Veralto Corp (VLTO) 2025 Q1 法說會逐字稿

My name is Marco, and I'll be your conference operator this morning. At this time, I'd like to welcome everyone to Varaltos Corporation's First Quarter 2025 Conference Call. (Operator Instructions) I will now turn the call over to Ryan Taylor, Vice President, Investor Relations. Mr. Taylor, you may begin your program.

我叫馬可，今天上午我將擔任您的會議接線生。現在，我歡迎大家參加 Varaltos Corporation 2025 年第一季電話會議。（操作員指示）我現在將電話轉給投資者關係副總裁 Ryan Taylor。泰勒先生，您可以開始您的節目了。

Good morning, everyone. Thanks for joining us on the call. With me today are Jennifer Honeycutt, our President and Chief Executive Officer; and Sameer Ralhan, our Senior Vice President and Chief Executive Officer; and Sameer Ralhan, our Senior Vice President and Chief Financial Officer. Today's call is simultaneously being webcast. A replay of the webcast will be available on the Investors section of our website later today under the heading Events and Presentations. A replay of this call will be available until May 9.

大家早安。感謝您參加我們的電話會議。今天與我一起出席的有我們的總裁兼執行長 Jennifer Honeycutt、我們的高級副總裁兼執行長 Sameer Ralhan 和我們的高級副總裁兼財務長 Sameer Ralhan。今天的電話會議正在同時進行網路直播。今天晚些時候，我們網站的「投資者」部分中的「活動和演示」標題下將提供網路直播的重播。這次通話的重播將持續到 5 月 9 日。

Yesterday, we issued our first quarter 2025 news release earnings presentation and supplemental materials, including information required by the SEC relating to adjusted or non-GAAP financial measures. In addition, we reaffirmed our full year 2025 earnings per share guidance, which now includes our current assessment of the macroeconomic environment, including tariffs and related countermeasures. These materials are available in the Investors section of our website, for varalto.com, under the heading Quarterly Earnings. Reconciliations of all non-GAAP measures are also provided in the appendix of our webcast slides. Unless otherwise noted, all references to variances are on a year-over-year basis.

昨天，我們發布了 2025 年第一季度新聞稿收益報告和補充資料，其中包括美國證券交易委員會要求的有關調整後或非 GAAP 財務指標的資訊。此外，我們重申了2025年全年每股收益指引，其中現在包括我們對宏觀經濟環境的當前評估，包括關稅和相關對策。這些資料可在我們網站 varalto.com 的「投資者」部分中的「季度收益」標題下找到。我們的網路廣播投影片附錄中也提供了所有非 GAAP 指標的對帳。除非另有說明，所有差異均以同比計算。

On that note, I'd like to point out that year-over-year sales growth in the first quarter of 2025 benefited from three additional shipping days as compared to the first quarter of 2024. During the call, we will make forward-looking statements within the meaning of the federal securities laws, including statements regarding events or developments that we believe or anticipate will or may occur in the future. These forward-looking statements are subject to a number of risks and uncertainties, including those set forth in our SEC filings.

關於這一點，我想指出的是，與 2024 年第一季相比，2025 年第一季的年銷售額成長得益於增加了三天的運輸時間。在電話會議中，我們將根據聯邦證券法做出前瞻性陳述，包括有關我們相信或預期未來會發生或可能發生的事件或發展的陳述。這些前瞻性陳述受到許多風險和不確定性的影響，包括我們向美國證券交易委員會提交的文件中所述。

Actual results may differ materially from our forward-looking statements. These forward-looking statements speak only as of the date that they are made, and we do not assume any obligation to update any forward-looking statements, except as required by law. And with that, I'll turn the call over to Jennifer.

實際結果可能與我們的前瞻性陳述有重大差異。這些前瞻性陳述僅代表其作出之日的觀點，除非法律要求，否則我們不承擔更新任何前瞻性陳述的義務。說完這些，我會把電話轉給詹妮弗。

Thank you, Ryan, and thank you all for joining our call today. Before discussing our first quarter results, I'd like to take a moment to recognize our 17,000 associates across the world for their commitment to serving customers, driving continuous improvement and safeguarding the world's most vital resources. As stewards of some of the world's most essential resources, we help ensure billions of people have access to clean water, safe food and trusted essential goods each and every day. Dynamic business environments, such as the one we are currently experiencing, provide us with the opportunity to demonstrate the essential nature of our products the durability of our business model and the power of the Varalto Enterprise system.

謝謝你，瑞安，也謝謝大家今天參加我們的電話會議。在討論我們的第一季業績之前，我想花點時間表彰我們遍布全球的 17,000 名員工，感謝他們致力於服務客戶、推動持續改進和保護世界上最重要的資源。作為世界上一些最重要資源的管理者，我們幫助確保數十億人每天都能獲得乾淨的水、安全的食物和值得信賴的必需品。我們目前正在經歷的動態商業環境為我們提供了機會來展示我們產品的本質、我們商業模式的持久性以及 Varalto Enterprise 系統的強大功能。

Our team embraces challenges as opportunities to drive differentiated winning outcomes for our customers associates and shareholders. That mindset has propelled us to a strong start in 2025 and prepared us to navigate this dynamic macroeconomic environment we are facing in the near term. In the first quarter, we delivered excellent results across the enterprise, driven by disciplined execution in both segments. And we are actively deploying several countermeasures to mitigate changes in the global trade and tariff landscape and enhance our operational flexibility.

我們的團隊將挑戰視為機遇，為我們的客戶、合作夥伴和股東帶來差異化的成功結果。這種心態推動我們在 2025 年取得了良好的開端，並為我們應對近期面臨的動態宏觀經濟環境做好了準備。在第一季度，在兩個部門嚴格執行的推動下，我們整個企業都取得了優異的業績。我們正在積極部署多項應對措施，以減緩全球貿易和關稅格局的變化，並增強我們的營運靈活性。

I'm proud of our team and our collective performance thus far in 2025. Looking at the first quarter results in detail, building off the operating momentum generated last year, we delivered 7.8% core sales growth, 50 basis points of adjusted operating margin expansion and double-digit adjusted EPS growth. Our commercial teams executed on strategic initiatives to gain new customer wins and increased market penetration, while also capitalizing on favorable demand across our key end markets and geographies.

我為我們的團隊以及我們在 2025 年迄今為止的集體表現感到自豪。詳細回顧第一季的業績，在去年營運動能的基礎上，我們實現了核心銷售額成長 7.8%、調整後營運利潤率擴大 50 個基點以及調整後每股收益實現兩位數成長。我們的商業團隊執行策略性舉措來贏得新客戶並提高市場滲透率，同時利用我們主要終端市場和地區的有利需求。

Our core sales growth was driven primarily by volume and was broad-based across both segments with PQI delivering 8.3% core sales growth and water quality 4% core sales growth. In PQI, positive trends in consumer packaged goods markets supported growth across all key product categories in our marking and coding business and across our digital workflow solutions and packaging and color. Notably, in our marking and coding business, Q1 marked our fourth consecutive quarter with year-over-year growth in both consumables and equipment.

我們的核心銷售額成長主要由銷量推動，並且廣泛涵蓋兩個部門，其中 PQI 實現 8.3% 的核心銷售額成長，水質實現 4% 的核心銷售額成長。在 PQI，消費包裝商品市場的積極趨勢支持了我們標記和編碼業務以及數位工作流程解決方案和包裝和色彩的所有關鍵產品類別的成長。值得注意的是，在我們的標記和編碼業務中，第一季是我們連續第四個季度實現耗材和設備年成長。

In water quality, we continue to drive robust growth of our water treatment solutions in North America complemented by steady growth in water analytics sales globally, including double-digit growth in Europe.

在水質方面，我們持續推動北美水處理解決方案的強勁成長，同時全球水分析銷售穩步成長，其中歐洲實現兩位數成長。

Adjusted operating profit margin expanded 50 basis points year-over-year to 25% and an all-time high. We expanded operating margin in Bodman with incremental margins in line with our long-term framework driven. By high-quality sales growth and efficient operating leverage, adjusted earnings per share grew 13% year-over-year to $0.95. This exceeded our guidance, primarily due to better-than-expected sales volumes.

調整後營業利益率年增50個基點至25%，創歷史新高。我們擴大了博德曼的營業利潤率，增量利潤率符合我們的長期框架驅動。得益於高品質的銷售成長和高效率的營運槓桿，調整後每股盈餘較去年同期成長13%，達到0.95美元。這超出了我們的預期，主要得益於好於預期的銷售量。

I'm proud of our team's disciplined execution to deliver a high-quality performance in the first quarter in service to our customers. In addition to our strong organic growth performance, we continue to make great progress on recent acquisitions. The integration of TraceGains is on track. Sales are growing in line with our expectations, and we continue to invest in future growth.

我為我們團隊的嚴謹執行感到自豪，在第一季為客戶提供了高品質的服務。除了強勁的有機成長業績外，我們在最近的收購中也繼續取得巨大進展。TraceGains 的整合工作正在按計畫進行。銷售額的成長符合我們的預期，我們將繼續投資於未來的成長。

And in February, we signed a definitive agreement to acquire AQUAFIDES an Austria-based provider of ultraviolet water treatment for $20 million. AQUAFIDES treatment systems are used in drinking water, wastewater and a variety of industrial applications that require high-purity water, including food and beverage and pharmaceuticals. This is a fantastic addition to our Trojan business.

今年 2 月，我們簽署了最終協議，以 2,000 萬美元收購奧地利紫外線水處理供應商 AQUAFIDES。AQUAFIDES 處理系統用於飲用水、廢水和各種需要高純度水的工業應用，包括食品飲料和製藥。這對我們的特洛伊業務來說是一個極好的補充。

It expands our ability to serve European customers with local engineering support and service, while also expanding our UV treatment portfolio with high-quality, efficient fit-for-purpose solutions. We look forward to welcoming the AQUAFIDES team to Varalto and unlocking new growth opportunities together. Looking at core sales growth by geography and end market, growth was broad-based across key verticals and regions.

