洛克威爾自動化 (ROK) 2024 Q4 法說會逐字稿

Thank you for holding, and welcome to Rockwell Automation's Quarterly Conference Call. I need to remind everyone that today's conference call is being recorded. (Operator Instructions) At this time, I would like to turn the call over to Aijana Zellner, Head of Investor Relations and Market Strategy. Ms. Zellner, please go ahead.

感謝您的耐心等待，並歡迎參加羅克韋爾自動化季度電話會議。我需要提醒大家，今天的電話會議正在錄音。 （操作員指示）此時，我想將電話轉給投資者關係和市場策略主管 Aijana Zellner。澤爾納女士，請繼續。

Thank you, Julianne. Good morning, and thank you for joining us for Rockwell Automation's Fourth Quarter Fiscal 2024 Earnings Release Conference Call. With me today is Blake Moret, our Chairman and CEO; and Christian Rothe, our CFO.

謝謝你，茱麗安。早安，感謝您參加羅克韋爾自動化 2024 年第四季財報電話會議。今天與我在一起的是我們的董事長兼執行長布萊克莫雷特 (Blake Moret)；以及我們的財務長克里斯蒂安·羅特 (Christian Rothe)。

Our results were released earlier this morning, and the press release and charts have been posted to our website. Both the press release and charts include and our call today will reference non-GAAP measures. Both the press release and charts include reconciliations of these non-GAAP measures.

我們的結果於今天早上早些時候發布，新聞稿和圖表已發佈到我們的網站上。新聞稿和圖表都包括，我們今天的電話會議將參考非公認會計準則衡量標準。新聞稿和圖表均包含這些非公認會計準則衡量指標的調節表。

A webcast of this call will be available on our website for replay for the next 30 days. For your convenience, a transcript of our prepared remarks will also be available on our website at the conclusion of today's call.

我們的網站將提供本次電話會議的網路廣播，以便在未來 30 天內重播。為了您的方便，今天電話會議結束時，我們還將在我們的網站上提供我們準備好的演講稿。

Before we get started, I need to remind you that our comments will include statements related to the expected future results of our company and are therefore forward-looking statements. Our actual results may differ materially from our projections due to a wide range of risks and uncertainties that are described in our earnings release and detailed in all of our SEC filings.

在我們開始之前，我需要提醒您，我們的評論將包括與我們公司的預期未來業績相關的陳述，因此屬於前瞻性陳述。由於我們的收益發布中描述並在我們所有 SEC 文件中詳細說明的各種風險和不確定性，我們的實際結果可能與我們的預測有重大差異。

So with that, I'll hand it over to Blake.

因此，我將把它交給布萊克。

Thanks, Aijana, and good morning, everyone. Thank you for joining us today. I'll make a couple of comments before we turn to our fourth quarter results.

謝謝，Aijana，大家早安。感謝您今天加入我們。在我們討論第四季度業績之前，我將發表一些評論。

With the US federal election day now behind us, we're optimistic that the country will turn its focus to a smooth transition to newly elected leaders. We're pleased that policymakers recognize the essential role that US manufacturing plays at the core of our economy.

隨著美國聯邦選舉日的過去，我們樂觀地認為該國將把重點轉向新當選領導人的平穩過渡。我們很高興政策制定者認識到美國製造業在我們經濟核心中所扮演的重要角色。

Rockwell is the clear leader in providing technology that helps US manufacturers be more competitive, so we welcome policies that will benefit our most important market by spurring innovation, streamlining project approvals and leveling the playing field. Orders continued to be soft in Q4, but we had solid execution on several fronts.

羅克韋爾在提供幫助美國製造商提高競爭力的技術方面是明顯的領導者，因此我們歡迎那些透過刺激創新、簡化專案審批和公平競爭環境而使我們最重要的市場受益的政策。第四季的訂單持續疲軟，但我們在多個方面都有紮實的執行力。

Customer service levels and conversion of new orders to shipments are back to pre-pandemic levels across all businesses. We are growing profitable software and digital services lines of business, which helped to partially mitigate the impact of excess product inventory in our channel.

所有企業的客戶服務水準和新訂單到出貨的轉換都恢復到了疫情前的水準。我們正在發展有利可圖的軟體和數位服務業務線，這有助於部分減輕我們通路中產品庫存過剩的影響。

Annual recurring revenue grew double digits in the year and is now 10% of our total revenue. For comparison, ARR was about 4% of our revenue in 2018. We've seen modest market share gains over the past few years based on US market share reports, product-specific studies in comparison to the automation businesses of our closest competitors. Our best results in fiscal year '24 were in North America, our home market, and China is now less than 5% of our revenue.

年度經常性收入在這一年中成長了兩位數，目前占我們總收入的 10%。相比之下，ARR 約占我們 2018 年營收的 4%。我們 24 財年的最佳表現來自我們的本土市場北美，而中國目前僅占我們營收的不到 5%。

We are broadening our cost savings activities. And Christian Rothe, our new CFO, has jumped into the effort with enthusiasm. He brings valuable new perspectives on additional opportunities.

我們正在擴大成本節約活動。我們的新任財務長 Christian Rothe 滿懷熱情地投入這項工作。他為更多機會帶來了寶貴的新觀點。

At the end of fiscal year '24, we were able to accelerate our savings to realize about $110 million of cost reductions in the second half of the year, $10 million above the target we first discussed in May. As of the end of October of 2024, our global headcount is down over 12% since Q2 of fiscal '24.

在 24 財年末，我們能夠加速節省開支，在下半年實現約 1.1 億美元的成本削減，比我們 5 月份首次討論的目標高出 1,000 萬美元。截至 2024 年 10 月底，我們的全球員工人數自 24 財年第二季以來減少了 12% 以上。

In the last call, we talked about multiple additional cost-down opportunities, including activities to reduce the price paid for purchase components and services as well as actions to increase the efficiency of our manufacturing plants. Despite the headwind of lower volume, we are still confident in our ability to save $250 million in fiscal year '25 from the combination of all our productivity actions.

在上次電話會議中，我們討論了多個額外的降低成本的機會，包括降低購買組件和服務的價格的活動以及提高製造工廠效率的行動。儘管存在銷售下降的不利因素，但我們仍然相信，透過我們所有的生產力行動的結合，我們有能力在 25 財年節省 2.5 億美元。

We continue to see positive impact from pricing actions. These have been difficult times, but I'm impressed by the resilience and sense of urgency of our teams as we position ourselves to deliver market-leading growth and profitability. Later on this call, Christian will cover our pricing, productivity and margin expansion actions for next year.

我們繼續看到定價行動的正面影響。這是一段困難時期，但我們團隊的韌性和緊迫感給我留下了深刻的印象，因為我們致力於實現市場領先的成長和獲利能力。稍後，在這次電話會議上，克里斯蒂安將討論我們明年的定價、生產力和利潤擴張行動。

Let's now turn to our Q4 results on slide 3. Our Q4 orders were down low single digits sequentially compared to our expectations for low single-digit improvement. Similar to last quarter, the rate of reduction of lingering excess inventory at our distributors and machine builders was gated by slower end user demand.

現在讓我們轉向投影片 3 上的第四季業績。與上季類似，我們的經銷商和機器製造商揮之不去的過剩庫存的減少速度受到最終用戶需求放緩的限制。

Of note, we did see sequential orders growth in North America with Asia contributing the largest sequential decline. Going forward, we expect our Q1 orders to be flat sequentially. And we expect our Q1 sales to be down high single digits from last quarter primarily due to typical seasonality in our configure-to-order and solutions businesses and slower orders in Q4 of fiscal '24. I'll talk more about our fiscal '25 outlook later on the call.

值得注意的是，我們確實看到北美的訂單持續成長，而亞洲的訂單連續下降幅度最大。展望未來，我們預計第一季訂單將環比持平。我們預計第一季的銷售額將較上季大幅下降個位數，這主要是由於我們的按訂單配置和解決方案業務的典型季節性以及 24 財年第四季的訂單放緩。我將在稍後的電話會議上詳細討論我們的 25 財年展望。

Despite weaker-than-expected orders, our Q4 organic sales came in largely in line with expectations. As I mentioned earlier, we quickly converted incoming product orders to shipments, and Lifecycle Services capped off a year of improved performance with good execution in the quarter.

儘管訂單弱於預期，但我們第四季的有機銷售額基本上符合預期。正如我之前提到的，我們迅速將收到的產品訂單轉化為發貨，生命週期服務以本季度的良好執行力結束了一年的業績改善。

Q4 sales for the company declined 21% versus prior year compared to 18% growth in Q4 of last year. The decline is due to the difficult year-over-year comparison, lingering channel destocking effects in our product businesses and slower end user demand.

該公司第四季銷售額較上年同期下降 21%，去年第四季則成長 18%。下降的原因是同比比較困難、產品業務管道去庫存效應持續存在以及最終用戶需求放緩。

Organic sales in our Intelligent Devices segment declined 20% year-over-year. Products were down with configure-to-order offerings and acquisitions growing year-over-year.

我們智慧設備部門的有機銷售額較去年同期下降 20%。隨著按訂單配置產品和收購逐年增長，產品數量有所下降。

I'm pleased with how our recent acquisitions are expanding our market. In particular, we saw good growth in our Cubic orders for data center power needs where we continue to gain traction with leading hyperscalers and IT infrastructure providers.

我對我們最近的收購如何擴大我們的市場感到滿意。特別是，我們看到資料中心電力需求的 Cubic 訂單出現了良好成長，我們繼續受到領先的超大規模供應商和 IT 基礎設施提供者的關注。

This quarter, we secured a strategic win at NTT, a leading data center colo provider. Rockwell is helping this customer achieve significant footprint savings by leveraging Cubic's modular, compact and switchgear-agnostic custom design capabilities.

本季度，我們贏得了領先資料中心託管供應商 NTT 的策略性勝利。羅克韋爾利用 Cubic 的模組化、緊湊型和與開關設備無關的客製化設計功能，幫助該客戶大幅節省佔地面積。

In Software & Control, organic sales were down over 30% year-over-year. Within this segment, Logix shipments were weaker due to slower end demand in product-centric end markets. Despite the continuing volatility in product shipments, our PLC market share is slightly up, helped by our geographic mix and continued innovation.

