Ralliant Corp (RAL) 2025 Q3 法說會逐字稿

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

你好。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 年第三季財報電話會議。（操作說明）

I would now like to turn the call over to 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。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 Ralliant's third-quarter 2025 earnings call. I'm Nathan McCurren, Vice President of Investor Relations. Today, we'll walk through our third-quarter 2025 results, highlight key operational progress, and provide an outlook for the fourth 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，感謝各位參加 Ralliant 2025 年第三季財報電話會議。我是投資人關係副總裁內森‧麥克庫倫。今天，我們將回顧 2025 年第三季業績，重點介紹關鍵營運進展，並展望第四季。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 third-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. 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 reports on Form 10-Q filed with the SEC on August 11, 2025, and to be filed on November 6, 2025.

在今天的電話會議中，除非另有說明，我們將把 2025 年第三季的業績與 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。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我們於 2025 年 8 月 11 日向美國證券交易委員會提交的 10-Q 表格季度報告（將於 2025 年 11 月 6 日提交）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。

Thank you, Nathan. Good morning. Welcome to Ralliant's third-quarter earnings call, our first reporting period as an independent public company. The team approached the post-spin separation with discipline and focus, stepping into new roles and implementing refined processes, all while delivering quarterly results that were at or above the high end of our guidance ranges.

謝謝你，內森。早安.歡迎參加 Ralliant 第三季財報電話會議，這是我們作為獨立上市公司的第一個財報期。團隊以嚴謹的態度和專注的精神對待分拆後的分離工作，承擔起新的角色，實施改進後的流程，同時實現了季度業績達到或超過了我們預期範圍的上限。

On today's call, I'll start with a brief overview of Ralliant and a high-level look at our financial performance. Next, I'll invite Neill to share a deeper insight into our Q3 results, the Q4 outlook, and discuss considerations as we move into 2026. Then I'll be back to showcase progress on our profitable growth strategy, leveraging the Ralliant Business System.

在今天的電話會議上，我將首先簡要概述 Ralliant 公司，並對我們的財務表現進行高層次的分析。接下來，我將邀請尼爾更深入地分享我們第三季的業績、第四季的展望，並討論我們邁向 2026 年需要考慮的因素。然後我將回來展示我們利用 Ralliant 商業系統實現獲利成長策略的進展。

Slide 4 highlights what makes Ralliant different. We stand at the forefront of precision, driving safety and breakthrough performance through advanced technologies that perform in demanding environments. Our solutions help ensure reliability, safety and efficiency when failure is not an option. We continue partnering with our customers to unlock advancements that will change the world and have an impact for years to come.

第 4 張投影片重點介紹了 Ralliant 的獨特之處。我們始終站在精準技術的前沿，透過先進的技術在嚴苛的環境下實現安全性和突破性的性能。我們的解決方案有助於確保可靠性、安全性和效率，因為任何情況下都不能出現故障。我們將繼續與客戶合作，共同推動技術進步，這些進步將改變世界，並在未來幾年內產生深遠影響。

We develop and manufacture precision solutions globally across diverse end markets. Our portfolio of trusted brands has earned our customers' confidence by delivering precise instruments, sensors, and safety solutions that enable faster customer innovation. As electrification, digitization, and AI accelerate the demand for high-performance, data-driven equipment, we meet these needs by serving customers in critical markets such as utilities, defense, and electronics.

我們針對全球不同的終端市場開發和製造精密解決方案。我們旗下值得信賴的品牌組合，透過提供精密儀器、感測器和安全解決方案，贏得了客戶的信賴，從而幫助客戶更快地進行創新。隨著電氣化、數位化和人工智慧的快速發展，對高效能、數據驅動型設備的需求日益增長，我們透過服務公用事業、國防和電子等關鍵市場的客戶來滿足這些需求。

What truly sets us apart is our people-first culture ingrained in decades of precision expertise and the Ralliant Business System. This has enabled us to solve our customers' toughest challenges in the many applications that we serve, earning customer trust and positioning us well for future growth.

真正讓我們脫穎而出的是我們以人為本的企業文化，這種文化根植於數十年的精準專業知識和 Ralliant 商業體系。這使我們能夠解決客戶在我們所服務的眾多應用領域中最棘手的挑戰，贏得客戶的信任，並為未來的發展奠定良好的基礎。

With that, let me provide the key takeaways from the quarter on slide 6. First, all our financial results were at or above the high end of guidance ranges we provided last quarter, demonstrating our commitment to delivering results while executing our long-term strategic priorities. Second, we are delivering high growth in the Utilities and Defense end markets and sequential improvement in Test & Measurement and Industrial Manufacturing.

接下來，我將在第 6 張投影片上總結本季的主要要點。首先，我們所有的財務表現都達到或超過了上個季度我們提供的預期範圍的上限，這表明我們致力於在執行長期戰略重點的同時取得業績。其次，我們在公用事業和國防終端市場實現了高速成長，並在測試與測量和工業製造領域取得了持續進展。

Third, we are executing our levers to drive growth and innovation. This was demonstrated in the quarter as Tektronix launched two new high-performance precision instruments architected to be scalable platforms that will accelerate our new products road map. Fourth, we delivered significant free cash flow with a conversion rate above our long-term expectation of greater than 95%. And last, we progressed on our cost savings program that we announced last quarter to deliver $9 million to $11 million in annualized savings by the end of 2026.

第三，我們正在運用各種手段來推動成長和創新。本季度，泰克公司推出了兩款新型高性能精密儀器，這兩款儀器被設計成可擴展的平台，這將加速我們的新產品路線圖，證明了這一點。第四，我們實現了可觀的自由現金流，轉換率高於我們長期預期的 95% 以上。最後，我們推進了上季宣布的成本節約計劃，目標是在 2026 年底前實現每年 900 萬至 1,100 萬美元的節省。

Drilling down into our Q3 financial results on slide 7. Our revenue was above the high end of our guidance range. We continued to deliver sequential improvement with 5% growth over Q2. This was driven by secular demand in several end markets and improved shipment execution, particularly in defense. We expanded adjusted EBITDA margins by 60 basis points sequentially to 20.4%, reaching the low end of our long-term, through-cycle target range that we communicated at Investor Day in June.

在第 7 頁，我們將深入分析第三季的財務表現。我們的營收高於預期範圍的上限。我們繼續保持環比成長，較第二季度成長了 5%。這主要得益於多個終端市場的長期需求以及出貨執行力的提高，尤其是在國防領域。我們將調整後的 EBITDA 利潤率環比提高了 60 個基點，達到 20.4%，達到了我們在 6 月投資者日上公佈的長期週期目標範圍的下限。

Turning to slide 8. Our growth has improved each quarter throughout the year across most regions. North America turned positive with 3% year-over-year revenue growth, driven by exposure to our growing Defense and Utilities end markets. We also delivered sequential improvement with green shoots in Industrial Manufacturing and Test & Measurement.

翻到第8張幻燈片。今年以來，我們大部分地區的成長每季都在改善。北美地區實現年增 3%，扭虧為盈，這主要得益於我們在國防和公用事業終端市場的業務成長。我們在工業製造和測試與測量領域也取得了穩步改進，並出現了一些積極的跡象。

While Western Europe experienced a 6% decline, largely driven by customer cautiousness, we remain actively engaged with customers and partners across the region. China is also down 6% year over year as we continue to see cautious demand amid geopolitical headwinds. China macro leading indicators have shown signs of recovery, but we expect continued pressure driven by export controls, tariffs, and an uncertain environment.

儘管西歐市場受客戶謹慎情緒的影響下降了 6%，但我們仍然積極與該地區的客戶和合作夥伴保持聯繫。由於地緣政治逆風持續，需求依然謹慎，中國經濟較去年同期也下降了6%。中國宏觀經濟領先指標已出現復甦跡象，但我們預期出口管制、關稅和不確定環境將持續帶來壓力。

China was a significant driver of Test & Measurement growth for Ralliant from 2021 through 2023, but selling conditions have changed. In 2024, we executed a restructuring of the team in China. Since then, we've been investing to capture new opportunities in other markets such as India and Southeast Asia. While there are still puts and takes within each region, our teams are focused on strengthening relationships and positioning ourselves strategically so that when spending resumes, we are ready to capture growth opportunities and accelerate momentum.

從 2021 年到 2023 年，中國是 Ralliant 測試與測量業務成長的重要驅動力，但銷售環境已經改變了。2024年，我們對中國團隊進行了重組。從那時起，我們一直在投資，以抓住印度和東南亞等其他市場的新機會。儘管每個地區內部仍然存在著權衡取捨，但我們的團隊專注於加強關係並進行策略定位，以便在消費恢復時，我們能夠抓住成長機會並加速發展勢頭。

I'll now invite Neill to go over our financial results and provide some insights on expectations for the balance of the year.

現在我請尼爾來介紹我們的財務業績，並就今年剩餘時間的預期提供一些見解。

Thank you, Tami. Please turn to slide 10. During Q3, we generated $529 million in revenue, roughly flat year-over-year as growing demand in Sensors & Safety Systems and pricing actions across the business were offset by cautious customer investment in Test & Measurement. Notably, we achieved a 5% sequential increase in revenue, driven mostly by higher shipments on a growing backlog in Defense and a seasonal step-up in Test & Measurement.

謝謝你，塔米。請翻到第10張投影片。第三季度，我們實現了 5.29 億美元的收入，與去年同期基本持平，原因是感測器和安全系統需求的增長以及整個業務的定價策略被客戶在測試和測量方面的謹慎投資所抵消。值得注意的是，我們的收入環比增長了 5%，這主要得益於國防領域不斷增長的積壓訂單帶來的更高出貨量，以及測試與測量領域的季節性增長。

Adjusted EBITDA margin declined year-over-year, driven by lower Test & Measurement volume and a step-up in operating expenses. Our adjusted operating costs were $170 million, consistent with the expectations we laid out on our second quarter earnings call. Adjusted EBITDA margin increased 60 basis points sequentially, driven by a 200 basis point increase in adjusted gross margin, primarily due to operating leverage on higher revenue, partially offset by an increase in operating expenses.

