江森自控 (JCI) 2025 Q1 法說會逐字稿

Good morning, and welcome to the Johnson Controls first quarter 2025 earnings conference call.

早安，歡迎參加江森自控 2025 年第一季財報電話會議。

(Operator Instructions)

（操作員指令）

Please note this event is being recorded.

請注意，該事件正在被記錄。

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

現在，我想將會議發言權交給投資者關係副總裁吉姆盧卡斯 (Jim Lucas)。

Please go ahead.

請繼續。

Good morning, and thank you for joining our conference call to discuss Johnson Controls' fiscal first-quarter 2025 results.

早安，感謝您參加我們的電話會議，討論江森自控 2025 財年第一季的業績。

The press release and related tables that were issued earlier this morning as well as the conference call slide presentation can be found on the Investor Relations portion of our website at johnsoncontrols.com. Joining me on the call today are Johnson Controls' Chairman and Chief Executive Office, George Oliver; and Chief Financial Officer, Marc Vandiepenbeeck.

今天早上發布的新聞稿和相關表格以及電話會議幻燈片演示可以在我們網站 johnsoncontrols.com 的投資者關係部分找到。今天與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)；和財務長 Marc Vandiepenbeeck。

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

在我們開始之前，請允許我提醒您，在今天的演示中，我們將做出前瞻性的陳述。

Actual results 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，實際結果可能與前瞻性陳述所示的結果有重大差異。

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.

請參閱我們向美國證券交易委員會提交的文件，以了解有關這些風險和不確定性以及此類前瞻性陳述固有局限性的詳細討論。

We will also reference certain non-GAAP measures.

我們也將參考某些非公認會計準則指標。

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 of this presentation, both of which can be found on the Investor Relations section of Johnson Controls' website.

這些非 GAAP 指標與最直接可比較的 GAAP 指標的對帳表包含於我們新聞稿所附的附表中以及本簡報的附錄中，兩者均可在江森自控網站的「投資者關係」部分找到。

I will now turn the call over to George.

現在我將電話轉給喬治。

Thanks, Jim.

謝謝，吉姆。

And good morning, everyone.

大家早安。

Thank you for joining us on the call today.

感謝您今天的參加電話會議。

I'd like to start by taking a moment to thank all Johnson Controls' employees for their hard work and tremendous contributions in helping us achieve an excellent start to the year with our strong quarterly results.

首先，我要感謝江森自控全體員工的辛勤工作和巨大貢獻，幫助我們以強勁的季度業績實現了今年的良好開端。

Before we get into the details on results, I want to briefly address the CEO transition we announced today.

在我們討論結果細節之前，我想先簡單談談我們今天宣布的執行長變更。

As you've likely seen, the Board and I have selected Joakim Weidemanis succeed me as CEO of Johnson Controls in March.

您可能已經看到，董事會和我已於三月選定 Joakim Weidemanis 接替我擔任江森自控執行長。

I will remain on the Board through August 1 to support a seamless transition and will remain an advisor to the company until I officially retire at the end of December.

我將繼續留在董事會直到 8 月 1 日，以支持無縫過渡，並將繼續擔任公司顧問，直到 12 月底正式退休。

It has been the honor of my career to lead Johnson Controls for 8 years, working alongside an incredible team and to have been a part of the JCI-Tyco merger before that.

在我的職業生涯中，我很榮幸能夠領導江森自控八年，與一支出色的團隊一起工作，並且在此之前還參與了江森自控與泰科合併案。

We have accomplished a tremendous amount during that time, and I could not be more pleased with the company we have built.

我們在這段時間裡取得了巨大的成就，我對我們建立的公司感到非常滿意。

Together, we have successfully simplified our portfolio and positioned our company as a leading pure-play building solutions provider.

透過共同努力，我們成功簡化了我們的產品組合，並將公司定位為領先的純建築解決方案提供者。

We are driving results based on our unique value proposition with an ability to serve our customers over the life cycle of the building.

我們根據獨特的價值主張推動成果，並有能力在建築的整個生命週期內為客戶提供服務。

The company's future lies in building on the momentum we have underway.

公司的未來取決於我們目前的發展動能。

Our company has an incredibly strong bench, including our talented CFO, Marc.

我們公司擁有一支非常強大的團隊，包括才華橫溢的財務長馬克。

This transition came together after a rigorous and thoughtful succession planning process.

這次過渡是經過嚴格而周到的繼任計畫過程後實現的。

And I am confident that as you get to know Joakim, you will agree that the company is in very capable hands, and he is the right leader for Johnson Controls.

我相信，當您逐漸了解喬金之後，您就會同意，這家公司非常有能力，他是江森自控最合適的領導者。

Joakim comes from Danaher, where he worked for 13 years.

Joakim 來自丹納赫，他在那裡工作了 13 年。

He is a highly accomplished executive with extensive experience scaling global companies with a foundation of customer orientation, innovation, and efficiency.

他是一位非常有成就的主管，在以客戶為導向、創新和效率為基礎擴展全球公司方面擁有豐富的經驗。

His track record of leading service-oriented businesses and leveraging technology to deliver best-in-class financial performance is uniquely suited for where Johnson Controls is in its value creation journey.

他在領導服務型企業和利用技術實現一流財務業績方面的業績記錄非常適合江森自控目前的價值創造之旅。

I will remain fully engaged until Joakim steps into the CEO role, then I will work with him and the rest of the management team as we seamlessly transition leadership and set Johnson Controls up for continued success.

在喬金擔任執行長之前，我會全心投入工作，然後我會與他以及其他管理團隊合作，無縫過渡領導層，為江森自控的持續成功做好準備。

With that, I will turn to a more in-depth discussion of our first quarter performance.

接下來，我將更深入地討論我們的第一季業績。

Let's begin with slide 4.

讓我們從幻燈片 4 開始。

Johnson Controls is starting 2025 with great momentum and a clear focus as validated by our first quarter results.

江森自控以強勁勢頭和明確的重點開啟 2025 年，我們的第一季業績證明了這一點。

Importantly, each of our businesses contributed to robust revenue growth and significant margin expansion and remain positioned for our ongoing shareholder value creation.

重要的是，我們的每項業務都促進了強勁的收入成長和大幅的利潤率擴張，並將繼續為股東創造價值。

These results reinforce the considerable progress we have made through our transformation efforts and demonstrate the success of our strategic initiatives, which have driven increased demand for our core systems and service offerings.

這些結果鞏固了我們透過轉型努力所取得的巨大進步，並證明了我們的策略舉措的成功，這些舉措推動了對我們的核心系統和服務產品的需求增加。

We are confident that our performance provides a solid foundation as we move through the year.

我們相信，我們的業績將為全年發展奠定堅實的基礎。

Auto momentum remained solid with 16% growth in the quarter, driven by double-digit growth in both Systems and Service.

汽車業務保持強勁成長勢頭，本季成長 16%，這主要得益於系統和服務業務的兩位數成長。

The sustained demand for our tailored engineered solutions offerings not only fuel growth, but also positions as well for continued success.

我們量身定制的工程解決方案的持續需求不僅推動了成長，也為持續的成功奠定了基礎。

Our focus on driving operational excellence and fostering innovation is enabling our performance and building on our capability to deliver consistent, predictable results.

我們專注於推動卓越營運和促進創新，這提高了我們的業績並增強了我們提供一致、可預測結果的能力。

Taking into account our strong performance to date, we are raising our guidance for the year.

考慮到我們迄今為止的強勁表現，我們上調了今年的業績預期。

Marc will provide more details later in the call.

馬克將在稍後的通話中提供更多詳細資訊。

We are confident in our ability to maintain our momentum and deliver a long-term shareholder value creation.

我們有信心保持發展動能並為股東創造長期價值。

Please turn to the next slide.

請翻到下一張投影片。

Johnson Controls is experiencing consistent progress across key verticals, demonstrating the breadth of our expertise and stability of our business model.

江森自控在各個關鍵垂直領域都取得了持續進展，展現了我們專業知識的廣度和業務模式的穩定性。

Our global presence across multiple domains with a simplified operating model enables us to assist and grow our customer relationships over the course of the entire building life cycle while also delivering safe, healthy, and sustainable solutions.

我們的業務遍佈全球多個領域，並採用簡化的營運模式，這使我們能夠在整個建築生命週期中協助和發展客戶關係，同時提供安全、健康和永續的解決方案。

By focusing on the entire life cycle, we create great customer intimacy while achieving a high level of customer retention, a key metric and differentiator.

透過專注於整個生命週期，我們建立了良好的客戶親密度，同時實現了高水準的客戶保留率，這是一項關鍵指標和差異化因素。

Our services business, supported by long contractual engagements empowers us to optimize performance at every phase across all building systems, driving increased value for our customers.

我們的服務業務在長期合約的支援下，使我們能夠優化所有建築系統每個階段的性能，從而為客戶創造更高的價值。

This is largely achieved through our global branch network in its more than 20,000 qualified technicians, but also through the continuous advancements in innovation and strategic use of AI.

這主要透過我們遍布全球的分支機構網路和超過 20,000 名合格技術人員來實現，同時也透過不斷進步的創新和人工智慧的策略使用來實現。

We leverage remote monitoring by employing AI to drive utilization and efficiency.

我們利用人工智慧來實現遠端監控，以提高利用率和效率。

For instance, proactive repair recommendations are contributing to a larger share of our overall services growth.

例如，主動的維修建議對我們整體服務的成長貢獻率越來越大。

Additionally, customer surveys indicate that Johnson Controls technicians are regarded as trusted advisors, which is due in large part to our local market strategy.

此外，客戶調查表明，江森自控技術人員被視為值得信賴的顧問，這在很大程度上歸功於我們的本地市場策略。

Our product-agnostic central operations infrastructure supports our technicians with monitoring, call intake, dispatch, and technical support to ensure a seamless and efficient process.

我們與產品無關的中央營運基礎設施為我們的技術人員提供監控、呼叫接收、調度和技術支持，以確保無縫且高效的流程。

This provides best-in-class turnaround time and improved system uptime.

這提供了一流的周轉時間並提高了系統正常運作時間。

We continue to build momentum as a leading solutions provider to data centers, which is one of our fastest-growing verticals and remains an attractive opportunity.

我們繼續保持作為資料中心領先解決方案提供者的發展勢頭，資料中心是我們成長最快的垂直領域之一，並且仍然是一個相當吸引力的機會。

I am pleased to report that Johnson Controls was recently named the No.1 implementer among data center thermal management providers.

