ITT Inc (ITT) 2024 Q2 法說會逐字稿

Welcome to ITT's 2024 second-quarter 2024 earnings conference call. Today is Thursday, August 1, 2024. Today's call is being recorded and will be available for replay beginning at 12:00 PM Eastern. (Operator Instructions) It is now my pleasure to turn the floor over to Mark Macaluso, Vice President, Investor Relations and Global Communications. You may begin.

歡迎參加 ITT 2024 年第二季財報電話會議。今天是 2024 年 8 月 1 日，星期四。今天的通話正在錄音中，並將於東部時間中午 12:00 開始重播。（操作員說明）現在我很高興將發言權交給投資人關係和全球傳播副總裁 Mark Macaluso。你可以開始了。

Thank you, Amy, and good morning. Joining me this morning from Stamford are Luca Savi, Chief Executive Officer and President; and Emmanuel Caprais, Chief Financial Officer. Today's call will provide these financial results for the three-month period ending June 29, 2024, which we announced this morning.

謝謝你，艾米，早安。今天早上從斯坦福與我一起來的有首席執行官兼總裁盧卡·薩維 (Luca Savi)；和財務長 Emmanuel Caprais。今天的電話會議將提供我們今天早上宣布的截至 2024 年 6 月 29 日的三個月期間的財務表現。

Before we begin, please refer to slide 2 of today's presentation where we note that today's comments include forward-looking statements that are based on our current expectations. Actual results may differ materially due to several risks and uncertainties, including those described in our 2023 annual report on Form 10-K and other recent SEC filings.

在開始之前，請參閱今天簡報的第二張投影片，我們注意到今天的評論包括基於我們目前預期的前瞻性陳述。由於多種風險和不確定性，包括我們 2023 年年度報告 10-K 表格和其他最近向 SEC 提交的文件中描述的風險和不確定性，實際結果可能會存在重大差異。

Except for otherwise noted, the second-quarter results we presented this morning will be compared to the second quarter of 2023 and include certain non-GAAP financial measures. The reconciliation of such measures to most comparable GAAP figures are detailed in our press release and the appendix of our presentation, both of which are available on our website. With that, it's now my pleasure to turn the call over to Luca, who will begin on slide 3.

除非另有說明，我們今天早上公佈的第二季業績將與 2023 年第二季進行比較，並包括某些非 GAAP 財務指標。我們的新聞稿和簡報附錄中詳細介紹了這些指標與大多數可比較公認會計準則資料的協調情況，兩者均可在我們的網站上找到。現在，我很高興將電話轉給 Luca，他將從幻燈片 3 開始。

Thank you, Mark, and good morning. I would like to begin by thanking all ITTers for an exceptional performance, again, in the second quarter and our stakeholders for their ongoing support of ITT. The second quarter was a milestone for ITT, aligned with our strategic priorities of operational and financial performance and effective capital deployment. This quarter, we won significant commercial awards, continue to deliver margin expansion, utilize our strong balance sheet to return capital to shareholders, and took steps to reshape the ITT portfolio towards higher growth and higher-margin businesses.

謝謝你，馬克，早安。首先，我要再次感謝所有 ITT 員工在第二季的優異表現，以及我們的利害關係人對 ITT 的持續支持。第二季對 ITT 來說是一個里程碑，與我們營運和財務績效以及有效資本部署的策略重點一致。本季度，我們贏得了重要的商業獎項，繼續實現利潤率擴張，利用我們強大的資產負債表向股東返還資本，並採取措施重塑ITT 投資組合，以實現更高增長和更高利潤率的業務。

Let's start with few highlights on Q2. We continue to grow and expand margin in our core businesses with several record achievements. We won significant new awards in Friction, KONI, industrial connectors, and in Svanehøj, our latest acquisition. We expanded our backlog and further solidified our long-term growth trajectory.

讓我們從第二季的一些亮點開始。我們繼續發展和擴大核心業務的利潤，並取得了多項創紀錄的成就。我們在 Friction、KONI、工業連接器以及我們最新收購的 Svanehäj 領域贏得了重要的新獎項。我們擴大了積壓訂單，並進一步鞏固了我們的長期成長軌跡。

We generated above-market topline growth with strong performances in aerospace and defense, Friction and short-cycle flow. We drove significant margin expansion at Motion Technologies and CCT as both reached margin levels close to 19% in this quarter. Collectively, we dropped 12% adjusted EPS growth to a new quarterly EPS record of $1.49 whilst driving a significant acceleration in free cash flow.

我們在航空航太和國防、摩擦和短週期流動領域表現強勁，實現了高於市場水平的營收成長。我們推動 Motion Technologies 和 CCT 的利潤率大幅成長，本季兩者的利潤率水平均接近 19%。總體而言，我們將調整後每股盈餘成長率下降了 12%，達到新的季度每股盈餘記錄 1.49 美元，同時推動自由現金流顯著加速。

Before we get into the details, I want to pause and acknowledge that at ITT level, on a like-for-like basis, we have now surpassed our long-term margin target in aggregate two years ahead of the 2026 target date. Now, let's get into the details.

在我們討論細節之前，我想暫停一下並承認，在 ITT 層面，在同類基礎上，我們現在已經比 2026 年目標日期提前兩年總計超過了長期利潤率目標。現在，讓我們詳細了解一下。

On revenue, we grew 9%, driven by higher volumes across all segments and helped by the acquisition of Svanehøj, which contributed 4 points of growth. CCT grew double digits organically, driven by industrial connectors and aero and defense components. Connectors grew 14% and 5% sequentially to a new record quarterly revenue, another strong quarter for connectors. Well done [ours] and team.

在營收方面，我們成長了 9%，這得益於所有細分市場銷量的成長以及收購 Svanehäj 的推動，後者貢獻了 4 個百分點的成長。在工業連接器以及航空和國防組件的推動下，CCT 有機增長了兩位數。連接器季度收入環比增長 14% 和 5%，創下新紀錄，這是連接器另一個強勁的季度。[我們的]和團隊做得很好。

Motion Technologies grew 6% organically. Friction OE outperformed by over 600 basis points. And in China, the outperformance was nearly 900 basis points. We expect this will continue in the future as we executed 40 start-up production this quarter in China and nearly 100 SOPs in just the first half.

Motion Technologies 有機成長 6%。摩擦 OE 的表現優於 600 個基點以上。而在中國，表現優於近 900 個基點。我們預計這種情況將在未來繼續下去，因為本季度我們在中國執行了 40 個啟動生產，並且僅在上半年就執行了近 100 個 SOP。

On margin, we delivered a 100-basis point expansion to 18%. IP was again above its long-term target of 20%, and it was up 20 basis points sequentially. MT expanded margin 280 basis points and 60 basis points sequentially.

在保證金方面，我們實現了 100 個基點的擴張，達到 18%。IP 再次高於 20% 的長期目標，季增 20 個基點。MT 連續擴大利潤率 280 個基點和 60 個基點。

This year, we continue to drive an exceptional recovery MT margin led by Friction and KONI, which will put us above the 18% pressure for 2024. This is a testament to the relentless drive to generate productivity and value for our products and services. And finally, CCT is also rapidly approaching 19% margin, driven by volume and price. Included in this was a 300-basis point improvement in connector margin with 42% incrementals.

今年，我們繼續推動在 Friction 和 KONI 的帶領下實現 MT 利潤率的非凡復甦，這將使我們超越 2024 年 18% 的壓力。這證明了我們不懈地努力為我們的產品和服務創造生產力和價值。最後，在數量和價格的推動下，CCT 的利潤率也迅速接近 19%。其中包括連接器利潤率提高了 300 個基點，增量為 42%。

Moving to capital deployment and the ITT portfolio. Today, we announced the signing of an agreement to acquire interconnect solutions provider, kSARIA, for approximately $475 million, whilst also having completed the divestiture of automotive supplier Walgreens, which closed in July. These transactions are the foundation of our portfolio reshaping strategy.

轉向資本部署和 ITT 投資組合。今天，我們宣布簽署協議，以約 4.75 億美元收購互連解決方案提供商 kSARIA，同時也完成了對汽車供應商 Walgreens 的剝離，該剝離已於 7 月完成。這些交易是我們投資組合重塑策略的基礎。

With kSARIA, ITT acquired a leading provider of customized mission-critical connectivity solutions for defense and aerospace. kSARIA will expand ITT's exposure to defense interconnect products with sole source position on leading platforms, high customer intimacy, and expertise in harsh environment applications. I'll discuss this acquisition more in a moment.

透過 kSARIA，ITT 收購了一家為國防和航空航太領域提供客製化關鍵任務連接解決方案的領先供應商。 kSARIA 將憑藉領先平台上的唯一來源地位、高度的客戶親密度以及惡劣環境應用方面的專業知識，擴大 ITT 在國防互連產品領域的業務。我稍後將詳細討論這項收購。

The Wolverine transaction follows two other non-core divestitures executed last year. This will allow us to structurally shift ITT's portfolio to higher growth, higher-margin businesses inflow and connectors. As a result of this reshaping, automotive will only represent 30% of the total ITT portfolio, and this is Friction, our highly differentiated, unique and high-margin braking business.

Wolverine 交易是繼去年執行的另外兩個非核心資產剝離之後進行的。這將使我們能夠從結構上將 ITT 的投資組合轉向更高成長、更高利潤的業務流入和連接器。此次重組的結果是，汽車業務將僅佔 ITT 整個產品組合的 30%，而這就是摩擦業務，我們高度差異化、獨特且高利潤的煞車業務。

Back to our results. Given the strong performance in Q2, we are sticking to our full-year guidance commitment despite a loss of roughly $0.15 of income from the Wolverine divestiture. I continue to be humbled by the dedication our teams show each day to deliver these results for our customers and for our shareholders.

