洛克威爾自動化 (ROK) 2025 Q3 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)

感謝您的出席，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。（操作員指示）

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

現在，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 third 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，茱麗安。早安，感謝您參加羅克韋爾自動化 2025 財年第三季財報發布電話會議。今天和我一起的有我們的董事長兼執行長布萊克莫雷特 (Blake Moret) 和我們的財務長 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. 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，新聞稿和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未來 30 天內在我們的網站上提供重播。為了您的方便，我們準備好的演講稿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。

Before we turn to our third quarter results on slide 3, I'll make a couple of initial comments. Rockwell had another good quarter, as we returned to year-over-year sales growth. We had a diverse set of strategic wins in the quarter, across Discrete, Hybrid and Process industry segments. I'll highlight some of these in a few minutes.

在我們討論投影片 3 上的第三季業績之前，我想先說幾點初步意見。羅克韋爾又度過了一個良好的季度，銷售額恢復了同比增長。本季度，我們在離散、混合和流程產業領域取得了一系列策略性勝利。我將在幾分鐘內重點介紹其中的一些內容。

We're also making good progress on our journey to the segment margin goals we introduced at our November 2023 Investor Day. This is largely due to very good progress on our enterprise-wide productivity programs, even as more of the year-over-year savings shifts from the initial SG&A reductions to direct material cost and indirect services cost savings and operational efficiencies. We have already achieved our full-year goal of $250 million in year-over-year productivity, a quarter earlier than we anticipated, and I'm proud of how our organization has operationalized our ambitious productivity and continuous improvement targets.

我們在實現 2023 年 11 月投資者日提出的分部利潤目標方面也取得了良好的進展。這在很大程度上歸功於我們企業範圍的生產力計劃取得了非常好的進展，儘管更多的同比節省從最初的銷售、一般和行政費用削減轉向直接材料成本和間接服務成本的節省以及運營效率的提高。我們已經實現了全年目標，即同比增長 2.5 億美元，比我們預期的提前了一個季度，我為我們的組織如何實現雄心勃勃的生產力和持續改進目標感到自豪。

Price-cost also remains favorable, including the net impact from tariffs, which was minimal in the quarter. Importantly, we intend to take bold steps to continue our progress. Over the next five years, we will invest over $2 billion in plants, digital infrastructure, and talent to grow share, build resilience and expand margins. The United States will be the largest beneficiary of these investments, which are primarily Capex.

價格成本也保持有利，包括關稅的淨影響，本季的影響微乎其微。重要的是，我們打算採取大膽的措施來繼續取得進展。未來五年，我們將在工廠、數位基礎設施和人才方面投資超過 20 億美元，以擴大市場份額、增強韌性並提高利潤率。美國將成為這些投資的最大受益者，這些投資主要為資本支出。

These investments will complement our robust productivity programs to drive our global growth and margin expansion goals. We'll go into more detail on the scope and milestones tied to these investments in November, but it will include thoughtful implementation of automation to drive plant efficiency, talent to fuel our highest-return offerings and an AI-first business system to provide unmatched employee, partner, and customer experiences. This is right in the wheelhouse of our expertise, and we'll be taking you and customers along with us on this journey. It's an exciting time to be a part of the Rockwell Automation story.

這些投資將補充我們強大的生產力計劃，以推動我們的全球成長和利潤擴張目標。我們將在 11 月更詳細地介紹與這些投資相關的範圍和里程碑，但它將包括周到地實施自動化以提高工廠效率、人才以推動我們最高回報的產品以及 AI 優先的業務系統以提供無與倫比的員工、合作夥伴和客戶體驗。這正是我們的專業領域，我們將帶著您和客戶一起踏上這段旅程。能夠成為羅克韋爾自動化故事的一部分是一件令人興奮的事情。

Turning to our third quarter results on slide 3. While most customers continue to prioritize their spending on the productivity and efficiency of existing capacity, some are advancing their strategic

查看幻燈片 3 上的第三季業績。雖然大多數客戶繼續優先考慮現有產能的生產力和效率，但有些客戶正在推進其策略

plans for larger capex projects, including greenfields. Similar to last quarter, our total company book-to-bill was about 1.0, with year-over-year orders growth in the Americas, EMEA and Asia. Q3 sales were above our expectations. Reported sales were up 5%, and our organic sales were up over 4% year-over-year, with currency contributing less than a point of growth in the quarter. Similar to last quarter, product sales were better than some of the longer-cycle businesses, which tend to be more capital-intensive. It's likely there were some customer pull-ins in the quarter, and we'll talk more about that in a minute.

更大規模資本支出項目計劃，包括綠地項目。與上一季類似，我們公司的整體訂單出貨比約為 1.0，美洲、歐洲、中東和非洲地區以及亞洲的訂單較去年同期成長。第三季的銷售額超出了我們的預期。報告銷售額成長了 5%，我們的有機銷售額年增超過 4%，其中貨幣對本季成長的貢獻不到一個點。與上一季類似，產品銷售情況優於一些週期較長且資本密集程度較高的企業。本季可能會吸引一些客戶，我們稍後會詳細討論這一點。

Annual recurring revenue grew 7% in the quarter, below our expectations. Double-digit growth in our cloud-native software business was offset by relative weakness in recurring services, mainly driven by delays in cybersecurity investments.

本季年度經常性收入成長 7%，低於我們的預期。我們的雲端原生軟體業務的兩位數成長被經常性服務的相對疲軟所抵消，這主要是由於網路安全投資的延遲。

From a business-segment standpoint, our Intelligent Devices organic sales were up 1% versus prior year with double-digit growth in products more than offsetting the year-over-year decline in our longer-cycle configured-to-order business. We leveraged our differentiated Intelligent Devices portfolio to secure some new capacity wins, both in greenfield and brownfield applications.

從業務部門的角度來看，我們的智慧設備有機銷售額比上年增長了 1%，產品實現兩位數增長，足以抵消我們週期較長的按訂單配置業務的同比下滑。我們利用差異化的智慧型設備產品組合來確保在綠地和棕地應用中獲得一些新的產能。

One of these wins was with Freshpet, a leading pet food manufacturer who is looking to expand their fresh food production capacity with a new processing plant in Ennis, Texas. Freshpet chose Rockwell for our standardized designs, product interoperability and a differentiated motor control center offering to help accelerate time to market at this greenfield.

其中一項合作來自領先的寵物食品製造商 Freshpet，該公司希望在德克薩斯州恩尼斯建立新的加工廠，以擴大其新鮮食品的生產能力。Freshpet 選擇 Rockwell 是因為我們擁有標準化的設計、產品互通性和差異化的馬達控制中心，可以幫助加快這個新興市場的上市時間。

Another strategic MCC win in the quarter was also in the Food & Beverage space, with Incobrasa Industries, a Brazilian soybean processing and biodiesel manufacturing company that is expanding in the United States. Rockwell was selected as Incobrasa's official automation partner for their new state-of-the-art facility in central Illinois.

本季度，MCC 的另一場策略性勝利也出現在食品和飲料領域，合作方是正在美國擴張業務的巴西大豆加工和生物柴油製造公司 Incobrasa Industries。羅克韋爾被選為 Incobrasa 的官方自動化合作夥伴，負責其位於伊利諾伊州中部的全新最先進工廠。

Clearpath sales were up double digits but continue to be affected by Capex delays in Automotive. We're making good progress in integrating the OTTO AMR platform with our overall roadmap for autonomous operations, and to improve profitability even in a period of subdued customer Capex investment.

Clearpath 的銷售額成長了兩位數，但繼續受到汽車行業資本支出延遲的影響。我們在將 OTTO AMR 平台與我們的自主營運整體路線圖相結合方面取得了良好進展，即使在客戶資本支出投資低迷的時期也能提高獲利能力。

Software & Control organic sales grew 22% year-over-year, driven by strong growth in our hardware business. Logix sales were up over 30% versus prior year and up low-double-digits sequentially. Our SaaS business grew 10% year-over-year with strategic wins across Plex and FiiX.

受硬體業務強勁成長的推動，軟體和控制有機銷售額年增 22%。Logix 的銷售額比去年同期成長了 30% 以上，比上一季成長了 10% 左右。我們的 SaaS 業務年增 10%，並在 Plex 和 FiiX 上取得策略性勝利。

One of our important software wins in Q3 was with Beam Therapeutics, a leader in manufacturing of cell and gene therapies. Factory Talk PharmaSuite MES software will help this customer automate their production process and ensure quality control as they continue to expand their commercial operations in this fast-growing vertical.

我們在第三季度取得的重要軟體勝利之一是與細胞和基因療法製造領域的領導者 Beam Therapeutics 合作。Factory Talk PharmaSuite MES 軟體將幫助該客戶實現生產流程自動化並確保品質控制，因為他們將繼續在這個快速成長的垂直領域擴大商業營運。

Another competitive win in the quarter was with Hancock Iron Ore. We are excited to be partnering with HIO as they take the next step in their digital journey. Working closely with our Kalypso team, this customer is adopting our advanced AI-driven predictive maintenance solutions, like Guardian AI and Data Mosaix, to enhance reliability and performance across their operations. This engagement is a testament to the strength of the ongoing relationship and our mutual focus on building the future of mining together through co-innovation.

本季的另一個競爭勝利是漢考克鐵礦石。我們很高興能與 HIO 合作，幫助他們邁出數位化之旅的下一步。該客戶與我們的 Kalypso 團隊密切合作，採用我們先進的人工智慧驅動的預測性維護解決方案，如 Guardian AI 和 Data Mosaix，以提高其整個營運的可靠性和性能。此次合作證明了雙方持續的合作關係的牢固性，以及我們共同致力於透過共同創新來建立採礦業的未來。

Lifecycle Services organic sales declined 6% versus prior year but were largely in line with our expectations given the difficult year-over-year comparison. Book-to-bill in this segment was 1.06 and was above 1.0 across all the contributing businesses. As we expected, customers continued to delay larger capital projects in Q3, waiting for more clarity and certainty around the impact of trade and policy on their input cost and volume. Rockwell segment margin of 21.2% and adjusted EPS of $2.82 were both above our expectations, mainly due to higher volume and strong execution on our cost reduction and margin expansion actions.

