Teledyne Technologies Inc (TDY) 2025 Q2 法說會逐字稿

Thank you, and welcome to Teledyne's second-quarter earnings call. Here's our first speaker, Mr. Jason VanWees. Please go ahead.

謝謝，歡迎參加 Teledyne 第二季財報電話會議。這是我們的第一位發言者，Jason VanWees 先生。請繼續。

Thank you, and good morning, everyone. This is Jason VanWees, Vice Chairman. I'd like to welcome everyone to Teledyne's second-quarter 2025 earnings releaser conference call. We released our earnings earlier this morning before the market opened.

謝謝大家，早安。我是傑森‧範韋斯，副主席。歡迎大家參加 Teledyne 2025 年第二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; President and CEO; George Bobb; EVP and CFO, Steve Blackwood; and Melanie Cibik, EVP, General Counsel, Chief Compliance Officer and Secretary. After remarks by Robert, George and Steve, we will answer your questions.

今天與我一起出席的還有 Teledyne 執行董事長 Robert Mehrabian、總裁兼執行長 George Bobb、執行副總裁兼財務長 Steve Blackwood 以及執行副總裁、總法律顧問、首席合規官兼秘書 Melanie Cibik。在羅伯特、喬治和史蒂夫發言之後，我們將回答大家的問題。

But of course, before we get started, our attorneys have reminded me to tell you that all forward-looking statements this morning are subject to various assumptions, risks and caveats as noted in the earnings release and our periodic 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, both via webcast and dial-in, will be available for approximately one month.

但當然，在我們開始之前，我們的律師提醒我告訴您，今天早上的所有前瞻性陳述都受到收益報告和我們定期向美國證券交易委員會提交的文件中指出的各種假設、風險和警告的影響，當然，實際結果可能會有重大差異。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，並且透過網路直播和撥號方式重播將持續約一個月。

Here's Robert.

這是羅伯特。

Thank you, Jason, and good morning, everyone, and thank you for joining our call. Today, we reported record quarterly sales. We've achieved greatest total and organic sales growth in almost three years. Second-quarter sales increased 10.2%, half organic, half acquisitions, and accelerated for three quarters in a row. Sales also increased organically in every segment. Non-GAAP earnings per share increased 13.5% from last year and were also a record for any second quarter. Finally, orders exceeded sales for the seventh consecutive quarter.

謝謝你，傑森，大家早安，謝謝你們參加我們的電話會議。今天，我們報告了創紀錄的季度銷售額。我們實現了近三年來最大的總銷售額和有機銷售額成長。第二季銷售額成長 10.2%，一半來自有機成長，一半來自收購，連續三個季度加速成長。各部門的銷售額也都實現了有機成長。非公認會計準則每股收益較去年同期成長 13.5%，創下第二季歷史新高。最終，訂單量連續第七個季度超過銷售額。

Our Energy and Defense businesses continue to perform very well due to market strength but also our specific portfolio of technologies serving growing sectors such as unmanned air and subsea systems, space-based sensors, NATO defense spending and offshore energy productions. Sales from our shorter-cycle environmental and test and measurement instrumentation businesses also increased single digits -- mid-single digits. And this is about the greatest level in a few years.

我們的能源和國防業務持續表現良好，這不僅得益於市場實力，也得益於我們服務於無人機和海底系統、天基感測器、北約國防開支和海上能源生產等成長領域的特定技術組合。我們的短週期環境和測試測量儀器業務的銷售額也成長了個位數到中等個位數。這大約是幾年來的最高水準。

Organic sales growth in Digital Imaging was also the most in three years, primarily resulting from healthy growth in our Teledyne FLIR Defense and Industrial businesses. Nevertheless, we're being a little cautious worrying about whether [SWA's] second-quarter strength in our short-cycle businesses resulted from accelerated demand in advance of planned US trade policy announcements in the first quarter. Consequently, we're currently forecasting that total sales in the third quarter will remain essentially flat with the second quarter.

數位成像業務的有機銷售額成長也是三年來最高的，這主要得益於我們的 Teledyne FLIR 國防和工業業務的健康成長。儘管如此，我們仍然有些謹慎，擔心 [SWA] 我們短週期業務的第二季強勁表現是否源自於第一季美國貿易政策宣布先前需求加速成長。因此，我們目前預測第三季的總銷售額將與第二季基本持平。

Despite spending $770 million year-to-date on acquisitions, our current debt to leverage ratio, debt-to-EBITDA is 1.6 with only fixed rate debt and approximately $1.17 billion out of $1.2 billion available in our credit facility. While we're pursuing a number of acquisitions, mostly smaller ones at this time, we will consider stock repurchases where we feel larger acquisitions are too pricey as we found in the second quarter and where Teledyne offers the best value. Therefore, our Board of Directors increased our stock repurchase authorization from $896 million to $2 billion, and we will use that, as I said before, if appropriate.

儘管今年迄今已花費 7.7 億美元用於收購，但我們目前的債務槓桿率（債務與 EBITDA 之比）為 1.6，只有固定利率債務，而且我們的信貸額度為 12 億美元，其中約有 11.7 億美元可用。雖然我們正在進行多項收購，目前大多是規模較小的收購，但當我們認為大型收購價格過高（正如我們在第二季度發現的那樣）並且 Teledyne 提供最佳價值時，我們會考慮股票回購。因此，我們的董事會將股票回購授權金額從 8.96 億美元增加到 20 億美元，正如我之前所說，如果合適，我們將使用這筆資金。

George will now briefly comment on the performance of our four segments.

喬治現在將簡要地評論我們四個部門的表現。

Thank you, Robert. In the Digital Imaging segment, second-quarter sales increased 4.3%, which was the greatest year-over-year growth in three years. The performance largely reflected record growth of Teledyne FLIR, where the Defense and Industrial businesses increased nicely, largely driven by international defense sales as well as complete unmanned air systems and commercial infrared components and subsystems for the overall unmanned market.

謝謝你，羅伯特。在數位成像領域，第二季銷售額成長了 4.3%，這是三年來最大的年成長。這一業績很大程度上反映了 Teledyne FLIR 的創紀錄增長，其中國防和工業業務增長良好，主要受到國際國防銷售以及完整的無人機系統和整個無人機市場的商用紅外線組件和子系統的推動。

We had another quarter of strong orders with a total Digital Imaging book-to-bill of 1.1x, but it was especially nice to see bookings of 1.2x in our Industrial and Scientific Vision Systems business collectively. Non-GAAP operating margin decreased marginally due in part to greater severance costs, which we did not exclude from non-GAAP margins.

我們又迎來了一個強勁的季度訂單，數位成像業務的訂單出貨比為 1.1 倍，但尤其令人欣喜的是，我們的工業和科學視覺系統業務的總體訂單量達到了 1.2 倍。非公認會計準則營業利潤率略有下降，部分原因是遣散費增加，但我們並未將其排除在非公認會計準則利潤率之外。

In the Instrumentation segment, which consists of our marine, environmental and test and measurement businesses, second quarter total sales increased 10.2% versus last year. Overall sales of marine instruments increased 16% due to both strong offshore energy production and subsea defense sales.

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，第二季總銷售額比去年成長了 10.2%。由於海上能源生產和海底防禦銷售強勁，海洋儀器的整體銷售額成長了 16%。

Sales of environmental instruments increased 5.6%, primarily due to higher sales of process gas safety and emissions monitoring instrumentation. Sales of electronic test and measurement systems, which include oscilloscopes, protocol analyzers and Ethernet traffic generators increased 5.5% year-over-year. Instrumentation operating margin in the second quarter increased 149 basis points to 27.6% and 134 basis points on a non-GAAP basis to 28.5%.

環境儀器的銷售額成長了5.6%，這主要歸因於製程氣體安全和排放監測儀器的銷售額增加。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 5.5%。第二季度儀器營業利潤率增加 149 個基點至 27.6%，非 GAAP 基礎增加 134 個基點至 28.5%。

In the Aerospace and Defense Electronics segment, second-quarter sales increased 36.2%, primarily driven by acquisitions and organic growth of defense electronics products. While commercial aerospace aftermarket sales increased, this was offset by a decline in OEM sales due in part to on-again, off-again export restrictions. Overall segment operating profit increased year-over-year, but GAAP and non-GAAP segment margin decreased year-over-year but increased sequentially primarily due to comparatively lower current margins at our recently acquired businesses. For the Engineered Systems segment, second-quarter revenue increased 3.3% and segment operating profit increased 395 basis points due in part to a relatively easy comparison with last year, but also strong execution on a number of government programs.

