Acuity Inc (AYI) 2025 Q3 法說會逐字稿

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

早安，歡迎參加 Acuity 2025 財年第三季財報電話會議。

(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. Charlotte, please go ahead.

現在，我想將會議交給投資人關係副總裁 Charlotte Mclaughlin。夏洛特，請繼續。

Thank you, operator.

謝謝您，接線生。

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

早安，歡迎參加 Acuity 2025 財年第三季財報電話會議。

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 third quarter performance. There will be an opportunity for Q&A at the end of the call. 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 third quarter earnings release and supplemental presentation, both of which are available on our Investor Relations website at www.investors.acuityinc.com.

今天的電話會議將包括我們的策略進展和 2025 財年第三季業績的最新情況。通話結束時將有問答機會。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 年第三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. We delivered strong performance in the third 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.

謝謝你，夏洛特，也謝謝大家今天加入我們。我們在 2025 財年第三季取得了強勁的業績。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。

We generated strong cash flow and allocated capital effectively. In ABL, we took aggressive actions to get in front of the evolving tariff policy. We have a dynamic and resilient worldwide supply chain. Over the last several years, we have diversified our supplier options and locations.

我們產生了強勁的現金流並有效地配置了資本。在 ABL，我們採取了積極的行動，以領先於不斷變化的關稅政策。我們擁有充滿活力和彈性的全球供應鏈。在過去的幾年中，我們已經實現了供應商選擇和地點的多樣化。

During the quarter, we leveraged these options to move away from higher tariff environments. We also took strategic pricing actions intended to cover the dollar impact of the tariffs while remaining competitive in the marketplace.

在本季度，我們利用這些選擇擺脫了更高的關稅環境。我們也採取了策略性定價行動，旨在彌補關稅對美元的影響，同時保持市場競爭力。

Partially as a result of these actions, we received accelerated orders in the third quarter that built backlog. We began to ship this backlog in the third quarter and will continue to ship it in the fourth quarter. And finally, where we could, we accelerated productivity efforts to reduce expenses.

部分由於這些行動，我們在第三季收到了加速訂單，從而形成了積壓訂單。我們從第三季開始出貨這批積壓產品，並將在第四季繼續出貨。最後，我們盡可能提高生產力，以降低開支。

Karen will talk more about the specifics of this later in the call.

凱倫將在稍後的通話中詳細討論此事的具體細節。

Now moving on to some recent highlights in our electronics portfolio. As we said last quarter, our electronics portfolio is a unique offering in the marketplace, extending from the drivers that power our luminaires to the sensors, controls, and software that control light in a space and connect with the cloud seamlessly through our Atrius DataLab.

現在來介紹一下我們電子產品組合中的一些最新亮點。正如我們上個季度所說，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的傳感器、控制器和軟體，並通過我們的 Atrius DataLab 無縫連接到雲端。

Recently, we rolled out two significant controls products. The new wireless SensorSwitch air product line simplifies lighting control with app less pairing, out of the box operation, and broad compatibility. The product line features wireless sensors, wall switches, and embedded sensors that can be used with select Lithonia products.

最近，我們推出了兩款重要的控制產品。新的無線 SensorSwitch 空氣產品線透過無需應用程式配對、開箱即用的操作和廣泛的兼容性簡化了照明控制。該產品線包括無線感測器、牆壁開關和嵌入式感測器，可與精選的 Lithonia 產品一起使用。

SensorSwitch AIR is available as part of Contractor Select and is designed to save contractors time and money, upgrading any project to a connected project with minimal effort and cost. The second product is the Animate Controller by nLight, a single user interface that simplifies installation, programming, and operation of dynamic lightscapes.

SensorSwitch AIR 是 Contractor Select 的一部分，旨在節省承包商的時間和金錢，以最小的精力和成本將任何專案升級為互聯專案。第二款產品是 nLight 的 Animate Controller，這是一個單一使用者介面，可簡化動態燈光景觀的安裝、編程和操作。

Installers are able to define their projects, sketch their required outcomes, and see their design come to life with the ability to dynamically alter color settings and movement in real time. As part of our ABL growth algorithm, we continue to make investments for future growth, prioritizing verticals where we have not historically competed or where we are under penetrated.

安裝人員能夠定義他們的項目，勾勒出他們所需的結果，並能夠即時動態地改變顏色設定和移動，從而看到他們的設計變為現實。作為我們 ABL 成長演算法的一部分，我們將繼續為未來成長進行投資，優先考慮我們過去未曾參與競爭或滲透不足的垂直領域。

This quarter, we accelerated our product vitality efforts through the acquisition of M3 Innovation and launched M3 by Lithonia and HOLOBEAM by Holophane. This strengthens our floodlight portfolio and has product applications in sports lighting and other industrial and infrastructure settings.

本季度，我們透過收購 M3 Innovation 加速了我們的產品活力努力，並推出了 Lithonia 的 M3 和 Holophane 的 HOLOBEAM。這增強了我們的泛光燈產品組合，並在體育照明和其他工業和基礎設施環境中擁有產品應用。

These products enhance our offering in multiple verticals where we had gaps in our product portfolio, including education, municipalities, and infrastructure. These solutions incorporate multiple innovations designed to reduce total installation costs and enhance the user experience.

這些產品增強了我們在多個垂直領域的產品組合，包括教育、市政和基礎設施等。這些解決方案融合了多項創新，旨在降低總安裝成本並增強用戶體驗。

Our products continue to be recognized by the industry for their design and performance. At LEDucation this year, several of our products were identified by Edison Report as must-see, including the Nightingale Embrace, an overbed Luminaire used in healthcare facilities that offers multi-functional modes designed to improve patient experience and optimize patient outcomes.

我們的產品的設計和性能持續受到業界的認可。在今年的 LEDucation 上，我們的幾款產品被《愛迪生報告》評為必看產品，其中包括 Nightingale Embrace，這是一款用於醫療機構的床上燈具，提供多功能模式，旨在改善患者體驗和優化患者治療結果。

And in April, we won several red dot product design awards, most notably for Pelican by Luminis, an outdoor Luminaire that delivers soft, uniform, and gradual illumination in plazas and pathways. It can be networked using our nLight air controls, making it easier to specify, install, and operate.

今年 4 月，我們贏得了多項紅點產品設計獎，其中最引人注目的是 Luminis 的 Pelican，這是一款戶外燈具，可在廣場和小路上提供柔和、均勻和漸進的照明。它可以使用我們的 nLight 空氣控制器進行聯網，從而更容易指定、安裝和操作。

And Valencia by Cyclone, a unique V-shaped outdoor luminaire that mixes a minimalist aesthetic with advanced optics to meet municipal requirements and reduce costs.

Cyclone 的 Valencia 是一款獨特的 V 形戶外燈具，將簡約的美學與先進的光學技術融為一體，可滿足市政要求並降低成本。

Now switching to Acuity intelligence bases, which had an impressive quarter delivering strong sales growth and margin expansion. Through Atrius, Distech, and QSC, we have unique and disruptive technologies that are driving productivity for people experiencing spaces and for the people providing those spaces.

現在轉向 Acuity 智慧基地，本季表現令人印象深刻，實現了強勁的銷售成長和利潤率擴張。透過 Atrius、Distech 和 QSC，我們擁有獨特的顛覆性技術，可以提高體驗空間的人們和提供這些空間的人的工作效率。

Atrius and Distech control the management of the space, and QSC manages the experiences in that space. Over time, we will use data from both to enhance productivity outcomes through data interoperability. The integration of QSC is going well, as evidenced by their strong performance, accelerated revenue growth, and expanded margins.

Atrius 和 Distech 負責該空間的管理，而 QSC 則負責管理該空間內的體驗。隨著時間的推移，我們將利用兩者的數據，透過數據互通性來提高生產力成果。QSC 的整合進展順利，其強勁的業績、加速的營收成長和擴大的利潤率都證明了這一點。

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. During the quarter, we released a number of new Q-SYS product enhancements.

