Teledyne Technologies Inc (TDY) 2025 Q3 法說會逐字稿

Welcome to Teledyne's third quarter earnings call. Here is your first speaker, Mr. Jason VanWees.

歡迎參加 Teledyne 第三季財報電話會議。第一位發言者是 Jason VanWees 先生。

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

謝謝大家，早安。我是副董事長 Jason VanWees，歡迎大家參加 Teledyne 2025 年第三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'll ask for 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，我們會詢問大家的問題。

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

但當然，在我們開始之前，律師提醒我告訴您，今天上午做出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揭露，本次電話會議將同時進行網路直播和重播，透過網路直播和撥接存取將持續約一個月。這是羅伯特。

Good morning, everyone, and welcome to our conference call. First, I must say, I'm very pleased to announce that we had record -- all-time record quarterly sales, non-GAAP earnings per share and free cash flow. Sales increased 6.7% from last year. Non-GAAP earnings increased 9.2% and free cash flow was a record $314 million. Furthermore, total company new orders were also a quarterly record due in part to continued backlog growth at Teledyne fleet.

大家早安，歡迎參加我們的電話會議。首先，我必須說，我很高興地宣布，我們的季度銷售額、非公認會計準則每股收益和自由現金流均創歷史新高。銷售額比去年增長了6.7%。非公認會計準則收益成長 9.2%，自由現金流達到創紀錄的 3.14 億美元。此外，由於 Teledyne 機隊積壓訂單持續成長，該公司新訂單總量也創下了季度紀錄。

Given our strong third quarter performance, recovering commercial short-cycle businesses, and also robust backlog growth, we're raising our full year earnings outlook at both the bottom and the top of the forecasted range. Likewise, last quarter, we expected 2025 full-year sales to be about $6.03 billion. But now we believe we may achieve sales of $6.06 billion. Our defense-related businesses, including our new acquisitions are performing extremely well. And we continue to pursue a number of significant contract opportunities not yet formally awarded or reflected in our backlog.

鑑於我們第三季的強勁表現、商業短週期業務的復甦以及強勁的積壓訂單增長，我們將全年盈利預期上調至預測範圍的底部和頂部。同樣，上個季度，我們預計 2025 年全年銷售額約為 60.3 億美元。但現在我們相信我們可能實現 60.6 億美元的銷售額。我們的國防相關業務，包括新收購的業務，表現都非常出色。我們將繼續尋求一些尚未正式授予或反映在積壓訂單中的重要合約機會。

However, given the current US government shutdown, we had a bit measured on expectations for new contract awards or acceptance of allowance of shipments that we need export licenses for. And of course, cash collections from the government will be somewhat delayed. The prior shutdown in December 2018 and early 2019 lasted about 35 days. I believe today, we're in the 22 or 23 day.

然而，鑑於目前美國政府關門，我們對新合約授予的期望或接受需要出口許可證的貨物許可的期望有所衡量。當然，政府的現金收款也會延遲。2018 年 12 月和 2019 年初的停工持續了大約 35 天。我相信今天我們已經進入第 22 或 23 天了。

In that -- at that time, between 2018 and '19, we didn't really experience any significant impact from the short term. And we similarly don't expect to have much impact, except if the shutdown were to stretch for months and god forbid, till the end of the year. It may affect about -- if it goes that long, it may affect about 25% of our sales somewhat, which are related to the government but any temporary impact to commercial shares for which we may be dependent on US government exports may be somewhat affected. Overall, I do not think this is going to affect Teledyne significantly.

在那個時候，也就是 2018 年至 2019 年之間，我們並沒有真正感受到短期內的任何重大影響。同樣，我們也不認為會產生太大的影響，除非政府停擺持續數月甚至到年底。它可能會產生影響——如果這種情況持續那麼長時間，可能會對我們約 25% 的銷售額產生一定影響，這些銷售額與政府有關，但對我們可能依賴美國政府出口的商業份額的任何暫時影響都可能受到一定影響。總的來說，我認為這不會對 Teledyne 產生重大影響。

Also, you may have noted that China has designated Teledyne FLIR LLC as an unreliable entity. While customers in China represent only 4% of our sales in 2024, '25. Such sales by Teledyne FLIR LLC were less than 0.4%. So we don't expect much effect from there. Actually Teledyne Brown engineering was added to the same list in December of 2024, but it's sales to customers in China are zero. Finally, I must note, despite spending $770 million in cash year-to-date on acquisitions, our current balance sheet is the strongest since prior to the FLIR acquisition in 2021.

此外，您可能已經注意到，中國已將 Teledyne FLIR LLC 指定為不可靠實體。而到 2024 年和 2025 年，中國客戶僅占我們銷售額的 4%。Teledyne FLIR LLC 的此類銷售額不到 0.4%。所以我們並不期望它能產生太大的效果。實際上，Teledyne Brown 工程公司於 2024 年 12 月被添加到同一名單中，但其對中國客戶的銷售額為零。最後，我必須指出，儘管今年迄今在收購上花費了 7.7 億美元現金，但我們目前的資產負債表是自 2021 年收購 FLIR 以來最強勁的。

We also expect to close a small transponder tech carve-out from (saab) very soon. having recently received approval from the government of Sweden. And furthermore, we continue to pursue a number of other acquisition activities. George will now briefly comment on the performance of our business segments.

我們也希望很快完成對薩博 (saab) 的一項小型應答器技術剝離。最近我們獲得了瑞典政府的批准。此外，我們也將繼續進行其他一些收購活動。喬治現在將簡要地評論我們業務部門的表現。

Thank you, Robert. In the Digital Imaging segment, third quarter sales increased 2.2%. Teledyne FLIR sales continued to grow, but this was also the first quarter in two years in which sales from our legacy Delta e2v businesses collectively increased modestly. For example, Sales of our sensors and cameras for industrial and scientific vision systems increased year-over-year and accelerated for the second quarter in a row. However, this was partially offset by ongoing weakness in sales of X-ray detectors especially for the more consumer discretionary dental market.

謝謝你，羅伯特。在數位成像領域，第三季銷售額成長了 2.2%。Teledyne FLIR 的銷售額持續成長，但這也是我們傳統 Delta e2v 業務的銷售額兩年來首次整體小幅成長的季度。例如，我們用於工業和科學視覺系統的感測器和相機的銷售額年增，並連續第二季加速成長。然而，這一增長被X光探測器銷售的持續疲軟所部分抵消，特別是在消費者更自主選擇的牙科市場。

Both the overall Teledyne FLIR defense and industrial businesses increased with sales of unmanned systems, counter unmanned air systems, and infrared components and subsystems being the strongest performers. Third quarter digital imaging book-to-bill was 1.12 times. And as Robert mentioned, we continue to pursue a number of opportunities not yet awarded.

