江森自控 (JCI) 2024 Q2 法說會逐字稿

Good morning, and welcome to the Johnson Controls Second Quarter 2024 Earnings Conference Call. (Operator Instructions) Please also note today's event is being recorded.

早安，歡迎參加江森自控 2024 年第二季財報電話會議。 （操作員說明）也請注意今天的活動正在錄製中。

I would now like to turn the conference over to Jim Lucas, Vice President, Investor Relations. Please go ahead.

我現在想將會議交給投資者關係副總裁吉姆·盧卡斯 (Jim Lucas)。請繼續。

Good morning, and thank you for joining our conference call to discuss Johnson Controls' Second Quarter Fiscal 2024 Results. The press release and related tables that were 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.

早安，感謝您參加我們的電話會議，討論江森自控 2024 財年第二季業績。今天早上早些時候發布的新聞稿和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, Marc Vandiepenbeeck.

今天與我一起參加電話會議的是江森自控董事長兼執行長喬治‧奧利佛 (George Oliver)；馬克·範迪彭貝克 (Marc Vandiepenbeeck) 和財務長。

Before we begin, let me remind you that during our presentation today, we will make forward-looking statements. Actual results may differ materially from those indicated by forward-looking statements due to a variety of risks and uncertainties. Please note that we assume no obligation to update these forward-looking statements even if actual results or future expectations change materially. Please refer to our SEC filings for a detailed discussion of these risks and uncertainties in addition to the inherent limitations of such forward-looking statements.

在開始之前，讓我提醒您，在今天的演示中，我們將做出前瞻性陳述。由於各種風險和不確定性，實際結果可能與前瞻性陳述所示的結果有重大差異。請注意，即使實際結果或未來預期發生重大變化，我們也不承擔更新這些前瞻性聲明的義務。除了此類前瞻性陳述的固有限制之外，請參閱我們向 SEC 提交的文件，詳細討論這些風險和不確定性。

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.

我們也將參考某些非公認會計原則措施。這些非公認會計原則衡量標準與最直接可比較的公認會計原則衡量標準的調節包含在我們新聞稿所附的時間表和本簡報的附錄中，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.

我現在會把電話轉給喬治。

Thanks, Jim, and good morning, everyone. Thank you for joining us on the call today.

謝謝吉姆，大家早安。感謝您今天加入我們的電話會議。

Let's begin with Slide 3. We were very pleased with our second quarter performance as our adjusted EPS came in at the high end of our guidance. Sales growth returned this quarter following the cyber disruption at the start of the fiscal year, and our team delivered strong margin expansion. This was driven by productivity and conversion of our higher-margin backlog.

讓我們從投影片 3 開始。在本財年年初的網路中斷之後，本季銷售成長恢復，我們的團隊實現了強勁的利潤成長。這是由我們利潤率較高的積壓訂單的生產力和轉換率所推動的。

Orders noticeably rebounded in the quarter, up 12% year-over-year. This was driven by continued strength in data centers, which I will talk about in an upcoming slide. Our backlog remained at record levels, growing 10% to $12.6 billion, and the quality of the backlog is strong, as I mentioned.

本季訂單明顯反彈，年增 12%。這是由資料中心的持續強勁推動的，我將在接下來的幻燈片中討論這一點。正如我所提到的，我們的積壓訂單仍保持在創紀錄的水平，成長了 10%，達到 126 億美元，而且積壓訂單的品質很高。

Customers continue to come to Johnson Controls because of our ability to deliver attractive outcomes. The fact is our focus on delivering engineered solutions for commercial buildings continues to serve as a differentiator for Johnson Controls, allowing us to deliver unparalleled value.

由於我們能夠提供有吸引力的成果，客戶不斷選擇江森自控。事實上，我們專注於為商業建築提供工程解決方案，這仍然是江森自控的差異化因素，使我們能夠提供無與倫比的價值。

With the business performing at a high level, free cash flow continues to improve, and we are taking action to further strengthen our balance sheet. Most recently, we reached a broad settlement with a nationwide class of public water systems related to our AFFF product. Additionally, we announced that we discontinued use of our receivable factoring programs.

隨著業務表現處於高水平，自由現金流持續改善，我們正在採取行動進一步強化我們的資產負債表。最近，我們與與我們的水成膜產品相關的全國範圍內的公共供水系統達成了廣泛的和解。此外，我們也宣布停止使用應收帳款保理計畫。

Our efforts are turning into results and the value of our transformation is coming into focus. Going forward, we remain active in pursuing strategic alternatives of certain noncore product lines that do not align with our focus on being a comprehensive solutions provider for commercial buildings.

我們的努力正在轉化為成果，我們轉型的價值正在凸顯。展望未來，我們將繼續積極尋求某些非核心產品線的策略替代方案，這些產品線與我們成為商業建築綜合解決方案提供者的重點不符。

While we do not have any updates to provide at this time, we continue to make good progress on the exploration of alternatives for some of these assets. The results from the quarter and the performance of our team give us confidence that we will continue to build momentum into the second half, and we will be able to meet our financial objectives for the year. Marc will discuss these in more detail later in the call.

雖然我們目前沒有任何更新可提供，但我們在探索其中一些資產的替代品方面繼續取得良好進展。本季的業績和我們團隊的表現讓我們相信，我們將在下半年繼續保持勢頭，並能夠實現今年的財務目標。馬克將在稍後的電話會議中更詳細地討論這些問題。

Please turn to the next slide. I want to take an opportunity to discuss how we see the composition of our company going forward. The core of Johnson Controls is our engineered solutions offering. These solutions include commercial HVAC controls, fire, security and services. Our solution center around our domain expertise, forming the smart building trifecta of energy-efficient equipment, clean electrification and digitalization.

請翻到下一張投影片。我想藉此機會討論我們如何看待公司未來的組成。江森自控的核心是我們的工程解決方案產品。這些解決方案包括商業暖通空調控制、消防、安全和服務。我們的解決方案以我們的領域專業知識為中心，形成了節能設備、清潔電氣化和數位化的智慧建築三重奏。

We have created one end-to-end operating model that we now have deployed around the globe, which allows us to better serve our customers more efficiently with greater predictability. Our solutions include both systems and services that focus on maximizing the opportunities around the life cycle of the equipment. These solutions are enhanced further by our digitally enabled offerings, which allow us to provide tailored outcomes for the customers which we serve.

我們創建了一種端到端營運模式，現已在全球部署，這使我們能夠以更高的可預測性、更有效率地為客戶提供更好的服務。我們的解決方案包括專注於最大限度地提高設備生命週期中的機會的系統和服務。我們的數位化產品進一步增強了這些解決方案，使我們能夠為我們服務的客戶提供量身定制的結果。

Our systems business begins at the engineering and design phase. It is managed through installation of the project. The systems business is an important vehicle to capture a service event, and we have created a scalable service model that is driving more consistent growth, and that carries higher margins. The service business will continue to be a positive contributor to our long-term margin expansion.

我們的系統業務始於工程和設計階段。它是透過專案的安裝進行管理的。系統業務是捕捉服務事件的重要工具，我們創建了一個可擴展的服務模型，可以推動更持續的成長，並帶來更高的利潤。服務業務將繼續為我們的長期利潤擴張做出積極貢獻。

Our solutions operating model is enabled by connected equipment throughout the building, allowing us to collect data that drives a consistent and enjoyable occupant experience with repeatable outcomes. We create incredible value for our customers, which is clearly demonstrated by our results in the most recent quarter.

我們的解決方案營運模式是透過整個建築內的連網設備實現的，使我們能夠收集數據，以可重複的結果推動一致且愉快的住戶體驗。我們為客戶創造了令人難以置信的價值，我們最近一個季度的業績清楚地證明了這一點。

The transformation of our portfolio into a pure-play provider of comprehensive solutions for commercial buildings is an opportunity. Once complete, we will be able to flow additional resources to the most attractive opportunities. Part of our commitment to disciplined capital allocation remains ensuring that we are deploying resources to the right opportunities.

我們的產品組合轉型為商業建築綜合解決方案的純粹提供者是一個機會。完成後，我們將能夠將額外的資源用於最具吸引力的機會。我們對嚴格資本配置的承諾的一部分仍然是確保我們將資源部署到正確的機會。

Turning to the next slide. Johnson Controls plays an important role in serving the rapidly growing data center market. We provide cooling needs for the top hyperscale and colocation data center customers. The demand for data centers is accelerating globally with the next generation of data centers projected to be designed for more than 1 gigawatt of power consumption.

轉到下一張投影片。江森自控在服務快速成長的資料中心市場中發揮重要作用。我們為頂級超大規模和託管資料中心客戶提供冷卻需求。全球對資料中心的需求正在加速成長，下一代資料中心的設計功耗預計將超過 1 吉瓦。

We have intentionally positioned the company to benefit from this emerging trend due to our relentless innovation efforts and inherent strategic advantages. These include: one, creating leading technologies around a broad range of air-cooled and water-cooled chillers to support the exponential growth in cooling demand. Two, investing in R&D teams and world-class test laboratories to design, build, test and demonstrate performance of equipment over the entire data center operating envelope. Speed is the key, so we are investing to accelerate the pace of innovation.

由於我們不懈的創新努力和固有的策略優勢，我們有意將公司定位為從這一新興趨勢中受益。其中包括：第一，圍繞各種風冷和水冷冷水機組創建領先技術，以支持冷卻需求的指數增長。第二，投資研發團隊和世界一流的測試實驗室，在整個資料中心運作範圍內設計、建造、測試和展示設備的性能。速度是關鍵，因此我們正在投資以加快創新步伐。

And three, creating leading domain expertise to provide complete package solutions that drive outcomes, such as high-efficiency chiller plant, space cooling, critical environmental monitoring, security systems and fire safety and asset protection systems while providing service for the entire life cycle of the asset. Underscoring these advantages is our core identity as a comprehensive solution provider for commercial buildings. This enables us to fulfill more than cooling needs for our customer, which makes us a preferred partner that can expand with our customers across all geographies.

第三，打造領先的領域專業知識，提供完整的一攬子解決方案，推動成果，例如高效冷水機組、空間冷卻、關鍵環境監測、安全系統以及消防安全和資產保護系統，同時為設備的整個生命週期提供服務。這些優勢是我們作為商業建築綜合解決方案提供者的核心身分。這使我們能夠滿足客戶的不僅僅是冷卻需求，這使我們成為可以與所有地區的客戶一起擴展的首選合作夥伴。

In fiscal 2023, our sales to data centers were approximately $2 billion. We continue to see solid demand for our solutions, which is evident in our orders. This is reinforced by the fact that our fiscal first half orders for data centers have already surpassed the orders we booked for all of fiscal 2023.

