Mirion Technologies Inc (MIR) 2025 Q2 法說會逐字稿

Greetings, and welcome to the Mirion Technologies second-quarter 2025 earnings conference call. (Operator Instructions) As a reminder, this conference is being recorded.

您好，歡迎參加 Mirion Technologies 2025 年第二季財報電話會議。（操作員指示）提醒一下，本次會議正在錄音。

It is now my pleasure to introduce Eric Linn, Vice President of Investor Relations. Please go ahead.

現在我很高興介紹投資者關係副總裁 Eric Linn。請繼續。

Thank you, Stacy. Good morning, and welcome to Mirion's second-quarter 2025 earnings conference call. Joining me this morning are Mirion's Chairman and CEO, Tom Logan; and Mirion's CFO and Medical Group President, Brian Schopfer.

謝謝你，史黛西。早安，歡迎參加 Mirion 2025 年第二季財報電話會議。今天早上與我一起出席的還有 Mirion 董事長兼首席執行官湯姆·洛根 (Tom Logan) 和 Mirion 首席財務官兼醫療集團總裁布萊恩·肖普弗 (Brian Schopfer)。

Before we begin today's prepared remarks, allow me to remind you that comments made during this call will include forward-looking statements, and actual results may differ materially from those projected in the forward-looking statements. The factors that could cause actual results to differ are discussed in our annual report on Form 10-K, quarterly reports on Form 10-Q, and Mirion's other SEC filings under the caption Risk Factors. Quarterly references within today's discussion are related to the second quarter ended June 30, 2025, unless otherwise noted.

在我們開始今天的準備好的發言之前，請允許我提醒您，本次電話會議中發表的評論將包括前瞻性陳述，實際結果可能與前瞻性陳述中的預測有重大差異。我們在 10-K 表年度報告、10-Q 表季度報告以及 Mirion 向美國證券交易委員會提交的其他文件中討論了可能導致實際結果不同的因素，標題為「風險因素」。除非另有說明，今天討論中的季度參考均與截至 2025 年 6 月 30 日的第二季度有關。

The comments made during this call will also include certain financial measures that were not prepared in accordance with generally accepted accounting principles. Reconciliation of those non-GAAP financial measures to the most directly comparable GAAP financial measures can be found in the appendix of the presentation accompanying today's call. All earnings materials can be found in the Investor Relations section of our website at www.mirion.com.

本次電話會議中發表的評論還將包括某些未依照公認會計原則編製的財務指標。這些非 GAAP 財務指標與最直接可比較的 GAAP 財務指標的對帳可以在今天電話會議的簡報附錄中找到。所有收益資料均可在我們網站 www.mirion.com 的投資者關係部分找到。

With that, let me now turn the call over to Tom, who will begin on slide 3.

現在，請允許我將發言權交給湯姆，他從第 3 張投影片開始發言。

Eric, thank you, and a warm welcome to everyone on today's earnings call. As always, we appreciate your interest in the company. Taking a look at our Q2 results, we demonstrated continued progress on key financial and strategic objectives, most notably, increasing adjusted free cash flow generation, stepping up our M&A game, and optimizing our capital structure.

艾瑞克，謝謝你，熱烈歡迎大家參加今天的財報電話會議。一如既往，我們感謝您對公司的關注。縱觀我們的第二季度業績，我們在關鍵財務和戰略目標上取得了持續進展，最值得注意的是，增加了調整後的自由現金流生成，加強了我們的併購活動，並優化了我們的資本結構。

I'd like to thank my many Mirion colleagues for delivering another solid quarter. In addition, we've increased key components of our 2025 guidance based upon a bullish outlook for the second half.

我要感謝我的許多 Mirion 同事，他們為公司帶來了一個豐碩的季度。此外，基於對下半年的樂觀展望，我們提高了 2025 年指引的關鍵組成部分。

We'll have more on this in a bit. Beyond quarterly results, I'll spend some time discussing the growing momentum in the Nuclear Power sector. Specifically, how it is increasing Mirion's opportunities across the installed base, new utility scale projects and small modular reactors or SMRs.

我們稍後會對此進行更多討論。除了季度業績之外，我還會花一些時間討論核電產業的成長動能。具體來說，它如何增加 Mirion 在已安裝基礎、新公用事業規模項目和小型模組化反應器或 SMR 中的機會。

Regarding M&A, last night, we were very pleased to announce the acquisition of Certrec, a leading provider of regulatory compliance solutions to the US nuclear industry and a wider energy power market. We are incredibly excited to welcome the Certrec team on board and believe that together, we can better serve the rapidly growing North American energy markets.

關於併購，昨晚，我們非常高興地宣布收購 Certrec，這是一家為美國核工業和更廣泛的能源電力市場提供監管合規解決方案的領先供應商。我們非常高興地歡迎 Certrec 團隊的加入，並相信透過共同努力，我們可以更好地服務快速成長的北美能源市場。

Let's turn to panel 4 to get into the details. Second quarter revenue totaled $222.9 million. This reflects a 5.4% increase in organic revenue and a 7.6% increase in total revenue versus Q2 2024. Higher revenue reflects a $2 million tailwind from our Medical segment due to shipment timing from tariff impacts.

讓我們翻到第 4 張圖來了解詳細資訊。第二季營收總計2.229億美元。這反映出與 2024 年第二季相比，有機收入成長了 5.4%，總營收成長了 7.6%。更高的收入反映了我們醫療部門因關稅影響而導致的裝運時間延長帶來的 200 萬美元的順風。

And importantly, all six end markets from both segments contributed to the growth. Second quarter adjusted EBITDA was $51.2 million, up 4.9% versus last year's second quarter. The Medical segment was a positive contributor in the quarter. Conversely, Nuclear & Safety segment EBITDA was negatively impacted by nonrecurring items. During the quarter, we made significant improvements to our capital structure.

重要的是，這兩個領域的所有六個終端市場都為成長做出了貢獻。第二季調整後的 EBITDA 為 5,120 萬美元，較去年第二季成長 4.9%。醫療部門為本季度做出了積極貢獻。相反，核能與安全部門的 EBITDA 受到非經常性項目的負面影響。本季度，我們對資本結構進行了重大改善。

In May, we successfully completed a $400 million convertible note offering. Later in the quarter, we refinanced our Term Loan B with a smaller $450 million term loan. The improved capital structure gives us the flexibility for further capital deployment and lowers our total cost of capital.

五月，我們成功完成了 4 億美元的可轉換票據發行。本季後期，我們以一筆較小的 4.5 億美元定期貸款對我們的定期貸款 B 進行了再融資。改善的資本結構使我們能夠進一步靈活地部署資本，並降低我們的總資本成本。

Next, we generated $6 million of adjusted free cash flow in Q2, an 11% conversion of adjusted EBITDA. This, coupled with better-than-expected first quarter cash performance undergirds our increased 2025 adjusted free cash flow guidance.

接下來，我們在第二季產生了 600 萬美元的調整後自由現金流，調整後 EBITDA 的轉換率為 11%。再加上第一季現金表現優於預期，這為我們提高 2025 年調整後自由現金流預期提供了支撐。

Finally, second quarter orders grew by 1.6%. This growth was primarily from our Medical segment. Nuclear & Safety segment orders were lower in the quarter, which was not particularly surprising given the tough comp from the second quarter of 2024. As you may recall, we experienced 17% order growth in the Nuclear Power end market in Q2 of last year. This comp, combined with timing dynamics, resulted in lower Nuclear & Safety segment orders in Q2 2025.

最後，第二季訂單成長了1.6%。這一增長主要來自我們的醫療部門。本季核能與安全部門的訂單有所下降，但考慮到 2024 年第二季的艱難競爭，這並不特別令人意外。您可能還記得，去年第二季度，我們在核電終端市場的訂單增加了 17%。此比較加上時間動態，導致 2025 年第二季核與安全部門訂單減少。

Despite this, we're highly encouraged by growing engagement in the nuclear ecosystem. Year-to-date, we booked approximately $9 million in SMR related orders with five different players. Historically, we've disclosed $17 million in aggregate SMR orders, and we're pleased with the accelerating growth in this sector and continue to strengthen our position. Brian will provide more details on our quarterly performance.

儘管如此，我們對核生態系統日益增長的參與度感到非常鼓舞。年初至今，我們已與五家不同的公司簽訂了價值約 900 萬美元的 SMR 相關訂單。從歷史上看，我們已披露了總計 1700 萬美元的 SMR 訂單，我們對該領域的加速成長感到高興，並將繼續加強我們的地位。布萊恩將提供有關我們季度業績的更多詳細資訊。

I'd like to use my time to provide more context around the improving dynamics within Nuclear Power, beginning on panel 5. As you'll see later, we are increasing our 2025 organic growth expectations for the Nuclear Power sector. We are seeing sizable opportunities across the nuclear landscape. While new builds and SMRs are grabbing the headlines, the installed fleet represents an improving opportunity set for the company.

我想利用我的時間來提供更多關於核電內部不斷改善的動態的背景信息，從第 5 個小組開始。正如您稍後將看到的，我們正在提高對核電行業 2025 年有機成長的預期。我們看到核能領域存在著巨大的機會。雖然新建核電廠和小型反應器 (SMR) 成為頭條新聞，但已安裝的核電廠也為該公司帶來了不斷改善的機會。

Recall that approximately 80% of the Nuclear Power end market revenue comes from this installed base and is typically accompanied with higher margins. The improving fleet opportunity comes principally in three forms: from modernization upgrades, from expanding nuclear capacity and from extending operating life times.

回想一下，大約 80% 的核電終端市場收入來自這個安裝基礎，並且通常伴隨著更高的利潤率。改善船隊的機會主要來自三種形式：現代化升級、擴大核電容量、延長運轉壽命。

Modernization CapEx is the greatest near-term opportunity for the company. As illustrated on the slide, nuclear operators are planning to meaningfully increase their capital budgets over the next four years, supporting a growing opportunity for Mirion.

現代化資本支出是公司近期最大的機會。如幻燈片所示，核電運營商計劃在未來四年內大幅增加資本預算，為 Mirion 提供成長機會。

The average age today of the operating fleet is around 40 years old. Based on an expected 60- to 80-year operating lifespan, nuclear reactors are today middle aged. As a result, system upgrades and modernization are required to ensure continued, safe and efficient performance.