受測試與測量業務量下降和營運費用增加的影響，調整後的 EBITDA 利潤率較去年同期下降。我們調整後的營運成本為 1.7 億美元，與我們在第二季財報電話會議上提出的預期一致。經調整的 EBITDA 利潤率環比增長 60 個基點，主要得益於經調整的毛利率增長 200 個基點，這主要是由於收入增加帶來的經營槓桿效應，但部分被運營費用的增加所抵消。

We also fully offset the cost of tariffs in the third quarter, ahead of our year-end goal. As a reminder, we expect the pricing countermeasures to continue to be a small, gross margin percentage headwind, but we now expect this to be closer to 50 basis points on a run rate basis given additional countermeasures we executed this quarter. Adjusted EPS was $0.60, in line with the top end of our guidance range of $0.54 to $0.60. This is a reduction year-over-year, driven by lower adjusted EBITDA and the addition of $16 million of interest expense this quarter following the spin-off.

我們在第三季就完全抵銷了關稅成本，提前實現了年底目標。再次提醒大家，我們預計價格應對措施仍將對毛利率造成較小的負面影響，但鑑於我們本季執行的其他應對措施，我們現在預計按年率計算，這一影響將接近 50 個基點。調整後每股收益為 0.60 美元，符合我們先前 0.54 美元至 0.60 美元的預期範圍上限。與去年同期相比有所下降，主要原因是調整後 EBITDA 下降以及分拆後本季新增 1,600 萬美元利息支出。

Looking at the results, please note that adjusted EBITDA and EPS contain several non-GAAP adjustments. There are two unique items this quarter I would like to shed more light on. First, we are making a $22 million non-GAAP adjustment related to a stock-based compensation modification, which is a spin-related mark-to-market expense associated with Ralliant team members who transitioned from Fortive. This was a onetime noncash expense due to the equity conversion at the time of spin.

查看結果時請注意，調整後的 EBITDA 和 EPS 包含若干非 GAAP 調整項目。本季有兩個特別之處我想重點介紹一下。首先，我們將進行 2,200 萬美元的非 GAAP 調整，該調整與股票選擇權補償調整有關，這是一項與分拆相關的按市值計價費用，涉及從 Fortive 過渡到 Ralliant 的團隊成員。這是由於分拆時股權轉換而產生的一次性非現金支出。

For our normal practice, we are not adjusting for stock-based compensation expense from new equity granted in the period. Second, we are making a non-GAAP adjustment to exclude a $12 million favorable noncash discrete tax item related to a reduction in the German corporate tax rate.

依照我們通常的做法，我們不會對本期新授予的股權所產生的股權激勵費用進行調整。其次，我們正在進行非GAAP調整，以排除與德國企業稅率降低相關的1,200萬美元有利的非現金一次性稅收項目。

Now turning to cash. We generated $127 million in free cash flow, representing a conversion rate of 185% in the quarter. Over the trailing 12 months, our free cash flow conversion rate has averaged 124%, significantly exceeding our long-term target of over 95%, underscoring our focus on operational efficiency and working capital management.

現在開始兌換現金。本季我們產生了 1.27 億美元的自由現金流，轉換率為 185%。在過去的 12 個月中，我們的自由現金流轉換率平均為 124%，遠超過我們 95% 以上的長期目標，凸顯了我們對營運效率和營運資本管理的重視。

On slides 11 and 12, I'll provide more color on our end markets and segment performance, starting with our larger segment. In Sensors & Safety Systems, Q3 revenue grew 11% year over year and 5% sequentially. Higher volume was led by increased demand in Defense and Utilities. Defense & Space revenue grew 18% year over year. We saw higher shipment levels in the quarter and backlog continues to grow.

在第 11 和 12 張投影片中，我將更詳細地介紹我們的終端市場和細分市場表現，首先從我們較大的細分市場開始。在感測器和安全系統領域，第三季營收年增 11%，季增 5%。銷售成長主要受國防和公用事業領域需求增加的推動。國防與航太業務收入年增 18%。本季出貨量增加，積壓訂單也持續成長。

Utilities revenue grew 11% year over year, driven by the continued investment in power grid modernization and expansion. We also had pockets of growth in Industrial Manufacturing, which grew 9% year over year in the quarter after delivering stable revenue for the preceding six quarters. Adjusted EBITDA margin for Sensors & Safety Systems was relatively flat as positive volume leverage was offset by higher post-spin employee costs.

受電網現代化和擴大持續投資的推動，公用事業收入較去年同期成長 11%。工業製造業也出現了一些成長點，在前六個季度收入保持穩定之後，本季同比增長了 9%。由於銷售成長帶來的正面影響被分拆後更高的員工成本所抵消，感測器與安全系統業務的調整後 EBITDA 利潤率相對持平。

Moving to Test & Measurement. Demand continued to stabilize, which combined with a typical seasonal step-up generated 6% of sequential revenue growth. Year-over-year revenue declined 14% as customers remained cautious with capital investment, and we compare against some large projects in the prior year period.

轉至測試與測量。需求持續趨於穩定，加上典型的季節性成長，使得環比收入成長了 6%。由於客戶對資本投資保持謹慎，與去年同期的一些大型專案相比，收入年減了 14%。

We have seen momentum start to build in the communications market with Q3 representing the highest revenue and order quarter for the year. Revenue declined over 30% year over year as we are lapping about $15 million of projects from a customer in the third quarter of last year. Sequentially, revenue grew 6%, primarily driven by military and government customers.

我們看到通訊市場的發展動能開始增強，第三季是今年營收和訂單量最高的季度。由於去年第三季我們從一位客戶那裡收回了價值約 1500 萬美元的項目，收入年減超過 30%。營收季增 6%，主要得益於軍方和政府客戶的推動。

Diversified Electronics revenue declined year over year, most pronounced in China and Western Europe. Semiconductors revenue grew both year-over-year and sequentially as we work through backlog. Orders remain at low levels as power CapEx remains largely on hold for many customers. We are seeing semi customers defer R&D lab investments while they focus on AI infrastructure investments and maintenance CapEx.

多元化電子產品收入較去年同期下降，其中中國和西歐地區的下降最為明顯。隨著我們逐步完成積壓訂單，半導體業務收入實現了同比增長和環比增長。由於許多客戶的電力資本支出基本上處於停滯狀態，訂單量仍然很低。我們看到半導體客戶推遲了研發實驗室的投資，同時將重點放在人工智慧基礎設施投資和維護資本支出。

Adjusted EBITDA margin in the segment grew 480 basis points sequentially with strong incremental margins on revenue growth and disciplined cost management. Year-over-year adjusted EBITDA margin declined about 10 percentage points, driven by volume decline and the higher post-spin employee costs.

該業務板塊經調整後的 EBITDA 利潤率環比增長 480 個基點，這得益於收入成長帶來的強勁增量利潤率和嚴格的成本管理。受銷售量下降和分拆後員工成本增加的影響，經調整後的 EBITDA 利潤率較去年同期下降約 10 個百分點。

Turning to our balance sheet on slide 13. We ended the quarter with $264 million in cash and cash equivalents as well as $1.15 billion in term loan debt, resulting in 1.9 times net leverage. Our cash balance increased $65 million versus Q2, including the expected payments to Fortive and tax authorities. We have paid $57 million of approximately $90 million for Fortive commitments related to the spin-off and expect the remaining roughly $35 million to be paid during Q4.

請看第 13 頁的資產負債表。本季末，我們持有現金及現金等價物 2.64 億美元，同時有 11.5 億美元的定期貸款債務，淨槓桿率為 1.9 倍。與第二季相比，我們的現金餘額增加了 6,500 萬美元，其中包括預計支付給 Fortive 和稅務機關的款項。我們已支付了與分拆相關的 Fortive 承諾款項中的 5700 萬美元（約 9000 萬美元），預計剩餘的約 3500 萬美元將在第四季度支付。

Turning to capital allocation on slide 14. Our priorities remain intact: first, invest organically in the business; second, return capital through dividends and share buybacks; and lastly, executing selective tuck-in acquisitions focused on our high-growth vectors.

接下來，我們來看第 14 頁的資本配置部分。我們的優先事項依然不變：首先，對業務進行有機投資；其次，透過股利和股票回購返還資本；最後，針對我們的高成長方向，進行選擇性的補充收購。

Our commitment to organic reinvestment was demonstrated with our new product launches in the quarter. As we look ahead, we see meaningful opportunity to continue to invest in growth and anticipate ramping CapEx from approximately 2% currently to between 2% and 3% of revenue in 2026. We remain focused on deploying capital on high-return opportunities.

本季推出的新產品體現了我們對有機再投資的​​承諾。展望未來，我們看到了繼續投資成長的重大機遇，並預計資本支出將從目前的約 2% 提高到 2026 年收入的 2% 至 3%。我們始終專注於將資金投入高回報的投資機會。

Last week, our Board of Directors authorized a quarterly cash dividend of $0.05 per share. We also have a $200 million share repurchase authorization in place. We are committed to balancing these capital allocation priorities against our target cash balances and our long-term net leverage target of 1.5 to 2 times adjusted EBITDA.

上週，我們的董事會批准派發每股 0.05 美元的季度現金股利。我們也擁有2億美元的股票回購授權。我們致力於平衡這些資本配置優先事項與我們的目標現金餘額以及我們長期淨槓桿目標（調整後 EBITDA 的 1.5 倍至 2 倍）。

Before I turn the call back to Tami, I want to review our outlook for Q4 2025 as well as provide some color on the seasonality of both segments to help you understand Ralliant better. I'm now on slide 15. For the fourth quarter of 2025, we expect revenue of $535 million to $550 million, a continued gradual improvement with consistent shipment delivery in Sensors & Safety Systems and a typical small seasonal step-up in Test & Measurement. We expect adjusted EBITDA margin of 20% to 21%, in line with Q3 and adjusted EPS of $0.62 to $0.68.

在將電話轉回給 Tami 之前，我想回顧一下我們對 2025 年第四季度的展望，並就這兩個部分的季節性提供一些說明，以幫助您更好地了解 Ralliant。我現在看到第15張投影片了。預計 2025 年第四季營收為 5.35 億美元至 5.5 億美元，感測器和安全系統業務將持續穩定成長，出貨量穩定，測試和測量業務將出現典型的季節性小幅成長。我們預計調整後的 EBITDA 利潤率為 20% 至 21%，與第三季持平；調整後的每股盈餘為 0.62 美元至 0.68 美元。

Free cash flow can naturally fluctuate based on the timing of certain payments. Following this outsized quarter, we expect free cash flow to be down sequentially in Q4. For the full year, we expect our conversion rate to remain above our long-term target of over 95%.