2023 財年，我們對資料中心的銷售額約為 20 億美元。我們繼續看到對我們的解決方案的強勁需求，這在我們的訂單中顯而易見。我們上半年的資料中心訂單已經超過了 2023 財年全年的訂單，這一事實進一步強化了這一點。

With orders growing, we have been investing in capacity to be able to execute on our accelerated data center backlog. Our strong presence in data center starts with our advanced chiller technology. Given the amount of heat generated at data centers, our customers are looking for solutions that maintain constant temperatures in even the most extreme environments.

隨著訂單的成長，我們一直在投資能力，以便能夠執行我們加速的資料中心積壓工作。我們在資料中心的強大影響力始於我們先進的冷水機組技術。考慮到資料中心產生的熱量，我們的客戶正在尋找即使在最極端的環境下也能保持恆定溫度的解決方案。

In addition to chillers, we have extended our offerings with both air-handling units and computer room air handlers. Our cooling solutions continue to advance, and we are working on next-generation technologies to keep up with the growing needs of data centers.

除了冷水機之外，我們還擴展了空氣處理機組和電腦房空氣處理機的產品範圍。我們的冷卻解決方案不斷進步，我們正在研究下一代技術，以滿足資料中心不斷增長的需求。

The case study on this slide was for a 0.5 gigawatt facility that is being expanded now to a full gigawatt. The project included the deployment of our chillers air handlers and just as important, we have secured planned service agreements for all of the chillers.

這張投影片上的案例研究是針對一個 0.5 吉瓦的設施，現在正在擴展到全吉瓦。該專案包括部署我們的冷水機組空氣處理器，同樣重要的是，我們已經為所有冷水機組簽訂了計劃服務協議。

Our pipeline for data centers remains very healthy, and we are continuing to expand our capacity to meet the strong demand. We remain excited about the opportunities in this fast-growing vertical and look forward to updating you on our progress in the future.

我們的資料中心管道仍然非常健康，我們正在繼續擴大產能以滿足強勁的需求。我們對這個快速成長的垂直領域的機會仍然感到興奮，並期待向您通報我們未來的進展。

Before I turn the call over to Marc to go through the financial details, I want to say how proud I am of the Johnson Controls team. While we faced some challenges in the first fiscal quarter, and we'll continue to navigate a dynamic environment. We delivered on our commitments to our customers to drive value for our shareholders.

在我把電話轉給馬克查看財務細節之前，我想說我為江森自控團隊感到多麼自豪。儘管我們在第一財季面臨一些挑戰，但我們將繼續應對充滿活力的環境。我們兌現了對客戶的承諾，為股東創造價值。

Now with that, I'll turn it over to Marc.

現在，我將把它交給馬克。

Thanks, George, and good morning, everyone. Let me start with summary on Slide 6. Total revenue of $6.7 billion was flat year-over-year, while organic sales grew 1%, as strong high single-digit service growth more than offset continued weakness in China's system business and declines in the global residential HVAC.

謝謝喬治，大家早安。讓我從幻燈片6 的總結開始。 。

Segment margins expanded 70 basis points to 14.5% as we delivered strong productivity and converted higher-margin backlog. Adjusted EPS of $0.78 was up 4% year-over-year and at the high end of our guidance range of $0.74 to $0.78. Operations contributed $0.06 of the growth in the quarter benefiting from recover momentum following the cyber incident at the end of our last fiscal year as well as improved productivity.

由於我們提供了強勁的生產力並轉換了利潤率較高的積壓訂單，部門利潤率擴大了 70 個基點，達到 14.5%。調整後每股收益為 0.78 美元，年增 4%，處於我們指導範圍 0.74 至 0.78 美元的上限。由於上一財年末網路事件後的恢復勢頭以及生產力的提高，營運部門為本季度的成長貢獻了 0.06 美元。

Below the line, we saw headwinds from net financing charges due to higher interest rates. Overall, we are pleased with the strong adjusted EPS performance in the quarter.

在此線下方，我們看到了由於利率上升而帶來的淨融資費用的阻力。整體而言，我們對本季調整後每股盈餘的強勁表現感到滿意。

On the balance sheet, we ended the second quarter with approximately $800 million of available cash and net debt increased to 2.4x, which is within our long-term target range of 2 to 2.5x.

在資產負債表上，我們第二季末的可用現金約為 8 億美元，淨債務增加至 2.4 倍，這在我們 2 至 2.5 倍的長期目標範圍內。

For the fiscal first half, excluding the impact of the receivable factoring unwind, adjusted free cash flow improved $166 million year-over-year. As we end the use of factoring, we will continue to focus on further improvements on our core billings and collection capabilities, leading to continued improvement in our cash performance over time. We've also made tremendous progress in reducing our inventory levels and expect further improvements in the second half.

上半財年，排除應收帳款保理解除的影響，調整後的自由現金流年增 1.66 億美元。隨著我們結束使用保理，我們將繼續專注於進一步改進我們的核心帳單和收款能力，從而隨著時間的推移不斷改善我們的現金績效。我們在降低庫存水準方面也取得了巨大進展，預計下半年將進一步改善。

Let's now discuss our segment results in more details on Slides 7 through 9. Beginning on Slide 7. Organic sales in our Global Products business declined 1% year-over-year, with volume declines offsetting price. We saw low single-digit growth in commercial HVAC, highlighted by mid-teen growth in light commercial. Applied HVAC declined mid-single digits against a tough year-on-year comp.

現在讓我們在幻燈片 7 到幻燈片 9 中更詳細地討論我們的部門業績。我們看到商業暖通空調領域的個位數成長較低，其中輕型商業領域的中位數成長凸顯了這一點。與去年同期相比，應用暖通空調業務的銷售額下降了個位數。

Fire & Security declined low single digit against tougher comps as decline in fire suppression more than offset growth in fire detection and security video surveillance. Industrial Refrigeration grew over 25% with another strong quarter in EMEA/LA. Global residential HVAC declined low single digit, driven by low single-digit decline in global ductless residential, primarily in Europe. Our global ducted residential business declined mid-single digits with a mid-single-digit decline in North America, offsetting strength in Latin America.

消防與安全業務相對於更強勁的競爭對手而言下降了低個位數，因為滅火的下降足以抵消火災偵測和安全視訊監控的成長。工業冷凍成長超過 25%，歐洲、中東和非洲/洛杉磯地區再次表現強勁。由於全球無管道住宅（主要是在歐洲）的低個位數下降，全球住宅暖通空調下降了低個位數。我們的全球管道式住宅業務出現中個位數下降，其中北美出現中個位數下降，抵消了拉丁美洲的強勁勢頭。

Dealer growth is up high double digit with channel inventory normalizing and distributor sell-through continuing to increase. We see momentum building in our North America market. Adjusted segment EBITDA margins expanded 30 basis points to 18.9% as positive price/cost and improved productivity more than offset mix headwinds.

隨著通路庫存正常化和經銷商銷售持續增加，經銷商成長達到兩位數。我們看到北美市場的勢頭正在增強。調整後的部門 EBITDA 利潤率擴大了 30 個基點，達到 18.9%，因為積極的價格/成本和生產力的提高足以抵消混合不利因素。

Moving now to Slide 8 to discuss our Building Solutions performance. All those regained momentum with strong 12% growth in the quarter. Overall, service orders grew 13% with broad-based growth across the regions. Systems orders grew 12% as North America offset declines in EMEA/LA and APAC. Organic sales increased 2% in the quarter, led by service growth of 8%. Systems revenue was down 2% as declines in APAC and EMEA/LA more than offset high single-digit growth in North America. Building Solutions backlog remains at a record level, growing 10% to $12.6 billion. Service backlog grew 3% and systems backlog grew 11% year-on-year.

現在轉到投影片 8，討論我們的建築解決方案效能。所有這些都在本季度恢復了 12% 的強勁成長勢頭。整體而言，服務訂單成長了 13%，各地區均有廣泛成長。由於北美地區抵消了歐洲、中東和非洲/洛杉磯和亞太地區的下降，系統訂單增加了 12%。本季有機銷售額成長 2%，其中服務成長 8%。系統收入下降了 2%，因為亞太地區和歐洲、中東和非洲/洛杉磯地區的下降抵消了北美地區高個位數的成長。建築解決方案積壓訂單仍維持創紀錄水平，成長 10%，達到 126 億美元。服務積壓年增 3%，系統積壓年增 11%。

Let's discuss the Building Solutions performance by region on Slide 9. Orders in North America increased 19% in the quarter, driven by 26% growth in systems. We continue to experience strong demand in data centers, which led to nearly 50% growth across our HVAC & Controls platform. Fire & Security orders grew low single digits.

讓我們討論幻燈片 9 上按地區劃分的建築解決方案績效。我們持續經歷資料中心的強勁需求，這導致我們的 HVAC 和控制平台成長了近 50%。消防與安全訂單成長低個位數。

Sales in North America were up 8% organically with strong growth across our HVAC & Controls platform, up mid-teens year-over-year. Overall, our system business grew 9%, while service grew 6%.

北美銷售額有機成長 8%，我們的 HVAC 和控制平台實現強勁成長，年增 15%。整體而言，我們的系統業務成長了 9%，而服務業務成長了 6%。

Segment margins expanded 110 basis points year-over-year to 13.6%, driven by the continued execution of higher-margin backlog and strength in our higher-margin service business. Total backlog ended the quarter of $8.9 billion, up 15% year-over-year.

得益於高利潤積壓訂單的持續執行以及高利潤服務業務的實力，該部門利潤率同比增長 110 個基點至 13.6%。本季末未完成訂單總額為 89 億美元，年增 15%。

In EMEA/LA, orders were up 8%, with strong double-digit growth in service, offset by a decline in system to a strong year-over-year compare. Consistent with our strategy, there is an increased focus to drive higher margin into our backlog. Controls had a strong order intake with solid growth in Europe and Latin America.

在歐洲、中東和非洲/洛杉磯，訂單成長 8%，服務實現兩位數的強勁成長，但被系統同比強勁下降所抵消。與我們的策略一致，我們更加重視提高積壓訂單的利潤率。 Controls 的訂單量強勁，歐洲和拉丁美洲的訂單量穩定成長。

Sales in EMEA/LA grew 4% organically with low-teen service growth offsetting a decline of system business predominantly driven by Latin America and Middle East HVAC businesses. Our service business benefited from strong double-digit growth from both the recurring and shorter-cycle transactional businesses.

歐洲、中東和非洲/洛杉磯的銷售額有機成長 4%，低青少年服務成長抵消了主要由拉丁美洲和中東 HVAC 業務推動的系統業務的下降。我們的服務業務受益於經常性和較短週期交易業務的強勁兩位數成長。

Industrial Refrigeration, another solid quarter with low-teen growth year-over-year. Segment EBITDA margin expanded 170 basis points to 8.4%, driven by improved productivity, positive mix from the growth in service and by the conversion of higher-margin systems backlog. Backlog was up 10% year-over-year to $2.4 billion.

