賽莱默 (XYL) 2022 Q4 法說會逐字稿

Welcome to Xylem's Fourth Quarter and Full Year 2022 Earnings Conference Call. (Operator Instructions). I would now like to turn the call over to Andrea van der Berg, Vice President of Investor Relations.

歡迎參加賽萊默 2022 年第四季度和全年收益電話會議。 （操作員說明）。我現在想把電話轉給投資者關係副總裁 Andrea van der Berg。

Thank you, operator. Good morning, everyone, and welcome to Xylem's Fourth Quarter and Full Year 2022 Earnings Call. With me today are Chief Executive Officer, Patrick Decker; Chief Financial Officer, Sandy Rowland; and Chief Operating Officer, Matthew Pine. They will provide their perspective on. Xylem's fourth quarter and full year 2022 results and discuss our outlook and guidance for 2023.

謝謝你，運營商。大家早上好，歡迎來到 Xylem 的第四季度和 2022 年全年收益電話會議。今天和我在一起的是首席執行官 Patrick Decker；桑迪羅蘭首席財務官；和首席運營官 Matthew Pine。他們將提供他們的觀點。賽萊默 2022 年第四季度和全年業績，並討論我們對 2023 年的展望和指導。

Following our prepared remarks, we will address questions related to the information covered on the call. (Operator Instructions). As a reminder, this call and our webcast are accompanied by a slide presentation available on the Investors section of our website, www.xylem.com. A replay of today's call will be available until midnight, February 14. Please note the replay number +1 (800) 388-6509 or +1 (402) 220-1111. Additionally, the call will be available for playback via the Investors section of our website under the heading Investor Events.

在我們準備好的評論之後，我們將解決與電話中涵蓋的信息相關的問題。 （操作員說明）。提醒一下，本次電話會議和我們的網絡廣播附有幻燈片演示，可在我們網站 www.xylem.com 的投資者部分獲取。今天電話會議的重播將持續到 2 月 14 日午夜。請注意重播號碼 +1 (800) 388-6509 或 +1 (402) 220-1111。此外，該電話會議將可通過我們網站的“投資者活動”標題下的“投資者”部分進行回放。

Please turn to Slide 2. We'll make some forward-looking statements on today's call, including references to future events or developments that we anticipate will or may occur in the future. These statements are subject to future risks and uncertainties, such as those factors described in Xylem's most recent annual report on Form 10-K and subsequent reports filed with the SEC.

請轉到幻燈片 2。我們將在今天的電話會議上發表一些前瞻性陳述，包括對我們預計未來將要或可能發生的未來事件或發展的參考。這些陳述受未來風險和不確定因素的影響，例如 Xylem 最近的 10-K 表格年度報告和隨後向美國證券交易委員會提交的報告中描述的那些因素。

Please note that the company undertakes no obligation to update any forward-looking statements publicly to reflect subsequent events or circumstances, and actual events or results could differ materially from those anticipated.

請注意，公司沒有義務公開更新任何前瞻性陳述以反映後續事件或情況，實際事件或結果可能與預期存在重大差異。

Please turn to Slide 3. We have provided you with a summary of our key performance metrics, including both GAAP and non-GAAP metrics. For purposes of today's call, all references will be on an organic and adjusted basis, unless otherwise indicated. And non-GAAP financials have been reconciled for you and are included in the Appendix section of the presentation. Now please turn to Slide 4, and I'll turn the call over to our CEO, Patrick Decker.

請轉到幻燈片 3。我們為您提供了關鍵績效指標的摘要，包括 GAAP 和非 GAAP 指標。就今天的電話會議而言，除非另有說明，否則所有參考資料都將在有機和調整的基礎上進行。非 GAAP 財務數據已經為您進行了核對，並包含在演示文稿的附錄部分中。現在請轉到幻燈片 4，我將把電話轉給我們的首席執行官 Patrick Decker。

Thanks, Andrea, and good morning, everyone. As we indicated in our press release, the team delivered a very strong operational performance in the fourth quarter, exceeding our expectations across each segment and region. Resilient demand and strong backlog execution delivered 20% revenue growth for the quarter and healthy EBITDA margin expansion. That performance continued and built upon the team's solid delivery through the year, fueling healthy momentum coming into 2023.

謝謝，安德里亞，大家早上好。正如我們在新聞稿中指出的那樣，該團隊在第四季度實現了非常強勁的運營業績，超出了我們對每個部門和地區的預期。彈性需求和強勁的積壓執行使本季度收入增長 20%，EBITDA 利潤率健康增長。這種表現持續並建立在團隊全年穩健交付的基礎上，為進入 2023 年的健康勢頭提供了動力。

On a full year basis, revenue grew 11% and earnings per share grew 14%. Water Infrastructure grew 15% in the quarter on robust utilities and industrial demand in the U.S. and Western Europe, and the segment was up 12% for the full year. M&CS posted very strong fourth quarter performance. This segment was up 35% in the quarter on backlog execution from improved chip supply and continued strong demand, bringing full year growth to 8%. Applied Water grew 17% in the quarter and finished 2022 with 14% growth for the full year.

按全年計算，收入增長 11%，每股收益增長 14%。由於美國和西歐強勁的公用事業和工業需求，本季度水利基礎設施增長了 15%，該部門全年增長了 12%。 M&CS 公佈了非常強勁的第四季度業績。由於芯片供應改善和持續強勁的需求，該部門本季度增長了 35%，使全年增長達到 8%。 Applied Water 本季度增長 17%，到 2022 年全年增長 14%。

Overall, higher volumes and positive price cost performance drove significant EBITDA margin expansion in the quarter, up 250 basis points versus the same period a year ago. The team delivered that growth and margin performance on continuing resilient demand globally. We saw healthy orders growth sequentially. And for the full year, orders were up 4%, demonstrating the durability of our business. I am so proud of the team's performance in serving our customers and of their commitment to our purpose, solving water.

總體而言，更高的銷量和積極的價格成本表現推動了本季度 EBITDA 利潤率的顯著增長，與去年同期相比增長了 250 個基點。該團隊在全球持續的彈性需求下實現了增長和利潤率表現。我們看到了健康的訂單增長。全年，訂單增長了 4%，證明了我們業務的持久性。我為團隊在服務客戶方面的表現以及他們對解決水問題這一目標的承諾感到非常自豪。

The global trends driving investment in water systems continue to intensify. And as today's results demonstrate, we are already very strongly positioned to address them.

推動水系統投資的全球趨勢繼續加強。正如今天的結果所表明的那樣，我們已經非常有能力解決這些問題。

That said, our recent agreement to acquire Evoqua announced 2 weeks ago, will create a powerful platform to address the world's most critical water challenges with greater capability, depth and scale.

也就是說，我們最近在 2 週前宣布的收購 Evoqua 的協議將創建一個強大的平台，以更大的能力、深度和規模來應對世界上最關鍵的水資源挑戰。

We've begun the important work of integration planning to set the combined company up for success and are well into the process of seeking the necessary approvals. Until the deal closes, which we anticipate will be midyear, we remain focused on delivering results to the stakeholders we serve today.

我們已經開始了整合規劃的重要工作，以使合併後的公司取得成功，並且正在順利地尋求必要的批准。在交易完成之前（我們預計將在年中），我們仍然專注於為我們今天服務的利益相關者交付成果。

On that stand-alone basis, we see continuing resilient demand in our largest end markets, particularly utilities, despite the possibility of macroeconomic softness, execution of our backlogs with ongoing price cost discipline, further supply chain improvements and a return to 100% free cash flow conversion.

在這個獨立的基礎上，我們看到我們最大的終端市場，特別是公用事業的需求持續保持彈性，儘管宏觀經濟可能疲軟，我們的積壓訂單的執行與持續的價格成本紀律，供應鏈的進一步改善以及恢復到 100% 自由現金流量轉換。

We expect that this will allow us to deliver 2023 organic revenue growth in the mid-single digits with solid EBITDA margin expansion, resulting in earnings per share between $3 and $3.25, up 10% versus last year at the midpoint of the range.

我們預計，這將使我們能夠在 2023 年實現中等個位數的有機收入增長，同時 EBITDA 利潤率穩步增長，從而使每股收益在 3 美元至 3.25 美元之間，比去年同期增長 10%（處於該範圍的中點）。

We'll give more color on the outlook and guide in a moment, but first, I'll hand it over to Sandy to dig in briefly on the quarter's results before we look ahead at 2023.

我們稍後會給出更多關於前景和指導的顏色，但首先，在我們展望 2023 年之前，我將把它交給桑迪簡要介紹一下本季度的結果。

Thanks, Patrick. Please turn to Slide 5, and I'll cover our fourth quarter results. As Patrick highlighted, the team closed out a strong 2022 with another quarter of robust growth and margin expansion.

謝謝，帕特里克。請轉到幻燈片 5，我將介紹我們的第四季度業績。正如帕特里克強調的那樣，該團隊以又一個季度的強勁增長和利潤率擴張結束了強勁的 2022 年。

Revenue grew 20% year-over-year, led by 26% growth in the U.S. and mid-teen growth in Western Europe and the emerging markets. In a moment, I'll give you a detailed performance by segment. But in short, utilities was up 24%, with strength in the U.S. driven by chip supply improvements in M&CS, and robust OpEx demand in Water Infrastructure. Industrial grew 15% on particularly strong demand in Western Europe and emerging markets and sustained strength in the U.S.

