藝達思 (IEX) 2025 Q1 法說會逐字稿

Greetings. Welcome to the IDEX Corporation first-quarter 2025 earnings conference call. (Operator Instructions) Please note this conference is being recorded.

問候。歡迎參加 IDEX Corporation 2025 年第一季財報電話會議。（操作員指示）請注意，本次會議正在錄音。

I will now turn the conference over to your host, Jim Giannakouros. Thank you. You may begin.

現在我將會議交給主持人 Jim Giannakouros。謝謝。你可以開始了。

Thank you. Good morning, everyone, and welcome to IDEX's first-quarter 2025 earnings conference call. We released our first-quarter financial results earlier this morning, and you can find both our press release and earnings call slide presentation in the Investor Relations section of our website, idexcorp.com.

謝謝。大家早安，歡迎參加 IDEX 2025 年第一季財報電話會議。我們今天早上發布了第一季財務業績，您可以在我們網站 idexcorp.com 的投資者關係部分找到我們的新聞稿和收益電話會議幻燈片演示。

On the call with me today are Eric Ashleman, President and Chief Executive Officer of IDEX; and Abhi Khandelwal, our Senior Vice President and Chief Financial Officer. Today's call will begin with Eric providing highlights of our first-quarter results and a discussion of our current business outlook, and Abhi will discuss additional financial details and our updated outlook for 2025. Following our prepared remarks, we will open up the line for questions.

今天與我一起參加電話會議的有 IDEX 總裁兼執行長 Eric Ashleman 和我們的高級副總裁兼財務長 Abhi Khandelwal。今天的電話會議將首先由 Eric 介紹我們的第一季業績並討論我們當前的業務前景，然後 Abhi 將討論更多財務細節和我們對 2025 年的最新展望。在我們準備好發言之後，我們將開放提問熱線。

But before we begin, please refer to slide 2 of our presentation, where we note that comments today will include forward-looking statements based on current expectations. Actual results could differ materially from these statements due to a number of risks and uncertainties, which are discussed in our press release and SEC filings. As IDEX provides non-GAAP financial information, we provided reconciliations between GAAP and non-GAAP measures in our press release and in the appendix of our presentation materials, which are available on our website.

但在開始之前，請參閱我們簡報的第 2 張投影片，我們注意到今天的評論將包括基於當前預期的前瞻性陳述。由於一些風險和不確定因素，實際結果可能與這些聲明有重大差異，這些風險和不確定因素已在我們的新聞稿和美國證券交易委員會文件中討論過。由於 IDEX 提供非 GAAP 財務信息，我們在新聞稿和簡報資料的附錄中提供了 GAAP 和非 GAAP 指標之間的對賬，這些對帳可在我們的網站上找到。

With that, I will turn the call over to Eric.

說完這些，我會把電話轉給 Eric。

Good morning, everyone, and thank you for joining us today. Before I dive in, I want to welcome Jim Giannakouros, who joined us in March as our VP of Investor Relations. We're thrilled to have Jim in this role with the experience he brings. Welcome to the team, Jim.

大家早安，感謝大家今天加入我們。在深入探討之前，我想歡迎 Jim Giannakouros，他於三月加入我們，擔任投資者關係副總裁。我們很高興 Jim 能以他的經驗擔任這一職位。歡迎加入團隊，吉姆。

And now moving to slide 3. Our IDEX teams delivered better-than-expected results in the first quarter of 2025 with revenue and profitability coming in slightly above plan in each of our business segments. I'd like to thank our IDEX teams across the globe for all their contributions, staying focused on serving our customers, and executing through an environment of intensifying policy-driven uncertainty.

現在轉到投影片 3。我們的 IDEX 團隊在 2025 年第一季取得了好於預期的業績，各個業務部門的收入和盈利能力均略高於計劃。我要感謝我們遍佈全球的 IDEX 團隊所做的所有貢獻，他們始終專注於服務我們的客戶，並在政策驅動的不確定性日益加劇的環境中執行任務。

I'm especially encouraged by our orders performance this quarter. Orders increased both sequentially and versus last year to record levels. Additionally, this represents our fourth consecutive quarter with positive year-over-year organic growth in our order book. This, combined with underlying stability in our day rate sets a firm foundation for growth near term. The trade and geopolitical situation continues to be fluid with the ultimate impact on global demand unknown.

我對本季的訂單表現感到特別鼓舞。訂單量環比和年比均有所增長，達到創紀錄水平。此外，這是我們訂單連續第四個季度實現年比有機成長。這一點，加上我們日費率的基本穩定性，為近期的成長奠定了堅實的基礎。貿易和地緣政治局勢持續不穩定，對全球需求的最終影響尚不清楚。

We are proactively managing what we can control and have been both quick and very thoughtful in actions designed to absorb the impact of tariffs introduced this year. Even though we have yet to see indications of the slowdown, we have proactively identified another $20 million in savings targets for this year. This amounts to a cumulative $80 million of support for 2025 when combined with the savings expected from our previously discussed platform optimization, organizational delayering, and baseline productivity initiatives. Abhi will discuss this later in the call.

我們正在積極管理我們能夠控制的事情，並迅速而周到地採取行動來吸收今年推出的關稅的影響。儘管我們尚未看到放緩的跡象，但我們已主動確定了今年另外 2000 萬美元的儲蓄目標。如果加上我們之前討論過的平台優化、組織層級精簡和基準生產力計劃預計節省的費用，那麼到 2025 年，這相當於累計獲得 8000 萬美元的支援。Abhi 將在稍後的通話中討論此事。

Now, I'd like to take you through our first-quarter highlights. We're seeing momentum build in our businesses serving space, defense, energy transition, municipal water, and North American fire & safety. Our Analytical Instrumentation businesses within IDEX Health & Science continues to exhibit improving performance, trending towards low single-digit growth for the year, and our semiconductor MRO facing businesses provide a slight tailwind.

現在，我想向大家介紹一下我們第一季的亮點。我們看到，我們在太空、國防、能源轉型、市政供水以及北美消防和安全領域的業務發展勢頭強勁。IDEX Health & Science 旗下的分析儀器業務持續展現出不斷改善的業績，全年呈現低個位數成長趨勢，而面向半導體 MRO 的業務則帶來了些許順風。

On the industrial side, our rapid turn businesses that often serve as leading indicators of economic change were steady in the first quarter, and that stability continued through the month of April. We recognize the potential for custom caution going forward and we'll continue to actively monitor inbound order trends as our customers adapt to this fluid environment.

在工業方面，我們的快速轉型業務通常作為經濟變化的領先指標，在第一季保持穩定，並且這種穩定持續到四月。我們認識到未來客戶謹慎行事的可能性，隨著客戶適應這種不斷變化的環境，我們將繼續積極監控入站訂單趨勢。

We continue to see some offsetting headwinds in our businesses serving agriculture and automotive industries, additionally, the inventory adjustment we are working through with a large semiconductor wafer fab customer continues to be a headwind.

我們在農業和汽車行業服務的業務中繼續看到一些抵消的阻力，此外，我們正在與一家大型半導體晶圓廠客戶合作進行的庫存調整仍然是一個阻力。

As you might expect, there is some hesitancy for customers to commit to larger projects, but it's at a level that matches both our recent experience exiting 2024 and supports assumptions within our 2025 annual guidance. We believe that the emerging order strength described here is a function of the active portfolio shaping driven over the last five years. We'll continue this work moving forward as we seek to grow through more increased exposure to advantaged markets.

正如您所料，客戶對於承擔更大的專案有些猶豫，但這種猶豫與我們最近退出 2024 年的經驗相符，並且支持我們 2025 年年度指導中的假設。我們認為，這裡描述的新興訂單實力是過去五年來積極投資組合塑造的結果。我們將繼續這項工作，尋求透過更多地接觸優勢市場來實現成長。

To achieve the next level of growth performance, we continue to drive our own luck by tuning our technologies towards high-velocity applications. We support these efforts with focused cross-business collaboration wherever possible as customers push us to innovate faster. We lean on our intuitive understanding of 80/20 to pull organizations together in pursuit of clear objectives and outcomes. Here are some examples.

為了實現更高水準的成長業績，我們將繼續透過調整我們的技術以適應高速應用來推動我們自己的運氣。在客戶推動我們加速創新的過程中，我們盡可能透過有針對性的跨業務合作來支持這些努力。我們依靠對 80/20 的直觀理解來將各個組織團結在一起，追求明確的目標和結果。這裡有一些例子。

Our Richter business facing headwinds in its core European chemicals markets has adapted its severe duty valves for fast-growing pharmaceutical applications where they've won in a big way. Our ABEL Pump business is winning an extremely difficult environment supporting mining of strategic minerals. They have another segment of the business focused on marine defense applications. Both of these 80s verticals are extremely advantaged at the moment.

我們的 Richter 業務在其核心歐洲化學品市場面臨阻力，已將其重型閥門調整為適用於快速增長的製藥應用，並獲得了巨大成功。我們的 ABEL 泵浦業務在支援策略性礦產開採的極其困難的環境中取得了勝利。他們還有另一部分業務專注於海洋防禦應用。目前，這兩個 80 年代垂直產業都極具優勢。

A number of our Optics businesses are working together to help solve the most challenging problems for the emerging space sector from low-orbit satellite communication support to critical components within hypersonic systems. Our Airtech business within Performance Pneumatics, is helping their customers solve power requirements for the rapidly growing data center market in a way that best supports sustainable solutions. They recently brought some of Mott's technologies into discussions on next-generation solutions to help solve critical problems of scalability.

我們的多家光學企業正在共同努力，協助解決新興太空領域最具挑戰性的問題，從低軌道衛星通訊支援到高超音速系統中的關鍵零件。Performance Pneumatics 旗下的 Airtech 業務正在幫助客戶以最佳方式支援永續解決方案，解決快速成長的資料中心市場的電力需求。他們最近將 Mott 的一些技術引入下一代解決方案的討論中，以幫助解決可擴展性的關鍵問題。

Speaking of Mott, our latest acquisition and our largest to date, I'm pleased to report that the teams there continue to deliver against our expectations. Mott recently entered into a $40 million multiyear agreement to deploy a custom wastewater filtration solution for a large US dairy farm operation that will treat over 2 million gallons of wastewater a day.

