Vontier Corp (VNT) 2023 Q1 法說會逐字稿

My name is Travis, and I will be your conference facilitator this morning. At this time, I would like to welcome everyone to Vontier Corporation's First Quarter 2023 Earnings Conference Call. (Operator Instructions) I would now like to turn the conference over to Ryan Edelman, Vice President of Investor Relations. Mr. Edelman, you may begin your conference.

我叫特拉維斯，今天早上我將擔任你們的會議主持人。此時，我想歡迎大家參加 Vontier Corporation 的 2023 年第一季度收益電話會議。 （操作員說明）我現在想將會議轉交給投資者關係副總裁 Ryan Edelman。 Edelman 先生，您可以開始您的會議了。

Thank you. Good morning, everyone, and thank you for joining us on the call this morning to discuss our first quarter results. With me today are Mark Morelli, our President and Chief Executive Officer; and Anshooman Aga, our Senior Vice President and Chief Financial Officer. You'll find both our press release as well as our slide presentation that we will refer to during today's call on the Investor Relations section of our website at vontier.com. Please note that during today's call, we will present certain non-GAAP financial measures. We will also make forward-looking statements within the meaning of the federal securities laws, including statements regarding events or developments that we expect or anticipate will or may occur in the future.

謝謝。大家早上好，感謝您今天早上加入我們的電話會議，討論我們的第一季度業績。今天和我在一起的是我們的總裁兼首席執行官 Mark Morelli；和我們的高級副總裁兼首席財務官 Anshooman Aga。您會在我們網站 vontier.com 的投資者關係部分找到我們的新聞稿和我們將在今天的電話會議中參考的幻燈片演示。請注意，在今天的電話會議中，我們將提出某些非 GAAP 財務指標。我們還將做出聯邦證券法含義內的前瞻性陳述，包括關於我們預期或預期將或可能在未來發生的事件或發展的陳述。

These forward-looking statements are subject to risks and uncertainties. Actual results might differ materially from any forward-looking statements that we make today, and we do not assume any obligation to update them. Information regarding these factors that may cause actual results to differ materially from these forward-looking statements is available on our website and in our SEC filings.

這些前瞻性陳述受風險和不確定因素的影響。實際結果可能與我們今天做出的任何前瞻性陳述存在重大差異，我們不承擔更新這些陳述的任何義務。有關這些可能導致實際結果與這些前瞻性陳述存在重大差異的因素的信息，請參閱我們的網站和我們的 SEC 文件。

Before I turn the call over to Mark, I want to take a moment to remind everyone that starting this quarter, we are reporting and discussing our results in line with our updated segmentation. Additional information regarding our segmentation is included in the appendix of today's presentation. With that, I'd like to turn the call over to Mark.

在我把電話轉給馬克之前，我想花點時間提醒大家，從本季度開始，我們將根據更新的細分報告和討論我們的結果。有關我們細分的其他信息包含在今天演示文稿的附錄中。有了這個，我想把電話轉給馬克。

Thanks, Ryan. Good morning, everyone, and thanks for joining us on today's call. Let me kick things off with some high-level commentary beginning on Slide 5. We're off to a strong start in 2023, having delivered Q1 results that are above the guidance we provided and raising our outlook for the full year. We delivered another quarter of strong top line performance in Q1 with all 3 segments exceeding expectations. Core revenue grew 4%. Baseline core revenue, which excludes the year-over-year impact from the EMV sunset grew 11%. Both of these were above the guidance we provided. Anshooman will provide more details later in the call, but at a high level, upside was driven by better-than-expected demand in our U.S. Dispenser business as well as continued strength in our Environmental and aftermarket and our Fueling segment.

謝謝，瑞安。大家早上好，感謝您參加今天的電話會議。讓我從幻燈片 5 的一些高級評論開始。我們在 2023 年有了一個良好的開端，第一季度的業績高於我們提供的指導，並提高了我們對全年的展望。我們在第一季度又實現了四分之一的強勁營收表現，所有 3 個細分市場均超出預期。核心收入增長 4%。剔除 EMV 日落影響的基準核心收入增長 11%。這兩者都高於我們提供的指導。 Anshooman 將在稍後的電話會議中提供更多細節，但在高水平上，上行是由我們美國加油機業務的需求好於預期以及我們的環境和售後市場以及我們的加油部門的持續強勁推動的。

In Mobility Technologies, DRB continues to outperform along with another solid quarter at RNG or CNG and hydrogen business. And we're seeing nice growth at Matco both on same-store sales as well as net franchisee adds. This strong performance reflects the execution of our connected mobility strategy, which incorporates our ongoing growth initiatives as well as incremental improvements in supply chain conditions, which allowed us to convert higher levels of backlog. Our end markets remain constructive, supported by strong secular drivers, demonstrating the resiliency of our portfolio. Our book-to-bill ended the quarter at 1 despite strong sales growth this quarter.

在 Mobility Technologies，DRB 繼續表現出色，RNG 或 CNG 和氫氣業務的另一個穩定季度。我們看到 Matco 在同店銷售額和加盟商淨增加方面都有不錯的增長。這種強勁的表現反映了我們互聯移動戰略的執行，該戰略結合了我們持續的增長計劃以及供應鏈條件的漸進式改善，這使我們能夠轉換更高水平的積壓。在強大的長期驅動因素的支持下，我們的終端市場保持建設性，展示了我們投資組合的彈性。儘管本季度銷售增長強勁，但我們的訂單出貨比在本季度結束時為 1。

This included nearly $20 million in incremental sales from higher backlog conversion. Our reported operating profit declined versus prior year as expected due to the sunset of EMV, and I'm encouraged by the underlying performance of our businesses. Baseline operating margin expansion of 80 basis points demonstrates solid execution, the benefits of our strategic initiatives and the power of BS to deliver operational excellence. We're in the early innings of a longer-term opportunity to optimize our cost structure, which gives us confidence in the ability to achieve our multiyear margin expansion opportunity. The cost actions we began implementing last quarter continued to gain traction in Q1 and will continue to ramp through the remainder of the year.

這包括來自更高積壓轉化率的近 2000 萬美元的增量銷售額。由於 EMV 的衰退，我們報告的營業利潤與上一年相比有所下降，我對我們業務的基本表現感到鼓舞。基準營業利潤率增長 80 個基點表明執行力強，我們的戰略舉措的好處以及 BS 提供卓越運營的能力。我們正處於優化成本結構的長期機會的早期階段，這讓我們對實現多年利潤率擴張機會的能力充滿信心。我們上個季度開始實施的成本行動在第一季度繼續受到關注，並將在今年剩餘時間繼續增加。

We continue to make progress on our multiyear portfolio transformation as well. In mid-April, we announced the sale of GTT for $107 million or about 10x 2022 EBITDA. We will redeploy these proceeds to further strengthen our balance sheet and return capital to shareholders through additional share buybacks. These actions are already underway as Anshooman will highlight in a moment.

