Acuity Inc. (AYI) 2026 Q2 法說會逐字稿

Good morning, and welcome to the Acuity fiscal 2026 second quarter earnings call. (Operator Instructions) Please be advised that today's conference is being recorded. I would now like to hand the conference over to Charlotte McLaughlin, Vice President of Investor Relations. Charlotte, please go ahead.

早安，歡迎參加 Acuity 2026 會計年度第二季財報電話會議。（接線員指示）請注意，今天的會議將被錄音。現在我想將會議交給投資人關係副總裁 Charlotte McLaughlin。Charlotte，請開始。

Thank you, operator. Good morning, and welcome to the Acuity fiscal 2026 second quarter 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.

謝謝接線員。早安，歡迎參加 Acuity 2026 會計年度第二季財報電話會議。今天早上與我一同出席的有：我們的董事長、總裁兼執行長 Neil Ashe；以及我們的資深副總裁兼財務長 Karen Holcom。

Today's call will include updates on our strategic progress and our fiscal 2026 second 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.

今天的電話會議將包含我們策略進展與 2026 會計年度第二季表現的最新資訊。會議結束前將提供問答時間。提醒各位，我們今天的部分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.

我們意圖使這些前瞻性陳述受 1995 年《私人證券訴訟改革法》安全港條款所涵蓋，相關內容如隨附簡報第 2 頁所述。

Reconciliations of certain non-GAAP financial metrics with their corresponding GAAP measures are available in our 2026 second quarter earnings release and supplemental presentation, both of which are available on our Investor Relations website at www.investors.acuityinc.com.

部分非 GAAP 財務指標與其對應 GAAP 指標之調節表，已載於我們的 2026 會計年度第二季財報新聞稿與補充簡報中，兩者皆可於我們的投資人關係網站 www.investors.acuityinc.com 取得。

Thank you for your interest in Acuity. I will now turn the call over to Neil Ashe.

感謝各位對 Acuity 的關注。現在我將把電話會議交給 Neil Ashe。

Thank you, Charlotte, and thank you all for joining us today. We demonstrated strong execution in our second quarter of fiscal 2026. We grew net sales, we expanded our adjusted operating profit and adjusted operating profit margin, and we increased our adjusted diluted earnings per share.

謝謝你，Charlotte，也感謝各位今天加入。我們在 2026 會計年度第二季展現了強勁的執行力。我們提升了淨銷售額，擴大了調整後營業利益與調整後營業利益率，並提高了調整後稀釋每股盈餘。

We generated strong cash flow and allocated capital effectively. In Acuity Brands Lighting, we are managing our business aggressively in a soft lighting environment. We are aligning our cost structure to current market dynamics while continuing to serve customers effectively.

我們產生了強勁的現金流，並有效配置資本。在 Acuity Brands Lighting 方面，我們在照明市場疲弱的環境下積極管理業務。我們使成本結構與當前市場動態一致，同時持續有效地服務客戶。

Over the last five years, we've made meaningful progress accelerating our strategy of increasing product vitality, elevating service levels using technology to improve and differentiate both our products and how we operate the business and driving productivity.

過去五年，我們在加速策略方面取得了顯著進展：提升產品活力、運用科技提高服務水準以改善並差異化我們的產品與營運方式，以及推動生產力提升。

These efforts have expanded capacity in our manufacturing network and given us greater flexibility to evaluate our production costs.

這些努力擴大了我們製造網路的產能，並讓我們在評估生產成本方面更具彈性。

As a result, this quarter, we took certain actions, including targeted labor cost reductions, which Karen will discuss later in the call. We are managing gross profit margin through the combination of strategic pricing and product and productivity improvements.

因此，本季我們採取了若干行動，包括具針對性的勞動成本削減，Karen 稍後會在電話會議中說明。我們透過策略性定價以及產品與生產力改善的組合來管理毛利率。

This enables us to deliver in this market environment and positions us well for the future. Now I want to spend a moment on our growth algorithm, which is designed to ensure that we outgrow the lighting market. We enter new verticals, we take share, and we grow with the market.

這使我們能在此市場環境中交付成果，並為未來奠定良好基礎。接下來我想花點時間談談我們的成長演算法，其設計目標是確保我們的成長速度超越照明市場。我們進入新的垂直領域、取得市占，並隨市場成長。

Last year, we strengthened our floodlight portfolio with the acquisition of M3 Innovation. These solutions are used in education, municipalities and infrastructure and are designed to reduce total installation costs and enhance the user experience.

去年，我們透過收購 M3 Innovation 強化了投光燈產品組合。這些解決方案應用於教育、地方政府與基礎建設，旨在降低總安裝成本並提升使用者體驗。

We have won several notable projects that include retrofit and new construction across verticals, including parks and rec and education. One of our larger projects was an installation at Baldwinsville High School in New York.

我們已贏得多個具代表性的專案，涵蓋各垂直領域的汰換改裝與新建案，包括公園與休閒以及教育。其中較大型的專案之一，是在紐約州 Baldwinsville 高中進行的安裝。

This project retrofitted an existing football field and installed our solution at a new athletics field. Combined with our lighting controls, we created dynamic control capabilities for a high-impact game day environment across both facilities, all managed from a single control device.

該專案為既有美式足球場進行改裝，並在新的運動場地安裝我們的解決方案。結合我們的照明控制系統，我們在兩個場地打造了適用於高張力比賽日環境的動態控制能力，且全部可由單一控制裝置管理。

The industry continues to recognize the strength of our products and the value they bring our customers.

業界持續肯定我們產品的實力，以及其為客戶帶來的價值。

This quarter, several products in our portfolio were awarded the Architecture MasterPrize by the Farmani Group, including the Eureka Junction, a made-to-order luminaire that can be configured to create custom installations that are compatible with our nLight controls for use in large shared interior spaces such as lobbies, atriums, reception areas and event venues.

本季，我們產品組合中的多項產品獲得 Farmani Group 頒發的 Architecture MasterPrize，包括 Eureka Junction——一款可按需訂製的燈具，可配置以打造自訂安裝，並與我們的 nLight 控制系統相容，適用於大面積共享室內空間，例如大廳、中庭、接待區與活動場地。

Multiple products were also awarded Product Innovation Awards by Architectural Products magazine, including the Juno Trac Linear Ambient family in our Design Select portfolio, that offers architects, lighting designers and installers versatile options for combining accent and ambient illumination within a single system, simplifying specification and expanding creative possibilities.

多項產品亦獲《Architectural Products》雜誌頒發的 Product Innovation Awards，包括我們 Design Select 產品組合中的 Juno Trac Linear Ambient 系列，為建築師、照明設計師與安裝人員提供在單一系統中結合重點照明與環境照明的多元選項，簡化規格制定並擴展創意可能性。

Now switching to Acuity Intelligent Spaces, which continued to deliver strong sales and margin performance. Atrius and Distech control the management of the space, and QSC manages the experiences in the space.

接著談 Acuity Intelligent Spaces，其持續交出強勁的銷售與利潤率表現。Atrius 與 Distech 負責空間管理，而 QSC 負責空間中的體驗管理。

And over time, we will use data from both to enhance productivity outcomes through data interoperability. Taken together, this is how we can make spaces autonomous. Both Distech and QSC performed well this quarter.

