濱特爾 (PNR) 2024 Q4 法說會逐字稿

Good morning everyone and welcome to the Pentair Fourh Quarter, 2024 Earnings Conference Call.

大家早安，歡迎參加 Pentair 2024 年第四季財報電話會議。

(Operator instructions)

（操作員指令）

At this time, I'd like to turn the floor over to Shelly Hubbard, Vice President, Investor relations.

現在，我想把發言權交給投資人關係副總裁 Shelly Hubbard。

Thank you, Jamie and welcome to Pentair's fourth quarter, 2024 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 fourth quarter and full year performance as outlined in this morning's press release.

謝謝傑米，歡迎參加 Pentair 2024 年第四季財報電話會議。與我一起參加電話會議的還有我們的總裁兼執行長 John Stauch 和我們的財務長 Bob Fishman。在今天的電話會議上，我們將提供有關今天上午新聞稿中概述的第四季度和全年業績的詳細資訊。

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 represent.

在 Pentair 投資者關係網站上，您可以找到我們的收益報告和幻燈片，旨在補充我們在今天電話會議上的準備好的發言，並提供我們將代表的 GAAP 和非 GAAP 財務指標之間差異的對帳。

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 and further understanding the company's performance. In addition to the impact these items and events have on the financial results.

所提供的非 GAAP 財務指標不應被視為替代或優於根據 GAAP 編制的財務績效指標。它們作為額外的澄清項目，以幫助投資者進一步了解公司的表現。除了這些項目和事件對財務結果的影響之外。

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 advised recently and For 10k. Please note that during today's presentation, we will be making references to record financial results.

在我們開始之前，請允許我提醒您，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、預計或其他陳述。請聽眾注意，這些聲明受制於某些風險和不確定性，其中許多難以預測且通常超出 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有重大差異。我們最近提供了建議，金額為 10,000 美元。請注意，在今天的演示中，我們將參考記錄財務結果。

References reflect the time period post the invent separation in 2018. Following our prepared remarks, we will open up the call for questions. Please limit your questions to two and re-enter the key if needed to allow everyone an opportunity to participate.

參考資料反映了 2018 年發明分離後的時間段。在我們發表完準備好的發言後，我們將開始提問。請將您的問題限制為兩個，如果需要，請重新輸入密鑰，以便每個人都有機會參與。

As a reminder, you can reference our 2024 investor day presentation our IR website, please visit our Pentair Investor relations website and click on events and presentations to find these materials. I will now turn the call over to John.

提醒一下，您可以參考我們 IR 網站上的 2024 年投資者日演示文稿，請訪問我們的 Pentair 投資者關係網站並點擊活動和簡報以查找這些資料。現在我將電話轉給約翰。

Thank you, Shelly, and good morning everyone. There's been a crazy last 96 hours and we're excited to finally share 2024 results and 2025 guides with you. Our guidance is shared today includes the recently announced China tariffs, and we believe we have captured the risk of the potential Canada and Mexico tariffs within our 2025 EPS guidance range.

謝謝你，雪莉，大家早安。過去的 96 小時非常瘋狂，我們很高興終於能與您分享 2024 年的結果和 2025 年的指南。我們今天分享的指導包括最近宣布的中國關稅，我們相信我們已經在 2025 年每股收益指導範圍內捕捉到了潛在加拿大和墨西哥關稅的風險。

Bob will provide more detailed information within his remarks regarding this dynamic situation 2024 is another transformative year for Pentair, and we are very pleased with the strong performance of our balanced water portfolio. We were excited to share our vision in March at our investor day. And we exceeded our financial goals driven by transformation and the executing our strategy as evidenced by record profitability and cash flow in 2024.

鮑伯將在他的評論中提供有關這一動態情況的更詳細信息 2024 年是 Pentair 的又一個變革之年，我們對平衡水產品組合的強勁表現感到非常滿意。我們很高興在三月的投資者日分享我們的願景。透過轉型和策略執行，我們超額完成了財務目標，2024 年創紀錄的獲利能力和現金流就是明證。

We continue to demonstrate resilience across our move, improve, and enjoy water segments, we diversified and mitigated risk amidst the dynamic macroeconomic and geopolitical environment. Within flow, we continue to grow our commercial business and launch cutting edge innovation with our eccentric impeller while evolving our go to market strategy and industrial solutions to drive profitability.

我們繼續在移動、改善和享受水資源領域表現出韌性，我們在動態的宏觀經濟和地緣政治環境中分散和降低風險。在流程領域，我們繼續發展我們的商業業務，並透過偏心葉輪推出尖端創新，同時不斷發展我們的市場策略和工業解決方案以提高獲利能力。

In water solutions are commercial filtration business posted strong sales and we launched our first commercial PFAS certified filtration product which continued to gain momentum. And in pool, the aftermarket drove strong sales growth despite weakness in new and remodeled pools which were impacted by higher interest rates. We also focused on new product development with it with new launches planned for 2025.

在水解決方案方面，商業過濾業務銷售強勁，我們推出了首款商業 PFAS 認證過濾產品，該產品繼續保持成長勢頭。在游泳池方面，儘管受利率上調影響，新建和改造游泳池銷量疲軟，但售後市場仍推動了強勁的銷售成長。我們也專注於新產品開發，計劃於 2025 年推出新產品。

Overall, we finished 2024 in a stronger financial and operational position then we started the year. I'm very proud of our entire team at Pentair who continue to deliver for our customers while creating value for our shareholders.

整體而言，2024 年底我們的財務和營運狀況比年初更加強勁。我為 Pentair 的整個團隊感到非常自豪，他們繼續為客戶服務，同時為股東創造價值。

Let's turn to the Q4 executive summary on slide 4. We posted record Q-4 adjusted operating income and ROS marking the 11th consecutive quarter of year over year iOS expansion. We also delivered triple digit margin expansion across our flow water solutions and pool segments which led to record ROS for all three segments driven by our transformation initiatives. In the fourth quarter sales are down 1%, but better than expected from the beginning of the quarter, even with FX headwinds. Adjusted operating income increased 17% to Q4 record of $231 million. ROS expanded by 370 basis points to a fourth quarter record of 23.8% and adjusted EPS was [$1.08] up 24%, another Q4 adjusted EPS records.

讓我們看一下投影片 4 上的第四季執行摘要。我們公佈了創紀錄的第四季度調整後營業收入和 ROS，標誌著 iOS 連續第 11 個季度實現同比增長。我們的流水解決方案和泳池部門的利潤率也實現了三位數的成長，在轉型措施的推動下，這三個部門的ROS都創下了歷史新高。第四季銷售額下降了 1%，但即使面臨外匯不利因素，仍優於季度初的預期。調整後營業收入成長 17%，達到第四季創紀錄的 2.31 億美元。活性氧擴大了 370 個基點，達到第四季度創紀錄的 23.8%，調整後每股收益為 [1.08 美元]，增長 24%，再次創下第四季度調整後每股收益紀錄。

Let's move to the full year executive summary on slide 5. 2024 is another record year for adjusted operating income ROS and adjusted EPS despite sales ending down 1%. Our team was very successful at mitigating top line risk amidst macroeconomic weakness globally. It's full year 24 we delivered sales of $4.1 billion. Record adjusted operating income of $959 million, up 12%. Record ROS of 23.5%, expanding 270 basis points and record adjusted EPS of $4.33 up 15%.

