江森自控 (JCI) 2025 Q2 法說會逐字稿

Good morning, and welcome to the Johnson Controls second quarter 2025 earnings conference call. (Operator Instructions) Please note, this event is being recorded. I would now like to turn the conference over to Jim Lucas, Vice President of Investor Relations. Please go ahead.

早安，歡迎參加江森自控 2025 年第二季財報電話會議。（操作員指示）請注意，此事件正在被記錄。現在，我想將會議交給投資者關係副總裁吉姆·盧卡斯 (Jim Lucas)。請繼續。

Good morning and thank you for joining our conference call to discuss Johnson Controls' fiscal second quarter 2025 results. Joining me on the call today are Johnson Controls, Chief Executive Officer; Joakim Weidemanis; and Marc Vandiepenbeeck, our Chief Financial Officer.

早安，感謝您參加我們的電話會議，討論江森自控 2025 財年第二季的業績。今天與我一起參加電話會議的還有江森自控執行長；喬金·魏德曼尼斯以及我們的財務長 Marc Vandiepenbeeck。

Before we begin, let me remind you that during our presentation today, we will make forward-looking statements that reflect our current views about our future performance and financial results. These statements are based on certain assumptions and expectations of future events that are subject to risks and uncertainties.

在我們開始之前，請允許我提醒您，在今天的演示中，我們將做出前瞻性陳述，反映我們對未來業績和財務結果的當前看法。這些聲明是基於對未來事件的某些假設和預期，這些假設和預期受風險和不確定性的影響。

Please refer to our SEC filings for a list of these important risk factors that could cause actual results to differ from our predictions. We will also reference certain non-GAAP measures throughout today's presentation. Reconciliations of these non-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.

請參閱我們的美國證券交易委員會 (SEC) 文件，以了解可能導致實際結果與我們的預測不同的重要風險因素清單。我們還將在今天的演示中引用某些非公認會計準則指標。這些非公認會計準則 (non-GAAP) 指標的對帳表包含在我們新聞稿所附的時間表和本簡報的附錄中，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 Joakim.

現在我將把電話轉給 Joakim。

Thanks, Jim, and good morning, everyone. Thank you for joining us on today's call. I'm just about two months into the job, and I'm appreciative of the very warm outcome I received from the Johnson Controls team. I'd like to start by thanking our 100,000 colleagues around the world for their dedication to our customers and the work they do every day.

謝謝，吉姆，大家早安。感謝您參加今天的電話會議。我上任才兩個月，我很感激江森自控團隊給我的熱情接待。首先，我要感謝我們遍布全球的 10 萬名同事，感謝他們對客戶的奉獻以及他們每天所做的工作。

As you can see from our strong second-quarter results, we continue to execute better across the portfolio. Organic sales grew 7%. Segment margins expanded 180 basis points to 16.7% and adjusted EPS increased 19%.

從我們強勁的第二季業績可以看出，我們在整個投資組合中的表現持續更好。有機銷售額成長了7%。分部利潤率擴大 180 個基點至 16.7%，調整後每股盈餘成長 19%。

During the quarter, orders were up 5%, led by continued strength in our leading applied and resilient service businesses. Overall, we grew our record backlog by 12% to $14 billion. At a fundamental level, these results show broad-based and sustained demand for our differentiated solutions. And now as a more focused company and with strength and execution, we're driving value for all of our customers and shareholders.

本季度，訂單量成長了 5%，這得益於我們領先的應用和彈性服務業務的持續強勁成長。整體而言，我們的訂單積壓量創歷史新高，成長了 12%，達到 140 億美元。從根本上來說，這些結果表明，市場對我們的差異化解決方案有著廣泛而持續的需求。現在，作為一家更專注的公司，憑藉著實力和執行力，我們正在為所有客戶和股東創造價值。

Our strong performance in recent quarters, combined with the continuous momentum in our recurring businesses and record backlog give us the confidence to today raise our guidance slightly for the full year. Marc is going to provide more details on this later in the call.

我們最近幾季的強勁表現，加上我們經常性業務的持續成長勢頭和創紀錄的積壓訂單，使我們有信心今天略微上調全年業績預期。馬克將在稍後的電話會議中提供更多有關此事的詳細資訊。

Now I will share how I've been spending my initial weeks as CEO of Johnson Controls and some of my early observations. I will also touch on the benefits of our new organizational model and reporting segments.

現在我將分享我擔任江森自控執行長的最初幾週的經歷以及我的一些早期觀察。我也會談談我們新的組織模式和報告部門的優勢。

Before I start, my main takeaway is that I see great potential in this iconic 140-year young technology-based and service-enabled company. I have a good sense even in these early days of the opportunity to further enhance value for shareholders.

在我開始之前，我的主要收穫是，我看到了這家具有 140 年歷史的標誌性、以技術和服務為基礎的年輕公司的巨大潛力。即使在初期階段，我也很清楚有機會進一步提高股東價值。

First, what am I seeing? Prior to my role at Johnson Controls, I spent 13 years at Danaher profitably scaling global businesses by building stronger capabilities and operational execution and accelerating organic growth as well as making strategic acquisitions. I learned from that experience that the best way to get to know a business, fast and in-depth is to spend a considerable amount of time at Gemba. This means joining our team on the front line where the action is and where the value is created.

首先，我看到了什麼？在加入江森自控之前，我在丹納赫工作了 13 年，透過增強能力和營運執行力、加速有機成長以及進行策略性收購，實現了全球業務的盈利性擴張。我從那次經歷中了解到，快速深入了解一家企業的最佳方式是在 Gemba 花費大量時間。這意味著加入我們行動和創造價值的第一線團隊。

Over the last 8 weeks, I have visited eight countries, many customers, hundreds of our field colleagues, all of our main R&D centers and walked the floor in 15 factories. I am becoming ingrained in the business, getting up to speed on the needs of our customers, markets, competitors, technologies, services and assessing our capabilities in operational and growth execution, talent and strategy. So where are we now?

在過去的 8 周里，我參觀了 8 個國家、許多客戶、數百名現場同事、所有主要研發中心，並參觀了 15 家工廠。我正在逐漸融入業務，了解客戶、市場、競爭對手、技術、服務的需求，並評估我們在營運和成長執行、人才和策略方面的能力。那我們現在在哪裡？

It's clear to me that Johnson Controls has considerable strengths. First, our market-leading franchises, such as our York HVAC business and our Metasys building automation controls platform; second, our talent in the field is a true differentiator. We have over 40,000 dedicated and customer-oriented employees.

我很清楚，江森自控擁有相當的優勢。首先，我們市場領先的特許經營權，例如我們的 York HVAC 業務和我們的 Metasys 樓宇自動化控制平台；第二，我們在該領域的人才是真正的優勢。我們擁有超過 40,000 名敬業且以客戶為導向的員工。

Finally, our technological capabilities and our product domains are impressive. Our capabilities are evidenced by our many industry firsts and nearly 8,000 patents with more coming. Johnson Controls has come a long way over the last several years. But as I said, there's still great potential to unlock in this iconic technology-based and service-enabled company. An important step in achieving this is our new structure.

最後，我們的技術能力和產品領域令人印象深刻。我們擁有眾多業界首創技術，並擁有近 8,000 項專利（未來還會有更多專利），這充分證明了我們的能力。江森自控在過去幾年取得了長足的進步。但正如我所說，這家標誌性的以技術和服務為基礎的公司仍有巨大的潛力可挖。實現這一目標的重要一步是我們的新結構。

Let me discuss our new organizational model. Johnson Controls has been undergoing a lot of change in the past few years, including the pending sale of our Residential & Light Commercial HVAC business. We have now evolved our operating model, which is an important first step to make us a more customer-centric organization.

讓我來討論一下我們的新組織模式。江森自控在過去幾年經歷了許多變革，包括即將出售我們的住宅和輕型商用暖通空調業務。我們現在已經改進了我們的營運模式，這是使我們成為一個更以客戶為中心的組織的重要第一步。

As you can see on slide 5, we have reorganized the three geographical customer-oriented reporting segments, which are supported by leading global functional capabilities. Our goal is to achieve market-leading performance and build a faster growing and more profitable company by strengthening how we serve our customers, improving our operational performance and accelerating innovation.

正如您在投影片 5 上看到的，我們重新組織了三個以地理客戶為導向的報告部門，這些部門由領先的全球功能能力提供支援。我們的目標是透過加強客戶服務、提高營運績效和加快創新，實現市場領先的業績，並打造一家成長更快、獲利能力更強的公司。

Our three geographical segments serve as our consolidated commercial engine regardless of channel strategy, responsible for improving customer intimacy and market reach, while delivering profitable systems and life cycle solutions growth. The geographical segments are supported by two global centers of functional excellence.

無論通路策略如何，我們的三個地理分部都是我們整合的商業引擎，負責提高客戶親密度和市場覆蓋率，同時提供有利可圖的系統和生命週期解決方案成長。兩個全球卓越功能中心為各地理區域提供支援。

The Products & Solutions Group is tasked with accelerating our rate and speed of innovation and improving our operational performance in supply chain and manufacturing. Our commercial and field operations team is tasked with building capabilities in all commercial areas by deploying best practices and tools which enables our regions to grow faster by finding and winning more customers while improving how we serve them over the life cycle.

產品和解決方案集團的任務是加快我們的創新速度並提高我們在供應鏈和製造方面的營運績效。我們的商業和現場營運團隊的任務是透過部署最佳實踐和工具來建立所有商業領域的能力，這使我們的地區能夠透過尋找和贏得更多客戶而更快地發展，同時改善我們在整個生命週期內為他們提供服務的方式。

This organizational model clarifies and delineates roles and responsibilities in a much better way, and it is the right next step for Johnson Controls. We're looking forward to realizing its benefits. With that, as I said, I have a few initial impressions to share.