生命週期服務有機銷售額較前一年下降 6%，但考慮到年比困難，基本上符合我們的預期。該部門的訂單出貨比為 1.06，所有參與業務的訂單出貨比均高於 1.0。正如我們預期的那樣，客戶在第三季度繼續推遲大型資本項目，等待貿易和政策對其投入成本和數量的影響更加清晰和確定。羅克韋爾的部門利潤率為 21.2%，調整後每股收益為 2.82 美元，均高於我們的預期，這主要歸功於更高的銷量以及我們在降低成本和擴大利潤率方面的有力執行。

Let's move to slide 4 to review key highlights of our Q3 industry performance. Our Discrete sales grew 10% versus prior year driven by growth in Automotive and eCommerce and Warehouse Automation. While most of our Automotive customers continue to delay their capital investments, we had a large number of wins in the quarter.

讓我們轉到投影片 4 回顧一下我們第三季產業表現的重點。在汽車、電子商務和倉庫自動化成長的推動下，我們的離散銷售額比前一年成長了 10%。儘管我們的大多數汽車客戶繼續推遲其資本投資，但我們在本季度取得了大量勝利。

One of these brownfield projects in Q3 was to help Hyundai Motor Group expand their hybrid electric vehicle production in Georgia as they transition from EV-only to a multi-energy production model, which addresses evolving consumer demand.

第三季的其中一個棕地計畫是幫助現代汽車集團擴大在喬治亞州的混合動力電動車生產，以從純電動車生產模式過渡到多能源生產模式，滿足不斷變化的消費者需求。

Another important Automotive win this quarter was with Lucid Motors, who chose our Factory Talk MES for their state-of-the-art greenfield facility in the Kingdom of Saudi Arabia. eCommerce and Warehouse Automation sales were up 30% year-over-year with continued strength across all customer segments.

本季汽車產業的另一個重要勝利是與 Lucid Motors 合作，該公司選擇我們的 Factory Talk MES 作為其位於沙烏地阿拉伯王國的最先進的綠地工廠。電子商務和倉庫自動化銷售額年增 30%，所有客戶群均保持強勁成長。

In addition to our core automation offering, we are seeing more interest in autonomous material movement as our customers realize the benefits of our OTTO platform. Whether it is basic station to station movement or handling complex payloads, Rockwell is uniquely positioned to help scale AMR fleets to the operational needs of our customers and integrate with the rest of their automation.

除了我們的核心自動化產品外，隨著客戶意識到我們的 OTTO 平台的優勢，我們對自主物料運輸的興趣也越來越濃厚。無論是基本的站間移動還是處理複雜的有效載荷，羅克韋爾自動化都具有獨特的優勢，可以幫助客戶根據營運需求擴展 AMR 車隊，並與其他自動化系統整合。

Moving to our Hybrid industries. Sales in this segment increased high-single-digits versus prior year, with good growth across Food & Beverage, Home & Personal Care and Life Sciences. I already talked about some of our strategic wins in Food and Bev earlier on the call. We continue to see strong year-over-year and sequential growth at our packaging OEMs as they continue to invest in their next-generation machines for both Food & Beverage and HPC end users.

轉向我們的混合產業。該部門的銷售額較上年同期增長了高個位數，其中食品飲料、家庭個人護理和生命科學領域均實現了良好的增長。我在之前的電話會議上已經談到了我們在食品和飲料領域取得的一些策略性勝利。隨著我們的包裝 OEM 繼續為食品飲料和 HPC 最終用戶投資下一代機器，我們繼續看到他們實現強勁的同比和環比增長。

Sales in our Life Sciences vertical were up high-single-digits in Q3. While tariff uncertainty has caused a number of end user project delays, we continue to build a strong pipeline of projects with both machine builders and end users. Our strong software and digital services capabilities continue to differentiate us in the fast-growing GLP-1 space. This quarter, Rockwell was selected by Thermo Fisher to help accelerate production of GLP-1 injectables for a new capacity expansion by cutting their MES implementation timeline in half.

我們生命科學垂直領域的銷售額在第三季實現了高個位數成長。儘管關稅不確定性導致許多最終用戶專案延遲，但我們仍繼續與機器製造商和最終用戶建立強大的專案管道。我們強大的軟體和數位服務能力使我們在快速成長的 GLP-1 領域中繼續脫穎而出。本季度，賽默飛世爾科技選擇羅克韋爾自動化來幫助其加速 GLP-1 注射劑的生產，從而將其 MES 實施時間縮短一半，實現新的產能擴張。

Turning to Process industries, our sales in this segment were down low-single-digits. From a broader Process standpoint, Energy, Chemicals, Mining and Metals are all facing pressure from weak global demand and volatile commodity prices, which is hampering their ability to invest. With that said, each end market is selectively redirecting capital to their highest strategic priorities, including meeting their sustainability and modernization goals.

談到流程工業，我們在這一領域的銷售額下降了個位數。從更廣泛的流程角度來看，能源、化學品、採礦和金屬都面臨著全球需求疲軟和大宗商品價格波動的壓力，這阻礙了它們的投資能力。話雖如此，每個終端市場都在選擇性地將資本重新分配到其最高戰略重點，包括實現其永續性和現代化目標。

In Energy, we do have both the technical portfolio and market access to participate in an all of the above strategy to meet accelerating capacity needs, and we had examples of both traditional fossil fuel and renewables wins in the quarter.

在能源領域，我們確實擁有技術組合和市場准入，可以參與上述所有策略，以滿足不斷增長的產能需求，並且我們在本季度獲得了傳統化石燃料和可再生能源方面的成功案例。

One of these wins was with a global energy technology company, where our PlantPax process control solution was chosen for their hydroelectric project in India as part of the country's push for energy security through reliable and renewable electricity. We also secured an important Oil & Gas win with a leading Middle Eastern national oil company, who chose our Sensia Joint Venture for the region's most strategic automation and cybersecurity upgrade project with significant recurring revenue potential.

其中一項合作來自一家全球能源技術公司，該公司選擇我們的 PlantPax 製程控制解決方案用於其印度的水力發電項目，這是該國透過可靠和可再生電力實現能源安全的一部分。我們還與中東一家領先的國家石油公司贏得了重要的石油和天然氣合同，該公司選擇了我們的 Sensia 合資企業作為該地區最具戰略意義的自動化和網路安全升級項目，具有巨大的經常性收入潛力。

Moving to slide 5 and our Q3 organic regional sales. Once again, North America was our best-performing region in the quarter, and we expect it to be our strongest region for the full-fiscal year 2025.

前往投影片 5 和我們的第三季有機區域銷售額。北美再次成為我們本季表現最好的地區，我們預計它將成為我們 2025 財年全年表現最強勁的地區。

Let's now turn to slide 6 to review our fiscal 2025 outlook. To be sure we continue to operate in a volatile environment, it's good to have the US tax bill in place, continued low unemployment, and to see some progress on tariff negotiations. However, US trade policy with some important countries remains uncertain, and geo-political risk remains elevated.

現在讓我們翻到第 6 張投影片來回顧 2025 財年的展望。為了確保我們繼續在動盪的環境中運營，美國稅收法案的實施、持續的低失業率以及關稅談判取得一些進展都是有益的。但美國與一些重要國家的貿易政策仍存在不確定性，地緣政治風險仍較高。

Accordingly, our topline outlook for the second half of this fiscal year is largely unchanged, with a slight increase to our prior guide due to tariff-related price increases and favorable currency. We do see a modest shift forward in the calendarization of our sales between our fiscal third and fourth quarters. Given the continued trade uncertainty, we think some customers have pulled forward orders from Q4 to Q3 in order to mitigate risk and secure critical components.

因此，我們對本財年下半年的營收預期基本保持不變，但由於關稅相關的價格上漲和有利的貨幣因素，我們的先前預期將略有增加。我們確實看到我們的財政第三季度和第四季度之間的銷售日曆化出現了適度的提前。鑑於持續的貿易不確定性，我們認為一些客戶已將訂單從第四季度提前到第三季度，以降低風險並確保關鍵部件的安全。

We now expect our reported and organic sales growth for the year to be in the positive 1% to negative 2% range. The midpoint of our guide assumes low-single-digit sequential sales growth in Q4. We expect our annual recurring revenue to grow high-single-digits this year. We continue to expect our full-year segment margin to be about 20%, and we are increasing our adjusted EPS outlook to be $10.00 at the midpoint. We continue to expect free cash flow conversion of 100% in fiscal '25.

我們現在預計今年的報告銷售額和有機銷售額成長率將在正 1% 至負 2% 之間。我們的指南中點假設第四季的銷售額將實現低個位數的連續成長。我們預計今年我們的年度經常性收入將實現高個位數成長。我們繼續預計全年分部利潤率約為 20%，並且我們將調整後的每股收益預期中位數上調至 10.00 美元。我們繼續預期 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 give more detail on our Q3 and financial outlook for fiscal '25. Christian?

現在我將把時間交給克里斯蒂安，讓他更詳細地介紹我們第三季的業績以及 25 財年的財務前景。基督教？

Thank you, Blake, and good morning, everyone. I'll start on slide 7, third quarter key financial information. Third quarter reported sales were up 5% versus prior year, with minimal impact from currency. About three points of our organic growth came from price. While price/cost was favorable, about 1 point of our price realization was from tariff-based pricing, which was neutral to EPS. Benefits from cost reduction and margin expansion actions and price realization more than offset higher compensation.

謝謝你，布萊克，大家早安。我將從第 7 張投影片開始介紹第三季的關鍵財務資訊。第三季報告的銷售額比去年同期成長了 5%，受貨幣影響很小。我們的有機成長中約有三個百分點來自價格。雖然價格/成本比較有利，但我們的價格實現中約有 1 點來自基於關稅的定價，這對 EPS 來說是中性的。降低成本、擴大利潤率的措施和價格實現所帶來的收益遠遠超過了更高的薪酬。

Adjusted EPS of $2.82 was above our expectations primarily due to the beat on the sales line as well as segment operating margin. The adjusted effective tax rate for the third quarter was 15.2%, above the prior year rate of 13.3%, primarily due to lower discrete tax benefits. We continue to expect a 17% ETR for fiscal 2025. Free cash flow of $489 million was $251 million higher than the prior year. Free cash flow conversion was 153% in the third quarter.

