艾默生電氣 (EMR) 2022 Q2 法說會逐字稿

Good morning and welcome to the Emerson Second Quarter 2022 Earnings Conference Call. (Operator Instructions)

早上好，歡迎參加艾默生 2022 年第二季度收益電話會議。 （操作員說明）

Please note this event is being recorded.

請注意，正在記錄此事件。

I would now like to turn the conference over to Brian Joe. Please go ahead, sir.

我現在想把會議交給布賴恩·喬。請繼續，先生。

Good morning and thank you for joining us for Emerson's Second Quarter Fiscal 2022 Earnings Conference Call. Today, I am joined by President and Chief Executive Officer, Lal Karsanbhai; Chief Financial Officer, Frank Dellaquila; and Chief Operating Officer, Ram Krishnan. As always, I encourage everyone to follow along with the slide presentation, which is available on our website. Please join me on Slide 2.

早上好，感謝您參加艾默生 2022 財年第二季度收益電話會議。今天，總裁兼首席執行官 Lal Karsanbhai 加入了我的行列；首席財務官弗蘭克·德拉奎拉；和首席運營官拉姆克里希南。與往常一樣，我鼓勵大家關注我們網站上提供的幻燈片演示。請和我一起看幻燈片 2。

This presentation may include forward-looking statements, which contain a degree of business risk and uncertainty. Please take time to read the safe harbor statement and note on the non-GAAP measures.

本演示文稿可能包括前瞻性陳述，其中包含一定程度的業務風險和不確定性。請花時間閱讀安全港聲明和關於非公認會計原則措施的注意事項。

Turning to Slide 3. As noted in our press release, Emerson officially announced the date and location of our 2022 investor conference. The conference will be held in person November 29 in New York City. More details will be distributed as we approach the conference later this year.

轉到幻燈片 3。正如我們在新聞稿中所述，艾默生正式宣布了 2022 年投資者會議的日期和地點。會議將於 11 月 29 日在紐約市親自舉行。更多細節將在今年晚些時候接近會議時發布。

I'll now turn the presentation over to Emerson's President and CEO, Lal Karsanbhai, for his opening remarks.

現在，我將把演示文稿交給艾默生的總裁兼首席執行官 Lal Karsanbhai 做開幕詞。

Thanks, Brian. Good morning, everyone. I would like to begin by thanking the global Emerson team, who again delivered very strong results amid challenging operating conditions. I'd also like to thank and extend my appreciation to Emerson's Board of Directors for their energy and support of management. And lastly, to all our shareholders who believe in our value creation proposition. Thank you.

謝謝，布賴恩。大家，早安。首先，我要感謝艾默生全球團隊，他們在充滿挑戰的運營條件下再次取得了非常出色的成果。我還要感謝 Emerson 的董事會，感謝他們的精力和對管理層的支持。最後，致所有相信我們的價值創造主張的股東。謝謝你。

A lot has changed since our call 3 months ago. Operating conditions clearly worsened. The war in Ukraine, COVID lockdowns in China resulted in a return to inflationary commodity environment, lead time extensions and shortages in electronics and logistics challenges. All this resulted in challenging variances across our businesses. But in spite of this, our business performance was strong, and we delivered differentiated results in our ability to execute.

自從我們 3 個月前的電話會議以來，發生了很多變化。經營狀況明顯惡化。烏克蘭戰爭、中國 COVID 封鎖導致商品價格重返通脹環境、交貨期延長以及電子產品和物流方面的短缺挑戰。所有這些都導致我們的業務出現了具有挑戰性的差異。但儘管如此，我們的業務表現依然強勁，我們在執行能力方面取得了差異化的成果。

Orders grew 13% on a March-ending 3-month underlying basis, led by 17% growth in Automation Solutions and 7% growth in commercial/residential. Our underlying sales accelerated to 10% growth with conversion in Automation Solutions improving sequentially to 7% and commercial/residential very strong at 14% growth. We have broad world area strength across our business.

在截至 3 月底的 3 個月基礎上，訂單增長 13%，其中自動化解決方案增長 17%，商業/住宅增長 7%。我們的基本銷售額加速增長至 10%，自動化解決方案的轉化率依次提高至 7%，商業/住宅的增長非常強勁，達到 14%。我們在我們的業務中擁有廣泛的全球區域實力。

Price activity was very robust in the quarter, and it is sticking. But it is largely offsetting inflationary impact of materials, labor and freight costs.

本季度的價格活動非常強勁，並且一直在持續。但這在很大程度上抵消了材料、勞動力和運費成本的通脹影響。

We delivered incremental profitability of 24% in the quarter and remain committed to our guideline of 30% for the year.

我們在本季度實現了 24% 的增量盈利能力，並繼續致力於我們今年 30% 的指導方針。

Earnings per share on an adjusted basis grew 21% to $1.29, $1.21 excluding an $0.08 impact that came in the quarter.

調整後每股收益增長 21% 至 1.29 美元，其中不包括本季度 0.08 美元的影響為 1.21 美元。

Bottom line, yes, it is challenging, but our operating diligence, our management process enabled this performance. I'm very proud of the team.

歸根結底，是的，這是具有挑戰性的，但我們的運營勤奮，我們的管理流程促成了這一表現。我為球隊感到非常自豪。

Going forward, we see a robust industrial environment led by energy investments in North America and the Middle East. The war in Ukraine and sanctions on Russia has brought North America gas back to life. Reshoring, which many of us have talked about, which at this point has been largely discussed in relation to discrete manufacturing, can and should be now fully valued as it relates to energy, specifically LNG. And Emerson is uniquely positioned to capitalize on this trend. However, I should state that our perspective on energy remains unchanged. We will continue to divest commoditized upstream oil and gas businesses. We have two processes currently in the market. Sustainability investments are core to our customer success, and the unprecedented gas wave will serve both to shore up gas as a transitionary energy source and eliminate European dependence on Russian gas.

展望未來，我們看到北美和中東的能源投資引領了強勁的工業環境。烏克蘭戰爭和對俄羅斯的製裁使北美天然氣恢復生機。回流，我們很多人都談到過，在這一點上已經在很大程度上討論了與離散製造有關的問題，現在可以而且應該充分重視它與能源，特別是液化天然氣的關係。艾默生在利用這一趨勢方面具有得天獨厚的優勢。但是，我應該指出，我們對能源的看法保持不變。我們將繼續剝離商品化的上游油氣業務。目前市場上有兩種工藝。可持續發展投資是我們客戶成功的核心，前所未有的天然氣浪潮將有助於鞏固天然氣作為過渡能源的地位，並消除歐洲對俄羅斯天然氣的依賴。

Lastly, the technology stack that we can now bring to market, the best-in-class intelligent devices, a highly differentiated control system topology and the industry's leading software offering with AspenTech place Emerson in a unique position to succeed. Our KOB1 funnel grew to nearly $7 billion in the quarter, up almost $0.5 billion, with sustainability projects reaching $1 billion in value within that funnel.

最後，我們現在可以推向市場的技術堆棧、一流的智能設備、高度差異化的控制系統拓撲以及 AspenTech 提供的行業領先軟件使艾默生處於獲得成功的獨特地位。我們的 KOB1 漏斗在本季度增長到近 70 億美元，增加了近 5 億美元，其中可持續發展項目的價值達到了 10 億美元。

Demand in our climate business remained strong across most segments, in the mid-single-digit range. We continue to work closely with our HVAC OEM customers as we navigate through challenging inflationary environments. And I appreciate the efforts that Carrier and Train in particular have made to enable us to pass along price actions.

大多數細分市場對我們氣候業務的需求保持強勁，處於中個位數範圍內。我們將繼續與我們的 HVAC OEM 客戶密切合作，以應對充滿挑戰的通脹環境。我特別感謝 Carrier 和 Train 為使我們能夠傳遞價格行為所做的努力。

The future of this business is bright. We will watch the current residential cycle carefully. But over the medium term, we're well positioned to capitalize on our ESG trends through more efficient systems, new refrigerant standards and the acceleration of heat pump adoption in Europe.

這項業務的未來是光明的。我們將仔細觀察當前的住宅週期。但從中期來看，我們有能力通過更高效的系統、新的製冷劑標準和加速歐洲熱泵的採用來利用我們的 ESG 趨勢。

Our Professional Tools and home products business continued to benefit from strong commercial demand, although residential demand has weakened in the quarter. And we attribute much of that to the fact that household disposable income cannot readily be applied to other activities in lieu of home improvements, and we're watching that carefully. Nevertheless, we have strong backlog positions in that business, which will enable us to deliver strong results for the year.

我們的專業工具和家居產品業務繼續受益於強勁的商業需求，儘管本季度住宅需求有所減弱。我們將這在很大程度上歸因於家庭可支配收入不能輕易地用於代替家庭裝修的其他活動，我們正在仔細觀察這一點。儘管如此，我們在該業務中有強大的積壓職位，這將使我們能夠在今年取得強勁的業績。

Our confidence enables the raise in guide we gave today of $0.05 on the bottom, which is at $4.95 or 10% growth, and the top to $5.10 or 13% growth over 2021.

我們的信心使我們今天給出的指南在底部提高了 0.05 美元，即增長 4.95 美元或 10%，到 2021 年將增長至 5.10 美元或 13%。

Regarding cash flow, we remain committed to a 100% conversion in 2022. Within this guide is the operational impact from our decision to exit our Russia business which we announced today. This includes the sale of our Metran subsidiary.

關於現金流，我們仍然致力於在 2022 年實現 100% 的轉換。本指南中包含我們今天宣布退出俄羅斯業務的決定對運營的影響。這包括出售我們的 Metran 子公司。

We will also continue to make progress on our portfolio journey with the TOD divestiture expected to close in this current quarter and Aspen shareholder meeting scheduled for May 16 with close expected the same day. We're very excited and I -- and remain excited about working with Antonio to build a unique, highly differentiated industrial software company.