在航空航太和國防電子領域，第二季銷售額成長了 36.2%，主要得益於收購和國防電子產品的有機成長。雖然商用航空售後市場銷售額有所成長，但由於出口限制時斷時續，原始設備製造商銷售額下降，抵消了這一增長。整體分部營業利潤較去年同期成長，但 GAAP 和非 GAAP 分部利潤率較去年同期下降但較上季成長，主要原因是我們最近收購的業務的當前利潤率相對較低。對於工程系統部門而言，第二季營收成長 3.3%，部門營業利潤成長 395 個基點，部分原因是與去年相比相對容易，但也是由於一些政府專案的執行力度強勁。

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, I want to thank everyone at Teledyne for delivering a double-digit top and bottom line growth. Also, we're very optimistic about their long-term outlook. Our growth in our long-cycle business portfolio remains very stable and most of our short-cycle businesses have returned to reasonable sales and orders growth.

謝謝你，喬治。最後，我要感謝 Teledyne 的每一個人，感謝他們為公司帶來了兩位數的營收和利潤成長。此外，我們對他們的長期前景非常樂觀。我們的長週期業務組合成長保持非常穩定，大部分短週期業務已恢復合理的銷售和訂單成長。

As I mentioned earlier, we're a bit cautious because of the near-term pull-ins perhaps as a consequence of various tariff scenarios. Having said that, we remain very optimistic about the future given our portfolio and where the markets in our domain are moving.

正如我之前提到的，我們有點謹慎，因為近期的拉力可能是各種關稅情境的結果。話雖如此，考慮到我們的投資組合以及我們所在領域的市場趨勢，我們仍然對未來非常樂觀。

With that, I want to turn the call to Steve.

說完這些，我想把電話轉給史蒂夫。

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 third quarter and full year 2025 outlook. In the second quarter, cash flow from operating activities was $226.6 million compared with $318.7 million in 2024. Free cash flow, that is cash flow from operating activities less capital expenditures, was $196.3 million in the second quarter of 2025 compared with $301 million in 2024. Cash flow decreased year-over-year in the second quarter, primarily due to higher income tax payments in the second quarter of 2025 compared with 2024.

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，然後我將討論我們的第三季和 2025 年全年展望。第二季度，經營活動現金流為 2.266 億美元，而 2024 年為 3.187 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 年第二季為 1.963 億美元，而 2024 年為 3.01 億美元。第二季現金流較去年同期下降，主要原因是 2025 年第二季的所得稅支付高於 2024 年。

Capital expenditures were $30.3 million in the second quarter of 2025 compared with $17.7 million in 2024. Depreciation and amortization expense was $86.5 million in the second quarter of 2025 compared with $77.8 million in 2024. We ended the quarter with $2.3 billion of net debt. That is approximately $2.62 billion of debt less cash of $310.9 million.

2025 年第二季的資本支出為 3,030 萬美元，而 2024 年為 1,770 萬美元。2025 年第二季的折舊和攤提費用為 8,650 萬美元，而 2024 年為 7,780 萬美元。本季末我們的淨債務為 23 億美元。這大約相當於 26.2 億美元的債務減去 3.109 億美元的現金。

Now turning to our outlook. Management currently believes that GAAP earnings per share in the third quarter of 2025 will be in the range of $4.39 to $4.54 per share. with non-GAAP earnings per share in the range of $5.35 to $5.45. And for the full year 2025, we believe that GAAP earnings per share will be in the range of $17.59 and to $17.97 with non-GAAP earnings per share in the range of $21.20 to $21.50.

現在轉向我們的展望。管理階層目前預計，2025年第三季的GAAP每股盈餘將在4.39美元至4.54美元之間，非GAAP每股盈餘將在5.35美元至5.45美元之間。 2025年全年，我們認為GAAP每股盈餘將在17.59美元至17.97美元之間，非GAAP每股盈餘將在21.20美元至21.50美元之間。

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'd now like to take your questions. Kerry, if you're ready to proceed with the question and answer, please go ahead.

謝謝你，史蒂夫。我們現在想回答你們的問題。克里，如果你準備好繼續問答，請繼續。

(Operator Instructions) Andrew Buscaglia, BNP Paribas Asset Management.

（操作員指示）法國巴黎銀行資產管理公司的 Andrew Buscaglia。

I just wanted to touch on your guidance for Q3 and some of the caution you're citing. Where exactly is this pull forward within your business segments? And can you comment on, are you seeing this more on -- with some of the short-cycle businesses versus long cycle? If you could add that to your comments.

我只是想談談您對第三季的指導以及您提到的一些警告。在您的業務領域中，這種推動力具體體現在哪些方面？您能否評論一下，您是否更多地看到了這一點——一些短週期業務與長週期業務的區別？如果您可以將其添加到您的評論中。

Yes. I think, Andrew, the comment is primarily about short-cycle businesses because the longer cycle businesses, we have reasonably good visibility as to where things are and where our programs are. Short-cycle businesses, especially things like instruments, we get like sometimes two weeks, three weeks book-to-bill cycle times. And we kind of are a little cautious. We're worried that maybe $15 million to $20 million, mostly in that domain may have been pulled in.

是的。安德魯，我認為這個評論主要針對短週期業務，因為對於長週期業務，我們對事情的進展和我們的計劃的進展有相當好的了解。短週期業務，特別是儀器之類的業務，我們的訂單到出貨週期有時需要兩週、三週。我們有點謹慎。我們擔心，可能有 1500 萬到 2000 萬美元被騙走，其中大部分都來自該領域。

Now we're not sure, but listening to our folks, that seems to be maybe the case. There's a little of that in our longer-cycle businesses like FLIR Defense, for example.

現在我們還不確定，但聽我們的家人說，情況似乎確實如此。例如，在我們的長週期業務（例如 FLIR Defense）中就存在一些這樣的情況。

Okay. That's helpful. Can you comment on order activity in some of these longer-cycle businesses? I know you guys had a press release out supporting US's stance on dominance and wondering if you've seen an order uptick within unmanned systems or the components you supply to them?

好的。這很有幫助。您能評論一下這些週期較長的業務中的訂單活動嗎？我知道你們發表了一份新聞稿，支持美國的主導地位，我想知道你們是否看到無人系統或你們向其提供的組件的訂單有所增加？

Yes. I think, specifically, if you look at our unmanned systems in FLIR and generally in FLIR, first quarter, we saw book-to-bill of 1.17. This quarter, just a little over 1. Even Digital Imaging, excluding FLIR, recognizing that the comps are easier, we saw uptick on orders, book-to-bill as high as 1.2. In the other businesses, lumpy businesses like Engineered Systems, it's way over 1, but we know that's lumpy.

是的。具體來說，如果你看FLIR的無人系統，以及FLIR的整體狀況，第一季的訂單出貨比是1.17。本季略高於1。即使是數位成像業務（不包括FLIR），考慮到可比性，我們也看到訂單量有所上升，訂單出貨比高達1.2。其他業務，例如工程系統等波動較大的業務，訂單出貨比遠超1，但我們知道波動很大。

Overall, I think our book-to-bill has been healthy. And as we mentioned earlier, this is like -- it's about 1.1 across all of our portfolio, and it's seventh consecutive quarter that we've seen that. So looking at that, you have to be positive, and I am. But we're always a little cautious, maybe too cautious. Let me leave it at that.

總體而言，我認為我們的訂單出貨比一直都很健康。正如我們之前提到的，這就像——我們所有投資組合的比例約為 1.1，這是我們連續第七個季度看到這種情況。所以看到這一點，你必須保持積極的態度，而我就是這麼做的。但我們總是有點謹慎，也許太謹慎了。我就不多說了。

Damian Karas, UBS.

瑞銀的 Damian Karas。

Better to be safe and cautious than sorry, Robert. But I do want to ask you -- I just want to kind of maybe push you a little bit on Digital Imaging. The book-to-bill is strong. I think this is the second quarter of 1.1 book-to-bill or higher. But yet you still really only have, I think, modest organic sales growth factored into the second half. So could you just help us reconcile why we wouldn't see more of a meaningful pickup in sales just based on those bookings?

謹慎小心總比後悔好，羅伯特。但我確實想問你——我只是想在數位成像方面給你一點指導。訂單出貨比表現強勁。我認為第二季的訂單出貨比將達到 1.1 或更高。但我認為，下半年的有機銷售額成長仍然只有適度。那麼，您能否幫助我們解釋一下，為什麼僅根據這些預訂量，我們看不到銷售額有更顯著的成長？

Yes. It's a kind of a story of two chapters. FLIR is strong. Even when some of the short-cycle businesses like in cameras, et cetera, in DALSA e2v go down, our industrial businesses infrared cores as well as cameras, they seem to be all right. Of course, FLIR Defense is just doing really well.

