江森自控 (JCI) 2024 Q4 法說會逐字稿

Yes, with that, good morning, and welcome to the Johnson Controls Fourth Quarter 2024 earnings conference call.

是的，早安，歡迎參加江森自控 2024 年第四季財報電話會議。

Today, all participants will be in a listen-only mode.

今天，所有參與者都將處於僅聽模式。

Should you need assistance during today's call, please signal for a conference specialist by pressing the star key followed by zero.

如果您在今天的通話期間需要協助，請按星號鍵，然後按零，以呼叫會議專家。

After today's presentation, there will be an opportunity to ask questions.

今天的演講結束後，將有機會提問。

To ask a question, you may press star, then one on your telephone keypad.

要提問，您可以按星號，然後按電話鍵盤上的一個。

To withdraw your question, please press star, then two please.

若要撤回您的問題，請按星號，然後按兩顆星。

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

我現在想將會議交給投資者關係副總裁吉姆·盧卡斯 (Jim Lucas)。

Please go ahead and good morning and thank you for joining our conference call to discuss Johnson Controls fiscal fourth quarter of 2024 results, the press release and related tables that were issued earlier this morning.

請繼續，早安，感謝您參加我們的電話會議，討論江森自控 2024 年第四季度的業績、新聞稿和今天早上發布的相關表格。

Well as the conference call slide presentation can be found at investor relations portion of our website at Johnson Controls.com. Joining me on the call today are Johnson Controls, Chairman and Chief Executive Officer, George Oliver, and Chief Financial Officer, market and deepen be.

電話會議幻燈片簡報可以在我們網站 Johnson Controls.com 的投資者關係部分找到。今天和我一起參加電話會議的還有江森自控董事長兼執行長喬治‧奧利佛 (George Oliver) 以及市場和深化部門財務長。

Before we begin, let me remind you that during our presentation today we will make forward-looking statements.

在開始之前，讓我提醒您，在今天的演講中，我們將做出前瞻性陳述。

Actual results.

實際結果。

It's may differ materially from those indicated by forward-looking statements due to a variety of risks and uncertainties.

由於各種風險和不確定性，它可能與前瞻性陳述所表明的內容有重大差異。

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 who will also reference certain non-GAAP measures.

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以及此類前瞻性聲明的固有局限性，這些聲明還將參考某些非公認會計準則措施。

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.

這些非公認會計準則衡量標準與最直接可比較的公認會計準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

我

will now turn the call over to George.

現在將把電話轉給喬治。

Thanks, Jim, and good morning, everyone.

謝謝吉姆，大家早安。

Thank you for joining us on the call today.

感謝您今天加入我們的電話會議。

I would like to start today's call by taking a moment to acknowledge and thank all of our employees for their contributions and delivering strong quarterly results.

在今天的電話會議開始時，我想花一點時間感謝我們所有員工的貢獻和強勁的季度業績。

We also made significant progress in our transformation to simplify our portfolio and become a pure play provider of comprehensive solutions for commercial buildings.

我們在簡化產品組合、成為商業建築綜合解決方案的純粹提供者的轉型方面也取得了重大進展。

Today, we are a faster-growing, more profitable, simpler company.

如今，我們是一家發展更快、利潤更高、更簡單的公司。

Let's begin with Slide 4.

讓我們從幻燈片 4 開始。

We ended fiscal 2020 forward momentum, delivering double digit organic revenue growth, robust margin expansion and 96% adjusted free cash flow conversion for a growth of 7% in the year was led by data center demand and contributed to our record backlog, which ended the year at 13.1 billion.

我們結束了2020 財年的前進勢頭，實現了兩位數的有機收入增長、強勁的利潤率擴張和96% 的調整後自由現金流轉換，全年增長7%，這主要是由數據中心需求帶動的，並促成了我們創紀錄的積壓，從而結束了年為 131 億。

Our differentiated solutions to enhance efficiency is sustainability in commercial buildings continue to resonate with our customers across the key verticals we serve.

我們提高商業建築效率和永續性的差異化解決方案繼續與我們所服務的關鍵垂直領域的客戶產生共鳴。

For example, we extended our leading position in calling for data centers with orders for the full year, more than doubling the sales we delivered.

例如，我們透過全年訂單擴大了在資料中心需求方面的領先地位，使我們交付的銷售額增加了一倍以上。

In fact, we are now seeing key customers placing multiyear orders in the hundreds of millions of dollars to provide cooling solutions are pending.

事實上，我們現在看到主要客戶下達的價值數億美元的多年期訂單正在等待中，以提供冷卻解決方案。

Sale of the residential and light commercial business to Bosch is progressing, and we expect the transaction to close in the fiscal fourth quarter.

向博世出售住宅和輕商業業務的工作正在進行中，我們預計交易將在第四財季完成。

Today, we are introducing our fiscal 2025 guidance from continuing operations of $3.40 to $3.50, which Mark will give more details on later in the call.

今天，我們將介紹 2025 財年持續經營指導價從 3.40 美元降至 3.50 美元，Mark 將在稍後的電話會議中提供更多詳細資訊。

We believe we are well position mission going forward to deliver long-term shareholder value.

我們相信，我們有能力繼續履行為股東提供長期價值的使命。

Our business transformation is almost complete and we are benefiting from more consistent, predictable performance.

我們的業務轉型已接近完成，我們正受惠於更一致、可預測的業績。

Slide 5 presents a pro forma look at the new Johnson Controls, representing the composition of our company going forward.

幻燈片 5 展示了新江森自控的預計外觀，代表了我們公司未來的組成。

Today, Johnson Controls is a leader in Building Solutions dedicated to solving our customers' needs for energy efficiency and clean electrification.

如今，江森自控是建築解決方案的領導者，致力於滿足客戶對能源效率和清潔電氣化的需求。

Our innovative approach and commitment to sustainability are driving us forward ensuring we provide cutting-edge solutions that meet the evolving demands of the market.

我們的創新方法和對永續發展的承諾推動我們不斷前進，確保我們提供滿足市場不斷變化的需求的尖端解決方案。

Johnson Controls, unique customer value proposition directly translates to shareholder value creation.

江森自控獨特的顧客價值主張直接轉化為股東價值創造。

Our multi-domain presence enables us to serve our customers over the one building lifecycle while also delivering safe, healthy and sustainable solutions.

我們的多領域業務使我們能夠在整個建築生命週期內為客戶提供服務，同時提供安全、健康和永續的解決方案。

This means we can meet the needs of our customers all of the world and deliver cost savings and efficiencies for them.

這意味著我們可以滿足世界各地客戶的需求，並為他們節省成本並提高效率。

We are confident we are well-positioned with the integrated domain expertise in a intensive branch network to deliver greater value to our customers.

我們相信，我們在密集的分支機構網絡中擁有綜合領域的專業知識，能夠為客戶提供更大的價值。

In turn, we believe this will lead to sustained top line growth and significant margin Spansion as part of our path towards simplification, we have now deployed one and to end operating model that we leveraged globally across all of our key verticals.

反過來，我們相信這將帶來持續的收入成長和顯著的利潤率 Spansion 作為我們簡化道路的一部分，我們現在已經部署了一種並最終在全球所有關鍵垂直領域利用的營運模式。

It is positioning us with a unique capability and serving buildings and leveraging our digital expertise to expand our connected services model.

它使我們擁有獨特的能力，為建築物提供服務，並利用我們的數位專業知識來擴展我們的互聯服務模式。

We are improving productivity on behalf of our customers, helping them maximize outcomes for their buildings, whether it is the fast growing data centers, expansion of campus, housing and labs in higher education, we're solving needs across health care from hospitals to outpatient facilities.

我們正在代表客戶提高生產力，幫助他們最大限度地提高建築物的成果，無論是快速成長的資料中心、高等教育校園、住房和實驗室的擴建，我們正在解決從醫院到門診的醫療保健需求設施。

We deliver at engineered solutions across all of our key verticals.

我們在所有關鍵垂直領域提供工程解決方案。

This enables us to realize the benefits of this model over the lifecycle of our solutions, ensuring sustained value creation.

這使我們能夠在解決方案的生命週期中認識到該模型的優勢，確保持續創造價值。

Johnson Controls is better positioned than ever before to help customers create safer, more sustainable buildings while also maximizing the occupant experience.

江森自控比以往任何時候都更能幫助客戶打造更安全、更永續的建築，同時最大限度地提高居住者體驗。

Our strong finish to fiscal 2024, coupled with our record backlog, reinforces our confidence that Johnson Controls will continue to lead globally in Building Solutions.