它擴大了我們為歐洲客戶提供本地工程支援和服務的能力，同時也擴大了我們的紫外線處理產品組合，提供了高品質、高效的適用解決方案。我們期待 AQUAFIDES 團隊加入瓦拉爾托並共同開啟新的成長機會。從地理和終端市場來看核心銷售額的成長，主要垂直產業和地區的成長十分廣泛。

Our commercial teams executed well, leveraging VES tools and capitalizing on the investments made last year to expand our sales, marketing and innovation efforts. Sales growth in Western Europe was robust at nearly 11% with double-digit growth in both segments. In North America, sales grew approximately 8% with high single-digit growth in both segments. And sales in high-growth markets were up 6% year-over-year with PQI sales up high single digits and water quality up low single digits.

我們的商業團隊表現出色，利用 VES 工具並利用去年的投資來擴大我們的銷售、行銷和創新。西歐地區的銷售額成長強勁，達到近 11%，兩個部門均實現了兩位數的成長。在北美，銷售額成長約 8%，兩個部門均實現高個位數成長。高成長市場的銷售額年增 6%，其中 PQI 銷售額成長高個位數，水質銷售額成長低個位數。

Taking a closer look. In Western Europe, water quality grew 11.3%. Our water analytics team in Western Europe continued to deliver exceptional growth through rigorous lead generation, funnel management and VES catalyzed commercial execution. And in PQI, sales into Western Europe grew 10.3%, driven by double-digit growth in packaging and color and high single-digit growth in Marketing and Coating. In packaging and color, we saw strong software growth across most packaging applications, including increased mid-market penetration. This reflects increased focus on account management and fit-for-purpose solutions to accelerate software growth. And in Marketing and Coating, growth was driven across equipment, consumables and spares.

仔細觀察。在西歐，水質提高了11.3%。我們位於西歐的水分析團隊透過嚴格的潛在客戶開發、通路管理和 VES 催化的商業執行繼續實現卓越成長。在 PQI 方面，西歐地區的銷售額增長了 10.3%，這得益於包裝和色彩方面的兩位數增長以及營銷和塗料方面的高個位數增長。在包裝和色彩方面，我們看到大多數包裝應用的軟體呈現強勁成長，包括中階市場滲透率的提升。這反映出對帳戶管理和適合用途的解決方案的關注度有所提高，以加速軟體成長。在行銷和塗料領域，設備、耗材和備件均實現了成長。

Moving to North America. Core sales growth was led by water quality with 8.3% growth. We continue to capitalize on increasing demand for our chemical water treatment solutions, which grew double digits in North America. Our chemical treatment growth was broad-based across several industries with the strongest growth in power generation, food and beverage and chemical processing.

移居北美。核心銷售的成長主要由水質產品帶動，增幅達 8.3%。我們繼續利用對化學水處理解決方案日益增長的需求，該需求在北美實現了兩位數的成長。我們的化學處理業務成長廣泛，涉及多個行業，其中以發電、食品飲料和化學加工行業的成長最為強勁。

And we continue to see growth from new data centers as they become operational. Also, sales of Trojan UV systems to municipalities, primarily related to water reuse contributed to our growth in North America. The economic benefits of water conservation, reclamation and reuse continue to provide opportunities for us to expand our business and support our customers' objectives to efficiently manage their water usage.

隨著新數據中心投入運營，我們將繼續看到其成長。此外，Trojan UV 系統向市政當局的銷售（主要與水再利用有關）也促進了我們在北美的成長。節省、回收和再利用水資源的經濟效益繼續為我們提供拓展業務的機會，並支持我們的客戶實現有效管理用水的目標。

Over the long term, continued North American growth in water quality is supported by attractive secular trends such as water scarcity, water reuse, more frequent severe weather events and increasing demand from heavy water consumption applications such as data centers and power generation. We also continue to benefit from positive market trends across PQI in North America during the first quarter with core sales up 6.9% year-over-year.

從長遠來看，北美水質的持續改善受到水資源短缺、水資源重複使用、惡劣天氣事件頻繁以及資料中心和發電等耗水量大的應用需求不斷增加等長期趨勢的支持。第一季度，我們也持續受惠於北美 PQI 的正面市場趨勢，核心銷售額年增 6.9%。

This was primarily driven by double-digit growth in recurring revenue, specifically consumables and software. This reflects a combination of improved end market demand from CPG customers, VES driven commercial excellence and market penetration from our strategic initiatives. In high-growth markets, core sales grew 6.1%, highlighted by strong growth in Latin America, India and the Middle East.

這主要得益於經常性收入（特別是消耗品和軟體）的兩位數成長。這反映了 CPG 客戶終端市場需求的提高、VES 推動的商業卓越性以及我們策略性舉措帶來的市場滲透力。在高成長市場中，核心銷售額成長 6.1%，其中拉丁美洲、印度和中東的強勁成長尤為突出。

In China, sales grew low single digits, with strong growth in PQI, partially offset by a decline in water quality sales related to timing of ultraviolet treatment installations, which were strong in Q1 2024. Overall, we delivered strong broad-based growth in the first quarter across all of our operating companies. We believe the essential nature of our products, our durable business model and the secular growth drivers across our end markets position us to create value for our stakeholders over both the short and long term. We remain confident that the Varelto Enterprise system will enable us to navigate ongoing changes in the macroeconomic environment with agility and discipline.

在中國，銷售額成長了較低的個位數，PQI 成長強勁，但與紫外線處理裝置時間相關的水質銷售額的下降部分抵消了這一成長，而紫外線處理裝置在 2024 年第一季度表現強勁。總體而言，第一季我們所有營運公司都實現了強勁的全面成長。我們相信，我們產品的本質、我們持久的商業模式以及我們終端市場的長期成長動力使我們能夠在短期和長期為我們的利害關係人創造價值。我們堅信，Varelto Enterprise 系統將使我們能夠靈活、自律地應對宏觀經濟環境的持續變化。

In addition to delivering a strong first quarter, we implemented several countermeasures to help mitigate the impact of recent tariff hikes and enhance our operational flexibility. This includes strategic pricing road maps, targeted sourcing and supply chain initiatives and shifts in manufacturing footprint, including the addition of Trojan's first US factory in Grand Rapids, Michigan. This factory opened in February and is designed to support consumables and light assembly for our domestic UV water treatment customers.

除了第一季表現強勁之外，我們還實施了多項應對措施，以幫助減輕近期關稅上調的影響並增強我們的營運靈活性。其中包括策略定價路線圖、有針對性的採購和供應鏈計劃以及製造足跡的轉變，包括在密西根州大急流城增設 Trojan 的第一家美國工廠。該工廠於二月開業，旨在為我們的國內紫外線水處理客戶提供消耗品和燈具組裝支援。

This expansion creates greater manufacturing and supply chain flexibility for Trojan to support its US customer base. We leveraged the ES tools to prioritize and accelerate the opening of this facility by about four months ahead of schedule to help offset potential tariff headwinds. With greater flexibility and the exemption of product imports covered by the US MCA, our current exposure to Canadian tariffs has been reduced significantly. This is a great example of how well equipped our team is to navigate the current macro environment with focus, agility and speed.

此次擴張為 Trojan 創造了更大的製造和供應鏈靈活性，以支援其美國客戶群。我們利用 ES 工具優先考慮並提前約四個月開放該設施，以幫助抵消潛在的關稅阻力。隨著靈活性的提高和美國MCA涵蓋的產品進口豁免，我們目前受加拿大關稅的影響已大大降低。這是一個很好的例子，表明我們的團隊能夠以專注、敏捷和快速的方式應對當前的宏觀環境。

And we have several levers to pull to mitigate risk while supporting our customers and maintaining business continuity. Our decentralized operating model empowers our business leaders who are closest to our customers to make decisions quickly. Our diverse global footprint and flexible supply chain give us agility and optionality to maneuver quickly. And our leading market positions, direct sales force and the essential nature of our products give us the ability to be thoughtful with strategic pricing actions. Confidence in our ability to deliver on our commitments is, in large part, grounded in the Varalto Enterprise system, our proven system for driving growth, operational improvements and leadership development.

我們採取了多種手段來降低風險，同時支持我們的客戶並保持業務連續性。我們的分散營運模式使最接近客戶的業務領導者能夠快速做出決策。我們多元化的全球業務和靈活的供應鏈賦予我們快速行動的靈活性和選擇性。我們領先的市場地位、直銷隊伍和產品的本質特性使我們能夠深思熟慮地採取策略性定價行動。我們對自己履行承諾的能力充滿信心，這在很大程度上源於 Varalto Enterprise 系統，這是我們推動成長、營運改善和領導力發展的成熟系統。

A core tenet of VES is continuous improvement or Kaizen. As we do annually in the first quarter each year, we completed Varalto's second CEO Kaizen week in February. CEO Kaizen Week, is a long-standing tradition of our enterprise system and personally one of my favorite weeks of the year. This event is culturally important as it helps us stay close to the businesses and understand both their struggles and opportunities helping to catalyze decision-making and prioritize allocation of capital and resources.

VES 的核心原則是持續改善或 Kaizen。正如我們每年第一季所做的那樣，我們在二月完成了 Varalto 的第二次 CEO Kaizen 週。CEO 改善週是我們企業體系的悠久傳統，也是我個人一年中最喜歡的一週。這次活動具有重要的文化意義，因為它可以幫助我們貼近企業，了解他們的困難和機遇，有助於促進決策並優先分配資本和資源。

For 1 week, we immersed 20 cross-functional teams at Gemba where the real work happens at 10 locations across the world to address our biggest impact operates with the participation of Varalto executives. Building off our success last year, this year's CEO Kaizen Week, was designed to help us accelerate growth and reinforce that at Varalto, we are all practitioners of continuous improvement.

在一周的時間裡，我們讓 20 個跨職能團隊沉浸在 Gemba，實際工作在全球 10 個地點進行，以解決我們最大的影響，並在 Varalto 高管的參與下開展工作。基於去年的成功，今年的 CEO Kaizen Week 旨在幫助我們加速成長，並強調在 Varalto，我們都是持續改善的實踐者。

Among other opportunities, a few of this year's most strategic and impactful events focused on increasing adoption of packaging and color software within mid-market CPG customers, accelerating capture of design input requirements for new product development in water analytics and reducing lead time for consumables in one of our marking and coding product lines. The benefits of any Kaizen week include immediate solutions that are rapidly implemented and yield real-time results. Success is proven by sustaining these results, which we track following the Kaizen events.

