派克漢尼汾 (PH) 2025 Q3 法說會逐字稿

Greetings. Welcome to Parker Hannifin Corporation fiscal 2025 third-quarter earnings conference call and webcast. [Operator Instructions] Please note this conference is being recorded.

問候。歡迎參加派克漢尼汾公司 2025 財年第三季財報電話會議和網路廣播。[操作員指示] 請注意，本次會議正在被錄音。

I would now turn the conference over to your host, Todd Leombruno, Chief Financial Officer. Thank you. You may begin.

現在我將會議交給主持人、財務長 Todd Leombruno。謝謝。你可以開始了。

Well, thank you, Diego. I'd like to welcome everyone to Parker's fiscal year 2025 third-quarter earnings release webcast.

好吧，謝謝你，迭戈。歡迎大家收看派克 2025 財年第三季財報發表網路直播。

As Diego said, this is Todd Leombruno, Chief Financial Officer, speaking. And as usual, with me today is Jenny Parmentier, our Chairman and Chief Executive Officer. We really do appreciate your interest in Parker, and thank you for joining us today.

正如 Diego 所說，我是財務長 Todd Leombruno。和往常一樣，今天和我一起的還有我們的董事長兼執行長珍妮‧帕門蒂爾 (Jenny Parmentier)。我們非常感謝您對派克的關注，並感謝您今天加入我們。

If we could move to slide 2. This slide addresses all of our disclosures on forward-looking projections and non-GAAP financial measures. Obviously, the items listed here could cause actual results to vary from our forecasts. The press release, this presentation, all reconciliations for all non-GAAP measures were released this morning and are available under the Investor section on our website at parker.com.

請移至投影片 2。本投影片涵蓋了我們對前瞻性預測和非公認會計準則財務指標的所有揭露。顯然，這裡列出的項目可能會導致實際結果與我們的預測不同。新聞稿、本簡報以及所有非 GAAP 指標的對帳表均已於今天上午發布，可在我們網站 parker.com 的「投資者」部分查閱。

The agenda for today has Jenny starting with the highlights to our record third-quarter performance. She's also going to reiterate the strengths of our transformed portfolio and how the tools of our WIN strategy allow us to drive performance in all economic climates.

今天的議程是珍妮首先介紹我們創紀錄的第三季業績亮點。她也將重申我們轉型後的投資組合的優勢，以及我們的 WIN 策略工具如何幫助我們在各種經濟環境下提高績效。

I'm going to follow Jenny with some more details on our third-quarter financial results, and then we're going to provide an update to our FY25 outlook, including market verticals and, of course, updated financial guidance. We're going to conclude the session with the normal question-and-answer portion of our call, and we are going to do our best to address as many questions as possible. We know it is a busy day out there.

我將跟隨 Jenny 提供有關我們第三季度財務業績的更多詳細信息，然後我們將提供 2025 財年展望的更新，包括市場垂直領域，當然還有更新的財務指引。我們將以電話會議的正常問答部分結束本次會議，我們將盡力解答盡可能多的問題。我們知道今天外面很忙。

With that, I would ask everyone to move to slide 3. And Jenny, the floor is yours.

說完這些，我想請大家翻到投影片 3。珍妮，現在輪到你了。

Thank you, Todd, and thank you to everyone for attending our call today. Our third-quarter performance demonstrates the strength of our business and our global team's ability to continue to deliver record results. We produced top quartile safety performance again this quarter, aligned with our goal to be the safest industrial company in the world.

謝謝你，托德，也謝謝大家今天參加我們的電話會議。我們第三季的業績證明了我們業務的實力以及我們全球團隊繼續創造創紀錄業績的能力。本季度，我們的安全績效再次名列前茅，這與我們成為全球最安全工業公司的目標一致。

Record adjusted segment operating margins of 26.3%. This is our first quarter surpassing 26%. Record adjusted EBITDA margin of 27% and year-to-date cash flow from operations of $2.3 billion. Parker order rates increased to 9%, reflecting our transformed portfolio and long cycle strength. This team is continuing to expand margins and EPS in a most dynamic environment.

調整後分部營業利益率達到創紀錄的26.3%。這是我們第一個季度超過26%。調整後的 EBITDA 利潤率達到創紀錄的 27%，年初至今的經營現金流達到 23 億美元。帕克訂單率上升至 9%，反映出我們轉型後的產品組合和長週期優勢。該團隊正在最具活力的環境中繼續擴大利潤率和每股收益。

Next slide, please. And this is how we do it. Our business system, the WIN strategy, has enabled us to consistently deliver strong results through business cycles. Safety, engagement, and ownership are the foundation of our culture.

請看下一張投影片。我們的做法如下。我們的業務系統，即 WIN 策略，使我們能夠在整個業務週期中持續提供強勁的業績。安全、參與和所有權是我們文化的基礎。

With our decentralized structure and the agility of our global team, we are confident in our ability to manage through macroeconomic uncertainty, including tariffs. Every tool in this business system expands margins.

憑藉我們分散的架構和全球團隊的靈活性，我們有信心應對包括關稅在內的宏觀經濟不確定性。這個商業系統中的每個工具都會擴大利潤。

Next slide, please. And our portfolio is more resilient than ever. We have the number one position in the motion and control industry with interconnected technologies and solutions across our key market verticals. The acquisitions of CLARCOR, Lord, Exotic, and Meggitt have doubled the size of our filtration, engineering materials, and aerospace businesses, giving us greater exposure to longer cycle and secular growth trends.

請看下一張投影片。我們的投資組合比以往更有彈性。我們在運動和控制行業中佔據領先地位，並在主要垂直市場提供互聯技術和解決方案。對 CLARCOR、Lord、Exotic 和 Meggitt 的收購使我們的過濾、工程材料和航空航天業務規模擴大了一倍，讓我們能夠更好地接觸更長週期和長期的成長趨勢。

Next slide, please. Dedicated use of our simplification tools drives margin expansion across cycles. Today, we have a more agile operating structure than we have ever had before. Through use of Kaizen and the Parker Lean system, we evaluate and adjust our structure and footprint to ensure continuous improvement and optimization of our resources.

請看下一張投影片。專注於使用我們的簡化工具可以推動整個週期的利潤擴張。今天，我們的營運結構比以往任何時候都更加靈活。透過使用 Kaizen 和 Parker Lean 系統，我們評估和調整我們的結構和足跡，以確保持續改進和優化我們的資源。

Disciplined use of our 80/20 tools has made us successful in reducing revenue complexity. Leveraging our distribution channel and rationalizing product allows us to serve our customers better. And our simple by design tools further reduce product and related manufacturing complexity that enables growth and efficiency in our operations. We are using all of these tools to expand margins no matter what phase of the business cycle we are in.

嚴格使用我們的 80/20 工具使我們成功降低了收入複雜性。利用我們的分銷管道和合理化產品使我們能夠更好地為客戶服務。我們設計簡單的工具進一步降低了產品和相關製造的複雜性，從而促進了我們的營運成長和效率。無論我們處於商業週期的哪個階段，我們都在使用所有這些工具來擴大利潤率。

Next slide, please. Supply chain leadership is a competitive differentiator for Parker. The addition of enhanced demand and capacity tools as well as dual sourcing strategies has increased visibility and resilience, reduce lead times, and improved the customer experience.

請看下一張投影片。供應鏈領導力是派克的競爭優勢。增強需求和產能工具以及雙重採購策略的增加提高了可見度和彈性，縮短了交貨時間，並改善了客戶體驗。

We have always had a local-for-local model, driven by our desire to be close to our customers. This has also allowed us to leverage global capacity to better serve all of our customers. We have dealt with tariffs before and are extremely grateful for our excellent pricing and supply chain teams.

我們始終堅持「本地服務本地」的模式，以貼近客戶為驅動力。這也使我們能夠利用全球產能更好地服務所有客戶。我們之前處理過關稅問題，非常感謝我們優秀的定價和供應鏈團隊。

Tariffs are a lot of noise and work that our teams are leveraging analytics and robust processes to navigate and act quickly through these dynamic and challenging times. Announced tariffs are approximately 3% of cost of goods sold, were $375 million on an annualized basis, fully offset by mitigation actions, and designed to protect earnings per share.

關稅會帶來很多噪音和工作，我們的團隊正在利用分析和強大的流程來應對這些動態和充滿挑戰的時期並迅速採取行動。宣布的關稅約佔銷售成本的 3%，按年率計算為 3.75 億美元，完全由緩解措施抵消，旨在保護每股收益。

I'll now turn it back over to Todd to review the third-quarter highlights.

現在我將把時間交還給托德來回顧第三季度的亮點。

Thank you, Jenny. I am on slide 9, and I'm going to just run through the financial results very quickly. As Jenny said, this was a strong quarter. record-setting quarter, in fact. It was another quarter of continued margin expansion and EPS growth.

謝謝你，珍妮。我現在看的是第 9 張投影片，我將快速瀏覽財務結果。正如珍妮所說，這是一個強勁的季度。事實上，這是一個創紀錄的季度。這是利潤率和每股盈餘持續成長的又一個季度。

Sales were down 2% versus prior. Organic growth was positive at 1%. Currency remained unfavorable at negative 1%. The main driver really of the overall decline is the result of those previously announced divestitures that we've made this year. That accounted for 2% of the decline, which is essentially the entire decline.

銷售額較之前下降了 2%。有機成長率為 1%。貨幣仍處於不利地位，為-1%。造成整體下滑的主要因素其實是我們今年之前宣布的資產剝離措施。這佔了下降的2%，基本上是全部下降。

As Jenny mentioned, adjusted segment operating margins were up 160 basis points to 26.3%. That is a record. And adjusted EBITDA margins were up 150 basis points to 27% Obviously, the first time we've ever done that, that is a record.