在軟體與控制領域，有機銷售額較去年同期下降超過 30%。在該細分市場中，由於以產品為中心的終端市場的終端需求放緩，Logix 的出貨量較弱。儘管產品出貨量持續波動，但在我們的地理組合和持續創新的幫助下，我們的 PLC 市場份額略有上升。

We recently introduced Logix SIS, our new process safety controller building on Rockwell's established leadership in safety applications across discrete, hybrid and process applications. And we're already helping key OEMs design significant upcoming Rockwell product releases into their new machine designs.

我們最近推出了 Logix SIS，這是我們的新型製程安全控制器，它建立在羅克韋爾公司在離散、混合和流程應用安全應用領域的既定領導地位之上。我們已經在幫助主要 OEM 將即將發布的羅克韋爾重要產品設計到他們的新機器設計中。

Other launches extend the differentiation of our software offering. Last quarter, we launched our Vision AI solution to help customers improve their quality and yield.

其他產品的推出擴大了我們軟體產品的差異化。上季度，我們推出了視覺人工智慧解決方案，幫助客戶提高品質和產量。

In general, software was our best-performing area this year with good revenue growth across Fiix, Plex and other FactoryTalk offerings. The newest FactoryTalk design studio release features a copilot, which boosts automation system design productivity as integrated in this cloud-native application, which is an industry first, (inaudible) many of these products at our automation fair in a few weeks.

總體而言，軟體是我們今年表現最好的領域，Fiix、Plex 和其他 FactoryTalk 產品的收入成長良好。最新的FactoryTalk 設計工作室版本具有副駕駛功能，可提高整合在該雲端原生應用程式中的自動化系統設計生產力，這是業界首創，（聽不清楚）幾週後我們的自動化展會上將有很多此類產品。

Lifecycle Services organic sales grew by 2% versus prior year. Book-to-bill in this segment was (inaudible) and slightly below our historical average for Q4.

生命週期服務有機銷售額較上年成長 2%。該細分市場的訂單出貨量（聽不清楚）略低於第四季的歷史平均值。

We saw a couple of customer delayed projects in our Sensia business this quarter. We continue to have a healthy pipeline of projects, which include both traditional and energy transition applications and reflect a general shift towards autonomous operations to improve safety and operational performance.

本季我們的 Sensia 業務中有幾個客戶延遲了專案。我們繼續擁有健康的專案管道，其中包括傳統和能源轉型應用，反映了向自主營運的整體轉變，以提高安全性和營運績效。

Energy end markets overall are over 15% of our total business in fiscal '24. On the services side, we continue to increase customer penetration through managed services with a growing number of contracts generating recurring revenue.

24 財年，能源終端市場整體占我們總業務的 15% 以上。在服務方面，我們繼續透過託管服務提高客戶滲透率，越來越多的合約產生經常性收入。

Total ARR for the company grew 16% in the quarter with double-digit growth across our software and services offerings. Segment margin was over 20%, and adjusted EPS was $2.47.

本季公司的總 ARR 成長了 16%，我們的軟體和服務產品實現了兩位數的成長。部門利潤率超過 20%，調整後每股收益為 2.47 美元。

Turning to slide 4 to review key highlights of our Q4 industry segment performance. Similar to our overall top line results in the quarter, our performance by industry reflects difficult year-over-year comparisons with Q4 of last year being a record quarter of shipments.

轉向幻燈片 4，回顧我們第四季度行業細分業績的主要亮點。與我們本季的整體營收結果類似，我們按行業劃分的業績反映了與去年第四季出貨量創紀錄的季度相比的困難。

Sales in our discrete industries were impacted by continued declines in auto and semi, partially offset by growth in e-commerce and warehouse automation. In automotive, we saw another quarter of EV project delays as brand owners and suppliers wait for more policy certainty and an overall improvement in consumer spending. Despite this pause in EV, there's still activity. And we continue to win business across traditional ICE and hybrid programs.

我們離散產業的銷售受到汽車和半成品持續下滑的影響，但部分被電子商務和倉庫自動化的成長所抵消。在汽車領域，由於品牌所有者和供應商等待更多的政策確定性和消費者支出的整體改善，我們看到電動車專案又推遲了四分之一。儘管電動車出現了暫停，但仍然有活動。我們繼續透過傳統的 ICE 和混合計劃贏得業務。

Rockwell was selected by Ford Motor Company as the automation partner for their Lugo, Kentucky facility. Rockwell will be supplying a full portfolio of logic controllers, drives, HMI and industrial components in the body in final assembly shops. There is also additional content for their next-generation truck programs.

羅克韋爾被福特汽車公司選為其肯塔基州盧戈工廠的自動化合作夥伴。羅克韋爾將為組裝車間的車身提供全套邏輯控制器、驅動器、HMI 和工業組件。還有關於他們的下一代卡車計劃的附加內容。

Moving to semiconductor. While the industry is dealing with oversupply and uncertainty around future stimulus support, we secured an important win with a global leader in semiconductor manufacturing to automate their R&D facilities here in the US We also continue to gain traction with our production logistics offering for material transport.

轉向半導體。雖然該行業正在應對供應過剩和未來刺激支援的不確定性，但我們與半導體製造領域的全球領導者取得了重要勝利，使其在美國的研發設施實現自動化。物流服務獲得牽引力。

E-commerce and warehouse automation sales increased 25% versus prior year. In addition to continued investments in warehouse upgrades by both e-commerce and traditional retail players, we see the benefits of data center investment, particularly in our Cubic business.

電子商務和倉庫自動化銷售額較上年增長 25%。除了電子商務和傳統零售企業持續投資倉庫升級之外，我們還看到了資料中心投資的好處，特別是在我們的 Cubic 業務中。

Turning to our hybrid industry. Sales in this segment were impacted by double-digit year-over-year declines in food and beverage and life sciences. In food and beverage, we continue to see muted capacity investments as end users are delaying projects and focusing on driving operational improvements across their existing facilities.

轉向我們的混合產業。此細分市場的銷售額受到食品飲料和生命科學領域兩位數年減的影響。在食品和飲料領域，我們繼續看到產能投資疲軟，因為最終用戶推遲了專案並專注於推動現有設施的營運改善。

With that said, we are working with leading food and beverage producers on their next greenfield plans. In the quarter, we had an important win with Kikkoman, the largest soy sauce manufacturer in the world. In partnership with the engineering firm CRB, we are delivering Rockwell's portfolio of Plex MES software and scalable plant-wide control, helping Kikkoman build their factory of the future here in Jefferson, Wisconsin.

儘管如此，我們正在與領先的食品和飲料生產商合作制定他們的下一個綠地計劃。本季度，我們與全球最大的醬油製造商龜甲萬取得了重要勝利。我們與工程公司 CRB 合作，提供羅克韋爾的 Plex MES 軟體組合和可擴展的全廠控制，幫助 Kikkoman 在威斯康辛州傑斐遜市建設未來工廠。

Within our life sciences vertical, we're seeing the investment in GLP-1 drugs as key pharma companies and their contract manufacturers aggressively add manufacturing capacity to support soaring consumer demand. Sales growth in our process industries was impacted by difficult comps with over 25% growth in Q4 of last year for this industry segment.

在我們的生命科學垂直領域，我們看到了對 GLP-1 藥物的投資，因為主要製藥公司及其合約製造商積極增加生產能力，以支持不斷飆升的消費者需求。我們流程產業的銷售成長受到了困難的影響，該產業去年第四季的銷售成長超過 25%。

Within oil and gas, similar to last quarter, we saw project pushouts in North America due to election uncertainty and potential policy changes, given the impact they may have on funding of greenhouse gas-related projects. Sensia did grow double digits in the quarter and continued to deliver improved profitability.

在石油和天然氣領域，與上個季度類似，由於選舉的不確定性和潛在的政策變化，我們看到北美的項目被推出，因為它們可能對溫室氣體相關項目的融資產生影響。 Sensia 在本季確實實現了兩位數成長，並繼續提高獲利能力。

In mining, customers are investing in the sustainability and safety of their operations. This quarter, Rockwell was chosen by Seriti New Denmark in South Africa to upgrade their environmental monitoring system from a competitive software offering to ensure effective monitoring of environmental conditions and respond to potential hazards.

在採礦業，客戶正在對其營運的可持續性和安全性進行投資。本季度，羅克韋爾被南非 Seriti New丹麥公司選中，將其環境監測系統從具有競爭力的軟體產品中升級，以確保有效監測環境條件並應對潛在危害。

Let's turn to slide 5 and our Q4 organic regional sales. In general, sales were down sharply year-over-year due to tough comparisons and the lingering impact of destocking.

讓我們轉向幻燈片 5 和我們第四季度的有機區域銷售。總體而言，由於嚴格的比較和去庫存的持續影響，銷售額比去年同期大幅下降。

Orders were up sharply year-over-year due to the easy comparison with Q4 fiscal year '23. Sequentially, orders were down low single digits, and shipments were flattish.

由於與 23 財年第四季相比，訂單年比大幅成長。隨後，訂單下降了低個位數，出貨量持平。

The Americas, our home market, continue to be our best performing region. As I mentioned, orders were up sequentially in North America. While we are happy with our strong presence in the Americas, we continue to expand our share of wallet with European machine builders as they serve their end users around the world.

我們的本土市場美洲仍然是我們表現最好的地區。正如我所提到的，北美的訂單連續增加。雖然我們對在美洲的強大影響力感到滿意，但我們繼續擴大與歐洲機器製造商的錢包份額，因為他們為世界各地的最終用戶提供服務。

In the quarter, we won an important project with GEA in India. GEA is one of the world's largest system suppliers for the food, beverage and pharmaceutical sectors. The GEA portfolio includes machinery in plants as well as advanced process technology, components and comprehensive services. The end user will implement state-of-the-art technologies to ensure efficient water usage and replenishment.

