Mettler-Toledo International Inc (MTD) 2024 Q2 法說會逐字稿

Thank you for standing by, and welcome to the Mettler-Toledo second-quarter 2024 earnings call. (Operator Instructions) And finally, I would like to advise all participants that this call is being recorded. Thank you.

感謝您的耐心等待，歡迎參加梅特勒-托利多 2024 年第二季財報電話會議。（操作員說明）最後，我想告知所有參與者，本次通話正在錄音。謝謝。

I'd now like to welcome Adam Uhlman, Head of Investor Relations, to begin the conference. Adam, over to you.

現在我歡迎投資者關係主管 Adam Uhlman 開始會議。亞當，交給你了。

Thanks, Paul, and good morning, everyone. Thanks for joining us. On the call with me today is Patrick Kaltenbach, our Chief Executive Officer; and Shawn Vadala, our Chief Financial Officer.

謝謝保羅，大家早安。感謝您加入我們。今天與我通話的是我們的執行長 Patrick Kaltenbach；以及我們的財務長肖恩·瓦達拉 (Shawn Vadala)。

Let me cover some administrative matters. This call is being webcast and is available for replay on our website at mt.com. A copy of the press release and the presentation that we will refer to today is also available on our website. This call will include forward-looking statements within the meaning of the US Securities Act of 1933 and the US Securities Exchange Act of 1934. These statements involve risks, uncertainties, and other factors that may cause our actual results, financial condition, performance, and achievements to be materially different from those expressed or implied by any forward-looking statements.

讓我談談一些行政事務。本次電話會議正在進行網路直播，並且可以在我們的網站 mt.com 上重播。我們今天將參考的新聞稿和簡報的副本也可以在我們的網站上找到。本次電話會議將包括《1933 年美國證券法》和《1934 年美國證券交易法》含義內的前瞻性陳述。這些陳述涉及風險、不確定性和其他因素，可能導致我們的實際結果、財務狀況、績效和成就與任何前瞻性陳述明示或暗示的結果有重大差異。

For discussion of these risks and uncertainties, please see our recent annual report on Form 10-K and quarterly and current reports filed with the SEC. The company disclaims any obligation or undertaking to provide any updates or revisions to any forward-looking statements, except as required by law. On today's call, we may use non-GAAP financial measures. A reconciliation of these non-GAAP financial measures to the most directly comparable GAAP measure is provided in the 8-K and is available on our website.

有關這些風險和不確定性的討論，請參閱我們最近的 10-K 表格年度報告以及向 SEC 提交的季度和當前報告。除法律要求外，該公司不承擔任何對任何前瞻性陳述進行更新或修訂的義務或承諾。在今天的電話會議上，我們可能會使用非公認會計準則財務指標。8-K 中提供了這些非 GAAP 財務指標與最直接可比較的 GAAP 指標的調整表，並且可以在我們的網站上找到。

Let me now turn the call over to Patrick.

現在讓我把電話轉給派崔克。

Thanks, Adam, and good morning, everyone. We appreciate you joining our call today. Last night, we reported our second-quarter financial results, the details of which are outlined for you on page 3 of our presentation. Our team continued to execute well and deliver better-than-expected results in the second quarter, including good growth in laboratory sales in Europe and Americas. As expected, market conditions in China remained weak in both our laboratory and industrial businesses. We continue to benefit from our productivity and margin initiatives, which helped mitigate the impact of foreign exchange headwinds and protect our earnings.

謝謝亞當，大家早安。我們感謝您今天加入我們的電話會議。昨晚，我們報告了第二季度的財務業績，其詳細資訊已在我們簡報的第 3 頁上為您概述。我們的團隊繼續表現良好，並在第二季度取得了好於預期的業績，包括歐洲和美洲實驗室銷售的良好成長。正如預期的那樣，中國實驗室和工業業務的市場狀況仍然疲軟。我們繼續受益於我們的生產力和利潤計劃，這有助於減輕外匯不利因素的影響並保護我們的收入。

Looking to the remainder of 2024, market conditions are soft, particularly in China. However, we expect our local currency sales to return to growth in the second half of the year, primarily due to easier comparisons as well as execution of our Spinnaker sales and marketing program and leveraging our innovative product portfolio. We remain focused on continuing to strengthen our company for the future and believe we are in an excellent position to continue to gain market share and deliver future growth.

展望 2024 年剩餘時間，市場狀況疲軟，尤其是在中國。然而，我們預計我們的本地貨幣銷售額將在今年下半年恢復成長，這主要是由於比較更容易以及我們的 Spinnaker 銷售和行銷計劃的執行以及利用我們的創新產品組合。我們仍然專注於繼續增強我們公司的未來，並相信我們處於有利地位，可以繼續獲得市場份額並實現未來成長。

Let me now turn the call over to Shawn to cover the financial results and our guidance, and then I will be back with some additional commentary on the business and our outlook. Shawn?

現在讓我把電話轉給肖恩，介紹財務業績和我們的指導，然後我將對業務和我們的前景發表一些補充評論。肖恩？

Thanks, Patrick, and good morning, everyone. Sales in the quarter were at $943.8 million, which represented a decrease in local currency of 2%. On a US dollar basis, sales declined 4% as currency reduced sales growth by 2%. On slide number 4, we show sales growth by region. Local currency sales grew 6% in Europe; 2% in the Americas; and declined 13% in Asia/rest of the world. Local currency sales decreased 23% in China in the quarter.

謝謝派崔克，大家早安。該季度銷售額為 9.438 億美元，以當地貨幣計算下降了 2%。以美元計算，銷售額下降了 4%，因為匯率使銷售額成長減少了 2%。在第 4 投影片中，我們顯示了按地區劃分的銷售成長。歐洲以當地貨幣計算的銷售額成長了 6%；美洲為 2%；亞洲/世界其他地區下降了 13%。本季中國的以當地貨幣計算的銷售額下降了 23%。

On slide number 5, we show sales growth by region for the first half of the year. Local currency sales declined 1% for the first six months, with 6% growth in Europe, 2% growth in the Americas, and an 11% decline in Asia/rest of the world. Local currency sales decreased 21% in China on a year-to-date basis. As a reminder, our first-quarter sales benefited by 6% from recovering delayed product shipments, which is a 3% benefit to our year-to-date results. Excluding this, our local currency sales declined 4% on a year-to-date basis.

在第 5 張投影片上，我們顯示了今年上半年按地區劃分的銷售成長。前六個月以當地貨幣計算的銷售額下降了 1%，其中歐洲增長 6%，美洲增長 2%，亞洲/世界其他地區下降 11%。今年迄今，中國的本幣銷售額下降了 21%。提醒一下，我們第一季的銷售額因恢復延遲的產品出貨而成長了 6%，比我們年初至今的表現成長了 3%。排除這一點，我們的本幣銷售額比去年同期下降了 4%。

On slide number 6, we summarize local currency sales growth by product area. For the quarter, laboratory sales increased 1% and industrial decreased 5%, with core industrial down 9% and product inspection up 3%. Food retail declined 12% in the quarter against significant project activity last year. The next slide shows the local currency sales growth by product area for the first half. Laboratory sales increased 1% and industrial decreased 3%, with core industrial down 5% and product inspection up 1%. Food retail decreased 10%.

在第 6 投影片中，我們按產品領域總結了以當地貨幣計算的銷售額成長。本季，實驗室銷售額成長 1%，工業銷售額下降 5%，其中核心工業銷售額下降 9%，產品檢驗銷售額成長 3%。與去年的重大項目活動相比，本季食品零售下降了 12%。下一張投影片顯示了上半年按產品領域劃分的本幣銷售成長。實驗室銷售額成長1%，工業銷售額下降3%，其中核心工業銷售額下降5%，產品檢驗成長1%。食品零售下降10%。

Let me now move to the rest of the P&L, which is summarized on slide number 8. Gross margin was 59.7%, an increase of 30 basis points on positive price realization, as positive price realization was partially offset by lower volume. R&D amounted to $45.8 million in the quarter, which is a 2% decrease in local currency over the prior period. SG&A amounted to $235.8 million, a 4% increase in local currency over the prior year and includes higher variable compensation.

現在讓我談談損益表的其餘部分，第 8 號投影片對此進行了總結。毛利率為 59.7%，由於積極的價格實現而增加了 30 個基點，因為積極的價格實現被銷量下降部分抵消。本季研發費用為 4,580 萬美元，以當地貨幣計算較上一期下降 2%。SG&A 達 2.358 億美元，以當地貨幣計算比上一年增長 4%，其中包括更高的可變薪酬。

Adjusted operating profit amounted to $284.1 million in the quarter, an 8% decrease. Unfavorable foreign currency was a headwind to adjusted operating profit of approximately 2%. Adjusted operating margin was 30%, which represents a decrease of 130 basis points over the prior year.

本季調整後營業利潤為 2.841 億美元，下降 8%。不利的外幣匯率導致調整後營業利潤下降約 2%。調整後營業利益率為30%，較上年下降130個基點。

A couple of final comments on the P&L. Amortization amounted to $18.2 million in the quarter, interest expense was $19 million, and other income amounted to $1.5 million. Our effective tax rate was 19% in the quarter. This rate is before discrete items and is adjusted for the timing of stock option exercises. This also excludes a $23 million one-time non-cash discrete tax benefit relating to the favorable settlement of a tax audit.

關於損益表的一些最終評論。本季攤銷額為 1,820 萬美元，利息支出為 1,900 萬美元，其他收入為 150 萬美元。本季我們的有效稅率為 19%。此比率是在離散項目之前的比率，並根據股票選擇權行使的時間進行調整。這還不包括與稅務審計有利解決相關的 2,300 萬美元一次性非現金離散稅收優惠。

Fully diluted shares amounted to 21.4 million, which is approximately a 3% decline from the prior year. Adjusted EPS for the quarter was $9.65, a 5% decrease over the prior year or a 3% decrease excluding unfavorable foreign currency. On a reported basis in the quarter, EPS was $10.37 as compared to $9.69 in the prior year. Reported EPS in the quarter included $0.24 of purchased intangible amortization; $0.20 of restructuring costs; a $0.09 tax benefit from the timing of option exercises that is trued up in Q4; and the onetime noncash discrete tax benefit of $1.07.