讓我們轉到幻燈片 5 上的全年執行摘要 儘管銷售額下降了 1%，但 2024 年仍是調整後營業收入 (ROS) 和調整後 EPS 的又一個創紀錄的一年。在全球宏觀經濟疲軟的背景下，我們的團隊非常成功地降低了營業風險。我們 24 年全年的銷售額達到了 41 億美元。調整後營業收入達 9.59 億美元，成長 12%。創紀錄的 ROS 為 23.5%，擴大 270 個基點，創紀錄的調整後每股收益為 4.33 美元，成長 15%。

At our 2024 investor today, we disclosed our 3 year targets with a goal of 24% ROS by 202 6 year end. From solid execution across their flow, water solutions and pool segments which drove triple digit margin expansion through transformation and early 80/20 progress. We continue to drive operational efficiencies that exceeded our goals in 2024, especially record ROS of 23.5%, which nearly hit our target two years early. We are now increasing our 2026 ROS target to 26%. I will provide more details in a moment on why we have increased our confidence in achieving a higher ROS target by 2026.

今天，在我們的 2024 年投資者會議上，我們揭露了我們的三年目標，目標是到 2026 年底實現 24% 的 ROS。透過在流程、水解決方案和泳池領域的堅實執行，透過轉型和早期的 80/20 進展推動了三位數的利潤率成長。我們將繼續推動營運效率，超越 2024 年的目標，尤其是創紀錄的 23.5% 的 ROS，這幾乎提前兩年實現了我們的目標。現在，我們將 2026 年 ROS 目標提高到 26%。稍後我將提供更多詳細信息，說明我們為何對到 2026 年實現更高的 ROS 目標更有信心。

In 2024 we generated record free cash flow of 693 million and increased our dividend by approximately 9%. With 2025 marking the 49th consecutive year of dividend increases. Further solidifying our status as dividend aristocrats. Lastly, we're introducing 2025 adjust EPS guidance of $4.65 to $4.80 up 9% at the midpoint. Expect the transformation in 80/20 can deliver our targeted margin expansion in 2025 and beyond.

2024 年，我們創造了 6.93 億的創紀錄自由現金流，並將股息增加了約 9%。2025 年是連續第 49 年增加股利。進一步鞏固我們作為股息貴族的地位。最後，我們推出 2025 年調整後每股盈餘指引，中間值區間為 4.65 美元至 4.80 美元，上漲 9%。預計80/20的轉型可以在2025年及以後實現我們的利潤率擴大目標。

Let's turn to slide 6. Over the last 5 years we have increased sales by over 6.5% compounded annually while expanding margins 600 basis points. Nearly 500 of the 600 basis points were delivered in the last two years. All three of our segments have produced strong sales growth and significant margin expansion since 2019. We continue to expect great opportunity ahead to drive long term sales growth across flow water solutions and pool organic growth and potential tuck in or bolt on acquisitions.

我們翻到第 6 張投影片。在過去的 5 年裡，我們的銷售額每年複合成長率超過 6.5%，同時利潤率擴大了 600 個基點。在這 600 個基點中，有近 500 個基點是在過去兩年內實現的。自 2019 年以來，我們的三個部門均實現了強勁的銷售成長和顯著的利潤率擴大。我們繼續期待未來有巨大的機會來推動流水解決方案的長期銷售成長和池有機成長以及潛在的收購或附加收購。

Let's turn to slide 7. We are helping the world sustainably move, improve, and enjoy water. Life's most essential resource through our key segments, each with over $1 billion in sales in 2024. It together creating a balanced and resilient water portfolio. We are pleased with the ROS achievements of each segment, we believe transformation in 18,020 will continue to drive higher profitability going forward.

讓我們翻到第 7 張投影片。我們正在幫助世界永續地利用、改善和享受水。透過我們的關鍵部門提供生命中最重要的資源，每個部門到 2024 年的銷售額將超過 10 億美元。它共同創造了一個平衡且有彈性的水資源組合。我們對各部門的ROS成績感到滿意，我們相信18020的轉型將繼續推動未來獲利能力的提升。

Let's turn to slide 8. In 2024, our transformation program continued its momentum, delivering over $100 million productivity savings, net of investments. ALL four of our transformation pillars which include pricing excellence, sourcing excellence, operational excellence and organizational effectiveness contributed to these productivity savings. As we continue to focus on reducing complexity, streamlining our operations and optimizing our organization for future growth. We expect to deliver $80 million net of investments in productivity savings in 2025, driven by transformation and accelerated through 80/20.

讓我們翻到第 8 張投影片。2024 年，我們的轉型計畫繼續保持強勁勢頭，扣除投資後，實現了超過 1 億美元的生產力節約。我們的四大轉型支柱，包括卓越定價、卓越採購、卓越營運和組織效率，都為提高生產力做出了貢獻。我們將繼續致力於降低複雜性、簡化營運流程和優化組織以實現未來發展。我們預計，在轉型推動下並透過 80/20 加速，到 2025 年，將在生產力節約方面實現 8,000 萬美元的淨投資。

In early 2024 we began to implement 80/20 across our three segments with staggered implementation plans. I'm happy to share that our segments have moved beyond the stages of analysis, assessment, and are all developing action plans to implement these efforts into our operations. By year end, all segments have begun their quad 4 exits while simultaneously improving our service and operations to better serve our quad one customers. We expect these actions to drive core growth and profitability in 2025 and beyond, while simplifying our business and operations.

2024 年初，我們開始在三個部門內分階段實施 80/20 計畫。我很高興地告訴大家，我們的各部門已經走出了分析、評估的階段，並且都在製定行動計劃，將這些努力落實到我們的運作中。到年底，所有部門都已開始四重退出，同時改善我們的服務和運營，以更好地服務我們的四重客戶。我們預計這些措施將在 2025 年及以後推動核心成長和獲利能力，同時簡化我們的業務和營運。

Let's turn to slide 9. Before I hand the call over to Bob, I wanted to reiterate some key takeaways. 2024 demonstrated another year of record adjusting operating income ROS and adjust EPS and you exection across all segments. We free cash flow and we took a balanced approach to capital deployment through organic growth investments, dividends, share repurchases and a small token acquisition and pool. We expect 80/20 to accelerate our transformation initiatives to drive focused profitable growth in '25, and we are introducing full year 2025 guidance reflecting growth and adjust EPS of approximately 9% of the midpoint.

讓我們翻到第 9 張投影片。在我將電話交給鮑伯之前，我想重申一些關鍵要點。 2024 年將是另一個創紀錄的一年，調整營業收入 (ROS) 並調整 EPS 以及所有部門的執行情況。我們釋放現金流，並透過有機成長投資、股利、股票回購和小型代幣收購及資金池，採取平衡的方式進行資本配置。我們預計 80/20 將加速我們的轉型計劃，以推動 25 年重點盈利增長，並且我們將推出 2025 年全年指引，以反映增長並調整每股收益約為中點的 9%。

Lastly, we continue to believe that we are well positioned to address opportunities from favorable secular trends, which include Concerns about access to clean and reliable water, increased awareness of human-made contaminants impacting water quality. Aging commercial public and municipal infrastructure. Interest in outdoor healthy living with people gathering at pools for exercise and fun, and favorable housing migration to the Sun Belt states, which represents a large mix of our pool sales.

最後，我們仍然相信，我們有能力抓住有利的長期趨勢所帶來的機遇，這些趨勢包括對獲取清潔可靠水源的擔憂，以及對人為污染物影響水質的認識不斷提高。商業公共和市政基礎設施老化。人們對戶外健康生活的興趣，人們聚集在泳池鍛鍊身體、享受樂趣，而住房則向陽光地帶各州遷移，這佔了我們泳池銷售的很大一部分。

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

現在我將把電話轉給鮑勃，他將更詳細地討論我們的業績和財務結果。

Thank you, John. And good morning, everyone. Let's start on slide 10 title Q4 2024 Pentair performance. I will also be discussing our full year performance on slide 11. We did not we delivered another strong quarter of margin expansion and adjusted EPS growth despite sales being down slightly. These results were driven by pool sales growth and triple digit margin expansion. Across each of our flow water solutions and pool segments sales for Q4 we're down 1%.

