格南登福 (IR) 2024 Q3 法說會逐字稿

Good day, and welcome to the Ingersoll Rand Q3 2024 earnings call.

美好的一天，歡迎參加英格索蘭 2024 年第三季財報電話會議。

(Operator Instructions) And finally, I would like to advise all participants that this call is being recorded.

（操作員說明）最後，我想告知所有參與者，本次通話正在錄音。

Thank you.

謝謝。

I'd now like to welcome Matthew Fort, Vice President of Investor Relations, to begin the conference.

現在我歡迎投資者關係副總裁 Matthew Fort 開始會議。

Matthew, over to you.

馬修，交給你了。

Good morning, and welcome to the Ingersoll Rand 2024 third-quarter earnings call.

早安，歡迎參加英格索蘭 2024 年第三季財報電話會議。

I'm Matthew Fort, Vice President of Investor Relations.

我是投資者關係副總裁馬修·福特。

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 reference these during the call.

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。

Both are available on the Investor Relations section of our website.

兩者均可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 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.

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, we will refer to certain non-GAAP financial measures.

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。

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.

您可以在我們的投影片簡報和收益報告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.

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，並提供 2024 年指導的更新。

For today's Q&A session, we ask that each caller keep to one question and one follow-up to allow time for other participants.

在今天的問答環節中，我們要求每位來電者只提出一個問題並進行一項跟進，以便為其他參與者留出時間。

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

這時候我會把電話轉給維森特。

Thanks, Matthew, and good morning to all.

謝謝馬修，大家早安。

Starting on slide 3, our team delivered another strong quarter of results by leveraging our competitive differentiator, IRX.

從幻燈片 3 開始，我們的團隊利用我們的競爭優勢 IRX 再次取得了強勁的季度業績。

And for that, I want to thank and acknowledge our employees for continuing to think and act owners.

為此，我要感謝並感謝我們的員工繼續以主人翁精神思考和行動。

Our strong execution was highlighted by record orders and revenue: over 200 basis points of adjusted EBITDA margin expansion, 9% adjusted EPS growth, and 20% free cash flow margin.

創紀錄的訂單和收入凸顯了我們強大的執行力：調整後 EBITDA 利潤率擴張超過 200 個基點，調整後每股盈餘成長 9%，自由現金流利潤率達到 20%。

And despite the difficult macro environment, we expect to deliver on our long-term Investor Day targets of double-digit adjusted EPS growth and strong free cash flow generation in 2024.

儘管宏觀環境困難，但我們預計將在 2024 年實現兩位數調整後每股收益成長和強勁自由現金流產生的長期投資者日目標。

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。

As stated on the right-hand side of the page, ultimately, the intended outcomes are double-digit earnings growth and strong free cash flow margins.

如頁面右側所述，最終的預期結果是兩位數的獲利成長和強勁的自由現金流利潤率。

We remain committed to our strategy of delivering, over the cycle, our long-term Investor Day targets as outlined on this page.

我們仍然致力於在整個週期內實現本頁概述的長期投資者日目標的策略。

Our unique culture of ownership, combined with IRX, is our competitive differentiator, which will help drive that long-term value creation.

我們獨特的所有權文化與 IRX 相結合，是我們的競爭優勢，這將有助於推動長期價值創造。

With that in mind, let me provide a brief update on our growth initiatives.

考慮到這一點，讓我簡要介紹一下我們的成長計畫的最新情況。

On the next slide, we'll start with our inorganic growth initiatives.

在下一張投影片中，我們將從無機成長計畫開始。

I am pleased to highlight four transactions that closed this past month, which, together, are expected to achieve a mid-teens ROIC by year three.

我很高興地強調上個月完成的四筆交易，預計到第三年這些交易將達到 15% 左右的投資報酬率。

Let me walk through these deals.

讓我來詳細介紹一下這些交易。

First, APSCO, which is a leader in the design and manufacturing of fluid power systems for mobile transport equipment.

首先是APSCO，它是行動運輸設備流體動力系統設計和製造的領導者。

This is a great example of strategic market expansion, which further strengthens our position in the dry and liquid blower and vacuum markets with energy-efficient innovative solutions.

這是策略市場擴張的一個很好的例子，透過節能創新解決方案進一步鞏固了我們在乾式和液體鼓風機和真空市場的地位。

Next is Blutek, which expands industrial and technology capabilities, expertise, and aftermarket potential in high-growth, sustainable end markets, including biogas and carbon capture.

接下來是 Blutek，該公司在高成長、可持續的終端市場（包括沼氣和碳捕獲）中擴大工業和技術能力、專業知識和售後市場潛力。

Continuing on page 6, on the left-hand side of the page, we have UT Pumps, which adds new high-pressure pump technology to our portfolio in end markets, including water, wastewater, food, beverage, and life sciences.

繼續第 6 頁，在頁面左側，我們有 UT Pumps，它為我們的終端市場產品組合添加了新的高壓泵技術，包括水、廢水、食品、飲料和生命科學。

And finally is -- next is Penn Valley Pump, which is a leading manufacturer of positive displacement pumps with patented Double Disc Pump technology for use in the municipal, industrial, chemical, and food industries.

最後是 Penn Valley Pump，它是正排量泵的領先製造商，擁有專利的雙盤泵技術，適用於市政、工業、化學和食品行業。

On the right-hand side of the page, I would like to highlight that year to date, we have already closed on a total of 15 transactions in 2024.

在頁面右側，我想強調的是，今年迄今為止，我們已在 2024 年完成了總共 15 筆交易。

And we have far exceeded our annualized inorganic revenue target, which bodes well as we look towards 2025.

我們已經遠遠超過了年化無機收入目標，這對我們展望 2025 年來說是個好兆頭。

In addition, the funnel continues to grow and remain very active, with 10 additional transactions currently under LOI, including deals that will fit into our recently created life sciences business.

此外，該管道持續成長並保持非常活躍，目前有 10 筆額外交易處於意向書之下，其中包括適合我們最近創建的生命科學業務的交易。

The funnel including the deals under LOI are primarily bolt-on in size.

包括意向書下的交易在內的漏斗主要在規模上是固定的。

Turning to slide 7, I wanted to take a minute and highlight how we are driving organic growth across our digitally connected assets, as we often get asked two questions.

轉向幻燈片 7，我想花一點時間強調我們如何推動數位互聯資產的有機成長，因為我們經常被問到兩個問題。

First, what do we do with the data we receive on our connected assets; and two, how do we leverage that data to drive additional revenue?

首先，我們如何處理在互聯資產上收到的資料；第二，我們如何利用這些數據來增加收入？

As simply stated, our teams are focused on creating a meaningful positive impact for our customers around energy efficiency and uptime.

簡而言之，我們的團隊致力於在能源效率和正常運行時間方面為客戶創造有意義的正面影響。

The example on the slide demonstrates the agility with which we operate.

幻燈片上的範例展示了我們操作的敏捷性。

We recently gathered 45 employees across seven countries over a period of just two days.

最近，我們在短短兩天內召集了來自 7 個國家的 45 名員工。

The goal was to do a deep dive into real-time connected asset data to unlock new revenue opportunities.

目標是深入研究即時連接的資產數據，以釋放新的收入機會。

The outcome was that we identified over 40 different revenue-generating insights that, collectively, could translate to over $25 million in incremental revenue, a figure that speaks volumes about the potential of data-driven innovation for our products.

結果是，我們確定了 40 多種不同的創收見解，這些見解加起來可以轉化為超過 2500 萬美元的增量收入，這個數字充分說明了我們產品的數據驅動創新的潛力。

As you can see in the middle of the page, we have examples of those insights.

正如您在頁面中間看到的，我們有這些見解的範例。

And these range from the optimization of energy consumption and maximizing machine uptime.

這些範圍包括優化能源消耗和最大化機器正常運作時間。

When we empower our people at every level of the organization to think and act like owners, they make us better by defining new customer experiences, improving our ways of working, and bringing innovative thinking to advance our mission of making life better.

當我們賦予組織各個層面的員工像主人翁一樣思考和行動的能力時，他們就會透過定義新的客戶體驗、改進我們的工作方式以及帶來創新思維來推進我們讓生活更美好的使命，從而使我們變得更好。

I will now turn 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.

謝謝，維森特。

Starting on slide 8, utilizing our competitive differentiator, IRX, we were able to deliver strong results within the quarter despite the continued challenging macroeconomic environment.

從幻燈片 8 開始，利用我們的競爭優勢 IRX，儘管宏觀經濟環境持續充滿挑戰，我們仍能夠在本季取得強勁業績。

Total company orders grew 10% or up 1% organically, finishing largely in line with expectations.

公司總訂單成長 10%，有機成長 1%，基本符合預期。

Book to bill was 0.97, which is in line with our previous guidance of above 1 time in the first half and below 1 time in the second half.

訂單出貨比為 0.97，符合我們先前上半年高於 1 倍、下半年低於 1 倍的指引。

Total revenue was up 7% as reported or down 2% organically.

總收入按報告增加 7%，實際下降 2%。

Worth noting that we did see some customer pushing out orders due, in large part, to site readiness and local approvals.

值得注意的是，我們確實看到一些客戶推遲了訂單，這在很大程度上是由於現場準備和當地批准。

However, we have not seen order cancelations nor do we feel that cancelations are significant risk.

然而，我們沒有看到訂單取消，也不認為取消有重大風險。

The company delivered third-quarter adjusted EBITDA of $533 million, a 15% year-over-year improvement; and adjusted EBITDA margins of 28.6%, a 210-basis-point year-over-year improvement, driven predominantly through gross margin expansion.

該公司第三季調整後 EBITDA 為 5.33 億美元，年增 15%；調整後 EBITDA 利潤率為 28.6%，年增 210 個基點，這主要是由毛利率擴張所推動的。

Adjusted earnings per share was $0.84 for the quarter, which is up 9% compared to the prior year.

該季度調整後每股收益為 0.84 美元，比去年同期增長 9%。

Free cash flow for the quarter was $374 million, delivering a solid 20% free cash flow margin in the quarter.

本季自由現金流為 3.74 億美元，自由現金流利潤率為 20%。

And total liquidity was $4 billion, with $1.4 billion of cash on hand at quarter-end, which demonstrates the strength of our balance sheet.

總流動性為 40 億美元，季末手頭現金為 14 億美元，證明了我們資產負債表的實力。

Our continued strength in free cash flow generation will enable us to remain focused on our capital allocation strategy.

我們在自由現金流產生方面的持續優勢將使我們能夠繼續專注於我們的資本配置策略。

As Vicente mentioned earlier, we still have 10 additional transactions currently under LOI, and we continue to have momentum in building our M&A funnel.

正如 Vicente 之前提到的，我們目前仍有 10 筆額外交易處於意向書之下，我們繼續有動力建立我們的併購管道。

Turning to slide 9, for the total company, on FX-adjusted basis, Q3 earnings were up 10%, and revenue increased 7%.

轉向投影片 9，對於整個公司而言，在匯率調整後的基礎上，第三季收益成長了 10%，營收成長了 7%。

Total company adjusted EBITDA increased 15% from the prior year.

公司調整後 EBITDA 總額較上年增加 15%。

And ITS segment margin increased 190 basis points, reaching a new high of nearly 31%, while the PST segment margin decreased 30 basis points year over year, but remains above 30%.

其中ITS部門利潤率年增190個基點，達到近31%的新高，而PST部門利潤率較去年同期下降30個基點，但仍維持在30%以上。

Overall, Ingersoll Rand expanded adjusted EBITDA margin by 210 basis points.

總體而言，英格索蘭調整後 EBITDA 利潤率擴大了 210 個基點。

And corporate costs came in at $35 million for the quarter due, in large part, to a year-to-date true-up of management incentive costs.

該季度的企業成本為 3500 萬美元，這在很大程度上是由於年初至今管理激勵成本的調整。

Finally, adjusted EPS for the quarter was up 9% year over year to $0.84 per share, including an adjusted tax rate for the quarter of 22.8%.