完全稀釋後的股份數量為2,140萬股，較上年下降約3%。該季度調整後每股收益為 9.65 美元，比去年同期下降 5%，排除不利的外幣因素則下降 3%。根據本季報告，每股收益為 10.37 美元，而去年同期為 9.69 美元。本季度報告的每股收益包括 0.24 美元的無形資產攤銷； 0.20 美元的重組費用；第四季調整後的選擇權行使時間帶來 0.09 美元的稅收優惠；以及 1.07 美元的一次性非現金離散稅收優惠。

The next slide illustrates our year-to-date results. Local currency sales declined 1% for the six-month period. Adjusted operating income decreased 4% -- or 1%, excluding unfavorable foreign currency, and our operating margin contracted 60 basis points. Adjusted EPS declined 2% on a year-to-date basis or grew 1%, excluding unfavorable currency.

下一張幻燈片展示了我們今年迄今的業績。以當地貨幣計算的銷售額在這六個月內下降了 1%。調整後的營業收入下降了 4%，如果不考慮不利的外幣匯率，我們的營業利潤率下降了 60 個基點，即 1%。調整後每股盈餘較年初至今下降 2%，或成長 1%（不包括不利貨幣）。

That covers the P&L, and let me now comment on cash flow. Adjusted free cash flow amounted to $433.4 million on a year-to-date basis, a 13% increase on a per share basis from prior year levels due to favorable working capital. DSO was 37 days, while ITO was 4 times.

這涵蓋了損益表，現在讓我評論一下現金流。由於良好的營運資本，年初至今調整後的自由現金流達到 4.334 億美元，每股比上年水準成長 13%。DSO是37天，而ITO是4倍。

Let me now turn to our guidance for the third quarter and the full year. As you review our guidance, please keep in mind the following factors. Market conditions are soft, especially in China. While we are not seeing a negative change in market conditions, we're also not seeing a significant improvement. We believe we are well positioned to capture growth opportunities through our Spinnaker sales and marketing program as well as our innovation, which includes several product launches, which we discussed last quarter.

現在讓我談談我們對第三季和全年的指導。當您查看我們的指南時，請記住以下因素。市場狀況疲軟，尤其是在中國。雖然我們沒有看到市場狀況出現負面變化，但也沒有看到顯著的改善。我們相信，我們已做好準備，可以透過 Spinnaker 銷售和行銷計劃以及創新（包括我們上季度討論過的多項產品發布）來抓住成長機會。

We continue to execute very well on our margin expansion, productivity, and cost savings initiatives. And as previously mentioned, we will start to benefit from easier prior year comparisons during the second half of the year. Lastly, as you update your models, keep in mind, our 2025 results will face a sales headwind of approximately 1.5% as we recaptured delayed shipments in 2024 from 2023.

我們繼續出色地執行利潤擴張、生產力和成本節約計劃。如同前面所提到的，我們將在今年下半年開始受益於更容易的上年比較。最後，當您更新模型時，請記住，我們 2025 年的業績將面臨約 1.5% 的銷售逆風，因為我們在 2024 年重新獲得了 2023 年延遲的發貨量。

Now turning to our guidance. For the third quarter of 2024, we expect local currency sales to grow by approximately 1%. We expect adjusted EPS to be in the range of $9.90 to $10.05. Currency for the quarter at recent spot rates would be an approximate 1% headwind to the third-quarter sales and adjusted EPS.

現在轉向我們的指導。對於 2024 年第三季度，我們預計本幣銷售額將成長約 1%。我們預計調整後每股收益將在 9.90 美元至 10.05 美元之間。以近期即期匯率計算，本季的貨幣對第三季銷售額和調整後每股盈餘將產生約 1% 的阻力。

For the full-year 2024, we expect local currency sales to grow approximately 2%, unchanged from our previous guidance. We expect full-year adjusted EPS to be in the range of $40.20 to $40.50, which compares to our prior guidance of $39.90 to $40.40. This includes an expected headwind to sales of 1% and adjusted EPS growth of approximately 2% from unfavorable foreign exchange.

對於 2024 年全年，我們預計本幣銷售額將成長約 2%，與我們先前的指引持平。我們預計全年調整後每股收益將在 40.20 美元至 40.50 美元之間，而我們先前的指引為 39.90 美元至 40.40 美元。這包括預期的 1% 銷售阻力和不利外匯帶來的約 2% 的調整後每股收益成長。

Lastly, I'd like to share a few other details on our 2024 guidance to help you as you update your models. We expect total amortization, including purchased intangible amortization, to be approximately $73 million. Purchased intangible amortization is excluded from adjusted EPS and is estimated at $26 million on a pretax basis or $0.95 per share. Interest expense is forecast at $78 million for the year and other income is estimated at approximately $4 million. We expect our tax rate before discrete items will remain at 19% in 2024.

最後，我想分享有關 2024 年指南的一些其他詳細信息，以幫助您更新模型。我們預計總攤銷（包括購買的無形攤銷）約為 7,300 萬美元。購買的無形攤銷不包括在調整後每股收益中，稅前估計為 2,600 萬美元，即每股 0.95 美元。今年利息支出預計為 7,800 萬美元，其他收入預計約 400 萬美元。我們預計 2024 年不計離散項目的稅率將維持在 19%。

We expect adjusted free cash flow of approximately $850 million, representing a conversion of approximately 100% of adjusted net income. We continue to expect share repurchases of approximately $850 million in 2024.

我們預計調整後的自由現金流約為 8.5 億美元，相當於調整後淨利潤的 100% 左右。我們仍預期 2024 年將回購約 8.5 億美元的股票。

That's it from my side, and I'll now turn it back to Patrick.

這就是我的觀點，現在我將其轉回給派崔克。

Thanks, Shawn. Let me start with some comments on our operating businesses, starting with lab, which grew approximately 1% compared to last year. We had good growth across most of the portfolio, especially in Europe, and we also had good growth in the Americas. We continue to benefit from our refreshed portfolio of innovative solutions in our Spinnaker sales and marketing program as well as our diversity across end margins and applications.

謝謝，肖恩。讓我先對我們的營運業務進行一些評論，首先是實驗室，與去年相比成長了約 1%。我們的大部分投資組合都取得了良好的成長，尤其是在歐洲，我們在美洲也取得了良好的成長。我們繼續受益於 Spinnaker 銷售和行銷計劃中更新的創新解決方案組合以及我們在終端利潤和應用方面的多樣性。

Our industrial sales for the quarter were in line with our expectations and were down 5%, with sales growth in Europe offset by a significant sales decline in China. Product inspection sales were up 3% on good results in both Europe and the Americas, although market conditions with food manufacturing customers are still challenging. We have also seen very good demand for our X-ray inspection technologies, which has benefited from recent innovations. Lastly, food retail sales declined in line with our expectations against significant project-driven sales growth in the second quarter last year.

我們本季的工業銷售額符合我們的預期，下降了 5%，其中歐洲銷售額的成長被中國銷售額的大幅下降所抵消。儘管食品製造客戶的市場狀況仍充滿挑戰，但由於歐洲和美洲的良好業績，產品檢驗銷售額成長了 3%。我們也看到對我們的 X 射線檢測技術的需求非常大，這要歸功於最近的創新。最後，食品零售額的下降符合我們對去年第二季專案驅動的銷售大幅成長的預期。

Now let me make some additional comments by geography. Starting in the Americas. Our sales grew 2% in the quarter, with good growth across lab and product inspection, while retail declined against significant growth in the prior year. Our results were a bit better than expected. And while we observed longer customer purchasing cycles, we see good customer engagement and feel that our team is competing very well.

現在讓我按地理位置補充一些評論。從美洲開始。本季我們的銷售額成長了 2%，實驗室和產品檢驗部門均實現了良好成長，而零售額則較上一年的大幅成長有所下降。我們的結果比預期好一些。雖然我們觀察到客戶購買週期更長，但我們看到了良好的客戶參與度，並感覺到我們的團隊競爭非常激烈。

Sales in Europe were better than expected and grew about 6% in the quarter. Our results included very good growth from both laboratory and industrial. Our teams continue to compete extremely well considering challenging economic conditions and are doing an excellent job leveraging our updated portfolio of innovative products. Additionally, in Europe, we have the highest proportion of sales through our own direct sales force, and they have shown excellent execution in leveraging our Spinnaker sales and marketing program to achieve these results.

歐洲銷售優於預期，本季成長約 6%。我們的結果包括實驗室和工業方面都取得了非常好的成長。考慮到充滿挑戰的經濟條件，我們的團隊繼續保持著極其出色的競爭力，並利用我們更新的創新產品組合做得非常出色。此外，在歐洲，我們透過自己的直銷團隊獲得的銷售比例最高，他們在利用我們的 Spinnaker 銷售和行銷計劃來實現這些成果方面表現出了出色的執行力。

Lastly, our Asia and rest of the world results were in line with our expectations and included the significant sales decline in China as expected. We continue to see soft demand from most end markets in China, but we still expect to return to sales growth in the second half due to much easier year-ago comparisons.

最後，我們的亞洲和世界其他地區的業績符合我們的預期，其中包括中國銷售額的大幅下降。我們繼續看到中國大多數終端市場的需求疲軟，但由於與去年同期相比要輕鬆得多，我們仍然預計下半年銷售將恢復成長。

Our China team remains agile and has implemented advanced customer mapping and database enrichment to identify potential sales opportunities as they arise. As we have mentioned in the past, strength in China can change quickly and our team remains ready to take advantage of growth opportunities.

我們的中國團隊保持敏捷，並實施了先進的客戶映射和資料庫豐富，以識別出現的潛在銷售機會。正如我們過去提到的，中國的實力可以迅速變化，我們的團隊隨時準備好利用成長機會。

One final comment on our quarterly results. We continue to see very good growth with service across most business areas and regions. Our service business grew 6% this quarter, which was on top of double-digit growth in the previous year. Those are all my comments on the business for the quarter. And now I would like to share with you additional insights on how we are strengthening our business to continue to gain market share and emerge from the market downturn in an even stronger position.

對我們季度業績的最後評論。我們繼續看到大多數業務領域和地區的服務都取得了良好的成長。我們的服務業務本季成長了 6%，高於上一年兩位數的成長。這些是我對本季業務的所有評論。現在，我想與您分享關於我們如何加強業務以繼續獲得市場份額並以更強大的地位擺脫市場低迷的更多見解。

Earlier this year, we shared with you how we are rolling out the next wave of various corporate programs, such as our sales and marketing excellence programs, Spinnaker 6, and the sophisticated data analytics being implemented to support our enhanced program. An important enabler of this initiative is our Blue Ocean program, which is our global process harmonization initiative, all built on a single instance of SAP. We have invested in this initiative for over 15 years, harmonizing and centralizing processes that touch all elements of our business, from sales and marketing to service our supply chain, product development, and our finance, HR, and other administration functions.