謝謝你，約翰。大家早安。讓我們從投影片 10 的標題「2024 年第四季 Pentair 業績」開始。我也會在第 11 張投影片上討論我們的全年業績。儘管銷售額略有下降，但我們仍實現了又一個利潤率成長和調整後每股收益成長強勁的季度。這些業績是由聯營銷售額成長和三位數利潤率擴大所推動的。我們第四季流水解決方案和泳池部門的銷售額均下降了 1%。

Which was slightly better than we guided, driven by higher than expected pool sales, which nearly offset and expected decline in flow and water solution sales. fourth quarter adjusted operating income increased 17% to $231 million and return on sales expanded 370 basis points year over year to 23.8%. This improvement was driven primarily by our transformation initiatives. Adjusted EPS of $1.08 is the full year for sales growth and pool which offset lower flow and water solution sales.

這比我們預期的要略好一些，主要是因為泳池銷售高於預期，幾乎抵消了流量和水溶液銷售預期的下降。第四季調整後營業收入成長 17% 至 2.31 億美元，銷售回報率年增 370 個基點至 23.8%。這項改善主要得益於我們的轉型措施。調整後的每股收益為 1.08 美元，這是全年銷售額和池銷售額的增長，抵消了流量和水溶液銷售額的下降。

Our residential businesses continue to be impacted by higher interest rates adjusted operating income grew 12% and return on sales expanded 270 basis points to a record 23.5%. All three segments significantly expanded margins and set new annual Ross records. Adjusted EPS increased to a record $4.33 up 15% versus the prior year. Please turn to slide 12 labeled Q4 2024 flow performance. In addition to the fourth quarter performance for flow. I will also be referencing the full year performance on slide 13.

我們的住宅業務持續受到較高利率的影響，調整後的營業收入成長了 12%，銷售回報率擴大了 270 個基點，達到創紀錄的 23.5%。三個部門的利潤均大幅增加，並創下了新的羅斯年度記錄。調整後的每股收益增至創紀錄的 4.33 美元，較上年增長 15%。請翻到標示「2024 年第四季流量表現」的第 12 張投影片。除了第四季的表現外，還有流量。我也會在第 13 張投影片上參考全年業績。

In 24 slow sales were down 5% to $361 million commercial sales were up 7% reaching a new annual sales record. Residential sales were down due to higher interest rates. An industrial solution sales were impacted by delayed CapEx spend. At this time we do expect certain the late industrial projects to begin 2025 reportable segment income was up 13%.

24 個銷售低迷期，商業銷售額下降 5% 至 3.61 億美元，成長 7%，創下年度銷售新高。由於利率上升，住宅銷售額下降。工業解決方案的銷售受到資本支出延遲的影響。目前，我們確實預期某些後期工業項目將於 2025 年開始，報告分部收入將成長 13%。

And return on sales increased 320 basis points to 20.4% driven by transformation for the year flow sales decrease 4% $1.5 billion. As a decline in residential and industrial solution sales with an offset an increase of 5% in commercial. Residential cells decline and flow remained consistent each quarter in 2024 which we believe suggests stabilization within end markets impacted by higher interest rates. Your reportable segment income through 13% and return on sales increased 320 basis points to 21%. A record margin for flow driven by transformation. Please turn to slide 14 labeled Q4 2024 water solutions performance.

而銷售回報率則因轉型推動而上升 320 個基點，達到 20.4%，全年流動銷售額則減少 4% 15 億美元。住宅和工業解決方案銷售額下降，但商業銷售額增加了 5%。2024 年，住宅蜂窩數量每季都在下降，而流量則保持穩定，我們認為這表明受到較高利率影響的終端市場趨於穩定。您的報告分部收入成長了 13%，銷售回報率增加了 320 個基點，達到 21%。轉型推動的流量利潤率創歷史新高。請前往第 14 張投影片，標題為「2024 年第四季水解決方案效能」。

In addition to the fourth quarter performance for water solutions. I will also be referencing the full year performance on slide 15. In Q4 water solution sales decreased 4%. The $258 million commercial sales were down 5% reflecting a decline in commercial ice, which more than offset sales growth in commercial filtration. I had to walk ice performed as expected which sails down mid single digits in 2024, following two consecutive years of 20% growth each. Report segment income through 21% to $62 million and return on bills expanded 500 basis points to 24.1% new quarterly record driven primarily by productivity from our transformation initiatives for the year, water solution sales decreased 4% reportable segment income grew 3%. And return on sales increased 160 basis points to 22.6%, a new full year record. Please turn the slide 16 labeled Q4 2024 pool performance.

除了第四季的水解決方案表現外。我也會在第 15 張投影片上參考全年業績。第四季水溶液銷售額下降4%。2.58 億美元的商業銷售額下降了 5%，反映出商業冰量的下降，這超過了商業過濾銷售額的成長。我不得不走冰的表現一如預期，在連續兩年分別實現 20% 的增長之後，到 2024 年將下降個位數左右。報告分部營收成長 21%，至 6,200 萬美元，帳單回報率擴大 500 個基點，至 24.1%，創下新季度紀錄，主要得益於我們全年轉型舉措帶來的生產力提高，水解決方案銷售額下降 4%，報告分部收入增長 3%。銷售回報率增加160個基點，達到22.6%，創下全年新高。請翻轉標示「2024 年第四季泳池表現」的第 16 張投影片。

In addition to the fourth quarter performance for poo. I'll also be referencing the full year performance on slide 17. In Q4 pool sales through 5% to $354 million driven by both price and volume. The portable segment income increased 14% and return on sales increased 250 basis points. The 33.8% demand increased more than expected. Partially driven by the impact on the Florida hurricanes in late September and early October. For the year, cool sales through 7% driven by price and volume. Portable segment income increased 14% and return on sales increased 220 basis points to 33.2%, a new annual record driven by growth and transformation.

除了第四節的表現很糟糕之外。我也會在第 17 張投影片上參考全年表現。第四季度，受價格和銷售的推動，泳池銷售額成長 5%，達到 3.54 億美元。便攜式設備部門的收入增加了14％，銷售回報率增加了250個基點。33.8%的需求成長超出預期。部分原因是受到九月底和十月初佛羅裡達颶風的影響。今年，受價格和銷量推動，酷車銷量成長了 7%。便攜式設備部門收入成長了14％，銷售回報率增加了220個基點，達到33.2％，創下了由成長和轉型推動的年度新高。

Please start to slide 18 label transformation initiatives and 80/20. At our 2024 Investor Day, we provided a RAS target of 24% by full year 2026. While providing a path to 26%. I'm excited to say that we are now increasing our target to 26%. My full year 20 you expect more sales by 2026, and we outlined that investor day due to continued higher interest rates and a deferred residential recovery. We are pleased that we expect to be able to protect our profitability as I was outlined at our 2024 investor day even with macroeconomic uncertainty.