正如珍妮所提到的，調整後的部門營業利潤率上升了 160 個基點，達到 26.3%。這是一個記錄。調整後的 EBITDA 利潤率上升了 150 個基點，達到 27%，顯然，這是我們第一次做到這一點，這是一個記錄。

Net income is $904 million. That's 18.2% return on sales. Both of those numbers are records. And adjusted earnings per share is up 7% to $6.94. Being able to grow earnings per share 7% with the top line down 2% is just another indicator of just how different Parker is today.

淨收入為9.04億美元。銷售回報率為 18.2%。這兩個數字都創下了紀錄。調整後每股收益上漲 7% 至 6.94 美元。在營收下降 2% 的情況下，每股收益能夠成長 7%，這再次證明了帕克如今有多麼不同。

This was another quarter of strong performance that was consistent across all the businesses. Each contributed to the margin expansion and cash flow performance that Jenny mentioned, and this performance that we had in Q3 continues to support the expectations we have for another record year.

這是所有業務均表現強勁的又一季度。每一個都為珍妮提到的利潤率擴張和現金流表現做出了貢獻，我們在第三季度的表現繼續支持我們對另一個創紀錄的一年的預期。

If we go to the next slide, slide 10. This just shows the walk of the $0.43 increase in adjusted earnings per share. Q3 really the same story that we had in the first half of the year, unbelievably disciplined operating performance.

如果我們轉到下一張投影片，即第 10 張投影片。這僅表明調整後每股收益增加了 0.43 美元。第三季的情況與上半年基本相同，經營業績令人難以置信地穩健。

Segment operating income dollars are up $53 million. That's $0.32 of the increase in earnings per share. Aerospace continues to be the primary driver of our segment operating margin dollar growth. But the industrial businesses also delivered record segment operating margin percentages despite the pressures on the top line in those businesses.

分部營業收入增加 5,300 萬美元。這意味著每股收益增加了 0.32 美元。航空航太仍然是我們部門營業利潤率成長的主要驅動力。儘管工業業務的營收面臨壓力，但其分部營業利潤率仍創下了歷史新高。

Interest expense continues to be down. That is a $0.17 favorable result this year. That is really the result of our commitment to reducing debt. Corporate G&A is favorable $0.08, that really is related to lower market-based benefits and just great discretionary cost controls across the businesses.

利息支出持續下降。這是今年 0.17 美元的有利結果。這確實是我們致力於減少債務的結果。公司一般及行政開支為 0.08 美元，這實際上與較低的市場化福利以及整個企業出色的可自由支配的成本控制有關。

Other expense was a drag of $0.13, and that really is a combination of just less favorable pension expense versus prior year and obviously, some currency translation just based on FX rates and volatility. And then lastly, share count and income tax basically offset each other, and that's how we got to the $6.94 adjusted EPS for the quarter.

其他費用拖累了 0.13 美元，這實際上是退休金費用與上年相比不太有利，顯然還有一些基於外匯匯率和波動性的貨幣換算。最後，股票數量和所得稅基本上相互抵消，這就是我們本季調整後每股收益 6.94 美元的原因。

Really, I just want to commend our teams around the world for just great cost diligence and unbelievable operating performance that drove the strong results. Okay.

真的，我只想讚揚我們遍布全球的團隊，他們非常勤勉地控製成本，並擁有令人難以置信的營運業績，從而取得了強勁的業績。好的。

If we go to 11, we'll just dive into the segments a little bit. Order trend continues to be positive for the company. Orders are plus 9% versus prior year. Really, this is driven by longer cycle strength that continues to drive order rates and backlog higher.

如果我們轉到 11，我們就會稍微深入研究各個部分。公司的訂單趨勢繼續保持積極。訂單量比上年增加 9%。事實上，這是由更長的周期強度推動的，它繼續推動訂單率和積壓訂單量走高。

And once again, every business delivered record segment operating margins. The total company is up 160 basis points. Specifically, in the diversified North American businesses, sales were $2 billion. Organic growth was down 3% versus prior. That did improve sequentially from Q2, but the result was lower than we expected going into the quarter.

再次，每個業務部門的營業利潤率均創下新高。整個公司上漲了160個基點。具體來說，在多元化的北美業務中，銷售額為20億美元。有機成長率較上年同期下降了 3%。這確實比第二季度有所改善，但結果低於我們對本季的預期。

We continue to see softness in the transportation, off-highway, and energy markets. Distribution sentiment remains positive. But what's really nice here is adjusted segment operating margins are up 110 basis points to a record 25.2%, really just driven by great operating performance and, like I said before, cost controls.

我們繼續看到運輸、非公路和能源市場的疲軟。經銷情緒依然樂觀。但真正令人欣喜的是，調整後的分部營業利潤率上漲了 110 個基點，達到創紀錄的 25.2%，這實際上只是得益於出色的運營業績以及（正如我之前所說的）成本控制。

Gradual improvement in distribution kept orders at North America positive at plus 3% versus prior. We were happy to see that. And this is the second quarter in a row of positive order entry results for North America.

分銷管道的逐步改善使北美地區的訂單量較之前保持正增長 3%。我們很高興看到這一點。這是北美地區連續第二季出現正面的訂單結果。

If we look at the international businesses, order rates improved really to a double-digit positive 11% here. That is really driven by a nice recovery and the long-cycle exposure there.

如果我們看一下國際業務，訂單率確實提高到了兩位數的正 11%。這實際上是由良好的復甦和長期週期的影響所推動的。

Sales were $1.4 billion. Organically, that was also down 3%. Asia Pacific, specifically was up 2%. Organically, Latin America continues to be very robust at plus 8%, while the EMEA region remains challenged at negative 7%.

銷售額為14億美元。從有機角度來看，這數字也下降了 3%。具體而言，亞太地區上漲了 2%。從有機成長來看，拉丁美洲持續保持強勁成長，增幅達 8%，而歐洲、中東和非洲地區則面臨挑戰，有機成長為 7%。

Our international teams really are remaining agile and focused on cost controls and reductions and really efficiency improvements. The evidence is clear in their margin performance. Adjusted segment operating margins here were 25.1% and expanded by 160 basis points versus prior year.

我們的國際團隊確實保持了敏捷，並專注於成本控制和削減以及效率的提升。他們的獲利表現就是明顯的證據。調整後的分部營業利益率為 25.1%，較上年同期擴大 160 個基點。

Aerospace continues to be the standout, unbelievable and inspiring results here. Sales were a record $1.6 billion in Aerospace. That's up 12% versus prior year. Once again, this quarter, they exceeded our expectations on the top line.

航空航天繼續成為這裡突出、令人難以置信和鼓舞人心的成果。航空航太領域的銷售額創下了 16 億美元的紀錄。與去年同期相比成長了 12%。本季度，他們的營收再次超出了我們的預期。

All of that growth was organic. Organic growth was 12%, really continue to be driven by the aftermarket strength in both defense and commercial end markets. This is the ninth consecutive quarter of double-digit organic growth for aerospace, just unbelievably stellar performance.

所有這些增長都是有機的。有機成長率為 12%，這確實繼續受到國防和商業終端市場的售後市場強勁推動。這是航空航太業連續第九個季度實現兩位數有機成長，其表現令人難以置信。

Margins are up 200 basis points and reached a record 28.7%. We are certainly pleased that Aerospace is now a third of the company and aerospace orders continue to be positive at plus 14%.

利潤率上漲200個基點，達到創紀錄的28.7%。我們非常高興航空航太業務目前占公司總業務的三分之一，且航空航太訂單持續保持正成長，增幅達 14%。

If we go to the next slide, slide 12, is just some comments on cash flow. Strong cash flow performance from the corporation. Cash flow from operations on a year-to-date basis is 15.8%. That equates to $2.3 billion. That is up 8% versus prior year, and the $2.3 billion is a year-to-date record.

如果我們看下一張投影片，第 12 張投影片，裡面只是一些關於現金流的評論。公司現金流表現強勁。年初至今的經營現金流為 15.8%。這相當於 23 億美元。這比去年同期增長了 8%，23 億美元創下了今年迄今為止的最高紀錄。

Year-to-date free cash flow was also up 8% versus prior. That's about $2 billion or 13.7% of sales. So just great cash flow performance across the company.

年初至今的自由現金流也比前一年增加了 8%。這大約是 20 億美元，佔銷售額的 13.7%。因此整個公司的現金流表現非常好。

You may have noticed last Wednesday, our Board approved a 10% increase to our quarterly dividend as a result of their confidence in the company's ability to continue to generate strong cash flows no matter what the business cycle brings us. And our dividend per share on a quarterly basis is now $1.80. The action will extend our record of increasing annual dividends paid per share to an amazing 69 years.

您可能已經注意到，上週三，我們的董事會批准將季度股息提高 10%，因為他們相信無論商業週期如何，公司都有能力繼續產生強勁的現金流。我們目前的季度每股股息為 1.80 美元。此舉將使我們每股年度股息不斷增加的記錄延長至驚人的 69 年。

Lastly, during the quarter, we purchased $600 million of shares in addition to the usual $50 million that we purchased as part of our 10b5-1 program, Total repurchases in the quarter equated to $650 million. And on a year-to-date basis, repurchases now total $750 million.

最後，在本季度，除了我們以 10b5-1 計畫購買的 5,000 萬美元股票外，我們還購買了價值 6 億美元的股票，本季的總回購額達到 6.5 億美元。今年迄今，回購總額已達 7.5 億美元。

So moving on to guidance, let's move to slide 14. Jenny, I'm going to hand it back to you to start with the update on market verticals.

那就繼續討論指導，我們來看第 14 張投影片。珍妮，我將把它交還給你，首先介紹市場垂直領域的更新情況。

Thank you, Todd. So taking a look at our FY25 sales forecast by market vertical. For Aerospace & Defense, Todd just went over some strong results. We are raising full year organic growth to 12% on continued aftermarket strength and gradual OEM recovery. Previous guidance was 11%.