本季度，我們贏得了 GEA 在印度的一個重要項目。 GEA 是全球最大的食品、飲料和製藥行業系統供應商之一。 GEA 產品組合包括工廠機械以及先進的製程技術、組件和綜合服務。最終用戶將採用最先進的技術來確保高效的用水和補水。

Let's move to slide 6 for key highlights of fiscal 2024. We finished the year with a 9% year-over-year decline in reported sales. Sales from our Clearpath and Verve acquisitions contributed about 1 point of growth as we expand our customer value in the production logistics and cybersecurity spaces.

讓我們轉到投影片 6，了解 2024 財年的主要亮點。隨著我們在生產物流和網路安全領域擴大客戶價值，收購 Clearpath 和 Verve 的銷售貢獻了約 1 個百分點的成長。

Total ARR grew 16% with strong performance across our recurring software and services portfolio and is now over 10% of our total business. The 200 basis point decrease in our segment margin on a high single-digit year-over-year sales decline would have been worse without our more diverse business mix and the significant cost reduction actions we took earlier this year to align our cost structure with the current business environment. These actions also position us for expanded margins as markets recover. 60% free cash flow conversion was in line with our prior forecast.

由於我們的經常性軟體和服務組合表現強勁，總 ARR 成長了 16%，目前已占我們總業務的 10% 以上。如果沒有我們更加多元化的業務組合以及我們今年早些時候採取的重大成本削減行動，使我們的成本結構與去年同期相比，銷售額同比大幅下降，我們的部門利潤率下降了200 個基點，情況會更糟。隨著市場復甦，這些行動也使我們能夠擴大利潤。 60% 的自由現金流轉換符合我們先前的預測。

Let's now move to slide 7 to review our fiscal 2025 outlook. Given the uncertainty in the macroeconomic environment and continued project delays across a number of our end markets, we're projecting sales growth in the range of positive 2% to negative 4%. After a sequential decline in Q1 shipments primarily due to typical seasonality, we expect gradual sequential improvement in our top line growth through the balance of fiscal year '25. Christian will cover the calendarization of our guidance in more detail later on this call.

現在讓我們轉到投影片 7 來回顧我們的 2025 財年展望。鑑於宏觀經濟環境的不確定性以及我們許多終端市場的專案持續延遲，我們預計銷售成長將在正 2% 到負 4% 的範圍內。主要由於典型的季節性因素導致第一季出貨量連續下降後，我們預計在 25 財年的剩餘時間內，我們的營收成長將逐步連續改善。克里斯蒂安將在稍後的電話會議上更詳細地介紹我們的指導日曆。

We expect our annual recurring revenue to grow about 10%. Segment margin is projected to be down slightly versus prior year, and adjusted EPS is expected to be $9.20 at the midpoint. We expect free cash flow conversion to return to 100% in fiscal year '25.

我們預計每年的經常性收入將成長 10% 左右。預計該部門利潤率將比上年略有下降，調整後每股收益預計為 9.20 美元中位數。我們預計自由現金流轉換將在 25 財年恢復到 100%。

I'll now turn it over to Christian to provide more detail on our Q4 and full year performance and financial outlook for fiscal '25. Christian?

現在我將把它交給 Christian，以提供有關我們第四季度和全年業績以及 25 財年財務前景的更多詳細資訊。基督教？

Thank you, Blake, and good morning, everyone. I'm excited to be here this morning and look forward to working with you all over the coming quarters and years.

謝謝你，布萊克，大家早安。我很高興今天早上來到這裡，並期待在未來幾個季度和幾年裡與您合作。

I'll start on slide 8, fourth quarter key financial information. Fourth quarter reported sales were down 21% versus prior year. The positive impact of acquisitions and the negative impact of currency roughly offset each other in the quarter, while 2 points of our organic growth came from price.

我將從第 8 張投影片開始，第四季的關鍵財務資訊。第四季銷售額比去年同期下降 21%。本季收購的正面影響和貨幣的負面影響大致相互抵消，而我們的有機成長有 2 個百分點來自價格。

Segment operating margin was 20.1% compared to 22.3% a year ago. The year-over-year decrease reflects lower sales volume and unfavorable mix, partially offset by our cost reduction actions and all incentive compensation.

部門營業利益率為 20.1%，而去年同期為 22.3%。同比下降反映了銷售下降和不利的組合，但部分被我們的成本削減行動和所有激勵性補償所抵消。

Adjusted EPS of $2.47 was above our expectations primarily due to price and onetime items. Those onetime items included $22 million benefit from an adjustment to an earn-out accrual tied to achievement of the seller's revenue targets and our Clearpath acquisition.

調整後每股收益為 2.47 美元，高於我們的預期，這主要是由於價格和一次性項目的影響。這些一次性項目包括 2,200 萬美元的收益，該收益來自與實現賣方收入目標和我們收購 Clearpath 相關的應計收益的調整。

Adjusted effective tax rate for the fourth quarter was 14.9%, below the prior year rate of 17% and about 4 points below our expectations for the quarter. I'll cover our year-over-year adjusted EPS bridge on a later slide.

第四季調整後有效稅率為 14.9%，低於去年同期 17%，比我們對該季度的預期低約 4 個百分點。我將在後面的幻燈片中介紹我們逐年調整的 EPS 橋。

Free cash flow conversion -- sorry, free cash flow of $367 million was $409 million below -- lower than the prior year primarily due to lower pretax income. One additional item not shown on the slide, we repurchased approximately 450,000 shares in the quarter at a cost of $118 million. On September 30, we had $1.3 billion remaining under our repurchase authorizations.

自由現金流轉換——抱歉，自由現金流為 3.67 億美元，比前一年低了 4.09 億美元——主要是因為稅前收入減少。幻燈片中未顯示的另一項是，我們在本季以 1.18 億美元的成本回購了約 45 萬股股票。截至 9 月 30 日，我們的回購授權仍有 13 億美元。

slide 9 provides the sales and margin performance overview for our 3 operating segments. Intelligent Devices margin of 20.6% decreased 70 basis points year-over-year due to lower sales volume and unfavorable mix. If you exclude the benefit from the Clearpath earn-out adjustment I mentioned earlier, segment margin in Intelligent Devices was 18.3%.

投影片 9 提供了我們 3 個營運部門的銷售和利潤績效概覽。由於銷量下降和不利的組合，智慧型裝置利潤率為 20.6%，年減 70 個基點。如果排除我之前提到的 Clearpath 獲利調整的好處，智慧設備部門的利潤率為 18.3%。

Operationally, this was about 1 point below our expectations as better-than-expected (inaudible) cost was more than offset by lower volume and other costs, including the impact of currency. Purely focusing on decremental conversion after adjusting for the earn-out, the segment had decrementals in the mid-30s year-over-year in the fourth quarter, which reflects strong execution on cost-out programs against a 20% organic sales decline.

從營運角度來看，這比我們的預期低約 1 個百分點，因為好於預期（聽不清楚）的成本被銷售下降和其他成本（包括貨幣的影響）所抵銷。純粹專注於獲利調整後的遞減轉化，該細分市場第四季度的同比下降幅度在 30 多歲左右，這反映出在有機銷售額下降 20% 的情況下，成本支出計劃的執行力強勁。

Software control margin of 22.3% decreased about 1,100 basis points year-over-year due to lower sales volume, which was partially offset by cost reduction actions and no incentive compensation. Margins in this segment were below our expectations mainly due to lower shipments of Logix controllers.

由於銷量下降，軟體控制利潤率為 22.3%，年減約 1,100 個基點，但部分被成本削減措施和無激勵補償所抵銷。該細分市場的利潤率低於我們的預期，主要是由於 Logix 控制器的出貨量下降。

Revenue from the software portion of Software & Control held up nicely year-over-year. The 39% sales decline in Software & Control was driven by the hardware portion of the business against the historically high shipments in Q4 of the prior year. The typically high decrementals for Software & Control were mitigated somewhat by our cost-out actions.

軟體與控制的軟體部分的收入較去年同期保持良好。軟體和控制部門的銷售額下降了 39%，這是由該業務的硬體部分推動的，而去年第四季的出貨量創下了歷史新高。我們的成本削減行動在一定程度上緩解了軟體和控制的典型高減量。

Lifecycle Services margin of 17.4% increased 890 basis points year-over-year and was slightly above our expectations. The higher year-over-year segment margin in Lifecycle was driven by no incentive compensation, strong project execution and Sensia margin improvement. As Blake said, this business performed well throughout fiscal '24, and the incrementals reflect that.

生命週期服務利潤率為 17.4%，年成長 890 個基點，略高於我們的預期。 Lifecycle 部門利潤率同比上升的原因是無激勵補償、強勁的專案執行力和 Sensia 利潤率的提高。正如布萊克所說，該業務在整個 24 財年表現良好，增量反映了這一點。

On the next slide, 10, provides the adjusted EPS walk from Q4 fiscal 2023 to Q4 fiscal 2024. Core performance was down $2.40 on a 21% organic sales decrease with unfavorable segment and product mix driving an outsized flow-through.

下一張投影片10 提供了從2023 財年第四季到2024 財年第四季的調整後每股收益。產品組合推動了大規模的流通。

As Blake mentioned, cost reduction actions provided a $70 million benefit in the quarter, exceeding our expectations and were a $0.50 tailwind. Incentive compensation was $0.55 tailwind. This year-over-year delta reflects no bonus payout this year versus an above-target payout last year.

正如 Blake 所提到的，成本削減行動在本季度帶來了 7000 萬美元的收益，超出了我們的預期，並帶來了 0.50 美元的推動力。激勵補償為 0.55 美元順風。這筆同比增量反映了今年沒有發放獎金，而去年則發放了高於目標的獎金。

The Clearpath earn-out benefit was $0.20. The year-over-year impact from currency and acquisitions were a $0.05 headwind each whereas tax was a $0.05 tailwind. Shares, interest and other items taken together were a tailwind of $0.03.

Clearpath 的獲利收益為 0.20 美元。貨幣和收購的同比影響各為 0.05 美元，而稅收則為 0.05 美元。股票、利息和其他項目加起來是 0.03 美元的順風車。

I want to pause here to briefly discuss the sequential performance for Rockwell from Q3 to Q4. Although it's not on the slide, I think it's informative to discuss the progression, particularly when we later discuss the fiscal '25 guide.