我們還將繼續在我們的投資組合之旅上取得進展，TOD 剝離預計將在本季度結束，Aspen 股東大會定於 5 月 16 日舉行，預計在同一天結束。我們非常興奮，我 - 並且仍然對與 Antonio 合作建立一家獨特的、高度差異化的工業軟件公司感到興奮。

Lastly, I would like to say a few words about our people. Our culture work is underway and we are developing a talent philosophy which will be highly differentiated and enable Emerson to attract and retain the best. A lot of great work on the way by the team on this front as well.

最後，我想對我們的人民說幾句話。我們的文化工作正在進行中，我們正在製定一種高度差異化的人才理念，使艾默生能夠吸引和留住最優秀的人才。團隊在這方面也做了很多出色的工作。

With that, please turn to Slide 5.

有了這個，請轉到幻燈片 5。

We continue to see strong levels of demand across both platforms, as I indicated. I'll start with a few comments on Commercial & Residential Solutions, whose trailing 3-month orders were up 7%.

正如我所指出的，我們繼續看到兩個平台的需求強勁。我將首先對商業和住宅解決方案發表一些評論，其過去 3 個月的訂單增長了 7%。

We are still seeing broad strength across both climate and tools and home products as we hit both comparable results versus -- hit strong comparable results versus a year ago. Within Climate Tech, European resi and commercial heating markets continue to be strong, and Asian decarbonization trends are gaining momentum from government support. As expected, U.S. resi demand began to moderate and -- as we went through the quarter, but remains positive in the Americas as we entered the peak cooling season. For the tools business, as I mentioned, commercial/industrial momentum continues, while residential began to slow. And we'll watch that very, very carefully, particularly the DIY rates, as we go through this quarter.

我們仍然看到氣候、工具和家用產品的廣泛優勢，因為我們達到了可比的結果與 - 與一年前相比達到了強勁的可比結果。在氣候技術公司內，歐洲樹脂和商業供暖市場繼續強勁，亞洲脫碳趨勢正在獲得政府支持的動力。正如預期的那樣，美國的 resi 需求開始放緩，並且隨著我們整個季度的發展，但隨著我們進入冷卻高峰期，美洲的需求仍然保持樂觀。正如我提到的，對於工具業務，商業/工業勢頭仍在繼續，而住宅開始放緩。我們將非常非常仔細地觀察這一點，尤其是在本季度進行的 DIY 費率。

The trailing 3-month orders for Automation Solutions were up 17% from the prior year, and that's indicative of the continued strength across process, hybrid and discrete. Within hybrid, life science investments remained strong globally, while metals and mining investments and resurgent -- are resurging, particularly in the Southern Cone of America -- of Latin America and in Africa.

自動化解決方案過去 3 個月的訂單比上一年增長了 17%，這表明流程、混合和離散的持續實力。在混合動力中，全球生命科學投資保持強勁，而金屬和礦業投資和復蘇——正在復蘇，特別是在美洲南錐體——拉丁美洲和非洲。

In the discrete space, supply chain-driven segments like semiconductor and electronics are on track for 20-plus percent year-over-year growth, while factory and machine automation maintained strong momentum. Process markets continued to gain momentum with chemical utilization improving and power market strength through renewables and grid modernization. We also see continued oil and gas spend, as I mentioned, led by U.S. shale investments. Upstream CapEx is up double digit year-over-year despite reinvestment rates near record lows at 40%.

在離散領域，半導體和電子等供應鏈驅動的細分市場有望實現 20% 以上的同比增長，而工廠和機器自動化保持強勁勢頭。通過可再生能源和電網現代化，隨著化學品利用率的提高和電力市場的實力，過程市場繼續獲得動力。正如我所提到的，我們還看到由美國頁岩油投資帶動的持續石油和天然氣支出。儘管再投資率接近 40% 的歷史低點，但上游資本支出同比增長兩位數。

We're in the beginning of a strong growth cycle. And I expect to see continued investments in key regions and in decarbonization initiatives. As oil prices rose, we saw more activity around key energy segments such as LNG, clean fuels and renewables. And let me share a little more color with you on these markets on the next slide, Page 6.

我們正處於強勁增長周期的開端。我希望看到對關鍵地區和脫碳計劃的持續投資。隨著油價上漲，我們看到液化天然氣、清潔燃料和可再生能源等關鍵能源領域的活動增多。讓我在下一張幻燈片第 6 頁上與您分享這些市場的更多色彩。

Just to give a perspective on what we're seeing in terms of LNG, which we highlight here, the U.S. opportunity on the left side of the chart, if you think about the LNG wave from 2000 to 2010, which was predominantly driven by the Middle East, we saw 125 MTPAs of invest -- 1 million tons per annum capacity come online during that wave. In the 2011 to 2021 wave, which had a U.S. component, a Russia component and an Australia component predominantly, another 125 MTPAs came online. We currently expect a 2022-plus forward wave that we're now entering and is being funded to result in 250 MTPAs of investment, of which 150 are already underway with an incremental 100 coming online over the next few years. So a very exciting period of time here as we think about gas, not just liquefaction, which will impact Middle East and U.S. predominantly, but then the regasification and tanker investments that are required to get the gas into Europe through this segment.

如果您考慮一下 2000 年至 2010 年的 LNG 浪潮，主要是由在中東，我們看到了 125 MTPA 的投資——在那一波浪潮中，每年 100 萬噸的產能上線。在 2011 年至 2021 年的浪潮中，主要有美國部分、俄羅斯部分和澳大利亞部分，另有 125 個 MTPA 上線。我們目前預計，我們現在正在進入 2022 年以上的前進浪潮，並且正在獲得資金，以產生 250 個 MTPA 的投資，其中 150 個已經在進行中，未來幾年將增加 100 個上線。因此，這是一個非常激動人心的時期，因為我們考慮天然氣，不僅僅是液化，這將主要影響中東和美國，還有通過該部分將天然氣進入歐洲所需的再氣化和油輪投資。

On the right-hand side of this chart, Emerson continues to play a pivotal role as traditional energy players and new entrants begin to focus on new energy segments such as clean fuels and renewables. Our decarbonization and sustainability funnel grew to $1 billion in the quarter as energy companies are dedicating roughly 15% of their CapEx budgets to these projects.

在該圖表的右側，隨著傳統能源參與者和新進入者開始關注清潔燃料和可再生能源等新能源領域，艾默生繼續發揮關鍵作用。我們的脫碳和可持續發展渠道在本季度增長到 10 億美元，因為能源公司將大約 15% 的資本支出預算用於這些項目。

In clean fuels, Emerson was recently chosen as the main automation partner for the world's largest renewable diesel facility and will supply key digital offerings as part of this project. Emerson also expanded its role in renewable energy through its acquisition of Mita-Teknik and American Governor acquisitions, which also have -- and also through some technology investments in the core portfolio.

在清潔燃料方面，艾默生最近被選為世界上最大的可再生柴油設施的主要自動化合作夥伴，並將作為該項目的一部分提供關鍵的數字產品。艾默生還通過收購 Mita-Teknik 和 AmericanGovernor 收購擴大了其在可再生能源領域的作用，這些收購也有——以及通過對核心產品組合的一些技術投資。

In the second quarter, Emerson Geological Simulation Software was selected to provide its geological and reservoir modeling software to HITA, a geothermal energy company in Belgium, to increase the safety and reliability of geothermal energy sources. This is an exciting example of a traditional Emerson application designed for the oil and gas field now expanding to a diversified sustainability application. And then lastly, Emerson was selected as a software and controls provider for the world's largest battery storage facility, another high-growth area where Emerson brings immediate relevance.

第二季度，艾默生地質模擬軟件被選中為比利時地熱能源公司HITA提供其地質和油藏建模軟件，以提高地熱能源的安全性和可靠性。這是為石油和天然氣領域設計的傳統艾默生應用的一個令人興奮的例子，現在擴展到多元化的可持續性應用。最後，艾默生被選為世界上最大的電池存儲設施的軟件和控制供應商，這是艾默生直接相關的另一個高增長領域。

And with that, I'm going to turn it over to Frank to go through the second quarter results.

有了這個，我將把它交給弗蘭克來查看第二季度的結果。

Thank you, Lal, and good morning, everyone. Thanks for joining us. If you would, please turn to Slide 7, and I'll review the quarter.

謝謝你，Lal，大家早上好。感謝您加入我們。如果願意，請轉到幻燈片 7，我將回顧本季度。

As Lal said, we had a very strong quarter. I want to also extend my thanks to everyone in operations for the execution that they turned in and have faced some very real operational challenges.

正如拉爾所說，我們有一個非常強勁的季度。我還要感謝運營中的每個人，感謝他們上交並面臨一些非常現實的運營挑戰。

Demand continues to be robust across most key end markets, driving second quarter underlying growth of 10%, ahead of the guidance that we provided in February. The higher sales were partially driven by price actions and realizations that were implemented to offset continued inflation. I will talk a little bit more about the price inflation dynamic when we address the guidance.

大多數主要終端市場的需求繼續強勁，推動第二季度基本增長 10%，超過了我們在 2 月份提供的指導。較高的銷售額部分是由為抵消持續通脹而實施的價格行動和實現所推動的。當我們討論指導時，我將更多地談論價格通脹動態。

For the quarter, we realized 4 points of price overall, and we did turn positive with respect to net material inflation, as we said we would. Adjusted segment EBITA increased 20 basis points as we more than offset additional material costs and other inflation, which was significant, with increased price and effective cost management. SG&A performance was excellent. We leveraged it. It was essentially flat in dollars in Q2 versus last year and was leveraged 2 points across the enterprise, reflecting previous restructuring actions and spending restraint in the businesses.

