江森自控 (JCI) 2024 Q3 法說會逐字稿

Good morning and welcome to the Johnson Controls third-quarter 2024 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.

早安，歡迎參加江森自控 2024 年第三季財報電話會議。 （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 fiscal third-quarter 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 Johnson Controls.com.

早安，感謝您參加我們的電話會議，討論江森自控 2024 年第三季財報。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 Johnson Controls.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 refer to our SEC filings for a detailed discussion of these risks and uncertainties.

在開始之前，請允許我提醒您，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。請參閱我們向 SEC 提交的文件，以了解有關這些風險和不確定性的詳細討論。

In addition to the inherent limitations of such forward-looking statements. 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.

除了此類前瞻性陳述的固有限制之外。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 to deliver fiscal third quarter results that exceeded almost all of our targets. Organic sales growth was 3%, which was in line with our guidance of low single digits. We delivered a robust 150 basis points of segment margin expansion to 17.9%, which exceeded our guidance of 17%.

讓我們從幻燈片 3 開始。有機銷售額成長 3%，符合我們的低個位數指引。我們的部門利潤率強勁增長了 150 個基點，達到 17.9%，超出了我們 17% 的指導。

We were also proud of our free cash flow generation during the quarter, which was more than $500 million higher than the comparable period one year ago. Service led the way, once again with 9% growth, which continues to validate our transformation efforts is encouraging as we continue to build momentum toward meeting our full year financial objective.

我們也對本季產生的自由現金流感到自豪，該現金流比一年前同期增加了 5 億多美元。服務領域再次領先，成長 9%，這繼續驗證了我們的轉型努力令人鼓舞，因為我們繼續為實現全年財務目標積蓄動力。

Orders grew 5% during the quarter. We expect some quarterly fluctuation in our order pattern, given the strong demand for our data center solutions. With the investments we have made over the last few years and technologies for data centers, the launch of a dedicated organization in our one-of-a-kind offerings, we remain well positioned in this fast-growing segment with solutions that are clearly resonating with customers.

本季訂單成長 5%。鑑於對我們資料中心解決方案的強勁需求，我們預期訂單模式將出現季度波動。憑藉過去幾年我們在資料中心進行的投資和技術，以及在我們獨一無二的產品中推出專門組織，我們在這一快速增長的細分市場中保持了良好的地位，並提供了明顯引起共鳴的解決方案與客戶。

We have built a leading position in data centers in North America due to a unique and compelling customer value proposition. As our customers expand internationally to meet the rapidly growing demand for data centers, we grow alongside them as they choose to partner with Johnson Controls around the world. Our backlog grew 10% in the quarter as we continued to see demand for our solutions, both systems and services.

憑藉獨特且引人注目的客戶價值主張，我們在北美資料中心建立了領先地位。隨著我們的客戶向國際擴張，以滿足對資料中心快速成長的需求，當他們選擇與世界各地的江森自控合作時，我們與他們一起成長。由於我們持續看到對我們的解決方案（包括系統和服務）的需求，我們的積壓訂單在本季度增加了 10%。

The growth in orders and backlog give us increased confidence in our ability to continue delivering sustainable long-term growth. As part of our ongoing business transformation, we announced two divestitures, our Residential and Light Commercial HVAC business in our Air Distribution Technologies business.

訂單和積壓訂單的成長使我們對繼續實現可持續長期成長的能力更有信心。作為我們正在進行的業務轉型的一部分，我們宣布了兩項剝離，即空氣分配技術業務中的住宅和輕型商業暖通空調業務。

These two transactions represent roughly 20% of current sales. At the same time as our earnings results, we announced this morning that I informed the Board, it is time to initiate our CEO succession plan. Following recent significant milestones in our portfolio transformation and as we move to the next phase of growth, I believe that now is the right time to begin the process of identifying the next leader of the new Johnson Controls.

這兩筆交易約佔目前銷售額的 20%。在發布獲利結果的同時，我們今天早上宣布，我通知董事會，是時候啟動我們的執行長繼任計畫了。繼最近在我們的投資組合轉型中取得重大里程碑之後，隨著我們進入下一階段的成長，我相信現在是開始確定新江森自控下一任領導者的最佳時機。

Accordingly, the Board has engaged a nationally recognized search firm and begun a comprehensive search for the company's next CEO. Once my successor has been named, I will remain Chair of the Board to help facilitate a smooth transition. I am confident in our position as Johnson Controls enters its next chapter, and I remain committed to supporting the full team as we work to ensure Johnson Controls realizes its full potential.

因此，董事會聘請了一家全國公認的獵人頭公司，開始全面尋找公司的下一任執行長。一旦我的繼任者被任命，我將繼續擔任董事會主席，以幫助促進平穩過渡。隨著江森自控進入下一個篇章，我對我們的地位充滿信心，我將繼續致力於支持整個團隊，並努力確保江森自控充分發揮其潛力。

Along with the initiation of the company's succession plan, we also announced that as part of our ongoing Board refreshment efforts, and following a constructive dialogue with Elliott Management. Patrick Decker has been appointed to our company's Board of Directors effective immediately. Patrick brings experience to our Board and having led a transformation of his prior company and his appointment reflects our commitment to continuously refreshing our Board to ensure the skills and experiences of our directors appropriately reflect our ongoing transformation.

在啟動公司繼任計畫的同時，我們也宣布，作為我們正在進行的董事會更新工作的一部分，並與 Elliott Management 進行建設性對話。 Patrick Decker 已被任命為我們公司的董事會成員，立即生效。派崔克為我們的董事會帶來了經驗，並領導了他之前公司的轉型，他的任命反映了我們致力於不斷更新董事會，以確保我們董事的技能和經驗適當地反映我們正在進行的轉型。

Lastly, before moving to the next slide, we are tightening our full year adjusted EPS guidance to a range of $3.66 to $3.69 from a range of $3.60 to $3.75. Mark will give additional details later in the call. We have made tremendous progress on our business transformation into a simpler, higher growth company, positioned to deliver more consistent, predictable results.

最後，在進入下一張幻燈片之前，我們將全年調整後每股收益指引從 3.60 美元至 3.75 美元收緊至 3.66 美元至 3.69 美元。馬克稍後將在電話會議中提供更多詳細資訊。我們在業務轉型方面取得了巨大進展，成為一家更簡單、更高成長的公司，能夠提供更一致、更可預測的結果。

Turning to slide 4, we have made good progress on simplifying our portfolio. Most recently, on July 23, we reached an agreement to sell our Residential and Light Commercial HVAC business to the Bosch Group in an all-cash transaction. The transaction includes 100% of our North America Ducted business and our 60% interest in our Global Residential joint venture with Hitachi. The total transaction is valued at approximately $8.1 billion, which results in approximately$6.7 billion of consideration to Johnson Controls.

轉向投影片 4，我們在簡化投資組合方面取得了良好進展。最近，7 月 23 日，我們達成協議，以全現金交易的方式將我們的住宅和輕型商業 HVAC 業務出售給博世集團。該交易包括我們 100% 的北美管道業務以及我們與日立合資的全球住宅合資企業 60% 的權益。這項交易總價值約 81 億美元，江森自控將獲得約 67 億美元的對價。

We are expecting net proceeds of approximately $5 billion after tax in transaction expenses, the majority of which will be used to accelerate returning capital to shareholders and also address leverage. The Residential and Light Commercial HVAC transaction is expected to close in approximately 12 months, subject to required regulatory approvals in other customary closing conditions.

我們預計交易費用稅後淨收益約為 50 億美元，其中大部分將用於加速向股東返還資本並解決槓桿問題。住宅和輕型商業暖通空調交易預計將在大約 12 個月內完成，但須獲得其他慣例成交條件所需的監管批准。

We expect to report the operating results of the business in discontinued operations beginning in the fiscal fourth quarter of 2024. In addition, on June 18, we agreed to sell our Air Distribution Technologies business to Truelink Capital. The sale of Air Distribution Technologies is also an important step in simplifying our manufacturing footprint with the elimination of nearly 30% of our manufacturing facilities.

我們預計從 2024 年第四財季開始報告已終止經營業務的經營業績。出售空氣分配技術也是簡化我們的製造足跡的重要一步，我們取消了近 30% 的製造設施。

Taken together, these two transactions represent significant milestones in our portfolio transformation. We are now even better positioned going forward as a pure-play provider of comprehensive solutions for commercial buildings. Our efforts are turning into results and the value of our transformation is coming into focus.

總的來說，這兩筆交易代表了我們投資組合轉型的重要里程碑。作為商業建築綜合解決方案的純粹提供者，我們現在處於更有利的位置。我們的努力正在轉化為成果，我們轉型的價值正在凸顯。

Slide 5 presents a pro forma look at the new Johnson Controls, representing the composition of our company going forward. Following completion of the two divestitures described earlier, we will be a simpler, higher growth company focused almost exclusively on our engineered solutions offerings. These solutions include commercial HVAC, fire, controls, security and services following the smart building trifecta of energy-efficient equipment, clean electrification and digitalization.

投影片 5 展示了新江森自控的預期概況，代表了我們公司未來的組成。在完成前面描述的兩次剝離之後，我們將成為一家更簡單、成長更快的公司，幾乎完全專注於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、消防、控制、安全和服務，遵循智慧建築的節能設備、清潔電氣化和數位化三重奏。

The benefits of our transformed portfolio include an enhanced margin profile, less complexity and a more focused operating model. In addition, these divestitures further increase our exposure to the fast-growing data center vertical to nearly 10% of sales from 7% as of fiscal year 2023. We expect this percentage to further increase over time given the robust demand we are seeing in this key vertical. While we will continue to look at opportunities to further enhance the portfolio, we believe that the largest elements of the portfolio transformation are now complete.