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。本季度，我們發布了許多新的 Q-SYS 產品增強功能。

These included new processing options, next generation automation tools, smarter design workflows, and enhanced data visibility. I'd like to highlight a few of those here. The new class of Q-SYS core processors are faster and have more capacity to support in-room processing and cloud networking.

這些包括新的處理選項、下一代自動化工具、更聰明的設計工作流程和增強的資料可見性。我想在這裡強調其中的幾點。新一代 Q-SYS 核心處理器速度更快，容量更大，可支援室內處理和雲端網路。

Our Q-SYS VisionSuite connects physical spaces to digital AV intelligence. It uses 3D visualization tools to plan and prepare spaces to maximize the effectiveness of live broadcasts or hybrid meetings. The new technology rollout uses speaker and presenter spotlight technology powered by AI cameras and microphones to dynamically frame meeting participants.

我們的 Q-SYS VisionSuite 將實體空間與數位 AV 智慧連接起來。它使用 3D 視覺化工具來規劃和準備空間，以最大限度地提高現場直播或混合會議的有效性。新技術的推出採用了由人工智慧攝影機和麥克風驅動的演講者和主持人聚光燈技術，以動態方式框架會議參與者。

And finally, we enhance the capabilities of Q-SYS Reflect. Reflect is our cloud-based remote analytics platform. It supports real-time system health monitoring, remote set up and configuration, and centralized control.

最後，我們增強了 Q-SYS Reflect 的功能。Reflect 是我們基於雲端的遠端分析平台。它支援即時系統健康監控、遠端設定和配置以及集中控制。

I'm pleased with Q-SYS performance. They are differentiated in the marketplace. They are operating their business successfully, and they are demonstrating productivity and benefiting from the adoption of our better, smarter, faster operating system.

我對 Q-SYS 的性能很滿意。它們在市場上存在差異。他們正在成功地經營他們的業務，並且正在展示生產力，並從採用我們更好、更聰明、更快的作業系統中受益。

Now moving on to Distech. We are focused on where we compete and what we can't control to expand our addressable market. This quarter, Distech had strong sales growth. The continued strength of Distech is largely a result of the popularity of our Distech Eclypse portfolio.

現在轉到 Distech。我們專注於競爭領域和我們無法控制的領域，以擴大我們的潛在市場。本季度，Distech 的銷售額成長強勁。Distech 的持續強勁很大程度上得益於我們的 Distech Eclypse 產品組合的受歡迎程度。

Distech Eclypse is a strategic differentiator. It is a comprehensive building automation platform that unifies hardware and software into a cohesive ecosystem for intelligent building management. The portfolio includes hardware devices used to manage how a building operates, controlling HVAC, lighting, refrigeration, and other systems.

Distech Eclypse 是一個策略差異化因素。它是一個綜合性的樓宇自動化平台，將硬體和軟體統一為一個有凝聚力的生態系統，用於智慧樓宇管理。該產品組合包括用於管理建築物運作、控製暖通空調、照明、冷凍和其他系統的硬體設備。

Eclypse devices are modular and scalable and allow for flexible configurations tailored to the specific needs of a space. Devices include building controls, in-room controls, sensors, and interfaces, including the Eclypse Apex controller and the Eclypse Display.

Eclypse 設備是模組化和可擴展的，並允許根據空間的特定需求進行靈活的配置。設備包括建築控制、室內控制、感測器和接口，包括 Eclypse Apex 控制器和 Eclypse 顯示器。

Eclypse Facilities is a software that optimizes how a building operates. It is the operating system that enables monitoring, remote management, and scalability. Together, Eclypse's hardware and software enhance building performance by minimizing owner costs and maximizing user experience.

Eclypse Facilities 是一款優化建築物運作方式的軟體。它是支援監控、遠端管理和可擴展性的作業系統。Eclypse 的硬體和軟體共同透過最大限度地降低業主成本和最大限度地提高用戶體驗來提高建築性能。

Now looking ahead. In both lighting and intelligence spaces, we have taken aggressive actions to manage our outcomes given the uncertainty in the marketplace that has resulted from the evolution of the tariff policy and other geopolitical instability.

現在展望未來。在照明和智慧領域，鑑於關稅政策的演變和其他地緣政治不穩定因素所導致的市場不確定性，我們都採取了積極的行動來管理我們的成果。

It is likely those actions have resulted in accelerated ordering that has positively affected the third quarter. Our expectation is that the combination of our third and fourth quarter performance will yield the results we expected for the second half of fiscal 2025.

這些舉措很可能會導致訂單加速，進而對第三季產生正面影響。我們的預期是，第三季和第四季的業績將達到我們對 2025 財年下半年的預期。

We will continue to focus on factors within our control. 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。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以及我們的業務運作方式並提高生產力。

Our growth algorithm is clear. We will grow the market. We will take share, and we will enter new verticals. In intelligent spaces, we are making spaces smarter, safer, and greener by controlling how a built space operates and the experiences that happen within that space.

我們的成長演算法很明確。我們將擴大市場。我們將佔領市場份額，並進入新的垂直領域。在智慧空間中，我們透過控制建築空間的運作方式和該空間內發生的體驗，使空間變得更聰明、更安全、更環保。

We have unique and disruptive technologies that are driving productivity for people experiencing spaces and for the people providing those spaces. Our focus will continue to be on growth, and we have the opportunity to expand margins.

我們擁有獨特的顛覆性技術，可以提高體驗空間的人們和提供空間的人的生產力。我們將繼續專注於成長，並且我們有機會擴大利潤率。

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.

我們已經證明，我們的營運方式非常靈活，使我們能夠在動態的市場條件下繼續執行，並且我們已經證明，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 third quarter performance.

現在我將電話轉給凱倫，她將向您通報我們第三季的業績。

Thank you, Neil, and good morning, everyone.

謝謝你，尼爾，大家早安。

We had a strong third quarter. We grew net sales, improved adjusted operating profit, and adjusted operating profit margin, and increased our adjusted diluted earnings per share.

我們的第三季表現強勁。我們的淨銷售額有所成長，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。

For total Acuity, we generated net sales in the third quarter of $1.2 billion which was $211 million or 22% above the prior year. This improvement was driven by growth in both business segments and includes three months of QSC sales.

就 Acuity 整體而言，我們第三季的淨銷售額為 12 億美元，比去年同期高出 2.11 億美元，增幅為 22%。這一成長是由兩個業務部門的成長推動的，其中包括三個月的 QSC 銷售額。

During the quarter, our adjusted operating profit was $222 million which was up $55 million or 33% from last year. We expanded our adjusted operating profit margin to 18.8%, an increase of 150 basis points from the prior year.

本季度，我們的調整後營業利潤為 2.22 億美元，比去年同期成長 5,500 萬美元，即 33%。我們將調整後的營業利潤率提高至 18.8%，比前一年增加 150 個基點。

This increase was a result of the year over year improvement in our adjusted gross profit, the growth in ABL, and the very strong performance in AIS. Our adjusted diluted earnings per share of $5.12 increased $0.97 or 23% over the prior year.

這一成長是由於我們的調整後毛利年增、ABL 成長以及 AIS 表現強勁。我們的調整後每股攤薄收益為 5.12 美元，比前一年增加 0.97 美元，或 23%。

ABL delivered sales of $923 million which was $25 million or 3% more than the prior year, driven by growth in our independent sales network of $48 million or 8% over the prior year and growth in the direct sales network of $5 million or 5% over the prior year.

ABL 的銷售額達到 9.23 億美元，比上年增加 2,500 萬美元或 3%，這得益於我們的獨立銷售網絡比上年增加 4,500 萬美元或 8%，以及直銷網絡比上年增長 500 萬美元或 5%。

These increases were partially offset by declines in corporate accounts resulting from the timing of renovations of a large retailer. Adjusted operating profit increased $12 million to $174 million and we delivered adjusted operating profit margin at 18.8%, which was up 80 basis points compared to the prior year.