回到我們的結果。鑑於第二季的強勁表現，儘管 Wolverine 剝離導致收入損失約 0.15 美元，但我們仍堅持全年指導承諾。我仍然對我們的團隊每天為我們的客戶和股東交付這些成果所表現出的奉獻精神感到謙卑。

This quarter, our teams also secured several exciting commercial awards, demonstrating once again ITT's differentiation. In CCT, connector distribution orders were up 13%, a second consecutive quarter of profitable growth. On the OE side, we are in the final stages of DoD approval for Nett Warrior, a critical soldier war communications system. We already secured connector content for this application to provide critical situational awareness in combat operations. This is one more example of the growing defense modernization macro trend we're exposed to reinforced by the acquisition of kSARIA.

本季度，我們的團隊還獲得了多個令人興奮的商業獎項，再次證明了 ITT 的與眾不同。在 CCT 領域，連接器分銷訂單成長 13%，連續第二季實現獲利成長。在操作設備方面，我們正處於國防部批准 Nett Warrior（重要的士兵戰爭通訊系統）的最後階段。我們已經為此應用程式保護了連接器內容，以在戰鬥行動中提供關鍵態勢感知。這是國防現代化宏觀趨勢不斷增長的又一個例子，我們所面臨的收購 kSARIA 進一步強化了這一趨勢。

Moving to MT. Friction has already won nearly 60% of our full year expected awards, and also in China, the team surpassed 60% of its full year target, well done [Cheryl] and team China. We are also taking steps to penetrate India, where we have no manufacturing presence, but recently won a third platform with a leading local OEM.

轉移到MT。Friction已經贏得了我們全年預期獎項的近60%，而且在中國，該團隊也超過了全年目標的60%，幹得好[Cheryl]和中國團隊。我們也正在採取措施滲透印度，我們在印度沒有製造業務，但最近與當地一家領先的原始設備製造商贏得了第三個平台。

In IP, orders were up slightly due to Svanehøj despite a tough compare from large decarbonization awards in Q2, 2023. Legacy pump project orders continue at elevated levels, and they're up 9% sequentially. Our project funnel was up again in Q2, driven in part by green projects, which continue to be strong.

在 IP 領域，儘管與 2023 年第二季的大型脫碳獎相比存在困難，但由於 Svanehäj，訂單仍略有增加。傳統泵浦項目訂單持續保持較高水平，環比增長 9%。我們的專案漏斗在第二季度再次上升，部分原因是綠色專案持續強勁。

In June, I was fortunate to be in Bornemann Germany with team, and together, we review our progress on green market penetration. Decarbonization is a large opportunity for Bornimer as we deploy our multiphase pump technology building on previous wins with major energy customers.

六月，我有幸與團隊一起來到德國博爾內曼，一起回顧我們在綠色市場滲透方面的進展。脫碳對 Bornimer 來說是一個巨大的機遇，因為我們在先前與主要能源客戶的合作基礎上部署了我們的多相泵浦技術。

To summarize, at the ITT level, this quarter we won over $900 million of orders and we delivered a book-to-bill of 1.03. This is -- thanks in part to Svanehøj.

總而言之，在 ITT 層面，本季我們贏得了超過 9 億美元的訂單，訂單出貨比為 1.03。這在一定程度上要歸功於 Svanehäj。

So let's move to slide 4 to talk more about Svanehøj and two exciting commercial awards that further support our long-term growth trajectory. As we shared previously, the Svanehøj acquisition bolsters our leadership in the green energy transition. This quarter, Svanehøj delivered strong growth once again with orders up nearly 40%.

因此，讓我們轉到幻燈片 4，更多地討論 Svanehäj 和兩個令人興奮的商業獎項，這些獎項進一步支持我們的長期成長軌跡。正如我們之前分享的，收購 Svanehäj 鞏固了我們在綠色能源轉型方面的領導地位。本季度，Svanehäj 再次強勁成長，訂單成長近 40%。

Svanehøj cryogenic deep well fuel pumps were selected for eight bulk cargo for a major European shipping company. These are the first commercial merchant vessels designed to use ammonia. Today, this type of vessel is powered by crude oil mixture. However, Svanehøj pump will future prove the vessels in anticipation of transitioning to lower carbon fuels.

歐洲一家大型航運公司為八件散裝貨物選擇了 Svanehäj 低溫深井燃油泵。這些是第一批設計使用氨的商業商船。如今，這種類型的船舶由原油混合物提供動力。然而，Svanehĸj 泵浦未來將證明船舶有望過渡到低碳燃料。

Svanehøj is leading the way for ammonia pumps on commercial vessels like this. Additionally, Svanehøj will provide cargo pump systems for four liquefied CO2 carriers serving the Northern Lights carbon capture project in Norway. This project is a major element of Europe's climate solution and decarbonization efforts. The carriers will transport carbon capture from industrial emitters to a terminal before the CO2 is pumped more than 1 mile beneath the North Sea. Svanehøj has also won awards on liquefied CO2 carriers elsewhere in the world, including in China.

Svanehäj 在此類商用船舶上的氨泵方面處於領先地位。此外，Svanehäj 也將為挪威北極光碳捕獲計畫的四艘液化二氧化碳運輸船提供貨泵系統。該項目是歐洲氣候解決方案和脫碳努力的重要組成部分。這些運輸船將從工業排放源捕獲的碳運送到終端，然後將二氧化碳泵送到北海下方超過 1 英里的地方。Svanehĸj 也在世界其他地方（包括中國）贏得了液化二氧化碳運輸船獎項。

In May, I spent time with (inaudible) and team in Aalborg, Denmark. After reviewing these projects together, it is exciting to see how we have built such deep trust with customers through technical expertise, flawless execution and rapid response. The team has an incredible command of the business' growth drivers and the analytics around predicting aftermarket. Svanehøj is poised to become the platform for growth we envisioned at the onset of the deal.

五月，我與（聽不清楚）和團隊一起在丹麥奧爾堡度過了時光。一起審查這些項目後，令人興奮的是我們如何透過技術專業知識、完美的執行和快速回應與客戶建立瞭如此深厚的信任。該團隊對業務成長驅動力和售後市場預測分析有著令人難以置信的掌握。Svanehäj 準備成為我們在交易開始時設想的成長平台。

Now let's turn to page 5 to discuss ITT's strategic portfolio reshaping and capital allocation. On the M&A front, we have been working to shift our business to higher growth and higher margin segments where we can deliver more value. This began in 2022 with the acquisition of Habonim, which grew our [bulk] portfolio by nearly 50%. The result from the acquisition exceeded our expectations from day one.

現在讓我們翻到第5頁來討論ITT的策略性投資組合重塑和資本配置。在併購方面，我們一直致力於將業務轉向更高成長和更高利潤率的領域，從而創造更多價值。這始於 2022 年收購 Habonim，這使我們的[批量]投資組合增長了近 50%。收購的結果從第一天起就超出了我們的預期。

In 2023, we acquired Micro-Mode, to expand our portfolio of Hermetic and RF connectors, while divesting to noncore businesses and CCT to hone our focus on the core connector business. Finally, we acquired cryogenic pump manufacturer, Svanehøj, at the beginning of 2024, which added a complementary portfolio of highly engineered marine flow products for the clean energy transition. And today, we announced an agreement to acquire kSARIA.

2023年，我們收購了Micro-Mode，以擴大我們的密封和射頻連接器產品組合，同時剝離非核心業務和CCT，以專注於核心連接器業務。最後，我們在 2024 年初收購了低溫泵製造商 Svanehäj，這為清潔能源轉型增加了高度工程化的海洋流量產品的補充產品組合。今天，我們宣布達成收購 kSARIA 的協議。

kSARIA's interconnect solutions support applications for avionics, sensors, communications, and networking on marquee platforms with defense prime contractors and aerospace OEMs. The company's capabilities in customized interconnect solutions had led to content on key platforms and long-standing relationships with blue chip defense customers. There is a lot to like about this business.

kSARIA 的互連解決方案支援國防主承包商和航空航太原始設備製造商在大型平台上的航空電子設備、感測器、通訊和網路應用。該公司在客製化互連解決方案方面的能力導致了關鍵平台上的內容以及與藍籌國防客戶的長期合作關係。這項業務有很多值得喜歡的地方。

First, kSARIA's growth outlook is supported by leading positions on a wide range of sought after A&D programs, of which roughly 70% are sold or primary source positions. The company operates primarily in nearly $7 billion North American cable assembly defense market that is expected to grow at a high single-digit CAGR through 2028.

首先，kSARIA 的成長前景得到了一系列備受追捧的 A&D 計畫的領先地位的支持，其中約 70% 是已出售或主要來源的職位。該公司主要在價值近 70 億美元的北美電纜組件國防市場開展業務，預計到 2028 年該市場將以高單位數複合年增長率成長。

Second, kSARIA is also a leader in harsh environment cabling application, and we benefit from the shift to fiber. In addition, macro tailwinds related to the rising global defense budget and rapid modernization of defense systems are expected to drive demand for kSARIA's solutions. Third, the company has grown revenue over 20% on average over the past seven years at attractive EBITDA margins, which we believe we can enhance further as part of ITT.

