格南登福 (IR) 2023 Q3 法說會逐字稿

Good morning. My name is Krista, and I'll be your conference operator today. At this time, I would like to welcome everyone to the Ingersoll Rand Third Quarter 2023 Earnings Conference Call. (Operator Instructions) I will now turn the conference over to Matthew Fort, Vice President of Investor Relations. Please go ahead.

早安.我叫克里斯塔，今天我將擔任你們的會議接線生。此時此刻，我歡迎大家參加英格索蘭 2023 年第三季財報電話會議。 （操作員指示）我現在將會議交給投資者關係副總裁 Matthew Fort。請繼續。

Thank you, and welcome to the Ingersoll Rand 2023 Third Quarter Earnings Call. I'm Matthew Fort, Vice President of Investor Relations. And joining me this morning are Vicente Reynal, Chairman and CEO; and Vik Kini, Chief Financial Officer. We issued our earnings release and presentation yesterday, and we will reference these during the call. Both are available on the Investor Relations section of our website. In addition, a replay of this conference call will be available later today.

謝謝，歡迎參加英格索蘭 2023 年第三季財報電話會議。我是投資者關係副總裁馬修·福特。今天早上加入我的還有董事長兼執行長文森雷納爾 (Vicente Reynal)；和財務長 Vik Kini。我們昨天發布了收益報告和演示文稿，我們將在電話會議中參考這些內容。兩者均可在我們網站的投資者關係部分找到。此外，今天晚些時候將提供本次電話會議的重播。

Before we start, I want to remind everyone that certain statements on this call are forward-looking in nature and are subject to the risks and uncertainties discussed in our previous SEC filings, which you should read in conjunction with the information provided on this call. Please review the forward-looking statements on Slide 2 for more details. In addition, in today's remarks, we will refer to certain non-GAAP financial measures. You can find a reconciliation of these measures to the most comparable measure calculated and presented in accordance with GAAP in our slide presentation and in our earnings release, both of which are available on the Investor Relations section of our website.

在開始之前，我想提醒大家，本次電話會議中的某些陳述本質上是前瞻性的，並受到我們之前向SEC 提交的文件中討論的風險和不確定性的影響，您應該結合本次電話會議中提供的資訊來閱讀這些文件。請查看投影片 2 的前瞻性陳述以了解更多詳情。此外，在今天的演講中，我們將提及某些非公認會計準則財務指標。您可以在我們的投影片簡報和收益發布中找到這些指標與根據 GAAP 計算和呈現的最具可比性的指標的對賬，這兩個指標都可以在我們網站的投資者關係部分找到。

On today's call, we will review company and segment financial highlights and provide an update to our 2023 guidance. (Operator Instructions) At this time, I will turn the call over to Vicente.

在今天的電話會議上，我們將回顧公司和部門的財務亮點，並提供 2023 年指導的更新。 （接線生指示）此時，我將把電話轉給維森特。

Thanks, Matthew, and good morning to all. I would like to start, as we always do, by thanking and acknowledging all of our employees for their hard work in helping us to deliver another record quarter in Q3. Despite the constantly changing macroeconomic environment, our employees continue to deliver on our commitments and consistently exemplify our purpose while thinking and acting like owners. I would also like to welcome our new employees from our recent acquisitions, Oxywise, Fraserwoods, Roots and (inaudible).

謝謝馬修，大家早安。首先，我想像往常一樣，感謝並感謝所有員工的辛勤工作，幫助我們在第三季再創創紀錄的季度業績。儘管宏觀經濟環境不斷變化，我們的員工仍繼續履行我們的承諾，始終如一地體現我們的宗旨，同時像業主一樣思考和行動。我還要歡迎我們最近收購的 Oxywise、Fraserwoods、Roots 和（聽不清楚）的新員工。

Beginning on Slide 3, fueled by our competitive differentiator, IRX, in the third quarter, we again delivered double-digit growth in revenue, adjusted EBITDA, adjusted EPS and free cash flow. We remain nimble and focused on controlling what we can control and continue to direct our demand generation activities towards high-growth sustainable end markets to accelerate market share gains. Finally, based on our continued robust performance year-to-date, we are once again raising our 2023 full year guidance.

從幻燈片 3 開始，在我們的競爭優勢 IRX 的推動下，第三季我們的營收、調整後 EBITDA、調整後每股盈餘和自由現金流再次達到兩位數成長。我們保持靈活性，專注於控制我們可以控制的事情，並繼續將我們的需求產生活動導向高成長的可持續終端市場，以加速市場份額的成長。最後，基於我們今年迄今持續強勁的業績，我們再次提高了 2023 年全年指引。

As we move to Slide 4, our economic growth engine is the key to delivering compounding annual results. During our last Investor Day in November 2021, we presented this model and highlighted our organic, inorganic and quality of earnings growth enablers. We remain committed to our strategy and our long-term Investor Day targets as outlined on this page. In fact, we have so far exceeded our growth and margin commitments, including an organic orders and revenue CAGR of 12% and margin expansion of 170 basis points per year over the last 3 years.

當我們轉向幻燈片 4 時，我們的經濟成長引擎是實現複合年度業績的關鍵。在 2021 年 11 月的最後一次投資者日期間，我們展示了這個模型，並強調了我們的有機、無機和品質的獲利成長推動因素。我們仍然致力於本頁概述的策略和長期投資者日目標。事實上，到目前為止，我們已經超越了我們的成長和利潤承諾，包括過去 3 年中每年 12% 的有機訂單和收入複合年增長率以及每年 170 個基點的利潤擴張。

On the next slide, I will provide you with deeper insights into how we are accelerating organic growth in previously acquired businesses. So turning to the page to Slide 5. Here, we have some examples of how we have driven outsized organic growth and margin expansion from recently acquired M&A. This is a testament to how we compound growth on recently acquired businesses and have examples from both our ITS and PST segments.

在下一張投影片中，我將為您提供有關我們如何加速先前收購的業務的自然成長的更深入見解。因此，請翻到投影片 5。這裡有一些範例，說明我們如何透過最近收購的併購推動超額有機成長和利潤擴張。這證明了我們如何透過最近收購的業務實現複合成長，並以我們的 ITS 和 PST 領域為例。

On the left-hand side of the page, we're highlighting our LeROI acquisition from June of 2017. We acquired this business for a purchase multiple of 11x by pivoting our end market focus to high-growth, sustainable end markets, offering a complete ecosystem solution and leveraging our commercial footprint we have achieved over 540% growth since the time of acquisition. In addition, our post-tax ROIC is 155% resulting in a 0.5 post-synergy adjusted EBITDA purchase multiple. Just an impressive result on how and what we can do with technologies once we incorporate them into our IRX process.

在頁面左側，我們重點介紹了2017 年6 月以來對LeROI 的收購。我們透過將終端市場重點轉向高成長、可持續的終端市場，以11 倍的購買倍數收購了該業務，提供了完整的解決方案生態系統解決方案並利用我們的商業足跡，自收購以來我們已經實現了超過 540% 的成長。此外，我們的稅後 ROIC 為 155%，導致 EBITDA 在協同調整後購買倍數為 0.5。一旦我們將技術納入我們的 IRX 流程，我們就可以如何利用技術以及做什麼，這是一個令人印象深刻的結果。

On the right-hand side of the page is our Air Dimension business, which was acquired in November of 2021, also at an 11x purchase multiple. Air Dimension serves high-growth sustainable end markets like environmental services. And the team has delivered 27% revenue growth over the last 2 years by leveraging IRX, rapidly integrating our demand generation process and launching new innovative technologies. And given the outsized growth this business has delivered over the past 2 years, we're very well on track to exceed our 3-year post-tax ROIC target demonstrated by already delivering a post-synergy adjusted EBITDA purchase multiple of 8x.

頁面右側是我們的 Air Dimension 業務，該業務於 2021 年 11 月收購，收購倍數也是 11 倍。 Air Dimension 服務於環境服務等高成長的永續終端市場。透過利用 IRX、快速整合我們的需求產生流程並推出新的創新技術，該團隊在過去 2 年中實現了 27% 的收入成長。鑑於該業務在過去兩年中實現了大幅增長，我們很有可能超越我們的 3 年稅後投入資本回報率目標，這已經實現了 8 倍的協同調整後 EBITDA 購買倍數。

Next, on Slide 6, M&A continues to be at the forefront of our capital allocation strategy to compound value similar to the examples we displayed on the previous slide. We're pleased to highlight 2 recent closed transactions. With these 2 acquisitions, we have closed on approximately $190 million of annualized inorganic revenue, which puts us very close to the bottom end of the $200 million to $300 million of annualized inorganic revenue targets we set forth at the beginning of the year, and we have no doubt in our ability to deliver our target this year.

接下來，在投影片 6 中，併購繼續處於我們資本配置策略的最前沿，以實現複合價值，類似於我們在上一張投影片中所展示的範例。我們很高興地重點介紹最近完成的 2 筆交易。透過這兩項收購，我們已經完成了約 1.9 億美元的年化無機收入，這使我們非常接近我們年初制定的 2 億至 3 億美元的年化無機收入目標的底端，並且我們毫無疑問我們有能力實現今年的目標。

Let me walk you through these 2 recent acquisitions. First, Oxywise, which is based in Slovakia, is a leading provider of on-site oxygen and nitrogen generation systems. This acquisition expands our technology ecosystem with a complementary product to the compressor and increases Ingersoll Rand's broader air treatment capabilities in point-of-use oxygen generation.

