Acuity Inc (AYI) 2025 Q2 法說會逐字稿

Good morning and welcome to the Acuity fiscal 2025 second-quarter earnings call.

早安，歡迎參加 Acuity 2025 財年第二季財報電話會議。

(Operator Instructions)

（操作員指示）

Please be advised that today's conference is being recorded.

請注意，今天的會議正在錄音。

I would now like to hand the conference over to Charlotte McLaughlin, Vice President of Investor Relations.

現在，我想將會議交給投資者關係副總裁夏洛特麥克勞克林 (Charlotte McLaughlin)。

Charlotte, please go ahead.

夏洛特，請繼續。

Thank you, operator.

謝謝您，接線生。

Good morning and welcome to the Acuity fiscal 2025 second-quarter earnings call.

早安，歡迎參加 Acuity 2025 財年第二季財報電話會議。

On the call with me this morning are Neil Ashe, our Chairman, President and Chief Executive Officer; and Karen Holcom, our Senior Vice President and Chief Financial Officer.

今天早上與我一起通話的有我們的董事長、總裁兼執行長 Neil Ashe；以及我們的高級副總裁兼財務長 Karen Holcom。

Today's call will include updates on our strategic progress and on our fiscal 2025 second quarter performance. There will be an opportunity for Q&A at the end of the call.

今天的電話會議將包括我們的策略進展和 2025 財年第二季業績的最新情況。通話結束時將有問答機會。

As a reminder, some of our comments today may be forward-looking statements. We intend these forward-looking statements to be covered by the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 as detailed on slide 2 of the accompanying presentation. Reconciliations of certain non-GAAP financial metrics with their corresponding GAAP measures are available in our 2025 second quarter earnings release and supplemental presentation both of which are available on our Investor Relations website at www.investors.acuityinc.com.

提醒一下，我們今天的一些評論可能是前瞻性的陳述。我們希望這些前瞻性聲明能受到《1995 年私人證券訴訟改革法案》安全港條款的約束，如隨附簡報的第 2 頁所述。我們的 2025 年第二季財報和補充報告中提供了某些非 GAAP 財務指標與其相應的 GAAP 指標的對賬，這兩份報告均可在我們的投資者關係網站 www.investors.acuityinc.com 上找到。

Thank you for your interest in Acuity.

感謝您對 Acuity 的關注。

I will now turn the call over to Neil Ashe.

現在我將把電話轉給尼爾·阿什。

Thank you, Charlotte, and thank you all for joining us today.

謝謝你，夏洛特，也謝謝大家今天加入我們。

We delivered steady performance in the second quarter of fiscal 2025. We grew net sales, expanded our adjusted operating profit, and adjusted operating profit margin, and we increased our adjusted diluted earnings per share.

我們在 2025 財年第二季取得了穩定的業績。我們的淨銷售額有所成長，調整後營業利潤擴大，調整後營業利益率提高，調整後每股稀釋收益也有所增加。

In March, we changed the name of our company from Acuity Brands to Acuity. This is an exciting step in our company's evolution. It builds on the legacy of our past while representing the scalability of our future. We are positioned for long term growth and to create stakeholder value and compound shareholder wealth.

三月份，我們將公司名稱從 Acuity Brands 改為 Acuity。這是我們公司發展過程中令人興奮的一步。它建立在我們過去的遺產之上，同時代表了我們未來的可擴展性。我們致力於長期成長、創造利害關係人價值和複合股東財富。

We have updated and aligned the names of our segments. The Lighting segment will continue as Acuity Brands Lighting or ABL and the Intelligent Spaces segment has been renamed to Acuity Intelligent Spaces or AIS.

我們已經更新並調整了各部門的名稱。照明部門將繼續以 Acuity Brands Lighting 或 ABL 的名稱運營，而智慧空間部門已更名為 Acuity Intelligent Spaces 或 AIS。

Now let's discuss ABL. We organize our business around luminaires and electronics. We've spoken a lot about our luminaires portfolio. So I want to spend some time focusing on our electronics portfolio. Our electronics portfolio is fundamental to our strategy of increasing product vitality, elevating service levels, using technology to improve and differentiate both our products and how we operate the business, and driving productivity for us and for our partners.

現在讓我們來討論一下 ABL。我們的業務主要圍繞著燈具和電子產品。我們已經談論了很多關於我們的燈具產品組合。所以我想花一些時間關注我們的電子產品組合。我們的電子產品組合是我們提高產品活力、提升服務水準、利用技術改進和區分我們的產品和業務運作方式以及提高我們和合作夥伴的生產力的策略的基礎。

Within electronics, we have invested in our driver portfolio to control the technology in our luminaires and developed a market-leading lighting controls platform that includes sensors, controls, and software. Through eldoLED and OPTOTRONICS, we produce the majority of the drivers we use in our luminaires.

在電子產品領域，我們投資了驅動器產品組合來控制燈具技術，並開發了市場領先的照明控制平台，其中包括感測器、控制器和軟體。透過 eldoLED 和 OPTOTRONICS，我們生產燈具中使用的大部分驅動器。

This allows us to improve our product vitality and drive productivity throughout our portfolio. Our nLight and SensorSwitch lighting controls platform includes standalone and embedded controls which can be cloud enabled.

這使我們能夠提高產品活力並提高整個產品組合的生產力。我們的 nLight 和 SensorSwitch 照明控制平台包括可支援雲端的獨立和嵌入式控制。

Taken together, our electronics portfolio is a unique offering in the marketplace, extending from the drivers that power our luminaires to the sensors, controls, and software which control light in a space and connect with the cloud seamlessly through our Atrius DataLab.

總的來說，我們的電子產品組合在市場上是獨一無二的，從為我們的燈具供電的驅動器到控制空間光線並透過我們的 Atrius DataLab 無縫連接到雲端的感測器、控制器和軟體。

Let me give you an example of how all of this comes together in practice. This quarter, we expanded our range of Gotham IVO products as part of our design select portfolio. We produce all the drivers for the entire Gotham IVO product portfolio, and each product can be sold embedded with our nLight controls.

讓我舉一個例子來說明這一切在實踐中是如何結合在一起的。本季度，我們擴大了 Gotham IVO 產品系列，作為我們設計精選產品組合的一部分。我們生產整個 Gotham IVO 產品組合的所有驅動器，每件產品都可以嵌入我們的 nLight 控制項進行銷售。

The new product launch included the Gotham IVO Deep Regressed Downlights and the Gotham IVO Cylinder. These innovative luminaires, when combined with our nLight controls platform, can be used to optimize the space for color and light distribution.

新產品發布包括 Gotham IVO Deep Regressed Downlights 和 Gotham IVO Cylinder。這些創新的燈具與我們的 nLight 控制平台相結合，可用於優化空間的顏色和光線分佈。

The end result is an optimized user experience with elevated aesthetics. These products are developed with our customers' needs in mind to reduce energy usage and maximize occupant comfort. In this quarter, our products have continued to be recognized by multiple industry organizations for doing this.

最終結果是優化的使用者體驗和提升的美感。這些產品的開發充分考慮了客戶的需求，旨在減少能源消耗並最大程度提高乘客的舒適度。本季度，我們的產品持續獲得多個行業組織的認可。

We won 14 2024 Product Innovation Awards from Architectural Products Magazine that celebrate the products, systems, and materials that help architects achieve new levels of creativity or performance in their design.

