藝達思 (IEX) 2024 Q4 法說會逐字稿

Greetings, and welcome to the IDEX Corporation fourth-quarter 2024 earnings conference call. (Operator Instructions) As a reminder, this conference is being recorded.

問候，歡迎參加 IDEX Corporation 2024 年第四季財報電話會議。（操作員指示）提醒一下，本次會議正在錄音。

I would now like to turn the conference over to your host, Ms. Wendy Palacios, Vice President, FP&A and Investor Relations for IDEX Corporation. Thank you. You may begin.

現在，我想將會議交給主持人、IDEX 公司財務規劃與分析和投資者關係副總裁 Wendy Palacios 女士。謝謝。你可以開始了。

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 fourth-quarter and full-year 2024 financial highlights.

大家早安。我是 IDEX Corporation FP&A 和投資者關係副總裁 Wendy Palacios。感謝您加入我們討論 IDEX 第四季和 2024 年全年財務亮點。

Last night, we issued a press release outlining our company's financial and operating performance for the three months and full year ending December 31, 2024. The press release, along with a presentation to be used during today's webcast, can be accessed on our investor website at investors.idexcorp.com.

昨晚，我們發布了一份新聞稿，概述了我們公司截至 2024 年 12 月 31 日的三個月和全年的財務和營運表現。新聞稿以及今天網路廣播期間使用的簡報可在我們投資者網站 investors.idexcorp.com 上查閱。

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 for your questions.

今天與我一起的還有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。在我們發表完準備好的發言後，我們將開始回答大家的提問。

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 period. These forward-looking statements are subject to risks and uncertainties.

前往投影片 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。我們還將根據聯邦證券法做出前瞻性陳述，包括有關我們預期或預計在未來發生或可能發生的事件或發展的陳述。這些前瞻性陳述受風險和不確定性的影響。

Actual results may differ materially from any forward-looking statements that we make today, and we do not assume any obligation to update them, other than as required by law. Information regarding these factors that may cause actual results to differ materially from these forward-looking statements is available on our website and in our SEC filings.

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，除法律要求外，我們不承擔任何更新它們的義務。有關這些因素的資訊可能導致實際結果與這些前瞻性陳述有重大差異，可在我們的網站和美國證券交易委員會文件中查閱。

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

現在，我將把這個電話轉給我們的執行長兼總裁 Eric Ashleman。

Thank you, Wendy, and good morning, everyone. I'm on slide 3.

謝謝你，溫迪，大家早安。我在幻燈片 3 上。

IDEX teams maneuvered a year of choppy and uncertain macro conditions with operational focus and solid execution in 2024. We delivered innovative solutions to our customers, achieved strong productivity through net price capture and operational excellence, and deployed both financial and human capital toward our largest acquisition to date, Mott. I want to thank our IDEX employees around the globe for all their contributions.

2024 年，IDEX 團隊以營運為重點、紮實執行，度過了動盪而不確定的宏觀環境。我們為客戶提供創新的解決方案，透過淨價格獲取和卓越營運實現了強大的生產力，並向迄今為止最大的收購項目 Mott 部署了財務和人力資本。我要感謝全球各地的 IDEX 員工所做的所有貢獻。

Our IDEX team executed a strong finish to the year. Here are some Q4 highlights. We delivered a series of impactful projects within the health and science technology segment destined for pharma, global broadband satellite communications, and energy transition verticals. We drove organic orders growth across all segments led by HST.

我們的 IDEX 團隊為今年畫下了圓滿的句點。以下是第四季的一些亮點。我們在健康和科學技術領域開展了一系列有影響力的項目，涉及製藥、全球寬頻衛星通訊和能源轉型垂直領域。我們推動了以 HST 為首的所有部門的有機訂單成長。

Mott achieved strong results in their first quarter with IDEX, delivering a significant filtration systems project within their energy transition verticals. The integration is proceeding smoothly, and Mott's accretion timing is tracking ahead of our original expectations. Our fire safety and diversified product segment set another new quarterly sales record, driven by strong growth of their automation programs within integrated fire systems.

Mott 與 IDEX 合作的第一季取得了強勁的業績，在能源轉型垂直領域交付了一個重要的過濾系統專案。整合進展順利，莫特的吸收時間也超出了我們最初的預期。我們的消防安全和多元化產品部門創下了另一個新的季度銷售記錄，這得益於綜合消防系統中自動化程序的強勁成長。

Reflecting on 2024, we saw three themes play out. When we started the year, there were some encouraging signs of growth with a noticeable uptick in industrial day rates coupled with expectations at the time for accelerated interest rate easing. We saw this reflected in our 2024 Q1 orders and sales performance in pockets of our portfolio.

回顧 2024 年，我們看到三個主題。今年伊始，出現了一些令人鼓舞的成長跡象，工業日薪明顯上升，同時人們預期利率將加速下降。我們看到這反映在我們 2024 年第一季的訂單和投資組合中的銷售表現。

This environment changed in late Q1 as an unexpectedly high inflation rate reduced the likelihood of rate reductions. The US election cycle with polarized potential outcomes entered the mix in the summer and most markets settled into an uncertain but stable pattern. Finally, late in the year, we had clarity with respect to both issues as inflation moderated and a presidential candidate won the race, but the dynamic policy implications of the new administration likely moderated any near-term growth catalysts within Q4.

由於意外的高通膨率降低了降息的可能性，這種環境在第一季末發生了變化。今年夏季，美國進入大選週期，結果可能出現兩極化，多數市場進入不確定但穩定的模式。最後，在今年年底，隨著通膨趨於緩和且總統候選人贏得大選，我們對這兩個問題有了清晰的認識，但新政府的動態政策影響可能會緩和第四季度的任何近期增長催化劑。

As we begin 2025, there appears to be a climate of uncertain optimism. We're sitting on a stable business base, our inventories and lead times are recalibrated back to normal levels, and a series of transformational megatrends are ready to help carry strong growth through the second half of the decade and beyond. The open questions continuing to drive near-term uncertainty all relate to the direction of US trade and economic policy within an overall environment of high geopolitical tension. We'll likely have more clarity as we move through the first couple quarters this year.

當我們進入 2025 年時，似乎瀰漫著一種不確定的樂觀氣氛。我們擁有穩定的業務基礎，庫存和交貨時間已恢復正常水平，一系列轉型大趨勢已準備好幫助我們在下個十年及以後實現強勁增長。在整體地緣政治局勢高度緊張的環境下，持續引發短期不確定性的懸而未決的問題都與美國貿易和經濟政策的走向有關。隨著今年前幾季的到來，我們可能會更加清楚這一點。

Despite challenging macro conditions, we are building IDEX to outperform throughout the entirety of a cycle. Our differentiated technologies provide solutions to complex problems and growth advantage verticals. We continue to apply 80-20 to each business to fuel growth and productivity. That's been the heartbeat of our operating model for well over a decade. But now more than ever, we're using 80-20 at the enterprise level to drive power, scale, and focus through our portfolio of high-quality businesses.

儘管宏觀環境充滿挑戰，我們仍致力於打造 IDEX，使其在整個週期中表現出色。我們的差異化技術為複雜問題和成長優勢垂直領域提供解決方案。我們繼續對每項業務應用 80-20 原則來促進成長和提高生產力。十多年來，這一直是我們營運模式的核心。但現在，我們比以往任何時候都更加重視企業層面的 80-20，透過我們的高品質業務組合來推動實力、規模和重點。

As we turn towards 2025 and beyond, I'd like to show you how far we've already come on this journey. I'm on slide 4. We have more aggressively deployed capital over the last few years to build scale through thematic integration. We have also selectively pruned smaller, less growth advantage businesses to complement the work.

當我們展望2025年及以後時，我想向大家展示我們在這段旅程中已經走了多遠。我在幻燈片 4 上。過去幾年，我們更積極地部署資本，透過主題整合來擴大規模。我們也選擇性地削減了規模較小、成長優勢較小的業務，以補充工作。

Today, we have over half of IDEX revenue working together collaboratively within five groups -- some formal, some building informally -- to attack a handful of faster-growing markets that will benefit long-term from the secular tailwinds you see listed here. We're doing it with more scale and breadth, which allow us to better leverage our overhead spend while maximizing productivity potential.

今天，我們將超過一半的 IDEX 收入用於五個小組的協作——一些是正式的，一些是非正式的——以進軍少數幾個增長較快的市場，這些市場將長期受益於您在此處看到的長期順風。我們正在以更大的規模和廣度進行這項工作，這使我們能夠更好地利用我們的管理費用，同時最大限度地提高生產力潛力。

This is an important strategic roadmap for our future evolution fueled by more power, more focus, more growth to drive consistent earnings expansion. We have recently deployed the majority of our M&A capital towards businesses that deliver high-quality applications and solutions that leverage differentiated material science technologies. Mott is an important piece of this story, providing more access points to support fast-growing markets within energy transition, space and defense, and high-performance semiconductor.

這是我們未來發展的重要策略路線圖，我們將透過更強大的動力、更專注的專注度、更快的成長來推動獲利的持續成長。我們最近將大部分併購資本投入那些利用差異化材料科學技術提供高品質應用和解決方案的企業。莫特是這個故事的重要組成部分，它提供了更多的接入點來支援能源轉型、太空和國防以及高性能半導體領域快速成長的市場。

Despite the dramatic market ups and downs over the last few years, we remain very committed to expanding our work within life sciences. We have long, mutually beneficial partnerships with the world's best customers, and our teams continue to innovate in ways that push the frontiers of what is thought to be possible. We remain confident with the long-term growth outlook of this space.

儘管過去幾年市場經歷了劇烈的起伏，我們仍然致力於拓展生命科學領域的工作。我們與全球最優秀的客戶建立了長期、互惠互利的合作關係，我們的團隊不斷創新，突破可能的範圍。我們對該領域的長期成長前景仍充滿信心。

Within Intelligent Water, we built a portfolio that offers an integrated suite of digital analytics, complemented by hardware and mobile solutions that work in some of the world's most demanding environments. This helps our municipal and industrial customers meet the challenges of aging wastewater infrastructure, increasing severe weather events, and stricter regulatory requirements.

在智慧水務領域，我們建立了一套產品組合，提供一整套數位分析功能，並輔以可在世界上一些最苛刻的環境中運行的硬體和行動解決方案。這有助於我們的市政和工業客戶應對廢水基礎設施老化、惡劣天氣事件增加和監管要求更嚴格的挑戰。

In other areas of IDEX, where the markets are more mature, more industrial, and more fragmented, we are collaborating at scale across units to also drive growth and income outperformance. In IDEX Fire and Safety, our automation capabilities are decreasing the response time and increasing the productivity and agility of emergency workers. We believe we are uniquely positioned within -- with our breadth of product and innovation capabilities to drive solutions of this type. We are enjoying double-digit growth in this area, and automated solutions now make up more than 10% of platform revenue.

在 IDEX 的其他領域，市場更加成熟、工業化程度更高、更加分散，我們正在跨部門進行大規模合作，以推動成長和收入超越。在 IDEX 消防和安全部門，我們的自動化功能正在縮短應變時間並提高緊急工作人員的工作效率和靈活性。我們相信，我們擁有獨特的優勢—憑藉我們廣泛的產品和創新能力來推動此類解決方案。我們在該領域實現了兩位數的成長，自動化解決方案現在佔平台收入的 10% 以上。

Finally, within our largest FMT businesses, specializing in severe duty flow control, we are rapidly digitizing the front end of our businesses, impacting the way we service and interact with our distributors, OEMs, and end-users. This urgent work is powered by the scale and positioning of our best 80s businesses. Ultimately, the next step will deploy a common set of digital tools across all IDEX businesses to drive even higher levels of customer engagement.

最後，在我們最大的 FMT 業務中，專注於重載流量控制，我們正在迅速將業務前端數位化，影響我們為經銷商、OEM 和最終用戶提供服務和互動的方式。這項緊急工作由我們 80 年代最優秀的企業的規模和定位所推動。最終，下一步將在所有 IDEX 業務中部署一套通用的數位工具，以提高更高水準的客戶參與度。

One last important point -- beyond support for faster growth, the collaboration and integration I'm describing here has additional potential to drive earnings expansion at IDEX. As we build larger scalable platforms and business groups, we can begin to shift vertical organizations, which stack up additively one company at a time, to more efficient horizontal frameworks that better lever our employee dollars, allowing us to self-fund more growth resources positioned very close to the customer for maximum impact.

最後一個重點——除了支援更快的成長之外，我在這裡描述的協作和整合還有額外的潛力來推動 IDEX 的獲利擴張。隨著我們建立更大的可擴展平台和業務集團，我們可以開始將垂直組織（一次增加一家公司）轉變為更有效率的水平框架，從而更好地利用我們的員工資金，使我們能夠自籌資金購買更多靠近客戶的成長資源，以實現最大影響力。

Alongside this work, we continue to push for flat organizations overall to speed decision making, pushing to eliminate any layers that might get in the way of our agility. Higher thematic scale and integration also supports higher levels of sourcing productivity as the quantities of similar purchase commodity classes naturally increase. You'll see some early tangible benefits of this work within our guidance schedules. We have $0.43 of adjusted EPS support lined up for 2025 in these areas, on top of another $0.20 at the midpoint from traditional productivity. We're well positioned for solid margin expansion as we move the needle on organic growth.