工業製冷是另一個穩定的季度，較去年同期成長較低。由於生產力提高、服務成長帶來的積極組合以及利潤率較高的系統積壓訂單的轉換，該部門的 EBITDA 利潤率擴大了 170 個基點，達到 8.4%。積壓訂單年增 10%，達到 24 億美元。

In Asia Pacific, orders declined 9% as we remain selective of the jobs we book into the China system backlog. Overall, APAC service order grew high single digits, driven by high single-digit growth in our recurring contracts. Sales in Asia Pacific declined 23% as the system business was impacted primarily by the continued weakness in China.

在亞太地區，訂單下降了 9%，因為我們仍然選擇性地預訂到中國系統積壓的工作。總體而言，在我們的經常性合約高個位數成長的推動下，亞太地區服務訂單成長了高個位數。由於系統業務主要受到中國市場持續疲軟的影響，亞太地區的銷售額下降了 23%。

Our service business grew 7% in the quarter with strong growth in our shorter-cycle transactional business. Segment EBITDA margins declined 80 bps to 11% as weakness in China offset positive mix from our service business. Backlog of $1.3 billion declined 18% year-over-year.

我們的服務業務在本季成長了 7%，其中短週期交易業務成長強勁。由於中國市場的疲軟抵消了我們服務業務的積極組合，該部門的 EBITDA 利潤率下降了 80 個基點至 11%。積壓訂單金額為 13 億美元，較去年同期下降 18%。

Now let's discuss our third quarter and fiscal year '24 guidance on Slide 10. We enter seasonal strong third quarter with good momentum, evident by our robust order and resilient service. Our margin-rich backlog remains at historical levels. And our Global Products book-to-bill business have stabilized.

現在讓我們討論投影片 10 上的第三季和 24 財年指引。 我們以良好的勢頭進入季節性強勁的第三季度，這從我們強勁的訂單和富有彈性的服務中可見一斑。我們利潤豐厚的積壓訂單仍處於歷史水準。我們的全球產品訂單到帳單業務已經穩定。

We are introducing third quarter sales guidance of approximately low single-digit growth, which assumes one more quarter of top line pressure in our system business in China. We expect strong contribution from North America and EMEA/LA, especially from the regained momentum in our service business. Global Products is expected to return to growth as our book-to-bill orders remain positive through the second quarter.

我們正在推出大約低個位數成長的第三季銷售指導，這承擔了我們在中國的系統業務的一個季度的頂線壓力。我們預計北美和歐洲、中東和非洲/洛杉磯將做出強勁貢獻，尤其是我們服務業務的恢復勢頭。由於我們的訂單到帳單訂單在第二季保持積極成長，全球產品預計將恢復成長。

For the third quarter, we expect segment EBITDA margin to be approximately 17% and adjusted EPS to be in the range of $1.05 to $1.10. We are maintaining our full year guide. We expect sales growth of approximately mid-single digit, led by continued momentum in our service business, stabilization in our Global Products and a cautious second half outlook for China.

對於第三季度，我們預計分部 EBITDA 利潤率約為 17%，調整後每股收益將在 1.05 美元至 1.10 美元之間。我們正在維護全年指南。我們預計，在我們的服務業務持續成長、全球產品穩定以及對中國下半年前景持謹慎態度的帶動下，銷售額將實現約中個位數的成長。

Segment margins are expected to expand approximately 50 to 75 basis points through productivity improvement, positive mix from the service business and conversion of a higher-margin backlog. Our adjusted EPS guidance range is unchanged and is expected to be approximately $3.60 to $3.75. The high end of the guide assumes accelerated recovery in China, normalized channel inventory levels in North America resi and service acceleration.

透過生產力的提高、服務業務的積極組合以及利潤率較高的積壓訂單的轉換，預計該部門的利潤率將擴大約 50 至 75 個基點。我們調整後的每股盈餘指引範圍保持不變，預計約為 3.60 美元至 3.75 美元。該指南的高端假設中國加速復甦、北美儲備通路庫存水準正常化以及服務加速。

Excluding the impact of unwinding the receivable factoring, we continue to expect adjusted free cash flow conversion of approximately 85% for the full year. Our working capital metrics continue to improve, supported by our first half performance. In summary, we remain confident in our ability to deliver on our financial and operational commitments.

排除取消應收帳款保理的影響，我們繼續預計全年調整後自由現金流轉換約為 85%。在上半年業績的支持下，我們的營運資本指標持續改善。總之，我們對履行財務和營運承諾的能力仍然充滿信心。

With that, operator, please open the lines for questions.

那麼，接線員，請打開提問線路。

(Operator Instructions) And today's first question comes from Steve Tusa with JPMorgan.

（操作員說明）今天的第一個問題來自摩根大通的 Steve Tusa。

Can you just maybe talk about was there anything that was pushed from 1Q into 2Q? And then, I guess, looking at the guidance, fourth quarter definitely looks like a step-up here even more so than before. What gives you the confidence even at the lower midpoint to see that kind of ramp from 2 to 3 to 4 at this stage?

您能否談談是否有任何事情從第一季推到了第二季度？然後，我想，看看指導意見，第四季肯定看起來比以前更有進步。即使在中點較低的情況下，是什麼讓您有信心在這個階段看到從 2 到 3 到 4 的那種斜坡？

Yes. So in terms of push from Q1 to Q2, we had some orders that did slip due to the cyber incident and the recovery in the momentum. I wouldn't say it's material in terms of what pushed from 1 to 2. There was some smaller ones. But the strength of our orders in Q2 is really coming from the fundamental positive trend we're seeing in our data center business and some other core businesses.

是的。所以從第一季到第二季的推動來看，我們確實有一些訂單因為網路事件和動能的恢復而下滑。我不會說這對於從 1 到 2 的推動是重要的。但我們第二季的訂單強勁實際上來自我們在資料中心業務和其他一些核心業務中看到的基本正面趨勢。

Now in terms of the guide for the balance of the year and maybe first address third quarter. If you look at the third quarter guidance, we provided over $1.05 to $1.10. We feel very strong about Q3. We regained momentum during the second quarter, and that gives us strong confidence especially when we enter the third quarter.

現在就今年剩餘時間的指南而言，也許首先要討論第三季。如果你看一下第三季的指導，我們提供的金額超過 1.05 美元至 1.10 美元。我們對第三季的感覺非常強烈。我們在第二季度恢復了動力，這給了我們強大的信心，特別是進入第三季時。

All of the short-cycle businesses we've been talking about have seen very strong order during the second quarter and we continue to see that momentum building as we enter the third quarter. And that gives us the confidence that our book-to-bill Global Products businesses, resi business and of course, our business solutions service business will achieve the target we've set for them.

我們一直在談論的所有短週期業務在第二季度都看到了非常強勁的訂單，隨著進入第三季度，我們繼續看到這種勢頭正在增強。這讓我們相信，我們的訂單到帳單全球產品業務、RESI 業務，當然還有我們的業務解決方案服務業務將實現我們為其設定的目標。

You know that China is still facing one more quarter of revenue pressure in Q3, but the order momentum there remains very, very strong. And we are really expecting a very strong sequential performance in both EMEA/LA and North America. And so if you think about the guidance about the balance of the year, we're still showing the same range as we did to the prior quarter, even though we created a pretty strong second quarter at the high end of the guide we have provided.

大家知道，中國第三季仍面臨多一個季度的營收壓力，但那裡的訂單動能仍然非常非常強勁。我們確實期待歐洲、中東和非洲/洛杉磯和北美地區的連續表現非常強勁。因此，如果您考慮今年剩餘時間的指導，我們仍然顯示與上一季相同的範圍，儘管我們在所提供的指導的高端創造了相當強勁的第二季度。

And if we look at the second half and the balance of the year, what you need to see and what we're expecting to see from a guidance standpoint is the China business will have to accelerate its momentum both on order and on revenue. We would also need to see the resi business with a sequential quarter-over-quarter growth to increase. And you know that business is facing some additional variability associated with the fact that we are switching refrigerant as part of the market change.

如果我們看看下半年和今年的剩餘時間，您需要看到的以及我們期望從指導的角度看到的是，中國業務將必須在訂單和收入方面加速其勢頭。我們還需要看到再生矽業務環比成長。您知道，作為市場變化的一部分，我們正在更換冷媒，因此業務面臨一些額外的變化。

And finally, to achieve the very high end of that guidance, we would have to achieve improved service growth from where we closed the second quarter and where we see the third quarter lending. So -- and Steve, I would also remind you that looking comparatively into the second half, we have much easier comps than we did in the first half.

最後，為了實現該指導的最高目標，我們必須在第二季末和第三季貸款的基礎上實現更好的服務成長。所以，史蒂夫，我還要提醒你們，相對而言，下半場的比賽比上半場要容易得多。

And then lastly, just any updates on deal timing?

最後，關於交易時間的任何更新嗎？

Yes. So as I said in my prepared remarks, Steve, we are making good progress. As we've said, these businesses are outside the core and represent roughly about 25% of our sales. While they are noncore, they are good businesses that are adding value. So we're remaining focused on maximizing shareholder value. And like I said, pretty much across the board, making good progress. And we'll keep you updated as we continue through with these businesses.

是的。正如我在準備好的演講中所說，史蒂夫，我們正在取得良好進展。正如我們所說，這些業務不在核心業務範圍內，約占我們銷售額的 25% 左右。雖然它們不是核心業務，但它們是增值的好企業。因此，我們仍然專注於股東價值最大化。就像我說的，幾乎全面發展，取得了良好的進展。當我們繼續進行這些業務時，我們將隨時向您通報最新情況。

And our next question today comes from Nigel Coe with Wolfe Research.

今天我們的下一個問題來自沃爾夫研究公司的奈傑爾·科。

Just Marc, I think you just alluded to the warranty add back in Global Products. Maybe just -- could you just maybe just flesh that out a little bit why that wasn't considered operating, why that's a discrete item? And then on the fourth quarter guide, I mean, I think the implication is like low-double-digit organic growth in the fourth quarter to get to that mid-single digits, even the low end of mid-single digits for the full year. So is that the intention? Do you actually see a pathway to low double-digit organic growth, even though it's easier comp and still quite a tough bar.

馬克，我認為您剛剛提到了全球產品中的保固添加。也許只是——你能不能具體說明為什麼這不被認為是可操作的，為什麼這是一個離散的項目？然後，在第四季度指南中，我的意思是，我認為這意味著第四季度的低兩位數有機成長將達到中個位數，甚至是全年中個位數的低端。那麼這是意圖嗎？你是否真的看到了一條通往低兩位數有機成長的道路，儘管它更容易獲得，而且仍然是一個相當困難的障礙。

So let me start first with the Global Product quality issue, which is really not a warranty issue, it really is a quality issue. The reserve really relates to an anticipated remediation action we need to address in a very recently identified firmware issue within some of our legacy products that are sitting in the field. We are currently testing that firmware update within those device, and we are developing a remediation plan for this particular issue, and we'll announce when we are done with the full remediation.

