Teledyne Technologies Inc (TDY) 2025 Q1 法說會逐字稿

Welcome to Teledyne's first-quarter earnings release conference call. Here is our first speaker, Mr. Jason VanWees.

歡迎參加 Teledyne 第一季財報發布電話會議。這是我們的第一位演講者，Jason VanWees 先生。

Good morning, and thanks, everyone, for joining us. This is Jason VanWees, Vice Chairman, and we're about to begin our first quarter 2025 earnings release conference call. We released our earnings earlier this morning before the market opened.

早安，感謝大家加入我們。我是副董事長 Jason VanWees，我們即將開始 2025 年第一季財報發布電話會議。我們在今天早上市場開盤前公佈了我們的收益。

Joining me today are Teledyne's Executive Chairman, Robert Mehrabian; CEO, Edwin Roks; President and COO, George Bobb; and EVP and CFO, Steve Blackwood; and finally Melanie Cibik, EVP, General Counsel, Chief Compliance Officer and Secretary. After remarks by Robert, Edwin, George and Steve, we will ask for your questions.

今天與我一起出席的還有 Teledyne 的執行董事長 Robert Mehrabian；執行長 Edwin Roks；總裁兼營運長 George Bobb；以及執行副總裁兼財務長 Steve Blackwood；最後是執行副總裁、總法律顧問、首席合規官兼秘書 Melanie Cibik。在羅伯特、埃德溫、喬治和史蒂夫發言之後，我們將提出您的問題。

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

但當然，在我們開始之前，Hernia 提醒我告訴您，今天早上所做的所有前瞻性陳述都受到各種假設、風險和警告的影響，正如收益報告和我們向美國證券交易委員會提交的文件中所述。當然，實際結果可能會大不相同。為了避免潛在的選擇性披露，本次電話會議將同時進行網路直播，並且可以透過網路直播和撥號重播約一個月。

Here is Robert.

這是羅伯特。

Thank you, Jason, and good morning, and thank you for joining our earnings call. In the first quarter, we achieved many records, including first quarter total sales, which increased 7.4%, accelerating for two quarters in a row and growing at the greatest rate in years. Sales also increased organically in every segment.

謝謝你，傑森，早安，謝謝你參加我們的財報電話會議。第一季度，我們創造了多項紀錄，其中第一季總銷售額成長7.4%，連續兩季加速成長，為多年來最高的成長速度。各部門的銷售額也都實現了有機成長。

Furthermore, non-GAAP earnings per share and GAAP earnings per share and operating non-GAAP operating margin were also a record for any first quarter. We're pleased to close the Qioptiq carve-out acquisition in the first quarter. But I should note also that a few months before closing, Qioptiq was awarded major new contracts with both the UK and German Ministry of Defense resulting in multiyear acquired backlog.

此外，非公認會計準則每股收益、公認會計準則每股收益以及非公認會計準則營業利潤率也創下了第一季的新高。我們很高興在第一季完成 Qioptiq 剝離收購。但我還應該指出，在交易完成的幾個月前，Qioptiq 獲得了英國和德國國防部的重要新合同，從而形成了多年的收購積壓。

In any event, even excluding this acquired backlog, orders for Teledyne as a whole exceeded sales for the sixth consecutive quarter. We continue to execute our strategy, which has delivered long-term results regardless of economic and political uncertainty. That is, maintained a balanced and resilient mix of commercial and government businesses across a broad range of geographies and markets and we continue to improve margins in existing businesses and acquire and integrate complementary companies.

無論如何，即使不包括這筆收購的積壓訂單，Teledyne 的整體訂單也連續六個季度超過了銷售額。我們將繼續執行我們的策略，無論經濟和政治如何不確定，該戰略都已取得長期成果。也就是說，在廣泛的地域和市場中保持商業和政府業務的平衡和有彈性的組合，我們繼續提高現有業務的利潤率並收購和整合互補公司。

Before further commenting on the quarter, I wanted to offer some perspective given the current unpredictable operating environment. While we're going to focus on what we can control, it's worth noting the following. Teledyne has never believed that offshoring US manufacturing and technology was a wise action. As a result, we have little low-cost country manufacturing, we are a net exporter and most of our external sales are produced and sold within regions.

在進一步評論本季之前，我想針對當前不可預測的營運環境提供一些看法。雖然我們將重點放在我們能夠控制的事情，但值得注意的是以下幾點。Teledyne 從未認為將美國製造業和技術外包是明智之舉。因此，我們的低成本國家製造業很少，我們是淨出口國，而且我們的大部分對外銷售都是在地區內生產和銷售。

To be specific, approximately 80% of our sales are from US-based locations to US-based customers or our international locations to international customers. Of the remaining 20% of total sales, approximately 80% or roughly 16% of the total are US export sales to international locations, but only 2% of total sales are US export sales to China. Finally, just 4% of external sales are from Teledyne international locations to US-based customers where new tariffs may apply for our customers.

具體來說，我們約 80% 的銷售額來自美國本土客戶或國際本土客戶。在剩餘的 20% 總銷售額中，約 80% 或約 16% 是美國對國際地區的出口銷售額，但只有 2% 是美國對中國的出口銷售額。最後，只有 4% 的外部銷售額來自 Teledyne 國際辦公室向美國客戶銷售的產品，而我們的客戶可能會被徵收新的關稅。

Now regarding our own supply chain, we import relatively little from China and Mexico with the 2024 annual value of each less than $25 million. Our largest import from Canada is internal sales of unmanned air systems for the US Military, a large portion of which we believe would be subject to US DoD duty-free exemption.

現在就我們自己的供應鏈而言，我們從中國和墨西哥的進口相對較少，2024 年的年價值均不到 2,500 萬美元。我們從加拿大進口的最大商品是向美國軍方內部銷售的無人機系統，我們認為其中很大一部分將享受美國國防部的免稅優惠。

While we are not immune to the current 10%-plus of tariff rates or certainly the pre-pause liberation the proposed tariff rates, we are certainly planning actions to protect margins as the landscape evolves. That includes, taking further exemptions under the US-Mexico-Canada agreement and from the United States Department of Defense as well as taking advantage of recent exemptions for import of certain electronic components and then finally, of course, pricing actions where we find necessary.

雖然我們無法免受當前 10% 以上的關稅稅率或暫停前提出的關稅稅率的影響，但隨著情況的發展，我們肯定會計劃採取行動來保護利潤率。其中包括根據美墨加協議和美國國防部獲得進一步豁免，以及利用最近對某些電子元件進口的豁免，最後當然是在我們認為必要時採取定價行動。

Turning to our full year sales and earnings outlook, we must assume that the market uncertainty will have some impact. While this is nearly impossible to quantify, we've assumed a negative sales impact of perhaps about 1% of annual sales, offset by the Qioptiq acquisition, resulting in 2025 estimated sales of approximately $6 billion.

談到我們的全年銷售和獲利前景，我們必須假設市場不確定性會產生一些影響。雖然這幾乎不可能量化，但我們假設負面銷售影響可能約為年銷售額的 1%，但被 Qioptiq 收購所抵消，因此 2025 年的銷售額預計約為 60 億美元。

Also, while we exceeded our first quarter midpoint guidance of $4.85 and we expect a contribution from Qioptiq, which is now included in our outlook, we think it's wise to maintain our full year earnings outlook.

此外，雖然我們超出了第一季中點指導價 4.85 美元，並且我們預計 Qioptiq 會做出貢獻（現已包含在我們的展望中），但我們認為維持全年盈利展望是明智之舉。

Edwin and George may now briefly comment on the performance of our four business segments.

埃德溫和喬治現在可以簡要地評論我們四個業務部門的表現。

Thank you, Robert. This is Edwin, and I will report on the Digital Imaging segment, which represents approximately 52% of Teledyne's portfolio. First quarter 2025 sales increased 2.2% compared with last year. The performance last year reflected an increase in sales for both Teledyne and FLIR Defense and Industrial business, a relatively flat sales across the balance of our portfolio, where increased sales of space-based infrared detectors and semiconductors were largely offset by ongoing weakness in certain markets such as x-ray detectors for consumer discretionary sensitive dental market.