請開始投影片 18 的標籤轉型措施和 80/20。在我們的 2024 年投資者日，我們設定了 2026 年全年 RAS 目標為 24%。同時提供一條達到 26% 的路徑。我很高興地說，我們現在將目標提高到 26%。我預計到 2026 年銷售額會更高，我們認為投資者日是由於持續的利率上升和住宅復甦的推遲。我們很高興，即使宏觀經濟存在不確定性，我們也預計能夠保護我們的獲利能力，正如我在 2024 年投資者日所概述的那樣。

If interest rates and residential markets improve. We expect to further benefit from our transformation initiatives at these higher productivity levels across all three segments. Over the last two years we have driven nearly $175 million in productivity savings, which has led to our confidence in our 26% Ross target by 2026. We expect a full year, 25 Ross to be approximately 24.5% to 25%. I'll provide more detail on our full year 25 guidance in a moment. He turned to slide 19 labeled balance sheet and cash flow.

如果利率和住宅市場改善。我們期望從我們的轉型措施中進一步受益，從而提高三個部門的生產力水平。在過去的兩年裡，我們已實現了近 1.75 億美元的生產力節約，這使我們對 2026 年實現 26% 的羅斯目標充滿信心。我們預計全年羅斯 25 成長率約為 24.5% 至 25%。稍後我將提供有關我們 25 年全年指導的更多詳細資訊。他翻到第 19 張投影片，上面寫著資產負債表和現金流量表。

We closed 2024 in a very strong financial position. With strong free cash flow and cash flow margin, a load leverage ratio and a higher return on invested capital. In 2024 our free cash flow was $693 million up nearly 26% year-over-year. Our cash flow margin was 17% which reflects a capital light model. Our net debt leverage ratio was 1.5 times down from 2 at 2023 year end. RIC was 15.5% up from 14.3% in 2023 with a focus on being good stewards of capital. We continue to target high 10s, ROIC longer term. In 2024 we repurchased $1.6 million shares for a total of $150 million.

到 2024 年末，我們的財務狀況非常強勁。擁有強勁的自由現金流及現金流利潤率、較高的槓桿率及較高的投資報酬率。2024 年，我們的自由現金流為 6.93 億美元，較去年同期成長近 26%。我們的現金流利潤率為17%，反映了輕資本模式。我們的淨負債槓桿率從 2023 年底的 2 倍下降到 1.5 倍。RIC 將從 2023 年的 14.3% 上升至 15.5%，重點是做好資本管理。我們將繼續以長期投資報酬率 (ROIC) 10% 的高點為目標。2024 年，我們回購了價值 160 萬美元的股票，總計 1.5 億美元。

We have $450 million available under the current authorization. We also increased our dividend approximately 9% for 2025. This marks the 49th consecutive year of the dividend increase and reaffirms a dividend aristocrat status. As we begin 2025, we are committed to maintaining our disciplined capital allocation strategy. We believe are strong free cash flow allows us ample opportunity and flexibility to invest in organic growth make tuck in or bolt on acquisitions repurchase shares and pay a dividend.

根據目前的授權，我們有 4.5 億美元可用。我們也將 2025 年的股利提高約 9%。這是該公司連續第49年增加股息，再次確立了股息貴族地位。在進入 2025 年之際，我們致力於維持嚴謹的資本配置策略。我們相信強勁的自由現金流使我們有充足的機會和靈活性來投資有機成長、進行收購、回購股票和支付股息。

We plan for these actions to be guided by our high 10s RIC target. Moving to slide 20 titled Q1 and full year 2025 Pentair outlook and expectations. We also provide more detailed guidance on slide 21. For the full year we are introducing our adjusted EPS guidance range of approximately $4.65 to $4.80 which represents a year over year increase of 7% to 11%. We expect total Pentair sales in fiscal 2025 to be approximately flat to up 2% including FX headwinds. We expect flow sales to be up slightly water solution sales are expected to be down approximately low single digits to flat. And pool sales are expected to increase approximately $0.04 to 5% in full year '25. We expect total Pentair adjusted operating income to increase approximately 6% to 9%.

我們計劃以 10 年代高 RIC 目標為指導這些行動。前往第 20 張投影片，標題為 Pentair 2025 年第一季和全年的展望和預期。我們也在投影片 21 上提供了更詳細的指導。對於全年，我們推出的調整後每股收益預期範圍約為 4.65 美元至 4.80 美元，較上年同期增長 7% 至 11%。我們預計，包括外匯不利因素在內，2025 財年 Pentair 總銷售額將大致持平至成長 2%。我們預期流量銷售額將略有上升，水溶液銷售額預計將下降約個位數至持平。預計25年全年泳池銷售額將成長約0.04美元至5%。我們預計 Pentair 調整後總營業收入將成長約 6% 至 9%。

With Ross expansion of roughly 125 basis points at the midpoint to approximately 24.5 to 25%. Also for the full year we expect corporate expense of approximately $85 million. Net interest expense of roughly $80 million with a weighted average interest rate of slightly over 5%. An adjusted tax rate of approximately 17% up slightly from 16.5% in 2024. A share count of approximately $166.5 million. For the first quarter we expect sales to be down approximately 3% to 4% to between $975 million to $985 million. We expect pool sales to grow approximately 3% to 4% water solution sales to be down approximately high single digits and flow sales could be down approximately mid single digits.

羅斯利率中間值擴張了大約 125 個基點，達到約 24.5% 至 25%。我們預計全年公司支出約 8500 萬美元。淨利息支出約為 8,000 萬美元，加權平均利率略高於 5%。調整後的稅率約為 17%，略高於 2024 年的 16.5%。股份總數約1.665億美元。我們預計第一季銷售額將下降約 3% 至 4%，至 9.75 億美元至 9.85 億美元之間。我們預計泳池銷售額將成長約 3% 至 4%，水溶液銷售額將下降約高個位數，而流量銷售額可能下降約中個位數。

As a reminder in 2024 water solutions with shipping ice backlogs and current orders by 2024 water solution had entered a more normalized operating environment. In flow higher interest rates, effects and delay CapEx are expected to impact sales in Q-1 2025. For residential and industrial solutions 80/20 actions are expected to impact both water solutions and flow in Q1, 80/20 actions are expected to improve profitability.

需要提醒的是，到 2024 年，由於航運冰積壓和當前訂單，水溶液已經進入了更正常化的營運環境。隨著利率上升，資本支出效應和延遲預計將影響 2025 年第一季的銷售。對於住宅和工業解決方案，80/20 行動預計將影響第一季的供水解決方案和流量，80/20 行動預計將提高獲利能力。

As the year progresses, we expect quarterly sales to increase year over year, beginning in Q2 with the growth rate improving in 23 and 24. We also expect normal seasonality and sales in 2025 whereby Q2 is typically our highest sales quarter followed by Q3 and then Q4. We expect 1st quarter adjusted operating income to be up 3% to 5% due to lower sales and higher ross. We expect strong ross expansion in Q1 for total Penta, including Ross expansion in each of our three segments. Similar to sales, we expect Ross to follow a normal seasonality pattern.

隨著時間的推移，我們預計季度銷售額將逐年增加，從第二季開始，23 和 24 年的成長率將會提高。我們也預計 2025 年的季節性和銷售情況將恢復正常，其中第二季度通常是我們銷售最高的季度，其次是第三季度，然後是第四季度。由於銷售額下降和利潤上升，我們預計第一季調整後營業收入將成長 3% 至 5%。我們預計 Penta 整體第一季將實現強勁成長，包括三個部門的擴張。與銷售類似，我們預計 Ross 將遵循正常的季節性模式。

With the highest rate in Q2 followed by Q3 and Q4. We're also introducing adjusted EPS guidance for the first quarter of approximately $1 to $1.02 an increase of approximately 6% to 9%. In the first half of 2025, we expect that just the EPS to be slightly less than 50% of our full year adjusted EPS guide roughly in line with our historical norm. Q1 is expected to be the lowest quarter for sales adjusted operating income, Ross and adjusted EPS.

