Vontier Corp (VNT) 2025 Q3 法說會逐字稿

Good morning, ladies and gentlemen and welcome to the Vontier third quarter 2025 earnings call. (Operator Instructions) This call is being recorded on Thursday, October 30, 2025, and a replay will be made available shortly after.

各位女士、先生，早安，歡迎參加 Vontier 2025 年第三季財報電話會議。（操作員指示）本次通話於2025年10月30日星期四進行錄音，稍後將提供重播。

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

現在我將把會議交給 Vontier 的投資者關係副總裁 Ryan Edelman。請繼續。

Thank you. Good morning, everyone, and thank you for joining us on the call this morning to discuss our third 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。各位早安，感謝各位今天上午參加我們的電話會議，共同討論我們第三季的業績。今天陪同我的是我們的總裁兼執行長馬克·莫雷利，以及我們的高級副總裁兼財務長安舒曼·阿加。

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. Please note that during today's call we will present certain non-GAAP financial measures.

您可以在我們網站投資者關係頁面（investors.vontier.com）找到我們的新聞稿以及我們將在今天電話會議上提及的幻燈片簡報。請注意，在今天的電話會議上，我們將介紹一些非GAAP財務指標。

We will also make forward-looking statements within the meanings 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.

我們還將根據聯邦證券法的規定作出前瞻性聲明，包括關於我們預期或預計未來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聲明有重大差異，我們不承擔任何更新這些聲明的義務。有關可能導致實際結果與這些前瞻性聲明存在重大差異的因素的信息，請訪問我們的網站並參閱我們提交給美國證券交易委員會的文件。

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

那麼，請翻到第 3 張投影片，我將把通話交給馬克。

Thanks, Ryan, and good morning, everyone. Thank you for joining us on the call today. I'm pleased with the traction we are seeing from our connected mobility strategy which we outlined in greater detail at our Convenience Retail Showcase two weeks ago.

謝謝你，瑞恩，大家早安。感謝您今天參加我們的電話會議。我對我們互聯出行策略的進展感到滿意，該策略我們在兩週前的便利零售展示會上進行了更詳細的闡述。

We've realigned the organization to better execute our strategic vision. We're reinvigorating new product development and building significant competitive advantages. We're the clear leader in this space with some of the industry's most innovative integrated solutions.

我們已對組織架構進行調整，以更好地執行我們的策略願景。我們正在重振新產品研發，並建立顯著的競爭優勢。我們憑藉著業內一些最具創新性的整合解決方案，成為該領域的絕對領導者。

I'm encouraged by the progress we are making, which is reinforced in our customer conversations. I'll touch on a few takeaways from our event in a few minutes. Turning to the quarter, we delivered solid Q3 results in a dynamic environment.

我對我們所取得的進展感到鼓舞，這一點也得到了客戶回饋的印證。稍後我將簡要介紹我們這次活動的一些收穫。回顧第三季度，我們在充滿活力的市場環境下取得了穩健的業績。

The quarter played out as expected, consistent with the preliminary numbers we shared at our investor event. Our sales, adjusted operating margin, and EPS landed at or near the high end of our guidance. Our teams remain disciplined on execution, advancing our 80%, 20% simplification efforts and tariff mitigation actions while delivering on the critical needs of our customers.

本季業績符合預期，與我們在投資者活動上公佈的初步數據一致。我們的銷售額、調整後營業利潤率和每股盈餘都達到或接近我們預期的高端水準。我們的團隊在執行上保持嚴謹，推進 80% 和 20% 的簡化工作以及關稅緩解措施，同時滿足客戶的關鍵需求。

Core sales were essentially flat for the quarter. Solid underlying performance at Mobility Tech and Environmental and Fueling was offset by ongoing macro-economic pressures at our Repair Solutions segment.

本季核心銷售額基本持平。行動技術、環境和燃料業務的穩健表現被維修解決方案業務持續的宏觀經濟壓力所抵消。

Importantly, demand within the convenience retail end market remains constructive and contributed to the quarter's momentum, and we see the Repair segment stabilizing sequentially. Our Car Wash business returned to growth a quarter ahead of expectations as customers are adopting our cloud-based Patheon solution.

重要的是，便利零售終端市場的需求仍然強勁，推動了本季的成長勢頭，我們看到維修業務板塊正在逐步趨於穩定。由於客戶採用了我們基於雲端的 Patheon 解決方案，我們的洗車業務比預期提前一個季度恢復成長。

This solution, which we featured at our investor event, helped us secure some key wins in the quarter and has a growing pipeline of opportunities. In convenience retail, our unified payment and remote asset management solutions are delivering real value for our customers, driving low double-digit growth across retail solutions.

我們在投資者活動上重點介紹了這個解決方案，它幫助我們在本季度取得了一些關鍵性的成功，並且還有越來越多的機會正在湧現。在便利零售領域，我們的統一支付和遠端資產管理解決方案為客戶帶來了真正的價值，推動了零售解決方案的低兩位數成長。

We have generated more than $275 million of adjusted free cash flow year-to-date, and we've deployed roughly $175 million of that to share buybacks so far this year. We also took a few targeted portfolio actions in the quarter, divesting two non-core assets and exiting a minority equity stake, concrete examples of our 80%, 20% simplification work in action.

今年迄今為止，我們已產生超過 2.75 億美元的調整後自由現金流，今年迄今為止，我們已將其中約 1.75 億美元用於股票回購。本季我們也採取了一些有針對性的投資組合行動，剝離了兩項非核心資產並退出了少數股權，這是我們 80%、20% 簡化工作的具體例子。

Our decision to exit these businesses is a result of regional simplification efforts to sharpen our product and go-to-market focus, improving the overall growth and margin profile of Vontier. Given our solid execution year-to-date and the traction we're seeing in our end markets, we're raising the midpoint of our full-year guidance, and Anshooman will provide more details in a few minutes.

我們決定退出這些業務，是為了簡化區域業務，從而更加專注於產品和市場推廣，提高 Vontier 的整體成長和利潤率。鑑於我們今年迄今為止的穩健執行情況以及我們在終端市場看到的良好勢頭，我們將提高全年業績指引的中值，Anshooman 將在幾分鐘後提供更多細節。

I'm encouraged by the fact that core growth is now tracking above 2% for the year, particularly as we've absorbed the impact from two businesses that have reset over the last 12 to 24 months. We expect mid-single-digit adjusted operating profit growth and remain on track for roughly 10% adjusted EPS growth this year. This combination reinforces a solid value creation algorithm.

令我感到鼓舞的是，今年的核心成長率目前已超過 2%，尤其是在我們已經消化了過去 12 到 24 個月中兩家業務重組帶來的影響之後。我們預計今年調整後營業利潤將實現中等個位數成長，並有望實現約 10% 的調整後每股收益成長。這種組合強化了穩健的價值創造機制。

Turning to slide 4, as many of you are aware, we held a successful investor event at the Annual National Association of Convenience Stores Trade Show two weeks ago and used that forum to highlight the comprehensive platform we've built for convenience retail.

翻到第 4 張幻燈片，正如你們許多人所知，兩週前，我們在全國便利商店協會年度貿易展上成功舉辦了一場投資者活動，並利用該論壇重點介紹了我們為便利零售構建的綜合平台。

We're now a more focused, higher-performing business with a more synergistic portfolio and broader, more comprehensive solutions. Our connected mobility strategy differentiates us. We are delivering integrated site-wide solutions that combine hardware, software, connectivity, and services to help our customers navigate complexity. This lowers their operating costs and unlocks growth through improving consumer engagement.

