格南登福 (IR) 2024 Q2 法說會逐字稿

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Welcome everyone to the Ingersoll Rand second-quarter 2024 earnings call.

歡迎大家參加英格索蘭 2024 年第二季財報電話會議。

(Operator Instructions) I will now turn the call over to Matthew for Vice President of Investor Relations.

（操作員指示）我現在將電話轉給投資人關係副總裁馬修。

You may begin your conference.

您可以開始您的會議了。

Thank you, and welcome to the Ingersoll Rand 2024 second quarter earnings call by Matthew Fort, Vice President of Investor Relations.

謝謝，歡迎參加由投資者關係副總裁 Matthew Fort 主持的英格索蘭 2024 年第二季財報電話會議。

And joining me this morning are Vicente Reynal, Chairman and CEO; and Vik Kini, Chief Financial Officer.

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。

We issued our earnings release and presentation yesterday, and we will discuss these during the call, both are available on the Investor Relations section of our website.

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討論這些內容，兩者都可以在我們網站的投資者關係部分找到。

In addition, a replay of this conference call will be available later today.

此外，今天晚些時候將提供本次電話會議的重播。

Before we start, I wanted to remind everyone that certain statements on this call are forward-looking in nature and are subject to risks and uncertainties discussed in our previous SEC filings.

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，並受到我們先前向 SEC 提交的文件中討論的風險和不確定性的影響。

Please review the forward-looking statements on slide 2 for more details.

請查看投影片 2 的前瞻性陳述以了解更多詳情。

In addition, in today's remarks will refer to certain non-GAAP financial measures.

此外，在今天的演講中將提及某些非公認會計準則財務指標。

You can find a reconciliation of these measures to the most comparable measure calculated and presented in accordance with GAAP on our slide presentation and in our earnings release, both of which are available on the Investor Relations section of our website.

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 our company and segment financial highlights and provide an update to our 2024 guidance for today's Q&A session.

在今天的電話會議上，我們將回顧我們公司和細分市場的財務亮點，並為今天的問答環節提供 2024 年指導的最新資訊。

We ask that each caller to one question and one follow-up to allow time for other participants.

我們要求每位來電者提出一個問題並進行一次後續行動，以便為其他參與者留出時間。

At this time, I will turn the call over to Vincente.

這時候，我會把電話轉給文森。

Thanks, Matthew, and good morning to all.

謝謝馬修，大家早安。

I would like to begin by thanking and acknowledging our employees for their hard work, dedication and continuing to think and act like owners, helping us to deliver another record quarter in Q2.

首先，我要感謝並感謝我們的員工的辛勤工作、奉獻精神以及繼續像業主一樣思考和行動，幫助我們在第二季度再創紀錄的季度業績。

Starting on slide 3, despite the challenging macroeconomic environment, our team delivered another record quarter results, demonstrating the continued strength of our execution engine IRX.

從幻燈片 3 開始，儘管宏觀經濟環境充滿挑戰，我們的團隊仍交付了創紀錄的季度業績，展示了我們執行引擎 IRX 的持續實力。

We remain nimble and are prepared to pivot as market conditions change.

我們保持靈活性，並準備好隨著市場狀況的變化而調整。

And based on our solid performance, we are once again raising our 2024 full year guidance.

基於我們穩健的業績，我們再次上調 2024 年全年指引。

Turning to slide 4, our economic growth engine describes how we deliver durable compounding results.

轉向投影片 4，我們的經濟成長引擎描述了我們如何提供持久的複合結果。

We remain committed to our strategy and over the cycle, delivering our long-term Investor Day targets.

我們仍然致力於我們的策略，並在整個週期內實現我們的長期投資者日目標。

As outlined on this page.

如本頁所述。

IRX is a competitive differentiator, and combined with our unique ownership mindset, we expect to continue to deliver long-term value creation.

IRX 是一個競爭優勢，結合我們獨特的所有權思維，我們期望繼續創造長期價值。

With that in mind, I would like to provide a brief update on our growth initiatives.

考慮到這一點，我想簡要介紹一下我們的成長計劃。

On slide 5, let me start with our inorganic growth initiatives.

在投影片 5 上，讓我從我們的無機成長計畫開始。

We're pleased to highlight for the recently closed transactions, which together are expected to achieve an average of mid mid-teens ROIC by year three.

我們很高興地強調最近完成的交易，預計到第三年這些交易的平均投資報酬率將達到 15%左右。

Let me quickly walk you through these deals.

讓我快速帶您了解這些交易。

First cap with a leading provider of compressed air and power generation services.

首次與領先的壓縮空氣和發電服務供應商合作。

This is a great example of strategic channel expansion, giving us access to a large installed base, strong end-user relationships and robust technician network.

這是策略性管道擴張的一個很好的例子，使我們能夠獲得龐大的安裝基礎、強大的最終用戶關係和強大的技術人員網路。

Next is Fruitland, which expands our technology with low flow applications.

接下來是 Fruitland，它透過低流量應用擴展了我們的技術。

And lastly, we have Del Pumps, a mission critical of high margin pumping solution across high growth, sustainable end markets in India.

最後，我們有 Del Pumps，它是印度高成長、永續終端市場中高利潤幫浦解決方案的關鍵任務。

On the bottom of the page, I'd like to highlight that with the closure of these transactions, along with the closure of ILC Dover within the quarter, we have already far exceeded our annualized inorganic revenue target of 400 to 500 basis points, setting us up well for a good start in 2025.

在頁面底部，我想強調的是，隨著這些交易的結束，以及 ILC Dover 在本季度的關閉，我們已經遠遠超出了 400 至 500 個基點的年化無機收入目標，設定我們為2025 年有個好的開始做好了充分準備。

In addition, the funnel continues to grow and stay very active with deals, mostly bolt-on insights.

此外，該漏斗繼續增長，並在交易上保持非常活躍，主要是附加見解。

From our prior earnings call, we mentioned that we had also a couple of $1 billion purchase price deals in the funnel.

在我們先前的財報電話會議中，我們提到我們還在通路中進行了幾筆 10 億美元的收購價格交易。

During the second quarter, we decided to walk away from one of these larger transactions, and this is proved so that we continue to remain very disciplined in our approach to M&A and committed to long-term shareholder value creation through effective capital allocation.

在第二季度，我們決定放棄其中一項較大的交易，事實證明，我們在併購方法上繼續保持嚴格的紀律，並致力於透過有效的資本配置創造長期股東價值。

We expect more bolt-on deals to be announced later in the year, further exceeding our annualized inorganic revenue targets.

我們預計今年稍後將宣布更多補充交易，進一步超出我們的年化無機收入目標。

Turning to slide 6 on this slide, I wanted to take a minute to walk you through why we're so excited about the ILC Dover acquisition and deep dive into the biopharma business, which accounts for approximately half of the total business with exposure to high-growth therapies like GLP-1 and ADCs this business is well positioned to deliver double digit growth in 2024 and beyond.

轉向這張投影片上的投影片 6，我想花一點時間向您介紹為什麼我們對 ILC Dover 收購如此興奮，並深入研究生物製藥業務，該業務約佔總業務的一半，涉及高風險-GLP-1和ADC 等生長療法該業務處於有利位置，可在2024 年及以後實現兩位數成長。

The performance in biopharma is much better than the current market and speak to the niche and unique nature of the product solutions and offerings.

生物製藥領域的表現比當前市場好得多，這說明了產品解決方案和產品的利基和獨特性。

We have let's start with GLP-1 or glucagon-like peptide-1 therapies which are used in the treatment of type two diabetes and weight management with a projected annual market growth rate of 20% to 30% over the next five years.

我們先從 GLP-1 或胰高血糖素樣勝肽-1 療法開始，該療法用於治療二型糖尿病和體重管理，預計未來五年市場年增長率為 20% 至 30%。

GLP-1 manufacturers are rapidly expanding their capacity to meet both the current and growing market demand.

GLP-1 製造商正在迅速擴大產能，以滿足當前和不斷增長的市場需求。

We have deep and long-lasting relationships with our customers, where our proprietary single-use technology is already qualified into their production process, becoming an integral part of the validated bill of materials for GLP-1 production.

我們與客戶建立了深厚而持久的關係，我們專有的一次性技術已經符合他們的生產流程，成為 GLP-1 生產驗證物料清單的組成部分。

Our customers expand capacity either within their own facilities or CMOs.

我們的客戶在自己的工廠或 CMO 內擴大產能。

Our products all require inputs for these new production lines to minimize validation time lines, startup cost and risk.

我們的產品都需要為這些新生產線投入，以盡量減少驗證時間、啟動成本和風險。

As illustrated on the right-hand side of the page, ILC Dover provides proprietary best in class technology in terms of single use containment, bags, liners and other consumables that are used across a variety of steps in the GLP-1 drug manufacturing process, giving our customers assurance is a required to deliver compliant product to the market and reducing their cross contamination risks.

如頁面右側所示，ILC Dover 在一次性容器、袋子、內襯和其他消耗品方面提供一流的專有技術，這些消耗品用於 GLP-1 藥物製造過程中的各個步驟，為我們的客戶提供保證是向市場提供合規產品並降低交叉污染風險的必要條件。

Moving on to ADC or antibody drug conjugates, which are used primarily in cancer treatment therapies.

接下來是 ADC 或抗體藥物偶聯物，它們主要用於癌症治療。

This market is expected to grow double digits annually over the next five years, driven by the efficacy of the technology.

在該技術功效的推動下，該市場預計在未來五年內每年將以兩位數的速度成長。

There have been several new ADC's approved in recent years with a robust drug development pipeline for this type of therapy.

近年來，已有多種新的 ADC 獲得批准，擁有針對此類療法的強大藥物開發管道。

Our patented container technology is proven to perform better than both clean-in-place and single use alternative, and we believe our technology is 80% to 90% more cost-effective than a clean in place technology.

事實證明，我們的專利容器技術比就地清潔和一次性替代方案的性能更好，我們相信我們的技術比就地清潔技術的成本效益高出 80% 至 90%。

We continue to see customers convert their existing production lines and installed capacity, leveraging our single use containment technology.

我們不斷看到客戶利用我們的一次性密封技術來改造其現有的生產線和裝置容量。

I will now turn the presentation to Vik to provide an update on the Q2 financial performance.

我現在將向 Vik 介紹第二季財務業績的最新情況。

Thanks, Vincente starting on slide 7.