本季度，我們整體實現了 4 個點的價格，並且正如我們所說的那樣，我們確實在淨物質通脹方面轉為正數。調整後的部分 EBITA 增加了 20 個基點，因為我們通過提高價格和有效的成本管理來抵消額外的材料成本和其他顯著的通貨膨脹。 SG&A 表現非常出色。我們利用了它。與去年相比，第二季度的美元基本持平，整個企業的槓桿率為 2 個百分點，反映了之前的重組行動和企業的支出限制。

Adjusted earnings per share was $1.29, up 21% versus prior year, exceeding the February guide of $1.15 to $1.20. As Lal mentioned, it includes an $0.08 tax benefit in the quarter. That benefit was included in the 22% tax rate guide for the year, but the timing of when we would see it in the year was uncertain. We had it -- we actually realized it in the second quarter.

調整後的每股收益為 1.29 美元，比上年增長 21%，超過 2 月份 1.15 美元至 1.20 美元的指導值。正如 Lal 提到的，它包括本季度 0.08 美元的稅收優惠。這一好處已包含在今年 22% 的稅率指南中，但我們在今年何時看到它的時機尚不確定。我們做到了——我們實際上在第二季度就意識到了這一點。

Free cash flow was down 50% versus prior year. This was mainly due to higher inventory as a result of defensive stocking due to supply chain constraints, finished goods awaiting shipment and, of course, higher expected sales in the second half of the year. Nonetheless, we have a challenge. And while we believe this is timing related and we will get on top of it over the course of the year, we expect conversion to improve significantly in the second half.

自由現金流與去年相比下降了 50%。這主要是由於供應鏈限制導致的防禦性庫存導致庫存增加，成品等待發貨，當然還有下半年的預期銷售額增加。儘管如此，我們還是面臨挑戰。雖然我們認為這與時間相關，並且我們將在一年中克服它，但我們預計下半年的轉化率會顯著提高。

Turning to the platform results. Both businesses executed extremely well. Automation Solutions underlying sales were up 7% led by the Americas and China. Price realized in the quarter was 2%. All key end markets showed strength, and KOB3 activity continues to be strong, remaining at 60% of sales. Backlog increased by $400 million in the quarter to $6.4 billion due to the strong pace of orders, which gives us confidence in the year-end and positions us very well into 2023.

轉向平台結果。這兩項業務都執行得非常好。在美洲和中國的帶動下，自動化解決方案的基礎銷售額增長了 7%。本季度實現的價格為 2%。所有主要終端市場均表現強勁，KOB3 活動繼續強勁，佔銷售額的 60%。由於訂單的強勁步伐，本季度積壓訂單增加了 4 億美元，達到 64 億美元，這讓我們對年底充滿信心，並為 2023 年做好準備。

Operations have adjusted to longer lead times for critical production inputs, and they continue to effectively mitigate logistics constraints and other challenges. We expect our ability to execute orders in backlog to improve throughout the balance of the fiscal year.

運營已調整為關鍵生產投入的交貨時間更長，並且他們繼續有效地緩解物流限制和其他挑戰。我們預計我們執行積壓訂單的能力將在本財年的剩餘時間內得到改善。

Automation Solutions adjusted EBITA improved 170 basis points versus prior year on leverage, price realization and cost control despite higher general inflation and significant cost increases for electronic components in the quarter. We experienced a sharp cost increase in the second quarter with respect to electronics. That has been addressed by price actions and that will be recovered over the balance of the year.

自動化解決方案調整後的 EBITA 與去年相比在槓桿率、價格實現和成本控制方面提高了 170 個基點，儘管本季度總體通貨膨脹率較高且電子元件成本顯著增加。第二季度我們在電子產品方面經歷了急劇的成本增長。價格行動已經解決了這一問題，並將在今年餘下時間恢復。

The strong operational performance in the platform is reflected in 55% leverage for the quarter, another very, very strong operational quarter.

該平台的強勁運營表現體現在本季度 55% 的槓桿率上，這是另一個非常非常強勁的運營季度。

Commercial & Residential Solutions also performed well operationally under a similar but somewhat different set of challenges. Underlying sales increased 14%, including 9 points of price realization in the quarter. Price less net material inflation did turn slightly positive in the second quarter, as we said it would, and it is on the trajectory that we said we would be on when we described it in the last call. Sales were up double digits in all world areas except China, where they declined slightly in part due to the lockdowns across the country.

商業和住宅解決方案在類似但有些不同的挑戰下也表現良好。基礎銷售額增長 14%，包括本季度 9 個價格實現點。正如我們所說的那樣，第二季度的價格減去淨物質通脹確實略有上升，並且它處於我們在上次電話會議中描述時所說的軌跡上。除中國外，世界所有地區的銷售額均增長了兩位數，部分原因是全國范圍內的封鎖略有下降。

Commercial and industrial markets remained strong. North American resi grew well in the quarter. We are beginning to see some signs of moderation there. In tools and home products, service, industrial and online channel sales remained strong. There are some indications of slowing in the retail channel as do-it-yourself projects begin to be impacted by the inflationary environment and the diversion of people's attentions to other things as the economy opens up.

商業和工業市場依然強勁。北美樹脂在本季度增長良好。我們開始在那裡看到一些溫和的跡象。在工具和家居產品中，服務、工業和在線渠道銷售保持強勁。有跡象表明零售渠道放緩，因為自助項目開始受到通貨膨脹環境的影響，以及隨著經濟的開放，人們將注意力轉移到其他事情上。

Backlog increased $100 million in the quarter mainly in Climate Technologies. Adjusted EBITA was down 230 basis points, consistent with our expectations going into the quarter.

本季度積壓工作增加了 1 億美元，主要來自氣候技術。調整後的 EBITA 下降了 230 個基點，與我們對本季度的預期一致。

As I said, price less net material inflation was slightly positive in the quarter, remained margin dilutive. And additional price was realized but was offset by freight inflation and above-normal wage costs.

正如我所說，本季度的價格減去淨材料通脹略微為正，仍然稀釋利潤。實現了額外的價格，但被運費通脹和高於正常水平的工資成本所抵消。

Please turn to Page 8 for the EPS walk.

請轉到第 8 頁進行 EPS 步行。

Adjusted EPS was $1.29, up 21% and exceeding the top end of the guidance range by $0.09, including an $0.08 tailwind from a discrete tax item. Adjusted EPS was also negatively impacted by $0.04 due to prior year onetime gains, the delta that is was impacted. Again, as a reminder, adjusted EPS excludes intangibles amortization, restructuring, transaction costs related to the AspenTech transaction and first-year purchase accounting charges. Operations in total leveraged at nearly 25% and contributed $0.11 to adjusted EPS versus the prior year.

調整後每股收益為 1.29 美元，增長 21%，超出指導範圍的上限 0.09 美元，其中包括來自離散稅收項目的 0.08 美元順風。由於上一年的一次性收益，調整後的每股收益也受到了 0.04 美元的負面影響，即受影響的增量。再次提醒一下，調整後的每股收益不包括無形資產攤銷、重組、與 AspenTech 交易相關的交易成本和第一年的採購會計費用。與去年相比，總運營槓桿率接近 25%，調整後的每股收益為 0.11 美元。

So before we go to the guidance, I'm going to turn this over to Ram so he can provide an update on the operational and supply chain challenges that the businesses continue to face. Ram?

因此，在我們獲得指導之前，我將把它交給 Ram，這樣他就可以提供有關企業繼續面臨的運營和供應鏈挑戰的最新信息。內存？

Thank you, Frank. Please turn to Slide 10.

謝謝你，弗蘭克。請轉到幻燈片 10。

Clearly, the -- like the last few quarters, the operating environment has remained challenging as electronic supply, commodity inflation and logistics constraints continue to impact our operations globally. Additionally, geopolitical uncertainty and COVID lockdowns in China introduced new challenges as we exited Q2 and began the third quarter.

顯然，與過去幾個季度一樣，由於電子供應、商品通脹和物流限制繼續影響我們的全球運營，運營環境仍然充滿挑戰。此外，隨著我們退出第二季度並開始第三季度，中國的地緣政治不確定性和 COVID 封鎖帶來了新的挑戰。

On the commodities front, the current geopolitical environment has led to rising steel, nonferrous commodities and oil prices, causing incremental inflation on a large portion of our material purchases. This has been a significant reversal in course for some commodities such as steel. Due to the magnitude of the increases, additional material inflation will be incurred as we progress through the second half. Price actions already in place and the additional ones underway will keep our price less material inflation positive for the second half of the fiscal year but will constrain margins in our climate business.

在大宗商品方面，當前的地緣政治環境導致鋼鐵、有色商品和石油價格上漲，導致我們大部分材料採購的通脹加劇。這對鋼鐵等一些大宗商品來說是一個重大逆轉。由於增長幅度很大，隨著下半年的進行，將產生額外的物質通脹。已經採取的價格行動以及正在進行的其他行動將使我們在本財年下半年保持價格低於物質通脹的積極因素，但將限制我們氣候業務的利潤率。

Higher oil prices have also led to increased logistics costs. This again reiterates the importance of our regionalization strategy, which allows us to leverage our strong regional supply bases and largely avoid expensive intercontinental logistics.

油價上漲也導致物流成本增加。這再次重申了我們區域化戰略的重要性，這使我們能夠利用我們強大的區域供應基礎，並在很大程度上避免昂貴的洲際物流。

On the electronics side, component availability remains a concern, especially within Automation Solutions. While we see stabilization of lead times, the market is expected to remain tight well into 2023 as capacity additions are not able to keep up with demand. Continued purchase price variances are also impacting profitability, although our proactive price increases help ease the impact. Our global teams continue to do outstanding work to qualify additional suppliers and redesign products to utilize available components. And we're clearly seeing the benefit of this effort come through.

在電子方面，組件可用性仍然是一個問題，尤其是在自動化解決方案中。雖然我們看到交貨時間趨於穩定，但由於產能增加無法跟上需求，預計市場將在 2023 年保持緊張。持續的採購價格差異也在影響盈利能力，儘管我們主動提價有助於緩解影響。我們的全球團隊繼續出色地開展工作，以使更多供應商獲得資格並重新設計產品以利用可用組件。我們清楚地看到了這項努力的好處。

Lastly, the China COVID lockdowns continue to be a fluid situation. The impacts to our second quarter were minimal, but these lockdowns are expected to have a bigger impact heading into Q3. The current issues are contained to our plant operations in Shanghai, but we are beginning to see constraints to our plant operations across the country due to supplier shutdowns. We're keeping a close eye on the situation and will adapt as necessary.

