濱特爾 (PNR) 2023 Q3 法說會逐字稿

Good morning, and welcome to the Pentair Third Quarter 2023 Earnings Conference. (Operator Instructions) Please note this event is being recorded. I would now like to turn the conference over to Shelly Hubbard, Vice President of Investor Relations. Please go ahead.

早上好，歡迎參加濱特爾 2023 年第三季財報會議。 （操作員說明）請注意此事件正在被記錄。我現在想將會議交給投資者關係副總裁雪莉·哈伯德 (Shelly Hubbard)。請繼續。

Thank you, Anthony, and welcome to Pentair's Third 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 third quarter performance as outlined in this morning's press release.

謝謝安東尼，歡迎參加濱特爾 2023 年第三季財報電話會議。與我通話的有我們的總裁兼執行長 John Stauch；和我們的財務長鮑勃·菲什曼 (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三季業績的詳細資訊。

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.

在濱特爾投資者關係網站上，您可以找到我們的收益發布和幻燈片，其目的是補充我們在今天電話會議期間準備好的言論，並提供我們將參考的GAAP 和非GAAP 財務指標之間差異的協調表。所提供的非公認會計原則財務指標不應被視為替代或優於根據公認會計原則編制的財務績效指標。

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. 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.

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業績的影響。在開始之前，讓我提醒您，在今天的演示中，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。

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 and Form 10-K. Following our prepared remarks, we will open up the call for questions. (Operator Instructions).

請聽眾注意，這些陳述存在一定的風險和不確定性，其中許多風險和不確定性難以預測，並且通常超出濱特爾的控制範圍。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有重大差異。我們建議聽眾仔細查看我們最新的表格 10-Q 和表格 10-K 中的風險因素。在我們準備好的發言之後，我們將開始提問。 （操作員說明）。

A quick reminder before I hand the call over to John. Similar to last quarter, we have included Slides 4 through 7 in our earnings slide deck, which provide a brief overview of Pentair. Please see the slides titled Strategic Framework, Pentair at a Galnce, Pentair Overview and Making Better Essential for more information. In reference to Slide 7, making batter essential, we are proud to share 2 recent recognitions that Pentair has received for its work in social responsibility and ESG.

在我將電話轉交給約翰之前，先快速提醒一下。與上季類似，我們在收益幻燈片中包含了幻燈片 4 至 7，其中簡要概述了 Pentair。請參閱標題為「策略框架」、「Pentair at a Galnce」、「Pentair Overview」和「Making Better Essential」的幻燈片以了解更多資訊。關於幻燈片 7“讓改善變得至關重要”，我們很自豪地分享 Pentair 最近因其在社會責任和 ESG 方面的工作而獲得的兩項認可。

We've been recognized as a constituent of the FTSE4Good Index series and we have been named one of America's Greenest Companies, 2024 by Newsweek. This recognition from Newsweek evaluated Pentair's environmental performance in relation to our industry, assessing our progress against key environmental factors, including greenhouse gas emissions, water usage, waste profile and commitment to disclosing sustainability data.

我們被公認為 FTSE4Good 指數系列的成分股，並被《新聞周刊》評為 2024 年美國最環保公司之一。 《新聞周刊》的這項認可評估了濱特爾在我們行業中的環境績效，評估了我們針對關鍵環境因素的進展，包括溫室氣體排放、用水、廢物概況以及披露永續發展數據的承諾。

Pentair's achievement supports our purpose to create a better world for people in the planet through smart, sustainable water solutions. We look forward to continuing to reduce the environmental impact of our operations and further integrate sustainability into our product innovation, as guided by our social responsibility strategic targets. Please refer to our published 2022 Corporate Responsibility Report for more information on our sustainability strategy. I will now turn the call over to John.

Pentair 的成就支持我們透過智慧、永續的水解決方案為地球上的人們創造一個更美好世界的目標。我們期待在社會責任策略目標的指導下，繼續減少我們營運對環境的影響，並進一步將永續發展融入我們的產品創新中。請參閱我們發布的 2022 年企業責任報告，以了解有關我們永續發展策略的更多資訊。我現在將把電話轉給約翰。

Thank you, Shelly, and good morning, everyone. Let's begin with the executive summary on Slide 8. We are very pleased with our third quarter results, which surpassed the guidance that we provided on our last earnings call. Q3 marked the sixth consecutive quarter of sales over $1 billion and the sixth consecutive quarter of adjusted margin expansion.

謝謝你，雪莉，大家早安。讓我們從投影片 8 上的執行摘要開始。我們對第三季的業績感到非常滿意，該業績超出了我們在上次財報電話會議上提供的指導。第三季標誌著銷售額連續第六個季度超過 10 億美元，並且調整後的利潤率連續第六個季度擴大。

Segment income increased 3% and ROS expanded by 140 basis points. Adjusted EPS was $0.94 versus our previous guidance of $0.84 to $0.89. And year-to-date free cash flow was $453 million, up 115% over the prior year.

部門營收成長 3%，ROS 成長 140 個基點。調整後每股收益為 0.94 美元，而我們之前的指引為 0.84 美元至 0.89 美元。年初至今的自由現金流為 4.53 億美元，比上年增加 115%。

As we look to the full year, we are updating our 2023 adjusted EPS guidance range to $3.70 to $3.75, which reflects the high end of our previous guidance. I want to celebrate these strong results with our employees. Your resilience and dedication to serving our customers and delivering value for our shareholders during a year of global macroeconomic uncertainty is making a difference. Thank you for your leadership.

展望全年，我們將 2023 年調整後每股盈餘指引範圍更新為 3.70 至 3.75 美元，這反映了我們先前指引的上限。我想與我們的員工一起慶祝這些強勁的成果。在全球宏觀經濟不確定的一年裡，您的韌性和奉獻精神為我們的客戶提供服務並為我們的股東創造價值，這正在發揮作用。感謝您的領導。

Let's move to Slide 9, titled Strategic Focus. Through our mission to help the world sustainably move, improve and enjoy water, we are enabling the right investments to both deliver the core and build our future, to drive long-term value for shareholders. And deliver the core, we have driven profitably -- profitability and productivity across all 3 segments, Industrial & Flow Technologies, Water Solutions and Pool in 2023.

讓我們轉到投影片 9，標題為「策略重點」。我們的使命是幫助世界可持續地移動、改善和享受水資源，我們正在透過正確的投資來實現核心並建立我們的未來，從而為股東帶來長期價值。並交付核心，我們已經在 2023 年推動了所有 3 個細分市場（工業和流量技術、水解決方案和泳池）的獲利能力和生產力。

We have also been making better essential through our products and solutions for people in the planet with a focus on sustainability, and we have been investing in our people to develop talent and build a higher performing culture. Another strategic focus of ours is to build our future to accelerate performance. In 2023, we have further invested in transformation, innovation and M&A. In fact, we have seen great results across all 3 of these areas with our transformation having begun to read out and new innovation launch this year with exciting new products coming in all 3 segments. And our Manitowoc Ice acquisition is exceeding expectations.

我們也透過我們的產品和解決方案為地球上的人們提供更好的必需品，重點是永續發展，並且我們一直在對員工進行投資，以培養人才並建立更高績效的文化。我們的另一個策略重點是建構我們的未來以加速績效。 2023年，我們進一步投入轉型、創新、併購。事實上，我們在所有這三個領域都取得了巨大的成果，我們的轉型已經開始顯現，今年我們推出了新的創新，所有三個領域都推出了令人興奮的新產品。我們對 Manitowoc Ice 的收購超出了預期。

Regarding innovation, in 2023, our businesses have launched 25 new products. Examples include a new high-efficiency icemaker for convenience stores and fast casual restaurants, designed in advance to meet the future EPA regulation for refrigerants.

在創新方面，2023年，我們的企業推出了25種新產品。例如，用於便利商店和快餐休閒餐廳的新型高效製冰機，其提前設計以滿足未來 EPA 對冷媒的規定。

Expansion of our ENERGY STAR award winning and STAR IntelliFlo 3 pump series, and the advancement of our beer membrane filtration solutions to operate continuously with higher levels of smart automation. In addition to these new product launches, our innovation teams continue to make great progress advancing our strategy to build our future as they focus on our longer-term growth theme centered on the Pool of the future, reimagining residential commercial water treatment and industrial waste-to-value solutions.

擴大我們榮獲能源之星獎的 STAR IntelliFlo 3 泵系列，並改進我們的啤酒膜過濾解決方案，以更高水準的智慧自動化持續運作。除了這些新產品的推出之外，我們的創新團隊繼續取得巨大進展，推進我們建設未來的策略，因為他們專注於以未來泳池為中心的長期成長主題，重新構想住宅商業水處理和工業廢水-價值解決方案。

Over the last 3 years, we have launched over 100 new products. Let's turn to Slide 10 titled Transformation Updates. We embarked on this transformation journey nearly 2 years ago, with the intent to transform our business for the Pentair of the future. Our company has evolved substantially with the separation of nVent and then evolving to a leading diversified water company.

在過去 3 年裡，我們推出了 100 多種新產品。讓我們看標題為「轉型更新」的投影片 10。大約兩年前，我們開始了這次轉型之旅，旨在為濱特爾的未來轉型我們的業務。隨著 nVent 的分離，我們公司取得了長足的發展，然後發展成為一家領先的多元化水務公司。

Through our 4 key transformation themes, including pricing, sourcing, operational excellence and organizational effectiveness, we are streamlining our processes and building additional capabilities, which add more tools in our toolbox to drive growth and productivity.

透過我們的 4 個關鍵轉型主題，包括定價、採購、卓越營運和組織效率，我們正在簡化流程並建立額外功能，從而在我們的工具箱中添加更多工具來推動成長和生產力。

In Q3, transformation gained momentum and drove a substantial increase in productivity, sequentially from Q2. After implementing Wave 1 in both pricing and sourcing, we expect the transformation to begin to scale in the second half of this year, and we are pleased to note that our transformation initiatives remained on track.

第三季度，轉型動能強勁，生產力較上季大幅提升。在定價和採購方面實施第一波之後，我們預計轉型將在今年下半年開始擴大規模，我們很高興地註意到，我們的轉型計劃仍在軌道上。

Let's turn to Slide 11, titled CEO Summary. We delivered another strong quarter with significant ROS expansion. Our Manitowoc Ice acquisition continued to exceed expectations. Our IFT and Water Solutions segment more than offset Pool's volume decline and our transformation initiatives drove margin expansion.