謝謝，文森特從幻燈片 7 開始。

Despite the increasingly challenging macroeconomic environment, we delivered solid results in Q2 through balance of commercial and operational execution fueled by IRX.

儘管宏觀經濟環境日益嚴峻，但透過 IRX 推動的商業和營運執行的平衡，我們在第二季度取得了堅實的業績。

Total company organic orders declined 1%, finishing largely in line with expectations.

公司有機訂單總數下降 1%，基本上符合預期。

We saw strong sequential orders growth of 5% for the total company with a book-to-bill of 1.0 times.

我們看到整個公司的訂單連續強勁成長 5%，訂單出貨比達到 1.0 倍。

Consistent with our guidance, book-to-bill finished above 1 in the first half at 1.01 times.

與我們的指引一致，上半年訂單出貨比達到 1.01 倍以上，高於 1。

This provides us with a healthy backlog to execute in the back half of the year and gives us conviction and delivering our full year 2024 revenue guidance.

這為我們提供了下半年需要執行的大量積壓工作，並讓我們有信心實現 2024 年全年收入指引。

Organic revenue was up 1% for the quarter and up 13% on a two year stack.

本季有機收入成長 1%，兩年成長 13%。

The company delivered second quarter adjusted EBITDA of $495 million, a 16% year over year improvement in adjusted EBITDA margins of 27.4%, a 220 basis points year over year improvement, driven predominantly through gross margin expansion, partially offset by investments for growth in SG&A.

該公司第二季調整後EBITDA 為4.95 億美元，年增16%；調整後EBITDA 利潤率為27.4%，年增220 個基點，這主要是由毛利率擴張推動的，但部分被SG&A 成長投資所抵消。

Adjusted earnings per share was $0.83 for the quarter, which is up 22% as compared to the prior year.

該季度調整後每股收益為 0.83 美元，比上年同期增長 22%。

This marks six consecutive quarters of double digit EPS growth and 12 over the last 14 quarters of double-digit EPS growth beginning with Q1 of 2021.

這標誌著每股收益連續六個季度實現兩位數成長，自 2021 年第一季開始，過去 14 個季度中有 12 個季度實現兩位數每股收益成長。

Free cash flow for the quarter was $283 million and total liquidity was $3.7 billion with $1.1 billion of cash on hand at quarter-end.

本季自由現金流為 2.83 億美元，流動性總額為 37 億美元，季末手頭現金為 11 億美元。

Our net leverage was 2.0 turns, which is up one turn versus the prior year.

我們的淨槓桿率為 2.0 倍，比前一年增加了 1 倍。

This increase is primarily driven by the $2.325 billion acquisition of ILC Dover.

這一成長主要是由以 23.25 億美元收購 ILC Dover 推動的。

For the full year, we do anticipate net leverage position at approximately 1.5 turns.

我們預計全年淨槓桿部位約為 1.5 倍。

Turning to slide 8 for the total company on an FX-adjusted basis due to orders were up 5% and revenue increased 8%.

轉向幻燈片 8，根據匯率調整後的公司整體情況，由於訂單增長了 5%，收入增長了 8%。

Total company adjusted EBITDA increased 16% from the prior year.

公司調整後 EBITDA 總額較上年成長 16%。

CITS segment margin increased 230 basis points, while the PST. segment margin increased 110 basis points year over year.

國旅分部利潤率增加230個基點，而PST。分部利潤率年增 110 個基點。

Overall Ingersoll Rand expanded adjusted EBITDA margins by 220 basis points.

Ingersoll Rand 整體調整後 EBITDA 利潤率擴大了 220 個基點。

Corporate costs came in at $44 million for the quarter, largely in line with expectations.

本季企業成本為 4,400 萬美元，基本上符合預期。

And finally, adjusted EPS for the quarter was up 22% year over year to $0.83 per share, including an adjusted tax rate for the quarter of 21.3%.

最後，本季調整後每股盈餘年增 22%，達到每股 0.83 美元，其中調整後稅率為 21.3%。

On the next slide, free cash flow for the quarter was $283 million, including CapEx, which totaled $22 million.

在下一張投影片中，該季度的自由現金流為 2.83 億美元，其中資本支出總計為 2,200 萬美元。

Total company liquidity now stands at $3.7 billion based on approximately $1.1 billion of cash and $2.6 billion of availability on our revolving credit facility.

該公司流動性總額目前為 37 億美元，基於約 11 億美元的現金和 26 億美元的循環信貸額度。

Leverage for the quarter was 2.0 turns, which is a one turn increase year over year.

本季槓桿率為 2.0 轉，較去年同期增加一轉。

As noted earlier, this increase was driven primarily by the purchase of ILC Dover, which was funded through $2 billion in bonds and $325 million in cash.

如前所述，這一成長主要是由收購 ILC Dover 推動的，該公司的資金來源為 20 億美元的債券和 3.25 億美元的現金。

Specifically within the quarter, cash outflows included $2.6 billion overall deployed to M&A well as $71 million returned to shareholders through $63 million in share repurchases and $8 million for our dividend payments.

具體而言，本季現金流出包括用於併購的整體現金流出 26 億美元，透過 6,300 萬美元的股票回購向股東返還 7,100 萬美元，以及用於支付股息的 800 萬美元。

Our capital allocation strategy remains unchanged, with M&A being our top priority, and we continue to expect M&A to be our primary use of cash as we look ahead.

我們的資本配置策略保持不變，併購是我們的首要任務，展望未來，我們仍然預期併購將是我們現金的主要用途。

On slide 10, I'd like to take a minute to highlight the transformation of our debt portfolio.

在投影片 10 上，我想花一點時間強調我們債務投資組合的轉變。

This transformation has been underway for several years, and I'm pleased to say that we now have a fully investment grade structure.

這種轉變已經進行了好幾年，我很高興地說我們現在擁有完全的投資等級結構。

Also important to note that within the quarter, we received a one notch upgrade from each of the three rating agencies, which you can see highlighted on the right side of the page, further solidifying our investment grade status.

同樣重要的是要注意，在本季度內，我們從三個評級機構中分別獲得了一級升級，您可以在頁面右側突出顯示，進一步鞏固了我們的投資評級地位。

In terms of the overall capital structure.

從整體資本結構來看。

In May, we issued $3.3 billion of unsecured investment grade bonds for proceeds of the bond issuance were used to repay $1.23 billion of our legacy secured term loans, and $2 billion was used to partially fund the acquisition of ILC Dover with the remainder retained for general purposes.

5 月份，我們發行了33 億美元的無擔保投資等級債券，債券發行收益用於償還我們遺留的12.3 億美元擔保定期貸款，20 億美元用於部分為收購ILC Dover 提供資金，其餘部分保留用於一般用途目的。

In addition, we took the opportunity to increase the size of our revolver from $2 billion to $2.6 billion, which further provides flexibility to execute on our strategic initiatives.

此外，我們也藉此機會將左輪手槍的規模從 20 億美元增加到 26 億美元，這進一步為執行我們的策略性舉措提供了靈活性。

As a result of this debt portfolio transformation, we now have a fixed to floating ratio of 84% fixed and 16% floating and extended our weighted average maturity on our overall debt from 6 years to 10 years.

由於債務組合轉型，我們現在的固定與浮動比率為 84% 固定和 16% 浮動，並將整體債務的加權平均期限從 6 年延長至 10 年。

Our new capital structure is designed to facilitate our long-term capital allocation strategy, and we remain committed to maintain our investment grade status.

我們新的資本結構旨在促進我們的長期資本配置策略，我們仍然致力於維持我們的投資等級地位。

Finally, our 2024 gross interest expense outlook is now approximately $215 million.

最後，我們對 2024 年總利息支出的展望目前約為 2.15 億美元。

On an annualized basis, we expect gross interest to be approximately $260 million as we move into 2025.

以年化計算，我們預計到 2025 年總利息約為 2.6 億美元。

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

我現在將把電話轉回中心討論我們的部門結果。

Thanks, Vik.

謝謝，維克。

Moving to slide 11.

轉到投影片 11。

Our industrial technologies and service segment delivered solid year-over-year revenue growth of 6% on top of approximately 20% growth in Q2 of last year.

我們的工業技術和服務部門的營收在去年第二季約 20% 的成長基礎上實現了 6% 的穩健年成長。

Adjusted EBITDA margins were 29.7%, up 230 basis points from the prior year.

調整後 EBITDA 利潤率為 29.7%，較上年成長 230 個基點。

Which was driven primarily by gross margin expansion.

這主要是由毛利率擴張所推動的。

Book-to-bill was one time with organic orders down 2.6%, which was largely in line with expectations.

訂單出貨量一度出現有機訂單下降 2.6% 的情況，這在很大程度上符合預期。

Important to note that we saw a sequential order growth of 5%, which were primarily driven by compressors.

值得注意的是，我們的訂單環比增長了 5%，這主要是由壓縮機推動的。

Moving to the programming highlights.

轉到編程亮點。

Compressor orders were up low single digits was still comping a low double digit growth in Q2 of 2023.

2023 年第二季度，壓縮機訂單僅實現低個位數成長，但仍維持低兩位數成長。

Good to know that we saw positive order growth across America, EMEA and Asia Pacific.

很高興知道我們在美洲、歐洲、中東和非洲和亞太地區看到了積極的訂單成長。

Excluding China, compressor revenue was up mid-single digits in the quarter, which we view still healthy after mid-teens growth in Q2 of 2023.

不包括中國在內，本季壓縮機收入成長了中個位數，我們認為在 2023 年第二季實現中位數成長後，壓縮機收入仍保持健康。

Industrial banking orders were up low single digits and revenue was up mid-teens for innovation in action were highlighting Elmo Rietschle new high speed lower technology, which was recently launched in Europe.

工業銀行訂單成長了個位數，收入成長了十幾歲，創新行動凸顯了 Elmo Rietschle 最近在歐洲推出的新型高速低壓技術。

This patented oilfield technology offers 60% reduction in energy consumption compared to a traditional Bloor technology, enabling productivity for the customer and reducing total cost of ownership by up to 50%.

與傳統的 Bloor 技術相比，這項專利的油田技術可減少 60% 的能源消耗，從而提高客戶的生產效率，並將總擁有成本降低高達 50%。

Turning to slide 12.