我們榮獲《建築產品雜誌》頒發的 14 項 2024 年產品創新獎，該獎項旨在表彰幫助建築師在設計中實現全新創造力或性能水平的產品、系統和材料。

And seven of our products were recognized for design excellence as part of the LIT Lighting Design Awards, including Aculux for their 5° Precision Spot, which was designed for precise illumination to create dramatic effect or to highlight a visual point of interest.

我們的七款產品因其卓越的設計而榮獲 LIT 照明設計獎，其中包括 Aculux 的 5° 精密聚光燈，該燈旨在實現精確照明，創造戲劇效果或突出視覺興趣點。

Now switching to Acuity Intelligent Spaces, which delivered another strong quarter of sales growth and margin performance. This quarter, we welcome QSC to the portfolio, advancing our mission to make spaces smarter, safer, and greener through our strategy of connecting the edge with the cloud using disruptive technologies.

現在轉向 Acuity Intelligent Spaces，該公司又實現了強勁的季度銷售成長和利潤表現。本季度，我們歡迎 QSC 加入我們的投資組合，透過使用顛覆性技術將邊緣與雲端連接起來的策略，推動我們的使命，讓空間變得更聰明、更安全、更環保。

Through Atrius, Distech, and QSC, we control how a built space operates and the experiences that happen within that space. We have a unique collection of disruptive technologies which are delivering distinct end user outcomes.

透過 Atrius、Distech 和 QSC，我們可以控制建築空間的運作方式以及在該空間內發生的體驗。我們擁有一系列獨特的顛覆性技術，可以為最終用戶帶來不同的成果。

In the future, we can continue to add to those end user outcomes through data interoperability. In Distech, we are focused on where we compete and what we can control to expand our addressable market. As part of our geographic expansion, this quarter, we continue to add systems integrator capacity in the UK and in Asia.

未來，我們可以透過資料互通性繼續增加這些最終用戶成果。在 Distech，我們專注於競爭領域以及我們可以控制哪些方面以擴大我們的潛在市場。作為我們地域擴張的一部分，本季我們繼續在英國和亞洲增加系統整合商的能力。

Distech ECLYPSE Facilities was awarded the 2025 AHR Expo Innovation Award in the Building Automation category. ECLYPSE Facilities is a software solution embedded directly within Distech Controls ECLYPSE devices that provides management and control for a variety of equipment types within buildings.

Distech ECLYPSE Facilities 榮獲 2025 年 AHR 博覽會大樓自動化類別創新獎。ECLYPSE Facilities 是一種直接嵌入 Distech Controls ECLYPSE 設備中的軟體解決方案，可為建築物內的各種設備類型提供管理和控制。

This quarter, we welcome QSC and we began the integration process. QSC is building the industry's most innovative full stack AV platform that unifies data, devices, and a cloud-first architecture to deliver real-time action, experiences, and insights.

本季度，我們迎來了 QSC，並開始了整合進程。QSC 正在建立業界最具創新性的全端 AV 平台，該平台統一資料、裝置和雲端優先架構，以提供即時操作、體驗和見解。

And we're off to a great start. QSC continues to execute on their strategy and continues to have success in the marketplace. In March, I appointed Jatan Shah to lead QSC reporting to Peter Hahn, President of Acuity Intelligent Spaces.

我們已經有了一個好的開始。QSC 繼續執行其策略並繼續在市場上取得成功。今年 3 月，我任命 Jatan Shah 領導 QSC，向 Acuity Intelligent Spaces 總裁 Peter Hahn 報告工作。

Jatan joined QSC in 2010, and has held various leadership roles since then. Jatan is a leader in the industry. In addition to his role at QSC, he is also President and Chairman of the Board of AVIXA, the Audiovisual and Integrated Experience Association.

Jatan 於 2010 年加入 QSC，此後擔任過各種領導職務。Jatan 是該行業的領導者。除了在 QSC 擔任的職務外，他還是視聽和綜合體驗協會 AVIXA 的總裁兼董事會主席。

Jatan has been integral to the development and success of QSC, and I'm excited for his leadership going forward. And finally, I want to congratulate Joe Pham, who announced his retirement earlier this year. And I want to thank Joe for his contributions to both QSC and the industry over his 20 plus years with the company.

Jatan 對 QSC 的發展和成功至關重要，我對他未來的領導感到興奮。最後，我要祝賀喬·範 (Joe Pham)，他於今年早些時候宣布退休。我要感謝喬在公司工作 20 多年來對 QSC 和行業的貢獻。

Now as we look forward, there is obviously uncertainty in the marketplace, specifically with regards to tariffs. We approach tariffs as the equivalent of a supply shock, and our financial priorities are, first, to manage the dollar impact, and second, to manage the margin impact.

現在我們展望未來，市場上顯然存在不確定性，特別是在關稅方面。我們將關稅視為供應衝擊的對應物，我們的財務重點首先是管理美元影響，其次是管理利潤影響。

Across the company, we have taken pricing actions in response to tariffs that were in place through the end of March. As the tariff policy continues to evolve, we will continue to take necessary pricing actions, and we will work to accelerate our productivity efforts.

在整個公司範圍內，我們已經採取了定價措施，以應對截至 3 月底實施的關稅。隨著關稅政策的不斷發展，我們將繼續採取必要的定價行動，並努力加快生產力努力。

We will continue to focus on factors within our control and take actions as needed. In ABL, we are focused on product vitality, elevating service levels, using technology to improve and differentiate both our products and how we operate the business, and driving productivity.

我們將繼續關注我們能夠控制的因素並根據需要採取行動。在 ABL，我們專注於產品活力、提高服務水準、利用技術改進和區分我們的產品和業務運作方式，並提高生產力。

Our growth algorithm is clear. We will grow the market, take share, and enter new verticals. In Intelligent Spaces, we control how a built space operates and the experiences that happen within that space. We have a unique collection of disruptive technologies which are delivering distinct end user outcomes.

我們的成長演算法很明確。我們將擴大市場、佔領份額並進入新的垂直領域。在智慧空間中，我們控制建築空間的運作方式以及在該空間內發生的體驗。我們擁有一系列獨特的顛覆性技術，可以為最終用戶帶來不同的成果。

Our focus will continue to be on growth and the opportunity to expand margins. We have demonstrated that we have dexterity in how we operate, enabling us to continue to execute in dynamic market conditions. And we have demonstrated that we can deliver value to our market and drive margins in our business.

我們將繼續關注成長和擴大利潤的機會。我們已經證明，我們的營運方式十分靈活，能夠在動態的市場條件下繼續執行。我們已經證明，我們可以為市場創造價值並提高業務利潤率。

Now I'll turn the call over to Karen who will update you on our second quarter performance.

現在我將電話轉給凱倫，她將向您通報我們第二季的業績。

Thank you, Neil, and good morning to everyone on the call.

謝謝你，尼爾，電話裡的各位早安。

In our second quarter of fiscal 2025, we grew net sales, improved our adjusted operating profit and adjusted operating profit margin, and increased our adjusted diluted earnings per share. We closed the acquisition of QSC during our second quarter of fiscal 2025, and two months of their performance are included in our results.

在 2025 財年第二季度，我們的淨銷售額有所增長，調整後的營業利潤和調整後的營業利潤率有所提高，調整後的每股攤薄收益也有所增加。我們在 2025 財年第二季完成了對 QSC 的收購，其兩個月的業績已計入我們的業績中。

The financials also include certain purchase accounting adjustments resulting from the acquisition. For total Acuity, we generated net sales in the second quarter of $1 billion which was $100 million or 11% above the prior year.

