Vontier Corp (VNT) 2025 Q2 法說會逐字稿

Good morning, ladies and gentlemen, and welcome to the Vontier Second Quarter 2025 Earnings Call. At this time, all lines are in listen-only mode. (Operator Instructions) This call is being recorded on Thursday, July 31, 2025, and a replay will be available shortly after.

女士們、先生們，早安，歡迎參加 Vontier 2025 年第二季財報電話會議。此時，所有線路都處於只聽模式。（操作員指示）此通話於 2025 年 7 月 31 日星期四錄製，之後不久將提供重播。

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

現在，我想將電話會議交給 Vontier 投資者關係副總裁 Ryan Edelman 先生。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. 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.

謝謝。大家早安，感謝大家今天早上參加我們的電話會議，討論我們的第二季業績。今天與我一起出席的還有我們的總裁兼執行長馬克莫雷利 (Mark Morelli) 和我們的高級副總裁兼財務長安舒曼阿加 (Anshooman Aga)。您可以在我們網站 investors.vontier.com 的投資者關係部分找到我們的新聞稿以及我們將在今天的電話會議中參考的幻燈片演示。

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. 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.

請注意，在今天的電話會議中，我們將介紹某些非公認會計準則財務指標。我們還將根據聯邦證券法的含義做出前瞻性陳述，包括有關我們預期或預期將來會發生或可能發生的事件或發展的陳述。這些前瞻性陳述受風險和不確定性的影響。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這些陳述的義務。有關這些因素的資訊可能導致實際結果與這些前瞻性陳述有重大差異，可在我們的網站和美國證券交易委員會 (SEC) 文件中查閱。

With that, please turn to slide 3, and I'll turn the call over to Mark.

說完這些，請翻到投影片 3，我會把電話轉給馬克。

Thanks, Ryan, and good morning, everyone. Thank you for joining us on the call today. We delivered strong second quarter results with core sales, adjusted operating profit and adjusted EPS exceeding our guidance, reflecting disciplined execution against a dynamic backdrop. Core sales growth of 11% was led by Mobility Technologies and environmental and Healing solutions, which both grew over 15% in the quarter. Orders were up 8% organically, and our book-to-bill was approximately [1%] in the quarter.

謝謝，瑞安，大家早安。感謝您今天參加我們的電話會議。我們第二季的業績表現強勁，核心銷售、調整後營業利潤和調整後每股盈餘都超出預期，反映了我們在動態環境下的嚴謹執行。核心銷售額成長 11%，主要得益於行動技術以及環境和治療解決方案，這兩個部門在本季的銷售額均成長了 15% 以上。本季訂單量有機成長了 8%，訂單出貨比約為 [1%]。

We're encouraged by the market's acceptance of our new product introductions, validating the R&D investments we've made, strengthening our competitive advantage.

市場對我們新產品的接受度令我們感到鼓舞，這驗證了我們所做的研發投資，增強了我們的競爭優勢。

The traction we are seeing demonstrates Vontier's unique position to capitalize on secular trends across our end markets. Our innovative solutions and deep domain expertise create a compelling value proposition for our customers, unlocking growth, improving productivity and elevating their customer experience. This is a testament to our team who has been instrumental in focusing our business on process improvements and new product innovation.

我們所看到的牽引力證明了 Vontier 的獨特地位，可以利用我們終端市場的長期趨勢。我們的創新解決方案和深厚的領域專業知識為我們的客戶創造了引人注目的價值主張，促進了成長，提高了生產力並提升了客戶體驗。這證明了我們的團隊在將業務重點放在流程改善和新產品創新方面發揮了重要作用。

I couldn't be more thankful for their hard work and dedication. Adjusted operating profit increased 15% year-over-year with margin expansion of 80 basis points. This improvement reflects the benefits of ongoing simplification efforts and productivity gains driven by the Vontier Business System and what we call our focus and prioritization process or our 80/20 initiatives.

我非常感謝他們的辛勤工作和奉獻精神。調整後營業利潤年增 15%，利潤率擴大 80 個基點。這項改進反映了 Vontier 業務系統以及我們所謂的重點和優先排序流程或 80/20 計畫所推動的持續簡化工作和生產力提升所帶來的好處。

While tariff-related cost pressures are real, we were able to maintain positive price cost in the second quarter. We delivered another quarter of free cash flow conversion above seasonal norms. This enables us to maintain our dynamic capital allocation program with ongoing share repurchases at attractive levels and a bolt-on acquisition completed during the quarter. We continue to advance our strategic priorities with an intensifying focus on operational discipline and commercial excellence, critical in navigating the current macro environment.

儘管與關稅相關的成本壓力確實存在，但我們在第二季仍能保持正的價格成本。我們又實現了一個季度的自由現金流轉換高於季節性正常水準。這使我們能夠維持我們的動態資本配置計劃，持續以有吸引力的水平回購股票，並在本季度完成附加收購。我們繼續推進我們的策略重點，更加重視營運紀律和商業卓越，這對於應對當前的宏觀環境至關重要。

These efforts are underpinned by our three-pillar value-creation framework, with Pillar 1 centered on self-help and Pillars 2 and 3 driving sustainable organic revenue growth. Under Pillar 1, optimizing our core, we delivered meaningful operational efficiencies in the first half, supported by our 80/20 process initiatives.

這些努力以我們的三大支柱價值創造框架為基礎，其中支柱 1 以自助為中心，支柱 2 和支柱 3 推動可持續的有機收入成長。在支柱一「優化核心」的指導下，在 80/20 流程措施的支持下，我們在上半年實現了顯著的營運效率提升。

At Fueling Solutions, we are driving further savings through product line simplification and lean manufacturing to countermeasure tariff-related cost headwinds. We've reduced labor costs by nearly 10% year-to-date at our Greensboro dispenser facility through increasing labor efficiency and reducing over time. At the same time, we've identified incremental simplification opportunities, including actions to reduce the cost of quality by more than half over the next couple of years.

在 Fueling Solutions，我們透過簡化產品線和精益製造來進一步節省成本，以應對與關稅相關的成本阻力。透過提高勞動效率和減少加班時間，我們今年迄今已將格林斯博羅分配器工廠的勞動成本降低了近 10%。同時，我們已經確定了逐步簡化的機會，包括在未來幾年內將品質成本降低一半以上的行動。

We're also moving forward on a number of opportunities to optimize our regional footprint in various international markets, ensuring we are aligning our resources to the most profitable regions and product lines. We're advancing an agreement to divest our European Service business, which exemplifies this effort.

我們也持續推進一系列機會，以優化我們在各個國際市場的區域佈局，確保將我們的資源投入到最有利可圖的地區和產品線上。我們正在推動一項剝離歐洲服務業務的協議，這反映了這項努力。

At Invenco, we set up our global software factory last year, which reduced our overall engineering labor cost by 30%. Invenco is on track to double its engineering velocity this year while driving R&D efficiency through automation, the use of AI and global scale. As it relates to tariffs, we've made significant progress on our mitigation initiatives year-to-date. From a supply chain standpoint, our primary focus is reducing our exposure to China with several major projects underway expected to complete in the second half.