我們在多年投資組合轉型方面也繼續取得進展。 4 月中旬，我們宣布以 1.07 億美元或約 10 倍 2022 年 EBITDA 的價格出售 GTT。我們將重新部署這些收益，以進一步加強我們的資產負債表，並通過額外的股票回購將資本返還給股東。正如 Anshooman 稍後將強調的那樣，這些行動已經在進行中。

Turning to our outlook for the remainder of the year, strong first quarter results, solid end market demand and conviction in our strategic initiatives provide increased confidence in our outlook and we are raising our adjusted EPS guidance for the full year. While we remain vigilant in the current macro environment, demand across our end markets is supported by the secular drivers we highlighted during our recent Investor Day. This is reinforced by our recent channel checks and customer conversations. We remain optimistic given our strong fundamentals, the momentum with our strategy and our resiliency in our portfolio. We continue to make great progress on our connected mobility strategy, as we shared with you at our recent Investor Day. Our strategy is centered around driving operational excellence, accelerating core growth and transforming our portfolio through greater leverage in adjacent markets. We refer to these as our 3 pillars: optimizing the core, expand core and adjacent markets.

談到我們對今年剩餘時間的展望，強勁的第一季度業績、穩健的終端市場需求和對我們戰略舉措的信心增強了我們對前景的信心，我們正在上調調整後的全年每股收益指引。雖然我們對當前的宏觀環境保持警惕，但我們終端市場的需求得到了我們在最近的投資者日強調的長期驅動因素的支持。我們最近的渠道檢查和客戶對話加強了這一點。鑑於我們強大的基本面、我們的戰略勢頭以及我們投資組合的彈性，我們仍然保持樂觀。正如我們在最近的投資者日與您分享的那樣，我們繼續在互聯移動戰略方面取得重大進展。我們的戰略以推動卓越運營、加速核心增長以及通過在相鄰市場中發揮更大影響力來轉變我們的產品組合為中心。我們將這些稱為我們的三大支柱：優化核心、拓展核心和鄰近市場。

In addition to delivering annual margin improvement, Pillar 1, optimize the core, increases our focus on simplifying our business and expand margins. In Pillar 2, expand the core, accelerates profitable growth by focusing on select opportunities, which we've referred to in the past as our profitable growth initiatives. We're also redeploying investments in new product development and sales capabilities in support of expanding organic top line growth.

除了提高年度利潤率外，支柱 1（優化核心）還增加了我們對簡化業務和擴大利潤率的關注。在支柱 2 中，擴大核心業務，通過專注於精選機會來加速盈利增長，我們過去將其稱為我們的盈利增長計劃。我們還將重新部署對新產品開發和銷售能力的投資，以支持擴大有機收入增長。

Longer term, these 2 strategic pillars enhance our ability to leverage adjacent markets, Pillar 3 through both organic and inorganic means to further accelerate growth and transformation. Let's turn to Slide 6 for a quick look at a few strategic developments in the quarter.

從長遠來看，這兩個戰略支柱增強了我們利用相鄰市場的能力，支柱 3 通過有機和無機手段進一步加速增長和轉型。讓我們轉到幻燈片 6 快速瀏覽一下本季度的一些戰略發展。

Two weeks ago, we held our Annual CEO Kaizen event, building 8 teams with the intent of accelerating our connected mobility strategy. These events are a critical part of the VBS culture and bring together dozens of cross-functional and business leaders to collaborate on the company's actionable opportunities. Just as an example of some of the actions we focus on this year, permeant to the optimize the core pillar, we accelerated our product line simplification and SKU rationalization program.

兩週前，我們舉辦了年度 CEO Kaizen 活動，組建了 8 個團隊，旨在加速我們的互聯移動戰略。這些活動是 VBS 文化的重要組成部分，匯集了數十位跨職能和業務領導者，就公司的可行機會進行協作。舉個例子，我們今年重點關注的一些行動，滲透到優化核心支柱，我們加快了產品線簡化和 SKU 合理化計劃。

We are reducing our number of dispenser platforms from 20 to 15 this year, having already come down from 32. We're also implementing dynamic compound across the Vontier Group factories identifying a path to reduce several million dollars' worth of inventory over the remainder of the year.

今年，我們將分配器平台的數量從 20 個減少到 15 個，此前已經從 32 個減少。我們還在 Vontier Group 工廠實施動態復合，以確定在剩餘時間減少價值數百萬美元的庫存的途徑那一年。

Under expand the core, the Matco team worked through accelerating initiatives to drive higher franchisee adds by materially improving the conversion rate and reducing time to conversion. The Retail Solutions team implemented process improvements to streamline the setup time for the iNFX software platform by 75% per site. This frees up more capacity internally to scale more effectively to meet our large and growing backlog. As many of you will remember, we acquired Invenco last September to augment our payment solution through both vertical integration and building a stronger offering in microservices. Importantly, we formally launched the iNFX microservices software platform late last year.

在擴大核心業務的情況下，Matco 團隊通過加快舉措，通過顯著提高轉化率和縮短轉化時間來推動更多的加盟商增加。零售解決方案團隊實施了流程改進，將每個站點的 iNFX 軟件平台的設置時間縮短了 75%。這釋放了更多的內部容量，以更有效地擴展以滿足我們龐大且不斷增長的積壓工作。你們中的許多人都記得，我們去年 9 月收購了 Invenco，以通過垂直整合和構建更強大的微服務產品來增強我們的支付解決方案。重要的是，我們去年底正式推出了 iNFX 微服務軟件平台。

iNFX is revolutionizing the way our convenience retail customers operate, enabling them to consolidate major forecourt systems into a set of lightweight microservices. It also provides customers with an easily configurable cloud-based solution with standard-based APIs that enable faster deployment on site, significantly improved transaction speeds and differentiated customer offerings address a key secular trend within convenience stores, the need for enhanced end user experiences to drive engagement, traffic and loyalty. Convenience retail is an attractive growth vertical for us, and we have leading positions. Nonfuel retail sales have grown at a 5% CAGR over nearly 20 years and retailers have seen a 20%-plus increase in foot traffic with investments in newer, larger formats, enhanced amenities, expanded offerings in food service and frictionless experiences.

iNFX 正在徹底改變我們便利零售客戶的運營方式，使他們能夠將主要的前院系統整合到一組輕量級微服務中。它還通過基於標準的 API 為客戶提供易於配置的基於雲的解決方案，從而實現更快的現場部署、顯著提高的交易速度和差異化的客戶產品解決了便利店內的一個主要長期趨勢，即增強終端用戶體驗的需求，以推動參與度、流量和忠誠度。便利零售對我們來說是一個有吸引力的增長垂直領域，我們處於領先地位。近 20 年來，非燃料零售額以 5% 的複合年增長率增長，零售商通過投資更新、更大的業態、增強的便利設施、擴大的食品服務範圍和無摩擦體驗，客流量增加了 20% 以上。

All of this is enabled by automation and digitalization, which are our 2 core competencies, and these trends are sustainable even through the energy transition. Industry data shows that c-store retailers with an on-site EV charging capability are seeing a 50% increase in foot traffic into the store to make a purchase. There is real value to be generated for the convenience retailer, and we are competitively advantaged to solve their high-value problems.

