藝達思 (IEX) 2025 Q2 法說會逐字稿

Greetings, and welcome to the second-quarter 2025 IDEX corporation earnings conference call. (Operator Instructions) Please note this conference call is being recorded.

您好，歡迎參加 IDEX 公司 2025 年第二季財報電話會議。（操作員指示）請注意，本次電話會議正在錄音。

It is now my pleasure to introduce your host, Jim Giannakouros, Vice President, Investor Relations. Thank you. You may begin.

現在我很高興介紹您的主持人、投資者關係副總裁 Jim Giannakouros。謝謝。你可以開始了。

Thank you. Good morning, everyone, and welcome to IDEX's second quarter 2025 earnings conference call. We released our second 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 年第二季財報電話會議。我們今天早上發布了第二季度的財務業績，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 Akhil Mahendra, our Interim Chief Financial Officer and Vice President of Corporate Development.

今天與我一起參加電話會議的有 IDEX 總裁兼執行長 Eric Ashleman 和我們的臨時財務長兼企業發展副總裁 Akhil Mahendra。

Today's call will begin with Eric providing highlights of our second quarter results and a discussion of our current business outlook and strategies. And Akhil will discuss additional financial details and our updated outlook for 2025. Following our prepared remarks, we will open up the line for questions.

今天的電話會議將首先由 Eric 介紹我們第二季的業績亮點並討論我們當前的業務前景和策略。Akhil 將討論更多財務細節以及我們對 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.

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。

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.

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。

Thanks, Jim. Good morning, everyone, and thank you for joining us today. I'm on Slide 3. The IDEX teams across all three segments delivered better-than-expected results in Q2 despite continued macro uncertainty. I'd like to thank our teams around the world for their hard work and strong execution as they navigate a very fluid environment.

謝謝，吉姆。大家早安，感謝大家今天加入我們。我在幻燈片 3 上。儘管宏觀不確定性持續存在，但 IDEX 三個部門的團隊在第二季度都取得了好於預期的業績。我要感謝我們遍佈全球的團隊在應對瞬息萬變的環境中所付出的辛勤工作和強大的執行力。

Our teams are bound together with a simple value creation equation that adapts quickly to address challenges and deliver on opportunities. We delivered differentiated critical impact from low points in our customers' bill of materials, typically at the component level allowing us to quickly shift towards advantage applications and increasingly so with integrated growth opportunities, most often driven by changes in customer demands.

我們的團隊透過一個簡單的價值創造方程式緊密聯繫在一起，該方程式可以快速適應以應對挑戰並抓住機會。我們從客戶物料清單中的低點開始提供差異化的關鍵影響，通常是在組件級別，這使我們能夠快速轉向優勢應用，並且越來越多地透過綜合成長機會來實現，而這通常是由客戶需求的變化所驅動的。

I'd like to walk through a real-time growth example of this dynamic tuning at Airtech, a business acquired in 2021 with an HST to illustrate our team's agility and action. Airtech delivers customer value through pneumatic solutions, most often in the form of specialty blowers or valves. It sits next to our outstanding Gast business with some light integration within channels to market and functional leadership.

我想透過 Airtech（一家於 2021 年透過 HST 收購的公司）的動態調整的即時成長範例來展示我們團隊的敏捷性和行動力。Airtech 透過氣動解決方案（通常採用專用鼓風機或閥門的形式）為客戶提供價值。它與我們出色的 Gast 業務並駕齊驅，並在市場通路和職能領導方面進行了一些輕度整合。

Four years ago, at the time of acquisition, their product lines were growing within mutually exclusive application sets supported by good operational performance with room for targeted improvements. Today, they are growing much faster as they've helped their customers shift their core businesses towards solutions within data center applications specifically fuel cell power support and thermal management via liquid cooling.

四年前，在收購時，他們的產品線在互斥的應用程式集內不斷增長，並得到了良好營運績效的支持，但仍有針對性改進的空間。如今，他們的發展速度更快，因為他們幫助客戶將核心業務轉向資料中心應用內的解決方案，特別是燃料電池電源支援和透過液體冷卻的熱管理。

Airtech's two product lines benefit from joint exposure to this fast-growing space, the leadership team at Gast is leaning in to help them drive process efficiency to fully leverage profitability to support group performance. Finally, applying 80/20 has helped them focus and fully resource these applications in a powerful way, which in turn is multiplying their impact.

Airtech 的兩條產品線受益於對這個快速成長領域的共同關注，Gast 的領導團隊正努力幫助他們提高流程效率，充分利用獲利能力來支持集團績效。最後，應用 80/20 幫助他們以強有力的方式集中精力並充分利用這些應用程序，從而成倍地增強了它們的影響力。

As data center solutions scale, our customers have experienced additional pain points outside the scope of pneumatics. This is where other IDEX capabilities come in. And in this case, Airtech is looking to Mott to address a key technical problem to drive significant system efficiencies. Their solution is currently under review by a key customer.

隨著資料中心解決方案的擴大，我們的客戶遇到了氣動範圍之外的更多痛點。這就是其他 IDEX 功能的用武之地。在這種情況下，Airtech 希望 Mott 解決一個關鍵的技術問題，以顯著提高系統效率。他們的解決方案目前正在接受一位重要客戶的審查。

Finally, they are also exploring operational opportunities that leverage IDEX's infrastructure and world-class capabilities in India. This is a great story that advanced in the second quarter. It demonstrates the power of our dynamic business model, our commitment to 80/20 and the leverage of IDEX's global capabilities with proprietary capital deployment via M&A as the key catalyst. We're confident in the pneumatics team's plans to drive even more growth and value creation in the quarters and years to come.

最後，他們也正在探索利用 IDEX 在印度的基礎設施和世界一流能力的營運機會。這是第二季推進的一個精彩故事。它展示了我們動態商業模式的力量、我們對 80/20 的承諾以及 IDEX 全球能力的優勢，其中以透過併購進行自有資本部署為關鍵催化劑。我們相信，氣動團隊的計劃將在未來幾季和幾年推動更多的成長和價值創造。

Turning to an overview of business conditions. We saw some impactful patterns play out in Q2 and July and it helped us think about our likely path to close out the year. First, we have some areas of healthy demand, including food and pharma applications within IH&S and MPT, space and defense applications in Mott and optical technologies, North American fire, downstream energy custody transfer, intelligent water and data center thermal management within pneumatics. Weaker areas include chemicals, auto, semiconductor lithography and ag. The rest of the portfolio was pretty steady.

轉向商業狀況概述。我們在第二季和 7 月看到了一些有影響力的模式，這有助於我們思考結束這一年的可能路徑。首先，我們有一些健康需求的領域，包括 IH&S 和 MPT 內的食品和製藥應用、Mott 和光學技術中的空間和國防應用、北美火災、下游能源保管轉移、氣動中的智慧水和資料中心熱管理。較弱的領域包括化學品、汽車、半導體光刻和農業。投資組合的其餘部分相當穩定。

Within Q2, there were some strong demand inputs in the form of trade policy positioning statements that were unpredictable, shocking the system and setting up sign waves of up and down order patterns. Daily demand levels moved dynamically between policy announcements and negotiation deadlines as customers attempted to derisk tariff and pricing exposure.

在第二季度中，出現了一些以貿易政策定位聲明形式出現的強勁需求輸入，這些輸入難以預測，對系統造成了衝擊，並形成了上下順序模式的符號波。由於客戶試圖降低關稅和定價風險，每日需求水準在政策公告和談判截止日期之間動態變化。

In the end, we see two implications. First, the patterns are moving around a relatively stable baseline that didn't line up well with the quarter end point. However, in July, we saw a modest order recovery build through the month. Second and most important for us, the sudden and unpredictable shifts in policy are slowing down decision-making and conviction for larger orders. This has the highest go-forward impact for us in some more recently acquired areas of IDEX, where strong growth funnel supported earlier expectations of accelerating back half revenue and margins.

最後，我們看到了兩層意義。首先，這些模式圍繞著一個相對穩定的基線移動，與季度末點不太一致。然而，7月份，我們看到整個月的訂單量略有回升。第二，對我們來說最重要的是，政策的突然和不可預測的變化正在減緩大額訂單的決策和信念。這對我們最近收購的一些 IDEX 領域產生了最大的未來影響，這些領域的強勁成長管道支持了早先對下半年營收和利潤加速成長的預期。

As a result, we are lowering our back half financial projections to better reflect this dynamic. We're very confident in the quality of our businesses. They are set up to solve some of the most complex challenges in advantaged markets. Coupling this with our long-established operational capabilities, we believe we are very well positioned to drive attractive growth and value for all of our stakeholders.

因此，我們降低了下半年的財務預測，以便更好地反映這種動態。我們對我們的業務品質非常有信心。它們的成立是為了解決優勢市場中一些最複雜的挑戰。結合我們長期建立的營運能力，我們相信我們完全有能力為所有利害關係人帶來有吸引力的成長和價值。

I'm now on Slide 4. Before Akhil covers the financial details of both our Q2 performance and our updated guidance, I'd like to step back and help you understand our journey and the progress we are making towards long-term revenue and margin acceleration through growth platforms.

我現在在幻燈片 4 上。在 Akhil 介紹我們第二季業績和最新指引的財務細節之前，我想先回顧一下，幫助您了解我們的歷程以及我們透過成長平台在實現長期收入和利潤加速方面所取得的進展。

Our goal is simple: extend IDEX's growth potential through variable levels of integration to win in advantaged markets where customers are demanding more solutions impact than any one single business unit can provide a loan. Here are two examples. First is HST's IDEX Health & Science platform that we built through thoughtful capital deployment over the last 20 years. Today, IH&S is an integrated global platform of world-class technologies that has added thin-film optics, system integration and microfluidic capabilities to its core fluidics portfolio.

我們的目標很簡單：透過不同程度的整合來擴展 IDEX 的成長潛力，從而在優勢市場中取勝，在這些市場中，客戶要求的解決方案的影響力比任何一個單一業務部門所能提供的貸款都要大。這裡有兩個例子。首先是HST的IDEX健康與科學平台，這是我們在過去20年經過深思熟慮的資本部署而建立的。如今，IH&S 已成為一個集世界級技術於一體的全球綜合平台，其核心流體技術產品組合中增加了薄膜光學、系統整合和微流體功能。

We've divested some small noncore businesses along the way, consolidated like businesses together and a state-of-the-art greenfield site in Rochester, New York, and integrated commercial and technical teams across the platform. This work has driven strong value for customers and shareholders over the years and is well positioned to meaningfully do so in the years to come.

在此過程中，我們剝離了一些小型非核心業務，將同類業務合併在一起，在紐約州羅徹斯特建立了一個最先進的綠地基地，並整合了整個平台的商業和技術團隊。多年來，這項工作為客戶和股東創造了巨大的價值，並有望在未來幾年繼續發揮重要作用。

An example of this work in action today involves a key win for integrated sample prep within a cutting-edge protein analysis instrument. Our team designed a metal-free ceramic valve for cutting-edge core performance, then across business development team enhanced overall systems performance by incorporating a suite of our platform's fluidic connection technologies. They even pulled on nanofiltration technologies for Mott to take everything one step further.

今天這項工作的一個例子涉及在尖端蛋白質分析儀中進行整合樣品製備的關鍵勝利。我們的團隊設計了一種無金屬陶瓷閥門，以實現尖端的核心性能，然後整個業務開發團隊透過結合我們平台的一套流體連接技術來提高整體系統性能。他們甚至為 Mott 採用了奈米過濾技術，使一切更進一步。

Finally, they collaborated with a customer to integrate all the technology deeply within the front end of their instrument. The initial response to the customer's product line has been outstanding.

最後，他們與客戶合作，將所有技術深度整合到儀器的前端。客戶對此產品線的初步反應非常出色。

Our second example is the strong value created over time through the build-out of Optical Technologies, a cornerstone within HST's Materials Science Solutions platform. We built the Optical Technologies Group over the last 14 years, both organically and through multiple transactions, broadening its capabilities. We're taking another step forward today with our news of the acquisition of Micro-LAM, high-quality bolt-on that brings proprietary difficult-to-machine forming capabilities into our already advantaged technical toolbox.

