濱特爾 (PNR) 2023 Q1 法說會逐字稿

Welcome to the Pentair First Quarter 2023 Earnings Conference Call. (Operator Instructions) Please note, this event is being recorded.

歡迎來到 Pentair 2023 年第一季度收益電話會議。 （操作員說明）請注意，正在記錄此事件。

I would now like to turn the conference over to Shelly Hubbard, Vice President, Investor Relations. Shelly, please go ahead.

我現在想將會議轉交給投資者關係副總裁 Shelly Hubbard。雪莉，請繼續。

Thank you, MJ, and welcome to Pentair's First Quarter 2023 Earnings Conference Call. On the call with me are John Stauch, our President and Chief Executive Officer; and Bob Fishman, our Chief Financial Officer. On today's call, we will provide details on our first quarter's performance, as outlined in this morning's press release.

謝謝 MJ，歡迎來到濱特爾 2023 年第一季度收益電話會議。與我通話的是我們的總裁兼首席執行官 John Stauch；和我們的首席財務官 Bob Fishman。在今天的電話會議上，我們將提供今天上午新聞稿中概述的第一季度業績的詳細信息。

On the Pentair Investor Relations website, you can find our earnings release and slide deck, which is intended to supplement our prepared remarks during today's call and provide a reconciliation of differences between GAAP and non-GAAP financial measures that we will reference. The non-GAAP financial measures provided should not be considered as a substitute for or superior to the measures of financial performance prepared in accordance with GAAP. They are included as additional clarifying items to aid investors in further understanding the company's performance in addition to the impact these items and events have on the financial results.

在 Pentair 投資者關係網站上，您可以找到我們的收益發布和幻燈片，旨在補充我們在今天的電話會議上準備好的評論，並提供我們將參考的 GAAP 和非 GAAP 財務指標之間差異的調節。所提供的非 GAAP 財務指標不應被視為替代或優於根據 GAAP 編制的財務業績指標。它們作為額外的澄清項目包括在內，以幫助投資者進一步了解公司的業績以及這些項目和事件對財務結果的影響。

Before we begin, let me remind you that during our presentation today, we will make forward-looking statements, which are predictions, projections or other statements about future events. Listeners are cautioned that these statements are subject to certain risks and uncertainties, many of which are difficult to predict and generally beyond the control of Pentair. These risks and uncertainties can cause actual results to differ materially from our current expectations. We advise listeners to carefully review the risk factors in our most recent Form 10-Q, Form 10-K and today's release.

在我們開始之前，讓我提醒您，在我們今天的演講中，我們將做出前瞻性陳述，即對未來事件的預測、預測或其他陳述。請聽眾注意，這些聲明受某些風險和不確定性的影響，其中許多風險和不確定性難以預測，通常超出 Pentair 的控制範圍。這些風險和不確定性可能導致實際結果與我們目前的預期大不相同。我們建議聽眾仔細閱讀我們最新的 10-Q 表格、10-K 表格和今天發布的表格中的風險因素。

Following our prepared remarks, we will open up the call for questions. (Operator Instructions)

在我們準備好的評論之後，我們將開始提問。 （操作員說明）

Before I hand it over to John, I wanted to highlight Slides 4 through 6, in our earnings slide deck that illustrate our strategic framework, Pentair at a glance and a Pentair overview. We believe, this information is helpful to understanding who Pentair is, especially for those new to Pentair. Our strategic framework states our purpose, mission, vision and values that drive our performance as a smart sustainable Water Solutions company.

在我把它交給約翰之前，我想強調幻燈片 4 到 6，在我們的收益幻燈片中，它說明了我們的戰略框架，Pentair 概覽和 Pentair 概述。我們相信，這些信息有助於了解濱特爾是誰，尤其是對於那些剛接觸濱特爾的人。我們的戰略框架闡明了我們的宗旨、使命、願景和價值觀，它們推動我們作為一家智能可持續水解決方案公司的業績。

Pentair at a glance on Slide 5 provides a great snapshot of our company, our performance, our installed base and our 40-year track record -- 47-year track record of annual dividend increases, which places us in a small group of companies.

幻燈片 5 上的 Pentair 概覽提供了我們公司、我們的業績、我們的安裝基礎和我們 40 年的業績記錄的一個很好的快照——47 年的年度股息增長記錄，這使我們成為一小群公司。

Lastly, the Pentair overview on Slide 6 provides our historical sales and ROS performance on a consolidated level and by segment. This information was first disclosed last quarter in the supplemental data section and is now illustrated on one slide. As you can see, over the last 3 years, we have grown sales by a compound annual growth rate of nearly 12%, and ROS has expanded by 110 basis points, on a consolidated basis.

最後，幻燈片 6 上的 Pentair 概述提供了我們在合併水平和細分市場上的歷史銷售和 ROS 性能。此信息於上個季度在補充數據部分首次披露，現在在一張幻燈片上進行了說明。如您所見，在過去 3 年中，我們的銷售額以近 12% 的複合年增長率增長，並且 ROS 在綜合基礎上擴大了 110 個基點。

I will now turn the call over to John.

我現在將電話轉給約翰。

Thank you, Shelly, and good morning, everyone. Let's begin with our strong Q1 results in the executive summary on Slide 7. We are very pleased with our first quarter performance, which reflected a strong start to our fiscal year, as we help the world sustainably move, improve, enjoy water, life's most essential resource.

謝謝你，雪莉，大家早上好。讓我們從幻燈片 7 的執行摘要中我們強勁的第一季度業績開始。我們對第一季度的業績感到非常滿意，這反映了我們財政年度的強勁開局，因為我們幫助世界可持續地移動、改善、享受水，這是生命中最重要的必不可少的資源。

Q1 sales rose 3% to over $1 billion, segment income increased 23% to $211 million, and ROS expanded by 330 basis points to 20.5%. Adjusted EPS rose over 7% to $0.91. Segment income and ROS each achieved record levels post the nVent separation in 2018. I'd like to thank our talented Pentair employees for once again delivering for customers, while creating value for shareholders.

第一季度銷售額增長 3% 至超過 10 億美元，分部收入增長 23% 至 2.11 億美元，ROS 增長 330 個基點至 20.5%。調整後每股收益增長超過 7% 至 0.91 美元。分部收入和 ROS 在 2018 年 nVent 分離後各自達到了創紀錄的水平。我要感謝我們才華橫溢的 Pentair 員工再次為客戶提供服務，同時為股東創造價值。

Strong results reflect the strength of our diversified Water portfolio and progress on our transformation initiatives, which drove greater efficiencies across each segment. For example, growth in our Industrial & Flow Technologies, or IFT, and Water Solutions segment more than offset the expected volume declines in Pool year-over-year. We improved ROS expansion across the enterprise and realized operational efficiencies, as our transformation initiatives accelerated.

強勁的業績反映了我們多元化的水產品組合的實力以及我們轉型計劃的進展，這些舉措推動了每個部門的效率提高。例如，我們的 Industrial & Flow Technologies (IFT) 和 Water Solutions 部門的增長抵消了 Pool 同比的預期銷量下降。隨著我們的轉型計劃加速，我們改進了整個企業的 ROS 擴展並實現了運營效率。

We are driving these actions at the revenue stream or category level, which not only provides the go-to-market and customer insights, but also the ownership and accountability to realize savings and other opportunities that we have identified.

我們正在收入流或品類層面推動這些行動，這不僅提供了進入市場和客戶的洞察力，還提供了所有權和責任感，以實現節省和我們發現的其他機會。

Let's move on to Slide 8, titled Q1 Highlights. Within our IFT segment, growth was driven primarily across our commercial, industrial and even residential and irrigation verticals. We are excited about the near- and long-term growth and margin profile of this segment, as our transformation is taking hold. We are focused on capturing the right projects with improved offerings to drive margin expansion. We realized benefits in pricing, sourcing and operational excellence, and we expect more opportunities ahead.

讓我們轉到幻燈片 8，標題為 Q1 亮點。在我們的 IFT 細分市場中，增長主要來自我們的商業、工業甚至住宅和灌溉垂直領域。我們對這一細分市場的近期和長期增長以及利潤率狀況感到興奮，因為我們的轉型正在紮根。我們專注於通過改進產品來捕獲合適的項目，以推動利潤增長。我們意識到定價、採購和卓越運營方面的好處，我們期待未來有更多機會。

We also had customer wins for our sustainability-related technology that reduces Water usage and recapture CO2. Additionally, we drove aftermarket and replacement revenue in our membranes and pump portfolio.

我們的可持續發展相關技術也贏得了客戶的青睞，這些技術減少了用水量並回收了二氧化碳。此外，我們還推動了膜和泵產品組合的售後市場和更換收入。

In our Water Solutions segment, we are very pleased with our Manitowoc Ice acquisition, which complements our commercial Water Solutions businesses, enabling us to provide end-to-end Water Solutions for customers from filtration to ice to services. The integration remains on track, has progressed well and was accretive to segment margins.

在我們的水解決方案部門，我們對 Manitowoc Ice 的收購感到非常高興，它補充了我們的商業水解決方案業務，使我們能夠為客戶提供從過濾到冰到服務的端到端水解決方案。整合仍在進行中，進展順利，並增加了部門利潤率。

As I mentioned last quarter, we expect 2023 to be a softer year for our Pool segment. During the first quarter, unusual U.S. weather in the West, expected higher channel inventory and strong demand in the prior year contributed to declining volume. Despite the decline in year-over-year volume, the installed base has continued to grow over the last 3 years, and we believe the Pool segment is an attractive market.

正如我在上個季度提到的那樣，我們預計 2023 年對於我們的 Pool 部門來說將是疲軟的一年。在第一季度，美國西部異常的天氣、預期較高的渠道庫存和上一年的強勁需求導致銷量下降。儘管銷量同比下降，但安裝基數在過去 3 年中持續增長，我們相信泳池部分是一個有吸引力的市場。

As we look forward, we continue to invest in leading innovation, specifically automation, which helps save energy, time and Water and enables Pool owners control of their pools directly from their smart device. Today, roughly 50% of installed pools have automated systems. This is an area where we see the greatest opportunity, as consumers look to maintain control of their Pool function at the tip of their fingers.

展望未來，我們將繼續投資於領先的創新，特別是自動化，這有助於節省能源、時間和水，並使泳池所有者能夠直接從他們的智能設備控制他們的泳池。如今，大約 50% 的已安裝泳池擁有自動化系統。這是我們看到最大機會的領域，因為消費者希望通過指尖保持對泳池功能的控制。

Good examples of our latest Pool innovations are the IntelliFlo 3 variable speed and Flow Pool pump, also known as the IF3 and the IntelliCenter pool automation system. Our IF3 is the first pump with WiFi and Bluetooth connectivity for remote control monitoring and over-the-air, or OTA, updates. It also features built-in IoT connectivity, which simplifies installation setup and operation for our dealers.