在 Invenco，我們去年建立了全球軟體工廠，這使我們的整體工程勞動力成本降低了 30%。Invenco 預計將在今年將其工程速度提高一倍，同時透過自動化、人工智慧和全球規模來提高研發效率。就關稅而言，今年迄今為止，我們在緩解措施方面取得了重大進展。從供應鏈的角度來看，我們的首要重點是減少對中國的依賴，目前正在進行的幾個主要項目預計將在下半年完成。

Within Repair Solutions, for example, we started the year with 20% exposure to China with the goal of reducing this to less than 10% by year-end. We implemented pricing actions mid-quarter, and we expect the benefits to ramp in Q3 and Q4 with price expected to offset about half of our updated tariff exposure. Innovation has been a cornerstone of our Pillar 2, expand the core initiatives and a key driver of above-market organic growth. Our disciplined investments in new product development are strategically aligned with powerful secular drivers, including digital transformation. This underpins our connected mobility strategy and positions us to capture evolving customer needs.

例如，在維修解決方案領域，我們年初在中國的業務佔比為 20%，目標是到年底將這一比例降至 10% 以下。我們在本季中期實施了定價措施，預計第三季和第四季的收益將會增加，價格預計將抵消我們更新後的關稅風險的一半左右。創新一直是我們第二支柱的基石，擴大了核心舉措，也是超越市場的有機成長的關鍵驅動力。我們對新產品開發的嚴格投資與數位轉型等強大的長期驅動力在策略上保持一致。這鞏固了我們的互聯行動策略，並使我們能夠滿足不斷變化的客戶需求。

The benefits are evident across our portfolio but are perhaps most visible at Mobility Technologies.

這些優勢在我們的整個產品組合中都顯而易見，但或許在 Mobility Technologies 中最為明顯。

As an example, the Invenco team has successfully accelerated adoption of the FlexPay 6 payment terminal with over 50% of new dispensers leaving the factory with the FlexPay 6 unit. Our market-leading global dispenser base provides us with a sizable funnel of upgrade and replacement opportunities ahead. As we migrate customers to FlexPay 6, we enable flexible on-site commerce, which unlocks revenue growth potential for customers and enables recurring revenue for Vontier.

例如，Invenco 團隊成功加速了 FlexPay 6 支付終端的採用，超過 50% 的新分配器出廠時都配備了 FlexPay 6 裝置。我們市場領先的全球分配器基地為我們提供了大量的升級和更換機會。當我們將客戶遷移到 FlexPay 6 時，我們實現了靈活的現場商務，這為客戶釋放了收入成長潛力並為 Vontier 帶來了經常性收入。

We are actively expanding our recurring revenue base, a key strategic initiative for Vontier. Invenco's recurring revenue, which accounts for about 35% of the base was up 17% year-over-year, as the installed base of iNFX continues to ramp and as the feature set continues to expand. We've nearly completed the initial deployment with Shell and continue to make good progress for Chevron and recently surpassed 1 billion transactions on our iNFX payment servers.

我們正在積極擴大我們的經常性收入基礎，這是 Vontier 的一項關鍵策略舉措。Invenco 的經常性收入約佔基數的 35%，隨著 iNFX 安裝基數的不斷增加和功能集的不斷擴展，該收入同比增長 17%。我們與殼牌的初始部署已接近完成，並繼續為雪佛龍取得良好進展，最近我們的 iNFX 支付伺服器交易量已超過 10 億筆。

Invenco's solutions cater to executing fuel and in-store commerce, driving more consumer engagement through loyalty and media and ensuring assets, physical and digital are available when a consumer is transacting. We are enabling all this with leading-edge technologies that are transforming and enhancing the way convenience retailers operate their businesses.

Invenco 的解決方案適用於執行燃料和店內商務，透過忠誠度和媒體推動更多消費者參與，並確保消費者交易時資產（實體和數位）可用。我們利用尖端技術來實現這一切，這些技術正在改變和增強便利零售商的經營方式。

Environmental and Fueling Solutions delivered broad-based growth across both above ground dispensers and underground environmental sensing and monitoring. Our Environmental Solutions business continues to capitalize on multiyear replacement opportunities, particularly through automated tank gauge upgrade with an installed base of over 350,000 ATG units globally. Our new TLS-450PLUS connected ATG, offers market-leading technology for advanced fuel management, enabling real-time monitoring, improved accuracy and proactive maintenance that reduce downtime and lower operating costs for our customers.

環境和加油解決方案在地上加油機和地下環境感測和監測方面實現了廣泛的成長。我們的環境解決方案業務繼續利用多年的更換機會，特別是透過自動油箱計量器升級，全球已安裝了超過 350,000 個 ATG 裝置。我們全新的 TLS-450PLUS 連網 ATG 提供市場領先的先進燃料管理技術，可實現即時監控、提高準確性和主動維護，從而減少停機時間並降低客戶的營運成本。

Just this quarter, we were thrilled to be selected by one of the largest global c-store operators in North America to upgrade their entire installed base of ATGs across 4,500 sites over the next five years. Alongside the equipment upgrade, this customer will adopt Veeder-Root's new cloud-based device management software. This application will collect data from on-site environmental devices across their network and produce outcomes that improve uptime and asset reliability as well as reduced maintenance costs.

就在本季度，我們很高興被北美最大的全球便利商店營運商之一選中，在未來五年內升級其在 4,500 個站點安裝的全部 ATG 基礎。除了設備升級之外，該客戶還將採用 Veeder-Root 新的基於雲端的設備管理軟體。該應用程式將從其網路中的現場環境設備收集數據，並產生提高正常運行時間和資產可靠性以及降低維護成本的結果。

This integrated approach highlights our ability to cross-sell and deliver future-proof scalable solutions that unify for core and site management, helping our customers maximize operational efficiency and make smarter decisions across their entire network. It also highlights the meaningful progress we're making on our efforts to deliver fully integrated solutions and technologies by leveraging our relationships with some of the largest global convenience retail operators.

這種整合方法凸顯了我們交叉銷售和提供面向未來的可擴展解決方案的能力，這些解決方案統一了核心和站點管理，幫助我們的客戶最大限度地提高營運效率並在整個網路中做出更明智的決策。它也凸顯了我們透過利用與一些全球最大的便利零售營運商的關係，在提供完全整合的解決方案和技術方面所取得的重大進展。

Our commitment to new product development remains strong with R&D investments having around 6% of total sales. We're redeploying resources freed up by our Pillar 1 80/20 initiatives to create capacity for margin expansion and growth. This enables Pillar 2 successes, including a focus on connected hardware and smart software that enables higher recurring revenue streams across the portfolio.

我們始終致力於新產品開發，研發投資約佔總銷售額的 6%。我們正在重新部署支柱 1 80/20 計畫釋放的資源，以創造利潤擴張和成長的能力。這使得第二支柱取得成功，包括專注於互聯硬體和智慧軟體，從而實現整個產品組合中更高的經常性收入流。

Given our strong first half results, we're raising our full year guide with adjusted EPS on track for high single-digit growth. While tariff headwinds and macro uncertainties are still expected to weigh on demand in the second half, particularly in Repair Solutions, key end markets such as convenience retail and fueling continue to show resilience. We are confident we're on the right path to delivering sustainable above-market growth. As we navigate through the remainder of the year, we'll remain agile and focused on controlling what we can, while delivering innovative solutions for our customers and driving value for our shareholders.