我很高興地告訴大家，江森自控最近被評為資料中心熱管理提供者中的第一個實施者。

It was recognized as a top innovator.

它被公認為頂級創新者。

We are one of only two players to be named an overall leader in the field and are proud to be a key partner in supporting the infrastructure of the digital economy.

我們是僅有的兩家被評為該領域總體領導者的公司之一，並且很自豪能夠成為支持數位經濟基礎設施的重要合作夥伴。

We are capitalizing on the significant transformation underway to support safer and more efficient manufacturing, reshoring initiatives in Industry 4.0. This is illustrated by how we are driving mission-critical solutions in the healthcare vertical.

我們正在利用正在進行的重大轉型來支持更安全、更有效率的製造業和工業4.0的回流計劃。這體現在我們如何推動醫療保健垂直領域的關鍵任務解決方案。

Hospitals and healthcare facilities face growing challenges, including aging infrastructure and the need to meet ambitious sustainability targets.

醫院和醫療機構面臨越來越大的挑戰，包括基礎設施老化和需要實現雄心勃勃的永續發展目標。

Our comprehensive portfolio, including advanced HVAC systems, fire protection, and our OpenBlue platform helps healthcare providers enhance air quality, improved infection control, and reduce energy cost while meeting regulatory requirements.

我們全面的產品組合，包括先進的 HVAC 系統、防火系統和我們的 OpenBlue 平台，可協助醫療保健提供者提高空氣品質、改善感染控制並降低能源成本，同時滿足監管要求。

OpenBlue is another area where we have expanded upon our generative AI capabilities.

OpenBlue 是我們擴展生成式 AI 能力的另一個領域。

Our software can now easily explain building equipment faults and trends using generative AI and help users with easy-to-understand investigation and resolution steps.

我們的軟體現在可以使用生成式人工智慧輕鬆解釋建築設備故障和趨勢，並幫助使用者進行易於理解的調查和解決步驟。

Additionally, we can now analyze energy and carbon emissions across their real estate portfolio and evaluate compliance against any local regulations related to excess carbon emissions, helping customers better plan and prioritize capital improvement projects and facility improvement measures.

此外，我們現在可以分析其房地產組合的能源和碳排放，並評估其是否符合與過量碳排放相關的任何當地法規，從而幫助客戶更好地規劃和確定資本改善項目和設施改善措施的優先順序。

Pharmaceutical manufacturing is also a dynamic area where demand for advanced production environments including clean rooms has surged to support the production of innovative therapies and medications.

製藥業也是一個充滿活力的領域，對包括無塵室在內的先進生產環境的需求激增，以支持創新療法和藥物的生產。

These facilities require precise temperature, humidity, and air quality management.

這些設施需要精確的溫度、濕度和空氣品質管理。

Our leading solutions ensure that they can operate efficiently, safely, and sustainably.

我們領先的解決方案確保它們能夠高效、安全且可持續地運作。

Across the broader manufacturing sector, our ability to integrate smart, energy efficient, and resilient technologies helps manufacturers optimize their operations and achieve their long-term goals.

在更廣泛的製造業領域，我們整合智慧、節能和彈性技術的能力可協助製造商優化營運並實現其長期目標。

Our performance in these verticals and our use of AI demonstrate our ability to address the unique needs of mission-critical environments across a range of industries.

我們在這些垂直領域的表現以及我們對人工智慧的使用證明了我們有能力滿足各行各業關鍵任務環境的獨特需求。

By leveraging our advanced technology, digital innovation, and focus on sustainability, we continue to deliver measurable value for our customers and position ourselves as a leader in driving long-term growth.

透過利用我們的先進技術、數位創新和對永續發展的關注，我們繼續為客戶提供可衡量的價值，並將自己定位為推動長期成長的領導者。

In summary, our strong start to fiscal 2025 reflects the success of our strategy to simplify our portfolio and position Johnson Controls as a leading pure-play building solutions provider.

總而言之，我們在 2025 財年的強勁開局反映了我們簡化產品組合和將江森自控定位為領先的純建築解決方案提供商的策略的成功。

The significant progress in our transformation is enabling us to achieve more consistent and predictable performance as we continue to deliver value for our stakeholders.

我們轉型過程中取得的重大進展使我們能夠實現更一致、可預測的績效，同時繼續為利害關係人創造價值。

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

說完這些，我會把話題交給馬克。

Thanks, George.

謝謝，喬治。

Before I review our results, I would like to thank you for your leadership of Johnson Controls.

在回顧我們的表現之前，我想感謝您對江森自控的領導。

I have deeply appreciated your partnership over the years and want to wish you all the best in your well-deserved retirement.

我非常感謝多年來的合作，並祝您在退休後一切順利。

I look forward to working with you and your Joakim over the coming months to ensure a seamless transition.

我期待在接下來的幾個月與您和您的 Joakim 合作，確保順利過渡。

Please turn to slide 6.

請翻到幻燈片 6。

Our long-cycle backlog and unwavering commitment to operational excellence enables us to produce strong first-quarter results and deliver enhanced shareholder value.

我們的長週期積壓訂單和對卓越營運的堅定承諾使我們能夠取得強勁的第一季業績並提供更高的股東價值。

Organic revenue grew 10%, and segment margin expanded a robust 200 basis points to 15%, led by substantial improvement in both EMEA/LA and Global Products.

有機收入成長了 10%，分部利潤率大幅增加 200 個基點至 15%，這得益於 EMEA/LA 和全球產品的大幅改善。

Adjusted EPS of $0.64 was up nearly 40% year over year and exceeded the high end of our guidance range by $0.04. We are pleased with our strong start to the year that reinforce our operational strength and effective strategy.

調整後每股收益為 0.64 美元，年增近 40%，超出我們預期範圍高端 0.04 美元。我們對今年的強勁開局感到高興，這增強了我們的營運實力和有效策略。

On the balance sheet, we ended the first quarter with $1.2 billion in available cash and net debt decrease to 2.3 times, which is within our long-term target range of 2 to 2.5 times.

在資產負債表上，我們在第一季結束時擁有 12 億美元的可用現金，淨債務減少至 2.3 倍，這符合我們 2 至 2.5 倍的長期目標範圍。

Our adjusted free cash flow of approximately $600 million has improved nearly $800 million year-over-year.

我們的調整後自由現金流約為 6 億美元，較上年同期增加了近 8 億美元。

This trend demonstrate the significant improvements in our working capital fundamentals leading to increased efficiency, reduced costs, and enhance customer satisfaction.

這一趨勢表明我們的營運資本基礎得到了顯著改善，從而提高了效率、降低了成本並增強了客戶滿意度。

Let's now discuss the segment result in more details on slides 7 through 9.

現在讓我們在第 7 至第 9 頁更詳細地討論片段結果。

Beginning on slide 7, Global Products had a strong start to the year.

從第 7 張投影片開始，全球產品公司今年開局強勁。

Organic sales grew 15% as price remained positive and we delivered 11 points of volume growth.

由於價格保持正成長，有機銷售額成長了 15%，且銷量成長了 11 個百分點。

Applied HVAC grew more than 30% with strong double-digit growth in North America and EMEA/LA.

應用 HVAC 成長超過 30%，其中北美和 EMEA/LA 地區實現強勁的兩位數成長。

Adjusted segment EBITDA margin expanded an impressive 740 basis points to 30.1% as enhanced operational efficiencies are producing substantial margin improvements.

由於營運效率的提高帶來了利潤率的大幅提高，調整後分部 EBITDA 利潤率大幅擴大了 740 個基點，達到 30.1%。

Turning to slide 8 and 9 to discuss our building solutions performance.

翻到幻燈片 8 和 9 來討論我們的建築解決方案表現。

Building solutions delivered a strong quarter with consistent performance across all regions.

建築解決方案本季表現強勁，所有地區表現一致。

Orders grew 16% in the quarter with strong double-digit growth in both systems and services.

本季訂單成長 16%，系統和服務均實現強勁的兩位數成長。

Orders in North America increased 18% in the quarter, led by over 20% growth in the system as we continue to see strong demand for data centers, healthcare, broader industrial and manufacturing.

由於我們繼續看到對資料中心、醫療保健、更廣泛的工業和製造業的強勁需求，本季北美訂單成長了 18%，其中系統成長超過 20%。

Additionally, we experienced an up update in order during the quarter as our customer proactively adapt to the changing global landscape, including anticipated tariffs.

此外，由於我們的客戶積極適應不斷變化的全球格局（包括預期的關稅），我們在本季度經歷了訂單的上升。

Service grew 10% with broad-based strength across the portfolio.

服務業務成長了 10%，整個投資組合呈現全面強勁成長。

In EMEA/LA, orders were up 6% with 9% growth in service and 4% growth in system.

在 EMEA/LA 地區，訂單成長 6%，服務成長 9%，系統成長 4%。

In Asia Pacific, progress continued as our year-long effort to rebuild the pipeline led to positive outcomes.

在亞太地區，我們為期一年的重建管道的努力取得了積極成果，進展持續。

Overall, orders grew 32%, led by 40% growth in system while service grew in the low teens.

整體而言，訂單量增加了 32%，其中系統成長了 40%，而服務量也僅增加了 10% 左右。

Organic sales increased 8%, led by 10% growth in service and 8% growth in systems.

有機銷售額成長 8%，其中服務成長 10% 和系統成長 8%。

Sales in North America was up 10% organically with continued strength across HVAC and controls.

北美地區銷售額有機成長 10%，暖通空調和控制產品持續維持強勁成長。

In EMEA/LA, organic sales grew 6% with solid growth in controls, fire, security, and industrial refrigeration.

在 EMEA/LA 地區，有機銷售額成長 6%，控制、消防、安全和工業冷凍領域穩健成長。

In Asia Pacific, sales grew 5% organically led by strong double-digit growth in our resilient service business.

在亞太地區，銷售額有機成長 5%，這得益於我們富有彈性的服務業務實現強勁的兩位數成長。

The building solution segments have experienced notable marginal improvements through strategically building backlog with higher margin system jobs with a long service tail.

建築解決方案部門透過策略性地建立具有長期服務尾部的利潤率更高的系統作業積壓訂單，實現了顯著的邊際改善。

Our margin story remained consistent this quarter, mirroring the positive trends observed in previous quarters.

本季我們的利潤率保持穩定，反映了前幾個季度的積極趨勢。

By region, EMEA/LA adjusted segment EBITDA margin expended 240 basis points to 10.1%, driven by improved productivity and the positive mix from growth in service.