最後，本季調整後每股盈餘年增 9%，達到每股 0.84 美元，其中調整後稅率為 22.8%。

On the next slide, free cash flow for the quarter was $374 million, including CapEx, which totaled $30 million.

在下一張投影片中，該季度的自由現金流為 3.74 億美元，其中資本支出總計 3,000 萬美元。

Total company liquidity now stands at $4 billion based on approximately $1.4 billion of cash and $2.6 billion of availability on our revolving credit facility.

公司流動性總額目前為 40 億美元，基於約 14 億美元的現金和 26 億美元的循環信貸額度。

Leverage for the quarter was 1.7 turns, which was a 0.8-turn increase year over year and a 0.3-turn improvement sequentially versus Q2.

本季的槓桿率為 1.7 倍，年增 0.8 倍，較第二季較上季提高 0.3 倍。

The year-over-year increase was driven primarily due to the purchase of ILC Dover earlier this year.

同比成長的主要原因是今年稍早收購了 ILC Dover。

Specifically within the quarter, cash outflows included $15 million deployed to M&A, as well as $71 million returned to shareholders through $63 million in share repurchases and $8 million for our dividend payment.

具體而言，本季現金流出包括用於併購的 1,500 萬美元，以及透過 6,300 萬美元的股票回購返還股東的 7,100 萬美元和用於支付股息的 800 萬美元。

Our capital allocation strategy remains unchanged, with M&A being our top priority.

我們的資本配置策略不變，併購是我們的首要任務。

And we continue to expect M&A to be our primary use of cash as we look ahead.

展望未來，我們仍然預期併購將是我們現金的主要用途。

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.

謝謝，維克。

Moving to slide 11, our industrial technologies and service segment delivered solid year-over-year revenue growth of approximately 3%, on top of approximately 19% growth in Q3 of last year.

轉向投影片 11，我們的工業技術和服務部門在去年第三季約 19% 的成長基礎上實現了約 3% 的年比穩健收入成長。

Adjusted EBITDA margins finished at a record high of 30.7%, with incrementals of over 100%.

調整後 EBITDA 利潤率創下 30.7% 的歷史新高，增量超過 100%。

Adjusted EBITDA margins finished up 190 basis points from the prior year, which was driven primarily by gross margin expansion.

調整後 EBITDA 利潤率較上年增長 190 個基點，這主要是由毛利率擴張所推動的。

Book to bill was 0.97 times, with organic orders up low single digits, finishing largely in line with expectations.

訂單出貨比為 0.97 倍，有機訂單成長低個位數，基本上符合預期。

Moving to the product line highlights, compressor orders were up mid-single digits.

轉向產品線亮點，壓縮機訂單增長了中個位數。

And we continue to see positive orders globally, excluding China.

我們繼續看到全球（不包括中國）訂單積極。

Compressor revenue was up low single digits in the quarter, while industrial vacuum and blower orders were up high single digits, and revenue was up low single digits.

本季壓縮機營收成長低個位數，而工業吸塵器和鼓風機訂單成長高個位數，營收成長低個位數。

For our innovation in action, we're highlighting our new patented oil-free technology that is focused on high-growth, sustainable end markets like food, beverage, and clean energy.

對於我們的創新行動，我們重點介紹我們的新專利無油技術，該技術專注於食品、飲料和清潔能源等高成長、永續的終端市場。

This patented technology offers a 30% reduction in total cost of ownership, driving a great return on investment for the customer and helping our customers achieve their scope 1 and scope 2 emission reduction targets.

這項專利技術可降低 30% 的總擁有成本，為客戶帶來豐厚的投資回報，並幫助我們的客戶實現範圍 1 和範圍 2 的減排目標。

Turning to slide 12, the PST segment achieved 3% organic order growth and delivered adjusted EBITDA of approximately $118 million, with a margin of 30%.

轉向幻燈片 12，PST 部門實現了 3% 的有機訂單成長，調整後 EBITDA 約為 1.18 億美元，利潤率為 30%。

We continue to see many encouraging signs within the PST segment, with sequential order growth of 13% and sequential revenue growth of 16%.

我們繼續在 PST 領域看到許多令人鼓舞的跡象，訂單環比增長 13%，收入環比增長 16%。

The book to bill was 0.96 or 0.99 on an organic basis.

以有機計算，帳面成本為 0.96 或 0.99。

In addition, short-cycle orders in PST segment remain positive, with book and ship orders up high single digits year over year, demonstrating the continued ongoing momentum of organic orders driven mainly by our demand generation efforts.

此外，PST 領域的短週期訂單依然樂觀，預訂訂單和船舶訂單同比增長高個位數，這表明有機訂單的持續增長勢頭主要是由我們的需求創造努力推動的。

We're pleased to see organic order growth stabilizing, and we remain positive about the underlying health of the PST business.

我們很高興看到有機訂單成長趨於穩定，並且我們對 PST 業務的基本健康狀況保持樂觀。

Finally, I wanted to highlight the performance of ILC Dover within the quarter.

最後，我想強調一下 ILC Dover 在本季的表現。

Sequentially, total ILC Dover revenue improved low double digits, with the biopharma business up low 20s and the medical device component business up low double digits.

隨後，ILC Dover 的總收入成長了兩位數，其中生物製藥業務成長了 20%，醫療器材組件業務成長了兩位數。

Year over year, revenue for the biopharma business is up double digits.

生物製藥業務的營收年增兩位數。

We're very pleased with the business performance, and we're optimistic about the potential to drive above-market growth.

我們對業務表現非常滿意，並且對推動高於市場成長的潛力感到樂觀。

Our PST innovation in action example shows how our mission-critical products can help a community in need.

我們的 PST 創新行動範例展示了我們的關鍵任務產品如何幫助有需要的社區。

Planet Water Foundation provides safe drinking water access in the wake of emergencies and natural disasters.

地球水基金會在緊急情況和自然災害發生後提供安全的飲用水。

Using our Dosatron pumps, the Planet Water system can provide clean drinking water for up to 6,000 people, without the need of electricity.

使用我們的 Dosatron 泵，Planet Water 系統可以為多達 6,000 人提供乾淨的飲用水，而無需電力。

The system was recently deployed in Nashville, North Carolina, after Hurricane Helene.

該系統最近在海倫颶風過後部署在北卡羅來納州納許維爾。

I also would like to take a moment to talk about the recent hurricanes, which impacted our Dosatron site in the Tampa area, where several of our team members experienced flooding that damaged many of their homes.

我還想花點時間談談最近的颶風，該颶風影響了我們位於坦帕地區的 Dosatron 站點，我們的幾位團隊成員在那裡經歷了洪水，許多房屋受損。

And despite this, they work late nights and weekends to support our customers.

儘管如此，他們還是在深夜和週末工作來支持我們的客戶。

So to our Dosatron team, a special thank you for your dedication, hard work, and resiliency.

因此，我們要特別感謝我們的 Dosatron 團隊，感謝你們的奉獻、辛勤工作和韌性。

Your actions show what we can achieve with our ownership mindset and culture.

您的行動展示了我們透過主人翁心態和文化可以實現的目標。

On the next slide, let me provide an update on the current market trends, as we always get a lot of questions about our leading indicators.

在下一張幻燈片中，讓我提供有關當前市場趨勢的最新信息，因為我們總是收到很多有關我們的領先指標的問題。

Marketing qualified leads or MQLs are a key leading indicator of our short- to medium-cycle business.

合格的行銷線索或 MQL 是我們中短週期業務的關鍵領先指標。

As illustrated in the chart on the left-hand side of the page, our MQLs continue to grow.

如頁面左側圖表所示，我們的 MQL 持續成長。

For the quarter, organic MQLs are up 12% year over year and are up 7% sequentially.

本季度，有機 MQL 年成長 12%，季增 7%。

As for the longer-cycle component of 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。

And we remain encouraged that the funnel activity for Q3 is up 22% year over year.

我們仍然對第三季的漏斗活動年增 22% 感到鼓舞。

Consistent with what we discussed last quarter, the decision-making process remains elongated.

與我們上季度討論的一致，決策過程仍然很長。

The feedback we hear continues to be centered around customer site readiness and too many projects happening at the same time, which is impacting EPC engineering capacity.

我們聽到的回饋仍然集中在客戶現場準備情況以及同時發生的太多項目，這影響了 EPC 工程能力。

As we look to slide 14, we have updated our full-year 2024 guidance for revenue, adjusted EBITDA, and adjusted EPS.

當我們查看投影片 14 時，我們更新了 2024 年全年營收指引、調整後 EBITDA 和調整後每股盈餘。

Total company revenue is now expected to grow overall between 5% to 7%, which is down 100 basis points versus our prior guidance.

目前預計公司總收入將整體成長 5% 至 7%，比我們先前的指引下降了 100 個基點。

For adjusting, our organic revenue guidance is down 200 basis points, driven predominantly by the timing of orders converting into shipments.

為了進行調整，我們的有機收入指引下降了 200 個基點，這主要是由訂單轉化為發貨的時間所推動的。

While we are very encouraged by the improvement in Q3 organic order momentum and continued strength in market activity, we continue to see customer delivery delays, driven largely by customer site readiness and other factors, including the upcoming election.

儘管我們對第三季有機訂單動能的改善和市場活動的持續強勁感到非常鼓舞，但我們仍然看到客戶交貨延遲，這主要是由於客戶現場準備情況和其他因素（包括即將到來的選舉）造成的。

We expect these orders to be delivered in 2025.

我們預計這些訂單將於 2025 年交付。

As we look at our MQL data, long-cycle project funnel, and Q3 organic order growth, this situation remains encouraging as we move into 2025.

當我們查看 MQL 數據、長週期項目漏斗和第三季度有機訂單增長時，隨著我們進入 2025 年，這種情況仍然令人鼓舞。

FX is now expected to be approximately flat for the full year, which is approximately 100 basis points as compared to our previous guide.

目前預計全年外匯匯率將大致持平，與我們先前的指導相比大約下降 100 個基點。

M&A is projected to contribute around $455 million, which reflects all completed and closed transactions as of October 31, 2024.

併購預計將貢獻約 4.55 億美元，這反映了截至 2024 年 10 月 31 日所有已完成和結束的交易。

Corporate cost remains at approximately $170 million.

公司成本仍維持在約 1.7 億美元。

Total adjusted EBITDA for the company is expected to be in the range of $2.01 billion and $2.04 billion, which is approximately 13% year over year at the midpoint.

公司調整後 EBITDA 總額預計在 20.1 億美元至 20.4 億美元之間，年比中位數成長約 13%。

Adjusted EPS is projected to be within the range of $3.28 and $3.34, which is up approximately 12% year over year at the midpoint.

調整後每股收益預計在 3.28 美元至 3.34 美元之間，中點年增約 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 August.

在頁面的右下角，我們包含了 2024 年全年指導橋，顯示了我們最新指導與 8 月提供的先前指導相比的變化。

No changes have been made to our guidance on interest expenses, tax rate, CapEx spend as a percentage of revenue, and free cash flow to adjusted net income conversion.

我們對利息支出、稅率、資本支出佔收入的百分比以及調整後淨利潤轉換的自由現金流的指導沒有變化。

All remain in line with our previous guidance.

一切都符合我們先前的指導。

Finally, as we turn into slide 15, before we open the call for questions, let me wrap up by saying that I am very pleased with how our teams continue to execute despite the current market conditions.

最後，當我們進入投影片 15 時，在開始提問之前，讓我總結一下，我對我們的團隊在當前市場條件下繼續執行的方式感到非常滿意。

As we look to close out 2024, our teams continue to execute well in terms of targeted share gains and driving momentum in geographies where we have historically been underpenetrated.

在我們展望 2024 年結束之際，我們的團隊在目標份額增長和推動我們歷來滲透不足的地區的發展勢頭方面繼續表現良好。

And despite lower organic growth expected in 2024, we're on track to deliver a nearly 10% organic growth CAGR for the total company over the past four years, which is 2 times our stated goal.

儘管預計 2024 年的有機成長較低，但我們預計在過去四年中為整個公司實現近 10% 的有機成長複合年增長率，這是我們既定目標的 2 倍。

What continues to differentiate Ingersoll Rand is our economic growth engine, where even in a difficult macro environment, we're able to add differentiated technologies to the portfolio, with a distinct focus in high-growth sustainable end markets.