謝謝你，羅伯特。我是埃德溫，我將報告數位成像部門的情況，該部門約佔 Teledyne 產品組合的 52%。2025年第一季的銷售額與去年相比成長了2.2%。去年的業績反映了 Teledyne 和 FLIR 國防和工業業務銷售額的增長，而我們整個產品組合的銷售額則相對持平，其中空間紅外線探測器和半導體銷售額的增長在很大程度上被某些市場的持續疲軟所抵消，例如用於非必需消費品敏感牙科市場的 X 射線探測器。

Non-GAAP operating margin improved 31 basis points, primarily due to the contribution of Clear as well as space-based central business. George will now report on the other three segments, which represent the balance of Teledyne.

非公認會計準則營業利潤率提高了 31 個基點，主要得益於 Clear 以及太空中央業務的貢獻。喬治現在將報告其他三個部門的情況，這三個部門代表了 Teledyne 的平衡。

Thanks, Edwin. In the Instrumentation segment, which consists of our marine, environmental and test and measurement businesses, first quarter total sales increased 3.9% versus last year, with organic growth of 2.6%. Overall sales of marine instruments increased 9.5%, 6.5% of which was organic due to both strong offshore energy and subsea defense sales. Sales of environmental instruments decreased 2%, primarily due to lower sales of laboratory instrumentation and emissions monitoring instruments.

謝謝，埃德溫。在由我們的海洋、環境和測試與測量業務組成的儀器儀表部門，第一季總銷售額比去年同期成長 3.9%，其中有機成長 2.6%。海洋儀器的整體銷售額成長了 9.5%，其中 6.5% 為有機成長，這得益於海上能源和海底防禦銷售的強勁成長。環境儀器的銷售額下降了 2%，主要是由於實驗室儀器和排放監測儀器的銷售額下降。

However, orders were strong for the first quarter book-to-bill of 1.11 times. Sales of electronic test and measurement systems, which include oscilloscope, protocol analyzers and ethernet traffic generators increased 1.5% year-over-year. Instrumentation operating margin in the first quarter increased 97 basis points to 27% and 88 basis points on a non-GAAP basis to 27.9%.

不過，第一季訂單強勁，訂單出貨比為 1.11 倍。電子測試和測量系統（包括示波器、協定分析儀和乙太網路流量產生器）的銷售額年增了 1.5%。第一季儀器儀表營業利潤率增加 97 個基點至 27%，非 GAAP 基礎增加 88 個基點至 27.9%。

In the Aerospace and Defense Electronics segment, first quarter organic sales increased 7.8%, driven by growth of defense electronics products. Including the two recent acquisitions, sales increased 30.6%. Overall, segment operating profit increased year-over-year, but GAAP and non-GAAP segment margin decreased as expected due to transaction and integration costs as well as comparatively lower current margins in the new acquisitions.

在航空航太和國防電子領域，第一季有機銷售額成長 7.8%，這得益於國防電子產品的成長。包括最近的兩筆收購，銷售額成長了 30.6%。整體而言，分部營業利潤較去年同期成長，但由於交易和整合成本以及新收購中相對較低的當前利潤率，GAAP 和非 GAAP 分部利潤率如預期下降。

For the Engineered Systems segment, first quarter revenue increased 14.9% and segment operating profit increased 719 basis points due in part to an easy comparison with last year which included higher cost to complete estimates on certain programs that did not recur in Q1 2025.

對於工程系統部門而言，第一季營收成長了 14.9%，部門營業利潤成長了 719 個基點，部分原因是與去年相比，其中包括 2025 年第一季未重複出現的某些專案的完成估算成本較高。

I will now pass the call back to Robert.

我現在將把電話轉回給羅伯特。

Thank you, George. In conclusion, despite recent volatility in capital markets as well as economic uncertainty, our performance to date has been resilient and strong. Each of our total orders, sales, margins and earnings increased in the first quarter.

謝謝你，喬治。總而言之，儘管近期資本市場波動以及經濟不確定性，但我們迄今為止的表現依然堅韌而強勁。我們的第一季的總訂單量、銷售額、利潤率和收益均有所增長。

While organic sales increased in each segment, we also completed two acquisitions and ended the quarter with a leverage ratio of just 1.8. While we cannot predict the future, I continue to believe our balanced mix of businesses, strong cash flow, healthy balance sheet and acquisition pipeline creates more long-term opportunities than risks for Teledyne if the current economic stress continues.

雖然每個部門的有機銷售額都有所成長，但我們也完成了兩次收購，本季末的槓桿率僅為 1.8。雖然我們無法預測未來，但我仍然相信，如果當前的經濟壓力持續下去，我們均衡的業務組合、強勁的現金流、健康的資產負債表和收購管道將為 Teledyne 創造更多的長期機會而不是風險。

I will now turn the call over to Steve.

現在我將電話轉給史蒂夫。

Thank you, Robert, and good morning. I will first discuss some additional financials for the quarter not covered by Robert, and then I will discuss our second quarter and full year 2025 outlook.

謝謝你，羅伯特，早安。我將首先討論羅伯特未涉及的本季的一些其他財務數據，然後我將討論我們第二季和 2025 年全年的展望。

In the first quarter, cash flow from operating activities was $242.6 million compared with $291 million in 2024. Free cash flow, that is cash flow from operating activities less capital expenditures, was $224.6 million in the first quarter of 2025 compared with $275.1 million in 2024. Cash flow decreased year-over-year in the first quarter due in part to lower customer cash advances received in the first quarter of 2025 compared with 2024.

第一季度，經營活動現金流為 2.426 億美元，而 2024 年為 2.91 億美元。自由現金流（即經營活動產生的現金流量減去資本支出）在 2025 年第一季為 2.246 億美元，而 2024 年為 2.751 億美元。第一季現金流較去年同期下降，部分原因是 2025 年第一季收到的客戶現金預付款與 2024 年相比有所減少。

Capital expenditures were $18 million in the first quarter of 2025 compared with $15.9 million in 2024. Depreciation and amortization expense was $80.7 million in the first quarter of 2025 compared with $78 million in 2024. We ended the quarter with $2.5 billion of net debt, that is approximately $2.96 billion of debt less cash of $461.5 million.

2025 年第一季的資本支出為 1,800 萬美元，而 2024 年為 1,590 萬美元。2025 年第一季的折舊和攤銷費用為 8,070 萬美元，而 2024 年為 7,800 萬美元。本季末我們的淨債務為 25 億美元，約 29.6 億美元的債務減去 4.615 億美元的現金。

Now turning to our outlook, which includes the acquisitions of Micropac and Qioptiq. Management currently believes that GAAP earnings per share in the second quarter of 2025 will be in the range of $4.00 and to $4.15 per share, with non-GAAP earnings per share in the range of $4.95 to $5.05. And for the full year 2025, we believe that GAAP earnings per share will be in the range of $17.35 to $17.83, and we are maintaining our prior non-GAAP outlook of $21.10 to $21.50 per share.

現在轉向我們的展望，其中包括對 Micropac 和 Qioptiq 的收購。管理層目前認為，2025 年第二季的 GAAP 每股盈餘將在 4.00 美元至 4.15 美元之間，非 GAAP 每股盈餘將在 4.95 美元至 5.05 美元之間。對於 2025 年全年，我們認為 GAAP 每股收益將在 17.35 美元至 17.83 美元之間，而我們維持先前的非 GAAP 每股收益 21.10 美元至 21.50 美元的預期。

I will now pass the call back to Robert.

我現在將把電話轉回給羅伯特。

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

謝謝你，史蒂夫。我們現在想回答你們的問題。接線員，如果您準備好繼續問答，請繼續。

Thank you. We'll now be conducting a question-and-answer session. (Operator Instructions)

謝謝。我們現在將進行問答環節。（操作員指示）

Greg Konrad, Jefferies.

傑富瑞的格雷格·康拉德。

Good morning.

早安.

Good morning, Greg.

早安，格雷格。

I appreciate all the detail, but maybe just to start with the tariffs. It seems like you took about 1 point out of revenues, including the M&A contribution. Can you maybe just level set us where you see the biggest potential impact? And maybe how does that correlate it with expected organic growth for the year? And also any change to expected FX headwinds?

我感謝您提供的所有細節，但也許我們先從關稅開始。看起來你從收入中拿走了大約 1 個百分點，包括併購貢獻。您能否為我們指出您認為最大的潛在影響？那麼這與今年預期的有機成長有何關聯？預期的外匯逆風有什麼變化嗎？

Yeah. Actually, the 1% that I took out for revenue was from the total that included acquisitions. So the total had increased because of the Qioptiq acquisition by $180 million. We took down about [100] from there. The reality of the outlook is that the impact of -- you're asking about tariffs first, Greg? I just want to make sure I have this right.