Teledyne FLIR 整體國防和工業業務均有所成長，其中無人機系統、反無人機系統以及紅外線組件和子系統的銷售表現最為強勁。第三季數位成像訂單出貨比為1.12倍。正如羅伯特所提到的，我們將繼續尋求一些尚未獲得的機會。

These include, for example, unmanned aerial systems opportunities, such as a full rate production order for our Rogue 1 loitering munition under the Marine Corps Organic Precision Fire Light or OPFL program, as well as a potential new award under the US Army's Low Altitude Stocking and Strike Ordinance or LASSO program, for which we are competing.

這些包括無人機系統機會，例如海軍陸戰隊有機精確火力照明或 OPFL 計劃下我們的 Rogue 1 巡飛彈的全速生產訂單，以及美國陸軍低空儲存和打擊條例或 LASSO 計劃下的潛在新獎項，我們正在競爭。

There also remains several unawarded contracts, both domestic and international for FLIR's airborne, land and maritime surveillance systems. Non-GAAP operating margin decreased 92 basis points, primarily due to greater cost reduction expenses, which we did not exclude from non-GAAP margins as well as 90 basis points of increased R&D expense.

此外，FLIR 的空中、陸地和海上監視系統還有幾份國內和國際合約尚未授予。非公認會計準則營業利潤率下降了 92 個基點，主要原因是成本削減費用增加（我們沒有將其排除在非公認會計準則利潤率之外）以及研發費用增加 90 個基點。

In the Instrumentation segment, which consists of our marine, environmental and test and measurement businesses, third quarter total sales increased 3.9% versus last year. Overall sales of marine instruments increased 3.2% due to strong sales of interconnect used in offshore energy production and for US, Virginia, and Columbia class submarines. However, these were partially offset by difficult comparisons in offshore energy exploration and some reduced sales of products for hydrography and Oceanographic Research.

在儀器儀表部門（包括我們的海洋、環境和測試與測量業務），第三季總銷售額比去年同期成長了 3.9%。由於用於海上能源生產以及美國維吉尼亞級和哥倫比亞級潛艇的互連產品的銷售強勁，海洋儀器的整體銷售額增長了 3.2%。然而，這些影響被海上能源勘探的困難比較以及水文和海洋研究產品銷售額的下降部分抵消。

Sales of environmental instruments increased nicely at 7.5%. This primarily resulted from higher sales for process gas safety and ambient air and emissions monitoring instrumentation due in part to demand for new natural gas-fired power plants and other energy infrastructure.

環境儀器的銷售額成長了7.5%，表現良好。這主要是由於製程氣體安全和環境空氣及排放監測儀器的銷售增加，部分原因是對新的天然氣發電廠和其他能源基礎設施的需求。

Sales of electronic test and measurement systems, which include oscilloscopes, protocol analyzers and Ethernet traffic generators increased modestly, both sequentially and year-over-year. In particular, sales of high bandwidth oscilloscopes used by customers developing or testing high-speed networking devices increased nicely but were partially offset by sales to customers in the automotive and consumer electronics markets. Instrumentation operating margin in the third quarter decreased slightly on a tough comparison. However, we continue to expect a slight increase for full year 2025.

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）的銷售額環比和年比均有小幅成長。特別是，開發或測試高速網路設備的客戶所使用的高頻寬示波器的銷售額成長良好，但被汽車和消費性電子市場客戶的銷售部分抵消。相較之下，第三季儀器營業利潤率略有下降。不過，我們仍然預計 2025 年全年將略有成長。

In the Aerospace and Defense Electronics segment, third quarter sales increased 37.6%, primarily driven by acquisitions and organic growth of defense electronics products. Commercial aerospace aftermarket sales increased and OEM orders for 2026 deliveries were strong in the quarter, but OEM-related shipments declined from last year given some continuing customer destocking.

在航空航太和國防電子領域，第三季銷售額成長了 37.6%，主要得益於收購和國防電子產品的有機成長。本季商用航空售後市場銷售額有所增長，2026 年交付的 OEM 訂單表現強勁，但由於部分客戶持續去庫存，OEM 相關出貨量較去年有所下降。

Overall, segment operating profit increased year-over-year, but GAAP and non-GAAP segment margins decreased slightly year-over-year due to comparatively lower current margins at recently acquired businesses. Nevertheless, overall margin increased sequentially for the second consecutive quarter since closing the acquisitions.

總體而言，分部營業利潤同比增長，但由於最近收購的業務的當前利潤率相對較低，因此 GAAP 和非 GAAP 分部利潤率同比略有下降。儘管如此，自完成收購以來，整體利潤率連續第二季環比成長。

For the Engineered Systems segment, third quarter revenue decreased 8.1% given an especially tough comparison with last year. However, despite the lower revenue and also a tough comparison, operating margin increased 30 basis points from last year. I will now pass the call back to Robert.

對於工程系統部門而言，由於與去年同期相比情況嚴峻，第三季營收下降了 8.1%。然而，儘管收入較低且比較困難，但營業利潤率比去年增加了 30 個基點。我現在將把電話轉回給羅伯特。

Thank you, George. Let me just conclude by saying there are always going to be near-term challenges to overcome and we have a strong history of doing that. We have a portfolio that varies from market to market. And no one market in our portfolio goes down at once. At the same time, no one market goes up all at once.

謝謝你，喬治。最後，我想說，我們總是會遇到一些近期的挑戰需要克服，而我們在這方面有著豐富的經驗。我們的產品組合隨市場不同而變化。我們投資組合中的任何一個市場都不會同時下跌。同時，沒有哪個市場會一下子上漲。

Nevertheless, our strong portfolio always protects us from market turbulence. The government shutdown, of course, is a problem for everybody. And there is a market volatility that we're dealing with. But we're resilient, we're well positioned and we have a number of very strong growing markets with tangible critical products and solutions, as George mentioned.

儘管如此，我們強大的投資組合始終能保護我們免受市場動盪的影響。當然，政府關門對每個人來說都是一個問題。我們正在應對市場波動。但正如喬治所提到的那樣，我們具有韌性，我們處於有利地位，並且擁有許多非常強勁的成長市場以及切實的關鍵產品和解決方案。

For example, in our unmanned air and subsea system as well as our space-based electronics and imaging sensors for both the US government and our NATO, we're very strongly positioned. The ongoing need for new energy sources and new or renewed power generation are positively impacting our instrumentation businesses. And the development and inspection of advanced semiconductors utilize our electronic test and measurement instrumentation and our digital imaging solution.