這種組織模式更好地明確和劃分了角色和職責，這是江森自控正確的下一步。我們期待實現它的好處。正如我所說，我有一些初步印象可以分享。

First, throughout my travels, I can see that there are opportunities for us to focus a lot more on our customers and our competition in all functions and layers in our organization. I'm encouraging everyone at Johnson Controls from customer-facing to senior leadership to prioritize winning with our customers and to act with speed and urgency. This emphasis, coupled with our new operating model will allow us to build a more agile, faster executing and thereby faster growing and more predictable execution engine.

首先，在我的整個旅行過程中，我發現我們有機會在組織的所有功能和層面上更加關注我們的客戶和競爭對手。我鼓勵江森自控的每一位員工，從面向客戶的人員到高層領導，優先考慮贏得客戶，並迅速而緊急地採取行動。這種重視，加上我們的新營運模式，將使我們能夠建立一個更靈活、執行速度更快、從而成長更快、更可預測的執行引擎。

Second, our operational and innovation execution is slowed by complexities in our current product offerings, number of SKUs, footprint and operating methods. This can be unlocked with tried and proven lean and business system approaches. As some of you know, lean is about orienting and aligning an entire organization around our customers, involving all employees in waste elimination and continuous improvement to build capabilities, better processes and speed in short, a winning execution engine.

其次，由於我們目前的產品供應、SKU 數量、覆蓋範圍和操作方法的複雜性，我們的營運和創新執行速度減緩。這可以透過經過嘗試和驗證的精益和業務系統方法來解決。正如你們中的一些人所知，精益就是圍繞我們的客戶來定位和調整整個組織，讓所有員工參與到消除浪費和持續改進中來構建能力、更好的流程和速度，簡而言之，一個成功的執行引擎。

Third, I'm taking an objective, fresh look at our strategy and how to best further optimize our portfolio. I will share more at a later point in time about what I think is good for Johnson Controls as I deepen my understanding of our businesses, end markets and customer needs. I still have a lot of listening and learning to do. I want to continue to do it where the real value is created.

第三，我正在客觀、重新審視我們的策略以及如何最好地進一步優化我們的投資組合。隨著我對我們的業務、終端市場和客戶需求的了解不斷加深，我將在稍後的時間分享更多我認為對江森自控有益的內容。我還有很多事情要聽和學。我想繼續做能創造真正價值的事。

At Gamba, we are building on a solid foundation, and I believe with more relentless focus on customers across our organization as well as unlean enabled execution fundamentals, we will be able to drive accelerated value creation.

在 Gamba，我們正在堅實的基礎上進行建設，我相信，透過更堅持不懈地關注整個組織的客戶以及非精益的執行基礎，我們將能夠推動加速價值創造。

We have a unique offering and an enviable service capability that is driven by our culture of innovation. Johnson Controls will continue to redefine building performance, driving the next era of smart, safe, sustainable and autonomous buildings and powering our customers' missions.

我們擁有獨特的產品和令人羨慕的服務能力，這些都由我們的創新文化所驅動。江森自控將繼續重新定義建築性能，推動智慧、安全、永續和自主建築的下一個時代，並為客戶的使命提供動力。

And with that, I'll turn it over to Marc to cover the quarter. Marc?

好了，現在我將把本季的職責交給馬克。馬克？

Thank you, Joakim, and good morning, everyone.

謝謝你，喬金，大家早安。

Please turn to slide 6. Our fiscal second quarter was strong across the board. Our team has worked diligently to navigate dynamic market condition and capitalize on opportunities in front of us. We remain focused on driving consistent, predictable growth and delivering value to our shareholders.

請翻到幻燈片 6。我們第二財季的業績全面強勁。我們的團隊一直在努力探索動態的市場狀況並利用我們面前的機會。我們將繼續致力於推動持續、可預測的成長並為股東創造價值。

Organic revenue grew 7% and segment margin expanded 180 basis points to 16.7%, led by enhanced operational efficiencies and higher volumes. Adjusted EPS of $0.82 was up 19% year-over-year and exceeded the high end of our guidance range. The strong first half of the year reflects our Team's ongoing dedication and strategic execution.

由於營運效率的提高和銷量的增加，有機收入成長了 7%，分部利潤率擴大了 180 個基點，達到 16.7%。調整後的每股收益為 0.82 美元，年增 19%，超過了我們預期範圍的高端。今年上半年的強勁表現反映了我們團隊的持續奉獻和策略執行。

On the balance sheet, we ended the second quarter with approximately $800 million in available cash and net debt decreased to 2.4 times, which is within our long-term target range of 2 to 2.5 times. Adjusted free cash flow for the quarter was strong, resulting in an impressive increase of approximately at $1.1 billion year-to-date. This improvement, supported by strong working capital fundamentals underscores effective financial management and solid operational performance.

在資產負債表上，我們在第二季結束時擁有約 8 億美元的可用現金，淨債務減少至 2.4 倍，這在我們 2 至 2.5 倍的長期目標範圍內。本季調整後的自由現金流強勁，年初至今已大幅增加約 11 億美元。這項改善受到強勁營運資金基本面的支持，凸顯了有效的財務管理和穩健的營運表現。

Let's now discuss our segment results in more details on slide 7 through 9. Beginning on slide 7 and 8, our Building Solutions region delivered another solid quarter. Order grew 5% in the quarter despite facing a tough comparison and the impact of accelerated orders in the prior quarter due to global uncertainties. This growth underscores the sustained customer demand for differentiated solutions and services.

現在讓我們在投影片 7 至 9 上更詳細地討論我們的細分結果。從投影片 7 和 8 開始，我們的建築解決方案區域又取得了穩健的季度業績。儘管面臨嚴峻的競爭狀況以及全球不確定性導致上一季訂單加速的影響，本季訂單仍成長了 5%。這一成長凸顯了客戶對差異化解決方案和服務的持續需求。

Geographically, orders in North America increased 4% in the quarter, with mid-single-digit growth in both Systems and Service. In EMEA/LA, orders were up 10%, with 13% growth in Service and 8% growth in Systems. In Asia Pacific, orders were flat as we continue to implement our strategy in China, prioritizing the booking of profitable system project with upfront payments. Meanwhile, service orders grew nearly 20%.

從地理上看，本季北美地區的訂單成長了 4%，其中系統和服務訂單均實現了中等個位數的成長。在歐洲、中東和非洲/拉丁美洲，訂單成長 10%，其中服務業務成長 13%，系統業務成長 8%。在亞太地區，訂單持平，因為我們繼續在中國實施我們的策略，優先預訂具有獲利能力的系統項目並支付預付款。同時，服務訂單成長了近20%。

Organic sales increased 7% with solid high single-digit growth in both Systems and Service. Sales in North America were up 7% organically with continued strength in both HVAC and controls.

有機銷售額成長 7%，系統和服務均達到穩健的高個位數成長。北美地區銷售額有機成長 7%，暖通空調和控制系統業務持續保持強勁成長。

In EMEA/LA, organic sales grew 5%, led by 9% growth in Service. In Asia Pacific, sales grew 13% organically, with strong double-digit growth on both Systems and our resilient Service business. Margin for Building Solutions has been steadily improving over the past few quarters, and we continued that trend this quarter. Our focus on operational efficiencies and an optimized service mix has significantly boosted profitability.

在 EMEA/LA，有機銷售額成長 5%，其中服務業務成長 9%。在亞太地區，銷售額有機成長 13%，系統業務和富有彈性的服務業務均實現了強勁的兩位數成長。過去幾個季度，建築解決方案的利潤率一直在穩步提高，本季我們延續了這一趨勢。我們注重營運效率和優化服務組合，顯著提高了獲利能力。

By region, EMEA/LA adjusted segment EBITDA margin expanded 410 basis points to 12.5% driven by improved productivity and the positive mix of service growth. In APAC, adjusted margin expanded 360 basis points to 14.6% as productivity and mix improved.

按地區劃分，受生產力提高和服務成長的正面影響，EMEA/LA 部門調整後 EBITDA 利潤率擴大 410 個基點至 12.5%。在亞太地區，隨著生產力和產品組合的改善，調整後的利潤率擴大了 360 個基點，達到 14.6%。

In North America, adjusted margin declined 20 basis points to 13.4% as System growth outpaced Service growth. The higher system growth was a positive contributor to the overall margin expansion within Global Products. Building Solutions backlog remains at record levels, growing 12% to $14 billion. System backlog grew 12% and service backlog grew 9%.

在北美，由於系統成長速度超過服務成長速度，調整後的利潤率下降 20 個基點至 13.4%。更高的系統成長對全球產品的整體利潤率擴張產生了積極的貢獻。建築解決方案積壓訂單仍處於創紀錄水平，成長 12%，達到 140 億美元。系統積壓訂單成長12%，服務積壓訂單成長9%。

Turning to slide 9. Global products continue to build momentum and delivered another strong quarter of growth and margin improvement. Organic sales grew 8% as price remained positive, and we delivered 6 points of volume growth. Applied HVAC grew more than 20%, with strong double-digit growth in North America and EMEA/LA. Adjusted segment EBITA margin expanded 600 basis points to 30.3% as improved operational efficiencies drove considerable margin enhancements.

翻到第 9 張投影片。全球產品持續保持強勁成長勢頭，再創季度強勁成長和利潤率提升。由於價格保持正成長，有機銷售額成長了 8%，銷量也實現了 6 個百分點的成長。應用 HVAC 成長超過 20%，其中北美和 EMEA/LA 地區實現強勁的兩位數成長。由於營運效率的提高推動利潤率大幅提升，調整後分部 EBITA 利潤率擴大 600 個基點至 30.3%。

Let's discuss our fiscal third quarter and full year guidance on slide 10. Our second-quarter performance and continued growth in our orders and backlog position us for continued success in the second half of fiscal 2025.

讓我們在第 10 張投影片上討論一下我們的第三財季和全年指引。我們第二季的業績以及訂單和積壓訂單的持續成長為我們在 2025 財年下半年繼續成功奠定了基礎。

For the third quarter, we anticipate organic sales growth of mid-single digits adjusted EBITDA margin of approximately 17.5% and adjusted EPS in the range of $0.97 to $1.