其次，kSARIA 也是惡劣環境佈線應用領域的領導者，我們從向光纖的轉變中受益。此外，與全球國防預算不斷增長和國防系統快速現代化相關的宏觀利好預計將推動對 kSARIA 解決方案的需求。第三，在過去七年裡，該公司的營收平均成長超過 20%，EBITDA 利潤率頗具吸引力，我們相信，作為 IT​​T 的一部分，我們可以進一步提高這個水準。

Finally, we anticipate realizing commercial synergies from a combined ITT Cannon and kSARIA go-to-market solution that will drive further market share gains. Beyond kSARIA, we continue to cultivate a rich actionable pipeline of targets, inflow, and connectors, while also putting the balance sheet to work on other capital deployment priorities. In fact, in Q2, we repurchased $79 million of ITT shares and paid down nearly $40 million of debt. Thanks to the strong cash generation.

最後，我們預期 ITT Cannon 和 kSARIA 上市解決方案的結合將實現商業協同效應，從而進一步推動市場份額的成長。除了 kSARIA 之外，我們還繼續培育豐富的可操作的目標、資金流入和連接管道，同時將資產負債表用於其他資本部署優先事項。事實上，在第二季度，我們回購了 7,900 萬美元的 ITT 股票，並償還了近 4,000 萬美元的債務。得益於強勁的現金產生能力。

In summary, the organic growth and margin expansion generated in Q2 and the portfolio shift we executed will continue to enhance value for our shareholders. Now, let me turn the call over to Emmanuel to discuss our results in more detail.

總而言之，第二季產生的有機成長和利潤率擴張以及我們執行的投資組合轉變將繼續為股東提高價值。現在，讓我將電話轉給伊曼紐爾，更詳細地討論我們的結果。

Thank you, Luca, and good morning. Let's start with revenue. Volume drove most of the growth this quarter with roughly 1 point of price led by CCT and IP. In CCT, industrial connectors were up nearly 40% largely driven by distribution. Aerospace and defense components were up 10% as the CCT team drove improvements in supply chain and productivity. However, we're starting to see a slight slowdown in commercial original equipment demand from Boeing, whereas aftermarket activity continues to be very strong.

謝謝你，盧卡，早安。讓我們從收入開始。成交量推動了本季的大部分成長，其中 CCT 和 IP 帶動了價格約 1 個百分點。在 CCT 中，工業連接器上漲了近 40%，主要是由分銷推動的。隨著 CCT 團隊推動供應鏈和生產力的改進，航空航太和國防零件增加了 10%。然而，我們開始看到波音的商業原始設備需求略有放緩，而售後市場活動仍然非常強勁。

In MT, rail grew 11% on share gains, especially in China and Eastern Europe, while Friction OE grew 5% with over 600 basis points of outperformance versus global auto production. Finally, Friction’s aftermarket was up 6%, building on the growth in Q1. In IP, short-cycle revenue grew 4%, bolstered by strong baseline parts and service, while pump projects were roughly flat.

在多輪運輸中，鐵路的份額增加了 11%，尤其是在中國和東歐，而摩擦原件增加了 5%，比全球汽車產量高出了 600 個基點。最後，Friction 的售後市場在第一季成長的基礎上成長了 6%。在 IP 領域，由於強勁的基準零件和服務，短週期收入增長了 4%，而泵浦項目則大致持平。

On profitability, margin expansion was primarily driven by higher volume and productivity, particularly in MT, resulting in 86% incremental margin. CCT made significant progress on pricing this quarter and nearly reached 19% margin.

在獲利能力方面，利潤率擴張主要是由產量和生產率的提高所推動的，特別是在機器翻譯領域，利潤率增量達到 86%。CCT 本季在定價方面取得了重大進展，利潤率接近 19%。

Finally, IP again exceeded 20% margin, overcoming the 270-basis-point impact from the Svanehøj acquisition, which implies a legacy IP margin above 23%. At ITT level, excluding the Svanehøj dilution, adjusted incremental margin for the quarter was approximately 55%. We drove 50 basis points of productivity and 180 basis points of operating leverage, which more than offset 60 basis points of labor inflation and a 70-basis-point gain on a product line sale in the prior year.

最後，IP 利潤率再次超過 20%，克服了收購 Svanehäj 帶來的 270 個基點的影響，這意味著傳統 IP 利潤率高於 23%。在 ITT 層面，不包括 Svanehaj 稀釋，本季調整後的增量利潤率約為 55%。我們的生產力提高了 50 個基點，營運槓桿提高了 180 個基點，這遠遠抵消了上一年 60 個基點的勞動力通膨和產品線銷售 70 個基點的成長。

On earnings, higher interest expense related to the acquisition of Svanehøj, and a higher adjusted effective tax rate was more than offset by volume and margin expansion. Finally, we grew free cash flow 9% year to date, driven by higher net income and improved inventory management.

在收益方面，與收購 Svanehäj 相關的較高利息支出以及較高的調整後有效稅率被銷售和利潤率擴張所抵消。最後，在淨利潤增加和庫存管理改善的推動下，我們的自由現金流今年迄今成長了 9%。

Working capital was a source of cash, driven by significant inventory reductions in IP and CCT. We expect to continue this momentum on a path to approximately $455 million for the full year. As for the Wolverine divestiture, we're deploying the cash proceeds to pay down debt. All in, Q2 strong results give us confidence in achieving our outlook in the second half, even considering the impact of the Wolverine divestiture.

在 IP 和 CCT 庫存大幅減少的推動下，營運資金成為現金來源。我們預計全年將繼續保持這一勢頭，銷售額達到約 4.55 億美元。至於金鋼狼資產剝離，我們正在利用現金收益來償還債務。總而言之，即使考慮到 Wolverine 資產剝離的影響，第二季的強勁業績也讓我們對下半年的前景充滿信心。

Let's turn to the adjusted EPS bridge on slide 7. I just want to make a few points on this slide. Volume and price drove an incremental $0.22 of earnings, while net productivity contributed $0.05. This is a dynamic we have seen for several consecutive quarters and speaks to the quality of the results.

讓我們轉向幻燈片 7 上調整後的 EPS 橋接器。我只想在這張投影片上指出幾點。銷量和價格推動收益增量 0.22 美元，而淨生產力貢獻 0.05 美元。這是我們連續幾個季度看到的動態，說明了結果的品質。

We also realized a $0.03 benefit from M&A. This performance allowed us to overcome $0.03 of dilution from temporary acquisition amortization and $0.06 for the prior year gain on sale. Wrapping up the bridge, higher interest expense, foreign currency, a higher adjusted tax rate, net of a lower share count amounted to $0.05 headwind this quarter.

我們也從併購中獲得了 0.03 美元的收益。這項業績使我們能夠克服臨時收購攤銷帶來的 0.03 美元稀釋和上一年銷售收益 0.06 美元的影響。結束橋樑，更高的利息支出、外匯、更高的調整稅率，扣除較少的股票數量，本季的阻力為 0.05 美元。

Let's move to slide 8 to discuss our 2024 guidance. We are sticking to our full year revenue, operating margin, EPS, and free cash flow guidance after our strong results in the first half. We expect to overcome the impact from the Wolverine divestiture, which is a testament to the resilience of the ITT team. We expect revenue growth to be driven by continued outperformance in Friction OE, aftermarket, IP projects and short cycle and a continued recovery in industrial connectors.

讓我們轉到幻燈片 8 來討論我們的 2024 年指導。在上半年取得強勁業績後，我們將堅持全年營收、營業利潤率、每股盈餘和自由現金流指引。我們期望克服 Wolverine 剝離的影響，這證明了 ITT 團隊的韌性。我們預計收入成長將由摩擦原件、售後市場、IP 項目的持續出色表現以及工業連接器的短週期和持續復甦推動。

On operating margin, we expect a continued sequential increase in MT and CCT or IP is expected to remain above 20%. Lastly, we expect a strong second-half cash performance, mainly due to further improvements in working capital.

在營業利潤方面，我們預計 MT 和 CCT 或 IP 預計將持續較上季成長，維持在 20% 以上。最後，我們預計下半年現金表現將強勁，這主要是由於營運資金的進一步改善。

And so quicky at the full year EPS bridge. As you can see, we are sticking to our full year commitments. Our EPS excluding the Wolverine divestiture is improving, given the strong first half performance and our expectation for a strong back half. In essence, for our ongoing operations, we are raising our EPS midpoint. This is in addition to the $0.10 raise in the first quarter. This is a testament to the strength of the core portfolio and our ability to execute.

全年 EPS 橋的速度如此之快。正如您所看到的，我們正在履行全年承諾。鑑於上半年的強勁表現以及我們對下半年強勁的預期，我們的每股盈餘（不包括金鋼狼資產剝離）正在改善。從本質上講，對於我們正在進行的運營，我們正在提高每股收益中點。這還不包括第一季 0.10 美元的上漲。這證明了核心產品組合的實力和我們的執行能力。

Before I hand it back to Luca, I wanted to briefly discuss our outlook for the third quarter. We expect organic revenue growth will be in the mid-single-digit range across all segments and margins should be roughly in line with Q2. As a result, we expect EPS growth to be in the low-single-digit range including the impact of the Wolverine divestiture. This does not include the impact of the kSARIA acquisition, which is expected to close later in Q2. Let me turn the call back to Luca on slide 10 to wrap up.