調整後的每股盈餘為 2.82 美元，高於我們的預期，主要原因是銷售額和分部營業利潤率都超出預期。第三季調整後有效稅率為 15.2%，高於去年同期的 13.3%，主要原因是單一稅優惠減少。我們繼續預計 2025 財年的 ETR 將達到 17%。自由現金流為 4.89 億美元，比前一年高出 2.51 億美元。第三季自由現金流轉換率為153%。

Slide 8 provides the sales and margin performance overview of our three operating segments. While sales in Lifecycle Services came in as expected, performance in Intelligent Devices and Software & Control exceeded expectations, with product growth more than offsetting the decline in our configure-to-order business. All segments executed well on our cost reduction and margin expansion targets helping absorb the year-over-year increase in compensation expense.

幻燈片 8 提供了我們三個營運部門的銷售和利潤表現概覽。雖然生命週期服務的銷售額符合預期，但智慧型設備和軟體與控制的表現超出了預期，產品成長足以抵消按訂單配置業務的下滑。所有部門均在降低成本和擴大利潤率的目標上表現良好，有助於吸收薪酬費用的同比增長。

As a reminder, we did not have any incentive compensation costs in the same quarter of last year. Intelligent Devices margin of 18.8% decreased by 140 basis points year-over-year, against one of their most difficult comps of the prior year, primarily due to the higher compensation expense I just mentioned. Given the small year-over-year dollar change in sales in this segment, decrementals are not as meaningful this quarter. We continue to see good price realization in this segment.

提醒一下，去年同期我們沒有任何激勵薪酬成本。智慧型裝置利潤率為 18.8%，年減 140 個基點，是去年最困難的競爭對手之一，這主要是由於我剛才提到的薪資費用較高。鑑於該部門銷售額同比變化較小，本季的下降幅度並不那麼大。我們繼續看到該領域價格實現良好。

Software & Control margin of 31.6% was up 800 basis points versus prior year, driven by double-digit volume growth and strong price realization. This segment saw year-over-year incrementals in the high sixties. Lifecycle Services margin of 13.3% was down 600 basis points year-over-year. A mid-single-digit sales decline, against record segment margins that had no incentive expense in the prior year, drove the decrementals in the quarter.

軟體與控制利潤率為 31.6%，較上年上升 800 個基點，這得益於兩位數的銷售成長和強勁的價格實現。該細分市場的年成長率高達 60% 以上。生命週期服務利潤率為 13.3%，年減 600 個基點。與去年同期沒有激勵費用的創紀錄的分部利潤率相比，銷售額出現了中等個位數的下滑，導致本季銷售額下降。

I want to take a moment to point out the sequential movement we saw in each of our segments. Intelligent Devices had incrementals that were in the thirties from Q2 to Q3, reflecting revenue improvement, cost reduction and margin expansion execution, and strong price realization, partially offset by tariff costs, compensation and FX.

我想花點時間指出我們在每個部分看到的連續運動。智慧型設備部門從第二季到第三季的增量都在三十%左右，反映了收入的提高、成本的降低和利潤率的擴大，以及強勁的價格實現，但部分被關稅成本、補償和外匯所抵消。

Software and Control sequential incrementals were in the mid-forties, with strong volume partially offset by higher compensation. Lifecycle Services saw small sequential dollar changes both in sales and segment earnings, with higher compensation being the driver of lower margins. Overall, for Rockwell, the incremental margin on the sequential sales growth was in the low thirties. This rises to the mid-thirties if you exclude tariff-based pricing and cost, which, again, was EPS neutral.

軟體和控制順序增量在四十年代中期，強勁的銷售部分被更高的薪資所抵銷。生命週期服務部門的銷售額和部門收益均出現小幅較上季變化，而薪資上漲是利潤率下降的原因。整體而言，羅克韋爾的連續銷售成長的增量利潤率在三十出頭。如果不考慮基於關稅的定價和成本，這一數字將上升至 35% 左右，而這又對 EPS 產生了中性影響。

The next slide, 9, provides the adjusted EPS walk from Q3 fiscal 2024 to Q3 fiscal 2025. Year-over-year, core conversion was close to 60% and contributed $0.35 to our EPS on the 4% organic sales increase. Software & Control was the primary driver of both sales and earnings growth in the quarter, where we saw margin expansion on continued improvement in Logix sales. Pricing was strong for the company, and we continue to fund new product development with company R&D at 6% of total revenue.

下一張投影片 9 提供了從 2024 財年第三季到 2025 財年第三季的調整後每股盈餘走勢。與去年同期相比，核心轉換率接近 60%，並在 4% 的有機銷售額成長的基礎上為我們的每股盈餘貢獻了 0.35 美元。軟體和控制是本季銷售額和獲利成長的主要驅動力，其中，隨著 Logix 銷售額的持續改善，我們看到利潤率有所擴大。公司的定價很強勁，我們繼續以公司總收入的 6% 為新產品開發提供資金。

We saw excellent execution on our cost reduction and margin expansion actions, which were above our expectations, resulting in a $0.60 tailwind. You'll see a $0.60 impact from compensation. Our Q3 outperformance and higher guidance for the year brings with it increased incentive expense. As I said earlier, we had no annual bonus expense last year. We expect about $0.30 of compensation cost in Q4.

我們在降低成本和擴大利潤率方面的行動執行得非常出色，超出了我們的預期，帶來了 0.60 美元的順風。您將看到賠償產生 0.60 美元的影響。我們第三季的優異表現和今年更高的預期帶來了激勵費用的增加。正如我之前所說，去年我們沒有年度獎金支出。我們預計第四季的補償成本約為 0.30 美元。

Full-year compensation expense, which includes merit and bonus, is expected to be about $230 million. Currency was a $0.15 EPS headwind as the timing and movement of exchange rates, particularly in some of our foreign production locations such as Mexico and Poland, created transactional headwinds. All other items resulted in a $0.09 net headwind.

預計全年薪酬支出（包括績效和獎金）約為 2.3 億美元。貨幣對每股收益造成 0.15 美元的不利影響，因為匯率的時間和變動，特別是在墨西哥和波蘭等一些國外生產基地，造成了交易不利影響。所有其他項目導致淨逆風 0.09 美元。

Moving on to the next slide, 10, to discuss our updated guidance for the full year. We narrowed our sales guidance range this quarter, raising the midpoint of our reported sales guidance to a negative 0.5% sales decline year-over-year. This reflects a slight increase from our prior organic sales guide, [0.5 point], driven by tariff-based price increases in the second half.

進入下一張投影片 10，討論我們對全年的最新指導。我們縮小了本季的銷售預期範圍，將報告的銷售預期中點提高至年減 0.5%。這比我們之前的有機銷售指南略有增長 [0.5 點]，這是受下半年關稅價格上漲的推動。

The other portion of our sales midpoint guidance increase comes from currency, as we now expect the full-year FX impact to be neutral to sales and a $0.10 headwind to EPS. Our segment operating margin guidance of about 20% is unchanged.

我們的銷售中點指導成長的另一部分來自貨幣，因為我們現在預計全年外匯影響對銷售額無影響，對每股收益產生 0.10 美元的不利影響。我們對分部營業利益率的預期約為 20%，維持不變。

Last quarter, we talked about low-single-digit sequential sales growth in Q3 and high-single-digit sequential growth in Q4. With our updated guidance, we expect Q4 will be up low-single-digits sequentially after a high-single-digit sequential increase in Q3. Segment operating margins exceeded expectations in Q3. For Q4, we expect margins to be similar to Q3 on slightly higher revenue, with unfavorable mix offsetting the sequential volume leverage.

上個季度，我們談到了第三季低個位數的連續銷售成長和第四季高個位數的連續成長。根據我們最新的指引，我們預計在第三季實現高個位數環比成長之後，第四季將實現低個位數環比成長。第三季分部營業利益率超乎預期。對於第四季度，我們預期利潤率將與第三季度相似，營收將略高，不利的產品組合將抵消連續銷售槓桿的影響。

We are updating our adjusted EPS guidance to a range of $9.80 to $10.20 or $10 at the midpoint. The EPS guidance increase reflects our strong operating performance and continued progress on our cost reduction and margin expansion actions.

我們將調整後的每股盈餘預期更新為 9.80 美元至 10.20 美元之間，中間值為 10 美元。每股盈餘預期的成長反映了我們強勁的經營業績以及我們在降低成本和擴大利潤率方面持續取得的進展。

A few additional comments on fiscal 2025 guidance for your models. Corporate and other expense is expected to be around $155 million. Net interest expense for fiscal 2025 is expected to be about $140 million and we're assuming average diluted shares outstanding of about 113 million shares. Our share buybacks in Q3 were approximately 500,000 shares in the quarter at a cost of $123 million. As of June 30, approximately $1 billion remained available under our existing share repurchase authorization.

關於您的模型的 2025 財年指導，還有一些補充評論。公司及其他支出預計約為 1.55 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約為 1.13 億股。我們在第三季回購了約 50 萬股股票，成本為 1.23 億美元。截至 6 月 30 日，我們現有的股票回購授權仍有約 10 億美元可用。

Moving on, I want to expand on a few topics. First, let's talk about tariffs and our assessment of possible pull-in activity. We continue to expect the EPS impact of tariffs for fiscal '25 to be mitigated through resiliency actions and price increases. The EPS impact in the third quarter was close to zero, while about 1 point of our sales growth in Q3 was attributable to tariff-based pricing.

接下來我想擴充幾個主題。首先，讓我們談談關稅以及我們對可能的拉動活動的評估。我們繼續預計，透過彈性行動和提高價格，可以減輕 25 財年關稅對每股盈餘的影響。第三季的每股盈餘影響接近零，而第三季約 1 個百分點的銷售成長歸因於基於關稅的定價。

With regard to pull-ins, as Blake mentioned we are not seeing a notable inflection in underlying customer demand. We have a strong process to identify and address obvious attempts to buy ahead of announced tariff-based price increases and we have cancelled some orders as a result. That being said, we think it's possible that pull-ins accounted for at most 2 points to 3 points of our growth in the third quarter. Our thesis for the second half remains intact, and we believe any pull-ins that may have happened were largely just Q3, Q4 timing differences.