謝謝你，托德。因此，讓我們來看看按市場垂直劃分的 2025 財年銷售預測。對於航空航天和國防，托德剛剛取得了一些強勁的成果。由於售後市場持續強勁以及 OEM 逐漸復甦，我們將全年有機成長率提高至 12%。先前的預期是 11%。

We are lowering In-plant & Industrial equipment growth to be negative low single digits. Now this was previously slightly positive low single digits. But this lowering is due to a prolonged delay in industrial recovery. But it is worth noting that quoting activity remains strong despite the project delays that are being seen.

我們將廠內和工業設備成長率降低至負個位數。現在，這個數字之前略微處於正值低個位數。但這一下降是由於工業復甦長期延遲所致。但值得注意的是，儘管專案出現延誤，但報價活動依然強勁。

We are lowering Transportation growth to be negative low single digit. This was previously neutral. And this is primarily due to a lower automotive production forecast in North America and EMEA. Work truck demand does remain stronger than on-highway, same as last quarter.

我們將運輸成長率下調至負個位數。這之前是中性的。這主要是由於北美和歐洲、中東和非洲地區的汽車產量預測較低。與上一季一樣，工作卡車的需求確實仍然比公路卡車的需求強勁。

Off-Highway improved slightly to negative low teens. This was previously negative mid-teens. OEM destocking and end market weakness does persist, but it is partially offset by stronger aftermarket. Ag weakness continues, no real sign of recovery here yet.

非公路用車銷售量略有改善，達負十幾%。此前該數字一直處於負十幾度左右。OEM去庫存和終端市場疲軟確實持續存在，但售後市場的走強部分抵消了這種影響。農業持續疲軟，目前尚無真正的復甦跡象。

Lowered Energy to negative low single digits, which was previously neutral. And this is due to oil prices and a disciplined approach to capital spending. And we have increased HVAC and R to high single digits. This was previously mid-single digits and driven primarily by strength in residential air conditioning.

將能量值降低至負低個位數，之前為中性。這是由於油價和嚴格的資本支出方式。並且我們已將 HVAC 和 R 的比率提高到高個位數。這一增長先前為個位數中段，主要受住宅空調強勁推動。

I'll hand it back to you, Todd, to go over the guidance update.

托德，我會把它交還給你，讓你檢查指導更新。

Okay. Thank you, Jenny. Moving to slide 15. I'm just going to go through some of the details for the guide.

好的。謝謝你，珍妮。移至投影片 15。我只是想介紹指南中的一些細節。

Reported sales growth for the year is now forecasted to be approximately minus 1%. In respect to organic growth, for the full year, we expect organic growth to be about positive 1%.

目前預計今年的銷售額成長率約為-1%。就有機成長而言，我們預計全年有機成長率約為正1%。

We have raised Aerospace organic growth to 12% for the year. But we've lowered Industrial segment to minus 3%. Industrial North America, organic growth is now forecasted to be approximately minus 4%, and Industrial International organic growth is now forecasted to be approximately negative 2.5%.

我們已將今年航空航太業的有機成長率提高至 12%。但我們已將工業部門降至-3%。目前預測北美工業的有機成長約為負 4%，國際工業的有機成長約為負 2.5%。

The previously announced divestitures on a full-year basis will be negative 1.5%. 100% of those divestitures were reported within the Industrial North American businesses. And currency is now expected to be just a slight negative 0.5% headwind, and those are based on March 31 exchange rates.

先前宣布的全年資產剝離將為負1.5%。據報道，100% 的資產剝離發生在北美工業業務領域。目前預計貨幣只會出現輕微的負 0.5% 的逆風，而這些都是基於 3 月 31 日的匯率。

In respect to segment operating margins, we are raising guidance by 10 basis points for the full year. That will now be 25.9% segment operating margin. That forecast will be a full-year margin expansion of 100 basis points versus prior year. And of course, that improvement is being contributed by all businesses.

對於分部營業利益率，我們將全年預期上調 10 個基點。現在該部門的營業利潤率將達到 25.9%。該預測是全年利潤率將比前一年擴大 100 個基點。當然，所有企業都為這項進步做出了貢獻。

Assumptions for corporate G&A, interest, and other, as usual, we provided those in the appendix. We expect full-year tax rate to be 21.5%. When you look at adjusted EPS, we now see the full year -- excuse me, as reported EPS, the full year is now $26.02 at the midpoint, and we are maintaining our adjusted EPS guide of $26.70 at the midpoint. On both of those numbers, there's a range of plus or minus $0.10 on both the as-reported and the adjusted figures.

像往常一樣，我們在附錄中提供了有關公司一般及行政費用、利息和其他費用的假設。我們預計全年稅率為21.5%。當您查看調整後的每股收益時，我們現在會看到全年——對不起，正如報告的每股收益一樣，全年的中點現在是 26.02 美元，而我們維持調整後的每股收益指導值為中點 26.70 美元。這兩個數字，報告數字和調整後數字的誤差範圍均為正負 0.10 美元。

In respect to tariffs, Jenny mentioned this earlier. But we expect to fully mitigate any additional costs associated with all the announced tariffs. Our EPS guidance does include costs and mitigation actions with all announced tariffs, and those will be fully offset within the quarter.

關於關稅，珍妮之前提到過這一點。但我們預計將完全減輕與所有已宣布的關稅相關的任何額外成本。我們的每股盈餘指引確實包括所有已公佈關稅的成本和緩解措施，這些將在本季內完全抵銷。

For Parker, on an annualized basis, we have targeted the announced tariff cost to be about $375 million, and that equates to roughly 3% of our cost of goods sold. We foresee full-year free cash flow to be $3.1 billion. And of course, free cash flow conversion is expected to be greater than 100%.

對派克而言，以年率計算，我們已將公佈的關稅成本定為約 3.75 億美元，相當於我們銷售成本的約 3%。我們預計全年自由現金流將達到 31 億美元。當然，自由現金流轉換率預計將超過 100%。

For Q4, the last quarter of our fiscal year. More specifically, we expect reported sales to be $5.1 billion, organic growth of positive 1.5%. Adjusted segment operating margin is expected to be approximately 26.1%. We have modeled a tax rate of 22% for the quarter, and adjusted EPS is expected to be $7.05. That also includes all announced tariffs and our mitigating actions.

對於第四季度，即我們財政年度的最後一個季度。更具體地說，我們預計報告銷售額為 51 億美元，有機成長率為 1.5%。調整後的分部營業利益率預計約26.1%。我們預計本季的稅率為 22%，調整後的每股盈餘預計為 7.05 美元。這也包括所有已宣布的關稅和我們的緩解措施。

So that's it for the details on the guide. Jenny, I'll hand it back to you and ask everyone to move to slide 16.

這就是本指南的詳細資訊。珍妮，我把它交還給你，並請大家移到第 16 張投影片。

Thanks, Todd. And just a final reminder on what drives Parker. I said it at the beginning of the presentation. Safety engagement and ownership are the foundation of our culture.

謝謝，托德。最後再提醒一下帕克的驅動力。我在演講開始時就說過了。安全參與和責任是我們文化的基礎。

It's our people and living up to our purpose that drives top quartile performance. And we remain committed to being great generators and deployers of cash. We are actively focused on extending our track record, deploying capital to deliver the best shareholder value possible.

正是我們的員工和對目標的堅持，才推動了我們取得最高四分位的表現。我們仍然致力於成為偉大的現金創造者和部署者。我們積極致力於擴大我們的業績記錄，部署資本以實現盡可能最佳的股東價值。

Back to you, Todd.

回到你身邊，托德。

Okay. Diego, we are ready to start the Q&A portion of the call. So we'll take whatever you have in queue.

好的。迭戈，我們準備開始電話會議的問答部分。因此我們會接受您排隊的所有東西。

(Operator Instructions) Mig Dobre, Baird.

（操作員指示） Mig Dobre，Baird。

I guess the orders, at least to me, were quite surprising in the quarter. It's been, what, more than three years since we've seen international orders up 14% positive in North America as well. So I guess my question is this.

我想，至少對我來說，本季的訂單相當令人驚訝。三年多來，我們看到北美的國際訂單也增加了 14%。所以我想我的問題是這樣的。

When you talk about longer cycle, can you maybe talk a little bit more about that? How do these orders actually get to convert to revenues? What's the time cycle here?

當您談到更長的周期時，您能否再多談一點呢？這些訂單實際上如何轉化為收入？這裡的時間週期是怎麼樣的？

And related to this -- and I recognize that you don't provide fiscal '26 guidance now. But given this inflection that we've seen in orders, is it fair for us to expect positive organic growth in fiscal '26 in your industrial business?

與此相關——我知道您現在沒有提供 26 財年的指導。但考慮到訂單量出現的這種變化，我們是否可以合理地預期貴公司的工業業務在 26 財年將實現正有機成長？

Sure, Mig. So to answer your last question first, I think it is fair to say that we should get some positive industrial growth in FY26. And these orders that we're talking about long cycle are definitely beyond this last quarter here in fiscal year '25.

當然，米格。因此，首先回答您的最後一個問題，我認為可以公平地說，我們應該在 2026 財年實現一些積極的工業成長。我們所說的長週期訂單肯定超出了 25 財年的最後一個季度。

So as Todd went through and you said, the rates had increased to 9% for total Parker. So when you look at North America, this was the second consecutive quarter of positive orders and stayed the same at 3%.

正如 Todd 和您所說的那樣，帕克 (Parker) 的總稅率已上升至 9%。因此，當您看北美時，這是連續第二個季度出現正訂單，並且保持在 3% 的水平。

So remember, we have Aerospace & Defense business and our Industrial segment. So we saw some strong orders there. And we also saw HVAC and Refrigeration orders remained strong.

所以請記住，我們有航空航太和國防業務以及工業部門。因此我們在那裡看到了一些強勁的訂單。我們也看到暖通空調和冷凍訂單依然強勁。

There was some gradual improvement from the distribution channel, not anything that I would call restocking. But their sentiment is positive, and they are awaiting the recovery.