在我將其交還給盧卡之前，我想簡要討論一下我們對第三季的展望。我們預計所有細分市場的有機收入成長將在中個位數範圍內，利潤率應與第二季大致一致。因此，我們預期每股盈餘成長將在低個位數範圍內，包括 Wolverine 剝離的影響。這不包括 kSARIA 收購的影響，該收購預計將在第二季稍後完成。讓我把電話轉回幻燈片 10 上的 Luca 來結束。

Thank you, Emmanuel. As you can see, it was a very busy and exciting time at ITT, up until Tuesday night when we signed kSARIA. Now before moving to Q&A, a few points. In Q2, we grew our core and continue to outperform in many end markets.

謝謝你，伊曼紐。正如您所看到的，直到週二晚上我們簽署 kSARIA 為止，ITT 度過了一段非常忙碌和激動人心的時光。在進行問答之前，先說幾點。第二季度，我們發展了核心業務，並在許多終端市場繼續表現出色。

We achieved our long-term ITT margin target with MT and CCT approaching 19% and IP above 20%, two years ahead of the target date. We deploy capital to grow our business and drive greater value creation and we are reshaping ITT's portfolio to higher-margin and higher-growth businesses. As always, I would like to thank each of you for joining today's call. We appreciate your continued support and interest. Amy, please open the line for Q&A.

我們實現了長期 ITT 利潤率目標，MT 和 CCT 接近 19%，IP 超過 20%，比目標日期提早兩年。我們部署資本來發展我們的業務並推動更大的價值創造，我們正在重塑 ITT 的投資組合，以實現更高利潤和更高成長的業務。像往常一樣，我要感謝大家參加今天的電話會議。我們感謝您持續的支持與關注。艾米，請打開問答線。

(Operator Instructions) Damian Karas, UBS.

（操作員說明）Damian Karas，UBS。

Hey, good morning, everyone. Congrats on the transactions. Yeah, so maybe we can open up with the kSARIA deal. I would love to hear, Luca, how you see that fitting in with the existing A&D interconnection business? And are they already up to your standards? Or is that going to require some conversion to the ITT way?

嘿，大家早安。恭喜交易成功。是的，所以也許我們可以開啟 kSARIA 協定。Luca，我很想聽聽您如何看待這與現有的 A&D 互連業務的契合度？它們已經達到您的標準了嗎？或者這需要向 ITT 方式進行一些轉換？

And maybe just Emmanuel, if you wouldn't mind just helping to unpack the financial impacts on an annualized basis. I know you kind of gave the $0.15 dilution from the Wolverine sale this year. But like what's a good way to think about on a full year top line down to the EPS impact from the two transactions.

也許只有伊曼紐爾，如果你不介意幫忙解開年度財務影響的話。我知道今年你從 Wolverine 的銷售中稀釋了 0.15 美元。但是，就像思考全年營收以及兩筆交易對每股盈餘的影響的好方法一樣。

Okay. Thanks, Damian. So when we look at the rationale of kSARIA. So definitely, it's aligned with the growing trends. kSARIA is a leader in the fiber cable application with defense prime contractors. We really like the sole-source position that they gain through the intimacy that they've got with the customer, intimacy that comes from flawless execution as well as the fact that they could develop solutions with the customers.

好的。謝謝，達米安。所以當我們看看 kSARIA 的基本原理。毫無疑問，它符合不斷增長的趨勢。 kSARIA 是國防主承包商光纖電纜應用領域的領導者。我們非常喜歡他們透過與客戶建立的親密關係而獲得的唯一來源地位，這種親密關係來自於完美的執行以及他們可以與客戶一起開發解決方案這一事實。

There is a lot of complementarity between the Cannon product and kSARIA. You go to their plants, you see the kSARIA, fiber cabling and the cabling and connectors at the end, our connectors and the competitors' connectors. And in many cases also, Damian, we receive -- we have opportunity to bid for cable assembly operation and not always we are able to follow through.

Cannon 產品和 kSARIA 之間有很多互補性。你去他們的工廠，你會看到 kSARIA、光纖佈線以及最後的佈線和連接器、我們的連接器和競爭對手的連接器。在很多情況下，達米安，我們收到 - 我們有機會競標電纜組裝業務，但並不總是我們能夠堅持到底。

So kSARIA together with Cannon, actually Cannon will be very synergistic. It is really a great strategic fit when you look at the M&A priorities and the shifting of the portfolio for higher growth, higher market businesses.

所以kSARIA和Cannon一起，實際上Cannon會非常協同。當你考慮併購優先事項以及投資組合向更高成長、更高市場業務的轉變時，這確實是一個很好的策略契合。

When it comes to the app standards, the plants are very well run. I was able to visit two of their plants, meet a very competent management team. And Tony and Mike have been able to run those plants and the business very well indeed. Emmanuel?

就應用程式標準而言，這些工廠運作得非常好。我參觀了他們的兩家工廠，見到了非常有能力的管理團隊。托尼和麥克確實能夠很好地運營這些工廠和業務。以馬內利？

And then from a financial standpoint, just to give a little bit of context, Damian. So this is a business that since 2017 has grown on average 27% in terms of top line. They expect to have a 2024 year to be also really strong. They expect a book-to-bill largely above one.

然後從財務角度來看，只是提供一些背景信息，達米安。因此，自 2017 年以來，這項業務的收入平均成長了 27%。他們預計 2024 年也會非常強勁。他們預計訂單出貨比將大幅高於1。

And so for 2024, the expectation in terms of revenue is around $190 million with an EBITDA of around 18%. So this will be from a financial standpoint, something that is similar to the profile of Svanehøj with a large growth and an EBITDA around 20%.

因此，2024 年的營收預期約為 1.9 億美元，EBITDA 約為 18%。因此，從財務角度來看，這與 Svanehĸj 的概況類似，具有大幅成長和 EBITDA 約 20%。

Then if you look at what's happening in the year with all those transactions. So obviously, the first kSARIA, there's no financial impact right now in our guidance. We have to close the deal, and the deal will be closed by the end of September.

然後，如果你看看這一年所有這些交易發生了什麼。顯然，第一個 kSARIA 目前在我們的指導中沒有財務影響。我們必須完成交易，交易將在九月底完成。

Second, if you think about Wolverine, so we talked about the $0.15 EPS impact for the second half, and you can annualize that. That's pretty much the impact that you're going to get. And then the -- what it means for us? So if you look at our 2024 guidance, so mostly driven by volume, price, and productivity.

其次，如果你考慮金鋼狼，我們討論了下半年每股收益 0.15 美元的影響，你可以將其年化。這幾乎就是您將獲得的影響。然後——這對我們意味著什麼？因此，如果你看看我們的 2024 年指導，那麼主要是由銷售、價格和生產力驅動的。

And so, because we were able to really drive those items and aided a little bit by lower commodity costs, we are able to maintain the full year guidance for 2024 despite the negative impact that we're going to have in the second half.

因此，由於我們能夠真正推動這些項目的發展，並在商品成本降低的幫助下，我們能夠維持 2024 年全年指導，儘管我們將在下半年產生負面影響。

Okay. That's really helpful. Thanks for all that. And then maybe I could just ask you guys about MT and Friction seem to be seeing good growth momentum there. Orders up 5%, and that's on a tougher comp from last year. So bucking some of the broader auto market trends. Could you just maybe like take us a little bit of a walk around the globe, what you're seeing there, how you're feeling about the rest of the year and what that business looks like heading into 2025. Thanks.

好的。這真的很有幫助。感謝這一切。然後也許我可以向你們詢問有關 MT 的情況，摩擦似乎在那裡看到了良好的增長勢頭。訂單量增加了 5%，與去年相比，情況更加嚴峻。因此，與一些更廣泛的汽車市場趨勢相反。您能否帶我們在全球各地走一走，看看您在那裡看到了什麼，您對今年剩餘時間的感受如何，以及進入 2025 年該業務的情況如何。謝謝。

Sure. Damian, let me talk about 2024. As you can see, the market in 2024 probably is going to be a little bit worse than what people were projecting one month ago -- one quarter ago. The production will probably be around 89 million vehicles. People were forecasting about 90 million vehicles last quarter.

當然。達米安，讓我談談 2024 年。正如您所看到的，2024 年的市場可能會比人們一個月前（一個季度前）的預測稍差一些。產量可能約 8900 萬輛。人們預計上季汽車保有量約為 9,000 萬輛。

That difference is mainly because of Europe. Europe production is down probably more, having said that, we continue to outperform. And it's fair to say that probably our outperformance for the year is going to be better than what we forecasted one quarter ago. So our focus for Friction performance has not changed.

這種差異主要是因為歐洲。話雖如此，歐洲產量下降的幅度可能更大，但我們的表現仍然優於大盤。公平地說，我們今年的優異表現可能會比我們一個季度前的預測更好。所以我們對摩擦性能的關注點沒有改變。

Look at the performance year to date, despite the fact that Europe declined year to date 3.5%, we grew. And we outperformed by 550 basis points. In China, the performance was more year-to-date than 1,600 basis points and so also outperformance in North America. So why is the market probably a little bit worse, Friction performance, we are sticking with that and the outperformance will be higher than expected.

看看今年迄今的表現，儘管歐洲今年迄今下降了 3.5%，但我們還是實現了成長。我們的表現超越了 550 個基點。年初至今，中國的表現超過 1,600 個基點，北美的表現也同樣出色。那麼為什麼市場可能會有點差，摩擦性能，我們堅持這一點，表現將高於預期。

In addition to this, if I can add, so production levels, as Luca was saying, are going down. Inventory levels, at least in Europe and North America are under check. And so this is positive because at least our customers are not building inventory at the dealership.

除此之外，如果我可以補充的話，正如盧卡所說，生產水準正在下降。至少在歐洲和北美，庫存水準正在受到控制。所以這是正面的，因為至少我們的客戶沒有在經銷商建立庫存。

Great. Thanks, guys. I’ll pass it along.

