藝達思 (IEX) 2025 Q3 法說會逐字稿

Greetings, and welcome to the third quarter 2025 IDEX Corporation earnings conference call. (Operator Instructions) As a reminder, this conference is being recorded.

各位好，歡迎參加IDEX公司2025年第三季財報電話會議。（操作說明）提醒各位，本次會議正在錄音。

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

現在我很榮幸地向大家介紹主持人吉姆詹納庫羅斯。謝謝。你可以開始了。

Good morning, everyone, and welcome to IDEX's third quarter 2025 earnings conference call. We released our third 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.

各位早安，歡迎參加IDEX 2025年第三季財報電話會議。今天早些時候，我們發布了第三季財務業績，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簡報。

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.

今天和我一起通話的是 IDEX 總裁兼執行長 Eric Ashleman；以及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 third quarter results and a discussion of our current business outlook and strategies. Then Akhil will discuss additional financial details and our updated outlook.

今天的電話會議將首先由艾瑞克介紹我們第三季業績的重點，並討論我們當前的業務前景和策略。然後，Akhil 將討論更多財務細節和我們更新後的展望。

Following our prepared remarks, we will open the line for questions. 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.

在我們發言結束後，我們將開放提問環節。但在我們開始之前，請參閱我們簡報的第 2 張投影片，其中我們指出，今天的評論將包含基於當前預期的前瞻性陳述。由於存在許多風險和不確定因素，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提交給美國證券交易委員會的文件中進行了討論。

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 提供的是非 GAAP 財務信息，我們在新聞稿和演示材料的附錄中提供了 GAAP 和非 GAAP 指標之間的調整表，這些資料可在我們的網站上查閱。

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

接下來，我將把電話交給艾瑞克。

Thanks, Jim. Good morning, everyone, and thank you for joining us today. The IDEX teams across the globe collectively delivered better-than-expected results in the third quarter of 2025 and I'm proud of our team's hard work and steadfast commitment to execution, particularly given today's challenging economic conditions.

謝謝你，吉姆。各位早安，感謝大家今天收看我們的節目。2025 年第三季度，IDEX 全球團隊的集體表現超出預期，我為我們團隊的辛勤工作和堅定不移的執行力感到自豪，尤其是在當今充滿挑戰的經濟環境下。

I'm on slide 3. Regardless of the business environment, our business model and 80/20 philosophy, along with our strong balance sheet and continued robust cash generation position us to quickly address challenges and pursue opportunities as they arise. We do this while remaining focused on driving long-term sustainable growth and value for all of our stakeholders. As we'll discuss further today, our team is laser-focused on the things we can control, thoughtfully executing our strategy amid a dynamic economic environment.

我正在看第三張投影片。無論商業環境如何，我們的商業模式和 80/20 原則，加上我們強大的資產負債表和持續強勁的現金流，使我們能夠迅速應對挑戰並抓住機會。我們這樣做，同時始終專注於為所有利害關係人創造長期可持續成長和價值。正如我們今天將進一步討論的那樣，我們的團隊將重點放在我們能夠控制的事情上，在動態的經濟環境中深思熟慮地執行我們的策略。

Before I provide an overview into our results, I'd like to step back and highlight where we are in IDEX's evolution and frame our priorities in the months and quarters ahead. When IDEX was founded almost 40 years ago, it was effectively a holding company with a portfolio of disparate but attractive industrial businesses. These were strong brands operating independently without a clear governing framework.

在概述我們的業績之前，我想先回顧一下IDEX的發展現狀，並確定未來幾個月和幾個季度的優先事項。IDEX 成立於近 40 年前，當時它實際上是一家控股公司，旗下擁有眾多各具特色但極具吸引力的工業企業。這些都是實力雄厚的獨立品牌，缺乏明確的管理架構。

In Phase 2, we introduced a common IDEX culture and business approach, powered by an operating model with 80/20 as its heartbeat, 80/20 not only enhance the efficiency of our operations, but also served as a decision-making framework and growth accelerator, guiding our focus, resource allocation and portfolio optimization.

在第二階段，我們引入了IDEX的通用文化和業務方法，以80/20為核心的營運模式為支撐。 80/20不僅提高了我們的營運效率，還作為決策框架和成長加速器，指導我們的關注點、資源分配和投資組合最佳化。

In our current Phase 3, we've made a number of foundational acquisitions accompanied by complementary bolt-ons to expand our capabilities in targeted advantaged end markets. These additions helped us establish higher growth platforms leverage to 21st century secular trends. Today, we are intensively deploying 80/20 in these areas to enhance efficiencies and productivity and unlock integrated growth potential.

在目前的第三階段，我們進行了一系列基礎性收購，並輔以互補性收購，以擴大我們在目標優勢終端市場的能力。這些新增設施幫助我們建立了更高成長的平台，以適應 21 世紀的長期發展趨勢。今天，我們正在這些領域大力推行 80/20 模式，以提高效率和生產力，釋放綜合成長潛力。

We followed this playbook over the previous decade to build our IDEX Health & Science platform. Now we want to repeat the work at a faster pace with more power as we integrate new businesses and technologies into IDEX. I'd like to take a moment and shine a light on the 3 pillars of 80/20 driven higher growth, so you can best understand our strategy to unlock sustainable value for shareholders.

在過去的十年裡，我們一直遵循這項策略來建立我們的 IDEX 健康與科學平台。現在，隨著我們將新的業務和技術整合到 IDEX 中，我們希望以更快的速度和更大的力量重複這項工作。我想花一點時間重點介紹一下 80/20 法則驅動更高成長的三大支柱，以便您更好地理解我們為股東釋放可持續價值的策略。

Please turn to slide 4. The first pillar involves targeting high-growth advantaged markets as we allocate capital within our portfolio. We acquired 11 outstanding companies over the past five years. Each business brings one or more critical technologies to IDEX alongside a series of attractive market access points. Examples of the critical solution set that's expanded for us include support for data centers, space and defense advanced semiconductor manufacturing and water.

請翻到第4張投影片。第一支柱是瞄準高成長優勢市場，並將資本分配到我們的投資組合中。過去五年，我們收購了11家傑出的公司。每家企業都將攜帶一項或多項關鍵技術以及一系列有吸引力的市場准入點參加 IDEX 展會。為我們擴展的關鍵解決方案集範例包括對資料中心、航太和國防先進半導體製造以及水處理的支援。

Each acquired company links and integrates in some way with other pieces of IDEX, providing scale and efficiency while reducing enterprise complexity. In parallel to this work, we divested four businesses with less attractive market exposures and lower potential to scale.

每家被收購的公司都以某種方式與其他 IDEX 部分連結和整合，從而在降低企業複雜性的同時，提供規模和效率。同時，我們剝離了四家市場前景不太好、發展潛力較低的企業。

Our collective growth entitlement has moved to the right of traditional industrial indexes. We now have five thematic growth platforms that cover half of our revenue, and we believe they will disproportionately fuel organic growth for IDEX as we move forward.

我們的集體成長權益已經朝傳統產業指數的右邊移動。我們現在擁有五個主題成長平台，這些平台涵蓋了我們一半的收入，我們相信，隨著我們不斷前進，它們將不成比例地推動 IDEX 的有機成長。

In prior earnings calls, we talked about our build-out of the intelligent water platform, expanded in the last few years with the acquisitions of Nexit and Subterra. These businesses were a strong contributor of organic growth for IDEX in Q3.

在先前的財報電話會議上，我們談到了我們智慧水平台的建設，該平台在過去幾年中透過收購 Nexit 和 Subterra 得到了擴展。這些業務是 IDEX 第三季內生成長的重要貢獻者。

In September, we were proud to host a number of analysts and investors at the largest water industry trade show in North America. They were impressed by what we've built. We've also publicly referenced some great work at AirTech within our Performance pneumatics Group. The team continues to win as they support power gen applications for data centers. They were a top driver of orders and sales growth for HST this quarter, making great businesses work together is the second pillar of Phase 3 growth outperformance.

9 月份，我們很榮幸接待了許多分析師和投資者參加北美最大的水務產業貿易展。他們對我們所建造的東西印象深刻。我們也公開提及了AirTech公司在高性能氣動系統領域的一些出色工作。該團隊在支援資料中心發電應用方面持續取得成功。他們是本季 HST 訂單和銷售成長的主要動力，讓優秀的企業攜手合作是第三階段成長超額收益的第二個支柱。

Please turn to slide 5. Here, we integrate technologies and market access points within growth platforms. As an active example, I'd like to take you through our integration progress within our material science solutions platform. The teams there have done excellent work. They also were strong contributors to HST's growth in Q3.

請翻到第5張投影片。在這裡，我們將技術和市場准入點整合到成長平台中。舉個實際例子，我想帶大家了解我們在材料科學解決方案平台中的整合進展。那裡的團隊工作非常出色。他們也為 HST 第三季的成長做出了巨大貢獻。

All of the companies within MSS map close to one of three critical jobs to do for customers. One, we form critical material properties. Two, we shape materials to create and control surfaces. And three, we had functionality by applying coatings. The platform brings these capabilities together for power.

MSS 旗下所有公司都與為客戶完成的三項關鍵工作之一密切相關。第一，我們形成關鍵的材料特性。第二，我們將材料進行塑形，以創造和控製表面。第三，我們透過塗層實現了功能性。該平台將這些功能整合在一起，發揮其強大作用。

Our teams like to say, if we hit one of these attributes, we can bid on a project. If we hit two, we're highly likely to get the order, if we hit all three, we can set specifications in the space and drive transformative growth.

我們的團隊常說，如果我們具備這些特質中的一項，我們就可以參與專案競標。如果我們滿足其中兩項，就很有可能獲得訂單；如果我們滿足所有三項，我們就可以在這個領域制定規範並推動變革性成長。

Within MSS, I'd like to highlight how the team at Muon is doing a great job effectively offsetting pressures within semicon lithography to drive performance. With 80/20 at the heart of the work, Muon is improving productivity, rationalizing its cost structure, focusing on higher quality revenue and redeploying resources towards higher-value commercial opportunities. An example of tuning towards advantage markets is the development work Muon is actively pursuing now within data center cooling applications after recently winning business in the optical switching space, which we mentioned last quarter.

在 MSS 中，我想重點介紹 Muon 團隊如何有效地抵消半導體光刻技術中的壓力，從而推動效能提升。Muon 以 80/20 原則為核心，致力於提高生產效率、優化成本結構、專注於創造更高品質的收入，並將資源重新部署到更高價值的商業機會上。穆昂公司最近在光交換領域贏得了業務，我們上個季度提到過，該公司目前正在積極推進資料中心冷卻應用領域的研發工作，這便是其調整自身以適應優勢市場的一個例子。

We are excited about the results our 80/20 actions are driving, which notably improved Muon's profitability in the third quarter to above HST segment average. The MSS platform is well positioned to drive profitable growth going forward.

我們對 80/20 策略帶來的成果感到非常興奮，這些策略顯著提高了 Muon 第三季的獲利能力，使其高於 HST 部門的平均水平。MSS平台具備推動未來獲利成長的良好基礎。

Please turn to slide 6. The third key component of Phase 3 of IDEX' evolution is balanced capital allocation. Akhil will get into more details here, but after the last few years of accelerating larger M&A to build our growth platforms, our current focus is on optimizing our business portfolio, tuning our capabilities in an ever-evolving marketplace, augmenting those efforts with strategic bolt-on acquisitions and returning capital to shareholders. I hope you found this overview of the evolution of IDEX helpful and engaging. We are confident in the strategic plans to drive sustainable profitable growth for shareholders in the years ahead.