轉到投影片 12。

The PST segment achieved 6% organic order growth and deliver adjusted EBITDA of approximately $103 million with a margin of 30.3%.

PST 部門實現了 6% 的有機訂單成長，調整後 EBITDA 約為 1.03 億美元，利潤率為 30.3%。

It is encouraging to see that the legacy Ingersoll Rand life science business, so organic order growth of 8%.

令人鼓舞的是，英格索蘭遺留的生命科學業務因此有機訂單增加了 8%。

In addition, short-cycle orders in the PST segment remained positive with book and ship orders of mid single digits year over year.

此外，太平洋標準時段的短週期訂單仍然保持積極態勢，預訂和發貨訂單同比增長為中個位數。

We see organic order growth stabilizing, and we remain positive about the underlying health of the PST business, and it remains on track to meet our long-term Investor Day growth commitments.

我們看到有機訂單成長趨於穩定，我們對 PST 業務的基本健康狀況保持樂觀，並且仍有望實現我們的長期投資者日成長承諾。

For our PST innovation in action were highlighting an extremely innovative technology within the legacy Ingersoll Rand life science business.

我們的 PST 創新行動強調了傳統英格索蘭生命科學業務中的一項極其創新的技術。

Combining multiple technology of different brands.

結合不同品牌的多項技術。

We have developed a product offering in microfluidics to create a customized liquid handling automated systems for biotech R&D labs as well as the production of personalized therapeutics.

我們開發了微流體領域的產品，為生物技術研發實驗室以及個人化治療藥物的生產創建客製化的液體處理自動化系統。

This innovative technology drives up to 50% productivity versus existing processes in a market that is expected to grow approximately 20% through 2027.

與市場中現有流程相比，這項創新技術的生產力提高了 50%，預計到 2027 年將成長約 20%。

On the next slide, I'd like to spend a minute discussing the current market trends as we always get a lot of questions about our leading indicators.

在下一張投影片中，我想花一點時間討論當前的市場趨勢，因為我們總是收到很多關於領先指標的問題。

A key leading indicator of our short-to-medium cycle business is marketing qualified leads or MQLs.

我們中短週期業務的一個關鍵領先指標是行銷合格的銷售線索或 MQL。

As illustrated on the top chart, our MQL continues to grow.

如上圖所示，我們的 MQL 持續成長。

In Q2, we saw organic MQLs of 13% year over year.

第二季度，我們看到有機 MQL 年成長 13%。

As for the longer cycle component our portfolio, one key indicator we look at is the funnel activity for engineered to order compressor systems.

至於我們產品組合中的較長週期組件，我們關注的一項關鍵指標是按訂單設計的壓縮機系統的漏斗活動。

We remain encouraged as a funnel activities of 27% in the first half year over year.

我們仍然感到鼓舞，上半年漏斗活動年增 27%。

While the leading indicators have been encouraging, we have seen an elongation in the decision making process with the prolongation of the time to convert an MQL to another.

雖然領先指標令人鼓舞，但我們發現決策過程隨著將 MQL 轉換為另一種 MQL 的時間延長而延長。

The feedback, we hear contains multiple reasons, but some of the most often cited, our customer side readiness and too many projects happening at the same time, which is impacting EPC engineering capacity.

我們聽到的回饋包含多種原因，但其中一些最常被引用的原因是我們的客戶方準備情況以及太多專案同時發生，這影響了 EPC 工程能力。

Having said this, this situation is encouraging as we look to 2025.

話雖如此，展望 2025 年，這種情況令人鼓舞。

Switching back to 2024 expectations from a regional perspective, Americas is on pace to deliver mid-single digit organic revenue growth.

從區域角度來看，我們回到 2024 年的預期，美洲地區可望實現中個位數的有機收入成長。

EMEIA remains stable, and we see very good pockets of growth, primarily in the emerging markets of India and the Middle East.

EMEIA 保持穩定，我們看到了非常好的成長，主要是在印度和中東的新興市場。

Asia Pacific and specifically, China is a key driver of the reduction in our organic growth guidance.

亞太地區，特別是中國，是我們有機成長指引下調的關鍵驅動因素。

Moving next to inorganic growth.

接下來轉向無機成長。

We're anticipating approximately $270 million of incremental revenue from our recently acquired M&A.

我們預計最近收購的併購將帶來約 2.7 億美元的增量收入。

ILC Dover is the largest driver, contributing approximately $220 million of revenue in 2024.

ILC Dover 是最大的推動者，2024 年貢獻約 2.2 億美元的收入。

The biopharma business has highlighted earlier in the deck remains strong and on track to deliver double digit growth.

生物製藥業務早些時候強調，該業務仍然強勁，並有望實現兩位數成長。

However, we do anticipate that the Aerospace and Defense revenue to be down approximately $30 million versus our initial expectations.

然而，我們確實預計航空航太和國防收入將比我們最初的預期減少約 3,000 萬美元。

And this is driven by lower than expected activity levels remain the next-generation spacesuit, which is often referred to as xEVAS.

這是由於下一代太空衣（通常稱為 xEVAS）的活動水平仍低於預期。

As we move to slide 14.

當我們轉到投影片 14 時。

Given the solid performance in the first half, our recently acquired M&A and our expectation of continued operational execution fueled by IRX, we are once again raising our 2024 guidance.

鑑於上半年的穩健表現、我們最近收購的併購以及我們對 IRX 推動的持續營運執行的預期，我們再次提高了 2024 年的指導。

The company revenue is expected to grow overall between 6% to 8%, which is up 200 basis points versus our initial guidance.

公司營收預計整體成長 6% 至 8%，比我們最初的指導成長 200 個基點。

As discussed on the previous slide, we anticipate positive organic growth in the range of 0% to 2%.

正如上一張幻燈片所討論的，我們預計有機成長將在 0% 到 2% 之間。

The reduction in the range versus our prior guidance is largely attributable to lower organic growth expectations, specifically in China.

與我們先前的指導相比，範圍的縮小主要是由於有機成長預期的降低，特別是在中國。

FX is now expected to be a 1% headwind for the full year, which is down approximately 100 basis points as compared to our previous guidance.

目前預計全年外匯將面臨 1% 的阻力，比我們先前的指引下降了約 100 個基點。

M&A is projected to contribute approximately $440 million, which reflects all completed and closed M&A transactions as of July 31, 2024.

併購預計將貢獻約 4.4 億美元，這反映了截至 2024 年 7 月 31 日所有已完成和結束的併購交易。

Corporate cost plan at $170 million and will be incurred relatively evenly per quarter for the balance of the year.

公司成本計畫為 1.7 億美元，在今年剩餘時間每季支出相對均勻。

Total adjusted EBITDA for the company's expected to be in the range of $2.01 billion and $2.06 billion, which is up approximately 14% year over year at the midpoint.

公司調整後 EBITDA 總額預計在 20.1 億美元至 20.6 億美元之間，以中位數計算，年增約 14%。

Adjusted EPS is projected to be within the range of $3.27 and $3.37, which is up 2% versus prior guidance and approximately 12% year over year at the midpoint.

調整後每股盈餘預計在 3.27 美元至 3.37 美元之間，較先前指引成長 2%，年比中位數成長約 12%。

On the bottom right hand side of the page, we have included a 2024 full year guidance bridge, showing the changes in our latest guidance as compared to our previous guidance provided in May.

在頁面右下角，我們包含了 2024 年全年指導橋，顯示了我們最新指導與 5 月份提供的先前指導相比的變化。

As you can see, the primary driver of adjusted EPS growth is associated with operational execution, partially offset by increases in the net impact from interest and FX.

正如您所看到的，調整後每股收益成長的主要驅動力與營運執行相關，但部分被利息和外匯淨影響的增加所抵消。

Were also seen a $0.02 improvement in our adjusted EPS as compared to a previous guidance from an improvement in our full year adjusted tax rate.

與先前全年調整稅率提高的指引相比，我們的調整後每股收益也提高了 0.02 美元。

Gross interest expense is now expected to be approximately $250 million and net interest expense will be approximately $170 million and will be incurred relatively evenly per quarter for the balance of the year.

目前預計總利息支出約為 2.5 億美元，淨利息支出約為 1.7 億美元，並且在今年剩餘時間內每季的支出相對均勻。

The adjusted tax rate is expected to finish in the year between 22% and 23%.

預計今年調整後的稅率將在22%至23%之間。

No changes have been made to our guidance and CapEx spend as a percentage of revenue, free cash flow to adjusted net income provision or share count all remain in line with our previous guidance.

我們的指導沒有變化，資本支出佔收入的百分比、調整後淨利撥備的自由現金流或股份數量均與我們先前的指導保持一致。

Finally, as we turn to slide 15, I am very pleased with how our teams continue to execute, despite overall market conditions.

最後，當我們轉向投影片 15 時，我對我們的團隊在整體市場條件下繼續執行的方式感到非常滿意。

We continue to deliver record results on our updated guidance is reflective of our first half performance and ongoing momentum.

我們繼續根據更新後的指引交付創紀錄的業績，這反映了我們上半年的業績和持續的勢頭。

With our most recent guidance, we continue to expect to deliver results above our long-term Investor Day targets.

根據我們最新的指導，我們繼續期望實現高於長期投資者日目標的績效。

Based on the midpoint of our 2024 full year guidance before year, CAGR for organic revenue growth will be approximately 10%.

根據我們上年 2024 年全年指引的中位數，有機收入成長的複合年增長率約為 10%。

We think this continues to show durable outperformance over the cycle.

我們認為這在整個週期中繼續表現出持久的優異表現。

That in combination with our inorganic growth, robust margin expansion and execution of IRX, we expect to deliver a four-year CAGR in excess of 25% for adjusted EPS.

結合我們的無機成長、強勁的利潤率擴張和 IRX 的執行，我們預計調整後每股收益的四年複合年增長率將超過 25%。

To our employees.

致我們的員工。

I want to thank you for a strong results thus far, showing the impact each of you have as owners of the company.

我要感謝你們迄今為止的強勁業績，展現了你們每個人作為公司所有者的影響力。

Thank you for your resiliency, hard work and focus attention.

感謝您的堅韌、辛勤工作和專注。

We believe the power of IRX, combined with our ownership mindset and leading portfolios, strengthens the durability of our company while delivering the long-term value to shareholders.

