賽莱默 (XYL) 2024 Q3 法說會逐字稿

Yes, no.

是的，不是。

So I hope welcome to Xylem's Third Quarter 2024 Results Conference Call.

因此，我希望歡迎參加賽萊默 2024 年第三季業績電話會議。

All participants will be in listen-only mode.

所有參與者將處於僅聽模式。

Should you need assistance, please signal a conference specialist by pressing the star key followed by zero.

如果您需要協助，請按星號鍵和零向會議專家發出訊號。

After today's presentation, there will be an opportunity to ask questions to ask a question.

今天的演講結束後，將有機會提問。

You may press star, then one on your telephone keypad.

您可以按星號，然後按電話鍵盤上的一個。

And to withdraw your question, please press star then two.

若要撤回您的問題，請按星號然後按兩顆星。

Also note today's event is being recorded.

另請注意今天的事件正在被記錄。

I would now like to turn the conference over to Keith either Vice President, Investor Relations and Financial Planning and Analysis.

我現在想將會議交給投資者關係及財務規劃與分析副總裁 Keith 主持。

Please go ahead, sir.

請繼續，先生。

Thank you, operator.

謝謝你，接線生。

Good morning, everyone, and welcome to Xylem's Third Quarter 2024 earnings call.

大家早安，歡迎參加賽萊默 2024 年第三季財報電話會議。

With me today are Chief Executive Officer, Matthew pine, and Chief Financial Officer, Bill Grogan.

今天與我在一起的有首席執行官馬修·派恩 (Matthew pin) 和首席財務官比爾·格羅根 (Bill Grogan)。

They will provide their perspective on Xylem's Third Quarter 2024 results and discuss the for the fourth quarter and full year outlook.

他們將提供對賽萊默 2024 年第三季業績的看法，並討論第四季和全年的前景。

Following our prepared remarks, we will address questions related to information covered on the call.

在我們準備好的發言之後，我們將回答與電話會議所涵蓋資訊相關的問題。

I'll ask that you please keep to one question and a follow-up and then return to Q.

我會請您繼續提出一個問題並跟進，然後返回問題。

As a reminder, this call and our webcast are accompanied by a slide presentation available in the Investors section of the website.

謹此提醒，本次電話會議和我們的網路廣播均附有網站投資者部分中的幻燈片簡報。

A replay of today's call will be available until midnight, November 11th, and we will be available for playback via the Investors section of our website under the heading Investor Events.

今天電話會議的重播將持續到 11 月 11 日午夜，並且我們可以透過我們網站的「投資者」部分的「投資者活動」標題進行重播。

Please turn to Slide 2.

請翻到投影片 2。

We will make some forward-looking statements on today's call, including references to future events or developments we anticipate will or may occur in the future.

我們將在今天的電話會議上發表一些前瞻性聲明，包括提及我們預計未來將發生或可能發生的未來事件或發展。

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.

這些聲明受到未來風險和不確定性的影響，例如賽萊默最新的 10 K 表格年度報告以及向 SEC 提交的後續報告中描述的因素。

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，本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有重大差異。

Please turn to Slide 3.

請翻到幻燈片 3。

We have provided you with a summary of key performance metrics, including both GAAP and non-GAAP metrics, with references to the prior year segment metrics being made on a comparative basis, reflecting the change in segments as of the beginning of the year.

我們為您提供了關鍵績效指標的摘要，包括 GAAP 和非 GAAP 指標，並參考了在比較基礎上製定的上一年分部指標，反映了截至年初的分部變化。

For the purposes of today's call, all references will be on an organic and or adjusted basis, unless otherwise indicated, and non-GAAP financials have been reconciled for you and are included in the appendix section of the presentation.

出於今天電話會議的目的，除非另有說明，所有參考資料都將基於有機和/或調整的基礎，並且非公認會計準則財務數據已為您進行了核對，並包含在演示文稿的附錄部分中。

Now please turn to slide 4, and I will turn the call over to our CEO. Max-Q pine.

現在請翻到投影片 4，我將把電話轉給我們的執行長。 Max-Q 松木。

Thanks, Keith.

謝謝，基斯。

Good morning, everyone, and thank you for joining us.

大家早安，感謝您加入我們。

As you've seen in our press release earlier this morning, the team delivered very strong earnings in the quarter.

正如您在今天早上早些時候的新聞稿中看到的，該團隊在本季度實現了非常強勁的收益。

In fact, I want to recognize the wholesaling team for disciplined execution across the business.

事實上，我想表彰批發團隊在整個企業中紀律嚴明的執行力。

The result was order.

結果是訂單。

Operational discipline also delivered accelerated momentum in our integration of evoke one.

營運紀律也加速了我們對 Evoke One 的整合。

We're now well ahead of schedule and capturing the expected cost synergies ending the year above our run rate targets.

我們現在遠遠超出了計劃，並在年底實現了高於我們運行率目標的預期成本協同效應。

Our profitability is also beginning to benefit from the work to optimize our portfolio and simplify our organization.

我們的獲利能力也開始受益於優化我們的產品組合和簡化我們的組織的工作。

And all that work is in service of reducing Xylem's complexity in serving our customers better.

所有這些工作都是為了降低賽萊默的複雜性，更好地為客戶服務。

In addition to delivering systematic margin improvement in support of our long-term framework, the team showed great customer focus, delivering healthy orders growth across all segments.

除了系統地提高利潤率以支持我們的長期框架外，該團隊還表現出對客戶的高度關注，在所有細分市場中實現了健康的訂單增長。

In the quarter.

在本季度。

Organic orders were up high single digits overall, with a book-to-bill greater than one, reflecting strong underlying demand in resilient end markets that continue to prefer our differentiated mission critical solutions moderated.

整體有機訂單成長了高個位數，訂單出貨比大於一，反映出彈性終端市場的強勁潛在需求，這些市場繼續青睞我們的差異化關鍵任務解決方案。

Revenue growth in the quarter was primarily driven by project timing, push-outs.

本季的營收成長主要是由專案時機和推出推動的。

It.

它。

MCS. and WSS. combined with tough compares versus prior year, orders were up sharply in both of those segments, indicating healthy underlying demand and customer preference.

MCS。和WSS。與去年相比，這兩個領域的訂單均大幅成長，顯示健康的潛在需求和客戶偏好。

Overall end market demand continues to be resilient with a few pockets of softening in the short term with good visibility for Q4 were nearing full year earnings guidance and maintaining the midpoint despite a slightly lower revenue expectation.

整體終端市場需求持續保持彈性，短期內出現一些疲軟，第四季度的可見度良好，接近全年盈利指引，並維持在中點，儘管收入預期略有下降。

Also in Q4, we expect to increase our stake in the intricate joint venture, giving us a majority ownership position.