最後，中國 COVID 封鎖仍然是一個不穩定的情況。對我們第二季度的影響微乎其微，但預計這些封鎖措施將在第三季度產生更大的影響。目前的問題存在於我們在上海的工廠運營中，但由於供應商停工，我們開始看到我們在全國各地的工廠運營受到限制。我們正在密切關注局勢，並將根據需要進行調整。

While we expect to face headwinds in many of these areas for the rest of the year, we're confident, very confident, that our global teams will deliver differentiated operational execution in a challenging environment, as evidenced by our strong first half performance.

雖然我們預計今年餘下時間在其中許多領域都將面臨逆風，但我們有信心，非常有信心，我們的全球團隊將在充滿挑戰的環境中提供差異化的運營執行，我們上半年的強勁表現就證明了這一點。

I will now turn the call back over to Frank.

我現在將把電話轉回弗蘭克。

Thank you, Ram. If you would, please turn to Slide 11, and we'll go through the outlook through the -- for the year.

謝謝你，拉姆。如果願意，請轉到幻燈片 11，我們將通過 - 年度展望。

So as Lal mentioned at the top of the call, we continue to see very strong demand across nearly all businesses and world areas. The challenges are operational challenges. They are not challenges around the basic demand across the enterprise.

因此，正如拉爾在電話會議頂部提到的那樣，我們繼續看到幾乎所有企業和世界地區的需求都非常強勁。挑戰是運營挑戰。它們不是圍繞整個企業的基本需求的挑戰。

Automation Solutions is strengthening across process, hybrid and discrete markets. In process markets, recent events will drive incremental investments across the energy value chain. This strengthening demand will spur growth in transition markets like LNG and emerging markets like clean fuels, battery storage and renewables as well as in traditional oil and gas markets, as Lal discussed. Together with continued robust demand in chemicals, power gen and grid modernization, we are increasing our outlook for the process market growth in 2022 to high single digits.

自動化解決方案正在跨流程、混合和離散市場加強。在流程市場中，最近發生的事件將推動整個能源價值鏈的增量投資。正如 Lal 所討論的，這種強勁的需求將刺激液化天然氣等轉型市場和清潔燃料、電池存儲和可再生能源等新興市場以及傳統石油和天然氣市場的增長。加上對化學品、發電和電網現代化的持續強勁需求，我們將 2022 年工藝市場增長的前景提高至高個位數。

We also expect hybrid demand to remain strong at mid to high single digits, including continued life science investments and high commodity prices, boosting metals and mining CapEx.

我們還預計混合需求將保持強勁的中高個位數，包括持續的生命科學投資和高商品價格，提振金屬和礦業資本支出。

Discrete markets remain strong in the 10% range with semiconductor, electronics and factory automation investments are all strong.

離散市場在 10% 範圍內保持強勁，半導體、電子和工廠自動化投資都很強勁。

So while we're encouraged by the underlying demand situation, there are constraints, as Ram outlined, regarding supply chain, logistics and potentially COVID in China, which is an evolving situation. It's already had somewhat of an impact in the quarter, and there's uncertainty as to how that will unfold. In particular, we expect challenges to continue around electronics availability, and we expect that to continue into 2023. Continued strength in our core markets, our backlog level and orders momentum provide the underpinning for strong second half sales growth, and we will have to deal with those challenges as they evolve.

因此，儘管我們對潛在的需求形勢感到鼓舞，但正如 Ram 所述，在中國的供應鏈、物流和潛在的 COVID 方面存在限制，這是一個不斷變化的形勢。它已經在本季度產生了一定的影響，而且這種影響將如何展開還存在不確定性。特別是，我們預計圍繞電子產品可用性的挑戰將繼續存在，我們預計這種情況將持續到 2023 年。我們核心市場的持續實力、我們的積壓水平和訂單勢頭為下半年強勁的銷售增長奠定了基礎，我們將不得不應對隨著這些挑戰的發展。

Overall, we have confidence in our fiscal year sales guide for Automation Solutions despite these challenges. And we also have included in the guide the reduction in volume related to the exit from our Russian business, as Lal described at the top of the call.

總體而言，儘管存在這些挑戰，但我們對自動化解決方案的財年銷售指南充滿信心。正如拉爾在電話會議頂部所描述的，我們還在指南中包含了與退出俄羅斯業務相關的交易量減少。

In Commercial & Residential Solutions, we expect continued double-digit sales growth for the third quarter and full year. Demand continues to be strong against resi and commercial businesses. In Climate Tech, residential growth is supported by European heating markets and by new product launches currently underway for the 2023 U.S. regulation changes. Climate commercial and industrial growth is also supported by European and Asian heating markets.

在商業和住宅解決方案方面，我們預計第三季度和全年的銷售額將繼續保持兩位數增長。對樹脂和商業業務的需求繼續強勁。在氣候技術方面，住宅增長受到歐洲供暖市場和目前為 2023 年美國法規變化而推出的新產品的支持。歐洲和亞洲供暖市場也支持氣候商業和工業增長。

Tools and home products retail sales are expected to moderate due to the effect of consumer inflation, as I said earlier. However, continued industrial momentum will benefit the Professional Tools business.

正如我之前所說，由於消費者通脹的影響，工具和家居產品的零售額預計將放緩。然而，持續的工業發展勢頭將有利於專業工具業務。

Please turn to Slide 12 for the outlook.

請轉到幻燈片 12 了解前景。

We are increasing our underlying sales range by 2 points to 9% to 11% driven by the demand outlook and by incremental price versus the prior guide. Automation Solutions guide will remain at 7% to 9%. As discussed on the previous slide, we're increasing our underlying sales expectation for commercial and residential to 12% to 14%, and this is substantially attributable to incremental price being realized in the business.

在需求前景和與之前指南相比的增量價格的推動下，我們將基礎銷售範圍提高了 2 個百分點至 9% 至 11%。自動化解決方案指南將保持在 7% 至 9%。正如上一張幻燈片所討論的，我們將商業和住宅的基本銷售預期提高到 12% 到 14%，這在很大程度上歸因於業務中實現的增量價格。

We continue to expect to see tailwinds for price less net material inflation in the second half, as we previously communicated. This is the traditional price/cost relationship that we have always discussed in the context of this business. This year is different. We are seeing significant inflation in other cost areas, and we are implementing significant additional mitigating price actions to protect profits. These actions, however, constrain or dilute margins. For this reason, we're going to talk about price less net material generally as price/cost, as we have described in the past, doesn't really capture the breadth of the inflation challenge.

正如我們之前所傳達的，我們繼續預計下半年價格會減少淨材料通脹。這是我們一直在這個業務背景下討論的傳統價格/成本關係。今年不一樣了。我們在其他成本領域看到了顯著的通貨膨脹，我們正在實施大量額外的緩解價格行動以保護利潤。然而，這些行為會限製或稀釋利潤。出於這個原因，我們將一般談論價格減去淨材料，因為價格/成本，正如我們過去所描述的，並沒有真正捕捉到通貨膨脹挑戰的廣度。

I want to point out that we are realizing more than 100% of the material-driven price that was in our previous guide, and we are implementing actions to offset resurgent material costs as well as the other elements of inflation. We're achieving substantial price realization for 2022, but that overall inflation dynamic pressures incremental margins in commercial and residential. We will continue to drive for 30% incrementals for the year for total operations, but we'll probably get there differently than we thought we would even 3 months ago with stronger leverage in Automation Solutions and pressure on the leverage in commercial/residential due to the price inflation equation.

我想指出，我們正在實現超過 100% 的材料驅動價格，這是我們之前指南中的價格，我們正在採取行動來抵消材料成本的回升以及通貨膨脹的其他因素。我們在 2022 年實現了可觀的價格實現，但整體通脹動態壓力增加了商業和住宅的利潤率。我們將繼續推動全年總運營量增長 30%，但我們可能會以與 3 個月前不同的方式實現這一目標，因為自動化解決方案的槓桿作用更強，商業/住宅的槓桿作用受到壓力價格通脹方程。

The other elements of the guide, tax, dividend and share repurchase, remain the same as they were in February.

指南的其他要素，稅收、股息和股票回購，與 2 月份時保持不變。

Operating cash flow is now expected to be $3.6 billion due mainly to the increased inventory resulting from supply chain constraints as well as some other balance sheet timing issues.

目前預計運營現金流為 36 億美元，主要是由於供應鏈限制以及其他一些資產負債表時間問題導致庫存增加。

We are absorbing within this guide as well $100 million of tax payments associated with the Vertiv gain that we booked in the first quarter under GAAP fees run through operating cash flow, although they really are related to the financing cash flow that we realized when we booked the gain in the first quarter.

我們在本指南中吸收了 1 億美元與我們在第一季度根據 GAAP 費用預訂的 Vertiv 收益相關的稅款，這些費用貫穿運營現金流，儘管它們確實與我們在預訂時意識到的融資現金流有關第一季度的收益。

Free cash flow is now $3 billion and represents approximately 100% conversion for 2022 after converting at 130% last year.

自由現金流現在為 30 億美元，在去年的轉化率為 130% 之後，2022 年的轉化率約為 100%。

The GAAP EPS guide is updated for our improved sales outlook and, as a reminder, includes 2 items related to the AspenTech transaction, both estimated transaction fees and interest expense on the $3 billion of term debt we issued in December in anticipation of the closing.

GAAP EPS 指南針對我們改善的銷售前景進行了更新，並且提醒一下，其中包括與 AspenTech 交易相關的 2 項，包括我們在 12 月發行的 30 億美元定期債務的估計交易費用和利息費用，以期結束。

The adjusted EPS guide moves up $0.05 at the bottom and the top to $4.95 to $5.10.

