Ralliant Corp (RAL) 2025 Q2 法說會逐字稿

My name is Donna, and I will be your conference facilitator this morning. At this time, I would like to welcome everyone to the Ralliant Corporation's second-quarter 2025 earnings results conference call. (Operator Instructions)

我叫唐娜，今天早上我將擔任你們的會議主持人。在此，我謹代表 Ralliant 公司歡迎各位參加 2025 年第二季財報電話會議。（操作說明）

I would now like to turn the call over to Mr. Nathan McCurren, Vice President of Investor Relations. Mr. McCurren, you may begin your conference.

現在我將把電話交給投資人關係副總裁內森‧麥克庫倫先生。麥克庫倫先生，您可以開始您的會議了。

Thank you, Donna. Good morning, everyone, and thank you for joining us for our first earnings call as Ralliant. I'm Nathan McCurren, VP of Investor Relations. Today, we'll walk through our second quarter 2025 results, highlight key operational progress and provide an outlook for the third quarter. I'm joined today by Tami Newcombe, our President and Chief Executive Officer; and Neill Reynolds, our Chief Financial Officer.

謝謝你，唐娜。各位早安，感謝大家參加我們作為 Ralliant 的首次財報電話會議。我是投資人關係副總裁內森‧麥克庫倫。今天，我們將回顧 2025 年第二季業績，重點介紹關鍵營運進展，並展望第三季。今天與我一同出席的有我們的總裁兼執行長塔米·紐科姆，以及我們的財務長尼爾·雷諾茲。

Our earnings release issued yesterday and today's presentation can be accessed on the Investors section of our website at ralliant.com. Please note that we'll be discussing certain non-GAAP financial measures on today's call. A reconciliation of these items to US GAAP can be found in the Appendix to our presentation.

您可以在我們網站 ralliant.com 的「投資者關係」專欄中查看我們昨天發布的盈利報告和今天的簡報。請注意，我們將在今天的電話會議上討論一些非GAAP財務指標。這些項目與美國通用會計準則的核對錶可在我們的簡報附錄中找到。

During today's call and unless otherwise stated, we're comparing our second quarter 2025 results to the same period in 2024. During the call, we will make forward-looking statements, including statements regarding events or developments that we expect or anticipate will or may occur in the future.

在今天的電話會議中，除非另有說明，我們將把 2025 年第二季的業績與 2024 年同期進行比較。在電話會議期間，我們將發表前瞻性聲明，包括關於我們預期或預期未來可能發生的事件或發展的聲明。

These forward-looking statements are subject to a number of risks and uncertainties and actual results might differ materially from any forward-looking statements we make today. Information regarding these risks and uncertainties is available in our information statement filed with the SEC on May 28, 2025, and our quarterly report on Form 10-Q for the quarter ended June 27, 2025.

這些前瞻性陳述受到許多風險和不確定性的影響，實際結果可能與我們今天所做的任何前瞻性陳述有重大差異。有關這些風險和不確定性的資訊可在我們於 2025 年 5 月 28 日向美國證券交易委員會提交的資訊聲明以及截至 2025 年 6 月 27 日的季度報告（10-Q 表格）中找到。

With that, I'd like to turn the call over to Tami.

接下來，我想把電話交給塔米。

Glad to have you on the team, Nathan. Welcome to Ralliant's second-quarter earnings call. We are joining you from our new headquarters in Raleigh, North Carolina. It's hard to believe that just weeks ago, many of us were together at our Investor Day. That day marked the beginning of a new chapter for Ralliant, and we're incredibly grateful that you've joined us again as we are taking our first steps forward as a public company.

很高興你加入團隊，內森。歡迎參加Ralliant第二季財報電話會議。我們現在從位於北卡羅來納州羅利市的新總部連線。很難相信，就在幾週前，我們中的許多人還齊聚一堂，參加我們的投資者日活動。那一天標誌著 Ralliant 開啟了新的篇章，我們非常感謝您再次加入我們，與我們一起邁出作為上市公司的第一步。

I want to begin by recognizing our team. The energy, focus and commitment they've shown during this transition has been nothing short of extraordinary. Their belief in our mission and their drive to serve our customers is what gives me confidence in our future.

首先，我想表揚一下我們的團隊。他們在這次轉型過程中所展現的活力、專注和投入堪稱非凡。他們對我們使命的信念和為客戶服務的熱情讓我對我們的未來充滿信心。

Over the next hour, my goal is to provide you with a high-level overview of our financial performance and share how we are navigating as an independent company. Neill will do to deep dive into our Q2 2025 results and provide our Q3 outlook. Then I'll come back and demonstrate how we are executing our strategy and the exciting growth opportunities ahead.

接下來的一個小時，我的目標是向大家概述我們的財務業績，並分享我們作為一家獨立公司是如何應對挑戰的。Neill 將深入分析我們 2025 年第二季的業績，並提供我們第三季的展望。然後我會回來向大家展示我們如何執行我們的策略，以及未來令人興奮的成長機會。

Let's begin on slide 4 and 5 with a quick overview of our business. Ralliant provides essential technologies for our electrified and digital world. We design, manufacture and service precision instruments and engineered products for mission-critical applications.

讓我們從第 4 頁和第 5 頁開始，快速概覽我們的業務。Ralliant 為我們這個電氣化和數位化的世界提供必要的技術。我們為關鍵任務應用設計、製造和維修精密儀器和工程產品。

In 2024, we had revenue of $2.2 billion with 26% adjusted EBITDA margin. Over the past five years, we grew revenue by 3.5% and adjusted EBITDA by 9%, generating $2 billion of cumulative free cash flow. We have two strategic reporting segments. Sensors & Safety Systems and Test & Measurement. The segments include iconic brands with leading positions in attractive markets.

2024年，我們的營收為22億美元，調整後EBITDA利潤率為26%。過去五年，我們的營收成長了 3.5%，調整後 EBITDA 成長了 9%，累計產生了 20 億美元的自由現金流。我們有兩個戰略報告部門。感測器與安全系統以及測試與測量。這些細分市場包括在極具吸引力的市場中佔據領先地位的標誌性品牌。

Now shifting to our Q2 results. I'll begin on slide 6 with key takeaways for the quarter. On June 28, we emerged as a public company with a legacy of operating rigor and a focused profitable growth strategy. Our Q2 revenue was in line with our expectations as we continue to see secular demand in the utilities and defense markets with Test & Measurement improving sequentially. More on that shortly.

現在來看我們第二季的業績。我將從第 6 張投影片開始，總結本季的主要要點。6月28日，我們作為一家上市公司上市，秉承了嚴謹的營運傳統和專注的獲利成長策略。由於公用事業和國防市場持續出現長期需求，且測試與測量業務較上季改善，我們的第二季營收符合預期。稍後會詳細介紹。

We generated strong free cash flow with a conversion rate of 98% of adjusted net earnings, demonstrating the power of our Ralliant Business System or RBS. The profitable growth strategy we shared at our Investor Day in June capitalizes on secular tailwinds where we are well positioned in high-growth vectors coupled with our stronghold positions in markets where we create enduring customer value.

我們創造了強勁的自由現金流，調整後淨收益的轉換率達到 98%，這充分證明了我們的 Ralliant 業務系統 (RBS) 的強大實力。我們在 6 月的投資者日上分享的獲利成長策略，充分利用了長期利好因素，我們在高成長領域佔據有利地位，同時在我們創造持久客戶價值的市場中也擁有強大的市場地位。

Lastly, post-spin, we're activating a Cost Savings Program initially targeting $9 million to $11 million of dis-synergies in Test & Measurement created by the separation. Moving to slide 7 for a brief overview of our Q2 2025 financial performance. Our second quarter results reflect the resilience of our business in a dynamic operating environment. We navigated macroeconomic uncertainty while remaining focused on executing our long-term growth strategy. We balance short-term pressures with the disciplined capital deployment and a relentless focus on execution underpinned by RBS.

最後，在分拆之後，我們將啟動一項成本節約計劃，最初目標是消除分拆造成的測試和測量方面 900 萬至 1100 萬美元的協同效應損失。接下來請看第 7 張投影片，簡要概述我們 2025 年第二季的財務表現。第二季業績反映了我們業務在瞬息萬變的經營環境中展現出的韌性。我們克服了宏觀經濟的不確定性，同時始終專注於執行我們的長期成長策略。我們透過嚴謹的資本部署和對執行力的不懈追求，在蘇格蘭皇家銀行的支持下，平衡短期壓力。

The second quarter's revenue was in line with our expectations with sequential revenue growth in both segments. We saw strong demand in the Sensors & Safety Systems segment with continued secular momentum across utility customers and defense programs. Utilities revenue rose significantly both year-over-year and sequentially, fueled by ongoing capital spend for global energy grid modernization.

第二季營收符合預期，兩個業務部門的營收均實現了季增。我們看到感測器和安全系統領域的需求強勁，公用事業客戶和國防專案持續保持強勁的成長勢頭。受全球能源網路現代化持續資本支出的推動，公用事業收入年比和季比均大幅成長。

Our precision sensing and data analytics solutions are essential to ensuring reliable power, and we're optimistic about expanded offerings. In defense and space, the replenishment of existing defense programs endorse. Many countries current defense outlook has a significant budget step-up, prioritizing missile programs, hypersonic and space, all would benefit Ralliant.

我們的精密感測和數據分析解決方案對於確保可靠供電至關重要，我們對擴大產品和服務範圍充滿信心。在國防和航太領域，現有國防計劃的補充得到了認可。許多國家目前的國防前景都大幅增加了預算，優先發展飛彈項目、高超音速武器和太空技術，所有這些都將使 Ralliant 公司受益。

Globally, industrial manufacturing has shown some green shoots in critical environments, including new opportunities in the data center, yet demand in Europe remains soft. In the Test & Measurement segment, consistent with expectations, revenue remained down year-over-year. Sequentially, we are seeing gradual improvement.