財務報表也包括因收購而產生的某些購買會計調整。就 Acuity 整體而言，我們第二季的淨銷售額為 10 億美元，比去年同期高出 1 億美元，增幅為 11%。

This improvement was driven by the continued growth in Intelligent Spaces and the inclusion of two months of QSC sales. During the quarter, our adjusted operating profit was $163 million which was up around $23 million or 16% from last year, and we expanded our adjusted operating profit margin to 16.2%, an increase of 70 basis points from the prior year.

這項改善得益於智慧空間的持續成長以及兩個月的 QSC 銷售額。本季度，我們的調整後營業利潤為 1.63 億美元，比去年同期增長約 2,300 萬美元，增幅為 16%；調整後營業利潤率擴大至 16.2%，比上年同期增長 70 個基點。

This increase was primarily a result of the year over year improvement in our gross profit and the inclusion of the QSC results. Our adjusted diluted earnings per share of $3.73 increased $0.35 or 10% over the prior year.

這一增長主要是由於我們的毛利同比增長以及 QSC 結果的納入。我們的調整後每股攤薄收益為 3.73 美元，比前一年增加 0.35 美元，即 10%。

ABL delivered sales of $841 million which is $3 million less than the prior year, primarily the result of declines in retail and corporate accounts due to general uncertainty in the wider market. This was partially offset by growth in both our independent sales channel and direct sales channel.

ABL 的銷售額為 8.41 億美元，比前一年減少 300 萬美元，主要原因是由於整體市場普遍不確定性導致零售和企業帳戶下降。這被我們獨立銷售通路和直銷通路的成長部分抵銷。

We price strategically to realize the value that our products bring to the marketplace. Since the quarter ended, we have taken pricing actions in response to the tariffs that were in place through March. We will continue to take both pricing and operational actions as the tariff policy evolves.

我們制定策略性定價以實現我們的產品為市場帶來的價值。自本季結束以來，我們已針對截至三月實施的關稅採取了定價措施。隨著關稅政策的發展，我們將繼續採取定價和營運行動。

Despite the lower sales, adjusted operating profit increased $5 million to $141 million and we delivered adjusted operating profit margin of 16.8%, which was up 60 basis points compared to the prior year. Sales in Acuity Intelligent Spaces for the second quarter were $172 million, an increase of $103 million.

儘管銷售額下降，調整後的營業利潤仍增加了 500 萬美元，達到 1.41 億美元，調整後的營業利潤率為 16.8%，比上年上升了 60 個基點。Acuity Intelligent Spaces 第二季的銷售額為 1.72 億美元，成長 1.03 億美元。

Atrius and Distech combined grew 12.2% during the quarter, with the remainder being the contribution from two months of QSC performance. AIS has also taken strategic pricing actions in response to the tariffs that were in place through the end of March.

Atrius 和 Distech 在本季合計成長了 12.2%，其餘部分則來自 QSC 兩個月的業績貢獻。AIS 也針對截至 3 月底實施的關稅採取了策略性定價行動。

These actions were directed primarily towards products sold in the US. Adjusted operating profit in Intelligent Spaces was $32 million during the quarter, with an adjusted operating profit margin of 18.7%.

這些行動主要針對在美國銷售的產品。本季智慧空間調整後的營業利潤為 3,200 萬美元，調整後的營業利潤率為 18.7%。

Now turning to our cash flow performance. Fiscal year-to-date, we've generated $192 million of cash flow from operations. We continued to allocate capital effectively. We closed the QSC acquisition, financing it with $600 million of additional debt and the remainder with cash on hand.

現在來談談我們的現金流表現。本財年迄今為止，我們已產生 1.92 億美元的營運現金流。我們繼續有效地配置資本。我們完成了對 QSC 的收購，以 6 億美元的額外債務和剩餘的現金為其提供資金。

And post quarter, we repaid $100 million of the additional debt. We increased our dividend during our January shareholder meeting by 13% to $0.17 per share, and we allocated $23 million to repurchase approximately 68,000 shares.

本季結束後，我們償還了 1 億美元的額外債務。我們在 1 月的股東大會上將股息提高了 13%，達到每股 0.17 美元，並撥款 2,300 萬美元回購約 68,000 股。

In summary, we delivered steady performance in the fiscal second quarter of 2025. ABL continued to deliver adjusted operating profit margin improvement while AIS delivered impressive results and began successfully integrating QSC.

綜上所述，我們在2025財年第二季取得了穩定的業績。ABL 繼續實現調整後的營業利潤率改善，而 AIS 則取得了令人矚目的業績，並開始成功整合 QSC。

We allocated capital effectively and we have positioned ourselves well to react to changes in our marketplace.

我們有效地分配了資本，並做好了應對市場變化的準備。

Thank you for joining us today. I will now pass you over to the operator to take your questions.

感謝您今天加入我們。我現在將電話轉給接線員來回答您的問題。

Chris Snyder, Morgan Stanley.

摩根士丹利的克里斯·斯奈德。

Maybe just starting off on the tariff announcements from yesterday. I know that hasn't been a lot of time maybe to digest it all. I would just be interested in high level, what you think it means for the company. You guys are obviously highly tied to Mexico.

也許只是從昨天的關稅公告開始。我知道可能還沒有太多的時間來消化這一切。我只是對高層感興趣，你認為這對公司意味著什麼。你們顯然與墨西哥有著密切的聯繫。

My understanding is you're mostly USMCA compliant or largely compliant. And I think most of the competitors here are coming from Asia. So just any thoughts on that and what it could mean from like a competitive positioning standpoint?

我的理解是，你們基本上遵守或很大程度上遵守了 USMCA。我認為這裡的大多數競爭對手都來自亞洲。那麼，您對此有何看法？從競爭定位的角度來看，這意味著什麼？

Thank you for that softball to open the Q&A.

感謝您以如此輕鬆的方式開啟問答環節。

So as we said in the prepared remarks, our view of the tariffs is that in practice, they're effectively a supply shock. So our focus number one is obviously on serving our customers. From a financial perspective, it's managing the dollar impact first and then the margin impact second.

因此，正如我們在準備好的發言中所說，我們認為關稅實際上是一種供應衝擊。因此，我們的首要重點顯然是服務我們的客戶。從財務角度來看，它首先要管理美元影響，其次要管理利潤影響。

So we have a high performing distributed global supply chain. So we are -- we have worked hard to get to where we are and have the dexterity that we do have. On a relative basis to our competitors, we feel confident in the position that we are in.

因此，我們擁有高效的分散式全球供應鏈。所以，我們一直努力工作，才達到現在的水平，並且擁有現在的靈活性。與我們的競爭對手相比，我們對自己所處的地位充滿信心。

As you point out, we've got about 18% from Asia. So that is China plus other countries. About half comes from Mexico and almost all of that is USMCA compliant as you pointed out. So second though, I want to take a step back and walk through kind of how the tariffs actually work and how it will flow through us and frankly everybody else.

正如您所指出的，我們的產品約有 18% 來自亞洲。這就是中國加上其他國家。大約有一半來自墨西哥，而且正如您所指出的，幾乎全部符合 USMCA 規定。其次，我想退一步講一下關稅實際上是如何運作的，以及它將如何影響我們以及其他所有人。

As you heard yesterday, the tariffs are immediate. In other words, they will start -- we will start accruing those as an expense when product starts to come across the border. It will take us a little bit of time, as both Karen and I mentioned in the remarks, we will be taking pricing actions.