讓我向您介紹這兩項最近的收購。首先，總部位於斯洛伐克的 Oxywise 是現場製氧和製氮系統的領先供應商。此次收購透過壓縮機的補充產品擴展了我們的技術生態系統，並增強了英格索蘭在使用點制氧方面更廣泛的空氣處理能力。

Next is Fraserwoods, which is a leading provider of aftermarket services for blowers and pumps in the vacuum truck market. This acquisition expands Ingersoll Rand's technical expertise and service capabilities in Western Canada. Our M&A funnel remains very strong. And as of today, it continues to be over 5x larger than it was at the time of the RMT. The characteristics of the target in our funnel continue to be bolt-on in nature with the exception of a couple that are approximately $1 billion purchase price.

其次是 Fraserwoods，它是真空卡車市場中鼓風機和泵售後服務的領先供應商。此次收購擴大了英格索蘭在加拿大西部的技術專長和服務能力。我們的併購管道仍然非常強大。截至今天，它仍然比 RMT 時大 5 倍以上。我們漏斗中目標的特徵本質上仍然是固定的，但購買價格約為 10 億美元的幾個目標除外。

On Slide 7, as highlighted in the middle of the page, we continue to be recognized for our corporate responsibility and we're proud that 3BL Media recently named us as one of the top 100 best corporate citizens in 2023. We're recently ranked on the top 3 among the Russell 1000. Being a corporate citizen is part of our high-performance employee ownership culture. Our company purpose of making life better is deeply ingrained into everything we do, including partnerships with community-focused organizations such as the American Heart Association, FeedNC, Drop In The Bucket and La Escuelita Bilingual Preschool.

在幻燈片 7 上，正如頁面中間突出顯示的那樣，我們的企業責任繼續得到認可，我們很自豪 3BL Media 最近將我們評為 2023 年 100 家最佳企業公民之一。我們最近排名在Russell 1000 中名列前三名。成為企業公民是我們高績效員工持股文化的一部分。我們公司「讓生活更美好」的宗旨深植於我們所做的一切之中，包括與美國心臟協會、FeedNC、Drop In The Bucket 和La Escuelita Bilingual Preschool 等以社區為中心的組織的合作夥伴關係。

In addition to striving to be a responsible corporate citizen, we're thrilled to be named Best Companies to Work for in industrials and business service sector, receiving high marks in employee sense of belonging. We believe our employee ownership model drives increased employee engagement. And as a long-term shareholder, it creates economic opportunity for our employees and their families.

除了努力成為負責任的企業公民外，我們很高興被評為工業和商業服務領域最佳工作公司，在員工歸屬感方面獲得了高分。我們相信我們的員工持股模式可以提高員工敬業度。作為長期股東，它為我們的員工及其家人創造了經濟機會。

I will turn now the presentation over to Vik to provide an update on our Q3 financial performance.

我現在將把簡報交給 Vik，以提供我們第三季財務業績的最新資訊。

Thanks, Vicente. On Slide 8, fueled by IRX, we again delivered record results in Q3 through a balance of commercial and operational execution.

謝謝，維森特。在幻燈片 8 上，在 IRX 的推動下，我們透過平衡商業和營運執行，在第三季度再次取得了創紀錄的業績。

Total company organic revenue increased 6% year-over-year with incremental margins of 38%. Book-to-bill was 0.94x, which was in line with expectations. As a reminder, we typically see book-to-bill above 1 in the first half of the year due to the longer cycle, large project orders received and a book-to-bill below 1 in the second half as those large longer-cycle projects convert into revenue. We remain encouraged by the strength of our backlog, which is up approximately 6% year-over-year. The strength in our backlog provides good visibility and momentum as we move into the fourth quarter of 2023 and begin to look towards 2024.

公司總有機收入年增 6%，增量利潤率為 38%。訂單出貨率為 0.94 倍，符合預期。提醒一下，我們通常會看到上半年的訂單出貨比高於1，因為週期較長，收到的項目訂單較多，而下半年的訂單出貨比低於1，因為這些大型項目訂單週期較長。項目轉化為收入。我們仍然對我們的積壓訂單感到鼓舞，積壓訂單同比增長約 6%。當我們進入 2023 年第四季並開始展望 2024 年時，我們積壓的實力提供了良好的可見度和動力。

The company delivered third quarter adjusted EBITDA of $462 million, a 23% year-over-year improvement and adjusted EBITDA margins of 26.5%, a 170 basis point year-over-year improvement. It is important to note that these results are closely approaching our long-term targets set forth during our 2021 Investor Day. For the quarter, adjusted diluted earnings per share was $0.77, up 24% versus the prior year. Free cash flow generation for the quarter was $369 million, up 46% versus the prior year. Free cash flow margins for the quarter finished at 21%.

該公司第三季調整後 EBITDA 為 4.62 億美元，較去年同期成長 23%，調整後 EBITDA 利潤率為 26.5%，較去年同期成長 170 個基點。值得注意的是，這些結果非常接近我們在 2021 年投資者日設定的長期目標。本季調整後攤薄每股收益為 0.77 美元，較上年同期成長 24%。本季自由現金流量為 3.69 億美元，比上年增長 46%。本季自由現金流利潤率為 21%。

Total liquidity at quarter end was $3.2 billion, which was flat compared to the prior quarter. And our net leverage continues to remain near all-time lows. At 0.9 turns, we are 0.1 turns better than both the prior year and prior quarter.

季末流動性總額為 32 億美元，與上一季持平。我們的淨槓桿率繼續保持在歷史低點附近。轉彎次數為 0.9 圈，比去年和上季都好 0.1 圈。

Turning to Slide 9. For the total company, Q3 orders declined 2% and revenue increased 13%, both on an FX adjusted basis. Total company adjusted EBITDA increased 23% from the prior year. The ITS segment margin increased 260 basis points, while the PST segment margin improved 120 basis points. Notably, both segments remain price cost dollar and margin positive, which speaks to the nimble actions of our teams despite persistent inflationary headwinds.

轉向投影片 9。對於整個公司而言，第三季訂單下降了 2%，營收成長了 13%，兩者均經過匯率調整。公司調整後 EBITDA 總額較上年成長 23%。 ITS 部門利潤率提高了 260 個基點，而 PST 部門利潤率提高了 120 個基點。值得注意的是，這兩個細分市場的價格成本和利潤率都保持正值，這說明我們的團隊儘管面臨持續的通膨阻力，仍採取了靈活的行動。

Corporate costs came in at approximately $44 million for the quarter, driven by continued investments to support growth in areas like demand generation and IoT as well as the impact of incentive compensation adjustments. Adjusted diluted earnings per share for the quarter was up 24% to $0.77 per share. This $0.15 year-over-year increase includes a $0.03 headwind from interest expense. And finally, the adjusted tax rate for the quarter was 22%.

本季的企業成本約為 4,400 萬美元，這得益於持續投資以支援需求產生和物聯網等領域的成長，以及激勵薪酬調整的影響。本季調整後稀釋每股收益成長 24%，達到每股 0.77 美元。 0.15 美元的年增率包括 0.03 美元的利息支出阻力。最後，本季調整後的稅率為22%。

Moving on to the next slide. Free cash flow for the quarter was $369 million, including CapEx, which totaled $29 million. Total company liquidity was $3.2 billion based on approximately $1.2 billion of cash and $2 billion of availability on our revolving credit facility. Cash outflows for the quarter included $308 million deployed to M&A, largely driven by the acquisition of Roots.

轉到下一張投影片。本季自由現金流為 3.69 億美元，其中資本支出總計 2,900 萬美元。該公司流動資金總額為 32 億美元，基於約 12 億美元的現金和 20 億美元的循環信貸額度。該季度的現金流出包括用於併購的 3.08 億美元，主要是由收購 Roots 推動的。

We returned $8 million to shareholders in dividends and no share repurchases were made during the third quarter, although we remain committed to our annual share repurchase plan of approximately $250 million for the full year. M&A remains our top priority for capital allocation, and we continue to expect M&A to be our primary usage of cash for the foreseeable future. We continue to have an active and healthy funnel of inorganic growth opportunities. This funnel consists primarily of bolt-on M&A, relatively similar in size, scope and nature to the assets we've acquired over the past 2 to 3 years.

儘管我們仍然致力於全年約 2.5 億美元的年度股票回購計劃，但我們在第三季向股東返還了 800 萬美元的股息，並且沒有進行任何股票回購。併購仍然是我們資本配置的首要任務，我們仍然預期併購將在可預見的未來成為我們現金的主要用途。我們繼續擁有一個積極健康的無機成長機會漏斗。此漏斗主要由補強併購組成，其規模、範圍和性質與我們過去 2 至 3 年收購的資產相對相似。

Turning to Slide 11. As we have always planned, we continue to transform our debt portfolio. After being upgraded to an investment-grade credit rating across all 3 rating agencies, we refinanced $1.5 billion of secured term loans through the issuance of unsecured investment-grade bonds in the quarter. Our capital structure continues to evolve and is designed to facilitate our capital allocation strategy, and we remain committed to having a fully unsecured investment-grade capital structure in the near future.

轉向幻燈片 11。正如我們一直計劃的那樣，我們繼續改變我們的債務組合。在全部 3 家評級機構將信用評級升級為投資級信用評級後，我們在本季度透過發行無擔保投資等級債券為 15 億美元的擔保定期貸款進行了再融資。我們的資本結構不斷發展，旨在促進我們的資本配置策略，我們仍然致力於在不久的將來擁有完全無擔保的投資等級資本結構。

As a result of this debt portfolio transformation, we have improved our fixed-to-floating ratio to 74% fixed and 26% floating, and our weighted average maturity on debt has moved from 4 years to 6 years. Finally, on an annualized basis, our interest expense has been reduced by approximately $20 million. This should deliver an annualized improvement of approximately $0.04 of earnings per share, which will be realized across both 2023 and 2024.