關於吸引，正如布萊克所提到的，我們並沒有看到潛在客戶需求有明顯變化。我們有一套強有力的流程來識別和處理在宣布關稅漲價之前明顯的購買企圖，因此我們取消了一些訂單。話雖如此，我們認為拉動最多可能為我們第三季的成長貢獻 2 到 3 個百分點。我們對下半年的論點保持不變，我們相信可能發生的任何拉動基本上只是第三季和第四季的時間差異。

Second, our cost reduction and margin expansion initiative reached a major milestone this past quarter. This program was initiated midway through our last fiscal year with some very ambitious goals. $100 million of cost savings in the second half of fiscal 2024 and another $250 million of savings in fiscal 2025. We exceeded our goal and delivered $110 million of savings in fiscal 2024. This year, we met our full-year target of $250 million of savings in only three quarters. All told, that is $360 million in structural cost savings achieved over five quarters. Our team has performed extremely well for the past year-and-a-half, and we are all grateful for their efforts. Well done.

其次，我們的成本削減和利潤擴大計畫在上個季度達到了一個重要的里程碑。該計畫於我們上一財年中期啟動，並設定了一些非常宏偉的目標：在 2024 財年下半年節省 1 億美元的成本，在 2025 財年再節省 2.5 億美元。我們超額完成了目標，在 2024 財年節省了 1.1 億美元。今年，我們僅用三個季度就實現了全年節省 2.5 億美元的目標。總而言之，五個季度內共節省了 3.6 億美元的結構性成本。我們的團隊在過去的一年半中表現非常出色，我們都感謝他們的努力。做得好。

At our last Investor Day, we shared our Rockwell Operating Model. One objective is to operationalize the excellent work of our cost reduction and margin expansion teams. This bridges the gap to take the program from an event and turn it into a way of life. The team is prepared. Now that we have achieved our targets, we are going to transition the tracking of our cost reduction and margin expansion program into core in our reporting structure. Because, by operationalizing this work into our day-to-day it is now becoming part of our Core.

在上一次投資者日上，我們分享了羅克韋爾營運模式。其中一個目標是將我們的成本削減和利潤擴大團隊的出色工作付諸實踐。這彌補了將程序從事件轉變為生活方式的差距。團隊已經做好準備。現在我們已經實現了目標，我們將把成本削減和利潤擴大計劃的追蹤轉變為報告結構的核心。因為，透過將這項工作融入我們的日常工作中，它現在已成為我們核心的一部分。

Finally, let's talk about the next few years, and the art of the possible, as well as some of the areas where we have developing programs. As Blake shared earlier, we intend to invest $2 billion over the next five years. This is inclusive of Opex and Capex for plants, digital infrastructure and talent. To be clear, a portion of this will include brick and mortar. We will share additional information at our Investor Day in November but know that each element of this program will have a clear ROI aimed at enhancing competitiveness, expanding margins and positioning Rockwell for long-term growth. We believe in the power of industrial automation and digital transformation. That's true for our customers. It's also true for us. This investment reflects our conviction.

最後，讓我們談談未來幾年以及可能性的藝術，以及我們正在開發的一些項目領域。正如布萊克之前所說，我們打算在未來五年內投資 20 億美元。這包括工廠、數位基礎設施和人才的營運支出和資本支出。需要明確的是，其中一部分將包括實體店。我們將在 11 月的投資者日分享更多信息，但要知道，該計劃的每個要素都將具有明確的投資回報率，旨在增強競爭力、擴大利潤率並為羅克韋爾的長期增長做好準備。我們相信工業自動化和數位轉型的力量。對於我們的客戶來說確實如此。對我們來說也是如此。這項投資體現了我們的信念。

With our progress on price, productivity and strong operating performance, we are on a good path to reach the segment margin targets we introduced in 2023. We are now focusing on long lead-time actions that will help us define and drive the next phase of our operating margin expansion. That's this program. Investing today to help expand margins in the future and to help us achieve the next set of goals.

憑藉著價格、生產力和強勁營運績效方面的進步，我們正朝著實現 2023 年制定的分部利潤率目標邁進。我們現在專注於長期行動，這將有助於我們確定和推動下一階段的營業利潤率擴張。這就是這個程式。今天的投資有助於擴大未來的利潤率並幫助我們實現下一組目標。

Some other items for your long-term model. Capex as a percentage of sales, which has historically hovered around 2%, could range between 2.5% to 4% in any given year as we make ROI-based decisions on brick and mortar, digital infrastructure and capital equipment. R&D spending as a percentage of sales will remain targeted at around 6%. We believe this is important to support our growth engine.

一些適用於您的長期模型的其他項目。資本支出佔銷售額的百分比歷史上一直徘徊在 2% 左右，但由於我們根據投資回報率對實體店、數位基礎設施和資本設備做出決策，因此在任何一年中，資本支出可能在 2.5% 至 4% 之間。研發支出佔銷售額的比例仍將維持在6%左右。我們相信這對於支持我們的成長引擎非常重要。

A couple of notes on upcoming tax changes. First, as we have mentioned in the past, we will become subject to BEPS Pillar Two in fiscal 2026. The current framework could cause our effective tax rate to increase 2 percentage points to 3 percentage points in fiscal 2026, resulting in an EPS headwind.

關於即將實施的稅收變化的幾點說明。首先，正如我們過去所提到的，我們將在 2026 財政年度受 BEPS 第二支柱的約束。目前的框架可能會導致我們的有效稅率在 2026 財年增加 2 個百分點至 3 個百分點，從而導致每股收益受到阻力。

Second, as it relates to the new US tax bill, we don't expect it to provide significant savings to Rockwell, primarily due to our international structure and minimum tax laws. We do believe, however, that accelerated depreciation can drive investment by our small and medium-sized customers. This is a sweet spot for Rockwell, particularly with the help of our partners.

其次，由於它與美國新稅法有關，我們預計它不會為羅克韋爾帶來顯著的節省，這主要是因為我們的國際結構和最低稅法。然而，我們確實相信加速折舊可以推動我們的中小型客戶的投資。這對羅克韋爾來說是一個好消息，尤其是在我們合作夥伴的幫助下。

We've delivered three solid quarters so far in fiscal 2025. That doesn't happen without great execution throughout our organization, great customer relationships and a strong partner network. Those efforts are truly appreciated. Let's have a solid finish to the year.

截至目前，我們在 2025 財年已經實現了三個穩健的業績。如果沒有整個組織的出色執行力、良好的客戶關係和強大的合作夥伴網絡，這一切都是不可能實現的。我們非常感謝這些努力。讓我們圓滿結束這一年。

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

在我們開始問答環節之前，我將把話題轉回給布萊克，請他做一些總結發言。

Thanks, Christian. We're happy to see a return to year-over-year growth, including an improving outlook in some of our largest discrete and hybrid verticals. The leverage from this growth will complement our continued focus on cost discipline, execution and margin expansion. I'm excited to super-charge these efforts by further capturing the benefits of automation and digital transformation within our own operations.

謝謝，克里斯蒂安。我們很高興看到業務恢復同比增長，包括一些最大的離散和混合垂直領域的前景改善。這種成長帶來的槓桿作用將補充我們對成本控制、執行和利潤率擴張的持續關注。我很高興能夠透過在我們自己的營運中進一步利用自動化和數位轉型的優勢來增強這些努力。

It's hard to believe but this year's Automation Fair and Investor Day are only three months away. We return to McCormick Place in Chicago the week of November 17, with Investor Day activities on November 18 and 19. We're looking forward to showcasing the best solutions and partner network in the business, including software-defined automation and AI-enabled technology from sensor to software, integrated intelligent devices, robotics and digital services. You will hear from customers about our differentiated value and from management as we review progress on our goals, details of our internal investments and inorganic priorities. I'm looking forward to seeing you there.

很難相信，但今年的自動化博覽會和投資者日只有三個月的時間了。我們將於 11 月 17 日那一周返回芝加哥麥考密克展覽中心，並於 11 月 18 日和 19 日舉辦投資者日。我們期待展示業務領域的最佳解決方案和合作夥伴網絡，包括從感測器到軟體的軟體定義自動化和人工智慧技術、整合智慧設備、機器人和數位服務。當我們回顧目標的進展、內部投資的細節和無機優先事項時，您將從客戶那裡聽到關於我們差異化價值的評價，並從管理層那裡聽到關於我們差異化價值的評價。我期待在那裡見到你。

Aijana will now begin the Q&A session.

Aijana 現在開始問答環節。

Thanks, Blake. (Operator Instructions) Julianne, let's take our first question.

謝謝，布萊克。（操作員指示）朱麗安，讓我們來回答第一個問題。

(Operator Instructions) Scott Davis, Melius Research.

（操作員指示） Scott Davis，Melius Research。

It's been a long earnings period. Can we talk about the CapEx stuff because that's a big number for you guys. Historically, you haven't spent a lot of capital. What -- kind of why now? One side of it might be you could say, are you behind the investment curve as you have to catch up. The other is, are you playing off then. So how do you guys look at it?

這是一個漫長的獲利期。我們可以談談資本支出的事情嗎，因為這對你們來說是一個很大的數字。從歷史上看，你並沒有花費很多資金。什麼——為什麼現在這樣？一方面，你可能會說，你是否落後於投資曲線，因為你必須迎頭趕上。另一個問題是，你在玩嗎？那麼大家怎麼看待這件事呢？

Scott, let me start by saying this is solidly on offense. So we are very encouraged by the progress on our productivity programs over the last 1.5 years. And while we continue to be focused near term on getting to those margin goals for each business segment and overall for the company, you've asked us in the past, so what's next? What else can we do to continue to drive this?

史考特，首先我要說的是，這是一次堅定的進攻。因此，我們對過去一年半來生產力計劃所取得的進展感到非常鼓舞。雖然我們近期將繼續專注於實現每個業務部門和整個公司的利潤目標，但您過去曾問過我們，下一步是什麼？我們還能做些什麼來繼續推動這項進程？

And we're taking decisive moves to be able to address just that in ways to, of course, address our ongoing capacity needs but to continue that push to expand margins. And Christian has talked about the willingness to invest capital in the service of expanding margins, and that's really how you should think about this. And we've talked about our plans, our talent and our digital infrastructure.