我們 2024 財年的強勁業績，加上創紀錄的積壓訂單，增強了我們對江森自控將繼續在建築解決方案領域處於全球領先地位的信心。

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.

謝謝喬治，大家早安。

Please turn to Slide 6.

請翻到幻燈片 6。

Our performance in the fourth quarter highlights continued strong execution across the portfolio of single and twin operating model provides the visibility needed to drive consistent and predictable results.

我們第四季的業績凸顯了單一和雙營運模式組合的持續強勁執行力，提供了推動一致和可預測結果所需的可見性。

This was evident in our performance in the quarter as organic revenue grew 10%.

這在我們本季的業績中顯而易見，有機收入成長了 10%。

Segment margin expanded a robust 260 basis points to 18.6%, led by substantial improvement in both similar and global products.

由於同類產品和全球產品的大幅改善，該部門利潤率強勁增長 260 個基點至 18.6%。

We delivered another strong quarter of increased productivity while converting a higher margin back.

我們在生產力提高的同時實​​現了另一個強勁的季度，同時實現了更高的利潤率。

Adjusted EPS of $1.28 was up 22% year-over-year and exceeded the high end of our guidance range by $0.02.

調整後每股收益為 1.28 美元，年增 22%，超出我們指導範圍的上限 0.02 美元。

All operational efficiency contributed to the majority of the growth and more than offset additional corporate expenditures, primarily related to IT investments.

所有營運效率都對成長做出了貢獻，並且遠遠抵消了主要與 IT 投資相關的額外企業支出。

The strategic location of resource ensure we are well equipped to support our growth and save Gato infrastructure below the line.

資源的戰略位置確保我們有能力支持我們的成長並節省線下的加託基礎設施。

Net finance charges were higher, EPS benefited from a lower share count.

淨財務費用較高，每股盈餘受惠於股份數量減少。

Overall, we achieved significant EPS growth and we are pleased with these results on the balance sheet.

總體而言，我們實現了每股盈餘的顯著成長，我們對資產負債表上的這些結果感到滿意。

We ended the first half water with approximately EUR600 million in available cash and net debt decreased to two times, which is the lower end of our long-term target of 2 to 2.5 times.

上半年，我們擁有約 6 億歐元的可用現金，淨債務下降至兩倍，這是我們 2 至 2.5 倍長期目標的下限。

Our adjusted cash flow conversion of 96% was a strong improvement year-over-year and substantially exceeded our previous commitments.

我們的調整後現金流轉換率為 96%，年比大幅提高，大大超出了我們先前的承諾。

This strength is reflecting our improved fundamental in working capital management.

這項優勢反映了我們在營運資本管理方面的基礎改善。

Adjusted free cash flow of EUR2.4 billion improved nearly $800 million year-over-year.

調整後自由現金流為 24 億歐元，較去年同期增加近 8 億美元。

For the full year, we're down $2.2 billion to shareholders via dividends and share repurchases.

全年，我們透過股利和股票回購向股東減少了 22 億美元。

Let's now discuss our segment results in more detail on slides 7 through nine, beginning on Slide seven.

現在讓我們從投影片 7 開始，在投影片 7 到投影片 9 中更詳細地討論我們的細分結果。

Our global product business had a strong finish to the year.

我們的全球產品業務在這一年取得了強勁的成績。

Organic sales grew 8% as price remained positive, and we delivered five points of volume growth, low double-digit growth in each fact, both commercial and residential offset declines in Fire & Security and Industrial Refrigeration strength was broad-based across the region, led by double-digit growth in North America.

由於價格保持正值，有機銷售額增長了8%，我們實現了5 個百分點的銷量增長，每個事實都實現了兩位數的低增長，商業和住宅抵消了消防與安全和工業製冷實力的下降，整個地區基礎廣泛，其中北美地區實現兩位數增長。

Adjusted segment EBITDA margin expanded an impressive 700 basis points to 20%.

調整後的部門 EBITDA 利潤率成長了 700 個基點，達到 20%，令人印象深刻。

We have made tremendous progress over the past year in improving our operational efficiencies, leading to substantial margin improvement and extending the fiscal second half.

過去一年，我們在提高營運效率方面取得了巨大進展，利潤率大幅提高，並延長了下半年的財年。

Turning to Slide 8 and 9 to discuss our Building Solutions performance.

轉向幻燈片 8 和 9 討論我們的建築解決方案性能。

Building solutions deliver solid performance this quarter, underpinned by sustained order momentum, double digit revenue growth and margin expansion.

在持續的訂單動能、兩位數的營收成長和利潤率擴張的支撐下，建築解決方案本季取得了穩健的業績。

Additionally, we increased our record backlog that's got a strength of our business model.

此外，我們還增加了創紀錄的積壓訂單，這增強了我們的業務模式。

Outcome-driven solution offering continued to resonate with our customer across many of the attractive vertical we serve with strong growth in data center, government healthcare, and I add all those grew 8% in the quarter, led by mid-teen service growth.

結果驅動的解決方案產品繼續在我們服務的許多有吸引力的垂直領域與客戶產生共鳴，數據中心、政府醫療保健領域強勁增長，我補充說，在中青少年服務增長的帶動下，所有這些在本季度成長了8%。

What system older grew 5%, and again, it does double digit comparison, although the North America increased 7% in the quarter, with low teen growth in service led by strength in Fire & Security System, although grew 3% against a tough comp in the middle of those were up 14% with over 20% growth in service, what system orders grew 9% across the portfolio.

較舊的系統成長了5%，再次進行了兩位數的比較，儘管北美在本季度增長了7%，在消防和安全系統的實力帶動下，服務增長較低，儘管在嚴峻的競爭中增長了3%其中，服務成長了 14%，其中服務成長超過 20%，整個產品組合中的系統訂單成長了 9%。

We saw strong double-digit growth in each back controls in industrial refrigeration

我們看到工業製冷領域每個後台控制裝置都實現了兩位數的強勁成長

.

。

In Asia Pacific momentum is building as orders rebounded from the past few quarters of decline and overall, although grew 6% led by 9%.

亞太地區的勢頭正在增強，訂單從過去幾季的下滑中反彈，整體成長 6%，增幅領先 9%。

Growth in service of pipeline of opportunities within Building Solutions remain healthy as we continue to build on the momentum of the past several quarters.

隨著我們繼續鞏固過去幾季的勢頭，建築解決方案內的機會通路服務成長保持健康。

Our Building Solutions segment until the quarter with record backlog, which provided a solid foundation, enabling us to capitalize on the high demand for solutions and services.

我們的建築解決方案部門截至本季的積壓量創歷史新高，這提供了堅實的基礎，使我們能夠充分利用對解決方案和服務的高需求。

Organic sales increased 11%, led by double-digit growth across both systems and service of sustained service growth sets us apart as we continue to deliver differentiated lifecycle solution for customers.

有機銷售額成長了 11%，這得益於兩個系統和服務的兩位數成長，持續的服務成長使我們在繼續為客戶提供差異化的生命週期解決方案方面脫穎而出。

Sales in North America were up 16% organically, with continued strength across age backend controls.

北美地區的銷售額有機成長了 16%，年齡後端控制持續強勁。

In EMEA/LA, organic sales grew 10%, with double-digit growth in control security and industrial refrigeration.

在歐洲、中東和非洲/洛杉磯，有機銷售額成長 10%，其中控制安全和工業冷凍領域實現兩位數成長。

In Asia Pacific, while sales declined 5%, we saw sequential improvement.

在亞太地區，雖然銷售額下降了 5%，但我們看到了環比的改善。

The improvement was driven by a stronger backlog and our resilient service business.

這項改善是由更強勁的積壓和我們富有彈性的服務業務所推動的。

The margin profile within our Building Solutions segment continues to strengthen due to the enhanced productivity, favorable service mix and improve operational efficiencies while executing our higher margin backlog by region.

由於生產力的提高、有利的服務組合和營運效率的提高，同時按地區執行更高的利潤積壓，我們的建築解決方案部門的利潤狀況持續增強。

In Milan.

在米蘭。

Adjusted segment EBITDA margin expanded 370 basis points to 11.5%, driven by improved productivity and the positive mix from growth in service.

由於生產力提高和服務業成長的積極組合，調整後的部門 EBITDA 利潤率擴大了 370 個基點，達到 11.5%。

In A-Pac.