透過此次債務組合轉型，我們將固定與浮動比率提高至74%固定和26%浮動，債務加權平均期限從4年延長至6年。最後，以年化計算，我們的利息支出減少了約 2000 萬美元。這將帶來每股收益約 0.04 美元的年化改善，並將在 2023 年和 2024 年實現。

I will now turn the call back to Vicente to discuss our segment results.

我現在將把電話轉回維森特，討論我們的部門表現。

Thanks, Vik. On Slide 12, our Industrial Technologies and Services segment delivered strong year-over-year organic revenue growth of 9.5%. Adjusted EBITDA increased 31% year-over-year with adjusted EBITDA margin of 28.8%, up 260 basis points from the prior year, with an incremental margin of 42%. I would like to take a minute to note that these high 20s adjusted EBITDA margins are in line with our 2025 long-term targets set during our Investor Day in 2021.

謝謝，維克。在投影片 12 上，我們的工業技術和服務部門實現了 9.5% 的強勁有機收入年增。調整後 EBITDA 年成長 31%，調整後 EBITDA 利潤率為 28.8%，較前一年成長 260 個基點，增量利潤率為 42%。我想花一點時間指出，這些 20 多美元的調整後 EBITDA 利潤率符合我們在 2021 年投資者日設定的 2025 年長期目標。

So we're almost 2 years ahead of schedule in terms of achieving these results. Book-to-bill remains on track and finished in line with expectations at 0.94x. Consistent with previous guidance, we anticipate a book-to-bill of approximately 1x for the year. As a reminder, we typically see a book-to-bill of above 1 in the first half as larger longer-cycle orders are placed and below 1 in the second half as those larger longer cycle orders are shipped. Organic orders came in line with our expectations, down 8.7% as we are comping high teens organic orders growth from Q3 last year. Therefore, it is good to highlight that on a 2-year stack for the third quarter, ITS organic orders have grown 8%.

因此，就實現這些成果而言，我們比計劃提前了近兩年。訂單出貨率仍處於正軌，最終達到 0.94 倍，符合預期。與先前的指導一致，我們預計今年的訂單出貨量約為 1 倍。提醒一下，我們通常會看到上半年的訂單出貨比高於1，因為下達了較大的較長週期訂單，而下半年則低於1，因為這些較大的較長週期訂單已發貨。有機訂單符合我們的預期，下降了 8.7%，因為我們正在比較去年第三季有機訂單的高成長。因此，值得強調的是，在第三季的兩年堆疊中，ITS 有機訂單成長了 8%。

Moving to the product line highlights. Product lines continued to show strong momentum on a 2-year stack, excluding FX and also excluding the recent acquisitions of SPX Air Treatment and Roots' blowers. On a 2-year stack, compressor orders were up low double digits and revenue was up mid-30s. Industrial Vacuum and Blower orders were up mid-teens and revenue was up low 30s.

轉向產品線亮點。產品線在過去兩年中繼續表現出強勁的勢頭，不包括 FX，也不包括最近收購的 SPX 空氣處理和羅茨鼓風機。兩年來，壓縮機訂單增加了兩位數，收入增加了 30 多歲。工業真空和鼓風機訂單成長了 15%，營收成長了 30%。

And the Power Tools and Lifting was up low double digits on both orders and revenue. For additional detail information on product lines and regional splits, we have moved the chart which was previously included on this page to Slide 17 in the appendix.

電動工具和起重業務的訂單和收入均達到低兩位數成長。有關產品線和區域劃分的更多詳細信息，我們已將本頁之前包含的圖表移至附錄中的幻燈片 17。

Moving to the innovation in action portion of the slide, we're highlighting a new oil-free compressor, recently launched in North America. This product is a great example of Ingersoll Rand leveraging i2V to deliver new products with best-in-class efficiency. This IIoT ready compressor is 14% more efficient than the previous model, and it is 5% more efficient than the competition.

轉向幻燈片的創新部分，我們將重點放在最近在北美推出的新型無油壓縮機。該產品是 Ingersoll Rand 利用 i2V 提供具有一流效率的新產品的一個很好的例子。這款 IIoT 壓縮機的效率比之前的型號高 14%，比競爭對手高 5%。

Turning to Slide 13. Revenue in the Precision and Science Technology segment declined 5% mechanically. The decline in orders and revenue were primarily driven by the Life Science business, which continues to experience softness in the oxygen concentration and biopharma end markets. We remain positive about the underlying health of the PST business and short cycle orders in the industrial businesses were positive both sequentially and year-over-year.

轉向幻燈片 13。精密和科學技術部門的收入機械地下降了 5%。訂單和收入的下降主要是由生命科學業務推動的，該業務在氧氣濃縮和生物製藥終端市場持續疲軟。我們對 PST 業務的基本健康狀況保持樂觀，工業業務的短週期訂單連續和同比均呈積極態勢。

The increases in the short-cycle business were driven by demand generation activities and lead time reductions. Overall, the PST segment remains on track to meet our long-term Investor Day growth commitments as illustrated on the chart on the bottom left-hand side of the page. The 3-year organic order and revenue CAGR of 5% and 7%, respectively, are in line with the long-term Investor Day targets of mid-single-digit plus growth.

短週期業務的成長是由需求產生活動和交貨時間縮短所推動的。總體而言，PST 部門仍有望實現我們的長期投資者日成長承諾，如頁面左下角圖表所示。 3 年有機訂單和收入複合年增長率分別為 5% 和 7%，符合投資者日中個位數以上成長的長期目標。

Additionally, the PST team delivered adjusted EBITDA of $94 million, which is up 2% year-over-year despite declines in revenue. Adjusted EBITDA margin was 30.3%, up 120 basis points year-over-year. The continued year-over-year improvement in our adjusted EBITDA margins is driven primarily by price cost improvements and synergy delivery on acquired businesses. For our PSP innovation in action, we're highlighting our YZ brand partnership with the largest natural gas transmitter in Europe, GRDF.

此外，PST 團隊的調整後 EBITDA 為 9,400 萬美元，儘管收入下降，但年增 2%。調整後 EBITDA 利潤率為 30.3%，較去年同期成長 120 個基點。我們調整後的 EBITDA 利潤率持續年比改善，主要是因為價格成本改善和收購業務的綜效。對於我們的 PSP 創新行動，我們將重點放在我們的 YZ 品牌與歐洲最大的天然氣發射機 GRDF 的合作夥伴關係。

During the second quarter of 2023, we executed a 10-year contract with GRDF to provide mission-critical odorization equipment for renewable natural gas or RNG. We're very excited about this partnership and believe that there are plenty of future growth opportunities as the European Union has committed to replacing 20% of lost Russian gas supply with RNG over the next 6 to 7 years.

2023 年第二季度，我們與 GRDF 簽署了一份為期 10 年的合同，為可再生天然氣或 RNG 提供關鍵任務加臭設備。我們對這項合作關係感到非常興奮，並相信未來有大量的成長機會，因為歐盟已承諾在未來 6 至 7 年內以 RNG 取代 20% 的俄羅斯天然氣供應損失。

Moving to Slide 14. Given the year-to-date solid performance and continued momentum from backlog, we're once again raising our 2023 guidance. For the full year, total company revenue is expected to grow between 14% and 16%, which is a 200 basis point improvement versus our previous guidance. We anticipate organic growth of 9% to 11%, where price and volume remains split approximately 60-40. FX is now expected to show a slight headwind of approximately 1% on a full year basis.

轉向幻燈片 14。鑑於今年迄今為止的穩健表現和積壓的持續勢頭，我們再次提高了 2023 年的指導。全年公司總收入預計將成長 14% 至 16%，比我們先前的指導提高了 200 個基點。我們預計有機成長率為 9% 至 11%，其中價格和銷量的比例仍約為 60-40。目前預計全年外匯將出現約 1% 的小幅逆風。

Our revenue from M&A has increased by $60 million to approximately $360 million for the full year. This increase reflects the impact from all completed and closed M&A transactions as of November 1, 2023. Corporate costs are planned at $170 million for the year. Total adjusted EBITDA for the company is expected to be in the range of $1.73 billion and $1.77 billion, which is up 2% versus prior guidance and up 9% versus our initial guidance at the midpoint.

我們全年的併購收入增加了 6,000 萬美元，達到約 3.6 億美元。這一增長反映了截至 2023 年 11 月 1 日所有已完成和已結束的併購交易的影響。今年的企業成本計劃為 1.7 億美元。公司調整後 EBITDA 總額預計在 17.3 億美元至 17.7 億美元之間，比先前的指引增加 2%，比我們最初指引的中點成長 9%。

At the bottom of the table, adjusted EPS is projected to be within the range of $2.81 and $2.89, which is up 21% year-over-year at the midpoint. We're also reaffirming a book-to-bill of approximately 1 for the full year, which puts us in a solid position as we look to enter 2024. Based on our current full year outlook, backlog will finish at near record level highs, and we will end the year with approximately 40% higher backlog compared to the balance at the end of 2021.

在表格底部，調整後每股收益預計在 2.81 美元至 2.89 美元之間，中點年增 21%。我們也重申全年訂單出貨比約為 1，這使我們在進入 2024 年時處於有利地位。根據我們目前的全年展望，積壓訂單將接近歷史最高水平，與2021 年底相比，我們年底的積壓量將增加約40%。

As Vik had mentioned earlier on the call, interest expense is now projected at $155 million, with a portion of the interest expense savings from the debt restructuring being realized in 2023. No changes have been made to our guidance on the adjusted tax rate or CapEx spend as a percentage of revenue. They remain in line with both initial and prior guidance. On the bottom right-hand side of the page, we included some additional commentary, specifically around Q4. We do expect organic orders to be positive both sequentially and year-over-year. In addition, we anticipate all organic revenue to be positive in both price and volume year-over-year. Incremental margins are expected to be approximately 35% for both Q4 and the full year.

