賽莱默 (XYL) 2024 Q3 法說會逐字稿

Welcome to Xylem's third quarter 2024 results conference call. (Operator Instructions) Please also note today's event is being recorded. I would now like to turn the conference over to Keith Buettner, Vice President, Investor Relations and Financial Planning and Analysis. Please go ahead, sir.

歡迎參加賽萊默 2024 年第三季業績電話會議。（操作員說明）也請注意今天的活動正在錄製中。現在我想將會議交給投資人關係及財務規劃與分析副總裁 Keith Buettner。請繼續，先生。

Thank you, operator. Good morning, everyone, and welcome to Xylem's third quarter 2024 earnings call. With me today our Chief Executive Officer, Matthew Pine; and Chief Financial Officer, Bill Grogan. They will provide their perspective on Xylem's third quarter 2024 results and discuss the first -- the fourth quarter and full year outlook. Following our prepared remarks, we will address questions related to information covered on the call. I'll ask that you please keep to one question and a follow-up and then return to queue.

謝謝你，接線生。大家早安，歡迎參加賽萊默 2024 年第三季財報電話會議。今天與我一起的是我們的執行長馬修·派恩 (Matthew Pine)；和財務長比爾·格羅根。他們將提供對賽萊默 2024 年第三季業績的看法，並討論第一季和全年的前景。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。我會請您繼續回答一個問題並跟進，然後返回隊列。

As a reminder, this call and our webcast are accompanied by a slide presentation available in the Investors section of the website. A replay of today's call will be available until midnight, November 11, and will be available for playback via the Investors section of our website under the heading Investor Events. Please turn to slide 2.

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。今天電話會議的重播將持續到 11 月 11 日午夜，並且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。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 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 in subsequent reports filed with the SEC. 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.

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。這些陳述受到未來風險和不確定性的影響，例如賽萊默最新的 10-K 表格年度報告以及隨後向 SEC 提交的報告中描述的因素。請注意，本公司沒有義務公開更新任何前瞻性聲明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. 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. 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.

請翻到幻燈片 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，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。就今天的電話會議而言，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, Matthew Pine.

現在請翻到幻燈片 4，我將把電話轉給我們的執行長 Matthew Pine。

Thanks, Keith. Good morning, everyone, and thank you for joining us. As you've seen in our press release earlier this morning, the team delivered very strong earnings in the quarter. In fact, I want to recognize the whole Xylem team for disciplined execution across the business. The result was record EBITDA margins and record earnings per share in the quarter. Operational discipline also delivered accelerated momentum in our integration of Evoqua. We're now well ahead of schedule and capturing the expected cost synergies, ending the year above our run rate targets.

謝謝，基斯。大家早安，感謝您加入我們。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。事實上，我想表彰整個賽萊默團隊在整個企業中的嚴格執行力。結果是該季度的 EBITDA 利潤率和每股收益創歷史新高。營運紀律也加速了我們對 Evoqua 的整合。我們現在遠遠超出了計劃，並實現了預期的成本協同效應，年底超出了我們的運行率目標。

Our profitability is also beginning to benefit from the work to optimize our portfolio and simplify our organization. All that work is in service of reducing Xylem's complexity and serving our customers better 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 in the quarter. 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.

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。所有這些工作都是為了降低賽萊默的複雜性並更好地為我們的客戶提供服務，此外還提供系統性的利潤改善以支持我們的長期框架。該團隊表現出對客戶的高度關注，在本季度所有細分市場中實現了健康的訂單成長。有機訂單整體成長了高個位數，訂單出貨比大於 1，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。

Moderated revenue growth in the quarter was primarily driven by project timing pushouts in MCS and WSS, combined with tough compares versus prior year. Orders are up sharply in both of those segments, indicating healthy underlying demand and customer preference. Overall, end market demand continues to be resilient with a few pockets of softening in the short term. With good visibility through Q4, we're narrowing full year earnings guidance and maintaining the midpoint despite a slightly lower revenue expectation.

本季度營收成長放緩主要是由於 MCS 和 WSS 的專案時間推出以及與去年相比的艱難比較所推動的。這兩個領域的訂單均大幅增加，顯示潛在需求和客戶偏好良好。總體而言，終端市場需求持續保持彈性，但短期內會出現一些疲軟。由於第四季度的前景良好，儘管收入預期略有下降，但我們正在縮小全年盈利指引並維持中點。

Also in Q4, we expect to increase our stake in the Idrica joint venture, giving us a majority ownership position. As a reminder, Idrica is a global leader in data management and analytics for water utilities. The system powering the Xylem Vue platform at the heart of our intelligent solutions for utilities. Having been borne out of the utility operator itself, the platform has been deployed in more than 300 customers around the world. We took a minority stake last year and became the global distribution partner for the technology. Our teams continue to get traction with customers and with this transaction, the business will be consolidated into Xylem's Measurement & Control Solutions segment.

同樣在第四季度，我們預計將增加在 Idrica 合資企業中的股份，從而獲得多數股權。謹此提醒，Idrica 是水務公司資料管理和分析的全球領導者。該系統為 Xylem Vue 平台提供動力，是我們公用事業智慧解決方案的核心。該平台源自公用事業營運商本身，已部署在全球 300 多家客戶中。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。我們的團隊繼續受到客戶的青睞，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, our financial position and our outlook. Bill?