讓我們轉向投影片 11，標題為 CEO 摘要。我們又實現了強勁的季度業績，ROS 大幅擴張。我們對 Manitowoc Ice 的收購繼續超出預期。我們的 IFT 和水解決方案部門足以抵消 Pool 銷量的下降，而我們的轉型舉措推動了利潤率的擴張。

Our performance through Q3 resulted in another positive update to 2023 adjusted EPS guidance. All in, we are building a strong foundation to drive long-term growth and profitability, across our diverse water portfolio. We have updated the full year adjusted EPS guidance to a range of $3.70 to $3.75, from the previous range of $3.65 to $3.75.

我們第三季的業績導致 2023 年調整後每股盈餘指引再次積極更新。總而言之，我們正在為推動多元化水產品組合的長期成長和獲利能力奠定堅實的基礎。我們已將全年調整後每股收益指引從先前的 3.65 美元至 3.75 美元更新為 3.70 美元至 3.75 美元。

We are mindful of the uncertainty across the global macroeconomic and geopolitical landscape and we continue to closely monitor macroeconomic developments and implement risk mitigation strategies when and where necessary. We have continued to accelerate transformation funnels while focusing on investing in the long-term growth of our company. We remain confident in our diversified Water Business model, long-term strategy and our transformation initiatives, which we expect to continue to drive shareholder return.

我們注意到全球宏觀經濟和地緣政治格局的不確定性，我們將繼續密切監控宏觀經濟發展，並在必要時實施風險緩解策略。我們持續加速轉型管道，同時專注於投資公司的長期成長。我們對多元化水務業務模式、長期策略和轉型措施仍充滿信心，預計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. We achieved 47 consecutive years of dividend increases and are targeting high teens ROIC. We have a strong balance sheet and an enviable 5-year financial track record. I will now pass the call over to Bob, who will discuss our performance and financial results in more detail. Bob?

我們在產生強勁現金流和嚴格資本配置方面擁有長期成功的記錄。我們實現了連續 47 年的股息成長，並瞄準了十幾歲的投資回報率。我們擁有強大的資產負債表和令人羨慕的 5 年財務記錄。我現在將把電話轉給鮑勃，他將更詳細地討論我們的業績和財務表現。鮑伯？

Thank you, John, and good morning, everyone. Let's start on Slide 12, titled Q3 2023 Pentair Performance. We delivered another strong quarter of significant margin expansion, despite sales being down 4% year-over-year.

謝謝約翰，大家早安。讓我們從投影片 12 開始，標題為「2023 年第三季濱特爾績效」。儘管銷售額年減 4%，但我們又實現了利潤率顯著擴張的強勁季度。

The diversification of our portfolio and our transformation initiatives continued to more than offset Pool's lower volume impact on margins. Core sales for Q3 were down 7% year-over-year, driven by our residential businesses. Our commercial and industrial businesses performed well in the quarter.

我們的投資組合多元化和轉型措施繼續抵消了 Pool 銷量下降對利潤率的影響。在我們的住宅業務的推動下，第三季的核心銷售額年減 7%。我們的商業和工業業務本季表現良好。

While Q3 sales declined primarily due to the volume headwind in Pool, the negative volume impact on Pentair and Pool improved sequentially from Q2. Third quarter segment income increased 3% to $212 million and return on sales expanded 140 basis points year-over-year to 21%. This improvement was driven primarily by productivity from Transformation, accretive margins from the Manitowoc Ice acquisition and some price versus cost benefit.

雖然第三季銷售額下降主要是由於 Pool 的銷量逆風，但對 Pentair 和 Pool 銷量的負面影響較第二季度有所改善。第三季部門營收成長 3%，達到 2.12 億美元，銷售回報率年增 140 個基點，達到 21%。這項改進主要是由轉型帶來的生產力、收購 Manitowoc Ice 帶來的利潤成長以及一些價格與成本效益所推動的。

We delivered adjusted EPS of $0.94. Net interest expense was nearly $29 million, and our adjusted tax rate was 15% during the quarter with a share count of 166.6 million.

我們的調整後每股收益為 0.94 美元。本季淨利息支出接近 2,900 萬美元，調整後稅率為 15%，股票數量為 1.666 億股。

Please turn to Slide 13, labeled Q3 2023 Industrial & Flow Technologies performance. Industrial & Flow Technology sales increased 3% year-over-year driven by commercial sales growth of 8% and industrial sales growth of 12%. Which more than offset a decline in residential sales of 7%.

請參閱投影片 13，標記為「2023 年第 3 季工業與流程技術績效」。受商業銷售成長 8% 和工業銷售成長 12% 的推動，工業與流程技術銷售額年增 3%。這抵消了住宅銷售 7% 的下降。

Segment income grew 18% and return on sales expanded 250 basis points to 19.4%, marking the fifth consecutive quarter of equal to or greater than 200 basis points of improvement. The strong margin expansion was a result of continued progress on our transformation initiatives.

部門營收成長 18%，銷售回報率擴大 250 個基點至 19.4%，標誌著連續第五個季度實現等於或超過 200 個基點的改善。利潤率的強勁成長是我們轉型措施持續取得進展的結果。

IFT's continued success was partly driven by a revised go-to-market strategy and industry leadership that has been underway over the last 2 years. For example, within our industrial businesses, our strong reputation and industry expertise is driving above industry growth. We've been moving away from primarily project-led business to standardized solutions, focused on ease of doing business with distributors and our key accounts have begun to reinvest in sustainable product lines following the pandemic.

IFT 的持續成功在一定程度上得益於過去兩年進行的修訂後的上市策略和產業領導。例如，在我們的工業業務中，我們良好的聲譽和行業專業知識正在推動行業成長。我們已從主要以專案為主導的業務轉向標準化解決方案，專注於與經銷商開展業務的便利性，並且我們的主要客戶在疫情後已開始對永續產品線進行再投資。

Within our commercial businesses in IFT, we are focused on driving business beyond warehouses and office space to data centers and institutions, such as universities, airports, hospitals, and government buildings. We also believe there are large opportunities in municipal infrastructure as driven by the Infrastructure Investment and Jobs Act Legislation in the U.S. with a focus on investments in clean water, flood control and broadband.

在旅遊學院的商業業務中，我們專注於推動業務從倉庫和辦公空間擴展到資料中心和機構，例如大學、機場、醫院和政府大樓。我們也認為，在美國《基礎設施投資和就業法案》立法的推動下，市政基礎設施領域存在巨大機遇，重點是清潔水、防洪和寬頻方面的投資。

Interestingly, one of our customers is the leader in directional drilling equipment for fiber optic cables. We continue to believe the aftermarket is a good opportunity for future growth, because of our significant product installed base.

有趣的是，我們的客戶之一是光纜定向鑽孔設備的領導者。我們仍然相信，由於我們龐大的產品安裝基礎，售後市場是未來成長的良好機會。

Lastly, we believe we are in a strong position to benefit from the Build America, Buy America Act as our compliance is expected to give us a strategic advantage. Within our residential businesses and IFT, we have seen a return to normalization. Recall that these products are typically not a discretionary spend. When a sump pump or a well pump brakes, it's critical to get it fixed.

最後，我們相信我們處於有利地位，可以從《建設美國、購買美國法案》中受益，因為我們的合規預計將為我們帶來戰略優勢。我們的住宅業務和旅遊學院已恢復正常化。請記住，這些產品通常不是可自由支配的支出。當污水泵或井泵制動時，修復它至關重要。

Please turn to Slide 14, labeled Q3 2023 Water Solutions Performance. In Q3, Water Solutions sales increased 9% to $299 million, driven by our Manitowoc Ice acquisition and price. Segment income grew 40% to $69 million and return on sales expanded 510 basis points to 23%, driven primarily by our accretive Manitowoc Ice acquisition and productivity from our transformation initiatives.

請參閱投影片 14，標示為「2023 年第 3 季水解決方案績效」。在我們收購 Manitowoc Ice 和提高價格的推動下，第三季水解決方案銷售額成長了 9%，達到 2.99 億美元。部門營收成長了 40%，達到 6,900 萬美元，銷售回報率成長了 510 個基點，達到 23%，這主要得益於我們不斷收購 Manitowoc Ice 以及我們轉型計劃帶來的生產力。

Margins have expanded over the last 7 quarters, from 10.8% in Q1 of 2022 to 23% and in Q3 of 2023. Within our residential business and Water Solutions, we noted last quarter that we are seeing North America stabilize. This was evident in Q3, as residential sales decline improved sequentially from Q2.

過去7 個季度的利潤率有所擴大，從2022 年第一季的10.8% 增加到2023 年第三季的23%。在我們的住宅業務和水解決方案中，我們上個季度注意到北美市場趨於穩定。這在第三季表現得尤為明顯，住宅銷售降幅較第二季有所改善。

Within our commercial business and Water Solutions, filtration sales in North America remained strong. And Manitowoc Ice continued to exceed our expectations. Please turn to Slide 15 labeled Q3 2023 Pool Performance.

在我們的商業業務和水解決方案中，北美的過濾銷售仍然強勁。馬尼托瓦克製冰繼續超出我們的預期。請參閱標示「2023 年第 3 季泳池表現」的投影片 15。

In Q3, Pool sales declined 21% to $309 million. The volume decline of 28 points was primarily due to continued channel inventory corrections in the quarter. And reflects a strong Q3 2022 comparison. Sequentially, the negative impact of volume significantly improved from Q2.

第三季度，Pool 銷售額下降 21% 至 3.09 億美元。成交量下降 28 個點主要是由於本季通路庫存持續調整。並反映了與 2022 年第三季的強烈對比。隨後，成交量的負面影響較第二季顯著改善。

The pricing benefit of 7 points helped partially offset the volume decline. Despite lower Pool sales in Q3, return on sales expanded 130 basis points, due to price offsetting inflation, prior actions to rightsize direct labor to align with lower volumes and improved productivity driven by our transformation initiatives.

7 個百分點的定價優勢部分抵銷了銷售下降的影響。儘管第三季聯營銷售額較低，但由於價格抵消了通貨膨脹、先前採取的調整直接勞動力規模以適應銷量下降的行動以及我們轉型舉措推動的生產力提高，銷售回報率擴大了 130 個基點。

Please turn to Slide 16, labeled Transformation Initiatives. Similar to last quarter, we believe this slide provides a good illustration of our transformation initiatives and our ultimate goal of driving margin expansion. For reference, our transformation initiatives focus on 4 key themes: pricing excellence, strategic sourcing, operations excellence and organizational effectiveness.

請參閱投影片 16，標示「轉型計畫」。與上季類似，我們相信這張投影片很好地說明了我們的轉型舉措以及推動利潤率擴張的最終目標。作為參考，我們的轉型計劃重點關注 4 個關鍵主題：卓越定價、策略採購、卓越營運和組織有效性。

As we've mentioned in past quarters, we expect strategic pricing actions to benefit the top line of all 3 of our segments. We expect our other 3 transformation initiatives to help improve our overall cost structure. As a result, we are targeting ROS of approximately 23% by the end of fiscal 2025, expanding margins over 400 basis points as compared to fiscal 2022.