所有這一切都是通過自動化和數字化實現的，這是我們的兩大核心競爭力，即使在能源轉型過程中，這些趨勢也是可持續的。行業數據顯示，具有現場 EV 充電功能的便利店零售商發現進入商店購物的客流量增加了 50%。為便利零售商創造真正的價值，我們在解決他們的高價值問題方面具有競爭優勢。

As an example, we are excited to announce a substantial win for the iNFX software platform, where we are deploying the platform across all of the U.S. sites for a major c-store operator. We also have an attractive pipeline of opportunities going forward to continue rolling out iNFX. At Teletrac Navman, we've launched 9 new feature sets or programs in the first quarter across multiple industries and geographies. This includes Canadian ELD solutions for the transportation industry, asset tracking and management tools for the construction industry and an expanded EV vehicle library across all industries.

例如，我們很高興地宣布 iNFX 軟件平台取得重大勝利，我們正在為一家主要的便利店運營商在美國所有站點部署該平台。我們還有很多機會繼續推出 iNFX。在 Teletrac Navman，我們在第一季度推出了 9 個新功能集或程序，涵蓋多個行業和地區。這包括適用於運輸行業的加拿大 ELD 解決方案、適用於建築行業的資產跟踪和管理工具以及跨所有行業的擴展 EV 車輛庫。

We have notable momentum around Teletrac's new electric vehicle readiness tool that integrates seamlessly with the TN360 platform. The AI power tools shows fleet operators the feasibility of switching to EVs, calculates the total cost of ownership, calculates the total CO2 and fuel savings and facilitate easy carbon reporting. The tool also recommends the ideal electric vehicles to switch to and advises on the number, type and ideal location for chargers. In sum, we have solved one of our fleet customers' biggest pain points by significantly reducing the complexity in the energy transition planning process. And we now have a comprehensive end-to-end solution for managing sustainable fleets.

我們對 Teletrac 與 TN360 平台無縫集成的新型電動汽車準備工具有著顯著的推動力。人工智能電動工具向車隊運營商展示轉向電動汽車的可行性，計算總擁有成本，計算二氧化碳和燃料節省總量，並促進輕鬆的碳報告。該工具還推薦理想的電動汽車以換用，並就充電器的數量、類型和理想位置提出建議。總而言之，我們通過顯著降低能源轉型規劃過程的複雜性，解決了車隊客戶最大的痛點之一。我們現在擁有一個全面的端到端解決方案來管理可持續車隊。

Lastly, while not listed on this page, we are equally excited to have received SBTi validation of our near-term greenhouse gas emission targets. We are targeting a reduction in absolute Scope 1 and Scope 2 emissions by 45% and a reduction of absolute Scope 3 emissions by 25%, both by 2030. As our Chief Legal and Sustainability Officer, Kay Rowen shared with you at our Investor Day, our strategy is inextricably bound through sustainability. It's about providing smarter, more sustainable solutions to our mobility ecosystem customers, helping them achieve their own sustainability goals and doing our part to ensure a healthy planet.

最後，雖然未在此頁面上列出，但我們同樣很高興收到 SBTi 對我們近期溫室氣體排放目標的驗證。我們的目標是到 2030 年將範圍 1 和範圍 2 的絕對排放量減少 45%，範圍 3 的絕對排放量減少 25%。作為我們的首席法律和可持續發展官，Kay Rowen 在我們的投資者日與您分享，我們的戰略與可持續性有著千絲萬縷的聯繫。這是關於為我們的移動生態系統客戶提供更智能、更可持續的解決方案，幫助他們實現自己的可持續發展目標，並儘我們的一份力量來確保一個健康的地球。

Now I'd like to turn the call over to Anshooman to provide the financial results.

現在我想把電話轉給 Anshooman 以提供財務結果。

Thanks, Mark, and good morning, everyone. As Ryan mentioned at the start, beginning this quarter, we are reporting results for our 3 operating segments, mobility technologies, Repair Solutions and environmental & fueling solutions.

謝謝，馬克，大家早上好。正如 Ryan 一開始提到的那樣，從本季度開始，我們將報告我們 3 個運營部門、移動技術、維修解決方案以及環境和燃料解決方案的結果。

Please turn to Slide 7. Reported revenue of $776 million increased 4% on a core basis or an 11% baseline increase, excluding the impact of the EMV sunset. All of our operating segments saw the benefits of healthy end market demand and improving supply chain conditions, driving the solid year-over-year performance. Adjusted operating profit of $161 million declined slightly versus the prior year and adjusted operating profit margin of 20.8% declined approximately 100 basis points at the better end of our previous guidance range.

請轉到幻燈片 7。報告的收入為 7.76 億美元，在核心基礎上增長 4%，或基線增長 11%，不包括 EMV 日落的影響。我們所有的運營部門都看到了健康的終端市場需求和改善供應鏈條件的好處，推動了穩健的同比業績。調整後的營業利潤為 1.61 億美元，與上一年相比略有下降，調整後的營業利潤率為 20.8%，在我們之前的指導範圍的較高端下降了約 100 個基點。

Baseline margin improved 80 basis points, led by our productivity initiatives and continued cost price performance. Adjusted earnings per share of $0.68 was above our guidance range and relatively flat with the prior year despite an $0.11 headwind from EMV. A year-over-year benefit from share repurchase was offset by higher interest and FX. Adjusted free cash flow in the quarter was $78 million, representing 73% conversion ahead of a normal seasonality and well above prior year levels, resulting from solid working capital management.

在我們的生產力舉措和持續的成本價格表現的帶動下，基準利潤率提高了 80 個基點。調整後的每股收益為 0.68 美元，高於我們的指導範圍，與上年持平，儘管 EMV 帶來了 0.11 美元的逆風。股票回購帶來的同比收益被更高的利息和外匯所抵消。本季度調整後的自由現金流為 7800 萬美元，比正常季節性提前 73% 並遠高於去年同期水平，這得益於穩健的營運資本管理。

Turning to the segment performance, starting with Mobility Technologies on Slide 8. Sales increased over 18%, including a full quarter contribution from the Invenco acquisition. Core growth of 12% was broad-based. Demand for our market-leading car wash technologies remains robust, with DRB growing over 20% as we continue to expand share in an attractive market for tunnel car wash. Sales at ANGI, our alternative energy solutions business were up over 30%. ANGI continues to benefit from the increased adoption of lower emission alternative fueling solutions like compressed and renewable natural gas as well as hydrogen systems for large and medium duty commercial vehicles. The turnaround of Teletrac Navman continues to gain speed with annual recurring revenue up high single digits and core sales up low single digits in the quarter.

談到細分市場的表現，從幻燈片 8 上的移動技術開始。銷售額增長超過 18%，包括收購 Invenco 的整個季度貢獻。 12% 的核心增長基礎廣泛。對我們市場領先的洗車技術的需求依然強勁，隨著我們繼續擴大在有吸引力的隧道洗車市場的份額，DRB 增長超過 20%。我們的替代能源解決方案業務 ANGI 的銷售額增長了 30% 以上。 ANGI 繼續受益於越來越多地採用低排放替代燃料解決方案，例如壓縮和可再生天然氣以及用於大中型商用車的氫氣系統。 Teletrac Navman 的扭虧為盈繼續加速，本季度年度經常性收入增長了高個位數，核心銷售額增長了低個位數。

Segment operating profit of $48 million increased 17% versus the prior year, translating to an operating margin of 19.5%, which is down 30 basis points versus the prior year. Invenco profitability is still in the early stages of scaling up, creating a year-over-year mix headwind for us in the first half. Additionally, we continue to invest for growth within this segment, including a full first quarter of Driivz in our results. Excluding the impacts from the Invenco acquisition and a full quarter of Driivz investments, our margin percentage would have increased year-over-year.

