Mettler-Toledo International Inc (MTD) 2025 Q1 法說會逐字稿

Good morning, ladies and gentlemen, and thank you for standing by. My name is Kelvin and I will be your conference operator today. At this time, I would like to welcome everyone to the Mettler-Toledo first-quarter 2025 earnings call. (Operator Instructions) Thank you. I would now like to turn the call over to Adam Uhlman, Head of Investor Relations. Please go ahead.

女士們、先生們，早安，謝謝你們的支持。我叫凱爾文，今天我將擔任您的會議主持人。現在，我歡迎大家參加梅特勒-托利多 2025 年第一季財報電話會議。（操作員指示）謝謝。現在我想將電話轉給投資者關係主管亞當烏爾曼 (Adam Uhlman)。請繼續。

Hey, thanks, Kelvin, and good morning, everyone. I appreciate you joining us. On the call with me today is Patrick Kaltenbach, our Chief Executive Officer, and Shawn Vadala, our Chief Financial Officer.

嘿，謝謝，凱爾文，大家早安。感謝您加入我們。今天與我一起通話的是我們的執行長 Patrick Kaltenbach 和財務長 Shawn Vadala。

Let me cover some administrative matters. On the call -- this call will be webcast and available for replay on our website at mt.com, and a copy of the press release and presentation that we'll refer to on today's call is also available on our website.

讓我來談談一些行政事務。在電話會議上—本次電話會議將進行網路直播，並可在我們的網站 mt.com 上重播，我們在今天的電話會議上提到的新聞稿和簡報的副本也可在我們的網站上找到。

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.

本次電話會議將包括美國 1933 年證券法及美國 1934 年證券交易法所定義的前瞻性陳述。這些聲明涉及風險、不確定性和其他因素，可能導致我們的實際結果、財務狀況、業績和成就與任何前瞻性聲明所表達或暗示的結果、財務狀況、業績和成就有重大差異。

For a discussion of these risks and uncertainties, please see a 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 statement except as required by law.

有關這些風險和不確定性的討論，請參閱最近的 10-K 表年度報告以及向美國證券交易委員會提交的季度和當前報告。除法律要求外，本公司不承擔對任何前瞻性聲明提供任何更新或修訂的義務或承諾。

On today's call, we may use non-GAAP financial measures, and reconciliation of these non-GAAP measures to the most directly comparable GAAP measure is provided in the 8-K and is available on our website. Let me now turn the call over to Patrick.

在今天的電話會議上，我們可能會使用非 GAAP 財務指標，這些非 GAAP 指標與最直接可比較的 GAAP 指標的對帳在 8-K 表中提供，並可在我們的網站上查閱。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 the first quarter financial results, the details of which I outlined for you on page 3 of our presentation.

謝謝，亞當，大家早安。感謝您今天參加我們的電話會議。昨晚，我們報告了第一季的財務業績，我在簡報的第 3 頁中為您概述了其詳細資訊。

We had a good start to the year with solid growth in our laboratory business, excluding the recovery of delayed shipments in the first quarter of 2024. Additionally, the strong execution of our margin expansion strategies led to better-than-expected earnings for the quarter.

除 2024 年第一季延遲出貨的恢復外，我們的實驗室業務實現了穩健成長，今年開局良好。此外，我們利潤率擴張策略的有力執行使得本季的收益優於預期。

However, the ongoing global trade disputes and tariffs have significantly increased uncertainty in global customer demand. We also estimate cross incremental global tariff costs of approximately $115 million on an annual basis and are implementing mitigation actions this year that will fully offset these costs next year.

然而，持續的全球貿易爭端和關稅大大增加了全球客戶需求的不確定性。我們也估計，全球跨關稅成本每年增加約 1.15 億美元，今年我們正在實施緩解措施，明年將完全抵銷這些成本。

We are confident that our strong culture of operational excellence and our highly agile team will continue to perform well in this dynamic environment. And we will benefit from the breadth of our innovative product portfolio and strategic programs.

我們相信，我們卓越的營運文化和高度敏捷的團隊將在這個充滿活力的環境中繼續表現良好。我們將受益於我們廣泛的創新產品組合和策略計劃。

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

現在，我將把電話轉給肖恩，讓他介紹財務結果和我們的指導。然後我將對業務和前景發表一些補充評論。肖恩。

Hey, thanks, Patrick, and good morning, everyone. Sales in the quarter were $884 million, which represented a decrease in local currency of 3%. Excluding the impact of shipping delays from the fourth quarter of 2023 that were recovered in the first quarter of 2024, local currency sales grew 3%. On a US dollar reported basis, sales declined 5%.

嘿，謝謝，派崔克，大家早安。本季銷售額為 8.84 億美元，以當地貨幣計算下降了 3%。不計入 2023 年第四季以來運輸延誤的影響（該影響已於 2024 年第一季恢復），當地貨幣銷售額成長了 3%。以美元計算，銷售額下降了 5%。

On slide number 4, we show sales growth by region. Local currency sales declined 1% in the Americas, 7% in Europe, and 2% in Asia, Rest of the World. Local currency sales were flat in China during the quarter. Excluding the impact of shipping delay recoveries in the prior year, local currency sales grew 3% in the Americas, 4% in Europe, and 3% in Asia, Rest of the World, including 3% growth in China.

在投影片 4 上，我們展示了各地區的銷售成長。美洲當地貨幣銷售額下降 1%，歐洲下降 7%，亞洲和世界其他地區下降 2%。本季度，中國境內以當地貨幣計算的銷售額持平。不計入上一年運輸延誤恢復的影響，美洲當地貨幣銷售額成長 3%，歐洲成長 4%，亞洲和世界其他地區成長 3%，其中中國成長 3%。

On slide number 5, we summarize local currency sales growth by product area. For the quarter, laboratory sales decreased 3%, and industrial declined 1%, with core industrial down 6%, and product inspection up 8%. Food retail declined 12% in the quarter. Excluding the impact of shipping recoveries last year, we estimate our laboratory sales grew 5%, industrial grew 2%, with core industrial down 2%, and product inspection up 8%, and food retail declined 5%. Service sales increased 6% in local currency in the first quarter.

在第 5 張投影片上，我們總結了按產品領域劃分的當地貨幣銷售成長。本季，實驗室銷售額下降 3%，工業銷售額下降 1%，其中核心工業銷售額下降 6%，產品檢驗銷售額成長 8%。本季食品零售額下降了 12%。不計去年航運復甦的影響，我們估計實驗室銷售額成長 5%，工業銷售額成長 2%，核心工業銷售額下降 2%，產品檢驗銷售額成長 8%，食品零售銷售額下降 5%。第一季服務銷售額以當地貨幣計算成長了 6%。

Let me now move to the rest of the P&L, which is summarized on slide number 6. Gross margin was 59.5% in the quarter, an increase of 30 basis points as positive price realization and benefits from our SternDrive program were offset in part by lower volume. We estimate gross margin expanded 90 basis points excluding shipping delays.

現在讓我轉到損益表的其餘部分，其摘要在第 6 張投影片上。本季毛利率為 59.5%，增加了 30 個基點，因為積極的價格實現和 SternDrive 計劃帶來的收益被銷售下降部分抵消。我們估計，如果不考慮運輸延誤，毛利率將擴大 90 個基點。

R&D amounted to $46 million in the quarter, which is a 2% increase in local currency over the prior year. SG&A amounted to $243 million a 5% increase in local currency over the prior year and includes sales and marketing investments and timing of expenses.

本季研發支出達 4,600 萬美元，以當地貨幣計算比上年增長 2%。銷售、一般及行政費用 (SG&A) 總額為 2.43 億美元，以當地貨幣計算比上年增加 5%，其中包括銷售和行銷投資以及費用時間表。

Adjusted operating profit amounted to $237 million in the quarter, down 11% from the prior year. Adjusted operating margin was 26.8%, which represents a decrease of 210 basis points over the prior year. Excluding the impact of shipping delay recoveries in the prior year, our operating margin expanded 50 basis points on 3% sales growth in the quarter.

本季調整後的營業利潤為 2.37 億美元，較上年下降 11%。調整後的營業利益率為26.8%，較上年下降210個基點。不計入上一年運輸延遲恢復的影響，我們的營業利潤率在本季銷售額成長 3% 的基礎上擴大了 50 個基點。

A couple of final comments on the P&L. The amortization amounts to the $17 million in the quarter, interest expense was $17 million and adjusted other income amounted to $3 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.

關於損益表的最後幾點評論。本季攤銷額為 1,700 萬美元，利息支出為 1,700 萬美元，調整後其他收入為 300 萬美元。本季我們的有效稅率為 19%。該利率是在離散項目之前計算的，並根據股票選擇權行使的時間進行調整。

Fully diluted shares amounted to $20.9 million, which is approximately a 3% decline from the prior year. Adjusted EPS for the quarter was $8.19, an 8% decrease over the prior year. Adjusted EPS growth was 11%, excluding a headwind to EPS growth of approximately 18% from the recovery of delayed shipments and a 1% headwind from foreign exchange.

完全稀釋股份價值為 2,090 萬美元，比上年下降約 3%。本季調整後每股收益為 8.19 美元，較上年下降 8%。調整後的每股盈餘成長率為 11%，不包括延遲出貨恢復對每股盈餘成長造成的約 18% 的阻力以及外匯帶來的 1% 的阻力。

On a reported basis in the quarter, EPS was $7.81 as compared to $8.24 in the prior year. Reported EPS in the quarter included $0.23 of purchased intangible amortization and $0.15 of restructuring costs.

根據本季的報告，每股收益為 7.81 美元，而去年同期為 8.24 美元。本季度報告的每股收益包括 0.23 美元的購買無形資產攤銷和 0.15 美元的重組成本。

That covers the P&L, and let me now comment on adjusted free cash flow, which amounted to $180 million in the quarter, a 1% increase on a per share basis and was impacted by higher bonus payments of $36 million related to prior year performance. DSO was 35 days while ITO was 4.2 times.

這涵蓋了損益表，現在讓我來評論一下調整後的自由現金流，本季度調整後的自由現金流達到 1.8 億美元，每股增長 1%，並受到與上年業績相關的 3600 萬美元更高獎金支付的影響。DSO 為 35 天，而 ITO 為 4.2 倍。

Let me now turn to our guidance for the second quarter and for the full year 2025. As you review our guidance, please keep in mind the following factors. First, our guidance assumes US import tariffs, as well as the impact of retaliatory tariffs from other countries, will remain in effect at current levels.

現在，我來談談我們對第二季和 2025 年全年的指導。在您查看我們的指南時，請記住以下因素。首先，我們的指引假設美國進口關稅以及其他國家報復性關稅的影響將維持在當前水準。

Geopolitical tensions are elevated and include the potential for new tariffs or retaliatory tariffs that we have not factored into our guidance. As of today, we estimate our incremental global tariff costs at approximately $115 million on an annualized basis, which already includes initial actions we've taken to lower our gross exposure.

