江森自控 (JCI) 2025 Q4 法說會逐字稿

Hello, everyone, and welcome to the Johnson Controls Q4 2025 earnings conference call. My name is Nadia, and I'll be coordinating the call today. (Operator Instructions)

大家好，歡迎參加江森自控 2025 年第四季財報電話會議。我叫娜迪亞，今天我將負責協調這通通話。（操作說明）

I will now hand the call over to Jim Lucas, Vice President, Investor Relations, to begin. Jim, please go ahead.

現在我將把電話交給投資者關係副總裁吉姆·盧卡斯，由他開始發言。吉姆，請繼續。

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

早安，感謝各位參加本次電話會議，共同探討江森自控2025財年第四季業績。今天與我一起參加電話會議的有江森自控執行長 Joakim Weidemanis 和財務長 Marc Vandiepenbeeck。在開始之前，請允許我提醒各位，在今天的演講中，我們將發表一些前瞻性聲明，這些聲明反映了我們目前對未來業績和財務結果的看法。

These statements are based on certain assumptions and expectations of future events that are subject to risks and uncertainties. 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.

這些陳述是基於對未來事件的某些假設和預期，而這些假設和預期存在風險和不確定性。請查閱我們向美國證券交易委員會提交的文件，其中列出了可能導致實際結果與我們的預測有差異的重要風險因素。在今天的示範中，我們也會提及一些非GAAP指標。

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.

這些非GAAP指標的調節表包含在我們的新聞稿附件和本簡報的附錄中，這兩份文件都可以在江森自控網站的投資者關係部分找到。

I will now turn the call over to Joakim.

現在我將把通話交給 Joakim。

Thanks, Jim, and good morning, everyone. Thank you for joining us on today's call. As we close out our 140th year as a company, I want to begin by recognizing the extraordinary efforts of our 90,000 colleagues around the world. Their dedication to our customers and their commitment to our mission have been the driving force behind our progress and the results.

謝謝你，吉姆，大家早安。感謝您參加今天的電話會議。在我們公司成立 140 週年之際，我想先感謝我們遍布全球的 9 萬名同事所做的非凡努力。他們對客戶的奉獻和對我們使命的堅持是我們進步和成果的驅動力。

Since joining Johnson Controls, I made it a priority to spend time where value is created, in the field with customers and our teams, at our innovation centers and on the factory floors around the world. It's important to be right alongside our team, as they do the work to deliver for our customers. These experiences have given me a firsthand appreciation for the passion and expertise that define our culture.

自從加入江森自控以來，我一直把時間花在創造價值的地方，例如與客戶和我們的團隊一起在現場，在我們的創新中心以及世界各地的工廠車間。與我們的團隊並肩工作非常重要，因為他們是為我們的客戶提供服務的。這些經驗讓我切身體會到我們文化中所蘊含的熱情和專業。

Our customers and my colleagues on the front lines give me valuable insights on how we work, and where we can improve processes and uncover new opportunities together. Learning about our capabilities and seeing our teams drive our company forward by problem solving, to better serve our customers, has reinforced my belief in the strength of our foundation and the significant opportunities we're beginning to capture.

我們的客戶和第一線同事為我提供了寶貴的見解，讓我了解我們的工作方式，以及我們可以在哪些方面改進流程並共同發掘新的機會。了解我們的能力，並看到我們的團隊透過解決問題推動公司向前發展，從而更好地服務我們的客戶，這更加堅定了我對我們基礎的強大以及我們正在開始抓住的重大機會的信念。

Before I dive into the specifics, I want to summarize where we stand today and our path forward. First, we delivered strong results this quarter and for the full year, exceeding our free cash flow target and continuing to build a record backlog. Second, our proprietary business system is taking shape as our growth engine, combining 80/20 and lean principles with digital and AI approaches to create a more customer-centric and continuous improvement-oriented organization.

在深入探討細節之前，我想先總結一下我們目前的處境以及未來的發展方向。首先，我們本季和全年都取得了強勁的業績，超過了我們的自由現金流目標，並繼續創造創紀錄的訂單積壓。其次，我們專有的業務系統正在逐步成型，成為我們的成長引擎，它將 80/20 法則和精益原則與數位化和人工智慧方法相結合，以創建一個以客戶為中心、持續改進為導向的組織。

Third, we are updating our long-term growth algorithm to reflect improved mid-single-digit top line growth, enhanced operating leverage, double-digit adjusted EPS growth and continuing to target 100% free cash flow conversion, demonstrating that the opportunity in front of us is clear, significant and achievable. Turning to our results. Fiscal 2025 was a year of strong execution and momentum.

