Teledyne Technologies Inc (TDY) 2023 Q2 法說會逐字稿

Ladies and gentlemen, good morning. Thank you for standing by today's conference assembled. Welcome to the Teledyne Technologies Second Quarter Earnings Call. (Operator Instructions)

女士們，先生們，早安。感謝各位出席今天的會議。歡迎參加Teledyne Technologies第二季業績電話會議。 （操作員指示）

At this time, it's my pleasure to turn the conference over to our host, Jason VanWees. Please go ahead.

現在，我很高興將會議交給主持人 Jason VanWees。請開始。

Thank you, Tom. This is Jason VanWees, Vice Chairman. I'd like to welcome everyone to Teledyne's Second Quarter 2023 Earnings Release Conference Call. We released our earnings earlier this morning before the market opened.

謝謝，湯姆。我是副董事長傑森‧範維斯。歡迎大家參加Teledyne 2023年第二季財報電話會議。我們今天早上在股市開盤前就發布了財報。

Joining me today are Teledyne's Chairman, President and CEO, Robert Mehrabian; Senior Vice President and CFO, Sue Main; and Senior Vice President and General Counsel, Chief Compliance Officer and Secretary, Melanie Cibik. Also joining is Edwin Roks, Executive VP. After remarks by Robert and Sue, we will answer your questions.

今天與我一同出席的還有Teledyne董事長、總裁兼執行長Robert Mehrabian，資深副總裁兼財務長Sue Main，以及資深副總裁兼總法律顧問、首席合規官兼秘書Melanie Cibik。執行副總裁Edwin Roks也出席了今天的活動。 Robert和Sue致詞後，我們將解答大家的疑問。

Of course, though, before we get started, our attorneys have reminded me to tell you that all forward-looking statements made this morning are subject to various assumptions, risks and caveats as noted in our earnings release and our periodic SEC filings. Actual results may differ materially. In order to avoid potential selective disclosures, this call is simultaneously being webcast and a replay, both via webcast and dial-in, will be available for approximately 1 month.

當然，在我們開始之前，我們的律師提醒我，今天早上所做的所有前瞻性陳述均受各種假設、風險和警告的影響，這些假設、風險和警告已在我們的收益報告和定期提交給美國證券交易委員會的文件中註明。實際結果可能存在重大差異。為了避免潛在的選擇性披露，本次電話會議將同步進行網路直播，並且會議重播（透過網路直播和撥號存取）將持續約一個月。

Here is Robert.

這是羅伯特。

Thank you, Jason, and thank you for joining our earnings call. In the second quarter, we achieved all-time record quarterly sales, with overall sales increasing 5.1%. Furthermore, sales as well as GAAP and non-GAAP operating profit and operating margin increased year-over-year in every segment.

謝謝傑森，也感謝您參加我們的財報電話會議。第二季度，我們實現了創紀錄的季度銷售額，整體銷售額成長了5.1%。此外，各部門的銷售額、GAAP和非GAAP營業利潤以及營業利潤率均較去年同期成長。

For the total company, GAAP and non-GAAP operating margins increased [105] and 73 basis points, respectively. Excluding foreign currency headwind, which negatively impacted second quarter sales growth by approximately 40 basis points, growth in local currency would have been 5.5%.

就公司整體而言，GAAP和非GAAP營業利潤率分別成長[105]和73個基點。若不計外匯逆風（此因素對第二季銷售額成長造成了約40個基點的負面影響），以當地貨幣計算的成長率應為5.5%。

GAAP operating margin of 18% was a second quarter record and non-GAAP operating margin was 21.4%. Second quarter GAAP earnings per share were $3.87, and non-GAAP earnings of $4.67 were also second quarter records. And finally, including continued debt repayment through July, which totaled about $620 million year-to-date, our consolidated leverage ratio declined to 2.1x. I'll now comment a bit further on the performance of Teledyne FLIR and the announced cost reductions and the outlook for the balance of the year.

GAAP 營業利潤率達 18%，創下第二季新高，非 GAAP 營業利益率達 21.4%。第二季 GAAP 每股盈餘為 3.87 美元，非 GAAP 每股盈餘為 4.67 美元，也創下第二季新高。最後，考慮到截至 7 月的持續債務償還（年初至今總計約 6.2 億美元），我們的合併槓桿率已降至 2.1 倍。現在，我將進一步評論 Teledyne FLIR 的業績、宣布的成本削減以及今年剩餘時間的前景。

In the 2 years, since we've owned FLIR, we've resolved the most significant legacy tax matters, exited the consent agreement with the Department of State, consolidated leadership in marketing and operations for the FLIR Defense portfolio and corrected some historical product quality issues. As part of this effort, we also took a much more focused view of the Defense business, aggressively pursuing those opportunities where we have truly differentiated technology.

在收購FLIR後的兩年間，我們解決了最重要的遺留稅務問題，退出了與美國國務院的同意協議，鞏固了FLIR國防產品組合的營銷和運營領導地位，並糾正了一些歷史遺留的產品質量問題。作為這些努力的一部分，我們也更加專注於國防業務，積極把握我們擁有真正差異化技術的機會。

I am pleased to report that the order book and backlog of FLIR, specially FLIR Defense, significantly inflected during the second quarter. For reference, the commercial business across digital imaging, both DALSA e2v and FLIR grew organically in the second quarter. While FLIR Defense sales declined year-over-year, nearly all of this was lower revenue in unmanned ground systems as we achieved the milestone of shipping our 1,000th man transportable robotic system increment to -- to the U.S. Army.