請翻到第6張投影片。IDEX發展第三階段的第三個關鍵組成部分是均衡的資本配置。Akhil 將會在這裡詳細介紹，但在過去幾年加速進行大規模併購以建立我們的成長平台之後，我們目前的重點是優化我們的業務組合，在不斷變化的市場中調整我們的能力，透過策略性附加收購來加強這些努力，並將資本返還給股東。希望您覺得這篇關於IDEX發展歷程的概述既有幫助又引人入勝。我們對未來幾年推動股東實現永續獲利成長的策略計畫充滿信心。

Now I'd like to move to our third quarter 2025 results, which demonstrate traction on these collective efforts and position us well to deliver within the guidance we set for the second half of 2025. I'm on slide 7. IDEX delivered better-than-expected third quarter results despite continued macro uncertainty. Our Health & Science Technologies segment, or HST, is building momentum as our teams continue to identify integrated growth opportunities.

現在我想談談我們 2025 年第三季的業績，這表明這些集體努力取得了成效，並使我們能夠很好地實現我們為 2025 年下半年設定的業績目標。我看到第7張投影片了。儘管宏觀經濟情勢持續不明朗，IDEX 第三季業績仍優於預期。我們的健康與科學技術部門（簡稱 HST）正在不斷發展壯大，因為我們的團隊不斷尋找綜合成長機會。

Overall, organic orders and sales increased 5% and 10%, respectively, year-over-year on the back of growth in pharma and data centers. Our most recent acquisition, Micro-LAM is off to a great start, enhancing our capabilities and optics given their proprietary material shaping technology. As discussed earlier, we saw strength from our businesses within MSS, notably within our Optics businesses and Muon.

整體而言，受製藥和資料中心業務成長的推動，有機訂單和銷售額分別較去年同期成長 5% 和 10%。我們最近收購的 Micro-LAM 公司開局良好，憑藉其專有的材料成型技術，增強了我們的能力和光學性能。正如之前討論的那樣，我們看到了 MSS 旗下各業務的強勁表現，特別是光學業務和 Muon 業務。

HST also drove strong margin improvement due to volume leverage and full run rate of their platform optimization efforts. We see a path for continued margin expansion going forward. While HST continues to successfully turn its capabilities towards advantage markets, the segment's more fragmented industrial market exposures are netting to flattish, and we see little evidence of near-term improvements.

HST 也憑藉著銷售槓桿和平台優化工作的全面推進，實現了利潤率的大幅提升。我們認為未來利潤率將持續擴大。儘管 HST 繼續成功地將其能力轉向優勢市場，但該部門較為分散的工業市場敞口淨值趨於平穩，我們幾乎沒有看到近期改善的跡象。

And Fluid & Metering Technologies, or FMT, third quarter sales and profitability exceeded expectations, driven by strong execution and pricing. Our water businesses facing municipal markets were standouts in terms of orders and revenue growth. FMT's general industrial exposure points remain stable without signs of positive inflection.

流體與計量技術公司（FMT）第三季銷售額和獲利能力超出預期，這得益於其強大的執行力和定價策略。我們面向市政市場的水務業務在訂單和收入成長方面表現突出。FMT 的一般工業風險敞口保持穩定，沒有積極轉折的跡象。

Finally, in our Fire & Safety Diversified Products segment, or FSDP disruptions in the funding environment and sluggish replenishment spend impacted our third quarter results and temper our expectations for near to midterm demand.

最後，在我們的消防安全多元化產品部門（FSDP）中，資金環境的中斷和緩慢的補充支出影響了我們第三季的業績，並降低了我們對近期至中期需求的預期。

So overall, we see a dynamic macro environment with an uncertainty overhang that we expect will continue into 2026. It's not clear how and when broad external catalysts will line up to support more predictable and positive conditions.

因此，總體而言，我們看到宏觀環境充滿活力，但不確定性仍然存在，我們預計這種情況將持續到 2026 年。目前尚不清楚何時以及如何出現廣泛的外部催化劑，從而形成更可預測和積極的市場環境。

But at IDEX, we plan to continue to make our own luck through 80/20, tuning our resources and technologies towards those opportunities with higher growth velocities and work together as a team to integrate our growth platforms. providing more solutions power for key customers. We're on track to deliver the second half of the year and look forward to continuing our momentum into 2026.

但在IDEX，我們計劃繼續透過80/20法則創造屬於自己的機會，將資源和技術投入到那些成長速度更快的機會中，並作為一個團隊共同努力整合我們的成長平台，為關鍵客戶提供更強大的解決方案。我們正按計劃推進下半年的工作，並期待將這種勢頭延續到 2026 年。

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

接下來，我將把發言權交給 Akhil，讓他更詳細地討論我們的財務狀況和更新後的展望。

Thanks, Eric, and good morning, everyone. All the comparisons I will discuss will be against the prior year period. unless stated otherwise. As Eric mentioned, in the third quarter of 2025, IDEX delivered strong financial performance. Organic revenue growth of 5% was better than we expected with momentum in HST driving the outperformance.

謝謝你，艾瑞克，大家早安。除非另有說明，我將討論的所有比較都將與去年同期進行比較。正如艾瑞克所提到的，IDEX 在 2025 年第三季取得了強勁的財務業績。有機營收成長5%優於我們的預期，其中HST的成長動能推動了業績的超預期。

And adjusted EBITDA margin and adjusted EPS came in higher than our forecast for the company overall. Orders grew 7% organically in the quarter. Our HST segment reached a record high at $390 million, and both FMT and FSDP posted high single-digit order growth in the quarter. While order activity was strong on a year-over-year basis, much was received and shipped within the quarter, leaving overall backlog levels relatively flat sequentially, and as a reminder, given the nature of IDEX's rapid fulfillment business model, we typically enter a quarter approximately 50% booked, which limits our overall visibility.

調整後的 EBITDA 利潤率和調整後的每股盈餘均高於我們對該公司整體的預期。本季訂單量自然成長7%。我們的 HST 業務部門創歷史新高，達到 3.9 億美元，FMT 和 FSDP 在本季度均實現了接近兩位數的訂單成長。雖然訂單活動較去年同期強勁，但許多訂單在本季度內就已收到並發出，導致整體積壓訂單水平環比基本持平。需要提醒的是，鑑於 IDEX 快速履行業務模式的性質，我們通常在每個季度開始時大約有 50% 的訂單已預訂，這限制了我們的整體可見性。

Touching on some of the more meaningful business demand trends in the quarter, we saw strong order activity within municipal water, data centers, semiconductor MRO, pharma and Space and Defense. Semiconductor lithography remained below prior year levels. In Life Sciences, where IDEX provides niche components for analytical instruments, we continue to see low single-digit growth.

本季一些較有意義的業務需求趨勢包括：市政供水、資料中心、半導體MRO、製藥以及航太和國防等領域的訂單活動強勁。半導體光刻技術仍低於上年水準。在生命科學領域，IDEX 為分析儀器提供專業組件，我們繼續看到個位數低成長。

Finally, while we posted order growth in FSDP this increase was largely due to timing of orders last year. FSDP order activity was subdued in the third quarter, specifically in dispensing and Fire & Safety outside of the US. Organic sales in the third quarter grew 5% with both positive price and higher volumes contributing versus last year's third quarter. Strong price execution across segments was a primary driver, while volumes increased in both our HST and FMT segments, but declined in FSDP.

最後，雖然我們在 FSDP 中實現了訂單成長，但這一增長主要是由於去年的訂單時間表。第三季 FSDP 訂單活動較為低迷，尤其是在美國以外的配藥和消防安全領域。第三季有機銷售額成長 5%，這得益於價格上漲和銷售成長，與去年第三季相比有所提高。各細分市場的強勁價格執行為主要驅動因素，而 HST 和 FMT 細分市場的銷售量均有所成長，但 FSDP 細分市場的銷售量則下降。

IDEX adjusted gross margin contracted slightly or 10 basis points versus last year given unfavorable mix. These headwinds were largely offset by productivity gains across our businesses. Adjusted EBITDA margin expanded 40 basis points versus last year, reflecting productivity gains, favorable price cost and volume leverage. These more than offset unfavorable mix. Our platform optimization and cost containment efforts yielded $17 million in savings in the third quarter. These initiatives remain on track to deliver over $60 million in full year savings.

由於產品組合不利，IDEX調整後的毛利率較去年略為下降了10個基點。這些不利因素很大程度被我們各業務部門生產力的提升所抵銷。經調整的 EBITDA 利潤率較去年增長 40 個基點，反映了生產力的提高、有利的價格成本和銷售槓桿。這些優點足以彌補不利的組合。第三季度，我們的平台優化和成本控制措施節省了 1700 萬美元。這些舉措仍有望在全年節省超過 6,000 萬美元。

Free cash flow of $189 million decreased 2% versus last year on higher working capital. Free cash flow conversion was 123% of adjusted net income. And we remain on pace to achieve our target of at least 100% free cash flow conversion for 2025.

由於營運資本增加，自由現金流為 1.89 億美元，比去年減少了 2%。自由現金流轉換率為調整後淨收入的 123%。我們仍有望實現 2025 年至少 100% 自由現金流轉換率的目標。

We ended the third quarter with strong liquidity of approximately $1.1 billion. And finally, we deployed another $75 million to repurchase IDEX shares in the quarter, taking our total to $175 million for the first three quarters of 2025, continuing our acceleration of returning cash to shareholders as Eric noted earlier.

第三季末，我們的流動資金充足，約 11 億美元。最後，我們在本季度又投入了 7,500 萬美元回購 IDEX 股票，使我們在 2025 年前三個季度的總投資額達到 1.75 億美元，正如 Eric 之前指出的那樣，我們將繼續加快向股東返還現金的步伐。

Now quickly, some color on our results by segment. I'm on slide 9. In HST, organic orders grew 5% and revenue grew 10%. Volumes increased on strength in life sciences, space and defense, semiconductor consumables, pharma and data centers. These areas more than offset year-over-year declines in semiconductor lithography and industrial businesses.

現在，讓我們快速地按細分市場分析一下我們的結果。我看到第9張投影片了。在 HST，有機訂單成長了 5%，收入成長了 10%。生命科學、航太與國防、半導體耗材、製藥和資料中心等產業的強勁表現帶動了銷售成長。這些領域的成長足以抵銷半導體光刻和工業業務較去年同期下滑的幅度。

HST adjusted EBITDA margin expanded 120 basis points year-over-year given strong volume leverage, platform optimization savings, cost containment actions and favorable price cost. These more than offset the dilutive impact of unfavorable mix.

由於銷售成長、平台優化節省、成本控制措施和有利的價格成本，HST 調整後的 EBITDA 利潤率年增 120 個基點。這些優勢足以抵消不利混合帶來的稀釋影響。

Turning to slide 10. In FMT, organic orders increased 8% and organic sales increased 4%. Orders growth was supported by our intelligent water platform, which delivered strong performance this quarter, with project timing and favorable prior year comps driving results otherwise. Looking at our leading indicator industrial order rates, they appear to be range bound and notably without any strong indication for sustainable inflection in the near term.

翻到第10張投影片。在FMT，有機訂單成長了8%，有機銷售額成長了4%。訂單成長得益於我們智慧水務平台在本季的強勁表現，此外，專案進度和去年同期有利的業績也推動了業績成長。從我們的領先指標工業訂單率來看，它們似乎處於區間波動，而且明顯沒有任何跡象表明短期內會出現可持續的拐點。

We also are seeing continued hesitation on larger orders from customers across most of our industrial end markets. FMT achieved adjusted EBITDA margin improvement of 90 basis points driven by favorable price cost and execution of platform optimization and cost containment actions.

我們也發現，在大多數工業終端市場，客戶對大額訂單仍然猶豫不決。由於有利的價格成本以及平台優化和成本控制措施的實施，FMT 的調整後 EBITDA 利潤率提高了 90 個基點。

Please turn to slide 11. FSDP organic orders increased 7%, but organic sales declined by 5%. Orders benefited from continued growth within North America fire OEM and growth in BAND-IT. Within dispensing, orders increased, but this was largely driven by timing. Organic sales declined in the quarter, primarily due to soft volumes across fire OEM, rescue tools and dispensing.