地緣政治緊張局勢加劇，包括可能徵收新的關稅或報復性關稅，而這些我們尚未計入我們的指導中。截至今天，我們估計我們的全球關稅成本增量按年率計算約為 1.15 億美元，其中已經包括我們為降低總風險敞口而採取的初步行動。

Secondly, we're taking various actions to offset the impact of higher tariffs, including supply chain optimization, cost savings, price increases, and surcharges. Our actions are expected to fully offset tariff costs on an annualized basis, but we will have a headwind in our gross margin in 2025, especially Q2, until the full benefit is realized.

其次，我們正在採取各種措施來抵銷關稅上調的影響，包括優化供應鏈、節省成本、提高價格和徵收附加費。我們的行動預計將按年率計算完全抵消關稅成本，但在實現全部收益之前，我們的毛利率在 2025 年（尤其是第二季）將面臨阻力。

Third, the US administration's trade policies have created increased risk to the outlook for our core markets in the global economy. Our outlook assumes market conditions will be slower than previously expected, especially in China.

第三，美國政府的貿易政策為我們在全球經濟的核心市場的前景帶來了更大的風險。我們的展望認為市場狀況將比之前預期的要慢，尤其是在中國。

This implies volume growth in the second half of the year is similar to the first half of the year, excluding the impact of shipping delays. We assume foreign currency at current rates, which would not material impact sales or adjusted EPS in 2025.

這意味著，除去航運延誤的影響，下半年的貨運量成長與上半年相似。我們假設外幣以當前匯率計算，這不會對 2025 年的銷售額或調整後每股盈餘產生重大影響。

Finally, please keep in mind that our third-party logistics provider delays negatively impacted our Q4 2023 results by $58 million, nearly all of which was recovered in our Q1 2024 results. For the full year 2025, this will reduce our sales by 1.5% and is a headwind to operating margin expansion of approximately 60 basis points and a headwind to adjusted EPS grow of approximately 4%.

最後，請記住，我們的第三方物流供應商的延誤對我們 2023 年第四季的業績產生了 5,800 萬美元的負面影響，其中幾乎所有損失都在我們 2024 年第一季的業績中得到了彌補。對於 2025 年全年而言，這將導致我們的銷售額減少 1.5%，並對營業利潤率擴張造成約 60 個基點的阻力，並對調整後每股收益成長造成約 4% 的阻力。

Now, turning to our guidance. For the second quarter of 2025, we expect local currency sales to grow approximately 0% to 1%. Operating margin is expected to decrease 170 basis points at the midpoint of our range, or down 70 basis points excluding the net impact of tariffs.

現在，轉向我們的指導。對於 2025 年第二季度，我們預計當地貨幣銷售額將成長約 0% 至 1%。預計營業利潤率將以我們預期範圍的中間值下降 170 個基點，若不計入關稅的淨影響，則將下降 70 個基點。

We expect adjusted EPS to be in the range of $9.45 to $9.70 a growth rate of down 2% to up 1%. Included within the EPS guidance is a gross headwind of approximately 6% from higher tariff costs, and we expect to offset about half, resulting in a net headwind to EPS growth of 3%.

我們預計調整後的每股盈餘將在 9.45 美元至 9.70 美元之間，成長率為下降 2% 至上升 1%。EPS 指引中包含了來自更高關稅成本的約 6% 的總逆風，我們預計將抵消約一半，導致 EPS 增長的淨逆風為 ​​3%。

For the full year 2025, our local currency sales growth forecast is 1% to 2%, or up 2.5% to 3.5%, excluding the shipping delays. Operating margin is expected to decrease 130 basis points at the midpoint of our range and would be up slightly, excluding the net impact of tariffs and prior year shipping delays.

對於 2025 年全年，我們預測當地貨幣銷售額成長率為 1% 至 2%，不包括運輸延誤的影響，則為成長 2.5% 至 3.5%。預計營業利潤率將以我們預期範圍的中點下降 130 個基點，若不計入關稅和上一年運輸延誤的淨影響，則將略有上升。

We expect full year adjusted EPS to be in the range of $41.25 to $42 compared to our previous guidance of $42.35 to $43, which reflects EPS growth of 0% to 2% or 4% to 6%, excluding the shipping delays. Included within the EPS guidance is a gross headwind of approximately 7% from higher tariff costs or a net headwind of 2%, including the benefits of our mitigating actions.

我們預計全年調整後每股收益將在 41.25 美元至 42 美元之間，而我們之前的預期是 42.35 美元至 43 美元，這反映出每股收益增長 0% 至 2% 或 4% 至 6%，不包括運輸延誤的影響。EPS 指引中包括來自更高關稅成本的約 7% 的總不利因素或 2% 的淨不利因素，其中包括我們緩解措施帶來的好處。

Lastly, I'd like to share a few other details on our 2025 guidance to help you as you update your models. We expect total amortization, including purchase intangible amortization to be approximately $72 million. Purchased intangible amortization is excluded from adjusted EPS and is estimated at $25 million on a pre-tax basis or $0.93 per share.

最後，我想分享一些有關我們 2025 年指導的其他細節，以幫助您更新模型。我們預計總攤銷（包括購買無形資產攤銷）約為 7,200 萬美元。購買的無形資產攤銷不包括在調整後的每股收益中，預計稅前攤銷為 2500 萬美元或每股 0.93 美元。

Interest expenses forecast at $72 million for the year. Other income is estimated at approximately $9 million. We expect our tax rate before discrete items will remain at 19% in 2025. Free cash flow is expected to be approximately $860 million in 2025, and share repurchases are expected to be approximately $875 million.

預計全年利息支出為 7,200 萬美元。其他收入估計約900萬美元。我們預計，到 2025 年，離散項目前的稅率將保持在 19%。預計2025年自由現金流約8.6億美元，股票回購預計約8.75億美元。

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

我的發言就到這裡，現在我將把發言權轉回給派崔克。

Thanks, Shawn. Let me start with some comments on our operating businesses, which will exclude the impact from the recovery of delayed shipments in the first quarter of last year.

謝謝，肖恩。我首先就我們的營運業務發表一些評論，這將排除去年第一季延遲出貨恢復的影響。

I will start with lab, which has solid growth in the quarter. The continued benefit from recent innovations like our new line of laboratory balances, titrators, and thermal analysis instruments, and our sophisticated go-to market approaches have helped us penetrate underserved market segments.

我將從實驗室開始，該實驗室在本季度實現了穩健的成長。我們新推出的實驗室天平、滴定儀和熱分析儀器等最新創新以及先進的行銷方法持續為我們帶來益處，幫助我們滲透到服務不足的細分市場。

We had strong growth in our process analytics business in this quarter, which continues to benefit from favorable biopharma market trends, especially in single-use technologies and recent innovations like our digital sensors with intelligent sensor management that provide reliable inline measurement of critical analytical parameters. Precise analytics, monitoring, and control systems are crucial for optimizing bio-process operations. By providing real-time data and feedback, our systems can help ensure ideal cell viability, nutrition feeding, and consistent productivity throughout the bioprocessing life cycle from R&D to manufacturing in both reusable and single-use formats.

本季度，我們的流程分析業務實現了強勁成長，這繼續受益於良好的生物製藥市場趨勢，尤其是一次性技術和最近的創新，例如我們的具有智慧感測器管理的數位感測器，可對關鍵分析參數進行可靠的線上測量。精確的分析、監控和控制系統對於優化生物製程操作至關重要。透過提供即時數據和回饋，我們的系統可以幫助確保理想的細胞活力、營養供給以及從研發到製造的整個生物加工生命週期中可重複使用和一次性使用的一致生產力。

Turning to our industrial business, our underlying sales growth was led by our product inspection business where our growth initiatives and new portfolio have offset challenging market conditions for the food manufacturing industry. Our innovation investments are well received in the market. Our new innovations have low total cost of ownership and can significantly improve productivity, for example, by enabling much higher line speeds in production and reducing waste, which is more important than ever to protect margins in food manufacturing.

談到我們的工業業務，我們的基本銷售成長是由我們的產品檢測業務推動的，我們的成長計劃和新的產品組合抵消了食品製造業面臨的嚴峻市場條件。我們的創新投資得到了市場的好評。我們的新創新具有較低的總擁有成本，並且可以顯著提高生產力，例如，透過提高生產線速度並減少浪費，這對於保護食品製造業的利潤率比以往任何時候都更為重要。

Switching to core industrial, sales were down slightly, excluding the impact of prior year shipment delay recoveries as industry conditions remain mixed across most end markets. Our team remains active in engaging with customers with cost saving solutions like our quality control software that improves process control and reduces waste in the manufacturing operations.

轉向核心工業，銷售額略有下降，不包括上年發貨延遲恢復的影響，因為大多數終端市場的行業狀況仍然好壞參半。我們的團隊積極與客戶合作，提供節省成本的解決方案，例如我們的品質控制軟體，可以改善製程控制並減少製造作業中的浪費。

Our suite of smart terminals helps customers transition manual processes to semi- or fully-automated process control that includes full traceability for reliable reporting. These solutions are increasingly important for customers looking to expand manufacturing and higher cost geographies and automate more of their production processes. And lastly, food retail declined as we had expected.

我們的智慧終端套件可協助客戶將手動流程轉變為半自動化或全自動流程控制，包括可靠的報告的完全可追溯性。對於希望擴大製造和更高成本地區並實現更多生產流程自動化的客戶來說，這些解決方案越來越重要。最後，食品零售業正如我們預期的那樣下滑。

Now, let me make some additional comments by geography, which will also exclude the impact of last year's shipping recovery. Starting in the Americas, our underlying sales growth was led by strong growth in process analytics and product inspection. This growth was partially offset by lower core industrial sales against strong growth in the prior year.

現在，讓我根據地域情況做一些補充評論，這也將排除去年航運復甦的影響。從美洲開始，我們的基本銷售成長是由製程分析和產品檢驗的強勁成長所推動的。與前一年相比，核心工業銷售額出現下降，但成長勢頭強勁，部分抵消了這一增長。

Turning to Europe, we had underlying sales growth across our businesses with the exception of retail. Our team continues to execute very well, and we have benefited from our innovative portfolio and Spinnaker programs.

轉向歐洲，除零售業外，我們所有業務的銷售額均實現了成長。我們的團隊繼續表現出色，我們從創新的產品組合和 Spinnaker 計劃中受益匪淺。

And finally, Asia, Rest of the World results were about as expected and grew modestly against easy comparisons. Market conditions in China remain soft and economic uncertainty is increasing. We continue to leverage our Spinnaker program to identify growth opportunities, and our team remains highly agile to take advantage of opportunities.

最後，亞洲和世界其他地區的業績與預期大致相同，與簡單的比較相比略有成長。中國市場狀況依然疲軟，經濟不確定性正在增加。我們繼續利用 Spinnaker 計劃來尋找成長機會，我們的團隊保持高度敏捷以抓住機會。

In summary, we are pleased to have a good start to 2025, although we recognize there's increased uncertainty due to tariffs and the potential impact to our end markets and global economic growth. During uncertain times, our strong culture of teamwork, collaboration, and focused execution has been a critical asset that has helped our company successfully navigate uncertainty very well in the past.

