Vontier Corp (VNT) 2023 Q2 法說會逐字稿

Good morning, ladies and gentlemen, and welcome to the Vontier Second Quarter 2023 Earnings Call. (Operator Instructions) This call is being recorded on Thursday, August 3, 2023, and the replay will be made available shortly after.

早上好，女士們、先生們，歡迎參加 Vontier 2023 年第二季財報電話會議。 （操作員說明）此通話將於 2023 年 8 月 3 日星期四進行錄音，重播將在不久後提供。

I would now like to turn the conference over to Ryan Edelman, Vontier's Vice President of Investor Relations. Please go ahead.

我現在想將會議交給 Vontier 投資者關係副總裁 Ryan Edelman。請繼續。

Thank you. Good morning, everyone, and thank you for joining us on the call this morning to discuss our second 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.

謝謝。大家早安，感謝您今天早上參加我們的電話會議，討論我們的第二季業績。今天與我在一起的有我們的總裁兼執行長馬克‧莫雷利 (Mark Morelli)；以及我們的資深副總裁兼財務長 Anshooman Aga。

You can 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 investors.vontier.com.

您可以在我們網站的投資者關係部分找到我們的新聞稿以及幻燈片演示，我們將在今天的電話會議中參考這些內容，網址為 Investors.vontier.com。

Please note that during today's call, we will present certain non-GAAP financial measures. We'll 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. These forward-looking statements are subject to risks and uncertainties.

請注意，在今天的電話會議中，我們將提出某些非公認會計準則財務指標。我們也將做出聯邦證券法意義內的前瞻性聲明，包括有關我們預期或預期未來將或可能發生的事件或發展的聲明。這些前瞻性陳述存在風險和不確定性。

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.

實際結果可能與我們今天所做的任何前瞻性陳述有重大差異，我們不承擔任何更新它們的義務。有關這些可能導致實際結果與這些前瞻性陳述有重大差異的因素的資訊可在我們的網站和 SEC 文件中找到。

Before I hand the call over to Mark, I want to take a moment to remind everyone that beginning last quarter, we are now 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.

在將電話交給馬克之前，我想花點時間提醒大家，從上個季度開始，我們現在正在根據更新的細分報告和討論我們的結果。有關我們細分的更多資訊包含在今天簡報的附錄中。

With that, I'd like to turn the call over to Mark.

說到這裡，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 continue to deliver on our commitments, accelerating baseline growth and profitability in Q2 and demonstrating strong traction on our connected mobility strategy. We delivered another quarter of strong top line performance above our expectations with baseline core growth of 9%. As a reminder, baseline core growth excludes the year-over-year impact from the EMV sunset, which continues to play out as anticipated.

謝謝，瑞安。大家早安，感謝您參加今天的電話會議。讓我從投影片 5 開始進行一些高層評論。我們將繼續履行我們的承諾，加快第二季的基線成長和獲利能力，並展示我們的互聯行動策略的強大吸引力。我們又一個季度的營收表現強勁，超出了我們的預期，基準核心成長率為 9%。需要提醒的是，基準核心成長不包括 EMV 日落帶來的年比影響，該影響將繼續按預期發揮作用。

There is no change to our outlook for the EMV-related trough in 2023, which is setting us up for accelerating core growth in 2024 and beyond. All 3 segments contributed to the upside. First, Mobility Technologies reported low double-digit baseline growth led by double-digit growth at DRB and our alternative energy businesses. Second, in our Environmental & Fueling segment, we continued to see strong performance in our U.S. dispenser business, driven by significant expansion, refresh and rebuild activity. And in our Repair Solutions segment, Matco continues to capitalize on a very strong end market dynamics, delivering solid same-store sales growth and net franchisee adds this quarter.

我們對 2023 年 EMV 相關低谷的展望沒有變化，這為我們在 2024 年及以後加速核心成長奠定了基礎。所有三個細分市場都對上漲做出了貢獻。首先，行動技術公司報告了兩位數的低基線成長，這是由 DRB 和我們的替代能源業務的兩位數成長所帶動的。其次，在我們的環境和燃料部門，在重大擴張、更新和重建活動的推動下，我們的美國加油機業務持續表現強勁。在我們的維修解決方案領域，Matco 繼續利用非常強勁的終端市場動態，實現了本季同店銷售的穩健成長和淨特許經營商的成長。

Supply chain conditions continued to normalize in Q2, enabling our teams to convert higher levels of backlog and exceed our top line commitments, building on our record of strong operational execution. Recent channel checks and customer conversations indicate that the demand backdrop across our end markets remains constructive, supported by strong secular tailwinds and the traction we're gaining in accelerating growth across the portfolio.

第二季供應鏈狀況持續正常化，使我們的團隊能夠轉化更高水準的積壓訂單並超越我們的收入承諾，建立在我們強大的營運執行記錄的基礎上。最近的通路檢查和客戶對話表明，在強勁的長期順風和我們在加速整個投資組合成長方面獲得的動力的支持下，我們終端市場的需求背景仍然具有建設性。

Our book-to-bill was 0.97x, in line with what we were anticipating and comes after a solid Q1 performance. Order activity and healthy leading indicators, along with elevated backlog levels, provides confidence in our outlook for the full year. Our reported operating profit declined versus the prior year as expected due to the sunset of EMV.

我們的訂單出貨比為 0.97 倍，符合我們的預期，並且是在第一季表現強勁之後實現的。訂單活動和健康的領先指標，以及積壓水準的提高，讓我們對全年的前景充滿信心。由於 EMV 的取消，我們報告的營業利潤比前一年有所下降，正如預期的那樣。

Now I want to share with you why I'm excited about the underlying performance of our businesses. Baseline operating margin expansion of 230 basis points demonstrates the power of VBS to deliver operational excellence and rigorous execution as well as incremental progress on our restructuring actions. We remain on track to deliver the $45 million of in-year savings, which is at the high end of the range we committed to you earlier this year.

現在我想與您分享為什麼我對我們業務的基本業績感到興奮。基準營業利潤率擴大 230 個基點，證明了 VBS 提供卓越營運、嚴格執行以及重組行動漸進進展的能力。我們仍有望實現年內節省 4500 萬美元，這是我們今年早些時候向您承諾的範圍的上限。

I am confident in our ability to achieve our multiyear margin expansion target as we continue on the path of optimizing our businesses. I'm pleased with what we've accomplished through the first half and I'm confident in our outlook for the remainder of the year. Importantly, we're laser focused on executing on our strategic vision to accelerate growth. With the depth and breadth of our portfolio, we're uniquely positioned to capitalize on the strong secular tailwinds within the mobility ecosystem, and we're seeing those play out in our ongoing performance and outlook.

隨著我們繼續優化業務，我對實現多年利潤擴張目標的能力充滿信心。我對我們上半年的成就感到滿意，並對今年剩餘時間的前景充滿信心。重要的是，我們專注於執行我們的策略願景以加速成長。憑藉我們投資組合的深度和廣度，我們處於獨特的地位，可以利用移動生態系統中強大的長期順風，並且我們看到這些在我們持續的業績和前景中發揮作用。

As we will share with you over the next couple of slides, we're seeing strong traction on our connected mobility strategy. A majority of our end markets are experiencing a shared set of growth drivers. For example, site expansions, modernizations and industry consolidation; increasing regulatory compliance, increasing size complexity, increasing car parc complexity and decarbonization. Underpinning these trends in the mobility ecosystem is a drive for greater productivity and automation, which means higher levels of capital investment by our customers.