請翻到第11頁。FSDP有機訂單成長了7%，但有機銷售額下降了5%。北美消防設備製造商的持續成長以及 BAND-IT 的成長帶動了訂單量的成長。在配藥方面，訂單量增加，但這主要是由配藥時間決定的。本季有機銷售額下降，主要原因是消防OEM、救援工具和分銷業務的銷售疲軟。

While short-term headwinds impacted sales in Fire and Rescue, the broader outlook for these businesses remains steady, albeit with limited catalysts for near-term acceleration as macroeconomic and geopolitical factors weigh on order activity.

儘管短期不利因素影響了消防救援業務的銷售，但這些業務的整體前景仍然穩定，儘管由於宏觀經濟和地緣政治因素對訂單活動造成壓力，近期加速成長的催化劑有限。

Dispensing volumes were also pressured, reflecting the natural progression of the business' refresh cycle. As customers increasingly shift towards refurbishing existing equipment, rather than investing in new machinery, we anticipate continued softness in this area. FSDP experienced adjusted EBITDA margin contraction of 200 basis points, mainly due to volume deleverage. This headwind was partially offset by platform optimization and cost containment actions and favorable price cost.

分銷量也面臨壓力，反映了業務更新周期的自然發展。隨著客戶越來越傾向於翻新現有設備，而不是投資新機器，我們預計該領域將持續疲軟。FSDP 的調整後 EBITDA 利潤率下降了 200 個基點，主要原因是銷售量下降。平台優化和成本控制措施以及有利的價格成本部分抵消了這一不利因素。

I'm on slide 12. Let us turn to capital allocation for the quarter. As Eric mentioned, free cash flow generation remains strong, allowing us to continue to allocate resources towards the areas we think will generate the highest returns. We drove $189 million of free cash flow after investments for organic growth, including CapEx spend of $15 million in the quarter.

我看到第12張投影片了。讓我們來看看本季的資本配置。正如艾瑞克所提到的，自由現金流依然強勁，使我們能夠繼續將資源分配到我們認為能夠產生最高回報的領域。本季度，我們在進行有機成長投資後，實現了 1.89 億美元的自由現金流，其中包括 1,500 萬美元的資本支出。

And IDEX has generated 97% free cash flow conversion year-to-date. We ended the quarter with strong liquidity of $1.1 billion including cash levels of about $600 million and revolver capacity of about $500 million. Our current gross leverage position sits at approximately 2.1 times. And while we feel comfortable with our current leverage and liquidity position, we attend for our leverage to migrate lower and get to our typical target range of under 2 times in the next several quarters.

IDEX今年迄今的自由現金流轉換率達到了97%。本季末，我們擁有強勁的流動資金，總額達 11 億美元，其中包括約 6 億美元的現金和約 5 億美元的循環信貸額度。我們目前的毛槓桿率約為 2.1 倍。雖然我們對目前的槓桿率和流動性狀況感到滿意，但我們預計未來幾季槓桿率將進一步降低，並達到我們通常設定的低於 2 倍的目標範圍。

Our balance sheet provides financial flexibility to meet capital allocation priorities. As mentioned earlier, we accelerated our pace of share repurchases. We're purchasing 75 million shares in the quarter and $175 million year-to-date. And in September, we increased our share repurchase authorization to $1 billion. We paid approximately $54 million in dividends in the third quarter and continue to target 30% to 35% of adjusted net income in dividends paid.

我們的資產負債表提供了財務靈活性，以滿足資本配置優先事項。如前所述，我們加快了股票回購步伐。本季我們將購買 7,500 萬股股票，今年迄今已購買 1.75 億美元。9月份，我們將股票回購授權額度提高至10億美元。第三季我們支付了約 5,400 萬美元的股息，並繼續將調整後淨收入的 30% 至 35% 用於支付股息。

Regarding M&A, we do not expect to pursue large acquisition opportunities in the near term after investing in the establishment of our growth platforms over the last couple of years. Instead, we will be focused on bolt-ons and portfolio optimization in the coming quarters.

關於併購，鑑於過去幾年我們對成長平台的建設投入了大量資金，我們預計近期不會尋求大規模的收購機會。相反，在接下來的幾個季度裡，我們將專注於附加組件和投資組合優化。

Please turn to slide 13. We are narrowing our full year guidance range to $7.86 to $7.91, which remains within our previously communicated outlook of $7.85 to $7.95. This reflects continued strength in HST, particularly within our advantaged markets. Data centers, space and defense, semiconductor MRO and pharma which are helping offset pressure in our FSDP business stemming from funding disruptions and sluggish equipment replenishment spending.

請翻到第13頁。我們將全年業績預期區間收窄至7.86美元至7.91美元，與先前公佈的7.85美元至7.95美元的預期基本一致。這反映出HST（統一銷售稅）持續走強，尤其是在我們具有優勢的市場。資料中心、航太與國防、半導體MRO和製藥等產業正在幫助抵消我們FSDP業務因資金中斷和設備更新支出緩慢而面臨的壓力。

FMT continues to perform in line with expectations, contributing to overall portfolio stability. Both our organic growth expectation of 1% for the fiscal year '25 and adjusted EBITDA margin expectation of between 26.5% and to 27.5% remain unchanged. Our updated guidance reflects more of a level load of sales between the third and fourth quarters, reflective of the typical historical seasonal cadence at items. Our strong third quarter results have positioned us well to deliver on the second half expectations we set this summer.

FMT 的表現繼續符合預期，為整體投資組合的穩定性做出了貢獻。我們對 2025 財年的有機成長預期為 1%，調整後 EBITDA 利潤率預期為 26.5% 至 27.5%，兩者均保持不變。我們更新後的指導意見反映出第三季和第四季之間的銷售額將更加平穩，這反映了各商品典型的歷史季節性節奏。第三季強勁的業績使我們有信心實現今年夏天設定的下半年預期目標。

With that, I'll turn the call back over to Eric.

這樣，我就把電話轉回給艾瑞克了。

Thanks, Akhil. I'm on slide 14, where we highlight the key drivers of IDEX's shareholder value creation. As I mentioned earlier, we are squarely in the midst of driving Phase 3 of our evolution. We are applying 80/20 to drive integration, operational improvement and enhanced growth prospects across our high-margin growth platforms.

謝謝你，阿基爾。我現在在第 14 張投影片上，我們重點介紹了 IDEX 股東價值創造的關鍵驅動因素。正如我之前提到的，我們正處於發展第三階段的關鍵時期。我們正在運用 80/20 法則來推動我們高利潤成長平台的整合、營運改善和增強成長前景。

We intend to remain very selective around bolt-on acquisitions to augment our organic efforts taking a balanced long-term approach to capital allocation, supported by near-term intentionality. And as Akhil said, our current focus here is smaller bolt-ons and returning capital to shareholders. In the past couple of years, we identified acquisition opportunities and pulled forward activity to more quickly establish attractive value-creating growth platforms. We are now acutely focused on applying 80/20 to maximize their potential.

我們打算在補充性收購方面保持非常謹慎的態度，以增強我們的內生成長，採取平衡的長期資本配置方法，並輔以近期目標。正如 Akhil 所說，我們目前的重點是規模較小的附加項目和向股東返還資本。在過去幾年裡，我們發現了收購機會，並加快了相關活動的發展，以便更快地建立有吸引力的價值創造型成長平台。我們現在正集中精力運用 80/20 法則來最大限度地發揮他們的潛力。

We believe all of this will drive meaningful EPS growth over the longer term, driven by organic growth we can leverage and capital deployment that amplifies IDEX's value creation potential for all stakeholders. We have outstanding and passionate teams and talent, a portfolio of highly critical and adaptable technologies in advantaged markets and a culture of operational excellence and the heartbeat of 80/20, which powers it all, supported by a robust balance sheet that we leverage via a balanced and effective capital deployment philosophy.

我們相信，所有這些因素都將在長期內推動每股盈餘實現有意義的成長，這得益於我們可以利用的內生成長和資本部署，從而增強 IDEX 為所有利害關係人創造價值的潛力。我們擁有傑出的、充滿熱情的團隊和人才，在優勢市場擁有一系列高度關鍵且適應性強的技術，以及卓越的營運文化和 80/20 法則的精髓，這一切都由穩健的資產負債表支撐，我們透過平衡有效的資本部署理念來充分利用這一優勢。

We believe we are in a position of strength to deliver as a premier growth compounder as we close out the decade and head towards our next phase of evolution.

我們相信，在即將結束的十年裡，我們有能力成為一家領先的複合成長型企業，並且邁向下一個發展階段。

That concludes our prepared remarks. And with that, I'll turn it over to the operator to take your questions. Thank you.

我們的發言稿到此結束。那麼，接下來我將把發言權交給接線員，由他來回答大家的問題。謝謝。

(Operator Instructions)Deane Dray, RBC Capital Markets.

（操作員說明）迪恩‧德雷，加拿大皇家銀行資本市場。

Thank you. Good morning, everyone. I really appreciate that slide 3 on the evolution. And also just kind of giving us the near-term clarity on capital allocation, portfolio optimization. And so that was a big help.

謝謝。各位早安。我非常欣賞第三張關於演變過程的幻燈片。此外，也讓我們對近期資本配置和投資組合優化有了更清楚的了解。所以這幫了我很大的忙。

This seems always appropriate, especially given the macro uncertainty, Eric, have you give us your insight into the tone of business? You mentioned some order hesitation. But just the metrics that you typically use the day rates, order size, some of the bellwether businesses? And can you also weave in whether there have been any blanket orders that's also a good indicator for us. Thanks.

鑑於宏觀經濟的不確定性，這似乎總是恰當的。艾瑞克，你對當前的商業氛圍有什麼看法？您提到下單時有些猶豫。但只是您通常使用的指標，例如每日費率、訂單規模以及一些風向標企業嗎？另外，能否也說明是否有任何大規模的強制令，這對我們來說也是一個很好的指標。謝謝。

Sure, sure. Well, really, look, I think there's kind of two realities out there. There's -- those areas that we focus that are really contributing to our growth, and those are dynamic and aggressive and exciting data centers and the things we're doing in water space, I know you know well. So those kind of have their own rhythm of positive energy.

當然，當然。其實，我認為現實情況大致上有兩種。有一些我們重點關注的領域，這些領域確實對我們的成長做出了貢獻，那就是充滿活力、積極進取、令人興奮的資料中心，以及我們在水資源領域所做的工作，我知道你們都很了解。所以它們都有自己獨特的正向能量節奏。

And then you have kind of the broad economy next to it. And this is, for us, is a lot more fragmented. I'd say it's certainly stable. I don't -- it's not really inflecting one way or the other. The way that we kind of pulse that, as you know, as we line up at six or seven businesses. We look at what we call the sort of day rates, a lot of it comes through fragmented distribution. We watch them together. And if they ever move in the same cadence, it generally tells us we're approaching some inflection point, either positive or negative.

然後，旁邊就是比較宏觀的經濟情勢。對我們來說，這更加支離破碎。我認為它肯定很穩定。我不這麼認為——它並沒有真正偏向任何一方。你知道，我們就是這樣一點一點吸引顧客的，就像我們在六、七家店門口排隊一樣。我們關注的是我們所說的日租金，其中許多都是由於分散的分銷管道造成的。我們一起看。如果它們以相同的節奏移動，這通常表明我們正在接近某個轉折點，無論是積極的還是消極的。

And so as we've been monitoring those throughout the year, I'll actually take you through it. I'd say in kind of Q1 leading up to the events of the spring around policy, those were stable, but they were a little higher than they are now. Then of course, we went through the spring and summer periods of tariff announcements and policy stuff, and we had a lot of things swinging back and forth. That kind of resolved itself in July as we talked through on the last call. And now it's stable again.