例如，在為美國政府和北約提供的無人機和海底系統以及太空電子和成像感測器方面，我們佔據著非常有利的地位。對新能源和新型或再生能源的持續需求正在對我們的儀器業務產生積極影響。先進半導體的開發和檢測利用了我們的電子測試和測量儀器以及數位成像解決方案。

Finally, regarding M&A activities, while we have a very strong balance sheet, and we have -- as I mentioned before, we have about $1 billion in free cash flow. We're going to be aggressive, but we're also going to be prudent not to overpay for things that are trading much higher than our own multiple.

最後，關於併購活動，雖然我們的資產負債表非常強勁，而且正如我之前提到的，我們有大約 10 億美元的自由現金流。我們會積極進取，但也會謹慎行事，不會為交易價格遠高於我們自身市盈率的商品支付過高的價格。

Let me just conclude with one remark. First, I want to congratulate George Bobb for being added to our Board last night, but I also want to note that I our plan to be the Executive Chairman of the company for at least another three years. With that, I'll now turn the call over to Steve.

最後，我只想說一句話。首先，我要祝賀喬治鮑伯昨晚加入我們的董事會，但我還想指出，我計劃至少再擔任公司執行董事長三年。說完這些，我現在將電話轉給史蒂夫。

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 fourth quarter and full year 2025 outlook. In the third quarter, cash flow from operating activities was $343.1 million compared with $249.8 million in 2024. Free cash flow, that is cash flow from operating activities less capital expenditures, was $313.9 million in the third quarter of 2025, a record for Teledyne compared with $228.7 million in 2024. Cash flow increased year-over-year in the third quarter, primarily due to favorable accounts receivable collections in the third 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度的一些其他財務數據，然後我將討論我們第四季度和 2025 年全年的展望。第三季度，經營活動現金流為 3.431 億美元，而 2024 年為 2.498 億美元。自由現金流（即經營活動產生的現金流減去資本支出）在 2025 年第三季為 3.139 億美元，與 2024 年的 2.287 億美元相比創下了 Teledyne 的最高紀錄。第三季現金流年增，主要由於 2025 年第三季應收帳款回收優於 2024 年。

Capital expenditures were $29.2 million in the third quarter of 2025 compared with $21.1 million in 2024. Depreciation and amortization expense was $84.5 million in the third quarter of 2025 compared with $76.9 million in 2024. We ended the quarter with $2.0 billion of net debt. That is approximately $2.53 billion of debt less cash of $528.6 million. Now turning to our outlook.

2025 年第三季的資本支出為 2,920 萬美元，而 2024 年為 2,110 萬美元。2025 年第三季的折舊和攤提費用為 8,450 萬美元，而 2024 年為 7,690 萬美元。本季末我們的淨債務為 20 億美元。這大約相當於 25.3 億美元的債務減去 5.286 億美元的現金。現在轉向我們的展望。

Management currently believes that GAAP earnings per share in the fourth quarter of 2025 be in the range of $4.76 to $4.98 per share with non-GAAP earnings per share in the range of $5.73 to $5.88. And for the full year 2025, we believe that GAAP earnings per share will be in the range of $17.83 to $18.05 and non-GAAP earnings per share in the range of $21.45 to $21.60. I'll now pass the call back to Robert.

管理階層目前預計，2025年第四季的GAAP每股盈餘將在4.76美元至4.98美元之間，非GAAP每股盈餘將在5.73美元至5.88美元之間。 2025年全年，我們預計GAAP每股收益將在17.83美元至18.05美元之間，非GAAP每股收益將在21.45美元至21.60美元之間。現在我將電話轉回給羅伯特。

Thank you, Steve. We'd like now to take your questions. Operator, if you're ready to proceed with the question 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。

(Operator Instructions) Andrew Buscaglia, BNP Paribas.

（操作員指示）法國巴黎銀行 Andrew Buscaglia。

So last quarter, there was some uncertainty around some of the strong growth you saw and whether that was pulled forward or not. And it seems -- can you maybe run through several segments where -- and talk about how that shook out? In some areas, it seems like it didn't, in some areas it didn't seem like growth really resume that strong. But in your mind, how did things progress?

因此，上個季度，對於您所看到的一些強勁增長以及這種增長是否提前存在一些不確定性。看起來 — — 您能否瀏覽一下其中的幾個片段 — — 並談談結果如何？在某些地區，情況似乎並未如此，在某些地區，成長似乎並沒有真正恢復那麼強勁。但在您心中，事情進展得如何？

Well, I think overall, with acquisitions, we had a 6.7% growth across our portfolio. I think what we're looking at is various businesses differently, as you mentioned. For example, our marine businesses continue to grow very strongly. And we're winning contracts both in the defense domain, which is our underwater vehicles, as an example, as well as in energy development. In some of our instruments, there's a variation between various instrument businesses in our gas and flame businesses for safety, we're doing very well.

嗯，我認為總體而言，透過收購，我們的投資組合成長了 6.7%。我認為，正如您所說，我們對各種業務的看法是不同的。例如，我們的海洋業務持續強勁成長。我們在國防領域（例如我們的水下航行器）和能源開發領域都贏得了合約。在我們的一些儀器中，為了安全起見，我們的氣體和火焰業務中的各種儀器業務之間存在差異，我們做得很好。

While we see a little softness, for example, in our water and products that we -- that are used in drug development. Overall, I'd say we also did have some pull-ins into Q2 maybe a little more in test and measurement than other areas. But going back to some of the other things that we mentioned before, FLIR's growth was 3% organic. We also had stronger growth in some of our commercial FLIR businesses and our unmanned systems which are both air, ground and systems grew 10%. So there's a variation in our portfolio.

例如，我們看到用於藥物開發的水和產品存在一些軟化現象。總的來說，我想說我們在第二季度確實取得了一些進展，在測試和測量方面可能比其他領域要多一些。但回顧我們之前提到的其他一些事情，FLIR 的有機成長率為 3%。我們的部分商用 FLIR 業務也實現了更強勁的成長，我們的空中、地面和系統無人系統成長了 10%。因此我們的投資組合存在差異。

And going back, Andrew, to what I said before, we have a fairly diverse portfolio, some things go up, some things go down. But overall, the truck is moving forward, and it's moving forward handsomely based on what I see.

回到安德魯，我之前說過的，我們的投資組合相當多樣化，有些東西上漲，有些東西會下跌。但總體而言，卡車正在向前行駛，就我所見，它的前進速度非常快。

Okay. And what about -- specifically in Digital Imaging, you made the comment, industrial automation, or imaging equipment for that market presumably that's machine vision starting to pick up. So maybe is that one area that grew last quarter nicely, but it seems like sustained growth from here?

