Acuity Inc (AYI) 2025 Q4 法說會逐字稿

Good morning, and welcome to the Acuity fiscal 2025 fourth-quarter and full-year earnings call. (Operator Instructions) Please be advised that today's conference is being recorded.

早安，歡迎參加 Acuity 2025 財年第四季及全年財報電話會議。（操作人員指示）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.

現在我將把會議交給投資者關係副總裁夏洛特·麥克勞克林。夏洛特，請繼續。

Thank you, operator. Good morning, and welcome to the Acuity fiscal 2025 fourth-quarter and full-year earnings call. 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. Today's call will include updates on our strategic progress and our fiscal 2025 fourth-quarter and full-year performance. There will be an opportunity for Q&A at the end of this call. As a reminder, some of our comments today may be forward-looking statements.

謝謝接線生。早安，歡迎參加 Acuity 2025 財年第四季及全年財報電話會議。今天早上和我一起通話的有我們的董事長、總裁兼執行長尼爾·阿什，以及我們的高級副總裁兼財務長凱倫·霍爾科姆。今天的電話會議將包括我們策略進展的最新情況以及我們 2025 財年第四季和全年的業績。本次電話會議最後將安排問答環節。再次提醒，我們今天發表的一些評論可能屬於前瞻性陳述。

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 fourth-quarter earnings release and supplemental presentation, both of which are available on our Investor Relations website at www.investors.acuityinc.com.

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》安全港條款的保護，詳情請參閱隨附簡報的第 2 頁。某些非GAAP財務指標與其對應的GAAP指標的調節表可在我們2025年第四季度收益報告和補充演示文稿中找到，這兩份文件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. I will now turn the call over to Neil Ashe.

感謝您對Acuity的關注。現在我將把電話交給尼爾·阿什。

Thank you, Charlotte, and thank you all for joining us this morning. Our fiscal 2025 fourth-quarter performance was strong. We grew net sales, expanded our adjusted operating profit and adjusted operating profit margin, and increased our adjusted diluted earnings per share. Throughout fiscal 2025, we have demonstrated our ability to deliver growth and consistent operating performance that created stakeholder value and compounded shareholder wealth.

謝謝你，夏洛特，也謝謝各位今天早上收看我們的節目。我們2025財年第四季的業績表現強勁。我們實現了淨銷售額成長，調整後營業利潤和調整後營業利潤率均有所提高，調整後稀釋每股收益也有所增加。在整個 2025 財年，我們證明了我們有能力實現成長和持續的經營業績，從而為利害關係人創造價值並增加股東財富。

Acuity Brands Lighting delivered sales growth and improved adjusted operating profit and adjusted operating profit margin in the fourth quarter. This performance was driven by the execution of our strategy and the aggressive actions taken over the last two quarters to manage margins despite the dilutive impact of the combination of higher tariff costs and corresponding price increases.

Acuity Brands Lighting 在第四季度實現了銷售成長，調整後的營業利潤和調整後的營業利潤率均有所提高。這一業績得益於我們策略的執行，以及過去兩個季度為管理利潤率而採取的積極措施，儘管關稅成本上升和相應的價格上漲帶來了稀釋效應。

We have the most dynamic and resilient supply chain in the industry and we have adapted faster and more effectively than our competitors. We have leveraged our multinational footprint to move away from higher tariff environments and optimize our supplier relationships. We accelerated productivity efforts, including the evaluation of operating expenses and our organizational structure and ABL, and we continue to strategically manage price. I have spent the last couple of quarters describing how 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 data lab.

我們擁有業界最具活力和韌性的供應鏈，並且比競爭對手更快、更有效地進行了調整。我們利用自身的跨國佈局，擺脫了高關稅環境，並優化了與供應商的關係。我們加快了生產力提升工作，包括評估營運費用、組織結構和資產抵押貸款，並繼續對價格進行策略性管理。在過去的幾個季度裡，我一直在描述我們的電子產品組合如何在市場上獨樹一幟，從為我們的燈具提供動力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 數據實驗室與雲端無縫連接。

We're developing market-leading solutions that drive productivity for us and for our partners. A good example of this is the TLS, Twist-to-Lock sensor by SensorSwitch that offers time-saving solutions to contractors. TLS is an occupancy sensor designed for industrial spaces like warehouses and manufacturing facilities. It gives contractors the ability to easily add controls to any project, saving time and reducing complexity on the job site without the need for wires or separate installation. Our Visual suite of applications are automating manual processes across the key phases of a project, design, installation, and optimization. These digital tools are designed to boost productivity, encourage collaboration, and build contractor preference.

我們正在開發市場領先的解決方案，以提高我們自身以及合作夥伴的生產力。SensorSwitch 公司的 TLS（旋轉鎖定）感測器就是一個很好的例子，它為承包商提供了節省時間的解決方案。TLS 是一款專為倉庫和製造工廠等工業場所設計的佔用感測器。它使承包商能夠輕鬆地為任何專案添加控制功能，從而節省時間並降低施工現場的複雜性，而無需佈線或單獨安裝。我們的視覺化應用程式套件可自動執行專案關鍵階段（設計、安裝和最佳化）的手動流程。這些數位化工具旨在提高生產力、促進協作並提升承包商的偏好度。

Visual Lighting and Visual Control help designers create lighting solutions by mapping digital floor plans, automating design audits, and offering smart recommendations. Visual Installer gives installers real-time access to their design plans, enabling collaboration that results in an accelerated install and programming timeline. And Visual Cloud optimizes project management, providing site access and team contacts, leading to simplified collaboration and an overall reduction in costs.

視覺化照明和視覺化控制透過繪製數位平面圖、自動執行設計審核和提供智慧建議，幫助設計師創建照明解決方案。Visual Installer 讓安裝人員能夠即時存取其設計方案，從而實現協作，加快安裝和程式設計進度。Visual Cloud 優化了專案管理，提供網站存取權限和團隊聯繫，從而簡化了協作並降低了整體成本。

This end-to-end support improves the end user experience through increased productivity and lower costs. As part of our ABL growth algorithm, we are making organic investments for future growth, prioritizing verticals where we have not historically competed or where we are underpenetrated.

這種端到端的支援透過提高生產力和降低成本來改善最終用戶體驗。作為我們ABL成長演算法的一部分，我們正在進行有機投資以實現未來的成長，優先考慮我們過去沒有競爭過或滲透率不足的垂直領域。

This year, we strengthened our offerings across healthcare by launching the Care Collection and developing our Nightingale range of products. Care Collection is a curated portfolio of lighting and lighting control solutions that have been designed for use in a healthcare environment, making it quicker and easier for customers and agents to select the products that they need. We introduced the Nightingale brand to expand our healthcare offering into in-room patient care.

今年，我們透過推出 Care 系列產品和開發 Nightingale 系列產品，加強了我們在醫療保健領域的產品和服務。Care Collection 是一個精選的照明和照明控制解決方案組合，專為醫療保健環境而設計，使客戶和代理商能夠更快、更輕鬆地選擇他們需要的產品。我們引入了 Nightingale 品牌，旨在將我們的醫療保健服務擴展到病房內的病患照護領域。

Our team developed a series of lighting solutions that combines the functional needs of our caregivers with the environmental needs of patients. In addition to Nightingale Embrace that we previewed last quarter, we launched Respond and Observe. Respond is a multifunctional patient bed luminaire with ambient, exam, night observation, and reading modes. Respond can be paired with SensorSwitch.

我們的團隊開發了一系列照明解決方案，將護理人員的功能需求與患者的環境需求相結合。除了上個季度我們預覽的 Nightingale Embrace 之外，我們還推出了 Respond 和 Observe。Respond 是一款多功能病床照明燈，具有環境照明、檢查照明、夜間觀察和閱讀模式。Respond 可以與 SensorSwitch 配對使用。

Observe is a skylight that can be used in common areas and patient rooms and can switch between exam, ambient, and sky modes also using SensorSwitch. Nightingale has already received recognition from the industry. In the fourth quarter, it was one of several of our brands that were highlighted by the IES Industry Progress Report Awards that celebrates advancements in lighting products, research publications, and design tools from the past year. Other products recognized include the IVO Cylinders and Deep Regressed Downlights, HOLOBAY by Holophane, REBL Round High Bay, and Wander Pathway Lights by Hydrel.

