所以我認為這很大程度上歸因於這兩件事。

I guess continuing to follow up on the project push out kind of question here. Historically, when industrial companies have started to talk about projects being pushed out but not canceled that can be a precursor to projects getting pushed out for an extended period of time.

我想繼續跟進該項目會在這裡提出一些問題。從歷史上看，當工業公司開始談論專案被推遲但沒有取消時，這可能是專案長期推遲的先兆。

It doesn't sound like you're that concerned that we're in that kind of environment today where you can just say things that got pushed from the second quarter into the second half get pushed into '25, et cetera, et cetera.

聽起來你並不那麼擔心我們今天所處的環境，你可以說從第二季推遲到下半場的事情被推遲到25年，等等。

Just comment on your confidence that we're not in that kind of environment where by the time we get to the fourth quarter, we're going to be talking about industrial orders that you thought were going to hit in the second half of '24 are now being pushed to '25?

請評論一下您的信心，即我們沒有處於那種環境中，到第四季度時，我們將討論您認為將在 24 年下半年達到的工業訂單現在被推到'25？

Yeah. So I certainly get the spirit of the question. I'd come back to the magnitude of the reference points here and what they are. So one of the benefits we have in those early indicator businesses that we always talk about in FMT is they're a great gauge of sensitivity to different narratives.

是的。所以我當然明白這個問題的實質。我會回到這裡參考點的大小以及它們是什麼。因此，我們在 FMT 中經常談論的那些早期指標業務的好處之一是，它們可以很好地衡量對不同敘述的敏感度。

And even in the last call, one of the reasons I remarked about the dynamic that we'd seen in the pullback in core rates in March, and it's alignment, so frankly, you know, the hotter inflation rate and the uncertainty of where rate relief was going to come in, it had just in my mind, showed us the sensitivity level around that particular dynamic in that part of the narrative. And that's maintained throughout.

即使在最後一次電話會議中，我評論我們在三月份核心利率回調中看到的動態的原因之一是，坦率地說，你知道，通脹率上升以及利率的不確定性是一致的。到來，它就在我的腦海中，向我們展示了敘述那部分特定動態的敏感度。並且自始至終都保持著這一點。

The second one being, frankly, the election cycle here in the US, almost everything we're talking about is North American based, in North American centric, even in terms of the numbers the way it's playing out. So if you look at those two issues which are ubiquitously showing up in the conversation of why things are being delayed or elongated or pushed to the right, we actually know that those two are going to have resolution points and the certainties are pretty high, at least on the first and on the second, of course, we know it comes in November.

坦白說，第二個是美國的選舉週期，我們談論的幾乎所有事情都是以北美為基礎的，以北美為中心，即使就數字而言也是如此。因此，如果你看看在為什麼事情被推遲、延長或推到右邊的談話中無處不在的這兩個問題，我們實際上知道這兩個問題將會有解決點，而且確定性非常高，在當然，至少在第一和第二個方面，我們知道它會在十一月到來。

And we have seen these cycles a couple of times before where that it's not unusual for things to be somewhat captive when these dynamics are playing out. I think that obviously the post inflation wave, that's a new one.

我們之前已經見過幾次這樣的週期，當這些動態發生時，事物受到某種程度的束縛並不罕見。我認為顯然後通膨浪潮是新浪潮。

But I think we're closer to resolution on it than the beginning. And just that sensitivity in the way that these are lining up, I think it gives me some confidence that as we watch those go, you're going to see some things be relieved here.

但我認為我們比開始更接近解決這個問題。正是這些排列方式的敏感性，我認為這給了我一些信心，當我們看著這些進展時，你會看到一些事情在這裡得到緩解。

Great. Thanks for taking my questions.

偉大的。感謝您回答我的問題。

Thanks, Nathan.

謝謝，內森。

Deane Dray, RBC Capital Markets.

迪恩德雷 (Deane Dray)，加拿大皇家銀行資本市場。

Thank you. Good morning everyone.

謝謝。大家早安。

Hello Dray.

你好，德雷。

I don't know if you all were listening to one of your industrial peers conference calls, just kidding, but they were saying the exact same things about extended approval loops and some nervousness about election and some project push out. So the commentary is familiar and so you guys are not an outlier. So just wanted to share that.