該部門營業利潤為 4800 萬美元，比上年增長 17%，營業利潤率為 19.5%，比上年下降 30 個基點。 Invenco 的盈利能力仍處於擴大規模的早期階段，這在上半年給我們帶來了同比混合逆風。此外，我們繼續投資於該細分市場的增長，包括 Driivz 整個第一季度的業績。排除 Invenco 收購和整個季度 Driivz 投資的影響，我們的利潤率將同比增長。

Turning to Repair Solutions on Slide 9. Revenue increased over 10% to $181 million in Q1. During the quarter, Matco hosted its annual Expo event, which is traditionally the most significant stocking event of the year for our franchisees. Record sales of this event, coupled with easing supply chain conditions allowed our teams to convert backlogs at a faster rate. An increase in net franchisee adds in the quarter further supported our top line growth. Operating profit of $47 million is in line with the prior year results and operating profit margin declined 250 basis points due to timing of year-over-year reserve adjustments related to the finance portfolio.

轉向幻燈片 9 上的維修解決方案。第一季度收入增長超過 10%，達到 1.81 億美元。在本季度，Matco 舉辦了一年一度的世博會活動，這對我們的加盟商來說通常是一年中最重要的庫存活動。該活動的創紀錄銷售額，加上供應鏈條件的緩解，使我們的團隊能夠以更快的速度轉換積壓訂單。本季度加盟商淨增加的增加進一步支持了我們的收入增長。營業利潤為 4700 萬美元，與上一年的結果一致，營業利潤率下降 250 個基點，原因是與金融組合相關的同比準備金調整的時間安排。

And finally, Environmental & Fueling Solutions on Slide 10. Reported revenues declined approximately 4% to $314 million. Baseline core revenues increased 10%, excluding the year-over-year impact from the sunset of EMV. As noted, U.S. dispenser demand is tracking ahead of our initial expectations, primarily the result of robust new site built and site refresh activity. Sales in both our Environmental Solutions and aftermarket parts businesses increased low double digits in the quarter.

最後，幻燈片 10 上的環境與燃料解決方案。報告的收入下降約 4% 至 3.14 億美元。基準核心收入增長 10%，不包括 EMV 停用的同比影響。如前所述，美國分配器的需求超出了我們最初的預期，這主要是由於新網站建設和網站更新活動強勁。我們的環境解決方案和售後市場零件業務的銷售額在本季度均增長了兩位數。

Demand for Environmental Solutions continues to benefit from regulations across multiple regions as well as our industry-leading product offerings. And in Aftermarket parts, we continue to leverage our large installed base to drive growth. Additionally, improved supply chain conditions enable GVR to continue converting backlog at higher levels supporting sales outperformance in the quarter.

對環境解決方案的需求繼續受益於多個地區的法規以及我們行業領先的產品。在售後零件方面，我們繼續利用我們龐大的安裝基礎來推動增長。此外，改善的供應鏈條件使 GVR 能夠繼續將積壓訂單轉化為更高水平，支持本季度的銷售業績。

Segment operating profit of $81 million is in line with the prior year results, while operating profit margin expanded 70 basis points to 25.7%. Execution on our previously announced restructuring actions, price cost discipline and proactive supply chain management drove margin expansion. Just a quick note, as you may recall, one of the key initiatives from last year's CEO Kaizen event included focusing our engineering resources to expedite board redesigns ahead of component obsolescence, putting us on a much stronger footing as the broader supply chain conditions continue to recover.

分部營業利潤為 8100 萬美元，與上年同期結果一致，營業利潤率擴大 70 個基點至 25.7%。我們之前宣布的重組行動、價格成本紀律和積極的供應鏈管理的執行推動了利潤率的增長。快速說明一下，您可能還記得，去年 CEO Kaizen 活動的關鍵舉措之一包括集中我們的工程資源以在組件過時之前加快電路板的重新設計，隨著更廣泛的供應鏈條件繼續恢復。

I'll now pivot to the balance sheet and free cash flow detail on Slide 11. During the quarter, we repaid $65 million in debt, reducing our 2024 maturity, as you can see at the bottom right-hand side of the slide. Our net leverage ratio continues to decline sequentially, ending Q1 at 3.1x. We maintained our commitment to an investment-grade credit rating and still expect that a leverage will end the year within our targeted range of 2.5 to 3x on a net basis.

我現在將轉向幻燈片 11 上的資產負債表和自由現金流細節。在本季度，我們償還了 6500 萬美元的債務，減少了我們 2024 年的到期日，正如您在幻燈片右下角看到的那樣。我們的淨槓桿率繼續下降，第一季度末為 3.1 倍。我們維持了對投資級信用評級的承諾，並且仍然預計年底槓桿率將在我們的目標範圍內達到 2.5 至 3 倍（淨額）。

With over $100 million in proceeds from the divestiture of GTT in April, we now anticipate paying down $200 million to $250 million in debt for the full year, an increase of $50 million compared to our prior assumption announced last quarter. We have already redeployed $50 million of those proceeds to incremental debt paydown over the last 2 weeks.

憑藉 4 月份剝離 GTT 的超過 1 億美元的收益，我們現在預計全年將償還 2 億至 2.5 億美元的債務，比我們上個季度宣布的先前假設增加 5000 萬美元。我們已經在過去 2 週內將這些收益中的 5000 萬美元重新用於增加債務償還。

Additionally, we also completed approximately $18 million in share repurchases in Q1, which we mentioned on the fourth quarter call. We have outlined our modeling assumptions for GTT on Slide 12, which includes an approximately $35 million impact to revenue, $10 million of adjusted operating profit or $0.05 of adjusted diluted EPS. Through return-driven redeployment of proceeds for debt and share repurchases, we anticipate mitigating at least $0.03 of this impact by year-end. Over a 12-month period, we expect to fully offset EPS dilution related to this transaction.

此外，我們還在第一季度完成了約 1800 萬美元的股票回購，我們在第四季度電話會議上提到了這一點。我們在幻燈片 12 中概述了我們對 GTT 的建模假設，其中包括對收入的約 3500 萬美元影響、1000 萬美元的調整後營業利潤或 0.05 美元的調整後攤薄每股收益。通過以回報為導向的債務和股票回購收益的重新配置，我們預計到年底將至少減輕 0.03 美元的影響。在 12 個月的時間裡，我們預計將完全抵消與該交易相關的 EPS 攤薄。

Turning to our outlook assumptions on Slide 13. We are initiating Q2 guidance for adjusted EPS of $0.61 to $0.66, which assumes a low to mid-single-digit decline in core sales and baseline core growth of mid-single digits. We expect adjusted operating margins to decline between 65 and 105 basis points with baseline operating margin expansion of 170 to 220 basis points. I would also remind everyone that Q2 is typically our seasonally low quarter for free cash flow due to the timing of cash tax and interest payments. Therefore, we expect conversion to be less than 50% in the quarter.