同樣在第四季度，我們預計將增加在這家複雜合資企業中的股份，從而獲得多數股權。

As a reminder, as Rica is a global leader in data management and analytics for water utilities.

提醒一下，Rica 是水務公司資料管理和分析的全球領導者。

The system powering design win Vue platform at the heart of our intelligent solutions for utilities.

系統供電設計使 Vue 平台成為我們公用事業智慧解決方案的核心。

Having been borne out of that utility operator itself, the platform has been deployed in more than 300 customers around the world.

該平台源自於該公用事業營運商本身，已部署在全球 300 多家客戶中。

We took a minority stake last year and became the global distribution partner for the technology.

我們去年獲得了少數股權，並成為該技術的全球分銷合作夥伴。

Our teams continue to get traction with customers, and with this transaction, the business will be consolidated into Xylem's Measurement & Control Solutions segment.

我們的團隊持續吸引客戶，透過此交易，該業務將併入賽萊默的測量與控制解決方案部門。

Now I'm going to turn it over to Bill to get into the quarter's results.

現在我要把它交給比爾來了解本季的業績。

Our financial position and in our outlook.

我們的財務狀況和前景。

Bill?

帳單？

Thanks, Matthew.

謝謝，馬修。

Please turn to Slide 5.

請翻到投影片 5。

Q3 was a strong operational quarter, and I want to thank our entire organization for their focus and effort progressing at our organizational transformation.

第三季度是一個強勁的營運季度，我要感謝我們整個組織在組織轉型過程中的關注和努力。

Productivity and pricing resulted in record breaking quarterly EBITDA margin and earnings per share than demand remained solid, with our backlog reaching 5.3 billion, driven by notable growth in WSS and water infrastructure offsetting continued progress executing the past due backlog and MCS, our book-to-bill ratio exceeded one and orders were healthy, up 8% in the quarter, primarily driven by MCS. and WSS. while orders remained strong, revenue growth moderated versus challenging comparison of 10% growth in the same period last year.

生產力和定價導致季度EBITDA 利潤率破紀錄，每股收益高於需求，保持穩定，我們的積壓訂單達到53 億美元，這得益於WSS 和水基礎設施的顯著增長，抵消了執行逾期積壓訂單和MCS 的持續進展，我們的預定訂單-發貨比率超過 1，訂單狀況良好，本季度增長 8%，這主要是由 MCS 推動的。和WSS。儘管訂單依然強勁，但營收成長放緩，去年同期成長 10%，充滿挑戰。

Q3.

Q3。

Total and organic revenue grew at 1%, slightly below our expectations.

總收入和有機收入成長 1%，略低於我們的預期。

The moderation came from project timing and MCS and WSS.

調節來自專案時間安排以及 MCS 和 WSS。

The team's operational discipline delivered record quarterly EBITDA margin of 21.2% of 140 basis points from the prior year.

該團隊的營運紀律創造了創紀錄的季度 EBITDA 利潤率，達到 21.2%，較上年提高 140 個基點。

Despite the modest top line growth, productivity savings and pricing more than offset inflation investments and mix, driving incrementals of approximately 130% on a consolidated basis.

儘管收入成長不大，但生產力節省和定價足以抵消通膨投資和組合的影響，推動綜合增量約 130%。

We also achieved a record EPS of $1.11, surpassing the midpoint of our guidance by $0.01 and marking a 12% increase over the prior year.

我們還實現了創紀錄的每股收益 1.11 美元，比我們指導的中位數高出 0.01 美元，比上一年增長 12%。

Our balance sheet remains robust with net debt to adjusted EBITDA of 0.6 times.

我們的資產負債表依然穩健，淨債務與調整後 EBITDA 比率為 0.6 倍。

Year-to-date, free cash flow has increased by 27% from the prior year.

年初至今，自由現金流較上年增加了 27%。

The conversion rate of 79% was driven by higher net income, offset by increased CapEx and net working capital.

79% 的轉換率是由較高的淨利潤推動的，但被資本支出和淨營運資本的增加所抵消。

Working capital efficiency in the quarter was impacted by timing of sales.

本季的營運資金效率受到銷售時間的影響。

Let's turn to Slide 6.

讓我們轉向投影片 6。

In Measurement & Control Solutions.

在測量與控制解決方案中。

We continue to work down our past due backlog.

我們繼續處理逾期積壓的訂單。

Total MCS backlog now sits at roughly $1.9 billion, a 14% organic decrease from prior year, driven by smart metering conversion.

在智慧電錶轉換的推動下，MCS 積壓總額目前約為 19 億美元，比前一年有機減少 14%。

Orders were strong at 12%, driven by smartphone metering and analytics.

在智慧型手機計量和分析的推動下，訂單量增加 12%。

Demand revenue was up 11%, driven by smart metering demand and backlog execution.

在智慧計量需求和積壓執行的推動下，需求收入成長了 11%。

This was below our expectations due to project timing as we were able to ramp up production of past dues faster than our customers are able to schedule their deployments.

由於專案時間安排，這低於我們的預期，因為我們能夠比客戶安排部署的速度更快地增加逾期款項的生產。

We are seeing some pockets of softness in Europe and emerging markets.

我們看到歐洲和新興市場出現了一些疲軟的情況。

But overall demand, it is still healthy, and the pipeline is strong, particularly for AMI solutions.

但整體需求仍然健康，通路也很強大，特別是 AMI 解決方案。

In North America, we finished the quarter with robust EBITDA margins of 21.2%, up 350 basis points versus the prior year with 53% incrementals year-over-year.

在北美，本季我們的 EBITDA 利潤率為 21.2%，比上年增長 350 個基點，年增 53%。

Margin expansion was driven by productivity, price and volume, which more than offset inflation and investments in water infrastructure orders were up 6% in the quarter, with strong demand across treatment and transport revenue increased 1%, driven by transport demand, slightly offset by treatment, which had a difficult comp given strong performance last year from legacy evoke was APT segment EBITDA margin for water infrastructure was up 50 basis points, productivity and price more than offset inflation and mix.

利潤率擴張是由生產率、價格和數量推動的，這遠遠抵消了通貨膨脹，本季度水基礎設施訂單投資增長了6%，處理需求強勁，運輸收入增長了1%，在運輸需求的推動下，略有抵消鑑於去年遺留的APT部門的強勁表現，水基礎設施的EBITDA利潤率上升了50個基點，生產力和價格足以抵消通貨膨脹和混合，因此該處理的競爭很困難。

Incrementals were strong at 45%.

增量強勁，達到 45%。

In Applied Water orders were up 4% and book to bill was one, reflecting a few large project wins which will ship next year.