在A-Pac。

Adjusted margin expanded 70 basis points to 14.2% as positive mix from our service business offset the decline in systems business in North America, adjusted segment margin declined 40 basis points to 15% related to mix.

調整後利潤率擴大 70 個基點至 14.2%，因為我們服務業務的積極組合抵消了北美系統業務的下降，調整後分部利潤率下降 40 個基點至 15%。

Systems grew faster than service.

系統的成長速度快於服務的成長速度。

Building Solution backlog remains at record level, growing 7% to 13.1 billion.

建築解決方案積壓量仍維持在創紀錄水平，成長 7% 至 131 億。

Service backlog grew 12% and system backlog grew 6% year over year.

服務積壓年增 12%，系統積壓年增 6%。

Let's discuss our first quarter and fiscal 2025 guidance and the impact of discontinued operation on Slide 10 and 11, we are entering fiscal 2025 with momentum and our record backlog oilfields.

讓我們討論一下我們的第一季和 2025 財年指導以及停止營運對幻燈片 10 和 11 的影響，我們正以強勁的勢頭和創紀錄的積壓油田進入 2025 財年。

Great visibility into the new year of service business remains well positioned and provides a favorable mix to margins.

新一年服務業務的良好可見性仍然處於有利地位，並為利潤率提供了有利的組合。

As we look to our guidance for fiscal 2025, we will be presenting both the first quarter and full year on a continuing operations basis out of moving the residential and light commercial business to discontinued operation of fiscal 2020 for continuing operations, adjusted EPS is $3.21 per share.

在我們展望2025 財年的指導時，我們將在持續經營的基礎上公佈第一季和全年的情況，將住宅和輕型商業業務移至2020 財年的停業經營以進行持續經營，調整後每股收益為3.21 美元分享。

For the first quarter, we anticipate organic sales growth of mid-single digits, adjusted EBITDA margin expansion of over 100 basis points from approximately 14.5% and adjusted EPS in the range of 57 to $0.6, representing 24% to 30%.

對於第一季度，我們預計有機銷售額將實現中個位數成長，調整後EBITDA 利潤率將從約14.5% 擴大超過100 個基點，調整後每股收益將在57 美元至0.6 美元之間，即24% 至30%。

Growth for the first quarter is against an easy companies and the overall fundamentals are strong.

第一季的成長是針對一家輕鬆的公司，整體基本面強勁。

And during the a year.

並且在這一年的時間裡。

For the full year, we expect organic sales growth of mid-single digits, which is consistent with our long-term growth algorithm.

對於全年而言，我們預計有機銷售額將實現中個位數成長，這與我們的長期成長演算法一致。

Adjusted segment margin expanded to extend over 50 basis points, while adjusted EPS range of $3.40 to $3.50 per share represents 6% to 9% growth.

調整後的分部利潤率擴大至超過 50 個基點，調整後的每股盈餘範圍為 3.40 美元至 3.50 美元，成長 6% 至 9%。

We expect free cash flow conversion of 85% or greater, consistent with the performance of fiscal 2024.

我們預期自由現金流轉換率為 85% 或更高，與 2024 財年的表現一致。

On a continuing operations basis, we continue to target returning 100% of our free cash flow to shareholders through dividends and share repurchases.

在持續經營的基礎上，我們繼續致力於透過股利和股票回購將 100% 的自由現金流返還給股東。

We expect the residential and light commercial divestiture to close during the fiscal fourth quarter.

我們預計住宅和輕型商業資產剝離將在第四財季完成。

Consequently, we have not included any capital deployment from sale proceeds in our fiscal 2025 outlook.

因此，我們沒有在 2025 財年展望中納入任何銷售收入的資本部署。

Additionally, we are committing to a multi-year restructuring plan to address trended cost and further right-side of global operations.

此外，我們致力於實施多年重組計劃，以解決趨勢成本和全球營運的進一步右側問題。

Following our previously announced portfolio simplification actions, we anticipate incurring roughly $400 million in expenses over the next three years, resulting in expected annual cost savings of approximately $500 million, similar to the timing of deploying capital from the closure of the residential and light coming divestiture.

根據我們先前宣布的投資組合簡化行動，我們預計未來三年將產生約4 億美元的費用，預計每年可節省約5 億美元的成本，這與住宅和即將到來的資產剝離結束時部署資本的時間類似。

Many aspects of this restructuring plan will depend on the timing of the close of the transaction.

此重組計劃的許多方面將取決於交易完成的時間。

We are confident this factor will drive sustained success and create long-term value to our stakeholders.

我們相信這一因素將推動持續成功並為我們的利害關係人創造長期價值。

While fiscal 2024 was a year of significant portfolio transformation, we are better positioned as a faster-growing, more profitable, simplified company.

雖然 2024 財年是投資組合重大轉型的一年，但我們作為一家成長更快、利潤更高、簡化的公司的定位更好。

We look forward to updating you on our progress as we continue our strong momentum entering fiscal year 25.

隨著我們進入第 25 財年繼續保持強勁勢頭，我們期待向您通報我們的最新進展。

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

那麼，接線員，請打開提問線路。

Okay.

好的。

Thank you, Lee will now begin the question and answer session.

謝謝，李先生現在開始問答環節。

A reminder to ask a question, you may press star then one on your touch-tone phone.

提醒提問，您可以按按鍵式電話上的星號，然後按一個。

You're using a speakerphone, please pickup your handset before pressing the keys.

您正在使用免持電話，請在按鍵前拿起聽筒。

If your question has been asked and you would like to withdraw, please press star then two.

如果您的問題已被提出並且您想退出，請按星號然後按兩顆。

In respect of time we ask that you limit yourself to one question and one follow-up question.

在時間方面，我們要求您將自己限制在一個問題和一個後續問題上。

At this time, we will pause momentarily to assemble our roster.

此時，我們將暫停片刻以集合我們的名單。

And today's first question comes from Nigel Coe with Wolfe Research.

今天的第一個問題來自 Wolfe Research 的 Nigel Coe。

Please proceed.

請繼續。

And Mr. your line is open.

先生，您的線路已開通。

You may ask your question.

你可以問你的問題。

Good morning.

早安.

Sorry, I had the mute button and thanks for the question.

抱歉，我有靜音按鈕，謝謝你的提問。

Since the app, I think Mark a question for you at the mid single digit them.

自從有了這個應用程序，我想在中間個位數的地方為你標記一個問題。

How do you see that across the segments that Ms. Seaman, A-Pac property is a bit about that.

Seaman 女士認為，A-Pac 房地產在各個領域都與此有關。

Just curious how you see mid-single-digits corporate segments and any color on 50 dip again across segments.

只是好奇你如何看待中個位數的企業細分市場以及 50 上的任何顏色在各個細分市場中再次下降。

And I just want to verify, obviously, the restatement is happening with Angola product.

顯然，我只是想驗證安哥拉產品是否發生了重述。

And it looks like the clean EBITDA margins in 2324 were 25.75, 7.1%, Hitachi and York.

看起來 2324 年的淨 EBITDA 利潤率為 25.75%，日立和約克為 7.1%。

So I just want to make sure that the right numbers.

所以我只想確保數字正確。

Yes, good morning, Nigel.

是的，早安，奈傑爾。

I'd love to cover their cellphone growth.

我很想報道他們的手機成長情況。

We had a very strong growth quarter E and they are beginning to results, but we are entering the new year with record backlog of about 13.1 billion.

我們在 E 季度實現了非常強勁的成長，並且開始取得成果，但我們正以創紀錄的約 131 億訂單量進入新的一年。

And I think we continue to target that would be for mid-single digit.

我認為我們繼續將目標定為中個位數。

Granted.

的確。

We have a lot of confidence given the level of backlog.

考慮到積壓的程度，我們充滿信心。

We are called impact quarter over quarter growth rate.

我們稱之為影響季度環比成長率。

And I think we are seeing some some very strong tailwind in the Gulf vertical.

我認為我們在海灣垂直方向看到了一些非常強勁的順風。

90 things by segment, product growth rate in mid-single digits kind of break down that we've seen a tax going to be slightly above that, that overall guide for the enterprise.

按細分市場劃分的 90 種產品，產品成長率在中個位數，我們看到稅收將略高於企業的整體指南。

And we're really on an easier compare.

