洛克威爾自動化 (ROK) 2025 Q1 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)

感謝您的支持，歡迎參加羅克韋爾自動化的季度電話會議。我需要提醒大家，今天的電話會議正在錄音。（操作員指令）

At this time, I would like to call over to Aijana Zellner, Head of Investor Relations and Market Strategy. Ms. Zellner, please go ahead.

現在，我想請投資者關係和市場策略主管 Aijana Zellner 發言。澤爾納女士，請繼續。

Thank you, [Julianne]. Good morning and thank you for joining us for Rockwell Automation's first-quarter fiscal 2025 earnings release conference call. With me today is Blake Moret, our Chairman and CEO; and Christian Rothe, our CFO.

謝謝你，[朱麗安]。早安，感謝您參加羅克韋爾自動化 2025 財年第一季財報發布電話會議。今天和我一起的是我們的董事長兼執行長 Blake Moret；以及我們的財務長 Christian Rothe。

Our results were released earlier this morning, and the press release 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. 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.

我們的結果已於今天早上公佈，新聞稿圖表已發佈到我們的網站上。新聞稿和圖表均包含非公認會計準則指標，我們今天的電話會議也將參考這些指標。新聞稿和圖表均包含這些非公認會計準則指標的對帳。本次電話會議的網路直播將在我們的網站上提供，可供在接下來的 30 天內重播。為了您的方便，我們準備好的發言記錄也將在今天的電話會議結束後在我們的網站上提供。

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 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預期未來業績相關的陳述，因此是前瞻性的陳述。由於我們的收益報告中所描述的以及我們向美國證券交易委員會提交的所有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.

謝謝，Aijana。大家早安。感謝您今天加入我們。

I'll make a couple of general comments before we turn to our first-quarter results. I'm pleased with the early benefits of our renewed focus on operational excellence and cost discipline as we create a solid foundation for market leading growth and performance. Continuing benefits from cost reductions in SGNA we took last year will be joined with benefits from reduced costs of direct and indirect purchases, manufacturing efficiency, and additional price actions.

在我們討論第一季業績之前，我將發表一些一般性評論。我很高興看到我們重新專注於卓越營運和成本紀律所帶來的早期效益，為我們領先市場的成長和業績奠定了堅實的基礎。我們去年採取的 SGNA 成本削減措施將繼續帶來好處，並將與直接和間接採購成本降低、製造效率和額外價格行動的好處相結合。

Overall, our plan to achieve $250 million worth of productivity benefits versus last year is intact despite additional temporary headwinds such as the negative impact of currency. Additionally, we are confident that we're dealing with the recently announced tariffs in a way that mitigates the impact and maximizes our position as a large US manufacturer. We've been working on various scenarios since before the election.

總體而言，儘管面臨貨幣負面影響等其他暫時性不利因素，但我們實現與去年相比價值 2.5 億美元的生產力效益的計劃仍未改變。此外，我們有信心以減輕影響並最大限度地鞏固我們作為美國大型製造商的地位的方式應對最近宣布的關稅。自選舉前以來，我們就一直在研究各種方案。

Undoubtedly there will be near-term disruptions and volatility in the global supply chain, both for us and our customers, but we continue to believe Rockwell is a net beneficiary of policies that increase US manufacturing. Christian will cover some of the actions we are taking later in his section.

毫無疑問，無論是對我們還是我們的客戶來說，全球供應鏈在短期內都會中斷和波動，但我們仍然相信，羅克韋爾是美國製造業成長政策的淨受益者。克里斯蒂安將在後面的部分介紹我們採取的一些行動。

In terms of demand, we are encouraged by better-than-expected order performance in the quarter. We had mid-single digit sequential growth overall, with sequential growth across all regions and business segments. Orders exceeded shipments in the quarter, giving us some additional backlog for the balance of the year. While there is still macroeconomic and policy uncertainty weighing on customers' CapEx plans, Rockwell won multimillion dollar strategic orders across multiple key industries in the quarter, especially in the US, our home market.

在需求方面，本季的訂單表現優於預期，令我們感到鼓舞。我們整體實現了中等個位數的連續成長，所有地區和業務部門都實現了連續成長。本季的訂單量超過了出貨量，這為我們今年的剩餘時間帶來了一些額外的積壓訂單。儘管宏觀經濟和政策的不確定性仍然影響客戶的資本支出計劃，但羅克韋爾在本季度贏得了多個關鍵行業的數百萬美元戰略訂單，尤其是在我們的本土市場美國。

Let's now turn to our Q1 results on slide 3.

現在讓我們來看看投影片 3 上的 Q1 結果。

Our Q1 orders grew 10% versus prior year and as I said, we're at mid-single digits sequentially. We saw particularly strong orders for logics, controllers, and IO. We believe our order outperformance reflects true underlying demand based on the broad geographic outperformance, balanced mix of hardware, software, and solutions orders, and the fact that distributor and machine builder inventories continue to reduce.

我們第一季的訂單比去年同期成長了 10%，正如我所說，我們的環比成長達到了中等個位數。我們看到邏輯、控制器和 IO 的訂單特別強勁。我們相信，我們的訂單優異表現反映了真實的潛在需求，這種需求基於廣泛的地理優異表現、硬體、軟體和解決方案訂單的均衡組合，以及分銷商和機器製造商庫存持續減少的事實。

As customers are waiting for more certainty in the macroeconomic and US policy environment, they're balancing their automation spend between increasing operational efficiency and making longer-term capital investments. Our Q1 order outperformance includes a number of large customer projects that are slated to convert to sales over the coming quarters.

由於客戶正在等待宏觀經濟和美國政策環境的更多確定性，他們正在平衡自動化支出在提高營運效率和進行長期資本投資之間。我們第一季的訂單表現優異，其中包括一些大型客戶項目，這些項目計劃在未來幾季轉化為銷售。

Our Q1 reported sales declined about 8.5% year over year, with slightly better than expected organic sales, being offset by about a point of headwind from negative currency translation. Remember, our sales in the first half of fiscal '24 were still supported by a sizable product backlog, creating a difficult year-over-year comparison for us in fiscal '25. We expect to return to year-over-year sales growth in the back half of the year. Organic sales in our Intelligent Devices segment were down 12% versus prior year and in line with our expectations. Both CUBIC and Clearpath are recent acquisitions in this segment, saw double-digit year-over-year growth in sales.

我們報告的第一季銷售額年減約 8.5％，有機銷售額略好於預期，但被負面貨幣換算帶來的約一個百分點的阻力所抵消。請記住，我們 24 財年上半年的銷售仍然受到大量產品積壓的支撐，這使得我們 25 財年的同比銷售難以進行。我們預計今年下半年銷售額將恢復年增。我們智慧設備部門的有機銷售額較前一年下降 12%，符合我們的預期。CUBIC 和 Clearpath 都是該領域近期收購的公司，銷售額年增均達到兩位數。

We continue to grow our pipeline of multi-year projects here with significant wins across our key industries and global customers. I'll touch on some of these wins in a few minutes.

我們將繼續擴大我們的多年期專案儲備，並在主要行業和全球客戶中取得重大成功。我將在幾分鐘內談到其中的一些勝利。

Software and Control organic sales declined about 12% year over year, but we're above our expectations. Logix exceeded our expectations this quarter with both orders and sales of double-digits versus prior quarter. Logix's orders have recovered sequentially during the last 6 months.

軟體和控制有機銷售額年減約 12％，但超出了我們的預期。與上一季相比，Logix 本季的訂單量和銷售額均實現了兩位數的成長，超出了我們的預期。在過去 6 個月中，Logix 的訂單量持續回升。

Some of our newer offerings we talked about at our investor day in November continue to set us apart and help get new customers. One of these competitive wins in the quarter was with CONVERGIX Automation Solutions, a leading global machine builder who is partnering with Rockwell to help a German end user build their first US greenfield plant. The customer chose our cloud enabled optics platform for its hardware agnostic nature and its ability to seamlessly extract and aggregate data from various devices on the plant floor. Significantly reducing the time, risk and cost to integrate solutions for multiple vendors.

我們在 11 月投資者日上談到的一些新產品繼續使我們脫穎而出並幫助我們獲得新客戶。本季的競爭勝利之一是與全球領先的機器製造商 CONVERGIX 自動化解決方案合作，該公司正與羅克韋爾合作，幫助德國最終用戶在美國建立第一家綠地工廠。客戶選擇我們的雲端光學平台，是因為其與硬體無關的特性，以及從工廠車間各種設備無縫提取和匯總數據的能力。顯著減少整合多個供應商解決方案的時間、風險和成本。

Lifecycle Services organic sales were up 5% year over year. Look to build in this segment was 1.05%, led by strong orders in our solutions business and tied to some of the larger multi-year project wins I mentioned earlier. We also saw good growth in recurring services with strategic winds across automotive, tire, and food and beverage. Total ARR for the company grew 11% in the quarter, led by strong growth in our software offerings.

生命週期服務有機銷售額較去年同期成長 5%。該領域的預期建設增長率為 1.05%，主要得益於我們解決方案業務的強勁訂單，並且與我之前提到的一些較大的多年期項目勝利相關。我們也看到，在汽車、輪胎、食品和飲料領域的策略性風向下，經常性服務實現了良好成長。本季度，該公司的總 ARR 成長了 11%，這主要得益於軟體產品的強勁成長。

One of our notable wins here this quarter was with Morocco, whose dairy factory is powered by renewable geothermal energy and is one of the lowest manufacturing carbon footprints in the industry. Our cloud native Plex software was chosen to help Morocco enhance their product traceability, improved quality, and reduce cost.

本季我們取得的顯著成果之一是與摩洛哥的合作，該國乳品廠採用再生地熱能源提供動力，是業界製造碳足跡最低的乳品廠之一。我們選擇雲端原生 Plex 軟體來幫助摩洛哥增強其產品可追溯性、提高品質並降低成本。

Segment margin was over 17% in the quarter, and adjusted EPS was $1.83 both well above our expectations as we continue to execute on our cost down and longer-term margin expansion projects. As we reiterated at our investor day a few months ago, we are committed to delivering $250 million in year-over-year benefits from these actions in fiscal '25. In addition to this structural productivity, we're deploying temporary cost measures to help mitigate the unfavorable currency impact on our earnings. Christian will cover this in more detail later.