目前營運船隊的平均船齡約為40年。根據預計的 60 至 80 年的運行壽命，核反應器目前已進入中年。因此，需要進行系統升級和現代化，以確保持續、安全和高效的效能。

We expect accelerating reinvestment based upon extensive customer feedback. The slide also highlights additional reinvestment opportunities within the installed base. Decisions to expand nuclear capacity either through power upgrades or higher capacity factor targets often require incremental capital investments from customers.

我們期望根據廣泛的客戶回饋加速再投資。這張投影片也強調了已安裝基礎內的額外再投資機會。透過電力升級或更高的容量係數目標來擴大核電容量的決定通常需要客戶增加資本投資。

We are seeing our customers invest in next-generation in-core and ex-core instrumentation and bring on additional monitoring to more precisely manage key operating parameters. This gives them the confidence to run at higher utilization levels.

我們看到我們的客戶投資於下一代堆芯內和堆芯外儀器，並引入額外的監控以更精確地管理關鍵操作參數。這讓他們有信心以更高的利用率運作。

The third opportunity comes through extending operating lifetimes, including recently announced restarts. This is perhaps the largest opportunity source for Mirion. Life extensions extend the clock on a nuclear facility and drive spare parts replenishment, system upgrades, software royalties, and services to support operations for an additional 10 to 20 years.

第三個機會是延長使用壽命，包括最近宣布的重啟。這或許是Mirion最大的機會來源。壽命延長可延長核設施的使用壽命，並推動備件補充、系統升級、軟體使用費和服務，以支援核設施額外 10 至 20 年的運作。

Importantly, when an operator plans on decommission a power plant, they typically reduce CapEx dramatically to five years in advance. Thus, decisions to life extend also reverse this subtle dynamic.

重要的是，當營運商計劃關閉一座發電廠時，他們通常會提前五年大幅減少資本支出。因此，延長壽命的決定也會扭轉這種微妙的動態。

In July, Vistra received approval from the NRC to extend operations of its Perry nuclear plant through 2046. This is the most recent example of the appetite to extend the life of existing reactors. Given all this, it should not be surprising then that we have been eager to strengthen our nuclear power-related portfolio. Organically, we've been active this year, introducing new products into the market as shown on panel 6. Earlier this week, I hosted our 20th annual Mirion Connect event with more than 400 in attendance.

7 月，Vistra 獲得 NRC 批准，將其佩里核電廠的營運延長至 2046 年。這是延長現有反應器壽命的最新例證。考慮到這一切，我們渴望加強與核電相關的投資組合也就不足為奇了。從有機角度來看，我們今年一直很活躍，向市場推出了新產品，如第 6 圖所示。本週早些時候，我主持了第 20 屆年度 Mirion Connect 活動，有 400 多人參加。

This annual event brings our customers together to share ideas, showcase our latest innovations and provide continuing education and training. It's also a tremendous opportunity for lead generation. This year marked record attendance as customers are eager to collaborate to solve their most pressing challenges with a far greater sense of urgency. In this vein, last week, we released our Vital Platform. This is the digital ecosystem we foreshadowed in our Investor Day in December, and it's a direct response to customer needs.

這一年度盛會將我們的客戶聚集在一起，分享想法，展示我們的最新創新並提供繼續教育和培訓。這對於潛在客戶開發來說也是一個絕佳的機會。今年的參會人數創下了歷史新高，因為客戶渴望以更大的緊迫感合作解決他們最緊迫的挑戰。本著這項精神，我們上週發布了重要平台。這是我們在 12 月投資者日預示的數位生態系統，它是對客戶需求的直接回應。

Vital helps operators to simplify monitoring, streamline operations and improve safety by facilitating real-time monitoring and data collection from thousands of instruments and sensors. Vital is intended to integrate seamlessly to scale with ease and support workflow optimization, and it replaces more than a dozen discrete supervisory software applications.

Vital 透過數千台儀器和感測器進行即時監控和數據收集，幫助操作員簡化監控、簡化操作並提高安全性。Vital 旨在無縫集成，輕鬆擴展並支援工作流程最佳化，並取代十幾個獨立的監控軟體應用程式。

It also provides a platform for our expanding digital offerings to interact on a plug-and-play basis. We also highlighted our LightLink technology at Mirion Connect. This technology allows for superior detection efficiency via the replacement of dated legacy photomultiplier tubes with silicon chips.

它還為我們不斷擴展的數位產品提供了一個即插即用互動平台。我們也在 Mirion Connect 上重點介紹了我們的 LightLink 技術。該技術透過以矽晶片取代過時的傳統光電倍增管，實現了卓越的檢測效率。

This advanced technology allows for hyper accurate radiation detection, improved human factors and greater ruggedization. We believe it will redefine industry standards in operational productivity and reliability. Lastly, we announced our next-generation Apex-Guard software application.

這項先進技術可以實現超精確的輻射檢測、改善人為因素並提高堅固性。我們相信它將重新定義營運生產力和可靠性的行業標準。最後，我們發布了下一代 Apex-Guard 軟體應用程式。

This digital platform incorporates more comprehensive reporting and improved analytics to drive greater workplace efficiency and inferential reliability. This is particularly relevant for the exploding Nuclear Medicine sector. These product releases are emblematic of our focus on delivering innovations to meet customers' growing needs.

此數位平台包含更全面的報告和改進的分析功能，以提高工作效率和推理可靠性。這對於蓬勃發展的核子醫學領域尤其重要。這些產品的發布體現了我們致力於透過創新來滿足客戶日益增長的需求。

We are also broadening our Nuclear Power portfolio through M&A. Yesterday, we announced the acquisition of Certrec, shown on panel 7. Approximately 55% of Certrec's revenue comes from nuclear power customers, including the operating fleet, new utility scale projects and small modular reactors. Today, every US nuclear reactor facility employs at least one Certrec solution.

我們也透過併購擴大我們的核電投資組合。昨天，我們宣布收購 Certrec，如第 7 張圖所示。Certrec 約 55% 的收入來自核電客戶，包括營運機組、新的公用事業規模專案和小型模組化反應器。如今，美國的每個核反應器設施都至少採用一種 Certrec 解決方案。

Certrec's business has grown double digits since 2022, and we believe we can enhance that growth with commercial synergies enabled by our vast global network. As previously mentioned, nuclear power operators are looking to extend operating lifetimes and expand existing nuclear reactor capacity. Certrec solutions help support these objectives by streamlining the regulatory burden. Certrec solution set is also relevant to the SMR sector.

自 2022 年以來，Certrec 的業務實現了兩位數的成長，我們相信，透過我們龐大的全球網路實現的商業協同效應，我們可以促進這一成長。如前所述，核電運營商正在尋求延長運行壽命並擴大現有核反應器的容量。Certrec 解決方案透過簡化監管負擔來幫助支持這些目標。Certrec 解決方案集也與 SMR 領域相關。

Today, there are approximately 127 SMR designs globally, each trying to navigate a complex and burdensome regulatory environment. Certrec's leading position in this space means they will likely benefit regardless of which SMR technologies ultimately prevail.

目前，全球約有 127 種 SMR 設計，每種設計都在應對複雜而繁重的監管環境。Certrec 在該領域的領先地位意味著無論哪種 SMR 技術最終勝出，他們都可能從中受益。

The other 45% of Certrec's revenue comes from the bulk electric system, generally referred to as the grid. This industry is regulated by the North American Electric Reliability Corporation, or NERC, and includes power-generating assets above 20 megawatts connected to the power grid. Until recently, this threshold was 75 megawatts.

Certrec 的另外 45% 收入來自大容量電力系統，通常稱為電網。該行業受北美電力可靠性公司（NERC）監管，包括連接到電網的 20 兆瓦以上的發電資產。直到最近，這個門檻還是 75 兆瓦。

This is an important distinction as this regulatory change expands the number of assets under NERC's purview by approximately 65%. This represents an additional revenue opportunity for Certrec. In short, this is a fast-growing market in which Certrec is extremely well positioned. We look forward to growing our presence in this space.

這是一個重要的區別，因為這項監管變化將 NERC 管轄範圍內的資產數量擴大了約 65%。這對 Certrec 來說意味著額外的收入機會。簡而言之，這是一個快速成長的市場，Certrec 在其中佔有極為有利的地位。我們期待擴大我們在這個領域的影響力。

With that, let me turn it over to Brian to discuss the quarter and 2025 guidance. Brian?

接下來，我將把時間交給 Brian 討論本季和 2025 年的指導。布賴恩？

Thank you, Tom, and good morning, everyone. I'll pick up on slide 8 with details on our second quarter order performance. Orders grew 1.6% in the quarter, driven by our Medical segment. Nuclear & Safety orders were lower year over year due to a tough prior year comp from the Nuclear Power vertical. Nuclear Power-related orders increased 17% in the second quarter last year.

謝謝你，湯姆，大家早安。我將在第 8 張投影片上詳細介紹我們的第二季訂單表現。受醫療部門的推動，本季訂單增加了 1.6%。由於去年核電垂直產業的競爭激烈，核能與安全訂單較去年同期下降。去年第二季核電相關訂單成長了17%。

These orders can be a little lumpy, and we're expecting an accelerated order book in the second half of the year based upon our current pipeline. Still, year-to-date, Nuclear Power orders grew 10%, reflecting the growing momentum in this attractive end market.

這些訂單可能有點不穩定，根據我們目前的情況，我們預計下半年的訂單量會加快。儘管如此，今年迄今為止，核電訂單成長了 10%，反映了這個有吸引力的終端市場的成長動能。

We are definitely seeing good momentum in the North America -- North American and French Nuclear Power installed base. As Tom discussed, SMR-related activity continues to accelerate. We are highly engaged with key SMR players to support their journey to commercialization.

我們確實看到北美——北美和法國核電安裝基礎的良好勢頭。正如湯姆所討論的，SMR 相關活動持續加速。我們與主要的 SMR 參與者密切合作，支持他們走向商業化。

This is a rapidly evolving area, and we're excited to be squarely in the mix. On the Medical side, all three end markets, RTQA, Nuclear Medicine and Dosimetry saw order growth in the quarter. This dynamic is particularly impressive in Nuclear Medicine, where we are lapping a 16% organic order increase in the second quarter of 2024.