收入同比增長 20%，其中美國收入增長 26%，西歐和新興市場收入增長處於中等水平。待會兒，我會分段給大家詳細介紹一下。但簡而言之，公用事業上漲了 24%，美國的強勢受到 M&CS 芯片供應改善以及水利基礎設施強勁的 OpEx 需求的推動。由於西歐和新興市場的需求特別強勁以及美國的持續強勁，工業增長了 15%。

Commercial was up 24%, mainly due to continued backlog execution in the U.S. and Western Europe. And residential was up 17%, driven by strength in emerging markets, partially offset by softness in the U.S. Compared to prior year, orders were down 3% in the quarter versus up 23% in the same period last year, but underlying demand remains resilient and in line sequentially.

商業業務增長了 24%，主要是由於美國和西歐的訂單持續積壓。住宅增長 17%，受新興市場強勁的推動，部分被美國的疲軟所抵消。與去年同期相比，本季度訂單下降 3%，而去年同期增長 23%，但基本需求仍保持彈性並依次排隊。

Water Infrastructure orders were up 13%, AWS down 6% and M&CS down 19%, following exceptionally high orders last year. However, M&CS orders were in line with the last quarter with a book-to-bill ratio of 1.1x. EBITDA margin was 18.7%, up 250 basis points from the prior year and up 40 basis points sequentially on strong volume and price, which more than offset inflation.

水利基礎設施訂單增長 13%，AWS 下降 6%，M&CS 下降 19%，去年訂單量異常高。然而，M&CS 訂單與上一季度持平，訂單出貨率為 1.1 倍。 EBITDA 利潤率為 18.7%，比上年增長 250 個基點，由於銷量和價格強勁，抵消了通貨膨脹，環比增長 40 個基點。

Our EPS in the quarter was $0.92, up 46% year-over-year. Please turn to Slide 6, and I'll review the quarter's segment performance in a bit more detail. Water Infrastructure outperformed expectations with revenues up 15% in the quarter. Growth was robust across the portfolio, led by our wastewater utility business in the U.S. and industrial strength in emerging markets on continued dewatering demand.

我們本季度的每股收益為 0.92 美元，同比增長 46%。請轉到幻燈片 6，我將更詳細地回顧本季度的細分市場表現。 Water Infrastructure 的業績超出預期，本季度收入增長 15%。在我們在美國的廢水公用事業業務和新興市場的工業實力對持續脫水需求的帶動下，整個投資組合的增長強勁。

Geographically, the U.S. was up 26% with solid price realization on strong utilities OpEx demand and continued improvements in the supply chain. Western Europe grew low double digits, driven by healthy industrial activity and emerging markets was also up low double digits, driven by dewatering demand in Latin America and Africa. Orders in the fourth quarter were up 13% with solid dewatering demand in emerging markets and continued utility strength in the U.S.

從地域上看，由於強勁的公用事業運營支出需求和供應鏈的持續改善，美國股價上漲了 26%。在健康的工業活動的推動下，西歐以低兩位數的速度增長，而在拉丁美洲和非洲脫水需求的推動下，新興市場也以低兩位數的速度增長。第四季度的訂單增長了 13%，新興市場的脫水需求強勁，美國的公用事業持續走強。

EBITDA margin for the segment was up 80 basis points as price, net of inflation and volume conversion more than offset strategic investments.

該部門的 EBITDA 利潤率上升了 80 個基點，因為扣除通貨膨脹和銷量轉換後的價格抵消了戰略投資。

Please turn to Page 7. The Applied Water segment also exceeded expectations with fourth quarter revenues up 17% on strong price realization and backlog execution. Geographically, Western Europe was up over 20%, led by supply chain improvements and strong industrial and commercial demand.

請翻到第 7 頁。Applied Water 部門也超出預期，第四季度收入增長 17%，這得益於強勁的價格實現和積壓執行。從地域上看，西歐在供應鏈改善和強勁的工業和商業需求的帶動下上漲了 20% 以上。

Emerging Markets was up mid-double digits on strong residential demand in the Middle East and India. The U.S. was up low double digits as supply chain improvements and price realization were partially offset by moderating residential volumes.

由於中東和印度強勁的住宅需求，新興市場上漲了兩位數。由於供應鏈的改善和價格實現被住宅交易量的放緩部分抵消，美國出現了兩位數的低位增長。

Orders were down 6% in the quarter, with healthy industrial demand in the U.S. and Western Europe, offset by slowing U.S. residential orders. Segment EBITDA margin was up 270 basis points in the quarter. Margin expansion was driven by continued strong price realization, more than offsetting inflation and further supplemented by productivity savings.

本季度訂單下降 6%，美國和西歐的健康工業需求被美國住宅訂單放緩所抵消。本季度該部門的 EBITDA 利潤率上升了 270 個基點。利潤率的增長是由持續強勁的價格實現推動的，不僅抵消了通貨膨脹，還進一步得到了生產力節約的補充。

And now let's turn to Slide 8, and I'll cover our Measurement & Control Solutions business. M&CS revenue was up 35%, driven by recoveries in chip supply year-over-year and strong project execution in our test and measurement and pipeline assessment services businesses.

現在讓我們轉到幻燈片 8，我將介紹我們的測量和控制解決方案業務。 M&CS 收入增長了 35%，這得益於芯片供應同比復甦以及我們測試測量和管道評估服務業務的強勁項目執行。

Geographically, all regions were up more than 20%, led by U.S. growth of over 40%. M&CS orders were down 19% in the quarter, lapping a prior year compare of 28% orders growth during the peak of supply chain constraints.

從地域上看，所有地區都增長了 20% 以上，其中美國增長超過 40%。 M&CS 訂單在本季度下降了 19%，低於去年同期供應鏈限制高峰期 28% 的訂單增長率。

Demand for our AMI offering remains strong and our $2.1 billion backlog in M&CS is up 14% versus prior year. EBITDA margin for the segment was up 800 basis points versus the prior year and importantly, 130 basis points quarter sequentially. Strong volume conversion, coupled with price realization offsetting inflation, drove the expansion.

對我們的 AMI 產品的需求依然強勁，我們 21 億美元的 M&CS 積壓訂單比上一年增長了 14%。該部門的 EBITDA 利潤率比上一年提高了 800 個基點，重要的是，環比提高了 130 個基點。強勁的銷量轉換，加上價格實現抵消了通貨膨脹，推動了擴張。

And now let's turn to Slide 9 for an overview of cash flows and the company's financial position. In the fourth quarter, we generated free cash flow of $302 million. The team did a great job driving down working capital to hit our previous outlook of 80% free cash flow conversion for the year.

現在讓我們轉到幻燈片 9，了解現金流量和公司財務狀況的概況。第四季度，我們產生了 3.02 億美元的自由現金流。該團隊在降低營運資金方面做得很好，達到了我們之前對今年 80% 的自由現金流轉換的預期。

While inventory remains elevated versus where we targeted to be longer term, as there still are pockets of the supply chain that necessitate the extra safety stock that we are carrying, our performance in Q4 gives us confidence in our path to return to 100% conversion in 2023.

雖然與我們的長期目標相比，庫存仍然較高，但由於供應鏈中仍有一些地方需要我們攜帶額外的安全庫存，我們在第四季度的表現讓我們有信心在2023.

Our financial position remains robust as we exit the year with over $900 million in cash and available liquidity of $1.7 billion. And this is after paying down over $500 million of debt in December.

我們的財務狀況依然穩健，因為我們以超過 9 億美元的現金和 17 億美元的可用流動資金結束了這一年。這是在 12 月償還了超過 5 億美元的債務之後。

Net debt-to-EBITDA leverage is 1.0x.

淨債務對 EBITDA 的槓桿率為 1.0 倍。

Please turn to Slide 10, and I'll hand back to Patrick to look forward at 2023.

請轉到幻燈片 10，我將交還給帕特里克，展望 2023 年。

Thanks, Sandy. The team did an excellent job delivering for our customers and communities in 2022. Their commitment and performance stood out during a tumultuous year of global economic and geopolitical uncertainty; lingering pandemic effects, especially in China; and a challenging supply chain environment. I'm very proud of everything the team achieved, and they are already carrying all that commercial momentum, operational discipline and resilience into 2023.

謝謝，桑迪。該團隊在 2022 年為我們的客戶和社區提供了出色的服務。他們的承諾和表現在全球經濟和地緣政治不確定的動盪一年中脫穎而出；揮之不去的流行病影響，尤其是在中國；以及充滿挑戰的供應鏈環境。我為團隊取得的一切成就感到非常自豪，他們已經將所有商業勢頭、運營紀律和彈性帶到了 2023 年。

As we look forward, we see continued healthy demand in our major markets despite the possibility of macroeconomic softness in certain sectors of the global economy. We expect that the essential nature of our solutions and the secular trends in water will continue to underpin demand in the attractive, stable end markets that we serve. And we expect to be even better able to serve that demand as supply chain friction continues to ease, and we can progressively work down our $3.6 billion backlogs.

展望未來，儘管全球經濟的某些部門可能出現宏觀經濟疲軟，但我們看到主要市場的需求持續健康。我們預計，我們解決方案的本質和水資源的長期趨勢將繼續支撐我們所服務的有吸引力、穩定的終端市場的需求。隨著供應鏈摩擦的持續緩解，我們希望能夠更好地滿足這一需求，並且我們可以逐步減少 36 億美元的積壓訂單。

Looking ahead, we are advancing our strategic delivery of solutions to the acquisition of Evoqua. As I mentioned earlier, and as you would expect, until the deal closes, we are only providing organic guidance for Xylem on a stand-alone basis. But there's no doubt that the combination of Xylem's global utility scale and Evoqua's strength in attractive industrial end markets creates a powerful platform for growth. We expect significant revenue synergies in areas such as cross-selling of our respective utility and industrial portfolios in North America, and growing Evoqua's international exposure via Xylem's global channels and customer relationships.