偉大的。多謝你們。我會把它傳遞出去。

Thanks, Damian.

謝謝，達米安。

Scott Davis, Melius.

史考特戴維斯，梅利厄斯。

All right. Good morning, everyone, Luca, Emmanuel, and Mark. Congrats on finding this kSARIA and getting that inked. I wanted to follow-up on that a little bit. I don't know the business all that well, but the purchase price looks really attractive for the financial profile.

好的。大家早安，盧卡、伊曼紐和馬克。恭喜您找到這個 kSARIA 並在其上簽字。我想跟進一下。我不太了解這項業務，但就財務狀況而言，購買價格看起來確實很有吸引力。

And I was wondering, is this something that was sourced? You guys have been working on for some time? Is there any color you can share around why you were chosen as the buyer. I have to imagine there were other folks out there who would be interested in this asset.

我想知道，這是來源的東西嗎？你們已經工作了一段時間了嗎？您可以分享一下您被選為買家的原因嗎？我必須想像還有其他人會對這項資產感興趣。

Sure, Scott. Well, we were able to work with kSARIA in the past. And we've been known kSARIA for a while. They've been a customer of ours. We have been able to meet with kSARIA for quite a long time, and we follow through during this process. I think there has been established a very good relationship together with the team.

當然，斯科特。嗯，我們過去能夠與 kSARIA 合作。我們知道 kSARIA 一段時間了。他們一直是我們的客戶。我們與 kSARIA 會面已經有很長一段時間了，我們會在這個過程中堅持到底。我認為我們與團隊建立了非常好的關係。

And I think that the team -- the kSARIA team, together with us saw the benefit of putting ITT Cannon and kSARIA together. So all of that enabled us to get in a good position and fast in dealing with kSARIA. And this has enabled us to get to the $475 million of price, which represents roughly a 13.4% EBITDA multiple. And we're going to keep working closely with the team because there are a lot of synergies that we can get out of this deal, revenue synergies.

我認為 kSARIA 團隊與我們一起看到了將 ITT Cannon 和 kSARIA 結合在一起的好處。因此，所有這些使我們能夠在應對 kSARIA 問題時處於有利位置且快速。這使我們能夠達到 4.75 億美元的價格，大約相當於 13.4% 的 EBITDA 倍數。我們將繼續與團隊密切合作，因為我們可以從這筆交易中獲得許多協同效應，即收入協同效應。

Revenue. Okay. Interesting. And then just following up. I know, Luca, you mentioned you've already exceeded your 2026 targets. Will you be issuing new targets is something we should be looking for this year?

收入。好的。有趣的。然後就跟進。我知道，盧卡，您提到您已經超越了 2026 年的目標。今年我們該期待你們發布新的目標嗎？

This is something that we are debating between me and Emmanuel and Mark. And so I think that either towards the end of this year or beginning of next year is when we were going to issue our new targets.

這是我和伊曼紐爾以及馬克之間正在爭論的事情。因此，我認為，無論是今年年底還是明年初，我們都會發布新目標。

Okay. Best of luck. I’ll pass it on. Thank you.

好的。祝你好運。我會把它傳遞下去。謝謝。

Thank you, Scott. Thank you.

謝謝你，斯科特。謝謝。

Joe Giordano, TD Cowen.

喬·佐丹奴，TD·考恩。

Hey, guys. Good morning. I know you're not going to get into specific discussions of our customers, but I know that there's your Boeing contract expires soon and you're negotiating a new one. So like any update on timing of when that might be wrapping up and when we would start seeing results of new economics?

大家好。早安.我知道您不會參與我們客戶的具體討論，但我知道您的波音合約即將到期，並且您正在談判一份新合約。那麼，就像什麼時候可能結束以及我們什麼時候開始看到新經濟學結果的任何更新一樣？

Yeah, Joe. So you're right, we are in the start of the negotiations with Boeing. This is a renegotiation that is really important for us because we haven't been able to increase our prices since 2017. So we were locked in this long-term contract, which is a very customary for aerospace suppliers.

是的，喬。所以你是對的，我們正開始與波音公司進行談判。這次重新談判對我們來說非常重要，因為自 2017 年以來我們一直無法提高價格。因此，我們鎖定了這份長期合同，這對於航空航天供應商來說是非常慣例的。

And so, now, we have the opportunity to go back to Boeing being also a good performer and to extract the value that we supply with our partner. And so, we'll be -- we're in the full swings of the negotiations right now, will continue in 2025. And probably in Q1 2025, we'll be able to close those negotiations. Those are pretty lengthy negotiations. And so, as a result, we should see the impact after that.

因此，現在，我們有機會回到波音公司，成為一家表現良好的公司，並提取我們與合作夥伴一起提供的價值。因此，我們現在正處於全面談判之中，並將在 2025 年繼續進行。也許在 2025 年第一季度，我們將能夠完成這些談判。這些都是相當漫長的談判。因此，我們應該看到此後的影響。

Perfect. And then I'm going to ask two on this question. One is probably a very quick answer. So the real question is, what is going on connectors? 39% -plus in industrial connectors is like nowhere even close to what we're seeing elsewhere. That's just significantly better.

完美的。然後我將就這個問題問兩個人。其中一個可能是一個非常快速的答案。所以真正的問題是，連接器發生了什麼事？工業連接器領域 39% 以上的成長率與我們在其他地方看到的水平相差甚遠。這明顯好得多。

So I'd love to know where you're seeing that strength. And then I have to ask -- I'm obliged to ask the question now that you're getting the M&A going more consistently. What are your updated thoughts on how you're going to present earnings with amortization? Thanks.

所以我很想知道你在哪裡看到了這種力量。然後我必須問——既然你們讓併購更持續地進行，我有義務問這個問題。對於如何以攤銷方式呈現收益，您有什麼最新想法？謝謝。

So on connectors, you're right. We are very encouraged by the growth we're seeing in industrial connectors, but also in connectors overall. If you -- distribution for instance, was up -- distribution orders were up 13% this quarter, which is really strong, especially given the growth we've seen in the first quarter. And we're driving growth in aero, defense, general industrial, but also medical.

所以在連接器方面，你是對的。我們對工業連接器以及整個連接器的成長感到非常鼓舞。以分銷為例，本季分銷訂單成長了 13%，這確實很強勁，特別是考慮到我們在第一季看到的成長。我們正在推動航空、國防、一般工業以及醫療領域的成長。

So the picture is really good. I think there's still a question mark in terms of the destocking of the distribution. We don't know if really this has ended. But we're focusing on what we can control, which is delivering on time to our customers and making sure that we provide the differentiation that Luca has been talking about for a really long time. So very positive. We stay alert to understand the market dynamics.

所以畫面真的很好。我認為分銷去庫存方面還存在一個問號。我們不知道這是否真的結束了。但我們專注於我們可以控制的事情，即按時向客戶交付產品，並確保我們提供盧卡長期以來一直在談論的差異化服務。所以非常積極。我們保持警惕，了解市場動態。

If I can add to that one, Joe, I think that Arthur and Dan, the Head of Engineering, have done a tremendous job in terms of developing new products in being very fast in working with the customer and developing the prototype. And that has led to new awards and new orders because of that.

如果我可以補充這一點，喬，我認為工程主管 Arthur 和 Dan 在開發新產品方面做得非常出色，他們非常快速地與客戶合作並開發原型。因此，這導致了新的獎項和新的訂單。

On the second question. So this is a matter that we have not come to a conclusion yet. I think what we want to do is, we want to show that we're able to really step up in terms of an M&A standpoint and M&A execution. And this is a very difficult thing to do because in M&A, at best, you control 50% of the outcome.

關於第二個問題。所以這是一個我們還沒有定論的問題。我認為我們想要做的是，我們想要表明我們能夠在併購立場和併購執行方面真正取得進步。這是一件非常困難的事情，因為在併購中，你最多只能控制 50% 的結果。

And so, we are very happy with the progress we've done with Svanehøj. We deployed $400 million of cash. With kSARIA, we're going to deploy $475 million of cash. And so, really it's about executing that strategy. And then the accounting treatment will follow that.

因此，我們對 Svanehaj 所取得的進展感到非常滿意。我們部署了 4 億美元現金。對於 kSARIA，我們將部署 4.75 億美元的現金。所以，真正重要的是執行該策略。然後進行會計處理。

Thanks, guys.

多謝你們。

Thank you, Joe.

謝謝你，喬。

Mike Halloran, Robert Baird.

麥克‧哈洛倫，羅伯特‧貝爾德。

Hey, good morning, everyone. On the IP side of things, maybe just some thoughts, what the underlying demand trends are looking like from an order perspective, specifically on any changes in the conversion cycle between frontlog to backlog, any signs of change in how you're thinking about the underlying markets. It doesn't really sound like it, but would love any context on what you're seeing on any thought there?

嘿，大家早安。在智慧財產權方面，也許只是一些想法，從訂單的角度來看，潛在的需求趨勢是什麼樣的，特別是前端訂單到積壓訂單之間轉換週期的任何變化，您對訂單的看法是否有任何變化的跡象。聽起來確實不像，但你會喜歡你所看到的任何想法的任何背景嗎？

Sure. Thanks, Mike. First of all, when you look at IP, IP orders were up 2%, and this is mainly thanks to Svanehøj that more than cover a tough compare versus prior year when we had a big decarbonization project.