因此，讓我先從全球產品品質問題開始，這實際上不是保固問題，這確實是品質問題。該保留確實與我們需要解決的預期補救措施有關，這是我們在現場的一些舊產品中最近發現的韌體問題。我們目前正在這些設備中測試韌體更新，並且正在針對此特定問題制定修復計劃，我們將在完成完整修復後宣布。

There's been no reports of any injuries or damage-related issue with that issue. These kind of problems are very unusual, fairly rare, particularly for field devices like this. Now when it comes to the -- your second part of your question, I'm sorry, I forgot what you asked.

目前還沒有關於該問題造成任何傷害或損壞問題的報告。這類問題非常不尋常，相當罕見，特別是對於像這樣的現場設備。現在，談到您問題的第二部分，很抱歉，我忘記了您問的內容。

Yes. The low double-digit implied organic sales growth in the fourth quarter.

是的。較低的兩位數意味著第四季度的有機銷售成長。

We see closer to higher single-digit growth for the balance, to be honest with you. That's improved.

老實說，我們預計餘額將實現更高的個位數成長。這已經改善了。

Okay. And then my follow-up question is on the factoring change. Obviously, I think most of us agree that good news to try and clean up the kind of cash generation. Just wondering what other measures you are considering to improve the quality of the free cash flow? And in particular, is there any change in the way that you're sort of approaching the market via JC Capital?

好的。然後我的後續問題是關於保理變化。顯然，我認為我們大多數人都同意嘗試清理現金產生的好消息。只是想知道您正在考慮採取哪些其他措施來提高自由現金流的品質？特別是，你們透過 JC Capital 進入市場的方式有什麼改變嗎？

Yes. So I don't think we're going to change our approach on JC Capital. This is really a tool we have to strengthen our ability to provide value and attach a service and deepen our relationship with customers as we provide like the full suite with the system, the service and then the financing that wraps around that.

是的。因此，我認為我們不會改變對 JC Capital 的態度。這確實是一個工具，我們必須加強我們提供價值和附加服務的能力，並加深我們與客戶的關係，因為我們提供全套系統、服務以及圍繞該系統的融資。

When it comes to our trade working capital, I mean, we had a very strong start of the year. We've improved pretty much every single fundamental there in terms of both receivable management, I would say, as well as our ability to manage our inventory.

當談到我們的貿易營運資金時，我的意思是，我們今年的開局非常強勁。我想說，在應收帳款管理以及庫存管理能力方面，我們幾乎改善了每一個基本面。

If you look at our cash collection cycle overall and if you exclude the impact of the unwinding of factoring, we improved our cash collection cycle by about 5 days, which we are very happy with that outcome.

如果你從整體來看我們的現金收款週期，如果排除保理業務解除的影響，我們的現金收款週期縮短了大約 5 天，我們對此結果感到非常滿意。

If you look at the guidance we've given for the year on free cash flow conversion, we are maintaining the 85% despite very strong performance in the first half and we see the continuous improvement in our working capital metrics. But you need to understand, we continue to invest in almost attractive organic growth opportunities particularly as we increase capacity to meet the very high demand we see in data center. We are going to be able to make those investments and maintain that 85% conversion but we want to capitalize on that growth we see in the market.

如果你看一下我們今年給出的自由現金流轉換指引，就會發現，儘管上半年表現非常強勁，但我們仍保持著 85% 的水平，而且我們看到我們的營運資本指標持續改善。但您需要了解，我們將繼續投資幾乎有吸引力的有機成長機會，特別是當我們增加容量以滿足我們在資料中心看到的非常高的需求時。我們將能夠進行這些投資並保持 85% 的轉換率，但我們希望利用我們在市場上看到的成長。

And our next question today comes from Scott Davis at Melius Research.

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

I just -- I'm looking at the APAC numbers and applied obviously down a fair amount. But fire more flattish -- Fire & Security more flattish. I'm just -- to me, it's -- I would have expected those to be a little bit more correlated. So was there more project selectivity on the applied side? Was that what you were saying, George? I kind of lost the train of thought there for a sec when you were talking about it.

我只是——我正在查看亞太地區的數字，並且明顯減少了相當多的金額。但消防更扁平——消防和安全更平。我只是——對我來說，是——我希望這些之間的相關性更強一些。那麼應用方面是否有較多的專案選擇性呢？喬治，你是這麼說的嗎？當你談論這件事時，我有一瞬間失去了思路。

No. As we're looking at what we're deploying from a solution standpoint, we're looking at each of the domains and then how we differentiate and how we go to market, being able to capture what we see to be the secular trends around data centers in some of these key end markets. And so it's really just based on the backlog that we've had, how it's converting. And then as we're getting more integrated solutions, you'll see where we get more of a broad-based pickup in all of the domains.

不會。的數據中心趨勢。所以這實際上只是基於我們已經積壓的訂單以及它的轉換方式。然後，隨著我們獲得更整合的解決方案，您將看到我們在所有領域獲得了更多廣泛的支援。

The applied was specifically where in the construction market, as Marc said, we have a big base of business in China. We have the market-leading position. And we've probably seen more of a decline on the commercial side, commercial -- more of the commercial resi side. And so as we have adjusted inventories and as we've been working to now make sure that our resources are allocated more broadly across some of the other verticals, we're starting to see a real strong pipeline to develop. And we're converting that pipeline.

正如馬克所說，我們的應用特別是在建築市場，我們在中國擁有龐大的業務基礎。我們擁有市場領先地位。我們可能看到更多的是商業方面的下降，商業方面——更多的是商業儲備方面的下降。因此，當我們調整庫存並努力確保我們的資源在其他一些垂直領域更廣泛地分配時，我們開始看到真正強大的開發管道。我們正在轉換該管道。

So as Marc said, through the second half, we'll get back to positive orders as well as positive revenue by the end of the year. So we're confident that we're going to recover that. And then, Scott, in general, just making sure that we're with the differentiated solutions that we are deploying, not only are we getting the share, but then from a service standpoint, getting the attached service also.

因此，正如馬克所說，到下半年，我們將在年底前恢復正訂單和正收入。因此，我們有信心能夠恢復這一點。然後，斯科特，總的來說，只要確保我們使用正在部署的差異化解決方案，我們不僅可以獲得份額，而且從服務的角度來看，也獲得附加服務。

Okay. That's actually really helpful. And then switching over to data center side. I mean where -- I understand your traditional capabilities and then Silent-Aire gave you, I think it was air-handling capabilities at a higher level. Where are you as far as capabilities at chip-level cooling? And is there anything -- any partnerships that you are forming to address liquid cooling?

好的。這實際上非常有幫助。然後切換到資料中心端。我的意思是——我了解你們的傳統能力，然後Silent-Aire給了你們，我認為這是更高水準的空氣處理能力。你們的晶片級冷卻能力處於什麼水平？你們正在建立任何合作關係來解決液體冷卻問題嗎？

Yes. So let me frame up data centers because it has been obviously a key area for us as we've been deploying our resources, investing over the last few years because we saw this coming. I'd say that we are well positioned with the cooling technologies and solutions and a lot of that is working directly with each of the key hyperscalers and colos.

是的。因此，讓我來框架資料中心，因為這顯然是我們的關鍵領域，因為我們在過去幾年中一直在部署資源和投資，因為我們看到了這一點的到來。我想說的是，我們在冷卻技術和解決方案方面處於有利地位，其中許多技術和解決方案都直接與每個關鍵的超大規模供應商和託管中心合作。

Now we are partnering with them, understanding from a technology deployment how does that cooling technology then get deployed at the chip and depending on how these are going to be configured. So we're making sure that only with our -- not only with our innovation and investment it's complemented with what we're doing and how we go to market to serve their needs. So we've got the right capacity to meet the increased demand.

現在我們正在與他們合作，從技術部署中了解冷卻技術如何部署在晶片上，以及如何配置這些技術。因此，我們確保不僅透過我們的創新和投資，我們正在做的事情以及我們如何進入市場來滿足他們的需求。因此，我們有足夠的能力來滿足不斷增長的需求。

And like we said earlier, we're providing more than just chillers. So as we go in with our customers, we've got strong capabilities across air handlers as well as crawls and now we're including the full solution, including controls, building controls, fire and security.

正如我們之前所說，我們提供的不僅僅是冷水機。因此，當我們與客戶合作時，我們在空氣處理機和爬行方面擁有強大的能力，現在我們提供完整的解決方案，包括控制、樓宇控制、消防和安全。

Now as you look at the -- how these data centers are being designed for the future, they're going to be over a gigawatt of power consumption. They're going to need a wide range of air cooled and water cooled to support the exponential growth to support as well as then how it's deployed from a liquid cooling standpoint. So not only are we innovating with hyperscalers and colos on making sure that we are partnering with the right application of our cooling technology that ultimately delivers the most amount of efficiency.

現在，當您了解這些資料中心如何為未來設計時，您會發現它們的功耗將超過千兆瓦。他們將需要各種風冷和水冷來支援指數增長，以及如何從液體冷卻的角度進行部署。因此，我們不僅與超大規模和託管伺服器進行創新，以確保我們與正確應用我們的冷卻技術合作，最終提供最大的效率。

And I would say, Scott, that the investments we've made with R&D and with the world-class laboratories that when we design, build, test and demonstrate performance of the equipment over the entire data center operating envelope, we've engaged almost 100% of the data center operators and working very closely with them, not only with how we differentiate the solution, but as important, as Marc said, we've been investing in making sure we've got the right capacity with the right technology to ultimately be able to support the demand.

我想說，斯科特，我們在研發和世界一流實驗室方面進行的投資，當我們在整個數據中心運營範圍內設計、建造、測試和演示設備的性能時，我們幾乎投入了100% 的數據中心運營商並與他們密切合作，不僅涉及我們如何區分解決方案，而且正如Marc 所說，同樣重要的是，我們一直在投資，確保我們擁有正確的容量和正確的技術最終能夠滿足需求。

We're projecting right now when I said our orders in the first half exceeded all of fiscal year 2023 orders for data centers. And we have a pipeline that continues to support that type of growth. So we've been adding capacity to meet this demand. And I believe we are positioned to see some of these forecasts that projects potentially 50-plus percent growth over the next few years, and we're positioning to be able to serve that. And so I think that is what gives us confidence as we get through the year. We see continued strength in orders. And then as we set up for '23, a good visibility into -- I mean, '25 good visibility in our ability to be able to continue that trend.

當我說我們上半年的訂單超過了 2023 財年資料中心的全部訂單時，我們現在正在進行預測。我們擁有繼續支持這種成長的管道。因此，我們一直在增加產能來滿足這項需求。我相信我們有能力看到其中一些預測在未來幾年內可能實現 50% 以上的成長，並且我們有能力實現這一目標。所以我認為這就是讓我們在這一年充滿信心的原因。我們看到訂單持續強勁。然後，當我們為「23」做好準備時，我們可以很好地了解——我的意思是，「25」我們能夠繼續這一趨勢的能力。

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

今天我們的下一個問題來自富國銀行的 Joe O'Dea。

Marc, just a couple of clarifications to start. First, in terms of the quality issue and confidence that there are not kind of additional reserves going forward. Anything from a time line to remediate? And then secondly, just related to your answer to Nigel's question, when you're saying high single-digit implied growth, was that a back half of '24 comment? Or was that a fourth quarter comment?