自由現金流會根據某些款項的支付時間而自然波動。繼本季業績異常強勁之後，我們預計第四季自由現金流將季減。我們預計全年轉換率將維持在95%以上的長期目標之上。

Turning to slide 16. To help you with your planning, as we look ahead to 2026, I want to provide color on the historical seasonality of our business and outline some of the important timing factors in 2025 given our mid-year spin. Let me touch on our normal seasonality. As we start to look ahead to go from what is typically our highest revenue quarter of the year in Q4 to what is typically our lowest revenue quarter of the year in Q1.

翻到第16張幻燈片。為了幫助您進行規劃，展望 2026 年，我想介紹一下我們業務的歷史季節性，並鑑於我們年中的業務調整，概述一下 2025 年的一些重要時間因素。讓我談談我們正常的季節性變化。隨著我們開始展望未來，我們將從通常一年中收入最高的第四季度過渡到通常一年中收入最低的第一季。

Over the past 10 years, the seasonal sequential revenue step down from Q4 to Q1 has been in the mid- to high single-digit percentage range. Given our operating leverage, particularly in our more seasonal Test & Measurement business, this typically results in a roughly 2 percentage point to 3 percentage point sequential decrease in EBITDA margin. We have also included on slide 16, items from 2025 to keep in mind that will impact our comparisons next year, including the impact of tariffs, spin-related costs, interest expense and our cost savings program. We will provide more details on our expectations for Q1 on our fourth quarter earnings call in the new year, but we hope this color is helpful as we continue to learn more about Ralliant.

過去 10 年，從第四季到第一季度，季節性收入環比下降幅度一直處於個位數百分比的中高水準。鑑於我們的經營槓桿，尤其是在我們季節性更強的測試與測量業務中，這通常會導致 EBITDA 利潤率環比下降約 2 個百分點至 3 個百分點。我們還在第 16 張投影片中列出了 2025 年需要考慮的一些項目，這些項目將影響我們明年的比較，包括關稅的影響、分拆相關成本、利息支出和我們的成本節約計劃。我們將在新年的第四季度財報電話會議上提供更多關於我們對第一季的預期細節，但我們希望這種顏色能幫助我們繼續更多地了解 Ralliant。

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

接下來，我將把電話轉回給塔米，讓她來談談我們獲利成長策略的最新進展。

Thank you, Neill. I'll continue with slide 18. Our profitable growth strategy is anchored in three pillars that are designed to deliver enduring value. The first pillar is RBS Everywhere. RBS is our engine for innovation, scale, and profitability, and we have embedded its processes and tools across the enterprise to drive disciplined execution and increase customer-centric innovation.

謝謝你，尼爾。我將繼續講解第18張投影片。我們獲利成長策略以三大支柱為基礎，旨在創造持久價值。第一大支柱是 RBS Everywhere。RBS 是我們創新、規模化和盈利的引擎，我們已將其流程和工具嵌入到整個企業中，以推動嚴謹的執行並提高以客戶為中心的創新。

The second pillar is Stronghold Positions. We are committed to delivering sustained customer value through differentiated services, robust product road maps and global channel reach. This quarter, we expanded our footprint with strategic wins, including one of the world's largest motor producers, a leading steel supplier, and a global pioneer in direct air capture technologies. These customer partnerships reinforce our ability to perform reliably in demanding environments and critical applications.

第二大支柱是堅固陣地。我們致力於透過差異化服務、穩健的產品路線圖和全球通路覆蓋，為客戶創造持續價值。本季度，我們透過策略性勝利擴大了商業版圖，其中包括全球最大的電機生產商之一、領先的鋼鐵供應商以及直接空氣捕獲技術的全球先驅。這些客戶合作關係增強了我們在嚴苛環境和關鍵應用中可靠運作的能力。

The third pillar is Winning Growth Vectors, where we are investing to capture secular growth trends, specifically across defense technologies, grid modernization, and electrification. I want to highlight where we're focusing our efforts and how our portfolio investments align with long-term demand trends and shareholder value creation, starting with Defense Technologies.

第三大支柱是“制勝成長點”，我們在此進行投資，以掌握長期成長趨勢，尤其是在國防技術、電網現代化和電氣化領域。我想重點介紹我們正在努力的方向，以及我們的投資組合如何與長期需求趨勢和股東價值創造一致，首先從國防技術說起。

We expect the super cycle of investment in defense programs to continue with global annual defense spending projected to increase from $1.8 trillion last year to $3 trillion by 2030. Our defense customers have been awarded multiyear contracts on many critical programs that include our PacSci EMC safety systems. Our backlog, which is now over 2 times our annual revenue, has continued to build throughout this year as customer demand has outpaced shipments. We continue scaling production of these essential solutions to support the US and its allies. To serve this surge in demand, we are leveraging RBS to increase the production capacity within our existing manufacturing footprint and future expansion is a key area for organic investment.

我們預計國防項目投資的超級週期將持續，全球年度國防開支預計將從去年的 1.8 兆美元增加到 2030 年的 3 兆美元。我們的國防客戶已獲得多項關鍵項目的多年期合同，其中包括我們的 PacSci EMC 安全系統。由於客戶需求超過了出貨量，我們的積壓訂單數量在今年持續增加，目前已超過年收入的兩倍。我們將繼續擴大這些關鍵解決方案的生產規模，以支持美國及其盟友。為了滿足這一激增的需求，我們正在利用 RBS 來提高我們現有生產基地內的產能，而未來的擴張是內生投資的關鍵領域。

Shifting to Power Grid Modernization. Utility companies are investing in both expansion and upgrade as they face significant increases in power demand with aging infrastructure. Expansion investments are needed to support power demand growth, which is expected over the next five years to be 6 times higher than the prior 20-year average. Upgrade investments are needed as over 70% of power transformers in the US are more than 25 years old. We are capitalizing on this customer demand with sensors and analytics solutions for the power grid critical assets like generators, transformers and substations, resulting in 14% revenue growth in our Utilities end market year-to-date.

轉向電網現代化。由於基礎設施老化，電力需求大幅成長，公用事業公司正在投資擴建和升級改造。為滿足電力需求成長，需要進行擴建投資。預計未來五年，電力需求將比過去 20 年的平均值高出 6 倍。由於美國超過 70% 的電力變壓器已經使用了 25 年以上，因此需要進行升級投資。我們利用客戶對電網關鍵資產（如發電機、變壓器和變電站）的傳感器和分析解決方案的需求，實現了今年迄今為止公用事業終端市場 14% 的收入成長。

Our last growth vector is Electrification. As the world becomes more electrified, we help customers innovate and enable much of the supporting infrastructure. A great example of this in Q3 is our growth in data center applications where Gems Setra provides sensors for both liquid and air cooling systems. In a fast-moving data center market, RBS enabled the Gems Setra team to respond quickly to evolving customer requirements and numerous product iterations, leading to an accelerated production ramp of a new pressure sensor for liquid cooling. While data center applications are a smaller part of our portfolio today, they drove the sequential growth in our Industrial Manufacturing end market in the quarter.

我們最後一個成長動力是電氣化。隨著世界電氣化程度的加深，我們幫助客戶進行創新，並推動許多配套基礎設施的建設。第三季的一個很好的例子是我們在資料中心應用領域的成長，Gems Setra 為液冷和風冷系統提供感測器。在瞬息萬變的資料中心市場中，RBS 使 Gems Setra 團隊能夠快速響應不斷變化的客戶需求和眾多產品迭代，從而加速了新型液冷壓力感測器的生產爬坡。雖然資料中心應用目前在我們產品組合中所佔比例較小，但它們在本季推動了我們工業製造終端市場的環比成長。

Now turning to slides 20 and 21 and the two new Test & Measurement launches. The DPO 7000 sets a new benchmark by combining ultra-low noise, high ENOB or effective number of bits, and unprecedented throughput with a scalable architecture. This enables engineers to capture and analyze signals that were previously invisible. This level of precision performance is critical for next-generation technologies like AI, robotics, quantum systems and ultrafast serial communications.

現在來看看第 20 和 21 張投影片，以及兩個新的測試與測量功能的發布。DPO 7000 將超低雜訊、高 ENOB（有效位數）和前所未有的吞吐量與可擴展的架構相結合，樹立了新的標竿。這使得工程師能夠捕獲和分析以前無法看到的訊號。這種精度等級對於人工智慧、機器人、量子系統和超高速串行通訊等下一代技術至關重要。

At the same time, we launched the MP5000 series modular precision test system, which expands the Tektronix portfolio into the validation workflow by bringing new levels of flexibility to automated testing. Its modular design empowers engineers to add or reconfigure testing modules in minutes, offering a platform that will evolve with the needs of our customers.

同時，我們推出了 MP5000 系列模組化精密測試系統，透過為自動化測試帶來新的靈活性，將泰克的產品組合擴展到了驗證工作流程中。其模組化設計使工程師能夠在幾分鐘內添加或重新配置測試模組，從而提供一個能夠隨著客戶需求而不斷發展的平台。

Last week, Tektronix hosted nearly 100 customers and partners for hands-on demonstrations. The positive feedback was tremendous. During the event, I heard firsthand from our customers and partners the value of these solutions to innovate more efficiently and confidently. We expect to continue to fuel innovation with a focus on high-return organic investments aligned with our growth vectors.

上週，泰克公司接待了近 100 位客戶和合作夥伴，進行了現場展示。收到的正面回饋非常多。在活動期間，我直接從客戶和合作夥伴那裡了解到這些解決方案對於更有效率、更有自信地進行創新具有重要價值。我們期望繼續推動創新，並專注於與我們成長方向相符的高回報內生性投資。

Before I close our prepared remarks, I want to review our key takeaways for the quarter. They're on slide 22. We executed our profitable growth strategy in Q3, and we will continue to execute against our three strategic priorities, driving strong cash generation and free cash flow conversion while investing organically. We are capitalizing on secular growth trends, focusing on innovation and strategically allocating resources while navigating ongoing macro and tariff dynamics.

在我結束事先準備好的發言之前，我想回顧一下本季的主要結論。它們在第22張幻燈片上。我們在第三季成功實施了獲利成長策略，並將繼續推進我們的三大戰略重點，在進行有機投資的同時，推動強勁的現金流產生和自由現金流轉換。我們正在利用長期成長趨勢，專注於創新，並策略性地分配資源，同時應對不斷變化的宏觀經濟和關稅狀況。

We are executing our plans to drive profitable growth through our proven RBS playbook with powerful examples in the launch of two new breakthrough products and the progress on our cost savings program to enable both growth and efficiency. The team remains energized to achieve our goals for 2025, and we will build on our momentum in 2026 as we execute our clear profitable growth strategy to maximize shareholder value as a stand-alone company.