隨著時間推進，我們將運用兩者的資料，透過資料互通性提升生產力成果。綜合而言，這就是我們讓空間走向自主化的方式。本季 Distech 與 QSC 的表現皆相當出色。

Within Distech Controls, our Eclypse portfolio is a strategic differentiator. It is a comprehensive building automation platform that unifies hardware and software into a cohesive ecosystem for intelligent building management.

在 Distech Controls 內，我們的 Eclypse 產品組合是策略性的差異化優勢。它是一個全面性的樓宇自動化平台，將硬體與軟體整合為一致的生態系，以進行智慧建築管理。

The portfolio includes hardware devices and software used to manage how a building operates, including HVAC control, lighting and refrigeration. During the quarter, we released the Eclypse retrofit solution, a building controls upgrade designed for use in buildings with legacy wiring and control architectures.

該產品組合包含用於管理建築運作方式的硬體裝置與軟體，包括 HVAC 控制、照明與冷凍系統。本季我們推出 Eclypse 改裝解決方案，這是一項建築控制升級方案，專為具有傳統配線與控制架構的建築而設計。

This solution allows newer Eclypse-based control capabilities to be deployed, providing IP-based performance, embedded edge intelligence and modern user interfaces without the associated cost or disruption of completely rewiring the space.

此解決方案可部署較新的 Eclypse 架構控制能力，提供以 IP 為基礎的效能、內嵌式邊緣智慧與現代化使用者介面，而無需承擔全面重新配線所帶來的成本或干擾。

We are also expanding our addressable market at QSC. Q-SYS 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.

我們也在 QSC 擴大可服務市場。Q-SYS 正在打造業界最具創新的全堆疊 AV 平台，整合資料、裝置與雲端優先架構，以提供即時行動、體驗與洞察。

Historically, the Q-SYS solutions were developed for use in large rooms and spaces. This quarter, we expanded our Q-SYS solution into smaller and medium-sized collaboration spaces with the introduction of the RoomSuite Modular System.

過去，Q-SYS 解決方案主要為大型房間與空間所開發。本季，我們透過推出 RoomSuite Modular System，將 Q-SYS 解決方案擴展至小型與中型協作空間。

This gives customers the option to increase their room capabilities using audio, video and integrated networking, all supported by Q-SYS Reflect. AIS continues to gain industry recognition.

這讓客戶可選擇透過音訊、視訊與整合式網路提升房間能力，並由 Q-SYS Reflect 提供支援。AIS 持續獲得業界肯定。

Earlier this quarter, the Q-SYS RoomSuite Modular System won the Best of Show Award at the ISE 2026 in Europe, the largest AV trade show in the world, while Q-SYS loudspeakers won in both the NAMM Best of Show Award and in the NAMM TEC Award.

本季稍早，Q-SYS RoomSuite Modular System 在歐洲 ISE 2026（全球最大的 AV 貿易展）獲得 Best of Show Award；同時，Q-SYS 揚聲器亦分別獲得 NAMM Best of Show Award 與 NAMM TEC Award。

Distech Controls received the 2025 Global Company of the Year for Excellence in Integrated Smart Building Solutions by Frost & Sullivan and won the Smart HVAC Product of the Year category at the UK HVR Awards for our Resense Move.

Distech Controls 獲 Frost & Sullivan 頒發「2025 年度全球公司」獎，以表彰其在整合式智慧建築解決方案方面的卓越表現；並以我們的 Resense Move 在英國 HVR Awards 中獲得「年度智慧 HVAC 產品」類別獎項。

Now moving to our outlook. Acuity Brands Lighting remains the best-performing lighting company in the world. Given our performance year-to-date and our expectations for the lighting market for the remainder of the year, we now expect our full year ABL sales performance will be flat to down low single digits year-over-year.

接下來談展望。Acuity Brands Lighting 仍是全球表現最佳的照明公司。基於我們年初至今的表現，以及對今年剩餘期間照明市場的預期，我們目前預估 ABL 全年銷售表現將與去年持平至年減低個位數百分比。

We will continue to control what we can control. 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.

我們將持續掌控我們能掌控的事項。我們聚焦於產品活力、提升服務水準、運用科技改善並差異化我們的產品與營運方式，以及推動生產力提升。

We are executing on our growth algorithm. We are managing gross profit margin through the combination of strategic pricing and product and productivity improvements. This positions us well for today and for the future.

我們正執行成長演算法。我們透過策略性定價以及產品與生產力改善的組合來管理毛利率。這使我們在當下與未來都具備良好定位。

Acuity Intelligent Spaces is strategically differentiated. We have unique and disruptive technologies that are driving productivity for people experiencing spaces and for the people providing those spaces.

Acuity Intelligent Spaces 具備策略性差異化。我們擁有獨特且具顛覆性的技術，正為使用空間的人，以及提供這些空間的人，帶來生產力提升。

Our focus will continue to be on growth, and we have the opportunity to expand margins over time. We are confident in the long-term performance of both the lighting and spaces businesses.

我們將持續聚焦成長，並有機會隨時間推進擴大利潤率。我們對照明與空間兩大業務的長期表現充滿信心。

We have demonstrated that we have dexterity in how we operate, enabling us to continue to execute in dynamic market conditions. Now I'll turn the call over to Karen, who will update you on our second quarter performance.

我們已證明在營運方式上具備靈活度，使我們能在多變的市場條件下持續執行。現在我將把電話會議交給 Karen，她將向各位更新我們第二季的表現。

Thank you, Neil, and good morning, everyone. Our strong execution delivered solid performance in the second quarter of fiscal 2026. We grew net sales, improved adjusted operating profit and adjusted operating profit margin and increased our adjusted diluted earnings per share.

謝謝你，Neil，也向各位道早安。我們強勁的執行力帶來 2026 會計年度第二季穩健的表現。我們提升了淨銷售額，改善了調整後營業利益與調整後營業利益率，並提高了調整後稀釋每股盈餘。

For total Acuity, we generated net sales of $1.1 billion which was $49 million or 5% above the prior year. This was driven by growth in AIS, which included an additional month of QSC sales, partially offset by revenue declines at ABL.

就 Acuity 整體而言，我們創造了 11 億美元的淨銷售額，較前一年增加 4,900 萬美元（或 5%）。這主要由 AIS 的成長所帶動，其中包含 QSC 銷售額多納入了一個月的貢獻，但部分被 ABL 的營收下滑所抵銷。

During the quarter, our adjusted operating profit was $176 million, an increase of $13 million or 8% from last year. Adjusted operating profit margin during the quarter was 16.7%, an increase of 50 basis points from the prior year, with margin improvement at both ABL and AIS.

本季我們的調整後營業利益為 1.76 億美元，較去年增加 1,300 萬美元（或 8%）。本季調整後營業利益率為 16.7%，較前一年提升 50 個基點，ABL 與 AIS 兩者的利潤率皆有所改善。

Our adjusted diluted earnings per share was $4.14, which was an increase of $0.41 or 11% compared to the prior year, primarily reflecting higher profitability and to a lesser extent, lower diluted shares outstanding.

我們的調整後稀釋每股盈餘為 4.14 美元，較前一年增加 0.41 美元（或 11%），主要反映獲利能力提升，此外也部分受益於稀釋後流通股數較少。

ABL sales of $817 million decreased $23 million or 3% versus the prior year, driven by declines in the direct sales channel. This was due in part to several large projects in the same period last year that did not repeat.

ABL 銷售額為 8.17 億美元，較前一年減少 2,300 萬美元（或 3%），主要由直銷通路下滑所致。部分原因是去年同期有數個大型專案，今年未再重複發生。

Despite the sales declines, ABL delivered gross profit margin of 45.7%, an increase of 70 basis points compared to the prior year, driven largely by strategic pricing and product and productivity improvements.