是的。這是一個由兩章組成的故事。FLIR 功能強大。即使 DALSA e2v 的一些短週期業務（例如相機等）出現故障，我們的工業業務紅外線核心以及相機似乎都安然無恙。當然，FLIR Defense 的表現確實非常出色。

Some of the problem that we have is in our DALSA e2v. Now remember, that business has been on -- it's been down. And while we're getting a little order pickup, it's easier comp when you go to book-to-bill at a business that's down.

我們的 DALSA e2v 中存在一些問題。現在請記住，業務已經處於起步階段——已經下滑階段。儘管我們的訂單有所回升，但對於處於低迷狀態的企業來說，按訂單出貨會更容易。

On the other hand, George and the managers in that business have been able to take cost out, reorganize where necessary. As George mentioned, we took a little hit in Q2 because we can't our cost expenses -- cost out expenses in our non-GAAP. So that business is stabilizing. Again, we think some of our longer-cycle businesses that we see growing are going to be more like Q4 and maybe early '26. Maybe that's why that we're kind of where we are in terms of what you mentioned being a little cautious.

另一方面，喬治和該企業的經理們已經能夠降低成本，並在必要時進行重組。正如喬治所提到的，我們在第二季度受到了一點打擊，因為我們無法在非公認會計準則中計算成本費用。因此業務正在趨於穩定。再次，我們認為我們看到的一些週期較長的業務將會成長，就像第四季甚至 26 年初一樣。也許這就是為什麼我們處於您提到的有點謹慎的狀態。

Okay. But just to clarify, you haven't really seen the short cycle start falling off in kind of real time, but your assessment was, hey, maybe there's $15 million to $20 million of a little uplift that we got, but you haven't seen that yet?

好的。但需要澄清的是，您還沒有真正看到短週期開始即時下降，但您的評估是，嘿，也許我們獲得了 1500 萬到 2000 萬美元的小幅提升，但您還沒有看到嗎？

No. There are different forces operating in our management. Some of them are a little more cautious than others. And frankly, over the last 25 years, we've learned a hard way that being a little cautious pays dividends over the long term, even though sometimes you look at your stock after an earnings like today and say, no good deed should go unpunished. Having said that, we will be fine. I think we're just going to be fine.

不。我們的管理中存在著不同的力量在發揮作用。他們中的一些人比其他人更加謹慎。坦白說，在過去的 25 年裡，我們透過慘痛的教訓認識到，謹慎一點從長遠來看會帶來回報，儘管有時你會在今天的收益之後看著你的股票，並說，好人有好報。話雖如此，我們會沒事的。我想我們會沒事的。

Okay. Fair enough. Really appreciate that. And then my second question. The Aerospace and Defense margins did come in quite nicely. Would you maybe be able to elaborate a little bit? Was there any pricing or business mix factors, productivity? Maybe just give us a sense for what drove that margin strength? And is there anything that we should be bearing in mind the rest of this year as we update our models?

好的。很公平。真的很感激。然後是我的第二個問題。航空航太和國防的利潤率確實相當不錯。能否詳細說明一下？是否存在定價或業務組合因素、生產力？也許只是讓我們了解一下是什麼推動了利潤率的強勁成長？當我們更新模型時，今年剩餘時間我們是否應該牢記什麼？

Yes, Damian, I'm going to let George pick some of this up. But in general, what happens is if you look at the margins, when we make acquisitions, the margins go down because our acquired businesses, by and large, have lower margins. And if you look at Q1, Q2, Q3, Q4, our margins improved in those acquired businesses. If you exclude the acquired businesses, yes, our margins are very healthy, excellent execution.

是的，達米安，我要讓喬治拿一些。但總體而言，如果你看一下利潤率，你會發現當我們進行收購時，利潤率會下降，因為我們收購的業務總體上利潤率較低。如果你看一下第一季、第二季、第三季和第四季度，我們收購的業務的利潤率都有所提高。如果不考慮收購的業務，是的，我們的利潤率非常健康，執行力也非常好。

George, do you want to comment on that?

喬治，你想對此發表評論嗎？

Yes. I think I would just say in the legacy Defense Electronics businesses, in the Aerospace business, margins continue to be strong. In the new acquisitions, we acquired two companies here in the last several months, Micropac and Qioptiq. We had a good uptick in Q1 in the margins in Micropac. And in both of those acquisitions, we're doing what we always do, which is work on improving the margins as we integrate those companies.

是的。我想說的是，在傳統的國防電子業務和航太業務中，利潤率持續保持強勁。在新的收購中，我們在過去幾個月收購了兩家公司，Micropac 和 Qioptiq。Micropac 的利潤率在第一季有了良好的上升。在這兩次收購中，我們都在做我們一直在做的事情，那就是在整合這些公司的同時努力提高利潤率。

Yes, Damian, just to kind of put things in perspective, I think it might benefit -- our shareholders might benefit from this analysis. If you -- for a second, if you exclude FLIR, we spent $1.9 billion in cash acquiring businesses that are of some significant, 47 of them. What we paid for them at the time we acquired them was 9x EBITDA.

是的，達米安，只是為了客觀地看待問題，我認為這可能會有益——我們的股東可能會從這種分析中受益。如果你 — — 假設不包括 FLIR，我們花了 19 億美元現金收購了一些重要的企業，其中有 47 家。我們收購它們時支付的價格是 9 倍 EBITDA。

If you look at the same businesses today and you look at the EBITDA and say, what did we pay for it, it's 3.4x. So that is really just simply improved margins. Even when you include FLIR, which is we've only had in three years, even there, what we paid when we acquired and what it is today, there's about 100 basis point improvement.

如果你看看今天同樣的業務，看看EBITDA，你會想，我們花了多少錢，它是3.4倍。所以這其實只是利潤率的提高。即使算上 FLIR（我們只擁有了三年），我們收購時支付的價格與現在的價格相比，也有大約 100 個基點的提高。

Having said that, that's really the operating book that we have, acquire businesses, don't overpay, focus on improving margins, do your 80-20, anything else you have to do and go from there, which if you look at our overall businesses, no matter which year, how many, which segment, it's the same story.

話雖如此，這確實是我們的經營之道，收購企業，不要支付過高的價格，專注於提高利潤率，做好 80-20 的事情，然後從那裡開始做其他事情，如果你看看我們的整體業務，無論是哪一年，有多少，哪個部門，都是同樣的故事。

Greg Konrad, Jefferies.

傑富瑞的格雷格·康拉德。

Maybe just to follow up on your guidance that Q3 would look similar from a top line perspective relative to Q2. I mean I know what you did with the EPS guidance, but has there been any change to the revenue guidance you gave on the last call just as we think about kind of expectations for Q4?

也許只是為了遵循您的指導，即從頂線角度來看，第三季與第二季看起來相似。我的意思是，我知道您對每股盈餘指引做了什麼，但是當我們考慮對第四季度的預期時，您在上次電話會議上給出的收入指引有任何變化嗎？

Well, let me stay with Q3 for a second, if I may, Greg. The way we're looking at it is we're looking at getting some uptick from acquired businesses in Q3, maybe about 5%, similar to Q2 and very little organic. And again, the reason we're doing that is we're just kind of looking at our short-cycle businesses. It's almost impossible to predict where they're going to end up.

好吧，如果可以的話，請允許我繼續討論 Q3 一會兒，格雷格。我們的看法是，我們預計第三季收購的業務將帶來一些成長，大概是 5% 左右，與第二季類似，而且有機成長很少。再次強調，我們這樣做的原因是，我們只是在關注我們的短週期業務。幾乎不可能預測他們最終會去往何方。

Now we have raised -- overall, we've raised our guidance for the year, of course, primarily because Q2 came in higher. But even with a flat Q3, we've raised our guidance for the year in terms of revenue by almost $20-plus million. And given our conservative nature, for us, that's a hefty increase. So we think for the year, we'll have probably about $6.3 billion, maybe a little more. We'll have growth of 6.3%.