說到 Mott，這是我們最新的收購，也是迄今為止最大的收購，我很高興地報告，那裡的團隊繼續超越我們的預期。莫特最近簽署了一項價值 4000 萬美元的多年期協議，為美國一家大型奶牛場部署定制廢水過濾解決方案，該奶牛場每天將處理超過 200 萬加侖的廢水。

To give you a sense of timing, roughly 25% of this order has been booked in Q1 and is expected to be delivered to sales in the second half of the year. At IDEX, our teams are laser focused on speed and increased agility to meet the evolving needs of our customers. Our teams are fully committed to not only execute on our collective near-term commitments to drive sustainable value creation for all stakeholders in the long run.

為了讓您了解時間，大約 25% 的訂單已在第一季預訂，預計將於下半年交付銷售。在 IDEX，我們的團隊專注於提高速度和靈活性，以滿足客戶不斷變化的需求。我們的團隊全力以赴，不僅履行我們共同的短期承諾，而且致力於為所有利害關係人創造長期可持續的價值。

With that, I'll turn it over to Abhi for first-quarter financial highlights and some more specifics around our 2025 outlook.

接下來，我將把第一季的財務亮點以及有關 2025 年展望的更多細節交給 Abhi。

Thanks, Eric, and good morning, everyone. Let's go to slide 4. As Eric mentioned, we outperformed our guidance for the first quarter across revenue, margin, and adjusted earnings per share. Now all comparisons I will discuss will be against the prior year period understated otherwise.

謝謝，埃里克，大家早安。我們來看第 4 張投影片。正如 Eric 所提到的，我們第一季的營收、利潤率和調整後每股盈餘都超出了預期。現在，我將要討論的所有比較都將與去年同期進行比較。

In the first quarter, organic sales declined 1% as we faced difficult comps in our semiconductor, agriculture, chemical, and energy businesses, which more than offset positive results in space, defense, and municipal water facing businesses. We continued to see resilient demand all in for IDEX, with organic orders up 1% and backlog building by about $60 million.

第一季度，有機銷售額下降了 1%，因為我們在半導體、農業、化學和能源業務方面面臨困難，但這抵消了航太、國防和市政供水業務方面的積極成果。我們繼續看到 IDEX 的整體需求保持強勁，有機訂單成長 1%，積壓訂單增加約 6,000 萬美元。

Adjusted EBITDA margin declined 50 basis points to 25.5%, given year-over-year volume deleverage and near-term margin dilution from our acquisition of Mott. And these were partially offset by positive price/cost and productivity, including our announced platform optimization efforts.

由於年銷售去槓桿以及收購 Mott 導致的近期利潤率稀釋，調整後 EBITDA 利潤率下降 50 個基點至 25.5%。這些被積極的價格/成本和生產力所部分抵消，包括我們宣布的平台優化工作。

First-quarter 2025 adjusted EPS of $1.75 came in $0.10 better than the high end of our guided range, given better-than-expected sales and margins across segments and timing of corporate costs, most notably share-based compensation. We generated $91 million of free cash flow in the quarter, which included short-term investments in working capital to support higher sales in the second quarter as well as some modest purchasing ahead of inventory, intended to slow tariff impact.

2025 年第一季調整後每股收益為 1.75 美元，比我們指導範圍的高端高出 0.10 美元，原因是各部門的銷售額和利潤率好於預期，並且公司成本的時間安排（尤其是基於股票的薪酬）。我們在本季度產生了 9,100 萬美元的自由現金流，其中包括對營運資本的短期投資，以支持第二季度更高的銷售額，以及一些提前進行庫存的適度採購，旨在減緩關稅的影響。

Additionally, we deployed $50 million to repurchase added shares in the first quarter, and we have $490 million left with our current authorization.

此外，我們在第一季部署了 5,000 萬美元來回購新增股份，目前我們的授權金額還剩下 4.9 億美元。

I'm on slide 5. Turning to the drivers of our adjusted EBITDA. A decline in volume resulted in an $8 million reduction flowing through our prior year adjusted gross margin rate. We additionally experienced unfavorable overhead leverage, which was more than offset by platform optimization savings and favorable price/cost, which was accretive to margins. Acquisitions, divestitures, and FX benefited adjusted EBITDA by $3 million.

我在第 5 張投影片。轉向我們調整後的 EBITDA 的驅動因素。銷量下降導致我們上一年調整後的毛利率減少了 800 萬美元。我們也經歷了不利的間接費用槓桿，但這被平台優化節省和有利的價格/成本所抵消，從而增加了利潤。收購、資產剝離和外匯使調整後的 EBITDA 受益 300 萬美元。

Now quickly, some color on our results by segment. I'm on slide 6. In HST, organic sales of first quarter declined 1%, while our organic orders actually increased 3%. We are seeing solid activity in our Performance Pneumatics Group, driven by growth in data center power solutions and in Space & Defense with a number of our optics businesses. We see steady trends in life sciences with an uptick in analytical instrumentation, more than offsetting lower DNA sequencing orders.

現在，我們快速地按部分對結果進行分類。我在第 6 張投影片。在 HST，第一季的有機銷售額下降了 1%，而我們的有機訂單實際上增加了 3%。我們看到，我們的高性能氣動集團業務表現穩健，這得益於資料中心電源解決方案以及航太和國防領域多項光學業務的成長。我們看到生命科學領域呈現穩定趨勢，分析儀器數量上升，足以抵消 DNA 定序訂單的下降。

Our semiconductor business, specifically where we provide solutions that support wafer fabrication faces headwinds. Adjusted EBITDA margins of 25.6%, was slightly better than we anticipated, primarily due to benefits from higher-than-expected volumes in the first quarter.

我們的半導體業務，特別是提供支援晶圓製造的解決方案的業務面臨阻力。調整後的 EBITDA 利潤率為 25.6%，略優於我們的預期，主要得益於第一季銷售量高於預期。

Turning to slide 7. In FMT, organic sales declined 4% and organic orders declined 3%. While we continue to see relative strength in municipal water and downstream energy markets and relative stability in our core industrial markets, we are also experiencing near-term pressures in our chemicals and ag businesses.

翻到幻燈片 7。在 FMT 中，有機銷售額下降了 4%，有機訂單下降了 3%。雖然我們繼續看到市政供水和下游能源市場相對強勁，核心工業市場相對穩定，但我們的化學品和農業業務也面臨短期壓力。

Finally, our business supporting pure water applications within semiconductor fabs has slowed. Adjusted EBITDA margin of 32.8% declined 80 basis points as volume deleverage was only partially offset by price, cost and productivity improvements, including platform optimization savings.

最後，我們支持半導體工廠內純水應用的業務已經放緩。調整後的 EBITDA 利潤率為 32.8%，下降了 80 個基點，因為數量去槓桿僅被價格、成本和生產力改善（包括平台優化節省）部分抵消。

I'm on slide 8. FSD turned under the solid quarter, with organic sales increasing 5% and organic orders up 2%. Our Fire & Safety business continues to benefit from both strong OEM demand and adoption of integrated solutions. BAND-IT experienced growth in energy with aerospace remaining stable. We continue to build upon our leadership position in dispensing their overall global trends are stable and auto remains special. Adjusted EBITDA margin of 29.4% increased 50 basis points due to favorable volume leverage, price cost, and profitability.

我在第 8 張投影片。FSD 本季表現穩健，有機銷售額成長 5%，有機訂單成長 2%。我們的消防與安全業務持續受益於強勁的 OEM 需求和整合解決方案的採用。BAND-IT 能源領域成長，航空航太領域維持穩定。我們將繼續鞏固我們的領導地位，以確保其全球整體趨勢穩定，並且汽車仍然具有特殊性。調整後的 EBITDA 利潤率為 29.4%，由於有利的銷售槓桿、價格成本和獲利能力，增加了 50 個基點。

Now, please turn to slide 9 for our updated full-year and second-quarter guidance. We are maintaining our full year organic growth guidance range of 1% to 3% and adjusted EPS of $8.10 to $8.45. Although the situation is still evolving, we believe we can fully absorb the impact of the tariffs introduced this year based on our current assumptions. I will provide our detailed tariff assumptions on the next slide.

現在，請翻到投影片 9 查看我們更新的全年和第二季指引。我們維持全年有機成長預期範圍在1%至3%之間，調整後每股盈餘在8.10美元至8.45美元之間。儘管情況仍在變化，但我們相信，基於目前的假設，我們能夠完全吸收今年新徵收關稅的影響。我將在下一張投影片中提供我們詳細的關稅假設。

We expect to fully mitigate tariff pressure largely through incremental pricing actions. We're navigating a fluid and uncertain environment and the impact of this on underlying demand is challenging to predict, particularly in the short lead time or rapid replenishment areas of our business.

我們預計主要透過增量定價行動來全面緩解關稅壓力。我們正在應對一個不穩定且不確定的環境，這對潛在需求的影響很難預測，特別是在我們業務的短交貨期或快速補貨領域。

While we have not observed any immediate signs of demand softening through April, we acknowledge that it could manifest as the year plays out given policy-driven uncertainty. We have proactively identified an additional $20 million of savings that we are deploying against scenarios of up to 3% to 4% back half volume pressure.

雖然我們四月沒有觀察到任何需求疲軟的跡象，但我們承認，鑑於政策驅動的不確定性，這種疲軟可能會在今年年底顯現出來。我們已經主動確定了另外 2000 萬美元的節省資金，並將部署這些資金來應對高達 3% 至 4% 的後半部分容積壓力的情況。

For the second quarter, we anticipate organic revenue growth of flat to 2%. We expect second-quarter adjusted EBITDA margin to be between 26.5% to 27%, up 100 basis points or more sequentially on higher volumes, positive price and greater traction on our platform optimization and delayering savings. This generates expected second quarter adjusted EPS of $1.95 to $2.05.

對於第二季度，我們預計有機收入成長率將持平至 2%。我們預計第二季調整後的 EBITDA 利潤率將在 26.5% 至 27% 之間，由於交易量增加、價格上漲以及平台優化和層級節約的推動作用，環比增長 100 個基點或更多。預計第二季調整後每股收益將達到 1.95 美元至 2.05 美元。

Please turn to slide 10, which outlines our tariff exposure as it stands today. We expect tariffs to drive $100 million of annualized impact based on 2025 volumes with two-thirds of that amount to be recognized in 2025. On an annualized basis, we expect that tariffs will add 5% to 6% inflation to our cost of goods sold which can be offset by price increases of 3% to 4%.