現在我將把它交給比爾來了解本季的業績、我們的財務狀況和我們的前景。帳單？

Thanks, Matthew. Please turn to slide 5. Q3 was a strong operational quarter, and I want to thank our entire organization for their focus and effort progressing on our organizational transformation. Productivity and pricing resulted in record-breaking quarterly EBITDA margin and earnings per share. The demand remains 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 in MCS. Our book-to-bill ratio exceeded one and orders were healthy, up 8% in the quarter, primarily driven by MCS and WSS.

謝謝，馬修。請翻到投影片 5。第三季度是一個強勁的營運季度，我要感謝我們整個組織對我們組織轉型的關注和努力。生產力和定價帶來了創紀錄的季度 EBITDA 利潤率和每股收益。需求依然強勁，在 WSS 和水基礎設施顯著成長的推動下，我們的積壓訂單達到 53 億美元，抵消了 MCS 逾期積壓訂單的持續進展。我們的訂單出貨比超過 1，訂單狀況良好，本季成長了 8%，這主要是由 MCS 和 WSS 推動的。

While orders remained strong, revenue growth moderated versus a challenging comparison of 10% growth in the same period last year. Q3 total and organic revenue grew at 1%, slightly below our expectations. The moderation came from project timing in MCS and WSS. The team's operational discipline delivered record quarterly EBITDA margin of 21.2% up 140 basis points from the prior year despite the modest top line growth.

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。第三季總營收和有機收入成長 1%，略低於我們的預期。調節來自 MCS 和 WSS 中的專案時間安排。儘管營收成長不大，但該團隊的營運紀律使得季度 EBITDA 利潤率創歷史新高，達到 21.2%，比上年增長 140 個基點。

Productivity savings and pricing more than offset inflation, investments and mix driving incrementals of approximately 130% on a consolidated basis. 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. Our balance sheet remains robust with net debt to adjusted EBITDA at 0.6 times. Year-to-date free cash flow has increased by 27% from the prior year. The conversion rate of 79% was driven by higher net income, offset by increased CapEx and net working capital. Working capital efficiency in the quarter was impacted by timing of sales.

生產力節省和定價足以抵消通貨膨脹，投資和混合推動綜合增量約 130%。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%。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。年初至今的自由現金流較前一年增加了 27%。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。本季的營運資金效率受到銷售時間的影響。

Let's turn to slide 6. In Measurement & Control Solutions, we continue to work down our pass-through backlog. Total MCS backlog now sits at roughly $1.9 billion, a 14% organic decrease from prior year, driven by smart metering conversion. Orders were strong at 12%, driven by smart metering and analytics demand.

讓我們轉到投影片 6。在測量與控制解決方案中，我們持續減少直通積壓工作。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%。在智慧計量和分析需求的推動下，訂單量增加了 12%。

Revenue was up 11%, driven by smart metering demand and backlog execution. This was below our expectations due to project timing as we were able to ramp up production of past dues faster than our customers were able to schedule their deployments. We are seeing some pockets of softness in Europe and emerging markets, but overall demand is still healthy and the pipeline is strong, particularly for our AMI solutions in North America.

在智慧計量需求和積壓執行的推動下，營收成長了 11%。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。我們看到歐洲和新興市場出現了一些疲軟，但整體需求仍然健康，通路也很強勁，特別是對於我們在北美的 AMI 解決方案。

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 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 Evoqua's APT segment. EBITDA margin for Water Infrastructure was up 50 basis points. Productivity and price more than offset inflation and mix, incrementals were strong at 45%.

本季結束時，我們的 EBITDA 利潤率為 21.2%，比上年增長 350 個基點，增量為 53%。利潤率的同比增長是由生產力、價格和數量推動的，這遠遠抵消了通貨膨脹和投資的影響。在水基礎設施領域，由於處理和運輸方面的需求強勁，本季訂單成長了 6%。在運輸需求的推動下，營收成長了 1%，但由於去年傳統 Evoqua 的 APT 業務表現強勁，治療業務的業績比較困難，營收成長了 1%。水利基礎設施的 EBITDA 利潤率成長了 50 個基點。生產力和價格足以抵銷通貨膨脹和混合因素，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. 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. Lower volumes, higher inflation and unfavorable mix were mostly offset by productivity savings and price.

Applied Water 的訂單增長了 4%，訂單出貨量增長了其中之一，反映出贏得了一些將於明年發貨的大型項目。營收下降 4%，符合我們的預期，主要是由於新興市場疲軟所致。部門 EBITDA 利潤率年減 10 個基點，但較上季成長 110 個基點。產量下降、通膨上升和不利的組合大部分都被生產力節省和價格所抵消。

Rounding out the segments, Water Solutions and Services saw robust demand with orders increasing 11%, driven by strength in outsourced water and in dewatering. Organic revenue was down 1% with strength in dewatering offset by declines in capital sales from treatment projects, primarily due to a difficult comp and project timing within the quarter. Segment EBITDA margin was strong at 24.7%, up 200 basis points. Productivity and price offset inflation and volume declines.