轉向我們對幻燈片 13 的展望假設。我們正在啟動第二季度調整後每股收益 0.61 美元至 0.66 美元的指導，假設核心銷售額出現低至中個位數下降，基線核心增長為中個位數。我們預計調整後的營業利潤率將下降 65 至 105 個基點，基準營業利潤率將擴大 170 至 220 個基點。我還要提醒大家，由於現金稅和利息支付的時間安排，第二季度通常是我們自由現金流的季節性低谷。因此，我們預計該季度的轉化率將低於 50%。

For the full year, as Mark mentioned, while we remain vigilant, our end markets remain constructive. Leading indicators like fuel margins, technician health, return on investment on car wash projects remain positive, and the view is supported by our customer conversations. Based on this and our strong first quarter performance, we are increasing our adjusted EPS guidance range to $2.77 to $2.87. Adjusting our prior guide for the $0.05 contribution of GTT, our new guidance increases by $0.09 at the midpoint, which flows through the upside in Q1 and incorporates the benefit from lower interest expense from our debt repayment.

對於全年，正如馬克所提到的，雖然我們保持警惕，但我們的終端市場仍然具有建設性。燃料利潤率、技術人員健康狀況、洗車項目投資回報率等領先指標保持積極，我們的客戶對話也支持這一觀點。基於這一點和我們強勁的第一季度業績，我們將調整後的每股收益指導範圍上調至 2.77 美元至 2.87 美元。調整我們之前對 GTT 貢獻 0.05 美元的指導，我們的新指導在中點增加了 0.09 美元，這在第一季度上行並包含了我們債務償還帶來的較低利息支出的好處。

We are now assuming a core sales decline of low to mid-single digits, slightly ahead of our original guidance for a mid-single-digit decline, and baseline sales growth of mid-single digits plus. No change to our margin assumptions. Also, I would note that our guidance is based on a share count of approximately 155 million shares and does not include the benefit from additional share repurchases including the $50 million redeployment of GTT proceeds.

我們現在假設核心銷售額下降到中低個位數，略高於我們最初的中個位數下降指導和中個位數以上的基線銷售增長。我們的保證金假設沒有變化。另外，我要指出的是，我們的指引是基於大約 1.55 億股的股票數量，不包括額外股票回購帶來的收益，包括 5000 萬美元的 GTT 收益重新部署。

With that, I will turn the call back over to Mark.

有了這個，我會把電話轉回給馬克。

Thanks, Anshooman. I couldn't be more pleased with the progress we continue to make day in and day out further establishing Vontier as a premier industrial technology company. As we shared with you at our Investor Day a little more than a month ago, our unparalleled portfolio breadth uniquely positions Vontier to lead the evolution of the mobility ecosystem. We believe we are the only company capable of providing a full suite of connected hardware and software solutions to connect, manage and scale assets across this $30 billion addressable market.

謝謝，安舒曼。我對我們日復一日不斷取得的進展感到非常高興，進一步將 Vontier 打造成一流的工業技術公司。正如我們在一個多月前的投資者日與您分享的那樣，我們無與倫比的產品組合廣度使 Vontier 處於獨特的地位，可以引領移動生態系統的發展。我們相信，我們是唯一一家能夠提供全套互聯硬件和軟件解決方案以在這個價值 300 億美元的潛在市場中互聯、管理和擴展資產的公司。

We have a diverse and growing set of customers across the car wash, multi-energy fueling, convenience retail, auto repair, fleet operators and EV charging verticals. These customers are facing common secular trends and common challenges that they trust us to solve. Labor and skill shortages, increasing car part complexity, increasing regulation, increasing focus on decarbonization and sustainability and consumer demands for more personal frictionless experiences are all forcing an evolution of the mobility ecosystem. It's an ecosystem experiencing massive investment tailwinds, and we're right at the center of it.

我們在洗車、多能源加油、便利零售、汽車維修、車隊運營商和電動汽車充電垂直領域擁有多元化且不斷增長的客戶群。這些客戶面臨著共同的長期趨勢和共同的挑戰，他們相信我們能夠解決這些問題。勞動力和技能短缺、汽車零部件複雜性的增加、監管的加強、對脫碳和可持續性的日益關注以及消費者對更多個人無摩擦體驗的需求，都在推動移動生態系統的發展。這是一個正在經歷巨大投資順風的生態系統，而我們正處於其中的中心。

Vontier is a company in motion, transforming and align our portfolio to deliver attractive growth, industry-leading profitability and significant free cash flow. Propelled by market-leading positions in connected automation and multi-energy fueling and robust secular tailwinds sweeping the mobility ecosystem, we are well positioned to strategically invest in our company, execute on our connected mobility strategy and deliver outstanding shareholder returns. Our entire team is energized by our performance, our recent wins and our strategic vision.

Vontier 是一家動態的公司，正在轉變和調整我們的投資組合，以實現有吸引力的增長、行業領先的盈利能力和可觀的自由現金流。在互聯自動化和多能源燃料領域的市場領先地位以及席捲移動生態系統的強勁長期順風的推動下，我們有能力對我們的公司進行戰略投資，執行我們的互聯移動戰略並提供出色的股東回報。我們的整個團隊都因我們的表現、我們最近的勝利和我們的戰略願景而充滿活力。

Our culture of operational excellence and innovation powered by VBS is stronger than ever. Our businesses continue to collaborate and innovate to enable the way the world moves, driving smart, sustainable solutions for our customers, investors and the planet, and we're just getting started.

在 VBS 的支持下，我們的卓越運營和創新文化比以往任何時候都更加強大。我們的業務不斷協作和創新，以推動世界的運轉，為我們的客戶、投資者和地球提供智能、可持續的解決方案，而我們才剛剛起步。

With that, operator, we're ready to open the line for questions.

有了這個，接線員，我們就可以打開問題熱線了。

(Operator Instructions) Our first question comes from Julian Mitchell, Barclays.

（操作員說明）我們的第一個問題來自巴克萊銀行的 Julian Mitchell。

Maybe I just wanted to start off with the core sales outlook. So the first quarter, you had double-digit growth in Repair and Mobility, that single digit decline in EFS. Just maybe help us understand what across those 3 is baked into that second quarter sales guide where you've got the sales overall flipping negative year-on-year. And what were the businesses that drove the slightly better core growth outlook for the full year?

也許我只是想從核心銷售前景開始。因此，第一季度，您在維修和移動方面實現了兩位數的增長，而 EFS 則出現了個位數的下降。也許可以幫助我們了解第二季度銷售指南中包含的這 3 個方面的內容，在該指南中，您的整體銷售額同比出現負增長。推動全年核心增長前景略好的業務是什麼？

Yes. Let me start off, and then I'll turn it over to Anshooman on that one. So first of all, I think to get to the second part of that, we're pretty confident in the outlook that we have because the markets really are healthy. We've got some strong secular tailwinds that are in there. And I think it's broad-based across each of the segments. I think as you heard too on the prepared remarks that we think that DRB and ANG with greater than 20% sales in Mobility Technologies and then the strong Matco Expo with some really record sales as well as excellent bookings there, give us some legs certainly into the rest of the year. And then I'm particularly encouraged, too, by the Environmental & Fueling, which was pretty broad-based, Environmental, aftermarket parts low double digit. But also, too, we're doing better on the U.S. dispenser business. And we think there's upside to that $250 million in full year.