我們現在是一家目標更明確、業績更高的企業，擁有更具協同效應的產品組合和更廣泛、更全面的解決方案。我們的互聯出行策略使我們脫穎而出。我們提供整合式全站解決方案，將硬體、軟體、連接和服務結合，幫助客戶應對複雜情況。這可以降低他們的營運成本，並透過提高消費者參與度來釋放成長潛力。

These end-to-end solutions expand our total addressable market and create recurring revenue opportunities. Our recently announced go-to-market strategy simplifies the sale and deployment of our differentiated solutions through key account managers, while streamlining processes, reducing friction, and speeding development with shorter sales cycles.

這些端到端解決方案擴大了我們的潛在市場，並創造了持續的收入機會。我們最近宣布的市場推廣策略透過重點客戶經理簡化了我們差異化解決方案的銷售和部署，同時簡化了流程，減少了摩擦，並透過縮短銷售週期加快了開發速度。

Moving to slide 5. Our refreshed value creation framework rests on three pillars. Pillar 1 supports accelerating organic growth via connected mobility and innovation. Pillar 2 focuses on optimizing our core operations to drive improved and more consistent margin expansion through the Vontier Business System. And pillar 3 guides how we deploy capital effectively, dynamically prioritizing the highest return options available. As we look toward 2026, each pillar will play a key role in delivering results.

切換到第5張投影片。我們更新的價值創造框架建立在三大支柱之上。第一支柱支持透過互聯出行和創新加速有機成長。第二支柱著重於優化我們的核心運營，透過 Vontier 業務系統推動利潤率的持續成長。第三支柱指導我們如何有效部署資本，動態地優先考慮回報最高的選項。展望 2026 年，每個支柱都將在取得成果方面發揮關鍵作用。

Assuming a similar macro backdrop extends through next year, we expect the convenience retail end market to be constructive as we discussed at our investor event. We target above-market growth led by our convenience retail solutions, including accelerating growth in Car Wash.

假設類似的宏觀背景延續到明年，正如我們在投資者活動中討論的那樣，我們預計便利零售終端市場將呈現建設性發展態勢。我們的目標是透過便利零售解決方案實現高於市場平均的成長，包括加速洗車業務的成長。

We have strong multi-year secular tailwinds extending into 2026 and beyond. Repair Solutions demand is likely to remain soft, though distributor inventories are lean and we are seeing sequential revenue stabilization.

我們擁有強勁的多年長期發展順風，並將持續到 2026 年及以後。儘管經銷商庫存緊張，我們看到收入環比趨於穩定，但維修解決方案的需求可能仍然疲軟。

We expect better operating margin performance in 2026 driven by underlying productivity improvements, increased R&D efficiency, continued 80%, 20% simplification efforts, and more favorable mix as volumes at Car Wash and Repair Solutions normalize.

我們預計，在 2026 年，由於潛在的生產力提高、研發效率提高、持續推進 80% 和 20% 的簡化工作，以及隨著洗車和維修解決方案業務量恢復正常，產品組合更加有利，我們將獲得更好的營業利潤率表現。

On top of this, we expect modest margin accretion from the portfolio management actions we are taking. On capital deployment, our approach will be consistent with what you've seen from us, balancing organic investment with shareholder returns and balance sheet health.

除此之外，我們預期我們正在採取的投資組合管理措施將帶來適度的利潤成長。在資本部署方面，我們的方法將與你們一直以來所看到的保持一致，即在有機投資、股東回報和資產負債表健康之間取得平衡。

To summarize, our strategy is working. We delivered strong, disciplined execution in Q3, converted that into cash, refined the portfolio, and we're advancing our connected mobility strategy to capture incremental share gains. We will continue to manage near-term costs and tariff pressures while investing where we see the best returns and positioning the company for above-market growth in key end markets.

總而言之，我們的策略是有效的。我們在第三季實現了強勁、嚴謹的執行，將其轉化為現金，優化了產品組合，並且我們正在推進互聯出行策略，以獲取更大的市場份額。我們將繼續控制近期成本和關稅壓力，同時投資於我們認為回報最高的領域，並使公司在關鍵終端市場實現高於市場平均的成長。

I want to thank our teams for their focus and agility. Their dedication to continuous improvement through the Vontier Business System gives us confidence to raise our outlook and to keep executing with discipline.

我要感謝我們團隊的專注和敏捷。他們致力於透過 Vontier 商業系統不斷改進，這讓我們有信心提升視野，並繼續嚴謹地執行。

With that, I'll turn the call over to Anshooman to walk through the quarter's financial details.

接下來，我將把電話交給安舒曼，讓他詳細介紹本季的財務狀況。

Thanks, Mark, and good morning, everyone. I'll start off with a summary of our consolidated results for the third quarter on slide 6. We delivered results at the higher end of our guidance, demonstrating the resilience of our portfolio and the effectiveness of our operational execution.

謝謝馬克，大家早安。首先，我將在第 6 張投影片上總結我們第三季的綜合業績。我們實現了高於預期水準的業績，證明了我們投資組合的韌性和我們營運執行的有效性。

Total sales of $753 million were largely flat with the prior year. Adjusted operating profit margin held steady, and adjusted EPS increased high single digits to $0.78. Adjusted free cash flow of $94 million came in at 82% conversion, including a modest net headwind related to the timing of cash tax payments made in the third quarter. On a year-to-date basis, we have generated over $275 million in adjusted free cash flow, approximately 12% of sales.

總銷售額為 7.53 億美元，與去年基本持平。經調整後的營業利潤率保持穩定，經調整後的每股收益實現了接近兩位數的增長，達到 0.78 美元。經過調整後的自由現金流為 9,400 萬美元，轉換率為 82%，其中包括與第三季現金稅款支付時間相關的輕微淨不利因素。今年迄今為止，我們已產生超過 2.75 億美元的調整後自由現金流，約佔銷售額的 12%。

Turning to our segment results, starting on slide 7, Environmental and Fueling Solutions delivered core growth of approximately 2% in line with our guidance for low single-digit growth. Our sequential Q3 performance reflects an exceptionally strong Q2, driven by shipment timings tied to appliance maintenance outage and ERP go-live.

再來看我們的分部業績，從第 7 頁開始，環境和燃料解決方案實現了約 2% 的核心成長，符合我們對個位數低成長的預期。我們第三季的環比業績反映了第二季度異常強勁的業績，這主要得益於與設備維護停機和 ERP 系統上線相關的發貨時間表。

Despite these timing impacts, North America dispenser sales increased mid-single digits during the quarter. This was offset by softer performance at international markets related to timing of large tenders. These results, measured against the prior quarter timing dynamic and a strong prior year comparison of 9%, underscore the team's disciplined execution.

儘管受到這些時間因素的影響，但本季北美地區的加油機銷售仍實現了中等個位數的成長。國際市場由於大型招標的時間表而表現疲軟，抵消了上述利好因素。與上一季的進度動態以及去年同期 9% 的強勁成長相比，這些結果凸顯了團隊嚴謹的執行力。

Solid demand tied to new build activity from large national and regional players as well as healthy refresh and replacement activity continues to support growth in both above and below ground, fueling equipment. Segment operating margin declined approximately 20 basis points ahead of our guidance for a 50 to 75 basis point decline, supported by ongoing simplification efforts.

大型全國性和區域性企業的新建專案需求強勁，加上健康的更新和更換活動，繼續支撐著地上和地下燃料設備的成長。部門營業利潤率下降了約 20 個基點，低於我們先前預期的 50 至 75 個基點的降幅，這得益於持續的簡化措施。

On slide 8, Mobility Technologies core sales grew approximately 5%, supported by high single-digit bookings. Core growth was led by continued strength at Retail Solutions, up low double digits in the quarter, and Car Wash returning to year-over-year growth, up low single digits.