今年早些時候，我們與您分享了我們如何推出下一波各種企業計劃，例如我們的銷售和行銷卓越計劃、Spinnaker 6 以及為支援我們的增強計劃而實施的複雜數據分析。該計劃的一個重要推動者是我們的藍海計劃，這是我們的全球流程協調計劃，全部建置在單一 SAP 實例上。我們對這項計劃的投資超過 15 年，協調和集中了涉及我們業務所有要素的流程，從銷售和行銷到供應鏈服務、產品開發以及財務、人力資源和其他管理職能。

With Blue Ocean, we have been able to harness the significant diversity and complexity of our business and turn it into a very powerful competitive advantage that many smaller private companies in our industry cannot match. Blue Ocean provides us with valuable real-time business intelligence insights, allowing us to react quickly to changes in the business and operating environment. We have implemented advanced dashboards to ensure real-time reporting of KPIs across our business and are leveraging advanced software solutions to make better decisions faster.

借助藍海，我們能夠利用業務的巨大多樣性和複雜性，並將其轉化為非常強大的競爭優勢，這是我們行業中許多小型私人公司無法比擬的。藍海為我們提供了寶貴的即時商業智慧洞察，使我們能夠對業務和營運環境的變化做出快速反應。我們實施了先進的儀表板，以確保整個業務的 KPI 即時報告，並利用先進的軟體解決方案更快地做出更好的決策。

Our digitalization efforts have been a source of productivity improvements with much more ahead of us that will allow us to automate many renewal activities, creating seamless end-to-end processes with meaningful productivity benefits. Blue Ocean has also enabled global shared service centers that drive process excellence, quality, and productivity.

我們的數位化努力一直是生產力提升的源泉，我們還有更多的工作要做，這將使我們能夠自動化許多更新活動，創建無縫的端到端流程，並帶來有意義的生產力優勢。Blue Ocean 也啟用了全球共享服務中心，推動卓越流程、品質和生產力。

In recent years, we have improved our Blue Ocean template to add new features and functionality, including adding e-shops, advanced procurement solutions, and sophisticated service pricing analytics. A great example of this enhanced functionality is service technician scheduling, which can be a very complicated manual task. There are several factors to be taken into consideration when scheduling the assignments, such as customer location, number of devices, age of the devices, and the type of service.

近年來，我們改進了藍海模板，並添加了新的功能和功能，包括添加電子商店、高級採購解決方案和複雜的服務定價分析。這種增強功能的一個很好的例子是服務技術人員安排，這可能是一項非常複雜的手動任務。安排分配時需要考慮多個因素，例如客戶位置、設備數量、設備壽命和服務類型。

By using advanced analytics and machine learning models to predict durations, we have been able to automate or semi-automate this process and then also apply enhanced real-time traffic imaging to outline the best routes.

透過使用先進的分析和機器學習模型來預測持續時間，我們已經能夠自動化或半自動化此過程，然後還應用增強的即時交通成像來勾勒出最佳路線。

Now that we have rolled out Blue Ocean to nearly all of our entire organization, we have a strong foundation to push new capabilities out into the entire organization at a rapid pace. Blue Ocean is the backbone supporting the next wave of several corporate programs, including our new Spinnaker 6 sales and marketing initiatives. This includes the rollout of advanced [generation of our top K program], which are targeted investment alerts we create by using sophisticated data analytics to scan our internal CRM and external databases to identify new growth opportunities. In the past, these alerts were manually qualified and static reports were generated for our sales team in one or two releases per year.

現在，我們已經將「藍海」推廣到了整個組織的幾乎所有成員，我們擁有了堅實的基礎，可以快速地將新功能推向整個組織。Blue Ocean 是支援下一波多個企業計劃的支柱，包括我們新的 Spinnaker 6 銷售和行銷計劃。這包括推出先進的[我們的頂級 K 計劃的生成]，這是我們透過使用複雜的數據分析來掃描我們的內部 CRM 和外部資料庫以識別新的成長機會而創建的有針對性的投資警報。過去，這些警報是手動限定的，並且每年為我們的銷售團隊產生一到兩個版本的靜態報告。

Today, our team is integrating advanced software solutions to automatically qualify and feed these leads real-time into our CRM for a much quicker response by our sales teams. This also enables faster generation of cross lead opportunities across our business units. Additionally, customers utilizing our customer portal today are offered standardized purchase recommendations based on items in their cart. In the near future, these recommendations will be tailored to an individual customer's current installed base and application requirements, enabling more personalized suggestions.

如今，我們的團隊正在整合先進的軟體解決方案，以自動驗證這些潛在客戶並將其實時輸入到我們的 CRM 中，以便我們的銷售團隊能夠更快地做出回應。這也使得我們的業務部門能夠更快地產生交叉銷售機會。此外，今天使用我們客戶入口網站的客戶會根據其購物車中的商品獲得標準化的購買建議。在不久的將來，這些建議將根據單一客戶當前的安裝基礎和應用程式需求進行定制，從而提供更個性化的建議。

We are also expanding our capability for self-service, which, today, includes the ability to access calibration certificates or request service or remote diagnostics and remote service. And in the future, our platform will support new business models around consumables reordering and preventative maintenance and supports the rollout of our advanced cloud-based software solutions.

我們也正在擴展自助服務的能力，目前包括存取校準證書或請求服務或遠端診斷和遠端服務的能力。未來，我們的平台將支援圍繞耗材重新訂購和預防性維護的新業務模式，並支援推出我們先進的基於雲端的軟體解決方案。

Overall, Blue Ocean has been a long journey, starting from a goal to consolidate roughly 70 different ERP systems into 1 standardized global business system. From there, we have expanded the project to support new features, business models, and advanced productivity initiatives around automation across the company.

總的來說，藍海是一個漫長的旅程，從將大約 70 個不同的 ERP 系統整合到標準化的全球業務系統的目標開始。從那時起，我們擴展了該項目，以支援整個公司圍繞自動化的新功能、業務模式和先進生產力計劃。

As we look to the future, Blue Ocean is at the core of enabling new sales growth and margin expansion opportunities we have today. It makes us more agile and supports fast digital innovation as our central implementation allows new ideas and digital business models to be scaled globally at a rapid pace. It provides real-time visibility across the entire value chain and our business units globally to support data-driven decision-making and reallocation of resources. Significant productivity gains are enabled with bots in the AI-supported automation, and it allows for optimization of our global IT footprint with scale cybersecurity, global applications, and lifecycle management.

展望未來，藍海是實現新的銷售成長和利潤擴張機會的核心。它使我們更加敏捷並支持快速的數位創新，因為我們的中央實施允許新想法和數位業務模型在全球範圍內快速擴展。它提供整個價值鍊和我們全球業務部門的即時可見性，以支援數據驅動的決策和資源重新分配。人工智慧支援的自動化中的機器人可以顯著提高生產力，並且可以透過大規模網路安全、全球應用程式和生命週期管理來優化我們的全球 IT 足跡。

Finally, it is a platform to provide value to our customers, which includes connecting to our digital products and service offering while enhancing their MT experience. And as I mentioned earlier, these capabilities are a powerful competitive advantage that many in our industry do not have the ability or resources available to replicate.

最後，它是一個為我們的客戶提供價值的平台，其中包括連接我們的數位產品和服務，同時增強他們的機器翻譯體驗。正如我之前提到的，這些能力是強大的競爭優勢，我們行業中的許多人沒有能力或資源可以複製。

Now this concludes our prepared remarks. Operator, I'd now like to open the line for questions.

現在我們準備好的發言就到此結束。接線員，我現在想開通提問線路。

(Operator Instructions) Dan Arias, Stifel.

（操作員說明）Dan Arias，Stifel。

Shawn or Patrick, Europe seems to be doing pretty nicely right now, especially given some of the macro conditions that exist in some of those countries. What do you think is driving that? And what do you think is making the biggest difference between that region and the Americas when it comes to revenue performance and growth?

肖恩或帕特里克，歐洲目前似乎表現相當不錯，特別是考慮到其中一些國家存在的一些宏觀條件。您認為是什麼推動了這個趨勢？您認為該地區與美洲在收入表現和成長方面最大的差異是什麼？

Yes, we are very happy with our position in Europe and how well our team competes there. I mean, a lot of the success is based -- as we also may said in our earlier remarks, that a lot of our sales team in Europe is through our direct sales channel, and we are competing very effectively with our Spinnaker sales and marketing tools and how we direct our sales force. On top of that, we have launched a lot of new products over the last two years. And with these platforms, we compete very effectively in Europe.

是的，我們對我們在歐洲的地位以及我們團隊在那裡的競爭狀況感到非常滿意。我的意思是，很多成功都是基於——正如我們在之前的評論中所說的那樣，我們在歐洲的許多銷售團隊都是透過我們的直接銷售管道進行的，並且我們正在與Spinnaker 銷售和行銷進行非常有效的競爭工具以及我們如何指揮我們的銷售團隊。最重要的是，過去兩年我們推出了許多新產品。借助這些平台，我們在歐洲的競爭非常有效。

I would say the customers in Europe really appreciate the innovation. We see that also in comparison to many other players in the market, and we are really happy with where we are with these results. As you know, in the beginning of the year, we were no concern about Europe, given the impact of the Ukraine war. et cetera. But we are now seeing that we are competing rarely -- especially with our lab portfolio. And as we highlighted also in the last quarter before the release of our new lab (inaudible) portfolio that is really resonating extremely well for our customers.

我想說歐洲的客戶非常欣賞這種創新。與市場上許多其他參與者相比，我們也看到了這一點，我們對目前的結果感到非常滿意。如你所知，今年年初，考慮到烏克蘭戰爭的影響，我們並不擔心歐洲。等等。但我們現在發現我們很少競爭——尤其是在我們的實驗室產品組合方面。正如我們在發布新實驗室（聽不清楚）產品組合之前的最後一個季度所強調的那樣，這確實引起了我們客戶的極大共鳴。

Okay. Helpful. And then maybe on China, the message here sounds pretty similar to last quarter. Demand still weak, hope for growth in the back half, but mostly just because of the year-over-year compares and how those change. Can you just expand on the extent to which business conditions have changed at all?