我們最新泳池創新的好例子是 IntelliFlo 3 變速流量泳池泵，也稱為 IF3 和 IntelliCenter 泳池自動化系統。我們的 IF3 是第一款具有 WiFi 和藍牙連接功能的泵，可用於遠程控制監控和無線或 OTA 更新。它還具有內置物聯網連接功能，可簡化我們經銷商的安裝設置和操作。

Market reactions and dealer feedback to the launch of our new flagship IF3 pool pump has been extremely positive, and we're pleased overall with the demand we have seen, despite a slower start to the pool season.

市場反應和經銷商對我們新推出的旗艦 IF3 泳池泵的反饋非常積極，儘管泳池季節開始較慢，但我們對我們看到的總體需求感到滿意。

We believe our IntelliCenter pool automation system is the most feature-rich and expandable pool automation system on the market to easily control even the most complex and advanced pools. The system is powered by AWS Cloud technology for improved stability, connectivity, scheduling and reliability. Our digital automation technology centralizes control for multiple pool devices from Water features to lights and pumps. In Pool, lead times have continued to improve, enabling us to better serve our customers and deliver our products more quickly.

我們相信我們的 IntelliCenter 泳池自動化系統是市場上功能最豐富且可擴展性最強的泳池自動化系統，即使是最複雜和最先進的泳池也能輕鬆控制。該系統由 AWS 雲技術提供支持，以提高穩定性、連接性、調度和可靠性。我們的數字自動化技術集中控制從水景到燈光和水泵的多個泳池設備。在 Pool，交貨時間持續縮短，使我們能夠更好地服務客戶並更快地交付產品。

Moving on to Slide 9, titled Making Better Essential. We recently released our 2022 Corporate Responsibility Report on April 18, and we are excited that we have made progress on our strategic social responsibility targets. We are focused on advancing a sustainable future through innovation in our products and solutions to create a better world for people on the planet through smart, sustainable Water Solutions.

轉到幻燈片 9，標題為“打造更好的必備品”。我們最近於 4 月 18 日發布了 2022 年企業責任報告，我們很高興我們在戰略社會責任目標方面取得了進展。我們專注於通過產品和解決方案的創新推進可持續的未來，通過智能、可持續的水解決方案為地球上的人們創造一個更美好的世界。

Turning to Slide 10, titled Social Responsibility Strategic Targets. In 2022, we produced Scope 1 and 2 greenhouse gas emissions by 29%, as compared to our 2019 baseline. And we decreased our Water withdrawal, which represents a 9.3% reduction compared to 2021. We also implemented a sustainability scorecard process for all new Pentair product development to help us better understand the sustainability impact, and opportunity of each new product.

轉到幻燈片 10，標題為社會責任戰略目標。與 2019 年的基準相比，我們在 2022 年的範圍 1 和範圍 2 溫室氣體排放量減少了 29%。我們還減少了取水量，與 2021 年相比減少了 9.3%。我們還為所有 Pentair 新產品開發實施了可持續性記分卡流程，以幫助我們更好地了解每個新產品的可持續性影響和機會。

Moving to Slide 11, titled Positive Impacts from our Products and Solutions. We are proud of the continued progress we have made in our operations and towards sustainable products and solutions. A few examples include 37% of our total electricity usage came from renewable sources and 83% of Pentair's solutions support energy efficiency and 71% support Water efficiency.

轉到幻燈片 11，標題為我們的產品和解決方案的積極影響。我們為我們在運營和可持續產品和解決方案方面取得的持續進步感到自豪。舉幾個例子，我們總用電量的 37% 來自可再生能源，濱特爾 83% 的解決方案支持能源效率，71% 支持用水效率。

For the 11th consecutive year, Pentair has received the ENERGY STAR Partner of the Year Award from the EPA. This award recognizes Pentair pool pumps and Manitowoc Ice excellence in energy efficiency. In fact, Pentair was the first manufacturer of pool equipment to receive this certification for our pool pumps. Since 2005, our ENERGY STAR pool pumps have saved a cumulative 38.9 billion kilowatt hours of energy savings, reduced greenhouse gas emissions by nearly 16 million tons of CO2 and saved over $5 billion in operating costs for U.S. consumers.

濱特爾連續第 11 年獲得 EPA 頒發的能源之星年度合作夥伴獎。該獎項表彰了 Pentair 泳池泵和 Manitowoc Ice 在能效方面的卓越表現。事實上，Pentair 是第一家獲得泳池泵認證的泳池設備製造商。自 2005 年以來，我們的能源之星泳池泵累計節省了 389 億千瓦時的能源，減少了近 1600 萬噸二氧化碳的溫室氣體排放，並為美國消費者節省了超過 50 億美元的運營成本。

Before I turn it over to Bob, let's turn to Slide 12, titled CEO Summary. We delivered quality earnings across our diversified portfolio, and positioned the company for sustained value creation. Our Q1 performance was a strong start to our fiscal year, which reflected sales growth and ROS expansion driven by a diverse Water portfolio, as well as efficiencies from transformation. Manitowoc Ice has assimilated well and contributed ahead of expectations.

在我將其交給 Bob 之前，讓我們轉到幻燈片 12，標題為 CEO 總結。我們在多元化的投資組合中實現了優質收益，並為公司持續創造價值奠定了基礎。我們第一季度的業績是本財年的一個良好開端，這反映了多元化水產品組合推動的銷售增長和 ROS 擴張，以及轉型帶來的效率提升。 Manitowoc Ice 吸收良好，貢獻超出預期。

Bob will discuss our second quarter and full year 2023 guidance in more detail. However, I wanted to share with you some of my thoughts on our current outlook. As we look to the remainder of 2023, we continue to closely monitor macroeconomic developments and remain mindful of an uncertain operating environment. We are implementing risk-mitigation strategies, and accelerating transformation funnels is necessary, while focusing on investing in the long-term growth of our company.

Bob 將更詳細地討論我們的第二季度和 2023 年全年指南。但是，我想與您分享我對我們當前前景的一些看法。展望 2023 年剩餘時間，我們將繼續密切關注宏觀經濟發展，並對不確定的經營環境保持警惕。我們正在實施風險緩解戰略，加速轉型渠道是必要的，同時專注於投資於我們公司的長期增長。

We've reduced our pool revenue expectations, reflecting both a lower sell-through due to economic uncertainty and the previously expected inventory headwinds, while increasing our expected margin expansion, reflecting Q1 performance and confidence in our transformation progress. We also expect Water Solutions and IFT performance to continue throughout 2023 as informed by orders, backlog and transformation efficiencies.

我們降低了我們的合併收入預期，反映了由於經濟不確定性和之前預期的庫存逆風導致的較低銷售率，同時提高了我們預期的利潤率擴張，反映了第一季度的業績和對我們轉型進展的信心。根據訂單、積壓訂單和轉型效率，我們還預計 Water Solutions 和 IFT 的業績將在整個 2023 年持續。

As a result, we are raising the midpoint of our adjusted EPS guidance to $3.65, reflecting our strong Q1 performance, while maintaining the high end of our adjusted EPS guidance range at $3.70. We are confident in our diversified Water business model, long-term strategy and our transformation initiatives, which we anticipate will continue to drive shareholder returns.

因此，我們將調整後每股收益指引的中點上調至 3.65 美元，以反映我們第一季度的強勁表現，同時將調整後每股收益指引範圍的高端維持在 3.70 美元。我們對我們多元化的水務業務模式、長期戰略和轉型計劃充滿信心，我們預計這些將繼續推動股東回報。

We have a long successful track record of generating strong cash flow and being disciplined with capital allocation. This year marks our 47th consecutive year of dividend increases. And longer term, we are targeting getting back to high teens ROIC.

我們在產生強勁的現金流和遵守資本配置方面有著長期的成功記錄。今年是我們連續第 47 年增加股息。從長遠來看，我們的目標是回到十幾歲的 ROIC。

We have the right purpose, the right team, the right portfolio and the right strategy to win in this market. We believe, we have a very solid foundation and the competitive advantages to continue to succeed.

我們有正確的目標、正確的團隊、正確的投資組合和正確的戰略來贏得這個市場。我們相信，我們擁有非常堅實的基礎和競爭優勢，可以繼續取得成功。

I will now pass the call over to Bob, who will discuss our performance and financial results in more detail. Bob?

我現在將電話轉給鮑勃，他將更詳細地討論我們的業績和財務結果。鮑勃？

Thank you, John, and good morning, everyone. Let's start on Slide 13, titled Q1 2023 Pentair Performance. We delivered better-than-expected first quarter sales growth of 3% driven by pricing benefits across all 3 segments and the contribution of our Manitowoc Ice acquisition, which were partially offset by volume declines in our residential businesses.

謝謝約翰，大家早上好。讓我們從幻燈片 13 開始，標題為 Q1 2023 Pentair Performance。由於所有 3 個部門的定價優勢和收購 Manitowoc Ice 的貢獻，我們第一季度實現了 3% 的好於預期的銷售增長，這部分被我們住宅業務的銷量下降所抵消。

Our higher-than-expected sales in the quarter were driven by better performance in IFT and Water Solutions, offset by slightly lower-than-expected sales in our Pool segment, primarily due to unusual weather in the West. Core sales declined 3% mainly driven by a 16% decrease in Pool, after Pool grew 23% in last year's Q1 and 48% in Q1 of 2021, partially offset by core growth of 11% in IFT and 2% in Water Solutions.

我們本季度高於預期的銷售額是由 IFT 和 Water Solutions 的更好業績推動的，但被泳池部門略低於預期的銷售額所抵消，這主要是由於西部異常天氣。核心銷售額下降 3%，主要受 Pool 下降 16% 的推動，此前 Pool 在去年第一季度增長 23%，在 2021 年第一季度增長 48%，部分被 IFT 11% 和 Water Solutions 2% 的核心增長所抵消。

First quarter segment income increased 23%, and return on sales expanded 330 basis points year-over-year to 20.5%, driven by price more than offsetting inflation, productivity benefits from our transformation initiatives and accretive margins from our Manitowoc Ice acquisition. As John mentioned, both segment income and ROS in Q1 hit record levels post separation of nVent.