展望未來，我們正在推進解決方案的戰略交付，以收購 Evoqua。正如我之前提到的，正如你所期望的那樣，在交易完成之前，我們只是在獨立的基礎上為 Xylem 提供有機指導。但毫無疑問，Xylem 的全球公用事業規模與 Evoqua 在有吸引力的工業終端市場的實力相結合，創造了一個強大的增長平台。我們預計在北美各自公用事業和工業產品組合的交叉銷售以及通過 Xylem 的全球渠道和客戶關係增加 Evoqua 的國際知名度等領域將產生顯著的收入協同效應。

Now those are just 2 of the areas where we see tremendous potential to add to the growth of the combined companies and expand our value to customers globally, especially in a number of the most attractive water end markets. But it's not the only inorganic move we're making to give customers more of what they need most. We've also taken a big step forward in helping them adopt the digital solutions they need to increase the resilience of communities essential water infrastructure.

現在，這些只是我們認為有巨大潛力的兩個領域，可以促進合併後公司的發展，並為全球客戶擴大我們的價值，尤其是在一些最具吸引力的供水終端市場。但這並不是我們為向客戶提供更多他們最需要的東西而採取的唯一無機舉措。我們還向前邁出了一大步，幫助他們採用所需的數字解決方案，以提高社區基本供水基礎設施的彈性。

In the shadow of our big announcement with Evoqua, another important partnership flew under the radar, one which will accelerate and enhance our ability to deliver more digital solutions to the utility customers around the world.

在我們與 Evoqua 的重大聲明的陰影下，另一個重要的合作夥伴關係悄然興起，這將加速和增強我們為全球公用事業客戶提供更多數字解決方案的能力。

Last quarter, we signed an exclusive commercial partnership with Idrica to make adoption of digital technologies easier, faster and more affordable for our utility customers. Headquartered in Valentia, Spain, Idrica is a leader in data in data management and analytics for water utilities. Idrica's GoAigua platform simplifies deployment and operation of new digital capabilities in any water utilities operations. It gives them one secure integrated interface that brings together data capture, analytics and asset and process management onto 1 platform.

上個季度，我們與 Idrica 簽署了獨家商業合作夥伴關係，使我們的公用事業客戶更容易、更快速、更實惠地採用數字技術。 Idrica 總部位於西班牙瓦倫蒂亞，是水務公司數據管理和分析領域的領導者。 Idrica 的 GoAigua 平台簡化了任何水務公司運營中新數字功能的部署和運營。它為他們提供了一個安全的集成界面，將數據捕獲、分析以及資產和流程管理整合到一個平台上。

Having been born out of a utility operator itself, the platform has the advantage of having been built by utility for utilities, and it's already been deployed by over 300 customers around the world.

該平台脫胎於公用事業運營商本身，具有由公用事業為公用事業構建的優勢，並且已被全球 300 多個客戶部署。

Under the partnership, we will take a minority stake in Idrica and become the exclusive global distributor of their technology. Together, we will enable more utilities to harness the power of connected solutions. We're very excited about it, and we look forward to sharing more as the partnership progresses.

根據合作夥伴關係，我們將持有 Idrica 的少數股權，並成為其技術的全球獨家經銷商。我們將使更多的公用事業公司共同利用互聯解決方案的力量。我們對此感到非常興奮，我們期待隨著合作夥伴關係的進展分享更多信息。

We made one other important announcement recently. This one was just before the end of the year, appointing Matthew Pine as Chief Operating Officer. The move ensures that we have continuing focus on operational excellence from an enterprise perspective across all our business segments and regions to continue delivering on our commitment to faster the market revenue growth and margin expansion. At the same time, it's also freed up some of my capacity to deliver on Xylem's strategic evolution and capital deployment.

我們最近發布了另一項重要公告。這是在年底之前，任命馬修派恩為首席運營官。此舉確保我們從企業的角度繼續關注我們所有業務部門和地區的卓越運營，以繼續履行我們對加快市場收入增長和利潤率擴張的承諾。同時，它也釋放了我的一些能力來交付 Xylem 的戰略演變和資本部署。

In a moment, we'll turn the call back to Sandy for more detail on our guide. But first, I want to invite Matthew to say a few words on his key areas of focus in the new role and provide some color on our end market outlook. Matthew?

稍後，我們會將電話轉回給桑迪，以獲取有關我們指南的更多詳細信息。但首先，我想請馬修談談他在新角色中關注的重點領域，並為我們的終端市場前景提供一些色彩。馬修？

Thanks, Patrick. We are very strongly positioned on intensifying trends with technology leadership in a large and growing installed base in attractive end markets.

謝謝，帕特里克。在有吸引力的終端市場中擁有龐大且不斷增長的安裝基礎的技術領導者，我們非常堅定地定位於強化趨勢。

My focus as Chief Operating Officer is to further accelerate profitable growth and maximize the value we deliver to customers and communities around the world. Across the business, we continue to remove complexity, increase our local agility and unlock further scale efficiencies. This is all aimed, of course, at better serving our customers at the same time we deliver continuing margin expansion. We're driving this margin focus across the enterprise, taking particular aim at even more enhanced productivity and customer satisfaction.

作為首席運營官，我的重點是進一步加速盈利增長，並最大限度地提高我們為全球客戶和社區提供的價值。在整個業務中，我們繼續消除複雜性，提高我們的本地敏捷性並進一步提高規模效率。當然，這一切都是為了更好地服務我們的客戶，同時我們實現持續的利潤增長。我們正在推動整個企業對利潤率的關注，特別緻力於進一步提高生產力和客戶滿意度。

For example, in the M&CS segment, improvements in chip supply enabled us to build momentum, delivering the accretive backlog, we deploy resources back to productivity as well as new product introductions from innovation. Secondly, we continue to enhance our digital portfolio, as Patrick covered. Our customers need simple, integrated digital technologies that solve their problems cost effectively. Our portfolio increasingly meets that demand with attractive growth and margin profiles.

例如，在 M&CS 領域，芯片供應的改善使我們能夠建立勢頭，交付增加的積壓訂單，我們將資源重新部署到生產力以及創新中引入新產品。其次，正如帕特里克所說，我們繼續增強我們的數字產品組合。我們的客戶需要簡單、集成的數字技術，以經濟高效地解決他們的問題。我們的產品組合以具有吸引力的增長和利潤率狀況越來越多地滿足了這一需求。

Lastly, our customers depend on Xylem as a trusted partner to deliver ongoing support. So our third operational focus is in standardizing our solutions and creating new offerings. This will take us deeper into our installed base with aftermarket sales and services. New offerings such as outcome-based solutions and condition-based maintenance will enable us to capture demand, address customers' needs and expand reoccurring revenues.

最後，我們的客戶依賴 Xylem 作為值得信賴的合作夥伴來提供持續的支持。因此，我們的第三個運營重點是標準化我們的解決方案和創造新產品。這將使我們更深入地了解售後市場銷售和服務的安裝基礎。基於結果的解決方案和基於狀態的維護等新產品將使我們能夠捕捉需求、滿足客戶的需求並擴大經常性收入。

It's no accident that there's a theme running through all 3 of these priorities. Each is about growing revenues and improving our margins by serving our customers better more thoroughly and more simply, making it even easier for them to do business with us and solve more of their challenges.

貫穿所有這 3 個優先事項的主題絕非偶然。每一項都是關於通過更好、更徹底、更簡單地為我們的客戶提供更好的服務來增加收入和提高我們的利潤，使他們更容易與我們開展業務並解決他們的更多挑戰。

When we talk about being in a privileged position, that's not mentally to refer to our strategic or market positioning. It also reflects our view that we are fortunate to work alongside the kind of customers that we do, partner with them to solve their critical water challenges they face. It's a privilege and also a great opportunity for continuing value creation from our shareholders, communities and all stakeholders.

當我們談論處於特權地位時，這並不是指我們的戰略或市場定位。這也反映了我們的觀點，即我們很幸運能與我們所做的那種客戶一起工作，與他們合作解決他們面臨的關鍵水資源挑戰。這是一種特權，也是我們的股東、社區和所有利益相關者持續創造價值的絕佳機會。

Now let's turn to Slide 11, and I'll walk you through our end market outlook. We expect underlying demand and most of our end markets will continue to be healthy through 2023.

現在讓我們轉到幻燈片 11，我將向您介紹我們的終端市場展望。我們預計基本需求和我們的大部分終端市場將在 2023 年之前保持健康。

We've taken a balanced view based on the strength of our backlog, critical nature of our largest end markets, and the continued value proposition of our differentiated products. We anticipate our utility business overall, which is our largest end market, will grow high single digits in 2023.

我們根據我們積壓的實力、我們最大的終端市場的關鍵性質以及我們差異化產品的持續價值主張，採取了平衡的觀點。我們預計我們的整體公用事業業務（我們最大的終端市場）將在 2023 年實現高個位數增長。

On the wastewater side, we expect mid-single-digit growth as we see a continuation of steady global demand. We anticipate resilient OpEx demand in developed markets due to the critical nature of our offerings as well as the benefit of continued CapEx spend in emerging markets. The outlook for longer-term capital project spending and bid activity remains robust.

在廢水方面，由於我們看到全球需求持續穩定，我們預計將實現中個位數增長。由於我們產品的關鍵性質以及在新興市場持續資本支出的好處，我們預計發達市場的運營支出需求將保持彈性。長期資本項目支出和投標活動的前景依然強勁。

On the clean water side, we anticipate revenues being up low teens. This growth is driven by continued robust demand for our AMI solutions and expected improvements in chip supply through 2023, allowing for significant large deal deployments already secured in our backlog. We foresee healthy momentum in our test and measurement and our pipeline assessment service businesses due to increased focus on infrastructure and climate challenges.