對於第三季度，我們預計有機銷售額將成長中等個位數，調整後 EBITDA 利潤率約為 17.5%，調整後每股收益將在 0.97 美元至 1 美元之間。

For the full year, we are maintaining our guidance for organic sales growth of mid-single digit as our continued strength in orders and our resilient backlog provides visibility into the second half. With our strong start to the year and continued improvement in our operational efficiencies we are raising our full-year guidance for margins, adjusted EPS, and free cash flow conversion.

對於全年而言，我們維持中等個位數的有機銷售額成長預期，因為我們的訂單持續強勁，而積壓訂單的強勁增長為下半年帶來了可預見性。由於今年開局強勁且營運效率持續提高，我們提高了全年利潤率、調整後每股收益和自由現金流轉換的預期。

We now anticipate adjusted segment EBITDA margin to expand roughly 90 basis points and adjusted EPS to approximate $3.60 per share, representing roughly 12% growth. Our working capital metrics have consistently improved, and our free cash flow performance has been strong year-to-date.

我們現在預計調整後的部門 EBITDA 利潤率將擴大約 90 個基點，調整後的每股盈餘將達到約 3.60 美元，成長約 12%。我們的營運資本指標持續改善，今年迄今我們的自由現金流表現強勁。

As a result, we now anticipate achieving free cash flow conversion of approximately 100% for the full year. We continue to target returning 100% of our free cash flow to shareholders through dividends and share repurchases.

因此，我們預計全年自由現金流轉換率將達到約 100%。我們持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。

Lastly, our updated guidance considers the current geopolitical environment, including tariffs. Based on the regulatory environment, as we know it to date, we believe our annualized exposure to tariff before mitigating actions is approximately 2% of sales or 3% of cost of goods sold.

最後，我們更新後的指南考慮了當前的地緣政治環境，包括關稅。根據我們目前所知的監管環境，我們認為在採取緩解措施之前，我們的年度關稅風險敞口約為銷售額的 2% 或銷售成本的 3%。

As you can see on slide 11, we have activated many levers to enhance our resilience and mitigate the expected impact from tariffs. This includes strengthening our in-region-for-region manufacturing strategy, dynamically transforming our supply chain by pivoting to local sourcing, accelerating our pricing action and asserting our contractual right to the change orders.

正如您在第 11 張投影片上看到的，我們已經啟動了許多槓桿來增強我們的韌性並減輕關稅的預期影響。這包括加強我們的區域內製造策略、透過轉向本地採購動態轉變我們的供應鏈、加快我們的定價行動以及主張我們對變更訂單的合約權利。

We believe by leveraging the strategies, coupled with our long cycle business and resilient service mix, we have the capability to navigate the complexities of the current geopolitical landscape and continue to deliver strong performance.

我們相信，透過利用這些策略，加上我們的長週期業務和有彈性的服務組合，我們有能力應對當前複雜的地緣政治格局並繼續提供強勁的業績。

Before opening the lines for questions, I would like to turn the call over back to Joakim for a few additional comments.

在開始提問之前，我想先將電話轉回給 Joakim，請他補充幾點評論。

Thanks, Marc. I'm truly excited to lead this iconic company into this next chapter. As a more focused company, we have a great foundation to build upon.

謝謝，馬克。我非常高興能夠帶領這家標誌性的公司開啟新的篇章。作為一家更專注的公司，我們擁有良好的發展基礎。

Looking ahead, my initial priorities are to increase our team's focus on customers and continue to develop and strengthen our ability to execute for the customer. I would like to take a moment to recognize and thank Marc for his continued impact on Johnson Controls, not just over his nearly 20-year career, but in particular, as our CFO since January 2024. While we've only worked together for just shy of two months now, he is a strong partner and has helped me get up to speed. I enjoy partnering with him and look forward to continuing to do so.

展望未來，我的首要任務是提高我們團隊對客戶的關注，並持續發展和加強我們為客戶服務的能力。我想花點時間認識並感謝馬克對江森自控的持續影響，不僅在他近 20 年的職業生涯中，而且特別是自 2024 年 1 月以來擔任我們的財務長。雖然我們才合作了不到兩個月，但他是一位強大的合作夥伴，幫助我快速上手。我很高興與他合作並期待繼續合作。

I also want to recognize George Oliver for his support as I stepped into the role as CEO and for his significant contributions over the last 8 years. He has set us up well for our next chapter.

我還要感謝喬治·奧利弗 (George Oliver) 在我擔任首席執行官期間給予的支持以及他過去 8 年來的重大貢獻。他為我們接下來的篇章做好了充分的準備。

Finally, I'm looking forward to engaging with many of you, the investors and analysts that I have crossed paths with since earlier in my career at Assa Abloy AB and then during my 13 years at Danaher. I expect to continue to seek your input and perspective as part of my effort to build transparent and constructive relationships. My goal is to help our team unlock the true potential and build a winning sustainable, high-performance company as measured by all of our stakeholders.

最後，我期待與你們中的許多人進行交流，你們都是投資者和分析師，早在我早期在 Assa Abloy AB 工作期間以及在 Danaher 工作的 13 年期間我就與你們有過接觸。我希望繼續尋求您的意見和觀點，作為我努力建立透明和建設性關係的一部分。我的目標是幫助我們的團隊釋放真正的潛力，並建立一個以所有利害關係人為衡量標準的可持續發展的高績效公司。

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

接線員，請打開熱線來回答問題。

(Operator Instructions) Scott Davis, Melius Research.

（操作員指示） Scott Davis，Melius Research。

Hey, good morning, guys. Welcome to your first call. I know this is a little bit of a conceptual question, but -- how do you plan to kind of launch lean or deployed lean, I should say an organization that's large. And maybe the better question to ask really is, how ready is the organization? Have they already been -- has already been some lean implemented? And how broad? I guess I'll just kind of open it up to that.

嘿，大家早安。歡迎您第一次來電。我知道這是一個有點概念性的問題，但是——你應該說對於一個大型組織來說，你計劃如何推出精實或部署精實。也許真正需要問的更好的問題是，該組織準備好了嗎？他們是否已經——已經實施了一些精實措施？範圍有多廣？我想我會對此持開放態度。

Yeah. Thanks for that question, Scott. And I know you are one of several people on this call who is quite familiar with what lean is about. But just a reminder, it's an approach to align an entire organization towards the customer, and then involving all of your people, not just manufacturing, but everyone in waste elimination, building stronger processes, capabilities so that you can execute faster for the customer and in doing so, becoming faster and more competitive, but also, of course, taking out cost and capital.

是的。謝謝你的提問，斯科特。我知道您是本次電話會議中幾個非常熟悉精實理念的人之一。但需要提醒的是，這是一種讓整個組織與客戶保持一致的方法，然後讓所有人員參與進來，不僅僅是製造業，而是每個人都參與到消除浪費、建立更強大的流程和能力中，以便您可以更快地為客戶服務，並在此過程中變得更快、更有競爭力，當然，也可以節省成本和資本。

So to answer your question, I mean, the interesting thing here is that with -- and it was a long time ago, but some of the automotive connections, there are some remnants of lean in a few places in this company. But the foundation is not very strong. But the interest is there. People have seen some of it in the past. So there's an open-mindedness to it. which is great. That's not always the case as in my experience with all the acquisitions that have been involved in over the years. So I'm happy to see that.

所以要回答你的問題，我的意思是，這裡有趣的事情是——那是很久以前的事了，但在某些汽車行業，這家公司的一些地方仍然殘留著精益的痕跡。但基礎並不是很牢固。但興趣是存在的。人們過去曾見過一些這樣的景象。因此，我們對此持開放態度。這太棒了。根據我多年來參與的所有收購的經驗，情況並非總是如此。所以我很高興看到這一點。

Now where do you start? I mean you typically pick a value stream, for example, a product line, and you take an end-to-end approach starting with the customer, all the way through your installation, all the way through the factory, all the way back to suppliers as well as the order entry phase and so on. And you basically value stream and map issues, opportunities for improvement. And already in my first eight weeks here, it's fairly clear what a couple of value streams would be where we're going to start.

現在你要從哪裡開始呢？我的意思是，您通常會選擇一個價值流，例如一條產品線，然後採取端到端的方法，從客戶開始，一直到安裝，一直到工廠，一直回到供應商以及訂單輸入階段等等。您基本上可以評估流程並繪製問題和改進機會。在我在這裡工作的前八周里，我們已經相當清楚我們要從哪些價值流入手。

And as a matter of fact, we have already started slowly working on one value stream. So it's a matter of prioritizing. You can't boil the ocean and do it everywhere. You have to pick a value stream at a time. But I'm really excited about it. I see that there are tremendous opportunities for us here, applying lean execution fundamentals.

事實上，我們已經開始慢慢地致力於一個價值流。所以這是一個優先考慮的問題。你不可能把整個海洋煮沸然後到處都這麼做。您必須一次選擇一個價值流。但我對此真的很興奮。我發現，在這裡應用精實執行基礎對我們來說有著巨大的機會。

So Joakim, just to follow up on that. I mean, you mentioned the too many SKUs or too much complexity in the SKUs kind of either way. Do you expect those value streams to kind of lead you down the path of SKU rationalization? Or is that a separate kind of --?

那麼 Joakim，我們來跟進一下這個問題。我的意思是，您提到了 SKU 太多或 SKU 太複雜。您是否希望這些價值流能夠引導您實現 SKU 合理化？或者這是一種單獨的--？

Yeah. No. You do it together. So as you're taking it on, the value stream, I mean that's -- you will discover as you go map the challenges that you have in that value stream you're fairly early in my experience. you'll find those kinds of complexities. And so we'll go after them. Now we have a separate exercise that we've started attacking the SKU proliferation that we have. So there's some low-hanging fruit that we can go after before we start attacking each value stream.