我很高興地報告，FLIR，特別是FLIR Defense的訂單和積壓訂單在第二季度顯著增長。作為參考，DALSA e2v和FLIR的數位成像商業業務在第二季度實現了有機成長。雖然FLIR Defense的銷售額年減，但幾乎所有收入的下降都源自於無人地面系統的收入下降，因為我們實現了向美國陸軍交付第1000套可移動機器人系統的里程碑。

Overall, orders at all of FLIR were 1.18x sales and 1.5x sales at FLIR Defense. Larger orders not only included the recently announced Black Hornet Nano UAV to the U.S. Military but also additional UAVs for customers in Europe as well as counter-UAV systems and missile defense systems utilizing both FLIR imaging, radar and AI-based software systems.

總體而言，FLIR 的訂單量是其銷售額的 1.18 倍，FLIR 防務部門的訂單量是其銷售額的 1.5 倍。較大的訂單不僅包括近期宣布交付給美國軍方的「黑黃蜂」奈米無人機，還包括為歐洲客戶提供的其他無人機，以及利用 FLIR 成像、雷達和人工智慧軟體系統的反無人機系統和飛彈防禦系統。

Additionally, more surveillance imaging systems for the U.S. and foreign customers. Having stabilized the business, including achieving stronger backlog, it is now time to focus on execution and additional margin improvement. Thus, the charges announced this morning are for the further reduction in the FLIR operating footprint and related headcount. We are accelerating the elimination of 3 lease sites, all of those activities will be relocated to other FLIR Defense facilities, most of which are owned locations.

此外，我們也將為美國及海外客戶提供更多監控成像系統。在業務穩定，包括實現更大訂單儲備後，現在是時候專注於執行力和進一步提升利潤率了。因此，今天上午宣布的費用將用於進一步縮減FLIR的營運規模和相關員工人數。我們正在加速淘汰3個租賃場地，所有這些活動都將遷移到FLIR防務部門的其他設施，其中大部分為自有設施。

Today, we are reaffirming our prior 2023 full year sales and non-GAAP earnings outlook, including -- excluding the $10 million to $12 million charges that I just covered. Supply chain challenges have continued to improve, and we were once again able to exceed our original second quarter sales and earnings outlook by pulling forward some revenue from the third quarter.

今天，我們重申先前對2023年全年銷售額和非公認會計準則盈利的預期，其中不包括我剛才提到的1000萬至1200萬美元的費用。供應鏈挑戰持續改善，我們再次透過將部分第三季的營收提前，實現了超出原定第二季銷售額和獲利預期的目標。

On revenue specifically, we continue to see total 2023 growth of approximately 5% or sales of approximately $5.73 billion, with the third quarter being roughly $1.4 billion. We continue to see non-GAAP earnings of $19.10 at the midpoint of our guidance, excluding the charges referenced above. I will now further comment on the performance of the 4 business segments.

具體到營收方面，我們預計2023年總營收將成長約5%，達到約57.3億美元，第三季約14億美元。扣除上述費用後，我們預期非公認會計準則下（Non-GAAP）的獲利將達到19.10美元，處於我們預期的中位數。現在，我將進一步評論四大業務部門的業績。

Second quarter sales, in our Digital Imaging segment, increased 2.3% with greater sales of X-ray products, commercial infrared imaging components and solutions and industrial scientific cameras partially offset by lower sales of unmanned ground systems for Defense applications. GAAP segment operating margin increased 51 basis points to 15.7% and adjusted for reduced intangible asset amortization non-GAAP segment margin was 28 basis points higher at 21.5%.

數位成像部門第二季銷售額成長2.3%，X射線產品、商用紅外線成像組件及解決方案以及工業科學相機銷售額的成長，部分抵消了國防應用無人地面系統銷售額的下降。 GAAP部門營業利益率成長51個基點至15.7%，經無形資產攤銷減少調整後，非GAAP部門利潤率成長28個基點至21.5%。

Turning to our Instrumentation segment. Overall, second quarter sales increased 5.1% versus last year. Sales of Marine instruments increased a healthy 10.5% in the quarter, primarily due to ongoing recovery in offshore energy markets, also greater sales of autonomous underwater vehicles. Sales of electronic test and measurement systems, which include oscilloscopes, digitizers and protocol analyzers, collectively increased 4.9%. We encountered some softness in sales of analyzers for electronic storage and data center application, but this was more than offset by [sales] for wireless and video protocols as well as continued strong sales of oscilloscopes.

談到我們的儀器業務。整體而言，第二季銷售額年增5.1%。本季度，海事儀器銷售額健康成長10.5%，主要得益於海上能源市場的持續復甦，以及自主水下航行器銷售額的成長。包括示波器、數位化儀和協議分析儀在內的電子測試與測量系統銷售額整體成長了4.9%。電子儲存和資料中心應用的分析儀銷售略有疲軟，但無線和視訊協議的銷售額以及示波器的持續強勁銷售足以抵消這一疲軟。

Sales of environmental instruments were flat compared to last year with greater sales of air quality, process gas, safety analyzers offset by drug discovery and laboratory instruments. Overall, instrumentation segment operating profit increased 10.6% in the second quarter, with GAAP operating margin increasing 123 basis points to 24.8% and 80 basis points on a non-GAAP basis, excluding reduced intangible asset amortization to 25.9%.

環境儀器的銷售額與去年持平，空氣品質、製程氣體和安全分析儀的銷售額有所成長，但藥物研發和實驗室儀器的銷售量有所抵消。整體而言，儀器儀表部門第二季營業利潤成長了10.6%，GAAP營業利潤率成長123個基點至24.8%，非GAAP營業利潤率成長80個基點（扣除無形資產攤銷減少的影響）至25.9%。

In the Aerospace and Defense Electronics segment, second quarter sales increased 10.2%, driven by growth of both Defense Electronics and Commercial Aerospace products. GAAP and non-GAAP segment operating profit increased over 20% with margins approximately 250 basis points greater than last year. In the Engineering Systems segment, second quarter revenue increased 18.5%, and operating profit increased 33.7%, representing 112 basis points increase in margin from last year.