Applied Water 訂單成長了 4%，訂單到帳單成長是其中之一，反映了一些將於明年出貨的大型專案。

Revenues were down 4%, in line with our expectations, primarily driven by softness in emerging markets segment EBITDA margin declined 10 basis points year over year, but increased 110 basis points sequentially.

營收下降 4%，符合我們的預期，主要是由於新興市場部門疲軟，EBITDA 利潤率年減 10 個基點，但環比成長 110 個基點。

Lower volumes.

成交量較低。

Higher inflation and unfavorable mix were mostly offset by productivity, productivity, savings and price.

較高的通貨膨脹和不利的結構大部分被生產力、生產力、儲蓄和價格所抵消。

Rounding out the segments.

將各部分四捨五入。

Water Solutions and Services saw robust demand with orders increasing 11%, driven by strength in outsourced water and and dewatering for organic revenue was down 1%, with strength in de-watering, offset by declines in capital sales from treatment projects, primarily due to a difficult comp and project timing within the quarter.

水處理解決方案和服務需求強勁，訂單增長11%，這主要得益於外包水務的強勁增長，脫水業務的有機收入下降了1%，脫水業務的強勁增長被處理項目資本銷售下降所抵消，這主要是由於本季內的補償和專案時間安排很困難。

Segment EBITDA margin was strong at 24.7%, up 200 basis points productivity and price offset inflation and volume declines.

部門 EBITDA 利潤率強勁，達 24.7%，生產力提高了 200 個基點，價格抵消了通貨膨脹和銷售下降的影響。

Now let's turn to Slide 7 of our updated full year in Q4 guidance.

現在讓我們轉向投影片 7，其中顯示了更新後的第四季全年指引。

Given our year-to-date performance in both commercial and operational momentum, we are updating parts of our full year guidance.

鑑於我們今年迄今在商業和營運勢頭方面的表現，我們正在更新部分全年指導。

Our revenue guide of 8.5 billion results in approximately 15% growth with organic revenue growth of approximately 5%.

我們的營收指引為 85 億美元，成長約 15%，有機收入成長約 5%。

Cfo integration is going very well, and we are accelerating expected cost synergies to an exit run rate of 130 million in 2024.

CFO 整合進展順利，我們正在加速實現預期成本綜效，到 2024 年退出運行率將達到 1.3 億美元。

In light of our lower revenue expectations, we are confident about driving further margin expansion through operational productivity and our simplification efforts and are reiterating our EBITDA margin guidance of roughly 20.5%.

鑑於我們較低的收入預期，我們有信心透過營運生產力和簡化工作來進一步推動利潤率擴張，並重申我們的 EBITDA 利潤率指引約為 20.5%。

That represents 160 basis points of expansion versus the prior year, driven by higher volume productivity, including our cost synergies and price offsetting inflation.

這意味著與前一年相比擴張了 160 個基點，這是由更高的產量生產率推動的，包括我們的成本協同效應和價格抵消通膨。

We are narrowing EPS guidance to $4.22 to $4.24 from $4.18.

我們將 EPS 指引從 4.18 美元縮小至 4.22 美元至 4.24 美元。

Cash flow conversion for the year still is expected to be at least 120% of net income.

預計全年現金流轉換仍至少為淨利的120%。

We do expect significant conversion in the fourth quarter.

我們確實預計第四季將出現重大轉變。

Full year outlook for two segments has changed with MCS now expected to grow in mid 10s versus our prior outlook of high 10s, and WSS now expected to grow low single digits versus our prior outlook of mid single digits, both due to project delays impacting the second half.

兩個細分市場的全年前景發生了變化，MCS 現在預計將在10 多歲左右增長，而我們之前的預測是高10 多歲，而WSS 現在預計將增長低個位數，而我們之前的預測是中個位數，這都是由於專案延遲影響了下半場。

For the fourth quarter, we anticipate revenue growth to be roughly 2% to 3% on a reported and organic basis.

對於第四季度，我們預計根據報告和有機收入增長約為 2% 至 3%。

We expect fourth quarter EBITDA margins to be in the range of 20.5% to 21%, up 70 to 120 basis points.

我們預計第四季 EBITDA 利潤率將在 20.5% 至 21% 之間，上漲 70 至 120 個基點。

This yields fourth quarter EPS of $1.12 to $1.40 team.

這使得第四季度每股收益為 1.12 美元至 1.40 美元。

We have solid momentum and continue to have strong orders growth and anticipate healthy long-term demand across our divisions and applications.

我們勢頭強勁，訂單持續強勁成長，並預期我們各部門和應用領域的長期健康需求。

While we are closely monitoring the macro environment, including election uncertainty, geopolitical tensions and tariffs, our overall outlook for the fourth quarter remains positive, and we look to our simplification efforts and 80 20 implementations to not only help address any short challenge it short term challenges we may face, but also be among the key drivers to our systematic margin improvement over time supporting our long-term profitability framework.

雖然我們正在密切關注宏觀環境，包括選舉不確定性、地緣政治緊張局勢和關稅，但我們對第四季度的整體前景仍然樂觀，我們期待我們的簡化工作和80 20 實施不僅有助於解決短期的任何短期挑戰我們可能面臨的挑戰，但也是我們隨著時間的推移系統性提高利潤率的關鍵驅動因素之一，支持我們的長期獲利框架。

With that, please turn to slide 8, and I'll turn the call back over to Matthew for closing comments.

接下來，請翻到投影片 8，我會將電話轉回給 Matthew，以徵求結束意見。

Thanks, Bill.

謝謝，比爾。

Again, I'm proud of the team strong results in the quarter.

我再次為團隊本季的強勁業績感到自豪。

The brisk orders grew demonstrate the teams, customer focus and commercial momentum alongside healthy demand for our solutions with record profitability and margin expansion only comes from real focus on execution, which shows up in the same disciplined team chose to get us out ahead of our integration synergy targets.

訂單的強勁增長表明了我們的團隊、以客戶為中心和商業動力，以及對我們解決方案的健康需求，以及創紀錄的盈利能力和利潤擴張，只有來自於對執行的真正關注，這體現在選擇讓我們在整合之前擺脫困境的同一個紀律嚴明的團隊協同目標。

That accelerated integration in turn enables us to put greater attention on portfolio optimization and capital deployment.

這種加速整合反過來又使我們能夠更加專注於投資組合優化和資本部署。

The team's performance is what gives us confidence to narrow the guide.

團隊的表現讓我們有信心縮小指導範圍。

We expect to continue delivering that same level of execution on continuing demand.

我們希望根據持續的需求繼續提供相同程度的執行力。

At the start of the call I referenced some of benefits were beginning to see coming through our work on simplification, reaffirming what we said at Investor Day in May.