我們的第二個例子是，隨著時間的推移，透過建構光學技術（HST 材料科學解決方案平台的基石）所創造的巨大價值。在過去的 14 年裡，我們透過內部發展和多次交易建立了光學技術集團，拓展了其能力。今天，我們又向前邁進了一步，我們宣布收購了 Micro-LAM，這是一種高品質的螺栓連接技術，它將專有的難以加工的成型能力帶入我們已經非常有利的技術工具箱中。

Over the years, we helped drive a culture of 80/20 to each individual company entering IDEX to drive focus around core capabilities while rapidly improving profitability. In later stages, we increasingly encourage joint commercial and technical collaboration between units to attack emerging applications within semiconductor lithography and metrology. Most recently, the group is accelerating its growth by working together to support advanced space and defense applications. Micro-LAM is very complementary here given their customer access points and technical capabilities.

多年來，我們幫助每家進入 IDEX 的公司建立 80/20 的企業文化，以專注於核心能力，同時快速提高獲利能力。在後期，我們越來越鼓勵各單位之間進行聯合商業和技術合作，以攻克半導體光刻和計量領域的新興應用。最近，該組織透過共同努力支持先進的太空和國防應用來加速其發展。鑑於其客戶接入點和技術能力，Micro-LAM 在此具有很強的互補性。

Moving to Slide 5. Since 2020, we have focused a greater portion of capital deployment towards M&A to accelerate building and expanding our growth platforms. In the last three years, through several acquisitions, we created HST's Material Science Solutions platform. And last year, we added Mott, which is highly complementary to many HST businesses, adding nanofiltration technologies at scale, a meaningful and very attractive capability for us.

移至投影片 5。自2020年起，我們將更多資金投入併購，以加速建構和擴展我們的成長平台。在過去三年中，透過幾次收購，我們創建了 HST 的材料科學解決方案平台。去年，我們收購了 Mott，它與 HST 的許多業務高度互補，並大規模增加了奈米過濾技術，這對我們來說是一項有意義且非常有吸引力的能力。

I'd like to dive a bit deeper into both of these areas to illustrate the strong links to our past success and frame the potential for even faster growth. I'll first discuss our value creation journey building MSS. We started with a highly optimized optical technologies business, which we just discussed. Next, we applied 80/20 and operational improvement tools through acquisitions of STC and all businesses within the Muon Group. As a reminder, a large piece of our cost optimization work this year is substantially complete within these areas.

我想更深入地探討這兩個領域，以說明與我們過去成功的緊密聯繫，並描繪出更快成長的潛力。我將首先討論我們建構 MSS 的價值創造歷程。我們從剛才討論的高度優化的光學技術業務開始。接下來，我們透過收購 STC 和 Muon 集團內的所有業務，應用了 80/20 和營運改善工具。提醒一下，我們今年大部分的成本優化工作已在這些領域基本完成。

Today, our teams are focusing resources on the best customers and solutions as we align teams commercially and technically to win in advanced markets. While our growth and margin expansion acceleration has hit a near-term air pocket is our strong positioning with advanced semiconductor lithography is caught up in geopolitical tensions, we continue to be excited about our funnel of growth opportunities overall and in particular attractive markets like data center optical switching.

今天，我們的團隊將資源集中在最佳客戶和解決方案上，同時我們在商業和技術上協調團隊以在先進市場中獲勝。雖然我們的成長和利潤擴張加速在短期內遇到了瓶頸，因為我們在先進半導體光刻技術方面的強大定位陷入了地緣政治緊張局勢，但我們仍然對整體的成長機會感到興奮，特別是數據中心光交換等有吸引力的市場。

Here, the Muon team recently secured a multiyear win through collaboration between two of its units. A great example of our integrated growth strategy at work. And teams are attacking other attractive opportunities within a variety of advanced semiconductor applications, space and defense, sustainable energy and precision forming. The businesses within the MSS group are truly outstanding. They are highly differentiated and complement each other well as they provide trusted solutions to advantaged markets.

在這裡，Muon 團隊最近透過其兩個部門的合作獲得了多年的勝利。我們的綜合成長策略發揮作用的一個很好的例子。此外，各團隊也正在積極尋找各種先進半導體應用、太空與國防、永續能源和精密成型等領域的其他誘人機會。MSS 集團旗下的業務確實非常出色。它們高度差異化且相互補充，為優勢市場提供值得信賴的解決方案。

Turning to Mott, we are aggressively deploying 80/20 as we help the business grow and optimize profitability. Mott has an outstanding track record of deploying its core specialty filtration capabilities in a variety of end markets to build important scale advantages. The solutions have ranged from differentiated components like high-purity gas filtration elements that serve as critical consumables within semiconductor lithography to large-scale filtration solutions that embed Mott's core technology with an engineered skid-based solutions.

談到 Mott，我們正在積極部署 80/20，以幫助業務成長並優化獲利能力。Mott 在將其核心專業過濾能力部署到各種終端市場以建立重要的規模優勢方面擁有出色的業績記錄。這些解決方案包括差異化組件，例如作為半導體光刻中關鍵消耗品的高純度氣體過濾元件，以及將 Mott 的核心技術與基於工程的滑軌解決方案相結合的大規模過濾解決方案。

Both lines of businesses are strong within their own relative merits, but our collective teams are leveraging 80/20 and product line strategy to tune towards more IDEX-like highest differentiation, highest-margin component level solutions. This should even out the growth path over time and best fuel Mott's development resources towards growth with the highest return profiles.

這兩條業務線在各自的相對優勢方面都很強大，但我們的團隊正在利用 80/20 和產品線策略來調整更像 IDEX 的最高差異化、最高利潤率的組件級解決方案。隨著時間的推移，這將使成長路徑更加平坦，並最好地推動 Mott 的發展資源實現回報率最高的成長。

Mott's acceleration has slowed a bit this year as the larger, more complex opportunities within their funnel were impacted by the policy-driven demand uncertainties described earlier. We expect Mott's growth will continue to accelerate this year, but we've recalibrated its growth potential for the back half of the year given the pause we are seeing in customer decision-making.

今年，Mott 的加速有所放緩，因為其漏斗中更大、更複雜的機會受到了前面描述的政策驅動的需求不確定性的影響。我們預計 Mott 的成長今年將繼續加速，但考慮到客戶決策的暫停，我們重新調整了其下半年的成長潛力。

As the team works through these headwinds, they are attacking a rapidly growing set of opportunities within space and defense and high-purity semiconductor applications that match all screening elements for the best IDEX-like businesses. The core differentiation of Mott's nanofiltration technology deployed at scale is powerful. We continue to love the business and the team and confirm that the acquisition will be accretive exiting the year.

在團隊克服這些不利因素的同時，他們正在攻擊太空和國防以及高純度半導體應用領域中一系列快速增長的機會，這些機會符合最佳 IDEX 類業務的所有篩選要素。Mott 規模部署的奈米過濾技術的核心差異化非常強大。我們繼續熱愛這項業務和團隊，並確認此次收購將在今年年底帶來增值。

Putting our past and present together, you can see that we're following a simple and powerful growth formula that's long driven value for IDEX. But we're more intentional today as we deploy capital and integrate more rapidly to support the emerging needs of today's fastest-growing markets.

將我們的過去和現在結合起來，您會發現我們遵循一個簡單而強大的成長公式，該公式可以長期推動 IDEX 的價值。但今天我們更有意識地部署資本並更迅速地整合，以支持當今成長最快的市場的新興需求。

And while we didn't dive into them today, I'd like to mention that our intelligent water and fire and safety platforms are very well positioned in this regard with very similar stories of focused cross-business collaboration.

雖然我們今天沒有深入探討這些問題，但我想提一下，我們的智慧水和消防及安全平台在這方面處於非常有利的地位，並且在重點跨業務合作方面有著非常相似的案例。

I'll pass it over to Akhil to discuss our financials and our updated outlook in greater detail.

我將把它交給阿希爾 (Akhil) 來更詳細地討論我們的財務狀況和最新展望。

Thanks, Eric, and good morning, everyone. Let's turn to Slide 6. As Eric mentioned, in the second quarter of 2025, IDEX delivered strong financial performance. While revenue came in towards the midpoint of our guidance, we outperformed on both adjusted EBITDA margin and adjusted EPS. Now all the comparisons I will discuss will be against the prior year period unless stated otherwise.

謝謝，埃里克，大家早安。讓我們翻到幻燈片 6。正如 Eric 所提到的，2025 年第二季度，IDEX 取得了強勁的財務業績。雖然營收接近我們預期的中間值，但我們的調整後 EBITDA 利潤率和調整後 EPS 都表現出色。現在，我將討論的所有比較都將與去年同期進行比較，除非另有說明。

In the second quarter of 2025, orders grew organically by 2%. We saw positive demand in our pharmaceutical, energy and agriculture end markets, along with continued stability in diversified industrial and water. However, softness persisted in our automotive, rescue tool and parts of our semiconductor businesses.

2025年第二季度，訂單有機成長2%。我們看到製藥、能源和農業終端市場的需求積極，同時多元化工業和水務市場持續保持穩定。然而，我們的汽車、救援工具和部分半導體業務依然表現疲軟。

Organic sales in the second quarter increased 1% year-over-year. We benefited from positive price across all three of our segments as well as favorable results in businesses serving aerospace, defense, data centers, pharmaceuticals and North American fire OEMs. Strength in these areas isn't fully visible given challenging prior year comparisons within our FMT and FSD businesses as well as continued weakness within semiconductor and automotive.

第二季有機銷售額較去年同期成長1%。我們受益於三個部門的積極價格以及航空航太、國防、資料中心、製藥和北美消防原始設備製造商業務的良好業績。鑑於我們 FMT 和 FSD 業務與去年同期相比存在挑戰性，以及半導體和汽車領域持續疲軟，這些領域的優勢尚未完全顯現。

Adjusted gross margin declined 10 basis points year-over-year, primarily due to the near-term dilution from the Mott acquisition, unfavorable mix and volume deleverage. These effects were partially offset by favorable price cost and operational productivity net of employee-related costs. Adjusted EBITDA margin declined 40 basis points to 27.4%, reflecting our gross margin performance and lower variable compensation expense in the second quarter last year.

調整後的毛利率年減 10 個基點，主要原因是 Mott 收購造成的短期稀釋、不利的產品組合和數量去槓桿。這些影響被優惠的價格成本和扣除員工相關成本後的營運生產力部分抵銷。調整後的 EBITDA 利潤率下降 40 個基點至 27.4%，反映了我們去年第二季的毛利率表現和較低的浮動薪資費用。

Our platform optimization and delevering initiatives and cost containment efforts delivered a combined $14 million in savings during the quarter, in line with our plans. Both of these remain on track to achieve $62 million or $0.63 per share in full year savings. Additionally, we continue to work our baseline productivity improvements planned for this year, some of which are going to be influenced by volume.

我們的平台優化和去槓桿舉措以及成本控制措施在本季共節省了 1,400 萬美元，符合我們的計畫。這兩家公司全年仍有望實現 6,200 萬美元或每股 0.63 美元的節省。此外，我們將繼續執行今年計劃的基準生產力改進，其中一些將受到產量的影響。

Free cash flow of $147 million increased 25% year-over-year and represents 94% conversion versus adjusted net income. The increase was driven by higher earnings and favorable timing of receivables partially offset by payments related to our platform optimization and delevering actions.

1.47 億美元的自由現金流年增 25%，相對於調整後的淨收入而言，轉換率為 94%。成長的動力來自於更高的收益和有利的應收帳款時機，但部分被與我們的平台優化和去槓桿行動相關的付款所抵消。

We ended the quarter with strong liquidity of approximately $1.1 billion, including $568 million in cash and $541 million in undrawn revolver capacity, after paying down $100 million in long-term debt and $12.5 million in short-term borrowings during the quarter. Finally, we deployed another $50 million to repurchase IDEX shares in the second quarter, taking our total through the first half of the year to $100 million.

在本季度償還了 1 億美元的長期債務和 1,250 萬美元的短期借款後，我們在本季結束時擁有約 11 億美元的強勁流動性，其中包括 5.68 億美元的現金和 5.41 億美元的未提取循環信貸額度。最後，我們在第二季又投入了 5,000 萬美元回購 IDEX 股票，使我們上半年的總回購金額達到 1 億美元。

Now quickly, some color on our results by segment. I'm on Slide 7. In HST, second quarter organic orders increased 2% and organic sales increased 4%. Revenue growth was supported by positive price as well as volume increases within our pharmaceutical, space defense and data center-focused businesses. Demand for advanced semiconductor lithography solutions and automotive continued to face headwinds.