好的。有幫助。然後也許在中國，這裡的資訊聽起來與上個季度非常相似。需求仍然疲弱，希望下半年能成長，但主要是因為年比比較以及這些變化。您能否詳細說明一下商業狀況發生了多大程度的變化？

And if they have, what you think that might mean for the year? I assume the outlook is still for a high singles decline, but curious if the potential for something slightly different one way or another has increased. And then it would just be great to get your updated thoughts on stimulus from here, just given how topical that is.

如果他們這樣做了，你認為這對今年意味著什麼？我認為單打的前景仍然會大幅下降，但我很好奇，以某種方式略有不同的可能性是否增加。然後，考慮到刺激措施的熱門程度，從這裡獲得您對刺激措施的最新想法就太好了。

I mean, China, as you said, unfolded as we expected in Q2. That said, I want to remind you that we still have positive growth in the second quarter last year. When you look at the end markets, it has been soft across all of our end markets. So there's not a single market I would point out here at this point in time. And given the softness, we also think we want to maintain our guidance for the rest of the year. As you rightfully said, we expect high single-digit decline for the full year. That said, it means also that we will see positive growth in the second half and that's based on easier compares.

我的意思是，正如您所說，中國在第二季度的發展正如我們所預期的那樣。儘管如此，我想提醒大家，去年第二季我們仍然實現了正成長。當你觀察終端市場時，我們所有的終端市場都表現疲軟。因此，目前我不會在這裡指出任何一個市場。鑑於經濟疲軟，我們也認為我們希望在今年剩餘時間維持我們的指導。正如您所說，我們預計全年將出現高個位數下降。也就是說，這也意味著我們將在下半年看到正成長，這是基於更容易的比較。

I would say, when you asked about the stimulus program, we have not yet seen the impact of the stimulus. I mean what we see is that the stimulus this time is different from the stimulus that have been launched probably last year or the years before. This one seems to be much more focused. I think the Chinese government called it focused on high-quality segments aiming at segments of AI, new energy, biopharma, and new materials and our teams are working very closely with our customers to also help them prepare for the applications. We have prepared bundles that they can basically can also apply to these applications. We have not built in any effect of the stimulus in our guidance for Q3 and Q4. We think that will be mainly the 2025 topic.

我想說，當你問到刺激計劃時，我們還沒有看到刺激計劃的影響。我的意思是，我們看到的是，這次的刺激措施可能與去年或前幾年推出的刺激措施不同。這似乎更專注。我認為中國政府稱之為專注於人工智慧、新能源、生物製藥和新材料領域的高品質領域，我們的團隊正在與客戶密切合作，幫助他們為應用做好準備。我們準備了捆綁包，它們基本上也可以適用於這些應用程式。我們沒有在第三季和第四季的指導中考慮刺激措施的任何影響。我們認為這將主要是 2025 年的主題。

Rachel Vatnsdal, JPMorgan.

雷切爾·瓦特斯達爾，摩根大通。

I just want to dig first in core industrial. That was down 9% in the quarter. I think you guys had pointed us towards high single-digit declines. So can you just unpack that for us a little bit? How did that trend as you reached into June and July and better than kind of what you started off in the quarter? And then also, can you just walk us through segment expectations for core industrial for the rest of the year? How should we think about 3Q and then the full year as well?

我只想先挖核心產業。該季度下降了 9%。我認為你們已經向我們指出了高個位數的下降。那你能為我們稍微解開一下嗎？當您進入六月和七月時，這種趨勢如何？另外，您能否向我們介紹今年剩餘時間對核心產業的細分預期？我們應該如何看待第三季以及全年？

Rachel, this is Shawn. I'll take that one. So like you said, I think the division kind of came in pretty much similar to how we expect to being down 9%. I think a key thing to remember in industrial is that it's very disproportionately weighted by China versus our other product categories. So we did see the industrial business down very significantly in the quarter, kind of similar to the lab business.

雷切爾，這是肖恩。我會接受那個。所以就像你說的，我認為該部門的表現與我們預期的下降 9% 非常相似。我認為在工業領域要記住的一件關鍵事情是，與我們的其他產品類別相比，中國在工業領域所佔的比重非常不成比例。因此，我們確實看到本季工業業務大幅下降，與實驗室業務類似。

As Patrick mentioned, we saw the downturn in China in the quarter, pretty similar across both product categories. When we kind of look outside of China, we did see, of course, better activity. We see sometimes differentiated performance depending on, like you said, the segments of the market. Certainly, where we see companies that focus on automation and digitalization and process control, we clearly are seeing better opportunities in those segments.

正如帕特里克所提到的，我們看到本季中國市場的低迷，兩個產品類別都非常相似。當我們把目光投向中國以外的地方時，我們確實看到了更好的活動。正如您所說，我們有時會看到不同的表現，這取決於市場區隔。當然，當我們看到專注於自動化、數位化和流程控制的公司時，我們顯然在這些領域看到了更好的機會。

There are other aspects of the economy that I think are a little softer at the moment. But I think our teams have been very resilient here. I think our portfolio is very strong and robust. And I think our go-to-market strategy with our Spinnaker program continues to be really a differentiator in the industrial areas. We've been able to target specific opportunities in the market.

我認為目前經濟的其他方面有些疲軟。但我認為我們的團隊在這裡非常有彈性。我認為我們的投資組合非常強大和穩健。我認為我們的 Spinnaker 計畫的市場進入策略仍然是工業領域的一個真正的差異化因素。我們已經能夠瞄準市場上的特定機會。

And as we kind of like step back from the business, one of the things I think is most exciting is I think a lot of the discussions around reshoring and nearshoring opportunities are still yet to come. And so I think as we kind of look to the future, we're a little bit more optimistic here.

當我們有點想從業務中退出時，我認為最令人興奮的事情之一是我認為有關回流和近岸機會的許多討論尚未到來。所以我認為，當我們展望未來時，我們會更加樂觀。

Perfect. And then just my follow-up. Can you just walk us through segment level and geography expectations for 3Q and the full year as well?

完美的。然後就是我的後續行動。您能否向我們介紹一下第三季和全年的細分市場水準和地域預期？

Yes, sure. So, hey, maybe I'll kind of run it down from the top here with the products. So our laboratory business, our guidance for Q3 is up low single digit. And for the full year, it would be up low single digits to up mid-single digit. Our product inspection business would be up mid-single digit for the third quarter. And for the full year, up low single digit. Our core industrial business would be up low single digit for Q3 and flat for the full year. And our retail business would be down in the mid-20s for Q3, and down double digit, which is a little bit of a decline from how we were thinking last quarter for the full year.

是的，當然。所以，嘿，也許我會用產品從上到下處理。因此，我們的實驗室業務，我們對第三季的指導是低個位數的。就全年而言，這一數字將由低個位數上升到中個位數。第三季我們的產品檢驗業務將實現中個位數成長。全年成長低個位數。我們的核心工業業務第三季將實現低個位數成長，全年持平。第三季我們的零售業務將下降 20 多歲，下降兩位數，比我們上季度對全年的預期略有下降。

By geography, we expect the Americas to be flat in Q3 and up low single digit for the full year. We expect Europe to be down slightly in Q3 and up mid-single digit for the full year. And we expect China to be up low single digit in Q3, and as we said before, down high single digit for the full year.

從地理來看，我們預計美洲第三季將持平，全年將出現低個位數成長。我們預計歐洲第三季將小幅下降，全年將出現中個位數成長。我們預計中國第三季的經濟成長將出現低個位數成長，正如我們之前所說，全年將出現高個位數下降。

Vijay Kumar, Evercore.

維傑·庫馬爾，Evercore。

Congrats on this execution here. I had two guidance-related questions. One on the third quarter, maybe, Shawn, for you. Your comps get 700 basis points easier, right? The 1% seems a little light. Curious on the thought process for 3Q.

在這裡祝賀這次執行。我有兩個與指導相關的問題。也許是第三節的一場，肖恩，給你的。您的比較容易獲得 700 個基點，對吧？1%似乎有點輕。對 3Q 的思考過程感到好奇。

Yes. Vijay. Hey, we felt very good about our performance in the second quarter. We did do better than expected. And we're not seeing any negative changes in the business, but I acknowledge we continue to be a little cautious here. There still are a lot of uncertainties in the macro. We also saw the PMI numbers the other day. In our end markets, we still see longer sales cycles. But the other side of that is we do feel like we're competing really well. And I think we are continuing to take a little bit of market share each quarter.

是的。維傑.嘿，我們對第二季的表現感覺非常好。我們確實比預期做得更好。我們沒有看到業務出現任何負面變化，但我承認我們仍然保持謹慎。宏觀方面仍存在不少不確定因素。前幾天我們也看到了 PMI 資料。在我們的終端市場，我們仍然看到更長的銷售週期。但另一方面，我們確實感覺我們的競爭非常好。我認為我們每季都會繼續佔據一點市場份額。

These new products have been very well received in the market from what we can see from some initial results. But nonetheless, there's still some uncertainty. And as you know, we typically only have about 1.5 months of backlog. So we'd like to just kind of get through another quarter here and then have a little bit more visibility as we kind of get into the end of the year.

從初步的效果來看，這些新產品受到了市場的熱烈歡迎。但儘管如此，仍存在一些不確定性。如您所知，我們通常只有大約 1.5 個月的積壓。因此，我們希望再度過一個季度，然後在年底時獲得更多的知名度。

Understood. And Patrick, maybe one for you [and Anna]. If you look at the second-quarter performance, pretty impressive on the operational side, [beat] EPS by $0.60. I think guide raise was at the midpoint maybe $0.20. So one, was the guide in the back-half assumptions, did it temper down a little bit? I know Shawn mentioned PMI, but your business mix has changed quite a bit. Your exposure to PMI is far lesser. So maybe just comment on your back half, how you're looking at it, any change versus three months ago?

明白了。還有派崔克，也許適合你[和安娜]。如果你看第二季的業績，在營運方面相當令人印象深刻，每股收益[超過] 0.60 美元。我認為指導加註額的中點可能是 0.20 美元。那麼，後半部假設中的指引是否有所緩和？我知道 Shawn 提到了 PMI，但你們的業務組合發生了很大變化。您對 PMI 的曝險要小得多。那麼也許只是評論一下你的後半身，你是如何看待它的，與三個月前相比有什麼變化嗎？

Look, a very good question. And I think we've been trying to say it also in the prepared remarks, we don't see a change from what we have told you in Q2, to be honest. I mean, the performance of the end markets have rolled out as we expected it. And we also seeded for the remainder of the year. Yes, we are very proud of the fact that we beat Q2 both top and even more on bottom line.