全球工業製造業在關鍵領域，包括資料中心等新機遇，已經出現了一些復甦跡象，但歐洲的需求仍然疲軟。在測試與測量領域，與預期一致，收入年減。從順序上看，情況正在逐步改善。

Communications had positive mid-single-digit sequential revenue growth, driven by an increase in investment in the research and development labs for the Department of Defense, the Department of Energy and the technology going to AI data centers. Our Diversified electronics and semiconductor end markets were up slightly sequentially in Q2 as we saw each of these markets stabilize after several quarters of revenue decline.

通訊業務實現了中等個位數的環比收入成長，這主要得益於國防部、能源部研發實驗室的投資增加，以及人工智慧資料中心技術的進步。第二季度，我們多元化的電子和半導體終端市場較上季略有成長，因為在經歷了幾個季度的營收下滑後，這些市場都趨於穩定。

In diversified electronics, we're seeing healthy channel positions and some positive trends for industrial, consumer, university research, grid energy storage and medical. Electric vehicle and battery applications drove our most significant revenue decline year-over-year in Test & Measurement. Semiconductor customer spending remains lumpy.

在多元化電子產品領域，我們看到通路地位良好，工業、消費、大學研究、電網儲能和醫療等領域也出現了一些正面的趨勢。電動車和電池應用是測試與測量業務中年收入下降幅度最大的因素。半導體客戶的支出仍波動不定。

We have long-standing relationships with semi customers. These customers CapEx investment comes in cycles, but they continuously innovate. We have maintained our investment in field applications engineers and innovation collaboration to be well positioned as each of these customers invest. This quarter, Tektronix will begin shipping an industry-leading high-performance oscilloscope, an innovation already generating strong customer interest in strengthening our order pipeline.

我們與半導體客戶有著長期合作關係。這些客戶的資本支出投資呈現週期性波動，但他們會不斷創新。我們持續投資於現場應用工程師和創新合作，以便在每位客戶進行投資時都能佔據有利地位。本季度，泰克將開始出貨業界領先的高性能示波器，這項創新已經引起了客戶的強烈興趣，有助於加強我們的訂單管道。

This is one of many new products launched this year, demonstrating how our platform engineering is accelerating innovation across our Test & Measurement segment. Turning to slide 8. I'll share regional insights. In Q2, North America revenue declined 5% year-over-year. Looking forward, we have great positioning here with exposure to utilities, defense and new products launching in Test & Measurement.

這是今年推出的眾多新產品之一，顯示我們的平台工程如何加速了我們測試與測量領域的創新。翻到第8張幻燈片。我將分享一些區域性見解。第二季度，北美地區營收年減 5%。展望未來，我們在公用事業、國防以及測試與測量領域推出的新產品方面擁有良好的市場地位。

China was stable with a modest 1% decline as growth in utilities was largely offset by lower demand in Test & Measurement. Western Europe remained challenged, down 23%, mainly due to the continued weakness year-over-year, I called out across electric vehicles and batteries.

中國經濟保持穩定，僅小幅下降 1%，原因是公用事業的成長很大程度上被測試和測量需求的下降所抵消。西歐市場仍面臨挑戰，下滑 23%，主因是電動車和電池市場較去年同期持續疲軟。

Our Rest of World region led performance with 5% growth as most markets stabilized, and we saw strong demand in Japan, Latin America and portions of Eastern Europe. As we move forward, we remain committed to delivering sustainable growth, expanding margins and creating long-term value for our shareholders.

我們其他地區的業績表現領先，實現了 5% 的成長，因為大多數市場都趨於穩定，我們在日本、拉丁美洲和東歐部分地區看到了強勁的需求。展望未來，我們將繼續致力於實現永續成長，擴大利潤率，並為股東創造長期價值。

Next, Neill will walk you through the details of our financials.

接下來，尼爾將帶您詳細了解我們的財務狀況。

It's great to be here, Tami. I am both excited and grateful to join you in participating in Ralliant's inaugural earnings call. I would also like to extend my heartfelt appreciation to our dedicated Ralliant team for their hard work and tireless effort to get us here.

很高興來到這裡，塔米。我非常興奮和感激能與大家一起參加 Ralliant 的首次財報電話會議。我還要衷心感謝我們敬業的 Ralliant 團隊，感謝他們為使我們取得今天的成就所付出的辛勤努力和不懈奮鬥。

I'll begin with an overview of our second quarter 2025 performance starting on slide 10. Comparisons are on a year-over-year basis, unless otherwise noted. During the quarter, we generated revenue of $503 million, representing a 6% decline year-over-year but an increase of 4% sequentially. Strong demand continued in our Sensors & Safety Systems segment, driven by growth in both utilities, and defense and space end markets.

我將從第 10 張投影片開始，概述我們 2025 年第二季的業績。除非另有說明，所有比較均以同比為基礎。本季度，我們實現了 5.03 億美元的收入，年減 6%，但環比增長 4%。在公用事業、國防和航太終端市場的成長推動下，我們的感測器和安全系統部門需求持續強勁。

The industrial manufacturing end market continued to deliver stable revenue, which marks its sixth consecutive quarter of revenue stability. Test & Measurement remained down year-over-year but stabilized during the quarter, contributing to overall sequential revenue growth.

工業製造終端市場持續保持穩定的收入，這標誌著其連續第六個季度收入保持穩定。測試與測量業務同比下降，但在本季度趨於穩定，為整體環比收入成長做出了貢獻。

Adjusted EBITDA margin of 19.8% in the quarter was down 530 basis points year-over-year, driven by lower volumes in the Test & Measurement segment, increased employee and stand-alone public company costs and tariffs. This was partially offset by year-over-year revenue growth and adjusted EBITDA margin expansion in Sensors & Safety Systems.

本季調整後 EBITDA 利潤率為 19.8%，較去年同期下降 530 個基點，主要原因是測試與測量部門的銷售下降，以及員工和獨立上市公司的成本和關稅增加。感測器與安全系統業務的同比營收成長和調整後 EBITDA 利潤率擴張部分抵消了這一影響。

Sequentially, adjusted EBITDA margin was down 140 basis points as the margin benefits from higher volume were offset by higher stand-alone public company costs and tariffs. By leveraging RBS, we expect to fully offset the ongoing tariff impact by the end of the year, and I will address the countermeasures we are taking later in our prepared remarks.

從季來看，調整後的 EBITDA 利潤率下降了 140 個基點，因為銷售成長帶來的利潤率收益被更高的獨立上市公司成本和關稅所抵銷。透過利用蘇格蘭皇家銀行，我們預計到年底將完全抵消持續的關稅影響，我將在稍後的演講中闡述我們正在採取的應對措施。

Looking ahead, consistent with this team's track record, adjusted EBITDA margin expansion will be a core focus for us. We are confident in delivering improvements. Adjusted EPS of $0.67 declined 23% year-over-year, driven by lower volume in Test & Measurement, stand-alone public company costs and tariffs. I will note that the second quarter did not include any interest expense which we began incurring during the third quarter.

展望未來，根據該團隊以往的業績記錄，調整後 EBITDA 利潤率的擴大將是我們的核心重點。我們有信心帶來改進。調整後的每股收益為 0.67 美元，年減 23%，主要原因是測試與測量業務量下降、獨立上市公司成本增加以及關稅上漲。需要指出的是，第二季不包含任何利息支出，利息支出是從第三季開始產生的。

Consistent with our strong cash generation track record, we generated $74 million of free cash flow in the quarter and achieved a 98% conversion rate. Now let's drill into segment performance in the quarter, starting with Sensors & Safety Systems on slide 11. Sensors & Safety Systems delivered revenue of $311 million, representing greater than 60% of Ralliant's total revenue.

與我們強勁的現金流產生記錄一致，本季我們產生了 7,400 萬美元的自由現金流，轉換率達到了 98%。現在讓我們深入分析本季各細分市場的表現，首先從第 11 頁的傳感器和安全系統開始。感測器與安全系統業務收入達 3.11 億美元，佔 Ralliant 總收入的 60% 以上。

Revenue grew 1% year-over-year and 6% sequentially as demand continued to gain traction in the utilities and defense and space end markets. Utilities revenue reached double-digit growth year-over-year as customers are continuing to invest in electric grid expansion, fueling growth in our sensors, analytics and grid monitoring solutions.

由於公用事業、國防和航太終端市場的需求持續成長，公司營收年增 1%，較上季成長 6%。由於客戶持續投資於電網擴建，公用事業收入較去年同期成長達到兩位數，推動了我們的感測器、分析和電網監控解決方案的成長。

We continue to experience defense and space demand as customers expand multiyear requirements for existing defense programs. The increased demand has led to order growth to exceed revenue growth. We are currently leveraging RBS to accelerate output in order to support customer time lines for expansion. Moving to Test & Measurement on slide 12.

隨著客戶擴大現有國防專案的多年期需求，我們持續感受到國防和航太領域的需求成長。需求的成長導致訂單成長超過收入成長。我們目前正在利用 RBS 來加快生產速度，以支援客戶的擴張計劃。第 12 頁進入測試與測量部分。

Test & Measurement revenue declined 15% year-over-year, primarily due to weakness in EVs and China. Notably, on a sequential basis, Test & Measurement delivered 2% growth as order trends began to stabilize during the quarter. We anticipate continued sequential revenue improvements in the second half of the year, supported by stronger contributions from new product launches and seasonality, but we expect these gains will be gradual.

測試與測量業務收入年減 15%，主要原因是電動車和中國市場疲軟。值得注意的是，隨著訂單趨勢在本季開始趨於穩定，測試與測量業務較上季成長了 2%。我們預計下半年營收將持續環比成長，這得益於新產品上市和季節性因素帶來的更強勁的貢獻，但我們預計這些成長將是漸進的。

Regarding seasonality, we tend to see a ramp in Test & Measurement as the year progresses, resulting in a first to second half split of approximately 48% to 52%, respectively, on average. Adjusted EBITDA margin for Test & Measurement was down approximately 1,300 basis points compared to last year, primarily due to lower sales volume and tariffs.

