Veralto Corporation (VLTO) 2026 Q3 法說會逐字稿

My name is Erica, and I will be your conference operator this morning. At this time, I would like to welcome everyone to Veralto Corporation's third quarter 2026 conference call. (Operator Instructions) I will now turn the call over to Ryan Taylor, Vice President of Investor Relations. Please go ahead, Mr. Taylor. You may now begin.

我是 Erica，今天上午將擔任本次會議的電話接線員。此刻，我想歡迎各位參加 Veralto Corporation 2026 年第三季財報電話會議。(接線員指示) 現在我將把電話交給投資人關係副總裁 Ryan Taylor。Taylor 先生，請開始。您現在可以開始。

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.

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：我們的總裁兼執行長 Jennifer Honeycutt，以及我們的資深副總裁兼財務長 Sameer Ralhan。

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 November 9.

今天的電話會議也同步進行網路直播。網路直播的重播將於今天稍晚在我們網站的「投資人」專區、於「活動與簡報」標題下提供。本次電話會議的重播將提供至 11 月 9 日。

Yesterday, we issued our third 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.

昨天，我們發布了 2026 年第三季財報新聞稿、財報簡報、事先準備的講稿以及補充資料，其中包含美國證券交易委員會（SEC）就調整後或非 GAAP 財務衡量指標所要求的相關資訊。

These materials are available in the Investors section of our website, 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.

上述資料可於我們網站 veralto.com 的「投資人」專區、在「季度財報」標題下取得。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.

在本次電話會議中，我們將依據聯邦證券法的定義作出前瞻性陳述，包括我們相信或預期未來將會或可能發生的事件或發展之相關陳述。這些前瞻性陳述受到多項風險與不確定性影響，包括我們向 SEC 提交之文件中所列示者。

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。這些前瞻性陳述僅截至其作出之日有效，除法律要求外，我們不承擔更新任何前瞻性陳述之義務。接下來，我將把電話交給 Jennifer。

Thanks, Ryan. I want to start by thanking our 17,000 associates for delivering an outstanding third quarter. We continue to build on our track record of meeting or exceeding our financial commitments through rigorous execution in support of our customers.

謝謝你，Ryan。我想先感謝我們 17,000 位同仁在第三季交出卓越的成績。我們持續透過嚴謹的執行力支持客戶，並在達成或超越我們財務承諾的既有紀錄上再接再厲。

In Q3, total sales grew 7.5% year-over-year, adjusted EPS increased 19.2%, and we generated robust free cash flow of $304 million. We delivered 5.1% core sales growth, led by Water Quality at 6.4% with PQI at 3.2%. Both segments accelerated core sales growth sequentially from Q2 to Q3.

第三季總銷售額年增 7.5%，調整後每股盈餘（EPS）成長 19.2%，並產生強勁的自由現金流 3.04 億美元。我們實現 5.1% 的核心銷售成長，其中以水質（Water Quality）6.4% 領先，PQI 為 3.2%。兩個事業部的核心銷售成長皆由第二季到第三季呈現逐季加速。

Broadly speaking, demand for our products and services remains healthy across both segments. Relative to the fourth quarter, we expect core sales growth of 5.5% to 6.5% and approximately 5% growth from acquisitions, resulting in total sales growth of approximately 10% to 11%.

整體而言，我們兩個事業部的產品與服務需求仍維持健康。就第四季而言，我們預期核心銷售成長為 5.5% 至 6.5%，併購帶來約 5% 的成長，合計總銷售成長約為 10% 至 11%。

Based on our third quarter performance, fourth quarter outlook and early gains from our cost optimization program, we raised our full year adjusted EPS guidance to $4.49 to $4.52 per share, representing 15% to 16% growth over the prior year.

基於第三季表現、第四季展望，以及成本優化計畫的初步成效，我們將全年調整後 EPS 指引上調至每股 4.49 至 4.52 美元，較前一年成長 15% 至 16%。

Our 2026 guidance includes benefits from our disciplined capital deployment. Year-to-date, we've deployed more than $1.65 billion across four strategic bolt-on acquisitions and the repurchase of 2.4% of our outstanding shares.

我們的 2026 年指引包含我們嚴謹資本配置所帶來的效益。年初至今，我們已在四項策略性補強式併購，以及回購已發行流通股的 2.4% 上，合計投入超過 16.5 億美元。

Our most recent acquisition of Cleanwater1 expands our capabilities in water treatment solutions, and I'm excited to welcome the Cleanwater1 associates to Veralto. With our strong balance sheet and robust cash generation, we have ample flexibility to act decisively on attractive new opportunities.

我們最近收購的 Cleanwater1 擴大了我們在水處理解決方案方面的能力，我也很高興歡迎 Cleanwater1 的同仁加入 Veralto。憑藉我們強健的資產負債表與穩健的現金創造能力，我們具備充足的彈性，能對具吸引力的新機會果斷採取行動。

This year's performance and disciplined capital deployment reflects the stronger Veralto that we have been architecting since our spin-off in 2023. As we mark our third anniversary as an independent public company, I'm proud of how much we've accomplished and even more excited about our future. Over the course of the first three years, we have simplified VES and bolstered our execution, accelerated innovation and strengthened our portfolio through disciplined M&A.

今年的表現與嚴謹的資本配置，反映出自 2023 年分拆以來，我們一直在打造更強大的 Veralto。在我們成為獨立上市公司的第三週年之際，我為我們所達成的成果感到自豪，並對未來更加期待。在前三年期間，我們簡化了 VES 並強化執行力、加速創新，並透過嚴謹的併購（M&A）強化我們的投資組合。

These actions have accelerated our core sales growth, driven consistent margin expansion and double digit adjusted EPS growth. I'm incredibly proud of what our team has accomplished. With a stronger foundation, talented team and proven track record, we are excited about the opportunities ahead and confident in our ability to deliver sustainable long-term value for shareholders.

這些行動加速了我們的核心銷售成長，推動利潤率持續擴張，並帶來雙位數的調整後 EPS 成長。我對團隊所完成的一切感到無比自豪。在更強的基礎、優秀的團隊與經驗證的績效紀錄之上，我們對前方機會充滿期待，並有信心為股東創造可持續的長期價值。

That concludes my prepared remarks. And at this time, we will now take your questions.

以上是我事先準備的講稿內容。接下來，我們將開始回答各位的提問。

(Operator Instructions)

(接線員指示)

Jeff Sprague, Vertical Research.

Jeff Sprague，Vertical Research。

Jennifer. You're not inherently a project-related business. But when I look at these kind of improving trends in industrial water, some of the digital workflow stuff, maybe some things going on in the muni side. I'm just wondering if you could kind of comment on maybe the level of visibility or sort of confidence level in 2027. So maybe cheating here a little bit and trying to get an early 2027 preview from you.

Jennifer。你們本質上並不是一個以專案為主的業務。但當我看到工業用水的改善趨勢、一些數位化工作流程的內容，以及市政端可能正在發生的一些事情。我想請你評論一下，對於 2027 年的能見度或信心程度大概如何。所以我可能有點「偷跑」，想請你先給我們一個 2027 年的早期預覽。

Yes. Thanks for the question, Jeff. I think the way to think about our exposure here is we have a balanced portfolio in our water business between muni sales and industrial sales. In fact, 50% of our sales in Water Quality are into industrial applications. Insofar as your question around municipal spending, as a reminder, 60% of our revenue sits in recurring revenue given the razor blade business, we're essential to the customers' operations.

好的，謝謝你的問題，Jeff。我認為看待我們在這裡的曝險方式是：我們的水務業務組合在市政銷售與工業銷售之間相當均衡。事實上，我們在水質（Water Quality）事業部的銷售中，有 50% 來自工業應用。至於你提到的市政支出問題，提醒一下，由於我們的「刮鬍刀與刀片」商業模式，我們 60% 的營收屬於經常性收入，我們對客戶的營運至關重要。

But when we do have equipment that gets sold as CapEx, it's part of the normal operational CapEx cycle. And that is to say that these tend to be facility upgrades or optimizations as opposed to infrastructure investments, which are more prone to federal funding fluctuations.

但當我們確實有以資本支出（CapEx）形式出售的設備時，它屬於正常的營運資本支出週期的一部分。也就是說，這些通常是廠房升級或最佳化，而不是基礎建設投資；後者更容易受到聯邦資金波動的影響。

So we see strong demand really for our solutions here relative to both the operating side of the business, whether that's our recurring revenue-based model or project-based business simply on the back of the secular drivers that we see, right, recycle, reclaim, severe weather events, water scarcity and so on. So we feel pretty good about ongoing demand here, and we'll keep you posted once we get to 2027.