我們正在採取果斷措施來解決這個問題，當然，是為了滿足我們持續的產能需求，但也要繼續努力擴大利潤率。克里斯蒂安談到了願意投資資本來擴大利潤，你確實應該這樣考慮這個問題。我們討論了我們的計劃、我們的人才和我們的數位基礎設施。

I want to also make it clear that we're not beginning from a standing start. We've already done this in a number of our operations, but this is accelerating that. And we're encouraged by what we've already seen in some of the places within our plants that we've done these things that we've digitized. We've added additional automation. We've used our own simulation tools to improve layout.

我還想明確指出，我們並不是從零開始。我們已經在許多業務中做到了這一點，但這正在加速這一進程。我們對工廠內一些地方已經完成的數位化工作感到鼓舞。我們增加了額外的自動化功能。我們使用了自己的模擬工具來改進佈局。

And typically, we see the results show up in labor productivity, being able to do more with a finite amount of human resources. We see it in energy consumption. We see it in faster time to confidence. There's a number of benefits that we've seen in our plants. We certainly are talking about this every day with customers and now we're doing it at scale. And I could go through the other benefits in each of these areas. We're going to spend some time on this in November at Investor Day. But now is the time because these things have a certain ramp time. And we want you to understand how, as you hear about individual investments, how they fit together as part of this cohesive program.

通常，我們會看到成果體現在勞動生產力上，也就是能夠利用有限的人力資源做更多的事情。我們在能源消耗中看到了這一點。我們很快就能感受到信心。我們在工廠中看到了許多好處。我們當然每天都在與客戶談論這個問題，現在我們正在大規模地進行這項工作。我還可以介紹一下每個領域的其他優勢。我們將在 11 月的投資者日上花一些時間討論這個問題。但現在是時候了，因為這些事情都有一定的上升時間。我們希望您了解，當您聽到有關個人投資的消息時，它們是如何作為這個有凝聚力的計劃的一部分結合在一起的。

Maybe a couple of items that I'll add to that. Not all of this $2 billion is incremental. A portion of that is what's already built in our run rate and our current spending levels that we have on CapEx, for example. And so don't look at it all as incremental. We're including some of the run rate in that.

也許我會添加一些內容。這 20 億美元並非全部都是增量資金。例如，其中一部分已經包含在我們的運作率和目前的資本支出水準中。所以不要把這一切都看成是漸進的。我們在其中包括一些運行率。

The second part is that these programs, as I mentioned, are all going to be ROI based and that our hurdle rate for these programs is in the double digits. But obviously, those are risk-adjusted based on the program and the project. But for sure, we are looking for each of these to be giving us an ROI and hopefully, over time, also helping us to expand our margins.

第二部分是，正如我所提到的，這些項目都將以投資回報率為基礎，而這些項目的最低收益率是兩位數。但顯然，這些都是根據計劃和項目進行風險調整的。但可以肯定的是，我們希望這些都能為我們帶來投資回報，並且希望隨著時間的推移，也能幫助我們擴大利潤率。

The last part actually is around the margins. And just to underscore what Blake said, we do see a path already to getting to the 23.5% target that we have in place from November 2023 at our Investor Day that we put in place and the corridors for each of the segments. This is really about the next horizon. It's about thinking about where can we go over the long term with the business of Rockwell. And as we think about when we're going to achieve that 23.5%, what's that next target going to look like, and we have to create some more runway. And this is a great opportunity for us to do that.

最後一部分實際上是圍繞邊緣的。為了強調布萊克所說的話，我們確實已經看到了一條實現 23.5% 目標的途徑，我們在投資者日從 2023 年 11 月開始製定了該目標，並為每個細分市場設定了走廊。這確實與下一個視野有關。這是關於羅克韋爾業務的長期發展方向的思考。當我們思考何時才能實現 23.5% 的目標時，下一個目標會是什麼，我們必須創造更多的跑道。這對我們來說是一個絕佳的機會。

Yeah. I think about this as the current programs that we talk about each call give us to that 23.5% operating margin. These are programs that get us through those margin corridors.

是的。我認為，我們每次通話中討論的當前計劃為我們帶來了 23.5% 的營業利潤率。這些計劃可以幫助我們突破這些差距。

Andrew Obin, Bank of America.

美國銀行的安德魯‧奧賓。

I know that you're going to talk about at the Analyst Day, but you did sort of highlight some investment headwinds, some tax headwinds. How do you think about just generally about growth into next year? And this recovery basically an operating leverage Trump this? Or does that mean structurally lower growth for the next couple of years?

我知道您將在分析師日上談論這些，但您確實強調了一些投資阻力和一些稅收阻力。您對於明年的成長有什麼整體看法？而這種復甦基本上是川普的經營槓桿嗎？或者這是否意味著未來幾年的成長將結構性下降？

Yeah. Certainly, the top line growth that we'll be prepared to talk about in November is a really important piece of the equation. I'll say we're happy to have returned to year-over-year growth in Q3, and we intend to do everything that we can to continue that. We're encouraged as we talked about with some of the improvement in some of the key verticals within particularly discrete and hybrid, which are areas that are important to us.

是的。當然，我們準備在 11 月討論的營收成長是這個等式中非常重要的一部分。我想說，我們很高興第三季恢復了同比成長，我們打算盡一切努力繼續保持這種成長。當我們談到一些關鍵垂直領域（特別是離散和混合領域）的改進時，我們感到很受鼓舞，這些領域對我們來說很重要。

And we are committed to continue to make progress towards those margin expansion targets regardless of what top line does. And we've certainly contemplated the potential for the headwind that Christian talked about, as we say that. So we're continuing to forge through and we feel like we're holding some good cards in terms of momentum that allow us to mitigate the impact of some of these other things.

無論營收表現如何，我們都致力於持續朝著利潤率擴張目標邁進。正如我們所說，我們當然已經考慮過克里斯蒂安談到的逆風的可能性。因此，我們會繼續努力，我們覺得我們手上握著一些好牌，可以讓我們減輕其他一些事情的影響。

Yeah. And just to build off that a little bit more, we do expect we're going to get price next year, the cost reduction and margin expansion programs that we've been working on, while they are going into our core as we operationalize them, we still continue to expect that those programs are going to be giving us a yield. Obviously, the comps get more and more difficult as we continue to build out these programs. And that's okay, but we are expecting that we're going to get margin expansion next year as well. And we'll give you more detail as we get into next quarter on the earnings call.

是的。為了進一步說明這一點，我們確實預計明年我們將獲得價格，我們一直在努力的成本削減和利潤擴大計劃，雖然它們在我們實施時進入我們的核心，但我們仍然繼續預計這些計劃將為我們帶來收益。顯然，隨著我們繼續建立這些程序，比較變得越來越困難。這沒關係，但我們預計明年利潤率也會擴大。我們將在下個季度的收益電話會議上向您提供更多詳細資訊。

Yeah. And I guess just one last point on that, Andrew, is the tariffs that have been announced, including the more recent ones, we feel like we have strong mitigation plans as we did this year for those tariffs as we go into next year.

是的。安德魯，我想最後一點是，對於已經宣布的關稅，包括最近的關稅，我們覺得我們對明年的關稅有強有力的緩解計劃，就像我們今年所做的那樣。

And just taking a step back and looking at your broader restructuring program, right? I think you sort of indicated that there is going to be a greater emphasis on continuous improvement versus large restructuring programs, but we did finish quarter early. If you take a step back, has the progress -- where do you find the progress, the easiest if you look at direct material spend sort of supply chain, SKU rationalization, rationalization of transport cost? And where do you feel you've sort of discovered you can push a lot harder?

退一步來看看你更廣泛的重組計劃，對嗎？我認為您暗示我們將更加重視持續改進而不是大型重組計劃，但我們確實提前完成了本季。如果你退一步來看，進步在哪裡——你在哪裡發現進步，最簡單的如果你看看直接材料支出排序的供應鏈、SKU合理化、運輸成本合理化？您覺得您發現在哪些方面可以更努力呢？

Once again, I appreciate that I was sort of asking you for an Analyst Day preview, but at the same time, you did end up sort of much more efficient on cost cuts than I think were expected.

再次感謝我請求您提供分析師日預覽，但與此同時，您在成本削減方面的效率確實比我預期的要高得多。

Yeah. I think part of -- and I'm sure Christian will have some additional comment on this. I think part of the feature of the program that allows to get there even quicker than we expected was the breadth of the surface that we went after in terms of cost savings. We certainly had initial savings coming from largely SG&A cost reductions.

是的。我認為部分原因——而且我相信克里斯蒂安會對此提出一些補充評論。我認為該計劃讓我們能夠比預期更快實現目標的部分原因是我們在成本節約方面追求的範圍很廣。我們最初的節省確實主要來自於銷售、一般和行政費用的降低。

But we moved pretty quickly into other structural savings, and I'm happy with the way that we saw reductions in what we pay for direct material. That will only improve as volume continues to amplify the per unit savings from that indirect services and manufacturing efficiencies, I would say, to your question, where do we think we can get more manufacturing efficiencies are a big opportunity, and that's why it's an important feature of the program that we introduced today.

但我們很快就轉向了其他結構性節約，我很高興看到直接材料成本的減少。隨著產量繼續擴大間接服務和製造效率帶來的單位節省，這種情況只會有所改善，我想說，對於你的問題，我們認為我們可以在哪裡獲得更高的製造效率是一個巨大的機會，這就是為什麼它是我們今天推出的計劃的一個重要特徵。

Yeah. And I think to answer the question and essentially just to build off, but headcount reductions are always, frankly, they're hard choices to make, but those can happen faster. And so the point this program developed is not unlike what you would expect. But first of all, starting in SG&A with some head count reductions. And then it expanded into indirect spend, which takes a little bit longer to go after.

