江森自控 (JCI) 2023 Q2 法說會逐字稿

Good morning, and welcome to the Johnson Controls Second Quarter 2023 Earnings Conference Call. (Operator Instructions) Please note, today's event is being recorded. I would now like to turn the conference over to Jim Lucas, Vice President, Investor Relations. Please go ahead.

早上好，歡迎來到江森自控 2023 年第二季度收益電話會議。 （操作員說明）請注意，今天的活動正在錄製中。我現在想將會議轉交給投資者關係副總裁 Jim Lucas。請繼續。

Good morning, and thank you for joining our conference call to discuss Johnson Controls' second quarter fiscal 2023 results. The press release and all related tables issued earlier this morning as well as the conference call slide presentation can be found on the Investor Relations portion of our website at johnsoncontrols.com.

早上好，感謝您參加我們的電話會議，討論江森自控 2023 財年第二季度的業績。今天上午早些時候發布的新聞稿和所有相關表格以及電話會議幻燈片演示可以在我們網站 johnsoncontrols.com 的投資者關係部分找到。

Joining me on the call today are Johnson Controls' Chairman and Chief Executive Officer, George Oliver; and Chief Financial Officer, Olivier Leonetti.

今天和我一起參加電話會議的有江森自控董事長兼首席執行官喬治奧利弗；和首席財務官 Olivier Leonetti。

Before we begin, let me remind you that during our presentation today, we will make forward-looking statements. Listeners are cautioned that these statements are subject to certain risks and uncertainties, many of which are difficult to predict and generally beyond the control of Johnson Controls.

在我們開始之前，讓我提醒您，在我們今天的演講中，我們將做出前瞻性陳述。聽眾請注意，這些陳述受某些風險和不確定性的影響，其中許多風險和不確定性難以預測，而且通常超出江森自控的控制範圍。

These risks and uncertainties can cause actual results to differ materially from our current expectations. We advise listeners to carefully review the risk factors and cautionary statements in our most recent Form 10-Q, Form 10-K and today's release.

這些風險和不確定性可能導致實際結果與我們目前的預期大不相同。我們建議聽眾仔細閱讀我們最新的 10-Q 表格、10-K 表格和今天發布的表格中的風險因素和警告聲明。

We will also reference certain non-GAAP measures. Reconciliations of these non-GAAP measures to the most directly comparable GAAP measures are contained in the schedules attached to our press release and in the appendix to this presentation, both of which can be found on the Investor Relations section of Johnson Controls website.

我們還將參考某些非 GAAP 指標。這些非 GAAP 措施與最直接可比的 GAAP 措施的對賬包含在我們新聞稿所附的時間表和本演示文稿的附錄中，兩者都可以在江森自控網站的投資者關係部分找到。

I will now turn the call over to George.

我現在將把電話轉給喬治。

Thanks, Jim, and good morning, everyone. Thank you for joining us on the call today. Let's begin with Slide 3. We are proud of our second quarter performance, which saw sales, segment EBITDA and adjusted EPS all exceeding the high end of our guidance.

謝謝，吉姆，大家早上好。感謝您今天加入我們的電話會議。讓我們從幻燈片 3 開始。我們為我們第二季度的業績感到自豪，我們看到銷售額、部門 EBITDA 和調整後的每股收益都超過了我們指導的高端。

Thanks, Jim, and good morning, everyone. Thank you for joining us on the call today. Let's begin with Slide 3. We are proud of our second quarter performance, which saw sales, segment EBITDA and adjusted EPS all exceeding the high end of our guidance.

謝謝，吉姆，大家早上好。感謝您今天加入我們的電話會議。讓我們從幻燈片 3 開始。我們為我們第二季度的業績感到自豪，我們看到銷售額、部門 EBITDA 和調整後的每股收益都超過了我們指導的高端。

During the quarter, sales grew 13% organically as we realized strong pricing and improved volumes across both our shorter-cycle Global Products and longer-cycle business solutions.

在本季度，銷售額有機增長 13%，因為我們實現了強勁的定價並提高了我們較短週期的全球產品和較長周期的業務解決方案的銷量。

The overall demand backdrop remains robust, with orders growing 8% for Business Solutions and continued momentum with Service orders growing 14% in the quarter as the adoption of our digitally-enhanced solutions continues to materialize and provide value for our customers.

整體需求背景依然強勁，業務解決方案訂單增長 8%，隨著我們數字增強解決方案的採用繼續實現並為我們的客戶提供價值，本季度服務訂單繼續增長 14%。

Our resilient backlog grew 9% to a record $11.7 billion, and our Service backlog increased by 15%. We made great progress executing on our higher-margin backlog build and continue to convert at a faster pace, resulting in improved gross margin performance and strong incrementals.

我們的彈性積壓訂單增長了 9%，達到創紀錄的 117 億美元，我們的服務積壓訂單增長了 15%。我們在執行高利潤積壓訂單建設方面取得了巨大進展，並繼續以更快的速度進行轉換，從而提高了毛利率表現和強勁的增量。

In addition, we realized $75 million in productivity savings and are on track to meet our targets of delivering $340 million in savings for the full year. As a result, adjusted segment EBITA margins expanded 120 basis points.

此外，我們實現了 7500 萬美元的生產力節省，並有望實現我們全年節省 3.4 億美元的目標。因此，調整後的部門 EBITA 利潤率擴大了 120 個基點。

As we move into the second half of the fiscal year, our strategy remains sound as we continue to execute our resilient backlog, deliver on our productivity initiatives and advance our digital transformation. Our pipeline remains healthy, and we expect momentum to stay positive. While global macro conditions remain uncertain, we are confident in the fundamentals we have built across our business.

隨著我們進入本財年的下半年，我們的戰略依然穩健，因為我們將繼續執行我們的彈性積壓工作，實施我們的生產力計劃並推進我們的數字化轉型。我們的管道保持健康，我們預計勢頭將保持積極。儘管全球宏觀環境仍不確定，但我們對我們在整個業務中建立的基本面充滿信心。

Our visibility into the second half of the year provides confidence in raising the lower end of our full-year adjusted EPS guide, which Olivier will provide more details on later in the call. We continue to anticipate strong top line growth and backlog conversion in the second half, which should lead to continued margin expansion.

我們對今年下半年的了解讓我們有信心提高全年調整後 EPS 指南的下限，Olivier 將在稍後的電話會議中提供更多細節。我們繼續預計下半年強勁的收入增長和積壓訂單轉換，這應該會導致利潤率持續增長。

Now turning to Slide 4. We continue to demonstrate our unique value proposition and accelerated our leading position through our pillars of growth. We have a significant market opportunity ahead of us connecting smart, healthy and sustainable buildings.

現在轉到幻燈片 4。我們繼續展示我們獨特的價值主張，並通過我們的增長支柱加速我們的領先地位。我們面臨連接智能、健康和可持續建築的重大市場機遇。

As the call for climate action intensifies, we are seeing strong tailwinds for our sustainability, infrastructure and decarbonization offerings. As we have stated in the past, nearly 40% of global energy emissions come from buildings. At Johnson Controls, we play a vital role in helping our customers bridge the gap towards a net zero future.

隨著對氣候行動的呼聲越來越高，我們看到了對我們的可持續性、基礎設施和脫碳產品的強勁推動。正如我們過去所說，全球近 40% 的能源排放來自建築物。在江森自控，我們在幫助我們的客戶縮小與淨零未來的差距方面發揮著至關重要的作用。

Our systematic approach to digitization is creating a new class of smart buildings, helping reduce energy emissions, improve efficiency and optimize costs. We are well positioned to capture secular trends to help build towards a more sustainable future.

我們的系統化數字化方法正在創建新型智能建築，有助於減少能源排放、提高效率和優化成本。我們有能力捕捉長期趨勢，幫助建設一個更可持續的未來。

OpenBlue is a key differentiator as we advance our leadership position across our vectors of growth. Last quarter, we highlighted the significant progress through our digital transformation journey. And today, we continue to see increased adoption of our OpenBlue platform across multiple use cases.

OpenBlue 是一個關鍵的差異化因素，因為我們在我們的增長向量中提升了我們的領導地位。上個季度，我們強調了數字化轉型之旅取得的重大進展。今天，我們繼續看到在多個用例中越來越多地採用我們的 OpenBlue 平台。

By combining our dynamic product portfolio and services, we are making significant progress in expanding our global footprint of smart building solutions, helping better serve our direct channels through real-time monitoring of connected devices.

通過結合我們動態的產品組合和服務，我們在擴大我們的智能建築解決方案的全球足跡方面取得了重大進展，通過實時監控連接的設備幫助更好地服務我們的直接渠道。

Our integrated domain expertise and unique capabilities set us apart, and we look to continue this momentum as we help our customers deliver their objectives.

我們整合的領域專業知識和獨特的能力使我們與眾不同，我們希望在幫助客戶實現他們的目標時繼續保持這種勢頭。

While we continue to scale and capitalize on these emerging opportunities, we remain committed to building on our strong operational foundation in further expanding our margin profile.

在我們繼續擴大規模並利用這些新興機會的同時，我們仍然致力於在我們強大的運營基礎上進一步擴大我們的利潤率。

We have made great strides in successfully navigating inflationary headwinds and supply chain constraints over the year. As these have eased, our ability to execute is important. We see the results through our progress with our suppliers, disciplined pricing approach and delivering on our productivity savings plan.

過去一年，我們在成功應對通脹逆風和供應鏈限制方面取得了長足進步。隨著這些情況的緩解，我們的執行能力很重要。我們通過與供應商的合作進展、嚴格的定價方法和實施我們的生產力節約計劃來看到結果。

Lastly, we look to maintain our prudent approach to capital allocation and drive long-term shareholder value through our attractive dividend, growing in line with net income as well as consistent share repurchases. Year-to-date, we have returned over $700 million in capital, including roughly $250 million in share repurchases and nearly $500 million in cash dividends.

最後，我們希望保持我們審慎的資本配置方法，並通過我們有吸引力的股息推動長期股東價值，與淨收入同步增長以及持續的股票回購。年初至今，我們已返還超過 7 億美元的資本，其中包括約 2.5 億美元的股票回購和近 5 億美元的現金股息。

Moving on to Slide 5. There has been a lot of focus in the past couple of months around commercial construction, particularly with regards to the commercial office sector. While Johnson Controls does have exposure to this sector, it represents a small portion of our overall business. In addition, we have a large installed base, and there continues to be demand for retrofit projects.

轉到幻燈片 5。在過去的幾個月裡，商業建築引起了很多關注，尤其是商業辦公領域。雖然江森自控確實涉足這一領域，但它只占我們整體業務的一小部分。此外，我們擁有龐大的安裝基礎，並且對改造項目的需求持續存在。

This slide highlights the overall diversity of the Johnson Controls portfolio. Within commercial, we are diversified with exposure from retail, lodging and hospitality, sports and entertainment to warehouses. Beyond commercial, we have a broader exposure to institutional, industrial, data centers and government sectors.

這張幻燈片突出了 Johnson Controls 產品組合的整體多樣性。在商業領域，我們多元化，從零售、住宿和酒店、體育和娛樂到倉庫。除了商業之外，我們還廣泛接觸機構、工業、數據中心和政府部門。

Funding both for new construction and especially retrofit comes from many different avenues. There remains a lot of pent-up stimulus funds in both the U.S. and Europe that have not yet been released. We have a strong backlog today, and we continue to see a long runway for growth as we leverage our broad portfolio of products and solutions.