總而言之，我們很高興 2025 年有一個良好的開端，儘管我們認識到關稅帶來的不確定性增加以及對我們的終端市場和全球經濟成長的潛在影響。在不確定的時期，我們強大的團隊合作、協作和專注執行的文化是一項關鍵資產，幫助我們公司在過去成功應對不確定性。

We also benefit from our business diversity and help customers across their entire value chain from research and development, scale up, quality control, and production. We also serve a wide range of diverse markets and over 70% of our sales are in core and markets of pharma, biopharma, food manufacturing, and chemicals.

我們也受益於業務多樣性，並幫助客戶涵蓋從研發、擴大規模、品質控製到生產的整個價值鏈。我們也服務於廣泛的多元化市場，其中 70% 以上的銷售額來自製藥、生物製藥、食品製造和化學品等核心市場。

No end customer is more than 1% of sales, and we also benefit from our geographic diversity as we sell in over 140 countries around the world. We also have a broad and diverse product offering and have introduced new innovations across a wide range of our portfolio in the recent years that provide tangible benefits to customers, significantly enhancing our value proposition.

沒有哪個最終客戶的銷售額超過 1%，而且我們的產品銷往全球 140 多個國家，因此也受惠於地理多樣性。我們還提供廣泛而多樣化的產品，並在近年來在我們廣泛的產品組合中引入了新的創新，為客戶帶來了切實的利益，大大增強了我們的價值主張。

Our automation and digitalization solutions help customers improve their productivity and reduce costs while enhancing compliance with relevant regulations. Additionally, our average price points are low and typically below $10,000 and our large installed base and replacement demand helps reduce cyclicality.

我們的自動化和數位化解決方案可協助客戶提高生產力、降低成本，同時增強對相關法規的遵守。此外，我們的平均價格較低，通常低於 10,000 美元，而且我們龐大的安裝基數和更換需求有助於減少週期性。

Approximately 35% of our sales last year were serviced and consumable, and we are confident of what dedicated growth initiatives in this area will remain accretive to our growth and profitability. Our go-to market approach is also a competitive advantage during periods of increased uncertainty.

去年，我們約有 35% 的銷售額來自維修和消耗品，我們相信，該領域的專門成長計畫將繼續促進我們的成長和獲利能力。在市場不確定性增加的時期，我們的行銷方法也是一種競爭優勢。

Our sales and marketing excellence programs, Spinnaker, ensures we are identifying and guiding our sales teams to the most attractive opportunities in the market. For example, we expect to see increased US onshoring investment over the coming years, and we will benefit from these investments.

我們的銷售和行銷卓越計劃 Spinnaker 確保我們能夠識別並引導我們的銷售團隊找到市場上最具吸引力的機會。例如，我們預計未來幾年美國在岸投資將會增加，我們也將從這些投資中受益。

Our strong direct sales force helps us to communicate our value proposition directly to end users. Our global supply chain is another important asset as we serve customers around the world with 21 manufacturing locations in seven countries. We also continue to increase the resilience of our manufacturing footprint, which allows us to produce products in multiple regions.

我們強大的直銷隊伍幫助我們將我們的價值主張直接傳達給最終用戶。我們的全球供應鏈是另一個重要資產，因為我們在七個國家設有 21 個製造基地，為全球客戶提供服務。我們也將繼續增強製造足跡的彈性，這使我們能夠在多個地區生產產品。

US import tariffs represent additional costs. We plan to offset with supply chain optimization actions, cost savings, price increases, and surcharges. Our global pricing program is deeply ingrained throughout our organization and is based on a sophisticated set of data analytics and tools that help support our end-to-end pricing process. Our Blue Ocean program has also allowed us to have centralized price administration with robust processes so we can react quickly to changing conditions.

美國進口關稅意味著額外的成本。我們計劃透過供應鏈優化行動、節省成本、提高價格和附加費來抵銷。我們的全球定價計畫已深深植根於整個組織，並基於一套複雜的數據分析和工具，有助於支援我們的端到端定價流程。我們的藍海計畫還使我們能夠透過強大的流程進行集中價格管理，以便我們能夠對不斷變化的情況做出快速反應。

Overall, we recognize there's increased uncertainty in the economy and we remain agile to respond to the changes in the market conditions as necessary. At the same time, we remain convinced in the long-term growth opportunity in our end markets and our ability to gain market share and grow faster than the market, especially in very dynamic market conditions. We remain focused on the things we can control and continue to implement strategies with a good balance of initiatives focused on growth, innovation, and operational excellence.

總體而言，我們認識到經濟中的不確定性正在增加，我們仍將保持靈活，根據需要應對市場狀況的變化。同時，我們仍然堅信終端市場的長期成長機會以及我們獲得市場份額和以高於市場速度成長的能力，尤其是在非常活躍的市場條件下。我們始終專注於我們能夠控制的事情，並繼續實施以成長、創新和卓越營運為重點的各項舉措，並取得良好的平衡。

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

現在，我們的準備好的發言就結束了。接線員，我現在想開始回答問題。

(Operator Instructions) Dan Leonard, UBS.

（操作員指示）丹·倫納德（Dan Leonard），瑞銀。

My first question is one on China. Can you update us with your new forecast for revenue growth in China in 2025 and maybe parse that between industrial and lab?

我的第一個問題是關於中國的問題。您能否向我們介紹一下您對 2025 年中國收入成長的新預測，並將其與工業和實驗室收入成長進行比較？

So, for China for 2025, for the full year on a reported basis, we expected China to be down slightly. Maybe I'll comment on Q2. We expect Q2 to be down like low- to mid-single digit. On the full year basis, we expect that to be like up low-single digit in terms of the lab business and down low-single digit in terms of the industrial business.

因此，對於中國 2025 年全年的業績報告，我們預計中國經濟將略有下降。也許我會對第二季發表評論。我們預計第二季的銷售額將下降低至個位數。從全年來看，我們預計實驗室業務將出現低個位數成長，而工業業務將出現低個位數下降。

And for Q2, we expect lab to be down low-single digit and industrial to be down mid-single digit. And hey, this probably is a good parlay into like a little bit our thoughts on guidance. When Patrick talks about uncertainty, clearly China is probably higher on the list in terms of areas where there's uncertainty in terms of like where we're seeing maybe some caution in the market in terms of customers may be holding off in terms of investments. We see that a little bit here in the second quarter. So we're just a little bit more cautious here in Q2 and how we're thinking about China developing for the rest of the year.

對於第二季度，我們預計實驗室銷售額將下降低個位數，工業銷售額將下降中等個位數。嘿，這可能是一個很好的機會，可以讓我們稍微了解指導方面的想法。當派崔克談到不確定性時，顯然中國在存在不確定性的領域中排名較高，例如我們看到市場在客戶方面可能持謹慎態度，可能會推遲投資。我們在第二季看到了一些這樣的情況。因此，我們對第二季以及今年剩餘時間內中國經濟的發展會更加謹慎。

But I think (technical difficulty) yeah, okay.

但我認為（技術難度）是的，好的。

It may be as a, well, a follow up. You mentioned onshoring and there have been a lot of announcements lately. I don't know, Patrick, if there's any way you could help us better quantify the potential opportunity for from various manufacturing onshoring initiatives.

這可能是後續行動。您提到了在岸外包，最近有很多公告。派崔克，我不知道您是否能幫助我們更好地量化各種製造業在岸化措施帶來的潛在機會。

Look, I mean, the whole reshoring, home shoring, onshoring, whatever you would call it, is definitely something that will be important for us moving forward. That said, as these companies are starting to restore reshoring programs and factories are raised, we are a bit later in the process. We are not in the initial construction phase that we're involved with these companies.

你看，我的意思是，整個回流、本土化、在岸化，無論你怎麼稱呼它，對我們未來的發展來說絕對是一件重要的事。話雖如此，隨著這些公司開始恢復回流計劃和工廠的建立，我們在這個過程中已經稍微落後了。我們與這些公司的合作尚未處於初步建設階段。

But we are, of course, talking to many customers out there with the semiconductor and other areas who plan to make these relocations to make sure they understand the full benefit of our portfolio when they're ready to put in place their manufacturing control systems to help them with our industrial solutions. At the same time, in the QC with our QC products and of course also in the R&D environment with the broad span of our research and development tools that we have to discuss.

但是，我們當然正在與半導體和其他領域的許多計劃進行這些遷移的客戶進行溝通，以確保他們在準備實施製造控制系統以幫助他們使用我們的工業解決方案時，能夠了解我們產品組合的全部優勢。同時，在品質控制方面，我們必須討論我們的品質控制產品，當然在研發環境中，我們必須討論我們廣泛的研發工具。

But so far, I would say that the impact on our business from reshoring and home shoring is not yet of any meaningful size. But we expect it to be an upside in the, let's say, quarters and years to come.

但到目前為止，我想說，回流和本土化對我們業務的影響還沒有達到顯著的程度。但我們預計，在未來幾季和幾年內，這一數字將呈上升趨勢。

Yeah, we just feel like we're very well positioned for this trend as a global company. But also with our Spinnaker program, which really helps us to identify these types of opportunities.

是的，我們覺得作為一家全球性公司，我們已經為這個趨勢做好了充分的準備。而我們的 Spinnaker 計畫也確實幫助我們辨識這些類型的機會。

Okay. Thank you very much.

好的。非常感謝。

Patrick Donnelly, Citi.

花旗銀行的 Patrick Donnelly。

Shawn, probably one for you on the tariff side. Appreciate all the color and the gross number and some of the mitigation. Can you just break down where that impact is coming from? Obviously, China was a pretty big concern coming in just in terms of some of the import exports there. Can you talk about that impact?

肖恩，關於關稅方面，我可能想問你一個問題。欣賞所有的顏色和總數以及一些緩解。能否詳細分析一下這種影響來自哪裡？顯然，就一些進出口貿易而言，中國是一個相當大的擔憂。你能談談這種影響嗎？

And then again the mitigation efforts that are ongoing, have you already started to move some things around? And then, similarly, on the pricing side, how should we be thinking about that you guys are always quite nimble on pricing increases and surcharges? We'd love to just talk through both the gross impact, where it's coming from and then also the mitigation on the way here.

那麼，對於正在進行的緩解措施，您是否已經開始採取一些措施了？然後，同樣，在定價方面，我們應該如何看待你們在價格上漲和附加費方面總是相當靈活？我們很樂意討論整體影響、影響來源以及緩解措施。

I think the first comment is, of course, we already started to want to have more flexibility in our global supply chain going back coming out of COVID. So as part of that we had expanded in Mexico, which was part of an acquisition that we did a while back. And then with this need to have more flexibility in our supply chain, we started to build out Mexico.