水處理解決方案和服務領域的需求也十分強勁，在外包水務和脫水領域的強勁推動下，訂單成長了 11%。有機收入下降了 1%，脫水業務的強勁勢頭被處理項目的資本銷售下降所抵消，這主要是由於本季度的比較和專案時間表困難所致。部門 EBITDA 利潤率強勁，達 24.7%，上升 200 個基點。生產率和價格抵消了通貨膨脹和產量下降。

Now let's turn to slide 7 for our updated full year and Q4 guidance. Given our year-to-date performance in both commercial and operational momentum, we are updating parts of our full year guidance. Our revenue guide of $8.5 billion results in approximately 15% growth with organic revenue growth of approximately 5%. The Evoqua integration is going very well, and we are accelerating expected cost synergies to an exit run rate of $130 million in 2024.

現在讓我們轉向幻燈片 7，了解更新後的全年和第四季度指導。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。我們的營收指引為 85 億美元，成長約 15%，有機收入成長約 5%。Evoqua 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%. That represents 160 basis points of expansion versus the prior year, driven by higher volume, productivity, including our cost synergies and price offsetting inflation.

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%。與前一年相比，這意味著擴張了 160 個基點，這是由於產量和生產率的提高，包括我們的成本協同效應和價格抵銷通膨的推動。

We are narrowing EPS guidance to $4.22 to $4.24 from $4.18 to $4.28. Free cash flow conversion for the year is still expected to be at least 120% of net income. We do expect significant conversion in the fourth quarter. The full year outlook for two segments has changed with MCS now expected to grow in mid-teens versus our prior outlook of high teens 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.

我們將 EPS 指引從 4.18 美元至 4.28 美元縮小至 4.22 美元至 4.24 美元。全年自由現金流轉換預計仍至少為淨利的120%。我們確實預計第四季將出現重大轉變。兩個細分市場的全年前景發生了變化，MCS 現在預計將增長到中個位數，而我們之前的預測是高個位數，而WSS 現在預計將增長到低個位數，而我們之前的預測是中個位數，這都是由於專案延遲的影響下半場。

For the fourth quarter, we anticipate revenue growth to be roughly 2% to 3% on a reported and organic basis. We expect fourth quarter EBITDA margins to be in the range of 20.5% to 21%, up 70 to 120 basis points. This yields fourth quarter EPS of $1.12 to $1.14.

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%。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。這使得第四季度每股收益為 1.12 美元至 1.14 美元。

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

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。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，但我們對第四季的整體前景仍然樂觀。我們希望我們的簡化工作和 80/20 實施不僅有助於解決我們可能面臨的任何短期挑戰，而且也成為我們隨著時間的推移系統性提高利潤率的關鍵驅動力，支持我們的長期盈利框架。

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. Again, I'm proud of the team's strong results in the quarter. The brisk orders growth demonstrate the team's customer focus and commercial momentum alongside healthy demand for our solutions. The record profitability and margin expansion only comes from real focus on execution, which shows up in the same discipline the team showed to get us out ahead of our integration synergy targets. That accelerated integration in turn, enables us to put greater attention on portfolio optimization and capital deployment. The team's performance is what gives us confidence to narrow the guide as we expect to continue delivering that same level of execution on continuing demand.

謝謝，比爾。我再次為團隊本季的強勁業績感到自豪。訂單的快速成長顯示了團隊對客戶的關注和商業動力以及對我們解決方案的健康需求。創紀錄的獲利能力和利潤率擴張僅來自對執行的真正關注，這體現在團隊表現出的相同紀律中，使我們領先於我們的整合協同目標。這種加速的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。團隊的表現讓我們有信心縮小指導範圍，因為我們希望根據持續的需求繼續提供相同的執行力。

At the start of the call, I referenced some of the benefits we're beginning to see coming through our work on simplification. Reaffirming what we said at Investor Day in May, we're building momentum and it's showing up in our results. We're doing the meaningful work on our operating model across culture, process and structure, and we're already beginning to see the benefits. I look forward to sharing more about that in coming quarters as the work continues.

在電話會議開始時，我提到了我們透過簡化工作開始看到的一些好處。重申我們在五月投資人日所說的話，我們正在積蓄動力，這也反映在我們的業績上。我們正在對跨文化、流程和結構的營運模式進行有意義的工作，我們已經開始看到好處。隨著工作的繼續，我期待在未來幾季分享更多相關內容。

Lastly, I want to share a change in the executive team, which happened after the quarter's close. You may have seen our announcement appointing Meredith Emerick to lead the Applied Water segment succeeding Franz Cerwinka. I want to thank Franz for his many contributions, not only to Applied Water, but also in his prior leadership of emerging markets.

最後，我想分享一下本季結束後執行團隊的變化。您可能已經看到我們任命 Meredith Emerick 接替 Franz Cerwinka 領導應用水部門的公告。我要感謝弗蘭茨所做的許多貢獻，不僅是對 Applied Water 的貢獻，而且還包括他之前對新興市場的領導力。

To stay on as a senior adviser to ensure a smooth transition and to maintain the momentum of the segment's 80/20 work. Meredith and I first cross path at Carrier, her experience there and at Mitsubishi has given her deep experience in engineered solutions for commercial and residential buildings across a range of industrial end markets.

繼續擔任高級顧問，以確保平穩過渡並保持該部門 80/20 工作的勢頭。梅雷迪思和我第一次在開利相遇，她在開利和三菱的經歷賦予了她在一系列工業終端市場的商業和住宅建築工程解決方案方面的豐富經驗。

She has a track record of high-performance P&L leadership and emphasis on profitable growth, operational discipline and customer centricity. We welcome Meredith to the Xylem's leadership team just last week, and I know you value getting to know her in the coming months.