是的。我認為回答這個問題本質上只是為了開始，但坦白說，裁員始終是一個艱難的選擇，但這些可以更快地發生。因此，該程式所開發的要點與您所期望的並無不同。但首先，從銷售、一般及行政費用 (SG&A) 方面開始裁減一些員工。然後它擴展到間接支出，這需要更長的時間才能實現。

But we went after that then you start going after things that take a little bit longer lead time and not too bad as far as things like the mode shift and thinking about how we're moving materials around, then we get into product redesigns and working on sourcing. And then, we've now transitioned into more operational excellence in the factories. We're doing a lot more around things like warehouse automation. Things that, again, take a little bit longer lead time.

但是我們追求的是這一點，然後你開始追求那些需要更長的準備時間的事情，而且就模式轉變和思考如何移動材料而言，情況還不算太糟，然後我們開始重新設計產品並致力於採購。現在，我們工廠的運作已更加卓越。我們在倉庫自動化等方面做了很多工作。再次強調，這些事情需要更長的準備時間。

And so all those are outstanding. And I think our experience is that, as Blake said, it's really about doing all of the things and continue to do them well. And importantly in this program as we operationalize it, I think we all are well aware that costs can creep into an organization if you are not vigilant. And so the team really needs to -- we all need to continue to make sure we're vigilant around making sure those costs don't creep back in, and we continue to make good progress.

所有這些都是出色的。我認為我們的經驗是，正如布萊克所說，這實際上就是做好所有的事情並繼續做好它們。重要的是，當我們實施這個專案時，我想我們都很清楚，如果不警惕，成本就會逐漸增加。因此，團隊確實需要——我們所有人都需要繼續保持警惕，確保這些成本不會再次出現，並且我們繼續取得良好進展。

Andy Kaplowitz, Citigroup.

花旗集團的安迪‧卡普洛維茲 (Andy Kaplowitz)。

Christian, you reported book-to-bill of 1 times, which suggest you'd continue to see slow sequential improvement in bookings as you guided earlier this year. But you did mention the 2% to 3% of pull-ins in Q3. So is the current environment still supportive of underlying bookings continue to slowly improve from here? And then you mentioned a little more greenfield activity, Blake, from your customers and logic sales are obviously up a lot. So do you think that evidence of more reassuring activity or maybe more CapEx-related activity despite delays. How would you -- any more color would be helpful.

克里斯蒂安，您報告的訂單出貨比是 1 倍，這表明您將繼續看到訂單量緩慢地連續改善，正如您今年早些時候所預測的那樣。但您確實提到了第三季 2% 到 3% 的拉動。那麼，當前的環境是否仍支持基礎預訂量繼續緩慢改善？然後你提到了更多的綠地活動，布萊克，從你的客戶和邏輯銷售額來看，顯然成長了很多。那麼，您是否認為儘管存在延遲，但仍有證據表明存在更多令人放心的活動或可能有更多與資本支出相關的活動。您會怎麼做－更多的顏色會有幫助嗎？

Yeah. Let me start by saying the projects that we're attracting, we're seeing delays, but not cancellations. People are still looking at these as opportunities to increase their resilience, to make market share moves. In general, among our customers, they're just being subject to a higher level of scrutiny. People are looking again and again at the business case to make sure they have a good handle on their cost what the demand picture is and so on.

是的。首先我要說的是，我們吸引的項目出現了延誤，但沒有取消。人們仍將這些視為增強韌性、擴大市場佔有率的機會。總體而言，我們的客戶受到了更高程度的審查。人們一遍又一遍地審視商業案例，以確保他們能夠很好地掌握成本、需求情況等等。

That being said, when projects do pass that hurdle rate, they are being green lit and we've seen greenfields and brownfields. Overall, we expect to see a higher intake of orders related to US capacity in fiscal year '25, and we expect that number to go up again in fiscal year '26. We're tracking it. We're having a good success rate as we look at these and coordinate our coverage around the world.

話雖如此，當專案確實超過了這一最低投資回報率時，就會獲得批准，我們也看到了綠地和棕地。整體而言，我們預計25財年與美國產能相關的訂單量將會增加，並且我們預計26財年這數字將再次上升。我們正在追蹤它。當我們關注這些問題並協調我們在世界各地的覆蓋範圍時，我們的成功率很高。

So I'm encouraged by that. And as I mentioned, we saw some nice development in particular, discrete and hybrid verticals, which, of course, is our strength. We've been in automotive for a long time, and we had some nice wins in both basic control as well as in software there. Food and beverage, our single biggest vertical. Over half of that business is really concentrated through machine builders, especially packaging machine builders and some of our new products are helping us win new business there.

所以我對此感到鼓舞。正如我所提到的，我們看到了一些良好的發展，特別是在離散和混合垂直領域，這當然是我們的優勢。我們已在汽車行業深耕很長時間，並且在基本控制和軟體方面都取得了一些不錯的成績。食品和飲料是我們最大的垂直產業。超過一半的業務實際上集中在機械製造商，特別是包裝機械製造商，我們的一些新產品正在幫助我們在那裡贏得新業務。

So we saw some good results in the quarter. We didn't show it on the slide, but Home & Personal Care we're also seeing some spend there. So we think we're in a good spot, and we're looking forward to as hopefully additional certainty frees up some of that CapEx spend, but we're not waiting. We're continuing to be on offense both in terms of winning every order that is available out there as well as continuing to expand our margins.

因此我們在本季度看到了一些良好的業績。我們沒有在幻燈片上展示，但我們也看到家庭和個人護理方面的一些支出。因此，我們認為我們處於一個很好的位置，我們期待額外的確定性能夠釋放部分資本支出，但我們不會等待。我們將繼續積極進攻，不僅要贏得每一份訂單，還要繼續擴大我們的利潤率。

On the book-to-bill question, yeah, we've been running around one in the last couple of quarters, which is what we were expecting it was going to do as we got into a more normalized environment. So you can read that to be that the backlog is generally flattish. And as we get into Q4, we do have a little bit more seasonal shipments that happen in our project business, especially in the life cycle. So we do give that visibility around book-to-bill and life cycle. It wouldn't be surprising if their book-to-bill went a little bit below 1. But generally, the demand environment and what we're seeing from orders is keeping on with that piece, what we're seeing on the shipment side.

關於訂單出貨比的問題，是的，過去幾季我們一直在關注這個比率，這也是我們預期在進入更正常化的環境後會發生的情況。因此，您可以理解為積壓訂單總體上比較平穩。進入第四季度，我們的專案業務確實會出現一些季節性出貨量，尤其是在生命週期中。因此，我們確實提供了有關訂單出貨和生命週期的可見性。如果他們的訂單出貨比略低於 1，那就不足為奇了。但總體而言，需求環境和我們從訂單中看到的情況與我們在出貨方面看到的情況保持一致。

Appreciate that. And then you sound arguably a little more positive about getting to your medium target -- medium-term target of that 23% margin. But maybe if we could just focus on your largest segment for a second of intelligent devices. How do you think about the margin potential in intelligent devices. The segment still in the high teens, but as you guys know, it's delivered low 20s on lower revenue in the past.

非常感謝。那麼，您聽起來對於實現中期目標（即 23% 的利潤率）的態度可以說更為積極一些。但也許我們可以只關註一下最大的智慧型設備領域。您如何看待智慧型設備的利潤潛力？該細分市場仍處於高位，但正如你們所知，過去該細分市場在收入較低的情況下曾實現 20 多美元的出頭。

So what would it take to improve the margin there? Is it kind of what you guys talked about more factory work, SKU reduction. Christian, maybe any thoughts there? Can you turn the corner in that segment as early as FY '26 towards significantly higher margin?

那麼怎樣才能提高利潤率呢？這是否就是你們談論的增加工廠工作量、減少 SKU 的情況？克里斯蒂安，您有什麼想法嗎？您能否在 26 財年就扭轉這一局面，實現利潤率大幅提高？

Look, we are absolutely committed to the overall margin target as well as the 22% to 24% corridor that we've talked about specifically for intelligent devices. We're encouraged that the last couple of quarters have seen sequential improvement in margin percentage, but we certainly have lots more work there. And we've identified specific areas. And I'll mention a few and Christian will have some others.

你看，我們絕對致力於實現整體利潤率目標以及我們專門針對智慧設備討論的 22% 至 24% 的利潤區間。我們很高興看到過去幾季利潤率連續提高，但我們肯定還有很多工作要做。我們已經確定了具體領域。我會提到一些，克里斯蒂安還會提到其他一些。

First of all, I mentioned that we saw overall good progress in reducing the cost of what we pay for direct material. And that's especially important for intelligent devices because it is a big business with by far, the largest SKU count. So as we increase unit volume, it's amplified across a broad range of all of those products.

首先，我提到我們在降低直接材料成本方面整體取得了良好進展。這對於智慧型裝置來說尤其重要，因為它是一個擁有迄今為止最大SKU數量的大生意。因此，隨著我們增加單位體積，所有這些產品的廣泛範圍都會擴大。

The pricing on the long tail of SKUs that we've talked about over the last year is especially important for intelligent devices, again, because they have such a diversity of SKUs in that offering. Project recovery, so the configure-to-order business is particularly leverage to any uptick in CapEx spend, and we'll see some improvement there. And then specifically, Clearpath. I mentioned it in my prepared remarks, we're seeing double-digit growth. We're making progress on profitability, but there's more work to be done there.

我們去年討論過的長尾 SKU 定價對於智慧型裝置來說尤其重要，因為它們提供的 SKU 種類繁多。項目恢復，因此按訂單配置業務特別有利於資本支出的任何上升，我們將看到一些改善。然後具體來說，就是 Clearpath。我在準備好的發言中提到過，我們正在看到兩位數的成長。我們在盈利能力方面正在取得進展，但還有很多工作要做。

Yeah. I think, Blake, you covered really a lot of the same items I would have talked about. I mean in the end, it's about hitting the individual aspects of this while at the same time, continue to do operational excellence really well. So there's definitely a pathway to it. We definitely have a longer-term plan that we've gone through with the team that shows that we do have the ability to get leverage in this business.

是的。布萊克，我認為你確實涵蓋了很多我想談論的相同內容。我的意思是，最終，這是為了解決這個問題的各個方面，同時繼續出色地實現卓越營運。所以肯定有一條通往該目標的途徑。我們確實有一個長期計劃，我們已經與團隊一起制定了該計劃，這表明我們確實有能力在這個業務中獲得優勢。

Julian Mitchell, Barclays.