我們轉型後的投資組合的好處包括提高利潤率、降低複雜性和更專注的營運模式。此外，這些資產剝離進一步增加了我們對快速成長的資料中心垂直業務的投資，截至2023 財年，其銷售額佔銷售額的比例從7% 增至近10%。強勁需求，我們預計這一比例將隨著時間的推移進一步增加。雖然我們將繼續尋找進一步增強投資組合的機會，但我們相信投資組合轉型的最大要素現在已經完成。

Turning to slide 6 to discuss our focused business model and how we plan to deliver more consistent, predictable outcomes for our customers and maximize value for shareholders over the life cycle of buildings.

轉向投影片 6，討論我們重點關注的業務模式，以及我們計劃如何為客戶提供更一致、可預測的結果，並在建築物的整個生命週期中為股東實現價值最大化。

Johnson Controls has a unique value proposition for our customers that directly translates to shareholder value creation. Our ability to serve our customers over the life cycle of the building allows us to deliver a safe, healthy and sustainable buildings. As a simpler and more streamlined company, we are now better positioned to leverage our integrated domain expertise, coupled with our extensive branch network to significantly expand margins.

江森自控為我們的客戶提供獨特的價值主張，直接轉化為股東價值創造。我們在建築的整個生命週期內為客戶提供服務的能力使我們能夠提供安全、健康和永續的建築。作為一家更簡單、更精簡的公司，我們現在能夠更好地利用我們的綜合領域專業知識，再加上我們廣泛的分支機構網絡來顯著擴大利潤。

Our journey with the customer provide system and service solutions that maximize the opportunities around the lifecycle of the asset, delivering outcomes to the customer to save energy, reduce emissions and optimize building lifecycle costs, all while improving the overall occupant experience.

我們與客戶一起提供系統和服務解決方案，最大限度地利用資產生命週期的機會，為客戶提供節能、減少排放和優化建築生命週期成本的成果，同時改善整體居住者體驗。

Most importantly, our ability to drive direct outcomes ensures that we have long-term customers that use several of our services, which creates a compounded impact for the customer and for our shareholders. In fact, a dollar of systems revenue has the potential to generate up to 10 times of revenue over the lifecycle of the solution.

最重要的是，我們推動直接成果的能力確保我們擁有使用我們多項服務的長期客戶，這為客戶和我們的股東帶來了複合影響。事實上，一美元的系統收入有可能在解決方案的生命週期內產生高達 10 倍的收入。

It all starts with our local teams supported by our centralized engineering teams to provide operational excellence throughout the construction of the new building, starting with the product and technology development through the installation of the new systems. This grows the installed base. Throughout system deployment, our teams are building customer intimacy and confidence in our team to ensure we are creating linkage with our service offerings.

這一切都始於我們的本地團隊在我們的集中工程團隊的支持下，從產品和技術開發到新系統安裝，在整個新建築的施工過程中提供卓越的運作。這擴大了安裝基礎。在整個系統部署過程中，我們的團隊正在建立客戶對我們團隊的親密感和信心，以確保我們與我們的服務產品建立聯繫。

We have redoubled our focus to build this additional relationship and greatly improved our operational execution over the past few years to drive an enhanced margin profile and grow service. Simply put, service and maintenance delivers recurring revenue for us, and this provides resilient revenue throughout economic cycles.

在過去的幾年裡，我們加倍努力建立這種額外的關係，並大大提高了我們的營運執行力，以提高利潤率並發展服務。簡而言之，服務和維護為我們帶來了經常性收入，這在整個經濟週期中提供了有彈性的收入。

Moving to parts and repairs, our service organization is digitally enabled and unlocks additional value by collecting data from the connected equipment within the building. Leveraging this data lets us detect issues before they occur, leading to reduced downtime and cost savings for the customer.

轉向零件和維修，我們的服務組織已數位化，並透過從建築物內的連接設備收集資料來釋放附加價值。利用這些數據，我們可以在問題發生之前發現問題，從而減少停機時間並為客戶節省成本。

The last part of the cycle is the building retrofit, including the monetization and technology refresh of existing systems. We work closely with the building owner to discuss lifecycle planning and the prioritization of the building needs. We have found this to be the perfect opportunity for Johnson Controls to sell additional domains.

此週期的最後一部分是建築改造，包括現有系統的貨幣化和技術更新。我們與建築業主密切合作，討論生命週期規劃和建築需求的優先順序。我們發現這是江森自控出售更多網域的絕佳機會。

By compounding the effects of this cycle, we are able to deliver solutions to our customers leading to significant margin expansion. The ongoing transformation of our portfolio into a quality pure-play provider of comprehensive solutions for commercial buildings means that we can service these buildings to deliver outcomes that matter.

透過綜合此週期的影響，我們能夠為客戶提供解決方案，從而顯著擴大利潤。我們的產品組合不斷轉型為商業建築綜合解決方案的優質專業提供者，這意味著我們可以為這些建築提供服務，以實現重要的成果。

Accordingly, we are extending our journey with our customers while capitalizing on attractive opportunities in the market. Together, this delivers value across our stakeholder base for customers, employees and for our shareholders.

因此，我們正在擴展與客戶的旅程，同時利用市場上有吸引力的機會。總之，這為我們的利害關係人群體為客戶、員工和股東帶來了價值。

With that, I'll turn it over to Marc.

有了這個，我會把它交給馬克。

Thanks, George, and good morning, everyone. Let me start with a summary on slide 7. Total revenue of $7.2 billion grew 3% organically as strong high single digit service growth more than offset continued weakness in China system business. Segment margin expanded a robust 150 basis points to 17.9% as we delivered another strong quarter of productivity and converted a higher-margin backlog.

謝謝喬治，大家早安。首先讓我對投影片 7 進行總結。由於我們又一個季度的生產力表現強勁，並轉換了利潤率更高的積壓訂單，因此該部門的利潤率強勁增長了 150 個基點，達到 17.9%。

Adjusted EPS of $1.14 was up 11% year-over-year and exceeded the high end of our guidance range by $0.04. Operations contributed $0.18 of the growth in the quarter as improved productivity and the conversion of higher-margin backlog more than offset higher corporate costs related to additional IT investments, cybersecurity enhancement costs and increased centralization of functional costs.

調整後每股收益為 1.14 美元，年增 11%，超出我們指導範圍的上限 0.04 美元。營運部門為本季的成長貢獻了0.18 美元，原因是生產力的提高和利潤率較高的積壓訂單的轉化，足以抵消與額外IT 投資、網路安全增強成本和功能成本集中化相關的更高的企業成本。

Below the line, we saw favorability from a lower share count. As we continue to build a more consistent and predictable business, we are pleased with the strong adjusted EPS performance in the quarter.

在線下，我們看到了較低的股票數量帶來的好感。隨著我們繼續打造更一致和可預測的業務，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 up the third quarter with approximately $900 million in available cash and net debt decreased to 2.3 times, which is within our long-term target range of 2 to 2.5 times. Year-to-date, adjusted free cash flow improved approximately $700 million year-over-year to $1.3 billion. We remain on the path to driving higher free cash flow conversion more consistently.

在資產負債表上，我們第三季末的可用現金約為 9 億美元，淨債務下降至 2.3 倍，這在我們 2 至 2.5 倍的長期目標範圍內。年初至今，調整後自由現金流年增約 7 億美元，達到 13 億美元。我們仍然致力於更持續地推動更高的自由現金流轉換。

Let's now discuss our segment results in more details on slides 8 through 10. Beginning on slide 8. Organic sales in our global product business grew 3% year-over-year with price offsetting a modest volume decline. Commercially HVAC remained a bright spot for the business growing mid-single digits against a tough comp of mid teens growth a year ago.

現在讓我們在幻燈片 8 至 10 上更詳細地討論我們的部門業績。商業暖通空調仍然是該業務的亮點，與一年前中等個位數成長的艱難對比相比，該業務成長了中個位數。

Fire & Security declined low single digits, as a decline in fire suppression more than offset growth in fire detection and security video surveillance. Industrial Refrigeration grew approximately 20% with strong double-digit growth in both North America and EMEALA. Overall, Global Residential grew mid-single digits in the quarter.

消防與安全業務下降了低個位數，因為滅火的下降遠遠抵消了火災偵測和安全視訊監控的成長。工業製冷成長約 20%，北美和歐洲、中東和非洲地區均實現兩位數強勁成長。整體而言，本季全球住宅業務實現中個位數成長。

Global Ductless Residential grew low single digits as a strong double digit growth in APAC more than offset continued declines in Europe. In conjunction with improvement in North America Residential Market of Global Ducted Residential business grew 10% with strong double-digit growth in both North America and EMEALA. Adjusted segment EBITDA margin expanded 240 basis points to 24.5% as positive price cost and improved productivity more than offset mix headwinds from ongoing weakness in China.

全球無管住宅成長低個位數，亞太地區強勁的兩位數成長抵消了歐洲的持續下滑。隨著北美住宅市場的改善，全球管道式住宅業務成長了 10%，其中北美和歐洲、中東和非洲地區均實現了兩位數的強勁成長。調整後的部門 EBITDA 利潤率擴大了 240 個基點，達到 24.5%，因為積極的價格成本和生產力的提高足以抵消中國持續疲軟帶來的混合阻力。

Now moving to slide 9 to discuss our Building Solutions performance. Order momentum remained healthy with 5% growth in the core. Overall, service order grew 12% with a broad-based growth across the region. Systems order grew 2% at North America offset decline in APAC.