按地區劃分，EMEA/LA 地區調整後分部 EBITDA 利潤率上漲 240 個基點至 10.1%，這得益於生產力提高和服務成長的積極組合。

In North America, adjusted margin expanded 60 basis points to 12.1%, reflecting the execution of a higher margin backlog.

在北美，調整後的利潤率擴大了 60 個基點，達到 12.1%，反映了更高利潤積壓訂單的執行。

In APAC, adjusted margin expended 20 basis points to 9.3%, driven by positive mix from our service business.

在亞太地區，受服務業務積極組合的推動，調整後利潤率上升了 20 個基點，達到 9.3%。

Building solutions backlog remains at record levels, growing 11% to $13.2 billion.

建築解決方案積壓訂單仍處於創紀錄水平，成長 11%，達到 132 億美元。

Service backlog grew 8% and system backlog grew 12% year over year.

服務積壓訂單年增8%，系統積壓訂單年增12%。

Our record backlog provides visibility into future revenue, enabling us to drive consistent and predictable financial results.

我們的創紀錄積壓訂單提供了未來收入的可視性，使我們能夠實現一致且可預測的財務表現。

A strong foundation allows us to strategically plan and meet the sustained demand for solutions, ensuring continued growth.

堅實的基礎使我們能夠制定策略規劃並滿足對解決方案的持續需求，確保持續成長。

Let's discuss the fiscal 2nd quarter and full-year guidance on slide 10.

讓我們在第 10 張投影片上討論第二財季和全年業績指引。

We exited the first quarter with strength and sustained momentum as we executed on our strategic initiative and expanded our record backlog.

由於我們執行了戰略舉措並擴大了創紀錄的積壓訂單，我們在第一季結束時表現出強勁的勢頭和持續的動力。

The solid foundation of a great visibility into the remainder of fiscal 2025 and position us well for continued success and growth.

對 2025 財年剩餘時間的良好視覺性奠定了堅實的基礎，為我們繼續取得成功和成長奠定了良好的基礎。

Well, the second quarter, we anticipate organic sales growth of mid-single digits.

我們預計第二季有機銷售額將成長中等個位數。

Adjusted EBITDA margin expansion over 150 basis points to approximately 16.5% and adjusted EPS in the range of $0.77 to $0.79, representing 12% to 14% growth.

調整後 EBITDA 利潤率擴大超過 150 個基點至約 16.5%，調整後 EPS 在 0.77 美元至 0.79 美元之間，成長 12% 至 14%。

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

就全年而言，我們繼續預期有機銷售額將實現中等個位數成長，這與我們的長期成長演算法一致。

Following a strong start to the year and then improved service mix, we are pleased to raise our full-year guidance for both margin and adjusted EPS.

由於今年開局強勁且服務組合改善，我們很高興上調了全年利潤率和調整後每股收益的預期。

Considering the potential impact of tariffs as known today and reflected in our guide, we anticipate higher profitability and continuing enhancement in our financial performance.

考慮到目前已知的和我們指南中反映的關稅的潛在影響，我們預計盈利能力將更高並且財務表現將持續增強。

This expectation is primarily due to a operational focus and strong beginning to the year.

這項預期主要源自於對營運的關注以及年初的強勁表現。

We now anticipate that adjusted segment EBITDA margin to expand over 80 basis points and adjusted EPS in the range of $3.50 to $3.60 per share, representing 9% to 12% growth.

我們現在預計調整後的分部 EBITDA 利潤率將擴大超過 80 個基點，調整後的每股盈餘將在 3.50 美元至 3.60 美元之間，成長 9% 至 12%。

The positive cash flow at the start of the year demonstrate our working capital fundamentals continue to improve.

年初的正現金流顯示我們的營運資本基礎持續改善。

As a result, we now anticipate achieving a free cash flow conversion of 90% or greater for the full year.

因此，我們現在預計全年自由現金流轉換率將達到 90% 或更高。

We continue to target returning 100% of our free cash flow to shareholders through dividend and share repurchase.

我們將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。

Our strong start to the year was driven by an ongoing transformation effort, enhanced operational focus, and precise execution.

我們今年的強勁開局得益於持續的轉型努力、加強的營運重點和精準的執行。

Streamlining processes and prioritizing key initiatives reflect early successes, setting a positive tone for the rest of the year.

簡化流程和優先考慮關鍵舉措體現了早期的成功，為今年剩餘時間奠定了積極的基調。

This solid foundation position us well for continued growth and achievement.

這個堅實的基礎為我們持續的成長和成就奠定了良好的基礎。

We look forward to leveraging our strong momentum throughout fiscal year 2025.

我們期待在 2025 財年繼續保持強勁勢頭。

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

接線員，請打開熱線來回答問題。

Thank you.

謝謝。

We will now begin the question-and-answer session.

我們現在開始問答環節。

(Operator Instructions)

（操作員指令）

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

現在，我們將暫停一下，以整理我們的名單。

Nigel Coe, Wolfe Research.

奈傑爾·科（Nigel Coe），沃爾夫研究公司。

Good morning, everyone.

大家早安。

Thanks for the all the details.

感謝您提供所有詳細資訊。

So, congratulations on Joakim's appointment.

所以，恭喜 Joakim 獲得任命。

I'm just wondering, George, as Chairman of the Board, maybe you could talk about what sort of mandates you're delivering to Joakim as he comes in with a free hand.

喬治，我只是想知道，作為董事會主席，也許您可以談談當喬金·喬金完全自由地掌權時，您會給他什麼樣的授權。

Just wondering any sort of guardrails around his mandate.

只是想知道他的任務周圍有什麼樣的護欄。

Yeah.

是的。

I mean, we named Joakim effective on March 12.

我的意思是，我們任命喬金於 3 月 12 日生效。

It was through our rigorous and thoughtful succession planning process.

這是透過我們嚴格而周到的繼任計畫流程來實現的。

He comes with, as we've discussed, on a 13-year Danaher -- experience with Danaher, extensive experience scaling global companies with a foundation of customer orientation, innovation, and efficiency.

正如我們所討論的，他在丹納赫擁有 13 年的工作經驗，在以客戶為導向、創新和效率為基礎擴展全球公司規模方面擁有豐富的經驗。

And I think as you look at his background, his track record of leading service-oriented businesses, leveraging technology to be able to deliver best-in-class financial performance is uniquely suited for where Johnson Controls is in its value creation journey.

我認為，看看他的背景、他在領導服務型企業的業績記錄，以及他如何利用技術實現一流財務業績，這些都特別適合江森自控目前的價值創造之旅。

I think as we've talked about with the strategy that we've developed, you can see the momentum that we've built with that strategy.

我認為，正如我們所討論的我們所製定的戰略一樣，你可以看到我們透過該戰略所建立的勢頭。

I think he comes in, brings incredible operational background.

我認為他的加入帶來了令人難以置信的營運背景。

And a lot of work around strategy that as we take that foundation forward, we're going to be positioned to be able to capitalize on the full growth potential of the company.

我們圍繞著策略做了大量工作，隨著我們在此基礎之上向前發展，我們將能夠充分利用公司的全部成長潛力。

Couldn't be more excited to have him coming on board, working with him, and ultimately going through a seamless transition.

我非常高興他能加入我們，與他一起工作，並最終實現無縫過渡。

Okay, okay.

好的，好的。

It doesn't sound like there's any -- Okay, great.

聽起來好像沒有任何——好的，太好了。

And then just maybe a question for Marc.

然後也許我只想問馬克一個問題。

On the free cash conversion, that's sort of 90% plus for the full year.

就自由現金轉換而言，全年約為 90% 以上。

Maybe just remind us, how much does that include cash restructuring payments with the ongoing program?

也許只是提醒我們，其中包括正在進行的計劃中的現金重組支付多少？

And just maybe just touch on some of the changes you're making to the process to maybe just deliver better and more consistent free cash flow.

也許只是觸及您對流程所做的某些改變，也許只是為了提供更好、更穩定的自由現金流。

Yeah.

是的。

Hey, Nigel.

嘿，奈傑爾。

So we include our $250 million of restructuring cash in our 90% conversion.

因此，我們將 2.5 億美元的重組現金納入了 90% 的轉換中。

And that's obviously a headwind against what you would expect to see at around 100%.

這顯然是與你所期望的 100% 左右的成長目標背道而馳的。

We've talked about the other structural challenges that we've seen.

我們已經討論了所看到的其他結構性挑戰。

As far as changes we are making and we've made, it's all about our operating system, and going back to the fundamental on what type of jobs we accept, how do we plan on billing the customer and collecting on the progress payment.

就我們正在做的和已經做的改變而言，這一切都與我們的操作系統有關，並且回歸到我們接受什麼類型的工作、我們計劃如何向客戶開具賬單以及收取進度款的基本問題。

It's also a lot of the work that has been done within our global products team in leveraging better volume and relying less on inventory to be able to drive that growth.

我們的全球產品團隊也做了大量工作，利用更好的銷售量、減少對庫存的依賴，以推動成長。

You saw our global products in the quarter grew about 11% unit with about the same level of inventory they had to hold in those businesses versus last year.

您會看到，本季我們全球產品的單位面積產量增加了約 11%，而這些業務所持有的庫存水準與去年同期大致相同。

So, we are very pleased with what we're seeing from an operational standpoint and also fundamental change and that allows us to convert better from a free cash flow standpoint.

因此，我們對從營運角度和根本性變化所看到的情況感到非常滿意，這使我們能夠從自由現金流的角度實現更好的轉變。

Steve Tusa, J.P. Morgan.

摩根大通的史蒂夫·圖薩。

Hey, good morning.

嘿，早安。

Okay.

好的。

Congrats on the on the appointment, and seems like it was a nice, exhaustive search.

恭喜您獲得任命，看來這是一次愉快、詳盡的搜尋。

It seems like a good outcome,

這似乎是一個很好的結果，

So just kind of calibrating the guidance here, I mean your orders are comping up 16.

因此，只是在這裡校準指導，我的意思是您的訂單增加了 16 個。

Your organic this quarter was pretty strong, yet you kind of held the mid-single digit guide.

您本季的有機成長相當強勁，但您仍然維持著中等個位數的指導水準。

Anything you're concerned about in the next few quarters?

您對接下來幾季有什麼擔心嗎？

Although you did guide second quarter pretty well as well.

儘管你確實也很好地指導了第二季。

So, anything in the back half?

那麼，後半部還有什麼嗎？

Obviously, the comps get a bit tougher, but anything you're worried about in the back half to drive that type of slowing?

顯然，比賽變得更加艱難，但你擔心後半段有什麼事情會導致速度放緩嗎？

Yeah, I wouldn't call it slowing.