第三，我們正在更新我們的長期成長演算法，以反映出營收成長達到中個位數、營運槓桿增強、調整後每股盈餘成長達到兩位數，並繼續以 100% 的自由現金流轉換率為目標，這表明我們面前的機會是清晰、重大且可實現的。接下來來看看我們的結果。2025財年是執行力強勁、發展勢頭良好的一年。

Sales grew 6%, segment margins expanded by 100 basis points and adjusted EPS increased 17%. Notably, we offset the dilution from the residential and light commercial divestiture in one-year, ahead of our original expectations. Free cash flow conversion reached 102%, reflecting our disciplined execution and financial strength. Orders grew 7% for the year, and our backlog expanded 13%, ending at a record $15 billion.

銷售額成長 6%，分部利潤率成長 100 個基點，調整後每股盈餘成長 17%。值得注意的是，我們在一年內抵消了住宅和輕型商業資產剝離帶來的稀釋，比我們最初的預期提前了一年。自由現金流轉換率達到 102%，這反映了我們嚴謹的執行力和雄厚的財務實力。全年訂單成長 7%，積壓訂單成長 13%，達到創紀錄的 150 億美元。

This sustained demand highlights the value our customers place in our solutions and the strength of our portfolio. This quarter's performance reflects our disciplined execution and operational focus. While our evolving business system is still in its early stages, we're already seeing encouraging signs of progress. Let's turn to slide 6.

這種持續的需求凸顯了客戶對我們解決方案的重視以及我們產品組合的實力。本季的業績反映了我們嚴謹的執行力和專注的營運。雖然我們不斷發展的業務系統仍處於早期階段，但我們已經看到了令人鼓舞的進展跡象。讓我們翻到第6張投影片。

Last quarter, we introduced our proprietary business system, a proven approach to building a stronger, more disciplined company. It is rooted in winning and retaining customers through differentiated products, services and exceptional experiences. It's about enabling frontline colleagues, engaging all teams in building a better Johnson Controls and being a magnet for talent.

上個季度，我們推出了我們專有的業務系統，這是一種行之有效的方法，可以打造一個更強大、更自律的公司。其根本在於透過差異化的產品、服務和卓越的體驗來贏得和留住客戶。其目標是賦能一線同事，讓所有團隊參與建立更美好的江森自控，並吸引人才。

Our system is built on three pillars. Simplify, apply 80/20 principles to focus on what matters the most. Accelerate, use lean methodologies to remove waste and accelerate execution and scale, leverage digital and AI approaches to amplify impact across the enterprise. And it's anchored in a global cross-functional language and methodology for how we communicate and collaborate to win.

我們的系統建立在三大支柱之上。簡化流程，運用 80/20 法則，專注於最重要的事。加快速度，運用精實方法消除浪費，加快執行和規模化，利用數位化和人工智慧方法來擴大對整個企業的影響。它以全球跨職能語言和方法論為基礎，指導我們如何溝通和協作以取得成功。

The approach is practical, identify barriers to growth and remove them quickly. We start narrow and go deep, get the root causes, pilot countermeasures, adjust and secure frontline buy-in before scaling broadly. While it's still early days and business systems take time to mature in large organizations, I'm energized by our progress.

這種方法很務實，能夠找出成長的障礙並迅速消除它們。我們從小處著手，深入挖掘，找出根本原因，試行應對措施，進行調整，並在全面推廣之前獲得一線人員的支持。雖然現在還處於早期階段，大型組織中的業務系統需要時間才能成熟，但我對我們的進展感到振奮。

More than 700 colleagues are actively engaged across several priority areas and have conducted over 50 kaizens to date with many more to come. We have already trained 200 leaders worldwide through activation boot camps. Leadership plays a pivotal role in the progress of our business system and our opportunity to build an even stronger company that is more capable, more focused and more disciplined, a company that executes with consistency and delivers for customers where it matters most.