現在轉到投影片 9，討論我們的建築解決方案效能。訂單動能保持健康，核心訂單成長 5%。總體而言，服務訂單成長了 12%，整個地區都有廣泛的成長。北美系統訂單成長 2%，抵銷了亞太地區的下降。

Organic sales increased 4% in the quarter, led by service growth of 9%. Systems revenue grew 1% as decline in APAC more than offset growth in North America and EMEALA. Building Solutions Backlog continues to remain at record levels, growing 10% to $12.9 billion. Service backlog grew 7% and system backlog grew 10% year-over-year.

本季有機銷售額成長 4%，其中服務成長 9%。系統收入成長了 1%，因為亞太地區的下降超過了北美和歐洲、中東和非洲地區的成長。建築解決方案積壓訂單繼續保持在創紀錄的水平，增長了 10%，達到 129 億美元。服務積壓年增 7%，系統積壓年增 10%。

Let's discuss the Building Solutions performance by region on slide 10. Orders in North America increased 5% in the quarter with mid-single digit growth in both systems and services. As a reminder, our quarterly order growth can fluctuate based on the timing of certain large projects, particularly in the data center vertical.

讓我們討論投影片 10 中按地區劃分的建築解決方案績效。提醒一下，我們的季度訂單成長可能會根據某些大型專案的時間安排而波動，特別是在資料中心垂直領域。

We remain confident in our competitive position in the data center and our pipeline remains quite robust. Sales in North America were up 8% organically with continued strength across HVAC & Controls up, over 20% year-over-year. Overall, our system business grew 9%, while service grew 6%. Segment margin expanded 150 basis points year-over-year to 15.9%, driven by the continued execution of higher margin backlog, improved productivity and solid service contribution.

我們對我們在資料中心的競爭地位仍然充滿信心，我們的管道仍然相當強大。北美地區的銷售額有機成長 8%，暖通空調和控制領域的持續強勁成長，較去年同期成長超過 20%。整體而言，我們的系統業務成長了 9%，而服務業務成長了 6%。由於持續執行更高的利潤儲備、提高的生產力和紮實的服務貢獻，該部門利潤率同比增長 150 個基點至 15.9%。

Total backlog ended the quarter at $9 billion, up 14% year-over-year. In EMEALA, orders were up 11% with over 25% growth in service. Systems, although were flat as we continue to remain focused on driving higher-quality growth with higher margin and improved cash flow conversion. Across the portfolio, we saw strong double-digit growth in controls, fire and security.

本季末未完成訂單總額為 90 億美元，年增 14%。在歐洲、中東和非洲地區，訂單成長 11%，服務成長超過 25%。系統雖然持平，但我們繼續專注於透過更高的利潤率和改善的現金流轉換來推動更高品質的成長。在整個產品組合中，我們看到控制、消防和安全領域實現了兩位數的強勁成長。

Sales in EMEALA grew 8% organically with broad-based growth across the portfolio. Momentum continues to build within our service business, up 15% year-over-year, driven by strong double-digit growth from both our recurring and shorter cycle transactional businesses. Our system business grew low single digits, led by strength in controls.

歐洲、中東和非洲地區的銷售額有機成長 8%，整個產品組合廣泛成長。在我們的經常性和較短週期交易業務強勁的兩位數增長的推動下，我們的服務業務繼續保持增長勢頭，同比增長 15%。在控制能力的推動下，我們的系統業務實現了低個位數成長。

Segment EBITDA margin expanded 170 basis points to 10.3%, driven by the positive mix from the growth in service and the conversion of higher-margin system backlog. We've made tremendous progress in improving the profitability in EMEALA as well as the mix of higher-margin service. A more disciplined funnel in systems gives us further confidence in continued momentum in margin improvements.

在服務成長和高利潤系統積壓訂單轉換的積極推動下，該部門的 EBITDA 利潤率擴大了 170 個基點，達到 10.3%。我們在提高歐洲、中東和非洲地區的獲利能力以及高利潤服務組合方面取得了巨大進展。系統中更嚴格的漏斗讓我們對利潤率改善的持續動能更加充滿信心。

Backlog was up 12% year-over-year to $2.5 billion. In Asia-Pacific, orders declined 2% as we have focused on deploying resources to the most attractive part of the market and remain selective on the jobs we quote and ultimately book. Given our strong installed base in the region and our continued focus, we saw high single digit growth in service.

積壓訂單年增 12%，達到 25 億美元。在亞太地區，訂單下降了 2%，因為我們專注於將資源部署到市場最具吸引力的部分，並對我們報價和最終預訂的工作保持選擇性。鑑於我們在該地區強大的安裝基礎以及我們持續的關注，我們看到了服務的高個位數成長。

Sales in Asia Pacific declined 19% as the Systems business continued to be impacted by ongoing weaknesses in China. Our Service business grew 8% in the quarter with strong double-digit growth in our recurring revenue contracts. Segment EBITDA margin declined 220 basis points to 11.7% as weakness in China offset positive mix from our service business. Backlog of $1.4 billion declined 12% year-over-year.

由於系統業務持續受到中國市場持續疲軟的影響，亞太地區的銷售額下降了 19%。我們的服務業務本季成長了 8%，經常性收入合約實現了兩位數的強勁成長。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 EBITDA 利潤率下降了 220 個基點至 11.7%。積壓訂單金額為 14 億美元，較去年同期下降 12%。

Now let's discuss our fourth quarter and fiscal year 2024 guidance on slide 11. We entered the fourth quarter with solid momentum, led by our resilient service business and continued demand in our North America system business. Our margin reach backlog remains at historical level and our Global Products book-to-bill business have stabilized and returned to growth.

現在讓我們討論投影片 11 上的第四季和 2024 財年指引。我們的利潤率積壓維持在歷史水平，我們的全球產品訂單到帳單業務已經穩定並恢復成長。

We are introducing fourth quarter sales guidance of approximately 7% growth, a strong demand in North America and EMEALA is somewhat muted by one more quarter of slower recovery in the system business in China. Global Products momentum is expected to continue as our book-to-bill does remain positive throughout the third quarter and the tough comparison in China EBIT.

我們推出的第四季銷售指引約為 7% 的成長，北美和歐洲、中東和非洲地區的強勁需求因中國系統業務復甦緩慢又一個季度而減弱。全球產品的勢頭預計將持續，因為我們的訂單出貨比在整個第三季度仍然保持積極狀態，而且中國息稅前利潤的對比也很嚴峻。

For the fourth quarter, we expect segment EBITDA margin to be approximately 19% and adjusted EPS to be in the range of $1.23 to $1.26. For the full year, we are updating adjusted EPS guidance to a range of $3.66 and $3.69. We now expect organic sales to grow approximately 3% and segment EBITDA margin to expand approximately 110 basis points.

對於第四季度，我們預計分部 EBITDA 利潤率約為 19%，調整後每股收益將在 1.23 美元至 1.26 美元之間。對於全年，我們將調整後每股盈餘指引更新至 3.66 美元至 3.69 美元的範圍。我們現在預計有機銷售額將成長約 3%，部門 EBITDA 利潤率將擴大約 110 個基點。

Our working capital metrics continue to improve and our free cash flow performance year-to-date has been strong. We continue to invest capital in attractive areas, including data center manufacturing expansion and ongoing ERP consolidation. While this will be a slight headwind, we expect adjusted free cash flow conversion of approximately 85% or better for the full year.

我們的營運資本指標持續改善，今年迄今我們的自由現金流表現強勁。我們繼續在有吸引力的領域投資資本，包括資料中心製造擴張和持續的 ERP 整合。雖然這將是一個輕微的阻力，但我們預計全年調整後的自由現金流轉換率約為 85% 或更好。

With our recent announced planned divestiture, I want to highlight some financial details and future reporting on slide 12. As George mentioned, at the beginning of the call, we were extremely pleased with our announced sale of the Residential and Light Commercial HVAC business. This came just a few weeks after we announced that we tend to sell Air Distribution Technologies business.

隨著我們最近宣布的計劃剝離，我想在幻燈片 12 上強調一些財務細節和未來報告。 正如喬治提到的，在電話會議開始時，我們對宣佈出售住宅和輕型商業 HVAC 業務感到非常滿意。就在我們宣布打算出售空氣分配技術業務幾週後。

Together, these two transactions represent hopefully 20% of the sale and the majority of the portfolio we have previously highlighted as non-core. We expect to report the Residential and Light Commercial business as discontinued operation with our fiscal fourth quarter results and will provide our official fiscal year 2025 guidance on a continuing operation basis.

這兩筆交易合計佔銷售額的 20%，以及我們之前強調為非核心的投資組合的大部分。我們預計將在第四財季業績中將住宅和輕型商業業務報告為已終止運營，並將在持續運營的基礎上提供我們的 2025 財年官方指引。

While the two transaction would be dilutive to EPS prior to any cost offset, we have actions in place to address the stranded costs, and we are working on accelerating some of these actions prior to closing. Through the combination of share repurchase, debt paydown and the restructuring, we have a plan in place to fully offset the stranded costs. We will provide more details when we report our fiscal fourth quarter results,

雖然在任何成本抵銷之前，這兩筆交易都會稀釋每股收益，但我們已採取行動來解決擱淺成本，我們正在努力在成交前加快其中一些行動。透過股票回購、債務償還和重組相結合，我們制定了充分抵消擱淺成本的計劃。我們將在報告第四季度業績時提供更多詳細信息，

Before we open up the line for questions, I want to conclude with a summary of our recent transformation on slide 13. We have spent the last few years transforming the company into a comprehensive solution provider for commercial buildings, and this continues to be a differentiator for Johnson Controls. We took a major step in simplifying the portfolio with our two recently announced divestiture, and we believe our one operating model will enable us to deliver more consistent, predictable results.

