藝達思 (IEX) 2026 Q1 法說會逐字稿

Hello, and welcome to the Q1 '26 IDEX Corporation earnings call. (Operator Instructions)

大家好，歡迎參加 IDEX Corporation 2026 年第一季（Q1 '26）財報電話會議。(接線員指示)

Now I would like to turn the call over to Jim Giannakouros, Vice President of Investor Relations. Please go ahead, Jim.

現在我想把電話交給投資人關係副總裁 Jim Giannakouros。Jim，請開始。

Good morning, everyone, and welcome to IDEX's first quarter 2026 earnings conference call. We released our first quarter financial results earlier this morning, and you can find both our press release and earnings call slide presentation in the Investors section of our website, idexcorp.com.

各位早安，歡迎參加 IDEX 2026 年第一季財報電話會議。我們今天稍早已發布第一季財務結果，您可在我們網站 idexcorp.com 的「投資人」專區找到新聞稿與財報電話會議簡報。

On the call with me today are Eric Ashleman, President and Chief Executive Officer of IDEX; and Sean Gillen, our Chief Financial Officer. Today's call will begin with Eric providing highlights of our first quarter results and an update on our business outlook and strategies. Then Sean will discuss additional financial details and our updated outlook for 2026. Following our prepared remarks, we will open the line for questions.

今天與我一同出席電話會議的有 IDEX 總裁暨執行長 Eric Ashleman，以及財務長 Sean Gillen。今天的會議將先由 Eric 說明第一季業績重點，並更新我們的業務展望與策略。接著 Sean 將補充更多財務細節，並說明我們更新後的 2026 年展望。在我們的準備發言結束後，將開放提問。

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

在開始之前，請參閱簡報第 2 頁，我們在其中提醒：今天的評論將包含以前瞻性陳述為主，係基於目前的預期。由於多項風險與不確定性，實際結果可能與這些陳述有重大差異；相關內容已於我們的新聞稿與向 SEC 提交的文件中討論。由於 IDEX 提供非 GAAP 財務資訊，我們已在新聞稿及簡報附錄中提供 GAAP 與非 GAAP 指標之間的調節表，相關資料可於我們網站取得。

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

接下來，我把電話交給 Eric。

Thanks, Jim. Good morning, everyone, and thank you for joining us today. Please turn to slide 3. IDEX delivered a strong first quarter and continue to see our growth strategies gain traction as we expand and integrate capabilities in targeted advantaged markets powered by 8020. I'd like to thank our teams around the world for their disciplined execution, agility, and focus as they help drive long-term value creation.

謝謝你，Jim。各位早安，感謝今天加入我們。請翻到第 3 頁。IDEX 第一季表現強勁；隨著我們在由 80/20 驅動的目標優勢市場中擴張並整合能力，我們的成長策略持續取得進展。我要感謝全球團隊以紀律性的執行、敏捷性與專注，協助推動長期價值創造。

In the first quarter, IDEX delivered organic sales growth of 5% and adjusted EBITDA margin of 26%, which reflects a margin expansion of 50 basis points year-over-year. These results were above our expectations and reflects strong performance across each of our segments.

第一季，IDEX 有機銷售成長 5%，調整後 EBITDA 利潤率為 26%，較去年同期擴張 50 個基點。這些結果優於我們的預期，並反映各事業部門皆有強勁表現。

Additionally, orders were better than expected, growing 10% organically year-over-year. Strength was most pronounced in our Health & Science Technologies, or HST segment, where secular drivers continue to fuel growth across high-value applications in data center, semiconductor, and space and defense markets. The strong backlog build in HST improves our visibility to deliver continued solid growth for the balance of the year and into 2027.

此外，訂單表現優於預期，有機年增 10%。其中以我們的 Health & Science Technologies（HST）事業部門最為突出；長期結構性驅動因素持續推動資料中心、半導體，以及太空與國防市場等高價值應用的成長。HST 強勁的在手訂單累積提升了我們的能見度，使我們有望在今年剩餘期間並延續至 2027 年持續交出穩健成長。

Finally, orders in our Fluid & Metering Technologies, or FMT segment, grew 9% organic year-over-year. This was driven by strong order activity in our water platform and our pumps businesses. In our general industrial business units, we are off to a good start to the year, and it's encouraging to see signs of improvement in these end markets.

最後，我們的 Fluid & Metering Technologies（FMT）事業部門訂單有機年增 9%。主要由我們的水務平台與泵浦業務強勁的接單活動所帶動。在一般工業業務單位方面，我們今年開局良好，也令人鼓舞地看到這些終端市場出現改善跡象。

Taking our Q1 performance and backlog build into account, we are raising our full year 2026 financial outlook. Sean will get into greater detail later in the call. Before turning it over to Sean, I'd like to walk through a live example of IDEX's capabilities to drive long-term value as 8020 drives growth, margins, and earnings.

綜合第一季表現與在手訂單累積，我們上調 2026 全年財務展望。Sean 稍後會在電話會議中提供更詳細說明。在交給 Sean 之前，我想透過一個 IDEX 能力的實例，說明 80/20 如何推動成長、利潤率與獲利，進而帶動長期價值。

Please turn to slide 4. At the highest level, this starts with a very high-quality portfolio of market-leading applied technologies used in environments where performance is critical and failure is not an option. Space and defense is a prime example of faster growing durable end markets where we are increasingly deploying resources in the HST segment to expand our opportunity set.

請翻到第 4 頁。從最高層次來看，這始於一個高品質的產品組合：由市場領先的應用技術所構成，並用於對性能要求極高、且不容失敗的環境。太空與國防就是一個典型例子，屬於成長更快且具韌性的終端市場；我們正日益在 HST 事業部門投入資源，以擴大我們的機會集合。

In simple terms, we provide critical components that move, manage, filter, focus, and protect data, energy and fluids in space and defense systems. These markets benefit from growing demand for space-based connectivity and breakthrough defense technologies with long program lives and rising system complexity creating a multiyear growth runway.

簡單來說，我們提供關鍵零組件，用於在太空與國防系統中移動、管理、過濾、聚焦並保護資料、能源與流體。這些市場受惠於對太空連結性的需求成長，以及突破性的國防技術；加上專案週期長、系統複雜度提升，形成多年期的成長跑道。

Importantly, our participation spans multiple touch points across the portfolio from optics enabling secure data transmission to Mott's filtration solutions supporting propulsion and thermal management, alongside other engineered components for mission-critical systems. These solutions are co-engineered early with customers, allowing us to move quickly, adapt as requirements evolve, and reinforce our role as a trusted partner.

重要的是，我們的參與橫跨產品組合中的多個接觸點：從可支援安全資料傳輸的光學技術，到 Mott 的過濾解決方案用於推進與熱管理，並搭配其他用於任務關鍵系統的工程化零組件。這些解決方案會在早期即與客戶共同設計，使我們能快速推進、隨需求演進而調整，並強化我們作為可信賴合作夥伴的角色。

Please turn to slide 5. For more than a decade, 8020 has helped us improve focus, margins, and execution. Within our growth platforms, we are increasingly using it as a growth tool, segmenting markets more deliberately, clarifying where we win, and actively reallocating capital and talent toward the highest value opportunities.

請翻到第 5 頁。十多年來，80/20 一直協助我們提升聚焦度、利潤率與執行力。在我們的成長平台中，我們也日益將其作為成長工具，更有策略地細分市場、釐清我們的致勝領域，並主動將資本與人才重新配置到最高價值的機會上。

What's different today is the quality and scale of growth emerging from our platform 80's customers and markets. As demand concentrates in more complex, higher value applications, our pivot toward durable growth areas is reinforcing a stronger overall outlook for IDEX.

如今不同之處在於：來自我們平台「80」客戶與市場所浮現的成長，其品質與規模更高。隨著需求集中於更複雜、價值更高的應用，我們轉向具韌性的成長領域，正強化 IDEX 整體更為正向的展望。

This momentum also creates a flywheel effect, strengthen our advantaged platforms allows us to further simplify, rationalize, and refine the portfolio, driving higher growth, stronger margins, and enhance shareholder value over time. It might seem counterintuitive to some, but we grow fastest by focusing and doubling down on fewer customers over time as we help winning customers quickly grow share within advantaged spaces.

這股動能也帶來飛輪效應；強化我們的優勢平台，使我們能進一步簡化、合理化並精煉產品組合，進而推動更高成長、更強勁的利潤率，並隨時間提升股東價值。這對某些人而言可能有些反直覺，但我們成長最快的方式，是隨時間聚焦並加碼在更少的客戶上，協助具競爭優勢的客戶在優勢領域中快速提升市占。

Our component orientation allows us full flexibility to move right or left into the other application arenas to apply 8020 again, moving up the peaks and valleys of dynamic growth as we compound value. We complement this work with balanced and disciplined capital deployment, maintaining a strong balance sheet for flexibility, investing organically, actively pursuing tuck-in acquisitions, and returning capital to shareholders. We repurchased $76 million of IDEX shares in the first quarter and expect to maintain that pace throughout 2026.

我們以零組件為導向的定位，讓我們能完全彈性地向右或向左延伸至其他應用領域，再次運用 80/20；在動態成長的高峰與低谷間移動，並持續複利累積價值。我們也以均衡且有紀律的資本配置來配合這項工作：維持強健的資產負債表以保有彈性、進行有機投資、積極尋求補強型併購，並回饋資本給股東。第一季我們回購了 7,600 萬美元的 IDEX 股票，並預期在 2026 年全年維持相同步調。

With that, I'll turn it over to Sean to walk through the quarter in more detail, including segment performance and our updated outlook.

接下來，我把電話交給 Sean，請他更詳細說明本季表現，包括各事業部門績效與我們更新後的展望。

Thanks, Eric. Good morning, everyone, and thank you for joining us today. Please turn to slide 6. As Eric mentioned, in the first quarter of 2026, IDEX delivered better-than-expected financial performance. Organic revenue growth of 5% was better than we forecasted, with notable strength in HST.

謝謝你，Eric。各位早安，感謝今天加入我們。請翻到第 6 頁。如 Eric 所提到，2026 年第一季 IDEX 交出優於預期的財務表現。有機營收成長 5% 優於我們的預測，其中 HST 表現尤為突出。

Adjusted EBITDA margin expanded 50 basis points year-over-year on productivity improvements, positive volume leverage, and positive price cost, partially offset by mix. And adjusted EPS came in significantly higher than our guided range in the first quarter.

調整後 EBITDA 利潤率在生產力改善、正向的量增槓桿，以及正向的價格與成本差（price-cost）帶動下，較去年同期擴張 50 個基點，但部分被產品組合影響所抵銷。第一季調整後 EPS 也顯著高於我們先前給出的指引區間。

Overall, our orders grew approximately 10% organically in the quarter, again, led by HST's organic order growth of 17% year-over-year. FMT orders grew 9% organically in the first quarter and FSDP orders declined 4% organically.