是的。讓我開始吧，然後我會把它交給 Anshooman。因此，首先，我認為要進入第二部分，我們對我們的前景非常有信心，因為市場確實很健康。我們那裡有一些強大的世俗順風。而且我認為它在每個細分市場中都有廣泛的基礎。我想正如你在準備好的評論中也聽到的那樣，我們認為 DRB 和 ANG 在移動技術領域的銷售額超過 20%，然後是強大的 Matco Expo，那裡有一些真正創紀錄的銷售額以及出色的預訂，肯定會給我們一些支持今年剩下的時間。然後我也特別受到環境與燃料的鼓舞，這是非常廣泛的，環境，售後零件低兩位數。而且，我們在美國的分配器業務上也做得更好。我們認為全年 2.5 億美元還有上升空間。

And so I think I'll turn it over to Anshooman to give you more color on the beginning part of your question there.

所以我想我會把它交給 Anshooman 來為你的問題的開頭部分提供更多的顏色。

Yes. Thanks, Julian. Just as Mark mentioned, our end markets remain healthy and there's a lot of the leading indicators remain positive. So really, when we think across Q1 broad-based growth across all 3 segments, and we expect that the baseline growths to continue to be broad-based across all 3 segments even going into Q2. Now Q1 on Repair and Technologies, we have our annual Expo event, which is the largest restocking event.

是的。謝謝，朱利安。正如馬克提到的那樣，我們的終端市場保持健康，許多領先指標保持積極。所以真的，當我們考慮第一季度所有 3 個細分市場的廣泛增長時，我們預計即使進入第二季度，所有 3 個細分市場的基線增長將繼續保持廣泛的基礎。現在是維修和技術第一季度，我們舉辦了一年一度的世博會，這是最大的補貨活動。

So that and the easing supply chain conditions helped and the easing supply chain conditions also helped on the Environmental & Fueling side. But again, we expect good growth in all 3 segments for next quarter.

因此，寬鬆的供應鏈條件有所幫助，而寬鬆的供應鏈條件也有助於環境和燃料方面。但同樣，我們預計下個季度所有 3 個細分市場都將實現良好增長。

That's helpful. And then just maybe my second question around the phasing of that $300 million of EV sales headwinds through the year. Now we're 1/3 of the way through the year, you've probably got a pretty good view of how that 300 sort of parses out. Any details you could give on how do we see that through the year, that headwind?

這很有幫助。然後，也許我的第二個問題是關於如何分階段解決全年 3 億美元的電動汽車銷售逆風。現在我們已經過了一年的 1/3，您可能已經很好地了解了這 300 種方法是如何解析出來的。您可以提供有關我們如何看待這一年的逆風的任何詳細信息嗎？

Yes, Julian. So the EMV headwind is more back end -- second half weighted, as I mentioned in the last quarter call. So really, if you think about the second half, about 60% to 65% of the EMV headwinds in the second half; Q3, $85 million to $90 million; Q4, a little above $90 million; Q2 -- I think of about $70 million to $75 million of headwind in Q2.

是的，朱利安。因此，正如我在上一季度電話會議中提到的那樣，EMV 逆風更多的是後端——下半年加權。所以真的，如果你考慮下半年，下半年大約有 60% 到 65% 的 EMV 逆風； Q3，8500萬至9000萬美元； Q4，略高於 9000 萬美元；第二季度——我認為第二季度的不利因素約為 7000 萬至 7500 萬美元。

Our next question comes from Steve Tusa, JPMorgan.

我們的下一個問題來自摩根大通的 Steve Tusa。

This is (inaudible) on for Steve Tusa. Could you give us a bit more color on how orders were tracking versus Q4? Any areas that were particularly strong?

這是（聽不清）Steve Tusa 的發言。你能給我們更多關於訂單如何跟踪與第四季度的顏色嗎？有什麼特別強的地方嗎？

Yes. So as we mentioned, our end markets and the leading indicators are all positive, and we had a book-to-bill of 1 in the quarter, and that's despite the fact that we were able to accelerate our backlog deliveries due to easing supply chain conditions. The easing of the backlog -- supply chain conditions helped generate about $20 million of incremental revenue. And despite that, our backlog -- book-to-bill was 1. Also, our backlog remains at elevated levels compared to the pre-pandemic level when you think back to Q1 of 2019, our absolute backlog amount is about 50% higher than it was in Q1 of 2019.

是的。因此，正如我們提到的，我們的終端市場和領先指標都是積極的，我們本季度的訂單出貨率為 1，儘管由於供應鏈的放鬆，我們能夠加快積壓交付狀況。積壓訂單的緩解——供應鏈條件幫助產生了約 2000 萬美元的增量收入。儘管如此，我們的積壓——訂單出貨比為 1。此外，與大流行前的水平相比，當你回想 2019 年第一季度時，我們的絕對積壓量比大流行前高出約 50%那是在 2019 年第一季度。

So overall, the market conditions remain healthy. When you start thinking of the book-to-bill bookings by segment, Mobility Technologies and Repair Solutions brought to have strong bookings and both showed good growth. Fueling Solutions also when you start thinking of the baseline bookings, excluding the impact of the sunset of EMV, they had a good performance out there. So broad-based strength across all 3 businesses from an end market perspective.

因此，總體而言，市場狀況仍然健康。當您開始按細分考慮訂單到賬單的預訂時，移動技術和維修解決方案帶來了強勁的預訂，並且都顯示出良好的增長。當您開始考慮基線預訂時，Fueling Solutions 也表現出色，不包括 EMV 日落的影響。從終端市場的角度來看，所有 3 項業務的廣泛實力。

Great. And then organic growth was pretty strong this quarter. How should we think about the breakdown of price versus volume? And do you have any additional price increases planned this year?

偉大的。然後本季度的有機增長非常強勁。我們應該如何考慮價格與數量的細分？你們今年有任何額外的提價計劃嗎？

Yes. So if you look at our baseline growth, which factors in the sunset of EMV, that was just under 11%, roughly 4%, 4.5% of that gain from price. So about 40% of our growth for the quarter came from price and the 60% of our growth came from actual volume growth.

是的。因此，如果你看一下我們的基線增長，這會影響 EMV 的衰退，這略低於 11%，大約是價格收益的 4%，佔 4.5%。因此，我們本季度約 40% 的增長來自價格，而 60% 的增長來自實際銷量增長。

In terms of price, I mentioned we are cost price positive and we're dynamic and look at that every month. So if there is incremental inflations, there will be incremental pricing. We are very dynamic from a cost price perspective and we're very proud of the fact that we have been cost price positive every quarter since we became public.

在價格方面，我提到我們的成本價格是積極的，我們是動態的，每個月都會查看。因此，如果有增量通貨膨脹，就會有增量定價。從成本價格的角度來看，我們非常有活力，我們為自上市以來每個季度的成本價格都為正而感到自豪。

Our next question comes from Nigel Coe, Wolfe Research.