是的。不。你們一起做吧。因此，當您著手處理價值流時，我的意思是——您會發現，隨著您繪製價值流中所面臨的挑戰，根據我的經驗，您還處於相當早期的階段。你會發現這些複雜性。所以我們會追擊他們。現在，我們有一個單獨的練習，我們已經開始攻擊我們擁有的 SKU 擴散。因此，在開始攻擊每個價值流之前，我們可以先去實現一些唾手可得的目標。

Steve Tusa, JPMorgan.

摩根大通的史蒂夫·圖薩。

Hi, good morning. Congrats. And I guess, just thinking about that a little bit of a step further on the entitlement of these businesses. I think we've looked at it in the past is perhaps JCI has a lower margin entitlement due to its business model of a bit more kind of field labor projects. How do we think about the entitlement of this business? Can we look at some of the publicly traded peers and think about your margins being able to go there? Or is there some sort of ceiling due to the business model that you see?

嗨，早安。恭喜。我想，我們只需進一步思考這些企業的權利。我認為我們過去曾研究過，也許 JCI 的業務模式更偏向現場勞動力項目，因此其利潤率較低。我們如何看待這項業務的權利？我們能否看看一些公開交易的同行並考慮一下您的利潤率能否達到那裡？或者您所看到的商業模式是否存在某種上限？

The way I see it, Steve, is that in addition to the product side, we have tremendous opportunity on the margins in the field as well. And this value stream mapping that I was talking about applies to how we can approach both unlocking further growth as well as margins in the field. And of course, there are also not just process, but there are digital tools and approaches available to us that could enable us to grow the margins very nicely in the field. So I don't see that we would have a bigger limit on the margin expansion here than any of our peers, not at all.

史蒂夫，在我看來，除了產品方面，我們在邊緣領域也擁有巨大的機會。我所談論的這種價值流圖適用於我們如何實現該領域的進一步成長和利潤。當然，我們不僅擁有流程，還有可用的數位工具和方法，可以讓我們在該領域實現良好的利潤成長。因此，我認為我們的利潤擴張限制不會比任何同行更大，一點也不會。

Okay. Got it. And then as far as portfolio is concerned, how do you think about this portfolio? Do you like the construct with Fire and Security and HVAC and controls integrated? Or is that something that you're poking around that as well?

好的。知道了。那麼就投資組合而言，您如何看待這個投資組合？您是否喜歡整合了消防、安防、暖通空調和控制系統的建築？還是這也是您正在探究的事情？

So yeah, so I mean, I'm here to create shareholder value. And then the first thing you have to do when you're looking at portfolio, which is looking at what you have or potential acquisitions, you need to start with strategy, of course. So as I mentioned in the introduction here, I am taking a pretty deep and fresh look at our strategy for the entire business as well as the individual pieces.

是的，我的意思是，我來這裡是為了創造股東價值。然後，當您查看投資組合時，您要做的第一件事就是查看您擁有什麼或潛在的收購，當然，您需要從策略開始。正如我在介紹中提到的那樣，我正在深入而全新地審視我們整個業務以及各個部分的策略。

And I'm just eight weeks in, but of course, you see some patterns and you draw some conclusions already. Now you need to be a little careful because I am only eight weeks in. So at the appropriate time, I'll come back and share more of what I've learned and what I think is the right thing for Johnson Controls.

我才剛進行了八週，但當然，你已經看到了一些模式並得出了一些結論。現在你需要小心一點，因為我才八週。因此，在適當的時候，我會回來分享更多我所學到的知識以及我認為對江森自控來說正確的事情。

Nigel Coe, Wolfe Research

沃爾夫研究公司的奈傑爾·科

Thanks. Good morning. And Joakim, I appreciate the opening remarks. Very helpful. I want to actually start off with free cash flow because you raised the guidance to about 100% with obviously a very strong performance in the first half of the year. So I'm just wondering, obviously, that's been a big initiative for you, Marc, to improve the free cash conversion -- so what is the right level going forward? Are we now at a point where free cash conversion can be at that 100% level in 2016 and beyond?

謝謝。早安.喬金，我很感謝你的開場白。非常有幫助。我實際上想從自由現金流開始，因為您將指導方針提高到 100% 左右，顯然上半年的表現非常強勁。所以我只是想知道，顯然，馬克，這對你來說是一項重大舉措，以提高自由現金轉換率——那麼未來的正確水平是多少？我們現在是否已經到了自由現金轉換率在 2016 年及以後能夠達到 100% 水準的階段？

Good morning, Nigel. You're right. We, very confidently, raise our guidance from the 90%-plus to now about 100% this year. We had a very strong start of the year, generating that $1.1 billion in the first half. You followed us for a long time, you know, historically, that first half used to be flattish to a slight free cash flow generation. $1.1 billion is a very strong start.

早安，奈傑爾。你說得對。我們非常有信心將今年的預期從 90% 以上提高到 100% 左右。我們今年開局非常強勁，上半年創造了 11 億美元的收入。您關注我們很久了，從歷史上看，上半年的自由現金流通常比較平穩，甚至只有少量產生。 11億美元是一個非常強勁的開端。

And it's really a demonstration that our operating model, the strength of our working capital structure and how we've continuously improved our processes, really start generating value across the entirety of the working capital, whether it's receivable ability to build and collect on time, managing our payable, but particularly working on our inventory and not having to build too much inventory as we continue to grow fairly rapidly.

這確實證明了我們的營運模式、營運資本結構的實力以及我們如何不斷改進流程，真正開始在整個營運資本中創造價值，無論是應收帳款的建立和按時收款能力，管理我們的應付帳款，特別是處理我們的庫存，並且在我們繼續快速增長的同時不必建立太多庫存。

Those working capital mix rates continue to improve. We have those fundamental headwinds that we've talked about that are not changing in the coming couple of years. So I think it's a bit early for me to tell you like we are going to be 100% all the way forever. But I think it's a good sign for us to be solidly in the 90s and probably better as we continue to improve those operational efficiencies through the working capital.

這些營運資金組合率持續改善。我們所討論的那些基本阻力在未來幾年內不會改變。所以我覺得現在告訴你「我們會一直保持 100% 的狀態」還為時過早。但我認為，隨著我們繼續透過營運資金提高營運效率，穩固地保持在 90 年代水準對我們來說是一個好兆頭，甚至可能更好。

That's great to hear. And then, Joakim, I know it's early days and you've been in the seat for eight week. But Danaher is obviously a company that's devotes more than 100% of the free cash flow to acquisitions and JCI's commitment is more on the return on capital to shareholders. So where do you stand on capital allocation going forward? Do you think the scope for JCI to be more positive? Or are you committed to that shareholder return?

聽到這個消息真是太好了。然後，喬金，我知道現在還為時過早，你已經在這個位置上待了八週了。但丹納赫顯然是一家將超過 100% 的自由現金流用於收購的公司，而江森自控的承諾更多地在於為股東帶來資本回報。那麼您對未來的資本配置持什麼態度呢？您是否認為 JCI 的發展前景較為樂觀？還是您致力於股東回報？

So I think the work I'm doing on the strategy together with the team here is going to help us answer that question. Now I do think that there are opportunities with some of our franchises to continue to differentiate with a technology angle. And so part of the strategic work that I'm doing is to explore how to do that at pace. But like I said, I'm digging into the strategy right now, I'm taking a fresh independent look from the past, if you will. And then based on that, that when I'm ready, we'll come back and talk more about what that means for the capital allocation strategy.

所以我認為我和這裡的團隊一起制定的策略工作將幫助我們回答這個問題。現在我確實認為我們的一些特許經營權有機會從技術角度繼續實現差異化。因此，我正在做的策略工作的一部分是探索如何快速實現這一目標。但就像我說的，我現在正在深入研究這個策略，如果你願意的話，我正在從過去的角度重新審視它。然後基於此，當我準備好時，我們會回過頭來進一步討論這對資本配置策略意味著什麼。

Amit Mehrotra, UBS.

瑞銀的阿米特·梅赫羅特拉 (Amit Mehrotra)。

Welcome Joakim. You think about positioning the business for higher returns, I guess I'm trying to understand the drivers of that between cost out and cost leverage. -- specifically, is there an opportunity for absolute cost takeout, which I assume could be executed on relatively quickly?

歡迎喬金。您考慮將業務定位為獲得更高的回報，我想我正在嘗試了解成本和成本槓桿之間的驅動因素。 ——具體來說，是否有機會實現絕對成本削減，我認為這可以相對快速地實現？

Or is this really more about leveraging the existing service network and service cost base via higher service attachment, which is obviously seems like maybe it's a little bit more of a longer cycle journey. I'm just trying to -- we're Wall Street analysts. So we're not very patient. But -- and so as a result, we want to calibrate my expectations or our expectations on what the organization can do, if anything, in the near term to improve margins.

或者這實際上更多的是透過更高的服務附件來利用現有的服務網絡和服務成本基礎，這顯然似乎可能是一個更長的周期旅程。我只是想──我們是華爾街分析師。所以我們不是很有耐心。但是 — — 因此，我們希望調整我的期望或我們對組織在短期內可以做什麼來提高利潤率的期望。

Yeah. I think the reality is it's a situation that we're going to be doing both. And I've seen this situation before, by the way. So if we take the field, the service capabilities, we have 40,000 people in the field. They are in sales as well. But there, I would say there is more about cost leverage. It takes decades to build a field position that we have. I mean it's really an enviable position. But so there it's more leverage. So there, we'll be working on process efficiencies, getting more capacity out of the people that we have, digital approaches as well as service offerings.

是的。我認為現實情況是我們將同時採取這兩種做法。順便說一句，我以前也見過這種情況。因此，如果我們考慮該領域，考慮到服務能力，我們在該領域有 40,000 名人員。他們也從事銷售工作。但我想說的是，這更多的是關於成本槓桿。我們花了幾十年的時間來建立我們現有的領域地位。我的意思是這確實是一個令人羨慕的職位。但這樣一來，槓桿作用就更大了。因此，我們將致力於提高流程效率，充分發揮現有人員的能力，採用數位化方法並提供更好的服務。

And then applying lean principles. I would -- which is really about, like I said, removing waste, increasing speed, and being able to execute more predictably. But as you do that, you invariably find cost takeout and capital takeout opportunities. So I think away from the field, it's a combination of leverage, but there's where you're probably going to see more cost take out.