我不知道你們是否都在聽一位工業同行的電話會議，只是開玩笑，但他們對延長審批循環以及對選舉和一些項目推出的一些緊張情緒說了完全相同的事情。所以評論很熟悉，所以你們也不是局外人。所以只是想分享一下。

The question first is it's kind of like what we're not hearing, not hearing about analytical instruments, life science destocking, you said it's in line with expectations. Is the destocking over? I know you've got to be really careful about declaring that. But just what's your sense today?

首先的問題是，這有點像是我們沒聽到的，沒有聽到分析儀器、生命科學去庫存，你說這符合預期。去庫存結束了嗎？我知道你在聲明這一點時必須非常小心。但你今天的感覺是什麼？

Well, (inaudible) the way I look at a lot of these issues, as you just kind of listed listening for queues and conversations and that's what one of the reasons as I talked about it earlier, I mentioned positive aspects like innovation, like drug trials, accelerating like duration of the cycle, and need for refreshes.

好吧，（聽不清楚）我看待很多這些問題的方式，因為你只是列出了監聽隊列和對話的方式，這就是我之前談到的原因之一，我提到了創新、藥物等積極方面試驗、週期持續時間加速以及更新的需要。

Honestly, at the customer level, that's the kind of things we're hearing about. Is not to suggest there aren't pockets of finished goods inventory out there on a global basis again, it's super hard for us to see that. But what you don't hear is kind of a domination of the headlines, with that aspect that we did earlier in the cycle.

老實說，在客戶層面，這就是我們聽到的事情。這並不是說全球範圍內不再有大量成品庫存，我們很難看到這一點。但你沒有聽到的是頭條新聞的主導地位，我們在這個週期的早期就做到了這一點。

So I still think it's uncertain in our numbers and guide here. I mean, we haven't called victory on it, and we've kind of held the line here for the rest of the year. But I am noticing that there is more positive commentary generally than to be candid, I think we're just about ready to lap the duration of the runoff here as well. So I think it's a lot of those things converging.

所以我仍然認為我們的數字和指南是不確定的。我的意思是，我們還沒有宣布勝利，而且我們在今年剩下的時間裡都堅守陣線。但我注意到，總體來說，積極的評論比坦率的要多，我認為我們也準備好在這裡結束決選的持續時間。所以我認為很多事情都在融合。

I'm probably most excited of any element in it, just the level of innovation that I know we've been participating in and I've been talking about, I think you're starting to see that now start to hit the market in a bigger way for our end customers. That itself is a vote of confidence, it's not in the exact short term, certainly in the medium and the long term.

我可能對其中的任何元素感到最興奮，只是我知道我們一直在參與並且我一直在談論的創新水平，我想您已經開始看到它現在開始進入市場為我們的最終客戶提供更大的方式。這本身就是一種信任投票，這不是在短期內，當然是在中期和長期內。

And this is Abhi, just to build on what I just said and if I look at the performance this year and just look at the first half, quarter over quarter, one to two, the performance has been relatively flat. So to Eric's point, we weren't expecting a recovery in life sciences this year. But if I look at the performance, it's been flat.

這是阿比，只是為了以我剛才所說的為基礎，如果我看看今年的表現，看看上半年的表現，逐季度、一比二，表現相對持平。因此，就艾瑞克的觀點而言，我們預計今年生命科學領域不會出現復甦。但如果我看一下表現，那就很平淡了。

Yeah, that's exactly the way it appears to us. But just want to see if there was anything else below the radar screen. And then second question is given the kind of uncertain backdrop, how about you all making any changes in your discretionary spending, any pullback in growth investments? You reaffirm your CapEx for the year, but any changes there that you would highlight or not changes that you would highlight?

是的，這正是我們看到的樣子。但只是想看看雷達螢幕下面是否還有其他東西。然後第二個問題是在不確定的背景下，你們對可自由支配支出做出任何改變，成長投資是否有所回撤怎麼樣？您重申了今年的資本支出，但是您會強調或不強調其中的任何變化嗎？

Yeah, I would say steady as she goes there. I mean, as we said before, growth investments, typically for us, our people base, their domain experts, they're the people that are really, really good at engineering things and figuring things out with close proximity to customers.

是的，我會說她去那裡時很穩定。我的意思是，正如我們之前所說，成長投資通常針對我們、我們的人員基礎、他們的領域專家，他們是真正非常擅長設計事物並與客戶緊密聯繫的人。

The innovation cycle takes longer than a lot of people recognize in mission critical spaces like this. So making sure that people are engaged and doing the right work, that's always part of what we do. And maybe even more important now than in a relatively choppy period, you're staying on that case because you're ultimately can feel that gap later on in our own growth numbers.