Observe 是一款天窗，可用於公共區域和病房，並可透過 SensorSwitch 在檢查模式、環境模式和天窗模式之間切換。Nightingale已經獲得了業界的認可。在第四季度，我們的幾個品牌之一榮獲了 IES 行業進步報告獎，該獎項旨在表彰過去一年在照明產品、研究出版物和設計工具方面的進步。其他獲得認可的產品包括 IVO Cylinders 和 Deep Regressed Downlights、Holophane 的 HOLOBAY、REBL Round High Bay 和 Hydrel 的 Wander Pathway Lights。

Now switching to Acuity Intelligent Spaces, which had another strong performance this quarter. Through Atrius, Distech, and QSC, we have unique and disruptive technologies that are driving productivity for people experiencing spaces and for the people who are providing those spaces. Atrius and Distech control the management of the space, and QSC manages the experiences in that space. Over time, we will use the data that they generate to enhance productivity outcomes through data interoperability.

現在切換到 Acuity Intelligent Spaces，該公司本季表現同樣出色。透過 Atrius、Distech 和 QSC，我們擁有獨特且顛覆性的技術，這些技術正在提高體驗空間的人們和提供這些空間的人們的生產力。Atrius 和 Distech 負責管理該空間，而 QSC 負責管理該空間內的體驗。隨著時間的推移，我們將利用他們產生的數據，透過數據互通性來提高生產力。

During the quarter, Atrius, Distech, and QSC each delivered strong results and are continuing to collaborate to explore new and interesting ways of working together. 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. The addition of QSC has evolved the geographic footprint of our AIS business, accelerating our multinational expansion. One of the markets where we have already benefited from this is India, where we compete commercially and have an experience center that we expanded during the quarter.

本季度，Atrius、Distech 和 QSC 都取得了強勁的業績，並將繼續合作探索新的、有趣的合作方式。QSC 正在建立業內最具創新性的全端 AV 平台，該平台統一了資料、設備和雲端優先架構，以提供即時操作、體驗和洞察。QSC 的加入改變了我們 AIS 業務的地理佈局，加速了我們的跨國擴張。我們已經從中受益的市場之一是印度，我們在那裡開展商業競爭，並擁有一個體驗中心，我們在本季度對其進行了擴建。

The center includes product demonstrations for various room types in high-impact spaces as well as design workshops and training for our ecosystem partners. This center also serves as a hub for intelligence spaces to develop collaborative use cases for future workspaces, and is the first experience center to feature the integrated Acuity Intelligence Spaces offering.

該中心包括針對各種房間類型的高影響力空間的產品演示，以及為我們的生態系統合作夥伴提供設計研討會和培訓。該中心同時也是智慧空間的樞紐，旨在為未來的工作空間開發協作用例，並且是第一個提供整合式 Acuity 智慧空間體驗的中心。

Now I want to take a moment to review where our business is today and our view of how we are positioned for the future. Acuity Inc., is a leading industrial technology company comprised of Acuity Brands Lighting, which is the best-performing lighting and lighting controls company in the world, and Acuity Intelligence Spaces, which is a dynamic and growing building management and full-stack AV business.

現在我想花點時間回顧一下我們公司目前的業務狀況以及我們對未來發展定位的看法。Acuity Inc. 是一家領先的工業技術公司，包括 Acuity Brands Lighting（全球業績最佳的照明和照明控制公司）和 Acuity Intelligence Spaces（一家充滿活力且不斷發展的樓宇管理和全端 AV 企業）。

We have transformed the company from principally a luminaires business to a data, and controls, and luminaires business, and position ourselves well for long-term growth. Fiscal 2025 was an important year for us. We renamed our company, Acuity Inc., reflecting our evolution and aligning to our strategy of using technology to solve problems and create impactful experiences that shape help people live, work, and connect.

我們已將公司從以照明設備為主的公司轉型為一家集數據、控制和照明設備於一體的公司，並為長期成長做好了充分準備。2025財年對我們來說是重要的一年。我們更名為 Acuity Inc.，以體現我們的發展歷程，並與我們利用科技解決問題、創造有影響力的體驗來幫助人們生活、工作和聯繫的策略保持一致。

We continue to make our Acuity Brands Lighting business more predictable, repeatable, and scalable. We realigned the business into luminaires and electronics and delivered improved financial performance. ABL is a high-quality strategic asset and a core pillar of our company. In Acuity Intelligent Spaces, we acquired and integrated QSC. We have scaled AIS into a larger part of our overall company. At Acuity, we are doing things differently. Our values are at the core of who we are, guiding how we serve our customers, associates, and communities.

我們將繼續努力，使我們的 Acuity Brands Lighting 業務更具可預測性、可重複性和可擴展性。我們將業務重心調整為燈具和電子產品，並實現了財務表現的提升。ABL 是我們公司的高品質策略資產和核心支柱。在 Acuity Intelligent Spaces，我們收購並整合了 QSC。我們已將AIS擴展成為公司整體業務中更重要的組成部分。在 Acuity，我們做事的方式與眾不同。我們的價值觀是我們存在的核心，指導我們如何服務我們的客戶、同事和社區。

Each of our associates understands how we create value. We grow net sales, we turn profits into cash, and we don't grow the balance sheet as fast. And we are empowered by our better, smarter, faster operating system to work in a structured and consistent way. The combination of these things allows us to operate more productively with greater distribution of responsibility and accountability throughout the company.

我們的每一位員工都明白我們如何創造價值。我們提高了淨銷售額，將利潤轉化為現金，但我們的資產負債表成長速度並沒有那麼快。我們藉助更出色、更聰明、更快速的作業系統，以結構化和一致的方式進行工作。這些因素結合起來，使我們能夠更有效率地運營，並在公司內部更好地分配責任和義務。

It is how we are able to react aggressively to changes in the macro environment this year and how we were able to quickly and successfully integrate QSC. In Acuity Brands Lighting, 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.

正是因為如此，我們才能對今年宏觀環境的變化做出積極反應，並迅速成功地整合 QSC。在 Acuity Brands Lighting，我們專注於產品活力，利用科技提升服務水平，從而改善和區分我們的產品和業務營運方式，並提高生產力。

Our growth algorithm is clear. We will grow with the market, we will take share, and we will enter new verticals, and we have the opportunity to continue to expand margins. In Acuity Intelligent Spaces, we are making spaces smarter, safer and greener. We have unique and disruptive technologies that are driving productivity for people experiencing spaces and for the people who are providing those spaces. Our focus in AIS will continue to be on growth with the opportunity for margin expansion.

我們的成長演算法很清晰。我們將與市場共同成長，我們將佔領市場份額，我們將進入新的垂直領域，我們有機會繼續擴大利潤率。在 Acuity Intelligent Spaces，我們致力於讓空間更聰明、更安全、更環保。我們擁有獨特且顛覆性的技術，能夠提高體驗空間的人們以及提供這些空間的人的生產力。AIS 的重點將繼續放在成長上，並尋求利潤率擴張的機會。

We are effective capital allocators. We have grown our business organically and through acquisitions. We have rewarded our shareholders with increased dividends, and we have been opportunistic in repurchasing more of our outstanding shares. Acuity is positioned for long-term growth. We are innovators, disruptors, and builders who are creating stakeholder value and compounding shareholder wealth.

我們是高效率的資本配置者。我們的業務是透過自身發展和收購實現成長的。我們透過提高股利來回報股東，並且我們抓住機會回購了更多已發行股份。Acuity 已做好長期發展的準備。我們是創新者、顛覆者和建設者，我們正在創造利害關係人的價值，並為股東創造財富。

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

現在我將把電話交給凱倫，她將向大家報告我們第四季的業績。

Thank you, Neil, and good morning, everyone. We ended fiscal 2025 with strong fourth-quarter performance. We grew net sales, improved our adjusted operating profit, and adjusted operating profit margin, and increased our adjusted diluted earnings per share.