英格索蘭持續脫穎而出的是我們的經濟成長引擎，即使在困難的宏觀環境中，我們也能夠在產品組合中添加差異化技術，並專注於高成長的永續終端市場。

Year to date, we have added 15 companies through M&A with 10 more bolt-on targets under LOI.

今年迄今為止，我們已透過併購增加了 15 家公司，並根據意向書增加了 10 家補充目標。

And we don't see this momentum slowing down.

我們並沒有看到這種勢頭放緩。

The real power continues to be in the value we're able to unlock as part of this model.

真正的力量仍然在於我們能夠作為該模型的一部分釋放的價值。

We're on track to deliver, again, triple-digit adjusted EBITDA margin expansion through strong initiatives focused on improving gross margins, which translate into strong double-digit earnings growth and solid free cash flow generation.

我們有望透過專注於提高毛利率的強有力舉措，再次實現三位數的調整後 EBITDA 利潤率擴張，這將轉化為強勁的兩位數盈利增長和穩定的自由現金流生成。

We believe that we have created a durable model that will continue to deliver exceptional financial results, differentiating Ingersoll Rand as a premier growth compounder.

我們相信，我們已經創建了一個持久的模式，將繼續提供卓越的財務業績，使英格索蘭成為領先的成長複合企業。

With that, I'll 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) Mike Halloran, Baird.

（操作員說明）Mike Halloran，Baird。

Hey, good morning, everyone.

嘿，大家早安。

Good morning, Mike.

早上好，麥克。

So let's start on slide 13.

讓我們從幻燈片 13 開始。

And I certainly heard the prepared remarks commentary around project pushouts.

我當然聽到了圍繞著專案推出準備好的評論評論。

But maybe you could put that slide in context to what you're seeing on an underlying basis right now because the -- I think the MQLs as an example, that's been improving as you worked through the year here.

但也許您可以將該投影片與您現在所看到的基本情況聯繫起來，因為——我認為以 MQL 為例，隨著您在這一年的工作，情況一直在改善。

But the organic growth guidance has moved down, again, partially project pushouts.

但有機成長指引再次下調，部分項目被延後。

But maybe kind of correlate all those moving pieces because I'm guessing the MQLs is probably a little bit of a shorter-term lead time or a leading indicator, excuse me.

但也許有點將所有這些移動的部分關聯起來，因為我猜測 MQL 可能有點較短的交付時間或領先指標，請原諒。

And so kind of just maybe put all that in context and then related -- what needs to happen to have that slide sync with the order trends and the underlying demand -- and the underlying trend in your portfolio?

因此，也許可以將所有這些放在上下文中，然後關聯起來 - 需要發生什麼才能使幻燈片與訂單趨勢和潛在需求同步 - 以及你的投資組合中的潛在趨勢？

Yeah, Mike, I mean, first of all, I'd say that we're definitely encouraged by what we see in terms of that margin activity.

是的，麥克，我的意思是，首先，我想說，我們在保證金活動方面所看到的情況絕對令我們感到鼓舞。

And I will also categorize the MQL market activity -- as you recall, we always said that's our demand generation engine that we're instigating demand.

我還將對 MQL 市場活動進行分類 - 正如您所記得的，我們總是說這是我們刺激需求的需求產生引擎。

So basically, this is how we continue to penetrate new customer accounts.

基本上，這就是我們繼續滲透新客戶帳戶的方式。

We always said that 50% of those MQLs going to customers that have not purchased anything from Ingersoll Rand over the past, call it, two years.

我們總是說，50% 的 MQL 流向了過去兩年沒有從 Ingersoll Rand 購買任何產品的客戶。

So it's about how do we continue to take share.

因此，問題在於我們如何繼續佔據份額。

Now clearly, in the past, historically, we said that an MQL will translate into an order over a period of six to eight weeks.

現在顯然，在過去，從歷史上看，我們說過 MQL 將在六到八週的時間內轉化為訂單。

But what we're saying now is that that is definitely getting elongated.

但我們現在要說的是，這肯定會被拉長。

We're not making a commentary as to how elongated that is, but it is definitely much longer than what historically has been.

我們不會評論這個時間有多長，但它肯定比歷史上的時間要長得多。

And a lot of that has to do with kind of what you see in the market.

這很大程度上與你在市場上看到的東西有關。

I mean, clearly, customer readiness; here lately, could be some of the election instability or kind of predicting as to what might happen and kind of some of the holdups to that, not only us but maybe others are seeing.

顯然，我的意思是客戶準備就緒；最近，可能會出現一些選舉不穩定的情況，或者對可能發生的情況的預測，以及對此的一些阻礙，不僅我們，也許其他人都看到了。

So I think the encouragement for us is that these are real customers really interested in real products.

所以我認為對我們的鼓勵是這些是真正對真實產品感興趣的真實客戶。

I mean, this is not just a customer asking a question, right?

我的意思是，這不僅僅是客戶問問題，對嗎？

This is now a qualified lead of an activity that the customer is just very interested in putting a purchase order that is going through our funnel.

現在，這是一項合格的活動線索，客戶對透過我們的管道下達採購訂單非常感興趣。

The good news, too, as well is that we don't see cancelations.

好消息是我們沒有看到取消。

We don't see customers leaving our funnel.

我們沒有看到客戶離開我們的管道。

And it's just a matter of continuing to nurturing those customers until we get the closure.

這只是繼續培育這些客戶直到我們關閉的問題。

We have continued to see good close rates.

我們繼續看到良好的成交率。

And so that's why we continue to be very encouraged about the activity that we're seeing, that we're generating.

這就是為什麼我們繼續對我們所看到的、我們正在產生的活動感到非常鼓舞。

And as to the long-cycle project, kind of fairly similar in scope.

至於長週期項目，範圍相當相似。

Keep in mind over the past few years, there's been a lot of megaprojects that have been announced.

請記住，在過去的幾年裡，已經宣布了許多大型專案。

And I think you have seen maybe in the market that not a lot of those have translated into the orders.

我想你可能已經在市場上看到，其中並沒有很多轉化為訂單。

And that has to do -- because these megaprojects, when they get designed, they need to get design and processed through typically large engineering companies, engineering contracting companies, we call it EPCs.

這是必然的——因為這些大型專案在設計時，需要透過典型的大型工程公司、工程承包公司（我們稱之為 EPC）進行設計和處理。

And there's just a lot of projects that are going through.

還有很多項目正在進行中。

What is encouraging is that we're seeing good movement on those.

令人鼓舞的是，我們看到這些方面取得了良好進展。

I spent -- over the past two weeks, I did a lot of travel around the world.

在過去的兩周里，我在世界各地旅行了很多次。

I spent actually an entire weekend in Middle East, in Dubai, and Saudi just to even talk to customers about specific projects and just to get that perspective firsthand from those customers.

實際上，我在中東、杜拜和沙烏地阿拉伯度過了整個週末，只是為了與客戶討論具體項目，並從這些客戶那裡獲得第一手的觀點。

And it's very encouraging with what we're seeing.

我們所看到的非常令人鼓舞。

What we're saying here is that it's just taking longer.

我們在這裡所說的是，這只是需要更長的時間。

But again, that to us bodes well as we continue to look forward.

但同樣，這對我們來說是個好兆頭，因為我們繼續向前看。

And in the meantime, we'll just continue to execute and control what we can control and deliver the performance that we can deliver.

同時，我們將繼續執行和控制我們可以控制的事情，並提供我們可以提供的效能。

So if I take your comments then, the optimism, the fact that these leading indicators are tracking the right way, does that mean that when you think about next year, it starts tracking towards a more normal growth algorithm for the company?

因此，如果我接受您的評論，那麼樂觀，這些領先指標正在以正確的方式追蹤這一事實，這是否意味著當您考慮明年時，它開始朝著公司更正常的成長演算法發展？

And if it doesn't, what do you think prevents you from getting there at this point?

如果沒有，您認為目前是什麼阻礙您實現這一目標？

Market, timing of these projects, any other variables?

市場、這些項目的時間安排，還有其他變數嗎？

Yeah.

是的。

I think, Mike, I think the way we view it is that -- I mean, we don't view that the market is going to see a V-shaped recovery.

我認為，麥克，我認為我們的看法是——我的意思是，我們不認為市場會出現 V 型復甦。

We're going to see that gradual recovery as we go into 2025.

進入 2025 年，我們將看到這種逐步復甦。

And as we always do, we want to kind of see continuation here in the fourth quarter, how everything kind of lays out in preparation for 2025.

正如我們一貫所做的那樣，我們希望在第四季度看到延續，一切都是如何為 2025 年做準備的。

And we give guidance on our next earnings call.

我們將為下一次財報電話會議提供指導。

But the other point that bodes well for us is that here, even in the Q3, our backlog actually grew year over year and sequentially.

但對我們來說好兆頭的另一點是，即使在第三季度，我們的積壓訂單實際上逐年增長，連續增長。

So again, it kind of continues to bode well as we think about 2025.

因此，當我們展望 2025 年時，這仍然是一個好兆頭。

But we'll be able to provide better color and guidance as we go into our next earnings cycle.

但當我們進入下一個盈利週期時，我們將能夠提供更好的色彩和指導。

Thanks

謝謝

(inaudible).

（聽不清楚）。

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.

嗨，早安。

Maybe just the first question, Vicente, around sort of current demand trend, just flesh that out a little bit more.

也許只是第一個問題，文森特，圍繞著當前的需求趨勢，稍微充實一下。

I think the last quarter, it was very clear that China was the big headwind or surprise factor back in the early summer months.

我認為上個季度，很明顯中國是夏初的巨大逆風或意外因素。

And I see your compressor orders ex-China are good.

我發現你們在中國以外的壓縮機訂單很好。

But since the last call, have you seen kind of a broadening out of those project pushouts?

但自上次電話會議以來，您是否看到這些項目的推出範圍有所擴大？

Is there maybe weakness in more geographies, perhaps, than just the China factor?

除了中國因素之外，是否還有更多地區有弱點？

And I understand that orders are good, backlogs are good.

我知道訂單很好，積壓訂單也很好。

It's the conversion of those two things into sales that's sluggish at present.

目前，將這兩件事轉化為銷售額的過程緩慢。

But when we take a step back and look at the overall kind of process industries exposure of ITS, is it fair to say that those generally would lag kind of earlier cycle markets, and that speaks to your point on a very gradual recovery pace next year?

但是，當我們退後一步，看看 ITS 對流程工業的整體影響時，是否可以公平地說，這些行業通常會落後於早期週期市場，這說明了您明年的復甦步伐非常緩慢的觀點？

Yeah.

是的。

No, thanks, Julian.

不，謝謝，朱利安。

China, back to the commentary about the travel, I actually -- two weeks ago, I spent a week in China with the team and as I always do, spent a lot of good amount of time with customers.

中國，回到關於旅行的評論，實際上，兩週前，我與團隊在中國度過了一周，並且像往常一樣，與客戶一起度過了很多時間。

So I can also give you maybe a little bit of color on that as well.

所以我也可以給你一點顏色。

I'll say China, clearly, the market has been challenged this year and has remained largely, I'll say, unchanged as we move through Q3 and into early parts of Q4.

我想說的是，中國市場今年顯然受到了挑戰，而且在第三季和第四季初期，市場基本上保持不變。

I think the good thing -- I guess, the good tone as I spent time with customers and give you maybe at the point of this kind of customer that -- it's a very large account.

我認為這是一件好事——我想，當我與客戶共度時光時，我會以良好的語氣向你傳達這樣的訊息——這是一個非常大的客戶。

It's a company that has over 400 facilities just in China alone and close to 1,000 facilities across the world.

該公司僅在中國就擁有 400 多個工廠，並在全球擁有近 1,000 個工廠。

And the tone from this customer was fairly positive towards what we, I think, as Ingersoll Rand, can do for them around our service-oriented initiatives.