看，這是一個很好的問題。我認為我們也一直試圖在準備好的發言中表達這一點，老實說，我們沒有看到我們在第二季度告訴您的內容有任何變化。我的意思是，終端市場的表現已經按照我們的預期展開。我們也為今年剩餘時間進行了播種。是的，我們非常自豪我們在營收和利潤上都擊敗了第二季。

You're right. I mean, our exposure on the PMI end markets is probably a little less, but we also need to see, again, more momentum in pharma and biopharma moving forward to really benefit even stronger from our strong portfolio. As Shawn said, we're taking, of course, a bit of cautious stance here to make sure that we also can live up to what we told you for the full year. We've maintained the outlook for the full year. We are pretty confident in 2% growth for the full year, but we need a little bit more visibility moving forward, to be honest.

你說得對。我的意思是，我們在 PMI 終端市場的敞口可能會少一些，但我們也需要再次看到製藥和生物製藥領域的更多動力，真正從我們強大的投資組合中受益，甚至更加強勁。正如肖恩所說，當然，我們在這裡採取了一些謹慎的立場，以確保我們也能實現全年的目標。我們維持全年展望。我們對全年 2% 的成長非常有信心，但說實話，我們需要更多的可見度。

Our sales team and the engagement we are seeing of our sales team with customers is excellent. We have a lot of good leads, but sales cycles still take longer. And customers are still also living through the uncertain market environment, especially in China, the customers are really cautiously spending until we have better guidance also from the government on the path forward. But also in the rest of the world, in some of the areas where we see with, for example, larger pharma accounts, better momentum. We see that smaller pharmaceutical accounts and biotech accounts are still under pressure given the high interest rates.

我們的銷售團隊以及我們看到的銷售團隊與客戶的互動非常出色。我們有很多好的銷售線索，但銷售週期仍然需要更長的時間。客戶仍然生活在不確定的市場環境中，尤其是在中國，客戶確實非常謹慎地消費，直到我們在政府的道路上得到更好的指導。但在世界其他地方，我們也看到一些領域，例如，製藥公司帳戶規模更大，勢頭更好。我們看到，鑑於高利率，規模較小的製藥帳戶和生物技術帳戶仍面臨壓力。

So if you sum all of that up, I think we are still where we have been when I look forward a quarter ago in terms of market dynamics. We think it didn't get worse, but we also we still are looking forward to see better momentum, to be honest, to change our guidance. And at the moment, I think we are really well positioned with the 2% guidance for the full year.

因此，如果你總結所有這些，我認為我們仍然處於我一個季度前展望市場動態時的水平。我們認為情況並沒有變得更糟，但說實話，我們仍然期待看到更好的勢頭，以改變我們的指導。目前，我認為我們已經處於有利位置，全年指引為 2%。

Jack Meehan, Nephron.

傑克·米漢，尼弗龍。

I wanted to start -- ask about China again. I was wondering if you could provide color about what you're seeing across customer classes like pharma and biotech, academic versus industrial and whether any of the regional dynamics are different across those?

我想再次詢問有關中國的問題。我想知道您是否可以提供您在製藥和生物技術、學術與工業等客戶類別中所看到的情況，以及這些類別之間的區域動態是否有所不同？

Yes. I mean especially on Q2, again, we have seen not a huge difference between the different market segments or end customers. They're all being pretty much down the same level with a few percent up and down. I want to remind you that, again, our end customers in China are about 60% -- or more than 60% are local companies, about 15% are multinationals, and about 25% is government state-owned companies. But within that, in that segment and also the underlying end markets, whether it's industrial or pharma, not a big difference.

是的。我的意思是，特別是在第二季度，我們再次看到不同細分市場或最終客戶之間沒有巨大差異。它們幾乎都在同一水平上下降，只是有幾個百分點的上下浮動。我想再次提醒大家，我們在中國的最終客戶大約有60%——或者說超過60%是本土企業，大約15%是跨國公司，大約25%是政府國有企業。但在這個細分市場以及潛在的終端市場（無論是工業還是製藥）中，差異並不大。

As I said in my earlier remarks here, there is, again, a lot of cautiousness in the end market. The customers really want to see how the government stimulus plays out. They need to have more confidence before they invest more. I think we are competing very effectively with our own portfolio in China. Our local China team is very well connected to our customers. As I said, they are preparing or helping our customers prepare for the application for the stimulus, et cetera. We set up specific bundles. We have a lot of localized solutions for China. So we are not concerned about the local competition when you look at the end market is really the, I would say, the overall mood in the market and the readiness to increase investment.

正如我在之前的演講中所說，終端市場再次表現出非常謹慎的態度。客戶確實想看看政府的刺激措施效果如何。在進行更多投資之前，他們需要更有信心。我認為我們在中國與我們自己的投資組合進行了非常有效的競爭。我們當地的中國團隊與我們的客戶有著非常密切的聯繫。正如我所說，他們正在準備或幫助我們的客戶準備刺激計劃的申請等等。我們設定了特定的捆綁包。我們有許多針對中國的在地化解決方案。因此，當你看看終端市場時，我們並不關心當地的競爭，我想說的是，市場的整體情緒和增加投資的準備。

Great. And two follow-ups on China. On stimulus. I just want to understand the dynamic in the quarter. Is it possible that the discussion around stimulus actually led to some pause from some customers kind of to wait for when the funding shows up? And then second is on the pharma and biotech side, have you seen any impact from the BIOSECURE Act?

偉大的。還有兩個關於中國的後續行動。靠刺激。我只是想了解本季的動態。是否有可能圍繞刺激方案的討論實際上導致一些客戶暫停等待資金到位？其次是在製藥和生物技術方面，您是否看到《BIOSECURE 法案》有任何影響？

Yes, Jack, maybe I'll take that one. So hey, in terms of like this air pocket topic, we're not hearing that from our teams. Not to say that maybe there's some psychology out there, but we're not hearing that at the moment. And then in terms of BIOSECURE we're not necessarily hearing any impacts of that, maybe a little small. But of course, when you look at the bigger topic, ultimately, we would expect to see opportunities in other parts of the world with other customers as well, too.

是的，傑克，也許我會接受那個。所以，嘿，就這個氣穴話題而言，我們沒有從我們的團隊中聽到這一點。並不是說可能存在某種心理學，但我們目前還沒有聽到這種說法。然後就 BIOSECURE 而言，我們不一定會聽到任何影響，也許有點小。但當然，當你考慮更大的主題時，最終，我們希望也能在世界其他地區與其他客戶看到機會。

Matt Sykes, Goldman Sachs.

馬特·賽克斯，高盛。

Patrick, I just want to touch on something you mentioned when you're discussing the strength you've seen in Europe, which is a higher exposure from your direct sales force in that region. I'm not entirely clear about direct sales force exposure across regions outside of Europe. But I'm just wondering, given the success that that team has had in executing Spinnaker and in the quarter, does that make you want to reinvest in a direct sales force where you might have gaps versus indirect? Or do you feel pretty good about where you are in terms of direct sales force exposure globally?

派崔克，我只想談談您在討論您在歐洲看到的優勢時提到的一件事，即您在該地區的直銷團隊的曝光率更高。我不太清楚歐洲以外地區的直銷隊伍的情況。但我只是想知道，考慮到該團隊在執行 Spinnaker 和本季度所取得的成功，這是否會讓您想要對直接銷售團隊進行再投資，因為與間接銷售相比，您可能存在差距？或者您對自己在全球直銷隊伍中的接觸程度感到滿意嗎？

Look, I mean, we're constantly evaluating of where we stand in terms of go-to-market strategies and channels that we have in the end markets and what are the best fit for the end markets. And that's true, by the way, for both -- it's true, of course, for our sales. And as I said, in Europe, we have a lot of direct sales force to our end customers. They are using the Spinnaker sales tool sets very well. We also have a strong direct sales team in the US. In other parts of the world, we're using sometimes indirect sales channel, but we are constantly evaluating that. When it comes to investment in sales channel.

聽著，我的意思是，我們不斷評估我們在終端市場的進入市場策略和管道方面的立場，以及什麼最適合終端市場。順便說一句，對於雙方都是如此——當然，對於我們的銷售也是如此。正如我所說，在歐洲，我們擁有大量面向最終客戶的直接銷售人員。他們很好地使用了 Spinnaker 銷售工具集。我們在美國也擁有強大的直銷團隊。在世界其他地區，我們有時會使用間接銷售管道，但我們會不斷評估這一點。說到銷售通路的投資。

We are looking at it from a coverage perspective. Do we really cover all the important end markets around the world? Do we also cover the -- what we call the hot segments well enough, either direct or indirect? So it's a very differentiated approach we take worldwide of how we look at this. And if we are thinking about investment, it's, first and foremost, dependent is that underlying market momentum there to increase our sales force. We also look at the same way, for example, services. In services, we see very healthy growth. I would say, in the last quarters, we have continued to invest in services, building out our service capabilities and also strengthening our services team. And that's also a good opportunity for us moving forward.

我們從覆蓋的角度來看它。我們真的涵蓋了全球所有重要的終端市場嗎？我們是否還足夠好地直接或間接地報道了我們所說的熱門細分市場？因此，我們在全球範圍內採取了一種非常差異化的方法來看待這個問題。如果我們考慮投資，那麼首先也是最重要的是，依賴增加我們銷售團隊的潛在市場動力。我們也以同樣的方式看待，例如服務。在服務業，我們看到了非常健康的成長。我想說，在過去的幾個季度中，我們繼續投資於服務，增強我們的服務能力，並加強我們的服務團隊。這也是我們前進的好機會。

And if I could just follow up on that services growth. You mentioned, I think, up 6% in the quarter. You've consistently driven sort of mid- to high single-digit growth in services or sometimes higher. Could you just give the mark-to-market? I remember at the Investor Day, you had a few years ago, that was a key initiative of yours. Could you maybe just talk about how that exposure to services has grown and where you think there still is room to continue to drive that services growth higher as a proportion of overall sales?

如果我能跟進服務的成長就好了。我認為您提到本季度增長了 6%。你們一直在推動服務業實現中高個位數成長，有時甚至更高。能直接以市值計價嗎？我記得幾年前的投資人日，這是你們的關鍵舉措。您能否談談服務業務的成長情況以及您認為仍有空間繼續推動服務業務在整體銷售額中所佔比例的成長？

Yes, absolutely. Look, I mean, services, again, is a really strong hold of Mettler-Toledo. It's also one of the key differentiators we have against many other companies out there. We have probably the strongest services organization that compared to other competitors of our size. We continue to invest not only in the size of the service team, but also in the portfolio of the services we are offering to make sure that we have unique and differentiated offerings for our customers.