謝謝你，尼爾，大家早安。我們在2025財年第四季取得了強勁的業績。我們實現了淨銷售額成長，調整後營業利潤和調整後營業利潤率均有所提高，調整後稀釋每股收益也有所增加。

For Total Acuity, we generated net sales in the fourth quarter of $1.2 billion, which was $177 million or 17% above the prior year. This was driven by growth in both business segments and includes three months of QSC sales. During the quarter, our adjusted operating profit was $225 million, up $47 million or 26% from last year. This improvement was due to the growth of AIS, including the acquisition of QSC and the result of actions taken at ABL to control operating expenses.

Total Acuity 第四季淨銷售額為 12 億美元，較上年同期成長 1.77 億美元，增幅達 17%。這主要得益於兩個業務部門的成長，其中包括三個月的 QSC 銷售額。本季度，我們調整後的營業利潤為 2.25 億美元，比去年同期成長 4,700 萬美元，增幅達 26%。這項改善歸功於 AIS 的發展，包括收購 QSC，以及 ABL 為控制營運費用所採取的措施。

Adjusted operating profit margin during the quarter expanded to 18.6%, an increase of 130 basis points from the prior year. This quarter, there are a few additional non-GAAP adjustments to call out. First, there is a noncash charge of approximately $31 million, resulting from the derisking of our qualified pension plans in the United States and Mexico. As we said last quarter, over the last few years, we have taken steps to simplify and minimize the future impact of our pension obligations on the company.

本季經調整後的營業利潤率擴大至 18.6%，比上年同期成長 130 個基點。本季還有一些非GAAP調整需要特別指出。首先，由於我們在美國和墨西哥的合格退休金計畫降低了風險，產生了約 3,100 萬美元的非現金支出。正如我們上個季度所說，在過去幾年裡，我們採取了措施來簡化退休金義務，並最大限度地減少退休金義務對公司未來的影響。

Through our investment policies and capital allocation decisions, these pension plans were overfunded. And as a result, we transferred the majority of the related obligations to a third party. Our UK pension plan transfer is anticipated to be completed in the first quarter of fiscal 2026, and we expect to take an additional noncash GAAP charge of around $10 million at that time. This quarter, we also recognized a one-time tax benefit of $8 million. After non-GAAP items, our adjusted diluted earnings per share was $5.20, which was an increase of $0.90 or 21% over the prior year.

透過我們的投資政策和資本配置決策，這些退休金計畫資金過剩。因此，我們將大部分相關義務轉移給了第三方。我們預計英國退休金計畫轉移將於 2026 財年第一季完成，屆時我們預計將額外提列約 1,000 萬美元的非現金 GAAP 費用。本季度，我們也確認了一次性稅收優惠 800 萬美元。扣除非GAAP專案後，我們調整後的稀釋每股收益為5.20美元，比前一年增加了0.90美元，增幅達21%。

ABL delivered sales of $962 million, an increase of $7 million or 1% versus the prior year driven by growth in our independent sales network of $25 million or 4%, partially offset by declines in corporate accounts and our direct sales network. Adjusted operating profit increased $22 million to $194 million, and we delivered adjusted operating profit margin of 20.1% which was up 210 basis points compared to the prior year. This improvement was driven largely by the intentional actions we took in the third quarter to reduce operating costs and our increased focus on productivity.

ABL 實現銷售額 9.62 億美元，比上年增長 700 萬美元，增幅為 1%，這主要得益於我們獨立銷售網絡增長 2500 萬美元，增幅為 4%，但部分被企業客戶和直銷網絡的下滑所抵消。經調整後的營業利潤增加了 2,200 萬美元，達到 1.94 億美元，經調整後的營業利潤率為 20.1%，比上年同期增長了 210 個基點。這項改善主要得益於我們在第三季採取的降低營運成本的有意措施以及對生產力的日益重視。

Now moving to Acuity Intelligent Spaces. Sales for the fourth quarter were $255 million, an increase of $171 million. Atrius and Distech combined grew approximately 13%, while QSC grew approximately 15% year-over-year. Adjusted operating profit in Intelligent Spaces was $55 million with adjusted operating profit margin of 21.4%.

現在遷移到 Acuity Intelligent Spaces。第四季銷售額為 2.55 億美元，比上季增加了 1.71 億美元。Atrius 和 Distech 合計成長約 13%，而 QSC 年比成長約 15%。智慧空間業務的調整後營業利潤為 5,500 萬美元，調整後營業利益率為 21.4%。

Now turning to our cash flow performance. During the fiscal year, we generated $601 million of cash flow from operations, which was $18 million lower than last year, primarily due to the acquisition-related items, the timing of tariff payments, and accelerated inventory purchases driven by the tariff policy. In fiscal 2025, we continue to allocate capital effectively and consistent with our priorities. We invested for growth in our existing businesses, allocating $68 million to capital expenditures.

現在來看我們的現金流表現。在本財政年度，我們從營運活動中產生了 6.01 億美元的現金流，比上年減少了 1,800 萬美元，這主要是由於收購相關項目、稅務支付時間以及關稅政策推動的加速庫存採購所致。在 2025 財年，我們將繼續有效配置資本，並使其與我們的優先事項保持一致。我們投資現有業務的成長，撥出 6,800 萬美元用於資本支出。

We invested over $1.2 billion in acquisitions and repaid $200 million of our term loan, including an additional $100 million this quarter. We increased our dividend by 13% and allocated around $119 million to repurchase approximately 436,000 shares at an average price of around $270. Since the beginning of the fourth quarter of fiscal 2020, we have repurchased approximately 10 million shares at an average price of around $150 per share, which was funded by organic cash flow. This amounts to about 25% of the then outstanding shares.

我們在收購方面投資超過 12 億美元，並償還了 2 億美元的定期貸款，其中包括本季額外償還的 1 億美元。我們將股息提高了 13%，並撥款約 1.19 億美元以平均每股約 270 美元的價格回購了約 43.6 萬股股票。自 2020 財年第四季開始以來，我們已以每股約 150 美元的平均價格回購了約 1,000 萬股股票，資金來自公司本身的現金流。這相當於當時已發行股份的約 25%。

I now want to spend a few minutes on our outlook for 2026. Consistent with our prior practice, we are going to provide annual guidance anchored around net sales and adjusted diluted earnings per share. We will also provide you with certain assumptions, which you can find in the supplemental presentation available on our website after the conclusion of this call.

現在我想花幾分鐘時間談談我們對 2026 年的展望。與以往的做法一致，我們將提供以淨銷售額和調整後稀釋每股收益為核心的年度業績指引。我們也會向您提供一些假設，您可以在本次通話結束後在我們網站上提供的補充簡報中找到這些假設。

For full-year fiscal 2026, our expectation is that net sales will be within the range of $4.7 billion and $4.9 billion for total AYI. This is based on the assumption that ABL will deliver low-single-digit sales growth and AIS will generate organic sales growth in the low- to mid-teens. We expect to deliver adjusted diluted earnings per share within the range of $19 to $20.50.

對於 2026 財年全年，我們預計淨銷售額將在 47 億美元至 49 億美元之間。這是基於以下假設：ABL 將實現個位數低段的銷售成長，而 AIS 將實現十幾到十幾的自然銷售成長。我們預計調整後稀釋每股收益將在 19 美元至 20.50 美元之間。

In summary, we delivered strong performance in fiscal 2025. We grew net sales, improved margins, and increased adjusted diluted earnings per share. We generated strong cash flow from operations and allocated capital effectively. We are positioned well to deliver another strong year in fiscal 2026.