因此，正如我們全年一直在監測的那樣，我將帶您了解一下。我認為在春季政策事件發生之前的第一季度，這些指標都比較穩定，但比現在略高一些。當然，之後我們經歷了春季和夏季的關稅公告和政策變動，很多事情都在反覆變化。七月我們最後一次通話時討論後，這個問題就基本解決了。現在又穩定下來了。

It's just a slightly lower level than it was in the first quarter, and it kind of makes sense. There's an extra dimension of uncertainty hanging over everyone's heads here related to where policy direction might take us. So I think we're still looking for things to turn there. We monitor them every week, but as of now, very, very stable without inflection.

比第一季略低一些，這也在情理之中。這裡還有一個額外的不確定性，那就是政策方向可能會把我們帶到何處，這讓每個人都感到擔憂。所以我覺得我們仍在尋找可以轉向的方向。我們每週都會監測這些數據，但截至目前，數據非常非常穩定，沒有出現拐點。

On the large order side, which is not as big a part of the order flow for us, but does tell us things these would be discrete items where we actually know the end customer and how many they require and what they're actually building out. We just see the same kind of hesitancy. We don't see things being canceled. We see the decision process being elongated. We'll typically kind of see the funnel move a little bit to the right in terms of timing of outcomes.

就大訂單而言，雖然這部分訂單在我們訂單流中所佔比例不大，但它確實能告訴我們一些信息，這些都是獨立的項目，我們實際上知道最終客戶、他們需要多少以及他們實際在構建什麼。我們看到的都是同樣的猶豫不決。我們沒看到有什麼活動被取消。我們看到決策過程被延長了。通常情況下，我們會看到結果的時間順序稍微向右移動一些。

And largely, we're capturing the orders we would expect. It's just taking longer, and so not really an inflection positive there either. But again, just that's kind of one world. It's sit next to another world that almost operates with an entirely different cadence because it's being driven by other macro forces that are not as affected by these things.

總的來說，我們獲得了預期中的訂單。只是耗時更長，所以這方面也不算是正面的轉折點。但話說回來，那隻是其中一個世界而已。它毗鄰另一個世界，這個世界幾乎以完全不同的節奏運轉，因為它受到其他宏觀力量的驅動，而這些宏觀力量並不受這些因素的影響。

That's all really helpful. And just as a follow-up, and then I'll hand it off. Just can you reference any of the bellwether businesses, in particular, and also the impact of government shutdown on the fire business, in particular.

這些都很有幫助。最後再補充一點，然後我就把它交接出去。請您具體列舉一些產業風向標企業，以及政府停擺對消防產業的具體影響。

Yes, yes. So the kind of bellwether businesses, a lot of them for us are in FMT. There's much more fragmented user base through indirect distribution. So you can think of places like Gast, Warren Rupp, Viking -- over on the HST side, a business like BAND-IT, which does clams, there's a portion of that business that's pretty fragmented as well through kind of industrial applications. There's a few others, but that's generally the nature of what we're looking at.

是的，是的。因此，這類風向標企業，對我們來說很多都屬於FMT產業。透過間接分銷管道，用戶群體更加分散。所以你可以想想像 Gast、Warren Rupp、Viking 這樣的地方——在 HST 這邊，像 BAND-IT 這樣的公司，它是做蛤蜊的，這部分業務也相當分散，因為它涉及工業應用。還有一些其他情況，但總的來說，這就是我們所關注的性質。

And the reason it's meaningful for us is, I mean, it's really, really rapid fulfillment, as you mentioned. So we can get an order on a Monday, make it on a Wednesday and it's in service on a Friday. So it gives you a really good indication of what consumption actually looks like on the outside.

而它對我們有意義的原因是，正如你所說，它真的能很快實現目標。所以我們可以週一接到訂單，週三生產，週五就能投入使用。所以它能很好地反映出外部消費的實際情況。

And when those are constant, it generally tells us the system is working, people are fixing things, maintaining, replacing like-for-like. When it starts to move, they're doing more work. They're running extra shifts. They might even be expanding the facilities. So that's kind of how we use it as a filter.

當這些情況保持不變時，通常表示系統運作正常，人們正在修復問題、進行維護、進行同類更換。當它開始移動時，他們正在做更多的工作。他們正在加班。他們甚至可能正在擴建設施。所以，我們就是這樣把它當作過濾器使用的。

And sorry, the government funding question. Really, that's doesn't have the effect you might think. The North American fire and rescue markets are actually really good. They've been good for a while now. As you know, we do -- we've got kind of an enhanced automation offering there as well that's kind of helping us grow above baseline entitlements. So what we're really seeing when we reference government support, it's more of a European and Far East issue for us, that's China markets and some broader Southeast Asia.

抱歉，關於政府撥款的問題。實際上，它並不會像你想像的那樣產生效果。北美消防救援市場其實非常好。他們一直表現不錯。如您所知，我們確實有—我們在這方面也提供了一種增強型自動化解決方案，這有助於我們實現超越基本權益的成長。所以，當我們提到政府支持時，我們真正看到的更多的是一個歐洲和遠東地區的問題，也就是中國市場和更廣泛的東南亞地區。

Typically, at kind of this point back half of the year, they start to move up a bit as you get closer to the end of a budget cycle. And this particular year in both geographies, we didn't see that. In fact, thought it kind of turn the other way. If you think about it, in Europe, a lot of the funding over there is being used for other purposes, you can think of like the European equivalent for FEMA and sort of preparedness, so there's not as much to go around in our line of work.

通常情況下，到了年中這個時候，隨著預算週期接近尾聲，它們會開始略微上調。而今年在這兩個地區，我們都沒有看到這種情況。事實上，我覺得事情有點朝著另一個方向發展了。仔細想想，在歐洲，許多資金都被用於其他用途，例如歐洲版的聯邦緊急事務管理署（FEMA）和各種緊急準備工作，所以分配給我們這行的資金並不多。

And I just think in China, it's the continuation of a theme there. It's a desire to support more local industries, if you will, and be really, really careful on decision-making around higher government spend at a time where the economy is just not as strong, but not as affected on the US side, it's not that direct relationship.

我覺得在中國，這只是一個主題的延續。這是一種支持更多本地產業的願望，而且在經濟形勢不太強勁的時候，政府在增加支出方面會非常非常謹慎地做出決策，但美國方面受到的影響並沒有那麼大，兩者之間並沒有那麼直接的關係。

Thanks for that clarification. I appreciate all the color. Thanks

謝謝你的解釋。我喜歡這些色彩。謝謝

Thank you, Dean.

謝謝你，院長。

Mike Halloran, Baird.

麥克哈洛蘭，貝爾德。

Hey, thank you. Good morning, everyone. So no, I agree with Dean. I like those 4 slides you put at the front that kind of laid things out. One question on it. Can you frame what this means from a growth perspective for the portfolio relative to history? I know that the 2010, the growth was pressured by the 80/20 piece, but it was kind of that 3%, 4% kind of range, all else equal on a reported organic basis.

嘿，謝謝。各位早安。所以，不，我同意迪恩的觀點。我喜歡你放在前面的四張幻燈片，它們把事情整理得井井有條。關於這個問題，我有一個疑問。從投資組合的成長角度來看，相對於歷史數據，這又意味著什麼？我知道 2010 年的成長受到了 80/20 比例的影響，但據報道，在其他條件相同的情況下，有機成長率大概在 3% 到 4% 之間。

What does that look like on a forward basis in a normal environment? Or however you want to frame the growth algorithm today versus the previous decade before you embarked on page 3.

在正常環境下，從長遠來看，這會是什麼樣子？或者，無論你想如何描述當今的成長演算法與你開始閱讀第 3 頁之前的十年之間的變化。

Well, sure. I think like if you kind of track IDEX historically, especially in that period or before, you'll see that we kind of track right along with industrial production or the ISM index, I mean almost one for one. It's very high correlation in those years.

當然可以。我認為，如果你從歷史角度追蹤 IDEX，尤其是在那個時期或之前，你會發現我們與工業生產或 ISM 指數的走勢幾乎完全一致。那幾年相關性非常高。

And so by doing this work on the integrated side, bringing in, frankly, higher levels of vitality in the technologies that we've acquired. A lot of it in HST, some of it in the water space, certainly captive within our growth platforms. What we're trying to do is move that fulcrum to the right. And we're starting to break from it now just because of the collective weight, a lot of it being delivered in the HST segment.

因此，透過在整合方面進行這項工作，坦白說，為我們所獲得的技術注入了更高水準的活力。其中許多都與 HST 有關，一部分與水資源領域有關，當然也都在我們的成長平台之內。我們正在努力將這個支點向右移動。我們現在開始擺脫這種局面，只是因為整體壓力，其中許多壓力都來自高速列車段。

And so if you think of that as historically something that's been kind of the lower side of low single digits is an entitlement, the industrial piece, we see that moving up and ultimately would like to get it sitting closer to mid-single digits for the company. It's kind of GDP plus and really being just driven on the backs of two things, really, the portfolio itself, the composition of just higher tech assets that are more in line with, as I said on the call -- the prepared remarks, 21st century secular trends.

因此，如果你把工業領域的權益視為歷史上一直處於個位數低點的領域，我們看到它正在上升，最終希望公司能將其提升到接近個位數中段的水平。它有點像是 GDP 加上其他因素，實際上只是由兩件事驅動的：投資組合本身，以及更符合 21 世紀長期趨勢的高科技資產組成，正如我在電話會議上所說——準備好的演講稿。

But at the same time, and I think this is important a source code that we're writing in terms of how these technologies actually work together in a company like IDEX with tunable technology. And you really, really see that taking shape in the Material Science Solutions platform that I outlined. And its impact on a single business like Muon. We're actually you're seeing faster results because of the collaboration across the dimensions that we've outlined here. So it's those two things. It's assets coming on board and the way we work those assets together, but then moves us off of kind of an industrial fulcrum to something closer to mid-single digits.

但同時，我認為這一點很重要，那就是我們正在編寫的原始程式碼，它闡述了這些技術如何在像 IDEX 這樣擁有可調技術的公司中實際協同工作。而且，你真的可以在我概述的材料科學解決方案平台中看到這一點的形成。以及它對像 Muon 這樣的單一企業的影響。實際上，由於我們在此概述的各個維度之間的協作，您會看到更快的成果。所以就是這兩件事。關鍵在於我們獲得的資產以及我們如何將這些資產結合起來，但這卻使我們從某種工業支點轉向了更接近個位數的水平。

That's helpful. Appreciate that. And then maybe the answer here is obvious with some of the stuff you said in the earlier remarks, but you look back over the last seven or so quarters, orders have been positive. They've kind of trended if I take a really lose average in that 3%, 4% kind of range from an organic growth perspective.

那很有幫助。謝謝。或許答案在你之前的一些發言中已經很明顯了，但回顧過去七個季度左右的情況，訂單情況一直不錯。如果從自然成長的角度來看，我粗略地取個平均值，它們的趨勢大概在 3% 到 4% 之間。

How do you think about when the revenue levels can start more consistently normalizing towards that range? We've had a lot of moving pieces quarter-to-quarter for a while now. But just when do you think there's going to be more of a consistent relationship between those things emerging?

您認為收入水準何時才能開始更穩定地​​向該範圍靠攏？一段時間以來，我們每季都面臨著許多變動。但你認為這些事物之間何時才能建立起更穩定的連結呢？

Well, I think two things got to happen there. I mean we -- obviously, we're getting a lot of price, too. So as you referenced those numbers, what we're looking at is not just the organic rates, especially on the industrial businesses, but we're actually looking for the volume step up underneath it. And so I do think it's been a while now since that sort of base level in industrial world started to move or inflect.

我覺得那裡必須發生兩件事。我的意思是，很顯然，我們也付出了很多代價。正如你所提到的那些數字，我們關注的不僅僅是有機成長率，尤其是工業企業的有機成長率，但我們實際上關注的是其背後的銷售成長。所以我認為，工業界的那種基本水準已經有一段時間沒有轉變或改變了。

So at some point, when it does, I mean we're going to be really, really well positioned to move on top of it. That's still an important part of the business, and it covers a lot of IDEX. I think back to this theme of controlling what we can control and having more pieces available at our disposal to do it, that's the part that's more impactful and where we're spending all our time and energy.