新建築和特別是改造的資金來自許多不同的途徑。美國和歐洲仍有大量被壓抑的刺激資金尚未釋放。我們今天積壓了大量訂單，隨著我們利用我們廣泛的產品和解決方案組合，我們將繼續看到一條漫長的增長道路。

In addition to our diversification of the verticals we serve, a key differentiator of our portfolio is the ability to leverage our large global installed base of equipment. As we further digitize our offerings to create smart connections, we can create more predictive outcomes for our customers as we help them use the power of data to make net zero a reality.

除了我們服務的垂直行業多樣化之外，我們產品組合的一個關鍵差異化因素是能夠利用我們龐大的全球設備安裝基礎。隨著我們進一步數字化我們的產品以創建智能連接，我們可以為我們的客戶創造更具預測性的結果，因為我們幫助他們利用數據的力量使淨零成為現實。

On to Slide 6. Service is a key area of focus for us as we leverage our large installed base. We once again saw a strong double-digit growth in sales and orders. We are making tremendous progress in taking what has historically been a mechanical break-and-fix business in building a solutions-based business that creates a higher margin recurring revenue stream from our large installed base.

轉到幻燈片 6。服務是我們關注的一個關鍵領域，因為我們利用我們龐大的安裝基礎。我們再次看到銷售額和訂單實現兩位數的強勁增長。我們在建立基於解決方案的業務方面取得了巨大進展，將歷史上的機械故障和修復業務從我們龐大的安裝基礎中創造了更高利潤的經常性收入流。

As we create more predictive outcomes, it not only helps our customers achieve better results, but it also allows us to better leverage our global field operations more effectively.

隨著我們創造更多的預測結果，它不僅可以幫助我們的客戶取得更好的結果，還可以讓我們更好地更有效地利用我們的全球現場運營。

We are creating more standardization across our field operations and capturing better data from our connected solutions. As a result, our higher-margin Parts business grew over 20% in the quarter, and we see this as a growth contributor to our overall Service strategy.

我們正在我們的現場操作中創建更多的標準化，並從我們的連接解決方案中獲取更好的數據。因此，我們利潤率較高的零件業務在本季度增長了 20% 以上，我們認為這是我們整體服務戰略的增長貢獻者。

Decarbonization is an area of focus across the entire Johnson Controls portfolio, which includes our sustainable infrastructure, or SI business, that the KPIs on this slide represent. In addition to SI, decarbonization touches many products and solutions. Nearly 55% of our products and solutions drive sustainability. This includes heat pumps, energy-efficient refrigerants and digital solutions, to name just a few.

脫碳是整個 Johnson Controls 產品組合的一個重點領域，其中包括我們的可持續基礎設施或 SI 業務，本幻燈片中的 KPI 代表了這一點。除了 SI 之外，脫碳還涉及許多產品和解決方案。我們近 55% 的產品和解決方案推動可持續發展。這包括熱泵、節能製冷劑和數字解決方案，僅舉幾例。

As an example, when we upgrade an asset or a solution in the field, it drives efficiency at the building level such as software for controls or upgrading a chiller. Within SI specifically, we continue to see strong orders, revenue growth in a very healthy pipeline.

例如，當我們在現場升級資產或解決方案時，它會提高建築級別的效率，例如控制軟件或升級冷水機。特別是在 SI 內部，我們繼續看到強勁的訂單，收入增長非常健康。

The Healthy Buildings market opportunity remains strong, as evidenced by our almost $2 billion pipeline. We are seeing increased traction among both federal and international regulators as productivity benefits associated with well-managed indoor environments come to the forefront.

健康建築市場機會依然強勁，我們將近 20 億美元的管道就是證明。我們看到，隨著與管理良好的室內環境相關的生產力優勢日益受到關注，聯邦和國際監管機構越來越關注這一點。

Recently, the European Parliament voted to include a promising enhancement to the Energy Performance Of Buildings Directive, which would require indoor environmental quality monitoring of buildings. Johnson Controls is encouraged by the latest developments as the IEQ language has the potential to drive increased adoption of digital building systems and deliver improved health and wellness all while accelerating the decarbonization of buildings.

最近，歐洲議會投票通過了對建築物能源性能指令的有希望的改進，這將需要對建築物進行室內環境質量監測。江森自控對最新的發展感到鼓舞，因為 IEQ 語言有可能推動數字建築系統的更多采用，並在加速建築脫碳的同時改善健康狀況。

Turning to Slide 7. We are honored to be continually recognized for our dedicated sustainability efforts. During the quarter, we received several recognitions, including being named as one of the World's Most Ethical Companies for the 16th time by Ethisphere. We were especially honored to be named to the Clean200 for the eighth consecutive year.

轉到幻燈片 7。我們很榮幸能夠不斷獲得認可，因為我們致力於可持續發展的努力。在本季度，我們獲得了多項認可，包括第 16 次被 Ethisphere 評為全球最具商業道德的公司之一。我們特別榮幸連續第八年入選 Clean200。

Every year, 200 out of more than 6,000 companies are selected for the high proportion of their revenue earned through a sustainable business. We are proud of the recognition, and we'll continue to further our strategy to help tackle building emissions globally. I will now turn the call over to Olivier to go through the financial details of the quarter. Olivier?

每年都會從 6,000 多家公司中選出 200 家，因為他們通過可持續業務獲得的收入比例很高。我們為這一認可感到自豪，我們將繼續推進我們的戰略，以幫助解決全球建築排放問題。我現在將把電話轉給奧利維爾，讓他了解本季度的財務細節。奧利維爾？

Thanks, George, and good morning, everyone. Let me start with the summary on Slide 8. Total sales grew 10%, while organic sales increased 13%, with strong double-digit growth across each of the segments. Price contributed 10% during the quarter, and volumes were up 3%, which was offset by a 3% FX headwind.

謝謝，喬治，大家早上好。讓我從幻燈片 8 的總結開始。總銷售額增長了 10%，而有機銷售額增長了 13%，每個細分市場都實現了兩位數的強勁增長。本季度價格貢獻了 10%，銷量增長了 3%，這被 3% 的外匯逆風所抵消。

Adjusted segment EBITA increased 20%, with margin expanding 120 basis points to 13.8%. Price/cost was positive, and we delivered strong productivity.

調整後的分部 EBITA 增長 20%，利潤率擴大 120 個基點至 13.8%。價格/成本是正的，我們提供了強大的生產力。

Turning to our EPS bridge on Slide 9. Adjusted EPS of $0.75 was favorable to the high end of our guidance by $0.01 and increased 19% year-over-year. Operations contributed $0.12 of the growth in the quarter as price/cost continue to gain momentum, and we saw a good drop-through on our improved volume.

轉向我們在幻燈片 9 上的 EPS 橋樑。調整後的每股收益 0.75 美元有利於我們指導的高端 0.01 美元，同比增長 19%。由於價格/成本繼續保持增長勢頭，運營為本季度的增長貢獻了 0.12 美元，我們看到我們的銷量有所改善。

Our SG&A and COGS initiatives delivered $0.09 of growth. Below the line, we did see headwinds from nonrecurring corporate items, FX and net financing costs. Overall, we were pleased with the strong adjusted EPS performance in the second quarter.

我們的 SG&A 和 COGS 計劃實現了 0.09 美元的增長。在此線之下，我們確實看到來自非經常性公司項目、外彙和淨融資成本的不利因素。總體而言，我們對第二季度調整後每股收益的強勁表現感到滿意。

Let's now discuss our segment results in more detail on Slide 10 through 13. Beginning on Slide 10. Organic sales in our shorter-cycle Global Products business increased 12% in the quarter, benefiting from strong price realization of 9% and 3% volume growth.

現在讓我們在幻燈片 10 到 13 上更詳細地討論我們的部門業績。從幻燈片 10 開始。我們較短週期的全球產品業務的有機銷售額在本季度增長了 12%，這得益於 9% 的強勁價格實現和 3% 的銷量增長.

We saw strong growth across most of the portfolio, led by greater than 20% growth in Commercial HVAC. This growth occurred in both Applied and Light Commercial, where demand remained strong.

我們看到大部分產品組合的強勁增長，其中商用 HVAC 增長超過 20%。這種增長發生在需求依然強勁的應用和輕型商業領域。

Global Residential declined low single digits as [modest] growth in the rest of the world partially offset high teens decline in North America. This was a continuation of channel inventory being reset, which we will expect to continue for another quarter or 2.

由於世界其他地區的[適度]增長部分抵消了北美的高青少年下降，全球住宅下降了低個位數。這是渠道庫存重置的延續，我們預計這將持續一個或兩個季度。

Fire & Security grew low double digits with continued momentum within our fire-detection products. Industrial Refrigeration also experienced double-digit growth in the quarter, driven by solid growth in both North America and EMEALA.

隨著我們火災探測產品的持續發展勢頭，消防與安保業務增長了兩位數。在北美和歐洲、中東和非洲地區穩健增長的推動下，工業製冷在本季度也實現了兩位數的增長。

Adjusted segment EBITA margins expanded 250 basis points to 18.6% as price/cost continue to improve and productivity was positive.

調整後的部門 EBITA 利潤率擴大 250 個基點至 18.6%，原因是價格/成本繼續改善且生產力為正。

Moving to Slide 12 to discuss our Building Solutions performance. Orders increased 8% organically as China rebounded from COVID-related impacts during the first quarter. We saw healthy growth in Install orders of 5%, and we're especially pleased with Service orders growing 14%.

轉到幻燈片 12 討論我們的建築解決方案性能。隨著中國在第一季度從 COVID 相關影響中反彈，訂單有機增長 8%。我們看到安裝訂單以 5% 的速度健康增長，我們對服務訂單增長 14% 感到特別高興。

Our focus and investment around increasing our Service offering continues to gain momentum. Total sales grew 11%, with organic sales increasing 13%, made up 10% price and 3% volume growth. Service revenue grew 11%, and Install revenue increased 15%. Adjusted segment EBITA increased 16%, with margins expanding 50 basis points, led by positive price/cost and improved productivity.

我們圍繞增加服務產品的關注和投資繼續獲得動力。總銷售額增長 11%，有機銷售額增長 13%，價格增長 10%，銷量增長 3%。服務收入增長 11%，安裝收入增長 15%。調整後的部門 EBITA 增長了 16%，利潤率擴大了 50 個基點，這主要得益於積極的價格/成本和提高的生產率。

Building Solutions backlog remain at record levels, growing 9% to $11.7 billion. Service backlog grew 15%, while Install backlog increased 8%.

建築解決方案積壓訂單保持在創紀錄水平，增長 9% 至 117 億美元。服務積壓增長了 15%，而安裝積壓增長了 8%。

Let's discuss the Building Solutions performance by region on Slide 13. Orders in North America increased 8%, with strong growth in our government and manufacturing sectors. Service orders grew 14%, with double-digit growth in both recurring and nonrecurring contracts. Overall, demand continues for HVAC & Controls, which grew high single digits within the quarter. In aggregate, Fire & Security orders grew mid-single digits.

讓我們在幻燈片 13 上按地區討論建築解決方案的表現。北美的訂單增長了 8%，我們的政府和製造業增長強勁。服務訂單增長 14%，經常性和非經常性合同均實現兩位數增長。總體而言，對 HVAC 和控制的需求仍在繼續，該需求在本季度內增長了高個位數。總的來說，消防和安全訂單增長了中個位數。

Sales in North America were up 14% organically, with broad-based growth across the portfolio. Our Install business grew 17%, with strong growth in both retrofit and new construction, which grew 15% and 20%, respectively.