整體而言，本季訂單有機成長約 10%，同樣由 HST 有機訂單年增 17% 所帶動。FMT 第一季訂單有機成長 9%，而 FSDP 訂單有機下滑 4%。

As a reminder, we typically enter any given quarter approximately 50% booked overall. But the strong order activity in HST is driving a backlog build that offers greater confidence in our ability to deliver better financial performance than we outlined entering 2026. In FMT and FSDP, the rapid fulfillment nature of those businesses limit our visibility to approximately midway into any given quarter.

提醒一下，我們通常在進入任何一個季度時，整體約有 50% 已完成接單（booked）。但 HST 強勁的接單活動正推動積壓訂單增加，讓我們對於交出優於我們在進入 2026 年時所概述的財務表現更具信心。在 FMT 與 FSDP，由於這些業務具備快速履約的特性，我們的能見度通常僅能看到該季度約中段。

Touching on some of the more meaningful business demand trends in the quarter, we saw a continuation of strong order activity in areas influenced by AI, which for us is most meaningfully in power generation for data centers, semiconductor manufacturing, and optical switching. We also continued to see strength in municipal water, mining, pharma, and space and defense.

談到本季度一些更具意義的業務需求趨勢，我們看到受 AI 影響的領域接單活動持續強勁；對我們而言，最主要體現在資料中心的發電、半導體製造以及光學交換。我們也持續看到市政供水、採礦、製藥，以及航太與國防領域的強勁表現。

Organic sales in the first quarter grew 5%, with HST growing at 11% and FMT growing at 2%, while FSDP was down slightly. On a consolidated basis, organic sales growth was balanced between volume and price contribution.

第一季度有機銷售成長 5%，其中 HST 有機成長 11%，FMT 有機成長 2%，而 FSDP 略為下滑。在合併基礎上，有機銷售成長在銷量與價格貢獻之間相對均衡。

IDEX adjusted gross margin declined 40 basis points year-over-year to 44.9%, reflecting productivity gains and volume leverage being more than offset by mix. Adjusted EBITDA margin expanded 50 basis points versus last year, reflecting productivity gains, volume leverage, and cost discipline more than offsetting negative mix.

IDEX 調整後毛利率年減 40 個基點至 44.9%，反映生產力提升與量的槓桿效益被產品組合影響所抵銷。調整後 EBITDA 利潤率較去年擴張 50 個基點，反映生產力提升、量的槓桿效益與成本紀律足以抵銷不利的產品組合影響。

The first quarter is our seasonally lowest cash flow period. Free cash flow of $86 million declined $5 million versus last year, driven mostly by higher working capital investment due to higher growth. We continue to expect free cash flow conversion of at least 100% on an annual basis. We ended the quarter with strong liquidity of approximately $1.1 billion. And finally, we spent $76 million to repurchase IDEX shares in the quarter, and we remain committed to that quarterly pace for 2026.

第一季度是我們季節性現金流最低的期間。自由現金流為 8,600 萬美元，較去年減少 500 萬美元，主要由於成長較高而增加了營運資金投入。我們仍預期全年自由現金流轉換率至少達到 100%。本季度末我們的流動性維持強勁，約為 11 億美元。最後，本季度我們花費 7,600 萬美元回購 IDEX 股票，且我們仍致力於在 2026 年維持此一季度回購節奏。

Now quickly some color on our results by segment. I'm on slide 7. In HST, organic orders increased 17% and revenue grew 11% organically. Volumes increased in advantaged markets, including semiconductor OE and consumables, data center applications, and space and defense. And notably, these exposures are, as Eric mentioned, in the areas we have pivoted the portfolio towards in the last few years and where our integrated growth strategies and platform building reside. Pharma was also an area of strength in the quarter.

接著快速補充各事業部門的表現。我在投影片第 7 頁。在 HST，有機訂單成長 17%，營收有機成長 11%。在具優勢的市場中，銷量增加，包括半導體原廠設備（OE）與耗材、資料中心應用，以及航太與國防。值得注意的是，如 Eric 所提，這些曝險領域正是我們過去幾年將投資組合轉向的方向，也是我們整合式成長策略與平台建構所在。製藥在本季度同樣表現強勁。

HST adjusted EBITDA margin expanded 100 basis points year-over-year as positive volume leverage, positive price/cost, and productivity benefits more than offset unfavorable mix and acquisitions.

HST 調整後 EBITDA 利潤率年增 100 個基點，因正向的量槓桿、正向的價格/成本差，以及生產力效益，足以抵銷不利的產品組合與併購影響。

Turning to slide 8. In FMT, organic orders increased 9% and organic sales increased 2%. Orders growth was supported by our intelligent water platform and our mining exposures, partially offset by global softness in chemical end markets.

轉到投影片第 8 頁。在 FMT，有機訂單成長 9%，有機銷售成長 2%。訂單成長受我們的智慧水務平台與採礦相關曝險所支撐，但部分被全球化工終端市場疲弱所抵銷。

Looking at our leading indicator industrial order rates, they showed growth in the quarter as orders and revenue in these businesses were slightly better than we had expected. Our water platform continued to perform well, contributing to both the order and sales growth in the quarter. FMT's adjusted EBITDA margin declined slightly by 10 basis points year-over-year as productivity benefits were more than offset by mix and volume deleverage.

從我們的領先指標——工業訂單率來看，本季度呈現成長，因為這些業務的訂單與營收略優於我們原先預期。我們的水務平台持續表現良好，對本季度的訂單與銷售成長皆有貢獻。FMT 的調整後 EBITDA 利潤率年減 10 個基點，因生產力效益被產品組合與量的去槓桿影響所抵銷。

Please turn to slide 9. FSDP organic orders declined 4% year-over-year and organic sales decreased 1%. Our Fire & Safety franchise grew high single digit in the quarter as we continued to see strong demand for our fire and rescue tools in North America and stable demand in Europe. This growth was offset by an expected decline in dispensing. This decline in dispensing was due to tough comps and project volumes in North America and Asia. We expect to see stability in our dispensing business on a sequential basis.

請翻到投影片第 9 頁。FSDP 有機訂單年減 4%，有機銷售下滑 1%。我們的消防與安全（Fire & Safety）事業群本季度成長高個位數，因我們持續看到北美對消防與救援工具的強勁需求，以及歐洲需求穩定。此成長被我們預期中的分配/灌裝（dispensing）業務下滑所抵銷。分配/灌裝業務的下滑源於較嚴峻的比較基期，以及北美與亞洲的專案量。我們預期分配/灌裝業務在環比（逐季）基礎上將趨於穩定。

FSDP adjusted EBITDA margin increased 30 basis points year-over-year as strong productivity improvements more than offset mix and volume deleverage influences in the first quarter.

FSDP 調整後 EBITDA 利潤率年增 30 個基點，因強勁的生產力改善足以抵銷第一季度產品組合與量的去槓桿影響。

Please turn to slide 10, where I'll touch on capital deployment. Like I mentioned earlier, we drove $86 million of free cash flow in the first quarter, which is our seasonally lowest cash-generating period in a given calendar year. Our gross leverage position as of the end of the first quarter is at roughly 2 times.

請翻到投影片第 10 頁，我將談談資本配置。如我先前提到，我們在第一季度創造了 8,600 萬美元自由現金流，這是我們在一個曆年中季節性現金創造最低的期間。截至第一季度末，我們的總槓桿水準約為 2 倍。

As outlined last quarter, we continue to maintain a balanced approach to capital deployment. In the near term, we will focus on organic investments to drive growth, bolt-on M&A, and capital return to shareholders. In the quarter, we paid $53 million in dividends and repurchased $76 million in shares. We plan on maintaining the share repurchase level per quarter through the rest of 2026.

如上季所述，我們仍維持均衡的資本配置方式。短期內，我們將聚焦於推動成長的有機投資、補強型併購（bolt-on M&A），以及回饋股東。本季度我們支付 5,300 萬美元股利並回購 7,600 萬美元股票。我們計畫在 2026 年剩餘期間維持每季相同的股票回購水準。

Now I'd like to discuss our updated guidance for 2026. Please turn to slide 11. For the full year 2026, we now expect organic growth in the 3% to 4% range, an increase over our original 1% to 2% organic growth guidance coming into the year. Our overall IDEX organic growth guidance balances approximate high single-digit growth for HST and flattish outlooks for FMT and FSDP. These outlooks reflect HST's strong order book and relative stability in our FMT and FSDP segments.

接下來我想討論我們更新後的 2026 年財測指引。請翻到投影片第 11 頁。就 2026 全年而言，我們目前預期有機成長介於 3% 至 4%，高於年初提出的 1% 至 2% 有機成長指引。我們對 IDEX 整體有機成長的指引，反映 HST 約高個位數成長，以及 FMT 與 FSDP 大致持平的展望。這些展望反映 HST 強勁的訂單簿，以及我們 FMT 與 FSDP 事業部門相對穩定的狀況。

Adjusted EBITDA margin is expected to be in the 26.5% to 27% range in 2026, unchanged from our previous guidance. We continue to expect productivity benefits throughout IDEX businesses and solid leverage and margin expansion at HST this year. However, volume decrementals in FMT and FSDP and mix influences keep our near-term margin expansion expectations unchanged.

我們預期 2026 年調整後 EBITDA 利潤率介於 26.5% 至 27%，與先前指引一致。我們仍預期 IDEX 各業務將持續受惠於生產力提升，且 HST 今年將有良好的槓桿效益與利潤率擴張。然而，FMT 與 FSDP 的量減損（volume decrementals）以及產品組合影響，使我們對短期利潤率擴張的預期維持不變。

We are increasing our adjusted EPS guidance for 2026 by $0.20 to $8.35 to $8.55, representing mid- to high single-digit growth year-over-year. For the second quarter of 2026, we expect 3% to 4% organic growth, adjusted EBITDA margin in the 26.5% to 27% range, and adjusted EPS of $2.07 to $2.12.

我們將 2026 年調整後 EPS 指引上調 0.20 美元至 8.35 至 8.55 美元，代表年增中到高個位數。就 2026 年第二季度而言，我們預期有機成長 3% 至 4%，調整後 EBITDA 利潤率介於 26.5% 至 27%，調整後 EPS 為 2.07 至 2.12 美元。

Also, I wanted to provide an update on tariffs. We continue to monitor the changes closely and adapt our businesses accordingly. While the IEEPA tariffs have been repealed, the administration has implemented new tariffs in reaction to this.

另外，我也想就關稅提供最新進展。我們持續密切監控相關變化，並相應調整各項業務。雖然 IEEPA 關稅已被撤銷，但政府已針對此情況實施了新的關稅。

For our businesses, these new tariffs are largely consistent with the ones repealed such that we currently do not anticipate much of a net impact to our financial results. As it relates to the expected IEEPA refunds, we have taken the requisite actions to apply for these and we'll keep you updated, if applicable, as it is expected to play out over the coming months.