因此，無論是我們以經常性收入為基礎的營運端模式，或是專案型業務，我們都看到對解決方案的強勁需求，主要是來自我們所觀察到的長期結構性驅動因素，例如回收、再利用、極端氣候事件、水資源短缺等等。所以我們對於未來持續的需求感到相當有信心；等我們接近 2027 年時，也會再向各位更新。

And maybe just one on PQI. On that side of the equation, is there some visibility on the CapEx side that's come into view or not at this point?

另外再問一個關於 PQI 的問題。在那一端，就資本支出（CapEx）而言，目前是否已經有一些能見度浮現，還是還沒有？

Yes. I mean, by and large, the PQI side of the house is not a CapEx business. These equipment purchases in terms of marking and coding or packaging and color tend to be, again, operational improvements to existing lines. Again, for our marking and coding business, we've got 60% of that business is recurring revenue based.

是的。整體來說，PQI 這一塊基本上不是資本支出型業務。這些設備採購，無論是標示與噴碼（marking and coding）或包裝與色彩（packaging and color），同樣多半是針對既有產線的營運改善。同樣地，就我們的標示與噴碼業務而言，其中有 60% 是以經常性收入為基礎。

And we've got a huge installed base there for continuing to upgrade as there are technology changes relative to substrates packaging sizes and so on. We see good pull-through in our digital workflow solutions in packaging and color, which, as you know, we've continued to invest there by virtue of M&A. So we see steady demand, and we feel confident about the future there.

而且我們在那裡有龐大的既有裝機基礎，隨著基材、包裝尺寸等相關技術變化，仍可持續進行升級。我們看到在包裝與色彩領域的數位工作流程解決方案有良好的帶動效應（pull-through）；如你所知，我們也透過併購持續在該領域投入。因此我們看到需求穩健，並對未來充滿信心。

Yes. And maybe, Jeff, I'll add one more thing is as you look at the packaging and color business on the Digital Workflow Solutions business, that's growing nicely. There, we have a pretty good visibility given those are SaaS contracts.

是的。而且或許，Jeff，我再補充一點：當你看包裝與色彩業務中的數位工作流程解決方案業務時，它成長得相當不錯。在那裡，由於這些是 SaaS 合約，我們的能見度相當高。

So as you know, we sign up the contracts and we're recognizing revenue over time. So we have pretty good visibility on that side. And then the marking and coding, as Jennifer said, for us, the demand patterns have been pretty steady.

所以如你所知，我們簽訂合約，並隨時間推移認列營收。因此在那一端我們有相當不錯的能見度。另外，至於標示與噴碼（marking and coding），如 Jennifer 所說，對我們而言需求型態一直相當穩定。

William Grippin, Barclays.

William Grippin，巴克萊。

My first question, you're flagging some early progress on cost saves here in the third quarter. I guess on top of that, some small benefit here from tariffs. I was wondering if you could help us think about the margin cadence next year within that context?

我的第一個問題，你們提到第三季在成本節省方面已有一些早期進展。我想除此之外，關稅也帶來了一點小幅助益。想請你們協助我們在這樣的背景下，思考明年毛利率/利潤率的節奏會如何演進？

And I guess just maybe more specifically, just given the progress thus far on the cost saves, are you maybe seeing potentially more cost-out opportunity than you had initially laid out?

另外我想更具體一點：鑑於目前成本節省的進展，你們是否看到比一開始所規劃的還要更多的降本空間？

Thanks, Will. As you kind of look at the cost optimization program, at the beginning of the year, we had said that roughly half the savings by 2027 and then full run rate in 2028. That plan is still one to follow.

謝謝，Will。就成本優化計畫而言，在年初我們曾表示，到 2027 年大約實現一半的節省，並在 2028 年達到完整的年化運行水準（full run rate）。這個計畫仍然是我們要遵循的方向。

Look, we've had some early successes and good start out of the gate. So we're going to see $10 million to $15 million worth of savings in 2026. But for 2027, at this point, I'll just model it the way we kind of guided earlier, roughly half the savings.

你看，我們已經有一些早期成功，起步也很不錯。因此我們預期在 2026 年可看到約 1,000 萬到 1,500 萬美元的節省。但就 2027 年而言，目前我仍會按照我們先前指引的方式建模，大約實現一半的節省。

We'll give more specifics as part of the 2027 guide on where we stand. Just keep in mind, right, that the savings are net of investments as well. So there's always a little bit of a variation on the timing, which we want to make sure that we properly dial in into the '27, guide. So that's how you should think about the cost optimization program at this point, on track with a nice early start in 2026 for us.

我們會在提供 2027 年指引時，針對我們的進度給出更具體的細節。也請記住，這些節省是扣除投資後的淨額（net of investments）。因此在時點上總會有一些變動，我們希望在 2027 年指引中把它調整到位。所以目前你可以這樣看待成本優化計畫：進度符合預期，且我們在 2026 年有一個相當不錯的早期起跑。

Great. And my follow-up here, in the release last night, you noted strong demand from municipals in Hach. I was wondering if you could provide a bit more color on drivers there, whether it be replacement cycle, new product introductions within that business or new customer wins? And maybe how are you thinking about demand trends exiting the year?

很好。我接著問一個：昨晚的新聞稿中，你們提到 Hach 來自市政客戶（municipals）的需求強勁。想請你們多補充一些驅動因素，是汰換週期、新產品導入、還是該業務的新客戶贏單？以及你們如何看待年底前的需求趨勢？

Yes. I mean I would say here on the muni side of Water Quality, we're really kind of firing on all cylinders here, and this is on the back of a three year build relative to commercial architecture, VES discipline, new product development.

是的。我會說在水質（Water Quality）的市政端，我們基本上各方面都火力全開；這是建立在過去三年在商業架構、VES 紀律以及新產品開發方面的累積成果之上。

And as a reminder here, we're really on the OpEx side of our customers' operations as opposed to CapEx. It's nondiscretionary spend, right? This is regulated testing. So customers use our equipment to make sure that they stay within compliance.

另外提醒一下，我們更偏向於客戶營運的營業費用（OpEx）端，而不是資本支出（CapEx）。這是非可自由裁量的支出，對吧？這是受監管的檢測。因此客戶使用我們的設備來確保其維持合規。

And I would say here throughout the last year or so, our new product development flywheel has particularly taken hold, and we see that across our analytics business as well as our water treatment businesses.

而且我會說在過去一年左右，我們的新產品開發飛輪特別開始發揮作用；我們在分析（analytics）業務以及水處理業務中都看到了這一點。

So for municipalities, Hach's got a brand-new flagship spectrophotometer. We've got new ammonia and phosphate analyzers. And so we continue to see sort of great execution that's been bolstered by this increasing cadence of new product development launches. So we feel good about our position here, and we would expect that to continue.

所以對市政客戶而言，Hach 推出了全新的旗艦型分光光度計（spectrophotometer）。我們也有新的氨與磷酸鹽分析儀（analyzers）。因此我們持續看到很好的執行力，而這也因新產品開發上市節奏加快而得到強化。所以我們對自身的市場位置感到樂觀，並預期這種態勢會延續。

Mike Halloran, Baird.

Mike Halloran，Baird。

So maybe just some thoughts on underlying trajectory in the short term here. You certainly heard the answer to Jeff's question. Just curious, it sounds like most of the pieces of your portfolio are tracking sequentially the right way. And anything that you're seeing that deviated from seasonality as you work through the quarter.

想請教一下短期的基本走勢。你們當然也聽到了對 Jeff 問題的回答。我只是好奇，聽起來你們投資組合中的大多數業務，按季（sequentially）都在朝正確方向發展。在本季進行過程中，你們是否看到任何偏離季節性的情況？

But I guess the question, is there any areas of your portfolio that you're not seeing that positive trajectory? Or maybe put differently, are there any very obvious flex points that you're thinking about in the portfolio as we position for 4Q and next year?

但我想問的是：你們的投資組合中是否有任何領域沒有看到那種正向走勢？或者換個說法，當我們為第四季與明年做布局時，你們是否在投資組合中看到任何非常明顯的彈性點（flex points）？

Yes. Thanks for the question, Mike. Broadly speaking, all of our businesses are trending well in terms of growth and sequential acceleration. I would say we've seen some timing differences relative to kind of project timing, and that's affected pieces of our packaging and color hardware business to a lesser extent on the water side.