現在，我們快速地按部分對結果進行分類。我在第 7 張投影片。在 HST，第二季有機訂單成長 2%，有機銷售額成長 4%。收入成長得益於製藥、太空防禦和資料中心業務的積極價格和銷售成長。對先進半導體光刻解決方案和汽車的需求繼續面臨阻力。

Adjusted EBITDA margin of 26% increased sequentially by 40 basis points but tracked lower than we anticipated given mix pressure within our material science solutions and Mott businesses.

調整後的 EBITDA 利潤率為 26%，環比增長 40 個基點，但考慮到材料科學解決方案和 Mott 業務的混合壓力，該利潤率低於我們的預期。

Turning to Slide 8. In FMT, organic orders increased 7% and organic sales declined 2%. From an orders perspective, we experienced growth in our downstream energy, agriculture and municipal water businesses. As we said earlier, our industrial distribution businesses posted daily order rates in line with our expectations through May but pulled back in June, weighing on our expectations near term.

翻到幻燈片 8。在 FMT 中，有機訂單增加了 7%，有機銷售額下降了 2%。從訂單角度來看，我們的下游能源、農業和市政供水業務均實現了成長。正如我們之前所說，我們的工業分銷業務的每日訂單率在 5 月符合我們的預期，但 6 月有所回落，這對我們近期的預期產生了壓力。

On the revenue side, our chemical, energy and agriculture businesses declined against challenging prior year comparables. Semiconductor remains challenging and water was down year-over-year, which we attribute mostly to timing. Positive price was a partial offset. Adjusted EBITDA margin of 35% increased 130 basis points year-over-year as positive price cost and productivity improvements more than offset volume deleverage.

在收入方面，我們的化學、能源和農業業務與去年同期相比有所下降。半導體仍然充滿挑戰，水價年減，我們主要將其歸因於時機。正價格部分抵銷。調整後的 EBITDA 利潤率為 35%，比去年同期增加了 130 個基點，因為積極的價格成本和生產力改善超過了數量去槓桿。

I'm on Slide 9. FSD organic sales grew 2%, but organic orders declined 7%. Our fire and safety business continues to benefit from strong OEM demand and strong adoption of our integrated solutions, but order patterns are somewhat choppy near term, which we attribute mostly to timing in both our fire and safety as well as dispensing businesses. Adjusted EBITDA margin of 29.4% increased 40 basis points year-over-year given positive price cost which more than offset net productivity, volume deleverage and mix headwinds year-over-year.

我在第 9 張投影片。FSD 有機銷售額成長 2%，但有機訂單下降 7%。我們的消防和安全業務繼續受益於強勁的 OEM 需求和對我們整合解決方案的大力採用，但短期內的訂單模式有些不穩定，我們主要將其歸因於消防和安全以及分配業務的時機。調整後的 EBITDA 利潤率為 29.4%，年成長 40 個基點，原因是正價格成本抵消了淨生產力、產量去槓桿和組合不利因素的影響。

Now please turn to Slide 10 for our updated full year and third quarter guidance. We are adjusting our organic sales growth guidance for the full year to approximately 1% versus 1% to 3% previously, given the up and down day rates, slower customer decision-making on larger orders and a key semiconductor customer lowering their growth expectations. Adjusted EPS guidance moves to $7.85 to $7.95 versus prior guidance of $8.10 to $8.45 for the year. We are adjusting our profitability outlook for the second half of 2025 given the flow-through impact from lower volumes and expectations for continued mix headwinds near term.

現在請翻到投影片 10 查看我們更新的全年和第三季指引。考慮到每日費率的上下波動、客戶對大訂單的決策速度變慢以及一家關鍵半導體客戶降低其成長預期，我們將全年有機銷售成長預期從先前的 1% 至 3% 調整至約 1%。調整後的每股收益預期為 7.85 美元至 7.95 美元，而先前的預期為 8.10 美元至 8.45 美元。考慮到銷售下降帶來的傳導影響以及短期內混合逆風持續存在的預期，我們正在調整 2025 年下半年的獲利前景。

In the third quarter, we expect 2% to 3% organic revenue growth and adjusted EPS of $1.90 to $1.95. Our third quarter revenue guidance reflects our recent order performance and current backlog. We expect that revenue will be relatively flat in the third quarter versus the second quarter across each of our segments. Our adjusted EBITDA margins and adjusted EPS are expected to decrease sequentially driven by anticipated timing of corporate costs and slightly lower volumes and related deleverage.

我們預計第三季有機收入將成長2%至3%，調整後每股盈餘將達到1.90美元至1.95美元。我們的第三季營收預期反映了我們近期的訂單表現和目前的積壓訂單。我們預計，第三季各部門的營收將與第二季持平。受企業成本預期時間、交易量略有下降以及相關去槓桿的影響，我們的調整後 EBITDA 利潤率和調整後 EPS 預計將環比下降。

From a tariff standpoint, we have updated our 2025 tariff impact to be approximately $50 million, with about two thirds of it recognized in 2025. We expect to fully mitigate tariff-related inflation with price increases and additional sourcing and supply chain savings we are actively pursuing. Our 2025 guidance does not include the possibility of additional tariffs. We expect to take mitigating actions as needed to offset these additional tariffs if or as they occur.

從關稅的角度來看，我們已將 2025 年關稅影響更新為約 5,000 萬美元，其中約三分之二將在 2025 年確認。我們希望透過積極提高價格以及增加採購和供應鏈成本來全面緩解與關稅相關的通貨膨脹。我們的 2025 年指引不包括徵收額外關稅的可能性。如果發生這些額外關稅，我們預計將採取必要的緩解措施來抵消這些額外關稅。

Now please turn to Slide 11 for our capital allocation strategy. We maintained a purposeful and return-focused approach to capital allocation, supported by a strong balance sheet, robust cash flow generation and meaningful borrowing capacity. Organic investments remain our highest priority as we look to consistently drive innovation across our platforms.

現在請翻到投影片 11 了解我們的資本配置策略。我們維持了有目的的、以回報為中心的資本配置方式，並得到強勁的資產負債表、強勁的現金流生成和可觀的借貸能力的支持。我們希望不斷推動整個平台的創新，因此有機投資仍然是我們的首要任務。

From an inorganic standpoint, our current focus is on opportunistic tuck-in M&A to scale and expand critical capabilities in advantaged markets. We continue to work an active funnel to broaden our capabilities, and we'll continue to seek opportunities to leverage 80/20 and operational improvements, which together enhance the IDEX advantage moving forward.

從無機角度來看，我們目前的重點是機會性收購，以擴大和增強優勢市場的關鍵能力。我們將繼續積極努力，拓展我們的能力，並將繼續尋找機會利用 80/20 和營運改進，共同增強 IDEX 的優勢。

In addition, we are focused on returning capital to maximize shareholder value. We have a long track record of growing our dividend as we grow earnings. We also consistently evaluate additional return of capital through share repurchases. June year-to-date, we have paid $106 million in dividends and repurchased $100 million of common stock, including $50 million in the past quarter. And we have $440 million remaining in our current authorization.

此外，我們專注於回報資本，以實現股東價值最大化。我們長期以來一直致力於隨著盈利的增長而增加股息。我們也持續評估透過股票回購獲得的額外資本回報。截至今年 6 月，我們已支付 1.06 億美元的股息併回購了 1 億美元的普通股，其中包括上個季度的 5,000 萬美元。我們目前的授權金額還剩下 4.4 億美元。

As we focus on leveraging the larger platform building investments made over the past few years, we expect a more balanced approach to capital deployment in the near to immediate term.

由於我們專注於利用過去幾年進行的更大規模的平台建設投資，我們預計近期內資本配置將更加均衡。

With that, I will now turn it back over to Eric.

說完這些，我現在將話題交還給 Eric。

Thanks, Akhil. I'm on Slide 12, where we highlight the key value drivers for IDEX shareholders. While we have recalibrated our financial expectations for the second half of 2025 primarily due to the pause in customer decision-making, we are paving the way for sustainable value creation with all three pillars here contributing and thoughtful capital allocation to drive attractive shareholder value and return sustainably going forward.

謝謝，阿希爾。我現在在第 12 張投影片上，我們重點介紹了 IDEX 股東的關鍵價值驅動因素。雖然我們重新調整了 2025 年下半年的財務預期，這主要是由於客戶決策暫停，但我們正在為永續價值創造鋪平道路，三大支柱均在貢獻，並進行深思熟慮的資本配置，以推動具有吸引力的股東價值和可持續的回報。

Thank you. And with that, I'll turn it over to the operator to take your questions.

謝謝。接下來，我將把時間交給接線員來回答你們的問題。

Thank you. We will now be conducting a question-and-answer session. (Operator Instructions)

謝謝。我們現在將進行問答環節。（操作員指示）

Nathan Jones, Stifel.

內森瓊斯（Nathan Jones），Stifel。

Good morning, everyone. I guess I'll start with the delayed orders on the semi side. Obviously, there was plenty of disruption going on in the second quarter. We are starting to get a bit more clarity on trade and tariffs. Maybe you can just talk about that as a catalyst for getting some more decision-making going on that front? And we have been waiting for these orders to improve in the back half.

大家早安。我想我會從半成品方面的延遲訂單開始。顯然，第二季發生了很多混亂的情況。我們開始對貿易和關稅有了更清晰的認識。也許您可以說這是促使該方面做出更多決策的催化劑？我們一直在等待這些訂單在下半年有所改善。

What is your level of confidence that these things will actually come through in the next couple of quarters? I mean projects can be deferred indefinitely. So maybe just talk about your confidence on those projects coming through versus continuing to be deferred?

您對於這些事情在未來幾季內真正實現的信心有多大？我的意思是項目可以無限期推遲。那麼，您能否談談您對這些項目的信心，以及它們是否會繼續被推遲？

Sure, Nathan. You started off talking about semi, but then I think the question was more broadly framed around large orders in general. So I'll kind of hit it that way and probably go in reverse. And so look, no doubt as we talked about in the prepared remarks, we saw some oscillation in both small order patterns and decision-makings around those announcements and negotiation deadlines. What was interesting here, and I think probably gives us the most confidence is, as you know, some of that just timed out where in early July, we got some resolution here that things were moving forward.

當然，內森。您一開始談論的是半導體，但後來我認為這個問題更廣泛地圍繞著大訂單。所以我會以那種方式打它，並且可能會反向打。所以，毫無疑問，正如我們在準備好的發言中談到的那樣，我們看到圍繞這些公告和談判期限的小訂單模式和決策都出現了一些波動。這裡有趣的是，我認為可能給我們帶來最大信心的是，正如你所知，其中一些只是在 7 月初超時，我們在這裡得到了一些解決方案，事情正在向前發展。

And I think everybody got a sense of where the pattern is likely to settle in. And so we saw order recovery throughout July in both buckets, frankly, on the small order side and on the decision-making piece of larger orders.

我認為每個人都知道這種模式可能會在哪裡穩定下來。坦白說，我們看到整個 7 月的訂單量都在回升，無論是小額訂單方面，還是大額訂單的決策部分。

And so I think part of the confidence comes from our sense that while there's still announcements and things to come, there's kind of a predictable nature of where they're likely to settle in, how they're likely to play out, and we're hearing that reflected in the conversations that we're having with customers and decision makers along the way. So I think the confidence primarily comes from a pattern that partially is in the current quarter that's played out here in July.

因此，我認為，部分信心來自於我們的感覺，即雖然仍有公告和事情要做，但它們可能會在哪裡安頓下來，如何發揮作用，這是可以預測的，我們在與客戶和決策者的對話中也反映了這一點。因此，我認為信心主要來自於本季 7 月出現的一種模式。

Again, one of the reasons we do as far as we did into the new acquired larger businesses within HST is that's really where most of the impact comes here in terms of the shift in guidance. We had -- both those businesses, especially on the Mott side, had a really, really strong funnel. They typically kind of run that business in a nonlinear way that kind of races to year-end. And really, as Q2 played out, and they just saw a lot of kind of frozen decision-making there. Much of it released here in July.

再次，我們對 HST 內部新收購的大型企業採取如此行動的原因之一是，就指導方針的轉變而言，這些企業確實受到了最大影響。我們這兩家公司，尤其是 Mott 方面的公司，都有著非常非常強大的銷售漏斗。他們通常以一種非線性的方式經營業務，以競相趕赴年底。事實上，隨著第二季的結束，他們看到了許多僵化的決策。其中大部分內容於七月在此發布。

And so then ultimately, you have kind of a physics question in terms of how much they can produce in Q4, but even some of those orders coming in for that business and others along the way, we saw the same thing in water with recovery in July, I think gives us a better feel as we enter the back half of the year that things are stable. They're still likely to change up and down, but that baseline is pretty stable in both sides of the business.