儘管銷售下滑，ABL 的毛利率仍達 45.7%，較前一年提升 70 個基點，主要受惠於策略性定價，以及產品與生產力改善。

Adjusted operating profit increased $1 million to $142 million, and we delivered adjusted operating profit margin of 17.3%, which was an improvement of 50 basis points compared to the prior year. This is a result of the improvement in gross profit margin.

調整後營業利益增加 100 萬美元至 1.42 億美元，我們的調整後營業利益率為 17.3%，較前一年改善 50 個基點。這是毛利率改善所帶來的結果。

As Neil mentioned earlier, this quarter, as a result of our productivity improvements, we took certain actions, including the reduction of labor. This resulted in a $6 million special charge.

如 Neil 先前提到，本季由於我們的生產力改善，我們採取了若干行動，包括縮減人力。這導致 600 萬美元的一次性特殊費用。

Now moving to Acuity Intelligent Spaces. Sales for the second quarter were $248 million, an increase of $77 million driven by strong growth in Distech and QSC, and as a result of the inclusion of an additional one month of QSC compared to last year.

接著談 Acuity Intelligent Spaces。第二季銷售額為 2.48 億美元，增加 7,700 萬美元，主要由 Distech 與 QSC 的強勁成長帶動，並且相較去年多納入了一個月的 QSC。

AIS delivered adjusted gross profit margin of 59.1%, an increase of 60 basis points compared to the prior year. Adjusted operating profit in Intelligent Spaces was $48 million, with an adjusted operating profit margin of 19.3%, which was up 60 basis points compared to the prior year.

AIS 的調整後毛利率為 59.1%，較前一年提升 60 個基點。Intelligent Spaces 的調整後營業利益為 4,800 萬美元，調整後營業利益率為 19.3%，較前一年提升 60 個基點。

Now turning to our cash flow performance. In the first half of fiscal 2026, we generated $230 million of cash flow from operations, which was $38 million higher than the same period in fiscal 2025, primarily due to higher profitability.

接下來談我們的現金流表現。在 2026 會計年度上半年，我們自營運活動產生 2.30 億美元的現金流，較 2025 會計年度同期增加 3,800 萬美元，主要因獲利能力提升。

During the quarter, we repaid another $100 million of our term loan, bringing the total repaid this year to $200 million. We now have $200 million of the debt remaining from the financing of the QSC acquisition.

本季我們再償還 1 億美元的定期貸款，使今年累計償還金額達 2 億美元。目前，因收購 QSC 融資所剩餘的債務為 2 億美元。

We increased our quarterly dividend during our January shareholder meeting by 18% to $0.20 per share, and we allocated $106 million to repurchase 318,000 shares. In summary, our execution remains strong. ABL is driving margin improvement in the current market environment and AIS continues to perform.

我們在 1 月的股東會上將季度股利提高 18% 至每股 0.20 美元，並投入 1.06 億美元回購 318,000 股。總結而言，我們的執行力依然強勁。ABL 在目前的市場環境下推動利潤率改善，而 AIS 也持續表現良好。

We continue to generate strong cash flow and allocate capital effectively, aggressively taking advantage of market dislocations. Thank you for joining us today. I will now pass you over to the operator to take your questions.

我們持續創造強勁的現金流並有效配置資本，積極把握市場錯位所帶來的機會。感謝各位今天加入。我現在把時間交給接線員，開始提問環節。

Our first question comes from Joe O'Dea at Wells Fargo.

我們的第一個問題來自富國銀行（Wells Fargo）的 Joe O'Dea。

Can we just start on demand trends? And so when you think about what you've observed in ABL year-to-date and the prior outlook for up low single digits, now seeing kind of flat to down low single digits.

我們可以先從需求趨勢談起嗎？當你回顧 ABL 年初至今的觀察，以及先前對「低個位數成長」的展望，現在看起來更像是持平到低個位數下滑。

Just additional color on these demand trends and in particular, what you're seeing in independent sales network, where things have trended softer regionally by end market? And then on the direct sales network side of things, the project business that didn't recur, whether you had line of sight to that or if that was a surprise?

想請你再多補充一些需求趨勢的細節，特別是你們在獨立銷售網路看到的情況：各區域、各終端市場是否有轉弱的趨勢？另外在直銷網路方面，那些未再重複的專案業務，你們是否事先就看得到（line of sight），還是屬於意外？

And then long-winded question, but just what you're seeing on market share trends with respect to kind of the softer market you see versus peers? I guess some questions out there, whether price has any impact on demand trends for you.

還有一個比較長的問題：就市占趨勢而言，面對你們所看到相對同業更疲弱的市場，你們觀察到什麼？外界也有一些疑問，價格是否對你們的需求趨勢造成任何影響。

Joe, anything else you want to add before we get started?

Joe，在我們開始之前，你還有什麼想補充的嗎？

I got a follow-up, too.

我也有一個追問。

All right. We'll save that for after we start. So let's first talk about general demand trends and I'd highlight really two things that we think are going on.

好，我們先開始，之後再留給你的追問。先談整體需求趨勢，我想特別強調我們認為正在發生的兩件事。

The first, we've been highly consistent about, which is we believe that the market is looking for consistency or at least consistent direction around policy, around tariffs, around rates, et cetera. The second is the impact of data centers and their flow-through on everything else.

第一點我們一直非常一致地在說：我們認為市場正在尋求一致性，或至少在政策、關稅、利率等方面有一致的方向。第二點是資料中心的影響，以及它對其他領域的外溢效應。

So they're creating a bit of a crowding out, both from a labor perspective, and I'm sure we'll talk about memory at some point in the call, but their impact on the market is being felt.

因此它們在某種程度上造成「排擠效應」，不論是從勞動力角度；我相信我們在電話會議某個時點也會談到記憶體，但它們對市場的影響正在被感受到。

The way that manifests is that we -- on the lighting side is there are a significant number of projects that are in queue in either our independent sales network or our direct sales network, which are releasing at slower paces than they have historically.

其呈現方式是——在照明端——我們在獨立銷售網路或直銷網路中，都有相當多的專案在排隊，但其釋出速度比過去的歷史水準更慢。

So our conversion rates are about the same, but the time to release is increasing. So we've talked about this in other quarters where we think there's sort of a gumming up that's going on in the marketplace. And that's really what we're seeing from a demand perspective.

因此我們的轉換率大致相同，但釋出所需時間正在拉長。我們在其他季度也談過，我們認為市場上有某種「卡住」的情況正在發生。就需求面而言，這就是我們所看到的。

Second, yes, on the direct sales network, we expected this. We had large projects last year, as Karen mentioned in the prepared remarks, which did not repeat. There are -- and there are large projects in the future, which will come along.

第二點，是的，在直銷網路方面，我們是有預期的。正如 Karen 在事先準備的發言中提到，去年我們有大型專案，但今年沒有重複。未來也還會有大型專案陸續出現。

So those are largely infrastructure projects. We do think that those were at least mildly impacted. So this is not -- this obviously does not affect year-over-year, but they were mildly impacted by the government shutdown because basically decisions, permitting and funding were stalled for a while.

因此那些多半是基礎建設專案。我們確實認為它們至少受到一些輕微影響。這當然不會影響年對年比較，但它們確實因政府停擺而受到些微影響，因為決策、許可與資金撥付一度停滯了一段時間。

So there's a little bit of ripple effect that's going through that. And I believe your third question was around market share and price. So we have no indication that we are down in market share.