正如維克早些時候在電話會議上提到的那樣，利息支出目前預計為 1.55 億美元，債務重組節省的部分利息支出將在 2023 年實現。我們對調整後稅率或資本支出的指導沒有變化支出佔收入的百分比。它們仍然符合最初和先前的指導。在頁面的右下角，我們添加了一些額外的評論，特別是關於第四季度的評論。我們確實預計有機訂單將連續和同比增長。此外，我們預計所有有機收入的價格和銷售都將較去年同期成長。預計第四季和全年利潤率增量約為 35%。

Turning to Slide 15. As we wrap up today's call, I want to reiterate that Ingersoll Rand remains in a strong position, and we're proving how resilient we are even in difficult macro environment. We continue to deliver record results and our updated guidance is reflective of our year-to-date performance and ongoing backlog momentum. To our employees, I want to thank you for another quarter of record results. These results show the impact each of you have as owners of Ingersoll Rand.

轉向幻燈片 15。在我們結束今天的電話會議時，我想重申英格索蘭仍然處於強勢地位，我們正在證明即使在困難的宏觀環境中我們也具有強大的彈性。我們繼續創造創紀錄的業績，我們更新的指導反映了我們今年迄今的業績和持續的積壓勢頭。對於我們的員工，我要感謝你們又一個季度創紀錄的業績。這些結果顯示了作為 Ingersoll Rand 所有者的每個人所具有的影響力。

We will remain focused on our commitment to meeting our financial targets and executing our economic growth engine using IRX. As we continue our track record of market outperformance, our balance sheet is as strong as ever. And with our disciplined and comprehensive capital allocation strategy, we remain resilient and have the capacity to deploy capital to investments with the highest return. We remain nimble and continue to monitor the dynamic market conditions and are prepared for the challenges that may come.

我們將繼續專注於實現我們的財務目標並使用 IRX 執行我們的經濟成長引擎的承諾。隨著我們繼續保持優於市場的記錄，我們的資產負債表一如既往地強勁。憑藉我們嚴格而全面的資本配置策略，我們保持彈性，並有能力將資本部署到回報率最高的投資中。我們保持靈活性，繼續監控動態的市場狀況，並為可能到來的挑戰做好準備。

With that, I will turn the call back to the operator to open the call up for Q&A.

這樣，我會將電話轉回接線生以開啟電話進行問答。

(Operator Instructions) Your first question comes from the line of Mike Halloran from Baird.

（操作員說明）您的第一個問題來自 Baird 的 Mike Halloran。

So a couple of questions here. First, could you just put the order trajectory and trends in context for us? I certainly understand some of the life science stuff. But when you look at more of the industrial assets you have, why the confidence in the order recoveries as you look to the fourth quarter? Are you seeing any signs of software that points to the portfolio? And how do you think about the underlying momentum of the business as we look in 2024?

這裡有幾個問題。首先，您能否為我們介紹一下訂單軌跡和趨勢？我當然了解一些生命科學的東西。但是，當您查看更多擁有的工業資產時，為什麼您對第四季度訂單的信心會有所恢復？您是否看到任何指向該投資組合的軟體跡象？展望 2024 年，您如何看待該業務的潛在動力？

Yes. Mike, so maybe a couple of things here first. As we mentioned earlier on the call, I mean, Q3 -- what we saw in Q3 is really -- on a year-over-year is really been in large due to the tough comps from prior year as you saw kind of Q2 -- Q3 of 2022, ITS was up 16% and PST up 3%. So also Q3 orders finished in line with the expectations that we had even to your other question about what we were seeing underlying demand.

是的。麥克，首先可能有幾件事。正如我們之前在電話會議上提到的，我的意思是，第三季度——我們在第三季度看到的情況確實是——由於前一年的艱難比較，正如你所看到的第二季度一樣，同比確實很大—— - 2022 年第三季度，ITS 上漲 16%，PST 上漲 3%。因此，第三季的訂單完成情況也符合我們的預期，甚至符合您關於我們看到的潛在需求的其他問題。

We made a reference that even on the PST side, when you look at the short cycle business, which is really more driven by industrial side, I mean, we saw sequentially that business to be -- short cycle industrial being up Q2 to Q3 and also up year-over-year from an order perspective organically. I will also highlight that even our ITS segment, when you look at Mainland Europe, Q3 order momentum was actually higher than Q2. So we still feel that the underlying businesses are performing to our expectations. We also, as you know, really look at this from an MQL perspective, the marketing qualified leads, we see stability, we see solid kind of continued momentum on that.

我們提到，即使在太平洋標準時間方面，當你看短週期業務時，這實際上更多地是由工業方面驅動的，我的意思是，我們依次看到該業務是——短週期工業從第二季度上升到第三季度，從訂單角度來看，也較去年同期有機成長。我還要強調的是，即使是我們的 ITS 部門，當你看看歐洲大陸時，第三季的訂單動能實際上高於第二季。所以我們仍然認為基礎業務的表現符合我們的預期。如您所知，我們也確實從 MQL 的角度看待這個問題，行銷合格的潛在客戶，我們看到了穩定性，我們看到了堅實的持續動力。

And as we kind of head into the fourth quarter, the level of confidence on what we said about orders sequentially being up and also on a year-over-year is driven by a lot of these kind of data points as well as long cycle visibility that we have coming into the fourth quarter.

當我們進入第四季度時，我們所說的訂單連續增長和同比增長的信心水平是由許多此類數據點以及長週期可見性驅動的我們已經進入第四季度了。

And then on the M&A side of things, I certainly appreciate all the color you gave on the slide on LOIs and funnel and everything like that. My question more is, have you seen any change in tone with the people you're interacting with from an interest rate perspective, lack of visibility on maybe where the demand picture is? Does that help to hurt the thought process and the conversations? And maybe just some thoughts on the sentiment around the people you're talking to and how you should think about close rates?

然後在併購方面，我當然很欣賞您在幻燈片上關於意向書和漏斗以及類似內容的所有色彩。我的問題更多是，從利率的角度來看，您是否看到與您互動的人的語氣有任何變化，對需求情況缺乏了解？這是否會損害思考過程和對話？也許只是對與您交談的人周圍的情緒以及您應該如何考慮接近率的一些想法？

Yes, no different, Mike. I will say that the sentiment has been on the positive side for us as buyers (inaudible). And as you well know, a lot of our M&A is sole source driven by a lot of the outreach that we do to, in many cases, family owned companies. And I think the -- what you continue to see in the market for the macro environment, I think that is really enticing and encouraging others to really think about how to transition those multi-generation family companies to a great company like ours, where, as you know, we do a lot of work around employee ownership, employee engagement, and that's a big attractive factor for a lot of these companies to transition to us. So I think we're seeing continued very strong activity on the M&A.

是的，沒什麼不同，麥克。我想說的是，對於我們身為買家來說，這種情緒是正面的（聽不清楚）。如您所知，我們的許多併購都是由我們對家族企業進行的大量外展活動所驅動的。我認為，你在市場上繼續看到的宏觀環境，我認為這確實很有吸引力並鼓勵其他人真正思考如何將這些多代家族企業轉變為像我們這樣的偉大公司，如你所知，我們在員工所有權、員工敬業度方面做了很多工作，這對許多公司向我們轉型是一個很大的吸引力因素。因此，我認為我們看到併購活動持續強勁。

Your next question comes from the line of Julian Mitchell from Barclays.

你的下一個問題來自巴克萊銀行的朱利安·米切爾。

Maybe -- so looking at the fourth quarter guide, it looks like it's sort of mid-single-digit organic sales growth and mid-30s incremental margin. I just wondered, as the Q4 probably represents a somewhat more normal price/cost and somewhat more normal sort of demand environment in the last year or 2. So as we look ahead, should we assume that, that sort of mid-30s operating leverage is a good placeholder for the period beyond Q4? And on the organic top line, maybe there's a little bit less price next year than in Q4, but that sort of low to mid-single-digit rate is a good starting point for sales growth?

也許吧——所以看看第四季度的指南，看起來有機銷售增長在中個位數，增量利潤在 30 多歲左右。我只是想知道，因為第四季度可能代表了過去一年或兩年更正常的價格/成本和更正常的需求環境。因此，當我們展望未來時，我們是否應該假設這種30 年代中期的運營槓桿對於第四季之後的時期來說是一個很好的佔位符嗎？在有機營收方面，也許明年的價格會比第四季低一點，但這種低到中個位數的成長率是銷售成長的一個好起點？

Yes. Julian, this is Vik. I'll take that one. I think you're spot on both accords. In terms of the operating leverage, we've indicated whether it be Q4 or full year, and we've kind of been holding pretty steady to this, that mid-30s, call it, roughly 35% incrementals range is where we expect to operate in. And that's very consistent with I think where you've seen us historically, ITS maybe slightly on the higher side, but we think a mid-30s range is right kind of where we would expect to play, not just now, but on the go forward as well.

是的。朱利安，這是維克。我會接受那個。我認為你對這兩項協議都很滿意。就營運槓桿而言，我們已經表明了無論是第四季度還是全年，我們一直保持相當穩定，即 30 多歲左右，大約 35% 的增量範圍是我們預計的水平這與我認為你在歷史上看到的我們的情況非常一致，ITS 可能稍微偏高，但我們認為30 年代中期的範圍是我們期望發揮的正確位置，不僅是現在，而且也在前進。

And then in terms of the pricing side of the equation, yes, obviously, you've seen much more elevated price realization over the last few years. But quite frankly, you've seen a lot of that now starting to get comped and now you're falling into a much, I'd say, more normalized lower single-digit realm. And we would expect that kind of 1% to 2% net price to be a good proxy as we move into 2024. So yes, I think you're spot on, on both.