鑑於我們上半年業績強勁，我們上調了全年預期，調整後的每股盈餘預計將實現高個位數成長。儘管關稅逆風和宏觀不確定性預計仍將對下半年的需求造成壓力，尤其是在維修解決方案領域，但便利零售和加油等主要終端市場繼續表現出韌性。我們相信，我們正走在實現可持續高於市場成長的正確道路上。在今年剩餘的時間裡，我們將保持敏捷並專注於控制我們所能控制的事情，同時為我們的客戶提供創新的解決方案並為我們的股東創造價值。

With that, I'll turn the call over to Anshooman.

說完這些，我會把電話轉給 Anshooman。

Thanks, Mark, and good morning, everyone. I'll start off with a summary of our consolidated results for Q2 on slide 4. As Mark mentioned, we had a very strong second quarter with sales, adjusted operating profit margin and EPS coming in at or above the high end of our guidance range. Sales of $774 million increased 11%, both on a reported and core basis. Recognizing, we had a favorable prior year comparison in Q2 on a two-year stack basis, total Vontier core sales are up approximately 8%.

謝謝，馬克，大家早安。我先從投影片 4 上的第二季綜合業績摘要開始。正如馬克所提到的，我們第二季表現非常強勁，銷售額、調整後的營業利潤率和每股盈餘都達到或超過了我們預期範圍的高端。銷售額達 7.74 億美元，報告銷售額和核心銷售額均成長 11%。我們意識到，以兩年疊加計算，第二季與去年同期相比表現良好，Vontier 核心產品總銷售額成長了約 8%。

Overall, roughly 70% of our portfolio outperformed in the quarter, reflecting the strong progress we are making in a resilient end market and the success of a new product introductions. (inaudible) Sales outperformance benefited by approximately $15 million to $20 million related to favorable shipment timing given a planned factory maintenance outage and a successful ERP go live both in the first week of July.

總體而言，本季我們約 70% 的投資組合表現出色，反映了我們在有彈性的終端市場中取得的強勁進展以及新產品的成功推出。（聽不清楚）由於工廠計劃內維護停機和 ERP 成功上線均在 7 月第一周，因此發貨時間有利，銷售額因此增長了約 1500 萬至 2000 萬美元。

Adjusted operating profit margin improved 80 basis points year-over-year and adjusted EPS increased 25% to $0.79 above the high end of our guidance range. Adjusted free cash flow of $89 million increased significantly versus the prior year and reflects a seasonably strong 76% conversion to adjusted net income or approximately 12% of sales.

調整後的營業利潤率同比提高了 80 個基點，調整後的每股收益增長 25%，達到 0.79 美元，高於我們指導範圍的高端。調整後的自由現金流為 8,900 萬美元，較上年大幅增加，反映出季節性強勁的 76% 轉換為調整後的淨收入或約佔銷售額的 12%。

Turning to our segment results, starting on slide 5. Environmental and Fueling Solutions delivered core growth of nearly 16%, bringing first half growth to over 8%. Shipments of dispensers increased over 20% in the second quarter, with strong growth in both North America and rest of the world. We are seeing strong demand tied to new build activity from large, national and regional players as well as (inaudible) refresh and replacement activity.

從投影片 5 開始，轉向我們的細分結果。環境和燃料解決方案的核心業務成長了近 16%，使上半年的成長率達到 8% 以上。第二季度，分配器的出貨量成長了 20% 以上，北美和世界其他地區均實現了強勁成長。我們看到來自大型、全國性和地區性參與者的新建活動以及（聽不清楚）更新和更換活動的需求強勁。

Environmental Solutions also showed strong momentum, growing high teens in the quarter, fueled by new product launches and higher shipments of submersible pumps related to last year's India tender win. Segment operating profit margin expanded another 50 basis points, driven by volume leverage, combined with strong self-help measures and disciplined cost management.

環境解決方案部門也表現出強勁勢頭，本季實現了高成長，這得益於新產品的推出以及去年印度招標中標帶來的潛水泵出貨量的增加。在銷售槓桿、強而有力的自救措施和嚴格的成本管理的推動下，分部營業利潤率又擴大了 50 個基點。

On slide 6, Mobility Technologies core sales grew 18% driven by solid performance at Invenco, up strong double digits in the quarter on higher shipments of payment technology and enterprise productivity solutions. DRB sales declined in the teens year-over-year, relatively consistent with what we were anticipating. While the industry is experiencing some minor project timing delays, car wash operators are bullish regarding the CapEx plans going forward. We still expect DRB to inflect positive later this year as new build and replacement activity continues and as we drive higher customer conversion to a Patheon software platform.

在第 6 張投影片中，受 Invenco 強勁表現的推動，Mobility Technologies 核心銷售額成長了 18%，由於支付技術和企業生產力解決方案出貨量的增加，本季實現了強勁的兩位數成長。DRB 的銷售額年減了百分之十幾，與我們的預期相對一致。儘管該行業正在經歷一些輕微的專案時間延遲，但洗車業者對未來的資本支出計畫持樂觀態度。隨著新建和更換活動的繼續，以及我們推動更高的客戶轉換到 Patheon 軟體平台，我們仍然預計 DRB 將在今年稍後出現積極變化。

Conversion rates for Patheon contributed to approximately 2% increase in software revenue for DRB in the quarter. Mobility Tech's operating profit margin increased over 180 basis points versus the prior year on strong volume leverage and cost savings from Pillar 1 initiatives.

Patheon 的轉換率促使 DRB 本季軟體營收成長約 2%。由於強勁的銷售槓桿和支柱 1 計劃帶來的成本節約，Mobility Tech 的營業利潤率比上年增加了 180 個基點以上。

On slide 7, Repair Solutions sales were flat compared to the prior year as ongoing market pressures offset the gains expected from the annual Matco Expo. Sales strength post expo confirm that we experienced elevated prebuy activity. Sell-through of the truck was down mid-single digits in the first half, but exceeded sell-in, suggesting distributors were destocking. Tool storage and hard lines declined in the quarter, offset in part by strength in specialty, power tools and branded merchandise.

在第 7 張投影片上，修復解決方案的銷售額與去年持平，因為持續的市場壓力抵消了年度 Matco Expo 預期帶來的收益。展會後的銷售強勁證實了我們經歷了高漲的預購活動。上半年卡車的銷售量下降了中個位數，但超過了銷售量，這表明分銷商正在去庫存。本季工具儲存和硬線的銷售量下降，但專業工具、電動工具和品牌商品的銷售量強勁，部分抵消了這一影響。

While higher ticket product categories remain under pressure, we continue to see solid demand for lower price point tools that improve technicians' productivity. We made clear progress in focusing our offerings on these categories with their new product vitality up nearly 50% year-over-year for the first half of 2025. Two notable examples of these lower price point offerings are the new folding clip lifter and their ready tool cut. These products were developed after extensive voice of the customer work and performed well through expo and the remainder of the quarter.