我認為第一個評論當然是，自從新冠疫情爆發以來，我們已經開始希望我們的全球供應鏈有更大的靈活性。因此，作為其中的一部分，我們在墨西哥進行了擴張，這是我們不久前進行的收購的一部分。由於需要提高供應鏈的靈活性，我們開始向墨西哥擴張。

More recently with the global trade disputes on the horizon, we've been accelerating a lot of our plans here. This is one example, of course, we do a lot of things with our global supply chain, but we've been making a lot of progress in our optimation of our global supply chain processes here recently and made a lot of progress here already this year.

最近，隨著全球貿易爭端的出現，我們正在加快實施許多計劃。這是一個例子，當然，我們利用全球供應鏈做了很多事情，但最近我們在優化全球供應鏈流程方面取得了很大進展，今年已經取得了很大進展。

And as a result, our exposure to imports from directly from China, we estimate that number is more in the range of about $50 million right now. So, previously we would have said that that number was under $100 million. It was a little bit dynamic and we wanted to see a little bit how things played out here with the timing of tariffs, but we're really pleased to make good progress in terms of that number.

因此，我們估計，從我們直接從中國進口的商品數量目前約為 5,000 萬美元左右。因此，以前我們會說這個數字低於 1 億美元。這有點動態，我們想看看事情如何隨著關稅的時間而發展，但我們真的很高興在這一數字方面取得了良好進展。

Of course Mexico is now higher than China but expected to still be below $100 million. And then as we think about the rest of the world, we expect imports to the US to be in the range of about $250 million with a significant portion of that coming out of Switzerland.

當然，墨西哥現在比中國高，但預計仍低於 1 億美元。然後，當我們考慮世界其他地區時，我們預計美國的進口額將在 2.5 億美元左右，其中很大一部分來自瑞士。

Okay. And then just the pricing offsets, how you think about that?

好的。那麼只是定價抵消，您怎麼看？

Yeah, I'm sorry, that's the impact, of course, and then the mitigation. So there's the supply chain. There is also some cost savings, and then there's pricing.

是的，很抱歉，這當然是影響，然後是緩解。這就是供應鏈。還可以節省一些成本，然後還有定價。

So pricing, we expect our pricing -- before we were communicating pricing to be like in the range of about 2% for this year. Right now, we're thinking it's going to be 3% or so. It will depend a little bit on how the tariffs play out because some of our pricing is going to be price increases related to inflationary, higher inflationary conditions that we expect from the trade war.

因此，我們預計我們的定價——在我們溝通之前，今年的定價將在 2% 左右的範圍內。目前，我們認為這個數字將會是 3% 左右。這在一定程度上取決於關稅如何實施，因為我們的部分定價將與通貨膨脹有關，我們預計貿易戰將導致更高的通貨膨脹。

But also a significant part of our mitigation actions also is surcharges, which gives us a little bit of flexibility as things can go up or down with the tariff rates. And so that that could change a little bit going forward, but I think the flexibility will play out kind of well here as we kind of go forward. And then as we kind of go into next year, you'll see the mix changing a little bit as we continue to work on supply chain optimization to put us in a position where we really have a lot of confidence in terms of our ability to mitigate the gross headwind at the current rates.

但我們的緩解措施的一個重要部分也是附加費，這給了我們一點彈性，因為關稅稅率可能會上升或下降。因此，這種情況在未來可能會有所改變，但我認為，隨著我們繼續前進，靈活性將會發揮良好的作用。然後，當我們進入明年時，你會看到組合發生了一些變化，因為我們將繼續致力於供應鏈優化，以使我們處於一個非常有信心的位置，即我們有能力以當前的速率減輕整體逆風。

Yeah, that's helpful. And then, Patrick, maybe just on the industrial market, overall, that's become group a little more concerning just given the macro backdrop, all the volatility out there. What are you hearing from customers on the core industrial piece? What's the right way to think about how you guys are forecasting that today versus, maybe, a few months ago when things were, I guess, slightly different? Appreciate it.

是的，這很有幫助。然後，帕特里克，也許只是就工業市場而言，總體而言，考慮到宏觀背景和所有的波動性，這已經成為一個更令人擔憂的群體。您對客戶對核心工業部件的看法是什麼？與幾個月前的情況略有不同相比，你們今天如何預測這種情況，正確的思考方式是什麼？非常感謝。

Yeah, sure, I'll make a general comment on how I see the industrial market and that should break it down of how we see the growth forecast for the second quarter and the full year. Look, I mean, I think we are exceptionally positioned with our product to serve the automation needs and digitization needs in the industrial markets.

是的，當然，我會對我如何看待工業市場做一個總體評論，這將分解我們如何看待第二季和全年的成長預測。看，我的意思是，我認為我們的產品具有獨特的優勢，可以滿足工業市場的自動化需求和數位化需求。

And yes, we have seen recently some delays with customers that had larger projects that moved. That's also why we see a bit of a slower movement in Q2 and our industrial, but overall, we are confident in our solutions that we see the trend for automation, the need for automation given aging populations, reduction workforce worldwide will stay in place.

是的，我們最近發現一些客戶的大型專案出現了延誤。這也是為什麼我們看到第二季度和工業的成長速度有所放緩，但總的來說，我們對我們的解決方案充滿信心，我們看到了自動化的趨勢，考慮到人口老化、全球勞動力減少，對自動化的需求將保持不變。

And if you take also into account the whole reshoring and home shoring activities that are coming, these customers will not start with a lot of manual processes that they will try to start to automate as much as possible given the higher labor costs they will face in the home shoring countries. So I think that's why we're seeing currently some softness, given the uncertainty. I think for the long-term, we are very well positioned with the portfolio.

如果你還考慮到即將到來的整個回流和本土外包活動，這些客戶將不會從大量的手動流程開始，而是會盡可能地嘗試自動化，因為他們在本土外包國家將面臨更高的勞動力成本。因此，我認為，考慮到不確定性，這就是為什麼我們目前看到一些疲軟現象。我認為從長遠來看，我們的投資組合處於非常有利的地位。

And Shawn, can you break it down in terms of the industrial growth numbers for Q2 in the full year?

肖恩，您能否根據全年第二季的工業成長數字來細分一下？

Yeah, hey, so for on the industrial side for Q2, for core industrial, we expect core industrial to be flat, and we expect product inspection to be up mid-single digit. And for the full year, we expect core industrial to be flattish, and we expect product inspection to be mid-single digit.

是的，嘿，對於第二季度的工業方面，對於核心工業，我們預計核心工業將持平，並且我們預計產品檢驗將增長中等個位數。就全年而言，我們預計核心工業將保持平穩，產品檢驗將達到中等個位數。

Thank you guys.

謝謝你們。

Jack Meehan, Nephron Research.

傑克·米漢（Jack Meehan），腎元研究。

We continue on this topic of tariffs, but just in terms of customer behavior, I was curious if you saw any evidence of pull forward in the first quarter or in any of like the April trends that you've seen so far?

我們繼續討論關稅這個主題，但就客戶行為而言，我很好奇您是否看到第一季或迄今為止看到的四月份趨勢有任何提前的跡象？

We have not seen a significant or any meaningful pull forward action in the quarter. I know there was something in the news in the car industry. But I would say in our industry, we have not seen customers highlighting their placing orders earlier because they are concerned about the tariffs.

我們在本季沒有看到任何重大或有意義的提前行動。我知道汽車業有一些新聞。但我想說，在我們這個行業，我們還沒有看到客戶因為擔心關稅而提前下訂單。

We are serving markets that are not really concerned about this very short-term moves and they also don't make a lot of short-term planning. That's what I see, but from what I'm hearing from the sales force, there has been not an acceleration of orders given the tariff impact.

我們服務的市場並不真正關心這些短期趨勢，而且他們也不會做很多短期規劃。這是我所看到的，但從銷售人員那裡聽到的情況來看，由於關稅的影響，訂單並沒有增加。

Okay. And then within lab, I was curious just for some more color on the process analytics business. Had some encouraging commentary from some of your peers in the bioprocessing world. Was curious how you feel about the set up there? Thank you.

好的。然後在實驗室裡，我很好奇想了解更多有關流程分析業務的資訊。我從生物加工領域的一些同行那裡得到了一些令人鼓舞的評論。好奇您對那裡的佈置有何感受？謝謝。

Exactly, yes, and we have seen also some really nice growth in process analytics, also driven by some of the commands, of course, that you have heard from a lot of the biopharma customers that they really increase manufacturing. We see a good increase of both single-use but also multi-use sensors in the space.

確實如此，是的，我們也看到了過程分析方面一些非常好的增長，當然，這也是受到一些命令的推動，您從許多生物製藥客戶那裡聽說，它們確實提高了製造能力。我們看到該領域一次性感測器和多用途感測器的數量都有了顯著增長。

But there has been a very healthy recovery also on the portfolio of single-use sensors, which have been over the last years subdued. And there was also an overstocking issues in last year that has been fully resolved and now we see some really healthy operating income again.

不過，一次性感測器產品組合也出現了非常健康的復甦，而該類產品在過去幾年一直處於低迷狀態。去年還出現了庫存過剩的問題，但這個問題已經徹底解決，現在我們又看到了一些非常健康的營業收入。

Awesome. Thank you.

驚人的。謝謝。

Daniel Arias, Stifel.

丹尼爾·阿里亞斯（Daniel Arias），Stifel。

Shawn, just to follow up on manufacturing. The capabilities in Mexico, I think that's through biotics if I remember right, and it used to be pipette tips and life sciences or agents that you made down there. Have you expanded the production breadth beyond that at this point, or is it still focused on a subsegment of lab and so that's where the gross margin gains would be focused?

肖恩，只是想跟進一下製造情況。如果我沒記錯的話，墨西哥的能力是透過生物學實現的，它曾經是移液管吸頭和生命科學或在那裡製造的藥劑。目前，您是否已經將生產範圍擴大到更廣的範圍，還是仍然專注於實驗室的某個子領域，並將毛利率收益集中在那裡？

No, it's significantly expanded. We literally added on to the facility a few years ago. And we've been moving a wide range of products throughout the portfolio, which will include lab, industrial, and also on the food retailing side.

不，它已經顯著擴大了。幾年前，我們確實擴建了該設施。我們一直在整個產品組合中推廣各種各樣的產品，包括實驗室產品、工業產品以及食品零售產品。

Okay. Helpful. And then just when it comes to the tariff offsets, obviously, you're implementing a plan today. If you were to get some de-escalation here like it's possible, do you see the chance for some stickiness that could leave the door open for a benefit relative to where things are today just in the sense that, to your point, you have a low ASP portfolio.

好的。很有幫助。然後，當談到關稅抵消時，顯然，你今天正在實施一項計劃。如果您能在這裡實現一些降級，就像這是可能的一樣，您是否看到了一些粘性的機會，這可能會為相對於目前的情況帶來好處敞開大門，就您所說的而言，您有一個較低的 ASP 投資組合。

So if you were to raise some price in response to tariffs and then aligned to a cost structure for a particular scenario but then not have that scenario be the way that it plays out. Would you not necessarily have to pull it all the way back and so you could be left with some upside, or is the idea really to just flex back down on pricing and surcharges as the situation changes?