我們相信 IRX 的力量，加上我們的主人翁心態和領先的投資組合，可以增強我們公司的耐用性，同時為股東帶來長期價值。

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

這樣，我會將電話轉回給接線生以開啟問答電話。

(Operator Instructions)

（操作員說明）

Mike Halloran with Baird.

麥克·哈洛倫和貝爾德。

Good morning, everyone.

大家早安。

Morning, Mike.

早上好，麥克。

So let's start with the change in the second half organic assumptions.

因此，讓我們從下半年有機假設的變化開始。

If I look at how the second quarter progressed, it feels generally consistent with what you were talking to in the top line coming in with the quarter.

如果我看看第二季度的進展情況，感覺與您在本季度的頂線中所說的基本一致。

The book to bill orders down a little bit.

這本書的帳單訂單下降了一點。

Revenue levels came in at a reasonable level, all else equal.

在其他條件相同的情況下，收入水準處於合理水準。

I certainly understand the commentary about a little longer to close and some of these transactions, some pushouts of the orders as well as the China piece.

我當然理解有關關閉時間更長一些以及其中一些交易、一些訂單以及中國部分的取消的評論。

So twofold questions, one, was there something about July that you saw that maybe change that trajectory?

那麼雙重問題，第一，你認為七月的事情是否可能改變這一軌跡？

And two, could you parse out some of the underlying things you're seeing from a demand environment, excluding some of the project pushouts and if there's any changes elsewhere beyond just China comments?

第二，您能否分析您從需求環境中看到的一些基本情況，排除一些項目推出，以及除了中國評論之外其他地方是否有任何變化？

Yeah.

是的。

No, thank you, Mike.

不，謝謝你，麥克。

I mean, I think the priming actually quite well.

我的意思是，我認為啟動實際上很好。

So the answer to your first question is definitely no.

所以你的第一個問題的答案肯定是否定的。

I mean, nothing that we saw in July.

我的意思是，我們七月沒有看到什麼。

That gives us the concern and the change in how we think about it.

這讓我們感到擔憂，並改變了我們的看法。

I think also, as you said, I mean, I think things are our operating in the first have exactly as we expected.

我也認為，正如你所說，我的意思是，我認為事情在我們的營運中首先已經完全符合我們的預期。

You saw that even we saw some very good sequential improvement Q1 to Q2 orders improving the 5% and actually improve in both segments, not only ITS, but also in PST and -- but kind of when we think about that guidance and also you can see that in the second half, we do anticipate still organic revenue growth to be positive with a very good phase in between revenue and EBITDA similar to prior years, which obviously implies that we'll continue to see some kind of good improvement here sequentially.

您看到，即使我們看到一些非常好的連續改善，第一季到第二季的訂單也提高了5%，並且實際上在兩個細分市場都有所改善，不僅是ITS，而且還包括PST，而且當我們考慮該指導時，您也可以看到下半年，我們確實預計有機收入增長仍然為正，收入和EBITDA 之間的階段性與前幾年類似，這顯然意味著我們將繼續看到某種良好的改善。

But in terms of the guidance, I think the reduction is really predominantly driven by China.

但就指導而言，我認為減少實際上主要是由中國推動的。

Again, although we also were fairly encouraged with what we saw improvements Q1 to Q2 in China, which was positive.

同樣，儘管我們也對中國第一季到第二季的改善感到相當鼓舞，但這是正面的。

And we're also encouraged by what we hear from our teams -- in terms of level of activity in the month of July, driven by these new programs in place of replacing equipment the government is putting out together in the markets.

我們也對我們團隊的消息感到鼓舞——在 7 月的活動水平方面，這些新計劃取代了政府在市場上投放的設備的替代計劃。

We feel that we're taking the approach to be prudent and not necessarily see that the market materially changes in the second half in China and keep it, I would say, stable from here onwards.

我們認為，我們採取的做法是謹慎的，不一定會看到中國市場下半年發生重大變化，我想說，從現在開始保持穩定。

I will also say kind of in terms of what -- I mean any other changes in terms of market dynamics?

我還會說——我的意思是市場動態方面還有其他變化嗎？

I mean, not necessarily.

我的意思是，不一定。

We were very transparent here in terms of leading indicators that we always talk about, which is MQLs and funnel accelerations just to show that in a market activity continues to be actually pretty good.

我們在我們經常談論的領先指標方面非常透明，即 MQL 和漏斗加速，只是為了表明市場活動實際上仍然相當不錯。

I think is these elongation in what we call the velocity of converting some of those either formula or MQLs through the process it seems to be a little bit more elongated.

我認為這些延長就是我們所說的透過過程轉換其中一些公式或 MQL 的速度，它似乎有點延長了。

Could that be driven by elections and could that be driven by geopolitical.

這可能是由選舉驅動的，也可能是由地緣政治驅動的。

And obviously, what we hear about EPC capacity constraints and site readiness.

顯然，我們聽到的是有關 EPC 產能限制和現場準備的資訊。

There's a little bit of few different points.

有一點點不同。

I think in our view, what we wanted to do is just kind of be more prudent as we go here into the second half.

我認為在我們看來，我們想做的只是在進入下半場時更加謹慎。

And again, based on these good visibility that we've seen on leading indicators, feeling good about how this could play out as we kind of head into 2025.

再次，基於我們在領先指標上看到的良好可見性，我們對進入 2025 年時的情況感到滿意。

That makes sense.

這是有道理的。

And does that change how you guys were articulating the book to bill and the order cadence from last quarter?

這是否會改變你們在上個季度闡明這本書的帳單和訂單節奏的方式？

If I remember correctly, it was orders slightly negative from half, but positive back half and then the inverse on the book to bill.

如果我沒記錯的話，訂單從一半開始稍微為負，但後半為正，然後是帳本上的倒數。

Is that still the way to think about it?

現在仍然是這樣思考嗎？

Or do these pushouts shift some of that numbers?

或者這些退出會改變一些數字？

No, that's exactly the way to think about it, Mike, spot on.

不，這正是思考這個問題的方式，麥克，說得對。

Yes.

是的。

Great.

偉大的。

Yes.

是的。

Thank you.

謝謝。

Appreciate it.

欣賞它。

Thank you, Mike.

謝謝你，麥克。

Julian Mitchell, Barclays.

朱利安米切爾，巴克萊銀行。

Hi, good morning and maybe Good morning.

嗨，早上好，也許早安。

And maybe Vicente, it seems like China was the pivot point on the organic guide.

也許是維森特，中國似乎是有機指南的支點。

So maybe a little bit more color there.

所以也許那裡有更多的顏色。

You mentioned the teams on the ground sound more optimistic, but maybe just put some numbers around it, sort of remind us, I guess, total China revenue exposure of Ingersoll Rand.

你提到當地的團隊聽起來比較樂觀，但也許只是放了一些數字，我想這有點提醒我們英格索蘭在中國的總收入。

And then what where organic sales in China down in the first half of the year?

那麼上半年中國的有機銷售額下降的原因是什麼？

And what does that midpoint of the guide embed for second half revenue trends year on year in China, please?

請問該指南的中點對中國下半年營收年增趨勢有何影響？

Yes, Julian, this is Vik.

是的，朱利安，這是維克。

Maybe I'll start and I'll let Vicente add some color as well.

也許我會開始，我也會讓維森特添加一些顏色。

In terms of the first part of your question.

就你問題的第一部分而言。

I think fairly consistent with how we've described historically, and it's important to note that this is a consistent statement about -- across both segments, both ITS and PST.

我認為這與我們歷史上的描述相當一致，值得注意的是，這是關於 ITS 和 PST 兩個細分市場的一致聲明。

Total APAC is, roughly about, you know, 20% of the revenue base and China is up the lion's share of that probably somewhere in the high-teens percent so the preponderance of that revenue base in a APAC China.

亞太地區總計約佔收入基礎的 20%，而中國所佔的份額最大，可能達到百分之十以上，因此亞太地區中國的收入基礎占主導地位。

To kind of give rough numbers in terms of the growth expectations, and I'll focus my commentary on the revenue side in the first half, total APAC which of course, China is the biggest driver is effectively down, let's call it low double digits on the revenue base.

為了給出成長預期方面的粗略數字，我將集中評論上半年的收入方面，亞太地區的總收入（當然，中國是最大的推動力）實際上正在下降，我們稱之為低兩位數在收入基礎上。

It's important to note, obviously, the comps still pretty meaningful in the first half of the year.

值得注意的是，顯然，今年上半年的比較仍然相當有意義。

And as we move to the back half of the year, as Vicente just indicated, we do continue to see stability and some sequential, I'd say, progress from first to second half.

正如文森特剛剛指出的那樣，當我們進入今年下半年時，我們確實繼續看到穩定性以及從上半年到下半年的一些連續進展。

And then year over year, we actually expect probably to be closer to flattish year over year on those that stability moving for first half second half.

然後年復一年，我們實際上預計上半年下半年的穩定性可能會接近持平。

But also important to note that the comps do get a little bit more on easier comparatively speaking in the back half from a revenue perspective, specifically in China.

但同樣重要的是要注意，從收入角度來看，相對而言，下半年的比較確實更容易一些，特別是在中國。

The other thing to add there, and I think in terms of kind of some of the color that we see that if you were to even exclude some of these kind of large project, long cycle projects in China, China orders that core business, which excludes the long-cycle, especially fairly good momentum there, Julian.

另一件要補充的事情是，我認為就我們看到的一些色彩而言，如果你甚至排除中國的一些此類大型項目、長週期項目，中國會訂購核心業務，不包括長週期，尤其是那裡相當好的勢頭，朱利安。

So I'll say that even though in this challenging environment, there's still performing actually quite well.

所以我想說，即使在這個充滿挑戰的環境中，實際上仍然表現得很好。

Thanks very much.

非常感謝。

And then just my quick follow-up, just within the second half guidance.

然後是我的快速跟進，就在下半場指導之內。

As we think about seasonality, I realize there's some distortions sequentially into Q3 because of the acquisitions that closed in early June, but when we think about sort of third versus fourth quarter in your guide, are we thinking kind of Q3 is at about 25%, 26% of the year's EPS and revenue wise, you kind of just under $1.9 billion in Q3 and maybe just over $1.9 billion in Q4.