第一季度分部收入增長 23%，銷售回報率同比增長 330 個基點至 20.5%，這主要是受價格而非通貨膨脹、我們的轉型計劃帶來的生產力優勢以及收購 Manitowoc Ice 帶來的利潤增長的推動。正如 John 所提到的，在 nVent 分離後，第一季度的部門收入和 ROS 都達到了創紀錄的水平。

We delivered better-than-expected adjusted EPS of $0.91, up 7% versus the prior year. Net interest and other expense was $33 million, and our adjusted tax rate was 15% during the quarter, with a share count of 165.8 million. Our better-than-expected segment income and adjusted EPS were driven by higher sales, price offsetting inflation and better contribution from our transformation initiatives.

我們交付的調整後每股收益為 0.91 美元，比上年增長 7%，好於預期。本季度淨利息和其他費用為 3300 萬美元，調整後的稅率為 15%，股票數量為 1.658 億股。我們好於預期的分部收入和調整後的每股收益是由於銷售額增加、價格抵消了通貨膨脹以及我們的轉型計劃做出了更好的貢獻。

Please turn to Slide 14, labeled Q1 2023 Industrial & Flow Technologies Performance. IFT sales increased 9% in the quarter, which included 2 points of FX headwinds. Core sales increased 11%, segment income grew 25% and return on sales expanded 200 basis points to 16.6%, marking the third consecutive quarter of equal to or greater than 200 basis points of improvement. The strong margin expansion was a result of price offsetting inflation and continued progress on our transformation initiatives. Sales growth in IFT was driven across all businesses, led by commercial flow and industrial solutions, along with growth in residential flow.

請轉到幻燈片 14，標有“2023 年第一季度工業和流動技術績效”。 IFT 銷售額在本季度增長了 9%，其中包括 2 個百分點的外匯逆風。核心銷售額增長 11%，分部收入增長 25%，銷售回報率擴大 200 個基點至 16.6%，標誌著連續第三個季度實現等於或大於 200 個基點的改善。利潤率的強勁增長是價格抵消通脹和我們轉型計劃持續取得進展的結果。 IFT 的銷售增長受到所有業務的推動，由商業流量和工業解決方案以及住宅流量的增長帶動。

Please turn to Slide 15, labeled Q1 2023 Water Solutions Performance. In Q1, Water Solutions sales increased 32% driven by our Manitowoc Ice acquisition and price. Core sales grew 2%. The 3 points of volume decline was primarily due to the continued inventory correction, across many product lines in our residential channels. Segment income grew 136%, and return on sales expanded 850 basis points to 19.3%, driven by our ICE acquisition as well as efficiencies from our transformation initiatives.

請轉到標有“2023 年第一季度水解決方案績效”的幻燈片 15。在第一季度，受 Manitowoc Ice 收購和價格的推動，Water Solutions 銷售額增長了 32%。核心銷售額增長 2%。 3 個百分點的銷量下降主要是由於我們住宅渠道中許多產品線的庫存持續調整。分部收入增長 136%，銷售回報率增長 850 個基點至 19.3%，這得益於我們對 ICE 的收購以及我們轉型計劃的效率提升。

Please turn to Slide 16, labeled Q1 2023 Pool Performance. In Q1, Pool sales declined 16%, which was slightly below our expectations. The volume decline of 27 points was primarily due to unusual weather in the Western U.S. in the first quarter of this year, inventory corrections in this year's Q1, and a strong prior year comparison. The pricing benefit of 11 points helped partially offset the volume decline and was due to carryover from the prior year.

請轉到標有 Q1 2023 Pool Performance 的幻燈片 16。第一季度，泳池銷售額下降 16%，略低於我們的預期。銷量下降 27 個百分點主要是由於今年第一季度美國西部的異常天氣、今年第一季度的庫存調整以及與去年同期相比強勁。 11 個百分點的定價優勢幫助部分抵消了銷量下降，這是由於上一年的結轉。

Despite lower sales year-over-year, return on sales expanded 520 basis points to 31.9%, due to price significantly offsetting inflation, rightsizing to lower volumes and benefits from our transformation initiatives.

儘管銷售額同比下降，但由於價格顯著抵消了通貨膨脹、調整規模以減少銷量以及我們的轉型計劃帶來的好處，銷售回報率上升了 520 個基點至 31.9%。

Please turn to Slide 17, labeled Transformation Expectations. We continue to make progress on our transformation with realized successes in Q1 regarding pricing and sourcing, which drove margin expansion. As we shared with you last quarter, we expect to drive ROS expansion of over 400 basis points by year-end 2025 as compared to 2022.

請轉到標有轉型預期的幻燈片 17。我們繼續在轉型方面取得進展，第一季度在定價和採購方面取得了成功，這推動了利潤率的增長。正如我們在上個季度與您分享的那樣，與 2022 年相比，我們預計到 2025 年底將推動 ROS 擴張超過 400 個基點。

As I mentioned last quarter, in pricing, we completed wave one, which established a new strategic pricing playbook. This creates a foundation for pricing across our different go-to-market strategies and includes looking at our dealer and distributor programs to better optimize them. We continue to gain insight into profitability by customer and product category, and use this data to better drive our forecast.

正如我上個季度提到的，在定價方面，我們完成了第一波，建立了新的戰略定價手冊。這為我們不同的上市策略的定價奠定了基礎，包括查看我們的經銷商和分銷商計劃以更好地優化它們。我們繼續深入了解客戶和產品類別的盈利能力，並使用這些數據更好地推動我們的預測。

We believe pricing remains a big opportunity. We are building capabilities and starting to see benefits materialize. We expect future waves to include the implementation of a pricing playbook, across all of our product categories.

我們認為定價仍然是一個巨大的機會。我們正在建設能力，並開始看到收益實現。我們預計未來的浪潮將包括在我們所有的產品類別中實施定價手冊。

We are furthest along in our strategic sourcing initiatives. As I've mentioned previously, material costs represent roughly 40% of our revenue. We have completed wave one negotiations that focused on key categories like electronics, motors and drives, castings, packaging, logistics and MRO. Wave one included roughly 35% of material spend and identified over 12% in saving opportunities.

我們在戰略採購計劃方面走得最遠。正如我之前提到的，材料成本約占我們收入的 40%。我們已經完成了第一波談判，重點是電子、電機和驅動、鑄件、包裝、物流和 MRO 等關鍵類別。第一波包括大約 35% 的材料支出，並確定了超過 12% 的節省機會。

We have unlocked value through supplier-dedicated resources supply base reduction, inventory solutions, enhanced supplier executive-level relationships and rebate programs. In Q1, over 120 Pentair cross-functional team members attended workshops to begin the wave one implementation process.

我們通過供應商專用資源供應基礎減少、庫存解決方案、增強的供應商高管層關係和回扣計劃釋放了價值。在第一季度，超過 120 名 Pentair 跨職能團隊成員參加了研討會，開始了第一波實施過程。

Wave two was launched in Q1 and covers another 35% of material spend for commodity groups, such as metals, plastics and molding, purchased finished goods, transportation and indirect spend, such as IT, fleet management and office supplies. We expect this will create a funnel of savings for 2023 and 2024.

第二波於第一季度推出，涵蓋了另外 35% 的商品組材料支出，如金屬、塑料和模具、採購成品、運輸和間接支出，如 IT、車隊管理和辦公用品。我們預計這將為 2023 年和 2024 年創造一個儲蓄漏斗。

In operations excellence, we are focused on reducing complexity and driving lean processes across all our operations. We believe this presents longer-term opportunities but not until 2024 and beyond, as we build out the funnel.

在卓越運營方面，我們專注於降低複雜性並在我們所有的運營中推動精益流程。我們相信這會帶來更長期的機會，但要到 2024 年及以後，因為我們正在構建漏斗。

Lastly, in organizational effectiveness, we are focusing on sales and functional excellence to simplify our organization. From an organizational standpoint, we believe ample opportunities remain for complexity reduction across the entire portfolio and a realignment of needed skills within our top priorities.

最後，在組織效率方面，我們專注於銷售和卓越的職能，以簡化我們的組織。從組織的角度來看，我們認為仍有大量機會可以降低整個產品組合的複雜性，並在我們的首要任務中重新調整所需技能。

We continue to move transformation from funnel to execution, and we expect more material benefits to contribute to our longer-term margin expansion targets. We continue to believe that our transformation initiatives will be a large value-creation opportunity for Pentair.

我們繼續將轉型從漏斗轉向執行，我們預計更多的物質利益將為我們的長期利潤率擴張目標做出貢獻。我們仍然相信，我們的轉型計劃將為 Pentair 帶來巨大的價值創造機會。

Please turn to Slide 18, labeled Balance Sheet and Cash Flow. This slide reflects the closing of the Manitowoc acquisition at the end of July of last year. We ended the quarter with pro forma leverage at 2.6x. Our ROIC was at 15.2%. And as a reminder, this includes debt from the Manitowoc Ice acquisition, with only approximately 3/4 of Manitowoc EBITDA contribution.

請轉到幻燈片 18，標有資產負債表和現金流量。這張幻燈片反映了去年 7 月底完成對 Manitowoc 的收購。我們以 2.6 倍的備考槓桿率結束了本季度。我們的 ROIC 為 15.2%。提醒一下，這包括收購 Manitowoc Ice 產生的債務，僅佔 Manitowoc EBITDA 貢獻的大約 3/4。

We recently entered into interest rate swap and collar agreements in order to hedge our variable rate debt. We now expect the mix of variable to fixed debt to be closer to 50-50, by the end of Q2. We have no significant long-term debt maturing for the next few years, and almost the majority of our debt is in term loans going out 3 to 5 years.

我們最近簽訂了利率互換和領子協議，以對沖我們的可變利率債務。我們現在預計，到第二季度末，可變債務與固定債務的比例將接近 50-50。我們沒有在未來幾年到期的重大長期債務，而且我們幾乎大部分債務都是 3 到 5 年的定期貸款。

We used $123 million of free cash flow in Q1, which reflects typical seasonality and was roughly $25 million better than the prior year. As a reminder, the second quarter is typically our highest free cash flow quarter of the year, and we expect full year free cash flow to be in line with our historical performance of 100% of net income. We plan to remain disciplined with our capital and continue to focus on debt reduction, amid the higher interest rate environment.

我們在第一季度使用了 1.23 億美元的自由現金流，這反映了典型的季節性，比上一年好大約 2500 萬美元。提醒一下，第二季度通常是我們一年中自由現金流量最高的季度，我們預計全年自由現金流量將與我們 100% 淨收入的歷史表現一致。在更高的利率環境下，我們計劃保持對資本的紀律，並繼續專注於減少債務。

Moving to Slide 19, titled Q2 and Full Year 2023 Pentair Outlook. For the full year, we are updating adjusted EPS guidance to approximately $3.60 to $3.70, raising the midpoint. Also for the full year, we expect sales to be roughly down 2% to flat. We expect segment income to increase 7% to 10% with corporate expense of approximately $80 million, net interest expense of roughly $125 million, an adjusted tax rate of approximately 15%, and a share count of 165 million to 166 million.