現在我們已經提高了——總的來說，我們提高了今年的業績預期，當然，主要是因為第二季的業績更高。但即使第三季業績持平，我們仍將全年營收預期提高了近 2,000 多萬美元。考慮到我們的保守性質，對我們來說，這是一個巨大的成長。因此我們認為，今年我們的收入大概會在 63 億美元左右，甚至更多。我們的成長率將達到6.3%。

We're assuming most of that 4% plus 4.2% will come from acquisitions, maybe 2% plus from organic. But then we are also looking at FX effects and other things. So there's a lot of moving parts, but that's the best we can do at this time.

我們假設 4% 加上 4.2% 的大部分將來自收購，也許 2% 以上將來自有機成長。但我們也在研究特效和其他東西。因此有很多活動部件，但這是我們目前能做的最好的事情。

I appreciate that. And then maybe just to dig into Industrial and Scientific Vision a bit. I think you called out the book-to-bill was 1.2 in the quarter. And I appreciate some of the short-cycle commentary. But any additional color in kind of what you're seeing in that business, either from an end market perspective and how you're kind of thinking about the outlook for the year?

我很感激。然後也許只是稍微深入研究一下工業和科學願景。我認為您所說的本季訂單出貨比是 1.2。我很欣賞一些短週期的評論。但是，從終端市場的角度以及您對今年前景的看法來看，您對該業務有什麼進一步的了解嗎？

So why don't I ask George to address that one, too.

那我為什麼不請喬治也解決這個問題呢？

Yes, sure. So in that part of the business, the Industrial and Scientific Vision, what we saw in Q2 is the machine vision cameras business had year-over-year growth in applications like semiconductor mask and wafer inspection. The machine vision sensors business was down year-over-year on sales, but had an order uptick year-over-year. So both machines vision cameras, machine vision sensors had increases in orders year-over-year. So as you mentioned, overall book-to-bill was 1.2.

是的，當然。因此，在工業和科學視覺業務的這一部分，我們在第二季度看到機器視覺相機業務在半導體掩模和晶圓檢測等應用方面實現了同比增長。機器視覺感測器業務的銷售額較去年同期下降，但訂單較去年同期成長。因此，機器視覺相機和機器視覺感測器的訂單量都較去年同期成長。正如您所提到的，整體訂單出貨比為 1.2。

We still think that business for the full year is relatively flat. But I think we are encouraged by some of those order trends that we saw in Q2.

我們仍然認為全年業務相對穩定。但我認為我們對第二季看到的一些訂單趨勢感到鼓舞。

And as we mentioned before, George and even before George, we took cost out. And so we've kind of stabilized. We feel we've stabilized that business to a revenue stream that is lower than it used to be. So now we can focus on improving the margins, as we've done in other businesses. George, you did that in Marine as an example.

正如我們之前提到的，喬治，甚至在喬治之前，我們都削減了成本。因此我們已經比較穩定了。我們覺得我們已經將該業務穩定下來，收入流比以前更低了。因此，現在我們可以專注於提高利潤率，就像我們在其他業務中所做的那樣。喬治，你在海軍陸戰隊就這麼做過。

That's right. I would say, we run the same playbook always, right, which is we focus on getting the cost structure right and growing from there.

這是正確的。我想說，我們始終遵循相同的策略，對吧，那就是我們專注於建立正確的成本結構並從那裡開始發展。

And then maybe just sneak in one last one. I mean you gave a lot of positive defense commentary. I mean if we think across the businesses, can you give some color on what overall defense was up and how maybe international contributed to that just given some of the positive commentary.

然後也許再偷偷地做最後一次。我的意思是你給了很多正面的辯護評論。我的意思是，如果我們考慮整個業務，您能否說明一下整體防禦能力的提高，以及國際因素可能對此做出了哪些貢獻，而不僅僅是給出了一些積極的評論。

Yes. There are two parts. And I think that's a really relevant question at this point. We have US government defense, and we have foreign government defense.

是的。有兩個部分。我認為這是一個目前非常相關的問題。我們有美國政府的防禦，也有外國政府的防禦。

The US government defense improved 12.5% year-over-year. And it was primarily organic, primarily. Foreign government also improved, over 15%. And there's a very good reason for that. Our defense portfolio is spread across different countries and different products. We have a very strong presence in Europe.

美國政府國防實力較去年同期成長12.5%。而且它主要是有機的。外國政府也有所改善，超過 15%。這是有充分理由的。我們的國防產品組合遍及不同國家和不同產品。我們在歐洲擁有非常強大的影響力。

For example, our very well-known nano-drones, are not made in the US. They're made in Europe. On the other hand, some of our other zones are made in Canada and some are made in the US. So when we look at growth, we look at Europe where defense spending is increasing. We have a nice footprint of manufacturing facilities across Europe. And as you well know, in-country production, in-sourcing is a key. So if you already have an existing footprint, that's really good.

例如，我們非常著名的奈米無人機就不是美國製造的。它們是在歐洲製造的。另一方面，我們的其他一些區域是在加拿大製造的，有些是在美國製造的。因此，當我們觀察成長時，我們會看到歐洲的國防開支正在增加。我們在歐洲各地擁有廣泛的製造基地。眾所周知，國內生產和國內採購是關鍵。因此，如果您已經有了現有的足跡，那就太好了。

The other thing is that everybody is talking about unmanned. Yes. Well, unmanned systems are not new to Teledyne. Look, we built our first unmanned drones during the Vietnam war. We built 5,000 Firebees that were used as targets and intelligence gathering.

另一件事是大家都在談論無人駕駛。是的。嗯，無人系統對 Teledyne 來說並不是什麼新鮮事。看，我們在越戰期間製造了第一架無人機。我們製造了 5,000 架 Firebee，用作目標和情報收集。

Unfortunately, when we got our divorce from Allegheny, they sold our best drone business, which was the Global Hawk. They sold it for $155 million to Northrop. And so that business just went away, and it's only come back because of FLIR. But FLIR has a very strong portfolio of drones, both very small nano-drones and others.

不幸的是，當我們與阿勒格尼公司離婚時，他們出售了我們最好的無人機業務，即全球鷹。他們以 1.55 億美元的價格將其賣給了諾斯羅普。所以這項業務就消失了，只是因為 FLIR 才得以恢復。但 FLIR 擁有非常強大的無人機產品組合，包括小型奈米無人機和其他無人機。

But the other part that we are enjoying is that in the first 20 years of our history, new history, we got unmanned vehicles. We bought 21 companies, underwater companies, marine companies, and we have underwater unmanned vehicles that are equal to as many as we sell that are above water.

但我們享受的另一部分是，在我們歷史的前 20 年，新的歷史中，我們有了無人駕駛汽車。我們收購了 21 家公司，包括水下公司和海洋公司，我們擁有的水下無人駕駛飛行器的數量與我們出售的水上無人駕駛飛行器的數量相同。

And finally, the issue on drones is low cost. And the lower the cost, the better. And we are fortunate because of FLIR that we can supply sensors, EO/IR sensors, both for our drones as well as other people's drones. And we're happy to sell people sensors. That's a big market for us.

最後，無人機的問題是低成本。成本越低越好。我們很幸運，因為有了 FLIR，我們可以為我們的無人機以及其他人的無人機提供感測器、EO/IR 感測器。我們很高興向人們銷售感測器。這對我們來說是一個巨大的市場。

So the combination of being the company in infrared, having infrared and visible sensors, a packaging game for our drones and selling them for other people's drones has put us in a nice place in this environment. I know that's a very long answer to a short question, but I think the context is important. Drones are nothing new to Teledyne.

因此，作為一家紅外線公司，擁有紅外線和可見光感測器，為我們的無人機提供包裝遊戲並將其出售給其他人的無人機，這些組合使我們在這種環境中處於有利地位。我知道這是一個針對簡短問題而給出的很長的答案，但我認為背景很重要。無人機對 Teledyne 來說並不是什麼新鮮事。

Noah Poponak, Goldman Sachs.

高盛的諾亞·波波納克。

Do you guys have growth in orders versus growth in revenue or a book-to-bill for the first half of the year in what you would call broadly defined short cycle or in machine vision and instrumentation?

在你們所謂的廣義短週期或機器視覺和儀器領域，今年上半年你們的訂單量是否與收入成長或訂單出貨比呈正相關？

Yes. I think in instrumentation, which would be short cycle, except for parts of marine, Noah, that are defense-related, which are underwater vehicles again. I think it's just above 1 because in Q1, it was 1.04; in Q2, it's 0.97. So average is a little over 1; let's say, 1. And that doesn't change much across the businesses. Environmental is a little healthier surprisingly. T&M is healthy, but still just below 1. And Marine is obviously above 1.