是的。實際上，我從收入中拿出的 1% 是從包含收購在內的總額中抽取的。因此，由於收購 Qioptiq，總額增加了 1.8 億美元。我們從那裡拿下了大約[100]個。前景的現實是──你首先問的是關稅的影響，格雷格？我只是想確保我擁有這個權利。

Well, I'm assuming it's all somewhat related. So I guess just the thought process behind the 1 point of revenue that came out of the outlook and maybe where you expect that to impact the business the most?

嗯，我認為這一切都是有關聯的。因此，我猜這只是展望中 1 個收入點背後的思考過程，也許您認為這會對業務產生最大影響？

Yeah. I think most of that is just really -- we're just looking at the GDP, I'm assuming it's going to get a hit of 1%. So let's -- it's kind of a bigger picture. It's not going to affect a couple of our segments at all. It's going to probably affect a little bit of Digital Imaging and a little bit of Instruments. I'm going to say, in Digital Imaging, maybe $20 million from before and in Instruments maybe another $20 million.

是的。我認為其中大部分只是——我們只是關注 GDP，我假設它將受到 1% 的衝擊。所以讓我們——這是一個更大的圖景。這根本不會影響我們的某些部分。它可能會對數位成像和儀器產生一些影響。我想說的是，在數位成像方面，可能比以前投入了 2000 萬美元，在儀器方面可能再投入 2000 萬美元。

So you're looking at maybe $16 million Digital Imaging, maybe $20 million in Instruments. I don't think it's going to affect our Aerospace and Defense or Engineering Systems. It's just a rounding up of what I think or what people think, and I believe it but if things continue, there's going to be about 1% of the overall growth in our GDP. So we're just taking it as a ballpark.

所以，你可能需要花 1,600 萬美元購買數位影像產品，或是花費 2,000 萬美元購買儀器設備。我認為這不會影響我們的航空航太和國防或工程系統。這只是我的想法或人們的想法的總結，我相信這一點，但如果情況繼續下去，我們的 GDP 整體成長率將只有 1% 左右。所以我們只是將其作為一個大概的估計。

And I guess just, I guess, more on the tariff side, you mentioned all of the moving pieces. I mean, how do you think about the net impact, just thinking about margins given, you mentioned some of the pricing and localized production. How do you think about the margin impact from those or potential margin impact?

我想，我想，更多的是在關稅方面，你提到了所有變動因素。我的意思是，您如何看待淨影響，僅考慮給定的利潤率，您提到了一些定價和本地化生產。您如何看待這些因素對利潤率的影響或潛在的利潤率影響？

Yeah. Let me start, Greg, if I may, there are two components of the tariffs, as you well know. The first component is what happens for supply chain and the increase in the cost of the supplies. That we estimate that, that could be -- we know that in 2024, about $700 million of our products that supplies that we imported both internally and externally aren't going to be affected.

是的。格雷格，如果可以的話，讓我先說一下，正如你所知，關稅有兩個組成部分。第一個因素是供應鏈發生的情況以及供應成本的增加。我們估計，到 2024 年，我們從內部和外部進口的價值約 7 億美元的產品供應不會受到影響。

And we assumed that, if it goes from 1% to 15% tariffs, so you're going to have a 14% increase, which is about $100 million in cost. That we can mitigate some of that and reduce it to less than $70 million, which would probably drop to maybe $18 million a quarter.

我們假設，如果關稅從 1% 上升到 15%，那麼關稅將增加 14%，成本約為 1 億美元。我們可以減輕一些負擔，將其減少到 7000 萬美元以下，或者可能降至每季 1800 萬美元。

The second part of the tariffs is on the revenue side, that is, how much is it going to affect our revenue? As I mentioned before, we think that that's going to have some effect only where we sell from US-based locations to international customers. And I said before, less than 2% to China. So 80% of what we make and sell is either made in the US sold in the US, made internationally sold internationally.

關稅的第二部分是收入方面，也就是說，它會對我們的收入產生多大影響？正如我之前提到的，我們認為這只會對我們在美國本土向國際客戶銷售產品產生一定的影響。我之前說過，對中國的出口不到2%。因此，我們生產和銷售的 80% 產品要么在美國製造並在美國銷售，要么在國際上製造並銷售。

Only 17% is based in locations selling to international customers from the US and then only 4% from Teledyne international locations back to the US. So I think it's important to put those two in perspective because they're a little different. I look at the supply chain issue which I just said could be as much as $18 million a quarter in two ways.

只有 17% 位於向美國國際客戶銷售產品的地區，只有 4% 來自 Teledyne 國際地區並返回美國。因此我認為正確看待這兩者很重要，因為它們有點不同。我從兩個方面來看供應鏈問題，我剛才說過，每季的損失可能高達 1800 萬美元。

First, there's a similarity to what we experienced in 2021 and 2022 where we had to cough up a lot of money to brokers because of scarcity of materials, especially in electronic components.

首先，這與我們在 2021 年和 2022 年經歷的情況類似，當時由於材料（尤其是電子元件）短缺，我們不得不向經紀人支付大量資金。

Second, supplies that are coming in at a higher cost don't really impact the P&L immediately, they go initially in our inventory, so they affect the balance sheet. We have inventory on hand. And if you look at three to four turns a year, it doesn't really affect the immediate quarter. It's going to probably start rolling in the Q3, Q4, and that's where we see an increased cost of goods sold.

其次，以較高成本進入的供應品實際上並不會立即影響損益表，它們最初進入我們的庫存，因此會影響資產負債表。我們有庫存。如果你看一下每年三到四次轉變，它實際上並不會影響當季的情況。它可能會在第三季、第四季開始滾動，那時我們就會看到銷售成本增加。

And this is all before we do our pricing actions. So yes, I'm giving you a very long answer because I think I'm going to get the same question multiple times. Yes, the tariffs are going to affect us. Overall, GDP may go down 1%, we may go down 1%, but our revenue is still going to increase year-over-year. And we're assuming with the acquisitions, our average revenue for the year would go up about 6%. So I feel pretty good about all of the above.

這一切都發生在我們採取定價行動之前。是的，我會給你一個很長的答案，因為我認為我會多次遇到同樣的問題。是的，關稅將會影響我們。整體來說，GDP可能下降1%，我們可能下降1%，但我們的營收仍會年增。我們預計，透過收購，我們今年的平均收入將成長約 6%。因此我對以上所有內容都感覺很好。

And then maybe just sneaking in one last one. You said US to international, less than 2% of that's China. I believe China is maybe 5% of your total sales. Can you maybe just talk about what you're seeing into that region, given -- I'm assuming that was probably already volatile before all of this, just broader trends within China?

然後也許只是偷偷地再做最後一次。你說美國佔國際份額，其中中國佔不到 2%。我認為中國市場可能佔你們總銷售額的 5%。您能否談談您對該地區的看法？我認為該地區在發生這一切之前可能就已經很不穩定了，這只是中國國內的普遍趨勢？

Yeah. Going back to the overall, overall is maybe 4%, not quite 5%, 2% of it coming from US. So what do we sell there? One of the things that we sell there are avionic computers that go onboard commercial airlines that have to be certified. We also sell oscilloscope and protocol analysis. Some of the avionics actually are going to go there regardless of tariffs because they're needed or if you're going to fly commercial airlines and have a certified system.

是的。回到整體情況，整體大概是 4%，不完全是 5%，其中 2% 來自美國。那我們在那裡賣什麼？我們在那裡銷售的產品之一是必須經過認證的商業航空公司所配備的航空電子計算機。我們也銷售示波器和協議分析。實際上，無論關稅如何，一些航空電子設備都會被運送到那裡，因為它們是必需的，或者如果你要乘坐商業航班並且擁有經過認證的系統。

Of that, then you go back and look at oscilloscopes, that comes from US high-end oscilloscope, and that might affect us somewhat. And some of the machine vision stuff that might be affected, they're not US-based really, they're foreign-based products that we make. We make most of our machine vision products in Canada and in Europe. So they may be affect indirectly. Yeah, it's going to cause a little pain. But again, we'll make it up somewhere else.

然後，你回過頭來看看來自美國高端示波器的示波器，這可能會對我們產生一定的影響。一些可能受到影響的機器視覺產品實際上並不是美國製造的，而是我們生產的外國產品。我們的機器視覺產品大部分都是在加拿大和歐洲生產的。因此它們可能會受到間接影響。是的，這會造成一點疼痛。但我們會再次在其他地方彌補。

Well, appreciate it. Thank you.