正如我們在過去幾季所提到的，我們預期策略定價行動將使我們所有三個細分市場的收入受益。我們預計其他 3 項轉型措施將有助於改善我們的整體成本結構。因此，我們的目標是到 2025 財年末，ROS 達到約 23%，與 2022 財年相比，利潤率擴大超過 400 個基點。

Please turn to Slide 17, labeled Transformation Runway. As you look at each of the 4 key themes, you can see that the work within these transformation initiatives is in various different stages. For example, in 2023, we have begun to see early readouts from Wave 1 within pricing, sourcing and operations. We are beginning Wave 2 within each of these 3 themes and expect margin benefits to read out in 2024.

請參閱投影片 17，標示為「轉型跑道」。當您查看 4 個關鍵主題時，您會發現這些轉型舉措中的工作處於不同的階段。例如，到 2023 年，我們已經開始看到第一波定價、採購和營運的早期數據。我們正在這 3 個主題中的每一個主題中開始第二波，預計利潤率收益將在 2024 年顯現出來。

You can see how each new wave is expected to compound on the others to drive expected margin expansion year-over-year through 2025 and beyond. In pricing excellence, the strategic pricing playbook has been developed, which is just beginning to roll out across segments and categories. For example, in Q3, we began to implement strategic pricing actions across select products within our Pool segment.

您可以看到每一波新浪潮預計將如何與其他浪潮結合，從而推動 2025 年及以後的預期利潤率同比增長。在卓越定價方面，策略定價手冊已經制定，並且剛開始跨細分市場和類別推出。例如，在第三季度，我們開始對我們的池細分市場內的選定產品實施策略性定價行動。

Within these price actions -- while these price actions are reflected in our recent annual price increase, please note that these strategic actions differ from annual price increases. Typically, on an annual basis, we evaluate overall inflation, both material and cost to determine the appropriate price increase across our products.

在這些價格行動中——雖然這些價格行動反映在我們最近的年度價格上漲中，但請注意，這些策略行動與年度價格上漲不同。通常，我們每年都會評估整體通貨膨脹，包括材料和成本，以確定我們產品的適當價格上漲。

With regards to strategic price actions, we are evaluating all products through a value-based model and identifying which ones have opportunities for adjustments. Recall that in the past, we primarily evaluated pricing through a cost-plus approach. In sourcing excellence, the implementation of Wave 1 is underway with savings currently reading out. As a reminder, Wave 1 included materials such as electronics, motors, maintenance, repair and operation spend, packaging and logistics.

關於策略性價格行動，我們正在透過基於價值的模型評估所有產品，並確定哪些產品有調整的機會。回想一下，過去我們主要透過成本加成法來評估定價。在卓越採購方面，第一波的實施正在進行中，目前已看到節省的費用。提醒一下，第一波包括電子、馬達、維修、修理和營運支出、包裝和物流等材料。

Additionally, we successfully kicked off Wave 2 this summer with over 800 suppliers attending our supplier show. For reference, Wave 2 materials include metals, molding, resins, ocean freight and purchased finished goods. We expect Wave 2 to begin to read out beginning in 2024. Incremental to our strategic sourcing waves, we have seen benefit from our rapid renegotiation process, that is a part of our transformed sourcing excellence work.

此外，我們在今年夏天成功啟動了第二波，有超過 800 家供應商參加了我們的供應商展。作為參考，Wave 2 材料包括金屬、模具、樹脂、海運和購買的製成品。我們預計第二波浪潮將於 2024 年開始實施。作為我們策略採購浪潮的增量，我們已經從快速重新談判流程中受益，這是我們轉型卓越採購工作的一部分。

In operational excellence, we have completed the consolidation of 3 facilities, while continuing our execution on lean transformation plans across our sites. In organizational effectiveness, we are in the earliest stages with Wave 1 and expect margin benefits to be realized beginning in 2024. Due to the staggered nature of these transformation initiatives, we expect Wave 3 to begin to read out post 2025 in operations excellence and organizational effectiveness.

在卓越營運方面，我們已經完成了 3 個設施的整合，同時繼續在我們的各個站點執行精益轉型計劃。在組織效率方面，我們正處於第一波浪潮的最早階段，預計從2024 年開始實現利潤率效益。由於這些轉型舉措的交錯性質，我們預計第三波浪潮將在2025 年後開始在卓越營運和組織方面發揮作用。效力。

Overall, we are excited about the savings we have begun to realize from the early waves and remain confident that our teams can execute on pricing actions and savings, we have identified, particularly in sourcing.

總體而言，我們對從早期浪潮中開始實現的節省感到興奮，並且仍然相信我們的團隊能夠執行我們已經確定的定價行動和節省，特別是在採購方面。

Please turn to Slide 18, labeled balance sheet and cash flow. In Q3, we generated $143 million in free cash flow, up nearly 100% year-over-year, reflecting another strong quarter. Year-to-date, our free cash flow was $453 million, up nearly 115% year-over-year. Our net debt leverage ratio was 2.1x, down from 2.6x in Q1 and 2.2x in Q2.

請翻到投影片 18，標示資產負債表和現金流量。第三季度，我們產生了 1.43 億美元的自由現金流，年成長近 100%，反映出另一個強勁的季度。年初至今，我們的自由現金流為 4.53 億美元，較去年同期成長近 115%。我們的淨負債槓桿率為 2.1 倍，低於第一季的 2.6 倍和第二季的 2.2 倍。

Our maturity stack is very manageable. Total debt is now less than $2 billion, and the average rate is approximately 5.3%. Our ROIC was 14.1%, exceeding our cost of capital and includes debt from the Manitowoc Ice acquisition. We continue to target high teens ROIC in the long term.

我們的成熟度堆疊非常易於管理。目前債務總額不足 20 億美元，平均利率約 5.3%。我們的投資報酬率為 14.1%，超出了我們的資本成本，其中包括收購 Manitowoc Ice 的債務。從長遠來看，我們繼續以高青少年投資回報率為目標。

We plan to remain disciplined with our capital and continue to focus on debt reduction amid the higher interest rate environment. Moving to Slide 19, titled Q4 and Full Year 2023 Pentair Outlook. For the full year, we are updating our adjusted EPS guidance to approximately $3.70 to $3.75, from our previous range of $3.65 to $3.75.

我們計劃在高利率環境下保持資本紀律，並繼續專注於削減債務。前往投影片 19，標題為第四季和濱特爾 2023 年全年展望。對於全年，我們將調整後每股盈餘指引從先前的 3.65 美元至 3.75 美元調整為約 3.70 美元至 3.75 美元。

Also for the full year, we expect sales to be roughly down 1%, segment income to increase 10% to 11%, with corporate expense of approximately $85 million to $90 million. Net interest expense of roughly $123 million to $125 million and adjusted tax rate of approximately 15% and a share count of 166 million.

同樣對於全年，我們預計銷售額將約下降 1%，部門收入將成長 10% 至 11%，公司費用約為 8,500 萬美元至 9,000 萬美元。淨利息支出約 1.23 億至 1.25 億美元，調整後稅率約 15%，股票數量為 1.66 億股。

For the fourth quarter, we expect sales to be down approximately 3% to 4%. This is mainly attributable to expected lower Pool volume year-over-year and the return of seasonality in our business, now that lead times have normalized. We expect fourth quarter segment income to increase 3% to 8% with corporate expense of roughly $23 million. Net interest expense of roughly $28 million to $30 million. An adjusted tax rate of approximately 15% and a share count of 166 million.

我們預計第四季銷售額將下降約 3% 至 4%。這主要是由於預計庫存量同比下降以及我們業務的季節性回歸（交貨時間已經正常化）。我們預計第四季部門營收將成長 3% 至 8%，公司費用約為 2,300 萬美元。淨利息支出約 2,800 萬至 3,000 萬美元。調整後稅率約 15%，股數為 1.66 億股。

We are also introducing adjusted EPS guidance for the fourth quarter of approximately $0.82 to $0.87. Moving to Slide 20, titled Full Year 2023 Guidance at Midpoint. We continue to expect total Pentair sales in fiscal 2023 to be approximately $4.1 billion or down about 1%. We continue to expect IFT sales to be up mid-single digits and Water Solutions sales to be up high teens.

我們也推出了第四季調整後每股盈餘指引，約 0.82 至 0.87 美元。前往投影片 20，標題為「2023 年全年指南中點」。我們仍預期 2023 財年濱特爾總銷售額約為 41 億美元，或下降約 1%。我們繼續預期 IFT 銷售額將成長到中個位數，水解決方案銷售額將成長到十位數。

For Pool sales, we have made a slight adjustment to down high teens from previous guidance of down mid-teens at the high end of the range. Segment income is expected to increase approximately 10% to 11% with ROS expansion of over 200 basis points to 20.9%.

對於泳池銷售，我們對範圍高端的指導值進行了略微調整，從先前的指導值下調至高值。隨著ROS擴張超過200個基點至20.9%，該部門營收預計將成長約10%至11%。

Moving to Slide 21, titled Q3 Progress Summary. We are very pleased with our Q3 and year-to-date performance. As John mentioned earlier, our third quarter marked the sixth consecutive quarter of sales over $1 billion and the sixth consecutive quarter of adjusted margin expansion. We have executed well in a dynamic environment and delivered on our commitments.

前往投影片 21，標題為第三季進度摘要。我們對第三季和年初至今的表現非常滿意。正如約翰之前提到的，我們第三季的銷售額連續第六個季度超過 10 億美元，調整後的利潤率連續第六個季度擴大。我們在充滿活力的環境中表現出色，並兌現了我們的承諾。

Specifically, our diversified Water portfolio and transformation initiatives have driven significant margin expansion despite Pool's volume decline. Our Manitowoc Ice acquisition has exceeded our expectations. We have instilled performance accountability across the organization, which is being measured through key metrics. We have a very strong balance sheet and free cash flow generation, and we have a disciplined capital allocation strategy that aligns to our high teens ROIC target. I'd now like to turn the call over to the operator for Q&A, after which John will have a few closing remarks. Anthony, please open the line for questions. Thank you.

具體來說，儘管 Pool 的銷量下降，但我們多元化的水務投資組合和轉型舉措仍推動了利潤率的大幅成長。我們對 Manitowoc Ice 的收購超出了我們的預期。我們在整個組織中灌輸了績效問責制，並透過關鍵指標進行衡量。我們擁有非常強大的資產負債表和自由現金流生成，我們有嚴格的資本配置策略，與我們高十幾歲的投資回報率目標一致。我現在想將電話轉給接線員進行問答，然後約翰將發表一些結束語。安東尼，請打開提問線。謝謝。

(Operator Instructions) Our first question will come from Brett Linzey with Mizuho.

