Veralto Corp (VLTO) 2026 Q2 法說會逐字稿

Thank you for your continued patience. Your meeting will begin shortly. (Operator Instructions) Please stand by your meeting is about to begin.

感謝您持續的耐心等候。您的會議將於稍後開始。(接線員指示) 請稍候，您的會議即將開始。

Hello. My name is Nikki, and I will be your conference operator this morning. At this time, I would like to welcome everyone to Veralto Corporation's second quarter 2026 conference call. (Operator Instructions)

您好。我叫 Nikki，今天上午將擔任您的電話會議接線員。此刻，我謹代表公司歡迎各位參加 Veralto Corporation 2026 年第二季電話法說會。(接線員指示)

I will now turn the call over to Ryan Taylor, Vice President of Investor Relations. Mr. Taylor, you may begin your conference.

我現在把電話交給投資人關係副總裁 Ryan Taylor。Taylor 先生，您可以開始您的會議。

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 Financial Officer. Today's call is simultaneously being webcast. A replay of the webcast will be available in the Investors section of our website later today under the heading Events and Presentations.

各位早安。感謝各位加入本次電話會議。今天與我一同出席的有：我們的總裁暨執行長 Jennifer Honeycutt，以及我們的資深副總裁暨財務長 Sameer Ralhan。今天的電話會議同步進行網路直播。網路直播的重播將於今日稍晚在我們網站的「投資人」專區、於「活動與簡報」項下提供。

A replay of this call will be available until August 7. Yesterday, we issued our second quarter 2026 earnings news release, earnings presentation, prepared remarks and supplemental materials, including information required by the SEC relating to adjusted or non-GAAP financial measures. These materials are also available on the Investors section of our website, www.veralto.com under the heading Quarterly Earnings. Reconciliations of all non-GAAP measures are also provided in the appendix of the webcast slides. Unless otherwise noted, all references to variances are on a year-over-year basis.

本次電話會議的重播將提供至 8 月 7 日。昨日，我們發布了 2026 年第二季財報新聞稿、財報簡報、預先準備的講稿與補充資料，其中包含依 SEC 規定就調整後或非 GAAP 財務衡量指標所需揭露的資訊。上述資料亦可於我們網站 www.veralto.com 的「投資人」專區、在「季度盈餘」項下取得。所有非 GAAP 指標的調節表亦收錄於網路直播投影片的附錄中。除非另有說明，所有差異的提及均以年對年為基礎。

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. 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.

在本次電話會議中，我們將依聯邦證券法之定義發表前瞻性陳述，包括關於我們相信或預期未來將會或可能發生之事件或發展的陳述。這些前瞻性陳述受多項風險與不確定性影響，包括我們向 SEC 提交之文件中所載者。實際結果可能與我們的前瞻性陳述存在重大差異。這些前瞻性陳述僅截至其作成之日有效，除法律要求外，我們不承擔更新任何前瞻性陳述之義務。

And with that, I'll turn the call over to Jennifer.

接下來，我把電話交給 Jennifer。

Thanks, Ryan. I want to start by thanking our 17,000 associates for their efforts in delivering an excellent second quarter. In Q2, total sales grew 7.6% year over year. Adjusted EPS increased 19.4%, and we generated robust free cash flow of $328 million. We delivered 4.2% core sales growth led by Water Quality at 5.7% and PQI at 2%.

謝謝你，Ryan。我想先感謝我們 17,000 位同仁在交出優異第二季成績上的努力。第二季總銷售額年增 7.6%。調整後 EPS 成長 19.4%，我們也產生了強勁的自由現金流 3.28 億美元。我們實現了 4.2% 的核心銷售成長，其中以水質業務 5.7% 與 PQI 2% 為主要帶動。

As expected, core sales growth in both segments accelerated sequentially from Q1 to Q2. We expect year-over-year core sales growth to continue accelerating in the second half to approximately 5% to 6%. Based on our Q2 performance and momentum across the portfolio, we raised our full year adjusted EPS guidance to $4.35 to $4.43 per share, representing 12% to 14% growth year over year.

如預期所示，兩個事業部門的核心銷售成長率皆由第一季到第二季呈現逐季加速。我們預期年對年的核心銷售成長在下半年將持續加速至約 5% 至 6%。基於第二季的表現以及整體產品組合的動能，我們將全年調整後 EPS 指引上調至每股 4.35 至 4.43 美元，代表年增 12% 至 14%。

We continue to advance long-term value creation through strategic bolt-on acquisitions, including last week's acquisition of Alfaa UV, an India-based leader in UV water treatment solutions. I'm excited to welcome our new associates from Alfaa UV to Veralto.

我們持續透過策略性的補強型併購推進長期價值創造，包括上週完成收購 Alfaa UV——一家以印度為基地、在 UV 水處理解決方案領域居領先地位的公司。我很高興歡迎來自 Alfaa UV 的新同仁加入 Veralto。

And we also continue to opportunistically repurchase our shares. So far this year, we have repurchased over 5 million shares for approximately $480 million or just over 2% of the company. Overall, I'm proud of our team for their outstanding execution through the first half of the year and focus on our critical view, accelerating growth, optimizing cost, and executing disciplined capital allocation.

同時，我們也持續把握機會回購自家股票。截至目前，今年我們已回購超過 500 萬股，金額約 4.8 億美元，約占公司股本的 2% 多一點。整體而言，我為團隊在上半年出色的執行力感到自豪，並持續聚焦於我們的關鍵觀點：加速成長、最佳化成本，以及執行嚴謹的資本配置。

Looking ahead, with a strong balance sheet and robust cash generation, we remain focused on compounding long-term shareholder value through high-quality growth VES driven execution and disciplined capital allocation.

展望未來，憑藉強健的資產負債表與穩健的現金創造能力，我們仍將專注於透過高品質成長、以 VES 驅動的執行，以及嚴謹的資本配置，持續複利累積長期股東價值。

That concludes my prepared remarks. And at this time, we're happy to take your questions.

以上為我預先準備的講稿。接下來，我們很樂意回答各位的問題。

(Operator Instructions) Deane Dray, RBC Capital Markets.

(接線員指示) Deane Dray，RBC Capital Markets。

We continue to really like this highly efficient release of your prepared remarks and a really crazy busy earnings season. It's just such a great innovation. So, thank you for doing that again. And hopefully, it's a best practice as far as we're concerned.

我們仍然非常喜歡你們在這個非常忙碌、甚至有點瘋狂的財報季中，以高度效率發布預先準備講稿的方式。這真的是一項很棒的創新。所以，感謝你們再次這麼做。也希望就我們的觀點而言，這能成為一項最佳實務。

So my first question, can we start with the core revenue guidance that's implied and you referenced it here this morning, the impressive 5% to 6% for the second half, maybe unpack the drivers and your degree of confidence in this acceleration?

我的第一個問題，我們能否先從你們所隱含的核心營收指引開始？你們今天早上也提到了，下半年令人印象深刻的 5% 到 6%。能否拆解一下驅動因素，以及你們對這項加速的信心程度？

Yes. Thanks for the question, Dean. And it's great to have you leading off today. But before answering your question, I just want to say that we are grateful for your decades of thoughtful analysis within both Water and Industrial markets. I think all the way back to when Danaher acquired Hach and Videojet, where I was working at Hach at the time when we had our investor conference out there. I think you were one of the first analysts that I met. So we wish you all the best in your next chapter.