所以，當這種情況發生時，我們將處於非常有利的位置，能夠抓住機會。這仍然是業務的重要組成部分，並且涵蓋了IDEX的很大一部分。回想一下，控制我們能夠控制的事情，並擁有更多可供我們支配的資源來實現這一目標，這才是更有影響力的部分，也是我們投入所有時間和精力的地方。

So stories like you see in the Material Science Solutions platform, the work that I've referenced long ago about kind of how data centers are coming together in our pneumatic space, that's kind of leading the way for growth for us right now.

所以像你在材料科學解決方案平台上看到的故事，以及我很久以前提到的關於資料中心如何在我們的氣動領域融合在一起的工作，正在引領我們目前的成長方向。

Water, which on the municipal facing side, that was a high single-digit grower for us here in this quarter. And so having more of those cases and points put down and then ultimately Mott being part of that as well as we continue the exact same work there. I think it's those two components. It's an entitlement shift that I think is overdue. On the industrial side and then us just doing the work that I'm describing here on top of it.

水資源方面，就市政用水而言，本季我們這裡的水資源實現了接近兩位數的成長。因此，我們需要記錄更多這樣的案例和觀點，最終讓莫特也參與其中，我們將繼續在那裡進行完全相同的工作。我認為就是這兩個因素。我認為這種權利觀念的轉變早就該發生了。在工業方面，然後我們在此基礎上進行我所描述的工作。

Thanks, Eric. Appreciate it.

謝謝你，埃里克。謝謝。

Thank you, Mike.

謝謝你，麥克。

Joe Giordano, TD Cowen.

喬喬丹諾，TD Cowen。

Hey guys, good morning. I'm just curious, Eric, like when you -- if you just like step back now, like after the -- and kind of take in the last year, 18 months or so, and you look at the deals you've done clearly like interesting deals with positioned into the growth areas that you mentioned. But like if I compare like what we've been acquiring to what we used to acquire like -- was there a sense of like maybe we chase growth in a different way?

嘿，各位，早安。我只是好奇，艾瑞克，如果你現在退後一步，回顧過去一年半左右的時間，看看你完成的那些交易，那些明顯有趣的交易，那些定位在你提到的成長領域的交易，會是什麼樣子呢？但是，如果我把我們現在收購的東西和我們過去收購的東西進行比較——是否感覺我們追求成長的方式有所不同了？

And did we get away from what made IDEX unique in terms of the the positioning and the -- like the visibility of these businesses? Or I'm just curious how you would kind of push more on the whole like the last two years here on the M&A side. Now that we're refocusing on 80/20 look as a specific mandate again.

我們是否偏離了IDEX的獨特之處，例如其定位和——以及這些企業的知名度？或者我只是好奇，在過去兩年裡，您會如何推動併購的整體發展。既然我們重新將重點放在 80/20 法則上，那就再次將其作為一項具體任務。

Yes. I appreciate the question. I think -- well, look, from probably the most positive aspect, the line of sight between the technology and the market access points we've acquired and areas of growth in the economy that are not affected by some of the things we've talked through, I think, is really positive.

是的。感謝您的提問。我認為——嗯，你看，從最積極的角度來看，我們所獲得的技術和市場准入點，以及不受我們討論過的某些事情影響的經濟成長領域之間的聯繫，我認為這真的很積極。

Almost every single point we've referenced here in terms of us making our own luck, you can trace it back to areas very close to the businesses that we've acquired. So I think that part of the thesis I feel very confident about. The actual work being performed is not that different then I remember kind of the earlier days of IDEX, while a lot of our traditional technology was pretty industrial in nature.

我們在這裡提到的幾乎所有關於我們如何創造好運的點，都可以追溯到我們收購的企業附近的地區。所以我覺得論文的這部分內容我很有信心。實際進行的工作與我記憶中IDEX早期的工作並沒有太大不同，儘管我們許多傳統技術本質上都具有相當的工業性質。

The actual development and iterative innovation work that goes on there is very, very difficult in cutting edge. And so Part of the thesis here really is to essentially set the same specification points now in emerging industries, be a part of that, be a partner with customers as they develop things and then solve problems that I think are honestly pretty equivalent to what we did back in the earlier industrial times.

在尖端領域，實際的研發和迭代創新工作非常非常困難。因此，本文的部分論點實際上是，現在新興產業實際上設定了相同的規範點，成為其中的一部分，與客戶合作開發產品，然後解決我認為與我們在早期工業時代所做的事情非常相似的問題。

But there's new markets and new worlds here that are available that we need to be a part of that will be essentially annuity streams for us over the next decades here. They're different assets. We do a lot more of the work in clean room environments than we used to do in traditional manufacturing. But the nature of engineering first rapid iteration, kind of a big capital D and a small R in R&D, I mean, that's classic IDEX.

但這裡有新的市場和新的領域等著我們去探索，它們將在未來幾十年為我們帶來穩定的收入來源。它們是不同的資產。我們現在在無塵室環境中完成的工作比以前在傳統製造環境中完成的工作要多得多。但工程的本質在於快速迭代，就像研發中的大寫 D 和小寫 R 一樣，我的意思是，這就是經典的 IDEX。

And then the ultimate business filter here that looks at delivering massive criticality at a kind of low point of the bill of materials is just -- that's the sort of secret source code of our economic engine, that's constant as well. So I think it's -- while it is an evolutionary shift and probably the newest nature piece of it is the way that we're collaborating across borders within business.

然後，這裡最終的商業過濾器，著眼於在物料清單的低點提供巨大的關鍵性——這就像我們經濟引擎的秘密原始碼，而且是恆定的。所以我認為——雖然這是一個進化的轉變，但其中最新的本質特徵是我們跨越國界進行商業合作的方式。

I actually think that's reflective of just where the world is now as well. The kind of solutions they're asking us to solve some of the best customers that are out there. They often demand work that transcends a single business or a single technology. So we're setting ourselves up in a way that we can continue to participate with a world that's evolving -- developing and evolving as well.

我認為這其實也反映了當今世界的現狀。他們要求我們為一些最優秀的客戶提供解決方案。他們經常要求完成超越單一業務或單一技術的工作。因此，我們正在為能夠繼續參與這個不斷發展演變的世界做好準備——這個世界也在不斷發展演變。

That's great color. And just kind of like an extension of that. And I understand that policies can change and they do change all the time from like a governmental, but -- if we think about what's in place now and if I was to like ask you to do kind of like a five-year kind of growth outlook.

顏色真好看。這就像是那件事的延伸。我知道政策會改變，而且政府政策也一直在改變，但是──如果我們考慮一下現在的情況，如果我請你做一個五年成長展望。

I'm not looking for the number, but if you were to compare that now versus like if I asked you five years ago, are any of like your businesses do you think like structurally differently positioned in a world where policy is kind of here thinking some of the -- maybe some of the -- on the Med tool side and something like the the lab-based clinical applications. Thanks.

我並不是尋找具體數字，但如果將現在的情況與我五年前問你的問題進行比較，你認為你的業務在結構上是否與過去有所不同？在政策方面，你考慮過一些——也許是一些——醫療工具方面，以及類似實驗室為基礎的臨床應用方面。謝謝。

Well, look, I think there's no question in certainly the last five years, things have changed and the pace of change is a lot faster than it used to be. So when I think of that from the highest level, I think about businesses in a company that's agile and can move on a dime and being able to quickly rally around change, I think we're actually really, really well set up for that.

嗯，你看，我認為毫無疑問，在過去的五年裡，情況發生了變化，而且變化的速度比以前快得多。所以，從最高層次來看，我認為，對於一家敏捷、反應迅速、能夠快速適應變化的公司來說，我們實際上已經為此做好了非常充分的準備。

I'll just give you a quick example. We highlighted a lot of great things going on in this material science solutions platform. Got some applications there on the data center side, they didn't even exist, on. They really weren't on our horizon. Even one year, 1.5 years ago. And there are a testament to the teams and the flat organizational nature of the way we run things and autonomy of decision rights, those teams jumped on that kind of put 100% effort on it, segmented it with 80/20, went out, put prototypes in front of people and ultimately won the day very, very quickly.

我給你舉個簡單的例子。我們重點介紹了這個材料科學解決方案平台上正在發生的許多精彩事情。資料中心那邊有一些應用程序，它們甚至不存在。他們真的不在我們的考慮範圍內。甚至一年前，也就是一年半前。這證明了團隊的實力，以及我們扁平化的組織架構和決策自主權的重要性。這些團隊全力以赴，按照 80/20 的原則進行劃分，走出去，把原型展示給人們，最終很快就取得了成功。

So I'll step back and say in a world of change, I do think we're very, very well set up just in terms of kind of how we run and lead IDEX to go after that. Now there are specific places, you mentioned one there on the life sciences side. And that's in a different space than it was years ago. But I think even there, the tunability of our technology allows us to respond to things very, very well.

所以，我退一步說，在這個瞬息萬變的世界裡，我認為我們在營運和領導 IDEX 方面已經做好了非常充分的準備，可以朝著這個方向發展。現在有一些具體的地方，你剛才提到了生命科學領域的一個地方。這與幾年前的情況已經截然不同了。但我認為，即使在這種情況下，我們技術的可調性也使我們能夠對各種情況做出非常非常好的反應。

In Life Sciences today, there's absolutely some pressure on the kind of academic funding side of things. But there's a lot of strength on the pharma side, and we're able to tune resources and shift accordingly. So that ability to do that within kind of a small- to medium-sized organizational construct and do it fast. I do think sets us up for change sort of no matter what direction it takes us.

如今生命科學領域在學術經費方面確實面臨一些壓力。但製藥方面實力雄厚，我們可以調整資源並做出相應調整。因此，需要在中小型組織結構內快速完成這項工作。我認為這讓我們做好了迎接改變的準備，無論改變將我們引向何方。

And then just from a kind of a trade policy perspective, which is sort of the big headline today that we're dealing with, remember, this is a really localized business model. We tend to iterate, ideate, produce, source, make stuff and sell it within the same geography. So it protects us a bit from unexpected shifts there on that side as well.

然後，從貿易政策的角度來看（這也是我們今天討論的重點），請記住，這是一種非常本土化的商業模式。我們傾向於在同一地理區域內進行迭代、構思、生產、採購、製造和銷售。所以它也能在某種程度上保護我們免受那邊意外變化的影響。

Thank you. Guys.

謝謝。夥計們。

Nathan Jones, Stifel.

Nathan Jones，Stifel。

Good morning, everyone. I guess I'll come from the other side of the platforming strategy and some of the acquisitions that have been made here. Questions have obviously been focusing on growth. I think there are opportunities for you guys to take some more cost out of those businesses, maybe combining some rooftops. I know you did some headcount reductions earlier in the year. So maybe if you could just talk about it from the other side and the potential for reducing costs, expanding margins as part of this strategy as well.

各位早安。我想我會從平台策略和一些已完成的收購的另一端來看待這個問題。顯然，問題主要集中在成長方面。我認為你們有機會進一步降低這些企業的成本，例如合併一些屋頂。我知道你們今年早些時候進行了一些裁員。所以，或許您可以從另一個角度來談談，例如降低成本、擴大利潤率的可能性，這也是策略的一部分。

Yes. Well, look, that's kind of a classic part of how we drive value at IDEX. We're very good at operational excellence. We apply 80/20 to understand where resources are being well leveraged and where they're not. I'd kind of within a more recent framework, take you through maybe three of the acquisitions, so you can understand the work there.