儘管高價位產品類別仍然面臨壓力，但我們仍然看到對提高技術人員生產力的低價位工具的強勁需求。我們在專注於這些類別的產品方面取得了明顯進展，2025 年上半年這些類別的新產品活力同比增長近 50%。這些較低價格產品的兩個顯著例子是新型折疊夾升降器及其現成的工具切割。這些產品是在廣泛聽取客戶意見後開發的，並且在博覽會和本季剩餘時間內表現良好。

Segment operating profit declined $700,00 on flat revenue, reflecting mix headwinds, offset in part by Pillar 1 actions that drove cost savings in the quarter.

在收入持平的情況下，部門營業利潤下降了 70 萬美元，反映了混合不利因素，但部分被推動本季成本節約的第一支柱行動所抵消。

Turning to the balance sheet and cash flow on slide 8. Our net leverage ratio stepped down sequentially to 2.5x, highlighting the health of our balance sheet. We completed another $50 million in share buybacks in the quarter, bringing us to $105 million in the first half. Over the past three-plus years, we have now completed over $730 million and share buybacks, representing 15% of our shares outstanding.

前往投影片 8 上的資產負債表和現金流量表。我們的淨槓桿率連續下降至 2.5 倍，凸顯了我們資產負債表的健康狀況。我們在本季又完成了 5,000 萬美元的股票回購，使上半年的股票回購總額達到 1.05 億美元。在過去三年多的時間裡，我們已完成超過 7.3 億美元的股票回購，占我們流通股的 15%。

Turning to our updated outlook assumptions for Q3 and the full year on slide 9. For the third quarter, we project revenues in the range of $745 million to $755 million. At the midpoint, we expect core sales to be roughly flat. Adjusted EPS is expected in the range of $0.74 to $0.78, up mid-single digits. Both the top and bottom line reflects the impacts of the shipment timing dynamics I mentioned earlier.

轉向幻燈片 9 上我們對第三季和全年的最新展望假設。我們預計第三季的營收將在 7.45 億美元至 7.55 億美元之間。從中期來看，我們預期核心銷售額將大致持平。調整後的每股收益預計在 0.74 美元至 0.78 美元之間，上漲中等個位數。頂線和底線都反映了我之前提到的裝運時間動態的影響。

As Mark mentioned at the start of the call, we are raising our full year guidance. Operationally, our outlook for the second half is mostly unchanged. Our full year sales guidance range is now $3.02 billion to $3.07 billion, reflecting our strong operational performance and a tailwind from FX relative to our prior guide. Strength within our Fueling and Invenco business is more than offsetting our outlook for Repair Solutions.

正如馬克在電話會議開始時所提到的，我們正在提高全年業績預期。從營運角度來看，我們對下半年的展望基本上保持不變。我們全年銷售預期範圍目前為 30.2 億美元至 30.7 億美元，這反映了我們強勁的營運業績以及外匯相對於我們先前預期的推動作用。我們的加油和 Invenco 業務的實力足以抵消我們對維修解決方案的前景。

As we have communicated previously, Invenco's core growth will begin lapping more difficult comparisons, with this business having grown 25% on average over the past four quarters. As we look into next year, we still expect Invenco to achieve attractive mid- to high single-digit core growth supported by strong pipeline of opportunities for unified payment and enterprise productivity solutions. Operating margin expansion is expected to be in the range of 20 to 40 basis points, which incorporates lower drop-through on FX. We still expect to fully mitigate tariff headwinds within the year, with encouraging progress made in Q2.

正如我們之前所傳達的，Invenco 的核心成長將開始超越更困難的比較，該業務在過去四個季度中平均成長了 25%。展望明年，我們仍然預計，在統一支付和企業生產力解決方案的強大機會的支持下，Invenco 將實現具有吸引力的中高個位數核心成長。預計營業利潤率將擴大 20 至 40 個基點，其中包括較低的外匯跌幅。我們仍預期年內關稅阻力將全面緩解，第二季將取得令人鼓舞的進展。

We now expect adjusted earnings per share of $3.15 at the midpoint at the high end of our prior guide and equating to 9% growth year-over-year. You can find our other guidance assumptions on the right-hand side of the slide. Based on our first half performance and the recent passage of the big beautiful bill, we are raising our free cash flow conversion target to approximately 100%.

我們現在預計調整後的每股收益為 3.15 美元，處於我們先前指引的高端中點，相當於同比增長 9%。您可以在投影片的右側找到我們的其他指導假設。根據我們上半年的業績以及最近通過的大美法案，我們將自由現金流轉換目標提高到約 100%。

Our teams are well prepared to execute in any environment and the end markets we operate in have proven to be resilient over time. We have a solid runway of self-help opportunities through our Pillar 1 actions, and we are confident in our growth trajectory. Our balance sheet is in good shape. We're generating strong free cash flow and we're returning capital to our shareholders.

我們的團隊已做好充分準備在任何環境下執行任務，並且我們營運的終端市場已被證明具有長期的彈性。透過第一支柱行動，我們擁有堅實的自助機會，我們對我們的成長軌跡充滿信心。我們的資產負債表狀況良好。我們正在產生強勁的自由現金流，並向股東返還資本。

With that, I'll pass the call back over to Mark for his closing comments.

說完這些，我會把電話轉回給馬克，請他發表最後評論。

Thanks, Anshooman. Vontier had great performance in the first half, delivering results that surpassed our guidance ranges and substantiated our strategic priorities. We have the right strategy. We're executing well, and our portfolio transformation is taking hold. I couldn't be more proud of our team's execution against an incredibly complex backdrop. Our focus on innovation is gaining traction, validating the differentiated value propositions we're bringing to market.

謝謝，Anshooman。Vontier 在上半年表現出色，其業績超出了我們的預期範圍，並證實了我們的策略重點。我們的策略是正確的。我們執行得很好，我們的投資組合轉型正在取得進展。我對我們團隊在極其複雜的背景下所表現出的表現感到無比自豪。我們對創新的關注正在獲得越來越多的關注，驗證了我們向市場提出的差異化價值主張。

While we are mindful of the macro environment, we have leading positions in traditionally resilient end markets, and our strategy is well aligned with the needs of the strongest operators in the industry. Our connected mobility strategy deep domain expertise and broad service network provides us with a clear competitive advantage to capitalize on secular trends across our Mobility ecosystem. We have significant runway of self-help opportunities ahead with strong free cash flow and prudent capital allocation, all of which position Vontier well for the future.

雖然我們關注宏觀環境，但我們在傳統上具有彈性的終端市場中佔據領先地位，並且我們的策略與業內最強大的運營商的需求非常一致。我們的互聯行動策略、深厚的領域專業知識和廣泛的服務網絡為我們提供了明顯的競爭優勢，使我們可以利用整個行動生態系統的長期趨勢。我們擁有大量自助機會，擁有強勁的自由現金流和審慎的資本配置，所有這些都為 Vontier 的未來做好了準備。

With that, operator, please open the line for questions.