總而言之，我們在 2025 財年取得了強勁的業績。我們實現了淨銷售額成長、利潤率提高和調整後稀釋每股收益增加。我們透過營運產生了強勁的現金流，並有效地配置了資本。我們已做好充分準備，在 2026 財年再創佳績。

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

感謝您今天蒞臨。現在我將把您轉交給接線員，由他來回答您的問題。

Chris Snyder, Morgan Stanley.

克里斯‧史奈德，摩根士丹利。

Thank you. Maybe just starting with a bigger-picture question here, Neil. It's been maybe almost eight months since the QSC acquisition. It seems like integration is going really well. Can you kind of just talk about the M&A pipeline? And if there categories within the smart building ecosystem that is attractive to the company.

謝謝。尼爾，或許我們應該先從一個更宏觀的問題著手。QSC 被收購至今可能已經過了近八個月。看來整合工作進展得非常順利。能簡單談談併購專案的情況嗎？如果智慧建築生態系統中存在對公司有吸引力的類別。

Yeah. Thanks, Chris. Well, first off, obviously, we're pleased with the addition of QSC to the portfolio. As you know, we have a different theory of the case for Acuity Intelligent Spaces is that we can consolidate the data state of a built space, how the building operates, the experiences in that building in that building, who's in that building, other elements of that data state. So we have a consistent pipeline of potential acquisitions that would continue to expand that portfolio as well as opportunities to continue to expand organically in that portfolio. So we feel like the path of travel for Intelligent Spaces is pretty clear. Both with the -- with deploying capital as well as organically.

是的。謝謝你，克里斯。首先，我們當然很高興將 QSC 納入我們的投資組合。如您所知，我們對 Acuity Intelligent Spaces 的案例有不同的理論，即我們可以整合建築空間的資料狀態、建築物的運作方式、建築物內的體驗、建築物內的人員以及其他資料狀態要素。因此，我們有源源不斷的潛在收購項目，可以繼續擴大投資組合，同時也有機會繼續透過自身努力實現投資組合的有機成長。因此，我們覺得智慧空間的發展路徑已經非常清楚了。既包括資本投入，也包括有機成長。

Thank you, I appreciate that. And then maybe just following up with more of a near-term one on the quarter itself. If we look at ABL, it seems like the sequential ramp in Q4 came in below seasonality. Despite incremental price, I would imagine quarter-on-quarter coming through. That just a function of the pull forward that you guys highlighted on Q3. Does it signal that some of the end markets are softening? And then just any color or thoughts on the channel inventory level as we start fiscal '26. Thank you.

謝謝，我很感激。然後或許可以針對本季本身做一個更短期的跟進。如果我們看一下ABL的數據，似乎第四季的環比成長低於季節性水準。儘管價格有所上漲，但我預計季度環比成長將會實現。這只是你們在第三季重點提到的業績成長提前帶來的一個結果。這是否顯示部分終端市場正在疲軟？然後，對於我們即將開始的 2026 財年，大家有什麼關於通路庫存水準的看法或想法嗎？謝謝。

I'll start, Karen, add anything that I leave off. So you'll remember back in the last call, we suggested that it would be prudent to evaluate the second half of the year given the changes in tariff policy, the resulting actions we took to modify the supply chain to reduce operating expenses and then the corresponding price increases as well. So basically, if you take the third quarter plus the fourth quarter, ABL is exactly where we expected it to be. And I think we can be proud of the performance that the unit has delivered through all of these.

我先來，凱倫，你補充我遺漏的部分。所以您應該還記得，在上一次電話會議上，我們建議，鑑於關稅政策的變化，以及我們為降低營運成本而採取的供應鏈調整措施，以及相應的價格上漲，對下半年進行評估是謹慎的做法。所以基本上，如果把第三季加上第四季度，ABL 的排名就跟我們預期的一樣。我認為我們應該為該部門在所有這些工作中取得的成績感到自豪。

As you pick apart the disaggregated revenue, we have remained strong with both the independent sales network, combined with our direct sales network. So really around the project business in the quarter and in the year, the corporate accounts business was down versus last year. So as we've said consistently, that's a really good piece of business, but it's not a very consistent piece of business because it relies on the capital decisions of a concentrated group of customers.

當你仔細分析各項細分收入時，你會發現，無論是獨立銷售網絡還是直銷網絡，我們都保持了強勁的勢頭。因此，就本季和本年度的專案業務而言，企業客戶業務與去年相比有所下降。正如我們一直所說，這確實是一項非常好的業務，但它並不是一項非常穩定的業務，因為它依賴一小部分客戶的資本決策。

So taken on the whole, I think the ABL performance is really strong, both from a top line as well as from a margin perspective. Our belief is that we have outperformed the industry. So numbers will come out over time, but our belief is that we've outperformed the industry.

總的來說，我認為ABL的表現非常強勁，無論從營收或利潤率來看都是如此。我們相信我們的表現已經超越了行業平均。所以具體數字會隨著時間的推移而公佈，但我們相信我們已經超越了行業平均水平。

Thank you, I really appreciate that.

謝謝，我非常感激。

Tim Wojs, Baird.

提姆·沃伊斯，貝爾德。

Hey, everybody, good morning, and nice job. Maybe just a bigger question to start off with Neil. Just on AIS. I guess as you've kind of thought about integrating the front of the house with QSC and the back of the house with Distech and Atrius. What are some of the key milestones that we should look for or think about as you maybe develop a more wholesome solution?

大家好，早安，幹得漂亮！或許我們應該先問尼爾一個更大的問題。僅透過AIS。我猜你已經考慮過將前廳設備與 QSC 整合，將後廳設備與 Distech 和 Atrius 整合。在製定更完善的解決方案時，我們應該關注或考慮哪些關鍵里程碑？

Yeah. Thanks, Tim. So just to continue to build on the strategy there. Basically, we have outstanding and disruptive technology that is powered both in -- on the Control side and Distech as well as in QSC. Those businesses on a stand-alone basis will continue their path of taking share in their specific pieces of the market. Atrius DataLab then is the data integration effort that we are undertaking to combine those data elements or, as you point out, the front of the house or the back of the house, or IT and OT combination as some others are using so that we can deliver unique experiences and outcomes in those spaces. What's really interesting to us is the power of our Controls platform.

是的。謝謝你，提姆。所以，我們將繼續推進這方面的策略。基本上，我們在控制端、Distech 和 QSC 都擁有傑出的顛覆性技術。這些獨立營運的企業將繼續走各自的市場份額拓展之路。那麼，Atrius DataLab 就是我們正在進行的資料整合工作，目的是將這些資料元素結合起來，或者正如您所指出的，將前台或後台，或者像其他人使用的那樣，將 IT 和 OT 結合起來，以便我們能夠在這些領域提供獨特的體驗和成果。我們真正感興趣的是我們控制平台的強大功能。

So the build space definition, each building is different. And so having that position in the space is incredibly valuable. So from a milestones perspective, you can expect that each of the three businesses will continue their organic development, number one. Number two, you can look for us to start to comingle some of their products in their implementation and application. And then over time, you'll start to hear end users and customers start to talk about the ability to do things that they didn't realize were possible through the combination of both of these hardware solutions as well as the data and software solutions that we're developing.

因此，建築空間的定義因建築而異。因此，在這個領域佔據這樣的地位是非常寶貴的。因此，從里程碑的角度來看，可以預期這三項業務都將繼續其有機發展，這是第一點。第二，您可以期待我們在實施和應用中開始將他們的一些產品混合使用。然後隨著時間的推移，你會開始聽到最終用戶和客戶談論，透過結合這兩種硬體解決方案以及我們正在開發的數據和軟體解決方案，他們能夠做到一些他們以前從未意識到是可能的事情。

Okay. That's helpful. And then just kind of a two-part around guidance. I guess the first is within the low-single-digit ABL guide, is there a way to just contextualize how much price is just given all the moving pieces with tariffs? And then second, just on margins. I'm kind of backing into kind of an implied adjusted EBIT margin of 17% to 18%. Just -- is that the ballpark level there on margins? Just anything to call up below the line?