是的。我認為在儀器儀表方面，這將是短週期的，除了與國防相關的海洋部分，諾亞方舟，它們又是水下航行器。我認為它略高於1，因為第一季是1.04，第二季是0.97。所以平均值略高於1；我們就說1吧。而對於各個企業來說，這種情況並沒有太大的變化。環境意外的更健康一些。T&M 處於健康狀態，但仍略低於 1。而 Marine 顯然高於 1。

On Digital Imaging, as George mentioned and I mentioned, we're getting -- we're kind of getting a little bit of an uptick in our DALSA e2v, where we had -- we took some cost out and we had lower revenue. But Q1 was 1.02. Q2 is 1.23. We're cognizant of the fact that you get good book-to-bill when your revenue is down. But nevertheless, it's way over 1. And FLIR is really healthy over 1. It's 1.17 in Q1; 1.02 in Q2. So average is way over 1. We feel good about those businesses right now.

關於數位成像，正如喬治和我所提到的，我們的 DALSA e2v 業務取得了一些成長，我們降低了一些成本，但收入有所下降。但第一季是1.02，第二季是1.23。我們意識到，當收入下降時，訂單出貨比會比較好。但儘管如此，它還是遠遠超過了 1。而且 FLIR 確實比 1 更健康。第一季為 1.17；第二季為 1.02。所以平均值遠大於 1。我們現在對這些業務感覺良好。

Okay. Yes, I mean, we're all going to -- we're all thinking about the same thing here with the back half growth guide. And I recognize the pull forward you're mentioning, but $15 million to $20 million is 1% of the revenue in the quarter.

好的。是的，我的意思是，我們都將——我們都在思考後半部分成長指南的同一件事。我知道您提到的提前，但 1500 萬到 2000 萬美元只佔本季收入的 1%。

So if you had the acceleration to the 6% organic growth in the quarter, and you're saying 3Q and 4Q are 1 and 1, you're sort of saying what was 6 and 1 is 5 and 2. So you're still adjusted for the pull forward. You're still projecting a not insignificant decel in total organic revenue growth when the long cycle is growing 5 to 7, and you're telling us the short cycle is getting better.

因此，如果您將本季的有機成長率加速到 6%，並且您說第 3 季和第 4 季是 1 和 1，那麼您就相當於說 6 和 1 就是 5 和 2。所以你仍然需要適應向前拉的動作。當長週期成長 5 到 7 倍時，您仍然預測總有機收入成長會出現不小的減速，而您卻告訴我們短週期正在好轉。

Exactly.

確切地。

I guess, it is -- is the short cycle -- I guess if instrumentation book-to-bill is still below 1 and you've only seen a short window of Digital Imaging orders getting better, plus there's just a lot happening in the macro. I mean, I guess I'm trying to get at how much of what you're saying about 3Q is a very bottom-up plan versus you guys said, hey, given all those mixed inputs and we need a little more time to feel good about short cycle. Let's just call it the third quarter flat sequentially and hope to beat it and see what the indicators are in three months.

我想，這是短週期，我想如果儀器訂單出貨比仍然低於 1，並且您只看到數位成像訂單在短時間內好轉，再加上宏觀上發生了很多事情。我的意思是，我想弄清楚你所說的關於 3Q 有多少是一個自下而上的計劃，而你們說的是，嘿，考慮到所有這些混合輸入，我們需要更多的時間來對短週期感到滿意。我們就稱第三季與上一季持平，並希望能夠超過這一水平，看看三個月後的指標如何。

Yes. No, exactly. Well, in the next three days, starting right after this meeting, we go in our operations reviews with all of our businesses across the globe, and they all come in here. And what we got to do is George and I have to sort through that they don't sandbag us. People have a tendency to be cautious.

是的。不，確實如此。好吧，在接下來的三天裡，從這次會議之後開始，我們將對全球所有的企業進行營運審查，他們都來到這裡。我們要做的就是喬治和我必須弄清楚，不要讓他們對我們阻擋。人們有謹慎的傾向。

And we got to challenge them without getting them to become too effervescent. So it's a balance. I'm hoping that we get some of these pull-ins in Q3 and Q4, right? I mean as long as this whole international trade is volatile, who knows?

我們必須向他們提出挑戰，但不能讓他們變得太興奮。所以這是一種平衡。我希望我們能在第三季和第四季獲得一些這樣的吸引力，對嗎？我的意思是，只要整個國際貿易不穩定，誰知道呢？

Yes. I thought volatile trade was causing pushouts, not pull-ins. So I wonder if you guys aren't telling that.

是的。我認為波動性交易導致的是推擠，而不是吸引。所以我想知道你們是否沒有這麼說。

The reason I say that is it's both. If people think tariffs are going to go up in a certain area from a sales perspective, then they might like to get their orders in and then get under the tariffs. On the other hand, it could be the reverse if tariffs are high and they think they're going to go down. Right now, it's so uncertain. Every day, you pick up the paper now, today is Japan 15%, somebody else is at 18%. So we're very cautious, and we're looking at that just like you are.

我這樣說的原因是兩者皆有。如果人們從銷售角度認為某個地區的關稅將會上漲，那麼他們可能會希望先下訂單，然後再接受關稅。另一方面，如果關稅很高，而他們認為關稅會下降，那麼結果可能正好相反。現在，情況非常不確定。每天，你拿起報紙，今天日本的利率是15%，其他地方的利率是18%。因此我們非常謹慎，我們和您一樣看待這個問題。

Okay. I get it. Fair enough. Could you spend another minute on the Digital Imaging margins and what you're thinking happens in the back half? And you've spoken to your medium-term framework just given those stepped back a little bit in the group.

好的。我得到它。很公平。您能否再花一分鐘時間討論數位成像邊緣以及您認為後半部分會發生什麼？鑑於小組中那些人稍微退後了一步，您已經談到了您的中期框架。

Yes. Noah, again, there's tale of two cities. In FLIR, margins have continuously increased. For example, in FLIR Defense, when we acquired the business, our margins were more like just below 15%. Today, they're over 20%. Over a 3-year period, that's a pretty healthy improvement. FLIR margins, by and large, have improved.

是的。諾亞，又是一個雙城記。在 FLIR，利潤率持續增加。例如，在 FLIR Defense，當我們收購該業務時，我們的利潤率略低於 15%。如今，這一比例已超過 20%。經過三年的時間，這是一個相當健康的進步。總體而言，FLIR 利潤率已提高。

Now the flip side is because of the downturn in our camera and sensors, especially sensor business, the margins in DALSA e2v have gone down. Now overall, together, if you look at -- and by the way, we also, as George mentioned, we have some charges we took in Q2 to kind of right size the business. So the margins, if you look at DALSA e2v year-over-year, they've gone down 100 basis points, but I would attribute most of that to the cost out.

現在的不利因素是，由於我們的相機和感測器（尤其是感測器業務）的低迷，DALSA e2v 的利潤率下降了。現在總體而言，如果你綜合考慮——順便說一句，正如喬治提到的，我們在第二季度收取了一些費用，以適當調整業務規模。因此，如果您看一下 DALSA e2v 的同比利潤率，您會發現它下降了 100 個基點，但我認為這主要是由於成本下降。

Flip side, FLIR margins are as high as 24.2% in Q2 of this year, and they've gone up about 30 basis points. So when you look at the overall Digital Imaging, even basis points down in DALSA e2v. Digital Imaging as a whole, even with the cost out, is only down 10 basis points or flat. And that, to me, is encouraging because for a long time, everybody was saying, gee, what are you doing with FLIR? Well, FLIR is doing really well is carrying the day. And as soon as we straighten out, which we are, George straightens out with these people, the DALSA e2v picture, we're going to be fine.

另一方面，FLIR 利潤率在今年第二季高達 24.2%，並且上漲了約 30 個基點。因此，當您查看整體數位成像時，DALSA e2v 中的基點甚至會下降。整體而言，即使扣除成本，數位成像行業也僅下降了 10 個基點或持平。對我來說，這是令人鼓舞的，因為很長一段時間以來，每個人都在說，哎呀，你用 FLIR 做什麼？嗯，FLIR 表現確實很好，贏得了勝利。一旦我們理順了關係，喬治和這些人，以及 DALSA e2v 的圖片理順了關係，我們就會沒事的。

Interesting. Okay. That's super helpful. What did you take in charges in millions of dollars in the quarter?

有趣的。好的。這非常有幫助。本季您的費用為多少百萬美元？

About $5.3 million. $5.3 million, the way I look at it, every $600,000 is a penny. It's about $0.09 -- $0.08, $0.09. By the way, thank you for sending those three prepared questions. It's very helpful to me.