在第 8 張投影片中，行動科技核心銷售額成長了約 5%，這得益於接近兩位數的預訂量。核心成長主要得益於零售解決方案業務的持續強勁成長，該季度實現了兩位數的低成長；此外，洗車業務也恢復了同比成長，實現了個位數的低成長。

We are seeing strong global adoption of unified payment and point-of-sale technologies, which together were up high teens in the quarter. That's especially notable given these products grew nearly 50% in Q3 last year.

我們看到全球範圍內統一支付和銷售點技術得到了廣泛應用，這兩個技術在本季度合計增長了兩位數以上。考慮到這些產品去年第三季成長了近 50%，這一點尤其值得注意。

And as Mark mentioned at the start, we're encouraged by core growth in Car Wash inflecting positive one quarter ahead of schedule. This was mostly the result of strong demand for Patheon software upgrades, which experienced mid-teens growth in the quarter. Mobility Tech's margins increased over 40 basis points versus the prior year, reflecting the benefits of simplification efforts and improved R&D efficiency, partially offset by unfavorable mix.

正如馬克在開頭提到的那樣，我們對洗車業務核心成長提前一個季度實現正成長感到鼓舞。這主要是由於市場對 Patheon 軟體升級的強勁需求，該季度軟體升級實現了兩位數以上的成長。與前一年相比，行動技術業務的利潤率提高了 40 多個基點，這反映了簡化流程和提高研發效率的益處，但部分被不利的產品組合所抵消。

Finally, on slide 9, Repair Solutions sales declined 7% versus the prior year as ongoing macro-economic conditions continue to weigh on service technician spend. This was slightly ahead of performance we saw in the first half, and we are starting to see signs of stabilization.

最後，在第 9 張投影片中，由於持續的宏觀經濟狀況持續對維修技術人員的支出造成壓力，維修解決方案的銷售額比前一年下降了 7%。這比上半季的表現略好，我們開始看到趨於穩定的跡象。

Sell-through off the truck once again exceeded sell-in, indicating continued destocking by our distributors. While high-ticket product categories, including tool storage and diagnostic, remain challenged, we're seeing momentum in lower price point offerings. Segment margin declined approximately 50 basis points, primarily related to lower volume, partially offset by stronger contributions from price cost.

卡車卸貨量再次超過進貨量，顯示我們的經銷商繼續減少庫存。雖然工具儲存和診斷等高價產品類別仍然面臨挑戰，但我們看到低價位產品的發展勢頭強勁。分部利潤率下降約 50 個基點，主要與銷售下降有關，但價格成本的上漲部分抵銷了這一影響。

Turning to the balance sheet and cash flow, on slide 10. We completed another $70 million in share repurchases in the quarter, bringing us to $175 million in buybacks year-to-date. Net leverage ended the quarter at 2.4 times.

接下來請看第 10 頁的資產負債表和現金流量表。本季我們又完成了 7,000 萬美元的股票回購，使今年迄今的股票回購總額達到 1.75 億美元。本季末淨槓桿率為 2.4 倍。

We exited a minority equity position and completed divestiture of two small encore businesses: a European service business, a part of EFS, and a small point-of-sale solution to the oil and quick lube end market within Mobility Tech. In total, this netted us $60 million in proceeds. On a pro forma annualized basis, these transactions remove approximately $70 million in sales at approximately 10% adjusted operating margin.

我們退出了少數股權，並完成了對兩家小型附屬企業的剝離：一家是歐洲服務業務，是 EFS 的一部分；另一家是 Mobility Tech 旗下面向石油和快速潤滑油終端市場的小型銷售點解決方案。總共，我們淨賺了6000萬美元。以年化計算，這些交易將減少約 7,000 萬美元的銷售額，調整後的營業利潤率約為 10%。

Turning to our updated outlook assumptions for Q4 and the full year on slide 11. For the fourth quarter, we project revenues in the range of $760 million to $770 million, with core sales roughly flat at the midpoint. Adjusted EPS is expected in the range of $0.82 to $0.86, up mid-single digits at the midpoint.

接下來請看第 11 頁，了解我們對第四季和全年的最新展望假設。我們預計第四季營收將在 7.6 億美元至 7.7 億美元之間，核心銷售額大致持平於中間值。調整後每股收益預計在 0.82 美元至 0.86 美元之間，中點數值將實現個位數中段成長。

Our Q4 outlook includes a net headwind of approximately $15 million in sales and around $2 million of adjusted operating profit related to the divestitures I discussed. For the full year, we are raising the midpoint of our guidance range.

我們第四季的展望包括與我之前討論過的資產剝離相關的約 1500 萬美元的銷售額淨不利因素和約 200 萬美元的調整後營業利潤淨不利因素。我們將全年業績指引範圍的中點數值上調。

We now expect sales of just over $3.03 billion at the midpoint, with core sales up 2% to 2.5%, reflecting continued strength within our Mobility Tech and EFS segments, which have more than offset the weakness seen in Repair Solutions this year.

我們現在預計銷售額中位數將略高於 30.3 億美元，核心銷售額將成長 2% 至 2.5%，反映出我們的行動技術和 EFS 部門持續強勁成長，足以抵消今年維修解決方案部門的疲軟。

We're expecting operating margin expansion in the range of 20 to 40 basis points and now guide to adjusted earnings per share of $3.18 at the midpoint. We've updated our other guidance assumptions, which can be found on the right hand side of the slide.

我們預計營業利潤率將提高 20 至 40 個基點，目前預計調整後每股收益中位數為 3.18 美元。我們更新了其他指導性假設，您可以在投影片的右側找到這些假設。

We entered the third quarter with a clear view of expected timing dynamics, and our teams delivered accordingly. Our strategic priorities remain unchanged. We're focused on operational excellence, unlocking self-help opportunities, and driving innovation across our portfolio.

進入第三季時，我們對預期的時間動態有了清晰的認識，我們的團隊也按計劃完成了任務。我們的策略重點保持不變。我們專注於卓越營運、發掘自助機會，並推動我們所有產品組合的創新。

Throughout 2025, our teams have proactively mitigated the inflationary impacts of tariffs and navigated broader macro uncertainty to support margin expansion and continued growth. At the same time, we're taking meaningful steps to optimize our cost structure and expect solid margin expansion next year. With strong fundamentals and cash generation, I'm confident that we are well positioned to deliver consistent performance and long term value.

2025 年全年，我們的團隊積極主動地減輕了關稅帶來的通膨影響，並應對了更廣泛的宏觀不確定性，以支持利潤率擴張和持續成長。同時，我們正在採取切實有效的措施來優化成本結構，並預計明年利潤率將穩健成長。憑藉強勁的基本面和現金流，我相信我們有能力實現持續的業績成長和長期價值創造。

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

接下來，我將把電話轉回給馬克，請他作總結發言。

Thanks, Anshooman. We are pleased with our results year-to-date, which have exceeded our guidance ranges and enabled us to consistently raise our outlook for the year. 2025 has been impacted by headwinds including significant cost inflation and related economic uncertainty caused by tariffs.

謝謝，安舒曼。我們對年初至今的業績感到滿意，業績超出預期範圍，並使我們能夠持續上調全年業績展望。 2025年受到許多不利因素的影響，包括成本大幅上漲以及關稅帶來的相關經濟不確定性。

As Anshooman mentioned, our teams have responded well. I'm proud of the way we have executed against an incredibly complex backdrop. Our connected mobility strategy, deep domain expertise, and broad service network provide us with a clear competitive advantage to capitalize on secular tailwinds across our three end markets.

正如安舒曼所說，我們的團隊反應良好。我為我們能在如此複雜的背景下完成任務而感到自豪。我們的互聯行程策略、深厚的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，使我們能夠充分利用三大終端市場的長期利好因素。

I'm also proud of the progress we've made to advance our strategy and align our organization, both of which lead to accelerating top line performance ahead. I want to take the opportunity to thank everyone who was able to make it to our investor showcase in Chicago recently.