正如你昨天所聽到的，關稅是立即生效的。換句話說，當產品開始跨境時，我們將開始將其計為費用。這會花費我們一點時間，正如凱倫和我在評論中提到的那樣，我們將採取定價行動。

So those pricing actions will take a little bit of time to be fully implemented. So there's a lag between the time that the price actions take effect and the tariffs are -- we are beginning to pay the tariffs. Those are balanced a little bit by what we already have in inventory in the US, but big picture, there's a lag between those.

因此這些定價措施需要一點時間才能完全實施。因此，價格行動生效和關稅生效之間存在滯後——我們開始支付關稅。這些與我們在美國現有的庫存稍微平衡了一點，但從總體上看，它們之間存在滯後。

Finally, there's also a lag from a cash flow perspective. So those tariffs are basically due in 30 days. So we will be paying those faster than we will be collecting ultimately from customers and those tariffs then need to flow through inventory as it flows through our system and to our customers.

最後，從現金流角度來看也存在滯後。因此這些關稅基本上要在 30 天內繳納。因此，我們支付這些費用的速度將比我們最終從客戶那裡收取的費用更快，而這些關稅需要通過庫存流經我們的系統並流向我們的客戶。

So big picture, we will be working to cover the dollar cost first that there will be a little bit of a lag in our ability to do that just because of how the channel works. And there will be some cash flow impact as a result of the tariffs.

因此，從總體上看，我們將首先努力彌補美元成本，但由於通路的運作方式，我們在這方面的能力會略有滯後。關稅將對現金流產生一定影響。

But big picture, I want to emphasize we have an outstanding, high performing diversified global supply chain. So we have the dexterity to move throughout our platform and we will do that going forward.

但從整體來看，我想強調的是，我們擁有出色、高效的多元化全球供應鏈。因此，我們有能力靈活地在整個平台上移動，並且我們將繼續這樣做。

Maybe just to follow up on the market. ABL came in a little bit below seasonality this quarter. I sense there probably be some maybe project freezing just with all the cost uncertainty, maybe difficulty quoting and bidding and just getting activity to move forward.

也許只是為了追蹤市場。本季 ABL 略低於季節性水準。我感覺到有些項目可能會因為成本不確定性而凍結，可能難以報價和投標，也可能無法推進活動。

So -- and are you seeing any kind of freezing up in the market? And I guess what do you think or what do you kind of see when you look into the back half of the year, as maybe there's better cost visibility in the market?

那麼—您是否看到市場出現任何凍結現象？我想，當您展望下半年時，您有何看法或看到什麼？也許市場成本的可見度會更好？

Yeah. I'll start. Karen, you add if I leave anything out.

是的。我先開始。凱倫，如果我遺漏了什麼，你可以補充。

So big picture, we started the year with a fair amount of momentum on the lighting side. And I want to be clear now because Intelligent Spaces is a lot more impactful part of our company. So we'll keep that separate.

總體而言，我們在年初的照明方面取得了相當大的進展。我現在想明確一點，因為智慧空間是我們公司中影響力更大的部分。因此我們將把它們分開。

These comments are mostly directed towards towards lighting. We had a fair amount of momentum starting the year. And we had a fair amount of confidence in the economy in calendar '25 which all of our data pointed to that.

這些評論大多針對照明。今年伊始，我們的發展勢頭十分強勁。我們對 25 年的經濟有相當大的信心，我們所有的數據都顯示了這一點。

We did start to see the impact of uncertainty. Obviously, the marketplace abhors uncertainty and we felt the impact of that uncertainty kind of later in the second quarter. That's balanced by, as we rolled out our price increases, the first round of price increases that are out there, the market reacted as it usually does.

我們確實開始看到不確定性的影響。顯然，市場厭惡不確定性，我們在第二季後期感受到了這種不確定性的影響。這與我們的第一次價格上漲相平衡，在我們推出價格上漲時，市場做出了與往常一樣的反應。

So the order volume reacted as it has when we've done these pricing activities in the past. So those are -- there's a balance. Yes. I think your hypothesis is correct. The market is uncertain. And there is -- there has been some -- there was some impact. It was pretty obvious that there was some impact.

因此，訂單量的反應與我們過去進行這些定價活動時的反應一樣。所以這些都是－－存在著一個平衡。是的。我認為你的假設是正確的。市場充滿不確定性。並且確實存在一些影響。很明顯，這確實產生了一些影響。

I think it's too early to declare what the impact will be on demand for -- of this next round of changes. So we'll need a little bit of time to settle before we'll be able to definitively decide what we think the demand shape is going to be like for the rest of the year.

我認為現在就斷言下一輪變革將對需求產生什麼影響還為時過早。因此，我們需要一點時間來解決，然後才能最終確定今年剩餘時間的需求狀況。

Ryan Merkel, William Blair.

瑞安·默克爾、威廉·布萊爾。

I wanted to follow up on Chris's question on tariffs, specifically as it relates to your competitive position. My reaction to the tariffs last night is that it could be favorable for Acuity just given China had the bigger increase and you're protected in Mexico. Is that the right lead, Neil?

我想跟進克里斯關於關稅的問題，特別是它與您的競爭地位的關係。我對昨晚關稅的反應是，考慮到中國關稅漲幅較大，而你在墨西哥受到保護，這可能對 Acuity 有利。這是正確的線索嗎，尼爾？

Big picture, Ryan, yes, I think that we probably are advantaged. Obviously, these tariffs are everywhere. So we'll have to dig in further with our -- both our own portfolio as well as how it relates to others. But we're really confident.

從總體來看，瑞安，是的，我認為我們可能有優勢。顯然，這些關稅無所不在。因此，我們必須進一步深入研究我們自己的投資組合以及它與其他投資組合的關係。但我們確實很有信心。

We structured our -- we've intentionally built our supply chain to have the dexterity to react to situations like this. So big picture, the kind of more of the normalization of the tariff amount between, say, Vietnam and Cambodia and China will impact many of the competitors that moved from China to Vietnam and Cambodia.

我們建立了我們的供應鏈，以便能夠靈活地應對這樣的情況。因此，從整體來看，越南、柬埔寨和中國之間的關稅額度進一步正常化，將對許多從中國轉移到越南和柬埔寨的競爭對手產生影響。

As a point of fact, we did too. So we're just bigger and more diversified. As long as the USMCA holds obviously, Mexico is a big advantage for us in there. And then finally, we've maintained and our manufacturing footprint here in the US.

事實上，我們也這麼做了。因此我們的規模更大，而且更加多樣化。顯然，只要 USMCA 能夠維持，墨西哥對我們來說就是一個很大的優勢。最後，我們在美國維持了我們的製造足跡。

So round numbers, 20% of our manufacturing happens here. And so we've maintained that and continue to drive productivity in that. So at net net, we feel as good as we can about what our global supply chain looks like. And I think on the margin, we're advantaged versus our competitors.

所以大概來說，我們 20% 的製造都是在這裡進行的。因此，我們一直保持這種狀態，並繼續提高生產力。因此，總的來說，我們對我們的全球供應鏈狀況感到非常滿意。我認為從邊際效益來看，我們比競爭對手更有優勢。

And then a question on gross margin. I guess it's a two parter. It looked like gross margins were better than normal seasonality this quarter. Can you just talk about why that was? And then you mentioned that there could be a lag in terms of passing on price.