接線員，請打開熱線來回答問題。

(Operator Instructions)

（操作員指示）

Julian Mitchell, Barclays.

巴克萊銀行的朱利安·米切爾。

I suppose, first off, I just wanted to try and understand as we think about sort of the revenue outlook the second half. How is -- what's dialed in for sort of Repair -- and have you seen a sort of short-term stabilization in that business as it's been under pressure for a couple of years. And then sort of dialing into the fourth quarter sales, should we expect EFS to be sort of flattish year-on-year just because of the very tough comp?

我想，首先，我只是想試著了解我們對下半年收入前景的看法。修復工作進度如何？由於該業務已經承受了幾年的壓力，您是否看到該業務出現了短期穩定？然後談到第四季的銷售額，我們是否應該預期 EFS 的銷售額將比去年同期持平，只是因為競爭非常激烈？

Thanks, Julian. Yes, just from a second half perspective, for Repair Solutions, we're still -- we have a guide of down mid- to high single digits. We're starting to see some signs of stabilization, but it's still a little early and hard to call an inflection in that business. We continue to see the lower price point items that are leading to productivity for the technicians to do well, but we're still seeing declines and some of the higher-priced items. So that's why we're basically calling for that business to be down mid- to high single digits.

謝謝，朱利安。是的，僅從下半年的角度來看，對於修復解決方案，我們仍然 - 我們有一個中高個位數的指導。我們開始看到一些穩定的跡象，但現在還為時過早，很難稱之為該行業的轉折點。我們繼續看到價格較低的產品正在提高技術人員的工作效率，但我們仍然看到一些價格較高的產品的價格下降。這就是為什麼我們基本上預測該業務將下降中高個位數。

However, 80% of our portfolio, which is really Environmental and Fueling and Mobility Technologies, that's both doing really well. Both the markets are resilient, but also the innovation that we've been investing in is paying off, and we're seeing really good traction in those businesses. Mobility Technologies should be up mid-single digits plus to high single digits for the year. EFS should be up mid-single digits for the whole year. So overall, both those businesses trending slightly better than our last guide. And really, we're very proud of the team in terms of innovation and also our go-to-market, which are competitive strengths for us.

然而，我們投資組合中的 80% 實際上是環境、燃料和行動技術，這兩項業務都表現良好。這兩個市場都具有韌性，我們一直在投資的創新也正在獲得回報，我們看到這些業務確實發展勢頭良好。今年，行動技術應該會成長中等個位數至高個位數。全年 EFS 應該會成長中等個位數。因此整體而言，這兩家公司的業務趨勢都比我們上一份指南略好。事實上，我們對團隊的創新能力和行銷能力感到非常自豪，這些都是我們的競爭優勢。

That's helpful. And sort of on the margin front, I think when we look at it, you had a pretty good performance in terms of most of the businesses. It looks like Repair is sort of finding a floor perhaps now. Maybe help us understand kind of what's the scope for Repair margins to move up from here. They're quite a bit below where they were a couple of years ago. What do we need to get those moving higher? And do we expect the other two divisions to be sort of flattish half-on-half in the second half?

這很有幫助。從利潤率來看，我認為，當我們看一下時，你們在大多數業務方面都表現得相當不錯。看起來修復現在可能已經找到了底線。也許可以幫助我們了解修復利潤率從現在開始上升的範圍。與幾年前相比，它們已經下降了很多。我們需要怎麼做才能讓這些進步更顯著？我們是否預期其他兩個部門在下半年的成績會持平？

Just starting off with Repair Solutions, yes, the margins are -- have stabilized. To your question of what would it take for those margins to increase. Obviously, as the market improves and some of the higher price point items start selling better, that will be a tailwind from a mix perspective. Also, over the last two, three years, bad debt has been a challenge for us. write-offs, delinquencies, all are stable. But towards the lower end of where they typically trade over a longer-term period.

從修復解決方案開始，是的，利潤率已經穩定下來。對於您關於如何提高利潤率的問題。顯然，隨著市場好轉，一些高價位商品開始暢銷，從組合角度來看，這將是一個順風。此外，在過去的兩三年裡，壞帳對我們來說一直是個挑戰。註銷、拖欠，一切都很穩定。但它們的長期交易價格通常處於較低水平。

So as the consumer -- health of the consumer improves and some of the delinquency rates come down and the write-offs come down, that will be a tailwind to margins over time also. So I think there is definitely room for margin expansion in the midterm and Repair Solutions just given those two dynamics. And then obviously, Pillar 1 actions where we continue to look at both 80/20 initiatives and productivity initiatives play a good part in terms of driving margin expansion for the business.

因此，隨著消費者健康狀況的改善、拖欠率的下降和註銷率的下降，這也將隨著時間的推移對利潤率產生推動作用。因此，考慮到這兩種動態，我認為中期和修復解決方案的利潤率肯定還有擴大的空間。顯然，我們繼續關注 80/20 計劃和生產力計劃的第一支柱行動在推動業務利潤擴張方面發揮了重要作用。

Julian, this is Mark. One other item is the backdrop on repair, we think, continues to be a good backdrop. We think that the -- our Repair Solutions business is mostly impacted by the consumer or the working class American that is -- it's a bit of a choppy market for them right now. And so their buying behaviors are favoring more value-oriented items, specifically on productivity, which we've got a great lineup for.

朱利安，這是馬克。另一件事是修復的背景，我們認為，仍然是一個很好的背景。我們認為，我們的維修解決方案業務主要受到消費者或美國勞工階級的影響，目前對他們來說市場有點不穩定。因此，他們的購買行為更傾向於價值導向的商品，特別是生產力商品，我們在這方面擁有豐富的產品陣容。

I think what you mentioned is absolutely true. I think that business is stabilizing at this point. But I think the backdrop that we're looking at is sort of an inflection upward -- it's just too early for us to tell exactly when that will happen.

我認為你提到的完全正確。我認為目前業務正在趨於穩定。但我認為，我們所看到的背景是一種向上的轉變——現在判斷這種情況何時會發生還為時過早。

And then, Julian, just on the other two segments, we still expect Mobility Technologies margins for the full year to be up about 100 basis points. So a little bit sequential increase and the margin quality in the back half for them. EFS margins will be up slightly year-on-year. So just that should give you some color for the other two segments on margins.

然後，朱利安，就另外兩個部門而言，我們仍然預計行動技術部門全年利潤率將上漲約 100 個基點。因此，他們的後半部分利潤品質和環比增長略有提高。EFS利潤率將較去年同期略有上升。因此，只需這樣做就可以為邊緣上的另外兩個部分提供一些顏色。

Nigel Coe, Wolfe Research.

沃爾夫研究公司的奈傑爾·科伊。

So I think Anshooman, you called out $15 million to $20 million of pull ahead in EFS. I think there was also a small pull ahead in MT as well, maybe I'm wrong there, but maybe size that. And just based on sort of full year outlook by segment. It seems like the second half, that flattish outlook, it seems like it's sort of bifurcated between low to mid-single-digit growth for EFS and MT and down mid- to high for Repair. I just want to make sure that's correct.