就我們的業務而言，這些新關稅大致與被撤銷的關稅一致，因此我們目前不預期對財務結果造成太大的淨影響。至於預期的 IEEPA 退稅，我們已採取必要行動提出申請；若適用，我們也會隨著未來幾個月的進展向各位更新。

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

接下來，我把電話交回給 Eric。

Thanks, Sean. I'm on slide 12. As we step back, we feel very good about the start to the year and the momentum building across IDEX. Our performance reflects strong execution, increasing traction in our advantaged markets, and continued progress as we execute our growth strategies.

謝謝你，Sean。我在第12頁投影片。回頭來看，我們對今年開局以及 IDEX 全面累積的動能感到非常振奮。我們的表現反映出強勁的執行力、在我們具優勢的市場中不斷提升的滲透力，以及在推動成長策略落地上的持續進展。

The demand signals we're seeing within our growing backlog reinforce our confidence in the direction of the portfolio. Many of the demand trends in our advantaged markets are expected to remain robust well beyond 2026. At the core of this progress is 8020. It continues to sharpen our focus, guide where we invest capital, and talent and help us scale growth across platforms and applications that matter most.

我們在持續增加的在手訂單中看到的需求訊號，進一步強化了我們對投資組合方向的信心。我們具優勢市場中的許多需求趨勢，預期在 2026 年之後仍將維持強勁。這項進展的核心是 8020。它持續讓我們的焦點更清晰，指引我們資本與人才的投入方向，並協助我們在最重要的平台與應用上擴大成長規模。

Just as importantly, it is enabled by our teams and our culture, one that emphasizes trust, collaboration, and accountability across the organization. We recognize there's still work ahead as we continue to execute our strategy and further enhance the quality of growth across the portfolio, but we are encouraged by what we are seeing, confident in the path forward and excited about the value creation opportunity in front of us.

同樣重要的是，這一切由我們的團隊與企業文化所驅動——強調在整個組織中的信任、協作與當責。我們也認知到，隨著我們持續執行策略並進一步提升整體投資組合的成長品質，仍有工作要做；但我們對目前所見感到鼓舞，對前進路徑充滿信心，也對眼前的價值創造機會感到振奮。

With that, we appreciate your continued interest in IDEX. And I'll turn the call back to the operator for your questions.

最後，感謝各位持續關注 IDEX。我把電話交回給接線員，進行提問。

(Operator Instructions) Joe Giordano, TD Cowen.

(接線員指示) Joe Giordano，TD Cowen。

Just curious on how to think about the guide here. So 1Q comes in 5%, 2Q guided 3% to 4%. Given the orders here, why should the second half organic decelerate from the pace that we're on now? Or is this just kind of, look, there's a lot going on in the world and we're just playing it safe?

想請教一下該如何看待這次的財測指引。第一季成長 5%，第二季指引為 3% 到 4%。考量目前的接單情況，為什麼下半年有機成長要從現在的速度放緩？還是說只是因為全球局勢變數很多，所以採取比較保守的作法？

Yeah. I think to give a little bit of color on that, it's really around -- I think HST should continue at a pretty similar clip, as we mentioned, high single-digit to double-digit growth at HST, and that's really driven by the order backlog, as you referenced, where we've seen that momentum.

是的。我想補充一些背景，主要是——我認為 HST 應該會以相當類似的速度持續前進；如同我們提到的，HST 仍是高個位數到雙位數成長，而這主要是由你提到的在手訂單所驅動，我們在那裡看到動能。

And I think in FMT, in particular, is where we saw good performance in the quarter. The end of the quarter was stronger than the beginning, seeing some sequential improvement. But as the outlook for the year, still seeing or forecasting a growth outlook that's a bit flat. And that's probably a little bit of the macro world, one quarter into the year, some uncertainty in the macro world, and what we're seeing the visibility, keeping that around flat. So that's a little bit of color as first half of the year as we move into the second half.

而我認為特別是在 FMT，我們本季表現不錯。季末比季初更強，看到一些逐月改善。但就全年展望而言，我們仍看到或預估成長前景偏平。這可能部分反映宏觀環境——今年才過了一季，宏觀仍有不確定性；就我們目前的能見度來看，因此維持大致持平。以上是對上半年、以及邁向下半年的一些補充說明。

And then what needs to happen at HST to get margins back to like that 30%-ish range that you were at a couple of years ago? Like which -- is that incumbent on life sciences picking back up? Like what's kind of needed there to get back to historical highs?

那 HST 需要發生什麼，才能讓利潤率回到幾年前大約 30% 左右的水準？這是否取決於生命科學業務回溫？大概需要哪些條件才能回到歷史高點？

Yeah. Good question. And I think there's two pieces to that. One is the acquired -- the recently acquired businesses, which are performing quite well and are driving a lot of the growth as more of the growth in that business has come from the acquired businesses, there still, margins are strong, but they're not quite at the segment average yet. And what we'll take to get there is, as we talked in the last couple of quarters, some continued focus on 8020 to drive margins higher in the acquired businesses. So as they get their margins up and the growth continues to come from them, that will have a mixed benefit.

是的。好問題。我認為有兩個面向。第一是近期併購的業務表現相當好，也帶動了很多成長；因為該事業的成長更多來自併購而來的業務，這些業務的利潤率仍然強勁，但尚未達到該事業群的平均水準。要達到那個水準，正如我們在過去幾季所談到的，需要持續聚焦 8020，以推動併購業務的利潤率提升。因此，當它們的利潤率提升、且成長持續由它們貢獻時，組合面將帶來正向效益。

And then the other piece is, as you mentioned, life sciences, kind of flattish to slightly down in the quarter, and that's a nicely profitable business for us, so a little mix there, but would expect growth to return to that as we go forward as well.

第二個面向是，如你所提到的，生命科學本季大致持平到略為下滑；這對我們而言是獲利能力很好的業務，因此在組合上會有些影響，但也預期未來隨著時間推進，該業務的成長會回來。

Matt Summerville, D.A. Davidson.

Matt Summerville，D.A. Davidson。

A couple of questions. Just on one of the last points Sean made. Can you give a bit more context as to why you expect to see what sounded like maybe some sustained inflection from here in the life sciences portion of HST? And then I have a follow-up.

我有幾個問題。先針對 Sean 剛才最後提到的一點。你能否提供更多背景，說明為什麼你預期 HST 的生命科學部分從現在開始，似乎會出現某種持續性的轉折向上？然後我還有一個追問。

So I think, look, the life science business is about exactly where we thought it would be. The core fluidics and optical filters, franchises that drive the bulk of the profits there are still growing low single digits. And honestly, the drivers on both sides remain the same. So pharma really, really strong. And then the pressure points coming largely from both the China market for our end customers and then the funding, NIH funding academic pressures that we've seen for a while now.

我想，生命科學業務的狀況大致正如我們原先預期。其中帶來大部分獲利的核心流體元件與光學濾光片等產品線，仍以低個位數成長。坦白說，兩邊的驅動因素也都一樣。製藥端非常、非常強勁。而壓力點主要來自兩方面：一是我們終端客戶在中國市場的狀況，二是我們已經觀察一段時間的資金面壓力，包括 NIH 經費對學術端的壓力。

I think for us in the first quarter, remember, about a year ago, this is just starting to play out. Now we're pretty deep into it. And I think most people are expecting that it will remain at this pressure. And so we had a call here that coming into the year, we thought these customers, some of our customers that depend on us, we're going to be a little guarded in some of the inventory positions of IDEX product.

對我們來說，回想第一季，大約一年前這些情況才剛開始發酵。現在我們已經深入其中。我想多數人都預期這些壓力仍會持續。因此我們在年初的判斷是，部分依賴我們的客戶，在 IDEX 產品的庫存水位上會更為保守。

We saw that play out as we thought. But the dynamics here remain exactly as we've been talking about over the last few quarters, and a low single-digit growth, some positives, some negatives and -- but a ton of innovation and things that are going on here that I think longer term will give us a lot of confidence in where this market is going to go.

我們看到情況如同預期發展。但這裡的動態仍與我們過去幾季所談的一致：低個位數成長，有一些正面因素，也有一些負面因素——

Can you also maybe highlight just how you saw incoming orders cadence through the first three months of the year? What you're seeing in April thus far across the businesses? And specifically, I'd be curious as to how the general industrial book-to-bill has been trending in both FMT and HST.

也請你們說明一下，今年前三個月接單的節奏是如何？截至目前 4 月在各業務看到什麼情況？另外我也想了解，一般工業的出貨/接單比（book-to-bill）在 FMT 與 HST 的趨勢如何。

Yes. I mean it's a little different depending on the segments. The HST side, with the momentum that we're seeing there has less of a nonlinearity profile, it's has been generally pretty strong for a while, and kind of saw it that way -- play out that way in the quarter.

好的。我的意思是，依不同事業群會有些差異。HST 這邊，由於我們看到的動能，其非線性特徵較少；整體已經強勁一段時間了，本季也大致是以那樣的方式呈現。

On the FMT and FSDP segments, which are certainly more fragmented, broadly indexed to industrial markets, that was interesting. It was pretty soft in the beginning of the year in January, it came back a bit in February, and it was a much stronger March. And then we've kind of stayed at that level here in April.

至於 FMT 與 FSDP 事業群，因為更為分散，且整體與工業市場連動較高，情況就比較有意思。年初 1 月相當疲弱，2 月回升一些，3 月則明顯更強。而 4 月到目前為止，我們大致維持在那個水準。

One thing that's interesting, we've talked a lot about the businesses that we use as diagnostics for kind of near-term health. And while those were overall positive, they didn't move positive in a uniform way. So we don't have sort of every member seeing the exact same thing, the little mix, and even the project business that we saw in there, we don't get a lot of it, but that tells us something, too.

有一點很有意思：我們談過很多我們用來作為短期景氣健康度「診斷指標」的業務。雖然整體而言這些指標是正向的，但轉為正向的方式並不一致。也就是說，並非每一個成員看到的情況都完全相同，存在一些組合差異；甚至我們在其中看到的專案型業務——雖然占比不大——也同樣提供了一些訊息。

Almost all of those, you can trace back, the successful ones back to some of the same mega trends that we're referencing in HST, data center work, energy grid, things like that. So I think it's improving. It's better than we had obviously modeled originally for the quarter. But I would still put it in sort of a mixed place. And I think largely that's because of the overhang of the geopolitical situation.

幾乎所有那些案例，你都可以追溯到——成功的那些——都回到我們在 HST、資料中心業務、能源電網等所提到的一些相同的超級趨勢。所以我認為情況正在改善。顯然，它比我們原先對本季所建模的要好。但我仍會把它歸類為有點混合的狀態。而我認為主要原因在於地緣政治局勢所帶來的壓力陰影。

Nathan Jones, Stifel.

Nathan Jones，Stifel。

I guess I'll follow up on the short cycle industrial question. Maybe you can talk a little bit more about the pieces of that, that you -- where you're not seeing some improvement and maybe what you think is required to get those businesses going in the right direction again?

我想我會追問一下短週期工業的問題。也許你可以再多談一點其中的組成部分——你們在哪些地方還沒有看到改善——以及你認為要讓那些業務重新朝正確方向發展，需要具備哪些條件？

Well, in a few places where that played out, I'd say those businesses are a little bit more indexed to chemical markets and some of the ones that we mentioned or kind of core energy. So their exposure there probably explains some of it.