在清潔水方面，我們預計收入將增長十幾歲。這種增長是由對我們的 AMI 解決方案的持續強勁需求以及到 2023 年芯片供應的預期改善推動的，這使得我們積壓的大量交易部署已經得到保障。由於對基礎設施和氣候挑戰的日益關注，我們預計我們的測試和測量以及我們的管道評估服務業務將出現健康發展勢頭。

Looking at the industrial end market, we expect to go low to mid-single digits on steady demand for our solutions globally. We continue to see strong growth in dewatering due to mining demand in emerging markets and the benefits of our strategic investments in our U.S. and European dewatering business.

放眼工業終端市場，我們預計在全球對我們的解決方案的穩定需求下，銷售額將下降到中等個位數。由於新興市場的採礦需求以及我們對美國和歐洲脫水業務的戰略投資帶來的好處，我們繼續看到脫水業務的強勁增長。

The commercial end market should deliver low single-digit growth on solid replacement business and backlog execution, partially offset by moderation in new construction.

商業終端市場應在可靠的替代業務和積壓執行方面實現低個位數增長，部分被新建築的放緩所抵消。

In residential, our smallest end market, we are expecting low single-digit decline due to normalizing demand in the U.S., partially offset by continued strength in emerging markets. In both commercial and residential, we would expect moderation to emerge in the second half results as we continue to work through the backlog in the first half of 2023.

在我們最小的終端市場住宅市場，由於美國需求正常化，我們預計將出現較低的個位數下降，部分被新興市場的持續強勁所抵消。在商業和住宅領域，隨著我們在 2023 年上半年繼續處理積壓的訂單，我們預計下半年的業績會有所緩和。

Now I'll turn it over to Sandy to walk you through our updated guidance.

現在我將把它交給桑迪來引導您完成我們更新的指南。

Thank you, Matthew. Turning to Slide 12. As mentioned, we expect Evoqua to join us in mid-2023. Until then, our full year guidance is on an organic basis and excludes the combination of the 2 companies. For Xylem overall, we foresee full year 2023 revenue growth in the range of 4% to 6%. This breaks down by segment as follows: mid-single-digit growth in Water Infrastructure with solid growth in both wastewater utilities and industrial; low single-digit growth in Applied Water from growth in industrial and commercial, partially offset by residential; We expect Measurement & Control Solutions to be up low teens. For 2023, we expect EBITDA to be in the range of 17.5% to 18%. This represents a 50 to 100 basis point margin expansion versus prior year. And this yields an EPS range of $3 to $3.25, up 10% at the midpoint over the prior year.

謝謝你，馬修。轉到幻燈片 12。如前所述，我們預計 Evoqua 將在 2023 年年中加入我們。在那之前，我們的全年指導是有機的，不包括兩家公司的合併。對於賽萊默整體而言，我們預計 2023 年全年收入增長將在 4% 至 6% 之間。按細分市場細分如下：水務基礎設施實現中個位數增長，污水公用事業和工業均實現穩健增長； Applied Water 的低個位數增長來自工業和商業的增長，部分被住宅抵消；我們預計 Measurement & Control Solutions 將上漲十幾歲。對於 2023 年，我們預計 EBITDA 將在 17.5% 至 18% 的範圍內。與上一年相比，這意味著利潤率擴大了 50 到 100 個基點。這產生了 3 美元至 3.25 美元的每股收益範圍，比上一年的中點增長了 10%。

Free cash flow conversion is expected to be 100% of net income. In addition, today, we announced an increase in our annual dividend of 10%, aligned with our capital allocation framework to grow dividends in line with earnings. We've also provided you with a number of other full year assumptions in the slide to supplement your models. We're assuming a euro-to-dollar conversion rate of 1.08 and a foreign exchange can be volatile, our FX sensitivity table is included in the appendix.

自由現金流轉換預計為淨收入的 100%。此外，今天，我們宣布將年度股息提高 10%，與我們的資本配置框架保持一致，以根據收益增加股息。我們還在幻燈片中為您提供了許多其他全年假設，以補充您的模型。我們假設歐元兌美元的匯率為 1.08，並且外匯可能會波動，我們的外匯敏感度表包含在附錄中。

And now drilling down on the first quarter, we anticipate total company revenues will be in the range of 7% to 9% growth. By segment, we expect high single-digit growth in Water Infrastructure, low single digits in Applied Water and high teens growth for M&CS. We expect first quarter EBITDA margin to be approximately 16%, driven by higher volumes and more favorable price cost dynamics. And with that, please turn to Slide 13, and I'll turn the call back over to Patrick for closing comments.

現在深入研究第一季度，我們預計公司總收入將增長 7% 至 9%。按細分市場劃分，我們預計水務基礎設施將實現高個位數增長，Applied Water 將實現低個位數增長，而 M&CS 將實現高雙位數增長。我們預計第一季度 EBITDA 利潤率約為 16%，這主要受銷量增加和更有利的價格成本動態的推動。然後，請轉到幻燈片 13，我會將電話轉回給 Patrick 以徵求意見。

Thanks, Sandy. We're coming into 2023, very strongly positioned. Our end markets continue to show resilient underlying demand. We're confident in delivering mid-single-digit revenue growth and strong margin expansion and the team continues to outperform on strong operational and commercial execution.

謝謝，桑迪。我們即將進入 2023 年，定位非常穩固。我們的終端市場繼續顯示出有彈性的潛在需求。我們有信心實現中等個位數的收入增長和強勁的利潤率增長，並且該團隊在強大的運營和商業執行方面繼續表現出色。

Beyond 2023, we remain well on track to deliver our longer-term strategic and financial milestones. We are very excited about all of the combination of Xylem and Evoqua will offer towards the creation of a more water secure, resilient and sustainable world, while driving value for our shareholders by accelerating growth and scale.

2023 年以後，我們仍有望實現我們的長期戰略和財務里程碑。我們對 Xylem 和 Evoqua 的所有結合感到非常興奮，這將有助於創造一個更安全、更有彈性和可持續發展的世界，同時通過加速增長和擴大規模為我們的股東創造價值。

The integration team met last week at our headquarters in D.C. The first of many meetings to set us up for success on day 1. And last week, I traveled with Ron Keating, Evoqua's CEO, to a number of their key sites to spend time with their incredibly talented people. Those visits only heighten my appreciation of the potential opportunities ahead and confirm the strong strategic and cultural fit of our 2 companies.

整合團隊上週在我們位於華盛頓特區的總部舉行了會議。這是為我們在第一天的成功做好準備的眾多會議中的第一次。上週，我與 Evoqua 的首席執行官 Ron Keating 一起前往他們的一些重要地點，與他們共度時光他們非常有才華的人。這些訪問只會加深我對未來潛在機會的認識，並證實我們兩家公司在戰略和文化上的強大契合度。

We've also taken the next step in the regulatory process, having submitted the required filings here in the U.S. and progressing toward filings in the relevant international jurisdictions. We continue to anticipate the deal closing midyear. A great deal of opportunity will open up when we bring our 2 companies together.

我們還在監管過程中邁出了下一步，在美國提交了所需的文件，並在相關國際司法管轄區進行了備案。我們繼續預計交易將在年中完成。當我們將兩家公司合併時，將會出現大量機會。

During our next earnings call, we will provide an update on our progress. Meanwhile, our business remains squarely focused on delivering on our 2023 financial commitments and continuing our commercial momentum and execution. Now operator, I'll turn the call back over to you for questions.

在我們的下一次財報電話會議上，我們將提供最新進展。與此同時，我們的業務仍然專注於兌現我們 2023 年的財務承諾，並繼續保持我們的商業勢頭和執行力。現在接線員，我會把電話轉回給你提問。

We'll take our first question from Deane Dray with RBC Capital Markets.

我們將從 RBC Capital Markets 的 Deane Dray 那裡回答我們的第一個問題。

Strong finish to the year, both revenues and margins. And I just want to say congrats again on finally getting to the altar on Evoqua. This has made strategic sense for so long. And have a midyear target closing is lightning fast in our view. I know that there's a lot of heavy lifting. So best of luck.

今年的收官和利潤都表現強勁。我只想再次祝賀你終於登上了 Evoqua 的聖壇。長期以來，這具有戰略意義。在我們看來，年中目標的完成速度快如閃電。我知道有很多繁重的工作。祝你好運。

Thank you very much, Deane.

非常感謝你，迪恩。

Can we start with M&CS margins? It sounds like the 2 drivers here, the chip supply improving, and this has been kind of a steady story for the past couple of quarters. How much have you worked through that backlog? And how much of the chip supply improvement contributed to the margin improvement in the segment? And then I've seen a nice shutout for pipeline assessment. Is this all pure and what's driving that?

我們可以從 M&CS 利潤率開始嗎？這聽起來像是這裡的 2 個驅動因素，芯片供應正在改善，這在過去幾個季度中一直是一個穩定的故事。您處理了多少積壓工作？芯片供應的改善在多大程度上促進了該部門利潤率的提高？然後我看到了一個很好的管道評估關閉。這一切都是純粹的嗎？是什麼在推動它？

Yes, Deane, thanks for the question. Let me start, and Matt, you can add some color here. So we are very pleased with our Q4 performance in M&CS. The year has unfolded very much like we thought it would with continuing improvement in chip supply. The story in Q4 is actually a twofold story. We saw some upside compared to what we had forecast, and half of that upside came from some better chip supply. And the other half of the upside came from some of our other businesses in the portfolio that we don't talk as much about. So our pipeline assessment services business, a lot of projects were completed in Q4, really good results in our test and measurement business. And all of the -- really the entire portfolio across M&CS has good margin potential and good leverage.