馬克，首先需要做一些澄清。首先，就品質問題和未來不會有額外儲備的信心而言。有什麼時間線可以補救嗎？其次，與您對奈傑爾問題的回答有關，當您說高單位數隱含增長時，這是 24 評論的後半部分嗎？還是這是第四季的評論？

It was a fourth quarter comment, just to clarify. On the quality, we're early in the process. These, again, are very unusual. At this stage, we don't expect anything additional, but we are still reviewing how we are going to develop and deploy that firmware fix. And generally, we're able to resolve those issues fairly quickly within a couple of quarters. So it's not something that's going to drag along for years on because it's critical for us to fix those pretty quickly.

這是第四季的評論，只是為了澄清。在品質方面，我們處於早期階段。這些又是非常不尋常的。在此階段，我們不期望有任何額外的內容，但我們仍在審查如何開發和部署該韌體修復。一般來說，我們能夠在幾個季度內相當快速地解決這些問題。因此，這不會持續多年，因為對我們來說快速解決這些問題至關重要。

Got it. And then I wanted to ask on Global Products and the applied organic down mid-single digits, the Light Commercial up mid-teens. And when we look kind of a year ago, both had pretty challenging comps. And so just any additional color on the difference in those organic trends in the quarter, regional or otherwise?

知道了。然後我想詢問全球產品和應用的有機產品下降到中個位數，輕型商業上升到中位數。當我們看一年前時，兩者都有相當具有挑戰性的比較。那麼，對於本季、區域或其他方面的有機趨勢的差異，還有什麼額外的顏色嗎？

I would say across our applied, I mean, when you look at I mean both whether it be direct or indirect, and we have a much higher mix as we're differentiating our solutions, our Commercial Solutions business. When you look at the overall applied volume on a 2-year stack, we're up over 20%. And the pipeline right now that we're building is extremely strong because of the secular trends that we're addressing, which is the data center expansion and a lot of the industrial expansion as well as a focus on sustainability. So we've been positioning our technologies globally, regionally to be able to get more than our fair share. And I think we're positioned to continue to see that trend.

我想說的是，在我們的應用中，我的意思是，當你看時，我的意思是無論是直接的還是間接的，而且我們有更高的組合，因為我們正在區分我們的解決方案，我們的商業解決方案業務。當您查看 2 年堆疊的整體應用量時，我們成長了 20% 以上。由於我們正在解決的長期趨勢，即資料中心擴張和大量工業擴張以及對永續性的關注，我們現在正在建造的管道非常強大。因此，我們一直在全球和區域範圍內定位我們的技術，以便能夠獲得超出我們應有份額的份額。我認為我們將繼續看到這一趨勢。

And our next question comes from Julian Mitchell with Barclays.

我們的下一個問題來自巴克萊銀行的朱利安·米切爾。

Sorry to be a bore, but just to sort of try and circle back to the second half assumptions for a second. So I think the segment margin is guided around sort of 17.5% in Q4 and you just did 14.5%. So maybe help us understand that 300 bps uplift is there anything by segment that stands out or they're all up a healthy amount?

很抱歉讓您感到無聊，但只是想嘗試回到後半部分的假設。因此，我認為第四季的細分市場利潤率約為 17.5%，而你們的利潤率僅為 14.5%。那麼也許可以幫助我們理解 300 個基點的提升是否有任何細分市場突出的內容，或者它們都在健康的水平上？

And just there's a bunch of questions on China and APAC. So just to understand, for the year as a whole, what's the APAC Building Solutions' revenue expected to be down? I think it was down 22% in the first half. So what's the full year assumption for that APAC BS revenue change, please?

還有很多關於中國和亞太地區的問題。那麼，我們想了解一下，全年來看，亞太地區建築解決方案公司的收入預計會下降多少？我認為上半年下降了22%。那麼亞太地區 BS 收入變化的全年假設是多少？

Yes. So first on the second half and you're directionally correct on Q4 segments. Again, our expectation there and where that margin comes from is really driven by 3 things: the improvement in our mix associated with the growth in our service business. As you know, the service business is much, much more profitable than our system business. It's the volume increase we are seeing both in our residential business as well as our book build business, where orders have been progressing well throughout the second quarter and as we enter the third quarter.

是的。因此，首先在下半年，您在第四季度的方向是正確的。同樣，我們的期望以及利潤的來源實際上是由三件事驅動的：與服務業務成長相關的組合的改善。如您所知，服務業務比我們的系統業務利潤高得多。這是我們在住宅業務和簿記業務中看到的銷售成長，訂單在第二季和進入第三季時進展順利。

That volume provides a benefit in terms of absorption and productivity within our manufacturing and provides good leverage and allows us to get there. And then we've addressed our base cost earlier in the year, and we set ourselves up for the ability to leverage the P&L a little bit better than we've been able historically, and that's why we are comfortable at where we are.

這一數量為我們的製造過程中的吸收和生產率提供了好處，並提供了良好的槓桿作用，使我們能夠實現這一目標。然後，我們在今年早些時候解決了我們的基本成本問題，並且我們為自己設定了比歷史上更好地利用損益表的能力，這就是為什麼我們對目前的狀況感到滿意。

Now for the full year on Asia Pac, I would say if you look at where we've guided, we're assuming a mid-teen negative growth for the full year and the sequential growth that you can see will therefore be positive in the fourth quarter in order to obtain that weighted average performance for the full fiscal year '24.

現在，對於亞太地區的全年情況，我想說，如果你看看我們的指導，我們假設全年出現中位數負增長，因此你可以看到的連續增長將是積極的第四季度以獲得整個財年'24的加權平均表現。

That's a very clear answer. And then just my second question, just to understand that data center exposure a little bit better. I think George, you gave a very clear explanation of the products and the focus points for JCI. But in terms of sort of revenue, the $2 billion of sales you mentioned, George, I think that's a 2023 number, is it? And just to understand maybe any sense of how those sales split across kind of HVAC, BMS and Fire & Security?

這是一個非常明確的答案。然後是我的第二個問題，只是為了更了解資料中心的暴露情況。我認為 George，您對 JCI 的產品和重點做了非常清晰的解釋。但就收入而言，喬治，你提到的 20 億美元銷售額，我認為這是 2023 年的數字，是嗎？只是為了了解這些銷售額如何在 HVAC、BMS 和消防與安全領域分配？

So I mean when we look at the $2 billion, that's -- that was the 2023, as you said. And then we're obviously seeing a significant pickup on that this year. So as we said, for the first half, we're already at the level that we were all of last year. Now a significant amount of that is being driven by the cooling technologies across our not only our air cool, water cool but also the application of Silent-Aire. So we've got a good pick up there.

所以我的意思是，當我們看到 20 億美元時，正如您所說，那是 2023 年。今年我們顯然看到了顯著的回升。正如我們所說，上半年，我們已經達到了去年的水平。現在，其中很大一部分是由冷卻技術推動的，不僅包括空氣冷卻、水冷卻，還包括 Silent-Aire 的應用。所以我們在那裡有一個很好的接機。

What we're doing is making sure that as we're working with the hyperscalers and colos that we're now going to market in more of an integrated solution that ultimately creates a lot more value in how that solution is put into service. So you can imagine with all of the technology integration that we've been having with these providers, it is really differentiating what we're actually doing.

我們正在做的是確保當我們與超大規模提供者和託管伺服器合作時，我們現在將推出更多整合解決方案，最終在該解決方案投入使用的過程中創造更多價值。因此，您可以想像，透過我們與這些提供者進行的所有技術集成，它確實使我們實際所做的事情與眾不同。

And so -- and we've already seen a big pickup in air handling and crawls and now we're seeing the pickup in building controls and then more recently, now fire. So you're going to start to see a more broad portfolio that ultimately is going to be delivered through those solutions. And then what's important is that we're getting all of that connected and ultimately put into service. So the ability to be able to then provide service through the life cycle. So we're making really good progress here, Julian.

因此，我們已經看到空氣處理和爬行方面的大幅提升，現在我們看到建築控制的提升，最近又看到了火災。因此，您將開始看到更廣泛的產品組合，最終將透過這些解決方案提供。然後重要的是我們將所有這些連接起來並最終投入使用。因此能夠在整個生命週期中提供服務。所以我們在這裡取得了非常好的進展，朱利安。

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

今天我們的下一個問題來自諾亞·凱和奧本海默。

You mentioned need to see services growth acceleration in the back half as part of the key to getting to the high end of the guidance. I mean it was up 13% right, in terms of orders in 2Q. What kind of acceleration do we need to see? And what's your visibility to that?

您提到需要看到下半年服務成長加速，這是達到指導高端的關鍵的一部分。我的意思是，就第二季的訂單而言，成長了 13%。我們需要看到什麼樣的加速？您對此有何看法？

Well, what we need to see is where we were. I mean we were pacing high single digits pretty consistently in the last couple of years when the cyber incident hit in the first quarter, that really set us back -- set the momentum back because it hit a number of our systems that ultimately execute not only from orders, but ultimately, how we fulfill service. So we are regaining the momentum as we said.

好吧，我們需要看看我們當時在哪裡。我的意思是，在過去幾年中，當第一季發生網路事件時，我們一直在以高個位數的速度前進，這確實讓我們倒退了——讓勢頭倒退，因為它打擊了我們的許多系統，這些系統最終不僅執行來自訂單，但歸根結底是我們如何履行服務。因此，正如我們所說，我們正在恢復勢頭。

Across the globe, I would say we're executing well on that strategy, recovering from that lost momentum. Obviously, the focus that we have in becoming a commercial solution, building solutions provider is now being able to leverage our entire installed base, being able to differentiate the outcomes that we can deliver on maximizing the value over the life cycle for our customers.

我想說，在全球範圍內，我們在這項策略上執行得很好，正在從失去的動力中恢復過來。顯然，我們成為商業解決方案、建築解決方案提供者的重點現在是能夠利用我們的整個安裝基礎，能夠區分我們可以提供的結果，從而在客戶的生命週期中最大化價值。

And then the way we were the most impacted was North America, and that's our largest geography. We did make progress in Q2. That's continuing, and we're going to see that continue to accelerate Q3 and Q4. And then we get back to really strong sustained high single-digit, double-digit service growth on a go-forward basis. You might -- Marc talked about this on EMEA/LA and APAC, we've already recovered. We're already back seeing double-digit orders and growth in EMEA/LA, and we see accelerating orders in Asia Pac. So it's a matter of just the time line and our ability to be able to get that same momentum back in North America.