轉到幻燈片 19，標題為“第二季度和 2023 年全年 Pentair 展望”。對於全年，我們將調整後的每股收益指引更新至大約 3.60 美元至 3.70 美元，從而提高了中點。同樣對於全年，我們預計銷售額將大致下降 2% 至持平。我們預計分部收入將增長 7% 至 10%，公司支出約為 8000 萬美元，淨利息支出約為 1.25 億美元，調整後的稅率約為 15%，股份數量為 1.65 億至 1.66 億股。

For the second quarter, we expect sales to be approximately down 1% to flat versus last year's Q2, as the contribution of Manitowoc Ice and our commercial and industrial businesses are expected to help offset expected volume declines from our residential businesses. We are introducing adjusted EPS guidance of approximately $0.94 to $0.96, which represents a year-over-year decrease of approximately 6% to 8%, primarily due to lower Pool volumes.

對於第二季度，我們預計銷售額將比去年第二季度下降約 1% 至持平，因為 Manitowoc Ice 以及我們的商業和工業業務的貢獻預計將有助於抵消我們住宅業務的預期銷量下降。我們引入調整後的 EPS 指引，約為 0.94 美元至 0.96 美元，同比下降約 6% 至 8%，這主要是由於池量減少。

We expect an improvement in the second quarter versus the $0.91 of adjusted EPS in Q1. We expect segment income to increase 5% to 7% with corporate expense coming in around $21 million, net interest expense of roughly $34 million, an adjusted tax rate of approximately 15% and a share count of 165 million to 166 million.

我們預計第二季度的調整後每股收益將比第一季度的 0.91 美元有所改善。我們預計分部收入將增長 5% 至 7%，公司支出約為 2100 萬美元，淨利息支出約為 3400 萬美元，調整後的稅率約為 15%，股票數量為 1.65 億至 1.66 億股。

Moving to Slide 20, titled Full Year 2023 Guidance at Midpoint. At the midpoint, we expect total Pentair sales to be down approximately 1%. While the sales midpoint has not changed, our sales mix and assumptions have. We now expect IFT to perform better than we expected 90 days ago, and Pool sales to decline from our original expectations due to increased economic uncertainty and lower new pool construction.

轉到幻燈片 20，標題為 2023 年全年中點指南。在中點，我們預計 Pentair 的總銷售額將下降約 1%。雖然銷售中點沒有改變，但我們的銷售組合和假設發生了變化。我們現在預計 IFT 的表現將好於我們 90 天前的預期，並且由於經濟不確定性增加和新泳池建設減少，泳池銷售額將低於我們最初的預期。

We now expect IFT sales to be up low single digits, Water Solutions to be unchanged with sales up mid-teens and Pool sales to be down approximately in the mid-teen range, as compared to down low double digits previously.

我們現在預計 IFT 銷售額將增長低個位數，Water Solutions 的銷售額將保持不變，銷售額將上升到 15% 左右，而 Pool 的銷售額將下降大約 15% 左右，而之前的下降幅度為兩位數。

As we have discussed in prior quarters, our Pool sales consist of 20% from new pools, 20% from remodels and 60% from the aftermarket. Within our current Pool guidance, we now expect new pools and remodels to be down approximately 25% versus previous assumptions of down approximately 20% and inventory in aftermarket to be down roughly 20% compared to previous assumptions of down 15% with approximately 2/3 of the decline relating to inventory corrections.

正如我們在前幾個季度討論的那樣，我們的泳池銷售額包括 20% 來自新泳池，20% 來自改造，60% 來自售後市場。在我們目前的 Pool 指導下，我們現在預計新泳池和改造將下降約 25%，而之前的假設是下降約 20%，而售後市場的庫存將下降約 20%，而之前的假設是下降 15%，下降約 2/3與庫存修正有關的下降。

We expect price carryover of roughly mid-single digits. We do expect Pool to return to more normalized demand in 2024 after absorbing significant headwinds in the current year. Segment income is now expected to increase approximately 9% as compared to 8% previously with ROS expansion of nearly 200 basis points to 20.5%, as compared to 20.2% last quarter.

我們預計價格結轉約為中個位數。我們確實預計，在吸收了今年的重大逆風之後，Pool 將在 2024 年恢復更正常的需求。現在預計分部收入將增長約 9%，而此前為 8%，ROS 增長近 200 個基點至 20.5%，而上一季度為 20.2%。

We are encouraged by the diversity of our portfolio, the integration of Manitowoc Ice and the continued momentum of our transformation initiatives, which are expected to drive significant margin expansion.

我們對產品組合的多樣性、Manitowoc Ice 的整合以及我們轉型計劃的持續勢頭感到鼓舞，這些舉措有望推動利潤率顯著增長。

Before I turn the call over for Q&A, I wanted to highlight why we believe that Pentair is a compelling investment opportunity. Please turn to Slide 21. There are 6 distinguishing characteristics that we believe sets Pentair apart. We are an industry leader with a diversified brand portfolio and a focus on driving innovation across all 3 segments. We have a transformation strategy that is expected to drive operational efficiencies and margin expansion.

在我進行問答之前，我想強調為什麼我們認為 Pentair 是一個引人注目的投資機會。請轉到幻燈片 21。我們認為 Pentair 有 6 個顯著特徵。我們是行業領導者，擁有多元化的品牌組合，並專注於推動所有 3 個細分市場的創新。我們有一個轉型戰略，有望提高運營效率和利潤率。

We have an ESG focus on people, the planet and governance to provide smart, sustainable Water Solutions. And we just recently published our 2022 Corporate Responsibility Report, highlighting progress towards our strategic targets. We have favorable secular trends driving end-market growth. We have a strong balance sheet and cash flow, which we expect to drive additional value creation. And we are a dividend aristocrat with 47 consecutive years of increasing dividends.

我們將 ESG 重點放在人、地球和治理上，以提供智能、可持續的水資源解決方案。我們最近剛剛發布了 2022 年企業責任報告，強調了我們在實現戰略目標方面取得的進展。我們有推動終端市場增長的有利長期趨勢。我們擁有強大的資產負債表和現金流，我們希望這能推動額外的價值創造。而且我們是連續47年增加股息的股息貴族。

I would now like to turn the call over to the operator for Q&A, after which, John will have a few closing remarks. MJ, please open the line for questions. Thank you.

我現在想將電話轉給接線員進行問答，之後，約翰將發表一些結束語。 MJ，請打開問題熱線。謝謝。

(Operator Instructions) Today's first question comes from Mike Halloran with Baird.

（操作員說明）今天的第一個問題來自 Mike Halloran 和 Baird。

Really nice quarter. Really nice quarter. So a couple of questions here. First on the Man Ice side of things. Maybe can you just talk a little bit about, where you're seeing the outperformance from and then also a little bit of context on how you're looking at the forward outlook, what kind of visibility you have, what customers are saying? Any kind of context around that?

非常好的季度。非常好的季度。所以這裡有幾個問題。首先是在 Man Ice 方面。也許你能談談，你從哪裡看到了出色的表現，然後還有一些關於你如何看待前瞻性前景的背景，你有什麼樣的知名度，客戶在說什麼？有什麼背景嗎？

The Manitowoc Ice performance has been significant from our perspective. We -- I often get asked the question. So this year, in Q1, we drove roughly $95 million of sales in Manitowoc, and that's versus them doing around $75 million last year. And again, think of that business as high 20s, from a margin perspective.

從我們的角度來看，Manitowoc Ice 的性能非常重要。我們——我經常被問到這個問題。因此，今年第一季度，我們在 Manitowoc 實現了大約 9500 萬美元的銷售額，而去年他們的銷售額約為 7500 萬美元。再一次，從利潤率的角度來看，該業務高達 20 多歲。

I would say one thing that's helped is they have significant backlog in the business. They're clearing that. But probably more importantly, if you think about the go-to-market strategy, as we combine Ice services and our commercial filtration business, my view is that 1 plus 1 plus 1 adds up to more than 3, and the opportunity to go to market in that way has really helped the business.

我會說有幫助的一件事是他們在業務中有大量積壓。他們正在清理那個。但可能更重要的是，如果你考慮上市戰略，當我們將 Ice 服務和我們的商業過濾業務結合起來時，我的觀點是 1 加 1 加 1 加起來超過 3，並且有機會進入這樣的市場確實對業務有所幫助。

And then on the Pool side of things, obviously, the margins were particularly impressive given where the volume levels we're at. Maybe you can just frame, you provide a little bit more context around the drivers behind that? I know you commented on price transformation, but a little more detail on that. And then, how should we think of the sustainability of this margin range, particularly given you still have a lot of volume variability ahead of you?

然後在 Pool 方面，顯然，考慮到我們所處的音量水平，利潤特別可觀。也許你可以只是框架，你提供了更多關於背後驅動因素的背景信息？我知道你評論了價格轉變，但更詳細一點。然後，我們應該如何考慮這個保證金範圍的可持續性，特別是考慮到您前面還有很多數量可變性？

Yes. Mike, I'll tag team this one and -- I think, we talked openly last couple of years about the inefficiencies in our manufacturing process from not having our supply chain aligned to the volume demands. And those inefficiencies came from freight premiums to get product in and out, as well as the overtime that we were running in our factories.

是的。邁克，我會給這個團隊貼上標籤——我認為，我們在過去幾年公開談論了我們的製造過程中由於沒有使我們的供應鏈與數量需求保持一致而導致的低效率。這些低效率來自產品進出的運費，以及我們工廠的加班。

As we were able to have more visibility and clarity on the demand throughout the channel, Mike, we were able to eliminate most of those inefficiencies. And spot buys are a big piece of what we are dealing with, too, and we saw huge positive impacts in Q1 regarding that.

由於我們能夠對整個渠道的需求有更多的可見性和清晰度，邁克，我們能夠消除大部分低效率。現貨購買也是我們正在處理的一大部分，我們在第一季度看到了這方面的巨大積極影響。

I share that because while we're getting some of the transformation benefits in Pool, what really ups our confidence as most of the transformation benefits around the ongoing sourcing savings and the operational efficiencies really are in the later quarters. And we have a lot of confidence that we're going to realize those in addition to these inefficiencies going away.