關於季節性，我們往往會看到隨著一年的推移，測試和測量工作量逐漸增加，導致上半年與下半年的比例平均分別為 48% 和 52%。測試與測量業務的調整後 EBITDA 利潤率較去年下降約 1300 個基點，主要原因是銷售量和關稅下降。

On a positive note, adjusted EBITDA margins improved by 230 basis points sequentially, and we expect a return to double-digit percent levels in the third quarter. This improvement is expected to be driven by higher volumes, the ramp-up of our tariff mitigation efforts and our Cost Savings Program. Turning to our balance sheet on slide 13.

令人欣喜的是，調整後的 EBITDA 利潤率環比提高了 230 個基點，我們預計第三季將恢復到兩位數百分比水準。預計銷量增加、關稅減免措施加大力度以及成本節約計畫將推動績效改善。請看第 13 頁的資產負債表。

We start out as a public company with a strong balance sheet, with $199 million in cash and cash equivalents and $1.15 billion in term loan debt, resulting in 1.9 times net leverage. From this cash balance, we have approximately $90 million of spin-related obligations to Fortive or taxing authorities under our separation and tax matter agreements expected to be paid in the third quarter.

我們是一家上市公司，擁有強勁的資產負債表，現金及現金等價物為 1.99 億美元，定期貸款債務為 11.5 億美元，淨槓桿率為 1.9 倍。從這筆現金餘額中，我們根據分拆和稅務事項協議，對 Fortive 或稅務機關負有約 9,000 萬美元的分拆相關義務，預計將在第三季支付。

We generated $86 million of operating cash flow in the quarter and spent $12 million on CapEx or 2% of revenue, resulting in $74 million of free cash flow. On slide 14, I'll discuss our capital allocation priorities and the actions we have taken. At our June Investor Day, we outlined our capital allocation priorities of first investing organically in the business, then returning capital through dividend share buybacks, and lastly, executing selective tuck-in acquisitions focused on our high-growth vectors.

本季我們產生了 8,600 萬美元的營運現金流，並在資本支出上花費了 1,200 萬美元，佔收入的 2%，從而產生了 7,400 萬美元的自由現金流。在第 14 張投影片中，我將討論我們的資本配置優先事項以及我們已經採取的行動。在六月的投資者日上，我們概述了我們的資本配置優先事項，首先是對業務進行有機投資，然後透過股息股票回購返還資本，最後，執行有選擇地進行補充收購，重點關注我們的高成長方向。

In June, we announced that our Board of Directors authorized up to $200 million of share repurchases. And last week, we announced a quarterly cash dividend of $0.05 per share. These actions demonstrate our capacity and commitment to return capital to shareholders. We will continue to balance these capital allocation priorities based on our target cash balance and target net leverage of 1.5 times to 2 times adjusted EBITDA as defined under our credit agreement.

6 月，我們宣布董事會批准了高達 2 億美元的股票回購計畫。上週，我們宣布派發每股 0.05 美元的季度現金股利。這些舉措顯示我們有能力也有決心向股東返還資本。我們將繼續根據我們的目標現金餘額和目標淨槓桿率（調整後 EBITDA 的 1.5 倍至 2 倍，定義見我們的信貸協議）來平衡這些資本配置優先事項。

On slide 15, I want to double-click and provide color on expenses related to tariffs and our operating costs to ensure everyone understands the Q2 and spin-related impacts. Let me start with tariffs. For the full year, we expect approximately $40 million of cost headwinds with China tariffs being the largest contributor, approximately $12 million of that total cost hit in the second quarter.

在第 15 張投影片上，我想雙擊並詳細說明與關稅和營運成本相關的支出，以確保每個人都了解第二季和分拆相關的影響。我先來說說關稅問題。預計全年成本將面臨約 4,000 萬美元的不利影響，其中中國關稅是最大的影響因素，第二季將造成約 1,200 萬美元的成本損失。

RBS is in full gear as we execute our proven playbook and successfully navigate the current environment. To that end, we expect to fully offset the ongoing tariff impact by year-end. At that point, we expect a continued gross margin headwind of about 100 basis points.

RBS 已做好充分準備，執行我們行之有效的策略，成功應對當前環境。為此，我們預計到年底將完全抵銷持續關稅的影響。屆時，我們預計毛利率將繼續面臨約 100 個基點的下行壓力。

The tariff countermeasures we are deploying are focused on both pricing and supply chain. By utilizing fundamental RBS toolkits, we have responded quickly and effectively to changes in tariff policy. In 2018, we began the shift to an in region for region manufacturing and sourcing strategy, which we have continued to execute, reducing our exposure to imports from China.

我們採取的關稅反制措施主要集中在價格和供應鏈兩個方面。透過運用 RBS 的基本工具包，我們能夠快速有效地應對關稅政策的變化。2018 年，我們開始轉向區域內生產和採購策略，並持續執行該策略，從而減少了我們對中國進口的依賴。

Adding to our continued operating rigor, a strong US manufacturing footprint and reduced reliance on China, we believe we are well positioned to continue to navigate this dynamic environment. Now let me address operating expenses. As we move forward as a public company, we want to update you on our expected operating cost structure.

憑藉我們持續嚴格的營運、強大的美國製造實力以及對中國依賴程度的降低，我們相信我們有能力繼續應對這個瞬息萬變的環境。現在讓我來談談營運費用。隨著我們作為一家上市公司繼續發展，我們想向您報告我們預期的營運成本結構。

In Q2, adjusted operating expense was $156 million, up $8 million from the first quarter, representing an initial step-up in stand-alone public company costs to prepare us for our separation from Fortive. In addition to this, we have cost dis-synergies or stranded costs, resulting from the spin from Fortive. Tami will discuss how we are addressing that with the Cost Savings Program we are launching.

第二季調整後的營運支出為 1.56 億美元，比第一季增加了 800 萬美元，這代表著獨立上市公司成本的初步增加，為我們與 Fortive 分拆做準備。除此之外，由於從 Fortive 分拆而產生的成本綜效不足或擱淺成本。塔米將討論我們如何透過即將推出的成本節約計畫來解決這個問題。

This Q2 adjusted operating expense amount excludes $10 million of duplicative Fortive SG&A allocations that will not repeat moving forward. So we have made a non-GAAP adjustment to remove these accounting charges.

第二季調整後的營運費用金額不包括 1,000 萬美元重複的 Fortive 銷售、一般及行政費用分配，這些費用今後不會再出現。因此，我們進行了非GAAP調整，以消除這些會計費用。

In our presentation, we have provided a table summarizing our non-GAAP adjustments, a reconciliation of our adjusted OpEx and a bridge of adjusted operating expenses pre-spin to what we view as a representative run rate beginning in Q3.

在我們的簡報中，我們提供了一張表格，總結了我們的非GAAP調整，調整後的營運支出調節表，以及從分拆前調整後的營運支出到我們認為從第三季開始的代表性運行率的過渡表。

In Q3, we expect operating costs to increase to approximately $170 million on an adjusted basis, which is reflective of a fully ramped quarterly run rate going forward. This represents a full quarter of stand-alone costs along with other employee expenses that were reconciled post-spin, including stock-based compensation and healthcare costs in addition to the normal step-up in annual merit increase, that took effect in Q2 as well.

第三季度，我們預計經調整後的營運成本將增加到約 1.7 億美元，這反映了未來季度營運速度的全面提升。這相當於一個季度的獨立成本，以及分拆後調整的其他員工費用，包括股票選擇權補償和醫療保健成本，以及在第二季生效的年度績效工資正常成長。

Included in the $170 million adjusted operating expense run rate, we expect beginning in Q3, our standalone costs of approximately $13 million. We expect this to represent a go-forward run rate of approximately $50 million to $55 million annually instead of the approximately $45 million annually or $11 million per quarter shared at our pre-spin Investor Day. This increase of $1 million to $2 million per quarter is driven by us learning more as our new leaders began to actively build out their organizations and further refine the estimate that Fortive had previously established.

1.7 億美元的調整後營運費用運行率中，我們預計從第三季開始，我們的獨立成本約為 1,300 萬美元。我們預計這將代表每年約 5,000 萬美元至 5,500 萬美元的持續收入，而不是我們在分拆前的投資者日上分享的每年約 4,500 萬美元或每季 1,100 萬美元。每季增加 100 萬至 200 萬美元，是因為隨著新領導層開始積極組建他們的組織，我們了解到更多信息，並進一步完善了 Fortive 之前製定的估算。

We also anticipate an increase of other employee costs of $3 million to $5 million per quarter, driven primarily by higher stock-based compensation and healthcare costs, which started to materialize in Q2. This is in addition to the typical annual merit increase that took effect in Q2. We hope this additional color is helpful as you seek to model Ralliant.

我們也預期其他員工成本每季將增加 300 萬至 500 萬美元，主要原因是股票選擇權費用和醫療成本增加，這些成本在第二季開始顯現。這是在第二季生效的常規年度績效加薪之外的額外加薪。我們希望這種額外的顏色能對您打造 Ralliant 車型有所幫助。

We will continue to actively evaluate areas of additional cost productivity to support our through-cycle adjusted EBITDA margin target of low to mid-20s%. And now let's turn to our guidance on slide 16. As a new public company launching halfway through the year, we will be providing quarterly guidance for the remainder of the year across revenue, adjusted EBITDA margin and adjusted EPS.

我們將繼續積極評估可進一步提高成本效益的領域，以支持我們週期調整後的 EBITDA 利潤率目標在 20% 到 25% 之間。現在讓我們來看看第 16 頁的指導說明。作為一家在年中成立的新上市公司，我們將提供今年剩餘時間的季度業績指引，包括營收、調整後 EBITDA 利潤率和調整後每股收益。

We will revisit our guidance policy for full year 2026 and plan to provide an update in Q1 on our approach. For the third quarter of 2025, we expect revenue of $513 million to $527 million, which implies year-over-year revenue growth of down 1% to down 4%. We expect continued demand in Sensors & Safety Systems with strong backlog supporting our revenue growth.