然後就等式的定價方面而言，是的，顯然，在過去幾年中，您已經看到了更高的價格實現。但坦白說，你已經看到很多現在開始變得有競爭力，現在你正在陷入一個更標準化的較低個位數領域。當我們進入 2024 年時，我們預計 1% 到 2% 的淨價將是一個很好的指標。所以，是的，我認為你在這兩方面都是正確的。

And then just my quick follow-up. PST specifically, it can be tricky from the outside to understand the moving parts on the revenue there, and you called out Vicente that the short-cycle industrial bid is pretty good. The biopharma bid is still bad, which everyone else has iterated as well. What's your sort of best view of that biopharma piece from here? And kind of how large is that medical piece now of PST as we exit this year?

然後是我的快速跟進。具體來說，太平洋標準時間（PST），從外部了解那裡收入的變動部分可能很棘手，而你指出維森特（Vicente）的短週期工業投標非常好。生物製藥的出價仍然很糟糕，其他人也都重複了這一點。您對這裡的生物製藥作品有何最佳看法？當我們今年退出時，太平洋標準時間的醫療部分現在有多大？

I think when we look at next year, some people have talked about a V-shape in biopharma. It's not obvious to me why that would happen at all, but just wanted your perspectives.

我認為，當我們展望明年時，有些人已經談到了生物製藥領域的 V 型。我根本不明白為什麼會發生這種情況，但只是想聽聽您的觀點。

Sure, Julian. So maybe a couple of things I'll say too as well. So when you think about the PST, think about it as -- even when you exclude the life science business, PST on 10 out of the 11 past quarters has been positive on organic orders and actually all organic revenue. So that tells you kind of the good strength of the rest of the PST segment.

當然，朱利安。也許我也會說幾件事。因此，當您考慮 PST 時，請考慮一下 - 即使您排除生命科學業務，過去 11 個季度中有 10 個季度的 PST 對有機訂單和實際上所有有機收入都是積極的。所以這告訴你 PST 部分其餘部分的良好實力。

I mean clearly, the life science, which is roughly about 1/4 of the PST has been on this kind of situation with biopharma, but also oxygen concentration. And the life science business has been pretty negative organic order growth momentum for probably the past 6 quarters. So it's been now a little while, while the non-life sciences has been positive.

我的意思很明確，生命科學（大約是 PST 的 1/4）一直處於這種情況，包括生物製藥，還有氧氣濃度。在過去的 6 個季度中，生命科學業務的有機訂單成長動能可能相當負面。已經有一段時間了，非生命科學領域一直表現積極。

So yes, I mean, we're experiencing these challenges that others have indicated on our life sciences. I mean, I think the way we think about it is that for us, biopharma, yes, we have some exposure. But it's not the biggest piece of our life science end market exposure within the PST. The biggest exposure for us is really oxygen concentration. And the oxygen concentration, when you think about it, really a great acceleration during the COVID days, and is the one that we saw building into negative, more pronounced earlier than even the biopharma. So it was almost like a leading indicator for us.

所以，是的，我的意思是，我們正在經歷其他人在我們的生命科學中指出的這些挑戰。我的意思是，我認為我們的想法是，對於我們生物製藥公司來說，是的，我們有一些曝光。但這並不是我們在 PST 生命科學終端市場中所涉足的最大部分。對我們來說最大的暴露實際上是氧氣濃度。仔細想想，在新冠肺炎疫情期間，氧氣濃度確實出現了很大的加速，而且我們看到氧氣濃度變成負值，甚至比生物製藥更明顯。所以這對我們來說幾乎就像是領先指標。

So as we kind of go here into the fourth quarter and maybe in the first half of next year, we see that more so next year maybe an uptick, not in a V-shape, but continue doing better from an oxygen concentration side of the business. So we continue to think that PST, as even you saw on that segment slide, I mean, PST CAGR growth organically, revenue and orders momentum continues to be a segment that we'll see that mid-single-digit plus over the cycle and over time.

因此，當我們進入第四季度，也許是明年上半年時，我們看到明年可能會出現上升，不是呈 V 形，但從氧氣濃度方面來看，會繼續做得更好。商業。因此，我們仍然認為PST，正如您在該細分市場幻燈片上看到的那樣，我的意思是，PST 複合年增長率有機增長，收入和訂單勢頭仍然是我們將在整個週期中看到中個位數以上的細分市場，隨著時間的推移。

I mean, it's with great characteristics on continuing to improve in that. So Again, I don't think it's going to be a V-shape, but even if it's a V-shape, it's not one that -- again, we don't have that big exposure into biopharma.

我的意思是，它在這方面具有持續改進的出色特性。所以再說一次，我不認為這會是一個 V 形，但即使它是一個 V 形，它也不是一個——再說一次，我們在生物製藥領域沒有那麼大的投資。

Your next question comes from the line of Jeff Sprague from Vertical Research Partners.

您的下一個問題來自 Vertical Research Partners 的 Jeff Sprague。

Vicente, maybe elaborate a little bit on kind of this visibility on long-cycle orders that you mentioned in Q4. And kind of the spirit of my question is, we've heard from a few companies this earnings season, electrical companies, HVAC companies that kind of the mega project pipeline is building and becoming more visible. But there haven't been a lot of orders booked yet, and they're just starting to kind of come into kind of the booking cycle. Are you seeing any of that sort of dynamic? Or maybe, if not, maybe share a little bit more color on kind of the nature of the long-cycle orders you are starting to see come into view?

Vicente，也許會詳細說明您在第四季度提到的長週期訂單的這種可見性。我的問題的實質是，我們在這個財報季從一些公司、電氣公司、暖通空調公司那裡聽說，這種大型項目管道正在建設並變得更加明顯。但目前還沒有很多訂單被預訂，而且它們才剛開始進入預訂週期。你看過這樣的動態嗎？或者，如果沒有的話，也許可以就您開始看到的長週期訂單的性質分享更多的色彩？

Yes. I think Jeff, that's exactly what I was trying to refer to there is that we're seeing definitely before if you remember a few quarters or even last year, we spoke a lot about a lot of these kind of large projects that were being in conversations. And now we're seeing definitely the release of some of those funds. And so yes, so that's what's giving us a bit of a higher level of confidence in terms of how the long cycle funnel continues to build in a company that gives us a good level of visibility, I'll say, not only Q4 but also as we go into 2024.

是的。我想傑夫，這正是我想要提到的，如果你還記得幾個季度甚至去年的話，我們之前肯定會看到，我們談論了很多正在進行中的此類大型項目。對話。現在我們確實看到了其中一些資金的釋放。所以，是的，這讓我們對長週期漏斗如何在一家公司中繼續建立有更高的信心，這給我們帶來了良好的可見性，我會說，不僅是第四季度，而且當我們進入2024 年時。

And then I think it was Vik, maybe it was you talking about deals saying there's a couple of billion dollar things in the pipeline. It sounds like you expect bolt-ons most likely, which would be, I guess, natural. But maybe kind of a little bit of color on what's going on in the bigger deals and the likelihood of getting something done in that size range?

然後我認為是 Vik，也許是你在談論交易，說有數十億美元的項目正在醞釀中。聽起來你最有可能期望的是補強，我想這是很自然的。但也許對較大交易中發生的事情以及在該規模範圍內完成某些事情的可能性有一點了解？

Yes. So that's right. I mean we said on the call that we -- and the funnel continues to be really strong and mostly bolt-on in nature, but there's a couple that are above $1 billion purchase price. And I'll say that those are very well in line with our M&A strategy. We should not think about it as being a third leg of the company.

是的。所以說是這樣的。我的意思是，我們在電話會議上說過，我們的漏斗仍然非常強大，而且本質上大部分都是固定的，但有一些漏斗的購買價格超過 10 億美元。我想說，這些都非常符合我們的併購策略。我們不應該將其視為公司的第三個支柱。

For competitive reasons, we don't want to kind of get into a lot of details, but we feel very comfortable with kind of even where we are from a balance sheet perspective and being less than 1x on our net debt to adjusted EBITDA ratio. It actually puts us in a very strong position to move forward with this transaction. But yes, we're very excited with how the M&A funnel continues to build and what we see in terms of getting things executed here over the next couple of quarters.

出於競爭原因，我們不想透露太多細節，但即使從資產負債表的角度來看，我們的淨債務與調整後 EBITDA 比率低於 1 倍，我們也感到非常滿意。這實際上使我們處於非常有利的地位來推進這項交易。但是，是的，我們對併購漏斗如何繼續建造以及我們在接下來的幾個季度中在這裡執行的事情感到非常興奮。

Your next question comes from the line of Andy Kaplowitz from Citigroup.

您的下一個問題來自花旗集團的安迪·卡普洛維茨（Andy Kaplowitz）。

Vicente, can you give us more color on what you're seeing by geography? I think you've been very active in really generating market share gains in your own demand in regions such as China and Europe. Are you confident for instance, that Chinese compressor growth will remain positive? And obviously, I think EMEIA compressor orders turned down, but I don't think you have big exposure to Germany, but how are you thinking about EMEIA as well?