我也為我們在推動策略和調整組織方面取得的進展感到自豪，這兩方面都將有助於加快未來的營收成長。我想藉此機會感謝所有最近蒞臨我們在芝加哥舉辦的投資者推廣會的朋友們。

This was a milestone event for Vontier in terms of demonstrating progress and in illustrating the opportunity in front of us. This sets us up to better deliver long term value creation for our shareholders. With that, operator, please open the line for questions.

對 Vontier 而言，這是一場具有里程碑意義的事件，它展現了公司所取得的進展，也說明了我們眼前的機會。這將使我們能夠更好地為股東創造長期價值。接線員，請開啟提問頻道。

(Operator Instructions) Jeffrey Sprague, Vertical Research.

（操作說明）Jeffrey Sprague，Vertical Research。

Hey, thank you. Good morning, everyone. Hey Mark, I was wondering if you could give us a little more color on sort of what you're seeing on the order front and some of the kind of longer cycle aspects of the portfolio.

嘿，謝謝。各位早安。嘿，馬克，我想請你詳細介紹一下你在訂單方面看到的情況，以及投資組合中一些週期較長的方面。

You know, you mentioned some project investment work in DRB, you know, these international tenders you mentioned. How far do those reach out? Just trying to get an early sense of maybe the exit rate or the setup into 2026 and some of those more visible parts of the portfolio.

你知道，你提到了DRB的一些專案投資工作，你知道，你提到的那些國際招標。它們的作用範圍有多廣？只是想儘早了解一下到 2026 年的退出率或投資組合的配置情況，以及一些更明顯的投資組合部分。

Yeah, Jeff, happy to answer that. Look, I think what you've seen is the changes occurring at Vontier have led to some longer cycle type selling of digital solutions for our customers. They tend to be quite significant in size. Their selling cycle is a bit longer than maybe selling dispensers which are more shorter cycle. You've seen that run through our P&L and also in our order book.

是的，傑夫，我很樂意回答這個問題。我認為你所看到的，是 Vontier 正在發生的變化，導致我們向客戶銷售數位解決方案的周期變長了。它們的尺寸往往相當大。他們的銷售週期可能比銷售分配器長一些，而分配器的銷售週期則更短。你已經在我們的損益表和訂單簿中看到了這一點。

Our orders were just under one for the quarter, but if you look at it on a year-over-year basis and a two year stack, it's a pretty good level that we're running at. We've also made some announcements for some orders that will be landing for next year as well. I think when you -- I'll give you a really good example of this, in our Car Wash business that turned a quarter ahead of where we've told the street.

本季我們的訂單量略低於 1，但如果從年比和兩年累計來看，我們目前的水平相當不錯。我們也宣布了一些將於明年交付的訂單。我認為當你——我給你舉個很好的例子，在我們洗車業務中，我們的業績比我們之前告訴華爾街的預期提前了一個季度。

It's really on the backs of bringing this type solution to market. It's an enterprise software solution where the market for Car Wash is actually flat even down from where we said it was. We're getting a return of growth in that business because we're selling this solution and we're getting some really good uptake from our customers on that.

這確實得益於將這類解決方案推向市場。這是一個企業軟體解決方案，但洗車市場的實際情況卻非常疲軟，甚至比我們之前預測的還要低。由於我們銷售了此解決方案，並且客戶對此反應非常好，因此我們這項業務實現了成長。

And by the way, we see a really good pipeline of funnel of opportunities. We see that business returning to growth in a really good setup. I like our setup that we have for 2026 and I'm very encouraged.

順便說一句，我們看到了很多非常好的機會管道。我們看到，在良好的環境下，企業將恢復成長。我很喜歡我們為 2026 年制定的計劃，這讓我備受鼓舞。

Great. And then just on this, these exits, how much more of this is there to do? Is there, you know, kind of a -- I suppose there's always some kind of evaluation of the portfolio going on. But have you stepped up your activity there? Should we view this as one-off or maybe more pruning as we look into next year?

偉大的。然後，就這些出口而言，還有多少工作要做？我想，總是會對投資組合進行某種評估吧。但你有沒有加強在那方面的活動力道？我們應該把這次修剪看作一次性的事件，還是應該考慮明年進行更多修剪？

Well, I think you should view pruning as really part of our playbook. We're constantly, as you indicated there, reviewing our portfolio and looking at opportunities. This is also a real outgrowth of an element of VBS where we've incorporated 80%, 20%, where we're evaluating and seeing parts of our portfolio that belong elsewhere.

我認為你應該把修剪工作真正視為我們策略的一部分。正如您所指出的，我們一直在審查我們的投資組合，並尋找機會。這也是 VBS 中某個要素的真正延伸，我們將其 80% 和 20% 融入其中，我們正在評估並發現我們投資組合中哪些部分應該放在其他地方。

And when those things arise, sometimes it takes a while for those things to work through to find the right solution for them. I think you're seeing the culmination of some work that's been underway for a while, and I think you should just look at us to constantly use that dimension to be able to enhance our growth profile and margin profile of the business.

當這些問題出現時，有時需要一段時間才能理清頭緒，找到合適的解決方案。我認為你們看到的是一些持續了一段時間的工作的最終成果，我認為你們應該關注我們，我們會不斷利用這個維度來提升我們業務的成長狀況和利潤狀況。

Understood, thanks a lot.

明白了，非常感謝。

Julian Mitchell, Barclays.

巴克萊銀行的朱利安·米切爾。

Hi, good morning. This is Jimmy Jiang on for Julian Mitchell. So first off, appreciate all the detail you've given on the slides. Maybe just speak to any color on Q4 sales and margins by segment please?

您好，早安。這裡是Jimmy Jiang，替Julian Mitchell為您報道。首先，非常感謝您在幻燈片中提供的所有細節。能否請您談談第四季各細分市場的銷售額和利潤率？

Yeah, it's just from a Q4 perspective as we said at the midpoint, relatively flat year-on-year. From a Mobility Technology perspective that business is going to be relatively flat also in Q4 year-on-year coming off a very hard compare and also some project timing.

是的，正如我們在季度中期所說，從第四季度的角度來看，與去年同期相比基本上持平。從行動技術的角度來看，由於去年同期業績基數較高以及一些專案進度安排的原因，第四季度該業務同比將相對持平。

Some of these technology projects have upfront hardware component and then you have recurring revenues. It's the timing of the hardware component out there. Our Environmental and Fueling business should continue to post growth, low- to mid-single-digit growth.

有些技術項目包含前期硬體組件，然後可以獲得持續的收入。關鍵在於硬體組件的上市時間。我們的環境和燃料業務應該會繼續保持成長，實現個位數低至中等的成長。

For Repair Solutions, we're starting to see signs of sequential stabilization which would put it down mid- to high single digits on a year-on-year basis. From a margin perspective, Mobility Technologies in Q4 should have at the midpoint roughly a 50 basis point margin expansion.

對於維修解決方案而言，我們開始看到連續穩定的跡象，這將使其同比下降個位數中高段。從利潤率的角度來看，行動技術業務第四季的利潤率中位數應該會成長約 50 個基點。

If you recall, last year, Mobility Technology margins in Q4 were relatively strong at 20.7% which was 170 basis points above their full year average. Despite the harder compare in terms of operating profit margins, we think we'll get another 50 basis points in Q4 this year.

如果你還記得的話，去年第四季行動科技業務的利潤率相對較高，達到 20.7%，比全年平均高出 170 個基點。儘管營業利益率的年比數據較為困難，但我們認為今年第四季我們將再提高 50 個基點。

EFS had a slightly easier compare from a margin perspective. We expect, in Q4, we expect, they'll be up closer to 100 basis points, and then Repair Solutions on the lower volume should be down about 50 basis points. Also as a reminder, we have about $17 million of impact in Q4 off the $70 million in terms of divestitures at roughly 10% operating profit margin.