好的。那麼，具體來說，在數位成像領域，您評論說，工業自動化或成像設備市場大概是機器視覺開始興起的。那麼也許這是上個季度成長良好的領域，但從現在開始似乎會持續成長？

Well, I'll answer part of it maybe George would want to add something to that. I think overall, the Industrial and Scientific Vision Systems grew about 3.4%, which to us is very attractive. Overall, the also e2v, which is the rest of the digital imaging rather than FLIR was relatively flat, both quarter-over-quarter and we expect year-over-year.

好吧，我會回答部分問題，也許喬治想補充一些內容。我認為總體而言，工業和科學視覺系統成長了約 3.4%，這對我們來說非常有吸引力。總體而言，e2v（即數位成像的其餘部分，而非 FLIR）的環比增長和同比增長都相對平穩。

But George has really taken some very strong actions to take cost out of the part of that business that has slowed down over the last two years. And as a consequence, he and I believe that what will happen is that the margins now will start improving going forward.

但喬治確實採取了一些非常有力的措施來降低過去兩年來業務放緩的部分成本。因此，他和我都相信，現在的利潤率將會開始提高。

And that business will pick up because we've skinned it down to where it should be much more healthy. George, do you want to add anything?

而且該業務將會回暖，因為我們已經將其精簡到更健康的水平。喬治，你還有什麼要補充嗎？

I think the only thing I would add is in the industrial side, we saw sales increases year-over-year in both the machine vision cameras business, where we're doing applications like semiconductor mask and wafer inspection, inspection of electronic components. And we also saw an increase year-over-year in our machine vision sensors business, where we make sensors for other OEMs.

我認為我唯一要補充的是，在工業方面，我們看到機器視覺相機業務的銷售額同比增長，我們從事半導體掩模和晶圓檢測、電子元件檢測等應用。我們的機器視覺感測器業務也較去年同期成長，我們為其他 OEM 製造感測器。

Greg Konrad, Jefferies.

傑富瑞的格雷格·康拉德。

Maybe just putting a finer point on digital imaging margins. I mean, you called out some of the headwinds in the quarter between R&D and the restructuring. But I think in the past, you talked about a 24% target. How do you think about the margin recovery into Q4 and maybe into next year for digital imaging?

也許只是對數位成像邊緣進行了更精細的調整。我的意思是，您指出了本季研發和重組之間的一些阻力。但我認為過去您談到 24% 的目標。您如何看待第四季乃至明年數位影像的利潤率復甦？

I think the margins between '23 and '24 are at least in Q4, are obtainable, achievable. I think what will happen is that for the year, when you add the first two -- three quarters and then Q4, for the year, we should be flat with last year. Even though we took a significant amount of cost out in the first three quarters, including Q3 that we just concluded. So with all of that said, if we can maintain the same margins as last year with all the cost out, then going ahead, I think 2040 is achievable.

我認為 23 年和 24 年之間的利潤至少在第四季是可以獲得的、可以實現的。我認為，就全年而言，如果加上前兩個、三個季度和第四季度，全年數據應該會與去年持平。儘管我們在前三個季度（包括剛結束的第三季）削減了大量成本。所以綜上所述，如果我們能夠在扣除所有成本的情況下保持與去年相同的利潤率，那麼我認為 2040 年是可以實現的。

And then maybe just to put a finer point on the revenues. So you raised the full year outlook by 0.5% to 6.06%. Is that all organic? And then it looks like maybe there's a $20 million step-up sequentially in Q4. Can you maybe talk about seasonality into the final quarter of the year and maybe which segments you expect to see a step up versus maybe where there's a step down tied to just typical seasonality?

然後也許只是為了更詳細說明收入。因此，您將全年預期上調了 0.5% 至 6.06%。這些都是有機的嗎？然後看起來第四季可能會連續增加 2000 萬美元。您能否談談今年最後一個季度的季節性，以及您預計哪些細分市場會出現成長，哪些細分市場可能會因典型的季節性而下降？

Well, first, let me start with Digital Imaging. $10 million of the $30 million comes from FLIR. We expect higher revenue in that area. $10 million of it comes from aerospace and defense organic and then another $10 million comes from our acquisition from Qioptiq. So it's a $30 million increase. It's not a big number. But there's also a little conservatism building to that, of course.

好吧，首先，讓我先從數位成像開始。 3000 萬美元中的 1000 萬美元來自 FLIR。我們預計該領域的收入會更高。其中 1,000 萬美元來自航空航太和國防有機產品，另外 1,000 萬美元來自我們對 Qioptiq 的收購。所以增加了 3000 萬美元。這不是一個很大的數字。但當然，這也帶有一點保守主義的色彩。

Jim Ricchiuti, Needham & Company.

吉姆‧里奇烏蒂 (Jim Ricchiuti)，李約瑟公司。

Just -- George, I think you gave a book-to-bill number, and I wasn't sure if that was a book-to-bill in the Digital Imaging business, but maybe if you could, are you able to -- can you give us -- provide a book-to-bill for the various three major segments?

只是——喬治，我想你給了一個訂單出貨比數字，我不確定這是否是數位成像業務的訂單出貨比，但如果可以的話，你能——你能給我們——提供三個主要部門的訂單出貨比嗎？

Sure. Happy to do that. Yes, the book-to-bill ratio I gave you was for Digital Imaging, 1.12. In the Instrumentation segment, we had a book-to-bill overall of 0.9, a little higher in T&M, for example, 0.98, environmental closer to 0.95, Marine closer to 0.8, about 0.8. But keep in mind, that's a longer cycle business, a little lumpiness in orders there.

當然。很高興這樣做。是的，我給你的數位影像業務的訂單出貨比是1.12。儀器儀表業務的整體訂單出貨比是0.9，測試與測量業務略高一些，例如0.98，環境業務接近0.95，海洋業務接近0.8，大約是0.8。但請記住，這是一個週期較長的業務，訂單量會略有波動。

We have a lot of backlog in the energy business. So not concerned about that short-term lower book-to-bill ratio. And then in aerospace and defense electronics, again, longer cycle business, lumpiness in some larger orders, book-to-bill ratio was 0.84. And Engineered Systems was over two times in the quarter. But again, that's a long-cycle business.

我們在能源業務方面有很多積壓訂單。因此不必擔心短期內訂單出貨比的下降。航空航太和國防電子領域也是如此，週期較長的業務，一些大宗訂單的波動性較大，訂單出貨比為0.84。工程系統部門本季的訂單出貨比超過了兩倍。但同樣，這是一個長週期的業務。

And so we tend to look at the longer-term view there, not one quarter at a time. Yes. And the overall book-to-bill ratio, 1.09.

因此，我們傾向於從長遠角度看待問題，而不是一次只專注於一個季度。是的。整體訂單出貨比為 1.09。

Terrific. And you alluded to in the earnings announcement, the potential for significant contract opportunities. And I'm just wondering if you can give us some color on which areas of the defense business there are some potential large contracts. And any idea at the time line just given the government shutdown.