在電話會議開始時，我提到我們在簡化工作中開始看到一些好處，並重申了我們在五月投資者日所說的話。

We're building momentum and it's showing up in our results were doing the meaningful work on operating model across culture, process and structure.

我們正在積蓄動力，這體現在我們的成果中，我們在跨文化、流程和結構的營運模式方面進行了有意義的工作。

And we're already beginning to see the benefits I look forward to sharing more about that in coming quarters is the work continues.

我們已經開始看到好處，我期待在接下來的幾季中分享更多相關內容，因為工作仍在繼續。

Lastly, I want to share a chain and the executive team, which happened after the quarter's close, may have seen our announcement of 20 Meredith Emerick to lead the Applied Water segment.

最後，我想分享一個連鎖和執行團隊，這發生在季度結束後，可能已經看到我們宣布 20 Meredith Emerick 來領導應用水部門。

Succeeding fronts are WinCo.

後續的前端是 WinCo。

I want to thank Brian for his many contributions not only to Applied Water, but also in his prior leadership of emerging markets.

我要感謝 Brian 不僅對 Applied Water 做出了許多貢獻，而且還感謝他先前對新興市場的領導。

We'll stay on as a senior adviser to ensure a smooth transition and to maintain the momentum of the segments.

我們將繼續擔任高級顧問，以確保平穩過渡並保持各部門的發展勢頭。

80 20 work Meredith and I first cross paths carrier her experience there.

80 20 工作梅雷迪思和我第一次相遇承載了她在那裡的經歷。

And Mitsubishi has given our deep experience in engineered solutions for commercial and residential buildings across a range of industrial end markets.

三菱在為一系列工業終端市場的商業和住宅建築提供工程解決方案方面擁有豐富的經驗。

She has a track record of high performance P&L leadership and emphasis on profitable growth, operational discipline in customer centricity.

她擁有高績效損益領導力的記錄，並強調獲利成長和以客戶為中心的營運紀律。

We welcome barriers to design wins, leadership team just last week, and I know you value getting to know her in the coming months.

我們歡迎設計獲勝的障礙，就在上週，領導團隊，我知道你很重視在接下來的幾個月裡認識她。

With that, operator, I'll turn the call back over to you for questions.

這樣，接線員，我會將電話轉回給您詢問問題。

Thank you.

謝謝。

We will now begin the question and answer session.

我們現在開始問答環節。

To ask a question, you may press star then one on your telephone keypad.

要提問，您可以按下電話鍵盤上的星號，然後按一個。

So if you're using a speakerphone, we ask you please pick up your handset before pressing the keys.

因此，如果您使用免持電話，我們要求您在按下按鍵之前拿起聽筒。

To withdraw your question, please press star then two for the first question comes from Deane Dray of RBC Capital Markets.

要撤回您的問題，請按星號然後按兩顆星，因為第一個問題來自 RBC 資本市場的 Deane Dray。

Please go ahead.

請繼續。

Thank you.

謝謝。

Good morning, everyone.

大家早安。

Good morning, Deane.

早上好，迪恩。

Maybe we can start with just like the tone of business, the timing of decision making approval process.

或許我們可以從業務基調、決策批准過程的時機開始。

We're hearing lots of industrial companies talking about those kinds of delays, slower decision making.

我們聽到許多工業公司談論此類延誤和決策緩慢。

And then very specifically how it did this impact you asked, as you referenced, timing of capital projects.

然後非常具體地，正如您所提到的，它是如何影響資本項目的時間表的。

When do you see these on these outsourcing contracts start to get released and what kind of timeframe we'll start there?

您認為這些外包合約什麼時候開始發布？

Thanks.

謝謝。

Okay.

好的。

Thanks for the questions, and I'll start us out and I'll turn it over to Bill to get into the details.

感謝您提出問題，我將開始我們的討論，然後將其交給比爾以了解詳細資訊。

But just to provide some high-level perspective before I hand it over to Bill Q. three is really a tale of what I would call two stories.

但在我將其交給 Bill Q 之前，只是為了提供一些高層次的視角。

Utilities end market for us was up 10%, so up double digits.

我們的公用事業終端市場成長了 10%，即兩位數的成長。

But although a bit less than we anticipated program, primarily with M & Cs on the other side of that is the industrial and commercial building end markets were down 4%, respectively.

但儘管略低於我們的預期，主要是工業和商業建築終端市場分別下降了 4%。

And those are largely due to project pushouts and I would say some slight softening in our mining verticals internationally.

這主要是由於專案的推出，我想說的是我們的國際採礦業略有軟化。

That's where we saw a little bit of softening.

這就是我們看到一點軟化的地方。

But in general, as you see from our order on orders in the quarter, very strong in general across all the end markets.

但總的來說，正如您從我們本季的訂單中看到的那樣，所有終端市場總體上都非常強勁。

Maybe I'll just pause there and maybe turn it over to Bill to get into some detail on WS.

也許我會在這裡暫停一下，然後將其交給 Bill 以詳細了解 WS。

Sounds good.

聽起來不錯。

So yes, the difference between our expectations coming in the quarter for WS. is really again just the timing of some of these projects that pushed out of the back half.

所以，是的，我們對 WS 本季的預期存在差異。實際上，這又只是其中一些項目從後半部推出的時機。

These aren't cancellations.

這些不是取消。

These are really delays.

這些確實是延誤。

You have some do it adjusts elongated commercial negotiations, gained.

你有一些調整長期商業談判的成果。

Some of these are really complicated outsourced water projects or project delays that we are a component of and then just some election and interest rate uncertainty, giving a little bit of pause in industrial markets for big projects.

其中一些是非常複雜的外包水務專案或專案延誤，我們是其中的一部分，然後只是一些選舉和利率的不確定性，使大型專案的工業市場出現了一些暫停。

We continue to have differentiated technology to support these projects.

我們繼續擁有差異化技術來支持這些項目。

And water is a critical component of the application.

水是該應用的關鍵組成部分。

So we're highly confident that this is just timing.

因此，我們非常有信心這只是時機。

We have the orders.

我們有訂單。

It's just when do they start to be put in place?

它們什麼時候開始到位？

Our expectation is a little bit of softness continuing in the fourth quarter and then pick back up again at the beginning of the year based upon all the indicators we're getting.

根據我們獲得的所有指標，我們的預期是第四季度繼續出現一些疲軟，然後在年初再次回升。

And again, maybe the other thing I would mention is that we had a really tough comparisons in this business as well.

再說一次，也許我要提到的另一件事是，我們在這個行業也做了非常艱難的比較。

For the quarter last year, pro forma growth was 10% on organic basis.

去年第四季度，預計有機成長率為 10%。

And we talked last last quarter to 12% growth, just put some pressure on the pacing that we experienced in the back half.