在我們開始提問之前，我想在投影片 13 上總結我們最近的轉型。自控。透過最近宣布的兩項剝離，我們在簡化投資組合方面邁出了重要一步，我們相信我們的單一營運模式將使我們能夠提供更一致、可預測的結果。

We operate in many attractive markets, which allows us to build our backlog with margin-rich jobs that have a service still throughout the life cycle of building. Our systems backlog, coupled with our resilient Service business, positions us for sustainable and continued margin expansion.

我們在許多有吸引力的市場開展業務，這使我們能夠透過利潤豐厚的工作來建立我們的積壓工作，這些工作在整個建築生命週期中仍然提供服務。我們的系統積壓，加上我們富有彈性的服務業務，使我們能夠實現可持續和持續的利潤擴張。

As our margins continue to improve, coupled with our commitment to disciplined capital allocation, we would expect double digit EPS growth. As George mentioned, earlier, the result of our portfolio transformation is now a faster growing, more profitable, less complex and more operationally focused Johnson Controls, and we are excited for the next chapter.

隨著我們的利潤率不斷提高，加上我們對嚴格資本配置的承諾，我們預計每股盈餘將實現兩位數成長。正如喬治之前提到的，我們的投資組合轉型的結果是現在成長更快、利潤更高、複雜性更低且更專注於營運的江森自控，我們對下一章感到興奮。

With that operator, please open the line for questions.

請透過該接線生撥打電話提問。

Thank you. We will now begin the question and answer session. (Operator instructions)

謝謝。我們現在開始問答環節。 （操作員說明）

Scott Davis, Melius Research.

斯科特·戴維斯，Melius 研究公司。

Hey, good morning, George and Marc and Jim and congrats, George on the announcements.

嘿，早安，喬治、馬克和吉姆，恭喜喬治宣布了這一消息。

Thanks, Scott. Morning, Scott.

謝謝，斯科特。早安，史考特。

I wanted just to dig in on the data center kind of impact on backlog a bit is. I would assume that a big chunk of that backlog growth is data center, but maybe you could give us some color on the impact materiality of that growth in that vertcial. Thanks.

我只是想深入研究資料中心對積壓的影響。我認為積壓成長的很大一部分是資料中心，但也許你可以給我們一些關於該垂直領域成長的影響實質的資訊。謝謝。

Yes. Let me give you a framework and then Mark can talk a little bit more about the, how is being built in backlog and converting. We're already now, we said in the prepared remarks that we're about 7% a year ago. When we look at the business today is about 10% of sales on a pro forma basis continues to be very strong.

是的。讓我給你一個框架，然後馬克可以多談談如何建立積壓和轉換。我們現在已經是這樣了，我們在準備好的演講中說，一年前我們大約是 7%。當我們觀察今天的業務時，預計銷售額的 10% 左右仍然非常強勁。

We are working across all of the hyperscalers colos. We've got a global team now making sure that our leadership technology in all of our domains that we're positioned now to be able to provide the best solutions globally. So that pipelines continue to build. And I think as we think about our orders and backlog, certainly this is going to be a higher mix of backlog playing out.

我們正在與所有超大規模企業進行合作。我們現在擁有一支全球團隊，確保我們在所有領域的領先技術能夠在全球範圍內提供最佳解決方案。使管道繼續建設。我認為，當我們考慮我們的訂單和積壓訂單時，肯定會出現更多的積壓訂單。

In many cases, it is multi-year backlog. And for us, we look at the next 12 months as far as how we book the backlog. And then as we think about the growth, Scott, going forward, this going to be strong double digit growth in '24. It's going to be, for this year, a strong double digits and continuing to accelerate over the next few years given the work that we're doing.

在許多情況下，這是多年的積壓。對我們來說，我們將著眼於未來 12 個月如何預訂積壓訂單。然後，當我們考慮成長時，斯科特，展望未來，24 年將實現強勁的兩位數成長。鑑於我們正在做的工作，今年的成長將是強勁的兩位數，並且在未來幾年將繼續加速。

Marc, do you want to talk about the mix a bit?

馬克，你想談談混音嗎？

Yes. So, Scott, if you look at that growth in backlog of 10% to almost $13 billion in backlog. The mix remains consistent year-over-year because a lot of those data center as George mentioned are multiyear. There is clearly more data center work in that $12.9 billion. But that mix will continue to evolve more towards the data center as we churn that backlog. We will maintain our definition of backlog as what we see in revenue for the next 12 months. And with that consistency, you'll see a change over time more tilted towards the higher growing segments of the market.

是的。 Scott，如果你看看積壓訂單成長了 10%，達到近 130 億美元。這種組合逐年保持一致，因為喬治提到的許多資料中心都是經過多年使用的。這 129 億美元中顯然還有更多的資料中心工作。但隨著我們處理積壓的訂單，這種組合將繼續向資料中心發展。我們將維持對積壓訂單的定義，也就是未來 12 個月的收入。有了這種一致性，隨著時間的推移，您會看到變化更傾向於市場中成長更快的部分。

Okay. That's helpful. And guys I'm just looking at this slide 6 and the 10:1 numbers on service and digital versus the OE side. I don't remember seeing that before. Maybe you've put it up, and I just have missed it. But is this kind of a theoretical number or you actually have expectation that these are achievable type ratios going forward,?

好的。這很有幫助。夥計們，我只是看這張幻燈片 6 以及服務和數字與 OE 方面的 10:1 數字。我不記得以前見過這個。也許你已經把它放出來了，而我只是錯過了。但這是一個理論數字還是您實際上期望這些是未來可實現的類型比率？

The algorithm that we've been working from multi-years now as we've been building the Service business, depends on, starts with the installed base, Scott, relative to not only what we're putting into the installed base, but going after the existing installed base. When we can right out of the gate get connectivity. ultimately that first level service and then now with OpenBlue and with connectivity with the use of data.

在我們建立服務業務時，我們多年來一直在研究的演算法取決於，從安裝基礎開始，斯科特，不僅涉及我們投入安裝基礎的內容，而且還涉及在現有安裝基礎之後。當我們能夠立即獲得連接時。最終是第一級服務，然後是 OpenBlue 以及使用資料的連線。

There's significant value propositions that we add, we add on to the, what would be historical maintenance and break fix. And so as we now are seeing that over the last couple of years, we're getting to that level of multiple relative to what we see on a run-rate basis that over the life cycle can achieve that level of revenue. So that is real data with customers that we've had connectivity. We've had installed base connectivity. We're using data and we're now adding on additional services that is absolutely real.

我們添加了重要的價值主張，我們添加了歷史維護和故障修復。因此，正如我們現在看到的那樣，在過去的幾年裡，我們已經達到了相對於我們在運行率基礎上看到的倍數水平，在整個生命週期中可以實現這一收入水平。這是我們已連接的客戶的真實數據。我們已經安裝了基礎連接。我們正在使用數據，現在正在添加絕對真實的附加服務。

And that revenue multiplier evolves based on market verticals and product lines. So, and we've tried to try lay that out on the chart. HVAC is a multiplier that's a little lower than (inaudible) while you go through security controls and then fire provides the higher level of multi-play over the lifecycle of the product. So depending on the market vertical, depending on the product that multiplier of expands, but this is a real experience data that we blew through over the past few years, and we believe we can continue to deliver that through that operating model we've now implemented,

收入乘數根據垂直市場和產品線而變化。因此，我們嘗試將其顯示在圖表上。當您通過安全控制時，暖通空調是一個略低於（聽不清楚）的乘數，然後火災在產品的生命週期中提供了更高水準的多重播放。因此，取決於垂直市場，取決於乘數擴展的產品，但這是我們在過去幾年中經歷過的真實經驗數據，我們相信我們可以繼續透過我們現在的營運模式來實現這一點實施的，

I think it's important important, Scott, there we're, it's really tied to outcomes versus just the traditional buy- the-drink type service. And so as we're now converting not only the technology and the product, but with our OpenBlue and data that really changes the game. And then from a attrition standpoint, it significantly reduces the attrition, which continues to build our base and going forward, service going forward.

我認為這很重要，斯科特，我們在這裡，它確實與結果相關，而不是傳統的買飲料類型的服務。因此，我們現在不僅要轉換技術和產品，還要使用真正改變遊戲規則的 OpenBlue 和數據。然後從人員流失的角度來看，它顯著減少了人員流失，從而繼續建立我們的基礎並繼續前進，服務不斷前進。

Julian Mitchell, Barclays.

朱利安米切爾，巴克萊銀行。

Thanks. Good morning and congrats, George, on a very good run. In terms of, I suppose just first off, I wanted to start with the overall kind of top line growth outlook and sort of two elements of that. I think one is the total company this year is growing about 3%.

謝謝。早上好，恭喜喬治，跑得很好。就而言，我想首先，我想從整體的營收成長前景和其中的兩個要素開始。我認為其中之一是今年公司整體成長了 3% 左右。

When we look at the sort of the go forward business, the $22 billion revenue base or so, is that sort of 3% rate abnormal in any respect when you're looking at the backlog and assuming no big changes in interest rates or US policy kind of as we're looking ahead.

當我們考慮未來業務時，220 億美元左右的收入基礎，當你查看積壓訂單並假設利率或美國政策沒有重大變化時，3% 的利率在任何方面都是異常的。

And related to that, the Fire & Security business is something that you've known for a long time. It looks like sales are flat there this year and that will be about 45% of the go-forward revenue, I think. What you think Fire and Security can grow at sort of medium term?