了不起。您在收益公告中提到了重大合約機會的潛在性。我只是想知道您是否可以告訴我們國防業務的哪些領域存在潛在的大合約。鑑於政府關門，您對此時間線有什麼想法嗎？

Yes. I wouldn't want to opine too much on the timeline of the government shutdown. What I would say is.

是的。我不想對政府關門的時間表發表太多意見。我想說的是。

Not about the shutdown just -- sorry, just as it relates to the timeline for these contracts, sorry.

不是關於關閉——抱歉，只是因為它與這些合約的時間表有關，抱歉。

Sure. No problem. I would say we have some near-term opportunities, particularly in the unmanned space. I mentioned a couple of them in the opening for our loitering munition program, both with the US Marine Corps, that's the Organic Precision Fire Light program.

當然。沒問題。我想說我們有一些近期的機會，特別是在無人空間領域。我在開頭提到了我們的巡飛彈藥計劃中的幾個，都是與美國海軍陸戰隊合作的，那就是有機精確火力照明計劃。

We're looking for a foray production order there. Again, we think that would be relatively near term, hopefully, in Q4, depending on the timing of the government operations. And that would be in the range of tens of millions of dollars. The last program that I mentioned, the US Army program.

我們正在尋找那裡的初步生產訂單。再次，我們認為這將是相對較短的時期，希望是在第四季度，這取決於政府行動的時間。其金額將達到數千萬美元。我提到的最後一個項目是美國陸軍項目。

That initial order, again, hopefully, near term, would be initially more kind of millions of dollars and grow from there. And overall, what I would say is unmanned systems, things like our Black Hornet drone, our sales into counter-UAS systems, both of our sales and where we're selling to other OEMs, integrated surveillance solutions for both border protection and defense, et cetera. So I think those are the strongest areas. Also, we continue to see a lot of strength in our submarine business, where we provide interconnect on the Virginia and Columbia class submarines.

再次希望，短期內的初始訂單最初能達到數百萬美元，然後逐漸增加。總的來說，我想說的是無人系統，例如我們的黑黃蜂無人機、我們的反無人機系統銷售、我們的銷售以及我們向其他 OEM 的銷售、用於邊境保護和防禦的綜合監控解決方案等等。所以我認為這些都是最強大的領域。此外，我們的潛水艇業務繼續保持強勁勢頭，我們為弗吉尼亞級和哥倫比亞級潛艇提供互連服務。

Jordan Lyonnais, Bank of America.

喬丹·里昂，美國銀行。

On the 737 rate increase step up, how are you guys thinking about that into 4Q and next year given the comments on some destocking?

關於 737 費率上調，考慮到一些去庫存的評論，你們對第四季和明年的費率上調有何看法？

Yes, this is George. So what I would say there is, we expect that destocking really to continue through most of next year. So we won't see much of a benefit from the OEM Boeing 737 MAX rate increase next year, although the demand there continues to be strong and we received a large order for 737 MAX 2026 delivery. So backlogs there. Just from a year-over-year comparison standpoint, we won't see much benefit from that slight increase in 2026 to the production rate.

是的，這是喬治。所以我想說的是，我們預計去庫存化將會持續到明年的大部分時間。因此，儘管需求持續強勁，我們收到了 737 MAX 2026 年交付的大訂單，但我們不會從明年 OEM 波音 737 MAX 價格上漲中看到太多好處。因此那裡有積壓。僅從同比比較的角度來看，我們不會看到 2026 年生產力的輕微成長帶來太多好處。

Okay. Got it. And then on defense, do you guys have any concerns about critical minerals availability, specifically for the sensor products for FLIR?

好的。知道了。然後在國防方面，你們是否擔心關鍵礦物的可用性，特別是對於 FLIR 的傳感器產品？

We have a little exposure there. On the other hand, we've been very diligent to cover that exposure. So overall, I don't think that's going to affect us in the short term.

我們在那裡有一點曝光。另一方面，我們一直非常努力地報道這件事。所以總的來說，我認為這不會在短期內對我們產生影響。

Damian Karas, UBS.

瑞銀的 Damian Karas。

You've mentioned -- yes, I was hoping to dig in the weeds a little bit more on your comments about cameras and sensors being up year-over-year. Could you just perhaps elaborate on that? What do you think is driving the improvement? And have you been seeing those trends continue into the fourth quarter?

您提到過——是的，我希望更深入地了解您關於相機和感測器逐年增長的評論。能否詳細說明一下？您認為推動這項進步的因素是什麼？您是否看到這些趨勢持續到第四季？

Yes. I can tell you. First of all, the comps are a little easier with respect to last year. The -- our cameras are up about 11%, and our sensors are up about 5%. Some of our scientific cameras that are very specific applications are down a little bit about -- so all in all, and that's probably because the export. All in all, when you add it all up, we're up about 3.4%.

是的。我可以告訴你。首先，與去年相比，今年的比賽要輕鬆一點。我們的相機增加了約 11%，感光元件增加了約 5%。我們的一些非常特殊的應用的科學相機的產量有所下降 - 總而言之，這可能是因為出口。總而言之，當你把所有因素加起來時，我們的收益大約是 3.4%。

I think what has happened, as I mentioned before, with taking the cost out of the DALSA, e2v businesses aggressively this year, that business has stabilized, it's going to grow, and the margins are going to improve as time goes on. So we're positive about that. It's that -- when you look at the total imaging businesses, initially right after we acquired FLIR, everybody was worried about FLIR, FLIR , FLIR. While we solve that problem, FLIR is doing great, FLIR's defense is just hitting every milestone we expect. And now DALSA, e2v is stabilized.

我認為，正如我之前提到的，隨著今年 DALSA 和 e2v 業務成本的大幅削減，業務已經穩定下來，將會成長，利潤率也會隨著時間的推移而提高。所以我們對此持樂觀態度。情況是這樣的——當你看整個成像業務時，在我們收購 FLIR 之後，每個人都擔心 FLIR、FLIR、FLIR。在我們解決這個問題的同時，FLIR 也表現出色，FLIR 的防禦能力正達到我們期望的每一個里程碑。現在DALSA、e2v已經穩定下來了。

So we're very positive about our Digital Imaging segment altogether.

因此，我們對我們的數位成像部門整體非常樂觀。

That's really helpful. And Robert, I just was wondering if you could maybe give us your perspective on the macro outlook. Have -- are there any changes to your view since your last update. And I know it's early to be giving guidance for 2026. But just seeing where our trends are -- and if you were to ballpark today, where do you suspect kind of growth could line up in 2026 if the current conditions kind of remain?