我們上個季度談到了 12% 的成長，這給我們後半段的節奏帶來了一些壓力。

So fundamentals are still strong, high demand for our unique solutions on a little bit of delay here as we exit the year.

因此，基本面仍然強勁，對我們獨特解決方案的需求很高，但隨著今年的結束，我們的解決方案略有延遲。

But we're confident that we'll come back positive enough in the fourth quarter and then ramping in Q1.

但我們有信心在第四季度恢復足夠積極的勢頭，然後在第一季加速成長。

That was really helpful.

這真的很有幫助。

And broadly consistent with that kind of slower decision making that we've seen elsewhere.

這與我們在其他地方看到的那種較慢的決策大致一致。

And then just as a follow-up question, can we put the spotlight on MCS?

作為一個後續問題，我們可以將注意力集中在 MCS 上嗎？

There's been some anxiety, if I can phrase it that way about the ramp down in the business as you work off past-due backlog and you go from some pretty heady 20% growth down to what we're expecting to be in normalized high single digits, which is still healthy.

如果我可以這樣說的話，當你處理逾期積壓的業務時，你會感到一些焦慮，你會從相當令人興奮的 20% 增長率下降到我們預期的標準化高單數字，這仍然是健康的。

But just give us where are you in that process?

但請告訴我們您在這個過程中處於什麼位置？

I see the 1.9 billion backlog, how much of that is actually past due?

我看到 19 億的積壓，其中有多少實際上是逾期的？

And then meanwhile, you've had really strong orders this quarter.

同時，本季你們的訂單非常強勁。

So what is that expectation about the ramp down to high single digits?

那麼對於下降到高個位數的預期是什麼呢？

Thanks.

謝謝。

I'll start us out, Dean and just a few comments, maybe specific to Q2 three and some of the trends and then Bill can get into some color in the redo as we head into 25.

Dean，我將首先發表一些評論，也許是針對第二季度第三季度和一些趨勢，然後比爾可以在我們進入第 25 季時對重做進行一些闡述。

We're now out of the woods on production constraints that we've been talking about for the past couple of years.

我們現在已經擺脫了過去幾年我們一直在談論的生產限制的困境。

They've come down very quickly.

他們下降得很快。

Our lead times have moved from 52 weeks to five weeks over the course of this year over the past dues faster than customers were able to reschedule their deployments.

今年以來，我們的交貨時間從 52 週縮短到了 5 週，比客戶重新安排部署的速度還要快。

That's really the bottom line, Tom, and I really want to be clear on this point.

這確實是底線，湯姆，我真的想澄清這一點。

This is not a demand issue like a typical destocking.

這不是典型的去庫存那樣的需求問題。

This is a rescheduling of deployments that will happen over the coming months.

這是將在未來幾個月內進行的部署重新安排。

The demand is there is just getting the deployments rescheduled to catch up with the shipments on really the market relative to AMI is still under underpenetrated.

需求只是重新安排部署以趕上與 AMI 相關的實際市場的出貨量，但該市場的滲透率仍然不足。

It's less than 50%.

還不到50%。

Our funnel is up significantly the year over year, up over 25%.

我們的通路逐年顯著上升，成長超過 25%。

And we're still winning currently out in the marketplace above our current market share.

目前，我們仍然在市場上取得勝利，高於我們目前的市場份額。

So there's a lot of positives here, little bit of timing, and I'll let Bill kind of walk you through a little bit more color on that timing.

所以這裡有很多積極的一面，一點點時機，我會讓比爾帶你了解更多關於時機的資訊。

Yes, Dan, I think we're likely to see this adjustment period lasts for the next quarter or two as our partners work to align customer home access and the labor scheduling needed to nail down the deployment, timing of the bottlenecks shifted kind of from our production into the channel sort of take a little bit of time to resolve.

是的，丹，我認為我們可能會看到這個調整期持續下一兩個季度，因為我們的合作夥伴努力調整客戶家庭訪問和確定部署所需的勞動力調度，瓶頸的時間安排從我們的生產進入渠道需要一點時間來解決。

Yes, we do expect high single-digit growth here in the fourth quarter for that business, but the potential continuation of that rephasing in the first part of next year.

是的，我們確實預計該業務在第四季度將實現高個位數成長，但可能在明年上半年繼續重新調整階段。

But our expectations at this point is for MCS still to be within the high single to high single digit framework for the year you just said is we talk about the normalization and we've had questions just on the order patterns.

但我們目前的預期是 MCS 仍處於您剛才所說的高個位數到高個位數的框架內，我們正在談論標準化，並且我們僅對訂單模式有疑問。

And just want to remind everyone that historical nor for MCS is book-to-bill of about one.

只是想提醒大家，無論是歷史還是 MCS 都不是從訂單到帳單的。

And then we have got a backlog of about 60% of the next year sales.

然後我們的積壓訂單佔明年銷售額的 60% 左右。

So we expect to continue to bleed our backlog into the first part of 2025 and then start to be book-to-bill positive as we exit the year and just as a normalized to their historical patterns.

因此，我們預計 2025 年上半年將繼續減少積壓訂單，然後在今年結束時開始實現訂單出貨量正值，就像歷史模式的正常化一樣。

Great.

偉大的。

That's really helpful.

這真的很有幫助。

And there's not a question just to shout out.

沒有一個問題只是喊出來的。

That was a big free cash flow quarter.

那是一個自由現金流很大的季度。

So congrats on the team.

所以要祝賀團隊。

Thank you.

謝謝。

Thank you.

謝謝。

And our next question today comes from Mike Halloran with Baird.

今天我們的下一個問題來自 Mike Halloran 和 Baird。

Please go ahead.

請繼續。

Good morning, everyone.

大家早安。

Morning, Mike.

早上好，麥克。

So can you just put a finer point on an Mcf?

那麼你能對 Mcf 提出更詳細的觀點嗎？

And because the backlog bleed this year, I know that you're going to continue to execute against the past due backlog next year, you still have very strong orders.

由於今年的積壓訂單不斷減少，我知道明年你們將繼續執行逾期未完成的積壓訂單，你們仍然擁有非常強勁的訂單。

Could you just frame what that impact?

您能簡單描述一下這種影響嗎？

What looks like whether it's how the bet past-due backlog helped the growth rate this year in his next year, a more normal growth year for the MCS segment?

看起來逾期積壓的押注是否有助於他明年（MCS 領域更正常的成長一年）今年的成長率？

Or is there an overhang from the execution against the past due backlog?

或是對於逾期積壓的執行是否有懸而未決的情況？

I know demand is still good.

我知道需求仍然很好。

Sounds like ticketing bidding and store you wanted to be, but just want to make sure.