由於我們持續執行成本降低和長期利潤擴大項目，本季分部利潤率超過 17%，調整後每股收益為 1.83 美元，均遠高於我們的預期。正如我們幾個月前的投資者日上重申的那樣，我們致力於在 25 財年透過這些行動實現 2.5 億美元的年成長收益。除了這種結構性生產力之外，我們還在採取臨時成本措施，以幫助減輕貨幣對我們收益的不利影響。Christian 稍後會更詳細地介紹這一點。

Turning to slide 4 to review key highlights of our Q1 industry segment performance.

請翻到投影片 4，回顧我們第一季產業部門表現的重點。

Consistent with our overall sales results in the quarter, our performance by industry reflects difficult year-over-year comparisons with Q1 of last year, still benefiting from a large product backlog. Our discrete sales were down mid-single digits year over year with declines in auto and semi, partially offset by strong growth in e-commerce and warehouse automation. Within discrete, automotive and semiconductor sales continue to be impacted by delays as customers focus on driving operational efficiencies and profitability amidst increasing uncertainty from trade and policy changes in the upcoming months.

與本季的整體銷售業績一致，我們的產業表現與去年第一季相比同比困難，但仍受益於大量的產品積壓。我們的離散銷售額年減了中等個位數，汽車和半導體銷售額有所下滑，但電子商務和倉庫自動化銷售額的強勁成長部分抵消了這一下降。在離散領域，汽車和半導體銷售繼續受到延遲的影響，因為在未來幾個月貿易和政策變化的不確定性增加的情況下，客戶專注於提高營運效率和盈利能力。

E-commerce and Warehouse Automation sales grew over 30% versus prior year and were above our expectations. We saw a significant uptick of customer activity this quarter, especially in North America and Europe. A strong position with leading machine builders and systems integrators in this space is helping us gain additional share of wallet with key end users, both in the traditional e-commerce space and global logistics sector with a common theme of facility modernization and optimization.

電子商務和倉庫自動化銷售額較上年增長超過 30%，超出我們的預期。本季我們看到客戶活動顯著增加，尤其是在北美和歐洲。在該領域與領先的機器製造商和系統整合商的強勢地位幫助我們在關鍵終端用戶中獲得額外的份額，無論是在傳統電子商務領域還是全球物流領域，其共同主題是設施現代化和優化。

Recent new product introductions have also enhanced our competitiveness in this vertical. Given the acceleration in customer investments, we now expect e-commerce and warehouse automation to grow high-single digits year over year in fiscal '25.

最近推出的新產品也增強了我們在這垂直領域的競爭力。鑑於客戶投資的加速，我們預計電子商務和倉庫自動化將在 25 財年實現年比高個位數成長。

Moving to Hybrid, sales in this industry segment was slightly above our expectations, led by better performance in food and beverage and home and personal care verticals. In food and beverage, our customers continue to prioritize spend on digital services and modernization programs over large capacity investments. We expect modest improvement in this vertical as we go through the year.

轉向混合產業，該產業領域的銷售額略高於我們的預期，這主要得益於食品和飲料以及家庭和個人護理垂直領域的更好表現。在食品和飲料領域，我們的客戶仍然優先考慮數位服務和現代化項目的支出，而不是大規模產能投資。我們預計，隨著時間推移，這一垂直領域將出現適度改善。

In Life Sciences, we saw a number of strategic wins in the quarter, showcasing the breadth and differentiation of our offerings to serve this market. In addition to follow on orders for GOP 1 related investments, we secured a large competitive win with our FactoryTalk MES software, helping one of the largest European life sciences companies standardize their global facilities on our platform to increase tech transfer speed and reduce cost.

在生命科學領域，我們在本季度取得了許多策略勝利，展示了我們為該市場提供的服務的廣度和差異化。除了跟進 GOP 1 相關投資的訂單外，我們還憑藉 FactoryTalk MES 軟體贏得了巨大的競爭勝利，幫助歐洲最大的生命科學公司之一在我們的平台上標準化其全球設施，以提高技術轉移速度並降低成本。

Another important win this quarter was with Thermo Fisher. Our auto autonomous mobile robots were selected to help address Thermo's workforce challenges by optimizing their warehouses through auto's AI-enabled path determination and movement flexibility and freeing up labor to focus on more value adding tasks.

本季的另一個重要勝利是與賽默飛世爾科技的合作。我們選擇我們的自動自主移動機器人來幫助 Thermo 解決勞動力挑戰，透過自動 AI 支援的路徑確定和移動靈活性來優化他們的倉庫，並釋放勞動力以專注於更多增值任務。

Turning to Process industries. Sales in these verticals were down high-single digits year over year on difficult prior year comps, especially within our energy market, where oil and gas grew over 25% in Q1 of last year. While the new administration's support for more oil production in North America should benefit our customers in the long run, we see a mixed reaction from our energy customers near term as they continue to prioritize capital discipline and operational efficiency over adding more production in the US.

轉向製程工業。由於去年同期業績不佳，這些垂直行業的銷售額同比下降了高個位數，尤其是在能源市場，去年第一季石油和天然氣銷售額增長了 25% 以上。雖然新政府對北美增加石油產量的支持從長遠來看應該會使我們的客戶受益，但我們看到能源客戶近期的反應不一，因為他們繼續優先考慮資本紀律和營運效率，而不是增加在美國的產量。

This quarter, Rockwell and Epic Industrial, a leading EPC company in the energy and chemical space, were chosen by one of the world's largest oil and gas producers to help achieve this year's this end user's goal of net zero emissions by 2050.

本季度，羅克韋爾和能源與化工領域領先的 EPC 公司 Epic Industrial 被全球最大的石油和天然氣生產商之一選中，以幫助實現該最終用戶今年到 2050 年實現淨零排放的目標。

Another important process win was in our Mining vertical. [Vale] selected Rockwell to help increase production and reduce water consumption at their new processing plant in Brazil. Our winning combination of integrated hardware, software, and services is the reason [Vale] chose Rockwell as their single partner to integrate end to end solutions for this greenfield.

另一個重要的流程勝利是在我們的採礦垂直領域。 [淡水河谷] 選擇羅克韋爾來幫助其巴西新加工廠提高產量並減少水消耗。我們將硬體、軟體和服務完美地融為一體，這正是淡水河谷選擇羅克韋爾作為唯一合作夥伴，為這一綠地提供端到端解決方案的原因。

Let's turn to slide 5 in our Q1 organic regional sales.

讓我們翻到第一季有機區域銷售額的第 5 張投影片。

As you can see, the Americas continue to outperform other regions for us this quarter. EMEA sales were down 14%. We continue to see weakness across most of the region, particularly in Germany and France, with some early signs of stabilization at Italian machine builders. Asia Pacific sales declined 9%, led by a double-digit EUR year decline in China. While the automation market in the region is expected to stabilize later in 2025, we expect Asia Pacific to be our weakest region in fiscal '25.

如您所見，本季美洲地區的業績持續優於其他地區。歐洲、中東和非洲地區銷售額下降 14%。我們繼續看到該地區大部分地區表現疲軟，尤其是德國和法國，而義大利機械製造商則出現了一些初步穩定的跡象。亞太地區銷售額下降 9%，其中中國地區銷售額出現兩位數的年減。雖然該地區的自動化市場預計將在 2025 年下半年趨於穩定，但我們預計亞太地區將成為我們 25 財年最薄弱的地區。

Let's now move to slide 6 to review our fiscal 2025 outlook.

現在讓我們轉到第 6 張投影片來回顧我們的 2025 財年展望。

We continue to expect a gradual sequential sales improvement as we move through this fiscal year. We're keeping our organic sales growth range of positive 2% to negative 4%, but we are updating our reported sales midpoint to $8.1 billion reflecting 1.5 points of negative contribution from currency translation. Christian will cover FX and the calendarization of our guidance in more detail later on the call.

我們預計，隨著本財年的推進，銷售額將繼續逐步環比成長。我們將有機銷售額成長範圍保持在正 2% 至負 4% 之間，但我們將報告的銷售額中位數更新為 81 億美元，以反映貨幣換算帶來的 1.5 個百分點的負貢獻。Christian 稍後將在電話會議中更詳細地介紹外匯和我們指導的日曆化。

Annual recurring revenue is projected to grow about 10% this year. As I mentioned earlier, we are taking additional cost measures to offset the negative impact of currency headwinds on our bottom line, which means we continue to expect segment margin in the 19% range and are reaffirming our adjusted EPS of $9.20 at the midpoint. We expect free cash flow conversion of 100% in fiscal year '25.

預計今年的年度經常性收入將成長約 10%。正如我之前提到的，我們正在採取額外的成本措施來抵消貨幣逆風對我們利潤的負面影響，這意味著我們繼續預期分部利潤率在 19% 左右，並重申我們的調整後每股收益中間值為 9.20 美元。我們預計25財年的自由現金流轉換率將達到100%。

I'll now turn it over to Christian to provide more detail on our Q1 and financial outlook for fiscal '25. Christian?

現在我將把話題交給克里斯蒂安，讓他提供有關我們第一季和 25 財年財務前景的更多詳細資訊。基督教？

Thank you, Blake. Good morning, everyone. I'll start on slide 7, first quarter key financial information.

謝謝你，布萊克。大家早安。我將從第 7 張投影片開始介紹第一季的關鍵財務資訊。

First quarter reported sales were down about 8.5% versus prior year. The impact of acquisitions was negligible, and currency had a negative impact of 90 basis points in the quarter. But one point of our organic growth came from price, and price cost was favorable. Segment operating margin was 17.1% compared to 17.3% a year ago, with lower sales volume mostly offset by the benefits of cost from cost reduction and margin expansion actions like mentioned earlier.

第一季報告銷售額較上年同期下降約 8.5%。收購的影響可以忽略不計，貨幣在本季產生了 90 個基點的負面影響。但我們有機成長的一個點來自價格，價格成本是有利的。分部營業利益率為 17.1%，而去年同期為 17.3%，銷售量下降大部分被前文提到的成本削減和利潤率提高措施帶來的成本收益所抵銷。

Adjusted EPS of $1.83 was above our expectations primarily due to the beat on segment operating margins. We'll get into more detail when we discuss the EPS bridge and the cost reduction actions, but I'd like to take a moment to commend the team for outstanding performance in the first quarter. It was about strong execution and good cost controls.