是的，謝謝你的問題，Mike。整體而言，我們所有業務在成長與按季加速方面的趨勢都不錯。我會說，我們看到一些與專案時點相關的時間差，這影響了我們包裝與色彩硬體業務的部分板塊；在水務端的影響則相對較小。

And I would say projects tend to move around a little bit, but they generally come through. So we haven't seen any indefinite delays or project cancellations, but timing sometimes is variable there. In the main, I would say, by virtue of our large sort of recurring revenue business, things are pretty steady. Demand continues for the products and services that we have.

我會說專案通常會有一些前後挪動，但一般最終都會落地。因此我們沒有看到任何無限期延後或專案取消，但時點有時確實會有變動。整體來看，憑藉我們龐大的經常性收入（recurring revenue）業務，整體表現相當穩健。對我們所提供的產品與服務，需求仍在持續。

We've got great secular drivers relative to data centers and feeder industries in power, semiconductor and mining. Recycle reclaim is big on the muni side as water scarcity becomes a bigger issue. And I would say in the Food Safety Modernization Act, it's driving a lot of need for product reformulation, packaging changes and so on.

我們在資料中心以及電力、半導體與採礦等上游/相關產業方面，具備很強的長期結構性驅動因素（secular drivers）。隨著缺水成為更大的議題，在市政端，回收再利用（recycle reclaim）也很重要。另外我會說，《食品安全現代化法案》（Food Safety Modernization Act）正在推動大量對產品配方調整、包裝變更等方面的需求。

So we see good demand there as well. So I think we feel pretty good about the outlook here in the fourth quarter and the fact that we believe that momentum will continue here into 2027.

因此我們在那裡也看到良好需求。所以我認為我們對第四季的展望感到相當樂觀，也相信這股動能將延續到 2027 年。

I appreciate that. And then just on the capital deployment side, it's been an aggressive year and balanced with buybacks and M&A. So maybe a twofold question. One, how are you thinking about the buyback intent in the short term?

感謝說明。接著談資本配置，今年動作很積極，並在庫藏股回購與併購之間取得平衡。所以我有兩個問題。第一，短期內你們如何看待回購意圖？

Obviously, you saw some of the ongoing repurchases in October. But then how do you think about the pipeline after having completed a fair number of acquisitions over the last 18 months or so.

顯然你們也看到 10 月仍在持續回購。那麼在過去大約 18 個月完成相當多起收購之後，你們如何看待後續的併購案源（pipeline）？

Yes. Mike, thanks for the question. As far as the buyback is concerned, look, if you add what we have done in October that we disclosed, we're effectively done with $550 million of share repurchases out of the $750 million program.

是的。Mike，謝謝你的問題。就回購而言，你看，如果把我們在 10 月已揭露的回購也加進來，我們在 7.5 億美元計畫中，已經實質完成了 5.5 億美元的股票回購。

Look, I mean, we -- as we always said, we're going to be opportunistic. And if there's an opportunity in the marketplace where we think there's a disconnect between the intrinsic value and the market value, you should fully expect us to be using the authorization. So we'll continue on that path.

你看，我的意思是，我們——正如我們一直說的，我們會採取機會主義的做法。如果市場上出現我們認為內在價值與市場價值之間存在落差的機會，你們完全可以預期我們會動用這項授權。所以我們會繼續沿著這條路走下去。

As far as overall the pipelines are concerned, look, the pipelines are pretty active on the M&A side, both. So as we kind of move forward, we expect to stay pretty balanced. There's no change in the overall capital allocation strategy.

就整體的案源管線而言，你看，無論哪一邊，在併購（M&A）方面的管線都相當活躍。因此，隨著我們往前推進，我們預期會維持相當平衡。整體資本配置策略沒有任何改變。

Nathan Jones, Stifel.

Nathan Jones，Stifel。

This is Adam Farley on for Nathan. Maybe on chemical treatment within Water Quality, on the data center piece, what is Veralto's overall exposure to data centers within Water Quality? Maybe where do you think that exposure can grow to over time? And where in the data center construction time line does chemical treatment benefit?

我是代替 Nathan 的 Adam Farley。想請教水質（Water Quality）中的化學處理、以及資料中心這一塊，Veralto 在水質業務中對資料中心的整體曝險有多大？你們認為這個曝險隨時間推移可以成長到什麼程度？另外，在資料中心建置時程的哪個階段，化學處理會受益？

Yes. So overall, as we've said previously, our total sales in the data centers today remains small. We will say that our data center growth continued to be very strong and in fact, doubled in Q3, but that's obviously off of a small base.

是的。整體而言，正如我們先前所說，我們目前在資料中心的總銷售額仍然很小。我們會說，我們的資料中心成長持續非常強勁，事實上在第三季翻倍，但這顯然是建立在較小的基期之上。

And the draw here is from both our treatment and our analytics businesses. We are, by virtue of our ChemTreat business, engaged early in those project builds and get requested to participate in helping to consult on water train and water treatment design so that customers can optimize both water utilization, power consumption. Those often are counterbalanced to one another.

而這裡的拉動來自我們的處理（treatment）與分析（analytics）兩項業務。憑藉我們的 ChemTreat 業務，我們在這些專案建置初期就會參與，並常被要求協助就用水流程（water train）與水處理設計提供諮詢，讓客戶能同時最佳化用水效率與用電消耗。這兩者往往彼此需要權衡。

And so finding the balance between power-efficient and water-efficient design is something that every data center is working to solve for. So we are involved early in the process. We have good installed base relative to utility water and increasingly have offerings and are really in the liquid side of direct-to-chip cooling as well. So good exposure here, small base of business, growing double digits, strong double digits, and we would expect that to continue for the foreseeable future.

因此，在節能（power-efficient）與節水（water-efficient）的設計之間找到平衡，是每一座資料中心都在努力解決的課題。所以我們在流程早期就會介入。我們在公用事業用水方面有不錯的既有裝機基礎，並且也日益提供方案，實際上也切入了直達晶片（direct-to-chip）冷卻的液冷端。因此我們在這裡有不錯的曝險；雖然業務基期小，但以兩位數、而且是強勁的兩位數成長，我們預期在可預見的未來會持續如此。

Yes. I mean, Adam, as you kind of think about the data center business for us, especially on the treatment side, it's an annuity business for us. So yes, the build cycle, I get that question, but think of our business predominantly as more annuity business as these data centers come in and operate.

是的。我的意思是，Adam，當你思考我們的資料中心業務時，尤其是在處理端，對我們而言這是一個年金型（annuity）業務。所以是的，建置週期我理解你為什麼會問，但請把我們的業務主要視為：當這些資料中心建成並開始運轉後所帶來的年金型收入。

That's really helpful color. And then just staying on Water Quality. Can you provide an update on your expectations for growth regionally? Do you expect North America to continue to lead growth maybe through next year? And then maybe what are you seeing out of China?

這些補充非常有幫助。接著仍然聚焦在水質業務。你能否更新一下你們對各區域成長的預期？你們是否預期北美會持續領先成長，可能延續到明年？另外，中國那邊你們看到什麼情況？

Just to clarify, the last point was what do we expect out of China?

我確認一下，最後一點是問我們對中國的預期嗎？

Yes. In Water Quality.

是的。在水質業務。

Yes. Okay. Water Quality. Yes. So China continues to be lower in its muni spend, kind of still bumping along the bottom there. We're not accounting for or expecting any significant change there. But as a reminder, China represents about 6% of our sales.

是的，好的，水質業務。是的，所以中國的市政支出仍然偏低，基本上還是在底部徘徊。我們沒有把任何顯著變化納入考量或預期。但提醒一下，中國約占我們銷售額的 6%。

In Latin America, water was down modestly year-over-year, but higher sequentially throughout the quarters here. Underlying demand is strong, but timing of some of these projects has been delayed, and that's largely on the back of waiting for election results and so on.

在拉丁美洲，水務業務年對年小幅下滑，但在這幾個季度中逐季走高。基本面需求強勁，但部分專案的時程被延後，而這主要是因為在等待選舉結果等因素。

I would say, given the completion of the election here in Brazil, that uncertainty should clear here, and we should start to see that demand start to increase. So we continue to watch our high-growth markets here.