所以這當中有一些漣漪效應。我相信你的第三個問題是關於市占與價格。我們沒有任何跡象顯示我們的市占下滑。

And as we've talked about in strategic pricing, what strategic pricing means for us generally is that we price our products to the value that they deliver to the market, number one. Number two is we don't have necessarily a universal pricing strategy.

另外，如同我們談到的策略性定價，對我們而言一般是指：第一，我們依據產品為市場帶來的價值來定價。第二，我們不一定採取一體適用的定價策略。

In other words, at places in the market where we choose to be very competitive, we will be very competitive, and in other places where we choose to take price, we will take price.

換句話說，在我們選擇要非常具競爭力的市場區段，我們就會非常具競爭力；而在我們選擇要提高價格的地方，我們就會提高價格。

The net of which is we're managing the relationship between top line and profitability while maintaining our market leadership position. So I think those were the three questions. Did I miss anything?

整體而言，我們在維持市場領導地位的同時，管理營收成長與獲利能力之間的關係。所以我想那就是三個問題的回答。我有漏掉什麼嗎？

No, you got all 3 parts, so I appreciate the color there. And then just a separate topic on the tariff side of things. Some news last night on potential for a presidential proclamation that finished products made with imported steel and aluminum could be tariffed at 25% instead of 50% on just the steel and aluminum content. I'm sure things that are in process in terms of working through.

沒有，你把三個部分都回答到了，我很感謝你提供的這些細節。接著換個主題談關稅。昨晚有一些消息提到，可能會有一項總統公告：使用進口鋼與鋁製成的成品，可能會被課徵 25% 的關稅，而不是僅針對鋼鋁含量課 50%。我相信你們也正在處理相關進展。

But how you're thinking about that? It seems like something that would not have USMCA compliance protection. There's perhaps a 15% threshold below which you'd be exempt.

你們怎麼看這件事？看起來這可能不會受到 USMCA 合規的保護。或許有一個 15% 的門檻，低於該門檻就可豁免。

So just big picture, how you're thinking about this development, any potential impact? Are most of your products below that 15% steel and aluminum content?

所以從大方向來看，你們如何看待這項發展、以及任何潛在影響？你們大多數產品的鋼與鋁含量是否都低於 15%？

Yes. Obviously, we're reading about this at the same time everyone else is, and we haven't seen whatever the order would be. So this would be speculation. But let me take a step back and talk about tariffs generally because I think it's a topic worth diving in a little bit about.

是的。很明顯地，我們和其他人一樣也是同時從新聞中得知這些訊息，而我們尚未看到可能發布的命令內容。因此這只能算是推測。不過我先退一步，先談談關稅這個主題的整體情況，因為我認為這值得稍微深入討論一下。

We have, in our opinion, the most dynamic, well-executed supply chain in the industry. So our ability to manage through the tariffs has largely been attributed to, a, strategy; b, hard work; and c, kind of location and direction.

我們認為，我們擁有業界最具動能、執行最到位的供應鏈。因此，我們能夠在關稅環境下持續運作，主要歸因於：a，策略；b，努力不懈的工作；以及 c，某種程度上的佈局與方向。

So we've been able to manage through the process so far, largely through qualifying new suppliers, identifying appropriate location, reengineering products. In short, a tremendous amount of work by our team here.

因此，到目前為止，我們能夠在這個過程中妥善因應，主要是透過認證新的供應商、找出合適的生產/供應地點，以及重新設計產品。簡言之，這是我們團隊投入了大量工作的成果。

And as a result, I think we're in a really strong position versus our opportunity. So when things like this change, we adapt to whatever that change is. And what we've demonstrated is that we can adapt very, very quickly. Big picture, most of our steel and aluminum, 232, does go through USMCA.

因此，我認為相較於我們的機會，我們處於非常有利的位置。當這類事情發生變化時，我們會因應任何變化而調整。而我們已經證明，我們可以非常、非常快速地適應。從大方向來看，我們大部分的鋼與鋁（232 條款）確實是透過《美墨加協定》（USMCA）體系流通。

So that would continue. And a large portion of our products are unaffected, so because of the thresholds you described. Having said that, we haven't seen it yet. So that remains up for potential change if we see the order and it's somehow different than we expect.

所以那部分會持續。此外，由於你所描述的門檻因素，我們有很大一部分產品不受影響。話雖如此，我們目前還沒看到正式內容。因此，如果我們看到命令/行政令且其內容與我們預期不同，仍可能出現變動。

Chris Snyder with Morgan Stanley.

摩根士丹利（Morgan Stanley）的 Chris Snyder。

I wanted to ask on ABL gross margin. I don't think anyone would have expected ABL gross margins to be up 70 basis points year-on-year despite volume declines and a lot of the very clear tariff pressure in the market. So can you maybe unpack a little bit the drivers there?

我想請教 ABL 的毛利率。我想沒有人會預期，在出貨量下滑、且市場上有非常明顯的關稅壓力之下，ABL 的毛利率仍能年增 70 個基點。你能否稍微拆解一下背後的驅動因素？

I'd imagine it's a combination of productivity and price cost. Kind of how is the company achieving that in an industry that's known to be so competitive?

我猜這可能是生產力提升與售價/成本之間的組合。公司在一個以高度競爭著稱的產業中，是如何做到的？

And then I guess just looking forward, what gives you confidence that ABL gross margin can continue to grow after all the expansion we've seen already in the last three years?

另外，展望未來，在過去三年我們已經看到這麼多擴張之後，是什麼讓你有信心 ABL 的毛利率還能持續成長？

Yes, Chris. I'll start. Karen, dive in if I leave anything out. So big picture, kind of this time last year, around this time last year, we talked about the impact of tariffs and our need to basically take a year to work through the productivity necessary to regain kind of where we were.

好的，Chris。我先開始。Karen，如果我漏了什麼請補充。從大方向來看，大約在去年這個時候，我們談到關稅的影響，以及我們基本上需要花一年時間，透過必要的生產力改善，把毛利率拉回到原本的水準。

So the quick summary, Chris, is that we're working through the productivity as we described to catch up the year of tariff impact on our gross profit margin. So sort of similar to the tariff answer I gave a second ago, it's a lot of hard work around product and productivity improvements.

所以簡要總結，Chris，就是我們正如先前所述，透過生產力改善來追趕並抵消關稅對我們毛利率造成的一年影響。因此，跟我剛剛對關稅的回答類似，這背後是大量圍繞產品與生產力提升的辛勤工作。

So that is the redesigning of products, that's the redesigning of our manufacturing footprint, that's the inclusion of some automation, it's a combination of things which are driving that. So as we look forward then around our product and productivity improvements, we're confident in our ability to continue down this path.

這包括重新設計產品、重新規劃我們的製造佈局、導入部分自動化等，是多項措施的組合在推動這些成果。因此，展望未來，圍繞產品與生產力改善，我們對持續沿著這條路徑前進的能力有信心。

And it's not magic. It's hard work, but there's a lot that goes into that. So it's the impact of some of the technology investments that we're making in the SG&A line, it's the Better.Smarter.Faster. operating system and how we reengineer basically everything that we do.