當然。謝謝，麥克。首先，當你看 IP 時，IP 訂單增長了 2%，這主要歸功於 Svanehäj，與去年我們有一個大型脫碳項目時相比，這不僅僅是一個艱難的比較。

When you look at the short cycle, the short cycle stayed at elevated level. And when you look at the rate in Q2 is exactly the same rate that we had for the full year of 2023. Now project, the legacy project for IP, they were up sequentially 9% year over year.

當你看短期週期時，短期週期保持在高水準。當你看到第二季的成長率與我們 2023 年全年的成長率完全相同。Now 項目，IP 的遺留項目，較去年同期成長 9%。

Now, having said that, what we saw, Mike, is that some of these projects shifted to the second half, no major concern of that. It's just a negotiation. It's taking a little bit longer. And as a matter of fact, what we see in July is a very strong July order performance, both on the project where we saw the closing of some of the projects from Q2 that shifted to Q3 as well as on the short cycle.

現在，話雖如此，麥克，我們看到的是其中一些項目轉移到了下半年，這並不是什麼大問題。這只是一場談判。需要的時間有點長。事實上，我們在 7 月看到的是非常強勁的 7 月訂單表現，無論是在我們看到一些項目從第二季轉移到第三季結束的項目上，還是在短週期上。

We expect for the full year to have the legacy orders up single digit, and the funnel that we see is still very healthy. The funnel, I think, is up, if I'm not mistaken, roughly 14% year over year and 4% since January 2024. I think that what we see is that our on-time delivery has continued to improve, and this help us differentiating from the competition and also the supply chain is improving, and this helps in reducing the lead time.

我們預計全年遺留訂單將成長個位數，而且我們看到的漏斗仍然非常健康。我認為，如果我沒記錯的話，漏斗上升了，同比增長約 14%，自 2024 年 1 月以來增長了 4%。我認為我們看到的是我們的準時交貨率持續提高，這有助於我們在競爭中脫穎而出，而且供應鏈正在改善，這有助於縮短交貨時間。

Great. Helpful. Appreciate that. And then second question with the portfolio side of things, Two part. One, what was the revenue base for Wolverine that we should use? And then secondarily, the risk sounded greedy since you just did a lot of transactions.

偉大的。有幫助。感謝。然後是關於投資組合方面的第二個問題，分為兩部分。第一，我們該使用《金鋼狼》的收入基礎是什麼？其次，風險聽起來很貪婪，因為你剛剛做了很多交易。

I'd love to understand how you're thinking about the ability to continue to lean in in the short horizon certainly have the capacity from a balance sheet perspective. So thinking about it from a personnel perspective as well as what the pipeline looks like? And then any thoughts on whether there are other Wolverine type things in the portfolio.

我很想了解您如何看待在短期內繼續傾斜的能力，當然從資產負債表的角度來看也有能力。那麼從人員的角度考慮一下以及管道是什麼樣的呢？然後是關於投資組合中是否還有其他金剛狼類型的東西的任何想法。

Okay. So let me start addressing the latter. And then Emmanuel, you go for the first. Well, let me start saying, Mike, that we will never bite off more than we can chew, okay? Now regarding our capacity to do more deals, with Habonim and Svanehøj acquisition largely operate on a stand-alone basis.

好的。那麼讓我開始討論後者。然後伊曼紐爾，你先走。好吧，讓我開始說，麥克，我們永遠不會貪多嚼不爛，好嗎？現在，就我們進行更多交易的能力而言，Habonim 和 Svanehĸj 的收購主要是在獨立的基礎上進行的。

They have a very strong leadership team. As you remember, that was one of the reasons why we acquired them. And Svanehøj team, Habonim team, they are intact practically today, and the deals are off to a great start.

他們有一個非常強大的領導團隊。正如您所記得的，這是我們收購它們的原因之一。Svanehäj 團隊、Habonim 團隊今天幾乎完好無損，交易有了一個很好的開始。

So we stay close to this business that we acquired. We visit the facilities. We work with the leadership team. But I would say the amount of time and resource that we spend to operate them is manageable. They're very good business when we acquired them and continue as such today.

因此，我們會密切關注我們收購的這項業務。我們參觀設施。我們與領導團隊合作。但我想說的是，我們花在運作它們上的時間和資源是可以管理的。當我們收購它們時，它們是非常好的生意，並且今天仍然如此。

So from a financial standpoint, we certainly have the capacity to do more M&A. But with this in mind, so I don't think that there are really limitation for further acquisition to be made. But as I said, we will never bite off more than we can chew.

所以從財務角度來看，我們當然有能力進行更多的併購。但考慮到這一點，所以我認為進一步收購並沒有真正的限制。但正如我所說，我們永遠不會貪多嚼不爛。

Yes. And from a financial standpoint, the Wolverine revenue is around $160 million on a yearly basis.

是的。從財務角度來看，Wolverine 的年收入約為 1.6 億美元。

And then you said also in terms of further divestiture, I don't see any other large divestiture eminent today, Mike. Just to follow up on your final.

然後你也說過，在進一步剝離方面，我沒有看到今天有任何其他大規模剝離，麥克。只是為了跟進你的期末考。

Thanks, Luca. Appreciate it. Thanks, Emmanuel.

謝謝，盧卡。欣賞它。謝謝，伊曼紐。

Thanks, Mike.

謝謝，麥克。

Nathan Jones, Stifel.

內森瓊斯，斯蒂菲爾。

Good morning, everyone. I am going to ask a couple of follow-ups on kSARIA. You talked about the seven-year growth rate at 27%. Is there any expectation you can lay out for what the forward growth rate would be. I'll start there.

大家，早安。我將詢問有關 kSARIA 的一些後續問題。您談到七年成長率為27%。您對未來成長率有什麼期望嗎？我將從這裡開始。

Yeah. So we review -- the process we went through is that we reviewed every platform they're on. And in addition to this, we reviewed the platform we are on in order to identify potential commercial synergies. So we expect for the next three to four years, the topline growth for kSARIA in the high single-digit range.

是的。所以我們審查——我們經歷的過程是審查他們所在的每個平台。除此之外，我們還審查了我們所在的平台，以確定潛在的商業協同效應。因此，我們預計在未來三到四年內，kSARIA 的收入成長將保持在較高的個位數範圍內。

So less than what they've seen since 2017 I think some of it is due to the fact that we want to be realistic and prudent. And then also, I mean, there's been a significant increase in defense budget. And I think it's fair to say that it's probably not going to stay like this forever.

因此，比 2017 年以來他們所看到的要少，我認為部分原因是我們想要現實和謹慎。我的意思是，國防預算也大幅增加。我認為可以公平地說，這種情況可能不會永遠持續下去。

And then maybe some more color on where you see the revenue synergy opportunities. It seems like maybe you could replace competitors with Cannon, but that's also fairly difficult to get approved when you're talking about defense platforms. So maybe those kinds of synergies are a bit longer dated. Just any color you could give us on expected revenue synergies.

然後也許還可以對您在哪裡看到收入協同機會進行更多描述。看起來也許你可以用 Cannon 取代競爭對手，但當你談論防禦平台時，這也很難獲得批准。因此，也許這種協同作用的歷史有點長了。您可以為我們提供有關預期收入協同效應的任何顏色。

Sure. Thanks, Nathan. So really, a couple of things. And they are on both sides. First is when sometimes we are receiving requests for quotation of system - of interconnect system made of our connectors and fiber cable. Today, where fiber cable is very small. It's very little. And now, with kSARIA among our companies, and our capabilities, we will be able to address all those opportunities sometimes we just pass by. Okay? So that is one.

當然。謝謝，內森。確實，有幾件事。他們是兩邊的。首先是有時我們會收到由我們的連接器和光纜製成的互連繫統的報價請求。如今，那裡的光纜已經很小了。很少。現在，憑藉我們公司中的 kSARIA 以及我們的能力，我們將能夠抓住所有這些有時我們只是錯過的機會。好的？這就是其中之一。

Second, as you work around the kSARIA plants, you see the opportunities of having more of our connectors in those systems, but it will take time, of course. But that is on the product side. And then there is the customers. They are very good. They are very strong with some customers where we can expand our penetration and vice versa. So very similar to what has been also with Micro-Mode.

其次，當您在 kSARIA 工廠周圍工作時，您會看到在這些系統中使用更多我們的連接器的機會，但這當然需要時間。但這是在產品方面。然後是客戶。他們很好。他們在一些客戶中非常強大，我們可以擴大我們的滲透率，反之亦然。與微模式非常相似。

Great. Thanks for taking my questions.

偉大的。感謝您回答我的問題。

Thanks, Nathan.

謝謝，內森。

Vlad Bystricky, Citi.

弗拉德·比斯特里奇，花旗銀行。

Good morning, Vlad.

早上好，弗拉德。

Hey, good morning, guys. Thanks. For taking my call. Maybe for my first question, I'll just start with MT. And you mentioned, obviously, the 86% incremental margin in that business in 2Q. I think you were somewhere up 60% in 1Q.

嘿，早上好，夥計們。謝謝。為了接我的電話。也許對於我的第一個問題，我會從 MT 開始。顯然，您提到第二季該業務的利潤率增量為 86%。我認為第一季股價上漲了 60%。

So can you just talk more about what's really driving those elevated incrementals in the first half here, whether it's additional pricing coming through? And just how you're thinking about incremental margins in that business in the back half and into 2025.