這是一個快速發展的領域，我們很高興能夠參與其中。在醫療方面，RTQA、核醫和劑量測定三個終端市場在本季均出現訂單成長。這種動態在核醫領域尤其令人印象深刻，我們在 2024 年第二季實現了 16% 的有機訂單成長。

Slide 9 provides an update on the large onetime 2025 order pipeline that we've discussed over the past few quarters. This pipeline is bigger than what we've seen in the past years and indicative of the tailwinds across these key end markets.

投影片 9 提供了我們在過去幾季討論過的 2025 年一次性大型訂單管道的最新情況。這條管道比我們過去幾年看到的要大，顯示這些關鍵終端市場正處於順風階段。

Today, our pipeline stands at approximately $350 million. We continue to believe we will win our fair share of opportunity set in play. Encouragingly, the project pipeline for 2026 continues to build, and we like our competitive positioning a lot. Moving to the financial results on slide 10. Second quarter consolidated revenue was $222.9 million, up 7.6% versus Q2 2024.

如今，我們的管道價值約為 3.5 億美元。我們始終相信，我們將贏得公平的競爭機會。令人鼓舞的是，2026 年的專案管道正在繼續建設，我們非常喜歡我們的競爭定位。前往第 10 張投影片上的財務結果。第二季綜合營收為 2.229 億美元，較 2024 年第二季成長 7.6%。

Organic revenue grew 5.4% over the same time period. As expected, FX was a positive contributor to revenue growth, given the weaker US dollar environment versus the euro. Within the Nuclear & Safety segment, we saw organic revenue growth across each end market. The Nuclear Power installed base revenue growth was the largest driver in the segment, reinforcing the importance of this sector to our growth expectations.

同期有機收入成長了 5.4%。正如預期的那樣，鑑於美元兌歐元走弱，外匯對收入成長產生了積極貢獻。在核子與安全領域，我們看到每個終端市場的有機收入成長。核電裝置基礎收入成長是該領域最大的驅動力，強化了該領域對我們成長預期的重要性。

In the Medical segment, organic revenue grew across all three medical end markets. Adjusted EBITDA grew as well, up 4.9% to $51.2 million. While adjusted EBITDA dollars grew, margins contracted slightly due to a couple of nonrecurring items in our Nuclear & Safety segment. We experienced FX-related transactional headwinds in France. In addition, project cost increases for a nuclear project in the UK, negatively impacted project margins in the second quarter.

在醫療領域，所有三個醫療終端市場的有機收入均有所成長。調整後的 EBITDA 也成長了 4.9%，達到 5,120 萬美元。雖然調整後的 EBITDA 有所增長，但由於核與安全部門的幾個非經常性項目，利潤率略有下降。我們在法國經歷了與外匯相關的交易阻力。此外，英國核電專案成本增加，對第二季的專案利潤產生了負面影響。

Lastly, on this slide, adjusted EPS was $0.11 per share, a 10% increase compared to last year. Note that this includes 17.3 million additional shares related to the convertible notes. If you exclude the convertible notes, the warrant redemptions in Q2 '24 and the founder shares that vested in late 2024, our adjusted EPS would have been $0.13. This provides a more apples-to-apples comparison. Regarding the convertible note shares, from a GAAP perspective, we're required to use the fully diluted share count.

最後，在這張投影片上，調整後的每股盈餘為 0.11 美元，比去年成長 10%。請注意，這包括與可轉換票據相關的 1,730 萬股額外股份。如果剔除可轉換票據、2024年第二季的認股權證贖回以及2024年末歸屬的創辦人股份，我們的調整後每股收益將為0.13美元。這提供了更公平的比較。關於可轉換票據股份，從 GAAP 的角度來看，我們必須使用完全稀釋的股份數量。

You can see on slide 29 in the appendix, how the convertible and cap call structure impacts share count at certain share prices. Most importantly, there is zero dilution until the share price approaches $35. And even at $60 per share, the effective dilution is approximately 40% of the GAAP number.

您可以在附錄的第 29 張投影片中看到可轉換和上限呼叫結構如何影響特定股價下的股票數量。最重要的是，在股價接近 35 美元之前，稀釋度為零。即使每股 60 美元，有效稀釋率也約為 GAAP 數字的 40%。

Moving to the segments, beginning on slide 11. The Nuclear & Safety segment revenue grew 5.8% to $141.7 million. Organic revenue grew 2.9% in the quarter. Year-to-date, organic revenue grew 5.2% through the first half of the year.

移至各部分，從投影片 11 開始。核子與安全部門營收成長 5.8%，達到 1.417 億美元。本季有機收入成長了 2.9%。今年上半年迄今，有機收入成長了 5.2%。

Labs & Research has been softer than expected, reflecting DOGE and budget uncertainty confronting the US Department of Energy as well as tariff uncertainty from China, significantly -- more significantly, our Nuclear Power end market is exhibiting double-digit year-to-date revenue growth. Adjusted EBITDA declined slightly to $37.9 million, down 2.6% versus the second quarter last year.

實驗室和研究部門的表現弱於預期，這反映了美國能源部面臨的 DOGE 和預算不確定性以及來自中國的關稅不確定性——更重要的是，我們的核電終端市場今年迄今的收入呈現兩位數增長。調整後的 EBITDA 小幅下降至 3,790 萬美元，較去年第二季下降 2.6%。

Adjusted EBITDA margins contracted in the quarter reflecting a few nonrecurring cost items we already discussed. Moving next to the Medical segment on slide 12. Segment revenue grew 10.9% to $81.2 million. Organic revenue grew 10.1% in the quarter. Revenue was $2 million higher due to some accelerated shipments, mostly in RTQA to get ahead of expected tariff implementations early in the second quarter.

本季調整後的 EBITDA 利潤率有所下降，反映了我們已經討論過的一些非經常性成本項目。接下來移至投影片 12 上的醫療部分。分部營收成長 10.9% 至 8,120 萬美元。本季有機收入成長了 10.1%。由於部分貨物加速出貨，收入增加了 200 萬美元，其中大部分是 RTQA，以便趕在第二季初預期的關稅實施之前。

This was partially offset by the lapping of our laser business closure. This will be the last quarter for our laser's business adjustment. If we normalize for these, each Medical end market performed well in the quarter. Medical segment adjusted EBITDA was $30.1 million, up nearly 20% versus last year. Adjusted EBITDA margins increased approximately 280 basis points.

這部分被我們雷射業務關閉所抵消。這將是我們雷射業務調整的最後一個季度。如果我們對這些進行標準化，則每個醫療終端市場在本季度都表現良好。醫療部門調整後的 EBITDA 為 3,010 萬美元，比去年增長近 20%。調整後的 EBITDA 利潤率增加了約 280 個基點。

This margin performance was in line with the expectations we shared on our first quarter earnings call. Margin improvement reflects the power of our intrinsic operating leverage we've been discussing. In addition, procurement and mix performance positively impacted margins in the quarter.

這項利潤率表現符合我們在第一季財報電話會議上所表達的預期。利潤率的提高反映了我們一直在討論的內在經營槓桿的力量。此外，採購和組合績效對本季的利潤率產生了積極影響。

Let's spend a few minutes on adjusted free cash flow on slide 13. We continue to improve adjusted free cash flow in the second quarter, adding another $6 million, to end the first half of '25 with $35 million of adjusted free cash flow.

讓我們花幾分鐘時間看一下幻燈片 13 上的調整後自由現金流。我們在第二季持續改善調整後的自由現金流，又增加了 600 萬美元，到 2025 年上半年，調整後的自由現金流達到 3,500 萬美元。

Most importantly, we're improving our conversion as well. Beyond higher earnings, the biggest drivers continue to be net working capital improvements, an optimized capital structure and tight controls around CapEx. For instance, our net working capital, project cash flow management and improved collection performance contributed positively to the first half of the year.

最重要的是，我們也在提高我們的轉換率。除了更高的收益之外，最大的驅動力仍然是淨營運資本的改善、優化的資本結構和對資本支出的嚴格控制。例如，我們的淨營運資本、專案現金流量管理和改善的收款績效對上半年做出了積極貢獻。

We continue to expect improved productivity in net working capital through year-end. Within our capital structure, a lower SOFR rate environment over the past 12 months was a tailwind for interest expense as was the debt refinancing we did in 2024.

我們繼續預計到年底淨營運資本的生產力將會提高。在我們的資本結構中，過去 12 個月較低的 SOFR 利率環境對利息支出起到了順風作用，我們在 2024 年進行的債務再融資也是如此。

Separately, we successfully launched a convertible note in the second quarter and amended and extended our existing term loan, pushing its maturity to 2032 and significantly reducing the principal amount. These actions will be more impactful on the back half of 2025 and fully reflected in 2026.

另外，我們在第二季成功發行了可轉換票據，並修改和延長了現有的定期貸款，將其到期日推遲到 2032 年，並大幅減少了本金金額。這些行動將在2025年下半年產生更大的影響，並在2026年充分體現。

Lastly, year-to-date CapEx totaled $17 million, approximately $7 million lower than the first half of 2024. We're on track for 2025 CapEx of $40 million, an 18% reduction versus 2024.

最後，年初至今的資本支出總額為 1,700 萬美元，比 2024 年上半年低約 700 萬美元。我們預計 2025 年的資本支出將達到 4,000 萬美元，比 2024 年減少 18%。

Before we open the call to Q&A, slide 14 details our updated 2025 guidance. We have raised and tightened key 2025 metrics, including total revenue growth, adjusted EBITDA, adjusted free cash flow and adjusted EPS. We slightly lowered organic revenue growth, but most importantly, we raised organic revenue growth within the Nuclear Power end market.

在開始問答環節之前，第14張投影片詳細介紹了我們更新後的2025年業績指引。我們上調並收緊了2025年的關鍵指標，包括總收入成長、調整後EBITDA、調整後自由現金流和調整後每股盈餘。我們稍微降低了有機收入成長，但最重要的是，我們提高了核電終端市場的有機收入成長。

Let's get into the details. Moving top to bottom on the slide, organic revenue growth was revised lower to reflect US government budgetary headwinds impacting our Labs & Research business we already discussed.