好的。那很有幫助。然後就分成了兩個部分來提供指導。我猜第一個是在個位數低位的ABL指導價範圍內，有沒有辦法在考慮關稅等各種變數的情況下，對價格做出合理的解釋？其次，就邊際效益而言。我大致估計調整後的隱含 EBIT 利潤率在 17% 到 18% 之間。就是──那邊的利潤率大概就是這個水準嗎？有什麼需要私下聯繫的嗎？

Yeah. Let me hit the one on ABL and the price first. So just to take a step back, Tim. Over the past few years, we've been really strategic about pricing at ABL and focusing on the value that our products are bringing to the end user. And yes, we've had several pricing increases over the past couple of quarters to offset the increase in the tariffs. But we didn't take these peanut butter over our portfolio of contractor select, design select, and made to order.

是的。讓我先看看ABL上的價格。提姆，我們先退一步想想。過去幾年，ABL 在定價方面一直非常注重策略，並專注於我們的產品為最終用戶帶來的價值。是的，為了抵銷關稅上漲帶來的影響，過去幾季我們已經多次漲價。但我們並沒有選擇這些花生醬來取代我們精選的承包商產品、設計精選產品和客製化產品。

We've taken some prices up and some prices down depending on where we've seen opportunity to be strategic in the marketplace. So I would sum it up by saying all the pricing actions have been about in the low- to mid-single digits, intending to offset the dollar impact of those tariffs.

我們根據在市場中看到的策略機會，對一些價格進行了上調，對另一些價格進行了下調。因此，我的總結是，所有定價措施的幅度都在個位數低到中段，目的是抵消這些關稅對美元的影響。

Okay. And then I want to take, Tim, the opportunity. We like to use the full-year call to contextualize where I think we are on a long-term basis. And so I don't want to miss the opportunity to highlight the dramatic margin improvement in the company and then in the lighting business specifically. So from where we've come from fiscal '19, fiscal '20 to where we are today is pretty dramatic and is significantly in advance of the competition.

好的。然後，提姆，我想抓住這個機會。我們喜歡利用全年電話會議來闡述我認為我們目前所處的長期發展階段。因此，我不想錯過這個機會，重點介紹公司，特別是照明業務的利潤率大幅提高的情況。因此，從 2019 財年、2020 財年到今天，我們所取得的成就相當顯著，並且遠遠領先競爭對手。

As a point of disclosure, we took the decision this -- with the end of this year and then going forward to provide both gross margin and operating profit margin at the segment level, so that you will understand the performance of those businesses even more clearly. And the path of travel is very clear, as I said earlier. The -- we continue to take share. We continue to expand margins in both the lighting, and lighting controls, and on the AIS side. Obviously, expectations will continue to rise and they will converge with our performance over time, and we're -- but we feel really, really good about where we are.

需要說明的是，我們決定從今年年底開始，在各業務部門層級同時提供毛利率和營業利潤率，以便您更清楚地了解這些業務的表現。正如我之前所說，前進的方向非常明確。我們繼續佔據市場份額。我們在照明、照明控制和AIS方面持續擴大利潤率。顯然，期望值會不斷提高，並且隨著時間的推移，這些期望值會與我們的表現趨於一致，而我們——但我們對我們所處的位置感到非常非常滿意。

Okay, okay. That's helpful. Thank you, guys.

好的，好的。那很有幫助。謝謝大家。

Thanks.

謝謝。

Ryan Merkel, William Blair.

瑞安·默克爾，威廉·布萊爾。

Hey, everyone. Good morning. So Neil, the market has been soft for a while here, flat to down. Any signs that orders and demand is improving? Or do you think we need lower interest rates before you start to see an uplift in the lighting market?

大家好。早安.所以尼爾，這裡的市場已經疲軟一段時間了，持平甚至下跌。訂單和需求有任何好轉的跡象嗎？還是您認為我們需要降低利率，照明市場才會開始回升？

Yeah, Ryan. On the lighting side, so we've been waiting for economic stability for a while now, and we continue to grind out performance in the absence of that economic stability. So -- as you know, we were pretty data intensive. So as we look forward, our expectation from a kind of economic context perspective is that it's really more of the same. And we don't have -- we are not modeling in expectations of improvement at this point.

是的，瑞恩。在照明方面，我們已經等待經濟穩定一段時間了，但在經濟不穩定的情況下，我們仍在努力提高績效。所以——如你所知，我們當時的數據量非常大。因此，展望未來，從經濟背景的角度來看，我們預期情況將與以往大同小異。目前我們還沒有——我們還沒有對改進抱持預期。

So I think the -- I'm not an economist, obviously. And so I'm not going to put a finger on what I think the drivers are of that change. But I will emphasize that -- our growth algorithm on the ABL side is really clear. And we're demonstrating that in a tepid economic environment like this one, we can perform.

所以我覺得──顯然我不是經濟學家。所以，我不會具體指出我認為導致這種變化的原因是什麼。但我要強調的是──我們在ABL方面的成長演算法非常清晰。我們正在證明，即使在像現在這樣低迷的經濟環境下，我們也能取得好成績。

So with the combination of the market performance, the taking share, and expanding in new verticals, we're generating the -- we're demonstrating rather the ability to consistently grow. As you saw in the third quarter, if we get a little bit of a tailwind through market growth, that just adds obviously to that and would be an accelerant. But -- but it's a -- we're demonstrating, I think the emphasis here is we're demonstrating the ability to continue to deliver these results no matter the context.

因此，透過市場表現、市場份額的提升以及在新垂直領域的擴張，我們正在創造——或者說，我們正在展現持續成長的能力。正如你在第三季度看到的那樣，如果我們能透過市場成長獲得一些順風，那顯然會對此有所好處，並起到加速作用。但是——但是——我們正在證明，我認為這裡的重點是，我們正在證明無論在什麼情況下，我們都有能力繼續取得這些成果。

All right. So to put it in my own words, it doesn't sound like a lot has changed on the market. And for ABL to be up low-single digits for '26, it assumes the market is flat to down. Is that fair?

好的。所以用我自己的話來說，市場似乎沒有太大的變化。而 ABL 在 2026 年實現個位數低成長的前提是市場持平或下跌。這樣公平嗎？

I would say that's fair. It's more us than the market in our expectation.

我覺得很公平。期望更多來自我們自身，而非市場。

Right. Okay. And then I had a question on gross margins for the outlook. I know you won't give specifics, but I think -- The Street is modeling gross margins in '26 down a little bit. Now I know you've done some productivity things. And I think on the last call, you said you thought you could return gross margins to 50% using productivity. So just any color on gross margins and if 50% is still a reasonable target at some point to get back to?

正確的。好的。然後我問了一個關於未來毛利率的問題。我知道你不會給出具體細節，但我認為——華爾街預計 2026 年的毛利率會略有下降。我知道你已經做了一些提高效率的事情。我記得在上次電話會議上，您說過您認為可以透過提高生產力將毛利率恢復到 50%。所以，只要用任何顏色來表示毛利率，以及50%是否仍然是一個合理的目標，並努力恢復到這個水平，就好？

So let's break that down into its component parts. So there's the whole company, which is -- which will continue to expand on two fronts. One is mix; and two is continued improved performance at ABL. So as I've said, the -- we're moving down that direction. We'll continue to move down that direction.

那麼，讓我們把它分解成各個組成部分。所以整個公司——它將繼續在兩個方面擴張。一是混合模式；二是ABL持續改善的績效。正如我所說，我們正朝著那個方向前進。我們將繼續朝著這個方向前進。

As Karen indicated in her prepared remarks, the dollar impact of the combination of tariff cost and price increase is neutral. The margin percentage impact is negative. So that takes back the -- some of the margin expansion for a period of time at ABL. So that's in the -- depending on how the periods fall out, that's in the 50 to 100 basis points of impact kind of range. So we need to digest that as we continue to move forward. But the strategy and our longer-term expectations remain the same and are clear.