北美的銷售額有機增長 14%，整個產品組合實現廣泛增長。我們的安裝業務增長了 17%，改造和新建業務均強勁增長，分別增長了 15% 和 20%。

Service continues to perform well, up 9% year-over-year, with high-teen growth in our shorter-cycle transactional business. HVAC & Controls remain a strong part of the portfolio, growing high teens year-over-year, while Fire & Security increased low double digits.

服務繼續表現良好，同比增長 9%，我們的短週期交易業務實現了高速增長。暖通空調和控制仍然是產品組合的重要組成部分，同比增長了十幾歲，而消防和安全增長了兩位數。

Segment margins expanded 190 basis points year-over-year to 12.5%, driven by ongoing productivity benefits and the execution of higher-margin backlog, resulting in positive price/cost. Total backlog ended the quarter at $7.7 billion, up 13% year-over-year.

部門利潤率同比增長 190 個基點至 12.5%，這得益於持續的生產力優勢和更高利潤積壓訂單的執行，導致價格/成本為正。本季度末總積壓訂單為 77 億美元，同比增長 13%。

EMEALA, orders were up 7%, led by mid-teens growth in Industrial Refrigeration and mid-single-digit and low single-digit growth across our Fire & Security and HVAC & Controls platforms, respectively.

EMEALA 的訂單增長了 7%，其中工業製冷領域的中等個位數增長以及我們的消防與安全和 HVAC 與控制平台分別實現了中個位數和低個位數的增長。

Overall, Service orders grew 13%, led by double-digit growth in our recurring plant service agreements, primarily in Security.

總體而言，服務訂單增長了 13%，這主要得益於我們經常性工廠服務協議的兩位數增長，主要是在安全方面。

By region, we saw strong double-digit growth in both Middle East, Africa and Latin America. Sales in EMEALA grew 12% organically, with strong low double-digit growth in both Service and Install. Our shorter-cycle transactional business was the main contributor to the overall Service growth, with our recurring plant service agreements reporting solid growth of low double digits.

按地區劃分，我們在中東、非洲和拉丁美洲看到了兩位數的強勁增長。歐洲、中東和非洲地區的銷售額有機增長 12%，服務和安裝均實現兩位數的強勁低增長。我們的較短週期交易業務是整體服務增長的主要貢獻者，我們的經常性工廠服務協議報告了低兩位數的穩健增長。

Overall, momentum continues to build within Applied Commercial HVAC and Fire & Security, where each contributed to mid-teens growth within the quarter.

總體而言，Applied Commercial HVAC 和 Fire & Security 的勢頭繼續增強，每個部門都在本季度內實現了十幾歲的增長。

Segment EBITA margins declined 270 basis points to 6.7% in as headwinds from nonrecurring items offset operational improvements year-over-year. Backlog was up 5% year-over-year to $2.3 billion.

部門 EBITA 利潤率下降 270 個基點至 6.7%，原因是非經常性項目的逆風抵消了同比運營改善。積壓訂單同比增長 5% 至 23 億美元。

In Asia Pacific, order grew 9% with 20% growth in Service, led by strong growth in our shorter-cycle transactional business. Overall, Install orders grew 6% organically. By region, China recovered from COVID-related lockdowns in Q1 with strong growth of greater than 30% in the second quarter.

在亞太地區，訂單增長 9%，服務增長 20%，這主要得益於我們較短週期交易業務的強勁增長。總體而言，安裝訂單有機增長 6%。按地區劃分，中國在第一季度從與 COVID 相關的封鎖中恢復過來，第二季度強勁增長超過 30%。

Sales in Asia Pacific increased 15%, with strong mid-teens growth in both Service and Install. Overall, Commercial HVAC & Controls grew high teens, while Fire & Security declined low single digits.

亞太地區的銷售額增長了 15%，服務和安裝均實現了強勁的十幾歲增長。總體而言，商業 HVAC 和控制增長了十幾位，而消防和安全下降了低個位數。

China gained momentum as the country continued to reopen during the quarter with strong sales growth of 16%, which included double-digit growth in both Service and Install. We expect continued recovery with a solid second half performance in China.

隨著中國在本季度繼續重新開放，中國獲得了 16% 的強勁銷售增長勢頭，其中包括服務和安裝的兩位數增長。我們預計中國下半年的表現將持續復甦。

Segment EBITA margins declined 10 basis points to 11.8% as positive price/cost was offset by FX headwinds over the quarter. Backlog of $1.7 billion declined 3% year-over-year.

分部 EBITA 利潤率下降 10 個基點至 11.8%，因為積極的價格/成本被本季度的外匯逆風所抵消。 17 億美元的積壓訂單同比下降 3%。

Turning to our balance sheet and cash flow on Slide 14. We ended the second quarter with $2 billion in available cash and net debt remained at 2.2x, which is within our long-term target range of 2 to 2.5x.

轉到幻燈片 14 上的資產負債表和現金流。我們在第二季度結束時擁有 20 億美元的可用現金，淨債務保持在 2.2 倍，這在我們 2 到 2.5 倍的長期目標範圍內。

Free cash flow did turn positive in the quarter as anticipated. Inventory improved sequentially. And free cash flow remains a major focus, with inventory being a driver to further improvement in the second half.

正如預期的那樣，自由現金流在本季度確實轉為正值。庫存環比改善。自由現金流仍然是主要關注點，庫存是下半年進一步改善的驅動力。

Now let's discuss our fiscal year '23 guidance on Slide 15. We're introducing third quarter organic sales guidance of approximately 10% as price continues to be a strong contributor. For the third quarter, we expect segment EBITA margin to expand 120 to 130 basis points and adjusted EPS to be in the range of $1.01 to $1.03, which represents a year-over-year growth of 18% to 21%.

現在讓我們在幻燈片 15 上討論我們的 23 財年指導。由於價格仍然是一個強大的貢獻者，我們將引入大約 10% 的第三季度有機銷售指導。對於第三季度，我們預計部門 EBITA 利潤率將擴大 120 至 130 個基點，調整後的每股收益將在 1.01 美元至 1.03 美元之間，同比增長 18% 至 21%。

On the full year, we are once again raising the lower end of the wide range introduced at the beginning of the year. Our new adjusted EPS range reflects what has been at the top of the range we had discussed as a base case the last 2 quarters. Our full-year adjusted EPS guidance range is now $3.50 to $3.60, representing growth of 17% to 20%.

就全年而言，我們再次提高了年初引入的寬範圍的下限。我們新調整後的 EPS 範圍反映了我們在過去兩個季度作為基本案例討論的範圍的頂部。我們的全年調整後每股收益指導範圍現在為 3.50 美元至 3.60 美元，增長 17% 至 20%。

On the top line, we anticipate organic sales to grow approximately 10% for the full year. We now expect segment EBITA margins to expand 100 to 120 basis points as we continue to execute on fulfilling our higher-margin backlog. We expect full-year free cash flow conversion to be 80% to 90%, recognizing that second half free cash flow will be driven by inventory reduction.

最重要的是，我們預計全年有機銷售額將增長約 10%。我們現在預計分部 EBITA 利潤率將擴大 100 至 120 個基點，因為我們將繼續執行以完成更高利潤率的積壓訂單。我們預計全年自由現金流轉換率為 80% 至 90%，認識到下半年自由現金流將受到庫存減少的推動。

We are pleased with our first half performance and see solid momentum entering the back half of the year. Our pipeline remains robust across all our vector of growth, and our [productivity] initiatives remain on track. With that, operator, please open up the lines for questions.

我們對上半年的表現感到滿意，並看到進入下半年的強勁勢頭。我們的管道在我們所有的增長方向上都保持強勁，我們的 [生產力] 計劃仍在軌道上。有了這個，接線員，請打開問題的線路。

(Operator Instructions) And today's first question comes from Nigel Coe with Wolfe Research.

（操作員說明）今天的第一個問題來自 Wolfe Research 的 Nigel Coe。

So you guys are the last one. So good to finish on a pretty good high here. So on the price/cost, we appreciate the extra disclosure around this. [170] to the quarter, roughly half of that in Global Products. Any sense or any kind of color on how that price/cost tailwind looks in 3Q and 4Q?

所以你們是最後一個。很高興在這裡完成一個相當不錯的高點。因此，在價格/成本方面，我們感謝圍繞此的額外披露。 [170] 該季度，大約是全球產品的一半。關於第三季度和第四季度價格/成本順風的任何感覺或任何顏色？

Price/cost will remain positive, of course, in the line rate for the second half of the year as we keep materializing the strong margin backlog we have in the P&L.

當然，價格/成本將在今年下半年的線路費率中保持正值，因為我們不斷在損益表中實現強勁的保證金積壓。

In addition, when you look at our (technical difficulty) base business, what you see happening is all the work that we did through the course of last year, building a very strong backlog with very strong margins, as you see, as we begin to turn that, we're seeing a nice pickup in the margin rate, which is exactly what we expected.

此外，當您查看我們的（技術難度）基礎業務時，您看到的是我們在去年所做的所有工作，如您所見，我們開始時建立了非常強大的積壓和非常高的利潤率為了扭轉這種局面，我們看到保證金率有了很好的回升，這正是我們所預期的。

Okay. But no hard disclosure around price/cost. Okay. And then on the pie chart of the exposure, I thought that was really helpful. So roughly 20% commercial. Obviously, that includes service renovation and new builds.

好的。但沒有關於價格/成本的硬性披露。好的。然後在曝光的餅圖上，我認為這真的很有幫助。所以大約有 20% 是商業性的。顯然，這包括服務改造和新建。

So who is -- to distill this down to just the commercial office new builds, what the message here is it's like low single-digit exposure to commercial office new build. And so if you can just maybe just comment on that.

那麼誰 - 將其提煉為僅商業辦公室新建築，這裡的信息就像商業辦公室新建築的低個位數曝光。因此，如果您可以對此發表評論。

And then thinking about the exposure to regional bank lending, when you look around that pie chart, where do you see the exposures over and above commercial office?

然後考慮區域銀行貸款的風險敞口，當你環顧餅圖時，你在哪裡看到商業辦公室以外的風險敞口？

Nigel, let me touch upon the commercial exposure. I think it's important to understand the secular trends that are underway and well underway within our sector around sustainability, healthy buildings and digital. And I think the value proposition that we're bringing to ultimately address these issues do play out across all of the verticals that we support.

奈傑爾，讓我談談商業曝光。我認為重要的是要了解我們行業內圍繞可持續性、健康建築和數字化正在發生和正在發生的長期趨勢。而且我認為我們為最終解決這些問題而提出的價值主張確實在我們支持的所有垂直領域都發揮了作用。

Now when you look at the commercial sector, we typically are 50% new build and 50% retrofit. And so we're still seeing very strong not only the conversion of the new build that has been started, but we're seeing a pickup of opportunities as we're retrofitting that space now with digital, with upgrading equipment as well as then now focusing on outcomes that we can create now leveraging the connectivity that we have in the building, the data that we extract and then using that data to reduce energy consumed and just overall efficiency of the building.

現在，當您查看商業領域時，我們通常是 50% 新建和 50% 改造。因此，我們仍然看到非常強勁的不僅是已經開始的新建築的轉換，而且我們看到了很多機會，因為我們現在正在用數字技術改造這個空間，升級設備以及現在專注於我們現在可以創造的成果，利用我們在建築物中擁有的連通性，我們提取的數據，然後使用該數據來減少能源消耗和建築物的整體效率。

So I think right now, even though that's been a concern, as far as the overall pipeline that we're developing around, is still very strong. And we stay focused on how we differentiate and ultimately then deliver on the challenges that our customers are facing.