然後是關於毛利率的問題。我猜這是一部由兩部分組成的電影。本季的毛利率似乎比正常季節性好。你能說說為什麼會這樣嗎？然後您提到，價格傳導方面可能會出現延遲。

I would just love to get any more color there. Is it going to be significant or do you think that's something that you can manage?

我只是想讓那裡有更多的色彩。這是否很重要，或者您認為這是您可以處理的事情？

Yeah, Ryan, I'll start and then Neil can add on about the tariff impact. So when you look at the underlying business, the gross margin continues to be strong and this really is a factor of a couple things.

是的，瑞安，我先開始，然後尼爾可以補充關稅的影響。因此，當你查看基礎業務時，毛利率仍然保持強勁，這實際上是由幾個因素造成的。

First, I'd highlight that AIS is continuing to be a bigger part of the company and their gross margins are more favorable. And the impact of the acquisition of QSC had a favorable impact on gross margins. The other thing I'd highlight is the execution of the strategy at ABL around product vitality, service, technology, and productivity, that's continuing to have an impact.

首先，我想強調的是，AIS 將繼續成為公司更大的一部分，其毛利率也更有利。收購QSC的影響對毛利率產生了有利的影響。我想強調的另一件事是 ABL 圍繞產品活力、服務、技術和生產力實施的策略正在持續產生影響。

So the products like you saw today on the presentation with IVO, they're going to continue to drive more value for us, our channel partners and our customers, and have lower input costs. So it's really both of those things, the greater portion of AIS contributing favorably as well as the underlying performance of the lighting business.

因此，您今天在 IVO 演示中看到的產品將繼續為我們、我們的通路合作夥伴和客戶創造更多價值，並降低投入成本。因此，這實際上是這兩件事，AIS 的大部分貢獻以及照明業務的基本表現。

Yeah. And Ryan, to pick up on my comment on the lag. So we put a price increase in -- it gets quoted, it gets bought, and ultimately, it gets shipped. That's the gap that we're talking about. So during the pandemic, that ranged from 30 to 90 days based on when we were doing price increases there. As -- so it's tough to predict exactly.

是的。瑞安，請繼續我關於滯後的評論。因此，我們提高了價格——它被報價，它被購買，最終被發貨。這就是我們正在談論的差距。因此，在疫情期間，根據我們在那裡提價的時間，這個時間範圍是 30 到 90 天。因此很難準確預測。

The second, but it was in that order of magnitude. So it's interesting but not terribly determinative. The second thing that I would just make sure everyone understands is we'll -- when we say we're focused on dollars, if there's $100 of impact, we're going to pass on at least $100 of price.

第二個，但它的數量級就是如此。所以這很有趣但並不十分具有決定性。第二件事我要確保每個人都明白的是，當我們說我們關注美元時，如果有 100 美元的影響，我們將轉嫁至少 100 美元的價格。

And let's ignore the impact to demand for a second. But we will do -- we will at least pass on $100 of price. The impact then would be mildly diluted to the percentage margins in the periods in which we are cycling through this.

我們先暫時忽略對需求的影響。但我們會這樣做——我們至少會轉嫁 100 美元的價格。那麼，這種影響將會在我們經歷這個週期的期間內輕微地稀釋到百分比利潤率。

So that's why we refer to it as a supply shock, and we experienced the same thing during kind of the rapid inflation periods of the pandemic. But as Karen pointed out, the quality of our underlying business is both businesses is incredibly high.

這就是為什麼我們稱之為供給衝擊，在疫情快速通膨期間我們也經歷了同樣的事情。但正如凱倫指出的那樣，我們兩項業務的基礎業務品質都非常高。

So the performance on the lighting business is wildly different than any other company in the lighting industry anywhere else in the world. So the strategy of driving product vitality, service, technology, and productivity has led to the expanding margins. And while we'll take a pause, while we digest these tariffs, we will continue on that path going forward and we're confident of what we can do with that.

因此，照明業務的表現與世界其他任何地方的照明行業公司都截然不同。因此，推動產品活力、服務、技術和生產力的策略帶來了利潤率的擴大。雖然我們會暫停一段時間，消化這些關稅，但我們將繼續沿著這條道路前進，我們對我們能做什麼充滿信心。

Second is that we've built a very interesting data and controls business inside of Acuity over the last five years, both inside of ABL with our electronics business, as well as Intelligent Spaces. Those are highly attractive businesses with outstanding margin structure and growth opportunities.

第二，在過去五年裡，我們在 Acuity 內部建立了非常有趣的數據和控制業務，包括 ABL 內部的電子業務以及智慧空間。這些都是極具吸引力的業務，擁有出色的利潤結構和成長機會。

So once we get past this kind of bump in the road, we'll start to see that performance shine through again.

因此，一旦我們克服了這種障礙，我們就會再次看到這種表現的光芒。

Joe O'Dea, Wells Fargo.

富國銀行的喬·奧迪亞。

Just a clarification on guidance. I didn't hear anything, haven't seen the slides. Just how are you approaching that?

僅對指導進行澄清。我什麼都沒聽到，也沒看到幻燈片。您打算如何處理這個問題？

Sure, Joe. We've really been clear about our performance to date. So where we are? We're half of our fiscal year and we've talked about what we know for the remainder of the fiscal year. As a reminder, we did modify our guidance in Q1 to reflect the addition of QSC.

當然，喬。我們對目前為止的表現非常清楚。那我們現在在哪裡？我們的財政年度已經過去一半了，我們已經討論了對財政年度剩餘時間的了解。提醒一下，我們確實修改了第一季的指導以反映 QSC 的增加。

And so that's where we are and we're just going to continue to execute accordingly for the remainder of the year.

這就是我們現在的情況，我們將在今年剩餘的時間內繼續執行同樣的策略。

And so given all the uncertainty, it's reasonable to assume that those ranges are still intact for your expectations.

因此，考慮到所有的不確定性，可以合理地假設這些範圍仍然符合您的預期。

No change.

沒有變化。

No change.

沒有變化。

How do you do the pricing on this when we think about a 50% tariff? Is that we take those products and we're just going to go raise prices by 25% to offset it or you look across the portfolio and I think in total, it would mean pricing would have to be up about 5% for the total company to offset something like this?

當我們考慮 50% 的關稅時，您如何對此進行定價？我們是否要把這些產品的價格提高 25% 來抵消這種影響，或者你看一下整個產品組合，我認為總的來說，這意味著整個公司的價格必須上漲 5% 左右才能抵消這種影響？

But just curious in terms of how you approach this. And then should we be thinking that these announcements are coming in the next week because you're operating against an April 5 or April 9 kind of timeline?

但我只是好奇你如何處理這個問題。那麼，我們是否應該認為這些公告將在下週發布，因為您是按照 4 月 5 日或 4 月 9 日的時間表進行的？

Yeah. So we've been very clear. As part of the strategy, we have transitioned to strategic pricing. Strategic pricing for us means that we charge for the value that our products deliver in the marketplace, and we are mindful of where they are positioned competitively.

是的。所以我們已經非常清楚了。作為策略的一部分，我們已經轉向策略定價。對我們來說，策略定價意味著我們根據產品在市場上提供的價值來收費，並且我們注意它們的競爭定位。

So on the lighting side, as we look forward, there we have a pricing strategy for contractors select. We have a pricing strategy for design select, and we have a pricing strategy for made to order. So we will look to strategically evaluate where we want to put that price to cover any of the additional cost -- increases in cost of goods sold as a result of the tariffs.