在航空航太和國防電子部門，第二季銷售額成長10.2%，這得益於國防電子和商用航空航太產品的成長。 GAAP和非GAAP部門營業利潤均成長超過20%，利潤率較去年同期高出約250個基點。在工程系統部門，第二季營收成長18.5%，營業利益成長33.7%，利潤率較去年同期高出112個基點。

In conclusion, our short-term, more economically sensitive businesses remained resilient in the second quarter, collectively growing year-over-year, although comparisons for some do become more difficult in the second half. In addition, our longer Cycle -- Medical, Aerospace, Defense and Marine businesses continued to perform very well.

總而言之，我們短期、經濟敏感度更高的業務在第二季度保持了韌性，整體同比增長，儘管下半年部分業務的業績比較起來確實更加困難。此外，我們週期較長的醫療、航空航太、國防和海洋業務持續表現優異。

Quarterly operating margin in our Instrumentation segment was an all-time record. Operating margin in our Aerospace and Defense Electronics segment was the second quarter record and just slightly less than the fourth quarter of last year. And now through a combination of sales growth, operating leverage and the more aggressive cost actions mentioned earlier, I fully expect digital imaging margins to grow considerably over time.

我們儀器儀表部門的季度營業利潤率創歷史新高。航空航太和國防電子部門的營業利潤率創下第二季紀錄，略低於去年第四季。現在，透過銷售成長、營業槓桿以及前面提到的更積極的成本控制措施，我完全預期數位成像部門的利潤率將隨著時間的推移大幅增長。

And now I'm going to turn the call over to Sue.

現在我要把電話轉給蘇。

Thank you, Robert, and good morning, everyone. I will first discuss some additional financials for the quarter not covered by Robert, and then I will discuss our third quarter and full year 2023 outlook.

謝謝羅伯特，大家早安。首先，我將討論羅伯特未涵蓋的本季其他財務數據，然後我將討論我們對第三季和2023年全年的展望。

In the second quarter, cash flow from operating activities was $190.5 million. Free cash flow, that is cash from operating activities less capital expenditures was $163.2 million in the second quarter of 2023 compared with $176.1 million in 2022. Capital expenditures were $27.3 million in the second quarter of 2023 compared with $20.8 million in 2022. Depreciation and amortization expense was $80 million for the second quarter of 2023 compared with $82.7 million.

第二季度，經營活動現金流為1.905億美元。 2023年第二季的自由現金流（即經營活動現金流減去資本支出）為1.632億美元，2022年為1.761億美元。 2023年第二季的資本支出為2,730萬美元，而2022年為2,080萬美元。 2023年第二季的折舊和攤提費用為8,000萬美元，而2022年為8,270萬美元。

We ended the quarter with approximately $2.99 billion of net debt. That is approximately $3.35 billion of debt less cash of $364.2 million. Stock-based compensation expense was $8.4 million in the second quarter of 2023 compared with $6.4 million in 2022.

本季末，我們的淨債務約為29.9億美元。這相當於約33.5億美元的債務減去3.642億美元的現金。 2023年第二季的股票薪資支出為840萬美元，而2022年為640萬美元。

Turning to our outlook. Management currently believes that GAAP earnings per share in the third quarter of 2023 will be in the range of $3.76 to $3.90 per share, with non-GAAP earnings in the range of $4.70 to $4.80. And for the full year 2023, our GAAP earnings per share outlook is $15.60 to $15.88. And on a non-GAAP basis, we are maintaining our prior outlook of $19 to $19.20. Both the third quarter and full year non-GAAP outlook excludes estimated pretax charges for further FLIR integration costs. The 2023 full year estimated tax rate, excluding discrete items, is expected to be 22.3%.

談到我們的展望。管理層目前預計，2023 年第三季的 GAAP 每股盈餘將在 3.76 美元至 3.90 美元之間，非 GAAP 每股盈餘將在 4.70 美元至 4.80 美元之間。對於 2023 年全年，我們預期的 GAAP 每股收益為 15.60 美元至 15.88 美元。非 GAAP 每股盈餘則維持先前的 19 美元至 19.20 美元的預期。第三季和全年的非 GAAP 預期均不包括 FLIR 進一步整合成本的預估稅前費用。 2023 年全年預估稅率（不包括單一項目）預計為 22.3%。

I'll now pass the call back to Robert.

我現在將電話轉回給羅伯特。

Thank you very much, Sue. We would now like to take your questions. Operator, if you're ready to proceed with the questions and answers, please go ahead.

非常感謝，蘇。現在我們開始回答您的問題。接線員，如果您準備好繼續問答環節，請繼續。

(Operator Instructions) And our first question today will come from the line of Jim Ricchiuti.

（操作員指示）我們今天的第一個問題來自 Jim Ricchiuti。

I wanted to talk a little bit, Robert, if I may, about digital imaging. If we exclude the acquisitions, it looks like your revenues were down year-on-year and sequentially. And some of this may be partly due to what you're seeing at FLIR. But I wonder if you could just expand on what you're seeing in digital imaging just because it's a large category that covers a lot of ground?