分銷管道有一些逐步的改善，但我並不認為這是補貨。但他們的情緒是積極的，他們正在等待復甦。

When you look at international order growth, it definitely accelerated on long-cycle strength. So Europe mainly driven by long-cycle energy orders, power gen and oil and gas. Todd mentioned Asia orders remained solidly positive, and that is primarily driven by electronics and semicon.

當你觀察國際訂單成長時，它肯定會在長週期強度下加速。因此，歐洲主要受長週期能源訂單、發電和石油天然氣的驅動。托德提到，亞洲訂單依然保持強勁成長，這主要受到電子和半導體產業的推動。

And this is the third quarter in a row of positive orders for international. And Aerospace, obviously, I think well aware of that. But the backlog did increase again. Last quarter was a record at $7 billion, and this quarter went up to $7.3 billion. And this is on both strong commercial and defense orders, so that's some color on the orders.

這是國際訂單連續第三個季度呈現正成長。我認為航空航天業顯然非常清楚這一點。但積壓的案件確實又增加了。上個季度創下了 70 億美元的紀錄，而本季則上升至 73 億美元。這是針對強大的商業和國防訂單，因此這對訂單有一定的影響。

Great. And my follow-up, speaking of backlog, very sizable in Aerospace, more than a year's worth of business in there. And you sized the tariff impact here, but I do wonder how you think about the risks that you might have on the cost side, whether it's tariff or any other costs related to this backlog, and your ability to either manage that through any other mechanisms that you have.

偉大的。接下來，說到積壓訂單，航空航太領域的積壓訂單量非常大，超過了一年的業務量。您在這裡評估了關稅的影響，但我確實想知道您如何看待成本方面可能存在的風險，無論是關稅還是與此積壓相關的任何其他成本，以及您透過任何其他機制來管理這些風險的能力。

So we -- as we said, we expect we will fully mitigate the tariff impact. We -- as I was going through in my slides, we have several different actions in place.

因此，正如我們所說，我們預計我們將完全減輕關稅的影響。正如我在幻燈片中提到的那樣，我們已經採取了幾項不同的行動。

And when you look at the mitigation actions, I would put them in three different buckets, pricing actions, supply chain actions, and what we do all the time with the WIN strategy, reducing costs on an ongoing basis. So those three areas are how we're confident that we're going to fully mitigate this. And we're ready.

當你考慮緩解措施時，我會將它們分為三個不同的部分：定價措施、供應鏈措施以及我們一直採用的 WIN 策略，即持續降低成本。因此，我們有信心透過這三個面向完全緩解這個問題。我們已經準備好了。

Jamie Cook, Truist Securities.

Jamie Cook，Truist Securities。

Congratulations on another nice quarter. I guess my first question, Jenny, just the strength in margins in Aerospace & Defense. So to what degree are you worried that the aftermarket story and the strength in aftermarket is driving the margins that in 2026, I guess, that becomes a headwind as OEs start to pick up? And if you could just break apart if there's anything more structural there in margins besides just aftermarket, right, improving their associated with Meggitt. I guess. That's my first question.

恭喜您又度過了一個美好的季度。珍妮，我想我的第一個問題是航空航太和國防領域的利潤率。那麼，您在多大程度上擔心售後市場的故事和售後市場的實力會推動利潤率，我猜，到 2026 年，隨著原始設備製造商開始回暖，這會成為一股逆風？如果您可以分解一下，看看除了售後市場之外，利潤率是否還有更多結構性因素，對嗎，改善與 Meggitt 的關聯。我猜是的。這是我的第一個問題。

And my second question, understanding you just put out these targets last June. But if we look at your implied adjusted EBITDA margins as we -- for the full year, you're targeting 25.9%, I think, versus the target laid out last year of 27%. And your Industrial businesses are still fairly depressed.

我的第二個問題是，據我了解，您去年六月剛剛提出了這些目標。但如果我們看一下您全年隱含的調整後 EBITDA 利潤率，我認為您的目標是 25.9%，而去年的目標是 27%。你們的工業業務仍然相當低迷。

So again, just trying to understand why that is conservative? Or again, is the concern that aftermarket -- sorry, Aerospace margins are over earning, you know what I mean, as that normalizes and industrial picks up 27% as really the right target?

那麼，再次嘗試理解為什麼這是保守的？或者，我們擔心的是售後市場——抱歉，航空航太利潤率過高，您明白我的意思，隨著這種情況正常化，工業利潤率上漲 27% 真的是正確的目標嗎？

Okay, Jamie. So starting out with just a little bit of color on aero aftermarket. So it's been very strong for us. It was strong in Q3. I mean, year to date, our aftermarket is 50% through Q3.

好的，傑米。因此，我們首先對航空售後市場進行了一點了解。所以這對我們來說非常重要。第三季表現強勁。我的意思是，今年到目前為止，我們的售後市場在第三季已經達到了 50%。

So now going into Q4, we're forecasting around 49%. For the full year, it will be 50%. And just a reminder, too, we did really gain a lot of aftermarket with the Meggitt acquisition. So we're in a higher aftermarket position to begin with.

因此現在進入第四季度，我們預測成長率約為 49%。全年將達到50%。另外提醒一下，透過收購 Meggitt，我們確實獲得了許多售後市場。因此，我們在售後市場中處於較高的地位。

We do see that there's a gradual recovery on the rates. The OEM rates are having an impact on that mix, but we do feel very confident about our ability to continue to expand margins in aerospace.

我們確實看到利率正在逐步回升。OEM 費率對這一組合產生了影響，但我們對繼續擴大航空航天利潤的能力非常有信心。

So we have not seen any degradation as a result of some of the reports out there about North America air traffic growth slowing. We're keeping a close eye on that. But we still have a very strong aftermarket business here, and we see that into the foreseeable future.

因此，我們並沒有看到一些有關北美空中交通成長放緩的報告所導致的任何惡化。我們正在密切關注此事。但我們在這裡仍然擁有非常強大的售後市場業務，並且我們在可預見的未來仍將保持這一勢頭。

As far as the targets go, I mean, obviously, Todd mentioned this. We couldn't be any prouder of these teams and how they've delivered in especially the industrial side of the business and a negative top line environment. We really do believe and we'll continue to expand margins with all the tools in the WIN strategy.

就目標而言，我的意思是，顯然托德提到了這一點。我們對這些團隊以及他們在業務的工業方面和不利的營收環境中所取得的成績感到無比自豪。我們確實相信，並且我們將繼續利用 WIN 策略中的所有工具來擴大利潤率。

Obviously, we'd like to see this industrial side of the business turn around. I think we all will enjoy that and benefit from it. But right now, we have a lot of confidence with everything going on in the environment that we're going to hit those targets, and that's what we're sticking with.

顯然，我們希望看到工業業務的復甦。我想我們都會喜歡它並從中受益。但現在，我們對環境中發生的一切充滿信心，我們將會實現這些目標，這也是我們會堅持的。

Jamie, I would just add to what Jenny said. I couldn't be happier with the progress we're making on margins. But when we set those targets, we also set a 4% to 6% growth target. We also set an EPS growth target, and we also set a cash flow target.

傑米，我只是想補充珍妮所說的話。我對我們在利潤方面取得的進步感到非常高興。但當我們設定這些目標時，我們也設定了4%到6%的成長目標。我們也設定了每股盈餘成長目標，也設定了現金流目標。

And while we are making progress on those, we are far away from achieving those as well. So we look at these holistically together. It's not just one of the margins; it's really all of the targets. So I'd tell you that's what the global team is focused on right now.

儘管我們在這方面取得了進展，但距離實現這些目標還很遙遠。因此，我們一起全面地看待這些問題。這不僅僅是一個邊緣問題；這確實是所有目標。所以我想告訴你，這就是全球團隊目前的重點。

Julian Mitchell, Barclays.

巴克萊銀行的朱利安·米切爾。

Maybe first off, just wanted to circle back to the the jaws widening between industrial organic orders and sales trends that's been apparent for a couple of quarters. I understand on some level, it's natural if orders are meant to lead sales, that there'd be a delta a lot of the time. I mean you mentioned the longer cycle element boosting the orders growth versus sales.

也許首先，只是想回顧一下幾個季度以來工業有機訂單和銷售趨勢之間的差距不斷擴大的情況。我在某種程度上理解，如果訂單是為了帶動銷售，那麼很多時候出現差異是很自然的。我的意思是，您提到了較長的周期因素推動了訂單成長而非銷售額的成長。

Just wondered if there was any other dynamic to be aware of, perhaps the dollar comps that we don't see from the outside. Is there anything notable there on orders versus sales? And maybe allied to that, is there any color you could give us on how that industrial backlog is moving? I think it was $3.5 billion or so at the end of December.

只是想知道是否還有其他需要注意的動態，也許是我們從外部看不到的美元比較。訂單與銷售額之間有什麼值得注意的嗎？或許與此相關，您能否向我們介紹一下工業積壓的進展？我認為 12 月底的金額約為 35 億美元。

So first of all, I would say that with the way the portfolio has transformed over the last several years, the connection between orders and shipments has extended, right? I mean, we do see more longer cycle business.

首先，我想說，隨著過去幾年投資組合的轉變，訂單和出貨量之間的連結已經擴大，對嗎？我的意思是，我們確實看到了更多周期更長的業務。

As you mentioned earlier, Aerospace being a third of the business and the aerospace that is sitting inside of our industrial businesses as well as some other industrial business that we consider a longer cycle. It is different than it was in the past. So that connection isn't as tight as we may have been due to even on the industrial side of the business. Second part of your question, Julian?