因此，如果您為了應對關稅而提高價格，然後根據特定情況調整成本結構，但又不想讓這種情況按照它的方式發展。您不一定要將其全部拉回，這樣您就能獲得一些好處，還是真的只是想隨著情況的變化而降低價格和附加費？

And hey, we'll see how things play out, right? I mean, there's a lot of different scenarios that could happen. I mean, things have changed so much here in the last two to three months, more than what we would expected. In terms of the surcharges, of course, yes, they would -- we'd have to pull them back if rates change, but I think we'll just see how things play out here.

嘿，我們看看事情會如何發展，對吧？我的意思是，有很多不同的情況可能會發生。我的意思是，過去兩三個月裡這裡發生了很大變化，超出了我們的預期。至於附加費，當然是的，如果利率發生變化，我們必須將其撤回，但我認為我們只會看看事情如何發展。

Yeah, of course, but also on the manufacturing side and as we have really increased our manufacturing. For example, in Mexico, we have put a lot of effort into really making sure we establish a very strong local supply chain there as well and that that is there to stay.

是的，當然，但在製造方面也是如此，而且我們確實增加了製造量。例如，在墨西哥，我們付出了很多努力，確保在那裡建立非常強大的本地供應鏈，並確保這條供應鏈能持續下去。

I mean, we have a very competitive setup there, especially the North American market that is in some, to some extent, redundant to the Chinese operation that we have as well. But given, again, given that we are already almost two years into the whole relocation or redundancy building, that will not will not pull that back.

我的意思是，我們在那裡擁有非常有競爭力的市場，特別是北美市場，在某種程度上，它與我們在中國的業務是重複的。但是，考慮到我們已經花了近兩年的時間進行整個搬遷或裁員工作，這不會阻止我們前進。

Yeah, I was thinking more in terms of pricing. But I think that's like probably a key outcome from all of this is because when we talk about Mexico, we're still going to have a very significant manufacturing footprint in China for China and for the rest of the world. We are just building some redundancies here, which just increases our flexibility. And I just think that is a longer-term strategy that that's going to be a good strength for the organization going forward.

是的，我更多地考慮的是定價方面。但我認為這可能是所有這一切的關鍵結果，因為當我們談論墨西哥時，我們仍然將在中國為中國和世界其他地區留下非常重要的製造業足跡。我們只是在這裡建立一些冗餘，這只會增加我們的靈活性。我認為這是一項長期策略，將成為該組織未來發展的一大優勢。

Yeah, okay. Thank you.

嗯，好的。謝謝。

Brandon Couillard, Wells Fargo.

布蘭登‧庫亞爾 (Brandon Couillard)，富國銀行。

Shawn, just want to clarify, when you're talking about seeing some orders being delayed, some pushed out for projects, is that isolated to core industrial? Was that a China-specific comment or more global comment?

肖恩，我只是想澄清一下，當你說看到一些訂單被延遲，一些訂單被推遲，這是否只限於核心工業？這是針對中國的評論還是更俱全球性的評論？

My comment was specific to China that we sense that there's a little bit more -- if you talk to the different regions, if you talk directly to the sales organization, there's actually still a lot of optimism in the Western markets just given really good customer activity. But we were a little more cautious from the top down here just recognizing the situation.

我的評論是針對中國的，我們感覺還有更多——如果你與不同地區交談，如果你直接與銷售組織交談，你會發現，鑑於客戶活動確實良好，西方市場實際上仍然充滿樂觀情緒。但我們從上到下都更加謹慎，並且體認到了這種情況。

But when we talk to maybe the Chinese organization, they're optimistic for the media, like going out a little bit, but they're a little bit more cautious in terms of just timing in the short-term if you look at their Q2 outlook. So that's an area where we're feeling a little bit more hesitation from customers to delay things a little bit here.

但當我們與中國組織交談時，他們對媒體持樂觀態度，喜歡稍微出去一點，但如果你看看他們第二季的前景，他們在短期時機方面會更加謹慎。因此，我們感覺到客戶在這方面有些猶豫，希望稍微延後一下事情。

Kind of a wait-and-see mode, makes sense, right? When you look at the significant level of tariffs that are going on, I'm sure some companies are going to try to take a wait-and-see approach just to see how it plays out a little bit.

這是一種觀望模式，有道理，對吧？當你看到正在實施的巨額關稅時，我相信一些公司會採取觀望態度，看看情況會如何發展。

Fortunately for us, Brandon, though, maybe it's a good point to comment on is if you look at our customers in China, we're not typically selling to the exporters. A very significant part of our business there is still our core markets, which are serving the local market.

不過，布蘭登，對我們來說幸運的是，如果你看看我們在中國的客戶，也許值得評論的一點是，我們通常不會向出口商銷售產品。我們業務中非常重要的一部分仍然是我們的核心市場，即服務於當地市場。

We've talked a lot in the past about, I think, something like 15% or less of our business is actually sold to multinationals. And then, within that Chinese portion of most of its private companies and, like I said, most of a very small portion of that relates to actually exporters. And a lot of what we're doing is actually supporting them with their own strategic initiatives to build up their own life science industry, et cetera.

我們過去曾多次討論過，我認為，我們的業務中大約只有 15% 或更少是真正賣給跨國公司的。然後，在大多數私人公司的中國部分中，正如我所說，其中只有很小一部分與實際出口商有關。我們所做的許多工作其實是支持他們採取自己的策略性舉措來建立自己的生命科學產業等等。

Okay. That's helpful. And then, so it doesn't look like your free cash flow guide actually changed at all. Yeah, how do you just, I guess, approach managing working capital in this environment, and are you taking down or pushing out your own CapEx? Just the free cash flow numbers' actually the same.

好的。這很有幫助。然後，看起來您的自由現金流指南實際上根本沒有改變。是的，我想，在這種環境下，您是如何管理營運資金的，您是會降低還是增加自己的資本支出？只是自由現金流數字其實是相同的。

Yeah, hey, I think we still feel good about it. We'll revisit as we go along. We felt like we did pretty good here in the first quarter, especially if you exclude the timing of the bonus payments year-on-year related to the prior year performance.

是的，嘿，我想我們對此仍然感覺良好。我們將在後續過程中再次回顧。我們覺得第一季我們的表現相當不錯，特別是如果排除與上一年業績相關的同比獎金支付時間的話。

I think we were up, was it like 17% on a per share basis or something like that. And so I feel like we had a good first quarter. Of course, we're looking at things to optimize things in terms of how we think about other types of line items on the cash flow statement, too, that will allow us to continue to reinvest in our business as we expect, but also just maybe optimize things in terms of how we can benefit from this year and in this environment. But we'll see how things play out here a little bit.

我認為我們的股價上漲了，大概是每股上漲了 17% 左右吧。所以我覺得我們第一季表現不錯。當然，我們也在考慮如何優化現金流量表上其他類型的項目，這將使我們能夠按照預期繼續對我們的業務進行再投資，但也可能只是優化我們如何從今年和這種環境中受益。但我們會稍微觀察一下事情如何發展。

Thanks.

謝謝。

Vijay Kumar, Evercore ISI.

維傑·庫馬爾（Vijay Kumar），Evercore ISI。

Maybe my first one on the guidance cadence here. Q1, X the shipping delays, you guys did up 50% low singles. Q2, [0 to 1], what drives that step down in revenues? Are you assuming some demand destruction because of tariffs here in 2Q, and I think like the back half assumes you step back to (technical difficulty) plus to hit the annual. So maybe just talk about this cadence for 2Q and back half.

這可能是我第一次在這裡進行指導節奏。Q1，X 運輸延遲，你們的低價單量上漲了 50%。Q2，[0 到 1]，是什麼導致收入下降？您是否認為第二季的關稅會造成一些需求破壞，我認為後半部分假設您退回到（技術難度）並達到年度目標。所以也許只討論第二季和後半部的節奏。

Yeah, I mean, I think if you like cut through our guidance and you look at price versus volume, you're right, Q2 will be the low point of the year. I think it's very much related to these comments on uncertainty in the short-term with, maybe, more optimism in the medium-term. And part of that caution in the short-term is going to be China.

是的，我的意思是，我認為如果你願意根據我們的指導意見，並比較價格與銷量，那麼你是對的，第二季度將是今年的最低點。我認為這與短期不確定性的評論非常相關，但中期可能更加樂觀。短期內謹慎情緒的部分原因在於中國。

But I think, maybe just to like look at the regions here. I mean, we are expecting flattish results here. In lab and industrial, we all already talked about mid-single digit and product inspection. We expect retail to be down a little bit in Q2. But then from a regional perspective, we expect the Americas to be flattish to up low-single digits. So it's probably another area where there's a little bit of caution.

但我認為，也許只是看看這裡的地區。我的意思是，我們預期結果會比較平淡。在實驗室和工業領域，我們都已經討論了中等個位數和產品檢驗。我們預計第二季零售額將略有下滑。但從地區角度來看，我們預期美洲地區的成長率將持平至低個位數。所以這可能是另一個需要謹慎的領域。

And then with Europe up low-single digit and we already talked about China being like down low- to mi- single digits. So maybe the two areas that jump out a little bit was the China comments and then maybe just a little bit more cautious on the Americas in the short-term.

然後，歐洲的經濟成長率達到了低個位數，而我們已經討論過中國經濟的下降率達到了低到十位數。因此，可能最引人注目的兩個領域是有關中國的評論，以及短期內對美洲可能更加謹慎。

Understood. And my follow up here on tariffs, that I think you said $50 million was China. The overall $115 million, when you said annualized, what is the impact of FRISCOLYTE 25? Is that something lesser because you're using annualized dot comments and I think --

明白了。關於關稅，我想問一下，您說的 5000 萬美元來自中國。整體而言，以年率計算，1.15 億美元，那麼 FRISCOLYTE 25 的影響是什麼？這是不是因為你使用年度點評論，我認為--

Yeah, so maybe one way to think about it, not to put an exact number on it, is about 7%. It would probably be about a 7% gross headwind to EPS in terms of the tariff impact this year. And we expect to offset probably 75% or more of that this year, which would result in a net headwind to EPS of about 2%.

是的，也許可以這樣想，而不是給出一個確切的數字，大約是 7%。就今年的關稅影響而言，這可能會對每股收益造成約 7% 的總不利影響。我們預計今年可能會抵消其中的 75% 或更多，這將導致每股淨收益下降約 2%。

I just like had a follow up on like the, I think, you used cars at current levels and your prepared remarks. So are we assuming the current, I guess, rates to sustain or are you -- is the guide assuming in a post 90-day pause for tariff rates to creep back up? Like what is the guide assuming on tariffs?

我只是想跟進一下，我認為，您使用的汽車目前的水平以及您準備好的評論。那麼，我們是否假設當前的稅率將維持不變，或者您是否 - 該指南是否假設在 90 天的暫停期之後，關稅稅率將回升？比如，指南對關稅有何假設？

We assume it's at current rates. And recognizing it can go up or down. So and we'll see.