好的。謝謝你的問題，Dean。也很高興今天由你先提問。不過在回答你的問題之前，我想先說，我們很感謝你數十年來在水務與工業市場領域所做的深思熟慮分析。我想可以追溯到 Danaher 收購 Hach 與 Videojet 的時候；當時我在 Hach 工作，我們在那邊舉辦投資人會議。我記得你是我見到的第一批分析師之一。因此，我們祝福你在下一個篇章一切順利。

Thank you, Jennifer. Look, it's been a great run, and I appreciate all the support and insight you and the team of providing me over the years. So thank you for those comments. But I still have my questions.

謝謝你，Jennifer。坦白說，這一路走來很精彩，我也很感謝你和團隊多年來給我的支持與洞見。所以謝謝你剛才的話。不過我還是有我的問題要問。

Yes. We're getting to your question right now. So obviously, we saw some sequential acceleration between Q1 and Q2. We feel really good about the momentum coming out of the first half of the year and the durability of the growth drivers here in the second half. I'll just cite two key drivers in each segment.

是的。我們現在就來回答你的問題。很明顯地，我們看到第一季到第二季之間出現一些逐季加速。我們對上半年結束時的動能，以及下半年成長驅動因素的持續性，感覺非常良好。我先各舉每個事業部門兩個關鍵驅動因素。

I think in Water, our industrial market demand continues to be strong. And this is really on the back of the data center demand and the associated ecosystem there, including power, mining, and semiconductor.

我認為在水務方面，我們的工業市場需求仍然強勁。這主要是由資料中心需求及其相關生態系所帶動，包括電力、採礦與半導體。

Secondly, for Water, we've got ongoing scarcity clearly exacerbated by climate change, which is propelling water recycling and reuse, giving us good opportunity to sell solutions into that space.

第二點，就水務而言，水資源稀缺的情況持續存在，且顯然因氣候變遷而加劇，這正推動水回收與再利用，為我們在該領域銷售解決方案帶來良好機會。

For PQI, we continue to see strong demand for digital workflow solutions as CPG brands look to improve product compliance, traceability and time to market. And we see ongoing steady demand for our marketing and coating solutions, clearly supported as well by easier comps in the fourth quarter.

至於 PQI，我們持續看到數位化工作流程解決方案的強勁需求，因為 CPG 品牌希望提升產品合規性、可追溯性與上市時間。同時，我們也看到對行銷與塗層解決方案持續穩健的需求，且第四季較容易的比較基期也明顯提供支撐。

So based on where the funnels were at the end of Q2, we feel really good about the momentum and confident in the second half guide for core sales growth.

因此，根據第二季末漏斗的狀況，我們對動能感到非常樂觀，並對下半年核心銷售成長的指引充滿信心。

And maybe, Dean, I'll just add one more point. As you look at the second half growth of 5% to 6%, we expect it to be led by volume, with pricing moderating slightly, but still be at or slightly above the high end of the range. So this will be a volume story in the second half of the year.

另外，Dean，我再補充一點。當你看下半年 5% 到 6% 的成長時，我們預期將由銷量帶動，定價會略為趨緩，但仍會落在區間高端或略高於高端。所以今年下半年將是一個以銷量為主的故事。

Great to hear all of that. And then just a second question on capital allocation. It's been really nice to see the balanced approach here. I mean, you've been opportunistic on bolt-on acquisitions and the buybacks coming through. Sameer, can you just give us a sense of how you're looking at these opportunities?

很高興聽到這些。接著第二個問題是關於資本配置。看到你們在這裡採取平衡的方法真的很好。我的意思是，你們在補強型併購上把握機會，同時也持續進行庫藏股回購。Sameer，你能否讓我們了解你是如何看待這些機會的？

What does the funnel look like? You've made some pretty obvious accretive deals here. What's that pipeline look like? In the meanwhile, can you do more buybacks?

漏斗看起來如何？你們做了一些很明顯具增益（accretive）的交易。那個管線目前長什麼樣子？同時，你們還能做更多回購嗎？

Thanks Dean, for that question. Yes, as a kind of capital allocation kind of a framework, Dean, there's really no change. Our first basis, of course, towards M&A to create long-term value. And we will be opportunistic on the buyback side. And if the valuation state, there's a disconnect between free cash flow generation of the company and the public market value, we will be out in the market on from a share buyback perspective.

謝謝你，Dean，提出這個問題。是的，作為一個資本配置的框架，Dean，基本上沒有改變。我們的首要重點，當然，是透過併購（M&A）創造長期價值。而在回購方面，我們也會把握機會。如果在估值上，公司自由現金流的創造能力與公開市場價值之間出現落差，我們就會從股票回購的角度進場買回。

But otherwise, from M&A side, the funnels are pretty Dean, on both sides of the house. So we're in active cultivations and pretty actively looking at things. But as you know, M&A is episodic. So we'll stay patient and disciplined.

除此之外，就併購而言，兩個事業端的漏斗都相當充實，Dean。所以我們正在積極培育機會，也很積極地評估各種標的。但如你所知，併購具有階段性（episodic）。因此我們會保持耐心並維持紀律。

Scott Davis, Melius Research.

Scott Davis，Melius Research。

I guess with Dean leaving, I'm going to have to actually learn what the Water business is finally. Just if I need to help. So maybe you'll be kind enough to give me his home number, and I'll just call them in future quarters. So anyways, he will be missed by us as well. He's a great colleague and friend.

我想 Dean 要離開了，我終於得真正去了解 Water 這個業務是什麼了。以防我需要幫忙。所以也許你們願意把他的住家電話給我，我之後幾季就直接打給他。總之，我們也會想念他。他是很棒的同事與朋友。

But anyways, guys, getting back to business, the -- you talked a little bit about the opportunity around data center, power gen, semi fabs. I think it's reminding in there, too. Is there any way you can kind of size that if you combine those or even help us understand the -- anything about really how that -- how we can think about the TAM in those businesses or opportunities or how big of a potential tailwind that may be to your top line and industrial water treatment?

不過回到正題，你們稍微談到資料中心、發電、半導體晶圓廠的機會。我想其中也包含 REMAINING（原文如此）。你們能否大致量化一下，把這些合在一起，或至少幫我們理解——關於那個——我們該如何看待這些業務的 TAM（總可服務市場）或機會？或者這可能對你們營收與工業水處理帶來多大的潛在順風？

Scott, as you're going to look at overall, it's demand that the revenue that we're getting from the data centers in the associated ecosystem. It's still a small number from -- on the High Tech side, but overall, it's -- from a ChemTreat perspective, it's becoming pretty interesting as we kind of move forward. But at a Veralto level, it's still a little small number at this point. So we've been not public with that number yet.