所以最終，你會遇到一個物理問題，即他們在第四季度能生產多少，但即使是該業務和其他業務的部分訂單，我們也看到了水資源在 7 月份復甦的同樣情況，我認為，當我們進入下半年時，情況會更加穩定。它們仍然可能會上下變化，但業務雙方的基線都相當穩定。

You opened the question around semi in general. I just want to say, we see semi exposure in different ways and different businesses. Probably the piece that has given us the most pressure when we talk about mix and talk about semi mix and HST, it's really a large chunk of business in the Muon business, up in our MSS platform its outstanding cutting-edge lithography componentry that we make there.

您提出的問題總體上與半有關。我只是想說，我們以不同的方式和不同的業務來看待半導體曝光。當我們談論混合、半混合和 HST 時，可能給我們帶來最大壓力的部分是 Muon 業務中很大一部分業務，在我們的 MSS 平台上，我們在那裡製造了出色的尖端光刻組件。

That's coming from a customer that initially had talked about inventory timing in the first half of the year, and I think is more settled now that, things are going to be kind of steady for a while, largely because of some of the geopolitical tensions, restrictions and things that have also played out.

這是來自一位客戶的意見，他最初在上半年談到了庫存時間問題，我認為現在已經更加確定了，情況將在一段時間內保持穩定，這主要是因為一些地緣政治緊張局勢、限制和其他因素。

The other pieces of semi with and on IDEX, there's a lot of them that are growing, growing well, some of them quite markedly in areas like metrology. We see that in optics. So it's kind of a mixed bag there depending on how we play out. But the pressure point for us is a portion of really high-quality business that looks like it's going to be flatter for a while.

IDEX 上的其他半導體產品中有很多都在成長，而且成長良好，其中一些在計量等領域表現相當顯著。我們在光學中看到了這一點。所以，這取決於我們的表現，情況好壞參半。但對我們來說，壓力點在於，真正高品質的業務看起來將在一段時間內趨於平穩。

I would assume that, that kind of stuff that you're talking about there is also very high margin and very high incremental margins. You have cut the guidance -- full year margin guidance by 100 basis points, which kind of implies 200 basis points in the back half. Is that really outsized impacts from what are very high-margin businesses that aren't quite getting the volume that you'd anticipated? And when that volume comes in, those orders come in, we should start to see that margin improvement come back up?

我認為，您所談論的那種東西也具有非常高的利潤率和非常高的增量利潤率。您已將全年利潤率指引下調了 100 個基點，這意味著下半年利潤率指引將下調 200 個基點。這些利潤率極高但銷售量卻沒有達到您預期的企業，是否真的會造成巨大影響？當銷售和訂單增加時，我們應該開始看到利潤率回升嗎？

That is definitely a piece of it, especially in the HST side. That's some of the best business that we have in the acquired group. Some of the opportunity that I mentioned is a partial offset the great work they're doing on things like data center switching. I mean it's equally attractive and over time, will also complement it. But there's no doubt a return to growth there will really, really help profitability in that particular platform in HST.

這絕對是其中的一部分，特別是在 HST 方面。這是我們收購的集團中最好的業務之一。我提到的一些機會可以部分抵消他們在資料中心交換等方面所做的出色工作。我的意思是它同樣具有吸引力，隨著時間的推移，也會對其進行補充。但毫無疑問，恢復成長將真正有助於提高 HST 特定平台的獲利能力。

I'd say the second half of it, though, is really the acceleration of Mott. We're tuning that business a lot. We've taken some cost out there, and they were heading already for a lot of volume and still are in the back half of the year. That's where you get full leverage. And so I think those two things together, tuning and revenue and acceleration at Mott and then ultimately, a release on the really good margin business towards more acceleration would be the two chief components here that we'd be looking for.

不過，我想說的是，後半部其實是莫特的加速。我們正在大力調整該業務。我們已經在那裡降低了一些成本，而且他們的銷售已經很大了，而且今年下半年銷售仍是如此。這就是您獲得全部槓桿的地方。因此，我認為這兩件事結合在一起，即 Mott 的調整、收入和加速，以及最終在真正良好的利潤業務上實現更大的加速，將是我們在這裡尋找的兩個主要組成部分。

Awesome. Thanks very much for taking my questions.

驚人的。非常感謝您回答我的問題。

Thanks Nathan.

謝謝內森。

Vlad Bystricky, Citigroup.

花旗集團的 Vlad Bystricky。

Okay guys, thanks for taking my questions this morning. I guess, Eric, first off, maybe can you just give us a little more granularity or specificity on what's embedded now in the current guidance? Is it a continuation of current trends? Are you -- I know you talked about sort of more predictability around the policy front, but how are you thinking about potential for any incremental volatility or downshift in those day rate trends that you've seen bounce around over the past couple of months, it sounds like.

好的，謝謝大家今天早上回答我的問題。我想，埃里克，首先，您能否為我們更詳細地說明一下當前指南中包含的內容？這是當前趨勢的延續嗎？您是否—我知道您談到了政策方面的更多可預測性，但您如何看待過去幾個月來您看到的日利率趨勢出現增量波動或下降的可能性？

Yeah. I think really, again, we're going to end up talking here a lot about HST because the FMT and FSDP segments, we've got those -- we had them originally modeled to be pretty steady, and that's kind of where they're sitting now, and they're performing really, really well.

是的。我認為，我們最終會在這裡談論很多關於 HST 的事情，因為 FMT 和 FSDP 部分，我們已經擁有了它們 - 我們最初對它們的建模是相當穩定的，這就是它們現在所處的位置，而且它們的表現非常非常好。

So I think we were able to kind of deal with what we had in the second quarter and come out of it with the rates in July. Maybe a little pressure on the third quarter, we would have chosen to accelerate that a bit. Ultimately, the recovery will help us get where we need to. And then we kind of got those running out from here.

所以我認為我們能夠處理第二季出現的問題，並在 7 月解決利率問題。也許第三季會有點壓力，我們會選擇稍微加速。最終，復甦將幫助我們達到我們需要的目標。然後我們就把它們從這裡運出去了。

And so in HST, that's where we had some more aggressive acceleration hopes with -- again, those two most recently acquired businesses, we've moderated those a bit, but they are still moving forward. A lot of it coming from a pretty strong fourth quarter for Mott. We mentioned that, that's -- we're confirming that's going to be an accretive business at that point. I kind of take us back to the beginning of the year.

因此，在 HST 中，我們對加速發展抱有更積極的希望——同樣，對於最近收購的這兩家企業，我們對其進行了一些調整，但它們仍在向前發展。這很大程度上歸功於莫特在第四季的出色表現。我們提到過，那是——我們確認那將會是一項增值業務。我有點把我們帶回今年年初。

You might remember, we talked about a large project that we booked in Q1. A portion of that starts to come out of the business and hit the revenue line in Q4. Some of the orders, even the ones delayed are now in hand, and we'll also support that, and it's kind of been the natural tendency of that business to run there. So we have some acceleration there, but we've tempered that acceleration a bit, and then it's generally steady in the other two segments.

您可能還記得，我們討論過第一季預訂的一個大型專案。其中一部分開始從業務中產生，並在第四季度影響收入線。一些訂單，甚至是延遲的訂單現在都已到位，我們也會支持這一點，這在某種程度上是該業務在那裡運行的自然趨勢。因此，我們在那裡取得了一些進展，但我們已經稍微緩和了這種進展，然後在其他兩個部分總體上保持穩定。

Okay. That makes sense, and that's quite helpful. And then just a follow-up for me on -- within FMT specifically, I think you called out positive orders growth in the quarter, but there's also still a red line next to ag on the slide. So I guess, can you just clarify or talk about what you're seeing and expecting within that specific market vertical?

好的。這很有道理，而且很有幫助。然後只是我的後續問題 - 特別是在 FMT 內部，我認為您提到了本季度的正訂單增長，但幻燈片上 ag 旁邊仍然有一條紅線。所以我想，您能否澄清或談談您在特定垂直市場中看到的情況和期望？

Sure. Just reminding everybody that for us, we've got two businesses there, the largest of which, while it has an OEM component, it's the smaller piece of the business. A lot of it just depends on it's components that farmers retrofit as they go and as they're planning and harvesting. So it's a little less tied to the dynamics of heavy CapEx and OEMs. But it's all related, certainly.

當然。只是提醒大家，對我們來說，我們在那裡有兩項業務，其中最大的一項，雖然它有一個 OEM 組件，但它是業務中較小的一塊。這在很大程度上取決於農民在種植過程中以及在計劃和收穫過程中對組件的改造。因此，它與高額資本支出和 OEM 的動態關係較不密切。但毫無疑問，這一切都是相關的。

I would say, look, it's still a rough cycle for ag. However, it's kind of played out better than we originally had hoped. And I think a lot of that is coming from a bit more confidence, growing season has been pretty good. And our team there has done a really good job on the commercial side of things in terms of channel management and things that they're doing, expansion in Europe. So put it down is still a business that's in the lower part of the cycle but performing above kind of the lower expectations that we had coming into the year.

我想說，看，對於農業來說這仍然是一個艱難的週期。然而，結果比我們最初希望的還要好。我認為這在很大程度上源於更多的信心，生長季節一直相當不錯。我們的團隊在商業方面做得非常出色，包括通路管理和在歐洲的擴張。因此，我們認為這仍然是一個處於週期低端的業務，但其表現超出了我們今年的較低預期。

Understood. That's helpful. I'll get back into queue.

明白了。這很有幫助。我會回到隊列。

Thanks.

謝謝。

Mike Halloran, Baird.

麥克·哈洛倫，貝爾德。

Good morning everyone. Not to belabor here. I just want to -- Eric, to make sure I understand the moving pieces. So it's not so much that there's been a deterioration. It's just that the pace of growth that you're assuming as you move to the back half of the year is slower than you originally would have thought. On top of some of those project pushouts where I don't think that your optimism over a medium term has really changed. It's just the timing or the duration of when those actually hit has shifted. Is that a fair characterization?

大家早安。這裡就不再贅述了。我只是想──艾瑞克，確保我理解其中的動向。因此，情況並沒有惡化。只是，當你進入下半年時，你所假設的成長速度比你最初想像的要慢。除了一些專案延遲之外，我認為你對中期前景的樂觀態度並沒有真正改變。只是實際受到打擊的時間或持續時間發生了變化。這是一個公正的描述嗎？

Yes. No, that's dead on. And partially here, this is again, we're really close to customers. I mean we, of course, have a bunch of businesses that are rapidly turning components. So any inflection, we tend to feel a lot more sensitively and quicker than others.

是的。不，完全正確。從某種程度上來說，我們再次真正貼近客戶。我的意思是，我們當然有很多企業正在快速轉變零件。因此，對於任何語調，我們往往比其他人感覺更敏感、更迅速。

And so we just went through a quarter where there was tremendous up and downs and some periods of frozen decision-making and then release points. It played out in kind of an unusual way then resolved itself largely in the month of July. So from an ongoing confidence standpoint, I actually feel better given that I think everybody can kind of see the patterns that are working here appears to be reasonable, we can kind of draw a straighter line than we could coming into the quarter. We hear that from customers, distributors, end users all over the place.

因此，我們剛剛經歷了一個季度，期間經歷了巨大的起伏，也經歷了一些決策凍結期和發佈點。它以一種不尋常的方式展開，然後在七月基本上得到解決。因此，從持續的信心角度來看，我實際上感覺更好，因為我認為每個人都可以看到這裡的運作模式似乎是合理的，我們可以畫出一條比進入本季度更直的線。我們從各地的客戶、分銷商和最終用戶那裡聽說了這一點。

But for where we are, I mean, we're often coming into a quarter with x amount of the backlog secured and then we're hunting for the rest, that decision-making had an impact in the second quarter for us. And most specifically, again, I'd just point to, we really have some strong funnels up in those recently acquired businesses and those acceleration rates we just -- we're dealing with a pause there and a time out, again, with some resolution in the same exact capacity in July.

但就我們目前的情況而言，我的意思是，我們經常在某個季度完成 x 數量的積壓訂單，然後我們再去尋找剩餘的訂單，這種決策會在第二季度對我們產生影響。更具體地說，我再次指出，我們在最近收購的那些業務中確實有一些強大的管道，而且我們只是在處理那些加速率——我們正在處理那裡的暫停和暫停，同樣，在 7 月份以同樣的容量解決了一些問題。

So confidence level pretty good, but it was a period of oscillation and kind of strange patterns for us to just -- we're going to experience maybe more than some other businesses.