我認為，這位客戶的語氣對我們作為英格索蘭可以圍繞我們的服務導向計劃為他們做的事情相當積極。

I mean, the customer was very enthusiastic on leveraging all the M&A in terms of technologies that we have done across, not only in China for China, but also in the US and bring technology back to China to be able to help them and particularly, with the same growth themes and thematics that we say, energy efficiency and how do we continue to improve the operational ability of their facilities.

我的意思是，客戶非常熱衷於利用我們在技術方面所做的所有併購，不僅在中國為中國，而且在美國，並將技術帶回中國，以便能夠幫助他們，特別是，與我們所說的成長主題和主題相同，能源效率以及我們如何繼續提高其設施的營運能力。

Customer was very -- commented incredibly well about our ownership mindset and how they feel that our employees, when they go to their factories, kind of take incredible care of them.

客戶對我們的主人翁心態以及他們感覺我們的員工在去工廠時給予他們難以置信的照顧的評價非常好。

And the customer was, I'll say, positive in terms of what they're seeing around investments, not only in China for China, but then now starting to expand outside of China, particularly in countries like even Africa.

我想說的是，客戶對投資的看法是正面的，不僅是在中國投資，而且現在開始向中國以​​外的地區擴張，特別是在非洲等國家。

So I think we see customers are willing to invest and willing to continue to accelerate how they continue to see their efficiencies.

因此，我認為我們看到客戶願意投資，並願意繼續加速他們繼續看到效率的方式。

In terms of this question, did we see anything broadly across any other regions that inflected negatively?

就這個問題而言，我們是否看到其他地區出現了廣泛的負面影響？

I'll say no for the most part.

大多數情況下我都會說不。

I mean, I think the guidance here, as we said, is driven largely by the shipment timing.

我的意思是，我認為這裡的指導，正如我們所說，主要是由發貨時間決定的。

And this is just the willingness of the customers to take the product now versus -- we're saying -- hey, we're seeing -- we have seen delays and customers getting to some of those pushouts.

這只是客戶現在購買產品的意願，而不是——我們說——嘿，我們看到——我們已經看到了延遲和客戶推遲了其中一些產品。

And we're just going to say and assume that this is going to actually now move into 2025, some of them.

我們只是想說並假設這實際上將進入 2025 年，其中一些。

And that's really the driver of our organic guidance takedown.

這確實是我們有機指導取消的驅動力。

In terms of your question about the ITS business driven process industries and how do we traditionally see, you're absolutely right in the sense that we expect to see that gradual movement.

就您關於 ITS 業務驅動的流程工業以及我們傳統上如何看待的問題而言，您是絕對正確的，我們期望看到這種漸進的運動。

I think we view ITS as a very diverse -- diverse in nature.

我認為我們認為 ITS 本質上是非常多樣化的。

And we have said always that we can pivot our products and technologies to the pockets of growth that we may see.

我們一直說，我們可以將我們的產品和技術轉向我們可能看到的成長領域。

And clearly you have seen PMIs that have been in contraction territory for over 24 months.

顯然，您已經看到 PMI 已連續 24 個月處於收縮區間。

We believe that we have outperformed that.

我們相信我們已經超越了這一點。

I mean, example, last year, we grew organically double digit versus -- and this year will be more flattish.

我的意思是，例如，去年我們的有機成長達到了兩位數，而今年將更加穩定。

But again, we think it's better than contraction territory that PMS are showing.

但我們再次認為，這比經前症候群所顯示的收縮區域要好。

But, yeah, I mean, having said that, we believe that growth will continue to come more gradually as we expect these PMIs to improve.

但是，是的，我的意思是，話雖如此，我們相信，隨著我們預計這些採購經理人指數將改善，成長將繼續更加緩慢。

And we don't expect that V-shape recovery or kind of snap growth from one quarter to another, but more gradually.

我們預計不會出現 V 型復甦或從一個季度到另一個季度的快速成長，而是更漸進的成長。

That's helpful.

這很有幫助。

Thank you.

謝謝。

And just my follow-up on the margin front.

這只是我在邊際方面的後續行動。

So maybe just put a finer point on the sort of EBITDA margin rates in Q4, I think maybe it's down a little bit sequentially, but maybe I have that wrong.

因此，也許只是對第四季度的 EBITDA 利潤率進行更詳細的說明，我認為它可能會連續下降一點，但也許我錯了。

But that would be -- I know historically, you normally up sequentially in Q4.

但那是——我知道從歷史上看，你通常會在第四季連續上升。

And as we think about 2025, exceptional incrementals this year, any sort of give back or normalization of incrementals as you think about next year because of investment spend or anything like that?

當我們考慮 2025 年時，今年會出現異常的增量，您會考慮明年由於投資支出或類似原因而進行的任何形式的回饋或增量正常化嗎？

Yeah.

是的。

Julian, this is Vik.

朱利安，這是維克。

Let me take that one.

讓我拿走那個。

So I think, first and foremost, frankly, exceptional margin performance by the teams in Q3.

因此，我認為，坦白說，首先也是最重要的是，團隊在第三季的利潤率表現出色。

Really proud of what the teams were able to deliver.

對團隊能夠交付的成果感到非常自豪。

I think it's worth noting that largely driven by gross margin expansion, and you really are starting to see, I'd say, the fruits of the labor and things like recurring revenue and things of that nature that we've been talking about for quite a while.

我認為值得注意的是，這很大程度上是由毛利率擴張推動的，我想說，你真的開始看到勞動成果以及經常性收入等我們一直在談論的性質的東西一會兒。

I think as you move to Q4, I think sequentially, you're still going to see essentially two segments that are in the 30% EBITDA margin range.

我認為，當你進入第四季度時，我認為你仍然會看到本質上有兩個部分處於 30% EBITDA 利潤率範圍內。

It's probably the easiest way to say it.

這可能是最簡單的表達方式。

I think corporate costs will probably normalize a little bit in that $40 million to $45 million range.

我認為企業成本可能會在 4,000 萬至 4,500 萬美元的範圍內稍微正常化。

And so that's kind of the way to think about that margin algorithm for Q4.

這就是考慮第四季保證金演算法的方式。

Now I think as you've always seen us do and say, we're going to continue to make the requisite investments for ongoing growth.

現在，我認為正如您一直看到我們所做和所說的那樣，我們將繼續為持續成長進行必要的投資。

And if there's room to probably outperform on the margin front, specifically in ITS, I think you've seen us do that for several quarters.

如果在利潤率方面有可能超越大盤的空間，特別是在 ITS 方面，我想您已經看到我們在幾個季度中做到了這一點。

I don't think you'll hopefully see anything necessarily different in Q4.

我認為你不會希望在第四季度看到任何必然不同的東西。

But we think around 30% is probably the right levels as we think about Q4 specifically.

但當我們具體考慮第四季度時，我們認為 30% 左右可能是正確的水平。

To your question about 2025 -- and obviously, not giving necessarily guidance at this point.

對於你關於 2025 年的問題——顯然，目前不一定給出指導。

But is there anything that we would say is, quote-unquote, giving back margins or anything of that nature?

但我們是否會說，回饋利潤或任何類似性質的事情？

No, I don't think that that's the way to think about it.

不，我不認為這是思考問題的方式。

We think that next year will be a bit of a normal margin expansion, kind of in line with what we've historically laid out.

我們認為明年的利潤率將會有一定程度的正常成長，這與我們歷史上的規劃是一致的。

But we feel really good about where we are.

但我們對自己所處的位置感覺非常好。

And most importantly, we continue to make the right investments in areas like innovation, demand generation, and commercial resources.

最重要的是，我們持續在創新、需求產生和商業資源等領域進行正確的投資。

Great, thank you.

太好了，謝謝。

Yves?

伊夫？

Jeff Sprague, Vertical Research Partners.

Jeff Sprague，垂直研究夥伴。

Thank you.

謝謝。

Good morning, everyone.

大家早安。

Just kind of back to the project delays and uncertainty, what you said about the EPCs is interesting.

回到專案延誤和不確定性，您所說的有關 EPC 的內容很有趣。

But a lot of companies are pointing to election uncertainty.

但許多公司都指出選舉的不確定性。

What is your view on that?

您對此有何看法？

Is that a reality or an excuse?

這是現實還是藉口？

And do you see the outcome impacting your business substantially one way or the other, or just having an outcome and getting this over with, just lift some uncertainty, we can kind of try to move on with whatever hand would dealt?

您是否認為結果會以某種方式對您的業務產生重大影響，或者只是得到一個結果並解決這個問題，只是消除一些不確定性，我們可以嘗試繼續處理任何問題？

Yeah.

是的。

It's interesting.

這很有趣。

I mean, and the reason why we don't call it out too often is because it is -- we do a lot of voice of customer.

我的意思是，我們不常提出這一點的原因是──我們聽取了很多客戶的意見。

And we are pretty close and intimate to them as they go through their buying cycle.

當他們經歷購買週期時，我們與他們非常親密。

And it doesn't come up top of the table or top of the chart in terms of -- as the reason why the elongation.

作為伸長率的原因，它並沒有出現在表格或圖表的頂部。

Now naturally, as we have been kind of getting closer to the election here, has it been more verbally said more often?

當然，隨著我們距離這裡的選舉越來越近，口頭上說得更頻繁了嗎？

I'll say yes.

我會說是的。

It is definitely not the top of the list, but it is definitely mentioned more often.

它絕對不是清單中的榜首，但肯定被更頻繁地提及。

So I think there's a little bit of that.

所以我認為有一點。

I mean, how big of a reality it is or how much pent-up demand is going to be after the election kind of snaps or can we go over with and we see a better outcome, I think still a lot to be determined based on, clearly, what happens at the election time.

我的意思是，現實有多大，或者在選舉之後有多少被壓抑的需求，或者我們是否可以回顧一下並看到更好的結果，我認為還有很多事情需要根據，顯然，選舉時會發生什麼。

But again, we'll remain focused on controlling what we can control, and that's our play, basically, here, Jeff.

但同樣，我們將繼續專注於控制我們能控制的東西，這基本上就是我們的玩法，傑夫。

So to answer your question, yeah, have we heard that a little bit more often?

那麼，回答你的問題，是的，我們是否經常聽到這樣的說法？

Yeah, I'll say maybe yes.

是的，我會說也許是的。

But it is definitely not the number one reason for the elongation.

但這絕對不是伸長的第一原因。

Do the project delays, though, skew to the US?

不過，計畫延期是否會偏向美國呢？

It sounds like it's actually just quite global.

聽起來它實際上是相當全球性的。

It is quite global, Jeff.

這是相當全球化的，傑夫。

Yeah, very global.

是的，非常全球化。

That's why the election is definitely not the only reason, to be honest.

老實說，這就是為什麼選舉絕對不是唯一的原因。

Saudi Arabia -- and spent time with customers.

沙烏地阿拉伯－與客戶共度時光。

It is project delayed because of site readiness and EPC.

由於現場準備和 EPC 的原因，該項目被推遲。

I mean, it's basically those two.

我的意思是，基本上就是這兩個。

And just pivoting real quick, just mix, obviously or seemingly, would be positive, given equipment softer.

考慮到設備較軟，只要快速旋轉，只要混合，顯然或表面上都是正面的。

And Vik just mentioned service.

維克剛剛提到了服務。

Can you just maybe give us a little bit of an update on how service is performing, sort of what the growth rate is, how you expect to close out 2024 on the service side?

您能否向我們介紹一下服務表現的最新情況、成長率是多少、您預期 2024 年服務的收尾情況如何？

Yeah.

是的。

Jeff, very encouraging on the service side.

傑夫，在服務方面非常令人鼓舞。

Service positive, good momentum that we saw clearly organically in the quarter.

我們在本季度清楚地看到了積極的服務和良好的勢頭。

And I think everything that we said at Investor Day is working really well.

我認為我們在投資者日所說的一切都非常有效。

That recurring revenue and the focus that the teams are giving it.

經常性收入以及團隊給予它的關注。

And not just -- I mean, the US is one of the biggest engines that we have, how we see now the momentum in Europe and even also in China and India.