Vicente，您能給我們更多關於您所看到的地理方面的資訊嗎？我認為你們一直非常積極地在中國和歐洲等地區根據自己的需求真正增加市場份額。例如，您對中國壓縮機的成長將保持積極成長是否有信心？顯然，我認為 EMEIA 壓縮機訂單被拒絕，但我不認為你們在德國有很大的業務，但你們對 EMEIA 的看法如何？

Sure, Andy. So first of all, on the Chinese compressor, I mean, clearly, not surprisingly, the overall China market has continued to be, I'll say, choppy and soft; however, you saw how we deliver. The team in Asia Pacific, and particularly in China, again, demonstrated one more time, another quarter of kind of growth organically in the compressor side from an orders and revenue perspective, which speaks to the continued self-help that the team is driving and leading relative to the overall performance in the market, and we'll clearly share more examples of that as we head into the Investor Day.

當然，安迪。首先，就中國壓縮機而言，我的意思是，很明顯，毫不奇怪，整個中國市場仍然不穩定且疲軟；然而，您看到了我們如何交付。亞太地區，特別是中國的團隊再次展示了壓縮機方面從訂單和收入角度來看又一個季度的有機增長，這說明了團隊正在推動的持續自助和相對於市場的整體表現而言處於領先地位，當我們進入投資者日時，我們將清楚地分享更多這方面的例子。

I'll say in Europe, no significant changes in demand. I mean MQL activities remain solid. We continue to focus on our own demand generation for high-growth sustainable end markets, our economic engine is working. And as I made in the remarks, I mean, we saw even orders sequentially in Mainland Europe come for the compressor side actually grew sequentially Q2 to Q3. So that gives us continued encouragement that, again, these self-help initiatives are working. And this kind of year-over-year tough comps is one that we're just not worried about, as we see the underlying demand continue based on the self-help.

我想說的是，在歐洲，需求沒有重大改變。我的意思是 MQL 活動依然穩固。我們繼續專注於高成長永續終端市場的自身需求，我們的經濟引擎正在發揮作用。正如我在演講中所說，我的意思是，我們甚至看到歐洲大陸壓縮機方面的訂單實際上在第二季度到第三季度連續增長。因此，這讓我們持續受到鼓舞，因為這些自助舉措再次發揮了作用。我們並不擔心這種逐年艱難的競爭，因為我們看到基於自助的潛在需求仍在繼續。

And Vicente, maybe just following up on that. As the environment has been normalizing and interest rates are up here a little bit at least in the U.S., your focus on energy efficiency and sustainability through your products, how do customers -- when you have conversations with customers, how do they balance sort of maybe higher cost of financing versus your ability to provide them energy efficiency and sustainability, that's still trumping the higher cost?

維森特，也許只是跟進此事。隨著環境已經正常化，利率至少在美國有所上升，您透過產品關注能源效率和可持續性，客戶如何——當您與客戶交談時，他們如何平衡也許更高的融資成本與您為他們提供能源效率和永續性的能力相比，這仍然勝過更高的成本？

Yes. I'll say Andy, it's all about that ROI and the payback. And as customers prioritize CapEx as they go into 2024 and beyond, it's all going to be all about ROI. No different to how we do it ourselves internally. And these energy savings, energy efficiency is definitely driving the conversation at the top even at the C-suite level now where customers are looking for what could do -- what can they do to drive this great payback. So again, this is how our sales guys sell. They sell based on total cost of ownership and ROI.

是的。我會說安迪，這一切都與投資回報率和回報有關。隨著客戶在 2024 年及以後優先考慮資本支出，一切都將取決於投資報酬率。與我們內部的做法沒有什麼不同。這些節能、能源效率無疑正在推動高層對話，甚至在最高管理層層面也是如此，客戶現在正在尋找可以做些什麼——他們可以做些什麼來推動這一巨大的回報。再說一遍，這就是我們銷售人員的銷售方式。他們根據總擁有成本和投資回報率進行銷售。

Your next question comes from the line of Rob Wertheimer from Melius Research.

您的下一個問題來自 Melius Research 的 Rob Wertheimer。

Just to kind of follow up on a couple of those comments because I think what you've done in China has been impressive and maybe increasingly so. Is the market in China weakening. Do you have any sense of the outperformance gap that you've been able to deliver, as it's not widening the continued growth in the market that's kind of blown up a few results this quarter is great. And have you seen a competitive response?

只是對其中一些評論進行跟進，因為我認為你們在中國所做的事情令人印象深刻，而且可能越來越令人印象深刻。中國市場正在走弱嗎？您是否意識到您能夠提供的出色表現差距，因為它並沒有擴大市場的持續成長，這有點放大了本季的一些業績，這很棒。您是否看到了競爭性的反應？

And if I may, Vicente, your comments on New York are relatively constructive. Are they meant to reflect IRX and how you're generating better orders in a softening market? Or are you really just not seen softening?

文森特，如果可以的話，您對紐約的評論是相對有建設性的。它們是否旨在反映 IRX 以及您如何在疲軟的市場中產生更好的訂單？還是你真的只是沒有看到軟化？

Yes. Great. I think the 2 that are pretty well tied. I mean I think IRX is definitely what is helping us drive this outperformance that we're seeing against as the backdrop in the market. And even when you think about it, that ISM and PMIs have been below 50, and we still have been able to deliver over the past few quarters, really great strength in orders and revenue momentum. I think that is what gives us that uniqueness in terms of leveraging IRX as a differentiator.

是的。偉大的。我認為這兩者關係很好。我的意思是，我認為 IRX 絕對是幫助我們推動我們在市場背景下取得優異表現的因素。即使你仔細想想，ISM 和 PMI 一直低於 50，但我們仍然能夠在過去幾季中交付真正強勁的訂單和收入動力。我認為這就是我們利用 IRX 作為差異化因素的獨特之處。

And clearly, we're not immune to the market, but it's all about controlling what we can control, and this is what our teams have done exceptionally well, guided and driven by how we leverage IRX as the execution engine to overdrive. And to the China slowdown question there, Rob, I'll say that China continues to be very soft and choppy. I was in China -- I've been in China now twice over the past 5 months, and -- just to see it myself firsthand. And I think what the teams continue to do there is just incredible. But as we always said, we're in China for China, and that is really also helping from a strategy perspective because we're being viewed in the China market as a local -- almost like a local player, obviously, with a great reputation of a multinational and the great quality and innovation that we're launching. But again, it's a lot of self-help that we're getting executed through the use of IRX.

顯然，我們不能免受市場的影響，但這一切都是為了控制我們能控制的東西，這就是我們的團隊做得非常好的事情，在我們如何利用 IRX 作為超速執行引擎的指導和驅動下。對於中國經濟放緩的問題，羅布，我想說的是，中國仍然非常疲軟和不穩定。我在中國——過去五個月裡我已經去過中國兩次——只是為了親眼目睹。我認為團隊繼續在那裡所做的事情真是令人難以置信。但正如我們常說的，我們在中國是為了中國，從戰略角度來看，這確實也有幫助，因為我們在中國市場被視為本地企業——顯然，幾乎就像本地企業一樣，擁有出色的實力。跨國公司的聲譽以及我們推出的卓越品質和創新。但同樣，我們透過使用 IRX 實現了很多自助。

Your next question comes from the line of Nigel Coe from Wolfe Research.

您的下一個問題來自 Wolfe Research 的 Nigel Coe。

A couple as well. You covered a lot of ground. On PST, maybe could you just remind us after this, obviously, this correction where is biopharma as a proportion of that segment now? And then on the fourth quarter in PST, I think we're assuming a minus 5% to, I think, low to mid-single-digit growth there. I think the step up from Q3 to Q4 is a bit heavier than normal. So just wondering what you're seeing near term driving that improvement?

也是一對。你涵蓋了很多內容。關於太平洋標準時間，也許您可以在此之後提醒我們，顯然，這次修正現在生物製藥在該細分市場中所佔的比例在哪裡？然後，在太平洋標準時間第四季度，我認為我們假設該地區的成長率為負 5%，即低至中個位數成長。我認為從第三季到第四季的進步比正常情況要重一些。那麼只是想知道您近期看到什麼推動了這種改進？

Yes. Nigel, first on the PST, overall life science is about 1/4 of the PST segment. And biopharma, it is, maybe -- I'll say maybe I don't know, maybe 1/3 of that quarter and the big life science here for us, more so is on the oxygen concentration side of the equation. I think it's important to note that when you look at PST segment ex life science, we have been able to kind of put organic orders and revenue positive momentum on 10 out of the last 11 quarters.

是的。 Nigel，首先是 PST，整個生命科學約佔 PST 部分的 1/4。生物製藥，也許——我會說也許我不知道，也許是那個季度的 1/3，對我們來說，這裡的大生命科學，更重要的是方程式的氧氣濃度方面。我認為值得注意的是，當您查看生命科學以外的 PST 細分市場時，我們已經能夠在過去 11 個季度中的 10 個季度中實現有機訂單和收入積極勢頭。

So that kind of shows the good strength and diversity of that segment, that gives us confidence on that overall over the long cycle or cycle the mid-single-digit plus.

因此，這顯示了該細分市場的良好實力和多樣性，這讓我們對長週期或中個位數加週期的整體充滿信心。

Yes. And I think your second part of your question was the sequential movement from Q3 to Q4?

是的。我認為你問題的第二部分是從第三季到第四季的連續變化？

That's right. Yes. Yes.

這是正確的。是的。是的。

Yes. Yes, I think we do expect to see, what I'll say, a slight nominal uptick from Q3 to Q4. I would remind you that this business doesn't, I would say, have a tremendous amount of seasonality comparatively speaking to other businesses. It's a relatively consistent quarter to quarter. But that being said, I'd say a combination of a couple of things. One, still continue to have a relatively healthy backlog, and that is reflected in terms of what we expect to ship in Q4 as well as Vicente indicated, relatively healthy and good, strong momentum on the, what I'll call, the industrial side of the business, where you continue to see good order intake in Q3, and we would expect to see that continue into Q4. So again, for those reasons, we would expect to see a slight nominal uptick from Q3 to Q4. I'd say relatively consistent to what you've seen historically.