我們將重新審視 2026 年全年的業績指引政策，並計劃在第一季提供關於我們策略的最新資訊。我們預計 2025 年第三季的營收為 5.13 億美元至 5.27 億美元，這意味著同比營收成長下降 1% 至 4%。我們預計感測器和安全系統市場需求將持續成長，強勁的訂單儲備將支撐我們的收入成長。

We anticipate stable demand in Test & Measurement with gradual sequential improvement in line with typical seasonality as I discussed earlier. For the third quarter, we expect adjusted EBITDA margin of 18% to 20%, with sequential improvement in Test & Measurement adjusted EBITDA margin to at least double digits in Q3.

我們預計測試與測量領域的需求將保持穩定，並隨著季節性變化逐步改善，正如我之前所討論的。我們預計第三季調整後 EBITDA 利潤率為 18% 至 20%，其中測試與測量業務的調整後 EBITDA 利潤率將在第三季環比至少達到兩位數。

We have begun to incur interest expense after the spin, which we expect to result in $16 million to $18 million. For Q3, we also expect an adjusted effective tax rate of 17% to 19% and weighted average diluted shares outstanding of approximately 113 million. We expect this to result in Q3 adjusted diluted EPS of $0.54 to $0.60 per share.

分拆後，我們已開始產生利息支出，預計支出將達到 1,600 萬至 1,800 萬美元。對於第三季度，我們也預計調整後的有效稅率為 17% 至 19%，加權平均稀釋後流通股約為 1.13 億股。我們預計這將使第三季調整後稀釋每股收益為 0.54 美元至 0.60 美元。

Wrapping up my remarks, our Q3 outlook assumes gradual improvement in demand with continued macro and tariff dynamics to navigate. We have plans in place that provide a path back to our long-term target revenue growth and adjusted EBITDA margin for our proven RBS playbook and proactive countermeasures.

最後總結一下，我們對第三季的展望是，在宏觀經濟和關稅動態持續變化的情況下，需求將逐步改善。我們已經制定了計劃，透過我們行之有效的 RBS 策略和積極的應對措施，為實現長期目標收入增長和調整後 EBITDA 利潤率提供了途徑。

With that, I'll turn it back to Tami to talk through an update on our profitable growth strategy.

接下來，我將把麥克風交還給塔米，讓她來介紹我們獲利成長策略的最新進展。

Thank you for providing clarity on our financials, Neill. Our profitable growth strategy is grounded in three pillars. The first pillar is RBS Everywhere. We will continue to focus on innovation and operating rigor. RBS enables us to drive scale, efficiency and profitability across the enterprise.

感謝尼爾先生為我們澄清了財務狀況。我們獲利成長策略基於三大支柱。第一大支柱是 RBS Everywhere。我們將繼續專注於創新和嚴謹的營運。RBS 使我們能夠推動整個企業的規模化、效率提升和獲利能力增強。

The second pillar is Stronghold Positions where our imperative is delivering ongoing customer value, including services, product roadmaps and global channel reach. The third pillar is Winning Growth Vectors, where we are investing to capture secular growth trends, specifically in grid modernization, defense technologies and power electronics.

第二大支柱是穩固的地位，我們的首要任務是持續為客戶創造價值，包括服務、產品路線圖和全球通路覆蓋。第三大支柱是“制勝成長向量”，我們在此進行投資以掌握長期成長趨勢，尤其是在電網現代化、國防技術和電力電子領域。

Now I'll cover a few examples of how we are executing our strategy. First, Tektronix was recognized with Northrop Grumman's 2025 Supplier Performance Excellence Award. Out of more than 20,000 suppliers worldwide, only 50 received this honor, a prime example of how RBS Everywhere is making a difference to our customers.

現在我將舉幾個例子來說明我們是如何執行我們的策略的。首先，泰克公司榮獲諾斯羅普格魯曼公司頒發的 2025 年供應商績效卓越獎。在全球 20,000 多家供應商中，只有 50 家獲得了這項榮譽，這充分體現了 RBS Everywhere 如何為我們的客戶帶來改變。

Next, Gems Setra is expanding our strong position in pressure and flow sensors to the AI data center. We are partnering with the manufacturers of state-of-the-art liquid and air-cooling systems to increase operational efficiency. In utilities, Qualitrol is shipping the new Arc detection feature for their generation and transmission monitoring solutions.

接下來，Gems Setra 將我們在壓力和流量感測器領域的優勢地位擴展到人工智慧資料中心。我們正與最先進的液冷和空冷系統製造商合作，以提高營運效率。在公用事業領域，Qualitrol 正在為其發電和輸電監控解決方案推出新的電弧檢測功能。

This feature employs AI software to automate the customer workflow and predict the precise fault location. Now our utility customers have real-time data analytics to predict failures before they occur, thus saving costly downtime and electricity disruptions around the globe. Finally, I want to acknowledge our PacSci EMC team for delivering mission-critical innovations that enhance safety and reliability for our customers. Last month, an F-35 military plane crashed in California.

此功能利用人工智慧軟體實現客戶工作流程自動化，並預測故障的精確位置。現在，我們的電力客戶可以利用即時數據分析來預測故障，從而避免在全球範圍內造成代價高昂的停機和電力中斷。最後，我要感謝我們的 PacSci EMC 團隊，他們交付了關鍵任務創新成果，提高了我們客戶的安全性和可靠性。上個月，一架F-35軍用飛機在加州墜毀。

PacSci EMC supplies the canopy fracturing system used in the event of an ejection. And thanks to the team, another pilot was able to eject safely and return home to his family. Hopefully, these examples bring to life how we are continuing to execute our strategy with our customers.

PacSci EMC 提供在發生彈射事件時使用的頂篷破碎系統。多虧了團隊的努力，另一名飛行員得以安全彈射，並返回家中與家人團聚。希望這些例子能生動地展現我們如何繼續與客戶一起執行我們的策略。

Before we turn to Q&A, I want to spend some time on our Test & Measurement segment. Please turn to slide 19. I'll start with historical context for the growth pattern we have seen in Test & Measurement. Coming out of COVID, we realized strong growth, beginning with double-digit revenue growth in both 2021 and 2022. Revenue continued to outperform versus the Test & Measurement peer group over a seven-quarter period, from mid-2022 to the beginning of 2024.

在進入問答環節之前，我想花點時間談談我們的測試與測量部分。請翻到第19頁。我先從測試與測量領域我們所看到的成長模式的歷史背景說起。走出新冠疫情陰霾後，我們實現了強勁成長，2021 年和 2022 年的營收均實現了兩位數成長。從 2022 年中到 2024 年初的七個季度裡，公司營收持續優於測試與測量同業。

The demand was driven by power applications such as electric mobility, new battery technologies and charging infrastructure where the portfolio is well positioned. Since that peak, orders began to decline in late 2023, resulting in organic revenue declines beginning in the first quarter of 2024 amid very tough comps.

需求主要由電動車、新型電池技術和充電基礎設施等電力應用領域所驅動，而我們的產品組合在這些領域佔據了有利地位。自該高峰以來，訂單從 2023 年末開始下降，導致在非常嚴峻的同比形勢下，2024 年第一季開始出現有機收入下降。

To start 2024, we closed the EA Elektro-Automatik acquisition and almost immediately felt the sharp market decline in EA's largest end market, automotive, and particularly electric vehicle and battery investment predominantly in Europe.

2024 年伊始，我們完成了對 EA Elektro-Automatik 的收購，幾乎立即感受到了 EA 最大的終端市場——汽車，尤其是電動車和電池投資（主要在歐洲）的急劇下滑。

Despite the setback, we remain confident in EA's leading technology and our opportunity to reach new customers through the Tektronix brand and global channel. Throughout this period, we have maintained investments in R&D to drive innovation and future growth. This year exemplifies ongoing innovation with eight new product launches, including first half announcements for battery testing and new probing technology.

儘管遭遇挫折，我們仍然對EA的領先技術以及透過泰克品牌和全球管道接觸新客戶的機會充滿信心。在此期間，我們持續加大研發投入，以推動創新和未來成長。今年，公司持續創新，推出了八款新產品，其中包括上半年發布的電池測試和新型探測技術。

As I mentioned earlier, Tektronix will begin shipping a new seven series high-performance oscilloscope that allows a new level of performance for many test and measurement applications. We came into 2025 with uncertainty around the shifting global trade dynamics and softer-for-longer demand within our loyal Test & Measurement customers.

正如我之前提到的，泰克公司將開始發售一款新的七系列高性能示波器，該示波器可為許多測試和測量應用帶來新的性能水平。進入 2025 年，我們面臨全球貿易動態變化帶來的不確定性，以及我們忠實的測試與測量客戶需求長期疲軟的局面。

After bottoming last quarter, Test & Measurement revenues stabilized, turning to slightly positive sequential growth in Q2, and we expect further gradual improvement as we finish the year. The Test & Measurement segment has a higher fixed cost base than our other businesses, largely driven by higher R&D. So we tend to see the highest incremental and decremental margins here. As a result, the revenue decline has contributed to a significant drop in adjusted EBITDA margin.

測試與測量業務收入在上個季度觸底後趨於穩定，第二季度實現了略微正增長，我們預計隨著年底臨近，業務將進一步逐步改善。測試與測量業務的固定成本高於我們其他業務，這主要是由於研發投入較高所致。因此，我們往往在這裡看到最高的增量和減量利潤率。因此，收入下降導致調整後 EBITDA 利潤率大幅下降。

While we have a lot to be excited about for the future of Test & Measurement, as an independent company, we are taking proactive actions to improve adjusted EBITDA margins. We are starting by addressing spin-related dis-synergies.

雖然我們對測試與測量的未來有很多值得興奮的地方，但作為一家獨立公司，我們正在採取積極措施來提高調整後的 EBITDA 利潤率。我們首先要解決與自旋相關的協同效應不足問題。

Specifically, there is an approximately $80 million service business that was previously part of Test & Measurement segment that remained with Fortive. This leaves us with stranded costs from the dis-synergies. To optimize our operations and to help offset these dis-synergies, we are further consolidating our services footprint and activating a Cost Savings Program initially targeting $9 million to $11 million of annualized savings.