讓我們來了解一下細節。從幻燈片頂部到底部，有機收入成長被下調，以反映美國政府預算阻力對我們已經討論過的實驗室和研究業務的影響。

Recall that this end market within our Nuclear & Safety segment includes business from the US Department of Energy and Universities. As a result, we lowered Labs & Research expectations from low single-digit organic revenue growth to modestly negative growth in this end market.

回想一下，我們核子與安全部門內的這個終端市場包括來自美國能源部和大學的業務。因此，我們將實驗室和研究部門的預期從低個位數有機收入成長下調至該終端市場的適度負成長。

These reductions are being largely offset by increased organic growth expectations from our Nuclear Power end market. We now expect 2025 double-digit organic growth from Nuclear Power versus high single digit previously.

這些減少在很大程度上被我們對核電終端市場的有機成長預期所抵消。我們現在預計 2025 年核電將實現兩位數的有機成長，而之前預計為個位數成長。

Next, total revenue growth is expected to be 7% to 9%, up from 5% to 7% previously. This reflects a 125 basis point tailwind from foreign exchange and a 100 basis point improvement from the acquisition of Certrec.

接下來，預計總收入成長率為7%至9%，高於先前的5%至7%。這反映了外匯帶來的 125 個基點的順風和收購 Certrec 帶來的 100 個基點的改善。

These tailwinds more than offset the slight adjustment to 2025 organic revenue growth. Adjusted EBITDA is now expected to be between $223 million and $233 million, up from $215 million to $230 million. This reflects the previously mentioned revenue drivers as well as revised cost inputs from tariffs and foreign exchange.

這些順風因素足以抵銷 2025 年有機收入成長的輕微調整。調整後的 EBITDA 目前預計在 2.23 億美元至 2.33 億美元之間，高於 2.15 億美元至 2.3 億美元。這反映了前面提到的收入驅動因素以及關稅和外匯的修訂成本投入。

Adjusted free cash flow is forecasted at $95 million to $115 million, representing both an increase to total dollars and the expected conversion rate. The increase reflects higher expected EBITDA, lower cash taxes and net interest expense savings. Project cash flow timing in the second half will likely cause net working capital to be a use of cash for the full year.

調整後的自由現金流預計為 9,500 萬美元至 1.15 億美元，這意味著總金額和預期轉換率都將增加。這一增長反映了預期 EBITDA 的提高、現金稅的降低以及淨利息支出的節省。下半年的專案現金流時機可能會導致淨營運資本成為全年的現金使用。

Lastly, adjusted EPS is expected to be between $0.48 and $0.52 per share and reflects the full GAAP impact of the additional shares related to the convertible note. We've included in the appendix a slide that illustrates changes to 2025 guidance over the past four disclosures. For the third quarter, we're expecting Nuclear & Safety segment adjusted EBITDA margins to be flattish year over year before rebounding nicely in our seasonally strong fourth quarter.

最後，調整後的每股盈餘預計在 0.48 美元至 0.52 美元之間，並反映了與可轉換票據相關的額外股份的全部 GAAP 影響。我們在附錄中附上了一張幻燈片，展示了過去四次披露中 2025 年指導的變化。對於第三季度，我們預計核能與安全部門調整後的 EBITDA 利潤率將與去年同期持平，然後在季節性強勁的第四季度強勁反彈。

In our Medical segment, adjusted EBITDA margins should show slight year-over-year expansion. Medical segment organic revenue growth should return to mid-single digits, accounting for the shipment timing of sales volumes related to potential tariff impacts in the second quarter.

在我們的醫療部門，調整後的 EBITDA 利潤率應會比去年同期略有擴大。考慮到第二季與潛在關稅影響相關的銷售量出貨時間，醫療部門的有機收入成長應會恢復到中等個位數。

With that, we're happy to take your questions.

我們很樂意回答您的問題。

(Operator Instructions) Chris Moore, CJS Securities.

（操作員指示）Chris Moore，CJS 證券。

Hey. Good morning, guys. Thanks for taking a couple.

嘿。大家早安。謝謝你帶了一對。

Hey, Chris.

嘿，克里斯。

Good morning. Maybe just start on the new nuc side. So obviously, it takes many years to get a new nuclear plant from concept to energy production. Can you at all quantify the number of new opportunities you're looking at now, say, versus two years ago?

早安.也許只是從新的核子方面開始。顯然，一座新核電廠從概念到發電需要很多年的時間。您能否量化您現在所關注的新機會的數量，與兩年前相比有多少？

Yeah. I mean, broadly speaking, Chris, what I would tell you is that both the quantum of new projects and the desired timing of those projects continues to accelerate. I think historically, we have touted the strategic alliance we forged with EDF in France that could span well over 20 years and cover all of their new EPR reactors, of which many are planned for France, the balance of Europe and other parts of the world.

是的。我的意思是，克里斯，從廣義上講，我想告訴你的是，新項目的數量和這些項目的預期時間都在不斷加快。我認為，從歷史上看，我們一直大力宣傳與法國電力公司建立的戰略聯盟，該聯盟可能持續 20 多年，並涵蓋其所有新的 EPR 反應堆，其中許多反應堆計劃在法國、歐洲其他地區和世界其他地區建設。

But we're encouraged of late by what's happening here in the US. I think if we had been having this conversation certainly two years ago, even a year ago, we still would have been skeptical about the prospects for new utility scale nuclear in the US.

但最近在美國發生的事情讓我們感到鼓舞。我認為，如果我們兩年前，甚至一年前進行過這樣的對話，我們仍然會對美國新的公用事業規模核能的前景持懷疑態度。

But right now, it is being openly discussed that Westinghouse, one of the leaders in the global reactor design space, is talking about up to 10 new AP1000 reactors in the US with starts prior to 2030. So this is very encouraging.

但目前，人們公開討論的是，全球反應器設計領域的領導者之一西屋電氣正在討論在 2030 年之前在美國啟動多達 10 座新的 AP1000 反應器。這非常令人鼓舞。

And again, it's the tip of the iceberg because you have to go well beyond utility scale, well beyond Westinghouse and EDF and look at the many other players globally. The Russian firm Rosatom, the Koreans, certainly the Chinese, all players in that utility scale place a space.

再說一遍，這只是冰山一角，因為你必須超越公用事業規模，超越西屋電氣和法國電力公司，看看全球許多其他參與者。俄羅斯國家原子能公司、韓國公司，當然還有中國公司，所有在該公用事業規模領域的參與者都佔有一席之地。

But on top of that, you again have this array of SMR players, the 127 discrete projects that we talked about. And what's happening today that maybe a little bit different is that not only are we seeing an accelerating pathway, again, just driven by the extreme urgency caused by this AI catalyzed shortage of electrical power, but also caused by meaningful shifts in policy stance, particularly in the US, is that people are moving faster and more deliberately and with greater confidence.

但除此之外，你又擁有了這一系列 SMR 播放器，也就是我們討論過的 127 個獨立專案。而今天發生的事情可能有點不同，我們不僅看到了一條加速的道路，再次強調，這僅僅是由人工智慧催化的電力短缺造成的極度緊迫性所驅動，也是由政策立場的重大轉變所驅動，特別是在美國，人們的行動更快、更謹慎、更有信心。

And so as a consequence, right now, we are engaged in many strategic discussions that go beyond simply project-related or transactionally oriented deals to frame agreements where all of the major players are looking to consolidate supply chains, link up with strategic partners that can really carry them through the next decade and beyond. And this is what I'm more excited about than anything in this space. Again, just the magnitude and the intensity, the activity here is innovating.

因此，目前，我們正在進行許多策略討論，這些討論不僅僅是與專案相關或以交易為導向的交易，而是製定協議，所有主要參與者都希望整合供應鏈，與能夠真正幫助他們度過未來十年及以後的戰略合作夥伴建立聯繫。這是我在這個領域最興奮的事情。再說一遍，就規模和強度而言，這裡的活動是創新的。

So while I'm not going to give you a specific number, I would tell you that the -- again, the quantum is growing, time lines are accelerating. And I think the tangibility of what's there continues to solidify. So we're pretty fired up about this.

因此，雖然我不會給你一個具體的數字，但我會告訴你——量子正在成長，時間線在加速。我認為那裡的事物的有形性正在不斷鞏固。所以我們對此感到非常興奮。

That's really helpful. Maybe just a follow-up. Could you talk a little bit more about the Certrec acquisition? How it fits in with the core business and synergies? Why you're so excited?

這真的很有幫助。也許只是後續行動。您能否再多談談有關 Certrec 收購的情況？它如何與核心業務相適應並產生協同效應？為什麼這麼興奮？

Yeah. Certrec is an unbelievable company. It's founder-led Ted Enos built the business and has run it throughout its lifetime. And it really is a unique asset that today really defines the space that they're in. We touched on some of the key financial metrics in terms of how it's performing, $17 million in revenue, very, very attractive margin profile, incredible customer retention, 110% net revenue retention overall.

是的。Certrec 是一家令人難以置信的公司。該公司由創始人泰德·伊諾斯 (Ted Enos) 創建並經營。這確實是一項獨特的資產，它真正定義了他們所處的領域。我們談到了其表現的一些關鍵財務指標，1700 萬美元的收入，非常非常有吸引力的利潤率，令人難以置信的客戶保留率，整體淨收入保留率為 110%。

Their platform includes 15 different SaaS applications, and they play today within a total addressable market that's just shy of $900 million. What's also very, very interesting about Certrec is that they possess 15 terabytes of unique industry data, which is an extraordinary number overall.

他們的平台包括 15 種不同的 SaaS 應用程序，目前他們的總目標市場規模接近 9 億美元。Certrec 的另一個非常有趣之處在於，他們擁有 15 TB 的獨特行業數據，總體而言，這是一個非凡的數字。

And I think it's self-evident to everybody that when you think about the AI potential that, that represents not only in terms of further streamlining their core software and services delivery today, but also what it means in terms of streamlining and accelerating regulatory approval processes, that is incredibly attractive and one of the -- one of perhaps the less visible assets with us. The attractiveness to us, firstly, is that the majority of their revenue is in nuclear power. This year, about 50% of the revenue will come from the installed base.