當我們考慮季節性時，我意識到由於6 月初完成的收購，第三季度出現了一些扭曲，但是當我們考慮指南中的第三季與第四季時，我們是否認為第三季約為25 % ，佔全年每股收益和收入的 26%，第三季略低於 19 億美元，第四季可能略高於 19 億美元。

Is that the way to think about it.

是這樣思考的嗎？

I think you're close enough around, and I think that's probably the right way to think about it.

我認為你已經足夠接近了，我認為這可能是正確的思考方式。

So interesting enough, I'd say the seasonal phasing, whether it be on the revenue side on the earnings side, it's not dramatically different than what you've seen in prior year, slightly more weighted towards the back half than the front half?

非常有趣的是，我想說的是季節性階段，無論是在收入方面還是在收益方面，它與你在前一年看到的沒有太大不同，後半部分的權重比前半部分稍重一些？

That is correct.

這是正確的。

Great.

偉大的。

Thank you.

謝謝。

Jeff Sprague, Vertical Research Partners.

Jeff Sprague，垂直研究夥伴。

Please go ahead.

請繼續。

Thank you.

謝謝。

Good morning, everyone.

大家早安。

Vicente, can you drill in a little bit more on kind of PST in general, but kind of biopharma markets in particular?

Vicente，您能否更深入地了解一下 PST 的整體情況，特別是生物製藥市場的情況？

It does sound like you're seeing and feeling the turn in those markets.

聽起來您確實看到並感受到了這些市場的轉變。

But just speak to what's going on in the channel or the channels cleared, what the outlook for maybe the remainder of the year is there.

但只要談談渠道中發生的事情或清理的管道，今年剩餘時間的前景可能就在那裡。

Yeah, absolutely.

是的，絕對是。

Jeff, so let me kind of break it into a couple of things.

傑夫，讓我把它分成幾件事。

I mean, first of all, let's talk about the legacy Ingersoll Rand life science business, that medical business that as you saw, very, very good momentum in the quarter.

我的意思是，首先，讓我們談談英格索蘭的傳統生命科學業務，正如您所看到的，該醫療業務在本季度的勢頭非常非常好。

In Q2 with very nice growth at 8%.

第二季成長非常好，達到 8%。

So that's actually very encouraging to see And some say good wins as we continue to do sort of product connection and innovation in action that we put there and some getting that team has been some very good exposure to a personalized medicine, particularly around cancer treatment, which is very, very encouraging to see that.

因此，這實際上是非常令人鼓舞的。癌症治療方面，看到這一點非常非常令人鼓舞。

And I think on top of that, I mean, I think we are now two months into the ownership of ILCs Dover within biopharma.

我認為最重要的是，我認為我們現在擁有生物製藥公司 ILC 多佛的所有權已經兩個月了。

And I think the team continues to stay pretty encouraged from what they're seeing out there.

我認為團隊繼續對他們所看到的情況感到非常鼓舞。

And as we go out and meet with the teams, we see some continued good momentum there.

當我們出去與團隊會面時，我們看到了一些持續的良好動力。

And you saw in the prepared remarks, we still expect that business to be able to generate that kind of double-digit growth for this year.

您在準備好的發言中看到，我們仍然預計該業務今年能夠實現兩位數的成長。

So again, speaks to be a good kind of product innovation and maintenance of our technology and how we're particularly trying to be very focused on specifically -- specific end-market that are seeing outside growth.

再次強調，這是一種很好的產品創新和技術維護，以及我們如何特別努力專注於正在看到外部成長的特定終端市場。

And then maybe just shifting of maybe this is total IR may be a biases a little bit more towards industrial tech, but what's going on but service attachment, you know, is it growing here?

然後，也許只是轉變，也許這是全面的IR，可能更偏向工業技術，但除了服務附件之外，正在發生什麼，你知道，它在這裡增長嗎？

How does it look into the back half?

後半部看起來怎麼樣？

Yeah.

是的。

Great Jeff.

偉大的傑夫。

Thank you for asking the question.

感謝您提出問題。

I think we continue to be very excited about all the actions that we're doing around the care packages and the service attachment.

我認為我們仍然對我們圍繞護理包和服務附件所做的所有行動感到非常興奮。

And if I come in even this week right now, here, we have attained getting together to talk about the continuation of taking service activities to the next level.

如果我現在就在本週來到這裡，我們就可以聚在一起討論繼續將服務活動提升到新的水平。

So we continue to be very encouraged by what we're seeing and whether it is, which is the regular service attachment, but also equal, plant and equipment continues to see some progression.

因此，我們繼續對我們所看到的情況感到非常鼓舞，無論是常規服務附件，還是平等的，工廠和設備繼續看到一些進步。

And you saw that even also we acquired a company called caps in Australia, and that's really to give us more better channel, better access with a larger footprint on surface.

你也看到了，我們甚至收購了澳洲一家名為 caps 的公司，這實際上是為了給我們更好的管道、更好的訪問以及更大的佔地面積。

So surface continues to be a very high priority for us as we move forward.

因此，在我們前進的過程中，地表仍然是我們的首要任務。

Great, thanks.

太好了，謝謝。

Thank you.

謝謝。

Rob Wertheimer, Melius Research.

羅布‧韋特海默，Melius 研究中心。

I am so sorry.

我很抱歉。

Good morning.

早安.

So my question is on gross margin.

所以我的問題是毛利率。

It was great in the quarter.

本季非常棒。

I wonder if you could touch on price cost a little bit of price and competitive dynamic and how you're, you know, kind of winning are not share in the market.

我想知道您是否可以談談價格成本和競爭動態，以及您如何贏得市場份額。

And then just had a currency when it when you have a higher gross margin, you can lean a bit more into spend.

然後只有一種貨幣，當你有更高的毛利率時，你可以更傾向於支出。

Curious how you manage that and what does that increased -- it wasn't but increased spending might be?

好奇你是如何管理這一點的，這會增加什麼——不是增加支出，而是可能增加支出？

Yeah, great question.

是的，很好的問題。

Gross margin expansion, a very, very pleased to see a lot of that and driven through the execution of initiatives like our tech fries.

毛利率的成長，我們非常非常高興地看到這一點，並透過執行我們的科技薯條等措施來推動。

Yes, as you mentioned, but I to be as well as the higher recurring revenue streams that that we were just even talking about on the on the last question.

是的，正如您所提到的，但我將以及我們剛剛在最後一個問題上討論的更高的經常性收入流。

So all of that is really inflecting very good attention into our gross margin that will help us deliver that expansion into our EBITDA margin.

因此，所有這些確實使我們對毛利率產生了非常好的關注，這將有助於我們實現 EBITDA 利潤率的擴張。

And absolutely, we're definitely investing.

當然，我們肯定會投資。

I mean, where we can do to invest in areas like demand-generation R&D and many other areas as needed when their sales force activity and service technician to continue to grow their return rate and in some form of cost, Vik, do you want to comment on that?

我的意思是，當他們的銷售人員活動和服務技術人員繼續提高回報率並以某種形式的成本時，我們可以根據需要投資於需求生成研發等許多其他領域，Vik，你想嗎對此有何評論？

Yeah, on the price cost side of the equation.

是的，在等式的價格成本方面。

So specifically in the quarter, price was, let's just say, approximately 2.5% across the entire enterprise, fairly comparable between the two segments.

因此，具體來說，在本季度，整個企業的價格約為 2.5%，兩個細分市場之間相當可比。

And then from an inflationary perspective, I'd say the commentary very similar to what we saw in Q1.

然後從通貨膨脹的角度來看，我想說的評論與我們在第一季看到的非常相似。

I'd say the direct material science, it continues to move sideways.

我想說的是直接材料科學，它繼續橫向發展。

So not a lot of what I would say, headwinds on a year-over-year basis, but sideways and then touch on the labor side, relatively normal course.

因此，我想說的並不是很多，逐年的逆風，但橫向，然後觸及勞動力方面，相對正常的過程。

So again, continue to see good pricing momentum from the organization, good translation of the bottom line.

因此，繼續看到該組織良好的定價勢頭，良好的利潤轉換。

And you see that dumb reflected in the gross margin profile along with some of the other initiatives that Vicente spoke to.

你會看到這種愚蠢的情況反映在毛利率狀況以及維森特談到的其他一些舉措中。

Got it.

知道了。

Thank you.

謝謝。

And then just a minor follow-up.

然後只是一個小小的後續行動。

Just pricing looking forward roughly the same and what is the new normal and price feel like now?

只是預期定價大致相同，現在的新常態和價格感覺如何？

Is it going forward as far as you can see or two or three years?

是你所看到的未來​​還是兩三年？

Or any commentary?

或有什麼評論嗎？

And I'll stop.

我會停下來。

Yeah, just to keep it relatively simple.

是的，只是為了保持相對簡單。

I think we've said that pricing will return to, I'd say a little bit more the norm from that you've seen historically, which is probably around that 1% to 2% gross pricing levels, our net pricing level I should say.

我認為我們已經說過，定價將回歸到歷史上的常態，這可能約為 1% 至 2% 的總定價水平，我應該說我們的淨定價水平。

And they if you think about where we're headed in the back half, I think that's where we should be.

如果你想想我們後半場的走向，我認為這就是我們應該去的地方。

We were still benefiting from a little bit of some of the carryover pricing actions from last year here to the first half.

我們仍然受益於去年上半年的一些結轉定價行為。

But we would expect between 1% to 2% is probably a good indicative range for the back half of 2024, as well as you know, expectation for '25 onwards.

但我們預計 1% 到 2% 可能是 2024 年下半年的一個很好的指示性範圍，以及您所知道的 25 年以後的預期。

Joe Ritchie, Goldman Sachs.

喬·里奇，高盛。

Vicente, can we double-click on that commentary around the MQLs and the plays that you're seeing?

Vicente，我們可以雙擊 MQL 和您正在觀看的戲劇的評論嗎？

I'm just curious, like, obviously, there's a lot of activity, particularly happening in the US with mega project activity.

我只是很好奇，顯然，有很多活動，特別是在美國發生的大型計畫活動。

And I'm just wondering if that's just a function of, look, these projects have started, but you guys aren't really seeing the orders as quickly at this point, but they're on the come because projects have broken ground.

我只是想知道這是否只是一個功能，看，這些項目已經開始，但你們目前並沒有真正很快地看到訂單，但它們即將到來，因為項目已經破土動工。

Just any other color you could give us around that would be helpful.