從利潤率的角度來看，EFS 的比較相對容易一些。我們預計，在第四季度，它們的漲幅將接近 100 個基點，而銷量較低的維修解決方案的漲幅應該會下降約 50 個基點。另外提醒一下，第四季我們從7000萬美元的資產剝離中獲得了約1700萬美元的影響，營業利潤率約為10%。

Got it. That's helpful. Maybe just switching gears a little bit, could you speak to the general bullishness on retail fueling? One of your peers sounded pretty upbeat on CapEx in this space, so would appreciate your thoughts here.

知道了。那很有幫助。或許我們可以稍微換個話題，您能否談談市場對零售加油市場的普遍樂觀情緒？你的一位同行似乎對這方面的資本支出相當樂觀，所以很想聽聽你的看法。

Yeah, happy to make some comments on that. Also, if any of you followed our investor teach-in that we had on convenience retail here recently, we are very constructive on the end market. If you take a look at Vontier, about two-thirds of our business is exposed to convenience retail and we have the leadership position worldwide on retail fueling, which is an important element and part of that, I think that's where you're going.

是的，我很樂意就此發表一些看法。另外，如果您關注了我們最近舉辦的關於便利零售業的投資者培訓課程，您就會知道我們對終端市場持非常樂觀的態度。如果你看看 Vontier，你會發現我們大約三分之二的業務都與便利零售有關，而且我們在全球零售加油領域處於領先地位，這是一個重要的組成部分，我認為這就是你們的發展方向。

If you look at the announcements of the major players in this space, they're building out their footprints and there's also consolidation that is occurring. Given that we've got two-thirds share or more in some of the larger market segments where these larger customers operate, they need the tools and capabilities to be able to operate more effectively, particularly when they're putting more assets in the ground and they're consolidating.

如果你看看這個領域主要參與者的公告，你會發現他們正在擴大自己的商業版圖，同時也出現了整合的趨勢。鑑於我們在某些​​較大的市場細分領域擁有三分之二或更多的市場份額，而這些較大的客戶也在這些領域運營，因此他們需要工具和能力來更有效地運營，尤其是在他們投入更多資產並進行整合的時候。

And so this is a great backdrop for us in particular, I think a really positive setup for 2026. Also, I think the market is coming more our way with our technology solutions and market share. I think it's a very constructive element of the secular drivers that are at work that really help out our portfolio.

因此，我認為這對我們來說是一個很好的背景，對 2026 年來說是一個非常積極的開始。此外，我認為憑藉我們的技術解決方案和市場份額，市場正在越來越向我們傾斜。我認為這是推動我們投資組合發展的許多長期因素中一個非常積極的因素。

Great, thank you.

太好了，謝謝。

Nigel Coe, Wolfe Research.

Nigel Coe，Wolfe Research。

Thanks, good morning everyone. Anshooman, maybe could you just peel back on the Mobility Tech (technical difficulty) you obviously pulled out some of the hardware. If you just go to the segment level, especially DRB, I think should be accelerating. I'd be curious what's offset on that.

謝謝大家，大家早安。Anshooman，或許你可以把 Mobility Tech 的某些硬體拆下來（技術上的問題），你顯然已經拆掉了一些硬體。如果只看細分市場層面，特別是DRB，我認為應該會加速成長。我很想知道它的偏移量是多少。

Yeah, Nigel, you were breaking up but I think the question was around a little more color on Mobility Technology being flat in Q4. It's really coming off a very hard compare for Invenco. The business had a very strong Q4 based on the timing of certain projects.

是的，Nigel，你當時正在聊天，但我認為問題是關於第四季度行動科技業務持平的更多細節。Invenco 的業績確實來自一場非常艱難的對比。由於某些專案的進展順利，公司第四季業績非常強勁。

We've been talking about not only the NFX wins, which had hardware upfront but also the vehicle identification system order which was really delivery, large delivery last year, Q4 and also in Q1, Q2 of this year. So it's hard compares for us in Invenco in Q4 again in Q1, Q2.

我們一直在討論的不僅是 NFX 的中標項目（該項目前期就交付了硬體），還有車輛識別系統訂單，該訂單去年第四季度以及今年第一季和第二季都實現了大規模交付。因此，對於我們Invenco來說，第四季的業績很難與第一季和第二季的業績進行比較。

The good news is we do have a couple of large wins in Invenco, another one in the vehicle identification system and one in indoor payments. Now the timing of these, usually after you win it, there's some development work with the customers, certification through their networks before the rollout starts.

好消息是我們在 Invenco 取得了一些重大勝利，在車輛識別系統和室內支付領域也分別取得了一些勝利。現在，這些事情的時機通常是在你贏得比賽之後，需要與客戶進行一些開發工作，並通過他們的網絡進行認證，然後才能開始推廣。

These projects, the rollouts will start in the back half of next year, really Q3, Q4. It's just a timing perspective I think for these kinds of businesses versus looking quarter to quarter. If we look at an annual chunk, that's a better way to look at these. This year Invenco will grow well in the double digits, and next year, we feel pretty confident that Invenco should grow mid-single digits again on a hard compare.

這些項目將於明年下半年開始推出，確切地說是第三季或第四季。我認為對於這類企業來說，這只是一個時機選擇的問題，而不是以季度來看待問題。如果我們按年度來看，那才是看待這些問題的更好方法。今年 Invenco 將實現兩位數的良好成長，我們很有信心，明年 Invenco 在去年同期的基礎上將再次實現個位數中段的成長。

Okay, that's really helpful. (technical difficulty) Maybe on Environmental as the previous question alluded. Sounds like the US is sort of in a new CapEx cycle. Just talk about environmental, I think that a bit more noise. Just curious how you see developing over the next 12 months or so.

好的，這真的很有幫助。（技術難題）或許與環境有關，正如前一個問題所暗示的。聽起來美國似乎正處於新一輪資本支出週期。就環境問題而言，我認為應該多加一些噪音。只是好奇您如何看待未來12個月左右的發展。

Yeah. So Environmental is a good growth driver for us on an annual basis and I think the growth continues into next year. US obviously we're supported by the tank replacement cycle that we've talked about. Also international, we've been seeing growth.

是的。因此，環境業務是我們每年良好的成長動力，我認為這種成長勢頭將持續到明年。顯然，我們得到了我們之前討論過的儲罐更換週期的支持。國際市場也出現了成長。

Now, international growth, there's sometimes timing of tenders that cause a little bit up and down in a quarter to quarter. Again from an annual basis, environmental globally is an area that we feel strong about. There's continuing regulation in the space and there's not a slowdown of regulation. The amount of regulation, the complexity of regulation keeps increasing.

現在，在國際成長方面，招標時間的安排有時會導致季度業績出現一些波動。從年度角度來看，全球環境是我們非常重視的領域。該領域的監管仍在繼續，而且監管力度沒有放緩的跡象。監管的數量和複雜性都在增加。

Also with our connected offering where instead of having on-prem connectivity, our new solutions provide cloud-based connectivity where for larger customers being able to monitor the whole fleet centrally is a big advantage and we're seeing some of that play out. We feel pretty good about our Environmental business.

此外，我們的互聯產品也提供了新的解決方案，不再依賴本地連接，而是提供基於雲端的連接。對於大型客戶而言，能夠集中監控整個車隊是一個很大的優勢，我們已經看到這方面的一些成果。我們對我們的環保業務感到非常滿意。

Katie Fleischer, KeyBanc.

Katie Fleischer，KeyBanc。

Hey, good morning guys. Just to kind of circle back on Mobility Technologies again, I was wondering if you could give a little more details about the margins. I think earlier this year you had expectations for that segment to grow over 100 basis points year-over-year with the operating margins. It sounds like that's coming down a bit. Just wondering what's driving that difference there.