因此，在照明方面，正如我們展望的那樣，我們有一個供承包商選擇的定價策略。我們對設計選擇有定價策略，對客製化有定價策略。因此，我們將從策略上評估我們希望將價格定在哪裡，以彌補任何額外成本——由於關稅而導致的銷售成本增加。

So we're trying to play offense a little bit through this process as well with our strategic pricing. As Karen mentioned, we have introduced pricing actions that were in place through March 31. Obviously, we all learned the same time you did yesterday about what these actions, what the tariffs -- the new tariffs are, and we will take appropriate actions very quickly.

因此，我們也試圖透過這個過程以及我們的策略定價來採取一些進攻措施。正如 Karen 所提到的，我們已經推出了有效期至 3 月 31 日的定價措施。顯然，我們和你們昨天一樣，都了解了這些行動、這些關稅——新的關稅是什麼，我們將迅速採取適當的行動。

And then just one on the QSC margin. Based on some of the details in the Q, I don't know if we're doing this right, but it looks like that was like a 17.4% adjusted op margin. Is that right? And I think previously like based on acquisition math, it was coming in at about 15%. So anything that you did in a short period of time on those margins?

然後 QSC 邊緣上就只有一個了。根據 Q 中的一些細節，我不知道我們是否做得正確，但看起來調整後的營業利潤率為 17.4%。是嗎？我認為之前根據收購數學，這個比例大約是 15%。那麼，您在短時間內針對這些邊緣做了什麼嗎？

I think Joe directionally, that's pretty close. When we look at QSC, it is highly aligned to the Atrius Distech business of the legacy AIS business. It's pretty similar in terms of growth. It's similar in terms of margin profile, not quite as strong yet, but it's pretty close. So I think you're directionally there.

我認為喬的方向非常接近。當我們看 QSC 時，它與傳統 AIS 業務的 Atrius Distech 業務高度一致。從成長角度來看，它們非常相似。就利潤率而言，情況類似，雖然還沒有那麼強勁，但已經非常接近了。所以我認為你已經有方向了。

Joe, we were clear that we're excited about the opportunities here. We'll focus on growth, but we do believe that there's margin opportunity going forward.

喬，我們很清楚我們對這裡的機會感到非常興奮。我們將專注於成長，但我們確實相信未來存在獲利機會。

Yeah. It just seemed to come through a little faster than we anticipated it. So good story there.

是的。它似乎比我們預期的來得快一點。那真是一個精彩的故事。

Brian Lee, Goldman Sachs.

高盛的 Brian Lee。

I know a lot on tariffs. I'll just throw one more in.

我對關稅了解很多。我再加一個就行了。

I mean the ink isn't even dry yet. So I know it's super early days, but what are your thoughts around kind of you mentioned with the tariffs that you already priced in through the end of March. You saw kind of the customer behavior that you would expect.

我的意思是墨水還沒乾。所以我知道現在還為時過早，但是您對您提到的已經在 3 月底計入價格的關稅有何看法？您看到了您所期望的客戶行為。

If you could just elaborate on that a bit. And then with these tariffs potentially just being a point of negotiation, would you anticipate again, I know it's early days, you probably don't even have customer feedback, but is there the risk that customers kind of wait on placing orders, especially for kind of longer lead time projects in the anticipation that maybe tariffs do come down or there's some negotiations with certain countries where the impact is going to be lessened over time?

如果您能稍微詳細說明一下的話。然後，由於這些關稅可能只是談判的一個點，您是否會再次預期，我知道現在還為時過早，您可能甚至沒有客戶反饋，但是否存在客戶等待下訂單的風險，特別是對於交貨期較長的項目，預期關稅可能會下降，或者與某些國家進行一些談判，其影響會隨著時間的推移而減輕？

Yeah. Brian, so let me take the -- let me take what is normal customer behavior that I alluded to. So every time we put a price increase, it basically shakes loose some of the activity that would have come over the course of the last of the next call it month or two.

是的。布萊恩，那麼讓我來談談我提到的正常客戶行為。因此，每次我們提高價格時，它基本上都會動搖過去一個月或接下來一兩個月內的一些活動。

So we'll see an accelerated order rate for people that are ready to pull the trigger on a project that they're in the midst of so that they can ensure that they lock in a cost. And they may take that sooner than they wanted it. But they'll do that in order to lock in that price.

因此，對於那些準備啟動他們正在進行的專案的人來說，我們將看到訂單率的加速，以便他們能夠確保鎖定成本。他們可能會比他們想要的更快地得到它。但他們會這樣做是為了鎖定價格。

That's what we saw -- that's about what we saw as it relates to the price increases that we have already put in place. The impact of that would be we believe contained inside of our fiscal third quarter. So just to give you kind of orders of magnitude.

這就是我們所看到的——這與我們已經實施的價格上漲有關。我們認為其影響將包含在我們第三財季內。所以只是給你數量級。

Then, as we look forward, none of us know what -- whether these are permanent or temporary or up for negotiation or not up for negotiation. So we have to operate based on what we know. So our policy here is we focus on what the administration actually does, and as a point of fact, they've implemented these tariffs. So we're reacting to these tariffs as accordingly.

然後，當我們展望未來時，我們都不知道——這些是永久的還是暫時的，是可以談判的還是不可談判的。因此我們必須根據我們所知道的情況來採取行動。因此，我們的政策是關注政府的實際行動，事實上，他們已經實施了這些關稅。因此，我們將對這些關稅做出相應反應。

The second thing that I would say then is obviously, that's going to create uncertainty in the marketplace for for people that are dependent on kind of these orders over the next period. So we'll figure out what that's going to be. It may be small. That's why we highlighted that there was normal order activity related to the first price increase.

我想說的第二件事顯然是，這將為未來一段時間依賴此類訂單的人帶來市場不確定性。所以我們會弄清楚那會是什麼。它可能很小。這就是為什麼我們強調第一次漲價與正常的訂單活動有關。

And then anecdotally, I would tell you on the customer front, obviously, we haven't had time to talk to customers, but we were speaking to one of the major distributors yesterday and they were sharing with us that they had 120 different price letters -- price increase letters that they were processing currently.

然後，有趣的是，我想告訴你，在客戶方面，顯然，我們還沒有時間與客戶交談，但昨天我們正在與一家主要分銷商交談，他們告訴我們，他們有 120 封不同的價格信函 - 他們目前正在處理的價格上漲信函。

So obviously, the effects of this are not isolated to our company.

顯然，這種影響並不只發生在我們公司。

And just maybe a follow up on the QSC integration. Again that's you're two months into it, but can you kind of give us a sense of what sort of progress you're seeing? Any visibility into either cost or products energy that you might have on the horizon, whether later this year or into next year?

也許只是對 QSC 整合的後續行動。再次強調，您已經進行了兩個月，但是您能否讓我們了解您看到了什麼樣的進展？您對今年稍後或明年的成本或產品能源有什麼展望嗎？

Yeah. So taking a step back, we are enthusiastic about what we are building with Intelligent Spaces, smarter, safer, and greener, connecting the edge with the cloud through disruptive technologies. Atrius, Distech and QSC. QSC fits really, really well with us from a strategy perspective, from a product perspective, and from a culture perspective.

