洛克威爾自動化 (ROK) 2026 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).

感謝您的耐心等待，歡迎參加羅克韋爾自動化公司季度電話會議。我需要提醒大家，今天的電話會議正在錄音。（操作說明）

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

此時，我想把電話交給投資人關係和市場策略主管艾雅娜·澤爾納。艾賈娜女士，請繼續。

Thank you, Julianne. Good morning, and thank you for joining us for Rockwell Automation's First Quarter Fiscal 2026 Earnings Release Conference Call. With me today is Blake Moret, our Chairman and CEO; and Christian Rothe, our CFO. Our results were released earlier this morning, and the press recent charts are available on our website.

謝謝你，朱莉安娜。早安，感謝各位參加羅克韋爾自動化公司2026財年第一季財報發布電話會議。今天陪我一起的還有我們的董事長兼執行長布萊克·莫雷特，以及我們的財務長克里斯蒂安·羅特。我們的業績報告已於今天早上發布，最新的圖表可在我們的網站上查看。

These materials as well as our remarks today will reference non-GAAP measures. Reconciliations of these non-GAAP measures are included in both the press recent charts. A replay of today's webcast and a transcript of our prepared remarks will be available on our website at the conclusion of today's call. Before we begin, please note that our comments today include forward-looking statements regarding the expected future results of our company. Our actual results may differ materially due to a wide range of risks and uncertainties described in our earnings release and SEC filings.

這些資料以及我們今天的演講將提及非GAAP指標。這些非GAAP指標的調節表已包含在近期發布的圖表中。今天網路直播的回放和我們準備好的演講稿將在今天的電話會議結束後發佈在我們的網站上。在開始之前，請注意，我們今天的評論包含有關公司未來預期業績的前瞻性陳述。由於我們在獲利報告和提交給美國證券交易委員會的文件中所描述的各種風險和不確定性，我們的實際結果可能與預期有重大差異。

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

那麼，我就把它交給布萊克了。

Thanks, Aijana, and good morning, everyone. Before we get into the specific results, I'll start with a few opening comments. We entered fiscal 2026 with a focus on delivering solid top line performance while continuing to increase productivity and expand margins. This quarter reflects additional progress on these fundamental objectives with sales, margin and earnings all exceeding our expectations.

謝謝艾賈娜，大家早安。在深入探討具體結果之前，我先做一些開場白。進入 2026 財年，我們專注於實現穩健的營收成長，同時持續提高生產力並擴大利潤率。本季在這些基本目標方面取得了進一步進展，銷售額、利潤率和收益均超出預期。

Demand across our core offerings and verticals remained healthy in the first quarter, and our teams executed well. We had double-digit sales growth and sustained momentum in our key product and software businesses. At the same time, we continue to advance structural productivity actions. These efforts span projects and commercial spend, direct material and supply chain efficiency with broad adoption of AI providing additional opportunities, we are well positioned to expand margins as the year progresses.

第一季度，我們核心產品和垂直領域的需求仍然保持健康，我們的團隊也執行得很好。我們在核心產品和軟體業務方面實現了兩位數的銷售成長，並保持了持續的成長動能。同時，我們持續推動提高生產力的結構性措施。這些努力涵蓋專案和商業支出、直接材料和供應鏈效率，而人工智慧的廣泛應用則提供了更多機會，隨著今年的發展，我們已做好充分準備擴大利潤率。

The macro environment remains fluid, with heightened geopolitical uncertainty around trade, regional conflict and supply chain risk. While these factors add complexity, they reinforce the importance of the disciplined execution focused mindset our teams bring every day. And the long-term trends driving automation and digital transformation remains strong. Rockwell is well positioned to lead as customers accelerate their factory of the future initiatives and move towards more autonomous operations. The strong growth of orders related specifically to projects adding new U.S. production capacity gives us confidence that the combination of our traditional sources of value with digital services, edge computing and cloud-native software is differentiated. We are the most used technology in American manufacturing.

宏觀環境仍瞬息萬變，貿易、區域衝突和供應鏈風險等方面的地緣政治不確定性加劇。雖然這些因素增加了複雜性，但它們也強調了我們團隊每天所秉持的嚴謹執行心態的重要性。推動自動化和數位轉型的長期趨勢仍然強勁。隨著客戶加快未來工廠計畫並向更自主的營運模式轉型，羅克韋爾已做好充分準備引領產業發展。與新增美國產能相關的項目訂單的強勁成長，使我們確信，將我們傳統的價值來源與數位服務、邊緣運算和雲端原生軟體相結合，能夠帶來差異化優勢。我們是美國製造業中使用最廣泛的技術。

Let's now turn to our first quarter results on Slide 3. Our Q1 sales came in slightly better than expected, with double-digit year-over-year growth in both reported and organic sales. While large CapEx investments are still on hold for many customers, demand for our products portfolio remains strong, particularly in logic and motion. Customers continue to modernize their operations even as they look from a stable market signals. Annual recurring revenue grew 7% in the quarter and was in line with our expectations with strong performance in our recurring software across automotive, life sciences and energy verticals.

現在讓我們來看看投影片 3 上的第一季業績。我們第一季的銷售額略好於預期，報告銷售額和有機銷售額均實現了兩位數的年增長。雖然許多客戶的大型資本支出投資仍然處於停滯狀態，但對我們產品組合的需求仍然強勁，尤其是在邏輯和運動控制方面。即使市場訊號穩定，客戶仍在不斷推動營運現代化。本季年度經常性收入成長了 7%，符合我們的預期，這主要得益於我們在汽車、生命科學和能源垂直領域的經常性軟體的強勁表現。

Plex delivered its strongest quarter yet with several significant customer wins. One notable win was with RH Shepherd, a U.S.-based Tier 1 commercial vehicle supplier who will use our cloud-native Plex platform to drive greater operational control, continuous process improvement and scalable future expansion. Another standout win in our recurring services was with Hindalco Industries, a global leader in aluminum and copper production, and Hindalco has chosen to partner with Rockwell to implement OT cybersecurity across six plants in India.

Plex 取得了迄今為止最強勁的季度業績，贏得了幾位重要客戶。其中一個值得一提的成功案例是與總部位於美國的 RH Shepherd 達成合作，該公司是一家一級商用車供應商，將使用我們基於雲端的 Plex 平台來推動更強大的營運控制、持續的流程改進和可擴展的未來擴展。我們在經常性服務方面取得的另一項傑出勝利是與全球領先的鋁和銅生產商 Hindalco Industries 達成的合作，Hindalco 選擇與 Rockwell 合作，在印度的六家工廠實施 OT 網路安全。

Moving to our business segment performance for the quarter. Intelligent Devices delivered another solid quarter with organic sales up 16% year-over-year and in line with our expectations. Growth was broad-based with especially strong performance in drives and Motion. Within Motion, we secured several strategic wins across food and beverage, CPG and entertainment. A standout Q1 win here was with PFM Group, a leading Italian packaging OEM supporting a large food and beverage customers CapEx expansion.

接下來來看看我們各業務部門本季的業績表現。智慧型設備業務又迎來了一個穩健的季度，有機銷售額年增 16%，符合我們的預期。成長基礎廣泛，其中驅動和運動控制領域表現尤為強勁。在 Motion 領域，我們在食品飲料、消費品和娛樂產業中取得了許多策略性勝利。第一季最引人注目的勝利是與義大利領先的包裝 OEM 廠商 PFM 集團的合作，該集團為一家大型食品飲料客戶的資本支出擴張提供支援。

The customer selected our independent car technology to deliver high-speed flexible production at scale across multiple key facilities. Another example of our differentiated production logistics offering is our win with ATS. This customer is deploying our auto AMRs to deliver an autonomous material movement solution for an end user in the U.S. Margins also continued to improve year-over-year in the Intelligent Devices segment.

客戶選擇我們自主研發的汽車技術，以在多個關鍵工廠實現高速、靈活的大規模生產。我們與 ATS 的成功合作，是展現我們差異化生產物流服務的另一個例子。該客戶正在部署我們的自動 AMR，為美國的最終用戶提供自主物料搬運解決方案。智慧型設備部門的利潤率也持續較去年同期成長。

In Software & Control, organic sales grew 17% versus prior year, ahead of our expectations. Logix continued its strong momentum with North American sales up over 25% year-over-year. Our new L9 controller is off to a great start with early adopters seeing clear benefits from higher performance, simplified architecture and faster data throughput.

在軟體與控制領域，有機銷售額比前一年成長了 17%，超出了我們的預期。Logix 持續保持強勁的成長勢頭，北美地區的銷售額年增超過 25%。我們的新型 L9 控制器取得了良好的開端，早期用戶已經從中獲得了明顯的優勢，包括更高的效能、更簡化的架構和更快的資料吞吐量。

Beyond hardware, we are seeing growing adoption of our next-generation software offerings customers continue to expand their use of emulate 3D to create digital twins and we are seeing building momentum with the copilot functionality of our FactoryTalk design studio. This quarter, Thermo Fisher selected Rockwell to deliver an AI-enabled troubleshooting agent to accelerate issue resolution and reduce downtime, a great proof point of how our AI strategy is delivering real customer value. You heard directly at Investor Day in November about how Rockwell is broadly contributing to this important customer's success.

除了硬體之外，我們看到下一代軟體產品越來越受到客戶的青睞，他們不斷擴大使用 3D 模擬來創建數位孿生，我們看到 FactoryTalk 設計工作室的副駕駛功能也正在蓬勃發展。本季度，賽默飛世爾科技選擇羅克韋爾自動化提供人工智慧故障排除代理，以加快問題解決速度並減少停機時間，這充分證明了我們的人工智慧策略正在為客戶帶來真正的價值。在 11 月的投資者日上，您已經直接了解到羅克韋爾是如何為這位重要客戶的成功做出廣泛的貢獻。

Life Cycle Services organic sales declined 6% versus prior year, largely in line with expectations. Book-to-bill in this segment was 1.16. As in prior quarters, customers continued to delay and narrow the scope of larger projects until there is more clarity on potential trade policy impacts. Our plans to end the Sensia joint venture are on track for an April 1st close with the return of the profitable process automation business to full Rockwell control. We continue to work well with SLB through this transition, and we look forward to updating you once the transaction is complete.