您可以給我們的任何其他顏色都會有幫助。

Yeah, Joe, I think if good question I would say on that slide, we tried to separate two things that short to medium cyclical and then the long cycle.

是的，喬，我想如果我在這張投影片上說得好，我們試著將短週期到中週期和長週期這兩個因素分開。

I will say that we know that the mega projects perhaps view more on that kind of a little more on the long cycle, where do we continue to see funnel increases.

我想說的是，我們知道大型專案可能更專注於這種長週期，我們在哪裡繼續看到漏斗增加。

But there is that continuing elongation driven by in some cases, we have seen somewhat EPCs having that in oh two to three years of backlog.

但在某些情況下，EPC 的積壓會導致持續的延長，我們已經看到了兩到三年的積壓。

And kind of creating a delay in how they continue to release those basically large projects into orders.

這在某種程度上造成了他們如何繼續將這些基本上是大型項目發佈到訂單中的延遲。

So I think is just to come -- that's why when we made the commentary, we say, hey, I think is good news as we think about ahead and particularly maybe that as we think even around 2025, that there is perhaps do of of projects that they get release, we will see so much some better momentum on that.

所以我認為這即將到來 - 這就是為什麼當我們發表評論時，我們說，嘿，我認為這是個好消息，因為我們考慮未來，特別是我們認為甚至在 2025 年左右，可能會有他們發布的項目，我們將看到更多更好的勢頭。

So and ended permanent NPL perspective, which is kind of a short to medium cycle.

因此，永久性不良貸款的前景結束了，這是一種中短週期。

I think we made some commentary around PST I mean, PST on that short cycle business continues to be actually quite good at mid-single digits.

我認為我們圍繞 PST 做了一些評論，我的意思是，短週期業務的 PST 實際上仍然處於中等個位數的水平。

Our growth even in the second quarter.

我們的成長甚至在第二季也是如此。

We just wanted to show that MQL, it is double digit kind of growth on a year-over-year.

我們只是想表明 MQL 年比呈現兩位數成長。

Clearly, all of that doesn't translate into the orders as we're not seeing that double-digit orders, but is a great indicator as to the market activity on how we're instigating demand and how we're getting really penetrate, but it into new accounts and new customer base.

顯然，所有這些並沒有轉化為訂單，因為我們沒有看到兩位數的訂單，但它們是市場活動的一個很好的指標，表明我們如何刺激需求以及我們如何真正滲透，但它進入了新帳戶和新客戶群。

And I think that's just for us, good leading indicator on an ongoing performance for us.

我認為這僅適合我們，是我們持續表現的良好領先指標。

Got it.

知道了。

That's super-helpful the center.

這對中心非常有幫助。

And then my other questions like look to take us a variety of different ways, but congrats on shoring up the balance sheet from a leverage standpoint and from debt standpoint.

然後我的其他問題，例如尋找各種不同的方式，但祝賀您從槓桿的角度和債務的角度支撐了資產負債表。

I know, how important M&A is for you guys going forward and how has it been a great value creator for you?

我知道，併購對你們今後的發展有多重要？

It is interesting to see pace down though the aerospace and defense number for the year by $30 million, another small number.

有趣的是，今年航空航太和國防領域的數字減少了 3,000 萬美元，這又是一個小數字。

And I think that's the part of the piece that came out of the ILC Dover acquisition that you just completed.

我認為這就是您剛完成的 ILC Dover 收購的一部分。

So I guess my question is just thinking through these acquisitions and there might be pieces of the acquired company that you buy that you'll have inherent volatility.

所以我想我的問題只是思考這些收購，你購買的被收購公司的某些部分可能會有固有的波動性。

How are you thinking about managing that going forward as you look through your evaluation process?

在審視評估過程時，您如何考慮管理未來的發展？

Yeah.

是的。

Great question, Joe. I think it particularly if you think about ILCs over, we're very excited about the business.

好問題，喬。我認為，特別是如果你仔細考慮 ILC，我們對這項業務感到非常興奮。

And if you will remember, when we talk about, though, the company very excited that exposure into the life sciences, which is basically 75% -- of approximately 75% of the total business for ILC Dover the life sciences, a good blend between biopharma and medical device components.

如果你還記得的話，當我們談論時，該公司非常興奮地涉足生命科學領域，這基本上佔 ILC Dover 生命科學業務總業務的 75% 左右，這是一個很好的融合生物製藥和醫療設備組件。

And we always spoke about in this case, aerospace being a bit of an optionality, good exposure, good things to learn, but also go to better understand.

我們總是在這種情況下談到，航空航天是一種可選性，良好的接觸，好的東西可以學習，但也可以更好地理解。

So as we continue to go forward and learn more about the business, what we can do with it, you know that historically, we have always been pleased with how we're doing -- whether it is carve-outs and then, you know, select investments that we like or emphasizing more one versus another.

因此，隨著我們繼續前進並更多地了解業務，我們可以用它做什麼，你知道，從歷史上看，我們一直對我們的做法感到滿意 - 無論是剝離，然後，你知道，選擇我們喜歡的投資或更強調一項投資。

But I think it's the purpose of the strategic view that we had with ILC Dover has a higher penetration on to the Life Science side of the business.

但我認為我們與 ILC Dover 的策略觀點的目的是對生命科學業務方面有更高的滲透率。

Thank you, guys.

謝謝你們，夥計們。

Thank you.

謝謝。

Andy Kaplowitz, Citi.

安迪‧卡普洛維茨，花旗銀行。

Good morning, everyone.

大家早安。

In the center, Vik, you started out essentially flat in terms of organic revenue growth for the first half of '24.

在中間，Vik，24 年上半年的有機收入成長基本上持平。

So I think in order to hit the midpoint of your guide now, you need to grow at the high end of that zero to two for the second half.

所以我認為，為了現在達到指南的中點，你需要在下半年從零到二的高端成長。

So we know you have easier comps for do you need to see any incremental acceleration used to and cycle businesses to achieve that midpoint it basically just assuming we're still and as close in terms of short-cycle markets now remaining somewhat constrained and long-cycle markets contributing more growth?

因此，我們知道您有更容易的比較，您是否需要看到任何增量加速用於和循環業務以實現該中點，基本上只是假設我們在短週期市場方面仍然處於接近狀態，現在仍然受到一定程度的限制和長期-自行車市場貢獻更​​多成長？

Yes.

是的。

Andy, this is Vik.

安迪，這是維克。

I think the way you've described it is correct.

我認為你描述的方式是正確的。

So just to calibrate our numbers, I think you're right, 1% to 2% organic growth in the back half of the year is probably the right way to think about a system wide.

因此，為了校準我們的數字，我認為你是對的，下半年 1% 到 2% 的有機增長可能是考慮整個系統的正確方法。

I think in terms of the components in the moving pieces, yes, I think what we would say here is, you know, relative stability node dramatic, let's just call it hockey stick improvement or anything of that nature in the back half implied.

我認為就移動部件中的組件而言，是的，我認為我們在這裡要說的是，你知道，相對穩定性節點的戲劇性，讓我們稱之為曲棍球棒改進或後半部分暗示的任何類似性質的東西。

Obviously, we've taken down the China expectations, which is effectively the preponderance of what changed the organic growth guidance.

顯然，我們已經降低了對中國的預期，這實際上是改變有機成長指引的主要因素。

So I think now it's execution of the backlog.

所以我認為現在是積壓工作的執行。

You know that we typically do have a little bit of seasonality in the business for second half is stronger than first half.

您知道，我們的業務通常確實有一點季節性，下半年比上半年更強。

That's no different this year.

今年也不例外。

And I think the other factors you mentioned here are largely accurate.

我認為你在這裡提到的其他因素基本上是準確的。

So I think we feel comfortable with the guidance as provided.

因此，我認為我們對所提供的指導感到滿意。

So from and maybe can you comment what happened to PSPST. adjusted EBITDA margin in Q2 was down sequentially despite significantly higher revenue.

那麼，也許您可以評論一下 PSPST 發生的事情。儘管營收顯著增加，但第二季調整後的 EBITDA 利潤率則是季減。

I think we recognize there's a fair amount of acquisition related revenue in there, but I thought IOC Dover was coming in and accretive margins in the segment.

我認為我們認識到那裡有相當數量的收購相關收入，但我認為 IOC Dover 正在進入並增加了該領域的利潤。

And any other acquisition to margin.

以及任何其他收購以保證金。

There's something else happened in the quarter.

本季還發生了其他事情。

And yes.

是的。

So just to address the second part of your question first on, we did have one month of ILC Dover results in Q2, but I'd say largely in line with expectations.

因此，首先要解決您問題的第二部分，我們確實在第二季度獲得了 ILC 多佛一個月的結果，但我想說很大程度上符合預期。

Both from a top line and bottom line and profitability perspective, I think generally speaking here, about 30.8% EBITDA margins to about 30.3%.

無論從頂線、底線和盈利能力的角度來看，我認為一般來說，EBITDA 利潤率約為 30.8% 至 30.3% 左右。

I wouldn't attribute that to anything more than just some of the normal course revenue mix and things of that nature from the balance of the business, not to be in that.

我不會將其歸因於任何正常的收入組合以及業務平衡中的類似性質的事情，而不是其中。

I think you should read into any further than that as we think, frankly, going forward here into the back half of the year those numbers closer trending, sequentially better from Q2 and into Q3 and then Q3 to Q4, absolutely.

我認為您應該進一步了解我們認為的內容，坦白說，從今年下半年開始，這些數字的趨勢更加接近，從第二季度到第三季度，然後從第三季度到第四季度，絕對是順序更好。

So I don't think anything has changed in our context as far as that get into mid 30s EBITDA margin profile over the next few years in line with our Investor Day targets for PST.

因此，我認為我們的環境沒有任何變化，未來幾年的 EBITDA 利潤率將達到 30 多歲，與我們的太平洋標準時間投資者日目標一致。

So nothing's really changed in that respect.

所以在這方面沒有什麼真正改變。

Appreciate the color.

欣賞顏色。

Steve Volkmann, Jefferies.

史蒂夫沃克曼，傑弗里斯。

Hi, good morning, guys.

嗨，早上好，夥計們。

Most of my questions are answered, but I'm curious to go back to your indicators, the MQL and the funnel activity, you must track win rates or conversion or something over time as well.