正如我們將在接下來的幾張投影片中與您分享的那樣，我們看到我們的互聯行動策略具有強大的吸引力。我們的大多數終端市場正在經歷一系列共同的成長動力。例如，站點擴展、現代化和行業整合；提高監管合規性、增加規模複雜性、增加汽車保有量複雜性和脫碳化。支撐行動生態系統這些趨勢的是提高生產力和自動化的動力，這意味著我們的客戶需要更高水準的資本投資。

Turning to Slide 6. You may recall from our Investor Day and our first quarter earnings call, our connected mobility strategy is centered around driving operational excellence and accelerating growth through expanding our core businesses and gaining leverage through adjacent markets. We refer to these as our 3 pillars: optimizing the core, expanding the core and leveraging adjacent markets.

轉向投影片 6。您可能還記得我們的投資者日和第一季財報電話會議，我們的互聯行動策略的核心是透過擴大核心業務和透過鄰近市場獲得影響力來推動卓越營運和加速成長。我們將這些稱為我們的三大支柱：最佳化核心、擴展核心和利用鄰近市場。

Starting with expanding the core. We recently announced a formal rebranding of our legacy GVR Retail Solutions business to Invenco by GVR, a significant milestone in a process that accelerated following the acquisition of Invenco last year. This is more than rebranding, this is about better positioning our convenience retail and fueling businesses for long-term success, providing greater depth to meet our customers' needs.

從擴充核心開始。我們最近宣布將原有的 GVR 零售解決方案業務正式更名為 Invenco by GVR，這是去年收購 Invenco 後加速進程的重要里程碑。這不僅是品牌重塑，更是為了更好地定位我們的便利零售業，推動業務長期成功，提供更大的深度來滿足客戶的需求。

Resegmenting our business gives us greater focus and transparency, both strategically and operationally to truly accelerate growth for both businesses. In the case of Invenco by GVR, the creation of this platform enables us to better serve our convenience retail customers in new, more innovative ways by focusing on the outcomes that are most important for them. At the same time, we're better able to focus on and solve for the unique set of challenges our fueling customers are facing.

重新劃分我們的業務使我們在策略和營運上都更加專注和透明，從而真正加速兩項業務的成長。就 Invenco by GVR 而言，該平台的創建使我們能夠透過專注於對便利零售客戶最重要的結果，以更具創新性的新方式更好地為他們服務。同時，我們能夠更好地專注於並解決我們的加油客戶面臨的一系列獨特挑戰。

Invenco by GVR brings together our core point-of-sale payment cloud-based analytics software and side automation platforms with Invenco's payment technology and micro services software. The combination creates a portfolio of best-in-class automation technology and the next-generation operating system that enables convenience retailers to increase productivity and drive better customer engagement.

Invenco by GVR 將我們基於雲端的核心銷售點支付分析軟體和側面自動化平台與 Invenco 的支付技術和微服務軟體結合在一起。此次合併創造了一流的自動化技術和下一代作業系統的組合，使便利零售商能夠提高生產力並推動更好的客戶參與。

We are deploying a cohesive platform with increased agility in how we develop and bring to market connected hardware and software solutions. We're now better positioned to serve as the preferred technology provider for C-store operators with a unified strategy and product platforms, leveraging global scale and delivering more flexible modular solutions.

我們正在部署一個具有凝聚力的平台，以提高我們開發互聯硬體和軟體解決方案並將其推向市場的靈活性。現在，我們能夠更好地成為便利商店營運商的首選技術供應商，擁有統一的策略和產品平台，利用全球規模並提供更靈活的模組化解決方案。

Last quarter, we announced the rollout of our innovative iNFX solution to 13,000 Shell locations. Another large-scale fueling and C-store operator awarded us a project with similar scope, this time with an 8,000-store deployment set to begin in the third quarter.

上季度，我們宣布向 13,000 個殼牌地點推出創新的 iNFX 解決方案。另一家大型加油和便利商店營運商授予我們一個類似範圍的項目，這次部署計劃於第三季開始部署 8,000 家商店。

The recent iNFX wins and growing pipeline of opportunities demonstrates the power of our differentiated automation capabilities combined with unmatched channel presence. The team is doing a fantastic job accelerating growth, and I'm excited about the path that we've laid out for this business.

最近 iNFX 的勝利和不斷增長的機會管道證明了我們差異化的自動化能力與無與倫比的管道存在相結合的力量。團隊在加速成長方面做得非常出色，我對我們為這項業務制定的道路感到興奮。

Let's turn to Slide 7 and focus on Pillar 3, leveraging adjacent markets for growth. Of all our business combining our Driivz EV charging network software with our Sparkion AI-driven energy management business, enables us to better support EV charging providers and fleet operators in scaling their EV infrastructure.

讓我們轉向幻燈片 7，專注於第三支柱，利用鄰近市場實現成長。在我們所有的業務中，我們將 Driivz 電動車充電網路軟體與 Sparkion 人工智慧驅動的能源管理業務相結合，使我們能夠更好地支援電動車充電提供商和車隊營運商擴展其電動車基礎設施。

We provide an interoperable solution that simplifies and improves the customer charging experience. You're likely aware of the unprecedented level of incentive dollars for EV charging infrastructure across many parts of the globe. In the U.S. alone, the bipartisan National EV Infrastructure Funding Program established $5 billion in federal funds available to states that strategically deploy EV charging infrastructure and create an interconnected network through 2026. This is in addition to the billions available by way of tax credits for alternative fuels infrastructure under the Inflation Reduction Act.

我們提供可互通的解決方案，可簡化並改善客戶的充電體驗。您可能已經意識到全球許多地區對電動車充電基礎設施的激勵資金達到了前所未有的水平。光是在美國，兩黨國家電動車基礎設施融資計畫就設立了50 億美元的聯邦資金，供各州在2026 年之前戰略性部署電動車充電基礎設施並創建互聯網絡。這還不包括透過替代能源稅收抵免的方式提供的數十億美元資金。根據《減少通貨膨脹法》為基礎設施提供燃料。

In Europe, investment in EV charging infrastructure continues to ramp, led by the European Investment Bank, the European Commission and national governments. By some estimates, hundreds of billions of dollars of investment will be required to reach their target for expansion and reliability of EV chargers across the continent.

在歐洲，在歐洲投資銀行、歐盟委員會和各國政府的帶領下，電動車充電基礎設施的投資持續增加。據估計，需要數千億美元的投資才能實現整個非洲大陸電動車充電器的擴張和可靠性目標。

Having doubled its ports under management in 2022, Driivz currently manages more than 40,000 ports and is on track to double yet again this year, reinforcing the compelling value proposition of our Driivz operating system. During the quarter, Driivz signed a number of new Tier 1 customers who are scaling their infrastructure rapidly. On initial deployment, these recent wins will add more than 20,000 additional ports under management.