生命週期服務有機銷售額較前一年下降 6%，基本上符合預期。此業務板塊的訂單出貨比為 1.16。與前幾季一樣，在貿易政策的潛在影響更加明朗之前，客戶繼續推遲並縮小大型專案的範圍。我們結束與 Sensia 合資企業的計劃進展順利，預計將於 4 月 1 日完成，屆時盈利的過程自動化業務將完全回歸羅克韋爾的控制之下。在此過渡期間，我們將繼續與SLB保持良好的合作，並期待在交易完成後向您報告最新進展。

Total company segment margin was 20.7% and adjusted EPS was $2.75. These both exceeded our expectations and were driven by higher volume, favorable mix and strong productivity. Tariffs did not have a meaningful impact on our total company earnings in Q1. Christian will talk more about Tariffs and the fiscal '26 impact in a few moments.

公司整體業務分部利潤率為20.7%，調整後每股收益為2.75美元。這兩項數據均超出預期，主要得益於銷售成長、產品組合優化和生產效率提升。關稅對我們公司第一季的總收益沒有產生實質影響。克里斯蒂安稍後將詳細討論關稅以及2026財年的影響。

Turning to Slide 4 for key highlights of our Q1 industry performance. Our discrete sales were up low double digits year-over-year, led by continued strength in e-commerce and warehouse automation. Within discrete, automotive sales grew mid-single digits, consistent with our outlook. Although the CapEx environment remains subdued, brand owners and Tier 1s are continuing to advance MES digital twin and AI-enabled modernization across their global manufacturing footprints.

請翻到第 4 張投影片，了解我們第一季產業業績的主要亮點。在電子商務和倉儲自動化持續強勁成長的帶動下，我們的獨立銷售額比去年同期成長了兩位數。在離散型企業中，汽車銷售額實現了中等個位數的成長，與我們的預期一致。儘管資本支出環境依然低迷，但品牌所有者和一級供應商仍在繼續推進其全球製造業務中的 MES 數位孿生和 AI 賦能的現代化。

E-commerce and warehouse automation sales grew over 60% in the quarter. led by strong year-over-year growth in North America. Customer investment continues to be driven by labor shortages, network modernization needs and increasing focus on sustainability and cybersecurity. Business related to data centers, again contributed strong double-digit growth in the quarter. AI-driven power constraints are accelerating hyperscaler and colo adoption of gas-powered micro grids, driving increased demand for our industrial grade controls in power and advanced cooling. This is deepening our engagement with leading power and process OEMs and driving continued momentum in this end market.

本季電子商務和倉儲自動化銷售額成長超過 60%，其中北美地區年增強勁，帶動了整體成長。客戶投資持續受到勞動力短缺、網路現代化需求以及對永續性和網路安全日益重視的驅動。與資料中心相關的業務再次為本季貢獻了強勁的兩位數成長。人工智慧驅動的電力限制正在加速超大規模資料中心和託管資料中心採用燃氣微電網，推動了對我們工業級電力控制和先進冷卻系統的需求增加。這將加深我們與領先的電力和製程設備製造商的合作，並推動我們在該終端市場持續發展。

Moving to hybrid. Sales in this industry segment were up high single digits, led by double-digit growth in food and beverage and home and personal care. Consistent with what we saw last quarter, customers in food and beverage and the broader CPG sector continue to focus on operational efficiency. While the majority of our business here is driven by brownfield modernizations and productivity, we did see some greenfield projects across the U.S., Eastern Europe, Southeast Asia and India.

轉向混合模式。該行業細分市場的銷售額實現了接近兩位數的增長，其中食品飲料和家庭及個人護理行業的兩位數增長尤為顯著。與上個季度的情況一致，食品飲料和更廣泛的消費品行業的客戶繼續專注於營運效率。雖然我們在這裡的大部分業務是由棕地現代化和生產力提升驅動的，但我們也在美國、東歐、東南亞和印度看到了一些綠地項目。

One example of orders resulting from new capacity being built in the U.S. is our Q1 win with CAMA, an Italian packaging OEM at selected Rockwell's advanced motion platform to run complex high-speed operations with emerging sustainable materials.

美國新建產能帶來的訂單的一個例子是，我們在第一季贏得了與義大利包裝 OEM 製造商 CAMA 的訂單，該訂單選用了 Rockwell 的先進運動平台，用於運行使用新興可持續材料的複雜高速操作。

This gives CAMA a clear advantage in throughput reliability and flexible changeovers as the industry accelerated its shift to a sustainable and highly robotized packaging. Sales in Life Sciences declined low single digits year-over-year driven by several project delays in North America. Despite these temporary pushouts, our pipeline continues to expand across strategic areas, including GLP-1, radio pharma and med devices. We continue to expect growth in Life Sciences for the full year.

隨著產業加速向永續和高度自動化的包裝轉型，CAMA 在吞吐量可靠性和靈活切換方面具有明顯的優勢。受北美多個項目延期的影響，生命科學領域的銷售額比去年同期下降了個位數百分比。儘管這些暫時的調整導致我們的產品線在戰略領域不斷擴展，包括 GLP-1、放射性藥物和醫療器材。我們預計生命科學領域將全年持續保持成長。

Turning to Process Industries. Sales in this segment were up 10% versus prior year, with strong growth in chemicals, water and energy. Our chemicals business is in the specialty chemicals sector, which remains relatively resilient. We also continue to gain share at key customers with our plant PAX control platform.

轉向流程工業。該領域的銷售額比上年增長了 10%，其中化學、水處理和能源領域增長強勁。我們的化學品業務屬於特種化學品領域，該領域仍相對具有韌性。我們的工廠PAX控制平台也在關鍵客戶中不斷擴大市場份額。

This quarter, Corteva Agriscience completed the modernization of its iPark infrastructure, using our process control and networking capabilities to improve operator visibility and reduce downtime across critical chemical utilities. Within energy, we saw good activity in oil and gas, power and renewables supported by an important greenfield win with FS Bioenergia, a leading Brazilian corn ethanol producer with strategic emphasis on carbon capture and decarbonization. The customer will be deploying our full suite of automation offerings to build their next facility in Brazil and for their carbon capture and storage project.

本季度，Corteva Agriscience 完成了其 iPark 基礎設施的現代化改造，利用我們的製程控制和網路功能，提高了操作員的可視性，並減少了關鍵化工設施的停機時間。在能源領域，我們看到石油和天然氣、電力和再生能源領域活動良好，這得益於與巴西領先的玉米乙醇生產商 FS Bioenergia 達成的重要綠地專案協議，該公司戰略重點是碳捕獲和脫碳。客戶將部署我們全套自動化產品，用於在巴西建造他們的下一個工廠以及他們的碳捕獲和儲存項目。

Let's move to Slide 5 and our Q1 organic regional sales. As expected, North America remains our strongest region. At our Automation Fair in November, we announced plans for our new manufacturing facility in Southeastern Wisconsin, and I'm pleased to share that this factory of the future will be located in New Berlin. Additionally, as we have completed the purchase of our Mequon, Wisconsin facility, which we previously leased. These two projects are aligned with our announced investments in our plants, talent and digital infrastructure and underscore our commitment to and confidence in the U.S. market.

讓我們來看第 5 張投影片，了解我們第一季的有機區域銷售額。正如預期的那樣，北美仍然是我們最強大的地區。在 11 月的自動化博覽會上，我們宣布了在威斯康辛州東南部建造新製造工廠的計劃，我很高興地告訴大家，這座未來的工廠將位於新柏林。此外，我們已經完成了對位於威斯康辛州梅昆市的工廠的收購，該工廠我們之前是租賃的。這兩個項目與我們宣布的對工廠、人才和數位基礎設施的投資一致，凸顯了我們對美國市場的承諾和信心。

Let's move to Slide 6 to review our fiscal 2026 outlook. We are maintaining our organic sales growth outlook of 2% to 6%, with the midpoint assuming a gradual sequential improvement through the year. We will need to see some additional evidence of accelerating capital spend across additional verticals to move higher in our full year outlook. Additional recurring revenue remains on track for high single-digit growth. We continue to expect full year segment margin expansion of over 100 basis points. Given some discrete tax benefits in Q1, we're increasing the midpoint of our adjusted EPS to $11.80. Christian will cover this in more detail in a few moments. Free cash flow conversion is still expected to be approximately 100%.

讓我們翻到第 6 張投影片，回顧一下我們 2026 財年的展望。我們維持2%至6%的有機銷售成長預期，其中數值假設全年將逐步環比改善。我們需要看到更多證據表明其他垂直領域的資本支出正在加速成長，才能提高我們對全年業績的預期。其他經常性收入仍有望實現高個位數成長。我們仍預期全年業務部門利潤率將成長超過 100 個基點。鑑於第一季的一些特殊稅收優惠，我們將調整後每股收益的中位數上調至 11.80 美元。克里斯蒂安稍後會對此進行更詳細的解釋。預計自由現金流轉換率仍將達到約 100%。

And I'll now turn it over to Christian for more detail on our Q1 results and our fiscal 2016 outlook. Christian?

現在我將把發言權交給克里斯蒂安，讓他詳細介紹我們第一季的業績以及2016財年的展望。基督教？

Thank you, Blake, and good morning, everyone. Turning to our financial results. Let's go to Slide 7, first quarter key financial information. First quarter reported sales were up 12% versus prior year, about 2 points of growth came from currency. Three points of organic growth came from price with about half coming from underlying price realization and half from tariff-based pricing.

謝謝你，布萊克，大家早安。接下來來看看我們的財務表現。讓我們來看第 7 張投影片，第一季主要財務資訊。第一季報告銷售額比上年同期成長 12%，其中約 2 個百分點的成長來自匯率波動。有機成長的3個百分點來自價格，其中約一半來自基本價格實現，一半來自關稅定價。

Some of the details I'll reference are not shown on this slide and can be found on Page 9 of our press release. Gross margins expanded year-over-year, driven by positive price cost and productivity and favorable mix. SG&A spend was flat year-over-year in the first quarter, reflecting strong cost discipline and productivity across our global teams. Engineering and development spend, a new metric we started sharing last quarter was up 10% year-over-year and in line with our organic sales growth, keeping our innovation spend at about 8% of sales.