她擁有高績效損益領導力的記錄，並強調獲利成長、營運紀律和以客戶為中心。就在上週，我們歡迎梅雷迪思加入賽萊默的領導團隊，我知道您很樂意在未來幾個月內認識她。

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。

(Operator Instructions)

（操作員說明）

Deane Dray, RBC Capital Markets.

迪恩德雷 (Deane Dray)，加拿大皇家銀行資本市場。

Thank you. Good morning, everyone.

謝謝。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. We're hearing lots of industrial companies talking about those kinds of delays, slower decision-making. And then very specifically, how did this impact WSS, you referenced timing of capital projects. When do you see these outsourcing contracts start to get released and what kind of time frame? We'll start there. Thanks.

也許我們可以從業務基調、決策審批流程的時機開始。我們聽到許多工業公司談論此類延誤和決策緩慢。然後非常具體地，這對 WSS 有什麼影響，您提到了資本項目的時間表。您認為這些外包合約什麼時候開始發布以及什麼樣的時間範圍？我們將從這裡開始。謝謝。

Okay. Thanks for the question, Deane. I'll start us out, and then I'll turn it over to Bill to get into the details. But just to provide some high-level perspective before I do hand it over to Bill, Q3 is really a tale of what I would call two stories. Utilities end market for us was up 10%, so up double digits, but although a bit less than we anticipated primarily with M&CS. On the other side of that is the industrial and commercial building end markets were down 4%, respectively.

好的。謝謝你的提問，迪恩。我將開始我們的工作，然後將其交給比爾以了解詳細資訊。但在我將其交給比爾之前，只是為了提供一些高層次的視角，第三季實際上是一個我稱之為兩個故事的故事。我們的公用事業終端市場成長了 10%，即兩位數成長，但略低於我們主要對 M&CS 的預期。另一方面，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. That's where we saw a little bit of softening. But in general, as you see from our orders in the quarter, very strong in general across all the end markets. Maybe I'll just pause there and maybe turn it over to Bill to get into some detail on WSS.

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。這就是我們看到一點軟化的地方。但總的來說，正如您從本季的訂單中看到的那樣，所有終端市場總體都非常強勁。也許我會在這裡暫停一下，然後將其交給 Bill 以了解有關 WSS 的一些詳細資訊。

No, it sounds good. So yeah, the difference between our expectations coming in the quarter for WSS is really, again, just the timing of some of these projects that pushed out in the back half. These aren't cancellations. These are really delays. Some due to just elongated commercial negotiations, Deane, 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 the industrial markets for big projects.

不，聽起來不錯。所以，是的，我們對本季 WSS 的預期之間的差異實際上只是在後半段推出的一些項目的時間安排。這些不是取消。這些確實是延誤。有些是由於長期的商業談判，迪恩，其中一些是非常複雜的外包水項目或專案延誤，我們是其中的一部分。然後，一些選舉和利率的不確定性讓大型項目的工業市場出現了一些暫停。

We continue to have differentiated technology to support these projects and water is a critical component of the application. So we're highly confident that this is just timing. We have the orders. It's just when do they start to be put in place. 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. And again, maybe the other thing I would mention is that we had really tough compare in this business as well for the quarter.

我們繼續擁有差異化技術來支援這些項目，而水是該應用的關鍵組成部分。因此，我們非常有信心這只是時機。我們有訂單。只是他們什麼時候開始到位。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。再說一次，也許我要提到的另一件事是，我們在本季的這項業務中也進行了非常艱難的比較。

Last year, pro forma growth was 10% on an organic basis. And we talked last quarter, the 12% growth just put some pressure on the pace that we experienced in the back half. So fundamentals are still strong, high demand for our unique solutions. A little bit of delay here as we exit the year, but we're confident that we're back positive in the fourth quarter and then ramping in Q1.

去年，預計有機成長率為 10%。我們上個季度談到過，12% 的成長只是給我們後半段的步伐帶來了一些壓力。因此，基本面仍然強勁，對我們獨特的解決方案的需求很高。隨著今年的結束，我們有一點延遲，但我們有信心在第四季度恢復正值，然後在第一季實現成長。

All right. That was really helpful and broadly consistent with the kind of slower decision-making that we've seen elsewhere. And then just as a follow-up question, can we put the spotlight on MCS. 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 a normalized high single digits, which is still healthy, but just give us where are you in that process. I see the $1.9 billion backlog, how much of that is actually past due. And then meanwhile, you've had really strong orders this quarter. So what is that expectation about the ramp down to high single digits? Thanks.

好的。這確實很有幫助，並且與我們在其他地方看到的決策速度較慢的情況大致一致。作為一個後續問題，我們能否將重點放在 MCS 上。如果我可以這樣說的話，當你處理過期的積壓訂單時，你會感到一些焦慮，因為你會從令人興奮的 20% 增長率下降到我們預期的正常化高單增長率數字，這仍然是健康的，但請告訴我們您在這個過程中處於什麼位置。我看到了 19 億美元的積壓，其中有多少實際上已經逾期了。同時，本季你們的訂單非常強勁。那麼對於下降到高個位數的預期是什麼呢？謝謝。

I'll start us out, Deane, and just a few comments, maybe specific to Q3 and some of the trends, and then Bill can get into some color in the read-through as we head into '25. We're now out of the woods on production constraints that we've been talking about for the past couple of years. They've come down very quickly. Our lead times have moved from 52 weeks to five weeks over the course of this year and we're able to ramp up production of the past dues faster than customers were able to reschedule their deployments. That's really the bottom line.