然後應用精實原則。我會的——正如我所說的，這實際上是為了消除浪費，提高速度，並能夠更可預測地執行。但當你這樣做時，你總是會發現降低成本和提高資本的機會。因此我認為，在場外，這是一種槓桿的結合，但在那裡你可能會看到更多的成本降低。

Okay. And then just maybe one for Marc, if I could. So just with the pending divestiture of resi, like commercial, I just think the business is obviously evolving into a much more longer cycle business. And I'd be curious to kind of understand as you enter into new contracts and orders, how you manage the pricing of those contracts just given the backdrop of inflation and obviously, tariffs basically, how do you just ensure the pricing of the backlog reflects some of those uncertainties and kind of moving parts?

好的。如果可以的話，我可能還會寫一篇給馬克。因此，隨著商業房地產等住宅資產剝離的臨近，我認為該業務顯然正在演變為一個週期更長的業務。我很好奇，當您簽訂新合約和訂單時，在通貨膨脹和關稅的背景下，您如何管理這些合約的定價，您如何確保積壓訂單的定價反映出其中的一些不確定性和變動因素？

Yes. Over the past couple of years, we've implemented very strong contractual terms that allows us both to reprice as we see potential inflation but also manage better change order. As you might have gone through the history, we had some delay in our ability to execute on our pricing strategy earlier on during the high inflation periods.

是的。在過去的幾年裡，我們實施了非常嚴格的合約條款，使我們能夠在看到潛在通貨膨脹時重新定價，同時也能更好地管理變更單。您可能已經了解歷史，在高通膨時期，我們執行定價策略的能力有所延遲。

We've now completely overhauled our approach there, and it's not just our contractual term, but it's our ability to execute on those change orders and get after the benefit you're entitled under your contractual agreement and all of the process that come behind on being able to actually price cost and defend to the customer the value you've generated for them.

現在，我們已經徹底改變了我們的做法，這不僅僅是我們的合約條款，而且是我們執行這些變更單的能力，並根據合約協議獲得您應得的利益，以及所有隨之而來的流程，能夠實際定價成本並向客戶維護您為他們創造的價值。

Joe Ritchie, Goldman Sachs.

高盛的喬·里奇。

Hi, good morning and Welcome Joakim. Looking forward to working with you. So look, I know it's early days, and I also recognize that the lean journey is one of continuous improvement. The company right now has signed up for some really nice margin expansion this year, right, the 90 basis points. I'm curious as you're thinking about kind of like the medium-term opportunity. I know, again, early days. Should we be expecting some similar level of margin expansion beyond this year? Just any way that you can either help quantify or maybe come back to us at a later date on how you're seeing the opportunities develop.

大家好，早安，歡迎 Joakim。期待與您合作。所以，我知道現在還為時過早，而且我也意識到精實之旅是一個持續改善的過程。該公司目前已簽署了今年非常好的利潤率擴張協議，90 個基點。我很好奇，您是如何考慮中期機會的。我知道，這還是早期階段。我們是否應該預期今年以後利潤率還會有類似的擴張？無論怎樣，您都可以幫助量化，或稍後告訴我們您如何看待機會的發展。

Yeah. So I see very interesting opportunities to both accelerate growth and improve margins. And I talked a little bit about how I think by shifting how we work being much more customer and competitor-oriented and implementing lean approaches to improve our operational execution.

是的。因此，我看到了非常有趣的機會，既可以加速成長，又可以提高利潤率。我稍微談了一下我的想法，透過改變我們的工作方式，更加以客戶和競爭對手為導向，並實施精益方法來提高我們的營運執行力。

So I think we're going to see both, as we discussed here, opportunities from leverage of resources, assets that we already have as well as cost reductions. I'm actually really excited about what we could do here over the next couple of years. And I really see no reason for why we couldn't reach or surpass over time, and I will come back to the timing of that, where some of our competitors are at today.

因此，我認為我們將看到，正如我們在這裡討論的那樣，利用資源、利用我們現有的資產以及降低成本所帶來的機會。事實上，我對未來幾年我們能在這裡做的事情感到非常興奮。我真的不明白為什麼我們不能隨著時間的推移而達到或超越，我會回到那個時間點，看看我們的一些競爭對手今天所處的位置。

And I will have to think about how quickly we can get to some of the profitability levels that prior businesses that I've run. And I'll have to come back to that at a later point in time. But I see us as having really, really compelling opportunities here.

我必須考慮我們能多快達到我以前經營過的企業的獲利水準。我稍後會再回來討論這個問題。但我認為我們在這裡擁有非常非常引人注目的機會。

Great. Yeah. That sounds great. We're looking forward to that update. And then maybe just on the fundamentals of the business today. I'm curious just there's been still a lot of consternation around data center growth. We ended up visiting you guys at data center world a few weeks ago. It also sounded like you were in the process of potentially coming out with a liquid cooling product. And so can you just maybe just provide an update how that business is trending, what the expectations are for just investments in new product rollout?

偉大的。是的。聽起來不錯。我們期待該更新。然後也許只是談論當今業務的基本面。我很好奇，人們對資料中心的成長仍然有很多擔憂。幾週前，我們在資料中心世界拜訪了你們。這聽起來也像是你們可能正在推出一款液體冷卻產品。那麼，您能否簡單介紹一下該業務的最新趨勢，以及對新產品推出的投資預期是什麼？

Yeah, sure. So that's one I have been able to dig into in depth, and I've met with many of the largest customers that we have. So here's actually a part of the company where we have been more customer oriented, I would say, than in other parts of the business. And I don't mean to suggest that we're not customer oriented, overall.

是的，當然。因此，我已經能夠深入研究這個問題，並且已經會見了我們許多最大的客戶。因此，我想說，實際上，這是我們公司比其他業務部門更以客戶為導向的部分。我並不是說我們總體上不以客戶為導向。

I just -- I'm suggesting we can be even more custom oriented. But here, in the data center business, as some of you probably know, we've worked with some of the largest customers with their engineering teams over the last couple of years to help them design their -- architecture of their data centers. And so we're working very closely with them.

我只是—我建議我們可以更加以客戶為導向。但是，在資料中心業務中，正如你們中的一些人可能知道的那樣，過去幾年我們與一些最大的客戶及其工程團隊合作，幫助他們設計資料中心的架構。因此，我們正在與他們密切合作。

And the reason we have been invited and are doing so is our differentiated high-performance York Chiller platform; efficiencies, water consumption and so on. And so we have a very good position in this market. And the demand, as many of you have written about, is -- continues to be very, very healthy. And we don't see that decreasing the rate of growth there at all over the next couple of years. So we're super excited about our continued growth there and what we can do based on the differentiation we have today.

我們之所以受到邀請並這樣做，是因為我們差異化的高效能 York Chiller 平台；效率、水消耗等等。因此我們在這個市場上佔有非常有利的地位。正如你們許多人所寫，需求仍然非常非常旺盛。我們認為未來幾年那裡的成長率根本不會下降。因此，我們對在那裡的持續成長以及我們基於今天的差異化所能做的事情感到非常興奮。

And maybe I could add a little bit more color. That market, of course, as many of you have written about, is a large part of it is in North America, but a growing part of it is in Asia Pac. Europe is a little bit behind from a market point of view. I'm not talking about our sales now, but the market.

也許我可以添加更多一點顏色。當然，正如你們許多人所寫，這個市場很大一部分在北美，但其中亞太地區的份額正在不斷增長。從市場角度來看，歐洲稍微落後了一點。我現在談的不是我們的銷售額，而是市場。

And as our large global customers have started to expand into Asia, because of the work that we've done with them here in North America, we are already -- they know we're already there with feet on the ground with our service capabilities, which -- because these are more mission-critical applications, the service capabilities are incredibly important.

由於我們的大型全球客戶已開始向亞洲擴張，由於我們在北美與他們合作過，他們知道我們已經在那裡紮根並具備服務能力，由於這些都是更關鍵的任務應用程序，因此服務能力非常重要。

So we're capitalizing on that as well as investing not just in manufacturing, I think that's something we've talked about probably prior calls, but we're also investing in the field here with specific data center competencies. So I'm really excited about what we're going to be able to continue to do in the data center world.

因此，我們不僅利用這一點，還投資於製造業，我想這是我們在之前的電話會議中可能討論過的事情，但我們也投資於具有特定資料中心能力的領域。因此，我對我們能夠在資料中心領域繼續做的事情感到非常興奮。

Julian Mitchell, Barclays.

巴克萊銀行的朱利安·米切爾。

Hi, good morning and welcome Joakim. Maybe the first question is just on the margin outlook in the short term. So your operating margins were up, I think, close to 200 bps in the first half year-on-year. Second half looks like it's guided sort of flattish year-on-year. Just wondered how much of that is a tariff margin rate headwind. How much is maybe something going on with mix and [BSNA], certainly, the margins were down in the second quarter. Any sort of thoughts on how that plays out from here, please?

大家好，早安，歡迎 Joakim。也許第一個問題只是關於短期利潤前景。因此，我認為你們上半年的營業利潤率年增了近 200 個基點。下半年看起來與去年同期持平。只是想知道其中有多少是關稅保證金率的阻力。混合和 [BSNA] 可能出了什麼問題，當然，第二季的利潤率下降了。請問您對接下來會發生什麼事有什麼想法嗎？

Yeah. Great question, Julien. So on the BSNA element here, as I mentioned in the opening remarks, some of that leverage you see the improvement in margin at Global Product benefiting from the volume that BSNA has managed to pull through. And as we resegment and that's one of the big reasons to do such a thing, is you're going to have a more harmonized view of how the Americas will look like.