我將要提到的一些細節並未在此幻燈片中顯示，可以在我們的新聞稿第 9 頁找到。受價格、成本和生產效率的正面影響以及有利的產品組合推動，毛利率較去年同期成長。第一季銷售、一般及行政費用與去年同期持平，反映出我們全球團隊在成本控制和生產力方面表現出色。工程和開發支出是我們上個季度開始分享的一項新指標，年增 10%，與我們的有機銷售成長保持一致，使我們的創新支出保持在銷售額的 8% 左右。

Our gross margin expansion and SG&A leverage drove solid flow-through, resulting in 360 basis points of segment margin expansion. As Blake mentioned earlier, the impact of tariffs on our first quarter earnings was neutral, but it was a drag of about 30 basis points on segment margins year-over-year. While this quarter represents our easiest comparable of the year, I'm pleased with the strong performance up and down the P&L and across our segments. Q1 adjusted EPS of $2.75 was above our expectations.

我們的毛利率擴張與銷售、管理及行政費用槓桿推動了穩健的利潤傳遞，最終實現了分部利潤率360個基點的擴張。正如布萊克之前提到的，關稅對我們第一季收益的影響是中性的，但同比來看，它使各部門的利潤率下降了約 30 個基點。雖然本季是今年以來最容易比較的季度，但我對損益表各部分以及各個業務部門的強勁表現感到滿意。第一季調整後每股收益為 2.75 美元，高於我們的預期。

As Blake mentioned, we also got some help from our tax rate in the quarter. The adjusted effective tax rate for the first quarter was about 17% and slightly lower than last year. The first quarter tax rate was lower than the 20% we expected due to discrete tax items, primarily the tax benefit of stock option exercises. This contributed to about $0.09 of our adjusted EPS compared to our Q1 guide. With the tax rate coming in lower than expected in Q1, we now anticipate an ETR of about 19.5% for the full year, better than our prior guide of 20%.

正如布萊克所提到的，本季的稅率也對我們有幫助。第一季的調整後實際稅率約為17%，略低於去年同期。第一季稅率低於我們預期的 20%，原因是存在一些特殊的稅收項目，主要是股票選擇權行使的稅收優惠。這導致我們調整後的每股收益比第一季預期減少了約 0.09 美元。由於第一季的稅率低於預期，我們現在預計全年的有效稅率約為 19.5%，優於我們之前 20% 的指引。

Free cash flow in Q1 of $170 million was generally in line with our expectations. It was $123 million lower than the prior year, primarily due to changes in working capital and incentive comp payments in Q1 of fiscal 2026. We had 0 incentive comp payments last year. Slide 8 provides the sales and margin performance overview of our 3 operating segments. Intelligent Devices margin of 17.3% increased by 240 basis points year-over-year due to higher sales and price cost and productivity with a slight offset from FX and compensation, resulting in incrementals in the low 30s.

第一季自由現金流為 1.7 億美元，基本上符合我們的預期。比前一年減少了 1.23 億美元，主要是由於 2026 財年第一季營運資金和激勵性薪酬支付的變化。去年我們沒有發放任何激勵性薪酬。第 8 頁概述了我們 3 個營運部門的銷售額和利潤率表現。智慧型裝置業務利潤率為 17.3%，年成長 240 個基點，主要得益於銷售額和價格成本的提高以及生產效率的提升，但受到匯率和薪酬因素的輕微抵消，導致利潤率增幅在 30% 左右。

Software and control margin of 31.2% was up 610 basis points versus prior year and higher than our expectations, driven by strong sales volume, particularly in Logix, partially offset by compensation. This segment saw year-over-year incrementals in the low 60s. Life cycle services margin of 14.1% and was up 160 basis points year-over-year, better than our expectations as the team executed well against their projects and continue to drive productivity. This was despite a revenue decline year-over-year.

軟體和控制業務利潤率為 31.2%，比上年同期增長 610 個基點，高於我們的預期，這主要得益於強勁的銷售量，尤其是 Logix 的銷售量，但部分被薪酬所抵消。該細分市場較去年同期成長幅度在 60% 左右。生命週期服務利潤率為 14.1%，年成長 160 個基點，優於我們的預期，因為團隊在專案執行方面表現出色，並持續提高生產力。儘管營收年減，但情況依然如此。

Overall, for Rockwell, the incremental margin on the year-over-year sales growth was about 50% in Q1, a solid start to the year. A couple of other data points regarding Q1. First, our balance sheet as of December 31 does reflect some Sensia dissolution items. We have now classified certain Sensia assets and liabilities as held for sale. These are assets and liabilities that will go to SLB in the final closing.

總體而言，對於羅克韋爾公司來說，第一季同比銷售額成長的增量利潤率約為 50%，這是一個穩健的開局。關於第一季的其他幾個數據點。首先，截至 12 月 31 日，我們的資產負債表確實反映了 Sensia 解散的一些項目。我們已將Sensia的某些資產和負債歸類為待售資產。這些是最終交割時將歸SLB所有的資產和負債。

There's also a tax gain on the GAAP P&L related to the Sensia dissolution, stemming from a recapture of tax losses that will be usable to Rockwell post dissolution. Like all nonoperating adjustments related to the dissolution of Sensia, these are removed from our adjusted ES for reporting purposes.

此外，由於 Sensia 解散，GAAP 損益表上還有稅收收益，這是因為 Rockwell 在解散後可以收回稅收損失。與 Sensia 解散相關的所有非經營性調整一樣，這些調整已從我們出於報告目的而調整後的總收益中移除。

Second, Blake mentioned that we purchased our facility in Mequon, Wisconsin. That transaction closed in the second quarter at a value of about $60 million. Because it is recorded on our December balance sheet as a finance lease, the transaction will be accounted for in finance and cash flows and is excluded from our operating CapEx. Let's move to the next slide, 9, for the adjusted EPS walk from Q1 fiscal 2025 to Q1 fiscal 2026. This is a more streamlined waterfall than what we have shown in the past as we transition our cost reduction and margin expansion actions into our ongoing productivity now embedded within core.

其次，布萊克提到我們在威斯康辛州梅昆市購買了我們的工廠。該交易於第二季完成，價值約 6,000 萬美元。由於該交易已在我們的 12 月資產負債表上記錄為融資租賃，因此該交易將在財務和現金流量中予以核算，並且不計入我們的經營性資本支出。讓我們來看下一張投影片，第 9 張，了解 2025 財年第一季到 2026 財年第一季的調整後每股盈餘成長。與我們過去展示的流程相比，這是一個更精簡的瀑布式流程，因為我們正在將成本削減和利潤擴張措施過渡到我們持續的生產力提升中，而這些生產力提升現在已經融入到核心業務中。

Year-over-year, core performance had a $1 impact on Q1. Volume drove about half of that impact with intelligent devices and software and control sales up mid- to high teens year-over-year. Productivity was the next largest driver. Price and mix were also solid contributors, but we did see some inflationary costs partially offset these benefits. Our strong Q1 performance resulted in $0.10 of year-over-year increase in compensation spend. All other items had a neutral impact on adjusted EPS.

與去年同期相比，核心業績對第一季的影響為 1 美元。銷量成長約佔此影響的一半，其中智慧型設備和軟體的銷售額較去年同期成長了15%到10%以上。生產力是第二大驅動因素。價格和產品組合也是重要的貢獻因素，但我們確實看到一些通貨膨脹成本部分抵消了這些收益。我們第一季的強勁業績使得薪資支出年增了 0.10 美元。其他所有項目對調整後每股盈餘均無影響。

Moving on to the next slide, 10, to discuss our guidance for the full year. Blake mentioned ongoing uncertainties in the broader environment. Between that and being only one quarter into the year, we aren't seeing enough to change our sales and margin guide right now. We are updating our adjusted EPS guidance by raising the lower end of the range to $11.40, which increases the midpoint by $0.10 to $11.80. This reflects discrete tax benefits that came in better than expected in Q1 and and we are rolling that outperformance into our full year adjusted EPS. As a reminder, our guidance does not include the impact from the anticipated Sensia dissolution, which we expect to close on April 1.

接下來請看下一張投影片，第 10 張，討論我們全年的業績指引。布萊克提到了更廣泛的環境中持續存在的不確定性。考慮到這一點以及今年才過去一個季度，我們目前還沒有看到足夠的資訊來改變我們的銷售和利潤率預期。我們更新了調整後每股收益預期，將預期下限上調至 11.40 美元，中點上調 0.10 美元至 11.80 美元。這反映了第一季獲得的稅收優惠優於預期，我們將此超預期收益計入全年調整後每股收益預期。再次提醒，我們的業績指引不包括預期中的 Sensia 解散的影響，我們預計該解散將於 4 月 1 日完成。

We still expect no significant impact on adjusted EPS, an annualized reduction in sales of approximately $250 million and an annualized improvement of approximately 50 basis points for total company segment margin. We will provide an update once the transaction closes. We continue to expect 2 points of total price for fiscal 2026 with 1 point coming from underlying price and 1 point from tariff-based price. We continue to expect our full year 2026 incremental margins to be about 40%, inclusive of tariff-based pricing. And for your models, CapEx for 2026 remains targeted at about 3% of sales.

我們仍預期調整後每股盈餘不會受到重大影響，銷售額將減少約 2.5 億美元，公司整體部門利潤率將提高約 50 個基點。交易完成後，我們將提供最新消息。我們繼續預期 2026 財年總價格將上漲 2 個百分點，其中 1 個百分點來自基礎價格，1 個百分點來自關稅價格。我們仍預期 2026 年全年增量利潤率約為 40%，其中包括基於關稅的定價。對於您的模型，2026 年的資本支出目標仍為銷售額的 3% 左右。

Now let me share some additional color on our outlook for the second quarter. In Q2, we expect overall company sales to be slightly up sequentially. From a total segment operating margin perspective, we are also looking for modest sequential improvement each quarter this year. Given the solid start to the year, that sequential margin expansion is going to be in the tens of basis points, not the hundreds of basis points. On a year-over-year basis, this implies mid-single-digit sales growth in the second quarter with margin expansion of less than 100 basis points.