是的。因此，退一步來說，我們對透過智慧空間建構的一切充滿熱情，這些空間更智慧、更安全、更環保，透過顛覆性技術將邊緣與雲端連接起來。Atrius、Distech 和 QSC。從策略角度、產品角度和文化角度來看，QSC 與我們非常契合。

Each one of those things we knew going in, but they -- and each one of those have exceeded our expectations so far. So as Karen mentioned on the -- in kind of the discussion of margins, we've essentially already completed or mostly completed the enablement function integration. That's giving us opportunities on margin.

我們之前就知道其中的每一件事，但到目前為止，它們都超出了我們的預期。正如 Karen 在利潤討論中提到的那樣，我們基本上已經完成或大部分完成了支援功能的整合。這為我們提供了保證金機會。

They're continuing to perform really well in the marketplace from a consistent business perspective. The feedback they're getting is it's great to be part of a bigger platform and they're excited about the opportunity to be part of a bigger platform.

從一致的商業角度來看，他們在市場上繼續表現良好。他們得到的回饋是，成為更大平台的一部分真是太好了，他們對有機會成為更大平台的一部分感到興奮。

We've brought together the commercial and productive engineering teams to start to brainstorm end user outcomes which can be affected. As we said when we talked about, we are really confident about those and also we don't want to rush those. So we want those to be pulled by the marketplace as opposed to us jamming through.

我們召集了商業和生產工程團隊，開始集思廣益，探討可能受到影響的最終用戶結果。正如我們在談論時所說的那樣，我們對此非常有信心，而且我們不想倉促行事。因此，我們希望這些是由市場推動的，而不是由我們來推動。

So on the arc of time, we have a run rate $1 billion-ish data and controls business now and Intelligent Spaces. That has an opportunity to continue to grow at the rates it's growing at and the opportunity to continue to expand margins.

因此，從時間角度來看，我們現在擁有運行率約 10 億美元的數據和控制業務以及智慧空間。它有機會繼續以目前的成長率成長，並有機會繼續擴大利潤率。

Tim Wojs, Baird.

提姆·沃伊斯，貝爾德。

So last for me to uncover. Just two kind of clarification questions for me. So I guess the first is and maybe I missed it, can you just quantify the price that you took before the tariff announcements yesterday just in terms of percentages?

所以最後我才發現。對我來說，只有兩個澄清問題。所以我想第一個問題是，也許我錯過了，您能否以百分比的形式量化昨天關稅公告發布之前的價格？

Yeah. So we're not going to give the percentages, Tim, just for competitive reasons, but kind of think lower middle single digits.

是的。因此，提姆，出於競爭原因，我們不會給出百分比，但會考慮中低個位數。

And then I guess from a capital kind of allocation perspective, just with the leverage that you kind of took for QSC, how do you think about deploying cash flow over the next call it 12 to 18 months? Are buybacks still kind of in play?

然後我想從資本配置的角度來看，僅憑藉您對 QSC 所採取的槓桿作用，您如何考慮在未來 12 到 18 個月內部署現金流？回購還在進行嗎？

Do you kind of prioritize debt pay down? Just how are you kind of thinking about the cash flow kind of utilization over the next 1, 1.5 years?

您是否優先考慮償還債務？您如何考慮未來 1 到 1.5 年的現金流利用率？

Yeah. So let's focus on the obvious first. We are highly cash generative and we've got a tremendous amount of financial capacity. So the performance of our business will continue to drive that level of cash generation. And we've been very clear and consistent about what our priorities are.

是的。因此，讓我們先專注於顯而易見的事情。我們的現金創造能力很強，並且擁有龐大的財務能力。因此，我們的業務表現將繼續推動這一水準的現金創造。我們對我們的優先事項一直非常明確和一致。

We want to grow our current businesses. We want to grow through M&A. We have increased our dividend and we will repurchase shares sometimes more than -- sometimes a lot, sometimes a little. As we look at kind of where we are right now from a capacity perspective, our capacity remains very, very high.

我們希望擴大現有的業務。我們希望透過併購實現成長。我們增加了股息，並且會回購股票，有時會回購很多，有時會回購很少。從產能角度來看，我們目前的產能仍然非常高。

So we're positioned well for whatever happens now. If there's dislocation in the marketplace, which makes acquisitions more attractive, we will evaluate those. We have a healthy pipeline. If there's dislocation in the market that affects Acuity shares, we can -- we have the capacity to be aggressive there.

因此，無論發生什麼，我們都已做好充分準備。如果市場出現混亂，使得收購更具吸引力，我們就會對其進行評估。我們擁有健康的管道。如果市場出現混亂並影響 Acuity 的股價，我們有能力採取積極行動。

And finally, we have the ability to do all of the above. So I feel really good about where we're positioned right now from a capital perspective, all options are available to us.

最後，我們有能力做到以上所有事情。因此，從資本角度來看，我對我們目前的處境感到非常滿意，我們有所有的選擇。

Christopher Glynn, Oppenheimer.

克里斯托弗·格林，奧本海默。

Just following up on Tim's question there. All options being available, being clear punchline there. Just want to talk about how is the pipeline in terms of scope and breadth of activity. And are you in the market for another QSC? A, does it exist?

只是想回答蒂姆的問題。所有選項都可用，並且有明確的妙語。只是想談談管道在範圍和活動廣度方面的情況。您是否正在尋找另一款 QSC？A、它存在嗎？

B, do you have enough on your plate right now, or would something like that be within the square of reasonable expectations over the next 12 to 24 months, call it?

B，您現在是否有足夠的事情要做，或者在未來 12 到 24 個月內，這樣的事情是否在合理預期之內？

Yeah, it's a good question.

是的，這是個好問題。

Obviously, the financial capacity is not an issue. So as we've identified. Second, our operating capacity is quickly not becoming an issue. So the company has learned a lot through the integration of QSC, and I'm confident in our ability to continue to execute on opportunities like QSC going forward.

顯然，財務能力不是問題。正如我們所確定的。其次，我們的營運能力很快就不再成為問題。因此，公司透過整合 QSC 學到了很多東西，我相信我們有能力繼續抓住 QSC 等機會。

As in the kind of the next 6 to 12 months, there is not anything of the magnitude of QSC in our -- in the pipeline, the short term pipeline like that, but we do have attractive opportunities in that short term pipeline that we will continue to execute against.

就像在接下來的 6 到 12 個月中一樣，我們的短期管道中沒有像 QSC 這樣的規模，但我們在短期管道中確實有吸引人的機會，我們將繼續執行。

To the qualitative question, are we looking for another QSC and do they exist? The answer is yes and yes. And we're confident that we can continue to add attractive companies like that to the portfolio that fit our strategy and are more valuable as a result of being part of the portfolio.

對於定性問題，我們是否在尋找另一個 QSC 以及它們是否存在？答案是肯定的。我們有信心，我們可以繼續將符合我們策略的、具有吸引力的公司添加到投資組合中，成為投資組合的一部分後，這些公司的價值將會更高。

So in summary, we have plenty of capacity. The short term pipeline does not include an acquisition of the scale of QSC. But longer term, we will for sure be looking for more of those acquisitions.

總而言之，我們有足夠的產能。短期計劃中不包括對 QSC 規模的收購。但從長遠來看，我們肯定會尋求更多這樣的收購。

And also I have kind of a pan-out question. Acuity has had in its long history some years of accelerated performance and competitive differentiation. I think as you describe every quarter right now, it's a different shade of drivers right now to be sustainable.