嗯，謝謝。謝謝。

Thank you.

謝謝。

Andrew Buscaglia, BNP Paribas.

安德魯·巴斯卡利亞，法國巴黎銀行。

Hey, good morning everyone.

嘿，大家早安。

Morning, Andrew.

早安，安德魯。

Maybe Robert, on that comment of 1% coming up. Can you comment about risk related to any government spending cuts that you're seeing? Is any of that contemplated in that? And how do you see Teledyne managing through that?

也許是羅伯特，關於即將出現的 1% 的評論。您能否評論一下您所看到的與政府削減開支相關的風險？其中有考慮到這些嗎？您認為 Teledyne 將如何應對這個問題？

To be very honest, I don't think that's going to affect us. The kinds of cuts they're talking about with us. Yes, we do have things that may be at risk. If they go to NASA, we have some NASA programs and others. But in the bigger picture, it might even be good for us in some ways because we participate in space programs in a very healthy way, and that's one of the domains that we're actually increasing our revenue.

說實話，我認為這不會影響我們。他們正在和我們討論各種削減措施。是的，我們確實有一些事情可能有風險。如果他們去 NASA，我們會有一些 NASA 計畫和其他計畫。但從更大的角度來看，這在某些方面甚至可能對我們有利，因為我們以非常健康的方式參與太空計劃，而這正是我們實際增加收入的領域之一。

We participate in space programs, both science space, which is pretty big for us. And we also participate in defense space. In the defense space, which is about 60% of our overall space programs, we think there's going to be growth from all of these activities going reduction and then increases in other domains.

我們參與太空計劃，包括科學太空計劃，這對我們來說意義重大。我們也參與國防太空。在國防領域（約占我們整體太空計畫的 60%），我們認為，所有這些活動的減少都將帶來成長，而其他領域的活動則會增加。

So the answer to your question, the short and long answer to your question is that, overall, we believe that the effect to us is going to not be significant. And if there is one, it will improve our defense programs in missile warning and tracking and intelligence surveillance, et cetera, et cetera. We have about 20 defense programs related to space at the current time.

所以對於你的問題，簡短而又詳細的回答是，總的來說，我們認為這對我們的影響不會很大。如果有的話，它將改善我們的飛彈預警和追蹤以及情報監視等防禦計劃。我們目前有大約20個與太空相關的國防項目。

Okay. Got it. And yes, I think it's a logical assumption in terms of how you're thinking about the top line. What are you seeing in terms of your short-cycle sales more recently? Are you seeing that play out. Some of that business is getting worse. And specifically, can you comment on test and measurement and machine vision, which had been struggling as of late?

好的。知道了。是的，我認為從你對頂線的看法來看，這是一個合乎邏輯的假設。您最近在短週期銷售方面看到了什麼？你看到那一幕了嗎？其中一些業務正在變得越來越糟。具體來說，您能否評論一下最近陷入困境的測試與測量以及機器視覺領域？

Yeah. I think the effects are going to be somewhat minimal. I think test and measurement may get affected a little bit. Overall, we think for the year, test and measurement is going to be fairly flat. So that, I think, is an effect. Instruments as a whole, which includes environmental marine and test and measurement, I think it's going to be okay. It's going to grow maybe 2.5% to 3%.

是的。我認為其影響將會很小。我認為測試和測量可能會受到一點影響。總體而言，我們認為今年的測試和測量將會相當平穩。所以我認為這是一種效果。整個儀器，包括環境海洋和測試與測量，我認為都會沒問題。可能會成長 2.5% 到 3%。

Going back to machine vision, there are two parts to it. As you know, there's the FLIR part. And that is doing actually pretty well, especially FLIR Defense. There is some effect on the industrial cameras, especially infrared, handheld and stationary cameras. But that's going to be fairly flat year-over-year.

回到機器視覺，它有兩個部分。如您所知，這是 FLIR 部分。事實上，它表現得相當不錯，尤其是 FLIR Defense。對工業相機，特別是紅外線、手持和固定相機有一定影響。但與去年同期相比，這一數字將基本持平。

We think what will happen in the FLIR side is that Defense is doing so well that, that will offset any negativity there. The only area of Digital Imaging that we believe it could affect is the continuing weakness in our sensor sales. Our cameras are coming back -- this is legacy Digital Imaging. Our cameras are coming back a little slower than we hope, sensors are lagging even more because people who buy our sensors have to develop new cameras and the market incentives aren't really there.

我們認為，前視紅外線系統 (FLIR) 方面的情況是，國防表現非常好，這將抵消那裡的任何負面影響。我們認為，它可能影響的數位成像領域的唯一領域是感測器銷售的持續疲軟。我們的相機正在回歸——這就是傳統的數位成像。我們的相機恢復得比我們希望的要慢一些，感測器滯後得更多，因為購買我們感測器的人必須開發新的相機，而且市場激勵措施實際上並不存在。

But if you come back and look at it as a whole, big picture, our book-to-bill across the company is 1.05. Our instruments book-to-bill is 1.04. Overall, Digital Imaging book-to-bill is 1.11. Aerospace and defense is slightly under 1 and Engineered Systems, which is very lumpy business is under 1, but we're not worried about that because we had revenue increases there. So overall, I'd say, yeah, we'll see some short-term effects in some of our short-cycle businesses. But overall, we should be fine.

但如果你回過頭來從整體上看，我們整個公司的訂單出貨比是 1.05。我們的儀器訂單出貨比為 1.04。整體而言，數位成像的訂單出貨比為 1.11。航空航太和國防業務略低於 1，而工程系統業務（業務波動較大）低於 1，但我們並不擔心這一點，因為我們在那裡的收入增加。所以總的來說，我想說，是的，我們會在一些短週期業務中看到一些短期影響。但整體來說，我們應該會沒事。

Okay, very clear. Thank you.

好的，非常清楚。謝謝。

James Ricchiuti, Needham & Company.

詹姆斯·里基烏蒂（James Ricchiuti），李約瑟公司。

Hi, thanks. Good morning. Question about steps, actions you may take in terms of offsetting some of the pressure that you might see on margins. Robert, I'm wondering how you're thinking about driving margin improvement in some of the newly acquired businesses over the next several quarters?

你好，謝謝。早安.關於您可能採取的步驟和行動來抵消您可能看到的利潤壓力的問題。羅伯特，我想知道您如何考慮在未來幾季推動一些新收購業務的利潤率提高？

Jim, that's a really grand question. First, if I look at the overall margin for the year across all of our businesses, we are projecting margin improvement of about 60 basis points for the year. In Q1, we had margin improvement of about 80 basis points year-over-year. And one of the reasons that we think the margins are improvements are going to be slightly less is because of the acquisitions.

吉姆，這是一個非常重要的問題。首先，如果我看一下我們所有業務的全年整體利潤率，我們預計全年利潤率將提高約 60 個基點。第一季度，我們的利潤率年增了約 80 個基點。我們認為利潤率的提高會略有減少的原因之一是收購。

And if you take an acquisition like Qioptiq, which moves our needle a little bit, in the first quarter, their margins were lower as we always have when we acquired a business. They're going to hit our Aerospace and Defense overall by 200 basis points. But the way we look at it, every quarter going forward, their margins are going to improve as we have done with every acquisition in our portfolio. And eventually, they'll have the same margins and everything else.

如果你進行像 Qioptiq 這樣的收購，這會給我們帶來一些影響，在第一季度，他們的利潤率較低，就像我們收購一家企業一樣。它們將對我們的航空航太和國防產業造成 200 個基點的衝擊。但從我們的角度來看，未來每個季度，他們的利潤率都會提高，就像我們投資組合中每一次收購一樣。最終，他們將擁有相同的利潤率和其他一切。

So in a way, I look at it and say, okay, what is the effect right now? In Q1, we only had them for two months, for the year we're going to have them for 11 months, it's going to hit Aerospace and Defense margins somewhat. And it is going to decrease it maybe 180 basis points, but our defense margins before that were 28 -- Aerospace and Defense were 28.6% and they're going to improve every quarter.

所以從某種程度上來說，我看著它然後說，好吧，現在的效果是什麼？在第一季度，我們只使用了兩個月，而全年我們將使用 11 個月，這將對航空航天和國防的利潤率產生一定影響。這可能會降低 180 個基點，但在此之前我們的國防利潤率為 28 - 航空航天和國防為 28.6％，並且每個季度都會提高。

So by next year, it's all going to be fine. And every acquisition we've made does the same thing, lowers the margin but actually contributes to the bottom line. And as we said, we expect Qioptiq to add another $0.15 to our overall earnings.