我分享這一點是因為雖然我們在 Pool 中獲得了一些轉型收益，但真正增強我們信心的是，圍繞持續採購節省和運營效率的大部分轉型收益確實在後期幾個季度出現。我們非常有信心，除了消除這些低效率之外，我們還將實現這些。

The only thing, I would add is I think Pool has done a really nice job. Back in Q3, Q4 of last year and seeing the channel correction ahead of us, they did a nice job of rightsizing to those lower volumes.

我唯一要補充的是，我認為 Pool 做得非常好。回到去年的第三季度和第四季度，看到我們前面的渠道調整，他們在調整這些較低的交易量方面做得很好。

The next question comes from Bryan Blair with Oppenheimer.

下一個問題來自布萊恩布萊爾和奧本海默。

Actually wanted to follow up on Mike's question on the Manitowoc outperformance. Obviously, pacing ahead of plan. You mentioned the strong pro forma growth year-on-year. Is high 20s margin an EBITDA or ROS figure, just to clarify on that? And, how should we think about that phasing through the year, whether there's lift possible? And are you willing to speak to a new accretion range for 2023?

實際上想跟進邁克關於馬尼托瓦克表現出色的問題。顯然，提前計劃。你提到了強勁的同比增長。 20s 的高利潤率是 EBITDA 還是 ROS 數字，只是為了澄清一下？而且，我們應該如何考慮這一年的分階段，是否有可能提升？你願意談論 2023 年的新吸積範圍嗎？

It is a ROS number to answer your first question. And again, our view is that Manitowoc Ice is an extremely well-run business, as part of our portfolio. Our goal is to continue to keep the margins in that high 20s range and have them take advantage of the transformation initiatives as well. But we don't want to get ahead of ourselves with that business either. For now, the performance is going exceptionally well.

這是回答您第一個問題的 ROS 編號。同樣，我們認為 Manitowoc Ice 作為我們投資組合的一部分，是一家經營極其良好的企業。我們的目標是繼續將利潤率保持在 20 多歲的高位，並讓他們也利用轉型計劃。但我們也不想在這項業務上超越自己。目前，性能非常好。

And as a reminder, when COVID evolved, I mean, the space that we're in, took one of the bigger hits across the Pentair portfolio, right? So we're still dealing with global openings of restaurants, hospitality, gyms, et cetera. And that's really driving the trends in our foodservice operations, both with Manitowoc performance, but also with our Everpure filtration and our services operations as well. So really feel good that we've got visibility in this space and that we're coming together to solve customer solutions in a way that make those customers want to continue to work with us.

提醒一下，當 COVID 發展時，我的意思是，我們所處的空間在 Pentair 產品組合中受到了更大的打擊，對吧？因此，我們仍在處理餐廳、酒店、健身房等的全球開業事宜。這確實推動了我們餐飲服務運營的趨勢，無論是 Manitowoc 的性能，還是我們的 Everpure 過濾和我們的服務運營。所以真的感覺很好，因為我們在這個領域有知名度，並且我們齊心協力解決客戶解決方案，讓這些客戶希望繼續與我們合作。

All makes sense. It's good to hear. And within Water Solutions, resi weakness to start the year, that was obviously anticipated. Any update you can offer, insight into current channel trends and whether over the next couple of quarters, we may be more in balance in terms of channel inventory?

一切都說得通。很高興聽到。而在 Water Solutions 內部，今年年初出現疲軟，這顯然是意料之中的。您可以提供任何更新、對當前渠道趨勢的洞察以及在接下來的幾個季度中，我們是否可以在渠道庫存方面更加平衡？

Yes. As a reminder, we've had -- part of this delta negative year-over-year is driven by our exits of our direct-to-consumer initiatives. But when you look at the core underlying residential Water treatment trends, they're still positive and encouraging as people are looking for the best Water that they can have in their homes. And when you look across your channels, we're still seeing modest growth across most of our end channels.

是的。提醒一下，我們已經 - 這一三角洲同比負增長的部分原因是我們退出了直接面向消費者的計劃。但是，當您查看住宅水處理的核心潛在趨勢時，它們仍然是積極的和令人鼓舞的，因為人們正在尋找他們家中可以擁有的最好的水。當你審視你的渠道時，我們仍然看到大多數終端渠道都在適度增長。

The next question comes from Brett Linzey with Mizuho Americas.

下一個問題來自 Mizuho Americas 的 Brett Linzey。

Want to come back to wave 2 of the transformation. It sounds like, you've got a lot of organizational muscle around these opportunities. With regards to wave 2, is there anything unique about the phasing or the timing of the benefits relative to wave 1? Or should we think of this as sort of linear through 2024?

想回到轉型的第 2 波。聽起來，您擁有圍繞這些機會的大量組織力量。關於第 2 波，相對於第 1 波，收益的分階段或時間安排有什麼獨特之處嗎？還是我們應該將其視為 2024 年之前的線性關係？

Yes. And just as a reminder, we have the 4 major initiatives in transformation. They all have different waves, in particular around sourcing, the wave 1 negotiations is complete now. So we're moving on to the wave 1 implementation, and at the same time, running a parallel activity around the next $500 million, $600 million of spend in wave 2. So our view is it's a really nice runway that benefits more significantly in 2024 but then also gives us upside in 2025 and beyond.

是的。提醒一下，我們有 4 大轉型舉措。他們都有不同的浪潮，特別是在採購方面，第一波談判現在已經完成。因此，我們將繼續進行第 1 波實施，同時，圍繞下一個 5 億美元、6 億美元的支出在第 2 波中開展並行活動。因此我們認為這是一條非常好的跑道，在2024 年，但也給我們帶來了 2025 年及以後的上行空間。

Okay. Got it. And just on price, I mean, the traction continues to be very strong there. Was Q1 in line with your Q1 expectation? Or did that realization come in a little bit better? I'm just curious if there might be a little upward tension on that 5% assumption for the full year.

好的。知道了。就價格而言，我的意思是，那裡的牽引力仍然非常強勁。 Q1是否符合您對Q1的預期？還是這種認識變得更好了一點？我只是很好奇全年 5% 的假設是否會有點向上緊張。

It was a little bit better than we expected. We always knew that Q1 would be our better price quarter and that it would slowly come down, throughout the year. But we have seen less discounting than we thought. So we're certainly comfortable with pricing and had a little bit of upside in the first quarter.

這比我們預期的要好一點。我們一直都知道，第一季度將是我們更好的價格季度，並且它會在全年緩慢下降。但我們看到的折扣比我們想像的要少。因此，我們當然對定價感到滿意，並且在第一季度有一點上漲空間。

The next question comes from Andy Kaplowitz with Citigroup.

下一個問題來自花旗集團的 Andy Kaplowitz。

Just focusing on the overall pool market for a second. Can you possibly quantify how much weather impacted your Pool equipment business in the quarter? And are you still thinking normalization of Pool markets occurs end of Q2 or Q3? And I think, you've been focused on attempting to take share back this year, as supply chains have improved in Pool? Have you been able to do that?

只關注整個游泳池市場一秒鐘。您能否量化本季度天氣對泳池設備業務的影響程度？您是否仍然認為 Pool 市場的正常化會在第二季度末或第三季度末發生？而且我認為，隨著 Pool 中供應鏈的改善，您今年一直專注於嘗試奪回份額？你能做到嗎？

So to start the question, it was a couple of points relating to weather in Q1. So it did cause us to come in slightly lower than what we thought. We -- our belief is still that we are back to normal inventory levels by the end of the pool season, which would be the third quarter. So that continues to be our assumption there. Third part of your question, Andy, was what?

所以開始這個問題，這是與第一季度天氣有關的幾點。所以它確實導致我們的收入略低於我們的預期。我們——我們仍然相信，到泳池季節結束時，也就是第三季度，我們將恢復到正常的庫存水平。所以這仍然是我們的假設。安迪，你問題的第三部分是什麼？

Share. As supply chains have gotten better, have you been able to sort of get more equipment into the market and take some share?

分享。隨著供應鏈變得更好，您是否能夠將更多設備投放市場並佔據一些份額？

Yes. I mean we're excited about the new product offerings, as I mentioned, and getting the industry and the market again focused on those new products. I think, when everybody's busy and things are active, you just kind of want to put in more of the products that you know very well. So we've been very actively training the dealer channels on the new IF3 pump, as I mentioned in my comments, which was really the first product that has the Internet capability and WiFi and Bluetooth built into the pump itself, which allows us for some basic features that can be run without the full automation pad.

是的。我的意思是，正如我所提到的，我們對新產品感到興奮，並讓行業和市場再次關注這些新產品。我認為，當每個人都很忙並且事情很活躍時，您只是想投入更多您非常了解的產品。所以我們一直在非常積極地培訓新 IF3 泵的經銷商渠道，正如我在評論中提到的那樣，這確實是第一個具有互聯網功能以及泵本身內置 WiFi 和藍牙的產品，這使我們能夠進行一些無需全自動化墊即可運行的基本功能。

The second one that we launched is -- we're excited about our new IntelliCenter and the improvement in the IntelliCenter app, which we've been able to, again, get the channel excited about. And then, the third element that we still have coming is a new filtration capability both for safety and clarity of space.

我們推出的第二個是 - 我們對我們的新 IntelliCenter 和 IntelliCenter 應用程序的改進感到興奮，我們已經能夠再次讓渠道興奮。然後，我們仍然要實現的第三個要素是一種新的過濾能力，既能保證空間的安全又能保證空間的清晰度。

So I think, if we talk about winning, it's going to come from new products and having, again, the most innovative products for the channel and getting the channel excited to be partnered with Pentair to bring those to the consumers.

所以我認為，如果我們談論獲勝，它將來自新產品，並再次為渠道提供最具創新性的產品，並讓渠道興奮地與 Pentair 合作，將這些產品帶給消費者。

And then, John, your CapEx businesses, such as industrial solutions, continue to look strong. Can you talk about the durability of the CapEx cycle? What are your conversations like with customers at this point across that IFT segment?

然後，約翰，您的資本支出業務（例如工業解決方案）繼續保持強勁勢頭。你能談談資本支出週期的持久性嗎？此時您在 IFT 細分市場與客戶的對話是什麼樣的？

Yes. I'm extremely impressed with the IFT team both under Jerome's leadership when he was there and the way that Devon has continued to lead it. Our business leaders know that what we want is predictable growth. And growth that comes both profitable on the project element but also brings with it the aftermarket and services component.

是的。我對 IFT 團隊印象深刻，無論是在 Jerome 的領導下還是 Devon 繼續領導它的方式。我們的商業領袖知道我們想要的是可預測的增長。項目元素的增長既帶來了利潤，也帶來了售後市場和服務部分。

So we've limited the growth opportunity to those projects that we feel like we can bring forward at a positive margin for Pentair and also then bring on those future businesses. So I think, we feel good about the engagements we have with the customer space, the investments that are happening and the solutions we're providing, which, again, are taking waste to value.