在這樣的關鍵任務領域，創新週期比許多人意識到的要長。因此，確保人們參與並做正確的工作，這始終是我們工作的一部分。也許現在比相對動盪的時期更重要的是，你會堅持這種情況，因為你最終可以在我們自己的成長數據中感受到這種差距。

I will say I referenced maybe more specifically the work we're going to do with 80%, 20% as we talk about Mott coming on the board. And one of the things that's going to help them do and it helps us across IDEX is that's actually a source of resource deployment and reallocation of resources that we have here from areas that are not as impactful to areas that are more impactful.

我想說的是，當我們談論莫特加入董事會時，我可能更具體地說了我們將要對 80%、20% 的工作。幫助他們做的事情之一，也幫助我們跨 IDEX 的事情，實際上是資源部署的來源，以及我們這裡的資源從影響力較小的領域到影響力較大的領域的重新分配。

So as we play that out business to business, can play it out in acquisitions. It's a way to kind of augment the power of resources in areas where we want to apply them without actually upping the spend profile overall. And what we indicated that when we referenced it in the transaction is an area of margin lift for the company as they grow. But it's just representative of how we deploy it more generally, more broadly at IDEX.

因此，當我們在企業對企業之間發揮這一作用時，也可以在收購中發揮作用。這是一種在我們想要應用資源的領域中增強資源力量的方法，而無需實際提高整體支出狀況。當我們在交易中引用它時，我們指出的是隨著公司的發展，利潤率會提升的一個領域。但這只是代表我們如何在 IDEX 更普遍、更廣泛地部署它。

And Deane, this will be a -- I know you're going to see in the commentary in the press release and even in the 10-Q but if you look at FSDP, and that's just the discretionary spend is down and where you will see an increase in FMT. But quite frankly, that's tied to our digitization effort, that's front end, and that's one of the growth that we are focused on.

Deane，這將是——我知道你會在新聞稿的評論中看到，甚至在10-Q 中看到，但如果你看看FSDP，你會發現可自由支配支出下降了，你會在哪裡看到觀察 FMT 的增加。但坦白說，這與我們的數位化工作有關，這是前端，也是我們關注的成長之一。

So overall, I'd say you'd see a discretionary reduction across the two businesses with the exception of our two segments with the exception of FMT.

因此，總的來說，我想說，除了我們的兩個業務部門（FMT 除外）之外，您會看到這兩個業務的酌情減少。

Really helpful. Thank you.

真的很有幫助。謝謝。

Thanks.

謝謝。

(Operator Instructions) Matt Summerville, D.A. Davidson.

（操作員說明）Matt Summerville，D.A.戴維森。

Thanks. Just a couple of quick ones. First, can you quantify the level of price capture you saw in Q2? And remind us, is that consistent with what you saw in Q1? And then similarly, if you can also compare your organic book-to-bill in Q2 versus Q1? And then I have a follow-up.

謝謝。只是幾個快速的。首先，您能否量化您在第二季度看到的價格捕獲水平？請提醒我們，這與您在第一季看到的一致嗎？同樣，您是否也可以比較第二季和第一季的自然訂單出貨比？然後我有一個後續行動。

Yeah, Matt, absolutely. So if I think about the price capture, it's in line with the guidance that we laid out a bit for the year. So price capture for the quarter was closer to 2%. But the bigger thing that we talked about that we were focused on is the price cost spread and our price cost spread for the quarter was 100 bps.

是的，馬特，絕對是。因此，如果我考慮價格捕獲，它符合我們今年制定的指導方針。因此，本季的價格捕獲率接近 2%。但我們談論的更重要的事情是我們關注的是價格成本利差，本季的價格成本利差為 100 個基點。

And if you recall, we had said going into the year, we were targeting between 80 bps to 100 bps. So we're on the high end of the price cost capture for the quarter.

如果你還記得的話，我們曾說過，進入今年，我們的目標是 80 基點到 100 基點。因此，我們處於本季價格成本捕獲的高端。

From a book-to-bill standpoint for the quarter, we landed at 0.96 times versus a 1Q of 1.02 times. Now that said, part of this is the timing of when the blanket to book in the quarter. In Q1, we have a few blankets that got booked that we shipped throughout the year.