Driivz 到 2022 年管理的港口數量將增加一倍，目前管理著 40,000 多個港口，今年預計將再次增加一倍，從而強化了我們 Driivz 操作系統引人注目的價值主張。本季度，Driivz 簽署了許多新的一級客戶，這些客戶正在快速擴展其基礎設施。在初始部署中，最近的這些勝利將增加 20,000 多個額外的受管理連接埠。

From a quantity of ports under management standpoint, the Driivz platform is one of, if not the largest managers of high-speed charging networks globally. Our current scale, rate of growth and momentum is recognition that we have the leading operating system that allows interoperability. Driivz provides the critical connective tissue between and amongst a rapidly growing and diverse number of global charge point operators.

從管理的連接埠數量來看，Driivz 平台即使不是全球最大的高速充電網路管理商，也是其中之一。我們目前的規模、成長速度和勢頭表明我們擁有領先的可實現互通性的作業系統。 Driivz 在數量快速成長且多樣化的全球充電點營運商之間提供了關鍵的結締組織。

As EV charging infrastructure and utilization continue to expand rapidly, consumers demand a more simplistic, reliable and accessible charging experience. Driivz is in the pole position with hardware-agnostic solutions that enable a seamless and more reliable charging experience, including with self-healing algorithms.

隨著電動車充電基礎設施和利用率的持續快速擴大，消費者需要更簡單、可靠和方便的充電體驗。 Driivz 在與硬體無關的解決方案方面處於領先地位，這些解決方案可實現無縫且更可靠的充電體驗，包括自我修復演算法。

In addition to leading productivity and automation solutions, our customers are also investing in a more sustainable future. This benefits our comprehensive multi-energy portfolio of solutions. Our alternative energy solutions business is a leading global supplier of compressed natural gas and renewable natural gas infrastructure solutions and an emerging leader in hydrogen.

除了領先的生產力和自動化解決方案之外，我們的客戶還投資於更永續的未來。這有利於我們全面的多能源解決方案組合。我們的替代能源解決方案業務是壓縮天然氣和再生天然氣基礎設施解決方案的全球領先供應商，也是氫氣領域的新興領導者。

These are attractive growth markets where we have market-leading capabilities. Our sustainable fleet customers remain committed to CNG and RNG. They're continuing to invest in their own infrastructure build-outs and we're seeing early demand for our hydrogen solutions.

這些都是有吸引力的成長市場，我們擁有市場領先的能力。我們的永續車隊客戶仍然致力於使用 CNG 和 RNG。他們繼續投資自己的基礎設施建設，我們看到了對我們的氫解決方案的早期需求。

We recently completed our 100th R&D station with Waste Management, now WM, who uses landfill gas to fuel their fleet and supply the grid with renewable natural gas. WM has a network of over 22,000 trucks running on CNG and RNG in the U.S. and recently announced plans to expand that network even further over the next 3 years. We're incredibly proud to partner with them to support their infrastructure build-out.

我們最近與廢棄物管理公司（現為 WM）完成了第 100 個研發站，該公司使用垃圾掩埋氣為其車隊提供燃料，並向電網提供可再生天然氣。 WM 在美國擁有超過 22,000 輛使用 CNG 和 RNG 的卡車網絡，最近宣布計劃在未來 3 年內進一步擴展該網絡。我們非常自豪能夠與他們合作以支持他們的基礎設施建設。

Broader industry acceptance and support for clean hydrogen continues to gain momentum. In June, the Department of Energy unveiled its national clean hydrogen strategy and road map, which aims to increase hydrogen production from near 0 today to 10 million metric tons by 2030 and 50 million metric tons by 2050 through the use of hydrogen hubs. The investment required to bail out this infrastructure is anticipated to be nearly $10 billion, and we're well positioned to support this infrastructure build-out with decades of domain expertise and a robust channel presence for fueling with high-pressure fuels.

對清潔氫的更廣泛的行業接受和支持繼續獲得動力。 6月，美國能源部公佈了國家清潔氫戰略和路線圖，目標是透過使用氫中心，到2030年將氫產量從目前的接近0增加到1000萬噸，到2050年增加到5000萬噸。救助這項基礎設施所需的投資預計將接近 100 億美元，我們有能力憑藉數十年的領域專業知識和強大的高壓燃料供應管道來支持這項基礎設施建設。

We are shipping our first hydrogen units this month with key customers lined up to take delivery over the next several months.

我們將於本月出貨第一批氫氣裝置，主要客戶將在接下來的幾個月內排隊接收。

Now I'd like to turn the call over to Anshooman to provide for more color on our financial results and update you on our outlook for the full year.

現在我想將電話轉給 Anshooman，以提供有關我們財務業績的更多信息，並向您介紹我們全年的展望。

Thanks, Mark, and good morning, everyone. I'll start with a summary of our second quarter performance.

謝謝，馬克，大家早安。我將首先總結我們第二季的業績。

Please turn to Slide 8. Reported revenue for the second quarter was $764 million, down just under 2% from the prior year on both a reported and core basis. Excluding the impact of EMV, baseline growth was approximately 9%, exceeding our second quarter guidance and led by low double-digit growth in Mobility Technologies and high single-digit growth in our fueling business. Approximately 40% of this 9% growth was attributable to price. But importantly, we are getting good volume growth across the portfolio.

請參閱投影片 8。第二季報告營收為 7.64 億美元，報告營收和核心營收均比去年同期下降近 2%。排除 EMV 的影響，基線成長約為 9%，超出了我們第二季度的指導，這主要得益於行動技術的低兩位數成長和燃料業務的高個位數成長。這 9% 的增長中大約有 40% 歸因於價格。但重要的是，我們整個產品組合的銷售量都取得了良好的成長。

As Mark mentioned, we are executing well on our strategic initiatives to accelerate growth, which is reflected in the healthy baseline growth we've seen in the first half. We continued to benefit from normalizing supply chain conditions in Q2, which allowed us to convert higher levels of backlog again this quarter.

正如馬克所提到的，我們在加速成長的策略性舉措上執行得很好，這反映在我們上半年看到的健康基線成長中。我們繼續受益於第二季供應鏈狀況的正常化，這使我們能夠在本季再次轉換更高水準的積壓訂單。

Total adjusted operating profit was $160 million, which was down roughly $7 million year-over-year, driven by the expected headwind from the EMV sunset. Adjusted operating profit margin was 20.9%, slightly better than our guidance range. Baseline margin expanded 230 basis points, benefiting from price/cost performance and improved productivity savings.

調整後營業利潤總額為 1.6 億美元，年減約 700 萬美元，這是由於 EMV 日落帶來的預期阻力所致。調整後營業利益率為 20.9%，略優於我們的指導範圍。受益於性價比和生產力節省的提高，基準利潤率擴大了 230 個基點。

We continued to gain traction on our restructuring activities with most actions complete and savings ramping into the second half. Adjusted earnings per share of $0.67 was above the high end of our guidance range, supported by the higher revenue. Adjusted free cash flow for the second quarter was $77 million with conversion of 73%, a significant improvement versus the prior year, the result of disciplined working capital management.