羅伯特，如果可以的話，我想稍微談談數位成像。如果不考慮收購，你們的收入似乎比去年同期都有所下降。這可能部分是由於FLIR的情況造成的。但鑑於數位成像是涵蓋面很廣的龐大類別，能否請您進一步闡述您在數位成像領域的情況？

Well, thank you. I think what you're referring to is in the organic growth or decline year-over-year, it was a little over 1% decline -- 1.5% to be exact. We see several things: First, there are government programs that we have in digital imaging, especially in FLIR, that declined year-over-year. On the other hand, as I mentioned, we had a very successful first half, especially second quarter, in getting orders for products both here and in Europe. So we feel that, that part of the business is stabilized. On the rest of digital imaging, if you look at health care, which is part of our business there, there's been significant expansion in healthcare and medical.

好的，謝謝。我想您指的是年比的有機成長或下降，下降幅度略高於1%，確切地說是1.5%。我們看到幾個方面：首先，我們在數位成像領域，尤其是FLIR的政府項目，比去年同期有所下降。另一方面，正如我所提到的，我們上半年，尤其是第二季度，在美國和歐洲的產品訂單都非常成功。所以我們覺得，這部分業務已經穩定下來。至於數位影像的其他部分，如果你看一下醫療保健（這是我們業務的一部分），你會發現醫療保健和醫療業務取得了顯著的成長。

If you look at commercial -- aero, any parts of digital imaging that deal with, let's say, satellite communication, there has been expansion. I think there is some headwind in the commercial part of digital imaging in the Far East, but our exposure there is not that high. And we're making that up with new products in -- that includes some of our artificial intelligence capabilities. So we feel comfortable with our commercial aspect of our Digital Imaging.

如果你看一下商業領域——航空領域，以及任何與衛星通訊相關的數位成像領域，都會看到擴張。我認為遠東地區數位成像的商業領域存在一些阻力，但我們在那裡的曝光度並不高。我們正在透過推出新產品來彌補這一不足，其中包括我們的一些人工智慧技術。因此，我們對數位成像的商業化發展感到滿意。

So in summary, I would say that -- there is a little pressure on parts of our digital imaging in the Far East, especially China, but this is offset by other products that we manufacture for Europe and the U.S. So I would say machine vision, which is what I'm referring to, is going to be relatively flat, maybe a little down year-over-year. But the other parts of Digital Imaging are going to be healthy. And we feel pretty good about that. So all in all, it's a big part of our portfolio, but it's a pretty varied portfolio ranging from space to medical to machine vision for automated semiconductor inspections, flat panel displays, et cetera. So it's like Teledyne is pretty resilient to various economic conditions.

總而言之，我想說的是——我們在遠東地區（尤其是中國）的數位成像業務面臨一些壓力，但這被我們為歐洲和美國生產的其他產品所抵消。所以我想說，我指的機器視覺業務將相對持平，同比可能會略有下降。但數位成像的其他部分將會保持健康。我們對此感覺很好。總而言之，它是我們產品組合的重要組成部分，但它是一個非常多樣化的產品組合，涵蓋了從太空到醫療，再到用於自動半導體檢測、平板顯示器等的機器視覺。因此，Teledyne 對各種經濟狀況都具有相當強的韌性。

And follow-up question, I wonder if you could talk a little bit about -- just an update on the rate at which you may be burning through some of that higher cost component inventory that you had. And just in general, it sounds like supply chain has gotten better and how you're seeing that part of the business?

後續問題，您能否稍微談談—關於您們消耗一些高成本零件庫存的速度。整體而言，聽起來供應鏈已經有所改善，您如何看待這部分業務？

Yes. I think you're right. As I mentioned earlier, our supply chain issues have significantly moderated. We're still paying some premiums, but perhaps as much as year-to-date, 65% to 70% lower than we did at the first quarter -- second quarter of last year. So that's a positive. But we're still paying some premium and our inventory remained fairly flat between first quarter and second quarter. But as these supply chain issues relax, we're going to reduce our inventory for the remainder of the year. So I feel good about how we've dealt with the supply chain. We really didn't lose a whole lot of revenue because of that.

是的，我想你是對的。正如我之前提到的，我們的供應鏈問題已經顯著緩解。我們仍然支付一些溢價，但今年迄今為止，可能比去年第一季和第二季低了65%到70%。所以這是正面的一面。但我們仍然支付一些溢價，而且我們的庫存在第一季和第二季之間基本持平。隨著這些供應鏈問題的緩解，我們將在今年剩餘時間內減少庫存。所以我對我們處理供應鏈問題的方式感到滿意。我們確實沒有因此損失太多收入。

And if I could just slip one more in, apologies, but you did talk about some pull-in from Q3. I wonder if you would size that for us.

抱歉，我能否再插播一點，但您確實提到了第三季的一些拉動。請您能為我們估算一下嗎？

I'm going to say approximately $10 million, not a whole lot. But when we have the opportunity and I hope we will have in the future Of course, we're going to try and do that. The flip side of that, Jim, is that a lot of our customers have also ordered a lot of inventory anticipating shortages. So they are a little resistant about letting us ship all the stock that they have ordered before. But we're balancing that because, again, our balanced portfolio help us along in all of those directions.

我估計大約1000萬美元，不是很多。但當我們有機會的時候——我希望未來有機會——我們當然會努力去做。吉姆，另一方面，我們的許多客戶也訂購了大量庫存，預計會出現缺貨。所以他們不太願意讓我們把之前訂購的庫存全部發走。但我們正在平衡這些因素，因為我們均衡的投資組合在所有這些方面都能幫助我們。

Our next question will come from the line of Joe Giordano, representing TD Cowen.

我們的下一個問題來自 TD Cowen 的代表 Joe Giordano。

I want to continue first on DI. I guess I'd say 90-plus percent of the questions I get from investors are about the margins there. So I mean, I think they -- over the last couple of quarters, they probably come in and the outlook has come in a little bit below what you thought. I know there's some elements, high-margin machine vision, probably market declines there. But can you talk about what's been slightly different than you thought on the margin side? And how should we really think about that business kind of into 2024, like what's realistic for like a baseline margin assumption is?