現在讓我再詳細談談我們對第二季的展望。我們預計第二季公司整體銷售額將較上季略有成長。從整體業務部門的營業利潤率來看，我們也期待今年每季都能有小幅較上季成長。鑑於今年開局良好，利潤率環比成長幅度將只有幾十個基點，而不是幾百個基點。與去年同期相比，這意味著第二季銷售額將實現中等個位數成長，利潤率成長不到 100 個基點。

At the total company level, we expect second quarter adjusted EPS to grow low single digits sequentially. That outlook includes about $0.10 of sequential headwind from the tax rate as we move from about 17% in Q1 to approximately 20% in Q2. Our outlook by segment included in our full year guide for fiscal 2026 remains unchanged.

從公司整體層面來看，我們預計第二季調整後每股盈餘將較上季實現低個位數成長。這一預期包括稅率上漲帶來的約 0.10 美元的環比不利影響，因為稅率從第一季的約 17% 上漲到第二季的約 20%。我們在 2026 財年全年業績指引中按業務板塊劃分的展望保持不變。

A few additional comments on the fiscal 2026 guidance for your models. Corporate and other expense is expected to be about $105 million. Net interest expense for fiscal 2026 and is expected to be about $115 million. We're assuming average diluted shares outstanding of about 112.7 million shares, and we are targeting approximately $500 million of shares repurchased during the year. With that, I'll turn it back to Blake for some closing remarks before we start Q&A. Blake?

關於貴公司 2026 財年的業績指引，還有幾點補充說明。公司及其他費用預計約為 1.05 億美元。預計 2026 財年的淨利息支出約為 1.15 億美元。我們假設平均稀釋後流通股約為 1.127 億股，並且我們的目標是在一年內回購約 5 億美元的股票。接下來，我將把時間交還給布萊克，請他做一些總結發言，之後我們就可以開始問答環節了。布萊克？

Thanks, Christian. As we've said, trade volatility and geopolitical tensions continue to suppress some capital spending. I've been very proud of Team Rockwell's resilience and agility as we navigate this environment, including the efforts of our employees and partners around the world. It's a little work on the part of thousands of people but the success of our efforts was on full display at our automation fair in November. I've been to a lot of these, but the breadth of our portfolio and the enthusiasm of our people has never been more vibrant.

謝謝你，克里斯蒂安。正如我們所說，貿易波動和地緣政治緊張局勢繼續抑制部分資本支出。在應對當前環境的過程中，我為羅克韋爾團隊展現出的韌性和敏捷性感到非常自豪，這也包括我們世界各地員工和合作夥伴的努力。雖然這需要成千上萬人付出一些努力，但我們的努力成果在11月的自動化博覽會上得到了充分展現。我參加過很多類似的活動，但我們產品組合的廣度和員工的熱情從未像現在這樣充滿活力。

We're building on this strength to grow share and expand margins near term and for years to come. Aijana will now begin the Q&A session.

我們將以此優勢為基礎，在短期和未來幾年內擴大市場佔有率和利潤率。現在艾賈娜將開始問答環節。

Thanks, Blake.

謝謝你，布萊克。

(Operator Instructions) Our first question comes from Scott Davis from Melius Research.

（操作說明）我們的第一個問題來自 Melius Research 的 Scott Davis。

Blake, I just wanted to kind of reconcile your kind of more cautious comments with perhaps what we're seeing across the S&P is CapEx budgets being inched a little higher, not lower, but you're a little closer to the customer. So like just maybe a little bit more detail. Are -- do you think people will underspend their budgets? Or are they just pushing back to the back half of the year? I mean kind of -- just a little -- take more color there would be helpful?

布萊克，我只是想調和一下你比較謹慎的評論，或許我們目前看到的標普500指數成分股的資本支出預算正在略微增加而不是減少，但你離客戶更近了。所以，或許可以再補充一些細節。你認為人們會減少預算支出嗎？還是他們只是把比賽延到下半年？我的意思是，稍微──就一點點──多加些色彩會不會有幫助？

Sure, Scott. I think the overarching term would be prudent here. We are seeing some optimism in different areas, including the ones that contributed to a really good performance in Q1 as well as good discussions and discussion about plans, including CapEx plans in other verticals that are important to us. But we haven't seen that turn into the broad-based release of orders that we need to see before we start centering more on the higher end of that guide. So there's optimism out there.

當然可以，斯科特。我認為在這裡使用一個概括性的術語是明智的。我們看到各個領域都出現了一些樂觀情緒，包括那些在第一季度取得非常好的業績的領域，以及關於計劃的良好討論和討論，包括對我們很重要的其他垂直領域的資本支出計劃。但我們還沒有看到訂單全面釋放的趨勢，而我們需要看到這種趨勢才能開始更加關注指南的高端部分。所以，樂觀情緒依然存在。

Certainly, there's some short-term indicators. We're very aware of PMI, industrial production, which we're most highly correlated to. We look at our own behavior in terms of our own investment in automation. But we just need to see a little bit more given that it's the first quarter of the year.

當然，有一些短期指標可以作為參考。我們非常關注採購經理人指數（PMI）和工業生產指數，我們與這些指標的相關性最高。我們會從自身在自動化領域的投資角度來檢視自身的行為。但考慮到現在才今年第一季度，我們還需要觀察更多資訊。

Understood. And how do you -- what about your distributors? I mean, I assume you're talking about the actual customer that's spending the money, not the distributor, but are distributors still a little bit cautious and not restocking yet?

明白了。那麼，你們的經銷商呢？我的意思是，我假設你指的是實際花錢的顧客，而不是分銷商，但是分銷商是否仍然有些謹慎，還沒有補貨呢？

So stock levels are really back to normal. So the dialogue that was front and center in 2024 and into the beginning of 2025. we're done. The inventory levels around the world are back to normal levels at distribution and at the machine builders Distributors are optimistic. When we've gone out and we've talked to them, obviously, we spent lots of time with them at Automation Fair in person.

所以庫存水準確實已經恢復正常了。所以，2024 年到 2025 年初一直佔據中心位置的對話已經結束了。全球各地的庫存水準已恢復正常，經銷商和機器製造商的庫存水準也恢復正常。分銷商對此持樂觀態度。當我們走出去和他們交談時，顯然，我們在自動化博覽會上花了很多時間和他們面對面交流。

But even in the couple of months since then, there is optimism, but we're all taking a proven approach.

但即便在過去的幾個月裡，人們依然保持樂觀，但我們都採取了一種行之有效的方法。

Best of luck guys, appreciate it.

祝你們好運，謝謝。

Our next question comes from Julian Mitchell from Barclays. Please go ahead, your line is open.

下一個問題來自巴克萊銀行的朱利安·米切爾。請繼續，您的線路已開通。

Hi good morning, sorry about that. Maybe I just wondered if you could flesh out a little bit how you see the margin drivers playing out across the segments for that second quarter commentary. As you said, you're trying to sort of keep a lid on people's expectations of the sequential margin development. Maybe help us understand kind of mix impacts and anything you see with price cost from here with memory chips?

您好，早安，很抱歉。我只是想問一下，您能否詳細說明您如何看待第二季度各業務板塊的利潤率驅動因素？正如你所說，你試圖控制人們對連續利潤率發展的預期。或許可以幫我們了解各種組合的影響，以及您認為記憶體晶片的價格成本方面會有哪些變化？

Sure. Absolutely. The -- I'll deal with the memory chip item glass. But when we're talking about the progression from Q1 to Q2 for the segments, we are, again, looking for a slight sequential improvement on the sales side. That's across all the segments.

當然。絕對地。我會處理記憶體晶片的玻璃部分。但當我們談到各細分市場從第一季到第二季的發展時，我們再次期待銷售方面能有輕微的環比成長。所有細分市場都是如此。

From the margin expansion side, we're looking for some modest margin expansion both for intelligent devices and software and control. When we're talking about the life cycle services business, life cycle had a better Q1 than what we were expecting.

從利潤率擴張來看，我們希望智慧型裝置、軟體和控制方面的利潤率都能適度擴張。當我們談到生命週期服務業務時，生命週期服務業務第一季的表現比我們預期的要好。

As you know, this is a lumpy business, project execution and productivity is really important. And so keeping that at that 14% or just around 14% we're able to hold at that level, I feel pretty good about that. I think we'd all feel pretty good about that. Importantly, we do have merit that comes into play in the second quarter, so that is going to be a factor that -- when you think about those sequentials, we have to take into account.

如你所知，這是一個充滿挑戰的行業，專案執行和生產力至關重要。因此，如果能將這個比例保持在 14% 左右，我感覺還不錯。我想我們都會為此感到很欣慰。重要的是，我們在第二季度確實有一些優勢可以發揮作用，所以這將是我們在考慮這些連續數據時必須考慮的因素。

Importantly, when we talk about that year-over-year, and I mean this in my prepared comments, we are talking about mid-single-digit growth year-over-year. On the top line, we're talking about 100 basis points or a little less than 100 basis points in segment margin expansion year-over-year for the total company. And that's a flow-through in the neighborhood of the the 35% that we've always talked about and we signed up for as an organization, keeping in mind, we just did a 50% in Q1. So all in, we're talking about a Q2 number that's in the neighborhood of about $2.85 on Again, you'll have your own modeling around that, but that's what we're targeting. When you bring up the chips factory, yes, there are some inflationary costs that come into play.

重要的是，當我們談到同比時，我指的是我準備好的發言稿中所說的同比增速，我們指的是個位數中段的同比增速。從整體來看，我們指的是公司整體各業務部門利潤率年增 100 個基點或略低於 100 個基點。這與我們一直以來談論的 35% 的目標相符，也是我們作為一個組織所承諾的目標，要知道，我們在第一季剛剛實現了 50% 的目標。綜上所述，我們預計第二季股價將在 2.85 美元左右。當然，你們會根據自己的情況進行建模，但這就是我們的目標。提到晶片工廠，確實會牽涉到一些通貨膨脹成本。

Ships are one of those factors. The organization, the supply chain team has done a really good job in positioning around that. That has impacted our inventory levels a little bit. There's some cost inflation there. We're talking single-digit millions of dollars though, in both regards.