我們確實可以更輕鬆地進行比較。

And as we showed in the fourth quarter, we starting to see sequential order growth for that business and the rest of the businesses, North America and allow our global product will be at or just slightly below that overall guidance throughout throughout the year at not when it comes to margin at that and I hear you both of the total margin and the continued operation basis go global product margin.

正如我們在第四季度所展示的那樣，我們開始看到該業務以及北美其他業務的訂單連續增長，並允許我們的全球產品全年將達到或略低於總體指導水平，而不是在什麼時候談到利潤率，我聽到你提到了總利潤率和持續經營基礎上的全球產品利潤率。

What we covered in the last quarter when we gave guidance for Q4 is with the best cost and how we dealt with that base.

我們在上個季度為第四季度提供指導時介紹了最佳成本以及我們如何處理該基礎。

Scott's within that business and a lot of the disruption from a supply chain standpoint being behind us, a little bit of volume was going to go a long way.

史考特從事這項業務，從供應鏈的角度來看，我們已經擺脫了許多幹擾，一點點的銷售就會大有幫助。

And you saw that in Q4.

你在第四季就看到了這一點。

So and I think that's going to remain through as we enter fiscal year fiscal year 25, we've been driving significant operational efficiency that our structural and fundamental across both the manufacturing base and the supply chain.

因此，我認為，當我們進入第 25 財年時，這一點將繼續存在，我們一直在推動整個製造基地和供應鏈的結構性和基礎性營運效率的顯著提高。

And you can see that global product business has benefited and we continue to see benefit from an improved absorption and that leverage will continue to to provide easier, easier comp year on year.

你可以看到，全球產品業務已經受益，我們繼續看到吸收改善的好處，槓桿將繼續提供更容易、更容易的同比補償。

Now that business has some seasonality to it.

現在這項業務有一定的季節性。

So the first part of the year will be a little bit softer than the second part of the year.

因此，今年上半年將比下半年稍微溫和一點。

But that that margin, we feel is very well set for fiscal year 2005.

但我們認為 2005 財年的利潤率已經非常合理了。

And just want to make sure I got data again for the for the color product margins in them, fiscal 23, 24.

只是想確保我再次獲得了 23、24 財年彩色產品利潤率的數據。

Is there any help there would be good.

有什麼幫助的話就好了。

But I was wondering, George, maybe if you could comment on the on the CEO succession, what promises we made, identifying the right person to our DuraPlate even you retire?

但我想知道，喬治，也許您可以評論一下首席執行官的繼任者，我們做出了哪些承諾，即使您退休也能找到合適的人選來擔任我們的 DuraPlate？

Yes, good morning, Nigel.

是的，早安，奈傑爾。

On we understand there is significant interest in the ongoing CEO succession process.

據我們了解，人們對正在進行的執行長繼任過程非常感興趣。

At this time, we don't have any new updates to share how you can be rest assured that the Board is actively considering considering an impressive list of candidates, both internal and external.

目前，我們沒有任何新的更新可以告訴您如何放心，董事會正在積極考慮令人印象深刻的內部和外部候選人名單。

Now we are do expect to have an update in the first half of calendar 2025.

現在我們確實預計在 2025 年上半年會有更新。

And today's next question comes from Steve Tusa with JPMorgan.

今天的下一個問題來自摩根大通的史蒂夫·圖薩。

Please proceed.

請繼續。

Hi, good morning.

嗨，早安。

Morning, Steve, I'm sorry.

早安，史蒂夫，對不起。

Just wanted to better understand that the first quarter, and I'm not quite sure if that guide units gave was for the year, the first quarter of buttoning with orders trending up a wave, your organic being so strong this quarter and the comp not looking particularly hard.

只是想更了解第一季度，我不太確定該指導單位是否給出了今年的數據，第一季度的訂單趨勢呈上升趨勢，您的有機本季度如此強勁，而競爭不是看著特別辛苦。

And what is the reason why Q1 is only up mid singles?

Q1只上中單的原因是什麼？

It's an organic specifically.

具體來說，它是一種有機物。

Yes.

是的。

So if you think about the timing of some of those larger orders and how that revenue, particularly the big verticals that we are benefiting from, whether it's large decarbonization projects, all the data center, a project, we had very strong performance in the fourth quarter and in those particular vertical in that quarter being the busiest season for service business, we also had very strong performance there

因此，如果你考慮一些較大訂單的時間表以及收入如何，特別是我們從中受益的大型垂直行業，無論是大型脫碳項目、所有數據中心還是一個項目，我們在第四季度的表現都非常強勁在該季度的特定垂直領域，即服務業務最繁忙的季節，我們在那裡也取得了非常強勁的業績

.

。

We will double digits service growth while that's probably sustainable over the long term, there's some quarter to quarter volatility to that in sort of mid-single digit growth for Q1 had granted on an easier compare versus last year is where we feel comfortable really coming from places here.

我們的服務成長將實現兩位數，雖然從長遠來看這可能是可持續的，但第一季的中個位數成長存在一些季度波動，與去年相比，我們感到更容易比較，這是我們真正感到滿意的地方在這裡。

North America will see some strong performance of probably a little bit higher than that mid-single digit, but both EMEA and A-Pac as well as global product will be right in line with that mid-single digit of slightly lower than I think

北美將出現一些強勁的表現，可能略高於中個位數，但歐洲、中東和非洲和亞太地區以及全球產品都將與略低於我認為的中個位數保持一致

that's where we feel comfortable with the growth going to come next quarter.

這就是我們對下個季度的成長感到滿意的地方。

Okay.

好的。

And then can you just get per day for their refresh portfolio and what percentage of revenue now a data center?

然後，您每天可以從他們的更新產品組合中獲得多少收入，現在資料中心的收入百分比是多少？

I mean, you expect in 25, consistent with what we've said a payoff, give or take a little bit of data center exposure is about 10% of all of our revenue and continues to grow faster than the rest of the portfolio was very solid, double digit growth sequentially, at least for the foreseeable future.

我的意思是，你預計在 25 年內，與我們所說的一致，給予或採取一點資料中心風險敞口大約占我們所有收入的 10%，並且繼續比投資組合的其他部分增長得更快。至少在可預見的未來，連續兩位數的穩健成長。

Okay.

好的。

Next question comes from Scott Davis with Melius Research.

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

Please proceed.

請繼續。

Good morning, George and And Mark and Jim.

早安，喬治、馬克和吉姆。

Good morning, Scott.

早安，史考特。

I am when you get a big data center quarter and you do and it started typically come with a similar kind of attachment service attachment rate and OpenBlue that you'd have in the building or is it is there a different kind of attachment rate there?

我的情況是，當您獲得大型資料中心季度並且您確實這樣做時，它通常會附帶類似的配件服務附件率和OpenBlue，您在建築物中會有類似的附件率，或者那裡是否有不同類型的附件率？

Good question, Scott.

好問題，史考特。

The service overall is slightly better than our than our portfolio from an attach rate stem from.

從附加率來看，整體服務比我們的產品組合略好。

And the digital services really depends on the type of customer

數位服務實際上取決於客戶的類型

.

。

You know that particular there typically is very sensitive to and to digital solution and very cautious about how they deploy it at that some customers that have a little bit more cutting edge and then other expecting to have full connection.

您知道，那裡的客戶通常對數位解決方案非常敏感，並且對於如何在一些擁有更多尖端技術的客戶和其他希望擁有全面連接的客戶處部署數位解決方案非常謹慎。

Some others would like to manage that on their own.

其他一些人想自己管理。

But the service attach rates for that business is very, very strong and better than the rest of the portfolio.

但該業務的服務附加率非常非常高，並且比投資組合的其他業務更好。

You and it's changed a lot.

你和它都變了很多。

I'll tell you over the last call of the five of six year, whether that that vertical probably five or six years ago was was not very high focus that that's where a lot of those key customers that have taken the view that they wanted to self serve.

我會在五年或六年的最後一次電話會議中告訴你，五六年前的垂直行業是否不是非常受關注，而這正是許多關鍵客戶持有他們想要的觀點的地方。

Some of that.

其中一些。

I think what they've learned with the complexity and also the quality of of our capabilities, we are really able to differentiate ourself and provide a full suite of service with guaranteed outcomes for those customers call.

我認為他們從我們能力的複雜性和品質中學到了什麼，我們確實能夠使自己脫穎而出，並為那些致電的客戶提供全套服務，並保證結果。

What I would tell you the short term, the trend is significantly up because as you look at these data center sites, we have hundreds of units on deploying on the sites.