700 多名同事積極參與多個重點領域，迄今已開展 50 多項改善活動，未來還將開展更多。我們已經透過活化訓練營培訓了全球 200 位領導者。領導力在我們業務體系的發展中起著至關重要的作用，它決定著我們能否打造一家更強大、更專注、更自律的公司，一家能夠始終如一地執行並為客戶提供最重要服務的公司的實力。

To further strengthen our leadership capabilities and align talent with strategic priorities, we recently announced a new leader of our Americas segment, Todd Grabowski. He brings over 30-years of experience in the commercial part of our business and product management within our largest franchise, our global applied business.

為了進一步加強我們的領導能力，並將人才與戰略重點保持一致，我們最近宣布任命 Todd Grabowski 為美洲區新任負責人。他擁有超過 30 年的商業經驗，並在我們最大的特許經營業務——全球應用業務——中負責產品管理。

His industry knowledge and customer orientation will be instrumental, as we accelerate growth and sharpen our customer focus in this important region. Earlier this week, we announced to our colleagues the hire of a global leader of manufacturing, a key role accountable for performance across our factory footprint, driving improvements in safety, quality, delivery and cost, SQDC, using our business system to build competitive advantage and winning performance for our customers as well as drive overall productivity, creating more funding for reinvestments.

他的行業知識和客戶導向將發揮重要作用，幫助我們在這個重要地區加速成長並更加重視客戶體驗。本週早些時候，我們向同事宣布聘請了一位全球製造領域的領導者，這是一個關鍵職位，負責我們所有工廠的績效，推動安全、品質、交付和成本方面的改進，SQDC，利用我們的業務系統為客戶建立競爭優勢和贏得業績，並提高整體生產力，創造更多資金用於再投資。

As we continue to strengthen our talent development, it will enable us to accelerate our progress. Last quarter, we highlighted two areas with clear potential, sales capacity and productivity and factory on-time delivery. Today, I want to show you how our proprietary business system is already delivering measurable progress.

隨著我們不斷加強人才培養，這將使我們能夠加快發展步伐。上個季度，我們重點關注了兩個具有明顯潛力的領域：銷售能力和生產力以及工廠準時交貨率。今天，我想向大家展示我們自主研發的業務系統是如何取得可衡量的進展的。

By working together across teams and leveraging 80/20 and lean tools, our conventional HVAC sellers in one of our local markets increased the time they're able to spend engaging with customers by over 60%, and our team manufacturing key chillers in North America improved on-time delivery to over 95%. These examples reflect our commitment to going narrow and deep, focusing on specific areas to uncover the true sources of waste and avoid surface level fixes.

透過跨團隊協作，並利用 80/20 法則和精益工具，我們當地市場的傳統 HVAC 銷售人員與客戶互動的時間增加了 60% 以上，而我們在北美製造關鍵冷水機的團隊將準時交付率提高到 95% 以上。這些例子反映了我們致力於深入挖掘特定領域，找出真正的浪費根源，並避免流於表面的補救措施。

This approach enables faster piloting, stronger frontline engagement and eases broader deployment later across the organization. As is typical in continuous improvement, we see even more opportunities as we dig deeper. In the example of selling time with a customer, the team streamlined the sales process by eliminating non-value-added process steps and upgrading tools to accelerate the sales cycle.

這種方法可以加快試點速度，增強第一線人員的參與度，並便於日後在整個組織內更廣泛地部署。正如持續改進過程中常見的情況一樣，隨著我們深入挖掘，我們會發現更多機會。以銷售與客戶相處的時間為例，團隊透過消除不增值的流程步驟和升級工具來簡化銷售流程，從而加快銷售週期。

These improvements simplified workflows and led to more than a 60% increase in time spent engaging directly with customers. We're now applying AI to the overall sales process of estimation and selection to codify, scale and amplify several process steps that will yield even more time with customers on top of that. We've also been focused on improving the on-time delivery in one of our key chiller plants that serves the rapidly growing data center vertical.

這些改進簡化了工作流程，使與客戶直接互動的時間增加了 60% 以上。我們現在將人工智慧應用於整個銷售流程的估價和選擇，以規範、擴展和增強幾個流程步驟，從而為客戶節省更多的時間。我們也致力於提高我們一家關鍵冷水機組工廠的準時交付率，該工廠服務於快速成長的資料中心產業。

While we have a leading position in advanced thermal solutions for data centers, historically, our on-time delivery was inconsistent and our lead times were longer than what customers demand. Leveraging 80/20 and lean approaches, we have dramatically improved on-time delivery and are now over 95%. and lead times are on the way of being cut in half.