我們的重組活動持續取得進展，大部分行動已完成，下半年的節省量也不斷增加。受較高收入的支撐，調整後每股收益為 0.67 美元，高於我們指導範圍的上限。第二季調整後自由現金流為 7,700 萬美元，轉換率為 73%，與前一年相比有了顯著改善，這是嚴格的營運資本管理的結果。

Turning to the performance of our 3 segments, starting on Slide 9. Mobility Technologies top line increased over 13% with solid performance across the board. Core growth was approximately 5% with baseline core growth of 10%. Our DRB car wash solutions business reported a low double-digit increase in sales, capitalizing on a market-leading solution and attractive tunnel car wash space.

轉向我們 3 個細分市場的表現，從幻燈片 9 開始。行動技術的營收成長了 13% 以上，全面表現穩健。核心成長率約 5%，基準核心成長率為 10%。我們的 DRB 洗車解決方案業務利用市場領先的解決方案和有吸引力的隧道洗車空間，銷售額實現了兩位數的低成長。

Sales in our Alternative Energy Solutions business were up over 40% this quarter, which comes after strong double-digit growth in the prior year. Demand for alternative fuels like compressed and renewable natural gas and hydrogen remained strong. As Mark noted earlier, we have an enviable position across the multi-energy landscape and remain optimistic about the opportunities ahead of us.

繼上一年強勁兩位數成長之後，本季我們替代能源解決方案業務的銷售額成長了 40% 以上。對壓縮和再生天然氣和氫氣等替代燃料的需求仍然強勁。正如馬克之前指出的那樣，我們在多能源領域擁有令人羨慕的地位，並對我們面前的機會保持樂觀。

Invenco by GVR, Teletrac and EVolve, all performed well, benefiting from strong secular drivers and increased adoption of our connected solutions.

GVR、Teletrac 和 EVolve 的 Invenco 均表現良好，這得益於強大的長期驅動因素以及我們互聯解決方案的廣泛採用。

Segment operating profit of approximately $45 million increased 5% over the prior year and translates to 18.7% operating profit margin, down 150 basis points from the prior year, but in line with our expectations for the quarter.

部門營業利潤約 4,500 萬美元，比上年增長 5%，營業利潤率為 18.7%，比上年下降 150 個基點，但符合我們對本季的預期。

Mix related to the Invenco acquisition and ongoing growth investments are the primary driver behind the decline in profit margin as we continue to invest strategically across Mobility Technologies, most notably in Invenco by GVR and EVolve. Profitability for the acquired Invenco business increased to high single-digit margins in Q2 from breakeven in Q4 and Q1 with synergies still expected to ramp later this year.

隨著我們繼續對行動技術進行策略性投資，尤其是 GVR 和 EVolve 對 Invenco 的投資，與 Invenco 收購和持續成長投資相關的混合是利潤率下降的主要驅動因素。所收購的 Invenco 業務的盈利能力從第四季度和第一季的盈虧平衡上升到第二季度的高個位數利潤率，預計今年稍後協同效應仍將增強。

Turning to Repair Solutions on Slide 10. Matco revenue increased 6% to $158 million for the quarter. The demand backdrop remains robust as technician employment, wages, miles driven, age and complexity of the car park and demand for auto repair, all remain at high levels.

轉向投影片 10 上的維修解決方案。Matco 本季營收成長 6%，達到 1.58 億美元。由於技術人員的就業、工資、行駛里程、停車場的年齡和複雜性以及汽車維修的需求都保持在高水平，需求背景仍然強勁。

Top line growth was supported by a same-store sales increase of mid-single digits with solid growth across tool storage, hardline and power tools as well as positive net franchisee adds, a continuation of the strong growth we saw in the first quarter.

營收成長得益於同店銷售額中個位數的成長，工具儲存、硬線和電動工具的穩健成長以及淨特許經營商的積極成長，這是我們在第一季度看到的強勁成長的延續。

Operating profit of $42 million is in line with the prior year results, and operating profit margin declined 150 basis points driven primarily by year-over-year reserve adjustments related to the receivables portfolio as we previously communicated.

營業利潤為 4,200 萬美元，與上年業績一致，營業利潤率下降了 150 個基點，這主要是由於我們先前溝通的與應收帳款投資組合相關的準備金同比調整所致。

Looking out to the second half. We do anticipate the largest headwind related to reserve adjustments in Q3 this year. This flips to a slight tailwind in Q4, which will benefit us on the margin rate. Matco's bad debt expense is normalizing back to prepandemic levels.

展望下半場。我們確實預計今年第三季將出現與準備金調整相關的最大阻力。這在第四季度帶來了輕微的順風，這將使我們的保證金率受益。 Matco 的壞帳支出正正常恢復到疫情前的水平。

And finally, Environmental & Fueling Solutions on Slide 11. Reported revenues declined about 10% to $339 million as strong demand in our U.S. dispenser and aftermarket businesses was more than offset by the impact of the EMV sunset. Excluding the impact from EMV, baseline core sales growth was just over 9%.

最後是幻燈片 11 上的環境和燃油解決方案。報告收入下降約 10% 至 3.39 億美元，因為我們美國加油​​機和售後市場業務的強勁需求被 EMV 日落的影響所抵消。排除 EMV 的影響，基準核心銷售額成長略高於 9%。

As we have mentioned, the U.S. dispenser demand continues to track ahead of expectations. Strength year-to-date can be attributed to increased investments by large national and regional operators to expand and modernize the installed base of fueling and C-store sites. Given our leading share position with the large players and good visibility into customer project pipeline, we see this trend continuing into 2024 and beyond.

正如我們所提到的，美國飲水機需求持續超出預期。今年迄今的強勁表現可歸因於大型國家和地區營運商增加投資，以擴大加油站和便利商店的安裝基礎並實現現代化。鑑於我們在大型企業中的領先份額以及對客戶專案管道的良好可見性，我們預計這一趨勢將持續到 2024 年及以後。

Aftermarket parts was up high single digits as we continued to leverage our large and growing installed base to drive results. Segment operating profit was $95 million, and the operating profit margin expanded 190 basis points to 28.1%. Margin performance is a result of our previously announced restructuring actions and continued execution on price/cost.

隨著我們繼續利用龐大且不斷增長的安裝基礎來推動業績成長，售後零件成長了高個位數。部門營業利潤為 9,500 萬美元，營業利潤率擴大 190 個基點至 28.1%。利潤率表現是我們先前宣布的重組行動和持續執行價格/成本的結果。

Turning to Slide 12, I'll cover our balance sheet and free cash flow detail for the quarter. In Q2, we repaid $100 million in debt, reducing our net leverage to 2.9x, within our target range of 2.5 to 3x. In early July, we paid down an additional $35 million of debt, bringing the total for year-to-date paydown to $200 million. We now anticipate achieving the high end of a prior debt paydown range or about $250 million for the full year.

轉向投影片 12，我將介紹本季的資產負債表和自由現金流詳細資訊。第二季度，我們償還了 1 億美元的債務，將淨槓桿率降低至 2.9 倍，處於 2.5 至 3 倍的目標範圍內。 7 月初，我們額外償還了 3,500 萬美元的債務，使年初至今的還款總額達到 2 億美元。我們現在預計全年將達到先前債務償還範圍的上限，約 2.5 億美元。

Additionally, we completed $32 million in share repurchases during the quarter for a year-to-date repurchase of $50 million or 2 million shares. Since we began our share repurchase program in 2022, we have reduced our outstanding share count by around 9% at an average share price of just over $24 per share.