除其他機會外，今年一些最具策略性和影響力的活動重點是增加中端市場 CPG 客戶對包裝和色彩軟體的採用，加速獲取水分析新產品開發的設計輸入要求，並減少我們其中一條標記和編碼產品線的耗材交貨時間。任何「改善週」的好處包括可以快速實施並產生即時結果的即時解決方案。透過維持這些成果來證明成功，我們會追蹤 Kaizen 活動的結果。

That concludes my opening remarks. And at this time, I'll turn the call over to Sameer.

我的開場白到此結束。現在，我將把電話轉給薩米爾。

Thanks, Jennifer, and good morning, everyone. I'll begin with our consolidated results for the first quarter. Total sales grew 6.9% on a year-over-year basis to over $1.3 billion. Currency was a 130 basis points or $16 million headwind year-over-year and acquisitions contributed 40 basis points of growth, primarily from TraceGains.

謝謝，詹妮弗，大家早安。我將從第一季的綜合業績開始。總銷售額年增 6.9%，達到 13 億美元以上。與去年同期相比，貨幣匯率下跌了 130 個基點，即 1,600 萬美元，而收購貢獻了 40 個基點的成長，主要來自 TraceGains。

Core sales grew 7.8%, led by broad-based volume gains across both segments. Price contributed 1.3% growth in the quarter, in line with historical levels. Our recurring revenue grew high single digits year-over-year and comprised 61% of our total sales. As Ryan mentioned, the first quarter of 2025 had three more shipping days as compared to the first quarter of 2024. If we exclude the estimated benefit of those ex days, core sales growth in Q1 was still above 5%, solidly in the mid-single digits and our highest core sales growth quarter since becoming a public company.

核心銷售額成長 7.8%，主要得益於兩個部門的廣泛銷售成長。價格在本季貢獻了1.3%的成長，與歷史水準一致。我們的經常性收入年增高個位數，佔總銷售額的 61%。正如 Ryan 所提到的，2025 年第一季的運輸時間比 2024 年第一季增加了三天。如果我們排除除息日的預期收益，第一季的核心銷售額成長仍超過 5%，穩定在中等個位數，也是我們上市以來核心銷售額成長最高的一個季度。

Gross profit increased 8% year-over-year to $805 million. Gross profit margin improved 40 basis points year-over-year to 60.4%, primarily driven by volume leverage and to a lesser extent, pricing. Adjusted operating profit increased 9% year-over-year and adjusted operating profit margin expanded 50 basis points to 25%, an all-time high. Looking at EPS for Q1, adjusted earnings per share grew 13% year-over-year to $0.95 per share. As compared to our guidance, adjusted EPS came in stronger, primarily due to higher sales volumes at both segments. Looking at cash flow in the first quarter, we generated $142 million of free cash flow, an increase of $40 million year-over-year. This increase was primarily driven by the growth in earnings.

毛利較去年同期成長8%至8.05億美元。毛利率年增 40 個基點至 60.4%，主要受銷售槓桿作用推動，其次是定價。調整後營業利潤年增9%，調整後營業利益率擴大50個基點至25%，創歷史新高。從第一季的每股盈餘來看，調整後的每股盈餘年增 13% 至每股 0.95 美元。與我們的預期相比，調整後的每股盈餘表現強勁，這主要歸功於兩個部門的銷售量增加。從第一季的現金流來看，我們產生了 1.42 億美元的自由現金流，年增 4,000 萬美元。這一增長主要得益於收益的增長。

I'll now cover the segment results, starting with water quality on the next page. Our Water Quality segment delivered $794 million of sales up 6% on a year-over-year basis. Currency was a 130 basis point headwind and divestitures resulted in a modest 10 basis points reduction in sales versus the prior period. Ford sales grew 7.4% year-over-year, including 100 basis points from price and 640 basis points from volume.

我現在將介紹各部分的結果，從下一頁的水質開始。我們的水質部門實現了 7.94 億美元的銷售額，年增 6%。貨幣帶來 130 個基點的不利因素，而資產剝離導致銷售額與上一時期相比小幅下降 10 個基點。福特銷量年增 7.4%，其中價格成長 100 個基點，銷量成長 640 個基點。

Water quality's volume growth was driven by strong demand for water treatment solutions in our industrial end markets and UV treatment systems in municipal end markets. We also saw good volume growth in sales of analytical instruments, reagents and chemistries to municipalities. Water Qualities recurring sales grew high single digits year-over-year, and equipment growth was up mid-single digits.

水質產量的成長得益於工業終端市場對水處理解決方案和市政終端市場對紫外線處理系統的強勁需求。我們也看到面向市政當局的分析儀器、試劑和化學品的銷售量實現了良好的成長。水質經常性銷售額年增高個位數，設備銷售額成長中個位數。

Adjusted operating profit increased 7.5% year-over-year to $200 million, and adjusted operating profit margin was 25.2% up 40 basis points versus the prior year. Overall, it was a strong quarter for water quality. We expect to see steady growth over the balance of this year given our products are critical to our customers' ongoing operations and generate high level of recurring sales.

調整後營業利潤年增 7.5% 至 2 億美元，調整後營業利潤率為 25.2%，較上年增長 40 個基點。整體而言，本季水質表現強勁。鑑於我們的產品對客戶的持續營運至關重要並能產生高水準的經常性銷售，我們預計今年剩餘時間將穩步成長。

Moving on to our PQI segment on the next page. Sales in our PQI segment grew 8.3% year-over-year to $538 million in the first quarter. Currency was a 130 basis point segment. The currency headwinds were offset by 130 basis points of growth from acquisitions primarily trace gains. Store sales grew 8.3%, led by volume growth of 6.7% and price increases contributing 1.6% to core sales growth.

下一頁我們繼續討論 PQI 部分。第一季度，PQI 部門的銷售額年增 8.3%，達到 5.38 億美元。貨幣為130個基點的區間。貨幣逆風被收購帶來的 130 個基點的成長（主要為微量收益）所抵銷。門市銷售額成長 8.3%，其中銷量成長 6.7%，價格上漲為核心銷售額成長貢獻了 1.6%。

CQI's core sales growth was driven by both recurring revenue and equipment shipments. Recurring revenue grew high single digits year-over-year, led by consumables and software. Equipment growth also grew high single digits, led by marking and coating equipment. PQI's adjusted operating profit was $153 million in the first quarter, up $14 million over the prior year period, resulting in adjusted operating profit margin of 28.4%, an increase of 40 basis points year-over-year. The increased profitability was primarily driven by strong operating leverage on volume growth and to a lesser extent, pricing.

CQI 的核心銷售成長受到經常性收入和設備出貨量的推動。經常性收入年增高個位數，主要由消耗品和軟體推動。設備成長率也達到了高個位數，其中標記和塗佈設備居首。PQI 第一季調整後營業利潤為 1.53 億美元，較去年同期增加 1,400 萬美元，調整後營業利潤率為 28.4%，較去年同期增加 40 個基點。獲利能力的提高主要得益於銷售成長帶來的強勁經營槓桿，以及定價（較小程度上）的推動。

Turning now to our balance sheet and cash flow. In the first quarter, we generated $157 million of cash from operations. We invested $15 million in capital expenditures. As a result, free cash flow was $142 million in the quarter, up 59% over the prior year, primarily driven by the increase in earnings. At the end of the first quarter, gross debt was $2.6 billion and cash on hand was over $1.2 billion.

現在來看看我們的資產負債表和現金流。第一季度，我們的經營活動產生了 1.57 億美元的現金。我們投資了 1500 萬美元的資本支出。因此，本季自由現金流為 1.42 億美元，比上年成長 59%，主要得益於收益的成長。第一季末，總負債為 26 億美元，現金超過 12 億美元。

Net debt was $1.4 billion, resulting in net leverage of 1.1x. Our financial position is very strong and provides us the flexibility to be opportunistic in how we deploy capital to create long-term shareholder value. Having said that, we plan to be prudent and disciplined as we navigate this current economic environment. Over the long term, our goal is to continue to create shareholder value with a bias towards M&A. And we have an attractive pipeline of opportunities in both water quality and PQI.

淨債務為14億美元，淨槓桿率為1.1倍。我們的財務狀況非常強勁，使我們能夠靈活地運用資本，創造長期股東價值。話雖如此，我們計劃在當前的經濟環境中保持謹慎和自律。從長遠來看，我們的目標是繼續創造股東價值，並專注於併購。我們在水質和 PQI 領域都擁有極具吸引力的機會。

Turning now to our guidance. Yesterday, we reaffirmed that 2025 full year adjusted EPS guidance of $3.60 per share to $3.70 per share. Our underlying assumptions have been updated to reflect currency rates and current assessment of tariffs and trade policies. Our full year guidance now assumes an estimated gross impact from the announced tariff increases of approximately 3.5% of full year sales on an annualized basis, and we expect our countermeasures to largely offset tariff impacts.

現在轉向我們的指導。昨天，我們重申 2025 年全年調整後每股盈餘預期為每股 3.60 美元至每股 3.70 美元。我們的基本假設已更新，以反映貨幣匯率和目前對關稅和貿易政策的評估。我們現在對全年的預期是，宣布的關稅上調將對全年銷售額造成約 3.5% 的年化總影響，我們預計我們的應對措施將在很大程度上抵消關稅的影響。

For the full year 2025, our year-over-year core sales growth target remains below to mid-single digits consistent with our prior guidance. Furthermore, we expect neutral impact to the full year sales growth from both currency translation and acquisitions net of divestitures. We expect sales contributions from TraceGains and AQUAFIDES to be largely offset by the AVT divestiture. We are now assuming corporate expense at about $100 million as we control discretionary spending in light of the macroeconomic environment.