嘿，各位早安。再回到行動科技這個主題，我想請您詳細介紹一下利潤率。我認為今年早些時候，你們曾預期該業務板塊的營業利潤率將年增超過 100 個基點。聽起來好像有下降。我只是想知道造成這種差異的原因是什麼。

Yeah, Katie, just let's take Q3. We had expected margins in Mobility Technologies to be up 100 basis points and they were up less than that. It's also low numbers, you know, 40, 50 basis points. You're talking about $1 million -- a little over $1 million.

好的，凱蒂，我們就選 Q3 吧。我們原本預期行動科技業務的利潤率會提高 100 個基點，但實際增幅低於預期。而且數字也很低，只有 40、50 個基點。你說的是100萬美元——略高於100萬美元。

In our (inaudible) business, we had some higher costs and timing of projects that caused that roughly $1 million, $1.5 million of lower profit versus our expectations. If we hadn't had that, we would have been right around the 100 basis points we were expecting. A little bit of headwind at our (inaudible) business that we're working on righting and fixing.

在我們的（聽不清楚）業務中，有些專案的成本較高，時間安排也存在問題，導致利潤比預期減少了約 100 萬到 150 萬美元。如果沒有那筆款項，我們的實際收益率應該就在預期的 100 個基點左右。我們公司（聽不清楚）遇到了一些阻力，我們正在努力糾正和解決。

Okay, that's helpful. I know you're not ready to guide for 2026 yet, but you made some comments about, you know, expectations for operating leverage to improve next year. How should we think about those comments in relation to the long term targets that you guys have out there?

好的，這很有幫助。我知道您目前還沒有準備好對 2026 年做出預測，但您曾就明年經營槓桿預期改善發表過一些評論。我們該如何看待這些評論與你們所訂定的長期目標之間的關係？

Yeah, Katie, this is Mark. Look, I like our setup for 2026. I'm cautiously optimistic. As you said, it's a little bit too early to give guidance as we're heavily into the planning cycle right now. There is some color we can give. I think we're positioned to accelerate growth. I think our market leadership on convenience retail, being two-thirds of our exposure there, looks good.

是的，凱蒂，這是馬克。你看，我很喜歡我們為2026年所訂定的計畫。我持謹慎樂觀態度。正如你所說，現在給予指導意見還為時過早，因為我們目前正處於規劃階段。我們可以賦予它一些色彩。我認為我們已經做好加速成長的準備。我認為我們在便利零售領域的市場領先地位看起來不錯，因為我們在該領域的業務佔比高達三分之二。

Other elements of our business are stabilizing, like in the Repair Solutions side and importantly, part of convenience retail. The Car Wash business is inflecting up. On the margin side, I think we anticipate better drop through than what we've seen because we're accelerating some of our BBS initiatives, particularly around 80%, 20%.

我們業務的其他部分正在趨於穩定，例如維修解決方案方面，以及非常重要的便利零售業務的一部分。洗車業務正在好轉。從利潤率來看，我認為我們預計實際到帳率會比之前看到的要好，因為我們正在加快一些 BBS 計劃的實施，特別是 80% 和 20% 左右的計劃。

Do you want to add some color, Anshooman?

安舒曼，你想加點顏色嗎？

Yeah, just putting some numbers around what Mark referenced. While early to give guidance, you know, if you go back to our convenience retail showcase, 67% of our revenue, the market's growing 3% to 4%. We think we can outgrow that market a little bit. That would put roughly 4% to 5% maybe growth for our convenience retail part of our portfolio, which is 67%.

是的，只是用一些數字來佐證馬克提到的內容。現在給出指導意見還為時過早，但你知道，如果你回顧一下我們的便利零售展示，我們 67% 的收入來自便利零售，而市場增長率為 3% 到 4%。我們認為我們的規模可以稍微超過那個市場。這意味著我們投資組合中便利零售部分的成長幅度可能約為 4% 至 5%，而該部分佔比為 67%。

For the remaining, which large part of it is our Repair Solutions part of the business, we're starting to see signs of sequential stabilization, which still puts pressure on a year-on-year basis, especially in half one for us.

至於剩餘部分，其中很大一部分是我們的維修解決方案業務，我們開始看到逐步穩定的跡象，但這仍然給我們的年度業績帶來壓力，尤其是上半年。

You know the US consumer is still stretched, especially at the lower end, and our technicians are those consumers. We still see pressure in that business but stabilizing sequentially. Best case, you know, as of now we aren't giving guidance but flattish on the remaining part of our portfolio.

你知道美國消費者仍然面臨經濟壓力，尤其是低端消費者，而我們的技術人員就是這些消費者。我們仍然看到該業務面臨壓力，但正在逐步趨於穩定。最好的情況是，你知道，目前我們不給出業績指引，但我們投資組合的剩餘部分將保持穩定。

Our normal drop throughs on growth are typically 30% to 35%. We feel strongly that we'll outdo those given the fact that we have a lot of the 80%, 20% simplification, all part of our VBS system in terms of continuous improvement. You know, we could see the drop throughs north of 50%, next year approaching almost twice of what our typical drop through of 30% to 35% would be. Somewhere in that range.

我們的正常成長下滑幅度通常在 30% 到 35% 之間。我們堅信，鑑於我們擁有 80% 和 20% 的簡化，而這些都是我們 VBS 系統持續改進的一部分，我們將超越他們。你知道，明年我們可能會看到跌幅超過 50%，幾乎是我們平常跌幅（30% 到 35%）的兩倍。大概就在這個範圍內。

Great, thanks for the color.

太好了，謝謝你提供的顏色。

Katie, I'll just also add as you guys start modeling, just a simple reminder, we do have a $500 million bond that comes up next year in April and that is at 1.8%. I don't think we'll be getting another 1.8% coupon, so it's probably some headwind in interest expense next year too.

凱蒂，我還要補充一點，在你們開始當模特兒的時候，簡單提醒一下，我們明年四月有一筆 5 億美元的債券到期，利率為 1.8%。我認為我們不會再獲得 1.8% 的票息了，所以明年的利息支出可能也會面臨一些不利因素。

Okay. Got you.

好的。抓到你了。

Andrew Obin, Bank of America.

安德魯‧奧賓，美國銀行。

Hi, this is David Ridley-Lane on for Andrew. So on Repair Solutions, look, you know, you have a publicly traded competitor out there, Snap-on Tools. Not going to make too much of 90 day performance. But year-to-date, their segment, tool segment is down 1% and Matco is down 8%. What explains kind of the gap that you're seeing versus your peers?

大家好，我是David Ridley-Lane，代Andrew為您報道。所以，在維修解決方案領域，你知道，你有一個上市的競爭對手，那就是 Snap-on Tools。不會過度看重90天的表現。但今年迄今為止，他們的工具業務板塊下降了 1%，Matco 業務板塊下降了 8%。你認為是什麼原因導致你與同儕之間有差距？

Yeah, David, this is Mark. I think on a quarter to quarter basis you're going to see some ebb and flow. First of all, we have a lot of respect for our competitors.

是的，大衛，這是馬克。我認為從季度來看，你會看到一些波動。首先，我們非常尊重我們的競爭對手。

Those were year-to-date numbers.

這些都是年初至今的數據。

Yeah. I think if you go back to last year, you'll see we also gained share as well. I think there is some ebb and flow, and they're on the backs of their expo that they just had this quarter. But we do think that the overall market for repair, and if you look at the comments that are out there, is a good backdrop, but the consumer is under a bit of pressure, which I don't think is any news.