船舶是其中一個因素。該組織及其供應鏈團隊在這方面的定位做得非常出色。這對我們的庫存水準產生了一些影響。那裡的成本有所上漲。不過，無論從哪個方面來看，我們說的都是幾千萬美元。

So it's not a huge impact for us. Again, the team is navigating it well. I feel really strongly that they've been right on top of these issues.

所以對我們來說影響不大。再次強調，團隊應對得很好。我強烈感覺到，他們一直都非常重視這些問題。

That's helpful. And maybe just clarify for us on logic kind of where you see a standing on the volume cycle perspective. How much of a decent recovery you think is left on the Logix front. And maybe tied to that, you had exceptional growth in process -- sorry, in hybrid industries in first quarter. Do you see some of that persisting through the balance of the year?

那很有幫助。或許您還能為我們澄清一下，從邏輯上講，您是如何看待銷售週期這一問題的？你認為Logix方面還有多少可以合理復甦的空間？也許與此相關的是，您在第一季在流程——抱歉，是混合產業——實現了非凡的成長。你認為這種情況會持續到今年底嗎？

Sure. So in terms of Logix, Logix continues to be a great part of our product line. It is benefiting from good demand for existing offerings, but we also have a really robust new product introduction that's having an impact as well. both in the I-O, especially in Process IO as well as the new L9 processor, where we're seeing great adoption around the world for that.

當然。因此，就 Logix 而言，Logix 仍然是我們產品線的重要組成部分。公司受益於現有產品的良好需求，同時我們也推出了一系列強勁的新產品，這些產品也產生了影響。無論是在 I/O 領域，特別是進程 I/O 領域，還是在新的 L9 處理器領域，我們都看到 L9 處理器在全球範圍內得到了廣泛應用。

And even some of the elements of the software-defined automation, things like Emulate3D, FactoryTalk Design Studio that we highlighted with Thermo Fisher. Those have been great for us in traditional verticals as well as some that you haven't thought about Rockwell as closely in association with like data centers, as more customers, hyperscalers and colo owners are looking at industrial logic i.e., Logix to replace their traditional direct digital control systems, their DDC control systems. So we're seeing Logix, we saw really good growth in the first quarter, and we expect that to continue to be a nice spot for us top line as well as, of course, the financial benefits of that. In terms of volume, so we expect for the full year to be at or slightly above the units that we saw pre-pandemic.

甚至包括軟體定義自動化的一些要素，例如我們與 Thermo Fisher 一起重點介紹的 Emulate3D 和 FactoryTalk Design Studio。這些產品對我們傳統的垂直產業以及一些你可能不會將羅克韋爾與哪些產業緊密聯繫起來的產業（例如資料中心）來說都非常有用，因為越來越多的客戶、超大規模資料中心和託管機房所有者正在考慮使用工業邏輯（即 Logix）來取代他們傳統的直接數位控制系統（DDC 控制系統）。所以我們看到 Logix 在第一季實現了非常好的成長，我們預計它將繼續為我們帶來可觀的營收成長，當然，也會帶來相應的財務效益。就銷量而言，我們預計全年銷量將達到或略高於疫情前的水平。

Obviously, with the compounded price increases that we've seen over the last half dozen years, the volume level in dollars is considerably higher, but we do expect units to get back to for the full year, the units that we saw pre-pandemic. The other question that you had was regarding hybrid. And of course, food and beverage, double-digit growth in the first quarter, it's our biggest vertical. And so good things happen when you see double-digit growth. And food and beverage.

顯然，由於過去六年來價格的持續上漲，美元銷售水平要高得多，但我們預計全年銷量將恢復到疫情前的水平。您提出的另一個問題是關於混合動力車的。當然，食品飲料行業在第一季實現了兩位數的成長，這是我們最大的垂直行業。所以，當成長率達到兩位數時，好事就會發生。還有食品和飲料。

It's a mix of traditional offerings, the logic, the input devices, the drives, the motion, a lot of that is packaging, and we saw good development at the European packaging and material handling OEMs, including those in Germany and Italy. Life Sciences was down a little bit in the quarter, but we expect that to improve through the course of the year. We're having great success at the biggest life science customers that you know, and it's across the line. It's the hardware, it's the software, it's the high-value services. So I think we'll see continued benefit for food and beverage, life sciences, Home and Personal Care as well.

它融合了傳統產品、邏輯電路、輸入設備、驅動器、運動控制，其中許多都與封裝有關。我們看到歐洲封裝和物料搬運 OEM 廠商，包括德國和義大利的廠商，都取得了良好的發展。生命科學領域本季略有下滑，但我們預計這種情況將在今年內有所改善。我們在您所知的最大的生命科學客戶那裡都取得了巨大的成功，而且這種成功是全方位的。是硬件，是軟體，是高價值服務。所以我認為食品飲料、生命科學、家居和個人護理等行業也將持續受益。

We saw some really nice orders in the first quarter in Home and Personal Care. And importantly, across all of those, we're seeing a lot of interest in those auto autonomous mobile robots. So that whole idea of production and logistics that we've talked about is really capturing the imagination of customers as we integrate those technologies, AMRs, independent car technology along with the fixed automation that Rockwell has been known for a long time.

第一季我們在家居和個人護理領域獲得了一些非常好的訂單。更重要的是，在所有這些領域中，我們看到人們對自主移動機器人非常感興趣。因此，我們討論過的整個生產和物流理念，隨著我們將這些技術（AMR、獨立汽車技術以及羅克韋爾長期以來為人熟知的固定自動化）整合在一起，真的激發了客戶的想像。

Our next question comes from Andy Kaplowitz from Citigroup. Please go ahead, your line is open.

我們的下一個問題來自花旗集團的安迪·卡普洛維茨。請繼續，您的線路已開通。

So obviously, we know it's early in the year, as you said, but you did say that Q1 incrementals were up over 50%. And I think it was better than you expected. You reiterated the greater than 40%. But if logic does stay strong, as Blake kind of mentioned it was pretty strong could incrementals creep up for the year? And maybe you can update us on some of your programs like [Rock] and Rock and how you're dealing with dynamic pricing?

很顯然，我們知道現在還處於年初，正如你所說，但你確實提到第一季的增量成長超過 50%。我覺得比你預想的還要好。你重申了大於 40% 的說法。但如果邏輯依然強勁（正如布萊克提到的那樣，邏輯相當強勁），那麼今年的增量收益會不會有所增長呢？或許您可以向我們介紹一下您的一些項目，例如[Rock]和Rock，以及您是如何處理動態定價的？

Sure. So when -- obviously, Logix does have some really good flow-through profitability. If that changes in the mix from where we were -- where we started the year and planned for in the guide, of course, that can change the flow-through there's no doubt. But we have a number of other product categories that also have really strong flow-through as well.

當然。所以很明顯，Logix 的獲利能力確實非常出色。如果組合與我們年初和指南中計劃的組合有所不同，那當然會改變流程，這一點毋庸置疑。但我們還有其他一些產品類別也同樣具有非常強勁的流通性。

Importantly, we don't -- we're not just going to rely on this kind of goes to the second part of your question. We're not just going to rely on the volume side of it in certain product lines, right? We want to have a really broad base. We want to build a really broad-based around the business.

重要的是，我們不會——我們不會只依賴這種方式，這就引出了你問題的第二部分。我們不會只依靠某些產品線的銷量，對吧？我們希望擁有非常廣泛的用戶基礎。我們希望圍繞業務建立一個真正廣泛的基礎。

And we also want to make sure that we're doing the right things inside of our own organization to ensure that we get great flow-through profitability, which goes to the productivity side of it. And yes, the team continues to perform well on our productivity initiatives, which we previously discussed is cost reduction and margin expansion went into a fair bit of detail during automation fair in our Investor Day around those initiatives. But again, direct material costs and really driving out some of those costs and keeping inflation in check in the COGS area specifically.

我們也希望確保在公司內部採取正確的措施，以確保獲得良好的獲利能力，從而提高生產力。是的，團隊在生產力提升計劃方面繼續表現出色，我們之前討論過這些計劃，包括降低成本和擴大利潤率，並在投資者日的自動化博覽會上詳細介紹了這些計劃。但再次強調，直接材料成本，真正降低部分成本，尤其是在銷售成本領域控制通貨膨脹，才是關鍵。

I can't underscore enough that we had good expansion on the gross margin line in Q4. We had good gross margin expansion again in Q1. I mean that's really where you're seeing -- you see it up and down the P&L. But when we're talking about what's going on in the factories, what's happening with supply chain, you're seeing it in gross margin, which is outstanding. So feel good about that.

我必須強調，我們在第四季的毛利率方面取得了良好的成長。第一季我們的毛利率再次實現了良好成長。我的意思是，你真正看到的就是這一點——你在損益表上上下下都能看到這一點。但當我們談論工廠裡發生的事情，供應鏈中發生的事情時，你會發現毛利率非常出色。所以，為此感到高興吧。

Again, we can certainly go into a lot of detail around the different initiatives. We've done that before, and I'm happy to do that. But just know that this organization has built a really good muscle strength around this. We're leaning into that muscle memory as we go through this year and we go on and operationalize the work that we've done over the last 21 months.

當然，我們也可以詳細介紹各項不同的措施。我們以前做過這件事，我很樂意這樣做。但你要知道，這個組織已經在這方面建立了非常強大的實力。今年我們將依靠這種肌肉記憶，繼續推進並落實過去 21 個月所做的工作。

And just to add, you asked about rock on rock. I mean, we talked at Investor Day in November about what we're seeing in terms of benefits labor efficiency, time to competency, reduced energy usage at our Singapore facility. And we're actively taking those learnings and best practices and rolling those into other existing facilities around the world, especially Twinsburg, which is a pretty important plan for us. So while a lot has been made of the new greenfield that we're building here in Southeastern Wisconsin. We're working already to make the investments in talent and digital infrastructure, technology in our existing facilities to be able to take advantage of those efficiencies that will come out of those improved workflows.