我們正在執行我們的計劃，透過我們行之有效的 RBS 策略來推動盈利增長，推出兩款突破性新產品和推進成本節約計劃就是強有力的例證，從而實現增長和效率的雙重提升。團隊依然充滿熱情地朝著 2025 年的目標邁進，我們將在 2026 年乘勢而上，執行清晰的獲利成長策略，作為一家獨立公司最大限度地提高股東價值。

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。

(Operator Instructions) Julian Mitchell, Barclays.

（操作說明）朱利安·米切爾，巴克萊銀行。

Maybe just wanted to understand, first off, how sort of demand -- the cadence of demand in recent weeks and months, any notable changes there? And sort of allied to that, when we're thinking about the low single-digit, I think, sequential sales increase you've guided for the fourth quarter, trying to understand if there's any particular difference in that sequential move between the two segments.

首先，我只是想了解需求狀況——最近幾週和幾個月的需求節奏，是否有任何顯著變化？與此相關的是，當我們考慮您預測的第四季度銷售額環比增長幅度為個位數時，我們試圖了解這兩個部門的環比增長是否存在任何特殊差異。

Julian, good to hear your voice this morning. It's -- you were with us at Investor Day. And as I look back on the last five months, I have to say post spin, I continue to be more positive, the signals we're getting across the business. We've got this unprecedented opportunity in Utility and Defense. And we're seeing stabilization to some modest growth across the rest of the business.

朱利安，很高興今天早上聽到你的聲音。——您當時和我們一起參加了投資者日活動。回顧過去五個月，我必須說，在經歷了各種輿論風暴之後，我對我們在整個業務中收到的訊號更加樂觀。我們在公用事業和國防領域擁有前所未有的機會。我們看到公司其他業務也趨於穩定，並出現了一些溫和成長。

Specifically to your question around demand, maybe how I look at the business, we've got some project business or backlog business that it's all about execution. That's predominantly in our Defense business. But we do have project business in Utilities and in the T&M space. The rest of the business is more of a book and turn.

具體來說，關於你提出的需求問題，我是這樣看待這項業務的，我們有一些專案業務或積壓業務，而這一切都與執行有關。這主要體現在我們的國防業務。但我們在公用事業和工時計費領域確實有專案業務。其餘的業務更像是按部就班地進行。

And as we look at orders, we look at orders weekly. We have continued to see orders keep up with our revenue, it's about a 1:1 book-to-bill if you look on an annual basis this year. So orders are keeping up.

我們查看訂單時，是按週查看訂單。我們看到訂單量持續成長，與收入保持同步，如果按年計算，今年的訂單出貨量與訂單金額約為 1:1。所以訂單量基本上跟得上。

Sales funnels, healthy, good strength in North America when it comes to sales funnels. And then we also -- we're really close with our channel partners. That's about 50% of our business. So we get sell-through or point-of-sale reports as well as inventory levels and quota activity, many of them give us. And those are trending in a positive direction.

銷售漏斗，在北美，銷售漏斗領域擁有健康、強大的實力。此外，我們與通路夥伴的關係也非常密切。這大約占我們業務的50%。因此，我們可以獲得銷售情況或銷售點報告以及庫存水準和配額活動情況，許多公司都會向我們提供這些資訊。而這些趨勢都在朝著正面的方向發展。

And just the activity. I mean, the launch of the new products, last quarter, we were talking about some new products at Qualitrol. This quarter, we're talking about two industry-leading platform announcements at Tektronix. Lots of good customer activity across the business. So I'm enthusiastic about the opportunity we have here in front of us.

還有這項活動本身。我的意思是，關於新產品的發布，上個季度，我們在 Qualitrol 討論了一些新產品。本季度，我們將討論泰克科技發布的兩項業界領先的平台。本公司各部門客戶活動頻繁，業績良好。所以我對我們面前的機會感到非常興奮。

Yeah. Julian, let me just add to that. This is Neill. I think if you look across both the kind of sequential 2Q to 3Q and the guide in 3Q to 4Q, underlying that is predominantly volume. We've seen a little bit of the pricing impact from the tariffs that was largely baked in in Q2.

是的。朱利安，我再補充一點。這是尼爾。我認為，如果你縱觀第二季到第三季的連續數據以及第三季到第四季的業績指引，就會發現其根本原因主要是成交量。我們已經看到關稅對價格產生了一些影響，這在很大程度上已經反映在第二季了。

So that kind of 5% or so sequential revenue improvement we saw from 2Q to 3Q was predominantly volume-based, and we're kind of seeing that as well into 4Q as well. Of course, there's some seasonality step-up that we'll see going into 4Q, Tami kind of hit on. But underlying that, I think, is solid volume and shipments that's kind of underlying that step-up.

因此，我們從第二季到第三季看到的 5% 左右的環比收入成長主要基於銷量，而且我們在第四季也看到了這種情況。當然，進入第四季後，我們會看到一些季節性因素導致的成長，塔米也提到了這一點。但我認為，這背後是穩健的銷售和出貨量，這正是這種成長的根本原因。

That's good to hear. And then just turning to the margin side of things. I just wondered sort of two sides to it. One is sequentially, shouldn't we see a slight increase in margins in Q4 of the increase in volumes?

聽到這個消息真好。然後，我們就來看看利潤方面的問題。我只是想知道這件事的兩面性。一是按季度來看，隨著銷售成長，我們是否應該看到第四季利潤率略有上升？

And then when we're looking year on year at the Sensors segment, margins are flat despite double-digit sales growth. When should we see kind of operating leverage pick up there?

然後，當我們逐年查看感測器業務板塊時，儘管銷售額實現了兩位數成長，但利潤率卻持平。我們什麼時候才能看到那裡的經營槓桿有所提升？

Yeah. Julian, just at a high level, we're still committed to the margins, the adjusted EBITDA ranges that we gave you during Investor Day. And as you know, those were different by segment. And in the Test & Measurement segment, very much tied to volume. So our focus is really around growth there.

是的。朱利安，簡單來說，我們仍然致力於實現我們在投資者日上給出的利潤率和調整後 EBITDA 範圍。如你所知，不同細分市場的情況各不相同。在測試與測量領域，這與銷量密切相關。所以我們的重點確實在於那裡的成長。

And Neill, if you'd like to make up?

尼爾，你願意和好嗎？

Yeah. So I think if you think about the margin profile going forward, particularly, I think you're asking about stepping up into Q4 and even beyond that. So from a Test & Measurement perspective, we saw a nice improvement in incrementals. As you went from 2Q to 3Q, that step-up in margin was substantial with nice incrementals on it.

是的。所以我覺得，如果你考慮未來的利潤率狀況，特別是你問的是第四季甚至更長的利潤率成長。從測試和測量的角度來看，我們看到增量方面有了很好的改進。從第二季到第三季度，利潤率有了顯著提升，並且增幅可觀。

On Sensors & Safety Systems, a little less so, although still at that kind of high end of the margin range in terms of where that business is targeted. As you move into 4Q, we'll see a step up as well. And I think you'll see some margin expansion in Test & Measurement again based on the volume. So there is some volume sensitivity there.

感測器和安全系統方面，情況略有不同，儘管就該業務的目標領域而言，利潤率仍然處於較高水平。進入第四季後，我們也會看到成長。我認為基於銷售成長，測試與測量業務的利潤率還會再次提高。所以這方面存在一定的音量敏感度。

As you move over to the Sensors & Safety Systems side, a couple of components there to unpack. The first is on the Defense front for those products, those products run at the lower kind of end of the range if you think about Sensors & Safety Systems. That kind of average margin runs lower than the average of the Sensors & Safety Systems segment. So as we grow that business, there will be a little bit of a margin headwind as we grow that.

接下來，我們將進入感測器和安全系統部分，那裡有幾個組件需要拆解。首先是國防領域的這些產品，如果你考慮感測器和安全系統的話，這些產品屬於價格較低的等級。這種平均利潤率低於感測器和安全系統領域的平均水準。因此，隨著業務的成長，利潤率會受到一些不利影響。

However, the other side of the business runs at very healthy margins, and the pickup we saw in industrial should help. But as you think about growing the business, step up in T&M, we'll see continued fall through there, maybe offset by a little margin mix related to the Defense products as you move into Q4.

然而，該業務的另一部分利潤率非常高，而且我們在工業領域看到的復甦應該會有所幫助。但當你考慮發展業務、加大T&M投入時，我們會看到這部分業務持續下滑，或許在進入第四季度時，國防產品相關的利潤率組合會略有改善，從而抵消部分下滑。

Deane Dray, RBC Capital Markets.

迪恩德雷，加拿大皇家銀行資本市場。

I want to first congratulate you all on the debut. That was a first quarter, check the box. And I especially appreciate the slides, a lot of good details, and you've shared a lot of insights about the business and trends and mix. And so it's -- yes, we knew this business when it was part of Fortive, but we didn't have that detailed lens that you're providing now. So just, first of all, thank you for that.

首先，我要祝賀大家出道。這是第一季度，勾選。我尤其喜歡這些投影片，裡面有很多很好的細節，您也分享了很多關於業務、趨勢和組合的見解。所以——是的，我們以前就知道這家公司，當時它還是 Fortive 的一部分，但我們沒有你們現在提供的這種詳細的視角。首先，非常感謝。

And secondly, I just want to drill down on the Defense business because we don't see typically growth of 18% in an industrial type of business. So just kind of frame for us how that breaks out into, is it programs? Is there any kind of MRO to it? And what does the shutdown mean for the business over the near term?

其次，我想深入探討國防業務，因為我們通常不會在工業類型的業務中看到 18% 的成長。所以請您為我們概述一下，它是如何分解成各種程序的？它有任何維護、維修和大修（MRO）的需求嗎？那麼，停工對企業短期內意味著什麼？

Thank you, Deane. The Defense business, we're specifically talking about our PacSci EMC business. And if you look back over the last 65 years, there's only been two other times in history where you've seen Defense spend be positive up into the right for a 10-year period. And we're about four years into this cycle and all the signals that we're getting, the increase in Defense budgets the $3 trillion by 2030, about a 40% growth rate.