所以到明年，一切都會好起來。我們進行的每一次收購都會產生同樣的作用，降低利潤率，但實際上卻對獲利有所貢獻。正如我們所說，我們預計 Qioptiq 將為我們的總收益再增加 0.15 美元。

Got it. That's helpful, Robert. The follow-up question I had is historically, in periods like this, Teledyne has taken advantage of opportunities. I'm just wondering -- are you seeing more -- potentially more acquisition opportunities in the current environment? Or is it too early?

知道了。這很有幫助，羅伯特。我的後續問題是，從歷史上看，在這樣的時期，Teledyne 已經抓住了機會。我只是想知道——在當前環境下，您是否看到了更多——潛在的更多收購機會？還是太早了？

Well, it's a little early, but historically, as we said, Jim, every time there's been economic stress. We've taken a little hit just like everybody else. But they have done two things. The three times that I remember, there were similar economic stresses, we increased our cash -- free cash flow. We had record cash flow. Last year, we had a record cash flow of over $1 billion. I expect to have something close to that this year. As we come out of these things or even during these, we make acquisitions.

嗯，現在說這個有點早，但從歷史上看，正如我們所說，吉姆，每次出現經濟壓力時都會出現這種情況。和其他人一樣，我們也受到了一點打擊。但他們做了兩件事。我記得有三次，出現類似的經濟壓力，我們增加了現金——自由現金流。我們的現金流創下了紀錄。去年，我們的現金流創下了超過 10 億美元的紀錄。我希望今年能取得接近這樣的成績。當我們擺脫這些事情時，甚至在這些事情發生期間，我們都會進行收購。

In 2017, as an example, we bought e2v following 2014 to '16 depression. This year, we bought Qioptiq, and we also bought Micropac. Having said that, our pipeline is relatively healthy both in smaller and what we like to call midsized acquisitions. We've already spent about $750 million in the first quarter buying two businesses. If we don't do anything else, our debt-to-EBITDA ratio, which is now at 1.8 times will go to 1.2 times because of our cash generation.

以 2017 年為例，在 2014 年至 2016 年經濟衰退後，我們收購了 e2v。今年，我們收購了Qioptiq，也收購了Micropac。話雖如此，我們的收購管道無論是在小型收購還是在中型收購方面都相對健康。我們在第一季已經花了大約 7.5 億美元收購了兩家企業。如果我們不採取任何其他措施，我們的債務與 EBITDA 比率（目前為 1.8 倍）將會因為我們的現金產生而上升到 1.2 倍。

So I'm looking forward to making some acquisitions, and it really depends on how competitive the environment is because there are some other doing the same thing as we are. There are some things available, but we don't want to overpay them because if you overpay, then you pay for it later rather than sooner.

因此，我期待進行一些收購，這實際上取決於環境的競爭程度，因為還有其他人正在做與我們相同的事情。有些東西是可用的，但我們不想多付錢，因為如果你多付錢，那麼你以後就會付錢，而不是早付錢。

Thanks very much.

非常感謝。

Jordan Lyonnais, Bank of America.

喬丹·里昂，美國銀行。

Hey, good morning.

嘿，早安。

Morning, Jordan.

早上好，喬丹。

Could you guys talk a little bit about what you're expecting in Aerospace and Defense segment or FLIR with the US FY26 budget moving to $1 trillion and also European rearm, where should we be looking to see Teledyne?

你們能否談談對航空航太和國防部門或 FLIR 的期望，隨著美國 26 財年預算增至 1 兆美元以及歐洲重新武裝，我們應該在哪裡看到 Teledyne？

Yeah. Let me just first say, let's just stay with Defense for a second, two parts. Obviously, US Defense increases, we're going to have increased sales. And in Q1, our Defense sales year-over-year increased about 18.7%.

是的。首先我要說的是，讓我們先來討論一下防禦，分成兩個部分。顯然，美國國防開支增加，我們的銷售額也會增加。第一季度，我們的國防銷售額年增約 18.7%。

Now, there are two parts. Obviously, US Defense is going to increase because we have some healthy products ranging from unmanned vehicles, but probably one of the only companies that I can name that have unmanned vehicles in the air, on the ground and underwater vehicles.

現在，有兩個部分。顯然，美國國防開支將會增加，因為我們擁有一些健康的產品，包括無人駕駛飛行器，但可能是我能說出的唯一幾家擁有空中、地面和水下無人駕駛飛行器的公司之一。

Second, the Defense, we also, of course, make all kinds of components that go into the defense domain. FLIR makes some very unique products for our Defense.

第二，在國防方面，我們當然也生產國防領域的各種零件。FLIR 為我們的國防製造了一些非常獨特的產品。

Let me move to Europe because that's just as important. Currently, we sell in 2024, let's say, we sell $447 million of product into European defense across many countries. If the defense budget, and that includes, by the way, I'm kind of taking the Qioptiq that we just bought and going backwards and saying, well, how much did they sell last year? And so I'm putting that in that $447 million and the small Micropac acquisition.

讓我搬到歐洲，因為那裡同樣重要。目前，我們預計到 2024 年，將向歐洲多個國家的防務部門銷售價值 4.47 億美元的產品。如果國防預算包括，順便說一下，我會拿出我們剛買的 Qioptiq，然後回過頭來說，那麼，他們去年賣了多少？因此，我將其納入 4.47 億美元和小型 Micropac 收購案中。

So if you look at our defense budget, it's about 3.3%, if I'm correct, of our GDP. European defense budget at about $500 billion have been about 2% of the GDP. Everything we hear says they're planning to increase that to $800 billion to $900 billion over the next five years. As a minimum, we expect to maintain our share with what we have, which is the [$447 million] growing proportionate to what they increased their budgets with (inaudible).

所以如果你看看我們的國防預算，如果我沒記錯的話，它大約占我們 GDP 的 3.3%。歐洲國防預算約5000億美元，約佔GDP的2%。我們聽到的都是他們計劃在未來五年內將這一數字增加到 8,000 億美元至 9,000 億美元。至少，我們希望用我們現有的資金來維持我們的份額，也就是[4.47億美元]，隨著他們增加預算而成長（聽不清楚）。

Furthermore, we think considering the kinds of products that we make, we're going to enjoy getting more of the share of those, primarily due to the fact that we have unique products that they need, like our -- I just mentioned our unmanned systems. But also, we have a good manufacturing footprint of our defense products in Europe. We have it in the UK, we have it in Sweden, we have it in other locations. We make our unmanned vehicles, some of them in Iceland. We have them in Denmark, et cetera.

此外，我們認為考慮到我們生產的產品種類，我們將享受更多的份額，主要是因為我們擁有他們需要的獨特產品，例如我們的產品——我剛才提到的無人系統。而且，我們的國防產品製造業務在歐洲也擁有良好的足跡。我們在英國有它，在瑞典有它，在其他地方也有它。我們製造無人駕駛汽車，其中一些是在冰島製造的。我們在丹麥等地也有它們。

So there's two folds to it. One, we already enjoyed. Second, it's growing, we're going to grow with it. And third, there's going to be domestic manufacturing requirements that are going to go into all of the new programs which we enjoy our footprint in Europe. I said we don't have a manufacturing footprint in Southeast Asia. We've avoided it, but not in Europe because we bought a lot of businesses that we've invested in European defense.

因此它有兩層意義。一，我們已經享受過了。第二，它正在成長，我們也將隨之成長。第三，我們在歐洲開展的所有新項目都將有國內製造要求。我說我們在東南亞沒有製造業足跡。我們避免了這種情況，但不在歐洲，因為我們收購了許多企業並投資歐洲防務。

Got it. That's helpful. Thank you so much.

知道了。這很有幫助。太感謝了。

Damian Karas, UBS.

瑞銀的 Damian Karas。

Hey, good morning, everyone.

嘿，大家早安。

Morning, Damian.

早安，達米安。

I was wondering if you might be able to clarify your prior comments about 1% lower GDP and factoring that into the full year guidance. Have you actually started seeing any slowdown in Digital Imaging and Instrumentation over, say, the last month since all this tariff news and the tit-for-tat started? Or are you just kind of derisking because of this cloud of uncertainty, if you will, because I guess if I think about all those book-to-bill numbers that you cited, they were all pretty positive?