是的，絕對是。我的意思是，服務再次成為梅特勒-托利多的一大優勢。這也是我們與許多其他公司相比的關鍵區別之一。與我們規模的其他競爭對手相比，我們可能擁有最強大的服務組織。我們不僅繼續投資於服務團隊的規模，而且還投資於我們提供的服務組合，以確保我們為客戶提供獨特且差異化的產品。

It has a large installed base of instrument out there and a good part of that is still untouched with our services. So what we're also investing in at the moment to go after the installed base, with a stronger inside sales and tell the sales force to make sure that we get in touch with these customers, tell them about our updated service opportunities, and then moving forward, hopefully, also increase the amount of products that we have on the service contracts.

它擁有大量的儀器安裝基礎，其中很大一部分仍未受到我們的服務的影響。因此，我們目前也投資於擴大安裝基礎，加強內部銷售，並告訴銷售人員確保我們與這些客戶取得聯繫，告訴他們我們最新的服務機會，然後展望未來，我們希望還能增加我們服務合約上的產品數量。

So I think it's an excellent opportunity. Again, it's definitely something we keep a strong eye on and also invest in. Even through the downturn I think we have seen last year, we continue to invest in services. And I think it's paying back now. As I said, we had double-digit growth last year. And even this year, based on the tough compares, we're still seeing very good growth with 6% we see. And as a final reminder, you know that services is the most popular part of our business.

所以我認為這是一個絕佳的機會。同樣，這絕對是我們密切關注並投資的事情。即使經歷了去年的低迷時期，我們仍繼續投資於服務業。我認為現在正在得到回報。正如我所說，去年我們實現了兩位數的成長。即使今年，基於嚴格的比較，我們仍然看到非常好的成長，成長率為 6%。最後提醒一下，您知道服務是我​​們業務中最受歡迎的部分。

Dan Leonard, UBS.

丹‧倫納德，瑞銀集團。

My first question, Patrick, you zoomed in on share gain in your prepared remarks. Is it your view that share gain for Mettler is accelerating? Or are you highlighting these efforts as supportive of that historical one point of share gain?

我的第一個問題，派崔克，你在準備好的發言中強調了股票報酬。您是否認為梅特勒的份額成長正在加速？或者您強調這些努力支持歷史性的一點份額成長？

It's a good question, but it's really hard to say about how much share you gain per quarter. I wouldn't look at as a quarter-over-quarter topic. Of course, we compare our results to what we are hearing from our competitors, and we are very pleased of how we perform even in this difficult environment. But as we also made clear, for example, on the Investor Day, on average, we own probably about 25% market share. So there's ample of room for us to gain additional share.

這是一個很好的問題，但很難說你每季獲得多少份額。我不會將其視為季度環比的主題。當然，我們會將我們的結果與我們從競爭對手那裡聽到的結果進行比較，我們對即使在這種困難的環境下我們的表現感到非常高興。但我們也明確表示，例如，在投資者日，我們平均擁有約 25% 的市場份額。因此，我們有足夠的空間獲得額外的份額。

And that's why we're also investing into innovation and driving our innovation to market because this is what customers are looking for and they are looking for products that help them to become more productive, to help them with data integrity, to help them on the automation side. And that will be a path for us to continue the market share gains. And we don't make big market share gains per year, but we do make small chunks every year. Whether it's currently accelerating or not, hard to tell, I would say, given the performance of the products compared to many competitors. We are happy with the performance, and we're seeing market share gains.

這就是為什麼我們也投資於創新並將我們的創新推向市場，因為這是客戶所尋求的，他們正在尋找能夠幫助他們提高生產力、幫助他們實現數據完整性、幫助他們解決問題的產品。 。這將是我們繼續擴大市場佔有率的途徑。我們每年的市場份額並沒有獲得很大的成長，但我們每年確實獲得了一小部分市場份額。我想說，鑑於產品的性能與許多競爭對手相比，目前是否正在加速，很難說。我們對業績感到滿意，並且看到市場份額的成長。

Appreciate that. And then as a follow-up, this earnings season, a few of your diversified peers have announced upsized share repurchase programs and specifically flagging that the M&A target environment is still incredibly [richly] valued. I'm curious your thoughts on that environment.

很欣賞這一點。接下來，在這個財報季，一些多元化的同行宣布了擴大股票回購計劃，並特別指出併購目標環境的估值仍然令人難以置信。我很好奇你對那個環境的想法。

Dan, this is Shawn. Maybe I'll take that one. I mean, as you know, we think we're a great platform for acquisitions. When something is strategic and makes sense, we usually can move pretty quickly, but we're also very selective. But absent share repurchases, we use our free cash flow to buy back shares.

丹，這是肖恩。也許我會選擇那個。我的意思是，如您所知，我們認為我們是一個很好的收購平台。當某件事具有戰略意義且有意義時，我們通常可以很快採取行動，但我們也會非常有選擇性。但如果沒有股票回購，我們就會使用自由現金流來回購股票。

We feel good about how that program has worked over the years. And I think part of the success is our consistency in how we execute it. And so we continue to look at it the same as we looked at it in the past. And I think you'll see us be consistent with our share repurchase program. As a reminder, this year, I think our estimate is about $850 million, which approximates our free cash flow estimate for the year. And absent if we did identify an acquisition opportunity.

我們對該計劃多年來的運作感到滿意。我認為成功的部分原因在於我們執行方式的一致性。因此，我們繼續以過去的方式看待它。我想你會看到我們與我們的股票回購計劃保持一致。提醒一下，今年，我認為我們的估計約為 8.5 億美元，這近似於我們對今年自由現金流的估計。如果我們確實發現了收購機會，那麼我們就會缺席。

Michael Ryskin, Bank of America.

麥可‧萊斯金，美國銀行。

Great. Shawn, maybe one for you. Just looking at the EPS guide through the rest of the year and the quarterly progression, it seems like you're implying a little bit of a step-up in margins in the third quarter and a bigger jump in 4Q. That's pretty consistent with what you've done historically. There's a lot of volume leverage in the fourth quarter.

偉大的。肖恩，也許有一個適合你。只要看看今年剩餘時間的每股盈餘指南和季度進展，您似乎就意味著第三季的利潤率略有上升，而第四季度的利潤率則出現了更大的跳躍。這與您歷史上所做的事情非常一致。第四季的成交量槓桿很大。

Just wondering if you could dive into the nuances of that margin expansion now. How much are we seeing on the gross margin line versus SG&A? Just any additional color you can give us on a quarterly basis, just confirming that.

只是想知道您現在是否可以深入了解利潤擴張的細微差別。我們看到的毛利率與 SG&A 相比是多少？您可以每季向我們提供任何其他顏色，只是確認這一點。

No, I think you got it spot on. It's going to be very much about the leverage on volume. If we look at our gross margin estimates for the second half of the year, I'd say that probably on a full-year basis, we're probably up a little bit from what we were thinking last quarter. As you could see, we did pretty well in the third quarter versus our expectations.And of course, a part of that was also doing a little bit better on the volume.

不，我認為你說得對。這很大程度取決於成交量的槓桿作用。如果我們看看下半年的毛利率估計，我想說的是，可能在全年的基礎上，我們可能比上個季度的預期有所上升。正如您所看到的，與我們的預期相比，我們在第三季的表現相當不錯。

For Q3, we're kind of estimating gross margin expansion in, like, the 60 bps kind of a range and for the full year, and that would be maybe 50 bps, excluding currency. So currencies are a little bit inverse of what we would have seen in terms of how they affect the margins, at least the moving pieces versus Q2. And then for the full year, our gross margin estimate is about 70 basis points, which, again, is up a little bit from what we were thinking last quarter.

對於第三季度，我們估計全年的毛利率擴張在 60 個基點的範圍內，不包括貨幣，這可能是 50 個基點。因此，貨幣對利潤率的影響與我們所看到的有點相反，至少與第二季相比是變動的。對於全年，我們的毛利率預計約為 70 個基點，這再次比我們上季度的預期有所上升。

And then in terms of the operating margin. The operating margin for the third quarter estimate is down about 50 bps. And then for the full year, it would be up about 40 basis points. And again, these numbers are also at the midpoint of our guidance, too. So things could be a little bit better or worse depending on how we do.

然後是營業利益率。第三季營業利潤率預計將下降約 50 個基點。然後全年將上漲約 40 個基點。同樣，這些數字也處於我們指導的中點。因此，事情可能會變得更好或更糟，這取決於我們的表現。

But otherwise, I'd say the teams are executing really well. The pricing program continues to do -- be very effective. Pricing came in at 2% in the quarter, which is in line with our expectations. We continue to expect 2% for the full year. And then our teams are doing a really fantastic job working on our various productivity and cost savings initiatives. And then maybe also to comment on our SternDrive program is driving some nice efficiencies and cost savings in the margin line.

但除此之外，我想說這些團隊的執行力非常好。定價計劃仍然非常有效。本季定價為 2%，符合我們的預期。我們繼續預計全年增長 2%。我們的團隊在各種生產力和成本節約計劃方面做得非常出色。然後也許也要評論一下我們的 SternDrive 計劃正在提高利潤率並節省成本。

Okay. That's all really helpful. And then one more to the guide. A number of other tools, peers talked about expecting a return to more traditional seasonality as the year goes on, referring both to a little bit in 3Q in Europe and then maybe a little bit of an end-of-year bounce. That's implied in your guide as well.

好的。這一切都非常有幫助。然後再給指南一份。同行們談到了許多其他工具，預計隨著時間的推移，將回歸更傳統的季節性，他們指的是歐洲第三季度的一點點反彈，然後可能是年底的一點點反彈。您的指南中也暗示了這一點。

But you've also got the weird comps last year from the shipping delay. So if you could just walk us through like what are you expecting from the seasonality perspective? Is there any view on budget flush at this point? I know it's not a huge driver for you, but still just what are you thinking about there?

但去年由於發貨延遲，你也得到了奇怪的補償。那麼，您能否向我們介紹一下您從季節性角度的期望是什麼？目前對於預算充裕有什麼看法嗎？我知道這對你來說不是一個巨大的驅動力，但你仍然在想什麼？

Yes, we are expecting things to start looking a little bit more like a typical seasonality if you adjust for the shipping delay topic. Probably the best way -- but maybe not 100% back. But if you kind of -- I think the best way to look at that is to kind of take our sales guidance and look at the sequentials. And then you can see the sequentials are, I think, pretty reasonable versus historical results depending on how far back you go, adjusting for the shipping delay topic. So that gives us some confidence for the back half of the year.