與此相關的是，消防與安全業務是您早已了解的業務。今年的銷售額似乎持平，我認為這將佔未來收入的 45% 左右。您認為消防和安全業務在中期可以成長多少？

Great question. So let's start first with the 3% for the full year. Really, we had a lot of cyber headwind in the first quarter that if you did somewhat that overall growth rate year-on-year. So I'll tell you for a longer-term algorithm, 3% is absolutely what, absolutely not what our expectation would be. It would be closer to mid-single digits and that's really on the basis of a mid to high single-digit growth in our service business and a mid single digit growth into our Systems business overall.

很好的問題。那我們先從全年的 3% 開始。確實，我們在第一季遇到了很多網路逆風，如果你在同比整體成長率上有所作為的話。所以我會告訴你，對於一個長期演算法，3% 絕對是，絕對不是我們的預期。它將接近中個位數，這實際上是基於我們的服務業務中個位數到高個位數的成長以及我們系統業務整體中個位數的成長。

So those fundamental driving a better mix of roll out different depending on the different product line. And right now, HVAC is benefiting from a lot of tailwind coming from decarbonization, data center and other market verticals that have really prop up the growth there. And you're right. We've seen a little bit of softness overall in the market on Fire and Security this year.

因此，那些推動更好組合的基本因素會根據不同的產品線推出不同的產品。目前，暖通空調正受益於脫碳、資料中心和其他垂直市場的巨大推動力，這些都真正支撐了那裡的成長。你是對的。今年我們看到消防和安全市場整體有些疲軟。

We are seeing a particularly in a book-and-bill business, some sign of recovery, and we think we can maintain that mid single-digit growth over time for that business as the service and recurring component aspect of that business will continue to be higher than mid-single digit target.

我們看到特別是在簿記和票據業務中出現了一些復甦的跡象，我們認為隨著時間的推移，我們可以保持該業務的中等個位數增長，因為該業務的服務和經常性組成部分將繼續高於中個位數目標。

Nigel Coe, Wolfe Research.

奈傑爾·科，沃爾夫研究中心。

Thanks, good morning. And George, you had one hell of a career. So congratulations and good luck with the next steps. So just on that topic, do you have a timeframe in mind for this succession? I know, you obviously want to find the right person there is for the search? But any timeline?

謝謝，早安。喬治，你的職業生涯非常出色。恭喜您，並祝福您接下來的步驟一切順利。就這個主題而言，您對於這次繼任有一個時間表嗎？我知道，您顯然想找到合適的人選？但有時間表嗎？

And then maybe just touch on Patrick's appointment to the Board obviously, you know, Patrick very well. What sort of skills kind of made him the right person for the Board? And I wonder if maybe he's under consideration for next year?

然後也許只是談談派崔克對董事會的任命，顯然，你知道，派崔克非常好。什麼樣的技能使他成為董事會的合適人選？我想知道他明年是否會被考慮？

The timing of this. I mean, we've made great progress on our portfolio with the moves we've recently made. I think it's clear. We have a lot of confidence now in the strategy playing out. We're starting to see that the results from that. And we've also put a strong leadership and team, and I'm very confident of their capabilities and the work that they're doing that's going to position the company to continue to be successful.

這個時間點。我的意思是，透過最近採取的舉措，我們的投資組合取得了巨大進展。我想很清楚了。我們現在對策略的實施充滿信心。我們開始看到結果。我們還組建了強大的領導層和團隊，我對他們的能力和他們正在做的工作非常有信心，這將使公司繼續取得成功。

Now the Board, working with the Board, we've had succession plans that we've been building over time. So that's well underway and now we're looking at both internal and external candidates. The Board is engaged directly with the national recognized search firm and making sure we're also looking and developing at our internal candidates.

現在，董事會與董事會合作，我們已經制定了隨著時間的推移而製定的繼任計劃。一切進展順利，現在我們正在尋找內部和外部候選人。董事會直接與國家認可的獵人頭公司合作，確保我們也在尋找和發展我們的內部候選人。

So it's hard to define the time line, but we are moving forward. And as far as myself, I couldn't be more committed and more passionate and energized relative to where we are. Committed to make sure that we see through a very smooth transition to my successor and then I'll continue on as our Chairman of the Board.

所以很難確定時間線，但我們正在向前邁進。就我自己而言，相對於我們所處的位置，我無法更投入、更有熱情、更有活力。致力於確保我們能夠順利過渡到我的繼任者，然後我將繼續擔任我們的董事會主席。

So that's kind of where we are. We'll keep you up-to-date as we make progress through the year and through the remainder of the year and keep you updated.

這就是我們現在的處境。隨著我們在這一年和今年剩餘時間內取得的進展，我們將隨時向您通報最新情況。

Steve Tusa, JPMorgan.

史蒂夫圖薩，摩根大通。

Hi, good morning and congrats, George. The free cash flow in the quarter was pretty good. How do you see that playing out in the in the fourth, I know 85% conversion would suggest, I think somewhat of a step down in the fourth, and you're already on a trailing basis, you've got, you're already very close to 100% conversion. So just curious as to how sustainable this this good result is?

嗨，早安，恭喜你，喬治。本季的自由現金流相當不錯。你如何看待第四節的表現，我知道 85% 的轉換率表明，我認為第四節有所下降，你已經處於落後的基礎上，你已經，你是轉換率已經非常接近 100%。那麼只是好奇這個好結果的可持續性如何？

Well, great question, Steve. So you're right. We saw really solid improvement year-on-year and the momentum year-to-date has been quite strong. We're seeing working capital fundamentals continuously improving and continue to trending very positively. The work we've done on lowering inventory and improving our S&OP, [S&OP] process have allowed us to really drive overall more predictability to the working capital.

嗯，好問題，史蒂夫。所以你是對的。我們看到同比確實取得了堅實的進步，而且今年迄今為止的勢頭相當強勁。我們看到營運資本基本面不斷改善，並持續保持非常正面的趨勢。我們在降低庫存和改進 S&OP、[S&OP] 流程方面所做的工作使我們能夠真正提高營運資本的整體可預測性。

As far as that 85%-plus conversion for the year. We continue to invest aggressively in parts of the market that are attractive to us, particularly increasing the capacity in our data center as we expand more lines in our factory in North America and elsewhere as well as continued involve the investment in our ERP landscape. We do believe that the momentum allows us to probably do better than 85%, and structurally in long term, we'll be able to continue to improve on that. But as of today, I'll tell you 85%-plus is where we're comfortable.

就今年 85% 以上的轉換率而言。我們繼續在對我們有吸引力的市場領域進行積極投資，特別是隨著我們在北美和其他地方的工廠擴大更多生產線，以及繼續投資我們的 ERP 領域，從而提高我們資料中心的容量。我們確實相信，這種勢頭可能會讓我們做得比 85% 更好，而且從長遠來看，我們將能夠在結構上繼續改進。但截至今天，我會告訴你 85% 以上是我們感到滿意的水平。

And then just as far as the guide is concerned next year, anything, any details that you can give as far as your strategy, there's obviously going to be a bit of a dislocation and moving these things to disc-ops with a lag in the capital deployment. How do you plan to address that on earnings?

然後，就明年的指南而言，你可以提供的任何細節，就你的策略而言，顯然會出現一些混亂，並將這些東西轉移到光碟操作中，但會出現滯後。您打算如何解決收益方面的問題？

Yes, we'll start providing guidance next quarter on continued operation. And you're right, there is going to be a little bit of noise, but we are very comfortable that the overall algorithms we have committed to for next year will hold true as we navigate to that continued operation.

是的，我們將在下個季度開始提供有關持續營運的指導。你是對的，將會有一些噪音，但我們非常放心，我們承諾明年的整體演算法將在我們繼續進行時保持不變。

As you know, some of that Residential and Light Commercial business had solid cash flow. But the momentum that we see in our core business, thanks to that singular operating model is really providing strong tailwinds that will allow you to continue to improve on our free cash flow conversion and our overall free cash flow performance.

如您所知，部分住宅和輕型商業業務擁有穩定的現金流。但由於這種獨特的營運模式，我們在核心業務中看到的勢頭確實提供了強大的推動力，使您能夠繼續改善我們的自由現金流轉換和整體自由現金流績效。

Noah Kaye, Oppenheimer.

諾亞凱，奧本海默。

Thanks. So in the release, there's a cloud of the gain, the significant gain on us on the insurance recoveries from that AFF settlement. Can you just walk us through where your expectations are in terms of actual cash outflows relative to the $750 million settlement that was previously disclosed, now that you've gotten some benefit from insurance and maybe talk through the timing of those outflows?

謝謝。因此，在新聞稿中，我們從 AFF 和解中獲得了巨大的保險賠償收益。既然您已經從保險中獲得了一些好處，那麼您能否向我們介紹一下，相對於之前披露的7.5 億美元和解金，您對實際現金流出的預期是多少，也許還可以談談這些流出的時間安排？

Let me just frame this up here. We did just going back, we reached a settlement with the plaintiffs relating to the PFAS liability. This settlement obviously resolved a significant amount of our PFAS liability. Just also, you might recall that when it comes to July 23, that we're going to discontinue the production of the sale of our fluorinated firefighters fighting foams by June 2024, which is what we've done.

讓我把這個框架放在這裡。我們剛回去，就 PFAS 責任與原告達成了和解。此次和解顯然解決了我們大量的 PFAS 責任。另外，您可能還記得，到 7 月 23 日，我們將在 2024 年 6 月之前停止生產和銷售氟化消防泡沫，這正是我們所做的。

So that's behind us. And we have a significant amount of insurance through more than 20 insurers that is applicable to these clients. And so that's the framework. And you've seen that we did we receive 251 from our insurers and maybe Marc, you can talk about as we explore, we expect going forward.