Scott，從整體來看，這是需求——也就是我們從資料中心及其相關生態系所取得的營收。在高科技端，這個數字仍然不大，但整體而言——以 ChemTreat 的角度來看，隨著我們往前推進，這正變得相當有意思。但在 Veralto 的層級，目前仍是比較小的數字。因此我們尚未對外公開那個數字。

I mean you could think of ChemTreat solutions in there to be strong dual-digit growth, right? That team has been firing on all cylinders. It is still a smaller part of our overall business, but continues to be a really, really good grower along with some other sort of industrial reassuring and near-shoring activities. So we're seeing lift kind of across the board.

我的意思是，你可以把 ChemTreat 在那裡的解決方案視為強勁的雙位數成長，對吧？那個團隊火力全開。它仍是我們整體業務中較小的一部分，但持續是非常、非常好的成長引擎，同時也受惠於其他一些工業回流（reshoring）與近岸外包（near-shoring）活動。所以我們看到各方面都有所提升。

Okay. Fair enough. And then you guys in past quarters, you kind of talked about this cost-out plan, given kind of the recovery you're seeing in some of your markets, is there maybe you can update us on what you're planning on doing there and the timing and such.

好的。可以理解。另外，你們在過去幾季提到這個降本計畫；考量到你們在部分市場看到的復甦，能否更新一下你們打算怎麼做、時程等相關資訊？

Yes. The program is on track, Scott. So we are well on our way on -- we have started executing some things impact as far as the savings are concerned in this year, we're going to see a very small lift, maybe in Q4, that's baked into the guide. It's a very small number. We're talking a few millions at this point.

是的。這個計畫進度如期，Scott。所以我們正穩步推進——今年已開始執行一些措施；就節省金額而言，今年我們會看到非常小幅的改善，可能在第四季，這已經納入指引。這是一個非常小的數字。目前我們談的是幾百萬美元的等級。

The biggest benefit we'll see in '27. But overall, there's no change as far as if you're referring to any lift in the business. And is that impacting the cost optimization program. Absolutely not. We're fully committed and progressing well.

最大的效益會在 2027 年顯現。但整體而言，如果你指的是業務回升是否會帶來任何變化——以及這是否會影響成本優化計畫——絕對不會。我們完全承諾並且進展良好。

Jeff Sprague, Vertical Research.

Jeff Sprague，Vertical Research。

Maybe just two quick ones for me. First, on the on the volume pickup that you expect in the back half? Do you see that being led by equipment or consumables. Can you maybe unpack that a little bit?

我這邊可能兩個快問。第一個，關於你們預期下半年銷量回升——你們認為會由設備還是耗材帶動？能否稍微拆解一下？

It's a combination of both, Jeff, on the Water side, it's going to be pretty balanced across both sides. But PQI side is pretty interesting. If you look at the PQI side, really, there are three building blocks.

Jeff，兩者都有。在 Water 端，兩邊會相當均衡。但 PQI 端相當有意思。如果你看 PQI 端，基本上有三個構成要素。

The first one is going to be driven by the digital workflow solutions. Over there, as you know, we book and based on the ACVs or the contracts that we have been booking, we have pretty good solid visibility into the second half recovery in the Digital Workflow Solutions.

第一個將由數位工作流程解決方案帶動。在那邊，如你所知，我們是依據 ACV（年度合約價值）或我們所簽下的合約來認列／記錄（book），因此對於下半年數位工作流程解決方案的復甦，我們有相當良好且穩健的可視性。

Marketing and coating continues to be very strong. So the year-over-year comp is going to look very good as you're going to look at what the Q4 impact last year. And then on the color validation and certification instrumentation side, we started seeing the funnels improving and the velocity improving over there as well. So we should start seeing an uplift in the second half of the year.

行銷與塗佈（coating）持續非常強勁。因此，當你看去年第四季的影響時，今年的年對年比較會非常好看。另外在色彩驗證與認證儀器端，我們也開始看到漏斗改善、成交速度（velocity）提升。所以我們應該會在下半年開始看到上行。

So when you look at both on the PQI side and the Water Quality side, it's pretty broad-based. It's not tied to any product line.

所以不論是 PQI 端或 Water Quality 端，都是相當廣泛的帶動。並不是綁定在任何單一產品線上。

And then when you look at your price capture, actually is very solid, in my opinion, for business that's not metals intensive, and I don't think had a lot of sort of tariff-related pressure. Is that primarily reflective of price capture in consumables? Or how are you doing on the equipment side in terms of getting some incremental price?

另外，你們的價格落袋（price capture）其實非常穩健，以一個不是金屬密集型、而且我認為也沒有太多關稅相關壓力的業務來說。這主要反映的是耗材的價格落袋嗎？或者在設備端，你們在取得一些額外漲價方面做得如何？

Yes. I mean our philosophy is every product has to earn the right to be in the portfolio. So we take a balanced approach. It's -- we've been surgical about where and how and how much we increase price.

是的。我的意思是，我們的理念是每一項產品都必須先證明自己有資格被納入投資組合。因此我們採取均衡的做法。也就是說——我們在何處、如何以及提高多少價格方面，都採取了精準、審慎的方式。

Obviously, we look to cover inflationary impact of tariffs, et cetera, but you see balanced price read-through on both consumables and equipment. It's a little bit higher on consumables given the captive nature of those products.

顯然，我們會力求涵蓋關稅等因素帶來的通膨影響，但你會看到在耗材與設備兩端都有較為均衡的價格傳導。由於這些產品具有較強的鎖定性，耗材端的幅度會稍微高一些。

Mike Halloran, Baird.

Mike Halloran，Baird。

A couple here. So just can we talk a little bit about back half margin progression, what the assumptions are and any help you can give by segment and how that tracks the quarters?

這裡有幾個問題。能否談談下半年毛利率/利潤率的走勢，相關假設是什麼？以及你能否按事業部提供一些說明，並說明這如何對應到各季度？

Yes, Mike, as you kind of look at the margin side, we will start -- we'll see a sequential improvement on the margin, right? In the guidance, we kind of laid that out that we should expect roughly 25 bps of margin expansion in Q3 and in -- for the full year, it's going to be 25 bps to 50 bps.

是的，Mike，當你看利潤率這一端時，我們將開始——我們會看到利潤率逐季改善，對吧？在指引中，我們也大致說明了：Q3 預期約有 25 個基點（bps）的利潤率擴張；而全年則約為 25 到 50 個基點。

So Q4, we're going to see a nice margin uplift especially in the PQI side because that's where we saw some of the impact from the fixed cost absorption side and the line moves of duplicate product -- production lines that we had on the market coating side. So think about margin expansion to roughly 25 bps in Q3 and for the full year, 25 to 50 basis points of Q4 will be north of 50 bps, as you can think.

因此在 Q4，我們會看到不錯的利潤率抬升，特別是在 PQI 端，因為那裡我們先前受到固定成本吸收的影響，以及我們在市場塗佈端針對重複產品——生產線的線體調整所帶來的影響。所以可以這樣理解：Q3 的利潤率擴張約 25 個基點；全年 25 到 50 個基點，而 Q4 會超過 50 個基點。

Any nuance by segment there?

按事業部來看，有沒有什麼細微差異？

Q4 will be largely led by PQI. But on the Water side, it's going to be steady, what we have seen so far.