我想在這裡暫停一下，簡要討論一下羅克韋爾從第三季到第四季的連續表現。雖然它沒有出現在投影片上，但我認為討論進度很有幫助，特別是當我們稍後討論 25 財年指南時。

Negative mix was the largest contributor to our decrementals sequentially. While reported company-wide sales were down $15 million, declines in products in both Intelligent Devices and Software & Control, including Logix, were more than double that amount.

負混合是我們連續遞減的最大貢獻者。儘管報告全公司銷售額下降了 1500 萬美元，但智慧型設備和軟體與控制部門（包括 Logix）產品的下降幅度超過了這一數字的兩倍。

On the other hand, we saw growth in Lifecycle Services and our configure-to-order products, which have less favorable margin profile. Further, as mentioned in our Q3 call, the Lifecycle Services segment had some high-margin projects shipped in Q3 that did not recur in Q4. This negative impact of both volume and mix drove high sequential decremental margins. Sequential currency and pension headwinds were offset by the earn-out adjustment.

另一方面，我們看到生命週期服務和按訂單配置產品的成長，但這些產品的利潤率不太理想。此外，正如我們在第三季電話會議中提到的，生命週期服務部門有一些在第三季出貨的高利潤項目，但在第四季沒有再出現。銷售量和產品組合的負面影響導致利潤率持續大幅下降。連續的貨幣和退休金逆風被獲利調整所抵消。

Moving on, slide 11 provides key financial information for the full fiscal year 2024. Reported sales declined 9% to $8.3 billion, including 1 point of growth coming from acquisitions. Currency was neutral. Organic sales were down 10%.

接下來，投影片 11 提供了 2024 年整個財年的關鍵財務資訊。貨幣呈中性。有機銷售額下降了 10%。

Full year segment margin of 19.3% decreased 200 basis points from last year. The decrease was due to lower sales and again, an unfavorable mix that skewed heavily toward products, partially offset by no incentive compensation as well as the benefits from cost reduction actions and onetime items, including the earn-out adjustment.

全年分部利潤率為 19.3%，較去年下降 200 個基點。下降的原因是銷售額下降，以及嚴重偏向產品的不利組合，部分被無激勵補償以及成本削減行動和一次性項目（包括收益調整）帶來的好處所抵消。

Adjusted EPS was down 20%. A detailed year-over-year adjusted EPS walk can be found in the appendix for your reference.

調整後每股收益下降 20%。詳細的逐年調整後 EPS 步行可在附錄中找到，供您參考。

Free cash flow conversion was in line with the updated expectations we shared last quarter at about 60% in fiscal 2024. Free cash flow decreased $575 million from fiscal '23. The decrease in free cash flow was driven by lower pretax income.

自由現金流轉換符合我們上季分​​享的 2024 財年約 60% 的最新預期。自由現金流的減少是由於稅前收入下降所致。

Inventory and receivables were a source of cash in the fourth quarter as we reduced our balances in line with end demand. Return on invested capital was 15.2% for fiscal year 2024 and 570 basis points lower than prior year primarily driven by lower income.

庫存和應收帳款是第四季度的現金來源，因為我們根據最終需求減少了餘額。 2024 財年的投資資本報酬率為 15.2%，比前一年低 570 個基點，主要是因為收入下降。

For the year, we deployed about $1.2 billion of capital toward dividends and share repurchases and made organic investments -- sorry, made inorganic investments of $750 million at the beginning of the fiscal year for Clearpath and Verve. Our capital structure and liquidity remains strong.

今年，我們部署了約 12 億美元的資本用於股息和股票回購，並進行了有機投資——抱歉，在本財年年初為 Clearpath 和 Verve 進行了 7.5 億美元的無機投資。我們的資本結構和流動性仍然強勁。

Let's now move on to the next slide, 12, to discuss guidance for fiscal 2025. We expect reported sales in a range from negative 4% to positive 2% or slightly below $8.2 billion at the midpoint with no impact from currency or acquisitions.

現在讓我們轉到下一張投影片12，討論2025 財年的指引。貨幣或收購的影響。

At the midpoint of our sales guidance, which is negative 1%, we expect both Intelligent Devices and Software & Control to be down low single digits and Lifecycle Services to be up low single digits year-over-year. We expect price to contribute about 1 point of growth for the year and price cost to be favorable.

在我們的銷售指導中點（負 1%），我們預計智慧型設備和軟體與控制業務將同比下降低個位數，生命週期服務將同比增長低個位數。我們預計全年價格貢獻約1個百分點，價格成本有利。

Segment margin is expected to be just under 19% at the midpoint, down about 40 basis points from fiscal year '24. As Blake mentioned, we continue to expect $250 million in year-over-year benefit from our productivity and margin expansion projects in fiscal year '25.

預計該部門的中點利潤率將略低於 19%，比 24 財年下降約 40 個基點。正如 Blake 所提到的，我們繼續預期 25 財年我們的生產力和利潤擴張項目將帶來 2.5 億美元的年比收益。

We look forward to covering more on our productivity and operational excellence journey with you at our upcoming Investor Day in Anaheim. We expect the full year adjusted effective tax rate to be around 17%. This is about 2 percentage points higher than fiscal '24, which benefited from some discrete events that will not recur.

我們期待在即將在阿納海姆舉行的投資者日上與您一起更多地了解我們的生產力和卓越營運之旅。我們預計全年調整後有效稅率約為17%。這比 24 財年高出約 2 個百分點，24 財年受惠於一些不會重複發生的離散事件。

Our adjusted EPS guidance range is $8.60 to $9.80 with $9.20 at the midpoint. We expect full year fiscal 2025 free cash flow conversion of about 100% of adjusted income.

我們調整後的 EPS 指導範圍為 8.60 美元至 9.80 美元，中間為 9.20 美元。我們預計 2025 財年全年自由現金流轉換約為調整後營收的 100%。

Blake mentioned earlier that we expect first quarter sales to be down high single digits sequentially. From a margin standpoint, we expect our Q1 margins to be in the low to mid-teens. Although we don't give quarterly guidance, we thought it would be helpful to give some additional color on how we expect the first quarter to shape up.

布萊克早些時候提到，我們預計第一季銷售額將環比下降高個位數。從利潤率的角度來看，我們預計第一季的利潤率將在十幾歲至十幾歲左右。儘管我們沒有提供季度指導，但我們認為對我們對第一季的預期情況提供一些額外的說明會有所幫助。

Intelligent Devices sales are expected to be down low teens sequentially, reflecting soft product demand and a seasonal low in configure-to-order products. Against this tough volume backdrop, Intelligent Devices will have compensation headwinds and a nonrecurrence of the earn-out adjustment. As a result, we expect Intelligent Devices segment margins to be in the low teens.

智慧設備銷售額預計將環比下降兩位數，反映出軟產品需求和按訂單配置產品的季節性低點。在這種嚴峻的銷售背景下，智慧型裝置將面臨薪資逆風，並且不再出現盈餘調整。因此，我們預計智慧型設備細分市場的利潤率將在十幾歲以下。

Software & Control margin is expected to be in the low 20s on flat sequential sales growth. Lifecycle Services typically has a seasonal low in the first quarter, and sales are expected to be down low single digits sequentially. We expect compensation headwinds and the volume impact to drive segment margins in Lifecycle to the low teens.

由於連續銷售成長持平，軟體和控制利潤率預計將在 20 多歲以下。生命週期服務通常在第一季出現季節性低點，預計銷售額將連續下降個位數。我們預期薪資逆風和銷售影響將推動生命週期的細分市場利潤率降至十幾歲以下。

As Blake mentioned, we expect gradual sequential improvement in our sales through the rest of the year. We also expect a corresponding increase in our segment margins.

正如布萊克所提到的，我們預計今年剩餘時間我們的銷售額將逐步持續改善。我們也預計我們的部門利潤率將相應增加。

Let's turn to slide 13 for our adjusted EPS walk for the full year. Our core is expected to be negative $0.20 for the year with more normalized conversion on the 1% sales decline at the midpoint of our guide. Importantly, included in our core is R&D spending, the lifeblood of our future growth, which we continue to target at about 6% of sales.

讓我們轉向幻燈片 13，了解我們調整後的全年 EPS 變化。我們的核心預計今年將負 0.20 美元，在我們的指南中點銷售額下降 1% 的情況下，轉換將更加正常化。重要的是，我們的核心包括研發支出，這是我們未來成長的命脈，我們繼續將目標設定為銷售額的 6% 左右。

Non-R&D investments planned for fiscal '25 are expected to be a $0.25 headwind. These investments are structural in nature to position us for future growth. They include expansion of our Cubic footprint to continue to capture the ongoing data center tailwind especially in the US, a new Rockwell facility in India and IT investments that will provide differentiated performance both inside and outside of Rockwell's walls.

25 財年計畫的非研發投資預計將帶來 0.25 美元的阻力。這些投資本質上是結構性的，旨在為我們未來的成長做好準備。其中包括擴大我們的Cubic 足跡，以繼續抓住持續的資料中心順風，尤其是在美國，在印度建立新的羅克韋爾設施，以及將在羅克韋爾牆內和牆外提供差異化性能的IT 投資。

Continuing on to the waterfall. Our productivity actions are expected to increase EPS by $1.85, reflecting the targeted $250 million cost-out savings. Nearly offsetting those savings are compensation and inflation headwinds next year, which are expected to decrease EPS by $1.40 at the midpoint of guide.

繼續前往瀑布。我們的生產力行動預計將使 EPS 增加 1.85 美元，反映出 2.5 億美元成本節約的目標。明年的薪資和通膨逆風幾乎抵消了這些節省，預計每股收益將在指導中點下降 1.40 美元。

Adjustments for the Clearpath earn-out in Q2 and Q4 of fiscal '24 resulted in a $0.25 headwind in fiscal '25. We expect tax to be a $0.20 headwind. Shares, interest expense and other items taken together are expected to be a $0.06 headwind.