此外，我們在本季完成了 3,200 萬美元的股票回購，年初至今回購了 5,000 萬美元或 200 萬股股票。自 2022 年開始股票回購計畫以來，我們已將流通股數量減少了約 9%，平均股價略高於每股 24 美元。

Turning to the outlook assumptions on Slide 13. We are initiating third quarter guidance for adjusted EPS of $0.65 to $0.69, which assumes a mid-single-digit decline in core sales or an increase of mid-single digits-plus excluding the impact of EMV. We expect adjusted operating margins to decline between 370 and 420 basis points and roughly flat on a sequential basis.

轉向幻燈片 13 中的前景假設。我們正在啟動第三季度調整後每股收益 0.65 至 0.69 美元的指導，其中假設核心銷售額出現中個位數下降或中個位數增長，排除 EMV 的影響。我們預計調整後營業利潤率將下降 370 至 420 個基點，較上季大致持平。

Just to provide a bit more color on margins. Third quarter margins last year were abnormally strong, underpinned by a few favorable items. You may also recall that fourth quarter margins were lower than normal seasonality last year, giving us an easier comparison and will allow for outsized margin expansion in Q4. Net-net, there are no changes to our planning assumptions for the second half profitability.

只是為了在邊距上提供更多的顏色。去年第三季的利潤率異常強勁，這得益於一些有利的項目。您可能還記得，第四季度的利潤率低於去年的正常季節性，這讓我們更容易進行比較，並將允許第四季度的利潤率大幅擴張。淨淨來看，我們對下半年獲利能力的規劃假設並沒有改變。

For the full year, we are increasing the low end of our adjusted EPS guidance range to $2.79 to $2.87, from $2.77 to $2.87 previously. As Mark noted earlier, there is no change to our assumptions for the headwind related to the EMV sunset. As a reminder, this headwind ramped sequentially into the second half. No material changes to other planning assumptions for the full year, which are now included as a slide in the appendix.

對於全年，我們將調整後每股盈餘指引範圍的下限從先前的 2.77 美元至 2.87 美元提高至 2.79 美元至 2.87 美元。正如馬克之前指出的，我們對與 EMV 日落相關的逆風的假設沒有變化。提醒一下，這種逆風在下半場逐漸加劇。全年其他規劃假設沒有重大變化，這些假設現在作為投影片包含在附錄中。

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

這樣，我會將電話轉回馬克。

Thanks, Anshooman. Vontier is a company in motion, transforming and aligning our portfolio to deliver sustained mid-single-digit revenue growth, industry-leading profitability, double-digit earnings growth and significant free cash flow. We are executing our connected mobility strategy, leveraging our market-leading positions to capitalize on robust secular tailwinds and unique growth drivers benefiting the mobility ecosystem.

謝謝，安舒曼。 Vontier 是一家不斷發展的公司，致力於轉型和調整我們的投資組合，以實現持續的中個位數收入增長、行業領先的盈利能力、兩位數的盈利增長和可觀的自由現金流。我們正在執行我們的互聯行動策略，利用我們的市場領先地位，利用強勁的長期順風和有利於行動生態系統的獨特成長動力。

The most prominent team underpinning these growth drivers is the need for greater productivity through automation across the mobility ecosystem. Vontier is well positioned with unique domain expertise and the ability to offer differentiated solutions to deliver on this theme.

支撐這些成長動力的最突出的團隊是透過整個行動生態系統的自動化來提高生產力的需求。 Vontier 擁有獨特的領域專業知識和提供差異化解決方案來實現這一主題的能力。

Let me spike this out by segment. In Mobility Technologies, our customers are rapidly adopting connected cloud-based solutions and are seeking to significantly improve asset and labor productivity. We're leveraging digitally enabled technology to connect and optimize the management of our customers' assets. We provide differentiated operating systems for C-stores, car wash, fleet and EV charging networks that solve our customers' high-value challenges.

讓我逐一細分一下。在行動技術領域，我們的客戶正在快速採用基於雲端的互聯解決方案，並尋求顯著提高資產和勞動力生產力。我們正在利用數位技術來連接和優化客戶資產的管理。我們為便利商店、洗車場、車隊和電動車充電網路提供差異化的作業系統，解決客戶面臨的高價值挑戰。

In Repair Solutions, the need for greater productivity driven by the energy transition, labor shortages and an aging car park are driving significant opportunities for Matco. The repair rate segment of the car park is expected to grow at a 3% CAGR through at least the next decade. Drivetrain complexity and increasing technology content is driving further growth to mid-single digit due to the size and makeup of the toolkits that technicians and shops need to carry.

在維修解決方案領域，能源轉型、勞動力短缺和停車場老化帶來的更高生產力的需求為 Matco 帶來了巨大的機會。至少在未來十年，停車場的維修率預計將以 3% 的複合年增長率成長。由於技術人員和商店需要攜帶的工具包的大小和組成，傳動系統的複雜性和不斷增加的技術含量正在推動進一步增長至中位數。

Matco is well positioned to respond to these secular trends and equip the garage of the future through its Agile business model providing higher product vitality.

Matco 能夠很好地應對這些長期趨勢，並透過其敏捷業務模式提供更高的產品活力來裝備未來的車庫。

In Environmental & Fueling Solutions, the need to comply with increasing regulations, address labor constraints and managing expanded site footprints increasingly requires connected devices to improve asset efficiency. A great example of this is our automated tankage system in our Environmental business. This system recently received California Air Resource Board certification, making it the most modern certified solution in the market, complying with the high standards of vapor recovery in California.

在環境和燃料解決方案中，為了遵守日益嚴格的法規、解決勞動力限制和管理擴大的站點佔地面積，越來越需要連接設備來提高資產效率。一個很好的例子就是我們環境業務中的自動化儲罐系統。該系統最近獲得了加州空氣資源委員會的認證，使其成為市場上最現代化的認證解決方案，符合加州蒸氣回收的高標準。

With its remote connectivity and expand capabilities while ensuring the highest level of compliance, it is well timed as we're in early innings of the significant underground upgrade cycle in the U.S. Across all of our segments, we're capitalizing on the need for increased productivity and automation, and we are positioned for future growth with a robust and growing pipeline of opportunities across the mobility ecosystem.

憑藉其遠端連接和擴展功能，同時確保最高水準的合規性，它的時機恰到好處，因為我們正處於美國重大地下升級週期的早期階段。在我們的所有細分市場中，我們正在利用增加生產力和自動化，我們為未來的成長做好了準備，在整個行動生態系統中提供了強大且不斷增長的機會。

As we progress through the multi-decade energy transition, our portfolio is uniquely positioned with broad multi-energy solutions to address the energy trilemma facing the world: the need for sustainable, secure and affordable energy.