Q4 將主要由 PQI 帶動。至於 Water 端，會維持穩定，與我們目前看到的情況一致。

And then just on the PQI side of things, talk about what you're seeing on the equipment side and that headwind abating on the packaging and color side into the back half of the year. And maybe touch on what you're seeing on the workflow solutions that gives you the confidence in the acceleration and frankly, secular opportunity you're seeing on that side?

另外在 PQI 方面，談談你們在設備端看到的情況，以及包裝與色彩端的逆風在下半年如何緩解。也請談談你們在工作流程解決方案（workflow solutions）上看到什麼，讓你們對加速成長、以及坦白說你們在那一端看到的結構性（長期）機會更有信心？

Yes. So we've got a decent ramp in PQI here in the second half. It's really driven by three things. The first is we're seeing strong demand in bookings of our digital workflow solutions with the integration of Esko, TraceGains and now GlobalVision. We also see steady demand in marketing and coding that's bolstered by an easier comp in Q4. And we do see recovery in our packaging and color equipment.

是的。我們在下半年 PQI 會有相當不錯的爬坡。主要由三個因素驅動。第一，我們看到數位工作流程解決方案的訂單（bookings）需求強勁，這得益於 Esko、TraceGains，以及現在 GlobalVision 的整合。第二，我們也看到行銷與編碼（marketing and coding）需求穩健，且 Q4 的比較基期更容易。第三，我們確實看到包裝與色彩設備的復甦。

We exited Q2 with better funnels and stronger service growth. And so we've got good confidence in kind of the second half acceleration of core growth there. We also have a number of new product launches that have come to market here for as a function of our increased investment at the time of spin. So flywheel of innovation is accelerating. We've got a number of good innovations coming to market.

我們在 Q2 結束時，銷售漏斗更好、服務成長更強。因此我們對下半年核心成長的加速相當有信心。此外，因為我們在分拆（spin）時提高了投資，我們也有多項新產品上市。所以創新飛輪正在加速。我們有不少很好的創新正推向市場。

John McNulty, BMO Capital Markets.

John McNulty，BMO Capital Markets。

Maybe just a quick one on the pricing side. I think, Sameer, you said, back half, you're not assuming much in terms of further price acceleration. I guess is that a function of the comps are a bit tougher? Or is that a function of -- you just don't see the need for it at this point, just given that costs may have stabilized? I guess how should we be thinking about pricing as we kind of progress through the rest of the year?

關於定價再快速問一個。Sameer，我想你提到下半年在進一步加速漲價方面，你們並沒有做太多假設。這是因為比較基期更具挑戰嗎？還是因為——就目前而言你們看不到必要性，因為成本可能已經穩定？我們應該如何看待今年剩餘時間的定價走勢？

Thanks John, for the question. First of all, I think on the pricing, we expected to be pretty strong, right? Even in the second half, we should expect the pricing to be slightly above the high end of the range. So overall, from an absolute basis, we still expect to be pretty good.

謝謝你，John，這個問題。首先，我認為在定價方面，我們預期會相當強勁，對吧？即使在下半年，我們也應預期定價略高於區間上緣。因此從絕對水準來看，我們仍預期表現會相當不錯。

As far as the moderation point that I said earlier from a Q2 to Q3 and Q4, really, John, that is a comp. It's lapping up. As you know, we introduced price increases last year. when the tariffs started happening and then we had our regular annual price increases in as well.

至於我先前提到從 Q2 到 Q3、Q4 會趨於溫和這一點，John，主要是因為比較基期。也就是在對比去年同期。如你所知，我們去年在關稅開始發生時推出了漲價，之後也進行了例行的年度漲價。

So in the first half of the year, you've seen impact of both. And as we're going to get into Q3, we'll get back to our sort of normal price increases.

因此在上半年，你看到的是兩者的影響。而進入 Q3 之後，我們會回到較為正常的漲價節奏。

Got it. Okay. Fair enough. And then maybe just to dig a little bit deeper into the data center opportunities and how you're targeting that. I know we saw earlier, I guess, in the second quarter, there was a new partnership with Dow and some of their chemical -- for chemical solutions for the data center opportunities.

了解。好。合理。另外也想更深入談談資料中心的機會，以及你們如何鎖定這一塊。我記得先前在第二季看到，你們與 Dow 建立了新的合作夥伴關係，並在其部分化學——用於資料中心機會的化學解決方案方面合作。

I guess should we be expecting further types of partnerships? And how are you looking to grow out that business? What are the avenues that you can take? And also, I guess, can you speak to potential M&A opportunities that you might see that help further target that market for you?

那我們是否應該預期會有更多類似的合作夥伴關係？你們打算如何擴大這項業務？有哪些可行的途徑？另外，你能否談談你們可能看到的併購（M&A）機會，以協助你們進一步鎖定這個市場？

Yes. Great question, John. Yes. We continue to engage in partnerships across the enterprise. We're excited about our partnership with Dow to help serve liquid cooling applications and data centers. But this is normal course of business for us as we look to extend our value into these high-growth areas.

是的。很好的問題，John。是的。我們持續在整個企業範圍內推動各類合作夥伴關係。我們對與 Dow 的合作感到振奮，這將有助於服務液冷應用與資料中心。但就我們而言，當我們希望把價值延伸到這些高成長領域時，這屬於正常的業務運作。

Relative to other applications and so on. Look, we can't talk about anything specifically that's in the funnel. But we like how we're positioned here. And as far as M&A and partnerships are concerned, we're going to look to our power alley of serving the operating environment of the customers' workflow where there's a good sticky razor-razor blade kind of relationship. And we are the right custodian to deliver the kind of value that those customers want.

至於其他應用等方面。你看，我們無法具體談論漏斗中任何項目。但我們喜歡我們目前的定位。而在併購與合作夥伴關係方面，我們會聚焦於我們的「優勢領域」（power alley）：服務客戶工作流程的營運環境，在那裡存在一種黏著度高的「刮鬍刀—刀片」式關係。而我們是合適的管理者（custodian），能交付客戶所期望的那種價值。

So I think we're well positioned here. We're looking at lots of things. And you'll know and we'll know as far as any assets that come into the portfolio as a function of that.

所以我認為我們在這裡的定位很好。我們正在看很多事情。至於任何因而納入投資組合的資產，你們會知道，我們也會知道。

Nathan Jones, Stifel.

Nathan Jones，Stifel。

I guess I'll start in the packaging and color side of the business. You talked about Esko, TraceGains, and Global and the impact that they're having together. Can you maybe talk a little bit about how you're leveraging H1 in order to generate better sales and how that factors into the outlook in the second half?

我想我先從包裝與色彩這一端的業務開始。你們談到 Esko、TraceGains 與 Global，以及它們結合後帶來的影響。你能否談談你們如何利用上半年（H1）來帶動更好的銷售，以及這如何反映在下半年的展望中？

And then you mentioned in your scripts environmental monitoring workflows, which I think plays into In-Situ and OTT and maybe how they fit together to drive additional sales as well. So maybe just sales synergies around the acquisitions, I guess as John was asking.