請翻到第 10 張投影片，其中概述了我們目前的關稅風險。我們預計，根據 2025 年的貿易量，關稅將產生 1 億美元的年化影響，其中三分之二將在 2025 年實現。以年率計算，我們預計關稅將導致我們的銷售成本增加 5% 至 6% 的通膨，但可以透過 3% 至 4% 的價格上漲來抵銷。

I want to take a moment to emphasize how IDEX strives during times of disruption. In particular, IDEX benefits from its local-to-local manufacturing footprint, the flexibility provided by its 80/20 principles, and the strength of its long-standing customer partnerships. Additionally, as Eric previously mentioned, we have the ability to adapt our technology to new applications, which further positions us for success.

我想花點時間強調一下 IDEX 在混亂時期是如何努力的。尤其是，IDEX 受益於其本地化的製造足跡、80/20 原則提供的靈活性以及長期客戶合作夥伴關係的優勢。此外，正如 Eric 之前提到的，我們有能力將我們的技術應用於新的應用，這進一步為我們的成功奠定了基礎。

Now, I'd like to pass it back to Eric.

現在，我想把它交還給 Eric。

Thanks, Abhi. Please turn to slide 11. I'm excited about the IDEX we're building. Today, over half of IDEX has found ways to collaborate, sell and leverage scale within thematic growth platforms. This is an important strategic shift we've made to elevate our long-term performance in advantaged spaces with combined total addressable markets of just over $20 billion.

謝謝，阿比。請翻到第 11 張投影片。我對我們正在建造的 IDEX 感到非常興奮。如今，超過一半的 IDEX 已經找到了在主題成長平台內合作、銷售和利用規模的方法。這是我們做出的一項重要策略轉變，旨在提升我們在優勢領域的長期業績，總目標市場總額略高於 200 億美元。

We've identified a series of specific integrative threads that we believe support higher growth and expanded margins as we come together within these groups in a unique IDEX way. We deploy flat organizational structures with autonomous decision rights, sharp 80/20 segmentation while solving the most critical customer solutions with quick iterative burst of innovation.

我們確定了一系列具體的整合線索，我們相信，當我們以獨特的 IDEX 方式將這些群體聚集在一起時，這些線索將支持更高的成長和更大的利潤率。我們部署具有自主決策權的扁平組織結構、嚴格的 80/20 細分，同時透過快速迭代創新解決最關鍵的客戶解決方案。

I'm on slide 12. We have a strong balance sheet supported by superior cash flow generation to explore multiple avenues of capital deployment. Our corporate development team alongside our business leaders continues to work an active M&A pipeline. We'll continue to deploy capital to expand and deepen our capabilities with our growth platforms, and we remain committed to returning capital to shareholders.

我在第 12 張投影片。我們擁有強勁的資產負債表，並由卓越的現金流量產生能力支持，以探索多種資本配置途徑。我們的企業發展團隊與我們的業務領導者一起繼續積極進行併購工作。我們將繼續部署資本，透過我們的成長平台來擴大和深化我們的能力，並且我們仍然致力於向股東返還資本。

Finally, turning to slide 13. We believe IDEX is advantaged and therefore, prepared to navigate an increasingly uncertain trade and geopolitical environment. We generally ideate, engineer, source, produce, and sell our products locally. Our businesses are well positioned within attractive markets, and we enjoy long and productive relationships with outstanding customers.

最後，翻到第 13 張投影片。我們相信 IDEX 具有優勢，因此已準備好應對日益不確定的貿易和地緣政治環境。我們通常在當地構思、設計、採購、生產和銷售我們的產品。我們的業務在極具吸引力的市場中佔據有利地位，並且與優秀的客戶保持著長期而富有成效的關係。

As the world becomes more regionalized, we can adapt with customers and position local-for-local support across the globe with speed. 80/20 is deeply embedded in our diverse set of businesses. We are constantly looking to tune our solutions to apply them in new applications and markets, and we can shift resources quickly from areas with developing slack capacity to structurally advantaged markets.

隨著世界日益區域化，我們可以適應客戶並快速在全球範圍內提供在地化支援。 80/20 已深植於我們多元化的業務。我們不斷尋求調整我們的解決方案，以將其應用於新的應用和市場，我們可以將資源從產能閒置的領域快速轉移到結構優勢的市場。

Putting it all together, we are improving and leveraging each of our key value drivers: organic growth, inorganic growth and margin expansion. We collectively believe that change in uncertainty, no matter how unsettling they can be in the near term, ultimately present opportunities for our trusted solutions as we help our customers win.

總而言之，我們正在改進和利用我們的每一個關鍵價值驅動因素：有機成長、無機成長和利潤率擴張。我們共同相信，無論短期內多麼令人不安，不確定性的變化最終都會為我們值得信賴的解決方案帶來機會，幫助我們的客戶取得成功。

With that, I'll turn it over to the operator for your questions.

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.

（操作員指示）麥克·哈洛倫，貝爾德。

I just want to make sure I understand the puts and takes on the guidance here and what's embedded. I mean I think the punch line is I think you feel really comfortable with the guide and the ability to have some flexibility to manage some of the inputs depending on what materializes.

我只是想確保我理解這裡的指導的依據和內容。我的意思是，我認為妙處在於，我認為您對指南感到非常滿意，並且能夠根據實際情況靈活地管理一些輸入。

One, is that right? And then two, could you just go through those puts and takes? I mean it seems like FX is it more of a tailwind, you put the incremental $20 million of cost savings, a little lower volume, a little higher price. I mean maybe just kind of walk through those two different assumptions I talked to there?

一、是嗎？然後第二，能否簡單介紹一下這些投入和產出？我的意思是，FX 似乎更像是一種順風，你節省了 2000 萬美元的成本，交易量稍微低了一點，價格稍微高了一點。我的意思是，也許只是稍微回顧一下我在那裡談到的那兩個不同的假設？

Yeah, Mike, I can do that, and I'll break it up for you and kind of follow the sequential pattern here. So just starting with Q1, again, recalibrating everybody on the call here. As I think about our performance for Q1, our organic came in better than what we had provided, which is down 3% to 4%, we came in down about 1 point. Good start to the year in terms of EPS.

是的，麥克，我可以這樣做，我會為你把它分解開來，並遵循這裡的順序模式。因此，從第一季開始，再次重新校準電話會議中的每個人。當我回顧我們第一季的業績時，我們發現我們的有機收入比我們所提供的要好，後者下降了 3% 到 4%，下降了約 1 個百分點。就每股收益而言，今年開局良好。

So as I kind of look forward and think about the cadence of 2Q and then the rest of the year, and I'll touch on tariff in a second. Coming into any given quarter, we're about 50% booked, so as I look at our outlook for Q2, coming into this quarter, and Eric alluded to it in his remarks, we haven't seen our order pattern shift in April. So as of last night, our orders continue to remain in line with expectations. So as I think about Q2 and the current outlook of 0% to 2%, our backlog supports [it], which then translates into $1.95 to $2.05.

因此，當我展望並思考第二季度以及今年剩餘時間的節奏時，我將馬上談到關稅問題。進入任何一個季度，我們的預訂率都在 50% 左右，因此，當我回顧本季度第二季度的前景時，埃里克在他的講話中也提到了這一點，我們還沒有看到 4 月份的訂單模式發生變化。因此截至昨晚，我們的訂單將繼續符合預期。因此，當我考慮第二季和目前 0% 至 2% 的前景時，我們的積壓訂單支援 [它]，然後轉化為 1.95 美元至 2.05 美元。

As I then fast forward into Q3 and Q4 and think about the back half of the year, what this outlook incorporates is a Q3 HST ramp from 2 to 3 of 10 million, 10 million from 3 to 4. FMT is staying at the same levels and FSDP staying at the same levels, which then gets you to the 1% to 3% for the year.

當我快轉到第三季和第四季並思考下半年時，這個展望包含的是第三季 HST 銷售量從 2,000 萬增加到 3,000 萬，再從 3,000 萬增加到 4,000 萬。FMT 保持在同一水平，FSDP 也保持在同一水平，這樣今年的成長率將達到 1% 到 3%。

From a tariff standpoint, what we've assumed in the guide is the two-third impact of the $100 million, so call it $60 million to $65 million impact in this outlook, and we're going to offset that one for one with price. The incremental $20 million of cost out is a proactive measure, even though we haven't seen our volumes move. We have proactively deployed those in the likely event that we see are quick lead time rapid replenishment cycle businesses slow.

從關稅的角度來看，我們在指南中假設的是 1 億美元的影響為三分之二，因此在這個展望中稱之為 6000 萬至 6500 萬美元的影響，我們將用價格一一抵消這一影響。儘管我們的銷售量沒有變化，但增加 2000 萬美元的成本支出是一項積極主動的措施。我們已經積極部署這些措施，以防萬一我們看到快速交貨期、快速補貨週期的業務進展緩慢。

Perfect. That's super helpful here. And then maybe just talk about I mean, look, we're in a little different scenario relative to normal, right? If we get some pressure points from a macro perspective in your businesses, normally that happens after a period of expansive growth. Not as much frequency happening against periods of headwinds you've seen over the last couple of years here.

完美的。這非常有幫助。然後也許只是談論一下，我的意思是，看，我們處於與正常情況略有不同的情況，對嗎？如果我們從宏觀角度感受到貴公司業務中的一些壓力點，通常這會發生在一段擴張性增長期之後。與過去幾年看到的逆風時期相比，這種情況發生的頻率並不高。

So maybe talk about how you see the portfolio shaping up if we do get some sort of pullback what that resilience looks like, how you frame it? And then I know you have a lot of those offsets as you have from a growth initiative perspective, and how does that balance things out?

那麼，也許可以談談如果我們確實遇到某種回調，您如何看待投資組合的形成，這種彈性是什麼樣的，您如何建立它？然後我知道，從成長計畫的角度來看，你們有很多抵銷措施，那麼如何平衡這些措施呢？

Yeah, so obviously, kind of unprecedented times in a number of respects, as you said. But look, as I said on the slide that highlighted how we've sort of set ourselves up with five very, very strong growth platforms. We've got them lined up. We're talking with customers and innovating in areas that in many ways, I think are in markets that are rapidly developing kind of irrespective of some of these forces. We've got a lot of resources and weight tilted towards delivering on those solutions.