所以我認為，Anshooman，你呼籲 EFS 實現 1500 萬至 2000 萬美元的領先。我認為 MT 也略有領先，也許我錯了，但也許可以衡量一下。並且僅基於各細分市場的全年展望。看起來下半年前景平淡，EFS 和 MT 似乎呈現低到中位數個位數成長與修復呈現中低到高等兩種成長態勢。我只是想確保它是正確的。

Yes. So we did benefit from the shipment timings of about $15 million to $20 million, that was a combined number between both EFS and Mobility Technologies. Mobility Technologies was probably $5 million to $7 million of that. The benefit was really because of the timing of our go-live ERP system at one location and a planned outage for maintenance at another factory where customers requested us to pull in some of the shipments because we were down the first week of July.

是的。因此，我們確實從約 1500 萬至 2000 萬美元的出貨時間中受益，這是 EFS 和 Mobility Technologies 的總和。其中，Mobility Technologies 的價值大概為 500 萬至 700 萬美元。真正帶來好處的是，我們在一個地方上線 ERP 系統的時機恰到好處，而另一個工廠則計劃停機維護，因為我們在 7 月的第一周就停工了，所以客戶要求我們拉一些貨物。

While there can be some quarterly timing differences, we do have a pretty good 2% core growth for the year despite some of the headwinds we've had in Repair Solutions are -- both EFS is growing about mid-single digits for this year, Mobility Technologies is growing mid-single digits plus to high single digits for the year. So really strong performance with those businesses. Our EPS is growing high single digits, free cash flow conversion of about 100% and a free cash flow yield of about 7.5%. So overall, pretty strong metrics or numbers for the year for us.

雖然可能存在一些季度時間差異，但儘管我們在修復解決方案方面遇到了一些阻力，但我們今年的核心增長率確實達到了相當不錯的 2%——今年 EFS 的增長率都在中等個位數左右，移動技術的增長速度也在中等個位數以上到高個位數之間。因此這些業務的表現確實非常強勁。我們的每股盈餘正以高個位數成長，自由現金流轉換率約為 100%，自由現金流收益率約為 7.5%。因此整體而言，今年我們的指標或數字相當強勁。

Agree. Yes. I couldn't agree more. Invenco, continues to grow very strong as you highlighted. Can you maybe just kind of help us kind of size where that business would likely be in 2025 in terms of revenue base? How does the sort of the backlog stroke project funnel look for Invenco? And then just broadening out the conversation a little bit, the recurring revenue portions of drives Invenco portions of DRB, where does the recurring revenue base for Vontier stand today?

同意。是的。我完全同意。正如您所強調的，Invenco 繼續保持強勁成長。您能否幫我們估算一下該業務在 2025 年的收入基礎可能達到什麼水準？Invenco 的積壓衝程專案漏斗是什麼樣的？然後稍微擴大一下主題，驅動 Invenco 的經常性收入部分和 DRB 的部分，Vontier 目前的經常性收入基礎在哪裡？

Yes. So overall, Invenco will be over $600 million this year, probably somewhere around $625 million, $630 million from a revenue perspective. As you mentioned, we've seen some exceptional growth at Invenco for the last four quarters, growth has been over 20%, averaging about 25% a quarter. So definitely going into some more difficult comps. But we still expect good annual growth.

是的。因此總體而言，Invenco 今年的營收將超過 6 億美元，從收入角度來看，大概在 6.25 億美元或 6.3 億美元左右。正如您所提到的，我們看到 Invenco 在過去四個季度中實現了顯著增長，增長率超過 20%，平均每季約為 25%。所以肯定會參加一些更困難的比賽。但我們仍然預計年增長率會很好。

I think next year, we should see mid- to high single-digit growth in this business. So just really the innovation that we're driving in this business, bringing our microservices-based architecture digital solutions that help with both productivity, but also with consumer engagement, really starting to read through.

我認為明年我們應該會看到該業務實現中高個位數成長。因此，我們在這個產業中真正推動的創新，就是帶來基於微服務的架構數位解決方案，既有助於提高生產力，也有助於提高消費者參與度，並真正開始被人們所接受。

From an overall Mobility Technologies perspective, about 40% of our revenue is recurring. DRB's about 35% -- sorry, DRB is about 60%, Invenco about 35% and all of drives is recurring in nature. So overall, we get to about 40% of Mobility Technologies. At a Vontier level, we're probably in the low 30s right now from a recurring revenue, and we include spare parts and stuff like that in our recurring revenue number.

從整體行動技術角度來看，我們的收入約有 40% 是經常性收入。DRB 約為 35%——抱歉，DRB 約為 60%，Invenco 約為 35%，並且所有驅動器本質上都是循環的。總體而言，我們佔據了行動技術的 40% 左右。在 Vontier 級別，我們現在的經常性收入可能處於 30% 出頭，並且我們將備件和類似的東西計入我們的經常性收入數字中。

Nigel, I'm going to add a couple of comments here as well. I mean, not only do we think there are some really good proof points that our investments are paying off for our Connected Mobility strategy, smart hardware, connected, application software. We gave some really good proof point examples. In effect continues to go forward with a ramping installed base and new customer pipeline that is developing. We talked about our environmental or underground offerings. The other piece that also was mentioned was Patheon in the car wash space.

奈傑爾，我也要在這裡加入一些評論。我的意思是，我們不僅認為有一些非常好的證據表明我們的投資正在為我們的互聯行動策略、智慧硬體、互聯應用軟體帶來回報。我們提供了一些非常好的證明例子。實際上，隨著安裝基礎的不斷增加和新客戶管道的不斷發展，公司將繼續向前發展。我們討論了我們的環境或地下產品。另一個被提及的產品是洗車領域的 Patheon。

So as we continue to post these proof points and grow scale care, our integrated solutions are also at higher margins, as you know, and that can also help us overall with Vontier margins. So I'm really pleased with what we're showing. Just as another proof point here, we've got over 1,200 software engineers now at Vontier. So the portfolio is substantially different than it was at the time of spin.

因此，隨著我們繼續發布這些證明點並擴大規模護理，我們的整合解決方案的利潤率也會更高，正如您所知，這也可以幫助我們整體提高 Vontier 利潤率。所以我對我們所展示的內容感到非常滿意。另一個證明是，Vontier 現在有超過 1,200 名軟體工程師。因此，投資組合與分拆時相比有很大不同。

Andrew Obin, Bank of America.

美國銀行的安德魯‧奧賓。

This is David Ridley-Lane on for Andrew. Any initial commentary from the field or conversations you're having with customers about the potential benefit part of the one big beautiful bill was the accelerated depreciation that came back on. Is that a needle mover for some of your more sophisticated customers?

我是 David Ridley-Lane，代替 Andrew 報道。來自現場的任何初步評論或與客戶進行的有關這張美麗大鈔的潛在利益部分的任何對話都是再次出現的加速折舊。對於一些比較成熟的客戶來說，這是否會產生影響？

Yes. Go ahead, Anshooman, do you want to answer that one?

是的。來吧，Anshooman，你想回答這個問題嗎？

Yes. So obviously, looking at the big beautiful bill, the first benefit for us is around free cash flow where the R&D expense can now be expensed versus capitalized and depreciated over time. And that led to us raising our free cash flow guidance from about 90% to about 100% for the year from a conversion perspective.