巴克萊銀行的朱利安·米切爾。

Maybe I just wanted to start with the revenue. I'm sorry if it's a bit of a hodgepodge of a question, but I understand, Blake, you mentioned the 2% to 3% pull forward of sales into Q3, but you also referenced a handful of times project delays. And then if I look at slide 13, you've got nine markets laid out there, and I think the outlook is lower for six of them versus April.

也許我只是想從收入開始。抱歉，這個問題問得有點雜亂，但我明白，布萊克，你提到第三季的銷售額提前 2% 到 3%，但你也提到了幾次專案延遲。然後，如果我看第 13 張投影片，就會發現那裡列出了 9 個市場，我認為其中 6 個市場的前景與 4 月相比有所下降。

So I'm just sort of trying to understand how significant, let's say, were the pull forwards in Q3 versus the project delays effect. And again, the sort of weighting of the market updates on slide 13 looks perhaps more negative than your overall tone?

所以我只是想了解第三季的提前與專案延遲的影響有多大。再說一次，第 13 張投影片上的市場更新權重可能看起來比您的整體基調更消極？

Right. So let me break that down just a little bit further. So the potential pull forwards that we highlighted are really in the product side. So if people are going to make a pull-forward purchase, they're going to do that in the product area. And we thought that, while, again, we have good processes to avoid taking orders that are obviously opportunistic, let's say, to avoid a price increase, we think it's prudent to give allowance for the possibility that we did see some pull forward in our product orders. The delays are more on the project side. And you see that primarily in the configure-to-order portion of intelligent devices as well as in life cycle services.

正確的。讓我進一步詳細解釋一下。因此，我們強調的潛在推動力實際上是在產品方面。因此，如果人們要提前購買，他們會在產品區域進行。我們認為，雖然我們有良好的流程來避免接受明顯是機會主義的訂單，比如說，為了避免價格上漲，但我們認為謹慎的做法是考慮到我們確實看到產品訂單有所提前的可能性。延誤更多的是在專案方面。您主要可以在智慧型裝置的按訂單配置部分以及生命週期服務中看到這一點。

So that would be the distribution. Now, as you go through the different verticals, Automotive had a good Q3. We returned to good year-over-year growth. Again, I would look at that as a little bit of that prudence that we don't want to get too far ahead of ourselves and saying this is the beginning of a trend. But there was definitely some nice wins within automotive. There's a huge installed base that has to be serviced to be able to continue to keep production running at a good rate.

這就是分佈。現在，當您查看不同的垂直行業時，汽車行業的第三季度表現良好。我們恢復了良好的同比增長。再次，我認為這是出於謹慎，我們不想走得太遠，並說這是一種趨勢的開始。但汽車業確實取得了一些不錯的勝利。有大量的安裝基礎需要維護才能繼續保持良好的生產速度。

The other vertical that isn't shown in the exhibit is Home & Personal Care that had strong growth year-over-year in the quarter. So you look at that, and I'd say it's a largely balanced view. And as Christian said, we think that the demand picture hasn't changed too much, but that's somewhat constructive on the product side and again, with continued delays on the projects.

展覽中未顯示的另一個垂直行業是家庭和個人護理行業，該行業在本季度同比增長強勁。所以你看一下，我會說這是一個基本上平衡的觀點。正如克里斯蒂安所說，我們認為需求狀況並沒有太大變化，但這在產品方面有一定的建設性，而且專案仍在繼續延遲。

That's very helpful. And then I just wanted to return to the topic of operating margins. Just to understand the confidence in the sort of 23.5% medium-term aspiration. But just trying to understand, say, the next 12 months or into next fiscal year, your puts and takes or the main tailwind might be aside from volumes, incentive comp. It looks like that's like $1.90 headwind to EPS this year, I think, maybe just confirm that. And then perhaps there's a headwind to margins from some of these higher investments.

這非常有幫助。然後我只想回到營業利益率的話題。只是為了了解對 23.5% 中期目標的信心。但只是想了解，比如說，未來 12 個月或下一個財政年度，你的收益和投入或主要順風可能除了交易量、激勵補償之外。我認為，這看起來對今年的每股盈餘來說將是 1.90 美元的不利因素，也許可以證實這一點。那麼這些較高的投資可能會對利潤帶來阻力。

So when we roll all that together, does that sort of 35% plus operating leverage placeholder, is that intact largely the next 12 months? Or does it get sort of pushed around by investments or incentive comp flipping around?

那麼，當我們把所有這些因素綜合起來時，這種 35% 加上經營槓桿的佔位符在未來 12 個月內是否基本上保持不變？或者它會因投資或激勵補償的變動而受到影響？

Yeah. Maybe I'll start, and then Blake can jump into to add any additional color. But we remain committed to the 35% incremental margin flow through. We still believe that we can make these incremental investments, if there are going to be anything that's going to show up incrementally again. We still believe that we can do within the context of the rubric a 35% flow through.

是的。也許我會開始，然後布萊克可以加入並添加任何額外的顏色。但我們仍然致力於實現 35% 的增量利潤流。我們仍然相信，如果有什麼事情會再次逐步出現，我們就可以進行這些增量投資。我們仍然相信，我們可以在規則的範圍內實現 35% 的流通。

When we talk about -- you brought up the incentive comp side, just know that bar chart in the way we reconcile it. That is total comp. So that includes merit as well as incentives. So the number that you're thinking about is probably a little bit high. I would say that generally, right now, where we are is a fairly normalized number. And so when we think about next year and if we're at a normalized number this year, we're not expecting that it's going to be too much of a delta for us to deal with as we go into our planning for '26.

當我們談論時 - 您提到了激勵補償方面，只需知道我們協調它的方式中的條形圖。這就是全部內容。這包括功績和激勵。所以你想到的數字可能有點高。我想說，總體而言，目前我們所處的位置是一個相當正常的數字。因此，當我們考慮明年時，如果今年的數字正常化，我們預計在製定 26 年計劃時，我們不會遇到太大的差異。

Yeah. And I would say additionally, Julian, the project spend, CapEx and OpEx, we're in control of that. And so we have the ability to meet around what we're spending in CapEx and OpEx so that we make sure we don't get in the way of those the previously announced targets, and we continue to make good progress towards that. I would also say that the majority of the incremental spend is in CapEx. So in OpEx, a lot of that is reprioritizing dollars that are already in a run rate to the areas that we talked about.

是的。另外我想說，朱利安，專案支出、資本支出和營運支出，我們都在控制之中。因此，我們有能力滿足資本支出和營運支出的要求，以確保我們不會妨礙實現先前宣布的目標，並且我們將繼續朝著這個目標取得良好進展。我還要說的是，增量支出大部分是資本支出。因此，在營運支出中，許多都是將已經處於運作率中的資金重新優先分配到我們討論過的領域。

Chris Snyder, Morgan Stanley.

摩根士丹利的克里斯·斯奈德。

I wanted to follow up on the pull forward commentary. It seems like from the opening remarks that this was more of a revenue pull forward and not an order pull forward. So if you could just speak to that.

我想跟進一下前瞻評論。從開場白來看，這似乎更多的是收入的提前，而不是訂單的提前。所以如果你能談談這個的話。

And then just any color you could share on the visibility or kind of methodology as to how you arrived at this? I think intuitively, it makes a lot of sense that customers would try to get ahead of price increases. But we really haven't heard this across the rest of our coverage.

然後，您能否分享一些關於可見性或方法論的內容，說明您是如何實現這一目標的？我認為，從直覺上來說，顧客試圖搶在價格上漲之前購買商品是非常合理的。但我們在其餘報道中確實沒有聽過這種說法。

Yeah. Sure. Chris, we want to be prudent about this. And as we said, there aren't specific examples of orders that we could point to, to say that is a pull forward. As I mentioned, this is mainly in the product area. So with orders and shipments being pretty much on top of each other, book-to-bill across the company of about 1. They're close to the same. What we're not seeing is customers that have longer lead time projects already in-house in our backlog, saying, hey, we want it quicker or that we want to delay it. So I should make that distinction as well.

是的。當然。克里斯，我們要謹慎處理此事。正如我們所說，我們沒有可以指出的具體訂單範例來表明這是一種向前推進。正如我所提到的，這主要發生在產品領域。因此，由於訂單和出貨量基本上同步，整個公司的訂單出貨比約為 1。它們幾乎相同。我們沒有看到的是，那些已經在我們積壓訂單中擁有較長交付週期項目的客戶會說，嘿，我們想要更快，或者我們想要推遲。所以我也應該做這樣的區分。

And we talk about this because we're not seeing specific indicators. We look at our distributor inventories, and there's nothing unusual going on there. They're placing orders pretty close to a factor of one based on what their orders are that they're receiving and the orders are placing on us, which is healthy. We continue to pull our machine builders and we're not just seeing any evidence that they're building up inventories of product. We look at our own behavior. So there's no specific indicators that there's significant pull forward we just want to be prudent as we navigate through a volatile time.

我們談論這個問題是因為我們沒有看到具體的指標。我們查看了經銷商的庫存，並沒有什麼異常情況。他們下達的訂單量與收到的訂單量以及我們下達的訂單量之比非常接近，這是很健康的。我們繼續吸引我們的機器製造商，但我們沒有看到任何證據表明他們正在建立產品庫存。我們審視自己的行為。因此，沒有具體的指標表明會出現顯著的拉動，我們只是希望在度過動盪時期時保持謹慎。

Nigel Coe, Wolfe Research.

沃爾夫研究公司的奈傑爾·科伊。

We've got a couple of other grounds. Just want to clarify, Christian, your comments about comp next year because I think I've always thought about no more comps like [175], and I think we're going to be at [260] this year. So it looks like there could be a nice tailwind for next year. I mean I just want to make sure that's the right thinking. But my real question is really around the $2 billion of investment.

我們還有其他一些理由。克里斯蒂安，我只是想澄清一下你對明年的比賽的評論，因為我認為我一直認為不會再有像 [175] 這樣的比賽了，而且我認為今年我們的比賽成績會是 [260]。因此看起來明年可能會出現良好的順風。我的意思是我只是想確保這是正確的想法。但我真正的問題是關於20億美元的投資。

Number one, that's not incremental investment. That's total investments. I just want to clarify that. And it seems like probably two thirds CapEx, one thirds OpEx would be -- it seems like that's the right split. I just want to verify that? And maybe just touch on what it gives you. It seems like it's more US capacity, more capacity in general, but anything else that these investments will provide.