約 530 萬美元。 530 萬美元，在我看來，每 60 萬美元就是一分錢。大約是0.09美元——0.08美元，0.09美元。順便說一句，謝謝你發來的這三個準備好的問題。這對我很有幫助。

Jim Ricchiuti, Needham & Company.

吉姆‧里奇烏蒂 (Jim Ricchiuti)，李約瑟公司。

Wondering just given the moving parts in terms of the overall revenue outlook, the sales outlook for Q3 and Q4, I'm wondering if your expectations for margin improvement for the full year have changed at all. I think versus your earlier expectation, correct me if I'm wrong, you were talking, I think, about 60 basis points of operating margin improvement.

我想知道，考慮到整體收入前景、第三季和第四季的銷售前景的變化，您對全年利潤率改善的預期是否有所改變。我認為與您之前的預期相比，如果我錯了請糾正我，我認為您說的是營業利潤率提高約 60 個基點。

Yes. We're still there. We did that in Q2. We improved it 57 basis points, not to nitpick. Right now, we're at 55 for the year. 50, 60 is a good number. George, what do you think?

是的。我們還在那裡。我們在第二季度做到了這一點。我們將其提高了 57 個基點，這並不是吹毛求疵。目前，我們今年已經完成了 55 項。 50、60 是一個不錯的數字。喬治，您覺得怎麼樣？

No, I think that's right.

不，我認為是這樣。

So that's where it is.

事實就是這樣。

And looking at the Instrumentation business, the marine portion of that business. The marine instrumentation business has generated strong growth it seems like for the better part of a couple of years now. And I wanted to -- if we could, maybe just if you could talk a little bit about the drivers there. It's both, I think, both defense and commercial subs. Is it sustainable at these given what you're seeing?

看看儀器儀表業務，以及該業務的海洋部分。近幾年來，海洋儀器業務似乎一直保持著強勁成長。如果可以的話，我想您能稍微談談那裡的驅動因素。我認為，它既是防禦潛艇，也是商業潛艇。從您所看到的情況來看，這種做法可持續嗎？

I'm going to let George answer that. From a sustainability perspective, there's two ways to look at it. One of them is the growth. Are you going to sustain a 15% growth going forward year in, year out? The answer is no. Is it sustainable because it's at a high level? Yes, because we have really unique products.

我讓喬治來回答這個問題。從永續性的角度來看，有兩種方式可以看待它。其中之一就是成長。您是否打算年復一年地維持 15% 的成長率？答案是否定的。由於處於高水平，它是否可持續？是的，因為我們的產品確實很獨特。

George, do you want to add on that?

喬治，你想補充一下嗎？

Yes, I would just add, so the energy part of the business is about 40% of the marine business. We've seen -- continue to see strong growth there in the subsea interconnects for oil production, for example, offshore streamers for geophysical surveys for oil and gas exploration. And we expect that to continue at least for the next few years, subject, of course, to oil prices, which we can't predict.

是的，我只想補充一下，能源業務約佔海洋業務的 40%。我們已經看到—用於石油生產的海底互連設備持續保持強勁成長，例如用於石油和天然氣勘探的地球物理勘測的海上拖纜。我們預計這種情況至少在未來幾年內會持續下去，當然，這取決於我們無法預測的油價。

On the defense side of the business, that's probably, give or take, 30% of the marine business. What's driving that? Subsea unmanned vehicles, a lot of demand for our unmanned vehicles globally in particular. And then we also have a nice submarine interconnects business there, where we're on platforms like the Virginia and Columbia-class submarine, and that business is doing well.

在國防業務方面，這可能佔海運業務的 30% 左右。是什麼原因導致的呢？海底無人駕駛車輛，特別是我們的無人駕駛車輛在全球範圍內的需求很大。我們在那裡也有很好的潛艇互連業務，我們為弗吉尼亞級和哥倫比亞級潛艇等平台提供服務，而且這項業務進展順利。

So I think -- and in that case, on the defense side, I certainly think that's sustainable given the overall environment geopolitically, particularly where we're selling vehicles into places like the Baltic Sea, the Black Sea. And certainly, submarines are among the US Navy's top priorities.

所以我認為——在這種情況下，在國防方面，考慮到整體地緣政治環境，我當然認為這是可持續的，特別是我們向波羅的海、黑海等地銷售汽車。毫無疑問，潛水艇是美國海軍的首要任務之一。

Last question, if I could just slip one other one in. It sounds like Micropac margins were up, that's going well. Are you still thinking in terms of Qioptiq being able to add about $0.15 to EPS this year?

最後一個問題，我是否可以再問一個。聽起來 Micropac 的利潤率上升了，情況很好。您是否仍認為 Qioptiq 今年能夠為每股盈餘增加約 0.15 美元？

The answer is yes, both in Micropac and Qioptiq as we look Q1, Q2, Q3, Q4, margins are consistently improving and projected to improve. That's our story book, right? By the way, Qioptiq turned out to be a really good acquisition. It's very interesting. There's a part of it as in the US, which are energetics, et cetera, when you separate missiles from what drives them. But then in Europe, especially in the UK, it's a lot of military applications, which are very closely tied to what FLIR makes.

答案是肯定的，從第一季、第二季、第三季和第四季來看，Micropac 和 Qioptiq 的利潤率都在持續提高，而且預計還會提高。那是我們的故事書，對吧？順便說一句，Qioptiq 事實證明是一次非常成功的收購。這很有趣。其中有一部分就像美國一樣，當你將導彈與驅動其的因素分開時，就會涉及到能量學等等。但在歐洲，尤其是在英國，有許多軍事應用與 FLIR 的產品密切相關。

So what George has done is has the UK part reports to JihFen Lei, who runs our FLIR Defense. So she is integrating that into FLIR Defense, even though we're reporting in a segment, it doesn't matter. It's how you manage it and how you enjoy the fruits of having similar products, different customers. Qioptiq makes products in Europe. We can sell those products now in the US. And of course, the opposite is true with FLIR. So there we go.

因此，喬治所做的就是讓英國部分向負責我們 FLIR Defense 的 JihFen Lei 報告。因此，她將其整合到 FLIR Defense 中，儘管我們只是在一個片段中進行報道，但這並不重要。關鍵在於你如何管理它以及如何享受類似產品和不同客戶的成果。Qioptiq 在歐洲生產產品。我們現在可以在美國銷售這些產品。當然，FLIR 的情況正好相反。就這樣吧。

Jordan Lyonnais, Bank of America.

喬丹·里昂，美國銀行。

Could you guys cover -- so on the drone exposure overall, how are you thinking about the opportunities? Black Hornet was added to the Blue UAS list. But is it the driver for you guys is really just the camera systems you'll sell to everybody versus your own drone products?

你們能否介紹一下——總體而言，關於無人機的曝光，您如何看待其中的機會？黑黃蜂被添加到藍色無人機系統名單中。但是，對你們來說，驅動力真的只是向所有人銷售的攝影系統，而不是你們自己的無人機產品嗎？

Yes, I think you got it. I think we sell it to our drone products. And our drone products are obviously not just the ability to put our sensors in, but we're developing new drones all the time. The latest drone that's going to go into pre-production is a weaponized drone, but we have very competitive drone there called the R1. And the other thing is that we have unique drones in the small nano-drones, which you've seen the Black Hornet, which are growing in revenue and in adoption by many countries.

是的，我想你明白了。我認為我們將其出售給我們的無人機產品。我們的無人機產品顯然不僅具有放置感測器的能力，而且我們一直在開發新的無人機。即將進入預生產階段的最新無人機是一款武器化無人機，但我們擁有一款非常有競爭力的無人機，名為 R1。另一件事是，我們在小型奈米無人機中擁有獨特的無人機，正如您所見的“黑黃蜂”，其收入正在增長，並被許多國家採用。

But then on the sensor side, we have this large business in Santa Barbara that makes cooled and uncooled infrared, and infrared plus visible sensors. We sell them to anybody. We're not going to just sell it to our OEM. Actually, we make a lot more revenue selling it to other people, but out of $200 million worth of product plus that they make, they also enable another $800 million of revenue across Teledyne by the sensors. And I'm sure other people are enjoying the same thing.