因此信心水平相當不錯，但對我們來說這是一個波動和奇怪模式的時期——我們可能會比其他一些企業經歷更多。

That makes sense. And then just on the capital deployment side, maybe just some thoughts on the funnel of opportunity. I know the tenor or the tone has been a little bit more measured about the pace of M&A. Is that a reflection of where the balance sheet is, a reflection of the opportunity set as you sit in the market today and just maybe a little bit broader thoughts on the opportunities holistically?

這很有道理。然後僅在資本部署方面，也許只是對機會管道的一些想法。我知道，對於併購步伐的基調或語氣已經變得更加謹慎。這是否反映了資產負債表的狀況，反映了您今天在市場上所面臨的機遇，或者只是對整體機會有更廣泛的思考？

Yeah. Well, I mean, obviously, we talked about bolt-ons, tuck-ins and then, of course, we announced one. I think it's largely the output from what the funnel looks like. Because if you think about it, if you step back here, I mean, as we dove in and talked about the Material Science Solutions platform, we took essentially an optics platform that we built over the time horizon that I talked about in my remarks, 14 years. And then we built the second half largely pretty aggressively here over the last couple of years with the acquisition of the businesses that form that unit.

是的。嗯，我的意思是，顯然，我們討論了附加功能、插入功能，然後，當然，我們宣布了一個。我認為這很大程度上取決於漏斗的輸出。因為如果你仔細想想，如果你退一步來看，我的意思是，當我們深入討論材料科學解決方案平台時，我們基本上採用了一個光學平台，這個平台是我們在我的發言中提到的 14 年的時間範圍內構建的。過去幾年裡，我們透過收購組成該部門的業務，積極建立了下半部分業務。

Now that it exists, essentially the next move and the piece we've been getting ready for are those tuck-ins and technology fillers that really then bolt on to a really great framework. And so it was always kind of the plan is to get it to this level, complete it with the technologies that we have and then put complementary businesses like Micro-LAM right next to it. Mott is a little different, it was an unusually scaled business. It presented technologies that we've not had in the portfolio. So one of the things we see there is just why applicable to almost everything we have in HST.

現在它已經存在，本質上下一步以及我們一直在準備的部分是那些可以真正融入一個真正偉大的框架的插件和技術填充物。因此，我們的計劃始終是將其提升到這個水平，利用我們現有的技術來完成它，然後將 Micro-LAM 等互補業務放在其旁邊。莫特有點不同，它是一家規模非同尋常的企業。它展示了我們產品組合中尚未涉及的技術。因此，我們看到的一件事就是為什麼它適用於 HST 中的幾乎所有內容。

So we're actually not forcing that one at the moment. We're getting a read on where it kind of fits the best, where it complements things the most. And we're using it as sort of as I said in the comments, something in the toolbox for everybody to exploit. But I think the nature of capital deployment is really reflective of just whether it's fire and rescue, water, IH&S and now MSS, these incredible platforms that have multiple touch points that we're attempting to take advantage of.

因此，我們目前實際上並沒有強制這樣做。我們正在了解它最適合什麼地方，以及它最能補充什麼地方。正如我在評論中所說的那樣，我們正在使用它，它是工具箱中供每個人利用的東西。但我認為資本部署的性質實際上反映了它是否是消防和救援、水務、IH&S 以及現在的 MSS，這些令人難以置信的平台具有多個接觸點，我們正試圖利用它們。

Thanks Eric.

謝謝埃里克。

Thanks, Mike.

謝謝，麥克。

Dean Dray, RBC Capital Markets.

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

Thank you. Good morning, everyone. Hey, I appreciate all the color you're providing here because it is kind of an unusual choppy, mixed kind of signals and you guys are really good historically at being able to identify them and versus expectations.

謝謝。大家早安。嘿，我很感謝你們在這裡提供的所有信息，因為這是一種不尋常的、不穩定的、混合的信號，從歷史上看，你們確實很擅長識別它們並與預期相符。

So in the spirit of that, can you give us any calibration on the day rates? Just you said May was as expected, June decline, July, was it up or stabilize, any kind of sizing of that, just because it's really important this quarter to get a sense of like the amplitude, how far was June down? And how much has July come back and what the implications are?

那麼本著這種精神，您能否為我們提供日費率的校準？正如您所說，5 月份的數據符合預期，6 月份則出現下降，7 月份是上漲還是趨於穩定，有任何具體的衡量標準嗎？因為本季了解幅度非常重要，6 月的下降幅度是多少？7 月的回升幅度是多少？有何影響？

Yeah. I appreciate it, Deane. I mean, look, it played out with each month kind of had its own little story over the last four. I think in April, we talked about it. We probably like a lot of business experienced some pull ahead pre-tariffs after the initial announcement. In May, as expected, we saw some of that come back, and we're probably at about the position we thought we'd be at the end of May -- always knew -- June was going to be a pretty key month, particularly with some big announcements sitting right in the beginning of July, concurrent with a holiday.

是的。我很感激，迪恩。我的意思是，你看，過去四個月裡，每個月都有自己的小故事。我想我們在四月討論過這個問題。我們可能和許多企業一樣，在最初的公告發布後經歷了一些提前徵收的預關稅。五月份，正如預期的那樣，我們看到了一些回升，我們可能處於我們認為在五月底的位置——一直都知道——六月將是一個非常關鍵的月份，特別是七月初會有一些重大公告，與假期同時發生。

And so the backlog reductions that you see overall for IDEX, all of it came out of the month of June, really over kind of the last three weeks, I'd say, right into that US holiday that we had at the beginning of July. Then we got the news. The news said, Hey, things are delayed. You start to get more clarity on like how this is ultimately probably going to play out. And then all through July, you saw a steady build back. And I'd say as we close July, in that four-month period, we ended about exactly where we thought we would. It's just the patterns themselves. We're pretty dynamic, pretty different.

因此，您看到的 IDEX 整體積壓訂單減少全部來自 6 月份，實際上是過去三週，我想說，正好趕上 7 月初的美國假期。然後我們得到了消息。新聞說，哎，事情耽擱了。您開始更清楚地了解這件事最終可能會如何發展。整個七月，你會看到穩定回升。我想說，隨著七月的結束，在這四個月的時間裡，我們最終的結果與我們預想的完全一致。這只是模式本身。我們非常有活力，非常與眾不同。

And certainly, as we said, at least from a larger decision-making perspective, I think frozen people as they were really putting their concentration towards ups, downs and things that they could do to try to mitigate potential tariff hits or things like that. That's ultimately what was playing out.

當然，正如我們所說的，至少從更大的決策角度來看，我認為凍結人們的注意力實際上集中在起伏和他們可以做的事情上，以試圖減輕潛在的關稅打擊或類似的事情。這就是最終發生的事情。

Good. That's helpful. And look, we've all seen periods in the macro where customer decision-making slows down, you need extra signatures is just longer to get to, yes. But it really does sound like for your guidance cut, it's concentrated in Mott. So how much of the guidance cut is attributed specifically to Mott?

好的。這很有幫助。看看吧，我們都看到了宏觀層面上客戶決策放緩的時期，你需要額外的簽名只是需要更長的時間才能獲得，是的。但這聽起來確實像是您的指導削減集中在莫特。那麼，這次指導性削減中有多少是具體歸因於莫特的呢？

Well, I'd say two places really -- and you got to think of this from a revenue and then the profitability flow through along it. It's really from the MSS group, which I talked about right next to Mott. I think the issue there is not so much on the revenue line. It's the continued mix issue that we have with a great piece of semi lithography business that's kind of flattened out for us, and we had long hope that, that was going to start to move again.

嗯，我實際上要說的是兩個地方——你必須從收入和隨之而來的盈利能力來考慮這個問題。它確實來自 MSS 小組，我在 Mott 旁邊談到了它。我認為問題不在於收入方面。我們的半光刻業務一直存在混合問題，目前業務已經趨於平穩，我們一直希望業務能夠再次開始起步。

But revenue largely solid and, in fact, growing around it, just not at the same kind of mix quality. And then from Mott's standpoint, as I said before, that really historically has been a nonlinear business that kind of starts low and build throughout the quarter. That was the plan of attack for it in 2025. Large funnel, I mean they've got a funnel that's frankly overbuilt for what they ultimately still need in the back half of the year. But that decision -- kind of the frozen decision-making loop in the second quarter really delays just kind of the physics and fundamentals of what can possibly be produced as we exit the year.

但收入總體上是穩定的，事實上還在成長，只是混合品質不同。然後從莫特的角度來看，正如我之前所說，從歷史上看，這確實是一種非線性業務，從低處開始，然後在整個季度內逐漸發展。這是 2025 年的進攻計畫。大型漏斗，我的意思是，他們有一個漏斗，坦白說，這個漏斗已經超出了他們下半年最終需要的範圍。但這種決定——第二季的決策循環凍結，實際上推遲了我們在今年年底時可能產生的物理和基本面。

And so you're seeing that because that's where a lot of the margin appreciation is happening simultaneous to the volume stacking on. So I'd say those two pieces relative to what our previous call where is the significant piece of the delta. The only trailing component would be, again, I think generally had those small order patterns not played out the way I described. We might have had a little bit more cross IDEX momentum into Q3, we kind of had to build through July to kind of get back to the zero point. But I'd put that as a trailing third and certainly not a chapter we're worried about going forward.

你之所以會看到這種情況，是因為利潤率的大幅上升與交易量的增加是同時發生的。所以我想說，相對於我們之前的調用，這兩個部分是增量的重要部分。我認為，唯一的滯後因素是，這些小訂單模式通常不會按照我所描述的方式發揮作用。我們可能在第三季度獲得了更多跨 IDEX 的勢頭，我們必須在 7 月累積力量才能回到零點。但我會把它放在第三章之後，而且肯定不是我們擔心的章節。

Okay. That's really helpful. And just last question for me is the past couple of years, most of the consternation was around life sciences and the kind of destocking extended demand falloff that we went through, and that doesn't seem to be the case here. Can you just refresh us where has the Life Sciences gone during this period when, I guess, most of the focus here has been on semi, but just an update there? Are you seeing any blanket order changes as well?

好的。這真的很有幫助。對我來說最後一個問題是，過去幾年，大部分的擔憂都圍繞著生命科學以及我們經歷的去庫存化長期需求下降，但這裡的情況似乎並非如此。您能否向我們簡單介紹一下生命科學在這段期間的發展？我想，目前大部分焦點都集中在半導體上，但只是更新一下？您是否也看到任何總體訂單變化？

Really, I'd say the life science story is playing out exactly like we thought it would be. It's a slow recovery off the bottom. It's growing low single digits. There are some areas that are weaker, but they're generally offset by things that are stronger. So for talk around NIH funding and academia, that's definitely under a bit of pressure, but it's a smaller piece of our business. Those applications that are targeted to pharma, drug discovery are strong and generally offsetting them. And then that core kind of moderate recovery heading to something better in the future is playing out exactly as we thought it would be.

確實，我想說生命科學的故事正在按照我們想像的那樣發展。這是一個緩慢的底部復甦過程。它正以低個位數成長。有些領域比較弱，但通常會被較強的領域抵銷。因此，對於 NIH 資金和學術界來說，這肯定會面臨一些壓力，但這只是我們業務中較小的一部分。那些針對製藥、藥物發現的應用非常強大並且通常會抵消它們的影響。然後，這種朝著未來更好的方向發展的核心溫和復甦正如我們所想的那樣。

That's great to hear. Thank you.

聽到這個消息真是太好了。謝謝。

Thanks, Deane.

謝謝，迪恩。

Brian Blair, Oppenheimer & Company.

布萊恩布萊爾，奧本海默公司。

Thank you. Good morning. You mentioned that water was down in the quarter. It was a little bit of a surprise. I guess if I heard correctly, that was attributed to timing, probably you can offer a little more detail on water performance in Q2? And then more importantly, what your team is seeing on an underlying basis, where there's opportunity versus perhaps a risk in terms of platform demand and what level of growth you expect in the back half?