我還有一個很普遍的問題。Acuity 在其悠久的歷史中經歷了幾年的加速發展和競爭差異化。我認為，正如您現在對每個季度的描述一樣，目前實現永續發展的驅動因素有所不同。

But competitors see what you're doing when you have some resource competitors. Not that it's easy. You've brought a lot of diverse talent and tough to replicate, particularly with the benefits of scale. But I'm curious if you're seeing any competitors start to demonstrate times of raising their game as well.

但是當你有一些資源競爭對手時，競爭對手就會看到你在做什麼。這並不容易。你們帶來了許多不同的人才，而且很難複製，尤其是規模優勢。但我很好奇，您是否看到任何競爭對手也開始展現出提高比賽水準的潛力。

Yeah. I mean I think competitors are absolutely reacting. And it's funny. I'm looking at Karen because in our QBR, we made this exact point to the lighting team. It's like you can't expect that we are going to continually beat up our competitors and they're not going to do anything in reaction.

是的。我的意思是，我認為競爭對手肯定會做出反應。這很有趣。我正在關注凱倫，因為在我們的 QBR 中，我們向燈光團隊明確地指出了這一點。就好像你不能指望我們會不斷擊敗我們的競爭對手，而他們卻不會採取任何反應。

So the answer is yes, they are reacting. And that is generally on the margin as opposed to kind of straight on the core. I'm not aware of a company that can execute our strategy the way we are executing it. So the -- our electronics portfolio is central to the differentiation of the lighting business in the marketplace.

所以答案是肯定的，他們正在做出反應。這通常是在邊緣，而不是在核心。我不知道有哪家公司能夠像我們這樣執行我們的策略。因此，我們的電子產品組合對於照明業務在市場上的差異化至關重要。

So the ability to control from the driver to the sensor to the control to the software and then with Atrius DataLab to the cloud, I believe is unique in the marketplace. That creates our ability to deliver solutions that others can't in the marketplace.

因此，我相信從驅動程式到感測器到控製到軟體，再到透過 Atrius DataLab 到雲端的控制能力在市場上是獨一無二的。這使我們能夠提供市場上其他人無法提供的解決方案。

So we may intentionally lose on the edge to a super low price competitor that is low featured, but we will continue to win over time with the solutions that matter in the marketplace. And then big picture, the whole company is basically a data and controls company with a luminaire business as opposed to a luminaire business with a small electronics business.

因此，我們可能會故意輸給功能低下的超低價競爭對手，但隨著時間的推移，我們將繼續憑藉市場上重要的解決方案贏得勝利。從整體來看，整個公司基本上是一個擁有燈具業務的數據和控制公司，而不是擁有小型電子業務的燈具公司。

That is unique in the marketplace.

這在市場上是獨一無二的。

Jeffrey Sprague, Vertical Research.

傑弗裡·斯普拉格（Jeffrey Sprague），垂直研究公司。

Hey, a lot of ground uncovered. I just want to come back to kind of the early read on maybe demand destruction or customer behavior. I mean given lights are kind of late in the project, right? I assume kind of larger projects continue to move forward at least up to this point.

嘿，有很多地方未被發現。我只是想回到早期關於需求破壞或客戶行為的解讀。我的意思是，這個專案的燈光有點晚了，對嗎？我認為至少到目前為止，大型專案將繼續向前推進。

So this weakness you're seeing, is it more smaller run out projects or in fact, larger projects are slowing down, that sort of dynamic? Is there any color you could shed there?

那麼，您所看到的這種弱點，是更多的小型專案已經結束，還是事實上大型專案正在放緩，是這種動態？你能在那裡留下什麼顏色嗎？

Jeff, I think the most obvious answer or observation we could make in the immediate term. So think kind of second quarter and what we're executing on now is it's all just timing. So people may have slowed some orders down in the second quarter to try and get a lay of the land, and then they accelerated those orders once they realized we were increasing prices.

傑夫，我認為這是我們短期內可以做出的最明顯的答案或觀察。所以想想第二季的情況，我們現在正在執行的只是時機問題。因此，人們可能在第二季放慢了一些訂單，試圖了解情況，然後一旦他們意識到我們提高了價格，他們就會加快這些訂單。

That's the simplest explanation of kind of the up and down. As we look forward, we'll have to see how -- what the total impact is on everybody. And then as a result, the decisions that people take on demand going forward.

這是對上下最簡單的解釋。展望未來，我們必須看看這對每個人的整體影響是什麼。因此，人們可以根據未來的需求做出決定。

So we're more in steady as you go to mode right now. So we're confident we can execute in a differentiated manner. So I think it's too early to tell what the impact will be on demand.

因此，當您進入現在的模式時，我們會更加穩定。因此我們有信心能夠以差異化的方式執行。因此我認為現在判斷其對需求會產生什麼影響還為時過早。

Right. And you were quite clear about sort of the normal lag between when you raise price and when you get it and how it's got to work through inventory and everything else. But I'm wondering can you shorten that window, and not let customers or lack of a better term, quote-unquote over order and get in front of kind of the cost bow wave to kind of accelerate to catch up on your end?

正確的。而且您非常清楚，在提高價格和獲得價格之間的正常滯後，以及它如何透過庫存和其他一切發揮作用。但我想知道您是否可以縮短該窗口，並且不讓客戶或缺乏更好的術語，引用訂單並在成本弓波之前加速趕上您？

Jeff, you can feel confident that we are doing everything in our power to do that.

傑夫，你可以相信，我們正在盡一切努力做到這一點。

And I'm showing no further questions in queue at this time. I'd like to turn the call back to Neil Ashe for any closing remarks.

目前隊列中沒有其他問題。我想將電話轉回給尼爾‧阿什 (Neil Ashe)，請他做最後發言。

Well, first of all, thank you all for joining us this morning and it's a pleasure to be the first major company to report after 4:00 news yesterday afternoon. So in that context, I want to take a step back and say we are incredibly proud of the company that we are building here and we will continue that path.

嗯，首先，感謝大家今天早上加入我們，很高興成為昨天下午 4 點新聞發布後第一家報道的大公司。因此，在這種背景下，我想退一步說，我們對我們在這裡建立的公司感到無比自豪，我們將繼續走這條路。

We have a market leading lighting and lighting controls business with an outstanding electronics portfolio which is differentiated in the marketplace and is delivering differentiated results in the marketplace. We have an outstanding Intelligent Spaces business with a different theory of the case that we can combine the data of a built space and deliver outcomes for end users and for the people that provide that space to those end users.

我們擁有市場領先的照明和照明控制業務，以及出色的電子產品組合，在市場上具有差異化，並在市場上提供差異化的結果。我們擁有出色的智慧空間業務，其不同的理論是，我們可以結合建築空間的數據，為最終用戶以及為最終用戶提供該空間的人員提供成果。

That we're really confident about. And taken together, we have a super high quality business that is clear with a demonstrated ability and strategy, is clear with a demonstrated ability to execute in multiple different marketplaces.

我們對此非常有信心。總的來說，我們擁有一家超高品質的企業，它具有明確的、經過驗證的能力和策略，並且具有在多個不同市場中執行的能力。

And we're going to go out and do that. And we will create differentiated value as a result. So thank you for spending time with us this morning and we look forward to catching up with you next quarter.

我們將出去做這件事。我們將因此創造差異化價值。感謝您今天上午抽出時間與我們一起討論，我們期待下個季度與您再次見面。

This concludes today's conference call. Thank you for participating. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。