那麼，您能否多談談上半年增量成長的真正推動因素是什麼，是否是額外的定價？以及您如何看待下半年到 2025 年該業務的增量利潤。

Yes. Thanks, Vlad. So the core competence of MT is to drive productivity. And so when you think about the margin expansion that we're seeing. A significant portion of it is driven by our internal productivity. Our ability to use our asset base, our ability to convert all the awards and the growth, the share gains that we've had into a product -- timely production and revenue. So this is really driving a lot of the margin expansion.

是的。謝謝，弗拉德。所以機器翻譯的核心能力就是驅動生產力。因此，當你考慮我們所看到的利潤率擴張時。其中很大一部分是由我們的內部生產力所驅動的。我們利用我們的資產基礎的能力，我們將所有獎項和成長以及我們所擁有的份額收益轉化為產品的能力——及時的生產和收入。因此，這確實推動了利潤率的大幅擴張。

Price has been very good as well. And the reason for this is because while commodity prices have gone down, we have been able to maintain, for the most part, our price with customers. And this is executing on the playbook that we discussed several times in the past, which is that we may not have been able to get the compensation from a cost inflation standpoint, from our customers in 2022 and 2023. But for us, it was always a matter of being able to get that compensation over the cycle.

價格也非常好。原因是，雖然商品價格下降，但我們在很大程度上能夠維持與客戶的價格。這是按照我們過去多次討論過的劇本執行的，即從成本通膨的角度來看，我們可能無法在 2022 年和 2023 年從客戶那裡獲得補償。但對我們來說，始終是能夠在整個週期中獲得補償的問題。

And so right now, what you're seeing is that we're getting the compensation for prior year when we were not able to get it. And then in addition to this, you see all the new platforms that are starting production. Luca mentioned the start of production in China, but there are many starts of productions also in the other regions.

現在，您看到的是，我們正在獲得去年的補償，而當時我們無法獲得補償。除此之外，您還可以看到所有正在開始生產的新平台。盧卡提到了在中國開始製作，但其他地區也有很多開始製作。

And then structurally, the profitability of the portfolio is improving as all platforms where we didn't get as much compensation are exiting and new platforms that fully reflect the new cost base with increased prices from a commodity standpoint are kicking in.

然後從結構上看，投資組合的盈利能力正在改善，因為所有我們沒有獲得那麼多補償的平台都在退出，而從商品角度來看價格上漲的新平台正在啟動，這些平台充分反映了新的成本基礎。

Okay. That's very helpful color, Emmanuel. I appreciate it. Maybe just one other one for me. Svanehøj, obviously, seems to be performing very well, 40% orders growth you highlighted. Can you just talk about where they are in terms of factory utilization and their manufacturing capacity and whether you see the need for meaningful incremental investment deliver on the future growth that's embedded in these orders they're booking.

好的。這是非常有用的顏色，伊曼紐爾。我很感激。也許對我來說只是另一件事。顯然，Svanehäj 的表現似乎非常好，您強調的訂單增加了 40%。您能否談談他們在工廠利用率和製造能力方面的情況，以及您是否認為需要進行有意義的增量投資來實現他們預訂的這些訂單中包含的未來增長。

Hi, Vlad, when you look at the site, whereas Svanehøj is -- the main site is really Aalborg in Denmark, Joplin in Denmark. And then we have a site also in Singapore and a very small site in the North of France. Now, when you look at the main pump side as really in Asia for Singapore and in Aalborg, Denmark. Now there is no a need for further investment in terms of many of these operations that are actually operating at roughly between 1 and 1.5 shifts. So this growth doesn't really require footprint investments.

嗨，弗拉德，當你查看該網站時，而 Svanehäj 是——主要網站實際上是丹麥的奧爾堡，丹麥的喬普林。我們在新加坡也有一個站點，在法國北部也有一個非常小的站點。現在，當你看看亞洲的新加坡和丹麥奧爾堡的主泵側。現在，對於許多實際上大約在 1 到 1.5 個班次之間運營的業務而言，不需要進一步投資。因此，這種成長其實並不需要足跡投資。

Okay, that's helpful, Luke. I appreciate it. I'll get back in queue.

好的，這很有幫助，盧克。我很感激。我會回到隊列中。

Thank you, Vlad.

謝謝你，弗拉德。

Jeff Hammond, KeyBanc Capital Markets.

Jeff Hammond，KeyBanc 資本市場。

Hey, good morning, guys. Love the Friction business, but good to see the auto piece getting to that 30%, just a couple follow-ups on the deals. kSARIA, I think you mentioned 27% top line, but it looks like they were -- they've done three deals under private equity ownership. Just maybe talk about the organic.

嘿，早上好，夥計們。喜歡摩擦業務，但很高興看到汽車業務達到 30%，只是交易的幾個後續行動。 kSARIA，我想你提到了 27% 的收入，但看起來他們已經在私募股權所有權下完成了三筆交易。也許只是談論有機。

And then if it comes with a pipeline of some of these bolt-ons that they've been doing, and then just on Wolverine, maybe level set us on kind of the margin run rate of that business? I know it's bounced around a bit.

然後，如果它配備了他們一直在做的一些附加產品的管道，然後就在《金鋼狼》上，也許可以讓我們了解該業務的利潤率？我知道它有點反彈。

Yeah. So yes, Jeff, you're right. So I think that if you strip out the acquisitions that they've done over the years. They're still growing at more than 15% in terms of CAGR year over year. So really definitely a strong growth benefiting from, obviously, market growth but also share gains.

是的。所以，是的，傑夫，你是對的。所以我認為，如果你剔除他們多年來所進行的收購。就複合年增長率而言，它們的年增長率仍超過 15%。因此，顯然，強勁的成長得益於市場成長和份額成長。

And we've seen all these share gains with -- when we looked at the platforms that I was talking -- their presence on the marquee platforms that I was talking about earlier. So I think kSARIA is poised for growth as Svanehøj was poised for growth. And we're very confident that we're going to be able to complement them and add our connector expertise to their cable assembly business.

當我們查看我所說的平台時，我們已經看到了所有這些份額的增長，它們出現在我之前所說的大型平台上。因此，我認為 kSARIA 已經做好了成長的準備，就像 Svanehäj 做好了成長的準備一樣。我們非常有信心能夠補充他們，並將我們的連接器專業知識添加到他們的電纜組裝業務中。

On the Wolverine side, I think that we improved the margin substantially and that this was really, in terms of timing, the best timing to really start the portfolio I would say. So it was the right thing to do. It's something that we share in terms of strategy, in terms of reshaping the portfolio, focusing on really high growth and high-margin businesses. So this was the right time to do it.

在金鋼狼方面，我認為我們大幅提高了利潤率，就時機而言，這確實是真正啟動投資組合的最佳時機。所以這是正確的做法。這是我們在策略、重塑投資組合、專注於真正高成長和高利潤業務方面的共同點。所以現在是這樣做的正確時機。

Okay. Great. And then I think Emmanuel, you mentioned commercial aero OE slowing, if I heard that right. Maybe just unpack what you're seeing there. It seems like more a supply chain and maybe the OEs, not able to ramp, but maybe just expand on that comment.

好的。偉大的。然後我想伊曼紐爾，你提到商業航空裝備放緩，如果我沒聽錯的話。也許只是打開你在那裡看到的東西。這似乎更像是供應鏈，也許還有原始設備製造商，無法擴大規模，但也許只是擴展該評論。

Yeah. So let me start by saying that from a revenue standpoint commercial OE is still growing pretty strong. We were up 6% this quarter. Aftermarket was up in the double digits. So aerospace overall as a business is doing well. What we're seeing is on the horizon, we're seeing a slowdown in the growth.

是的。首先我要說的是，從收入的角度來看，商業 OE 的成長動能仍然相當強勁。本季我們成長了 6%。售後市場呈現兩位數成長。因此，航空航太作為一項業務整體表現良好。我們所看到的情況即將出現，我們看到成長放緩。

.And if you think about it, that makes sense because we know the production issues that some OEMs have had. And so it wasn't realistic to expect that our orders were going to continue to grow, and that we were going to see that growth forever. So nothing really concerning, especially because we have the aftermarket which continue to be really strong for us.

如果你仔細想想，這是有道理的，因為我們知道一些原始設備製造商遇到的生產問題。因此，期望我們的訂單繼續增長並永遠看到這種增長是不切實際的。所以沒有什麼真正令人擔憂的，特別是因為我們的售後市場對我們來說仍然非常強大。

On a full year basis, we still expect commercial aero OEM to grow. And keep in mind that we have not hit the pre-pandemic levels from a customer standpoint, from an industry standpoint. And in addition to this, as you know, we are more oriented towards the wide-body platforms. And these from a volume standpoint, that's really not recovered compared to the pre-pandemic level.

就全年而言，我們仍然預期商業航空原始設備製造商將會成長。請記住，從客戶的角度、從產業的角度來看，我們還沒有達到疫情前的水平。除此之外，如您所知，我們更傾向於寬體平台。從數量的角度來看，與大流行前的水平相比，這確實沒有恢復。

Okay. Thank you.

好的。謝謝。

Thanks, Jeff.

謝謝，傑夫。

Joe Ritchie, Goldman Sachs.

喬·里奇，高盛。

Hey, good morning, guys. Hey. Emmanuel, can you maybe elaborate on your answer to Vlad earlier around the steel -- or you said cost deflation basically coming through results on MT. Obviously, steel prices have been down a lot so far this year.

嘿，早上好，夥計們。嘿。Emmanuel，您能否詳細說明您先前對 Vlad 圍繞鋼鐵問題的回答，或者您說成本通貨緊縮基本上來自 MT 的結果。顯然，今年以來鋼材價格已經大幅下跌。

So can you maybe just give us a little bit more color, like how far in advance are you guys purchasing your commodities? Should we expect these above-average incrementals to continue into the second half of the year. Just any help around that would be helpful.