其中第二季利率最高，其次是第三季和第四季。我們也推出了第一季調整後每股盈餘預期，約 1 美元至 1.02 美元，成長約 6% 至 9%。我們預期 2025 年上半年的每股盈餘將略低於全年調整後每股盈餘指引的 50%，與我們的歷史常態大致一致。預計第一季將是銷售額調整後營業收入、羅斯和調整後每股收益最低的季度。

As compared to the remaining three quarters in full year 25. We are targeting strong free cash flow in 2025 of 100% of net income, as a reminder, Q1 is a cash use quarter in any given year while Q2 is typically our highest cash generation quarter. At this time our 2025 adjusted EPS guidance we know today concerning tariffs. Including a 10% tariff on roughly $200 million of product sourced from China. We have approximately $300 million. A product manufactured and purchased from Mexico. We believe we have captured the impact of a 25% tariff in Mexico within our adjusted EPS guidance range for 2025. We have no significant spend in Canada. We have been effective in the past with the use of pricing to offset higher costs.

與全年其餘三個季度相比，為 25。我們的目標是在 2025 年實現強勁的自由現金流，達到淨收入的 100%，提醒一下，第一季是任何一年的現金使用季度，而第二季度通常是我們現金產生最多的季度。目前，我們知道有關關稅的 2025 年調整後每股盈餘指引。包括對原產於中國的價值約 2 億美元產品徵收 10% 的關稅。我們有大約3億美元。從墨西哥製造和購買的產品。我們相信，我們已經在 2025 年調整後的每股盈餘指引範圍內捕捉了墨西哥 25% 關稅的影響。我們在加拿大沒有大筆開支。我們過去曾有效地利用定價來抵銷更高的成本。

Since approximately 75% of our revenue goes through two-step distributio have continued to accelerate transformation funnels implement 8,020 and remain focused on investing in the long term growth of our company. Moving to slide 21, we have provided additional detail for our guidance. On the left hand side of the chart, you can see the sales walk. We expect total Pentair sales in fiscal 2025 to be up approximately 1% at the midpoint. We expect volume to be up slightly price to read out between 1.5% and 2% and FX to be a 1 point headwind. We expect slow sales to be up slightly reflecting approximately low single digit growth in commercial down low single digits in industrial solutions and approximately flat and residential.

由於我們約75%的收入經過兩步驟分配，因此我們不斷加速轉換管道的實施，並繼續專注於投資公司的長期成長。轉到幻燈片 21，我們提供了有關指導的更多細節。在圖表的左側，您可以看到銷售情況。我們預計 2025 財年 Pentair 總銷售額中位數將成長約 1%。我們預計交易量將小幅上漲，價格將上漲 1.5% 至 2% 之間，而外匯將出現 1 點的逆風。我們預計緩慢的銷售將略有上升，反映出商業領域大約低個位數的成長、工業解決方案領域低個位數的下降以及住宅領域大致持平。

Water pollution sales are expected to be essentially flat commercial sales. In full year '25 are expected to be up low single digits. And residential to be down low to mid single digits sales are expected to increase approximately 4% to 5%.

預計水污染銷售額將與商業銷售額基本持平。預計 25 年全年將成長個位數。住宅銷售額預計將下降低至中個位數，而預計將成長約 4% 至 5%。

In full year 25, we expect new and remodeled pools and the aftermarket to each be up low single digits. And we expect our recently completed December acquisition to contribute approximately 2% sales growth. As a reminder, new and remodel pools represent about 40% of sales an aftermarket is about 60%. Our sales guidance reflects continued macroeconomic and geopolitical uncertainty. And cautious optimism of residential and market recovery in the second half of 2025. On the right hand side of the chart, you can see the walk on adjusted operating income. We expect adjusted operating income to increase approximately 8% at the midpoint. And Ross to be approximately 24.5% to 25% up 125 basis points year-over-year at the midpoint. The volume price acquisitions column is primarily price, which is expected to offset inflation.

在全年 25 年中，我們預計新建和改造游泳池以及售後市場的銷售額將分別實現個位數的成長。我們預計最近完成的 12 月收購將貢獻約 2% 的銷售成長。提醒一下，新建和改造游泳池約佔銷售額的 40%，售後市場約佔 60%。我們的銷售指引反映了持續的宏觀經濟和地緣政治不確定性。對2025年下半年住宅和市場復甦持謹慎樂觀態度。在圖表的右側，您可以看到調整後的營業收入。我們預計調整後的營業收入中位數將成長約8%。羅斯的中間值約為 24.5％至 25％，比去年同期上漲 125 個基點。數量價格收購欄主要為價格，預計可以抵銷通貨膨脹。

We expect transformation in 8,020 to drive approximately $80 million of productivity savings which is the main Ross expansion driver. We are very pleased with our strong performance and finish in 2024. A transformation program exceeded our expectations and is expected to continue to drive momentum into 2025. We have built a strong foundation and believe we can continue to drive long term growth, profitability, and shareholder value.

我們預計 8020 年的轉型將帶來約 8,000 萬美元的生產力節約，這是羅斯擴張的主要動力。我們對自己在 2024 年的出色表現和成績感到非常滿意。轉型計劃超出了我們的預期，預計將繼續推動這一勢頭持續到 2025 年。我們已經建立了堅實的基礎，並相信我們能夠繼續推動長期成長、獲利能力和股東價值。

I'd now like to turn the call over to the operator for Q&A. After which John will have a few closing remarks.

現在我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。

Jamie, please open the line for questions.

傑米，請打開熱線來回答問題。

We will now begin the question and answer session in the interest of time. (Operator instructions)

由於時間關係，我們現在開始問答環節。（操作員指令）

And our first question today comes from Brett Linzey, Mizuho.

我們今天的第一個問題來自瑞穗的 Brett Linzey。

Hey, good morning and congrats on a great quarter.

嘿，早上好，祝賀您度過了一個美好的季度。

What is the square some of the moving pieces on the legacy transformation program versus the new 80/20, I guess of the incremental $80 million. How's that split between the two savings buckets and then if you could just help frame the cumulative value of savings? you think for the 80/20 program over a multi-year period.

我猜，與新的 80/20 相比，遺留轉型計劃中的一些變動部分的比例是多少，增量是 8000 萬美元。這兩個儲蓄桶之間的分配情況如何？你認為這是一個多年期的 80/20 計劃。

So first of all, 80/20 we're excited to have it. Launched in all of our businesses and we've gone through the analysis and as you know it puts you your revenue quadrants. And you do that both by part and by customer, so we were we're just going to keep the benefits of transformation of the productivity column regardless if it's 80/20 or transformation when 80/20 does do though, Brett, Is it helps us focus the business and so identifies what we really want to grow and where we don't want to spend our time growing, which has benefits to all four of the pillars under transformation. We would expect over time that this is another additive to our transformation expectations, but it's going to be captured in that productivity column as we go forward.

首先，我們很高興擁有 80/20。我們已經在所有業務中啟動了分析，並且如您所知，它為您設定了收入象限。而且您可以根據零件和客戶來做到這一點，因此，無論是 80/20 還是轉型，我們都將保留生產力欄轉型帶來的好處，當 80/20 確實有效時，布雷特，它有助於我們集中精力開展業務，從而確定我們真正想要增長的領域以及我們不想在哪些領域花費時間進行增長，這對轉型下的所有四個支柱都有好處。隨著時間的推移，我們預計這將成為我們轉型預期的另一個補充，但隨著我們前進，它將被納入生產力專欄中。

And then I guess just shifting over to to price, obviously a lot of moving pieces with tariffs, appreciate the bottoms up view for the segments. How are you thinking about price as a contributor in those, in those segments, and then maybe if you could parse out what's, what's normal course of business price versus tariff related pricing to offset the stated tariffs that you're embedding in the guide?