然後我們受影響最大的是北美，那是我們最大的地理區域。我們在第二季度確實取得了進展。這種情況仍在繼續，我們將看到第三季和第四季繼續加速。然後，我們將在未來的基礎上恢復真正強勁、持續的高單位數、兩位數服務成長。你可能 - 馬克在歐洲、中東和非洲/洛杉磯和亞太地區談到了這一點，我們已經恢復了。我們已經看到歐洲、中東和非洲/洛杉磯的訂單量達到兩位數成長，亞太地區的訂單量正在加速成長。因此，這只是時間線和我們在北美重新獲得同樣勢頭的能力的問題。

I think you mentioned in the remarks that applied and controls orders in North America were up 50%, nearly 50%. So please confirm that. How concentrated was that in data center given the focus or whether it's more broad based?

我想你在發言中提到北美的應用和控制訂單成長了50%，接近50%。所以請確認一下。考慮到焦點，資料中心的集中程度如何，還是基礎更廣泛？

Yes. So that 50% was around HVAC applied as well as control for North America, North America in terms of orders this quarter. So a very, very strong momentum. A lot of it came from that data center, some of the key colos and key hyperscale are accelerating their orders. But what's also incredible to see is the pipeline continued to grow even after a lot of orders are coming in. So we think that momentum is going to continue building, and we are very comfortable about achieving those targets.

是的。因此，就本季的訂單而言，50% 是圍繞 HVAC 應用以及北美地區的控制。所以勢頭非常非常強勁。其中許多來自該資料中心，一些關鍵的託管中心和關鍵的超大規模正在加速其訂單。但令人難以置信的是，即使在收到大量訂單之後，管道仍在繼續增長。

And our next question today comes from Andy Kaplowitz with Citigroup.

今天我們的下一個問題來自花旗集團的安迪·卡普洛維茨。

George or Marc, can you update us on your progress in terms of improving your margin in EMEA/LA? I know you've talked about all the changes you made in terms of project selection. Would you say your progress in line with what you expected? And what's your confidence level that margin should reach double digits by the end of the year?

George 或 Marc，您能否向我們介紹一下您在提高歐洲、中東和非洲/洛杉磯利潤率方面取得的最新進展？我知道您已經談到了您在專案選擇方面所做的所有改變。您說您的進展符合您的預期嗎？您對年底利潤率達到兩位數的信心有多大？

No. Good question, Andy. So first, I want to start by saying we are pleased with the performance in EMEA/LA in the second quarter. While it's not yet at par with the regional peers, the rapid progress we made both on backlog growth and margin in such a short period of time is a testament to the transformation and the application of that one end-to-end operating model George was talking about. I'm very proud of what the regional and functional teams have been able to achieve by leveraging further that integrated global business solutions operating model.

不，問得好，安迪。首先，我想說我們對第二季歐洲、中東和非洲/洛杉磯的表現感到滿意。雖然還無法與區域同行相提並論，但我們在如此短的時間內在積壓訂單增長和利潤率方面取得的快速進展證明了喬治所提出的端到端運營模式的轉型和應用。我對區域和職能團隊透過進一步利用整合的全球業務解決方案營運模式所取得的成就感到非常自豪。

And as you look at the balance of the year, we have 2 strong tailwinds in EMEA/LA. The first one is, we see a continued strong mix that is provided by the robust growth in service you saw in Q2. And the second one, we continue to improve the order margin rates that are coming in our backlog. And that's really coming from an improved go-to-market strategy we talked about as well as better commercial discipline. These 2 factors combined with the fact that we've rightsized our base cost structure provide us with great visibility to achieve double-digit segment margin and maintain it there towards the end of the year.

當你看看今年的餘額時，我們在歐洲、中東和非洲/洛杉磯有兩個強勁的推動力。第一個是，我們看到第二季服務的強勁成長帶來了持續的強勁組合。第二，我們持續提高積壓訂單的保證金率。這實際上來自於我們所討論的改進的進入市場策略以及更好的商業紀律。這兩個因素加上我們調整了基本成本結構這一事實，為我們提供了良好的可見性，以實現兩位數的細分利潤率，並在年底前保持這一水平。

And then George, I just want to follow up on your commentary regarding your pipeline of opportunities in China. It seems like maybe you're undergoing more of a transformation from, call it, traditional commercial markets there to nontraditional markets. I don't know if that's a fair characterization, but maybe you could comment on that. But you also sound confident regarding an order of sales recovery by the end of the year. So maybe you could elaborate on the risk that the recovery could slip.

然後喬治，我只想跟進您對中國機會管道的評論。看起來也許您正在經歷更多的從傳統商業市場到非傳統市場的轉變。我不知道這是否是一個公平的描述，但也許你可以對此發表評論。但您似乎對年底前銷售訂單恢復充滿信心。因此，也許您可以詳細說明復甦可能下滑的風險。

Yes. So a year ago, as we were rebuilding up to the second wave of cyber, there was a hole, and we were rebuilding our volume there and rebuilding inventory. And if you look at year-on-year in Q1 and Q2, there was a ramp last year. And obviously, we have a tough compare to that. What I would tell you is we are broad-based. So we're not just in the commercial resi, but it's we're in broad-based all of the end markets. What I would tell you, market back, we know where the opportunities are, how we're positioning, how we're deploying each of our technologies and differentiating the solutions we go to market. We're back really building, so building not only a very strong pipeline, but we're converting at historical rates as far as how we're converting to orders.

是的。因此，一年前，當我們重建第二波網路時，出現了一個漏洞，我們正在那裡重建我們的數量並重建庫存。如果你看看第一季和第二季的年比情況，你會發現去年出現了成長。顯然，我們對此進行了艱難的比較。我要告訴你的是，我們的基礎廣泛。因此，我們不僅涉足商業儲備領域，而且涉足所有基礎廣泛的終端市場。我想告訴你的是，市場回報，我們知道機會在哪裡，我們如何定位，我們如何部署每項技術以及如何區分我們進入市場的解決方案。我們真正回來了，因此不僅建立了一個非常強大的管道，而且就如何轉換為訂單而言，我們正在以歷史速度進行轉換。

And so that is what gives us confidence that with the backlog we're building, it's going to -- as it converts here, third and fourth quarter and then the revenue that really we get back to on a positive basis by the end of the year. We're very bullish on the business. It's -- we've got a great product. We've got a great facility there. And it's just making sure that as we reset with the inventory build that we had last year that were reset to where the market is going to be and ultimately how we capitalize on more than our share.

因此，這給了我們信心，隨著我們正在建立的積壓訂單，它將在第三和第四季度進行轉換，然後到年底我們將真正恢復到積極的收入水平。我們非常看好這項業務。這是——我們有一個很棒的產品。我們那裡有很棒的設施。這只是確保當我們重新調整去年的庫存建設時，將其重新調整為市場的走向，以及最終我們如何利用超過我們的份額。

And our next question today comes from Joe Ritchie with Goldman Sachs.

今天我們的下一個問題來自高盛的喬·里奇。

So I have a couple of quick clarifying questions. Just the $33 million product liability charge that you took this quarter, just a product quality charge you took this quarter, like what portion of your product portfolio is that actually touching? Just again, I just want to get some comfort around ring-fencing that number.

所以我有幾個快速澄清的問題。僅是您本季收取的 3,300 萬美元產品責任費用，只是您本季收取的產品品質費用，就像您的產品組合中的哪一部分真正受到影響？再說一次，我只是想在限制這個數字方面得到一些安慰。

And then also on the factoring program, what -- how should we be thinking about the impact from factoring through the remainder of the year?

然後，關於保理計劃，我們應該如何考慮保理對今年剩餘時間的影響？

On the product, Joe, that's in our fire detection business. It's a sensor that ultimately, as Marc said, firmware in a sensor that the legacy product as far as when we look at all the products that's being produced today, it's totally compliant. So it's making sure based on what we've seen with a couple of failures, making sure that we're addressing that in the legacy product. And as Marc talked about, that's how we kind of estimated what that potential could be. And we're going to be disciplined in how we actually go about remediating that.

關於產品，喬，這是我們的火災偵測業務。正如 Marc 所說，這是一種感測器，最終，感測器中的韌體是傳統產品，就我們今天生產的所有產品而言，它是完全相容的。因此，我們要根據我們所看到的幾次失敗來確保我們在遺留產品中解決這個問題。正如馬克所說，這就是我們估計這種潛力的方式。我們將嚴格遵守實際補救措施。

On the factoring and the finance charges, yes, the unwind of the factoring will provide some benefit in the balance of the year. What's offsetting part of that is the PFAS settlement. As you know, we are going to settle $750 million for the half, as well as slightly higher interest rate environment than we had originally anticipated. But I think the factoring and the cost benefit that it provides gives us confidence that our guidance is at the right level.

關於保理和財務費用，是的，保理業務的解除將為今年剩餘時間帶來一些好處。 PFAS 和解協議可以部分抵消這項影響。如您所知，我們將支付 7.5 億美元的一半費用，以及比我們最初預期略高的利率環境。但我認為它提供的保理和成本效益讓我們相信我們的指導處於正確的水平。

Got it. Okay. That's both helpful clarifications. And then my other question was really just around the -- what's happening with Global Products mix going forward because it seems like the guidance is baking in a pretty good improvement in Global Products margins. And I'm just curious, like is global products expected to turn mix positive in the second half? I know it was a headwind this quarter. Just any color on that would be helpful.

知道了。好的。這都是很有幫助的澄清。然後我的另一個問題實際上是關於全球產品組合未來會發生什麼，因為看起來該指導正在使全球產品利潤率得到相當好的改善。我只是很好奇，全球產品預計下半年會出現正面的改變嗎？我知道本季這是一個逆風。任何顏色都會有幫助。

When you look at Global Products historically, when you're in a more stable environment year-on-year, I mean, last year, we had a tough year because as we were really working down backlog and have built up with all of the supply chain disruption. And then when lead times went back to normal, obviously, we were a shortfall of orders and orders coming in through the year. As Marc said, we're back to normal flow of orders to fulfillment. We've got our lead times down back to where they were. And so we're seeing good flow, right, from market demand, orders, building backlog and then converting.

當你回顧全球產品的歷史時，當你處於一個逐年更加穩定的環境時，我的意思是，去年我們度過了艱難的一年，因為我們確實在減少積壓，並積累了所有供應鏈中斷。然後，當交貨時間恢復正常時，顯然，我們全年的訂單和訂單都出現短缺。正如馬克所說，我們已恢復正常的訂單履行流程。我們已將交貨時間縮短到原來水準。因此，我們看到了良好的流動，對吧，來自市場需求、訂單、積壓訂單和轉換。

On the margin side, you can imagine when we were disrupted, there was significant cost with that disruption. And so we have been significantly improving the productivity as we've recovered. Now with normal flow and stability, we're getting significant conversion cost productivity. And then with the continued volume increase on the conversion in the second half, that will lever really nicely in the second half from a margin standpoint.