是的，迪恩，謝謝你的提問。讓我開始吧，馬特，你可以在這裡添加一些顏色。因此，我們對我們在 M&CS 的第四季度表現感到非常滿意。隨著芯片供應的持續改善，這一年的發展非常像我們想像的那樣。 Q4 中的故事實際上是一個雙重故事。與我們的預測相比，我們看到了一些上行空間，其中一半來自更好的芯片供應。另一半的上行空間來自我們投資組合中的其他一些業務，我們沒有過多談論這些業務。所以我們的管道評估服務業務，很多項目在第四季度完成，我們的測試和測量業務取得了非常好的結果。所有——實際上，整個 M&CS 的整個投資組合都具有良好的利潤潛力和良好的槓桿作用。

And so as we've got the top line going again, we're really encouraged that you're seeing that drop to the bottom line.

因此，當我們的收入再次上升時，我們真的很高興你看到利潤下降了。

Yes. I think the only thing I would add, Deane, is that we did pivot in Q4 to a more continuous improvement as we started to roll off of our product redesigns. So we saw a really good lift in Q4 and continuous improvement. And if you look at the price cost and the exit rate in Q4, it was really solid building momentum. This was -- if you recall, this was the last segment to really be impacted by inflation and really overcoming that in Q4, which also led to the margin improvement.

是的。 Deane，我想我唯一要補充的是，隨著我們開始推出產品重新設計，我們在第四季度確實轉向了更持續的改進。所以我們在第四季度看到了非常好的提升和持續改進。如果你看一下第四季度的價格成本和退出率，就會發現這確實是穩固的建設勢頭。這是——如果你還記得的話，這是最後一個真正受到通貨膨脹影響並在第四季度真正克服通貨膨脹的部分，這也導致了利潤率的提高。

All sounds good. And just as a follow-up, I was hoping to get some more color on this announcement of the software platform investment Idrica. If you listen to all of the trade shows and conferences, the biggest pain point for utilities is they get so much data, but none of it's connected, and it's all different formats. So this sounds really promising if it's one platform that then is able to integrate all of this.

聽起來不錯。作為後續行動，我希望在軟件平台投資 Idrica 的公告中獲得更多色彩。如果你聽過所有的貿易展覽和會議，公用事業的最大痛點是他們獲得瞭如此多的數據，但沒有一個是連接的，而且都是不同的格式。因此，如果它是一個能夠集成所有這些的平台，這聽起來真的很有希望。

So some color on the pricing. Is this a SaaS business? Is it on-prem? Is it licensed? How will it fit in terms of the revenue stream? And you've got 300 customers now. What's the pipeline for new customers, new logos?

所以定價上有一些顏色。這是 SaaS 業務嗎？它是本地的嗎？有執照嗎？它將如何適應收入流？你現在有 300 個客戶。新客戶、新標識的渠道是什麼？

Sure. So Deane, I'll just make a few comments, and I'll have Matthew go a little deeper because Matthew was part of the team that was integral to this courtship over the course of the past year or more. So he's well versed along with other team members on the opportunity here. But you're right, you said it best. It's the amalgamation of data coming from different data sources that's I -- we refer to as the power babble, with different languages, different code, and it makes it very difficult for the utility to optimize their overall network. So that's really what Idrica is getting at. They got a great platform already around the world, and our channels to utilities is really the big opportunity for them. But overlaying this solution to where effectively the way I described it, it's almost as if they built the interoperable operating software on which our operating technologies will sit along with other apps that make it easier for the utility user to interface.

當然。所以迪恩，我只想發表一些評論，我會讓馬修更深入一點，因為在過去一年或更長時間裡，馬修是這個求愛團隊不可或缺的一部分。所以他和其他團隊成員都非常了解這裡的機會。但你是對的，你說得最好。它是來自不同數據源的數據的合併——我們稱之為權力喋喋不休，使用不同的語言，不同的代碼，這使得公用事業公司很難優化他們的整體網絡。這就是 Idrica 的真正目的。他們已經在世界範圍內擁有了一個很棒的平台，而我們的公用事業渠道對他們來說確實是一個巨大的機會。但是，按照我描述的方式有效地覆蓋這個解決方案，就好像他們構建了可互操作的操作軟件，我們的操作技術將與其他應用程序一起運行，使實用程序用戶更容易進行交互。

But Matthew, do you want to talk a little bit about pricing and just the opportunity in the upside?

但是馬修，你想談談定價和上行機會嗎？

Yes. So from a pricing point of view, Deane, really there's an implementation cost, obviously, to go implement the platform, which is a fee. And then it's really, to your point, a Software-as-a-Service. It's a subscription fee that's ongoing in some term is really the model that we've built. And just really amplifying your point, again, one of the biggest pain points we hear and we believe really this partnership will translate into really the digital adoption rates in the water sector.

是的。因此，從定價的角度來看，Deane，確實存在實施成本，顯然，實施該平台是一項費用。然後，就您的觀點而言，它真的是一種軟件即服務。這是一個在某個期限內持續收取的訂閱費，這確實是我們建立的模型。再次強調你的觀點，這是我們聽到的最大痛點之一，我們相信這種夥伴關係真的會轉化為水行業的數字採用率。

We see this as really being an aggregator in terms of bringing all these disparate systems together that Patrick mentioned. And our teams are engaged in building commercial momentum. We've implemented a few pilots that are starting to see great results from our collaboration already. But as we ramp through the year and build backlog, that will start to really unpack in Q4 and into '24.

我們認為，就將 Patrick 提到的所有這些不同的系統整合在一起而言，這確實是一個聚合器。我們的團隊致力於建立商業勢頭。我們已經實施了一些試點，這些試點已經開始從我們的合作中看到巨大的成果。但隨著我們在這一年中逐步增加並建立積壓，這將在第四季度和 24 年開始真正展開。

And I would clarify, Deane, that when we say pilots in this case, these are actual commercial arrangements that are revenue generating. It's not a pilot where we're going and testing something. So we've already had some very impressive potential wins there that we'll talk about in the, hopefully, the next quarter.

迪恩，我要澄清的是，當我們在這種情況下說飛行員時，這些是產生收入的實際商業安排。這不是我們要去測試某些東西的試點。所以我們已經在那裡取得了一些非常令人印象深刻的潛在勝利，我們將在下個季度討論這些勝利。

And we'll take our next question from Joe Giordano with Cowen.

我們將與 Cowen 一起接受 Joe Giordano 的下一個問題。

So I just want to follow up on that Idrica stuff real quick and then move on. But is that something that utilities would put in, like, on top of what they already have? Or would it like more likely go like something that they would decide to move forward with like if they're putting in a new deployment?

所以我只想快速跟進 Idrica 的事情，然後繼續前進。但這是公用事業公司會在現有資源之上添加的東西嗎？或者它是否更像是他們決定繼續推進的事情，就像他們要進行新部署一樣？

A lot of utilities don't have anything like this. So it's really on top of what they have, Joe, and it's integrating all their disparate systems, their SCADA systems, their PLC systems, their ERPs. Anything that's bringing data into their ecosystem gets consolidated into the platform with 1 dashboard and 1 interface.

許多實用程序沒有這樣的東西。所以它真的在他們擁有的東西之上，Joe，它正在集成他們所有不同的系統，他們的 SCADA 系統，他們的 PLC 系統，他們的 ERP。任何將數據帶入其生態系統的東西都會通過 1 個儀表板和 1 個界面整合到平台中。

And if you think about a lot of the challenges of our utility customers and lots of different industrial customers in general, is they've got multiple applications, multiple passwords, all the information is siloed and they don't have a way to aggregate it. So this would come on as a layer to do that aggregation and give them a way to, as people say, democratize the data, be able to get the data to a user to make sense of all the information coming in.

如果你想一想我們的公用事業客戶和許多不同的工業客戶通常面臨的許多挑戰，他們是否有多個應用程序、多個密碼，所有信息都是孤立的，他們沒有辦法聚合這些信息.因此，這將作為一個層來進行聚合，並為他們提供一種方法，正如人們所說，使數據民主化，能夠將數據提供給用戶以理解所有輸入的信息。

And Joe, just to add, what -- when we say it's built by utility for, utilities is that there are many other solutions that are out there, but they can tend to be quite complex and overly sophisticated. And this really allows them to design a solution that meets the utility where they are on the journey. Not every utility is of the same space or the same place in the journey as to how sophisticated the system needs to be. And so it could be tailored in that regard, but it's also a highly standardized platform. And that's part of the efficiency of their rollout is how easy it is to maintain.

Joe 補充一下，當我們說它是由實用程序構建時，實用程序是指還有許多其他解決方案，但它們往往非常複雜且過於復雜。這確實使他們能夠設計出一種解決方案，以滿足他們在旅途中所處的實用程序。關於系統需要多複雜，並非每個公用事業都處於相同的空間或旅程中的相同位置。因此它可以在這方面進行定制，但它也是一個高度標準化的平台。他們推出的效率的一部分是維護的容易程度。

And then you guys were spending like a decent amount of resources kind of thinking about developing something like this internally at Xylem, if I'm correct. So now that you've made this decision here, which looks like it's already kind of packaged and ready to go for you, how do you reallocate the resources and what kind of impact does that have of not spending money trying to develop this internally?