這不是什麼魔法，而是辛勤工作，而且其中包含很多面向。包括我們在 SG&A（銷售、一般及行政費用）項目上所做的一些科技投資所帶來的影響，以及 Better.Smarter.Faster. 營運系統，還有我們如何基本上重新工程化我們所做的一切。

So as we look forward, the combination of product changes, of productivity in our facilities, of our material productivity will continue to drive the increases in gross profit margin.

因此，展望未來，產品變更、廠內生產力提升，以及材料生產力的組合，將持續推動毛利率的提升。

I appreciate that. And I want to follow up on, I guess, it's been going on for a while, this intersection of kind of technology and industrials, and it's -- I think it's intensifying now with AI and what that can mean. And I wanted to just ask you, Neil, just given your background, what does this intersection of AI, and I guess, specifically building controls, what does it mean for Acuity?

謝謝。我想追問一下：這種科技與工業領域的交會已經持續一段時間了——我認為現在隨著 AI 以及其可能帶來的意義，正在加速。我想請教你，Neil，基於你的背景，AI 與（更具體地說）建築控制的交會，對 Acuity 代表什麼？

Do you view it as more opportunity than risk? And ultimately, why do you think Acuity is positioned to win as AI more increasingly penetrates the building?

你認為這是機會大於風險嗎？最終，你為什麼認為當 AI 更深入滲透到建築之中時，Acuity 具備勝出的定位？

Yes, thanks for that question. I think I'll take a big picture perspective on this and then dive into the impact on both AIS and ABL. So as you mentioned, I've been through these transformations before, and they rhyme if they're not always completely consistent.

是的，謝謝這個問題。我會先從大方向來看，然後再深入談對 AIS 與 ABL 的影響。如你所提，我以前經歷過這類轉型；即使不總是完全一致，但往往有相似的韻腳。

And you've heard the truism that the impact in the short term is generally overestimated and the impact of the long term is underestimated. And my view is that, that will be true in spades in AI.

你也聽過那句常見的說法：短期影響通常被高估，而長期影響通常被低估。我認為在 AI 上，這點會更加明顯。

I would say I and we are AI maximalists. We are incredibly positive on the impact it's going to have on our business, that I do believe, though, that with AI, it will be -- the benefits will be spread across everyone, so everyone will get some benefit and declare victory.

我會說我以及我們都是 AI 的最大化擁護者（AI maximalists）。我們對它將對我們業務帶來的影響非常正面。不過我也相信，AI 的效益會擴散到所有人身上，所以每個人都會得到一些好處並宣告勝利。

There will be a subset, though, that have tremendous benefit. And those are the companies and organizations that have the scale, the resources and, most importantly, the ability to use technology to change their businesses. And the hard part is changing the business, and that's what we're really good at.

但其中會有一部分公司獲得極大的效益。那些公司與組織具備規模、資源，更重要的是，具備運用科技來改變其業務的能力。困難之處在於改變業務本身，而這正是我們非常擅長的。

So I think that, that positions us extremely well. Then the impact of that technology manifests itself really in two ways. It manifests itself in the products that we present to our customers and end users and in how we operate the business.

因此，我認為這讓我們的定位非常有利。接著，這項科技的影響主要會以兩種方式呈現：一是體現在我們提供給客戶與終端使用者的產品；二是體現在我們如何營運這門生意。

So specifically to your question around AIS, that would be a good example of where the AI inserts into the products and services that we present to customers and end users. That will drive the data integration between Atrius, Distech and QSC.

就你關於 AIS 的問題而言，這會是一個很好的例子，說明 AI 如何嵌入我們提供給客戶與終端使用者的產品與服務。這將推動 Atrius、Distech 與 QSC 之間的資料整合。

It will drive the data integration among the different components of each of Distech and QSC, for example. And we're well underway with that process now. Second, around ABL.

它也會推動 Distech 與 QSC 各自不同組件之間的資料整合，例如如此。而我們目前已經在這個流程上進展良多。第二，談到 ABL。

This gives us a new tool to your -- the first half of your question to continue to drive the impact on the business through the reengineering of the processes, which are core to the execution of the business. And that's a process we're underway with now.

這為我們提供了一個新工具，對應你問題的前半段：透過對流程的重新工程化，持續推動對業務的影響，而這些流程是業務執行的核心。我們目前也正在推進這項工作。

We're at the beginning stages of as well. So if you take the 2 together, then we have the opportunity to impact the -- both the products that -- and services that we provide to customers and users as well as driving the productivity in our business.

而且也才剛開始起步。因此，把這兩者合在一起看，我們就有機會同時影響我們提供給客戶與使用者的產品與服務，以及推動我們業務的生產力提升。

So we're net very, very positive. I think the negative cases that are talked about generally, at least as it relates to kind of where we live in the market, put software aside for a second, are built on the premise that AI can do anything. And while that may be true, just because you can doesn't mean you should or you will.

因此整體而言我們非常、非常正面。我認為一般被討論的負面情境，至少就我們所處的市場而言——先把軟體放一邊——是建立在「AI 什麼都能做」的前提上。即便那可能為真，但能做不代表你應該做或你會去做。

And so if we think about where our end users and customers are going to devote their resources, it's probably not going to be figuring out how to dim lights or connect cameras and displays in their corporate conference rooms or in their entertainment parks or in their NFL stadiums.

因此，如果我們思考終端使用者與客戶會把資源投入在哪裡，他們大概不會把重點放在研究如何調暗燈光，或在企業會議室、娛樂園區或 NFL 球場裡連接攝影機與顯示器。

So we feel really, really good about where we sit, number one; about our ability to capitalize on AI, number two; and number three, the ultimate defensibility of both of those.

所以我們對自身所處的位置感到非常、非常有信心，第一；對我們把握 AI 的能力很有信心，第二；第三，對這兩者最終的可防禦性也很有信心。

Ryan Merkel with William Blair.

William Blair 的 Ryan Merkel。

Neil or Karen, can you comment on if you're seeing any cost pressures? And are you considering raising prices in the second half of the year?

Neil 或 Karen，你們能否評論一下是否看到任何成本壓力？以及你們是否考慮在今年下半年調漲價格？

Yes, Ryan, let me start with what Neil was talking about with the impact of data centers first. So with the impact of data centers, obviously, that's had some impact on labor availability, which is impacting demand, but it's also impacting memory availability.

好的，Ryan，我先從 Neil 剛才提到的資料中心影響談起。就資料中心的影響而言，顯然它對勞動力可得性造成了一些影響，進而影響需求，但它也影響了記憶體的可得性。

So when we think about that, we think about it as a supply shock, just like others that we've had in the past. And here's what we're focused on, similar to what we've done around tariffs. First, we want to make sure we have the right availability of components for our customers.

因此當我們思考這件事時，我們把它視為一種供給衝擊，就像過去我們遇到的其他情況一樣。我們的重點是——也類似我們在關稅上的做法——第一，確保我們能為客戶取得正確且充足的零組件供應。

And then second, we will make sure we cover the dollar impact of any of those increases. And then finally, over time, we'll make sure to address any margin impact just like we've done and Neil described with the tariff situation. So that's really where we're seeing a little bit of the pressure right now, but we will manage through it as we've done before.

第二，我們會確保涵蓋任何這些上漲所帶來的金額影響。最後，隨著時間推進，我們也會像我們過去所做、以及 Neil 在關稅情境中所描述的那樣，確保處理任何對利潤率的影響。因此，這就是我們目前看到的一點壓力來源，但我們會像以前一樣妥善因應。

All right. Got it. And then my second question is on AIS. Can you just comment on if the outlook has changed and what kind of demand signals you're seeing right now?