（操作員說明）我們的第一個問題將來自 Mizuho 的 Brett Linzey。

First question is just on pricing in Pools. So it sounds like you're going to have 2 different actions here. So one being the normal course of business. And then on top of that, some surgical, if you could just square that comment? And then anything you can share in terms of the magnitude of the actions that you're contemplating there?

第一個問題是關於礦池的定價。所以聽起來您將在這裡執行 2 個不同的操作。所以這是正常的業務流程。除此之外，還有一些外科手術，您能修正一下這個評論嗎？那麼您可以分享一下您正在考慮採取的行動的規模嗎？

No. I think just to clarify, as we go into next year, we're only counting on a price increase, which would be a more normalized price increase and modest compared to prior years, but slightly higher than what we would have said would have normally occurred, which is us covering the inflationary aspects. Not aware of anything incremental than that. And those price increases have already been announced in the market.

不。我想澄清一下，當我們進入明年時，我們只指望價格上漲，這將是一個更加正常化的價格上漲，與前幾年相比，幅度較小，但略高於我們所說的價格上漲通常都會發生，這是我們涵蓋通貨膨脹方面的情況。不知道還有什麼比這更增量的事情了。而這些漲價已經在市場上公佈了。

Yes. Our comment was that not only did we use an approach that looked at inflation. But for certain product lines, looked at adjustments based on a value-based model, but that is all included in the pricing that went out to be effective Jan 1.

是的。我們的評論是，我們不僅使用了關注通貨膨脹的方法。但對於某些產品線，我們考慮了基於價值的模型的調整，但這全部包含在 1 月 1 日生效的定價中。

Understood. And then just wanted to circle back to the comments around the market extensions within IFT commercial. It's great to see some opportunity outside those traditional verticals, is there any way to quantify the total addressable market size that will increase here given this new reach, this new focus?

明白了。然後我想回到 IFT 廣告中有關市場擴展的評論。很高興看到這些傳統垂直行業之外的一些機會，有沒有什麼方法可以量化由於這個新的覆蓋範圍、這個新的焦點而增加的總的可尋址市場規模？

No. But I mean it opens up what we would say would be at least $1 billion plus for our particular opportunities. And I think that's a conservative estimate, Brett.

不。但我的意思是，它為我們的特殊機會開闢了我們所說的至少 10 億美元以上的機會。我認為這是一個保守的估計，布雷特。

Our next question will come from Andy Kaplowitz with Citigroup.

我們的下一個問題將來自花旗集團的安迪·卡普洛維茨。

John, can you update us, give us more color on what you're seeing in the Pool market. It looks like you're suggesting with your Q4 guide slightly bigger inventory correction in the $150 million you were guiding to. Maybe you could give us some more color on that. And then how do you think that sets up Pool for 2024, especially given a higher interest rate environment?

約翰，您能否向我們介紹最新情況，讓我們更了解您在泳池市場上看到的情況。看來您在第四季指南中建議將庫存修正幅度稍大一些，也就是您所指引的 1.5 億美元。也許你可以給我們更多的資訊。那麼您認為 2024 年資金池的設定如何，特別是考慮到更高的利率環境？

Yes. So I think, first of all, we're pleased that we were able to predict the way that Q3 was going to unfold and it played out generally as we expected. I think we focused on sell-through data and then also focus on the metrics of our channel partners.

是的。所以我認為，首先，我們很高興能夠預測第三季的發展方式，並且總體上按照我們的預期進行。我認為我們專注於銷售數據，然後也關注通路夥伴的指標。

And I think that data is providing clarity of what's going on. I think the inventory is generally behind us. I don't think that's what Q4 represents. I think Q4 represents what we would say is reflecting the higher interest rates and the impact it could have on the sell-through aspects within the market. And it's helping to position ourselves for the best possible 2024 that we can have. So it's a modest participation in early buy. It's making sure that we're not continuing to build inventory ahead of next year. And it's setting ourselves up for a really good 2024.

我認為數據可以讓我們清楚地了解正在發生的事情。我認為庫存總體上落後於我們。我不認為這就是第四季所代表的。我認為第四季度代表了我們所說的內容反映了更高的利率及其可能對市場內的銷售方面產生的影響。這有助於我們為 2024 年的美好前景做好準備。所以這是早期購買的適度參與。它確保我們不會在明年之前繼續增加庫存。這讓我們為美好的 2024 年做好準備。

It's helpful, John. And then you beat your forecast for Q3 sales overall with down to 4%, I think you're expecting down 7%. You didn't change anything other than Pool, which we just talked about, but my question is whether you're seeing anything in IFT or Water Solutions, that stopped you from raising your forecast at all. I would imagine you want to be conservative as you talked about, but any more color there on current economic conditions, how they effect to the other segments?

這很有幫助，約翰。然後，您對第三季整體銷售額的預測下降了 4%，我認為您預計會下降 7%。除了我們剛剛討論過的 Pool 之外，您沒有更改任何內容，但我的問題是您是否在 IFT 或 Water Solutions 中看到了任何阻止您提高預測的內容。我想你想像你所說的那樣保守，但對當前的經濟狀況還有更多的色彩嗎？它們對其他細分市場有何影響？

No. I mean I think Water Solutions has benefited from significant performance at Manitowoc Ice and we're really pleased with how that acquisition came in and has performed. Just a reminder, though, we're going to start comparing against really good delivered quarters in the prior years.

不。我的意思是，我認為 Water Solutions 受益於 Manitowoc Ice 的出色表現，我們對這次收購的實施和表現感到非常滿意。不過，請注意，我們將開始與前幾年真正交付良好的季度進行比較。

And so that year-over-year performance is going to moderate. I think the market outlook for that business continues to be strong, but it's going to be hard to continue to put up those types of numbers on a consistent basis.

因此，同比表現將會放緩。我認為該業務的市場前景仍然強勁，但很難繼續持續提供這些類型的數字。

And then in IFT, anything you're seeing in terms of channel destock or anything like that?

然後在 IFT 中，您在渠道去庫存或類似方面看到了什麼？

No. But I think it's only fair to suggest that higher elevated interest for longer make sure that productivity-based projects and/or expansion investments are going to be up against higher hurdle rates. And we're reflecting that in our particular revenue forecast as we go forward.

不。但我認為公平的說法是，長期較高的利率可以確保基於生產力的項目和/或擴張投資能夠應對更高的門檻利率。我們在未來的具體收入預測中反映了這一點。

Our next question will come from Brian Lee with Goldman Sachs.

我們的下一個問題將來自高盛的布萊恩李。

I know there's a lot of questions around Pool. I'll just throw another one in there, and a lot of moving parts and the macro is still uncertain, but is there sort of a framework you guys can provide us to think about for Pool? Because if all goes right, it sounds like by the time we get to end of '23 here, channel destocking is fully complete. You've got normal seasonality returning, prices still kind of elevated in the mid-single digits. So I guess, first off, do you see that holding in '24 on the price side?

我知道有很多關於 Pool 的問題。我將在其中添加另一個，許多移動部件和宏觀仍然不確定，但你們可以為我們提供一種框架來考慮 Pool 嗎？因為如果一切順利，聽起來到 23 年底，通路去庫存已經完全完成。正常的季節性回歸，價格仍在中個位數上漲。所以我想，首先，您認為 24 年價格方面的情況會保持不變嗎？

And then just from a volume framework perspective, assuming all those things do play out as you expect, channel destocking, seasonality? Like what is the framework we should be thinking about in terms of the Pool volume outlook here as we think about the next kind of 12 to 18 months?

然後，僅從數量框架的角度來看，假設所有這些事情都按照您的預期進行，渠道去庫存、季節性？就像我們在考慮未來 12 到 18 個月時應該考慮的池量前景框架是什麼？

Yes. First, I think we're feeling really good about the ability in 2023 to have continued to raise our guidance through the diversified portfolio offsetting really consistent performer and Pool. I mean, Pool has generated a lot of income and growth for us over the years. And I think it was a little bit worse this year than we anticipated coming into the year, primarily because that inventory was larger.

是的。首先，我認為我們對 2023 年透過多元化投資組合繼續提高我們的指導的能力感到非常滿意，抵消了真正一致的表現者和池的影響。我的意思是，Pool 多年來為我們帶來了大量的收入和成長。我認為今年的情況比我們預期的今年要糟糕一些，主要是因為庫存更大。

And the overall market wasn't as strong as we had hoped it would be. But as we head into 2024, we're looking at the framework as being that we do pick up the tailwind from not having that inventory correction. And then as we get closer to the end of the year, we'll predict what the markets are going to be. I think it's fair to say that we're not thinking that overall pool builds expand from here. And we don't think overall remodeling expands, but I do think we're going to see a little bit of recovery in that aftermarket, which I think was accelerated into the prior years and now it will be normalized. And a lot of those are nondiscretionary purchases, and we think we get back to a potential overall growth plus the benefit of the tailwinds of inventory.

整體市場並不像我們希望的那樣強勁。但當我們進入 2024 年時，我們所看到的框架是，我們確實會因沒有庫存調整而受益。然後，當我們接近年底時，我們將預測市場將會如何。我認為可以公平地說，我們並不認為整體泳池建設會從這裡開始擴展。我們不認為整體改造會擴大，但我確實認為我們將看到售後市場出現一點復甦，我認為這種復甦在前幾年有所加速，現在將正常化。其中許多都是非可自由支配的購買，我們認為我們會回到潛在的整體成長加上庫存順風的好處。

Okay. Fair enough. Makes sense. And then maybe just with interest rates backing up here and the macro, I think a lot of focus around kind of what it meant for your pool business all year long. And are you seeing anything beyond the resi sector in your kind of end market exposures, that are having any impacts or constraints on spending, when it comes to that sort of cost of capital environment and just financing conditions getting a little bit tougher here. Anything you can speak to at kind of a high level?

好的。很公平。說得通。然後，也許只是隨著利率和宏觀因素的回升，我認為很多人都關注這對你全年的泳池業務意味著什麼。當涉及到資本成本環境和融資條件變得更加嚴格時，您是否在終端市場曝險中看到了黃金產業以外的任何因素，這些因素對支出產生了任何影響或限制。您可以在高級別上談論什麼嗎？

Yes. I mean I think you're calling it. I think we're seeing it everywhere, to be honest with you in a little bit. I mean, as a reminder, 75% of our end customers are small dealers and professional trade channel people and their borrowing of capital is higher and harder to get access to capital. I think that slows down some of the projects they we were working on.