我們的下一個問題來自 Wolfe Research 的 Nigel Coe。

It's great to see some segments here. So it's definitely helpful. So thanks for that. Yes. So Repair growth of 10% was obviously a big change versus second half of last year, you had some sort of franchisee churn, I think, in the second half of the year. So just wondering what you're seeing in terms of the franchisee momentum. And maybe talk about the impact of bringing in Milwaukee into the offering and whether that's contributing to maybe better growth than perhaps a margin dilution.

很高興在這裡看到一些片段。所以這絕對有幫助。所以謝謝你。是的。因此，與去年下半年相比，10% 的維修增長顯然是一個很大的變化，我認為，今年下半年你有某種加盟商流失。所以只是想知道您在加盟商勢頭方面看到了什麼。也許談談將密爾沃基引入產品的影響，以及這是否有助於比利潤稀釋更好的增長。

Yes, absolutely. Happy to take that one. Look, I think the Matco business is a great business. I think last year, we suffered a little bit from the supply chain issues. I think we've worked through that admirably well. We have a great lineup with Milwaukee as part of our power tools offering, and we're getting really good traction with the offering we have coming out of the Expo. I might also add that our toolbox availability in factories on demand, which is great. We're seeing great demand there. The service technicians out there are at very good wages at full employment. It's a very healthy market for them. And certainly, we're stepping in to capitalize on that.

是的，一點沒錯。很高興接受那個。看，我認為 Matco 業務是一項偉大的業務。我認為去年，我們受到了供應鏈問題的影響。我認為我們在這方面做得非常好。作為我們電動工具產品的一部分，我們與 Milwaukee 有一個很棒的陣容，我們在世博會上推出的產品獲得了非常好的牽引力。我還可以補充說，我們的工具箱可按需在工廠提供，這很棒。我們在那裡看到了巨大的需求。那裡的服務技術人員在充分就業時的工資非常高。對他們來說，這是一個非常健康的市場。當然，我們正在介入以利用這一點。

I think one of the things you also brought up with our net franchisees. I think they were down last year. We had a great 2021. 2022 was not so great. We did a little bit of retrenching on that. But I think what we're showing after the first Q1, we put a better focus on that, a lot of learnings and also with a great lineup, we're seeing 20 net adds in Q1 on franchisees, which is really strong. I think it -- so the indications that we see and combined with this net franchisee adds looks like a good year, certainly, and a very good outlook for our Matco business.

我認為您還向我們的網絡加盟商提出了其中一件事。我認為他們去年下降了。我們度過了美好的 2021 年。2022 年就沒那麼美好了。我們對此做了一些縮減。但我認為我們在第一個 Q1 之後展示的內容，我們更加關注這一點，大量的學習和強大的陣容，我們在第一季度看到 20 個加盟商淨增加，這非常強大。我認為 - 所以我們看到的跡像以及與這個淨加盟商相結合的跡像看起來像是一個好年頭，當然，我們的 Matco 業務前景非常好。

Okay. That's helpful. Then switching to what's the called Mobility, I am forgetting the name of Mobility Technologies. DRB 20% growth -- more than 20% growth this quarter, I think, 30% last quarter. I mean people clearly have a preference of clean cars, but maybe just talk about the sustainability of these kind of growth rates. I mean I'm sure we're running into tougher comps. What's the pipeline looking for car wash here? And maybe just talk about the down margins for Mobility this quarter. I thought DRB was a higher profit business. So just maybe talk about that as well.

好的。這很有幫助。然後切換到所謂的 Mobility，我忘記了 Mobility Technologies 的名字。 DRB 增長 20%——本季度增長超過 20%，我認為上一季度增長 30%。我的意思是人們顯然更喜歡清潔汽車，但也許只是談論這種增長率的可持續性。我的意思是我確定我們正在遇到更艱難的比賽。在這裡找洗車的管道是什麼？也許只是談論本季度移動的利潤率下降。我認為 DRB 是一項利潤更高的業務。所以也許也可以談談這個。

Yes. So I'll take the outlook on the car wash segment. I'll turn over the margins to Anshooman. The -- this is a question that we've looked out a lot. Like where is the legs to this market for car wash. And we actually have a data analytic capability as well as we do a ton of channel checks here. And we believe that this market is very, very far from being fully penetrated. There's outstanding returns even with an increased interest rate environment. And so folks that are building out the car wash footprint still enjoy with increased interest rates, really strong returns there.

是的。因此，我將展望洗車領域。我會把利潤交給 Anshooman。 - 這是一個我們已經仔細研究過的問題。就像這個洗車市場的腿在哪裡。我們實際上擁有數據分析能力，並且我們在這裡進行了大量的渠道檢查。我們相信這個市場還遠未被完全滲透。即使在利率上升的環境下，也有出色的回報。因此，那些正在擴大洗車足蹟的人們仍然享受著更高的利率，那裡的回報非常豐厚。

And so I think, if anything, there's a fear of missing out. And so I think you're looking at easily at 10 years plus before we feel like the U.S. market is fully penetrated. And then we have international markets, too, that we can go after. So I think there is a long runway here. I think in our guide, we have anticipated some slow into the market because we have a tremendous share gain that's been ongoing here. And I think we're continuing to gain share next week.

所以我認為，如果有的話，那就是害怕錯過。因此，我認為在我們覺得美國市場已完全滲透之前，您很容易看到 10 年以上。然後我們也有國際市場，我們可以去追求。所以我認為這裡有一條很長的跑道。我認為在我們的指南中，我們預計進入市場會有些緩慢，因為我們在這裡獲得了巨大的份額增長。我認為下週我們將繼續獲得份額。

We're at an international car wash show in Las Vegas, and we also anticipate strong demand there. But I would say that the visibility that we have is certainly well into the back half of this year based on what we see folks doing and building out their footprints and the demand that we've got. So we couldn't be more happy with our business here and the visibility that we have in the outlook as well.

我們正在拉斯維加斯參加國際洗車展，我們也預計那裡會有強勁的需求。但我要說的是，根據我們看到人們所做的事情和建立他們的足跡以及我們的需求，我們在今年下半年的知名度肯定會很好。因此，我們對我們在這裡的業務以及我們在前景中的知名度感到非常滿意。

And taking the question on the margins, the margins were down 30 basis points in Mobility Technologies, but a large part of that decline was because of having Invenco in Q1 this year versus Invenco is about $17 million of revenue at no operating profit this year in our results. The Invenco profitability comes in, in the back half of the year as we gain synergies and some of the iNFX shipments start going out. Normalizing for just Invenco, our margins would have been 21%.

關於利潤率的問題，Mobility Technologies 的利潤率下降了 30 個基點，但下降的很大一部分是因為今年第一季度有 Invenco，而 Invenco 今年的收入約為 1700 萬美元，沒有營業利潤我們的結果。 Invenco 的盈利能力在今年下半年出現，因為我們獲得了協同效應，一些 iNFX 出貨量開始減少。僅對 Invenco 進行標準化，我們的利潤率將達到 21%。

And then also this quarter, we have Driivz into the full quarter, the partial quarter last year, so the Driivz investments also bring down margin. So just normalizing for those, we would have had strong growth in operating profit margin year-on-year in that segment.

然後也是這個季度，我們將 Driivz 納入了整個季度，去年是部分季度，因此 Driivz 投資也降低了利潤率。因此，只要將這些正常化，我們就會在該領域實現營業利潤率同比強勁增長。

(Operator Instructions) Our next question comes from Guy Hardwick, Credit Suisse.