是的，我不會稱之為減速。

But yes, you're right, Steve.

但是的，你是對的，史蒂夫。

The second half comp has become more difficult, particularly our fourth quarter, where we had very solid growth last year in Q4 and year-on-year compare there is pretty heavy.

下半年的比較變得更加困難，特別是我們的第四季度，去年第四季我們的成長非常穩健，而且年比來看，我們的成長相當可觀。

And the math, of course, of Q4 is also higher from a total revenue standpoint, make the arithmetic of the second half growth a little tougher.

當然，從總收入的角度來看，第四季的計算結果也更高，這使得下半年的成長計算更加困難。

I think the way you need to think about that mid-single digit is all of our businesses will grow in that mid-single digit level.

我認為你需要思考的是，我們所有的業務都將以中等個位數的水平成長。

APAC may be a little bit higher than the rest.

亞太地區可能比其他地區略高一些。

I think for us to be comfortable to start raising above that level, we need a little bit more clarity on what we think tariff is going to do overall to our markets or end markets, particularly in North America.

我認為，為了讓我們安心地開始提高關稅水平，我們需要更清楚地了解關稅將對我們的市場或終端市場（特別是在北美）產生什麼影響。

And then seeing if APAC actually rebounds.

然後看看亞太地區是否真的會反彈。

Right now, we're seeing them kind of bottoming out and were starting some growth, but it's not the level of growth you would expect given the couple of challenging years these markets have seen.

目前，我們看到它們正在觸底並開始實現一些成長，但考慮到這些市場過去幾年所經歷的挑戰，這並不是你所預期的成長水平。

Okay.

好的。

And then just lastly on data center-related business.

最後談談與資料中心相關的業務。

I assume the orders are still pretty strong.

我認為訂單仍然強勁。

Do you expect an acceleration in -- you booked a lot of orders last year; the lead times are a bit longer.

您是否預計會加速—去年您接了很多訂單？交貨時間會稍微長一些。

Are you still seeing accelerated growth rates from a sales perspective in data center for '25 versus '24?

從銷售角度來看，您是否仍看到 2025 年資料中心的成長率相對於 2024 年有所加速？

Yeah, yeah.

是啊是啊。

This is for both orders and revenue is accelerating.

這對於訂單和收入來說都在加速。

What you saw in the first quarter that solid order, particularly North America, some of that had to do with some acceleration of those orders that people who are trying to get ahead of the change in leadership in the country here in January.

您在第一季看到穩固的訂單，特別是北美訂單，其中一些與那些試圖在一月份該國領導層變動之前完成訂單的人們的訂單加速有關。

And some of it had to do with further visibility that some of our large data center customers have now on their demand for cooling over the next couple of years.

這在一定程度上與我們的一些大型資料中心客戶對未來幾年冷凍需求的進一步了解有關。

But we don't see that momentum slowing down whatsoever.

但我們並未看到這種勢頭有任何放緩跡象。

Scott Davis, Melius Research.

戴維斯 (Scott Davis)，Melius Research。

Hey.

嘿。

Good morning, guys.

大家早安。

And I'll echo my colleague's comments on Joakim, we know him well, and he's going to be a great fit for you guys, so congrats.

我同意我的同事對喬金的評價，我們很了解他，他會非常適合你們，所以要恭喜他。

I'll wait until he starts to ask the questions about his mandates and stuff.

我會等到他開始詢問有關他的任務和其他問題。

But I do want to ask a little bit about your order book and -- has it changed over time?

但我確實想問一下您的訂單簿以及它隨著時間的推移有什麼變化嗎？

Meaning, are the orders a little bit longer duration now than they used to be?

意思是，現在訂單的持續時間是否比以前稍微長一點？

Are people trying to get in the queue just given how large so many of these projects are, obviously, data center but not just data center, the projects overall?

人們是否想排隊，因為這些專案顯然很多都是資料中心，但不僅僅是資料中心，而是所有專案？

It's going to be meaningfully larger than perhaps what we've seen at least in recent history.

它的規模至少會比我們近代歷史上所見過的規模更大。

Do you see a change in that order book, the duration, the lead times, that type of thing?

您是否看到訂單簿、持續時間、交貨時間等方面發生了變化？

We do see a little bit of a shift toward longer cycle businesses and that comes not just market back, but also how we address the opportunity we see in the market.

我們確實看到了向長週期業務的轉變，這不僅涉及市場回歸，還涉及我們如何抓住市場中的機會。

And we see the pipeline of opportunity continue to grow.

我們看到機會管道不斷成長。

And as we focus our commercial organization toward the most attractive parts of the market where we can actually sell value in margin, but also attach a long service tail to the opportunities we look at.

當我們將商業組織重點放在市場上最有吸引力的部分時，我們實際上可以在這些部分以利潤形式出售價值，同時也為我們所看到的機會提供長期服務。

Naturally, that means we build a little bit stronger customer intimacy.

自然，這意味著我們建立了更牢固的客戶親密關係。

With that comes order that are probably a little bit earlier than we saw historically, where we were a little bit more transactional and reactive to the market, and therefore, we take order kind of later in the cycle.

隨之而來的訂單可能比我們歷史上看到的要早一點，我們的交易性和對市場的反應性更強一點，因此，我們在週期的後期接受訂單。

So yeah, naturally, our holders have a tendency now to have a little bit longer tail than they did.

是的，很自然地，我們的持有者現在的尾巴比以前要長一點。

And then the core verticals that are growing, data center, healthcare, and manufacturing, more, I would say, complex and elaborate customer that do multiyear planning that includes pushing order's ability to revenue a little further down the timeline.

然後是正在成長的核心垂直產業，資料中心、醫療保健和製造業，我想說的是，這些產業更加複雜和精細，客戶會進行多年的規劃，其中包括將訂單的收入能力推遲到更遠的時間段。

Okay, that's helpful.

好的，這很有幫助。

And guys, this is not a criticism, just one -- would love to have some color though on incremental margins.

夥計們，這不是批評，只是希望在增量利潤上有一些色彩。

When I just think about the service mix this quarter and then the price in that backlog, I would have guessed maybe incrementals to be a little bit higher than 30%.

當我考慮本季的服務組合以及積壓訂單的價格時，我猜測增量可能會略高於 30%。

But I know there's lots of -- there's always puts and takes to that, maybe if we can just get a little color on that, and then I'll pass it on.

但我知道這其中有很多——總是會有一些得失，也許如果我們能對此有一點了解，然後我就會把它傳遞下去。

Thank you.

謝謝。

No, absolutely.

不，絕對不是。

There's two real aspect, I would say, conservatism still.

我想說，有兩個現實方面，一是仍然存在保守主義。

The first one comes from foreign exchange, right?

第一個是外匯方面的吧？

We have about a nickel of pressure coming from just purely the dollar strengthening.

美元走強給我們帶來了約五分之一的壓力。

It's not big, but from a margin rate standpoint, it puts a little bit of pressure.

雖然不大，但從保證金率的角度來看，還是有一點壓力。

And the second thing I'd tell you is we really need to have a little bit more clarity around tariff and what it will do and how we will be able to pass on that price to the customer and can we drive also margin on that price ultimately.

我想告訴你的第二件事是，我們確實需要對關稅有更清晰的認識，以及它的作用、我們如何能夠將該價格轉嫁給客戶，以及我們最終能否在該價格上提高利潤。

And as you know, the tariff landscape is very fluid and changing rapidly, and so our ability to risk clarity, predict what it will do to our margin expansion is a little bit muted in the second half.

如您所知，關稅情況非常不穩定且變化迅速，因此，我們的風險清晰度、預測其對下半年利潤率擴張的影響的能力有些減弱。

Julian Mitchell, Barclays.

巴克萊銀行的朱利安·米切爾。

Hi.

你好。

Good morning.

早安.

Maybe just wanted to follow up if you could give any more detail on the tariff perspective in terms of share of costs or production from some of the affected areas and how we'd think about the speed with which you'd offset those effects with higher prices and then anything more fundamental post that.

也許只是想跟進一下，您是否可以就受影響地區的成本或生產份額等關稅角度提供更多細節，以及我們如何考慮以更高的價格抵消這些影響的速度，然後是任何更根本的後續措施。

Thank you.

謝謝。

Yeah.

是的。

It's hard to tell you with precision exactly how it's going to be affecting.

很難準確地告訴你它到底會產生怎樣的影響。

I'll tell you two or three things.

我會告訴你兩三件事。

The first one is we have evolved our manufacturing strategy to manufacture in the region for the region, and that has helped us protecting some part of what's been announced.

首先，我們制定了製造策略，在該地區為該地區製造產品，這有助於我們保護已宣布的部分產品。

As I mentioned earlier, that landscape around tariff is very uncertain right now, and every day almost is changing.

正如我之前提到的，目前關稅情況非常不確定，而且幾乎每天都在變化。

But we do have manufacturing capabilities in North America that are not just based in the continental US, some of it in New Mexico, some of it is in Canada.

但我們在北美確實擁有製造能力，不僅位於美國大陸，其中一些位於新墨西哥州，一些位於加拿大。

And so, depending on how those tariffs will be enacted will have a particular impact.

因此，取決於這些關稅將如何實施，將會產生特定的影響。

I'll tell you we have successfully dealt in the past with tariff, either by passing it on to the customer, sometimes with margins, sometimes just one for one.

我可以告訴你們，我們過去曾成功地處理過關稅問題，要么把它轉嫁給客戶，要么給客戶加利潤，要么一對一。

And we've also been able to pass on some of the pressure we see through the supply chain, either directly on price concessions from our suppliers, or naturally, you'll have the effect of currencies on some of the tariffs that will offset some of that pressure.

我們也能夠將我們所看到的一些壓力轉嫁到供應鏈上，要麼直接透過供應商的價格優惠，要麼自然地，貨幣對一些關稅的影響會抵消一些壓力。

We are working very diligently on our supply chain levers to drive better resilience in that supply chain and allow us to continue to drive that regionalization.

我們正在非常努力地改進我們的供應鏈槓桿，以提高供應鏈的彈性，並使我們能夠繼續推動區域化。

We're working a little bit our supply chain network to kind of minimize ultimately the effect of tariffs should that be enacted.

我們正在努力改善我們的供應鏈網絡，以盡量減少關稅的影響。

That's great.

那太棒了。

Thank you.

謝謝。

And then just my follow-up would be around the corporate cost, just really the spirit of the question trying to understand the sort of pace of stranded cost reduction and the exit rate into 2026 for that line.