由於大型零售商的裝修時間安排導致公司帳戶減少，部分抵銷了這些成長。調整後的營業利潤增加了 1,200 萬美元，達到 1.74 億美元，調整後的營業利潤率為 18.8%，比上年增長了 80 個基點。

Now I want to spend a moment to explain the impact of the tariff policy on ABL performance. As we said last quarter, we price strategically to realize the value that our products bring to the marketplace. During the quarter, we took two pricing actions in response to the evolving tariff policy which are intended to cover the dollar impact of that policy.

現在我想花一點時間來解釋一下關稅政策對ABL性能的影響。正如我們上個季度所說，我們制定策略定價是為了實現我們的產品為市場帶來的價值。在本季度，我們針對不斷變化的關稅政策採取了兩項定價措施，旨在彌補該政策對美元的影響。

We did not reprice the backlog and as Neil indicated, we saw some evidence of order acceleration ahead of those price increases going into effect. We also took actions to accelerate productivity efforts. These efforts were primarily related to the elimination of brands, associate severance, and facility reorganization, and resulted in a $30 million special charge this quarter.

我們沒有對積壓訂單重新定價，正如尼爾所指出的，我們在價格上漲生效之前看到了一些訂單加速的證據。我們也採取了行動來加速生產力的努力。這些努力主要與品牌的消除、員工遣散和設施重組有關，並導致本季產生了 3000 萬美元的特殊費用。

Overall, we believe that our third quarter ABL results reflect some order acceleration with minimal price realization and tariff cost and thus minimal margin impact. Our expectation is that we will realize the majority of the price increases and will be impacted by the full tariff costs beginning in the fourth quarter.

總體而言，我們認為第三季的 ABL 業績反映了訂單加速，而價格實現和關稅成本卻很小，因此對利潤率的影響也很小。我們的預期是，我們將實現大部分價格上漲，並將從第四季度開始受到全部關稅成本的影響。

Now moving to Acuity Intelligent spaces, sales for the third quarter were $264 million an increase of $188 million. Atrius and Distech combined grew 21% during the quarter while QSC grew over 20% year over year on a pro forma basis.

現在轉向 Acuity Intelligence 領域，第三季的銷售額為 2.64 億美元，增加了 1.88 億美元。Atrius 和 Distech 在本季合計成長了 21%，而 QSC 則以備考基礎計算年增了 20% 以上。

Adjusted operating profit in intelligent spaces was $62 million during the quarter with an adjusted operating profit margin of 23.6%. There are several things to highlight this quarter in intelligent spaces. First, QSC announced several pricing actions to manage the dollar impact of tariffs, and Distech announced its global price increase in April, effective on June 1, in line with normal historical cadence.

本季智慧空間調整後的營業利潤為 6,200 萬美元，調整後的營業利潤率為 23.6%。本季智慧空間有幾件事值得強調。首先，QSC 宣布了幾項定價措施來應對關稅對美元的影響，Distech 於 4 月宣布全球價格上漲，並於 6 月 1 日起生效，這與正常的歷史節奏一致。

Similar to ABL, AIS realized some order acceleration ahead of those price increases going into effect. Also within QSC, we own ProAudio, a market leading loudspeaker business that is a relatively small part of QSC. ProAudio primarily sources from China and has been more heavily impacted by the tariff policy.

與 ABL 類似，AIS 在價格上漲生效之前就實現了訂單加速成長。此外，在 QSC 內部，我們還擁有 ProAudio，這是一家市場領先的揚聲器業務，僅佔 QSC 的一小部分。ProAudio 主要從中國採購，受關稅政策的影響更大。

We are making changes in this business as we integrate it. However, we expect the financial performance and pro audio to continue to be impacted by the tariff policy while we work through these changes.

我們在整合這項業務的同時，也對其進行了改變。然而，我們預計，在我們實施這些變更的同時，財務績效和專業音訊將繼續受到關稅政策的影響。

Now turning to our cash flow performance. Fiscal year-to-date, we generated approximately $400 million of cash flow from operations. We continue to allocate capital effectively. In the first nine months, we closed the QSC acquisition, acquired certain assets of N3 Innovation, and we repaid $100 million of our term loan.

現在來談談我們的現金流表現。本財年迄今為止，我們從營運中產生了約 4 億美元的現金流。我們繼續有效地配置資本。在前九個月，我們完成了 QSC 收購，收購了 N3 Innovation 的部分資產，並償還了 1 億美元的定期貸款。

We increased our dividend by 13% and we have allocated around $90 million to repurchase approximately 344,000 shares. Since the beginning of the fourth quarter of fiscal 2020, we have repurchased approximately 9.8 million shares at an average price of about $149 per share, which is funded by organic cash flow.

我們將股息提高了 13%，並撥款約 9,000 萬美元回購約 344,000 股股票。自2020財年第四季開始以來，我們已以平均每股約149美元的價格回購了約980萬股，資金來自有機現金流。

This amounts to about 25% of the then outstanding shares. Finally, over the last few years, we have taken steps to simplify and minimize the future impact of our pension obligations on the company. Through our investment policies and capital allocation decisions, our pension plans are overfunded.

這相當於當時流通股數的 25% 左右。最後，在過去幾年中，我們已經採取措施簡化並盡量減少退休金義務對公司未來的影響。透過我們的投資政策和資本配置決策，我們的退休金計畫資金過剩。

And as a result, we are de-risking our qualified pension plans by transferring the majority of the related obligations to a third party. There will be no impact to our cash position, and the non-cash GAAP charge of around $35 million associated with this will be recognized in our fourth quarter.

因此，我們透過將大部分相關義務轉移給第三方來降低合格退休金計劃的風險。這不會對我們的現金狀況產生任何影響，與此相關的約 3500 萬美元的非現金 GAAP 費用將在第四季度確認。

In summary, we delivered strong performance in the fiscal third quarter of 2025, taking aggressive actions to manage our outcomes, given the uncertainty in the marketplace. We have set ourselves up to deliver a solid second half of fiscal 2025.

總而言之，鑑於市場不確定性，我們在 2025 財年第三季取得了強勁的業績，並採取了積極的行動來管理我們的業績。我們已做好準備，在 2025 財年下半年取得穩健的表現。

Thank you for joining us today.

感謝您今天加入我們。

I will now pass you over to the operator to take your questions.

我現在將電話轉給接線員來回答您的問題。

(Operator Instructions)

（操作員指示）

Joe O'Dea, Wells Fargo.

富國銀行的喬·奧迪亞。

So I wanted to start on the QSC margin. I think it looks like the adjusted margin a quarter ago, I think was in roughly kind of 17% zone this quarter it looks more like 23%, 24%, and you know you talked about at the time of acquisition, over time getting it to ISG type margins.

所以我想從 QSC 邊緣開始。我認為看起來就像一個季度前的調整後的利潤率，我認為這個季度大約在 17% 左右，看起來更像是 23%、24%，你知道你在收購時談到過，隨著時間的推移，它會達到 ISG 類型的利潤率。

It looks like quite a bit of progress this quarter and so. Anything transitory within that as well as you know any detail on the steps that you were taking to to deliver that kind of margin performance.

本季似乎取得了相當大的進展。其中是否存在任何暫時性因素，以及您是否知道為實現這種利潤表現而採取的步驟的任何細節。

Yeah. Joe, so taking a step back and focusing on AIS in total, obviously we had a really strong quarter across all of AIS. We have a different theory of the case than than our competitive set. We want to consolidate the data state of a built space, and we're doing that successfully through building management with Distech and Atrius and now through the experiences in the space with with QSC.

是的。喬，讓我們退一步來看看 AIS 的整體情況，顯然我們整個 AIS 部門都取得了非常強勁的季度業績。我們對此案的理論與我們的競爭對手不同。我們希望整合建築空間的數據狀態，並且我們透過與 Distech 和 Atrius 合作的建築管理以及現在與 QSC 合作的空間經驗成功地實現了這一目標。

When we made the acquisition of QSC, we indicated and we were confident that we would bring their performance in line with our historic ISG performance as they combined to be AIS, as we look forward to the integration of of QSC, obviously they fit with us very well strategically.