在進行這項工作的同時，我們將繼續推動組織機構整體扁平化，以加快決策速度，並努力消除任何可能妨礙我們敏捷性的層級。更高的主題規模和整合度也支援更高水準的採購生產力，因為類似採購商品類別的數量自然會增加。您將在我們的指導計劃中看到這項工作的一些早期切實效益。我們在這些領域為 2025 年準備了 0.43 美元的調整後每股收益支持，此外傳統生產力中點還提供 0.20 美元的支持。隨著我們推動有機成長，我們已為實現利潤率的穩定成長做好了準備。

Turning to slide 5, the last essential piece of our growth strategy is capital deployment. We are focused on the integration of Mott and deepening collaborative connections across our broader portfolio to leverage Mott's highly engineered filtration technologies into new innovative solutions.

轉到第 5 張投影片，我們的成長策略的最後一個重要部分是資本部署。我們專注於整合 Mott 並深化我們更廣泛產品組合之間的合作聯繫，以將 Mott 高度工程化的過濾技術轉化為新的創新解決方案。

At the same time, our dedicated corporate development team continues to work alongside our business leaders to build a robust and active M&A funnel, cultivating businesses that fit the IDEX mold and have the potential to advance our strategic goals in the areas where we want to grow. We have the pipeline, balance sheet, and free cash flow generation to keep M&A as a consistent contributor to our growth over time.

同時，我們專門的企業發展團隊繼續與我們的業務領導者一起努力，建立強大而活躍的併購管道，培育符合 IDEX 模式並有潛力在我們想要成長的領域推進我們的策略目標的企業。我們擁有通路、資產負債表和自由現金流產生能力，確保併購持續為我們的成長做出貢獻。

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

接下來，我將把主題交給阿比 (Abhi) 來討論我們的財務表現和指導。

Thanks, Eric. Turning to the consolidated financial results on slide 6, please note all comparisons are against the prior period unless stated otherwise.

謝謝，埃里克。請看第 6 頁的合併財務結果，請注意，除非另有說明，所有比較均與前期進行比較。

Fourth-quarter orders of $817 million were up approximately 8% on a reported basis and up 5% organically. We saw orders growth across the portfolio, with HST experiencing 8% organic growth in the quarter driven by blanket order activity that will ship in 2025. FSDP had mid-single-digit organic growth and FMT had low-single-digit growth.

第四季訂單金額為 8.17 億美元，報告期內成長約 8%，有機成長 5%。我們看到整個產品組合的訂單都在增長，其中 HST 本季實現了 8% 的有機增長，這得益於將於 2025 年發貨的總訂單活動。FSDP 實現了中等個位數的有機成長，而 FMT 實現了低個位數的成長。

For the year, orders were up 4% overall and up 3% organically. Our HST and FSDP segments experienced high-single-digit organic growth. HST growth was driven by year and blanket order activity in pneumatics and life sciences, combined with strong demand in both semiconductor MRO within our ceiling solutions business and within global broadband satellite communications. FSDP growth was driven by the combination of strong demand from North America fire OEMs and fire integrated system solutions. FMT experienced a low-single-digit organic decline driven by market softness in our agricultural business, as well as softness in our semiconductor capital equipment vertical within our Intelligent Water portfolio.

全年訂單總量上漲 4%，有機上漲 3%。我們的 HST 和 FSDP 部門經歷了高個位數的有機成長。HST 的成長主要得益於氣動和生命科學領域的年度和綜合訂單活動，以及天花板解決方案業務中的半導體 MRO 和全球寬頻衛星通訊的強勁需求。FSDP 的成長得益於北美消防原始設備製造商和消防整合系統解決方案的強勁需求。由於農業業務的市場疲軟以及智慧水產品組合中半導體資本設備垂直市場的疲軟，FMT 經歷了低個位數的有機下滑。

Fourth-quarter sales of $863 million were up 9% reported and up 3% organically compared to prior year. We experienced organic growth of 8% in FSDP and 3% in FMT. FSDP growth was driven by continued strength with North America fire OEMs production ramp and share gain of automation programs within integrated fire systems. HST was flat organically versus prior year. Strong execution of targeted growth initiatives tied to fuel cells, projects in pharma and global broadband satellite communications, and strong demand for semiconductor MRO were offset by broad-based softness in life sciences, analytical instrumentation, automotive, and semiconductor capital equipment verticals. Overall, we delivered approximately $40 million of projects primarily centered in HST.

第四季銷售額為 8.63 億美元，較上年同期成長 9%，有機成長 3%。我們的 FSDP 實現了 8% 的有機成長，FMT 實現了 3% 的有機成長。FSDP 的成長得益於北美消防原始設備製造商產量持續成長以及綜合消防系統內自動化專案份額的成長。與上年相比，HST 有機成長持平。與燃料電池、製藥和全球寬頻衛星通訊相關的目標成長計畫的有力執行以及對半導體 MRO 的強勁需求，被生命科學、分析儀器、汽車和半導體資本設備垂直領域的普遍疲軟所抵消。總體而言，我們交付了主要以 HST 為中心的約 4000 萬美元的專案。

Full-year sales of $3.3 billion were flat overall and down 2% organically. HST contracted by 7% on an organic basis, driven by life sciences and semiconductor cyclical market headwinds. FMT growth was flat with strength in chemicals and municipal water markets offsetting softness in agriculture and semiconductor capital equipment within the Intelligent Water platform. FSDP drove low-single-digit growth bolstered by North America fire OEM and fire integrated system solution demand.

全年銷售額為 33 億美元，整體持平，有機下降 2%。受生命科學和半導體週期性市場逆風影響，HST 有機收縮了 7%。FMT 成長持平，化學品和市政供水市場的強勁表現抵消了智慧水平台內農業和半導體資本設備的疲軟。受北美消防 O​​EM 和消防整合系統解決方案需求的推動，FSDP 實現了低個位數成長。

Fourth-quarter gross margin declined 20 basis points to 42.5% on a reported basis. However, on an adjusted basis, gross margin expanded by 40 basis points as the benefit from strong price cost and operational productivity was partially offset by higher employee-related and discretionary, cost unfavorable mix, and the net dilutive impact of acquisitions and divestitures.

第四季毛利率按報告基礎下降20個基點至42.5%。然而，經調整後，毛利率擴大了 40 個基點，因為強勁的價格成本和營運生產力帶來的好處被更高的員工相關和可自由支配的費用、成本不利組合以及收購和資產剝離的淨稀釋影響部分抵消。

For the year, gross margin was 44.2%, ending relatively flat. Adjusted gross margin was 44.5%, expanding 30 basis points. Strong price cost and improved operational productivity, net of lower volume leverage, were partially offset by higher employee-related cost and unfavorable mix.

全年毛利率為44.2%，基本持平。調整後毛利率為44.5%，擴大30個基點。強勁的價格成本和提高的營運生產力（扣除較低的銷售槓桿）被更高的員工相關成本和不利的產品組合部分抵消。

Fourth-quarter adjusted EBITDA margin was 26.4%, up 60 basis points. I will discuss the drivers of fourth-quarter adjusted EBITDA on the next slide in a moment. On a full-year basis, adjusted EBITDA margin contracted 80 basis points to 26.7%. A bridge of the full-year adjusted EBITDA can be found in the appendix of this presentation.

第四季調整後 EBITDA 利潤率為 26.4%，上升 60 個基點。我將在下一張投影片中討論第四季度調整後 EBITDA 的驅動因素。全年調整後 EBITDA 利潤率收縮 80 個基點至 26.7%。您可以在本簡報的附錄中找到全年調整後 EBITDA 的簡要資訊。

On a GAAP basis, our Q4 effective tax rate was 18.5% versus 22.7% in the prior year period. The full-year 2024 GAAP effective tax rate was 21.1% versus 21.7% in 2023. Both the Q4 and full-year tax rate decreases were primarily due to discrete benefits at year-end, including the reduction of taxes accrued on dividends of foreign earnings and the decrease in state tax expense mainly due to the jurisdictional mix of taxable income.

依照 GAAP 標準，我們第四季的有效稅率為 18.5%，去年同期為 22.7%。2024 年全年 GAAP 有效稅率為 21.1%，而 2023 年為 21.7%。第四季度和全年稅率的下降主要歸因於年末的單獨收益，包括外國收益股息應納稅所得額的減少，以及主要由於應稅收入的管轄組合導致的州稅支出的減少。

Fourth quarter net income was $123 million, resulting in GAAP diluted EPS of $1.62. Adjusted net income was $155 million, with an adjusted EPS of $2.04, up $0.21 or 11%. For the full year, net income was $505 million, resulting in EPS of $6.64. Adjusted net income was $599 million, generating an EPS of $7.89, down $0.33 or 4% from last year.

第四季淨收入為 1.23 億美元，GAAP 稀釋每股收益為 1.62 美元。調整後淨收入為 1.55 億美元，調整後每股收益為 2.04 美元，成長 0.21 美元或 11%。全年淨收入為 5.05 億美元，每股收益為 6.64 美元。調整後淨收入為 5.99 億美元，每股收益為 7.89 美元，較去年下降 0.33 美元，降幅為 4%。

Free cash flow for the quarter was $157 million, a decrease of 12%. We achieved a conversion rate of 101% of adjusted net income. For the year, we delivered free cash flow of $603 million, down 4% versus last year, and also coming in at 101% of adjusted net income. We achieved 3.8 in inventory turns and invested $65 million in capital expenditures.

本季自由現金流為1.57億美元，下降12%。我們實現了調整後淨收入101%的轉換率。今年，我們的自由現金流為 6.03 億美元，較去年下降 4%，佔調整後淨收入的 101%。我們的庫存週轉率達到了 3.8，資本支出達到 6,500 萬美元。

Our strong balance sheet and cash flow enabled us to pay $205 million in cash dividends to shareholders this year. We also funded the acquisition of Mott through the combination of approximately $212 million of cash and $774 million of debt. We continue to maintain our strong investment-grade rating and closed the year with a gross leverage ratio of 2.2x.

我們強勁的資產負債表和現金流使我們今年能夠向股東支付 2.05 億美元的現金股息。我們也透過約 2.12 億美元現金和 7.74 億美元債務為收購 Mott 提供資金。我們繼續維持強勁的投資等級評級，年底的總槓桿率為 2.2 倍。

Moving on to slide 7, I will walk through the details of the adjusted EBITDA drivers. For the fourth quarter, adjusted EBITDA increased by approximately $23 million. Our organic sales volume increase of approximately 1% favorably impacted adjusted EBITDA by $2 million flowing through at prior year adjusted gross margin rate of 42.7%. Strong price offset up 130 basis points and operational productivity drove $80 million of benefits year over year.

接下來是第 7 張投影片，我將詳細介紹調整後的 EBITDA 驅動因素。第四季度，調整後的 EBITDA 增加約 2,300 萬美元。我們的有機銷售量成長約 1%，對調整後的 EBITDA 產生了 200 萬美元的正面影響，去年調整後的毛利率為 42.7%。強勁的價格抵消了 130 個基點的上漲，而營運效率的提高帶來了同比 8,000 萬美元的收益。

In the quarter, we saw unfavorable mix, primarily in our energy and BAND-IT business. We strategically invested in resources supporting target growth initiatives in groups such as Fire & Safety and intelligent water. All these factors combined into a favorable organic flow-through of 53%. The impact of acquisitions, net of divestitures and FX increased adjusted EBITDA by $12 million on a quarter-over-quarter basis.

在本季度，我們看到了不利的組合，主要是在我們的能源和BAND-IT業務方面。我們策略性地投資資源來支持消防與安全、智慧水務等領域的目標成長計畫。所有這些因素結合起來，帶來了 53% 的有利有機流量。扣除資產剝離和外匯影響後，收購後的調整後 EBITDA 環比增加了 1,200 萬美元。

Now I would like to move on to our overall outlook for 2025, starting on page 8. Before diving into our full year guidance, I want to reiterate Eric's opening comments. IDEX continues to have leading positions in attractive end-markets attached to strong secular growth trends. Beyond positive economic fundamentals, we will continue to drive above-market growth through pricing power, targeted growth initiatives, competitive lead times and customer intimacy-driven share gains. These dynamics are demonstrated within each of our segments and will result in better than market performance over the long term.

現在我想從第 8 頁開始介紹我們對 2025 年的整體展望。在深入討論我們的全年指導之前，我想重申艾瑞克的開場白。IDEX 繼續在具有強勁長期成長趨勢的具有吸引力的終端市場中佔據領先地位。除了正面的經濟基本面之外，我們還將繼續透過定價能力、有針對性的成長計劃、有競爭力的交貨時間和客戶親密度驅動的份額成長來推動高於市場的成長。這些動力在我們的每個領域都有所體現，並將在長期內帶來優於市場的表現。

For the full year 2025, we expect organic growth of 1% to 3% with the majority of our end-markets stable to growing. Within this range, we expect HST to be our highest growth segment near the high end of the range. We are expecting a modest lift within our key end-markets in life sciences fluidics and optical filters and a second half recovery in the semiconductor capital equipment.