我的意思是，美國是我們擁有的最大引擎之一，我們現在看到歐洲甚至中國和印度的勢頭。

India was the other country that I spent amount of time with the team.

印度是我與團隊一起度過大量時間的另一個國家。

And again, that service-oriented.

再次強調，以服務為導向。

It's a great solution that, not only our teams are launching, but also customers -- they really want.

這是一個很棒的解決方案，不僅是我們的團隊正在推出，而且客戶也正在推出——他們真正想要的。

So I will say, yeah, it's good -- good momentum that we're seeing.

所以我會說，是的，我們看到的勢頭很好。

All right, thank you.

好的，謝謝。

Rob Wertheimer, Melius Research.

羅布‧韋特海默，Melius 研究中心。

Yeah.

是的。

Hi, thanks for the question.

你好，謝謝你的提問。

Your margin performance continues to be extraordinary.

您的利潤率表現依然出色。

And I'm a little bit curious just about how much opportunity lies ahead, maybe we do IT versus behind, if you still see as much potential there, if you're shifting your workflows to be more growth-oriented than margin oriented.

我有點好奇前方有多少機會，也許我們做IT而不是落後，如果你仍然看到那裡有很大的潛力，如果你正在將你的工作流程轉變為更加以增長為導向而不是以利潤為導向。

Just maybe comment on that.

也許只是對此發表評論。

Because, obviously, you've done amazing things over the last couple of years.

因為，顯然，你在過去幾年裡做了令人驚奇的事。

Yeah, Rob, I'd say internally -- I'll start with the last question.

是的，羅布，我會在內心說——我將從最後一個問題開始。

Internally, we'd like to say is the power of the end, right?

在內部，我們想說的是終結的力量，對吧？

It's about growth and margin.

這是關於成長和利潤的。

So we always look at the quality of earnings.

因此，我們始終關注獲利品質。

And we look at making sure that, yeah, we're growing but that we're growing profitably.

我們著眼於確保，是的，我們正在成長，而且我們正在獲利地成長。

So I'll say that we go for both.

所以我會說我們兩者兼具。

Yes, I mean year to date, we've seen exceptional incrementals.

是的，我的意思是今年迄今為止，我們已經看到了非凡的增量。

And that speaks to, as Vik said, the gross margin activities that we have done.

正如維克所說，這說明了我們所做的毛利率活動。

Despite the market volatility, we continue to make a lot of investments, investments not only around recurring revenue streams and things like that, also new product technology.

儘管市場波動，我們仍繼續進行大量投資，投資不僅圍繞著經常性收入流等，還圍繞著新產品技術。

Part of my trip here in Asia, spent a full day with the team in China, specifically on innovation.

我亞洲之行的一部分是與中國團隊一起度過了一整天，特別是在創新方面。

And I think the innovative solutions that the team has developed are very unique and very exciting to see, and things that we're leveraging now also from a global basis.

我認為團隊開發的創新解決方案非常獨特，非常令人興奮，我們現在也在全球範圍內利用這些解決方案。

So the example that we put out here in terms of the code-a-thon, that will definitely drive some incremental revenue as well.

因此，我們在這裡以程式碼馬拉松為例，這肯定也會帶來一些增量收入。

That's also part of our investment.

這也是我們投資的一部分。

So I'll say we continue to be positive about where we have margin expansion here in ITS.

因此，我想說，我們對 ITS 領域的利潤率擴張繼續持積極態度。

Yeah.

是的。

And Rob, maybe I'll just add -- maybe to your question about thinking about the two segments, to Vicente's point, I think we've been incredibly pleased with the momentum we've seen in '24.

Rob，也許我會補充一點——也許對於你關於思考這兩個部分的問題，對於 Vicente 的觀點，我認為我們對 24 年看到的勢頭感到非常滿意。

We're poised for another triple-digit margin expansion year, and as you can -- the guidance implies and as you've seen, largely right on the ITS side.

我們準備迎接另一個三位數利潤率擴張的一年，正如您所看到的，該指導方針暗示，很大程度上是在 ITS 方面。

I think as we flash forward, it's kind of back to kind of how we laid things out.

我認為當我們向前閃進時，這有點回到了我們如何安排事情的方式。

We expect that there still is opportunity in ITS.

我們預期ITS仍有機會。

Are you going to see the pace, probably, as much in ITS as you've seen historically?

您是否會看到 ITS 的發展速度與您歷史上看到的一樣快？

Maybe not as much.

也許沒有那麼多。

I think there's still opportunity there.

我認為那裡仍然有機會。

But I do think there's probably a little bit more outsized opportunity in PST.

但我確實認為太平洋標準時間可能有更大的機會。

And that very much fits with our stated Investor Day targets of how to get that to closer to a mid-30s EBITDA margin.

這非常符合我們規定的投資者日目標，即如何使其更接近 30 多歲的 EBITDA 利潤率。

So still really pleased.

所以還是很高興。

And I think that we see a lot of great opportunity as we now think about the PST business and particularly also with the ILC Dover business now being fully integrated.

我認為，當我們現在考慮 PST 業務時，尤其是 ILC Dover 業務現在正在完全整合時，我們看到了許多巨大的機會。

Okay, I'll stop there.

好吧，我就到此為止。

Thank you.

謝謝。

Thank you.

謝謝。

Andy Kaplowitz, Citigroup.

安迪‧卡普洛維茨，花旗集團。

Good morning, everyone.

大家早安。

Good morning, Andy.

早安，安迪。

Vicente, can you talk about or give us more color about the acquisition landscape as you start to think about '25?

Vicente，當您開始思考「25」時，您能否談談或給我們更多有關收購前景的資訊？

You obviously have been very active, as you said, for '24.

正如您所說，24 年來您顯然非常活躍。

Your LOIs, I think, went up a little bit sequentially.

我認為你的興趣指數連續上升了一點。

So do you see '25 as potentially as robust a year for incremental M&A activities '24?

那麼，您是否認為「25 年」可能與「24 年」增量併購活動一樣強勁？

And I know you said the LOI is more bolt-on in nature.

我知道你說過 LOI 本質上是附加的。

Is that generally the type of activity that you would expect in '25?

這通常是您期望在 25 年進行的活動類型嗎？

Yeah, the answer -- the simple answer to that is yes.

是的，答案——簡單的答案是肯定的。

I mean, we, definitely, see we're seeing a lot of good activity.

我的意思是，我們確實看到了很多好的活動。

Clearly, you heard on the opening remarks, too, as well with ILC Dover acquisition, that gave us a $10 billion expansion into an addressable market.

顯然，您在開場白中也聽到了，以及 ILC Dover 收購，這使我們能夠以 100 億美元擴張到潛在市場。

And that comes in with -- looking in terms of bolt-on acquisitions, and we already have a few of those in our funnel.

就補強收購而言，我們已經有一些這樣的收購了。

So yes, I mean, 2025, I'll say, it looks to be still also very encouraging as we see the momentum that we have today.

所以，是的，我的意思是，2025 年，我會說，當我們看到今天的勢頭時，它看起來仍然非常令人鼓舞。

Yes.

是的。

Okay.

好的。

Helpful, Vicente.

有幫助，維森特。

And then you mentioned in PST book and ship, it's still up high single digits year over year.

然後你提到在 PST 預訂和發貨中，它仍然逐年增長高個位數。

You mentioned sequential orders up 13%.

您提到連續訂單成長了 13%。

I know organic revenue growth has been stubbornly negative for a while now in that segment.

我知道該領域的有機收入成長在一段時間內一直呈負成長。

So does the better order environment suggests that you do have relatively good visibility to improve growth in '25?

那麼，更好的訂單環境是否表明你們確實擁有相對較好的能見度來提高 25 年的成長？

Maybe just on ILC Dover, in particular, a lot of positive commentary on it.

也許只是在 ILC Dover 上，特別是有很多正面的評論。

But just an update there.

但只是有更新。

Yeah, Andy, this is Vik.

是的，安迪，這是維克。

Maybe I'll start, and I'll let Vicente add in.

也許我會開始，然後我會讓維森特加入。

I think with regards to just kind of the base PST business -- and we'll kind of comment on ILC Dover separately -- we've been very encouraged by the positive order momentum that you've seen now for a few quarters.

我認為就基本的 PST 業務而言——我們將分別對 ILC Dover 進行評論——我們對幾個季度以來看到的積極訂單勢頭感到非常鼓舞。

We are starting to see that translate a bit better.

我們開始看到翻譯得更好了一些。

We do expect that, for example, in Q4, to be part of that growth algorithm, specifically as part of our Q4 guidance as you kind of get to the full-year guide.

例如，我們確實希望在第四季度成為該成長演算法的一部分，特別是作為我們第四季度指導的一部分，因為您即將獲得全年指南。

We'll pause on necessarily 2025 commentary.

我們將暫停 2025 年的評論。

But I think the good news here is a combination of both, the base business as well as a lot of the acquisitions, which have now really been fully integrated, I think, positions us well as we move into 2025.

但我認為這裡的好消息是基礎業務和大量收購的結合，現在這些收購已經真正完全整合，我認為這使我們在進入 2025 年時處於有利地位。

And we're encouraged by kind of, what I'll say, the base PST business.

我想說的是，我們受到基本 PST 業務的鼓舞。

And Vicente, I'll let you comment

還有維森特，我會讓你發表評論

(multiple speakers)

（多個發言者）

Yeah.

是的。

And then, Andy, on the ILC, I'll say that the integration continues to go very well.

然後，安迪，在 ILC 上，我會說整合繼續進展順利。

You saw some of the numbers in terms of biopharma and the medical device component business are doing really well.

您看到生物製藥和醫療設備組件業務方面的一些數字表現非常好。

And I think the most important piece is that we continue to make investments for growth in the ILC Dover already as we see opportunities to accelerate growth in both that, the biopharma and the medical device business.

我認為最重要的是，我們已經繼續為 ILC Dover 的成長進行投資，因為我們看到了生物製藥和醫療器材業務加速成長的機會。

And investments are not only just on demand generation, target commercial, and innovation of product investment, but also investments in talent.

而投資不僅是對需求產生、目標商業、產品創新的投資，更是對人才的投資。

We have multiple new general managers.

我們有多名新總經理。

We -- I think we said before, we structured the business now into three distinct P&Ls, with new general managers in the P&L.

我想我們之前說過，我們現在將業務分為三個不同的損益表，並在損益表中任命了新的總經理。

And we're reinforcing the functional support area.

我們正在加強功能支援領域。

So we're making a lot of the good prerequisite investments to scale that up and scale that business as we move forward.

因此，我們正在進行大量良好的先決投資，以在我們前進的過程中擴大規模並擴大業務。

Appreciate the color, guys.

欣賞一下這個顏色，夥計們。

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。

Morning.

早晨。

Just wondering if we could maybe just hone in on the PST sort of outlook for 4Q.

只是想知道我們是否可以磨練太平洋標準時間對第四季的展望。

It looks like we're sort of pointing towards a return to growth in the fourth quarter.

看起來我們預計第四季將恢復成長。

Obviously, comps are getting easier.

顯然，比較變得越來越容易。

I just wanted to make sure that's the case.

我只是想確定情況確實如此。

And then I just wanted to just try and nail this M&A contribution.

然後我只是想嘗試確定這次併購的貢獻。

You definitely had a bit more revenue from, I guess, ILC Dover in the third quarter.

我猜，第三季 ILC Dover 的收入肯定會增加一些。

And just want to know what your kind of penciling in the fourth quarter from ILC Dover.

我只是想知道 ILC Dover 第四季的表現如何。

And just -- maybe just -- if you just, within that address, the book to bill, 0.97 for reported, 0.99 for core.

只是 - 也許只是 - 如果你只是在該地址中，要計費的書，報告為 0.97，核心為 0.99。

Does that suggest there's a bit of book to bill below 0.9 for acquisitions?

這是否表明有一些書可以以低於 0.9 的價格進行收購？

Just -- maybe just unpack that for us.

只是——也許只是為我們打開它。

Thanks.

謝謝。

Yeah.

是的。

Nigel, I'll try to answer all of those.