隨著我們在數十年的能源轉型中取得進展，我們的產品組合具有獨特的定位，提供廣泛的多能源解決方案，以解決世界面臨的能源三難困境：對永續、安全和負擔得起的能源的需求。

We are a global leader with a comprehensive suite of solutions for petrol-based fueling, including environmental technologies, CNG and RNG fueling systems, hydrogen fueling infrastructure and EV charging solutions. Different modes of transportation, industries and geographies will require a range of energy solutions, and Vontier's portfolio is poised to capitalize on the changing mobility landscape.

我們是全球領導者，提供一整套汽油燃料解決方案，包括環保技術、CNG 和 RNG 燃料系統、氫燃料基礎設施和電動車充電解決方案。不同的交通方式、產業和地理將需要一系列能源解決方案，而 Vontier 的產品組合已準備好利用不斷變化的交通格局。

Through our clear vision, expansive channel presence and leading technological capabilities, we are enabling the way the world moves, driving smart, safe, sustainable solutions for our customers, employees and shareholders.

透過我們清晰的願景、廣泛的管道和領先的技術能力，我們正在推動世界的發展，為我們的客戶、員工和股東提供智慧、安全、永續的解決方案。

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

接線員，我們就可以開始提問了。

(Operator Instructions) And your first question comes from the line of Julian Mitchell from Barclays.

（操作員說明）您的第一個問題來自巴克萊銀行的朱利安米切爾。

Maybe just the first question around Environmental & Fueling Solutions. That business, the core sales are down 8%, 9% in Q2. Just wondered sort of how you're seeing the sort of exit rate from this year in terms of fourth quarter organic sales? And any initial help you could give us on thinking about the pace of sort of cyclical recovery into next year in EFS. When you think about sort of customer replacement rates, baseline demand, if there's any sort of destocking going on in that business right now that reverses next year. Any help at all on that point, please?

也許只是關於環境和燃料解決方案的第一個問題。該業務的核心銷售額在第二季下降了 8%、9%。只是想知道您如何看待今年第四季有機銷售額的退出率？您可以為我們提供有關明年 EFS 週期性復甦步伐的初步幫助。當你考慮客戶替換率、基準需求時，該業務目前是否有任何形式的去庫存，而明年會出現逆轉。在這一點上有什麼幫助嗎？

Yes. Julian, this is Mark. Look, it's a little early to get into guidance for 2024, but let me give you some color in terms of what we're seeing and how we see it playing out.

是的。朱利安，這是馬克。聽著，現在談論 2024 年的指導還為時過早，但讓我就我們所看到的情況以及我們如何看待它的發展向您提供一些資訊。

So first of all, what's essentially happening is that we are sunsetting the EMV strong secular driver that we experienced in a number of years. And that is -- there's no change to that whatsoever. And so what we're seeing this year is certainly that year-over-year compare. But the underneath baseline growth is very strong in that business.

因此，首先，本質上發生的事情是，我們正在淘汰我們多年來經歷過的 EMV 強大的長期驅動因素。那就是——沒有任何改變。因此，我們今年看到的肯定是同比比較。但該業務的基線成長非常強勁。

And what's driving that is that we sell our products to predominantly the larger players in the industry and they're doing an industry consolidation, they're doing a refresh and rebuild, they're doing new acquisitions of sites. And many of these folks have announced plans that go out well into the future.

推動這一趨勢的是，我們主要向行業內較大的參與者銷售我們的產品，他們正在進行行業整合，他們正在進行更新和重建，他們正在進行新的網站收購。其中許多人都宣布了面向未來的計劃。

And when we do our conversations with our customers in our channel checks, we see that, that driver is not only intact for this year, but that driver is building out into next year. Yes, interest rates have gone up, but a lot of these folks have great access to capital. They're getting outstanding returns on building out their formats and that refresh and rebuilds. We're very well positioned to experience that growth.

當我們在頻道檢查中與客戶進行對話時，我們發現該驅動程式不僅在今年完好無損，而且還在明年進行擴展。是的，利率上升了，但這些人中的許多人都可以獲得大量資金。他們在建造格式以及更新和重建方面獲得了豐厚的回報。我們完全有能力體驗這種成長。

So I don't know if you want to add any color there, Anshooman.

所以我不知道你是否想在那裡添加任何顏色，Anshooman。

I think the secular drivers, the industry consolidation that Mark talked about are very important and that are continuing to help drive this industry forward. This business from a C-store perspective has been resilient through economic cycles in the past, and we are seeing continued investments. So we feel good about this business.

我認為長期驅動因素，馬克談到的產業整合非常重要，並將繼續幫助推動這個產業向前發展。從便利商店的角度來看，這項業務在過去的經濟週期中一直具有彈性，而且我們看到持續的投資。所以我們對這項業務感覺很好。

That's very helpful. And then just maybe shorter term, you have that steep year-on-year margin decline in the third quarter and then it sort of eases with the comps into the fourth quarter.

這非常有幫助。然後，也許從短期來看，第三季的利潤率同比大幅下降，然後隨著進入第四季度的比較，情況有所緩解。

Maybe help us understand if we're thinking by segment, anything major to sort of call out as we go through Q3 and Q4 in terms of the margin development. Maybe an easier way to look at it sequentially, it looks like you've got flattish margins sequentially in Q3 and then they're up maybe 100 points plus in Q4. Do we see kind of all 3 segments moving similarly with that sequential change in margin?

也許可以幫助我們理解，如果我們按細分市場思考，那麼在我們經歷第三季和第四季的利潤發展時，有什麼重大的事情需要指出。也許一種更簡單的順序觀察方法是，看起來你在第三季的利潤率連續持平，然後在第四季度可能上升了 100 點以上。我們是否看到所有 3 個細分市場的走勢與利潤率的連續變化類似？

Yes, Julian. On the margins, for Q3, we had a tough compare year-on-year because last year, we benefited from a few items. But when you start thinking of margins sequentially from Q2 to Q3, relatively flat -- flattish across all 3 segments, give or take. And then really the ramp into Q4 driven by a few things. One, the seasonality of volume, Q4 being our strongest quarter and good incrementals, that's going to drive higher margins for us.

是的，朱利安。在邊緣方面，對於第三季度，我們的年比比較很艱難，因為去年我們從一些專案中受益。但是，當您開始按順序考慮從第二季到第三季的利潤率時，相對平坦——所有 3 個細分市場均平坦，給予或接受。然後真正進入第四季度是由一些因素推動的。第一，銷售量的季節性，第四季是我們最強勁的季度，而且增量良好，這將為我們帶來更高的利潤率。

Second thing is the ramp of Invenco synergies. And when I talk about synergies, it's both from a revenue perspective with some of the great wins that we've announced plus also the cost benefits, for example, Invenco payment on our dispensers going through the certification, which will start in Q4 shipments. And then, finally, the restructuring savings, which most of the actions have been completed. There is some ramp into the fourth quarter. So all of that helps our margin rate for the fourth quarter.

第二件事是 Invenco 綜效的提升。當我談論協同效應時，不僅是從收入的角度來看，我們已經宣布了一些偉大的勝利，也包括成本效益，例如，我們的分配器通過認證進行Invenco 付款，該認證將從第四季度開始發貨。最後是重組儲蓄，其中大部分行動已經完成。進入第四季會有一些成長。因此，所有這些都有助於我們第四季的利潤率。

And your next question comes from the line of Andrew Obin from Bank of America.