這就是我們身後的事了。我們透過 20 多家保險公司提供了大量適用於這些客戶的保險。這就是框架。您已經看到，我們確實收到了來自保險公司的 251 封信，也許馬克，您可以在我們探索時談論我們，我們預計會繼續下去。

So from a timeline, Noah, we took the charge in Q2 for $750 million, that's part of the settlement. And in the third quarter, we had [receipts] from the first few agreements resolved with an insurer of about $351 million. So we recovered almost half right off the bat and those payments will go back to the water provider according to our agreements.

因此，從時間表來看，諾亞，我們在第二季收取了 7.5 億美元的費用，這是和解的一部分。在第三季度，我們從與一家保險公司達成的前幾項協議中獲得了約 3.51 億美元的[收據]。因此，我們立即收回了近一半的資金，這些款項將根據我們的協議返還給供水商。

There's more payments that are going to come in over the next few quarters and we believe that we will cover from an insurance standpoint and the net effect overall will be de minimis. The timing between the recoveries and we see in payments may slip from one quarter to the other, but overall, we think we're in good shape.

未來幾季將有更多付款，我們相信從保險的角度來看，我們將承保，整體淨效應將是微不足道的。復甦與付款之間的時間可能會從一個季度推遲到另一個季度，但總的來說，我們認為我們的狀況良好。

Joe Ritchie, Goldman Sachs.

喬·里奇，高盛。

Thanks, and good morning, everybody, congratulations, George on the [successive] announcement. Marc, I wanted to just one quick clarification on the 4Q guide is discontinued ops out of the 4Q guide? And if so, what is the impact of that? And then going forward into fiscal year '25, how should we think about GP margins at this point. You guys put up a great number this quarter. Just trying to understand kind of like the puts and takes of the moving pieces with some of that portfolio divestitures.

謝謝，大家早安，恭喜喬治（連續）宣布這項消息。馬克，我想快速澄清一下第 4 季指南是否已從第 4 季指南中終止營運？如果是這樣，其影響是什麼？然後進入 25 財年，此時我們該如何考慮 GP 利潤率。你們本季取得了很大的成績。只是想了解一些投資組合剝離中移動部分的看跌期權和看跌期權。

Sure. Thanks, Joe, The fourth quarter guide, we just gave it for the full payment of the company. We'll start breaking it down at the next quarter. So that guide really holds together, with the perspective that we are going to continue to see sequential improvement, both for the business that we have a contemplating to divest as well as the core of our businesses.

當然。謝謝，喬，第四季度指南，我們剛剛給了公司全額付款。我們將在下個季度開始對其進行分解。因此，該指南確實是一致的，從我們將繼續看到連續改進的角度來看，無論是我們考慮剝離的業務還是我們的核心業務。

Now if you look at the global product margin and if you reflect on the year, Global Product really has benefited from improved processes from an SOE S&OP process that really drove massive improvement in our material handling and our inventory, and that improve inventory management created massive absorption benefit as well as productivity and net-net better conversion costs. That's meant that any incremental volume you saw created good leverage and solid leverage in that business.

現在，如果你看看全球產品利潤率並反思這一年，你會發現全球產品確實受益於SOE S&OP 流程的改進，這確實推動了我們的材料處理和庫存的巨大改進，並且庫存管理的改進創造了巨大的收益。這意味著您看到的任何增量都會在該業務中創造良好的槓桿作用和堅實的槓桿作用。

Now that performance in Q3 that we see continuing improving in Q4, as you look into '25, we will go back to a more regular seasonality, right? So you will see the first half of the year performance more in the mid teens given the volume that businesses in the first six months of the year. And then I think we are now a very comfortable seeing that business clocking in the 20s in the second half of the year as a natural seasonality and volume ramp up in the second half.

現在，我們看到第三季的表現在第四季繼續改善，當你展望 25 年時，我們將回到更規律的季節性，對嗎？因此，考慮到今年前六個月的業務量，您將看到今年上半年的表現更多在十幾歲左右。然後，我認為我們現在很高興看到下半年的業務量達到 20 多歲，因為下半年是自然季節性和銷售增加的。

Joe O'Dea, Wells Fargo.

喬奧迪，富國銀行。

Hey, good morning, congrats, George, and congrats to all of you on the portfolio announcements over the course of the quarter. Just curious if you can outline on ADT, the anticipated proceeds as well as any revenue margin kind of EPS related to that exit?

嘿，早上好，恭喜喬治，並祝賀你們所有人在本季度的投資組合公告中。只是好奇您是否可以概述 ADT、預期收益以及與該退出相關的任何收益利潤率 EPS？

And then separately, just wanted any clarity on destock this year. What you saw during the quarter? Confidence that you think that's behind you? And any sizing of the overall headwind global products in 2024 from some of those destock pressures?

另外，我只是想了解今年去庫存的情況。您在本季看到了什麼？你有信心認為那是在你身後嗎？ 2024 年，由於這些去庫存壓力，全球產品的整體逆風會受到怎樣的影響？

Yes. Let me start with ADT and then I'll give some color on the stock. But George, you can add some more. So that business, we signed on June 18, we expect to close the transaction actually this quarter. We've not disclosed the financial terms of the business because it is a smaller transaction and really not that material.

是的。讓我從 ADT 開始，然後我將對股票進行一些說明。但是喬治，你可以添加更多。因此，我們於 6 月 18 日簽署了這項業務，我們預計將在本季實際完成交易。我們尚未披露該業務的財務條款，因為這是一項規模較小的交易，而且實際上並不那麼重要。

I think what's important to remember, this is really part of our simplification journey. We really eliminating, I'm sorry, about 30% of our manufacturing footprint, but we're also eliminating a whole series of SKU and complexity. This is a very commodity business, an accessory business and it's evolved a lot over the past decade since we acquired that business.

我認為重要的是要記住，這確實是我們簡化之旅的一部分。抱歉，我們確實消除了大約 30% 的製造足跡，但我們也消除了一系列 SKU 和複雜性。這是一個非常商品化的業務，一個配件業務，自從我們收購該業務以來，它在過去十年中已經發展了很多。

But it's an important step in our journey as a (inaudible) provider and the net effect of that divestiture after we buy back some shares is immaterial to the overall company.

但這是我們作為（聽不清楚）提供者旅程中的重要一步，在我們回購一些股票後剝離的淨影響對整個公司來說並不重要。

Apologies, please proceed.

抱歉，請繼續。

On destocking. I think we see a stock level getting back hopefully to normalization. There is some pockets of the market that are still simplifying a little bit their stock level. But overall, I think that for the most part that large destocking is behind us and we feel very confident, particularly when our product have been refreshed that we have a new norm and a new standard on our stock levels and the distribution seems to be holding up pretty good.

關於去庫存。我認為我們看到庫存水準有望恢復正常。市場上的一些地區仍在稍微簡化庫存水準。但總的來說，我認為在很大程度上，大規模去庫存已經過去，我們感到非常有信心，特別是當我們的產品已經更新時，我們對庫存水準有了新的規範和新標準，而且分佈似乎不變起來還不錯。

Yes, being very familiar with these businesses, when you look at what we've done around, Marc mentioned it, as it relates to productivity with material planning and the like. And then the work that our team has done really simplifying our SKU base. We've done a really nice job now, not only reducing the inventory, but really decreasing our lead times.

是的，非常熟悉這些業務，當你看看我們所做的事情時，馬克提到了這一點，因為它與物料計劃等的生產力有關。我們團隊所做的工作確實簡化了我們的 SKU 基礎。我們現在做得非常好，不僅減少了庫存，而且確實縮短了交貨時間。

And so I think we're well positioned now from a commercial standpoint to be able to pick up volume because of our short lead times while we're continuing to reduce inventory. So we're back to where we were prior to this ramp up because of all the disruption in the supply chain. I feel confident that now on a run rate basis from a growth standpoint, we're starting to see the growth come back and we're doing it with less inventory.

因此，我認為從商業角度來看，我們現在處於有利位置，能夠在繼續減少庫存的同時，由於交貨時間短而能夠增加銷量。因此，由於供應鏈的所有中斷，我們又回到了成長之前的狀態。我相信，現在從成長的角度來看，從運行率來看，我們開始看到成長回升，而且我們正在用更少的庫存來做到這一點。

Jeff Sprague, Vertical Research.

傑夫·斯普拉格，垂直研究。

Good morning, everyone and George, good luck on whatever's next. Just want to come back to the portfolio changes. Obviously, you're not going to report Q4 or 2024 on the basis with which you guided, given things going the disc ops. So maybe you could just actually share with us, given where your guidance stands today and what you're doing on stranded and other costs, what the reset 2024 base looks like on an equivalent basis relative to your current guide?

早安，大家和喬治，祝接下來一切順利。只是想回到投資組合的變化。顯然，考慮到光碟操作的進展，您不會根據您的指導來報告第四季度或 2024 年。因此，也許您實際上可以與我們分享一下，考慮到您今天的指導意見以及您在擱淺和其他成本方面所做的工作，相對於您當前的指導意見，重置的2024 年基準是什麼樣子的？

And then when you do have the proceeds to deploy, should we expect you to kind of solve to your same leverage ratios that we see today, kind of split between share repurchase and debt reduction to kind of maintain the same leverage or will you do something different with how you structure the balance sheet? Thank you.