正如您之前提到的，航空航太佔業務的三分之一，航空航太位於我們的工業業務以及我們認為週期較長的其他一些工業業務之中。這與過去有所不同。因此，即使在工業業務方面，這種聯繫也不像我們想像的那麼緊密。朱利安，你的問題的第二部分？

It was really just around any color you could give us on, say, the backlog movement at industrial. I think that was $3.5 billion at the end of December.

它實際上只是圍繞著您可以給我們的任何顏色，例如工業積壓運動。我認為 12 月底的金額是 35 億美元。

So it was $3.7 billion for industrial and $7.3 billion for aerospace. So it was 2% higher than prior year and 5% up sequentially.

因此，工業領域投資為 37 億美元，航空航太領域投資為 73 億美元。因此，它比上年高出 2%，比上一季高出 5%。

That's very helpful. And then just if you could put a finer point on some of the aerospace growth trends in the fourth quarter as you see it, just so we have the jumping off point into 2026 on the OE versus aftermarket dynamics in commercial and military.

這非常有幫助。然後，如果您可以更詳細地說明您所看到的第四季度航空航太成長趨勢，那麼我們就可以作為 2026 年商用和軍用原始設備製造商與售後市場動態的起點。

Sure. You bet. So we -- as we said, we've raised the full year guidance of organic growth to 12%. We expect commercial OEM to be mid-single digit, and this obviously is as a result of the narrow-body increases and some of the widebody recovery we're seeing as well.

當然。當然。因此，正如我們所說，我們已將全年有機成長預期提高至 12%。我們預計商用 OEM 將達到中等個位數，這顯然是由於窄體飛機數量增加以及我們看到的一些寬體飛機數量復甦所致。

We expect defense OEM to be low single-digit growth. We expect commercial MRO of high-teens growth. So again, even though there's been some reports of North America air traffic growth slowing, global growth is still increasing; and we still see that we have an aging fleet out there.

我們預計國防原始設備製造商將實現低個位數成長。我們預計商業 MRO 將實現高十幾倍的成長。因此，儘管有報導稱北美空中交通成長放緩，但全球成長仍在成長；我們仍然看到我們的船隊老化。

We expect to fence MRO of high teens growth, and this is really a focus on retrofits and upgrades and really some nice increases in the public-private partnerships that we have with the Department of Defense.

我們預計 MRO 將保持高十幾%的成長，這實際上是對改造和升級的關注，而且我們與國防部的公私合作關係也確實取得了不錯的成長。

Scott Davis, Melius Research.

戴維斯 (Scott Davis)，Melius Research。

And again, congrats on the margins and getting through what's been a slower time in the core industrial stuff.

再次恭喜你們在利潤率方面的進步，並度過了核心工業業務發展緩慢的時期。

This may be an impossible question to answer, Jenny. But have you guys -- when you think about the margin gains you've made, obviously, mix has got to have a huge part of it. But is there any way to tease out what how much operational improvements have really helped you guys?

珍妮，這可能是個無法回答的問題。但是，當你們考慮自己所獲得的利潤收益時，顯然混合收益佔了很大一部分。但是，有沒有什麼方法可以弄清楚營運改善到底對你們有多大幫助呢？

Even if you can't quantify it, just color around underlying operational improvements, that could really help things snap back outside of aerospace. Let's assume aerospace isn't as much of a tailwind incrementally 26%, 27%. But I don't know. It may just be a possible question, but I'm curious to hear your response.

即使你無法量化它，只要圍繞底層營運改善進行粉飾，就能真正幫助航空航太業以外的領域迅速恢復元氣。我們假設航空航太業的順風效應不會顯著增強，增幅為 26%、27%。但我不知道。這可能只是一個可能的問題，但我很想聽聽您的回答。

Well, I would say that, as I was mentioning in the presentation -- and you've heard us talk a lot about all the tools that we have in the WIN Strategy and the nature of our decentralized operating structure allowing those general managers to be completely in control of their business, right?

好吧，我想說，正如我在演講中提到的那樣——您已經聽到我們談論了很多關於我們在 WIN 戰略中擁有的所有工具以及我們的分散運營結構的性質，這些結構允許那些總經理完全控制他們的業務，對嗎？

So with our enhanced demand and capacity tools that we have, they have better visibility than they've ever had. So their planning ability around their operations, how they run their operations, how they control the cost of their operations, is greater than it's ever been.

因此，憑藉我們增強的需求和容量工具，他們擁有比以往更好的可視性。因此，他們在營運方面的規劃能力、營運方式、控制營運成本的能力都比以往更強。

So the operational improvements are going to continue to happen because they have the right tools in our toolbox and they have the ability to make these improvements even when the volume is down. So we expect that as the volume comes back, we're going to use those same tools.

因此，營運改善將會繼續發生，因為我們的工具箱裡有合適的工具，即使在數量下降的情況下他們也有能力做出這些改進。因此，我們預計，隨著交易量的回升，我們將使用相同的工具。

And we're going to be very mindful of how cost comes back into the business, and we're going to continue to do what we've been doing.

我們將非常注意成本如何回到業務中，我們將繼續做我們一直在做的事情。

Makes sense. Just as a totally different follow-on, but M&A -- just again, I know you still talk about having a pretty strong pipeline. But any additional color on what we might expect to see whether larger deals, midsized, small, more bolt-ons? I mean, if you can talk through that pipeline, you're back -- just a little bit of color there, please.

有道理。就像一個完全不同的後續行動，但併購——再說一次，我知道你仍然在談論擁有一個相當強大的管道。但是，對於我們可能看到的是更大規模的交易、中型交易、小型交易還是更多的附加交易，您能提供更多的資訊嗎？我的意思是，如果你能透過那條管道談論，你就回來了——請在那裡講一點顏色。

Yeah. I mean listen, the pipeline has deals of all sizes. It really does. I mean, the timing is hard to predict right now. The big thing for us, you've heard me say this before, has to be strategic.

是的。我的意思是聽著，該管道有各種規模的交易。確實如此。我的意思是，現在很難預測時機。對我們來說，最重要的事情，你以前聽我說過，必須具有策略性。

The relationships and the analysis continue to be very active, and we're still looking to acquire companies where we're the clear best owner that complements our interconnected technologies, follows the secular trends, all the same criteria that you've heard me talk about before. But it's active; It's the timing right now that's hard to predict.

我們的關係和分析仍然非常活躍，我們仍在尋求收購那些我們顯然是最佳所有者的公司，這些公司可以補充我們的互聯技術，遵循長期趨勢，所有這些都符合您之前聽我談論過的相同標準。但它是活躍的；現在的時機很難預測。

Yeah, I would just add, Scott. I agree with everything Jenny said. The pipeline remains unbelievably active. It's just really hard to predict timing on that.

是的，我只想補充一下，史考特。我同意珍妮說的一切。該管道仍然保持著令人難以置信的活躍狀態。只是很難預測時間。

We have said we'd be active on capital deployment. You saw us do some share repurchase in the quarter. We have committed to operate the company around 2.0 times net debt to adjusted EBITDA. We are still 1.7% today.

我們說過，我們將積極進行資本配置。您看到我們在本季進行了一些股票回購。我們承諾以淨債務與調整後 EBITDA 比率約 2.0 倍的比例經營公司。今天我們仍是1.7%。

So our commitment -- our preference certainly is to do acquisitions, but we're committed to be active in the deployment space.

因此，我們的承諾——我們當然傾向於進行收購，但我們致力於積極參與部署領域。

David Raso, Evercore ISI.

大衛·拉索（David Raso），Evercore ISI。

The tariff, 3% of COGS, is that a number that is expected to go up for the new fiscal year? Meaning you would think the first quarter, there's some inventory on the ground. There's some mitigating costs that already landed before tariffs. Or should we think of 3% of COGS as the run rate for fiscal '26 based off the tariffs as they are today?

關稅佔銷貨成本的 3%，這個數字預計在新財年會上漲嗎？這意味著你會認為第一季有一些庫存。在徵收關稅之前，已經有一些緩解成本。或者我們應該將 3% 的 COGS 視為基於當前關稅的 26 財年的運作率？

Yeah, David; this is Todd. That is an annualized number. So the way we calculated that is basically looking at every tariff that has been announced and what our current run rate is in those areas. So I don't expect that to go up unless there's some other change in the tariff space.

是的，大衛；這是托德。這是一個年化數字。因此，我們計算的方式基本上是查看已宣布的每項關稅以及我們在這些領域的當前運行率。因此，除非關稅領域發生其他變化，否則我預計這一數字不會上升。

And like Jenny said, our team is working feverishly around the globe to do everything we can to not just make sure that we protect earnings per share, but to make sure that we make the best decisions to mitigate that $375 million.

正如珍妮所說，我們的團隊正在全球範圍內熱忱工作，竭盡所能，不僅要確保保護每股收益，還要確保我們做出最佳決策，以減輕 3.75 億美元的損失。

And how much of the run rate is actually hitting calendar 2Q, fiscal 4Q? I'm just trying to understand. Are we at full speed 3% hit for these three months of this quarter? Or is it more of a -- and it is helpful to say at the peak during this quarter, it's the 3% of COGS? I'm just trying to get a sense of the ramp and if other actions are needed to be taken for, say, July 1 price increases or whatever it may be.

那麼，實際運行率有多少達到了日曆第二季、財政第四季？我只是想了解一下。我們本季這三個月的成長率是否達到全速 3%？或者它更像是——並且說在本季度的峰值時，它是 3% 的 COGS 是有幫助的？我只是想了解漲幅情況，以及是否需要採取其他措施，例如 7 月 1 日的價格上漲或其他措施。

No, that is pretty much the run rate as it sits today. There is no ramp on that. And I would tell you the actions have already been in place.

不，這基本上就是今天的運行率。那裡沒有坡道。我想告訴你們，我們已經採取了行動。

Andrew Obin, Bank of America.

美國銀行的安德魯‧奧賓。

So a question, I guess. About a month ago, people were excited about potential for European recovery. International orders are improving. Can you just tell us what it is you are seeing in Europe?