我想知道您是否可以澄清一下您之前關於 GDP 下降 1% 並將其納入全年預期的評論。自從所有這些關稅新聞和針鋒相對的行動開始以來，你是否真的開始看到數位成像和儀器儀表在過去的一個月裡有所放緩？或者，如果您願意的話，您只是因為這種不確定性而降低風險，因為我想，如果我考慮一下您引用的所有訂單出貨比數字，它們都是相當積極的？

I think your -- two folds. First, we do see some weaknesses in certain areas, but there's nothing new about that test and measurement of oscilloscopes, some of the stuff we sell overseas like to China, yes, that's affected. But I think you're right. It's my guess. It's a good -- it's a guess. Now somebody might say 1% is too much, somebody might say 1% is too little. That's my guess. If it turns out not to be there, I'd be very happy.

我認為你的——有兩個面向。首先，我們確實看到某些領域存在一些弱點，但示波器的測試和測量並不是什麼新鮮事，我們銷往海外（例如中國）的一些東西確實受到了影響。但我認為你是對的。這是我的猜測。這是一個很好的——這是一個猜測。現在有人可能會說 1% 太多了，有人可能會說 1% 太少了。這是我的猜測。如果事實證明它不存在，我會很高興。

I think we all will be. And then not to beat a dead horse here on tariffs, but you mentioned that some of the higher costs, you won't see that in the P&L immediately as it sits in inventory. But I'm just curious, have you taken any price actions so far or made any adjustments in your supply chain to offset some of this cost inflation that you expect to creep in?

我想我們都會的。然後，這裡就不再重複關稅問題了，但是您提到，一些較高的成本，由於存放在庫存中，您不會立即在損益表中看到。但我只是好奇，到目前為止您是否採取了任何價格行動或對供應鏈進行了任何調整，以抵消您預計會出現的部分成本通膨？

Yes. First, obviously, just like 2021, '22, Damian, we jumped on that very fast. First, you got do a good analysis of what's happening and how it's going to affect you. So we start there. Then there are exemptions to those.

是的。首先，顯然，就像 2021 年、2022 年一樣，達米安，我們很快就抓住了這一點。首先，你必須對正在發生的事情以及它將如何影響你進行很好的分析。所以我們就從這裡開始。那麼這些都有豁免。

As I mentioned, for example, we make a lot of unmanned vehicles in Canada and we import them to the US. So we're studying very carefully to make sure that we enjoy the exemptions in that domain.

例如，正如我所提到的，我們在加拿大生產了許多無人駕駛汽車，然後將其進口到美國。因此，我們正在仔細研究，以確保我們能夠享受該領域的豁免。

Sometimes, you can also assemble some internal products in a different location where you manufacture the components and assemble them. Finally, we have to take price action where we're getting hurt, and we will do that, and we will pass some of that on. So in totality, there's a whole bunch of things. The most important one is the longer it takes for things to affect us the better it is for us in terms of going from inventory to cost of goods sold and having time to take actions to offset what's coming our way.

有時，您也可以在製造零件並組裝它們的不同地點組裝一些內部產品。最後，我們必須針對我們受到的損害採取價格行動，我們會這樣做，並且我們會將其中的一些損害轉嫁出去。所以總的來說，有很多事情。最重要的是，事情對我們的影響越長，對於我們從庫存到銷售成本以及有時間採取行動來抵消我們遇到的影響就越有利。

Pricing opportunities, we're going to use them wherever we can. And in the first quarter, we actually had a volume increase of 2.3% or so in our products, so -- even with some pricing actions that we took. So it worries me, but not a lot. Look, we've been through this before a number of times. And what you got to do is hunker down and do what you do best.

定價機會，我們將盡可能地利用它們。在第一季度，即使我們採取了一些定價措施，我們的產品銷售實際上也成長了 2.3% 左右。所以這讓我很擔心，但不是很擔心。瞧，我們之前已經經歷過很多次了。你要做的就是堅持下去，做你最擅長的事。

We're very disciplined to small things very well and don't expect miracles to happen.

我們對小事非常自律，並不期待奇蹟發生。

Makes total sense. Thanks a lot Robert. Good luck out there.

完全有道理。非常感謝羅伯特。祝你好運。

Thank you.

謝謝。

Joseph Giordano, TD Cowen.

約瑟夫·喬達諾（Joseph Giordano），TD Cowen。

Hey guys, how are you?

嘿夥計們，你們好嗎？

Morning Joe.

早安，喬。

Can you kind of go through the backlog with us? I know you mentioned it said all-time highs, but there was also some acquired backlog of some major multiyear stuff you got from Qioptiq. So like how does that look excluding that?

您能和我們一起討論一下積壓的工作嗎？我知道您提到它達到了歷史最高水平，但您也從 Qioptiq 獲得了一些多年期的重要積壓產品。那麼排除這個因素之後看起來又如何呢？

Well, the Qioptiq backlog that we acquired increased about $60 million because of the two new programs. Overall backlog, I think year-over-year is at the highest we've had, including Qioptiq, it's about I'm going to say about $4 billion, which for us is pretty healthy. Of that, about $450 million is Qioptiq. So 10% chaotic, the rest legacy Teledyne. And some of that is obviously multiyear.

嗯，由於這兩個新項目，我們收購的 Qioptiq 積壓訂單增加了約 6000 萬美元。總體積壓訂單，我認為同比來看是歷史最高水平，包括 Qioptiq 在內，大約是 40 億美元，這對我們來說相當健康。其中，約有 4.5 億美元來自 Qioptiq。因此 10% 是混亂的，其餘的是 Teledyne 的遺產。其中一些顯然需要多年時間。

But the way we look at it always is what is your book-to-bill in each quarter annualized? And how are you doing in the short-cycle businesses that you don't have much backlog. That's the one area that we always very concerned and always very attentive to, cause some products, we book and ship in two, three weeks, some of our products, environmental products, maybe a month, some of our cameras, whether infrared or visible could be two weeks to four weeks. So that's the area that we kind of keep an eye on very carefully. The longer-term backlog, I don't worry too much about that.

但我們看待這個問題的方式始終是，您每季的訂單出貨比年化是多少？您在短週期業務方面做得怎麼樣，沒有太多積壓訂單？這是我們始終非常關注和非常重視的一個領域，因為有些產品，我們在兩到三週內預訂並發貨，我們的一些產品，環保產品，可能需要一個月，我們的一些相機，無論是紅外線還是可見光，都可能需要兩周到四周。所以這是我們密切關注的領域。對於長期積壓問題，我並不太擔心。

Yes. What about on the -- some of the stuff that if we talk about DOGE and some of the NASA stuff that you have that's more personnel flight control kind of things. What -- like can you talk about the margin profile of the things that are at risk versus the margin profile of the things that you think are still growing?

是的。那麼——如果我們談論 DOGE 和 NASA 的一些內容，那麼這些內容更多的是人員飛行控制類的東西。您能否談談存在風險的事物的利潤狀況與您認為仍在增長的事物的利潤狀況？

Well, on the margin profile, are things like space -- like the space station, where we do a lot of work in designing experiments, training astronauts or not coordinating space flights, whatever, that's our lowest margin business. It's in the 6% to 7%. The overall margins in our Engineered Systems business which includes both fixed cost and cost plus half and half are the lowest margins in the company around 10%.

嗯，從利潤率來看，像太空這樣的業務——比如太空站，我們在設計實驗、訓練太空人或協調太空飛行等方面做了很多工作，不管怎樣，這是我們利潤率最低的業務。介於 6% 到 7% 之間。我們的工程系統業務的整體利潤率（包括固定成本和成本加一半）是公司最低的利潤率，約 10%。

Having said that, some of the space stuff that's coming out, whether it's the Golden Dome, whether it's putting satellites in space but to be able to do look down at what (inaudible) and tracking some of the drone-based simulation stuff. Those are our higher-margin businesses and of course, our unmanned systems.

話雖如此，一些即將問世的太空事物，無論是金色穹頂，還是將衛星送入太空，但能夠俯視（聽不清楚）並追蹤一些基於無人機的模擬事物。這些是我們利潤較高的業務，當然還有我們的無人系統。

So, if you add them all up, if so, let's say, something happens to the NASA budget, yes, I will take a hit in revenue, but it's not going to affect us too much in our bottom line because that's our lowest margin business. On the flip side, if that money is not reprogrammed into other space programs, we're going to enjoy those because we have very healthy margins, and we have tremendous heritage in space.