我想先繼續談直接投資（DI）。我估計投資人問我的問題90%以上都跟利潤率有關。所以，我認為過去幾個季度，他們的業績前景可能略低於你的預期。我知道有一些因素，例如高利潤率的機器視覺，以及市場可能會下滑。但你能談談利潤率方面與你預期有什麼不同嗎？我們該如何看待這項業務到2024年的發展？例如，一個合理的基準利潤率假設是多少？

Let me start with second quarter margin. Actually, second quarter Digital Imaging margin is up about 28 basis points. That's a 30 basis points year-over-year. And we think for the year, it might -- it will be probably flat, maybe down about 10 or 15 basis points, but relatively flat. I think what -- what's going to happen is that the FLIR margins are going to increase somewhat and the historic or legacy digital imaging, they're going to decline a little bit. Basically, we think year-over-year, it's going to be flat.

我先從第二季的利潤率說起。實際上，第二季數位成像業務的利潤率上漲了約28個基點，較去年同期成長30個基點。我們認為，全年利潤率可能會持平，也可能下降約10到15個基點，但相對持平。我認為，FLIR的利潤率會上升，而傳統數位成像業務的利潤率則會略有下降。基本上，我們認為年比來看，利潤率將持平。

We've had, as I mentioned before, we've had a slower revenue and lower revenue in Defense in the first half of the year. But as I mentioned earlier, that's turning around now. So I think that's going to help us for the rest of the year. That's about really all I can say about the margins. I think second quarter year-over-year, we saw an improvement of about 28 to 30 basis points.

正如我之前提到的，今年上半年，我們的國防業務收入成長放緩，收入也下降了。但正如我之前提到的，現在情況正在好轉。所以我認為這將對我們今年剩餘時間的業績有所幫助。關於利潤率，我只能說這麼多。我認為第二季的利潤率年增了約28到30個基點。

For the whole year, it might be flat or down maybe 15 basis points, but not much. And again, the balanced portfolio is really going to help us. The flip side of it is, if you look at our Aerospace and Defense segment, there -- second quarter margins increased 247 basis points. And for the year, we're projecting 80 basis points expansion. So sometimes, when we look at Defense, yes, we differentiate Defense -- that's in digital imaging, what I've talked about before. And then -- but we have a whole bunch of Defense programs in our Aerospace and Defense portfolio, which are doing really well. So overall, I think we're, okay.

全年來看，利潤率可能持平，或下降15個基點，但幅度不大。再說一次，均衡的投資組合確實對我們有利。另一方面，如果你看看我們的航空航太和國防部門，你會發現——第二季利潤率成長了247個基點。而全年，我們預期利潤率將成長80個基點。所以，有時候，當我們談到國防業務時，是的，我們會區分國防業務——也就是數位成像業務，我之前提到過。此外——我們的航空航太和國防業務組合中有很多國防項目，它們的表現都非常好。所以總的來說，我認為我們做得還不錯。

Just one quick clarification. I know the DI margins are up year-on-year, but sequentially, they were down on higher revenue. So was there like a mix change going on there? And then I have a quick question on Test and Measurement.

簡單澄清一下。我知道DI的利潤率同比增長，但由於收入增加，環比下降。那麼這其中是否存在業務組合變化？然後我有一個關於測試與測量的快速問題。

I don't know. They were down sequentially what, about 20 basis points. I'm not so concerned about that. There's so many moving parts in there that it just balances itself out. That's not something that worries me. That's all I'll say about that. Go ahead with your other area, please.

我不知道。他們環比下降了大概20個基點。我不太擔心這個。這裡面有很多變動因素，最終會自行平衡。這不是我擔心的事。關於這一點，我就說這麼多。請繼續討論你的其他領域。

Just curious on -- if you have any color on like the order -- the order intake for things like oscilloscopes versus the revenue delivery now? Like I know the revenue is strong, are orders starting to slow there? I'm just curious like what that revenue trend looks like? Like how much backlog do you have? How fast is that kind of coming out? And is it being replenished at the same pace?

我很好奇—請問您目前訂單狀況如何？例如示波器之類的訂單量，以及目前的收入交付如何？我知道收入很強勁，但訂單量是否開始放緩？我只是好奇收入趨勢如何？您有多少積壓訂單？訂單交貨速度有多快？補貨速度是否也一樣？

Yes. As you know, on the Test and Measurement, we have 2 distinct product lines. One is oscilloscopes, the other is protocols. And both of those are relatively short-term revenue. So big backlog, which doesn't make a whole lot of difference. Our oscilloscopes revenue in Q2 was outstanding, really good. Our protocol revenue was relatively flat, and partially, that's because new protocols are coming out in September, and we expect that revenue to pick up.

是的。如你所知，在測試與測量領域，我們有兩條不同的產品線。一條是示波器，另一條是協定。這兩條產品線的收入都相對較短，所以積壓訂單量很大，但這並沒有太大的影響。我們示波器在第二季的營收非常出色。我們的協議收入相對持平，部分原因是9月新協議即將發布，我們預計收入將會回升。

If you look at the whole year, we think that we're going to have something like 3.5% to 4% growth in our oscilloscope and protocol products. We think third and fourth quarter are going to be all right. They may not expand as much as the first quarter, but year-over-year, we're going to be fine.

縱觀全年，我們預計示波器和協議產品將實現3.5%到4%的成長。我們認為第三季和第四季的業績會不錯。雖然增幅可能不如第一季度，但年比來看，應該會不錯。

In terms of just answering your question on backlog, book-to-bill in that Test and Measurement is very close to 1, it's 0.98. So I would say it's 1. So again, it's not something that concerns me right now.