因此，我們將增長機會限制在那些我們認為可以為 Pentair 帶來正利潤的項目上，然後再帶來這些未來的業務。所以我認為，我們對與客戶空間的接觸、正在進行的投資以及我們提供的解決方案感到滿意，這些再次將浪費轉化為價值。

So in most cases, these projects are bringing value to our end customers while they're investing in it. So we're keeping an eye on it. You would expect higher interest rates to slow that industrial investment. But right now, from what we can see, the pipeline remains strong.

所以在大多數情況下，這些項目在我們的最終客戶投資的同時為他們帶來了價值。所以我們一直在關注它。你會期望更高的利率會減緩工業投資。但是現在，從我們所看到的情況來看，管道仍然很強大。

The next question comes from Saree Boroditsky with Jefferies.

下一個問題來自 Jefferies 的 Saree Boroditsky。

Just kind of building a little bit on Pool. You talked about inventory normalizing after the pool season. So if you could just update us on how you're thinking about the early buy potential as we get into 4Q, and what that should look like as we get into 2024.

只是在 Pool 上構建了一點點。你談到了泳池季後庫存正常化。因此，如果您能告訴我們您如何看待我們進入第四季度時的早期購買潛力，以及進入 2024 年時應該是什麼樣子。

We expect early buy to return to normalized levels. It was roughly at normalized levels as we closed out 2022. So no significant difference there. Again, as we said, the -- from our perspective, the inventory correction should be done by the end of the pool season, and then we can return to more normalized growth.

我們預計早期購買將恢復到正常水平。當我們關閉 2022 年時，它大致處於正常化水平。所以那裡沒有顯著差異。同樣，正如我們所說，從我們的角度來看，庫存修正應該在泳池季結束前完成，然後我們才能恢復到更正常的增長。

And when you talk about the demand normalizing for 2024, I know it's really early, but any color on how we should think about new pool construction versus aftermarket, if we are entering a weaker macro environment? And then, how are you thinking about price increases? Does that normalize after the recent high levels we've seen?

當你談到 2024 年的需求正常化時，我知道現在還為時過早，但如果我們進入一個較弱的宏觀環境，我們應該如何考慮新池建設與售後市場的任何顏色？然後，您如何看待價格上漲？在我們看到最近的高水平之後，這會正常化嗎？

From a new pool construction perspective, we mentioned that we assume that new pools would be down in that kind of 25% to 30% range. So again, think of new pool construction around that 80,000 mark back in '18 and '19 and '21 inclined to around 115,000. '22 about 100,000 new pools, and this year, we're estimating kind of in that 70,000 to 75,000 range.

從新礦池建設的角度來看，我們提到我們假設新礦池將下降 25% 到 30% 的範圍。再一次，想想 18 年和 19 年和 21 年在 80,000 左右建造的新游泳池，傾向於 115,000 左右。 '22 大約有 100,000 個新池，而今年，我們估計在 70,000 到 75,000 個範圍內。

Our view is that a lot of this is predicated on interest rates and the macroeconomic environment, but we do expect growth in new pools next year, more normalized demand across the aftermarket, really the inventory correction done. So when you think about '24, you're looking at normalized growth against 2023 that has significant headwinds.

我們的觀點是，這在很大程度上取決於利率和宏觀經濟環境，但我們確實預計明年新池的增長，整個售後市場的需求更加正常化，真正完成庫存調整。因此，當您考慮 24 世紀時，您看到的是相對於 2023 年的正常增長，這有很大的阻力。

So we're optimistic that as we turn the corner here in '23, we have a positive story for Pool. And just as a reminder, we had started the year saying that Pool would be down low double digits. We did change that assumption to down low mid-teens. And, if you think about that, we're absorbing about $100 million more of a headwind than what we thought at the beginning of the year. So if you take the low end of double digit down and you take the high end of mid-teens, there's $100 million that we think will work its way through this year, again, setting ourselves up for a better 2024.

因此，我們樂觀地認為，當我們在 23 年迎來轉折點時，我們對普爾有一個積極的故事。提醒一下，今年年初我們就說過 Pool 將下降兩位數。我們確實將該假設更改為降低了十幾歲。而且，如果你考慮一下，我們所承受的逆風比我們年初時想像的要多 1 億美元。因此，如果你把兩位數的低端和十幾歲的高端都拿下來，我們認為今年將有 1 億美元，再次為更好的 2024 年做好準備。

And that, again, is one of the reasons why we were pleased to bring up the midpoint of our guidance this year that even with that headwind, we were able to increase with the strength of IFT, Manitowoc Ice and the great start to the year.

這也是我們很高興提出今年指導的中點的原因之一，即使遇到逆風，我們也能夠憑藉 IFT、Manitowoc Ice 的實力和今年的良好開端而增長.

The next question comes from Nathan Jones with Stifel.

下一個問題來自 Stifel 的 Nathan Jones。

A follow-up on Manitowoc Ice to start with. Bob, you talked about then working down backlog in the quarter. Can you quantify kind of that increasing sales from 75 to 95, how much of that was burning off backlog? And are we going to be talking about a difficult comp there next year with that backlog reduction contributing to the performance in the first quarter?

首先是對 Manitowoc Ice 的跟進。鮑勃，你談到了在本季度處理積壓工作。您能否量化銷售額從 75 增加到 95 的情況，其中有多少是在消耗積壓訂單？我們是否會在明年討論一個困難的競爭，因為積壓的減少有助於第一季度的業績？

A piece was backlog, Nathan. I don't have the split between what was backlog. As we mentioned last year, backlog has been strong in Manitowoc Ice at the -- since we acquired the business in July. But overall, our view is to go to market not only with Manitowoc Ice, but with commercial filtration and services. And historically, this business has been a very consistent grower. So our view is Manitowoc Ice will continue to perform well.

一件積壓了，內森。我沒有積壓工作之間的分歧。正如我們去年提到的那樣，自從我們在 7 月份收購該業務以來，Manitowoc Ice 的積壓情況一直很嚴重。但總的來說，我們的觀點是不僅要將 Manitowoc Ice 推向市場，還要將商業過濾和服務推向市場。從歷史上看，這項業務一直是一個非常穩定的增長者。因此我們認為 Manitowoc Ice 將繼續表現良好。

Yes. Nate, and if you look at order rates, our order rates there continue to be strong in the space. I don't think, we would believe that our normal organic growth rates in the Ice business will maintain at these levels. But right now, the visibility would suggest that getting back to being able to ship at the same order rates is where we're at today, and we'll begin to work that backlog down, as we exit the year.

是的。 Nate，如果你看看訂單率，我們的訂單率在這個領域繼續保持強勁。我認為，我們不會相信冰業務的正常有機增長率會保持在這些水平。但現在，可見性表明，我們今天所處的狀態是恢復到能夠以相同的訂單率發貨，我們將在今年結束時開始處理積壓的訂單。

That's helpful. And then, maybe a broad one across the portfolio. We've talked a fair bit about lead times coming down across a lot of your businesses. Are there businesses that still have lead times that are longer than where they were before COVID 2019, kind of time frame? Are you back to more normalized lead times across all the businesses? You're going to see normalization of order rates, normalization of inventory levels, and we should be basically done talking about this stuff by the end of the year?

這很有幫助。然後，也許是整個投資組合中的一個廣泛的。我們已經談了很多關於您的許多業務的交貨時間縮短的問題。是否有企業的交貨時間仍然比 2019 年 COVID 之前的交貨時間更長？您是否恢復了所有業務的更規範化的交貨時間？你會看到訂單率正常化，庫存水平正常化，到年底我們應該基本上結束對這些東西的討論？

In the majority of our businesses across the majority of the high-running SKUs, we're back to normalized lead times. We still have a few specialized products and SKUs, but those are becoming fewer and fewer quarter-by-quarter.

在我們大多數高運行 SKU 的大多數業務中，我們都回到了正常的交貨時間。我們仍然有一些專業產品和 SKU，但這些產品逐季度越來越少。

The next question comes from Brian Lee with Goldman Sachs.

下一個問題來自高盛的 Brian Lee。

This is Miguel on for Brian. I just had one question, maybe high level. For the -- for your commercial end markets, have you seen any concerns out there on financing just given everything going on with the banking sector? I guess, what are you seeing in real time there, if anything at all?

這是布賴恩的米格爾。我只有一個問題，也許是高級別的。對於 - 對於您的商業終端市場，鑑於銀行業正在發生的一切，您是否看到任何關於融資的擔憂？我想，你在那裡實時看到了什麼，如果有的話？

Yes. I mean, I think we're all expecting it. We don't have a huge commercial building offering. We generally provide the fire pumps and then the aftermarket service pumps into that space. And then, we do have some pumps that connect the building of commercials back into the city Water aspects.

是的。我的意思是，我認為我們都在期待它。我們沒有大型商業建築產品。我們通常提供消防泵，然後將售後服務泵送入該區域。然後，我們確實有一些泵將商業建築連接回城市供水方面。

And yes, I think we're anticipating that higher interest rates will put pressure on those buildings and the REITs that own them and the challenges in that space. But it's going to be a modest impact to Pentair just because of the size of the business offering we have there.

是的，我認為我們預計更高的利率將給這些建築物和擁有它們的房地產投資信託基金帶來壓力，以及該領域的挑戰。但由於我們在那裡提供的業務規模，這對 Pentair 的影響不大。

The next question is from Steve Tusa with JPMorgan.

下一個問題來自摩根大通的 Steve Tusa。

On this -- on the IFT growth, I know you guys went through it a little bit. I might have missed it at the beginning of the call, but the commercial and industrial solutions up mid-teens. Any more like any deeper color you can give on like the types of end markets that were driving the growth there, and why that was so strong?

關於這一點——關於 IFT 的增長，我知道你們經歷了一點。我可能在電話開始時錯過了它，但商業和工業解決方案在十幾歲的時候就錯過了。更像任何更深的顏色，你可以給出像推動那裡增長的終端市場的類型，為什麼它如此強勁？

Yes. So I mean, first of all, relative size, this business has been really focused. We're talking about those 2 markets, Steve, being roughly around 300 and some change on an annualized basis for us, so just to frame what the teens growth would be. And I think, these are projects that we won primarily to our focus around the aftermarket, the services. And again, as I mentioned, we're into larger irrigation. We're into industrial wastewater, and we're also into commercial buildings. That would be the end markets.