我想告訴您的是，短期內這一趨勢顯著上升，因為當您查看這些資料中心站點時，我們在這些站點上部署了數百個單元。

We have bond doses of our technicians that are supporting these operations.

我們有一定數量的技術人員來支援這些操作。

And we made the case that when we have connectivity number one is not only are we more efficient in how we serve them?

我們認為，當我們擁有連結性時，首要的不僅僅是我們為他們提供服務的效率更高？

Well, we can be very proactive in making sure we're maintaining the overall operation.

嗯，我們可以非常積極主動地確保維持整體營運。

So the trend is actually significantly up because of that.

因此，趨勢實際上是顯著上升的。

That's helpful, guys.

這很有幫助，夥計們。

And just now that you've had another quarter of seeing big orders come through and you know, and as such, it's how would you compare kind of the pricing power in that vertical to the traditional building segment?

就在現在，您又看到了大訂單的四分之一，您知道，因此，您將如何比較該垂直領域與傳統建築領域的定價能力？

Is that is a little bit better because it's more complex ores.

是不是好一點，因為它是更複雜的礦石。

Is it more comparable?

是不是更有可比性？

Because honestly, everything and applied isn't that easy.

因為老實說，一切和應用都不是那麼容易。

And there's some parts of our slide that our slightly commoditize, but most of applied these engineered solution that require and kind of a strong partnership with the customer and allows us to deliver value to that customer and drive drive good pricing.

我們幻燈片的某些部分稍微商品化了，但大多數應用了這些工程解決方案，需要與客戶建立牢固的合作夥伴關係，使我們能夠為該客戶提供價值並推動良好的定價。

The way we've approached it, alternating resource with those customers to China saw really a higher value chain, the problems they're trying to solve for when it comes to heating cooling as well as the way to control and the fire and security of their building.

我們的處理方式是，與中國的客戶交換資源，他們確實看到了更高的價值鏈，他們試圖解決供暖製冷方面的問題，以及控制方式以及消防和安全方面的問題。

So across the board, if you compare, I probably need a margin of those particular vertical, all businesses

所以總的來說，如果你比較的話，我可能需要那些特定垂直產業、所有企業的利潤

All businesses vis a vis the rest of the market is probably slightly more than what you see

與市場其他部分相比，所有企業的規模可能都比您所看到的略多一些

So across the board, if you compare, I probably need a margin of those particular vertical.

因此，總的來說，如果進行比較，我可能需要這些特定垂直方向的餘裕。

All businesses vis a vis the rest of the market is probably slightly more than what you see now.

與市場其他部分相比，所有企業的規模可能都比您現在看到的略多。

It's going to continue to evolve as a market of over the next few few months and years, we've developed differentiated solution from both appeals.

在接下來的幾個月和幾年裡，這個市場將繼續發展，我們已經根據這兩種訴求開發了差異化的解決方案。

That allows us to comment a little bit more price, and we're expecting that to continue drive a better margin profile than the more traditional applied equipment business.

這使我們能夠評論更多的價格，我們預計這將繼續推動比更傳統的應用設備業務更好的利潤率。

And I would add to that also on the product side, we've been ahead of the curve with our reinvestment in product mix was

我還要補充一點，在產品方面，我們對產品組合的再投資一直處於領先地位

we've been differentiating our product and getting positioned for the next generation of data centers.

我們一直在使我們的產品脫穎而出，並為下一代資料中心做好定位。

I believe that we're positioned extremely well with that value proposition.

我相信我們在這價值主張上處於非常有利的位置。

So we believe that the margin profile that we've been able to achieve with what we've done today is going to continue to improve going forward.

因此，我們相信，我們今天所取得的利潤率將在未來繼續改善。

And today's next question comes from Julian Mitchell with Barclays.

今天的下一個問題來自巴克萊銀行的朱利安米切爾。

Please proceed.

請繼續。

Hi, good morning.

嗨，早安。

And maybe I just wanted to understand first off on the restructuring announcement that you made and maybe help us understand the phasing of the 500 million of sort of cost-out savings and how much of that is reflected in 2025 operating margin guide?

也許我只是想先了解您發布的重組公告，也許可以幫助我們了解 5 億美元成本節約的分階段情況，以及其中多少反映在 2025 年營業利潤率指南中？

And similarly on the I think 400 or so of costs for that program and how much is in the free cash flow guide for the current here now, Greg, good question and good morning, Julien.

同樣，我認為該計劃的成本為 400 左右，以及目前的自由現金流指南中有多少，格雷格，好問題，早安，朱利安。

So as with any significant change to a business portfolio like the divestiture of the residential light commercial, we've been pursuing opportunities to refine our business structure in our operating model that are to really facilitate how we deploy resource in a simpler, more clear and quicker to market.

因此，與業務組合的任何重大變化（例如剝離住宅輕型商業）一樣，我們一直在尋找機會在我們的營運模式中完善我們的業務結構，這將真正促進我們如何以更簡單、更清晰和更簡單的方式部署資源。

And we have been driving many different aspects of that restructuring as we go through that.

在我們經歷重組的過程中，我們一直在推動重組的許多不同面向。

As you know, we still have a business to run until the transaction close to some of the timing of that cost is going to be hard to predict because it's very attached to the timing of the closing of the transaction.

如您所知，我們仍然有業務要運營，直到交易接近某些成本的時間將很難預測，因為它與交易結束的時間非常相關。

And but as any restructuring, we expect the restructuring costs to come ahead of the restructuring benefits.

但與任何重組一樣，我們預期重組成本將先於重組收益。

Also the CAD400 million will come ahead of the EUR500 million, but it's not a one to one perfectly timed structure.

此外，4 億加元將先於 5 億歐元，但這並不是一對一的完美時機結構。

As we looked at the free cash flow conversion guide for the year, we've included a substantial amount of that of that 400 million into our guide for fiscal year 25, which is kind of one of the large structural headwinds we have for the year alongside some CapEx investments and in our traditional delta between effective tax rate and gas factory.

當我們查看今年的自由現金流轉換指南時，我們已將這 4 億美元中的很大一部分納入到第 25 財年的指南中，這是我們今年面臨的重大結構性阻力之一除了一些資本支出投資之外，還有我們傳統的有效稅率和天然氣工廠之間的三角洲。

But there's a large portion of restructuring company, right, about half of that.

但是有很大一部分是重組公司，對吧，大約一半。

That is including in our guide for fiscal year for fiscal year 25.

這包括在我們的 25 財年指南中。

And today's next question comes from Chris Snyder with Morgan Stanley.

今天的下一個問題來自摩根士丹利的克里斯·斯奈德。

Please proceed.

請繼續。

Thank you.

謝謝。

Wanted to ask about North America Building Solutions margins.

想詢問北美建築解決方案的利潤率。

Is it kind of the outlook into 25?

這是25歲以後的展望嗎？

So clearly, a lot of pressure on the segment in Q4 on that system mix for the sounds like that's supposed to kind of normalize

很明顯，第四季度的系統混音部分面臨很大的壓力，因為聽起來應該會正常化

into the first half of the year.

進入上半年。

I guess what through fiscal 25.

我猜25財年會怎樣。

So can you kind of talk about what actually for Building Solutions margins as that mix headwind goes away and within the guide for that?

那麼，您能否談談隨著混合逆風消失並在指南範圍內，建築解決方案的實際利潤是什麼？

No, thanks for the question, Chris, Chris, great question.

不，謝謝你的問題，克里斯，克里斯，很好的問題。

It is I wouldn't say it's material margin pressure, but you saw North America in the quarter and growing extremely rapidly on the back half of those larger of those larger projects.

我不會說這是實質的利潤壓力，但你看到本季北美地區的大型專案的後半部分增長極其迅速。

And those larger systems project come at a margin that is slightly lower than what the service business is able to address.

這些較大的系統項目的利潤略低於服務業務所能解決的問題。

So even though the team was able to drive in North America, a very solid service growth, it was not enough to compensate, if you like, for the mix effect of those larger of those larger data center in new energy projects and decarbonization project that the team completed in the quarter.

因此，儘管團隊能夠在北美推動非常穩健的服務成長，但如果你願意的話，這還不足以彌補新能源專案和脫碳專案中較大資料中心的混合效應。

And so if you look forward for the valuation you were going to get quarter on quarter on those projects will remain.

因此，如果您期待這些項目的季度環比估值將保持不變。

But the headwind that it creates will tail off, especially as we move towards the year because the net effect of service in the service attachment rate, as although project come live and we start revenue in the service on this particular system project will start reporting an improved margin rate.