是的，顯然，正如您所說，從很多方面來說，這都是前所未有的時期。但是，正如我在投影片上所說的那樣，我們強調了我們如何建立五個非常非常強大的成長平台。我們已經把他們排好隊了。我們正在與客戶進行交流，並在許多方面進行創新，我認為這些市場正在快速發展，不受這些力量的影響。我們投入了大量的資源和精力來實現這些解決方案。

All of IDEX right now has been leaned out and optimized through multiple rounds of productivity. And just to recap that, I mean we came into the year, we always have baseline productivity lined up that starts on January 1. We added that layering -- delayering and platform optimization work, a lot of it in these areas of growth platforms, a lot of it in HST. So with that ready to go early on.

目前IDEX的全部已經透過多輪生產力精簡優化。回顧一下，進入新的一年，我們的生產力基準總是從 1 月 1 日開始。我們增加了分層——去層級化和平台最佳化工作，其中很多是在成長平台領域，很多是在 HST 領域。因此，我們儘早做好了準備。

And then candidly, we just thought, hey, this is an environment that says there's -- we can do more with less. We know how to do that here, and we laid that in for kind of mitigation and protection in the back half of the year.

然後坦白說，我們只是想，嘿，這是一個我們可以用更少的資源做更多事情的環境。我們知道如何做到這一點，我們在下半年已經採取了緩解和保護措施。

So when you look at it, you've got a bunch of franchises that are well positioned. We deliver a incredibly valuable solutions at, frankly, low price points. we protected ourselves from the impact of tariffs, at least the ones that have been announced here today, and we're engaging in a way that we always do via 80/20, super sharp places in areas that are advantaged and probably hold up better to any of the shocks that are running around at time just because of the nature of the solutions that we're after.

因此，當你看到它時，你會發現有很多處於有利地位的特許經營權。坦白說，我們以低廉的價格提供了非常有價值的解決方案。我們保護自己免受關稅的影響，至少是今天在這裡宣布的關稅的影響，並且我們以我們一貫的 80/20 方式參與其中，在具有優勢的地區採取非常敏銳的策略，並且可能更好地抵禦當時發生的任何衝擊，這僅僅是因為我們所追求的解決方案的性質。

So I think this is where 80/20 kind of our credibility and reputation as operators, the two things come together and putting about as much resilience as we can imagine, at a time with no doubt a lot of uncertainty.

因此，我認為這就是我們作為運營商的 80/20 信譽和聲譽，這兩件事結合在一起，在毫無疑問存在很多不確定性的時期，提供了我們所能想像到的最大彈性。

Thank you.

謝謝。

Nathan Jones, Stifel.

內森瓊斯（Nathan Jones），Stifel。

I guess I'll start with a question about tariffs and pricing. I mean talking about two-thirds of the tariffs falling within the year, kind of -- and pricing for (inaudible), kind of implies that market has not seen tariff impacts or pricing impacts yet. Is that fair? And are those coming down the pipe probably in May or June, potentially the catalyst. I mean, it sounds like you are anticipating some of the short-cycle business demand drops off.

我想我將從有關關稅和定價的問題開始。我的意思是說，三分之二的關稅將在一年內下降，而且定價（聽不清楚），這意味著市場尚未看到關稅影響或定價影響。這樣公平嗎？這些可能會在五月或六月出現，這可能是催化劑。我的意思是，聽起來您預計一些短週期業務需求會下降。

Is that kind of when you expect to start seeing that impact of customers actually saying that the dollars on their invoices?

您是否期望在那時開始看到客戶實際上在發票上註明美元的影響？

Yeah, Nathan, this is Abhi. Let me take a stab at it. So if you kind of think about the $100 million, that's, of course, an annualized figure and we provide the details in terms of what it is by region. That said, as I kind of take a step back and think about where we are, we're sitting here in April, and April -- first day of May, what we have seen so far is -- and we do all some inventory.

是的，內森，這是阿比。讓我嘗試一下。因此，如果你想到 1 億美元，那當然是一個年化數字，我們會根據地區提供詳細資訊。話雖如此，當我退一步思考我們現在所處的位置時，我們現在正處於四月，四月——五月的第一天，到目前為止我們所看到的是——我們都做了一些盤點。

So what we have seen so far is a small impact in Q2, with the majority of this impact we're going to see in Q3 and Q4. So if you think about the cadence of the $60 million to $65 million. I'd say $10 million to $12 million is what we're expecting in Q2 and the balance 25 and 25 in Q3 and Q4. That's how we're thinking about it. But keep in mind, it's also about what you're buying, when you're buying it and how much do you hold in inventory.

因此，到目前為止，我們看到的影響在第二季度很小，而大部分影響將在第三和第四季度看到。因此，如果你考慮一下 6000 萬美元到 6500 萬美元的節奏。我認為我們預計第二季的營收為 1,000 萬至 1,200 萬美元，第三季和第四季的營收分別為 2,500 萬美元和 2,500 萬美元。我們就是這樣想的。但請記住，這也與您購買什麼、何時購買以及庫存量有關。

But I think I get this sort of part of your question here. I mean, through much of April, I think a lot of this is kind of off the radar. It's something that everybody knows is coming. It's been announced by us and others. You'll see the IDEX side of it take hold probably faster just because of the nature of just don't have as much inventory, and we turn things with quicker lead times, and we were pretty urgent and aggressive on price capture that we thought we had to have.

但我想我已經明白你這個問題的這一部分了。我的意思是，在四月的大部分時間裡，我認為很多事情都是不為人知的。每個人都知道這將會發生。我們和其他人都已經宣布了這一點。您會看到 IDEX 方面可能會更快地佔據主導地位，僅僅是因為沒有那麼多庫存，而且我們以更快的交貨時間完成任務，並且我們在價格捕獲方面非常緊迫和積極，我們認為我們必須擁有價格。

But I think you will see us start to cascade and build as we go through May and probably especially into June, just giving inventory positions and announcements and things and then really kind of full speed in the back half and that's where I think we're -- we and others will be looking for, okay, what's the collective impact of that. And frankly, are there other modifications. I mean, remember that it's sort of two parallel tracks that are working together.

但我認為，隨著我們進入 5 月份，特別是 6 月份，你會看到我們開始層層推進，只提供庫存狀況和公告等，然後在下半年真正全速推進，這就是我認為我們所處的位置——我們和其他人將會尋找，好吧，這會產生什麼樣的集體影響。坦白說，還有其他修改嗎？我的意思是，請記住，這是兩條並行運作的軌道。

Okay. Thanks for that. I'm going to ask one that's not related to tariffs. I wanted to have you guys talk a little bit more about the combining of some of these businesses into these strategic growth platforms. I think, probably, I certainly didn't understand until I was out with you guys on the road in the first quarter and talk more about it.

好的。謝謝。我要問一個與關稅無關的問題。我想讓你們進一步談談將這些業務合併到這些策略成長平台的情況。我想，可能直到第一季我和你們一起出去並談論更多這件事時，我才明白。

And it's probably a little bit misunderstood by investors as well about what the potential benefits, what the potential growth outcomes are longer term from combining these business, delayering these businesses. So I'm hoping you could just go into a little more detail and explain the rationale behind it and what you think the benefits are going to be?

投資人可能也有些誤解，不知道合併這些業務、削減這些業務的長期潛在利益和潛在成長結果是什麼。所以我希望您能更詳細地解釋一下背後的原因以及您認為會帶來什麼好處？

Sure, sure. And again, we're always careful with this at IDEX. This this absolutely still leaves decision rights locally with these businesses and these platforms, and we're super careful about the integrated threads that we weave between them in terms of what to mention and where that adds value. So but this is a massive bureaucracy with multiple organizational layers, it's in fact, actually the opposite.

當然，當然。再次強調，我們在 IDEX 對此始終非常謹慎。這絕對仍然將決策權留在這些企業和平臺本地，我們非常謹慎地考慮在它們之間編織的整合線索，包括提及什麼以及在哪裡增加價值。但這是一個擁有多個組織層級的龐大官僚機構，事實上，情況恰恰相反。

But in my prepared remarks, there were actually two examples of this starting to come together. And so on the growth side, I'll kind of highlight those and give you a bit more insight. And so I talked about our Performance Pneumatics business and our recent acquisition, Airtech, and the work that they're doing around our solutions, frankly, sustainable power solutions for the data center market.

但在我準備好的發言中，其實有兩個例子開始反映這一點。因此，在成長方面，我會重點介紹這些內容並為您提供更多見解。因此，我談到了我們的 Performance Pneumatics 業務和我們最近收購的 Airtech，以及他們圍繞我們的解決方案所做的工作，坦白說，是針對資料中心市場的可持續電力解決方案。

So that business singularly has done great work over the years and is continuing to evolve it, and it was a decent part of the story in Q1, but they're actually able to now bring in Mott and some of the technology that they have there for a different and related specific application that actually helps scalability to the next level in a way that, frankly, the Airtech business never could by themselves.

因此，該業務多年來一直做得非常出色，並且正在不斷發展，這是第一季業績中相當不錯的一部分，但他們現在實際上能夠引入 Mott 和他們擁有的一些技術，用於不同的相關特定應用，這實際上有助於將可擴展性提升到一個新的水平，坦率地說，這是 Airtech 業務自己永遠無法做到的。

And no other company really could because those two technologies typically don't exist in a way that they do at IDEX. Now it's still early days. We'll see where that goes. But absolutely -- it takes that whole frontier and moves it forward. I would say that aspect right at the tip of the [sphere] technology is probably front and center, what we're really after more than any other thing.

並且沒有其他公司能夠真正做到這一點，因為這兩種技術通常不像 IDEX 那樣存在。現在還為時過早。我們將拭目以待。但絕對如此——它佔據了整個前沿並推動其向前發展。我想說，科技最尖端的方面可能就是最重要的方面，也是我們真正追求的東西。

I talked about it in optics, as we talked about, lower but space communication and hypersonic travel. We've got great optics franchises that we've assembled over time, Iridian being the last, they have multiple points where they're playing in that space. And so -- picture this, its engineers working together in complementary ways where one business is 20 years of legacy is now teed up with another business is 20 years to develop something that, again, it's pretty novel.