我們假設它是按當前利率計算的。並認識到它可以上升也可以下降。我們拭目以待。

Understood. Thanks, guys.

明白了。謝謝大家。

Matt Sykes, Goldman Sachs.

高盛的馬特·賽克斯 (Matt Sykes)。

Maybe taking the China questions in a different angle. Do you think that if this tariff situation lasts a little bit longer than expected, meaning beyond Q2, there could be some shifts in the competitive landscape in China?

也許可以從不同的角度來看中國問題。您是否認為，如果這種關稅狀況持續的時間比預期的要長一些，即第二季之後，中國的競爭格局可能會發生一些變化？

Meaning the local players would maybe prefer local substitution if possible from a technology and performance standpoint because of pricing and that could shift things. If this lasts longer than expected, do you feel pretty comfortable with your competitive positioning to penetrate through these near-term issues?

這意味著，如果從技術和性能的角度來看，當地企業可能更願意從價格的角度進行本地替代，這可能會改變現狀。如果這種情況持續的時間比預期的要長，您是否對自己的競爭定位感到滿意，能夠解決這些近期問題嗎？

Look, I mean, first, I think you want to appreciate that most of the products that we sell in China, we actually manufacture in China, so we import very little from the US to China. So while there's a bit of a tariff headwind there as well, it's much more than the other direction because most of the products that we sell in China, we manufacture in China.

首先，我想你應該明白，我們在中國銷售的大多數產品實際上都是在中國製造的，因此我們從美國進口到中國的產品很少。因此，雖然那裡也存在一些關稅阻力，但阻力比其他方向要大得多，因為我們在中國銷售的大多數產品都是在中國製造的。

In a very competitive situation, but also, ourselves, being in a very good position there because we source locally, we have manufacturing locally, we have a strong local marketing team and from many perspectives, our customers here is almost like a Chinese company because we are fully merged there with the customers. We are very quick adopting also to local application demand changes, et cetera. We have a strong R&D and marketing team that it helps us to really understand customer moves.

在競爭非常激烈的情況下，我們自己也處於非常有利的地位，因為我們在當地採購，在當地製造，擁有強大的當地行銷團隊，而且從許多角度來看，我們這裡的客戶幾乎就像一家中國公司，因為我們與那裡的客戶完全融合。我們也能很快適應當地的應用需求變化等等。我們擁有強大的研發和行銷團隊，這有助於我們真正了解客戶動向。

So we think we can continue to compete very effectively in the local market with what was set up there. And the few products that we still manufacture in the US or in Germany or in Switzerland and ship them to China, we are looking also to options to localize some of them. But it of course depends on other priorities and also on IT questions, et cetera.

因此我們認為，我們可以憑藉在當地建立的體系繼續在當地市場進行有效的競爭。我們仍在美國、德國或瑞士生產少數產品並運往中國，我們也尋求將其中一些產品在地化的方案。但這當然取決於其他優先事項以及 IT 問題等等。

But the exposure of that tariff in China for US products is, for us, rather small. And if we think we are set up for long-term good competitive position in the market.

但對我們來說，中國對美國產品徵收關稅的影響相當小。如果我們認為我們已經在市場上建立了長期良好的競爭地位。

Got it. Thank you for that. And maybe just two quick ones. Patrick, one for you just on services growth, you said 6% in the quarter, a little bit below the run rate you were doing last year, if I recall correctly. I'm sure some of this is comps, but just maybe talk about the underlying strength that you continue to have confidence in that services growth.

知道了。謝謝你。也許只有兩個簡短的問題。派崔克，關於服務業的成長，您說本季成長了 6%，如果我沒記錯的話，這比去年的成長率略低。我確信其中一些是可比的，但也許只是談論一下您繼續對服務成長充滿信心的潛在優勢。

And then Shawn, just could you just, I'm sorry if I missed this, but just any FX assumptions in the EPS guide over the course of the year that might have offset some of the tariff impact?

然後肖恩，如果我錯過了這一點，我很抱歉，你能否告訴我，今年 EPS 指南中的任何外匯假設是否可能抵消部分關稅影響？

Q1 was a bit of a tougher compared to last year, but we're still pretty pleased with 6% growth that we have seen in Q1. For the full year, before comps mid- to high-single digit growth in 2025, we have invested a lot of last year into growth program services to make sure that we really can tap deeper into the install base that is currently not serviced by our team. So we have implemented more marketing and telesales resources to reach out to customers, have real sales programs in place, and also added a significant number of new service, people in the field.

與去年相比，第一季有點艱難，但我們對第一季 6% 的成長率仍然感到非常滿意。在 2025 年實現中高個位數成長之前，我們全年已在成長計畫服務上投入了大量資金，以確保我們能夠真正深入挖掘目前團隊尚未服務的安裝基礎。因此，我們實施了更多的行銷和電話銷售資源來接觸客戶，制定了真正的銷售計劃，並且還增加了大量新的現場服務人員。

So I think that that whole growth program is still a long runway. And I'm actually quite pleased with the outlook and what I'm hearing from the team. I want to recognize the team here for having really outstanding feedback from our customers in terms of net promotor scores. They are higher than ever. But it also tells me that our customers are really pleased with the service that we deliver.

所以我認為整個成長計劃還有很長的路要走。事實上，我對前景以及團隊所傳達的訊息感到非常滿意。我要表揚一下這裡的團隊，他們在淨推薦值方面獲得了來自客戶的非常出色的回饋。它們比以前任何時候都高。但這也告訴我，我們的客戶對我們提供的服務非常滿意。

But hey, maybe the second part of your question, Matt, so we reduced our full year EPS guidance by 2% at the high end of our range and 2.5% at the midpoint. About two-thirds of that relates to the gross tariffs offset by our mitigation actions.

但嘿，也許你問題的第二部分，馬特，所以我們將全年每股收益預期的高端降低了 2%，中點降低了 2.5%。其中約三分之二與我們的緩解行動所抵銷的總關稅有關。

The other third reflects the lower sales volume for the year offset by better operating performance and more favorable foreign currency. So currency, we expect, from an EPS perspective, to be at current rates, flattish or neutral for the year. And then, last quarter, we were expecting it to round to like a 2% kind of a headwind.

另外三分之一反映了本年度銷售量的下降，但經營績效的改善和外匯的利多抵銷了這一影響。因此，從每股盈餘的角度來看，我們預計今年的貨幣匯率將保持在當前水平，持平或中性。然後，上個季度，我們預計它會像 2% 一樣出現逆風。

Thank you. Very helpful.

謝謝。非常有幫助。

Doug Schenkel, Wolfe Research.

道格‧申克爾，沃爾夫研究中心。

This is Avery on for Doug. Thank you for the question. Just looking at your margin for the quarter. Obviously we have a shipping impact, but gross margin was up 30 basis points. I was wondering if there's any favorable mix there.

我是艾佛瑞 (Avery)，為道格 (Doug) 報道。謝謝你的提問。只查看本季的利潤率。顯然，我們受到了航運的影響，但毛利率上升了 30 個基點。我想知道那裡是否有任何有利的組合。

And then looking at the OpEx line, it seems like that number was a bit elevated in dollar terms, specifically SG&A. So just wondering if you could give any color there. Was that preparation being done in advance of the tariffs? And then going forward through the balance of this year, would it make sense to expect that level of OpEx as a percentage of sales to be somewhat elevated relative to last year?

然後查看營運支出線，似乎該數字以美元計算略有上升，特別是銷售、一般和行政費用 (SG&A)。我只是想知道您是否可以提供任何顏色。這些準備是在關稅實施之前做的嗎？那麼，展望今年的剩餘時間，預計營運支出佔銷售額的百分比相對於去年會有所上升，這合理嗎？

Yeah, hey, so in terms of the gross margin for the quarter, we were actually very pleased with our gross margin. Certainly, a little bit better than what we had expected. It was up 30 bps, but if you exclude the impact of the shipping delays from a year ago, it was up 90 bps.

是的，就本季的毛利率而言，我們實際上對我們的毛利率非常滿意。確實，比我們預期的要好一點。它上漲了 30 個基點，但如果排除一年前航運延誤的影響，它上漲了 90 個基點。

We had good performance and pricing. It came in about in the 2% kind of a range, but we also saw some good progress continued on our SternDrive program and productivity initiatives in the company.

我們擁有良好的業績和定價。這一比例大約在 2% 左右，但我們也看到該公司的 SternDrive 計劃和生產力計劃繼續取得了一些良好進展。

In terms of mix, there might have been, I think there was a little bit of favorable mix there as well, too, in the quarter as well. But otherwise, we feel good about the performance. And then, if you like look through the year, there's a lot of moving parts this year, but if you like exclude the shipping delay topic, you exclude the tariff net of our mitigation actions, our gross margin is probably up in the 30 basis points kind of a range, which, given the top line, not having the volume that maybe we expected at the beginning of the year, we feel actually pretty good about that.

就組合而言，我認為本季也存在一些有利的組合。但除此之外，我們對性能感覺良好。然後，如果你回顧一下這一年，你會發現今年有很多變化，但如果你排除運輸延遲問題，排除我們緩解措施的關稅淨額，我們的毛利率可能會上升 30 個基點左右，考慮到營收沒有達到我們年初預期的水平，我們對此感覺相當不錯。

In terms of SG&A, of course, there's always going to be -- we are investing in the business. This was an important topic for us, too, as we entered the year in terms of continuing to drive growth in the business. We have a lot of great programs, a lot of great ideas, and we're going to continue to do that.

當然，就銷售、一般和行政費用而言，我們總是會進行投資——我們正在對業務進行投資。對我們來說，這也是一個重要的主題，因為我們要繼續推動業務成長。我們有很多出色的計劃、很多出色的想法，而且我們將繼續這樣做。

But when you look at one quarter versus another, there can always be a little bit of timing. And so I wouldn't try to overread from one quarter to another quarter. And of course, we're going to look at non-sales activities for the rest of the year and try to be a little bit more cautious until we get a little bit more clarity on the top line.

但當你將一個季度與另一個季度進行比較時，總是會存在一點時間上的差異。因此我不會試圖從一個季度過度解讀到另一個季度。當然，我們將專注於今年剩餘時間的非銷售活動，並盡量保持謹慎，直到我們對營收情況有更清晰的了解。

But I think if you just cut through everything and you look at our operating margin for the full year and you exclude the shipping delay topic from last year, which is like a headwind of about 60 basis points, and if you -- so on a reported basis, maybe we're going to be down by about like 130 bps. But if you exclude the shipping delay topic, which is about a 60-basis-point headwind, and if you exclude the tariff costs and the net and the mitigation activities, our operating margin is probably up slightly for the full year.