所以我想這是一個疑問。大約一個月前，人們對歐洲復甦的潛力感到興奮。國際訂單正在好轉。您能告訴我們您在歐洲看到了什麼嗎？

And also, we've been getting a lot of questions about your exposure to European defense budgets. If you could just give us color on, the, what are you seeing in Europe and specifically potential exposure within Aero to European defense?

此外，我們也收到了很多關於您對歐洲國防預算的了解的問題。您能否向我們簡單介紹一下，您在歐洲看到了什麼，特別是 Aero 在歐洲國防方面的潛在影響？

Okay. So first, Andrew, talking about -- let's just start with the European defense. We do have -- I think we talked about this the last time we were together.

好的。首先，安德魯，讓我們先從歐洲防禦開始。我們確實有——我想我們上次在一起時談過這個問題。

We do cab content. We're well positioned globally in the defense market, and we sell to both US and international defense prime. So many of the US-built aircrafts are exported.

我們做出租車內容。我們在全球國防市場上佔據有利地位，我們的產品銷往美國和國際國防主要市場。美國製造的許多飛機都出口了。

And we expect that, for instance, with the F-35, a third of that total fleet will be sold to the allied military. So that gives you an idea of what our exposure is there. And sorry, again, I got distracted with the Seaborn military. Your first question, please.

以 F-35 為例，我們預計整個機隊的三分之一將賣給盟軍。這樣您就可以了解我們在那裡的曝光情況。抱歉，我又一次被 Seaborn 軍隊的事分散了注意力。請問您第一個問題。

Yeah. So the second question is just German elections at Hanover, I think nothing yet. People seem to be excited about potential. What are you hearing from your partners in Europe?

是的。所以第二個問題只是漢諾威的德國選舉，我認為目前還沒有。人們似乎對潛力感到興奮。您從歐洲的合作夥伴那裡聽到了什麼消息？

Yeah. So obviously, we expect this broad-based softness across the end markets in Europe to continue. I mean, we don't see that easing up.

是的。因此，顯然，我們預期歐洲終端市場的這種普遍疲軟態勢將持續下去。我的意思是，我們看不到這種情況有所緩解。

But what there is some positive sentiment out there about is the proposed stimulus and future defense spending, as you were just saying. So we had the European Commission proposal on defense spending. We have some big dollars out there for Germany infrastructure on energy, transport, and then overall defense spending.

但正如您剛才所說，人們對擬議的經濟刺激計劃和未來的國防開支抱持一些積極情緒。因此，我們提出了歐盟委員會關於國防開支的提案。我們為德國的能源、交通等基礎建設投入了大量資金，整體國防開支也相當可觀。

So that's longer term, but that's what the teams are talking about to be positive about in the future.

這是長期目標，但這也是各隊正在談論的、對未來持正面態度的事情。

Got you. And just a follow-up. How are you guys reconsidering your footprint after the second round of tariffs, if in any way? And are you adjusting CapEx down in the fourth quarter in response to tariffs in any way, shape, or form?

明白了。這只是後續行動。在第二輪關稅之後，你們要如何重新思考自己的足跡？您是否會在第四季以某種方式下調資本支出以應對關稅？

No, we are not adjusting CapEx as a result of that. And we don't see any big need for supply chain realignment due to tariffs.

不，我們不會因此調整資本支出。我們認為關稅不會對供應鏈產生太大的調整需求。

Just that local-for-local model gives us global capacity around the world. We've been working with the multiple tiers throughout our supply chain. And we've got a lot of good actions, leveraging our dual sourcing strategy. So I think we're in a good position here.

正是這種在地化模式賦予了我們遍佈全球的能力。我們一直與整個供應鏈的多個層級進行合作。我們利用雙重採購策略採取了許多良好的行動。所以我認為我們現在處於有利地位。

Nicole DeBlase, Deutsche Bank.

妮可‧德布拉斯 (Nicole DeBlase)，德意志銀行。

Maybe just first of all, with orders definitely ahead of expectations this quarter, are you guys hearing or seeing any evidence at all of prebuy ahead of tariffs? Or was that not a factor in the strength?

首先，由於本季的訂單量肯定超出預期，你們是否聽到或看到任何在關稅前預購的證據？還是這不是實力的因素？

No. I would say minimal evidence of prebuy activity. And as we've talked about, with this increase in orders, it's all longer cycle strength.

不。我想說預購活動的證據很少。正如我們所討論的，隨著訂單的增加，週期強度也隨之延長。

Okay. Got it. And then the margins have been a real bright spot in fiscal '25 despite a challenging volume environment. Super impressive performance from Parker. Do you guys think you can continue to target like 30% to 35% incrementals as we flip the calendar to 2026? Or at some point, does it become tougher to expand margins to that extent?

好的。知道了。儘管銷售環境充滿挑戰，但利潤率仍是 25 財年的一大亮點。帕克的表現非常令人印象深刻。你們認為，當我們翻到 2026 年時，你們可以繼續將目標定為 30% 到 35% 的增量嗎？或者在某個時候，將利潤率擴大到那種程度會變得更加困難嗎？

Yeah. Nicole, this is Todd. That is the number that we hold our team members accountable for across the organization. We think that is a best-in-class number.

是的。妮可，這是托德。這是我們要求整個組織內的團隊成員負責的數字。我們認為這是同類中最好的數字。

It's not always 30%, right? It depends on what's going on with the top line. If the top line is more robust, we think we can do better. If the top line is a little bit lower, we try to manage that as well.

並不總是 30%，對吧？這取決於頂線的情況。如果營收更加強勁，我們認為我們可以做得更好。如果營業額稍微低一點，我們也會盡力控制。

So I would tell you that's one of the things that I don't worry about for our team members across the globe is managing incrementals, whether we're in a growth environment or we're in a challenged top line.

所以我想告訴你，對於我們遍布全球的團隊成員來說，我不擔心的事情之一就是管理增量，無論我們是在成長環境中，還是在面臨挑戰的頂線環境中。

Joe O'Dea, Wells Fargo.

富國銀行的喬·奧迪亞。

Jenny, I'm sure you anticipated a question on '26, and so encouraging in terms of your comments around industrial and potential for growth. I think my question is really around, as you've seen some of that recovery push out this year, what it is that you're seeing that gives you confidence in seeing that growth next year in particular in light of an elevated uncertainty macro backdrop.

珍妮，我相信您預料到了 26 日會有一個問題，而且您對工業和成長潛力的評論令人鼓舞。我認為我的問題實際上是，正如您所看到的，今年經濟復甦有所推進，是什麼讓您對明年的成長充滿信心，特別是在宏觀背景不確定性增加的情況下。

Well, the -- first of all, I would say the longer cycle orders that we see coming in there, what we see is going to (technical difficulty)in '26. We have a really good visibility of all our orders. When they come in, we know when they're going to hit, right?

嗯，首先，我想說，我們看到的周期較長的訂單，在 26 年將會面臨（技術難題）。我們對所有訂單都有很好的了解。當他們進來時，我們知道他們什麼時候會襲擊，對嗎？

So we've seen very few cancellations through the last several quarters. We're getting to the point if you want to consider the last couple of years a recession, a much shallower one at that on the industrial side of the business. We're getting to the point where we are at the average or above the average amount of quarters that this industrial business would be negative.

因此，過去幾季我們很少看到取消的情況。如果你願意將過去幾年視為經濟衰退，那麼我們現在要討論的重點是，工業方面的經濟衰退程度要輕得多。我們目前所處的階段是，工業業務出現負成長的季度數量已經達到或超過了平均值。

So I am an optimist here. As you've seen our guide throughout the whole year, I mean, we've kept planning for the next quarter, the next quarter. Unfortunately, we're not able to put that in this fourth quarter, but we believe that it's going to come. And when it does, we're not only going to be ready, but I think we're all goping to enjoy it.

所以我對此持樂觀態度。正如您全年看到的我們的指南一樣，我的意思是，我們一直在為下一季、再下一季做計劃。不幸的是，我們無法在第四季度實現這一目標，但我們相信它終將實現。當它發生時，我們不僅要做好準備，而且我認為我們都會享受它。

And that waiting for it next quarter dynamic, is that a matter of -- are there things like with the adjustment to guide, it's -- I guess the question is, are there demand trends that you're seeing soften sequentially? Or is it more a matter of things that you thought would get better sequentially, just didn't happen? And that's probably (technical difficulty) maybe there's a little bit of everything, but any color there would be helpful.

等待下個季度的動態，這是一個問題 - 是否存在像調整指南這樣的事情 - 我想問題是，您是否看到需求趨勢連續減弱？或者更多的是，你以為事情會逐漸好轉，但卻沒有發生？這可能（存在技術難度）也許每樣東西都有一點，但任何顏色都會有幫助。

Yeah, things that we thought would get better, just didn't happen. So we had to pull it down into Q4.

是的，我們以為事情會變得更好，但並沒有發生。所以我們不得不將其拉低至第四季。

Jeff Sprague, Vertical Research Partners.

傑夫·斯普拉格（Jeff Sprague），Vertical Research Partners。

Jenny, just back to the footprint and the like. maybe I misinterpreted what you said. But it sounds like you're not really looking at making any significant footprint changes. That just surprises me, right? Like, I wouldn't think you want to eat $375 million in tariffs. I get you've got plans to action it.

珍妮，回到足跡之類的話題。也許我誤解了你的意思。但聽起來你似乎並沒有真正考慮做出任何重大的足跡改變。這讓我很驚訝，對吧？就像，我不認為你想承擔 3.75 億美元的關稅。我知道你已經有行動計畫了。

But are you basically saying that you can handle it with dual sourcing? And then that leaves open the option to flip back maybe to China at some point in the future, probably oversimplifying a complex question. But just your view on really mitigating this maybe permanently as opposed to temporarily.