接著你在講稿中提到環境監測工作流程，我認為這與 In-Situ 和 OTT 有關，也可能涉及它們如何相互配合以帶動額外銷售。所以我想問的可能就是，圍繞這些收購案的銷售協同效應，正如 John 剛才在問的那樣。

Yes. So obviously, we continue to stitch together assets here that deliver more value to the consumer products goods digital workflow. And everything from sort of package design, integrity through compliance, regulatory, compliance, ingredient traceability, checking for accuracy of the print that's actually rendered on the package. All of those things are critical workflows for brand owners. And to the extent that they can be seamlessly integrated is where the real volume or the real value is derived.

是的。很明顯地，我們持續把這些資產串接起來，以便為消費性包裝商品的數位工作流程帶來更高價值。涵蓋從包裝設計、完整性，到法規遵循、監管合規、成分可追溯性，以及檢查實際印在包裝上的文字/圖像是否正確。這些對品牌商而言都是關鍵工作流程。而能夠無縫整合的程度，正是產生真正規模或真正價值的地方。

In fact, we've, at our most recent trade show, Esko World was able to demonstrate packaging design changes that normally span months in two weeks and in some cases, down to a few days. So there's real value in that workflow just in terms of stitching those things together. Bear in mind that GlobalVision is the long-standing partner of Esko. And so the integration of those solutions is pretty straightforward.

事實上，在我們最近的展會上，Esko World 展示了原本通常需要數月的包裝設計變更，現在可在兩週內完成，某些情況甚至縮短到幾天。因此，單就把這些環節串接起來的工作流程而言，確實具有很高的價值。請記住，GlobalVision 是 Esko 長期的合作夥伴。因此，這些解決方案的整合相當直接。

But TraceGains is also providing real value to this workflow in terms of ingredient traceability, regulatory changes, and making sure that products are fit for purpose and meet all the regulatory affairs and compliance requirements. So yes, we are seeing good value there. We see good brand uptake of those solutions, and we see that accelerating here in the back half of the year.

此外，TraceGains 也在此工作流程中提供實質價值，包括成分可追溯性、法規變更，以及確保產品適用並符合所有法規事務與合規要求。所以是的，我們在那裡看到了很好的價值。我們看到品牌客戶對這些解決方案的採用度很高，而且我們也看到這種動能在今年下半年加速。

Relative to your question in the environmental workflows, yes, we are speaking to the combination of In-Situ in our odd products. And as we had mentioned previously, the two of those really fit together like LEGOs, One is strong in analytical quantity, one is strong in analytical quality. So quantity and quantity are both covered in those environmental workflows, and they provide important intelligence here for the integrity of Water as it comes into the influence into water treatment plants.

回到你關於環境工作流程的問題，是的，我們談的是 In-Situ 與我們的 OTT 產品的結合。如同我們先前提到的，這兩者就像樂高一樣契合：一個在分析「量」方面很強，另一個在分析「質」方面很強。因此，在這些環境工作流程中，量與質都能涵蓋，並為水進入、影響到水處理廠時的水質完整性提供重要情報。

So knowing what is coming, how much is coming, whether it's clean or dirty, are all critical factors, particularly as you get more environmental elaboration, severe weather events and so on. So integration is progressing well there, and we're liking what we're seeing.

因此，了解將會流入的是什麼、流入多少、是乾淨還是污染，都是關鍵因素，尤其是在環境變化加劇、極端天氣事件等情況下。所以那邊的整合進展良好，我們對目前看到的結果很滿意。

And maybe just one thing on the environmental side, Nathan, I'll add is, as you're going to look at the synergy numbers that you kind of talked about on the commercial side when we announced the deal. The team is early days, but the team is executing phenomenally well and that we are well ahead on the commercial synergy side numbers wise.

另外在環境這一塊，Nathan，我補充一點：當你去看我們在宣布交易時提到的商業端協同效應數字。團隊目前還在早期階段，但執行得非常出色，就商業協同效應而言，我們在數字上已經大幅超前。

I guess the follow-up question, just a housekeeping one, I guess, around margins. You had the tariff refunds in each segment. Can you talk about what the margin expansion was ex the IEEPA refunds? And I think the guidance contains no more IEEPA refunds in it. Any chances that there will be more coming ahead?

我想追問一個後續問題，算是例行性的，關於毛利率。你們在各個事業部都有關稅退稅。能否談談扣除 IEEPA 退稅後的毛利率擴張幅度？而且我想你們的指引應該沒有再納入任何 IEEPA 退稅。未來還有可能再收到更多嗎？

Yes. Thanks, Nathan, for that question. As you look at the refund side, effectively, we got roughly $16 million, $10 million-ish was in PQI, $6 million in Water Quality. Overall impact of the tariff refunds on the margin expansion on the adjusted OP was 110 basis points. So excluding that, margins effectively came in pretty much in line with the guidance Nathan, overall as a company and for each segment as well.

是的。謝謝你，Nathan，這個問題。就退稅部分來看，我們大約收到 1,600 萬美元，其中約 1,000 萬美元在 PQI，600 萬美元在 Water Quality。關稅退稅對調整後營業利潤（adjusted OP）毛利率擴張的整體影響是 110 個基點。因此，扣除這項因素後，毛利率基本上與指引相當一致，Nathan，無論是公司整體或各個事業部都是如此。

So really no surprises on the margin side. And as the future goes in the second half of the year, you're absolutely right, we haven't included any further benefit from tariff refunds in the second half. But based on the filings that we have done, look, we can have another $0.02 per share curve and impact benefit, but the timing is highly uncertain. So we've not added that to our guidance for the second half.

所以在毛利率方面其實沒有什麼意外。至於今年下半年，你說得完全正確，我們在下半年沒有把任何額外的關稅退稅利益納入。但根據我們已提交的申報文件，我們可能還會有每股 0.02 美元的上行與效益影響，但時間點高度不確定。因此我們沒有把它加進下半年的指引。

Andy Kaplowitz, Citigroup.

Andy Kaplowitz，花旗集團。

Jennifer, can you give us a little more color on how to think about the mix of Water Quality moving forward? For instance, how big is your overall industrial exposure at this point is getting as large as your municipal exposure? And looks like you're saying that industrial drove leased in the high single digits. It seems like it's more broad-based growth outside data centers. So can you talk about the durability of that growth moving forward?

Jennifer，你能否再多提供一些資訊，讓我們理解 Water Quality 未來的組合該怎麼看？例如，目前你們整體的工業端曝險有多大？是否已經大到接近市政端曝險？而且看起來你們說工業端帶動租賃（leased）達到高個位數成長。似乎是資料中心以外更廣泛的成長。所以你能談談這種成長在未來的持續性嗎？

Yes. We're really pleased with our Industrial growth. And if you look at our overall Water business, about 50% of our Water revenue comes from industrial applications. So it's really quite significant. Most of that industrial revenue comes from North America.

是的。我們對工業端的成長非常滿意。如果你看我們整體的 Water 業務，大約 50% 的 Water 營收來自工業應用。所以占比其實相當可觀。而這些工業端營收大多來自北美。

And so we're really seeing the benefits not only of these discrete vertical markets like data centers and the feeder industries there, but also in the near shoring and the reshoring efforts. So we see growth being catalyzed here by strength in those industrial markets.