聽起來像是您想要的票務投標和商店，但只是想確定一下。

I think those two variables.

我認為這兩個變數。

Yes, no, for for all intents and purposes, we're pretty well caught up on our past due for the most part, and we're back to our normalized past due levels.

是的，不，無論出於何種意圖和目的，我們在很大程度上已經趕上了過去的到期日期，並且我們回到了正常的逾期水平。

So we've been able to progress on that kind of a patient.

所以我們已經能夠在這類患者身上取得進展。

And again, I think is Matthew highlighted that's a little bit of disconnect that, that was correct.

再說一遍，我認為馬修強調了這有點脫節，這是正確的。

Rated relative to our expectations for next year.

相對於我們明年的預期進行評級。

Like I said, I still think the smart metering business, yes, we'll be at its long-term framework.

就像我說的，我仍然認為智慧電錶業務，是的，我們將處於其長期框架中。

There might be some timing first half second half, but we expect positive results from that business.

上半年下半年可能會有一些時機，但我們預期這項業務將會取得正面成果。

Thank you.

謝謝。

Fab.

棒極了。

So then I'm kind of on the on where you are from a internal processes perspective.

那麼我是從內部流程的角度來了解您所處的位置的。

Maybe just an update on where you sit in the segmentation identification journey of the portfolio.

也許只是更新您在投資組合的細分識別過程中的位置。

And when you start basically how broad through that portfolio have we gotten now?

當你開始基本上我們現在的投資組合有多大？

And when do we start seeing kind of that push pull of some pressure on head on revenue as you start executing against some of the areas of the business that maybe don't fit and then see the margin benefited from some of those actions that started yet?

當你開始執行一些可能不適合的業務領域時，我們什麼時候開始看到對收入產生一些壓力，然後看到利潤從尚未開始的一些行動中受益？

Or is this more of a next year?

或者這更像是明年？

And just kind of an update holistically on the timing there?

只是對那裡的時間進行全面更新嗎？

Yes.

是的。

It's more of a next year saying we're going to exit, I would say, Mike, in a really good position that 2024 was a year of really deep dive analytics and kind of zeroing of the business.

這更像是明年我們將退出，我想說，麥克，2024 年是真正深入分析和業務歸零的一年，處於非常有利的位置。

And we're through that process.

我們正在經歷這個過程。

And um, you know, as we as we exit 24, a lot of the implementations happening in Q4.

嗯，你知道，當我們退出 24 時，很多實施都發生在第四季。

And then we'll start to see results in Q1 through the course of next year or so.

然後我們將在明年左右開始看到第一季的結果。

That's going to really help from a bottom-line perspective.

從底線的角度來看，這確實很有幫助。

We did talk about 80 20 specifically.

我們確實具體討論了80 20。

There's some other things we're working on, whether that's manager layers or as we think about our structure on next year, that will also help.

我們正在研究其他一些事情，無論是管理層還是我們考慮明年的結構，這也會有所幫助。

But I think in the first part of our cycle that we talked about at Investor Day, there will be probably a little bit more pressure on the top line.

但我認為，在我們在投資者日討論的周期的第一部分，營收可能會面臨更大的壓力。

But we're still very committed to the to the outlook that we gave 4% to 6% over the course of the next three years.

但我們仍然非常看好未來三年 4% 到 6% 的前景。

So if I just put those together then you're basically saying, if you take the order patterns, the timing of all these projects, will you're executing on it really no change in the thought process as you work through next year next year should look good, but normal relative to how you frame things.

因此，如果我把這些放在一起，那麼你基本上是在說，如果你採用訂單模式，所有這些項目的時間安排，你會執行它嗎？ 明年工作時，思維過程真的沒有變化嗎？起來應該不錯，但相對於你如何建立事物來說是正常的。

Yes.

是的。

Thanks, everyone.

謝謝大家。

Got it.

知道了。

Thank you.

謝謝。

Thank you.

謝謝。

And our next question comes from Scott Davis of Melius Research.

我們的下一個問題來自 Melius Research 的 Scott Davis。

Please go ahead.

請繼續。

Hey, good morning.

嘿，早安。

Afternoon, Bill.

下午，比爾。

Good morning, guys.

早安，夥計們。

You on you mentioned price in each of the segments as being a positive.

您提到每個細分市場的價格都是正面的。

Is that term, should we think about that as prices that the backlog that's coming out that that was priced appropriately and obviously higher, but or are you still able to get incremental price and non and new business today?

是這個詞嗎，我們是否應該將其視為價格，即積壓的價格，其定價適當且明顯更高，但是或者您今天仍然能夠獲得增量價格和非新業務嗎？

Yes, I think it's a little bit of both.

是的，我認為兩者都有一點。

You know, Scott, as we talked at our Investor Day, we're really targeting to be price cost positive, which we've been able to continue to do your strong results again here in the third quarter with price-cost spread of about 60 basis points.

你知道，斯科特，正如我們在投資者日談到的那樣，我們真正的目標是實現價格成本正值，我們已經能夠在第三季度繼續取得強勁的業績，價格成本價差約為60個基點。

Yes, we continue to see some of the businesses show signal vacant strength with that MCS being the largest contributor on price cost with it being greater than 200 basis points from we've seen year to date price a little bit ahead of what we expected coming into the year.

是的，我們繼續看到一些企業表現出空缺的實力，MCS 是價格成本的最大貢獻者，從我們今年迄今看到的價格來看，其價格比我們預期的要高出 200 個基點以上。今年。

Some of that is the targeted efforts and results from our 80 20 implementation.

其中一些是我們實施80 20的有針對性的努力和成果。

And then yes, just different parts of the business, leveraging their differentiation and capture more value within their markets.

然後是的，只是業務的不同部分，利用他們的差異化並在他們的市場中獲得更多價值。

So that is a lever.

所以這是一個槓桿。

We think we're going to continue to tried to expand upon as we progress one on just the process of pricing internally and how we execute on that and trying to eliminate leakage.

我們認為，隨著我們在內部定價流程以及我們如何執行流程並努力消除洩漏方面取得進展，我們將繼續嘗試擴展。

And then the other half on the strategic side.

然後是戰略方面的另一半。

So we think there's opportunities on both for us to be a continued tailwind as we get into next year and beyond.

因此，我們認為，進入明年及以後，我們都有機會繼續成為順風車。

Okay, that's helpful.

好的，這很有幫助。

And then in the prepared remarks, you commented on pockets of Europe and Asia just paying a little bit weaker.

然後在準備好的發言中，您評論說歐洲和亞洲的一些地區只是支付的費用稍低一些。

I imagine that I think China is probably at least half of your on your Asia business so that I would imagine that that explicitly references China.

我想我認為中國可能至少佔您亞洲業務的一半，所以我想這明確地提到了中國。

But can you just a little clarity there?