我認為，每個人都不言而喻，當你考慮人工智慧的潛力時，它不僅代表著進一步簡化他們今天的核心軟體和服務交付，而且還意味著簡化和加速監管審批流程，這是非常有吸引力的，也是我們可能不太明顯的資產之一。對我們來說，首先有吸引力的是，他們的大部分收入來自核電。今年，約50%的收入將來自已安裝的基礎。

About 6% will come from nuclear new builds. And this is obviously core to our strategic focus right now. And we love it because, again, the recurring revenue, SaaS-based software, massive, massive, massive AI potential here. But on top of that, the other 42% of the business, this NERC/FERC business that extends to the broader electrical grid is also relevant and important to us overall.

約 6% 將來自新建核電廠。這顯然是我們當前戰略重點的核心。我們喜歡它，因為這裡有經常性收入、基於 SaaS 的軟體、巨大的人工智慧潛力。但除此之外，其餘 42% 的業務，即延伸至更廣泛電網的 NERC/FERC 業務，對我們整體而言也同樣重要。

Fundamentally, when you look at the value proposition that Certrec brings to bear, at their core, the problems they're trying to solve, the customer pain points are that today, absent a solution like theirs, there's significant risk of human error.

從根本上說，當你看到 Certrec 提出的價值主張時，你會發現，他們的核心是他們試圖解決的問題，而客戶的痛點是，今天，如果沒有像他們這樣的解決方案，就會存在很大的人為錯誤風險。

There is an immense volume of complex standards to track, to understand and to apply. You have a situation where industry experts that really have the legacy knowledge are retiring. And insufficient expertise is a real threat on the customer side.

有大量複雜的標準需要追蹤、理解和應用。現在的情況是，真正擁有傳統知識的行業專家正在退休。而專業知識不足對客戶而言是一個真正的威脅。

The solution that Certrec offers essentially is the ability for their customers to outsource noncore mission-critical functions to decrease the risk of license revocation, fines, et cetera, to increase communication efficiency with regulators and fundamentally to ensure grid continuity, sufficiency, and security.

Certrec 提供的解決方案本質上是讓客戶能夠外包非核心關鍵任務功能，以降低吊銷執照、罰款等風險，提高與監管機構的溝通效率，並從根本上確保電網的連續性、充足性和安全性。

So we're excited about it, firstly, because, again, it fits squarely within our focus on nuclear power delivery. It fits squarely within our focus on continuing the digital evolution and particularly the AI-enabled digital revolution that's taking place in our various markets.

因此，我們對此感到興奮，首先，因為它完全符合我們對核電輸送的關注。它完全符合我們繼續數位化發展的重點，特別是我們各個市場正在發生的人工智慧數位革命。

And finally, working together with the Certrec team, we think there is a huge opportunity for us to tap into our vast commercial network to provide them stronger and more efficient infrastructure. And again, recognizing their margin profile, their incredible capabilities as a team, we think this is going to be a great asset for us overall.

最後，我們認為，與 Certrec 團隊合作，我們有巨大的機會利用我們龐大的商業網絡，為他們提供更強大、更有效率的基礎設施。再次，認識到他們的利潤狀況，以及他們作為一個團隊的驚人能力，我們認為這對我們整體來說將是一筆巨大的財富。

Perfect. We'll leave it there. Thanks, guys.

完美的。我們就把它留在那裡。謝謝大家。

Joe Ritchie, Goldman Sachs.

高盛的喬·里奇。

So my first question, look, it was good to see the Nuclear Power growth rate raised for the year. I guess if I go back to slide 5, right, you talked about like 80% of your revenue coming from your installed base. I know this is simplistic, but should we be thinking about like, I don't know, 8 points of growth coming from the installed base this year?

所以我的第一個問題是，很高興看到今年核電成長率上升。我想如果我回到幻燈片 5，對吧，您談到 80% 的收入來自您的安裝基礎。我知道這很簡單，但是我們是否應該考慮今年安裝基數的成長 8 個百分點？

And what I'm really trying to get at is you talked about extensively having conversations with your customers. And I think what I'm trying to figure out and I think what investors are trying to figure out is like how bankable is the growth rate from the installed base, not just this year, but really beyond this year?

我真正想了解的是，您談到了與客戶進行廣泛的對話。我認為我和投資者想要弄清楚的是，安裝基數的成長率有多可靠，不僅是今年，而且是今年以後？

Yeah. And here, Joe, we have to approach it axiomatically because the dynamics are changing rapidly and broadly. But the key fundamentals here are that, a, there is insufficient electrical generating capacity globally to support current needs and those needs continue to grow at a very high rate, again, based upon the work of hyperscalers in support of AI overall.

是的。喬，在這裡我們必須公理地處理這個問題，因為動態正在迅速而廣泛地變化。但這裡的關鍵基本面是：a、全球發電能力不足以滿足當前的需求，而且這些需求持續以非常高的速度成長，這同樣是基於超大規模企業對人工智慧的整體支援工作。

Secondly, policy shifts clearly have favored nuclear power, not just in the US but around the world. And market dynamics have adjusted to make nuclear power plants very profitable. And so fundamentally, over -- what has been about a five-year period, we have seen a shift from tepid fundamentals in that market to very, very strong fundamentals.

其次，政策轉變顯然有利於核電，不僅在美國，而且在世界各地。市場動態已經調整，使得核電廠非常有利可圖。因此從根本上來說，在過去的五年時間裡，我們看到該市場從不溫不火的基本面轉變為非常非常強勁的基本面。

And recognizing that over the last 20-plus years, this has been a tough market. Over much of that time, nuclear power stations were losing money and many were targeted for early decommissioning. So as a consequence, we have a buildup of underinvestment in those power plants where people were operating under extreme capital rationing modes.

並認識到在過去的 20 多年裡，這是一個艱難的市場。在那段時間的大部分時間裡，核電廠都在虧損，許多核電廠被列為提前退役。因此，結果就是，在那些實行極端資本配給模式的發電廠中，投資不足的情況越來越嚴重。

And so the first thing that's happening is that as we see capital budgets swelling, operators are investing in current infrastructure to modernize it, bring it back up to snuff and then to prepare for the things that we touched on, which is the broader modernization, trying to operate plants at higher capacity factors, contemplating uprates and life extensions across the board.

因此，首先發生的事情是，隨著資本預算的增加，營運商正在投資現有的基礎設施，使其現代化，恢復到標準水平，然後為我們談到的事情做準備，即更廣泛的現代化，試圖以更高的產能係數運營工廠，考慮全面提高產能和延長使用壽命。

Not only does this reverse that dynamic of extreme capital rationing, but it also, over time, is shifting their footing toward more growth capital to enable these things. And so those are the fundamentals that are essentially underpinning the overall operating fleet.

這不僅扭轉了極端資本配給的動態，而且隨著時間的推移，也將使他們的立足點轉向更多的成長資本，以實現這些目標。這些是支撐整個營運船隊的基本要素。

And at the end of the day, when you look at the broad array of solutions, not just instrumentation, but software and now with the Vital Platform, Vital-enabled software and services, the fundamentals are like nothing that we have seen literally in a generation.

最後，當您看到各種各樣的解決方案時，不僅僅是儀器儀表，還有軟體，現在有了 Vital 平台、支援 Vital 的軟體和服務，其基本原理是我們這一代從未見過的。

And so from our standpoint, as we look at this, while we're not going to quantify a specific number in terms of longer-term growth rates in the space, clearly, it is moving up and to the right. And our expectation is that this is a generational trend that we're going to work very, very hard to exploit continuously.

因此，從我們的角度來看，雖然我們不會量化該領域長期成長率的具體數字，但顯然它正在向上和向右移動。我們期望這將成為一種世代趨勢，我們將非常努力地持續利用這種趨勢。

Yeah. Maybe just one added color without giving you the exact numbers, Joe, one of the things I pointed out in my commentary is we saw -- we've seen year-to-date good growth out of both North America and France. These are both installed base markets for us today.

是的。喬，也許只是增加了一點色彩，而沒有給你確切的數字，我在評論中指出的一件事是，我們看到——我們看到今年迄今為止北美和法國都實現了良好的增長。這兩個都是我們今天的已安裝基礎市場。

I think we're encouraged by the new build opportunities in both markets with what EDF announced in France and Tom's comments on Westinghouse. But today, they're basically installed base markets for us. So I think you can read that as you will.

我認為，EDF 在法國宣布的消息以及湯姆對西屋電氣的評論令我們感到鼓舞。但今天，它們對我們來說基本上是已安裝的基礎市場。所以我想你可以隨意閱讀。

No, that's helpful qualitative color, guys. I guess shifting to orders and the $350 million pipeline that you guys have discussed, I fully recognize also the second quarter, you guys had a tough comp. I guess what we're trying to understand is like, has the $350 million pushed to the right a little bit? Is the opportunity still substantial into the second half of the year?

不，夥計們，這是很有幫助的定性顏色。我想轉向訂單和你們討論過的 3.5 億美元的管道，我完全認識到第二季度你們的業績很艱難。我想我們想了解的是，這 3.5 億美元是否被稍微推向了右邊？下半年機會是否依然巨大？

And I guess, specifically, I'm going to go back to numbers, but like could there be a quarter where you guys see like a $300 million-plus order quarter because of this large opportunity that you have?

我想，具體來說，我將回到數字上，但是，由於你們擁有這個巨大的機會，是否會出現一個季度，你們的訂單額超過 3 億美元？

I think we're unlikely to see a $300 million order quarter. But having said that, the -- again, as Brian said, we like where we sit in this opportunity set overall. Some of it has shifted to the right, mainly the government-related stuff because of DOGE-related noise and budgetary uncertainty.

我認為我們不太可能看到 3 億美元的季度訂單。但話雖如此，正如布萊恩所說，我們總體上喜歡我們在這個機會集中所處的位置。其中一些已經向右轉移，主要是與政府相關的內容，因為與 DOGE 相關的噪音和預算不確定性。

There is some possibility that given the government year-end and at the end of September that we may see a little bit of more accelerated order intake in that sector overall. But bear in mind that when you look at the composition, what's in there, it is government-related and new project related in the main.