奈傑爾，我會盡力回答所有這些問題。

So specifically, in terms of PST on the growth algorithm into Q4, return to a positive organic, yes, that is the expectation, just to kind of state that one simply.

因此，具體而言，就第四季度成長演算法的 PST 而言，回到積極的有機狀態，是的，這就是期望，只是簡單地說明這一點。

In the context of the M&A contribution, specifically in Q4, I think you'll see it comparable, maybe a touch lower than what you saw in Q3.

在併購貢獻的背景下，特別是在第四季度，我認為您會看到它具有可比性，可能比第三季度低一些。

But again, I wouldn't take that as anything in the context of any market trend or anything like that.

但同樣，我不會將其視為任何市場趨勢或類似情況的背景下的任何事物。

Specifically within ILC Dover, as Vicente said, I think the biopharma and the medical device business is very stable, continuing to see what you would expect to see the normal growth, and the sequential momentum you expect.

特別是在 ILC Dover 內，正如 Vicente 所說，我認為生物製藥和醫療器材業務非常穩定，繼續看到您期望看到的正常成長，以及您期望的連續勢頭。

A lot of what you're seeing -- and quite frankly, even now to your book-to-bill question, it really comes much more from the space side of the equation, where typically, you see orders, they can be lumpy at times.

你所看到的很多東西——坦率地說，即使是現在，對於你的從訂單到賬單的問題，它實際上更多地來自等式的空間方面，通常，你看到訂單，它們可能是不穩定的次。

Because they, quite frankly, are tied to larger, what I'll call, platform-level kind of contracts.

因為坦白說，它們與更大的、我所說的平台級合約連結在一起。

And then they tend to ship over a multi-quarter, multiyear timeframe.

然後他們往往會在多個季度、多年的時間範圍內發貨。

That's exactly what you saw in Q3.

這正是您在第三季看到的。

So you did see a book to bill that was below the fleet average.

所以你確實看到一本書的帳單低於艦隊平均水平。

That was literally driven by the space business.

這實際上是由太空業務推動的。

And the reality is in subsequent and future quarters, you'll see the exact inverse once you book some of those normal course contracts.

現實情況是，在隨後和未來的幾個季度中，一旦您預訂了一些正常的課程合同，您就會看到完全相反的情況。

Nothing that we would speak to that's outside the norm and actually very consistent with how that business operates.

我們所談論的一切都符合規範，而且實際上與該業務的運作方式非常一致。

So again, we actually look -- I would say it's very consistent.

再說一遍，我們實際上看起來——我想說這是非常一致的。

We're very pleased with the performance there.

我們對那裡的表現非常滿意。

A little bit of noise, but I think the way you have characterized it and the numbers you're calling are very -- they're fairly accurate.

有點噪音，但我認為你描述它的方式和你撥打的數字非常——它們相當準確。

Okay.

好的。

And then just to be clear, are we still on track for [215, 220] guide for ILC?

然後需要澄清的是，我們是否仍在為 ILC 制定 [215, 220] 指南？

Nigel, can you repeat the question?

奈傑爾，你能重複這個問題嗎？

Yeah.

是的。

Are we still on track for full-year contribution from ILC at, I think, the [215, 220] is the range.

我認為，我們是否仍有望獲得 ILC 的全年貢獻，範圍是 [215, 220]。

Yeah.

是的。

I think that's in the right ballpark.

我認為這是正確的。

Okay, great.

好的，太好了。

Thanks, Vik.

謝謝，維克。

Joe Ritchie, Goldman Sachs.

喬·里奇，高盛。

Thanks.

謝謝。

Good morning, everybody.

大家早安。

Morning, Joe.

早安，喬。

Hey, Vicente, could you just elaborate on what site readiness actually means?

嘿，Vicente，您能詳細說明一下網站準備就緒的實際含義嗎？

I know you referenced the Middle East.

我知道你提到了中東。

I'm assuming this is brownfield project and very separate than the, like, EPC discussion that we had earlier.

我假設這是一個棕地項目，與我們之前進行的 EPC 討論非常不同。

And then also -- and I know people are asking all these questions around orders and book to bill.

然後，我知道人們正在詢問有關訂單和預訂到帳單的所有這些問題。

I guess, that there's a concern that the book to bill will kind of nose dive in the fourth quarter.

我猜想，有人擔心第四季的帳單數量會急劇下降。

And so just any kind of comments around what the expectation is for the book to bill, fully recognizing that, typically, in the second half of your year, it is typically below one.

因此，關於這本書的票房預期的任何評論，充分認識到，通常在下半年，它通常低於一。

Yeah.

是的。

Joe, in terms of the site readiness, I mean, a pretty wide range in terms of -- as to the reason why -- in some cases, what I mean it could be permits in terms of greenfields or even brownfields about project expansion capacities.

喬，就場地準備情況而言，我的意思是，在某些情況下，就其原因而言，範圍相當廣泛，我的意思是，在項目擴展能力方面，可能會獲得綠地甚至棕地的許可。

But it is basically permitting.

但基本上是允許的。

It is the labor to be able to get some of the things on.

能夠把一些東西裝上是需要勞動的。

In some cases, we're a piece of the entire process.

在某些情況下，我們是整個過程的一部分。

So in many cases, the other pieces are not ready, and we have to come in a certain time.

所以很多時候其他的部分還沒準備好，我們就得在一定的時間過來。

So it has to do with just the logistics on just getting a lot of these activities kind of put in place.

因此，這與落實這些活動的後勤工作有關。

In terms of the book to bill, I mean, I think keep in mind that we said that we don't guide on that on orders.

就要計費的書而言，我的意思是，我想請記住，我們說過我們不會在訂單上提供指導。

But we said that for the full year, we expect book to bill to be approximately 1.

但我們說過，全年的圖書帳單約為 1。

And what you can see kind of, basically, we are in that range.

你所看到的，基本上，我們就在這個範圍內。

So we expect that book to bill to be -- and we said the first half of the year is going to be usually above 1.

所以我們預計這本書的銷量將是——我們說過今年上半年通常會高於 1。

The second half of the year is usually less than 1.

下半年通常小於1。

And as we kind of came here in the third quarter, that kind of exactly -- that's exactly what happened.

當我們在第三季來到這裡時，確實發生了這樣的事情。

And as we will see in the fourth quarter, that will be the same case.

正如我們將在第四季度看到的那樣，情況也是如此。

So we'll continue to expect that, for the full year, we expect that book to bill to be squiggly approximately 1.

因此，我們將繼續預計，全年該書的收費將約為 1。

And that means, basically, organic orders should bode well in the fourth quarter.

這基本上意味著第四季度的有機訂單應該是個好兆頭。

Great.

偉大的。

That's super helpful.

這非常有幫助。

And then I guess just -- maybe just elaborate a little bit more on biopharma; really nice to see that 20%.

然後我想也許只是詳細闡述生物製藥；很高興看到這 20%。

Typically, we thought of that as being very margin accretive to the business.

通常，我們認為這對業務來說非常能增加利潤。

And then we're hearing from others that there's places like radiopharma or theranostics that could see really good growth in the coming years.

然後我們從其他人那裡聽說，像放射性製藥或治療診斷學這樣的領域在未來幾年可能會出現非常好的成長。

So just maybe elaborate on that piece of your business and specifically where you're seeing good momentum.

因此，請詳細說明您的業務，特別是您看到良好勢頭的領域。

Yeah, Joe. I think the exciting piece is that, as we said before, is that the biopharma is very well focused -- laser-focused on approach in terms of high potency APIs.

是的，喬。我認為令人興奮的是，正如我們之前所說，生物製藥公司非常專注——專注於高效 API 的方法。

A lot of these high-potency APIs, that is for the next generation of gene therapies, and whether you think about personalization of cancer treatment research or even as simply stated as these GLP-1s and drug weight reduction medicines.

許多這些高效 API，用於下一代基因療法，無論您考慮的是癌症治療研究的個人化，還是簡單地說，例如這些 GLP-1 和藥物減肥藥物。

And there's now even new developments.

現在甚至還有新的進展。

I mean, I think, so far, a lot of these drugs have been kind of on the monoclonal antibodies, and now they're going into bimodal activity.

我的意思是，我認為，到目前為止，這些藥物很多都是針對單株抗體的，現在它們正在進入雙模式活性。

So I think there's just a lot of good development.

所以我認為有很多好的發展。

And for a lot of that development, you need these high-potency compounds.

對於許多這樣的開發，您需要這些高效能化合物。

And in order to generate these high-potency compounds, you need to move the powder, and that's basically where we come in.

為了產生這些高效化合物，你需要移動粉末，基本上就是我們的用途。

We come in with a great customization of powder handling and powder containment processes that are single use in nature.

我們對粉末處理和粉末遏制工藝進行了出色的定制，這些工藝本質上是一次性使用的。

And so I think our team continues to be very focused on accelerating growth, very focused on the early development on drugs.

因此，我認為我們的團隊繼續非常注重加速成長，非常注重藥物的早期開發。

So I'll say -- you said it very well.

所以我會說——你說得很好。

I mean, I think there's just a lot of good growth momentum on that biopharma business.

我的意思是，我認為生物製藥業務有很多良好的成長勢頭。

Very helpful.

非常有幫助。

Thank you, guys.

謝謝你們，夥計們。

Chris Snyder, Morgan Stanley.

克里斯‧史奈德，摩根士丹利。

Thank you.

謝謝。

I want to follow up on the commentary around site readiness.

我想跟進有關網站準備的評論。

Much of it appears tied to labor capacity and constraints there.

其中大部分似乎與那裡的勞動力能力和限制有關。

So when you speak with customers, is there an expectation that that gets any better?

那麼，當您與客戶交談時，是否期望情況會變得更好？

Because I know unemployment, at least, here in the US continues to go higher.

因為我知道至少美國的失業率繼續走高。

And it seems like demand for these projects and the activity is pushing higher.

對這些項目和活動的需求似乎正在上升。

So seems like that could remain a constraint.

所以這似乎仍然是一個限制。

Yeah, no, Chris, I mean, I think it varies country by country, for sure.

是的，不，克里斯，我的意思是，我認為這確實因國家而異。

But yeah, I mean, I think that's exactly why we are smart about thinking about how we think about this gradual recovery and the momentum because that's -- you said it very well.

但是，是的，我的意思是，我認為這正是我們明智地思考如何看待這種逐步復甦和勢頭的原因，因為你說得很好。

I mean, labor will continue to be a constraint.

我的意思是，勞動力將繼續成為一個限制。

It's a constraint here in the US and continues to be a constraint in many other countries across the world.

這是美國的一個限制，並且仍然是世界上許多其他國家的限制。

And in many cases, that skilled labor is very needed for this very highly complicated project.

在許多情況下，這個非常複雜的計畫非常需要熟練勞動力。

Yeah.

是的。

Appreciate that.

很欣賞這一點。

And then maybe on China, specifically, I know you said you're not really seeing any impact in the operating environment or from the stimulus in the early part of Q4.

然後，也許就中國而言，具體來說，我知道您說過，您並沒有真正看到營運環境或第四季初期的刺激措施產生任何影響。

But I guess, do you think that the stimulus will have an impact on the economy there into 2025?

但我想，您認為刺激措施會對2025年的經濟產生影響嗎？

Any way to think about the timing between -- when that could filter through.

任何方式來思考這之間的時間安排——何時可以滲透進來。

And just for all of us in the US, when you look at the policy measures, I guess, is there anything that stands out as potentially being impactful to Ingersoll?

我想，對我們所有美國人來說，當你審視這些政策措施時，是否有任何因素可能對英格索爾產生影響？

Yeah, great question there, Chris.

是的，這是一個很好的問題，克里斯。

I think the most impactful one is that this latest stimulus is really around upgrading all the equipment.

我認為最有影響力的是，這項最新的刺激措施實際上是圍繞著升級所有設備而展開的。

And you get a higher priority in many cases -- and again, this is at the total national level, and then you got to go region by region.

在很多情況下，你會得到更高的優先事項——同樣，這是在整個國家層面，然後你必須逐一地區進行。

So -- but the high priority goes to those projects and those conversions that are going to deliver energy efficiency.