我的大部分問題都得到了解答，但我很好奇回到您的指標、MQL 和漏斗活動，您還必須追蹤勝率或轉換率或一段時間內的其他內容。

And if any changes to note there?

那裡有什麼需要注意的變化嗎？

Yeah, we do.

是的，我們願意。

And no changes on that.

對此沒有任何改變。

I think the challenge has been basically more because we also track the velocity of those projects or orders through the funnel.

我認為挑戰基本上更大，因為我們也透過管道追蹤這些項目或訂單的速度。

And that is basically what I would say has maybe changed.

這基本上就是我想說的可能已經改變的情況。

And then the reason why we called it a better location.

然後我們稱之為更好的位置的原因。

But in terms of win rates on that note, no change in that.

但就勝率而言，沒有任何變化。

Okay.

好的。

And then I'm curious about this CAPS acquisition.

然後我對這次 CAPS 收購感到好奇。

I'm not sure if I'm reading this right, but this sounds like you're actually providing power and air to customers, which is kind of a different kind of service, I think, than most of the rest of what you do.

我不確定我讀得是否正確，但這聽起來像是您實際上在向客戶提供電力和空氣，我認為這是一種不同類型的服務，與您所做的大多數其他工作不同。

Does this open up sort of a new area where you can be more of a power-by-the-hour type supplier across a bigger addressable market?

這是否開闢了一個新領域，讓您可以在更大的潛在市場中成為按小時計費的供應商？

Yeah, Steve.

是的，史蒂夫。

I would say that I mean, there mainly a -- primarily a compressor distributor.

我想說的是，主要是壓縮機經銷商。

They do have some power side of the business that is small in nature.

他們確實擁有一些規模較小的業務實力。

But interestingly enough, I mean, they actually have provided power for some -- even including data centers, I mean, amongst all things.

但有趣的是，我的意思是，它們實際上為一些東西提供了電力——我的意思是，甚至包括資料中心。

So I think it's just an interesting area that we're learning, and we have some chiller technology with Friulair that we're seeing how can we interact.

所以我認為這只是我們正在學習的一個有趣的領域，我們與 Friulair 合作擁有一些冷凍技術，我們正在研究如何互動。

So I mean, we're definitely learning a lot on that side.

所以我的意思是，我們在這方面確實學到了很多。

In terms of air, you know, air by the hour or things like that.

就空氣而言，你知道，按小時計算的空氣或類似的東西。

We do have some of those programs already in place in Australia, even with our legacy Ingersoll Rand side of the business.

我們確實已經在澳洲實施了其中一些計劃，即使我們擁有英格索蘭的傳統業務。

And we call it air over the fence in many cases

在很多情況下我們稱之為“越過柵欄的空氣”

.

。

But I think we're very excited about CAPS.

但我認為我們對 CAPS 感到非常興奮。

I mean it gives us a tremendous amount of footprint in Australia and great connectivity to a very good level of customer base in addition to the great strong base of revenue that we already have with Ingersoll Rand.

我的意思是，除了我們與英格索蘭已經擁有的強大收入基礎之外，它還為我們在澳洲提供了巨大的足跡，並與非常高水平的客戶群建立了良好的聯繫。

Great.

偉大的。

Thank you.

謝謝。

Thank you.

謝謝。

Nigel Coe, Wolfe Research.

奈傑爾·科，沃爾夫研究中心。

Thanks.

謝謝。

Good morning, everyone.

大家早安。

Yes, we've got a lot of ground already.

是的，我們已經有很多基礎了。

So thanks for the detail.

謝謝你的詳細資料。

Some I just wanted to show that we've got the second half book to bill lined up here.

有些我只是想表明我們已經在這裡列出了後半本書。

I think come in response to Mike's question, I think you could talk about the inverse of the first half.

我想在回答麥克的問題時，我想你可以談談上半場的相反情況。

So are we talking about sort of like a high 0.9, maybe like close to 1x book-to-bill in the back half or ITS?

那麼，我們談論的是類似 0.9 的高值，或者後半部分接近 1 倍的訂單出貨比或 ITS 嗎？

And obviously, that would suggest orders up mid to high single digits.

顯然，這意味著訂單量將達到中高個位數。

So I just want make sure that the message and what do we see getting better here?

所以我只是想確保這個消息以及我們看到的哪些內容變得更好了？

We see China improving?

我們看到中國在進步嗎？

Are we expecting some of these larger projects or stopped breaking free on sounds like the EPC project funnel is not really breaking free until 2025.

我們是否期待其中一些較大的項目，或者因為 EPC 項目漏斗要到 2025 年才真正擺脫束縛的聲音而停止擺脫束縛。

So just want to just try and dial into that comment.

所以只想嘗試撥入該評論。

Thanks.

謝謝。

Yes, sure, Nigel.

是的，當然，奈傑爾。

So book to bill, yes, definitely less than one in the second half, which is back to our normal way of we always said our laundry and one is the first half and then basically less than one in the second half.

所以按帳單預訂，是的，下半年肯定少於一件，這又回到了我們總是說我們要洗的衣服的正常方式，上半年有一件，然後基本上下半年少於一件。

And that would imply, you know, kind of since -- I would say maybe to through the numbers, I mean, think about Q3 and Q4 slightly different low single digit year over year in Q3 and Q4.

這意味著，我會說，也許透過這些數字，我的意思是，想想第三季和第四季與去年同期相比略有不同的低個位數。

That's kind of what would imply there, although keep in mind that we don't tend to guide on orders, but you can do the back of the envelope calculation there.

這就是那裡暗示的意思，儘管請記住，我們不傾向於指導訂單，但您可以在那裡進行信封背面的計算。

And then the second question, I mean, the EPC and the large project continues to we still be at play here in the second half.

然後第二個問題，我的意思是，EPC 和大型計畫繼續在下半年發揮作用。

I think what we're saying is that these elongation of decision making has taken -- is taking much longer and no need for better a better way of saying it were discounting that even further.

我認為我們要說的是，決策的這些延長已經花費了更長的時間，並且不需要更好的更好的方式來表達它進一步打折扣。

But these are projects that are active and whether they might happen in the second half or they may happen as we go into 2025.

但這些都是活躍的項目，無論它們可能在下半年發生，還是在進入 2025 年時發生。

We view that as great visibility as to what's out there in the market that will be eventually coming back up to us.

我們認為，市場上有什麼產品最終將回到我們的視野中。

Okay.

好的。

So low single-digit growth in second half of the.

下半年就這麼低個位數成長了。

Okay.

好的。

That's helpful.

這很有幫助。

And obviously, China is the issue here and I had battery EV is maybe 15% or so of the China business.

顯然，中國是這裡的問題，我認為電池電動車可能佔中國業務的 15% 左右。

Want make sure that still the right zone that I'm just thinking about your verticals across the globe.

我想確保我所考慮的仍然是正確的區域，即您在全球範圍內的垂直市場。

I mean we are seeing some noisy trends in food and beverage.

我的意思是，我們在食品和飲料領域看到了一些喧鬧的趨勢。

So I'm just curious if you're seen stable trends in food and beverage or whether there's some noise that as well.

所以我很好奇您是否看到食品和飲料的穩定趨勢，或者是否也存在一些噪音。

Yeah.

是的。

Nigel, on the first part, we don't typically talk about kind of like end market, let's just call it designations in our best sort of the reasons.

奈傑爾，在第一部分中，我們通常不會談論終端市場之類的東西，我們只是以我們最好的理由稱之為名稱。

But I think it's fair to say that on EV batteries, solar, wherever to meaningful end markets in terms of the order and revenue contribution in 2023, I'd still say there are active markets, but just frankly, obviously not at the same levels as what you've seen in prior year.

但我認為可以公平地說，在電動車電池、太陽能方面，無論是在2023 年的訂單和收入貢獻方面，只要是有意義的終端市場，我仍然會說存在活躍的市場，但坦白說，顯然不在同一水平正如您在前一年所看到的那樣。

And so they'll let you comment on food beverage.

所以他們會讓你對食品飲料發表評論。

Yeah.

是的。

Food and beverage, I mean, nothing of note to be honest here, Nigel.

食物和飲料，我的意思是，老實說，這裡沒有什麼值得注意的，奈傑爾。

I mean, I think a food and beverage we continue to sell based on just as we always do in terms of system sustainability, whether it is a return on investment based on energy savings, the ability to be able to provide service agreements.

我的意思是，我認為我們繼續銷售的食品和飲料就像我們在系統永續性方面一貫所做的那樣，無論是基於節能的投資回報，還是能夠提供服務協議的能力。

So we had a good combination of all, and it's about prioritizing the spending those facilities.

因此，我們對所有方面進行了很好的組合，重點是優先考慮這些設施的支出。

And as long as we show great return on investment, which we are with our technologies and our solutions, we can get that into us.

只要我們透過我們的技術和解決方案展現出巨大的投資回報，我們就能獲得回報。

And just to clarify, Vicente, the low single digit, that's organic, not reported, right?

只是為了澄清一下，文森特，低個位數，這是有機的，沒有報告，對吧？

That's right.

這是正確的。

That's exactly right, yeah.

完全正確，是的。

Yeah.

是的。

Thank you.

謝謝。

Joe O'Dea, Wells Fargo.

喬奧迪，富國銀行。

Hi, good morning.

嗨，早安。

So I also wanted to ask on the site readiness and EPC dynamics you're talking about and just your evaluation on why that's emerging.

因此，我還想詢問您所談論的現場準備情況和 EPC 動態，以及您對為什麼會發生這種情況的評估。

Now, it doesn't seem like the demand environment has changed all that much.

現在看來，需求環境並沒有太大變化。

I'm not sure if this is more a reflection of kind of mega project funnel, but just what you've seen over the course of the past two or three quarters such that this would be emerging as a challenge now.

我不確定這是否更多地反映了某種大型專案漏斗，但正是您在過去兩個或三個季度中所看到的，因此這現在將成為一個挑戰。

And then as it relates to the to the guide and expectations in the back half of the year, and does that embed any expectation that some of these units projects move forward that the into the EPC capacity eases or if any of that happens?

然後，由於它與下半年的指導和預期相關，這是否包含了對其中一些單位項目向前推進、EPC 產能緩解的預期，或者如果發生這種情況？

Should we think about that as more upside?

我們是否應該認為這有更多的好處？

Yeah.

是的。

I'll take the first one and let Vik talk about the second one.