好的。了解。那我的第二個問題是關於 AIS。你能否評論一下展望是否有變化，以及你們目前看到哪些需求訊號？

Yes, I'll take that one, Ryan. The short answer is no. But the longer answer is we feel really good about how this business is coming together. So we are now anniversarying QSC as part of our organization. So it's kind of hard to believe it's only been a year.

是的，Ryan，我來回答。簡短的答案是沒有。但較長的答案是，我們對這項業務的整合進展感到非常樂觀。我們現在正好迎來 QSC 併入我們組織的一週年，所以很難相信才一年。

But they are fully integrated now as part of AIS. They are -- we are seeing the benefits. They are seeing the benefits of being part of Acuity. We are seeing the benefits of putting Atrius, Distech and QSC together. So we feel really, really good about where they stand.

但他們現在已完全整合為 AIS 的一部分。他們——我們正在看到效益；他們也正在看到成為 Acuity 一部分的效益。我們也看到把 Atrius、Distech 和 QSC 整合在一起的效益。所以我們對他們目前的狀態感到非常、非常有信心。

In terms of kind of the long-term opportunity, both in the building space -- well, in the building space, in the integrated AV space and then in the consolidated space, we feel exactly the same as we have before.

就長期機會而言，無論是在建築領域——嗯，在建築領域、整合式 AV 領域，以及整合（consolidated）領域，我們的看法與之前完全一致。

So the short answer is we feel really good about where we are. If we take the first half, they're spot on from a top line perspective where we expect them to be, and we feel good about where they're positioned for the future.

所以簡短的答案是，我們對目前的狀況感到非常好。如果看上半年，從營收（top line）的角度來看，他們的表現完全符合我們的預期，我們也對他們未來的布局感到樂觀。

Christopher Glynn with Oppenheimer.

Oppenheimer 的 Christopher Glynn。

A lot of interesting ground covered here today. I had a question on the ABL outlook for kind of flat to down now. That arguably suggests the second half shows a little more resilience in the year-over-year versus second quarter or probably no worse.

今天涵蓋了很多有意思的內容。我有一個關於 ABL 展望的問題：目前看起來是持平到下滑。這或許意味著下半年相較去年同期會更有韌性，至少相對第二季不會更差，或大概不會更差。

But it might be intuitive that the data center draw on the rest of the market might be intensifying. So just wanted to put some qualitative on that kind of top line indication you gave for ABL.

但直覺上，資料中心對其他市場的「吸力」可能正在加劇。所以想請你就你對 ABL 所給的營收端指引，補充一些定性的說明。

Yes, I'll take that one and then, Karen, if I leave anything off. So first, I'd say, basically, for the first half of the year, ABL is basically down about 1%, and we have really tough comps from all of the order aheads from this time last year now that we're starting to anniversary.

是的，我先回答，然後 Karen 如果我漏了什麼再補充。首先我會說，基本上今年上半年 ABL 大約下滑 1%，而且我們正開始進入去年同期「提前下單」所帶來的非常艱難的比較基期（tough comps）。

So that's the synopsis basically of what's going on at ABL. I think going into the year, it's fair to say we had expectations that then became hopes, which now we don't count on anymore that the market would start to normalize and free up a little bit.

所以這大致就是 ABL 目前的狀況。我想年初時，公平地說，我們有一些預期，後來變成希望，而現在我們已不再把市場會開始正常化、稍微鬆動這件事納入依賴。

So you know everything that's happened between when we made that plan and where we are from a global macro perspective at this point. So that's largely what's going on. And then we're executing through that. I'd tell you an anecdote to explain kind of the impact of data center.

所以你知道，從我們制定計畫到現在，全球總體環境發生了各種事情。這基本上就是主要原因。然後我們也在這樣的環境下持續執行。我可以分享一個小故事來說明資料中心的影響。

So I was talking to one contractor who is actually a Distech supplier, a mechanical contractor who does a lot of data center work. And what he said to me was, I think, three things, which I found really interesting.

我和一位承包商聊過，他其實是 Distech 的供應商，是做機電的承包商，承接很多資料中心的案子。他跟我說了三件事，我覺得很有意思。

The first is that they could devote 100% of their capacity to data centers, and they have twice the margin on data centers that they have on anything else. The second thing he said was they're not going to do that, though, because he recognizes that data centers won't last forever, and he doesn't want to alienate all his existing customers for the next stage.

第一，他們可以把 100% 的產能都投入資料中心，而且資料中心的毛利是他們做其他任何業務的兩倍。第二，他說他們不會那樣做，因為他知道資料中心不會永遠都這麼熱，他不想為了下一個階段而疏遠所有既有客戶。

So people are starting to see or to balance for that. And then finally, he said, basically, all of his controls people, their business at this point is to rip everything else out and replace it with Distech because they think Distech performs so well. And the reference project he gave me was the D Concourse at Atlanta Hartsfield.

所以大家開始看到、或在做這樣的平衡。最後，他說基本上他們所有做控制系統的人，目前的工作就是把其他系統都拆掉，換成 Distech，因為他們認為 Distech 的表現非常好。他給我的參考專案是亞特蘭大哈茲菲爾德機場的 D Concourse。

So it's the first time in 25 years, anything other than the legacy provider has been in Hartsfield and now Distech is. So I think that's a quick synopsis and the color of like the texture of how this is playing out on the ground.

所以這是 25 年來第一次，哈茲菲爾德不再只有傳統既有供應商的系統，現在 Distech 也進去了。我想這就是一個快速的概述，也提供一些「第一線」實際發展的質地與脈絡。

Nice anecdote on Distech there. And then I just wanted to follow up on capital allocation. With the stock going down, might have guessed you'd buy back more shares. You see really intent on eliminating the Distech debt, but optically, at least the leverage is negligible.

關於 Distech 的例子很不錯。接著我想追問資本配置。股價下跌時，我原本會猜你們會回購更多股票。你們看起來很有決心要償還 Distech 的債務，但從表面上看，槓桿其實微不足道。

So just curious how you're thinking about that. And then the third component that I didn't mention would be the pipeline.

所以想了解你們是怎麼思考的。另外第三個我剛剛沒提到的部分是併購管線。

Yes. So spot on. When -- as Karen indicated in her prepared remarks, when we see an opportunity, we attempt to realize it on the share repurchase perspective. So yes, we've obviously blown through what we had set as our original expectations.

是的。完全說中重點。正如 Karen 在事先準備的發言中提到的，當我們看到機會時，我們會嘗試在股票回購方面把握並實現。所以是的，我們顯然已經大幅超過原先設定的預期。

And obviously, we will continue to do that as we see the stock where we think it's kind of at attractive levels. The second, on the pay down of debt, that simply is a function of we have that much cash. So there's no reason to have a negative carry while we're there.

而且很明顯地，只要我們看到股價處於我們認為具吸引力的水準，我們就會持續這麼做。第二，關於償還債務，那純粹是因為我們手上有那麼多現金，所以在那種情況下，沒有理由承擔負的持有成本（negative carry）。

We would be completely comfortable operating with leverage where we to find the appropriate use for that leverage, which gets me to the third point, which is acquisition pipeline. So we continue to have strong pipeline opportunities.

如果我們能找到適當的槓桿用途，我們完全可以接受以槓桿方式營運。這也帶到第三點，也就是併購管線。我們仍然有強勁的併購機會管線。

Our focus continues to be on expanding AIS and making it a continuingly large part of the business. So our priorities remain the same. We'll invest to grow the current businesses, and that kind of through things like CapEx, maybe through things like OpEx if we want to accelerate organic product development, number one.