所以，但最優先考慮的是那些將提高能源效率的項目和轉換。

And clearly, this is exactly the story that we have been saying all along in terms of what we are capable of doing on energy efficiency improvement.

顯然，這正是我們一直以來所說的關於我們在提高能源效率方面的能力的故事。

So I think that is where we see that the stimulus could be impactful for Ingersoll Rand.

因此，我認為這就是我們看到的刺激措施可能對英格索蘭產生影響的地方。

In terms of timing, it takes time.

從時間上來說，需要時間。

I mean, central government announces the stimulus.

我的意思是，中央政府宣布了刺激措施。

And then it has to trickle down to the provinces and to the regions, and that takes time.

然後它必須滲透到各省和地區，這需要時間。

Now when I was in China just a week ago, did we hear more often and the teams were talking a lot about?

一週前我在中國時，我們是否常聽到球隊談論很多事情？

Yes.

是的。

Have we seen it yet come to fruition?

我們已經看到它實現了嗎？

Not yet.

還沒有。

But again, that's why we say it could bode well for 2025, and we'll see how kind of the fourth quarter looks on that perspective.

但同樣，這就是為什麼我們說這對 2025 年來說可能是個好兆頭，我們將看看從這個角度來看第四季的情況如何。

Thank you, Vicente.

謝謝你，維森特。

Appreciate that.

很欣賞這一點。

Thank you.

謝謝。

Thanks, Chris.

謝謝，克里斯。

Joe O'Dea, Wells Fargo.

喬奧迪，富國銀行。

Hi, good morning.

嗨，早安。

Vicente, could you talk about Ingersoll's kind of engagement in the timeline of a large project when we think about a growing pipeline of what can be multiyear projects, how to think about your involvement relative to when shovels go in the ground, when you're engaged with the customer, when you get an order, when you ship it, relative to, say, shovels in the ground in a multiyear timeframe?

Vicente，當我們考慮可能是多年期專案的不斷增長的管道時，您能談談英格索爾在大型專案時間表中的參與方式嗎？客戶接觸時，相對於多年時間框架內的鏟子？

Yeah, sure.

是的，當然。

Also, Joe, from the early beginnings, we get involved.

另外，喬，從一開始我們就參與其中。

I mean, a lot of these large projects, they have -- at the EPC side, they have what they call SME, subject matter experts.

我的意思是，很多大型項目，在 EPC 方面，他們都有所謂的 SME（主題專家）。

And they're subject matter experts on a typical, specifically processing technology like rotating components.

他們是典型的、特定的加工技術（如旋轉部件）的主題專家。

So we have really great relationship and contact with those -- educating what our products can do.

因此，我們與這些人有著非常好的關係和接觸——教育我們的產品可以做些什麼。

When the project gets decision, the typical lead time is, call it, 12 to 18 months between the order to the time of the shipment.

當專案做出決定時，從訂單到出貨的典型交貨時間是 12 到 18 個月。

And that could be maybe 12 months later after the shovel goes into the ground.

這可能是在鏟子入土後 12 個月後。

So call it, it could be up to two years by the time that -- when the initial kind of dirt gets removed to the time the project gets to completion.

所以，從最初的污垢被清除到專案完成，可能需要兩年的時間。

But it varies.

但情況有所不同。

I mean, it clearly varies on the size of the project and the scope of the project.

我的意思是，它顯然因專案的規模和範圍而異。

But our lead time is -- could be anywhere between 12 to 18 months based on when the customer puts the order and when the customer is ready for the site.

但我們的交貨時間可能在 12 到 18 個月之間，具體取決於客戶下訂單的時間以及客戶準備到達現場的時間。

Got it.

知道了。

That's helpful.

這很有幫助。

And then just wanted to come back to PST and some of the trends.

然後只想回到太平洋標準時間和一些趨勢。

I mean, when we look at the organic growth, the stacks, whether it's two years, three year, actually softened sequentially from Q2 to Q3.

我的意思是，當我們觀察有機成長時，無論是兩年還是三年，堆疊實際上從第二季到第三季連續軟化。

The guide suggests that those would improve sequentially from Q3 to Q4.

該指南表明，這些情況將從第三季到第四季依次改善。

It seems like within sort of the order framework as well and book-to-bill outlook that PST orders would sort of lead the growth in the fourth quarter.

從訂單框架和訂單出貨量展望來看，太平洋標準時間訂單似乎將引領第四季的成長。

And so just looking for any color on lumpiness within the third quarter and how that's improving in the fourth quarter.

因此，只需尋找第三季內塊狀情況的任何顏色以及第四季度的改善情況即可。

Not sure if weather events were a factor, but any details there would be helpful.

不確定天氣事件是否是一個因素，但任何細節都會有幫助。

Yeah, Joe, this is Vik.

是的，喬，這是維克。

Maybe I'll start, and I'll let Vicente add in as well.

也許我會開始，我也會讓維森特加入。

Would I point to any -- I'll start with the latter part -- any major weather-related things or any of that nature?

我會指出任何——我將從後一部分開始——任何與天氣相關的主要事情或任何類似性質的事情嗎？

No, nothing of that note that I'd point to.

不，我沒有指出任何值得注意的地方。

I think the piece that we are -- continue to be encouraged about in terms of PST is that we've now had two sequential quarters of positive year-over-year organic growth.

我認為，就太平洋標準時間而言，我們繼續受到鼓舞的是，我們現在已經連續兩個季度實現了同比有機成長。

And obviously, I think we've kind of now fully consumed or comped a lot of those, what I'll call the legacy of Ingersoll Rand medical or life sciences headwinds that we've been talking about for a while.

顯然，我認為我們現在已經完全消耗或彌補了其中的許多，我稱之為英格索蘭醫療或生命科學逆風的遺產，我們已經討論了一段時間。

Have we seen necessarily any meaningful recovery or anything there?

我們是否看到了任何有意義的復甦或其他什麼？

No, not necessarily at this point in time.

不，不一定是在這個時間點。

But I do think that that was what was clouding and I would say a lot of the historical comps.

但我確實認為這就是陰雲密佈的地方，我會說很多歷史比較。

I think the good news, as we said in the prepared comments, was, one, I think the kind of more what I'll call industrial or book and ship continues to do nicely.

我認為好消息，正如我們在準備好的評論中所說，第一，我認為我所說的工業或書籍和船舶繼續表現良好。

It's been multiple quarters of that, I'd say, showing good trends.

我想說，已經有多個季度顯示出良好的趨勢。

And then remember, the PST business, it does also have some of the longer-cycle-type projects, that can create some of the noise that Vicente is speaking about.

然後請記住，PST 業務確實也有一些週期較長的項目，這些項目可能會產生 Vicente 所說的一些噪音。

I think we talked about it much more prevalently in the ITS space, but there is some of that in PST.

我認為我們在 ITS 領域更普遍地討論了這一點，但在 PST 中也有一些討論。

So I think the good news here is when you put that all together, and particularly a couple of sequential quarters now of positive organic orders growth, now we expect to see that to start translating a little bit.

因此，我認為這裡的好消息是，當你把所有這些放在一起時，特別是現在連續幾個季度的有機訂單增長，現在我們預計會看到這種情況開始有所轉變。

And we do expect to see positive organic revenue growth, specifically, in Q4.

我們確實預計有機收入將出現積極增長，特別是在第四季度。

Great.

偉大的。

Thank you.

謝謝。

David Raso, Evercore ISI.

大衛·拉索，Evercore ISI。

Hi, thank you for the time.

你好，謝謝你的時間。

Just a quick question.

只是一個簡單的問題。

The organic orders within ITS, I know page 18 provides sort of the all-in ex-currency.

ITS 內的有機訂單，我知道第 18 頁提供了某種全部外幣。

But just given the acquisitions, can you help us between compressors, vacuum, power tools, and other -- the 0.4. I'm just trying to figure out how much would a bottoming China be as a boost to the organic orders?

但就收購而言，您能否在壓縮機、吸塵器、電動工具和其他 0.4 領域為我們提供協助。我只是想弄清楚，中國觸底反彈對有機訂單的推動作用有多大？

It's not that easy on page 18, just given those are all in ex-currency.

第 18 頁的內容並不那麼容易，因為這些都是外幣。

Can you give those same splits organically to get to the organic order of 0.4 for the quarter?

您能否有機地進行相同的分割，以獲得該季度 0.4 的有機順序？

Yeah, David, I'll (multiple speakers) yeah, I'll give you -- I think, probably, the way to think about this, at least at a high level, a couple of components.

是的，大衛，我會（多個發言者）是的，我會給你——我想，可能，至少在高層次上思考這個問題的方法，幾個組成部分。

Probably the two, I'd say, detractors, for lack of a better way to say that, when you think about the stack, and I'll do it by region, was clearly Asia-Pacific.

我想說，可能這兩個批評者顯然是亞太地區，因為缺乏更好的方式來表達，當你考慮堆疊時，我將按地區進行計算。

And clearly, that's more of a China comment.

顯然，這更多的是對中國的評論。

And we called that out in the -- and there hasn't been, I would say, it's really China, the commentary, that's essentially all organic, right?

我們在評論中指出了這一點——我想說，這實際上是中國的評論，基本上都是有機的，對嗎？

There isn't a lot of M&A impacting that on the China side.

中國方面並沒有太多併購活動對此產生影響。

That has, obviously, been the big negative comp, negative organic meaningfully negative.

顯然，這是一個巨大的負面影響，負面的有機有意義的負面影響。

That's what's driving that number closer to flattish.

這就是導致這個數字接近持平的原因。

The power tools business, again, a smaller piece of it, it was also, I'd say, below kind of overall fleet average.

電動工具業務同樣是其中較小的一部分，我想說，它也低於整體車隊的平均水平。

So that's slightly bringing the numbers down.

所以這使得數字略有下降。

The more positive trends you're seeing are definitely in the -- I'd say Americas is definitely kind of the leader of the pack comparatively.

你看到的更積極的趨勢肯定是在——我想說，相對而言，美洲絕對是其中的領導者。

We also talked about that, probably, having one of the easier comps comparatively speaking, on Q3, just given some of the timing of projects in terms of last year.

我們也討論過，考慮到去年的一些專案時間安排，可能在第三季有一個相對而言更容易的比較。

And the middle -- Europe, Middle East, India, Africa has kind of been in the middle.

中部地區－歐洲、中東、印度、非洲則處於中間位置。

I'd say India and the Middle East -- frankly, places that Vicente and myself were in not too long ago -- have been solid organic growth drivers.

我想說印度和中東——坦白說，我和文森特不久前去過的地方——一直是堅實的有機成長動力。

Western Europe has been a little bit of, I'd say, mixed in terms of some of the different regions.

我想說，西歐的一些不同地區的情況有些複雜。

So to give you the spectrum there, I would say the two biggest detractors definitely have been China and to a lesser degree, power tools.

因此，為了給您一個範圍，我想說兩個最大的批評者肯定是中國，以及較小程度的電動工具。

Americas is comparatively stronger.

美洲相對較強。

And Europe kind of in the middle is probably the best way to think about it.

歐洲處於中間位置可能是最好的思考方式。

And I wouldn't delineate dramatically between the product technologies.

我不會對產品技術有顯著的描述。

They tend to follow those regional trends fairly well.

他們往往很好地遵循這些區域趨勢。

I guess to ask directly, if China is, say, at this point, down about 15% of ITS, maybe even slightly smaller, what were the organic orders ex-China year over year in ITS ex-China?

我想直接問一下，如果中國目前 ITS 的下降了約 15%，甚至可能略小一些，那麼除中國以外的 ITS 中除中國以外的有機訂單同比是多少？

Yeah.

是的。

David, we haven't given that.

大衛，我們還沒有給這個。

But what I will say here is, would you be much more positive in that low single-digit realm, that's probably a fair statement.

但我在這裡要說的是，你是否會在這個低個位數領域更加積極，這可能是個公平的說法。

Okay.

好的。

So something like up 3% and China down 15%.

例如上漲 3%，而中國則下跌 15%。

So something like that is sort of the math.