是的。我的意思是我認為你正在打電話。老實說，我想我們隨處都可以看到這種情況。我的意思是，提醒一下，我們75%的終端客戶是小型經銷商和專業貿易通路人員，他們的資金借貸更高，也更難獲得資金。我認為這減慢了我們正在進行的一些項目的速度。

We're not exposed to commercial buildings more than $1 million or a couple of hundred million, but I think you're going to see financing be tougher on the building side. And so an elevated higher interest rates for long just, I think, produces a sluggish environment, is the way we're looking at it. Which is why we're really putting that accelerate on the transformation initiatives we have, pricing selectively, making sure that we understand market back and how to position our products and services effectively in the industries. And then making sure that we're managing the cost structure well within the company.

我們接觸的商業建築不會超過 100 萬美元或幾億美元，但我認為建築方面的融資會更加困難。因此，我認為，長期較高的利率只會造成低迷的環境，這就是我們看待它的方式。這就是為什麼我們真正加速我們的轉型計劃，有選擇地定價，確保我們了解市場以及如何在行業中有效定位我們的產品和服務。然後確保我們在公司內部很好地管理成本結構。

Our next question will come from Bryan Blair with Oppenheimer.

我們的下一個問題將由布萊恩布萊爾和奧本海默提出。

Just hoping to drill down a little bit more on Commercial Water Solutions trends. It sounds like underlying market activity remains pretty solid. Just curious if your team is seeing anything shift on a sequential basis. I know a lot of questions have been asked already in terms of macro backdrop. Higher for longer rate environment, et cetera. Specific to that platform. Are you seeing anything as we get into Q4 or the outlook for 2024, that concerns your team in terms of the strength that you've been leveraging recently?

只是希望能更深入了解商業水解決方案的趨勢。聽起來潛在的市場活動仍然相當穩健。只是好奇您的團隊是否看到任何連續變化。我知道在宏觀背景方面已經提出了很多問題。對於較長速率的環境而言更高，等等。具體到該平台。當我們進入第四季度或 2024 年展望時，您是否看到任何與您的團隊最近所利用的優勢相關的事情？

There's no doubt that Commercial Water Solutions has had an excellent 2023, going to market with the end-to-end solution of water quality. Ice and services has been very compelling. Manitowoc has had an excellent year, and we've done well in North America filtration.

毫無疑問，Commercial Water Solutions 在 2023 年表現出色，推出了端到端的水質解決方案。冰和服務非常引人注目。馬尼托瓦克度過了出色的一年，我們在北美過濾領域做得很好。

So overall, we continue to see the market within the restaurants, primarily the quick service restaurant space, staying solid for us. The challenge for us is bumping up against tough compares next year. But overall, the markets that we serve are doing well.

因此，總的來說，我們繼續看到餐廳內的市場，主要是快餐服務餐廳空間，對我們來說保持穩定。我們面臨的挑戰是明年將面臨嚴峻的比較。但總體而言，我們服務的市場表現良好。

Just to give you some indication of point-to-point, I mean, despite the fact that we're going to see significant shipments in Manitowoc this year and feel really good about their progress. The overall CAGR from 2019 to the end of 2023 is about 8%-ish or slightly a little bit higher than that. Which be slightly normal than -- or higher than the mid-single digits that we had forecasted business to have. So just a reminder that the markets, as Bob mentioned, are recovering globally, and they continue to participate in that recovery.

我的意思是，只是為了向您提供一些點對點的指示，儘管事實上我們今年將在馬尼托瓦克看到大量發貨，並對他們的進展感到非常滿意。 2019年到2023年底的整體複合年增長率約為8%左右，或略高一些。這比我們預測的業務量略為正常，或高於中個位數。因此，請注意，正如鮑勃所提到的那樣，市場正在全球範圍內復甦，並且它們將繼續參與這種復甦。

I appreciate The color. That's very helpful. You mentioned the Intent Solution and there is no doubt that the value proposition combining Everpure, KBI, Man Ice, that's resonating with your customer base. Can you speak to direct cross-selling traction within the platform, what's been realized to date for your legacy businesses, not just the lift demand Ice?

我很欣賞這種顏色。這非常有幫助。您提到了 Intent 解決方案，毫無疑問，Everpure、KBI、Man Ice 結合的價值主張與您的客戶群產生了共鳴。您能否談談平台內的直接交叉銷售牽引力，迄今為止為您的傳統業務實現了什麼，而不僅僅是提升需求 Ice？

Yes. I mean I would quantify that value is a couple of points of incremental growth as the overall Commercial Water Solutions business from those synergies. I mean, lots of excitement and putting Everpure in the trade shows next to the Manitowoc Ice and vice versa. And helping our customers, which are a distributor and in an installer, realize the benefits of promoting both.

是的。我的意思是，我會量化該價值是這些協同效應帶來的整個商業水解決方案業務的幾個增量增長點。我的意思是，很多令人興奮的事情，並將 Everpure 放在 Manitowoc Ice 旁的貿易展上，反之亦然。並幫助我們的客戶（經銷商和安裝商）認識到推廣兩者的好處。

And I think when you have a good filtered solution on an ice machine, you're extending the life of the ice machine. And then it also leads to the service capabilities we have and the fact that we can offer some of those services, or more importantly, just to understand what the service providers up against. So that we can redesign for service and also work with our partners to help them get in and out of those end markets faster. So I mean there's a lot of energy and excitement, and we couldn't be more pleased with the synergies and the go-to-market strategies of these 3 businesses put together.

我認為，當製冰機上有良好的過濾解決方案時，就可以延長製冰機的使用壽命。然後它也導致我們擁有的服務能力以及我們可以提供其中一些服務的事實，或者更重要的是，只是為了了解服務提供者面臨的問題。這樣我們就可以重新設計服務，並與我們的合作夥伴合作，幫助他們更快地進出這些終端市場。所以我的意思是，我們充滿活力和興奮，我們對這三家企業的協同效應和進入市場策略感到非常滿意。

Our next question will come from Mike Halloran with Baird.

我們的下一個問題將由 Mike Halloran 和 Baird 提出。

So two quick ones here. First, on the destock impact last quarter, you talked about $150 million impact on destock this year. Is that still the number we should be thinking about? Or has that changed at all?

所以這裡有兩個快速的。首先，關於上季去庫存的影響，您談到今年去庫存的影響為1.5億美元。這仍然是我們應該考慮的數字嗎？或者說這一切已經改變了嗎？

No, I think there's nothing that's changed in that number, it played out as we said, as expected.

不，我認為這個數字沒有任何變化，正如我們所說，正如預期的那樣。

And then on the balance sheet side of things, you're 2x levered now on a net basis. Bob talked to debt pay down, still the priority. Maybe you could just talk to, given the changes in the interest rates, how your financing terms are? Is there a -- has there been any shift in what kind of leverage levels you're looking at going forward or maybe better put, where would you -- what kind of leverage levels would you want to see before you became more aggressive using your balance sheet. Whether it's for buybacks, M&A, whatever it is?

然後在資產負債表方面，以淨值計算，你現在的槓桿比率為 2 倍。鮑伯表示，償還債務仍是首要任務。也許您可以談談，考慮到利率的變化，您的融資條件如何？在您更積極地使用您的槓桿之前，您希望看到什麼樣的槓桿水平？資產負債表。無論是回購、併購還是其他？

Mike, I promised myself I wouldn't give a target today. I think right now, I think we all have to be mindful of access to capital and managing with our capital framework. And I think paying down the debt right now is good use of it.

麥克，我向自己保證今天不會設定目標。我認為現在我們都必須注意獲得資本和管理我們的資本框架。我認為現在還清債務是很好的利用。

Obviously, we're always looking at strategic complementary businesses to our current business units. The market is not robust, though at the moment. And even when you're seeing assets availability, you've got to question how those interest rates environments affect their business. So you're not seeing transactions happen. So I think just paying down the debt right now and giving ourselves the maximum flexibility is where Bob and I are focused for the remainder of this year and into next year.

顯然，我們一直在尋找與我們目前業務部門策略互補的業務。但目前市場並不強勁。即使您看到資產的可用性，您也必須質疑這些利率環境如何影響他們的業務。所以你看不到交易發生。因此，我認為現在償還債務並給予自己最大的靈活性是鮑勃和我今年剩餘時間和明年的重點。

Yes. I would just add to that, that obviously, staying investment grade is hugely important to us. As the variable rates have crept up. We did undertake the interest rate swap in the collar. So that turned out to be a smart move, where -- when you include the collar, effectively, 65% of our debt is fixed.

是的。我想補充一點，顯然，保持投資等級對我們來說非常重要。隨著可變利率的攀升。我們確實進行了利率掉期的領子。事實證明這是一個明智之舉，當你算上上限時，我們 65% 的債務實際上是固定的。

That brings us to kind of a weighted average rate of 5.3% in the quarter, maybe 5.5% going forward. So overall, we've done some good things to manage within this environment and paying down the debt, certainly helped from an overall perspective.

這使我們得出本季的加權平均成長率為 5.3%，未來可能為 5.5%。因此，總的來說，我們在這種環境下做了一些好事來管理並償還債務，從整體角度來看肯定有所幫助。

Our next question will come from Julian Mitchell with Barclays.

我們的下一個問題將來自巴克萊銀行的朱利安·米切爾。

Maybe just wanted to follow up on the sort of profit bridge a little bit from Slide 12. So the sort of price net inflation number was close to 0. It seems inflation picked up a bit as a headwind year-on-year versus the prior quarter. So maybe help us understand kind of the inflation moving part in Q4 into early next year? And should we expect that price net of inflation number to be sort of close to 0 like it was in Q3?

Maybe just wanted to follow up on the sort of profit bridge a little bit from Slide 12. So the sort of price net inflation number was close to 0. It seems inflation picked up a bit as a headwind year-on-year versus the prior四分之一.那麼也許可以幫助我們了解第四季的通膨會如何影響到明年初？我們是否應該預期扣除通膨數據後的價格會像第三季那樣接近 0？

So I think the way -- it's a good observation. I would remind you that in inflation, as we show in our bridges, is year-over-year. So it doesn't necessarily reflect sequentially this year. It could be that we saw some elevated inflation on some of the buys that we had last year. So we think that we are overall moderating to price versus cost being neutral or slightly more close to neutral. And then obviously focusing on the productivity contribution, that's coming from our transformation initiatives.