是的，如果您根據運輸延遲主題進行調整，我們預計情況會開始看起來更像典型的季節性。可能是最好的方法——但也許不是 100% 恢復。但如果你——我認為看待這個問題的最佳方法是採取我們的銷售指導並查看順序。然後你可以看到，我認為，與歷史結果相比，順序相當合理，取決於你回溯到多遠，並根據運輸延遲主題進行調整。這讓我們對今年下半年有了一些信心。

In terms of budget flush, as you say, we're typically not a budget flush story. But nonetheless, I think we all did feel Q4 last year. I'd say it's still a bit early to judge. As Patrick mentioned, we still see longer sales cycles with the customers. But at the same time, we're only typically sitting on 1.5 months' worth of backlog. But otherwise, I think we feel like there probably should be something this year versus relative to last year. But the magnitude is obviously difficult to judge, but we do feel good about how we're positioned here for the second half of the year from a sequential basis.

就預算充裕而言，正如您所說，我們通常不是一個預算充裕的故事。但儘管如此，我認為去年第四季我們都感受到了。我想說現在下判斷還太早。正如帕特里克所提到的，我們仍然看到客戶的銷售週期更長。但同時，我們通常只有 1.5 個月的積壓量。但除此之外，我認為我們覺得今年可能應該比去年有所作為。但其幅度顯然很難判斷，但我們確實對今年下半年的環比定位感到滿意。

Josh Waldman, Cleveland Research.

喬許‧沃爾德曼，克利夫蘭研究中心。

Two for Patrick, I think. First, Patrick, I wondered if you could talk a bit more about how product inspection performed versus your expectations? I'm curious what you're seeing in the business across kind of the major geographies and end markets and how orders have tracked over the last couple of months?

我想派崔克有兩個。首先，派崔克，我想知道您是否可以多談談產品檢驗的執行情況與您的期望如何？我很好奇您在主要地區和終端市場的業務中看到了什麼以及過去幾個月的訂單追蹤情況如何？

Product inspection, actually, we are quite pleased with the result. I mean, we know that the end markets are still under pressure, customers are cautious with their investments. We know that deal cycles are longer still, but we have launched a lot of new products over last year, mainly in the X-ray business demand. And we also broadened our product offering from the high end into the midrange portfolio that opens also a lot of doors for us now. So I think we have a really good healthy engagement of our sales teams around the globe with our portfolio.

產品檢查，實際上，我們對結果非常滿意。我的意思是，我們知道終端市場仍面臨壓力，客戶對投資持謹慎態度。我們知道交易週期還更長，但去年我們推出了許多新產品，主要是在 X 光業務需求方面。我們還將我們的產品範圍從高端擴展到中端產品組合，這也為我們打開了許多大門。因此，我認為我們全球的銷售團隊與我們的產品組合有著非常良好的健康互動。

So we have a healthy funnel there. But I would say the caveat is still that sales cycles are longer and customers in some areas are cautious with investments until they also see the underlying market picking up. The upside for us is, the new portfolio, we're competing very effectively. And again, with the broader portfolio we're seeing probably more customers than we have seen before.

所以我們有一個健康的漏斗。但我想說，需要注意的是，銷售週期更長，某些地區的客戶對投資持謹慎態度，直到他們看到基礎市場回升。對我們來說，新的投資組合的好處是，我們的競爭非常有效。再說一次，隨著產品組合的擴大，我們看到的客戶可能比以前更多。

Got it. Okay. And then maybe a question and a half or so on lab. Any sense on if the upside in the quarter was from better funnel conversion? Or did you also see new opportunities coming into the book at a higher rate than you anticipated? And then maybe a follow-up question, I think. Do you get the sense that there's a change in customer buying such that accounts are more willing to work with you directly as opposed to exclusively through the distribution channels?

知道了。好的。然後可能是一個半問題左右的實驗室問題。本季的上漲是否來自於更好的通路轉換，有什麼意義嗎？還是您也發現書中出現的新機會比您預期的還要快？我想，也許還有一個後續問題。您是否感覺到客戶購買發生了變化，客戶更願意直接與您合作，而不是僅僅透過分銷管道？

This is a quite broad question. Let's focus on the lab products right now. I mean, we see again that with our portfolio, we are competing very well. We have launched a new platform there as well. We saw also some bigger projects, and, especially in Europe, converting in the first half and the second quarter of the year.So that is -- again, I think we are in a good position when it comes to our portfolio. We are competing effectively in the market.

這是一個相當廣泛的問題。現在讓我們專注於實驗室產品。我的意思是，我們再次看到，透過我們的產品組合，我們的競爭非常好。我們也在那裡推出了一個新平台。我們也看到了一些更大的項目，特別是在歐洲，在今年上半年和第二季度實現了轉型。我們在市場上進行有效競爭。

But I would say, on a grand scale of things, it's not like there is a significant change in customer buying behavior right now. The end markets, as we lay it out and the behavior has been laid out, it's still rather soft, especially in China. But in Europe, we have seen good momentum. We also have seen in the last quarter, the lab business in the US picking up. So I think we're in a good position. And if parts of the market recovers, I mean, the more momentum we can capture with this portfolio, to be honest.

但我想說，從大範圍來看，目前顧客的購買行為並沒有重大改變。正如我們所闡述的那樣，終端市場仍然相當疲軟，尤其是在中國。但在歐洲，我們看到了良好的動力。我們也看到上季度美國的實驗室業務有所回升。所以我認為我們處於有利位置。老實說，如果部分市場復甦，我們可以透過這個投資組合捕捉更多動力。

Patrick Donnelly, Citi.

派崔克唐納利，花旗銀行。

Shawn, this is one for you. You sounded a little more, I guess, optimistic on the core industrial outside of China. So maybe we can focus on that piece just for a second. The industrial complex has been a little softer in terms of commentary of this earnings season. Just curious what you're hearing from customers, how you're thinking about that piece again, acknowledging China is pretty soft. But just in the developed world here, how you're thinking about that core industrial piece, what you're hearing from customers. And is a little bit of optimism the right way to read it?

肖恩，這是給你的。我想，你聽起來對中國以外的核心產業更加樂觀。所以也許我們可以稍微關心一下那篇文章。就本財報季的評論而言，工業園區的態度有些疲軟。只是好奇你從客戶那裡聽到了什麼，你又如何看待這件作品，並承認中國相當軟弱。但就在已開發國家，你如何看待核心工業部件，你從客戶那裡聽到了什麼。一點樂觀是正確的解讀方式嗎？

Yes. No, thanks, Patrick, and good question. I think it depends a lot on what segment of the market we're talking about. And probably, what you picked up on in my voice was just that we have -- this is the business historically, when people would say, hey, can you talk about your cyclicality. We would say this is historically the part that's been exposed to the economy more than our other businesses. And then if I look at Europe, I mean, yes, lab did a lot better than industrial in the quarter, but we still had growth in industrial. And that's against a backdrop of a relatively weak economy there. And so that's something that we do feel good about is the resiliency there.

是的。不，謝謝，帕特里克，這是個好問題。我認為這在很大程度上取決於我們所討論的市場領域。也許，你從我的聲音中聽到的正是我們所擁有的——這就是歷史上的業務，當人們會說，嘿，你能談談你的周期性嗎？我們可以說，從歷史上看，這是比我們其他業務更容易受到經濟影響的部分。然後，如果我看看歐洲，我的意思是，是的，本季實驗室的表現比工業好得多，但我們的工業仍然有成長。這是在當地經濟相對疲軟的背景下發生的。因此，我們確實感到滿意的是那裡的彈性。

Part of our industrial business, of course, is supporting the same end markets as lab like pharmaceutical, but I think it really gets into what we started to see in the quarter and some of the discussions I've had with colleagues, you hear comments around, hey, if we're talking about customers that are in the business of like automation and end-to-end process control and digitalization, those customers are actually doing pretty well. If you're talking about customers that are in the business of discrete manufacturing, and those types of segments, much more challenging conditions.

當然，我們工業業務的一部分是支持與製藥等實驗室相同的終端市場，但我認為這確實涉及我們在本季度開始看到的情況以及我與同事進行的一些討論，您會聽到評論嘿，如果我們談論的是從事自動化、端到端流程控制和數位化業務的客戶，這些客戶實際上做得很好。如果您談論的是從事離散製造業務的客戶，以及這些類型的細分市場，則條件更具挑戰性。

And I understand what you're saying because I had a similar question to our team as well, too, because we certainly see a lot of the headlines from a lot of the industrial companies this past quarter having more challenging results.

我理解你的意思，因為我也向我們的團隊提出了類似的問題，因為我們當然看到許多工業公司在上個季度的頭條新聞都出現了更具挑戰性的結果。

So I guess it's a little bit of both. I think we're really well positioned on some of these more favorable trends, but it doesn't mean that we're necessarily immune to the economy. But in the meantime, I think we always try to focus on what we can control, and I think the teams are executing very well, both on the sales and marketing side, but also on the product development side. And we feel very good about some of the R&D investments that we've accelerated over the last few years in that business to lean into some of these market trends. And certainly, we have a great pipeline of opportunities going forward as well.

所以我想兩者都有一點。我認為我們確實處於有利的趨勢中，但這並不意味著我們一定會受到經濟的影響。但同時，我認為我們總是努力專注於我們可以控制的事情，而且我認為團隊執行得非常好，無論是在銷售和行銷方面，還是在產品開發方面。我們對過去幾年在該業務中加速的一些研發投資感到非常滿意，以適應其中一些市場趨勢。當然，我們未來也有大量的機會。

Okay. That's a really helpful. And then just on the 2H guide, obviously, I've got a few questions here. I think someone mentioned kind of the implied raise is a little bit less than -- has anything changed in your view in terms of 2H view? Obviously, you guys have the standard Mettler conservatism, a lot of times, I think people are used to it, but just how you're thinking about 2H relative to a few months ago, again, just given the guide change. And Shawn, even one of your answers because we're not quite back to 100% seasonality just yet. So just how you're thinking about the market relative to a few months ago would be helpful.