是的。朱利安，問得好。因此，關於這裡的 BSNA 要素，正如我在開場白中提到的那樣，您將看到全球產品利潤率的提高得益於 BSNA 成功實現的銷售。當我們重新劃分時，這也是這樣做的一個重要原因，那就是你將對美洲的面貌有一個更協調的看法。

We've shown you a little bit of the historical pattern, but very shortly, we will issue a harder second quarter shaped out under that new resegmented view of the business. And you will see that benefit and that continues or improvement in margin coming through the Americas segments.

我們已經向您展示了一些歷史模式，但很快，我們將在新的業務細分視角下發布更艱難的第二季。您將看到這一好處，並且美洲分部的利潤率將持續提高。

As far as how we've guided the balance of the year, you're right, there's -- on a margin rate standpoint, we have taken an approach where we are recovering the vast majority of the impact that we see from the tariff environment. but we are not applying margin on a lot of that.

至於我們如何指導今年的平衡，您說得對，從保證金率的角度來看，我們採取了一種方法，以恢復關稅環境中我們看到的絕大多數影響。但我們並沒有對其中許多部分應用保證金。

And what that comes down to is it puts a little bit of a damper on our ability short term to improve that margin, but it doesn't really change that momentum over time. As we continue to take a lot of actions on simplifying our operating model and leaning out our cost structure, I think we'll see some further upside as we navigate through that tariff momentum in the next year.

歸根結底，這在短期內會稍微抑制我們提高利潤率的能力，但不會真正改變長期的勢頭。隨著我們繼續採取大量措施簡化營運模式並精簡成本結構，我認為，隨著明年我們駕馭關稅勢頭，我們將看到進一步的上升空間。

That's great. And then maybe one for Jaokim. Maybe just sort of fire and security market, it's undergrown HVAC for some time. I think this quarter with sort of flattish sales in BSNA up only low single in global products. You called out the franchise strength at the beginning in York and Metasys.

那太棒了。然後也許還有一個給 Jaokim 的。也許只是某種消防和安全市場，HVAC 已經有一段時間沒有發展起來了。我認為本季 BSNA 的銷售額持平，全球產品的銷售額僅小幅上漲。您一開始就強調了 York 和 Metasys 的特許經營實力。

So just wondered sort of what are your initial impressions of the fire and security portfolio. I imagine there's a very broad range of performance and metrics within it, but any sort of broad-brush perspectives and how easy do you think it is to rejuvenate growth there?

所以只是想知道您對消防和安全產品組合的初步印像是什麼。我認為其中有非常廣泛的性能和指標，但任何形式的廣泛觀點以及您認為恢復成長有多容易？

Yes, I think those are -- the fire and security franchises are also strong franchises for us. And what I have to learn more about is, as you pointed out, what is the growth acceleration potential there. And so I think it's a little too early for me to offer a conclusion on that.

是的，我認為消防和安保特許經營權也是我們強大的特許經營權。正如您所指出的，我需要進一步了解的是那裡的成長加速潛力是什麼。因此我認為現在就此下結論還為時過早。

But part of my strategy work is trying to understand what could we expect to realistically get out of the individual franchises. And I'll have to come back on that. But I -- as many of you know from Danaher, not all franchises grew at the same rate, not all franchises had the same profitability levels or cash flow contributions, right?

但我的策略工作的一部分是試圖了解我們能夠從各個特許經營權中實際獲得什麼。我必須再回頭談談這個問題。但是我——正如你們許多人從丹納赫了解到的那樣，並非所有特許經營權都以相同的速度增長，並非所有特許經營權都具有相同的盈利水平或現金流貢獻，對嗎？

So I'm thinking about what -- could there be different roles that different parts of the portfolio plays for us, right? Not only in terms of what should we be in or what should we not be in, right? So I'm taking a rich, fresh, dispassionate look at our strategy and what's possible in the market with what we have. And based on that, I'm going to come back and share with you at the appropriate point in time what I think it is the right thing for us to do.

所以我在想──投資組合的不同部分能為我們發揮不同的作用嗎？對嗎？不只是我們應該處於什麼狀態或不應該處於什麼狀態，對嗎？因此，我正在以豐富、新穎、冷靜的眼光審視我們的策略，以及我們利用現有資源在市場上能取得什麼成果。基於此，我將在適當的時候回來與大家分享我認為我們應該做的正確的事情。

Noah Kaye, Oppenheimer.

諾亞·凱伊，奧本海默。

Marc, I just want to follow up on Julian's question around the margin impacts. So is it possible to kind of dimension for us the assumption around the gross cost inflation or even the net cost inflation as a margin headwind?

馬克，我只是想跟進朱利安關於利潤影響的問題。那麼，我們是否可以將總成本通膨甚至淨成本通膨作為利潤率阻力的假設進行量化？

Yeah. I would think about it not so much as a headwind, but as a dampener in our ability to continue to expand margin. If you look at the second half, our anticipation is the Americas segment was going to be able to drive further margin expansion and as we have to pass through some of that impact of tariffs, whether it's a $1 for $1 or sometimes just changing a little bit of supply chain and incurring some short-term costs as we pivot some of that supply chain to a more localized or regionalized product solution, we end up with some costs that we can recover $1 for $1, just not apply our gross margin rate and not making an earnings opportunity.

是的。我認為這與其說是一種逆風，不如說是一種阻礙我們繼續擴大利潤能力的因素。如果你看一下下半年，我們預計美洲分部將能夠進一步推動利潤率的擴大，並且由於我們必須承擔部分關稅的影響，無論是 1 美元對 1 美元，還是有時只是改變一點點供應鏈並產生一些短期成本，因為我們將部分供應鏈轉向更加本地化或區域化的產品解決方案，我們最終會有一些成本可以以 1 美元對 1 美元的價格收回我們的成本

As you know, we -- for a lot of our businesses, we enter into relationships that last multiple decades as that piece of equipment get service throughout the life cycle. And we want to be remember as a team that managed and navigated through the tariff situation in a manner that our customer will continue to perceive as fair balance, but where we have to recover $1 for $1 or cost impact without trying to get margin on top.

如您所知，對於我們的許多業務而言，我們與設備建立了長達數十年的合作關係，因為設備在整個生命週期中都會得到服務。我們希望被人們記住，我們是一個能夠管理和應對關稅問題的團隊，我們的客戶將繼續認為這是公平的平衡，但我們必須以 1 美元的價格收回 1 美元或成本影響，而不是試圖獲得最高利潤。

Appreciate that strategy. And then Jaokim, you talked at the beginning about the streamlined operating model really going through the regions. You also mentioned the data center business as a very good example of where JCI is strong. And I think back to, a little under a year ago, when it was basically a global organization formed around sort of excellence in go-to-market and data center.

讚賞此策略。然後 Jaokim，您一開始就談到了真正貫穿各個地區的精簡營運模式。您也提到資料中心業務是江森自控實力的一個很好的例子。我回想起不到一年前，它基本上是一個圍繞市場進入和資料中心卓越性而成立的全球性組織。

So just thinking about that as an example, is there a blueprint here for creating any kind of new infrastructure within the company from a sort of product to go-to-market perspective at a global level? And where might that focus be if so?

因此，僅以此為例，從全球層面的產品到市場的角度，這裡是否有在公司內部創建任何新基礎設施的藍圖？如果是這樣的話，重點該放在哪裡呢？

Not -- no news. I don't have any new structures in mind. In addition to what I discussed here earlier but within that structure, there are dedicated resources on the regional side for major verticals. And data center is a major vertical. And on the product and solutions side, there are, of course, R&D engineers, teams dedicated to data centers and some of our factories happen to have manufacturing lines dedicated to data centers.

沒有——沒有消息。我心裡還沒有任何新的結構。除了我之前在這裡討論的內容之外，但在該結構內，區域方面還有專門用於主要垂直行業的資源。資料中心是一個主要的垂直行業。在產品和解決方案方面，當然有研發工程師、專門負責資料中心的團隊，而我們的一些工廠恰好有專門負責資料中心的生產線。

So within that structure, of course, there will be -- for the verticals or customer groups where it's warranted, there will be teams that are a little bit more dedicated. And so what I would anticipate, though, is that in addition to data centers over time, and we'll see what my strategy work leads to exactly here.

因此，在這種結構內，當然會有──對於有必要的垂直產業或客戶群，會有更專注的團隊。因此，我預計，隨著時間的推移，除了資料中心之外，我們還將看到我的策略工作究竟會帶來什麼結果。

But I would expect that in addition to data centers that we might have a few more vertically oriented teams within our regions and global products and solutions, obviously, focused on verticals where we believe that there are larger and more imminent growth opportunities.

但我預計，除了資料中心之外，我們可能還會在我們的區域和全球產品和解決方案中擁有更多垂直導向的團隊，顯然，我們會專注於我們認為有更大、更緊迫的成長機會的垂直領域。

So I think the structure overall is set and then how you activate it for particular growth opportunities, within the structure, we might choose to focus on resources just like we've done for data centers, and we'll continue to do so.

因此，我認為整體結構已經確定，然後如何啟動它以獲得特定的成長機會，在結構內，我們可能會選擇專注於資源，就像我們對資料中心所做的那樣，我們將繼續這樣做。

By the way, I mean, that's our structure here. I don't want to downplay what we've announced, but it's sort of a very logical structure and it's one that, of course, has tried and proven and that I've seen and worked with and in other companies, right?

順便說一句，我的意思是，這就是我們的結構。我不想低估我們所宣布的內容，但這是一種非常合乎邏輯的結構，當然，它已經過嘗試和證明，而且我在其他公司也看到過、合作過，對嗎？

And so what I just talked about there is based on my personal experience in other industries where you had multi-vertical plays, but you needed to have global geographical coverage, you needed to have R&D teams that are focused on technologies platforms.

我剛才談論的內容是基於我在其他行業的個人經驗，在這些行業中，你有多垂直的運作，但你需要有全球地理覆蓋，你需要有專注於技術平台的研發團隊。

But when it comes to applying them in specific vertically oriented products, you need to organize a little differently inside these teams. So it's a well tried and proven approach that I'm very familiar with, the way what I talked about here.