我在光學中談到了它，正如我們所討論的，低空但空間的通信和高超音速旅行。我們擁有經過長時間累積的優秀光學特許經營權，Iridian 是最後一個，他們在該領域有多個業務點。想像一下，它的工程師們以互補的方式一起工作，一個企業有 20 年的歷史，現在與另一個企業合作 20 年開發某種東西，同樣，這是相當新穎的。

It doesn't really exist, and it doesn't really have a competitive offering or offset just simply because of the advantage of scale that we've put together there. Again, it's relative to kind of our world and our size, but it is important in these markets. And then as we talked about the multiple tranches of productivity that we've laid out, and we talked about this last quarter, just this organizational ability to span things and span functions a little differently, gives us a kick in productivity that helps fuel the innovation on the other side.

它實際上並不存在，而且它實際上並沒有競爭力或抵消作用，只是因為我們在那裡累積的規模優勢。再次強調，這與我們的世界和規模有關，但在這些市場中卻很重要。然後，正如我們討論過的我們已經列出的多個生產力部分以及我們在上個季度討論過的那樣，僅僅是這種跨越事物和跨越功能的組織能力就給我們帶來了生產力的提升，從而有助於推動另一方面的創新。

So for selling, let's say, to a single customer here and doing it across multiple businesses and kind of the old IDEX that would have had to been supported with stand-alone commercial organizations and then the cartoon version of this would have had multiple people in the same lobby calling on the customer, we don't have to do that anymore. That's actually advantaged and preferred by the customer, and it's a lot cheaper to run on our side. We can take those resources and funnel it right back into technology.

因此，對於銷售來說，比如說，在這裡向一個客戶銷售，並在多個企業中進行銷售，而舊的 IDEX 必須得到獨立商業組織的支持，然後卡通版本會有多個人在同一個大廳拜訪客戶，我們不再需要這樣做了。這實際上對客戶有利，也是客戶所喜歡的，而且在我們這邊運行起來要便宜得多。我們可以充分利用這些資源並將其重新投入技術中。

So it's those little extensions and those connection points between businesses, think of them as sparks and lightning bolts. That's what we're celebrating, but doing it in a very, very IDEX way, flat organizational structure, local decision rights, everything we kind of know and expect with IDEX but we've been able to amplify it in this way.

因此，這些小的擴展和企業之間的連接點，可以想像成火花和閃電。這就是我們所慶祝的，但是以一種非常非常 IDEX 的方式來實現，扁平的組織結構、本地決策權，我們對 IDEX 所了解和期望的一切，但我們已經能夠以這種方式來擴大它。

Yeah, Nathan, just to build on what Eric said, so you touched on the delayering work that we had as part of year-end. But there's more chapters to it. So as you think about the scalable platforms that Eric's talking about there's a second chapter around footprint consolidation around looking at that landscape and really starting to consolidate some footprint, which will be the second layer of this cost allocation towards growth.

是的，內森，基於艾瑞克所說的內容，你提到了我們在年底進行的削減工作。但其中還有更多章節。因此，當您考慮 Eric 談論的可擴展平台時，第二章圍繞著足跡整合展開，圍繞著觀察該景觀並真正開始整合一些足跡，這將是成本分配實現成長的第二層。

And then the third piece is around with this level of scale, we get an opportunity to go after sourcing savings and drive more productivity. So that's chapter two and three more to come on that as we move forward. But this is the advantage of having this level of scale and being able to drive the level of integration Eric is talking about.

第三部分是圍繞著這個規模，我們有機會去尋求節約並提高生產力。這就是我們接下來要討論的第二章和第三章。但這就是擁有這種規模並能夠推動 Eric 所說的整合水平的優勢。

Very helpful. Thanks very much for taking my questions.

非常有幫助。非常感謝您回答我的問題。

Vlad Bystricky, Citigroup.

花旗集團的 Vlad Bystricky。

Maybe just to start off for me, I think the Mott project win that you highlighted was actually quite interesting. Can you just talk about whether that is something that's fairly unique or whether you see that opportunity as something that could be repeatable and meaningful for other customers? Do you see other opportunities -- similar opportunities out there for Mott?

也許對我來說，這只是開始，我認為您強調的 Mott 專案勝利實際上非常有趣。您能否談談這是否是一件相當獨特的事情，或者您是否認為這個機會對其他客戶來說是可以重複的、有意義的事情？您是否看到了其他機會——對於 Mott 來說還有類似的機會？

Yeah. So this is actually -- was a kind of a small technology acquisition that Mott made before our acquisition. And so the thesis very much was in line with what this project represents. So it's really, really advanced filtration that is being deployed in this particular case, a pretty massive scale in livestock application .

是的。所以這實際上是 Mott 在我們收購之前進行的一項小型技術收購。因此，該論文與該項目所代表的內容非常一致。因此，在這種特殊情況下，我們部署了非常先進的過濾技術，在畜牧業中應用規模相當大。。

But essentially, you're -- we're processing the waste stream of dairy cows and things like that, and you kind of get two products at the end of it. You've got pure fertilizer on the one side and very, very clean water on the other side, and you essentially are delivering environmental friendliness with kind of result in products that have their own potential for productivity.

但本質上，我們正​​在處理乳牛和類似物的廢物流，最後你會得到兩種產品。一方面，你有純淨的肥料；另一方面，你有非常非常乾淨的水，你本質上是在提供環境友善性，同時生產出具有生產潛力的產品。

So that kind of is the core thesis of what this business and business model represents. I must admit this is probably at the right edge and the higher edge of the scale, just simply because of where this is being applied in this particular case. I mean it's an outstanding reference case, it's going to take us a while to engineer it, put it out there, but get it in place, that's why we talked about the specific timing of the bookings and the way it's going to run out in the back half of the year.

這就是這種業務和商業模式所代表的核心論點。我必須承認，這可能處於規模的右邊緣和更高的邊緣，只是因為它被應用在這個特定的案例中。我的意思是，這是一個出色的參考案例，我們需要花一些時間來設計它，將它推出去，但要讓它到位，這就是為什麼我們討論預訂的具體時間以及它將在下半年用完的方式。

It does support partially that HST ramp that Abhi talked about later. But it is going to be an outstanding reference case for a business that's just kind of starting to launch within Mott, but this is like right down the fairway of kind of the core argument, the core fundamental argument of what we're trying to achieve.

它確實部分支持了 Abhi 後來談到的 HST 坡道。但對於剛在 Mott 內部啟動的企業來說，這將是一個出色的參考案例，但這正好符合我們試圖實現的核心論點、核心基本論點。

It definitely sounds interesting. I appreciate that, Eric. And then maybe just a quick follow up for me. I think you mentioned that you did taking a little extra inventory here in 1Q just ahead of tariffs. I guess a follow-up question to that, have you seen any evidence from your customers of them pulling forward any order activity, if you will?

這聽起來確實很有趣。我很感激，埃里克。然後也許只是對我進行快速跟進。我想您提到過，在第一季關稅實施之前，您確實增加了一些庫存。我想接下來的問題是，您是否看到客戶的任何證據表明他們提前了任何訂單活動？

Yeah. So look, that's always a tricky one for us across all businesses with a pretty customized product. So it's never been the best inventory to stack on shelves anyways. But we absolutely went looking for it just because you can imagine the same dimension that we responded to. I mean for us, it was a pretty modest amount for much of the same reasons. We found a couple of pockets of it. I think we went and talked to people, talk to distributors and others. I think at the end of the day, it would be, what did we say?

是的。所以，對於我們所有擁有高度客製化產品的企業來說，這始終是一個棘手的問題。所以無論如何，它從來都不是堆放在貨架上的最佳庫存。但我們絕對會去尋找它，因為你可以想像我們所回應的相同維度。我的意思是，對於我們來說，由於許多相同的原因，這是一個相當適中的數額。我們發現了幾個口袋。我想我們去和人們、分銷商和其他人交談過。我想到最後，我們會問，我們說了什麼？

$6 million to $8 million.

600萬到800萬美元。

I think, we want to places look for box levels where we go. We hang out a lot and just didn't see a ton of it, but we allow that there's probably that level. And it's -- honestly, it's pretty equivalent to a little bit that we did.

我認為，我們想去的地方尋找盒子等級。我們經常出去玩，但並沒有看到太多這樣的情況，但我們承認可能會有這種程度的情況。老實說，這與我們所做的差不多。

Great. That's helpful. I'll get back in queue.

偉大的。這很有幫助。我會回到隊列中。

Joe Giordano, TD Cowen.

喬·喬達諾（Joe Giordano），TD Cowen。

So I wanted to talk on the -- and apologies if you mentioned this in the very beginning of your prepared remarks. But the confidence now in the semiconductor recovery or at least the resumption of those orders in the second half that we talked about last quarter. I mean, I feel like the updates that we've been getting on semi is generally negative so far this earnings season. So just curious if there's any update on that?

所以我想談談——如果您在準備好的發言一開始就提到了這一點，我深表歉意。但現在人們對半導體復甦充滿信心，或者至少對上個季度我們談到的下半年訂單的恢復充滿信心。我的意思是，我覺得到目前為止，我們在這個收益季節收到的有關半導體的最新消息總體上都是負面的。所以我只是好奇這方面是否有更新？

Yeah. So there's kind of two things going on. I think we would agree with the overall sentiment in the industry. There's been more headlines about restrictions and things like that. And so if you think of our business, it's split.

是的。因此有兩種情況正在發生。我認為我們會同意整個行業的整體情緒。有關限制和類似事情的頭條新聞越來越多。所以如果你考慮一下我們的業務，它是分裂的。

We do a fair amount of it and the majority of it is kind of right in the heart of essentially the machine tool in the wafer fab. And then a companion piece on the metrology and inspection side. I did mention in the prepared remarks, though, that we saw some pretty good performance. We had some growth tailwinds on the MRO facing side of the business.

我們做了相當多的工作，其中大部分工作基本上是在晶圓廠的工具機中心進行的。然後是計量和檢驗方面的配套部分。不過，我在準備好的發言中確實提到，我們看到了一些相當不錯的表現。我們在面向 MRO 的業務方面取得了一些成長順風。

Now that has historically for us been in the sealing areas. So these are consumable items, they wear out over time, and they're reflected of just using the system. It's a little better now because as Mott has come into the picture, Mott's exposure in this space had -- it's essentially a gas filter, so it's a consumable element as well. So they both win new platforms and then have this recurring revenue stream. So it tilts us a little bit more in that direction, and that was favorable for us.