好的。這真的很有幫助。然後就 2H 指南而言，顯然我有幾個問題。我認為有人提到隱含加薪有點低於——您對 2H 觀點的看法有什麼變化嗎？顯然，你們有標準的梅特勒保守主義，很多時候，我認為人們已經習慣了，但與幾個月前相比，你們對 2H 的看法又如何，剛剛考慮到指南的變化。Shawn，甚至是你的答案之一，因為我們還沒有完全回到 100% 的季節。因此，您如何看待幾個月前的市場將會有所幫助。

I think we're -- we always sit on 1.5 months of backlog. So I think that always makes it a little challenging for us when we start going out beyond the current quarter. I think we tried to acknowledge like we're executing well. We did better than expected in the second quarter, but we're not just assuming that we should add that to the second half. We do see soft market conditions out there.

我認為我們總是積壓 1.5 個月。因此，我認為當我們開始超越本季時，這總是會給我們帶來一些挑戰。我認為我們試圖承認我們執行得很好。我們在第二季度的表現好於預期，但我們不僅僅假設我們應該將其添加到下半年。我們確實看到了疲軟的市場狀況。

But we do benefit also from easier comparisons. We feel good about the sequentials. There is an element of us being a little bit cautious going in the second half, but I think it's prudent to be cautious too. Like I think there really are a lot of different aspects to this uncertainty in the environment. I think we're all looking forward to seeing more robust signs of things turning, but no one really can say exactly when that's going to happen.

但我們也確實從更簡單的比較中受益。我們對連續劇感覺很好。我們在下半場有點謹慎，但我認為謹慎也是明智的。我認為環境中的這種不確定性確實有很多不同的面向。我認為我們都期待看到事情發生更強勁的跡象，但沒有人真正能確切地說出這種情況何時會發生。

And of course, we're a pretty diverse business by product, by end market and by region of the world. And so -- but I think when we kind of step back and look at how we're guiding, we actually feel -- we feel good about our guidance to everybody. And of course, we're always going to look to do better. But right now, we feel like this is an appropriate way to position the forecast.

當然，從產品、終端市場和世界地區來看，我們是一家相當多元化的企業。所以——但我認為，當我們退一步看看我們是如何指導的時，我們實際上感覺到——我們對我們對每個人的指導感到滿意。當然，我們總是會努力做得更好。但現在，我們認為這是定位預測的適當方式。

Catherine Schulte, Baird.

凱瑟琳舒爾特，貝爾德。

Maybe first for Shawn. Just going back to your margin commentary, I think you said gross margin up 70 basis points for the full year versus the 40 you were talking about last quarter. But then op margin's at [40%] versus the [50%] you talked about last quarter. So I guess, what's being absorbed on the OpEx side, where you aren't passing through that gross margin and op margins are actually down a little bit versus your prior guide?

也許首先是肖恩。回到你的利潤率評論，我想你說全年毛利率上升了 70 個基點，而上季毛利率是 40 個基點。但營運利潤率 [40%]，而您上季度談到的為 [50%]。所以我想，營運支出方面正在吸收什麼，你沒有通過毛利率，而營運利潤率實際上比你之前的指南略有下降？

Yes. No, good question, Catherine. I think some of this is also noise with how some of the currencies have changed over the last quarter. But certainly, we are doing a little bit better on the gross margin side that I talked about earlier. And then in terms of like the OpEx side, we're still investing in the business, too. And we have such a great pipeline of investment opportunities, and we're just trying to find the right balance and the right mix between realizing productivity gains, but also reinvesting in the business at the same time.

是的。不，好問題，凱瑟琳。我認為其中一些也與上季某些貨幣的變化有關。但當然，我們在我之前談到的毛利率方面做得更好一些。然後就營運支出而言，我們仍在對該業務進行投資。我們擁有如此多的投資機會，我們只是試圖在實現生產力提高和同時對業務進行再投資之間找到適當的平衡和適當的組合。

Maybe on the lab business. Adjusted for the shipping delays recaptured in the first quarter, it looks like revenue increased high single digits sequentially, which seems very encouraging. Can you just talk through any differences you're seeing between pharma and academia? On pharma, are you seeing easing in terms of the customer spend caution that we've been seeing?

也許是在實驗室業務上。根據第一季重新出現的運輸延誤進行調整後，收入似乎連續增長了高個位數，這似乎非常令人鼓舞。您能談談您所看到的製藥界和學術界之間的差異嗎？在製藥方面，您是否看到我們所看到的客戶支出謹慎態度有所緩解？

Yes, hey, we're still seeing caution in pharma, but maybe the one pocket that was stood out a little bit more it was in Europe. Patrick mentioned it in one of his previous responses. When we talk to the team, you do hear that there has been some projects on the sidelines for a bit and we started to hear some of those projects converting, so that was a positive sign. But I would say that, hey, we're not out of the woods. We do hear comments about big pharma performing better than smaller companies or even getting into small biotech where I think there's still some challenges there.

是的，嘿，我們仍然看到製藥業的謹慎態度，但也許歐洲的情況更為突出。帕特里克在之前的回覆中提到過這一點。當我們與團隊交談時，您確實聽說有一些項目暫時擱置，我們開始聽到其中一些項目正在轉換，所以這是一個積極的跡象。但我想說的是，嘿，我們還沒走出困境。我們確實聽到有關大型製藥公司比小公司表現更好的評論，甚至進入小型生物技術領域，我認為那裡仍然存在一些挑戰。

But when you look at it from a product perspective, what was maybe encouraging to us is we saw pretty good growth throughout the portfolio, with the only exception being product inspection, which was still kind of down a little bit from some -- I mean, not product inspection, process analytics -- with process analytics being down a little bit because of our exposure to bioprocessing. But when we look at the second half of the year, we feel a little bit better about that one.

但當你從產品的角度來看時，對我們來說可能令人鼓舞的是，我們在整個產品組合中看到了相當好的成長，唯一的例外是產品檢驗，它仍然比某些產品下降了一點——我的意思是，不是產品檢驗，而是過程分析——由於我們接觸生物加工，過程分析略有下降。但當我們回顧今年下半年時，我們感覺好一點了。

Tycho Peterson, Jefferies.

第谷·彼得森，杰弗里斯。

Shawn, I kind to pick up right where you left off on bioprocess. I know it's a smaller part of the mix, but can you maybe just give us a little sense on kind of upstream versus downstream, what you're seeing there? Your equipment is obviously kind of lower price points than maybe some of your peers. But just curious, as we've kind of gone through a long period of destock and think about restock, where are we in kind of that cycle for you guys?

肖恩，我很樂意從你上次停下來的地方繼續講生物過程。我知道它只是其中的一小部分，但您能否給我們一些關於上游和下游的一些了解，以及您在那裡看到的情況？您的設備的價格顯然比某些同行低。但只是好奇，因為我們經歷了很長一段時間的去庫存並考慮補貨，對你們來說，我們處於這個週期的哪個階段？

I think we feel pretty good. Maybe I'll start and Patrick wants to chime in. But like I'd say we're -- I don't know if you'd say (inaudible) Patrick or so, but we're getting pretty close there. I mean, we definitely feel very encouraged as we kind of go into the second half of the year. If you think upstream and downstream we were seeing a lot of particular headwinds in our downstream business. For us also, that was where we're more exposed on the single-use side so that could have been part of it as well too. But when we kind of look to the second half of the year, all the data and even just the qualitative discussions we're having with the team, and more importantly, customers points to a much more favorable situation for the second half.

我覺得我們感覺很好。也許我會開始，派崔克想插話。但就像我想說的那樣——我不知道你是否會說（聽不清楚）帕特里克之類的，但我們已經非常接近了。我的意思是，當我們進入下半年時，我們肯定感到非常鼓舞。如果你考慮上游和下游，我們在下游業務中看到了許多特殊的阻力。對我們來說，這也是我們在一次性使用方面接觸更多的地方，因此這也可能是其中的一部分。但當我們展望下半年時，所有數據，甚至只是我們與團隊進行的定性討論，更重要的是，客戶指出下半年的情況要有利得多。

Yes, absolutely. I can confirm that. I mean, again, if you want to differentiate a little bit about the regions in the US and Europe, you asked about destocking issues. I would say in Europe and the US, we have the destocking issue behind us. There's some residual stocking issue that we're still facing in China. But what we are hearing from the customer there, that also should be over in a quarter or so.

是的，絕對是。我可以確認這一點。我的意思是，如果你想稍微區分美國和歐洲的地區，你會問到去庫存問題。我想說，在歐洲和美國，我們已經解決了去庫存問題。我們在中國仍然面臨一些剩餘庫存問題。但我們從那裡的客戶那裡聽到的消息表明，這也應該在一個季度左右結束。

Great. And then, Shawn, question about pricing. First, I mean, I assume the assumption for this year is still about 200 basis points, but -- then more importantly, going forward, as inflation starts to pull back, should we think about you guys getting to pre-COVID levels around 250 bps per year?

偉大的。然後，肖恩，關於定價的問題。首先，我的意思是，我假設今年的假設仍約為 200 個基點，但是，更重要的是，隨著通膨開始回落，我們是否應該考慮一下你們將達到新冠疫情前的 250 個基點左右的水平每年bps？

Yes. Tycho. I understand the question, but I think it's probably a little bit earlier for us to kind of think about how we would guide for next year on pricing. And hey, just to also maybe remind of like how we historically guided, we typically were -- I don't think we've ever necessarily -- expect for the last few years during this inflationary environment, we're never typically guiding more than 200 basis points even in the more historical inflationary environment. So hey, if we can do better than that, of course, we will. But I kind of look at 200 basis points as a mid- to long-term guide as probably a reasonable assumption.

是的。第谷。我理解這個問題，但我認為我們現在考慮如何指導明年的定價可能還為時過早。嘿，也許只是想提醒一下，就像我們歷史上的指導方式一樣，我們通常 - 我認為我們不一定 - 預計在過去的幾年裡，在這種通脹環境下，我們通常不會指導更多即使在歷史通膨環境更嚴重的情況下，利率也超過200 個基點。所以嘿，如果我們能做得更好，當然，我們會的。但我認為 200 個基點作為中長期指導可能是一個合理的假設。

And this concludes our Q&A session for today. I would like to hand the call back over to Adam for closing remarks.

今天的問答環節到此結束。我想將電話轉回給 Adam 進行結束語。

Thanks, Paul, and thanks, everybody, for joining our call this morning. Please feel free to reach out to me if you have any further questions. And I hope you all have a great weekend. Take care. Bye.

謝謝保羅，也謝謝大家今天早上加入我們的電話會議。如果您有任何其他問題，請隨時與我聯絡。我希望大家週末愉快。小心。再見。

This concludes today's conference call. Enjoy your weekend. You may now disconnect.

今天的電話會議到此結束。享受你的週末。您現在可以斷開連線。