所以我認為現在，儘管這是一個問題，但就我們正在開發的整體管道而言，仍然非常強大。我們始終專注於如何實現差異化，並最終應對客戶面臨的挑戰。

Relative to the banks, maybe Olivier, you can share your thoughts.

相對於銀行，也許 Olivier，你可以分享你的想法。

So as we put in George's preparing remarks, we have a low exposure to the office business. Your number is in the ballpark, Nigel. Our customers also have many funding sources. So we don't see today an exposure to what is happening in the U.S. in the banking industry.

因此，正如我們在喬治的準備發言中所說的那樣，我們對辦公室業務的了解程度很低。奈傑爾，你的電話號碼是大概的。我們的客戶也有很多資金來源。因此，我們今天看不到美國銀行業正在發生的事情。

Another data point, as George indicated, the backlog is strong and very resilient, which is another indicator about the strength of the financing sources.

另一個數據點，正如 George 指出的那樣，積壓量很大且非常有彈性，這是另一個關於融資來源實力的指標。

And our next question today comes from Jeff Sprague with Vertical Research.

我們今天的下一個問題來自 Vertical Research 的 Jeff Sprague。

These Service orders look borderline fantastic, actually. I'm wondering if you could provide a little bit more color on the composition. Obviously, you introduced the call with highlighting some of the secular things that you put in place.

實際上，這些服務訂單看起來非常棒。我想知道您是否可以為構圖提供更多顏色。顯然，您通過強調您實施的一些世俗措施來介紹電話會議。

But when we think about, for example, North America Service orders up 14%, should we think of that as driven by existing customers who are taking more of your upsell? Is that the primary driver? Or is this a recapture of installed base that maybe you weren't serving before? I'm sure it's a lot of different things, but I just wonder if you could kind of characterize maybe the key drivers there.

但是，例如，當我們考慮北美服務訂單增長 14% 時，我們是否應該認為這是由現有客戶推動的，他們正在接受更多的追加銷售？那是主要驅動力嗎？或者這是重新奪回您之前可能沒有服務過的已安裝基礎？我敢肯定這是很多不同的事情，但我只是想知道你是否可以描述一下那裡的關鍵驅動因素。

So let me just -- Jeff, let me lay out the fundamentals of our Service business. Historically, it has been a mechanical break/fix business. And as we've been transforming the company with digital, going back and making sure that all of our installed base is connected, we ultimately then use the data to not only enhance the traditional services that we perform, but then add on additional value propositions with energy and space utilization.

所以讓我 - 傑夫，讓我列出我們服務業務的基礎知識。從歷史上看，它一直是機械故障/修復業務。隨著我們一直在通過數字化改造公司，回過頭來確保我們所有的安裝基礎都已連接，我們最終使用數據不僅可以增強我們執行的傳統服務，還可以增加額外的價值主張隨著能源和空間的利用。

There's a lot of things that we can do with now the capabilities of OpenBlue. And then ultimately, with that, we get better value propositions and better delivery. Our attrition comes down. And then ultimately, we believe we can sustain double-digit growth with that model.

現在我們可以利用 OpenBlue 的功能做很多事情。然後最終，我們得到更好的價值主張和更好的交付。我們的流失率下降了。然後最終，我們相信我們可以通過該模型維持兩位數的增長。

When you look at the quarter, we were up 11% revenue growth, like we said, 14% orders. But the underlying to your question, when you look at connected chillers, we're up 100% year-on-year. We're up almost 14,000 chillers that are connected. They're real-time, we're collecting data. We're performing service, and then we're ultimately creating new opportunities on top of that with additional revenue.

當你看這個季度時，我們的收入增長了 11%，就像我們說的那樣，訂單增長了 14%。但你的問題的根本是，當你查看連接的冷水機組時，我們同比增長了 100%。我們連接了近 14,000 台冷水機組。它們是實時的，我們正在收集數據。我們正在提供服務，然後我們最終會在此基礎上創造新的機會並帶來額外的收入。

And then when you have these agreements in place, you get significant pickup on additional service beyond just the contract that we have. So our PSAs when we talk about performance service contracts, we're up double digit. And that's increasing our recurring revenue base on a forward-looking basis that we're going to be able to achieve, being able to support those customers.

然後，當您簽訂這些協議時，您將獲得超出我們現有合同的額外服務。因此，當我們談論績效服務合同時，我們的 PSA 增長了兩位數。這在我們能夠實現的前瞻性基礎上增加了我們的經常性收入基礎，能夠支持這些客戶。

And so when you look at the Service business -- and then the last thing we highlighted is when you do that with the insights that we're creating, we can create events -- predictive events, which ultimately drive upgrades predictably versus reactively that ultimately generates business.

因此，當您查看服務業務時——然後我們強調的最後一件事是，當您利用我們正在創建的洞察力執行此操作時，我們可以創建事件——預測事件，最終以可預測的方式推動升級，而不是最終以被動方式推動升級產生業務。

And so our Parts business is up well over 20% year-on-year as a result of the work we're doing. So it really takes everything we've been talking about.

因此，由於我們所做的工作，我們的零件業務同比增長超過 20%。所以它真的需要我們一直在談論的一切。

As far as mining the installed base, our connectivity to the installed base, we're up over 600 basis points since Investor Day and in the quarter, 146 basis points year-on-year. And so that is creating the base that we ultimately then go create new value propositions, supporting our customers, especially along the lines of these secular trends.

就挖掘已安裝基礎、我們與已安裝基礎的連接性而言，自投資者日以來我們上漲了 600 多個基點，在本季度同比上漲了 146 個基點。因此，這就是我們最終創造新價值主張的基礎，支持我們的客戶，尤其是順應這些長期趨勢。

Great. And then just on Europe and corporate, it sounds like you took a couple of hits that you just digested and moved on. Can you give us some sense of what these were, how large they were and if they are kind of truly nonrecurring in nature?

偉大的。然後就歐洲和企業而言，聽起來你接受了一些你剛剛消化並繼續前進的打擊。你能告訴我們這些是什麼，它們有多大，它們是否真的是非經常性的？

Absolutely. So for EMEALA, the fundamental of the business is the same as for the field business, meaning we have accumulated rich margin orders in the backlog, and those rich margin orders are today being realized in the P&L. We don't see them yet in EMEALA because we had some nonrecurring items.

絕對地。因此，對於 EMEALA，業務的基本面與現場業務相同，這意味著我們在積壓訂單中積累了豐富的保證金訂單，而這些豐富的保證金訂單如今正在損益表中實現。我們在 EMEALA 中還沒有看到它們，因為我們有一些非經常性項目。

Two things, we had last year some tax credits, which are not being reproduced, the tax items which are above the line. And we have this year also some U.K. pension one-off cost, which are impacting the EMEALA performance. We expect the EMEALA performance to increase sequentially in Q3 by a sizable amount, and we expect EMEALA performance in Q3 year-on-year to be about flat. So that's for EMEALA.

兩件事，我們去年有一些稅收抵免，這些稅收抵免沒有被複製，稅收項目超出了這條線。今年我們還有一些英國養老金一次性成本，這正在影響 EMEALA 的表現。我們預計 EMEALA 的業績在第三季度將有相當大的環比增長，我們預計 EMEALA 的業績在第三季度同比持平。所以這是針對 EMEALA 的。

For corporate, no structural increase to our cost in corporate, again some one-off, which were good last year for about $20 million, some one-offs this year, which are impacting negatively our P&L. It's a range of items, but no recurring increase in corporate costs.

對於企業，我們的企業成本沒有結構性增加，再次是一次性的，去年約為 2000 萬美元，今年是一次性的，這對我們的損益產生了負面影響。這是一系列項目，但不會經常增加企業成本。

And our next question comes from Steve Tusa with JPMorgan.

我們的下一個問題來自摩根大通的史蒂夫圖薩。

Just on the answer to Nigel's question, just to be clear, that commercial, that's your total revenue. So that's not -- there's also global exposure outside of the U.S. And you mentioned 50-50 split between retrofit and new, that obviously does not include services as well, you were talking about the equipment split there?

關於奈傑爾問題的答案，需要明確的是，廣告就是你的總收入。所以那不是 - 在美國以外也有全球曝光。你提到改造和新之間的 50-50 分裂，這顯然也不包括服務，你是在談論那裡的設備分裂？

Steve, when we look at our revenues, that takes into everything we do within those verticals for the company, including our Global Products business and then the field business, both Install and Service. Through cycles, the new construction goes down, the Service and retrofit goes up.

史蒂夫，當我們查看我們的收入時，它考慮了我們在公司的這些垂直領域所做的一切，包括我們的全球產品業務，然後是現場業務，包括安裝和服務。通過循環，新建築下降，服務和改造上升。

But as we've been now capitalizing on the opportunities with the new Service offerings that we have, we are seeing a natural pickup of additional retrofit because of that along the lines of these secular trends.

但是，由於我們現在一直在利用我們擁有的新服務產品帶來的機會，因此我們看到了由於這些長期趨勢而導致的額外改造的自然回升。

Okay. And then just lastly on the EMEALA margins. Can you maybe talk about the timing of price/cost coming through there? Is there any -- regionally, is there any kind of like a lag or lead relative to the inflection you're now seeing in North America?

好的。最後是 EMEALA 利潤率。你能談談價格/成本的時間嗎？有沒有——在區域上，相對於你現在在北美看到的拐點，是否有任何滯後或領先？

We should see the margin to pick up, Steve, in Q3 sequentially by more than 2 points sequentially. And as I indicated, we should be about flat year-on-year. The underlying performance of EMEALA is very strong, as I indicated, and the backlog margin is now being realized at an elevated rate.

史蒂夫，我們應該看到第三季度的利潤率連續上升超過 2 個百分點。正如我所指出的，我們應該與去年同期持平。正如我所指出的，EMEALA 的基礎性能非常強勁，積壓利潤率現在正在以較高的速度實現。

And are you still, for the third quarter, kind of reaffirming the -- what you had said last quarter with the -- I assume with the guidance being as strong as it is for the third quarter on margins that you're still comfortable with the profile of the strong year-over-year at North America field?

對於第三季度，你是否仍然在某種程度上重申 - 你上個季度所說的 - 我認為指導與第三季度的利潤率一樣強勁，你仍然滿意北美地區同比增長強勁的概況？

The numbers we discussed, Steve, are still intact for Q3 across the [PAC], including for North America.

史蒂夫，我們討論的數字在 [PAC] 的第三季度仍然完好無損，包括北美。

And our next question today comes from Noah Kaye with Oppenheimer.

我們今天的下一個問題來自 Noah Kaye 和 Oppenheimer。

So you've got the acceleration in orders sequentially this quarter on a tougher comp. Maybe comment on orders expectations for the back half and pockets of strength that you see?

因此，本季度你的訂單在更嚴格的情況下連續加速。也許評論您看到的後半部分和力量口袋的訂單預期？

Yes. When we look at what's happening commercially, you got to look at right from the pipeline we're developing to how they're converting and what our backlogs are and how they're going to turn. I'll start with the backlog.

是的。當我們審視商業上發生的事情時，你必須從我們正在開發的管道到他們如何轉換以及我們的積壓是什麼以及他們將如何轉變。我將從積壓開始。

The backlog is up 9% in the field year-on-year. When you look at the -- what's within that backlog, where we've -- it's very resilient and in line with our core strengths. When we look at North America applied -- applied chillers were up, our backlog is up over 30%. And our revenue turn was roughly about 40%, when you look at all in relative to our revenue.