從歷史上看，這對我們來說一直處於密封區域。所以這些都是消耗品，它們會隨著時間而磨損，而且它們只是系統使用過程中的體現。現在情況稍微好一些了，因為隨著 Mott 的出現，Mott 在該領域的曝光度已經——它本質上是一個氣體過濾器，所以它也是一種消耗品。因此，他們都贏得了新的平台，並獲得了經常性的收入來源。因此，它使我們更傾向於這個方向，這對我們來說是有利的。

So I alluded to that, but I did say on the back side same thing that you're seeing here. We probably see a push out an extension of ultimate recovery here on high-cost cutting-edge machine tools. And I think we're seeing the same thing as we talk to our customers. So they don't necessarily balance themselves out. So we have a little bit of net pressure in the back half of the year from that space but are certainly happy to have this higher level of MRO exposure.

所以我提到了這一點，但我在背面確實說了和你在這裡看到的相同的事情。我們可能會看到高成本尖端工具機的最終復甦的延伸。我認為我們在與客戶交談時也看到了同樣的情況。所以他們不一定會自我平衡。因此，我們在今年下半年將面臨一些來自該領域的淨壓力，但我們對擁有更高水準的 MRO 曝光感到非常高興。

Joe, just to kind of bring it all together in terms of outlook because I think your question towards that will eventually turn to outlook. So again, let me just recalibrate. So if I take a step back, again, think about Q1, as I mentioned, earlier, we came in better than expected. Our EPS performance was better than expected. Coming into second quarter as I look at our outlook, look at our -- look at the forward looking where we're headed from Q2 and beyond.

喬，我只是想從觀點的角度把所有這些結合起來，因為我認為你的問題最終會轉向觀點。因此，讓我再次重新校準。因此，如果我退一步考慮第一季度，正如我之前提到的，我們的表現比預期的要好。我們的每股盈餘表現優於預期。進入第二季度，當我回顧我們的前景時，我展望了第二季度及以後我們的發展方向。

Our backlog position in Q2 supports the 0% to 2% organic, right? And then as I look forward and kind of think about sequentially 3Q, 4Q, HST is a $10 million ramp from 2 to 3, 3 to 4. And really, that's driven by the backlog that we built for Mott that's going to ship in the back half of the year. The (inaudible) that we're seeing in pharma, space and defense, okay? And FMT is pretty much going to be at the same levels and FSDP at the same levels of 2Q revenue to be able to get to an outlook of 1% to 3%. So that's on the top line.

我們第二季的積壓情況支持 0% 到 2% 的有機成長，對嗎？然後，當我展望未來並考慮連續的 3Q、4Q 時，HST 將從 2 到 3、從 3 到 4 增加 1000 萬美元。事實上，這是由我們為 Mott 累積的訂單推動的，這些訂單將於今年下半年發貨。我們在製藥、航太和國防領域看到的（聽不清楚），好嗎？FMT 基本上將保持在同一水平，FSDP 也基本上將保持在同一水平，第二季的收入預計將達到 1% 至 3%。這就是最重要的一點。

On the bottom line, though, if you think about it, a third of our bottom-line outlook is driven by the volume pieces I just articulated for you, but the two-thirds is tied to things that are in-flight in motion, i.e., cost optimization, delayering, stepping up in the back half. The cost out piece that we laid out for $20 million as part of this conversation that's back half. And then the timing of share base come from first half to second half, which is pretty significant, which is almost $0.12.

不過，從根本上講，如果你仔細想想，我們的底線前景的三分之一是由我剛才向你闡述的數量決定的，但三分之二則與正在進行的事情有關，即成本優化、層級削減、後半部分的加強。我們在這次談話中提出的成本部分為 2000 萬美元，這是後半部分。然後，股基的時間從上半年到下半年，這相當重要，幾乎是 0.12 美元。

So again, a third of this first-half, second-half earnings ramp is tied to the revenue pieces I just laid out, two- thirds is tied to in-flight controllable actions that are part of this outlook.

因此，再次強調，上半年和下半年獲利成長的三分之一與我剛才列出的收入部分有關，三分之二與這一前景中的可控行動有關。

Can I -- before I get to my follow up, just maybe if I can clarify what you just said there. Are you saying that some of that semi ramp with maybe like Muon and the large customers is like effectively been replaced with Mott and the 1Q beat and things like that. So we arrive at the same place, but maybe it's not as dependent on those large orders?

在我進行後續提問之前，我是否可以澄清一下您剛才所說的內容。您是說，像 Muon 和大客戶這樣的半坡道實際上已經被 Mott 和 1Q beat 等產品取代了。所以我們到達了同一個地方，但也許它不那麼依賴那些大訂單？

That is correct.

沒錯。

Okay. And then just a question on the strategic growth platforms. I mean that's somewhat new. Is there any sense of like rebranding companies as a like go-to-market as one entity or like as one kind of overarching team? Like I know that's not how this is typically done in the past, but it sounds a little bit more like that just in the commentary. So just curious how you think about individual brands versus like an IDEX franchise that goes to the customers?

好的。然後是關於策略成長平台的一個問題。我的意思是這有點新穎。是否有將公司重新命名為一個整體或一個總體團隊來進入市場的感覺？就像我知道這不是過去通常的做法，但在評論中聽起來更像是那樣。所以我很好奇，您如何看待單一品牌與面向客戶的 IDEX 特許經營權？

No, it's a good point. And actual fact, this part has been evolving alongside for a while now. I mean, to be honest, a lot of the thinking here is actually built on kind of what happened in IDEX Health and -- Health & Sciences over the last 10 years. And we do and have for a while now branded that as IDEX Health & Science. At the same time, we still celebrate the individual brands and the brand equity that we have there. So it's a bit of a hybrid.

不，這是個好觀點。事實上，這個部分已經發展了一段時間了。我的意思是，說實話，這裡的許多想法實際上都是建立在過去 10 年 IDEX Health 和健康與科學領域發生的事情的基礎上的。我們確實這樣做了，並且已經將其命名為 IDEX Health & Science。同時，我們仍然慶祝我們擁有的個別品牌和品牌資產。所以它有點混合的感覺。

As we move through this and evolve, you see that today in IDEX Fire & Safety. I mean, we very much present ourselves that way out in the market but at the same time, then celebrate HURST Jaws Of Life, Hale, those individual sub-brands. We're doing the same thing probably in an emerging perspective with an intelligent water.

隨著我們不斷進步和發展，今天您可以在 IDEX Fire & Safety 中看到這一點。我的意思是，我們在市場上非常注重展示自己的方式，但同時，也慶祝 HURST Jaws Of Life、Hale 和那些獨立的子品牌。我們可能正在從智慧水的新興視角做同樣的事情。

We've -- two, three years ago, you would go to a WEFTEC, one of the trade shows and see five different booths. We actually have brought this together over the last couple of years, but never lose sight of the individual accumulated brand equity, it's a much lighter touch and severe duty flow control. That's where, frankly, those individual equity stories are the highest. And all we're really integrating there is kind of front-end customer acquisition through digitization at this point.

兩三年前，你去參加 WEFTEC（其中一個貿易展覽會）時會看到五個不同的攤位。實際上，我們在過去幾年中已經將這些整合在一起，但從未忽視個人累積的品牌資產，這是一種更輕鬆的接觸和嚴格的職責流控制。坦白說，那裡的個人股票故事最精彩。目前，我們真正整合的是透​​過數位化實現前端客戶獲取。

So that's light to none. And then over on the material sciences solutions side, that's just purchased, just accumulated. There's no point in branding that at this level. So I think that matters. But for us, it's indicative of when you reach a state of evolution where, frankly, the customers are starting to say this is what we want.

所以這對任何人來說都是輕而易舉的。而在材料科學解決方案方面，這些只是購買和累積。在這個層面上進行品牌推廣是沒有意義的。所以我認為這很重要。但對我們來說，這表明我們已經達到了一種進化的狀態，坦白說，客戶開始說這就是我們想要的。

We actually want the capitalization that IDEX provides. We recognize now that these solutions could only happen because IDEX exists and has brought them together. And then even when we introduced and put IDEX on the side of the box, we never subordinate completely those individual brands.

我們實際上想要 IDEX 提供的大寫字母。我們現在認識到，這些解決方案之所以能夠實現，是因為 IDEX 存在並將它們整合在一起。即使我們推出 IDEX 並將其放在盒子側面，我們也從未完全控制那些單一品牌。

Great color. Thank you.

顏色很棒。謝謝。

Bryan Blair, Oppenheimer.

布萊恩布萊爾，奧本海默。

You've referenced steady day rates a few times. So I imagine directionally, and I know what the response will be. I was curious if you could offer some detail on order trends at more in Warren Rupp gas and BAND-IT over March and April. Just curious what the real-time reads have been from those canary type businesses pre versus post tariff implementation?

您已多次提到穩定的日利率。因此，我可以有方向地想像，並且知道反應會是什麼。我很好奇您是否可以提供一些有關 3 月和 4 月 Warren Rupp 天然氣和 BAND-IT 訂單趨勢的詳細資訊。我只是好奇在關稅實施前後這些金絲雀類型的企業的即時讀數是多少？

Yeah. I mean, look, as I think Eric mentioned it, I alluded to it, as I think about the businesses you're talking about, Eric and I track them on a weekly basis, daily basis. We look at the order trends compared them to last week, last quarter. And what we've seen in Q1, and frankly, to 5:00 PM of last night is order trends that have been steady and in line with our expectation. We have seen no movement, if you will, on those order trends.

是的。我的意思是，你看，正如我認為埃里克提到過的，我暗示過，當我想到你正在談論的業務時，埃里克和我每週、每天都會跟踪它們。我們查看了與上週、上個季度相比的訂單趨勢。坦白說，截至昨晚 5 點，我們在第一季看到的訂單趨勢一直很穩定，符合我們的預期。如果你願意的話，我們沒有看到這些訂單趨勢有任何變化。

Really nothing identifiable based on news of the day externally where the next day, it pivots or changes. I mean they always ebb and flow a bit day-to-day, but we look at the kind of moving average and we look at how it tracks across them, that actually tells you more when they line up and move the same way, given the breadth and the difference in businesses, that's where we get the most intel.