但它所產生的逆風將會減弱，特別是當我們接近今年時，因為服務對服務附加率的淨影響，儘管項目上線並且我們在這個特定係統項目上開始提供服務收入將開始報告保證金率提高。

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

今天的下一個問題來自高盛的喬·里奇。

Please proceed.

請繼續。

Hey, guys, good morning.

嘿，夥計們，早安。

Pointing job.

指點工作。

Hey, Mark, maybe just kind of focusing our global product for a second.

嘿，馬克，也許只是暫時關註一下我們的全球產品。

I think you guys had a little volume has a long way, but Caesar margin that candidly, like we haven't seen before.

我認為你們有一點成交量還有很長的路要走，但凱撒的利潤坦白說，就像我們以前從未見過的那樣。

So maybe just kind of dovetailing that question that that Nigel had earlier as well.

所以也許只是與奈傑爾之前提出的問題相吻合。

Was there anything kind of one-off in the margins this quarter?

本季的利潤率是否有一次性的情況？

And then really just trying to understand with right jumping off point is for 2025.

然後真正嘗試理解正確的起點是 2025 年。

So what was like the pro forma Global Products margins for 2024 so that we have we have that locked in as we think about Netcare.

那麼，預計 2024 年全球產品利潤率是多少，以便我們在考慮 Netcare 時鎖定這一點。

Thank you very much, Chris

非常感謝你，克里斯

.

。

Sure, Joe. So I know there's no really one-time or mix effects of any particular one deal that really help that margin.

當然，喬。因此，我知道任何特定的交易都不會產生真正的一次性或混合效應，真正有助於提高利潤率。

It's really back to the structural work we did.

這實際上又回到了我們所做的結構工作。

The team did a global product over the past 12 months that really set up that business to be able to drive significant operation, inefficient efficiencies.

該團隊在過去 12 個月內開發了一款全球產品，真正讓該業務能夠推動重大營運、降低效率。

If you want to think about that business on a pro forma continued operation margin, I would say take the 20% margin rate.

如果您想以預計持續經營利潤來考慮該業務，我會建議採用 20% 的利潤率。

And I would say the first half of the year will be on one side of that of that margin rate and the second half of the year will drive that well above that, that 20% margin rate.

我想說，今年上半年將處於該保證金率的一側，而下半年將遠高於該保證金率，即 20%。

And I think that business now and that has been operating much more efficiently and much more focused as well.

我認為現在的業務運作效率更高，也更專注。

We'll be able to continuously performance at that level, if not better.

我們將能夠持續保持這個水平，甚至更好。

Our next question comes from Black of LADD Bystrinsky with Citigroup.

我們的下一個問題來自花旗集團 LADD Bystrinsky 的 Black。

Please proceed.

請繼續。

Sir, your line is open.

先生，您的線路已開通。

You may ask your question.

你可以問你的問題。

In-store Bystrinsky, your line is open.

在 Bystrinsky 店內，您可以排隊等候。

You may ask your question.

你可以問你的問題。

Good question.

好問題。

Thank you.

謝謝。

Good morning, everyone.

大家早安。

Have you maybe just kind of a multi part question on some of the non operating items here, so to speak.

可以這麼說，您是否可能只是對這裡的一些非操作項目提出了一個由多部分組成的問題。

First, just on on corporate, it's kind of interesting that that's a nominally roughly the same dollars, $430 million ish in both cases.

首先，就企業而言，有趣的是，這兩種情況名義上的金額大致相同，均為 4.3 億美元左右。

I thought the stranded friction would show up there some.

我認為滯留摩擦會出現在那裡一些。

So maybe some color on that and also what's what's taking that the tax rate down to 12 and market?

那麼，也許有一些色彩，以及是什麼讓稅率降至 12 和市場？

I think some of the global changes have you believe in your tax rate would actually be drifting up.

我認為一些全球變化讓您相信您的稅率實際上會上升。

And instead we're stepping down here.

相反，我們要在這裡下台。

So maybe you could give a little color on that.

所以也許你可以對此進行一些說明。

But I just finally, as the share count, seems it just that imply buying back stock kind of pay-as-you-go.

但我最後，從股票數量來看，這似乎意味著回購股票是一種即用即付的方式。

Is the cash comes in the door over the balance of the year as that is that correct?

現金是在今年剩餘時間流入的嗎？

Yes, I'll start with that last mile to opportunity, right?

是的，我將從最後一英里機會開始，對吧？

So first, I'd start with our guidance.

首先，我將從我們的指導開始。

The $3.40 to $3.50 or guide does not contemplate any deployment out all of proceeds associated with the sale of our residential business.

3.40 美元至 3.50 美元的指南並未考慮對與出售我們的住宅業務相關的所有收益進行任何部署。

So it's just a regular pay-as-you-go return to shareholder the 100% of our free cash flow at known.

因此，這只是定期向股東支付現收現付的回報，也就是我們已知的 100% 的自由現金流。

Your on your couple of question, the Co-op, the corporate expenses, it's flat year on year.

關於你的幾個問題，合作社、公司開支，比去年同期持平。

You would have expected it to be a little higher.

你本來預計它會高一點。

We've done a lot of work to lower that cost.

我們做了很多工作來降低成本。

But we've made also a couple of substantial investments in a hardening of cyber security and IT infrastructure as well as we are left with those stranded costs that while we want to take action on them, we need to pay some time as some of those action with the timing of the divestiture of the residential and light commercial business, which delivered as a business we got to take care of and we need to continue to provide it to provide support for that business.

但我們也在強化網路安全和 IT 基礎設施方面進行了大量投資，並且留下了一些滯留成本，雖然我們希望對其採取行動，但我們需要花一些時間來解決其中一些問題。商業業務的時機採取行動，這些業務是我們必須照顧的業務，我們需要繼續提供它來為該業務提供支援。

Now on your question on the continued the CEO tax rate on the continued operational tax rate, and we are seeing a 100 basis points of pressure year on year.

現在，關於您關於持續營運稅率的持續執行長稅率的問題，我們看到同比有 100 個基點的壓力。

So if you look at pure CR rates, we were at about 11% in fiscal year 2014.

因此，如果你看純 CR 率，2014 財年我們的比率約為 11%。

It's stepping up to 12.

已經上升到12了。

You're right.

你說得對。

I had indicated that I felt we were probably going to see a little bit more pressure than that.

我曾表示，我覺得我們可能會面臨比這更大的壓力。

And as we were seeing the residential not commercial transaction happening, we started planning around that and prepare for that particular headwind.

當我們看到住宅而非商業交易發生時，我們開始圍繞這一點進行規劃，並為特定的逆風做好準備。

And that allows us to manage a little bit better the rate for 2025.

這使我們能夠更好地管理 2025 年的利率。

Now in all transparency, as you look at 2026 and beyond, we see quite a bit of pressure on that way because of global mean tax rate and the tax reform globally that have happened, we probably see 4 to 500 basis points to that to that 12% for full fiscal year 20 fixed as as the planning and the closing of that transaction on residential commercial will be behind us in.

現在，在所有透明度方面，當你展望 2026 年及以後時，由於全球平均稅率和全球稅收改革的發生，我們看到了相當大的壓力，我們可能會看到 4 到 500 個基點20 財年的12 % 是固定的，因為住宅商業交易的規劃和結束將在我們身後。

The next question comes from Andrew Obin with Bank of America.

下一個問題來自美國銀行的安德魯‧奧賓。

Please proceed.

請繼續。

Yes, good morning.

是的，早安。

Morning and good morning.

早安，早安。

Just a question.

只是一個問題。

Can we just get more color on apply sales in North America by key verticals?

我們能否透過關鍵垂直領域獲得更多關於北美應用銷售的資訊？

I know it focuses on data centers, but what are you seeing elsewhere was stands out positively or negatively?

我知道它的重點是資料中心，但您在其他地方看到了什麼是積極的還是消極的？

There's four or five verticals that are that?

有四、五個垂直的嗎？

I'll really supportive.

我真的會支持的

Of course, data center is one of the critical one, but whether it's healthcare hospitals, that where we're seeing a strong pickup and there's still a lot of activity associated with manufacturing and new energy and the we are shortening of some of the battery manufacturing has been a great help to our business.