調整後每股收益為 1.83 美元，高於我們的預期，主要由於分部營業利潤率超出預期。當我們討論每股收益橋和成本削減措施時，我們將進行更詳細的討論，但我想花點時間讚揚團隊在第一季的出色表現。這與強而有力的執行和良好的成本控制有關。

The adjusted effective tax rate for the first quarter was 17.5% below the prior year rate of 17.9%. We remain on track to achieve a 17% EPR for fiscal 2025. Free cash flow of $293 million was $328 million higher than the prior year. Free cash flow conversion was 140% in the first quarter of this year, reflective of continued working capital management by the team, as well as zero incentive payouts on fiscal 2024 performance. This is in contrast to the first quarter of last year where we had our cash bonus payout for 2023 performance.

第一季調整後有效稅率為 17.5%，低於去年同期的 17.9%。我們仍有望在 2025 財年實現 17% 的 EPR。自由現金流為 2.93 億美元，比前一年高出 3.28 億美元。今年第一季的自由現金流轉換率為 140%，反映了團隊持續的營運資本管理，以及 2024 財年業績的零激勵支出。這與去年第一季我們根據 2023 年業績支付現金獎金形成了鮮明對比。

Two additional items not shown on the slide. We repurchased approximately 400,000 shares in the quarter at a cost of $99 million. On December 31, we had approximately $1.2 billion remaining under our repurchase authorizations. Return on invested capital was 14.5% for the first quarter of fiscal 2025 and 400 basis points lower than the prior year, primarily driven by lower pre-tax income.

投影片上未顯示另外兩個項目。我們在本季回購了約 40 萬股，耗資 9,900 萬美元。截至 12 月 31 日，我們的回購授權餘額約為 12 億美元。2025財年第一季的投資資本報酬率為14.5%，較上年下降400個基點，主要原因是稅前收入下降。

Slide 8 provides a sales and margin performance overview for our 3 operating segments.

幻燈片 8 提供了我們三個營運部門的銷售和利潤績效概覽。

Intelligent Devices margin of 14.9% decreased by 130 basis points year over year, purely focusing on decremental conversion, the segment had decrementals in the 20s year over year in the first quarter, which reflects strong execution on cost of programs against the double-digit organic sales decline.

智慧型設備利潤率為14.9%，年減130個基點，單純從轉換率的下降來看，該部門第一季的利潤年減了20%，這反映了在有機銷售額出現兩位數下滑的情況下，專案成本的執行力度強勁。

Software and Control margin of 25.1% was flat with the prior year. This segment typically has very high decrementals, but strong execution on our cost of programs and good price/cost performance kept our year-over-year decremental margins of the 20s, performing above our expectations. It's important to note that R&D spend in this segment was in the low 10s as a percentage of sales, reflecting our continued focus on new product introductions and long-term growth and differentiation.

軟體和控制利潤率為25.1%，與前一年持平。此部分通常具有非常高的遞減率，但我們對專案成本的強力執行以及良好的價格/成本表現使我們的同比遞減率保持在 20% 左右，表現超出我們的預期。值得注意的是，該領域的研發支出佔銷售額的比例僅為 10% 以下，這反映了我們持續專注於新產品的推出以及長期成長和差異化。

Lifecycle services margin of 12.5% decreased to 190 basis points year over year and was slightly below our expectations, mostly driven by Sensus shipments. Incrementals were solid year over year, reflecting the low-single digit volume growth and strong execution on our cost of programs.

生命週期服務利潤率為 12.5%，年減至 190 個基點，略低於我們的預期，主要受 Sensus 出貨量的影響。與去年同期相比，增量穩健，反映了低個位數的銷售成長和我們專案成本的強勁執行。

Before moving on to EPS, let's expand a little on orders and demand. As Blake mentioned, orders came in better than expected, surpassing $2 billion in the first quarter, and book to bill was greater than one, which hasn't been the case for the last seven quarters. This is a good sign, but didn't materially change the calendarization of our outlook. The outperformance was largely from project orders scheduled to ship later in the year.

在討論 EPS 之前，讓我們先稍微討論一下訂單和需求。正如布萊克所提到的，訂單情況好於預期，第一季訂單額超過 20 億美元，訂單出貨比超過 1，而過去 7 個季度以來從未出現過這種情況。這是一個好兆頭，但並沒有從根本上改變我們的日曆觀。這一優異表現主要得益於計劃於今年稍後發貨的項目訂單。

Another favorable data point. In the first quarter, new demand placed on our distributors is flowing through at close to 100% in terms of new orders on Rockwell, matching historical levels, giving us further evidence that the destocking cycle is mostly behind us.

另一個有利的數據點。第一季度，我們經銷商的新需求幾乎 100% 流向羅克韋爾的新訂單，與歷史水準持平，這進一步證明去庫存週期已經基本結束。

The next slide 9 provides the adjusted EPS walk from Q1 fiscal 2024 to Q1 fiscal 2025.

下一張投影片 9 提供了從 2024 財年第一季到 2025 財年第一季的調整後每股盈餘變化。

Core performance was down $0.55 on an 8% organic sales decrease. Those sales declines were primarily in our higher margin products, in both Intelligent Devices and Software and Control, which impacts flow through. Importantly, the organization took some temporary cost measures in Q1, which helps keep the core decremental flow through on the high-single digit sales decline to this level.

由於有機銷售額下降 8%，核心表現下跌 0.55 美元。銷售額的下降主要集中在我們利潤率較高的產品上，包括智慧設備以及軟體和控制，這影響了流通。重要的是，該組織在第一季採取了一些臨時成本措施，這有助於將核心遞減流量在高個位數的銷售額下滑的情況下控制在這一水平。

Cost reduction and margin expansion actions, which reflect more structural productivity, provided about $70 million of benefit in the quarter, slightly above our expectations, and we're a $0.50 tailwind. Compensation, which reflects merit and incentive compensation was a $0.20 headwind. This year-over-year Delta reflects merit increases that came into effect at the beginning of the fiscal year, as well as higher incentive comp versus prior year.

成本削減和利潤率擴大舉措反映了更多的結構性生產力，在本季度帶來了約 7,000 萬美元的收益，略高於我們的預期，並且給我們帶來了 0.50 美元的順風。薪酬反映績效和激勵薪酬，為 0.20 美元的不利因素。與去年同期相比，Delta 的薪資成長反映了財年初生效的績效薪資成長，以及與前一年相比更高的激勵性薪酬。

Recall that our full year 2025 guide was for compensation and inflation to be about a $190 million dollar headwind compared to fiscal 2025, with $160 million of that coming from compensation. The inflation impact is captured inside a core in this bridge. We expect compensation to be about $0.90 of headwind for the remaining three quarters of the year, spread about equally. All their items result in a 4% net benefit.

回想一下，我們對 2025 年全年的指導意見是，與 2025 財年相比，薪酬和通貨膨脹將帶來約 1.9 億美元的逆風，其中 1.6 億美元來自薪酬。通貨膨脹的影響被記錄在這座橋樑的核心內。我們預計，今年剩餘三個季度的補償金額約為 0.90 美元，大致平均分配。他們所有產品的淨收益為 4%。

Moving on to the next slide 10 to discuss our updated guidance for the full year fiscal 2025.

請繼續參閱第 10 張投影片，討論我們對 2025 財年全年的最新指引。

Our thesis for the year remains largely intact with a couple of changes. We expect organic sales in a range from negative 4% to positive 2%, while our initial guide for reported revenue for fiscal 2025 did not anticipate any significant impacts from currency, the recent strengthening of the dollar requires a modification in our guide. At current rates, we expect the currency headwind to be about 1.5 points, which takes our guidance on reported sales down to slightly below $8.1 billion at the midpoint. We expect price to contribute about a point of growth for the year. This excludes any tariff-related price actions.

我們今年的論文基本上保持不變，但有一些變化。我們預計有機銷售額將在負 4% 到正 2% 之間，雖然我們對 2025 財年報告收入的初步指導並未預料到貨幣會帶來任何重大影響，但最近美元的走強需要我們對指導進行修改。以目前匯率計算，我們預期貨幣逆風約為 1.5 點，這將使我們對報告銷售額的預期降至中間值略低於 81 億美元。我們預計今年的價格將貢獻約一個點的成長。這不包括任何與關稅相關的價格行動。

At the midpoint of our reported sales guidance, which is now negative 2.5%, our current expectations are for Intelligent Devices sales to be down mid-single digits and Software and Control and Lifecycle services to be approximately flat year over year. From a margin standpoint, we expect ITD margin to be down year over year on lower sales, Software and Control margins to expand year over year on flat sales, and we expect Lifecycle services margin to be flat to slightly down year over year. Our adjusted EPS range is unchanged at $8.60 to $9.80 with a $9.20 midpoint.

在我們報告的銷售預期的中間點，即現在的負 2.5%，我們目前預計智慧設備銷售額將下降中等個位數，而軟體和控制以及生命週期服務的銷售額將與去年同期大致持平。從利潤率的角度來看，我們預計 ITD 利潤率將因銷售額下降而同比下降，軟體和控制利潤率將因銷售額持平而同比擴大，我們預計生命週期服務利潤率將與去年同期持平或略有下降。我們的調整後每股收益範圍保持不變，為 8.60 美元至 9.80 美元，中間值為 9.20 美元。

Talk about calendarization. The dollar strengthening late in the first quarter has continued into the second quarter and is a sequential headwind of less than 1%. Our expectations for reported sales grow low- to mid-single digits sequentially from Q1 to Q2. After Q2, we're expecting gradual sequential sales growth through the remainder of the year.

談論日曆化。美元在第一季末的走強勢頭一直延續到第二季​​度，並且環比下降幅度不到 1%。我們預計報告的銷售額將從第一季到第二季連續成長低到中等個位數。我們預計第二季之後的銷售額將在今年剩餘時間內逐步實現連續成長。

On a year-over-year basis, the 1.5 points of sales headwind from FX is expected to result in a $0.35 headwind on EPS, which is split evenly to the remaining three quarters of the year. As Blake said earlier, we're taking additional temporary measures on spending to offset this impact. The team performed well in spending control in the first quarter. We're going to hold those reins tight so we can continue to drive toward that adjusted EPS midpoint of $9.20.