考慮到政府年底和九月底的情況，我們可能會看到該行業整體的訂單量略有加快。但請記住，當你查看其組成時，你會發現其中的內容主要與政府和新項目有關。

And there's always some risk of timing slippage in these arenas. But what we said is that we expect to win our fair share of this. Again, we like where we sit today. Can't control the timing. But bear in mind that, again, these are large orders that we have called out to go above and beyond the core flow orders in the business. And ultimately, we do expect to monetize a decent chunk of this.

在這些領域中總是存在著時間延誤的風險。但我們說的是，我們希望贏得公平的份額。再次，我們對今天的處境感到滿意。無法控制時間。但請記住，這些都是我們呼籲的大型訂單，超出了業務中的核心流訂單。最終，我們確實希望將其中相當一部分轉化為貨幣。

I think the other maybe a couple of things is, one, it's been a fairly consistent number. I mean this quarter, we gave a number versus a range just because we felt like that was more appropriate. Two, I made this comment a quarter ago, things are moving -- have moved in and out. So new things have come in, other things have moved out. I think that's actually encouraging, not discouraging.

我認為另外一些可能是這樣的：第一，這個數字一直相當穩定。我的意思是，本季度我們給了一個數字而不是一個範圍，只是因為我們覺得這樣更合適。第二，我在一個季度前就發表了這一評論，事情正在改變——時好時壞。因此，新事物進來了，其他事物已經搬走了。我認為這實際上是令人鼓舞的，而不是令人沮喪的。

And I also would tell you, we like what we're seeing in the '26 on some of these larger projects. We haven't decided if we're going to quantify what those numbers look like. But I would say the '26 pipeline on larger deals continues to build. And every week and every month, there's new stuff being added. Again, timing continues to be a little bit the wildcard. But we feel -- we continue to talk about it, which means we feel -- we continue to feel pretty good about it.

我還要告訴你，我們對 26 年一些大型專案的進展感到滿意。我們還沒有決定是否要量化這些數字。但我想說的是，26 年更大規模交易的管道仍在繼續建設。每週、每月都會新增新內容。再一次，時機仍然有點難以捉摸。但我們感覺——我們繼續談論它，這意味著我們感覺——我們繼續對此感覺很好。

Got it. If I could just sneak in one more for you, Brian. Just the margins on Nuclear & Safety and specifically the project cost increase in France, understand like the FX transactional piece of the issue. What I'm trying to understand is whether there is like a lingering margin issue or cost issue associated with that project that we -- that maybe hampers margins through the rest of the year? I'm just trying to understand like the implications of it.

知道了。如果我可以再偷偷跟你講一個，布萊恩。光是核能和安全方面的利潤，特別是法國的專案成本增加，就如同外匯交易部分的問題一樣。我想了解的是，該專案是否存在揮之不去的利潤問題或成本問題，這可能會影響今年剩餘時間的利潤率？我只是想了解它的意義。

No. The challenge with just the accounting of the large projects is if you're significantly way through the project and there's some cost to come, you have to take a significant amount of that cost all at one time in a quarter.

不。大型專案的會計會計面臨的挑戰是，如果專案已經進行到相當長一段時間，並且會產生一些成本，那麼你必須在一個季度內一次性承擔其中很大一部分成本。

So it just shows up weird in a quarter as you're truing those things up, Joe, less -- more than we're worried about project margins. This project actually will end up with margin rates we expected. When we started the project, that's ebbed and flowed over the five-plus years that we've been executing on it.

因此，當你調整這些事情時，在一個季度內它會顯得很奇怪，喬，比我們擔心的專案利潤率要少。該項目實際上最終將實現我們預期的利潤率。當我們啟動這個計畫時，我們已經執行了五年多的時間，但進展卻起起伏伏。

So look, we are super proud of the team in France. We've seen just an amazing up into the right out of that business since two years ago. We have a lot of confidence in everything they're doing. And we're excited about both the operational and the commercial direction that's happening in Europe more than -- as much as anywhere else candidly and in some instances more.

所以，我們為法國隊感到非常自豪。自兩年前以來，我們看到該行業出現了驚人的成長。我們對他們所做的一切都充滿信心。我們對歐洲的營運和商業方向感到興奮，坦白說，我們對歐洲的興奮程度不亞於其他任何地方，在某些情況下甚至更高。

So I think we're making great progress operationally, and I think you'll continue to see that in the numbers. I would tell you we're not backing off our 30% number. We're still very squarely committed to that by '28.

所以我認為我們在營運方面取得了巨大進展，而且我認為你會繼續在數字中看到這一點。我想告訴你，我們不會放棄 30% 的目標。我們仍然堅定地致力於在 28 年實現這一目標。

Andy Kaplowitz, Citigroup.

花旗集團的安迪‧卡普洛維茲 (Andy Kaplowitz)。

Hey. Good morning, everyone.

嘿。大家早安。

Good morning, Andy.

早安，安迪。

Good morning. Tom or Brian, maybe I'll try Joe's question in a slightly different way. If we're sitting here at the end of the year, would you be quite disappointed if your backlog or at least your commercial nuclear backlog isn't higher than it is today?

早安.湯姆或布萊恩，也許我會以稍微不同的方式來回答喬的問題。如果我們正處於年底，如果您的積壓訂單或至少您的商業核積壓訂單沒有比今天更高，您會感到非常失望嗎？

I think we would. Yeah. I think the -- again, given what we're seeing, Andy, that would be a surprise to all of us. So yes, the short answer is yes, we would be disappointed.

我想我們會的。是的。我認為——再說一次，鑑於我們所看到的情況，安迪，這對我們所有人來說都會是一個驚喜。所以，是的，簡短的回答是，是的，我們會失望。

Easy enough. And then, Tom, maybe just SMR orders, like, obviously, there's still small numbers, but there's obviously been a ton of noise around SMR lately, as you pointed out. So does SMR orders, did they become a more meaningful part of your order ramp up?

很簡單。然後，湯姆，也許只是 SMR 訂單，就像，顯然，數量仍然很少，但正如你所指出的，最近圍繞 SMR 顯然有很多噪音。那麼 SMR 訂單是否成為您訂單成長中更有意義的一部分？

Even over the next 6 to 12 months, like we all thought it was next decade, but it does seem like there's some real activity here over the next few years. So does it become meaningful faster now, at least in the order profile?

甚至在接下來的 6 到 12 個月內，就像我們都認為是下一個十年一樣，但看起來未來幾年這裡確實會有一些真正的活動。那麼現在它變得更有意義了，至少在訂單概況中是這樣嗎？

Andy, we continue to be cautious here. Again, recognizing that there -- this is an industry, a space, a sector that will go through some level of consolidation. Clearly, the -- we're not going to have 127 viable SMR players 10 years from now.

安迪，我們在這裡繼續保持謹慎。再一次，認識到這是一個將經歷一定程度整合的行業、領域、部門。顯然，10 年後我們將不會擁有 127 個可行的 SMR 播放器。

And so we expect that right now, as we churn through this wave of first-of-a-kind reactors, that this is the time when strategic alliances are being forged. We're working hard to make sure that we get our fair share or better of positioning in the leading players in the space overall.

因此，我們預計，現在，隨著我們推進這一波首創反應器的建設，這正是建立策略聯盟的時機。我們正在努力確保我們在整個領域的領先地位中獲得公平的份額或更好的定位。

Clearly, it has accelerated faster than I would have guessed a year ago. And so we like the cadence of what we're seeing. We love the engagement that we're enjoying right now experiencing with these players, but we're going to continue to be cautious about this.

顯然，它的發展速度比我一年前猜測的還要快。因此，我們喜歡我們所看到的節奏。我們很享受與這些玩家的互動，但我們將繼續對此保持謹慎。

Again, we've got to get through first of a kind, see how those work out and where the real growth begins is that when you then get into the broader proliferation and extension of those the first-of-a-kind types. So again, we continue to be cautious.

再說一次，我們必須突破同類首創，看看它們如何運作，真正的成長從哪裡開始，是當你進入這些同類首創類型的更廣泛的擴散和擴展時。因此，我們再次保持謹慎。

We're happy that we are seeing an acceleration, but I'm not going to call for some dramatic spike above and beyond where we are.

我們很高興看到成長正在加速，但我不會呼籲出現超出現有水平的急劇增長。

That's helpful, Tom. And then maybe given concern about hospital reimbursement, you mentioned DOGE, it's obviously not surprising that you're seeing some modest impact on Mirion, but maybe you could talk about the resiliency of your medical and labs businesses moving forward that you won't see incremental negative revisions to your growth forecast? I mean is this you adjust and then you move forward in Medical overall still, call it, a mid-single-digit plus business?

這很有幫助，湯姆。然後也許考慮到對醫院報銷的擔憂，您提到了 DOGE，顯然您看到它對 Mirion 產生了一些適度的影響，這並不奇怪，但也許您可以談談您的醫療和實驗室業務未來的彈性，您不會看到對您的增長預測出現增量負面修正？我的意思是，這是你進行調整，然後在醫療領域整體向前邁進，仍然稱之為中等個位數以上的業務嗎？

Yeah. This is an area where I think we've highlighted over the last three quarters that we're watching this. Clearly, there is a lot of battlefield haze right now within the medical community overall, just given the uncertainty around budgetary dynamics. DOGE was a part of that. Certainly, in the recent tax bill, the cutbacks to Medicaid are a part of that overall.

是的。我認為這是我們在過去三個季度中一直強調關注的一個領域。顯然，由於預算動態的不確定性，目前整個醫學界都籠罩在一片戰場陰霾之中。DOGE 是其中的一部分。當然，在最近的稅收法案中，醫療補助的削減是其中的一部分。

And so we have been pushing the team very, very hard for the better part of the last year to give us the best possible insights in and around this market and really to be looking around corners for signs of what you articulated. And what we're seeing so far is that our markets have held up pretty well, in part because radiation therapy, in general, tends to have a higher proportion of reimbursement dollars coming from Medicare versus Medicaid and from private insurance overall.