我會說，隨著巴西選舉已經結束，這種不確定性應該會消除，我們應該會開始看到需求回升。因此我們會持續關注這些高成長市場。

They have been relatively lower than their name would suggest with good growth in the Western markets of Europe and North America. But we continue to have good opportunities in Latin America, I would say, as well in India, parts of Southeast Asia, but China is definitely still not investing.

它們的表現相對低於其「高成長」之名所暗示的水準；相較之下，歐洲與北美等西方市場成長良好。但我會說，我們在拉丁美洲同樣有不錯的機會，另外在印度、東南亞部分地區也是如此；但中國確實仍未投入投資。

Andy Kaplowitz, Citigroup.

Andy Kaplowitz，花旗集團（Citigroup）。

Can you hear me?

你們聽得到我嗎？

Yes, go ahead.

是的，請說。

Andy, we can hear you.

Andy，我們聽得到你。

So maybe we could just double-click into the reacceleration organic growth you're seeing in PQI. Jennifer, you mentioned some project delays, but obviously, your growth has been picking up and you've continued to talk about acceleration in digital workflow solutions. So what are your core customers telling you? And given that the economic environment is sort of mixed out there?

那也許我們可以更深入看看你們在 PQI 看到的有機成長再加速。Jennifer，你提到一些專案延遲，但顯然你們的成長正在回升，而且你們也持續談到數位工作流程解決方案的加速。所以你們的核心客戶在跟你們說什麼？尤其是在目前整體經濟環境有點好壞參半的情況下？

Yes. I mean I think what we see here is strong demand and bookings of our digital workflow solutions. This is on the back of the TraceGains, GlobalVision acquisitions being integrated into the Esko digital backbone. And as you know, we book revenue over the life of the contracts, which gives us good visibility and confidence in the sequential core growth acceleration.

是的。我想我們看到的是，對我們數位工作流程解決方案的需求與訂單（bookings）都很強勁。這主要來自 TraceGains、GlobalVision 這些收購案整合進 Esko 的數位骨幹（digital backbone）。而如你所知，我們會在合約期間內認列收入，這讓我們對核心成長逐季加速有很好的能見度與信心。

We continue to see steady demand in marking and coding, right? There are some category changes within consumer product goods. But effectively, we see strong continued performance and uptake from our mid-market customers.

我們在標識與噴碼（marking and coding）方面仍看到穩健需求，對吧？在消費性產品（consumer product goods）內部有一些品類變化。但整體而言，我們看到來自中型市場客戶的表現與採用率持續強勁。

That's going to continue to result in sequential core sales growth. And then I would say the other element here is Q4 has got a relatively easy comp in our marking and coding side of the business. So that's an element as well.

這將持續帶來核心銷售額的逐季成長。另外我會說，第四季在我們標識與噴碼業務上有相對容易的比較基期。所以這也是一個因素。

And then finally, say that our sales recovery of our color measurement equipment in packaging and color, we would expect that to come back. And we see good commercial execution, good funnels. We exited Q3 with stronger service growth, and that gives us confidence here as we head into Q4.

最後再補充，我們在包裝與色彩（packaging and color）領域的色彩量測設備銷售復甦，我們預期會回來。我們看到良好的商業執行、良好的商機漏斗（funnels）。我們在第三季結束時服務業務成長更強，這讓我們在邁入第四季時更有信心。

Very helpful, Jennifer. And then Sameer, can you give more color into what you're seeing maybe in price versus cost? I think you're modeling adjusted operating margin to be down a bit in Q4 versus Q3, even excluding the tariff benefit in Q3. So just maybe the puts and takes on sort of how you're thinking about margin in Q4?

非常有幫助，Jennifer。接著 Sameer，你能否更具體說明一下你們看到的價格相對成本的情況？我想你們模型中第四季的調整後營業利益率（adjusted operating margin）會比第三季略降，即使不計入第三季的關稅效益也是如此。所以想請你談談你們對第四季利潤率的思考中，各項因素的拉動與抵銷（puts and takes）是什麼？

Yes. Andy, as you look maybe just sort of the margin first. If you look at the margin for Q4, yes, sequentially, most of the impact that you see is really driven by the Cleanwater1 acquisition. Overall, for Q4 margins, you should fully expect the fall-through to be 30% to 35%. So that's roughly 30 bps of a margin expansion on a year-over-year basis.

是的。Andy，如果你先看利潤率本身。如果你看第四季的利潤率，是的，逐季來看，你看到的大部分影響其實是由 Cleanwater1 的收購所驅動。整體而言，對第四季利潤率，你完全可以預期增量轉化率（fall-through）會在 30% 到 35%。因此，年對年大約是 30 個基點（bps）的利潤率擴張。

Cost optimization program, if you look at the guide that we've given for the full year, that adds another roughly 40 basis points to the OMX for, so that's add 70, and that 70 is mostly offset by Cleanwater1 acquisition as that's how we kind of modeled in.

成本優化計畫，如果你看我們給出的全年指引，這會讓 OMX 另外增加約 40 個基點，所以加起來是 70，而這 70 大多被 Cleanwater1 的收購所抵消，因為我們在模型中就是這樣納入的。

But as you know, in Q4, we do tend to make some investments to help support '27, strategic initiatives. So we've built in a fairly healthy amount of investment in Q4 tied to that. To the extent that those things come in light, of course, there will be upside to the guidance.

但如你所知，在第四季，我們確實傾向於進行一些投資，以支援「27」策略性倡議。因此我們在第四季已納入相當可觀、與此相關的投資金額。如果這些項目最終投入較少，當然，指引就會有上行空間。

Jacob Levinson, Melius Research.

Jacob Levinson，Melius Research。

Just to go back to Mike's question for a second on the M&A side of things. I know you folks have been pretty active here with a number of bolt-on deals. But can you just give us a sense of what that funnel looks like from here? Is it a lot of these smaller assets that are out there? Or are there also some larger deals that you might be interested in as well?

我想回到 Mike 剛才關於併購（M&A）面的問題。我知道你們最近透過多筆補強型（bolt-on）交易相當活躍。但你們能否讓我們了解一下，從現在開始你們的案源漏斗大概長什麼樣子？主要是市場上這些較小的資產嗎？還是也有一些你們可能也會感興趣的較大型交易？

Yes. I would say, Jake, that it's a mix. Both funnel or funnels on both sides of the house are healthy and full, lots of cultivation work underway. I think what you've seen us do here in the first three years is build out our position in treatment, in the environmental business and digital workflow solutions, all of which are expansions of our current positions, but squarely within our wheelhouse.

是的。我會說，Jake，這是混合的。我們兩大業務端的漏斗（或漏斗群）都很健康且很滿，正在進行大量的培育工作。我想你看到我們在過去三年所做的，是在處理（treatment）、環境業務以及數位工作流程解決方案上建立並擴大我們的布局；這些都是在我們既有定位上的延伸，而且完全在我們的專長範圍內。

So we feel good about the funnels. There are all kinds of assets in those funnels. There are large deals, there are small deals. There's technology deals, there's geographic expansion deals. And so we have a track record here of going after these strategic bolt-ons.

所以我們對這些漏斗很有信心。漏斗裡有各式各樣的資產。有大型交易，也有小型交易。有技術型交易，也有地理版圖擴張型交易。因此我們在追求這些策略性補強併購方面已有一套紀錄。

I think we're well served by that. But again, we've got a variety of different types of assets in our funnel that we'll continue to work and bring those in under the very disciplined approach that we've taken thus far to increase long-term shareholder value.

我認為這對我們很有幫助。但再次強調，我們的漏斗裡有多種不同類型的資產；我們會持續推進，並在迄今為止所採取的高度紀律化方法下把它們納入，以提升長期股東價值。

Okay. That's helpful. You made a comment in your slide deck on slide 4 that I'm not sure I've seen before around modernized technology and upgrade of facilities. I know you've done some work on the footprint given everything with tariffs. But maybe you can just elaborate on what that really means.

好的，這很有幫助。你在簡報第 4 頁提到一點，我不確定以前是否看過：現代化技術以及設施升級。我知道你們在關稅相關的背景下，對據點布局做了一些工作。但你能否再多說明一下這實際上代表什麼？

Yes. I don't think it's unreasonable to think that some of our technologies might have atrophied in prior times being a smaller portion of Danaher. And so this is just part and parcel to continuing to mine the shop here at Veralto and make sure that we have modernized tech stack for all of our data systems to ensure that we are continuing to invest in technology.