從本季的訂單出貨比角度來看，我們的出貨比為 0.96 倍，而第一季為 1.02 倍。話雖如此，部分原因在於該季度預訂毯子的時間。在第一季度，我們有一些被預訂的毛毯，我們全年都會發貨。

Q2 had lesser of those. So the best way to think about our book-to-bill is as we go towards the tail end of the year, like Eric alluded to and things that we're focused on is our book-to-bill ratio because that's where we see a lot of blankets come through that feed the revenue for 2025.

第二季度的情況較少。因此，考慮我們的訂單出貨比的最佳方法是當我們接近年底時，就像埃里克提到的那樣，我們關注的事情是我們的訂單出貨比，因為這就是我們看到的許多毯子都通過了，為2025 年的收入提供了支持。

Got it. And then just a follow-up, the analytical instrumentation, life sciences. I just want to be clear, at this point, is it -- are you thinking the inventory to draw down is indeed completely in the rearview mirror?

知道了。接下來是分析儀器、生命科學。我只是想澄清一下，在這一點上，您是否認為要減少的庫存確實完全在後視鏡中？

And to that extent, are you seeing OEMs generally carry less inventory than they were pre-COVID? Or is the absolute stocking level reverting back towards something more in line with the pre-COVID level? Thank you.

從這個意義上說，您是否發現原始設備製造商的庫存普遍比新冠疫情爆發前要少？或者絕對庫存水準會恢復到與新冠疫情爆發前的水準更加一致的水準？謝謝。

Yeah, well, so again, there's kind of two pockets of inventory when we have a lot more visibility to that and another. So the inventory, let's say, between us and customers, so those would be components and things that we supply them.

是的，好吧，再說一次，當我們對一個和另一個庫存有更多的了解時，就會有兩個庫存。比如說我們和客戶之間的庫存，這些就是我們提供給他們的組件和東西。

The planning levels that they have today are pretty typical for what they've been in the past in terms of replenishment rates and how far away we are and how much lead time we're being asked to deliver. So that it's been honestly back in sync now for a while.

他們今天的計劃水準與過去的計劃水準非常典型，包括補貨率、我們的距離以及我們被要求交付的交貨時間。所以現在它已經恢復同步有一段時間了。

The inventory of finished goods, which of course, passed our customers and extend globally. Less clear for us, but to the extent we have not seen further erosion in demand here, and we've been holding relatively flat and continue to project it that way, I don't think it's -- we don't see it as a significant driver going forward, and in fact, are leaning on those points of optimism looking for the firm, which we hope to be somewhere into 2025.

成品庫存當然會通過我們的客戶並擴展到全球。對我們來說不太清楚，但就我們沒有看到這裡的需求進一步受到侵蝕而言，我們一直保持相對平穩並繼續以這種方式進行預測，我不認為這是——我們不認為它是未來的一個重要推動力，事實上，正是依靠這些樂觀情緒來尋找公司，我們希望在2025 年實現這一目標。

Thank you, Eric.

謝謝你，埃里克。

Thanks, thanks Matt.

謝謝，謝謝馬特。

Joe Giordano, Cowen.

喬佐丹奴，考恩。

Hey. Good morning, guys. (multiple speakers) Hey so just inherent in the revenue guide for the second half of the year, what are you thinking for orders for FMT and HST, like in dollars versus the 2Q level? Do they get better or worse from here?

嘿。早安，夥計們。（多位發言者）嘿，這只是今年下半年收入指南中固有的內容，您對 FMT 和 HST 訂單有何看法，例如以美元與第二季度水平相比？他們從這裡變得更好還是更糟？

If I look at our guide and you kind of think about the back half that we have guided, yes, the orders do get better in terms of dollars sequentially, from first half to second half.

如果我看我們的指南，你會想到我們指導的後半部分，是的，從上半年到下半年，訂單確實在美元方面連續變得更好。

Okay. And then, if I look and I think this it is tough to analyze with companies now in the post-COVID, given how supply chain gets crazy. But if I look at all of each of your segments independently, on like a trailing couple of years, like if I look at since COVID, orders, the excess orders over revenue, it's pretty significant still.