雖然我們在資料中心先進散熱解決方案領域處於領先地位，但從歷史上看，我們的準時交貨並不穩定，而且我們的交貨週期比客戶要求的要長。透過運用 80/20 法則和精實方法，我們大幅提高了準時交貨率，目前已超過 95%，交付週期也即將縮短一半。

I'm confident we can maintain this standard, which only strengthens our competitive advantage and our ability to win in this fast-growing vertical. This isn't about putting a playbook on a shelf, it's about fundamentally changing how we work. These improvements come from going narrow and deep, counter measuring root causes and engaging the teams impacted, ensuring sustainable change and easier scaling across the enterprise. Simplify, accelerate, scale.

我相信我們能夠保持這一標準，這只會增強我們的競爭優勢，並提升我們在這快速成長的垂直領域中獲勝的能力。這並非是要把一套固定的模式束之高閣，而是要從根本上改變我們的工作方式。這些改進源於深入細緻地分析根本原因，並與受影響的團隊進行溝通，從而確保可持續的變革和更易於在整個企業範圍內推廣。簡化、加速、規模化。

That's how we win together. As we move to slide 7, you'll see how our focus on technology innovation and sustainability is powering our future growth and reinforcing our leadership in mission-critical verticals. Johnson Controls continues to strengthen its leadership in advanced thermal management.

這就是我們攜手取勝的方式。翻到第 7 張投影片，您將看到我們對技術創新和永續發展的關注如何推動我們未來的成長，並鞏固我們在關鍵垂直領域的領導地位。江森自控持續鞏固在先進熱管理領域的領先地位。

With AI-driven demand for high-density data centers, pushing cooling technology to new limits, we are well positioned across the thermal management or cooling chain as well as with our integrated offering of digital monitoring and controls. During the quarter, we successfully launched our coolant distribution unit offering, a major milestone in our differentiated data cooling center strategy.

隨著人工智慧驅動對高密度資料中心的需求，冷卻技術被推向了新的極限，我們在熱管理或冷卻鏈以及我們整合的數位監控和控制產品方面都佔據了有利地位。本季度，我們成功推出了冷卻劑分配單元產品，這是我們差異化資料中心冷卻中心策略的一個重要里程碑。

CDUs are critical enablers of liquid cooling, which is rapidly becoming essential, as AI chips are becoming more powerful and generating more heat. Traditional air-cooled systems are reaching physical limits, driving a transition toward liquid and hybrid cooling architectures that improve thermal management performance in addition to energy and water efficiency.

CDU 是液冷技術的關鍵推動因素，而液冷技術正迅速變得至關重要，因為 AI 晶片的功能越來越強大，產生的熱量也越來越多。傳統的風冷系統正接近物理極限，推動著向液體和混合冷卻架構的過渡，這些架構除了提高能源和水的效率外，還能提高熱管理性能。

This launch, combined with our award-winning YVAM magnetic-bearing chillers, absorption chillers and now our strategic investment in Accelsius positions Johnson Controls to deliver a comprehensive and integrated portfolio that addresses the full thermal management spectrum from chip to ambient, covering the entire heat capture, removal and regen journey.

此次發布，加上我們屢獲殊榮的 YVAM 磁軸承製冷機、吸收式製冷機，以及我們現在對 Accelsius 的戰略投資，使江森自控能夠提供全面集成的產品組合，涵蓋從芯片到環境的整個熱管理範圍，包括整個熱量捕獲、移除和再生過程。

We are receiving strong early interest from hyperscale customers, who are prioritizing energy efficiency and sustainability, core pillars of our innovation strategy. Our data center solutions are aligned with global trends in AI and increasing compute density, where thermal performance is now a strategic differentiator. With our cooling technologies reducing non-IT energy consumption by more than 50% in most North American hubs, we are delivering substantial energy savings.