是的。我不認為這樣想不合理：在過去，因為我們在 Danaher 之中占比較小，我們的一些技術可能有所老化。因此這只是我們在 Veralto 持續深耕、確保所有資料系統都具備現代化技術堆疊（tech stack）的一部分，確保我們持續投資於科技。

One example would be robotic automation of our Chemkey lines at Hach, right? We will continue to modernize and upgrade manufacturing facilities, our ability to utilize data in ways that are AI-friendly. And so this is just part and parcel to making sure that we are staying fit operationally, as we would say, and to make sure that we've got access to the latest and greatest tools to continue to be able to run the business well.

例如，Hach 的 Chemkey 產線採用機器人自動化，對吧？我們會持續讓製造設施現代化並升級，並提升我們以 AI 友善方式運用資料的能力。因此這就是確保我們在營運上保持精實（我們會說保持「體能」），並確保我們能取得最新、最好的工具，以持續把業務營運好。

Yes. And Jake, like for those of you who have been to our Hach manufacturing facility in the last 12 to 18 months and any of the tours, right, you've seen all the automation that we have done over there on the board manufacturing side.

是的。而且 Jake，對於過去 12 到 18 個月內到訪過我們 Hach 製造基地、參加過任何導覽的人來說，你們已經看到我們在電路板製造端所做的各種自動化。

So those are the kind of examples where we are really upgrading our manufacturing footprint to be able to serve the customers more regionally and more effectively over here in the US.

所以這些就是我們真正正在升級製造據點的例子，讓我們能在美國這邊以更區域化、也更有效率的方式服務客戶。

John McNulty, BMO Capital Markets.

John McNulty，BMO Capital Markets。

So I wanted to dig into the water side and in particular, water treatment and the UV treatment, just where you saw the double-digit growth. I guess, can you help us to think about at least high level, how much price there was there?

我想深入了解水務這一塊，特別是水處理以及 UV 處理，你們在那裡看到兩位數成長。你能否在至少高層次上，幫我們理解其中有多少是來自價格（price）的貢獻？

I think some of the players in the industry put out some blanketed type pricing, and it looks like it was around mid-single digit. I know you're a little more surgical. So maybe a little more detail or color around the pricing environment would be helpful.

我想產業裡有些業者公布了較一體適用的定價，看起來大約是中個位數。我知道你們的作法更精準、更有針對性。所以如果能多提供一些關於定價環境的細節或補充說明，會很有幫助。

Yes, John, thanks for the question. Look, the pricing over there is pretty much in line with what you're seeing overall, John. We want to make sure that we are covering the inflation in the chemicals that's coming in the chemical treatment side. But those are very selective discussions with the customers to make sure that we are serving them well and making sure we're getting paid for the service that we are delivering.

是的，John，謝謝你的問題。你看到那邊的定價基本上與整體趨勢相符，John。我們希望確保能覆蓋化學處理端化學品成本的通膨上升。但這些都是非常有選擇性的、與客戶的討論，以確保我們把他們服務好，也確保我們提供的服務能獲得相應的報酬。

So there is nothing out of the normal overall, what, from our perspective, pricing is an important lever. At the same time, installed base and having those contracts in place for the longer term is really key.

所以整體來看沒有任何異常；從我們的角度，定價是一個重要的槓桿。同時，裝機基礎（installed base）以及把合約以較長期間鎖定下來也非常關鍵。

As you know, as you kind of think about the water treatment, both on the ChemTreat side and the UV treatment side, having installed base really drives recurring revenue over the longer term. So we're always very mindful of that, how we kind of think of the price in the instruments versus the services versus consumables.

如你所知，當你思考水處理時，不論是 ChemTreat 端或 UV 處理端，裝機基礎確實會在更長期驅動經常性收入（recurring revenue）。因此我們一直非常留意這點，也就是我們如何看待儀器（instruments）相對於服務（services）與耗材（consumables）的定價。

Got it. Okay. No, that's helpful. And then also in the water side, you've made a couple of transactions, some very recent, some you've had a little duration on. I guess, can you speak to the growth that you're seeing in those businesses? Are they seeing any incremental synergy benefits on the revenue side yet or not? And how you're thinking about that going forward?

了解。好的，這很有幫助。另外在水務這邊，你們做了幾筆交易，有些是非常近期的，有些則已經整合一段時間。你能否談談你們在那些業務上看到的成長？它們在營收端是否已經看到任何額外的協同效益（synergy benefits）？以及你們接下來如何看待這件事？

Yes. Maybe, John, I'll start with that. If you look at the acquisitions that we've done on the water side, the first 1 was In-Situ at the beginning of the year, really solid start. You've seen us, the expansion in the water side, if you look at the M&A contribution line in the Water Quality, like very solidly contributing. That's where you see the impact of In-Situ.

是的。John，也許我先開始回答。如果你看我們在水務端做的收購，第一筆是年初的 In-Situ，開局非常扎實。你也看到我們在水務端的擴張；如果你看 Water Quality 裡的併購（M&A）貢獻那一行，貢獻非常穩健。那就是你看到 In-Situ 影響的地方。

Overall, I would say on the synergy side on the commercial, we are well ahead of the plan actually that we used to underwrite the acquisition. So feeling really solid about the In-Situ, and you're going to start seeing that in the organic growth as we're going to move into next year.

整體而言，我會說在商業端的協同效益方面，我們實際上大幅領先當初用來為這筆收購定價與評估（underwrite）的計畫。因此我們對 In-Situ 的表現感到非常踏實；而隨著我們進入明年，你會開始在有機成長（organic growth）中看到這些成果。

I would say the AQUAFIDES acquisition that we did in Europe on the UV treatment side, again, really solid execution and contribution that we're seeing over there. Alfaa UV and Cleanwater1 just early days, right? Alfaa UV, they've been there only less than a month. Cleanwater (sic - Cleanwater1) has been there for less than a month with us.

我會說，我們在歐洲於紫外線（UV）處理領域完成的 AQUAFIDES 併購案，再次展現了非常扎實的執行力，而且我們在那邊也看到實質的貢獻。Alfaa UV 和 Cleanwater1 都還在非常早期的階段，對吧？Alfaa UV 加入我們還不到一個月。Cleanwater（原文誤稱 - Cleanwater1）跟我們在一起也不到一個月。

So more to come on Alfaa UV and Cleanwater (sic - Cleanwater1) as we kind of move into the year and we talk about the guide. Overall, really pleased with the execution and the synergies, especially the synergy part on both In-Situ as well as AQUAFIDES.

因此，隨著我們逐步進入今年並談到指引，關於 Alfaa UV 和 Cleanwater（原文誤稱 - Cleanwater1）後續還會有更多資訊。整體而言，我們對執行與綜效非常滿意，尤其是在 In-Situ 以及 AQUAFIDES 這兩個案子的綜效部分。

Well, the way to think about this is all of those assets that Sameer just mentioned are high single-digit, low double-digit growers, right? And these, and it's by virtue of where they sit in the water treatment process. In-Situ certainly in groundwater hydrology side of things as municipalities look for intelligence around what water is coming into their plant as influent.

嗯，思考這件事的方式是，Sameer 剛提到的那些資產都是高個位數、低雙位數的成長者，對吧？而這主要取決於它們在水處理流程中所處的位置。In-Situ 當然是在地下水水文領域；當各市政單位希望掌握進入其處理廠、作為進流水（influent）的水質資訊與洞察時，這方面的需求就會出現。

Alfaa UV, our UV business at Trojan has been a high single-digit, low double-digit grower. Alfaa gets us really good position in India with good sales into sort of industrial applications. And Cleanwater1 has a leading set of technologies that really help in sort of the disinfection, odor control and solids management side. So again, these are all sort of technologies and product lines that fit in high-value areas that are structurally faster growing than some other portions of the portfolio.

Alfaa UV，我們 Trojan 的 UV 業務一直是高個位數、低雙位數的成長者。Alfaa 讓我們在印度取得非常好的市場位置，並在工業應用等領域有不錯的銷售。而 Cleanwater1 擁有一套領先的技術組合，能在消毒、異味控制以及固體物管理等方面提供很大幫助。所以再說一次，這些都是技術與產品線，切入的是高價值領域，其結構性成長速度也比投資組合中的其他部分更快。

Robert Davies, Wolfe Research.

Robert Davies，Wolfe Research。

I had 2. 1 was just on the cost optimization program. You'd obviously fleshed out some early gains there, $10 million to $15 million. But could you provide us a little bit more color exactly what you're doing, where the kind of main areas of focus is for that program?