當我們收購 QSC 時，我們表示並且有信心，當他們合併成為 AIS 時，我們將使他們的表現與我們歷史的 ISG 表現保持一致，我們期待 QSC 的整合，顯然他們在戰略上與我們非常契合。

They also fit very well with us culturally, so their performance in the marketplace has been strong. They had strong top line, which drives some of that margin. And then the rest of that margin improvement was really the adoption of our better, smarter, faster productivity tools and their ability to mitigate additional expense as they as a group.

他們在文化上也非常契合我們的需要，因此在市場上的表現一直很強勁。他們擁有強勁的營收，推動了部分利潤的成長。利潤率的其餘提高實際上歸功於我們採用了更好、更聰明、更快的生產力工具，以及它們作為一個整體減輕額外開支的能力。

So as Karen indicated, we believe we had some more acceleration in the third quarter, which provides some benefit to the third quarter in AIS and separately in ABL, which I'm sure we'll talk about later. But generally, we're really pleased with the integration of QSC.

因此，正如 Karen 指出的那樣，我們相信我們在第三季度取得了一些加速，這將為 AIS 和 ABL 的第三季度帶來一些好處，我相信我們稍後會討論這一點。但總的來說，我們對 QSC 的整合感到非常滿意。

Their growth continues to be impressive. Distech growth continues to be impressive, and we're bringing their margins in the line as we look forward, our priority will continue to be on that growth. So we may make investments to continue that, but we're really pleased with where they are so far.

他們的成長持續令人印象深刻。Distech 的成長持續令人印象深刻，我們將把他們的利潤率放在首位，展望未來，我們的首要任務將繼續放在這一成長上。因此，我們可能會進行投資來繼續這一目標，但我們對目前的進展感到非常滿意。

And then just related to your comment about ABL and then some kind of bigger picture thinking around it and so any any sizing of what you think that pull forward or accelerated order impact was in Q3, how you're thinking about it in Q4.

然後僅與您對 ABL 的評論相關，然後圍繞它進行某種更大的思考，因此，您認為在第三季度提前或加速訂單的影響有多大，您對第四季度的看法如何。

And then if you take a step back I imagine you're in kind of annual planning mode and just you know how you're thinking about the the set up of moving, forward beyond fiscal '25. Sort of the the key watch items for you and if you think the volume environment can stay stable.

然後，如果你退一步想一想，我想你正處於年度計劃模式，並且你知道你正在考慮如何制定超越 25 財年的計劃。對您來說，關鍵觀察項目排序以及您是否認為音量環境可以保持穩定。

Yeah. So as Karen indicated, we do believe there are some acceleration in the third quarter for ABL.

是的。正如凱倫所指出的，我們確實相信 ABL 在第三季會有所加速。

The business obviously is very strong. So when you evaluate the disaggregated revenue, we are strong in in our independent sales network. In our direct sales, which is balanced somewhat by retail and and corporate accounts which, as we've kind of repeatedly said are are great pieces of business but but are largely dependent on the timing of large customer's decisions so they create some ups and downs through the through the period.

顯然，該業務非常強勁。因此，當您評估分類收入時，我們的獨立銷售網絡實力雄厚。在我們的直銷中，零售和企業帳戶在一定程度上保持了平衡，正如我們反覆說過的，這些都是很好的業務，但很大程度上取決於大客戶決策的時機，因此它們會在整個時期內產生一些起伏。

Our current expectation is that the second half of the year, so our fiscal third quarter, our fiscal fourth quarter, will represent a kind of a normalized performance for for ABL for for based on that. We're evaluating kind of demand as it as it builds through the rest of the quarter as it fills in behind the order acceleration.

我們目前的預期是，今年下半年，也就是我們的第三財季和第四財季，將代表 ABL 的一種正常化表現。我們正在評估這種需求，因為它將在本季度剩餘時間內隨著訂單加速而增加。

And we'll keep our eyes on that as we look forward, obviously we're going to plan probably conservatively, so as we've demonstrated when there is market available to us, we will go get it. So we're not worried about our ability to get market, but we'll probably plan pretty, we will we will plan conservatively to to ensure our outcomes next year and beyond.

我們將密切關注這一點，顯然我們可能會制定保守的計劃，因此，正如我們所證明的那樣，只要有市場可供我們選擇，我們就會去爭取。因此，我們並不擔心我們進入市場的能力，但我們可能會制定一個非常完善的計劃，我們會制定一個保守的計劃，以確保我們明年及以後的成果。

Chris Snyder, Morgan Stanley.

摩根士丹利的克里斯·斯奈德。

I wanted to ask about gross margin, obviously the 50% here is a very big number. It sounds like there was not much price realization or I guess tariff cost inflation in this quarter. So when we see that step up, is that driven by, the productivity investments and actions that the company is making.

我想問毛利率，顯然這裡的 50% 是一個非常大的數字。聽起來好像本季的價格實現量並不大，或者我猜關稅成本通膨並不大。因此，當我們看到這種進步時，這是由公司正在進行的生產力投資和行動所推動的。

And if so, like, how significant, are those, like how much cost savings, should we expect on the back of those, and also is it, are we seeing the positive impact on gross margin of having the full quarter of QSA.

如果是這樣，那麼這些有多重要，例如我們可以預期節省多少成本，還有，我們是否看到了整個季度的 QSA 對毛利率的正面影響。

So on gross margin this quarter, you're right, it was really strong at. 50% and it was driven by several factors. So first, you can see the benefit of a little bit of top line growth on ABL at both gross profit and operating profit.

因此，就本季的毛利率而言，您說得對，它確實非常強勁，達到了 50%，這是由多種因素推動的。首先，您可以看到 ABL 在毛利和營業利潤方面都有小幅成長帶來的好處。

So really strong performance there. Second, we've continued to make improvements in the underlying ABL business over time, we've focused on product vitality, service, technology, and productivity, and that's definitely having an impact, as you've seen in prior quarters and this quarter.

所以那裡的表現確實很強勁。其次，隨著時間的推移，我們不斷改進基礎 ABL 業務，我們專注於產品活力、服務、技術和生產力，正如您在前幾季和本季看到的那樣，這肯定會產生影響。

And then also spaces is now a larger part of the portfolio, so we're building a really interesting data and controls business across ABL, I mean across acuity in both ABL with our electronics portfolio, but also in intelligent spaces with Atrius, Distech, and QSC, and these all have really good margin structures and good growth opportunities.

現在，空間已成為投資組合中更大的一部分，因此，我們正在 ABL 中建立一個非常有趣的數據和控制業務，我的意思是，不僅在 ABL 中擁有我們的電子產品組合，而且在智慧空間中也擁有 Atrius、Distech 和 QSC，這些都具有非常好的利潤結構和良好的成長機會。

We've talked about, the tariff math is going to impact margins over the near term, as we first focus on covering the dollar impact and improving margins over time, but not really a big impact in the third quarter. So really, the bottom line is the underlying businesses are performing really well, and we've done a lot of things to improve the margins to where they are.

我們已經討論過，關稅計算將在短期內影響利潤率，因為我們首先關注的是彌補美元的影響並隨著時間的推移提高利潤率，但第三季度不會產生太大的影響。所以，實際上，底線是基礎業務表現非常好，我們已經做了很多事情來提高利潤率。

And then second on maybe just kind of more of a market, commentary, I guess the piece of the business that has the most exposure to Asia is the contractor select line, it's the company's value brand. I guess any color on, how do those prices compare to the AI branded products that you guys ship out of Mexico, I have to assume that the price Delta has narrowed or, will narrow depending on, where tariffs go, and I would think it feels like it could support, a mix up opportunity into the AYI branded products shipped out of Mexico. So just any thoughts on that, are you seeing that happen in the market?