但是當將它們應用於特定的垂直導向產品時，您需要在這些團隊內部進行稍微不同的組織。因此，這是一種經過充分嘗試和驗證的方法，我非常熟悉，就像我在這裡談論的那樣。

Chris Snyder, Morgan Stanley.

摩根士丹利的克里斯·斯奈德。

I wanted to follow up on some of the data center commentary. Obviously, a market that you guys have been in for a long time, but just given the, I guess, more rapid growth in history, it does feel like there are maybe new entrants or new competitors more focused on the market. Has there been any change in the competitive environment in data center versus two or three years ago? And what could that mean for JCI?

我想跟進一些有關資料中心的評論。顯然，你們已經進入這個市場很長一段時間了，但考慮到歷史上更快的成長速度，感覺可能有新的進入者或新的競爭對手更關注這個市場。資料中心的競爭環境與兩、三年前有什麼變化嗎？這對 JCI 來說意味著什麼？

So here, I'm going to have to defer to Marc because I'm eught weeks in. So I've done a lot of studying who is in it now, but Marc?

所以在這裡，我不得不聽從馬克的意見，因為我已經八週了。所以我對現在誰在其中做了很多研究，但是馬克？

Yeah. And the way you need to think about the data center market is -- yes, of course, it's a very attractive market. Commercially, it's the fastest-growing market. And so a lot of adjacent industries have started to look at cooling as an opportunity for them to expand. I think that's where the 140-year experience in creating differentiated solution for customer and our technological advantage plays a critical role.

是的。您需要思考資料中心市場的方式是——是的，當然，這是一個非常有吸引力的市場。從商業角度來看，這是成長最快的市場。因此，許多相關行業開始將製冷視為擴張的機會。我認為這就是我們 140 年來為客戶創造差異化解決方案的經驗以及我們的技術優勢所發揮的關鍵作用。

So yes, you've seen new entrants over the last two, three years, coming in with products that are very attractive, but don't create the technological advantage that we have been able to get to.

所以是的，過去兩三年來，您確實看到了新進入者，他們推出的產品非常吸引人，但卻沒有創造出我們所擁有的技術優勢。

We have a particular York product that has a very wide operating range. And that provides to our customers a global single platform where they can expand and standardize their infrastructure and that ability to continuously engineer, iterate and improve on the leading product, I think, provides a real differentiated value for our customers.

我們有一款特殊的 York 產品，其操作範圍非常廣泛。這為我們的客戶提供了一個全球單一平台，他們可以在這個平台上擴展和標準化他們的基礎設施，並且能夠不斷設計、迭代和改進領先產品，我認為這為我們的客戶提供了真正的差異化價值。

Yeah. And I think maybe if I could add to that. I mean, I was at our global R&D center for high-performance HVAC chillers here on Friday, digging deep into our technology capabilities. And I mean, at the end of the day, with new entrants and new evolutions of how you configure a data center and so on, there will be more opportunities for us.

是的。我想也許我可以補充一點。我的意思是，星期五我來到了我們高性能 HVAC 冷水機組全球研發中心，深入研究我們的技術能力。我的意思是，最終，隨著新進入者的出現以及資料中心配置方式等的新發展，我們將面臨更多機會。

But at the end of the day, you need to get heat out of that server room. And at the end of the day, our chiller, it's kind of like the aircraft engine. You need the highest-performing aircraft engine that doesn't take power away because you want power for the -- to drive the chips, right? And to design and manufacture a high-performance chiller, think aircraft engine, at the levels that we're performing. That is not something you learn in 10 or 20 years.

但最終，您需要將伺服器機房中的熱量散發出去。總而言之，我們的冷卻器有點像飛機引擎。您需要性能最高的、不會消耗動力的飛機發動機，因為您需要動力來驅動晶片，對嗎？並設計和製造高性能冷卻器，就像飛機引擎一樣，達到我們所執行的水平。這不是你花 10 年或 20 年就能學會的。

This is built on unique know-how that we've developed over decades. And it's not just the know-how, it's also how our products are configured. And I don't want to go into all the details of that right now. But obviously, having this know-how, there are parts of the chiller technology -- our technology-based differentiation is built on that we don't buy off-the-shelf parts like new entrants or other people might do.

這是基於我們數十年來開發的獨特技術而建立的。這不僅涉及專業知識，還涉及我們的產品配置方式。我現在不想談論所有細節。但顯然，有了這些專業知識，就有了冷水機組技術的各個部分——我們基於技術的差異化是建立在我們不會像新進入者或其他人一樣購買現成的零件的基礎上的。

So we've designed modules that are application specific and thereby, we're able to just eke out more performance out of our high-performance chillers and many other people can. So from a chiller point of view, it's going to continue to be a great need for high-performance chillers and this plays to our strengths. And everybody is continuing to evolve, of course, but I do think we really are very well positioned here.

因此，我們設計了特定於應用的模組，從而我們能夠從高性能冷水機組中獲得更多性能，許多其他人也可以做到。因此，從冷水機組的角度來看，對高性能冰水機組的需求將繼續很大，而這可以發揮我們的優勢。當然，每個人都在不斷進步，但我確實認為我們在這裡處於非常有利的位置。

I appreciate that. And then maybe just following up, and I'd be interested to hear your views on installation. There's always a lot of question and focus on JCI's installation business. And then any color on just the ability to make sure that installation is ultimately kind of being the engine that's driving the aftermarket side of the house. Thank you.

我很感激。然後也許只是跟進，我很想聽聽您對安裝的看法。人們總是對 JCI 的安裝業務有很多疑問和關注。然後，任何顏色只要能夠確保安裝最終都會成為推動房屋售後市場的引擎。謝謝。

Sure. I think that's one of those questions that's not black and white, right? So part of my strategy work that I'm doing right now is that exact topic. And I'll give you an example of how we approach that. I mean it's very pragmatic. We're taking a look at hundreds of projects where we did different degrees of installation because we don't always do 100% of all the installation for our products, right?

當然。我認為這是一個不是黑白分明的問題，對嗎？我現在所做的戰略工作的一部分就是這個主題。我將舉一個例子來說明我們如何處理這個問題。我的意思是它非常實用。我們正在研究數百個進行不同程度安裝的項目，因為我們並不總是對我們的產品進行 100% 的安裝，對嗎？

And then we're looking at the financial performance of that. We're looking at how competitive we were, with or without installation. We can see that from our pipeline data. And then we're looking at the actual, in the real world, linkage to service contract attachment. and to answer some of the questions that you're raising here.

然後我們來看看它的財務表現。我們正在研究無論是否安裝，我們的競爭力如何。我們可以從管道數據中看到這一點。然後我們看看現實世界中與服務合約附件的實際聯繫。並回答您在此提出的一些問題。

And I think that's we're -- it's time to do that. And I would expect that the conclusion is going to be not black and white either. I think the conclusion most likely is going to be that under these and these circumstances for these and these types of customers for these and these types of products, installation with this and this scope makes sense for us competitively, financially and from a service attach point of view. And very likely, we'll conclude that in some other instances, it does not make sense.

我認為現在是時候這麼做了。我也希望結論不會是黑白分明的。我認為最有可能的結論是，在這種情況下，對於這些類型的客戶和這些類型的產品，從競爭、財務和服務附加的角度來看，安裝這種範圍的設備對我們來說是有意義的。而且很有可能，我們會得出結論，在其他一些情況下，這是沒有意義的。

But I think we're just trying to develop greater clarity on how to win, how to execute and not just with the systems upfront, but of course, over the life cycle. And I'll come back at a later point in time and share more details about that. It's hardly a unique situation, by the way. I've seen this kind of situation and other businesses in my career. So I'm actually excited about. This is one simplification. When I was talking about simplification and complexities, this is one area that we're digging into under that top headline.

但我認為，我們只是試著更清楚地了解如何取勝、如何執行，而不僅僅是前期的系統，當然還有整個生命週期。我稍後會回來分享更多有關此問題的細節。順便說一句，這並不是什麼獨特的情況。在我的職業生涯中，我見過這種情況，也見過其他企業的情況。所以我真的很興奮。這是一種簡化。當我談論簡化和複雜性時，這是我們在頭條新聞下深入研究的領域。

Andrew Obin, Bank of America.

美國銀行的安德魯‧奧賓。

Just a question on applied, you definitely called out strength in data centers. What are the other verticals driving applied growth? And are there any verticals sort of creating headwinds that you're worried about?

這只是一個關於應用的問題，你肯定提到了資料中心的強度。還有哪些垂直產業推動應用程式成長？是否存在讓您擔心的垂直產業逆風？

So broadly, I mean, most of our verticals are actually performing pretty well. I mean I also read perhaps some of the same industry reports that some of you reached Dodge and ABI and so on. So a few weeks ago, I started to not just look into how we're performing by verticals, which is sort of a rearview mirror, the orders and the sales, but also looked at leading indicators to try and understand what might be coming our way.

所以從廣義上講，我們的大多數垂直行業實際上表現都相當不錯。我的意思是，我可能也讀過一些與道奇和 ABI 等公司相同的行業報告。因此，幾週前，我開始不僅關注我們的垂直表現（這就像一面後視鏡、訂單和銷售額），還專注於領先指標，試圖了解我們可能面臨的情況。

And so really, the conclusion is that fairly broad-based good growth. And in terms of the leading indicators, at this point in time, we don't see any slowdown in some of the areas that you might think there would be slowdowns then based on Dodge and ABI. Now of course, we're exiting light commercial. So with the divestment coming up here, so obviously, I'm not commenting on that when I make these comments here.

因此，結論實際上是相當廣泛的良好成長。就領先指標而言，目前我們並未看到某些領域出現任何放緩，而根據道奇和 ABI 的數據，您可能會認為這些領域隨後會放緩。當然，現在我們正在退出輕度商業領域。因此，隨著撤資的發生，很明顯，我在這裡發表這些評論時並沒有對此發表評論。

Nicole DeBlase, Deutsche Bank.