這真的很有幫助。羅伯特，我只是想知道您是否可以給我們您對宏觀前景的看法。自上次更新以來，您的觀點有任何變化嗎？我知道現在給 2026 年的指導還為時過早。但是，只要看看我們的趨勢如何——如果您今天來估算一下，如果目前的狀況保持不變，您認為 2026 年的成長會達到什麼程度？

Let me just kind of answer it first broadly. We are very positive about our defense businesses. With all the geopolitical problems you see. If you, for example, look at Europe, they are going to increase their defense spending. We, Teledyne, have 5,100 employees in Europe, distributed among many countries.

讓我先大致回答一下這個問題。我們對我們的國防業務非常樂觀。您所看到的都是地緣政治問題。例如，如果你看看歐洲，他們將增加國防開支。我們 Teledyne 在歐洲有 5,100 名員工，分佈在許多國家。

We make drones in Sweden, we make other products, we make stuff in Norway, we have people that go in and out of Ukraine, they did in Denmark. Those guys are under a lot of pressure when we talk to our folks, they have to increase their defense spending. So macro level, if I look at that with all of our people [dead] and all the need for in-country production, I see very positive trends for us in Europe.

我們在瑞典製造無人機，我們製造其他產品，我們在挪威製造東西，我們有人進出烏克蘭，他們在丹麥也有人進出。當我們與我們的人民交談時，這些人承受著很大的壓力，他們必須增加國防開支。因此，從宏觀層面來看，如果考慮到我們所有的人都死了，而且需要國內生產，那麼我認為歐洲的趨勢非常積極。

Today, we probably produce something close to $0.5 billion in revenue in European defense, and I expect that to increase as we go forward. Coming back to the -- just the bigger picture of defense, George talked about our loitering munitions. As you well know what they mean by loitering munitions, you got something that's flying around and can essentially attack a target totally.

今天，我們在歐洲國防方面可能創造了接近 5 億美元的收入，而且我預計，隨著我們的發展，這個數字還會增加。回到國防的大局，喬治談到了我們的遊蕩彈藥。正如你們所了解的，遊蕩彈藥指的是一種四處飛行的彈藥，基本上可以完全攻擊目標。

Most of our competition has fixed wing aircraft. We have rotating wing aircraft or quad aircraft. Interestingly enough, that also can fit in a tube and be fired out of a tube, and it can go vertical takeoff and landing and we're very positive about that.

我們的比賽大多是固定翼飛機。我們有旋翼飛機或四翼飛機。有趣的是，它也可以裝入管子並從管子發射出來，並且可以垂直起飛和降落，我們對此非常有信心。

So the reason I'm talking about this stuff is because defense is going to be a pretty active area, both in Europe and of course, in the Far East. And then I have to say our small drones, what we call our nano drones, by the end of next year, we would have sold $0.5 billion of these nano drones that you can hold in your hand, we probably have the strongest position there.

我之所以談論這些事情，是因為國防將是一個非常活躍的領域，無論是在歐洲還是遠東。然後我必須說我們的小型無人機，我們稱之為奈米無人機，到明年年底，我們將銷售價值 5 億美元的這種可以拿在手中的奈米無人機，我們可能在這方面佔據最強的地位。

So between all of the above, I think we're going to do fine in the defense. In the commercial domain, we see machine vision recovering, as I said earlier, with a reduced cost structure, we see our test and measurement recovering. And we do have long-term opportunities in power generation.

所以綜合以上所有因素，我認為我們的防守會做得很好。在商業領域，我們看到機器視覺正在復蘇，正如我之前所說，隨著成本結構的降低，我們看到測試和測量正在復蘇。我們在發電方面確實擁有長期機會。

So all in all, '26 should be a good year for us, barring any unforeseen catastrophies across the world, which I don't expect. And we're just doing our plans for '26 and we're very positively inclined.

所以總而言之，26 年對我們來說應該是好年景，除非世界各地發生任何不可預見的災難，而我並不認為會發生這種情況。我們正在製定 26 年的計劃，並且我們對此非常積極。

Kristine Liwag, Morgan Stanley.

克莉絲汀‧利瓦格，摩根士丹利。

Robert, that was really helpful color on what you provided with European defense. And I just wanted to clarify a few things. When you said $0.5 billion, is that encompassing all of your defense exposure to Europe or is that specifically only on the drone exposure that you were discussing?

羅伯特，你對歐洲防禦所提供的幫助確實很有幫助。我只是想澄清一些事情。當您說 5 億美元時，這是否涵蓋了您在歐洲的所有國防風險，還是僅僅涵蓋了您所討論的無人機風險？

And then also more broadly speaking, I guess my question is really trying to understand more your go-to-market for these things. When you're looking at the drone and counter drone market, how are you thinking about being a prime and selling your nano drones versus your core competencies historically on sensors and those kinds of things? And how do you look at the opportunity set for those kind of different go-to-market?

然後更廣泛地講，我想我的問題實際上是想更多地了解你們如何將這些產品推向市場。當您關注無人機和反無人機市場時，您如何看待成為主要市場並銷售奈米無人機，而不是像以往那樣專注於感測器等產品的核心競爭力？您如何看待這些不同的市場進入方式所帶來的機會？

Okay. Kristine, let me start from the beginning. The $0.5 billion applies to two things. First, our total military sales this year in Europe. Also $0.5 billion applies, if you add everything that we saw all the nano drones that we've sold would be selling through next year, that's another $0.5 billion.

好的。克里斯汀，讓我從頭開始。這 5 億美元用於兩件事。首先，我們今年在歐洲的軍售總額。另外，如果把我們看到的所有奈米無人機的銷量加起來，也就是明年的銷量，那麼這又是 5 億美元。

So there's kind of only 60 or 70 without the first $0.5 billion is the nano drones. So let's put that to one side. What we're doing is we bought prime, prime defense as well as soft. Prime. For example, in loitering munitions, we're prime, in nano drones, we're prime, in some of our counter UAS systems, we have partners. And so it's a mixture.

因此，如果沒有前 5 億美元用於奈米無人機，那麼就只有 60 或 70 個。因此我們先將其放在一邊。我們所做的就是購買優質產品、優質防禦產品以及軟質產品。主要的。例如，在巡飛彈藥方面，我們是領先的；在奈米無人機方面，我們是領先的；在我們的一些反無人機系統中，我們都有合作夥伴。所以它是一種混合物。

But we also have strong presence in all of these countries, which is very important because everybody, both in Europe and the Middle East is driving towards in-country production of the defense products. And we have presence everywhere. So that works for us. It works for us in Europe, of course, out of 15,600, 15,700 folks in our company, 5,100 are located in Europe. So that's how we go to market.