然後我想只要轉到價格問題，顯然很多與關稅有關的變動因素，就能夠體會到自下而上對各個部分的看法。您如何看待價格在這些細分市場中的貢獻？ 然後，您是否可以分析出什麼是正常的業務價格，什麼是與關稅相關的定價，以抵消您在指南中嵌入的規定關稅？

So we've guided to 1.5% to 2% price, think about that as being pretty consistent across the segments. We did mention that tariffs are included in our adjusted EPS guidance, think about the fact that we can use price to offset any additional tariff costs. So price for us would be additive to that 1.5% to 2% guidance. And you would expect, revenue to float higher if tariffs do happen.

因此，我們將價格指導價定在 1.5% 至 2% 之間，認為這在各個細分市場中是相當一致的。我們確實提到，關稅包含在我們的調整後每股盈餘指引中，想想我們可以用價格來抵銷任何額外的關稅成本。因此，對於我們來說，價格將會是 1.5% 到 2% 指導價的附加價值。你也可以預料，如果關稅真的實施，收入將會上升。

And we do have $20 million of price captured in the 1.5 to 2, which is the 10% on the China terrorists, but we don't have anything related to Mexico and Canada, yet in the price line.

我們確實在 1.5 到 2 的範圍內獲得了 2000 萬美元的價格，這是針對中國恐怖分子的 10%，但是我們還沒有與墨西哥和加拿大相關的任何內容，目前還在價格範圍內。

Got it.

知道了。

Our next question is from Julian Mitchell, Barclays.

下一個問題來自巴克萊銀行的朱利安·米切爾。

First off, wanted to try and understand the seasonality a little bit and and what's being assumed there, so I think that the Q-1 is a little bit, lighter share of the year than than normal because of, of currency and perhaps a tough start in commercial in water. Maybe help us kind of understand how you're talking about the first half as a share of and when we're thinking about the phasing of the tariff headwinds, when are you assuming that comes into the company and starts affecting sales and earnings.

首先，想嘗試了解季節性以及其中的假設，因此我認為第一季的份額比正常水平要低一些，這是因為貨幣原因，也可能是因為水上商業活動的艱難開端。也許可以幫助我們理解您所說的上半年所佔的份額，以及當我們考慮關稅逆風的分階段時，您認為何時會進入公司並開始影響銷售和收益。

So I mean we as you remember last year we had anticipated that we would see in the industry anticipated that they would receive some type of recovery of residential channels, so what happened was we saw a little bit of a loading in the distribution channels and anticipation of the residential recovery, which did not materialize. So we have our last quarter of headwinds in Q1 which is why you see that as a little bit more challenged addition, we had one program in IC China that rolled off and that was his last quarter of contribution outside of that, sequentially move from Q4 to Q1, we generally seeing things the same.

所以我的意思是，正如你記得的，去年我們曾預計，我們會看到行業預期他們會收到某種類型的住宅渠道復甦，所以發生的事情是，我們看到分銷渠道中有一點點負荷，對住宅復甦的預期並沒有實現。因此，我們在第一季遇到了最後一個季度的逆風，這就是為什麼你認為這是一個更具挑戰性的補充，我們在中國有一個 IC 項目已經啟動，這是他最後一個季度的貢獻，除此之外，從第四季度到第一季度，我們總體上看到的情況是一樣的。

So we see Q-2 is the recovery back to easier comparisons, as we move through the year and as far as your questions on tariffs, we'll see some minimal impact in Q1, but the majority of it will roll out pretty consistently between Q-2, Q-3, and Q-4.

因此，我們認為第二季將恢復到更容易比較的水平，隨著時間推移，就您關於關稅的問題而言，我們會看到第一季產生一些微小的影響，但大部分影響將在第二季、第三季和第四季之間相當一致地展開。

That's helpful. And then just maybe be following up on the pool ma outlook, maybe help us understand kind of where inventories as you see it among your distributors right now, how much kind of early buy occurred in Q4, versus normal and, and what's the assessment on the sort of new build market health this year?

這很有幫助。然後也許只是跟進池 MA 展望，也許可以幫助我們了解您目前在分銷商中看到的庫存情況，第四季度的早期購買量與正常情況相比有多少，以及對今年新建市場健康狀況的評估是什麼？

I would say that we're we're staying cautious even though you've got, new pool builds in 2024 really at historical lows, we're trying not to get ahead of ourselves, so our view is for new pools and remodels up low single digit aftermarket upload single digits and then we have the benefit of of the December acquisition. Our view is that early Bay was at historical level as well as the inventory that sits within the distributors and dealers also had historical levels.

我想說的是，儘管 2024 年新建泳池的數量確實處於歷史低位，但我們仍保持謹慎，我們試圖不超前，因此我們的觀點是新建泳池和改造泳池的數量將保持在個位數以下，售後市場上傳量將保持在個位數以下，然後我們將從 12 月的收購中受益。我們認為，早期海灣的庫存處於歷史水平，而且分銷商和經銷商的庫存也處於歷史水平。

The next question comes from Steve Tusa, JP Morgan.

下一個問題來自摩根大通的史蒂夫·圖薩。

Hey, interesting 96 hours been an interesting four to five years, I think, but don't you? I think you'd agree with that every day there's something, you know, yeah, so just trying to like really squint at the bridge on 21, slit 21, where, where are, where are the tariffs embedded there I guess it's like $95 million bucks. Is that kind of the simple math on the tariffs, that's kind of the dumb math, I guess, but, is that embedded in inflation?

嘿，有趣的 96 小時就像是有趣的四到五年，我想，但你不覺得嗎？我想你會同意每天都會發生一些事情，你知道，是的，所以只是試著瞇著眼睛看 21 號橋，21 號狹縫，那裡嵌入的關稅在哪裡，我猜它大概是 9500 萬美元。這是否是對關稅的簡單計算？

No, it's right now we would have roughly as Bob said we have roughly $200 million of of China that would have $20 million more of inflation in it, and then you would expect that $20 million to be in price, as a general view if we were to see the Mexico and Canada. It's primarily all Mexico for us. You would see additive price and you'd see added inflation.

不，現在我們大致就像鮑伯所說的那樣，我們有大約 2 億美元的中國資產，其中會有 2000 萬美元的通貨膨脹，然後你會預計這 2000 萬美元的價格會與墨西哥和加拿大的價格相符。對我們來說，主要都是墨西哥。你會看到價格上漲，也會看到通貨膨脹增加。

I got you and depending on where that lands you can do the math and that's how I'm thinking about it. So you're not embedding the Mexico yet. You're embedding to China, that's an inflation and then you're offsetting that with price and and that would be your lever if Mexico comes around.

我明白了，根據落地的位置你可以做計算，這就是我的想法。因此您還沒有嵌入墨西哥。如果你將經濟嵌入中國，那麼就會產生通貨膨脹，然後你會用價格來抵消通貨膨脹，如果墨西哥轉變態度，這將成為你的槓桿。

Exactly, that's right, but our view, we've got the EPS protected because again, we would offset the The tariff costs with the price.

確實如此，但我們認為我們的每股盈餘得到了保護，因為我們會用價格抵消關稅成本。

With the price and just backing up to the bridges here and the rate of inflation that you're seeing, how do you tease out that like rate of inflation versus what you getting into the, into the numbers from sourcing it just seems like the inflation, where are you seeing the most inflation, it just seems a bit high, relative to our expectations at least, and how are you kind of like teasing that out?