因此，我們不僅看到像資料中心及其相關供應鏈等特定垂直市場帶來的效益，也看到近岸外包（nearshoring）與回流（reshoring）努力所帶來的效益。所以我們看到成長在這裡受到這些工業市場強勁表現的催化。

That said, we've got plenty of analytical instrumentation and products and services that go into that space. But the municipal markets are also holding up well, right? As a reminder, 60% of our revenue is recurring revenue. We said in the operating side of the customer's plant where they're looking to make sure that they insulate themselves for many points of failure along their value chain there. So being integral to the operating environment, making sure that we help customers avoid critical points of failure allows us to continue to see really sticky business there on the municipal side.

話雖如此，我們也有大量的分析儀器，以及能進入該領域的產品與服務。但市政市場也維持得很好，對吧？提醒一下，我們 60% 的營收是經常性收入。我們是在客戶工廠的營運端，協助他們確保能在其價值鏈上隔離/防範多個可能的失效點。因此，成為營運環境中不可或缺的一環，並確保我們協助客戶避免關鍵失效點，使我們在市政端持續看到非常黏著的業務。

And the other 40% really is revenue associated with continuing to upgrade equipment and deploy new technologies and so on. So I think it's really balanced across the portfolio. Certainly, there's a higher driver of growth coming from our industrial markets, but muni is holding up really well as well.

另外 40% 的營收，主要與持續升級設備、部署新技術等相關。所以我認為在整個產品組合上是相當均衡的。當然，成長動能較大的驅動力來自工業市場，但市政端也維持得非常好。

Jennifer, maybe I could double click on the muni markets because obviously, we get and I'm sure you get asked the question a lot. I think you've called it steady. You reminded us the recurring growth. Can you continue to grow in that business, you think, over the next several quarters, years? I do hear like municipalities worried about tight budgets. Can you do that? Can you continue to grow in a more tight budgeting environment?

Jennifer，我想再深入追問一下市政市場，因為很明顯，我們會被問到這個問題，我相信你們也常被問。我記得你把它稱為穩健。你也提醒我們有經常性收入帶來的成長。你認為未來幾季、幾年，這塊業務還能持續成長嗎？我確實聽到一些說法，例如市政單位擔心預算吃緊。在更緊縮的預算環境下，你們做得到嗎？你們能持續成長嗎？

Yes. I mean the way to think about this is the budgets for operating a water plants are not elective, right? Water plants have to continue to operate, treat their water because communities and industry is relying on that water. So we don't see real aberrations or fluctuations in federal funding.

是的。我的看法是，水廠的營運預算不是可有可無的，對吧？水廠必須持續運作、處理用水，因為社區與產業都仰賴這些水資源。因此，我們沒有看到聯邦資金出現明顯的異常或大幅波動。

Obviously, utilities, municipalities are going to be judicious with their spend, but we absolutely believe that we can continue to grow and grow at mid-single digits or better in this space. Bear in mind with new technologies, more efficient ways of running plants more software deployed to get intelligence out of how well that system is running. Those are all opportunities for continued growth.

顯然，公用事業與市政單位在支出上會相當審慎，但我們絕對相信，在這個領域我們仍能持續成長，並以中個位數或更高的速度成長。請記住，隨著新技術出現、工廠運行方式更有效率，以及部署更多軟體以取得系統運行狀況的洞察。這些都是持續成長的機會。

And as you're going to think about our muni business, right? Definitely on the analytics side is where you see the consumables side. But let's not forget the -- on the Trojan side, we have pretty nice exposure on the muni through our Trojan business and the bid activity that you see in the wastewater side, especially on the munis is pretty, pretty solid.

當你思考我們的市政業務時，對吧？在分析端，你會看到耗材的部分。但別忘了——在 Trojan 這一端，我們透過 Trojan 業務在市政領域也有相當不錯的曝險，而你在廢水端看到的投標活動，特別是在市政客戶上，是相當、相當穩健的。

So overall demand, as you kind of think about the growth of our muni business, you should look at both angles, both from -- one from the analytics side, from the Hach side at the same time from a Trojan business as well, which has been growing pretty nicely.

因此整體需求方面，當你思考我們市政業務的成長時，你應該從兩個角度來看——一個是分析端、也就是 Hach 端；同時也要看 Trojan 業務端，而後者一直成長得相當不錯。

Ryan Connors, Northcoast Research.

Ryan Connors，Northcoast Research。

Wanted to talk about ChemTreat a little bit. You've talked about pricing various points in the call, but it looked like we were going to get some relief there in terms of input cost headwinds, oil prices had come down seems like that volatility has picked back up.

想稍微談談 ChemTreat。你在電話會議中多次提到定價，但看起來我們原本會在投入成本逆風方面獲得一些緩解，油價已經下來了，但似乎那種波動又回來了。

Can you just talk in more detail about the specific price/cost dynamics in ChemTreat? I know you mentioned the team is firing on all cylinders from a top line perspective. But when you talk about price cost and margins, with the volatile raw materials here in ChemTreat?

你能否更詳細談談 ChemTreat 具體的價格/成本動態？我知道你提到團隊在營收端火力全開。但當你談到價格、成本與毛利時，在 ChemTreat 這邊原物料波動的情況下，狀況如何？

Yes, Ryan, if you going to think about the ChemTreat side, you're absolutely right. Look, in the ChemTreat, we've been working very closely with the customers given some of the chemical inputs to see how we kind of make sure we can improve the margins and get the right value for the solution that we deliver to the customers.

是的，Ryan，如果你從 ChemTreat 端來看，你說得完全正確。你看，在 ChemTreat，我們一直與客戶非常緊密合作，針對部分化學品投入，來確保我們能提升毛利，並為我們交付給客戶的解決方案取得合理的價值回收。

Overall, as you kind of think about in that business or dynamic, yes, some of the pass-through can move with the pricing. But at this point, frankly, we have not seen any sort of a change as yet. Our goal is to make sure we price -- when the input side is so volatile by preserving the dollar margin.

整體而言，當你思考該業務或其動態時，是的，有些轉嫁機制會隨著定價而變動。但就目前而言，坦白說，我們尚未看到任何變化。我們的目標是在投入端如此波動時，透過維持「美元毛利」來確保定價。

So that's one of the biggest focus for us as we're going to think about. And the discussions with customers that the ChemTreat is having is pretty real time. I mean we have got a phenomenal digital solutions to make sure our sales teams are fully on to have those discussions.

因此，這是我們接下來思考時最大的重點之一。而 ChemTreat 與客戶的討論是相當即時的。我的意思是，我們有非常出色的數位解決方案，確保我們的銷售團隊能充分掌握並進行這些討論。

Got it. And then one more on the PQI side, just curious whether we've had this really high profile recall situation with the Cyclospora infections with the latest outbreak. Just curious whether for your teams there, whether that type of situation creates an uptick in kind of interest and selling opportunity for people to get just get -- when something like that is front page news like that, whether that's kind of an opportunity for a bit of an uptick in interest and opportunity?