Deane，我將首先發表一些評論，可能是針對第三季度和一些趨勢的，然後 Bill 可以在我們進入 25 年時在通讀中進行一些闡述。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。他們下降得很快。今年，我們的交貨時間從 52 週縮短到了 5 週，我們能夠比客戶重新安排部署的速度更快地提高過去應付的產量。這確實是底線。

And I really want to be clear on this point. This is not a demand issue like a typical destocking. This is a rescheduling of deployments that will happen over the coming months. The demand is there. It's just getting the deployments rescheduled to catch up with the shipments. Really, the market relative to AMI is still underpenetrated. It's less than 50%. Our funnel is up significantly year-over-year, up over 25%. And we're still winning currently out in the marketplace above our current market share. So there's a lot of positives here, a little bit of timing, and I'll let Bill kind of walk you through a little bit more color on that timing.

我真的很想澄清這一點。這不是典型的去庫存那樣的需求問題。這是將在未來幾個月內進行的部署重新安排。需求就在那裡。它只是重新安排部署以趕上發貨速度。事實上，相對於 AMI 的市場仍然滲透不足。還不到50%。我們的通路較去年大幅成長，成長超過 25%。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。所以這裡有很多積極的一面，還有一些時機，我會讓比爾帶你了解更多關於時機的資訊。

Yes, Deane, I think we're likely to see this adjustment period last for the next quarter or two as our partners work to align customer home access and the labor schedule needed to nail down the deployment timing. The bottleneck shifted kind of from our production into the channel. So it will take a little bit of time to resolve. We do expect high single-digit growth here in the fourth quarter for that business, but the potential continuation of the rephasing into the first part of next year. But our expectations at this point is for MCS still to be within that high single-digit framework for the year.

是的，迪恩，我認為這一調整期可能會持續到下一兩個季度，因為我們的合作夥伴正在努力調整客戶家庭訪問和確定部署時間所需的勞動力計劃。瓶頸從我們的生產轉移到了通路。所以需要一點時間來解決。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恢復。但我們目前的預期是，今年 MCS 仍將保持在高個位數的框架內。

Just that as we talk about the normalization, and we've had questions just on the order patterns, and just want to remind everyone that historical norm for MCS is book-to-bill of about one, and then we'd have kind of backlog of about 60% of the next year's sales. 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 they normalize to their historical patterns.

只是當我們談論標準化時，我們對訂單模式有疑問，只是想提醒大家，MCS 的歷史標準是從訂單到帳單大約是 1，然後我們就會有積壓約佔明年銷售額的60%。因此，我們預計到 2025 年上半年，我們的積壓訂單將繼續減少，然後在今年結束時，當他們恢復歷史模式時，訂單出貨量將開始呈正值。

Great. That's really helpful. And not a question, just to shout out. That was a big free cash flow quarter. So congrats to the team.

偉大的。這真的很有幫助。不是一個問題，只是大聲喊出來。那是一個自由現金流很大的季度。所以恭喜團隊。

Thank you.

謝謝。

Mike Halloran,Baird.

麥克·哈洛倫，貝爾德。

Hey, good morning, everyone.

嘿，大家早安。

Good morning Mike.

早上好，麥克。

Can we just put a finer point on that MCS then? 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. Could you just frame what that impact looks like, whether it's how the past due backlog helped the growth rate this year? And is next year a more normal growth year for the MCS segment? Or is there an overhang from the execution against the past due backlog. I know demand is still good. It sounds like the quoting bidding is still where you want it to be but just want to make sure I think those two variables.

那麼我們可以對 MCS 進行更詳細的闡述嗎？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。您能簡單描述一下這種影響是什麼樣的嗎？明年對於 MCS 領域來說是一個更正常的成長年嗎？或是否存在針對逾期積壓的執行的懸而未決的情況。我知道需求仍然很好。聽起來報價仍然是你想要的，但只是想確保我認為這兩個變數。

Yes. No, for the 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. So we've been able to progress on that kind of ahead of pace. And again, I think as Matthew highlighted, that's a little bit of the disconnect that was created. Relative to our expectations for next year, like I said, I still think the smart metering business will be at its long-term framework. There might be some timing first half, second half, but we expect positive results from that business.

是的。不，無論出於何種意圖和目的，我們在很大程度上都陷入了過去的困境。我們又回到了正常的逾期水準。所以我們已經能夠以這種超前的速度取得進展。再說一次，我認為正如馬修所強調的那樣，這是造成的一點脫節。相對於我們對明年的預期，正如我所說，我仍然認為智慧電錶業務將處於其長期框架。上半年、下半年可能會有一些時間安排，但我們預期該業務會取得正面成果。

All right. Thank you. So then kind of on where you are from an internal processes perspective, maybe just an update on where you sit in the segmentation, identification journey of the portfolio? And when you start -- basically, how broad through that portfolio have we gotten now? And when do we start seeing kind of that push-pull of some pressure on revenue as you start executing against some of the areas of the business that maybe don't fit and then seeing the margin benefit from some of those actions. Has that started yet? Or is this more of a next year thing and just kind of an update holistically on the timing there.