但你能稍微澄清一下嗎？

Is it are there similar reasons for pushbacks?

是否也有類似的原因造成阻力？

I keep saying or there there's been a fair amount of stimulus in China, but it doesn't seem to have helped any companies yet pump.

我一直在說，中國推出了相當多的刺激措施，但似乎還沒有幫助任何公司提振。

Is there a little maybe just a little color on what you guys in the ground are saying that this is something that's it leaks into 2025 or more of a shorter term hiccup?

你們這些人所說的這件事是否會洩漏到 2025 年或更短期的問題上，是否有一點色彩？

Now let me I'm I mean I'll make some comments on China to it.

現在讓我對中國發表一些評論。

I think probably the one other area of emerging markets that's a little bit softer prices is the Middle East.

我認為新興市場中價格稍微疲軟的另一個地區可能是中東。

But just from a China perspective, just to remind everyone, it's above mid-single digits.

但從中國的角度來看，只是提醒大家，這個數字高於中個位數。

Our total revenue largely tied to public utilities within Water Infrastructure.

我們的總收入主要與水基礎設施內的公用事業相關。

That's about half of our business there in China is the water water infrastructure piece.

我們在中國的業務大約有一半是水務基礎設施。

Q2, Q3 orders did decline kind of the mid 10s.

第二季、第三季訂單確實下降了 10 多歲。

In rough revenue was down low single digits, and that has been decelerating throughout the year.

原石收入下降了低個位數，而且全年成長速度一直在放緩。

We talked about our expectations for China being roughly flattish, and now it's gone slightly negative.

我們談到我們對中國的預期大致持平，現在略有下降。

The underlying demand there, especially with municipalities, is still strong.

那裡的潛在需求，尤其是市政當局的需求，仍然強勁。

But I do think the economic environment that remains difficult, right, tight liquidity, especially for the municipalities, is causing kind of projects to continue to delay and defer on the real estate issues that they're having.

但我確實認為，經濟環境仍然很困難、流動性緊張，特別是對於市政當局來說，正在導致一些項目繼續推遲，並推遲他們所面臨的房地產問題。

It was adversely impacting our building services end market.

這對我們的建築服務終端市場產生了不利影響。

So we're keeping a close eye on on China.

所以我們正在密切關注中國。

You know, the teams are focused, making their own luck.

你知道，球隊都很專注，他們自己的運氣。

You're looking at areas where we have differentiated technology to address some specific opportunity set, but how do we manage costs and infrastructure and a lower volumes to make sure, um, we're fine focused on margin.

您正在研究我們擁有差異化技術來解決某些特定機會集的領域，但我們如何管理成本和基礎設施以及較低的產量，以確保，嗯，我們很好地專注於利潤。

So I think it's probably something that lingers here in the short term.

所以我認為這可能會在短期內持續存在。

But China overall, what we'll get back to be a big part of our growth story at some point in time.

但總體而言，中國將在某個時候成為我們成長故事的重要組成部分。

Okay, good color.

不錯，顏色不錯

Thank you.

謝謝。

Best of luck, guys.

祝你好運，夥計們。

I'll pass it on.

我會把它傳遞下去。

Thank you.

謝謝。

And then our next question comes from Nathan Jones of Stifel.

我們的下一個問題來自 Stifel 的 Nathan Jones。

Please go ahead.

請繼續。

Good morning, everyone.

大家早安。

Good morning.

早安.

I'm going to start on a great day.

我要開始美好的一天了。

We talked about acquiring a majority stake in that business.

我們討論了收購該業務的多數股權。

A couple of questions around that on.

圍繞這個問題有幾個問題。

First, any kind of color you can give us on the financial metrics around that valuation, the impact of that to your financial statements from consolidating it?

首先，您能為我們提供有關該估值的財務指標的任何顏色，以及合併後對您的財務報表的影響嗎？

And then second, on a Drake, how does that change the at the outlook, the trajectory, your plans for that business now that you don't have control of it?

其次，對德雷克來說，既然你無法控制該業務，那麼這會如何改變你對該業務的前景、軌跡和計劃？

Yes.

是的。

Maybe I'll start us out on the second partner-led.

也許我會從第二個合作夥伴主導的開始。

We'll get into the financials, Tom, we signed an agreement the other day on October 29th, and we plan to close on the business in December.

湯姆，我們將討論財務問題，前幾天我們於 10 月 29 日簽署了一份協議，我們計劃在 12 月結束這項業務。

Nate, Tom, I would say we took the majority positions that we could more deeply integrate and rationalize our R & D investments because there's a lot of overlap.

內特、湯姆，我想說的是，我們採取了多數立場，認為我們可以更深入地整合和合理化我們的研發投資，因為有很多重疊。

So we wanted to get that synergy and to really integrate appropriately, we felt like we needed to have a majority share.

因此，我們希望獲得協同效應並真正適當地整合，我們覺得我們需要擁有多數份額。

And then also we're going to leverage the platform in the user interface and standardize that across the Xylem.

然後，我們還將在使用者介面中利用該平台，並在整個賽萊默範圍內進行標準化。

So it's going to have a tremendous impact in our ability to scale across the business and really drive synergies and efficiencies.

因此，這將對我們跨業務擴展並真正推動協同效應和效率的能力產生巨大影響。

We have a lot of confidence in the platform from which to when we talk to utilities that was out in about in Australia in the UK over the past month.

當我們與過去一個月在澳洲和英國的公用事業公司交談時，我們對平台充滿信心。

And their biggest pain point is data management, application management and of we see a lot of interest in this, and we've got a huge funnel and we're starting to win.

他們最大的痛點是資料管理、應用程式管理，我們看到了很多人對此感興趣，我們有一個巨大的漏斗，我們正在開始獲勝。

Some big orders are so strong.

一些大訂單是如此強勁。

Again, strong traction.

再次，強大的牽引力。

Orders were balanced across the globe.

全球訂單保持平衡。

And you know, I think the last thing I would say the pull through on the core business of Xylem is also been a pleasant surprise.

你知道，我想我想說的最後一件事是賽萊默核心業務的實現也是一個驚喜。

So maybe I'll pause there and then let Bill get into the little bit of financials.

所以也許我會暫停一下，然後讓比爾談談一些財務問題。

Yes, Nathan.

是的，內森。

I mean that's a material for this year.

我的意思是這是今年的材料。

We don't plan on closing until late in December.

我們不打算在 12 月底之前關閉。

So we'll be meaningful to our economics this year.

因此，今年我們將對我們的經濟產生有意義的影響。

And that will lay out kind of more specifics as we guide next year, what the impact will be.

這將在我們明年的指導中列出更多細節，以及影響將會是什麼。

Okay.