嗯，在幾個呈現出這種情況的地方，我會說那些業務與化工市場的連動性更高，還有一些是我們提到的、或是偏核心能源相關的市場。所以它們在那方面的曝險，可能解釋了其中一部分原因。

They're also probably the most fragmented businesses. A lot of the orders there are one or two here, and they have really quick lead times. So as somebody is uncertain. They're the kind of businesses that you really don't have to make much of a commitment because we're going to be able to quick turn all of the product.

它們也可能是最分散的業務。那裡很多訂單都是一兩筆、零星的，而且交期非常短。所以當有人感到不確定時，這類業務其實不太需要做出太多承諾，因為我們能夠很快把所有產品快速交付。

So I would say that's -- those would be the two characteristics. Again, this wasn't a lot of businesses, but there is some mix, there is a mixed nature of how these ran out over the last four months.

所以我會說——這就是那兩個特徵。再說一次，這不是很多業務，但在過去四個月裡，這些業務的表現確實帶有一些組合上的差異與混合性。

Fair enough. I'm going to ask the HST margin question a little bit differently. You've seen good positive growth for the last three quarters and the incremental margins have been in the low 30s. I think I would have expected, and I think you would expect long term, those incrementals to be higher. Can you maybe just run through the pieces that are keeping those depressed?

了解。我想用稍微不同的方式來問 HST 的毛利率問題。你們過去三個季度都有不錯的正向成長，而增量利潤率一直在 30% 出頭。我原本會預期——而且我想從長期來看你們也會預期——這些增量應該更高。你能否大致說明一下，是哪些因素讓它們維持在較低水準？

I know you talked a little bit about acquisitions. There's probably some drag on that. But maybe just some color on what's depressing those a little bit? What it takes to get back to kind of maybe into the 40s on incremental margins? And when you think you'll be able to get those incrementals to move back to a more historically normal level?

我知道你提到了一點併購。那可能帶來一些拖累。但能否再補充一些細節，說明是什麼在讓它們稍微被壓抑？要如何才能讓增量利潤率回到大概 40% 左右？以及你認為何時能讓這些增量回到較符合歷史常態的水準？

Yeah. So for the last quarter or two, and in this quarter, the flow-through in HST was about 33%, so in that low to mid-30% as you referenced. As you think about kind of the guide for the year, we see that improving slightly, getting to kind of those mid-30%. And all that's really in line with where we expected it to be for the year so far. And then kind of what needs to happen to have it tick up, I think it's a couple of points, which I referenced. It's the acquired businesses, which are below the segment EBITDA margins of kind of 26%, 27%.

好的。所以在過去一兩個季度，以及本季度，HST 的流入（flow-through）大約是 33%，也就是你提到的 30% 出頭到中段。如果你看我們對全年指引的看法，我們預期它會小幅改善，提升到大概 30% 中段。而這些其實都與我們今年迄今對全年所預期的水準一致。至於要讓它再往上跳升，我認為有幾個點，我之前也提過。第一是併購進來的業務，它們的利潤率低於該事業部約 26%、27% 的 EBITDA 利潤率。

As we take some 8020 actions, what I mean by that is as we start to prune some pieces of the portfolio within those businesses that are dragged on the margin within the acquired businesses and continue to grow the higher value add, higher margin parts of the acquired businesses. And I'm thinking Muon, Micro-LAM, and Mott being some of the ones that have some room for improvement in overall margin. So that's kind of point one. Those acquired businesses.

當我們採取一些 80/20 行動時——我的意思是，當我們開始修剪那些併購業務組合中、在併購業務內部拖累利潤率的部分，同時持續擴大併購業務中更高附加價值、更高毛利的部分。我想到的例子包括 Muon、Micro-LAM 和 Mott，這些在整體利潤率上仍有一些改善空間。所以這是第一點。也就是那些併購業務。

And as you mentioned, a lot of the growth you're seeing are coming from those businesses. So as they continue to provide more of the earnings power, getting their margin up will help increase the flow through towards that 40%.

而如你所提到的，你們目前看到的許多成長其實來自那些業務。因此，當它們持續貢獻更多獲利能力時，把它們的利潤率拉升，將有助於把流入率提高、朝 40% 靠攏。

And then part two is life sciences, which is a nicely profitable business for us. As that grows, it has strong a leverage and EBITDA flow through. I haven't seen that in the first quarter or two, but for all the reasons that Eric mentioned, you would expect that to improve as we move through this fiscal year.

第二部分是生命科學，這對我們而言是一個獲利表現不錯的業務。當它成長時，具有很強的營運槓桿與 EBITDA 流入。我在前一兩個季度還沒有看到這點，但基於 Eric 提到的所有原因，你會預期隨著我們在本財年推進，這會有所改善。

In terms of getting to 40%, as I mentioned for the year, the guide contemplates kind of mid-30 flow-throughs as I think as we get into next year and some of those 8020 actions take hold and some improvement in some end markets, I think we'll get towards that 40%.

至於達到 40%，如我所說，全年指引所假設的大致是 30% 中段的流入率；我認為當我們進入明年、一些 80/20 行動開始發揮效果，且部分終端市場有所改善時，我們會朝 40% 邁進。

Deane Dray, RBC.

Deane Dray，RBC。

You called out some strength in the water business in FMT. Just kind of give us a sense of where that demand is. How much of that is kind of the flow business versus projects? And what are your assumptions for the balance of the year?

你提到 FMT 的水務業務有一些強勁表現。請大致讓我們了解一下需求主要來自哪裡。其中有多少是偏「流量」業務、多少是專案型？以及你們對今年剩餘期間的假設是什麼？

Yeah. No, it remains a really strong part of the story. And the municipal-facing side of that, that's kind of our core inspection and analytical software piece has been really good. We had some nice equipment sales in particular, this particular quarter to back that up. So the hardware side was nice.

是的。不，它仍然是整個故事中非常強的一部分。而面向市政端的那一塊——也就是我們核心的檢測與分析軟體部分——表現非常好。本季度我們也有一些不錯的設備銷售來支撐這點。所以硬體端也很亮眼。

Again, I remind people, it's a really great business that's very, very focused around storm water, storm water flows, so overflow conditions and remediating those are a big part of what they do. That remains really, really relevant as we see given the nature of infrastructure and catastrophic weather events. So it's just really well positioned.

再提醒大家一次，這是一個非常棒的業務，且高度聚焦在雨水（storm water）、雨水流量，也就是溢流狀況，以及對這些狀況進行改善治理，這是他們工作的很大一部分。考量到基礎設施的現況以及災難性天氣事件的特性，這仍然非常、非常具有相關性。所以它的定位非常好。

The part that's giving it an added boost this year is we do have a component of that platform that is focused on high-purity water, largely for semicon applications. That has actually been headwind for that group in the last year or so, it's flipped over. It's now positive and growing as well. So we've got kind of both of those firing. That accounts for the high single-digit growth that we posted, and we continue that to sustain.

今年帶來額外推力的部分是：我們在該平台中確實有一個組件聚焦於高純水，主要用於半導體應用。過去一年左右，這其實一直是該團隊的逆風，但現在已經翻轉。目前它也轉為正向並且成長。所以我們等於兩個引擎都在發力。這也解釋了我們公布的高個位數成長，而我們也會持續維持這樣的動能。

Great. And just as a follow-up, I wanted to ask about M&A activity in your sector, but that was done away. And just what the implications are, and what the thoughts might be. So first, we've seen some deals in the storm water space, [combined sewer] overflow. I mean, I think that's just a validation of how much a focus this is. Where do you see growth rates for you all in terms of -- is it M&A? Is it organic? That's the question.

很好。另外追問一下，我本來想問你們產業中的併購活動，但那部分已經被帶過了。我想了解其影響，以及你們可能的看法。首先，我們看到雨水領域、[combined sewer] 合流制下水道溢流方面出現了一些交易。我的意思是，我認為這只是驗證了這個領域受到高度重視。你們認為你們的成長率來源會是什麼——是併購？還是有機成長？這是我的問題。

And then the second one, there was a really interesting transaction in fire and security recently which I think is a validation of your commitment to this business. So just two different sectors, interesting M&A away, what are the implications for IDEX?

第二個是，最近在消防與安防領域有一筆非常有意思的交易，我認為這也驗證了你們對這項業務的承諾。所以是兩個不同的領域、外部都有有趣的併購動態；對 IDEX 的意涵是什麼？

Yeah. Well, certainly, I mean, you're paying on two spots where we play, and we do very, very good work within both cases, very critical technologies applied to get jobs done that are highly valued. So I think both from small deals to large deals in the spaces that you referenced here, you're seeing appreciation for work of that nature and quality. And so I think it's a testament, a continued testament to kind of where we are, where we're positioned and the way that we see those businesses as well.

是的。嗯，當然，我的意思是，你在我們參與的兩個領域都在付費，而我們在這兩種情況下都做得非常、非常出色，運用非常關鍵的技術來完成高度受重視的工作。所以我認為，從你在這裡提到的領域中由小型交易到大型交易，你都能看到市場對這種性質與品質的工作的肯定與重視。因此我認為，這是一個證明——一個持續的證明——證明我們目前所處的位置、我們的定位，以及我們看待這些業務的方式。

As things play out and businesses change hands, I mean we always kind of look at that and just see if that has a competitive impact on the market, and we're very, very close to those worlds and customers, and we'd respond accordingly in any way we had to. But think bottom line here is it's -- I take it as a testament to the quality of the work that we do.

隨著事情發展、業務易手，我的意思是，我們一向會關注這些情況，看看是否會對市場競爭態勢造成影響；而且我們與那些領域及客戶保持非常、非常緊密的連結，必要時我們也會以任何必須的方式做出相應回應。但我認為這裡的重點是——我把它視為對我們工作品質的一種肯定。

Bryan Blair, Oppenheimer.

Bryan Blair，Oppenheimer。

Nice start to the year. I was hoping you could offer a little more color on HST's visibility. Starting with backlog expansion, I think last quarter, you had cited around $100 million in year-on-year build. Where does that fit now?

今年開局不錯。我希望你能就 HST 的能見度再多提供一些細節。先從在手訂單（backlog）的擴張談起，我記得上季你提到年對年大約增加了 1 億美元。現在這個數字處於什麼位置？

And given the investment trends and project orientation of some of the HST's advantaged markets, how are you thinking about underlying demand support through the back half and into 2027? Eric, you had alluded to solid runway in your prepared remarks. I was just curious if you can offer any additional detail.

另外，考量到 HST 某些具優勢市場的投資趨勢與專案導向特性，你們如何看待今年下半年一路到 2027 年的基本需求支撐？Eric，你在事先準備的發言中提到有穩健的成長跑道。我想知道你是否能提供更多細節。

Yeah. Well, as you saw, we drove a nice backlog number again, increase for HST this quarter. And it's interesting here. We're getting more visibility than we've typically had for classic IDEX, and you can see that growing in HST, and it's really growing in these faster-growing order wins and application spaces.