就你關於積壓訂單的問題而言，測試與測量業務的訂單出貨比非常接近1，是0.98。所以我會說是1。所以，我現在不擔心這個。

Our next question will be from the line of Greg Konrad with Jefferies.

我們的下一個問題來自 Jefferies 的 Greg Konrad。

Maybe just one clarification. I mean it seems like you brought down -- you didn't change guidance for the year, but brought down digital imaging. You talked about the strength in A&D. Has there been any change to the overall company margin guidance for the year just given it seems like A&D is tracking ahead and instrumentation continues to be maybe slightly above expectations?

也許只需要澄清一點。我的意思是，您似乎降低了——您並沒有改變年度業績指引，而是降低了數位成像業務的業績指引。您談到了A&D業務的強勁表現。鑑於A&D業務似乎正在向前發展，而儀器儀表業務的業績可能仍然略高於預期，公司今年的整體利潤率指引是否有任何變化？

Yes. I'd say, if you went back to April guidance versus today, probably margin is going down 10 basis points. Again, nothing significant. For the full year, we expect margin to go up about 26 to 30 basis points year-over-year. So overall, it's a -- that's not something that concerns me because as I've mentioned several times, because of our diversity of our products, for example, Instruments margin will go up 80 basis points year-over-year. Aerospace and Defense, similarly, 80 basis points. Even Engineered Systems will go up about 38 to 40 basis points. So a flat digital imaging doesn't change anything at this time.

是的。我想說，如果回顧4月的業績指引，比較目前的指引，利潤率可能會下降10個基點。同樣，這沒什麼大不了的。我們預計全年利潤率將年增約26到30個基點。所以總的來說，這不是我擔心的事情，因為正如我多次提到的，由於我們產品的多樣性，例如，儀器業務的利潤率將比去年同期增長80個基點。航空航太和國防業務的利潤率也同樣成長80個基點。即使是工程系統業務，利潤率也會成長約38到40個基點。所以，目前來看，單調的數位成像業務不會帶來任何改變。

And then, I mean, you talked about FLIR Defense and kind of what you're seeing on the order front and A&D performance top line was really strong in the quarter. I mean, what are you seeing across Teledyne as it relates to Defense? And how are you kind of thinking about runway just given orders and some of the '23 budget money coming through?

然後，您談到了FLIR國防部門，以及您在本季度看到的訂單情況，以及航空航天和國防業務的業績都非常強勁。您覺得Teledyne在國防方面的情況如何？您如何看待剛收到的訂單以及2023年預算資金到位的情況？

Yes. As you mentioned, there has been a change in the budget for a long time. The budgets look healthy, but money wasn't coming through, and it started to come through more recently. Overall, I would say we are fairly comfortable with our Defense businesses, probably across everything, mid-single, single digits growth year-over-year. We are enjoying actually pretty good margins and orders in our legacy Defense businesses. And as I mentioned, our FLIR's defense businesses are turning around and had a good book-to-bill in Q2.

是的。正如您所說，預算長期以來一直在變化。預算看起來很健康，但資金一直沒有到位，最近才開始到位。總的來說，我認為我們對國防業務相當滿意，所有業務都實現了中等個位數至個位數的同比增長。我們傳統的國防業務利潤率和訂單量其實都相當不錯。正如我所提到的，FLIR的國防業務正在好轉，第二季的訂單出貨比也很好。

It's not just the U.S. Defense. If you look at Defense also in NATO countries, the expenditures are increasing, and we have a significant amount of sales overseas, in both our Defense as well as FLIR Defense, including things like Traveling Wave Tubes for missile defense products in places like South Korea. So it's a pretty healthy environment right now.

不僅僅是美國國防。如果你看看北約國家的國防開支，你會發現他們的支出也在增加。我們在海外的銷售額也很大，包括我們的國防業務和FLIR防務業務，其中包括用於韓國等地飛彈防禦產品的行波管。所以，目前的市場環境相當健康。

(Operator Instructions) And let's go to the line of Jordan (inaudible) with BOA.

（操作員指示）讓我們和 BOA 一起前往 Jordan（聽不清楚）的線路。

(inaudible) Bank of America. So I just had a quick question on the backlog for Defense. Are you guys seeing any specific constraints that could put the deliveries at risk? And also, too, for those wins, should we expect the majority of them to come through for '23 or extend that into the out years?

（聽不清楚）美國銀行。我只是想問個關於國防積壓訂單的簡短問題。你們是否認為有什麼具體的限制因素可能會影響交付？另外，對於這些訂單，我們應該預期大部分訂單會在2023年交付，還是應該延續到未來幾年？

Some will come to in '23, and some will come through in, starting in Q4. For example, let me just give you one example or two. We do have some counter drone products that are going to Europe, probably about $25 million, $26 million. Most of that would come in '23. On the other hand, the Black Hornet 3 that we just announced for the U.S. Army is $94 million, only about 10% of it will come this year, the rest will come in future years. So it's a balance. I think we'll get some of it this year and a lot of it in future years.

有些會在2023年到位，有些會從第四季開始到位。比如，我舉一兩個例子。我們確實有一些反無人機產品銷往歐洲，大概價值2500萬到2600萬美元。其中大部分會在2023年到位。另一方面，我們剛剛宣佈為美國陸軍提供的「黑黃蜂3」項目價值9400萬美元，其中只有大約10%會在今年到位，其餘的將在未來幾年到位。所以這是一個平衡。我認為我們今年會得到一部分，未來幾年會得到大部分。

And we'll go to the line of Guy Hardwick with Credit Suisse.