實際上，根據當天的外部新聞無法確定第二天會發生什麼變化。我的意思是，它們每天都會有一些起伏，但我們會觀察移動平均線的類型，並觀察它是如何追蹤它們的，當它們排列並以相同的方式移動時，這實際上會告訴你更多信息，考慮到業務的廣度和差異，這就是我們獲得最多情報的地方。

And then this time of year as well is also good for us. We have a fair amount of distributor conferences, we bring everybody together into different businesses and we get the opportunity to then have three dimensional conversations around those day rate data. And we just had one of those the biggest one last week, same story. It's kind of consistently people saying: Hey, things are holding up. My customers are doing well. They're still requiring things. The systems are working.

那麼一年中的這個時候對我們來說也是個好時機。我們召開了相當多的經銷商會議，將每個人聚集到不同的業務中，然後我們有機會圍繞這些日費率資料進行三維對話。上週我們剛經歷了一次最大的地震，同樣的故事。人們總是說：嘿，事情進展順利。我的客戶都做得很好。他們仍然需要一些東西。系統正在運作。

There is hesitancy on bigger projects. I talked about that. But honestly, that's been pretty consistent for a while now. And then lots of captive energy about I wonder what comes next? That's absolutely there, too.

人們對更大的項目猶豫不決。我談到了這一點。但老實說，這種情況已經持續了一段時間。然後大量的俘獲能量我想知道接下來會發生什麼？那也絕對存在。

That's helpful color. And I understand at any point in time, there's only so much that your team can discuss on this front, but maybe just a high-level update on the M&A environment and how is it all the uncertainty of this backdrop has affected your team and your M&A strategy?

這是很有幫助的顏色。我知道在任何時候，您的團隊在這方面能討論的內容都是有限的，但也許只是對併購環境進行高層更新，以及這種背景下的所有不確定性如何影響您的團隊和您的併購策略？

Yeah. Well, I think there's no question that in terms of people looking to transact quickly and legitimize where their business is going to go and all the things you would need to do to make a transaction move fast in the near term. I think you see in that pretty slow for not just us, but for everybody.

是的。嗯，我認為毫無疑問，對於希望快速完成交易、使其業務合法化的人來說，以及在短期內快速完成交易所所需做的所有事情。我想你會發現這不僅對我們而言非常緩慢，對每個人都是如此。

We always kind of divide this activity into buckets, so I would say the lion's share of all the work that people are doing is really at that conversational diligence level getting to know people. Remember, about 80% of the deals we've done in the last few years have been proprietary, that's the way we prefer it.

我們總是將這種活動分成不同的類別，所以我想說，人們所做的大部分工作實際上都在對話的勤奮層面上了解人們。請記住，過去幾年我們完成的交易中約有 80% 都是專有的，我們更喜歡這種方式。

We like taking our time, get you to know a business like Mott. And so that was a multiyear conversation. We have other conversations like that going on, and they don't change or ebb and flow. In fact, in some ways, they get more intensive around changes like this and how that shapes how a team thinks about its business.

我們願意花時間讓您了解像 Mott 這樣的企業。所以這是一場持續多年的對話。我們還有其他類似的對話，它們沒有改變，也沒有起伏。事實上，從某種程度上來說，他們會更深入地了解這樣的變化以及這些變化如何影響團隊對其業務的看法。

So a big category of work that doesn't get affected, that work around near-term transactions. I think you can imagine that's slower now. I mean the number of people offering us things from out of the blue is certainly slower for all the reasons you'd expect. But that really isn't a feed or stock for us anyways. So I think that we -- this is a speed bump in many ways, but it doesn't interrupt the overall quality of the work or the work that we're doing and frankly, our future vision for what we can deploy.

因此，很大一類工作不會受到影響，也就是圍繞近期交易所進行的工作。我想你可以想像現在速度變慢了。我的意思是，出於各種可以預料的原因，突然向我們提供東西的人的數量肯定會減少。但無論如何，這對我們來說真的不是一種飼料或庫存。所以我認為，這在很多方面都是一個障礙，但它不會影響我們工作的整體品質或我們正在做的工作，坦白說，也不會影響我們對未來可以部署的內容的願景。

That makes sense and encouraging. Thanks again.

這是有道理的，而且令人鼓舞。再次感謝。

Deane Dray, RBC Capital Markets.

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

Maybe you can expand on your earlier comment on strength in municipal water. I mean, the idea here is that's probably the most defensive of defensive verticals just because so much of it is OpEx and nondiscretionary and projects are locked in and so forth. But just any color there in terms of the outlook?

也許您可以詳細闡述您之前關於市政供水強度的評論。我的意思是，這裡的想法是，這可能是最具防禦性的垂直領域，因為其中很大一部分是營運支出和非自由支配的，而且項目是鎖定的，等等。但從外觀上看，那裡有什麼顏色嗎？

Yeah, no. I think you're right. It's very, very defensible business. And then again, the work that we do is very localized around the wastewater side of things and critical analytics as we examine that infrastructure and help our customers dig into how it's working.

是的，不。我認為你是對的。這是非常、非常具有防禦能力的事業。再說一次，我們所做的工作非常本地化，圍繞著廢水方面和關鍵分析，我們檢查基礎設施並幫助我們的客戶深入了解其運作方式。

And so that kind of -- there's some natural resiliency there on two fronts. One, the things that thunder storms and things that could be affected by climate, I mean, they're not affected by trade policy. And so the need for people to understand that mitigated, I think last night, I saw there were floods again in Oklahoma, that's the work we do.

因此，在兩方面都存在一些自然的彈性。首先，雷暴和可能受氣候變遷影響的事物，我的意思是，它們不受貿易政策的影響。因此，人們需要了解這一點，我想昨晚，我看到俄克拉荷馬州再次發生洪水，這就是我們所做的工作。

On a lot of our business are helping with flow monitoring and understand where the system broke down and how it should be remediated. And so that's really unaffected. There is some natural resiliency from, frankly, some probably unfortunate variable inputs.

我們的許多業務都有助於流量監控，並了解系統在哪裡發生故障以及如何修復。所以這確實不受影響。坦白說，一些可能不幸的變數輸入具有一定的自然彈性。

On the other side, remember, to the extent there is funding support for this, it's broad and it extends over multiple years. Our end customer for a lot of these businesses is actually specification engineers, which are putting together the capital projects that goes and grabs some of that funding.

另一方面，請記住，就資金支持而言，它是廣泛的並且會持續多年。對於許多此類企業來說，我們的最終客戶實際上是規範工程師，他們負責整合資本項目以獲取部分資金。

So if we're in a multiyear wave of stronger strength in municipal water, our positioning at the front end of it has got some natural resiliency as well just because we're helping people figure out how that they're going to appropriate those funds, ask for them, request them and put them to work.

因此，如果我們在市政供水領域處於多年的強大力量浪潮中，那麼我們在前端的定位也會具有一些自然的彈性，因為我們正在幫助人們弄清楚如何撥出這些資金，如何申請這些資金，如何請求這些資金並將它們投入使用。

So I think some of it is just sector driven, as you said, Deane, I think a lot of it is just the nature of what we do, what we've localized around and the natural resiliency of that kind of work.

所以我認為其中一些只是由行業驅動的，正如你所說，迪恩，我認為很多只是我們所做工作的性質，我們所圍繞的領域以及這種工作的自然彈性。

Yeah. It's -- from what we can see, the storm water management is one of the fastest-growing water sector verticals both because of the funding, but also the fines that EPA is pursuing against cities if they're not addressing it. Are you seeing both of these driving the strong water management team?

是的。據我們所知，雨水管理是水務產業中成長最快的垂直領域之一，這不僅是因為資金，還因為如果城市不解決這個問題，美國環保署就會對其處以罰款。您是否看到這兩者都推動著強大的水管理團隊？

Yeah, the sort of regulatory side of this has always been a driver for this business.

是的，監管方面一直是這項業務的驅動力。

Good. And then just separately, any time there's heightened uncertainty, it has a fallout on M&A in terms of there's a falloff in multiples, the sellers have a way of being pretty sticky and remembering what their business was worth just a few months ago. So -- and they'll even pull some transactions until things settle out. Just what's been your perspective here real time on the kind of funnel and multiples?

好的。另外，任何時候不確定性增加，都會對併購產生影響，因為倍數會下降，而賣家會非常執著，記得幾個月前他們的企業價值幾何。所以——他們甚至會停止一些交易，直到事情平息下來。您對漏斗類型和倍數的即時看法是什麼？

Yeah. Well, I think you're right. The quality of business has tended be very sticky around those valuation expectations. If anything, uncertainty then tends to draw things out to wait for good times to return so that everything can be back to normal again. So the timing probably more than valuations, I would say, being impacted by something like this, this round of uncertainty.

是的。嗯，我認為你是對的。業務品質往往與這些估值預期緊密相關。如果有的話，不確定性往往會拖延事情的發展，等待好時光的到來，以便一切都能恢復正常。因此，我想說，時機可能比估值更受此類不確定性的影響。

For us, I mean, we're just in a period with -- I mean we're really doing two things in this area. We're spending a lot of time kind of optimizing, building and integrating on, frankly, the higher activity that we brought into the company through M&A so we're doing a lot of work there. And then around these growth platforms, I mean, as I talked about in the comments, there's a lot of room to run. And so we're doing a lot of exploratory work initial conversations. So that whole chapter as I said before it doesn't really go down at this point.

對我們來說，我的意思是，我們正處於一個時期——我的意思是我們實際上在這個領域做兩件事。坦白說，我們花了大量時間來優化、建立和整合我們透過併購為公司帶來的更高層次的活動，因此我們在那裡做了很多工作。然後圍繞著這些成長平台，正如我在評論中談到的那樣，還有很大的發展空間。因此，我們正在進行大量探索性工作和初步對話。所以，正如我之前所說，整章內容到現在還沒有真正講完。

In fact, in some ways, people are more available for it now. And then on the other side, we're looking at some interesting bolt-ons. We've got a framework here with over half of the company with natural attachment points and so I think around of some nice bolt-on work that could happen here over the next couple of quarters, which will be very good.

事實上，從某些方面來說，人們現在對此更加開放了。另一方面，我們正在研究一些有趣的附加功能。我們這裡有一個框架，其中超過一半的公司都有自然的連接點，所以我認為在接下來的幾個季度可能會發生一些很好的附加工作，這將是非常好的。

Terrific. And I was remiss at not welcoming Jim to the team and best of luck.

了不起。我疏忽了，沒有歡迎吉姆加入團隊，祝他好運。

(Operator Instructions) Brett Linzey, Mizuho.