我們的重點仍然是擴大 AIS，並讓它持續成為公司業務中更大的一部分。所以我們的優先順序不變。我們會投資以成長現有業務，可能透過資本支出（CapEx），也可能透過營運支出（OpEx），如果我們想加速有機的產品開發，這是第一。

Number two, as you saw, we increased the dividend in January for the year. Number three, we have a strong pipeline for acquisitions. And then number four, when we see ourselves in situations like this where the multiple compresses so dramatically, we see an opportunity to repurchase and we do.

第二，如你所見，我們在一月提高了年度股利。第三，我們有強勁的併購管線。第四，當我們遇到像這樣估值倍數大幅壓縮的情況時，我們會看到回購的機會，並且會去做。

Brian Lee with Goldman Sachs.

Goldman Sachs 的 Brian Lee。

This is Tyler Bisset on for Brian. I guess just first, can you provide any additional commentary on the cross-selling opportunity with QSC? And I guess, what has been the early customer feedback so far? And how are you envisioning the continued rollout of this product?

我是代 Brian 發言的 Tyler Bisset。我想先問，你們能否就與 QSC 的交叉銷售機會提供更多評論？另外，到目前為止早期的客戶回饋如何？以及你們如何構想這項產品後續的持續推廣？

Yes. So well, let me start first and foundationally, they are the leading full stack AV provider in the world. So we highlighted the ISE Best in Show Award because that literally the global center of the industry, which basically says they're -- that's the industry saying they're the best in the industry.

可以。那我先從最根本的部分說起：他們是全球領先的全堆疊（full stack）AV 供應商。我們特別提到 ISE Best in Show Award，因為那基本上是這個產業的全球中心；這等於是產業在說他們——就是業界最好的。

So there's a strong foundational opportunity to continue to grow what they currently have. The opportunity for cross-sell is then kind of the cherry on top, if you will.

因此，在持續成長他們現有業務方面，有很強的基本盤機會。交叉銷售的機會則可以說是錦上添花。

So that is coming through in examples we highlighted in the last call, where, for example, we integrated some Distech products, the recent move with Q-SYS and the broader Q-SYS kit to provide a unique office solution in India.

這也反映在我們上次電話會議提到的例子中，例如我們整合了一些 Distech 產品，近期也把 Q-SYS 與更完整的 Q-SYS 套件結合，為印度提供一個獨特的辦公室解決方案。

So second, we have, interestingly, a large overlap of customer base. So I like to -- I used to like to say about Distech, and now I can say the same thing about Q-SYS, which is that the smartest customers buy our products.

第二，有趣的是，我們的客戶基礎有很大的重疊。我喜歡——我以前談 Distech 時常說，現在對 Q-SYS 也可以同樣說：最聰明的客戶會買我們的產品。

So our end-user councils end up being a lot of the same folks. Interestingly, though, even in those, it's not necessarily the same individuals who are making those decisions. So we believe that the cross-sell opportunity ultimately is end user-driven where the companies start to realize the benefit at a more senior level than these individual products have historically been evaluated.

所以我們的終端用戶委員會（end-user councils）往往是很多相同的人。雖然有趣的是，即便在這些公司裡，做決策的人也不一定是同一批個人。因此我們相信，交叉銷售的機會最終會由終端用戶驅動：公司會在比過去評估單一產品更高的管理層級，開始意識到其效益。

And that's what we mean when we talk about driving productivity for the people in the spaces and the people who are providing those spaces. So that's -- we see good traction on that. And then finally, we also see some traction around AIS and ABL cross-sells, which will be a topic for a later conversation.

這也就是我們所說的，為空間中的人，以及提供這些空間的人提升生產力。因此——我們看到這方面有不錯的進展。最後，我們也看到 AIS 與 ABL 之間的交叉銷售有一些進展，這會是之後再談的主題。

Jeffrey Sprague with Vertical Research Partners.

Vertical Research Partners 的 Jeffrey Sprague。

I wonder if you could just kind of come back to the question of memory, and certainly, the color on data center crowding out contracting is certainly very interesting. But I'm kind of more curious just on the kind of core supply side of memory, sort of the nature of memory that you yourself need for your business and whether or not you actually do have a secure source of supply here as things get much tighter.

我想請您再回到記憶體這個問題上。當然，您提到資料中心需求擠壓到承攬/合約業務的相關數據與說明確實很有意思。但我更好奇的是記憶體供給端的核心狀況：就您自身業務所需的記憶體性質而言，隨著供應愈來愈吃緊，您是否確實擁有一個安全穩定的供應來源？

Yes. Thanks for the question, Jeff. As Karen mentioned, this is a supply shock, and we're starting to see a continuing cadence of supply shock. So I guess pretty soon, we're not going to have to call them shocks anymore, but we'll call them supply something else.

是的。謝謝你的提問，Jeff。正如 Karen 提到的，這是一個供給衝擊，而且我們開始看到供給衝擊持續以一定節奏出現。所以我想很快我們就不用再稱它們為「衝擊」了，而是會把它們叫做某種「供給……別的東西」。

In this case, and our playbook for dealing with this is, first, to ensure that we have availability, second, to cover the dollar cost impact through multiple ways. That's productivity and price. And then finally, regain the margin, and you kind of watched us do that with ABL.

在這種情況下，我們應對的作戰手冊是：第一，確保供貨可得性；第二，透過多種方式吸收美元成本的影響，包括生產力提升與價格調整；最後，重新把毛利率拉回來——你們也看到我們在 ABL 上就是這麼做的。

We're doing the same thing here. So yes, we've started by ensuring that we have availability. It's a dynamic market. This is a market that's changing on a monthly basis. But we are generally very well positioned for availability.

我們在這裡也做同樣的事。所以是的，我們先從確保供貨可得性開始。這是一個動態市場，市場每個月都在變化。但整體而言，我們在供貨可得性方面的布局相當到位。

And that's obviously the primary thing that we're going to be focused on. So our long-term view, I don't know that we have a different long-term view or any greater insight than what you've heard from the general market.

而這顯然是我們最優先聚焦的事情。至於長期觀點，我不確定我們是否有不同的長期看法，或比你們從整體市場聽到的有更多洞見。

I would say that our general view is that while it's really, really tight right now, it is still very fluid. So it is -- we expect it to be bumpy. So we've done things like extend some purchasing in advance, funding in advance so that we make sure that we have availability. And we're going to ride out a little bit to see where availability and price goes over the next kind of 6 to 12 months.

我會說我們的整體看法是：雖然現在真的非常非常緊，但仍然非常流動、變化很快。因此——我們預期會有顛簸。我們已經做了一些事情，例如提前延長部分採購、提前提供資金，以確保我們有供貨可得性。我們也會先撐過一段時間，觀察接下來大約 6 到 12 個月供貨可得性與價格的走勢。

Is the reduction in your top line forecast specifically tied to not having as much memory as you would have needed to make that other forecast?

你們下修營收（top line）預測，是否具體是因為你們拿不到原本做出先前預測所需要的那麼多記憶體？

No, there's no impact. Most of the memory would be at AIS, not at ABL.

不，沒有影響。大部分的記憶體會是在 AIS，而不是在 ABL。

Okay. Great. And then I was just wondering if you could maybe elaborate a little bit more on the restructuring actions. Is this another one of many that might be coming? Or should we view this as sort of a one-off action here? And what kind of payback do you see on the actions that you took here in the quarter?