調整後的每股收益指南在底部和頂部上漲 0.05 美元至 4.95 美元至 5.10 美元。

Inside this guide, we're absorbing the estimated impact to operating profits related to the reduction of our Russia business. But we have not included any other potential cost or charging result -- or charges, pardon me, resulting from the exit which are not yet known with any precision. Also, to be clear, no estimate of the operational impact of AspenTech is included in these guidance numbers nor is the future gain or tax impact of the TOD divestiture, which is expected to close this quarter.

在本指南中，我們正在吸收與俄羅斯業務減少相關的對營業利潤的估計影響。但是我們沒有包括任何其他潛在的成本或收費結果——或者收費，請原諒我，是由於退出而導致的，目前尚不清楚。此外，需要明確的是，這些指導數字中沒有包括對 AspenTech 運營影響的估計，也沒有包括預計將在本季度結束的 TOD 剝離的未來收益或稅收影響。

Turning to Slide 13. I'll cover the third quarter.

轉到幻燈片 13。我將介紹第三季度。

Q3 2022 net sales growth is expected to be 7% to 9%, underlying sales growth between 9% and 11%. We expect Automation Solutions underlying sales in the range of 7% to 9%, commercial and residential between 13% to 15%.

預計 2022 年第三季度淨銷售額增長為 7% 至 9%，基本銷售額增長在 9% 至 11% 之間。我們預計自動化解決方案的潛在銷售額在 7% 到 9% 之間，商業和住宅在 13% 到 15% 之間。

GAAP EPS is expected to be between $1 and $1.05 and adjusted EPS between $1.25 and $1.30 on the same basis I described for the year.

GAAP 每股收益預計在 1 美元至 1.05 美元之間，調整後每股收益在 1.25 美元至 1.30 美元之間，與我今年描述的相同。

I want to point out that this guide considers the current environment and challenges that the businesses are navigating, including the COVID shutdown, the continued electronic shortages. We're 1 month into the quarter, and these are very real impacts on the quarter. We intend to work through them, and assuming that the critical, uncontrollable variables likely stabilize or improve, we would be well positioned to deliver a very good third quarter and then a very strong fourth quarter to close out the year.

我想指出，本指南考慮了企業正在應對的當前環境和挑戰，包括 COVID 關閉、持續的電子短缺。我們進入這個季度還有 1 個月，這些對這個季度產生了非常真實的影響。我們打算解決這些問題，並假設關鍵的、不可控的變量可能會穩定或改善，我們將有能力提供一個非常好的第三季度，然後是一個非常強勁的第四季度以結束今年。

And with that, we will open it up for Q&A.

有了這個，我們將打開它進行問答。

(Operator Instructions) And the first question will come from Joe Ritchie with Goldman Sachs.

（操作員說明）第一個問題將來自高盛的喬·里奇。

Hey, I want to maybe start off with China today, like I saw that you saw double-digit growth in Automation Solutions. I'm just curious, how did that trend through the quarter? And then what are you kind of factoring in for the lockdowns and the impacts associated with that in your guidance?

嘿，我想也許今天從中國開始，就像我看到你看到自動化解決方案的兩位數增長一樣。我只是好奇，這個季度的趨勢如何？然後，您在指導中將哪些因素考慮在內？

Yes. I'll speak to the business activity, Joe, and just focusing on your question around auto sol. Very strong quarter and -- both in sales conversion but also in orders. When you look at the destination business, both in the mid-teens -- high to mid-teens. So we feel very strong about the activity in -- for auto sol.

是的。我將與商業活動交談，喬，並只關注你關於汽車溶膠的問題。非常強勁的季度 - 無論是在銷售轉化方面，還是在訂單方面。當您查看目的地業務時，都在十幾歲 - 高中到十幾歲。所以我們對汽車溶膠的活動感到非常強烈。

The commercial/residential activity is somewhat more muted driven by the climate resi cycle, and those orders were softer as we went through the quarter. But when I look at the project activity, when I look at the installed base momentum we have in China, I see the outlook -- I continue to feel very strong about the outlook for the year, Joe, for us.

在氣候變化週期的推動下，商業/住宅活動更加低迷，隨著我們整個季度的發展，這些訂單變得更加疲軟。但是，當我查看項目活動時，當我查看我們在中國擁有的安裝基數勢頭時，我看到了前景——我繼續對今年的前景感到非常樂觀，喬，對我們來說。

In terms of sales conversion, Ram, if you want to speak to it.

在銷售轉化方面，Ram，如果你想談談的話。

Yes. So Joe, I think, obviously, we've got 20 plants across China and we have a few around Shanghai where we have experienced constraints in the last 4 weeks. Hopefully, as we go into the month of May, we're starting to see those open up. We partially opened up in the Shanghai area this week. Clearly, we have supply chain across China that supplies us that have been impacted.

是的。所以喬，我認為，很明顯，我們在中國有 20 家工廠，我們在上海也有一些，在過去的 4 周里我們遇到了限制。希望隨著我們進入五月份，我們開始看到那些開放。本週我們在上海地區部分開放。顯然，我們在中國擁有供應鏈，為我們提供了受影響的產品。

We are expecting that situation to improve as we go through the quarter. April was a tough month for us, but we do believe that as the -- we built in improving situations through the quarter, and that's kind of baked into the guidance.

隨著我們整個季度的發展，我們預計這種情況會有所改善。 4 月對我們來說是艱難的一個月，但我們確實相信，我們在整個季度都在改善情況，這在指導中有所體現。

Okay. Great. That's helpful. If I can ask a follow-on question, and apologies if I missed it earlier. But in C&RS, I know that there was an original assumption that we could potentially see flat to slightly up margins in 2022. Just help us understand how that -- how you expect the margins in that business to expand in the second half of the year. And then any commentary on price/cost in C&RS would be helpful.

好的。偉大的。這很有幫助。如果我可以問一個後續問題，如果我之前錯過了，請道歉。但在 C&RS，我知道有一個最初的假設，即我們可能會在 2022 年看到利潤率持平或略有上升。請幫助我們了解這一點——您預計該業務的利潤率將如何在下半年擴大.然後任何關於 C&RS 價格/成本的評論都會有所幫助。

Yes, Joe, this is Frank. So the margins will improve sequentially in the second half, as we've expected all along, based on the price/cost, the incremental price that will come through. The price is back-end loaded for the year in Climate Tech. Year-over-year, we are struggling to get to a push because of the incremental inflation in the business.

是的，喬，這是弗蘭克。因此，正如我們一直預期的那樣，下半年利潤率將連續提高，基於價格/成本，以及將通過的增量價格。價格是氣候技術年度的後端加載。年復一年，由於業務的通貨膨脹，我們都在努力推動。

So the business will deliver EBIT dollars -- strong increase in EBIT dollars year-over-year and consistent with what we thought we would do at the beginning of the year, but the incremental inflation and the price that the business is going out to cover dilutes margins.

因此，該業務將提供 EBIT 美元——EBIT 美元同比強勁增長，與我們在年初的預期一致，但增量通脹和業務將要承擔的價格稀釋利潤。

The next question will come from Steve Tusa with JPMorgan.

下一個問題將來自摩根大通的史蒂夫圖薩。

Sorry, I was on speaker there. Just on the orders, you noted some signs of moderation in residential on the CR&S (sic) [C&RS] side. Any other part of the order trends where there was a bit of a standout in terms of either slowing or accelerating? Any real kind of standouts on the order front on kind of a sequential monthly basis and (inaudible), if you will?

對不起，我在那兒演講。就訂單而言，您注意到 CR&S (sic) [C&RS] 方面的住宅市場出現了一些緩和跡象。訂單趨勢的任何其他部分在放緩或加速方面都有點突出？如果您願意，按順序按月和（聽不清）在訂單方面有任何真正的突出表現嗎？

Yes, Steve. No, good question. No, beyond the -- we're watching the resi very carefully, obviously, not just the climate side but on the home tools side and watching for traffic through our big-box partners there. But beyond that, look, the strength in automation continues. I think we're energized by seeing the capital projects funnel grow and the opportunities there.

是的，史蒂夫。不，好問題。不，除此之外 - 我們正在非常仔細地觀察 resi，顯然，不僅僅是氣候方面，還有家用工具方面，並通過我們那裡的大型合作夥伴觀察交通情況。但除此之外，自動化的力量還在繼續。我認為，看到資本項目漏斗的增長和那裡的機會，我們充滿了活力。

KOB3 continues to be very strong, 60% in the quarter for Automation Solutions. That's been the engine in that business. But now with a KOB1 and 2 wave coming at us, we feel very robust about the outlook there. But beyond that, nothing else to comment. Ram?

KOB3 繼續保持強勁勢頭，自動化解決方案在本季度佔 60%。這一直是該業務的引擎。但現在隨著 KOB1 和 2 波的到來，我們對那裡的前景感到非常樂觀。但除此之外，沒有其他可評論的了。內存？

No. And Steve, I think the European heat pump business remains strong, very, very strong. And actually, our North American HVAC residential business also remains strong.

不。史蒂夫，我認為歐洲熱泵業務仍然強勁，非常非常強大。實際上，我們的北美暖通空調住宅業務也保持強勁。

Okay. So it's more in kind of the resi side of tools, if you will?

好的。所以它更像是工具的 resi 方面，如果你願意的話？

Correct.

正確的。

Your next question will come from Scott Davis with Melius Research.

您的下一個問題將來自與 Melius Research 的 Scott Davis。

Hey, a couple of things. I mean just if we want to go back to chip availability, I mean, you guys were a little bit more confident, I think, last quarter in supply and demand matching up perhaps by the back half of the year. Has this just shifted to the right? And I guess another way to ask it is, are you less confident today than you were 3 months ago?