就 2025 年全年而言，我們預計有機成長率將達到 1% 至 3%，大多數終端市場將保持穩定或成長。在此範圍內，我們預計 HST 將成為我們在該範圍高端附近的最高成長部分。我們預計，生命科學流體和光學過濾器等主要終端市場將出現小幅成長，半導體資本設備也將在下半年復甦。

We will continue to see tailwinds with pharma, semiconductor MRO, space and energy transition markets as we experienced in Q4. Those tailwinds are supported by demand for new disease therapies and nutrition, global communication satellite network expansion and energy consumption tied to datacenters. Additionally, Mott's applications and capabilities will enable growth acceleration with energy transition as demand for clean energy expands internationally and traditional energy solutions grows domestically.

正如我們在第四季度所經歷的那樣，我們將繼續看到製藥、半導體 MRO、太空和能源轉型市場的順風。這些順風受到對新疾病療法和營養的需求、全球通訊衛星網路擴展以及與資料中心相關的能源消耗的支持。此外，隨著國際上對清潔能源的需求不斷擴大以及國內傳統能源解決方案的成長，Mott 的應用和能力將推動能源轉型加速成長。

For FMT, we expect overall segment growth closer to the lower end of the guidance range. We see the most exposure to market cyclicality in this segment. In our core industrial markets, we expect continued stability as we saw in the fourth quarter, but flat to low single-digit market growth and strong price support. This stability will be tempered by energy and agriculture where we see more challenges driven by the timing of capital investments and lower levels of farm income, respectively. We remain bullish with the growth in our intelligent water platform driven by continued municipal water markets investment in wastewater management and aging infrastructure improvements in conjunction with key project wins in our semiconductor ultrapure water heater business.

對於 FMT，我們預計整體分部成長將更接近指導範圍的低端。我們發現這一領域受市場週期性影響最大。在我們的核心工業市場中，我們預計將繼續保持穩定，就像我們在第四季度看到的那樣，但市場成長率將持平至低個位數，並獲得強勁的價格支撐。這種穩定將受到能源和農業的影響，我們將看到更多的挑戰，分別由資本投資時機和農業收入水平較低所驅動。我們對智慧水平台的成長仍然充滿信心，這得益於市政水市場對廢水管理和老化基礎設施改善的持續投資，以及我們半導體超純熱水器業務中的關鍵項目的勝利。

Finally, turning to our FSDP segment. We expect organic growth to be towards the midpoint of our guided range with continued strength in our Fire & Safety business. Our fire business has successfully deployed its integrated systems platform over the past few years and it is now more than 10% of that business. This program has increased our content per truck, which, when combined with the recovering North America OEM channel, has accelerated our growth. We expect the growth trajectory to continue in 2025.

最後，談談我們的 FSDP 部分。我們預計有機成長將達到指導範圍的中點，消防與安全業務將持續保持強勁成長。我們的消防業務在過去幾年中成功部署了其整合系統平台，現在佔該業務的10％以上。該計劃增加了我們每輛卡車的含量，再加上正在復甦的北美 OEM 頻道，加速了我們的成長。我們預計這一成長軌跡將在 2025 年持續下去。

We expect dispensing and BAND-IT to be up low single digits.

我們預計分配和 BAND-IT 將成長個位數。

This segment performance outlook embedded within our organic growth range of 1% to 3% equals adjusted earnings per share growth of $0.15 to $0.40 depending on top line results, including price/cost in line with IDEX's historical performance and slight portfolio mix. Additionally, we will drive operational excellence from operational productivity, more than offsetting wage inflation pressure, contributing $0.15 to $0.25 of adjusted EPS growth.

該部門業績展望包含在我們 1% 至 3% 的有機增長範圍內，相當於調整後每股收益增長 0.15 美元至 0.40 美元，具體取決於營收結果，包括與 IDEX 歷史業績和輕微投資組合一致的價格/成本。此外，我們將透過營運效率推動卓越運營，這不僅能抵消薪資通膨壓力，還能為調整後的每股盈餘成長貢獻 0.15 美元至 0.25 美元。

We will also drive $0.43 of growth from the platform optimization and delayering savings that Eric already mentioned. In order to achieve these savings, we expect to take $21 million to $25 million in restructuring charges during 2025, of which approximately $8 million to $10 million is expected in the first quarter. These charges are primarily related to severance.

我們還將透過 Eric 已經提到的平台優化和層層削減節省來實現 0.43 美元的成長。為了實現這些節省，我們預計 2025 年期間重組費用將達到 2,100 萬至 2,500 萬美元，其中第一季預計約為 800 萬至 1,000 萬美元。這些費用主要與遣散費有關。

The reset of variable compensation to normal levels after a challenging 2024, combined with higher share-based compensation, results in a $0.29 headwind, while the impact of recent acquisitions and divestitures contributes $0.24 of adjusted operating EPS growth before financing.

在經歷了充滿挑戰的 2024 年之後，浮動薪酬重置為正常水平，再加上更高的股權薪酬，導致了 0.29 美元的逆風，而最近的收購和資產剝離的影響在融資前貢獻了 0.24 美元的調整後營業每股收益增長。

Finally, considering a few non-operational items, the higher debt level due to the acquisition of Mott will unfavorably impact adjusted EPS growth by $0.22. In totality, the overall impact of Mott to 2025 adjusted EPS is accretive, net of higher interest expense ahead of schedule. We expect FX to be a headwind of $0.11 in 2025.

最後，考慮到一些非營運項目，收購 Mott 導致的更高債務水準將對調整後的每股盈餘成長產生不利影響，影響金額為 0.22 美元。總體而言，扣除提前支付的更高利息支出後，Mott 對 2025 年調整後每股收益的整體影響是增值的。我們預計 2025 年外匯匯率將下跌 0.11 美元。

An increase in the effective tax rate on a year-over-year basis is creating $0.14 headwind for adjusted EPS. The 2024 effective tax rate includes certain discrete events which produced an $0.11 benefit to adjusted EPS in 2024 that will not repeat in 2025. And in addition, the projected 2025 rate of approximately 22% to 23% includes a heavier mix of improved performance in regions with higher tax rates.

與去年同期相比，有效稅率的增加將為調整後的每股盈餘帶來 0.14 美元的阻力。2024 年有效稅率包括某些單獨事件，這些事件為 2024 年調整後每股收益帶來了 0.11 美元的收益，但 2025 年不會重複出現。此外，預計2025年的稅率約為22%至23%，其中稅率較高的地區的績效提高更為顯著。

Turning to slide 9, I'll provide additional details for the full year guidance as well as the first quarter of 2025. In summary, for the full year, we expect organic revenue growth of 1% to 3% to yield GAAP EPS of $6.56 to $6.96 and an adjusted EPS of $8.10 to $8.45 or up 3% to 7% over 2024. Adjusted EBITDA margins are expected to be in the range of 27.5% to 28%. Capital expenditures are anticipated to be about $90 million. Corporate costs are expected to be approximately $110 million, up from 2024 by approximately $16 million driven by variable compensation reset and essential compliance investments.

轉到第 9 頁，我將提供有關全年指導以及 2025 年第一季的更多詳細資訊。綜上所述，就全年而言，我們預計有機收入將增長 1% 至 3%，使 GAAP 每股收益達到 6.56 美元至 6.96 美元，調整後每股收益達到 8.10 美元至 8.45 美元，即比 2024 年增長 3% 至 7%。調整後的 EBITDA 利潤率預計在 27.5% 至 28% 之間。預計資本支出約9,000萬美元。公司成本預計約 1.1 億美元，較 2024 年增加約 1,600 萬美元，主要受可變薪酬重置和必要的合規投資推動。

Moving on to the first quarter. We are projecting GAAP EPS to range from $1.18 to $1.24 and adjusted EPS to range from $1.60 to $1.65. Organic revenue is expected to decline 3% to 4% compared to the prior year, and adjusted EBITDA margins are expected to be in the range of 24.1% to 24.5%.

進入第一季。我們預計 GAAP EPS 範圍在 1.18 美元至 1.24 美元之間，調整後 EPS 範圍在 1.60 美元至 1.65 美元之間。預計有機收入將比上年下降 3% 至 4%，調整後的 EBITDA 利潤率預計在 24.1% 至 24.5% 之間。

Our organic revenue range reflects the challenging Q1 2024 comparable with our semiconductor, agricultural, chemical and energy end-markets, which decelerated as we exited 2024. We are offsetting a portion of this pressure through positive price/cost spread, productivity and our platform optimization savings to drive an organic flow-through on lower volume in the low to mid-40%. Additionally, our adjusted EPS guidance includes $0.06 of pressure versus the prior year from share-based compensation.

我們的有機收入範圍反映了 2024 年第一季面臨的挑戰，與我們的半導體、農業、化學和能源終端市場相比，這些市場在我們退出 2024 年時有所減速。我們透過正的價格/成本差價、生產力和平台優化節約來抵消部分壓力，以推動 40% 至 40% 左右較低銷量的有機流通。此外，我們的調整後每股盈餘預期包括與前一年相比 0.06 美元的股權激勵壓力。

To add additional color to our first quarter guide, from a sequential perspective versus 4Q 2024, we expect to see reduced revenues resulting from $40 million of projects executed in the fourth quarter flowing toward our gross margin rate as well as some additional volume decline in HST due to semiconductor recovery timing and within FMT due to seasonality within ag and water.

為了為我們的第一季指南增添更多內容，與 2024 年第四季相比，從連續角度來看，我們預計第四季度執行的 4000 萬美元項目導致的收入減少，這些項目將流向我們的毛利率，並且由於半導體復甦時機導致 HST 中的銷量出現一些額外下降，由於農業和水的季節性也導致 FMT 中的一些額外銷量下降。

We expect pressure of $0.20 to adjusted EPS from accelerated recognition of stock compensation and variable compensation reset as we enter 2025.

我們預計，進入 2025 年，股票薪酬加速確認和可變薪酬重置將給調整後每股盈餘帶來 0.20 美元的壓力。

To close out on our guidance, I would like to provide some pacing considerations consider as you contemplate our full year guidance on the next slide. I'm on slide 10. Our guidance implies that revenue and adjusted EPS will be weighted to the second half of the year. In terms of revenue pacing, we expect a higher portion of our full year sales guide to be delivered in the second half, driven by sequential recovery of our capital equipment-related semiconductor markets, timing of water project deliveries and Mott's shipment timing which has historically been weighted to the latter part of the calendar year.

為了結束我們的指導，我想在下一張投影片中提供一些在考慮我們的全年指導時需要考慮的節奏因素。我在第 10 張投影片。我們的指導意味著收入和調整後的每股盈餘將集中在下半年。在收入節奏方面，我們預計全年銷售指南的更高部分將在下半年實現，這得益於我們資本設備相關的半導體市場的連續復甦、水項目交付的時間以及 Mott 的出貨時間（歷史上通常集中在日曆年的後半年）。

Additionally, we expect a modest recovery within our life sciences fluidics and optical filter business, implying low single-digit organic growth for the year, with revenue pacing approximately flat across the year. And industrials to show modest market growth with strong price support following historic seasonal patterns. Our targeted growth programs will have a more pronounced impact in the second half.

此外，我們預計生命科學流體和光學濾波器業務將溫和復甦，這意味著今年的有機成長率將達到個位數的低位，全年收入將基本持平。工業表現出溫和的市場成長，並按照歷史季節性模式獲得強勁的價格支撐。我們有針對性的成長計畫將在下半年產生更明顯的影響。

From an adjusted EPS perspective, we expect increased adjusted EPS on higher second half volume at historical flow-through rates that from optimization and delayering benefits as well as price cost realization reached full run rate in the third quarter of 2025. And stock compensation expense will have an in-year first quarter adjusted EPS impact of approximately $0.20 and a full year impact of approximately $0.35.

從調整後的每股盈餘角度來看，我們預計，由於下半年銷售量增加，以歷史流通率計算，調整後的每股盈餘將增加，而優化和去層級化帶來的好處以及價格成本實現將在 2025 年第三季達到滿載運行率。股票薪資費用將對今年第一季調整後每股盈餘產生約 0.20 美元的影響，對全年調整後每股盈餘產生約 0.35 美元的影響。

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

最後，我將把發言權交給 Eric 最後發言。

Thanks, Abhi. I'm on slide 11. As I close our introductory remarks with an overview of our value drivers, I thought I'd provide some three-dimensional color from my Q4 travels across IDEX to help you really appreciate the quality of our company, our people and our culture.