首先，這不是增量投資。這就是總投資。我只是想澄清這一點。看起來可能是三分之二的資本支出，三分之一的營運支出——這似乎是正確的分配。我只是想確認一下？也許只是觸及它帶給你的東西。看起來美國的產能更大，整體產能更大，但這些投資還能提供其他任何東西。

Sure. I'll start with the comp one and then around the OpEx CapEx portion. So on the compensation side, Nigel, just to -- again, to underscore this. That compensation number that you see in there, and again, we gave a view for the full year at about $230 million. That full year view includes both merit and incentive comp. And so you gave a historical number that -- I think it's in the ballpark, that might have been a little bit high on the number that you gave. But that would have been more purely incentive comp and not including the merit side. So again, if you were to separate those out, we feel like the incentive portion is normalized at the moment.

當然。我將從公司部分開始，然後討論 OpEx CapEx 部分。因此，在薪酬方面，奈傑爾，我只是想再次強調這一點。正如您所看到的，我們預計全年的薪資數字約為 2.3 億美元。全年觀點包括績效薪酬和激勵薪酬。所以你給了一個歷史數字——我認為它是大致的，但可能比你給的數字高一點。但那將更加純粹是激勵性薪酬，而不包括績效方面。因此，如果將它們分開，我們感覺激勵部分目前已經正常化。

Yeah. And I would say, look, we are proud of having gone through a year with, let's say, flattish overall growth and have returned to a more normal overall spend on compensation. That was something that was important for us to get to this year. And I think it does set us up well as we go into next year.

是的。我想說，我們很自豪度過了整體成長持平的一年，並且整體薪資支出已經恢復到更正常的水平。這對我們來說是今年要實現的重要目標。我認為這確實為我們進入明年做好了準備。

In terms of the $2 billion, yeah, we're going to get into more detail, but I think directionally, you're in the ballpark of that split. And as I said, the majority of the incremental spend is going to be on that CapEx side, in the service of margin expansion.

關於 20 億美元，是的，我們將進行更詳細的討論，但我認為從方向上看，你已經大致了解了這個分配方案。正如我所說，大部分增量支出將用於資本支出方面，以擴大利潤率。

To be sure, there is some additional capacity that this helps with. We do believe that we're able to do these things with a net number of rooftops staying relatively flat. I think that's an important concept that we're not going out and building a lot of incremental rooftops without retiring others. So we think we have lots of opportunity for additional efficiency in our existing facilities as well as some greenfield investment as well. But the majority of the OpEx spend in these areas is really more about reprioritizing to the areas of highest return.

可以肯定的是，這有助於增加一些額外的容量。我們確實相信，我們能夠在保持相對平坦的屋頂數量的情況下完成這些事情。我認為這是一個重要的概念，我們不會在不淘汰其他屋頂的情況下建造大量的增量屋頂。因此，我們認為我們有很多機會提高現有設施的效率以及進行一些綠地投資。但這些領域的大部分營運支出實際上更多的是重新優先考慮回報率最高的領域。

Julianne, we'll take one more question.

茱麗安，我們再回答一個問題。

Steve Tusa, JPMorgan.

摩根大通的史蒂夫·圖薩。

It sounds like you guys are super busy no vacation this summer. So you've earned the IC bump for sure. Lots going on. good execution. Just a quick question on kind of the updated pricing outlook for what you booked this quarter and then what you expect for the fourth quarter and how that will trend into next year?

聽起來你們今年夏天非常忙，沒有假期。因此您肯定已經獲得了 IC 獎勵。有很多事情要做。執行得很好。只是想問一個簡單的問題，關於本季預訂的最新價格前景，以及您對第四季度的預期以及明年的趨勢如何？

Yeah. So on the pricing side, we would have started the year, I think we did in the Q4, Q1 call talking about we expected price realization to be around our historical number about 1%. Obviously, the last couple of quarters, we've had price realization more in the 3% range. I think last quarter, I would have talked about 1% to 2% for the full year.

是的。因此，在定價方面，我們應該在年初就做出決定，我想我們在第四季度、第一季的電話會議上就說過，我們預計價格實現率將達到歷史水平的 1% 左右。顯然，在過去幾個季度，我們的價格實現率都在 3% 左右。我想上個季度，我會談論全年成長 1% 到 2%。

Now, I think, it's very comfortable saying that we're going to be a 2% plus for the fully year this year, which would include a decent portion that happens in the fourth quarter. Keeping in mind that part of that bump is happening from tariff-based price realization, which is not really high-value price realization because it's simply there to offset some costs.

現在，我認為，我們可以自信地說，今年全年的成長率將超過 2%，其中很大一部分是第四季的成長。請記住，部分成長來自於基於關稅的價格實現，這並不是真正高價值的價格實現，因為它只是為了抵消一些成本。

And then for next year?

那麼明年呢？

For next year, I'm not ready to actually give a full update on that. I will tell you that I think the -- outside of the tariff-based price realization, which is going to be whatever it is that generally, we're feeling pretty good about our ability to continue to realize price and that the organization is continuing to find areas and opportunities for us to continue to go after it, not necessarily just from lift to list, but also finding other ways to enhance realization on prior pricing actions.

對於明年，我還沒有準備好對此做出全面的更新。我會告訴你，我認為——除了基於關稅的價格實現之外，無論它是什麼，一般來說，我們對繼續實現價格的能力感到非常滿意，並且該組織正在繼續尋找領域和機會讓我們繼續追求它，不一定只是從提升到列表，但也尋找其他方法來提高先前定價行動的實現。

Okay. And then sorry, just one last one on this US investments you were talking about. You said you booked a few of these in '25. You think they're going to -- there's a few in '26. How kind of close are we to some of these things shaking loose? Like is it as simple as just getting like the headlines more come around tariffs? Or like you guys seem just a little bit more cautious around like the timing of some of this stuff hitting. I think every company is talking about these big pipelines and opportunities. Could this be a first half of next year thing? Or if it comes, it's really going to be more of a second half of next year thing from an orders perspective?

好的。抱歉，關於您談論的美國投資，我只想問最後一個問題。您說過您在 25 年預訂了其中幾個。你認為他們會——26 年就有幾個了。我們距離這些事情的崩潰還有多遠？就像只是讓頭條新聞更專注於關稅一樣簡單嗎？或者你們似乎對這些事情發生的時間更加謹慎。我認為每家公司都在談論這些大型管道和機會。這可能是明年上半年的事嗎？或者如果它真的到來，從訂單角度來看這實際上將更多地發生在明年下半年？

We have a big funnel, and we think that the orders we receive will be significantly larger related to capacity next year than this year. We haven't calendarized first half versus second half. But in general, what people are doing is they're looking at getting to a certain level of cost certainty with respect to the inputs and obviously, tariffs are a portion of that. So think about the automotive. They're thinking about what does their demand look like? And think about, for instance, the chemical industry and oil and gas more commodity-oriented metals, what's their demand looking like.

我們有一個很大的漏斗，我們認為明年我們收到的訂單與產能相關的數量將比今年大得多。我們還沒有將上半場和下半場進行日程安排。但總的來說，人們正在做的是尋求在投入方面達到一定程度的成本確定性，顯然關稅是其中的一部分。想想汽車。他們在思考他們的需求是什麼樣的？想想看，例如化學工業和石油天然氣等更多以商品為導向的金屬，它們的需求是什麼樣的。

They're also looking at general risk. And so with machine builders wanting to go to their suppliers and get certainty on pricing as they themselves are putting out quotes that need to be firm to their end users for a period of time. So those are kind of one click below the general uncertainty that people are looking for getting additional confidence in, and we're seeing some of those projects coming out. We booked some big ones across multiple industries. We talked about a few of them, and we expect that to continue in Q4 and into next year.

他們也關註一般風險。因此，機器製造商希望從供應商那裡獲得確定的價格，因為他們自己給出的報價需要在一段時間內對最終用戶保持穩定。因此，這些都是人們尋求獲得更多信心的普遍不確定性之下的一點，我們看到其中一些項目正在出現。我們在多個行業簽訂了一些大合約。我們討論了其中的一些，我們預計這將在第四季度和明年繼續下去。

And hopefully, things settled down with respect to tariffs. We've got a tax bill in place, and that helps. That's going to provide some benefits, particularly for small and medium-sized manufacturers as they see things like bonus depreciation helping them. But some of these other areas with tariffs, I think, will accelerate the release of some of these big capacity orders.

希望關稅問題能夠解決。我們已經制定了稅收法案，這很有幫助。這將帶來一些好處，特別是對於中小型製造商而言，因為他們看到獎金折舊等措施對他們有幫助。但我認為，其他一些徵收關稅的地區將加速釋放一些大產能訂單。

And that is just on a percentage of your business, correct? The new capacity percentage, it's like 15% to 20%. That's kind of how you describe that kind of size of that mix when you talk about big new capacity orders?

這只是您業務的一部分，對嗎？新產能比例約15%至20%。當您談論大型新產能訂單時，您是這樣描述該組合的規模的嗎？

Yeah. I mean, we haven't talked about a specific percentage of capacity but it's a little bit more than it would have been in the past. And some of that is with the new offerings that we have, things like production, logistics and AMRs are largely tied to CapEx. So it's a little bit more than it was in the past. But we're still largely a flow company.

是的。我的意思是，我們還沒有談論具體的容量百分比，但它比過去的容量要多一點。其中一些是我們提供的新產品，諸如生產、物流和 AMR 等在很大程度上與資本支出相關。所以它比過去多一點。但我們基本上仍是一家流程公司。

And I guess the other thing I would say is that whereas a lot of the new capacity initially with in areas like semiconductor and data centers, now we're seeing many more of those orders across areas that Rockwell has higher share in. So think about life sciences and food and beverage and so on.

我想說的另一件事是，雖然許多新產能最初都集中在半導體和資料中心等領域，但現在我們看到越來越多的訂單來自羅克韋爾佔有較高份額的領域。所以想想生命科學、食物和飲料等等。