Clearpath 在 24 財年第二季和第四季的獲利調整導致 25 財年出現 0.25 美元的逆風。我們預計稅收將帶來 0.20 美元的不利影響。股票、利息支出和其他項目總計預計將帶來 0.06 美元的阻力。

To break down the guide another way, our adjusted EPS in fiscal '24 included about $0.25 of benefit from earn-out adjustments that added about 35 basis points to our segment margins for the year. Our guide of fiscal '25 segment margins of just under 19% reflects essentially a flat -- flat segment margins on this adjusted basis year-over-year. The headwinds of a 1% sales decline at the midpoint of our guide as well as compensation and investment headwinds are expected to be offset at the segment level by our cost-out programs.

為了以另一種方式分解該指南，我們在 24 財年調整後的每股收益包括約 0.25 美元的盈利調整收益，這使我們今年的部門利潤率增加了約 35 個基點。我們對 25 財年細分市場利潤率的指導為略低於 19%，這基本上反映了在調整後的基礎上同比持平的細分市場利潤率。我們的指南中點銷售額下降 1% 的不利因素以及薪酬和投資不利因素預計將在細分市場層面被我們的成本支出計劃所抵消。

A few additional comments on fiscal 2025 guidance for your models. Corporate and other expenses is expected to be around $130 million. Net interest expense for fiscal 2025 is expected to be about $145 million. We're assuming average diluted shares outstanding of 113.1 million shares, and we are targeting $300 million of share repurchases during the year.

關於您的模型的 2025 財年指導的一些附加評論。公司及其他費用預計約為 1.3 億美元。 2025 財年的淨利息支出預計約為 1.45 億美元。我們假設平均稀釋後已發行股票為 1.131 億股，我們的目標是年內回購 3 億美元的股票。

With that, I'll turn it back over to Blake for some closing remarks before we start Q&A.

在我們開始問答之前，我將把它轉回給布萊克，讓他做一些結束語。

Thanks, Christian. Despite project delays tied to policy uncertainty and US election, we won new capacity projects in the US across a variety of verticals in the quarter and throughout the year. We saw a sequential ramp in these wins throughout the year with Q4 being the best quarter.

謝謝，克里斯蒂安。儘管項目因政策不確定性和美國大選而延遲，但我們在本季和全年贏得了美國各個垂直領域的新產能項目。我們看到這些勝利在全年中連續上升，其中第四季是最好的季度。

Projects came from a diverse set of end markets, including renewable energy, tire, oil and gas, EV and semiconductor. The funnel of these mega projects is robust, and we expect an increase in these orders during fiscal year '25.

項目來自不同的終端市場，包括再生能源、輪胎、石油和天然氣、電動車和半導體。這些大型專案的管道十分強勁，我們預計這些訂單在 25 財年將會增加。

Fiscal year '25 will be a particularly strong year for new product introductions, including both hardware and software. We look forward to showcasing this innovation for customers during automation fair in 2 weeks and for you at our Investor Day during the show.

25 財年將是新產品推出尤其強勁的一年，包括硬體和軟體。我們期待在兩週後的自動化展會上向客戶展示這項創新，並在展會期間的投資者日向您展示這項創新成果。

Acquisitions made a year ago are expected to contribute about 1 point of organic growth in fiscal year '25. We do not anticipate major new acquisitions in the year. We have an unmatched portfolio that combines traditional sources of value with new ways to win.

一年前的收購預計將在 25 財年貢獻約 1 個百分點的有機成長。我們預計今年不會有重大新收購。我們擁有無與倫比的產品組合，將傳統的價值來源與新的獲勝方式結合在一起。

As we've said, we're now concentrating on integrating what we built and bought to drive simplification for our customers, expanded margins for investors and focus for our employees. Our people remain the heart of our success, and I thank them for their dedication and resilience. My leadership team and I look forward to working shoulder to shoulder with our employees and partners around the world during the coming year as we tune our operations, add new innovation to our portfolio and win at customers.

正如我們所說，我們現在專注於整合我們建造和購買的產品，以推動客戶的簡化，擴大投資者的利潤並專注於我們的員工。我們的員工仍然是我們成功的核心，我感謝他們的奉獻和韌性。我和我的領導團隊期待在來年與世界各地的員工和合作夥伴並肩工作，調整我們的運營，為我們的產品組合增添新的創新並贏得客戶。

Aijana, we'll now begin the Q&A session.

Aijana，我們現在開始問答環節。

Thanks, Blake. (Operator Instructions)

謝謝，布萊克。 （操作員說明）

Julianne, let's take our first question.

朱莉安，讓我們來回答第一個問題。

(Operator Instructions)

（操作員說明）

Scott Davis from Melius Research.

Melius Research 的 Scott Davis。

Blake, you implied that maybe the election caused some noise. Do you see a restock happening imminently? Is that something that seems possible?

布萊克，你暗示選舉可能引起了一些噪音。您認為補貨即將發生嗎？這看起來有可能嗎？

We're really not counting on -- Scott, we're really not counting on anything at the beginning of the year, particularly in Q1. As we talked about before, we're nearing the end of the drain of excess stock at distributors and machine builders.

我們真的不指望 - 斯科特，我們真的不指望今年年初的任何事情，特別是在第一季。正如我們之前談到的，分銷商和機器製造商的過剩庫存即將耗盡。

Some machine builders and distributors are already back to that equilibrium point. But we're just not counting on some rapid acceleration for them to put additional inventory back on their shelf.

一些機器製造商和分銷商已經回到了這個平衡。但我們只是不指望他們會迅速加速將額外的庫存放回貨架上。

And just to follow up on that theme. The last time, we had tariffs come in. What were the customer -- who were the customer responses? Were they more likely to pre-buy and kind of buildup, in particular distributors build up inventory? Or are they more -- was there a change in behaviors around that? And certainly, there may be some concerns around tariffs. So just kind of curious to see what you guys saw last time and how that may inform this time.

只是為了跟進這個主題。上次，我們收到了關稅。他們是否更有可能預購併累積庫存，特別是經銷商累積庫存？或者他們的行為是否改變了？當然，關稅方面可能存在一些擔憂。所以只是有點好奇，想看看你們上次看到了什麼，以及這次會有什麼影響。

We really didn't see customer behavior change a lot with the tariffs. I'll tell you that, that's an area that I'm proud of the agility that we showed as the tariffs came through to get ahead of that to ensure a positive price/cost as things were coming in. And so I'm very confident should we see additional tariffs, we'll be able to reflect that in our pricing to customers.

我們確實沒有看到客戶行為因關稅而發生太大變化。我會告訴你，在這個領域，我對我們在關稅方面表現出的敏捷性感到自豪，我們在關稅到來之前就提前確保了積極的價格/成本。關稅，我們將能夠在向客戶提供的定價中反映出來。

But unlike what occasionally will happen with regular price increases where you see a little bit of purchases brought forward, we really didn't see that with respect to the tariffs. Obviously, there's a lot of expectation that continues as investment increases in the US to complement labor with technology. And of course, that's right down our sweet spot.

但與定期價格上漲偶爾會發生的情況不同，你會看到一些提前購買的情況，我們在關稅方面確實沒有看到這種情況。顯然，隨著美國投資增加以技術補充勞動力，人們仍然抱持著很大的期望。當然，這正是我們的最佳選擇。

Andy Kaplowitz from Citigroup.

來自花旗集團的安迪‧卡普洛維茲。

Blake, maybe just trying to flesh out '25 a little bit more, when you look at '25, do you think we're any closer to a bottom in discrete? I know you mentioned some incremental CapEx delays, but is there any kind of visibility that's helping you, let's call it, talk about relative stability in hybrid and process markets in '25, given the forecast of down low single digits and flat, respectively?

Blake，也許只是想進一步充實 25 年，當你看看 25 年時，你認為我們是否更接近離散領域的底部？我知道您提到了一些增量資本支出延遲，但是考慮到預測將分別下降低個位數和持平，是否有任何類型的可見性可以幫助您（我們稱之為）談論25 年混合市場和流程市場的相對穩定性？

Yes. So in -- let's start with hybrid. Food and beverage, we're still not seeing a lot of activity of people pulling the trigger on greenfield investment, although we're working with them and the associated EPCs on planning for expansion projects. And we're continuing to get business through digital services, modernizations and things like that with their brownfield footprint.

是的。那麼，讓我們從混合動力開始。食品和飲料方面，儘管我們正在與他們以及相關的 EPC 合作規劃擴建項目，但我們仍然沒有看到很多人啟動綠地投資。我們將繼續透過數位服務、現代化以及類似的方式利用他們的棕地足跡來獲得業務。

In life sciences, we do think that we may be coming off a little bit of a bottom with respect to life sciences. And we've talked about the optimism around GLP-1 capacity that we're engaged with and that we expect to continue in that area.

在生命科學領域，我們確實認為我們可能正在走出生命科學的谷底。我們已經談到了對我們正在參與的 GLP-1 能力的樂觀態度，並且我們希望在該領域繼續下去。

In discrete, the biggest component of discrete is automotive. We talked about a minute ago the win at Ford. So customers are still investing, but it's not picked up to a point where we can sound the all clear, let's say.

在離散領域，離散領域最大的組成部分是汽車。一分鐘前我們談了福特的勝利。因此，客戶仍在投資，但還沒有達到我們可以說清楚的程度。

We do expect the SAAR count to increase in fiscal '25. EV as a percentage of vehicles sold in the US is expected to go up a little above 10%, obviously at a much slower pace than we all envisioned a couple of years ago.

我們預計 SAAR 數量將在 25 財年增加。電動車在美國銷售的汽車中所佔的比例預計將略高於 10%，顯然增速比我們幾年前的預期要慢得多。

And then another element of discrete is e-commerce and warehouse automation. That's also where our data center activity is. That was a bright spot this year for us, and we expect that to continue. There's a lot of activity there, not only among the hyperscalers, but also among the other retailers who are looking to modernize and make their operations more efficient.