所以我認為這是一個很好的觀察。我想提醒您的是，正如我們在橋樑中所顯示的那樣，通貨膨脹是逐年增加的。所以今年不一定會照順序反映。可能是我們去年購買的一些商品通膨率上升。因此，我們認為，我們總體上正在調整價格與成本之間的關係，使其保持中性或稍微接近中性。然後顯然要專注於生產力的貢獻，這來自我們的轉型計畫。

That's the model going forward. If you recall, we were benefiting quite substantially earlier in the year and last year on price versus cost. And now that's shifting to more of a transformation benefit as we go forward. Bob, I don't know if you want to add anything.

這就是未來的模式。如果你還記得的話，今年早些時候和去年我們在價格與成本方面受益匪淺。現在，隨著我們的前進，這種情況正在轉變為更多的轉型效益。鮑勃，我不知道你是否想補充什麼。

Yes. I would just add to that, that while inflation did the change in inflation increase in Q3 versus Q2, the nice thing was that price was able to cover that. We do expect inflation to moderate significantly in the fourth quarter, and certainly, where price exceeds inflation.

是的。我想補充一點，雖然通貨膨脹使第三季的通貨膨脹率與第二季相比增加，但好處是價格能夠彌補這一點。我們確實預期第四季通膨將顯著放緩，當然，價格將超過通膨。

At the beginning of the year, we talked about inflation being around 4.5% of sales. And we're really tracking right towards that. So the team has done a nice job of understanding inflation and factoring in the impact of that. So overall, pleased with what we're seeing, and that will moderate in the fourth quarter.

今年年初，我們談到通貨膨脹率約為銷售額的 4.5%。我們確實正在朝著這個方向努力。因此，團隊在理解通貨膨脹並考慮其影響方面做得很好。總的來說，我們對所看到的情況感到滿意，並且這種情況將在第四季度有所緩解。

That's helpful. And as you said, hopefully, that productivity piece becomes larger as a driver. It was substantial already in Q3. Maybe just sort of refresh where we are on the sort of Wave 2 from transformation savings and how substantive that productivity number should be as a segment income driver next year, when you kind of roll together sort of incremental savings from transformation next year?

這很有幫助。正如你所說，希望生產力部分作為驅動因素變得更大。第三季已經很可觀了。也許只是刷新我們在轉型節省的第二波浪潮中的位置，以及明年當您將明年轉型帶來的增量節省放在一起時，生產力數字應該作為明年的部門收入驅動因素有多大？

Yes. And that is a very important part of our margin expansion story, as we talk about price equaling inflation, it's important that productivity then drives that ROS expansion. So we were pleased to see the $29 million readout in the third quarter, up significantly from the single digit in Q2 and expect to have a significant transformation benefit in the fourth quarter. We're really within Wave 1 in terms of reading out in 2023.

是的。這是我們利潤擴張故事中非常重要的一部分，當我們談論價格等於通貨膨脹時，生產力推動 ROS 擴張非常重要。因此，我們很高興看到第三季的業績達到 2,900 萬美元，比第二季的個位數大幅成長，並預計第四季將獲得顯著的轉型效益。就 2023 年的讀數而言，我們確實處於第一波浪潮之內。

We've built some healthy funnels around each of the 4 pillars of transformation. And so that will start to read out to an even greater extent next year. So overall, pleased with the momentum going into 2024.

我們圍繞著轉型的 4 個支柱建立了一些健康的漏斗。因此，明年這一點將開始得到更大程度的體現。總的來說，我們對進入 2024 年的勢頭感到滿意。

Got it. And your sort of second half run rate for those savings, we should expect that sort of to be steady through at least the first half of next year, I suppose? And then maybe the sort of the comps get a bit tougher on productivity.

知道了。我想，下半年這些節省的運作率，我們應該預期至少在明年上半年會保持穩定？然後也許這種比較在生產力方面會變得更加嚴格。

Well, and then that's when the Wave 2 kicks in, Julian. So -- but you're right, the material took a long time to realize because of all the engineering work and the resupply efforts that we had to do with the supply community. So we're starting to benefit from those in Q4, that run rate will go into next year and then Wave 2 starts to take over in the second half of next year from a sourcing standpoint.

嗯，然後第二波就開始了，朱利安。所以 - 但你是對的，由於我們必須與供應社區進行所有工程工作和補給工作，因此材料花了很長時間才實現。因此，我們開始從第四季度的那些中受益，該運行率將進入明年，然後從採購的角度來看，第二波將在明年下半年開始接管。

To give you some color, about 1/3 of our business is engaged in the pricing exercises in 2023. We'll be close to 2/3 of the way through that in 2024. So that's kind of how the waves that Bob mentioned start to unfold, and we start to benefit from the performance inside the businesses.

給你一些說明，我們大約 1/3 的業務將在 2023 年進行定價活動。到 2024 年，我們將接近 2/3。這就是鮑勃提到的浪潮的開始方式展開，我們開始從業務內部的表現中受益。

Our next question will come from Saree Boroditsky with Jefferies.

我們的下一個問題將由 Jefferies 的 Saree Boroditsky 提出。

Just going on the transformation initiative comment, you discussing the benefit from Wave 2 in the second half of next year. Can you just quantify how we should think about that as contributing to margin performance?

剛才談到轉型計畫評論時，您討論了明年下半年第二波浪潮的好處。您能否量化我們應該如何看待這對利潤率表現的貢獻？

Well, we're very focused on ROS expansion. So if you think about us finishing around 21% this year, we've talked about improving the ROS to 23% by 2025. And we've said that being done in a linear way versus it being all back-end loaded. So we expect ROS to improve next year as we head towards that 23%.

嗯，我們非常關注 ROS 擴充。因此，如果您考慮到我們今年完成了 21% 左右，我們已經討論過到 2025 年將 ROS 提高到 23%。我們已經說過，以線性方式完成，而不是全部後端加載。因此，我們預計 ROS 明年會有所改善，朝著 23% 的目標邁進。

I appreciate the color. Then just kind of going back to Pool, you've done a lot of questions today, but you talked about some of the early buy programs having modest participation there. And maybe as you think about 4Q delivery versus 1Q, is there any way to think about how you thought about those delivery patterns in what that comes for 1Q sale?

我很欣賞它的顏色。然後回到泳池，您今天已經做了很多問題，但您談到了一些早期購買計劃，在那裡有適度的參與。也許當您考慮第 4 季交付與第 1 季交付時，是否有任何方法可以考慮您如何看待第 1 季銷售中的交付模式？

Yes. I mean I think, what we'd like to see unfold is, we believe Q4 can be higher from a shipment perspective for Pentair than Q3, and then we would expect Q1 to be better than Q4. And then we would be in the normalized pattern end of Q2 next year finally being a normal seasonal pattern, which would be the strongest full quarter of the year.

是的。我的意思是，我認為，我們希望看到的是，我們相信從濱特爾的出貨量角度來看，第四季度可能會高於第三季度，然後我們預計第一季會比第第四季。然後我們將在明年第二季末進入正常化模式，最終成為正常的季節性模式，這將是今年最強勁的整個季度。

And as a reminder, Q3 is modestly less than that. And then again, Q4 starts to preload for in 2025 season. So we feel like we've worked through this, and now we've got a clear line of sight to more normal seasonality in the business. And really keeping our eye on sell-through going forward so that we don't get into this inventory situation with our channel again.

提醒一下，第三季的情況略低於這個數字。然後，第四季開始預載 2025 年賽季。所以我們覺得我們已經解決了這個問題，現在我們對業務中更正常的季節性有了清晰的認識。我們真的要密切注意未來的銷售情況，這樣我們的管道就不會再次陷入這種庫存狀況。

Next question will come from Jeff Hammond with KeyBanc Capital Markets.

下一個問題將由 KeyBanc Capital Markets 的 Jeff Hammond 提出。

Just on IFT, can you just talk about like the order trends you're seeing. I don't know if it was really a comp issue, but it seemed like there was a step down in the growth rate. And I'm just wondering what the orders are telling you about kind of the go forward there.

在IFT上，您能談談您所看到的訂單趨勢嗎？我不知道這是否真的是一個補償問題，但成長率似乎有所下降。我只是想知道命令告訴你關於那裡的進展。

Yes. I mean just again, we're looking at year-over-year comps, Jeff. And our infrastructure businesses had a really solid 2022. And so some of these growth rates reflect against the prior quarter of 2023.

是的。我的意思是，我們正在研究逐年比較，傑夫。我們的基礎設施業務在 2022 年表現非常強勁。因此，其中一些成長率反映了 2023 年上一季的情況。

I think the orders continue to be strong, from a mid-single digit indicator, as we go forward. But the year-over-year comparisons are going to be tougher. And as Bob mentioned, we are really focused on nonproject-related wins. We're focusing on service. We're focusing on aftermarket. We're focusing on recurring revenue streams with our key distributors and end market providers, Jeff.

我認為，隨著我們的前進，訂單繼續強勁，從中等個位數的指標來看。但同比比較將會更加艱難。正如鮑伯所提到的，我們真正關注的是與專案無關的勝利。我們專注於服務。我們專注於售後市場。我們專注於與我們的主要分銷商和終端市場提供商的經常性收入流，傑夫。

Okay. Great. And then just back on this Manitowoc Ice, a tough comp issue. Can you just talk about -- I think you called out a lot of the success in the synergies, but just what's been going on with backlog drawdown and order rates there to kind of think about this tough comp dynamic. We're also kind of picking up in the channel that commercial food equipment in some of their markets are maybe starting to see more normal growth as well.

好的。偉大的。然後回到馬尼托瓦克冰，這是一個棘手的補償問題。您能否談談——我認為您在協同效應方面取得了很多成功，但積壓訂單減少和訂單率方面的情況讓我們思考一下這種艱難的競爭動態。我們也發現，某些市場的商業食品設備也可能開始出現更正常的成長。

Yes. I would say backlogs have returned to more normalized levels. Just as a reminder, Manitowoc grew roughly 30% in the second quarter. Will have grown or did grow 20% in the third quarter. And for the full year, Manitowoc will be up roughly 20%.

是的。我想說的是積壓已經恢復到更正常化的程度。提醒一下，馬尼托瓦克第二季的成長率約為 30%。第三季將成長或確實成長 20%。馬尼托瓦克全年業績將成長約 20%。

So they've had a very strong year. To John's point, when you look at the CAGR from 2019, that's sitting at roughly 8%. So we do expect a more normalized year next year, as we bump up against 2023 is 20% growth. But overall, the business remains very healthy. The end-to-end approach in terms of going to market is resonating well. So very confident in the Manitowoc business.