然後你們花費了相當多的資源來考慮在 Xylem 內部開發這樣的東西，如果我是對的話。所以既然你已經在這裡做出了這個決定，看起來它已經打包並準備好為你服務，你如何重新分配資源以及不花錢嘗試在內部開發它會產生什麼樣的影響？

Yes. So I think that's a great question, Joe. There are certainly some overlaps between what we're spending money on from an R&D perspective. Just to remind you, the structure of the transaction is that it's a commercial agreement, which allows us to take the product and sell it on a global basis. And on top of that, we have a minority investment. And so there are certain things that we're going to keep going on our end. And then there are certain things that we're going to be able to leverage between the 2 companies. But there are certainly some synergies there. But really, this is a growth play.

是的。所以我認為這是一個很好的問題，喬。從研發的角度來看，我們花錢做的事情肯定有一些重疊。提醒一下，交易的結構是商業協議，它允許我們在全球範圍內銷售產品。最重要的是，我們有少數投資。因此，我們將繼續做某些事情。然後我們將能夠在兩家公司之間利用某些東西。但那里肯定有一些協同作用。但實際上，這是一部成長劇。

Okay. Just wanted to move to the 1Q guide here. Can you kind of talk a little bit about a bridge from maybe where we're exiting to where we are in 1Q? I'm trying to discern how much of this is being conservative versus how much is -- I guess it's early in the year and it's an uncertain year. Like if I look at, let's say, applied for example, or even M&CS. You're guiding applies basically up low single digits for the quarter and for the year. I would have thought that just given what's happening in resi, maybe it starts the year well above that and then finishes maybe flattish. So now you're kind of anticipating similar growth all year. Maybe talk us through that and M&CS, the guidance there kind of was what we expected heading in. But after the 4Q suggests like a 1Q step down off the 4Q run rate on revenue. So maybe talk us through that.

好的。只想轉到此處的 1Q 指南。你能談談從我們退出的地方到我們在 1Q 的地方的橋樑嗎？我試圖辨別其中有多少是保守的，有多少是——我想現在是年初，而且是不確定的一年。例如，如果我查看，比如說，應用，甚至是 M&CS。您指導的季度和年度應用基本上是低個位數。我本以為只是考慮到 resi 中發生的事情，也許今年開始時遠高於此，然後結束時可能持平。所以現在你有點期待全年都有類似的增長。也許通過那個和 M&CS 告訴我們，那裡的指導是我們預期的方向。但在第四季度之後，建議像第一季度降低第四季度的收入運行率。所以也許可以和我們談談。

Yes. Joe, I mean, there's a few things to unpack there. Let me start and the team here will remind me what else you asked. So look, there is some seasonality in our business. And if you look at it from a revenue perspective, we'll have a step down in revenue between Q4 and Q1. We always do. The biggest step down is actually in Water Infrastructure that has a big Q4. M&CS, there will be a little bit of a step down to. It's not so much in the metrology business, but some of the other businesses that we highlighted earlier on the call, our pipeline assessment services business, our test business, there's some seasonality there. So I think it's somewhere between $150 million and $200 million step down, Q4 to Q1. And that aligns with sort of our historical patterns. As we think about the year and the seasonality in the year, different businesses look a little bit different.

是的。喬，我的意思是，那裡有一些東西需要打開。讓我開始吧，這裡的團隊會提醒我你還問了什麼。所以看，我們的業務有一些季節性。如果你從收入的角度來看，我們將在第四季度和第一季度之間減少收入。我們總是這樣。最大的下降實際上是在第四季度很大的水利基礎設施中。 M&CS，會有一點點下降到。與其說是計量業務，不如說是我們早些時候在電話會議上強調的其他一些業務，我們的管道評估服務業務，我們的測試業務，那裡有一些季節性。所以我認為從第四季度到第一季度，降幅在 1.5 億美元到 2 億美元之間。這符合我們的歷史模式。當我們考慮年份和年份的季節性時，不同的業務看起來有點不同。

Certainly, you touched on AWS, which is our most cyclical business when it comes to macro. And from an AWS perspective, we're entering the year with a very, very strong backlog. And so as we've modeled that business, we have modeled a stronger first half versus a stronger second half. The other businesses don't have quite as much seasonality built into the plan, other than in M&CS, we have been calling for a bigger ramp-up in the second half when some of the redesign work comes online and that coincides with better chip supply.

當然，您談到了 AWS，這是我們在宏觀方面最具週期性的業務。從 AWS 的角度來看，我們以非常非常強大的積壓進入了這一年。因此，當我們為該業務建模時，我們模擬了一個更強大的上半年與更強大的下半年。除了 M&CS 之外，其他業務的季節性因素並沒有那麼多，我們一直呼籲在下半年進行更大的提升，屆時一些重新設計工作將上線，同時芯片供應也會有所改善.

So I would just add a couple of things Joe, from a historical perspective, just to amplify what Sandy had said here. We are reflecting in our guide that backlog in AWS carries into the first half of the year, but we are forecasting softness in the second half. So obviously, that remains to be seen. Hopefully, things recover faster, and we kind of glide through this and don't get impacted by that. But right now, we're embedding our guide that there is softness that hits us in terms of conversion in the second half.

所以我想從歷史的角度補充幾件事情，喬，只是為了強調桑迪在這裡所說的話。我們在我們的指南中反映，AWS 的積壓將持續到今年上半年，但我們預測下半年將出現疲軟。很明顯，這還有待觀察。希望事情恢復得更快，我們可以順利度過難關，而不會受到影響。但現在，我們正在嵌入我們的指南，即在下半年的轉換方面，我們會感到疲軟。

Historically, Water Infrastructure has a bigger Q4 and slows down in Q1 because we're serving the wastewater side of utilities and they spend out their capital and OpEx budgets through the end of the fourth quarter and then they ramp up again in the following year. So just to give some context for those of you that may be new to the story.

從歷史上看，水利基礎設施第四季度的規模更大，第一季度放緩，因為我們服務於公用事業的廢水方面，他們在第四季度末用完了資本和運營支出預算，然後在第二年再次增加。因此，只是為那些可能不熟悉這個故事的人提供一些背景信息。

And we'll take our next question from Mike Halloran with Baird.

我們將與 Baird 一起接受 Mike Halloran 的下一個問題。

So just following up on that last little bit there. Patrick, you gave some context on the applied backlog. It seems like you're expecting normalization as you work through the year that it makes sense and it's a short-cycle business. Maybe some thoughts on how you're thinking about the backlog tracking for the other 2 segments? And if you think that there's a chance for normalization either of those as we move towards the end of the year towards a more consistent run rate or more consistent balance between how you think about orders and backlog and revenue conversion.

因此，只需跟進那裡的最後一點。帕特里克，你提供了一些關於應用積壓的背景信息。似乎您在全年工作時都在期待正常化，這是有道理的，而且這是一項週期短的業務。也許關於您如何考慮其他 2 個部分的積壓跟踪的一些想法？而且，如果您認為隨著我們在年底朝著更一致的運行率或您對訂單和積壓以及收入轉換的看法之間的更一致的平衡邁進，這些中的任何一個都有可能正常化。

Yes, Mike. I think we are already starting to see some normalization. If you look at the orders rate that we've had in the second half of the year, as -- particularly as the pockets where the supply chain has stabilized, we're seeing some of our customers there return to normal behaviors. I'd say Water Infrastructure is a great example of that. We've had a more stable supply chain there. And so that's where we've seen more normal order patterns, and we don't see a backlog that has been as elevated.

是的，邁克。我認為我們已經開始看到一些正常化。如果你看看我們今年下半年的訂單率，特別是在供應鏈穩定的地方，我們看到那裡的一些客戶恢復了正常行為。我想說水利基礎設施就是一個很好的例子。我們在那裡擁有更穩定的供應鏈。因此，這就是我們看到更多正常訂單模式的地方，而且我們沒有看到積壓的情況如此嚴重。

We still have quite a bit of our backlog that's past due in M&CS, and we do expect to start eating into some of that in 2023. And I think that's a good thing because that means our projects are getting deployed.

我們在 M&CS 中仍有相當多的積壓工作已逾期，我們確實希望在 2023 年開始處理其中的一些工作。我認為這是一件好事，因為這意味著我們的項目正在部署中。

Go ahead, sorry.

繼續，對不起。

Yes. I was just going to build on the M&CS comment. We still have 30% of the backlog past due coming into the year. And so we'll still continue to monitor that as the chip supply continues sequentially to improve. That's something where we're looking at. But orders sequentially are good in that business, and we see good momentum going forward commercially.

是的。我只是要建立在 M&CS 評論的基礎上。我們仍有 30% 的積壓訂單進入今年。因此，隨著芯片供應的持續改善，我們仍將繼續監測這一點。這就是我們正在關注的地方。但該業務的訂單順序良好，我們看到商業上的良好勢頭。

Makes sense. And then on the kind of order side in the quoting pipeline side of things, obviously, orders taking the quarter not a surprise, given the comps, given some balancing out here. How do you think that the sequentials will work out through the year on the order side? What are the expectations there? And maybe any comments on how you're looking at the bidding pipeline as we sit here today in the areas where that's relevant?

說得通。然後在報價管道方面的訂單方面，很明顯，考慮到補償，考慮到這裡的一些平衡，本季度的訂單不足為奇。您如何看待訂單方面全年的順序？那裡的期望是什麼？也許您對我們今天坐在這裡的相關領域的投標管道有何評論？

Yes. From a bidding pipeline standpoint, I would say, look, industrial remains really strong globally. We primarily play in the general industry. There, and that's been pretty resilient. So that continues strong. Commercial is a bit of -- it's showing strength, however, expected to be slow in the back half, primarily due to new construction moderating. We track the ABI Index, the architectural billing index, that's been less than 50 in the past 3 months. And so looking for a little bit of a slowdown in the bid activity for new construction for commercial. And we talked resi, that's primarily a replacement for us. the orders are slowing down, largely due to the improved supply chain. It's probably the biggest area that we've seen the supply chain improve and also from pandemic investments. And so that's really what's impacted that. And then a strong pipeline in M&CS, plus water infrastructure, especially treatment. We're starting to see treatment really ramp up and then that backlog also continues to build, and we have a strong funnel.