是的。因此，顯然，看著這張漂亮的大帳單，我們獲得的第一個好處就是自由現金流，研發費用現在可以作為費用，而不是隨著時間的推移而資本化和折舊。從轉換角度來看，這導致我們將今年的自由現金流預期從約 90% 提高至約 100%。

Now the benefits to some of our customers are going to be around the accelerated depreciation where both on the equipment they're buying, but also for production buildings there's some accelerated depreciation available. It's a little early to say what that means in terms of speeding up decisions and the benefit probably would be given the permit cycle and construction cycle, the benefit would probably be next year. But it's definitely good for our customers, especially the smaller operators, which are more cash based and that don't have strong balance sheet. So it's definitely good for business. But I would expect some of the benefits to read through more next year because of the timing of getting some of these projects started.

現在，我們一些客戶將獲得加速折舊的好處，他們購買的設備以及生產建築都可以享受加速折舊。現在說這對於加快決策意味著什麼還為時過早，考慮到許可週期和建設週期，其好處可能要到明年才能顯現。但這對我們的客戶來說絕對是好事，特別是那些規模較小的營運商，他們更依賴現金，而且資產負債表並不強勁。所以這對生意來說絕對是件好事。但由於這些項目即將啟動，我預計明年將會有更多受益。

One segment of customers that we're particularly paying attention to is around DRB, because these tend to be smaller type customers where this kind of effect could read through. But just a little color on where we are on DRB. We definitely saw sales inflect higher in Q2 and we think that was really important because it was the first time in five quarters that we had higher sales. So we definitely see some very encouraging signs there in the marketplace. So anything else like what we're just talking about with certainly (inaudible) and help that, we expect the build to be about flattish, but on the back of also launching and ramping our Patheon, we know there's good returns here. And so we're encouraged on what we're seeing for a return to growth in this business.

我們特別關注的一個客戶群是 DRB，因為這些客戶往往是規模較小的客戶，而這種影響可能會顯現出來。但我們只是稍微了解一下 DRB 的情況。我們確實看到第二季的銷售額有所成長，我們認為這非常重要，因為這是我們五個季度以來首次實現銷售額成長。因此，我們確實在市場上看到了一些非常令人鼓舞的跡象。因此，就像我們剛才談論的任何其他事情一樣（聽不清）並且有助於此，我們預計構建將是平穩的，但在推出和提升我們的 Patheon 的基礎上，我們知道這裡有良好的回報。因此，我們對這項業務恢復成長感到鼓舞。

Got it. And I think -- we understand there's an underground tank replacement cycle, your underground business, I think scoring mid-teens this quarter. Again, sort of sustainability of that, you sort of have these conversations, you kind of can see a pathway to kind of maintaining that growth into a while here?

知道了。我認為——我們了解地下油罐的更換週期，我認為你們的地下業務本季的得分將達到十幾歲。再次，關於這種可持續性，您有這些對話，您能看到在一段時間內保持這種增長的途徑嗎？

Yes, that's -- it's a great point you're bringing up. I'm glad you brought it up. It was pretty early innings on the tank upgrade cycle. When you look at the installed base, you look at the opportunities to do that, and we'll also see international opportunities. We've also invested in our underground business, as we call it, we've come out with new products, including the 4-horsepower pump.

是的，你提出的觀點非常好。我很高興你提出這個問題。坦克升級週期才剛開始。當你查看已安裝的基礎時，你會看到這樣做的機會，我們也會看到國際機會。我們還投資了我們所謂的地下業務，推出了新產品，包括 4 馬力的泵浦。

So we think we've got some real innovations here that really asset base and we talked a little bit about it in the call, but us launching some enhanced offerings, asset management for that is definitely a plus.

因此，我們認為我們在這裡有一些真正的創新，真正的資產基礎，我們在電話會議中談到了這一點，但我們推出一些增強產品，資產管理絕對是一個優勢。

And keep in mind, this is really the first time someone in that industry can do an over-the-air update for security reasons and for improvements in the software. So we continue to advance that offering, and I think we're showing that it's really appreciated. And I think the backdrop on on a real driver like the underground upgrade cycle is definitely going to be a tailwind for some time to come.

請記住，這確實是該行業中第一次有人出於安全原因和軟體改進而進行無線更新。因此，我們繼續推進這一舉措，我認為我們正在表明它確實受到了讚賞。我認為，地下升級週期等真正驅動因素的背景肯定會在未來一段時間內成為順風。

And just a quick numbers one, what was book-to-bill in the quarter?

首先簡單問一下，本季的訂單出貨比是多少？

Book-to-bill was just about [1%]. Orders grew about 8% year-on-year and book-to-bill was just about [1%].

訂單出貨比大約[1%]。訂單較去年同期成長約 8%，訂單出貨比約為[1%]。

Rob Mason, Baird.

羅布梅森，貝爾德。

Wanted to go back to the discussion we had on Invenco. Again, aware that you probably hit some tougher comps in the second half of this year. But it does sound like you're confident about some reacceleration as you move into '26 mid-, high single-digit growth. And I'm aware you've got some pilots out for iNFX as well. Are you counting on some of these pilots to convert to drive that mid-single to high single or -- how are you thinking about that?

想回到我們關於 Invenco 的討論。再次提醒，請注意，今年下半年您可能會遇到一些更艱難的競爭。但聽起來你對進入 26 年中高個位數成長階段的再加速充滿信心。我還知道你們也為 iNFX 招募了一些飛行員。您是否指望其中一些飛行員轉而駕駛中單引擎飛機或高單引擎飛機——您對此有何看法？

Yes. Thanks, Rob, for the question. Look, the really encouraging thing here is we're seeing real uptake of this technology. The thing that's a little bit hard to call is the timing of some of these orders. As you can see, they're pretty large orders.

是的。謝謝 Rob 提出這個問題。瞧，真正令人鼓舞的是，我們看到了這項技術的真正應用。有點難以判斷的是其中一些訂單的發佈時間。如您所見，這些訂單相當大。

The good news is you're dealing with more recurring revenue. The thing that has to be worked out is when do these things come online, when is the last -- the ramp down of the last delivery occur. And so from a quarter-to-quarter basis, it could be a little bit uneven. But I think on a year-over-year basis, you're seeing real traction here. And I think that's really the way to look at it, is how do we continue to even this out over time as we build scale.

好消息是，您將獲得更多的經常性收入。需要解決的問題是，這些東西何時上線，最後一次交付何時結束。因此，從季度來看，情況可能會有點不平衡。但我認為，與去年同期相比，你會看到真正的成長動力。我認為這才是真正應該看待這個問題的方式，即隨著我們規模的擴大，我們如何才能繼續平衡這個問題。

That's clearly something we're focused on. But there's no question, really encouraging signs here for strong organic growth with really good drop-through.