有了價格，再加上這裡的橋樑和您所看到的通貨膨脹率，您如何梳理出通貨膨脹率與您從來源數字中獲得的數據，看起來就像通貨膨脹，您看到通貨膨脹最高的地方在哪裡，它似乎有點高，至少相對於我們的預期而言，您是如何梳理出這一點的？

So we were seeing moderating inflation clearly, I think what we're anticipating is that we're going to get that little bit of China tariff, but Steve, most people reflect and raise their commodity prices equal to what happened from the source products so you're going to see a little bit of an uptick in inflation across the board as people try to take advantage of getting a little bit more price, so Frank was the other area that we were seeing a little bit of uptick in outside of that we were seeing moderating to slightly declining inflation as we're moving through the business model in Q4.

因此，我們清楚地看到了通膨在緩和，我認為我們預計的是，我們將會受到一點中國關​​稅的影響，但是史蒂夫，大多數人都會反映並提高他們的商品價格，使其與源產品的水平相同，所以你會看到通脹全面​​上升，因為人們試圖利用獲得更高的價格的機會，所以弗蘭克是我們看到我們看到另一個領域略有下降，隨著我的季節略有下降，隨著我看到商業和通脹。

Our next question comes from Bryan Blair, Oppenheimer.

下一個問題來自奧本海默公司的布萊恩布萊爾。

I want to follow up on transformation for a bit if we look at the segment income and and Ross, walk he provided that investor. Is there any meaningful shift in segment contribution through 2026 now that. You officially revised the medium-term rock targets of the 26% level.

如果我們看一下分部收入和羅斯，我想跟進轉型，他為投資者提供了指導。那麼，到 2026 年，細分市場貢獻是否會發生任何有意義的變化？您正式修改了26％水準的中期搖滾目標。

We continue to believe that each of the segments will will participate, with within the Ross expansion story, if you think about we laid out a path to the 26% by 2026 at analyst day, and we just delivered 107. We're guiding to 80, so that puts us that call at 187/190. So again, to get to that $260 million, take another, $70 million of transformation.

我們仍然相信，每個部門都會參與其中，在羅斯擴張的故事中，如果你想想我們在分析師日制定的到 2026 年實現 26% 的路徑，我們剛剛實現了 107。我們的指導價格是 80，因此我們的預測結果是 187/190。因此，為了達到這 2.6 億美元，還需要再進行 7,000 萬美元的轉型。

Obviously we'll build funnels that are higher that'll help us mitigate any risk that we might have or provide upside, but we are on a very good path to continue a sustainable journey on transformation.

顯然，我們將建立更高的漏斗，這將有助於我們減輕可能存在的風險或提供上行空間，但我們正走在一條非常好的道路上，繼續走上可持續的轉型之路。

And I would add that part of the confidence is the introduction of 80/20 allows us to focus and identify and see more opportunities, but also just as a reminder, we're doing this. About the benefit of growth and you know, transformation will show up as a form of scale across our existing factories and overhead costs when we do get that contribution for revenue, and we believe it's out there.

我想補充一點，信心的一部分在於 80/20 的引入使我們能夠集中註意力、發現並看到更多機會，同時也提醒我們，我們正在這樣做。關於成長的好處，你知道，當我們確實獲得收入貢獻時，轉型將以規模的形式體現在我們現有的工廠和管理費用中，我們相信它就在那裡。

We just don't know when it's going to come and we need some help on interest rates and some some efforts in the residential housing side, so that's our encouragement, and I think as we continue to move along, we feel good that the programs that we've introduced have created structural changes, and we believe we're going to benefit from those when the growth comes forward.

我們只是不知道它什麼時候會到來，我們需要一些利率方面的幫助和一些住宅方面的努力，所以這是我們的鼓勵，我認為隨著我們繼續前進，我們感覺很好，我們推出的計劃已經帶來了結構性變化，我們相信當增長出現時，我們將從中受益。

No, I certainly see it in the numbers, maybe offer some color on GNS. I know there is a smaller deal, but, speak to the assets strategic fit how it enhances your offering, and how we should think about growth rates, ROS contribution, any operation.

不，我確實在數字中看到了這一點，也許可以為 GNS 提供一些顏色。我知道還有一筆較小的交易，但是，談談資產策略契合度如何增強您的產品，以及我們應該如何考慮成長率、ROS 貢獻等任何營運。

Yeah, we're really excited, it's an example of, taking a look across a product line and understanding where you might have opportunities and while we're really strong and in heater positions and most of the markets in Florida and in some of the South, heat pumps, which are more electric based are are the preferred option, and it wasn't to strengthen our product line and so we had the opportunity to to add and solidify some really important positions in Florida. That's what Gulf Stream represents, and it's an example of a really nice tuck in acquisition that that really fits nicely with our strategies.

是的，我們真的很興奮，這是一個例子，縱觀整個產品線，了解你可能有機會的地方，雖然我們在加熱器領域非常強大，但在佛羅裡達和南部的一些市場，熱泵（更多的以電力為基礎）是首選，這並不是為了加強我們的產品線，所以我們有機會在佛羅裡達增加和鞏固一些真正重要的地位。這就是灣流所代表的意義，這是一個非常好的秘密收購的例子，與我們的策略非常契合。

Yeah, just roughly from a numbers perspective, we closed that acquisition at the beginning of December, we expect in 20,025, roughly $35 million would come from that acquisition of top line revenue, with about $5 million included in 2024 and that one month of December, so what we're expecting, a net benefit of the $30 million and that's the two points of growth. Paul would say it's roughly 30% Ross business, and we bought it at about 10 times even, so really nice bolt on acquisition for us expanding again our portfolio within the heater area.

是的，從數字角度來看，我們在 12 月初完成了那項收購，我們預計在 20,025 年，大約有 3500 萬美元的營收收入來自該收購，其中約 500 萬美元包含在 2024 年和 12 月的一個月，所以我們預計淨收益為 3000 萬美元，這是兩個增長點。保羅會說這大約佔羅斯業務的 30%，我們以大約 10 倍的價格收購了它，因此對於我們再次擴大加熱器領域的投資組合而言，這是一次非常好的附加收購。

Our next question comes from Jeff Hammond, KeyBanc.

下一個問題來自 KeyBanc 的 Jeff Hammond。

Just on, margin expansion I think you're calling for 125 basis points all in any kind of way to think about, how the segments play out, either order of magnitude, or they all kind of, equal contributors.

就利潤率擴大而言，我認為您要求將利潤率提高 125 個基點，以任何方式考慮各個部分如何發揮作用，無論是數量級，還是所有類型的平等貢獻者。

People will think pool has done a really nice job driving value and we're continuing to invest in growth and in pool, both trying to drive automation and new products, and think about poo being close to 100 basis points and the other two being equal in their contribution roughly to the difference, yeah.

人們會認為，pool 在推動價值方面做得非常好，我們將繼續在成長和pool 方面進行投資，試圖推動自動化和新產品，並認為 poo 接近 100 個基點，而其他兩個對差異的貢獻大致相同，是的。

And then on our solutions I just want to unpack what you're seeing in RESI because we're seeing kind of two down years you're expecting, another down year it just, rates or is there something else going on there and then just the commercial side, it seems like you're through after 12 you'll, you'll be through the backlog drawdown in ice, but just what are you seeing in that, commercial food service space from a from a fundamental standpoint the residential first.