離散的另一個要素是電子商務和倉庫自動化。這裡也是我們資料中心活動的所在地。這對我們來說是今年的一個亮點，我們希望這種情況能持續下去。那裡有很多活動，不僅在超大規模企業之間，而且在其他尋求現代化並提高營運效率的零售商之間。

Semiconductor, a little bit more mixed. I still expect that to recover. We talked about some activity there. We're not expecting that to be a big contributor in the year.

半導體，有點混合。我仍然希望能夠恢復。我們討論了那裡的一些活動。我們預計這不會成為今年的重大貢獻者。

That's helpful. And then, Blake, just kind of fleshing out the '25 guidance, and maybe this is for Christian. Order's down low single digits in Q4. You talked about flat in Q1. I guess that puts you probably in the 7s in terms of run rate and sales. So maybe how much lift do you get in orders if destocking were to just end? And do you need orders to start picking up in Q2 to sort of make that midpoint of your guide?

這很有幫助。然後，布萊克，只是充實了 25 年的指導方針，也許這是給克里斯蒂安的。第四季訂單下降了低個位數。您在第一季談到了持平。我猜這會讓你的運行率和銷量可能處於 7 左右。那麼，如果去庫存剛結束，你的訂單可能會增加多少？您是否需要在第二季開始接貨訂單才能達到您指南的中點？

We're really looking at a very gradual sequential growth in orders after Q1. That's what we're expecting, triangulating from a variety of points, looking at the different industries. We also look at Lifecycle with its higher exposure to process, which continues to invest, and the relevance of backlog that they have in that segment are contributing positive growth in the year.

我們確實看到第一季之後訂單的環比增長非常緩慢。這就是我們所期望的，從不同的角度進行三角測量，審視不同的產業。我們也關註生命週期，它對流程的關注度更高，持續投資，而且他們在該領域積壓的相關性正在推動今年的積極成長。

So we feel comfortable with that and then with the order progression that I just described being the biggest impact -- the biggest influence on Software & Control and Intelligent Devices through the year.

因此，我們對此感到滿意，然後對我剛才描述的最大影響——全年對軟體與控制和智慧型裝置影響最大的訂單進度感到滿意。

Andrew Obin from Bank of America.

美國銀行的安德魯‧奧賓。

Just -- I'm going to go back to sort of trying to figure out where things bottom. So as you look at your funnel and then obviously funnel becomes orders, and then orders become shipments. So just trying to understand, is the sort of this funnel converting into orders is just a budgeting at year-end? And so we effectively need budgets to be set for calendar '25, and that's what we're going to see orders?

只是——我要回去嘗試找出事情的底部。因此，當您查看漏斗時，顯然漏斗變成了訂單，然後訂單變成了發貨。因此，我想了解一下，這種轉化為訂單的管道是否只是年底的預算？因此，我們實際上需要為 25 年曆制定預算，這就是我們將看到的訂單？

And then once you get an order, what do you think because not just for you, I know that you guys can probably ship your stuff within one to two weeks. But as you put the product together, what's the right way of thinking from order converting into shipment that you book? Is it three months? Is it 6 months? If you could just outline this timeline if and when things actually start inflecting.

然後，一旦您收到訂單，您會怎麼想，因為不僅僅是您，我知道您可能可以在一到兩週內發貨。但是，當您將產品組合在一起時，從訂單轉換為您預訂的發貨的正確思維方式是什麼？是三個月嗎？是6個月嗎？如果你能概述一下事情是否以及何時真正開始改變的時間表。

Sure. So Andrew, let me describe a little bit of the overall process. And if I missed something, then ask me to touch that up.

當然。安德魯，讓我描述一下整個過程。如果我遺漏了什麼，請讓我修改。

The funnel was tracked probably a little bit differently for pure products that go into MRO versus the big greenfield projects that we look at that we described last year in terms of the typical calendarization of like a big EV project, for instance.

對於進入 MRO 的純產品，與我們去年描述的大型電動車專案的典型日曆化專案相比，漏斗的追蹤可能有點不同。

And of course, we have both in our business. We track intensely the project work, in some cases, a year or two before orders are left there with CapEx across the different industries. And that's where our lighthouse project group has really shown this year. And as I said, we expect even more activity in the coming year.

當然，我們的業務中兩者都有。我們會密切追蹤專案工作，在某些情況下，在訂單透過不同行業的資本支出留在那裡之前一兩年。這就是我們的燈塔專案組今年真正展示的地方。正如我所說，我們預計來年會有更多活動。

That funnel looks good and certainly supports the guide with respect to Lifecycle Services. We have a good funnel in Clearpath, for instance, Cubic and so on.

該漏斗看起來不錯，並且肯定支援生命週期服務的指南。我們Clearpath有很好的漏斗，像是Cubic等等。

And between the time that something comes out of the funnel and is won and ordered and shipped, that could be months or, in some cases, a year or more depending on the amount of engineering in that project. When it comes to the products in that funnel, when those come out as an order to us, as you said, we're back to turning those around at a very high rate.

從產品從漏斗中出來到贏得、訂購和發貨之間，可能需要幾個月的時間，在某些情況下，可能需要一年或更長時間，具體取決於該項目的工程量。當談到該漏斗中的產品時，當這些產品作為訂單向我們發出時，正如您所說，我們會以非常高的速度扭轉這些產品。

The majority of those get serviced within a period of days of our distributor shelf. But even when we have to build it, we can rely on the safety stock that we built up -- built back up during the year or building in the plants. That's converting at a very high rate.

其中大多數在我們經銷商貨架的幾天內就得到了維修。但即使我們必須建造它，我們也可以依靠我們建立的安全庫存——年內建立的或工廠建設的安全庫存。這是一個非常高的轉換率。

So I think to your question, from time you get an order to the shipment, what the overall time, it literally is a period of weeks for those products, a little bit longer for the configure-to-order products that we have in Intelligent Devices. And again, you get into the months, I think average lead time in Lifecycle Services is probably about 5 or 6 months. But it certainly varies between digital services and fully engineered systems. So hopefully, that touches on some of what you were looking for.

所以我想你的問題，從你收到訂單到發貨，總共需要多長時間，對於這些產品來說，實際上是幾週的時間，對於我們在智能方面的按訂單配置產品來說，需要更長的時間設備。再說一遍，我認為生命週期服務的平均交付時間可能約為 5 或 6 個月。但數位服務和完全工程化的系統之間肯定有所不同。希望這能觸及您正在尋找的一些內容。

Yes. No, absolutely. And then just -- and I apologize if you have sort of talked about it, but you were sort of machine builders in Europe was pinch point. I think one of your competitors sort of has come out and said that, that is being pushed out three to six months. What is happening with machine builders in Europe, just a little bit more granular view there?

是的。不，絕對是。然後，如果您談到了這一點，我很抱歉，但您是歐洲的機器製造商，這是一個關鍵點。我認為你的一位競爭對手已經站出來表示，這將被推遲三到六個月。歐洲的機器製造商正在發生什麼，只是更具體的觀點嗎？

Yes. Well, let me start with a subjective comment, and that is I'm seeing a lot of machine builders from Europe in our facility now. And we'll see a lot of them at automation fair in a couple of weeks.

是的。好吧，讓我從主觀評論開始，那就是我現在在我們的工廠看到很多來自歐洲的機器製造商。幾週後我們將在自動化展會上看到很多這樣的產品。

The PAC Expo show down in Chicago is close enough to where we're seeing a lot of those machine builders come up and talk to us about their plans going forward. Super encouraging. These are big names, and they're already decent sized customers but with lots of opportunities to grow share of their spend, given that a lot of their end users are investing in the US. And they want to be working with the US leader. That's fact.

在芝加哥舉行的 PAC 博覽會上，我們看到許多機器製造商前來與我們談論他們的未來計劃。超級鼓舞人心。這些都是大牌企業，而且他們已經是相當規模的客戶，但考慮到他們的許多最終用戶都在美國投資，他們有很多機會增加他們的支出份額。他們希望與美國領導人合作。這是事實。

We're definitely hearing that directly from those machine builders, and you'll hear from some more of them at automation fair as well. In fiscal year '25 coming off of a year where the overstock condition that European machine builders contributed to big declines, we expect Europe to be decent performing after the Americas.

我們肯定是直接從那些機器製造商那裡聽到的，您也會在自動化博覽會上聽到更多他們的聲音。在 25 財年，歐洲機器製造商的庫存過剩狀況導致了庫存大幅下降，我們預計歐洲將繼美洲之後表現良好。

So Americas will be the best-performing region in the world in '25 followed by Europe, followed by Asia as those overstock conditions completely dissipate, and they get back to normal order patterns.

因此，美洲將成為 25 年世界上表現最好的地區，其次是歐洲，然後是亞洲，因為庫存過剩的情況完全消失，並且恢復到正常的訂單模式。

Nigel Coe from Wolfe Research.

沃爾夫研究中心的奈傑爾·科 (Nigel Coe)。

Thanks for the 1Q color and all the additional guidance points. So Christian, I just want to make sure that we've got the message on 1Q. We're sort of getting -- just to map it back to the full year guide down the 6% to 7% type organic year-over-year for 1Q.

感謝 1Q 顏色和所有附加指導點。克里斯蒂安，我只想確保我們已經在第一季收到了消息。我們只是將其映射回全年指南，第一季有機年減 6% 至 7%。

And just based on the margin, it seems like maybe a bit more pressure perhaps on EPS, so maybe down to like [$1.80] or so. Would that be sort of consistent in your thinking?

僅根據利潤率，每股盈餘似乎可能面臨更大的壓力，因此可能會降至 [1.80 美元] 左右。這在你的想法中是一致的嗎？

Yes. So just to frame it a little bit, when we talk about the sequential side of it for kind of the overall organization. We have -- if you bridge from Q4 into Q1, we've got headwinds.

是的。因此，當我們談論整體組織的順序方面時，只是稍微框架一下。如果你從第四季過渡到第一季度，我們就會遇到阻力。

Of course, the earn-out adjustments not going to recur. We've got headwinds from perspective of the compensation inflationary side. And then on top of that, of course, there's the volume reduction, all of which are going to contribute to some real decrementals as we go into Q1.