我有兩個問題。第一個是關於成本優化計畫。你們顯然已經在早期取得一些成果，約 1,000 萬到 1,500 萬美元。但你們能否提供更多細節，具體來說你們在做什麼，以及這個計畫的主要聚焦領域是哪些？

And then the second question was just around the sort of nonrecurring part of your business, sort of the 40%, I guess, of Water Quality. What's going on there? Do you see any sort of slowdown, any kind of impact from higher interest rates, any more caution or downtrading? That would be great.

第二個問題是關於你們業務中較偏非經常性的部分，也就是我猜大約占水質（Water Quality）40% 的那一塊。那邊目前發生了什麼事？你們是否看到任何放緩跡象、較高利率帶來的影響、更加謹慎或降級消費（downtrading）？如果能說明就太好了。

Thanks, Robert. I'll start with the cost optimization first. The cost optimization program is really focused around three activities. The first is the simplification of the business processes. Second is the functional transformations to optimize the cost and then really looking at the investments that we can do to improve the competitive positioning from the technology perspective or the process improvement perspective. So that's how really the activities in the cost optimization program are focused around.

謝謝你，Robert。我先從成本優化談起。成本優化計畫主要聚焦在三項活動。第一是簡化業務流程。第二是透過職能轉型來優化成本；第三則是檢視我們可以進行哪些投資，以從技術面或流程改善面提升競爭定位。所以成本優化計畫的活動重點大致就是圍繞在這些方向。

We've had a pretty nice start to the program early on. And as we're going to look at making the investments, overall, we are still on plan to deliver roughly half of the savings by the end of '27, and the full run rate in 2028. So that's how you should think about the cost optimization program.

我們在計畫初期有一個相當不錯的開局。而當我們著手進行這些投資時，整體而言，我們仍按計畫在 2027 年底前實現約一半的節省，並在 2028 年達到完整的年度化（run rate）效益。因此，你可以用這樣的方式來理解成本優化計畫。

And relative to your question around the 40% of Water Quality that is hardware or instrument base. Bear in mind that we've got hundreds of thousands of instruments from Water Quality sitting out in our installed base. And those will have a seven year life on average.

至於你提到水質（Water Quality）中約 40% 屬於硬體或儀器為主的部分。請記得，我們在既有裝機基礎（installed base）中有數十萬台水質儀器部署在外。而這些儀器平均壽命約為七年。

So ongoing sort of reoccurring revenue to upgrade hardware move to modern technologies as there are changes in the knowledge base of folks that sit in water treatment plants. There is a trend towards deskilling of the labor, and we've made a concerted effort here to collapse workflows, simplify the technologies that are deployed.

因此，會有持續性的經常性收入，用於硬體升級、轉向較新的技術；同時，隨著水處理廠內相關人員的知識結構改變，也會帶動這類需求。目前有一個趨勢是勞動力「去技能化」（deskilling），而我們也在這方面投入心力，致力於整合工作流程、簡化所部署的技術。

And so we feel good about the ongoing demand for new technology purchases and upgrading the existing installed base that's out there.

因此，我們對於持續的新技術採購需求，以及對既有裝機基礎進行升級的需求，都感到有信心。

Andrew Buscaglia, BNP Paribas.

Andrew Buscaglia，法國巴黎銀行（BNP Paribas）。

I'm just wondering if you could kind of set us up into '27, on margins here. And I know you don't want to probably give guidance for next year. But I think your margins are really starting to accelerate and to stark contrast to kind of what else we're seeing this earnings season where costs and inflationary pressures are starting to sting some companies.

我想請你們協助我們建立一下對 2027 年毛利率/利潤率的看法。我知道你們可能不想提供明年的指引。但我認為你們的利潤率確實開始加速提升，這與我們在這個財報季看到的其他情況形成強烈對比，因為成本與通膨壓力正開始讓一些公司感到吃力。

But you guys have navigated that quite well. But before we, just looking out to '27, are you cautious on costs creeping in, in any sort of business? Are you seeing any challenges on the horizon that have crept up in the last three months in terms of inflationary pressures? Yes. And kind of what's your view on just price cost and the ability to continue this margin acceleration into '27?

但你們在這方面應對得相當好。不過往 2027 年看，在任何業務上你們是否對成本回升有所保留或擔憂？就通膨壓力而言，過去三個月你們是否看到任何新的挑戰浮現？以及你們對於價格與成本之間的關係、以及持續推動利潤率加速提升到 2027 年的能力，有什麼看法？

Yes, Andrew, thanks for the question. Let's start with the raw material costs and the price side first. As you kind of look at this year, look, we are seeing inflation, right? We are seeing the inflation in some of the materials that are tied to or which are oil derivatives. You've got to start looking at some of the transportation costs, memory prices, of course, as you know, we are an instrumentation company, so we do have some exposure over there.

是的，Andrew，謝謝你的問題。我們先從原物料成本與定價端談起。就今年來看，我們確實看到通膨，對吧？我們在某些與石油衍生品相關的材料上看到通膨。你也必須開始關注一些運輸成本、記憶體價格；當然，如你所知，我們是一家儀器公司，因此在那方面也有一些曝險。

So we are seeing those price increases, but really solid VES-driven execution and the partnership between our procurement teams and the business teams to help offset that. So at this point, as the results demonstrate both in Q3 and also as you look at the guide for Q4, we believe we are well positioned at least in 2026 to make sure we offset that and drive the margins.

所以我們確實看到這些價格上升，但我們透過非常扎實、由 VES 驅動的執行，以及採購團隊與業務團隊之間的合作來協助抵銷。因此就目前而言，從第三季的結果以及你看第四季指引的表現來看，我們相信至少在 2026 年，我們具備良好條件來確保抵銷這些壓力並推動利潤率。

Now as we kind of move into 2027, look, we will, Andrew, talk in more detail in February. But overall, I think it's fair to expect that, look, we will have 30% to 35% kind of a fall-through, and that's close to 30-ish bps on the margin side.

至於進入 2027 年，Andrew，我們會在二月更詳細地說明。但整體而言，我認為可以合理預期，我們會有約 30% 到 35% 的落底轉化率（fall-through），而在利潤率方面大約接近 30 個基點（bps）的提升。

Cost optimization, of course, if you do the run rate, roughly $35 million cost saves. Now we look at $15 million already this year, right? So that's going to be a little bit of an upside on the cost optimization side on the margin side.

當然，成本優化方面，如果以年度化（run rate）來看，大約是 3,500 萬美元的成本節省。而今年我們已經看到約 1,500 萬美元，對吧？因此在成本優化對利潤率的貢獻上，會有一些額外的上行空間。

But we are going to have a couple of headwinds as well on the margin side as we move into 2027. We got a little bit of benefit from tariffs, so that's not going to be there next year and then some of the dilution from the Cleanwater1 acquisition. So there are lots of puts and takes, more details to come in February.

但當我們進入 2027 年時，在利潤率方面也會有幾個逆風。我們從關稅中獲得了一些小幅利益，但明年就不會有了；另外還有來自 Cleanwater1 併購案的一些稀釋影響。所以其中有很多利多與利空的拉鋸，更多細節我們會在二月提供。

Okay. Yes. And I wanted to ask on Cleanwater1. I think this deal, what looked interesting to me was it's like kind of a perfect fit with Trojan, and there seems to be some real synergies, like real near-term synergies where you might even get some accretion in '27, it sounds like on the bottom line.

好的。是的。我想就 Cleanwater1 問一下。我覺得這筆交易讓我覺得有趣的是，它和 Trojan 看起來幾乎是完美契合，而且似乎有一些真正的協同效益，像是近期就能實現的協同效益，聽起來甚至在 2027 年可能在淨利端帶來一些增益。

Was that the impetus to do this deal where it's like kind of a cost savings margin ramp type deal? Or is it like a missing link to your kind of technology portfolio that you think you had to have?

這是否就是促成你們做這筆交易的動機，也就是一種透過成本節省、毛利率爬坡的交易？還是說，這更像是你們認為技術產品組合中必須補上的缺失環節？

Yes. I think we're most attracted to the leading technologies that are brought with the acquisition. This bolsters our technology portfolio relative to treatment, and it expands our penetration into higher-growth water treatment applications.