是的。是的，我認為我們確實預計會看到第三季到第四季的名義略有上升。我想提醒您的是，與其他企業相比，這項業務並沒有很大的季節性。每季的情況相對穩定。但話雖這麼說，我想說的是幾件事的結合。一，仍然有相對健康的積壓，這反映在我們預計第四季度的出貨量以及維森特表示的方面，相對健康和良好，工業方面的強勁勢頭業務方面，您在第三季度繼續看到良好的訂單量，我們預計這種情況會持續到第四季。因此，基於這些原因，我們預計第三季到第四季的名目成長率將略有上升。我想說與你所看到的歷史相對一致。

Okay. That's great. And then on the -- I mean, Jeff asked the question as well, but I just want to follow up on a couple of the $1 billion type transactions. Are these typical properly sourced negotiated deals? Or are these more sort of investment banking driven auction-type processes?

好的。那太棒了。然後，我的意思是，傑夫也問了這個問題，但我只想跟進幾筆 10 億美元類型的交易。這些是典型的來源正確的談判交易嗎？還是這些更像是投資銀行驅動的拍賣類型流程？

No, they're property sourced. I mean they are ones that we have been cultivating for quite some time.

不，它們是財產來源的。我的意思是，它們是我們已經培養了相當長一段時間的。

Your next question comes from the line of Joe Ritchie from Goldman Sachs.

您的下一個問題來自高盛的 Joe Ritchie。

So just a lot of color today. Just as you're kind of thinking through the book-to-bill and the order rates as you head into 2024, so is the expectation then that in the first half of 2024, we would expect a book-to-bill in IPS to be above 1 again, orders to continue to expand just based on what you're seeing today in your MQL?

所以今天的色彩很豐富。就像您在進入 2024 年時思考訂單到帳單率和訂單率一樣，預計 2024 年上半年，我們預計 IPS 的訂單到帳單率將達到再次高於1，訂單會根據您今天在MQL 中看到的情況繼續擴大嗎？

Joe, yes, I think obviously, we're not going to get into guidance for 2024 yet, but I think the construct remains consistent with what you indicated. I think in generally any degree of a typical year, book-to-bill above 1 through the first half of the year, particularly as that longer cycle kind of orders funnel continues to progress through. And then book-to-bill below 1, what I'd say, a combination of normal seasonality combined with the longer cycle, larger project shipping through the back half, that will typically led to that normal dynamic of book-to-bill above 1 in the first half and below 1 in the second half. Right now, no reason to think anything differently for 2024.

Joe，是的，我認為顯然，我們還不會制定 2024 年的指導方針，但我認為該結構仍然與您指出的一致。我認為，一般來說，在典型年份的任何階段，上半年的訂單出貨比都高於 1，特別是隨著較長週期類型的訂單漏斗繼續進展。然後訂單出貨比低於 1，我想說的是，正常的季節性與較長的周期、後半段較大的項目運輸相結合，這通常會導致訂單出貨比高於 1 的正常動態上半場1分，下半場1分以下。目前，沒有理由對 2024 年有任何不同的看法。

Okay. Great. And then maybe just a follow-up to that. Are you guys like hearing any concerns around projects pushing out a little bit to the right, just given what the rate environment looks like today and there's been a -- there's been, I think, a lot of concern in the market with certain end markets, at least like seeing projects push to the right, like the renewable sector. I'm just curious what you're seeing specifically in the conversations that you're having with your customers?

好的。偉大的。然後也許只是後續行動。你們是否喜歡聽到任何有關項目向右推一點的擔憂，考慮到今天的利率環境，我認為市場對某些終端市場存在很多擔憂，至少喜歡看到項目向右推進，例如可再生能源行業。我只是好奇您在與客戶的對話中具體看到了什麼？

Joe, I'll say nothing of significant or material change. And if anything, when we -- if we see projects pushed to the right, it is really mainly due to sites not been ready which has been more driven by finding the labor to just get the sites on track and be done having heard much about the context of interest rates being the driver for getting these projects pushed to the right.

喬，我不會說任何重大或實質的變化。如果有什麼不同的話，當我們看到項目被推到右邊時，這實際上主要是由於網站還沒有準備好，這更多是由於尋找勞動力使網站走上正軌並在聽到很多關於利率是推動這些項目向右發展的驅動力。

Your next question comes from the line of Joe O'Dea from Wells Fargo.

您的下一個問題來自富國銀行的 Joe O'Dea。

I wanted to start on just resource allocation planning for '24. And I think you've got a model that allows you to be pretty nimble as you sort of exploit growth where growth is. And so what are you doing now? What's kind of underway in terms of how you want to position those resources. And thinking from a geographic perspective, from an end market perspective, where you see growth is most attractive and how you're positioning for that?

我想開始為 24 年制定資源分配規劃。我認為你已經有了一個模型，可以讓你在利用成長的地方變得非常靈活。那你現在在做什麼？就您希望如何定位這些資源而言，目前正在採取哪些措施。從地理角度、終端市場角度思考，您認為哪裡的成長最具吸引力？您對此有何定位？

Joe, it's an interesting question. I -- again, and also maybe a few weeks ago, we were actually -- we were together with our team -- our demand generation team in Poland where we had a long week session, particularly thinking and looking at what are we seeing today and what do we expect to see in 2024? And how do we position the next level of demand generation activities to really position us in good strength as we go into 2024?

喬，這是一個有趣的問題。我——再說一遍，也許幾週前，我們實際上——我們和我們的團隊——我們在波蘭的需求生成團隊在一起，我們在那裡舉行了為期一周的會議，特別是思考和審視我們今天所看到的情況2024 年我們預計會看到什麼？我們如何定位下一階段的需求挖掘活動，以便在進入 2024 年時真正使我們處於良好的優勢？

So all of that work is undergoing. I can tell you that -- the one level of detail, I'll tell you, as you kind of double click on that is that it varies region-by-region and even country -- in countries within the region. Like for example, in Mainland Europe, what we might be doing in France is very different from what we might be doing in the U.K. And a lot of that is driven by what we're seeing at the micro level. So that's the level of detail that we undergo and we, as a team, kind of put together to really understand those best growth vectors that we're seeing at the micro level versus not keeping it at the macro, which if you do it at the macro is, you're going to get a few products wrong. So that's the exciting piece. As a team, we kind of get together, and we feel that we're in pretty good momentum here to start '24 in a good shape.

所以所有這些工作正在進行中。我可以告訴你——我會告訴你，當你雙擊它時，我會告訴你，它會因地區甚至國家而異——在該地區的國家中。例如，在歐洲大陸，我們在法國所做的事情可能與我們在英國所做的事情非常不同，其中許多是由我們在微觀層面上看到的所驅動的。這就是我們所經歷的細節水平，作為一個團隊，我們聚集在一起，真正理解我們在微觀層面看到的最佳增長向量，而不是將其保留在宏觀層面，如果你這樣做的話宏觀的是，你可能會弄錯一些產品。這就是令人興奮的部分。作為一個團隊，我們有點聚在一起，我們覺得我們有很好的勢頭，以良好的狀態開始 24 年。

Appreciate it. And then I just wanted to ask on the ROI side and the examples you gave on the oil-free compressor and 14% more efficient than the previous model. And just any more perspective on when that previous model would have been launched to get a sense of would customers be it sort of a natural kind of replacement stage? Or what about that ROI is compelling such that the payback would encourage them to replace ahead of the natural aging of the prior model system?

欣賞它。然後我只想問投資回報率方面以及您給出的無油壓縮機範例，並且比以前的型號效率高 14%。還有更多關於舊型號何時推出的觀點，以了解客戶是否會認為這是自然的更換階段？或者說，投資回報率是否令人信​​服，以至於回報會鼓勵他們在先前模型系統自然老化之前進行更換？

Yes. Joe, I would say that right now, ROIs -- and again, it could vary by region, but we're seeing ROIs between 12 to 15 months. So it's a really great payback, again, driven by a combination of energy efficiency, but also driven by higher energy costs. So I think it's just one of those that we're driving really hard. And customers, when they see a payback of 12 to 15 months or call it, less than 2 years and combine that with the sustainability and what many of them had to do with Scope 1 and Scope 2 is the other kind of great factor that gives us a great tailwind.

是的。 Joe，我想說的是，現在的投資回報率 - 再說一次，它可能會因地區而異，但我們看到的投資回報率在 12 到 15 個月之間。因此，這確實是一個巨大的回報，這又是由能源效率和更高的能源成本共同推動的。所以我認為這只是我們正在努力推動的其中之一。而客戶，當他們看到12 到15 個月或稱之為不到2 年的投資回收期時，將其與可持續性結合起來，他們中的許多人與範圍1 和範圍2 相關的是另一個重要因素，我們是一個巨大的順風車。

Your next question comes from the line of Chris Snyder from UBS.

您的下一個問題來自瑞銀集團 (UBS) 的 Chris Snyder。

I wanted to ask on the fourth quarter. The guide -- a pretty wide range of outcomes in the organic growth guide, anywhere from down 1% to up 6% by my math. Can you just maybe talk about some of the puts and takes or the variables that would drive the range of outcomes from the high end to the low end?

我想問的是第四季。該指南——有機成長指南中的結果範圍相當廣泛，根據我的計算，從下降 1% 到成長 6% 不等。您能否談談一些看跌期權或看跌期權或將導致結果範圍從高端到低端的變數？

Yes. Sure, Chris. What I would probably tell you here is we kind of view it as probably, frankly, a bit of a tighter spread than that. But if I take it by the 2 components, and maybe I'll talk kind of year-over-year based on the guide here. Like we said, we do expect to see positive organic growth that includes across both segments, starting on the ITS side. If you're thinking, the guide would imply something in the range of roughly approximately 3% organic growth year-over-year.