對於 2025 年全年而言，我們的核心銷售額同比成長目標仍將低於中等個位數，與我們先前的預期一致。此外，我們預期貨幣換算和扣除資產剝離後的收購對全年銷售成長的影響為中性。我們預計 TraceGains 和 AQUAFIDES 的銷售貢獻將在很大程度上被 AVT 的剝離所抵消。我們現在假設企業支出約為 1 億美元，因為我們根據宏觀經濟環境控制可自由支配的支出。

Given the impact and timing of tariff increases and related countermeasures, we expanded our target range of adjusted operating profit margin. We are now targeting full year adjusted operating profit margin to be flat to up 50 basis points or approximately 25 basis points expansion at the midpoint. We believe this is prudent given the dynamic macroeconomic landscape. And we are targeting free cash flow conversion between 90% to 100% of GAAP net income, in line with prior guidance.

考慮到關稅上調及相關對策的影響和時機，我們擴大了調整後營業利益率的目標範圍。我們現在的目標是全年調整後的營業利潤率持平至上升 50 個基點，或中間值擴大約 25 個基點。我們認為，鑑於動態的宏觀經濟形勢，這是謹慎的。我們的目標是將自由現金流轉換為 GAAP 淨收入的 90% 至 100%，與先前的指導一致。

Looking now at our second quarter guidance, we expect core sales to grow in the low to mid-single-digit range year-over-year across both segments. And our second quarter 2025 guidance for adjusted EPS is $0.84 to $0.88 per share. That concludes my prepared remarks. At this point, I'll turn the call over to Jennifer for closing remarks.

現在回顧我們第二季的業績指引，我們預計兩個部門的核心銷售額將年增至中個位數。我們對 2025 年第二季調整後每股盈餘的預期為每股 0.84 美元至 0.88 美元。我的準備好的發言到此結束。現在，我將把電話交給詹妮弗做結束語。

Thanks, Sameer. In summary, we're off to a strong start in 2025 and we are confident in our ability to navigate a more dynamic macroeconomic environment in the near term and are prepared to do so. We believe that the essential need for orthology solutions, our durable business model and the secular growth drivers across our end markets will support our financial performance this year. We continue to leverage the power of the Varalto Enterprise System to drive continuous improvement and bolster our agility.

謝謝，薩米爾。總而言之，我們在 2025 年取得了良好的開端，我們有信心在短期內應對更具活力的宏觀經濟環境，並已做好準備。我們相信，對直系同源解決方案的基本需求、我們持久的商業模式以及終端市場的長期成長動力將支撐我們今年的財務表現。我們繼續利用 Varalto 企業系統的強大功能來推動持續改進並增強我們的敏捷性。

Our financial position remains strong, and we continue to evaluate opportunities to create shareholder value within our disciplined capital allocation framework. We are excited about the bright future ahead for Varalto and the opportunities in front of us to help customers solve some of the world's biggest challenges in delivering clean water, safe food and trust essential goods. That concludes our prepared remarks. And at this time, we are happy to take your questions.

我們的財務狀況仍然強勁，我們將繼續在嚴格的資本配置框架內評估創造股東價值的機會。我們對 Varalto 的光明前景和擺在我們面前的機會感到興奮，我們將幫助客戶解決在提供清潔水、安全食品和信賴必需品方面面臨的一些世界最大挑戰。我們的準備好的演講到此結束。現在，我們很樂意回答您的問題。

(Operator Instructions)

（操作員指示）

Scott Davis with Emilios Research

埃米利奧斯研究公司的斯科特·戴維斯

Congrats on the start of the year. I hate to do it, but I have to ask on tariffs because that's just so much of our incomings and you guys seem pretty confident in your ability to mitigate, but perhaps maybe provide a little bit more color on the sequencing. I imagine you can't mitigate overnight. This is going to take some time. But I'll put that as kind of an open-ended question that just help us understand how the mechanics behind mitigation and kind of the timing and when you would expect to be fully offsetting the tariffs.

祝賀新的一年的開始。我不想這樣做，但我不得不問關稅問題，因為這只是我們收入的很大一部分，而且你們似乎對自己緩解的能力非常有信心，但也許可以提供更多關於排序的細節。我想你不可能一夕之間就緩解這種情況。這需要一些時間。但我會把它當作一個開放式的問題來提出，它只是幫助我們了解緩解背後的機制和時間安排，以及何時可以完全抵消關稅。

Thanks for the question, Scott. Yes, I think we feel very confident here. Our gross exposure to tariffs is about 3.5% of our sales. And bear in mind that in terms of running Varalto and using VES, we are constantly looking for opportunities to optimize the business, be that operational footprint, pricing, supply chain and strategic sourcing kinds of opportunities.

謝謝你的提問，斯科特。是的，我認為我們在這裡非常有信心。我們的關稅總風險敞口約占我們銷售額的 3.5%。請記住，在經營 Varalto 和使用 VES 方面，我們一直在尋找優化業務的機會，包括營運足跡、定價、供應鏈和策略採購等機會。

And so in fact, we always have this going on. We've accelerated some of the actions purely around derisking what we see today. But I would reiterate, as I said in the comments, we're well positioned here. So pricing actions have been and will continue to be undertaken. We additionally derisk our Trojan manufacturing facility based in Canada by pulling forward some redundant manufacturing capability into their new manufacturing facility and distribution center in Grand Rapids, Michigan.

事實上，我們一直都在進行這樣的事情。我們加快了一些行動，純粹是為了降低我們今天看到的風險。但我想重申，正如我在評論中所說，我們在這裡處於有利地位。因此，定價行動已經並將繼續實施。我們還透過將部分冗餘的製造能力轉移到位於密西根州大急流城的新製造工廠和配送中心來降低位於加拿大的特洛伊製造工廠的風險。

And we continually work to align our supply chain and our sourcing strategies relative to derisking our tariff situation. So bear in mind, too, that we are effectively an asset- light manufacturing operation. Most of our business here is subassemblies and kitting, circuit boards, plastic enclosures, optics and so on. So there's no additional capital needed to create redundant lines or, in fact, move manufacturing lines. And we do that regularly in the normal course of business.

我們不斷努力調整我們的供應鏈和採購策略，以降低關稅風險。因此也請記住，我們實際上是一家輕資產製造企業。我們這裡的大部分業務是組件和配套產品、電路板、塑膠外殼、光學元件等等。因此，不需要額外的資本來創建冗餘生產線或實際轉移生產線。我們在正常業務過程中經常這樣做。

On average, we can move a line within a 6-month time frame. Some take longer, but we feel like we're really well positioned here.

平均而言，我們可以在 6 個月的時間內移動一條線路。有些需要更長的時間，但我們覺得我們在這裡處於非常有利的位置。

Okay. No, that's helpful. And then if you just think about second derivative demand impacts, I would think Videojet would be a pretty good real-time demand indicator for really just customer confidence and such. What -- have you seen anything in Videojet in April that would lead you to be a little bit concerned about the customer confidence and folks plans on spending money in 2Q and beyond here in '25?

好的。不，這很有幫助。然後，如果您只考慮二階導數需求影響，我會認為 Videojet 對於真正的客戶信心等來說是一個非常好的即時需求指標。什麼——您在 4 月看到 Videojet 有什麼表現讓您有點擔心客戶信心以及人們在 2025 年第二季度及以後的支出計劃嗎？

We really haven't, Scott. Demand remains strong for our PQI business and particularly coding and marking as well. So we don't see any demand change in the order patterns. We have just completed four consecutive quarters of growth for both equipment and consumables, which follows a good trajectory of consumer confidence and recovery in the CPG markets.

我們確實沒有，斯科特。我們的 PQI 業務，特別是編碼和標記業務的需求仍然強勁。因此，我們沒有看到訂單模式有任何需求變化。我們的設備和消耗品剛連續四個季度實現成長，這符合消費者信心和快速消費品市場復甦的良好軌跡。

The trends between different types of consumer product goods are variable, right, beverages are up, salty snacks are down. And we stay close to the data. This is a volume game for us, right? And so we look at volume on a regular basis in terms of number of codes printed. And we'll continue to watch the market closely. But at this point, we don't have any indication of that softening.

不同類型的消費品之間的趨勢是不同的，對的，飲料上升，鹹味零食下降。我們密切關注數據。對我們來說，這是一場數量遊戲，對嗎？因此，我們會定期查看列印代碼的數量。我們將繼續密切關注市場。但目前，我們還沒有看到任何軟化的跡象。

Scott, if I may. And as we're going to look at April, the old patterns are still pretty normal at this point. Interesting.

史考特，如果可以的話。當我們展望四月時，舊模式目前仍然相當正常。有趣的。

Deane Dray with RBC Capital Markets.

加拿大皇家銀行資本市場的 Deane Dray。

Love to get started here on the tariffs, follow-up to Scott's questions. And just can you talk about the price elasticity, I mean, it's really you've got there's high switching costs for your customers, especially on the water quality side. Can you just talk about the difference between consumables, elasticity versus equipment? And where would be the most risk that you have in increasing prices just if you think about your product line?

很高興在這裡開始討論關稅問題，並跟進斯科特的問題。能談談價格彈性嗎？我的意思是，對於您的客戶來說，轉換成本確實很高，尤其是在水質方面。您能談談消耗品、彈性和設備之間的差異嗎？如果您考慮一下您的產品線，那麼漲價的最大風險是什麼？

Thanks for the question, Dean. This is a dynamic situation that we continue to operate in, and we're relatively surgical in our approach to pricing. So it's going to depend based on the products, the customers in the regions that we're operating in. And so there's really not a one-size-fits-all approach.

謝謝你的提問，Dean。這是我們持續營運的動態情況，我們的定價方法相對精確。所以這將取決於我們經營所在地區的產品和客戶。因此，實際上並不存在一種放諸四海皆準的方法。

I will say, as you know, that 80% of our sales goes into food, water and essential goods, and our products are essential to customer operations where the risk of failure is high and the overall spend relative to their operating budget is low. So it's well worth the investment here. And I would say that with 60% of our revenue tied to the consumables business, it's a pretty good relationship, as you know.