具體來說，Fortive 先前測試與測量部門旗下價值約 8,000 萬美元的服務業務仍然保留了下來。這導致我們面臨因協同效應不足而產生的擱淺成本。為了優化營運並幫助抵消這些不協同效應，我們正在進一步整合服務佈局，並啟動一項成本節約計劃，初步目標是每年節省 900 萬至 1,100 萬美元。

We expect to achieve approximately $4 million of annualized savings as we exit 2025 and the remaining $6 million in 2026. Most of this anticipated benefit will be in cost of sales, with a small amount of operating expense savings.

我們預計到 2025 年底將實現約 400 萬美元的年度節約，剩餘的 600 萬美元將在 2026 年實現。預計大部分收益將體現在銷售成本上，營運費用節省較少。

Between the sequential revenue increase in the second quarter, the many new product announcements this year and the margin improvement actions, we are confident the Test & Measurement segment will contribute to Ralliant's long-term financial targets.

鑑於第二季度營收季增、今年推出的眾多新產品以及利潤率提升措施，我們相信測試與測量業務部門將為 Ralliant 的長期財務目標做出貢獻。

Now I'd like to open up the mic for your questions.

現在我打開麥克風，回答大家的問題。

Ladies and gentlemen, the floor is now open for questions. (Operator Instructions)

女士們、先生們，現在開始接受提問。（操作說明）

Julian Mitchell, Barclays.

朱利安米切爾，巴克萊銀行。

Hi, good morning, and congratulations on getting the first standalone company earnings out of the way. Maybe the first question just around the Test & Measurement segment top line outlook. So I think that the total company you've guided sales up sequentially sort of low mid-single digits or so in Q3. Should we expect both segments, i.e., including T&M to be moving at a similar pace?

您好，早安，恭喜您順利完成了第一筆獨立公司的收益報告。或許第一個問題應該圍繞著測試與測量業務的整體營收前景來探討。所以我認為，你們公司預計第三季銷售額將較上季成長個位數左右。我們是否應該預期包括T&M在內的兩個業務板塊將以相似的速度發展？

And then the commentary on the 48%, 52% first half, second half sales split, I think that's implying you're still down maybe close to 10% year-on-year in Q4 in T&M. Just wanted to sort of understand that process and any sort of color on Western Europe and comms because those were very weak in Q2 still.

至於上半年銷售額佔 48%、下半年佔比 52% 的評論，我認為這暗示著 T&M 第四季同比可能仍下降了近 10%。我只是想了解這個過程，以及西歐和通訊方面的情況，因為這方面在第二季仍然非常薄弱。

Hey Julian, grateful to have you on our first call with us today. We're certainly encouraged by the sequential improvement we saw in Test & Measurement. I will say that that's one data point and not a trend line yet. What we also have good access to is over 90,000 customers that we sell to around the globe.

嗨，朱利安，非常感謝你今天能參加我們的第一次電話會議。我們對測試與測量方面所取得的持續進展感到非常鼓舞。我想說的是，這只是一個數據點，還不能算是趨勢線。我們也擁有良好的管道，那就是我們面向全球銷售產品的超過 9 萬名客戶。

And we get insights through our sales teams in the Test & Measurement space, we're about 50-50 direct and indirect. So we get channel insights, point of sale and regional color. As I think forward to going forward, we called a gradual improvement. We said that for the company, but you'll also see that in the Test & Measurement space. And the -- I think as Neill shared, the typical seasonality is the 48%, 52%.

我們透過測試與測量領域的銷售團隊獲取信息，直接銷售和間接銷售的比例大約各佔一半。這樣我們就能獲得通路洞察、銷售點數據和區域特色。展望未來，我們稱之為逐步改進。我們之前說過公司會這樣做，但你也會在測試與測量領域看到這種情況。而且——我認為正如尼爾所說，典型的季節性是 48%、52%。

Got it. And then if we're thinking about sort of the EBITDA margins here. So you talked about that double-digit third quarter number for Test & Measurement. I guess sort of rolling in the $4 million savings number, it sounds like that moves up somewhat sequentially in Q4. And taking a step back, is the aspiration with these cost measures to get Test & Measurement sort of firmly into that medium-term margin range next year?

知道了。然後，如果我們考慮一下 EBITDA 利潤率的話。你剛才提到了測試與測量部門第三季兩位數的成長。我猜想，考慮到節省了 400 萬美元，這個數字在第四季度似乎會有所增長。退一步講，這些成本控制措施的目標是否是讓測試與測量業務在明年穩步進入中期利潤率區間？

I think at the Investor Day, you said kind of mid-teens to low 20s through cycle. So is the purpose of all these cost outs and so forth to get sort of into the low of that range next year?

我認為在投資者日上，你說過週期大概在十幾到二十幾之間。所以，所有這些成本削減等等的目的，是為了明年達到該區間的低點嗎？

Yeah, we're still confident in the adjusted EBITDA range that we shared at Investor Day. Mid-teens to high teens. The Cost Savings Program, which we are starting with is in the Test & Measurement's services business. So that annualized savings you will see is in the cost of sales of that business.

是的，我們仍然對我們在投資者日上公佈的調整後 EBITDA 範圍充滿信心。十幾歲中後期。我們首先推行的成本節約計畫是在測試與測量服務業務領域。因此，您看到的年度節省金額反映在該企業的銷售成本中。

And we will continue -- so there's sort of a short-term just out of the spin here, 6.5 weeks in, immediate actions that we're taking there to get after some of the stranded costs. And then as we move through the next quarter and prepare for 2026, we'll continue to employ our RBS toolkit and drive continued margin expansion.

我們將繼續——所以，目前正處於短期階段，也就是6.5週後，我們正在採取一些緊急措施來追回一些擱淺成本。然後，隨著我們進入下一個季度並為 2026 年做準備，我們將繼續運用 RBS 工具包，推動利潤率持續成長。

Let me just follow up on that as well, Julian. This is Neill. So I think as you move into the second half of the year, we're also going to see some tailwinds from some of the tariff mitigation efforts we've put into place, both from a pricing front as well as a supply chain view.

朱利安，我再補充一點。這是尼爾。所以我認為，隨著進入下半年，我們也會從價格方面和供應鏈方面看到一些利好因素，這些利好因素來自我們實施的一些關稅緩解措施。

So in addition to, say, some, I'd say, some underlying gradual volume improvement, kind of underlying some of those pricing measures, we're also seeing a little bit of tailwind from FX. So as we start to see that improve, we'll also see some structural improvement in the overall margin profile, both in T&M, but also, I'd say, in Sensors & Safety Systems.

所以，除了一些潛在的、漸進式的交易量改善（這在一定程度上支撐了一些定價措施）之外，我們還看到外匯市場帶來了一些利好因素。因此，隨著這種情況的改善，我們也會看到整體利潤率結構有所改善，無論是在T&M領域，還是在感測器和安全系統領域。

So when you take a step back, the gross margins are going to start improving as we get to the back half of the year, but will be offset a little bit by the higher OpEx that we talked about. But from a health perspective, we start to see the margin enhancements underlying the business start to improve fundamentally as we start to enter the second half of the year.

所以從整體來看，隨著下半年的到來，毛利率將會開始改善，但正如我們之前提到的，營運支出的增加會在一定程度上抵消這種改善。但從健康角度來看，隨著我們進入下半年，我們開始看到支撐業務的利潤率提升開始從根本上改善。

Got it. And when you [whittle] that together, does it mean Test & Measurement in the fourth quarter could be at that mid-teens sort of level, the low end of the medium-term range?

知道了。當你把這些因素綜合起來考慮時，是否意味著第四季度的測試與測量指標可能會達到十幾個百分點的水平，也就是中期範圍的低端？

Look, I think we're cautious. We're optimistic of where we sit right now. As you know, the business is also somewhat volume sensitive. So we're cautious but we're optimistic about what we'll see from a volume perspective.

你看，我覺得我們比較謹慎。我們對目前的處境感到樂觀。如您所知，這項業務對銷售也比較敏感。所以，我們既謹慎又樂觀，對銷量方面的情況充滿信心。

Clearly, the Cost Savings Program that we laid out will help. But I don't think we're going to go out as far as Q4 right now to talk about exactly where we'll be. But improvement as we work into the second half of the year is kind of where we sit right now.

顯然，我們所製定的成本節約計畫將會有所幫助。但我認為我們現在還無法預測到第四季度，也無法準確描述我們將達到的目標。但就目前而言，我們預計在下半年會有所改善。

Great, thank you.

太好了，謝謝。

Piyush Avasthy, Citi.

Piyush Avasthy，花旗銀行。

Good morning guys.

各位早安。

Good morning.

早安.

Yeah, can you start with the demand activity that you're seeing across North America. I think last quarter, order growth was driven by NAM, and this quarter, revenue is down mid-single digit on somewhat easier comps versus the previous year. If you could elaborate a bit on the demand landscape for the region? I know you talked about still an uncertain macro environment, but any change in competitive dynamics that might be impacting growth there?

好的，可以先談談您在北美地區看到的需求活動嗎？我認為上個季度訂單成長主要由北美市場推動，而本季由於同比基數相對較低，收入出現了個位數中段的下降。能否詳細介紹一下該地區的需求？我知道您提到宏觀環境仍然不明朗，但競爭格局是否有任何變化可能會影響那裡的成長？

Yeah, we -- thanks for joining us, by the way. As we think about North America specifically, we're encouraged by the spend in our utility space, both in the aging infrastructure sort of build-out and expansion of the energy grid as well as our space and defense business is strong in North America.

是的，我們——順便說一句，謝謝你們的參與。具體到北美市場，我們對公用事業領域的支出感到鼓舞，無論是老化的基礎設施建設和能源網路的擴建，還是我們在北美的航太和國防業務，都表現強勁。

And we're seeing mix in Test & Measurement. We're seeing mixed spend with some of the large technology companies. Those that are -- have a play in the AI data center have been stronger. And as we said in the prepared remarks, we continue to stay close to our loyal customers and as they have different spend cycles, we'll be there as they're innovating.