是的。我想我們最看重的是這次收購所帶來的領先技術。這強化了我們在處理（treatment）方面的技術產品組合，並擴大我們在成長較快的水處理應用中的滲透率。

They've got a terrific 25,000 instrument installed base there, equipment installed base with deep applications expertise. We do see commercial synergies with Trojan and their UV treatment solutions. I think the first order business, obviously, is don't break what we bought.

他們擁有非常出色的 25,000 台儀器裝機基礎，也就是設備裝機基礎，並具備深厚的應用專業知識。我們確實看到與 Trojan 及其 UV 處理解決方案之間的商業協同效益。我想首要之務，顯然是不要把我們買下來的東西弄壞。

So we will bring them in, in the customary way relative to other acquisitions and focus on making sure that they're firing on all cylinders as we look for those opportunities to bring synergies together with Trojan.

因此，我們會以與其他收購案一樣的慣常方式把他們納入體系，並專注於確保他們各方面都能全速運轉，同時尋找與 Trojan 結合協同效益的機會。

Yes. And Andrew, to your point regarding the accretion, right, the point that I made earlier is on the margin, it might be a little dilutive. But from the EPS perspective, we expect it to be flat to slightly accretive, as you said.

是的。Andrew，關於你提到的增益（accretion），沒錯，我先前提到的是在利潤率方面可能會有些稀釋。但從 EPS 的角度來看，我們預期會持平到略為增益，如你所說。

Jeff Reive, RBC Capital Markets.

Jeff Reive，RBC Capital Markets。

My first question is on PQI. And so the high-growth markets there grew 4.7% with strength in China and Latin America. I think that's a notable reversal from the declines earlier this year. Maybe what changed? And is this recovery broad-based or concentrated in specific products?

我的第一個問題是關於 PQI。因此，那裡的高成長市場成長了 4.7%，中國和拉丁美洲表現強勁。我認為這相較於今年稍早的下滑，是一個顯著的反轉。能否談談是什麼改變了？而這波復甦是全面性的，還是集中在特定產品？

Yes. I think one of the things that we see here with our high-growth market exposure in PQI is we see good growth in China as manufacturing has come online and industrial output increases there, particularly relative to our coding and marking business.

是的。我想我們在 PQI 的高成長市場曝險中看到的一點是，中國的成長不錯，因為製造業重新開工、工業產出增加，特別是與我們的噴碼與標識（coding and marking）業務相關。

Anywhere in the world, we see growing middle class that leads to more sort of consumption. We see that in India, see it in parts of Southeast Asia, and we've seen relatively good uptake as well in Latin America for our products and services.

在全球任何地方，我們都看到中產階級擴大，進而帶動更多的消費。我們在印度、東南亞部分地區都看到這種趨勢，而在拉丁美洲，我們的產品與服務也有相對不錯的採用成長。

So I think the secular drivers that are around sort of industrial manufacturing, growing middle class in terms of consumption for products that you'd see in our packaging and color side in terms of brand development as well as coding and marking is something that we continue to see as well. So good position here in high-growth markets, and we would expect that to just continue.

因此，我認為圍繞工業製造的長期結構性驅動因素，以及中產階級擴大所帶來的消費（就你在我們包裝與色彩業務端所看到的產品消費、品牌發展，以及噴碼與標識）等，我們也持續看得到。所以我們在高成長市場的布局良好，並預期這種態勢會持續下去。

Got it. Okay. And then maybe just to double-click on PQI in the fourth quarter. I think you said you expect a meaningful acceleration in the digital workflow solutions. Can you just help us calibrate what meaningful means? Is this driven by bookings and ACV already in hand? Or is there an element of pipeline conversion that needs to occur? Or is this an easy comp?

了解。好的。那再針對第四季的 PQI 追問一下。我想你提到你們預期數位工作流程解決方案會有顯著加速。能否幫我們校準一下「顯著」是什麼意思？這是由已到手的訂單（bookings）與 ACV 所驅動嗎？還是需要有部分管線轉換（pipeline conversion）才能發生？或者只是比較基期較容易？

Yes, Jeff, thanks. When we say it's meaningful, really, when you kind of look at the guidance, right, we said 5.5% to 6.5% PQI will be closer to the high end of the range, right, of our Q4 guide. What's driving it? It's really, as Jennifer said earlier in the call, right, is the Digital Workflow Solutions is going to be the biggest piece. There, we have the bookings and we are recognizing revenue over time.

是的，Jeff，謝謝。當我們說「顯著」時，實際上你看我們的指引就知道了，對吧，我們說 PQI 會在 5.5% 到 6.5% 之間，而第四季會更接近區間上緣，也就是我們 Q4 指引的高端。

So when you kind of look at the three month period, we have a pretty solid visibility on that. The PQ -- on the marking and coding side, it's going to be a steady demand. So there a little bit of comp helps for us. And last, the element that's giving us the confidence on the guide in Q4 is really the recovery in the color and measurement instrument.

所以當你看這三個月期間時，我們對此有相當扎實的能見度。PQ——在噴碼與標識端，需求會保持穩健。因此那裡有一點比較基期的助益。最後，讓我們對第四季指引有信心的因素，是色彩與量測儀器業務的復甦。

As you know, that business has been down for almost four quarters. We saw some recovery in Q3. And as we exited the Q3, the order books look good, good commercial execution that is giving us the confidence. So really, it's not dependent on one factor or the other. It's really a combination of those three factors, which is giving us the confidence as we kind of think about the core growth for PQI in Q4.

如你所知，那個業務已經下滑了將近四個季度。我們在第三季看到一些復甦。而在第三季結束時，訂單簿看起來不錯，加上良好的商業執行，讓我們更有信心。所以其實並不是依賴某一個因素。而是這三個因素的組合，讓我們在思考第四季 PQI 的核心成長時更有信心。

Steve Volkmann, Jefferies.

Steve Volkmann，Jefferies。

This is James on for Steve. I guess I wanted to touch on Water Quality here a bit. Data center, obviously, is still small, but that has kind of doubled, and you kind of talked about chemical processing, food and bev, power and mining, all growing kind of double digits here.

我是 James，代 Steve 提問。我想稍微談一下水質（Water Quality）。資料中心顯然仍然很小，但已經翻倍成長；你們也提到化學加工、食品飲料（food and bev）、電力與採礦等，都呈現約雙位數成長。

So are these kind of new site wins driven that kind of are going to build an annuity going forward? Or are those more so kind of recurring OpEx work? And how should we think about like sizing of this like fast-growing market exposure? I know data centers is small, but if we have to combine everything, how big are those?

所以這些是由新場址得標（new site wins）所帶動，未來會建立起類年金（annuity）的收入嗎？還是更多屬於經常性的營運支出（OpEx）工作？另外，我們應該如何看待這類快速成長市場曝險的規模？我知道資料中心很小，但如果把所有這些加總起來，大概有多大？

Yes. So we don't disclose our sales by vertical market segment. Rest assured, when these are of size that require us to declare, you'll see it in print. But the way to think about our play in data centers is very much driven by the recurring revenue side of things.

是的。我們不會按垂直市場分項揭露銷售額。請放心，當這些業務規模大到需要我們揭露時，你會在公開資料中看到。但就我們在資料中心的布局而言，思考方式很大程度上是由經常性收入（recurring revenue）所驅動。

So for our ChemTreat business, obviously, there is a consultative opportunity early on when the plant is being designed. But the reality is where we really gain traction and start to accelerate is when those data centers come online. So there's greenfields, there's brownfields, there's expansion of existing data centers.

以我們的 ChemTreat 業務來說，顯然在工廠設計初期會有顧問式的機會。但實際上，我們真正開始取得進展並加速，是在那些資料中心上線之後。因此有綠地（greenfields）、棕地（brownfields），以及既有資料中心的擴建。

The technology within a data center will be upgraded every five to six years. So over a life of a 30-year data center, you've got five to six opportunities really to play a role in how they upgrade and optimize.

資料中心內的技術大約每五到六年就會升級一次。因此在一座壽命 30 年的資料中心期間，你大概有五到六次機會，讓我們在他們如何升級與最佳化方面扮演角色。

But the reality is we've got to play in utility water. And then certainly, when those data centers come online, they're operating 24/7. And that's an opportunity for us to continue to have good penetration of our chemical solutions and services that go into everything from utility water to direct-to-chip cooling as well.

但現實是，我們必須參與公用事業用水（utility water）。而且當那些資料中心上線後，它們是 24/7 運作。這也為我們提供機會，持續提高我們化學解決方案與服務的滲透率，涵蓋從公用事業用水到直接晶片冷卻（direct-to-chip cooling）等各個環節。

So I think the drivers here are pretty durable in terms of how we think about this going forward with every data center that comes online an increasing opportunity for us to gain market share.