但您基本上是說您可以透過雙重來源來處理它嗎？這樣一來，未來某個時候就有可能回到中國，這可能會把一個複雜的問題過度簡化。但您認為，真正緩解這種情況可能是永久的，而不是暫時的。

Yeah. So first of all, I'd say this much. We are always looking at our structure and our footprint, right? That's just part of what we do, either through Kaizen or Parker Lean system. So we're constantly looking at that, and we make sure that we're making the best use of all our resources.

是的。首先我想說這麼多。我們一直在關注我們的結構和足跡，對嗎？這只是我們所做工作的一部分，無論是透過 Kaizen 還是 Parker Lean 系統。因此，我們一直在關注這個問題，並確保充分利用我們所有的資源。

So that's something that's ongoing. If you look back in time at what we've done, there's good numbers on that.

所以這是正在進行的事情。如果回顧我們所做的事情，就會發現有很多值得稱道的成績。

I would say that because we've always had this local-for-local model, we have the advantage of having capacity around the world, right? So we can leverage that capacity when we need to.

我想說的是，因為我們一直採用這種本地服務本地的模式，所以我們擁有在世界各地擁有產能的優勢，對嗎？因此我們可以在需要時利用該能力。

So it's not just footprint or turning one supplier off and another supplier on that's going to mitigate all these actions. It is the dual sourcing strategy. It's working closely with suppliers on cost negotiations and further improvements.

因此，這不僅僅是減少足跡或關閉一個供應商並打開另一個供應商，這可以減輕所有這些行動的影響。這是雙重採購策略。它正在與供應商密切合作，進行成本談判並進一步改進。

It's really making sure that all of our teams continue to use these tools that have provided this margin expansion all along, and they're really good at it. So I would tell you that those are the supply chain actions in addition to the WIN strategy, cost actions, and then the pricing actions that we have a strong muscle in doing that.

這確實確保了我們所有的團隊都能繼續使用這些一直以來提供利潤擴張的工具，而且他們在這方面確實很擅長。所以我想告訴你，除了 WIN 策略、成本行動和定價行動之外，這些都是我們在執行上擁有強大實力的供應鏈行動。

So are the pricing actions actually smaller than the WIN and sourcing actions collectively?

那麼，定價行動實際上是否比 WIN 和採購行動的總和還要小？

I wouldn't say that they're smaller. I would say that it's a little bit different for every business, but it is a collection of all of those actions. It gives us the confidence to say we can fully mitigate the tariffs.

我不會說它們更小。我想說的是，對於每個企業來說，情況都有點不同，但它是所有這些行動的集合。這使我們有信心說我們可以完全降低關稅。

And then just maybe a little follow-on that. Is the $375 million just simply tariffs? I assume there's other just inflation that might not be directly care of, but perhaps is indirect. I'm sure it's included in your guide. But just curious if that $375 million is just a mathematical tariff gross number.

然後可能只是稍微跟進一下。3.75億美元只是關稅嗎？我認為還存在其他可能不需要直接關注但可能是間接關注的通貨膨脹。我確信它包含在您的指南中。但我只是好奇這 3.75 億美元是否只是一個數學關稅總額。

Yeah, Jeff, you're exactly right. That $375 million is solely tariff costs, no other cost changes.

是的，傑夫，你說得完全正確。這 3.75 億美元只是關稅成本，沒有其他成本變化。

Joe Ritchie, Goldman Sachs.

高盛的喬·里奇。

Jenny, can you just double-click a little bit on the in-plant project delays and what you're seeing there? I guess the disconnect a little bit with the order rates that you're seeing, but be curious -- maybe if you can just tell us a little bit more about that bidding activity and how you see it playing out in the coming quarters.

珍妮，您能否稍微介紹一下工廠內部專案延遲的情況以及您所看到的情況？我想這與您看到的訂單率有點脫節，但請保持好奇心——也許您可以告訴我們更多有關競標活動的信息，以及您認為它在未來幾個季度將如何發展。

So when we look at in-plant and industrial, like I mentioned, we did have that a positive low single digit, slightly positive low single digit; and we took it to negative low single digits. And really, this is about the industrial recovery delays just persisting.

因此，當我們查看廠內和工業時，就像我提到的那樣，我們確實有一個正的低個位數，略微正的低個位數；我們將其降至負個位數。事實上，這是因為工業復甦延遲持續存在。

Our previous guidance, as we just mentioned, assumed that we were getting some recovery, and we're not seeing that yet. Again, I would tell you that quoting is still active, even though there are project delays. And we're not seeing a lot of cancellations; it's really more of delay. So it's not one big thing or even a small collection of any event or any areas, just continued delays.

正如我們剛才提到的，我們之前的指導假設我們正在獲得一些復甦，但我們還沒有看到這一點。再次，我想告訴你，即使項目延遲，報價仍然有效。我們沒有看到很多取消的情況；這實際上更多的是一種拖延。所以這不是一件大事，甚至不是任何事件或任何領域的一個小集合，只是持續的延遲。

Okay. That's helpful. And if I can maybe just ask a follow-up on that. As you think about the type of work that you're bidding on and what that pipeline looks like, there's a lot of activity that's happening in the US that's already been started from a mega project standpoint. I'm just curious, how much of this is like new construction versus what you would normally see as like maintenance or renovation repair type projects?

好的。這很有幫助。如果可以的話我可能只是想問一下後續問題。當您考慮所投標的工作類型以及管道的情況時，您會發現，從大型專案的角度來看，美國正在進行許多活動。我只是好奇，這其中有多少是新建項目，有多少是通常所見的維護或翻新修復類型的項目？

I don't have a specific split for you, but I would tell you that it's both. I mean, when we talk to the channel, they tell us how they're participating in some retrofitting and plants -- upgrades in plants and then also with some new construction. So it's a mix of both.

我沒有為你提供具體的劃分，但我會告訴你兩者兼而有之。我的意思是，當我們與渠道交談時，他們告訴我們他們是如何參與一些改造和工廠升級，以及一些新建築的。所以這是兩者的混合。

Andy Kaplowitz, Citigroup.

花旗集團的安迪‧卡普洛維茲 (Andy Kaplowitz)。

So Jenny, I know you talked about Europe a bit more, but Asia seems to be holding up well for Parker. And specifically, China seems to be holding up. Maybe you can give us a little more color on what you're seeing there. And Latin America has continued to be strength of Parkers. How sustainable is that growth going into '26?

珍妮，我知道你談論歐洲比較多，但亞洲似乎對帕克來說表現不錯。具體來說，中國似乎正在堅持下去。也許您可以向我們詳細介紹一下您在那裡看到的情況。拉丁美洲一直是帕克的強項。這種成長在26年還能持續嗎？

So for Asia Pacific, in Q3, that was up 2%, as Todd mentioned; and that growth was mainly driven by electronics and Semicon. And we did see some gradual improvement in in-plant.

正如 Todd 所提到的，對於亞太地區來說，第三季的數字成長了 2%；這一成長主要由電子和半導體推動。我們確實看到工廠內部情況逐漸改善。

China, just a reminder, it's 5% of our sales; and Q3 sales were positive, I would say, low single digits over prior year. And we're continuing to see that really be driven by electronics and semicon. Some EV, some distribution, but it's -- again, just a reminder, it's 5% of our sales. And then in Latin America --

提醒一下，中國占我們銷售額的 5%；第三季的銷售額是正數，我想說，比去年同期成長了低個位數。我們繼續看到這確實受到電子和半導體的推動。一些企業價值，一些分銷，但它——再次提醒一下，它占我們銷售額的 5%。然後在拉丁美洲--

Yeah, Latin America continues to be robust. I would say it's really broad-based. The team there really has been focusing on the areas they win. It's a big filtration market for us. It's a lot of motion systems and activity, and the team just really continues to manage a really volatile situation extremely well.

是的，拉丁美洲繼續保持強勁勢頭。我想說它確實具有廣泛的基礎。那裡的團隊確實一直專注於他們獲勝的領域。對我們來說這是一個巨大的過濾市場。它包含許多運動系統和活動，而團隊確實能夠非常好地繼續管理真正不穩定的局勢。

And Todd, I just want to ask you about the corporate G&A, the bridge on slide 10, the $0.08 positive. I think you talked about relatively significant cost containment in your prepared remarks. Is any of that temporary? Should we think about any of it coming back? How does that line item moving forward?

托德，我只想問你關於公司一般及行政費用，第 10 張幻燈片上的橋樑，0.08 美元的正值。我認為您在準備好的發言中談到了相對顯著的成本控制。這些都是暫時的嗎？我們是否應該考慮它的回歸？該專案進度如何？

Yeah. I mean, there was a couple things there that we talked about, market-based benefits. Those obviously fluctuate with market activity. But I think the team has done a really good job looking at what we can control. I don't foresee any significant amount of that rolling back into the business. I think I pride ourselves on being very SG&A frugal in that space.

是的。我的意思是，我們討論了一些事情，基於市場的利益。這些顯然會隨著市場活動而波動。但我認為團隊在研究我們能夠控制的事情方面做得非常好。我預計其中不會有任何大量資金重新回流到業務中。我認為我們在該領域非常節省銷售、一般及行政費用，對此我深感自豪。

Stephen Volkmann, Jefferies.

傑富瑞的史蒂芬·福爾克曼。

Two follow-ups for me. One, I guess, I want to turn this whole tariff thing completely around. And I feel like if I was a North American manufacturer trying to figure out how to have a more local supply chain, you guys might be my first call, given you're local for local. So I'm curious if you're seeing more inquiries as other manufacturers try to rejigger their supply chains?

對我來說有兩個後續行動。首先，我想徹底扭轉整個關稅問題。我覺得如果我是一家北美製造商，正在嘗試如何建立更本地化的供應鏈，那麼你們可能就是我的第一個選擇，因為你們是本地化的。所以我很好奇，當其他製造商試圖重新調整其供應鏈時，您是否看到了更多的詢問？

Actual people like reaching out to us for advice?