我們看到測試與測量領域出現了混合情況。我們看到一些大型科技公司的支出狀況不一。那些在人工智慧資料中心有所作為的公司實力更強。正如我們在準備好的演講稿中所說，我們將繼續與忠實客戶保持密切聯繫，並且由於他們的消費週期各不相同，我們將伴隨他們不斷創新。

Got it. Helpful. And I think you mentioned seeing some stabilization in China. Can you elaborate if that is more a function of the underlying demand environment stabilizing? Or is it like -- and if you have enough visibility that these trends won't reverse versus just easier comps helping you?

知道了。很有幫助。我想你剛才也提到中國局勢趨於穩定。您能否詳細說明一下，這是否更取決於潛在需求環境的穩定性？或者說，情況是這樣的——如果你有足夠的洞察力，就能預見這些趨勢不會逆轉，而不是僅僅因為更容易比較就能幫到你？

Yes. The business in China is being driven by expansion in our sensing space. So we have an in-region business there. For utilities, critical environments and industrials, where we have seen growth, which is then offset by some slower Test & Measurement notably due to some of the export control and customers we can no longer sell to.

是的。中國市場的業務成長主要得益於感測領域的擴張。所以我們在那裡有本地業務。對於公用事業、關鍵環境和工業領域，我們看到了成長，但測試和測量領域的成長速度有所放緩，這主要是由於一些出口管制和我們無法再向其銷售產品的客戶造成的。

We should all the color guys.

我們應該為所有顏色加上顏色。

Good luck.

祝你好運。

Joseph Giordano, TD Cowen.

Joseph Giordano，TD Cowen。

Good morning. This is Michael on for Joe. So in the prepared remarks, you mentioned the Test & Measurement side, I believe, or saw or seeing accelerated introduction of new products. I think you mentioned about eight new products. Can you quantify how this compares to historical patterns? And are there any end markets that you're targeting in particular?

早安.這裡是邁克爾，代替喬發言。在事先準備好的演講稿中，您提到了測試與測量方面，我記得您也看到了新產品加速推出的情況。我想你已經提到了大約八款新產品。你能量化一下這與歷史模式相比如何嗎？你們的目標終端市場有哪些特定類型？

Thank you, Michael. As long as we're back on Test & Measurement, I just want to be clear on our long-term through-cycle EBITDA margins for Test & Measurement. I think I incorrectly said mid-teens, so high teens in Investor Day. We're still focused on our range of mid-teens to low 20s was the right way to frame that. From a new product standpoint, there are small launches, medium launches and large launches as we look at the eight different product launches.

謝謝你，麥可。既然我們又回到了測試與測量領域，我只想明確一下我們測試與測量領域的長期週期性 EBITDA 利潤率。我覺得我之前說的「十幾」可能不太準確，所以投資者日當天應該是「十幾」左右。我們仍然專注於我們十幾歲到二十出頭這個年齡段，這樣表達是正確的。從新產品的角度來看，我們可以將八種不同的產品發布分為小型發布、中型發布和大型發布。

Probably the state-of-the-art, most -- the biggest splash and highest demand from our customers is in our high-end seven Series oscilloscope. And this is where we really are on the bleeding edge with our technology customers designing the next phase of innovation for a number of different end markets that we go into. But we've had the two announcements already this year around battery test from our EA acquisition. There will be a third coming later in the year. We've had a number of probes announcements.

我們最先進、最受關注、客戶需求最高的產品可能是我們的高階七系列示波器。而這正是我們真正站在技術前沿的地方，我們的技術客戶正在為我們進入的眾多不同終端市場設計下一階段的創新。但今年我們已經就收購 EA 後進行的電池測試發布了兩項公告。今年稍後還會推出第三款。我們已經發布了一系列探測公告。

And then also in our -- where we play in wafer test in high-bandwidth memory for the AI data center, we'll have a new announcement coming out there in the coming months. So it's really pretty widespread, and I would point to the work that we did back, about four years ago in platform engineering that is really allowing us to start to get this velocity.

此外，在我們進行高頻寬記憶體（用於人工智慧資料中心）晶圓測試的領域，我們將在未來幾個月內發布一項新的公告。所以它實際上非常普遍，我想指出的是，大約四年前我們在平台工程方面所做的工作，而正是這項工作真正使我們能夠開始獲得這種速度。

Great, that's helpful. And just one more if I may. So you mentioned that you're hoping to accelerate the region for in-region supply chain. Can you just give us a sense where the current portfolio stands, which are most exposed to these cross-border transactions? Thank you.

太好了，這很有幫助。如果可以的話，我再問一個問題。您提到希望加快該地區的區域內供應鏈發展。您能否簡單介紹一下目前的投資組合情況，以及哪些投資組合最容易受到這些跨國交易的影響？謝謝。

Yeah, our in-region strategy started back in 2018. And it's a combination of manufacturing in region for region as well as -- and this is specific to our Test & Measurement business, being able to manufacture in more than one region. So about 70% of the portfolio now, we can manufacture in at least two different locations. And that's one of the levers that we have as we think about the mitigation of tariffs.

是的，我們的區域內策略始於 2018 年。而且，它結合了在區域內進行區域性生產以及——這是針對我們測試和測量業務的特殊情況——能夠在多個區域進行生產。因此，目前我們大約 70% 的產品組合都可以在至少兩個不同的地點進行生產。這是我們考慮如何緩解關稅問題時可以採取的措施之一。

Amit Daryanani, Evercore ISI.

Amit Daryanani，Evercore ISI。

Yes, good morning, everyone. I guess I have two as well, and maybe I'll start on Test & Measurement as well. If I think about the 10% EBITDA margins you folks are talking about in September in that segment. And Tami, if I think about your medium-term target of, call it, high teens and the midpoint of the range you just talked about.

是的，大家早安。我想我也有兩本，也許我也會開始學習測驗與測量。如果我考慮到你們在9月提到的該領域10%的EBITDA利潤率。塔米，如果我考慮一下你的中期目標，比如說，接近十幾，也就是你剛才提到的範圍的中點。

How much of the journey from 10% to high teens EBITDA margin is going to come from self-help levers, some of the initiatives that you've actually talked about today versus a need for a higher revenue run rate? And what does that revenue run rate look like for you to get to those targets?

從 10% 到接近 10% 的 EBITDA 利潤率，有多少是來自自助措施（例如您今天談到的一些舉措），又有多少是來自更高的營收成長率？那麼，為了實現這些目標，你的營收成長率是多少？

Yeah, okay. So just to start off. So if you start to think about how we get into Q3, there's a couple of different components here as it relates to the margin expansion. And I think Tami can probably talk to a little bit more of the specific actions that we're taking.

好的。那麼，就先從頭說起吧。所以，如果你開始思考我們如何進入第三季度，你會發現，與利潤率擴張相關的因素有很多。我認為塔米可能更能詳細地談論我們正在採取的具體行動。

The biggest thing here is our tariff mitigation efforts. I think as we talked about, the team is in full gear here in terms of the tariff mitigation. So from a pricing perspective, we talked a little bit about supply chain perspective, we're certainly seeing a tailwind. We're also getting a little bit of help from FX as we go into the quarter, but there is some underlying benefit coming in as well from the volume.

最重要的一點是我們的關稅減免措施。我認為正如我們之前討論的那樣，團隊在關稅緩解方面已經全力以赴。所以從定價的角度來看，我們稍微談到了供應鏈方面，我們確實看到了有利因素。進入本季度，外匯市場也為我們帶來了一些幫助，但成交量也帶來了一些潛在的利多。

So I think volume and tariff mitigation improving from a gross margin perspective, certainly helping as we go into the quarter, and then a little bit on the volume leverage side, as I talked about. So we'll see those components coming in.

所以我認為，從毛利率的角度來看，銷售和關稅緩解措施的改善肯定會對我們進入本季度有所幫助，而且正如我之前提到的，銷售槓桿作用方面也會有所改善。所以我們將會看到這些零件陸續到貨。

As it relates to the cost-out program, we'll see some benefit from that in the second half of the year. I think what we talked about was getting to that $4 million run rate savings as we get to the end of this year, mostly in cost of sales. And then maybe midway through 2026, getting to that full $10 million annual run rate as you get to kind of mid-2026. So a little bit of volume, some pricing and some tariff improvements as we start to see those mitigation efforts pay off and then the savings program as you think about Q4 and beyond.

就成本削減計畫而言，我們將在今年下半年看到一些成效。我認為我們討論的目標是在今年年底前實現每年節省 400 萬美元的目標，主要體現在銷售成本方面。然後，也許到 2026 年中，就能達到每年 1,000 萬美元的運行率。因此，隨著我們開始看到這些緩解措施取得成效，銷售、價格和關稅都會有所改善，然後，考慮到第四季度及以後的情況，我們將實施節約計劃。

Volume is a big lever in the Test & Measurement business. As I went through the sort of historical look, I think that's shown through. So we're encouraged by some of the uptick we've seen here in Q2 but also still cautious. It's a dynamic environment out there. And we've had changes in tariffs almost monthly here as we've gone through the year.

在測試與測量產業，銷售量是一個重要的槓桿因素。當我進行這種歷史性的考察時，我認為這一點已經體現出來了。因此，我們對第二季度出現的一些回升跡象感到鼓舞，但同時也保持謹慎。外面的環境瞬息萬變。今年以來，我們這裡的關稅幾乎每個月都會有所變動。

Got it. And then maybe just on this tariff impact, right? I think you've folks talked about a $40 million headwind on the cost side. Can you just talk about what -- sort of what your manufacturing footprint looks like. I assume a lot of the headwinds are from China.

知道了。然後或許就關稅的影響而言，對吧？我認為你們之前已經討論過成本方面將面臨 4000 萬美元的阻力。能簡單介紹一下貴公司的生產佈局嗎？我認為很多不利因素都來自中國。

But just talk about what that footprint looks like right now. And then when it comes to offsetting this $40 million by year-end, how much of that is getting done through price increases versus operational efficiencies, if you may?