（操作員說明）我們的下一個問題來自瑞士信貸的 Guy Hardwick。

Apologies if this question has already been answered, I joined the call late. Can you talk about our pricing across your businesses in Q1 and expectations for the full year and especially for Environmental & Fueling Solutions?

很抱歉，如果這個問題已經得到回答，我遲到了。您能否談談我們在第一季度對貴公司的定價以及對全年的預期，尤其是對環境和燃料解決方案的預期？

So pricing for Q1 was roughly -- 40% of our baseline growth came from price and 60% of our baseline growth of just under 11% came from volume translates to a little over 4% from price. From a full year perspective, the price increases 2% to 3% of our mid-single-digit plus growth from a baseline perspective. But I'd also made a comment earlier that pricing is dynamic. If we see continued inflation, we would look at continued price. We are very focused on price cost, and we've been price/cost positive every quarter since spin.

因此，第一季度的定價大致是——我們基線增長的 40% 來自價格，而我們略低於 11% 的基線增長的 60% 來自數量，轉化為略高於 4% 的價格。從全年的角度來看，從基線角度來看，價格上漲了我們中個位數以上增長的 2% 至 3%。但我之前也說過定價是動態的。如果我們看到持續的通貨膨脹，我們會關注持續的價格。我們非常關注價格成本，自分拆以來，我們每個季度的價格/成本都是正的。

And is there any sort of mix benefits at all, which is either in Q1 or you expect for the rest of the year?

是否有任何混合收益，無論是在第一季度還是您預計今年餘下時間？

From a mix perspective, I'd just point out that we did have -- the EMV headwind is more back end loaded, so it was about 60% -- slightly over 60% is the second half the EMV headwind versus first half. Just, however, at the same time, as our portfolio continues to shape up some of the higher-margin elements like DRB, aftermarket parts continue to grow at above fleet average rates.

從混合的角度來看，我只是指出我們確實有——EMV 逆風更多的是後端負載，所以它大約是 60%——EMV 逆風的下半部分與上半年相比略高於 60%。然而，與此同時，隨著我們的產品組合繼續塑造一些利潤率較高的元素，如 DRB，售後市場零件繼續以高於車隊平均水平的速度增長。

Yes. Let me jump in there, too, Guy, because I mean, the second question we've gotten sort of a little bit on the timing with the EMV. Look, I think what we're saying on today's call is good confidence in the top line. And I think on the bottom line, too, keep in mind, we've been doing a lot of cost out and restructuring as part of this Pillar 1, where we're doing operational excellence, and there's a lot of legs to that. So I think we're really confident, too, on delivering on the bottom line because there's a lot more to come based on the actions we've taken in the first half of the year. So -- and we feel very confident in our outlook.

是的。讓我也跳進去，蓋伊，因為我的意思是，我們已經得到的第二個問題有點關於 EMV 的時間安排。看，我認為我們在今天的電話會議上所說的是對頂線的信心。而且我認為最重要的是，請記住，作為第一支柱的一部分，我們一直在進行大量成本削減和重組，我們正在實現卓越運營，並且有很多方面。所以我認為我們也非常有信心實現底線，因為根據我們在今年上半年採取的行動，還有很多事情要做。所以 - 我們對我們的前景非常有信心。

Just sorry, since you bring up the cost savings, I think at the Investor Day, you kind of guided there will be another $10 million of [incremental] cost savings in 2024. Is that correct? I'm understanding that correctly?

抱歉，既然你提到了成本節約，我想在投資者日，你的指導是 2024 年將再節省 1000 萬美元的 [增量] 成本。對嗎？我理解正確嗎？

That's correct. And we're fully on track to deliver our cost savings target. We feel very strongly that we're going to achieve those targets.

這是正確的。我們完全可以實現我們的成本節約目標。我們非常強烈地認為我們將實現這些目標。

Our next question comes from Joseph Donahue, Baird.

我們的下一個問題來自 Baird 的 Joseph Donahue。

Given the cash flow in the quarter, I wanted to dig into inventory, it looks like the growth has slowed down there. Should we expect this quarter, next quarter to be peak inventory and then for that to start getting worked down through the remainder of the year?

鑑於本季度的現金流，我想深入了解庫存，看起來那裡的增長已經放緩。我們是否應該預計本季度、下季度庫存將達到峰值，然後在今年剩餘時間開始減少庫存？

That's correct. As the supply chain conditions have normalized, we are managing inventory levels down. And one of the CEO Kaizen events actually this quarter was around a dynamic on one of our manufacturing locations, which will lead to a multimillion-dollar reduction in inventory over the rest of the year. The actual interesting phenomena was our supply chain conditions have eased a lot, we actually saw some early deliveries coming in where our suppliers were actually beating their expected lead times just as all of this has normalized to expect inventory levels to come down over the rest of the year.

這是正確的。隨著供應鏈狀況的正常化，我們正在降低庫存水平。實際上，本季度的 CEO Kaizen 活動之一是圍繞我們一個製造地點的動態展開的，這將導致今年剩餘時間庫存減少數百萬美元。真正有趣的現像是我們的供應鏈條件已經緩和了很多，我們實際上看到了一些提前交貨，我們的供應商實際上超過了他們預期的交貨時間，就像所有這一切都正常化一樣，預計庫存水平會在其餘時間下降那一年。

Got it. Okay. And then just as a follow-up. You talked about the $20 million that you did in extra shipments. Was that concentrated in Fueling or any one segment?

知道了。好的。然後作為後續行動。你談到了你在額外發貨中所做的 2000 萬美元。是集中在 Fueling 還是任何一個細分市場？

It was more on the Fueling side but also on Matco and a little bit in Mobility Technologies that really the supply chain conditions, especially around electronics has eased across the board, and we saw a benefit of that mainly in fueling followed by Repair Solutions and then Mobility Technologies.

更多的是在 Fueling 方面，還有 Matco 和 Mobility Technologies 方面，真正的供應鏈條件，特別是圍繞電子產品已經全面緩解，我們看到了主要在加油方面的好處，其次是 Repair Solutions，然後移動技術。

We have no further questions in the queue at this time. I would now like to turn the call back over to today's speakers.

目前隊列中沒有其他問題。我現在想把電話轉回給今天的發言人。

Yes. Thank you, Travis. This is Mark. Look, before we close, I just want to take a quick second here to thank the teams across Vontier. Our performance and dedication really enabled us to deliver top-tier financial performance and create shareholders for value. So many thanks to the hard work the team is doing. We've got a lot of momentum with the business. And I'd like to thank you all for joining on today's call. We look forward to catching up with many of you soon. Have a good day. Bye now.

是的。謝謝你，特拉維斯。這是馬克。看，在我們結束之前，我只想在這裡快速感謝 Vontier 的團隊。我們的業績和奉獻精神確實使我們能夠提供一流的財務業績並為股東創造價值。非常感謝團隊所做的辛勤工作。我們的業務發展勢頭強勁。我要感謝大家參加今天的電話會議。我們期待很快趕上你們中的許多人。祝你有美好的一天。再見了。

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

今天的節目到此結束。感謝您的參與。您可以隨時斷開連接。