所以類似的事情就是數學。

Okay.

好的。

Very helpful.

非常有幫助。

Thank you.

謝謝。

Andrew Buscaglia, BNP Paribas.

安德魯·巴斯卡利亞，法國巴黎銀行。

Hey, good morning, everyone.

嘿，大家早安。

Hey, good morning, Andrew.

嘿，早上好，安德魯。

Something that caught my eye that was kind of interesting is your comment on some incremental activity in water treatment.

引起我注意的有趣之處是您對水處理中一些增量活動的評論。

Can you comment more on that -- is there more behind that?

你能對此發表更多評論嗎——這背後還有更多嗎？

And I guess, what are you seeing in that market?

我想，您在那個市場上看到了什麼？

Because it really seemed to accelerate quite a bit.

因為它看起來確實加速了不少。

Yeah.

是的。

Andrew, so yes, we do play very well in the water treatment.

安德魯，是的，我們在水處理方面確實做得很好。

I mean, you saw the example of -- Dosatron example that we gave here.

我的意思是，您看到了我們在這裡給出的 Dosatron 範例。

But even within the PST, we have good technologies with SEEPEX, which is basically one of the market leaders for progressive cavity pumps in waste treatment facilities.

但即使在 PST 範圍內，我們也擁有 SEEPEX 的良好技術，它基本上是廢棄物處理設施中螺桿泵的市場領導者之一。

And you have Milton Roy, which is basically doing a lot of mixing and dosing as well for wastewater facilities.

還有米爾頓羅伊公司，它基本上也在為廢水處理設施做大量的混合和配料工作。

And even when you go into the ITS segment, we have technologies like blower technology that we're one of the market leaders for creating the aeriation in the wastewater facility.

即使進入 ITS 領域，我們也擁有鼓風機技術等技術，我們是在廢水處理設施中進行曝氣的市場領導者之一。

So yes, the wastewater facilities and wastewater treatment processing has been an end market that we have put a lot of attention, even including acquisitions.

所以，是的，廢水設施和廢水處理加工一直是我們非常關注的終端市場，甚至包括收購。

About a couple of years ago, we acquired a company called Everest in India, that is a market leader for wastewater blower aeriation.

大約幾年前，我們收購了印度一家名為 Everest 的公司，該公司是廢水鼓風機曝氣市場的領導者。

And again, if you think about India, only 30% of the water is treated.

再說一次，如果你想想印度，只有 30% 的水經過處理。

So great growth in that market.

該市場增長如此之大。

So yes, water and wastewater, and water treatment are areas of opportunity for us to grow.

所以，是的，水和廢水以及水處理是我們發展的機會領域。

Yeah, interesting.

是的，有趣。

Another comment I was hoping to get some color on -- everyone's obviously trying to gauge your 2025.

我希望能得到一些啟發的另一條評論——顯然每個人都在試圖評估你的 2025 年。

But what -- your free cash flow has been such a good story for a long time.

但是，長期以來，你的自由現金流一直是一個好故事。

Do you see incremental tailwinds as some of these projects, especially some that are kind of delayed here, really move forward?

您是否認為這些項目中的一些項目（尤其是那些在這裡有點延遲的項目）真正向前推進會帶來增量的推動力？

And maybe any other comment on -- other than fundamental sort of EBITDA margin expansion, any other puts and takes we should keep in mind as we try to model out next year?

也許還有其他評論——除了基本的 EBITDA 利潤率擴張之外，我們在明年嘗試建模時應該牢記的任何其他看跌期權和採取的措施？

Andrew, just to be clear, was that on the cash flow side of the equation?

安德魯，澄清一下，這是在等式的現金流方面嗎？

Was that the nature of the question or

這是問題的本質還是

--?

——？

Yeah, cash flow.

是的，現金流。

Yeah.

是的。

It seems like you have incremental -- certain tailwinds, especially with some of the pent-up projects.

看起來你有增量的——某些順風車，尤其是一些被壓抑的項目。

Yeah.

是的。

I think maybe a couple of things, in not necessarily particular order.

我想也許有幾件事，不一定是特定的順序。

Sure.

當然。

I think just frankly, the business growth, whether it be the projects or just the base business, absolutely.

坦白說，我認為業務的成長，無論是專案還是基礎業務，都是絕對的。

I think working capital continues to be a huge focal point.

我認為營運資金仍然是一個巨大的焦點。

I think we continue to make great strides in some of the more transactional pieces, accounts payable, accounts receivable.

我認為我們在一些更具交易性的部分、應付帳款、應收帳款方面繼續取得長足進步。

But I think inventory continues to be an opportunity to unlock that, especially given the model that we have.

但我認為庫存仍然是一個解鎖這一點的機會，特別是考慮到我們擁有的模型。

I think a big piece that's probably -- we don't probably talk about it as much, but maybe a touch underappreciated is also the M&A side.

我認為這可能是一個大問題——我們可能不會過多地談論它，但也許併購方面也被低估了。

Generally speaking, the vast majority of M&A that we bring in, it frankly has a much higher working capital profile just because, quite frankly, a lot of them are smaller privately held companies, probably less focused on working capital comparatively speaking to kind of where we are.

一般來說，我們進行的絕大多數併購，坦白說，其營運資本狀況要高得多，因為坦白說，其中許多都是規模較小的私人公司，與其他公司相比，可能不太注重營運資本。

And so as we bring them and integrate in across the full spectrum of working capital, that's generally an opportunity.

因此，當我們將它們引入並整合到整個營運資本領域時，這通常是一個機會。

And then listen, we'll continue to optimize, I'd say, what I'll call more of the blocking and tackling, cash interest opportunity as we look forward, cash taxes, things of that nature.

然後聽著，我們將繼續優化，我會說，我稱之為更多的阻止和解決，我們展望未來的現金利息機會，現金稅，類似性質的事情。

So I think there continue to be a lot of levers.

所以我認為仍然有很多槓桿。

And that being said, I continue to be really pleased with where the teams have operated.

話雖這麼說，我仍然對團隊的運作方式感到非常滿意。

We've been in that 100% free cash flow conversion realm.

我們已經處於 100% 自由現金流轉換領域。

And we will continue to target those levels with some of the opportunities that I mentioned.

我們將繼續利用我提到的一些機會來瞄準這些水平。

Yeah, great.

是的，太棒了。

Thank you.

謝謝。

Nathan Jones, Stifel.

內森瓊斯，斯蒂菲爾。

Good morning, everyone.

大家早安。

(multiple speakers) Just a couple of questions back on the velocity of the MQLs through the funnel.

（多名發言者）僅就 MQL 通過漏斗的速度提出幾個問題。

Vicente, you said, historically, six to eight weeks, and that is materially longer now.

維森特，你說，從歷史上看，需要六到八週，而現在這個時間要長得多。

Is it still getting longer, or has it stabilized?

是還在變長，還是已經穩定了？

Are things getting shorter?

事情變得越來越短了嗎？

And if the major reasons are customer site readiness and insufficient EPC engineering capacity, these things will naturally move through that process over time.

如果主要原因是客戶現場準備和EPC工程能力不足，那麼隨著時間的推移，這些事情自然會經歷這個過程。

Is it really just time that we have to wait for these -- the decision-making to accelerate again, or are there other conditions that need to exist?

我們是否真的需要等待這些決策再次加速，或者是否還需要存在其他條件？

Yeah, no, Nathan, sure, yeah.

是的，不，內森，當然，是的。

I would say that the elongation -- no material change in getting much longer, to be honest.

我想說的是，伸長率——老實說，在變得更長的過程中沒有實質的變化。

But definitely, clearly, it's simply much more above that six- to eight-week conversion rates.

但顯然，它遠高於六到八週的轉換率。

In terms of the additional question, it is just time.

至於附加問題，只是時間問題。

I don't think -- we don't see interest rates to be -- clearly, we never saw as that being the impact for any of this to be kind of the driver.

我不認為——我們不認為利率——顯然，我們從未認為這會成為任何驅動因素的影響。

We made a commentary about here how elections really not the dramatic change.

我們在這裡發表了評論，說明選舉確實沒有帶來巨大的變化。

Could that maybe accelerate as we kind of finalize and get these over with next week?

當我們下週敲定並完成這些工作時，這可能會加速嗎？

Potentially, but not something that we're counting on.

有可能，但不是我們所期待的。

But yeah, it's just mainly time here in this case.

但是，是的，在這種情況下，主要是時間在這裡。

You guys have a little bit more visibility than we're going to have from the outside into those kinds of things.

你們比我們從外部對這類事情的了解要多一些。

Is there an expectation, or do you have intelligence into the markets that would suggest kind of when that MQL lead time might start to shrink and these things might start to move forward?

是否存在預期，或者您是否掌握市場情報，表明 MQL 交貨時間何時可能開始縮短，而這些事情可能開始向前發展？

I mean, I think I'll tell you, Nathan, it varies dramatically country by country, depending on situations and depending on customer projects.

我的意思是，我想我會告訴你，內森，不同國家的情況差異很大，這取決於情況和客戶專案。

So I would say -- do we have intelligence on a lot of the projects and a lot of data?

所以我想說——我們是否擁有大量項目和大量數據的情報？

Yes.

是的。

Are we going to verbalize that externally?

我們要對外表達這一點嗎？

Likely not.

可能不會。

But yes, we do know very well.

但是，是的，我們確實非常了解。

Fair enough.

很公平。

And you made a comment that things are boding well for 4Q organic orders.

您評論說第四季度有機訂單情況良好。

Could you just elaborate on that a little bit?

能詳細說明一下嗎？

Yeah.

是的。

Nathan, I think the comment was -- I think it was positioned in the kind of the math around the book to bill.

內森，我認為這個評論是——我認為它的定位是圍繞著本書的數學計算。

And if you kind of run the math out, now with three quarters behind us and you kind of know all the variables, would it imply kind of something in the maybe low single-digit organic growth realm for orders, that's kind of what the math would imply.

如果你計算一下，現在我們落後了四分之三，你知道所有的變量，這是否意味著訂單有機成長可能處於較低的個位數領域，這就是數學的結果會暗示。

And you'll still kind of be around that one-time book-to-bill.

而且你仍然會遇到一次性的訂單到帳單的情況。

I think to Vicente's point and kind of what you're seeing, like I said, you've seen two quarters of good sequential -- good year-over-year orders, organic orders growth in PST.

我認為，就文森特的觀點和你所看到的情況而言，就像我說的那樣，你已經看到了兩個季度的良好連續性——良好的同比訂單，太平洋標準時間的有機訂單增長。

You did see ITS return back to positive organic realm in Q3.

您確實看到 ITS 在第三季度恢復到積極的有機狀態。

So again, what we'll say is the leading indicator, the general market, continues to remain relatively stable and relatively healthy.

再說一次，我們要說的是領先指標，也就是整體市場，繼續保持相對穩定和相對健康。

So we're encouraged kind of as we kind of move here into the fourth quarter.

因此，當我們進入第四季度時，我們感到受到鼓舞。

Thanks very much for taking my questions.

非常感謝您回答我的問題。

Thank you, Nathan.

謝謝你，內森。

There are no further questions at this time.

目前沒有其他問題。

I'd like to hand the call back to Vicente Reynal for closing remarks.

我想將電話轉回給文森特·雷納爾 (Vicente Reynal)，讓其致閉幕詞。

Yeah, thank you.

是的，謝謝。

I'll say my last remark will be, again, a big thank you to our teams for another great quarter.

我要說的是，我的最後一句話將再次感謝我們的團隊又一個出色的季度。

And the fact that our economic engine is working very well to deliver very good results even despite macroeconomic environment, it's very exciting to see.

事實上，儘管宏觀經濟環境不佳，我們的經濟引擎仍運作良好，並且取得了很好的成果，這是非常令人興奮的。

So again, thanks, everyone, for the interest, and look forward to speaking with you any time soon.

再次感謝大家的關注，並期待很快與您交談。

Thank you.

謝謝。

That does conclude our conference for today.

我們今天的會議到此結束。

Thank you for participating.

感謝您的參與。

You may now all disconnect.

你們現在可以斷開連結了。