嘿，有幾件事。我的意思是，如果我們想回到芯片可用性，我的意思是，你們更有信心，我認為，上個季度供需可能會在今年下半年匹配。這只是向右移動了嗎？我想另一種方式是，你今天的信心是否不如 3 個月前？

Well, I'll let Ram give us perspectives. But my perspective is it's gotten tougher. We've had to work harder, get more creative, qualify different suppliers, go into the open market, which all of that creates variability, variances in the P&L and challenges. But -- so that's versus where we were essentially 3 months ago.

好吧，我會讓拉姆給我們一些觀點。但我的觀點是它變得更加艱難。我們必須更加努力地工作，變得更有創意，對不同的供應商進行認證，進入公開市場，所有這些都會造成損益表的可變性、差異和挑戰。但是 - 這與我們基本上 3 個月前的情況相比。

But having said that, we'll have to watch China carefully as we go through here, through the month of April and May, and watch how -- what happens in the supply chain there. But that's how I feel about it. It certainly didn't get better between the China COVID lockdowns and obviously the war in Ukraine. Ram?

但話雖如此，當我們經過這裡時，我們必須仔細觀察中國，整個四月和五月，看看那裡的供應鏈會發生什麼。但這就是我的感受。在中國 COVID 封鎖和烏克蘭戰爭之間，情況當然沒有好轉。內存？

Yes. And particularly on the electronics or the chip shortages, lead times have stabilized, but they are running at 3x of pre-COVID levels. And so we're managing in that environment.

是的。尤其是在電子產品或芯片短缺方面，交貨時間已經穩定，但它們的運行速度是 COVID 之前水平的 3 倍。所以我們在那個環境中進行管理。

The piece that we thought would improve was component shortages, but the -- but we're -- we continue to fight shortages on a weekly basis that are impacting our businesses. And hopefully, we'll start to see that improve over the next several weeks, but at this point, we had hoped to see improvement in the shortages and we haven't.

我們認為會改善的部分是組件短缺，但是——但我們是——我們繼續每週與影響我們業務的短缺作鬥爭。希望我們會在接下來的幾週內開始看到這種改善，但在這一點上，我們曾希望看到短缺情況有所改善，但我們沒有。

That's super helpful. And then other SKUs, are -- is it a different list of stuff this quarter? Or is it the same list of stuff that's hard to get or a different list? Is it changing? Or is there more stability there across the board?

這非常有幫助。然後是其他 SKU，是本季度的不同清單嗎？或者它是相同的難以獲得的東西列表還是不同的列表？它在改變嗎？或者那裡有更多的穩定性？

I would say it's similar, I mean, similar type of components that we use primarily in our Automation Solutions business and some parts of our commercial and residential business. So I wouldn't say it's changing, but I would say I think the shortages are not improving.

我想說它是類似的，我的意思是，我們主要在自動化解決方案業務以及我們的商業和住宅業務的某些部分中使用的類似類型的組件。所以我不會說它正在改變，但我會說我認為短缺並沒有改善。

The next question will come from Andrew Obin with Bank of America.

下一個問題將來自美國銀行的 Andrew Obin。

Just based on the relative increase in revenue and EPS, it seems like, and this is our math, I apologize, this is like 2/3 additional price that just offsets high inflation. But there seems to be a 1/3 of the increase which is real volume growth with normal incrementals. So first, is that characterization right? And second, where was the stronger volume?

僅基於收入和每股收益的相對增長，這似乎是我們的數學，我很抱歉，這就像只是抵消高通脹的 2/3 額外價格。但似乎有 1/3 的增長是正常增量的實際銷量增長。那麼首先，這種描述對嗎？其次，更強的音量在哪裡？

So Andrew, I don't know if it's exactly 2/3-1/3. I think generally, the characterization is right, that most of the increase in the revenue forecast is price, which pressures margins. But there is some underlying volume increase as well. It comes through with very strong underlying leverage actually when you factor out the inflation items.

所以安德魯，我不知道它是否正好是 2/3-1/3。我認為總的來說，特徵是正確的，收入預測的大部分增長是價格，這給利潤率帶來壓力。但也有一些潛在的交易量增加。實際上，當您將通貨膨脹項目考慮在內時，它具有非常強大的潛在槓桿作用。

But what end markets specifically?

但是具體的終端市場是什麼？

In automation.

在自動化方面。

Yes, automation.

是的，自動化。

Automation. Yes, Automation Solutions.

自動化。是的，自動化解決方案。

Automations.

自動化。

Yes. And residential, it's, I would say, almost entirely price driven at this point.

是的。而住宅，我想說，在這一點上，幾乎完全是價格驅動的。

Got you. And follow-up, just going back to chip availability. There's a lot of talk about capacity trailing-edge capacity coming on in the U.S. maybe in 6 months at places like Texas Instruments, Intel. What kind of conversations are you having with those guys? And when do you think you're actually able -- instead of going through brokers and redesign and sort of struggling with the supply chain, how long do you think it takes for real incremental sort of lower-end capacity to become available in North America from core manufacturers? Is it 6 months? Or is it more like 18 months to 2 years?

得到你。跟進，回到芯片可用性。在德州儀器、英特爾等地，有很多關於美國可能在 6 個月內出現產能後沿產能的討論。你和那些傢伙有什麼樣的對話？你認為你什麼時候能夠真正做到——而不是通過經紀人和重新設計以及在供應鏈中掙扎，你認為真正增量的低端產能需要多長時間才能在北美投入使用來自核心廠商？是6個月嗎？還是更像是 18 個月到 2 年？

Yes. So Andrew, great question. First off, to answer the first part, we are in really good dialogue with suppliers like Texas Instruments, which are very important -- NXP, TI are important suppliers to us on this exact same discussion. We believe that, particularly for our types of chips that go into our Automation Solutions product offering, it's 9 to 12 months is the time line for when we expect the capacity to come online or at least that's really when -- the discussions we've been having with the likes of TI.

是的。所以安德魯，很好的問題。首先，回答第一部分，我們與德州儀器等供應商進行了非常好的對話，這非常重要——恩智浦和德州儀器在同樣的討論中對我們來說是重要的供應商。我們相信，特別是對於我們的自動化解決方案產品提供的芯片類型，9 到 12 個月是我們預計容量上線的時間線，或者至少那是我們討論過的時間線一直和TI這樣的公司在一起。

So that's really what's being planned. We expect the constraints to last at least until then. But hopefully, in 9 to 12 months, we'll see that capacity impact lead times.

所以這就是真正的計劃。我們預計約束至少會持續到那時。但希望在 9 到 12 個月內，我們會看到產能對交貨時間的影響。

So early calendar '23?

這麼早的日曆'23？

Yes.

是的。

The next Question will come from Andy Kaplowitz with Citigroup.

下一個問題將來自花旗集團的 Andy Kaplowitz。

Lal, maybe can you talk about how your Automation Solutions customers are thinking about large projects at this point? Obviously, commodity prices are more supportive. You talked about energy independence in LNG, but there's also higher inflation and higher rates. So how do you think the CapEx cycle plays out here? And what are your customers saying about moving forward with these bigger KOB1 investments?

Lal，也許您能談談您的自動化解決方案客戶目前是如何考慮大型項目的嗎？顯然，商品價格更具支撐性。你談到了液化天然氣的能源獨立性，但也有更高的通貨膨脹和更高的利率。那麼，您如何看待資本支出週期？您的客戶對推進這些更大的 KOB1 投資有何看法？

Yes. Good question, Andy. So twofold. One, there continues to be strong support both inside the boardroom and in actual spend around sustainability investments. Those continue to be funded. There's a lot of creativity in terms of what they are and how they're being implemented. And that's reflected in our funnel itself growing now to about 1/7 of the total KOB funnel. So very relevant there. And I feel confident in how those continue to move forward.

是的。好問題，安迪。所以雙重的。第一，董事會內部和圍繞可持續發展投資的實際支出繼續得到強有力的支持。這些將繼續得到資助。就它們是什麼以及如何實施而言，有很多創造力。這反映在我們的漏斗本身現在增長到總 KOB 漏斗的 1/7 左右。所以非常相關。我對這些如何繼續前進充滿信心。

On other CapEx, what we've seen and the biggest change we've seen as we went through the quarter was gas. And the conversation around gas really we're 71 days into the war and that's only accelerated. And the opportunity is in -- particularly in three places: in Qatar, in Louisiana and in Texas. We had a significant amount of work, engineering work that was done prepandemic around investments in LNG in Louisiana, in Texas. A lot of those were shelved. The good news is a lot of that engineering had been completed, and we're seeing a number of those coming back into play now with FID activities across a lot of those.

在其他資本支出方面，我們在本季度看到的以及我們看到的最大變化是天然氣。圍繞天然氣的談話真的是我們已經進入戰爭 71 天了，而且這種情況只會加速。機會就在——特別是在三個地方：卡塔爾、路易斯安那州和德克薩斯州。我們有大量的工作，工程工作是在德克薩斯州路易斯安那州的 LNG 投資大流行前完成的。其中很多都被擱置了。好消息是很多工程已經完成，我們看到現在有很多工程正在重新發揮作用，其中很多都是 FID 活動。

So that would be the biggest change in acceleration in the funnel, and I think that plays very well. Obviously, gas for us is a very significant opportunity as we go forward.

所以這將是漏斗中加速的最大變化，我認為這非常好。顯然，在我們前進的過程中，天然氣對我們來說是一個非常重要的機會。

Ram, anything to add?

拉姆，有什麼要補充的嗎？

Yes. I would just add we are seeing more ethylene, methanol projects being talked through and frankly, globally, some refining capacity coming online entering our $7 billion project funnel. So I think good activity across the board.

是的。我只想補充一點，我們正在討論更多的乙烯、甲醇項目，坦率地說，在全球範圍內，一些煉油產能上線進入我們 70 億美元的項目漏斗。所以我認為全面的活動很好。

And Lal, maybe just following up on LNG then. You mentioned the 150 MTPA is already underway and there could be 100 more. But how much of the work is actually in your backlog at this point or burning through your revenue right now? How long -- how do you think the cycle will play out? And when do you think will be the peak impact on Emerson's businesses?