我想說，正如你們所知，我們 80% 的銷售額來自食品、水和必需品，我們的產品對於客戶營運至關重要，因為這些產品的故障風險很高，而且相對於其營運預算而言，總體支出很低。因此，這裡的投資非常值得。我想說的是，我們的 60% 的收入與消耗品業務有關，這是非常好的關係，正如你所知。

So we've got the razor-razorblade relationship here. But as you know, our decentralized operating model empowers our business leaders to effectively take pricing actions where they best see fit. And that's going to vary by operating company and product line.

因此，我們在這裡得到了剃刀與刀片的關係。但如您所知，我們的分散營運模式使我們的業務領導者能夠有效地採取他們認為最合適的定價行動。這將根據營運公司和產品線的不同而變化。

Great. Just to clarify if you're using surcharges in addition to pricing?

偉大的。只是想澄清一下，除了定價之外，您是否還使用附加費？

Like I said, Dean, it's going to vary. In some cases, we're using surcharges. In some cases, it's pricing. It just depends upon the business, the product line in the region in which we're operating. But I can say we remain confident in our ability to have our pricing actions be those surcharges or permanent increases to stick, and we believe we're well covered in terms of addressing any tariff impact going forward.

就像我說的，迪恩，情況會有所不同。在某些情況下，我們會收取附加費。在某些情況下，它是定價。這取決於我們經營所在地區的業務和產品線。但我可以說，我們仍然有信心我們有能力採取附加費或永久性上調的定價行動，我們相信，在解決未來任何關稅影響方面，我們已經做好了充分的準備。

Great. And just a follow-up, and this is away from tariffs. Do you have any high-level observations on the EPA announcement this week regarding PFOS. There was a lot of hand wringing worrying that there might be some pullback from the enforcement here, especially the four parts per trillion, but it looks like it was a full endorsement of the enforcement of PFOS and just any commercial implications for you all? And would love to hear, again, just high-level thoughts.

偉大的。接下來是後續問題，與關稅無關。您對美國環保署本週發布的有關 PFOS 的聲明有何高見？很多人擔心這裡的執法力度可能會減弱，尤其是四萬億分之一的規定，但看起來這是對 PFOS 執法的完全認可，這對你們所有人來說有什麼商業影響嗎？並且很想再聽到高層的想法。

Yes. Thanks for the question. As you know, we remain excited about PFS in terms of both analysis and treatments, particularly in the area of destruction. We remain active with our minority investment in Axione Technologies, which is a destruction technology or PFOS. Our teams are constantly canvassing the market looking for opportunities to innovate and particularly democratize test so that they can be fit for purpose for utilities and municipalities.

是的。謝謝你的提問。如您所知，我們對 PFS 的分析和治療方面，特別是在破壞方面，仍然感到興奮。我們仍然積極地對 Axione Technologies 進行少數股權投資，這是一家 PFOS 銷毀技術公司。我們的團隊不斷探索市場，尋找創新機會，特別是民主化測試，以便它們能夠適合公用事業和市政當局的用途。

So we think we're well positioned here. And as a reminder, there's nothing in our forecast going forward that has any component of PFAS sales, either treatment or destruction in it. I think it remains early days here in terms of how to go solve for this problem, but there's effectively no impact if the EPA decides to pull their four parts per trillion or increase it to some other minimum contamination level. We remain committed to this space, and we think there's going to be a need to solve for this in the future.

因此我們認為我們在這裡處於有利地位。需要提醒的是，我們未來的預測中不包含任何與 PFAS 銷售（無論是處理還是銷毀）相關的內容。我認為，就如何解決這個問題而言，現在還處於早期階段，但如果環保署決定降低四萬億分之一或將其提高到其他最低污染水平，實際上不會產生任何影響。我們仍然致力於這個領域，我們認為未來有必要解決這個問題。

Thank you

謝謝

Mike Halloran with Baird

麥克哈洛倫和貝爾德

I just want to make sure I understand how you guys are thinking about the year and however we can cadence this out. First, the selling days, does that come out of the second quarter? Or where does that bounce out over the course of the year? And then how are you thinking about the seasonality embedded in guidance, all else were relatively normal? Any change more of a top line question here than the bottom line question.

我只是想確保我了解你們對這一年的想法，以及我們如何實現這一目標。首先，銷售天數是來自第二季嗎？或者這一年會出現什麼反彈？那麼您如何看待指導中包含的季節性，其他一切都相對正常？這裡的任何變化更多的是一個頂線問題而不是底線問題。

Mike, thanks for the question. As you kind of think about the three , it's really the impact it's going to be in Q4. So for the full year, there's not an impact. But for second quarter and third quarter on a year-over-year basis, there should not be any change in the number of days. So that's how you should think about that.

麥克，謝謝你的提問。當你思考這三者時，它們確實會在第四季產生影響。因此，就全年而言，不會產生影響。但第二季和第三季與去年同期相比，天數應該不會有任何變化。所以你應該這樣想。

Despite that, our Q1 was really strong. So we feel really good about the execution of our team and greater than 5% of the core growth, even if we perform on average basis for the potential three days. So a really solid quarter. From a seasonality perspective, as you know, our business really does not have a whole of seasonality. You may see a little bit of movement in for based on the budgets that the municipalities may have, things like that, but really from a seasonality perspective, our business is pretty steady.

儘管如此，我們的第一季表現確實非常強勁。因此，即使我們在潛在三天內表現平平，我們對團隊的執行力感到非常滿意，核心成長率也超過 5%。所以這是一個非常穩健的季度。從季節性的角度來看，如你所知，我們的業務實際上並沒有明顯的季節性。你可能會看到一些波動，例如市政當局的預算等等，但從季節性的角度來看，我們的業務總體上相當穩定。

Hey Mike, thanks for the question. And you can think about the three extra days, it's really the impact that's going to be in the Q4. So for the full year, there's not a, not any impact, but for 2nd quarter and 3rd quarter on a year to year basis, there should not be any change in the in the number of days.

嘿，麥克，謝謝你的提問。你可以想想這額外的三天，這確實會對第四季度產生影響。所以，對於全年來說，沒有任何影響，但就第二季和第三季而言，年比來看，天數應該不會有任何變化。

So that's how you should think about that, despite that, the key one was really strong, so we feel really good about the execution of our team and greater than 5% of the core growth, even if we, perform on this on average basis for the extra three days. So really solid quarter. From a seasonality perspective, as our business really does not have a whole lot of seasonality. You may see a little bit of movement in the Q4 based on the budgets that the, municipalities may have, things like that, but really from a seasonality perspective of businesses, we're pretty steady.

所以你應該這樣想，儘管如此，關鍵的一點是真的很強大，所以我們對團隊的執行力感到非常滿意，核心增長超過 5%，即使我們在額外的三天里平均表現如此。所以本季業績表現非常穩健。從季節性的角度來看，我們的業務確實沒有太多的季節性。根據市政當局的預算等因素，您可能會看到第四季度出現一些波動，但從企業的季節性角度來看，我們仍然相當穩定。

And then probably this is almost two questions squeezed into the one, which I admit I had a time. But can you help us bridge between 1Q and 2Q? Relative to the strength of 1Q, even excluding the number of cell days and the benefit, it's still early the quarter, seems like a little bit of a change going in the second quarter. Is that the timing of how the tariffs roll through? And then the second question embedded in that is how does the tariff mitigation work through years? Is it heaviest in 2Q and pretty light, if at all, in the fourth quarter? So if you could just kind of square those two dynamics for me.

然後可能這幾乎是兩個問題擠在一起的問題，我承認我曾經有過這樣的經驗。但是您能幫助我們連接 1Q 和 2Q 嗎？相對於第一季的強勁表現，即使不計入電池天數和收益，現在仍處於季度初期，第二季度似乎會有一點變化。這是關稅實施的時機嗎？其中的第二個問題是，多年來關稅減免是如何發揮作用的？第二季的衝擊是否最嚴重，而第四季的衝擊是否相對較輕？所以如果你能幫我把這兩個動態協調起來的話。

Yes, Mike, is yes, there definitely two questions. So let's parse them out. I think first, let's look it from a growth perspective on the guidance. Look, I think Q1 was really strong again greater than 5% core growth, even if you perform on average for three days -- three extra shipping days. Order patterns in April seems normal. But having said that, there's just a lot of geographical uncertainty from the trade policies. So what you've done is look at a lot of scenarios as you kind of try to rebalance between price and volume.

是的，麥克，是的，肯定有兩個問題。那麼讓我們來分析一下它們。我認為首先，讓我們從成長的角度來看指導。看，我認為第一季表現非常強勁，核心成長率超過 5%，即使平均表現為三天——額外的三天運輸時間。四月份的訂單模式似乎正常。但話雖如此，貿易政策仍有許多地理不確定性。因此，您所做的就是在嘗試重新平衡價格和數量時考慮很多情況。

Where we are is it feels pretty good about the low single digit to mid-single digit kind of overall core growth. As you know, we don't guide between the price and volume. So that's how we kind of think about the core growth side at this point. I think it makes sense for us to be stable, judicious from a growth perspective. On the margin side, and that's where your tariff question comes in and how the impact will roll in.

我們對低個位數到中等個位數的整體核心成長感覺相當不錯。如您所知，我們不對價格和數量進行指導。這就是我們目前對核心成長方面的看法。我認為從成長的角度來看，我們保持穩定、明智是有意義的。在利潤方面，這就是您的關稅問題所在，以及其影響將如何產生。

We modeled in a little bit of a timing difference between the tariff increases and the related countermeasures. So that's kind of driving and why we've expanded the margin range a little bit. Also in the near term, what we have seen is, like Q1 was really good on the equipment sales, and of course, that so the seed for the future growth. So that's really a great outcome in Q1. We modeled in the equipment sales growing in Q2 as well. So that's impacting on the margin side in the second quarter.