我們已收到來自超大規模客戶的強烈早期關注，他們優先考慮能源效率和永續性，而這正是我們創新策略的核心支柱。我們的資料中心解決方案與人工智慧和不斷提高的運算密度的全球趨勢保持一致，其中散熱效能現在是一項策略差異化因素。我們的冷卻技術使北美大多數樞紐的非 IT 能耗降低了 50% 以上，從而實現了顯著的節能效果。

This reinforces our role as a strategic partner to the world's leading data center professionals at a time when the vertical is poised for significant growth over the next decade. In Europe, we recently made a major announcement that underscores our leadership in decarbonization. Johnson Controls will provide green heat to the city of Zurich through a landmark waste incineration project.

這鞏固了我們作為全球領先資料中心專業人士策略合作夥伴的地位，而未來十年，資料中心產業有望實現顯著成長。在歐洲，我們最近發布了一項重大公告，凸顯了我們在脫碳領域的領導地位。江森自控將透過一項具有里程碑意義的垃圾焚燒項目，為蘇黎世市提供綠色熱能。

While we've delivered similar solutions across the region, this deployment more than doubles the heat capacity of our previous largest project and ranks amongst the largest heat pump installations globally to utilize the zero GWP refrigerant ammonia. Our advanced heat pump technology will recover energy from flue gases and feed it into the district heating network, supplying heat to approximately 15,000 homes, about 15% of the city's total district heating demand.

雖然我們已經在該地區提供了類似的解決方案，但此次部署的熱容量比我們之前最大的項目增加了一倍多，並且躋身全球使用零全球變暖潛值製冷劑氨的最大熱泵裝置之列。我們先進的熱泵技術將從煙氣中回收能量，並將其輸送到區域供熱網絡，為約 15,000 戶家庭供熱，約佔該市區域供熱總需求的 15%。

This project is another powerful example of how Johnson Controls is enabling critical industries, institutions and now cities to transition to sustainable heating solutions, while maintaining reliability and performance, and it highlights the tremendous opportunity to harness excess heat, reduce operating costs and accelerate decarbonization.

該計畫再次有力地證明了江森自控如何幫助關鍵產業、機構乃至城市向永續供暖解決方案轉型，同時保持可靠性和性能，並突顯了利用餘熱、降低營運成本和加速脫碳的巨大機會。

In 2024 alone, our heat pumps enable customers to cut energy costs by 50% and emissions by 60%. The partnership we have with Zurich and other cities as well as with hundreds of others from global manufacturers in pharmaceuticals, chemicals, food and beverage and more solidifies our leadership position in the European energy and heat transition where we can capture our share of these opportunities amid regulatory tailwinds and accelerating customer demand.

光是 2024 年，我們的熱泵就能幫助客戶降低 50% 的能源成本和 60% 的排放量。我們與蘇黎世和其他城市以及來自製藥、化工、食品飲料等行業的數百家全球製造商建立了合作關係，這鞏固了我們在歐洲能源和供熱轉型領域的領導地位，使我們能夠在監管利好和客戶需求加速增長的背景下抓住這些機遇。

These initiatives reinforce our leadership in thermal management, decarbonization, digital solutions and mission-critical environments, supported by our commercially advantaged embedded service capabilities and relationships. The strength of our service model lies in the combination of customer intimacy, technical depth and global reach.

這些舉措鞏固了我們在熱管理、脫碳、數位化解決方案和關鍵任務環境領域的領先地位，並得到了我們具有商業優勢的嵌入式服務能力和關係的支持。我們服務模式的優勢在於客戶至上、技術深厚和全球覆蓋的結合。

With direct service operations across the globe, Johnson Controls delivers consistent high-quality support to customers over the life cycle in mission-critical verticals such as data centers, advanced manufacturing, life science manufacturing and large hospital and university research centers. Our ability to deliver consistent service across the global footprints of hyperscalers is a unique differentiator.

憑藉遍布全球的直接服務運營，江森自控在資料中心、先進製造、生命科學製造以及大型醫院和大學研究中心等關鍵任務垂直領域，為客戶提供貫穿整個生命週期的高品質支援。我們能夠在超大規模資料中心的全球範圍內提供一致的服務，這是我們的獨特優勢。

As data centers multiply, our service model is helping maintain the pace, positioned to deliver reliability wherever our customers build. Our view is that customers will always demand high-touch, high availability service, and that is an unparalleled differentiator for Johnson Controls. Now as we look ahead, our guidance for fiscal 2026 builds directly on the momentum we've established this year.