所以他們度過了非常強勁的一年。 John 表示，如果你看看 2019 年的複合年增長率，你會發現這個數字約為 8%。因此，我們確實預計明年會更加正常化，因為我們預計 2023 年將實現 20% 的成長。但總體而言，業務仍然非常健康。進入市場的端到端方法引起了良好的反響。對馬尼托瓦克業務非常有信心。

And Jeff, your data points are right. This isn't a sustainable growth level for our Ice business. I mean, when you're mid- to high single digits, we would have hoped that, that is the more linear growth rate that we get to.

傑夫，你的數據點是正確的。對於我們的製冰業務來說，這不是一個可持續的成長水平。我的意思是，當你達到中高個位數時，我們希望這是我們達到的更線性的成長率。

And obviously, we're going to satisfy the demand and make sure that it's a Manitowoc Ice machine that someone is putting into their restaurants. So it gives us the ongoing service and relationship with that customer. But this is not normal as we've said all year.

顯然，我們將滿足需求並確保有人將馬尼托瓦克製冰機放入他們的餐廳。因此，它為我們提供了與該客戶的持續服務和關係。但這並不正常，正如我們全年所說的。

Our next question will come from Andrew Krill with Deutsche Bank.

我們的下一個問題將來自德意志銀行的安德魯·克里爾。

I want to go back to the Pool prebuy. I think you might say you were expecting like a modest prebuy this year. So just any more insight you can give on that and maybe try to quantify how tracking versus more normal years? And just to clarify, are you assuming that as part of the 2023 guide? Or would that be incremental to the Pool sales guidance?

我想回到泳池預購。我想你可能會說你預計今年會進行適度的預購。因此，您可以對此提供更多見解，也許可以嘗試量化追蹤與更正常年份的情況？澄清一下，您是否認為這是 2023 年指南的一部分？或者說這會增加泳池銷售指導嗎？

No, it's all included in our current view of what our business will do in Q4. And just to remind everybody, what we try to do is level load factories to make sure that we're not taking down our shipments in any one quarter, beyond the level of our employment grouping.

不，這一切都包含在我們目前對第四季業務的看法中。只是提醒大家，我們試圖做的是平衡工廠的負載，以確保我們不會在任何一個季度減少發貨量，超出我們的就業群體的水平。

So we're obviously encouraging the channel to buy ahead of next year's Pool season through discounts that we offer and term extensions, right? We're now at a level that we think is prudent for us, and that's where the modest duly buy is. And as you know, the channel would take more if they're incentivized more to take it. And if they don't, then those become standard by orders in the next year.

因此，我們顯然是透過我們提供的折扣和延期來鼓勵管道在明年的泳池季節之前購買，對嗎？我們現在處於一個我們認為對我們來說謹慎的水平，這就是適度適當購買的地方。如您所知，如果他們受到更多激勵，該管道將採取更多措施。如果他們不這樣做，那麼這些將成為明年訂單的標準。

And so, that's always what the forecast is reflecting, and we have to do, it's in our economic best interest. Our channel partners do, it's in their best economic interest. And right now, we feel our guide is the best reflection of what we'd say a more normal seasonality and a more normal early buy. Which would set us up nicely for our 2024 growth year.

因此，這始終是預測所反映的，我們必須這樣做，這符合我們的經濟最佳利益。我們的通路夥伴會這樣做，這符合他們的最佳經濟利益。現在，我們認為我們的指南最好反映了我們所說的更正常的季節性和更正常的早期購買。這將為我們 2024 年的成長奠定良好的基礎。

Got it. And just for the 4Q guidance, the implied margins for the total company marked a pretty meaningful step down sequentially. I think historically, you've been more flattish from 3Q to 4Q. I know this isn't necessarily a normal year, but just it seems a little perhaps conservative, especially with the cost actions starting to come through. So maybe if you could unpack that and if like any segment in particular, I think the margins are weaker than normal for 4Q.

知道了。僅就第四季指引而言，整個公司的隱含利潤率就標誌著相當有意義的連續下降。我認為從歷史上看，從第三季度到第四季度，情況更加平坦。我知道這不一定是正常的一年，但似乎有點保守，尤其是在成本行動開始實施的情況下。因此，也許如果你能解開這個問題，如果像任何特定的細分市場一樣，我認為第四季度的利潤率比正常情況要弱。

What we implicit in our guide is a significant ROS expansion versus last year's Q4. When you look sequentially, it does come down, but a lot of that does reflect some of the seasonality, that is returning back to more normalized levels.

我們在指南中暗示的是，與去年第四季相比，ROS 顯著擴張。當你按順序查看時，它確實下降了，但其中許多確實反映了一些季節性，即回到了更正常化的水平。

So overall, pleased with the ROS expansion in Q4 versus last year's Q4, and it will be the momentum we need exiting the year.

總體而言，與去年第四季相比，我們對第四季度 ROS 的擴張感到滿意，這將是我們今年結束時所需的動力。

Our next question will come from Joe Giordano with Cowen.

我們的下一個問題將由喬·佐丹奴和考恩提出。

I want to start on margins and keep it there for a second. I mean not probably splitting hairs a little bit, but Pool margins went below 30%. I think we were kind of talking about 30% being like a new floor. And you're close enough where that's still like a valid statement. But just from here into the fourth quarter into next year, is that 30% kind of feel good still as probably kind of a bottom level?

我想從邊緣開始，並保持一會兒。我的意思是可能不會有一點吹毛求疵，但池利潤率低於 30%。我認為我們正在談論 30% 就像新地板。而且你已經足夠接近了，這仍然是一個有效的聲明。但從現在到第四季再到明年，30% 的感覺是否仍然是一個底部水平？

Let's say, yes, on the second part of your question. And I think delivering the margins we did despite the year-over-year decline in volume, is what I'm most proud of the team having accomplished. And yes, I mean, I do think we're splitting hairs. I think they're directionally in a really good spot as a business model, and obviously, getting growth from here is going to leverage up nicely.

就你問題的第二部分來說，是的。我認為，儘管銷量同比下降，但我們仍實現了利潤率，這是我對團隊所取得的最自豪的成就。是的，我的意思是，我確實認為我們正在爭論不休。我認為，作為一種商業模式，它們在方向上處於一個非常好的位置，顯然，從這裡獲得成長將很好地發揮槓桿作用。

Okay. And then similarly on Water Solutions, I think you were talking about like the commentary coming out of last quarter was that the margins were going to step down pretty decently sequentially in the third quarter because of the deliveries that Manitowoc did in 2Q and if the opposite happened, right, it went up sequentially. So how should we think about margins there? I know Manitowoc still delivering at a high level, but how should we think about sequential margins there and the sustainability of this like 22%, 23% level there?

好的。然後，在水解決方案方面也類似，我認為您所說的上個季度的評論是，由於馬尼托瓦克在第二季度的交付量，第三季度的利潤率將大幅下降，如果情況相反發生了，對吧，依序上升。那我們該如何考慮那裡的利潤呢？我知道馬尼托瓦克的業績仍然很高，但我們應該如何考慮連續利潤率以及 22%、23% 水準的可持續性？

Yes, I would remind you that Water Solutions has a residential components and systems businesses, and they also have the Commercial Water Solutions. When we mix towards commercial, we're going to have a lot higher margin profile. And what we're really doing is being very selective on the products that we're offering on the residential side, and we try to mix up that business. And so a lot of the decline in the revenue was on the residential side and that actually helped the overall mix of the business to the positive.

是的，我想提醒您，水解決方案有住宅組件和系統業務，他們也有商業水解決方案。當我們轉向商業時，我們將獲得更高的利潤率。我們真正做的是對我們在住宅方面提供的產品非常有選擇性，我們嘗試混合該業務。因此，收入的下降很大程度上來自住宅方面，這實際上有助於業務的整體組合朝著積極的方向發展。

Okay. That makes sense. And if I could just sneak in one last one on just volume. So I mean your Pool volumes this quarter came in better than what we were thinking about, when we spoke 3 months ago, your commentary from your largest distributor calls for like fourth quarter, their inventory levels and dollars are going to go up from the third quarter.

好的。這就說得通了。如果我能在音量上偷偷加入最後一首就好了。 So I mean your Pool volumes this quarter came in better than what we were thinking about, when we spoke 3 months ago, your commentary from your largest distributor calls for like fourth quarter, their inventory levels and dollars are going to go up from the third四分之一.

So like that kind of implies growth for you guys. If they do normal seasonality implies growth in Pool of like high single digits, if they do less, maybe it's more modest growth. But how would you kind of think about where growth could look like for Pool into the fourth quarter?

所以這對你們來說意味著成長。如果他們做正常的季節性意味著池的成長類似高個位數，如果他們做得更少，也許成長會更溫和。但您如何看待 Pool 進入第四季的成長情況？

Well, I think we're a piece of their puzzle. So we'll start there. And I think we are indicating that we do think sequentially, our revenue numbers do go up from Q3. And then it's really a discussion of how much more, and I really think that we do our best to predict that business with regional accuracy and getting it exactly to the dollar isn't probable. And so I would say we got really close in Q3, and I think we feel really good about our Q4 revenue estimate at this moment.

嗯，我認為我們是他們拼圖的一部分。所以我們將從這裡開始。我認為我們表明我們確實按順序思考，我們的收入數字確實比第三季度有所上升。然後這實際上是一個關於還有多少的討論，我真的認為我們盡最大努力以區域準確性來預測業務並將其精確地轉化為美元是不可能的。所以我想說，我們在第三季的業績非常接近，而且我認為我們目前對第四季的營收預測感覺非常好。

Our next question will come from Scott Graham with Seaport Research.

我們的下一個問題將來自海港研究公司的斯科特·格雷厄姆。

So the productivity jump was obviously meaningful. How much of that 2.8% maybe was some help from a better supply chain sort of external?

因此，生產率的提升顯然是有意義的。這 2.8% 中有多少可能是來自更好的外部供應鏈的幫助？

Well, I think a lot is coming from that, Scott. I mean, I think we're working more seamlessly with our supply chain today. Obviously, we've caught up on most of the demand to them and aligned with our channels. And so we are benefiting substantially from a lot of more seamless deliveries across the entire supply chain today.

嗯，我認為這會帶來很多好處，斯科特。我的意思是，我認為我們今天與供應鏈的合作更加無縫。顯然，我們已經滿足了他們的大部分需求並與我們的管道保持一致。因此，我們今天從整個供應鏈中更無縫的交付中受益匪淺。

Back on to Pool, sorry. But historically, these numbers kind of shook out as $40 million, $30 new remodel and then sort of the maintenance of the aftermarket. As we look at a week 2023, kind of what is that -- what are those numbers kind of end the year at? Is that an estimate you can make?