該領域的積壓同比增長 9%。當您查看 - 積壓的內容，我們的位置 - 它非常有彈性並且符合我們的核心優勢。當我們查看北美的應用時——應用冷水機組增加了，我們的積壓訂單增加了 30% 以上。相對於我們的收入來看，我們的收入轉變率大約是 40%。

And that's continuing. We're seeing capitalization of the trends that are underway. We have a very competitive product lineup, and we're actually gaining share when you look at Light Commercial globally, where backlog is up 30% and revenues returning about 30%. So extremely strong performance within the commercial sector.

這還在繼續。我們看到了正在發生的趨勢的資本化。我們擁有非常有競爭力的產品陣容，當您在全球範圍內觀察輕型商業時，我們實際上正在獲得份額，積壓訂單增加了 30%，收入回報率約為 30%。因此在商業領域表現極其強勁。

When you look at North America commercial, which rooftops in addition to the applied, we're on a run rate now with backlog significantly up, and we're turning now better than 60% growth.

當你看北美的商業廣告時，除了已應用的屋頂外，我們現在的運行率是積壓顯著增加，而且我們現在的增長率超過 60%。

And so our focus has been how do we continue to strengthen the pipeline, the conversion and then with the capacity expansion we've had and the resolution of some of these constraints from a supply chain standpoint, has really helped us not only reduce lead times, so we can ultimately continue the growth, but now being able to execute on the revenue growth.

因此，我們的重點一直是我們如何繼續加強管道、轉換，然後通過我們已經擁有的產能擴張以及從供應鏈的角度解決其中一些限制，確實幫助我們不僅減少了交貨時間，因此我們最終可以繼續增長，但現在能夠實現收入增長。

And so as we look at the secular trends, in the pipeline development around sustainability, healthy buildings, digital now with the digital deployments that we have, we see still a very strong pipeline.

因此，當我們審視長期趨勢時，在圍繞可持續性、健康建築、數字化以及我們擁有的數字部署的管道開發中，我們仍然看到一個非常強大的管道。

And so our focus is how do we make sure within that pipeline, we differentiate with our products. We differentiate with our solutions, leveraging digital, and that is what ultimately gives us confidence that we can continue to convert in a very positive way here through the second half.

因此，我們的重點是如何確保在該管道中，我們的產品與眾不同。我們通過我們的解決方案脫穎而出，利用數字技術，這最終讓我們相信，我們可以在下半年繼續以非常積極的方式進行轉換。

Okay. And then maybe you can characterize the inventory build in terms of composition and how you see that working down. Certainly, it's normal to see some seasonal build in parts of the business, but that sort of longer cycle, higher components portion of it, but just being interested in your characterization.

好的。然後，也許您可以根據構成以及您如何看待這種情況來描述庫存構建的特徵。當然，部分業務出現季節性增長是正常的，但周期較長，組件部分較高，但只是對您的特徵感興趣。

Yes. Let me address that, and then Olivier can talk about the financial impact. As you look at what's happened over the last couple of years, we had significant disruption. And as a result of that, we built up inventory. All of that peaked from a day standpoint in the first quarter.

是的。讓我解決這個問題，然後 Olivier 可以談談財務影響。當你看看過去幾年發生的事情時，我們經歷了重大的混亂。因此，我們建立了庫存。從第一季度的一天的角度來看，所有這些都達到了頂峰。

We've had the entire team now, now that we've been really leaning out and getting our capacity in place and working with our key suppliers, we've got the supply chain working pretty well.

我們現在擁有整個團隊，現在我們已經真正地向外傾斜並獲得我們的能力並與我們的主要供應商合作，我們已經讓供應鏈運作得很好。

And so as a result of that, we're not only making sure that we're protecting the significant ramp in the second half on the commercial backlog that I discussed, but then making sure that we can rebalance all of our input to output relative to the material required.

因此，我們不僅要確保我們在下半年保護我討論過的商業積壓的顯著增長，而且要確保我們能夠重新平衡我們所有的輸入到輸出相對到所需材料。

And so we've got line of sight to a pretty significant step-down in Q3 and in Q4, which gets us back to where we need to be from an overall inventory perspective.

因此，我們已經看到第三季度和第四季度的大幅減少，這讓我們從整體庫存的角度回到了我們需要的位置。

Not much more to add. If you look at the inventory turns in Q2, we improved sequentially by 6 days. We didn't want to reduce the inventory by much more than that due to the strong demand we'll have to satisfy in Q3. For the full year, we expect inventory to be back at the level it was at the end of '22. And as we have discussed before, we want to keep improving the inventory turns as we get into '24.

沒有更多要補充的了。如果你看一下第二季度的庫存周轉率，我們連續改善了 6 天。由於我們必須在第三季度滿足強勁的需求，我們不想將庫存減少太多。對於全年，我們預計庫存將回到 22 年底的水平。正如我們之前所討論的那樣，我們希望在進入 24 世紀時繼續改善庫存周轉率。

Our next question comes from Scott Davis of Melius Research.

我們的下一個問題來自 Melius Research 的 Scott Davis。

George, the Parts numbers that you gave kind of echo [Spriggs] comment on Service and Parts, pretty amazing. What -- I mean, I understand digital is a big role here, but is there any way to think about kind of your capture rates and how they've improved over time with digital?

喬治，你給出的零件編號有點像 [Spriggs] 對服務和零件的評論，非常驚人。什麼——我的意思是，我知道數字在這裡起著重要作用，但是有什麼方法可以考慮你的捕獲率以及隨著時間的推移它們是如何隨著數字而改進的？

Is it -- I'm trying to picture for the most part. If something breaks, people want to replace like-for-like, but maybe around the world, it's not always that case. But how much has digital, I guess, improved your take rates or capture rates on those spare parts, I guess, is my question.

是嗎——我大部分時間都在努力想像。如果有什麼東西壞了，人們會想以同樣的方式更換，但也許在世界範圍內，情況並非總是如此。但我想，數字技術在多大程度上提高了這些備件的獲取率或捕獲率，我想，這是我的問題。

Okay. So I think you'd start with the installed base that we're serving, and we're up pretty significantly another 150 basis points. So we have -- and with -- what's driving that, Scott, is the connectivity. So we go back, we make sure that it's connected, we have the utilization of the data. We then manage what we traditionally have managed. We get productivity from that. We improve our value delivery.

好的。所以我認為你會從我們服務的安裝基礎開始，我們又增加了 150 個基點。因此，斯科特，我們擁有 - 並且擁有 - 驅動它的是連接性。所以我們回去，我們確保它已連接，我們可以利用數據。然後我們管理我們傳統上管理的東西。我們從中獲得生產力。我們改善我們的價值交付。

And then we have with the insights, after 3 months, 6 months, 9 months, we're comparing that performance to the fleet. And that gives us -- and we know what vintage the equipment is. And then historically, we know predictably where issues are going to ultimately arise.

然後我們有了洞察力，在 3 個月、6 個月、9 個月後，我們將這種性能與機隊進行比較。這給了我們 - 我們知道設備是什麼年份。然後從歷史上看，我們可以預見地知道問題最終會出現在哪裡。

And so what we do is we then go back and do upgrades with parts and continue, and this is to avoid any catastrophic failure or just to improve overall efficiency.

所以我們所做的是然後我們回去對零件進行升級並繼續，這是為了避免任何災難性故障或只是為了提高整體效率。

And so when you look at our connected chillers now, our connected equipment, we're reducing attrition about -- it's about half of what the traditional service customer attrition was. And so you get higher penetration of the installed base. You've got more ability now to use data to create value propositions on energy, on efficiency, overall utilization.

因此，當您現在查看我們連接的冷水機、我們的連接設備時，我們正在減少流失——這大約是傳統服務客戶流失的一半。因此，您可以獲得更高的安裝基礎滲透率。你現在有更多的能力使用數據來創建關於能源、效率和整體利用率的價值主張。

And then when you look at some of these bigger secular trends around sustainability, healthy buildings and then ultimately smart buildings, it becomes the platform that we can then utilize all of our OpenBlue applications to build on top of. So it's a combination of all of that.

然後，當您查看圍繞可持續性、健康建築以及最終智能建築的一些更大的長期趨勢時，它會成為我們可以利用我們所有 OpenBlue 應用程序構建的平台。所以這是所有這些的結合。

And then if you look at historically what has happened when we do have a contract, we're seeing significant pickup when we say L&M. It's because it's coming out of the utilization of data and then how we're presenting additional opportunities to the customer to then be able to capitalize on. Does that help, Scott?

然後，如果你從歷史上看當我們有合同時發生了什麼，當我們說 L&M 時，我們會看到顯著的回升。這是因為它來自數據的利用，然後是我們如何向客戶提供額外的機會，以便他們能夠利用。這有幫助嗎，斯科特？

Yes. No, it does. And I think maybe just as a natural follow-on, when you use the term vintage, I think is appropriate. I think there's always been a view that these -- the big chillers just last forever. And in fact, they seem to last a very long time.

是的。不，確實如此。而且我認為，當您使用“年份”一詞時，也許只是自然而然的後續，我認為是合適的。我認為一直有這樣一種觀點，即這些 - 大型冷水機永遠持續下去。事實上，它們似乎能持續很長時間。

But given decarb or other drivers, are you seeing the actual kind of useful life or vintage come down because there's a greater interest in people pulling 35-year old or 30-year-old units out of service because it just doesn't make any sense, where maybe in the past, it did make sense to keep them alive?

但是考慮到脫碳或其他驅動因素，您是否看到實際的使用壽命或年份下降，因為人們更感興趣將 35 年或 30 年的設備停用，因為它不會產生任何感覺，也許在過去，讓他們活著確實有意義？

So what I would say is we've actually seen both. We have assets that we can go in and on a run rate basis, significantly reduce energy consumed to benefit the customer and ultimately address some of the sustainability challenges that they're facing. Then in other cases, we can put a value proposition together to upgrade the equipment, to deploy digital and then to get a payback based on how those -- that equipment is actually operating.

所以我要說的是我們實際上已經看到了兩者。我們擁有可以按運行率投入使用的資產，可以顯著減少能源消耗以使客戶受益，並最終解決他們面臨的一些可持續性挑戰。然後在其他情況下，我們可以將價值主張放在一起來升級設備，部署數字設備，然後根據這些設備的實際運行方式獲得回報。

So that's what we do through our sustainable infrastructure business, which today, we have a significant pipeline that we're working to convert. It's about $7 billion.

這就是我們通過我們的可持續基礎設施業務所做的，今天，我們有一個重要的管道，我們正在努力轉換。大約是70億美元。

And so Scott, it really depends on what the current operations out, what the current age of the equipment is, how it's operating. And then what we do is try to provide our value proposition that is the best in their case that ultimately achieves what they're trying to set out to do.

所以斯科特，這真的取決於當前的操作，設備的當前使用年限，以及它的運行方式。然後我們所做的就是嘗試提供我們的價值主張，這在他們的案例中是最好的，最終實現他們想要做的事情。

And our next question today comes from Chris Snyder with UBS.

我們今天的下一個問題來自瑞銀集團的 Chris Snyder。

So volumes in the quarter really stood out with a nice improvement to up 3% versus -- I believe, down 1% last quarter. Does this pickup just reflect the catch-up in volumes pushed out of last quarter or more so supply chain improvement or company capacity additions? And with that, we look at like around 9% organic in the back half, how much volume is expected on that?

因此，本季度的銷量確實非常突出，與上一季度下降 1% 相比，增長了 3%。這種回升是否僅反映了上個季度或更多時間推出的數量的追趕，以便供應鏈改善或公司產能增加？有了這個，我們看到後半部分有機率約為 9%，預計會有多少銷量？

Well, let me start by saying, operationally, we have seen significant improvement across our portfolio.