是的。所以我的意思是，首先，相對規模，這項業務非常專注。史蒂夫，我們談論的是這兩個市場，大約有 300 個市場，並且對我們來說每年都有一些變化，所以只是為了確定青少年的增長情況。而且我認為，這些項目是我們贏得的，主要是因為我們專注於售後市場和服務。再一次，正如我提到的，我們正在進行更大的灌溉。我們研究工業廢水，我們也研究商業建築。那將是終端市場。

Okay. And those were -- I think that was stronger than you guys had expected in the quarter?

好的。那些 - 我認為這比你們在本季度預期的要強？

Well, I think it's probably in line with our expectations, but it's stronger than historical averages, correct.

好吧，我認為這可能符合我們的預期，但它比歷史平均水平強，正確的。

Right. Okay. And then as far as the behavior of your customers on the Pool side, any color seasonally on how you would expect 3 and 4Q to play out EPS-wise? And you've given us the 2Q guide, but the third and the fourth quarter, anything to note kind of seasonally there? I guess this goes to kind of like the prebuy question in the fourth quarter?

正確的。好的。然後就您的客戶在 Pool 端的行為而言，您期望第 3 季度和第 4 季度如何在 EPS 方面發揮作用的任何季節性顏色？你給了我們 2Q 指南，但是第三和第四季度，有什麼季節性的注意事項嗎？我想這有點像第四季度的預購問題？

No doubt that, that Pool will face down 16%. They'll be down a little more than that in Q2 and Q3 and then should be at -- turning the corner in the fourth quarter. So from an EPS perspective, we think Q3 will probably be the most challenging quarter, and then Q4 EPS will improve as a lot of these transformation initiatives kick in and then Pool starts to improve.

毫無疑問，Pool 將面臨 16% 的下跌。他們將比第二季度和第三季度的下降幅度更大，然後應該會在第四季度扭轉局面。因此，從每股收益的角度來看，我們認為第三季度可能是最具挑戰性的季度，然後第四季度每股收益將隨著許多這些轉型舉措的啟動而改善，然後 Pool 開始改善。

Steve, we don't anticipate that there's hardly any dealer inventory out in the channel anymore. And obviously, the financing that they're paying, they're working more of their jobs in the sense of how do they bill and pay in the same cycle. And so the inventory we're referring to is the channel inventory distributors.

史蒂夫，我們預計渠道中幾乎沒有經銷商庫存了。很明顯，他們支付的融資，從他們如何在同一個週期中計費和支付的意義上來說，他們正在做更多的工作。因此，我們指的庫存是渠道庫存分銷商。

And based upon feedback and conversations, everybody is aligned to try and burn all that inventory by the end of Q3, which would mean for us, our normalized Q2 will be a lot lower than normal. And then, we'd expect that to be gone and behind us by the end of Q3, meaning we're growing sequentially from Q3 to Q4 for Pool and then, continue to grow from there as we head through 2024.

根據反饋和對話，每個人都一致嘗試在第三季度末銷毀所有庫存，這對我們來說意味著，我們標準化的第二季度將比正常情況低很多。然後，我們預計到第三季度末這種情況會消失並落後於我們，這意味著我們將從第三季度到第四季度依次增長，然後到 2024 年繼續增長。

One more question. Are you -- when it comes to pricing, are you approaching this year any differently than you have in the past? And is there -- like what's the exit rate on your price capture into next year? Should we assume that that's a normal price capture? Or is there -- are there signs that with the downturn that people are getting maybe aggressive in pockets?

還有一個問題。你 - 在定價方面，你今年的做法與過去有什麼不同嗎？還有——比如明年你的價格捕獲的退出率是多少？我們是否應該假設這是正常的價格捕獲？或者是否有跡象表明，隨著經濟低迷，人們可能會變得更加激進？

I think, we would be going back to really normal areas, Steve.

我想，我們會回到真正正常的領域，史蒂夫。

Which is what, like a couple of percent?

哪個是百分之幾？

Low single digits, like more normalized based upon -- I mean way too early to call it, but I mean, your general assumptions are making sure that you're selling the value, that you're going out and you're pricing effectively and you're being able to handle any fluctuations in commodity or labor wages.

低個位數，比如更規範化——我的意思是現在稱它還為時過早，但我的意思是，你的一般假設是確保你正在出售價值，你正在走出去並且你正在有效定價並且您能夠處理商品或勞動力工資的任何波動。

The next question comes from Scott Graham with Loop Capital Markets.

下一個問題來自 Loop Capital Markets 的 Scott Graham。

I was just on Slide 20, where you break down the Pool view for the year. So the new remodel went from 20% to down 25%. How much of that was the first quarter weather was there -- I mean, how much of this is sort of rest of the year versus what's already happened?

我剛剛在幻燈片 20 上，您在其中分解了當年的泳池視圖。所以新改造從 20% 下降到 25%。其中有多少是第一季度的天氣 - 我的意思是，今年剩餘時間與已經發生的情況相比有多少？

It really wasn't weather-related as much as it was just the economic uncertainty, the higher interest rates. So that was our assumption was that by bringing new and remodel down 5%, it was more related to that.

這真的與天氣無關，因為它只是經濟的不確定性，更高的利率。所以我們的假設是，通過將新的和改造的降低 5%，它與此更相關。

Yes. And then, Scott, it's Q2 and 3 and 4, not Q1. I mean, Q1 related to the West weather, but most of all this adjustment is in Q2, Q3 and Q4.

是的。然後，斯科特，這是第二季度、第三季度和第四季度，而不是第一季度。我的意思是，Q1 與西部天氣有關，但大部分調整髮生在 Q2、Q3 和 Q4。

Okay. Got it. Makes sense. And to the same end -- well, not the same, the aftermarket inventory. Last quarter, you were kind enough to sort of parse that out between impact of aftermarket versus inventory. Could you give some color on that this time?

好的。知道了。說得通。為了同樣的目的——好吧，售後市場庫存不一樣。上個季度，您很友好地在售後市場與庫存的影響之間進行了解析。這次你能給它一些顏色嗎？

Yes. Our view is the mix of that, so the down 20%, is roughly 2/3 relating to the inventory correction and 1/3 relating to the aftermarket or items that were bought in advance over the last couple of years, so think heaters, lighting, those type of products.

是的。我們的觀點是兩者的結合，所以下降 20%，大約 2/3 與庫存修正有關，1/3 與售後市場或過去幾年提前購買的物品有關，所以想想加熱器，照明，那些類型的產品。

Yes. Got it. And last question is kind of going back to the commercial water. We've kind of had some fits and starts in that business with, varying distribution plans and different channels and what have you. Could you kind of tell us, what is Manitowoc Ice doing for you in commercial? I know you have -- you sort of lined up that in Everpure when you first bought this, but we're now kind of into this thing. What are you guys doing in the market right now, to really leverage the 3 pieces of this business?

是的。知道了。最後一個問題有點回到商業用水。我們在該業務中有點適應和開始，不同的分銷計劃和不同的渠道以及你有什麼。您能否告訴我們，Manitowoc Ice 在商業方面為您做了什麼？我知道你有——當你第一次買這個的時候，你有點在 Everpure 排隊，但我們現在有點喜歡這個東西。你們現在在市場上做什麼，真正利用這個業務的 3 個部分？

Yes. I appreciate the question. I mean, first of all, I'd say the fits and starts are more on the residential side. Global business and always experimenting or trying to think about how to go to market differently. We're now convinced that just accepting where we are with our pro channel, partner with their pro channel, drive leads to pro channel, that's our strategy in residential. And that's going to be consistent, as we go forward.

是的。我很欣賞這個問題。我的意思是，首先，我想說的是住宅方面的斷斷續續。全球業務，總是嘗試或嘗試思考如何以不同的方式進入市場。我們現在確信，只要接受我們在我們的專業渠道中所處的位置，與他們的專業渠道合作，將潛在客戶引向專業渠道，這就是我們在住宅中的策略。隨著我們的前進，這將是一致的。

On the commercial side, we've always had a strong offering with our filtration products in Everpure and the RO systems that we sell into our commercial customers. What Manitowoc brings is added strength and capability across a wider selection of customers. And ultimately, we're able to discuss the end-to-end solutions that really drive productivity and value to our core OEM customers.

在商業方面，我們一直提供強大的 Everpure 過濾產品和我們銷售給商業客戶的反滲透系統。馬尼托瓦克帶來的是為更廣泛的客戶選擇增加的實力和能力。最終，我們能夠討論真正為我們的核心 OEM 客戶提高生產力和價值的端到端解決方案。

So very excited, and very pleased with the progress. And as a reminder, I mean, we're using the Manitowoc team to run that combined business. And we've integrated all those go-to-market strategies under one leadership team. And I believe that that's going to drive sustained value for our customers.

非常興奮，對進展非常滿意。提醒一下，我的意思是，我們正在使用 Manitowoc 團隊來運營合併後的業務。我們已經將所有這些進入市場的戰略整合到一個領導團隊之下。我相信這將為我們的客戶帶來持續的價值。

The next question comes from Deane Dray with RBC Capital Markets.

下一個問題來自 RBC Capital Markets 的 Deane Dray。

Just a couple of cleanup questions here. Just a follow-up on the banking turmoil question. You answered, it with regard to commercial construction. Interested in hearing, if there's any sort of impact on the Pool side or consumer Water side, maybe dealer financing. Some customers finance a pool construction with a personal loan. Just is there anything at the margin that you would call out there?

這裡只是幾個清理問題。只是銀行業動盪問題的後續行動。你回答，是關於商業建設的。有興趣聽聽，如果對池側或消費者水側有任何影響，可能是經銷商融資。一些客戶通過個人貸款為游泳池建設提供資金。邊緣有什麼你會叫出來的嗎？

Yes. I think it's going to vary by geography and demographics. I think, all of us that serve the channel, Deane, believe that there is some economic turmoil that could come from these current interest rates and the impact it has on varying degrees of consumers and buyers. And I think that's in Bob's expectation of the lower new pool sales.

是的。我認為它會因地理和人口統計而異。我認為，Deane，我們所有為該頻道服務的人都認為，當前的利率及其對不同程度的消費者和購買者的影響可能會造成一些經濟動盪。我認為這是 Bob 對較低新池銷售額的預期。

Also, I think we're going to see it slightly impacting the remodeling space as well because a lot of those remodel pools might have used some form of home equity or some type of borrowing to do it. I think, the bigger uncertainty is what happens to where interest rates are and when they settle out. So we're hopeful that we get clarity as we exit this year and people can predict what the longer-term interest rates will be.