好的。然後，如果我看一下，我認為考慮到供應鏈變得多麼瘋狂，很難對現在處於後疫情時期的公司進行分析。但如果我獨立地審視過去幾年的所有細分市場，就像我審視自新冠疫情以來的訂單、超額訂單與收入相比，這仍然相當重要。

So like I would think that there's more backlog coverage than like the guidance suggests, given like from a trailing three year or whatever, there's significantly more orders than revenue. So like are you seeing customers not taking delivery as you think for orders that are in backlog? Or are you seeing cancellations there?

因此，我認為積壓的覆蓋範圍比指南建議的要多，考慮到過去三年或其他情況，訂單明顯多於收入。那麼，您是否看到客戶沒有像您認為的積壓訂單那樣提貨？或者您在那裡看到取消的情況嗎？

I want to make sure we're seeing it the same way. We mean, typically, backlog, we're a smaller backlog company. We normal course of business for us is kind of half a quarter is assured and we go find the rest. That's general statement for IDEX, that absolutely in the pandemic years changed like it did for everybody else.

我想確保我們以同樣的方式看待它。我們的意思是，通常是積壓，我們是一家規模較小的積壓公司。我們的正常業務流程是確保半個季度的時間，然後我們去尋找剩下的部分。這是 IDEX 的一般性聲明，在大流行期間，絕對發生了變化，就像其他人一樣。

I mean, I think we doubled it kind of at the height here and had a quarter's worth of insurance, maybe a little bit more as people over ordered and did everything they could for a supply chain assurance. Maybe sooner than many companies, we actually reverted back to a very typical backlog profile, and we've been there for a while now. So kind of half a quarter in front of us so got to go hunt for the rest.

我的意思是，我認為我們在這裡的高度增加了一倍，並擁有四分之一的保險，也許更多一點，因為人們超額訂購並盡一切努力保證供應鏈。也許比許多公司更快，我們實際上恢復到了非常典型的積壓狀況，而且我們已經這樣做了一段時間了。我們前面還有半個季度，所以必須去尋找剩下的。

So the net dynamics and backlog for us are not that different. The lead times and replenishment that we're being asked to provide in all three segments is pretty typical. I think the only thing that's atypical here for us has been the level of project commitments in those discussions around when the next thing might be coming. And I'd just point back to the indicators that we talked about as to what's driving it.

因此，我們的淨動態和積壓工作並沒有那麼不同。我們被要求在所有三個部分提供的交貨時間和補貨是非常典型的。我認為對我們來說唯一不典型的是圍繞下一件事情可能發生的時間進行的討論中的專案承諾程度。我只想回顧一下我們討論過的驅動因素的指標。

Thank you.

謝謝。

Andrew Buscaglia, BNP Paribas.

安德魯·巴斯卡利亞，法國巴黎銀行。

Hey, good morning, guys.

嘿，早上好，夥計們。

Hi.

你好。

Hi.

你好。

I wanted to focus on (inaudible) margins. I think you said in the past, exiting the year you could see a little bit of a lift. It seems like guidance might imply that too. But in terms of getting back to that 30% or that level, how much of it is more dependent on volume coming back versus mix? Because I'm trying to gauge some of these higher growth areas coming back. I guess what are the dynamics as that pans out into margin?

我想關注（聽不清楚）利潤。我想你過去說過，今年結束時你會看到一點提升。看起來指導也可能暗示這一點。但就恢復到 30% 或那個水平而言，其中有多少更依賴恢復量而不是混合量？因為我正在嘗試衡量一些高成長領域的回歸。我想這會影響到利潤率的動態是什麼？

Andrew, I think you cut off for a second or two there, so I might have missed the piece. But let me try to answer that question, if I don't completely get to your answer, then just ask me, and I'll do it. But if you just take a step back and kind of think about where we are, your general comment about depending on volume, volume is a big part of it because, of course, when we see top line growth, we lever really nicely on our businesses.

安德魯，我想你停頓了一兩秒，所以我可能錯過了這一段。但讓我試著回答這個問題，如果我沒有完全得到你的答案，那麼就問我，我會回答的。但如果你退後一步，想一想我們的處境，你關於取決於銷量的一般評論，銷量是其中的一個重要部分，因為，當然，當我們看到營收增長時，我們很好地利用了我們的業務。

So that is a big component of how margin expansion happens. But that said, though given where we are, you will notice sequentially our margin profile got better by 180 basis points, right, despite very minimal help from volume.