但請談談這個足跡現在是什麼樣子。那麼，到年底要彌補這 4000 萬美元的損失，其中有多少是透過漲價實現的，又有多少是透過提高營運效率實現的呢？

Yeah, here's navigating the tariffs, I think, is a great place to highlight what I see as a competitive advantage at Ralliant, which is our Ralliant Business Systems.

是的，我認為，在應對關稅問題上，正好可以突顯 Ralliant 的競爭優勢，那就是我們的 Ralliant 業務系統。

And just to give you a picture of kind of week to week how this operates. We have the teams that have real-time data on cost increases we're seeing in our supply chain, our logistics. They have real-time data on our price realization that we're getting through price, through surcharges and different levers we have in the business, one being our 21 different manufacturing sites and how we might want to leverage those sites.

為了讓你們大致了解一下每週的運作情況。我們擁有能夠即時掌握供應鏈和物流成本成長數據的團隊。他們掌握著我們透過價格、附加費以及我們在業務中擁有的各種槓桿（其中之一是我們的 21 個不同的製造基地）所實現的價格的即時數據，以及我們可能希望如何利用這些基地。

So teams show up, cross-functional team. This doesn't get done by one function in the company. They show up what's called a standup. They've got the data in front of them. And what is most important about our culture is we're taking action. We're taking action in that week, whether it's shifting, or we're sourcing something, shifting or we're manufacturing something, shifting a specific supplier, but the team is actively navigating and managing this.

所以各個團隊都來了，跨職能團隊。這不是公司裡某個部門就能完成的工作。他們表演的是一種叫做單口喜劇的節目。他們面前就有數據。我們文化中最重要的是我們正在採取行動。在那一週裡，我們會採取行動，無論是調整生產流程、尋找新的供應商、調整生產方式、更換特定的供應商，團隊都會積極地應對和管理這些情況。

I'll let Neill add a little bit of color here on as we move through the year, what happens with that $40 million.

接下來，我會讓尼爾為我們補充一些細節，說說今年這 4000 萬美元的去向。

Yeah, so as we talked about 2Q, we experienced about $12 million in additional costs. We'll see that step up as you go into Q3, Q4. Think about $1 million a quarter, kind of $12 million, $13 million, $14 million as you move throughout the year.

是的，就像我們之前討論的第二季一樣，我們額外增加了約 1200 萬美元的成本。進入第三季、第四季，我們會看到這種情況有所改善。想像一下，每季營收 100 萬美元，一年下來就是 1,200 萬美元、1,300 萬美元、1,400 萬美元。

From a pricing versus supply chain actions, the majority of it is pricing. We have some supply chain actions that we're working as well. And we saw -- approximately, we're a little bit over 100 basis point hit to margins as you look at Q2, and that will soften a bit over time as you move into the back half of the year as you start to see some of those pricing actions get fully baked into the revenue and you see some of the supply chain actions take effect. We do see that as driving a roughly 100 basis point drag on margins overall, as you fully kind of implement those out over time. But as Tami said, the team is actively working on this.

從定價與供應鏈行動的角度來看，大部分因素都出在定價上。我們目前也在推動一些供應鏈方面的措施。我們看到，第二季利潤率大約下降了 100 多個基點，隨著下半年價格調整措施完全反映在收入中，供應鏈調整措施開始生效，這種情況會逐漸好轉。我們認為，隨著這些措施逐步全面實施，這將導致整體利潤率下降約 100 個基點。但正如塔米所說，團隊正在積極努力解決這個問題。

This is something we work on day in, day out. We can respond to very, very quickly using the tools that we have. So I think we've got our plan in place. We're executing it. We have pretty nice confidence around how to manage this as we move into the back half of the year.

這是我們日復一日努力的方向。我們可以利用現有工具，非常迅速地做出反應。所以我覺得我們的計畫已經制定好了。我們正在執行。進入下半年，我們對如何應對這種情況相當有信心。

Perfect, thanks a lot.

太好了，非常感謝。

David Ridley-Lane, Bank of America.

David Ridley-Lane，美國銀行。

Sure, thank you. What were the Test & Measurement orders in second quarter of 2025 and second quarter of 2024?

當然，謝謝。2025年第二季及2024年第二季的測驗與量測訂單量是多少？

So from an orders perspective, let me just maybe break down kind of what we saw from an order perspective. Obviously, volume was down year-over-year. So from an order and revenue perspective, those would be in line and significantly down year-over-year.

所以從訂單的角度來看，讓我來簡單分析一下我們從訂單角度看到的情況。顯然，銷量比去年同期下降了。因此，從訂單和收入的角度來看，這些指標與去年同期相比將大幅下降。

But what we saw in the quarter that gave us confidence is, if you look underlying the orders, when we talk about order stabilization, the amount of revenue that we were booking versus the orders that we were seeing started to match up.

但我們在本季度看到的讓我們充滿信心的是，如果你仔細觀察訂單情況，當我們談到訂單穩定時，我們確認的收入與我們看到的訂單量開始趨於一致。

So actually, if you look at 2Q underlying, some of the FX tailwind that we had, some initial pricing that we had from the countermeasures from tariffs. Underlying that, actually, volume was slightly down, but orders started to match up. So revenue and orders started to match up, which is what we're kind of thinking about a stabilization.

所以實際上，如果你看第二季的基礎數據，你會發現我們之前的一些外匯利好因素，以及關稅反制措施帶來的一些初始定價。實際上，成交量略有下降，但訂單開始趨於平衡。所以收入和訂單開始趨於一致，這就是我們認為的穩定局面。

How that manifests itself as you work into Q3 is we'll continue to see some FX tailwind. We'll continue -- from a revenue perspective, we'll continue to see some pricing increase as you move into Q3 but underlying volume will also improve. And we'll see that across both segments. So there'll be some modest underlying volume improvement, and that's kind of how we think about stabilization. So orders year-over-year down, revenue down, but stabilization as you move sequentially from Q2 into Q3.

進入第三季後，具體表現形式是，我們將繼續看到外匯市場的一些利多因素。我們將繼續——從收入角度來看，隨著進入第三季度，我們會看到價格繼續上漲，但實際銷售量也會有所改善。我們將在兩個領域都看到這一點。因此，潛在的交易量會有一些小幅改善，而這正是我們對穩定化的看法。因此，訂單量年減，收入下降，但從第二季度到第三季度，情況趨於穩定。

And just strategically, why start a cost-cutting initiative today in Test & Measurement, if there are signs of a cyclical upturn?

從策略角度來看，如果出現週期性回溫的跡象，為什麼今天要在測試與測量領域啟動成本削減計畫？

Yeah, good questions. Maybe one that's on others' minds. This is directly related to the carve-out of service business that we moved to Fortive. So there was a service business within our Test & Measurement segment, about $80 million that stayed with Fortive. And this gives us the opportunity to really drive some operational efficiencies with consolidation of some very small field service sites and get a larger hub and regional activities.

嗯，問得好。或許這是其他人也在思考的問題。這與我們將服務業務剝離並轉移到 Fortive 直接相關。因此，在我們測試與測量部門中，有一項價值約 8000 萬美元的服務業務留在了 Fortive。這讓我們有機會透過整合一些非常小的現場服務站點，並建立一個更大的中心和區域活動，從而真正提高營運效率。

So it's the right thing to do for this business to drive operational improvements. And directly -- and I talked about the cost. This cost is in the cost of sales in that service business, and something we're getting after starting today.

因此，對這家企業來說，推動營運改善是正確的做法。而且我直接談到了成本。這筆費用包含在該服務業務的銷售成本中，是我們今天開始後要承擔的費用。

Thank you very much.

非常感謝。

(Operator Instructions)

（操作說明）

Scott Graham, Seaport Research.

Scott Graham，Seaport Research。

Hi, good morning. Thank you for taking my question, and congratulations on being a public company. I wanted to ask about the Test & Measurement operating income. There was a significant swing from the year ago to this year. And I know you talked about stranded costs. You talked about the de-leveraging on the revenues. But I'm also wondering, is EA maybe operating at a loss? And was EA responsible for the big de-leveraging?

您好，早安。感謝您回答我的問題，並祝賀貴公司成為上市公司。我想詢問一下測試與測量業務的營業收入狀況。與去年相比，今年發生了顯著變化。我知道你談到了擱淺成本。你談到了降低收入槓桿的問題。但我同時也在想，EA是不是在虧損營運？EA是否要為大規模去槓桿化負責？

Yeah, so I think overall, we saw revenue come down, I think, in a lot of different places. We saw revenue come down in China, we saw revenue come down in Europe. We don't talk to specific operating company details around profitability. But I think that where we're at from an EV perspective is stable. You don't have a lot of concerns from overall profitability or cash flow in that business as you look year-over-year.

是的，所以我覺得總體而言，我們看到很多地方的收入都下降了。我們看到中國市場的收入下降了，歐洲市場的收入也下降了。我們不談論有關盈利能力的具體營運公司細節。但我認為，從電動車的角度來看，我們目前所處的位置是穩定的。從年比來看，該業務的整體獲利能力或現金流方面並沒有太多令人擔憂的問題。

So I would think about just the volume sensitivity in the cycle that came down. As you look year-over-year, as China came down in T&M, we did see, as you mentioned, a significant drop off in Western Europe, primarily related to EA.

所以我會考慮一下下降過程中音量敏感度的變化。從同比來看，隨著中國在T&M方面的下滑，正如您所提到的，西歐也出現了大幅下滑，這主要與EA有關。

But I think the other piece is that I think we're driving negatives where that tariffs came online, and that was kind of a negative driver for us year-over-year as well. So you kind of had multiple things going on, the volume leverage, along with some, I'd say, other macro issues that brought the margins down, maybe even lower than you normally anticipate. However, we are taking tariff-counter measures.

但我認為另一方面，我認為關稅生效後，我們正在受到負面影響，而且這在某種程度上也是我們同比業績下滑的一個負面因素。所以當時有很多因素在起作用，成交量槓桿作用，以及一些其他宏觀問題，這些都導致​​利潤率下降，甚至可能比你通常預期的還要低。但是，我們正在採取關稅反制措施。

We are seeing this stabilize. We feel cautiously optimistic about where we're headed. And if I flip to the other side of the business, we're seeing very, very solid demand and growth in both utilities, and in defense on the Sensors & Safety side, where we've got very high margins and great exposure to end markets.