是的。嗯，如你所見，本季我們再次推動 HST 的在手訂單數字有不錯的提升。而且這裡很有意思。我們獲得的能見度比典型的 IDEX 還要高，你可以看到這在 HST 正在增加，尤其是在這些成長更快的接單勝出與應用領域中成長得更明顯。

And the nature of it is these are moving fast. In many cases, these are novel solutions, where we're just kind of bringing them to market. And then you've got customers here that are trying to ramp pretty aggressively. And so they're giving us and as well as other suppliers some good visibility to the road ahead to make sure that we've properly capitalized, we've got labor lined up, we've got materials available.

其本質是，這些進展很快。在許多情況下，這些是新穎的解決方案，我們正把它們推向市場。接著你會看到客戶正試圖相當積極地擴產爬坡。因此他們會給我們以及其他供應商一些對未來路徑的良好能見度，以確保我們資本配置到位、勞動力安排就緒、材料供應充足。

So we get more than we typically would, let's say, in certainly in FMT and other places, even much of the rest of HST. So that accounts for some of it. That being said, it's anything that we are recognizing here, of course, is within a 12-month period, and it's -- you don't -- it's actually pretty linear as it runs.

所以我們得到的資訊會比一般情況更多——比如說，當然在 FMT 和其他地方，甚至在 HST 的其餘多數業務也是如此。因此這解釋了其中一部分。話雖如此，我們在這裡所認列的任何內容，當然都在 12 個月期間內，而且——你不會——它實際上在推進過程中相當線性。

Also, in the discussions that we have with customers as we're booking it and we're working with them, that same spirit runs into discussions about out years. So what comes next in terms of technology is something we talk about, what kind of volume requirements might be needed there so that, again, we get the jump on any capital we and others might need to lay in.

此外，在我們與客戶討論、接單並與他們合作的過程中，同樣的精神也延伸到對更長期年度的討論。因此，接下來在技術方面會是什麼，我們會談；那裡可能需要什麼樣的產量需求，我們也會談，這樣一來，我們就能再次在我們以及其他人可能需要投入的資本之前先行一步。

That's why we're able to point towards continued growth beyond a 12-month horizon here because of those conversations that kind of look forward, that, again, is a little different from what we've typically experienced in IDEX, but it's something that we had planned to be part of our growth story here, and it's playing out that way, hence the references to confidence both for this year and the out-years.

這就是為什麼我們能夠指出在 12 個月視野之外仍可持續成長，因為有這些向前看的對話；這再次與我們過去在 IDEX 的典型經驗有些不同，但這本來就是我們規劃成長故事的一部分，而現在也正按這樣發展，因此我們才會提到對今年以及未來年度的信心。

Mike Halloran, Baird.

Mike Halloran，Baird。

I'm going to tell you that I have the user error. I might have hung up on you right when Deane was asking his first question, and I came back on. So I apologize ahead of time if I asked anything that's redundant here.

我要先說是我這邊操作失誤。Deane 問第一個問題時，我可能剛好把電話掛掉了，後來又重新接回來。所以如果我問到任何重複的問題，我先道歉。

So could you help me a little bit with the sequential dynamics you're assuming for the remainder of the year. Obviously, the orders are really good. As we sit here today, the short-cycle piece seems like it's going in the right direction, all LC tools, a couple of end market headwinds.

那麼你能否幫我理解一下你們對今年剩餘期間所假設的逐季（sequential）變化動態。顯然訂單表現非常好。以我們今天所處的情況來看，短週期（short-cycle）那一塊似乎正朝正確方向發展，所有 LC 工具也是如此，但也有幾個終端市場的逆風。

Eric, maybe simply, do you feel like we're at an inflection point or close enough to an inflection point to be comfortable with the trajectory on those short-cycle pieces yet? Obviously, you just talked about the higher growth areas, the investment areas you feel good there. But maybe more just on the short cycle dynamic trajectories you work through the year and how you think about sequentials?

Eric，也許簡單問，你覺得我們是否已到達拐點（inflection point），或已足夠接近拐點，以至於可以對那些短週期業務的走勢軌跡感到更有把握？顯然你剛談到成長較快的領域、投資型領域，你對那邊感覺良好。但我更想問短週期動態在今年內的走勢，以及你如何看待逐季變化？

Yeah, we did talk about this a little earlier, but I think it's worth restating. We definitely saw a cadence of improvement across really the four months of the year, kind of weak in January, a little better in February, pretty strong March, and then it sort of held at that level in April. I mean I actually think that's a testament to the resilience of these markets in the face of some pretty concerning or uncertain headlines geopolitically.

是的，我們稍早確實談到一些，但我認為值得再重申一次。我們確實看到今年前四個月整體呈現改善的節奏：1 月偏弱、2 月好一些、3 月相當強，然後 4 月大致維持在那個水準。我的意思是，我其實認為這也證明了在一些相當令人擔憂或不確定的地緣政治新聞標題之下，這些市場仍具韌性。

I did reference though, as you know, we have these diagnostic businesses that could give us some insight into strength of inflection. And that usually comes about when they're all moving in the exact same way. That's the one piece that I pointed to and said, we've got a few that are not moving in the same direction.

不過我也提到，如你所知，我們有一些診斷型（diagnostic）的業務，可以讓我們對拐點強度提供一些洞見。而那通常會在它們全部以完全相同的方式變動時出現。這就是我指出的一點：我們有幾個並沒有朝同一個方向移動。

They're okay. They're stable, but they're not jumping yet. So I think -- and that matches the conversations we're having. You still see an awful lot of references to what might play out in terms of energy, energy pricing, material availability, all the usual suspects when something like this is going on in the world around us. So I think we're better.

它們還可以。它們是穩定的，但還沒有跳升。所以我認為——而這也符合我們正在進行的對話。你仍會看到大量提及：能源可能如何發展、能源價格、材料可得性，以及在我們周遭世界發生這類事件時所有常見的影響因素。所以我認為我們是變得更好了。

I believe it is an indicator of how strong maybe that industrial world wants to run here. But I would also say pretty reasonably guarded because of some of the things that are out there. So the way that we have it modeled, we kind of have it probably appropriately conservatively modeled that's flattish running out kind of not too far from our original assumption. But I think that's the right call based on what we're seeing and what we're hearing.

我相信這是一個指標，顯示工業領域可能有多想在這裡加速運轉。但我也會說，基於外部存在的一些因素，我們仍相當合理地保持審慎。因此在我們的模型中，我們大概以適度保守的方式建模，往後走大致偏平，與我們原先的假設差距不大。但我認為，基於我們所看到與所聽到的情況，這是正確的判斷。

So is it fair to say then that the delta in the guidance here, obviously, the uptick is partially in the first quarter strength? But it's -- we're tied to the internal growth initiatives, the investments you've made internally and with some of the M&A than it is any real change in the cyclical dynamics?

那麼這樣說是否公平：本次指引的變動幅度，顯然上修的一部分來自第一季的強勁表現？但它——與其說是景氣循環動態的任何實質變化，不如說更多是來自你們內部成長計畫、你們在內部所做的投資，以及部分併購（M&A）？

That's absolutely true.

完全正確。

Okay. And then just quickly, just thoughts on buybacks versus the M&A side of things and how you're thinking about the pipeline and acquisitions as we sit here today?

好的。最後快速問一下，關於庫藏股回購（buybacks）相對於併購（M&A）這一端，你們目前如何看待併購管線與收購機會？

Yeah. The pipeline on M&A continues to be active and continues to be kind of focused in that bolt-on type size of deal. We have sufficient capacity to take that on while continuing to maintain the current buyback levels. We did $76 million in the quarter.

是的。併購（M&A）的案源管線仍然活躍，且仍然大致聚焦在那種補強型（bolt-on）規模的交易。在維持目前庫藏股回購水準的同時，我們也有足夠的能力承接這些交易。我們本季回購了7,600萬美元。

I mentioned that we'd expect that cadence to continue for each of the quarters through this year. And at those levels, we still have more than enough capacity to execute on bolt-on M&A as it comes into focus. So I'd say kind of no change from a capital allocation specifically as it relates to repurchase, and then still focused on M&A with a pipeline that's active and focused on that bolt-on world.

我先前提到，我們預期這樣的節奏會在今年接下來每一季持續。而在這些水準下，我們仍有綽綽有餘的能力，在補強型併購機會明朗時加以執行。所以我會說，在資本配置上、特別是與回購相關的部分沒有變化；同時仍聚焦併購，且管線活躍並專注於補強型併購領域。

And then I would just add, the cultivation for those tuck-ins. I mean it continues to improve. So the more traction we get on our initiatives, largely -- almost all of which involves some integration of units. People see that. They recognize that and increasingly want to be a part of it.

另外我再補充一下，對於這些小型併入（tuck-in）案的培育也在持續改善。我的意思是，它一直在變得更好。因此，隨著我們的各項倡議取得更多進展——其中大多數、幾乎全部都涉及某種單位整合——大家都看得到。他們認同這一點，也愈來愈希望能成為其中一部分。

Bryan Blair, Oppenheimer.

Bryan Blair，Oppenheimer。

I actually cut out a bit. I appreciate you letting me ask a follow-up. I'm not sure if this was just addressed, so apologies if it was the case.

我剛剛其實有點斷線。謝謝你讓我再追問一題。如果這題剛剛已經回答過了，我先致歉。

I wanted to circle back to FMT trends and just the disconnect between order rates being kind of high single-digit range over the last four quarters relative to sales being 1%, give or take, on average. It sounds like trends are generally positive. And there is that disconnect between order and revenue recognition. Just trying to get a sense of how much conservatism you're baking in versus something else that would drive continued delta on that front?

我想回到FMT的趨勢，以及過去四個季度訂單率大約是高個位數成長，但相較之下銷售額平均只有約1%上下的落差。聽起來整體趨勢是偏正面的。但訂單與營收認列之間確實存在這個落差。我想了解的是，你們在指引中納入了多少保守假設？或是否有其他因素會導致這種差距在這方面持續存在？

Yeah. Good question. I think that's where -- looking at a quarter or two in FMT can be a little bit misleading because a lot of that order activity is consumed within the quarter. If you look over a longer, call it, kind of four-quarter period, normalize for some of those movements that will help.

是的。問得很好。我認為這就是為什麼——只看FMT一兩個季度可能會有點誤導，因為很多訂單活動會在當季就被消化掉。如果拉長到更長的期間，例如四個季度，並把其中一些波動做正常化處理，會更有幫助。

But in the order activity that we saw in the quarter, which was strong at 9% organic, water really led the way on that performance, and we would expect that performance to continue as we have them pegged in kind of that high single-digit growth. And we saw some notable bright spots in our mining end markets in the quarter as well as in just the overall pumps market.

不過就我們本季看到的訂單活動而言，9%的有機成長表現強勁，其中水務業務是主要帶動者；我們也預期這樣的表現會延續，因為我們對其預估大致是高個位數成長。此外，本季我們在礦業終端市場以及整體泵浦市場也看到一些明顯的亮點。

Some of that was a little bit of demand coming in Q1 that we might have expected in Q2. So that probably led to the order growth being at 9% in excess of the sales growth and in excess of what we expect for the balance of the year.