好的。謝謝。那麼，從內部流程的角度來看，您所處的位置，也許只是您在投資組合的細分、識別過程中所處位置的更新？當你開始時——基本上，我們現在的投資組合有多大？當你開始執行一些可能不適合的業務領域，然後看到其中一些行動帶來的利潤收益時，我們什麼時候開始看到對收入的一些壓力。已經開始了嗎？或者這更多的是明年的事情，只是對那裡的時間安排進行全面更新。

Yes, it's more of a next year thing. We're going to exit, I would say, Mike, in a really good position. 2024 was a year of really deep dive analytics and kind of zeroing up the business and we're through that process. And as we exit '24, a lot of the implementations happening in Q4, and then we'll start to see results in Q1 through the course of next year. So that's going to really help from a bottom line perspective.

是的，這更多的是明年的事。麥克，我想說，我們將以一個非常好的位置退出。 2024 年是真正深入分析和業務歸零的一年，我們正在經歷這個過程。當我們退出 24 年時，許多實施都發生在第四季度，然後我們將開始在第一季到明年看到結果。因此，從底線的角度來看，這確實很有幫助。

We did talk about 80/20 specifically, and there are some other things we're working on, whether that's spans or layers or as we think about our structure, next year that will also help. 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 but we're still very committed to the outlook that we gave 4% to 6% over the course of the next three years.

我們確實具體討論了 80/20，並且我們正在研究其他一些事情，無論是跨度還是層，或者當我們考慮我們的結構時，明年這也會有所幫助。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，但我們仍然非常看好我們給予 4% 至 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, what you're executing on, 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，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、你正在執行的內容，那麼明年工作時，思考過程實際上沒有任何變化。明年看起來應該不錯，但相對於你如何建立事物來說是正常的。

Yeah.

是的。

Thanks, everyone. Appreciate it. Thank you.

謝謝大家。欣賞它。謝謝。

Scott Davis, Melius Research.

斯科特·戴維斯，Melius 研究公司。

Hey, good morning, Matte and Bill.

嘿，早上好，馬特和比爾。

Good morning.

早安.

Guys, you mentioned price in each of the segments as being a positive. Is that -- should we think about that as price that in the backlog that's coming out that was priced appropriately and obviously higher? But -- or are you still able to get incremental price and new business today?

夥計們，你們提到每個細分市場的價格都是正面的。我們是否應該將其視為即將發布的積壓訂單中的價格，其定價適當且明顯更高？但是，或者說您今天仍然能夠獲得增量價格和新業務嗎？

Yes. I think it's a little bit of both. Scott, as we talked in our Investor Day, we're really targeting to be price, cost positive which we've been able to continue to do strong results again here in the third quarter with price cost spread of about 60 basis points. We continue to see some of the businesses show significant strength with that. MCS being the largest contributor on price, cost with it being greater than 200 basis points. We've seen year-to-date price a little bit ahead of what we expected coming into the year.

是的。我認為兩者都有一點。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和成本正值，我們在第三季度再次取得了強勁的業績，價格成本價差約為 60 個基點。我們繼續看到一些企業在這方面表現出強大的實力。MCS 是價格和成本的最大貢獻者，其超過 200 個基點。我們看到今年迄今為止的價格略高於我們對今年的預期。

Some of that is the targeted efforts and results from our 80/20 implementation and then just different parts of the business, leveraging their differentiation to capture more value within their market. So that is a lever we think we're going to continue to try to expand upon as we progress. One, on just the process of pricing internally and how we execute on that and try to eliminate leakage and then the other half on the strategic pricing side. So we think there's opportunities on both for us to be a continued tailwind as we get into next year and beyond.

其中一些是我們 80/20 實施的有針對性的努力和結果，然後是業務的不同部分，利用他們的差異化在市場中獲取更多價值。因此，我們認為隨著我們的進步，我們將繼續嘗試擴大這一槓桿。一是關於內部定價過程以及我們如何執行流程並試圖消除洩漏，然後是策略定價的另一半。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. And then in the prepared remarks, you commented on pockets of Europe and Asia just being a little bit weaker. I imagine that I think China is probably at least half of your Asia business so that I would imagine that explicitly references China. But can you just -- a little clarity there. Is it -- are there similar reasons for pushbacks like Deane was saying? Or there -- I know there's been a fair amount of stimulus in China, but it doesn't seem to have helped any companies yet. Is there a little -- maybe just a little color on what your guys on the ground are saying that is this something that it leaks into 2025 or more of a shorter-term hiccup.

好的。這很有幫助。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稍微弱了一點。我想我認為中國可能至少佔你們亞洲業務的一半，所以我想這會明確提到中國。但你能不能——稍微澄清一下。是否存在像迪恩所說的類似的阻力原因？或者在那裡——我知道中國已經採取了相當多的刺激措施，但它似乎還沒有幫助任何公司。你們現場人員所說的話是否有一點——也許只是一點點色彩，這是否會洩漏到 2025 年或更長時間的短期問題上。

So I'll make some comments on China, too. And I think probably the one other area of emerging markets, that's a little bit softer for us is the Middle East and then some specific applications within Africa. But just -- from a China perspective, just to remind everyone, it's about mid-single digits of our total revenue, largely tied to public utilities within Water Infrastructure, that's about half of our business. There in China is the Water Infrastructure piece. Q3 orders did decline in kind of the mid-teens and revenue was down low single digits, and that has been decelerating throughout the year. We talked about our expectations for China being roughly flattish, and now it's gone slightly negative.