但我認為，如果你把所有因素都考慮進去，看看我們全年的營業利潤率，並排除去​​年的發貨延遲問題，這就像是一個約 60 個基點的逆風，如果你 - 那麼在報告的基礎上，也許我們會下降約 130 個基點。但是，如果排除運輸延遲問題（大約 60 個基點的不利因素），並且排除關稅成本和淨額以及緩解活動，我們的全年營業利潤率可能會略有上升。

All right. Thank you. And then just one on industrial. So core industrial is down 6% and PI was up 8%. Are you seeing a fundamental difference in customer trends between the two businesses and what's really driving the strength in PI?

好的。謝謝。然後只有一個關於工業的。因此核心工業下降了 6%，而 PI 上升了 8%。您是否看到兩家公司在客戶趨勢上存在根本差異，以及真正推動 PI 實力的因素是什麼？

Well, I mean, PI is 70% or so. That business is sold in food manufacturing where our industrial business has a broader mix. Our industrial core industrial also has a broader geographic mix with a large China element disproportional to not only product inspection but to other parts of the world.

嗯，我的意思是，PI 是 70% 左右。該業務涉及食品製造，而我們的工業業務則涉及更廣泛的領域。我們的核心工業也具有更廣泛的地理分佈，其中中國元素很大，這不僅與產品檢驗不成比例，而且與世界其他地區也不成比例。

On a product inspection side, I mean, food manufacturers are still under pressure. But we're very pleased with our team's performance. We've come out with some new products in the last few years that have addressed needs in the mid-market. They're very well received in the marketplace, and we're just competing really well. And so the -- I think, the market's still a challenging market, but we're having some good success here.

在產品檢驗方面，食品製造商仍面臨壓力。但我們對團隊的表現非常滿意。過去幾年，我們推出了一些新產品，滿足了中階市場的需求。它們在市場上很受歡迎，我們的競爭力也很強。所以——我認為，市場仍然是一個充滿挑戰的市場，但我們在這裡取得了一些良好的成功。

Rachel Vatnsdal, JPMorgan.

摩根大通的 Rachel Vatnsdal。

First off, I just wanted to dig into Vijay's question earlier on the second quarter guide and the implied back half range. You highlighted some of the customer caution primarily impacting the second quarter. Can you just walk us through why do you think most of this customer caution in light of the macro environment is mainly going to impact the second quarter and which segments are you expecting to see the most improvement as we get into the back half of the year on that customer caution as well?

首先，我只是想深入探討維傑早些時候關於第二季度指南和隱含的後半段範圍的問題。您強調了一些主要影響第二季的客戶謹慎情緒。您能否向我們解釋一下，為什麼您認為在宏觀環境下大多數客戶的謹慎態度將主要影響第二季？隨著我們進入下半年，您預計哪些領域的客戶謹慎態度將會出現最大改善？

Yeah, so if you look at the second half, just to keep in mind, Rachel, the second half will benefit from pricing, relative to like Q1. So I think if we just like look at volume in the second half versus volume in the first half, and when I say the first half, I mean excluding the shipping delay in Q1, they're probably pretty similar.

是的，所以如果你看一下下半年，請記住，Rachel，相對於第一季度，下半年將受益於定價。所以我認為，如果我們只看下半年的銷量與上半年的銷量，當我說上半年時，我的意思是排除第一季的發貨延遲，它們可能非常相似。

And so, our view is that at the beginning of the year, our guidance assumed that things were going to improve in the second half of the year. Right now, we're taking that off the table for the moment and we're just saying that we think things will probably be more consistent for the second half of the year on a volume basis. But we do have some benefit a little bit on pricing in the second half relative to the first half.

因此，我們的觀點是，在年初，我們的指導假設情況將在下半年有所改善。目前，我們暫時不考慮這個，我們只是說，我們認為從數量上看，下半年的情況可能會更加穩定。但相較於上半年，下半年的定價確實有一些優勢。

Great. And then just in terms of the tariff offsets. You highlighted supply chain optimization, price increases, and surcharges as well. Can you bucket how much of the $1150 million is offset by each of those drivers?

偉大的。然後僅就關稅抵消而言。您還強調了供應鏈優化、價格上漲和附加費。您能計算出每個驅動因素抵消了 11.5 億美元中的多少嗎？

And then follow up to one of the earlier questions. Just in terms of the gross margin impact, can you just walk us through the timing of implementing those mitigation efforts to really how should we think about the cadence of gross margins ramping from the second quarter through the fourth quarter?

然後跟進之前的一個問題。就毛利率影響而言，您能否向我們介紹實施這些緩解措施的時間，以及我們應該如何看待從第二季到第四季毛利率上升的節奏？

Yeah, hey, it's a little bit early for us to give Q3, Q4 guidance. We did our best to give provide Q2 in the full year, but of course we do have our internal thoughts on that. But let's see how -- let's get through Q2 first and we'll give you an update on Q3.

是的，嘿，現在給出第三季、第四季的指導還為時過早。我們盡了最大努力在全年提供第二季的業績，但當然我們對此也有自己的想法。但讓我們看看——讓我們先完成第二季度，然後再向您提供第三季度的最新消息。

In terms of the pieces, of course I understand where your question's coming from, but it's pretty dynamic. I mean, probably the one number I'll provide is that our pricing assumption for the year was 2%. We expect it to be more at 3% or so now for the full year, so that gives you maybe some context for what we're doing.

就作品而言，我當然明白你的問題來自哪裡，但它非常動態。我的意思是，我可能提供的一個數字是，我們今年的定價假設是 2%。我們預計全年成長率將在 3% 左右，這或許能讓您了解我們正在做的事情。

Of course, pricing is something we can do quicker than on the supply chain side. That pricing will have an element, like I mentioned before, price increases and surcharges, so it might go up or down on the Surcharge side. So that's a little bit -- something that could be a little bit fluid as we go through the year.

當然，與供應鏈方面相比，我們可以更快地確定定價。正如我之前提到的，定價會包含價格上漲和附加費等因素，因此附加費可能會上漲或下跌。所以這有點——隨著我們度過這一年，這可能會有點不穩定。

As we get to the end of the year, we -- or maybe even better said, as we go into 2026, we're going to see a lot of the supply chain optimization kicking in a lot going into next year and precise timing. Things will happen throughout the year, but the reality is that we're accelerating a lot of things and it's probably best just to think of them as like being in place by the end of this year as we go into next year.

隨著我們接近年底，或者更確切地說，隨著我們進入 2026 年，我們將看到大量供應鏈優化在明年開始發揮作用，並且時間安排精確。全年都會發生一些事情，但現實是我們正在加速推進很多事情，最好只是把它們想像成在今年年底到明年的時候就已經到位了。

And yeah, if we go a little bit faster, maybe there's a little bit upside, but it's going to take some time to do some of these things. And the other thing is like, hey, we've already done a lot on the supply chain optimization side in terms of already mitigating the gross tariff headwind, which we actually feel quite good about with our supply chain processes and so.

是的，如果我們速度稍微快一點，也許會有一點好處，但做這些事情需要一些時間。另一件事是，嘿，我們已經在供應鏈優化方面做了很多工作，以減輕總關稅阻力，我們對我們的供應鏈流程等實際上感覺相當滿意。

Michael Ryskin, Bank of America.

美國銀行的邁克爾·里斯金（Michael Ryskin）。

For my first one, you touched on a lot of these things earlier. You talked about industrial lot. You talked about China. I'm just hoping to get it in one place and maybe bring all those topics together. In terms of the fiscal year '25 guide, the reduction in of [0.5%] of local currency from 3% to 1% to 2% now.

對於我的第一個問題，您之前已經談到了很多這些事情。您談到了工業地段。您談到了中國。我只是希望將其集中在一個地方，並將所有這些主題整合在一起。依照 25 財年的指導方針，當地貨幣的貶值幅度為 [0.5%]，從 3% 降至 1% 至 2%。

Any way you could just bridge that for us? How much of that 150 bps reduction is China? How much is the lab, industrial? Just whatever way you think makes the most sense just so we can see what's changed, obviously, and where you're signing those cuts?

您能用什麼方法幫我們解決這個問題呢？這 150 個基點的降息幅度中有多少是中國減息的？工業實驗室多少錢？無論您認為哪種方式最有意義，我們都可以清楚地看到發生了什麼變化，以及您在哪裡簽署了這些削減？

Yeah, so, I think, you could probably do the math with me a little bit here. But before we were saying, China was going to be up low-single digit for the full year, and now, we're saying it's down slightly. So that might be about a point in itself.

是的，所以，我想，你可以在這裡和我一起做一點計算。但之前我們說過，中國全年的經濟成長將達到個位數低位，但現在我們說會略有下降。所以這本身可能就是一個觀點。

And then in terms of other changes, we're taken down both the Americas and Europe are at mid-single digit before, and on a reported basis, and that was -- I'm sorry, excluding the shipping delay topic. And so now, America's is down more like low-single digit, excluding the shipping delay, so it would be -- yeah, they actually both on a reported and excluding shipping delay. And then the Europe is maybe just slightly lower than expected.

然後就其他變化而言，我們之前和報告的基礎上將美洲和歐洲的銷售額都控制在個位數的中等水平，而且 - 抱歉，不包括運輸延遲問題。所以現在，美國的下降幅度更像是個位數的低位，不包括運輸延誤，所以是 - 是的，他們實際上既報告了運輸延誤，又不包括運輸延誤。歐洲可能略低於預期。

And then in terms of like the divisional, you can see probably the one thing that jumps out is, before, on an adjusted for the shipping delay basis, we were saying lab might be mid to high. Now, we're saying it's like more like mid. And then we're saying industrial would be up low-single digit on and excluding the shipping delay, and now, we would say it would be more like flattish.

然後就部門而言，您可能會看到，最突出的一件事是，之前，根據運輸延遲進行調整，我們說實驗室的水平可能處於中高水平。現在，我們說它更像是中間。然後我們說工業將上漲低個位數，並且不包括運輸延遲，現在，我們會說它會更像持平。

Okay. That's a great summary of all that. And then I guess, I'll keep the one follow up. You haven't directly addressed, NIH, US government. I know it's a relatively small part of your exposure, but still there's some there, especially if you think about the lab have pets, some of those more -- some balances.

好的。這是對這一切的精彩總結。然後我想，我會繼續跟進。您還沒有直接向美國國立衛生研究院和美國政府提出問題。我知道這只是你接觸到的一小部分，但還是有一些的，特別是如果你考慮到實驗室裡有寵物，其中有些會更多——有些平衡。

Just what's been going on in that end market if you have you seen any meaningful change from customer behavior. Someone asked about stocking earlier, somethings like that hasn't happened. Just your thoughts on USA and US NIH. Thanks.

如果您發現客戶行為有任何有意義的變化，那麼終端市場到底發生了什麼事？之前有人問過庫存問題，類似的事情還沒發生過。這只是您對美國和美國國立衛生研究院的看法。謝謝。

Yeah, so I mean, of course our direct exposure to NIH is closer to zero than it is to one. But if you look at our broader academia exposure in the US, and you just look at our US academia exposure, it's about 2% of our global sales. And then if we add in government, it probably gets about 3%. So it's -- and I'm talking specifically the US A&G as a percentage of our total sales.