（操作員指示）瑞穗的 Brett Linzey。

I wanted to come back to the organic sales outlook of 1 to 3 unchanged from the previous outlook. Sounds like the composition has maybe changed a little bit. I was hoping maybe you could just mention that. So you're getting the 3 to 4 points of incremental tariff-induced pricing. I imagine you had some price embedded in the original assumption. Is it fair to say price is up and you're taking a little bit more hedged on the volume side? Any thoughts there?

我希望將有機銷售預期恢復到 1 至 3，與先前的預期保持不變。聽起來構圖可能有一點改變。我希望您能提一下這一點。因此，您將獲得 3 到 4 個點的增量關稅誘導定價。我想您在最初的假設中已經包含了一些價格。是否可以說價格上漲了，而您在交易量方面採取了更多對沖措施？有什麼想法嗎？

Absolutely. I can walk you through it. So the original outlook that we had out of 1 to 3 implied a price of 1.5 points. So as you kind of think about the full year outlook, the way we see it today, that hasn't changed. What that does incorporate as an additional 1.5 points of price on a full-year basis. So if you think about the current outlook, it is assuming 3 points of price for the full year and the volume being down 2% of the low end and being flat at the high end, okay?

絕對地。我可以指導你。因此，我們最初的 1 到 3 的預期意味著價格為 1.5 點。因此，當您考慮全年前景時，我們今天的看法並沒有改變。這意味著全年價格將額外上漲 1.5 個百分點。因此，如果您考慮當前的前景，假設全年價格為 3 個點，交易量低端下降 2%，高端持平，好嗎？

As Eric alluded, as I've mentioned, we've not seen our April order rates move. But proactively, we have gone out and identified an incremental $20 million of cost that were taken out, which then gives us protection from 3% to 4% volume decline in the back half of the year.

正如艾瑞克所暗示的，正如我所提到的，我們沒有看到四月份的訂單率發生變化。但我們積極主動地確定了可減少的 2000 萬美元增量成本，這可使我們避免下半年銷量下降 3% 至 4%。

All right. Got it. I appreciate that. And then just a follow up on some of the government spending or the austerity measures under DOGE and the new administration. Are you seeing any spending reductions or impact on grants driving customer spending decisions at this point? And then maybe any update on the core life science customer base and what you're seeing there from an order perspective?

好的。知道了。我很感激。然後只是跟進 DOGE 和新政府的一些政府支出或緊縮措施。目前，您是否看到支出減少或補助金對推動客戶支出決策產生影響？那麼，關於核心生命科學客戶群以及您從訂單角度看到的情況，您有什麼更新嗎？

Yeah. So on your first question, I mean, not a lot directly. I don't -- the kind of work we do is more iterative and not massively project dependent. So to the extent there's some impact there, it's harder to read and it hasn't really presented itself and we just talked about that in our daily rate. Life science is an area where it does come up because there's obviously been some work towards NIH funding, but that's pretty low percentage ultimately for our customers and the read-through for us is kind of low percentage as well.

是的。所以關於你的第一個問題，我的意思是，沒有太多直接的關係。我不這麼認為——我們所做的工作更具迭代性，並且並不嚴重依賴專案。因此，就其影響的程度而言，它很難解讀，而且並沒有真正顯現出來，我們只是在日常費率中討論了這一點。生命科學是一個確實會出現的領域，因為顯然我們已經為獲得 NIH 資助做了一些工作，但對於我們的客戶來說，最終這個比例相當低，而對於我們來說，閱讀的比例也很低。

And frankly, in our life science markets, the strength in pharma sort of offsets it. So that's one area where the headline. You can hear about it, here a little closer to home, but we -- it's at a low impact level and we offset it.

坦白說，在我們的生命科學市場中，製藥業的實力在某種程度上抵消了這種影響。這就是標題中的一個領域。您可以在這裡聽到有關它的消息，離我們更近一點，但我們 - 它的影響程度較低，而且我們已經抵消了它。

I would say, generally, in places that it might be presenting itself elsewhere in the business. Again, I think it's probably being offset by some of the strength we've seen in defense applications space. So it's netting out at present if it's there. And again, because of the nature of sort of project work that we do or the lack of it, you just -- it doesn't present itself as a big impediment at present, sort of one of those things that I think people are speculating about direction and ultimate impact, but really hasn't landed anywhere near us yet.

我想說，一般來說，它可能在業務的其他地方出現。再次，我認為這可能會被我們在國防應用領域看到的一些優勢所抵消。因此，如果存在的話，目前它就是淨額。再說一次，由於我們所做專案工作的性質或缺乏工作，你只是 - 它目前並沒有成為一個大的障礙，我認為人們正在猜測其方向和最終影響，但實際上還沒有在我們身邊產生影響。

All right. Got it. Appreciate the detail. Best of luck.

好的。知道了。欣賞細節。祝你好運。

Matt Summerville, D.A. Davidson.

馬特·薩默維爾、地方檢察官戴維森。

Just maybe first, just a follow up, I want to make sure I understand this. You're basically saying that through this incremental proactive cost out you can absorb a 3% to 4% organic sales decline in the second half of the year, but that is not how you've guided the top line. Do I have that correct?

也許首先，只是跟進一下，我想確保我理解這一點。您基本上是說，透過這種增量主動成本支出，您可以吸收下半年 3% 至 4% 的自然銷售額下滑，但這並不是您指導營收的方式。我這樣理解對嗎？

So when we said 3% to 4% year over year, what I'm saying is if you think about the $20 million of cost out and think about our prior outlook to our current outlook, it will absorb 3%, 4% top-line decline with that $20 million. So it's an outlook-to-outlook shift.

因此，當我們說同比增長 3% 到 4% 時，我的意思是，如果您考慮 2000 萬美元的成本，並考慮我們先前的展望和當前的展望，那麼這 2000 萬美元將吸收 3%、4% 的營收下滑。所以，這是一種觀點到觀點的轉變。

But it would absorb the volume component. We would get some of the price capture would stand in for some of the (inaudible).

但它會吸收體積成分。我們會得到一些價格捕獲，以代替一些（聽不清楚）。

Okay. And then as you look at kind of the -- maybe you can comment to as the year has unfolded through the first four months realized and that inbound orders have been healthy. Have you seen any discernible trend in sequential cadence in orders? And are you getting any sort of sense that you have customers especially in kind of your more distribution-facing businesses are buying ahead? And if so, can you maybe try to quantify that?

好的。然後，當您看到某種情況時 - 也許您可以評論一下，隨著今年前四個月的展開，我們發現入站訂單一直很健康。您是否看過訂單連續節奏中任何明顯的趨勢？您是否感覺到您的客戶，特別是面向分銷的企業客戶，正在提前購買？如果是這樣，您可以嘗試量化它嗎？

I'd say the cadence has been pretty uniform through each of the four months in the majority of our business, maybe elevating and growing a little bit with more strength in HST, but largely, that's because of the wins we saw places like Mott, in Defense and Space. So I mean, they're attributable to things you want to see in a business. Everything else is pretty stable. We talked a little earlier about the buy ahead. I mean we looked and looked and looked and think it's relatively low levels.

我想說，在我們大部分業務的四個月中，節奏都非常一致，可能隨著 HST 實力的增強而有所提升和增長，但這主要是因為我們在國防和航太領域看到了 Mott 等公司的勝利。所以我的意思是，它們可以歸因於你想在企業中看到的東西。其餘一切都相當穩定。我們之前討論過提前購買的問題。我的意思是，我們看了又看，認為它的水平相對較低。

I think we talked -- what do we say just a second ago, it would be?

我想我們剛剛討論過──我們剛才說什麼呢？

$6 million to $8 million.

600萬到800萬美元。

Something like that. It kind of matches the same percentage that we did. It's unusual for us to do it kind of usual for our customer base. But we found evidence that we're sort of in line on that. So we don't think it's a big number, but I wouldn't say it's 0.

類似這樣的。它與我們所做的百分比基本一致。對於我們客戶群來說，這樣做並不常見。但我們找到了證據，證明我們的觀點是一致的。因此我們認為這不是一個很大的數字，但我不會說它是 0。

Got it. I missed that 6 to 8. Thanks for clarifying that.

知道了。我錯過了 6 到 8。感謝您澄清這一點。

Thank you. We have reached the end of our question-and-answer session. I would now like to turn the floor back over to Eric Ashleman for closing comments.

謝謝。我們的問答環節已經結束。現在我想把發言權交還給 Eric Ashleman 來做最後發言。

Well, thank you very much, and thanks for everybody for joining the call today. Obviously, as we discussed this morning, it's a dynamic and fluid situation, as global trade relationships or reset and redefined. But I just asked that we remember some things don't change at IDEX. Our businesses are really strong. I mean they're just outstanding.

好吧，非常感謝，也感謝大家今天參加電話會議。顯然，正如我們今天早上討論的那樣，這是一個動態和不穩定的局勢，因為全球貿易關係正在重置和重新定義。但我只是要求我們記住 IDEX 上有些事情是不會改變的。我們的業務確實很強大。我的意思是他們非常出色。

We deliver a ton of critical value at price points that are low relative to the total cost of the customer solution. And we enjoy really long and productive relationships with world-class customers. I think our number one job now is to support those same customers as they navigate the same uncertain waters that we were looking at with innovation, agility and global breadth.

我們以相對於客戶解決方案總成本較低的價格提供了大量關鍵價值。我們與世界級客戶保持著長期且有成效的合作關係。我認為我們現在的首要任務是支持這些客戶，因為他們將以創新、敏捷和全球廣度與我們一樣，在不確定的環境中前進。

And as we do that, we'll keep our fingers on the pulse of prevailing economic trends and control what we can control, adjust where we need to and clearly communicate our latest thinking as we move through the next phase of change.

當我們這樣做時，我們將密切關注當前的經濟趨勢，控制我們能夠控制的部分，調整我們需要調整的部分，並在進入下一階段的變革時清楚地傳達我們的最新想法。

Thanks again for your interest and support of IDEX and have a great day.

再次感謝您對 IDEX 的關注和支持，祝您有個愉快的一天。

Thank you. This does now conclude today's teleconference. We appreciate your participation. You may disconnect your lines at this time. Enjoy the rest of your day.

謝謝。今天的電話會議到此結束。感謝您的參與。現在您可以斷開線路。享受剩餘的一天。