好吧，讓我首先說，在運營方面，我們已經看到我們的產品組合有了顯著改善。

So when you look at our velocity in the field-based business, you're definitely seeing recovery in the backlog because that had built as we -- as you recall, last year, we had extended our project cycle times because of supply chain and other challenges. That now is getting back in line. So that's some of the reduction and then the -- or the increased revenue.

因此，當您查看我們在基於現場的業務中的速度時，您肯定會看到積壓的恢復，因為我們已經建立了 - 正如您記得的那樣，去年，由於供應鍊和其他挑戰。現在正在重新排隊。所以這是一些減少，然後 - 或者增加收入。

And then in the products business, the same holds true. We have really done some significant work in how we've expanded our capacity to now capitalize on these trends, to be able to be competitive with lower or shorter lead times in the market, to continue the growth in the backlog, which is what we've done.

然後在產品業務中，同樣適用。我們確實做了一些重要的工作，我們如何擴大我們的能力，現在利用這些趨勢，能夠在市場上以更低或更短的交貨時間競爭，繼續積壓的增長，這就是我們完成了。

And so it's a little bit of both, where we're covering the backlog. And then, because of our ability to be able to better serve customers, that is ultimately helping us to be able to drive growth.

因此，兩者兼而有之，我們正在處理積壓的工作。然後，由於我們能夠更好地為客戶服務，這最終幫助我們能夠推動增長。

I appreciate that. And then I also wanted to follow up on Service orders, but specifically the relationship between Service and equipment orders. Service obviously has some pretty good secular tailwinds with OpenBlue and the market share opportunity that brings. But there are also is a connection between Service and equipment when we look at [attaching], right?

我很感激。然後我還想跟進服務訂單，但特別是服務和設備訂單之間的關係。服務顯然對 OpenBlue 和由此帶來的市場份額機會有一些很好的長期順風。但是當我們看[attaching]時，Service和設備之間也有聯繫，對嗎？

So I guess my question is, if we do hit a period of cyclical pressure and equipment orders are down on that, what is the ability or the opportunity to kind of grow Service orders through the cycle?

所以我想我的問題是，如果我們確實遇到了一段週期性壓力並且設備訂單下降了，那麼在整個週期中增加服務訂單的能力或機會是什麼？

Let's start with the overall model. So it starts with the installed base. And even though we've made significant progress, we still are currently performing service on short of about half -- about 50% of the base that we put out into the field over the last couple of decades.

讓我們從整體模型開始。所以它從安裝基礎開始。儘管我們已經取得了重大進展，但我們目前仍在執行服務，大約只有一半——大約是我們在過去幾十年投入現場的基礎的 50%。

And so the opportunity for us is to continue to penetrate that installed base, doing upgrades, deploying digital and then ultimately providing these outcomes that I think with the combined portfolio that we have, which is the leadership HVAC Equipment portfolio and a leadership Building Solutions, the two combine to be extremely differentiating relative to the outputs that we can create.

因此，我們的機會是繼續滲透已安裝的基礎，進行升級，部署數字，然後最終提供我認為與我們擁有的組合產品組合的這些結果，這是領先的 HVAC 設備產品組合和領先的建築解決方案，相對於我們可以創建的輸出，兩者結合起來非常不同。

And so we believe that the continued expansion of the attach rate to that installed base, the ability to be able to connect, use data, there's significant value that we generate to our customers.

因此，我們相信，不斷擴大對已安裝基礎的附加率，能夠連接、使用數據的能力，我們為客戶創造了巨大的價值。

And in any downturn, the single biggest reduction is energy savings. And so when we deploy a full solution, we can reduce energy 20%, 30%, 40%. And then couple that with the improved overall operation of the building beyond just the chiller, there's significant benefits to be able -- to be achieved for the customers.

在任何經濟低迷時期，最大的減少就是節能。因此，當我們部署一個完整的解決方案時，我們可以將能源減少 20%、30%、40%。然後將其與改進的建築物整體運行相結合，而不僅僅是冷卻器，能夠為客戶帶來顯著的好處。

So I believe that the differentiation with the value, the ability to be able to go get more of our installed base, to build on that, real differentiated solutions, utilizing the data in AI is going to be -- is going to continue to allow us to be able to expand services, no matter what the cycle is that we ultimately experience.

因此，我相信具有價值的差異化，能夠獲得更多安裝基礎的能力，在此基礎上構建真正差異化的解決方案，利用 AI 中的數據將 - 將繼續允許我們能夠擴展服務，無論我們最終經歷的周期是什麼。

And our next question today comes from Julian Mitchell of Barclays.

我們今天的下一個問題來自巴克萊銀行的朱利安米切爾。

There's been a lot of questions on the Building Solutions side. So maybe looking at Global Products for a second. You've had very, very good operating leverage first half of this year and the last 2 years. You're running up against some tough comps in the back half. So I just wondered, how you're thinking about the degree of margin expansion year-on-year in Global Products?

建築解決方案方面有很多問題。所以也許看一下全球產品。今年上半年和過去兩年，你的經營槓桿非常非常好。你在後半場遇到了一些強硬的對手。所以我只是想知道，您如何看待全球產品的利潤率同比增長程度？

And then looking out beyond the very short-term, when we look at some of your peers, Honeywell's margins are quite a bit higher, your HVAC peers are somewhat lower. So how should we think about kind of normal operating leverage or incremental margins in Global Products beyond 2023?

然後從短期來看，當我們看看你的一些同行時，霍尼韋爾的利潤率要高得多，而你的 HVAC 同行則要低一些。那麼我們應該如何考慮 2023 年以後全球產品的正常運營槓桿或增量利潤率呢？

Yes. So let me just give you the overall strategy, and Olivier can touch upon the financials. When you look at what we're doing within the Global Products business, it starts with making sure we have leadership product.

是的。所以讓我給你總體戰略，Olivier 可以談談財務狀況。當您查看我們在全球產品業務中所做的事情時，首先要確保我們擁有領先的產品。

And we've invested over the last 5 or 6 years, and I think we're positioned pretty much across the portfolio to lead and differentiate. And the differentiation obviously drives value with how we serve our customers. So it starts there.

我們在過去 5 或 6 年中進行了投資，我認為我們在整個投資組合中的定位幾乎是領先和差異化的。差異化顯然推動了我們為客戶服務的方式的價值。所以它從那裡開始。

The second is making sure that we're operationally local for local and making sure we have a robust and resilient supply chain, and we've made a lot of progress there. So from a cost standpoint, we ultimately can maintain low cost and how we ultimately serve the key markets that we serve.

第二個是確保我們在當地運營，確保我們擁有強大而有彈性的供應鏈，我們在這方面取得了很大進展。因此，從成本的角度來看，我們最終可以保持低成本，以及我們最終如何服務於我們所服務的關鍵市場。

And so -- and then from an overall SG&A, what we've been focusing on is really getting leverage out of the SG&A structure, and there's still significant opportunity ahead of us, to simplify that, Julian.

因此——然後從整體 SG&A 來看，我們一直關注的是真正從 SG&A 結構中獲得槓桿作用，我們面前仍有重要的機會來簡化它，Julian。

And so I think the -- as we look at our product business, where we've been and where we are, there's still significant room for improvement. Obviously, it's going to be driven by the continued leadership product, the digital content, the connectivity that's going to ultimately be valued. And then ultimately, that translates into the solutions that we provide in the field.

所以我認為——當我們審視我們的產品業務時，我們已經和現在的位置，仍然有很大的改進空間。顯然，它將由持續領先的產品、數字內容和最終會受到重視的連接性來驅動。然後最終轉化為我們在該領域提供的解決方案。

And so we're in a position to continue. We're getting good, continued strong price/cost because of the product and because of the value proposition, that's going to continue, Julian. Olivier, do you want to...

所以我們可以繼續。由於產品和價值主張，我們正在變得良好，持續強勁的價格/成本，這將繼續下去，朱利安。奧利維爾，你想...

Yes, absolutely. If you look at the second half for GP, as you said, Julian, the strength in the year-on-year margin trend will start to normalize because of the tough comp. And what will take over in terms of margin profile for the second half is our solution business, where you see the trend which happened in Q2, is going to accelerate in the second half of the year. So that's your first question.

是的，一點沒錯。如果你看看 GP 的下半年，正如你所說，朱利安，由於艱難的競爭，同比利潤率趨勢的強度將開始正常化。就下半年的利潤率而言，將接管的是我們的解決方案業務，您可以在其中看到第二季度發生的趨勢，並將在下半年加速。所以這是你的第一個問題。

Regarding your second question beyond '23, we believe we can deliver 30% incremental. George mentioned a few of the points supporting this. We believe in a Global Product, we have strong product offering, heat pump is going to be part of this. And then we also are very bullish about what our Building Solutions margin could be at the back of solution services enabled by digital.

關於 23 年後的第二個問題，我們相信我們可以提供 30% 的增量。喬治提到了支持這一點的一些觀點。我們相信全球產品，我們提供強大的產品，熱泵將成為其中的一部分。然後我們也非常看好我們的建築解決方案利潤率在數字支持的解決方案服務的支持下可能達到的水平。

On top of that, we have strong operating leverage capability in the P&L. As we keep growing, we have invested over the last 2 years. We believe that this investment will start to slow down, and we should be able also to increase leverage next year.

最重要的是，我們在損益表中擁有強大的運營槓桿能力。隨著我們不斷發展，我們在過去兩年中進行了投資。我們相信這項投資將開始放緩，明年我們也應該能夠提高槓桿率。

And then just my second one more on the portfolio. You've seen some moves at one of your peers recently. So I just wondered, given it's been 7 years or so since the large, very major portfolio move at JCI, how are you thinking kind of, George and Olivier about [P&L], the elements of pruning here?

然後是我在投資組合中的第二個。你最近看到你的一位同行有一些舉動。所以我只是想知道，鑑於 JCI 的大規模、非常重要的投資組合變動已經過去了 7 年左右，George 和 Olivier 對[P&L]、這裡的修剪元素有什麼看法？

Do you start to maybe get back on to M&A, now that you're quite far through the current 3-year plan in terms of savings extracted from the base business? And then put a finer point on it, what is the appeal to you of that European residential heat pumps market?

就從基礎業務中提取的儲蓄而言，你是否開始重新開始併購，現在你已經完成了當前的 3 年計劃？然後說得更細一點，歐洲住宅熱泵市場對您有何吸引力？

Yes. Let's reflect on what we've been. We did the merger with the divestiture of the Seating business back in 2016 with the merger with Tyco and Johnson Controls. And then we said from the strategy that we laid out was to really step back and understand what the future buildings would be and what was going to be required to ultimately win with the trends that were underway.

是的。讓我們反思一下我們的經歷。我們在 2016 年與 Tyco 和 Johnson Controls 合併，並剝離了座椅業務。然後我們說，我們制定的戰略是真正退後一步，了解未來的建築會是什麼，以及最終需要什麼才能在當前的趨勢中獲勝。

We said, at the end of the day, the value proposition with a leading HVAC business, combined with having a leading building management platform that the two combined is ultimately what's going to be required to be able to deliver smart, sustainable, healthy, most productive, most efficient buildings. And that has been our strategy.

我們說，歸根結底，領先的 HVAC 業務的價值主張與領先的建築管理平台相結合，這兩者的結合最終是能夠提供智能、可持續、健康、最生產效率最高的建築。這一直是我們的策略。

So as we've been looking at our portfolio, continuing to strengthen HVAC, not only with our organic investments, but also looking at potential bolt-ons or gaps that we might have, and heat pumps has been a huge focus of ours.