謝謝你，迪恩。我們這裡說的國防業務，具體是指我們的PacSci EMC業務。回顧過去 65 年，歷史上只有兩次國防開支連續 10 年保持正成長。我們已經進入這個週期大約四年了，我們得到的所有訊號都表明，到 2030 年國防預算將增加到 3 兆美元，成長率約為 40%。

The focus on these core programs, there's 12 core programs that have been identified as critical. And the PacSci EMC Safety Systems plays in the majority of those programs, gives us a lot of confidence that this business has more years to run here, probably out through 2030.

重點關注這些核心項目，目前已確定有 12 個核心項目至關重要。PacSci EMC 安全系統在大多數此類專案中都發揮作用，這讓我們非常有信心，這項業務還能繼續發展很多年，可能會持續到 2030 年。

As we work with the customers in that space, they give us good visibility. You heard me say earlier that we've got visibility to about twice the backlog that we did or we will do this year, so our annual revenues. And they give us good visibility not only to the backlog, but when they need the supply. So we're partnering very close with these customers that we have.

我們在與該領域的客戶合作時，他們給了我們很好的資訊。你之前聽我說過，我們已經看到了今年積壓訂單的兩倍左右，或者說，我們今年將要完成的訂單量，因此我們的年度收入將會增長。他們不僅讓我們清楚地了解積壓訂單情況，還讓我們清楚地了解何時需要供貨。所以我們與這些客戶建立了非常緊密的合作關係。

There's been a lot of activity. You can -- it's public information. There's a demand surge on these 12 programs. We've started to see quoting activity, which is very positive and expect some of those orders would start to build as we go into the future here.

最近活動很多。可以——這是公開資訊。這12個節目的需求激增。我們已經開始看到報價活動，這是一個非常積極的信號，我們預計隨著時間的推移，其中一些訂單將會開始增加。

I'll just add on to that one. So we have seen very significant backlog build as you think about this year, and we do anticipate seeing further backlog growth as we move forward in the business. And we continue to work with customers on that, as Tami has said. As you look at going forward, you mentioned taking the CapEx rate up from roughly 2% to 2% to 3%, and we're going to invest in a couple of areas. And one of them is in Defense.

我再補充一點。因此，正如您今年所看到的，積壓訂單數量非常可觀，而且我們預計隨著業務的推進，積壓訂單將進一步增長。正如塔米所說，我們將繼續與客戶就此展開合作。展望未來，您提到將資本支出率從大約 2% 提高到 2% 到 3%，我們將在幾個領域進行投資。其中一人在國防部門。

And we're going to continue to expand capacity there to support the increase in the backlog and the orders and the timing that we worked out with the customer. So I think more to come there, but clearly, we're seeing strong signals and proof points from a backlog perspective that show we're going to see some solid growth in this business out into the future.

我們將繼續擴大那裡的產能，以支持不斷增長的積壓訂單和訂單量，並滿足我們與客戶商定的交貨時間。所以我認為未來還會有更多進展，但很明顯，從積壓訂單的角度來看，我們看到了強烈的訊號和證據，表明未來這個產業將會穩健成長。

Great. That's good to hear. And just as a follow-up, Tami, more of a holistic question for you. I'd be interested in hearing your perspective of how integrated, coordinated, optimized is the organization today because it is brand new. Are there some operating inefficiencies still?

偉大的。聽到這個消息真好。塔米，最後還有一個更全面的問題想問你。我很想聽聽您對貴組織目前整合程度、協調性和優化程度的看法，因為這是一個全新的組織。是否存在一些營運效率低的問題？

And just maybe if you can give it a scale of 1 to 10, 10 is your humming, a 100%. I know that's continuous improvement. But just where do you fit on that spectrum?

如果用 1 到 10 分來衡量，10 分代表你的哼唱水平，也就是 100%。我知道這是持續改善的過程。但你在這個光譜中究竟處於什麼位置？

And for Neill, just very specifically, that $35 million that's due to Fortive. Are those shared services? I didn't -- I don't recall how much shared services there are and what's the ramp down there.

而對尼爾來說，具體來說，就是欠 Fortive 的 3,500 萬美元。這些是共享服務嗎？我沒有——我不記得那裡有多少共享服務，也不記得下面的坡道是什麼樣的。

Let me just hit that last one quickly for you. Those are payments that we returned to Fortive. One is just based on the amount of cash that we generated out of spin. It was somewhat of a reverse working capital dollar, so to speak. So we paid that back already.

讓我快速幫你完成最後一個步驟。這些是我們已退還給 Fortive 的款項。其中一個指標只是基於我們透過宣傳活動所獲得的現金數量。從某種意義上說，這有點像是反向的營運資金。所以我們已經把錢還清了。

The other is related to the split of entities and payments back in tax jurisdictions that's required as part of the spin. So we paid out $57 million of that so far. We anticipate the total of both of those being $90 million. So another $35 million to go, primarily based on the jurisdictional cost related to the spin and the split.

另一項與實體拆分以及稅務管轄區要求的退款有關，這是分拆的一部分。所以到目前為止，我們已經支付了其中的5700萬美元。我們預計這兩項加起來將達到 9,000 萬美元。所以還需要支付 3500 萬美元，主要原因是與公司重組和拆分相關的司法管轄費用。

Going back to your question, Deane, around the optimization piece. We announced last quarter a cost-out program that we -- the team executed very quickly. It's going to take some time for the savings to roll in. Some of it's closing some sites, so that takes a little bit, goes into next year. So that's one piece of it.

回到你之前的問題，迪恩，關於優化方面。上個季度我們宣布了一項成本削減計劃，我們的團隊很快就執行了這項計劃。節省下來的費用需要一段時間才能顯現出來。其中一些工作是關閉一些網站，所以需要一些時間，要等到明年才能完成。這是其中一部分。

The second is just who we are, our culture. We're at steep and continuous improvement, operating rigor, discipline. We are always looking for those opportunities, whether it's a save to invest or it's an opportunity just to add to the profits that we deliver. So that's -- again, it's who we are, it's what we look for every week in the business is where can we optimize the businesses.

第二點就是我們是誰，我們的文化。我們正處於快速且持續改進、嚴格營運和嚴謹的紀律狀態。我們一直在尋找這樣的機會，無論是儲蓄用於投資，還是只是為了增加我們帶來的利潤。所以，這就是——再說一遍，這就是我們，這就是我們每週在業務中尋找的目標，那就是我們可以在哪裡優化業務。

Joe Giordano, Cowen.

喬喬丹諾，考恩。

Can you touch on market share within Tektronix? I know that's been an area of focus with investors. And then clearly, you're launching some new products here. Just how has that trended? And are some of the -- are you looking to push more into validation now like strategically?

您能談談泰克公司的市佔率嗎？我知道這一直是投資人關注的重點領域。很顯然，你們在這裡推出了一些新產品。這種情況的發展趨勢如何？你們現在是否打算從戰略上加大驗證力道？

Yes, Joe, there's -- overall, in the Test & Measurement space, Tektronix is a top 5 player in that space. When you talk about our market share, there's different ways that people look at it. They look at it by product realization workflow from R&D to validation to production, or there's different end market looks that you can take.

是的，喬，總體而言，在測試和測量領域，泰克是該領域排名前五的建議者。談到我們的市場份額，人們的看法各不相同。他們會從研發、驗證到生產的產品實現工作流程來看這個問題，或者你也可以從不同的終端市場角度來看待它。

And depending on which way you look at it, there's places we play. And when we play, we're a strong player. And there's places we've made the conscious choice not to play.

從某個角度來看，我們有一些地方可以玩耍。而且我們上場比賽時，是一支強隊。有些地方我們刻意選擇不去演出。

The two announcements that we made, I call them both products and platforms because they're announced as a new product. One of them squarely in the R&D space, that's a DPO 7000 product. And the feedback from engineers that I was with last week is just outstanding on the low noise floor and the amount of visibility. They're seeing signals that they once [spot] invisible.

我們發布的這兩項公告，我稱它們為產品和平台，因為它們是以新產品的形式發布的。其中一款產品完全屬於研發領域，那就是 DPO 7000 產品。我上週接觸的工程師們的回饋非常出色，他們對低噪音水平和可視性都非常滿意。他們看到了以前看不見的訊號。

So it's a terrific product. It also has a scalable architecture where we can upgrade that. That's why I also call it a platform because you'll see some velocity here as we introduce higher levels of bandwidth in that product.

所以這是一款非常棒的產品。它還具有可擴展的架構，我們可以對其進行升級。所以我才稱它為平台，因為隨著我們在該產品中引入更高水平的頻寬，你會看到它的發展速度。

And then the second product, which you alluded to, which is the MP5000 platform. It takes us into the validation space with a product that is custom-built for validation. So customers certainly have taken our bench instruments, particularly the Keithley branded instruments, power supplies, SMUs and use them in validation in the past. But this is a scalable architecture, meaning modules on the back that you can stack these things fairly too high, and really designed for validation and even into production. So yes, this is an adjacency and an opportunity for Tektronix to really expand the portfolio.

然後是您提到的第二個產品，即 MP5000 平台。它帶領我們進入驗證領域，並帶來了專為驗證而客製化的產品。因此，客戶過去確實使用過我們的桌上型儀器，特別是 Keithley 品牌的儀器、電源、SMU 等進行驗證。但這是一種可擴展的架構，這意味著背面的模組可以堆疊得很高，而且是專為驗證甚至生產而設計的。所以，是的，這對泰克科技來說是個契機，也是一個真正擴展產品組合的機會。

Interesting. And then just shifting over to Golden Dome, you mentioned. Can you talk about what the opportunity is there for you guys and kind of what you're supplying into something like that?

有趣的。然後就像你提到的那樣，轉到金頂體育場。你們能談談你們面臨的機會是什麼，以及你們在這類專案中能貢獻什麼嗎？

So in the Defense business where we play, I mentioned some of the critical core programs that have -- we've been a part of for a decade or more. Those programs will also be instrumental in the Golden Dome project. So these are existing programs, not new starts, but programs that PacSci EMC already has safety systems and content on that would be deployed for that particular application.

所以，在我們涉足的國防領域，我提到了一些關鍵的核心項目，我們已經參與了十年或更長時間。這些項目也將對金頂工程起到重要作用。所以這些都是現有的程序，不是新啟動的程序，而是 PacSci EMC 已經擁有安全系統和內容的程序，這些系統和內容將部署到該特定應用中。

Got it. And if I could just sneak one last one on margins. Like how should we think about Test & Measurement's exit margin kind of informing us into next year as like a run rate? I know there's like 4Q to 1Q dynamics. But if we think about 4Q exit rate in context of like what a full year next year might look like, can you kind of talk us through there? And where is like EA Elektro kind of fit into that now?