是的。我認為，如果你回顧去年的數據，你會發現我們的市佔率也有所成長。我認為市場會有一些起伏，而且他們目前正處於本季度剛剛舉辦的博覽會的餘波之中。但我們認為，維修市場的整體情況良好，從外界的評論來看也是如此，但消費者確實面臨一些壓力，我認為這並不是什麼新鮮事。

I think the real efforts that we have there is getting better vitality for some of the lower price point items. We started the year raising price, and we've hung on to some of that price that we've raised, and now we're pivoting back to some of the lower price items.

我認為我們真正努力的方向是提高一些低價位產品的活力。今年年初我們提高了價格，並且一直保持著部分漲價後的價格，現在我們正在轉向一些價格較低的商品。

So I think the good news is we're seeing sequential stabilization in the business, and I think we're really focused to get an uplift on this business for next year.

所以我認為好消息是，我們看到業務正在逐步穩定下來，而且我認為我們正全力以赴，爭取明年提升這項業務的業績。

Got it. And just for clarification, I think you said your comments on orders, was that a book-to-bill being around 1 or were you saying orders were up 1% year over year, organic?

知道了。為了澄清一下，我想您剛才提到訂單情況，是指訂單出貨比約為 1，還是指訂單量同比增長 1%（自然增長）？

No, that was a book-to-bill.

不，那是帳目到帳單的轉換。

Yeah, book-to-bill.

是的，從預訂到結算。

The book-to-bill is just under one for the quarter, hovering around that, around 1 for the year. We expect to end the year roughly at 1.

本季訂單出貨比略低於 1，全年訂單出貨比約為 1。我們預計年底業績將大致達到1。

Okay. All right, thank you very much.

好的。好的，非常感謝。

Rob Mason, Baird.

羅布梅森，貝爾德。

Hi, good morning, guys. It's good to see the recovery there in DRB. You know, Mark, there's -- in the past M&A activity in that space seemingly has had a positive dynamic on the business. I've seen industry sources suggest more of that activity could start -- more consolidation activity actually could start to happen.

大家好，早安。很高興看到DRB的復甦。你知道，馬克，過去該領域的併購活動似乎對業務產生了正面的影響。我看到業內人士暗示，可能會出現更多此類活動——實際上，可能會出現更多整合活動。

I know there's maybe one higher profile thing out there, but just in general, I'm just curious if you're picking that up and does that inform your pipeline as maybe those larger customers where you're strong, you start planning that out?

我知道可能有一些比較引人注目的事情，但總的來說，我只是好奇你是否注意到了這一點，以及這是否會影響你的銷售管道，例如在你實力較強的那些大客戶那裡，你會開始製定計劃嗎？

Yeah, absolutely. I think our strategy in the Car Wash base is to win with the winners. Some of the bigger players out there, some of the more savvy operators in the space are actually making moves to further consolidate.

是的，絕對的。我認為我們在洗車基地的策略是與贏家一起贏得勝利。一些規模較大的企業，一些更精明的運營商，實際上正在採取措施進一步整合。

These folks need the tools to be able to operate their footprint. The complexity they're dealing with not only on the cost management side, but also how they can more effectively attract consumers to their Car Wash. We have great tool with that -- with Patheon, customers see excellent returns.

這些人需要相應的工具才能開展業務。他們面臨的複雜問題不僅在於成本管理，還在於如何更有效地吸引消費者光顧他們的洗車店。我們在這方面有一個很棒的工具——使用 Patheon，客戶可以獲得極佳的回報。

And if you have more than 100 car washes, that's even better. As you scale, these are the tools you need to scale. That's why we're getting traction in the space ahead of the overall market turn. I think we feel really good about the pipeline and what we've got in the pipeline and the engagements we have with customers. So I think it's a real example of our connected mobility strategy beginning to pay off for us and real proof points around it. We're really excited about what we're seeing there.

如果你擁有超過100家洗車店，那就更好了。隨著業務規模的擴大，你需要這些工具來擴展業務。這就是為什麼我們在整體市場轉向之前就已經在這個領域取得了進展的原因。我認為我們對目前的專案儲備、正在進行的專案以及與客戶的合作都非常有信心。所以我認為這是一個很好的例子，說明我們的互聯出行策略開始為我們帶來回報，並提供了切實的證據。我們對在那裡看到的一切感到非常興奮。

Good, good. Going back to the event a few weeks ago. In EFS, new products around the tank gauge and capitalize on that replacement cycle. One of the things that came out of the conversations was your install base, those products are just very durable.

好，好。回到幾週前發生的那件事。在 EFS 中，圍繞油箱計量器開發新產品，並利用該更換週期。談話中提到的一點是，你們的產品擁有龐大的用戶群，而且非常耐用。

I'm just curious if there's any other incentives that you can point to that can help customers accelerate the replacement cycle around that product, new product that you introduced.

我只是好奇，您能否指出其他任何激勵措施，以幫助客戶加快您推出的新產品的更換週期。

Yeah, we absolutely do. This is a piece of business here that we really derive a tremendous amount of leverage off the massive installed base. This is pretty much the brand of record. If you look at underground equipment, how it's being done on a worldwide basis.

是的，我們絕對有。在這個業務領域，我們確實能從龐大的用戶基數中獲得巨大的優勢。這幾乎就是唱片公司的品牌了。如果你看看地下設備，看看它在世界範圍內是如何運作的。

And so particularly, on the upgrade cycle in the United States, a couple things we do, we package solutions so it's easier for folks when they're looking at a complete underground retrofit. We don't make or sell the tanks, but you can package up the tanks with the piping and the sensors and make it a lot easier for them to be able to do that.

因此，尤其是在美國的升級改造週期中，我們做了幾件事，我們將解決方案打包，以便人們在考慮進行完整的地下改造時更容易一些。我們不生產也不銷售儲罐，但您可以將儲罐與管道和感測器打包在一起，這樣他們就更容易進行操作了。

We also help them on interest rate issues that might come up when they're making a total retrofit solution there. And so we are very engaged with our customers on how they move that forward. I think the really good news about this secular driver for us is that it's a pretty steady driver that's in its early innings.

我們也會幫助他們解決在進行全面改造時可能出現的利率問題。因此，我們非常關注客戶如何推進這項工作。我認為，對我們來說，這個世俗驅動因素真正的好消息是，它是一個相當穩定的驅動因素，目前還處於早期階段。

It's not this massive driver that's going to drive a whole bunch of revenue in a couple quarters. I think it's going to be a pretty steady replacement cycle over the next five years-plus, which I think is great. That's the kind of driver, regulatory drivers, that we like and I think we're just well positioned there to win.

它並不是那種能在幾個季度內帶來大量收入的巨大驅動因素。我認為未來五年多時間裡，設備更換週期將會相當穩定，我認為這很好。這就是我們喜歡的那種驅動因素​​，監管驅動因素，我認為我們在這方面已經佔據了有利地位，能夠取得成功。

I will also add, while Mark covered directly the question in terms of the incentives and how we help drive that, there's a significant value proposition of having connectivity and asset management, asset monitoring, which our solution provides, which the old solutions did not provide.

我還要補充一點，雖然 Mark 已經直接談到了激勵措施以及我們如何推動這些措施，但我們的解決方案提供的連接性、資產管理和資產監控具有重要的價值，而舊的解決方案則沒有提供這些功能。

When we talked about last quarter, one of our large customers doing a phase fleet wide upgrade, it's because of the value proposition that our connectivity, our new product offering provides. It's also the latest CARB certification that we provide. There are a lot of benefits. Also, to Mark's point, we are stimulating demand with a lot of these actions.

上個季度我們談到，我們的一位大客戶正在進行分階段的全車隊升級，這是因為我們的連接性和我們的新產品所提供的價值主張。這也是我們提供的最新 CARB 認證。好處多多。另外，正如馬克所說，我們採取的許多措施都在刺激需求。

Very good. Thank you.