隨著資料中心數量的不斷增長，我們的服務模式有助於維持這一速度，無論客戶在哪裡建立資料中心，我們都能提供可靠的服務。我們認為，客戶始終需要高觸感、高可用性的服務，而這正是江森自控無可比擬的差異化優勢。展望未來，我們對 2026 財年的業績預期將直接建立在今年已取得的良好勢頭之上。

I already previewed our updated long-term growth algorithm, and Marc will discuss the details shortly, but I want to highlight how excited we are about the opportunity in front of us. In short, our strategy to leverage our strengths, particularly in HVAC, controls and digital to deliver differentiated value and long-term growth underpins our success.

我已經預覽了我們更新的長期成長演算法，Marc 稍後會詳細討論，但我想強調的是，我們對擺在我們面前的機會感到非常興奮。簡而言之，我們利用自身優勢，尤其是在暖通空調、控制和數位化方面的優勢，提供差異化價值和長期成長的策略，是我們成功的基石。

Our ability to meet global demand for mission-critical systems, whether in data centers or decarbonization projects is backed by an exceptional service organization and positions us to capture significant opportunities ahead.

我們擁有卓越的服務團隊，能夠滿足全球對關鍵任務系統（無論是資料中心還是脫碳專案）的需求，這使我們能夠抓住未來的重大機會。

With that, I will now turn it over to Marc.

接下來，我將把麥克風交給馬克。

Thanks, Joakim, and good morning, everyone. We closed fiscal 2025 on a strong note, delivering another quarter of solid financial performance. This consistent execution throughout the year has strengthened our foundation and position us well, as we enter the new fiscal year. Our ongoing focus on stronger operational discipline, customer satisfaction and continuous improvement is driving results, and we remain committed to generating sustainable long-term value for our shareholders.

謝謝Joakim，大家早安。我們在2025財年結束時取得了強勁的成績，又一個季度實現了穩健的財務業績。全年持續穩定的執行力鞏固了我們的基礎，使我們在新財年伊始就處於有利地位。我們持續專注於加強營運紀律、提高客戶滿意度和持續改進，這些都正在推動業績成長，我們將繼續致力於為股東創造可持續的長期價值。

Now let's take a closer look at fourth quarter results on slide 8. In the quarter, organic revenue grew 4% and segment margin expanded 20 basis points to 18.8%, driven by our ongoing focus on cost discipline, favorable mix and the tangible benefit of our productivity programs. Adjusted EPS of $1.26 increased 14% year-over-year and exceeded the high end of our guidance range.

現在讓我們仔細看一下第 8 頁投影片上的第四季業績。本季度，有機收入成長 4%，部門利潤率成長 20 個基點至 18.8%，這得益於我們持續專注於成本控制、有利的產品組合以及生產力提升計畫帶來的實際效益。調整後的每股收益為 1.26 美元，年增 14%，超過了我們預期範圍的上限。

On the balance sheet, we ended the quarter with approximately $400 million in available cash. The net debt remained within our long-term target range of 2 to 2.5 times, declining to 2.4 times compared to the prior year. For the year, adjusted free cash flow improved by approximately $700 million to $2.5 billion. Our strong earnings performance and rigorous approach to working capital management enabled us to achieve 102% free cash flow conversion for the year.

從資產負債表來看，本季末我們擁有約 4 億美元的可用現金。淨債務仍維持在我們長期目標範圍 2 至 2.5 倍之內，較前一年下降至 2.4 倍。本年度調整後自由現金流增加約 7 億美元，達 25 億美元。我們強勁的獲利表現和嚴格的營運資本管理方法使我們實現了本年度 102% 的自由現金流轉換率。

This reinforces the strength of our execution and the quality of our earnings. Let's now discuss our segment results in more detail on slide 9 and 10. We are seeing strong customer engagement and healthy demand for our solution across key verticals. Orders grew 6% in the quarter, highlighted by 9% growth in the Americas, supported by strength in data centers.