您的下一個問題來自美國銀行的安德魯·奧賓（Andrew Obin）。

Sure. Just -- this is David Ridley-Lane on for Andrew Obin. Wondering if you did see any impact from destocking? And is any included in your forward guidance?

當然。只是——這是安德魯·奧賓的大衛·里德利·萊恩。想知道您是否確實看到了去庫存的影響？您的前瞻性指導中是否包含任何內容？

Yes. David, this is Mark. Look, the destocking is not a big issue for our business. We've certainly seen some pockets of businesses overall sort of post-COVID where some inventory has been built out. But if you look in our businesses and certainly at the platform level, we're seeing strong underlying growth that is reading through, and I think it's quite evident.

是的。大衛，這是馬克。看，去庫存對我們的業務來說並不是一個大問題。我們確實看到一些企業在新冠疫情之後總體上已經建立了一些庫存。但如果你看看我們的業務，當然還有平台層面，我們會看到強勁的潛在成長，而且我認為這是非常明顯的。

So I think it's indicative of our positions in the market, our product lineups that we have and we're continuing to see really solid demand.

因此，我認為這表明了我們在市場中的地位、我們擁有的產品陣容，以及我們繼續看到真正強勁的需求。

Got it. So you don't -- you're not concerned about inventory levels at distributors currently?

知道了。那麼您不擔心經銷商目前的庫存水準嗎？

There are smaller pockets of that, but I think the overriding sentiment that we have is the basic strength that we have in the businesses. So it's not something that's a big part of our business.

雖然其中有一些較小的部分，但我認為我們擁有的最重要的情緒是我們在業務中擁有的基本實力。所以這不是我們業務的重要組成部分。

David, just to add, importantly, the areas where there could be some destocking and there's nothing that is unanticipated. It's less than 15% of our total revenues. So not a material part of our business where we would get impacted by any destocking. Everything is playing out as expected, no surprises.

大衛，我想補充一點，重要的是，可能會去庫存的領域，並且沒有什麼是意料之外的。這還不到我們總收入的 15%。因此，我們業務的重要組成部分不會受到任何去庫存的影響。一切都在預期中進行，沒有什麼意外。

And just a quick follow-up. How do these recent wins change kind of your growth trajectory at Invenco? How do you think about growth over kind of a longer-term, 3-year-plus type time horizon?

只是快速跟進。最近的這些勝利如何改變您在 Invenco 的成長軌跡？您如何看待三年以上的長期成長？

Yes. I think what we're seeing with Invenco by GVR and these recent wins that we have is just build off the momentum that we've previously announced. And I think it's just an outstanding growth platform. Our Mobility Technologies is a set of businesses with leading operating systems that serve the mobility ecosystem.

是的。我認為我們在 GVR 的 Invenco 上看到的以及我們最近的這些勝利只是建立在我們之前宣布的勢頭之上。我認為這只是一個出色的成長平台。我們的行動技術是一系列擁有領先作業系統的企業，為行動生態系統提供服務。

And whether you're talking about the convenience store where we're getting outstanding traction as this industry is consolidating, they're trying to get operational productivity of their assets, they're having to deal with ongoing regulatory changes and they need the software to be able to operate that and be more productive. And so we're seeing Invenco by GVR and those recent wins clearly building some really significant momentum there.

無論您談論的是便利商店，隨著這個行業的整合，我們都獲得了顯著的吸引力，他們正在努力提高其資產的運營生產力，他們必須應對持續的監管變化，他們需要軟體能夠操作它並提高生產力。因此，我們看到 GVR 的 Invenco 和最近的勝利顯然在那裡建立了一些真正重要的勢頭。

And then that also links with the other operating systems in the space, whether it's the car wash systems or electric charging network build-outs. And we think that over a longer period of time, that accrues to a very solid growth rate, which gives us confidence in our mid-single-digit growth for Vontier overall.

然後，這也與該領域的其他作業系統相關聯，無論是洗車系統還是充電網路建設。我們認為，在較長一段時間內，這會帶來非常穩健的成長率，這讓我們對 Vontier 整體中個位數的成長充滿信心。

I'll also just add that really when you think of the business model, not only do you get the initial hardware sales because these are intelligent hardware plus software devices, you also get the recurring revenue, so -- which gives us long-term traction and visibility into our revenue out there.

我還要補充一點，當你考慮商業模式時，你不僅可以獲得最初的硬體銷售，因為這些是智慧硬體加軟體設備，你還可以獲得經常性收入，所以——這給了我們長期的收益我們的收入的吸引力和可見性。

And your next question comes from the line of Nigel Coe from Wolfe Research.

您的下一個問題來自沃爾夫研究中心的奈傑爾·科 (Nigel Coe)。

DRB remains very strong double-digit growth. I think last quarter was like plus 20%, if I'm not mistaken. Just how does the second half look, what we got baked in for DRB? And the third of my question is that your major competitor called out some weakness in their car wash business. So just curious how you see this second half developing?

DRB 仍然保持非常強勁的兩位數成長。如果我沒記錯的話，我認為上個季度的成長率大約是 20%。下半場看起來怎麼樣，我們為 DRB 準備了什麼？我的第三個問題是，你們的主要競爭對手指出了他們洗車業務的一些弱點。所以只是好奇你如何看待下半年的發展？

Yes. So Nigel, we still see really solid growth in this business. I think what you're highlighting is what we've been talking about is we see slowing growth but still really high growth. We believe that this is going to kind of normalize into a high single-digit growth rate.

是的。所以奈傑爾，我們仍然看到這項業務的真正穩健成長。我認為你強調的是我們一直在談論的是我們看到成長放緩，但仍然非常高成長。我們相信，這將正常化為高個位數成長率。

And the reason being and the reason why it gives us confidence is that we see a lot of folks in the space that are consolidating the industry and they're continuing to build out their footprint and they need the tools to be able to manage that more effectively. They need the software to make that more productive. They need the software and capabilities for connected hardware to provide for a better consumer experience, they know how to price accurately in this environment, and we provide the tools and capabilities to do that.

原因以及它給我們信心的原因是，我們看到該領域有很多人正在整合該行業，他們正在繼續擴大自己的足跡，他們需要工具來管理更多有效地。他們需要軟體來提高工作效率。他們需要連接硬體的軟體和功能來提供更好的消費者體驗，他們知道如何在這種環境下準確定價，而我們提供了實現這一點的工具和功能。

We don't make the rollers. We don't make the brushes. We don't make the hardware. We make the intelligence to enable folks consolidating the industry to be more productive and be better to attract their consumers. And that's exactly where we think the market is going, and that's why we're seeing good growth out of that business.

我們不生產滾筒。我們不生產刷子。我們不生產硬體。我們提供情報，幫助整合產業的人們提高生產力，更好地吸引消費者。這正是我們認為市場的發展方向，也是我們看到這項業務良好成長的原因。

That's great. And then my follow-on is on the U.S. dispensers. It seems like you tracked pretty much online with the $80 million headwind. It was more or less what you reported, I think, this quarter. We normally see some seasonal build in that business in the second half of the year. It doesn't look like your guide embeds that. So -- but yet, the commentary sounds pretty bullish. So just trying to square the circle there. Any help?