因此，這是利潤擴張如何發生的一個重要組成部分。但話雖如此，儘管考慮到我們所處的位置，你會注意到我們的利潤率狀況連續好轉了 180 個基點，對吧，儘管成交量的幫助微乎其微。

And that's really tied to the work that we do around 80%, 20%, complexity reduction and cost out and in the light of where we've been. So as you think about the balance of the year and how we're thinking about the year, exiting Q4, so I want to be very careful when I'm talking about rate exiting Q4 not full year rates. We're thinking about HST closer to that 28% kind of profile on EBITDA, FMT closer to 34% and then FSDP being the 28% to 29% range from an EBITDA standpoint.

這確實與我們所做的大約 80%、20% 的工作有關，包括降低複雜性和成本，以及根據我們一直以來的情況。因此，當您考慮今年的餘額以及我們如何考慮今年第四季度的情況時，因此，當我談論第四季度退出的利率而不是全年利率時，我要非常小心。從 EBITDA 的角度來看，我們認為 HST 更接近 28%，FMT 更接近 34%，FSDP 則更接近 28% 到 29%。

Okay. And yes, I wanted to focus on in fluid and metering. The reasonable water strength has been a nice story for a while, for you and others. Where are you guys to be thinking that inning? Or what innings do you think you guys are in? And how much of your business is influenced by government spending or government funding?

好的。是的，我想專注於流體和計量。對於您和其他人來說，合理的水強度一段時間以來一直是一個不錯的故事。那一局你們在想什麼？還是你認為你們在第幾局？您的業務有多少受到政府支出或政府資助的影響？

Well, so look I think the cycle plays out for a while, mainly because the intentionality of that funding, that's kind of spread over much of the industry, it just takes a long time to spend. These are complex engineering projects for multiple players, not just us.

好吧，我認為這個週期會持續一段時間，主要是因為這筆資金的意向性，這種資金分佈在整個行業的大部分領域，只是需要很長時間才能花費。這些對多個參與者來說都是複雜的工程項目，而不僅僅是我們。

A good portion of things that have been announced is not actually spent yet or engineered. So I always thought of this as kind of a multiyear safety blanket, or a warm comfortable blanket, either one. We're positioned actually in -- we do an important work to help spend that money.

已經宣布的很大一部分事情實際上還沒有花費或設計。所以我一直認為這是一種可以使用多年的安全毯，或是溫暖舒適的毯子，兩者都可以。我們實際上處於——我們做了一項重要的工作來幫助花這筆錢。

So I think it's one of the reasons we're seeing that the strength in our business. We do analytical work that actually helps write the capital request. So essentially many of our customers are actually engineers, civilian engineers that are then using that data to suggest projects that are going to tap into funding of the type that you're talking about here.

所以我認為這是我們看到我們業務實力的原因之一。我們所做的分析工作實際上有助於撰寫資本請求。因此，本質上，我們的許多客戶實際上是工程師、民用工程師，然後他們使用這些數據來建議將利用您在這裡談論的類型資金的專案。

So there's a portion of it that is intentional and it's coming from announced government programs, a decent amount of municipalities, of course, is government funded, but that's ultimately through taxation. And we have look, we participate in the industrial water side of this too, and that, of course, is in tie to private markets. But I think there's a nice run here, overall, if for no other reason that it just takes a while to frankly bring all this to fruition.

因此，其中一部分是有意為之的，它來自宣布的政府計劃，當然，相當多的城市是政府資助的，但這最終是透過稅收實現的。我們看，我們也參與了工業水方面的工作，當然，這與私人市場有關。但我認為，總體而言，這裡的運作情況不錯，如果沒有其他原因，坦白說，這一切都需要一段時間才能實現。

Yeah. Okay. Thank you.

是的。好的。謝謝。

Rob Wertheimer, Melius Research.

羅布‧韋特海默，Melius 研究中心。

Thank you. Good morning. I apologize if this -- I got cut off for a while in the audio, so if I miss something or belabor a point that you've covered it, you can just cut me off. But on the project delay side, is that tied to specific government policies that might, you know, might open up one way or the other? Or is it just more of a general unease or uncertainty that has affected how people are willing to spend?