其中一部分是一些需求在第一季就提前發生，而我們原本可能預期會在第二季出現。所以這可能使得訂單成長9%高於銷售成長，也高於我們對今年剩餘期間的預期。

But I do think, as you mentioned, there's a touch of conservatism as you think about the guide on flattish growth in FMT. Eric has touched on it. I mentioned it earlier in the call. But there's a piece of that as well, given that we're just one quarter in, the world is kind of uncertain. While the trend seems to be reporting in the right direction, not extrapolating that for the balance of the year.

但我確實認為，如你所提到的，在FMT持平成長的指引上帶有一點保守。Eric也提到過。我在電話會議前面也提過。其中也有一部分原因是，畢竟我們才走過一個季度，外部環境仍有不確定性。雖然趨勢看起來朝正確方向發展，但我們不會把它直接外推到今年剩餘時間。

Andrew Buscaglia, BNP Paribas.

Andrew Buscaglia，BNP Paribas。

So sort of a trend we're picking up this earnings season. Just some companies talking about this higher energy prices, the near term may be some volatility, but long term maybe positive impact for their businesses. And I know direct energy exposure is not huge for IDEX, but I'm wondering how you're thinking about your business in that context?

這個財報季我們觀察到一個趨勢。有些公司談到能源價格較高，短期可能帶來一些波動，但長期可能對其業務有正面影響。我知道IDEX直接的能源曝險不算大，但我想請教你們在這樣的背景下如何看待自身業務？

Yeah. We do have a segment involved in energy. A lot of it's downstream custody transfer. We're kind of a cash register for a lot of the industry. So it never directly correlates. It's not a wellhead kind of business. But I would say, higher energy prices and activity tend to have kind of a derivative impact positively over time.

是的。我們確實有一個事業部門與能源相關。其中很大一部分是下游的交接計量（custody transfer）。我們某種程度上像是這個產業的「收銀機」。所以它不會直接一一對應。這不是井口（wellhead）那種業務。但我會說，較高的能源價格與活動度，通常會隨時間推移以衍生方式對我們帶來正面影響。

We saw some of that in the first quarter. You'll note we didn't put it -- list energy as a significant pressure point whereas we have in some of the preceding quarters. We've seen certainly more activity there, more money being put to work, US exports, all of that stuff. So as that happens, it generally kind of back feeds into the markets that we're a part of.

我們在第一季看到了一些這樣的跡象。你會注意到，我們沒有把能源列為主要壓力點，而在前幾個季度我們曾這麼做。我們確實看到那邊活動增加、資金投入增加、美國出口等各種因素。因此，當這些事情發生時，通常會回流並帶動我們所參與的市場。

So we've kind of got that in a slightly better place. We'll watch it as -- obviously, this whole story runs out. There's a lot of volatility there. But the energy exposure at IDEX at least now has moved more to the green.

所以我們在這方面的狀況稍微好一些。我們會持續觀察——顯然，整個故事還在發展。那裡的波動很大。但至少就目前而言，IDEX的能源曝險已經更偏向正面。

Yeah. Okay. That's interesting. And then yeah, and Eric, the last couple of quarters, the execution has been strong. And you're talking about 8020 and the growth investments you're making. But is there any other subtle changes to the 8020 process that's been going on under the hood? Are you doing anything differently in terms of that process that's driving these better margins?

是的。好的。這很有意思。另外，Eric，過去幾個季度執行力很強。你也談到8020以及你們正在做的成長投資。但在檯面下，8020流程是否還有任何其他細微的改變？你們在流程上有做什麼不同的事情，進而推動這些更好的毛利率/利潤率表現嗎？

Yeah. Well, I think the two extensions of the playbook, which we've had in place a long time here, really, it's in the areas where we're growing and acquiring businesses. We are integrating some of the units together into these growth platforms in the way that are a little different from kind of classic IDEX.

是的。我想這套我們在這裡已經運作很久的作戰手冊，現在有兩個延伸，主要是在我們成長與併購業務的領域。我們正在把一些單位整合到這些成長平台中，而這種做法與傳統的IDEX方式有些不同。

And so when you do that, it does add another dimension. It's kind of making -- taking a two-axis story and makes it three axis. And so you have to be cognizant of how you define 80s and 20s, how you allocate resources, sometimes crossing business units. So we're doing a lot of work this year to kind of write that code, codify it and train it in those areas because, as I referenced in my opening comments, I mean, what's exciting about it is the scale of opportunity here also grows.

因此當你這麼做時，確實會增加另一個維度。有點像是把原本的二維故事變成三維。所以你必須留意如何定義80與20、如何配置資源，有時甚至需要跨事業單位。因此我們今年做了很多工作，去把這套方法「寫成程式」、制度化並在這些領域進行訓練；因為如我在開場所提到的，令人興奮的是，這裡的機會規模也在擴大。

And so you're seeing some of that come on to the board here. I had a graph in the slide deck that showed sort of this -- the difference between a customer set that's declining as we focus on the winners, and then sales and margins ramping on the backside of that. That code book, it works, that extension. So very, very exciting piece of it, very much pivoted towards growth.

所以你會看到其中一些成果開始在這裡顯現。我在簡報中放了一張圖，顯示當我們聚焦贏家時，客戶集合會縮減，而在那之後銷售與利潤率會逐步拉升。那本「作戰手冊」是有效的，這個延伸也是有效的。所以這部分非常、非常令人振奮，而且明顯更偏向成長。

And then, of course, you get almost one-for-one margin support as we grow the company. So that's a great question, and that's sort of the new chapters that are being written right now.

然後，當然，隨著公司成長，你幾乎可以獲得接近一比一的利潤率支撐。所以這是個很好的問題，而這些正是目前正在撰寫的新篇章。

Dan DiCicco, BMO Capital Markets.

Dan DiCicco，BMO 資本市場。

Great. Slide 4, space and defense, were a lot of these products already in place? Or have you kind of tweaked and tailored some of these solutions and platforms to better align to these markets? And then is there any more opportunity here down the road?

很好。第 4 張投影片，太空與國防，這些產品中有很多原本就已經到位了嗎？還是你們有稍微調整並客製化其中一些解決方案與平台，以便更貼近這些市場？另外，未來還有更多機會嗎？

Well, I mean, this whole industry, particularly on the space side, is developing really, really fast. There's almost always something new there. But we're actually leveraging kind of an early incumbency position. We long ago studied this market, kind of helped. Frankly, I'd argue we've helped it develop.

嗯，我的意思是，整個產業，特別是太空這一端，發展得非常、非常快。幾乎總是會有新東西出現。但我們其實正在運用某種早期的既有領先地位。我們很久以前就研究過這個市場，也算是協助了它。坦白說，我會主張我們幫助它發展了。

And as we've done that, that's given us presence in the rooms with the people that matter to help solve problems along the way. So you have an incumbent position that was very thoughtfully deployed and then that access point allowed us to see where things needed to go from there. And then our innovation stream is actually enabling it. So I'd argue you have some of all of that.

而在我們這麼做的過程中，讓我們能進到那些關鍵人物所在的場合，沿途協助解決問題。所以你有一個經過深思熟慮而建立的既有地位，而那個切入點也讓我們看見接下來需要往哪裡走。接著，我們的創新管線實際上正在促成這一切。所以我會說，這些因素你都具備。

And then just as space, there's a reason we highlighted it here, I think it's tremendous in terms of growth, growth potential, both in terms of depth of applications as well as the number of people that are starting to play here. So just couldn't be more excited about it, absolutely.

再者，就太空而言，我們之所以在這裡特別強調它，是因為我認為它在成長、成長潛力方面非常驚人，不論是應用的深度，或是開始投入這個領域的參與者數量。所以我們對此非常興奮，絕對是。

Great. And then just maybe if you could just touch quickly on your overall exposure in just power generation and then more specifically around fuel cell power support?

很好。那麼也許你能否快速談一下你們在整體發電領域的曝險，然後更具體地談談燃料電池供電支援？

Yeah. Well, we mentioned in our data center applications in the pneumatic space, we've long talked about that's some of the work that we do there. It's behind the meter, power gen to power data centers essentially with standby power, and we do a very, very critical job there of thermal management within those applications. And so yeah, that is an area that we've capitalized on. We've helped support and are excited about for the future.

好的。我們在氣動領域的資料中心應用中提到過，我們長期以來一直在談那是我們在那裡做的一部分工作。那是表後（behind the meter）的發電，本質上是以備援電力為資料中心供電，而我們在那些應用中的熱管理扮演非常、非常關鍵的角色。所以是的，那是我們已經把握住的一個領域。我們也一直在協助支援，並對未來感到興奮。

Vlad Bystricky, Citigroup.

Vlad Bystricky，花旗集團。

So nice quarter, obviously, and like the positive outlook for '26. I did want to ask you; you mentioned some price cost pressures impacting gross margin in 1Q. So can you just talk about what price cost was in the quarter, how you see it evolving going forward through the year and whether you're expecting to take or need to take incremental price related to tariffs or any other inflationary pressures?

這一季表現不錯，顯然如此，而且也喜歡你們對 2026 年的正向展望。我確實想問一下；你提到第一季有一些價格/成本壓力影響毛利率。所以你能否談談本季的價格/成本情況、你如何看待它在今年接下來的演變，以及你們是否預期會、或需要會，因關稅或其他通膨壓力而採取額外的漲價？

Yeah. Good question. For the quarter, to the EBITDA line, price/cost was a net positive, not to the same magnitude that we saw in a couple of quarters in the last year given tariff pricing actions, but positive to the quarter. I would expect that to continue, kind of be net even a little bit positive.

是的。問得好。就本季而言，反映到 EBITDA 這一行，價格/成本是淨正貢獻；雖然不像去年幾個季度因關稅調價行動而出現的幅度那麼大，但對本季仍是正面。我預期這種情況會持續，大致上淨持平、甚至略為正面。

We're not contemplating any second-round price actions in the guidance that stands today based on what's happening in the world. If it continues and we need to do those things, those are, of course, actions that we'll continue to do. I think the tariff example is a good one in that it shows that the businesses within IDEX have the ability to move price in accordance with what they're seeing in cost.

以目前的指引來看，基於世界局勢的發展，我們並未考慮任何第二輪的漲價行動。如果情況持續、而我們需要採取那些措施，當然，我們也會持續採取行動。我認為關稅的例子很好，因為它顯示 IDEX 旗下各事業有能力依其所見的成本變化來調整價格。

And so if we do start to see some sustained price pressures or we expect that, on the cost side, we will revisit our price assumptions and actions with our customers. So for the quarter, positive kind of for the guide, I expect that to continue and can be revisited depending on what happens in the businesses.