然後我的後續問題將圍繞企業成本，問題的核心是試圖了解擱淺成本削減的速度，以及該生產線到 2026 年的退出率。

Because I think your guide for this year implies it's sort of $260-ish million the corporate cost in the first half and then a decent step-down in the second half from that number.

因為我認為，今年的指導方針暗示，上半年企業成本約為 2.6 億美元，而下半年則將比現在大幅下降。

So, is the exit rate from this year a good steady state with stranded costs leaned out when we're thinking about the medium term?

那麼，當我們考慮中期時，今年的退出率是否處於良好穩定狀態，擱淺成本降低？

Thank you.

謝謝。

No, for sure.

不，當然。

So, part of that stranded cost is obviously sitting at corporate, and the timing of moving some of that cost that you would have maybe historically seen in the segments that we've divested is now kind of sitting at corporate.

因此，部分擱淺成本顯然是由公司承擔的，而將部分成本轉移至公司（我們過去可能在已剝離的部分業務中看到過這種情況），現在正是將部分成本轉移至公司的時候。

And as we look at the restructuring and the benefit of that restructuring, as you mentioned, you're going to see a lot of that coming out of the corporate expense in the second half.

正如您所說，當我們研究重組及其效益時，您會看到許多重組效益來自下半年的企業費用。

But particularly into '26 as we are going to be able to fully enact a lot of the activities from a transformation and restructuring, allowing us to really drive a lot of leverage on our corporate cost and taking it down quite materially, looking beyond this current fiscal year.

但特別是進入26年，我們將能夠全面實施轉型和重組帶來的許多活動，這使我們能夠真正發揮企業成本的槓桿作用，並將其大幅降低，而不僅僅是本財年。

Amit Mehrotra, UBS.

瑞銀的阿米特·梅赫羅特拉 (Amit Mehrotra)。

Thanks a lot.

多謝。

Good morning, everybody.

大家早安。

George, as you -- I just wanted to come back to the CEO question, maybe one more time.

喬治，正如你所說——我只是想再回到執行長的問題上一次。

There's obviously been a lot of progress on the strategic side, so I assume we shouldn't expect much change in terms of where the portfolio of businesses is today, maybe an acceleration of the product, productivity margin opportunities.

顯然，在策略方面已經取得了很大進展，因此我認為，我們不應該期待當前的業務組合會發生太大的變化，或許是產品、生產力利潤機會的加速。

So, maybe you can just talk about what you guys found Joakim would be bringing to the table that you and the Board found particularly attractive for the company.

所以，也許你可以談談你和董事會認為 Joakim 能為公司帶來什麼特別有吸引力的東西。

Yeah.

是的。

The journey we've been on and with the strategy, we've really set Johnson Controls up to be the leader building -- commercial building solutions, they're really built on -- the core of it is the technology in our products.

透過我們的歷程和策略，我們真正將江森自控打造為商業建築解決方案的領導者，而我們真正的核心在於我們產品的技術。

It's our digital platform that we deploy, and then it's ultimately the services that we gain with the connectivity and the use of data.

這是我們部署的數位平台，最終是我們透過連接和使用數據所獲得的服務。

And so as we've looked at the portfolio, we are -- we'll complete the residential and light commercial divestiture by the end of the year.

因此，當我們審視投資組合時，我們將在年底前完成住宅和輕型商業資產的剝離。

That's a big step toward being more of a pure play.

這是向純粹遊戲邁出的一大步。

There's roughly about 10% of the remaining portfolio that might not be core to the commercial building solutions, and so we'll continue to update you as we address those on an ongoing basis.

剩餘投資組合中約有 10% 可能不是商業建築解決方案的核心，因此我們將繼續向您更新最新情況，並持續解決這些問題。

But we feel really good about how we're positioned in the market, the differentiation that we bring to our customers and in the operating model that we're operating with that now is delivering very predictable results right from how we're working with customers, how we're building pipeline, how we're converting pipeline, and ultimately how we're attaching services.

但我們對自己在市場中的定位、我們為客戶帶來的差異化以及我們現在的營運模式感到非常滿意，這種模式從我們如何與客戶合作、我們如何建立管道、我們如何轉換管道，以及最終我們如何附加服務等方面都提供了非常可預測的結果。

And so as I said earlier, with the Joakim's experience coming in and his operational experience as well as strategic experience, certainly, as we look at the portfolio and the ability to be able to create growth, we see significant opportunity.

正如我之前所說，隨著 Joakim 的經驗、營運經驗以及策略經驗的積累，當我們審視投資組合和創造成長的能力時，我們當然會看到巨大的機會。

And so a lot of the focus will be now capitalizing on that opportunity with the strong operating system that we've built, really understanding the secular trends that are underway in the commercial building segment.

因此，我們現在的重點將是利用我們已建造的強大操作系統來抓住這一機會，真正了解商業建築領域正在發生的長期趨勢。

And we believe that we're going to be uniquely positioned now to capitalize on more than our fair share.

我們相信，我們現在將擁有獨特的優勢，可以利用我們應得的份額以外的更多資源。

Okay, that's very helpful.

好的，這非常有幫助。

Thank you.

謝謝。

And just related to that, maybe one follow up for Marc.

與此相關的是，也許對馬克來說還有一個後續問題。

With respect to the margin outlook, can you just talk about maybe the cadence of margins from here as we progress through fiscal '25?

關於利潤率前景，您能否談談隨著我們進入 25 財年，利潤率的節奏如何？

And then as you think about benchmark the business and look at where the productivity opportunities are.

然後，當您考慮對業務進行基準測試並查看生產力機會在哪裡時。

Maybe more longer-term question, where do you think the biggest margin opportunity exists today for the business?

也許這是一個更長期的問題是，您認為目前企業最大的利潤機會在哪裡？

Yes.

是的。

Looking first at how we look at the second quarter, you'll see margin improvement, obviously, across the board, but the biggest opportunity will come from EMEA/LA and global product.

首先看看我們對第二季的看法，你會看到利潤率明顯全面提高，但最大的機會將來自歐洲、中東和非洲/洛杉磯以及全球產品。

As well as as we see that lift in volume in Asia Pacific, you'll see margin returning more closer to historical levels.

正如我們所看到的，亞太地區的銷量上升，您會看到利潤率更接近歷史水平。

So for second quarter, and probably the same applies consistently for the second half for the same segments, that's where we see the opportunity for margin lift.

因此對於第二季而言，並且對於下半年的相同細分市場而言，同樣的情況可能也同樣適用，這就是我們看到利潤率提升的機會。

North America will see improvement, but not at the same level as those other three businesses that see a lot of opportunity.

北美地區將會出現改善，但不會達到其他三個充滿機會的行業所達到的水平。

Longer term, if you think about the opportunity set here is really twofold.

從長遠來看，如果你仔細想想，這裡的機會實際上是雙重的。

The first one is we've set in place an operating model that works really well and is starting to deliver performance.

首先，我們已經建立了一個運作良好、並開始發揮績效的營運模式。

But the continued simplification and the restructuring effort we are doing around where we manufacture, how we manufacture, the amount of product we have in our line card and how we deploy our commercial resource around the market against that great franchise of product we've established, and we continue to establish customer intimacy in all the market to drive better growth.

但是，我們正在圍繞生產地點、生產方式、產品線產品數量以及如何在市場上部署商業資源來進行持續的簡化和重組，以鞏固我們已經建立的優秀產品特許經營權，並繼續在整個市場建立客戶親密度，以推動更好的成長。

I think that's where you're going to continue to see improvement in our margin because that will provide the right level of growth to support better lift in our base cost.

我認為這就是您將繼續看到我們的利潤率提高的地方，因為這將提供適當的成長水平，以支持更好地提高我們的基本成本。

We kind of fix the foundation of our cost, and it's all about leverage here.

我們在某種程度上確定了成本的基礎，而這一切都與槓桿有關。

And it's really that focus around customer back, trying to continue to drive more than our fair share from a market growth standpoint.

我們的重點確實是圍繞著客戶，試圖從市場成長的角度繼續爭取超過我們應得的份額。

Chris Snyder, Morgan Stanley.

摩根士丹利的克里斯·斯奈德。

Thank you.

謝謝。

Maybe I wanted to ask about two kind of longer-term questions here.

也許我想在這裡問兩種長期問題。

The first is on the growth profile.

第一是關於成長概況。

The company is talking to mid-single digit growth this year.

該公司預計今年將實現中等個位數的成長。

Obviously, some tough comps here in the back half, so maybe stepping down to exit the year.

顯然，下半年會有一些艱難的競爭，所以也許會在年底辭職。

But when you think longer term, how much runway do you think there is for the company to maintain this mid-single digit organic growth?

但從更長遠的角度來看，您認為公司能夠維持這種中等個位數的自然成長嗎？

Obviously, backlog is still incredibly high.

顯然，積壓訂單仍然非常多。

Orders don't seem to be slowing down much.

訂單量似乎沒有明顯放緩。

So, any views on just the duration behind this?

那麼，對於這背後的持續時間有什麼看法嗎？

Thank you.

謝謝。

Yeah.

是的。

So if you look at the long term, I get around that mid-single digit, it's supported first by our continued service growth.

因此，如果從長期來看，我得到的數據是這個中等個位數左右，這首先得益於我們持續的服務成長。

That service business is probably going to run mid-single to high-single digits, really coming from two fundamental change in the operating model.

該服務業務的成長率可能將達到個位數中段至高段，這實際上源自於營運模式的兩個根本性變化。

First, every time we think about a new system, we try to get as much as we can from a service entitlement associated to that.

首先，每次我們考慮一個新系統時，我們都會嘗試從與之相關的服務權利中獲取盡可能多的信息。

That means focusing on the right vertical but also continuously increasing our customer intimacy.

這意味著我們不僅要專注於正確的垂直領域，還要不斷提高與客戶的親密度。

The second thing I'd tell you is we have created a base of products and capabilities that are well-suited for the subsegments of the market that are fundamentally growing at a higher pace than what you would see in the expectation of GDP or market growth.

我想告訴你的第二件事是，我們已經創建了一系列產品和能力，非常適合市場中的各個細分領域，這些細分領域的成長速度從根本上高於 GDP 或市場成長的預期。

And I'm thinking here about, obviously, data center we keep on talking about, but it's also generally our manufacturing capabilities as well as our healthcare businesses.

我在這裡想到的顯然是我們一直在談論的資料中心，但它通常也涉及我們的製造能力以及醫療保健業務。

Those three segments continue to outpace the market.