妮可‧德布拉斯 (Nicole DeBlase)，德意志銀行。

Yeah, thanks. Good morning, guys. Welcome to the call, Jaokim. I guess maybe just starting with a question on price versus volume, presumably with tariffs coming into the fray in the back half, you guys have probably raised your expectation for pricing, I'm guessing. Did you embed any sort of contingency with respect to volume just because of all the macro uncertainty? Or are you taking in a view, hey, we have a really robust backlog as you mentioned, the leading indicators look good. And so there's no expectation of significant volume do you sell in the back half?

是的，謝謝。大家早安。歡迎參加電話會議，Jaokim。我想也許只是從價格與數量的問題開始，大概隨著下半年關稅的出現，我猜你們可能已經提高了對定價的預期。您是否因為所有宏觀不確定性而嵌入了任何與交易量相關的應急措施？或者您是否有這樣的看法，嘿，正如您所說，我們有一個非常強勁的積壓訂單，領先指標看起來不錯。那麼，您預計下半年的銷售不會很大嗎？

No. If you look at, first of all, how we think about price versus products, particularly Building Solutions business, the scope of that business, each job vary year-on-year. And so it's not so much about the number of units you sell, and the volume price dynamics become a bit complicated. It's more about the value you're providing to the customer. And if we are pricing appropriately, then you see the margin continuously benefit from that.

不。首先，如果你看我們如何看待價格與產品，特別是建築解決方案業務，該業務的範圍，每項工作逐年變化。因此，這與您銷售的單位數量關係不大，而且批量價格動態變得有點複雜。這更多的是關於您為客戶提供的價值。如果我們定價合理，那麼利潤率就會持續受益。

In terms of what we see from a macro level. The level of macro uncertainty remains pretty high after all of the tariff impact. And while we are mostly a long-cycle business, whether it's on our systems or service businesses, we still have call it, 25% or so of the company, that's shorter cycle in nature. And we have built in some perspective on what could potentially happen to some of our end markets and vertical as some of that uncertainty is built into our guide.

就我們從宏觀層面看到的情況而言。在所有關稅影響之後，宏觀不確定性水準仍然相當高。儘管我們主要從事長週期業務，無論是系統業務還是服務業務，但我們仍然有 25% 左右的公司業務本質上屬於較短週期。並且，我們已經對某些終端市場和垂直市場可能發生的情況進行了一些展望，因為部分不確定性已納入我們的指南中。

Andrew Kaplowitz, Citigroup.

花旗集團的安德魯‧卡普洛維茲 (Andrew Kaplowitz)。

Hey, good morning, everyone. I don't know if it's already been asked, I came on late, but I just wanted to focus on service for a second. I know it's been a big priority for JCI over time. Jaokim, as you come and look at the business, where do you think attachment rates could go over time? And what does have to do to sort of continue to improve attachment?

嘿，大家早安。我不知道是否已經被問過了，我來晚了，但我只是想集中精力談談服務。我知道這一直是 JCI 的首要任務。Jaokim，當您審視這項業務時，您認為隨著時間的推移，附著率會如何變化？那麼，我們需要做些什麼才能繼續改善依戀關係呢？

Yeah. So first of all, as we had very healthy service growth, and we have had that over some time. And you may have heard that I also think that our 40,000 people in the field is really an enviable position to have. That's something that's been built over decades, right? And as some of you asked in terms of margin improvement is on when I answered that, no, what could we do in the field?

是的。首先，我們的服務成長非常健康，而且這種成長已經持續了一段時間。您可能已經聽說，我也認為我們在該領域擁有 40,000 名員工，這是一個令人羨慕的地位。這是幾十年來建立起來的東西，對吧？正如你們中一些人問到的利潤率提高方面的問題，我回答說，不，那麼我們能在該領域做些什麼呢？

I think there it's more about leverage, how do we build more capacity with lean approaches, process improvement, digital approaches and so on so that we can get even more out of our field colleagues, not just capacity but response time as well, which is an important element when you're in a service business, right? It's menu and time to respond is what defines your competitive advantage, right.

我認為這更多的是關於槓桿作用，我們如何利用精益方法、流程改進、數位化方法等來建立更多的能力，以便我們可以從我們的現場同事那裡獲得更多，不僅僅是能力，還有響應時間，這是從事服務業務的一個重要因素，對嗎？菜單和回應時間決定了您的競爭優勢，對吧。

So I think if I look at some of the attachment rates that we have in some of our businesses today, I see very interesting opportunities for improvement. And I don't want to go into exact numbers right now. And maybe I can come back to that at another point in time.

因此，我認為，如果我看一下我們今天在某些業務中的一些依附率，我會看到非常有趣的改進機會。我現在不想談具體的數字。也許我可以在另一個時間點再討論這個問題。

But I don't see why we couldn't move the attachment rates to something much higher than where we're at today over time. So as excited as I am about applying lean overall. Just a reminder for everyone, I'm not talking about factories only, right?

但我不明白為什麼我們不能隨著時間的推移將附著率提高到比現在更高的水平。因此，我對整體應用精實技術感到非常興奮。只是提醒大家，我說的不只是工廠，對吧？

Of course, I'm including that but I'm thinking about applying lean in our service businesses as well as all of our back offices and the corporate overhead as well over time here. But service, I think, is a tremendous opportunity for us.

當然，我會把這一點包括在內，但我正在考慮將精益應用於我們的服務業務以及我們所有的後台辦公室和公司管理費用中。但我認為，服務對我們來說是一個巨大的機會。

Deane Dray, RBC Capital Markets

加拿大皇家銀行資本市場 Deane Dray

Thank you. Good morning, everyone, and I'll add my welcome to you, Jaokim.

謝謝。大家早安，我也要向你們表示歡迎，Jaokim。

Hey, Dean. How are you?

嘿，迪恩。你好嗎？

Hey, I'm doing really well. You're almost had your first conference call under your belt, so congrats.

嘿，我做得很好。您幾乎已經完成了第一次電話會議，恭喜您。

Thanks, Dean.

謝謝，迪恩。

Hey, in the interest of time, I'll keep it to one question. And a surprise for us in the release today, it's a pleasant surprise that your guidance is a single point of 360, and you still have the back half of the year to go. That's pretty precise, and this is a quarter where a number of industries are actually pulling guidance, and you're doing kind of the opposite, which speaks to a question about your degree of confidence in the earnings visibility and the backlog strength and so forth. But how did that all to come together? And what's your thoughts on earnings visibility?

嘿，為了節省時間，我只問一個問題。今天發布的新聞稿給我們帶來了一個驚喜，令人驚喜的是，您的指導是 360 的單點，而且您還有下半年的時間。這非常準確，本季度許多行業實際上都在尋求指導，而您卻在做相反的事情，這說明您對盈利可見性和積壓訂單強度等的信心程度存在疑問。但這一切是如何實現的呢？您對獲利可見度有何看法？

Yeah. Well, first of all, maybe I should say. I think, the thing I read;, you should not increase guidance when you're the new CEO. And -- but then as Marc discussed here, and as I said in my commentary, we do have very good visibility. Some of our parts of our business is long cycle, right? And then the recurring part of our business is a significant part as well. So if you do the math, we're in a good position here. So and I've gone through this math with my partner, Marc here, multiple times, going back to my first comment, in great details.

是的。好吧，首先，也許我應該說。我認為，我讀到的內容是，當你是新任執行長時，你不應該增加指導。而且 — — 但正如馬克在這裡討論的那樣，正如我在評論中所說，我們確實具有非常好的知名度。我們的某些業務是長週期的，對嗎？然後，我們業務的經常性部分也是很重要的一部分。所以如果你算一下，你會發現我們現在處於有利地位。因此，我和我的搭檔馬克多次討論過這個數學問題，並回顧了我之前的第一個評論，非常詳細。

And so it's really based on how we're positioned with the backlog, the long cycle and the recurring and the actions that we've already started to implement on the tariff countermeasures, as I mentioned here. So that's kind of the background.

因此，這實際上取決於我們如何應對積壓、長期週期和重複性問題，以及我們已經開始實施的關稅對策行動，正如我在這裡提到的那樣。這就是背景。

This concludes our question-and-answer session. I would like to turn the conference back over to Joakim Weidemanis for any closing remarks.

我們的問答環節到此結束。我想將會議交還給 Joakim Weidemanis 並請他做最後發言。

Great. Thank you for that. And before I start with the closing remarks, it was great to reconnect with several of you over the last couple of weeks and on this call. I believe the partnership, the interaction, the questions you ask, help make us better and think about things in a better way. So thank you for that.

偉大的。謝謝你。在我開始結束演講之前，我很高興在過去幾週以及這次通話中與你們中的幾位重新聯繫。我相信合作、互動和提出的問題有助於我們變得更好，並以更好的方式思考問題。謝謝你。

But to quickly recap, we're pleased with our strong second quarter results. Our record backlog and strength in orders show broad-based demand for our differentiated solutions and we have continued momentum underway.

但簡單回顧一下，我們對第二季的強勁業績感到滿意。我們創紀錄的積壓訂單和強勁的訂單表明，我們的差異化解決方案有著廣泛的需求，並且我們繼續保持良好的發展勢頭。

And now with a more focused portfolio and simpler organizational model, and, over time, stronger customer orientation and lean-enabled execution, we're well positioned to accelerate value for all of our customers and shareholders. And I want to really thank our dedicated team around the world and to all of you for joining today's earnings call.

現在，我們擁有了更專注的產品組合和更簡單的組織模式，隨著時間的推移，擁有更強的客戶導向和精益執行能力，我們已做好準備，為所有客戶和股東加速創造價值。我要由衷感謝我們遍佈全球的敬業團隊以及參加今天財報電話會議的所有人。

I look forward to continuing the discussion over the next quarters. And with that, operator, that concludes our call.

我期待在接下來的幾個季度繼續討論。接線員，我們的通話到此結束。

The conference has now concluded. Thank you for attending today's presentation, and you may now disconnect.

會議現已結束。感謝您參加今天的演示，現在您可以斷開連接了。