謝謝。早安.如果我在音訊中被中斷了一段時間，我深表歉意，所以如果我錯過了某些內容或對您已經涵蓋的內容進行了闡述，您可以直接打斷我。但在專案延遲方面，這是否與特定的政府政策有關，這些政策可能會以某種方式開放？還是只是普遍的不安或不確定性影響了人們的消費意願？

Yeah. So we did touch on that before a bit. But I think it's worth a second go around. I mean it's very specific around two very general themes, one around sort of the cost of money and the fact that it's been higher for longer, and there's uncertainty as to the rate of travel to something better, that's all about inflation and interest rate and that dynamic, which everybody is watching.

是的。所以我們之前確實談到過這一點。但我認為值得再去一次。我的意思是，它圍繞著兩個非常普遍的主題非常具體，一個是貨幣成本，以及貨幣成本在更長時間內處於較高水平的事實，而前往更好的事物的速度存在不確定性，這一切都與通貨膨脹和利率有關，每個人都在關注的動態。

And I think the second one is around political uncertainty and uncertainty of outcomes given the polarization here in North America for approaches. In our conversations, it doesn't really then travel below that to something more specific because frankly, our business it's more diverse. It's spread across different places where at the component level.

我認為第二個問題是政治不確定性和結果的不確定性，因為北美地區的方法有兩極化。在我們的對話中，它並沒有真正深入到更具體的事情，因為坦白說，我們的業務更加多樣化。它分佈在組件層級的不同地方。

So we're not as heavily indexed to a program or another program. It's kind of like the answer I gave on the water side of it. The fact that there's intentionality there and it's going to take multiple years to spend it is kind of good enough for us to then participate in the way we do in municipalities and industries across the globe to participate in that. So it's very generalized as we're thinking of it here.

因此，我們不會對一個程式或另一個程式進行過多的索引。這有點像我在水邊給的答案。事實上，那裡有意圖，並且需要多年的時間來花費它，這對我們來說足夠好，然後以我們在全球各地的城市和行業的方式參與其中。因此，當我們在這裡思考時，它是非常普遍的。

Perfect. Thank you. And then could you remind us on the rate sensitive businesses within FMT that you're kind of using as guidelines. What's the nature of the activity there and the businesses? Could just give us a little bit more background around that and I will stop there. Thank you.

完美的。謝謝。然後您能否提醒我們有關 FMT 中您用作指導方針的費率敏感業務。那裡的活動和業務的性質是什麼？可以給我們更多一點背景知識，我就到此為止。謝謝。

Yeah, it's a series of businesses in the FMT, where a lot of them are kind of pumps and valves and fluid so they're used for a broad array of purposes. They go to market in typically in through industrial distribution and because of the kind of customized nature of the way that we do things in our rapid fulfillment, we can get an order on a Monday, ship it on a Wednesday, and it's in service on a Friday.

是的，這是 FMT 中的一系列業務，其中許多是泵浦、閥門和流體，因此它們具有廣泛的用途。它們通常透過工業分銷進入市場，由於我們在快速履行中做事方式的定制性質，我們可以在周一收到訂單，在周三發貨，並在一個星期五。

I say all that because what they provide -- because of the nature of that they provide really good insight into kind of actually consumptive activities across the board. And it's frankly, it's more than 50% of the order flow in those businesses.

我之所以這麼說，是因為它們所提供的東西——因為它們的本質，它們提供了對全面實際消費活動的真正深入的洞察。坦白說，這佔這些企業訂單流量的 50% 以上。

So we use them as diagnostics to tell us kind of what's the state of health there. And as we've talked about them here, what we've said is there's two dimensions that we see it work, the core day-to-day rates, which is the short term fulfillment, think of it as somebody maintaining their factories as they run at two shifts but steady.

所以我們用它們作為診斷來告訴我們那裡的健康狀況如何。正如我們在這裡討論的那樣，我們所說的是我們認為它起作用的兩個維度，核心日常費率，這是短期履行，將其視為有人維護他們的工廠他們兩班倒，但很穩定。

It has been steady and it's really back to the assumptions we had in the fall. It was only interrupted briefly to the positive trend from three month period as I think there was more anticipation that we're going to have more favorable rate relief and it sort of came back down. It has been steady state.

它一直很穩定，而且確實回到了我們秋天的假設。它只是短暫地中斷了三個月期間的積極趨勢，因為我認為人們更預期我們將獲得更有利的利率減免，並且它有所回落。一直處於穩定狀態。

Yeah, there's a tie-in there with project work and project work in our world, and I don't think of them as stadiums or massive things like that. It could be a simple back-end expansion onto a food plant or something like that.