在利潤方面，你可以想像當我們受到干擾時，這種幹擾會帶來巨大的成本。因此，隨著經濟的復甦，我們的生產力得到了顯著提高。現在，憑藉正常的流量和穩定性，我們獲得了顯著的轉換成本效率。然後，隨著下半年轉換量的持續增加，從利潤的角度來看，下半年的槓桿作用將會非常好。

And then what we've done across the company as we went through this cycle, we've taken out significant G&A. And so as we've addressed that across the board and gone to one operating system, we're going to start to see much better leverage on our G&A structure.

然後，當我們經歷這個週期時，我們在整個公司範圍內所做的事情是，我們取消了大量的一般管理費用。因此，當我們全面解決這個問題並採用同一個作業系統時，我們將開始看到我們的 G&A 結構得到更好的利用。

And then I would add on mix. What you saw in the quarter, that negative mix of $80 million Global Products really came from the volume challenge we saw in APAC, that really led to an under absorption Global Products. Outside of that, the general mix of the product is neutral to the margin Global Products. What you get is really the lift, George just talked about.

然後我會添加混合。您在本季看到的 8000 萬美元全球產品的負面組合實際上來自我們在亞太地區看到的銷售挑戰，這確實導致了全球產品的吸收不足。除此之外，產品的整體組合對全球產品的利潤是中性的。喬治剛剛談到，你得到的實際上是提升。

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

今天我們的下一個問題來自垂直研究公司的 Jeff Sprague。

A couple of questions, obviously, on the Q4 guide. And I know there's kind of some squiggles around the growth rates and everything. But it does seem to me that if Q3 is a low single-digit organic growth and Q4 is high single digit 8% or 9% and the year is closer to 3%. So maybe just address that, is that kind of what you're thinking you're kind of progressing towards the very low bound of what we might call mid-single digit for the year?

顯然，有幾個關於第四季度指南的問題。我知道成長率和其他方面都存在一些問題。但在我看來，如果第三季是低個位數有機成長，而第四季是高個位數 8% 或 9%，那麼今年的成長將接近 3%。所以也許只是解決這個問題，你認為你正在朝著我們所謂的今年中個位數的非常低的界限前進嗎？

I mean I would think of Q4 in the teens, 10% of the growth. And I think you're right, there's a step function change between Q3 and Q4 from a growth standpoint. But I don't think it's that challenge if you see the momentum we see in orders.

我的意思是，我會想到第四季的成長率為 10%。我認為你是對的，從成長的角度來看，第三季和第四季之間存在階梯函數變化。但如果你看到我們在訂單中看到的勢頭，我認為這並不是一個挑戰。

Okay. So just to clarify that, as somebody asked you if it was low double digits, and then you said high single digits, but now you're saying low double digits.

好的。因此，為了澄清這一點，正如有人問您是否是低兩位數，然後您說是高個位數，但現在您說是低兩位數。

High single digit to attain the midpoint of where we are guiding. To get to the high end, you would need that 10% growth rate in Q4.

高個位數達到我們指導目標的中點。要達到高端，第四季需要 10% 的成長率。

I see. Okay. And what was the nature of the goodwill charge in the quarter?

我懂了。好的。本季商譽費用的性質是什麼？

That goodwill relates to an impairment charge we took on our subscriber business. That subscriber business sits within our EMEA/LA segment. And it came really from a combination of small actual result delta versus an internal forecast we had but it was mostly associated over time the effect that the Argentinian peso had in the mix of results of that particular business. Then I'll remind you that, that impairment is noncash in terms of what the charge relate to. And it has absolutely no impact on our ability to deliver free cash flow for the balance of the year.

該商譽與我們對訂戶業務所承擔的減損費用有關。該訂戶業務屬於我們的歐洲、中東和非洲/洛杉磯細分市場。它實際上來自較小的實際結果增量與我們的內部預測的組合，但它主要與隨著時間的推移阿根廷比索對該特定業務的結果組合的影響有關。然後我會提醒您，就費用相關而言，該減值是非現金的。這對我們在今年餘下時間提供自由現金流的能力絕對沒有影響。

And then just a really quick follow-up just on cash. So the PFAS settlement you're expecting to go out the door here before the end of the year, and are you expecting any insurance recoveries against that in 2024? Or that's more of a kind of protracted negotiation with your insurers?

然後就現金進行快速跟進。那麼，您預計 PFAS 和解協議將在今年年底前完成，您是否預計 2024 年會收到任何保險賠償？或者這更像是與保險公司的曠日持久的談判？

Yes. The PFAS settlement will be in 2 tranche. The first tranche coming shortly and the second tranche later in the year. I do not want to speculate on the timing of the recovery of the cash from the insurance. I would tell you we have significant insurance with about 20 insurers. We are doing everything we can to recover as much as we can. We have a line of sight of recovering a very material portion of the settlement. But at this stage, I'm not being able to pin down an exact time line on that recovery.

是的。 PFAS 和解將分兩期進行。第一批資金即將推出，第二批資金將在今年稍後推出。我不想猜測從保險中收回現金的時間。我想告訴你，我們有大約 20 家保險公司的大量保險。我們正在盡一切努力盡可能地恢復。我們的目標是收回定居點的重要部分。但在現階段，我無法確定復原的確切時間表。

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

今天我們的下一個問題來自 Gautam Khanna 和 TD Cowen。

I had a couple of questions on the divestments. First, I was curious if you could characterize the level of interest from potential seaters. If you could talk about maybe the aggregate tax basis. And if you could also speak to any potential dis-synergies and if you have any quantification of that, that would be helpful.

我對撤資有幾個問題。首先，我很好奇您是否可以描述潛在座位的興趣程度。如果您可以談論一下總稅基。如果您還可以談論任何潛在的反協同作用，並且如果您對此有任何量化，那將會有所幫助。

I mean I don't want to overspeculate on exactly where we stand. What I'll tell you is that there's different combination of divestiture structure that we are looking at, and we are simply trying to optimize shareholder value and our ability to return a very large portion of that, the proceeds associated with the divestiture back to shareholders. The divestiture will require like any material divesture for us to take action around our base cost and our central cost of operating. We have good line of sight to action that. We've already started planning around it.

我的意思是，我不想過度猜測我們的具體立場。我要告訴你的是，我們正在考慮不同的剝離結構組合，我們只是想優化股東價值以及我們將其中很大一部分返還給股東的能力，即與剝離相關的收益返還給股東。與任何重大剝離一樣，此次剝離將要求我們圍繞基本成本和核心營運成本採取行動。我們有良好的視野來採取行動。我們已經開始圍繞它進行計劃。

Can you speak to the timing or the tax basis of the assets, so we can...

您能否談談資產的時間或稅基，以便我們可以...

At this stage, it would be very hard for me to pin ourselves down on the timing. We're doing everything to accelerate the process. Depending on how we structure the divestiture, the tax effect will be very different. So at this stage, that's giving you a very wide range of the different options that are being considered from a divestiture of structure, I don't think would be helpful. But again, we're doing everything to maximize shareholder value here.

在這個階段，我很難確定時間。我們正在盡一切努力加速這一進程。根據我們如何建構剝離，稅收影響將會非常不同。因此，在現階段，這為您提供了非常廣泛的不同選擇，這些選擇正在考慮剝離結構，我認為這不會有幫助。但同樣，我們正在盡一切努力實現股東價值最大化。

And our next question today comes from Deane Dray at RBC Capital.

今天我們的下一個問題來自 RBC Capital 的 Deane Dray。

I just want to take another pass at this -- the Page 5 data center exhibit, which is terrific. And especially the pie chart at the bottom that does show all the different products and services that JCI offers. And it goes back to Julian's question, it would be really helpful, just really rough size some of these categories. So if I said cooling and group chiller, space, cooling and monitoring as 1 bucket and then fire and security is the other 2. Would rough numbers be 60% cooling and then 20% each for fire and security? Would that be the right neighborhood?

我只是想再看第 5 頁的資料中心展覽，非常棒。尤其是底部的圓餅圖，它顯示了 JCI 提供的所有不同產品和服務。這又回到了朱利安的問題，真的很有幫助，只是粗略地描述了其中一些類別的大小。因此，如果我將冷卻和機組冷卻器、空間、冷卻和監控視為 1 個桶，然後消防和安全是另外 2 個桶。那是合適的社區嗎？

Yes, I would say it's about -- it's in the range where about 2/3 would be chillers, and the others would be -- air handling would be crawls, would be fire and security, all of the other systems that ultimately support the deployment of the cooling technologies.

是的，我想說的是——大約 2/3 是冷卻器，其他是——空氣處理是爬行，消防和安全，所有其他系統最終支援冷卻技術的部署。

Great. That's really helpful. And just I think a lot of people think of the security side, just the 3 levels of access that most of these data centers have. But if you look at just about every row of these data center rooms, there are cameras and fire suppression on every row. So this is part of your offering, correct?

偉大的。這真的很有幫助。我認為很多人都會考慮安全性方面，也就是大多數資料中心擁有的 3 個等級的存取權限。但如果你觀察這些資料中心機房的幾乎每一排，你會發現每一排都有攝影機和滅火裝置。所以這是您產品的一部分，對嗎？

It's absolutely part of the offering and those very complex solutions. We are really set up with our engineering and our product offering to really leverage that market. And that's where we see the pipeline continuously growing as the complexity and the structure of those data center continue to increase.

它絕對是產品和那些非常複雜的解決方案的一部分。我們的工程和產品已經真正準備，可以真正利用這個市場。這就是我們看到隨著這些資料中心的複雜性和結構不斷增加而不斷增長的管道。

And Deane, I think it's important to note also from a service standpoint, when you go to one of these sites and you see the installations and all of the equipment, both across the domains, what is really strong is our footprint, providing the service. And so how our teams then are positioned to support all of these large facilities that are being put up. And so that's where we see significant opportunity to be able to deploy our system so that then from a life cycle standpoint, we have the domain and expertise deployed to be able to support these large operations.

迪恩，我認為從服務的角度來看，值得注意的是，當您訪問這些網站之一併看到跨域的安裝和所有設備時，真正強大的是我們的足跡，提供服務。那麼我們的團隊如何定位來支援所有這些正在建造的大型設施。因此，這就是我們看到能夠部署我們的系統的重大機會的地方，這樣從生命週期的角度來看，我們就擁有部署的領域和專業知識來支援這些大型營運。

Terrific. And just one last quick one for Marc. I know it's still early, but when would be the earliest we might hear some reset working capital metric targets?

了不起。馬克的最後一件事。我知道現在還為時過早，但我們最早什麼時候才能聽到一些重置營運資本指標的目標？

I think we're still early stage. As you mentioned, we are looking at next year and where we're going to deploy our resources from a growth standpoint. I think as we close Q4, we'll probably be able to give you a strong view on where we are going to land for next year as well as our long-term algo. But I don't think we'll shy away from the comment I made last time that 85% to 90% free cash flow conversion plus, although the long term is really where we should be thinking.