正如凱倫在事先準備好的演講稿中所指出的那樣，關稅成本和價格上漲對美元的影響是中性的。利潤率受到負面影響。因此，ABL 一段時間內的利潤率擴張被部分抵消了。所以，這取決於各個時期的具體情況，影響範圍大概在 50 到 100 個基點之間。所以我們需要消化這些訊息，然後繼續前進。但是，我們的策略和長期預期保持不變，並且很明確。

All right. Fair enough. I'll pass it on. Thanks.

好的。很公平。我會轉達的。謝謝。

Thanks.

謝謝。

Joe O'Dea, Wells Fargo.

喬‧奧迪亞，富國銀行。

Hey, good morning. Wanted to start on QSC. Any color on the margins in the fourth quarter? It looks like it could have been around 20% and legacy AIS around 23%. So really, just looking if that's kind of a reasonable expectation and then understanding the steps that you've taken. So it looks like you've already moved those QSC margins from mid-teens to low 20%s. And then how you think about the timeline on the path to get them to align with legacy margins?

嘿，早安。想開始學習QSC。第四季邊緣有任何顏色嗎？看起來可能在 20% 左右，而傳統 AIS 則在 23% 左右。所以，實際上，就是看看這是否是一個合理的期望，然後再了解你已經採取的步驟。看來你們已經將QSC利潤率從十幾個百分點提高到了二十個百分點左右。那麼，你們打算如何安排時間，讓這些利潤率與先前的利潤率一致呢？

Yeah. Thanks, Joe. As Neil mentioned earlier, we really are pleased with the progress of QSC as they become part of acuity and of AIS. So we've seen really strong performance across all of AIS. And when we did the acquisition, we expected that we would bring QSC's performance more in line with the legacy business, which is really what we've demonstrated over the past two quarters.

是的。謝謝喬。正如尼爾之前提到的，我們對QSC的進展感到非常滿意，因為它們逐漸成為視力保健和AIS的一部分。因此，我們看到AIS的各個方面都表現出色。收購時，我們期望能夠使 QSC 的業績更接近原有業務水平，而過去兩個季度我們也確實做到了這一點。

They've had strong sales growth this quarter and last quarter. And so that's contributed to the margin improvement. And then they've also benefited from adopting our better, smarter, faster operating system and ways of working, which has helped them drive productivity, not to add additional cost to get that growth. So I think the margin is strong. We're really pleased with where we are. And our focus on AIS is going to continue to be on growth. And over time, we will make some investments to deliver that mid-teens type growth.

他們本季和上季的銷售額均實現了強勁成長。因此，這有助於利潤率的提高。此外，他們還受益於採用了我們更好、更聰明、更快速的作業系統和工作方式，這幫助他們提高了生產力，而無需增加額外的成本來實現成長。所以我認為優勢很明顯。我們對目前的狀況非常滿意。我們將繼續把AIS的重點放在成長上。隨著時間的推移，我們將進行一些投資，以實現十幾個百分點的成長。

You still see QSC as a margin expansion opportunity in '26?

你仍然認為QSC在2026年是利潤率擴張的機會嗎？

Over time, I think it will be. It will continue to expand. But again, the focus will be on growth in AIS in total.

隨著時間的推移，我認為會的。它將繼續擴張。但再次強調，重點仍將是AIS的整體成長。

Okay. And then, Neil, you made some comments around the cost side of things and talked about a dynamic supply chain advantage that you have that, you moved away from higher tariff environments. And also, it sounds like some cost actions, in particular, within ABL. So can you just elaborate on some of the steps that you've taken on the cost side, inclusive of sizing what China as a percent of sourcing now versus where it was previously?

好的。然後，尼爾，你對成本方面發表了一些評論，談到了你所擁有的動態供應鏈優勢，即你已經擺脫了高關稅環境。而且，聽起來像是資產抵押貸款（ABL）中的一些成本控制措施。那麼，您能否詳細說明您在成本方面採取的一些措施，包括調整中國採購量佔總採購量的比例（目前與之前相比）？

Yeah. So let's start with material pricing. Obviously, that has -- that's where the impact of the tariff is. So we've moved. I think the majority of that a way to either other Asia or -- and as much of that obviously to within our footprint as we can. So that remains -- so -- and we did that basically within the first month after -- well, in the month of April after the April 2 announcements. So that was that was accelerated and impactful.

是的。那麼，我們先從材料定價開始。顯然，這就是關稅的影響所在。所以我們搬家了。我認為大部分資金要么會流向亞洲其他地區，要么會流向——而且顯然，我們會盡可能地將資金投入到我們的業務範圍內。所以，這一點仍然存在——所以——我們基本上在4月2日公告發布後的第一個月內就做到了這一點——嗯，是在4月。所以，事情進展得很快，影響很大。

I don't have an exact percentage of the material spend that is -- that we currently get from China, but obviously, we've taken that way down. Over the last five years, our total exposure to China is in the range of 20%-ish of what it was at one point. So we've dramatically changed that.

我沒有確切的材料支出百分比——目前我們從中國採購的材料支出佔比，但顯然，我們已經大幅降低了這部分支出。過去五年，我們對中國的總投資金額約為先前的 20%。所以我們已經徹底改變了這一點。

So on the sourcing side, we are as we've indicated, dynamic on how we -- on how we're sourcing. And that really applies to all of our components. And we've got interesting work underway to continue that process, which we're really pleased with. And then on the ABL side, we took the opportunity in the third quarter to reevaluate our operating expenses and our organizational structure as a result of sales not materializing the way that we had predicted that they would for the back half of the year.

所以在採購方面，正如我們所指出的，我們在採購方式上是動態的。這確實適用於我們所有的組件。我們正在進行一些有趣的工作來推進這一進程，我們對此感到非常滿意。然後，在 ABL 方面，由於下半年的銷售額沒有像我們預測的那樣實現，我們利用第三季的機會重新評估了我們的營運費用和組織結構。

So we took the opportunity to accelerate productivity efforts that we had underway, so specific projects, which were intended to deliver productivity. And second, we reevaluated the organizational structure and eliminated a chunk of employees to realize some of those cost savings. So again, as I said earlier, I'm pleased with the work that the team has done there in this environment to deliver these results.

因此，我們藉此機會加快了正在進行的提高生產力的工作，也就是旨在提高生產力的具體項目。其次，我們重新評估了組織結構，並裁減了一部分員工，以實現部分成本節約。所以，正如我之前所說，我對團隊在這種環境中所取得的成果感到非常滿意。

And then sorry, just a clarification. The pull-forward impact you talked about in Q3, is that isolated to the back half of last year and really no anticipated impact on '26?

還有，不好意思，我再澄清一下。您在第三季提到的提前影響，是否僅限於去年下半年，並且預計不會對 2026 年產生任何影響？

Basically. So I'll just reprise what we said on the last call, which is that when we have an order ahead of that like that happened in Q3, essentially what happens is backlog swells a little bit, and then we ship that on a relatively consistent basis over the following period. So there's a little bit of that that happens between the fourth quarter and the first quarter as well. But on a normalized basis, we are basically where we expect like on a consistent basis to be.

基本上。所以我再重複一下我們在上次電話會議上說過的話，那就是，當我們在第三季度之前接到訂單時，基本上會發生的情況是積壓訂單稍微增加，然後我們會在接下來的一段時間內相對穩定地發貨。所以，第四季和第一季之間也會出現一些這種情況。但從正常情況來看，我們基本上處於我們預期的穩定狀態。

Thank you.

謝謝。

Christopher Glynn, Oppenheimer.

克里斯托弗·格林，奧本海默。

Thanks, good morning. Nice to tune in to the continuing exciting story of developments here. So considering markets are relatively listless out there, directionless, you have a pretty confident revenue guide. I understand what you're talking about taking share. It's been a consistent story. But I'm wondering if aside from product, if you could talk about on a more granular level, any angles or zones in the commercial RFP environment where you feel are the most demonstrative of relative competitive momentum.