這顯然是我們關注的重點。但毫無疑問，這確實是一個令人鼓舞的跡象，顯示出強勁的有機成長和良好的下降趨勢。

Rob, I'll also add, it's not just iNFX that's going to help drive some of this growth. Our new FlexPay 6 from a payment perspective is really making a lot of positive traction in the market. Once you start looking at unified payment, which is FlexPay 6 Plus and iNFX, also you're going to start seeing more offerings related to consumer engagement in there, which is going to help with some of the growth. So just a continuation of our strategy to bring digitalization and innovation to the space is going to help Invenco drive some of the growth next year.

羅布，我還要補充一點，不僅僅是 iNFX 能夠推動這一成長。從支付角度來看，我們新的 FlexPay 6 確實在市場上引起了很大的正面迴響。一旦您開始關注統一支付，即 FlexPay 6 Plus 和 iNFX，您也會開始看到更多與消費者參與相關的產品，這將有助於部分成長。因此，只要繼續執行將數位化和創新帶入該領域的策略，Invenco 明年就能實現一定程度的成長。

Right. right. And then to circle back to it's good to see maybe a little bit of a turn there. I think in the quarter, you also completed a smaller acquisition in the space. I'm just curious, how is that impacting the outlook just financially understanding is relatively small? But -- and then what's kind of the contribution strategically of that opportunity or add on?

對，對。然後回到正題，很高興看到那裡可能出現了一點轉變。我認為在本季度，你們還完成了該領域的一項較小規模的收購。我只是好奇，這對財務前景有何影響？理解相對較小嗎？但是──那麼從策略角度來說，這個機會或附加貢獻是什麼呢？

Yes. Let me talk about the strategic contribution here. So, you think of our real value proposition in car wash is that we provide the brains for the car wash. It's the area that really drives productivity for the car wash operator enables them to scale a lot of their assets. It enables the larger car wash operators in particular to focus on how they attract more consumers to the site.

是的。我這裡講一下戰略貢獻。因此，您認為我們在洗車方面的真正價值主張是我們為洗車提供大腦。這是真正提高洗車經營者生產力的領域，使他們能夠擴大資產規模。它使大型洗車店經營者能夠專注於如何吸引更多消費者到店。

We know from surveys and talking to customers that recurring revenue for them, which is on the subscription is actually up for car wash right now, which is great, and our technologies really help enable that and customer pull.

我們透過調查和與客戶的交談了解到，他們的經常性收入（即訂閱費）實際上現在用於洗車，這很好，我們的技術確實有助於實現這一點並吸引客戶。

So this small acquisition is a bolt-on that really adds a smart controller. And when that works with their point-of-sale system, which we're the leading provider in, then you can provide more productivity and more insights in how they can manage their car wash and their car wash footprint better, which is exactly what the operators are looking to do.

因此，這次小規模的收購其實增加了一個智慧控制器。當該系統與他們的銷售點系統（我們是該領域的領先供應商）配合使用時，您可以提高生產力，並讓他們更深入地了解如何更好地管理洗車和洗車足跡，這正是營運商所希望的。

And so when you look at our Invenco acquisition, it was a pretty small acquisition, but it really ignited a lot of growth. We think we have some real potential here as we continue to build out this more tech-enabled way by which you drive productivity, enhance consumers to the site.

因此，當您看到我們對 Invenco 的收購時，您會發現這是一項相當小的收購，但它確實激發了大量的成長。我們認為，我們在這方面具有真正的潛力，因為我們將繼續建立這種更具技術支援的方式，透過這種方式來提高生產力，增強網站的消費者。

And just from a numbers perspective, the 2024 revenue for the acquisition was about $7 million in revenue and $1 million in EBITDA. So relatively small and doesn't move the needle that much this year from a revenue perspective. But as Mark said, very strategic which allows us to be the brains of the car wash, but also lots of upside opportunity on this as we go forward.

僅從數位角度來看，此次收購的 2024 年營收約為 700 萬美元，EBITDA 約為 100 萬美元。因此，從收入角度來看，規模相對較小，今年不會產生太大影響。但正如馬克所說，這非常具有戰略意義，使我們成為洗車行業的智囊，而且隨著我們前進，這也帶來了許多上升機會。

Sure, sure. And just last question real quick, I may have missed this, juggling to other calls here. But did you talk about maybe the month-to-month trends that you were seeing in Matco? And I guess I'm thinking more on sell-out off the truck. I know Liberation Day was kind of a shock back in April, but I'm just curious how the progression went here through July.

當然，當然。最後一個問題，我可能錯過了，因為我正在處理其他電話。但是您是否談論過您在 Matco 看到的月度趨勢？我想我更多地考慮的是卡車的銷售。我知道四月的解放日有點令人震驚，但我只是好奇七月份的進展如何。

Yes. Just when we look at sellout, the sellout was about down 5% for the first half. There's been some ebbs and flows during the first six months. Sell-in was lower than that. So actually, our channel partners, our distributors actually lowered inventory on the truck. When we look at the month of July, the sell-out of the truck is better than what the year-to-date trend was.

是的。當我們查看銷售情況時，上半年的銷售情況下降了約 5%。在最初的六個月裡，出現了一些起伏。賣出量低於該水準。因此實際上，我們的通路合作夥伴、我們的經銷商實際上降低了卡車的庫存。當我們回顧七月時，我們發現卡車的銷售情況比年初至今的趨勢更好。

And also, the good thing at the end of July, actually, inventory levels on the truck are now back to what they were last year at the end of July. So inventory levels will definitely come down. So hopefully, that bodes well for us and the industry. But again, a little early to call an inflection given just macro uncertainty and the health of the consumer.

而且，七月底的好消息是，卡車的庫存水準實際上已經恢復到去年七月底的水準。因此庫存水準肯定會下降。所以希望這對我們和整個產業來說都是好兆頭。但考慮到宏觀不確定性和消費者健康狀況，現在就斷言拐點還為時過早。

Thank you. There are no further questions at this time. I will now turn the call back over to Mr. Mark Morelli. Please continue.

謝謝。目前沒有其他問題。現在我將把電話轉回給馬克·莫雷利先生。請繼續。

Yes. Thank you, Carl. Thanks for joining us on today's call. I'm encouraged by the progress we're making, and I'm really confident in our team's ability to navigate near-term uncertainty and advance our strategic initiatives. We're delivering differentiated solutions in attractive end markets, and we're committed to creating long-term value for our customers and returns for our shareholders.

是的。謝謝你，卡爾。感謝您參加今天的電話會議。我對我們所取得的進展感到鼓舞，我對我們團隊應對近期不確定性和推進策略舉措的能力充滿信心。我們在具有吸引力的終端市場提供差異化的解決方案，並致力於為客戶創造長期價值並為股東帶來回報。

We appreciate your continued interest in Vontier, and I look forward to engaging many of you over the next several weeks and at our investor event in mid-October. Have a great day.

我們感謝您對 Vontier 的持續關注，我期待在接下來的幾週以及 10 月中旬的投資者活動中與大家進行交流。祝你有美好的一天。

Ladies and gentlemen, this concludes today's conference call. Thank you very much for your participation. You may now disconnect. Have a great day.

女士們、先生們，今天的電話會議到此結束。非常感謝您的參與。您現在可以斷開連線。祝你有美好的一天。