謝謝，阿比。我在第 11 張投影片。當我以對我們的價值驅動因素的概述來結束我們的介紹性發言時，我想從我在 IDEX 的第四季度之旅中提供一些三維色彩，以幫助您真正了解我們公司、我們的員工和我們的文化的品質。

In late November, I joined more than 20 other IDEX leaders at our Airtech business, acquired in 2021, for a week of rapid continuous improvement events to drive productivity and throughput in support of one of their fastest-growing customers. We included a cohort of large business leaders nearing graduation from the IDEX Academy's Leadership Excellence program. they took powerful lessons of process-driven servant leadership back to their global teams to raise the bar on what's possible when great teams work together with full engagement.

11 月下旬，我與我們 2021 年收購的 Airtech 業務的 20 多位 IDEX 領導者一起參加了為期一周的快速持續改進活動，以提高生產力和產量，為他們增長最快的客戶之一提供支援。我們吸收了一群即將從 IDEX 學院領導力卓越計畫畢業的大型企業領導人。他們將流程驅動的僕人式領導的寶貴經驗帶回給全球團隊，以提高優秀團隊全情投入合作所能達到的標準。

I checked in on the Mott team in late fall to see firsthand the state of integration. I was inspired, as always, by their incredible passion for the business as they deliver solutions to the world's most demanding problems. In many ways, it feels like they've been part of IDEX for years, not months.

我在深秋訪問了 Mott 團隊，親自觀察了整合情況。一如既往，我對他們對事業的極大熱情以及為世界上最棘手的問題提供解決方案而深受啟發。從很多方面來看，感覺他們已經成為 IDEX 的一部分好幾年了，而不是幾個月。

Finally, I traveled to India to visit our facilities and commercial teams. The manufacturing facility we opened less than two years ago near Ahmedabad is already at high levels utilization, producing a variety of products for dispensing and our HST materials processing technologies business. Near Vadodara, at our first production campus, I got a chance to visit the secondary school we've built and staff to support over 250 children from local communities.

最後，我前往印度參觀我們的設施和商業團隊。我們不到兩年前在艾哈邁達巴德附近開設的製造工廠目前利用率很高，生產各種用於分配和我們的 HST 材料加工技術業務的產品。在我們位於巴羅達附近的第一個生產園區，我有機會參觀了我們建造的中學和為超過 250 名當地社區兒童提供支援的教職員工。

All of these experiences help me really appreciate the power of our purpose, trusted solutions improving lives. With that, I'll turn it over to the operator for your questions.

所有這些經驗讓我真正體會到了我們的目標的力量，值得信賴的解決方案可以改善生活。說完這些，我將把問題交給接線員來回答您的問題。

(Operator instructions) Mike Halloran, Baird.

（操作員指令） 麥克‧哈洛倫，貝爾德。

So let's start with a lot of what Abhi was going through there, and just help me understand the cadencing and the moving pieces a little bit more succinctly. If I think about why 1Q is so soft, and then the confidence in the remaining part of the year, obviously, let's take aside the share-based comp piece, and you certainly referenced the timing. So the moving pieces here are more project timing, share-based comp. Anything else you would talk to as a broad bucket?

因此，讓我們先了解 Abhi 在那裡經歷的事情，然後幫助我更簡潔地理解節奏和移動部分。如果我思考為什麼第一季表現如此疲軟，然後思考對今年剩餘時間的信心，顯然，讓我們先把基於股票的薪酬部分放在一邊，你肯定提到了時機。因此，這裡變動的因素是更多的專案時機和基於股票的補償。您還想以大體概念來談論其他什麼嗎？

But I think the bigger part of the question is just why the confidence in some of these end-markets improving as you work through the year, particularly the semi side or anything else? I know it's a broader question and my follow-up could maybe be a little more succinct related to some of those, but just maybe help line that out because I know that's certainly where we're getting a lot of questions.

但我認為，更大的問題是，為什麼隨著時間的推移，對某些終端市場的信心會增強，特別是半導體市場或其他市場？我知道這是一個更廣泛的問題，我的後續問題可能針對其中一些問題更加簡潔一些，但也許有助於闡明這一點，因為我知道我們確實收到了很多問題。

Yes. So why don't I do this? Let me start and then Eric will jump in as he sees fit. So look, I know this Q1 topic, Q4 topic is a big topic. So let's just start first sequentially, Mike, to your point.

是的。那我為什麼不這麼做呢？讓我先開始，然後 Eric 會根據自己的情況加入討論。所以看，我知道這個 Q1 主題，Q4 主題是一個大主題。所以麥克，我們先按順序開始討論你的觀點。

So if you kind of think about Q4 to Q1 sequentially, as you pointed out, there's about $40 million of project in Q4. So when you think about the organic growth that you saw in Q4, $40 million of that, you see $40 million of project in Q4, so that organic growth is very tied to that $40 million project shipments. So when you go from Q4 to Q1, that $40 million doesn't repeat and there's about a $0.22 impact sequentially.

因此，如果您按順序思考第四季和第一季的情況，正如您所指出的，第四季度的專案價值約為 4000 萬美元。因此，當您考慮第四季度的有機成長時，您會發現其中的 4,000 萬美元是第四季度的 4,000 萬美元項目，因此有機增長與 4,000 萬美元的項目出貨量密切相關。因此，當您從第四季度回到第一季時，這 4000 萬美元不會重複，並且連續影響約為 0.22 美元。

The second thing is when you talk about share-based comps, it is actually a big topic sequentially. So from Q4 to Q1, it's a $0.20 headwind when you look at it on a sequential basis. So if you start with the 204, back out the project, back out the share-based comp, that's about $0.42 worth of sequential headwind.

第二件事是，當你談論以股票為基礎的薪酬時，它實際上是一個連續的大話題。因此，從第四季度到第一季度，如果以連續方式來看，這是一個 0.20 美元的逆風。因此，如果您從 204 開始，退出該項目，退出基於股票的補償，那麼這相當於價值約 0.42 美元的連續逆風。

Now switching gears for a second and kind of talking about Q1 year over year. As you as you recall when we talked about the last year at the same time, we exited Q4 into Q1 where our industrial businesses saw a positive momentum, positive inflection and we built backlog in the -- exiting Q1 last year. In May, we all saw there was -- the inflation reading was pretty hard, the likelihood of the Fed cutting the rate three to five times was pretty much off the table. And so what we saw in 2024, really in the first half into the third quarter, is our industrial businesses that build backlog burned that backlog and, quite frankly, carried the weight in 2024.

現在換個話題，談談第一季的年比情況。正如您所記得的那樣，當我們同時談論去年時，我們退出了第四季度並進入了第一季度，我們的工業業務看到了積極的勢頭和積極的拐點，並且在去年第一季結束時我們建立了積壓訂單。五月，我們都看到通膨數據相當嚴峻，聯準會降息三至五次的可能性幾乎為零。因此，我們在 2024 年看到的情況是，實際上在上半年到第三季度，我們的工業業務積累了積壓訂單，消耗了積壓訂單，坦率地說，在 2024 年承擔了重擔。

The second half of 2024, Mike, is really all about the strong momentum that we saw in HST tied to the order growth that we saw in Q3 and Q4. If you recall, Q3 was positive 20%, Q4 was positive 8%. In Q3, we saw blanket activity tied to our life sciences business and some pneumatic business. And then in Q4, we saw about $40 million worth of blanket activity, $30 million of which is tied to our pneumatic business and then some more life sciences activity.

麥克，2024 年下半年的真正焦點在於我們在 HST 中看到的強勁勢頭，這與我們在第三季和第四季看到的訂單成長息息相關。如果你還記得的話，第三季是正 20%，第四季是正 8%。在第三季度，我們看到了與生命科學業務和一些氣動業務相關的綜合活動。然後在第四季度，我們看到價值約 4000 萬美元的綜合活動，其中 3000 萬美元與我們的氣動業務相關，然後是一些生命科學活動。

Now these are not just blanket activity or just normal orders, right? These are brand-new platforms with specific customers that have delivery schedules throughout 2025, okay? So that's where the confidence into the HST orders and what that means from a revenue standpoint comes for in 2025.

現在這些不僅僅是全面的行動或只是正常的命令，對嗎？這些都是全新的平台，擁有特定客戶，並且有整個 2025 年的交付計劃，好嗎？因此，這就是對 HST 訂單的信心以及從收入角度來看這對 2025 年的意義所在。

So what you're seeing here really is a year that's setting up with positive momentum. We closed January. We built some backlog as part of the January close. So Q1 really is a reflection, as you think about Q1, coming into Q1, we have lower backlog on the industrial side with strong momentum on the HST side, as you saw in Q3, Q4, that's really setting us up for 2025.

因此，您現在看到的確實是充滿積極勢頭的一年。我們於一月結束營業。我們在一月結束時累積了一些積壓工作。因此，Q1 確實是一個反映，當您思考 Q1 時，進入 Q1，我們在工業方面的積壓訂單較少，而在 HST 方面勢頭強勁，正如您在 Q3 和 Q4 看到的那樣，這確實為我們 2025 年做好了準備。

A couple of other things in the quarter, year over year, we have a $0.03 headwind from FX and then another $0.06 of headwind on the margin line tied to share-based comp and variable comp reset. So that's the color between Q4, Q1 and then Q1 year over year.

本季度還有其他一些事情，與去年同期相比，我們面臨著來自外匯的 0.03 美元的不利因素，然後與股票薪酬和可變薪酬重置相關的利潤線上又面臨著 0.06 美元的不利因素。這就是 Q4、Q1 和 Q1 同比的變化顏色。

And just a couple of things there. I think that last point that Abhi made, I mean, this is us making the turn where kind of HST comes back and leads the way as it will in 2025 from a growth standpoint. That's why we've been building it. The momentum that we saw in those blankets is, Abhi said, that's not routine stuff. The Q4 items that we got in our pneumatics area are really, really good.

那裡只有幾件事。我認為 Abhi 提出的最後一點是，從成長的角度來看，這是我們正在進行的轉變，HST 將回歸並引領潮流，就像它在 2025 年一樣。這就是我們建造它的原因。阿比說，我們在這些毯子上看到的勢頭並不是常規的事情。我們在氣動領域獲得的 Q4 產品確實非常好。

I mean that's tied to, honestly, providing power for datacenter applications. So really strong things that, again, they're unique individual customers with individual launch rates. So we know where those are and how they phase out across the year.

我的意思是，這與為資料中心應用程式提供電力有關。真正強大的是，他們都是具有獨特發射率的個別客戶。所以我們知道它們在哪裡以及它們在一年內如何逐漸消失。

The semicon piece in there is the only piece we didn't really talk about. We do have a couple of customer-specific inventory adjustment pressure points in the early part of the year that are going to correct against themselves in the back half. And so while, as always, we're kind of waiting for an overall inflection point to get to better days ahead, there is a specific point in there that does show up in phasing beginning to end. So that's out there.

其中的半導體部分是我們唯一沒有真正討論的部分。今年年初我們確實有幾個針對特定客戶的庫存調整壓力點，這些壓力點將在下半年修正。因此，雖然我們一如既往地在等待一個整體的轉折點，以便迎來更好的未來，但其中確實有一個特定的點會在整個階段中顯現出來。這就是它存在的意義。

But at the same time, around that, we've got actually a couple of positive data points. Our sealing solutions business within semicon does kind of different work and does more sort of aftermarket maintenance kind of items that you use in a system when you're running it. We saw nice growth in Q4, it's continuing into Q1. That's kind of a precursor, at least indicative that the utilization matters and run rates matter, and we think is a good data point for further growth in the entire sector.

但同時，我們實際上得到了一些正面的數據點。我們的半導體密封解決方案業務從事不同類型的工作，並從事更多系統運行時所使用的售後維護類型的專案。我們在第四季度看到了良好的成長勢頭，並且這種勢頭將持續到第一季。這是一種先兆，至少表明利用率很重要，運行率也很重要，我們認為這是整個產業進一步成長的一個很好的數據點。

And then we saw some really, really nice bookings numbers at that kind of cutting-edge of technology where we've got heavy content, heavy participation, which sets up really nicely for years ahead. So we have a little bit of a transition or a bump there, if you will, customer specific, first half to second on the semi side, which complements everything that Abhi talked through.

然後，我們看到了這種尖端技術的非常非常好的預訂數字，我們擁有大量內容，大量參與，這為未來幾年的發展奠定了良好的基礎。因此，如果你願意的話，我們會有一個小小的轉變或障礙，針對客戶特定的，從上半場到下半場，這補充了 Abhi 談到的一切。

Got it. All right. So if I just sum that up super clearly then, the sequentials 4Q to 1Q are actually pretty normal seasonality if you exclude the share-based comp and you exclude the project activity. And then the outlook for the year is also relatively normal seasonality other than how Mott is shaping up, how a couple of green shoots are shaping up in your semi commentary. Is that a fair interpretation?

知道了。好的。因此，如果我非常清楚地總結這一點，那麼，如果排除基於股票的補償並且排除專案活動，那麼第 4 季到第 1 季的連續性實際上是相當正常的季節性。那麼，除了 Mott 的成長情況以及您半評論中出現的一些復甦跡象之外，今年的前景也相對正常。這是一個合理的解釋嗎？

Yes.