我們對關稅上調和相關對策之間的時間差異進行了建模。這是一種驅動力，也是我們稍微擴大利潤範圍的原因。此外，在短期內，我們看到第一季的設備銷售情況非常好，當然，這是未來成長的種子。所以這確實是一個第一季的偉大成果。我們也模擬了第二季設備銷售額的成長。所以這對第二季的利潤率產生了影響。

And lastly, Mike, it's really math, right? The quantum of the numbers that we're looking at from a cost and then the price to offset that is going to -- we're trying to protect the OP dollars, right? That's where the EPS, we feel pretty good about 360 to 370. But when you try to particularly will be dollars, you're going to have a little bit of an impact just on a percent of the margin side.

最後，麥克，這真的是數學，對吧？我們從成本和抵消價格的角度來考慮數字的數量——我們試圖保護 OP 美元，對嗎？這就是 EPS，我們覺得 360 到 370 左右相當不錯。但是，當您嘗試以美元計算時，您將對利潤率的百分比產生一點影響。

So that's kind of like really playing into the guide as well. But overall, we feel really good about at this point on the countermeasures and how we're looking at the demand at least sitting here today.

所以這也有點像是真正遵循指南。但總體而言，我們對目前的對策以及至少今天我們對需求的看法感到非常滿意。

Great. I really appreciate it. Thanks for the details.

偉大的。我真的很感激。謝謝你的詳細資料。

John McNulty with BMO Capital Markets.

BMO 資本市場的 John McNulty。

Yeah, good morning. Thanks for taking my question. Obviously 1Q, a lot stronger, I think, than even you all expected or at least guided to. At the same time, it doesn't sound like there was any pull forward or anything like that around the tariff side. So I guess, first, can you help us to understand where that strength surprised you? I mean your business is normally pretty predictable and yet it really came in a lot better than expected. So I guess, what were the big surprises would you say?

是的，早安。感謝您回答我的問題。顯然，我認為第一季的表現比大家預期的或至少指導的要強勁得多。同時，聽起來關稅方面似乎沒有任何推動或類似的事情。所以我想，首先，您能幫助我們了解這種力量在哪些方面讓您感到驚訝嗎？我的意思是，您的業務通常是相當可預測的，但實際上它的表現比預期的要好得多。那我想，您認為最大的驚喜是什麼？

Thanks for the question, John. We post spin, and we've been out of the starting blocks now 18 months or so, really had the benefit of reinvigorating VES and doubling down on commercial execution, new product development and making sure that we are operating out of the strongest positions for each of our businesses. And I think what you see coming out of the fourth quarter here is just sustained momentum, right?

謝謝你的提問，約翰。我們發布了旋轉，現在已經起步 18 個月左右了，真正受益的是重振 VES 並加倍投入商業執行、新產品開發並確保我們在每個業務中都發揮最強的作用。我認為您看到的第四季度的勢頭是持續的，對嗎？

We made a number of investments in commercial execution. We did some rearchitecting of our commercial teams in some of the businesses. And we doubled down really in terms of driving new product development and delivering fit-for-purpose products and solutions into the space. And I think what you see there is the ongoing momentum in just being disciplined in driving VES and ensuring that we're blocking and tackling each and every day.

我們在商業執行方面進行了大量投資。我們對一些業務的商業團隊進行了一些重組。我們在推動新產品開發並向該領域提供適合用途的產品和解決方案方面確實加倍努力。我認為，您所看到的只是在嚴格推動 VES 並確保我們每天都在阻止和解決每個問題方面的持續動力。

I don't know that we were necessarily surprised by anything in particular? I think probably Europe came in a little bit stronger, particularly on the water side that we benefited from. But again, that's on the back of really solid leadership, commercial execution of blocking and tackling every day.

我不知道我們是否一定對某些特別的事情感到驚訝？我認為歐洲可能表現得更強勁一些，特別是在我們受益的水資源方面。但同樣，這是建立在真正堅實的領導力和每天進行阻擋和鏟球的商業執行基礎上的。

Got it. Okay. No, that's helpful. And I guess, maybe somewhat related to that, so the margins overall for the first quarter were pretty much at a record level. And I think that was despite what you thought was going to be some pretty heavy equipment, slightly lower margin-type business coming in and you have the trace gains kind of weight of some of the investments there. So I guess how should we be thinking about the margin level that we're at right now and how that progresses through the year?

知道了。好的。不，這很有幫助。我想，這可能與此有關，因此第一季的整體利潤率幾乎達到了創紀錄的水平。我認為，儘管你認為將會有一些相當重型的設備，利潤率略低的業務進入，但你還是可以從那裡的一些投資中獲得微量收益。那麼我想我們應該如何看待我們目前的利潤水平以及全年的進展？

I guess there may be some puts and takes around the tariff timing, but maybe you can help us to think about some of those levers that you're pulling there.

我想，在關稅時間方面可能會存在一些利弊，但也許您可以幫助我們思考您在那裡採取的一些措施。

Yes, John, I just going to look at the Q1 margin, absolutely. Really great execution driving the 25% adjusted OP margins. So I feel really great about that. Some of the things in the Q1 that you kind of look at it from a margin perspective, it's really the fall-through from the volume side. It's the volume leverage that was a big role -- played a big role in driving the operating margin uplift.

是的，約翰，我只是要看看第一季的利潤率，絕對的。出色的執行力推動了 25% 的調整後 OP 利潤率。所以我對此感覺非常好。從利潤率的角度來看，第一季的一些情況實際上是銷量方面的下滑。銷售槓桿在推動營業利潤率提升方面發揮了重要作用。

I would say, as we kind of move on and look at the rest of the year, we've been a little -- we want to make sure that we build in a lag for any timing differences between the tariff increases and the counter measures, that's kind of played in equipment sales, as I said earlier, are rolling to that as well and rest is math. So those are some of the reasons at this point, given there are so many moving pieces, frankly, a lot of the stuff happening real time, as you know on a daily basis with things changing. So we just wanted to be judicious and cautious at this point as we kind of think about the ad side.

我想說的是，隨著我們繼續前進並展望今年剩餘時間，我們有點——我們希望確保在關稅上調和反制措施之間的時間差異中建立一個滯後，這在設備銷售中發揮了一定作用，正如我之前所說的那樣，我們也在朝著這個方向發展，剩下的就是數學了。所以，這些就是目前的一些原因，因為有太多的活動因素，坦白說，很多事情都是即時發生的，正如你所知，事情每天都在改變。因此，當我們考慮廣告方面時，我們只是想明智和謹慎。

Got it. Great. Thanks.

知道了。偉大的。謝謝。

Very much and congratulations on a great quarter.

非常感謝，恭喜本季取得如此出色的成績。

Thanks John. John.

謝謝約翰。約翰。

Nathan Jones with Stifel

內森瓊斯（Nathan Jones）與 Stifel

I guess my tariff question is going to be around the competitive advantage or disadvantage that you might see from this. Obviously, there's certain competitors maybe in marketing and coding where you're pretty similarly positioned, but maybe some other businesses where you have some competitive advantages or disadvantages.

我想我的關稅問題將圍繞您可能從中看到的競爭優勢或劣勢。顯然，在行銷和編碼領域，也許存在一些與您定位相當的競爭對手，但在其他一些領域，也許您具有一些競爭優勢或劣勢。

Just based on where supply chain is positioned, where your manufacturing is positioned, et cetera, I would imagine being the big dog on the block in most of these businesses that is more advantage and disadvantage. But are there places where you see this as an opportunity to either use that better positioning to gain market share or to use that better positioned supply chain to look for a price or any areas like that?

僅基於供應鏈的位置、製造的位置等等，我可以想像，在大多數此類業務中，成為行業中的巨頭會帶來更多優勢和劣勢。但是，您是否認為這是一個機會，可以利用更好的定位來獲得市場份額，或利用定位更好的供應鏈來尋找價格或類似的領域？

I love the question, Nathan. We actually look forward to market dislocations. This is an area where I think we can form really, really well. And that's on the back of just our multi-decade heritage around the Varalto Enterprise system. As I mentioned, we are an asset-light manufacturing business in most cases. And that gives us really a lot of great optionality as to where we manufacture for the benefit of both our customers and to defray.

我喜歡這個問題，內森。我們實際上期待市場混亂。我認為這是我們能夠做得非常好的一個領域。而這一切都源自於我們在 Varalto Enterprise 系統方面數十年的累積。正如我所提到的，大多數情況下我們是一家輕資產製造企業。這確實為我們在何處生產提供了很大的選擇權，既有利於我們的客戶，也有利於我們的支出。

So we feel very good about our position in being advantaged at this time. We feel like we've got great direct to customer sales strength with our 75% direct-to-sales model. It gives us great insight as to what our customers are thinking and doing the problems that they're facing, how we can help solve those problems with them. And likewise, we're always working supply chain. That's just part and parcel to running a global business, and we got a lot of reps here, right?

因此，我們對自己目前所處的優勢地位感到非常滿意。我們認為，憑藉 75% 的直銷模式，我們擁有強大的直接面向客戶的銷售實力。它讓我們深入了解客戶在想什麼、在做什麼、他們面臨的問題是什麼，以及我們如何幫助他們解決這些問題。同樣，我們一直在努力維護供應鏈。這只是經營全球業務的一部分，我們在這裡有很多代表，對吧？

This is reflective memory for us. So we're blocking and tackling. We're using VES, we're remaining nimble. And then when we say opportunities, we seize them with speed and agility.

這對我們來說是反射性記憶。因此我們正在進行阻擋和解決。我們正在使用 VES，我們保持靈活。當我們看到機會時，我們會迅速而敏捷地抓住它們。

And if I can just add, the speed and the agility is really demonstrated by how we've been able to set up the clothing facility in Grand Rapids, Michigan, right? So that's a great proof point of what Jennifer just said.

我可以補充一下，我們在密西根州大急流城建立服裝工廠確實體現了速度和敏捷性，對嗎？這充分證明了珍妮佛剛才所說的話。

I guess, follow-up then is you said 3.5% of sales across the portfolio, but your business is like half US or a little bit under half US Does that imply that you need 7% price in the US? Or are you deferring that across other parts of the business? And then is it relatively homogeneous? Or are there parts that need significantly more than that, significantly less than that? And do you believe you can mitigate a significant portion of what's that 3.5% total today? And what could you get it down to?