謝謝，早安。很高興能繼續關注這裡令人興奮的發展動態。鑑於目前市場相對低迷、缺乏方向，你的營收預期相當有信心。我明白你說的爭奪市場份額是什麼意思。這是一個前後一致的故事。但我很想知道，除了產品之外，您能否更細緻地談談，在商業 RFP 環境中，您認為哪些角度或領域最能體現相對的競爭勢頭。

Yeah. Thanks, Chris. So back to the growth algorithm for a second, the market taking share, and new verticals. So the new vertical performance is obviously really strong. And as we look forward, we'll continue to be healthcare refuel and sport lighting are each opportunities for us to continue to add to that. That's probably in the order of, I don't know, 50 to 100 basis points of addition to the top line on a net basis.

是的。謝謝你，克里斯。所以，讓我們再回到成長演算法、市場佔有率和新的垂直領域。所以新的垂直性能顯然非常強勁。展望未來，我們將繼續專注於醫療保健領域，而體育照明領域也將是我們繼續拓展業務的機會。這大概會為營收帶來 50 到 100 個基點的淨成長。

Then on the take-share front, our Contractor Select portfolio performed really well in the fourth quarter. And so we're being aggressive with the changes in the marketplace there to press our advantage there. And then I'd highlight something that we haven't talked about in a long time, where we've had real strength, but is in the specifier in our specifier brands, which have also performed well and are taking share.

在市佔率方面，我們的 Contractor Select 投資組合在第四季表現非常出色。因此，我們積極應對當地市場的變化，以鞏固我們在那裡的優勢。然後，我想重點介紹我們很久沒有談到的、我們真正強大的領域，那就是我們的指定品牌，這些品牌也表現出色，並且正在搶佔市場份額。

So -- to your broader context of the overall puzzle, it's -- we're executing pretty effectively across the ABL portfolio. So we're delivering, as we said, these results in a relatively tepid end-market environment.

所以——就你對整個難題的更廣泛理解而言——我們在ABL投資組合中執行得相當有效。正如我們所說，我們在相對疲軟的終端市場環境下取得了這些成果。

Great, that's all I have (inaudible). Thanks.

好的，這就是我全部的資料了。（聽不清楚）謝謝。

Brian Lee, Goldman Sachs.

Brian Lee，高盛集團。

Hey, thanks everyone, good morning. A couple of questions. Just first on guidance. I know a lot of questions on the margins. I appreciate you guys breaking out the segment margins here. But I guess it does beg the question. There's a lot of moving pieces, both in ABL and also some of the comments around AIS building for growth, maybe that the margin expansion story in the near term.

嘿，謝謝大家，早安。幾個問題。首先，請提供指導。我知道很多邊緣性問題。感謝你們把各個細分市場的利潤率單獨列出來。但我想這確實引出了一個問題。ABL 和 AIS 為實現成長而進行的一些討論，以及一些相關評論，都顯示有許多變數，也許短期內利潤率會擴張。

So thinking about this directionally, it almost sounds like ABL, you're holding the line on margins, maybe seeing a bit of expansion into '26. And then AIS should be focused on we see a little bit of backsliding on the gross margins just in that segment? And if that is the case, what are some of the moving pieces there? Is it just specific increased investment growth or what are some of the drivers around that margin profile?

從方向來看，這聽起來幾乎就像 ABL 一樣，你們正在維持利潤率，也許在 2026 年看到一些擴張。那麼AIS應該關注的是，我們看到該業務板塊的毛利率略有下滑？如果情況確實如此，那麼其中涉及哪些因素呢？僅僅是投資成長增加嗎？還是說，影響利潤率的因素還有哪些？

Right. I'm not sure what you mean about so many moving pieces. So I'll just break it down pretty simply. So ABL for the last five years and for the next five years, we'll continue to move forward on productivity improvements that are driving margin. The impact there at ABL is the percentage margin impact of the combination of tariff costs and price increases. So that, as I indicated earlier, on a full year basis would be in the range of 100-ish basis points as we continue to drive dollar margins. And so that's what we were trying to explain pretty clearly. I think, Karen also was really clear on where AIS is growing -- going.

正確的。我不太明白你說的「涉及的環節很多」是什麼意思。所以我簡單解釋一下。因此，在過去的五年裡，ABL 將繼續推動生產力的提高，並在未來五年裡繼續提高利潤率。ABL 受到的影響是關稅成本和價格上漲共同作用下的利潤率影響百分比。因此，正如我之前所指出的，隨著我們繼續提高美元利潤率，全年利潤率將在 100 個基點左右。所以，這就是我們試圖解釋清楚的事情。我認為，凱倫對AIS的發展方向也非常清楚。

So we're growing in the low- to mid-teens. We have a continued margin expansion opportunity. When faced with the choice between expanding margins or continuing the growth, we will invest for growth. And so when you sum those across the enterprise for FY25, obviously, we had a really strong performance where we demonstrated the dexterity in ABL and the power of QSC joining our enterprise and their margin expansion. And over the next year or years, we would expect that general direction to continue.

所以我們的成長速度在十幾到五幾之間。我們擁有持續擴大利潤空間的機會。當面臨擴大利潤率還是繼續成長的選擇時，我們將投資於成長。因此，當你把 2025 財年整個企業的業績加起來時，顯然，我們取得了非常強勁的業績，展現了 ABL 的靈活性，以及​​ QSC 加入我們企業後帶來的強大實力和利潤率的提升。在接下來的一年或幾年裡，我們預計這一總體方向將持續下去。

Okay. Fair enough. But that's triangulating, I mean, obviously, the tariffs are the impact on ABL. But for AIS, the deliberate strategy to focus on growth in the near term, it does sound like we shouldn't necessarily be expecting margin expansion in that segment over the next 12 months. But on a longer-term basis, clearly, direction is still higher. Is that fair?

好的。很公平。但這只是三角分析，我的意思是，很顯然，關稅對ABL的影響是顯而易見的。但對於AIS而言，其刻意專注於近期成長的策略，聽起來我們不應該期望在未來12個月內該業務板塊的利潤率會有所擴張。但從長遠來看，方向顯然還是往上。這樣公平嗎？

Well, Brian, we've added 500 basis points of margin to QSC in eight months. So I feel like we're kind of directionally in a pretty good place. So yes, we will continue to grow AIS, and those margins will continue to grow over time.

布萊恩，我們在八個月內為 QSC 增加了 500 個基點的利潤率。所以我覺得我們目前的方向還不錯。所以，是的，我們將繼續發展AIS，隨著時間的推移，這些利潤率也會繼續成長。

Okay. And then on the data monetization front, it sounds like there's a lot of opportunity there. I don't know if you've ever anticipate being able to break that out or wanting to break that out at a high level. Can you kind of speak to what data monetization opportunities you either currently have or expecting to be able to execute toward in that AIS again. Is there any quantification, that would be great as well. Thank you.

好的。而在數據貨幣化方面，似乎有很多機會。我不知道你是否曾經預料到自己能夠做到這一點，或者是否想要在高水平上做到這一點。您能否談談您目前在AIS中擁有或期望實現哪些資料貨幣化機會？如果能提供量化數據就更好了。謝謝。

Yeah. So short term and long term with AIS as I indicated, both with all of the Atrius Distech and QSC. We're -- our control position and our portfolio are incredibly strong in their respective areas, and those will continue to grow. The initial impact of data will be through the outcomes we are delivering as we expand those experiences. So there are specific software opportunities that we're in the marketplace with now and the more that will be coming over the course of the next 12 to 24 months.

是的。所以，正如我所指出的，無論是短期還是長期，AIS 都與 Atrius Distech 和 QSC 合作。我們在各自領域擁有非常強大的控制地位和投資組合，而且這些優勢還會持續成長。數據的最初影響將體現在我們不斷拓展這些經驗所帶來的成果。因此，我們目前在市場上有一些特定的軟體機會，而且在接下來的 12 到 24 個月內還會有更多機會出現。

And then finally, the data monetization will over time, manifest in two ways. One will be the continued acceleration of that software-focused revenue and the outcomes that they deliver. And maybe over time, we introduce data-specific products. But in the immediate term, we will continue where we're growing, which is around our control platforms and the increased impact of software on those over the next 12 to 24 months.