是的，這與我們世界中的專案工作和專案工作有聯繫，我不認為它們是體育場或類似的大型物件。它可以是食品廠或類似設施的簡單後端擴展。

It kind of moves you from a pump or two to something like 40 or 50 for us, but that's tied to an approval process and a discrete decision that's important, and that's kind of the piece we've said has been hung up in the works here with those two more generalized themes that I talked about.

對我們來說，這可以讓你從一兩個泵增加到 40 或 50 個泵，但這與審批流程和重要的離散決策相關，這就是我們所說的一直在進行中的部分這是我談到的兩個更普遍的主題。

So that's what the insight is telling us. We're very happy to see that the day rates are supportive of just strong and relatively stable industrial activity. And we look forward to the day the uncertainty leaves the project driven side of it, which is going to complement it overall.

這就是洞察力告訴我們的。我們很高興看到日利率支持強勁且相對穩定的工業活動。我們期待著有一天，不確定性會離開專案驅動的一面，這將在整體上補充它。

Perfect. Thank you much.

完美的。非常感謝。

You bet.

你打賭。

Thank you. We reached the end of our question-and-answer session. I'd like to turn the floor back over to management for any further or closing comments.

謝謝。我們的問答環節結束了。我想將發言權交還給管理階層，以徵求進一步的意見或結束意見。

Well, thank you. Hey, listen, I recognize we struggled a bit here to find our organic guidance footing over the last six quarters. I realize a lot of that chop is coming out of the HST segment, and I'm fully aware that we're disproportionately investing in HST organically and inorganically is a key element of our strategy.

嗯，謝謝。嘿，聽著，我認識到，在過去的六個季度中，我們在尋找有機指導基礎方面遇到了一些困難。我意識到其中很大一部分來自 HST 領域，而且我完全意識到我們對 HST 有機和無機的不成比例的投資是我們策略的關鍵要素。

What I want to make sure you understand is this is the right call for our business, even in a period of uncertain transition for some of these foundational markets. We've talked about a lot here today. A third of this segment plays across two verticals within life science and analytical instrumentation and advanced semicon manufacturing.

我想確保您理解的是，即使在某些基礎市場處於不確定的轉型時期，這對我們的業務來說也是正確的選擇。今天我們在這裡討論了很多。該細分市場的三分之一涉及生命科學和分析儀器以及先進半導體製造的兩個垂直領域。

They're pressure today. But no doubt they're going to have wins at their backs for years to come. We just built another third of the segment that allows us to lever the supplied material science technology to a really narrow band of high quality application areas. And the Mott acquisition completes this phase of the build.

他們今天壓力很大。但毫無疑問，他們將在未來幾年贏得勝利。我們剛剛建立了該細分市場的另外三分之一，使我們能夠將所提供的材料科學技術應用於非常狹窄的高品質應用領域。對莫特的收購完成了這一階段的建構。

And then the remaining third was composed of high-quality businesses, which are all number one in their respective niches and very, very IDEX like in the way they function. So together, we're innovating to set really critical specification points that are going to position us for leadership in the years to come, markets that are going to shape our futures.

剩下的三分之一由高品質企業組成，它們在各自的利基市場中都是第一，而且它們的運作方式非常非常像 IDEX。因此，我們正在共同創新，設定真正關鍵的規格點，這些規格點將使我們在未來幾年、塑造我們未來的市場中處於領先地位。

And we'll see the benefit the financial benefit of that play out just as we've seen it play out in the legacy businesses of FMT and FSDP. And it's really important and we kind of get IDEX into the mix of these markets form up and launch. So I look forward to walking you through our progress on that in the quarters and the years to come. And I wish you all a good day. Thanks so much.

我們將看到由此產生的經濟效益，就像我們在 FMT 和 FSDP 的傳統業務中看到的那樣。這確實很重要，我們讓 IDEX 融入這些市場的形成和啟動中。因此，我期待著向您介紹我們在本季和未來幾年在這方面取得的進展。祝大家有美好的一天。非常感謝。

Thank you. That does conclude today's teleconference. You may disconnect your line at this time and have a wonderful day. We thank you for your participation today.

謝謝。今天的電話會議到此結束。此時您可以斷開線路並度過美好的一天。我們感謝您今天的參與。