Lal，也許只是跟進液化天然氣。您提到 150 MTPA 已經在進行中，可能還會有 100 多個。但是，此時您的積壓工作中實際上有多少工作或現在正在消耗您的收入？多久——你認為這個週期會如何發展？您認為對艾默生的業務影響最大的時間是什麼時候？

Yes, look, the opportunity, let's say it's -- size it at about $1 billion if you size it in total. And you can divide that over 5 years, I think it's fair to say, into Emerson revenue, Andy. As you know, the cycle on construction is 4 to 5 years for each of these jobs. So you take the $1 billion automation number that I essentially laid out for the 100 and divide it by 5.

是的，看，機會，假設它是——如果你把它的總規模定在 10 億美元左右。 Andy，我認為可以公平地說，你可以將其劃分為 5 年以上的艾默生收入。如您所知，每項工作的建設週期為 4 到 5 年。所以你把我基本上為 100 列出的 10 億美元自動化數字除以 5。

Now what that doesn't include, in my opinion, is the regasification opportunities which we'll see in Europe, in Germany and in places like Italy and Poland and the tankers and freighters. So that's in addition to this. But about a -- fair. If you just did the math at $80 million per 5 MTPAs, that's how we'd size that.

現在，在我看來，這不包括我們將在歐洲、德國以及意大利和波蘭等地以及油輪和貨輪看到的再氣化機會。因此，除此之外。但是關於一個——公平的。如果您只是以每 5 個 MTPA 8000 萬美元的價格計算，這就是我們的規模。

The next question will come from Josh Pokrzywinski with Morgan Stanley.

下一個問題將來自摩根士丹利的 Josh Pokrzywinski。

So just to follow up on Andy's question there. Just kind of wondering, with this new project upcycle and a lot has changed in kind of the industry and your business and the way the customers are sort of approaching these things a lot more digital, is there less of anything as you guys think about the bill of materials on the project? Is there something where maybe like a digital asset is replacing a physical one? Because it seems like the opportunity or kind of the bill of material should be higher. I'm just kind of wondering like if there's anything that gets smaller as we enter this like KOB1/2 upcycle.

所以只是跟進安迪的問題。只是想知道，隨著這個新項目的升級週期，行業和您的業務發生了很多變化，客戶對這些事情的處理方式變得更加數字化，你們認為的事情是不是越來越少了項目材料清單？有沒有什麼東西可能像數字資產正在取代實物資產？因為看起來材料清單的機會或種類應該更高。我只是想知道當我們進入 KOB1/2 升級週期時，是否有任何東西變得更小。

Yes. No, it's a great question. I'll let Ram give his thoughts as well. But look, what we do see is an increase in use of analytics and software on top of the stack. And if you think about the capabilities that an asset optimization software capability like AspenTech brings to the table, that's increasingly more relevant as far as the bill of materials for these customers. So that would be the biggest change.

是的。不，這是一個很好的問題。我也會讓拉姆說出他的想法。但是看，我們確實看到的是在堆棧頂部使用分析和軟件的增加。而且，如果您考慮像 AspenTech 這樣的資產優化軟件功能帶來的功能，那麼就這些客戶的材料清單而言，這越來越相關。所以這將是最大的變化。

You still got to use funnel control elements. You still have to sense what goes through pipes. You're talking about very strenuous conditions of pressure and temperature. And ultimately, you still have to control the recipe with a control system. But the analytics layer and optimizing the performance of the process, I think, is where we see increasing more spend. Ram?

您仍然必須使用漏斗控制元素。您仍然必須感知通過管道的內容。你說的是非常艱苦的壓力和溫度條件。最終，您仍然必須使用控制系統來控製配方。但我認為，分析層和優化流程性能是我們看到更多支出的地方。內存？

Yes, spot on. I think, obviously, the LNG wave is just going to be, from a content perspective, just as attractive as the prior waves for us with additional software that Lal mentioned. And then if you look at the sustainability wave around biofuels, hydrogen, et cetera, the content there is just as rich as what you would get in a chemical facility.

是的，一針見血。我認為，顯然，從內容的角度來看，LNG 浪潮將與之前的浪潮一樣具有吸引力，因為 Lal 提到了額外的軟件。然後，如果你看看圍繞生物燃料、氫等的可持續發展浪潮，那裡的內容就像你在化學設施中得到的一樣豐富。

So net-net, we don't see anywhere the content getting smaller. In general, it'll just get augmented with more software data and analytics in addition to the mechanical and the instrumentation content that we typically have.

所以net-net，我們看不到任何地方的內容越來越小。一般來說，除了我們通常擁有的機械和儀器內容之外，它只會增加更多的軟件數據和分析。

Got it. That's helpful. Then just a quick follow-up. Because these projects are sort of longer cycle, do you guys have anything in terms of price escalators or indexing that you're putting in the contracts to sort of protect yourself on the inflation side?

知道了。這很有幫助。然後只是快速跟進。因為這些項目的周期較長，你們有沒有什麼價格扶梯或指數方面的東西，你們在合同中加入了一些保護自己在通貨膨脹方面的東西？

Yes. No, look, these are very detailed commercial agreements that we ultimately enter, and most do have some kind of inflation protection elements there on material. But keep in mind, obviously, on elements like control and software, there's very little material to speak of. So it'd be more on the funnel control side that we really work those very, very hard.

是的。不，你看，這些都是我們最終簽訂的非常詳細的商業協議，而且大多數確實在材料上有某種通脹保護元素。但請記住，顯然，在控制和軟件等元素上，可談的材料很少。所以更多的是在漏斗控制方面，我們真的非常非常努力地工作。

The next question will come from Deane Dray with RBC Capital Markets.

下一個問題將來自 RBC Capital Markets 的 Deane Dray。

Hey, I know Aspen close is coming up soon. What are the plans right out of the gate? Do you have any like 100-day goals that you could share?

嘿，我知道 Aspen close 即將到來。有什麼計劃嗎？你有任何類似的 100 天目標可以分享嗎？

Yes. So Deane, this is Ram here. Yes, great question. Obviously, we've been planning -- we've had plenty of time to plan for day 1 particularly as it relates to integration and channel plans that have been thought through in great detail. So a lot of it day 1 will really focus on getting the sales organization going on the sales synergies, which on a global basis is a significant part of the pieces. So yes, the answer is yes.

是的。迪恩，這是拉姆。是的，很好的問題。顯然，我們一直在計劃——我們有足夠的時間來計劃第一天，特別是因為它與經過詳細考慮的集成和渠道計劃有關。因此，第一天的大部分工作將真正專注於讓銷售組織繼續發揮銷售協同效應，這在全球範圍內是重要的組成部分。所以是的，答案是肯定的。

Secondly, I mean, obviously, there's lots of opportunities on the technology front and a lot of dialogue underway there as well on the technology collaboration, which will be longer term as it plays out. But certainly on the sales integration front, we're ready day 1 to get going.

其次，我的意思是，顯然，在技術方面有很多機會，並且在技術合作方面正在進行大量對話，這將是長期的。但可以肯定的是，在銷售整合方面，我們已經準備好第一天開始了。

That's great to hear. And then any comments on April? Anything specific that you could share?

聽到這個消息我很高興。然後對四月的任何評論？有什麼具體可以分享的嗎？

No. Look, I think the trends we talked about that impacted us in March, the COVID lockdowns in China, we continue to work through those. But beyond that, we're positive on the demand side of the equation through April, very positive.

不。聽著，我認為我們在 3 月份談到的影響我們的趨勢，中國的 COVID 封鎖，我們將繼續努力解決這些問題。但除此之外，我們對四月份等式的需求方面持積極態度，非常積極。

Yes. Yes.

是的。是的。

The next question will come from Nigel Coe with Wolfe Research.

下一個問題將來自 Wolfe Research 的 Nigel Coe。

Can you hear me?

你能聽到我嗎？

Yes.

是的。

Yes. Yes.

是的。是的。

Yes. Yes, yes.

是的。是的是的。

Great. Yes. Look, AS margin -- incremental margin is extremely strong, I think 57% if my calculations are correct, and came in better than you expected. I think you were pointing towards maybe some sequential moderation from 1Q. So just curious, what's driving the upside and the strength in the incremental margins? And how do you see that over the balance of the year?

偉大的。是的。看，AS 保證金——增量保證金非常強勁，如果我的計算是正確的，我認為是 57%，並且比你預期的要好。我認為您指的是從第一季度開始可能會出現一些連續的緩和。所以只是好奇，是什麼推動了增量利潤率的上漲和力量？您如何看待這一年的餘額？

Yes. This is Frank. What we're seeing here is all the hard -- coming to -- all the hard work that was done in this business over 2 or 3 years. Now we don't talk about peak margin anymore, but, I mean, this is the result of that effort. So despite incremental -- other kinds of inflation, despite even some Nmi, which is unusual in the business to this extent, they're printing very, very strong incrementals because the basic cost structure of that business has been reset. So the incrementals were extremely strong in Q1 and, again, as you say, mid-50s in Q2, and we expect they'll continue to be strong in the balance of the year.

是的。這是弗蘭克。我們在這裡看到的是所有艱苦的 - 即將到來的 - 在這個業務中完成的所有辛勤工作超過 2 或 3 年。現在我們不再談論峰值保證金，但是，我的意思是，這是努力的結果。因此，儘管存在增量 - 其他類型的通貨膨脹，即使是一些 Nmi，這在該行業中是不尋常的，但由於該業務的基本成本結構已被重置，他們正在打印非常非常強大的增量。因此，第一季度的增量非常強勁，正如您所說，第二季度的增量是 50 年代中期，我們預計它們將在今年餘下時間繼續強勁。

And then, obviously, the dollar is moving around a fair bit here. And sometimes, we have seen some FX impact moving around the AS margins. Is that a factor at all here?