最後，數據貨幣化最終將以兩種方式體現。一是軟體相關收入的持續加速成長及其帶來的成果。或許隨著時間的推移，我們會推出針對特定數據的產品。但就目前而言，我們將繼續在我們正在成長的領域發展，也就是圍繞我們的控制平台以及未來 12 至 24 個月內軟體對這些平台日益增長的影響。

Appreciate the color.

欣賞這種顏色。

Thank you.

謝謝。

Jeffrey Sprague, Vertical Research Partners.

Jeffrey Sprague，Vertical Research Partners。

Hey, thank you. Good morning, everyone. Just a couple of loose ends or points of clarification for me, I guess, after all that. First, just on the tariff situation, Neil or Karen, given that you guys have taken so many counteractions, sourcing, and otherwise, are you in a position now relative to your competitors that -- I guess, for lack of a better phrase, your pricing for tariffs, you're no longer exposed to as we roll into 2026? Is there an embedded margin opportunity there?

嘿，謝謝。各位早安。我想，經過這一切之後，我還有一些細節或需要澄清的地方。首先，關於關稅問題，Neil 或 Karen，鑑於你們已經採取了這麼多應對措施，包括採購和其他方面，相對於你們的競爭對手，你們現在是否處於——我猜，如果找不到更好的說法的話——你們的關稅定價，在進入 2026 年時，是否不再受到關稅的影響？這其中是否存在潛在的利潤空間？

Yeah, Jeff, that's a good question. So we've been relatively conservative in our expectations in this. So we're trying to mitigate as much of the tariff impact from either productivity or transitions as you've described first. And we've minimized that in pricing impact. Second, -- so the -- as Karen indicated that when we talk about strategically, that means some places we're taking prices up in some cases, we're taking pricing down.

是的，傑夫，問得好。因此，我們在這方面的預期一直比較保守。因此，我們正在努力減輕您首先提到的生產力或轉型帶來的關稅影響。我們已將價格影響降到最低。第二，正如凱倫所指出的，當我們談論策略時，這意味著有些地方我們會提高價格，而有些地方我們會降低價格。

So what we're balancing is trying to optimize share gain for margin expansion opportunity. The margin expansion opportunity, we are confident in over the foreseeable future. So we'll really trying to dial that as an opportunity to -- if we had a bias there, we would take some more share probably as opposed to add an incremental margin piece at ABL.

因此，我們正在努力平衡的是，如何在最大化市佔率成長的同時，抓住利潤率提升的機會。我們對利潤率擴張的機會充滿信心，相信在可預見的未來，利潤率擴張的機會將持續存在。所以，我們真的要努力把這看作是一個機會——如果我們在這方面有偏好，我們可能會爭取更多的市場份額，而不是在 ABL 增加額外的利潤。

Right. And then I guess, conversely, you're never going to stop pushing for productivity. But was there anything in these actions in 2025 that are temporary in nature that need to come back from a cost standpoint as we look into '26, particularly if the top line is beginning to pick up?

正確的。然後我想，反過來說，你永遠不會停止追求生產力。但是，在展望 2026 年時，特別是如果營收開始回升的情況下，這些 2025 年的舉措中是否有任何臨時性的、需要從成本角度考慮而收回的措施呢？

So not specifically the actions that we took. Those are accelerated productivity and permanent changes, not short-term band-aids. On the OpEx side, we will continue to invest in technology. So -- and so as I've said on some calls in the past, so the geography of the -- specifically on the ABL side, the income statement may continue to change a little bit as the technology expenses are in OpEx, which drive gross margin impact over time.

所以，並非特別指我們採取的行動。這些是提高生產力和實現永久性變革的途徑，而不是短期的權宜之計。在營運支出方面，我們將繼續投資於科技。所以——正如我過去在一些電話會議上所說，具體到資產抵押貸款方面，由於技術支出屬於營運支出，隨著時間的推移會對毛利率產生影響，因此損益表可能會繼續略有變化。

So -- but we're -- so that would be the balance. So yes, the changes that we made are effectively permanent. Now we move into the next cycle, merit increases, health care cost increase, all that kind of exciting stuff. But the investment areas, especially on the ABL side, are going to be in technology to drive productivity.

所以——但是我們——所以這就是平衡點。所以，是的，我們所做的改變其實是永久性的。現在我們進入下一個週期，績效工資上漲，醫療保健成本增加，所有這些令人興奮的事情。但投資領域，尤其是在資產抵押貸款方面，將集中在技術上，以提高生產力。

And then just finally for me, just on inventories, Neil or Karen. Your days inventories have been moving up, tried to scrape out the QSC impact, but I could. But still seems somewhat elevated, maybe speak to where we're at relative to what normal inventory should be? Is there any absorption benefit or anything that's occurred here that needs to normalize as we look into next year?

最後，就庫存管理而言，是尼爾還是凱倫？您的庫存週轉天數一直在增加，我試圖消除 QSC 的影響，但未能成功。但庫存水準似乎仍然偏高，這或許反映了我們目前的庫存水準與正常庫存水準之間的差距？明年我們來看，是否有任何吸收方面的益處，或是發生了哪些需要正常化的變化？

Yeah. Jeff, there's really two things going on with inventory. The first would be just the elevated cost the inventory from the impact of the tariffs. So you're seeing a higher dollar amount of inventory that's impacting the total, but then also and more impactful is we've also had to decided to bring in some of the inventory that we could to protect us from some of the higher cost over time from the increasing tariffs.

是的。傑夫，庫存方面實際上有兩個問題。首先，關稅的影響會導致庫存成本上升。因此，您會看到庫存金額增加，這影響了總成本，但更重要的是，我們還必須決定引進一些庫存，以保護我們免受關稅不斷上漲帶來的成本增加的影響。

So it's really those two things that play a little bit of higher cost of inventory and bringing some more in to deal with the elevated tariff costs. You'll see that play down over the course of this year. So it shouldn't remain at the elevated levels that we are at the end of August.

所以，正是這兩件事導致了庫存成本略高，以及為了應對上漲的關稅成本而需要投入更多資金。今年晚些時候，你會看到這種情況有所緩解。因此，它不應該繼續保持在8月底那樣的高點。

Great. Thank you.

偉大的。謝謝。

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

謝謝。目前隊列中沒有其他問題了。我想把電話轉回給尼爾·阿什，請他作總結發言。

Great. Well, first of all, thank you all for joining us today. As we've indicated, we believe fiscal 2025 was a strong year for Acuity. We operated effectively in a relatively dynamic environment. The performance at ABL continues to be, by far, the best in the world and we're confident in its ongoing continuous improvement.

偉大的。首先，感謝各位今天蒞臨現場。正如我們之前所指出的，我們認為 2025 財年是 Acuity 業績強勁的一年。我們在相對動態的環境中高效運作。ABL 的表現仍然遙遙領先世界其他地區，我們對它持續進步充滿信心。

On the AIS side, we're really excited about what we're building here. We -- with Atrius, with Distech, and QSC, and then the combination of those three things, we think we're building an innovative and disruptive business that is -- that has the potential to do some pretty exciting things in the future.

在AIS方面，我們對正在建造的東西感到非常興奮。我們——與 Atrius、Distech 和 QSC 合作，並將這三者結合起來，我們認為我們正在打造一個創新且顛覆性的企業，它有潛力在未來做出一些非常令人興奮的事情。

So -- with all that taken together, we're pleased with '25. We're hard at work already on '26. We appreciate your interest, and we look forward to talking to you again in the next quarter.

綜上所述，我們對2025年的表現感到滿意。我們已經在努力籌備 26 年的計畫了。感謝您的關注，我們期待在下個季度再次與您交流。

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了。