知道了。如果我能再偷偷在頁邊空白處加一個就好了。我們應該如何看待測試與測量部門的退出利潤率，並將其視為明年的運行率？我知道這其中存在類似第四季到第一季的動態變化。但是，如果我們從明年全年的情況來考慮第四季度的退出率，您能給我們解釋一下嗎？那麼像 EA Elektro 這樣的公司現在又處於什麼位置呢？

Yeah. So from a T&M perspective, as I mentioned earlier, we saw some nice improvement from 2Q to 3Q. We saw a pretty nice step-up. And as you know, it's very volume sensitive. So we did see a nice pickup in the margins.

是的。所以從時間和材料的角度來看，正如我之前提到的，我們看到從第二季到第三季有一些不錯的改進。我們看到了一個相當不錯的進步。如你所知，它對音量非常敏感。所以我們看到利潤率出現了不錯的回升。

I'd expect to see another nice pickup similarly into Q4 for that business, if that's helpful. And then as we mentioned, seasonally, we'll start to see a step down just as the natural seasonality moves into Q1. But I think that's kind of the baseline you want to think about for an exit rate.

如果這能有所幫助的話，我預計該業務在第四季度也會有類似的良好復甦。然後正如我們之前提到的，隨著季節性因素進入第一季度，我們將開始看到銷售下降。但我認為這算是衡量退出率的一個基準。

And the way that we think about it is, look, we've got to drive through cycles here to hit our long-term margin goals. And at this level of revenue, we're at the low end of that range overall. From a Test & Measurement perspective, we'll see a step up. And then in Q1, we'll see kind of a bit of a step down seasonally, but we continue to drive improvement as we work through the year.

我們的想法是，我們必須經歷週期性波動才能實現我們的長期利潤目標。以目前的營收水準來看，我們整體上處於該範圍的低端。從測試和測量的角度來看，我們將看到一個進步。然後，在第一季度，我們會看到季節性下滑，但我們將在全年持續努力改進。

Amit Daryanani, Evercore ISI.

Amit Daryanani，Evercore ISI。

Yes. I guess, a lot of questions have been asked. I'll ask a couple of just housekeeping ones. On the Test & Measurement side, can you just talk about when do you expect that business to stabilize from a revenue perspective? Is it the back half of '26? And how much visibility do you have from a backlog or wins basis to know that business will stabilize?

是的。我想，大家已經問了很多問題。我問幾個家事的問題。在測試與測量方面，您能否談談您預計該業務何時才能在收入方面趨於穩定？是 2026 年下半年嗎？從積壓訂單或得標訂單來看，您能有多少把握判斷業務能否穩定下來？

Amit, on the Test & Measurement, pretty similar across all of our businesses, how we look at it. And there are parts of that business, the Test & Measurement business, where we get long projects, whether it's on -- it's mostly the systems business. But the majority of it is book and turn. So it's important that we watch our orders rates on a weekly basis.

Amit，關於測試和衡量，我們所有業務部門的看法都大同小異。在該業務的某些部分，即測試與測量業務，我們會接到一些長期項目，無論是在系統業務中還是其他方面。但大部分時間都是按順序閱讀和閱讀。因此，每週關注訂單量非常重要。

Our sales funnels and our sales funnels have been healthy, so as our channels and our activities. And if you go through this year, Q1 was our lowest revenue quarter of the year. And each quarter, we have seen sequential improvement in that business. Really North America probably being the strongest, Europe and China kind of still bouncing along the bottom, but that's how we have looked at that business and --

我們的銷售管道和銷售流程一直都很健康，我們的管道和活動也一樣。回顧今年，第一季是我們全年收入最低的一個季度。每個季度，我們都看到該業務穩步改善。北美市場可能最強勁，歐洲和中國市場仍在低迷時期徘徊，但我們一直都是這樣看待這個產業的。--

The second thing I'd add to that as well is as we think about the business, I think it largely -- we feel it's largely stabilized with the sequential growth that we've been seeing. The comps are going to change as we move into Q1. We talked about a little bit of a step down there, but the comps are going to be better as well. So I think as you move into next year, I think we feel like we'll be in a good position despite some of that seasonality come into that quarter.

我還要補充的第二點是，當我們思考業務時，我認為它在很大程度上——我們感覺它基本上已經穩定下來，我們看到了持續成長的勢頭。隨著我們進入第一季度，競爭格局將會改變。我們討論過那方面可能會稍有下滑，但競爭對手也會做得更好。所以我認為，展望明年，儘管會受到一些季節性因素的影響，但我們感覺仍將處於有利地位。

Got it. And then I thought I heard you folks talk about the semiconductor space and about how customers are deferring R&D spend there to focus on AI. Just any visibility or any perspective from your side in terms of how long is that deferral going to happen? And does that essentially mean that '26 could be a more outsized growth year on that segment as you go forward?

知道了。然後我好像聽到你們在談論半導體領域，以及客戶如何推遲在該領域的研發支出，轉而專注於人工智慧。您能否透露一下，延期會持續多久？這是否意味著，隨著業務發展，2026 年該細分市場可能會出現更大幅度的成長？

Yeah. In the semi space, we certainly have close relationships with those customers. They're innovating, whether they're spending or not in a given quarter or a given year. So we stay pretty close to them. You also -- we follow the semiconductor index. And what I'm seeing is a bifurcation in the customers in that space.

是的。在半導體領域，我們與這些客戶確實有著密切的關係。無論他們在特定季度或特定年度是否有支出，他們都在進行創新。所以我們和他們保持著相當密切的聯繫。你們也——我們關注半導體指數。我看到的是該領域的客戶群出現了分化。

There's customers that have a lot of CapEx and continue to invest in T&M. And then there's a set of customers that are more cautious. And I think probably just following earnings, you've seen that play out.

有些客戶擁有大量的資本支出，並且持續投資於工時和材料成本。還有一些顧客則比較謹慎。我覺得，從財報發布之後，應該已經看到這種情況了。

But the semi space is one that we will continue to stay close to. The new product announcement, the DPO 7000 fits squarely into those technology companies that are doing next-generation electronics design. So an opportunity for us to be back with those customers and really drive activity and funnel.

但我們會繼續密切關注半空間領域。新產品 DPO 7000 的發布，恰好契合了那些從事下一代電子產品設計的科技公司的需求。所以，這是一個讓我們重新與這些客戶建立聯繫，真正推動業務成長和銷售通路拓展的機會。

If -- here we said it's November, it's the time of year that most of our technology companies are setting their budgets for 2026. So as we hit into January, February, there's always -- there's a lot of engineers that have a lot of a laundry list of wants for their electronics labs, and then we'll start to see as we get into the first quarter, how much they open up the spending checkbook and drive some CapEx. So activity level is good, funnels are healthy, we're seeing some early signs, but we've got to get the money flowing.

如果——我們這裡說的是 11 月——這是大多數科技公司製定 2026 年預算的時候。所以到了1月、2月，總會有很多工程師列出一長串電子實驗室的需求清單，然後到了第一季度，我們就會開始看到他們會在支出上投入多少資金，推動一些資本支出。所以，市場活躍度良好，銷售管道也很健康，我們看到了一些早期跡象，但我們必須讓資金流動起來。

Ian Zaffino, Oppenheimer.

伊恩·扎菲諾，奧本海默。

I wanted to maybe key in on Industrial Manufacturing as far as the acceleration there. What exactly are you seeing as far as either by region or area or sector? And then is this sustainable? Or how sustainable do you think this is?

我想重點關注工業製造業的發展加速情況。您具體觀察到哪些情況，無論是依地區、區域或產業劃分？那麼，這種模式可持續嗎？或者，你認為這種方式的可持續性如何？

Yeah. In the Industrial Manufacturing end market, which is predominantly our Gems Setra and Hengstler-Dynapar businesses. I would start with where are we seeing the growth opportunities. And that's -- where the teams are focused is where are the pockets of growth. I talked about our Gems Setra business. They're fantastic in pressure and liquid sensing, and they've got a great opportunity here with data center and the equipment build-out that we're seeing.

是的。在工業製造終端市場，這主要指的是我們的 Gems Setra 和 Hengstler-Dynapar 業務。首先，我想探討我們目前在哪些方面看到了成長機會。而團隊關注的重點，正是成長的契機所在。我談到了我們的寶石塞特拉業務。他們在壓力和液體感測方面表現出色，而且隨著資料中心和設備建設的不斷發展，他們在這裡擁有巨大的發展機會。

North America looks pretty healthy. We've seen some good growth in North America, both from opportunity and also what we're hearing from our channel partners.

北美地區的健康狀況看起來相當不錯。我們在北美市場取得了一些不錯的成長，這既得益於市場機遇，也得益於我們從通路夥伴那裡了解到的資訊。

I'd say Western Europe is still weak. We stay close to customers there. We still have good activity, but the results have been weak.

我認為西歐依然很弱。我們與當地客戶保持密切聯繫。我們仍然保持良好的活動狀態，但結果卻不盡人意。

And then China is somewhere in the middle. We have a strong local-for-local program in China in Industrial, but it's just kind of bumping along.

而中國則介於兩者之間。我們在中國工業領域有一個強大的本地化項目，但它進展緩慢。

Okay. And then maybe just as a follow-up, can you just touch upon the M&A environment? What you're kind of seeing there from a willingness from the sellers, maybe the multiples? And then when we talk about tuck-ins, what is sort of the ceiling as far as purchase price to be considered, a tuck-in and any other type of areas that you'd be looking to make these tuck-ins in?

好的。然後，作為後續問題，您能否談談併購環境？你可能從賣家的意願中看到了這一點，或許是因為出現了多個賣家？那麼，當我們談到嵌入式裝修時，對於嵌入式裝修以及您想要進行嵌入式裝修的任何其他類型的區域，購買價格的上限是多少呢？

Yeah. I would -- I'd start with our clear priorities, and we're really focused on executing against the priorities we laid out just a couple of months ago in our Investor Day. And it is about 1% to 2% of our long-term through-cycle growth to come through M&A. Our first priority in these businesses, and we really like where we start with these businesses, is organic investment. And we will be thinking about that for '26, '27.

是的。我會——我將從我們明確的優先事項入手，我們真正專注於執行我們在幾個月前投資者日上提出的優先事項。併購大約占我們長期週期性成長的 1% 到 2%。我們對這些業務的首要任務，也是我們非常喜歡從哪裡開始，就是進行有機投資。我們將在 2026 年和 2027 年考慮這個問題。

Our second priority is returning to our shareholders. We've authorized the dividend. We paid two quarters in a row here, and we've got authorization for a share buyback.