回到泳池，抱歉。但從歷史上看，這些數字相當於 4000 萬美元，30 美元的新改造，然後是售後市場的維護。當我們回顧 2023 年的一周時，那是什麼——到年底這些數字是多少？這是你能做出的估計嗎？

Yes. I think they're generally in that ballpark. And we could argue week -- I mean I think the overall builds in 2023 are going to definitely be a pre-pandemic levels, but generally in line with what we had seen prior to the pandemic. So I think we're in a more normalized area.

是的。我認為他們通常都在那個範圍內。我們可能會在本週爭論——我的意思是，我認為 2023 年的整體建設肯定會達到大流行前的水平，但總體上與我們在大流行之前看到的情況一致。所以我認為我們處於一個更正常化的區域。

Scott, I think the learning is across the channel is there's high-end pools, there's low to mid-market pools and the interest rates are definitely impacting the more low to mid, and the highs are continuing to be built. So I think that we'll all probably start to refine the numbers to try to break it out by the demographics that it's serving. But I think generally, the model is still working.

斯科特，我認為整個通路都在學習，有高端池，有中低端市場池，利率肯定會影響中低端市場，而高點正在繼續建立。因此，我認為我們可能都會開始完善數字，試圖根據其所服務的人口統計數據來進行分類。但我認為總體而言，該模型仍然有效。

Okay. John, last one. You indicated builds you are assuming kind of flattish or modeling flattish and then aftermarket up. Were you referring to the fourth quarter or a period of time longer than that?

好的。約翰，最後一位。您表示您假設的建置是扁平化或建模扁平化，然後是售後市場。您指的是第四季還是比第四季更長的一段時間？

No, we're talking about, if we think about heading into the 2024 Pool season, that's generally what we're -- our current expectations would likely suggest.

不，我們正在談論的是，如果我們考慮進入 2024 年泳池賽季，這通常是我們目前的預期可能表明的情況。

Okay. So your mid-single digit plus long-term thinking on Pool, it's not going to be that next year based on that?

好的。所以你的中位數加上對撞球的長期思考，明年不會是基於此？

We'll give that in January, Scott, I'd remind you that there's an inventory correction next year, which creates some benefits. And then there's the overall general market conditions that we were addressing. But when we get to giving Q4 earnings, we'll update and share with our 2024 guide.

我們將在一月份給出，斯科特，我想提醒您，明年會有庫存調整，這會帶來一些好處。然後是我們正在解決的整體市場狀況。但當我們公佈第四季度收益時，我們將更新並分享我們的 2024 年指南。

Our next question will come from Deane Dray with RBC Capital.

我們的下一個問題將來自 RBC Capital 的 Deane Dray。

This is Jeff Reive on for Deane. Maybe my first question, you talked about your innovation, the 25 new products this quarter, 100 for the year over the last 12 months. Is there an internal metric you target? Are you targeting a new product vitality. And what is the typical margin differential on new products?

我是迪恩的傑夫·雷夫。也許我的第一個問題是，您談到了您的創新，本季的 25 款新產品，過去 12 個月的全年 100 款新產品。您有目標內部指標嗎？您的目標是新產品的活力嗎？新產品的典型利潤差是多少？

Yes. I mean, we do. We have all those vitalities. Obviously, they're right product line by product line. When we create valuable products at the market or that our customers want, we tend to see margin lift from those new products. Not usually in its initial stage, it usually takes probably the year 2 for that to recognize, but that is the model we work to.

是的。我的意思是，我們確實這麼做了。我們擁有所有這些活力。顯然，它們的產品線是正確的。當我們在市場上創造有價值的產品或客戶想要的產品時，我們往往會看到這些新產品的利潤率上升。通常不會在初始階段，通常可能需要第二年才能認識到這一點，但這就是我們工作的模型。

All right. So nothing to quantify. And then maybe on IFT, you kind of mentioned the Build America, Buy America provision in infrastructure spending. Are there any products that you offer where you're -- or virtually 100% America made where your competitors aren't? And is that a meaningful piece of the business?

好的。所以沒有什麼可以量化的。然後也許在 IFT 上，您提到了基礎設施支出中的「建造美國、購買美國」條款。是否有一些產品在您所在的地方提供，或幾乎 100% 美國製造，而您的競爭對手卻沒有提供？這是一項有意義的業務嗎？

Yes. We add to that the born in America where a lot of our historic brands, 120, 130 years old have originated in the United States. They've been specified here for long periods of time. And they're manufactured here. And so our employees are really proud of those brands. Our customers are really proud of those brands, and they tend to give us the ability to have at least a fair opportunity to win those jobs when we go to market.

是的。此外，我們還補充說，我們的許多歷史悠久的品牌（已有 120 年、130 年歷史）都起源於美國。它們已經在這裡指定了很長一段時間。它們是在這裡製造的。因此，我們的員工為這些品牌感到非常自豪。我們的客戶對這些品牌感到非常自豪，當我們進入市場時，他們往往會給我們至少一個公平的機會來贏得這些工作。

Our next question will come from Nathan Jones with Stifel.

我們的下一個問題將由內森瓊斯和斯蒂菲爾提出。

A couple of questions on Water Solutions. I think first one is probably on Manitowoc Ice, I think you guys have shipped out of backlog this year. You had maybe a couple of large projects that might not repeat last -- next year. You talked about mid-single digit plus, but should we be thinking of that long-term mid-single digit pluses being of lower number than what you've done in 2023? Or do you think you can actually grow from the number that you're putting up in 2023 as we go into 2024?

關於水解決方案的幾個問題。我想第一個可能是在馬尼托瓦克冰上，我想你們今年已經出貨了。你可能有幾個大型專案可能不會在去年或明年重複。您談到了中個位數加號，但我們是否應該考慮長期中個位數加號的數量低於您在 2023 年所做的數字？或者，您認為在進入 2024 年時，您實際上可以在 2023 年提出的數字基礎上實現成長嗎？

That's a nice try, Nathan. We're not going to go there yet. Right now, we're trying to satisfy our customer demand for the rest of the year, and then we'll do an assessment of where we think we are, and we'll be prepared to share that insight with you as we head into 2024.

這是一次很好的嘗試，內森。我們還不打算去那裡。現在，我們正在努力滿足今年剩餘時間的客戶需求，然後我們將對我們的處境進行評估，並準備在進入市場時與您分享這項見解2024 年。

Okay. Fair enough. In Water Solutions, I think you've also had some inventory destocking in some other business, Residential Water Treatment businesses. Can you talk about the impact that comping against that as we go into next year, might have without looking at the fundamental outlook of 2024?

好的。很公平。在水解決方案方面，我認為您在其他一些業務（住宅水處理業務）中也進行了一些庫存去庫存。您能否談談在不考慮 2024 年基本面前景的情況下，明年的情況可能會產生什麼影響？

Yes. As a reminder, we what we did in 2022 as we exited a fair amount of lower margin direct-to-consumer business, and we've been up against those comparisons this year in Water Solutions, those comparisons as we head into next year go away.

是的。提醒一下，我們在2022 年做了什麼，因為我們退出了相當多的利潤率較低的直接面向消費者的業務，今年我們在水解決方案中遇到了這些比較，當我們進入明年時，這些比較將繼續下去離開。

And so obviously, this is all included in Water Solutions this year. And next year, we get a little bit less contribution from acquisitions, and we have a little bit less headwind from the business exits that we took on this year.

顯然，這一切都包含在今年的水解決方案中。明年，我們從收購中獲得的貢獻會減少一些，今年我們所面臨的業務退出帶來的阻力也會減少一些。

Our final question will come from Andrew Obin with Bank of America.

我們的最後一個問題將來自美國銀行的安德魯·奧賓。

You have Sabrina Abrams on for Andrew Obin. Just wanted to ask, I know there has been a couple of questions about Manitowoc, but are you guys still committed to the $370 million full year guidance?

薩布麗娜艾布拉姆斯 (Sabrina Abrams) 飾演安德魯奧賓 (Andrew Obin)。只是想問，我知道人們對馬尼托瓦克有幾個疑問，但是你們仍然致力於 3.7 億美元的全年指導嗎？

That would be an easy commit. Now we had talked at the beginning of the year of that $370 million, but the business has done significantly better than that, and we'll grow roughly 20% this year.

這將是一個簡單的承諾。現在我們在年初就談到了 3.7 億美元，但業務表現明顯優於這個數字，今年我們將成長約 20%。

Got it. And then -- just going to ask another one about Pool and maybe if you could give some color on the pricing number because I know you're returning to the regular discounts in 4Q. Any color on what we should think about the pricing in 4Q '23, given that the past couple of years, you were not having normal prebuy?

知道了。然後 - 只是要詢問另一位有關 Pool 的人，也許您可以對定價數字進行一些說明，因為我知道您將在第四季度恢復常規折扣。鑑於過去幾年你們沒有進行正常的預購，我們對 23 年第四季的定價有何看法？

Yes, I don't know how to answer the question. I mean I think as a reminder, we put our price increases in for the season. Over the next year, we do that in Q3, and so the discounts usually take you to more flattish pricing year-over-year. So there the prebuys are term extensions, but they don't include a price increase necessarily because there's a discount to what the price increase would be.

是的，我不知道該如何回答這個問題。我的意思是，我想提醒一下，我們在這個季節提高了價格。在接下來的一年中，我們將在第三季這樣做，因此折扣通常會讓您的定價比去年同期更加平穩。因此，預購是期限延長，但不一定包括價格上漲，因為價格上漲會有折扣。

So it's not like we're discounting product to sell it. We're just not having to -- we're just not getting the full raise prices in that early buy.

所以我們不是為了銷售而打折產品。我們只是沒有必要——我們只是沒有在早期購買中獲得全額提價。

Okay. Thank you. Okay. So thank you for joining the call today. In closing, I want to reiterate some key themes on Slide 22. First, solid execution within our diversified portfolio and transformation initiatives continue to drive significant margin expansion in Q3.

好的。謝謝。好的。感謝您今天加入電話會議。最後，我想重申投影片 22 上的一些關鍵主題。首先，我們多元化投資組合和轉型計畫的紮實執行將繼續推動第三季利潤率大幅成長。

Second, we updated our 2023 guidance due to strong performance year-to-date and confidence in our strategy. Third, our transformation initiatives have gained momentum in 2023, with benefits expected for the remainder of 2023 and beyond.

其次，由於今年迄今的強勁表現以及對我們策略的信心，我們更新了 2023 年指引。第三，我們的轉型措施在 2023 年取得了勢頭，預計將在 2023 年剩餘時間及以後帶來效益。

And finally, we expect to continue to deliver long-term value creation. Thank you, everyone, and have a great day.

最後，我們期望繼續創造長期價值。謝謝大家，祝您有美好的一天。

The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

會議現已結束。感謝您參加今天的演講。您現在可以斷開連線。