與去年同期相比，外匯帶來的 1.5 個點的銷售逆風預計將導致每股收益下降 0.35 美元，並將平均分攤到今年剩餘的三個季度。正如布萊克之前所說，我們正在採取額外的臨時支出措施來抵消這種影響。該團隊在第一季的支出控制方面表現良好。我們將緊緊抓住這些控制，以便我們能夠繼續努力實現調整後每股盈餘中點 9.20 美元的目標。

Specific to Q2, we expect segment operating margins to expand about 100 basis points sequentially on the incremental sales volume. Resulting EPS of those sales and margin expectations would be in the neighborhood of $2 per share.

具體到第二季度，我們預計分部營業利潤率將隨著銷量增加而環比擴大約 100 個基點。這些銷售額和利潤率預期產生的每股盈餘將在 2 美元左右。

A few additional comments on fiscal 2025 guidance for your models. Corporate and other expenses expected to be around $145 million. Net interest expense for fiscal 2025 is expected to be about $140 million. We're assuming average diluted shares outstanding of 113.4 million shares, with about $300 million of share repurchases targeted during the year.

關於您模型的 2025 財年指導，還有一些其他評論。公司及其他費用預計約為 1.45 億美元。2025財年的淨利息支出預計約為1.4億美元。我們假設平均稀釋流通股數為 1.134 億股，年內目標股票回購金額約 3 億美元。

Moving away from the slides, I'd like to expand on a couple of topics. First, focusing on cost reduction and marginal expansion activities, which gave us a benefit of approximately $0.50 of EPS in the first quarter. For the full year, we continue to expect a benefit of $250 million or about $1.85 per share.

除了幻燈片之外，我想擴展幾個主題。首先，專注於降低成本和邊際擴張活動，這為我們第一季帶來了約 0.50 美元的每股盈餘。就全年而言，我們繼續預計獲利 2.5 億美元，或每股 1.85 美元。

As discussed at our investor day in November, there are hundreds of projects supporting these initiatives, and while each one individually may only be a couple of basis points or 10 basis points of yield, when put together and annualized, they are giving us a yield in the hundreds of basis points. The timing and magnitude continues to fluctuate as we execute against these plans.

正如我們在 11 月投資者日所討論的那樣，有數百個項目支持這些舉措，雖然每個項目的收益率可能只有幾個基點或十個基點，但當它們組合在一起並按年率計算時，它們將為我們帶來數百個基點的收益率。隨著我們執行這些計劃，時間和規模不斷波動。

The first quarter was a good one, and we tracked slightly ahead of our goal for the quarter. The primary driver of the outperformance was manufacturing efficiencies and effective sourcing. There's a lot of year left in front of us and a great deal of work to be done, but I'd like to thank the team for their efforts. Nice work.

第一季表現不錯，我們略微提前完成了本季的目標。優異表現的主要驅動力是製造效率和有效採購。我們還有很多年要度過，還有很多工作要做，但我還是要感謝團隊的努力。做得好。

Well, you may see this initiative as cost out because that's what we're tracking and reporting to our investors. It's important to note that the ultimate goal of productivity is to drive revenue through competitiveness and speed. These actions are setting us up for long-term growth of both sales and earnings. To that end, I want to follow up on some other operational excellence topics from our investor day.

好吧，您可能會認為這項舉措的成本已經超出，因為這就是我們正在追蹤並向投資者報告的內容。值得注意的是，生產力的最終目標是透過競爭力和速度來推動收入。這些舉措為我們的銷售和獲利的長期成長奠定了基礎。為此，我想跟進投資者日的一些其他卓越營運主題。

The Rockwell operating model continues to develop as we build the foundation to sustain our cost out initiatives, as well as drive margin expansion for the long term. During the first quarter, we had another 1,300 Rockwell employees complete yellow belt training. In addition, we rationalized over 21,000 SKUs as we seek to simplify our operations and improve customer experience.

隨著我們為維持成本削減計劃以及長期推動利潤率擴大奠定基礎，羅克韋爾的營運模式將繼續發展。第一季度，我們另外有1,300名羅克韋爾員工完成了黃帶訓練。此外，我們還對超過 21,000 個 SKU 進行了合理化調整，以簡化我們的營運並改善客戶體驗。

Our product resiliency index continues to improve as we steadily reduce single points of failure in our operations. While those initial efforts arose from the supply chain crisis, as we enter into an era of changing tariffs and trade, this resiliency enables us to respond to dynamic conditions.

隨著我們穩定減少營運中的單點故障，我們的產品彈性指數持續提高。雖然最初的努力源於供應鏈危機，但隨著我們進入關稅和貿易不斷變化的時代，這種彈性使我們能夠應對動態情況。

Moving on, I'd like to go into some depth around our -- around the potential tariff impact to our business, including our short-term actions, as well as longer term thoughts.

接下來，我想深入談談關稅對我們業務的潛在影響，包括我們的短期行動和長期想法。

As Blake mentioned earlier, the Rockwell team has taken initial steps in response to new tariffs. We had planned for a number of scenarios and remain ready to adapt quickly. Our priorities are a combination of maintaining profitability and utilizing resiliency in our operations and supply chain to mitigate impacts under a variety of scenarios.

正如布萊克之前所提到的，羅克韋爾團隊已經針對新關稅採取了初步措施。我們已經為多種情況做好了計劃，並隨時準備好快速適應。我們的首要任務是保持獲利能力並利用營運和供應鏈的彈性來減輕各種情況下的影響。

I want to size our exposure, so you have context. Cost of finished goods imported from Mexico, Canada, and China in total were less than 10% of our US revenue in fiscal 2024. Separately, in fiscal 2024, our direct imports into the United States from Mexico, both from third parties as well as from our own manufacturing facilities, were approximately $350 million. Imports from Canada and China were each approximately $100 million.

我想確定我們曝光的程度，以便您了解背景情況。2024 財年，從墨西哥、加拿大和中國進口的成品成本總計不到我們美國收入的 10%。另外，在 2024 財年，我們從墨西哥直接進口到美國的商品（包括來自第三方以及我們自己的製造工廠）約為 3.5 億美元。從加拿大和中國的進口額各約為 1 億美元。

Our tariff mitigation plan is multifaceted. For the near term, this will be primarily through price, and we have implemented price changes from the additional China tariffs that were enacted on February 4th. We have made and will continue to make changes to manufacturing locations where there's an attractive ROI.

我們的關稅減免計劃是多方面的。就短期而言，這將主要透過價格來實現，我們已經根據 2 月 4 日實施的額外中國關稅實施了價格調整。我們已經並將繼續對具有有吸引力的投資回報率的製造地點進行改變。

Canada and Mexico tariffs, if they happen in March or sometime in the future, will impact both standard products as well as a portion of our configured order sales. We will enact price increases on impacted products and also intend to reprice our backlog to reflect our new price list.

如果加拿大和墨西哥的關稅在三月或未來某個時候發生，將影響標準產品以及我們部分配置的訂單銷售。我們將對受影響的產品提高價格，並打算對積壓產品重新定價，以反映我們的新價格表。

These actions are disruptive for our customers, of course, and there will likely be some noise in the near term. We are working hard to minimize that disruption and ensure continued levels of customer service. With that said, due to our immediate actions and substantial US manufacturing footprint, we do not expect these tariffs to have a material impact on our profitability for the full year.

當然，這些措施會為我們的客戶帶來幹擾，短期內可能會帶來一些影響。我們正在努力將幹擾降至最低並確保持續的客戶服務水準。話雖如此，由於我們採取了立即行動且在美國有大量製造業足跡，我們預計這些關稅不會對我們全年的盈利能力產生重大影響。

Beyond pricing, we have a number of projects that are in flight to mitigate tariff costs through alternative sourcing and movement of production locations. We'll be leveraging the resiliency that's been built into our operations and supply chain, including moving some production in response to tariffs. For example, we have some products that are produced in Mexico and destined for the US, but similar production that occurs in the US where the destination is outside the United States. We're swapping those out, moving the production for non-US customers outside the US in order to create capacity to manufacture production for US customers inside the US. It's a small portion of our overall tariff impacted operations, but a good example of quick moves we can make.

除了定價之外，我們還在進行一些項目，希望透過替代採購和轉移生產地點來降低關稅成本。我們將利用我們營運和供應鏈中內建的彈性，包括轉移一些生產以應對關稅。例如，我們的一些產品是在墨西哥生產並運往美國，但類似的產品是在美國生產的，但目的地卻在美國境外。我們正在將其替換掉，將為非美國客戶生產的零件轉移到美國境外，以便在美國境內創造為美國客戶生產零件的能力。這只是我們整體受關稅影響業務的一小部分，但卻是我們可以採取的快速行動的一個很好的例子。

As Blake mentioned at our investor day, our operations team has done a good job of keeping infrastructure in place for second shift, sometimes third shift in locations that have been challenged with lower volume in the last 12 months. That creates an opportunity to move production into the US to avoid tariffs with a limited time lag. As you know we're in a very dynamic environment, so we will continue to leverage our agile supply chain and take additional steps as necessary.

正如布萊克在我們的投資者日上提到的那樣，我們的營運團隊在過去 12 個月中在面臨業務量較低挑戰的地區，出色地維護了第二班次、有時是第三班次的基礎設施。這創造了將生產轉移到美國以避免在有限的時間滯後的關稅的機會。如您所知，我們處在一個非常動態的環境中，因此我們將繼續利用我們靈活的供應鏈並在必要時採取額外措施。

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

說完這些，在我們開始問答環節之前，我會把話題轉回給布萊克，讓他做一些結束語。

Thanks, Christian.

謝謝，克里斯蒂安。

As I mentioned, we're seeing some encouraging new project activity across multiple end markets. Many of these involve US user sites, but they involve multiple points of influence around the world, and we're doing a good job of coordinating this global effort. We expect the impact of so-called mega projects to be meaningful in the next few years.