是的。

All right. And then the second one, just when you think about the platform optimization and delayering comments you made today, maybe talk a little bit about what this means for the growth profile and for how you think about incremental margins or incremental leverage on that growth on a forward basis. And just kind of frame up what the tailwind or the benefit could be from it.

好的。然後第二個問題，當您想到今天所做的平台優化和分層評論時，也許可以談談這對成長概況意味著什麼，以及您如何看待未來增量利潤或增量槓桿對成長的影響。並且大致概括一下它能帶來的順風或好處。

Yes. So I mean it's a pretty simple ratio. We're moving the top line, the numerator and the denominator. And so this is stuff that we always had in mind as we're putting these pieces together, and maybe I'll kind of work it around the newer part that we're building around material science applications.

是的。所以我的意思是這是一個非常簡單的比例。我們正在移動頂線、分子和分母。因此，當我們將這些部分組合在一起時，我們始終在考慮這些內容，也許我會圍繞我們圍繞材料科學應用構建的較新的部分來進行這項工作。

But these businesses do link together thematically. They're all leveraging technologies that are unique to each business, but are kind of pinging against the same four to five markets. And so you're able to get some commercial efficiency there. You're able to kind of move from a system where kind of may call it the old IDEX way where each business sort of has to support itself in every single function. To now a couple of businesses that are able to intertwine either commercially or via technology, sometimes shared services and back office.

但這些業務在主題上確實是相互連結的。他們都在利用適合各自業務的獨特技術，但卻瞄準相同的四到五個市場。這樣你就能夠在那裡獲得一些商業效率。你可以從一個可以稱為舊式 IDEX 方式的系統轉變，在這種系統中，每種業務都必須在每項功能上自行支援。現在，有幾家企業能夠在商業或技術上相互交織，有時共享服務和後台辦公室。

And so you're getting more mass close to the customer to support growth resources and the growth mission of the company, and you're doing it in a way where actually you're moving up within the organizations that we're interfacing with in the markets that matter the most because we're bringing more power and more mass to those. You've got a chance to move the needle more on the top end but you're actually able to do it a lot more efficiently from a resource perspective because you don't have to kind of string along a bunch of pearls. You've got some unique ways to combine things and get that leverage.

這樣，您就可以更接近客戶，以支持成長資源和公司的成長使命，而且您這樣做實際上是在我們在最重要的市場中與之互動的組織內晉升，因為我們為這些市場帶來了更大的權力和更大的規模。您有機會在頂部移動更多針頭，但從資源角度來看，您實際上能夠更有效地做到這一點，因為您不必串起一串珍珠。您有一些獨特的方法來組合事物並獲得這種槓桿作用。

So you saw that play out, you're seeing it play out in the '25 numbers on both the top line and the bottom because most of the growth highlights we have are kind of coming off that page and a lion's share of the productivity we're delivering is in the same areas.

所以，您看到了這一結果，您看到這一結果在 25 年的數據中得到了體現，無論是在頂線還是在底線，因為我們大部分的增長亮點都來自這一頁面，而且我們所實現的生產力的大部分都在同一領域。

And that's a story that isn't done. As we continue to run this out, we keep assembling the pieces, we put more scale and we get more depth and presence with certain customer sets and markets, there's things we can do from a facilities perspective, other things along the way here. So it has always been part of how we thought about this to not only drive growth, but get the earnings expansion and the kicks that you want there as well by working on the top and the bottom of the ratio.

這是一個尚未結束的故事。隨著我們繼續運行，我們不斷地組裝零件，擴大規模，在某些客戶群和市場上獲得更深的深度和存在感，我們可以從設施的角度做一些事情，在此過程中還可以做其他事情。因此，我們始終認為，不僅要推動成長，還要透過努力調整比率的頂部和底部，實現獲利擴張和所需的刺激。

Vlad Bystricky, Citi.

花旗銀行的 Vlad Bystricky。

Thanks for all the color around the outlook and the phasing. I guess just stepping back in terms of the broader macroeconomic backdrop and what's assumed in your guidance. Have you made any specific assumptions relative to potential tariff impacts coming in? And what are you hearing from your customers as they're thinking about those potential impacts in this uncertain environments that you mentioned?

感謝你們為前景和階段所做的所有貢獻。我想，只是從更廣泛的宏觀經濟背景和您的指導中的假設的角度來回顧一下。您是否對潛在的關稅影響做過任何具體假設？當您的客戶思考您提到的不確定環境中的潛在影響時，您從他們那裡聽到了什麼？

Well, look, I mean, nothing really material here in the numbers of the quarterly phasing that anticipates direction there, because as you know, there -- some of it's along the lines I would have guessed, some other pieces of it are kind of surprising and they're on/off again in nature.

嗯，看，我的意思是，在預測方向的季度分階段數字中，沒有什麼真正重要的內容，因為如你所知，其中一些符合我的猜測，其他一些部分有點令人驚訝，而且它們在本質上是開啟/關閉的。

So what I will tell you is that I just step back and say, here's how we're generally set up for anywhere this goes. We're really, really localized, in any region we do business. So the majority of the content that we are procuring and sourcing and putting into production and then selling generally happens within the same border. So it's always been the model kind of before, tariff wave 1 and where we are now.

所以我要告訴你的是，我只是退後一步來說，這通常是我們為應對任何情況所做的安排。在我們開展業務的任何地區，我們都是非常本地化的。因此，我們採購、投入生產並銷售的大部分內容通常都發生在同一境內。因此，它一直都是以前的模型，即關稅浪潮 1，以及我們現在的狀況。

Now over the last five or six years, like a lot of companies, I mean, we've been more intentional about mitigating far away portions of our supply chain. We move things around. We've taken certain ratios and fractions down and we've got more second sources. Some of that was trade war related, some of it is COVID and that whole experience. We've done those things too.

在過去的五、六年裡，像許多公司一樣，我們更有意識地減輕供應鏈中較遠部分的壓力。我們移動事物。我們已經降低了某些比率和分數，並且獲得了更多的第二來源。其中一些與貿易戰有關，一些與新冠疫情以及整個經歷有關。我們也做過這些事。

And then, as always, we just keep coming back to the differentiation in the moats around our franchises and, frankly, the long relationships that we have, which gives us some pricing protection as things come out and it's simply unavoidable and we're delivering critical technology. So we're tracking in any one of these scenarios sort of the price we might pay as an importer. We know where that is. We know where it is if the supplier is paying it. And maybe most importantly, given our model, we know those places where if something were to come out and there was long duration, it's going to tend to lag in through value-added steps.

然後，像往常一樣，我們只是不斷地回到我們特許經營權的護城河的差異化，坦率地說，我們之間的長期關係，這在事情發生時為我們提供了一些價格保護，這是不可避免的，我們正在提供關鍵的技術。因此，我們會追蹤任何一種情況下我們作為進口商可能支付的價格。我們知道那是在哪裡。如果供應商付款的話我們就知道它在哪裡。也許最重要的是，根據我們的模型，我們知道在那些地方，如果某些東西出現並且持續時間很長，它往往會透過增值步驟滯後。

An example I would give you here would be electronics buy a lot of it from local board houses and things, but almost all of the components probably are coming from somewhere else.

我在這裡要舉的一個例子是電子產品，很多都是從當地的電路板公司和其他地方購買的，但幾乎所有的組件可能都來自其他地方。

And so we learned some things in the first wave. We know where those points are. We can understand them, potentially move things if we need to. But at the end of the day, we think we can protect it with price differentiation.

因此，我們在第一波中學到了一些事情。我們知道這些點在哪裡。我們可以理解它們，如果需要的話，我們可以移動事物。但最終，我們認為我們可以透過價格差異來保護它。

So that's the general approach. We meet on it more actively as, again, I think most customers -- companies are. And then we're spending the time working different scenarios here. We don't have, at least from a North American perspective, we don't have a facility in Mexico. We have kind of a small to medium one in Canada, and again, a very localized model overall.

這是一般的方法。我們會更積極地開會，因為我認為大多數客戶——公司都是如此。然後我們花時間在這裡研究不同的場景。至少從北美的角度來看，我們沒有在墨西哥設立工廠。我們在加拿大有一個中小型的模型，而且總體來說，這是一個非常本地化的模型。

Great. That's really helpful, Eric. I appreciate that. And then I just wanted to shift to capital deployment for a minute here. I know that the M&A funnel update was interesting and helpful.

偉大的。這真的很有幫助，埃里克。我很感激。然後我想在這裡暫時轉到資本部署。我知道併購通路更新很有趣也很有幫助。

Is there a way to think about sort of the mix of proprietary versus competitive targets in that $10 billion plus potential funnel? And are there particular businesses where you see a higher proportion of potentially larger deals that could come through?

有沒有辦法考慮在這個超過 100 億美元的潛在管道中專有目標與競爭目標的組合？您認為哪些特定產業更有可能達成更大規模的交易？

Yes. Well, I would still say, I mean, we've got a lot of focus in the areas where we've been deploying capital, so continuing to flesh out that space, the spaces within HST. A lot of companion technologies to the materials science business we put up there. I mean a lot of -- there's still a decent portion of the funnel that takes that even to another level. That's an area of interest.

是的。嗯，我還是要說，我的意思是，我們非常關注我們一直在部署資本的領域，因此我們會繼續充實這個空間，也就是 HST 內的空間。我們在那裡投入了許多與材料科學業務相關的技術。我的意思是很多——仍然有相當一部分漏斗可以將其提升到另一個層次。這是一個令人感興趣的領域。

Proprietary transactions are very much what we're trying to drive here. Over the last few years, as we've stepped up this work, we've been about an 80% proprietary level on the transactions that we've done, the work we're doing now, that's absolutely our focus. So we talk about who's going to go over and have that first conversation with somebody. Just introduce them to the concept of IDEX. As you can probably imagine, the more successful we are with bringing these transactions over the line, it gives us reference points and people that they can then talk to understand what that experience was like.

我們在這裡試圖推動的正是專有交易。過去幾年來，隨著我們加強這方面的工作力度，我們所做的交易的自營水準已經達到了 80% 左右，我們現在所做的工作絕對是我們的重點。因此，我們將討論誰會過去並與某人進行第一次交談。只要向他們介紹IDEX的概念。你可能可以想像，我們越成功地完成這些交易，我們就越能獲得參考點，人們可以與他們交談，了解那種體驗是什麼樣的。

So you start to build some natural credibility and momentum as that approach plays out.

因此，隨著這種方法的實施，您將開始建立一些自然的信譽和動力。

So I'd love to hold that ratio if we could as we go through it. I think we've got a mix in the funnel right now that would suggest we could. And we are all spending our time in a way that supports largely proprietary transactions, kind of regardless of the spaces we're looking at. I mean these are again, we're kind of -- we like that low on the bill of material, mission criticality component.

因此，如果我們可以的話，我很樂意在過程中保持這一比例。我認為我們現在得到的混合物表明我們可以這樣做。我們都在以一種支援大量專有交易的方式度過自己的時間，無論我們正在關注什麼領域。我的意思是，我們有點 - 我們喜歡物料清單中成本較低的任務關鍵性組件。

It's often not top of mind for some people. We see things a little differently. I think Mott was a good example there. We viewed that as a way that it could have some interdependence with other IDEX businesses in a way that's kind of uniquely IDEX. And I think we were out there and we're able to tell that story for longer than others might have been able to.

對某些人來說，這通常不是最關心的問題。我們看待事物的方式有些不同。我認為莫特就是一個很好的例子。我們認為它可以與其他 IDEX 業務建立相互依賴關係，這是 IDEX 獨有的。我認為我們已經在那裡，並且能夠比其他人更長時間地講述這個故事。

So we very much want to keep this approach.

因此我們非常希望保留這種方法。

And then, Vlad, this is -- and as you know, our leverage and the capacity, so we do have the balance sheet capacity to go support M&A the way we laid out on the page and still maintain our investment-grade rating.

然後，弗拉德，正如你所知，這是我們的槓桿率和能力，所以我們確實有資產負債表能力來支持我們在頁面上列出的方式進行併購，同時仍然保持我們的投資級評級。

Nathan Jones, Stifel.

內森瓊斯（Nathan Jones），斯蒂費爾（Stifel）。

I'm going to start off with the -- back on the 1Q guide and specifically the $40 million projects that shipped in the fourth quarter. Maybe I missed it, maybe you already said it. Which of the -- I mean I assume it's HST, FMT. How did that split between those segments? I'm just trying to get a better idea of maybe what some core growth numbers in the fourth quarter would have been ex some of these project shipments.

我將首先回顧第一季的指南，特別是第四季度交付的價值 4000 萬美元的項目。也許我錯過了，也許你已經說過了。其中——我的意思是我認為它是 HST、FMT。這些部分是如何劃分的？我只是想更好地了解第四季度的一些核心成長數字（不包括一些項目出貨量）是多少。

This is Abhi. So it's about 80% HST with a couple of projects in FMT and FSDP. But majority of this was HST-driven in Q4.