因此，如果我們開始看到一些持續性的價格壓力，或我們預期成本端會有那樣的情況，我們就會重新檢視我們對價格的假設，並與客戶討論相應的行動。所以就本季而言是正面；就指引來看，我預期會延續，並可視各事業的情況再行調整。

Got it. That's helpful. Appreciate that, Sean. And then I think you talked a little bit about life sciences where you're seeing sort of some pressures in China and NIH. I guess could you just talk more about how you're thinking about the potential for a more positive inflection within life sciences in HST over the coming quarters or into '27?

了解。這很有幫助。謝謝你，Sean。另外，我想你也稍微談到生命科學，你們在中國與 NIH 方面看到一些壓力。我想請你再多談談，你們如何看待未來幾季、或到 2027 年，HST 的生命科學業務出現更正向轉折點的可能性？

Yeah. Well, we're going to focus where we can focus, and that's in core innovation with the customers that we've long had relationships with. And there's some -- the team is driving some great things there. We're seeing that now playing out positively largely in the pharma space. There's just a number of things going on in that area.

好的。我們會把重點放在我們能掌控的地方，也就是與長期合作的客戶一起做核心創新。團隊在那裡推動了一些很棒的事情。我們現在看到這些正面效應主要在製藥領域逐步展現。那個領域正在發生不少事情。

Even some of the questions around geography and how that's going to all play out, given that the world turns in different ways there. I'd say we actually are helping customers think through that, too, because we've got great global scale. And so if people want to position -- reposition assets or target different markets around the globe, we can support that, and we're talking through those situations with customers, too.

甚至包括一些關於地理布局的問題，以及在世界以不同方式變動的情況下，這一切將如何發展。我會說，我們其實也在協助客戶思考這些，因為我們具備很強的全球規模。因此，如果有人想要配置——重新配置資產，或鎖定全球不同市場，我們都能支援，我們也正在與客戶討論這些情境。

So for us, we're just going to focus on what we do best, which is kind of double down on the global span that we have, the scale that we have within the business. Remember, those are long been integrated units where people are used to working together and driving that scale of solutions and then bring innovation to bear in the markets that are inflecting the most positively.

所以對我們而言，我們會專注在我們最擅長的事：加倍投入我們的全球覆蓋、以及我們在業務中的規模。請記得，這些是長期整合的單位，大家習慣彼此協作、推動那種規模化的解決方案，並把創新帶到那些最正向轉折的市場上。

Rob Wertheimer, Melius Research.

Rob Wertheimer，Melius Research。

I apologize. You've had a lot of success in some of the growth investments you've made. And I'm curious how much kind of remains in the pipeline, products you haven't launched, products you're developing. Maybe you could characterize how far along that curve you are.

抱歉。你們在一些成長型投資上取得了很大的成功。我很好奇在產品管線中還剩下多少——尚未推出的產品、正在開發的產品。也許你可以描述一下你們目前走到那條曲線的哪個階段。

My second question, I'm not sure you want to answer. But of the total order growth, maybe in dollars, how much was attributable to kind of your new markets or advantaged markets or growth investments you've done versus the general cyclical rebound?

我的第二個問題，我不確定你是否想回答。但就總訂單成長而言，或許以金額來看，有多少可歸因於你們的新市場、具優勢的市場或你們做過的成長投資，相較於一般性的景氣循環回升？

Sure. Well, look, I think these spaces have a lot of potential, not just this year, but in later years. It's one of the reasons we've indexed so positively that the years past 2026, we see as being very good for us because we're involved in the discussions. We're working on the technology. We're talking about problems that need to be solved. We know kind of when those would go to market and how they would run out. And obviously, the investment cycle here has got multiple chapters and we're exposed to it.

當然。我想這些領域不僅今年有很大潛力，往後幾年也一樣。這也是我們對 2026 年之後的年度抱持非常正面看法的原因之一；因為我們參與了相關討論。我們正在研發技術。我們在討論需要被解決的問題。我們大致知道何時會推向市場，以及後續如何展開。而且很明顯，這裡的投資循環有多個篇章，而我們也有曝險。

To your second question, it's related actually to the first. I mean I wouldn't give a specific number here, but I mean much of what we're talking about is you can point back to recently acquired units, very specific investments, the choices that we made to link to units of this quality. So a fair amount of it is coming from there.

至於你的第二個問題，其實與第一個問題相關。我的意思是，我不會在這裡給出具體數字，但我們談到的很多內容，都可以追溯到近期收購的單位、非常具體的投資，以及我們所做的選擇——去連結到這種品質的事業單位。所以其中相當一部分是來自那裡。

What I particularly like about it is we're kind of pinging these different worlds from multiple points. And so think of those as entrances into really great application spaces, each one of which has their own subsequent chapters to write through our innovation efforts. So we talked about data centers.

我特別喜歡的一點是，我們有點像是從多個切入點在不同的世界之間來回連結。因此可以把這些視為進入非常優質應用領域的入口，而每一個領域都會在我們的創新努力下，延伸出各自後續可書寫的篇章。所以我們談到了資料中心。

We talked about kind of behind-the-meter power gen over there. We're also involved in really interesting things related to optical switching and how that's going to play out. We've got valves there that are positioned around liquid cooling and other aspects of thermal management, broad semi exposure, which has been very positive for us. We're involved in everything from consumables to metrology to lithography.

我們也談到了那邊所謂的表後（behind-the-meter）發電。我們也參與了與光學交換相關、且未來將如何發展的非常有趣的事情。我們在液冷與其他熱管理面向配置了相關閥件，並且在半導體領域有廣泛的曝險，這對我們非常正面。我們參與的範圍涵蓋從耗材到量測（metrology）再到微影（lithography）的各個環節。

You've got these nice little entry points, each one of which, again, just has the sort of extended discussion about here's what we need today, here's what we're going to need tomorrow and here's what we're thinking about in terms of the future.

你會看到這些很好的小切入點，而每一個切入點同樣都能延伸出更長的討論：今天我們需要什麼、明天我們會需要什麼，以及我們對未來的思考是什麼。

Water in the FMT space, some of those same characteristics. We're providing data and data sets to people that are now starting to think about how that could be comingled with their own AI applications. So really, really like how the investments that we have made linked to advantaged spaces and then have this nice runway potential.

在 FMT 領域的水相關業務也具備一些相同的特性。我們正在向客戶提供資料與資料集，而他們現在開始思考如何把這些資料與他們自己的 AI 應用結合使用。所以我非常、非常喜歡我們所做的投資與具優勢的領域相連結，並且具備很好的長跑道潛力。

Robert Jamieson, Vertical Research Partners.

Robert Jamieson，Vertical Research Partners。

Just a quick one on CapEx and just the step-up that we're seeing this year. I know no change in guidance, but is this more related to capacity or automation investment? And is that more specific like the HST segment? Just trying to think about where that bulk of the incremental investments being directed towards?

關於資本支出（CapEx）我想快速問一下，以及我們今年看到的提升幅度。我知道指引沒有改變，但這更多是與產能相關，還是自動化投資？而且這是否更偏向例如 HST 事業部？我只是想了解增量投資的大部分會導向哪些方向？

Good question. And as you mentioned, we have guided and no change to the guide on that front, an increase in CapEx for the year. And it's really supporting all the growth that you're seeing. So it is overweight towards HST.

好問題。如你所提，我們已給出指引，而且在這方面沒有變動：今年 CapEx 會增加。這主要是為了支撐你所看到的所有成長。因此確實會較偏向 HST。

There's the nature of the business. There's no one or two really big-ticket items in terms of CapEx that we need to drive the growth. It's really across a variety of the businesses. But we are allowing for more growth CapEx to be spent in this year to help support the growth and the demand that we're seeing. And that's in the form of equipment and other things like that to help support the growth. So not a huge step up but a meaningful one. It's still relatively low in terms of kind of the overall size of the business, but budgeted for some growth in CapEx for the year.

這是業務性質所致。就推動成長所需的 CapEx 而言，並沒有一兩項真正的大型資本專案。而是分散在多個業務之中。但我們今年確實預留了更多成長型 CapEx，以協助支撐我們看到的成長與需求。這些主要以設備等形式投入，以支持成長。所以不是非常大的躍升，但具有實質意義。相對於整體業務規模仍屬偏低，但我們已在今年的預算中編列了一些成長型 CapEx。

This is actually an area where 8020 helps us a lot as well in line with our component orientation because if we make choices to, let's say, move on from a small part of the business, very often, it's the same capital or the same technology that we would run faster-growing applications across. So it actually kind of gives us an internal funding source or an offset so that it keeps CapEx increases at a nice level, too. So that's another lever that we have that comes out of 8020 work.

這其實也是 80/20 在我們以零組件為導向的策略下，能大幅幫助我們的領域：如果我們做出選擇，例如退出一小部分業務，很多時候那同一套資本或同一項技術，就可以用來更快地支援成長更快的應用。因此它某種程度上為我們提供了內部資金來源或抵銷效果，也讓 CapEx 的增加能維持在一個不錯的水準。所以這也是我們從 80/20 工作中得到的另一個槓桿。

That's great. Super helpful. And then just taking a step back, just given the strategy and the pivot over the last couple of years on advantaged markets with secular tailwinds. I mean, what are maybe some of the top two or three secular themes outside of AI where you think that IDEX is most under indexed today and potentially when to invest more aggressively in?

很好。非常有幫助。再退一步看，考量過去幾年在具優勢市場與結構性順風（secular tailwinds）上的策略與轉向。我的意思是，除了 AI 之外，你認為 IDEX 目前最「配置不足」（under indexed）的兩到三個結構性主題可能是哪些？以及可能在何時會更積極加大投資？

Well, look, I mean, when you step back, what's nice about the changes that we've made is -- I actually start with the things that are constant. So we essentially always have kind of moved either fluids, gas, or light. That's basically what we're doing even in these advantaged spaces. So we've got great technologies, great access here.

嗯，你看，當你退一步看，我們所做的改變有個很好的地方是——我其實會先從不變的事情談起。我們基本上一直都在移動流體、氣體或光。即使在這些具優勢的領域，我們做的本質上也就是這些。所以我們擁有很棒的技術，也有很好的切入與觸達能力。

I'm particularly excited in terms from an end market perspective. We highlighted space and defense for a reason. I think that that's just getting off on the ground, and we were there from the beginning. And so our positioning there is really, really good. Our optics technologies and specifically tie very nicely to that world.

就終端市場而言，我特別感到興奮。我們之所以強調太空與國防，是有原因的。我認為那才剛開始起飛，而我們從一開始就已在其中。因此我們在那裡的定位非常、非常好。我們的光學技術，尤其與那個領域非常契合。

And here's where the acquisition work comes in very handy because we're actually kind of moving technologies and joining them across a couple of the businesses here to create solutions that are pretty novel and really could only kind of come from us. And that's part of the thesis, too.

而這正是併購工作派上用場的地方，因為我們其實正在把技術在幾個業務之間移轉並加以整合，來打造相當新穎的解決方案，而這些方案某種程度上只有我們才做得出來。這也是我們論點的一部分。

So I think how we position MSS, the Material Science Solutions platform, that's where optics sits. I mean that whole thesis really gives us a nice jump-off point into virtually every market that we've talked about here that is advantaged. So continuing to expand it through bolt-on tuck-in work. That's why we're excited about that as well.