當然，資料中心是關鍵之一，但無論是醫療保健醫院，我們都看到強勁的回升，並且仍然有很多與製造和新能源相關的活動，並且我們正在縮短一些電池的壽命製造業對我們的業務有很大幫助。

And then finally, overall, as the commercial real estate market is softer.

最後，整體而言，商業房地產市場較為疲軟。

But a lot of that portfolio is rebalancing as people repurpose some of the spaces associated with the post pandemic, the allocation of how that office space, it creates opportunity across the domain, not just for applied to be able to add drive new opportunities throughout the market in.

但隨著人們重新利用與大流行後相關的一些空間，辦公空間的分配，它在整個領域創造機會，而不僅僅是為了能夠在整個領域增加新的機會，很多投資組合正在重新平衡。 .

The next question comes from Deane Dray with RBC Capital Markets.

下一個問題來自加拿大皇家銀行資本市場部的迪恩‧德雷 (Deane Dray)。

Please proceed.

請繼續。

Thank you.

謝謝。

Good morning, everyone.

大家早安。

Again, the questions about the free cash flow guide just for our fiscal 25, kind of talk us through what the impact is of taking rosy and light commercial out structurally lower working capital.

同樣，關於我們 25 財年自由現金流指南的問題，讓我們了解了將樂觀和清淡的商業業務從結構性較低的營運資本中剔除會產生什麼影響。

But just how does that play out support the 85% that conversion?

但到底要如何達到 85% 的轉換率呢？

And then I noticed you put it in twice longer term goal of 100% conversion, Mark, just structurally, what has changed to get you to that threshold?

然後我注意到你把它放在了 100% 轉換率的兩倍長期目標中，馬克，只是在結構上，是什麼改變了你達到這個門檻？

Thank you.

謝謝。

Yes, just to be clear that I was in the prepared comment, is 100% free cash flow return to shareholders, not a 100% free cash flow conversion?

是的，需要澄清的是，我在準備好的評論中，是100%自由現金流回報股東，而不是100%自由現金流轉換？

No longer term, I'm I'm willing to tell you that will be better than 85%.

從長遠來看，我願意告訴你，這會比 85% 更好。

But we have some structural headwind that we got to continue.

但我們面臨一些結構性阻力，我們必須繼續下去。

Lastly, and deal with from a trade working capital, it's not a lower trade working capital.

最後，從貿易營運資金來看，這並不是較低的貿易營運資金。

So so trade working capital is going to continue to be a tailwind and support an improvement in our free cash flow conversion.

因此，貿易營運資本將繼續成為推動因素，並支持我們自由現金流轉換的改善。

However, there's two or three structural headwinds that become a little bit more weighted to our free cash flow conversion as we separate from the residential and light commercial business that had some structural benefits of were accretive, if you like, to free cash flow conversion.

然而，當我們與住宅和輕型商業業務分開時，有兩三個結構性阻力對我們的自由現金流轉換產生了更大的影響，這些業務具有一些結構性優勢，如果你願意的話，可以增加自由現金流轉換。

If you look at the whole company, as you know, we will own about 60% of that joint venture with Hitachi that is now in discontinued operation.

如果你看看整個公司，你就會知道，我們將擁有與日立的合資企業約 60% 的股份，該合資企業現已停產。

That means we would add actually I get 100% of the free cash flow versus where the earnings blended overall in the timing of the dividends was not always aligned with the free cash flow generation of that business.

這意味著我們實際上會補充說，我獲得了 100% 的自由現金流，而在股息時間中整體混合的收益並不總是與該業務的自由現金流產生一致。

Outside of the discontinued operation on a continuing operation basis to get to 85.

在已終止經營之外的持續經營基礎上達到85家。

There's a couple of cultural fit between.

兩者之間存在一些文化契合點。

The first one is the restructuring we talked about earlier with Julian as well as we continue to make substantial CapEx investments to continue to increase piece of data center capacity and with the goal to doubling it and maybe beyond as we continue to see opportunities in the market.

第一個是我們之前與朱利安討論過的重組，我們將繼續進行大量資本支出投資，以繼續增加資料中心的容量，目標是使其增加一倍甚至更多，因為我們繼續看到市場上的機會。

And then finally, the delta in the effective tax rate between our cash tax rate, I know our effective tax rate is continuing to see it at that, you know, 8% to 10% level.

最後，我們的現金稅率之間的有效稅率的增量，我知道我們的有效稅率將繼續保持在 8% 到 10% 的水平。

I see that coming down as we see pressure on the effective tax rate.

我認為隨著我們看到有效稅率面臨壓力，這一數字將會下降。

But I don't see that much pressure actually on our cash tax rate.

但我認為我們的現金稅率實際上並沒有那麼大的壓力。

But for 25, as we look at it, this will be this will be a hand.

但對於 25 人來說，正如我們所看到的，這將是一手牌。

So you see improvement in trade working capital was the headwind associated restructuring CapEx in taxes overall.

因此，您會看到貿易營運資本的改善是與整體稅收資本支出重組相關的逆風。

And the next question is a follow-up from Steve Tusa with JPMorgan.

下一個問題是來自摩根大通的史蒂夫·圖薩 (Steve Tusa) 的後續提問。

Please proceed.

請繼續。

Hey, I'm sorry, sorry about that.

嘿，我很抱歉，對此感到抱歉。

And just wanted to ask I just wanted to just make sure my math is right in this global products margin.

只是想問我只是想確保我的數學在全球產品利潤中是正確的。

I mean, we have and upsells from what you guys are 40 this year is about 5 billion in revenues for that kind of RemainCo and achieve global products.

我的意思是，今年我們已經從你們 40 歲的人身上追加銷售了大約 50 億美元的收入，用於這種 RemainCo 並實現全球產品。

Is that right?

是這樣嗎？

As a starting point, the RemainCo global products probably going to be a little bit less than CAD5 billion, I would say.

我想說，作為起點，RemainCo 全球產品可能略低於 50 億加元。

Okay.

好的。

So then if I divide that by the one for whatever number that you gave is a continuing ops for global products on profits, I think that in the slides like data at a high 20s margin, not 20% that you're talking about on a that like I missing something there?

因此，如果我將其除以您給出的全球產品的持續營運利潤的數字，我認為幻燈片中的數據利潤率高達 20%，而不是您所說的 20%。什麼？

No, it's upside in, say 20%.

不，它還有上升空間，例如 20%。

I said, the first half will probably be on one side of 20% in the second half will be on the other side of 20%, but much, much higher than the 20 ratio by 28 on a pro forma basis at ASH, 27, 28, the right kind of base in this year.

我說過，上半年可能會在一側 20%，下半年會在另一側 20%，但比 ASH 預計的 20 比率高出 28，27， 28、今年合適的基地類型。

And there's nothing unusual about that.

這並沒有什麼不尋常的。

So we should assume that you can leverage volume on that.

所以我們應該假設你可以利用交易量來實現這一點。

We can absolutely leverage volume on that.

我們絕對可以利用成交量來實現這一點。

I think that's the right ballpark there.

我認為這是正確的。

And then lastly, targets on data center.

最後，針對資料中心。

You broke up a little bit there.

你們在那裡分手了一點。

Did you say 15 or 10% data center exposure?

您是說 15% 還是 10% 的資料中心暴露？

Okay

好的

.

。

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

我們的下一個問題來自德意志銀行的 Nicole DeBlase。

Please proceed.

請繼續。

Thanks.

謝謝。

Good morning, guys.

早安，夥計們。

Like-for-like rental growth.

租金年增。

And so just a question on, I guess, our record backlog.

我想這只是關於我們創紀錄的積壓的問題。

And when you guys put together your outlook for fiscal 25, is the expectation that backlog starts to come down from a jack of all?

當你們總結 25 財年的前景時，積壓訂單的預期是否開始大幅下降？

Do you think you kind of remains consistent through the?

你認為你在整個過程中保持一致嗎？

Thank you.

謝謝。

Well, it's going to depend a little bit on the mix of jobs we are going to book in the year in the Hong Kong will be the data center vertical.

嗯，這將在一定程度上取決於我們今年將在香港資料中心垂直領域預訂的工作組合。

But assuming the trend line we have seen as well as the growth in our in the pipeline of opportunities we see in the market, we see that backlog continuing to improve and the margin continuing to solidify.

但假設我們看到的趨勢線以及我們在市場上看到的機會的成長，我們會看到積壓繼續改善，利潤率繼續鞏固。

So I think that trend's going to it's going to be it's going to be strong, the growth in the backlog, and that's why we are very comfortable with that, that mid-single digit revenue growth as we're going to be able to drive a lot of revenue out of that backlog in.