那麼您能否給我們更多信息，例如你們提前多久購買商品？我們是否應該預期這些高於平均的增量將持續到今年下半年？這方面的任何幫助都會有所幫助。

Sure. So in terms of the way we manage commodities, we book roughly six months in advance. So right now, we have essentially booked until the end of the year for everything that's steel, copper, and tin. So we're very secure.

當然。所以從我們管理商品的方式來看，我們大約提前六個月預訂。所以現在，我們基本上已經預訂了直到今年年底的所有鋼材、銅和錫。所以我們非常安全。

And the good thing about this is that we communicate very openly with our customers. So we're very transparent in the price we buy at. And so that solidifies the negotiation we have with them from a price compensation standpoint.

這樣做的好處是我們與客戶的溝通非常開放。因此，我們的購買價格非常透明。因此，從價格補償的角度來看，這鞏固了我們與他們的談判。

In terms of the incremental, so -- thank you for reminding me. So we were very happy with the incrementals in Q2, 86%. This follows 63% in the first quarter. For the full year, we expect MT to deliver incrementals above -- largely above 50%. So a little bit less incremental in the second half of the year.

就增量而言，所以——謝謝你提醒我。因此，我們對第二季的增量（86%）感到非常滿意。繼第一季為 63% 後。我們預計 MT 全年的增量將超過 50%。所以下半年增量會少一點。

And so this is the result of everything that we were talking about, which is productivity, this recovery from a price standpoint, and the volume growth as well. I don't think it's long term, it's sustainable to have this type of incrementals. But they are largely the fact of the fact that we have been recovering from a margin standpoint.

因此，這是我們所討論的一切的結果，即生產力、從價格角度來看的復甦以及銷售成長。我認為這不是長期的，這種增量是可持續的。但它們很大程度上是因為我們一直在從利潤率的角度復甦。

Being in Q2 at 18.8% is really a strong achievement by the entity, something that we were not expecting at the beginning of the year to be -- for them to be able to do it as quickly, so they have over-delivered and so we're going to continue to drive productivity. We're going to continue to drive recovery in order to continue to improve margins points.

第二季度達到 18.8% 確實是該實體取得的一項巨大成就，這是我們在年初沒想到的——他們能夠盡快做到這一點，所以他們超額交付了，所以我們將繼續提高生產力。我們將繼續推動復甦，以繼續提高利潤率。

That's great to hear, Emmanuel. And then my follow-up question, and my apologies if I missed this. But on the Friction side, first of all, it was great to visit with the team in Barza in June. One of the things that really spread out to me was just how much visibility you have into the platforms over the next couple of years based on what you've already won?

很高興聽到這個消息，伊曼紐爾。然後是我的後續問題，如果我錯過了這個問題，我深表歉意。但在摩擦方面，首先，很高興六月與球隊一起拜訪巴爾札。真正讓我了解的一件事是，根據您已經贏得的內容，您在未來幾年對這些平台有多少可見度？

And I'm just curious, Luca, just around the order trajectory for Friction just help me level set, how did the quarter go? What's the visibility into the rest of the year? And how do you feel about the potential for increasing your share gains from here?

我只是很好奇，盧卡，摩擦的訂單軌跡正好幫助我設定了水平，這個季度進展如何？今年剩餘時間的前景如何？您對從這裡增加股票收益的潛力有何看法？

Sure. First of all, Joe, thanks for taking the time and visiting the team, and the team was very excited as well. I think from an awards perspective, the team is performing incredibly well. Year to date, we have already more than 60% that was the target awards for the full year. This is worldwide. This is also in China.

當然。首先，Joe，感謝您抽出時間來參觀團隊，團隊也非常興奮。我認為從獎項的角度來看，團隊的表現非常出色。年初至今，我們已經完成全年目標獎勵的60%以上。這是全世界的。這在中國也是如此。

We are well positioned for new platforms coming out also in the next six months. So I think that these awards as well as the incredible amount number of start-up production that the team is performing right now, will keep on feeding the market share gain and we project to be probably above 30% market share in 2024 for the very first time.

我們已經為未來六個月內推出的新平台做好了準備。因此，我認為這些獎項以及團隊目前正在進行的大量新創製作將繼續推動市場份額的成長，我們預計到 2024 年，這一市場份額可能會超過 30%。

So this is good. And we are winning market share. I can share with you both on the EV side, the last things that we're talking about a leading Indian OEM. It's an electric vehicle platform, and they came to us because of our expertise there, but we're winning market share on the hybrid and we're winning market share also on the internal combustion engine. So it is across the board.

所以這很好。我們正在贏得市場份額。我可以在電動車方面與你們分享，我們談論的最後一件事是一家領先的印度原始設備製造商。這是一個電動車平台，他們來找我們是因為我們在這方面的專業知識，但我們正在贏得混合動力的市場份額，我們也在贏得內燃機的市場份額。所以這是全面的。

Great to hear. Thank you, Luca.

很高興聽到。謝謝你，盧卡。

Thanks, Joe.

謝謝，喬。

Andrew Obin, Bank of America.

安德魯‧奧賓，美國銀行。

Hey. Good morning. Here's Sabrina Abrams for Andrew. So thinking about the portfolio changes you have going forward, so motion gets a little bit smaller. CCT and the defense portion of the business gets a bit larger and Svanehøj also shifted the portfolio a little more towards backlog, longer-cycle businesses.

嘿。早安.這是安德魯·薩布麗娜·艾布拉姆斯的報導。因此，考慮一下您未來的投資組合變化，因此行動會變得更小。CCT 和國防業務部分變得更大，Svanehaj 也將投資組合更多地轉向積壓、週期較長的業務。

How does that impact how you think about the business when the portfolio is more skewed to a long cycle than it has been historically? Clearly, you guys are top-tier performer and very hands on management team, but just want to understand if and how it changes the algorithm for the business as you become longer cycle and have better visibility

當投資組合比歷史上更傾向於長週期時，這對您對業務的看法有何影響？顯然，你們是頂尖的執行者，並且非常親力親為的管理團隊，但只是想了解隨著週期變得更長並且擁有更好的可見性，它是否以及如何改變業務演算法

So a couple of things. First of all, we really like these long-term businesses. Think about it when you win a platform in rail with an OEM, you have the visibility for the next 30 to 40 years. The same -- also the same in aerospace. And when you look about these projects, it's a long cycle. So we like -- we definitely like that.

有幾件事。首先，我們真的很喜歡這些長期業務。想一想，當您贏得 OEM 的鐵路平台時，您就擁有了未來 30 到 40 年的知名度。同樣的——在航空航太領域也是如此。當你審視這些項目時，你會發現這是一個很長的周期。所以我們喜歡——我們絕對喜歡這樣。

Now, when it comes to the shift of the portfolio, it's really towards higher-growth and higher-margin businesses. So this is the second dimension. And the last one is the ability to outperform in the market. So when we look at this acquisition, for example Svanehøj are the leaders in the markets where they play in terms of the LPG, the LNG. When you look at kSARIA, they are the leader in fiber cable applications and all of this will keep -- will enable us to feed the outperformance, and that's the third dimension.

現在，當談到投資組合的轉變時，它確實轉向了高成長和高利潤的業務。所以這是第二個維度。最後一個是跑贏大盤的能力。因此，當我們審視這次收購時，例如，Svanehäj 是他們所在的液化石油氣 (LNG) 市場的領導者。當你看到 kSARIA 時，你會發現他們是光纜應用領域的領導者，所有這些都將使我們能夠提供卓越的性能，這就是第三個維度。

Thank you. And then just a follow-up on one of the earlier aerospace questions. Can you talk a little bit about aero supply chain? I think you mentioned that there were improvements. We've heard mixed feedback from other suppliers. Just want to understand what's still a constraint and what's getting better?

謝謝。然後是對早期航空航天問題之一的後續。能談談航空供應鏈嗎？我想你提到有一些改進。我們從其他供應商那裡聽到了不同的回饋。只是想了解什麼仍然是一個限制以及什麼正在變得更好？

Yeah. So I think what we're seeing -- finally seeing a little bit of improvement from the supplier side. As I mentioned, we've been able to reduce the inventory. And this is a result of the fact that our teams have managed our suppliers more effectively. We've been able also to increase our on-time delivery to our customers.

是的。所以我認為我們所看到的——終於看到供應商方面有了一點改進。正如我所提到的，我們已經能夠減少庫存。這是我們的團隊更有效管理供應商的結果。我們也能夠提高對客戶的準時交貨率。

And this is very good because this is falling in the range of what we can control. And that further differentiates ITT compared to the competition. I think that what remains still very difficult is end customer demand. Order patterns are very volatile. And so our team is focused on trying to do the best we can for our customers, and we're improving slowly. But this is an industry, this is an end market that has a lot of challenges.

這非常好，因為這在我們可以控制的範圍內。與競爭對手相比，這進一步使 ITT 脫穎而出。我認為仍然非常困難的是最終客戶的需求。訂單模式非常不穩定。因此，我們的團隊專注於盡力為客戶提供最好的服務，並且我們正在緩慢改進。但這是一個產業，這是一個充滿挑戰的終端市場。

Thank you.

謝謝。

Thank you. And this does conclude today's teleconference. Please disconnect your lines at this time and have a wonderful day.

謝謝。今天的電話會議到此結束。請此時斷開線路，祝您有美好的一天。