是的。從投標管道的角度來看，我會說，看，工業在全球範圍內仍然非常強勁。我們主要從事一般行業。在那裡，這是非常有彈性的。所以這會繼續保持強勁。商業有點——它顯示出實力，但預計後半部分會放緩，這主要是由於新建築放緩。我們跟踪 ABI 指數，即架構計費指數，該指數在過去 3 個月內低於 50。因此，尋找新商業建築的投標活動會有所放緩。我們談到了 resi，這主要是我們的替代品。訂單正在放緩，這主要是由於供應鏈的改善。這可能是我們看到供應鏈以及大流行病投資改善的最大領域。所以這才是真正的影響所在。然後是強大的 M&CS 管道，以及水基礎設施，尤其是水處理。我們開始看到治療確實在增加，然後積壓也繼續增加，我們有一個強大的漏斗。

And we'll take our next question from Nathan Jones with Stifel.

我們將與 Stifel 一起接受 Nathan Jones 的下一個問題。

I think I'm going to go to questions and see if I can get any answers around revenue synergies from the combination of Xylem and Evoqua. I mean this is clearly a growth-enabling deal, and Patrick, you highlighted a couple of avenues for that. Investors have been very hungry for information on what kind of value that might add. So is there any color on kind of what your targets are going to be in terms of the expected growth for the combined businesses, how you're going to approach it? Are you going to have specific growth teams assigned to these kinds of projects? Any color and more color you can give us around those kinds of things?

我想我會提出問題，看看我是否能從 Xylem 和 Evoqua 的組合中獲得關於收入協同效應的任何答案。我的意思是，這顯然是一項促進增長的交易，帕特里克，你為此強調了幾個途徑。投資者一直非常渴望獲得有關可能增加何種價值的信息。那麼，就合併後業務的預期增長而言，您的目標是否有任何顏色，您將如何實現它？您是否要為這些類型的項目分配特定的增長團隊？您可以為我們提供關於這些東西的任何顏色和更多顏色嗎？

Sure, sure. Yes. So as you've said, Nate, I mean -- so first of all, I mean, the economic returns of this combination are justified on the cost synergies alone. And I don't want to look past those because I want to make sure that our investors understand that we've got strong conviction around the $140 million of cost synergies within 3 years. Going forward, we will lay out exactly what the -- not only the 3 buckets are that we've talked about, and I can reiterate those if we need to, but specific delivery time frames, ownership, et cetera. So strong conviction around that cost synergy.

一定一定。是的。所以正如你所說，內特，我的意思是 - 首先，我的意思是，這種組合的經濟回報僅在成本協同效應上是合理的。我不想忽略這些，因為我想確保我們的投資者明白，我們對 3 年內 1.4 億美元的成本協同效應有堅定的信念。展望未來，我們將準確地列出 - 不僅是我們已經討論過的 3 個桶，如果需要，我可以重申這些，還有具體的交付時間框架、所有權等。對成本協同效應的堅定信念。

Then beyond that, clearly, this combination is about growth. It really is taking a long-term view, not on the realization of synergies, but a long-term view on what the world needs right now in terms of a water company at scale and depth, and there are so many things that we can do together that we could not do as separate companies.

然後除此之外，很明顯，這種組合是關於增長的。這確實是一種長遠眼光，不是關於協同效應的實現，而是從長遠的角度看待世界目前在規模和深度上對水務公司的需求，我們可以做很多事情一起做我們作為獨立公司無法做的事情。

Now on the revenue synergies I'm not going to give you a specific number as of yet. We clearly will do that, and I can talk a little bit about process. But clearly, we expect that there's going to be an accelerated growth rate of the combined company. And we will put a specific target out there as we get closer to finalization of this.

現在關於收入協同效應，我不會給你一個具體的數字。我們顯然會這樣做，我可以談談流程。但很明顯，我們預計合併後公司的增長率將會加快。當我們接近最終確定時，我們將製定一個具體目標。

In terms of the process, there is going to be a clear ownership within our integration work that's already kicked off. We have teams that have been assigned to go after each one of the several areas of gross synergy. Obviously, we have a view on that before we got the deal approved by both the boards, but we're looking to see where there might even be other opportunities beyond that as we go forward. I laid out in my prepared remarks what some of those areas are.

就流程而言，我們已經開始的整合工作將有明確的所有權。我們的團隊被指派去追求總協同作用的幾個領域中的每一個領域。顯然，在我們獲得雙方董事會批准的交易之前，我們對此有看法，但我們希望看到在我們前進的過程中，除此之外還有其他機會。我在準備好的發言中列出了其中一些領域。

A few others that we did not highlight in my comments were around the combination of digital enablement in both companies. Evoqua is already doing a fair amount in digital enablement of their services, really focused on productivity and growth, and we continue to progress quite nicely in our digital enablement of more on the product side and the aftermarket service side. Last area is, we believe between Ron and I and the team that there is tremendous opportunity in the area of joint R&D, innovation and portfolio enhancement, whether that be organic or inorganic, given the complementary nature of the businesses.

我們在我的評論中沒有強調的其他一些是圍繞兩家公司數字支持的結合。 Evoqua 已經在他們服務的數字化支持方面做了相當多的工作，真正專注於生產力和增長，我們在產品方面和售後服務方面的更多數字化支持方面繼續取得相當不錯的進展。最後一個方面是，我們相信 Ron 和我以及團隊認為，鑑於業務的互補性，在聯合研發、創新和產品組合增強領域存在巨大的機會，無論是有機的還是無機的。

So that's what I can share with you right now, Nate. Obviously, we're as excited as you all are at being in a position to come out and share numbers around this, but we -- right now, we're focusing on getting the deal closed.

這就是我現在可以與您分享的內容，Nate。顯然，我們和你們一樣興奮能夠出來並分享這方面的數據，但我們 - 現在，我們專注於完成交易。

I have one follow-up question on a specific avenue of revenue synergies. Xylem historically been a product company and Evoqua developed this service-based model. Is there -- do you see the opportunity for you to implement new kinds of service-based business models on the legacy Xylem portfolio leveraging their service footprint?

我有一個關於收入協同效應的特定途徑的後續問題。 Xylem 歷來是一家產品公司，而 Evoqua 開發了這種基於服務的模式。有沒有——您是否看到了利用其服務足跡在遺留 Xylem 產品組合上實施新型基於服務的業務模型的機會？

Yes, we certainly do. I mean it will take some time. That will not be a day 1 synergy and likely not even a year 1 synergy. But absolutely, we see bringing some elements of their best-in-breed service offerings. And quite frankly, just their -- the whole cultural model around services, we believe is going to be an enhancement to our more legacy traditional product-oriented aftermarket services that are out there.

是的，我們當然知道。我的意思是這需要一些時間。這不會是第 1 天的協同效應，甚至可能不是第 1 年的協同效應。但絕對地，我們看到他們帶來了他們同類最佳服務產品的一些元素。坦率地說，我們相信圍繞服務的整個文化模式將增強我們現有的更傳統的以產品為導向的售後服務。

Two, they've already done a terrific work, and I realized that Ron would say they're still on that journey. And I certainly appreciated that last week whenever I spent a few days with him at multiple sites is that they're very much focused on outcome-based solutions.

第二，他們已經完成了一項了不起的工作，我意識到羅恩會說他們仍在那個旅程中。我當然很感激，上週每當我在多個站點與他一起度過幾天時，他們都非常關注基於結果的解決方案。

And so I think there's an opportunity there to enhance our business models and offerings whether that be both on the utility side but also on the industrial. There's -- as you know, Nate, there's a fair amount of complementary nature of pulling through there. They've got some terrific products within their APT business on the treatment side that complement what we do and vice versa, our treatment portfolio, enhancing what they can deliver in their industrial services offering.

因此，我認為有機會增強我們的商業模式和產品，無論是在公用事業方面還是在工業方面。正如你所知，Nate，有相當多的互補性可以幫助你度過難關。他們在治療方面的 APT 業務中有一些很棒的產品，可以補充我們所做的，反之亦然，我們的治療組合，增強了他們在工業服務產品中可以提供的產品。

Yes, it seems to be a lot of avenues for growth there. So I look forward to hearing more about it over the next few months and few quarters.

是的，那裡似乎有很多增長途徑。所以我期待在接下來的幾個月和幾個季度聽到更多關於它的信息。

And we'll take our next question from Scott Davis with Melius Research.

我們將從 Melius Research 的 Scott Davis 那裡回答下一個問題。

I just want a couple -- one kind of point of clarification then a real question. But are you still raising price here and now that we're into '23 or the price increases you did in '22 pretty much enough to offset your inflation.

我只想要一些 - 一種澄清，然後是一個真正的問題。但是，現在我們已經進入 23 年，您是否仍在此處提價，或者您在 22 年所做的提價足以抵消您的通貨膨脹。

Yes. We did -- Scott, we did the last round of price increases back in November of 2022. So really, the price increase, in essence would be for '23 kind of heading into this year. So obviously, we're continuing to watch the marketplace and understand not only the inflationary environment and how that continues on. It really -- it's moderated some, but it's still up and also just also make sure we're monitoring our win-loss rate in the marketplace and making sure that we're appropriately priced accordingly in the market.