然後，很明顯，美元在這里波動相當大。有時，我們看到一些外匯影響在 AS 利潤率附近移動。這是一個因素嗎？

No, not really. No, not significantly.

不，不是。不，不顯著。

Okay.

好的。

Not a material impact.

沒有實質性影響。

And then my follow-on is for Lal on the portfolio. Obviously, you've been very vocal about diversifying away from upstream oil and gas. Do you feel the change in tone is around NG security, the U.S. administration's stance towards NG CapEx, natural gas, et cetera? Do you feel that you have more headroom and maybe some more time to design the portfolio diversification moves?

然後我的後續行動是針對投資組合中的 Lal。顯然，你一直非常直言要遠離上游石油和天然氣的多元化。您是否覺得語氣的變化是圍繞 NG 安全、美國政府對 NG CapEx、天然氣等的立場？你覺得你有更多的空間，也許還有更多的時間來設計投資組合的多元化舉措？

Now look, as I said at the outset, Nigel, I remain committed to diversification in the company. We're working actively on the portfolio management. And obviously, we'll talk at length in our November investor conference about the subject in terms of vision and hopefully some very meaningful steps.

現在看，正如我在一開始所說的那樣，奈傑爾，我仍然致力於公司的多元化。我們正在積極致力於投資組合管理。顯然，我們將在 11 月的投資者會議上詳細討論願景方面的主題，並希望採取一些非常有意義的步驟。

The commoditized element of oil and gas, upstream oil and gas assets, we're continuing to work that very aggressively in the market. But in terms of the differentiated technology that is applicable not just in gas but in life sciences and in many of our other markets, we remain committed to. And we'll remain committed to the investments around gas because I do believe, if you just look at that energy equation that -- as a transitionary fuel over time, that's going to be required for the world to meet its needs.

石油和天然氣的商品化元素，上游石油和天然氣資產，我們將繼續在市場上非常積極地開展工作。但就不僅適用於天然氣，而且適用於生命科學和我們許多其他市場的差異化技術而言，我們仍然致力於。我們將繼續致力於圍繞天然氣的投資，因為我確實相信，如果你只看一下能源方程式——作為一種過渡燃料，隨著時間的推移，這將是世界滿足其需求所必需的。

The next question will come from Tommy Moll with Stephens.

下一個問題將來自湯米摩爾和斯蒂芬斯。

Digging on the topic of auto sol incrementals, I wanted to talk about pricing dynamics for your oil and gas business. Potentially, you've been able to pass through some inflationary items. But if we really think about net price, my assumption would be you started the year from a pretty low base just given the severe downturn in the recent past. But as we think through to back half of this year or really even next year, is there not an embedded call option on price here? I mean you've got a commodity environment that's got to be a tailwind, you've got record cash balances, margins, profitability, et cetera, across your customer base. Should we be fairly bullish on that front?

關於汽車溶膠增量的話題，我想談談您的石油和天然氣業務的定價動態。潛在地，你已經能夠通過一些通貨膨脹項目。但如果我們真的考慮淨價格，我的假設是，鑑於最近的嚴重衰退，你今年的基數很低。但是，當我們考慮到今年下半年甚至明年，這裡是否沒有嵌入的價格看漲期權？我的意思是你的商品環境必須是順風，你的客戶群擁有創紀錄的現金餘額、利潤、盈利能力等等。我們應該在這方面相當樂觀嗎？

Look, are you speaking specifically about Automation Solutions, Tommy? We continue to -- we have a long history of positive price activity in that market. And that comes from a basis of not just the market structure, but the relevance of our technology in the space and our ability to differentiate and drive price, obviously, is meaningful there.

聽著，湯米，你是在說自動化解決方案嗎？我們繼續 - 我們在該市場上有著長期積極的價格活動歷史。這不僅來自市場結構的基礎，還來自我們技術在該領域的相關性以及我們區分和推動價格的能力，顯然，在那裡是有意義的。

So look, in some cases, we're up to 4 price increases across that space. We're working very actively through our selling organizations and with our end users. But I remain confident in that business of ability not just to continue to implement price as needed but for it also to be realized into the P&L. Frank, anything...

所以看，在某些情況下，我們在該空間內的價格上漲多達 4 次。我們通過我們的銷售組織和我們的最終用戶非常積極地工作。但我仍然對這項業務充滿信心，不僅可以繼續根據需要執行價格，而且還可以在損益表中實現。弗蘭克，什麼...

Yes, Tommy, that business captures price year in and year out. It's a very strong business with respect to its ability to capture value through pricing.

是的，湯米，這項業務年復一年地捕捉價格。就其通過定價獲取價值的能力而言，這是一項非常強大的業務。

The commodity situation, with the exception of this unusual electronics situation, it's not nearly as impactful in that business as it is on the other side of the business. So, I mean, typically, even with these kinds of broad commodity swings, while yes, they have a P&L impact, it's not determinative. Right now, it's the electronics. That really is the incremental variable that we are dealing with in terms of pricing, but there's no significant embedded price to come as a result of what's going on now. The pricing power in that business is very steady. We're stepping it up this year because we have an unusual situation.

商品情況，除了這種不尋常的電子產品情況外，它對該業務的影響遠不及對業務另一方的影響。所以，我的意思是，通常情況下，即使有這些廣泛的商品波動，雖然是的，它們會產生損益影響，但這並不是決定性的。現在，它是電子產品。這確實是我們在定價方面正在處理的增量變量，但由於現在發生的事情，沒有顯著的嵌入式價格。該業務的定價能力非常穩定。我們今年正在加緊努力，因為我們遇到了不尋常的情況。

Yes. And just to add to that, commodities as a makeup of the cost structure of that business is not a big element of the cost structure. So -- but as Frank said, we've traditionally been green price/cost, and we'll continue to be green price/cost as we get into the second half of the year.

是的。此外，商品作為該業務成本結構的組成部分並不是成本結構的重要組成部分。所以 - 但正如弗蘭克所說，我們傳統上一直是綠色價格/成本，隨著我們進入下半年，我們將繼續保持綠色價格/成本。

That's helpful. And then shifting gears, I wanted to circle back to the outlook for resi HVAC. You gave some context that the trends may be slowing there, and there's certainly been a lot of focus at least in terms of the North America trends year-to-date and for the back half. So what additional insight could you give us there in terms of what you're seeing in -- on underlying demand?

這很有幫助。然後換檔，我想回到 resi HVAC 的前景。您提供了一些背景，表明那裡的趨勢可能正在放緩，至少在北美今年迄今為止和下半年的趨勢方面肯定有很多關注點。那麼，就你所看到的——潛在需求而言，你能給我們提供什麼額外的見解？

Yes. Look, residential as a whole, particularly reflected in our home products business, has weakened as we went through the quarter. And we've seen that in just the order run rates. Our climate business has remained strong to date. And as we get into the season, we'll watch how that translates but feel pretty good on the climate side still, Tommy.

是的。看，住宅作為一個整體，特別是反映在我們的家居產品業務中，隨著我們整個季度的發展而減弱。我們已經在訂單運行率中看到了這一點。迄今為止，我們的氣候業務一直保持強勁。當我們進入這個季節時，我們會觀察它是如何轉化的，但在氣候方面仍然感覺很好，湯米。

The next question will come from Brendan Luecke with AllianceBernstein.

下一個問題將來自 AllianceBernstein 的 Brendan Luecke。

Circling back to the Russia question, can you offer some color on the size of that business, what the impact is to point out for the guide on the year in Automation Solutions?

回到俄羅斯的問題，您能否就該業務的規模提供一些顏色，對自動化解決方案年度指南有何影響？

Sure. So we have said that, that business represented, on a full year basis, about 1% to 2%, call it, 1.5% of sales, I'd say the average profitability relative to the total company. We had half of a normal year this year until the conflict began, and we've been scaling back the business significantly since. And now we intend to exit it. It'll be a slow ramp as we exit it as we figure out exactly what those details are. But, I mean -- with that context, I mean, you can kind of determine what the full year contribution of the business is. And we've covered the piece that we expect to be without through the balance of the year within the guide.

當然。所以我們已經說過，該業務在全年的基礎上約佔銷售額的 1% 到 2%，稱為銷售額的 1.5%，我想說的是相對於整個公司的平均盈利能力。在衝突開始之前，今年我們度過了正常年份的一半，從那以後我們一直在大幅縮減業務。現在我們打算退出它。當我們退出它時，這將是一個緩慢的斜坡，因為我們確切地知道這些細節是什麼。但是，我的意思是——在這種情況下，我的意思是，你可以確定公司全年的貢獻是多少。我們已經在指南中涵蓋了我們期望在今年剩餘時間內沒有的部分。

Fantastic. And then one quick follow-up on KOB3 within Automation Solutions. Just struck by the fact that it was again the biggest growth driver here. Can you speak a little bit to, I guess, the dynamics there and how you're driving that improvement? How much of that is price? And how often do you find yourself in competitive situations for those revenues?

極好的。然後快速跟進自動化解決方案中的 KOB3。只是被它再次成為這裡最大的增長動力的事實所震驚。我猜你能談談那裡的動態以及你是如何推動這種改進的嗎？其中價格是多少？您多久發現自己處於這些收入的競爭環境中？

Yes, look, 60% of the revenue in the quarter in Automation Solutions was KOB3, which is a replacement MRO business. That business is the least price sensitive -- excuse me, the least margin sensitive of all the businesses and the one where we -- where price is the most sticky. So that was reflected in the results of Automation Solutions as we went through the end of March.

是的，看，自動化解決方案本季度收入的 60% 是 KOB3，這是一項替代 MRO 業務。該業務對價格最不敏感——對不起，是所有業務中對利潤最不敏感的業務，也是我們所在的業務——價格最具粘性的業務。這反映在我們在 3 月底的自動化解決方案的結果中。

This concludes our question-and-answer session as well as our conference call for today. Thank you for attending today's presentation. You may now disconnect.

我們的問答環節以及今天的電話會議到此結束。感謝您參加今天的演講。您現在可以斷開連接。