所以，如果把它們全部加起來，假設 NASA 的預算出了什麼問題，是的，我的收入會受到打擊，但這不會對我們的底線造成太大影響，因為這是我們利潤率最低的業務。另一方面，如果這些資金不會重新用於其他太空計劃，我們就會享受這些計劃，因為我們擁有非常健康的利潤率，並且在太空領域擁有巨大的遺產。

Just to give you an example, in the science space, which, in a way, translates to our military and defense space, we've participated in 162 mission -- science missions. We have spent 1.8 million -- 1,800 mission years in space. We have a lot of detectors, almost 1,000 detectors out there with 0 device failures. When the government starts investing in the space, they're going to look for companies like ours that can actually make those very sophisticated stuff that they have made before and have a track record.

舉個例子，在科學領域，從某種程度上來說，也包括我們的軍事和防禦領域，我們已經參與了 162 項任務——科學任務。我們在太空中度過了 180 萬到 1800 個任務年。我們有很多探測器，幾乎有 1,000 個探測器，設備故障率為 0。當政府開始投資該領域時，他們會尋找像我們這樣的公司，這些公司實際上可以製造以前製造過的非常複雜的東西，並且有良好的業績記錄。

So I think if the DOGE thing flips the way that it looks like there is some low-margin businesses may go away, higher-margin businesses, more difficult things to make come back, I think it will be to our advantage.

因此，我認為，如果 DOGE 的情況發生逆轉，一些低利潤率的業務可能會消失，而高利潤率的業務、更難恢復的業務則會恢復，我認為這對我們有利。

Yes, I think that's an important point. And if I could just sneak in one last thing. The stuff that you're selling to China outside of the -- like the commercial air -- avionics stuff that you said is has to go regardless. Is the rest of that stuff, I'm thinking oscilloscope and environmental kind of environmental equipment, -- is that basically at 0 now, like with tariffs at 145%? Is that like effectively an embargo when tariffs are that high?

是的，我認為這是一個重要的觀點。如果我能偷偷做最後一件事。除了你們所說的商用航空電子設備之外，你們向中國銷售的其他產品也必須出口。其餘的東西，我想的是示波器和環境類型的環境設備，現在基本上是 0 嗎，就像關稅是 145% 一樣？當關稅如此之高時，這是否實際上就是一種禁運？

You can't say that. It's not 0, but it's going down everybody is waiting to see what happens. Some of our distributors are putting a hold on things. Some of them are taking the higher cost materials because they have no choice.

你不能這麼說。它不是 0，但它正在下降，每個人都在等著看會發生什麼。我們的一些經銷商正在暫停銷售。有些人選擇採用成本較高的材料，因為他們別無選擇。

When you look at export to China 2% is -- half of it is really not going to be affected. Yes, I worry about that, but I don't worry too much about it. We don't make stuff in China that we bring to the US, that's for sure. Some of our cameras go to China. Some of our stuff like x-ray detectors for dental systems, we've already suffered the consequences of China, like everybody else does when they sell product there.

當你看到對中國的出口時，2% 是 - 其中一半實際上不會受到影響。是的，我擔心這一點，但我不會太擔心。可以肯定的是，我們不會在中國生產產品然後運到美國。我們的一些相機銷往了中國。我們的一些產品，例如牙科系統的 X 光探測器，已經遭受了中國的影響，就像其他所有在那裡銷售產品的人一樣。

We sell product there, pretty soon the product is imitated, produced and sold at a lower cost. So what you've got to do is move up market and make more sophisticated products continuously. It worries me, but not a whole lot.

我們在那裡銷售產品，很快該產品就會被模仿、生產並以更低的成本出售。所以你要做的就是進軍高階市場並不斷生產更先進的產品。這讓我很擔心，但不是很擔心。

Guy Hardwick, Freedom Capital Markets.

哈德威克（Guy Hardwick），自由資本市場（Freedom Capital Markets）。

Hi, good morning. Morning guys.

嗨，早安。大家早安。

I know you touched on it earlier, but could you mind just maybe explain a little bit more about the Canadian business? I mean, your filings reveal it's a substantial business. Could you -- how much of obviously Delsa based there, how much of the business is commercial versus government? Because you said that the government business may be exempt from tariffs. And there's also there's content rules, I understand that if a product is as much as 20% US.

我知道您之前提到過這一點，但您能否介意再解釋一下有關加拿大業務的情況？我的意思是，你的文件顯示這是一項重大業務。您能否——顯然 Delsa 在那裡的業務有多少，商業業務和政府業務各佔多少？因為你說政府業務可能免關稅。而且還有內容規則，我知道如果一個產品有 20% 是美國產的。

content, it could be exempt as well. So that's my first question. The second question on the $700 million of COGS. I presume that is components for imported into the US.

內容，也可以免除。這是我的第一個問題。第二個問題是關於 7 億美元的銷貨成本。我推測那是進口到美國的零件。

Yes. Let me answer the second question first because I have it in my head right away. I got to kind of pick the rest up. On the $700 million, it's composed of two parts, things that we make and bring in the US and then supplies that like material supplies that we buy, including electronics that go into products that we make in the US.

是的。讓我先回答第二個問題，因為我馬上就想到它了。我得把剩下的事情都處理掉。這 7 億美元由兩部分組成：一部分是我們在美國製造並進口的物品，另一部分是我們購買的材料供應，包括用於我們在美國製造的產品的電子產品。

So if you go to just the stuff that we make and bring into the US, those would be both Commercial and Defense. Some of the defense stuff, like I unmanned air vehicle, obviously, the US DoD is buying them because they need them and use them. Some of the commercial stuff like cameras, they might be subject to within that $700 million, that might be subject to the 10% or so tariff. We'll work with that.

因此，如果你只看我們生產並運往美國的產品，它們既有商業用途，也有國防用途。一些國防裝備，例如無人機，顯然是美國國防部購買的，因為他們需要它們並使用它們。一些商業產品，例如相機，可能需要繳納 7 億美元左右的關稅。我們會努力的。

It's -- it's not, as I said before, multiple times for give me if I repeat myself, it won't affect us immediately because that stuff goes into inventory. We already have inventory that's going to be used to make products, let's say, for Q2. And the inventory rolls 3 times to 4 times a year. So we see some of it in Q3 than a full bore in Q4 maybe, but in the meantime, there's a lot of things that can happen, including actions that we take.

正如我之前多次說過的，它不會立即影響我們，因為這些東西已經進入庫存。我們已經擁有將用於生產第二季產品的庫存。且庫存每年滾動3至4次。因此，我們可能會在第三季度看到一些變化，然後在第四季度看到全面變化，但同時，有很多事情可能會發生，包括我們採取的行動。

Now going back to how much we make in Canada? I have to say that there's two sides to that, as we make, as I said, drones and military products, we have about 2,000 in Europe. In Canada, we have, I'm going to say, maybe 2,000 employees. And if you take the average revenue per employee in Canada, I don't know, it maybe $250,000 per employee. So you can multiply that out, I'm talking about, what, $500 million in all made in Canada.

現在回到我們在加拿大賺多少錢的問題？我必須說，這有兩面性，正如我所說，我們製造無人機和軍事產品，我們在歐洲有大約 2,000 架。在加拿大，我們大概有 2,000 名員工。如果你計算加拿大每位員工的平均收入，我不知道，可能是每位員工 25 萬美元。所以你可以把它乘以 5 億美元，我說的是加拿大製造的。

And the beauty of Teledyne is we don't make everything anywhere else except the US. We make pieces of things here in Canada, pieces of it in England, pieces of it in Iceland, pieces of it Netherlands, which spread across Western countries, and that's good for us because where we make stuff in Europe, that's not going to be subject to European tariffs, obviously. And so yes, we're going to have to take some hits if this environment continues and not worry about it, but it doesn't keep me up at night.

Teledyne 的優點在於，我們不會在美國以外的任何地方生產任何產品。我們在加拿大、英國、冰島、荷蘭生產一些產品，這些產品銷往西方國家，這對我們來說是件好事，因為我們在歐洲生產的產品顯然不受歐洲關稅的影響。所以是的，如果這種環境持續下去，我們將不得不承受一些打擊，不必擔心，但這不會讓我夜不能寐。

But just to be clear, so I mean you're saying it's a fairly balanced business between commercial and government? Or is it more weighted towards government in Canada?

但需要明確的是，您是說這是商業和政府之間相當平衡的業務嗎？或者它更傾向於加拿大政府？

I would think most of it, more commercial than government because our defense business coming from Canada is not that large. I would say 70-30, 80-20 of that. I don't have the numbers in front of me, and I don't want to take guesses. But I can get you those numbers and have Jason supply to you.