了解。另外再問一個關於 PQI 的問題：最近這次爆發的 Cyclospora 感染事件引發了非常高知名度的召回情況。我想了解對你們那邊的團隊而言，這類事件是否會帶來關注度上升與銷售機會的增加——當這種事情登上頭版新聞時，是否會成為帶動興趣與機會小幅上升的契機？

Yes. Great question. The answer is absolutely. And while Cyclospora is the latest public health risk, any kind of bacterial or parasitic outbreak is not actually uncommon. You can go back to E.coli and peanut butter, botulism and infant formula, right?

是的。問得很好。答案是絕對會。雖然 Cyclospora 是最新的公共衛生風險，但任何細菌或寄生蟲的爆發其實並不罕見。你可以回顧到大腸桿菌與花生醬、肉毒桿菌與嬰兒配方奶粉，對吧？

These kinds of episodes happen. And our PQI franchise is ideally positioned with Esko, TraceGains and GlobalVision providing integrated workflows to help with regulatory compliance, ingredient traceability, and packaging accuracy, while our coding and marketing businesses aid in the date lot code and distribution traceability.

這類事件會發生。而我們的 PQI 事業群具備理想的定位：Esko、TraceGains 與 GlobalVision 提供整合式工作流程，協助法規遵循、成分可追溯性與包裝準確性；同時，我們的噴碼與標示（coding）以及行銷業務也能協助日期批號與配送可追溯性。

So it's an end-to-end solution really for brand owners to ensure that they have product that is safe for public consumption. So together, our portfolio of solutions really provides that source to shelf intelligence to make sure that brand owners can protect public health.

因此，對品牌商而言，這確實是一個端到端的解決方案，用以確保其產品可安全供大眾消費。因此，綜合而言，我們的解決方案組合真正提供了從來源到貨架（source to shelf）的智慧，確保品牌商能夠保護公共衛生。

Andrew Krill, Deutsche Bank.

Andrew Krill，德意志銀行。

Could you give us an update on what you're seeing on electronics inflation, including memory with all the demand on those products from data centers? Is there anything very usual from a cost perspective or availability perspective? And can you remind us which products are most exposed to those in Veralto?

你能否更新一下你們觀察到的電子元件通膨情況，包括在資料中心對這些產品需求帶動下的記憶體？從成本或供應可得性角度來看，有沒有任何非常不尋常的狀況？另外也請提醒我們，在 Veralto 裡哪些產品最容易受到這些因素影響？

No. Thanks, Andrew. Great question. Our exposure in the electronics can really comes to our instruments where we do use memory, we do use boards. These costs overall, when you kind of step back, Andrew, a pretty small fraction of the COGS.

沒有。謝謝你，Andrew。問得很好。我們在電子元件方面的曝險主要來自儀器產品，我們確實會用到記憶體，也會用到電路板。整體而言，退一步看，這些成本在銷貨成本（COGS）中只占相當小的一部分。

We are definitely seeing higher prices, just like everybody else in the industry and, frankly, broader economy, but the impact of the Veralto level at this point is not material. And from our perspective, look, the procurement teams are pretty -- working pretty actively. I wouldn't say that at this point, we've had any issues of sourcing. It's a matter of pricing, but it's a small number that you are able to pass through.

我們確實看到價格上升，就像產業內其他公司以及更廣泛的經濟一樣；但就目前而言，對 Veralto 層級的影響並不重大。從我們的角度來看，採購團隊正相當——非常積極地運作。我不會說目前我們在採購來源上有任何問題。主要是價格問題，但這是個小數字，而且你也能夠轉嫁出去。

But at the same time, look, this is where from the R&D team's perspective, they are looking at things as well as to how we can design and optimize things in a higher memory or higher semiconductor price environment as well. So those actions are helping mitigate the impact as well. So it's not a material impact to the Veralto level is a punchline.

同時你看，從研發團隊的角度，這也是他們在看的方向：在記憶體或半導體價格較高的環境下，我們如何進行設計與最佳化。因此，這些行動也有助於緩解影響。所以結論是：對 Veralto 層級而言，影響並不重大。

Okay. Great. Very helpful. And then switching gears, the alpha UV deal, I think didn't get a ton of airtime. Maybe can you just give us some more on like the growth rates, I believe the prepared remarks said double-digit growth this year. Is that sustainable? And maybe any help on margins now and where they could go as you use VES and integrate the company?

好的。很好。非常有幫助。接著換個話題，alpha UV 這筆交易我覺得沒有被談到太多。你能否再多分享一些，例如成長率？我記得事先準備的發言提到今年是雙位數成長。這樣的成長是否可持續？另外也請談談目前的利潤率，以及在你們使用 VES 並整合公司後，利潤率可能走向何處？

Yes. We're really happy to welcome Alfaa UV into the portfolio. This is a highly synergistic addition to our Trojan business, which continues to expand our globally. Alphaa itself has a strong portfolio of competitive fit-for-purpose solutions along with an established commercial presence in India. And you can think about this as being a similar type of transaction relative to AQUAFIDES, which is the UV business we acquired in Europe.

是的。我們非常高興歡迎 Alfaa UV 加入我們的產品組合。這對我們的 Trojan 業務而言是高度協同的補強，也讓我們在全球的拓展持續擴大。Alphaa 本身擁有強大的產品組合，提供具競爭力、適用於特定用途（fit-for-purpose）的解決方案，並且在印度已建立商業據點。你可以把這視為與 AQUAFIDES 類似的交易類型；AQUAFIDES 是我們在歐洲收購的 UV 業務。

And part and parcel to the geographic expansion that Trojan is doing, I think Alphaa also gives us an opportunity to expand in other high-growth markets with their portfolio. So Trojan, AQUAFIDES and Alphaa, all sort of fit together nicely to cover a variety of UV treatment applications, high-flow, low-flow different kind water matrices and so on. So again, small business in India, but a double-digit grower, and we do believe that, that's sustainable going forward.

而作為 Trojan 進行地理擴張的一部分，我認為 Alphaa 也讓我們有機會憑藉其產品組合，擴展到其他高成長市場。因此 Trojan、AQUAFIDES 與 Alphaa 三者能很好地相互契合，涵蓋各式各樣的 UV 處理應用：高流量、低流量、不同的水質基質（water matrices）等等。所以再說一次，這是在印度的一個小型業務，但屬於雙位數成長者，我們也相信未來這樣的成長是可持續的。

Andrew Buscaglia, BNP Paribas.

Andrew Buscaglia，法國巴黎銀行。

So you guys sound rather positive, I think, on the past acquisitions you made. I know that you paid some rich multiples for them and people are looking for signs of synergies coming through. So would you say that they are tracking ahead of your expectation in terms of either growth or synergies? And can you just give us a little more color on that, please?

我覺得你們對過去所做的併購聽起來相當正面。我知道你們為此支付了相對偏高的倍數，市場也在尋找協同效益逐步顯現的跡象。所以你們會說，無論是在成長或協同效益方面，這些併購案的進度是否都超出你們的預期？也請你們再多提供一些說明，謝謝。

Yes. We've been really pleased with the deals that we brought into Veralto since spin. And I think what you see is we've accelerated in terms of deal volume both in number and overall relative size. It's been balanced between PQI and Water. We really like the spaces that we're in with both of those segments.