是的。我們做到了 - 斯科特，我們在 2022 年 11 月進行了最後一輪價格上漲。所以實際上，價格上漲實際上是為了進入今年的 23 年。很明顯，我們將繼續關注市場，不僅要了解通貨膨脹環境，還要了解這種情況將如何繼續下去。它確實 - 它緩和了一些，但它仍然存在並且也只是確保我們正在監控我們在市場上的輸贏率並確保我們在市場上相應地定價。

All right. Helpful. And then I think about 2022, so much of the year, not just you guys, but most companies were held hostage by the chip makers. And how -- where do you guys see yourselves going forward and kind of redundancy or flexibility or whatever other words that we want to use to kind of describe it just to make sure that this chip issue doesn't come back every time there's some sort of dislocation that design is more perspective in the future?

好的。有幫助。然後我想到 2022 年，一年中的大部分時間，不僅僅是你們，大多數公司都被芯片製造商挾持了。以及如何 - 你們如何看待自己前進的方向以及某種冗餘或靈活性或我們想用來描述它的任何其他詞只是為了確保每次出現某種問題時都不會再次出現此芯片問題錯位的設計是不是更具有未來的視角？

Sure. Scott, this is Patrick. So I'd say, first of all, we, by no means, are out of the woods on this yet, even though we've seen sequential improvement. I would say that the health, all the discussions that we have with both the chip suppliers themselves and our intermediaries all have stabilized and strengthened. Clearly, I know people are looking at auto right now and hearing about weakness there and wondering whether or not all of a sudden, we're going to get a boat load of chips that show up. It just doesn't work that way in terms of the allocation. We continue -- the substitutes aren't easy in this space.

當然。斯科特，這是帕特里克。所以我想說，首先，我們在這方面還沒有走出困境，儘管我們已經看到了連續的改進。我會說健康，我們與芯片供應商本身和我們的中介機構進行的所有討論都已經穩定和加強。很明顯，我知道人們現在正在關注汽車，並聽說那裡的弱點，並想知道是否突然之間，我們會得到一大堆籌碼出現。就分配而言，它只是行不通。我們繼續——這個領域的替代品並不容易。

And so the main thing we did, as Matthew alluded to earlier, was we spent a lot of time and energy and quite frankly, money this past year, redesigning our offerings to get to the next generation. So we could be best in line. I do think that as other sectors perhaps show slowness that will simply further strengthen the recovery for us, but we're not counting on that right now or baking that into our outlook for the year.

因此，正如 Matthew 之前提到的，我們所做的主要事情是，我們在過去的一年里花費了大量時間和精力，坦率地說，還有金錢，重新設計我們的產品以迎接下一代。所以我們可以排在最前面。我確實認為，由於其他行業可能表現出放緩，這只會進一步加強我們的複蘇，但我們現在並沒有指望這一點，也沒有將其納入我們今年的展望。

That's helpful, Patrick. Just to be clear, so when you talk about redesigning, are you talking about going to a chip design that's more ubiquitous and more commonly used in consumer electronics? Or is there some sort of level in between where you're at -- that next-gen chip?

這很有幫助，帕特里克。明確一點，所以當你談論重新設計時，你是在談論一種更普遍、更常用於消費電子產品的芯片設計嗎？或者在你所處的位置之間是否存在某種程度 - 下一代芯片？

It's just really getting to next-gen chips, where the capacity is being allocated are being built so we have more capacity for the future, yes, because we're on legacy designs that they're bringing down the capacity on those chips.

它只是真正進入下一代芯片，正在構建正在分配的容量，因此我們有更多的未來容量，是的，因為我們使用的是傳統設計，它們正在降低這些芯片的容量。

And we'll take our next question from Andy Kaplowitz with Citigroup.

我們將從花旗集團的 Andy Kaplowitz 那裡回答下一個問題。

Patrick or Matt, I know you've talked about forecasting a slower second half in Applied Water, especially as new construction potentially slows in commercial. But have you begun to see any evidence of channel destocking or other customer behavior that concerns you in commercial markets? And then separately, have you put in any contingency in your guide for China reopening related noise? It looks like China was still strong for you in Q4?

帕特里克或馬特，我知道你已經談到預測 Applied Water 的下半年會放緩，尤其是在新建築可能在商業上放緩的情況下。但是，您是否開始在商業市場上看到任何讓您擔心的渠道去庫存或其他客戶行為的證據？另外，您是否在您的指南中加入了與中國重新開放相關的噪音的任何應急措施？看起來中國在第四季度對你來說仍然很強大？

Yes. So Andy, on the first one on channel inventory. We have really good visibility into the inventory given our relationship with our channel partners. The teams we meet monthly and actually quarterly with counsel meetings in addition to weekly sales calls in contact. So we have really good insight into the inventory. The levels are healthy and normalizing and they're not sitting on any excess inventory -- is reported back to us.

是的。所以安迪，關於渠道庫存的第一個。鑑於我們與渠道合作夥伴的關係，我們對庫存的了解非常好。除了每週的銷售電話聯繫外，我們每個月甚至每個季度都會與團隊召開顧問會議。所以我們對庫存有很好的了解。這些水平是健康和正常化的，他們沒有任何多餘的庫存——向我們報告。

There are some pockets that have not fully recovered. Commercial is not back to kind of prepandemic levels in terms of inventory. But resi, I would say, is normalized due to the improved supply chain and softening from the pandemic investments. On the industrial front, that's really more of an engineer-to-order product. There's not a lot of build to stock. And so that's where I'd leave it on the channel inventory there.

有些口袋還沒有完全恢復。就庫存而言，商業並沒有回到大流行前的水平。但我想說，由於供應鏈的改善和大流行病投資的疲軟，resi 已經正常化。在工業方面，這實際上更像是一種按訂單設計的產品。庫存不多。這就是我將其留在渠道庫存中的地方。

Andy, let me take the China part of your question. So China was tough for us this year. We were down in China about 20% in the first half of the year. We saw a moderation in the second half -- and as we -- a little bit stronger Q3 than Q4 given the outbreak of COVID in Q4. And I think we've taken a measured approach to China and our guide for 2023. We do expect more of a recovery in the second half of the year in China. The slowdown has been more acute more on the utility side of the business, and we've seen stronger performance on the industrial side. And so our focus for our team is building orders momentum again. And we remain very bullish long term on China. We're just working through some of the dynamics there now.

安迪，讓我回答你問題中的中國部分。所以今年中國對我們來說很艱難。今年上半年，我們在中國的銷售額下降了約 20%。考慮到第四季度 COVID 的爆發，我們在下半年看到了緩和——正如我們一樣——第三季度比第四季度強一點。而且我認為我們對中國和我們的 2023 年指南採取了審慎的態度。我們確實預計中國下半年會有更多複蘇。在業務的公用事業方面，放緩更為嚴重，我們已經看到工業方面表現更強勁。因此，我們團隊的重點是再次建立訂單勢頭。從長遠來看，我們仍然非常看好中國。我們現在只是在研究那裡的一些動態。

Appreciate that, Sandy. And then it seems like industrial dewatering continues to hold up well as it does tend to be more historically cyclical, but could the business be much less cyclical during the current cycle given the amount of activity that's out there. I know you mentioned mining.

對此表示感謝，桑迪。然後，工業脫水似乎繼續保持良好狀態，因為它確實在歷史上更具週期性，但考慮到現有活動的數量，該業務在當前週期中的周期性是否會小得多。我知道你提到了採礦。

Maybe you could comment on the support you're getting from your strategic growth investments as well, as what exactly you're doing there?

也許你也可以評論你從戰略增長投資中獲得的支持，以及你在那裡到底在做什麼？

Yes. We made a constant effort back a few years ago to be a bit more balanced in our segmentation of that business, especially shifting more to the muni side, which is a bit more stable. And we've seen that part of the portfolio grow and also just making investments in our fleet and upgrading our technology. We are digitizing those assets and making those remotely connectable so we can improve the productivity for our customers. So it's a mixed bag of really, I'd say, some innovation as well as being thoughtful about being more balanced in the segmentation of the business.

是的。幾年前，我們一直在努力使我們對該業務的細分更加平衡，尤其是更多地轉向市政方面，這更加穩定。而且我們已經看到投資組合的一部分在增長，並且還在對我們的機隊進行投資併升級我們的技術。我們正在對這些資產進行數字化處理，並使它們可以遠程連接，這樣我們就可以提高客戶的生產力。因此，我想說，這真的是一個混合體，既有一些創新，也有考慮在業務細分中更加平衡。

It appears that we have no further questions at this time. I will now turn the program back over to Patrick Decker for any additional or closing remarks.

看來我們現在沒有其他問題了。我現在將把程序轉回給帕特里克·德克爾，聽取任何補充或結束語。

Thank you. So again, thanks, everybody, for your time today. I know you're all very, very busy at this time of the year. Really appreciate your ongoing continued interest in Xylem. I very much look forward to providing you updates on our progress around the Evoqua transaction. And between now and then, safe travels, everyone and all the very best. Thank you.

謝謝。再次感謝大家今天的時間。我知道每年的這個時候你們都非常非常忙。非常感謝您對 Xylem 的持續關注。我非常期待向您提供我們在 Evoqua 交易方面的最新進展。從現在到那時，一路平安，萬事如意。謝謝。

Thank you. This concludes today's Xylem Fourth Quarter and Full Year 2022 Earnings Conference Call. Please disconnect your lines at this time, and have a wonderful day.

謝謝。今天的 Xylem 第四季度和 2022 年全年收益電話會議到此結束。此時請斷開您的線路，祝您有美好的一天。