所以我也會對中國發表一些評論。我認為新興市場的另一個領域對我們來說稍微軟一些，那就是中東，然後是非洲境內的一些特定應用。但從中國的角度來看，只是提醒大家，這大約是我們總收入的中個位數，主要與水基礎設施內的公用事業有關，這大約是我們業務的一半。中國有水利基礎設施部分。第三季訂單確實下降了十幾歲，收入下降了低個位數，而且全年一直在減速。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. But I do think the economic environment there remains difficult. Tight liquidity, especially for the municipalities is causing kind of projects to continue to delay and defer the real estate issues that they're having is adversely impacting our building services end market.

那裡的潛在需求，特別是市政當局的需求仍然強勁。但我確實認為那裡的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，導致一些項目繼續推遲，而他們所面臨的房地產問題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 China. The teams are focused, making their own lock, looking at areas where we have differentiated technology to address some specific opportunity set. But then how do we manage costs and infrastructure on the lower volumes to make sure we're focused on margins. So I think it's probably something that lingers here in the short term. But China, overall, will get back to be a big part of our growth story at some point in time.

所以我們正在密切關注中國。團隊專注於自己的鎖定，尋找我們擁有差異化技術的領域來解決某些特定的機會集。但接下來我們如何管理小批量的成本和基礎設施，以確保我們專注於利潤。所以我認為這可能會在短期內持續存在。但總體而言，中國將在某個時候重新成為我們成長故事的重要組成部分。

Oaky. Good color, thank you. Best of lick. I'll pass it on.

橡樹。顏色不錯，謝謝。最好的舔。我會把它傳遞下去。

Nathan Jones, Stifel.

內森瓊斯，斯蒂菲爾。

Good morning, everyone. I'm going to start on Idrica. You talked about acquiring a majority stake in that business. So a couple of questions around that. First, any kind of color you can give us on the financial metrics around that valuation and the impact to your financial statements from consolidating it? And then second, on Idrica, how does that change the outlook, the trajectory, your plans for that business now that you have control of it?

大家早安。我將從伊德里卡開始。您談到了收購該業務的多數股權。圍繞這個問題有幾個問題。首先，您能給我們提供有關該估值的財務指標的任何顏色以及合併該估值對您的財務報表的影響嗎？其次，在 Idrica 上，既然你已經控制了該業務，那麼這將如何改變你對該業務的前景、軌跡和計劃？

Yeah. Maybe I'll start us out on the second part, and I'll let Bill get into the financials. We signed an agreement the other day on October 29, and we plan to close on the business in December, Nate. I would say we took the majority position so we could more deeply integrate and rationalize our R&D investments because there's a lot of overlap and so we wanted to get that synergy and to really integrate it appropriately, we felt like we needed to have a majority share. And then also, we're going to leverage the platform in the user interface and standardize that across Xylem.

是的。也許我會從第二部分開始，然後我會讓比爾討論財務問題。我們前幾天 10 月 29 日簽署了一項協議，我們計劃在 12 月結束業務，內特。我想說，我們佔據了多數地位，這樣我們就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，所以我們希望獲得協同作用並真正適當地整合它，我們覺得我們需要擁有多數股權。此外，我們還將在使用者介面中利用該平台，並在賽萊默範圍內實現標準化。

So it's going to have a tremendous impact on our ability to scale across the business and really drive synergies and efficiencies. We have a lot of confidence in the platform. It's the -- when we talk to utilities that was out and about in Australia and the UK over the past months and their biggest pain point is data management, application management, and we see a lot of interest in this, and we've got a huge funnel, and we're starting to win some big orders.

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。我們對這個平台充滿信心。過去幾個月，當我們與澳洲和英國的公用事業公司交談時，他們最大的痛點是資料管理、應用程式管理，我們看到很多人對此感興趣，我們已經一個巨大的漏斗，我們開始贏得一些大訂單。

So strong -- again, strong traction. Orders are balanced across the globe. And I think the last thing I would say, the pull-through on the core business of Xylem has also been a pleasant surprise. So maybe I'll pause there and then let Bill get into the little bit of financials.

如此強大——再次強調，強大的牽引力。全球訂單保持平衡。我想我要說的最後一件事是，賽萊默核心業務的突破也是一個驚喜。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, I mean, nothing material for this year. We don't plan on closing until late in December. So it will be meaningful to our economics this year and then we'll lay out kind of more specifics as we guide next year and what the impact will be.

是的，內森，我的意思是，今年沒有什麼實質內容。我們不打算在 12 月底之前關閉。因此，這對我們今年的經濟意義重大，然後我們將在明年的指導中提出更多具體細節以及影響。

Okay. I guess my follow-up then, Applied Water. I mean, revenue comparisons there have been negative for a few quarters now, but the order comparisons or order growth has been positive for four of the last five quarters. Do you guys think that we've kind of seen the bottom in Applied Water and an expectation for return to growth going forward in 2025?