是的。自從分拆以來，我們對納入 Veralto 的交易非常滿意。我想你們看到的是，我們在交易量方面已經加速，不論是件數或整體相對規模。在 PQI 與 Water 之間也保持了平衡。我們非常喜歡這兩個事業部所處的領域。

And I would say the vast majority of these deals have provided near-term synergies around sales acceleration and combining product portfolios going to market with joint sales and the like. So we certainly, at least to date, have really focused on accelerating our overall growth profile, and these deals are doing exactly that.

我會說，這些交易中的絕大多數在短期內都帶來了協同效益，主要圍繞在加速銷售、整合產品組合並以聯合銷售等方式推向市場。因此，至少到目前為止，我們確實把重點放在加速整體成長曲線，而這些交易正好達成了這一點。

There is opportunity clearly for ongoing cost optimization and getting more margin out of these different assets. And that's all baked into integration plans and transition going forward, but we're really pleased with what we've seen in the top line growth acceleration.

當然也有持續進行成本優化、從這些不同資產中取得更高利潤率的機會。這些都已納入整合計畫與後續的轉換推進之中，但我們對營收端成長加速所呈現的成果非常滿意。

And you're seeing that in the guidance, right, and the confidence that we have in the second half and then as we're going to move forward, part of that is driven by the growth profile of the transactions that we've done.

而你們也能在財測指引中看到這一點，對吧？以及我們對下半年、以及往後推進的信心，其中一部分就是由我們所完成交易的成長特性所驅動。

Yes, exactly. That's fair enough. Yes. I know everything is kind of picked over at this point. So I wanted to ask a little more of a higher level question.

是的，完全正確。這樣說很合理。是的。我知道到這個時間點，很多議題大概都已經被問得差不多了。所以我想問一個比較高層次的問題。

I get questions on your data center exposure in Water. But I think there could be an interesting angle and PQI. I'm wondering if you see AI changing demand for things like inspection and marketing and coding, we're seeing this in some other adjacent industries I cover as well. But what's your take at this point on AI influencing PQI?

我常被問到你們 Water 業務對資料中心的曝險。但我認為在 PQI 也可能有一個有趣的角度。我想了解你們是否看到 AI 正在改變像是檢測、標示與編碼等需求？我在我覆蓋的其他相鄰產業也看到類似情況。但就目前而言，你們怎麼看 AI 對 PQI 的影響？

Yes, you're seeing that. Look, Andrew, as you know, we are part of the GlobalVision we laid out a little about that as well, right? So in our digital workflow solutions more so, we are definitely seeing that. We are offering the AI application. It can take kind of a layer kind of an application on top of the solution, that we provide to the customers.

是的，你確實看得到。Andrew，你也知道，我們是 GlobalVision 的一部分，我們也稍微談到過，對吧？因此在我們的數位工作流程解決方案這一塊，我們確實明顯看到這個趨勢。我們正在提供 AI 應用。它可以作為一個層級、某種加在我們提供給客戶之解決方案之上的應用層。

So you're definitely seeing more on the digital workflow solutions side of the PQI. I mean it's going to be expanding more and more and we're making the investments even organically and from our talent perspective on that side as well. So we're all offering products on that side to the customers.

所以你在 PQI 的數位工作流程解決方案端會更明顯看到這一點。我的意思是，這會越來越擴大，我們也在有機成長以及人才配置方面持續投入。因此我們也在那一端向客戶提供產品。

Yes. And GlobalVision is squarely in that space, right? What global vision brings to the table is a deterministic inspection engine, right? And it's designed to produce the same answer every time because in regulated workflows, brand owners don't can't tolerate any room for error. So these are reliable, repeatable processes with proprietary data sets that will render the accurate answer every time, right?

是的。而 GlobalVision 正是在那個領域，對吧？GlobalVision 帶來的是一個確定性的檢測引擎，對吧？它的設計目標是每次都產出相同的答案，因為在受監管的工作流程中，品牌方無法容忍任何出錯空間。因此，這些是可靠、可重複的流程，搭配專有資料集，每次都能給出準確的答案，對吧？

So -- and the Esko, TraceGains and GlobalVision teams are effectively all working together to employ AI throughout that workflow because it will allow more mistake proofing and faster time to market while meeting regulatory requirements and traceability criteria.

所以——Esko、TraceGains 與 GlobalVision 團隊實際上都在共同合作，將 AI 佈署到整個工作流程中，因為這將在符合監管要求與可追溯性標準的同時，帶來更多防錯能力並縮短上市時間。

Brian Lee, Goldman Sachs.

Brian Lee，高盛。

I know a lot has been covered. So maybe a quick one for me. and I'll take these offline. Just on high-growth markets, maybe some comments around the outlook there, potential for further reacceleration in growth? I know that North America and Western Europe, you have been really on throughout the year on a relative basis. So if you could maybe touch upon kind of what you're seeing out there and the forward outlook for the high growth markets.

我知道很多都已經談過了。所以我這邊可能問一個簡短的問題，之後我會再私下跟進。關於高成長市場，能否談談那邊的展望，以及成長是否有可能進一步再加速？我知道北美與西歐今年相對而言表現一直很強。所以如果可以的話，請談談你們目前看到的情況，以及高成長市場的前瞻展望。

Yes. So high-growth markets were relatively flat. We see a little bit of a tale of two cities here between PQI and Water. For our China business, we've got strong growth in PQI and we've got a little bit of shrink on the Water side would say, Latin America as well continues to see good order rates, but sales are a little bit down year-over-year sequential -- and they're improving sequentially. I think we see underlying demand that remains strong, but we do see some timing delays in projects that are there.

好的。高成長市場整體相對持平。我們看到 PQI 與 Water 之間有點像是「兩個世界」的情況。以中國業務來看，PQI 成長強勁，而 Water 端則有些下滑；拉丁美洲方面，訂單率仍然不錯，但銷售額年對年略有下降、序列上——而且正在逐季改善。我認為基礎需求仍然強勁，但我們也看到部分專案存在一些時程上的延遲。

So again, we continue to watch and focus on execution between these different markets around the world. And we're pleased with what we see in recovery in China for PQI, still waiting for Water to recover there in terms of traction. And then we're watching Latin America closely.

因此，我們仍會持續觀察並專注於在全球不同市場的執行。我們對中國 PQI 的復甦感到滿意；Water 方面則仍在等待其在當地的動能回升。同時我們也會密切關注拉丁美洲。

Thanks, Brian. This is Ryan Taylor. We appreciate everybody that was able to engage with us on the call. At this time, we have hit our time limit of 45 minutes for the call. So we're going to have to cut it off here.

謝謝，Brian。我是 Ryan Taylor。感謝所有能夠參與本次電話會議並與我們互動的各位。目前我們已達到本次會議 45 分鐘的時間上限。因此我們必須在此結束。

As usual, I'll be available for follow-ups throughout today and over the course of the next several days. We thank everybody for joining us, and we'll talk to you next time.

如同往常，我今天以及接下來幾天都會提供後續追問的回覆。感謝各位的參與，我們下次再談。

Thank you. This brings us to the end of today's meeting. We appreciate your time and participation. You may now disconnect.

謝謝。今天的會議到此結束。感謝各位撥冗與會並參與。您現在可以斷線。