這是 Abhi。因此，其中約 80% 為 HST，另外還有幾個 FMT 和 FSDP 計畫。但其中大部分是由第四季的 HST 推動的。

And so that means then probably the -- because I mean, the same as Mike said, we're getting a lot of questions about the revenue guide in the first quarter. I think you've explained some of the earnings stuff. Any color on how you're expecting that minus 3% to 4% to play out across the segments in the first quarter of '25?

所以這可能意味著——因為我的意思是，正如麥克所說的那樣，我們收到了很多關於第一季收入指南的問題。我認為你已經解釋了一些收益問題。您能具體說明一下 2025 年第一季各部門的銷售額下降 3% 至 4% 的情況嗎？

Absolutely. I can give you that, Nathan. So think of FMT, kind of going back to my backlog conversation I just had starting the year, FMT is going to be down mid-single digit, with HST low single-digit to mid-single-digit decline, and FSDP up low single digits. That's how we have laid out this guide to get to 3% to 4% decline.

絕對地。我可以給你這個，內森。所以想想 FMT，有點回到我今年年初剛進行的積壓對話，FMT 將下降中等個位數，HST 將下降低個位數到中等個位數，而 FSDP 將上升低個位數。這就是我們制定的指南，以實現 3% 至 4% 的降幅。

That's helpful. And then I wanted to talk a little bit more about -- it's slide 4 or slide 5 with the leveraging scale to drive growth in earnings. Eric, you've given some color there around some of the initiatives. I was hoping to dig a little bit more into some of the financial impacts. I mean when you're talking about supply chain leverage that could show up in gross margins, and you're also talking about SG&A leverage here, over time, how does that contribute to the financial performance of the business?

這很有幫助。然後我想再多談一點——幻燈片 4 或幻燈片 5 是關於利用規模來推動收益成長。艾瑞克，你對一些舉措進行了簡要概述。我希望進一步深入了解一些財務影響。我的意思是，當您談論可能體現在毛利率中的供應鏈槓桿時，您也在談論銷售、一般和行政費用槓桿，隨著時間的推移，這對企業的財務表現有何影響？

Like, I mean, you must have in your model somewhere some expectations of this adds 20 basis points to gross margins a year or 20 basis points to SG&A leverage a year. Just how we should think about how that moves the needle for IDEX from a financial perspective?

就像，我的意思是，你的模型中肯定有一些預期，即每年的毛利率會增加 20 個基點，或者每年的銷售、一般及行政費用槓桿率會增加 20 個基點。從財務角度來看，我們應該如何看待這對 IDEX 有何影響？

Yes, Nathan. So the best way to think about it is kind of going back to what we've been talking about over the last 12 months, which is really thinking about EBITDA margins here. So if you kind of think about HST long term, what we've laid out, is a low to mid-30% EBITDA business in HST, right? So as you start to think about the work we're doing around delayering, around platform optimization and building scale, we should expect to see that SG&A benefit, expect to see that gross margin benefit. Because the cost is not just in SG&A, it's also above -- in the gross margin line.

是的，內森。因此，最好的思考方式就是回顧過去 12 個月我們一直在談論的內容，也就是考慮 EBITDA 利潤率。因此，如果您從長期角度考慮 HST，我們已經列出的是 HST 的 EBITDA 業務處於 30% 到 30% 之間，對嗎？因此，當您開始思考我們在削減成本、優化平台和擴大規模方面所做的工作時，我們應該期望看到銷售、一般和行政開支方面的好處，並期望看到毛利率方面的好處。因為成本不只包含在銷售、一般及行政費用中，還包含在毛利率線之上。

So you start to see the margin needle move, and you should expect HST to get to low to mid-30% EBITDA business. And then FMT is already north of 30% and then FSDP to be closer to 30% EBITDA.

因此，您開始看到利潤率指針移動，並且您應該預期 HST 的 EBITDA 業務將達到 30% 左右。然後 FMT 已經超過 30%，然後 FSDP 更接近 30% 的 EBITDA。

I was just going to say, I mean, one example here, we talked a little bit when we bought Mott onboard and talked about where it kind of came in from an EBITDA perspective and how we're going to help them aggressively start to boost it. I mean some of what we're talking about here is how that work is done. You're sharper on the front end. 80-20 says you're localizing around your highest-margin products or the kind of the four to the franchises, and you're moving those the most -- with the most consequence, great drop-down contribution margin when you do that. And then you're super careful about what -- where you're sort of leveraging resources elsewhere, what you need to run a business within a company like IDEX to get that bottom line pickup as well.

我只是想說，我的意思是，舉個例子，當我們收購 Mott 時，我們進行過一點討論，討論從 EBITDA 的角度來看它意味著什麼，以及我們將如何幫助他們積極地開始提升它。我的意思是我們在這裡談論的一些內容是如何完成這項工作的。您在前端更加敏銳。 80-20 表示您正在對利潤最高的產品或這四種產品進行本地化，並且您正在對這些產品進行最大的推廣 - 當您這樣做時，會產生最大的效果，從而大大降低貢獻利潤率。然後你要非常小心——你在哪裡利用其他地方的資源，你需要在像 IDEX 這樣的公司內部經營業務才能獲得底線收益。

I mean it's early days and some of the things we're doing in sourcing. But just to get your head around it, if you start to think about it over time, you put lots and lots and lots in optics franchises together. They're buying a lot of the same base level materials. And we're kind of seeing that in each one of these areas, whether it's castings in one or optics in another, motors in a third. So you can start -- you can approach that in a very different way.

我的意思是現在還處於早期階段，我們正在進行採購方面的一些工作。但是，如果您隨著時間的推移開始思考這個問題，您會發現很多很多的光學特許經營權都集中在一起了。他們購買大量相同的基礎材料。我們在每個領域都看到了這一點，無論是鑄件，光學器件，還是引擎。所以你可以開始——你可以用一種非常不同的方式來處理這個問題。

Deane Dray, RBC Capital Markets.

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

Just for starters, I appreciate all the specifics on the first quarter guide. We were all in a bit of a vacuum with the release and it was very helpful to hear the specifics this morning. But that was probably the bulk of our questions that we were getting before the call. But I appreciate how you bridged that for us.

首先，我很欣賞第一季指南的所有具體內容。我們對發布的消息都有點茫然，今天早上聽到具體消息非常有幫助。但這可能是我們在通話前收到的大部分問題。但我很感激你為我們解決了這個問題。

And so first question is, if there's ever been a time to kind of plumb what you're seeing in terms of tone of business, it seems now. Last quarter, it was election uncertainty. That seems to have been replaced with policy uncertainty. But at the end, you have got great indicators in terms of sentiment for your customers on the short cycle stuff. So what are the bellwether businesses telling you?

因此，第一個問題是，如果有時間深入了解您所看到的業務基調，那麼現在似乎就是時候了。上個季度，選舉存在不確定性。這似乎已被政策不確定性所取代。但最後，您會得到有關客戶對於短週期產品的情緒的極好的指標。那麼，領頭羊企業告訴了你什麼呢？

And related to that, I don't normally ask about blanket orders, but the return of them is a positive that you're key customers are giving you that kind of line of sight. So is that also part of a tone of business? And are you going to calibrate that for us?

與此相關，我通常不會詢問總體訂單，但它們的回報是一個積極的信號，表明你的關鍵客戶給了你這樣的關注。那麼這也是商業基調的一部分嗎？能幫我們校準一下嗎？

Yes. No. Thanks for the questions and the comments in the beginning there. I mean, so let's start over on the more industrial side of this, the thing where we're closer to consumption. I mean I would say that has been very stable.

是的。不。感謝您一開始提出的問題和評論。我的意思是，讓我們從更工業化的角度，更接近消費的角度重新開始。我的意思是我想說它一直都非常穩定。

It was stable all last year. I mean even though as I said in my comments we got some certainty around candidate selection in Q4, I mean you don't really see a bounce necessarily because it very quickly went into the other area, which you mentioned, which is the many policies that are being suggested are likely to play out, and can everybody get their head around whether that's good, bad, negative and different, all of those things.

去年全年都很穩定。我的意思是，儘管正如我在評論中所說，我們在第四季度對候選人的選擇有了一定的確定性，但你不一定會看到反彈，因為它很快就進入了你提到的其他領域，也就是許多正在建議的政策可能會發揮作用，每個人是否都能弄清楚這是否是好的，壞的，消極的和不同的，所有這些事情。

The reason I called it uncertain optimism is I do think, in most of those conversations, you are seeing people sort of lean forward saying, but I think it's going to be a good business environment. Like we're having more discussions about future projects. We're being asked to think and consider and quote on some things, even in those industrial spaces that, frankly, we weren't two or three quarters ago. So I think that's a positive.

我之所以稱之為不確定的樂觀情緒，是因為我確實認為，在大多數對話中，你會看到人們傾向於說，但我認為這將是一個良好的商業環境。就像我們正在就未來的項目進行更多討論。我們被要求去思考、考慮和引用一些事情，即使是在那些工業領域，坦白說，兩三個季度前我們還沒有這樣做。所以我認為這是積極的。

That being said, it's not like they're running the system higher. The factories are not working extra shifts. We're not really seeing that yet. So it's a more positive environment, I think. I think really would like to get some clarity on where we need to go.

話雖如此，但這並不意味著他們正在提高系統的運作效率。工廠沒有加班。我們還沒有真正看到這一點。所以我認為這是一個更積極的環境。我想我真的很想弄清楚我們需要去哪裡。

Again, we're kind of set up to deal with either one of those swim lanes. It would just be nice to know which one we're likely to get. So I think that's on the industrial side.

再次強調，我們已經做好了應對其中任何一條泳道的準備。如果知道我們可能會得到哪一個就好了。所以我認為這是工業方面的事。

I think your pointing at the blankets important because that is kind of a different world. And it's reflective of why we've spent so much time trying to build our critical mass in some of these HST markets. So I'll pick a couple so you can get your head around it.

我認為你指著的毯子很重要，因為那是一個不同的世界。這也反映了我們為何花費如此多的時間嘗試在某些 HST 市場中建立臨界規模。因此我會挑選幾個以便你能理解。

We're doing a lot of work around the space side of things. It's not a huge part of IDEX today, but its growth potential is really high. And so the conversations when you're talking about people that are in that space, it's not about what's the policy and where interest rates going. It's, hey, how many people are going to be shooting rockets up into the atmosphere? How many people want to play with communication satellites?

我們在空間方面做了很多工作。目前它並不是 IDEX 的重要組成部分，但其成長潛力確實很高。因此，當您與處於該領域的人交談時，討論的重點並不是政策是什麼以及利率走向如何。嘿，有多少人會向大氣層發射火箭？有多少人想玩通訊衛星？

Are you going to be able to get payloads at another level?

您是否能夠在另一個層級取得有效載荷？

And so when we're getting orders and positions on solutions in those areas, those are annuity streams that I don't think are subject to some of the distortions month-to-month, quarter to quarter that we've seen in some of the other areas of the business. So there's one example. I mean I think we have others in some of the things we're doing. We've got some good things going on in pharma.

因此，當我們在這些領域獲得解決方案的訂單和部位時，我認為這些都是年金流，不會受到我們在其他一些業務領域看到的月度、季度扭曲的影響。這是一個例子。我的意思是，我認為我們在做的一些事情中也有其他人的參與。我們在製藥領域取得了一些進展。

The Mott solution that we talked about in Q4 that they delivered, it's the first time that work's ever been done. So a lot of this work and those orders and those order positions and the things that we're putting out there are about setting specification points for evolving markets that I think are a little less dependent on some of the ups and downs and sideways of kind of news of the day.

我們在第四季談到的他們提供的 Mott 解決方案是有史以來第一次完成這樣的工作。所以，我們所做的許多工作、訂單、訂單位置和發布的內容都是為了為不斷發展的市場設定規範點，我認為這些市場對當天新聞的起伏和橫向走勢的依賴較小。

And so I mean we're really encouraged, as you can tell, by those Q3 blankets, the Q4, because the numbers are good, but largely what they represent and how they position us for the years to come.

所以我的意思是，正如你所看到的，我們真的受到了第三季度和第四季度的鼓舞，因為這些數字很好，但主要是它們代表了什麼以及它們如何為我們在未來幾年做好準備。

And Deane, just to add to that, when we talk about blankets or more for the near term above and beyond what Eric also said, is those blankets that we're talking about have specific ship dates in 2025. So they're going to get shipped in 2025. Of course, once you book a blanket, doesn't get shipped on January 1. But they have delivery schedules tied to it throughout the year that we're going to get the product out the door.

迪恩，我還要補充一點，當我們談論毯子或更多的近期產品時，除了埃里克所說的之外，我們談論的那些毯子的具體發貨日期是 2025 年。所以它們將於 2025 年發貨。當然，一旦您預訂了毯子，並不會在 1 月 1 日發貨。但是他們全年都有與之相關的交貨時間表，我們會將產品送出門。

That's really helpful. And second question, and I might have missed it in the '25 assumptions are growth investments. That's always a lever that you have. It's a way of investing for the future. Page 4 probably had a number of those growth investments. But do you have a specific number embedded in '25? And what was that number in '24?