因此，在過去一年的大部分時間裡，我們一直在非常努力地推動團隊為我們提供這個市場內外最好的見解，並真正四處尋找您所表達的跡象。到目前為止，我們看到我們的市場表現相當良好，部分原因是放射治療總體上從醫療保險（Medicare）而不是醫療補助（Medicaid）和私人保險獲得的報銷金額比例更高。

But secondly, given the imperative to improve efficiency within radiation therapy clinics, that plays well with our solution set. Our product offerings are all about efficiency and accuracy and help drive greater patient throughput in these facilities. The central part of that is our SunCHECK software platform, which at its heart is a workflow platform that drives great efficiency in that environment.

其次，考慮到提高放射治療診所效率的必要性，這與我們的解決方案非常契合。我們提供的產品注重效率和準確性，有助於提高這些設施的患者吞吐量。其中的核心部分是我們的 SunCHECK 軟體平台，其核心是一個可在該環境中提高效率的工作流程平台。

But on top of that, it's all of our hardware applications that in a very efficient fashion across different RT platforms, so not just Varian, but Elekta and others help support that efficiency. So to be clear, we continue to be very watchful around this market and the dynamics. We are pushing the team hard to give us any early signs that there may be a change or an erosion in the rate of growth. I would tell you that today, we have not seen that as of yet.

但最重要的是，我們所有的硬體應用程式都以非常高效的方式跨不同的 RT 平台運行，因此不僅是 Varian，Elekta 和其他公司也幫助支援這種效率。因此，需要明確的是，我們將繼續密切關注這個市場及其動態。我們正在大力推動團隊向我們提供任何可能發生變化或成長率下降的早期跡象。我想告訴你，今天我們還沒看到這種情況。

Yuan Zhi, B. Riley Securities.

袁志，B. Riley證券。

Good morning. Thank you for taking our questions. So yean, can you help us understand the current supply and demand dynamic with your Nuclear Medicine customers? Are they sensitive to pricing due to the current funding status? Or is the demand growing much faster than the supply right now?

早安.感謝您回答我們的問題。那麼，您能幫助我們了解核醫客戶目前的供需動態嗎？由於當前的資金狀況，他們對定價是否敏感？或者目前需求成長速度遠快於供應？

Yeah, Yuan. What I would say is that if you look at -- there are really two components associated with our Nuclear Medicine business. One is our core hardware offerings where the franchise product there would be dose-calibration instruments. And above and beyond that is clinical instruments and transport equipment, compounding equipment, syringe shields and the like. But really think of dose-calibration instruments as being the bellwether.

是的，袁。我想說的是，如果你看一下——我們的核醫學業務實際上涉及兩個組成部分。一是我們的核心硬體產品，其中特許經營產品是劑量校準儀器。除此之外還有臨床儀器及運輸設備、配製設備、注射器防護罩等。但實際上，劑量校準儀器才是領頭羊。

And then the second major component is our software platform, our ec2 software platform which uniquely is connecting drug makers and isotope producers and CDMOs and radiopharmacies and clinics. When we look at the overall growth rates and the demand that we're seeing, we do like our positioning.

第二個主要組成部分是我們的軟體平台，即我們的 ec2 軟體平台，它以獨特的方式連接製藥商、同位素生產商、CDMO、放射性藥物和診所。當我們看到整體成長率和需求時，我們確實喜歡我們的定位。

If you look at the margin profile of this business overall, it continues to improve, which is emblematic of a combination of both pricing power as well as the fact that we are mixing up in this space, principally through a higher proportion of software sales overall.

如果你看一下這個業務的整體利潤狀況，它就會持續改善，這既像徵著定價能力，也像徵著我們在這個領域的混合，主要是透過整體上更高比例的軟體銷售。

But the fundamentals here continue to be tracking with our expectations that there -- as you know, better than most. The theranostic movement, the theranostic revolution is real, and we're seeing a lot of activity in and around that.

但這裡的基本面繼續符合我們的預期——正如你所知，比大多數情況都要好。治療診斷運動、治療診斷革命是真實存在的，我們看到了圍繞著這項運動的大量活動。

So our view is that if the trends continue as we believe they will, that will continue to drive margin accretion in our business and support the longer-term growth that we've called for.

因此，我們的觀點是，如果趨勢按照我們所相信的那樣繼續下去，這將繼續推動我們業務的利潤成長，並支持我們所呼籲的長期成長。

Got it. It's also great to see the strong SMR backlog growth in 2025. Sorry, I have to ask Andy's question in a slightly different way. If we exclude SMR in the order books in both 2Q 2024 and 2Q 2025, what is the growth from the conventional nuclear power in the order book?

知道了。我們也很高興看到 2025 年 SMR 積壓訂單的強勁成長。抱歉，我必須以稍微不同的方式來問安迪的問題。如果我們在 2024 年第二季和 2025 年第二季的訂單中排除 SMR，那麼訂單中常規核電的成長是多少？

That's I got to see if I have the data in front of me, Yuan. I think if you look at it from a quarter or a year-to-date perspective, I would tell you that we are -- sorry, I got the wrong page. Apologies. If you look at it from a year-to-date perspective, we still have positive order growth in the Nuclear Power segment.

那就是我要看看我面前是否有數據，袁。我想如果你從季度或年初至今的角度來看，我會告訴你我們是——抱歉，我拿錯了頁面。抱歉。如果從年初至今的角度來看，我們的核電領域仍然保持著積極的訂單成長。

Again, you got to be a little bit careful trying to parse things in and out here because of the lumpiness of some of the orders, which is why I don't want to give a precise number because at the end of the day, that could change with -- when we win a large order in the third or fourth quarter.

再次強調，由於某些訂單比較複雜，所以在分析這些訂單時你必須要小心謹慎，這就是為什麼我不想給出一個精確的數字，因為到最後，當我們在第三季度或第四季度贏得大訂單時，這個數字可能會發生變化。

So we still feel very good about the order dynamics, even if you exclude the larger SMR order that we're seeing in the underlying base. And most importantly, I mean, our revenue numbers are double digits, and I would tell you that with very little SMR revenue running through the P&L today. So that is, I think, the most encouraging thing.

因此，即使排除我們在底層基礎中看到的更大的 SMR 訂單，我們仍然對訂單動態感到非常滿意。最重要的是，我的意思是，我們的收入數字是兩位數，我想告訴你，今天的損益表中 SMR 收入非常少。所以我認為這是最令人鼓舞的事情。

Yeah. Got it. Thank you.

是的。知道了。謝謝。

Rob Mason, Baird.

羅布梅森，貝爾德。

Yeah. Good morning. Thanks for taking the question. Tom, I wanted to go back to your conversation around the installed base in Nuclear Power, where you talked about the larger buckets of opportunities. But you mentioned life extensions, perhaps the largest opportunity for Mirion.

是的。早安.感謝您回答這個問題。湯姆，我想回到你關於核電安裝基礎的談話，你在其中談到了更大的機會。但您提到延長壽命，這也許是 Mirion 最大的機會。

Is there a more quantitative way that we can think about that? You've been helpful in the past talking about content per reactor on new builds, maybe on a per megawatt basis. And I'm sure there's much more variability around life extensions. But is there a metric that we can think about to properly size what that opportunity could be?

我們是否可以用更量化的方式來思考這個問題？您過去曾就新建核電廠的每個反應器的內容（可能是按每兆瓦計算）進行過討論，這很有幫助。我確信延長壽命方面還有更多的變化。但是，是否存在一個指標可以幫助我們正確衡量這個機會的規模呢？

Rob, we've not guided a specific metric because this is something that can vary depending on the type of reactor. Is it a pressurized water reactor? Is it a boiling water reactor? Is it a heavy water reactor? And so there's variability in and around all of those things.

羅布，我們沒有指導具體的指標，因為這可能會根據反應爐的類型而改變。它是壓水反應器嗎？它是沸水反應器嗎？它是重水反應器嗎？因此，所有這些事物本身以及周圍都存在著變化。

And to some degree, it's also -- there's also variability induced by the size of the fleet. So if you look at somebody like Constellation, the number one operator of nuclear power plants in the US versus others who may be operating a single power plant, it varies depending on how that -- how those fleets are being managed overall.

並且從某種程度上來說，船隊的規模也會引起改變。因此，如果你將 Constellation 這樣的公司（美國最大的核電廠營運商）與可能只經營單一核電廠的公司進行比較，你會發現，這取決於這些核電廠的整體管理方式。

But what we have said and what I would reiterate here is that when you are looking at a life extension event, that typically, that is a trigger for a higher degree of modernization CapEx relating not only to instrumentation, but also to software. This is where there are certain product categories like radiation monitoring systems, which typically have about a 20-year replacement cycle, give or take a few years, again, depending on facts and circumstances.

但我們已經說過並且我想在這裡重申的是，當你考慮壽命延長事件時，這通常會引發更高程度的現代化資本支出，不僅與儀器有關，還與軟體有關。某些產品類別（例如輻射監測系統）的更換週期通常約為 20 年，前後相差幾年，這也取決於事實和情況。

But oftentimes, when an operator is making a decision to life extend a power plant, that's when they'll say, okay, we need to upgrade our core RMS systems. So again, it varies across the board. So I'm hesitant to give you any specific guidance on the numbers are in this range and you can put that into your model.

但很多時候，當營運商決定延長發電廠的壽命時，他們會說，好吧，我們需要升級我們的核心 RMS 系統。所以，再次強調，它是全方位變化的。因此，我不太願意給你任何關於這個範圍內的數字的具體指導，你可以將其放入你的模型中。

Sure. Well, maybe this is somewhat related. The -- during the quarter, you did announce the partnership with Westinghouse around some of your instrumentation in particular. My sense was historically, that fleet, Westinghouse fleet had -- you not had as high a representation there.

當然。嗯，也許這有點相關。在本季度，您確實宣布與西屋電氣就某些儀器建立合作關係。我的感覺是，從歷史上看，西屋艦隊在那裡的代表性並不高。

So am I right in thinking about this is more around potential share gain on top of replacement activity for you within that fleet? And is there any way to put some broader numbers around what that opportunity could be?