謝謝。早安.您提到本季水量下降。這有點令人驚訝。我想如果我沒聽錯的話，這是由於時間原因，也許您可以提供有關第二季度水性能的更多細節？然後更重要的是，您的團隊從根本上看到了什麼，在平台需求方面，哪裡有機會，哪裡可能存在風險，以及您預計下半年的成長水準是多少？

Yeah. I'm glad you asked it. Actually, what I isolated there is that water which has some larger order components in it, more than some of the rest of IDEX. I mean had some of the same kind of frozen timing dynamics in Q2 that we talked about elsewhere. A lot of that released in July, and really does nothing to impact what we've generally seen, which has been a favorable runout of that business. And we've actually got good numbers for it going forward. So really no pause in water. It's just I was able to reference that, that same dynamic played there and released nicely for us in July.

是的。我很高興你問了這個問題。實際上，我分離出來的是水，其中含有一些大分子組分，比 IDEX 中的其他組分還要多。我的意思是，我們在其他地方討論過 Q2 中的一些相同的凍結時間動態。其中許多是在 7 月發布的，但實際上並沒有對我們普遍看到的情況產生任何影響，這對該業務來說是一個有利的結果。事實上，我們已經獲得了很好的未來發展數據。所以水中確實沒有停頓。我只是能夠參考這一點，同樣的動態在那裡發揮作用，並在 7 月為我們順利發布。

Okay. Understood. And circling back to Micro-LAM, that's an interesting tuck-in. The technology admittedly not familiar with. Can you offer a little more color on the strategic fit and synergy with the MSS platform? And then as we think about your tuck-in strategy going forward, how does Micro-LAM compare to the average prospect in your funnel, just deal size, revenue generation, et cetera?

好的。明白了。回到 Micro-LAM，這是一個有趣的話題。這項技術確實不熟悉。您能否詳細介紹一下與 MSS 平台的策略契合度和協同作用？然後，當我們考慮您未來的收購策略時，Micro-LAM 與您通路中的平均潛在客戶相比如何，包括交易規模、收入產生等？

It's Akhil here. I'll take this one. And then Eric, please be add any color. So when you think about Micro-LAM, it sort of plays in the same workflows that our optical business do. When you think about what we do in optics today, right, a lot of that is on the coating side of the business, but Micro-LAM is essentially a provider of precision optics.

我是阿希爾。我要這個。然後 Eric，請添加任意顏色。因此，當您考慮 Micro-LAM 時，它在某種程度上與我們的光學業務的工作流程相同。當您思考我們今天在光學領域所做的事情時，您會發現，其中許多都是在業務的塗層方面，但 Micro-LAM 本質上是精密光學元件的提供者。

So they actually manufacture the optic, which can then get coated. So there's a really nice complementarity here and a strategic fit between our Optical Technologies business and Micro-LAM. And so this is, as you know, Micro-LAM, it's sort of -- it will sit within our MSS platform. And when you think about some of the other capabilities we have in there, the touch points are really interesting and unique, and I think we can drive a lot of value there.

因此他們實際上製造了光學元件，然後可以對其進行塗層。因此，我們的光學技術業務和 Micro-LAM 之間存在著很好的互補性和策略契合性。如您所知，這就是 Micro-LAM，它將位於我們的 MSS 平台內。當你考慮到我們在其中擁有的一些其他功能時，你會發現這些接觸點確實很有趣而且很獨特，我認為我們可以在那裡創造很多價值。

As we mentioned, when we think about Micro-LAM, right and how does it compare to will tuck-ins look similar going forward. We've got a pretty, I think, broad funnel across our platforms here that we're cultivating pretty actively. And we've got a great foundation in place with the platforms that we have built. And so we expect to strategically find opportunities that help fill a capability gap, help us scale or take us open up some new customer doors. So it will continue to look like that. They have to have.

正如我們所提到的，當我們考慮 Micro-LAM 時，它與未來的 Tuck-ins 相比有何相似之處？我認為，我們在這些平台上已經建立了一個相當廣泛的管道，我們正在非常積極地培養它。我們已經建立了良好的平台基礎。因此，我們希望從策略上尋找機會，幫助填補能力差距，幫助我們擴大規模，或幫助我們打開一些新客戶大門。所以它將繼續保持這種狀態。他們必須擁有。

I think one of the filters that we're going to be applying here is that they have to have an existing or a touch point with an existing IDEX business. So what you're going to see us is focus acquisitions, tuck-in acquisitions around businesses that we know that we can bolt-on and tuck into a platform for sure. And again, we'll be targeting strong returns there. And as you see with Micro-LAM, right, we're going to be accretive in the first full year of our ownership.

我認為我們要在這裡應用的過濾器之一是，他們必須與現有的 IDEX 業務有現有聯繫或接觸點。因此，您將看到我們進行重點收購，圍繞我們知道可以附加並融入平台的業務進行整合收購。再次強調，我們的目標是獲得豐厚的回報。正如您所看到的，對於 Micro-LAM，我們將在擁有它的第一年就實現增值。

Just a couple of other comments here that while the technology is really, really complementary. I would oversimplify and say they're really good at making the optics. We're really good at policing, coding and assembling them. That's kind of the high level where this fits.

這裡還有幾點其他評論，儘管這項技術確實具有互補性。我想簡單說一下，他們確實擅長製造光學元件。我們非常擅長監管、編碼和組裝它們。這就是適合的高水準。

They also have outstanding customer touch points that are really complementary in the space and defense sphere based on the technologies they have. So we've been actually working with these guys for a while. Now our teams know them really well. Everybody in optics knows each other. And so we're going to hit the ground running here.

他們還擁有出色的客戶接觸點，這些接觸點基於他們所擁有的技術，在太空和防禦領域具有真正的互補性。所以我們其實已經和這些人合作了一段時間了。現在我們的團隊非常了解他們。光學領域的每個人都互相認識。因此，我們要立即開始行動。

I appreciate all the color. Thanks again.

我欣賞所有的色彩。再次感謝。

Joe Giordano, TD Cowen.

喬·喬達諾（Joe Giordano），TD Cowen。

Hey guys, good morning. So like last quarter, I thought the messaging was more like we are confident in the margin path because of actions that we've already taken that we know we're going to read out and that the back half acceleration was like really not dependent any longer on these larger semi orders coming in. Like what changed like the commentary you're saying today about Muon, it seems consistent with what you said last quarter, but like the outcome of it feels different now. So maybe if you can give us a little color on how that messaging is changing.

大家好，早安。因此，就像上個季度一樣，我認為傳遞的訊息更像是我們對利潤路徑充滿信心，因為我們已經採取了行動，我們知道我們會讀出來，而且後半部分的加速實際上不再依賴於這些更大的半訂單的到來。就像您今天對 Muon 的評論有什麼變化一樣，它似乎與您上個季度所說的一致，但現在結果感覺不同了。所以，您能否向我們稍微介紹一下這種訊息傳遞方式是如何改變的。

Yes. I think once again, kind of in the same way when Nathan had this in a question, the only piece of semi here that really is playing out is a decent chunk of really high-margin business that's kind of up in the Muon business. And that has been a piece we've been talking about. We talked about originally, there was an inventory correction. There was a lot of customer feedback point in acceleration after that point.

是的。我再次想到，就像 Nathan 在提問中提到的那樣，這裡唯一真正發揮作用的半導體業務是 Muon 業務中相當一部分真正高利潤的業務。這就是我們一直在談論的一個話題。我們最初談到，有一個庫存調整。此後，有許多客戶回饋加速了這一進程。

Kind of saying at this point, okay, they based on our interactions with them, we don't see that coming here. We're not going to get the lift from that component of it.

就這一點來說，好吧，根據我們與他們的互動，我們預計這種情況不會發生。我們不會從其組件中獲得提升。

The rest of semi elsewhere is really not an issue that plays a lot in things that are different. So I think it's that piece of it, and it's the acceleration of Mott. Really, we were -- again, we've kind of always had a path that was going to run pretty aggressively for them and having a time out on some of the order flow there. We've kind of got a physics problem at the end of the year. It's still going to be a really, really strong Q4 for them, very similar to what they had last year.

其他地方的其餘部分實際上並不是在不同的事情中發揮很大作用的問題。所以我認為這是其中的一部分，也是莫特的加速度。真的，我們——再說一次，我們總是有一條為他們積極推進的路徑，並且在那裡的一些訂單流上設置了暫停時間。我們在年底遇到了一道物理問題。對他們來說，這仍然將是一個非常非常強勁的第四季度，與去年的情況非常相似。

The funnel is still really strong. It's overbuilt, frankly, for what we need. So -- and we see good business growth past that point. But taking some time out here from frozen decision-making for that business, in particular, does impact us.

漏斗仍然非常強大。坦白說，它超出了我們的需要。所以——我們看到了那個點之後業務的良好成長。但是，從凍結的決策中抽出一些時間確實對我們產生了影響。

And then a follow-up here, the tie-ins to some of these new acquisitions to like our existing businesses, like it makes sense, I get it. Are we -- like -- has there been a pivot more -- does that kind of pivot to bolting on within kind of the context of IDEX. Does it get us into a situation where like there could be more of a cascading effect of like a market issue across the franchise than you've had previously at IDEX, where I felt like there can always kind of be a problem somewhere, but these businesses are largely independent enough that there's enough other things that would probably offset. It feels like one kind of problem somewhere has like more of an impact across more businesses now because of how they're kind of being tied in. Is that accurate?

然後是後續問題，這些新收購與我們現有業務的結合是有意義的，我明白。我們是否 — — 是否 — — 有一個更大的支點 — — 是否有一種支點在 IDEX 的背景下進行鞏固。這是否會讓我們陷入這樣一種境地：整個特許經營過程中的市場問題可能會產生比以前在 IDEX 遇到的更嚴重的連鎖反應，我感覺在 IDEX 中總會存在某個地方出現問題，但這些業務基本上足夠獨立，有足夠多的其他因素可能會抵消這些問題。感覺某個地方的某種問題現在對更多企業產生了更大的影響，因為它們之間存在某種聯繫。這樣準確嗎？

I don't think so. I mean I think I get the spirit of the question. But if we really step back and let's take Mott as an example, and I gave several examples in the comments where Mott's technology is linking with current IDEX solutions, they actually cover a pretty wide range of end markets, everything from data center switching to something over on the life science side. And so that in itself to me says very IDEX like, you can take a core capability. You can actually tune it in several different areas.

我不這麼認為。我的意思是我認為我明白了這個問題的精髓。但如果我們真的退一步，以 Mott 為例，我在評論中給出了幾個例子，其中 Mott 的技術與當前的 IDEX 解決方案相聯繫，它們實際上涵蓋了相當廣泛的終端市場，從數據中心切換到生命科學方面的一切。所以對我來說這本身就很像 IDEX，你可以得到核心能力。您實際上可以在幾個不同的區域對其進行調整。

Now to the extent a lot of the work is being done here most recently in HST, it does tend to be bracketed in faster-growing emerging markets that is not going to have necessarily the range and the fragmentation of a lot of our industrial kind of core FMT assets. So there's a different look and feel here. But we're not kind of chasing one singularity over and over and over here. These are very appropriate technologies. They just happened to be a lot of them more recently here in the HST side of the house, which is a little narrower than certainly almost everything is narrower than what we have over in very, very mature industrial businesses.

現在，就最近在 HST 中進行的大量工作而言，它往往集中在成長較快的新興市場中，而這些市場不一定具有我們許多工業類核心 FMT 資產的範圍和分散性。所以這裡的外觀和感覺有所不同。但我們不是在這裡一遍又一遍地追逐一個奇點。這些都是非常合適的技術。只是最近它們在 HST 這邊出現得比較多，這邊比我們在非常成熟的工業企業中看到的要窄一些，當然幾乎所有東西都比這邊的要窄。

And maybe if I can just add, when you think about Micro-LAM, right, essentially the applicability of that technology is very broad-based, right? Eric highlighted some of the fast-growing markets that they're levered to. But when you think about sort of the markets they can serve, it's actually pretty broad-based from a capability standpoint.

也許我可以補充一下，當您考慮 Micro-LAM 時，本質上該技術的適用性非常廣泛，對嗎？艾瑞克重點介紹了他們所利用的一些快速成長的市場。但當你考慮他們可以服務的市場時，從能力的角度來看，它實際上是相當廣泛的。

Thanks.

謝謝。

Thank you.

謝謝。

Jeff Sprague, Vertical Research Partners.

傑夫·斯普拉格（Jeff Sprague），Vertical Research Partners。

Hey, thanks. Good morning everyone. I wonder if we could just get to kind of the internal cost and productivity actions. The comment was made in the pitch that they're on track, but some vulnerability to volume weakness, which I get makes sense, obviously. But can you just level set us on what you've accomplished year-to-date, what remains to be done in the back half of the year? And if there's any other interpretation, we need to add to your comment about maybe volume risk to those aspirations?