這真的很有幫助。第二個問題，我可能沒有註意到「25 個假設是成長投資」。這始終是你擁有的一個槓桿。這是對未來的一種投資方式。第 4 頁可能有許多這樣的成長投資。但是在‘25’中嵌入了一個具體的數字嗎？那麼 1924 年這個數字是多少呢？

It's kind of an interesting one because, in many ways, they don't stick out in ways that they have before as a bridge item. Because as I said in the comments here, we've largely self-funded a lot of the growth investments within those five areas that we talked about. So we have a net productivity benefit because we've been able to resource lever. But that's sort of after the fact of us building scalable mass as we go at some of these spaces.

這是一件很有趣的事情，因為在很多方面，它們不再像以前那樣作為橋樑項目而引人注目。因為正如我在這裡的評論中所說的那樣，我們基本上已經為我們談到的五個領域中的大量成長投資籌集了資金。因此，我們獲得了淨生產力效益，因為我們能夠利用資源。但那是在我們在某些​​空間中建造可擴展的品質之後發生的事情。

So I guess it's because of the way that this architecture is being built that we've actually got more natural productivity, so you have to look less at it. There are some exceptions around the edges, but you're actually getting more power underneath the hood than is showing as an exceptional bridge item because of that work.

所以我猜是因為這種架構的建構方式讓我們實際上獲得了更多的自然生產力，所以你就不必太關注它了。邊緣處有一些例外，但由於這項工作，你實際上在引擎蓋下獲得的動力比作為一個特殊的橋樑項目所顯示的動力要大。

Joe Giordano, TD Cowen.

喬·吉奧達諾（Joe Giordano），TD Cowen。

Just to start on the projects that you got the $40 million, was that contemplated when you gave -- when you guys reported 3Q? Was that contemplated originally in the fourth quarter? Or was that kind of a pull-in? Because I'm just curious you got to the low end of the organic guidance for the quarter, but the margin was below the low end. So just what, if any, of that was expected?

剛開始談論您獲得 4000 萬美元的項目，當您報告第三季業績時，是否考慮到了這一點？最初在第四季就考慮到了這一點嗎？或者這是一種吸引？因為我很好奇，您達到了本季有機指引的低端，但利潤率卻低於低端。那麼，如果有的話，預期是什麼呢？

Yes. So Joe, when we guided Q4, as part of the Q3 call, we were very, very specific around the project delivery that we're expecting in Q4. In fact, the exact -- or the language that we used around it was, hey, if you think about Q3 to Q4 ramp, the businesses in general are stable and sequentially flat. And on top of it, what you have is project activity that we're going to see from Q3 to Q4. So we specifically called it out as part of our guidance.

是的。因此，喬，當我們指導第四季度時，作為第三季度電話會議的一部分，我們非常非常具體地了解了我們預期在第四季度交付的項目。事實上，確切的說——或者我們圍繞它使用的語言是，嘿，如果你考慮一下第三季度到第四季度的增長，你會發現業務總體上是穩定且連續持平的。最重要的是，我們將從第三季到第四季看到專案活動。因此我們在指導中特別提到了這一點。

Okay. And then if I look at the bridge, I mean I think that's obviously where all the confusion is with people today. I thought you said -- I have kind of a couple of embedded questions here. Like on semi, I thought you said that it decelerated out of Q4, and now it sounds like that's a major part of the acceleration in the second half of the year. So maybe if you can dig in there on like where in semi are you talking about, whether it's memory or other things.

好的。然後，如果我看看這座橋，我的意思是，我認為這顯然是當今人們感到困惑的地方。我認為你說過——我這裡有幾個隱含的問題。就像半導體一樣，我認為您說過它從第四季度開始減速，現在聽起來這是下半年加速的主要部分。所以也許如果你可以深入研究你在談論的半導體的哪個部分，無論是記憶體還是其他東西。

And then like the life science, how does that play with NIH potential defunding and like export restrictions on tools and things like that. I'm getting to like how much of that ramp is secured with firm orders? Or is it just an expectation of the market change?

然後就像生命科學一樣，這與 NIH 潛在的資金削減以及工具出口限制等有何影響。我開始好奇，有多少坡道是透過確定訂單來保證的？或者這只是對市場變化的預期？

Yes. So the two areas that you talked about on the semi side, we kind of have two pieces of it. On the positive side, in our sealing solutions business, the smaller percentage. But that was positive in Q4. It remains positive in Q1.

是的。因此，您在半導體方面談到的兩個領域，我們有兩種類型。從積極的一面來看，在我們的密封解決方案業務中，所佔比例較小。但第四季的情況是正面的。第一季仍保持正成長。

And it's kind of -- think of it as like MRO aftermarket business, kind of a wearable item that you're using as you maintain the system. So we're calling that out. It's not the major driver, but it's important because it is positive and, in some ways, we think it's a precursor of days ahead. The more impactful disruption is in the first half of the year here and sitting in first quarter, this is on the kind of tool equipment side where we do some -- the lion's share of the rest of our work.

可以把它想像成 MRO 售後市場業務，是一種在維護系統時使用的可穿戴物品。因此我們呼籲這一點。這雖然不是主要驅動因素，但卻很重要，因為它是正面的，而且在某種程度上，我們認為它是未來幾天的先兆。更有影響力的中斷發生在今年上半年和第一季度，這是我們在工具設備方面所做的工作，占我們其餘工作的最大份額。

I mean we do have some inventory adjustments that are being taken probably for some of those because of those impacts, those economic variables or political variables that you talked about that we know is happening. And so we've got kind of a phenomenon where we pause a bit inside the business for that part of what we deliver in semi and then we pick it up again in the second half of the year. It's not necessarily a market effect, it's more of a discrete customer item that we know about.

我的意思是，我們確實對庫存進行了一些調整，這些調整可能是由於這些影響，這些經濟變量或政治變量，正如您所提到的，我們知道正在發生。因此，我們就出現了這樣一種現象：我們在業務內部暫停一段時間，以完成半年度交付的那部分業務，然後在下半年再次開始交付。這不一定是對市場的影響，它更像是我們所了解的離散客戶專案。

The third item that I was talking about for more long-range support is we're seeing very good commercial activity around the kind of ragged edge of the spectrum where we do a lot of the work that ultimately supports future run-out towards 2030 and beyond. So it kind of got near term positive, got this bump in existing programs where we have to navigate that first half to second half, and then we've got some long-term indicators that actually we think are really positive.

我談到的關於更多長期支持的第三件事是，我們看到在頻譜邊緣有非常好的商業活動，我們做了很多工作，最終支持 2030 年及以後的未來運行。因此，它在短期內會產生正面影響，現有專案會有所提升，我們必須從上半年過渡到下半年，然後我們得到了一些我們認為非常積極的長期指標。

On the life science side, you talked through some of those things. Look, we see low single-digit to mid-single-digit lift in that kind of core fluidics handling franchise that we have around analytical instrumentation and within the life science stuff. Good stuff within optical filters, which we have a life science component that's tucked in there. Offset a little bit by some of the work that we do around genomics. That is tied a little bit more to some of the uncertainty around government funding, a lot of that's used for population surveillance and those things.

在生命科學方面，您談到了其中一些事情。你看，我們看到在分析儀器和生命科學領域的核心流體處理特許經營中，低個位數到中等個位數的提升。光學濾波器中含有好東西，我們在其中藏有一個生命科學組件。我們在基因組學方面所做的一些工作稍微抵消了這一點。這與政府資金的一些不確定性有一定關係，政府資金大部分用於人口監測等。

But a net positive overall as we run through the year and what we see in what we call H&S or life sciences.

但縱觀全年，以及我們在所謂的 H&S 或生命科學領域所看到的整體情況，淨收益總體為正。

Brett Linzey, Mizuho.

瑞穗的布雷特‧林澤 (Brett Linzey)。

First question just on price/cost. Can you just clarify within that $0.15 to $0.40 that's organic, how much are you embedding for price/cost? And then any context on the phasing through the year. Is it negative in the first quarter did you catch up? Any context would be good.

第一個問題只是關於價格/成本。您能否澄清一下，在 0.15 美元到 0.40 美元的有機範圍內，您嵌入了多少價格/成本？然後是關於今年分階段實施的任何背景資訊。第一季是負數嗎趕上來了？任何背景都是好的。

Absolutely, Brett, I can answer that for you. So when you think about price cost spread that we've laid out in this guide, I laid out about 60 to 80 basis points of price/cost spread in the guide. If you think about phasing on the pricing piece, first half to second half, I would say it's about incremental $10 million of pricing in the back half of the year. Because if you really think to the pricing mechanism and how we do it, we typically announce our pricing increase that goes into effect in Q1. So there's a quarter worth of lag.

當然，布雷特，我可以回答你這個問題。因此，當您考慮我們在本指南中列出的價格成本價差時，我在本指南中列出了大約 60 到 80 個基點的價格/成本價差。如果您考慮分階段調整定價，從上半年到下半年，我會說下半年的定價增量約為 1000 萬美元。因為如果你真的考慮定價機制以及我們如何定價，我們通常會宣佈在第一季生效的價格上漲。因此存在四分之一的滯後。

So think of it as first half to second half, about an incremental $10 million on price you should expect to see.

因此，想像一下從上半年到下半年，您應該會看到價格增量約為 1000 萬美元。

But we don't have a negative position.

但我們並不持消極立場。

No. It's positive 60 to 80 basis points for the year, yes.

不。是的，今年的收益為正 60 到 80 個基點。

Okay. Great. I appreciate the color there. And then just a question on HST in slide 13. So you indicated that the challenging comparable in life science and analytical as an offset to strength elsewhere.

好的。偉大的。我很欣賞那裡的色彩。然後第 13 張投影片中是關於 HST 的一個問題。所以您指出，生命科學和分析領域的挑戰可以抵消其他領域的優勢。

Just a little bit of context there, I guess, on the moving pieces. I thought orders were down about 19% and sales pretty soft. I don't know if that suggests that life science and analytical was up in the prior quarter. Just any color would be great.

我想，這只是關於移動部件的一點背景資訊。我認為訂單下降了約19％，銷售相當疲軟。我不知道這是否表明生命科學和分析在上一季有所上升。任何顏色都可以。

I'm sorry, but try that question again? I'm not sure I completely followed you.

抱歉，您可以再試一次嗎？我不確定我是否完全明白你的意思。

On slide 13, you said that -- you had noted a challenging comparable in life science and analytical instrumentation was an offset to strength elsewhere. I guess, was that a Q4 comment? I know Q4 '23 HST was down pretty significantly. So just wanted to square the moving pieces within the divisions.

在第 13 張投影片上，您說——您注意到生命科學和分析儀器領域的挑戰性可比性抵消了其他領域的優勢。我猜，這是對 Q4 的評論嗎？我知道 23 年第四季的 HST 下降相當大。所以只是想平衡各部門之間的變動。

Yes. So look, I think if you think about Q4 '23 -- first of all, 2024 for life sciences has been pretty much flat sequentially. If I kind of take a look at our sales and where we've been in the last four quarters in '24, it's been pretty much similar throughout the year. While they have been flat on a year-over-year basis, there has still been pressure on the life sciences side from '24 to '23.

是的。所以，我認為如果你考慮一下 23 年第四季——首先，2024 年生命科學領域的表現與上一季基本持平。如果我看一下我們的銷售情況以及 2024 年最後四個季度的情況，就會發現全年的情況都差不多。儘管與去年同期相比持平，但從 24 年到 23 年，生命科學方面仍面臨壓力。

So that's what we're talking about when we say -- we've always talked about life science in the context of '24 being, hey, sequentially, we have seen a flat top line, but on a year-over-year basis, it's still down. That's what it refers to.

所以這就是我們在說——我們總是在 24 年的背景下談論生命科學時所說的內容，嘿，按順序，我們看到了一條持平的頂線，但與去年同期相比，它仍然在下降。它指的是這個。

Andrew Buscaglia, BNP Paribas.

法國巴黎銀行的安德魯‧布斯卡利亞 (Andrew Buscaglia)。

So I had a kind of a high-level strategic one I want to ask, in that HST has really come -- it's really not come back the way we thought it would. And you had a good year out of COVID or good two years, but it's been a long time since we've really seen that growth pick up. And it seems to be quite a long-cycle business. I'm wondering, does this inform kind of where you want to go with this segment in terms of strategic acquisitions? Has it surprised you how long cycle and how tough it's been?

因此我想問一個高層策略問題，HST 的回歸並沒有像我們想像的那麼順利。雖然我們在疫情期間度過了不錯的一年或兩年，但我們已經很久沒有真正看到經濟成長回升了。而且這似乎是一個相當長週期的業務。我想知道，這是否會告訴您在策略性收購方面想要對該領域採取怎樣的行動？這個週期有多長以及有多艱難，這讓您感到驚訝嗎？

And yes, if you could just comment, like, is that a fair criticism in that it's much more longer than when we thought?

是的，如果您可以評論一下，那麼這是一個公平的批評嗎，因為它比我們想像的要長得多？

Well, I mean, longer cycle would kind of, I think, imply that there's a consistent wave and it's going to come around again and again and again. That I wouldn't agree with. I think what is surprising is probably the impact and the duration and just the overall numbers involved on the sort of COVID -- post-COVID run-up and run-down on two sectors of that segment that formed half of it, originally.