實際的人喜歡向我們尋求建議嗎？

No, more reaching out to you for product -- sorry to interrupt. But given that a lot of your competitors are international and you're not as much, I wonder if there's an opportunity for you there.

不，更多的是向您詢問產品——抱歉打擾了。但考慮到你們的許多競爭對手都是國際性的，而你們的國際性程度卻不那麼高，我想知道你們是否還有機會。

Well, we do think that there could be some share gain opportunities for us here. I mean, as I was mentioning, having this capacity globally and being able to serve the customers really well. We think that there are some opportunities here.

嗯，我們確實認為這裡可能存在一些讓我們獲得市場份額的機會。我的意思是，正如我所提到的，在全球範圍內擁有這種能力並且能夠很好地為客戶服務。我們認為這裡存在一些機會。

Yeah, Steve. We were just talking about that the other day. I don't want to be overly bold on this. But for any business that we could potentially lose because the tariff, there is obviously some opportunity on business that we could win.

是的，史蒂夫。我們前幾天才剛談論過這個。我不想在這個問題上表現得太大膽。但對於我們可能因為關稅而失去的任何業務，顯然也存在一些我們可以贏得的業務機會。

So that's what the team is focused on. And I think it's still early days, but I like our chances there.

這就是團隊關注的重點。我認為現在還為時過早，但我喜歡我們在那裡的機會。

Okay, fine. And then maybe for you, Todd. I'm curious, again, you stepped up the repo here. It feels like this may be a period where it's a little tougher to get deals done in general. I'm not really speaking for you.

好的，好的。那麼也許對你來說也是如此，托德。我很好奇，你又在這裡加強了 repo。感覺這段時期整體而言完成交易會比較困難一些。我其實不是在為你說話。

But there's a lot of uncertainty around outlooks and cost basis and recessions and so forth. So is the fact that you stepped up on repo maybe telling us that the M&A is a little maybe further out and we should factor in a little more repo near term?

但前景、成本基礎、經濟衰退等都存在著許多不確定性。那麼，您加大回購力道這一事實是否告訴我們，併購可能還需要一段時間，我們應該在短期內考慮更多的回購？

No. Jenny mentioned this. Our team continues to work the pipeline. The one thing that does become difficult is just really being able to accurately predict the timing.

不。珍妮提到了這一點。我們的團隊繼續致力於管道建設。唯一困難的是真正能夠準確預測時間。

But yes. I would tell you there's many targets of various sizes in that pipeline. The reason we ramped up the repo was really because of our stated commitment to operate around a 2 times leverage. And we had been below that really for the full part of FY25.

但確實如此。我想告訴你，該管道中有許多不同規模的目標。我們加大回購力度的真正原因是我們承諾以 2 倍左右的槓桿率進行運作。而在整個 25 財年，我們的業績一直低於這個水準。

And we just took a little chunk out there, really just trying to fulfill our commitment of being active in that space. So we're going to balance that decision depending on what we see within each given month going here. But our commitment to everyone is that we will be active in the space.

我們只是從中分得了一小部分，實際上只是想履行我們在該領域積極活躍的承諾。因此，我們將根據每個月看到的情況來平衡這個決定。但我們向大家承諾，我們將積極參與這一領域。

Tim Thein, Raymond James.

提姆泰恩、雷蒙詹姆斯。

Maybe the first one for Jenny. I'm curious as to the the tenor of conversations that you're having with customers. And as we've gone from hopes of animal spirits being unleashed after the US election to now fears of recession and concerns around trade policy, I'm curious if you think the damage is done for the year in terms of of customers pulling the trigger on those more discretionary capital decisions?

這可能是珍妮的第一個。我很好奇您與客戶談話的基調。當我們從對美國大選後動物精神被釋放的希望轉變為現在對經濟衰退和貿易政策的擔憂時，我很好奇，您是否認為從客戶在那些更自由的資本決策上採取行動的角度來看，今年的損失已經造成了？

Or if we're having this conversation in three months and you're looking at your FY26, is there a potential that that -- those reverse and there's more optimism. Just curious as to what you hear from your big customers.

或者如果我們在三個月後進行這個對話並且您正在查看您的 FY26，是否有可能 - 這些情況會逆轉並且更加樂觀。我只是好奇你從大客戶那裡聽到了什麼。

Yeah, there's just -- there's a lot of uncertainty, right? So I think everybody is going to be smart. But at the same time, I think everybody believes that as we do that, we'll get through this and that when we get through it, we want to be able to operate at our best.

是的，有很多不確定性，對吧？所以我認為每個人都會變得聰明。但同時，我認為每個人都相信，只要我們這樣做，我們就能渡過難關，而且當我們渡過難關時，我們希望能夠發揮出最佳水平。

So I think people are cautious, but just waiting to see what happens in some cases. But I wouldn't say there's been anything overly overly negative that I'm hearing from the customers.

所以我認為人們很謹慎，但只是在等待觀察某些情況下會發生什麼。但我不會說我從顧客那裡聽到了任何過於負面的消息。

Okay. And then just on tariffs. And the question is just in terms of the pricing flexibility that you have in aerospace, specifically, just given, typically, you have more longer-term agreements. So I'm just curious your ability to react and adjust there.

好的。然後只是關稅問題。問題在於航空航太領域的定價彈性，具體來說，通常情況下，你會有更多長期協議。所以我只是好奇你的反應和調整能力。

I know we've seen some suppliers announce force majeure clauses. But anyway, just the -- as you think about the tariff ability to offset that industrial versus aero, if there's any notable difference between the two segments.

我知道我們已經看到一些供應商宣布了不可抗力條款。但無論如何，當你考慮關稅能夠抵消工業與航空的影響時，如果這兩個部分之間有任何顯著的差異。

We're using the same pricing tools and strategies on -- in aerospace that we use in the industrial segment. You are correct. There are some -- there are longer-term agreements in aerospace, but we're having those conversations.

我們在航空航太領域使用的定價工具和策略與在工業領域使用的定價工具和策略相同。你是對的。有一些——在航空航天領域有一些長期協議，但我們正在進行這些對話。

We've been having those conversations even prior to tariffs with high inflationary time. So we're doing everything that we do on the industrial side of the business and getting through what we can get through. And obviously, we have a little bit more pricing availability on the aftermarket side.

甚至在通膨高企的關稅之前，我們就已經開始進行這些對話了。因此，我們正在盡一切努力做好工業業務方面的事情，並完成我們所能完成的任務。顯然，我們在售後市場方面有更多的定價空間。

Diego, I think we've got time for maybe one short question here. So let's get a good one and finish strong..

迭戈，我想我們還有時間問一個簡短的問題。所以讓我們取得好成績並強勢結束吧。

Brett Linzey, Mizuho Securities.

瑞穗證券的 Brett Linzey。

Yeah. So I guess maybe just -- yeah, just one more on M&A. And I understand it's just an episodic process. But I am surprised there hasn't been at least a smaller bolt-on type deal given you've been on your front foot. I guess is it fair to say you're really targeting something larger, more medium-sized type assets? And then have there been any priority assets that have actually just fallen out of the funnel completely?

是的。所以我想也許只是——是的，再說一個關於併購的問題。我明白這只是一個偶然的過程。但令我驚訝的是，考慮到你們一直處於領先地位，至少沒有達成一項規模較小的附加交易。我想，可以這樣說，您真正瞄準的是更大、更中型的資產嗎？那麼，是否有任何優先資產實際上已經完全從漏斗中掉出來了？

Well, I mean I'm going to just repeat myself again. I mean, there are strategic assets in the pipeline of all sizes. We are not focused on one size versus the other. It really does have a lot to do with timing.

好吧，我的意思是我再重複一次。我的意思是，各種規模的策略資產都在醞釀中。我們並不關注某一尺寸與另一尺寸之間的差異。這確實與時間有很大關係。

And we are very committed to making sure that it is a strategic fit. So we've -- we always are looking at different different assets, and we're evaluating them. And we'll continue to do so. The pipeline is robust and active.

我們致力於確保它具有策略契合性。因此，我們一直在關注不同的資產，並對其進行評估。我們將繼續這樣做。該管道堅固且活躍。

Brett, I would just leave you with this. The capacity that the company has has never been greater. We're going to generate over $5 billion of EBITDA this year. I already mentioned we're going to do over $3 billion of cash flow.

布雷特，我只想把這個留給你。公司的產能從未如此強大。我們今年的 EBITDA 將超過 50 億美元。我已經提到過，我們將實現超過 30 億美元的現金流。

So it really is not an issue of capacity. It's really just making sure it's the right strategic or series of strategic deals that make sense for us and that we model a future that we can generate returns on those. So it's really just a combination of that.

所以這其實不是一個容量問題。這實際上只是為了確保它是正確的策略或一系列對我們有意義的策略交易，並且我們模擬了一個可以從中獲得回報的未來。所以它實際上只是這些的組合。

Thank you. Back to Todd Leombruno for closing remarks.

謝謝。請 Todd Leombruno 作最後發言。

Thank you, Diego. This concludes our FY25 Q3 earnings release webcast. We appreciate your time and attention. We thank you for joining us today.

謝謝你，迭戈。我們的 2025 財年第三季財報發佈網路直播到此結束。我們感謝您的時間和關注。感謝您今天的到來。

Our Investor Relations team of Jeff Miller, Genese Tucky, and Chantel O'Kelly, will be available today and tomorrow for any follow-ups or clarifications. Thank you, everyone, and have a wonderful day.

我們的投資者關係團隊由 Jeff Miller、Genese Tucky 和 ​​Chantel O'Kelly 組成，今天和明天將為您提供任何後續資訊或澄清。謝謝大家，祝大家有美好的一天。

Thank you. This concludes today's conference. All parties may disconnect.

謝謝。今天的會議到此結束。各方均可斷開連線。