嘿，謝謝。大家早安。我想知道我們是否可以採取某種內部成本和生產力行動。在宣傳中他們表示，他們的工作進展順利，但仍然受到成交量疲軟的影響，顯然我認為這是有道理的。但是您能否向我們簡單介紹一下今年迄今為止所取得的成就以及下半年還有哪些工作要做？如果還有其他解釋，我們需要補充您的評論，關於這些願望可能存在的數量風險？

Jeff, it's Akhil. I'll take that one. So if you recall, we had three buckets of cost actions. The first was the platform optimization and delayering initiatives. And that was the $42 million that we had talked about. So that's in place. We're actually at run rate. And so year-to-date, we've -- or I would say in the second quarter, we achieved $11 million of that. And year-to-date, it's about $20 million.

傑夫，我是阿希爾。我要那個。如果你還記得的話，我們有三類成本行動。一是平台優化、去層層推進。這就是我們談論的 4200 萬美元。一切就緒。我們實際上已經達到了運行速度。因此，今年迄今為止，或者說在第二季度，我們實現了 1100 萬美元的銷售額。今年迄今為止，這一數字約為 2000 萬美元。

And then when you think about the second bucket, right, that was the $20 million of cost containment. Again, we expect that to hit run rate in this quarter, and that's about $4 million. And then when you look at the total rate between those two buckets, we're at about $23 million, and we'll recognize the balance of those savings in the back half of the year.

然後，當您考慮第二個桶時，對的，那就是 2000 萬美元的成本控制。再次，我們預計本季的運行率將達到約 400 萬美元。然後，當您查看這兩個桶之間的總費率時，我們大約為 2300 萬美元，並且我們將在今年下半年確認這些節省的餘額。

And really, the third bucket is our baseline productivity. We're still pursuing that, but some of that is a function of volume, which we will -- we expect to, again, ramp in the third and fourth quarter.

實際上，第三個桶子是我們的基準生產力。我們仍在追求這一目標，但其中一些取決於產量，我們預計產量將在第三季和第四季再次增加。

Got it. And then also on the so-called OB3 or Big Beautiful Bill, whatever we want to call it here, are you expecting some cash flow benefits from the change in R&D deductibility or any other impact on your financial results 2025?

知道了。還有所謂的 OB3 或 Big Beautiful Bill（無論我們想在這裡怎麼稱呼它），您是否預計研發扣除額的變化會帶來一些現金流收益，或者對您 2025 年的財務業績產生任何其他影響？

Yeah. And it's not only been the OBB, but you've also got some state tax laws and foreign tax laws that have actually changed this year. That's why when you look at the third quarter, right, you see our tax rate bumping up just marginally. That reflects really a true-up of the tax changes and rules that are going into effect for the year. And then, therefore, when you think about our tax rate overall for the year, you see it coming down, which would imply a lower fourth quarter. But the OBB does help us from a cash standpoint and cash taxes. And it is supportive of incremental cash there.

是的。不只 OBB，今年一些州稅法和外國稅法也發生了變化。這就是為什麼當你看第三季時，你會看到我們的稅率略有上升。這確實反映了今年即將生效的稅收變化和規則的真實情況。因此，當您考慮我們全年的整體稅率時，您會發現稅率正在下降，這意味著第四季度的稅率將會下降。但從現金和現金稅的角度來看，OBB 確實幫助了我們。並且它支持那裡的增量現金。

Great. And then maybe just one little loose end also just on price. It sounds like it was mostly positive across the corporation. Can you just aggregate that for us? What was your price capture in Q2?

偉大的。然後也許還有一個小問題，就是價格。聽起來整個公司的情況大多是正面的。您能為我們匯總一下嗎？您在第二季的價格捕獲是多少？

Yes. So when I think about price capture, right, for the second quarter, we were just shy of 3%, right? And let me just take you back, right? When we thought about price, we implemented that in the first quarter, and that's about 1% and we came into the second quarter, tariffs got announced. So we had to -- we were responding to tariff environment, and that had us not only with traditional but the tariff piece added on top of it that put us right under the 3% mark for the quarter.

是的。因此，當我考慮價格捕獲時，對於第二季度，我們僅略低於 3%，對嗎？讓我送你回去，好嗎？當我們考慮價格時，我們在第一季就實施了這項措施，漲幅約為 1%，而進入第二季度，關稅就公佈了。所以我們必須——我們對關稅環境做出反應，這不僅讓我們採取了傳統的措施，而且還增加了關稅，使我們本季度的關稅率剛好低於 3% 的水平。

And I guess you'd expect something similar for the year, maybe a little bit of dial back those the tariffs faded, right?

我想你會期待今年的情況類似，也許關稅會稍微回落，對嗎？

That's right. We're actually expecting a slight acceleration because if you think about when we put our tariff pricing in effect, right, it went into effect into Q2, so we didn't realize the full benefit in the quarter, and you'll do that going forward. Now this obviously assumes the current rules that are in place as August 1 comes to bear and then there's other deadlines or tariffs move around, we'll continue to respond accordingly.

這是正確的。我們實際上預計會略有加速，因為如果你想想我們何時實施關稅定價，對吧，它在第二季度生效，所以我們沒有在本季度實現全部收益，而你將在未來做到這一點。現在，這顯然假設了現行規則在 8 月 1 日生效，然後還有其他截止日期或關稅變動，我們將繼續做出相應反應。

Great, thanks for the feedback.

太好了，謝謝你的回饋。

Rob Wertheimer, Melius Research.

Rob Wertheimer，Melius Research。

Thank you and thank you for all the color around customers. It's been helpful. Just a quick follow-up on that. I mean to the extent that you know when you talk to them, is the uncertainty largely tariff related. There's obviously a few other areas of uncertainty in the world.

謝謝你們，也謝謝你們為顧客帶來的一切色彩。這很有幫助。對此僅做快速跟進。我的意思是，當你與他們交談時，你所了解的不確定性是否主要與關稅有關。顯然，世界上還有其他一些不確定的領域。

But as we get stability on tariffs, I mean, maybe that's what unlocks a while, is there more of that? And then just to tack on my second one. Is there -- your M&A activity has been great. Is there any related M&A freeze in the market for you or other potential buyers or sellers from the uncertainty we're seeing? Thank you.

但隨著關稅趨於穩定，我的意思是，也許這會在一段時間內帶來更多變化，還會有更多變化嗎？然後只需添加我的第二個即可。您的併購活動進展順利嗎？由於我們看到的不確定性，市場上是否有與您或其他潛在買家或賣家相關的併購交易凍結的情況？謝謝。

Yeah. I would say probably 90% of all conversations are related to trade policy, and the things that we're covering here as we talk through Q2. And it really comes down to, I think, 2 things. Anybody who's working on a larger order with us, it's generally -- remember, we're a component level to something much bigger than we are. And so it becomes a stack-up issue. And I think singularly becomes how much is it going to cost? And I need to know that. Is it likely going to change again?

是的。我想說，大概 90% 的對話都與貿易政策有關，以及我們在第二季討論的內容。我認為，這實際上可以歸結為兩件事。任何與我們合作完成較大訂單的人，一般來說——請記住，我們是一個比我們自身大得多的組件層級。因此，這成為一個堆積問題。我認為最關鍵的問題是它要花多少錢？我需要知道這一點。它有可能再次改變嗎？

Your point, there are other factors out there, but they really don't enter the conversation much or they certainly didn't in the second quarter. It was kind of where is this going to go? Where is it going to settle out? Is it going to happen 10 days from now, 20 days from now 30, how can I sort of move my things around, again, with somebody on our side that's generally pretty rapid fulfillment. So there's not a lot of buffer in between us and that conversation, and that's largely what played out.

您的觀點是，還有其他因素，但它們實際上並沒有進入討論的重點，或者說在第二季度肯定沒有進入討論的重點。這到底會怎麼樣呢？它要去哪裡定居呢？它會在 10 天後發生嗎？ 20 天後發生嗎？ 30 天後發生嗎？我怎麼能再次移動我的東西，在我們這邊有人的情況下，這通常可以很快完成。因此，我們和那次談話之間沒有太多的緩衝，而這基本上就是結果。

So I do think certainty in that particular area is a really good thing for us and others. And when I say certainly doesn't -- that's a relative term around a reasonable band kind of in a way to anticipate and call as we experience both sides of those conversations, potential things that could happen and what ultimately plays out. So I think it's really, really positive.

因此我確實認為該特定領域的確定性對我們和其他人來說都是一件好事。當我說肯定不會時——這是一個相對的術語，圍繞著一個合理的範圍，在某種程度上是為了預測和調用，因為我們經歷了這些對話的雙方，潛在的事情可能會發生，最終會有什麼結果。所以我認為這真的非常積極。

Yes. And on the M&A front, look, I would say that early on in the quarter, when all of these tariff announcements were end of play, there was really a freeze in the market, and we saw a number of sales processes that were due to come to market, get halted. And now I would say that's all thought out and activity is starting to pick up, and that's just really a general, I think, via the market at the moment.

是的。在併購方面，我想說，在本季度初，當所有這些關稅公告都結束時，市場確實出現了凍結，我們看到許多即將進入市場的銷售流程都被停止了。現在我想說，這一切都是經過深思熟慮的，活動也開始活躍起來，我認為這只是目前透過市場呈現的普遍現象。

Matt Somerville, DA Davidson.

馬特·薩默維爾、DA 戴維森。

I just, again, want a little more clarity here. That $20 million in cost containment was a hedge against what exactly, if it wasn't a hedge against some of the things you're describing on the call as driving down your EPS guidance for the year? And then I have a quick follow-up.

我只是想再次澄清一下。那 2000 萬美元的成本控制究竟是對沖了什麼？如果它不是對您在電話會議上所描述的導致今年每股收益預期下降的一些因素的對沖，那又如何呢？然後我有一個快速的跟進。

Yes. Matt, this is Akhil. So this was a hedge against a downturn in volumes. Now it would only captured a certain sort of a down trend in volume. And what we're calling here is slightly more than that.

是的。馬特，這是阿希爾。因此，這是對交易量下滑的一種對沖。現在它只能捕捉到某種數量的下降趨勢。而我們這裡所說的還不只這些。

So that containment action is in place. It is supportive of our back half. And again, it does ramp this quarter, and then it will be fully at run rate in the fourth quarter.

因此遏止措施已經到位。它為我們的後半部分提供支援。再次，本季度它的產量確實有所增加，然後在第四季度將完全達到運行速度。

Okay. And then throughout your prepared remarks and a few times during the Q&A, Eric, you referenced your data center-related exposure. Can you maybe size that up for us in terms of roughly how much revenue that will generate for IDEX in '25? And again, just kind of big picture where that can sort of go over the next two to three years for the company? Thank you.

好的。然後，埃里克，在您準備好的演講中以及問答環節中幾次提到了與資料中心相關的經驗。您能否為我們估算一下這將為 IDEX 在 25 年帶來多少收入？再說一遍，未來兩到三年公司的發展前景如何？謝謝。

Yes. Look, it's not a giant part of IDEX. It's a decent part of the Airtech business that I talked about. You really don't see it over in gas. So if you're looking at Performance pneumatics, Airtech's only a portion of that, and this is becoming a larger portion of their business.

是的。看，它不是 IDEX 的重要組成部分。這是我談到的 Airtech 業務的一個重要組成部分。在天然氣中你確實看不到它。因此，如果您關注的是性能氣動，那麼 Airtech 只是其中的一部分，而這正在成為其業務的更大一部分。

So that starts to dimensionalize to. It's important for that business, not yet rising to a major catalyst for IDEX. What's interesting though is that we're starting to see it in other places. I mentioned the win in the Muon group, again, these are very peripheral kind of applications. It's not that massive stuff that you see around the center of a data center, but it's interesting little niches off to the side.

這樣就開始維度化了。這對該業務很重要，但尚未成為 IDEX 的主要催化劑。但有趣的是，我們開始在其他地方看到它。我再次提到了 Muon 小組的勝利，這些都是非常邊緣的應用。它不是你在資料中心中心看到的那種龐大的東西，而是側面有趣的小角落。

What it can become from here? I'm great to see these initial wins because as you know in this space, I mean, often you can take something that's working and delivers performance and efficiency in one area and run to lots of others, and deliver that as well. So I mean, our commercial teams are doing that. I think as it goes, we'll certainly probably work to dimensionalize this a little better, talk about the funnel, but these are some interesting initial wins that are pretty early for us that we're going to continue to drive forward.