其次，也許只是一種市場評論，我認為在亞洲最受關注的業務部分是承包商精選線，這是該公司的價值品牌。我想問一下，無論顏色如何，這些價格與你們從墨西哥運出的 AI 品牌產品相比如何，我不得不假設 Delta 的價格已經縮小或將縮小，這取決於關稅的去向，我認為它感覺可以支持將 AYI 品牌產品混合到從墨西哥運出的 AYI 品牌產品中的機會。那麼，您對此有何看法？您是否看到市場上出現這種情況？

So Chris, I'll address that strategically first, which is the contractor select portfolio is about everyday lighting products that that that satisfy basic needs and as we've accelerated the product vitality efforts over the last several years, we've also created the opportunity to manufacture those products in multiple different places.

因此，克里斯，我將首先從戰略角度解決這個問題，即承包商選擇的產品組合是關於滿足基本需求的日常照明產品，並且隨著我們在過去幾年中加快了產品活力努力，我們也創造了在多個不同地方生產這些產品的機會。

So obviously the higher the tariffs, the closer the the manufacturing costs come in line to to those. Second, then we've introduced obviously the design select portfolio to to be effectively the next tier above that which is directed at driving productivity with specifiers, with architects, with contractors.

因此，顯然關稅越高，製造成本就越接近關稅。其次，我們顯然已經引入了設計精選組合，它實際上是上一層樓，旨在與指定者、建築師和承包商一起提高生產力。

And those are largely manufactured in North America, so Mexico and and and the US. So as we look at those kind of going forward, obviously, and we call this out in the prepared remarks, we have a dynamic worldwide supply chain that allows us to to flex our our manufacturing to the most effective place.

這些主要在北美製造，即墨西哥和美國。因此，當我們展望未來時，顯然，我們在準備好的評論中提到了這一點，我們擁有一個充滿活力的全球供應鏈，使我們能夠將我們的製造功能靈活地運用到最有效的地方。

That begins with our product design. So this all goes back to product vitality and the strategy around the product vitality service and technology that is. That is really combining to drive that productivity. So as we look forward, and I mean over the next several years, it's hard not to be enthusiastic about the positioning of of the lighting business specifically. We are leaders in the marketplace.

這從我們的產品設計開始。所以這一切都回歸到產品活力以及圍繞產品活力服務和技術的策略。這些因素確實結合起來推動了生產力的發展。因此，當我們展望未來，我的意思是在未來幾年，我們很難不對照明業務的定位充滿熱情。我們是市場領導者。

We're we're leaders beyond just size and and this quarter really demonstrates, as Karen indicated, what happens when we get a little top line in that business.

我們不僅僅是規模上的領先者，而且正如卡倫指出的那樣，本季度真正證明了當我們在該業務中獲得一點營收時會發生什麼。

Ryan Merkel, William Blair.

瑞安·默克爾、威廉·布萊爾。

Congrats on the quarter. I wanted to also follow up on gross margin. Can you give us a little help on expectations for 4Q? Is 50% achievable, or do we start to see the higher COGS from some of the tariffs? And I recall that you were passing that on dollar for dollar, and then I don't think you were going to reprice the backlog, so I was expecting a little bit of an impact in 4Q.

恭喜本季取得佳績。我還想跟進毛利率。您能否就第四季的預期給我們一些幫助？50% 是否可以實現，或者我們是否開始看到某些關稅帶來的更高的 COGS？我記得您是以一美元一美元的價格轉嫁這一費用的，而且我認為您不會重新定價積壓訂單，所以我預計第四季度會產生一點影響。

Yeah, Ryan, so I'll answer that question strategically and build on what Karen said earlier. So we don't think the third quarter had much impact from either the price or the tariff based on the timing of each and the fact that we did not reprice the backlog in any part of the business.

是的，瑞安，所以我將從策略上回答這個問題，並以凱倫之前所說的內容為基礎。因此，我們認為第三季不會受到價格或關稅的太大影響，因為價格和關稅的時機以及我們沒有對任何業務部分的積壓訂單重新定價的事實。

So at ABL or on AIS. So the diluted impact of margin will happen we believe starting in the fourth quarter as the dollar for dollar coverage of those tariff costs roll through the system. So we're confident in our ability to to cover them from a dollar perspective that begins with modifying supply where it comes from, et cetera.

因此在 ABL 或 AIS 上。因此，我們認為，隨著這些關稅成本的逐美元覆蓋在系統中展開，利潤率的稀釋影響將從第四季度開始出現。因此，我們有信心從美元的角度來解決這些問題，首先要改變供應來源等等。

And includes the addition of price. So that combined impact of, as you point out of a dollar for dollar coverage would be mildly dilutive to the to the margins. So that it's partly why we're referring to the second half as within our expectation because we think it more or less normalizes the third and the fourth quarter together when combined.

並包括價格的增加。因此，正如您所指出的，一美元對一美元的覆蓋範圍的綜合影響將對利潤率產生輕微的稀釋作用。因此，我們認為下半年的情況在我們的預期之內，部分原因在於我們認為，合併後，第三季和第四季的情況或多或少會恢復正常。

We should just think about sequentially you'll have an impact that'll be lower, but hard to quantify at this point.

我們應該考慮一下，從順序上來說，你會產生較低但目前難以量化的影響。

I haven't seen the guidance yet. Can you just talk about what changes you've made there?

我還沒看到指南。您能談談您在那裡做了哪些改變嗎？

Sure, Ryan. As we said in our prepared remarks, and we've indicated a couple of times here, is that our expectation of a combination of our third and fourth quarter performance is really going to be the results that we expected for the second half. So there's been no change.

當然，瑞安。正如我們在準備好的發言中所說的那樣，我們在這裡已經多次指出，我們對第三季和第四季業績的預期實際上就是我們對下半年業績的預期。所以沒有變化。

Maybe I'll slip one more in. Can you just talk about the cadence to orders? My memory is you saw a big pop in sort of March and you expected it to decline. Just how did that ran, transpire and then what's the feedback from the agents? Are they telling you they saw a bit of pull forward?

也許我會再加一個。能談談訂單的節奏嗎？我記得你在三月看到過一次大漲，並且你預計它會下降。這一切究竟是如何進行、發生的？然後代理商的回饋又是什麼？他們是否告訴您他們看到了一些向前的拉動？

So I'll address that. So first on the ABL side, as we've indicated, we do believe there's some evidence of order acceleration. You can see the strong growth in in the disaggregated revenue and basically all of our controlled environments, so the independent sales network and direct sales.

所以我會解決這個問題。首先在 ABL 方面，正如我們所指出的，我們確實相信有一些訂單加速的證據。您可以看到分類收入和基本上所有受控環境（即獨立銷售網路和直接銷售）的強勁成長。

So that would indicate that there was some pull forward, and we're evaluating kind of that demand through the through the rest of the period. I think anecdotally what the the sales teams independent and direct would say is that they shook loose some projects that where people wanted to try and find some certainty as they as they launch forward.

所以這表明存在一些提前的拉動，我們正在評估剩餘時期內的需求。我認為，獨立和直接銷售團隊會說，他們放棄了一些項目，人們希望在他們向前推進時嘗試找到一些確定性。

Obviously our customer base there are are rational, so so uncertainty is not their friend. So we'll evaluate kind of how demand rebuilds through the through the fourth quarter on the lighting side.

顯然，我們的客戶群是理性的，因此不確定性對他們來說不是朋友。因此，我們將評估第四季度照明方面的需求重建情況。

On the AIS side, as Karen indicated, we also took pricing actions there. We saw some some order acceleration there as well, so we'll see how how those perform, but in both businesses we have, we believe we have the market leading product portfolios and so, we will react, however demand presents itself to us.

在 AIS 方面，正如 Karen 指出的，我們也採取了定價行動。我們也看到了一些訂單加速，所以我們將看看它們的表現如何，但在我們擁有的兩項業務中，我們相信我們擁有市場領先的產品組合，因此，無論需求如何，我們都會做出反應。

Tim Wojs, Baird.