但我們在所有這些國家也都擁有強大的影響力，這一點非常重要，因為歐洲和中東的每個人都在推動國防產品的國內生產。我們的存在無所不在。所以這對我們有用。當然，它對我們歐洲人來說很有效，在我們公司 15,600 到 15,700 名員工中，有 5,100 人位於歐洲。這就是我們進入市場的方式。

And where necessary, we established new entities to be able to operate from.

必要時，我們會建立新的實體來進行營運。

Guy Hardwick, Barclays.

巴克萊銀行的蓋伊·哈德威克。

Just a little -- I want to ask a little bit more about the digital imaging margins. So I think based on your comments that the reason for perhaps digital imaging margin be lower than expectations being R&D and also the severance costs. Obviously, you get the benefit of severance costs, particularly next year. But is R&D a permanent step-up effectively funded by the reduction in the cost base? And kind of looking a bit further forward for 2026, as a follow-up to Damian's question about the top line.

只是一點點——我想多問一些有關數位成像邊緣的問題。因此，根據您的評論，我認為數位成像利潤率低於預期的原因可能是研發和遣散成本。顯然，您將獲得遣散費方面的福利，尤其是明年。但是，研發是否是一種永久性的升級，並且可以透過降低成本基礎來有效資助？作為對 Damian 關於營業收入問題的後續回答，我對 2026 年做了一些展望。

What kind of -- what should we be aware of in terms of margin mix, digital imaging in 2026? Is it FLIR versus medical versus industrial or what kind of margin dynamics could we potentially expect?

就利潤組合、2026 年的數位成像而言，我們應該注意什麼？這是 FLIR 與醫療還是工業之間的對比，或者我們可以預期什麼樣的利潤動態？

Let me take a piece of that and then see if George wants to add to it. First, in R&D, there are very, very specific areas that we've decided to invest. For example, in our test and measurement systems. We've decided to invest, especially in protocol analyzers and the marriage of our oscilloscopes and protocols as well as our very high end, oscilloscopes, we intentionally decided to do that. Switching over to Digital Imaging. There's an area of digital imaging that we think we can be extremely successful and that's in our sensor businesses.

讓我拿一部分，然後看看喬治是否想添加。首先，在研發方面，我們決定投資非常具體的領域。例如，在我們的測試和測量系統中。我們決定進行投資，特別是在協議分析儀以及我們的示波器和協議的結合以及我們的高端示波器方面，我們有意決定這樣做。切換到數位成像。我們認為我們可以在數位成像領域取得巨大成功，那就是我們的感測器業務。

We've decided to invest a little more in our sensor businesses. And frankly, that's worth for us because some of our sensors, whether they are for visual systems or for infrared systems are doing very well, our in infrared sensors, we're also investing in because we are the supplier of infrared sensors to almost everybody that flies a drone in the United States or producers it thereon. So the investment in R&D is very specific or specific -- cut across all of our products. On the margin improvement, for next year, I'll let George talk a little more about that.

我們決定在感測器業務上增加一些投資。坦白說，這對我們來說是值得的，因為我們的一些感測器，無論是用於視覺系統還是紅外線系統，都表現得非常好，我們在紅外線感測器方面也進行了投資，因為我們是美國幾乎所有無人機駕駛員或無人機生產商的紅外線感測器供應商。因此，對研發的投資非常具體或明確—涉及我們所有的產品。關於明年利潤率的提高，我會讓喬治再多談一點。

Yes. What I would say is, first, as I mentioned before, obviously, we've taken the costs out. We're seeing the recovery in the short-cycle business. So it's early really to talk about really what the mix is going to look like next year, what 2026 numbers are specifically going to look like. But in general, as the machine vision margin comes back, that's positive.

是的。我想說的是，首先，正如我之前提到的，顯然我們已經削減了成本。我們看到短週期業務正在復甦。所以現在談論明年的組合情況以及 2026 年的具體數字還為時過早。但總的來說，隨著機器視覺利潤率的回升，這是正面的。

As we continue to grow in defense, that's a little perhaps negative in certain areas on the overall margin. So overall, I'd say mix is probably neutral headed into next year, but we certainly should benefit from the cost reductions that we took this year.

隨著我們防禦能力的不斷增強，從整體來看，某些領域的利潤率可能會略有下降。所以總的來說，我認為明年的組合可能是中性的，但我們肯定會從今年的成本削減中受益。

Jonathan Siegmann, Stifel.

喬納森·西格曼（Jonathan Siegmann），Stifel。

So you've commented already unmanned. Demand signals globally are very strong, but there also seems to be substantial aspirations by customers of getting these capabilities at much lower cost. So you have great market positions in sensors and cameras, and you've already highlighted the prime opportunities that you have. But could you comment on how attractive is the potential to supply some of these components and drones at much lower prices, but substantially higher volume and maybe comment on, is there opportunities to invest more capital in this area?

所以您評論說已經無人值守了。全球需求訊號非常強勁，但客戶似乎也強烈希望以更低的成本獲得這些功能。因此，您在感光元件和相機領域擁有重要的市場地位，並且已經強調了您所擁有的黃金機會。但是，您能否評論一下，以低得多的價格供應這些零件和無人機，但產量卻大幅增加，這種潛力有多大吸引力，或者評論一下，是否有機會在這個領域投入更多資金？

Well, thank you very much. That's a really good question that I would say much lower that's in due course. I think people are willing right now to pay for accuracy and for ability to defeat desired targets. So we are actually, in a lot of ways, a lot of our drones are low cost compared to others and also because they're highly capable. So for example, George mentioned and I mentioned our what we call the Rogue 1, which is quadcopter.

好的，非常感謝。這是一個非常好的問題，我想說的是，這個數字很快就會降低。我認為人們現在願意為準確性和擊敗預期目標的能力付費。因此，實際上，從許多方面來看，我們的許多無人機與其他無人機相比成本較低，而且功能強大。例如，喬治提到過，我也提到我們稱為 Rogue 1 的四軸飛行器。

It's the lightest weight of the competition. It only weighs about 10 pounds and as you can imagine, as we decreased the size, the cost goes down. So we're very cost competitive there. The nano drones, which I mentioned earlier, Again, those are produced in volume, very cost competitive. What I think will happen is people may go to the low end of the cost structure, but they'll have to give up some capabilities.

這是比賽中最輕的。它的重量只有大約 10 磅，你可以想像，隨著尺寸的減小，成本也會下降。因此我們的成本競爭力非常強。我之前提到的奈米無人機，同樣是大量生產的，成本非常有競爭力。我認為會發生的情況是，人們可能會選擇成本結構的低端，但他們必須放棄一些能力。

And so you may -- in defeating an armored vehicle, you may have to have massive warhead in your drone. Whereas in our case, we can do the same thing much more accurately with a smaller vehicle with a smaller warhead. So I don't know. It's a given. The whole experience in Ukraine, which we've had as far as that there is no one solution for what's happening.