我們看到這種情況正在趨於穩定。我們對未來的發展方向感到謹慎樂觀。如果我把目光轉向業務的另一面，我們會發現公用事業和國防領域的感測器與安全方面都出現了非常強勁的需求和成長，我們在這些領域擁有非常高的利潤率和廣闊的終端市場覆蓋率。

So putting all that together, I think you kind of see us here, maybe at the bottom from an overall perspective with some nice prospects moving forward. So we're encouraged. As we said before, with the macro situation, we're cautious, but we're encouraged.

綜上所述，我認為從整體上看，我們可能處於底部，但未來前景不錯。我們因此備受鼓舞。正如我們之前所說，就宏觀形勢而言，我們保持謹慎，但我們感到鼓舞。

Okay, well, thank you for that, Neill. I guess my other question would be maybe on the more positive side. You talked about at your Investor Day focusing on these growth vectors and grid and space. And I was just wondering you laid out for some of the things you're doing in defense, electronics with new products. I assume that a lot of that is at tech.

好的，謝謝你，尼爾。我想問的另一個問題可能更偏向正面。您在投資者日上談到要重點關注這些成長方向以及網格和空間。我只是想了解一下，您在國防、電子產品和新產品方面正在進行的一些工作有哪些。我猜想其中很多都發生在科技業。

But if you could tell us a little bit more about what you're doing in defense and space and grid, that's new. Some of these focus strategies that you talk about, what's happening within the four walls?

但是，如果您能再詳細介紹一下您在國防、航太和電網領域的工作，那將是一個全新的領域。你提到的這些專注策略，究竟是在公司內部的四面牆內發生了什麼事？

Yeah, thank you for that question. Our Sensors & Safety Systems segment grew 6% sequentially, and we're continuing to see strong secular demand in utilities. And this is where our customers are continuing to invest in the energy grid. And we're continuing to bring out a new portfolio of products.

是的，謝謝你的提問。我們的感測器和安全系統業務板塊環比成長 6%，我們持續看到公用事業領域的強勁長期需求。而這正是我們的客戶持續投資能源網路的地方。我們將繼續推出一系列新產品。

I talked in the prepared remarks about an Arc detection feature, which leverages AI to help a customer predict where they might see the next fault in their electrical grid. And you'll continue to see that innovation coming out from that particular operating company.

我在準備好的演講稿中談到了電弧檢測功能，該功能利用人工智慧來幫助客戶預測他們電網中可能出現的下一個故障位置。你會繼續看到這家營運公司不斷推出創新產品。

And then in the defense space, the production defense programs that have been around for decades, we've seen the replenishment and expansion in those programs. And then in this segment, we have an industrial manufacturing footprint, and we've been stable for about six consecutive quarters here. So this segment today is 60% of the Ralliant revenues and delivering high 20s adjusted EBITDA margins. So really healthy and really strong secular demands there.

而在國防領域，那些已經存在了幾十年的生產型國防項目，我們已經看到了這些項目的補充和擴展。在這個領域，我們擁有工業製造佈局，並且已經連續六個季度保持穩定。因此，該業務部門目前佔 Ralliant 營收的 60%，並實現了 20% 以上的調整後 EBITDA 利潤率。所以，那裡確實存在著非常健康且強大的世俗需求。

Rob Jamieson, Vertical Research Partners.

Rob Jamieson，Vertical Research Partners。

Hey, good morning. Thank you for taking my questions. Just a couple on Test & Measurement. So can you talk a little bit more about the headwinds in auto and EV and the weakness that you're seeing? Is that mostly on like the production or R&D side from a product or workflow application standpoint?

嘿，早安。謝謝您回答我的問題。測試與測量方面只有幾個例子。那麼，您能否再詳細談談汽車和電動車領域面臨的逆風以及您所看到的弱點？這主要是從產品或工作流程應用的角度來說，涉及生產或研發方面嗎？

And then can you also talk about like geographically, where that weakness was, whether that was mostly Europe -- European or any dynamics in China we should be aware of just in terms of you selling into local versus multinationals and some of the dynamics that are playing out in that market there? Thank you.

那麼，您能否也談談從地域來看，這種弱點主要體現在哪裡？主要是歐洲嗎？還是說，在中國，我們應該注意一些動態，例如您是向本地企業銷售還是向跨國公司銷售，以及中國市場正在發生的一些動態？謝謝。

Yeah, thanks for being with us today. We -- I would characterize our automotive is predominantly electric vehicles, electric batteries and energy storage and predominantly in Europe, and you see that with the declines that we saw in revenue from Q2 year-over-year.

是的，謝謝你今天能來。我——我會將我們的汽車業務描述為主要包括電動車、電動電池和儲能，主要集中在歐洲，這一點可以從我們第二季度同比收入的下降中看出。

And what I would say is when we look at that space, we're starting to see it stabilize, but at a much lower volume at this point. What we -- and a lot of the business there is related to the Tektronix product line, which is Elektro-Automatik and their exposure.

我想說的是，當我們觀察這個領域時，我們開始看到它趨於穩定，但目前的交易量要低得多。我們——以及那裡的許多業務——都與泰克電子自動化產品線及其業務範圍有關。

And from a workflow standpoint, it's from R&D into production. We play in the entire workflow there with that part of the portfolio. And again, I'd say stabilizing at a lower amount, we're seeing some of the project business start to have a few green shoots, but probably too early to call any type of a strong comeback there.

從工作流程的角度來看，就是從研發到生產的整個過程。我們參與了整個工作流程，包括作品集的這一部分。而且，我認為目前穩定在一個較低的水平，我們看到一些專案業務開始出現一些復甦的跡象，但現在就斷言出現任何強勁的復甦還為時過早。

Okay. That helps. No, I appreciate it. And then is there any way to quantify how large auto is within that diversified electronics bucket that you have? I mean, is it potentially 20% of total mix for Test & Measurement? Just trying to figure out as we get through some of this trough level in auto CapEx, what the recovery path might look like as we get through 2025 and into '26?

好的。那很有幫助。不，我很感激。那麼，有沒有辦法量化汽車產業在您所涵蓋的多元化電子產品領域中所佔的規模呢？我的意思是，測試與測量是否有可能佔總組合的 20%？我們正努力克服汽車資本支出目前的低谷期，並試圖弄清楚到 2025 年甚至 2026 年的復甦路徑會是什麼樣的？

I'd characterize automotive total mix maybe in the 5% range.

我認為汽車產業的整體比例可能在 5% 左右。

For the total company?

對整個公司而言？

Yeah. Okay.

是的。好的。

Thank you.

謝謝。

Thank you. At this time, I'd like to turn the floor back over to Ms. Newcombe for closing comments.

謝謝。此時，我想把發言權交還給紐科姆女士，請她做總結發言。

Thank you for being with us today. I'd like to wrap up our call with a few closing remarks. While public for only a short time, over the last several years, we've undertaken deliberate actions to create a streamlined portfolio, leveraging RBS to compete across businesses with stronghold positions and in secular high-growth vectors. We continue to expand our addressable markets with new product introductions. Our total revenue in high-growth vectors is now a greater share of our portfolio.

感謝您今天蒞臨現場。最後，我想再補充幾點結束語。雖然上市時間不長，但在過去幾年裡，我們採取了有意識的措施來打造精簡的投資組合，利用 RBS 在具有強大優勢的業務領域和長期高成長領域競爭。我們不斷推出新產品，擴大目標市場。我們在高成長領域的總收入現在占我們投資組合的更大比例。

Despite the slower recovery we are seeing in Test & Measurement, we are encouraged by the sequential improvement and the exciting product launch schedule we have lined up. We expect RBS to continue to serve as a competitive advantage, enabling customer innovation and operating efficiencies, ultimately showing up in our financial performance.

儘管我們在測試與測量領域看到的復甦速度較慢，但我們對持續的改進以及我們已安排的令人興奮的產品發布計劃感到鼓舞。我們期望 RBS 繼續發揮競爭優勢，促進客戶創新和營運效率，最終體現在我們的財務表現中。

And we have consistently demonstrated our ability to profitably evolve our portfolio to deliver in any environment. One of our greatest strengths is the enduring passion and commitment of our teams, who take great pride in how they show up with a deep belief in winning as one team and unlocking our growth potential.

我們已持續證明我們有能力在任何環境下實現盈利性的產品組合調整和交付。我們最大的優勢之一是我們團隊持久的熱情和奉獻精神，他們以團隊合作、共同取勝並釋放公司成長潛力為榮。

My new leadership team is fully in place and includes leaders with significant experience across industry-leading global companies as well as operating company presidents with a consistent track record of operating rigor and execution.

我的新領導團隊已經全部到位，其中包括在業界領先的全球公司擁有豐富經驗的領導者，以及在營運公司中擁有一貫嚴謹的營運和執行力的總裁。

As we continue to navigate the dynamic environment, we are resolute in our commitment to supporting our customers, inspiring employees and delivering for our shareholders. We have a relentless focus on execution and a proven playbook in RBS. We will continue to identify opportunities to extend our leadership positions in the markets we serve while protecting our earnings and free cash flow resiliency.

在不斷適應瞬息萬變的市場環境的同時，我們將堅定不移地致力於支持客戶、激勵員工並為股東創造價值。在蘇格蘭皇家銀行，我們始終專注於執行，並擁有行之有效的策略。我們將繼續尋找機會，鞏固我們在所服務市場的領先地位，同時保障我們的獲利能力和自由現金流的穩健性。

Thank you for joining. I hope you all have a great day.

感謝您的參與。祝大家今天過得愉快。

Ladies and gentlemen, this concludes today's teleconference. You may disconnect your lines or log off the webcast at this time, and enjoy the rest of your day.

女士們、先生們，今天的電話會議到此結束。現在您可以斷開線路或退出網路直播，享受一天剩下的時光。