我們將與瑞士信貸的 Guy Hardwick 合作。

Robert, I think you said in your prepared remarks that digital imaging margins should grow considerably over time. Could you a little bit flesh that out a little bit for us, what is over time? And could this mean that digital imaging margins exceed the sort of 24% levels I think that you delivered in 2021?

羅伯特，我記得您在準備好的發言中提到過，數位成像利潤率會隨著時間的推移大幅增長。您能否為我們稍微解釋一下，什麼是「隨著時間的推移」？這是否意味著數位成像利潤率會超過您在2021年實現的24%的水平？

Yes. The answer is, yes. And the reason I say that is the margins in our legacy businesses are already around that and even higher than that. And I think FLIR margins will increase as we -- especially as we take the cost out that I just mentioned. And overall margins for Digital Imaging this year, we're projecting to be 22.3%. So to go to 24%, 170 basis point expansion. Yes, we can do that.

是的，答案是肯定的。我之所以這麼說，是因為我們傳統業務的利潤率已經達到這個水平，甚至更高。而且我認為，隨著我們——尤其是我們扣除我剛才提到的成本——FLIR的利潤率還會上升。我們預計今年數位成像業務的整體利潤率為22.3%。所以，要達到24%，需要再提高170個基點。是的，我們可以做到。

I think last quarter, you had pointed out negative mix, lag of price increases, I think, in the Medical business. So was there any other mix effects other than Defense that you talked about in Q2? Is there anything else that we should be aware of, which may have held back margins? Because I think 3 months ago, you did expect sequential improvement and 30 basis points up for the full year?

我記得上個季度您指出了醫療業務的負面組合效應，價格上漲落後。那麼，除了您在第二季度提到的國防業務之外，還有其他組合效應嗎？還有什麼其他因素值得我們注意，可能影響了利潤率？因為我記得三個月前，您確實預期利潤率會較上季改善，全年將上漲30個基點？

Yes. I think in the healthcare business, things are really good for us. We've had significant expansion, both in our X-ray products, that is our panels as well as components that we put out for X-ray systems. And as I said before, there is some slowdown in China. If you look at China as a whole, they have had some contraction even though you don't hear about it, there has been some contraction there.

是的。我認為醫療保健業務對我們來說確實很好。我們的X射線產品（包括面板）以及X射線系統組件都實現了顯著成長。正如我之前所說，中國市場出現了一些放緩。如果你從整體上看，你會發現中國市場確實出現了一些萎縮，即使你沒有聽說，但確實存在一些萎縮。

On the other hand, less than 10% of our portfolio is sold to China. So again, our balanced portfolio helps us. The flip side also is that we've gotten some really good higher-margin products development programs that are helping overall Digital Imaging.

另一方面，我們產品組合中只有不到10%銷往中國。所以，我們均衡的產品組合對我們很有幫助。另一方面，我們也獲得了一些非常優秀的高利潤產品開發項目，這些項目正在推動整個數位成像業務的發展。

Shipments have been a little slower, but I think bookings are okay. So again, it's not something that worries me, where we don't have, let's say, a commercial imaging system that somebody would buy in China. On the flip side, we have custom products that we're developing, which are very profitable. Actually, more profitable than commercial.

發貨速度稍微慢了一點，但我認為訂單還不錯。所以，我並不擔心，因為我們沒有像中國那樣有人會買的商用成像系統。另一方面，我們正在開發客製化產品，利潤很高。實際上，比商用產品利潤更高。

I sit here today, and I'm just looking at our portfolio and I wouldn't change it with anybody else's considering all the uncertainty around the world. One area may go down a little bit, but we'll pick it up somewhere else. And that's the resilience of our earnings year-over-year, quarter-over-quarter.

今天我坐在這裡，只是在審視我們的作品集。考慮到全球面臨的種種不確定性，我不會改變任何其他人的投資組合。某個領域可能會略有下滑，但我們會在其他地方重新振作。這就是我們獲利年增、月增的韌性。

Just one last one for me. In Aerospace and Defense Electronics, I think previously, you had mentioned that you benefited from a particularly good mix there. Is that -- presumably, that has continued in Q2 and assume that continues in the second half given your guidance for the margin?

我最後想問一下。在航空航太和國防電子領域，我記得您之前提到過，您受益於該領域特別好的產品組合。這種情況在第二季度應該會持續下去，並且根據您對利潤率的預測，假設下半年也會繼續下去嗎？

Yes. We think we may have a little lower revenue in the second half. On the other hand, the products that we make in Aerospace go primarily in commercial aircraft. And that market has expanded, as you well know, very close to pre-COVID. Q3, Q4 margins for Aerospace and Defense might be a little lower than Q2, but it will be higher than Q1. So again, I don't see major inflections in that area.

是的。我們預計下半年的收入可能會略有下降。另一方面，我們在航空航太領域生產的產品主要用於商用飛機。眾所周知，該市場已經擴張，非常接近新冠疫情之前。航空航太和國防業務第三季和第四季的利潤率可能略低於第二季度，但會高於第一季。所以，我再次強調，我認為該領域不會有重大變化。

And we'll go to line of Jim Ricchiuti with a follow-up from Needham.

我們將轉而關注 Jim Ricchiuti 並跟進 Needham 的後續行動。

Robert, you gave us some book-to-bills, and I'm just wondering if you could perhaps provide us the book-to-bill in the different segments. I feel like I've got pieces of it.