因此，我認為這種趨勢將是強勁的，積壓訂單的成長，這就是為什麼我們對此感到非常滿意，我們將能夠推動中個位數的收入成長大量收入來自於積壓的訂單。

The next question comes from Joe O'Dea with Wells Fargo.

下一個問題來自富國銀行的 Joe O'Dea。

Please proceed.

請繼續。

Hey, good morning.

嘿，早安。

And just on Slide 5 and the revenue mix and looks like maybe 15% or so in direct, could you just talk about the end market exposure within that?

就投影片 5 和收入組合來看，直接看起來可能是 15% 左右，您能談談其中的終端市場風險嗎？

How you think about that sit within the portfolio on a go-forward basis?

您如何看待投資組合中的未來發展？

And then, Mark, just with the restructuring announcement today on and as you think about proceeds toward the end of the year, just any perspective on how you're thinking about kind of offsetting the exits dilution and sort of timing objectives around achieving that?

然後，馬克，就在今天宣布重組的同時，當您考慮年底的收益時，您對如何考慮如何抵消退出稀釋以及實現這一目標的時間目標有何看法？

Yes.

是的。

So on the mixture of all, we view our operating model as an integrated operating model.

因此，在所有方面的混合上，我們將我們的營運模式視為綜合營運模式。

So for every market, every vertical, we segment the market by products, sometimes by brand even.

因此，對於每個市場、每個垂直領域，我們都按產品（有時甚至按品牌）對市場進行細分。

And we make sure that we get to a fall in time instrumental in market share standpoint and so forth.

我們確保及時下降對市場份額等方面有幫助。

Some markets where we see an ability to both sell value, create high service attach rates and being able to drive the life cycle value of those products in the buildings within, we are always going to choose or direct channel and all branches are going to do the vast majority of the work.

在某些市場，我們看到有能力銷售價值，創造高服務附加率，並且能夠推動建築物內這些產品的生命週期價值，我們總是會選擇或直接管道，所有分支機構都會這樣做絕大多數工作。

Now there's parts of the markets where maybe it's harder to sell value or that's not where the customer wants to meet us of the life cycle value incomes in a different profile, either because of the application of the building itself, the type of vertical It addresses.

現在，部分市場可能更難出售價值，或者客戶不想在不同的情況下滿足我們的生命週期價值收入，要么是因為建築本身的應用，要么是因為它所解決的垂直類型。

I'll just simply the complexity of that nature because it's more commoditized part of the market, both mid to low end of the market.

我只是簡單地介紹一下這種性質的複雜性，因為它是市場中更商品化的部分，無論是中低端市場。

And there we use and leverage highly of indirect channels for distribution and sales partner where we are able to eat mostly the mid to lower end of the market and trends stay away from that rollout of complex part of the market.

在那裡，我們高度利用和利用分銷和銷售合作夥伴的間接管道，我們能夠佔據大部分中低端市場，並且趨勢遠離市場複雜部分的推出。

Now the second part of your question on capital and current term and restructuring and our ability to offset dilution.

現在，你的問題的第二部分是關於資本、當前期限、重組以及我們抵消稀釋的能力。

The capital deployment plan is going to be very similar to what we've done historically when we've had large divestiture a

資本部署計劃將與我們歷史上大規模剝離資產時所做的非常相似。

nd you can see how we took that approach.

您可以看到我們是如何採取這種方法的。

For example, in 2019, when we divested of all battery power solutions business, the goal is going to be able to return as quickly and as efficiently as possible the the positives of the divestiture, as we see a clear line of sight of closing of the transaction, the restructuring action, we are going to take them as early as possible.

例如，2019年，當我們剝離所有電池電源解決方案業務時，我們的目標是能夠盡可能快速、高效地恢復剝離帶來的積極影響，因為我們看到了關閉該業務的清晰視線。 ，我們將儘早採取。

We are not going to wait for the transaction to close now that certain action patients that are going to have to be taken at all after restructuring.

我們不會等待交易完成，因為重組後必須採取某些行動。

So that's why the timing on some of that benefit and cost is a little bit difficult for us to commit to.

因此，這就是為什麼我們很難承諾某些收益和成本的時機。

But we have a clear plan on how to deploy and continue to improve our operating model as we have throughout the past couple of years.

但我們對如何部署和繼續改進我們的營運模式有一個明確的計劃，正如我們過去幾年所做的那樣。

In.

在。

The next question comes from Noah Kaye with Oppenheimer.

下一個問題來自諾亞·凱和奧本海默。

Please proceed.

請繼續。

Thanks.

謝謝。

two questions.

兩個問題。

First, I assume the free cash flow conversion guy doesn't include the tax payments on the divestitures.

首先，我假設自由現金流轉換人員不包括資產剝離的稅金。

Would you expect those to fall within the year?

您預計這些會在年內下降嗎？

Just for housekeeping purposes.

只是為了家事目的。

Second, and just to put a finer point on the answer to the earlier question, on the 500 million of benefit over time from restructuring that has assumed to be immaterial to the 25 guide, I just want to confirm that,

其次，為了更好地回答先前的問題，重組帶來的 5 億美元的長期利益被認為對 25 指南來說並不重要，我只是想確認一下，

but then I think more sustainably, can you just give us some broad strokes of what the the cost out program entails and perhaps more qualitatively, how you may be changing the configuration of the business or your go to market within that program?

但後來我更永續地思考，您能否給我們一些關於成本削減計劃的大致內容，也許更定性地介紹一下您如何在該計劃內改變業務配置或進入市場？

So now you first documents to you afterwards.

所以現在你先向你記錄文件。

And so you're making the right assumption.

所以你做了正確的假設。

The in terms of, you know, detail exactly where we are going to focus on.

你知道，就我們將重點關注的細節而言。

It's around really simplifying and leveraging better of cost structure with the work we've done over the past six to nine months to rightsize our organization and really get a better grasp on where and how we deploy resources of the gates that the market opportunities further driving that, that that simplification and provide better clarity and also at the end and improving the customer experience that most of our clients and customers are facing.

這是透過我們在過去六到九個月中所做的工作來真正簡化和更好地利用成本結構，以調整我們的組織規模，並真正更好地掌握我們在哪里以及如何部署市場機會進一步推動的資源。

Now pulp from an operating structure, as you see any significant change to our business portfolio, we've been pursuing opportunities to refine the business structure and the operating model to facilitate that simplicity and clarity.

現在，從營運結構來看，正如您看到我們的業務組合發生任何重大變化一樣，我們一直在尋求機會來完善業務結構和營運模式，以促進簡單性和清晰度。

We talked about that.

我們討論過這個。

So we'll keep you updated as we see changes needed in.

因此，當我們看到需要進行的更改時，我們會及時通知您。

You know, we operate and present ourselves.

你知道，我們經營並展示自己。

This concludes our question and answer session.

我們的問答環節到此結束。

I would now like to turn the conference back over to Mr. George Oliver for any closing remarks.

現在我想將會議轉回喬治·奧利佛先生發表閉幕詞。

Yes, I want to thank all of you for joining us today.

是的，我要感謝大家今天加入我們。

As we conclude fiscal 2024 and look to the future, I am confident Johnson Controls is heading in the right direction.

當我們結束 2024 財年並展望未來時，我相信江森自控正朝著正確的方向前進。

Synergies here in creating momentum entering fiscal 2025.

綜效為進入 2025 財年創造動力。

Our customer value proposition is resonating demonstrated by our sales and service growth mode four consecutive quarters of building a record backlog.

我們的銷售和服務成長模式連續四個季度創造了創紀錄的積壓，證明了我們的客戶價值主張引起了共鳴。

We are well positioned to capitalize on the opportunities ahead provided by our leadership in building solutions and our and operating model.

我們處於有利地位，可以充分利用我們在建立解決方案和營運模式方面的領導地位所提供的未來機會。

So I want to thank you for your continued support and confidence and Johnson Controls.

因此，我要感謝您以及江森自控的持續支持與信任。

And with that, operator, that concludes our call.

接線員，我們的通話到此結束。

Thank you.

謝謝。

The conference has now concluded.

會議現已結束。

Thank you for attending today's presentation.

感謝您參加今天的演講。

You may now disconnect.

您現在可以斷開連線。

Yes, yes, yes.

是的，是的，是的。

Yes, yes, yes.

是的，是的，是的。