因此，當我們一直在研究我們的產品組合時，繼續加強 HVAC，不僅是通過我們的有機投資，而且還在尋找我們可能擁有的潛在補強或缺口，而熱泵一直是我們的一個巨大關注點。

I mean, our -- when you look at our heat pump portfolio, about half of our HVAC portfolio is made up of heat pumps. We've had significant reinvestment into heat pumps, and that's going to be a continued focus of ours, as you stated, from an M&A standpoint.

我的意思是，當您查看我們的熱泵產品組合時，我們的 HVAC 產品組合中大約有一半是由熱泵組成的。我們對熱泵進行了大量再投資，正如您所說，從併購的角度來看，這將是我們持續關注的重點。

And then on the digital side, what's happening, the combination of what we've done in our building management system platforms coming together, now with a leading data platform with OpenBlue, it really does position us to now differentiate the solutions that we can ultimately serve our customers with, Julian, with the combination.

然後在數字方面，正在發生的事情，我們在我們的建築管理系統平台上所做的結合在一起，現在有了一個領先的數據平台和 OpenBlue，它確實使我們現在能夠區分我們最終可以實現的解決方案服務我們的客戶，Julian，與組合。

And so with that, from a capital deployment, we've been certainly providing -- returning a lot of capital back to our shareholders through dividends and in share repurchases, and that's continuing to be strong. And we're going to continue to focus on, from an inorganic standpoint, where we can leverage the strength of the strategy that we're executing organically and how do we complement that with M&A.

因此，通過資本配置，我們一直在提供——通過股息和股票回購將大量資本返還給我們的股東，而且這種情況一直很強勁。我們將繼續關注，從無機的角度來看，我們可以利用我們正在有機執行的戰略的力量，以及我們如何通過併購來補充它。

No, nothing more to add. [13] is going to be the name of the game, services, digital, IP and products. And in terms of [pruning], George answer to that is going to be really at the margin, but nothing significant we want to do.

不，沒有更多要補充的了。 [13] 將是遊戲、服務、數字、IP 和產品的名稱。就 [修剪] 而言，George 對此的回答將非常有限，但我們不想做任何重要的事情。

And our next question today comes from Joe O'Dea with Wells Fargo.

我們今天的下一個問題來自富國銀行的 Joe O'Dea。

I wanted to start -- I think, George, you said about 50-50 mix in office on the sort of new versus retrofit side. Just wanted to confirm that it would be something simpler or something similar for non-res exposure.

我想開始——我想，喬治，你說在辦公室里大約有 50-50 人在新的和改造的方面混合。只是想確認對於非分辨率曝光它會更簡單或類似。

And then, could you talk about sort of retrofit, and how much of that activity is dependent on third-party financing or most of that just internally sourced from customers as well as the push versus pull dynamic? How much of these sales do you think you're sort of generating on the sort of push side and going out there and selling the advantages versus customers coming to you and asking for this?

然後，你能談談某種改造嗎？這種活動有多少依賴於第三方融資，或者大部分活動只是從客戶內部採購，以及推動與拉動的關係？您認為這些銷售中有多少是您在推動方面產生的，並走出去並銷售優勢，而不是客戶來找您並提出要求？

Yes. When you look at our vertical markets we serve in line with commercial, we talked a little bit about commercial, but it's similar percentages, plus or minus, relative to Install to Service.

是的。當您查看我們根據商業服務提供的垂直市場時，我們談到了一些關於商業的內容，但相對於“安裝到服務”而言，它的百分比是相似的，上下浮動。

A big focus of our company now is not only to get the equipment installed, but then to be able to, from a solution set standpoint, leveraging our data, to really being capitalized on that installed base with the recurring revenue over the life cycle.

我們公司現在的一個重點不僅是安裝設備，而且從解決方案集的角度來看，能夠利用我們的數據，真正利用已安裝的基礎，在整個生命週期內獲得經常性收入。

So there's a big focus on continuing to expand our services across all of the key verticals that we support. But it is -- historically, if you asked the question, it's similar type percentages, Install to Service, it varies a little bit by vertical.

因此，我們非常關注繼續在我們支持的所有關鍵垂直領域擴展我們的服務。但它是——從歷史上看，如果你問這個問題，它是相似的類型百分比，安裝到服務，它在垂直方向上略有不同。

As it relates to non-res in general, when we look at the overall non-res, the indices that we look at, what we are seeing the benefit of is the construction starts are up. And a lot of that was the projects that put into the pipeline over the last couple of years, and that's benefiting us.

由於它與一般的非資源相關，當我們查看整體非資源時，我們看到的指數，我們看到的好處是建設開始了。其中很多是過去幾年投入管道的項目，這使我們受益。

The good news is that ABI has come back a bit and stabilized somewhat positive here in the month of March. So when we look at the indices, it is still very strong. Our pipeline around non-res, across the board, is very strong.

好消息是 ABI 在 3 月份有所回升並穩定下來。因此，當我們查看指數時，它仍然非常強勁。我們全面圍繞非資源的管道非常強大。

And our task is that to then within that pipeline, to really differentiate. And that's what's happening, especially as we focus on these secular trends, as we talked about today around sustainability, healthy buildings, and then ultimately delivering smart building.

我們的任務是然後在該管道中真正區分。這就是正在發生的事情，尤其是當我們關注這些長期趨勢時，正如我們今天談論的可持續性、健康建築以及最終交付智能建築一樣。

So we don't see significant differentiation across the verticals. I would tell you that right now, healthcare is strong and data centers are strong. And there's a lot of verticals that play to our strengths that we're capitalizing on. But I would tell you right now, it's pretty much across the board.

所以我們沒有看到垂直領域的顯著差異。我會告訴你，現在，醫療保健很強大，數據中心也很強大。我們正在利用很多垂直領域發揮我們的優勢。但我現在要告訴你，這幾乎是全面的。

Got it. And then, Olivier, just thinking about the back half of the year, I mean, it seems like from a sort of top line growth perspective, looks like the third quarter would be in a pretty tight band across the segment, something like high single digit, low double-digit growth and then Q4, maybe more mid-single digit, high single digit across the segments.

知道了。然後，Olivier，想想今年下半年，我的意思是，從某種頂線增長的角度來看，似乎第三季度在整個細分市場中都處於一個非常緊張的區間，比如高單數字，低兩位數增長，然後是第四季度，可能更多的中個位數，各個細分市場的高個位數。

The question is, when you look at it, where do you see the greatest upside risk? Is this primarily a function of ongoing supply chain constraints? And if those were to ease, where could you see things come in a little bit better?

問題是，當您查看它時，您認為最大的上行風險在哪裡？這主要是持續的供應鏈限制的作用嗎？如果這些情況有所緩解，你能從哪裡看到情況好轉一點？

So if you look at today and you sense it from the call and from also our print in Q2, I mean, of course, you have always some risk in a large business like ours, but we're very confident about the market we are facing.

因此，如果你看看今天，你會從電話和我們在第二季度的印刷品中感受到這一點，我的意思是，當然，像我們這樣的大型企業總是存在一些風險，但我們對我們的市場非常有信心面對。

The value proposition of our company is resonating. If you look at the macro indicator level, the commercial markets across the world are actually strengthening. You see the backlog is strong. The backlog is growing.

我們公司的價值主張引起了共鳴。如果從宏觀指標層面來看，全球的商業市場實際上都在走強。您會看到積壓很嚴重。積壓越來越多。

So today, we feel that this is a balanced set of expectations for the second half. And again, we said that all along, we have accumulated a sizable backlog at very rich margin. And that is going to give us also a lot of momentum, going forward.

所以今天，我們覺得這是對下半年的一組平衡預期。再一次，我們說過，一直以來，我們都以非常豐厚的利潤積累了大量積壓訂單。這也將給我們帶來很大的前進動力。

I think a key statistic is when we look at our Global Products business, which kind of spans all of our markets, when you -- with the exception of the softness we see in resi ducted, our backlog in our Global Products business, when you look at both direct and indirect, is up over 20%. And so you realize that, that ultimately plays to our strength with the work we're doing around the commercial sectors.

我認為一個關鍵的統計數據是，當我們審視我們的全球產品業務時，它跨越了我們所有的市場，當你 - 除了我們在 resi 中看到的疲軟，我們在全球產品業務中的積壓，當你看直接和間接，都是漲了20%多。所以你意識到，這最終會發揮我們在商業領域所做工作的優勢。

And our next question today comes from Nicole DeBlase with Deutsche Bank.

我們今天的下一個問題來自德意志銀行的 Nicole DeBlase。

Maybe just starting on the orders, really strong in the quarter, accelerated versus 1Q. Any thoughts on how orders are trending into April? Has that strength continued? And also, any thoughts on how you guys are seeing orders in the third quarter just because the comp -- the 2-year stack comp does get a little bit tougher from here?

也許剛剛開始的訂單，在本季度非常強勁，與第一季度相比有所加速。對進入 4 月份的訂單趨勢有何看法？那種力量一直持續著嗎？而且，關於你們如何在第三季度看到訂單的任何想法只是因為 comp - 2 年堆棧 comp 確實從這裡變得有點強硬？

Yes. I think when we look at our commercial operating system that we're really driving is -- in really understanding market and the pipeline development, how we're converting by vertical, by region, looking at not only global products, but also solutions, we're tracking as we have been.

是的。我認為，當我們審視我們的商業操作系統時，我們真正推動的是——真正了解市場和管道開發，我們如何按垂直、按地區進行轉換，不僅著眼於全球產品，而且著眼於解決方案，我們一直在跟踪。

Now you understand through the quarter, typically, a lot of the project business gets weighted to the second half. So based on what we're seeing with activity with the pipeline that we're building and how we're converting, it's in line with what you would expect, Nicole.

現在您了解整個季度，通常情況下，很多項目業務都會被分配到下半年。因此，根據我們所看到的我們正在構建的管道的活動以及我們正在轉換的方式，它符合您的預期，妮可。

Okay. Got it. And then I know it's a small part of your business, but just wanted to discuss the North America resi market. I was just a little bit surprised to see it down high teens for you guys, just a little bit worse than peers. Can you just talk a little bit more about what you're seeing with respect to price versus volumes and the inventory dynamics in the channel?

好的。知道了。然後我知道這只是你們業務的一小部分，但只是想討論一下北美 resi 市場。看到你們的成績下降到十幾歲，我有點驚訝，只是比同齡人差一點。您能否多談談您在價格與數量以及渠道中的庫存動態方面所看到的情況？

Yes. So when we look at resi, we look at it globally. Total resi was down about 4%. Obviously, with JCH being up single digits with our North America business down in the teens. Now when we look at that, obviously, we're going through -- we are seeing sequential improvement not only through our operations, but now with the rebalance of inventory with our distributors. And that's playing out as we planned.

是的。因此，當我們查看 resi 時，我們會在全局範圍內查看它。總resi下降了約4%。顯然，隨著 JCH 增長個位數，而我們的北美業務則下降了十幾歲。現在，當我們看到這一點時，很明顯，我們正在經歷——我們不僅通過我們的運營看到了連續的改進，而且現在通過我們的分銷商重新平衡庫存。這正在按照我們的計劃進行。

And then when we look at where the growth is going to come from, while the ducted business is under maybe a little bit of pressure in North America, our ability to be able to now capitalize on [BRF] and our RAC and PAC and our unducted or ductless business is very strong.

然後當我們看看增長的來源時，雖然管道業務在北美可能面臨一點壓力，但我們現在能夠利用 [BRF] 和我們的 RAC 和 PAC 以及我們的能力無管道或無管道業務非常強大。

And so when you look at our business there globally, it's starting to accelerate, based on what we see. And so I think that's a position that we believe we're going to be able to capitalize on, given the strength of our unducted portfolio, and continue to be able to gain share there with the deployment of that product.