補充一點，你問的是岩石上的岩石。我的意思是，我們在 11 月的投資者日上談到了我們在新加坡工廠所看到的勞動效率、技能提升速度、降低能源消耗等方面的優勢。我們正在積極地將這些經驗和最佳實踐推廣到世界各地的其他現有設施中，特別是 Twinsburg，這對我們來說是一個非常重要的計劃。因此，儘管人們對我們在威斯康辛州東南部建設的新綠地進行了許多討論。我們已經在努力對人才和數位基礎設施以及現有設施的技術進行投資，以便能夠利用這些改進的工作流程所帶來的效率提升。

And that's really the essence of that rock on rock. Yes, there's going to be a lot of Rockwell technology in there, but it's about our partners, it's about the overall ecosystem contributing to the benefits that we've already seen in Singapore.

這就是岩石與岩石碰撞的本質。是的，其中會運用很多羅克威爾的技術，但這關乎我們的合作夥伴，關乎整個生態系統如何為我們在新加坡已經看到的這些好處做出貢獻。

That's helpful. And then you spoke about hybrid and answering a previous question, but maybe on discrete, semiconductors were still down in Q1, but does seem like a good cross industrial semiconductors are getting better. So maybe update us on your opportunities there? And then in general, you guys have been focusing on sort of bigger solutions for customers. Can that sort of help you in addition to improved product environment in the discrete market going growth?

那很有幫助。然後您談到了混合半導體，並回答了先前的問題，但就分立半導體而言，第一季半導體仍然處於低迷狀態，但看起來跨行業的半導體正在好轉。那麼，能否跟我們分享一下你在那邊的機會呢？總的來說，你們一直專注於為客戶提供更全面的解決方案。除了改善離散市場的產品環境外，這是否也能幫助您成長？

Sure. So start specifically with semi. Let me start by saying Q1 had a tough comp. We had a unusually strong quarter a year ago. And so that was a little bit of what contributed to the down in the quarter. As kind of a refresher, we participate in semiconductor with some of the key tooling providers, the equipment manufacturers also wafer transport is a relatively new application that we address with independent car technology, and that continues to be a good source of benefit for us. Software and implementing artificial intelligence as part of solutions to help with energy management is an application that we highlighted at Automation Fair amid some pretty tough competition we stood out there.

當然。所以，首先要從半自動開始。首先我想說的是，第一季的競爭非常激烈。去年同期，我們的業績異常強勁。所以，這在一定程度上導致了本季業績下滑。簡單回顧一下，我們與一些關鍵的工具供應商和設備製造商合作參與半導體產業。晶圓傳輸是一個相對較新的應用領域，我們利用獨立的汽車技術來解決這個問題，這仍然是我們獲得收益的重要來源。在自動化博覽會上，我們重點介紹了利用軟體和人工智慧技術來幫助能源管理的解決方案，在激烈的競爭中脫穎而出。

Cybersecurity would be another area. And then the traditional strengths of providing the environmental controls for building management for the clean room. A lot of the CapEx right now in semiconductors is concentrated on the people who are participating in the AI build-out. So I wouldn't say that it's up and down the cast of players in semiconductor to be sure, around the world I think of Taiwan, for instance. So we see some very strong investment there, as you would expect, and we're winning. But it's still a volatile environment for semiconductor, as you know, and hence our outlook for the full year.

網路安全是另一個領域。然後是為潔淨室樓宇管理提供環境控制的傳統優勢。目前半導體產業的許多資本支出都集中在參與人工智慧建設的人員身上。所以，我不會說半導體產業的參與者程度參差不齊，當然，放眼全球，我想到的就是台灣。正如你所預料的那樣，我們看到那裡有非常強勁的投資，而且我們正在取得勝利。但正如您所知，半導體產業仍然是一個動盪的環境，因此我們對全年的展望也是如此。

Our next question comes from Chris Snyder from Morgan Stanley. Please go ahead, your line is open.

下一個問題來自摩根士丹利的克里斯·斯奈德。請繼續，您的線路已開通。

I wanted to ask about market demand trends. Are you still seeing -- continuing to see positive momentum on more of the shorter cycle kind of product business that you talked to in the back half '25. And it sounds like the bigger project business remains soft. But I believe at the Investor Day, you guys talked to strong double-digit '26 order expectations for the new capacity ads piece of the business. So just are you starting to see those orders come through and they just deliver at a slower rate because they're so long cycle? Or do you kind of still think that big project order ramps on the horizon?

我想了解市場需求趨勢。您是否仍然看到——繼續看到您在 2025 年下半年談到的那種週期較短的產品業務的積極勢頭？聽起來大型專案業務依然疲軟。但我相信在投資者日上，你們談到了2026年新產能廣告業務的強勁兩位數訂單預期。所以，你是不是開始看到訂單陸續到貨，只因為週期太長，所以出貨速度比較慢？還是你仍然認為大型專案訂單即將迎來高峰？

Sure, Chris. And this will allow me to pick up a little bit of Andy's question just previously as well. We do continue to see good demand for modernizations and investment in brownfields that are probably heavier on the product side. And you see that in our results, really strong growth for our product-centric businesses and a little more subdued on the life cycle side.

當然可以，克里斯。這樣我也可以稍微回答一下安迪剛剛提出的問題。我們確實看到對現代化改造和棕地投資的需求依然旺盛，這些投資可能更專注於產品方面。從我們的業績可以看出，以產品為中心的業務成長非常強勁，而生命週期方面的成長則相對平緩一些。

In the first quarter, we did see good development and very good year-over-year growth in new capacity. What I would hasten to mention is that, that new capacity business is relatively evenly split across all of the business units. So we think of new capacity as big engineered solutions coming out of life cycle. And while there's some of that, there's also a lot of product business, a lot of logic, a lot of drives, a lot of motion that's going to engineering firms or integrators or machine builders that's still contributing to the build-out of new capacity in the U.S. So that obviously has good implications for profitability of that business and the development across all of the business areas.

第一季度，我們看到了良好的發展勢頭，新增產能實現了非常好的同比增長。我想盡快補充的是，新增產能業務在所有業務部門之間的分配相對均衡。因此，我們將新增產能視為生命週期中產生的大型工程解決方案。雖然這其中有一些因素，但也有很多產品業務、很多邏輯、很多驅動、很多運動都流向了工程公司、整合商或機器製造商，這些都為美國新產能的建設做出了貢獻。因此，這顯然對該業務的獲利能力以及所有業務領域的發展都有著良好的影響。

We're seeing it in certain verticals. So we're seeing it in e-commerce and warehouse automation, of course. We've talked about a few greenfields here and there in some of the hybrid areas. We do expect that the build down of life sciences to contribute to positive growth for the year. But we haven't seen people letting those orders at the speed and at the breadth that would cause us to raise the organic guide for the full year. A lot of positive signals we just need to see it come through in orders.

我們已經在某些垂直領域看到了這種情況。當然，我們在電子商務和倉儲自動化領域也看到了這一點。我們已經討論過一些混合種植區零星分佈的綠地。我們預計生命科學領域的成長將有助於今年的積極成長。但我們還沒有看到人們以這樣的速度和規模下達這些訂單，以至於我們需要提高全年的有機食品指導價。我們看到了很多積極的信號，只需要看到它們轉化為訂單。

I really appreciate that. And then maybe for one to Christian on margins. I guess obviously, the company has done an incredible job taking out costs and driving margins higher over the last year plus. When I look at the rest of the year guide, does it include any incremental cost-out opportunity? It did seem like there was still more room to run there from the Investor Day.

我非常感謝。然後，或許有人會成為邊緣基督徒。很顯然，在過去一年多的時間裡，該公司在降低成本和提高利潤率方面做得非常出色。當我查看本年度剩餘時間的預算指南時，其中是否包含任何進一步降低成本的機會？從投資者日的情況來看，似乎還有更大的發展空間。

And I just asked because it seems like the rest of the year is calling for even at the high end, maybe like a 35% kind of incremental, which a good number, but that feels like more normalized and not maybe seeing some of the benefits of incremental cost out.

我這麼問是因為，看起來今年剩下的時間裡，即使以最高標準來看，增量也可能達到 35% 左右，這是一個不錯的數字，但這感覺更像是正常水平，可能看不到增量成本帶來的一些好處。

Yes. Thanks, Chris. I appreciate that. For sure, productivity remains right in the center of our plans. We've got a lot of activity that's happening around that. As I mentioned, we saw a really good performance in Q1 on the productivity side of it, which came through in that core number. Yes, volume was the biggest driver of that core, but the second place item was productivity, and that is absolutely in our plans through the remainder of this year. Regarding the flow-through incremental, it's important to note, I mean, we're still talking about a -- we're getting a lot of tariff-based price, tariff-based cost comes through that, of course, when you're looking at incrementals year-over-year, that is going to dampen down that number. We're still -- for the full year, we're looking at a 40% number even with that headwind in there.

是的。謝謝你，克里斯。我很感激。當然，提高生產力仍然是我們計畫的核心。圍繞這一點，我們有很多活動正在進行。正如我之前提到的，我們在第一季的生產力方面取得了非常好的成績，這在核心數據中得到了體現。是的，銷量是該核心業務的最大驅動力，但第二大因素是生產力，而這絕對是我們今年剩餘時間計劃的一部分。關於傳遞增量，需要注意的是，我們仍然在談論——我們得到了很多基於關稅的價格，基於關稅的成本也隨之而來，當然，當你查看同比增量時，這將降低該數字。即使考慮到這些不利因素，我們預計全年成長率仍將達到 40%。

So I think we feel pretty good about that. And ultimately, we're talking about a guide at this point unless -- and we're one quarter in, it's a really good way to start. We want to make sure we're prudent, and we're being rational about how this is going to perform through the remainder of the year. Let's get another quarter under our belts and let's see where we're sitting after that.

所以我覺得我們對此感覺相當不錯。最終，我們現在討論的是一份指南，除非——而且我們已經進行了四分之一，這確實是一個很好的開始。我們希望確保行事謹慎，並且理性地看待它在今年剩餘時間的表現。讓我們再完成一個季度，看看之後我們的處境如何。

Our next question comes from Steve Tusa from JPMorgan. Please go ahead, your line is open.

我們的下一個問題來自摩根大通的史蒂夫·圖薩。請繼續，您的線路已開通。

Hi good morning. Can we get a little bit of a bridge on this SNC margin pretty strong. What was the trend in like the software-related business there in that context?