我認為我們仍處於早期階段。正如您所提到的，我們正在展望明年，從成長的角度來看我們將在哪裡部署我們的資源。我認為，當我們結束第四季度時，我們可能能夠讓您對明年的目標以及我們的長期演算法有一個清晰的認識。但我不認為我們會迴避我上次發表的評論，即 85% 到 90% 的自由現金流轉換加上，儘管長期來看確實是我們應該考慮的地方。

And our next question today comes from Andrew Obin with Bank of America.

今天我們的下一個問題來自美國銀行的安德魯‧奧賓。

Just a question. We're looking at macro data and it seems that labor inflation is picking up back again. How are you guys thinking about your contract structure, particularly on the installation side? In the face of inflation, are you sort of giving any thought -- you've clearly cleaned up the balance sheet was factoring. This is great. Are you guys giving any thought about sort of resetting the contract structure to maybe adjust for the fact that we -- in a higher inflation, labor inflation environment for longer? I know it's a big, long question, but I would love to hear your thoughts.

就一個問題。我們正在研究宏觀數據，勞動力通膨似乎再次回升。你們如何看待你們的合約結構，特別是在安裝方面？面對通貨膨脹，你有沒有想過──你顯然已經清理了資產負債表中的保理因素。這很棒。你們是否考慮重新調整合約結構，以適應我們在更高的通膨、勞動力通膨環境中持續更長時間的事實？我知道這是一個又大又長的問題，但我很想聽聽您的想法。

No. What I would say is when we went through that high inflationary period, obviously, that exposed a lot of our weakness because we were in a low-inflationary period for so long. We've built very robust pricing and costing pricing, and then from a selling standpoint, focusing on value. And so as we plan long term now, we're factoring in. We're, from a costing standpoint, anticipating higher than level -- higher than the kind of the market forecast on inflation.

不。我們建立了非常穩健的定價和成本定價，然後從銷售的角度來看，專注於價值。因此，當我們現在製定長期計劃時，我們正在考慮這一因素。

So we've been factoring that in and then making sure we have contracts that ultimately gives us the opportunity to be able to recover longer term on some of the longer-term contracts. So we've been -- and that's been deployed across the globe. What I would say, we have very robust pricing, costing as we do deal reviews and making sure that we're going to be positioned to be able to achieve the margin rate that we're booking. So we're now in a situation where we're booking much higher margins, and then we're executing at or above those margins on a go-forward basis. And that's a big deal. And that's a big part of our -- in our solutions business, our ability to be able to deliver stronger margins going forward.

因此，我們一直在考慮這一點，然後確保我們的合約最終使我們有機會能夠從一些長期合約中恢復更長期的利益。所以我們已經在全球部署了。我想說的是，我們有非常穩健的定價，在進行交易審查時進行成本核算，並確保我們能夠實現我們預訂的保證金率。因此，我們現在的情況是，我們預訂了更高的利潤，然後我們在未來的基礎上以等於或高於這些利潤的價格執行。這是一件大事。在我們的解決方案業務中，這是我們未來提供更高利潤的能力的重要組成部分。

Great. And then just a follow-up question. If we look at the bookings on data center, clearly got a lot of attention, growing 50% plus. What's happening? You guys have kindly provided a very nice pie chart of your end market breakout. Can you just highlight what else is doing well? And if there are any headwinds within your key end market verticals on applied?

偉大的。然後是一個後續問題。如果我們看一下資料中心的預訂量，顯然受到了很多關注，增長了 50% 以上。發生了什麼事？你們提供了一個非常漂亮的終端市場突破餅圖。能強調一下其他方面做得很好嗎？您的關鍵終端市場垂直領域是否有任何阻力？

I mean what I would say it's broad based. When you look at our applied business, right from -- and we have the full portfolio of technology, whether it be water-cooled chillers, air-cooled chillers which obviously is focused on data centers. The Silent-Aire packaged cooling solutions that we deploy.

我的意思是我所說的它具有廣泛的基礎。當你看看我們的應用業務時，我們擁有完整的技術組合，無論是水冷式冷水機、風冷式冷水機，顯然專注於資料中心。我們部署的 Silent-Aire 打包冷卻解決方案。

So when you look at what we see, it's not only data centers but it's the industrial expansion that we see pretty much globally. It's education. It's been some government. And more important, there's a broad-based demand addressing some of the challenges that our customers are having, achieving their sustainability goals.

因此，當你看看我們所看到的情況時，你會發現這不僅是資料中心，而且是我們在全球範圍內看到的工業擴張。這是教育。這是某個政府。更重要的是，有廣泛的需求來解決我們的客戶面臨的一些挑戰，實現他們的永續發展目標。

And so we can go in and ultimately package a solution. And then with that, be able to get significant savings that actually then, in some cases, get a decent payback. And so it's broad-based in our applied business across end markets. Certainly, data centers is a key driver.

這樣我們就可以進入並最終打包一個解決方案。這樣，就能夠節省大量資金，在某些情況下，實際上可以獲得可觀的回報。因此，它在我們跨終端市場的應用業務中具有廣泛的基礎。當然，資料中心是關鍵驅動因素。

Commercially, Europe, I made a comment in the opening remarks around industrial refrigeration growing really fast. There's multiple pockets of the market that are growing, probably not as fast as what we're seeing in data center, which is really unprecedented and continue to see that pipeline growing, but we see pipeline growth across the board.

在商業方面，歐洲，我在開場白中就工業製冷的快速成長發表了評論。市場的多個部分正在成長，可能沒有我們在資料中心看到的那麼快，這確實是前所未有的，而且管道將繼續成長，但我們看到管道的全面成長。

Across the board. And then what we've learned is technology wins. And so we've been investing multiyear in our technology differentiation. And as we're applying that into the key verticals, that's what ultimately is delivering the value.

全面。然後我們學到的是技術獲勝。因此，我們多年來一直在技術差異化方面進行投資。當我們將其應用到關鍵垂直領域時，這就是最終交付價值的原因。

And our next question today comes from Steve Volkmann with Jefferies.

今天我們的下一個問題來自 Jefferies 的 Steve Volkmann。

Just a couple of real big picture questions for me. First one, you talked about some investments in, I guess, product development, et cetera, but also some capacity. Is there any reason to think there'd be a step change in that as we go to next year? In other words, are there some projects that kind of get done? Or is that a good run rate?

對我來說只有幾個真正的大問題。第一個，我猜您談到了產品開發等方面的一些投資，還有一些產能。有沒有理由認為，到明年，情況會發生重大變化？換句話說，是否有一些項目能夠完成？或者說這是一個很好的運行率嗎？

When you look at our reinvestment, and we've been talking about this for multi-years, applied, when we look at our applied cooling, we're a significant leader in that space across the globe, and we've been investing in multigenerational technologies. And if you would go to our technology center in New York, Pennsylvania, our JADEC center, you would see that. So we've been significantly elevated reinvestment over the last number of years, which has ultimately positioned us with the competitive advantage we have today in data centers. So that's going to continue.

當你看到我們的再投資時，我們多年來一直在談論這個問題，當我們看看我們的應用冷卻時，我們是全球該領域的重要領導者，我們一直在投資多代技術。如果你去我們位於賓州紐約的技術中心，我們的 JADEC 中心，你會看到這一點。因此，過去幾年我們大幅增加了再投資，這最終使我們在資料中心領域擁有了競爭優勢。所以這將繼續下去。

And then on the capacity side, certainly, we've -- from an investment standpoint, we've been -- we've got great factories across the globe and then now we've been scaling those factories to be able to now support this data, what's being driven by data centers, but the data center demand.

然後，在產能方面，當然，從投資的角度來看，我們在全球擁有很棒的工廠，現在我們一直在擴大這些工廠的規模，以便能夠支持這些數據，是由數據中心驅動的，而是數據中心的需求。

And so we saw it coming. We saw it coming 2 years ago and we started that expansion. But obviously, that has accelerated over the last 12 months. And we're strategically engaged with each one of the hyperscalers and colos and understanding exactly what is going to be built here, multi-years, and we're positioning to make sure we have the right -- as I said earlier, the right technologies with the right capacity to then be able to support their build out. And so all of that has been factored in our current run rate of reinvestment.

所以我們看到了它的到來。我們在兩年前就看到了它的到來，並開始了擴張。但顯然，這一趨勢在過去 12 個月中有所加速。我們與每個超大規模提供者和託管中心進行策略性合作，並準確了解多年來將在這裡構建的內容，並且我們正在定位以確保我們擁有正確的權利 - 正如我之前所說，正確的權利具有適當能力的技術，然後能夠支援其建設。因此，所有這些都已計入我們目前的再投資運行率。

And ladies and gentlemen, this concludes our question-and-answer session. I'd like to turn the conference back over to George Oliver for closing remarks.

女士們、先生們，我們的問答環節到此結束。我想將會議轉回喬治·奧利佛致閉幕詞。

Yes. Let me wrap up. I want to thank everyone for joining us today, and I'd like to end the call by highlighting the strong foundation of operational excellence at Johnson Controls and our value creation framework. I think we demonstrated with the disruption in Q1. And then as we've now come back and created momentum in Q2, gives us a lot of confidence that we're beginning to see not only the results, but now more important, the opportunity to be able to accelerate here as we go forward.

是的。讓我總結一下。我要感謝大家今天加入我們，並在結束通話時強調江森自控卓越運營的堅實基礎以及我們的價值創造框架。我認為我們在第一季的中斷中就得到了證明。然後，由於我們現在回來並在第二季度創造了動力，這給了我們很大的信心，我們不僅開始看到結果，而且現在更重要的是，在我們前進的過程中能夠在這裡加速的機會。

Our results demonstrate that we're both capturing the secular trends around sustainability and healthy buildings and that we do have the right strategy and operating system in place that ultimately not only meets our customers' needs as a preferred partner, but certainly elevates the ability to be able to create returns for our shareholders. So we are very excited about what is to come and what we see now playing out. We believe that we are poised to continue creating value for our shareholders, and we all look forward to continuing engaging with all of you here over the next days and weeks as we continue to execute.

我們的結果表明，我們不僅抓住了圍繞可持續發展和健康建築的長期趨勢，而且我們確實擁有正確的戰略和操作系統，最終不僅可以滿足客戶作為首選合作夥伴的需求，而且肯定會提高以下能力：能夠為我們的股東創造回報。因此，我們對即將發生的事情以及我們現在看到的情況感到非常興奮。我們相信，我們準備好繼續為股東創造價值，我們都期待在接下來的幾天和幾週內繼續與大家互動，繼續執行。

So with that, operator, that concludes our call.

接線員，我們的通話到此結束。

Thank you, sir. You may now disconnect your lines, and have a wonderful evening. Thank you.

謝謝你，先生。您現在可以斷開線路，度過一個美好的夜晚。謝謝。