是的，所以我的意思是，我們對 NIH 的直接接觸當然更接近零而不是一。但如果你看看我們在美國學術界的更廣泛的曝光度，你只看我們在美國學術界的曝光度，它約占我們全球銷售額的 2%。如果再加上政府，大概可以達到 3% 左右。所以 - 我具體說的是美國 A&G 占我們總銷售額的百分比。

So smaller part of our business, but it's certainly a part of the business that is, we are seeing under pressure. And it doesn't have a big impact on our numbers, but certainly, it's adding to a little bit of the headwind that we see in the Americas here, especially in the short-term.

因此，這是我們業務中較小的一部分，但肯定是我們面臨壓力的業務的一部分。這對我們的數字沒有太大影響，但肯定會加劇我們在美洲看到的一些逆風，特別是在短期內。

Thanks. I'll leave there.

謝謝。我就離開那裡。

Tycho Peterson, Jefferies.

傑富瑞 (Jefferies) 的 Tycho Peterson。

Maybe just to round it out on the lab. I'm just -- I want to probe into the pharma a little bit. You touched on bioprocess earlier to Jack's question, but pharma specifically, can you maybe talk about what you're hearing from your customers there? Any concerns about them leaning on you guys on prices, they have to respond to tariffs. How do you think about replacement cycle? Because you've talked about that as an opportunity as well.

也許只是為了在實驗室裡完成它。我只是──我想稍微探究一下製藥業。您之前在回答傑克的問題時談到了生物過程，但具體到製藥業，您能否談談您從那裡的客戶那裡聽到的情況？如果擔心他們在價格上依賴你們，他們就必須對關稅作出回應。您如何看待更換週期？因為您也曾經談到這是一個機會。

We are actually not hearing from our farmer customers yet any big impact in terms of their pricing concerns. We have very healthy engagement with pharma, small molecule, and large molecule customers right now. I think they're excited about the lab portfolio we have, including the automation features.

實際上，我們還沒有從農民客戶那裡聽到關於價格問題的任何重大影響。我們目前與製藥、小分子和大分子客戶保持著非常健康的合作關係。我認為他們對我們的實驗室產品組合（包括自動化功能）感到興奮。

So, not a, I would say, not a negative impact yet. I mean, we'll see what if there's anything else coming up, but, right now, what I'm hearing from the sales force very strong positive engagement with pharma customers.

所以，我想說，目前還沒有產生負面影響。我的意思是，我們會看看是否還有其他事情發生，但是，現在，我從銷售人員那裡聽到的是他們與製藥客戶的積極互動非常強烈。

Okay. Maybe another angle on China manufacturing. Some of your large multinational competitors, including your biggest one in balances and skills, doesn't do a lot in China. And so is there an opportunity to gain share here for you guys, given your manufacturing footprint within the country?

好的。或許可以從另一個角度來看中國製造業。你們的一些大型跨國競爭對手，包括你們在平衡和技能方面最大的競爭對手，在中國並沒有做太多的事情。那麼，考慮到你們在該國的製造足跡，你們是否有機會在這裡獲得市場份額？

Yeah, maybe. Look, our team is very close to the customers there. But also I want to remind you of a total exposure to customers there in China is about 60% is actually local companies and only 15% are multinationals, and then 25% are government- and state-owned companies.

是的，也許吧。看，我們的團隊與那裡的客戶非常親近。但我也想提醒大家，在中國，客戶總接觸量實際上約有 60% 是本土公司，只有 15% 是跨國公司，而 25% 是政府和國營企業。

So, yeah, we are talking to customers there. If there's more happening with companies in that space, we will definitely use our worldwide footprint and the references we have from other countries.

是的，我們正在與那裡的客戶交談。如果該領域的公司有更多發展，我們肯定會利用我們的全球影響力以及來自其他國家的參考資料。

I think you mean like our competitiveness in China versus other competitors that --

我想你的意思是我們在中國與其他競爭對手的競爭力--

I think if you have multinational competitors that don't manufacture in China where -- so you have a competitive advantage in China.

我認為，如果你的跨國競爭對手不在中國生產，那麼你在中國就具有競爭優勢。

Yeah, exactly. So I agree. I think we do have a competitive advantage in China versus a lot of our competition. And as you know, we've been there for a long time since the 80s. We not only manufacture mostly in China for China, but we actually develop a lot of products in China for China. So we really have a good sense in the strength of what the market expectations are at the right price points.

是的，確實如此。所以我同意。我認為我們在中國相對於許多競爭對手確實具有競爭優勢。正如你所知，自 80 年代以來我們已經在那裡呆了很長時間。我們不但主要在中國為中國生產產品，而且我們實際上在中國為中國開發了許多產品。因此，我們確實非常清楚在適當的價格點上市場預期的強度。

And because of that we've been very much perceived as a Chinese company over the years. And if we're not making it in China, we tend to import from Europe like specifically Switzerland. So yeah, we feel good about our posture there in China. And frankly, we feel like we're competing well globally in general against competition.

正因為如此，多年來我們一直被視為一家中國公司。如果我們不在中國生產，我們傾向於從歐洲進口，特別是從瑞士。是的，我們對自己在中國的形象感到滿意。坦白說，我們感覺我們在全球範圍內的競爭總體上表現良好。

Okay. Are you seeing any stimulus there?

好的。您在那裡看到任何刺激嗎？

Not really.

並不真地。

Not a big change. I mean, there's talk about stimulus and in the last stimulus program, our sales team was quite engaged with customers, helping them bundling products together to comply with benefit guidelines. But not right now, any new stimulus that we would be aware of.

沒什麼大的變化。我的意思是，我們正在討論刺激計劃，在上一個刺激計劃中，我們的銷售團隊與客戶進行了非常深入的接觸，幫助他們將產品捆綁在一起以符合福利準則。但現在還不是，我們不會意識到任何新的刺激。

Okay. Thank you.

好的。謝謝。

Catherine Schulte, Baird.

凱瑟琳舒爾特，貝爾德。

Maybe first just on tariffs, for the $100 million or maybe a little more of imports into the US that aren't coming from China and Mexico, how much of that is coming from Switzerland? I'm just trying to think about what the incremental growth impact could be if the country'-specific tariffs go into effect in July as proposed, just given your Swiss exposure and how much of that you think could be offset if necessary?

首先，僅就關稅而言，對於美國 1 億美元或略多一點的進口商品（這些商品不是來自中國和墨西哥），其中有多少來自瑞士？我只是想知道，如果針對特定國家的關稅按照提議在 7 月份生效，對增量增長的影響會是什麼，考慮到您在瑞士的風險敞口，您認為在必要時可以抵消多少影響？

So if you look at our exposure, we've been very specific about our Chinese exposure, especially given the nature of the rates. So we expect it now to be more in the $50 million range. We've also given some color on Mexico, given it's such a significant moving piece and it relates to the China situation.

因此，如果你看一下我們的風險敞口，就會發現我們對中國的風險敞口非常明確，尤其是考慮到利率的性質。因此我們預計其估值現在將在 5000 萬美元以上。我們也對墨西哥進行了一些介紹，因為它是一個非常重要的變動因素，並且與中國局勢有關。

In terms of the rest of the world, we prefer not to go into every single country. But we would say that we are importing about 100 -- I mean, sorry, $250 million into the US from Europe and the rest of the world, and a significant portion of that is coming out of Switzerland.

對於世界其他地區，我們不想進入每一個國家。但我們可以這麼說，我們從歐洲和世界其他地區進口了大約 1 億美元——我的意思是，抱歉，是 2.5 億美元，其中很大一部分來自瑞士。

Got it. And then maybe just on capital deployment, any appetite to do more on the buyback side just given where the stock is today?

知道了。那麼也許只是在資本部署方面，考慮到今天的股票狀況，是否有意願在回購方面做更多的事情？

No, hey, we're very consistent here, right? We don't try to time the market and we try to stick to exactly what we say at the beginning of the year. So you know our assumptions are the same for the year.

不，嘿，我們在這裡非常一致，對吧？我們不會試圖把握市場時機，而是盡力嚴格遵守年初所製定的政策。所以你知道我們對今年的假設是一樣的。

Okay. Thank you.

好的。謝謝。

Joshua Waldman, Cleveland Research.

克利夫蘭研究公司的喬舒亞·沃爾德曼。

First, Patrick, a follow up on core industrial. I think you mentioned softness in the US in the prepared remarks. Is this primarily where you're lowering your outlook and core? Or there are other areas that are tracking below?

首先，帕特里克，請跟進核心工業。我認為您在準備好的演講中提到了美國的軟弱。這主要是因為你降低了自己的觀點和核心嗎？還是下面還有其他正在追蹤的區域？

Look, it's more in China that we lower the outlook and core industrial in the US. What I referred to in Q2 was some delays of larger products, but these are really larger projects, industrial automation projects. And they're not always really close within the time we know that the fields initially things that will close. So we saw the forecast or we recently saw some forecast delay in Q2, but overall, the biggest takedown in industrial in the growth rate compared to what we said in the last earnings call is definitely in China.

你看，我們在中國更降低了美國的前景和核心工業。我在第二季度提到的是一些較大產品的延遲，但這些實際上是更大的項目，即工業自動化項目。而且，在我們所知的時間內，它們並不總是真正接近，因為這些領域最初會關閉。因此，我們看到了預測，或者我們最近看到第二季度的一些預測延遲，但總體而言，與我們在上次收益電話會議上所說的相比，工業成長率下降幅度最大的肯定是中國。

Got it. Okay. Patrick, can you remind us what portion of the business is sales to bioproduction, OEMs, maybe how business is tracking there? And then if you're seeing any signs of onshoring in that business?

知道了。好的。派崔克，您能否提醒我們，業務中有多少部分是銷售給生物生產、原始設備製造商，以及業務在那裡的發展如何？那麼，您是否看到該業務有任何回流的跡象？

And you're talking about or industrial, so we don't break that out, Josh. But we -- what we've said in the past is that about 60% of core industrial is a combination of pharma, biopharma, food manufacturing, and chemical. And for us chemical, means more specialty chem.

而你正在談論工業，所以我們不會打破這個局面，喬希。但我們——我們過去曾說過，大約 60% 的核心工業是製藥、生物製藥、食品製造和化學品的結合。對我們化學家來說，這意味著更多的特殊化學品。

Okay. Thank you.

好的。謝謝。

There are no further questions at this time. And with that, I will now turn the call back over to Adam Uhlman for closing remarks. Please go ahead.

目前沒有其他問題。現在，我將把電話轉回給亞當烏爾曼 (Adam Uhlman) 作結束語。請繼續。

Okay. Great. Thanks. Hey, everybody, if you have any questions, feel free to reach out to me and I hope everybody has a great weekend and take care. Bye.

好的。偉大的。謝謝。嘿，大家，如果你們有任何問題，請隨時聯繫我，我希望大家度過一個愉快的周末並保重。再見。