您好，早安。我們能否在SNC利潤率方面取得一些進展？在那種背景下，當地軟體相關業務的發展趨勢如何？

Yes. Actually, in software control, it was pretty broad-based, and that it was not just -- I know we'd like to talk about Logix and Logix is important, but we actually saw it kind of throughout all the all the categories of the business, the software side had really good performance as well. Also, which is the product side of the business had really strong performance year-over-year. The network side came through nicely too. So Blake, I don't know if you want to add any more commentary around that?

是的。實際上，在軟體控制方面，它的基礎相當廣泛，而且它不僅僅是——我知道我們想談談 Logix，Logix 也很重要，但我們實際上看到它貫穿了業務的所有類別，軟體方面也表現得非常好。此外，公司的產品業務也實現了年比強勁成長。網路方面也表現出色。布萊克，我不知道你是否還想就此補充任何評論？

Well, just -- I don't know that we mentioned it before, but we talked about a 7% overall ARR for the company, split between software and then related services. The software ARR, particularly with Plex was actually higher than the average. And -- so we saw good growth, and that's, of course, a good profitable business for us. And as Christian said, it complements nicely the hardware portions of software and control. [inaudible] is the open compute platforms.

嗯，就是——我不知道我們之前有沒有提到過，但我們討論過公司整體 ARR 為 7%，其中軟體收入佔比為 7%，相關服務收入佔比為 7%。軟體的 ARR，尤其是 Plex 的 ARR，實際上高於平均值。因此，我們看到了良好的成長，這當然對我們來說是一項盈利豐厚的業務。正如克里斯蒂安所說，它與軟體和控制的硬體部分完美互補。 [聽不清楚]是開放式運算平台。

It's also factor back optics. So we have very competitive hardware and software offerings from that acquisition, and we're expecting a good year from them.

它還具有後置光學元件的特性。因此，透過這項收購，我們擁有了極具競爭力的硬體和軟體產品，我們預計今年它們將帶來不錯的業績。

Okay. And then just a follow-up. Can you just reconcile the pretty strong earnings growth and margin expansion with the cash, which was down year-over-year. Is there like some noncash license earnings or something like that?

好的。然後還有一個後續問題。你能解釋一下，在獲利成長和利潤率擴張相當強勁的情況下，現金流卻比去年同期下降的原因嗎？是否存在類似非現金的授權收入或其他類似收入？

Yes. I mean, from a cash flow conversion perspective, we were always expecting free cash flow conversion to be at about this number in Q1. Two primary factors, one that was absolutely known was the incentive payouts from fiscal '25 performance happens in the first quarter of the following year. So that happened in this quarter. So it's an outsized number on that which is a good thing.

是的。我的意思是，從現金流轉換率的角度來看，我們一直預期第一季的自由現金流轉換率會達到這個數字左右。兩個主要因素，其中一個是眾所周知的，即 2025 財年的業績激勵獎金將在隔年第一季發放。這件事就發生在這個季度。所以這個數字非常大，這是一件好事。

The other portion is that when we look at the year-over-year, in particular, working capital was a source of cash in the first quarter of '25, in the first quarter '26. Working capital was a slight use of cash both from the payables and the inventory perspective. So that drove a portion of the delta there. But all in all, we feel like we're tracking just fine there.

另一方面，當我們查看同比數據時，特別是2025年第一季和2026年第一季度，營運資金都是現金來源。從應付帳款和存貨的角度來看，營運資金的現金使用量都比較少。所以，這導致了三角洲部分地區的形成。但總的來說，我們覺得那方面進展順利。

Just a follow-up on that. We did not have any incentive payouts that happened in the first quarter of last year. So that's why the delta year-over-year, again, in such the payout happened this year, but last year, there was nothing. So that goes into that year-over-year delta. Sorry about that.

關於這件事，我再補充一點。去年第一季我們沒有發放任何激勵性獎金。所以這就是為什麼同比變化的原因，今年有派息，但去年什麼都沒有。所以這就計入了年比增幅。抱歉。

Our next question comes from Nigel Coe from Wolfe Research. Please go ahead, your line is open.

我們的下一個問題來自 Wolfe Research 的 Nigel Coe。請繼續，您的線路已開通。

Thanks, good morning. So we've talked about hybrids, talk about the screen. Let's complete the loop with process. But you are looking for, I think, low single-digit growth in process markets for the full year, or 10% in the quarter, I think plus [inaudible] chemicals. And we have heard stronger project orders from LNG, power gen, et cetera. So just curious, do you see enough we bias to that outlook for process, number one.

謝謝，早安。我們已經討論過混合型設備，現在來談談螢幕吧。讓我們完成整個流程。但我認為，你們期望的是全年加工市場實現個位數低成長，或季度成長 10%，再加上[聽不清楚]化學品。我們也聽到來自液化天然氣、發電等領域的項目訂單大幅增加。所以我很好奇，您是否認為我們對這種流程的看法有足夠的偏見？

And then secondly, chemical strength, where are you seeing it and how do you feel that plays out?

其次，關於化學強度，你在哪裡看到它，你覺得它會產生怎樣的影響？

Yes. So process performed nicely for us in the first quarter. As you mentioned, energy is the single biggest part of that. Oil and gas remains important to us. About 10% of our business even after the dissolution of the Sensia joint venture. In this quarter, we actually saw a meaningful contribution of midstream.

是的。所以，該流程在第一季表現良好。正如你所提到的，能源是其中最重要的一環。石油和天然氣對我們仍然非常重要。即使 Sensia 合資企業解散後，我們仍有約 10% 的業務受到影響。本季度，我們確實看到了中游業務的顯著貢獻。

So pipeline type of activity that we participate in, not just with the control systems but also the services, network monitoring is a good application for us. And then the power, which is a differentiator versus some of our competitors there as well. You certainly see contribution from Chemical, a really strong quarter and a little bit contrary to general dialogue around chemical. But our exposure is primarily in specialty chemical, which has been a bit more resilient than the bulk side of things.

因此，我們參與的管道類型活動，不僅涉及控制系統，還涉及服務、網路監控，這對我們來說是一個很好的應用。還有電力，這也是我們與一些競爭對手相比的一個差異優勢。當然，化學領域的貢獻顯而易見，這是一個非常強勁的季度，這與圍繞化學領域的普遍看法略有不同。但我們的業務主要集中在特種化學品領域，而特種化學品領域比大宗商品領域更具韌性。

We also had, in the quarter, a nice set of competitive conversions. We've got a good combination of the technology as well as the expertise, and we're taking some business there. We talked about a win with Corteva in the chemical side.

本季度，我們也取得了一系列不錯的競爭性轉換。我們擁有技術和專業知識的良好結合，我們正在那裡拓展一些業務。我們談到了與科迪華在化學領域取得勝利的可能性。

And it is more of a project business, so it's a bit lumpy, but it was a good start, and we're looking forward to continuing that momentum. On the opposite side, of course, oil prices are still fairly low and so people are being ever mindful of being good stewards of their capital. And so they're paying a lot of attention to capital in the oil and gas side there. We've got some exposure to LNG but probably not as much as in the actual loan liquid side with oil.

而且這更像是專案型業務，所以進展有些不順利，但這算是一個好的開端，我們期待著繼續保持這種勢頭。另一方面，石油價格仍然相當低，因此人們始終注意善待自己的資本。因此，他們非常關注石油和天然氣領域的資本。我們對液化天然氣有一些投資，但可能不如我們在石油等實際貸款流動性方面的投資那麼多。

Right. Yes. My follow-on, you made a bit clear that you've seen encouraging signs out there that you want to remain cautious, which is obviously the right MO. I'm just wondering, though, have you seen any change in behavior, obviously we don't necessarily flip the calendar and everything is different. But it does feel like we're seeing good momentum in IP, [inaudible] good orders, I had a big month in January.

正確的。是的。我的後續問題是，您已經明確表示您看到了一些令人鼓舞的跡象，所以您想保持謹慎，這顯然是正確的做法。我只是想知道，你是否觀察到行為上的任何變化？顯然，我們不會因為翻過日曆，一切就都改變了。但感覺我們在知識產權方面確實看到了良好的發展勢頭，訂單也不錯，我一月份的業績非常出色。

I'm just curious, if you think about your sort of macro barometer Blake, is it ticking higher here relative to the last time we spoke. And I guess my question is, are we seeing any sort of signs of infection in orders?

我只是好奇，布萊克，如果你考慮你那種宏觀晴雨表，與上次我們談話時相比，這裡的數值是否正在上升？我想問的是，我們是否在訂單中發現了任何感染跡象？

Yes. I think sentiment is similar to maybe slightly up. We're most correlated over a longer period of time with industrial production. So while the purchasing managers index going up, PMI is encouraging, we don't bank on that. There's still a lot of volatility out there, there's new headlines every day that can affect us. Tariffs remain still not as stable as I think we would like them to be. So IP is generally constructive, but it's a little bit of a longer-term metric. We know that in the rearview mirror that won't be the exact number that's being forecast now. So I think there's good sentiment. But again, we'd like to see the orders as more objective proof before we would move higher on the guide.

是的。我認為市場情緒與略微上調類似。從較長的時間跨度來看，我們與工業生產的相關性最高。所以，儘管採購經理人指數（PMI）上升，這令人鼓舞，但我們並不指望它能持續下去。市場波動依然很大，每天都有新的新聞事件會影響到我們。關稅仍然不夠穩定，我認為我們對此並不滿意。因此，IP 總體上是建設性的，但它是一個比較長期的指標。我們知道，事後看來，實際數字不會與現在預測的數字完全一致。所以我認為這是一種正面的情緒。但是，我們還是希望看到訂單作為更客觀的證據，然後再將排名提升到更高的位置。

Okay. So it sounds like orders are very stable.

好的。聽起來訂單非常穩定。

Yes. I guess the one additional point is that the start to the second quarter is aligned with the guidance that we provided.

是的。我想補充一點，第二季的開局與我們先前給出的預期一致。

Our next question comes from Andrew Buscaglia from BNP Pariba. Please go ahead, your line is open.