因此，當您在全球範圍內審視我們的業務時，根據我們所見，它開始加速發展。因此，我認為鑑於我們未推出的產品組合的實力，我們相信我們將能夠利用這一地位，並繼續能夠通過部署該產品在那裡獲得份額。

And our next question today comes from Joe Ritchie at Goldman Sachs. I apologize, we'll go on to the next question, and that comes from Deane Dray at RBC Capital Markets.

我們今天的下一個問題來自高盛的 Joe Ritchie。抱歉，我們將繼續下一個問題，這個問題來自 RBC Capital Markets 的 Deane Dray。

There was a reference early in the prepared remarks about pent-up stimulus still waiting to be released. Could you just take us through the key buckets there, the line of sight and then where and how would you benefit?

在準備好的評論中，有一個關於仍等待釋放被壓抑的刺激措施的參考。你能不能帶我們了解那裡的關鍵桶、視線，然後你會在哪里以及如何受益？

Yes. When we look at all of the programs that have been playing through with the COVID programs, the Infrastructure Act, the Inflation Reduction Act and then in Europe, the Fit for 55, the building standards, we're tracking that pretty much across the board, and we participated in ultimately developing those bills.

是的。當我們查看與 COVID 計劃、基礎設施法案、通貨膨脹減少法案以及歐洲的 Fit for 55 建築標準一起實施的所有項目時，我們幾乎全面跟踪了這一點，我們參與了這些法案的最終制定。

And so as we're tracking this, we've seen -- if you look at the problems now our customers are trying to solve, whether it be education or healthcare or any of these type of problems, we are seeing -- we started to see a pickup last year, and that's continuing this year.

因此，當我們跟踪這一點時，我們已經看到——如果你看看我們的客戶現在試圖解決的問題，無論是教育還是醫療保健或任何此類問題，我們都看到了——我們開始去年看到皮卡，今年還在繼續。

And being able to now add funding, getting to our customers and ultimately converting, that's going to take -- when we look at the deployment of all of that, Deane, over the next 10 years, it peaks roughly about 5 years out.

並且現在能夠增加資金，接觸我們的客戶並最終轉換，這將需要 - 當我們看到所有這些的部署時，Deane，在未來 10 年內，它大約在 5 年內達到頂峰。

So it's not going to come into play immediately, but we are beginning to see those moneys flow to the customers that ultimately can put it to work in solving some of these problems that they're solving around sustainability and healthy buildings and the like.

所以它不會立即發揮作用，但我們開始看到這些資金流向客戶，最終可以將其用於解決他們正在解決的圍繞可持續性和健康建築等的一些問題。

So we do see that as a -- we size the market on a run rate basis about $250 billion when we did our Investor Day. We believe that the funding that's coming into play more than supports the ability to be able to capitalize on that market opportunity. And then with our not only leadership product, but the solution set that we're building with digital, then positions us to really get more than our fair share.

因此，我們確實將其視為 - 我們在舉辦投資者日時按運行率計算市場規模約為 2500 億美元。我們相信，正在發揮作用的資金不僅僅支持能夠利用該市場機會的能力。然後，不僅是我們的領導產品，還有我們用數字構建的解決方案集，然後我們才能真正獲得超出我們公平份額的收益。

Got it. I appreciate that. And then a follow-up question for Olivier on free cash flow. Just given the comments and expectations on the inventory step-down in the second half, the cash conversion from that, is that included in your reaffirmed cash flow conversion guidance 80% to 90%? Or would that be potential upside?

知道了。我很感激。然後是奧利維爾關於自由現金流的後續問題。剛剛考慮到下半年庫存下降的評論和預期，由此產生的現金轉換，是否包含在您重申的現金流量轉換指導中 80% 至 90%？或者這會是潛在的好處嗎？

It is included in our guide. And again, we discussed about this. We have clear line of sight of what needs to be done. We have reduced inventory sequentially about 6 days. And we have -- we could have done more and indicated why we did not. We need to satisfy the strong demand we have in Q3, but we have clear line of sight of this inventory reduction, and that's indeed embedded in our guide.

它包含在我們的指南中。再一次，我們討論了這個。我們清楚地知道需要做什麼。我們已經連續減少了大約 6 天的庫存。我們已經——我們本可以做得更多，並說明了為什麼我們沒有這樣做。我們需要滿足第三季度的強勁需求，但我們對減少庫存有清晰的認識，這確實包含在我們的指南中。

And our next question today comes from Gautam Khanna with TD Cowen.

我們今天的下一個問題來自 Gautam Khanna 和 TD Cowen。

I had a question that I was hoping you could help us with, which is on orders related to Install. So I wanted to get a sense for how much is equipment price up year-over-year in the orders? And then, how much does equipment price represent as a percentage of a total job you'll book?

我有一個問題希望您能幫助我們解決，這是與安裝相關的訂單。所以我想了解訂單中設備價格同比上漲了多少？然後，設備價格佔您將預訂的總工作的百分比是多少？

Because I'm trying to understand like are you booking an install higher volumes as well as higher prices? If you could give us some color on that.

因為我想了解您是否預訂了更高的安裝量和更高的價格？如果你能給我們一些顏色。

Yes. So when we look at our Install business, it's really focused on the core as we've continued to make sure that we're increasing our installed base. And then ultimately, we're capitalizing on the recurring revenue we get through service on the life cycle. So when you -- on that business, we're increasing both price as well as volume on the core.

是的。因此，當我們審視我們的安裝業務時，它真正專注於核心，因為我們一直在確保我們正在增加我們的安裝基礎。然後最終，我們正在利用我們通過生命週期服務獲得的經常性收入。因此，當您 - 在該業務上時，我們正在提高核心產品的價格和數量。

Where we defocused is some of the other contracting that goes in line with some of those projects that we've deemphasized. But when you look at the core business that ultimately is driving our product sales in creating an installed base to be able to generate services, that's continuing to grow both price as well as volume.

我們分散注意力的是其他一些與我們不強調的項目一致的合同。但是，當你審視最終推動我們產品銷售的核心業務，即建立一個能夠產生服務的安裝基礎時，你會發現它的價格和數量都在持續增長。

Okay. And can you say how much price is up on equipment maybe year-over-year within the Install business?

好的。你能說說安裝業務中設備的價格可能同比上漲多少嗎？

It would be, Gautam, would be in line with the overall price that we're yielding as a company, we're high single digits price.

高塔姆，這將與我們公司的整體價格一致，我們的價格很高。

Okay. And then could you maybe refresh us on your targeted -- maybe over the next 12 months, where you think Service attach rates, how much of that could grow? Previously, you guys were talking about 40%, where are you targeting over the next 12 months?

好的。然後你能否讓我們重新了解你的目標——也許在接下來的 12 個月裡，你認為服務附加率會增長多少？以前，你們談論的是 40%，你們在接下來的 12 個月內將目標定在哪裡？

Well, what we're targeting is continued acceleration. We're -- like I said earlier, we're up about 100% year-on-year with our connected chillers. That ultimately gives us the opportunity to get additional revenues and reduce attrition and improve the overall performance.

好吧，我們的目標是持續加速。我們 - 就像我之前說的那樣，我們的互聯冷水機組同比增長了約 100%。這最終讓我們有機會獲得額外收入，減少人員流失並提高整體績效。

And so while we are committed, is we're going to see just continued sequential as well as year-on-year progress in our ability to be able to now connect and mine that installed base.

因此，在我們承諾的同時，我們是否會看到我們現在能夠連接和挖掘已安裝基礎的能力的持續連續和逐年進步。

We think that this low double-digit growth in Services is going to be -- is potentially subject to an acceleration. As we keep digitizing Services offering, this Service business will increase. Attach rate is one dimension, that is not the only one.

我們認為，服務業的這種低兩位數增長將 - 可能會加速。隨著我們不斷將服務產品數字化，這項服務業務將會增加。附加率是一個維度，而不是唯一的維度。

And our next question today comes from Brett Linzey with Mizuho Americas.

我們今天的下一個問題來自 Mizuho Americas 的 Brett Linzey。

Just wanted to come back to Slide 5 and specifically the decarb in the healthy pipeline, about $10 billion. Can you just remind us what the hit rate or the conversion rate typically looks like there? And then is there anything unique or elongated about some of the timing on those projects?

只想回到幻燈片 5，特別是健康管道中的脫碳，大約 100 億美元。您能否提醒我們那裡的命中率或轉化率通常是什麼樣的？那麼這些項目的一些時間安排有什麼獨特之處或延長的嗎？

Yes. So on the -- let's start with the sustainable infrastructure. We did have a nice pickup in orders, which was 29%, which was a pickup from Q1. The revenue turned strong at roughly about 16%, and that's going to continue.

是的。因此，讓我們從可持續基礎設施開始。我們確實有一個不錯的訂單回升，為 29%，這是第一季度的回升。收入增長強勁，約為 16%，而且這種情況將繼續下去。

The pipeline is about $7 billion that we've been working to convert. And this is where we put together a solution with our products, with our digital and then ultimately create an outcome, continued strong pipeline execution, conversion on that.

我們一直在努力轉換的管道價值約為 70 億美元。在這裡，我們將解決方案與我們的產品、我們的數字技術結合在一起，然後最終創造出一個結果，持續強大的管道執行，並在此基礎上進行轉換。

On the Healthy Buildings, on a year-on-year, we're only up 2% order, but recognizing that was to a tough compare. We do believe our pipeline right now is up about 69% as it relates to these projects. So there's still significant demand. So that hasn't changed since COVID.

在健康建築方面，與去年同期相比，我們的訂單只增加了 2%，但我們認識到這是一個艱難的比較。我們確實相信，與這些項目相關的我們目前的管道增長了約 69%。所以仍然有很大的需求。所以自 COVID 以來這沒有改變。

And we're positioned now with the, I think, differentiation, not only with the product, but also now the digital solutions that really differentiate how we can actually serve the customer with those capabilities.

我認為，我們現在的定位是差異化，不僅是產品，還有數字解決方案，這些解決方案真正區分了我們如何利用這些能力實際為客戶服務。

So both are continuing to be very strong. In addition, a lot of that also converts to Service. When we go and sell our Healthy Building solutions, there's a tail that comes through with the services that we built.

所以兩者都繼續非常強大。此外，其中很多也轉化為服務。當我們去銷售我們的健康建築解決方案時，我們構建的服務會帶來尾巴。

So I think that was the last question. Just I'd like to thank everyone once again for joining our call this morning. We delivered a very strong first half and well positioned to build on that momentum in the second half of the year.

所以我認為這是最後一個問題。我想再次感謝大家今天早上加入我們的電話會議。我們上半年表現非常強勁，並有能力在今年下半年繼續保持這種勢頭。

Certainly, the digitization of our offerings continues to accelerate as we lead the way towards a smart, healthier and more sustainable future for our stakeholders. I look forward to engaging many of you over the coming weeks. And with that, operator, that concludes our call.

當然，隨著我們為利益相關者引領通往智能、健康和可持續發展未來的道路，我們產品的數字化進程將繼續加速。我期待著在接下來的幾週內與你們中的許多人進行交流。接線員，就此結束我們的通話。

Thank you, sir. This concludes today's conference call. We thank you all for attending today's presentation. You may now disconnect your lines, and have a wonderful day.

謝謝你，先生。今天的電話會議到此結束。感謝大家出席今天的演講。您現在可以斷開線路，度過美好的一天。