此外，我認為我們也會看到它對改造空間產生輕微影響，因為很多改造池可能使用某種形式的房屋淨值或某種類型的借貸來做到這一點。我認為，更大的不確定性是利率在哪里以及何時結算會發生什麼。因此，我們希望我們在今年退出時變得清晰，人們可以預測長期利率將是多少。

Yes. That's really helpful. That's the way we've been thinking about it. And just to clarify on the Pool outlook, a year ago or so, we were talking about how you were supply-constrained, on the number of construction capacity. Where does that stand? Is it -- are they able to fill all the demand? Is the supply of labor at all part of this equation?

是的。這真的很有幫助。這就是我們一直在思考的方式。只是為了澄清 Pool 的前景，大約一年前，我們在談論你是如何在建設能力的數量上受到供應限制的。那站在哪裡？是——他們能滿足所有需求嗎？這個等式的所有部分都有勞動力供應嗎？

Yes. We believe that they'll be at the more normalized areas. I mean, I think they're finishing up the backlog that they had that was pre-bought and they're out then probably trying to sell the remodeled pools and the upgrades on the pool equipment, which will bring us back into more, what I call normal pattern of how our dealer channel works to provide value for us and our consumers.

是的。我們相信他們會在更規範化的區域。我的意思是，我認為他們正在完成預購的積壓訂單，然後他們可能會嘗試出售改造後的泳池和泳池設備的升級，這將使我們重新投入更多，什麼我稱我們的經銷商渠道如何為我們和我們的消費者提供價值的正常模式。

Great. And just last one for me, for Bob. Gross margin was significantly above our expectations. I know that's a high-quality problem to have to answer. But, if you could just take us through what the impact was, maybe -- is there a carryover pricing? Just how do you give color there, please?

偉大的。最後一個給我，給鮑勃。毛利率大大高於我們的預期。我知道這是一個必須回答的高質量問題。但是，如果你能告訴我們影響是什麼，也許——是否有結轉定價？請問你是怎麼給那裡上色的？

Yes. I couldn't have been more pleased with the margin expansion. From our perspective, it was a number of different drivers that should drive sustainable margin expansion in the future. So, to the earlier point made, we did a much better job of removing the inefficiencies that existed last year. So think about logistics, think about air freight, think about even spot buy on electronics, all getting better in the first quarter.

是的。我對利潤率的擴大感到非常滿意。從我們的角度來看，許多不同的驅動因素應該會推動未來利潤率的可持續增長。因此，對於之前提出的觀點，我們在消除去年存在的低效率方面做得更好。所以想想物流，想想空運，甚至想想電子產品的現貨，第一季度都在好轉。

Again, our price read out better than expected because we didn't have to do the discounting that we had perhaps put in as an assumption but felt good about how pricing read out from the carryover activities that we had done. The accretive nature of Manitowoc and then finally, just the transformation initiatives, including rightsizing to those lower volumes in Pool. Those are all things that we got significantly better at in Q1 and should be sustainable as we go forward.

再次，我們的價格讀出好於預期，因為我們不必進行我們可能作為假設放入的折扣，但對如何從我們所做的結轉活動中讀出定價感到滿意。 Manitowoc 的增生性質，最後是轉型計劃，包括對 Pool 中較低數量的規模進行適當調整。這些都是我們在第一季度明顯做得更好的事情，並且在我們前進的過程中應該是可持續的。

The next question comes from Julian Mitchell with Barclays.

下一個問題來自巴克萊銀行的 Julian Mitchell。

I just wanted to look at the sort of the EBIT bridge assumptions that you've got laid out. Just trying to understand, when I'm looking at that first quarter on Slide 13, you've got that sort of close to $60 million headwind for the year from inflation, the productivity tailwind, very narrow in the quarter at $6 million.

我只是想看看您已經制定的 EBIT 橋樑假設。只是想了解一下，當我在幻燈片 13 上查看第一季度時，通貨膨脹、生產力的順風在本季度非常窄，只有 600 萬美元，今年有近 6000 萬美元的逆風。

As you look at the year as a whole, how are you thinking about those 2 pieces, inflation and productivity, kind of as we go through the year? Does inflation narrow, as a headwind steadily and productivity move up steadily? Sort of anything you could flesh out on those 2 pieces, please?

當您回顧全年時，您如何看待通貨膨脹和生產率這兩個部分，就像我們度過這一年一樣？隨著逆風穩步上升和生產率穩步上升，通脹是否會收窄？請問您可以在這兩件作品上充實什麼嗎？

I think you nailed it. I think our year-over-year price contribution starts to anniversary some of the price increases we've put in midyear and 3 quarters away through last year. And you got it, we continue to see productivity sequentially getting better. And we think, inflation starts to slide off here as it wraps around on year-over-year headwinds that it compares to.

我想你成功了。我認為我們的同比價格貢獻從我們在年中和 3 個季度到去年的一些價格上漲開始。你明白了，我們繼續看到生產力不斷提高。而且我們認為，通貨膨脹率開始下滑，因為它在與之相比的同比逆風中徘徊。

And then, just my quick follow-up. The pool market, I realized there's been about 82 questions on it, but just your revenue guide down mid-teens for the year. It's not that different from kind of what you did in Q1 year-on-year. So just trying to understand sort of the year-on-year cadence. Like what's the kind of exit rate in Q -- or the Q4 sort of sales decline rates, assuming that you have succeeded in getting those inventories back to normal, by the beginning of Q4?

然後，只是我的快速跟進。游泳池市場，我意識到它有大約 82 個問題，但只是你的收入指導今年下降了十幾歲。這與您在第一季度同比所做的事情並沒有什麼不同。所以只是想了解一下同比節奏。比如 Q 的退出率是多少——或者 Q4 的銷售下降率是多少，假設你已經成功地讓這些庫存在第四季度初恢復正常？

Because I noticed that in, say, the Water piece residential there, you're down 25% in Q1. The year has guided only down 10%, so we can kind of understand the steep rate of narrowing declines through the year, and makes sense given the comps and everything else. Just want to understand in Pool, how we think about that down mid-teens off the kind of down mid-teens in Q1 already?

因為我注意到，比如說，那裡的 Water piece 住宅，第一季度下降了 25%。今年僅指導下降了 10%，因此我們可以理解全年下降幅度的急劇縮小，考慮到 comp 和其他一切，這是有道理的。只是想在 Pool 中了解一下，我們如何看待 Q1 中十幾歲左右的下降幅度？

Yes. Think about the biggest impact to Q2 and Q3 just being the inventory headwinds that we're experiencing. We'll still run up in Q4 of last year, some of the year-over-year challenges with early buy but will generally be slightly positive. And we'd expect to then have the tailwind of not having that inventory burn as we head into 2024.

是的。想想對第二季度和第三季度的最大影響就是我們正在經歷的庫存逆風。我們仍然會在去年第四季度上漲，早期購買會帶來一些同比挑戰，但總體上會略有積極。我們預計到 2024 年時不會有庫存燃燒的順風。

The last question comes from Joe Giordano with TD Cowen.

最後一個問題來自 TD Cowen 的 Joe Giordano。

So on IFT, I mean, obviously, what's going on there is interesting in a macro uncertain environment to have the margin expansion that you can have here. But, it's been exclusively driven by -- on the top line by price for like 3 quarters now. So as we get into a different type of market eventually where we want to see the growth side, how do you position that portfolio to be able to capitalize on like an up-cycle, rather than right now capitalizing on like a flat down-cycle?

因此，在 IFT 上，我的意思是，顯然，在宏觀不確定的環境中發生的事情很有趣，可以讓您在這裡獲得利潤率擴張。但是，它完全由 - 價格驅動 - 現在大約 3 個季度的價格。因此，當我們最終進入一個我們希望看到增長方面的不同類型的市場時，您如何定位該投資組合以便能夠像上升週期一樣利用，而不是現在像平坦的下降週期那樣利用？

Yes. I mean real quickly. I mean there's several revenue streams in IFT. And we've got our focus on the ones that are higher value. And yes, to your point, we're being very critical to what projects we take on, which ones we don't. And, as we start to work with our customers, I do think you'll be able to see this business produce on a regular basis low single digits, in line with our expectations with more of that being value and less being a price contribution.

是的。我的意思是很快。我的意思是 IFT 有幾個收入來源。我們將重點放在價值更高的產品上。是的，就你的觀點而言，我們對我們承擔的項目非常關鍵，我們不承擔哪些項目。而且，當我們開始與客戶合作時，我確實認為您將能夠看到該業務定期產生低個位數，符合我們的預期，其中更多的是價值貢獻，而不是價格貢獻。

Fair enough. And then, we've kind of danced around this, but like in Pool in the fourth quarter, possible that, that's up, right, organically?

很公平。然後，我們有點圍繞這個跳舞，但就像第四節的 Pool 一樣，這可能是有機的，對吧？

It's possible. Our view -- roughly flat to up slightly would be our view now after that inventory correction makes its way through in Q2 and Q3.

這是可能的。我們的觀點——在庫存調整在第二季度和第三季度完成之後，我們現在的觀點是大致持平到略有上升。

All right. Well, thank you for joining us. We know this is a busy earnings day. I just want to reiterate our earnings call key themes, in case some missed part of our call. First, our diversified portfolio and transformation initiatives drove Q1 sales growth with margin expansion across all 3 segments.

好的。好吧，謝謝你加入我們。我們知道這是繁忙的收益日。我只想重申我們的財報電話會議的關鍵主題，以防某些人錯過了我們電話會議的部分內容。首先，我們多元化的產品組合和轉型舉措推動了第一季度的銷售增長，所有 3 個細分市場的利潤率均有所擴大。

Second, we expect strength in our Water Solutions and IFT segments as well as transformation efficiencies to drive upside. Third, we raised the midpoint of our adjusted EPS guide due to Q1's strong start, as well as our confidence in the sustainability of our performance while acknowledging that we expect Pool to be softer than we had initially expected.

其次，我們預計我們的 Water Solutions 和 IFT 部門的實力以及轉型效率將推動上行。第三，由於第一季度的強勁開局以及我們對業績可持續性的信心，我們提高了調整後每股收益指南的中點，同時承認我們預計 Pool 將比我們最初預期的要疲軟。

Fourth, our transformation initiatives are expected to drive greater benefits later in full year '23 and beyond, and we implement actions towards identified savings. And we expect to continue to deliver value creation beyond this 2023 fiscal year.

第四，我們的轉型計劃預計將在 23 年全年晚些時候及以後帶來更大的收益，我們將採取行動實現已確定的節省。我們希望在 2023 財年之後繼續創造價值。

Thank you, everyone, and enjoy your day.

謝謝大家，祝您愉快。

The conference has now concluded. Thank you for your participation. You may now disconnect.

會議現已結束。感謝您的參與。您現在可以斷開連接。