這會變成什麼樣子？我很高興看到這些初步的勝利，因為正如你所知，在這個領域，我的意思是，通常你可以採取一些有效的東西，在一個領域提供性能和效率，然後運行到許多其他領域，並同樣實現這一點。所以我的意思是，我們的商業團隊正在這樣做。我認為，隨著事態的發展，我們肯定會努力使其更加具體，談論漏斗，但這些都是一些有趣的初步勝利，對我們來說還為時過早，我們將繼續推動這一進程。

Got it. Thanks, sir.

知道了。謝謝，先生。

Thank you. Our next question comes from the line of Brett Lindsey with Mizuho Securities. Please proceed with your question.

謝謝。我們的下一個問題來自瑞穗證券的 Brett Lindsey。請繼續您的問題。

Hey, thanks for taking the questions. Just first one on China, pretty sluggish here in the quarter still based on results thus far. I know IDEX exposure is not huge there, but you do have some larger landed exposure indirectly into China and HST. So just any color on what you're seeing in the region? And then what are the expectations for the second half of the year there?

嘿，謝謝你回答這些問題。首先是關於中國，根據迄今為止的結果，本季中國經濟仍然相當低迷。我知道 IDEX 的風險敞口在那裡並不大，但你們確實在中國和 HST 間接擁有一些較大的落地風險敞口。那麼，您在該地區看到的是什麼顏色呢？那麼今年下半年的預期是什麼？

Yes. I mean certainly, we wouldn't that it's different conditions there. I mean, we're seeing the same thing in terms of not really, really strong. It again is a small piece of what we do about 6% overall of revenue. We kind of surgically attack that a product line at the time.

是的。我的意思是，我們當然不會認為那裡的情況不同。我的意思是，我們看到的是同樣的事情，而且並不是真的非常強勁。這僅占我們總收入的 6% 左右的一小部分。我們當時對該產品線進行了精準打擊。

Probably the areas of pressure that we would note, you mentioned one of them for our HST customers, that's an area they've long been talking about and our concerned about in terms of rates and when it might recover and how stimulus programs may help that. We do a little bit of direct shipping there that has been softer some rescue.

您提到了我們可能會注意到的壓力領域之一，即我們的 HST 客戶，這是他們長期以來一直在談論的領域，也是我們擔心的利率、何時可能復甦以及刺激計劃如何幫助實現復甦。我們在那裡進行了一些直接運輸，以減輕一些救援工作。

We talked a little bit about the rescue business. We've got a decent franchise up there that's also been impacted by some of the slowdowns, the core that we have around it, I mean, they're generally really appropriate. They do incredible things for that local economy and they're kind of branded at a level that's long been localized for the geography.

我們談論了一些救援業務。我們在那裡擁有一個不錯的特許經營權，它也受到了一些經濟放緩的影響，我們圍繞它的核心，我的意思是，它們通常非常合適。他們為當地經濟做出了令人難以置信的貢獻，並且他們的品牌早已在當地形成了本地化的烙印。

So I would say it's pressured. It's small for IDEX. We're treating it accordingly as we think of resourcing investments. In many ways, kind of our Asia Pac concentration is China and India, very surgical and specific and the India side has more than offset that from just really strong fundamentals.

所以我想說這是有壓力的。對於 IDEX 來說它很小。當我們考慮資源投資時，我們會相應地處理這個問題。從很多方面來看，我們在亞太地區的重點是中國和印度，非常精準和具體，而印度方面憑藉其強勁的基本面已經抵消了這一影響。

Great. And then maybe shifting back over to tariffs. So you're moving from the $100 million to the $50 million. Could you just expand a bit on some of the underlying assumptions there? Are you assuming the incremental copper tariffs embedded in that assumption? And then any other color on some of the regional tariffs would be great.

偉大的。然後也許會重新轉向關稅。所以你的金額從 1 億美元增加到了 5,000 萬美元。能否稍微詳細說明其中的一些基本假設？您是否假設該假設中包含增量銅關稅？然後，某些區域關稅的任何其他顏色都很好。

Yes. So what's not embedded in here is obviously the copper, as you mentioned. And then the finalized rules around what's going to happen with Europe, Japan, that's also not in here. I know there's been an announcement, right, but we're waiting for further clarification on how that's going to be implemented. And then you got -- you have Taiwan, China, any changes there versus the status quo is not in here.

是的。所以，正如您所說，這裡沒有嵌入的顯然是銅。關於歐洲、日本的最終規則也沒有在這裡提及。我知道已經有公告了，但是我們正在等待有關如何實施的進一步說明。然後你就明白了——你有台灣，中國，那裡與現狀相比的任何變化都不在這裡。

But generally, this -- if there are incremental tariffs, right, we'll continue to offset that one for one with price.

但一般來說，如果有增量關稅，我們將繼續用價格一對一地抵銷。

All right, appreciate all the detail. Thanks.

好的，感謝您提供的所有細節。謝謝。

Andrew Buscaglia, BNP Paribas.

安德魯·巴斯卡利亞，法國巴黎銀行。

Hi, good morning, everyone. Apologies if I missed this, but what were your expectations for Mott's growth into the year? And then where do you see that playing out for the full year? What will the growth be?

大家好，早安。如果我錯過了這一點，請原諒，但是您對 Mott 今年的成長有何期望？那麼，您認為全年情況會如何發展呢？將會有怎樣的成長？

Yes. Look, I would say from Mott standpoint, right, when we announced the transaction last year, our expectations was the business we're going to improve the margins in that business, and that was going to be over a longer period. And we expected the business to be able to deliver high single digits in terms of growth.

是的。聽著，我想從莫特的角度來看，當我們去年宣布這筆交易時，我們的預期是，我們將提高該業務的利潤率，而且這將持續更長的時間。我們預計業務能夠實現高個位數的成長。

I think where we are right now, it's more or less just given the pause we're calling the business flat. And then it's just going to be a different trajectory. But again, our expectations for the business overall, as Eric mentioned earlier, right, we're excited about the business. The team itself remain intact, and we do expect to generate -- our expectation is still to generate double-digit returns for the business over the longer horizon.

我認為，就我們目前的情況而言，或多或少只是暫停了一下，我們稱之為業務平淡。然後它就會變成一條不同的軌跡。但是，正如 Eric 之前提到的，我們對整個業務的期望是，我們對業務感到興奮。團隊本身保持完整，我們確實期望產生——我們的期望仍然是在較長時期內為業務帶來兩位數的回報。

Got it. And maybe a lot of the detailed questions are taken and -- so I take -- ask a bigger, broader question, but we're seeing some trends across industrials, where some peers are trying to reduce complexity in their businesses and making strategic decisions one way or the other to do that. How do you guys view your portfolio at this point given the world has changed a lot over the last five years, even the last three, and you quite haven't been able to grow earnings the way one would hope. So is there a conversation to be had or are you having those conversations where maybe you look to rather than acquire divest anything or review your portfolio?

知道了。也許很多細節問題都被問過了，所以我想問一個更大、更廣泛的問題，但我們看到整個工業界都有一些趨勢，一些同行正試圖降低業務的複雜性，並以某種方式做出戰略決策來做到這一點。鑑於過去五年甚至過去三年世界發生了巨大變化，而且你們的收益還沒有像人們希望的那樣增長，你們現在如何看待自己的投資組合？那麼，是否有可以進行的對話，或者您是否正在進行這樣的對話，也許您考慮的不是收購，而是剝離任何東西或審查您的投資組合？

Look, we always consider all the pieces of our portfolio along the year, while we've talked a lot about the things we've added, and we've added things more aggressively over the last 4 years. We've pruned small- to medium-sized assets along the way as well because honestly, they're not going to scale. And to your point, they become more complex over time if, in fact, they become relatively smaller as the business goes. And so I do think we consider both sides of the equation. I think really here, though, what you see is we haven't talked a lot about FMT.

你看，我們總是在一年中考慮我們投資組合的所有部分，同時我們也討論了很多我們增加的東西，並且我們在過去 4 年裡更積極地增加了東西。我們也一直在削減中小型資產，因為說實話，它們無法擴大規模。正如您所說，如果隨著業務的發展，它們實際上變得相對較小，那麼隨著時間的推移，它們會變得更加複雜。因此我確實認為我們考慮了等式的兩邊。但我認為實際上我們並沒有談論太多關於 FMT 的事情。

We haven't talked a lot about FSDP. I mean, to your point on complexity, I mean, we've taken a ton of complexity out of those two particular platforms, and they're performing really, really well.

我們還沒有談論太多有關 FSDP 的事情。我的意思是，關於你提到的複雜性，我的意思是，我們已經從這兩個特定平台中去除了大量的複雜性，而且它們的表現非常非常好。

What we're doing within HST is we're arguably trying to move this portfolio over towards faster-growing, more inherently advantaged markets and doing it the connection points between each business, in some ways, is taking complexity out of the equation as well because it's taking a large suite of end markets and things where we could go attack them single units at a time to more concentrated energy towards a handful of really, really good markets where we're trying to set those initial specification points to generate the same kind of annuity streams that we had elsewhere in industrial businesses in the two segments that we're not spending as much time talking about.

我們在 HST 內部所做的就是，我們正試圖將這個投資組合轉向增長更快、更具內在優勢的市場，並通過在每個業務之間建立連接點，在某種程度上，這也消除了複雜性，因為它需要大量的終端市場和事物，我們可以一次攻擊單個單位，將更多的精力集中在少數幾個真正好的市場上，我們試圖在這些市場上設定那些時間在我們的初始市場上與我們的初始市場上花費太多。

So we're kind of very active work on the HST side now. We're talking about it appropriately, but it's really to put it in a state where it's frankly inherently simpler than it is today. And then through all of it, looking at both sides of the equation, each unit has got to kind of earn its relative merits and we talk about that constantly as we go.

因此，我們現在在 HST 方面非常積極地開展工作。我們正在適當地談論它，但實際上是為了使它處於一種坦率地說比現在更簡單的狀態。然後透過這一切，看看等式的兩邊，每個單位都必須獲得其相對的優點，我們在進行過程中不斷討論這一點。

Yeah, okay, that's fair. Thanks, Eric.

是的，好的，這很公平。謝謝，埃里克。

And we have reached the end of the question-and-answer session. I would like to turn the floor back to Eric Ashleman for closing remarks.

問答環節現已結束。我想請 Eric Ashleman 做最後發言。

Okay. Thank you. Thank you all for joining here. And of course, today, we talked about a lot of the work we're doing to put pieces of IDEX together to multiply our growth input. You've heard examples of that today, reflecting on our past, we talked about IH&S and the optical technologies and the build-out of those over more than a decade or in some cases, two.

好的。謝謝。感謝大家的參與。當然，今天我們談論了我們正在做的許多工作，將 IDEX 的各個部分整合在一起，以增加我們的成長投入。今天你們已經聽到了這樣的例子，回顧過去，我們討論了 IH&S 和光學技術，以及十多年來，或者在某些情況下是二十年來這些技術的建設。

We discussed our present when we talked about Airtech and the many HST touch points that we have for Mott. We didn't talk about them today, but the great work that's going on in the extended intelligent water platform, the automation growth that's happening fire and safety. And then all of the future work, a lot of it within the MSS group and the larger Mott Group work across HST.

當我們談論 Airtech 和我們為 Mott 提供的眾多 HST 接觸點時，我們討論了我們的現狀。我們今天沒有談論它們，而是談論了擴展智慧水平台中正在進行的偉大工作，以及消防和安全領域的自動化成長。然後，所有未來的工作，其中許多都是 MSS 集團和更大的 Mott 集團透過 HST 進行的工作。

These are all examples of how -- whether it's a couple of units or a platform coming together. They're able to go and solve problems in ways that are just very, very difficult for any one single unit, and we think we're going to absolutely propel the company going forward. We thank you for your time today, your interest in IDEX. And we hope you all have a great day.

這些都是如何實現的例子——無論是幾個單位還是一個平台結合在一起。他們能夠以任何單一部門都難以解決的方式解決問題，我們認為我們絕對會推動公司向前發展。感謝您今天抽出時間對 IDEX 的關注。我們希望大家度過愉快的一天。

Thank you, and this concludes today's conference, you may disconnect your line at this time. Thank you for your participation. Have a great day.

謝謝，今天的會議到此結束，您可以斷開線路了。感謝您的參與。祝你有美好的一天。