然後，當您確實有收益可以部署時，我們是否應該期望您解決我們今天看到的相同槓桿率問題，在股票回購和債務削減之間進行分配以保持相同的槓桿率，或者您會做些什麼與您建立資產負債表的方式不同嗎？謝謝。

Got you, Jeff. So on disc ops, this is not changing any of our commitment and is actually, we feel very comfortable with where we've guided from a full portfolio as well as where we think the continued operating business will go. As far as the use of proceed and what we plan on doing, so we expect the transaction to close in the next 12 months. And we plan to return most of the net proceeds to shareholder to a share repurchase program very similarly to what we did a few years ago when we divested our Battery Power Solutions business.

明白了，傑夫。因此，在光碟營運方面，這並沒有改變我們的任何承諾，實際上，我們對完整投資組合的指導以及我們認為持續經營業務的發展方向感到非常滿意。至於收益的用途以及我們計劃做什麼，我們預計交易將在未來 12 個月內完成。我們計劃透過股票回購計畫將大部分淨收益返還給股東，這與我們幾年前剝離電池電源解決方案業務時的做法非常相似。

As far as addressing of leverage, it will very much depend on the timing of the closing. We're thinking 12 months, but it could go 3 months either way. And so we could easily see ourselves growing into existing debt level and not have to redeploy much or we could see ourselves in the transaction closed much, much quicker than we are anticipating having to address some leverage at that point. Our goal is to remain committed to our investment grade rating, and we'll work with the agency depending on the time line as to what's most appropriate to be able to meet that commitment. And I'll leave it at that.

就槓桿問題而言，這在很大程度上取決於收盤時間。我們考慮的是 12 個月，但也可能是 3 個月。因此，我們可以很容易地看到自己增長到現有的債務水平，而不必重新部署太多，或者我們可以看到自己在交易中完成的速度比我們預期的要快得多，當時必須解決一些槓桿問題。我們的目標是繼續致力於我們的投資等級評級，我們將根據時間表與該機構合作，確定最合適的方式來履行這項承諾。我就這樣吧。

Andy Kaplowitz, Citigroup.

安迪‧卡普洛維茨，花旗集團。

Good morning, everyone, George, congratulations.

大家早安，喬治，恭喜你。

Thanks, Andy.

謝謝，安迪。

Could you update us on what you're thinking regarding the ability to start growing backlog and earnings in Asia Pac? And what your expectations are for Q4 bookings and backlog? Backlog was up slightly sequentially in Q3. And I know you've talked about expecting a bigger uptick by the end of the year, while telling us the China is still muted. So do you still see bookings beginning to accelerate in Q4 and you still see recovery in that region in FY25?

您能否向我們介紹一下您對開始增加亞太地區積壓訂單和收入的能力的看法？您對第四季的預訂和積壓訂單有何期望？第三季積壓訂單略有增加。我知道您曾談到預計到今年年底會有更大的成長，同時告訴我們中國仍然保持沉默。那麼，您是否仍然認為第四季度的預訂量開始加速，並且您是否仍然認為該地區在 2025 財年將出現復甦？

No, great question. And you partially answered it yet. Yes, we continue to see sequential improvement. There is a slower recovery than we had initially anticipated. So one of the reason we tightened the guide for the year and why you see a revenue growth a little lower than we had anticipated, but that momentum is continued to build.

不，很好的問題。你還部分回答了這個問題。是的，我們繼續看到連續的改進。復甦速度比我們最初預期的要慢。因此，我們收緊今年指南的原因之一以及為什麼您會看到收入成長略低於我們的預期，但這種勢頭仍在繼續增強。

And the order intake we saw in Q3 was sequentially a good improvement from Q2, and we see that sequential improvement continue in Q4. While we expect one more challenging quarter in the fourth quarter here, we still probably declining revenue year-on-year in the low single digits. That all the momentum is going to turn positive, positioning as well as we enter 2025. So we absolutely see that business recovering in 2025, particularly on a year-on-year compare. The comps are going to become easier given the challenging year we just went through.

我們在第三季看到的訂單量比第二季有了良好的改善，我們看到第四季繼續改善。儘管我們預計第四季度將面臨更具挑戰性的季度，但我們的營收仍可能同比仍可能以較低的個位數下降。隨著我們進入 2025 年，所有勢頭都將轉向積極的方向。鑑於我們剛剛經歷的充滿挑戰的一年，比賽將會變得更加容易。

The backlog, as you mentioned, has been sequentially improving over the last few quarter, and we continue to redeploy the resource in this most attractive part of the market. But we continue to remain very disciplined in the type of job and the counterparty we deal with in the market in China as that market continued to be pretty challenging.

正如您所提到的，積壓訂單在過去幾季一直在持續改善，我們繼續在這個市場最具吸引力的部分重新部署資源。但我們在中國市場的工作類型和交易對手方面仍然保持嚴格的紀律，因為該市場仍然充滿挑戰。

Andrew Obin, Bank of America.

安德魯‧奧賓，美國銀行。

Hi, yes, good morning. George, congratulations.

嗨，是的，早安。喬治，恭喜你。

Thanks, Andrew.

謝謝，安德魯。

Just a question, just maybe a little bit more detail. You highlighted more disciplined approach in EMEALA systems. What did you do? And what's your ability to apply this approach elsewhere in the portfolio?

只是一個問題，也許更詳細一點。您強調了 EMEALA 系統中更嚴格的方法。你做了什麼？您在投資組合的其他地方應用這種方法的能力如何？

Great question. So the discipline that we've put in place is really part of our overall operating model. And our operating model really started as we refined it in North America a couple of years back. And you can see North America really benefiting from that discipline over time and that focus.

很好的問題。因此，我們所製定的紀律確實是我們整體營運模式的一部分。幾年前，當我們在北美完善它時，我們的營運模式才真正開始。隨著時間的推移，你可以看到北美確實從這種紀律和關注中受益。

There's really two things that are happening. We centralize more the decision making process as which verticals and which markets we really approach. And we are really focused that commercial organization towards those parts of the market where we see a very much more attractive margin as we can sell value. And we have customers that are interested in our product and see value over that cycle.

確實有兩件事正在發生。我們更集中決策過程，決定我們真正接觸哪些垂直領域和市場。我們確實將商業組織的重點放在市場的那些部分，我們認為這些部分的利潤非常有吸引力，因為我們可以出售價值。我們的客戶對我們的產品感興趣，並看到了該週期的價值。

But also parts of the market where you see a stronger service attach. And when you do that, you're able to actually drive a modest growth in the System business for a much larger growth in our Service business as that service attach yields better outcome overall. So that's, that operating system has been really fully deployed in North America.

但在部分市場中，您會看到更強大的服務附加價值。當您這樣做時，您實際上能夠推動系統業務的適度成長，從而使我們的服務業務實現更大的成長，因為該服務附加總體上會產生更好的結果。也就是說，該作業系統已經在北美真正全面部署。

That's probably where the maturity is at the highest. EMEALA is still going through that. I see EMEALA closing the gap with its regional peers. Asia had a strong operating model. I think the market moved on us very fast, and then we are repivoting as quick as we can. But you'll see, as I mentioned on the prior question, you'll see APAC repivoting very quickly and that operating model maturing across the board outside of North America, including EMEALA .

這可能是成熟度最高的地方。 EMEALA 仍在經歷這個過程。我認為 EMEALA 正在縮小與其區域同行的差距。亞洲擁有強大的營運模式。我認為市場對我們的影響非常快，然後我們會盡可能快速地重新調整。但您會看到，正如我在上一個問題中提到的那樣，您會看到亞太地區非常迅速地重新調整，並且該營運模式在北美以外地區（包括歐洲、中東和非洲）全面成熟。

Deane Dray, RBC Capital Markets.

迪恩德雷 (Deane Dray)，加拿大皇家銀行資本市場。

Thank you. Good morning, everyone, and add my congrats to George.

謝謝。大家早安，並向喬治表示祝賀。

Thanks, Deane.

謝謝，迪恩。

I don't think you've given much detail here, but could you share us with any of the economics of the divestiture of Air Distribution Technologies?

我認為您在這裡沒有提供太多細節，但您能否與我們分享剝離空氣分配技術的經濟效益？

Yes, as I mentioned, Deane, while this is a critical step in our simplification journey. The financial terms are not disclosed because they are really, t's a really smaller transaction, and not very material for the overall value of the enterprise. We struck what we feel is a very attractive deal for the enterprise with [tooling] capital. We're hoping to close that business very, very quickly and hopefully within the next few weeks.

是的，正如我所提到的，迪恩，雖然這是我們簡化過程中的關鍵一步。財務條款並未揭露，因為它們確實是一筆規模較小的交易，對於企業的整體價值來說並不是很重要。我們認為對於擁有[工具]資本的企業來說這是一項非常有吸引力的交易。我們希望非常非常快地關閉該業務，並希望在接下來的幾週內完成。

Got it. Thank you. And then second question, George, there's been a lot of interested in your peers regarding not just data center, but liquid cooling technologies and data center. You've seen your peers make direct investments in technologies, businesses. Is this something that you all are looking at as well. You've got certainly components that are part of these technologies, but there's a big developing opportunity, high growth, and it seemed like it would be a good fit.

知道了。謝謝。第二個問題，喬治，您的同行不僅對資料中心感興趣，而且對液體冷卻技術和資料中心感興趣。您已經看到您的同行對技術和業務進行直接投資。這也是你們大家都在關注的事情嗎？當然，你已經擁有了屬於這些技術一部分的組件，但是存在著巨大的發展機會，高成長，而且看起來它是一個很好的選擇。

Absolutely. We're incredibly well positioned with all of our hyperscaler and colos customers. And from an R&D standpoint, understanding what their next generation is. How do we leverage our, what we would say is a leadership portfolio with a lot of IP. And then as we go to liquid cooling, with the cooling distribution unit at the end of, it's still going to require a lot of the cooling technology that we deploy, but making sure that we're going to be positioned either producing those units and or partnering to make sure that we have the full solution and how we position with our hyperscalers and colos.