我認為其中大部分是商業性的而非政府性的，因為我們來自加拿大的國防業務規模並不大。我認為是 70-30，或 80-20。我面前沒有數字，而且我也不想猜測。但我可以給你這些數字並讓傑森提供給你。

Rob Jamieson, Vertical Research Partners.

Rob Jamieson，Vertical Research Partners。

Hey, good morning. Just a couple of quick ones. Just one clarification on tariffs. Sorry, I joined Lite. But the underlying tariffs that you're assuming on the impacts and everything that you laid out, which is very clear, is that like China at 145%. And then just what's been presented by the administration so far?

嘿，早安。僅舉幾例。關於關稅我只想澄清一點。抱歉，我加入了 Lite。但您所假設的潛在關稅以及您所列出的所有內容都非常明確，例如對中國的關稅為 145%。那麼到目前為止政府都提出了什麼建議呢？

Yeah. I guess you can say China of that order if maybe a little higher, maybe 150%, 160%, Canada 25%, United Kingdom 11%, France 10%, Denmark 10% and then when you roll it all up, it's about 15% across our portfolio.

是的。我想你可以說中國的份額大概是這個比例，如果可能更高一點的話，可能是 150%、160%、加拿大 25%、英國 11%、法國 10%、丹麥 10%，然後當你把所有這些加起來時，它在我們的投資組合中所佔比例約為 15%。

Perfect. And then just on capital allocation. I appreciate the color you gave on acquisitions and how that looks. But how should we think about prioritization between deleveraging and buybacks over the next couple of quarters?

完美的。然後只是關於資本配置。我很欣賞您對收購所賦予的色彩以及它的外觀。但在接下來的幾個季度裡，我們應該如何考慮去槓桿和回購之間的優先順序？

Let me go to the buybacks. We buy back -- bought our stock back only 2 times and we've brought them back when our stock price went below what we thought was prudent. We brought stock back in 2015, and at about 2015 to 2016, about $100 a share. And we bought, we say about $225 million of our stock.

讓我來談談回購。我們回購了——只回購了兩次股票，當我們的股價低於我們認為的謹慎水平時，我們就把它們拿回來了。我們在 2015 年恢復了股票價格，在 2015 年至 2016 年期間，股價約為每股 100 美元。我們回購了價值約 2.25 億美元的股票。

Last year, our stock dropped to $350 million, $355 million or so and we bought it. But then we stopped when it hit $400 million. So it's very important to look at the window of when we buy the stock. We can always buy the stock, but it's prudent we can get much more returns in buying companies, improving them and having both revenue and EPS attrition, like we're talking about Qioptiq as a recent example, or FLIR 3 years ago.

去年我們的股票跌到3.5億美元、3.55億美元左右，我們就買了。但當金額達到 4 億美元時我們就停止了。因此，查看購買股票的時間窗口非常重要。我們總是可以購買股票，但明智的做法是，我們可以從購買公司、改善公司並實現收入和每股收益的減少中獲得更多回報，就像我們最近討論的 Qioptiq 或 3 年前的 FLIR 一樣。

So the buyback would be exceptions when our stock is low, and there's nothing really available that we can look at. Our preference is always to buy companies. So we'll buy back opportunistically when we have to or we have nothing else to do.

因此，當我們的庫存較低且沒有其他可用資源可供考慮時，回購將是例外。我們始終傾向於收購公司。因此，當我們需要或沒有其他事情可做時，我們會趁機買回來。

In terms of capital, right now, we're sitting at 1.8. By the way, we have long-term debt that Steve mentioned, and we have cash. But if you look at our long-term debt, it's all fixed and it's fixed at average of about 2.4%, and it spreads from two years hence out to 2029, 2030. And frankly, we can pay that down, but it would be stupid because we can get better interest rates in the immediate market than what we're paying.

就資本而言，目前我們的比率為 1.8。順便說一句，我們有史蒂夫提到的長期債務，而且我們也有現金。但如果你看看我們的長期債務，它們都是固定的，平均固定在 2.4% 左右，從兩年後延續到 2029 年、2030 年。坦白說，我們可以償還這筆款項，但這樣做是愚蠢的，因為我們可以在直接市場上獲得比我們支付的更好的利率。

So, we're generating cash. We're sitting at 1.8. If we don't do anything, our debt-to-EBITDA ratio will go down to 1.2 by year-end. And if we don't do anything, another year, we'll go down to 0.5. So we have a lot of muscle to buy things and we will.

所以，我們正在產生現金。我們目前處於 1.8。如果我們不採取任何措施，到年底我們的債務與 EBITDA 比率將降至 1.2。如果我們什麼都不做，再過一年，這個數字就會降到 0.5。因此，我們有足夠的實力去購買東西，而且我們一定會這麼做。

If the price is right. And if it has strategically fits we were always doing. We not going to just go out and buy stuff because it's available. We're going to buy stuff that we can run. It fits with our portfolio and our strategy. So and we generate about $1 billion of cash a year. So we're going to be fine.

如果價格合適的話。如果策略上適合，我們就會一直這麼做。我們不會因為有東西就出去買。我們要買可以運作的東西。它符合我們的投資組合和策略。因此，我們每年產生約 10 億美元的現金。所以我們會沒事的。

That's very clear. And then just one last one on test and measure. I know it's a small business for you guys. But looks broadly in line with expectations. Any puts and takes you can give us just on the end markets that you serve there and how trading developed through the quarter?

這非常清楚。最後一個是關於測試和測量。我知道這對你們來說只是一筆小生意。但看起來大致符合預期。您能否就您所服務的終端市場以及本季的交易發展向我們提供一些資訊？

Yeah. We sell primarily two products and 1 smaller product. The primary product that we sell are oscilloscopes and primarily high-end oscilloscopes, high bandwidth time frequency. And then the second thing we sell are protocols. Protocols are basically the rules with which devices communicate with one another or devices communicate with the clock.

是的。我們主要銷售兩種產品和一種較小的產品。我們銷售的主要產品是示波器，主要是高階示波器、高頻寬時間頻率。我們銷售的第二件東西是協議。協定基本上是設備之間或設備與時鐘之間通訊的規則。

We also have a very small piece of ethernet generators that we bought which is growing fast, but it's small. It used to be $15 million, it's going to be $30 million. But the primary products we make are oscilloscope and protocols. And they can be somewhat affected by economic circumstances because there's capital equipment, especially oscilloscope. In Q1, protocols went up the revenue, oscilloscope went down, as ethernet generators went up.

我們還買了一塊非常小的乙太網路發電機，它成長很快，但很小。以前是 1500 萬美元，現在將達到 3000 萬美元。但我們生產的主要產品是示波器和協定。而且由於它們擁有資本設備，尤其是示波器，因此它們可能會受到經濟環境的一定影響。在第一季度，協議的收入上升，示波器的收入下降，而乙太網路發電機的收入上升。

There is one thing that we do that is very unique in that we also use our oscilloscope in our protocol analyzers. So that's a unique offering that we're able to make since we have such a strong position in protocols so we can sell things, protocol analyzers that utilize our oscilloscope. So all in all, it's a nice beautiful business with very high margins, but it is subject to economic downturns.

我們所做的一件事情非常獨特，那就是我們還在協議分析儀中使用示波器。這是我們能夠提供的獨特產品，因為我們在協議方面擁有如此強大的地位，所以我們可以銷售利用我們示波器的協議分析儀。總而言之，這是一項利潤率很高的美好事業，但它容易受到經濟衰退的影響。

Great, thank you.

太好了，謝謝。

There are no further questions at this time. I'd like to hand the floor back over to management for any closing comments.

目前沒有其他問題。我想將發言權交還給管理階層，請他們發表最後評論。

Thank you. I will ask Jason to conclude our conference call.

謝謝。我將請傑森結束我們的電話會議。

Thanks, Robert. And again, thanks, everyone, for joining us this morning. If you have follow-up questions, please free to call me or send me a note on my numbers on the earnings release. And again, thank you, everyone, and talk to you later. Bye.

謝謝，羅伯特。再次感謝大家今天早上加入我們。如果您有後續問題，請隨時給我打電話或給我發送有關收益發布數據的說明。再次感謝大家，稍後再聊。再見。

This concludes today's conference. You may disconnect your lines at this time. Thank you for your participation.

今天的會議到此結束。現在您可以斷開線路。感謝您的參與。