因此，為了擊敗裝甲車，你的無人機可能需要配備大型彈頭。而在我們的案例中，我們可以用更小的飛行器和更小的彈頭更準確地完成同樣的事情。所以我不知道。這是理所當然的。就我們在烏克蘭所經歷的而言，對於正在發生的事情沒有單一的解決方案。

They obviously are doing very well. On the other hand, they don't have to have that many capable stuff to just fly over the horizon and hit somebody. So cost is important, but I think accuracy and weight are going to be just as important.

他們顯然做得很好。另一方面，他們不需要擁有那麼多能力就能飛過地平線並擊中某人。因此成本很重要，但我認為準確性和重量也同樣重要。

Joe Giordano, TD Cowen.

喬·喬達諾 (Joe Giordano)，TD Cowen。

Can you hear me?

你聽得到我嗎？

Yes, sure, Joe.

是的，當然，喬。

Yes. Okay. Great. Yes. So for unmanned, we've been talking about $450 million across all on (technical difficulty).

是的。好的。偉大的。是的。因此，對於無人駕駛而言，我們一直在談論 4.5 億美元（技術難度）。

It feels like kind of for a while, it feels like a little bit of a dated number. Maybe -- how can we frame out that over the next couple of years? I mean we've talked about potential opportunities here. But if we want to look three, four years out, like is that -- what can that $450 million if things break correctly for you really become-- how material can that business really get?

感覺就像是一段時間以來的一個有點過時的數字。也許——在接下來的幾年裡我們如何解決這個問題？我的意思是我們在這裡談論了潛在的機會。但如果我們展望三、四年後的情況，如果一切順利的話，這 4.5 億美元到底能帶來什麼？這項業務到底能有多重要？

Yes. I think we're around $500 now versus $450 million that we talked about before. We're investing in that area and we're gaining market share not just on drones that we've talked a lot about, but also under water. As you may know that we're probably unique as a company where we have products for air, unmanned, ground unmanned and underwater unmanned. And I'll let George talk a little bit about the underwater domain because that's our growth domain right now, and we're really excited about that.

是的。我認為我們現在的金額大約是 5 億美元，而我們之前談到的金額是 4.5 億美元。我們正在該領域進行投資，我們正在獲得市場份額，不僅在我們經常談論的無人機領域，而且在水下領域。您可能知道，我們是一家獨特的公司，我們擁有空中無人駕駛、地面無人駕駛和水下無人駕駛產品。我會讓喬治稍微談談水下領域，因為這是我們目前的成長領域，我們對此感到非常興奮。

So the $500 million will grow for sure. How fast, I'll know in about a month or two when we do our plan for the next couple of years, but grow it will.

所以這5億美元一定會成長。具體有多快，當我們制定未來幾年的計劃時，大約一兩個月後我就會知道，但它會增長。

Yes. I would add on the subsea unmanned side, we have both our subsea colliders, which are kind of long duration, long endurance can stay on station for a long time. Useful, as you can imagine, in areas like antisubmarine warfare and other areas. But we also have propelled AUVs, particularly out of our Iceland business, Teledyne Gavia. Those vehicles shorter in time and duration, but bigger can carry more payloads, again, for things like mine countermeasures, antisubmarine warfare.

是的。我想補充一下，在海底無人駕駛方面，我們擁有兩台海底對撞機，它們的續航時間很長，可以在站上停留很長時間。正如您所想像的，它在反潛戰和其他領域非常有用。但我們也有自主航行水下機器人 (AUV)，特別是來自冰島的 Teledyne Gavia 公司。這些飛行器時間和持續時間較短，但體型較大，可以攜帶更多有效載荷，用於諸如掃雷、反潛等用途。

So yes, I think we see growth both in the unmanned aerial side, the ground side. But also we're seeing significant demand with regard to the subsea vehicle vehicles, given needs in the Black Sea, Baltic Sea, and Asia Pacific.

所以是的，我認為我們看到無人機在空中和地面方面都實現了成長。但考慮到黑海、波羅的海和亞太地區的需求，我們也看到海底車輛的巨大需求。

That makes sense. And just a follow-up. If you're thinking about your full year EPS growth year-on-year, how much would you attribute that to M&A? And how much would you say is organic this year?

這很有道理。這只是後續行動。如果您考慮全年每股收益同比增長，您會將其在多大程度上歸功於併購？您認為今年有機產品的含量有多少？

For this year, I would say probably most of it is organic but we have a little bit from M&A because of our acquisition that we made. I'm going to say maybe $0.20, $0.25 from acquisitions primarily because as George mentioned earlier and I have before, when we make acquisitions initially, it drives our margins down in reality because they don't have the margins that we enjoy.

就今年而言，我想說大部分收入可能是有機成長，但我們也從併購中獲得了一點收入，因為我們進行了收購。我想說的可能是來自收購的 0.20 美元或 0.25 美元，主要是因為正如喬治和我之前提到的，當我們最初進行收購時，它實際上會降低我們的利潤率，因為他們沒有我們所享有的利潤率。

But as you look at our products, if you look at across all of our acquisitions, after a few years, the margins improved significantly. And so they kind of become the standards that we have for instruments, defense otherwise. So the margins this contribution from acquisitions are relatively light but they'll improve next year.

但當你看看我們的產品，看看我們所有的收購，幾年後，利潤率顯著提高。因此，它們在某種程度上成為了我們儀器和防禦的標準。因此，收購帶來的利潤貢獻相對較小，但明年將會提高。

Thank you. At this time, we've reached the end of our question-and-answer session, and I'll hand the floor back to management for closing comments.

謝謝。此時，我們的問答環節已經結束，我將把發言權交還給管理階層，請他們發表結束語。

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

謝謝您，接線生。現在我請傑森結束我們的電話會議。

Thanks, Robert. And again, thanks, everyone, for joining us this morning. Of course, if you have follow up questions, please feel free to call me, and my number is on the earnings release. And all our earnings releases and a replay of this call via webcast is available on our website. Operator, if you could please give the replay information, that would be ideal.

謝謝，羅伯特。再次感謝大家今天早上加入我們。當然，如果您有後續問題，請隨時給我打電話，我的電話號碼在收益報告上。我們所有的收益報告和本次電話會議的網路直播重播均可在我們的網站上找到。接線員，如果您能提供重播訊息，那就太好了。

And again, thanks, everyone. Bye-bye.

再次感謝大家。再見。

Thank you. This concludes today's conference. You may disconnect your lines at this time. We thank you for your participation. Have a wonderful day.

謝謝。今天的會議到此結束。現在您可以斷開線路。我們感謝您的參與。祝您有美好的一天。