是的。嗯，你看，這正是我們在 IDEX 創造價值的經典方式之一。我們在卓越營運方面做得非常出色。我們運用 80/20 法則來了解哪些資源得到了充分利用，哪些資源沒有被充分利用。我打算以最近的情況為例，帶你了解其中三項收購，以便你了解這方面的工作。

I'll go back a bit in time a few years ago, we bought Airtech. We did a lot of work with that business. We -- at one point, we did a kind of President's Kaizen event there and brought in most of the senior leaders of IDEX and helped out on a number of elements to make sure that they were set up to grow that business. I was happy to say when I went back a year later that there you can see it, it's alive today and they've taken that and they've incorporated into their business, and it's how they're able to grow at the levels that they have.

我稍微回顧一下幾年前的事情，當時我們收購了Airtech公司。我們與那家公司進行了許多合作。我們—曾經在那裡舉辦過一次總裁改善活動，邀請了IDEX的大部分高階領導，並在許多方面提供協助，以確保他們能夠發展這項業務。一年後我回去的時候很高興地看到，它依然存在，他們已經把這種理念融入到他們的業務中，這也是他們能夠發展到如今這種規模的原因。

We've got some insight into the material science solutions platform and Muon specifically here, where as you know, we took some cost actions there. In Q3, we see that at -- we can appreciate it at full run rate. And as you can see now, we've got profitability above the consolidated HST levels. and are well set up now to lever it as we go forward.

我們對材料科學解決方案平台，特別是 Muon，有了一些了解，正如您所知，我們在那裡採取了一些成本控制措施。在第三季度，我們看到——我們可以以全速運行來欣賞它。正如您現在所看到的，我們的盈利能力已經高於合併後的HST水平，而且我們已經做好充分準備，在未來的發展中充分利用這一優勢。

And then more recently and certainly at a different scale, the work we're doing with Mott, it's the same thing. We're in there and we're making calls on business, where do we think the 80s are? Where are the 20s? How does this help us map resources accordingly. And we're doing a lot of work on the efficiency side.

然後，最近我們與 Mott 合作的工作，規模雖然不同，但本質上也是一樣。我們在那裡洽談業務，我們認為 80 年代在哪裡？20年代的人們在哪裡？這如何幫助我們合理分配資源？我們在提高效率方面做了很多工作。

One of the highlights of Q3, as you know, Mott has a ramp kind of a long linear ramp to Q4. They're going to step up that business, actually executed some of it early into the third quarter because of efficiency gains and some of the great work that, that team has done as well as the work on our side.

如您所知，Q3 的一大亮點是，Mott 有一個類似長線性斜坡的斜坡，一直延伸到 Q4。他們將加強開展這項業務，實際上，由於效率的提高以及團隊和我們團隊所做的出色工作，他們在第三季初就執行了一些業務。

More structurally, we've long referenced the work that we did around operational -- or structural productivity and delayering and things like that at the platform level, that's part of it, too. And when we move from single businesses and kind of a classic IDEX sense that has all the back office and all the administrative things happening business to business, and we combine them and they work together, we get back-office efficiencies there.

從結構上看，我們長期以來一直提到我們在平台層面圍繞營運或結構生產力、層級劃分等所做的工作，這也是其中的一部分。當我們從單一業務模式（類似於經典的IDEX模式，所有後台和所有行政事務都是企業對企業進行的）轉變為合併，並讓它們協同工作時，我們就獲得了後台效率。

So a lot of the things that are on the plate right now, that's where it came from. And now we're seeing full run rate here in the third quarter and we're -- it upticks a bit even into Q4.

所以，現在擺在我們面前的很多事情，都是由此而來。現在我們看到第三季已經達到滿載運轉，而且——甚至在第四季度還會略有上升。

Yeah, Nathan, just maybe to put some numbers around it, right? Eric mentioned the dealer and the platform optimization efforts. And then we -- the second bucket was really cost containment efforts and actions that we put into place in the -- starting in the second quarter. What you see today is we delivered $17 million across those two buckets and the step-up will be a few million dollars and run rating at about $20 million here in the fourth quarter.

是的，內森，或許可以用一些數據來佐證，對吧？艾瑞克提到了經銷商和平台優化工作。然後，第二個面向是我們從第二季開始實施的成本控制措施和行動。今天我們看到，我們在這兩個領域實現了 1700 萬美元的收入，而第四季將增加幾百萬美元，預計收入將達到 2000 萬美元左右。

Are there further opportunities for these kinds of restructuring savings. I think you've talked about maybe consolidating some rooftops as one of the things to do in the future. As part of combining these businesses, moving them closer together. Is there something that you're likely to move on in 2026.

是否還有其他透過此類重組節省成本的機會？我想你曾經提到過，未來可以考慮將一些屋頂進行整合。作為合併這些企業的一部分，使它們之間的距離更近。2026年你打算放棄什麼？

Well, that's certainly a chapter that we'll take a look at. One of the advantages when you put similar businesses together, as you can absolutely look at your infrastructure topology and then ask questions around how to effectively lever that.

嗯，這確實是我們要仔細研究的一個章節。將類似的企業放在一起的優勢之一是，您可以全面了解其基礎設施拓撲結構，然後提出如何有效利用這些結構的問題。

I will say we haven't done as much of it here this year because that's a big variability element as we've worked on some of the other aspects of 80/20 and bringing people together, particularly in a commercial and a technical way that's different. We've been a little careful not to superimpose more variability on top of it and run the risk that any of that then manifest through to the customer base. So that's a chapter to come.

我想說，今年我們在這方面做得還不夠多，因為這是一個很大的變數，因為我們一直在努力處理 80/20 的其他方面，以及將人們聚集在一起，尤其是在商業和技術方面，這都與以往不同。我們一直比較謹慎，避免在此基礎上疊加更多的變數，以免這些變數最終影響到客戶群。所以，這部分內容將在後面揭曉。

It's something that we'll certainly consider here, and we'll be thoughtful in how we layer it across, so that it doesn't interrupt growth. But that is an open up area of opportunity for us. And certainly, as we scale the company, we're always thinking of that because we want to take some of that complexity out of the system.

這確實是我們會考慮的問題，我們會認真考慮如何將其融入各個環節中，以免阻礙成長。但這對我們來說是一個充滿機會的領域。當然，隨著公司規模的擴大，我們始終會考慮到這一點，因為我們希望減少系統中的一些複雜性。

Thanks for that. I guess my follow-up is going to be around capital allocation. Specific change in priorities, I guess, really this quarter with I know you talked about M&A maybe taking more of a backseat now smaller deals, not the transformational deals. And you have repurchased shares each quarter this year, increase the authorization. Is part of the plan here to be more of a serial repurchaser of stock going forward?

謝謝。我想我接下來要討論的重點將是資本配置。我想，本季優先事項的具體變化是，我知道你談到了併購可能會退居次要地位，現在更多的是小額交易，而不是變革性交易。今年以來，你們每季都回購了股票，請增加授權額度。該計劃的一部分是否包括未來更頻繁地回購股票？

I would imagine that you think the stock is probably well below intrinsic value right now and IDEX has historically been a share repurchaser in that situation. So just how we should think about share repurchase, both opportunistically in the short term and Morrow's a long-term avenue for capital deployment?

我猜您認為該股票目前可能遠低於其內在價值，而IDEX歷來在這種情況下都會回購股票。那我們該如何看待股票回購呢？既要考慮短期內的機會主義回購，又要考慮 Morrow 所說的長期資本部署途徑？

Thanks. Yeah, Nathan, let me just sort of walk you through that framework, right? And first, I think it's important for me to recognize the high-quality portfolio we've built, which actually enables us to generate strong free cash flow consistently that we're actually able to deploy, right?

謝謝。好的，內森，讓我來給你簡單介紹一下這個框架，好嗎？首先，我認為重要的是要認識到我們已經建立的高品質投資組合，這實際上使我們能夠持續產生強勁的自由現金流，並且我們能夠真正地進行部署，對吧？

And you sort of called it out M&A, there was a period of heavy investment for us during our growth platform building phase, and now we're focused on bolt-ons that are going to have attachment points to these growth platforms that we've built. And one of the greatest examples here that half for you who was in one of the slides was Micro LAM, which we announced a quarter ago, right? -- its integration is going really well. It's sort of plug in very nicely into the MSS platforms.

你剛才也提到了併購，在我們建立成長平台的階段，我們進行了一段時間的大量投資，而現在我們專注於那些能夠與我們已經建立的成長平台建立連結點的附加業務。這裡最好的例子之一，對你們這些在幻燈片裡看到的人來說，就是我們三個月前發布的 Micro LAM，對吧？ ——它的整合進展非常順利。它與 MSS 平台的兼容性非常好。

Look, from a funnel perspective, our funnel is strong. We continue to cultivate proprietary ideas. And so we'll -- as those opportunities are available to us, right, we'll execute on them. And then as we think about excess cash flow, we'll continue to return that capital to shareholders. And that's through dividends. I do want to make sure that we spend a minute on that. That is sort of a policy that -- where we've grown our dividend here historically. We aim for 30% to 35% adjusted net income to be paid out from that front and then share repurchases, which, as you mentioned, right, we stepped up.

從銷售漏斗的角度來看，我們的銷售漏斗很強大。我們將繼續培育專有技術。所以，當這些機會擺在我們面前時，我們會抓住它們。然後，當我們考慮盈餘現金流時，我們將繼續把這些資金回饋給股東。而這都是透過分紅來實現的。我希望我們能花一分鐘討論這個問題。這是一種政策，我們過去一直在這裡提高股利。我們的目標是從這方面支付 30% 到 35% 的調整後淨收入，然後進行股票回購，正如您所提到的，我們已經加大了回購力度。

So coming into the year, we had already stepped up the share repurchases because we were outside of that heavier deployment of capital towards platform building. And so if you look at sort of where -- how the numbers stack up, right, year-to-date, we've returned about 80% of our free cash flow to shareholders.

因此，在年初的時候，我們已經加大了股票回購力度，因為我們沒有像其他公司那樣將大量資金投入平台建設。因此，如果你看一下各項數字的比較情況，你會發現，今年迄今為止，我們已經將大約 80% 的自由現金流返還給了股東。

So -- as we think about this framework and look at what's ahead, especially us moving towards more bolt-on being able to add more things to the growth platforms, you'll see that excess cash being returned to shareholders.

所以——當我們思考這個框架並展望未來時，特別是當我們朝著能夠為成長平台添加更多東西的方向發展時，你會看到多餘的現金會回饋給股東。

But I think, Nathan, long-term -- also people to recognize, I mean, we've got some work in parallel. We're always thinking about where does IDEX go next, what other technologies are out there that could be interesting for us, are there access points for markets, so that work continues, but it's of a longer duration. So we're not -- it's really important that we don't interrupt it, but we're kind of do two parallel tracks here.

但我認為，內森，從長遠來看——人們也應該認識到，我的意思是，我們還有一些工作是並行進行的。我們一直在思考 IDEX 的下一步發展方向，有哪些其他技術可能對我們有用，是否有進入市場的切入點，因此這項工作仍在繼續，但持續時間更長。所以我們不能——非常重要的一點是我們不能打斷它，但我們在這裡實際上是在做兩條平行線。

And we're thinking ultimately about deploying capital to the points of highest return I think right now, for us, taking advantage of what we purchased, getting it to work together effectively working on both the top and the bottom line and driving a ton of value out of the base that we've acquired is absolutely a point of high return.

我們最終考慮的是將資本部署到回報最高的地方。我認為目前對我們來說，充分利用我們收購的資產，讓它們有效協同運作，在營收和利潤兩方面都取得成效，並從我們已獲得的基礎中創造大量價值，這絕對是高回報的點。

And then as we do that, returning cash and capital to the shareholders, we think if nothing else, a real signal and sign of the confidence we have in the long-term growth strategy for the company.

然後，當我們這樣做，將現金和資本回饋給股東時，我們認為，即便沒有其他意義，這也是我們對公司長期成長策略充滿信心的真正訊號和標誌。

Awesome. Thanks for taking my questions.

驚人的。謝謝您回答我的問題。

Bryan Blair, Oppenheimer & Company.