正如我所提到的，我們看到多個終端市場出現了一些令人鼓舞的新專案活動。其中許多涉及美國用戶站點，但它們涉及全球多個影響點，我們正在協調這項全球努力。我們預計所謂的大型專案將在未來幾年產生重大影響。

We continue to track new legislation and executive orders as they are announced. With a large US manufacturing footprint and strong market position, we're confident that we can respond quickly to these changes. I'm pleased with the progress our teams are making toward our long-term productivity and margin expansion targets, and I'm confident we are making the right investments to drive sustained growth and profitability. The framework for superior growth and performance through the cycle that we outlined over a year ago is intact, and we are working that plan.

我們將繼續追蹤新立法和行政命令的公告。憑藉美國龐大的製造足跡和強大的市場地位，我們有信心對這些變化做出快速反應。我很高興看到我們的團隊在實現長期生產力和利潤率擴張目標方面取得進展，我相信我們正在做出正確的投資以推動持續成長和獲利能力。我們一年前勾勒出的透過週期實現卓越成長和業績的框架仍然完好無損，我們正在實施該計劃。

I'm also taking a moment to thank our employees and partners for their dedication and hard work. I'm proud to have such a strong team to help us navigate through this dynamic period. Nobody is better positioned than Rockwell and our partners to help American manufacturers create the future of industrial operations.

我還要感謝我們的員工和合作夥伴的奉獻和辛勤工作。我很自豪能擁有如此強大的團隊來幫助我們度過這個充滿活力的時期。沒有人比羅克韋爾和我們的合作夥伴更有能力幫助美國製造商創造工業運作的未來。

Aijana will now begin the Q&A session.

Aijana 現在開始問答環節。

Thanks, Blake. We would like to get to as many of you as possible, so please limit yourself to one question and a quick follow up. [Julianne], let's take our first question.

謝謝，布萊克。我們希望盡可能與大家取得聯繫，因此請將問題限制在一個問題上並進行快速跟進。 [茱莉安]，我們來回答第一個問題。

(Operator Instructions)

（操作員指令）

Scott Davis, Melius Research.

戴維斯 (Scott Davis)，Melius Research。

Hey. Good morning, guys. Blake, Christian, Aijana.

嘿。大家早安。布萊克、克里斯蒂安、艾雅娜。

Hey, I want to start with this SKU rationalization thing because it's kind of relatively newish for you guys and 21,000 sounds like a lot. I know you sell a lot of stuff, so maybe it's not. But in context, it sounds like a lot, but are there puts and takes on how that impacts 2025, meaning I would have expected maybe some top line impact, but perhaps an offsetting impact on positive impact on margins, is that -- is there any way to kind of drill down into that a little bit?

嘿，我想從這個 SKU 合理化的事情開始，因為這對你們來說比較新，而且 21,000 聽起來很多。我知道你賣很多東西，所以可能不是。但從上下文來看，這聽起來很多，但是這對 2025 年有何影響，是否有利有弊，這意味著我預計可能會對營收產生一些影響，但也許會對利潤率產生積極影響，這是 - 有沒有什麼辦法可以深入研究一下這個問題？

Yeah, sure, Scott, I'll start and if Blake wants to jump in afterwards, certainly.

是的，當然，史考特，我先開始，如果布萊克想隨後加入的話，當然可以。

But from the SKU rationalization, let's be really honest here that this hasn't been done in the history of Rockwell. So really, we're starting with the low hanging fruits that 21,000 really reflects a lot of low sales and low sales SKUs. So from an impact perspective within the year, you shouldn't be thinking about it as a any impact at all or no significance of impact. It's really, again, trying to help us streamline those operations. As we get farther along in the process, and we've got another 39,000 that we're looking at right now, that will continue to have a little bit more of an adjustment. But again, don't expect it to have a material impact.

但從 SKU 合理化來看，我們必須坦誠相待，這在羅克韋爾的歷史上是從未做過的。因此，實際上，我們從容易實現的目標開始，21,000 個確實反映了大量的低銷售量和低銷售 SKU。因此，從一年內的影響角度來看，您不應該認為它有任何影響或沒有影響的重要性。這實際上再次幫助我們簡化這些操作。隨著我們在這一進程中不斷前進，我們現在又有了另外 39,000 個，這將繼續進行一些調整。但同樣，不要指望它會產生實質影響。

Yeah, and this is -- think of this as part of a spectrum of activities as we go in and take a little bit closer look to those total SKU portfolio. As Christian mentioned, you have those that are easy to reduce from our bills and material, and then you look at what are the items that we might want to keep, but we can do something with price on beyond just the general price increases that we do. So, we're working through that in a methodical way. I expect this activity to continue on an ongoing basis, but the early results, as you said, are significant because when you can reduce those catalog items, then it reduces the ability for those items to attract cost in some way as they move through the manufacturing footprint.

是的，這是——當我們深入研究這些總體 SKU 組合時，可以將其視為一系列活動的一部分。正如克里斯蒂安所提到的，有些東西很容易從我們的帳單和材料中減少，然後你看看我們可能想要保留哪些東西，但除了一般的價格上漲之外，我們還可以對價格做一些事情。所以，我們正在有條不紊地解決這個問題。我預計這項活動將持續下去，但正如您所說，早期的成果十分顯著，因為當您能夠減少這些目錄項目時，它們在製造足跡中移動時吸引成本的能力也會在某種程度上降低。

Yeah, that makes sense.

是的，這很有道理。

Hey, guys, this is -- this was a more, I think, upbeat and positive call than you've had in a few quarters and orders obviously supportive of that, and a lot of progress you've made on the margin side for sure, and incremental or decremental is certainly way better than you had in the past. But when you think about the guidance for 2025 on just organic growth, considering the orders that you had and the commentary, would -- I would expect that there's a little bit of a positive bias to that guidance. Is that fair to say? Would you characterize as you still being just a little bit conservative and appropriately so, I suppose, given the state of affairs in the world, but it appears a bit conservative. Would you characterize it as that?

嘿，夥計們，這是 - 我認為，這是比過去幾個季度更樂觀、更積極的呼籲，訂單顯然也支持這一點，而且你們在利潤方面肯定取得了很大進展，無論是增量還是減量，肯定都比過去好得多。但是，當您考慮 2025 年僅實現有機增長的指引時，考慮到您收到的訂單和評論，我預計該指引會略有積極偏向。這樣說公平嗎？您是否認為自己仍然有點保守？您會這樣描述它嗎？

Scott, there's no question, we had a good start to the year. As we've been saying, we expected a gradual sequential growth through the year. We overperformed a little bit in order, so we're happy to see that early in the year, but it still keeps our thesis intact. We needed to see growth. We've started off with growth, and we expect to see that continue through the year.

斯科特，毫無疑問，我們今年有一個良好的開始。正如我們一直所說，我們預計全年將實現逐步的連續成長。我們的表現略有超出預期，所以我們很高興在今年年初看到這一點，但這仍然使我們的論文保持完整。我們需要看到成長。我們已經開始成長，我們預計這種成長將持續到今年。

Okay, fair enough. Best of luck, guys. Thank you.

好吧，夠公平。祝大家好運。謝謝。

Yeah, thanks.

是的，謝謝。

Andy Kaplowitz, Citigroup.

花旗集團的安迪‧卡普洛維茲 (Andy Kaplowitz)。

Good morning, everyone, that's (inaudible).

大家早安，這是（聽不清楚）。

Blake and Christian, orders up mid-single digits sequentially. I know you had flash expectations. Can you give us more color in terms of what you think happened in the quarter? It seems based on Christian's comments that maybe lack of destock was slightly better than expectations. And you did mention, Blake, the improvement in e-commerce. You sound a little better on hybrid markets and food and beverage and life sciences, how much of that improvement is actually markets getting better versus your improved product offering, and did the positive voter trend you saw in fiscal Q1 continue in January?

布萊克和克里斯蒂安的訂單量連續上升了個位數中段。我知道你抱有很高的期望。能否詳細介紹本季發生的情況？根據克里斯蒂安的評論，去庫存的情況可能略好於預期。布萊克，您確實提到了電子商務的進步。您在混合市場、食品飲料和生命科學方面的表現聽起來好一些，這種改善在多大程度上實際上是市場在變得更好而不是您改進了產品供應，您在第一財季看到的積極選民趨勢是否在 1 月份延續了？

Yeah, I think that the performance in Q1 and then January, which does support the outlook for Q2 and the balance of the year, does represent some improvement in the underlying markets. As Christian said, we saw, the orders, the new demand placed on our distributors pretty much right on top of the new demand that we're seeing, which indicates that the destock is pretty much done in most parts of our market with the possible exception of China. It's broad-based. Importantly, it was manifested in the hybrid space with food and beverage and home and personal care, we mentioned that we saw some green shoots and Italian machine builders, which is mainly packaging for life sciences and food and beverage.

是的，我認為第一季和一月的表現確實支持了第二季和全年的前景，也確實代表了基礎市場的一些改善。正如克里斯蒂安所說，我們看到，訂單、對分銷商的新需求幾乎與我們看到的新需求完全一致，這表明，除中國以外，我們市場大部分地區的庫存已經基本去化。它具有廣泛的基礎。重要的是，它體現在食品飲料以及家庭和個人護理的混合領域，我們提到，我們看到了一些綠芽和義大利機器製造商，主要是生命科學和食品飲料的包裝。

Within the discrete space, automotive is still challenged. But as we mentioned, e-commerce warehouse automation is quite strong. That includes a few areas. It includes e-commerce as new fulfillment centers are being built. It includes the modest exposure. We have data centers, but that modest exposure is growing really fast. And then it's parcel handling companies that are looking to complement scarce people with technology and we're seeing some really good project activity in parcel handling companies, and this is also where we mentioned new product introductions our own machine portfolio, FactoryTalk optics for operator interface and edge data management, auto mobile robots, all of those are playing a role. They're not only winning on their own merit, but for precisely the reason that we acquired these companies, they're pulling through larger solutions as customers are confident that we have the breadth to be able to meet their needs.