這三個細分市場繼續領先市場。

That comment is actually applicable to the vast majority of our geographies, and I think it will continue to evolve that way.

這一評論實際上適用於我們絕大多數地區，而且我認為它將繼續這樣發展。

So, continue to drive product capabilities that serve that market well and where we can continuously generate value will help support that mid-single digit and hopefully more than that over the long-term algorithm.

因此，繼續推動能夠很好地服務於該市場的產品能力以及我們能夠不斷創造價值的地方將有助於支持該中等個位數，並且希望在長期演算法中能支援更多的數字。

Thank you.

謝謝。

I appreciate that.

我很感激。

And then I want to follow up on some of the earlier commentary about the company realizing better margin backlog kind of starting to flow through into the P&L.

然後，我想跟進一下之前關於公司實現更好的利潤積壓並開始流入損益表的一些評論。

So, I guess is that -- will that continue?

那麼，我猜這會持續下去嗎？

I imagine prices kind of steadily pushed higher here over the last couple of years.

我想過去幾年這裡的價格會穩定上漲。

So, is the expectation or is the margin in the backlog kind of continually getting better?

那麼，預期或積壓訂單的利潤率是否會持續改善？

And then the second piece of that, you guys obviously have a very big backlog.

然後是第二部分，你們顯然有很多積壓工作。

There's long duration behind it.

這背後有著很長的持續時間。

Is there a price [protectionism] in the event that we get more tariffs coming through here?

如果我們遭遇更多關稅，會付出什麼代價（保護主義）呢？

Are you guys able to offset that with price on what's already in the backlog?

你們能透過已經積壓的貨物的價格來抵銷這一損失嗎？

Thank you.

謝謝。

Great question.

好問題。

So, the margins in the backlog continue to improve simply because we continue to be able to sell value to customer.

因此，積壓訂單的利潤率持續提高只是因為我們能夠繼續向客戶銷售有價值的產品。

There's obviously going to be an inflection point at some time in the future.

顯然，未來的某個時候將會出現一個轉折點。

But we're far from that inflection point as the way we see it.

但就我們看來，我們距離這個轉捩點還很遠。

As far as tariffs, a large part of our backlog has contractual abilities for us to pass on that price.

就關稅而言，我們很大一部分積壓訂單都有合約規定我們可以轉嫁該價格。

Some of those contracts allows us to pass the price and probably maintain margin.

其中一些合約允許我們傳遞價格並可能保持利潤。

Some of those, it's more of a one-to-one, and therefore, we can recuperate the headwind associated with the tariff, but maybe not the margin on top.

其中一些更像是一對一的，因此，我們可以收回與關稅相關的逆風，但可能無法收回最高的利潤。

And then there's a portion of our backlog that is with larger holder, largest customer that have, I would say, a little bit more leverage.

然後，我們的部分積壓訂單是屬於較大的持有者、最大的客戶的，我想說，他們擁有更多的槓桿作用。

And we will have to negotiate with those customers how we are going to deal with the potential tariff that could be applicable for those products.

我們將必須與這些客戶協商如何處理可能適用於這些產品的潛在關稅。

I'll tell you that for the vast majority of those customers where, maybe not word for word we have full protection, we have created products that are critical to their success, and we have real great partnership with them.

我可以告訴您，對於絕大多數客戶，儘管我們可能沒有逐字逐句地提供全面保護，但我們已經創造了對他們的成功至關重要的產品，並且與他們建立了真正的良好合作關係。

And so, I feel very comfortable that we'll find a way to make it economical for both side and create a successful relationship with those customers.

因此，我非常放心，我們能夠找到對雙方都經濟實惠的方法，並與這些客戶建立成功的關係。

Joe Ritchie, Goldman Sachs.

高盛的喬·里奇。

Hey, guys.

嘿，大家好。

Good morning, and nice start to the year.

早安，祝新的一年有個美好的開始。

Let me just kind of focus, I guess, my questions on margins.

我想，讓我把問題集中在利潤上。

So if I recall last quarter, when we were talking about global products there was an expectation, I think, that the margins were going to be kind of closer toward like the low to mid-20s.

所以，如果我沒記錯的話，上個季度當我們談論全球產品時，我認為人們預期利潤率將更接近 20% 左右。

They came in a lot better.

他們表現得好多了。

And so, my first question is what really surprised to the upside this quarter on global products margins?

那麼，我的第一個問題是，本季全球產品利潤率的上升真正令人意外的是什麼？

I wouldn't say surprised, right?

我不會感到驚訝，對吧？

We always put some conservatism to our guidance to try and make sure we don't surprise to the negative too much.

我們始終在指導中加入一些保守的元素，以確保不會導致過多的負面意外。

There's two elements that really drove the outsized margin of global products in the first quarter.

有兩個因素真正推動了第一季全球產品利潤率的大幅提升。

It's first their ability from a third-party revenue standpoint to drive a nice unit growth.

首先，從第三方收入的角度來看，他們有能力推動良好的單位成長。

That 11% unit growth was a little higher than what our original low- to mid-20s first half was contemplating.

11%的單位成長率略高於我們最初預期的上半年約20%的成長率。

That team has done an excellent job driving that book and bill business, that short-cycle business at a very high level.

該團隊在推動帳簿和帳單業務以及短週期業務方面做得非常出色，並且處於很高的水平。

Some of it came from very transparently from some orders accelerating as some people were positioning inventory prior to the new administration taking control in January, but some of it is really fundamentally better blocking and tackling from a commercial standpoint.

其中一些問題非常明顯地來自於一些訂單的加速，因為一些人在 1 月份新政府掌權之前就開始佈局庫存，但從商業角度來看，還有一些問題實際上是從根本上更好地阻止和解決的。

The other part is that as the data center vertical growth continues to accelerate, that business saw the benefit both internal margin and external margin as we saw a lot of growth in our product sales through our field-based business or building solutions business in the other segment.

另一部分是，隨著資料中心垂直成長的持續加速，該業務的內部利潤和外部利潤都獲得了好處，因為我們透過現場業務或其他部門的建築解決方案業務看到了產品銷售的大幅成長。

And as you know, a little bit of volume in that business goes a long way, and we saw across the board better volume, better units, particularly on our equipment and our HVAC business that helped really absorb those factory get great productivity and really see a nice margin lift.

如您所知，該業務的銷量很小，但銷量會有很大幫助，我們看到整體銷量和單位數量都有所改善，特別是我們的設備和暖通空調業務，這真正幫助吸收了這些工廠的產能，並真正看到了利潤率的大幅提升。

That's super helpful, Marc.

這非常有幫助，馬克。

I guess maybe just a quick follow-up to that.

我想也許只是對此進行快速跟進。

So, was there a way to maybe quantify that kind of tariff floating comment for the first quarter?

那麼，有沒有辦法可以量化第一季的這種關稅浮動評論？

And then as you think about the second half of the year, it looks like you're embedding about flattish margins.

然後當你考慮今年下半年時，看起來你的利潤率將會持平。

Is that just some conservatism because you're not really sure how the tariffs are going to play out?

這是否只是因為您不確定關稅將如何發揮作用而產生的保守主義？

I'll answer the latter with one word, yes.

我會用一個字來回答後者，是的。

The uncertainty on tariffs has, as forced us to say to, put some conservative on how we look at the second half and what it's going to do to margin rate.

不得不說，關稅的不確定性讓我們對下半年的看法以及對利潤率的影響持保守態度。

As far as what that did to the first quarter, I'll point you more in orders than revenue.

至於這對第一季的影響，我會更多地指出訂單而不是收入。

If you look at that really strong first quarter of order of about 16%, I would say about a third of that was orders that we would have normally probably saw in the second quarter where customers were just accelerating the orders because they wanted to get the uncertainty associated with not just tariff, but overall, the macroeconomic or political landscape, and they wanted to get ahead of it.

如果您看一下第一季非常強勁的訂單量（約 16%），我會說其中約三分之一是我們通常會在第二季度看到的訂單，客戶只是在加速訂單，因為他們想獲得與關稅有關的不確定性，但不僅僅是與關稅有關，而且與整體宏觀經濟或政治格局有關，他們想要領先一步。

So, there's a little bit of volatility in our orders, as you know, if you look at orders quarter over quarter.

因此，如果您查看每個季度的訂單情況，您會發現我們的訂單有點波動。

And so, I think this will solidify the year as we start really strongly.

所以，我認為這將鞏固我們今年的開局，因為我們的開局非常強勁。

But we probably had some benefit in Q1 of orders that we would have normally seen in Q2, and that will probably be reflected in our orders in the second quarter.

但我們在第一季的訂單量可能比在第二季通常會看到的訂單量增加，這可能會反映在第二季的訂單量中。

Noah Kaye, Oppenheimer.

諾亞凱、奧本海默。

Thank you.

謝謝。

Just looking at the organic sales growth and mix of offerings, applied really leading the group here.

只需看一下有機銷售成長和產品組合，應用就真正引領了該集團。

When we think about the mid-single digit organic growth for the year, Marc, can you kind of give us some goalposts for how you think about that among the different offerings?

馬克，當我們考慮今年的中等個位數有機成長時，您能否為我們提供一些目標，說明您對不同產品之間的有機成長有何看法？

I would assume that applied will continue to be a leader here, but any color you can provide would be helpful.

我認為應用程式將繼續在這裡佔據領先地位，但您提供的任何顏色都會有所幫助。

We do see continued growth in applied and also in this industrial refrigeration.

我們確實看到應用製冷和工業製冷領域的持續成長。

Both those businesses with the heat pump conversion in Europe as well as the data center globally, and manufacturing is a great tailwind for our HVAC applied business.

歐洲的熱泵轉換業務以及全球的資料中心和製造業都對我們的 HVAC 應用業務產生了巨大的推動作用。

Our more transactional business or more electronics business, I'm thinking about our controls business as well as fire and security has a challenging second half of the year, to be honest with you.

說實話，我們的交易業務或更多的電子業務，我認為我們的控制業務以及消防和安全業務在今年下半年將面臨挑戰。

The indicator still from a construction standpoint are not super, super strong, they're flattish, and that dampens a little bit our ability to grow from that market vertical.

從建築角度來看，該指標仍然不是超級強勁，而是平淡無奇，這在一定程度上削弱了我們從該垂直市場成長的能力。

We've also been very diligent in driving the commercial team within those businesses to really focus on the subparts of the market that drive service.

我們也非常努力地推動這些企業內的商業團隊真正專注於推動服務發展的市場子部分。

And so, we think that while those particular product lines may be a little bit challenged in the second half of the year from a growth standpoint, not being able to read double digits, they will at least provide a great base for our ability to grow service in the long term.