羅伯特，你給了我們一些訂單出貨比數據，我想知道你能否提供一下不同細分市場的訂單出貨比數據。我感覺我已經掌握了一些。

Sure. Jim, in Instruments, our book-to-bill is about 1.05, so over 1, led by our Marine businesses, which are doing really well, both -- in underwater vehicles as well as oil discovery and production. In the Digital Imaging as a whole, the book-to-bill is about 1.07. In Aerospace and Defense, that's a little more -- and Engineered Systems, those are much more lumpy orders. So quarter-over-quarter book-to-bill may change, but it's not affecting the revenue that much because we expect both -- revenue in both segments to grow. Overall, across the company, our book-to-bill is about 1.

當然。吉姆，儀器業務的訂單出貨比大約是1.05，也就是超過1，這主要歸功於我們的海洋業務，這些業務在水下航行器以及石油勘探和生產方面都表現良好。整個數位成像業務的訂單出貨比大約是1.07。航空航太和國防業務的訂單出貨比略高一些，而工程系統業務的訂單則波動較大。因此，季度環比訂單出貨比可能會有所變化，但這對收入的影響並不大，因為我們預計這兩個部門的收入都會成長。總體而言，整個公司的訂單出貨比大約是1。

Okay. And last question for me. Just given the debt pay down, I'm wondering how -- if anything has changed with respect to thinking about acquisitions, including any change in areas that you might be pursuing? And I know you can't be specific, but I'm just wondering, just in general, what your appetite is for M&A as you look out over the next several quarters?

好的。最後一個問題。考慮到債務償還情況，我想知道您對收購的想法是否發生了變化，包括您可能關注的領域有什麼變化？我知道您無法具體說明，但我只是想知道，總體而言，展望未來幾個季度，您對併購的興趣如何？

Well, as I mentioned earlier, Jim, we paid on $620 million this year effective today, let's say. That's taken our net debt-to-EBITDA ratio to 2.1. We have about $60 million of debt left that's variable, which we pay 6%, out of the $3 billion that -- $3 billion plus that Sue mentioned, the rest of our debt is on fixed. So other than that $60 million, our interest payments are 2.1% in future years, which is a very healthy place to be because we haven't really touched our line of credit.

嗯，吉姆，正如我之前提到的，假設我們今年支付了6.2億美元，從今天起生效。這使得我們的淨債務與EBITDA比率達到2.1。我們還有大約6000萬美元的浮動債務，我們支付了6%的利息，而蘇提到的30多億美元債務中，其餘的都是固定利息。所以除了這6000萬美元之外，我們未來幾年的利息支付率為2.1%，這是一個非常健康的水平，因為我們還沒有真正動用我們的信用額度。

So we have a lot of capability to acquisitions. Last year, even as we were paying our debt down, last year, we did 3 bolt-on acquisitions and spent about $160 million. We'll expect to continue that bolt-on acquisitions. On the flip side is that because if we don't do anything else, if we don't make acquisitions, if we don't -- doing anything, our debt-to-EBITDA ratio is going to go less than 1 in about a year and 1.5 years. So we're bullish about acquisitions, including larger ones, if we can find them. And of course, we are continuously looking at that.

所以，我們擁有強大的收購能力。去年，即使在償還債務的同時，我們也進行了3項附加收購，花費約1.6億美元。我們預計還會繼續進行這些附加收購。另一方面，如果我們不採取其他行動，不進行收購，不做任何事，我們的債務與EBITDA之比將在大約一年或一年半內降至1以下。因此，我們看好收購，包括規模更大的收購，只要能找到合適的收購機會。當然，我們一直在關注這些收購。

The last question was, what areas. Right now, I would say in the general instrumentation area is what's very attractive. We have done some digital imaging acquisitions. As you know, we made the ETM acquisition. We made acquisition for our ChartWorld acquisition. But I think it'd be nice if we could find some things in our Instrumentation area.

最後一個問題是，哪些領域？目前，我認為通用儀器儀表領域非常有吸引力。我們已經進行了一些數位成像收購。如你所知，我們收購了ETM。我們也為收購ChartWorld做了一些收購。但我認為，如果我們能在儀器儀表領域找到一些機會就更好了。

And we have no other participants queued up at this time.

目前我們還沒有其他參與者排隊。

Thank you, operator. I now ask Jason to conclude our conference call.

謝謝接線生。現在我請傑森結束我們的電話會議。

Thanks, Robert. And thanks, Thomas. To give the replay information to the audience, I would appreciate it. And again, all our news releases are available and for those who want to talk to me, please feel free to call me at the number in the earnings release. Thanks, everyone. Bye.

謝謝，羅伯特。也謝謝，托馬斯。如果能把重播訊息發給觀眾，我將不勝感激。再次強調，我們所有的新聞稿都可以查閱，如果您想與我聯繫，請隨時撥打財報新聞稿中的電話號碼。謝謝大家。再見。

Absolutely. Thank you, ladies and gentlemen. To dial in to the replay, it will be available this morning and starting today at 10 a.m. in the Pacific Time Zone and lasting through August 25 at midnight and you may access the AT&T playback service at any time by dialing -- one moment, please let me get that number for you.

當然。謝謝各位，女士們，先生們。您可以撥打電話收聽重播，重播將於今天上午10點（太平洋時區）開始，並持續到8月25日午夜。您也可以隨時撥打AT&T的回放服務－請稍等，我幫您取得那個號碼。

Okay, there it goes, by dialing 1-800 or excuse me, 866-207-1041. Again that number is 866-207-1041. And please enter the access code of 2597973, the access code is 2597973 and that will be available for one month through August 25 at midnight. And we thank you for your patience in using the AT&T Event Services. You may now disconnect.

好的，請撥打 1-800，或不好意思，866-207-1041。號碼是 866-207-1041。請輸入接取碼 2597973，有效期限為一個月，截至 8 月 25 日午夜。感謝您耐心使用 AT&T 活動服務。現在您可以斷開連線了。