那麼，我的想法是否正確？這更多的是關於您在該船隊中的替換活動之外的潛在份額增長？有什麼方法可以更廣泛地衡量這個機會嗎？

Yeah, that's 100% accurate that this is an opportunity to essentially upgrade the fleet that Westinghouse covers with a digital neutron flux measurement system. And these instruments just for the uninitiated or essentially measuring a variety of parameters inside the reactor core and immediately outside of the reactor core, the most important of which is neutron flux, which is the -- essentially the volume of neutrons that pass through a defined volume in a given period of time.

是的，這是 100% 準確的，這是一個機會，可以從本質上升級西屋公司採用數位中子通量測量系統所覆蓋的艦隊。這些儀器僅供外行人使用，主要用於測量反應器堆芯內部和堆芯外部的各種參數，其中最重要的是中子通量，即在給定時間內通過規定體積的中子體積。

It's essential to understand those dynamics because that provides a lot of insights about the operating quality and the safety of the combustion that's taking place inside that reactor overall. Our digital solution is unique. Westinghouse obviously sees it as a great opportunity in their broader service and maintenance business to utilize this as a core offering in upgrading reactors overall.

了解這些動態至關重要，因為這可以為整個反應器內部燃燒的運作品質和安全性提供許多見解。我們的數位解決方案是獨一無二的。西屋電氣顯然認為這是其更廣泛的服務和維護業務中的絕佳機會，可以將其作為整體升級反應器的核心產品。

We see a sizable opportunity to retrofit the installed base within the US. And more broadly, not just through the Westinghouse deal to leverage this technology on a global basis overall. So in our view, this is an opportunity for share pickup. It's not merely replacing our legacy products with something newer and better.

我們看到了改造美國境內已安裝基礎的巨大機會。更廣泛地說，我們不僅僅透過與西屋電氣的交易來在全球範圍內利用這項技術。因此我們認為，這是一個股價回升的機會。這不僅僅是用更新、更好的產品取代我們的舊產品。

Very good. Maybe just last question. Brian, talking about the margin expansion, I guess, in Medical, you mentioned procurement is one of the contributors and that was obviously something that was part of the algorithm that you unveiled at the Investor Day around 2030 margins. But could you just update us more broadly where you are in that effort relative to the, I guess, the target that you issued at that time? And how should we think about just phasing in of that procurement?

非常好。也許只是最後一個問題。布萊恩，談到利潤率的擴大，我想，在醫療領域，您提到採購是其中一個因素，這顯然是您在投資者日上公佈的 2030 年利潤率演算法的一部分。但是，您能否更廣泛地向我們介紹一下，相對於您當時發布的目標，您在這方面的努力進展如何？我們應該如何考慮逐步實施該採購？

Like I think I said to Joe, I think, we're still very committed to the 30% EBITDA margin target. Obviously, this year, our guide still indicates more than 100 basis points of margin expansion. That's our expectation. Obviously, that means it needs to pick up from here, and that's what we're very focused on. And even an acquisition like Certrec, although not contemplated then, helps with this journey.

就像我對喬說的那樣，我認為，我們仍然致力於實現 30% 的 EBITDA 利潤率目標。顯然，今年我們的指引仍顯示利潤率將擴大 100 個基點以上。這是我們的期望。顯然，這意味著它需要從這裡開始，而這正是我們非常關注的。甚至像 Certrec 這樣的收購，儘管當時沒有考慮過，也對這一進程有所幫助。

They actually have better EBITDA margins than we do as a company. So that's helpful. So I think we're still -- I know we're still -- we're still very committed to it. The idea generation and the tactical pipeline is still very robust. We like what we're doing on the procurement side.

事實上，他們的 EBITDA 利潤率比我們公司高。這很有幫助。所以我認為我們仍然——我知道我們仍然——我們仍然非常致力於此。創意生成和戰術管道仍然非常強大。我們喜歡我們在採購方面所做的事情。

One of the things that we've announced internally, and we should talk about it a little bit here is some of the variabilization of our -- both our software and IT labor in a deal that we did a partnership deal with a large partner in this space called Cognizant that we're super excited about, and we think we'll add a ton of value for us, both on the cost side, but actually even more importantly on the speed to market side for new software products.

我們在內部宣布的一件事，我們應該在這裡稍微談論一下，那就是我們的軟體和 IT 勞動力的一些變化，我們與這個領域的一個大型合作夥伴 Cognizant 達成了合作協議，我們對此感到非常興奮，我們認為我們將為我們增加大量的價值，無論是在成本方面，但實際上更重要的是在新軟體產品的上市速度方面。

And that's something that we continue to implement here over the next couple of quarters. So we feel good. I think one of the things you saw in the medical space this quarter is just that operating leverage. I mean when you get into these high single digit and in this case, double-digit quarters, the P&L structure really plays to our favor, specifically in that business.

這是我們在接下來的幾個季度繼續實施的事情。所以我們感覺很好。我認為本季在醫療領域看到的一件事就是經營槓桿。我的意思是，當你進入這些高個位數，或者在這種情況下是兩位數的季度時，損益結構確實對我們有利，特別是在那個業務中。

And we saw 200 basis point margin expansion plus across every one of the businesses we have within our medical business in the second quarter. So we're excited about where we're going. And we're even -- I would tell you, we continue to have a lot of conviction around our targets.

我們看到，第二季我們醫療業務中每項業務的利潤率都擴大了 200 個基點以上。因此，我們對即將前往的地方感到興奮。而且我們甚至——我想告訴你，我們對我們的目標仍然充滿信心。

Yeah, Rob, just to tag on to Brian's comments, too. Historically, the -- we've been very clear that the pathway to 30-point margins is the combination of operating leverage, which is the biggest single lever and that's what's carried us historically. It's price, it's procurement. It is continued footprint rationalization. It's the fact that with our clear focus on digital, we expect that we're going to continue to mix up overall from a margin standpoint.

是的，羅布，也只是想補充布萊恩的評論。從歷史上看，我們非常清楚，實現 30 個百分點的利潤率的途徑是經營槓桿的結合，這是最大的單一槓桿，也是我們歷史上取得進展的動力。是價格，是採購。這是持續的足跡合理化。事實上，由於我們明確關注數位化，我們預計從利潤率的角度來看，我們將繼續進行整體混合。

But there's something new that's emerging here that I think is worth touching on and that's AI. In this recent announcement where I've stepped away from running the medical group, Brian has picked that up. A major factor behind that is that I'm dedicating a substantial proportion of my cycles, if you will, toward AI. And we see two enormous opportunity sets in that regard. One is internal, where part of it is the future of work.

但我認為這裡出現了一些值得討論的新事物，那就是人工智慧。在最近宣布不再管理醫療集團的消息中，布萊恩已經接受了這個消息。這背後的一個主要因素是，如果你願意的話，我將我的大部分時間都投入了人工智慧。在這方面，我們看到了兩個巨大的機會。一個是內部問題，其中一部分是工作的未來。

I know that today, one-third or more of my job can be done better with AI and independent autonomous agents than I can do it personally. I know that to be true for just about every non-shop floor position within our business. We know that AI represents not in the future, but today, an opportunity for us to substantially improve our -- not only our efficiency but also our net output capabilities from a human capital standpoint.

我知道，今天，我的三分之一或更多的工作可以透過人工智慧和獨立自主代理來完成，比我個人做得更好。我知道這對我們公司業務中幾乎所有非車間崗位都是如此。我們知道，人工智慧代表的不是未來，而是今天，是一個大幅提高我們效率、從人力資本角度提高淨產出能力的機會。

Additionally, internally, there are more and more near-term opportunities to harness AI for supply chain management, for conversion activities, think of it in terms of master production scheduling for distribution capabilities, for product design capabilities, et cetera. And we're in the process of really windowing our hierarchy priorities to make sure that we're getting after this aggressively.

此外，在內部，近期有越來越多的機會利用人工智慧進行供應鏈管理、轉換活動，從主生產計畫的角度考慮分銷能力、產品設計能力等等。我們正在真正地調整我們的層級優先級，以確保我們能夠積極地實現這一目標。

The second bigger bucket is the customer-facing stuff, where clearly, we see enormous opportunities to improve the utility that we are bringing to our customers through AI solutions. And again, we're taking this very seriously devoting substantial resources to it. In all of this, at the end of the day, when you come back to the margin equation is an additive factor to what we've talked about historically.

第二個更大的領域是面向客戶的東西，顯然，我們看到了透過人工智慧解決方案來提高我們為客戶帶來的實用性的巨大機會。再次強調，我們非常重視此事並投入了大量資源。在所有這些中，最終，當你回到利潤方程式時，它是我們歷史上討論過的附加因素。

Thank you. I would like to turn the floor over to Tom Logan for closing remarks.

謝謝。我想請湯姆洛根做最後發言。

Well, folks, thanks, again, for your time and attention today. Again, we're happy about the quarter. We feel like, again, we continue to improve our financial metrics, our operating metrics. We continue to be very bullish about the order pipeline and extend -- expect to continue to extend the dynamics there in terms of what we bring down over the course of the year. So we continue to enjoy the tailwinds that we see.

好了，各位，再次感謝你們今天的時間和關注。再次，我們對本季的表現感到滿意。我們再次感覺到，我們正在繼續改善我們的財務指標和營運指標。我們繼續對訂單管道和擴展持非常樂觀的態度——預計就我們在今年的訂單量而言，其動態將繼續擴大。因此，我們繼續享受我們所看到的順風。

We -- there continues to be some noise in the market in and around tariffs, global geopolitics, reimbursement dynamics, et cetera. But our view continues to be that the tailwinds beat the headwinds here. We like where we sit and feel good about how the year is unfolding.

我們——市場上仍然存在一些有關關稅、全球地緣政治、償還動態等方面的噪音。但我們仍然認為，這裡的順風戰勝了逆風。我們喜歡現在的處境，並對新的一年的進展感到滿意。

So again, we appreciate your time and attention today, and we'll very much look forward to speaking with you again next quarter.

因此，我們再次感謝您今天的時間和關注，我們非常期待下個季度再次與您交談。

This concludes today's teleconference. You may disconnect your lines at this time, and thank you for your participation.

今天的電話會議到此結束。此時您可以斷開您的線路，感謝您的參與。