提姆·沃伊斯，貝爾德。

Nice job.

幹得好。

Maybe just the first piece on tariffs, just sorry to beat a dead horse, but, there's been obviously some changes in the rates and in different countries and things. Can you just update us on what you know at this point you see or you're incorporating in kind of your forward expectations for the annualized cost impact from tariffs.

也許這只是關於關稅的第一部分，很抱歉再說一遍，但是，稅率以及不同國家和事物顯然發生了一些變化。您能否向我們更新您目前所了解的情況，或是您對關稅對年度成本影響的預期。

So Tim, tariffs is a dynamic question and conversation, as you pointed out, today's answer is, it could be tomorrow's question. So, kind of beginning with April 2 and moving our way forward, we have reacted kind of dynamically to each one of those that have happened from April 2 to steel and aluminum and those continue to to to kind of change, and obviously we expect news in July, so we'll see how we'll see how that plays out.

所以提姆，關稅是一個動態的問題和對話，正如你所指出的，今天的答案可能是明天的問題。因此，從 4 月 2 日開始，我們不斷向前發展，對 4 月 2 日以來發生在鋼鐵和鋁上的每件事都做出了動態反應，這些變化還在繼續，顯然我們預計 7 月份會有消息，所以我們將拭目以待，看看情況如何。

As Karen indicated, we between the combination of our supply chain changes and pricing actions, we've covered the dollar impact of those tariffs as we understand them today, and you know they've changed 3 or 4 times throughout this quarter and we'll expect those to to continue to change.

正如凱倫所指出的，結合我們的供應鏈變化和定價行動，我們已經涵蓋了這些關稅對美元的影響，正如我們今天所了解的，而且您知道它們在本季度已經變化了 3 到 4 次，我們預計它們將繼續變化。

I think the important point really isn't the magnitude of those in dollar amounts, but the dexterity we have to react to them. So we're we're confident in that performance, as we indicated earlier. Earlier and I'll say it for for effect here, a dollar for dollar coverage will have some some impact on our margins going forward.

我認為，重要的一點並不是金額的大小，而是我們應對這些損失的彈性。因此，正如我們之前所說，我們對這一表現充滿信心。我之前說過，為了達到效果，一美元對一美元的覆蓋將對我們未來的利潤產生一定的影響。

So think of third quarter as unimpacted, think of fourth quarter as impacted. And but either way we will continue to grow, we will continue to to deliver dollar margin and you know our value creation engine continues no matter this environment.

因此，可以認為第三季度不受影響，而第四季則受影響。但無論如何，我們將繼續成長，我們將繼續提供美元利潤，無論環境如何，我們的價值創造引擎都將繼續運作。

And I guess just to follow up to that, so did, is the expectation that the pricing offsets the dollar impact tar of tariffs and then the productivity actions that you took in the quarter kind of get your margin back or is it the combination of those two things that offsets the dollar impacted tariffs just a clarification.

我想只是為了跟進這一點，所以，預期定價會抵消關稅對美元的影響，然後您在本季度採取的生產力行動會恢復您的利潤率，或者是這兩件事的結合抵消了關稅對美元的影響，只是一個澄清。

Yeah. So I would think the easiest way to think about that is think about the dollar impact being handled at the gross margin level. So between the combination of price and cost of goods sold through the through the changes that we've made there, the productivity actions are designed to start to rebuild the percentage margin over time. We can't rebuild it immediately, but we will be rebuilding it over time.

是的。所以我認為思考這個問題最簡單的方法就是考慮在毛利率水準上處理的美元影響。因此，透過我們所做的改變，結合價格和銷售商品成本，生產力行動旨在隨著時間的推移開始重建百分比利潤率。我們無法立即重建它，但我們會隨著時間的推移重建它。

And I'm proud of the work that our team has done here on these on these productivity actions. So we pulled forward what we could. We're building an organization that, especially on the ABL side specifically to this question is scalable for the future and positions.

我為我們的團隊在這些生產力行動上所做的工作感到自豪。因此，我們盡我們所能。我們正在建立一個組織，特別是在 ABL 方面，專門針對這個問題，該組織可以擴展到未來和職位。

As well to continue executing and actioning the strategy that that we've been following for the last several years. So this was a kind of do some hard work in advance to to continue the growth and value creation algorithm on ABL side over the next year or two.

並繼續執行和實施我們過去幾年一直遵循的戰略。因此，這是一種提前做好的艱苦工作，以便在未來一兩年內繼續 ABL 方面的成長和價值創造演算法。

And then just last one just how would you describe the progress on shifting to design select just in terms of kind of kind of where you are in that process.

然後最後一個問題，您如何描述轉向設計選擇的進展，就您在過程中所處的位置而言。

Yeah. As I've indicated, strategically, we'll have Contractor Select which is we'll have designs, which drives productivity for the distribution and retail channels. We will have Design Select which drives productivity for for architects, specifiers, contractors, et cetera.

是的。正如我所指出的，從策略上講，我們將擁有 Contractor Select，即我們將擁有設計，這將提高分銷和零售通路的生產力。我們將擁有設計精選 (Design Select)，它可以提高建築師、指定者、承包商等的生產力。

And then finally, we'll have the made to order portfolio. Really the progress at Design Select has been strong, although this is, as we've said consistently, a long range project, so we're still in the early to mid innings of the of the Design select evolution. So this will be this will be a multi-year project.

最後，我們將提供客製化的產品組合。事實上，Design Select 的進展非常強勁，儘管正如我們一直所說的那樣，這是一個長期項目，所以我們仍然處於 Design select 演變的早期到中期。所以這將是一個多年的項目。

Christopher Glynn, Oppenheimer & Company.

克里斯多福‧格林（Christopher Glynn），奧本海默公司。

Nice sporty numbers. Congrats. Just looking for a little color on, the ISN, basically the competitive distancing that you're enabling these channel partners with vitality service and data, are you seeing like some agencies kind of race ahead and extend dominance in their particular regions just looking for some anecdotal on the rubber hitting the road there because it seems to bearing out in the numbers.

漂亮的運動數字。恭喜。只是想了解 ISN，基本上就是您為這些通路合作夥伴提供活力服務和數據的競爭距離，您是否看到一些機構在特定地區展開競爭並擴大主導地位，只是想尋找一些關於那裡實際運行情況的軼事，因為這似乎在數字上得到了證實。

So obviously, we're proud of our independent sales network. We believe unequivocally we have the best independent sales network for lighting in North America. That's round numbers about 80 independent agents throughout the country.

顯然，我們為我們的獨立銷售網絡感到自豪。我們堅信我們擁有北美最好的獨立照明銷售網絡。這意味著全國大約有 80 名獨立代理商。

And they're accelerating with our performance generally and anytime you try to do something 80 times you'll have those who are accelerating more than others obviously. So the performance isn't perfectly uniform, but it is strong across.

而且他們通常會隨著我們的表現而加速，任何時候你嘗試做某事 80 次，你會發現有些人的速度明顯比其他人更快。因此，雖然表現並不完全一致，但整體來說還是很強勁的。

We've leaned in and been really successful with those agencies that are that are on the cutting edge of of where we are going. So specifically around controls, those agencies are strong. The agencies that are aggressive in growing markets, some of the some of the changes we've made over the last few years to upgrade our coverage in markets like Atlanta where we're sitting right now, for example, have really borne out.

我們與那些處於我們目標前沿的機構合作並取得了真正的成功。因此，具體到控制方面，這些機構非常強大。那些在成長型市場中積極進取的代理機構，例如，我們在過去幾年中為提升我們在亞特蘭大等市場的覆蓋範圍而做出的一些改變，確實得到了證實。

And so we have, I think, the most productive independent sales network in the industry and the most productive part of our independent sales network are those agencies that are most closely aligned with where we are going and and they're seeing real success.