當然，獲利調整不會再發生。從薪資通膨的角度來看，我們遇到了阻力。當然，最重要的是銷量的減少，當我們進入第一季時，所有這些都將帶來一些真正的減少。

So you mentioned a number on the EPS. We're not going to actually get into real detail on exactly what that number is, but it will be significantly below $2.

所以你提到了每股盈餘的一個數字。我們不會真正詳細了解這個數字到底是多少，但它會大大低於 2 美元。

Yes. Okay. That's helpful. And then just based on the normal -- I mean, normal sequential through the year, it seems like 2Q would be down in a similar level of year-over-year, and then you start getting the real benefit from the easy comps in the back half of the year.

是的。好的。這很有幫助。然後，根據正常情況——我的意思是，全年正常情況下，第二季度似乎會比去年同期下降類似的水平，然後你開始從簡單的比較中獲得真正的好處時間回到了半年。

But I do struggle to understand what gets us to plus 2% just given the start of the year. So just to be curious what sort of assumptions you're making at that plus 2%, and maybe just frame it in terms of what you'd expect to see in the order numbers.

但我確實很難理解是什麼讓我們在今年年初就實現了 2% 的成長。因此，只是想知道您在加 2% 的情況下做出了什麼樣的假設，也許只是根據您期望在訂單號中看到的內容來構建它。

Yes. So that would -- so the plus 2% would be a little bit better sequential improvement, either a little bit more pronounced ramp up or a little bit earlier development of the recovery in the end markets that would flip Intelligent Devices and Software & Control products to positive shipments for the year.

是的。因此，+2% 將是更好的連續改善，要么是更明顯的增長，要么是終端市場復甦的提前發展，這將翻轉智慧設備和軟體與控制產品今年的出貨量為正值。

So if you get a little bit higher growth than expected earlier in the year and we continue to build sequentially off of that, that's where you would see the pickup. The Lifecycle Services, the longer lead time items, again, given the exposure to process markets and the amount in backlog, I don't see that changing as dramatically. It's really going to be the products that will be the swing votes in this.

因此，如果你的成長比今年早些時候的預期要高一些，並且我們繼續在此基礎上繼續發展，那麼你就會看到成長。生命週期服務，交貨時間較長的項目，再次考慮到流程市場的暴露和積壓的數量，我認為這種情況不會發生太大的變化。真正將成為這方面搖擺票的產品。

Chris Snyder from Morgan Stanley.

摩根士丹利的克里斯·斯奈德。

I wanted to talk about Americas market and order trends. So I think you guys said that those were up low single digits sequentially or just up sequentially. So any color on maybe the magnitude of increase.

我想談談美洲市場和訂單趨勢。所以我想你們說過這些是連續上升的低個位數或只是連續上升。所以任何顏色都可能增加幅度。

And when you guys talk about orders flat sequentially into Q1 on seasonality, is the expectation that Americas continues to get better? And then just more broadly on America, anything you could comment around the competitive environment and specifically how you think the company is doing on share of new wins and new awards.

當你們談論第一季的季節性訂單持平時，是否預期美洲會繼續好轉？然後更廣泛地說，關於美國，您可以對競爭環境發表任何評論，特別是您認為公司在新勝利和新獎項方面的表現如何。

Sure. Yes. As we said, Americas was the best-performing region in '24 and we expect in '25 will continue to be the best performing region. We obviously have by far the largest share in the Americas.

當然。是的。正如我們所說，美洲是 24 年表現最好的地區，我們預計 25 年將繼續成為表現最好的地區。顯然，我們在美洲擁有迄今為止最大的份額。

We've got the best channel. We've got the largest installed base and the deepest relationship. So there's a pretty good hand in that case. And we're seeing, as I mentioned before, modest share gains.

我們有最好的管道。我們擁有最大的安裝基礎和最深厚的關係。所以在這種情況下有一手相當好的牌。正如我之前提到的，我們看到份額略有增長。

Obviously, our competitors are all interested in the US and expanding that footprint. But we're attacking it with the same sense of urgency and recognizing that we have to take the battle to machine builders and engineering firms around the world as well as continuing to provide unmatched, very differentiated support for the users here as well, releasing new products with the whole equation. And it's all hands on deck for that.

顯然，我們的競爭對手都對美國感興趣並擴大其足跡。但我們正以同樣的緊迫感來應對這一挑戰，並認識到我們必須向世界各地的機器製造商和工程公司發起戰鬥，並繼續為這裡的用戶提供無與倫比的、非常差異化的支持，發布新的具有整個方程式的乘積。為此，所有人都在全力以赴。

In terms of the sequentials, I did mention that we saw sequential improvement in orders in Q4 in North America. And we haven't characterized just where we see the sequentials through the year by region and by products or solutions. But again, we expect Americas to be the best.

就環比而言，我確實提到我們看到北美第四季度的訂單環比改善。我們還沒有按地區、產品或解決方案來描述全年的序列情況。但我們再次預期美洲是最好的。

And I did say that we expect in the so-called mega projects that we expect more orders to come from that activity in '25 than we saw in '24. And that will become a more and more significant number as we finally get past the overstock effects of products in the channel.

我確實說過，我們預計在所謂的大型項目中，我們預計 25 年來自該活動的訂單將比 24 年更多。當我們最終克服通路中產品的庫存過剩效應時，這個數字將變得越來越重要。

Appreciate that. And then maybe just following up on that American manufacturing CapEx investment, which is obviously tilting much more towards electronic components like chips and even bigger electrical equipment, maybe things like transformers.

很欣賞這一點。然後也許只是跟進美國製造業的資本支出投資，這顯然更傾向於晶片等電子元件，甚至更大的電氣設備，也許是變壓器之類的東西。

So as the CapEx shifts into different end markets, is there anything that investors should be aware of on just the content? Is the content on those products, not just for you, but just for automation industry, maybe lower than more traditional verticals like food and beverage? And then just the fact that some of these verticals are a bit new to the United States, how is Rockwell positioned to compete on those?

那麼，隨著資本支出轉移到不同的終端市場，投資者是否應該在內容上註意什麼？這些產品的內容（不僅針對您，而且針對自動化行業）是否可能低於食品和飲料等更傳統的垂直行業？事實上，其中一些垂直產業對美國來說有點新鮮，羅克韋爾如何定位在這些垂直領域的競爭？

Yes. Yes, Chris, great question. The opportunities we're tracking, and literally, there are thousands of projects that we're looking at and then getting laser focused on the top of the funnel where we have the clearest line of sight, and we're getting ready to make decisions.

是的。是的，克里斯，好問題。我們正在追蹤的機會，從字面上看，我們正在研究數千個項目，然後將雷射聚焦在漏斗頂部，在那裡我們擁有最清晰的視線，並且我們準備好做出決策。

If you look at the vertical industries represented by that funnel, it's split roughly evenly between the verticals that we don't have as much penetration in that we haven't talked as much about historically, things like semiconductor balanced by industries that we have great share in, we've talked about forever, we have extremely high readiness to serve like food and beverage, like automotive, like life sciences.

如果你看看這個漏斗所代表的垂直產業，它在我們沒有那麼多滲透率的垂直產業之間大致平均分配，因為我們歷史上沒有太多談論過，像半導體這樣的產業被我們擁有很大優勢的產業所平衡。

So we went through and characterized that entire basket of projects. And it's split roughly equal, and each side of that represents hundreds of billions of dollars of CapEx and very substantial amounts of opportunity for us.

因此，我們對整個專案進行了分析和描述。它的分配大致相等，每一邊都代表著數千億美元的資本支出，並且為我們帶來了大量的機會。

And as I've said before, I think we're still in the reasonably early innings of those being awarded. So you're seeing awards for things like data centers for projects now. And while we have some exposure in data centers, it's obviously not the bulk of our business. People are placing orders for very long lead time items. I think transformers, in some cases, are still out two years and so on.

正如我之前所說，我認為我們仍處於獲獎者的早期階段。因此，您現在會看到諸如專案資料中心之類的獎項。雖然我們在資料中心有一些業務，但這顯然不是我們的大部分業務。人們正在訂購交貨時間很長的商品。我認為，在某些情況下，《變形金剛》還需要兩年的時間等等。

And we'll see some content from that. But I think the biggest amount of those projects is still to come over the next few years.

我們會從中看到一些內容。但我認為這些項目中最大數量的項目仍將在未來幾年內完成。

Julian Mitchell from Barclays.

巴克萊銀行的朱利安·米切爾。

Maybe one question for you, Blake, just thinking back to the Investor Day a year ago. So you talked about that sort of mid- to high single-digit organic sales CAGR entitlements. When we take '24 and the guide for '25, you're running at a sort of negative mid-single-digit CAGR.

也許有個問題想問你，布萊克，回想一年前的投資者日。所以你談到了那種中高個位數的有機銷售複合年增長率權利。當我們採用 24 年和 25 年的指南時，您的複合年增長率為負中個位數。

So just trying to understand for you to sort of get the nose up and move back towards the mid- to high positive growth, how much more do you need to put in, in terms of reinvestment? So I understand, short term, you're sort of cutting spending in headcount because of the near-term top line. But are you confident you can get back to that mid-single-digit plus growth trend without sort of heavier investment taking place in the next couple of years?

因此，我想了解一下，為了讓您振作起來並恢復中高正成長，在再投資方面您還需要投入多少？所以我理解，從短期來看，由於近期的收入，你會削減員工支出。但您是否有信心在未來幾年內無需加大投資就能恢復中個位數以上的成長趨勢？

Yes. Thanks for the question, Julian. So in terms of the investment, we've taken a lot of care even through the last tough year to preserve spending in areas like customer-facing resources as well as R&D for new product introductions. And you'll see the continuing increased pace of that at automation fair in a couple of weeks across our portfolio, Software & Control, Intelligent Devices, new digital services.