Bryan Blair，奧本海默公司。

Thank you. Good morning, guys. The intelligent water platform has gotten a decent amount of airtime today. I think that's fair. Eric, as you called out, the team presented quite well at [WesTech]. So wondering if you could offer some finer points on contribution in the quarter. And I think you would noted high single digit. I don't know if that was a revenue or order expansion. A clarification there would be helpful.

謝謝。各位早安。今天，這款智慧水上平台獲得了相當多的關注。我覺得很公平。艾瑞克，正如你所指出的，團隊的表現相當不錯。[WestTech]所以想請您就本季的貢獻提供一些更詳細的見解。我想你會注意到接近兩位數的差距。我不知道那是營收成長還是訂單成長。如果能對此進行澄清就更好了。

And then even more importantly, just speak to the underlying demand trends, visibility and growth prospects of the platform as we look to '26?

更重要的是，展望 2026 年，請談談該平台的潛在需求趨勢、知名度和成長前景？

Sure. The high single digits is on the revenue side, orders were good as well. We point out the municipal facing side because when we talk about water platform as a whole, we also have a piece of it that's vectored towards high-purity applications. A lot of that's in kind of semi fab build-out areas. So we want to make the distinction, but the bulk of it is municipal facing.

當然。營收方面實現了接近兩位數的成長，訂單情況也不錯。我們之所以特別指出面向市政的一面，是因為當我們談論整個水平台時，其中也有一部分是面向高純度的應用。很多都位於半預製建築區域。所以我們想做出區分，但大部分是面向市政的。

And it's -- I mean, the great businesses. We're doing a job there that is absolutely critical. We help people understand what's going on underneath the ground. These are environments, as you know, you don't want to spend a lot of time in. And we've augmented that through acquisition as well.

我的意思是，那些偉大的企業。我們在那裡從事的工作至關重要。我們幫助人們了解地下正在發生的事情。如你所知，這些環境並不適合長時間停留。我們也透過收購進一步增強了這項實力。

So Nexsight, it brought us some more critical inspection gear and a lot of analytical intelligence -- this is our most software-intensive business in all of IDEX. And we use it -- the two technologies together, think of it as flow monitoring, flow detection in very difficult environments. I assure you that's not an easy job to do.

因此，Nexsight 為我們帶來了更多關鍵的偵測設備和大量的分析智慧——這是我們 IDEX 中軟體密集度最高的業務。我們結合使用這兩種技術，可以將其視為在非常困難的環境中進行流量監測和流量檢測。我向你保證，那絕對不是一份容易的工作。

And then a data capture portion of it that then sends it into an analytical framework, which essentially allows us to help municipalities understand how the system is working. And so we present that information all across the global customers. And essentially, if you think about it, there's two primary customers.

然後，它還包含一個資料收集部分，該部分會將資料發送到分析框架中，這實際上可以幫助市政當局了解系統是如何運作的。因此，我們會將這些資訊呈現給全球客戶。實際上，仔細想想，主要客戶群有兩個。

On the one side, there's the operator side that's trying to just run a good system day-to-day. But maybe even more importantly for us, we're actually supplying that analytical input into capital specification engineers, and they're using it then to essentially vector capital into larger scale projects and infrastructure build-out. Without the work that we do, that would be very difficult. So it's much more integrated than it was originally.

一方面，營運方只是想讓系統日常運作良好。但對我們來說，或許更重要的是，我們實際上是在向資本規範工程師提供分析輸入，然後他們利用這些輸入將資本引導到更大規模的專案和基礎設施建設中。如果沒有我們所做的工作，那將非常困難。所以它比最初更加一體化了。

We presented it that way at WesTech. It works that way in actual fact. And here with the latest addition, Subterra, that allows us kind of to go in, in an untethered way, a lot further and extends our reach with a pretty simple device. So we're really, really pleased with what we have there. It's great to see the growth as a reward, and we look for more in the future.

我們在西澳科技大學就是這樣展現的。實際上就是這樣。而最新加入的 Subterra，讓我們能夠以一種不受束縛的方式深入探索，並透過一個非常簡單的設備擴展我們的活動範圍。所以我們對目前的情況非常非常滿意。看到公司發展壯大，我們感到非常欣慰，也期待未來能有更大的成就。

That's excellent. I appreciate the color. And Q3, HST results were pretty encouraging overall. I know your team has been navigating challenging market conditions for a while, and perhaps there are stand out free shoots quite yet, but it seems like, I guess, the aggregate demand outlook is I believe is gradually improving.

太好了。我喜歡這個顏色。第三季度，HST 的結果總體上相當令人鼓舞。我知道你們團隊已經應對了一段時間充滿挑戰的市場環境，也許目前還沒有特別突出的免費拍攝機會，但我認為，整體需求前景正在逐步改善。

Given the restructuring and optimization work your team has done, how should we think about HST incrementals once we do get back to a more supportive demand environment?

鑑於您的團隊已經完成了重組和優化工作，一旦需求環境恢復到更有利的水平，我們應該如何考慮 HST 增量？

Hey Ryan, it's Akhil. Yes, I can take this one. Look, the way I would think about it is sort of from an incremental standpoint, just given sort of the demand dynamics that you laid out, we'd expect somewhere in that 35% to 40% incrementals.

嘿，瑞恩，我是阿基爾。是的，我可以接受這個任務。你看，我的想法是從漸進的角度來看，考慮到你所描述的需求動態，我們預期增量應該在 35% 到 40% 之間。

And again, as sort of if those demand dynamics weren't there, right, we'd vector to the lower end of that, but that's sort of how we're thinking about with demand there to support the business.

再說一遍，如果這些需求動態不存在，對吧，我們會轉向較低的水平，但這就是我們考慮的需求如何支撐業務發展的方式。

And I think as you said, and I want to highlight here, especially for the teams that are doing the work in HST. Yes, they had a really good year. I mean this segment has grown orders, sales and profitability each of the three quarters that we've had here, and they're going to step it up again in the fourth quarter.

正如你所說，我想在這裡特別強調一下，特別是對於在 HST 領域工作的團隊。是的，他們那一年過得非常出色。我的意思是，在過去的三個季度裡，這個業務板塊的訂單量、銷售額和獲利能力都實現了成長，而且他們將在第四季度繼續加速成長。

Again, the underlying markets are -- some of them are better than others in IDEX, but a lot of this is on the backs of great work like we've outlined in MSS or in data center applications and Airtech and other places.

再說一遍，IDEX 的基礎市場情況各不相同——有些市場比其他市場更好，但這很大程度上要歸功於我們在 MSS、資料中心應用、Airtech 和其他領域所做的出色工作。

Appreciate the detail. Thanks again.

感謝您提供的細節。再次感謝。

Vlad Bystricky, Citigroup.

弗拉德‧比斯特里基，花旗集團。

Good morning, guys. Thanks for taking my call. So maybe just going back to your commentary, Eric, on sort of the price versus volume dynamics that you've seen and you mentioned that you've been seeing strong price realization overall.

各位早安。謝謝您接聽我的電話。所以，艾瑞克，也許我們可以回到你剛才的評論，關於你觀察到的價格與成交量動態，你提到你看到整體價格實現強勁。

So could you give any color on what price actually contributed in 3Q and how you're thinking about pricing heading into two, particularly if kind of a still sideways or sluggish demand environment in portions of the business line.

那麼，您能否詳細說明一下價格在第三季實際發揮了什麼作用，以及您如何考慮第二季的定價策略，尤其是在部分業務線的需求環境仍然橫盤整理或疲軟的情況下？

Yes. Well, look, so price capture has increased, obviously, as we've gone through the year, much of it in response to the tariff announcements. And so in Q3, we were about 3.5%. That's a high point for the year. that's higher than everything we had in 2024, and it's kind of starting to approach some of the levels at the tail end of '23, which was kind of the end of that big inflationary cycle.

是的。嗯，你看，價格控制顯然在今年有所增加，這很大程度上是對關稅公告的回應。因此，第三季我們的佔比約為 3.5%。這是今年的最高點。這比 2024 年的任何水平都高，而且開始接近 2023 年末的一些水平，那算是那輪大通膨週期的尾聲。

So it's increasing. And two things I would say about it. One, I always want to remind people here. One of the reasons that we're able to do that and do it effectively, it is a testament to the differentiation that we have in our technologies, the positioning of our businesses and the great work of our teams. I say that because I think as this goes on and the levels get higher, I think this is an area where it's getting a little more difficult. I think there's some real pricing fatigue that is out there generally.

所以它正在增加。關於這件事，我想說兩點。第一，我始終想提醒這裡的人。我們能夠做到這一點並取得如此顯著成效的原因之一，證明了我們在技術上的差異化優勢、業務定位以及團隊的出色工作。我說這話是因為我覺得隨著事情的進展和難度的增加，這方面會變得越來越難。我認為目前市場普遍存在價格疲勞現象。

And I think this is where I appreciate the differentiation that we have in our businesses and our ability to kind of withstand that argument. It goes back to the original business filter of the company of lots of criticality at a relatively low price point, so that when our increases do hit, they're easier to rationalize than some others.

我認為，正是這一點讓我體會到我們業務的差異化優勢，以及我們能夠抵擋這種質疑的能力。這可以追溯到該公司最初的商業模式，即以相對較低的價格提供大量關鍵產品，因此，當我們的價格上漲時，比其他一些上漲更容易被合理化。

So heading forward, I think, obviously, from a pricing perspective, a lot of it is going to depend on where does policy go. So much of it has been a response to that, kind of the base level pricing entitlement that does things like covers traditional inflation for us and others. We've -- we're planning for that. We've got some of it out now as kind of a preannouncement getting ready.

所以展望未來，我認為，從定價的角度來看，很大程度取決於政策走向。許多措施都是對此的回應，例如基本定價權，它可以為我們和其他人抵消傳統的通貨膨脹。我們已經——我們正在為此做準備。我們現在已經放出了一些內容，算是提前預告。

So nothing really interrupting that side of the cycle. The real open question is, does policy become more aggressive? Does that then force us to go to even higher levels? And then ultimately, that's into an environment that I think is starting to have some real fatigue.

所以，這個週期這一側並沒有受到任何干擾。真正的懸而未決的問題是，政策是否會變得更加激進？那是否意味著我們要達到更高的水準？最終，我認為這會讓我們進入一個開始真正感到疲倦的環境。

Yes. And Vlad, I can put some dimensions around sort of the 3.5%, right? I think you heard us talk about it earlier in the year. We came out with sort of traditional price of about 1.5 points -- and then in the second quarter, once we started to put tariff pricing in place to be able to offset that incremental cost -- we're now at about a 2% run rate just to help you put some numbers around what Eric mentioned.

是的。弗拉德，我可以大致估算一下3.5%這個數字，對吧？我想你年初的時候應該要聽我們談過這件事。我們最初制定了一個大約 1.5 個百分點的傳統價格——然後在第二季度，一旦我們開始實施關稅定價以抵消這部分新增成本——我們現在的運行率約為 2%，這只是為了幫助你更好地理解 Eric 提到的一些數字。

And we expect that to continue here in the fourth quarter unless there's maybe a positive announcement here or it could go the other way, just given what's on the horizon. So we're not accounting for that, but our intention is to continue to offset it, just given the remarks Eric made here.

我們預計這種情況將在第四季度繼續下去，除非有積極的消息公佈，或者情況可能會朝著相反的方向發展，這取決於未來情況。所以我們沒有考慮這一點，但鑑於埃里克在這裡發表的言論，我們打算繼續抵消它。

Okay. That's helpful color helpful to understand. And then could you just -- maybe help me understand a little better kind of the cadence between 3Q and 4Q and whether you saw some shift in demand, just given the upside here in 3Q with the full year largely reiterated. Just what's changed amongst the quarters?