因此，我認為，我們擁有業內最高效的獨立銷售網絡，而我們獨立銷售網絡中最高效的部分是那些與我們的發展方向最緊密結合併取得真正成功的代理商。

And then I was curious if backlog from before legacy pricing is pretty much refreshed, I think, last quarter you, forecast that you'd probably wash through any demand pull forward within the quarter. It sounds like, that that toggle to actually, effective some net pulling into the third quarter, but do you, is backlog, is there still legacy pricing backlog or that's of any materiality?

然後我很好奇，如果在上個季度之前遺留定價的積壓訂單已經基本刷新，那麼預測您可能會在本季度內消除任何需求拉動。聽起來，這種切換實際上有效地將一些淨拉動帶入第三季度，但您是否知道積壓情況，是否仍有遺留定價積壓或任何實質問題？

Well, as Karen indicated, we did not reprice the backlog, so, on the ABL side, so there's, so the Q3 is a relatively clean quarter where, as we indicated, that's what it looks like when we get a little bit of top line in that business, as we look forward to the fourth quarter, that's where most of both the price increase and the tariff impact will will appear.

好吧，正如 Karen 指出的那樣，我們沒有對積壓訂單重新定價，因此，在 ABL 方面，所以第三季度是一個相對乾淨的季度，正如我們所指出的，當我們在該業務中獲得一點營收時，情況就是這樣，我們期待第四季度，價格上漲和關稅影響大部分都會出現在這裡。

Jeffrey Sprague, Vertical Research.

傑弗裡·斯普拉格（Jeffrey Sprague），垂直研究公司。

Yeah. I just wanted to come back, Neil, to intelligence spaces margin. I heard your detailed answer to Jo O day, but still trying to get my head around, this margin rate that was, above last year when we had, or at least we thought we had QSC coming in, mid to high 10s sort of margin, is there something in the deal accounting or some.

是的。尼爾，我只是想回到情報空間邊緣。我聽到了您對 Jo O day 的詳細回答，但我仍然想弄清楚，這個利潤率高於去年同期的利潤率，或者至少我們認為 QSC 的利潤率為 10% 到 10% 左右，這是否與交易會計有關？

Just the way revenues hit this quarter, obviously the revenues in the quarter were also maybe a bit higher than a lot of us thought. Really want to kind of nail this down a little bit more if we can, or it really is just the pricing related pull forward and the incremental margins that came on top of that.

從本季的營收情況來看，顯然本季的營收可能比我們許多人想像的要高一些。如果可以的話，我們真的想進一步明確這一點，或者這實際上只是與定價相關的提前量以及在此基礎上的增量利潤。

Yeah. I don't want to lose the obvious here as we answer this question. We're building a very attractive business at AIS, and we made a we made a solid strategic addition to that with QSC, and it's a transaction that is obviously going to going to add a lot of value to what we're trying to do at at AIS.

是的。當我們回答這個問題時，我不想忽略顯而易見的事實。我們正在 AIS 打造一項非常有吸引力的業務，我們透過 QSC 對此進行了堅實的策略補充，這項交易顯然將為我們在 AIS 所做的事情增加很多價值。

As we made the acquisition, we indicated that we expected them to be pretty close to our legacy performance over time. Obviously, they've gotten there really quickly and that has been has been purely through strategy and operation.

當我們進行收購時，我們表示，我們預計隨著時間的推移，他們的表現將非常接近我們的傳統表現。顯然，他們很快就達到了目標，而這純粹是透過策略和營運實現的。

There's no deal accounting otherwise. So their sales growth obviously is high, it's stronger than they expected, stronger than than we expected, so that's contributor number one. Contributor to number two is their adoption of our kind of productivity metrics.

否則就沒有任何交易會計。因此，他們的銷售成長顯然很高，比他們預期的要強，比我們預期的要強，所以這是第一大貢獻者。第二個因素是他們採用了我們的生產力指標。

So the better, smarter, faster operating system really works for them and it has allowed them to scale through this increased business without really adding a whole lot of operating costs. I think it's worth noting that we have not asked them nor have we required them to to really take any expenses out.

因此，更好、更聰明、更快的作業系統確實對他們有用，並且使他們能夠擴大業務規模，而無需增加大量的營運成本。我認為值得注意的是，我們並沒有要求他們，也沒有強制要求他們真正扣除任何費用。

So we have not eliminated any of what they were doing before. This is the result of them driving productivity and And and really that's how we operate with better, smarter, faster. We are focused on productivity. How can we, how much can we do with what we have and you can see the the leverage that that creates when when we get a little bit of top line.

所以我們並沒有消除他們之前所做的任何事情。這是他們提高生產力的結果，而這其實就是我們如何更好、更聰明、更快地運作。我們專注於生產力。我們能用現有的資源做多少事情，你可以看到當我們獲得一點點收入時，它會產生多大的槓桿作用。

That's what's happening at ABL with a little bit of top line that's that's what's happening at QSC as they join us and and adopt our ways of working.

這就是 ABL 正在發生的事情，還有一點頂線，這就是 QSC 在加入我們並採用我們的工作方式時正在發生的事情。

And then it's just speaking of expenses maybe kind of an accounting knit for Karen, but you did take a sizable charge in the quarter. I'm sure there was some fixed assets and things like that that were part of that, but, with this substantial, kind of Q3 period cost that now didn't hit Q3 because of the charge and are, below the line, so to speak.

然後這只是談論費用，也許對 Karen 來說是一種會計工作，但你在本季度確實收取了相當大的費用。我確信其中有一些固定資產和類似的東西，但是，由於收費的原因，這種相當大的第三季度期間成本現在並沒有影響到第三季度，可以說低於標準線。

Yeah Jeff, so let me just hit on what those actions were. So as we said, they were to accelerate our productivity efforts around ABL. So the things that we did were we consolidated some brands, so really no impact to, the SG&A of that in the quarter.

是的，傑夫，那麼讓我來談談這些行動是什麼。正如我們所說，他們將加速我們圍繞 ABL 的生產力努力。因此，我們所做的事情是整合一些品牌，因此對本季的銷售、一般及行政費用 (SG&A) 確實沒有影響。

We did have some associate severances. We changed the work and became more productive in certain areas, and that was really late in the quarter, so you didn't really see a lot of the SG&A benefits there. And then on the facility reorganization, that's an administrative facility as we've started to invest in our core ABL business in our Decatur, Georgia area.

我們確實有一些員工被遣散。我們改變了工作方式，並在某些領域提高了生產力，但那已經是本季末的事情了，所以你並沒有真正看到銷售、一般和行政費用方面的許多好處。然後是設施重組，這是一個行政設施，因為我們已經開始在喬治亞州迪凱特地區投資我們的核心 ABL 業務。

So that's really just, an administrative office that we're going to close and put that up for sale. So no real benefits of that in the quarter. So bottom line is that we've we've taken these actions and you'll really start to see the benefits in SG&A and amortization in the fourth quarter.

所以這實際上只是我們要關閉並出售的一個行政辦公室。因此本季並無實際好處。因此，最重要的是我們已經採取了這些行動，您將在第四季度真正開始看到銷售、一般及行政費用和攤銷方面的好處。

And then maybe just last one, back to this kind of big picture kind of demand equation, right? It's obviously human nature that pre-buy in front of price increases and the like, but does that inform any of you about, potential demand destruction from tariffs or, just the ongoing uncertainty that your customer, customers must have in this environment? Just how is that kind of just, tone of business just around moving forward with investments and activity.

然後也許只是最後一個，回到這個大局需求方程，對嗎？在價格上漲等因素之前提前購買顯然是人的本性，但這是否讓你們任何人了解到關稅可能造成的需求破壞，或者只是你們的客戶在這種環境下必然會面臨的持續不確定性？這種公正的商業基調究竟是如何圍繞著投資和活動的推進？

Yeah, Jeff, I think big picture, the customers behaved incredibly rationally, so as it relates to to the the pricing actions and the instability of the of the tariffs and availability, so if you dug through, kind of what those orders were and what, kind of what they were related to, I think it was incredibly rational behavior on the part of our customer base as we look forward both kind of short term and long term, the we're looking for stability in the marketplace our customers.