好的。我想我的後續行動是Applied Water。我的意思是，現在有幾季的收入比較為負，但過去五個季度中有四個季度的訂單比較或訂單增長為正。你們是否認為我們已經看到 Applied Water 觸底並預計在 2025 年恢復成長？

Yeah. I think so. Again, right, AW has been our most challenged business here over the last couple of quarters. It is our shortest cycle, most cyclical group and it has played out kind of in line with our expectations on that low single-digit decline. We're probably closer to the bottom from where we expect growth rates to be in Q4. That team has done a really good job leveraging their technology and their advantage in several markets to win some larger projects that will help support our expected recovery in 2025.

是的。我想是的。再說一遍，過去幾個季度，AW 一直是我們面臨最大挑戰的業務。這是我們週期最短、週期性最強的一組，其表現與我們對低個位數下降的預期一致。與我們預期的第四季度成長率相比，我們可能更接近底部。團隊做得非常好，利用他們的技術和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 we're not giving a specific guide now, but I think there is some momentum behind that business that gives us a more positive view going into next year. And obviously, again, they've been on our longest journey with 80/20. So they're finalizing some business decisions there that might put a little bit of pressure. But outside that, the fundamentals, I think, to your point, are going to get better here over the next couple of quarters.

因此，我們現在沒有給出具體的指導，但我認為該業務背後有一些動力，這讓我們對明年有更積極的看法。顯然，他們再次以 80/20 的成績踏上了我們最長的旅程。因此，他們正在敲定一些可能會帶來一些壓力的商業決策。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。

Awesome. Thanks very much for taking my question.

驚人的。非常感謝您提出我的問題。

Thank you.

謝謝。

Damian Karas, UBS. All right. Looks like we don't have Mr. Karas on the line. So we'll move on to our next question. Brett Linzey, Mizuho.

達米安卡拉斯，瑞銀。好的。電話裡好像沒有卡拉斯先生。我們將繼續討論下一個問題。布雷特·林澤，瑞穗。

Hey. Good morning, all. I wanted to come back to the dewatering. So you noted some strength in the quarter. I know in years past, the dewatering business has picked up a little bit of incremental business from various storm events. Was there any discernible impact in the quarter positive or negative? And then are you contemplating any pickup from restoration efforts into the fourth quarter here?

嘿。大家早安。我想回到脫水。所以您注意到本季的一些優勢。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。本季有任何明顯的正面或負面影響嗎？那麼您是否正在考慮第四季的復原工作有所回升？

Yeah. I would say it's on the fringe. We do go to market through channel partners in some of our territories, and that would determine maybe the level of impact. Maybe if I just elevate from there, the business in general was very strong in Q3, although we did see some pockets of softening in specific mining applications. But holistically for that business, it was pretty resilient. But in terms of the storm impact, I'd say not a huge impact for us and probably just on the fringes.

是的。我想說的是它處於邊緣。我們確實透過某些地區的通路夥伴進入市場，這可能會決定影響程度。也許如果我從那裡提升，第三季的業務總體上非常強勁，儘管我們確實看到特定採礦應用中的一些軟化。但從整體上來說，該業務具有相當的彈性。但就風暴的影響而言，我想說對我們來說影響並不大，而且可能只是邊緣。

Okay. Got it. And I just wanted to come back to the margin progression. So you're executing well in a tough macro, but the 4Q year-over-year does step down versus Q3 in the first half. I guess, is this just a function of the lower revenue expectation or mix? Or is there some cost to achieve some of the 80/20 benefits or resource commitments that might be a drag and won't repeat next year?

好的。知道了。我只想回到利潤率的進展。因此，您在艱難的宏觀環境中執行得很好，但第四季度的同比情況確實比上半年的第三季度有所下降。我想，這只是收入預期或組合較低的結果嗎？或者，實現某些 80/20 效益或資源承諾是否需要付出一些成本，而這些成本可能會成為拖累，並且明年不會再出現？

No, I think it's really just a portfolio mix as Water Infrastructure increases at a little bit lower margin rate they have a seasonal increase in Q4. 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.

不，我認為這實際上只是一個投資組合，因為水基礎設施的利潤率稍低一些，他們在第四季度有季節性增長。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。

And ladies and gentlemen, this concludes our question-and-answer session. I'd like to turn the conference back over to Matthew Pine for any closing remarks.

女士們、先生們，我們的問答環節到此結束。我想將會議轉回給馬修·派恩（Matthew Pine）做總結發言。

I failed to mention with the question on Idrica, I was going to mention that our thoughts and prayers are with the citizens of Spain, our colleagues that are there for Xylem as well as our Idrica partners. We've reached out, everyone is safe and healthy but we need to keep that country and our thoughts and prayers are going through some devastating impacts from recent flooding. Thanks for your questions. Thanks for everybody that's joined the call, and we appreciate your interest in Xylem. Thank you.

我沒有提及有關 Idrica 的問題，我本來想提的是，我們的思念和祈禱與西班牙公民、支持賽萊默的同事以及我們的 Idrica 合作夥伴同在。我們已經伸出援手，每個人都安全健康，但我們需要保住這個國家，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。感謝您的提問。感謝所有加入電話會議的人，我們感謝您對賽萊默的興趣。謝謝。

Thank you. This concludes today's conference call. We thank you all for attending today's presentation. You may now disconnect your lines, and have a wonderful day.

謝謝。今天的電話會議到此結束。我們感謝大家參加今天的演講。您現在可以斷開線路，度過美好的一天。