了解。很好。接著我想請你們再多談一點重整（restructuring）措施。這會是未來可能陸續出現的眾多措施之一嗎？還是我們應該把它視為一次性的行動？另外，你們認為本季採取的這些行動，回收期（payback）大概會是怎樣？

I'll start, Karen, you clean up. So big picture, I want to emphasize that we've done a lot -- this is all ABL related. We've done a lot over the last 6 years to increase our productivity. That increase in productivity has increased our -- as a result, has increased our capacity. So we have significant capacity.

我先說，Karen 你再補充。從大方向來看，我想強調我們做了很多——這些都與 ABL 有關。過去 6 年我們做了很多來提升生產力。生產力的提升也帶動了我們的——因此也提升了我們的產能。所以我們有相當可觀的產能。

That positions us well for two things. One is to realize some short-term benefits when the market presents us with a need to, and then the second is to meet whatever opportunity there is going forward.

這讓我們在兩件事上具備很好的位置：第一，當市場出現需要時，我們能在短期內實現一些效益；第二，能夠滿足未來任何可能出現的機會。

So specifically this time, we started to reduce some of the labor in our manufacturing facilities as a result of this productivity improvements and the current demand levels. That's the primary piece of what we did. Second, we changed a little bit of how we're operating the sum of parts of the go-to-market as well, which was more minor.

就這一次而言，我們主要是因為生產力改善以及目前需求水準，而開始在製造設施中減少部分人力。這是我們所做的主要部分。第二，我們也稍微調整了 go-to-market 的各個組成部分的運作方式，但那部分比較次要。

So those are -- this was not an isolated action. So we will continue to view how our manufacturing network and our supply chain are positioned given this increase in productivity, but that will take us years, not quarters.

所以——這不是一次孤立的行動。我們會持續檢視在生產力提升之後，我們的製造網路與供應鏈應如何配置，但那會是以「年」為單位，而不是以「季」為單位。

Robert Schultz with Baird.

Baird 的 Robert Schultz。

I'm on for Tim this morning. Neil, earlier in the call, you referred to the gap between quoting activity and releases. What do you think we really need to see for that gap to close? And just how would you frame current sentiment from agents within your independent sales network today?

我今天早上代 Tim 提問。Neil，你在電話會議前面提到報價活動（quoting activity）與專案釋出（releases）之間的落差。你認為我們需要看到什麼，才能讓這個落差縮小？另外，你會如何描述你們目前從獨立銷售網路中的代理商那裡感受到的情緒/信心？

So I want to contextualize this and then I'll answer your specific question. So contextually, our conversion rate is basically the same that it's always been. So that's a 15 year observation, not a two quarter observation.

我先把背景脈絡說清楚，再回答你的具體問題。就背景而言，我們的轉換率基本上跟以往一樣。這是 15 年的觀察，不是兩個季度的觀察。

So having said that, the time between quote and release of the projects is -- has gotten longer through this period than it has been in the past. So if you deconstruct that, that says, effectively, there's still a lot of projects in the pipeline and they're releasing at a slower rate.

話雖如此，在這段期間，從報價到專案釋出的時間——比過去拉得更長。如果把它拆解來看，等於是在說：管線裡仍然有很多專案，但它們釋出的速度變慢了。

Our hypothesis is that this is related to things like labor and crowding out that we talked about earlier and maybe some uncertainties around the policies, tariffs, et cetera. So that's the nuts and bolts of how it happens or how it is happening. In terms of the independent sales network, their view is generally relatively positive. So we survey them regularly. We talk to them even more regularly.

我們的假設是，這與我們先前談到的勞動力與被擠壓（crowding out）等因素有關，另外也可能有一些政策、關稅等不確定性。這就是它如何發生、或說目前正在如何發生的細節。至於獨立銷售網路，他們的看法整體而言相對偏正面。我們會定期對他們做調查，也更頻繁地與他們溝通。

They are still in hiring mode, so they're adding headcount, which they are -- remember, they're independent small and medium-sized businesses. So that comes out of their pocket. So I would say that their general view is that we will -- this will improve over time.

他們仍處於招募模式，也就是在增加人力編制——請記得，他們是獨立的中小型企業，所以這些成本是由他們自己負擔。我會說他們普遍的看法是：我們——這個狀況會隨時間改善。

Got it. And then just as it relates to the ABL guide and the revision in sales there. Is there any changes to what you guys are thinking about SG&A spend in the back half of the year?

了解。接著就 ABL 的指引以及那邊銷售的下修而言，你們對今年下半年 SG&A（銷售、一般及行政費用）的支出假設有任何改變嗎？

Well, obviously, we've already taken some actions around SG&A. And as we indicated, as Karen indicated in our prepared remarks, we are managing SG&A really aggressively through this period. So Karen, would you add anything to that?

嗯，顯然我們已經在 SG&A 上採取了一些行動。而且如我們所說、也如 Karen 在事先準備的講稿中提到的，我們在這段期間會非常積極地管理 SG&A。Karen，你要補充什麼嗎？

Yes. No, I think that's fair. As Neil mentioned, the charges that we took this quarter at ABL will impact a little bit of the SG&A spend as well, and we just continue to manage aggressively in this market.

是的。不，我覺得這樣說很公平。如 Neil 提到的，我們本季在 ABL 認列的費用也會對 SG&A 支出有一點影響，而我們會在這個市場環境下持續積極管理。

We also, though, will continue our investment in technology. So just to finish that point, Rob, we will continue our investment in technology. Obviously, I covered that pretty extensively earlier, but we will continue that investment.

不過，我們也會持續投資科技。所以把這點補完，Rob，我們會持續投資科技。顯然我先前已經相當詳細地談過，但我們會持續這項投資。

Joe O'Dea with Wells Fargo.

Wells Fargo 的 Joe O'Dea。

This one is a quick one. But just on the guide, you talked about ABL. Just in terms of AIS revenue, are you still looking for low to mid-teens growth there for the year? And then any change to the EPS guidance range?

這題很快。就指引而言，你們談到 ABL。那就 AIS 營收來說，你們今年仍然預期低到中十位數（low to mid-teens）的成長嗎？另外，EPS 指引區間有任何變動嗎？

Yes, Joe, thanks for asking. Yes, no change to AIS growth, still low to mid-teens, and no change in EPS as well.

是的，Joe，謝謝你問。是的，AIS 成長沒有改變，仍是低到中十位數；EPS 也沒有改變。

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

目前我看到隊列中沒有其他問題了。我想把電話交回給 Neil Ashe，請他做結語。

Great. Well, thank you all for joining us this morning. I would say that I am pleased and proud of the execution that our company is showing through this dynamic market environment. At ABL, we are clearly the market leader. We are managing gross profit margin despite lower sales.

很好。非常感謝各位今天早上加入。我想說，我對公司在這個動態的市場環境中所展現的執行力感到滿意且自豪。在 ABL，我們顯然是市場領導者。即使銷售下滑，我們仍在管理毛利率。

At AIS, we are differentiated and we continue to grow and change the industry. So I feel really good about where we are going forward, and we look forward to talking to you again in another quarter.

在 AIS，我們具備差異化優勢，並持續成長並改變這個產業。所以我對我們未來的走向感覺非常好，也期待在下一個季度再與各位交流。

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。感謝各位參與。您現在可以掛線。