但在感測器方面，我們在聖塔芭芭拉擁有一家大型企業，生產冷凍和非製冷紅外線以及紅外線加可見光感測器。我們將它們出售給任何人。我們不會僅僅將其出售給我們的 OEM。實際上，我們透過將其出售給其他人獲得了更多的收入，但在他們生產的價值 2 億美元的產品之外，他們還透過感測器為 Teledyne 帶來了另外 8 億美元的收入。我相信其他人也會享受同樣的事情。

Basically, you want to make sensors for other people, and it's very simple. The math is really simple. The larger the production floor, you spread your cost and development across a broader sales channel. And the more sales you have, the better your margins consequently because you have more -- so we'll sell it to anybody. And we do actually. We sell to competitors. We sell to people that are not competitors, and we sell to both defense companies and nondefense companies.

基本上，您想為其他人製作感測器，這非常簡單。數學其實很簡單。生產車間越大，您就可以將成本和開發分攤到更廣泛的銷售管道。銷售量越多，利潤就越高，因為我們有更多產品——所以我們會把它賣給任何人。我們確實這麼做了。我們向競爭對手銷售。我們向非競爭對手銷售產品，我們既向國防公司銷售，也向非國防公司銷售。

Got it. Okay. And then for the One Big Beautiful Bill that passed, are there any changes that we should consider for the R&D tax changes or any other new programs that you guys see a lot of runway from?

知道了。好的。那麼，對於已經通過的《一項偉大的美麗法案》，我們是否應該考慮對研發稅收進行一些改變，或者對其他任何你們認為有很大進展的新項目進行一些改變？

Yes. There are two. One has to do with the writing down the R&D, which, obviously, it's good if you can accelerate it. But the other part is really the cash tax portion. And we think that would be lower in the second half of the year by as much as $30 million.

是的。有兩個。其中一個與記錄研發有關，顯然，如果可以加速研發，那就太好了。但另一部分其實是現金稅部分。我們認為，今年下半年這一數字將下降 3,000 萬美元。

So flip side, R&D credits, you can accelerate. The other side, you expect it to pay $30 million more in taxes than we're expecting now to what our calculations show. And we're obviously very busy trying to figure out all the R&D expenditures that we have across the company. It's been good from that perspective.

因此，另一方面，你可以加速研發信用。另一方面，根據我們的計算結果，預計該公司將多繳納 3000 萬美元的稅款。顯然，我們正忙於計算整個公司的所有研發支出。從這個角度來看，這是件好事。

Jonathan Siegmann, Stifel.

喬納森·西格曼（Jonathan Siegmann），Stifel。

On Golden Dome, there seems to be some funding coming through to that program. Can you talk a little bit about which Teledyne products have the most relevance to? And are you already engaging with some of the industry partners? And just give a sense of how big of an opportunity that could be for the company.

在金色穹頂，似乎有一些資金流向了這個計畫。您能否談談哪些 Teledyne 產品與此最相關？您是否已經與一些產業夥伴展開合作？請您想像一下這對公司來說是一個多大的機會。

Thank you. It's a little too early to kind of be too specific, but we have a lot of activity there, coordinated activity. I'm going to let George answer that.

謝謝。現在談論具體情況還為時過早，但我們在那裡開展了很多活動，協調一致的活動。我讓喬治來回答這個問題。

Sure. So the One Big Beautiful Bill Act did include some funding to advance the Golden Dome concept. In general, we've got a large presence in space-based imaging and electronic subsystems that go into things like missile tracking. So we would expect, given our presence on, for example, the Space Development Agency tranche programs, Overhead Persistent Infrared programs, things like that, that we'd have opportunities in the -- mostly in the space-based sensing, but also some of the electronic subsystems.

當然。因此，「一項美麗大法案」確實包括了一些資金來推進金色穹頂概念。總的來說，我們在太空成像和電子子系統領域佔有重要地位，這些子系統可用於飛彈追蹤等領域。因此，鑑於我們參與了太空發展局分期付款計劃、高空持續紅外線計劃等項目，我們預計我們將有機會——主要是在太空感測領域，但也包括一些電子子系統。

Yes. And we do -- we're trying to coordinate our response. We're getting some requests for -- early requests for proposals from some of our customers. And we're positively inclined towards that. Now historically, we have participated in the defense systems that they use in Middle East at Israel uses.

是的。我們確實正在努力協調我們的應對措施。我們收到了一些客戶的早期提案請求。我們對此持正面態度。從歷史上看，我們參與了以色列在中東使用的防禦系統。

But this is very different, obviously. It's bigger. It's broader. It's more space based. And because we have a pretty rich heritage of space imaging, both in science and defense, by the way, they overlap.

但這顯然是非常不同的。它更大了。它更廣泛。它更多地基於空間。而且由於我們在太空成像方面擁有相當豐富的經驗，無論是在科學方面還是在國防方面，它們都是重疊的。

And as George mentioned, we play in all of those domains. And you're going to have to use those if you're going to have any kind of a broad defense system looking down. I don't know if that answers your question.

正如喬治所提到的，我們在所有這些領域都有所作為。如果你要建立任何類型的廣泛防禦系統，你必須使用它們。我不知道這是否回答了你的問題。

It's very helpful. And on the share buyback authorization, I'm just curious whether we should be taking that as an indicator that the pipeline of activity is slowing down or whether you're starting to see value in the stock, if you can maybe expand on that, that would be helpful.

這非常有幫助。關於股票回購授權，我只是好奇我們是否應該將其視為活動管道正在放緩的指標，或者您是否開始看到股票的價值，如果您可以詳細說明這一點，那將會很有幫助。

Sure. It's, again, a tale of two cities, right? Last time we bought stock was -- the stock was at $400, now it's over $500. So you ask yourself is that a wise thing to do? I think the most important thing is to have the optionality on the table.

當然。這又是一個雙城記，對吧？我們上次買股票時股價為 400 美元，現在已經超過 500 美元。所以你問自己，這樣做明智嗎？我認為最重要的是要有可選性。

In terms of acquisition availability, there are available acquisitions, but they're insane in prices. People are paying 19, 20x EBITDA for products for businesses that you've got to go and do three, four years of hard fixing. Are we -- one case, as an example, without mentioning the exact nature of it, we bid a price, which we thought was a stretch for us and somebody bid a price 30% higher. It just blew as out of the water. So there are acquisitions with the insanity of the price until it kind of moderates, but we're going to sit on the sideline.

在收購可用性方面，有可供收購，但價格高得離譜。人們為企業的產品支付 19 到 20 倍的 EBITDA，而你必須花三到四年的時間去努力修復。舉個例子，我們沒有提到具體情況，我們出了一個價格，我們認為這個價格對我們來說太高了，但有人出的價格卻高出了 30%。它就像是從水中吹出來的一樣。因此，在價格趨於緩和之前，收購都是以瘋狂的價格進行的，但我們會保持觀望。

We may buy our stock back if that's the best value. We would also -- if we look at -- we have all fixed debt going forward. The longer is fixed debt, the cost to us in terms of -- it's about 5%. And right now, we're earning just north of 4%. So you look at that and you say, what do you do?

如果價值最高的話，我們可能會回購股票。如果我們看一下的話，我們也會發現，我們所有的債務都是固定的。固定債務期限越長，我們的成本就越高——約 5%。現在，我們的利潤剛剛超過 4%。所以你看到這個然後說，你會怎麼做？

Sit on $800 million, $900 million of cash, or do you use some of that, not all of it, some of that to redeem some of the bonds. The good thing is our debt-to-EBITDA ratio is 1.6. If we do nothing, it will go down to 0.5 next year, end of next year. So it's a nice place to be. We may buy our stock. We may buy businesses if sanity prevails.

坐擁 8 億美元、9 億美元現金，還是使用其中一部分（不是全部）來贖回部分債券。好消息是，我們的債務與EBITDA比率是1.6。如果我們不採取任何措施，明年，也就是明年底，這個比率就會降到0.5。所以這是一個好地方。我們可能會買我們的股票。如果理智佔上風，我們可能會收購企業。

Joe Giordano, TD Cowen.

喬·喬達諾（Joe Giordano），TD Cowen。

Apologies if you said this in the beginning, I missed the very beginning of the call. But just relating to the pull forward, the potential there. I know it's not a huge number, but like were you seeing tangible reductions in orders in like early July that confirms something like this? Or is it more just like something that you're just maybe worried about but aren't seeing evidence of it?

如果您一開始就這麼說，我很抱歉，我錯過了通話的開頭。但僅與向前拉動有關，那裡就有潛力。我知道這不是一個很大的數字，但是您是否看到 7 月初訂單明顯減少，從而證實了這樣的情況？或者它更像是你可能擔心但卻沒有看到證據的事情？

The answer is no. We didn't see it. We're just -- it's the cautious nature of Teledyne to kind of not be effervescent. We haven't seen it. I hope we won't see it. And I hope we can say next quarter that we pulled forward. But we haven't seen any evidence. No.