好的。

I guess my follow up then applied water.

我想我的後續行動是用水。

I mean, revenue comparisons there being negative for a few quarters now at the audit comparisons or auto growth has been positive for for the last five quarters.

我的意思是，在審計比較中，收入比較有幾個季度為負，而過去五個季度的汽車成長一直為正。

Do you guys think that we've kind of seen the bottom in Applied Water and expectation and for return to growth going forward in 2025?

你們是否認為我們已經看到 Applied Water 的觸底以及對 2025 年恢復成長的預期？

I think so I again, right, AW. has been our most challenged business here over the last couple of quarters.

我也這麼認為，對，AW。過去幾個季度，這是我們面臨最大挑戰的業務。

It is our shortest cycle, most cycle, most cyclical group up, and it has played out kind of in line with our expectations on that low single-digit decline.

這是我們週期最短、週期最長、最具週期性的上漲組合，其表現與我們對低個位數跌幅的預期相符。

We're probably closer to the bottom from a from where we expect growth rates to be in Q4.

與我們預期的第四季度成長率相比，我們可能更接近底部。

That team has done a really good job leveraging that technology in their advantage in several markets to win some larger projects that will help support our expected recovery in 2025.

團隊做得非常好，利用該技術在多個市場的優勢贏得了一些更大的項目，這將有助於支持我們 2025 年的預期復甦。

So, um, you know that give us specific guide now, but I think there is some momentum behind that business that gives us a more positive view going into next year.

所以，嗯，你知道現在給我們提供了具體的指導，但我認為這項業務背後有一些動力，讓我們對明年有更積極的看法。

And obviously, again, they've been on our longest journey with 80 20.

顯然，他們再次以 80 20 踏上了我們最長的旅程。

So they're finalizing some business decisions there that might put a little bit of pressure.

因此，他們正在敲定一些可能會帶來一些壓力的商業決策。

But outside that, the fundamentals, I think, to your point are going to get better here over the next couple of quarters.

但除此之外，我認為，就你的觀點而言，未來幾季的基本面將會變得更好。

Boston.

波士頓。

Thanks very much for taking my questions.

非常感謝您回答我的問題。

Thank you.

謝謝。

And then our next question comes from Damian Karas with UBS.

我們的下一個問題來自瑞銀集團的達米安卡拉斯。

Please go ahead.

請繼續。

Hello, Damian.

你好，達米安。

As you run a home for Earl new crops are mostly though we don't publish returns from the line.

當你為厄爾經營一個家時，新作物大多是新作物，儘管我們不公佈生產線的回報。

So we'll move on to our next question from Brett Linzey with resume.

因此，我們將繼續回答 Brett Linzey 的下一個問題和簡歷。

Please go ahead.

請繼續。

Good morning all.

大家早安。

Good morning.

早安.

one, I wanted to come back to the dewatering say you noted some strength in the quarter.

第一，我想回到脫水方面，說你注意到本季出現了一些成長。

I know in years past the dewatering business has picked up a little bit of incremental business from various storm events.

我知道在過去的幾年裡，脫水業務已經從各種風暴事件中獲得了一些增量業務。

Was there any discernible impact in the corner, positive or negative?

角落裡是否有任何明顯的影響，無論是正面的還是負面的？

And then are you contemplating adding any pickup from restoration efforts into the fourth quarter here?

那麼您是否正在考慮將恢復工作的任何回升添加到第四季度？

Yes, I would say it's on the on the fringe of we do go to market through channel partners and some of our territories, and that would determine maybe the level of impact maybe if I just elevate from there.

是的，我想說，它處於我們確實透過通路合作夥伴和我們的一些地區進入市場的邊緣，如果我從那裡提升，這可能會決定影響的程度。

The business in general was very strong.

總體而言，業務非常強勁。

The two three, although we did see some pockets of spin-off, a softening in specific mining applications.

儘管我們確實看到了一些分拆，但兩個三個，特定採礦應用程式的軟化。

But in holistically for that business, it was a pretty resilient in terms of the storm impacted, say not a huge impact for us and probably just on the fringes.

但從整體來看，該業務在風暴影響方面具有相當的彈性，對我們來說並不是巨大的影響，可能只是在邊緣。

Okay.

好的。

Got it.

知道了。

And just wanted to come back to the margin progression.

只是想回到利潤進展。

So you're executing well in a tough macro.

所以你在艱難的宏觀環境中執行得很好。

But for Q2 year over year, does step down versus Q2 three and the first half, I guess, is this just a function of the lower revenue expectation or mix or is there some costs to achieve some of the 80 20 benefits?

但對於第二季同比而言，與第二季第三季和上半年相比，我猜這是否只是收入預期或組合較低的函數，或者是否需要一些成本才能實現 80 20 的某些收益？

Our resource commitments, there might be a drag and won't repeat next year?

我們的資源承諾，可能會被拖累，明年不會重演？

No, I think it's really just in portfolio mix as water infrastructure increases that a little bit lower margin rate.

不，我認為這實際上只是在投資組合中，因為水基礎設施的增加使得利潤率略低一些。

They have a season seasonal increase in Q4.

他們在第四季出現了季節性成長。

And then we've talked just about MCS having a little bit more of energy exposure versus water in the back half would be the two main things I'd point to.

然後我們討論了 MCS 在後半部分比水有更多的能量暴露，這將是我要指出的兩個主要問題。

Thank you.

謝謝。

And ladies and gentlemen, this concludes our question and answer session.

女士們、先生們，我們的問答環節到此結束。

Like to turn the conference back over to Matthew time for any closing remarks.

希望將會議轉回馬修時間進行總結發言。

I failed to mention with a question on a direct was going to mention that our thoughts and prayers are with zone, the citizens of Spain, our colleagues that are there for Xylem as well as our streak of partners.

我沒有提及直接提出的問題，我們想提及的是，我們的思念和祈禱與區域、西班牙公民、我們為賽萊默而戰的同事以及我們的合作夥伴同在。

We've reached out everyone safe and healthy, but we need to keep that country and our thoughts and prayers are going through some devastating impacts from recent flooding on.

我們已經幫助每個人都安全健康，但我們需要保護這個國家，我們的思想和祈禱正在經歷最近洪水帶來的一些毀滅性影響。

Thanks for your questions.

感謝您的提問。

Thanks for everybody.

謝謝大家。

That's joining the call, and we appreciate your interest in Xylem.

歡迎您加入我們的電話會議，我們感謝您對賽萊默的興趣。

This is today's conference call.

這是今天的電話會議。

Thank you all for attending today's presentation.

感謝大家參加今天的演講。

You may now disconnect your lines and have a wonderful day.

您現在可以斷開線路並度過美好的一天。