我想，接下來的問題是，您說的是整個投資組合銷售額的 3.5%，但您的業務有一半在美國，或略低於一半，這是否意味著您需要在美國收取 7% 的價格？或者您將其推遲到業務的其他部分？那麼它是否相對同質？或是有些部分需要的量明顯比這多，或比這少？您是否相信您可以減輕今天這 3.5% 總量中的很大一部分負擔？您能將其歸結為什麼呢？

Yes, Nathan, as you kind of look at a 3.5 percentage is really sort of a growth estimate. And when you look at that number effectively, it reflects the export as well as the imports, right, in the ports into China. And majority of this is tied to China as we talked about that.

是的，內森，您看，3.5% 實際上是一種成長估計。當你有效地查看這個數字時，它反映了中國港口的出口和進口。正如我們討論過的，其中大部分與中國有關。

Overall, we say we should be able to defray pretty much all of it at Nathan. And it's really three things. The sourcing strategy, supply chain stuff that Jennifer talked about. Second is all the manufacturing footprint, given our life manufacturing, we can move things around very fast. All those things are happening to make sure we're in a geographic location where we can serve our customers, maintain the continuity of a survey to customers. At the same time, we can do it very fast. And then lastly, I would say, the pricing. So it's a combination of all three is how you should be thinking about defraying this 3.5% that we laid out a gross conservative view. This -- this is not all pricing.

總體而言，我們認為我們應該能夠在 Nathan 承擔幾乎所有的費用。事實上，它涉及三件事。詹妮弗談到的採購策略、供應鏈等內容。第二個是所有的製造足跡，考慮到我們的生活製造，我們可以非常快速地移動物品。所有這些事情都是為了確保我們處於可以為客戶提供服務的地理位置，並保持對客戶調查的連續性。同時，我們能夠非常快速地完成這件事。最後我想說的是定價。因此，您應該將這三者結合起來考慮如何承擔這 3.5% 的費用，我們對此提出了整體保守的觀點。這——這不是全部的定價。

Got it, thank you very much for taking my questions.

明白了，非常感謝您回答我的問題。

Jeff Sprague with Vertical Research

垂直研究公司的 Jeff Sprague

Hey, thank you. Good morning, everyone. I'm a bit late but I think my team has updated and what you said so far, but pardon any duplication here. But first, just on the asset-light comment though, Jennifer, a lot of that derives right, from not being vertically integrated and sourcing and the like. Do you see, for example, kind of electronic sources of supply where you can divert out of China to other places to kind of put the deal with the input costs on that side of the equation?

嘿，謝謝你。大家早安。我有點晚了，但我認為我的團隊已經更新了你目前所說的內容，但請原諒這裡的任何重複。但首先，僅就輕資產評論而言，詹妮弗，其中許多都是正確的，源於沒有垂直整合和採購等。例如，您是否看到某種電子供應來源，您可以將它從中國轉移到其他地方，從而將交易與等式那一邊的投入成本結合起來？

Yes. Let me clarify, just because we say asset-light doesn't mean we're not leveraging collective spend for certain commodities. Okay? What we mean when we say asset-light is that we don't have any big heavy monuments for manufacturing equipment that has to be duplicated or rooftops that need to be built in order for us to be able to move supply chain.

是的。讓我澄清一下，我們說輕資產並不代表我們沒有利用集體支出來購買某些商品。好的？我們所說的輕資產是指，我們不需要複製任何用於放置製造設備的大型重型建築物，也不需要建造任何屋頂以便能夠移動供應鏈。

We have a very capable strategic sourcing team centralized within our corporate organization that works directly with our sourcing teams within the operating companies to create that shared leverage. So that shared leverage shows up in collective circuit board purchases in chemicals, commodities, in plastics, injection molded parts, optics, et cetera.

我們在公司組織內擁有一支非常有能力的策略採購團隊，該團隊直接與營運公司內的採購團隊合作，以創造共享優勢。因此，共享槓桿作用體現在化學品、大宗商品、塑膠、射出元件、光學元件等的集體電路板採購。

So we think we're well advantaged here in terms of being able to leverage the collective spend but also being nimble and swift when we want to diversify our manufacturing footprint.

因此，我們認為我們在利用集體支出方面具有很大的優勢，而且當我們想要實現製造足跡多樣化時，我們也能保持靈活和迅速。

And Jeff, one more point I would add is, as you kind of think from the supplier's perspective, right, there's a lot more flexibility on the supply footprint as well right now versus the first round of tariffs 6 to 8 years back, right? So it's a little different situation as well. So all of us have been working in building that resillency into a supplier base as well. That is a driver in our ability to move fast as well right now.

傑夫，我想補充的另外一點是，正如你從供應商的角度所想的那樣，與 6 到 8 年前的第一輪關稅相比，現在的供應足跡也有了更大的靈活性，對嗎？所以情況也有點不同。因此，我們所有人都一直在努力將這種彈性融入供應商基礎中。這也是我們現在能夠快速行動的動力。

And thinking about what you can do versus what you will do, I mean, is there like a real list of sort of no-regrets footprint changes that you make here? Or are we still kind of tactically maybe leaning more on price at the beginning to see if some of the stuff goes away? Just interested in how you're kind of playing that potential arbitrage there.

想想你能做什麼和你將要做什麼，我的意思是，你在這裡所做的無悔足跡改變是否有一個真正的清單？或者我們仍然在策略上一開始就更依賴價格來觀察某些東西是否會消失？我只是對你如何在那裡進行潛在的套利感興趣。

Yes. If you think it from the supply chain and the manufacturing footprint perspective, Jeff, these are no regret moves for us. I think like Trojan one is a great example because of the Baba, we are already working towards and had a strategy to move have a footprint here in the US The tariff situation just help kind of accelerate that. So a number of t things that we have in play, and we are working on pretty close to getting done. We were a big part of our overall strategy for the longer term as well from a physical footprint perspective. So I would say these are no regret moves, Jeff.

是的。傑夫，如果你從供應鏈和製造足跡的角度來考慮，這些措施對我們來說都是無悔的。我認為特洛伊木馬是一個很好的例子，因為巴巴，我們已經在努力並製定了在美國落地的戰略，關稅形勢只是有助於加速這一進程。因此，我們正在進行一些事情，並且正在努力完成它們。從物理足跡的角度來看，我們也是我們長期整體策略的重要組成部分。所以我想說這些都是無悔的舉動，傑夫。

And then maybe just finally on the days. I think you addressed it in your opening comments. But could you just elaborate if again or if you didn't, on the impact on the total enterprise consumables business versus maybe sort of product and projects, I assume there are some notable differences there.

然後也許最後就到了那一天。我認為您在開場白中已經提到了這一點。但是，您能否再次詳細說明一下，或者如果您沒有詳細說明，那麼對於整個企業消耗品業務與某種產品和項目的影響，我認為存在一些顯著的差異。

Yes, Jeff, this extra three days, right, even if you pro forma for that, the core sales growth should be solid, above 5%. The impact, as you can imagine, primarily comes through consumables. That's where you would see it, not in the equipment side. And frankly, if you boil it down all the way to the EPS based on average margins stuff, it's so $0.03 per share impact. So Net-net, if you look at that, I think have sitting here, if you were delivering high single-digit growth and 90-plus EPS, I think you'll all be feeling pretty good. So it's pretty solid execution.

是的，傑夫，這額外的三天，對，即使你對此進行形式上的預測，核心銷售額的增長也應該是穩健的，在 5% 以上。你可以想像，其影響主要來自於消耗品。您會在那裡看到它，而不是在設備側。坦白說，如果根據平均利潤率將其歸結為每股收益，則每股影響為 0.03 美元。因此，如果您看一下這個數據，我認為坐在這裡，如果您實現了高個位數增長和 90 多美元的每股收益，我想您都會感覺非常好。所以它的執行相當穩健。

Andrew Buscaglia with BNP Paribas.

法國巴黎銀行的 Andrew Buscaglia。

I wanted to check in on the M&A front. It seems like you guys are -- you got another deal over the finish line, a small one, but I'm curious if tariffs are impacting things either positively or negatively in terms of your discussions.

我想了解一下併購方面的狀況。看起來你們又達成了一項小協議，但我很好奇關稅對你們的討論會產生正面還是負面的影響。

Yes, they really aren't, Andrew. We remain excited about the opportunities that we have in M&A, both of our funnels for both segs of the house in terms of the two segments are full and actively being worked, where we continue to look at a number of strategic investment areas and we will stay disciplined in our approach. We absolutely will stay close to ensuring that it's a market that we like with the most attractive company assets that play in that space and to ensure that we get them at the right valuation. So we are undeterred in our approach to M&A, and we still have that as a bias for our capital deployment.

是的，事實並非如此，安德魯。我們仍然對我們在併購方面擁有的機會感到興奮，就兩個細分市場而言，我們在兩個細分市場的管道都已滿，並且正在積極運作，我們將繼續關註一些策略投資領域，並將保持嚴謹的態度。我們絕對會密切關注，確保這是我們喜歡的市場，擁有在該領域最具吸引力的公司資產，並確保我們以正確的估值獲得它們。因此，我們在併購方面不會受到阻礙，而且我們仍然傾向於採用這種方式進行資本配置。

Okay. Okay. And on the tariff side, can you just clarify, are you a net exporter out of China to the US It's kind of a balance. Look take all the stuff as well, and that's kind of reflected in the 3.5% number. So I wouldn't call it like it's one way or the other.

好的。好的。在關稅方面，您能否澄清一下，貴國是否是從中國到美國的淨出口國？這是一種平衡。看看所有的東西，這在 3.5% 這個數字中有所體現。所以我不會稱之為某種方式。

Andrew Kaplowitz with Citigroup

花旗集團的 Andrew Kaplowitz

Hey, good morning. Good morning, Andrew. This is Dalibor on behalf of Andy Kaplowitz. This first question -- maybe first question, just focusing on the volume component. So Q1 benefited from 6.5% volume growth. But how do you think about volume normalization in the second quarter and second half, particularly in like macro uncertainties and any inventory normalization in your new channels?