我們的第二要務是回報股東。我們已批准派發股息。我們已經連續兩個季度支付了款項，並且獲得了股票回購授權。

Third in the order there is tuck-in M&A. And I think of that as businesses that will fuel the businesses that we have. So where in Utilities do we want to make some investments to take advantage of this tremendous unprecedented opportunity that we're seeing in the utility space in both new builds and in where we play in retrofits and refurbs.

第三類是補充性併購。我認為這些企業將為我們現有的企業提供動力。那麼，在公用事業領域，我們應該在哪些方面進行投資，以利用我們在公用事業領域的新建設、改造和翻新方面所看到的這個前所未有的巨大機會呢？

So other places there, hardware is what we're good at. That's our core end products. But in the Qualitrol business, we're also starting to deliver and monetize some software and analytics products.

所以，在其他地方，硬體是我們擅長的。那是我們的核心終端產品。但在 Qualitrol 業務方面，我們也開始交付一些軟體和分析產品並從中獲利。

Piyush Avasthy, Citi.

Piyush Avasthy，花旗銀行。

One on Diversified Electronics within your Test & Measurement segment. You mentioned it declined year-over-year. There are a few end markets within that vertical. So if you could drill down a bit more there, if you could touch on trends you're seeing in autos and consumer electronics.

在您的測試與測量領域，有一家多元化電子產品公司。你提到它同比下降了。該垂直領域內有幾個終端市場。所以，如果您能更深入地探討一下，談談您在汽車和消費性電子產品領域看到的趨勢，那就太好了。

And sequentially, are you seeing any signs of stabilization in that vertical? And maybe what's baked in your 4Q guidance for that vertical, that would be helpful.

那麼，從這個角度來看，您是否看到該垂直領域出現任何穩定跡象？或許您在第四季度對該垂直領域的業績預期中已經包含了相關信息，這會很有幫助。

Yeah. Piyush, on the -- you're exactly right on the Diversified Electronics and some of the bigger movers in there. That's in there -- from an auto standpoint, the biggest play is our product line. It's now part of Tektronix, which is the EA product line. And we've pretty much stabilized there from a run rate standpoint, maybe seeing some modest improvement in our smaller deals.

是的。Piyush，你說的完全正確，多元化電子公司以及其中一些較大的公司確實值得關注。從汽車產業的角度來看，最大的亮點就是我們的產品線。它現在是泰克科技（Tektronix）的一部分，也就是EA產品線的一部分。從營運效率的角度來看，我們已經基本穩定下來了，或許在小額交易方面會有一些小幅改善。

Where the opportunity is, it's really as automotive and the battery specifically has shifted more towards energy use. We are seeing large projects that we're participating in, quoting, designing. It's just hard to sell the time frame on these because they're big CapEx, they often come with a new building that's coming up, a production facility. So we're keeping our eye on that. But I would say in the Diversified Electronics quarter-over-quarter, it's stabilize to modest improvement.

真正的機會在於汽車領域，尤其是電池領域，它已經更多地轉向能源利用。我們正在參與一些大型項目，包括報價和設計。只是很難推銷這些項目的時間框架，因為它們是大型資本支出項目，通常伴隨著一座新建築的落成，一個生產設施。所以我們會密切關注此事。但就多元化電子業務的季度環比來看，情況趨於穩定，略有改善。

Yeah. And we've seen if you look over -- the comps year over year are pretty heavy. If you look sequentially, we've seen some nice pickup over the last couple of quarters in that area, but predominantly in North America. And I think that's really a bit where things are shifting to from that perspective. So we are seeing some more focused efforts and some growth in North America.

是的。而且我們仔細觀察就會發現──與去年相比，今年的差距相當大。如果按時間順序來看，過去幾季該領域出現了一些不錯的回升，但主要集中在北美地區。我認為從這個角度來看，事情確實正在朝著這個方向發展。因此，我們看到北美地區正在出現一些更有針對性的措施和一些成長。

If you look at the overall North America from a company perspective that we talked about or showed in the presentation there. So we have seen some life there in North America picking up both year over year and now sequentially. So we feel like that's kind of heading in the right direction.

如果你從公司角度來看整個北美地區，就像我們在簡報中談到或展示的那樣。所以我們看到北美的一些經濟活動正在復甦，無論是同比還是環比都在成長。所以我覺得這正朝著正確的方向發展。

I think it's another piece of -- another data point that kind of underpins while we're looking at some tough year-over-year comps for T&M, we're also seeing some sequential improvement, particularly in North America, which gives us -- which makes us, I think, incrementally more positive on the business than maybe we were a couple of months ago.

我認為這是另一個數據點，它表明，儘管T&M的同比數據比較嚴峻，但我們也看到了一些連續的改善，尤其是在北美地區，這使我們對這項業務的看法比幾個月前更加樂觀。

Helpful. And one quick one on the cost saving plan. The $9 million to $11 million of cost savings by the end of 2026, like can you remind us of the cadence of when you realize these savings? Is it more spread out? Is it more first half, second half? Any incremental color there would be helpful.

很有幫助。最後再簡單提一下成本節約計畫。到 2026 年底，可節省 900 萬至 1,100 萬美元的成本，您能否提醒我們這些節省何時能夠實現？分佈更分散嗎？是上半場還是下半場？任何遞增的顏色都會有所幫助。

I think we said by the end of the year, look, there's some -- built into that is some rationalization, some site and infrastructure rationalization. So that always takes a little bit of time. I'd say from an execution perspective, we've already started the execution on that plan. We should see by midyear or so kind of the execution on some of the closure and rationalization of some of the infrastructure related to that plant, which is primarily cost of sales savings, and we'll see some benefit from that as we get to the back half of '26.

我認為我們說過，到年底，會有一些——其中包含一些合理化措施，一些場地和基礎設施的合理化措施。所以這總是需要一些時間。從執行角度來看，我們已經開始執行該計劃了。到年中左右，我們應該會看到與該工廠相關的一些基礎設施的關閉和合理化措施的執行情況，這主要是為了節省銷售成本，到 2026 年下半年，我們將從中受益。

Rob Jamieson, Vertical Research Partners.

Rob Jamieson，Vertical Research Partners。

I just want to stick with Test & Measurement and dive in a little bit more here. Just on semiconductor and the test equipment, I mean, there's currently some bifurcation here, some weakness in memory and make sure those offset by strength in leading AI chips and packaging. But which subsegments in semiconductor are you serving? And how does your product portfolio enable you to maybe benefit from some of the AI-driven investments in advanced packaging, high-bandwidth memory validation test? I mean, are these areas that you're trying to grow exposure to?

我只想繼續研究測試與測量，並在這裡更深入地探討一下。就半導體和測試設備而言，我的意思是，目前這裡存在一些分歧，記憶體方面存在一些弱點，需要確保這些弱點被領先的人工智慧晶片和封裝方面的優勢所彌補。但你們服務半導體產業的哪些細分領域？那麼，您的產品組合如何使您能夠從人工智慧驅動的先進封裝、高頻寬記憶體驗證測試等方面的投資中受益？我的意思是，這些都是你們想要拓展業務的領域嗎？

Yeah, absolutely. We certainly want to be where the growth is in Test & Measurement. If you think about our business, it's predominantly in the R&D space. Probably 50% to 60% of the focus is R&D. So next-generation AI chips, next-generation compute, next-generation communication protocols, that's squarely where the Tektronix business is and where this new product that they just announced plays extremely well.

是的，絕對的。我們當然希望在測試與測量領域保持成長動能。想想我們的業務，它主要集中在研發領域。研發可能占到總投入的 50% 到 60%。因此，下一代人工智慧晶片、下一代運算、下一代通訊協議，正是泰克科技的業務所在，也是他們剛發布的新產品發揮得非常出色之處。

The adjacency that -- there's two new products, the MP5000 platform takes them into the automated test part of the workflow, which is relatively new. I've made the point that there's been -- certainly customers will use the bench instruments to do some automated tests. But this is like purpose-built, ground up to play in that segment and really go after the opportunity there, both new build opportunity when you're building out a new lab and upgrades and replacements of where we would be getting share gain. So both of those.

鄰近之處在於－有兩款新產品，MP5000 平台將它們帶入工作流程的自動化測試部分，而這部分相對較新。我已經指出，確實存在這種情況——客戶肯定會使用桌上型儀器進行一些自動化測試。但這就像是專門為進軍該細分市場而從零開始打造的，旨在抓住那裡的機會，包括新建實驗室的機會，以及升級和替換的機會，這些都能讓我們獲得市場份額的增長。兩者都是。

Okay. That's helpful. And then just when you think about the Test & Measurement space and the recovery path that you're on, what end markets and regions do you think are going to be the biggest drivers of getting your organic growth back towards the broader Test & Measurement peer group average over time? Like what should we be looking for? And then just also, can you help like in order of magnitude, size or just qualitatively how you'd rank the Diversified Electronics portion of Test & Measurement, like what's your largest and smallest exposures there?

好的。那很有幫助。那麼，當你思考測試與測量領域以及你所處的復甦之路時，你認為哪些終端市場和地區將成為推動你的有機增長逐漸恢復到更廣泛的測試與測量同行群體平均水平的最大動力？我們應該尋找什麼？另外，您能否幫忙按數量級、規模或定性方式對測試與測量中的多元化電子部分進行排名，例如，您在該部分的最大和最小風險敞口分別是多少？

Yeah. The way we think about the business is really where we start to see activity, channel activity, sales activity, funnel build, orders. Where I'm most positive there is North America. We talked earlier in our prepared remarks about China, which has been a strong growth driver for the Test & Measurement business from '21 to '23. Not expecting any type of a recovery there anytime soon in the short term.

是的。我們對業務的思考方式，實際上就是我們開始看到業務活動、通路活動、銷售活動、銷售漏斗建立和訂單的地方。我最有信心的地方是北美。我們在先前的演講中談到了中國，中國在 2021 年至 2023 年一直是測試與測量業務的強勁成長動力。短期內預計那裡不會有任何復甦跡象。

But we do think it has stabilized and seems -- we're -- if you look at the order side of the business, there's been some up and down from a revenue standpoint in China. But from an order standpoint, pretty consistent the last four to five quarters. So I think the -- when I say a modest recovery, we'll see in North America as well as Southeast Asia, India, where some of the companies have moved.