非常好。謝謝。

Andy Kaplowitz, Citi.

安迪‧卡普洛維茨，花旗銀行。

Hey, good morning, guys. It's actually Jose on for Andy. Maybe going back to Repair Solutions, the margins there seem to be stabilizing, and you pointed to strong price cost contribution in the slide. And I think Matco was the business that was the most exposed to tariffs for you. Maybe talk through how the customer reception has been on those price increases and what you're expecting kind of moving forward.

嘿，大家早安。實際上，替安迪上場的是何塞。或許回到維修解決方案方面，那裡的利潤率似乎正在趨於穩定，而且你在幻燈片中也指出了價格成本佔高。我認為Matco是你們公司受關稅影響最大的企業。或許可以談談顧客對價格上漲的反應，以及你對未來發展的預期。

Yeah, I'll jump in. I'll let Anshooman also talk about Repair as well. Look, there's no question that the tariffs have sort of been more significant for Repair Solutions. But if you look back over a couple year basis, even from like Trump 1.0 to Trump 2.0, we have really worked very hard to source in region, for region.

好的，我加入。我也會讓安舒曼談談維修方面的問題。毫無疑問，關稅對維修解決方案的影響更為顯著。但如果你回顧過去幾年，甚至從川普 1.0 到川普 2.0，我們確實非常努力地在區域內、針對區域進行採購。

I think, you know, when our setup, when we approach this year, is we source and manufacture 75% in region, for region, which is a pretty significant change over the last couple years. We've made a lot of progress.

我認為，你知道，就我們今年的安排而言，我們將在該地區採購和生產 75% 的產品，這與過去幾年相比是一個相當大的變化。我們取得了很大進展。

I think we're going to be on our target of getting less than 10% of product sourced in China by the end of this year. I guess that long body of work has really been paying off for us. But no question there's been headwinds there on costs and some of the supply chain related issues.

我認為我們能夠實現今年年底前將中國採購產品比例降至10%以下的目標。我想，我們長期以來所做的努力真的得到了回報。但毫無疑問，成本和一些供應鏈相關問題都帶來了不利影響。

I think as we get into next year and hopefully we see the tariffs stabilizing, I'm really proud of the management team for their ability to manage that and offset that. I think the pricing that we went out with earlier in the year, we've seen some drop through on that price increase that we've made.

我認為，隨著我們進入明年，希望關稅能夠趨於穩定，我為管理團隊能夠應對和抵消關稅影響而感到非常自豪。我認為我們年初制定的價格，在我們提價之後，已經出現了一些下降。

We're not making any further price increases at the moment, but we did pick up some on the price, and I think as we get into next year, as we continue to work through the tariffs adequately well, we'll have better year over year compares on the tariff issue as well.

我們目前不會進一步提價，但我們確實在價格方面做出了一些調整，我認為隨著我們進入明年，隨著我們繼續妥善處理關稅問題，我們在關稅問題上也會有更好的年度比較結果。

Do you want to add some color there, Anshooman?

安舒曼，你想在那裡加點顏色嗎？

Yeah, our gross margins have been pretty flat at Repair year-on-year, which basically we passed on the cost of the tariffs. Generally, we've been okay passing through that. Some places it's a little more targeted where we have to make decisions around portfolio, et cetera.

是的，我們的維修業務毛利率逐年持平，這基本上把關稅成本轉嫁給了客戶。一般來說，我們都能順利度過那段時期。有些地方目標更明確，我們需要圍繞投資組合等做出決策。

A large part of it, as Mark Morelli talked, has been moving supply chain and trying to optimize our cost position, also because of leveraging a more not only a US supply chain, but also other countries outside of China. We will be under $50 million of procurement from China by the end of this year on a run rate basis. So our teams have done a really good job mitigating some of the higher tariff exposures.

正如馬克·莫雷利所說，很大一部分工作是調整供應鏈，並努力優化我們的成本狀況，這也是因為我們不僅利用了美國的供應鏈，還利用了中國以外的其他國家的供應鏈。到今年年底，我們從中國的採購額將低於5,000萬美元（以正常水準計算）。因此，我們的團隊在降低部分較高關稅風險方面做得非常出色。

Got it. Helpful. And then maybe kind of turning over towards cash. I did see that you slightly lowered the conversion to 95% for the full year, up from your 100%. At the event a couple weeks ago, you talked about targeting over 90% conversion through 2028, which is a little bit lower than the 100% you guys talked about at your previous Investor Day.

知道了。很有幫助。然後或許會逐漸轉向現金交易。我注意到您將全年的轉換率略微下調至 95%，而不是之前的 100%。在幾週前的活動中，你們談到目標是到 2028 年實現 90% 以上的轉換率，這比你們在上一次投資者日上提到的 100% 要低一些。

I was wondering if you could touch on what's contributing to that and maybe elaborate on any working capital opportunities that you're working on.

我想請您談談造成這種情況的原因，並詳細介紹您正在研究的任何營運資金機會。

Yeah. If you also noticed, our tax rate is creeping up a little bit from 21% to 21% to 21.5% for this year. Part of it is to do with the R&D law change. We probably will take a lot of the cash benefit over two years because it does impact the tax rate when you take that. That's part of the 100% going to 95%, just managing our overall tax rate. We're splitting some of the tax benefit over the two years versus taking it all in one year.

是的。如果你也注意到了，我們今年的稅率從 21% 小幅上升到 21.5%。部分原因與研發法律的修改有關。我們可能會分兩年領取大部分現金福利，因為領取現金福利會影響稅率。這是將稅率從 100% 降至 95% 的一部分，只是為了控制我們的整體稅率。我們將部分稅收優惠分兩年享受，而不是一年內全部享受。

In terms of greater than 90%, I think that's a pretty good cash conversion. As you're going to have growth in the business, working capital kind of grows with your growth rate. So one way to think about it is cash conversion of 100% minus your growth rate is a pretty good target to go for. Greater than 90% gives us some buffer, I would say. But we feel very strongly that we have a really good cash conversion profile in our business.

超過 90% 的現金轉換率，我認為相當不錯了。隨著業務的成長，營運資金也會隨著業務的成長速度而成長。所以，一個思考方式是，100% 的現金轉換率減去你的成長率，就是一個非常好的目標。我認為，大於 90% 的機率能給我們一些緩衝空間。但我們堅信，我們公司的現金轉換率非常高。

Very helpful. Thanks for the time.

很有幫助。謝謝你抽出時間。

Thank you. And I'm showing no further questions at this time. I would like to turn it back to Mark Morelli for closing remarks.

謝謝。我目前不再提出其他問題。我謹將發言權交還給馬克·莫雷利，請他作總結發言。

Yeah, thank you. Thanks again for joining us on today's call. We're exiting 2025 with fundamentally stronger operations, improving trends across our core businesses, and clear momentum on our connected mobility strategy.

是啊，謝謝。再次感謝您參加今天的電話會議。2025 年結束時，我們的營運狀況更加穩健，核心業務發展趨勢不斷改善，互聯出行策略也取得了明顯進展。

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. Importantly, our shares remain meaningfully discounted to peers, underscoring the upside as we continue to execute. We appreciate your continued interest in Vontier and look forward to engaging with many of you over the next several weeks. Have a great day.

我們致力於在具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，為股東創造回報。重要的是，我們的股價仍然比同業有相當大的折價，這凸顯了我們繼續推進各項工作所帶來的上漲空間。我們感謝您一直以來對 Vontier 的關注，並期待在接下來的幾週內與您中的許多人進行交流。祝你有美好的一天。

Thank you, presenters. And ladies and gentlemen, this concludes today's conference call. Thank you all for joining. You may now disconnect.

謝謝各位主持人。女士們、先生們，今天的電話會議到此結束。感謝各位的參與。您現在可以斷開連線了。