是的。謝謝你的提問，朱利安。因此，就投資而言，即使在過去艱難的一年裡，我們也非常謹慎地保留在面向客戶的資源以及新產品推出的研發等領域的支出。幾週後，您將在自動化展會上看到我們的產品組合、軟體與控制、智慧型裝置、新數位服務的持續成長速度。

I'm very proud of the way that we're getting these new products to market. In fact, in Software & Control, R&D as a percentage of sales is actually double digits. So we continue to preserve that going forward.

我對我們將這些新產品推向市場的方式感到非常自豪。事實上，在軟體與控制領域，研發佔銷售額的百分比其實是兩位數。因此，我們將繼續保留這一點。

I think that as we look at getting back to those growth rates, let me also say that after we get past the reset, the very high growth in '23, 17% top line growth, obviously, the decline last year and then the guide for this year, we still hold, and we'll talk more about this in a couple of weeks, but we still hold to that framework, both in terms of top line as well as margin expectations.

我認為，當我們考慮回到這些成長率時，我還要說，在我們經歷了重置之後，23 年的非常高的成長，17% 的營收成長，顯然，去年的下降，然後是指導今年，我們仍然堅持這一觀點，幾週後我們將更多地討論這一點，但我們仍然堅持這個框架，無論是在營收還是利潤率預期方面。

And so while we've made some cuts that are to align the cost structure of the business with current business conditions and incoming orders, some of (inaudible) structural for that long term as well. We talked about the structural capacity investments that we're making. I just mentioned the continued investment in R&D.

因此，雖然我們進行了一些削減，以使業務成本結構與當前的業務狀況和收到的訂單保持一致，但也有一些（聽不清楚）結構性的長期削減。我們討論了我們正在進行的結構性產能投資。我剛才提到了研發的持續投入。

So I don't see a sharp snapback because we've been pretty surgical about the cuts that we've made to make sure that we're not cutting the lifeline to future acceleration back to the growth that we talked about at Investor Day last year.

因此，我沒有看到急劇的反彈，因為我們對削減措施非常謹慎，以確保我們不會切斷未來加速回到我們上次投資者日談到的成長的生命線年。

That's very helpful. And maybe just a shorter-term second question for the 2025 guidance. So just on the segment margin point, it's 19% for the year. Just wanted to check, was the low to mid-teens margin comment for Q1, was that a segment margin comment? And so you sort of -- and off that Q1 margin starting point, do we assume you sort of take the margin up 200 or 300 basis points sequentially each quarter to get to 19% for the year? Is that the right framework?

這非常有幫助。也許只是 2025 年指導的短期第二個問題。因此，僅就分部利潤率而言，今年的利潤率為 19%。只是想檢查一下，第一季的利潤率評論是否為低至中青少年，這是細分市場利潤率評論嗎？因此，從第一季的利潤率起點開始，我們是否假設您每季將利潤率依次提高 200 或 300 個基點，以達到全年 19%？這是正確的框架嗎？

And maybe in that context, Christian, just to clarify, I know you don't want to talk quarterly earnings, but have it a different way, maybe first half, let's say, I think first half is often 45% of EPS in recent years. Is it maybe sort of 40% or so this year?

也許在這種情況下，克里斯蒂安，只是澄清一下，我知道你不想談論季度收益，但有不同的方式，也許是上半年，比方說，我認為上半年通常佔每股收益的 45%年。今年可能是 40% 左右嗎？

Yes, Julian, thanks for the question. So as we think about that sequential as we go through the year, it should continue to improve. That was segment margins that we've talked about in the first quarter. So yes that -- the low to mid-teens number that we -- that I discussed was about the segment margin side. And yes, we do expect that, that should ramp as the year goes on in order to get to that 19%. I'm not really going to talk too much about first half, second half. But I do understand the math that you're doing there.

是的，朱利安，謝謝你的提問。因此，當我們考慮這一年的連續性時，它應該會繼續改善。這就是我們在第一季討論過的部門利潤率。所以，是的，我討論的低至中青少年的數字是關於細分市場利潤率的。是的，我們確實預計，隨著時間的推移，這個比例應該會上升，以達到 19%。我不會談太多上半場、下半場。但我確實理解你在那裡做的數學。

Joe O'Dea from Wells Fargo.

來自富國銀行的喬‧奧黛。

I wanted to start on Intelligent Devices and the outlook for the first quarter. We've actually seen revenue on a quarterly trend in (inaudible) in a pretty stable range. And it looks like what you're outlining is that sequentially from 4Q to 1Q would be down like $120 million, so much larger than what we've seen over the course of 2024. (inaudible) can you just kind of elaborate on what you're seeing there, destock and market regions just to understand the drivers of that step down a little more?

我想從智慧型設備和第一季的前景開始。實際上，我們已經看到收入的季度趨勢（聽不清楚）處於相當穩定的範圍內。看起來您所概述的是，從第四季度到第一季將連續下降1.2 億美元，比我們在2024 年看到的要大得多。 ？

Yes. So that step down, you think about the fact that as we were going through the sequentials in 2024, each quarter, there was some shipment that was happening. So the shipments were outstripping the incoming order rate during that period of time.

是的。因此，退一步來說，你會想到這樣一個事實：當我們進行 2024 年的序列時，每個季度都會發生一些發貨。因此，在那段時間裡，出貨量超過了收到的訂單量。

And on top of that, we do have some seasonal lows that are happening in the first quarter. So that's a headwind for us in the first quarter. And the configure-to-order business is going to be off somewhat, well, in the first quarter.

最重要的是，第一季確實出現了一些季節性低點。所以這對我們第一季來說是一個阻力。按訂單配置業務在第一季將會有所下滑。

Got it. That's helpful. And then just in terms of any color around kind of end markets versus channel effects when we think about inventory management over the course of 2024 in the channel. I think when we look at the combination of Intelligent Devices and Software & Control, revenue down roughly $1 billion year-over-year.

知道了。這很有幫助。然後，當我們考慮 2024 年通路中的庫存管理時，就終端市場與通路效應之間的任何顏色而言。我認為，當我們考慮智慧型裝置和軟體與控制的組合時，營收年減了約 10 億美元。

Just high level, any context on kind of end market versus destock contributions to that? Can we think about it as roughly 1/3 of it could have been channel management versus end market trends? Anything there would be helpful.

只是高層，有關於終端市場與去庫存貢獻的背景嗎？我們是否可以將其視為約 1/3 可能是通路管理與終端市場趨勢？那裡的任何事情都會有幫助。

Yes. I don't know that I can quantify the relative split because they're interrelated because the velocity of your destock is dependent on end user demand pulling it out of the channel.

是的。我不知道我是否可以量化相對分割，因為它們是相互關聯的，因為去庫存的速度取決於最終用戶將其拉出渠道的需求。

But the first part of last year of '24, the effects of just that overstock were more pronounced. The underlying end user to market and user demand was actually positive, we think.

但在2024年上半年，庫存過剩的影響更加明顯。我們認為，潛在的最終用戶市場和用戶需求實際上是積極的。

And then towards the end of the year, as we talked about in the last couple of calls, some weakening spread in those end demand. And we're at a point where I think it's really most informative to talk about the end user demand. Again, they're linked.

然後到了年底，正如我們在過去幾次電話會議中談到的那樣，這些終端需求出現了一些疲軟的情況。我認為現在討論最終用戶的需求確實是最能提供資訊的。再次強調，它們是相互關聯的。

There's a little bit of stock left in the channel, but it goes as end user demand goes. And so that's really going to be the biggest item as we look at the development in the year.

通路中還剩下一點庫存，但會隨著最終用戶需求的變化而改變。因此，當我們審視今年的發展時，這確實將成為最大的項目。

The biggest impact of that will be on the product-centric verticals. So you think about automotive, where most of our business is done through products going through distributors and some machine builders, food and beverage, where packaging is actually a very large percentage of the total business going into food and beverage. And that's a product type go-to-market in those cases.

最大的影響將是對以產品為中心的垂直產業。所以你想想汽車，我們的大部分業務是透過分銷商和一些機器製造商的產品完成的，食品和飲料，其中包裝實際上佔食品和飲料總業務的很大一部分。在這些情況下，這就是進入市場的產品類型。

So that's where you see the most of it as opposed to, for instance, an oil and gas or life sciences where you have a higher percentage that comes from digital services and engineered solutions.

因此，這是您看到最多的領域，而不是石油和天然氣或生命科學領域，在這些領域，來自數位服務和工程解決方案的比例更高。

Noah Kaye from Oppenheimer.

奧本海默的諾亞凱。

Just a clarification on the guide. You called out some of the non-R&D investments, but the nature of those sounded more like facility expansions. So just give us a bit more color on these investments and whether they're OpEx versus CapEx?

只是對指南進行澄清。您提到了一些非研發投資，但這些投資的性質聽起來更像是設施擴建。那麼請給我們更多關於這些投資的信息，以及它們是營運支出還是資本支出？

Yes, it's a mix. In some of these, there's a mix of OpEx and CapEx. As you said, some of it is facilities, expanding Cubic to be able to manage the really strong growth in the data center portion of their business.

是的，這是一個混合體。其中一些是營運支出和資本支出的混合體。正如您所說，其中一些是設施，擴展 Cubic 以便能夠管理其業務資料中心部分的真正強勁成長。

We do have a new facility in India that's providing some additional resilience in the Asian region for us. And then digital infrastructure within IT as we make sure that for internal productivity as well as external productivity with our partners, we've got a business system and digital services that is world class. So those are some of the investments that we're making. We talked about them on the waterfall because of the OpEx portion, but there's a little bit of CapEx for those as well.

我們在印度確實有一個新工廠，為我們在亞洲地區提供了一些額外的彈性。然後是 IT 內的數位基礎設施，因為我們確保為了內部生產力以及與合作夥伴的外部生產力，我們擁有世界一流的業務系統和數位服務。這些是我們正在進行的一些投資。我們在瀑布上討論它們是因為營運支出部分，但也有一些資本支出。

I will now turn the call back over to Ms. Zellner for closing remarks.

現在我將把電話轉回給澤爾納女士做總結發言。

Thank you for joining us today. That concludes today's conference call.

感謝您今天加入我們。今天的電話會議到此結束。

At this time, you may disconnect. Thank you.

此時，您可以斷開連線。謝謝。