因此，我們認為，雖然從成長的角度來看，這些特定的產品線在下半年可能會面臨一些挑戰，無法達到兩位數的成長，但它們至少將為我們長期發展服務的能力奠定良好的基礎。

Very helpful.

非常有幫助。

Thanks, Marc.

謝謝，馬克。

And then you mentioned earlier, the real focus on service entitlements for new business.

然後您之前提到，真正關注的是新業務的服務權利。

Maybe just refresh us on where that entitlement, the attachment rate related to today and kind of where you see it going over the next year or two.

也許只是讓我們重新認識這項權利、與今天相關的附加率以及您認為未來一兩年內它將如何發展。

Yeah.

是的。

Our attachment rate right now is depending on the business line between the low 40s to the high 40s.

我們目前的附著率取決於 40% 出頭到 40% 出頭的業務線。

The best businesses are higher than that, obviously, in the 60s and 70s.

顯然，20 世紀 60 年代和 70 年代最好的企業的利潤率都高於這個數字。

And where we think ultimately our entitlement is, while I don't want to box myself to an exact number, I always point to industries that have demonstrated an ability to drive a very, very high attach rate.

我們認為我們最終有權獲得什麼，雖然我不想把自己限制在一個確切的數字上，但我總是指出那些已經證明有能力推動非常非常高的附加率的行業。

I'm thinking about oil and gas industry, or for example, the elevator industry.

我在考慮石油和天然氣行業，或例如電梯行業。

That is able to drive 60, 70, maybe sometimes higher than that.

這可以達到 60、70，有時甚至更高。

We feel that's where our entitlement is long term.

我們認為，從長遠來看，這就是我們的權利。

It means making some change to our operating model, drive more manufacturing for service and a few changes to how we address certain end market, but we think that entitlement is absolutely attainable over the mid to long term.

這意味著對我們的營運模式進行一些改變，推動更多的服務製造，並對我們針對某些終端市場的方式進行一些改變，但我們認為，從中長期來看，這些權利絕對是可以實現的。

Andrew Obin, Bank of America.

美國銀行的安德魯‧奧賓 (Andrew Obin)。

Yes.

是的。

Good morning.

早安.

How are you?

你好嗎？

Congratulations on successful CEO succession.

恭喜您成功繼任執行長。

Just a question.

只是一個問題。

I apologize if it was asked.

如果有人問到這個問題，我深感抱歉。

In North America Building Solutions, productivity was a negative $20 million drag.

在北美建築解決方案領域，生產力受到 2000 萬美元的負拖累。

As I said, I apologize if you explained it, but I think it's somewhat unusual.

正如我所說，如果您解釋了這一點，我很抱歉，但我認為這有點不尋常。

And how should we think about it for the rest of the year?

那麼，我們該如何思考今年剩下的時間呢？

Yeah.

是的。

It's a short-term thing.

這是一件短期的事。

So, as we continue to see growth opportunity in North America, we've invested in incremental resources to drive against that growth, whether it's our commercial team and continue to hire more sellers and more sales support as well as the ability to drive incremental service and technician to be able to support that growth.

因此，隨著我們繼續看到北美的成長機會，我們投入了增量資源來推動這種成長，無論是我們的商業團隊，還是繼續僱用更多的賣家和更多的銷售支持，以及推動增量服務和技術人員的能力，以支持這種增長。

And as you go through a large hiring docket like that, one ends up happening in the very short term, you have a little bit of productivity as you onboard those people and make them the best possible self and drive productivity for the rest of the enterprise.

當你處理如此大量的招募事宜時，其中一個會在很短的時間內完成，當你招募這些人並讓他們成為最好的自己時，你會獲得一點生產力，並推動企業其他部門的生產力。

So, I wouldn't take that small $20 million headwind in the quarter as the new normal for that business.

因此，我不會將本季 2,000 萬美元的小幅逆風視為該業務的新常態。

It's really more of an uptick as we -- has really made investments to continue to fuel that growth.

這實際上更像是一種上升趨勢，因為我們確實進行了投資來繼續推動這種成長。

Gotcha.

明白了。

Thank you.

謝謝。

And on fire and security, mid-single digit, nice growth.

火災和安全方面，實現了中等個位數的良好成長。

Could you just talk about sort of what's driving acceleration mid- to high-single digits, global products mid-single digits?

您能否談談推動全球產品加速成長（中高個位數）的因素有哪些？

And how sustainable these trends are into the second half?

這些趨勢在下半年還能持續多久？

Yeah.

是的。

The accelerated growth in EMEA/LA is really around what we've been talking about for the last year almost, is we repivoted completely that commercial organization and have taken a little bit more control over which part of the backlog they look at and just basic commercial intensity.

歐洲、中東和非洲/拉丁美洲地區的加速成長實際上與我們去年一直在談論的內容有關，我們徹底重塑了商業組織，並且對他們所關注的積壓訂單部分以及基本的商業強度進行了更多的控制。

We're going to continue to drive that team, and we believe that the mid- to high-single digit on fire and security in that business is going to continue to evolve.

我們將繼續推動該團隊的發展，我們相信該業務中的中高個位數火災和安全水準將繼續發展。

I'd say that the mid-single-digit that global products you saw in the quarter is twofold.

我想說，本季全球產品銷量的中等個位數成長率是兩倍。

Very strong performance commercially, but kind of an easy compare if you look at the first quarter of last year where we were still railing out the challenges we saw associated with the cyber incident.

從商業角度來看，我們的表現非常強勁，但如果你看看去年第一季度，你會發現當時我們仍在努力應對與網路事件相關的挑戰。

And so, they had a bit of an easier compare, that team, because they were very impacted by that incident.

因此，與那支球隊的比較起來，他們稍微容易一些，因為他們受到那次事件的嚴重影響。

Sahil Manocha, RBC Capital

薩希爾·馬諾查（Sahil Manocha），RBC Capital

Hi.

你好。

Good morning.

早安.

This is Sahil Manocha on for Deane Dray.

這是 Sahil Manocha 代替 Deane Dray 上場。

Just one quick question for me.

我只想問一個簡單的問題。

With net debt to EBITDA of 2.3 time and a cash position of $1.2 billion.

淨債務與 EBITDA 比率為 2.3 倍，現金狀況為 12 億美元。

How are you thinking about capital deployment priorities in the current environment?

在當前環境下，您如何考慮資本配置的優先事項？

Our capital priorities have not changed so we'll return 100% of free cash flow back to shareholders this year.

我們的資本重點沒有改變，因此今年我們將把 100% 的自由現金流還給股東。

The proceeds of our divestiture, assuming there's nothing material from an M&A standpoint that comes between now and in the fourth quarter will be 100% returned to the shareholder via share repurchases.

假設從現在到第四季從併購角度來看沒有任何重大事件，我們資產剝離的收益將透過股票回購 100% 返還給股東。

We will take our discontinued operations business cash flow and use that cash flow to reduce a little bit leverage and to bring it closer to the lower end of our 2% to 2.5%.

我們將利用已終止經營業務的現金流來減少一點槓桿率，使其更接近 2% 至 2.5% 的低端。

But our capital allocation and the diligence we have there has the full support of the Board, and it's not going to change anytime soon.

但我們的資本配置和勤勉工作得到了董事會的全力支持，並且不會很快改變。

Thank you.

謝謝。

(Operator Instructions)

（操作員指令）

Steve Volkmann, Jefferies

史蒂夫·福爾克曼（Steve Volkmann）

Hi.

你好。

Good morning, everybody.

大家早安。

Thanks for taking my questions.

感謝您回答我的問題。

A couple of questions, I guess, on sort of where you are relative to capacity.

我想問幾個問題，關於你們目前的產能狀況。

So, applied and large chiller specifically, I'm guessing things are fairly tight.

因此，具體到應用和大型冷水機組，我猜事情相當緊張。

Is there some color you can give us on that?

您能給我們一些詳細資訊嗎？

And then should we be expecting some capacity additions at some point?

那麼，我們是否應該期待在某個時候增加一些產能？

I would regionalize that answer a little bit.

我會將這個答案稍微區域化一點。

In North America, we have a little bit of capacity, but we are very close to be at capacity.

在北美，我們有一點產能，但是已經非常接近滿載了。

We see, obviously, a very strong backlog and a continued backlog, so we have great visibility there.

顯然，我們看到了非常強勁的積壓訂單和持續的積壓訂單，因此我們在這方面具有很高的可視性。

In EMEA/LA, we are at capacity.

在 EMEA/LA，我們的產能已滿。

We need to probably expand a little bit capacity to be able to follow the trend we see in data center as well as heat pump.

我們可能需要稍微擴大容量才能跟上資料中心和熱泵的趨勢。

And then in Asia Pacific, we still have quite a bit of capacity to be transparent with you because the market has bottomed out, but it hasn't rebounded yet.

在亞太地區，我們仍然有相當大的能力向您保持透明，因為市場已經觸底，但尚未反彈。

And so, our factories in Asia have the ability to drive a whole lot more growth in the future.

因此，我們在亞洲的工廠有能力在未來推動更多的成長。

Okay.

好的。

All right.

好的。

Great.

偉大的。

And then maybe also on the same thread here.

然後也許也在這裡的同一個線程上。

I think, Marc, you just said something about adding some additional field engineers, I guess, in systems and service.

馬克，我想你剛才提到了在系統和服務方面增加一些現場工程師。

But where are you on sort of utilizing these folks?

但是你打算如何利用這些人呢？

Is there still upside to that?

這樣還有好處嗎？

Do you really need more people in order to grow that business more?

您是否真的需要更多人手來進一步發展業務？

So, our operating model really drives very high level of productivity within a field technician.

因此，我們的營運模式確實提高了現場技術人員的生產力水準。

We are continuously working on tools to make them more productive.

我們不斷致力於改進工具，使其更俱生產力。

We -- George talked about it in his opening comments.

我們——喬治在開場白中談到了這一點。

AI is not just a great opportunity for us from a cooling and topline growth standpoint, it's also an incredible opportunity to make our field technician that much more productive, either it's helping them figuring out what the problem is with a particular system or having them standing ready a little faster when it comes to the type of products or services that they need to deliver that particular day, therefore making their day more enjoyable but also much more productive and keeping the customer kind of happy as we come in and out of those facilities quicker.