在分立裝置領域，汽車產業仍面臨挑戰。但正如我們所提到的，電子商務倉庫自動化非常強大。其中包括幾個領域。它包括電子商務，因為正在建造新的履行中心。其中包括適度的曝光。我們有資料中心，但這種適度的曝光成長速度非常快。然後，包裹處理公司正在尋求用技術來補充稀缺的人才，我們在包裹處理公司看到一些非常好的項目活動，這也是我們提到新產品介紹的地方，我們自己的機器產品組合，用於操作員界面和邊緣數據管理的FactoryTalk光學器件，自動移動機器人，所有這些都發揮著作用。他們不僅憑藉自身實力獲得成功，而且正是因為我們收購了這些公司，他們才能夠提供更大的解決方案，因為客戶相信我們有足夠的廣度來滿足他們的需求。

And I'll finish by saying, process, we're not seeing a weakening in oil and gas. More of the performance there was based on very strong comps or difficult comps in the first quarter of last year when oil and gas was up 25%, but we continue to expect energy to contribute positive growth in the year. And then mining within the process industry is also a source of optimism.

最後我想說的是，我們並沒有看到石油和天然氣價格的走弱。更多的業績表現是基於去年第一季非常強勁的同比業績或艱難的同比業績，當時石油和天然氣價格上漲了 25%，但我們仍然預計能源產業將在今年貢獻正成長。而製程工業的採礦業也令人樂觀。

Very helpful, Blake.

非常有幫助，布萊克。

And then Christian, your cost reduction and marginal expansion actions, as you said, were $0.50 in Q1, $1.85 expected for the year. I think, Christian, at the investor day you mentioned the cost actions from your combined overall cost that program are going to continue to ramp as '25 evolves, and you mentioned slightly more positive impact on your mild in sourcing and manufacturing Q1. So, could you actually see a little more benefit than that $1.85? I know it's early, but how would you respond to that?

然後克里斯蒂安，正如您所說，您的成本削減和邊際擴張行動在第一季為 0.50 美元，預計全年為 1.85 美元。克里斯蒂安，我認為，在投資者日，您提到了隨著 25 年的發展，該計劃的綜合總成本中的成本行動將繼續增加，並且您提到了這對您第一季的採購和製造業務產生的稍微積極的影響。那麼，你實際上能看到比 1.85 美元更多一點的利益嗎？我知道現在還早，但您對此有何回應？

Yeah, Andy, it's really more about the timing of those, so we did certainly. And again, I think we wonders where the timing and magnitude is always going to be a little bit tough for us to gauge, and so, some of it did come through a little bit earlier in the year, in the first quarter than what we'd expected. Didn't -- it didn't see anything in there though that would say that we would be changing that number. And so from the perspective of the overall program, the size of the program is still the same and keep in mind that this program really started in the second half of last year. So, as we're coming up against those comparables as we get in the second half of this year, again, we're going to be building on that base, but we have to make progress against the cost of that were already in place from the prior year.

是的，安迪，這實際上更多的是關於時間的問題，所以我們確實這麼做了。而且，我認為我們總是很難判斷其時機和幅度，所以，部分影響確實在今年第一季比我們預期的要早一些出現。沒有——儘管沒有看到任何內容表明我們會改變這個數字。因此，從整體計劃的角度來看，該計劃的規模仍然是一樣的，請記住，該計劃實際上是在去年下半年啟動的。因此，當我們在今年下半年面臨這些可比較情況時，我們將再次以此為基礎進行建設，但我們必須在上一年已經存在的成本方面取得進展。

Appreciate the color.

感謝色彩。

Chris Snyder, Morgan Stanley.

摩根士丹利的克里斯·斯奈德。

Thank you.

謝謝。

I wanted to just kind of follow up on some of that commentary around orders here, improving into December quarter. Do you think that there was any positive impact of moving past the election? We heard from a lot of companies in late summer and the fall that there's maybe some freezing ahead of the election. So, do you think that had any impact whether it's some of these projects moving forward or distributors or integrators just willing to hold a little bit more product, given improved expectations?

我只是想跟進一下有關這裡的訂單的一些評論，以改善 12 月季度的情況。您認為選舉結束後會產生什麼正面影響嗎？我們從許多公司聽說，夏末和秋季節，選舉前可能會出現一些寒流。那麼，您是否認為這會產生影響，無論是這些項目的推進，還是分銷商或整合商在預期改善的情況下願意保留更多產品？

I think there's a little bit of that. I think as we've talked to customers really around the world, but especially here in our home market, there is a general optimism. Now that being said, there's obviously a remaining volatility which offsets a bit of that. But the general mood out there, as evidenced by PMI in the US, finally getting above 50 for the first time in a long time, is that there's a general optimism and these companies can't wait to get on with their plans for increasing efficiency or transforming their operations. And at some point, they're all concerned about waiting too long and losing share to companies that move more assertively. So, I think we did see a little bit of that as evidenced by the broad-based project activity that we mentioned in the first quarter.

我認為有一點這樣的。我認為，當我們與世界各地的客戶溝通時，特別是在我們的本土市場，大家普遍都持樂觀態度。話雖這麼說，但顯然還存在一些波動，可以抵銷一點這種影響。但從美國PMI終於在很長一段時間內首次突破50來看，整體情緒表明，人們普遍持樂觀態度，這些公司迫不及待地想要繼續實施提高效率或轉變營運的計畫。在某種程度上，他們都擔心等待的時間太長，導致市場佔有率被那些行動更積極的公司奪走。因此，我認為我們確實看到了一點這一點，正如我們在第一季提到的廣泛的專案活動所證明的那樣。

So, thank you. I appreciate that.

所以，謝謝你。我很感激。

And then for my follow up, maybe one for Christian. So software and control margins, obviously, real stand out this quarter up year on year despite double digit revenue decline. I guess what should we expect for the rest of the year there for margins because it seems like revenue should continue to build sequentially as the year goes on. And I would think with that, those volumes lift up margins for the segment as the year goes on. Thank you.

然後對於我的後續行動，也許一個是針對克里斯蒂安的。因此，儘管收入出現兩位數的下降，但本季軟體和控制利潤率顯然同比上漲。我想我們應該對今年剩餘時間的利潤率抱持著怎樣的期望，因為隨著時間的推移，收入似乎應該會繼續逐年增加。我認為，隨著時間的推移，這些銷售量將會提升該部門的利潤率。謝謝。

Yeah, sure, Chris. So yeah, as the year goes on, again, we talked about favorable mix and Blake specifically mentioned logic and IO being nice contributors in the quarter. And as we talked about for the full year, we are expecting that that business year over year is going to be in that flat range which should get some expanded margins so really nice start to the year. But you know, from an overall margin perspective, again, we're just looking for that to continue to progress gradually during the course of the year.

是的，當然，克里斯。是的，隨著時間的推移，我們再次談到了有利的組合，Blake 特別提到邏輯和 IO 是本季的良好貢獻者。正如我們談論的全年情況一樣，我們預計業務將比同比保持平穩，利潤率將有所提高，因此今年的開局非常好。但你知道，從整體利潤率的角度來看，我們只是希望它在今年內繼續逐步取得進展。

Thank you.

謝謝。

Julian Mitchell, Barclays.

巴克萊銀行的朱利安·米切爾。

Oh, yes. Hi. Good morning.

哦是的。你好。早安.

Maybe my first question was just around trying to understand again, sorry to go back to the orders and understood year on year that double digits but also a very depressed base a year ago. So maybe if we think about the book to build, it's a bit easier. I think maybe that was about 1.07 in your first quarter, I imagine it's always above 1 early in the year, below 1, second half of the year. So, is there any sort of historical context you could put around that book to build kind of what is it typically in the first quarter, company-wide, any way you could sort of flesh that out and how we should think about that book to build moving out the balance of the year.

也許我的第一個問題只是想再次理解，很抱歉回到訂單問題，並了解逐年增長的兩位數，但一年前的基礎也非常低迷。所以也許如果我們考慮一下要寫這本書的話，這會比較容易。我認為第一季的數字大概是 1.07，我想年初這個數字總是高於 1，下半年則低於 1。那麼，您是否可以圍繞這本書提供一些歷史背景來構建整個公司第一季的典型情況，您是否可以以任何方式充實它，以及我們應該如何思考這本書以構建全年的平衡。

Yeah, Julian, I don't know that we have as reliable a correlation in orders at the beginning of the year as we do with what you mentioned, and that is at the end of the year, certainly Q4, you can typically count on higher shipments, particularly in our configured order and Lifecycle services business. We did see orders a little bit better than expectations in the first quarter. We mentioned mid-single digit growth overall. Products were actually a little bit better than that in terms of sequential growth, and products in terms of orders probably are affected by calendarization the least, unless it has to do with holidays, typically occurring in one quarter or the other. So to be sure, the performance was a little bit better than expected in the first quarter. And then, as we mentioned, January performance was consistent with our outlook for Q2 and the rest of the year.

是的，朱利安，我不知道我們在年初的訂單之間是否有像您提到的那樣可靠的相關性，那就是在年底，當然是第四季度，您通常可以指望更高的出貨量，特別是在我們的配置訂單和生命週期服務業務中。我們確實看到第一季的訂單略好於預期。我們提到整體上是中等個位數的成長。從連續成長來看，產品實際上要好一些，從訂單來看，產品受日曆的影響可能最小，除非與假期有關，而假期通常發生在某個季度。因此可以肯定的是，第一季的表現比預期好一些。然後，正如我們所提到的，一月份的表現與我們對第二季和今年剩餘時間的展望一致。

Thanks very much.

非常感謝。

And then just to understand the differences between sort of Intelligent Devices versus Software and Control, so it looks like in Intelligent Devices maybe the channel or your partners are a bit further behind in the destocking, whereas logics and Software and Control, you're firmly in the sort of early stage of an upturn. I just wondered if that's a fair characterization and what sort of typical operating leverage we should expect from logics in a sales recovery?

然後，只要了解智慧型裝置與軟體和控制之間的差異，看起來在智慧型裝置中，通路或您的合作夥伴在去庫存方面可能有點落後，而在邏輯和軟體和控制方面，您正處於復甦的早期階段。我只是想知道這是否是一個公平的描述，以及我們應該從銷售復甦的邏輯中期待什麼樣的典型經營槓桿？

Yeah, I think you can also look at the performance of logics as being impacted by the reduction of any excess inventory in our machine builders. Obviously, logic is foundational to the solutions that our machine builders around the world use, and it was recovering to be sure, from a low base at the very beginning of last year.