好的。這種顏色有助於理解。那麼，您能否幫我更了解第三季和第四季之間的節奏，以及您是否看到需求發生了一些變化，因為第三季的業績有所成長，而全年業績也基本上保持不變。各方面究竟發生了哪些變化？

Yes. Look, I think if you go back when we were out here in the summer, right, we talked about sequentially 2% to 3% would generally be flat and there was that step-up. And as we said in our prepared remarks, right, the teams did a really nice job executing with this backdrop and you think about certain order timing materialized earlier than we anticipated, the 80/20 work that Eric mentioned with Mott and the operational improvements that we're seeing there.

是的。你看，我覺得如果你回顧一下我們夏天在這裡的時候，對吧，我們當時討論過，2%到3%的增幅通常會保持平穩，但後來出現了增長。正如我們在準備好的發言稿中所說，各團隊在這種背景下執行得非常出色，而且某些訂單的交付時間比我們預期的要早，埃里克提到的與莫特合作的 80/20 模式以及我們在那裡看到的運營改進。

That left us with more of a balance 3Q to 4Q, which is more reflective of a historical pattern for IDEX overall. We're in the 4Q, we still see a ramp in HST, but we've got line of sight to it. It's in our backlog. So we're pretty confident in being able to deliver on that.

這樣一來，第三季到第四季的平衡就更好了，這更能反映IDEX整體的歷史模式。現在是第四季度，我們仍然可以看到 HST 的坡道，但我們已經看到了它的前景。它在我們的待辦事項清單中。所以我們很有信心能夠實現這個目標。

Great, Thanks, Akhil.

太好了，謝謝你，阿基爾。

Rob Jamieson, Vertical Research Partners.

Rob Jamieson，Vertical Research Partners。

Hey, good morning. Thanks for all the color this morning. Just -- I know you're not going to give formal guidance on '26. But can you provide us maybe a little bit of framework of how you're thinking about next year. Just as we're trying to drive the business back to our historic mid-single-digit organic growth algorithm, like what are some of the key risks and opportunities that we should be thinking about and considering into next year?

嘿，早安。謝謝你今天早上帶來的繽紛色彩。只是——我知道你不會就 26 年的情況給予正式指導。但您能否為我們簡單介紹一下您對明年的規劃架構？正當我們努力將業務重新拉回以往個位數的中段有機成長演算法時，明年我們應該思考和考慮哪些關鍵風險和機會呢？

Yes. Well, I mean, I think a lot of it still will come down to where is the -- what's the nature of kind of base level industrial entitlement because that still covers a decent part of IDEX. So as we go through Q4, monitoring those bellwether businesses to see if there is some inflection, that will be a key input for where we end up on a lot of IDEX on -- in terms of industrial coverage. Pricing dynamics will be important as well.

是的。嗯，我的意思是，我認為很多問題最終還是要歸結於基本工業權利的性質是什麼，因為這仍然涵蓋了IDEX的相當一部分。因此，在進入第四季度時，我們將密切關注這些風向標企業，看看是否會出現一些轉折點，這將是我們最終在 IDEX 指數中（就工業覆蓋範圍而言）得出的關鍵依據。價格動態同樣至關重要。

So as Akhil mentioned, where are we going to be between that ratio of kind of a lower figure, which takes care of our own inflation and then a higher figure, which has to offset whatever policy may be at that point. That will go into the calculus.

正如 Akhil 所提到的，我們將處於一個較低的比率（用於應對我們自身的通貨膨脹）和一個較高的比率（用於抵消當時可能採取的任何政策）之間的哪個位置？這將涉及到微積分。

And then the bulk of it is really going to come down to momentum and where we are in these individual areas where we're creating our own luck. So kind of each one of the five growth platforms, we're starting there. We are having those discussions now around what's in the funnel, what are we winning? When does it look like it's going to come out.

而最終的結果很大程度上取決於勢頭，以及我們在創造自身機會的各個領域所處的位置。所以，我們將從這五個成長平台中的每一個開始。我們現在正在討論銷售漏斗裡有什麼，我們正在贏得什麼？它大概什麼時候會發布？

So I think those three pieces moving together is how we'll be thinking about the year to come out. The last piece is in our control. The other two largely, we are somewhat captive to how the world goes and how that shapes out given the diversified nature of the company. But we will be looking for signs of inflection as we go through Q4 and certainly would be referencing those as we talk together.

所以我認為這三件事結合起來，就是我們對未來一年的展望。最後一步在我們掌控之中。另外兩點，由於公司業務多元化，我們很大程度上受制於世界的發展趨勢及其走向。但我們將在第四季度尋找轉折點的跡象，並且在我們討論時肯定會參考這些跡象。

Great, thank you.

太好了，謝謝。

Walter Liptak, Seaport Global Securities.

Walter Liptak，Seaport Global Securities。

Hey, thanks. Good morning, everyone. Just a quick follow-on on that last one, thinking about 2026. I guess, one, just on the organic revenue, what's your feel at this point, if you can give us any about, are you cautious about 2026 or you're optimistic about the organic growth and especially given the platforms?

嘿，謝謝。各位早安。關於上一個問題，我再補充一點，思考一下 2026 年的狀況。我想，首先，就自然收入而言，您目前有何看法？如果您能透露一些相關訊息，您對 2026 年持謹慎態度，還是對自然成長持樂觀態度，尤其是在考慮到平台因素的情況下？

And then maybe second, just help us think about the operating leverage that we should get when we're thinking about modeling 2026 EPS.

其次，請幫助我們思考在考慮模擬 2026 年每股盈餘時所應該獲得的營運槓桿。

Yes Walt, it's Akhil. So sort of just building on what Eric mentioned, right, we'll talk about guidance when we see here next. But just at a higher level, look, he sort of mentioned us monitoring the day rates. We are short cycle, have limited visibility. So we are continuing to do the work around '26 and what that's going to look like, taking into account all the factors that Eric mentioned, right?

是的，沃特，是阿基爾。所以，就基於艾瑞克剛才提到的內容，對吧，我們下次見面的時候再談談指導問題。但從更高的層次來看，他提到我們要監控每日匯率。我們週期短，能見度有限。所以我們正在繼續研究 2026 年的相關事宜，以及它將是什麼樣子，同時考慮到艾瑞克提到的所有因素，對吧？

The pricing dynamics us being able to make our own luck and the work that we're doing within our growth platforms and then really just some of this macro backdrop around rapid fulfillment, and we're going to continue to monitor that pretty closely.

定價動態取決於我們能否把握機遇，以及我們在成長平台中所做的工作，還有快速履行這一宏觀背景，我們將繼續密切關注這一點。

But as you think about generally the incrementals, right, we sort of I mentioned, I would say, think of it as 30%, on a consolidated basis, 30%-ish Plus some are going to be higher here. So that is what we're going to be looking at from an incremental standpoint. Earlier in the call, right, we mentioned where HST would be, so I think taken together, that should hopefully give you some level of guidance of where we expect '26 incrementals to land.

但就整體增量而言，正如我之前提到的，我認為，總體而言，大約是 30%，30% 左右，而且有些地方的增量還會更高。所以，這就是我們將要從漸進的角度來審視的內容。在先前的通話中，我們已經提到了 HST 的位置，所以我認為綜合起來，這應該能讓您對我們預計 2026 年增量的落點有所了解。

And I would just say, Walt, to add on, the degrees matter here. closer the world tends to tilt towards flattish. Our incrementals don't spring as well. You get a little bit of buoyancy in the system and get that up around 3%, 4%, things start to perform a lot better. So kind of where we are in that spectrum will matter as well around that point that Akhil mentioned.

我還要補充一點，沃特，角度在這裡很重要。角度越接近角度，地球就越趨向扁平化。我們的增量式開發效果並不理想。當系統中的浮力達到 3%、4% 左右時，系統效能就會好得多。所以，我們在那個範圍內所處的位置，對阿基爾提到的那個點也很重要。

Okay, great. I appreciate the color. Thank you.

好的，太好了。我喜歡這個顏色。謝謝。

Brett Linzey, Mizuho Securities.

Brett Linzey，瑞穗證券。

Hey, good morning all. I wanted to come back to the platform optimization savings and the cost containment. So the $60 million, I guess, how should we think about any carryover into next year?

大家早安。我想再談談平台優化帶來的節省和成本控制。那麼，這6000萬美元，我想，我們該如何考慮將其結轉到明年？

And then how much would be maybe structural versus discretionary that would flex back up as these volumes might improve?

那麼，隨著交易量的改善，結構性因素和可自由支配因素分別會有多少回升呢？

Hey, Brett, it's Akhil. I'll take that one. So as you think about the couple of buckets here, right, you got this platform optimization and dealer layering bucket. I would think of that as more structural in nature, and that's going to achieve run rate this quarter here. And so you'll see that moving forward. That was about -- think of that as the a $42 million bucket that we had put forward here when we announced that on the back of our 4Q earnings earlier this year.

嘿，布雷特，我是阿基爾。我選那個。所以，當你考慮這裡的幾個類別時，對吧，這裡有平台優化和經銷商分層類別。我認為這更多的是結構性問題，而這將在本季實現預期的運行率。所以你會看到這種情況繼續下去。那大約是——你可以把它想像成我們在今年早些時候公佈第四季度收益時提出的 4200 萬美元的資金池。

And then you think about the second bucket that we talked about cost containment, again, that's also going to hit run rate here. That's more temporal in nature. I would think of that one as possibly coming back depending on the opportunity set that we're expecting to pursue here, we could make some of those investments to land those opportunities. So that's that $20 million bucket for a total of $62 million. So that's how I would parse the two.

然後，你再想想我們之前提到的第二個面向——成本控制，這也會影響到這裡的運行速度。那更多的是暫時性的。我認為，根據我們預期在這裡追求的機會，這筆投資可能會再次出現，我們可以進行一些投資來抓住這些機會。這樣一來，2000萬美元的資金就到位了，總共達到了6200萬美元。這就是我對這兩者進行解析的方式。

Okay, great. I'll leave it there. Thanks a lot.

好的，太好了。我就說到這兒吧。多謝。

Thank you. 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.

謝謝。問答環節到此結束。我謹將發言權交還給艾瑞克‧阿什勒曼，請他作總結發言。

Well, thank you. Thanks for joining today, and thanks for your interest and support in IDEX. I think key takeaways here, certainly, we're making our own luck with 80/20 in a really broadly uncertain world that taking you through our evolution, I hope you can appreciate we built some real strong foundational assets.

謝謝。感謝您今天的參與，也感謝您對IDEX的關注與支持。我認為這裡最重要的收穫是，在一個充滿不確定性的世界裡，我們透過 80/20 法則創造了自己的好運。透過了解我們的發展歷程，我希望您能意識到我們已經建立了一些非常強大的基礎資產。

We've got some outstanding businesses, very strong teams in talent, a highly engaged and collaborative culture and effective operating model powered by 80/20. And now we boosted our technical and commercial vitality through these strategic acquisitions and divestitures and we're writing the source code for a new way of working together as a team within scalable growth platforms.

我們擁有一些傑出的企業、非常強大的人才團隊、高度敬業和協作的企業文化以及以 80/20 為驅動的有效營運模式。現在，我們透過這些策略收購和剝離提升了技術和商業活力，我們正在為在可擴展的成長平台內以團隊形式合作的新方式編寫原始程式碼。

And I'm happy to see we're starting to put some growth points on the board there as we do that work together. We're confident overall that we'll continue to build momentum through this work, focused work as we move forward to drive value for all of our shareholders. And I really look forward to talking to you about it more in the quarters ahead. Thanks so much, and have a great day.

我很高興看到，隨著我們共同努力，我們開始在那裡取得一些成長點。我們總體上相信，透過這項工作，我們將繼續保持發展勢頭，專注於未來的工作，從而為所有股東創造價值。我非常期待在接下來的幾季與您就此進行更深入的探討。非常感謝，祝您今天過得愉快。

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

謝謝。今天的會議到此結束。您可以在此時斷開線路。感謝您的參與。