答案是否定的。我們沒有看到。我們只是——Teledyne 的謹慎本質決定了我們不會過於興奮。我們還沒看到。我希望我們不會看到它。我希望下個季度我們能夠說我們取得了進步。但我們還沒有看到任何證據。不。

Got it. Okay. And then last quarter, given all the controversy around tariffs, and we didn't know what was going on and raising prices, you guys were building in some kind of contingency on the demand side related to price actions you may have to take to combat. Now as tariffs have deescalated, have you removed any of that kind of contingency from the guide now that we're three months further along and the tariffs are coming in at lower rates?

知道了。好的。然後上個季度，考慮到圍繞關稅的所有爭議，我們不知道發生了什麼，也不知道價格上漲了，你們在需求方面建立了某種應急措施，與你們可能必須採取的價格行動有關。現在，隨著關稅的降低，三個月過去了，關稅也開始降低，您是否已經從指南中刪除了此類應急措施？

Yes, there are two parts to this, as you well know, one of them is on the sales side and the other part is on the cost side. Let me deal with the first, with the sales side. The good thing about Teledyne if there is -- in terms of tariffs is that 82% of our revenue on the sales side come from US-based businesses that are selling to US-based customers or international locations selling to international customers. So in that way, 82% of our product is under the tent, and we don't worry that much about it.

是的，這包括兩個部分，正如你所知，其中一個部分是銷售方面，另一個部分是成本方面。讓我來處理第一個問題，也就是銷售方面的問題。就關稅而言，Teledyne 的一個好處是，我們 82% 的銷售收入來自美國企業向美國客戶銷售產品，或來自國際地區向國際客戶銷售產品。這樣一來，我們 82% 的產品都在帳篷下，我們對此並不擔心。

Of the other 18% of the sales, approximately 75%, or 14% of the total 18%, are US exports to international locations. That can have an effect, but fortunately, for us, only 2% of our sales are to China in that domain. Finally, 4% of our external sales are from Teledyne international locations to US-based customers where new tariffs may apply, but we have products that are extremely unique like magnetrons for X-ray for cancer treatment, which are unique products. And we think that's not going to be affected much.

在其餘 18% 的銷售額中，約有 75%（佔總量的 14%）是美國向國際地區的出口。這可能會產生影響，但幸運的是，對我們來說，只有 2% 的銷售額來自中國。最後，我們 4% 的外部銷售額來自 Teledyne 國際分支機構，銷售給可能徵收新關稅的美國客戶，但我們擁有非常獨特的產品，例如用於癌症治療的 X 射線磁控管，這些都是獨特的產品。我們認為這不會受到太大影響。

Having said all of that, we see some impact, but it won't be very large. On the cost side, that's a different story. We import about $700 million of material, which enters our cost of goods. And if you assume tariffs are, let's say, 11%, that's $80 million. We can probably mitigate some of that by using US, Mexico, Canada and the fact that we're doing US military DoD products. And that leaves maybe $60 million in the cost, which is $15 million a quarter, which we have to make up with price increases. I don't know. That's as wholesome a picture as I can give.

儘管如此，我們看到了一些影響，但不會很大。從成本方面來看，情況又是另一回事。我們進口了價值約 7 億美元的材料，這計入了我們的商品成本。如果你假設關稅為 11%，那就是 8000 萬美元。透過使用美國、墨西哥、加拿大以及我們生產美國國防部軍用產品的事實，我們或許可以緩解其中的一些問題。剩下的成本大概是 6000 萬美元，也就是每季 1500 萬美元，我們必須提高價格來彌補。我不知道。這是我能給的最完整的畫面。

I guess what I'm getting is, I think you guys were factoring in like every percent of price that you need to do will kind of like destroy demand to a certain extent. Do you still feel that way? And is that kind of -- is that contingency still in the guide?

我想我要說的是，我認為你們已經考慮到了價格的每一個百分點都會在某種程度上破壞需求。你現在還有這種感覺嗎？那麼這種——這種意外情況是否仍然在指南中？

No. The answer is no. We've become less cautious in that domain.

不。答案是否定的。我們在那個領域已經變得不那麼謹慎了。

Rob Jamieson, Vertical Research Partners.

Rob Jamieson，Vertical Research Partners。

Just a quick one, just to go back to the full year guidance on EPS. Just can you walk us through a scenario and what would need to happen across the portfolio for you to hit the high end of the guidance range or maybe even exceed it? What would need to happen?

簡單說一下，回到全年每股盈餘指引。您能否向我們介紹一下具體情況，以及整個投資組合需要發生什麼才能達到指導範圍的高端甚至超越它？需要發生什麼？

Teledyne's history would repeat itself. How's that. I think -- no, I think it all depends on our short-cycle business because we have a really good view on the long cycle. We're seeing growth in -- as George mentioned, we're seeing growth in our test and measurement. We're seeing growth in our environmental surprisingly. And if those hold up, we'll be fine.

Teledyne 的歷史將會重演。怎麼樣？我認為——不，我認為這完全取決於我們的短週期業務，因為我們對長週期有著非常好的看法。正如喬治所提到的，我們看到了測試和測量方面的成長。我們驚訝地看到我們的環境正在成長。如果這些能夠堅持下去，我們就會沒事的。

Great. And then just can you talk a little bit more about the test and measurement business and performance during the quarter and your expectations for second half? I think last quarter, you called out that you saw strong Ethernet test sales, and that's just related to AI. Just curious if there are any additional areas of strength you saw during the quarter, any additional color?

偉大的。那麼您能否再多談談本季的測試和測量業務和業績以及對下半年的期望？我認為上個季度您曾說過乙太網路測試銷售強勁，而這與人工智慧有關。我只是好奇，在本季度您是否看到了其他優勢領域，其他亮點？

I'll let George answer that, please.

請讓喬治來回答這個問題。

Sure. So we had about 5.5% organic growth in the test and management business in Q2. It was our third consecutive quarter of year-over-year growth. And fundamentally, the protocol sales drove most of that growth, but the oscilloscope sales were also kind of slightly higher. On the oscilloscope side, it's driven by some of the high-speed applications, also driven by some power and motor drive analyzers.

當然。因此，我們第二季的測試和管理業務實現了約 5.5% 的有機成長。這是我們連續第三個季度實現同比增長。從根本上來說，協議銷售推動了大部分成長，但示波器的銷售也略高一些。在示波器方面，它由一些高速應用驅動，也由一些電源和馬達驅動分析儀驅動。

And on the protocol side, yes, it's been driven by those network applications, high-speed communications, things like PCI Express. And so we continue to -- again, that business has stabilized. We've seen nice consecutive growth in three quarters year-over-year. We still expect the business to be up kind of low single digits for the full year, and it's solid.

在協定方面，是的，它是由那些網路應用程式、高速通訊以及 PCI Express 之類的技術所驅動的。因此我們繼續——業務再次趨於穩定。我們已經連續三個季度實現了同比良好成長。我們仍預期全年業務將實現低個位數成長，而且成長穩健。

Yes. Anything that increases traffic increases requirements for larger storage capacity. And anything to do with AI is, of course, just that would benefit our protocol businesses. So Kerry, how are we doing?

是的。任何增加流量的事情都會增加對更大儲存容量的要求。當然，任何與人工智慧相關的事情都會使我們的協議業務受益。那麼，克里，我們做得怎麼樣呢？

This actually does now conclude our question-and-answer session. I would like to turn the floor back over to our speakers for closing comments.

我們的問答環節其實到此就結束了。我想將發言時間交還給我們的發言者，請他們發表最後評論。

So okay. Let's go to Jason then.

好吧。那我們去找傑森吧。

Again, thanks, everyone, for joining us today. And if you have follow-up questions, feel free to call me at the number on the earnings release. Kerry, if you could give the replay information over the call, the webcast, we'd appreciate it. Goodbye, everyone. Thank you.

再次感謝大家今天的參與。如果您還有其他問題，請隨時撥打收益報告中的電話號碼與我聯絡。克里，如果您能透過電話或網路直播提供重播訊息，我們將不勝感激。大家再見。謝謝。

Thank you. Ladies and gentlemen, thank you for your participation. This does conclude today's teleconference. You may disconnect your lines, and have a wonderful day.

謝謝。女士們、先生們，感謝你們的參與。今天的電話會議到此結束。您可以斷開線路，享受美好的一天。