是的，我認為您還可以看到邏輯的性能受到我們機器製造商的過剩庫存減少的影響。顯然，邏輯是我們全球機器製造商所使用的解決方案的基礎，可以肯定的是，它正在從去年年初的低基數中恢復。

Now, Intelligent Devices is a broader set of SKUs relatively than Software and Control hardware. It has to be said Intelligent Devices does have a lot of exposure to automotives which, as we've mentioned, hasn't really hit that same growth curve that some of the industries have, so that's a little bit of additional color for you on the relative performance between those two sets of hardware.

現在，智慧型設備相對於軟體和控制硬體來說是一組更廣泛的 SKU。必須指出的是，智慧型裝置確實在汽車領域有很多應用，正如我們所提到的，汽車行業並沒有真正達到一些行業所達到的成長曲線，因此這可以為您在這兩組硬體之間的相對性能提供一些額外的資訊。

Maybe I'll just add one other thing around the configured to order portion of the business and Intelligent Devices typically starts the first quarter of them seasonally low as well. Yeah, that's right.

也許我只想在業務的按訂單配置部分添加另一件事，並且智慧型設備通常在第一季的季節性低潮中開始。是的，沒錯。

Great, thank you.

太好了，謝謝。

Joe O'Dea, Wells Fargo.

富國銀行的喬‧奧迪亞 (Joe O’Dea)。

Hi, good morning. Thanks for taking my questions.

嗨，早安。感謝您回答我的問題。

On the cost out and the $250 million and I think, a little more than half of that on the COG side, can you just talk about the status of actions there with respect to, I think, a year that's framed as COGS really kicking in some of the contribution to cost savings in the back half of the year. But of that 130, any sense of how much has been actioned, how much will be actioned by the time you start the first half or the second half of the year?

關於成本支出，2.5 億美元，我認為其中略多於一半屬於成本費用方面，您能否談談這方面的行動狀況，我認為，這一年的成本費用確實在下半年對成本節約做出了一些貢獻。但是，在這 130 項舉措中，您知道已經採取了多少行動，到今年上半年或下半年開始時將採取多少行動嗎？

Yeah, Joe, a lot of that's already in flight, and certainly some of that and the timing of those coming in already in the first quarter, and again, that will continue to ramp as the year goes on. The delta that we saw from those activities in the first quarter really did come from manufacturing, efficiency and sourcing, so really areas that are going to impact COGS. And that was a pretty broad range, everything from freeing up some additional capacity which reduced some overtime at a couple of our facilities that also, actually, those facilities had some better improvements in quality which reduced material expense.

是的，喬，很多資金已經在籌集中，當然其中一些資金在第一季就已經到位，而且，隨著時間的推移，這些資金還將繼續增加。我們在第一季看到的這些活動的增量確實來自製造、效率和採購，因此這些領域確實會對銷貨成本產生影響。範圍很廣，包括釋放一些額外的產能，從而減少我們一些工廠的加班時間，而且實際上這些工廠的品質有所提高，從而降低了材料費用。

We also implemented barcode scanning at a number of facilities starting to see some really good early winds in that regard. Logistics gave us a touch of outperformance in the quarter and then I would also say on the material side, and these are smaller dollar items as far as the delta impact, but again, important. So things like metal fab, bras, stamping, all of which contributed a few $100,000 each to that outperformance that we saw in the first quarter. So momentum is building, it's going well, we're pretty happy with it so far and again, you're going to see more that helps in the second half.

我們還在許多設施中實施了條碼掃描，並開始在這方面看到一些非常好的早期進展。物流在本季度為我們帶來了出色的表現，然後我想說，在材料方面，就增量影響而言，這些都是較小的美元項目，但同樣重要。金屬製造、胸罩、沖壓等行業都為我們在第一季看到的優異表現貢獻了幾十萬美元。因此勢頭正在增強，一切進展順利，到目前為止我們對此感到非常滿意，而且，您將會在下半年看到更多有幫助的進展。

And then just wanted to circle back on channel inventories. I mean, pretty encouraging of you that at this point in time a lot of that is sorted out. I think, previously maybe, some timing expectations that it would take until second quarter, maybe even drift into third quarter. So, perhaps that's sorting out a little faster than anticipated. But just regionally, if you talk about kind of North America, say Europe in particular, because it seemed like that was still an inventory overhang up until recently, and then it sounds like maybe China is the only the only area left that you would say still has some drag effect. But just any regional color on what you've seen there over the past couple of months.

然後只是想回顧一下渠道庫存。我的意思是，目前為止，很多問題都已經解決，這真是令人鼓舞。我認為，之前可能有些人預計這會持續到第二季​​度，甚至可能持續到第三季度。因此，也許事情解決得比預期的要快一些。但僅從地區來看，如果你談論北美，特別是歐洲，因為直到最近，那裡似乎仍然是一個庫存過剩地區，然後聽起來也許中國是唯一一個你會說仍然受到一些拖累的地區。但這只是過去幾個月你在那裡看到的任何地域色彩。

Yeah, I think you characterize the shape of it. The biggest factor in North America would be distribution because so much of our business goes through distributors, and that's mostly done at this point. In Europe, the inventory at big machine builders is an important factor, and the relatively high sequential growth in orders that we saw in Europe, we think is indicative of that playing out and normalizing there. And as you said, China might take into the end of Q2, Q3, but it's a small part of our business as China's total revenue is now a little bit less than 5% of our total revenue.

是的，我認為你描述了它的形狀。北美最大的因素是分銷，因為我們的大部分業務都是透過分銷商進行的，而目前這基本上已經完成了。在歐洲，大型機械製造商的庫存是一個重要因素，而且我們在歐洲看到的訂單連續相對較高增長，我們認為這表明這種情況在那裡正在發揮作用並且正在正常化。正如您所說，中國市場可能會持續到第二季​​末或第三季末，但這只是我們業務的一小部分，因為中國市場的總收入現在略低於我們總收入的 5%。

Great, thank you.

太好了，謝謝。

Steve Tusa, J.P. Morgan.

摩根大通的史蒂夫·圖薩。

Hi, this is Chigusa Katoku on for Steve. Thanks for taking my question.

大家好，我是 Chigusa Katoku，為 Steve 播報。感謝您回答我的問題。

Just a little bit more on the first half, the second half ramp. It's still the first half seasonality still seems a little weaker than historical seasonality, and you mentioned before you booked some orders during this quarter that are some big orders that are expected to ship in toward the end of the year. If you could provide some any more color on what's going to support the first half, the second half for output, that would be great.

上半場再多說一點，下半場再說一點。上半年的季節性似乎仍然比歷史季節性弱一些，您之前提到過，您在本季度訂了一些訂單，這些訂單都是大訂單，預計將在年底發貨。如果您可以對支援前半部分和後半部分的輸出提供更多細節，那就太好了。

Yeah, thanks for your question.

是的，謝謝你的提問。

We do see, as we as we enter the year, an expectation for gradual sequential improvement through the year, and actually, the year started from an order standpoint a little bit better than expected, which reduces that ramp from first half to second half.

我們確實看到，在進入新的一年之際，人們預期全年會出現逐步連續改善的趨勢，實際上，從訂單的角度來看，今年的開局比預期要好一些，這使得上半年的增長勢頭減緩到下半年。

Okay, thank you.

好的，謝謝。

And then, on the second quarter, if you were to do similar decremental margins to the first quarter, it looks like there's some upside to the $2 in EPS that you mentioned, but is there any reason you can't do similar decrementals to the first quarter?

然後，在第二季度，如果您對利潤率進行與第一季度類似的遞減，那麼您提到的每股收益 2 美元似乎還有一些上行空間，但有什麼理由不能對利潤率進行與第一季類似的遞減呢？

Yeah, so obviously, we don't go into that level of detail on our guide. We are expecting, sequentially, that we're going to see margin expansion on segment operating margins going from 17% to that 18% kind of number, which again, is consistent with our ramp that we talked about for the full year guide, at the outset of our guide at the last quarter's call but also just reiterating that in in this call as well. So, we -- as far as the modeling year over year, we'll leave that up to you to take a look at that.

是的，很明顯，我們不會在我們的指南中深入討論這個問題。我們預計，分部營業利潤率將連續擴大，從 17% 上升至 18%，這與我們在上個季度電話會議中指南開始時談到的全年指南的增長一致，在這次電話會議中也重申了這一點。所以，就逐年建模而言，我們將留給您自己去查看。

Okay, thank you.

好的，謝謝。

Noah Kaye, Oppenheimer.

諾亞凱、奧本海默。

Hi there, this is Andre Adams on for Noah.

大家好，我是 Andre Adams，代替 Noah 登場。

Could you just give us some more color on some of the drivers of margin upside in the quarter and what the contribution was between mixed versus cost action and how mix factors into the reiterated segment marching guidance in the EPS outlook, given FX headwinds?

您能否向我們詳細介紹本季利潤率上升的一些驅動因素，混合因素與成本行動之間的貢獻，以及考慮到外匯逆風，混合因素如何影響每股收益展望中重申的分部預期？

Yeah, sure. Let me just -- I'll go after this and let me know if I answered the question properly. But really, I believe your question was around just generally the outperformance versus where our original thesis was for the quarter. If we break that out, there were kind of three primary drivers behind it.

是的，當然。讓我——我會繼續追問，並讓我知道我是否正確回答了這個問題。但實際上，我相信您的問題只是圍繞著本季與我們最初的論點相比的整體表現。如果我們仔細分析一下，就會發現背後有三個主要驅動因素。

The first portion was that we did have a favorable mix that is the Software and Control business, performed better than what we had expected, against the Lifecycle business, which was a little bit below our expectations. So, [fearful] mix was the first item. The second one was that, as Blake discussed and I also discussed, we had these temporary cost measures that the organization performed really well against. You'll see that inside of our core in that bridge schedule. And then, the last one was that we also had a better performance on our cost reduction and margin expansion activities that was expected to be more equal throughout the year, kind of leading up to that $250 million for the full year. We had a little bit of our performance there. So, all three of those are about equal as far as the helping us to perform in the first quarter.