是的。當然，克里斯。我可能會在這裡告訴你的是，坦白說，我們認為它的價差可能比這更窄。但如果我把它分成兩個部分，也許我會根據這裡的指南逐年討論。正如我們所說，我們確實希望看到積極的有機成長，包括從 ITS 方面開始，涵蓋這兩個領域。如果您想一想，該指南將暗示同比有機增長率約為 3% 左右。

Again, given the pricing momentum we've seen as well as an expectation of organic volume growth, you can probably think of it as roughly speaking, 2/3 price, 1/3 volume. And I think I would fall back on kind of exactly what we said all year is that if there's kind of an upside opportunity in the context of the guide and as we think about Q4, it would really be that organic volume side of the equation, particularly on the -- I'm sorry, on the ITS side, where again, backlog continues to remain at effectively record levels.

同樣，考慮到我們看到的定價動能以及有機銷售成長的預期，您可能可以粗略地認為它是 2/3 價格，1/3 銷售量。我想我會依靠我們全年所說的，如果在指南的背景下存在某種上行機會，並且當我們考慮第四季度時，這實際上是等式的有機數量方面，特別是在——對不起，在ITS 方面，積壓訂單繼續保持在有效的創紀錄水準。

On the PST side, I'll go back to kind of some of the commentary we made earlier here. Again, continue to expect to see organic -- positive organic growth, probably a little bit more of a pricing tailwind comparatively speaking to what you've seen in ITS. And I would just really frankly attribute that more so to what we've said over the course of the last 1 to 2 years. ITS probably got out a little bit quicker than PST on the pricing front.

在 PST 方面，我將回顧我們之前所做的一些評論。再次，繼續期待看到有機成長——積極的有機成長，與你在 ITS 中看到的相比，可能會更具定價優勢。我坦白說，這更歸因於我們在過去一兩年所說的話。在定價方面，ITS 的推出可能比 PST 快一些。

And as such, now PST probably has a little bit of a longer-lasting tail on the pricing side of the equation. But again, those would be kind of the dynamics we would expect. But again, we would expect to see positive on both sides of the equation effectively falling at the midpoint of the guide as you saw us make in the prepared comments.

因此，現在 PST 可能在定價方面有一些更持久的尾巴。但同樣，這將是我們所期望的動態。但同樣，我們希望看到等式兩邊的正面結果有效地落在指南的中點，正如您在準備好的評論中看到的那樣。

Really, really helpful. Maybe for my follow-up, just on prior commentary around the expecting sequential order improvement into Q4, it doesn't really seem like that's seasonal. It seems like typically, Q4s are similar to Q3, if not lower. So should we take that? Is that just around timing of some of these bigger projects coming through? Or is that a signal of demand is at least stabilizing, if not improving?

真的，真的很有幫助。也許對於我的後續行動來說，就先前關於預期第四季度順序改善的評論而言，這似乎並不是季節性的。通常情況下，Q4 與 Q3 相似，甚至更低。那我們應該接受嗎？這是否正好是一些大型專案即將完成的時間？或者說，這是一個需求訊號，即使沒有改善，至少也正在趨於穩定？

Yes. I would actually say it's probably a function of both. So for example, if you go back to last year, we acknowledged and you heard Vicente say in the prepared comments, Q3 was kind of a peak from an orders perspective in the context of some of these longer-cycle orders, some biogas orders, some things we saw last year that created that tough comp, right? And we did see -- we even indicated last year that think about it more on a second half basis, where you saw Q4 orders kind of normalize comparatively speaking to Q3.

是的。我實際上會說這可能是兩者的函數。例如，如果你回到去年，我們承認，你聽到維森特在準備好的評論中說，從訂單的角度來看，第三季度是一個高峰，其中一些週期較長的訂單，一些沼氣訂單，我們去年看到的一些事情創造了艱難的競爭，對嗎？我們確實看到 - 去年我們甚至表示，在下半年的基礎上更多地考慮這個問題，與第三季度相比，第四季度的訂單有點正常化。

Now you're kind of facing the other side of that equation. So obviously, very tough comps in Q3, which we acknowledged. You saw that kind of play itself out. And now as you think Q3 to Q4, I think a combination of consistent, stable kind of MQLs, stable demand patterns, some of the longer cycle dynamics that Vicente spoke to. I think that sets up for what we're expecting to see in terms of the positive trajectory, both from Q3 to Q4 as well as on a year-over-year basis.

現在你面臨著等式的另一面。很明顯，第三季的比賽非常艱難，我們承認這一點。你看到了這種情況的發生。現在，正如您所想到的第三季度到第四季度，我認為是一致、穩定的 MQL、穩定的需求模式以及 Vicente 談到的一些較長週期動態的組合。我認為這為我們期望看到的積極軌跡奠定了基礎，無論是第三季到第四季還是同比。

Is there some degree of seasonality that is particularly a little bit more on the ITS side? Yes. I guess, obviously, with some of the other noise, you haven't necessarily seen that as prevalent, particularly in the last few years. But I wouldn't speak to any dramatic seasonality of no point itself out this year, whether it be ITS or PST.

ITS 方面是否存在某種程度的季節性？是的。我想，顯然，對於其他一些噪音，你不一定會認為這種情況很普遍，特別是在過去幾年。但我不會談論今年任何毫無意義的戲劇性季節性，無論是 ITS 還是 PST。

Your next question comes from the line of Nathan Jones from Stifel.

您的下一個問題來自 Stifel 的 Nathan Jones。

This is Adam Farley on for Nathan. My first question is on channel inventory. What, if any, impact of channel inventory correction having on your business?

我是亞當法利 (Adam Farley) 替補內森 (Nathan)。我的第一個問題是關於渠道庫存的。通路庫存調整對您的業務有何影響（如果有）？

Yes. Adam, I would say, again, given the highly customized nature of our products, there's really no material risk on the destocking that serves -- that kind of serves really well for the ITS segment. And for the PST segment on those businesses that kind of sell through distribution, we monitor really closely the sell-in and the sell-through or the sell-out activities to ensure that we prevent our customers from getting into an overstock situation.

是的。 Adam，我想再說一遍，考慮到我們產品的高度客製化性質，去庫存確實不存在重大風險——這對 ITS 領域來說確實非常有利。對於那些透過分銷進行銷售的業務的 PST 部分，我們非常密切地監控銷售和銷售或售出活動，以確保我們防止客戶陷入庫存過剩的情況。

And we -- we have been doing this that way for probably -- I mean, we have data points over the past 5 years to really have a good view as to what's going on in the distribution channel.

我們 - 我們可能一直這樣做 - 我的意思是，我們擁有過去 5 年的數據點，可以真正了解分銷渠道中發生的情況。

Okay. That makes sense. And then on my follow-up, the Power Tools and Lifting business continues to show really solid growth. That business has really improved under your ownership. So what's driving the strength there? And I believe that business has been considered noncore in the past. So maybe could you provide an update on, are you thinking about the portfolio and the potential for portfolio rationalization?

好的。這就說得通了。在我的後續行動中，電動工具和起重業務繼續顯示出真正穩健的成長。在您的領導下，該業務確實得到了改善。那麼是什麼推動了那裡的力量呢？我認為，業務在過去一直被認為是非核心業務。那麼，您是否可以提供最新信息，您是否正在考慮投資組合以及投資組合合理化的潛力？

Sure. So you're absolutely right that the PTL business has really done incredibly well. And to point out, when we acquired Ingersoll Rand, PTL came in with mid-teens EBITDA margin and now it's pretty close to that ITS kind of blended average kind of get getting to that point. So great improvement while still growing the business.

當然。所以你說的 PTL 業務確實做得非常好，這是完全正確的。需要指出的是，當我們收購英格索蘭時，PTL 的 EBITDA 利潤率達到了十幾歲左右，現在它已經非常接近 ITS 的混合平均水平了。在業務成長的同時取得如此巨大的進步。

The real nature of a lot of this performance has really been new product introduction. So the team has done a really great job of reinvigorating new product. And I think the exciting piece here is that as we look into 2024, they're going to be launching a next-generation set of tools as well as lifting mechanisms that we think could continue to see some good performance.

許多這種表現的真正本質實際上是新產品的推出。因此，團隊在重振新產品方面做得非常出色。我認為令人興奮的是，當我們展望 2024 年時，他們將推出一套下一代工具以及提昇機構，我們認為這些工具和提昇機構可能會繼續看到一些良好的性能。

And we have no further questions in the queue at this time. I will turn the call back over to Vicente for closing remarks.

目前我們隊列中沒有其他問題。我將把電話轉回給維森特，讓他發表結束語。

Great. Thanks, everyone, for your level of interest. And as we said on the call, I want to thank, again, all of our 20,000 employees across Ingersoll Rand who are owners of Ingersoll Rand, and have a great performance here as we kind of close the year and as we go into 2024. So thanks again for the interest and look forward to catching up with many of you. Thank you, thank you, everybody.

偉大的。謝謝大家的興趣。正如我們在電話會議上所說，我要再次感謝英格索蘭的所有20,000 名員工，他們都是英格索蘭的所有者，在我們即將結束的這一年和進入2024 年之際，他們在這裡取得了出色的業績。再次感謝您的關注，並期待與您中的許多人保持聯繫。謝謝大家，謝謝大家。

This concludes today's conference call. Thank you for your participation, and you may now disconnect.

今天的電話會議到此結束。感謝您的參與，您現在可以斷開連接。