下一個問題來自法國巴黎銀行的安德魯·布斯卡利亞。請繼續，您的線路已開通。

Hey, good morning, everyone. So kind of one of the great ironies this quarter as you guys had a big beat on the software side, whereas the rest of the software, is getting sort of crushed by AI concerns. So my question is twofold. Are you I know you get this question quite a bit, but it seems as if AI is kind of at our doorstep a little bit sooner than some people anticipated. Maybe -- are your customers -- or are you hearing anything regarding new competition from AI creeping in? And secondly, like some of these AI features you're introducing, sounds exciting. I think you talked about one in process. I potentially more impactful to your numbers then later than maybe you would have thought 6 months ago.

嘿，大家早安。所以，本季最大的諷刺之一就是，你們在軟體方面取得了巨大成功，而其他軟體卻因為人工智慧的擔憂而遭受重創。所以我的問題有兩面。我知道你經常被問到這個問題，但人工智慧似乎比一些人預期的要早一些就來到了我們身邊。也許——你的客戶——或者你是否聽說過人工智慧帶來的新競爭？其次，你們推出的一些人工智慧功能聽起來很令人興奮。我想你之前提到過一個正在進行中的專案。它可能對你的數據產生比你6個月前預想的更大的影響。

Yes. Great question. Look, we have artificial intelligence implemented at all levels of our architecture. We've had -- we've helped customers get value from machine learning for quite some time. And while a lot of the discussion of recent is copilots, generative AI, agenticAI, which we're using for internal productivity already in our own operations.

是的。問得好。你看，我們的架構各個層面都應用了人工智慧。我們已經幫助客戶從機器學習中獲得價值很久了。雖然最近很多討論都集中在副駕駛、生成式人工智慧、智慧體人工智慧上，但我們已經在自己的​​營運中使用這些技術來提高內部生產力。

Our focus is on the impact and the efficiency and the simplification that we can provide to customers. So we're not looking at a general language model that is a sandbox for customers to play with. We want to be able to apply it for specific applications with specific productivity in mind or ways that we can simplify their workflows. And so you see it with the implementations of Vision AI to help enable pattern recognition and high-speed packaging, for instance, we see it with logic AI, that's a complement to the traditional control loop of interpreting inputs and changing the state of outputs to give more efficiency with AI so that the systems actually become more performant over time. And then we see it embedded in Plex for instance, in the demand planning module to give more accurate insight.

我們關注的是我們能夠為客戶提供的影響、效率和簡化。所以我們看到的並不是一個供客戶試用的通用語言模型。我們希望能夠將其應用於特定的應用場景，以提高特定的生產力，或簡化他們的工作流程。因此，我們看到視覺人工智慧的應用，例如幫助實現模式識別和高速封裝；我們也看到邏輯人工智慧的應用，它是對傳統控制迴路的補充，透過解釋輸入和改變輸出狀態來提高效率，從而使系統隨著時間的推移變得更有性能。例如，我們看到它被嵌入到 Plex 的需求規劃模組中，以提供更準確的洞察。

So we're not looking to create these large nebulous models rather than to take LLM and SLM to be able to provide real value for real-world problems at customers where the application understanding is still really important. And we are seeing some benefits already with that. We certainly see it in our own operations in Twinsburg, in Singapore, for instance, and we're helping to apply these things for customers as well.

因此，我們並不打算創建這些龐大而模糊的模型，而是希望利用 LLM 和 SLM 為客戶的實際問題提供真正的價值，因為對應用程式的理解仍然非常重要。我們已經從中看到了一些好處。例如，我們在特溫斯堡和新加坡的營運中就看到了這一點，我們也在幫助客戶應用這些方法。

I don't see a huge uplift in brand-new offerings being the most significant part of the benefit to Rockwell from successfully applying this in the production environment. I see the simplification of automation and digital transformation on the plant floor being the real prize that's going to help us grow share. And really importantly, we're not going in and saying, Hey, rip everything that you have currently making your products out and put something new in it fortifies and complements the existing system. So it's much less disruptive, much less risky to be able to add this new capability, but with familiar products and familiar workflows.

我不認為在生產環境中成功應用這項技術能為羅克韋爾帶來的最大好處是新產品數量的大幅提升。我認為，工廠車間的自動化和數位轉型的簡化才是真正能幫助我們擴大市場份額的關鍵。更重要的是，我們不會進去說，嘿，把你們目前用來生產產品的所有東西都拆掉，換成一些新的東西，而是會加強和補充現有的系統。因此，在熟悉的產品和熟悉的工作流程的基礎上添加這項新功能，其乾擾性要小得多，風險也小得多。

Yes, very interesting. Okay. And maybe just one other one. Food and beverage, doing quite well, one of your biggest markets, same with automotive. I'm wondering, you're not really seeing the same trends with other companies talking about those markets, I mean, it's very mixed.

是的，非常有趣。好的。或許還有另一個。食品飲料產業發展良好，是你們最大的市場之一，汽車產業也是如此。我想知道，你和其他公司談論這些市場時，似乎沒有看到同樣的趨勢，我的意思是，情況非常複雜。

Are we talking about just easy comps for you guys? Or are you guys this an early indicator of improvement in those markets? What are you seeing that maybe some other companies are in those two markets?

我們說的對你們來說只是簡單的比賽嗎？或者你們認為這是這些市場好轉的早期跡象？您認為其他公司可能也進入了這兩個市場？

Yes. Traditionally, our participation and our strength in auto is historically kind of at the leading inch of the cycle. Food and beverage has elements of that in the packaging side. It also has elements of process on the upstream side, that's typically a little bit later cycle historically.

是的。傳統上，我們在汽車產業的參與度和實力一直處於產業週期的領先地位。食品飲料產業的包裝也反映了這一點。它還包含上游製程的要素，這在歷史上通常是稍晚的周期。

I think there was some help from comps in the first quarter, to be sure. As we've said, greenfields and automotive, still a little bit suppressed as they're taking the temperature of their customers to understand what's the optimal mix of EV versus hybrid versus internal combustion engines. And they're also really importantly, trying to get a good fix on their cost base for projects based on tariffs.

我認為第一季同業競爭肯定起到了一些幫助作用。正如我們所說，綠地和汽車產業仍然受到一些抑制，因為他們正在試探客戶的反應，以了解電動車、混合動力車和內燃機的最佳組合是什麼。而且非常重要的一點是，他們正在努力確定基於關稅的專案成本基礎。

But all that being said, we do have differentiated technology our major competitors don't have mobile robots, and they don't have the ability, even the competitors that have mobile robots don't have this huge capabilities in fixed automation and to bring that together has really impacted the imagination of those customers, both the brand owners as well as the tier suppliers.

但即便如此，我們確實擁有差異化技術，我們的主要競爭對手沒有移動機器人，也沒有這種能力，即使是擁有移動機器人的競爭對手，也沒有這種強大的固定自動化能力，而將這些優勢結合起來，確實激發了客戶的想像力，包括品牌所有者和一級供應商。

And then our software tools, Emulate3D, Logix Echo, FactoryTalk Design Studio are second to none in terms of being able to help these customers bring together the worlds of traditional automation with digital transformation. And that's true for both automotive as well as food and beverage. So yes, I think those tend to be a little bit earlier cycle for us. But we've got differentiated offerings there and we're winning.

此外，我們的軟體工具 Emulate3D、Logix Echo 和 FactoryTalk Design Studio 在幫助這些客戶將傳統自動化與數位轉型相結合方面，也是首屈一指的。汽車業以及食品飲料業都是如此。是的，我認為對我們來說，這些往往是稍早的週期。但我們在那裡提供了差異化的產品和服務，而且我們正在取得勝利。

Our last question will come from Tommy Moll from Stephens. Please go ahead, your line is open.

最後一個問題來自史蒂芬斯大學的湯米·莫爾。請繼續，您的線路已開通。

Good morning, thanks for taking my question. I wanted to follow up on auto. Just one data point to reference, GM made some pretty bullish comments a week or so ago on their near-term spending plans in North America and granted, that's just one of many data points, but specifically in North America, does it feel like anything has maybe ticked a little bit higher. I'm not talking about orders even just conversations or the level of visibility? I mean, last quarter, you were talking about it, it stabilized at a low level.

早上好，謝謝您回答我的問題。我想跟進一下自動擋的情況。僅舉一例，通用汽車大約一周前對其在北美的近期支出計劃發表了一些相當樂觀的評論，當然，這只是眾多數據點之一，但具體到北美，感覺是否有任何方面略有上升呢？我說的不是訂單，甚至不是對話或可見度？我的意思是，上個季度你也談到了這一點，它穩定在一個較低水平。

Has anything changed since?

自那時起情況有改變嗎？

Look, I mean, I'm happy to see a positive number in the first quarter for automotive and an outlook for the full year positive in auto because we went through a period of time where that wasn't the case. . We've talked about some of the nice wins that we've had over the last couple of years that are continuing to perform for us. We talked about Hyundai, for instance, and a number of others. But there's still quite concerned about the tariff environment.

我的意思是，我很高興看到汽車行業第一季業績為正，並且對全年汽車行業的前景持樂觀態度，因為我們經歷了一段時間並非如此。。我們已經討論過過去幾年我們取得的一些不錯的勝利，這些勝利至今仍在為我們帶來收益。例如，我們談到了現代汽車，以及其他一些汽車品牌。但人們仍然相當擔憂關稅環境。

They've made some commitments to increase North America. They are investing in modernization for their lines. So, we're winning some nice EV work. We talked about Lucid in November. But tariffs are still jumping around a little bit.

他們已做出一些承諾，以擴大在北美的業務。他們正在投資對生產線進行現代化改造。所以，我們贏得了一些不錯的電動車專案。我們在十一月討論過 Lucid。但關稅目前仍略有波動。

And I think I would just like to see again, that positive sentiment turns into actual orders before we know it's there.

我希望再次看到，這種積極的情緒能夠迅速轉化為實際的訂單，在我們意識到它存在之前就轉化為實際的訂單。

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

謝謝。今天的電話會議到此結束。感謝您今天蒞臨。

At this time, you may disconnect. Thank you.

此時，您可以斷開連線。謝謝。