但我們認為情況已經穩定下來，而且——如果你看一下業務的訂單方面，你會發現中國的收入出現了一些波動。但從訂單量來看，過去四到五個季度都相當穩定。所以我認為——當我說溫和復甦時，我們會在北美、東南亞、印度等一些公司遷往的地區看到這種情況。

I think the second part of your question was around Diversified Electronics. If I were to think about what's inside Diversified Electronics, the biggest end markets would be industrial, consumer, some auto, battery, medical and then education in that bucket.

我認為你問題的第二部分是關於多元化電子公司的。如果讓我思考多元化電子公司內部的業務範圍，最大的終端市場應該是工業、消費品、部分汽車、電池、醫療，然後是教育領域。

David Ridley-Lane, Bank of America.

David Ridley-Lane，美國銀行。

What were Test & Measurement orders in the third quarter of 2025 and the third quarter of 2024?

2025 年第三季和 2024 年第三季的測試與量測訂單量是多少？

We have not shared orders profiles in the past. I directionally gave a view that we've seen a really strong orders profile in North America in Test & Measurement. And all of the -- what's wrapped into our guidance for Q4 is our visibility into earlier demand. And some of it's orders, some of it's sales funnels, channel insights, all those different pieces of the business that we look at to give you that guidance.

我們過去從未分享過訂單資訊。我曾表示，我們在北美測試與測量領域看到了非常強勁的訂單前景。而我們對第四季業績的預測，包含了我們對早期需求的洞察。我們也會分析一些訂單、一些銷售管道、管道洞察，以及業務中的其他各種環節，以便為您提供指導。

Yeah. I think the overall -- if you look at year over year, we're obviously down in revenue. A lot of those bookings are kind of book and turns in the quarter. So I think from a book-to-bill of 1:1 a year ago and a book-to-bill more or less 1:1 in the last quarter or so. So I think that's kind of the way to think about it.

是的。我認為總體而言——如果從同比來看，我們的收入顯然下降了。很多預訂都是按季度進行的，一輪輪換。所以我覺得，一年前的訂單出貨比是 1:1，而上季的訂單出貨比也差不多是 1:1。所以我覺得應該這樣想。

Let me try a different way. Deferred revenue on the balance sheet is up $22 million year-to-date and $19 million quarter over quarter. So if you are seeing orders growth that would come with down payments. Directionally, should your investors look at that quarter-over-quarter or year-to-date increase in deferred revenue as indicative of the bookings number?

我試試另一種方法。資產負債表上的遞延收入今年迄今增加了 2,200 萬美元，較上季增加了 1,900 萬美元。所以，如果你看到訂單成長，那很可能意味著會有預付款。從方向來看，投資人是否應該將季度環比或年初至今的遞延收入成長視為預訂量的指標？

Yeah. So deferred revenue primarily relates to our Defense business. So the way that those contracts work generally is we get some incremental, I guess, cash investment from our customers as we start to go execute on long lead time items. And then down the road, we go ship those and then match that up. So that deferred revenue is really in relation to the increased backlog that we're seeing in Defense, and premiums that we're getting from customers upfront to go execute on some of those longer lead time items as it relates to that defense growth we talked about earlier.

是的。因此，遞延收入主要與我們的國防業務有關。因此，這些合約的運作方式通常是，當我們開始執行交貨週期長的專案時，我們會從客戶那裡獲得一些增量的現金投資。然後過段時間，我們就把這些東西運出去，然後再進行配對。因此，遞延收入實際上與我們在國防領域看到的積壓訂單增加有關，也與我們從客戶那裡預先獲得的溢價有關，這些溢價是為了執行一些交貨週期較長的項目，這與我們之前討論的國防增長有關。

And then just since you mentioned it, I guess, what about your contracts in PacSci EMC make them not qualify for the GAAP remaining performance obligations? Because if I look, there's less than $10 million of RPO in Sensors & Safety.

既然你提到了，我想問一下，你在 PacSci EMC 的合約中，有哪些條款導致它們不符合 GAAP 剩餘履約義務的要求？因為如果我查看一下，感測器和安全領域的 RPO 金額不到 1000 萬美元。

I'm sorry, I didn't catch the end part of that question.

抱歉，我沒聽清楚問題的後半部。

There's less than $10 million of remaining performance obligations in the Sensors & Safety Systems segment. And generally speaking, if a business had firm noncancelable backlog, that would be in the RPO metric.

感測器與安全系統業務部門剩餘履約義務不足 1,000 萬美元。一般來說，如果一家企業有確定的、不可取消的積壓訂單，那麼這些訂單就會被計入 RPO 指標中。

So yeah, we'll follow back with you on that one in terms of how that works. I think the backlog that's related to the Defense business is very strong, obviously, which is consistent with how we think about defense businesses overall, but we'll come back on the RPO.

是的，關於這一點，我們會盡快回覆您，並說明具體運作方式。我認為與國防業務相關的積壓訂單非常強勁，這顯然與我們對國防業務的整體看法一致，但我們會再來討論 RPO。

Scott Graham, Seaport Research Partners.

Scott Graham，Seaport Research Partners。

I want to understand a little bit about -- maybe cutting Defense, Diversified Electronics a little differently. I know, Tami, you mentioned that EA is the largest business there, but that business has a lot of -- that division has a lot of non-EA. So I guess my question is, within those markets, is this -- the 7000, the 5000 upgrades, are you going to look to pivot to new markets there?

我想稍微了解一下——或許可以稍微改變一下對國防和多元化電子產業的削減方式。我知道，塔米，你提到EA是那裡最大的業務，但這個業務部門有很多——這個部門有很多非EA的業務。所以我想問的是，在這些市場中，對於 7000 和 5000 的升級，你們是否會考慮轉向新的市場？

And I'm asking that -- I know that these are products, particularly the 7000, which is very engineer-oriented, but engineers work everywhere. So there's clearly an end market issue away from EA there as well. So I'm just wondering if there's a plan here to move some of these new products into your salespeople moving them into new markets that are maybe better markets than what we've seen in that business.

我問這個問題——我知道這些產品，特別是 7000 型，是工程師的，但工程師在任何地方工作。所以很明顯，除了EA之外，終端市場也有問題。所以我想知道，你們是否有計劃將這些新產品推廣給銷售人員，讓他們進入可能比我們之前在該行業看到的市場更好的新市場。

Yeah. Scott, you're absolutely right. The products that Tektronix just announced, both the DP 7000 (sic - "DPO 7000") which is more of research play, and the MP5000, which is more in the validation workflow, really transcends end markets. So any end market where you're building out electronics, whether it's electronics in the medical field, electronics all over the consumer space or IoT, electronics and industrials, education, every one of those customers, anybody building electronics. We had a traditional plumbing fixture supply company that's marketing electronics into their fixtures.

是的。斯科特，你說得完全正確。泰克公司剛發布的產品，無論是更偏向研究用途的 DP 7000（原文如此 - “DPO 7000”），還是更偏向驗證工作流程的 MP5000，都真正超越了終端市場。因此，無論您在哪個終端市場建立電子產品，無論是醫療領域的電子產品、消費領域的電子產品、物聯網電子產品、工業電子產品、教育領域電子產品，所有這些客戶，任何建構電子產品的人。我們之前遇到一家傳統的衛浴設備供應商，他們現在開始把電子產品融入他們的衛浴設備中。

That's an opportunity for Tektronix. You're absolutely right, as electronics spread across almost every end market. As we kind of talked about this electrification of many devices, you will see the opportunity for Tektronix and Test & Measurement across all of that.

這對泰克公司來說是一個機會。您說得完全正確，電子產品已經滲透到幾乎所有終端市場。正如我們之前討論的許多設備電氣化問題一樣，您將看到泰克科技及其測試與測量部門在所有這些領域所擁有的機會。

That's helpful. Then just a quick follow-up on sort of the margin development here. Can you give us what pricing was in the quarters, help us maybe triangulate toward price cost? I know you mentioned a mix factor, Neill mentioned a mix factor in Defense as being negative in the quarter. But maybe just help us understand the dynamics of price cost in the quarter, if you can give us price.

那很有幫助。接下來，我想快速跟進一下利潤率的發展。能否提供一下各季度的定價信息，幫助我們估算價格成本？我知道你提到了混合因素，尼爾也提到防守端的混合因素在本季表現不佳。但如果您能提供價格信息，或許可以幫助我們了解本季的價格成本動態。

Yeah, in the quarter, so normally, we see about 1 to 2 points of price year over year. We talked about that previously. As we think about moving from 2Q to 3Q, a lot of the pricing had already been baked in, including the pricing for tariffs. So we didn't see a large step-up in price from 2Q to 3Q. Most of that was underlying volume.

是的，通常情況下，季度內價格年比會波動 1 到 2 點。我們之前討論過這個問題。當我們考慮從第二季過渡到第三季時，許多定價因素已經考慮在內，包括關稅定價。因此，我們沒有看到價格從第二季到第三季大幅上漲。其中大部分是成交量。

We might see a little bit trail into Q4 just based on the timing of some of the countermeasures on the tariffs and how we manage that. But predominantly, the buildup is from volume. And also, I'd say quarter over quarter from an FX perspective, I'm not anticipating any material movement there either. So underlying primarily is volume.

根據一些關稅反制措施的出台時間和我們如何應對，我們可能會在第四季度看到一些下滑。但主要還是音量造成的。而且，從外匯角度來看，我預期季度環比也不會出現任何實質波動。所以，主要影響因素是成交量。

That brings us to the end of today's question-and-answer session. I would like to turn the floor back over to Ms. Newcombe for closing comments.

今天的問答環節到此結束。現在我把發言權交還給紐科姆女士，請她做總結發言。

Thank you all for joining us today. Again, I want to thank my team for how they executed the first full quarter as an independent company. With the spin behind us, we are energized about the opportunity that we have in front of us here. We are balancing our operating rigor and our discipline and our heritage with a growth mindset in innovation and how we go drive growth in this business. Thank you all for joining, and I look forward to continuing the conversation in the weeks to come.

感謝各位今天蒞臨。再次感謝我的團隊，感謝他們出色地完成了公司作為獨立企業的第一個完整季度。拋開過去的種種不快，我們對眼前的機會充滿熱情。我們正在努力平衡營運的嚴謹性、紀律性和傳統，同時保持創新思維，並以此推動業務成長。感謝各位的參與，我期待在接下來的幾週繼續與大家交流。

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

謝謝。女士們、先生們，今天的活動到此結束。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。