嘿，早安。早安，安德魯。我是達利博爾 (Dalibor)，代表安迪‧卡普洛維茲 (Andy Kaplowitz)。第一個問題——也許是第一個問題，只專注在音量部分。因此第一季的銷量成長了 6.5%。但是，您如何看待第二季和下半年的銷售正常化，特別是在宏觀不確定性和新通路庫存正常化的情況下？

Yes. Thanks, Italia. Look, I think, as you know, we are majority direct, right, almost 70% direct to our customers. So we generally have a pretty good feel from the inventory perspective. They're not a whole lot of distribution channels in between -- the buffers in between. So generally, we have pretty good line of sight and doesn't feel like there's any inventory build at this point. It's not also -- not reflected in the order patterns. So inventory is less of an issue as we kind of think about the second quarter and the rest of the year.

是的。謝謝，義大利。你看，我認為，如你所知，我們的產品大部分是直接銷售給客戶的，差不多 70% 是直接銷售給客戶的。因此，從庫存角度來看，我們整體感覺非常好。它們之間並沒有大量的通路——中間只有緩衝區。因此，總體而言，我們的視線非常好，並且感覺目前沒有任何庫存累積。這也沒有反映在訂單模式中。因此，當我們考慮第二季和今年剩餘時間時，庫存不再是個問題。

From a volume perspective, look, as you know, we don't point any specific guide for volume and price. As we drive the price, there could be some impact on the volume. Yes, we run all the different kind of scenarios. Our goal is always to rebalance to make sure we are optimizing the core growth.

從數量的角度來看，如您所知，我們沒有針對數量和價格指出任何具體的指導。當我們提高價格時，可能會對銷售產生一些影響。是的，我們運行了各種不同類型的場景。我們的目標始終是重新平衡，以確保優化核心成長。

So from a core growth perspective, low single digit to mid-single digit for the second quarter and the rest of the year is where we feel really good about at this point.

因此，從核心成長角度來看，我們目前對第二季和今年剩餘時間的低個位數到中等個位數的成長感到非常滿意。

And then I noted sourcing optimization and standard work improvement for CEO Kaizen, I'm just curious, can you quantify any expected annualized run rate savings from these initiatives? And how and when do you think you'll be able to reinvest and secure these initiatives flow to the bottom line?

然後我注意到 CEO Kaizen 的採購優化和標準工作改進，我只是好奇，您能否量化這些舉措的預期年化運行率節省？您認為您將如何以及何時能夠重新投資並確保這些舉措能夠產生效益？

Yes. Look, this thing, first of all, the fundamental of any Kaizen event is we want to see the impact now, right? So these are the kind of things that we do execute. We start seeing the results look, as part of the budgeting process. Every operating company has an operating margin expansion. So we fully expect to conduct a continuous improvement, Kaizen events to actually deliver on the commitments that are in the budget that's in the forecast. So these are all kind of part of the guidance that we give to you guys and the Intel is all kind of reflected in that.

是的。你看，首先，任何 Kaizen 事件的根本都是我們希望立即看到其影響，對嗎？這些都是我們確實執行的事情。作為預算過程的一部分，我們開始看到結果。每家營運公司都有營運利潤率擴張。因此，我們完全希望進行持續改進，透過改善活動來真正兌現預測預算中的承諾。所以這些都是我們給你們的指導的一部分，英特爾也都反映在其中。

Overall, from a supply chain perspective, at teen, Natalia, I can tell you, I would say, if we do this thing every day, right? I can tell you, there were a number of supply chain initiatives as well, just around the sourcing side and the procurement side but those benefits are reflected in the guidance and reflecting in the internal budgets we have with each operating company. So there's nothing additional up to that.

總的來說，從供應鏈的角度來看，在青少年時期，娜塔莉亞，我可以告訴你，我想說，如果我們每天都做這件事，對嗎？我可以告訴你，在採購方面也有很多供應鏈舉措，但這些好處反映在指導中，並反映在我們與每個營運公司的內部預算中。因此，到目前為止，沒有其他任何附加內容。

That's helpful. Thanks for your clarification and thank you so much.

這很有幫助。感謝您的澄清，非常感謝。

Brian Lee from Goldman Sachs

高盛的 Brian Lee

Hey everyone. Good morning. Thanks for squeezing me in. I know we're going to end the call here. So maybe I'll just combine my two questions into one, to be efficient. As you said, multiple times. I know you guys don't like to break out volume and price from an outlook perspective. But when we look at Q1, maybe it's a little bit lighter, 1% for water quality, 1.6% or PQI. It seems like, at least directionally, that's going to go higher given the tariff impacts moving through the year.

嘿，大家好。早安.謝謝你把我擠進來。我知道我們要在這裡結束通話了。因此，也許我應該將兩個問題合併為一個，以提高效率。正如你所說，多次。我知道你們不喜歡從前景角度來討論成交量和價格。但當我們看第一季時，可能會稍微輕一點，水質為 1%，PQI 為 1.6%。考慮到全年關稅的影響，至少從方向來看，這一數字似乎還會上升。

So just curious if you can -- without giving us the numbers, give us some sense of the cadence as you layer that in over the course of the next few quarters and into year end. And then, I guess, related to that, you mentioned no pull forward in Q1, but are you seeing any signs of any slowdown in real time with all the macro uncertainty and tariff impacts? And sort of what are you budgeting for the expectations around demand elasticity as you see some price increases moving through the year.

所以我很好奇，如果您可以——在不提供具體數字的情況下，讓我們了解您在接下來的幾個季度和年底的節奏。然後，我想，與此相關，您提到第一季沒有拉動，但是在所有宏觀不確定性和關稅影響下，您是否看到任何即時放緩的跡象？當您看到價格在年內上漲時，您對需求彈性的預期預算是多少？

Is there any feedback real time from customers around whether that might limit some volume upside even through the rest of the year? Thank you

是否有來自客戶的即時回饋，關於這是否會限制今年剩餘時間的銷售上漲？謝謝

Thanks, Brian. I'll start with the second question. From a pull-forward perspective. No, we haven't seen anything of notice -- of note, rather, I should say, Brian. This is -- overall, the demand has been pretty good. And I would say, as we kind of look at the order patterns in April, as I said at the beginning of the call, they still seem normal at this point. So we haven't seen any change in the order patterns yet. And from a more pull-forward inventory perspective. As I said earlier, we sell mostly direct. So we have pretty good line of sight in the inventories at the end users.

謝謝，布萊恩。我先問第二個問題。從前拉角度來看。不，我們沒有看到任何值得注意的事情——或者說，應該說，布萊恩，值得注意的事情。總體而言，需求一直很好。我想說的是，當我們看一下四月份的訂單模式時，正如我在電話會議開始時所說的那樣，它們目前看起來仍然很正常。所以我們還沒有看到訂單模式有任何變化。從更前拉的庫存角度來看。正如我之前所說，我們主要以直接銷售為主。因此，我們對最終用戶的庫存有相當好的了解。

I think things seems to be abnormal at this point. Now we all see what's happening in the macro, and we're prepared for that, and we run different scenarios as we don't think about how we move -- as we increase the pricing, how it may impact volume and all that is reflected in the core growth in the low single digits to mid-single digits, depending on the scenario, price and volume is going to have a little bit of elasticity, but within the range of low single digits to mid-single-digit core growth.

我認為現在事情似乎有些不正常。現在我們都看到了宏觀正在發生的事情，我們也做好了準備，我們運行不同的場景，因為我們不考慮我們如何行動——當我們提高價格時，它會如何影響銷量，所有這些都反映在核心增長中，從低個位數到中個位數，根據情景的不同，價格和銷量會有一點彈性，但在低個位數到中個位數的核心增長範圍內。

Overall pricing, when you look at, Brian, historically, we delivered 100 to 200 basis points. So net-net, on average, we were $1.31 you're absolutely right. As we push pricing, we will move towards the higher end of the range, absolutely, that will happen. But that's being very surgical, right at the end of the day. The goal is to position the business for success for the longer term to help customers maintain business continuity as well. So we're being very surgical, very methodical in how we're kind of pushing.

布萊恩，從歷史上看，總體定價我們提供的是 100 到 200 個基點。因此，平均而言，我們的淨利潤為 1.31 美元，您說得完全正確。隨著我們推動定價，我們將向更高範圍邁進，絕對會發生這種情況。但從根本上來說，這是非常精準的。目標是使企業獲得長期成功，從而幫助客戶保持業務連續性。因此，我們在推進過程中非常有針對性、非常有條理。

And pricing, as you kind of think of it lastly, I would say, is one of the levers as we kind of think about offsetting the -- as part of the countermeasures after the tariff impact. We have a lot of things in our own control, right? As you kind of think about the manufacturing footprint changes, it's going to have a very meaningful impact on the tariff countermeasures, you think about the supply chain side. Those things are in our control. So we are executing on all those things as well.

最後，我想說，定價是我們考慮抵銷關稅影響的槓桿之一，也是關稅影響後的因應措施之一。有很多事情是我們自己可以控制的，對吧？當你考慮製造業足跡的變化時，它會對關稅對策產生非常重大的影響，你會考慮供應鏈方面。這些事情都在我們的掌控之中。因此我們也正在執行所有這些事情。

So think of pricing as one of the three elements here. The other two elements are within our control, and we are executing on those.

因此，請將定價視為這裡的三個要素之一。其餘兩個因素都在我們的控制範圍內，我們正在努力實現它們。

Awesome. I appreciate all the color. Thank.

驚人的。我欣賞所有的色彩。感謝。

Thanks, Brian, and thanks for everybody that joined us on the call today. We appreciate the questions and the engagement. As usual, this is Ryan, I'll be available for follow-ups today and over the next several days. Thanks again for joining us, and this concludes the end of our Q1 earnings call. Thank you.

謝謝，布萊恩，也感謝今天參加我們電話會議的所有人。我們感謝大家的提問和參與。像往常一樣，我是瑞安，今天以及接下來的幾天我都會負責跟進。再次感謝您的加入，我們的第一季財報電話會議到此結束。謝謝。

That does conclude today's program. Thank you for your participation. You may disconnect at any time.

今天的節目到此結束。感謝您的參與。您可以隨時斷開連線。