然後關於我們的解決方案，我只想解釋一下您在 RESI 中看到的情況，因為我們看到了您預計的兩年下滑，另一年下滑，只是利率，還是有其他事情發生，然後只是商業方面，似乎您在 12 年之後會經歷 ICE 的積壓下降，但是從基本面來看，您在商業食品服務領域看到了什麼，首先是住宅。

Our favorite types of residential housing for residential filtration and even flow, our rural homes that have a well and most all wells have water softening and then filtration, when you get into the urban environments, water is generally acceptable to the people who drink it and, and therefore you don't see the same level of filtration penetration. So the interest rates are really hurt that urban sprawl and the farther out build. And that's where I think the residential business has been hit harder.

我們最喜歡的住宅類型是用於住宅過濾和均勻流動，我們的鄉村住宅都有水井，而且大多數水井都經過軟化水然後過濾，當你進入城市環境時，水通常是人們可以接受的，因此你看不到相同程度的過濾滲透。因此，利率確實會損害城市擴張和更遠的建設。我認為住宅業務受到的打擊最為嚴重。

The second element is a lot of water softeners are financed, and the consumer financing challenges have led to lower demand in that particular space, but we've been also doing is spending 80/20 to think through the product portfolio and be very thoughtful about where we want to play long term and so you're seeing some head some top line headwind in lieu of getting more margin expansion so we can you know operate operational lines are footprint. A little bit better, Jeff, as far as the commercial, North American ice, performed, just slightly down for the year last year.

第二個因素是許多軟水器都是融資的，消費者融資挑戰導致該特定領域的需求下降，但我們也一直在做的是花費 80/20 來思考產品組合，並非常認真地考慮我們想要長期發展的方向，因此你會看到一些收入逆風而不是獲得更多的利潤率擴張，這樣我們就可以知道運營線路的足跡。傑夫，就商業而言，北美冰的表現略好一些，只是比去年略有下降。

Most of the year-over-year challenges and the commercial was related to, as I mentioned, China, and that was a large local coffee, roll out that happened in 2023. That was pretty lumpy to the year over year effect of how we compared against that in 2024, but when you take a look at the North American ice market, it actually outperformed our expectations last year and we just had that headwind related to China.

正如我所提到的，大多數同比挑戰和商業都與中國有關，那是一款大型本地咖啡，將於 2023 年推出。與 2024 年相比，這與去年同期的影響相當不平衡，但當你看到北美冰市場時，它去年的表現實際上超出了我們的預期，我們只是遇到了與中國相關的逆風。

And you see more of that continuing.

而且你會看到這種情況還在繼續發生。

We have one more quarter of of challenged year-over-year which is Q1, which is the last quarter for that and then we'd expect expect to get more of that, mid single digits normal growth rate that that I is generally benefited from.

與去年同期相比，我們還有一個季度面臨挑戰，即第一季度，也是最後一個季度，然後我們預計將獲得更多的中等個位數正常成長率，我通常會從中受益。

The next question comes from Nigel Coe from Wolfe Research.

下一個問題來自 Wolfe Research 的 Nigel Coe。

This is a nerdy question, but do you price it through, through a regular price increase and therefore you have to give customers the customary notice, or would it be a surcharge which would be more immediate. So just wondering on that.

這是一個很無聊的問題，但是您是否會透過定期漲價來定價，因此您必須提前通知客戶，或者是否會採取更直接的附加費方式。我只是對此感到好奇。

And then thinking about the exposure across the three businesses, I think we would all have seen that the pool business has more, Mexico and China exposure just just maybe be any color that would be helpful.

然後考慮到這三項業務的曝光度，我想我們都會看到泳池業務的曝光度更高，墨西哥和中國的曝光度可能只是任何有幫助的顏色。

So first of all we have a normal condition 30 to 60 day notice periods across most of our skew the old hand. To mitigate any timing impact there, as far as you know exposure, I mean it interestingly, our water solutions businesses that would be the most exposed to Mexico given the fact that most of all the residential products are made in Mexico and, and then we have our, our North American ice manufacturing in Mexico. And so those would be the you know, so they will have a little bit more to recover the tariffs and we feel like the other two businesses, you know, don't have that same level of exposure.

首先，對於大多數偏斜的舊手，正常情況下我們有 30 到 60 天的通知期。為了減輕那裡的時間影響，就您所知，我的意思是，有趣的是，我們的水解決方案業務將最容易受到墨西哥的影響，因為大多數住宅產品都是在墨西哥生產的，然後我們的北美冰製造也在墨西哥。所以他們會有更多的錢來收回關稅，我們覺得其他兩家企業沒有同樣程度的風險敞口。

Okay, that's great. And then just my follow on this the $80 million of of initiatives for the benefits in 2025. Are there any just just to be clear, are there any investments against that $80 million or is that a clean number that goes through to the bottom line?

好的，太好了。接下來我將介紹 2025 年將投入 8,000 萬美元的福利計畫。有沒有隻是為了清楚起見，是否有針對這 8000 萬美元的投資，或者這是一個可以計入底線的清晰數字？

Yeah, thanks for asking. That's the net impact and so that will have both positive benefits and transformation net of any strategic growth investments, and yes, we are making strategic growth investments, primarily in water solution. And pool and so you could think about transformation being a little bit higher and then being offset by incremental investments to longer term growth programs.

是的，謝謝你的詢問。這是淨影響，因此這將對任何策略性成長投資產生正面影響和轉型淨影響，是的，我們正在進行策略性成長投資，主要是在水解決方案方面。因此，您可以認為轉型成本會稍微高一些，然後透過長期成長計劃的增量投資來抵消。

Our next question comes from Nathan Jones, Stifel.

下一個問題來自 Stifel 的 Nathan Jones。

I wanted to follow up on 80/20 which of the 7s are seeing the most near-term revenue headwind from quad for actions. And then also have quad one actions identify any areas that can potentially benefit from additional growth investments.

我想跟進 80/20，看看在四重行動中，哪 7 會面臨最大的近期收入逆風。然後，還要採取四項行動來確定任何可能從額外成長投資中受益的領域。

So, 80/20 in itself is not a growth limiter, quite frankly, there isn't in the base program itself there's not really a view that you lose revenue that being said, our various acquisitions over time create a more of a portfolio op opportunity so water solutions is seeing do that will help drive margin performance and and lead to better productivity paths to quad 3s which are changing the way that you transact with customers.

因此，80/20 本身並不是增長限制因素，坦率地說，基礎計劃本身並沒有真正認為您會損失收入，話雖如此，隨著時間的推移，我們的各種收購創造了更多的投資組合運營機會，因此水解決方案看到這將有助於提高利潤率表現，並帶來更好的生產力路徑，以實現四重 3，從而改變您與客戶交易的方式。

And all of the businesses have seen early signs of, of customers in quad one that like what we're doing and feel like there's opportunities to partner more effective with us.

所有企業都已經看到了早期跡象，第一四方客戶喜歡我們所做的事情，並且覺得有機會與我們進行更有效的合作。

All right, thank you for taking my question.

好的，感謝您回答我的問題。

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

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

Just want to circle back on and Paul was not too long ago, right after COVID where there was this worry there'd never be another pool built because everyone that could build possibly build one had done it, but now we're looked to be at a more normalized level. So what's on low single digits for new and remodeled and aftermarket?

只是想回顧一下保羅不久前的情況，就在 COVID 之後，人們擔心再也不會建造另一個游泳池，因為每個可以建造游泳池的人都已經建了一個，但現在我們似乎處於一個更加正常化的水平。那麼，新車、改裝車和售後市場的低個位數是多少呢？

Portions of this transcript marked (technical difficulty) indicate audio problems. The missing text will be supplied if a replay becomes available.

本記錄中標示「技術難題」的部分錶示音訊問題。如果有重播的話，將會補充缺少的文字。