是的，傑夫，我認為從總體上看，客戶的行為非常理性，因此這與定價行為以及關稅和可用性的不穩定性有關，所以如果你深入了解一下，這些訂單是什麼以及它們與什麼相關，我認為這是我們的客戶群非常理性的行為，因為我們期待短期和長期，我們都在尋求市場穩定，我們的客戶。

Our end users are looking for stability in the marketplace so that so that they can make make these decisions. So as I indicated we're going to be conservative in our expectations we're prepared to accept, kind of as much additional revenue is available to us, but we're going to generally be conservative until we get a little bit more stability.

我們的最終用戶正在尋求市場穩定，以便他們能夠做出這些決定。因此，正如我所說，我們將對我們的預期持保守態度，我們準備接受盡可能多的額外收入，但我們總體上將保持保守，直到我們獲得更多穩定性。

Brian Lee, Goldman Sachs.

高盛的 Brian Lee。

This is Nick Cash on for Brian Lee.

我是 Brian Lee 的 Nick Cash。

Honestly, just two. One quick question on the accelerated orders in the backlog. I mean, you mentioned putting in price which drove these accelerated orders and you mentioned you built a bit of a backlog. Are you still seeing one, any accelerated orders continuing ahead of July 8 now the price is in, and two, I guess, on the back of, those accelerated orders, can you give any color on, the size of that backlog that was built or any estimate.

說實話，只有兩個。關於積壓的加速訂單，我有一個簡短的問題。我的意思是，您提到了提高價格以推動這些加速訂單，並且您提到您累積了一些訂單。您是否仍然看到任何加速訂單在 7 月 8 日之前繼續，現在價格已經到位；其次，我想，在這些加速訂單的背後，您能否透露一下積壓訂單的規模或任何估計。

How long it could take to work it down?

需要多長時間才能解決這個問題？

Yeah. There's nothing related to July 8 that would cause order acceleration unless they, kind of turn tariffs up again and we have to take another pricing action. So as we wait for that, it's really what what country. Will be announced and where and what the impacts if any of those as we as we look forward in terms of the backlog, we've largely or are largely working through it.

是的。與 7 月 8 日相關的任何事情都不會導致訂單加速，除非他們再次提高關稅，否則我們必須採取另一項定價行動。所以當我們等待的時候，它實際上是哪個國家。將會宣布，以及在何處以及會產生什麼影響，正如我們所期望的那樣，就積壓問題而言，我們已經或正在很大程度上處理它。

So as Karen has indicated and I've indicated this will normalize between the third and fourth quarter. So I think it's just look at it over a six month period instead of a three month period and you'll see a more normalized view.

正如凱倫和我所指出的，這種情況將在第三季和第四季之間恢復正常。因此我認為，只要以六個月而不是三個月為一個時間段來觀察，你就會看到更規範的視圖。

Brett Castelli, Morningstar.

晨星公司的布雷特·卡斯特利。

Just bigger picture on ABL. Neil, you guys have entered some new verticals in that market in recent years. I just curious if you can talk about the contribution and the traction that you're seeing overall in some of those new markets.

只是 ABL 上的更大圖像。尼爾，近年來，你們已經進入了該市場的一些新的垂直領域。我只是好奇您是否可以談談您在這些新市場中看到的整體貢獻和吸引力。

Yeah. Sure, Brett. So as we've talked about our growth algorithm at at ABL really is grow with the market, take share, and then enter these white spaces where we haven't either competed or competed as effectively as as we expected to so so I'd highlight three for discussion now.

是的。當然，布雷特。因此，正如我們所討論的，ABL 的成長演算法實際上是隨著市場一起成長，佔據份額，然後進入這些我們尚未競爭或競爭不如預期有效的空白領域，因此我現在要重點討論其中的三個。

The first is refuel, so we made a strategic decision to enter the refuel market where we had not competed before. And we expect to build a very interesting business over over a long period of time. So we're off to a really good start there.

第一是加油，所以我們做了一個策略決策，進入我們以前沒有競爭過的加油市場。我們希望在很長一段時間內建立一個非常有趣的業務。因此，我們的開局非常好。

We've introduced a product portfolio. One, we've added high quality independent sales agents to, and we're starting to get real interesting traction there. The second place would be care. So we reinvented our approach to health care largely with the with the introduction of the Nightingale brand that has changed the perception of kind of who acuity is in the healthcare environment and that's our performance there has exceeded our expectations.

我們推出了產品組合。首先，我們增加了高品質的獨立銷售代理，並且我們開始在那裡獲得真正有趣的牽引力。第二位是關懷。因此，我們透過引入南丁格爾品牌，在很大程度上重塑了我們的醫療保健方法，這改變了人們對醫療保健環境中敏銳度的看法，我們的表現超出了我們的預期。

So we're really we've got strong traction there. And then as we talked about we acquired some floodlight technology through M3 that we can use in sports lighting and infrastructure and municipalities which which will start to roll in kind of next quarter and the quarter beyond.

所以我們確實在那裡擁有強大的吸引力。然後，正如我們所說的，我們透過 M3 獲得了一些泛光燈技術，可以用於體育照明、基礎設施和市政照明，這些技術將在下個季度及以後的季度開始推廣。

So we feel really good about that portfolio. Obviously as we do things, some will be up and and to our expect expectations, some will outperform some will be a little bit slower than we expect. Horticulture is one that's that's slower than we expect.

所以我們對投資組合感到非常滿意。顯然，當我們做事時，有些事情會達到我們的預期，有些事情會表現得更好，有些事情會比我們預期的要慢。園藝業的發展比我們預期的要慢。

So but generally, the portfolio of growth opportunities is contributing to us positively and will be a key component of how we continue going forward.

所以，總的來說，成長機會組合對我們產生了積極影響，並將成為我們繼續前進的關鍵因素。

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

謝謝。目前隊列中沒有其他問題。我想回電給尼爾·阿什 (Neil Ashe)，請他做最後發言。

So first off, thank you all for joining us today. We are obviously really pleased with our performance in the third quarter. We have an outstanding business and a beauty brands of lighting whose strategy is clear and it's demonstrating the results of product vitality, service, technology, and productivity which can deliver results and and I think we saw the benefit of what a little bit of top line looks like for ABL in the third quarter.

首先，感謝大家今天的參加。我們顯然對第三季的表現非常滿意。我們擁有出色的業務和美麗的照明品牌，其策略清晰，展現了產品活力、服務、技術和生產力的成果，可以帶來成果，我認為我們看到了 ABL 在第三季的營收成長帶來的好處。

Second, Acuity Intelligence basis is differentiated in the marketplace across each of our brands, and then the combination of those brands. We have a different theory in the case. We have a collection of disruptive technologies which are driving productivity for people in spaces and the people who provide those spaces to them.

其次，Acuity Intelligence 的基礎是我們每個品牌在市場上的差異化，然後是這些品牌的組合。對於此案我們有不同的理論。我們擁有一系列顛覆性技術，這些技術正在提高空間中人們以及為他們提供這些空間的人們的生產力。

And we're excited about the runway for that business. And then finally, kind of given where the world is right now, we're looking at the combination of the third and the fourth quarter to to deliver what we expected for the rest of the year.

我們對該業務的發展前景感到非常興奮。最後，考慮到當前的世界形勢，我們正在考慮第三季和第四季的結合，以實現我們對今年剩餘時間的預期。

And we feel like we have a foundation for an incredibly strong future from that point going forward. So thanks for your time and attention. We appreciate your interest in Acuity, and we'll talk to you again in a few months.

我們覺得，從那時起，我們就擁有了極為強勁的未來基礎。感謝您的時間和關注。感謝您對 Acuity 的關注，我們將在幾個月後再次與您聯繫。

Thank you for your participation. You may now disconnect. Everyone, have a great day.

感謝您的參與。您現在可以斷開連線。祝大家有個愉快的一天。