從冷卻和營收成長的角度來看，人工智慧不僅對我們來說是一個很好的機會，而且它還是一個讓我們的現場技術人員更有效率的絕佳機會，無論是幫助他們找出特定係統的問題所在，還是讓他們更快地做好準備，為他們當天需要提供的產品或服務類型做好準備，從而使他們的一天更加愉快，同時也讓客戶在我們更滿意，並讓客戶在我們進出這些設施時更加愉快。

We continue to invest in our field labor because it's a critical element of our service growth.

我們繼續對現場勞動力進行投資，因為這是我們服務成長的關鍵因素。

Our ability to continuously drive service is critical.

我們持續推動服務的能力至關重要。

And as you see us growing services mid- to high single digit, productivity will help us rely less on labor, but there's still going to be a labor component, and we are going to continuously be searching for the next great talent there.

正如您所看到的，我們的服務以中高個位數成長，生產力將幫助我們減少對勞動力的依賴，但仍然會有一個勞動力組成部分，我們將繼續在那裡尋找下一個偉大人才。

Andy Kaplowitz, Citigroup

安迪‧卡普洛維茲（Andy Kaplowitz）, 花旗集團

Hey.

嘿。

Good morning, everyone.

大家早安。

So APAC order growth, as you said, was actually quite strong.

因此，正如您所說，亞太地區的訂單成長實際上非常強勁。

I know you're still probably a bit cautious about calling the all clear there.

我知道您可能對宣布一切正常仍有些謹慎。

But can you call a definitive turn in that market with the understanding that it's still a fluid environment given the tariff situation?

但考慮到關稅情勢依然不穩定，您能否斷言該市場已經出現了明確的轉變？

Yeah.

是的。

Andy, as we saw early signs of the softness in the region, this goes back over the last 18 months, we proactively took steps to adapt to the lower demand.

安迪，我們看到該地區經濟疲軟的早期跡象，這可以追溯到過去的 18 個月，我們積極採取措施來適應較低的需求。

And ultimately, the increased counterparty risk.

最終導致交易對手風險增加。

And as we rebuild the pipeline, we've now seeing a very strong rebound here with orders at 32% in the quarter.

隨著我們重建管道，我們現在看到這裡出現非常強勁的反彈，本季訂單量增加了 32%。

We believe that we found the bottom with the current run rate, which is in line with the lower market demand.

我們認為，目前的運作率已經觸底，這與較低的市場需求相符。

And so I think based on what we've seen, we've seen real stabilization in the business, and now we're really returning to growth, not only in building the backlog, but the way that we're going to convert going forward.

因此，我認為，根據我們所看到的情況，我們的業務已經真正趨於穩定，現在我們真正恢復了成長，不僅是在建立積壓訂單，而且在我們未來的轉變方式上。

I think, Andy, what's most important is the way that we continue to build services in spite of some of the pressure on the new systems.

安迪，我認為最重要的是，儘管新系統面臨一些壓力，我們仍要繼續建立服務。

Services continues to be strong.

服務業持續表現強勁。

We'll continue to help maintain a healthy segment EBITDA margin as well as continuing -- while we're continuing to rebuild the systems business.

我們將繼續協助維持健康的分部 EBITDA 利潤率並繼續重建系統業務。

So, I think we'll see continued growth within Asia Pac, not only recovery in China, but across the overall Asia Pac region.

因此，我認為我們將看到亞太地區的持續成長，不僅是中國地區的復甦，而且是整個亞太地區的復甦。

And obviously, there's a lot of questions on data centers. which makes sense.

顯然，關於資料中心有很多問題。這是有道理的。

But you obviously have a lot of applied verticals and it seems like you're still getting leadership out of healthcare or education.

但顯然你們擁有許多應用垂直領域，而且似乎你們仍在醫療保健或教育領域佔據領導地位。

But maybe you can opine on some of these verticals and the visibility that you have, you seeing improvement in office, for example, like what are you seeing across the verticals?

但是也許您可以對其中一些垂直行業和您所擁有的可見性發表意見，例如，您看到辦公室的改進，您在垂直行業中看到了什麼？

Yeah, great question.

是的，很好的問題。

So, we continue to see strong double-digit on data center as well as healthcare and some other vertical.

因此，我們繼續看到資料中心、醫療保健和其他一些垂直領域出現強勁的兩位數成長。

We still don't see any acceleration in what I would call core real estate, which is offices and mix buildings would fall into that category for us.

我們仍然沒有看到我所說的核心房地產有任何加速成長，對我們來說，辦公室和混合建築都屬於這個類別。

You still have owners that are trying to figure out what they're going to do with their current asset, and you still see some hesitation in making certain investments.

有些業主仍在試圖弄清楚如何處理他們目前的資產，在進行某些投資時，他們仍會猶豫不決。

It's a market that's not declining.

這個市場並未衰退。

It's just not growing at the pace of the other.

它只是沒有跟上其他事物的成長速度。

We have great solutions and products to address that particular vertical as it rebounds, but it's not where we are seeing the most growth.

我們擁有出色的解決方案和產品來應對這個正在復甦的特定垂直市場，但這並不是我們看到的最大成長領域。

Infrastructure is seeing still some good tailwind from higher commitment from a construction standpoint, and then we're still seeing some positive sign there.

從建設角度來看，基礎設施仍然因更高的投資而獲得一些良好的推動力，我們仍然看到一些積極的跡象。

And then everything from a semiconductor manufacturing or clean room, biomed manufacturing still globally sees a great tailwind, and I don't think we are going to see us stop to that trend anytime soon.

從半導體製造或無塵室到生物醫學製造，全球範圍內的一切仍然面臨著巨大的順風，我認為我們不會在短期內看到這種趨勢的停止。

Joe O'Dea, Wells Fargo

喬·奧迪亞（Joe O’Dea）, 富國銀行

Hi.

你好。

Sorry about that earlier.

我之前對此深感抱歉。

Thanks for getting me back in queue.

感謝您讓我重新回到隊列。

I wanted to start on just restructuring and progress over the course of the quarter, just revisit kind of how you're thinking about the cost impact in '25, the savings impact, whether anything is trending kind of ahead or behind the plans there.

我想從本季度的重組和進展開始，重新審視您如何看待 25 年的成本影響、節省影響，以及是否有任何趨勢領先於或落後於計劃。

Yes.

是的。

So, our expectation hasn't changed from a cost or timing of it.

因此，我們對成本和時間的預期沒有改變。

What I'll tell you is embedded in our guide in the second half, we've seen early signs of progress of the benefits.

我要告訴你們的是，在我們的下半年指南中，我們已經看到了收益成長的早期跡象。

We started addressing very early on the stranded costs we saw as we were getting close to closing the transaction of a divestiture of the ADTI business as well as the residential and light commercial.

當我們即將完成 ADTI 業務以及住宅和輕型商業業務的剝離交易時，我們很早就開始解決所看到的擱淺成本問題。

And that gave us a little bit of a leg up on our ability to drive some of cost out earlier on.

這在某種程度上幫助我們提前削減部分成本。

I think you're going to see some good sign in the second half of the year from a cost standpoint.

我認為從成本角度來看，今年下半年你會看到一些好跡象。

The vast majority of the benefit will really be yielded in fiscal year '26 as we close the transaction in Q4.

由於我們將在第四季完成交易，絕大部分收益將在26財年真正產生。

It will give us an opportunity to really address the vast majority of that stranded cost in the fourth quarter into the first quarter of fiscal year '25 -- '26.

這將使我們有機會在 25 至 26 財年第一季至第四季真正解決絕大部分擱淺成本問題。

Great.

偉大的。

That's helpful color.

這是很有幫助的顏色。

And then just wanted to come back to an earlier comment and about pricing going into backlog and talking about sort of selling value to the customer and just to understand your evaluation of the pricing today and the pricing opportunities.

然後，我只是想回到先前的評論，關於定價進入積壓階段，並談論向客戶銷售的價值，只是為了了解您對今天的定價和定價機會的評價。

And so, what goes into kind of evaluating the value you're delivering and to what degree do you think you're being appropriately compensated for that?

那麼，如何評估您所提供的價值以及您認為您得到了多大程度的適當補償？

Well, it varies on all the different vertical we play, but what I'll tell you is our ability to drive outcome for customers allows us to not have to go into deep detail into what is the actual pricing of each component of the offering we present to them.

嗯，這取決於我們所從事的不同垂直領域，但我想告訴你的是，我們為客戶帶來成果的能力使我們不必深入研究我們向他們提供的產品的每個組成部分的實際定價。

It's a full solution, it's package, and it allows us within our organization to drive best costing and maintain margin.

它是一個完整的解決方案，它是一個包，它允許我們在組織內實現最佳成本並保持利潤。

Obviously, things change whether it's tariff or otherwise, and we have contractual ways to actually address that through change orders with customers.

顯然，無論是關稅還是其他方面，情況都會發生變化，我們透過與客戶的變更訂單來簽訂合同，以實際解決這個問題。

As we actually go and implement those systems, the application varies out.

當我們實際實施這些系統時，應用程式會有所不同。

And most of our contracts have an ability for us to address that through a process that is very defined and allows us to, most of the time, recover not only our cost, but as well the margin and sometimes drive even better value for the customer and JCI.

我們的大多數合約都能夠讓我們透過一個非常明確的流程來解決這個問題，而且大多數時候，它使我們不僅能夠收回成本，還能收回利潤，有時甚至能為客戶和 JCI 帶來更高的價值。

This concludes our question-and-answer session.

我們的問答環節到此結束。

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

我想將會議交還給喬治·奧利弗 (George Oliver) 來做結束語。

Yeah.

是的。

Thanks.

謝謝。

To wrap up the call today, this quarter, Johnson Controls achieved record-setting backlog, double-digit organic sales growth, and broad-based strength across our portfolio.

在今天的電話會議結束時，江森自控本季度實現了創紀錄的訂單積壓、兩位數的有機銷售額增長以及整個產品組合的全面強勁增長。

Our strong start to fiscal 2025 is a testament that Johnson Controls' talented, hard-working team as well as our unwavering commitment to innovation and operational excellence.

我們 2025 財年的強勁開局證明了江森自控才華橫溢、勤奮工作的團隊以及我們對創新和卓越運營的堅定承諾。

And I am confident that Joakim is well suited to lead Johnson Controls next chapter of growth as we build on the strong momentum underway to unlock enhanced value for our stakeholders.

我相信喬金非常適合帶領江森自控開啟新一輪成長，我們將利用目前強勁的發展勢頭為利害關係人創造更高的價值。

With that, operator, that concludes our call today.

接線員，我們今天的通話到此結束。

The conference is 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。