第一部分是，我們確實有一個有利的組合，即軟體和控制業務的表現好於我們的預期，而生命週期業務則略低於我們的預期。因此，[恐懼] 混合是第一項。第二個是，正如布萊克和我所討論的，我們採取了這些臨時成本措施，組織在這方面的表現確實很好。您會在該橋樑時間表的核心部分看到這一點。最後一個是，我們在降低成本和擴大利潤率活動方面也取得了更好的表現，預計全年將更加均衡，全年將達到 2.5 億美元。我們在那裡進行了一點表演。因此，就幫助我們在第一季取得好成績而言，這三者的作用大致相同。

Great, thank you.

太好了，謝謝。

And just as a follow up, like a project still seen as a tailwind for fiscal '25, can you talk about any impact of the funding pause for IRA, IIJA, loans program office funding on the magnitude of that tailwind?

作為後續問題，例如該專案仍被視為 25 財年的順風，您能談談 IRA、IIJA、貸款計劃辦公室資金暫停對順風幅度的影響嗎？

Sure, we do continue to see mega projects as a tailwind both in terms of year over year and as a nice contributor to our growth this year, as well as for the next few years. So this is multi-year, it's multi-industry. And as we've talked to companies, for instance, in energy about any impact, that the change of -- change in administration is having on their plans, they're continuing on with those projects. So, we highlighted a project by a major oil and gas company on a sustainability project this quarter, and we're tracking a lot of those through this year and into the next year. In fact, renewables in terms of new project introductions continues to be a major contributor to the new announcement.

當然，我們確實繼續將大型專案視為順風，無論是從同比來看，還是從今年以及未來幾年的成長來看。所以這是多年的、跨行業的。例如，當我們與能源領域的公司討論政府變動對其計劃的影響時，他們仍繼續進行這些項目。因此，我們本季重點介紹了一家大型石油和天然氣公司的可持續發展項目，並且我們將在今年和明年追蹤其中的許多項目。事實上，就新項目引入而言，再生能源仍然是新公告的主要貢獻者。

So, these projects are going to have to stand on their own merit. They're going to have to have a good ROI, but we think there's a lot of out there whether it's direct air capture, carbon capture and sequestration, and so on. And then obviously, in terms of traditional development of energy resources that continues to be a big part of our business with energy overall about 15% of our total revenue.

所以，這些項目必須靠自身優勢。他們必須獲得良好的投資回報率，但我們認為還有很多其他選擇，無論是直接空氣捕獲、碳捕獲和封存等等。顯然，就傳統能源資源開發而言，這仍然是我們業務的重要組成部分，能源總體上約佔我們總收入的 15%。

Great, thank you so much.

太好了，非常感謝。

Jeff Sprague, Vertical Research.

傑夫‧斯普拉格 (Jeff Sprague)，垂直研究公司。

Hey, thank you. Good morning, everyone. I just want to come back. Hey, good morning, Blake.

嘿，謝謝你。大家早安。我只是想回來。嘿，早上好，布萊克。

I just want to come back to order. Sorry, it's -- I guess it's for the umpteenth time on this call, but I just want to be clear on the $2 billion plus number that was given. I don't quite get there based on the year over year and sequential changes you talked about, maybe my base is a little bit off, but is that a reported number, an organic number, maybe you could be a little bit more precise on that if there's anything else to add.

我只是想回來訂購。抱歉，我想這已經是這次電話會議中第無數次提到了，但我只是想明確給出的 20 多億美元這個數字。根據您談到的逐年和連續變化，我還沒有完全得出這個結論，也許我的基礎有點偏差，但這是一個報告的數字，一個有機數字，如果還有其他要補充的，也許您可以更精確一點。

Yeah, Jeff, so that is a -- that's a reported number. And you know, I'm not sure exactly what the number is you're looking at from the prior year but we are being consistent with the metric and how we've thought about it historically, again, knowing that we didn't always and we haven't always given the exact number on orders, it was really more of the, I think a lot of folks are getting that order number based on the delta and what happened with backlog versus shipments. But again, we thought it was notable that we were back over $2 billion, and we want to call that out.

是的，傑夫，這是一個報告的數字。你知道，我不確定你所看到的前一年數字到底是多少，但我們與指標以及我們對它的歷史看法是一致的，再說一次，我們知道我們並不總是給出訂單的確切數字，它實際上更多的是，我認為很多人根據增量以及積壓訂單與出貨量的情況來獲得訂單號。但是，我們再次認為，值得注意的是，我們的收入超過了 20 億美元，我們想大聲宣布這一點。

Yeah, that's what I'm doing to the implied orders based on backlog and revenue changes, but fine, I'll play with that. And then also just wanted to come back to kind of the cost reductions. It looks like your corporate expense actually -- you raised the corporate expense for the year if I have that correctly, what is going on in that line item?

是的，這就是我根據積壓訂單和收入變化對隱含訂單所做的操作，但好吧，我會嘗試一下。然後我也只想回到降低成本的話題。看起來您的公司費用實際上——如果我沒有記錯的話，您提高了今年的公司費用，那麼該項目的具體內容是什麼？

Yeah, so corporate expense obviously has a number of smaller items that move around from quarter to quarter and throughout the year. Probably the biggest change in the in the delta on we did take that number up for the full year is really around some of the execution costs on some of the margin expansion cost reduction activities. We're going to take those on the corporate side, so that's the reason why that number went up slightly.

是的，企業費用顯然包含一些較小的項目，這些項目在各個季度和全年都會有所變動。我們確實將全年數字上調，但其中最大的變化可能實際上與一些利潤擴大成本削減活動的執行成本有關。我們將從公司角度來處理這些問題，所以這個數字略有上升。

And maybe just one other quick one. I think you said you expect Asia Pacific to be the weakest region for the year, even though EMEA is starting off weaker. Are you implicitly assuming there's a kind of a tangible pick up in EMEA over the balance of the year? Do you have some visibility on that?

也許還有另一個快速的。我記得您說過，儘管歐洲、中東和非洲地區一開始表現較弱，但預計亞太地區將成為今年最弱的地區。您是否暗示，歐洲、中東和非洲地區在今年餘下時間將出現明顯的回升？您對此有什麼了解嗎？

We do, again, a lot of that business is driven by the machine builders. We call down specifically the stabilization at the Italian machine builders, and we expect particularly because it's coming off of a low base, that machine builder business to recover in Europe as they're back to normal in terms of their inventories. China is expected to continue to suffer from a, let's say, mild deflation through the year. So while we see some recovery, it's going to be slow, and they've got some structural challenges there. China is a small part of our business, but it's a big manufacturing economy, and so it remains important to us. And then India mid and long term, continues to be very bright, but we're not expecting any heroic growth from India this year.

確實，很多業務都是由機器製造商推動的。我們特別提到了義大利機械製造商的穩定，我們預計，特別是由於基數較低，歐洲的機械製造商業務將復甦，因為他們的庫存將恢復正常。預計中國全年將繼續遭受輕度通貨緊縮。因此，雖然我們看到了一些復甦，但復甦將是緩慢的，而且他們面臨一些結構性挑戰。中國只占我們業務的一小部分，但它是一個巨大的製造業經濟體，因此對我們來說仍然很重要。從中長期來看，印度的前景仍然十分光明，但我們並不期待印度今年會出現任何顯著的成長。

Great. Thank you very much.

偉大的。非常感謝。

Julianne, we'll take one more question.

茱麗安，我們再回答一個問題。

Rob Mason, Baird.

羅布梅森，貝爾德。

Oh yes, good morning, Blake, Christian. Thanks for taking the question.

哦是的，早上好，布萊克，克里斯蒂安。感謝您回答這個問題。

I appreciate the level of detail you provided us around your manufacturing footprints and imports into the US from various regions, maybe tariff exposed. Could you just -- and I know you've made a lot of changes over the last few years around how you execute on pricing. Can you just remind us some of those changes and how quickly, I guess, a matter of days, weeks, what have you -- would you actually be able to put through incremental price around the tariff enactment.

我非常欣賞您向我們提供的有關您的製造足跡和從不同地區進口到美國的詳細情況，以及可能涉及的關稅。您是否可以——我知道過去幾年來您在定價執行方面做出了很多改變。您能否提醒我們一些變化，以及您實際上多久能夠根據關稅法案實施增量價格，我猜是幾天、幾週的時間。

Yeah, the short answer is immediately. Tariffs can be handled a little bit different than normal price increases, but as we talked about in the past, being able to move to a fixed discount pricing structure, which was some changes that we implemented during the supply chain crisis over the last couple of years has allowed us much faster response to general price increases. But with tariffs, we implemented them fairly quickly the first time around back in 2018, and I would say even more immediately this time because the impact was potentially larger.

是的，簡短的回答是立即。關稅的處理方式與正常的價格上漲略有不同，但正如我們過去談到的那樣，能夠轉向固定的折扣定價結構，這是我們在過去幾年的供應鏈危機期間實施的一些改變，這使我們能夠更快地應對一般價格上漲。但對於關稅，我們在2018年第一次實施時就相當迅速，我想說，這次實施得更快，因為影響可能更大。

And in repricing backlog is -- would that be a new experience for your customers?

重新定價積壓訂單—這對您的客戶來說是一種新的體驗嗎？

I think, in general, yes, that would be. We have been very communicative around the terms and conditions and how we've been selling to those customers for some of those projects over the last several months, knowing that this was a potential. Again, that's what happens in a scenario where we were imagining and indeed did seem to be the case for a little while which was immediacy around tariffs and wanted to ensure that, you know, again, if we're incurring the cost, we're going to find a way to recover it.

我認為，總的來說，是的。在過去的幾個月裡，我們一直在密切溝通條款和條件，以及我們如何向這些客戶銷售這些項目，因為我們知道這是一個潛在的項目。再說一遍，這就是我們想像中的情景，而且確實在一段時間內確實如此，即關稅的即時性，我們希望確保，如果我們承擔了成本，我們會找到一種方法來收回它。

Excellent, thanks. I'll turn it back. Thank you.

非常好，謝謝。我會把它轉回去。謝謝。

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.

這時，您可以斷開連線。謝謝。