所以我認為，從我們對未來發展的看法來看，這裡的驅動因素相當具持久性；隨著每一座資料中心上線，我們取得市占率的機會也在增加。

Awesome. I guess following up on that, I mean, you kind of talked about increasingly offering into kind of the liquid side of direct-to-chip cooling here. And that kind of sounds like a different role from utility water chemistry. So what are you actually selling there? Is it like fluid chemistry, monitoring filtration? And is the content per site kind of richer than like the traditional kind of cooling water side?

太棒了。我想接著追問一下，你剛才提到你們愈來愈多地在這種直達晶片（direct-to-chip）冷卻的液冷端提供產品。而這聽起來與公用事業用水化學的角色不同。所以你們實際上在那裡賣的是什麼？是像流體化學品、監測、過濾之類的嗎？而且單一站點的內容價值是否比傳統冷卻水那一端更高？

Yes, there's going to be, look, it's going to be fluid and the services is kind of tied to it. You've seen us announce a partnership with Dow as well, right, on the glycol side. So it's a combination of things around that and the services that go along with it.

是的，會的。你看，會包含流體本身，以及與之綁定的服務。你也看到我們宣布與陶氏（Dow）合作，對吧，在乙二醇（glycol）那一塊。所以這是多種要素的組合，以及隨之而來的服務。

Josh Spector, UBS.

UBS 的 Josh Spector。

This is James Cannon on for Josh. I just wanted to dig into the regional trends in PQI again. To me, the Europe numbers seem to lag a bit versus, to us, it seemed like the end consumer trends seem a bit more stable region to region. Can you just unpack what you're seeing there and how you expect that to trend going forward?

我是代 Josh 發言的 James Cannon。我想再深入了解一下 PQI 的區域趨勢。在我看來，歐洲的數字似乎有點落後；但就我們觀察，終端消費者的趨勢在各區域之間似乎更為穩定。你能否拆解一下你們看到的情況，以及你們預期未來會如何演變？

So yes, the low single-digit growth in packaging and color in Western Europe, what we see there is marking and coding flat. We do see solid growth in consumables, but modestly lower sales in equipment.

是的。西歐包裝與色彩（packaging and color）呈現低個位數成長；我們看到那裡的標識與噴碼（marking and coding）持平。耗材（consumables）確實有穩健成長，但設備（equipment）銷售略低。

And that's largely on the back of some timing around customer spend. We do see solid growth in Western Europe for marking and coding during the first half of the year, and we do expect certainly to see some growth here in the fourth quarter.

這主要是因為客戶支出時點的一些因素。我們確實看到今年上半年西歐的標識與噴碼有穩健成長，而且我們也確實預期第四季會看到一些成長。

Joe Giordano, TD Cowen.

TD Cowen 的 Joe Giordano。

So the acceleration at PQI here into 4Q, I just want to kind of understand like how representative is that of the true underlying conditions as we go into next year? Like is that a good exit rate to be building?

關於 PQI 在第四季的加速，我想了解一下：當我們進入明年時，這在多大程度上代表真正的基本面狀況？這是否是一個可以用來作為建模的良好期末（exit）成長率？

I know you don't want to give guidance here, but just is there anything in that kind of 6.5% that's a little bit of onetime, a little bit of comps? Or should we kind of think about that's truly the pace of growth across that portfolio?

我知道你們不想在這裡提供指引，但在那個約 6.5% 裡，有沒有一些一次性因素或比較基期（comps）的影響？或者我們應該把它視為該投資組合整體真正的成長節奏？

Yes. Thanks, Joe, for the question. Yes, look, I won't draw a straight line from that. Needless to say, in 2027 at this point, we'll talk about that in February. But if you kind of look at the buildup to the core growth in Q4 for PQI, right, marking and coding is kind of steady. So that should kind of flow into 2027 at this point based on everything that we know.

是的。謝謝你，Joe，這個問題。是的，你看，我不會把那個數字直接畫成一條直線外推。不用說，到了 2027 年這個時間點，我們會在二月再談。但如果你看 PQI 在第四季核心成長的構成，對吧，標識與噴碼相對穩定。所以就我們目前所知，這應該會在此時點延續到 2027 年。

On the Digital Workflow Solutions side, that is driven by the underlying demand in the TraceGains, GlobalVision and core Esko product lines, that should expect that will grow. But on the color measurement side, comp is helping, right?

在數位工作流程解決方案（Digital Workflow Solutions）方面，這是由 TraceGains、GlobalVision 以及核心 Esko 產品線的基本需求所驅動，我們預期那部分會成長。但在色彩量測（color measurement）方面，比較基期確實有幫助，對吧？

If you recall, we started seeing the weakness in the second half of last year. So Q3, Q4 were pretty weak in the color measurement side. So that will normalize over time. But we'll talk about more in detail in February, Joe, but there are some elements which are kind of helping from a comp perspective here, too.

如果你還記得，我們從去年下半年開始看到疲弱。所以第三季、第四季在色彩量測那一端相當疲弱。因此這會隨時間正常化。不過，Joe，我們會在二月更詳細說明；但從比較基期的角度來看，確實也有一些因素在此刻提供助力。

Yes. Okay. And then just on the Water Quality broadly, I'd say like as we've gone through earnings season, most of the commentary across water has been utilities kind of a little bit constrained on spend and project delays. And I fully appreciate the nature of your business is not into these projects and you're not doing water meters and stuff like that.

好的。那再談一下整體的水質（Water Quality）。我想在這一輪財報季中，水務領域大多數評論都提到公用事業在支出上有點受限，且專案有所延遲。我完全理解你們的業務性質並不在這些專案裡，你們也不做水表之類的。

But ultimately, if these utilities are facing kind of budgetary constraints to some extent, does that ultimately like roll over to you guys on some sort of lag to a lesser extent? Like how should we think about the issues that they're seeing in one part of their spend ultimately impacting like the totality of the spend?

但歸根結底，如果這些公用事業在某種程度上面臨預算限制，是否最終也會在某種滯後下影響到你們，哪怕程度較小？我們應該如何看待他們在某一部分支出上遇到的問題，最終對整體支出造成的影響？

Yes. I mean, obviously, the vast majority of our sales in water are OpEx instead of CapEx; where they are CapEx, they tend to be on the operating side of technology upgrades or facility improvements as opposed to infrastructure, where government funding and federal funding is more material.

是的。我的意思是，很明顯，我們在水務的大多數銷售屬於營運支出（OpEx）而非資本支出（CapEx）；即便是 CapEx，通常也偏向營運端的技術升級或設施改善，而不是基礎建設；在基礎建設上，政府資金與聯邦資金的影響更為顯著。

But look, we represent a low relative cost of the entire operating environment where critical workflows are essential. The cost of failure to the customer is high, and they're not going to take a chance on choosing not to fund water treatment operations.

但你看，相對於整體營運環境，我們所代表的成本占比很低，而關鍵工作流程是不可或缺的。對客戶而言，失敗的代價很高，他們不會冒險選擇不為水處理營運提供資金。

So our sales here are really durable, 60% recurring revenue, the other 40% is really around sort of upgrades and reoccurring revenue relative to equipment that needs to be replaced over time. So again, we see this as being pretty durable on an ongoing basis, and we are very minimally exposed to sort of federal funding fluctuations. So we like where we sit, and we continue to have good momentum here.

因此我們這裡的銷售其實非常具韌性：60% 是經常性收入（recurring revenue），另外 40% 主要來自升級，以及與需要隨時間汰換的設備相關的重複性收入。所以再說一次，我們認為這在持續經營的基礎上相當耐久，而且我們對聯邦資金波動的曝險非常小。所以我們喜歡我們所處的位置，並且我們在這裡持續有良好的動能。

Thanks, Joe. This is Ryan Taylor with Veralto. We just wanted to thank everybody for joining the call. That ends the question-and-answer portion of the call. And we really appreciate the engagement, and we wish everyone well, and we will talk to you next quarter.

謝謝你，Joe。我是 Veralto 的 Ryan Taylor。我們想感謝各位加入本次電話會議。問答環節到此結束。我們非常感謝大家的參與，也祝各位一切順利，我們下季再談。

I would like to thank everybody for their participation. Please feel free to disconnect at any time.

我要感謝各位的參與。請隨時可以中斷連線。