我先講第一個，讓 Vik 談第二個。

As you know, and I think you said it and someone said it as well.

如你所知，我認為你也這麼說過，也有人這麼說過。

I mean, there's been a lot of megaprojects approval for the past few years.

我的意思是，過去幾年有很多大型專案獲得批准。

But not all those orders and revenue have been seen from those projects.

但並非所有這些訂單和收入都來自這些項目。

And so there's definitely bottlenecks throughout the process.

所以整個過程肯定存在瓶頸。

And what we hear is basically that customer site readiness due to labor but also that EPC capacity.

我們聽到的基本上是由於人工而導致的客戶現場準備情況，以及 EPC 能力。

I made an example about an EPC in Europe that currently has something like two and half years of backlog in orders that they got to kind of push through the process.

我舉了一個關於歐洲 EPC 的例子，該公司目前積壓了大約兩年半的訂單，他們必須推動這項流程。

And what we're saying here is that it seems to bring to light, but potentially of having good 2025 as some of those projects get released and perhaps hear some as well here in the second half.

我們在這裡所說的是，它似乎已經曝光，但可能會在 2025 年帶來美好的結果，因為其中一些項目將被發布，也許下半年也會聽到一些項目。

Second question, Vik?

第二個問題，維克？

Yes.

是的。

I think, Joe, in terms of the second half, is there anything directly embedded?

我想，喬，就下半場而言，有什麼直接嵌入的東西嗎？

No.

不。

I think this is a simple answer.

我認為這是一個簡單的答案。

Obviously, our second half includes execution on existing backlog.

顯然，我們的下半年包括執行現有積壓工作。

Obviously, there's a component of longer-cycle projects like you've seen in prior years.

顯然，有一個較長週期專案的組成部分，就像您在前幾年看到的那樣。

To the degree, as Vicente said, some of the solutions up or things like that, great.

正如文森特所說，在某種程度上，一些解決方案或類似的事情非常棒。

I would view that as potential maybe some orders.

我認為這可能是一些訂單的潛力。

But remember, most of these are 6 to 18month lead time type project.

但請記住，其中大多數是 6 至 18 個月交付週期類型的項目。

So reality is those will not convert to revenue until 2025 or later.

因此，現實是這些要到 2025 年或更晚才會轉化為收入。

And then also just in terms of China, is it right that the China played out as expected, more or less than the first half of the year?

那麼就中國而言，中國的表現是否符合預期，或多或少於上半年？

And so the guidance adjustment would be more reflective of the second half of the year, a little softer than anticipated.

因此，指導調整將更能反映今年下半年的情況，比預期的要溫和一些。

And if so, it seems like it's more kind of stable in China first half second half.

如果是這樣的話，中國的上半場和下半場似乎更穩定。

And so what did you think might get a little bit better than that at this point in time?

那麼您認為目前什麼可能比這更好一點呢？

Doesn't seem like it's going to play out that way.

事情似乎不會這樣發展。

So I'll say that China definitely played out very well in terms of what we count.

所以我想說，就我們所統計的而言，中國確實表現得非常好。

So in the first half, I will say that even in some regards slightly better because we saw that Q1 to Q2 sequential improvement in orders in China, which we were surprised to see and the team building some backlog, we just decided that based on everything that we cannot see coming out of China and whether geopolitical infections and all of that put together, we decided to be more prudent on put China more has been stable here in the second half versus seen any material improvement from here onwards.

因此，在上半年，我想說，即使在某些方面稍好一些，因為我們看到中國訂單從第一季度到第二季度連續改善，我們很驚訝地看到這一點，而且團隊正在積壓一些訂單，我們只是決定基於一切我們看不到中國的情況，以及地緣政治感染和所有這些因素加在一起，我們決定更加謹慎地認為中國在下半年更加穩定，而不是從現在開始看到任何實質性的改善。

Got it.

知道了。

Thank you.

謝謝。

Thank you.

謝謝。

Nicole DeBlase, Deutsche Bank.

妮可‧德布拉斯 (Nicole DeBlase)，德意志銀行。

We've had a lot of discussion around the large project activity in ITS.

我們圍繞著 ITS 中的大型專案活動進行了許多討論。

I guess can you talk a little bit about what you guys saw on the short cycle part of the business from an order perspective throughout the quarter?

我想您能從整個季度的訂單角度談談您對業務的短週期部分的看法嗎？

Nicole, I would say that one data point that we took a lot about is that that kind of short-cycle and the PST site mid-single digit kind of growth in India in Q2, which is actually very good to see.

Nicole，我想說的是，我們經常關注的一個數據點是印度第二季度的那種短週期和 PST 網站中個位數的增長，這實際上非常值得一看。

And when you think about all the other in the ITS side, I mean all the regions, including except obviously China, they saw actually some very good momentum to as well as indicated as you can see in terms of some of the product line aspect that we talked about, compressors and compressor has been up from an orders perspective, kind of in the second quarter, which obviously a lot of the compressor that's driving to as well, the majority for us is on that kind of short cycle side, short to medium cycle.

當你考慮 ITS 方面的所有其他方面時，我的意思是所有地區，包括顯然中國除外，他們實際上看到了一些非常好的勢頭，正如你可以在某些產品線方面看到的那樣我們談到，從訂單的角度來看，壓縮機和壓縮機在第二季度有所增長，顯然很多壓縮機也在推動，對我們來說，大多數都處於那種短週期方面，短到中等週期。

Got it.

知道了。

And then on the ITS margins, is the expectation that margins kind of remain in this slightly below-30% zone in the second half?

然後，就 ITS 利潤率而言，預計下半年利潤率是否會保持在略低於 30% 的區域？

Yeah.

是的。

Nicole, that's a fair conclusion.

妮可，這是一個公平的結論。

Yes.

是的。

Around 30% is a pretty good number.

30%左右是一個相當不錯的數字。

I'll pass it on.

我會把它傳遞下去。

Thank you.

謝謝。

David Raso, Evercore ISI.

大衛·拉索，Evercore ISI。

Hi, thank you. two quick things on maybe I missed it.

你好，謝謝。兩件快事也許我錯過了。

I apologize.

我道歉。

Lot of earnings this morning.

今早收穫豐富。

So you made a comment about deciding to walk away from one of the larger transactions.

因此，您發表了關於決定放棄其中一項較大交易的評論。

Can you provide a little color?

你能提供一點顏色嗎？

Was that strictly a price related decision to walk away or something about the markets or anything you could enlighten us on why you'd walk away to maybe up to learn more how you think about other larger deals that could be coming?

這是嚴格意義上與價格相關的退出決定，還是有關市場的事情，或者您可以告訴我們您為什麼要離開的任何事情，也許是為了更多地了解您如何看待可能即將發生的其他更大的交易？

Yeah.

是的。

Good question there, David.

這個問題問得好，大衛。

I think the reason for that is that it's first of all, I'll say this is a transaction that we cultivated for the past of three years.

我認為原因是，首先，我會說這是我們過去三年培養的交易。

So we've been kind of watching them on the sidelines and learning a lot about them.

所以我們一直在場外觀察他們並了解他們很多。

And this transaction, I would say, fell really more into the adjacent category as compared to our core offering of compressor blower and vacuum.

我想說，與我們的壓縮機鼓風機和吸塵器核心產品相比，這筆交易確實更多地屬於相鄰類別。

But yes, I mean, I think, ultimately, it was all about valuation.

但是，是的，我的意思是，我認為歸根結底，這一切都是關於估值的。

I mean we continue to be highly disciplined.

我的意思是我們繼續保持高度紀律。

And we assume very well know, we tend to do a lot of our ROI analysis around the line, so things that we can control and how do we view that business on areas that we can control versus extrapolating on revenue activity that we tend to discount heavily.

我們假設非常清楚，我們傾向於圍繞線進行大量的投資回報率分析，因此我們可以控制的事情以及我們如何在我們可以控制的領域看待該業務，而不是根據我們傾向於折扣的收入活動進行推斷重重。

So I will say that, ultimately, that led to a performance that we've decided that it was just not the right timing for us.

所以我想說，最終，這導致了我們認為這對我們來說不是正確的時機。

And one follow-up, maybe I should know this, but I don't.

後續行動，也許我應該知道這一點，但我不知道。

The new -- with ILC, right, PST is going to be, call it, a run rate, a $1.7 billion business.

新的－ILC，正確的，PST將成為，稱之為運作率，一項價值17億美元的業務。

I think $700 million or so will now be a Life Science piece and then the other $1 billion is the Precision Tech.

我認為現在大約 7 億美元將屬於生命科學領域，另外 10 億美元則屬於精密技術領域。

Within the total segment margin of, call it, 31% this year, something like that, what's the difference between the margins of Precision Tech and Life Sciences?

今年的總利潤率是 31%，精密技術和生命科學的利潤率有什麼不同？

Yeah, David, interesting enough.

是的，大衛，很有趣。

Yes, quite comparable to each other.

是的，非常具有可比性。

I wouldn't tell you there's a meaningful mix differential between the two.

我不會告訴你兩者之間有有意義的混合差異。

Both are playing in and around that, I'd say, segment average profile.

我想說，兩者都在這個細分市場的平均概況中發揮作用。

So actually quite comparable.

所以其實相當具有可比性。

Helpful.

有幫助。

Okay.

好的。

Thank you.

謝謝。

This will conclude our question-and-answer session.

我們的問答環節到此結束。

I will now turn the call back over to Vicente for closing remarks.

現在，我將把電話轉回給維森特，讓其致閉幕詞。

Thank you, Briana.

謝謝你，布賴安娜。

I'll just say thank you for your level of interest, and I appreciate all the questions and all the participants that I know many of our employees are actually listening to the call and to those that are listening to the call, I'd just say thank you again for another great quarter performance.

我只想說謝謝你們的興趣，我感謝所有的問題和所有的參與者，我知道我們的許多員工實際上正在聽電話，對於那些正在聽電話的人，我只是再次感謝你們又一個出色的季度表現。

And let's get out of here now to execute again here in the second half of the year.

現在讓我們離開這裡，下半年再次在這裡執行。

With that, thank you very much, and have a good day.

在此，非常感謝您，祝您有美好的一天。

This will conclude today's conference call.

今天的電話會議到此結束。

Thank you all for your participation.

感謝大家的參與。

You may now disconnect.

您現在可以斷開連線。