那太棒了。然後我的後續話題是美國飲水機。看來你在網路上追蹤了 8000 萬美元的逆風。我認為這或多或少是您本季報告的內容。我們通常會在下半年看到該業務的一些季節性成長。您的指南似乎沒有嵌入這一點。所以——但是，評論聽起來相當樂觀。所以只是要把圓變成方。有什麼幫助嗎？

Yes. So what we said in the prepared remarks, the $300 million, which is the EMV sunset, there's no change to that. So putting that aside, the underlying business, which is the U.S. dispensers for new-to-industry or site refresh rebuilds, that is actually trending better than our expectations. We are at the beginning of the year, and we're seeing strong growth in that business.

是的。因此，我們在準備好的演講中所說的 3 億美元，即 EMV 日落，沒有任何變化。因此，拋開這一點，基礎業務，即美國新產業或站點更新重建的分配器，實際上的趨勢比我們的預期要好。我們正處於今年年初，我們看到該業務的強勁成長。

So there will be a ramp in the baseline U.S. dispenser business driven by new to industry, site refresh, site rebuilds where we have a good market share with the large regional -- national and regional players that are building out. But what we also said is the $300 million peak to trough for EMV, there's no change to that.

因此，在新產業、站點更新、站點重建的推動下，美國加油機業務的基線將會成長，我們與正在建造的大型區域——國家和區域參與者擁有良好的市場份額。但我們也說過，EMV 從峰谷到谷底的 3 億美元，這一點沒有改變。

Okay. That's great. And then just -- it might be helpful to maybe just unpack the margins by segment for 3Q, the 400 basis points of contraction, but I'll leave it there and pass it on.

好的。那太棒了。然後，也許按部門解開第三季的利潤率（收縮 400 個基點）可能會有所幫助，但我將把它留在那裡並繼續下去。

Yes. I think the best way to think about margins by segment for the third quarter are relatively flat, give or take, 50 basis points, plus or minus, to Q2 of this year. So sequentially flattish. Last year, we had a few items that made compares a little difficult, but really start thinking of margin sequentially from Q2 to Q3 by segment and that will be more helpful to model out.

是的。我認為，考慮第三季各細分市場利潤率的最佳方式是，與今年第二季相比，上下浮動 50 個基點，上下浮動。所以依序平坦。去年，我們有一些項目使比較有點困難，但真正開始按細分市場從第二季到第三季按順序考慮利潤率，這將更有利於建模。

And your next question comes from the line of (inaudible) from Citi.

您的下一個問題來自花旗銀行（聽不清楚）。

This is Sahil on for Andy Kaplowitz. Just a follow-on to a previous question. Vontier is targeting 35% recurring revenue in the next 3 years, 40% by 2028. We're 30% currently, and you called out key wins in iNFX in EV charging. Would you characterize yourselves as ahead of pace in achieving the near-term goal?

我是薩希爾（Sahil）為安迪·卡普洛維茨（Andy Kaplowitz）發言。只是上一個問題的後續。 Vontier 的目標是在未來 3 年實現 35% 的經常性收入，到 2028 年達到 40%。目前我們的目標是 30%，您指出了 iNFX 在電動車充電方面取得的重大勝利。您是否認為自己在實現近期目標方面處於領先地位？

Yes. I think the recurring revenue theme is no question building some momentum here. Not only did we talk about the build-out of the operating system for electric charge networks, but also Invenco by GVR and iNFX solution, that is predominantly all SaaS software, and this is a cloud-based software. That is, there is a connected hardware component, but that's a relatively small portion of that sale.

是的。我認為經常性收入主題無疑會在這裡建立一些動力。我們不僅討論了充電網路作業系統的構建，還討論了 GVR 和 iNFX 解決方案的 Invenco，該解決方案主要是 SaaS 軟體，這是一個基於雲端的軟體。也就是說，有一個連接的硬體組件，但這只佔銷售額的一小部分。

These are multiyear contracts, 4-, 5-year contracts, that provide SaaS offerings. So I think you can really see many parts of our business building on that recurring revenue theme.

這些是多年合約、4 年、5 年合約，提供 SaaS 產品。因此，我認為您確實可以看到我們業務的許多部分都建立在經常性收入主題的基礎上。

Awesome. Great color. And my follow-on is, you're shipping your first hydrogen units this month. And given the nascent hydrogen infrastructure in the United States and the projected $10 billion in hydrogen-related spend by 2050, do you have a sense of how big a driver hydrogen could be for the ANGI business long term?

驚人的。顏色很棒。我的後續行動是，你們本月將運送第一批氫氣裝置。考慮到美國新興的氫基礎設施以及預計到 2050 年氫相關支出將達到 100 億美元，您是否知道氫對 ANGI 業務的長期驅動力有多大？

Yes. It's a great stepping stone for us because we're experts in dispensing high-pressure. Predominantly LNG, RNG requires that. It's difficult to do given the reliability and safety concerns and regulatory concerns around that. So for us, it's a very natural stepping stone for our ANGI business. As you can see, ANGI business is experiencing very high growth now and the business is approaching about $90 million at the end of this year at a very strong growth rate.

是的。這對我們來說是一個很好的墊腳石，因為我們是分配高壓的專家。主要是 LNG，RNG 需要這一點。考慮到可靠性、安全性以及監管方面的擔憂，這是很難做到的。所以對我們來說，這是我們 ANGI 業務的一個非常自然的墊腳石。正如您所看到的，ANGI 業務現在正在經歷非常高的成長，到今年年底該業務將以非常強勁的速度接近 9,000 萬美元左右。

And we can build off that platform with hydrogen, and we see an excellent pipeline of folks that are really lined up to be able to benefit from that. It's not just dispensing, it's the entire turnkey solution for hydrogen. So we definitely see that as a growth driver building off the ANGI business base.

我們可以用氫來建造這個平台，我們看到了一個優秀的人才隊伍，他們確實能夠從中受益。它不僅僅是分配，它還是氫氣的整個交鑰匙解決方案。因此，我們肯定將其視為建立 ANGI 業務基礎的成長動力。

Thank you. Mr. Morelli, there are no further questions at this time. Please proceed.

謝謝。莫雷利先生，目前沒有其他問題。請繼續。

Yes. Thank you, Jana. Before we close, I just wanted to thank the teams across Vontier. I'm incredibly proud of the performance and dedication of our teams that really enable us to deliver top-tier financial performance. And I think that benefits not only all employees, but all our stakeholders. So thank you for joining us on today's call, and we look forward to catching up with many of you soon. Have a great day.

是的。謝謝你，賈娜。在我們結束之前，我只想感謝 Vontier 的團隊。我對我們團隊的表現和奉獻感到無比自豪，這確實使我們能夠提供頂級的財務表現。我認為這不僅有利於所有員工，也有利於我們所有的利害關係人。感謝您參加今天的電話會議，我們期待很快與你們中的許多人聯繫。祝你有美好的一天。

Thank you. Ladies and gentlemen, that does conclude our conference for today. Thank you all for participating. You may all disconnect.

謝謝。女士們、先生們，今天的會議到此結束。感謝大家的參與。你們都可以斷開連線。