嗯，我的意思是，我認為，更長的周期意味著存在一個一致的波浪，它會一次又一次地出現。我不會同意的。我認為令人驚訝的可能是影響和持續時間，以及 COVID 造成的總體數字——COVID 之後該部分的兩個行業的上漲和下跌，這兩個行業最初佔了該部分的一半。

Now that percentage is actually lower today as we've acquired things in, I mean, we're acquiring them in different spaces, Mott alone with its focus on energy transition starts to take those levels down. They're not as critical as they were just singularly with two dimensions.

現在這個比例實際上更低了，因為我們已經獲得了一些東西，我的意思是，我們在不同的領域獲得它們，僅莫特一家就專注於能源轉型，開始降低這些水平。它們並不像單獨具有兩個維度那麼重要。

But I go back and say, in hindsight, it all looks totally rational, but you had a -- we had a global health event, so the very sector that was involved in trying to keep people safe, I mean, got max funding, max velocity and was really, really hot. And yes, it was a little surprising in how long it took, multiyears, to recalibrate itself back and find its footing again.

但我回過頭來看，這一切看起來都完全合理，但是我們經歷了一場全球衛生事件，所以那個致力於保障人們安全的部門得到了最大的資金、最大的速度，而且真的非常火爆。是的，它花了這麼長時間，花了好幾年的時間，才重新調整並重新站穩腳跟，這有點令人驚訝。

But the dynamics of that market, they don't -- I don't think they've changed. I mean we still got tremendous challenges out there in terms health events and things that we're trying to crack the code and figure out. We're winning -- the platforms that we're working on today, I mean, are going to ultimately make life a lot better for people as we go forward.

但我認為，該市場的動態並沒有改變。我的意思是，我們在健康事件以及我們正在嘗試破解和弄清楚的事情方面仍然面臨著巨大的挑戰。我們正在取得勝利——我的意思是，我們今天所努力的平台最終將讓人們的生活變得更加美好。

So I don't think that this has changed. It's on the back end of a very, very singular event that in itself was health consequential and driven. I think right next to it was the semi side of it. everybody went from working here to working at their house. They all bought PCs, and it's been a long time since they've needed new ones.

所以我不認為這種情況已經改變了。這是一個非常非常獨特的事件的後端，該事件本身對健康有影響且具有驅動作用。我認為它的旁邊就是它的半側面。每個人都從在這裡工作改為在家工作。他們都購買了個人電腦，而且已經很久沒有需要購買新電腦了。

And so you got two things that were half of our segment that I still think, while semi always has a certain amount of cyclicality and we're always going to be careful to keep that ratio reasonable within IDEX, I think the two of them together, the duration of it and what caused it, was pretty exceptional. And I think what's important to realize here as well, it's been a while. We're actually seeing the swing. We're seeing the swing now where HST comes back. Our '25 guidance has it leading the way in growth for IDEX.

因此，您得到了兩個占我們細分市場一半的東西，我仍然認為，雖然半導體總是具有一定程度的周期性，並且我們始終會小心地將這個比例保持在 IDEX 內的合理水平，但我認為它們兩個結合起來，它的持續時間以及導致它的原因，是非常特殊的。我認為，這裡同樣需要認識到的重要一點是，時間已經過了一段時間。我們確實看到了這種變化。我們現在看到了 HST 回歸的趨勢。我們的 25 年指導方針將引領 IDEX 的成長。

That's a position we should expect it to remain in. And I think we're going to see less and less and less of any of those echoes and ripples, and now, frankly, very, very exciting days ahead.

我們應該預期它會繼續保持這一地位。我認為我們將會看到越來越少的迴聲和漣漪，而現在，坦白說，未來的日子將非常非常令人興奮。

And a similar question with FMT. I would think that that would be recovering pretty strongly this year. It seems as though kind of similarly, it seems like the -- it's not a short-cycle either. Has something changed in that business where you're finding you're a lot more of these long-duration projects than you used to be in the past?

與 FMT 有類似的問題。我認為今年復甦將會相當強勁。看起來有點類似，看起來——它也不是一個短週期。您覺得您的業務是否發生了一些變化？

I mean, largely, the FMT when taken entirely doesn't have a lot of projects in it. We talk about it. They're usually in kind of our chemical spaces, energy. That's where you see a couple of them. It's been a fragmented space that's reflective of general industry, that's why it tends to oscillate pretty fast.

我的意思是，總體而言，FMT 整體上並沒有包含很多項目。我們討論它。它們通常存在於我們的化學空間和能量中。你就在那裡看到了它們中的兩個。這是一個碎片化的空間，反映了整個行業的狀況，這就是為什麼它往往會快速波動。

We referenced, frankly, pretty dramatic up/down in 2024 as the world dialed in differently. I think what you're seeing there with kind of FMT being in sort of a third-place positioning for growth in the current environment is the uncertainty that we talked about with Deane playing out. I mean we're looking for direction on policy and things that get some of those conversations that I referenced to turn into commitments, orders and positions. When that happens at IDEX, we typically chase it pretty quick and ramp it up.

坦白說，由於世界局勢不同，我們預計 2024 年會出現相當劇烈的上漲/下跌。我認為，在當前環境下，FMT 的成長定位處於第三位，這就是我們在 Deane 的表現中所討論的不確定性。我的意思是，我們正在尋找政策方向和其他一些能夠將我提到的一些對話轉化為承諾、命令和立場的事情。當這種情況在 IDEX 發生時，我們通常會迅速追蹤並加速。

Rob Wertheimer, Melius Research.

Rob Wertheimer，Melius Research。

I wanted to kind of follow up on where you were going a minute ago, Eric. I mean if you look at, obviously, HST, you cited the sources of volatility both up and down. And if you look across the trend line, and I know the business has changed, but do you think that there -- we're back to normal there, and as you mentioned, that we're ready to resume growth? Is there any reversion to mean upwards versus maybe a higher trend line growth that you would expect from that segment? That's my first question.

我想要跟進一下你剛才要去的地方，艾瑞克。我的意思是，如果你看一下 HST，你會發現它顯然是波動性的來源，既包括上漲的，也包括下跌的。如果你觀察趨勢線，我知道業務已經發生了變化，但你是否認為我們已經恢復正常，而且正如你提到的那樣，我們已準備好恢復成長？是否存在任何回歸至均值向上的趨勢，或者可能出現您預期的更高的趨勢線增長？這是我的第一個問題。

Yes. No, look, I think we're heading into positive territory. We're careful on the life science recovery and the lift that we're talking about here. I don't think it's a snapback kind of thing. Ultimately, that should be more growing at higher levels than even what we have projected in here, but we're kind of following the moderate trend lines to move away from where we've been to where we're going.

是的。不，看，我認為我們正在進入積極的領域。我們對這裡談論的生命科學復甦和提升非常謹慎。我不認為這是一種反彈的事情。最終，這個成長水準應該會比我們目前預測的更高，但我們正遵循適度的趨勢線，從我們已經去過的地方走向我們正在去的地方。

We think, long term, I mean, that has tremendous growth prospects. It should be a mid-single digit at a minimum kind of franchise for us. We're just being pretty careful and moderate about our projections as we start to approach that.

我們認為，從長遠來看，這具有巨大的成長前景。對我們來說，這至少應該是一個數的中等特許經營權。當我們開始接近這一目標時，我們對我們的預測非常謹慎和適度。

The semi side, I'd say we're conservative there as well. We're seeing some good things, and we're seeing -- obviously, we've got the item I mentioned internally with customer positioning here. But generally, we see that we're closer to where that next cycle is going to be. We're super well positioned in terms of how we're represented across critical technology. I think that's going to be an important component.

從四強賽來看，我想說我們在這方面也比較保守。我們看到了一些好事，而且我們看到——顯然，我們在內部已經提到了與客戶定位相關的項目。但總體而言，我們發現我們已經更接近下一個週期了。就我們在關鍵技術領域的代表性而言，我們處於非常有利的地位。我認為這將是一個重要組成部分。

Those two things where we typically have spent the bulk of our time talking about HST when we get here, as I said, they used to be half the segment, they're actually lower now, things that Mott is doing and delivering within energy transitions, they're doing some great work around their the water franchise that they have with inside that business. We're going to start to hear some things as those come out, we're going to be talking about those more. It's going to be a more balanced suite of product.

我們通常會花費大量時間來討論這兩件事，當我們來到這裡時，HST 就像我說的，它們曾經佔據了一半的份額，現在實際上已經更低了，Mott 在能源轉型中所做的事情和交付成果，他們在水特許經營方面做了一些偉大的工作，他們在這項業務中擁有這些業務。隨著這些事情的出現，我們將會開始聽到一些消息，我們將會多談論這些事情。這將是一套更均衡的產品。

And again, I think one of the reasons we like it is it's not as dependent on some of the temporal shifts and moves and things because these are fast-evolving applications that are moving pretty rapidly from phase one to phase two of their own evolution. So being there first is really, really important and exciting.

而且，我認為我們喜歡它的一個原因是，它不太依賴某些時間上的變化和移動等，因為這些都是快速發展的應用程序，它們正在從自身發展的第一階段迅速過渡到第二階段。因此，率先到達那裡真的非常重要而且令人興奮。

Thank you. Ladies and gentlemen, that concludes our question-and-answer session. I'll turn the floor back to Mr. Ashleman for his final comments.

謝謝。女士們、先生們，我們的問答環節到此結束。我將把發言權交還給阿什爾曼先生，請他發表最後的評論。

Well, thanks. Thanks for joining today. I appreciate all the questions and the interest as always.

好吧，謝謝。感謝您今天的加入。我一如既往地感謝大家的提問和關注。

And I'll probably conclude with some comments that are going to echo some of the things we talked about, but I want to make sure that we end with them here. We're at an important inflection point for IDEX as we bring together some of these recently acquired businesses with legacy businesses that we've long had to build scale and power and the focus that I talked about on slide 4. And you see that that's set up to deliver and is starting to deliver nice growth on the top line. And then some really, really nice productivity and leverage on the bottom line. So we're on both sides of this ratio, we think, is really important.

最後，我可能會發表一些與我們討論過的一些事情相呼應的評論，但我想確保我們在這裡結束這些評論。我們正處於 IDEX 的一個重要轉折點，因為我們將一些新收購的業務與我們長期以來必須建立規模和實力的傳統業務整合在一起，而這正是我在第 4 張幻燈片中談到的重點。並且您將看到，這項計劃已準備就緒，並且已開始帶來可觀的營收成長。然後是一些非常非常好的生產力和對底線的槓桿作用。因此，我們認為，這個比率的兩邊都非常重要。

And we're now watching HST make that transition and that swing from a tough couple of years, we talked about why that happened, to being back out in the lead as we leading the way for growth for IDEX. And again, and I like the conversation we had with Deane, I mean blanket orders, their numbers, they're important, they help with the comps. But each one of them has a story. And the story that you see there is, in many cases, entry points into some of the best applications that we're going to be talking about for the next 5 to 10 years. I mean really, really important that we get out there.

現在，我們正目睹 HST 實現轉型，擺脫幾年來的困境，我們討論過為什麼會發生這種情況，並最終重新佔據領先地位，引領 IDEX 實現成長。再次，我喜歡我們與迪恩的對話，我的意思是綜合訂單，它們的數量，它們很重要，它們對公司有幫助。但他們每個人都有一個故事。在許多情況下，您在這裡看到的故事都是我們將在未來 5 到 10 年內討論的一些最佳應用的切入點。我的意思是，走出去真的非常重要。

Super innovative, first to get there. And to see Mott contributing in that way this early as part of the company really, really provide some nice energy.

超創新，率先實現。看到莫特這麼早就作為公司的一員做出貢獻，確實帶來了一些很好的能量。

We're not leaving FMT and FSDP behind. We didn't touch on it much here today, but that point around digitization and automation, being able to apply that at scale, to go drive growth out ahead of some of the industrial municipal markets they are in (inaudible) Fire & Rescue that is now automated solutions that's an important milestone and a threshold. So I don't want to lose sight of that either.

我們不會拋棄 FMT 和 FSDP。我們今天在這裡沒有過多地談論這個話題，但關於數位化和自動化，能夠大規模應用這一點，可以推動成長，超越他們所在的一些工業市政市場（聽不清楚），消防和救援現在是自動化解決方案，這是一個重要的里程碑和門檻。所以我也不想忽視這一點。

But at the end of the day, we think we're building something special here. We are excited to keep talking about it with you along the way. I look forward to the next time we get to do it. Have a great day.

但最終，我們認為我們在這裡建造了一些特別的東西。我們很高興能在這過程中繼續與您討論此事。我期待我們下次再做一次。祝你有美好的一天。

Thank you. This concludes today's conference call. You may disconnect your lines at this time. Thank you for your participation.

謝謝。今天的電話會議到此結束。現在您可以斷開您的線路。感謝您的參與。