絕對地。我們在所有超大規模客戶和託管客戶中處於非常有利的地位。從研發的角度來看，了解他們的下一代是什麼。我們如何利用擁有大量知識產權的領導組合。然後，當我們採用液體冷卻時，冷卻分配單元位於末端，它仍然需要我們部署的大量冷卻技術，但要確保我們將定位要么生產這些單元，要么或合作以確保我們擁有完整的解決方案以及我們如何定位我們的超大規模和託管服務。

And so we see this playing out as a incredible opportunity for us, and one that we've been investing in not only in our core technology, but our application of that technology with overall liquid cooling.

因此，我們認為這對我們來說是一個難以置信的機會，我們不僅投資於我們的核心技術，而且還投資於該技術與整體液體冷卻的應用。

Gautam Khanna, TD Cowen.

高塔姆·卡納，TD·考恩。

Hey, thanks. Good morning and congrats, George.

嘿，謝謝。早安，恭喜你，喬治。

Thanks.

謝謝。

Good morning, Gautam.

早上好，高塔姆。

I wanted to ask on that CEO search, what George, from your perspective, like what kind of attributes are you looking for from whoever succeeds you? What do you think they need to bring?

我想問一下，關於執行長的搜尋，喬治，從您的角度來看，您希望從接替您的人身上尋找什麼樣的品質？你認為他們需要帶什麼？

Well, I mean as we think about the company and the simplification of the company, it's important that we bring a lot of domain expertise and industrial expertise. And we're a company that is a product technology company. We're a service company and how we deploy that technology. Certainly we're solutions and how we actually go to market.

嗯，我的意思是，當我們考慮公司和公司的簡化時，我們帶來大量領域專業知識和行業專業知識非常重要。我們是一家產品技術公司。我們是一家服務公司，以及我們如何部署該技術。當然，我們是解決方案以及我們實際進入市場的方式。

So there's a lot of experiences there that we would be be looking for to complement. As we did the Board refreshment with Patrick, just to talk to that a little bit. We are constantly looking for qualified Board candidates and how we think about refresh and succession. And Patrick is a fantastic addition, a world-class executive with experience transforming Xylem, and similar experience gone from an industrial products company into an advanced technology service solution enterprise.

因此，我們需要補充很多經驗。當我們與派崔克一起做董事會茶點時，只是簡單地談談這一點。我們不斷尋找合格的董事會候選人以及我們如何看待更新和繼任。派崔克是一位出色的補充，他是一位世界級的高階主管，擁有改造賽萊默的經驗，以及從工業產品公司轉變為先進技術服務解決方案企業的類似經驗。

So as we think about CEO succession and the like, obviously, strong operating experience, strong domain experience and the ability to be able to take the incredible foundation that we've built here to the next level, leading the new Johnson Controls.

因此，當我們考慮執行長繼任等問題時，顯然，豐富的營運經驗、豐富的領域經驗以及能夠將我們在這裡建立的令人難以置信的基礎提升到新水平的能力，領導新的江森自控。

Nicole DeBlase, Deutsche Bank.

妮可‧德布拉斯 (Nicole DeBlase)，德意志銀行。

Yes, thanks, good morning, guys, and I'll add my congrats to George on the announcement today. Just wanted to ask about orders. So you guys mentioned, lumpiness around data center, maybe contributing to the 5% organic growth this quarter.

是的，謝謝，大家早安，我將就今天的宣布向喬治表示祝賀。只是想問訂單的事。你們提到，資料中心周圍的混亂可能促成了本季 5% 的有機成長。

I guess, how do you think about the potential opportunity for order acceleration from here based on what you're seeing in the pipeline today as we've tried to calibrate expectations for the next few quarters? Thanks.

我想，根據您今天在管道中看到的情況，您如何看待從這裡開始加速訂單的潛在機會，因為我們試圖校準未來幾季的預期？謝謝。

As you know, we try to shy away from providing guidance on all those. But what I can tell you is, you're absolutely right. We see lumpiness in the orders, particularly coming from the data center vertical. That also mean that there is going to be a quarter where you're going to see very large order, and we continue to see an increased pipeline in that particular vertical.

如您所知，我們試圖迴避對所有這些問題提供指導。但我可以告訴你的是，你絕對是對的。我們看到訂單混亂，尤其是來自資料中心垂直領域的訂單。這也意味著將有一個季度您將看到非常大的訂單，並且我們將繼續看到該特定垂直領域的管道增加。

That gives us confidence that you will see a pretty large order quarters over the the next few few coming quarters. This particular last quarter, we have a tough compare year-on-year. We had very solid orders, particularly in the data center vertical in the third quarter of last year. But again, that pipeline remains healthy and that lumpiness will probably not go away anytime soon.

這讓我們有信心在接下來的幾個季度中您將看到相當大的訂單季度。在上個季度，我們進行了一次艱難的年比比較。我們有非常穩定的訂單，特別是去年第三季的資料中心垂直領域。但同樣，這條管道仍然健康，而且這種不穩定性可能不會很快消失。

And I think just to add on to that, when you look at value proposition that we bring to data centers with our portfolio multi technologies in the way that we've been building out capacity to be able to serve our customers as they achieve their growth.

我想補充一點，當你看到我們透過我們的多種技術組合為資料中心帶來的價值主張時，我們一直在建立能力，以便能夠在客戶實現成長時為他們提供服務。

These become multiyear agreements. And so as we're positioning, you can get very large orders multiyear. And that's what we're seeing as we're partnering and making sure that we're positioned to get more than our fair share, bringing our technologies and capabilities with the full solution to our customers globally.

這些成為多年協議。因此，根據我們的定位，您可以在多年內獲得非常大的訂單。這就是我們在合作時所看到的，並確保我們能夠獲得超出我們公平份額的份額，將我們的技術和能力以及完整的解決方案帶給全球客戶。

Brett Linzey, Mizuho.

布雷特·林澤，瑞穗。

Hey, good morning and congrats to George. Just wanted to come back to the fourth quarter guide. So the 19% EBITDA margin, wanted to understand your level of visibility there. Is this something that you're converting out of backlog and you have line of sight to? Just any color towards that 60% incremental margin?

嘿，早上好，恭喜喬治。只是想回到第四季指南。因此，19% 的 EBITDA 利潤率希望了解您在那裡的可見度水平。這是您正在從積壓的訂單中轉換出來並且您可以看到的東西嗎？是否有任何顏色可以實現 60% 的增量利潤？

Yes. No, we absolutely have strong visibility to it. And if you look year-on-year, for sure that 19% looks a pretty heavy with 250 to 300 basis points year-on-year improvement. But now if you look at it sequentially, when we went from Q2 to Q3 and Q3 to Q4, jumping from almost 18% to 19% is absolutely part of that sequential run rates.

是的。不，我們絕對有很強的可見性。如果你看年比，19% 看起來確實相當沉重，年比提高了 250 到 300 個基點。但現在如果你按順序來看，當我們從第二季度到第三季度，從第三季度到第四季度時，從幾乎 18% 躍升至 19% 絕對是連續運行率的一部分。

The same fundamental we saw up from Q2 to Q3, I think, a strong backlog, having really our book to bill business, both in the field and our global product continuing to driving more volume and the comments I've made on Global Products and the incredible work that's been done there to take care of the best cost and conversion cost, allowing us to really drive a lot of bottom line benefit for small volume increment, gives us very strong confidence that we can achieve that margin rate in the fourth quarter.

我認為，我們從第二季到第三季看到的基本面相同，積壓量很大，我們的帳簿業務，無論是在該領域還是我們的全球產品，都在繼續推動更多的銷售以及我對全球產品和為實現最佳成本和轉換成本所做的令人難以置信的工作，使我們能夠真正以小批量增量實現大量底線效益，使我們非常有信心在第四季度實現這一利潤率。

Thank you. And this concludes our question and answer session. I would like to turn the conference back over to George Oliver for any closing remarks.

謝謝。我們的問答環節到此結束。我想將會議轉交喬治·奧利佛發表閉幕詞。

Thank you, operator, and I'd like to thank the entire Johnson Controls team for their incredibly hard work and dedication in getting us to where we are today. Our transformation into a pure play provider of comprehensive solutions for commercial buildings is substantially complete, and we're well positioned to now deliver long-term sustainable value for our shareholders as a simpler, higher growth company.

謝謝您，操作員，我還要感謝整個江森自控團隊的辛勤工作和奉獻精神，使我們取得了今天的成就。我們向商業建築綜合解決方案的純粹提供者的轉型已基本完成，現在我們已做好充分準備，作為一家更簡單、更高成長的公司，為我們的股東提供長期可持續的價值。

We know we're on the right path as our strategy is already delivering results, and we are looking forward to this next chapter for our company. I am proud of the growth Johnson Controls has been able to achieve and couldn't be more excited about where we go next. So with that, operator, that concludes our call today.

我們知道我們正走在正確的道路上，因為我們的策略已經取得了成果，我們期待著我們公司的新篇章。我為江森自控所取得的發展感到自豪，並對我們下一步的發展感到無比興奮。接線員，我們今天的通話就到此結束。

Thank you, sir. Ladies and gentlemen, 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 rest of the day.

謝謝你，先生。女士們、先生們，今天的電話會議到此結束。我們感謝大家參加今天的演講。現在您可以斷開線路並享受一天的美好休息。