所以我認為我們如何定位 MSS（Material Science Solutions，材料科學解決方案）平台——光學就在其中。整個論點確實讓我們在幾乎所有我們談到、且具優勢的市場上，擁有很好的起跳點。因此我們會持續透過附加式（bolt-on）與小型併入式（tuck-in）的方式來擴張。這也是我們對此感到興奮的原因。

There are some other things we'd like to bring in as our presence increases. So more to come here, but I think off to a great start and kind of playing out the way that we had hoped and expected.

隨著我們的能見度與存在感提升，還有一些其他事情我們希望納入。所以後續還會有更多內容，但我認為目前開局非常好，也正按我們希望與預期的方式在推進。

Brett Linzey, Mizuho.

Brett Linzey，瑞穗（Mizuho）。

Question regarding your CapEx-intensive businesses. I guess, as you parse through the composition of your growth in activity, how are those performing versus the more OpEx-oriented businesses? And I guess as IDEX has grown in areas like material science and defense and space, what does that mix look like today? And how has that evolved?

關於你們資本支出較密集（CapEx-intensive）的業務有個問題。我想，當你們拆解成長動能的組成時，這些業務相較於較偏營運費用（OpEx）導向的業務，表現如何？另外，隨著 IDEX 在材料科學、國防與太空等領域成長，今天的組合看起來如何？而這個組合又是如何演變的？

I'd start by saying, I mean, none of the businesses we're in are that capital intensive. And so you're seeing an increase in CapEx, but it's really in line with growth and angle towards the HST segment as well as some other platforms where we're seeing that growth.

我會先說，我們所處的業務其實沒有哪一個是那麼資本密集的。所以你會看到 CapEx 增加，但這基本上是與成長相匹配，並且也更偏向 HST 事業部，以及我們看到成長的其他一些平台。

So I don't think that there's a material shift in the CapEx intensity of the business. We're just allowing for some capital to support the growth that we're seeing. So no material move in terms of what you should expect in terms of CapEx for our businesses going forward.

因此我不認為公司的 CapEx 強度有任何實質性的轉變。我們只是預留一些資本來支撐我們看到的成長。所以就未來你對我們各項業務 CapEx 的預期而言，沒有實質性的變動。

Yeah. That continues to be part of the filter set. When we think about it, space, the technology set or acquisitions, I mean we're looking for kind of max innovation at relatively low capitalization requirements. There's -- not just from the economics of it, but that gives us the agility, the optionality of moving the technology fast. So it's all kind of part of the -- for us, it's simply rising here because, frankly, the growth rates are rising.

是的。這仍然是我們篩選條件的一部分。當我們思考太空、技術組合或併購時，我們尋求的是在相對較低的資本化需求下，達到最大的創新。這不只是出於經濟性考量，這也讓我們具備敏捷性與選擇權，能更快推進技術。所以對我們而言，這一切都是整體策略的一部分——而 CapEx 之所以在上升，坦白說，是因為成長率正在上升。

And then just shifting over to Fire & Safety, so encouraging to see the strong demand in North America. You noted the relative stability in Europe and Asia. The stable Europe comment, I think, is maybe a change in trend. Perhaps just some color there. Are the local spending priorities maybe firming up and shifting a little bit to the upside here?

接著把焦點轉到消防與安全業務，很令人振奮的是看到北美需求強勁。你提到歐洲與亞洲相對穩定。我覺得你對歐洲「穩定」的評論，可能代表趨勢有所改變。也許請你補充一些背景。當地的支出優先順序是否正在趨於穩固，並且略微往上行方向移動？

Yeah. I mean I think on the Fire & Safety European front, I recall it was late in the summer last year. We had that turned down kind of unexpectedly. We saw some very specific positioning over to alternate spend. That actually came back to something more normal at the end of the year and it's basically remained there.

是的。我的意思是，就消防與安全在歐洲這一端而言，我記得是去年夏末的時候。我們的表現曾有點出乎意料地下滑。我們看到一些非常特定的資源配置轉向其他支出項目。到了年底，那又回到比較正常的狀態，而且基本上一直維持到現在。

So it's not widely growing, but it's kind of back in its normal corridor, and I think that was actually kind of a temporal shift. And then we've seen, again, the further from home markets have been stable for a while. And as you said, most of the growth strength on the North American side.

所以它並不是廣泛成長，但算是回到正常區間，我認為那其實比較像是時間上的短期移動。然後我們也看到，再次地，離本土更遠的市場已經穩定一段時間了。而如你所說，成長動能主要來自北美這一端。

Joe Giordano, TD Cowen.

Joe Giordano，TD Cowen。

Appreciate it letting me have the follow-up here. Just like one last kind of bigger picture question on M&A. Eric, as you moved into some of these newer areas like when you bought Mott, you bought Muon, I think from an investor angle, it seemed a little bit more -- are these more complicated? Is this a way from core a little bit more. And then obviously, those businesses started a little slow and now are doing quite well and are directly aligned with what your strategy is.

感謝讓我可以追問。最後一個比較宏觀的問題，關於併購（M&A）。Eric，當你們進入一些較新的領域，例如收購 Mott、收購 Muon，從投資人的角度看起來似乎更——這些是不是更複雜？是不是稍微偏離核心一些？然後很明顯地，這些業務一開始進展有點慢，但現在表現相當好，而且與你們的策略直接一致。

So I'm just curious, as you look back on the last couple of years with these businesses, what's like the takeaway in your head? Does this like reinforce that IDEX knows how to do M&A as a core competency? Does it inform you on timing of when is appropriate to do this and how much work we need to do through the businesses that are in these kind of markets? Just curious like what's your -- I know we're in a good place to talk about it now, but just curious like what you guys kind of like took away from the -- from getting from where you were when you started to where you are today?

所以我很好奇，回頭看過去幾年這些業務，你腦中最大的收穫是什麼？這是否強化了 IDEX 把併購當作核心能力、而且確實很擅長做併購的看法？這是否也讓你在時點上有更多判斷：什麼時候適合做這件事，以及我們需要在這些市場類型的業務上投入多少工作？只是想了解你們的——我知道現在談這個是個好時機，但想聽聽你們從——從一開始到今天這一路走來，究竟得到哪些體會？

Yes. No. Thanks for that. Well, look, a big part of the thesis here was supporting stronger growth for the company. I mean, that's why we went down this direction.

是的。不。謝謝你這個問題。你看，這個論點（thesis）很大一部分是為了支撐公司更強的成長。我的意思是，這就是我們選擇走這個方向的原因。

And I think one of the insights that comes out of this, given all that you cited, is actually, I put it -- in the end, I put it into a strength category. I mean these are mission-critical markets where the uptick on growth takes a little longer than maybe we would like out of the gate. But that actually becomes the moat for us once we get through it. So that defensibility of people that are super risk-averse, got to make sure everything is going to work right, make sure that we're a trusted partner.

而我認為，從你提到的這些情況所得到的一個洞見是——我會把它歸類為一種優勢。我的意思是，這些都是任務關鍵型市場，成長的上行動能需要更長時間才會顯現，可能比我們一開始希望的還要慢。但一旦我們熬過那段時間，這反而會成為我們的護城河。因此，面對那些極度風險趨避的客戶，我們必須確保一切都能正確運作，確保我們是值得信賴的合作夥伴，這種可防禦性就非常重要。

All those things have always been true at IDEX. They're probably even more true in these kind of critical markets. So that delayed some things out of the gate in terms of take-up and adoption. And it was, remember, a pretty crazy world at the same time.

這些事情在 IDEX 一直都成立。在這類關鍵市場裡，可能更是如此。所以在導入與採用（take-up and adoption）方面，起步階段確實讓一些事情延後了。而且別忘了，當時同時也是一個相當瘋狂的世界。

But what we're seeing now is the backside of that. And so the same characteristics, I actually think are massively in our favor because that's the deep moat that now surrounds us. We're in the room. We're having a discussion. We are at the table to say, hey, what comes next? Then what can we do? Then what can we do? And now we have more pieces and parts to play with.

但我們現在看到的是那段過程的後半段成果。因此，同樣的特性我其實認為是大大有利於我們，因為那就是現在圍繞著我們的深厚護城河。我們已經進到那個圈子裡了。我們正在進行討論。我們坐在桌邊，可以說：嘿，接下來是什麼？然後我們還能做什麼？然後我們還能做什麼？而且現在我們手上有更多零組件與能力可以運用。

We're not a single business in there. We're actually a couple of units to three. We've got more people in the room. We've got more depth, and we've gained that trusted partner status. So I think that's the insight and I think it's a net positive as we sit here today.

我們不再只是其中的一個單一事業。我們其實是兩個到三個單位在裡面。我們在現場有更多人。我們有更深的投入，也取得了「值得信賴的合作夥伴」地位。所以我認為這就是洞見，而以今天的角度來看，我覺得整體是淨正面。

That concludes our question-and-answer session. I will now turn the call back over to Eric Ashleman for any closing remarks. Eric?

問答環節到此結束。我現在把電話交回給 Eric Ashleman，請他做結語。Eric？

Yeah. Well, thanks, everyone, for your interest and support of IDEX. I'd say to sum up here, we're very pleased with the strong start to the year. HST, in particular, continues to build strong sequential momentum within its target advantaged growth markets. As we said during the call, perhaps most encouraging for us is the fact that many of their wins have long multiyear tails that points to a really nice growth over time.

是的。謝謝各位對 IDEX 的關注與支持。我想在此做個總結：我們對今年強勁的開局感到非常滿意。HST 尤其持續在其鎖定的具優勢成長市場中，建立強勁的逐季動能。正如我們在電話會議中所說，對我們而言最令人鼓舞的，或許是他們許多勝出案（wins）都具有長期、跨多年的延伸效益，這指向隨時間推進相當不錯的成長。

With FMT and FSDP, we saw some encouraging positive signs of early inflection, but we still most likely need to clear the uncertainty of geopolitical stuff to move materially to the next level of support. Our businesses there are really well positioned to capitalize on that strength as it plays out from here.

在 FMT 與 FSDP 方面，我們看到一些令人鼓舞的正向訊號，顯示早期拐點正在出現，但我們很可能仍需要先消除地緣政治相關的不確定性，才能在支持力道上實質邁向下一個層級。我們在那裡的業務確實具備很好的定位，能在這股強勢從此刻開始逐步展開時加以掌握。

So I think bottom line, our growth strategy is supported by our growth platforms, expanded through thoughtful M&A and operational integration are powering IDEX towards a really bright and successful future, and we look forward to updating you as we go along the way. Thanks so much.

所以我想，歸根結底，我們的成長策略由成長平台所支撐，並透過審慎的併購與營運整合而擴大，正推動 IDEX 邁向非常光明且成功的未來；我們也期待在一路推進的過程中持續向各位更新進展。非常感謝。

That concludes today's call. You may now disconnect.

今天的電話會議到此結束。您現在可以掛線。