這進一步證明了我們執行力的強而有力和獲利品質的可靠。現在讓我們在第 9 張和第 10 張投影片上更詳細地討論一下我們的細分市場結果。我們看到客戶參與度很高，並且在各個主要垂直領域對我們的解決方案都有良好的需求。本季訂單成長 6%，其中美洲地區成長 9%，這主要得益於資料中心業務的強勁成長。

In EMEA, orders increased 3% despite a challenging comparison to 14% growth in the prior year with double-digit growth in service. In APAC, orders saw a small decline of 1% as decrease in system more than offset mid-single-digit growth in service. At the enterprise level, organic sales growth was led by mid-single-digit growth in service. In the Americas, sales were up 3% organically on a tough compare, supported by continued strength in both HVAC and Controls.

在歐洲、中東和非洲地區，儘管與上一年 14% 的成長率相比面臨挑戰，但訂單量仍成長了 3%，其中服務業務實現了兩位數的成長。在亞太地區，由於系統需求下降抵消了服務業的個位數中段成長，訂單量小幅下降了 1%。從企業層面來看，有機銷售成長主要得益於服務業的中個位數成長。在美洲，儘管面臨嚴峻的同比挑戰，但得益於暖通空調和控制系統業務的持續強勁增長，銷售額仍實現了 3% 的有機增長。

EMEA delivered 9% organic growth with strong double-digit growth in system and high single-digit growth in service. In APAC, sales declined 3% organically due primarily to lower volumes in China. This result reflects strong execution, particularly in the Americas and EMEA against a backdrop of challenging year-on-year comparisons. Margin performance improved steadily throughout the year, as we capture greater operating leverage and continue to optimize our cost structure.

歐洲、中東和非洲地區實現了 9% 的有機成長，其中系統業務實現了強勁的兩位數成長，服務業務實現了較高的個位數成長。亞太地區銷售額有機下降 3%，主要原因是中國銷量下降。這項結果反映了強勁的執行力，尤其是在美洲和歐洲、中東及非洲地區，而去年同期業績卻面臨嚴峻挑戰。隨著我們獲得更大的經營槓桿並持續優化成本結構，全年利潤率表現穩定提升。

Our resilient operating model enabled us to align pricing, productivity and mix to support consistent profitability even as market conditions evolved. This translated into notable fourth quarter performance. By region, adjusted segment EBITDA margins in the Americas improved 50 basis points to almost 20%, supported by productivity gains and operational efficiency.

我們靈活的營運模式使我們能夠調整定價、生產力和產品組合，從而即使在市場條件不斷變化的情況下也能保持持續獲利能力。這轉化為第四季度的出色業績。按地區劃分，美洲地區調整後的分部 EBITDA 利潤率提高了 50 個基點，接近 20%，這得益於生產力的提高和營運效率的提升。

In EMEA, margin expanded by 30 basis points to 15.6%, reflecting positive operating leverage from top line growth. In APAC, margins declined 190 basis points to 17.8% as lower volumes in China created pressure on factory absorption. Our backlog remains at a record level, growing 13% to $15 billion. System backlog grew 14% and service backlog grew 9%.

在歐洲、中東和非洲地區，利潤率成長了 30 個基點，達到 15.6%，反映了營收成長帶來的正向經營槓桿效應。在亞太地區，由於中國銷量下降導致工廠消化能力下降，利潤率下降了 190 個基點至 17.8%。我們的積壓訂單仍處於歷史最高水平，成長了 13%，達到 150 億美元。系統積壓增加了 14%，服務積壓增加了 9%。

With this momentum in mind, let's discuss our long-term outlook and capital allocation priorities on slide 11 and 12. We are updating our long-term growth algorithm to incorporate the principles of our value creation framework and the momentum we have built this year. As we look ahead, we expect to deliver mid-single-digit organic revenue growth, operating leverage of 30% or better, double-digit adjusted EPS growth and approximately 100% free cash flow conversion.

鑑於此勢頭，讓我們在第 11 和 12 頁討論一下我們的長期展望和資本配置重點。我們正在更新長期成長演算法，以納入我們的價值創造框架原則和我們今年所取得的進展。展望未來，我們預期實現中等個位數的有機收入成長、30%或更高的經營槓桿率、兩位數的調整後每股盈餘成長以及約100%的自由現金流轉換率。

This algorithm is supported by three key factors. First, the sustained demand for decarbonization and mission-critical solutions. Second, the continued evolution of our proprietary business system to drive operational efficiency. And third, the ongoing technological innovation through new product launch and a disciplined approach to portfolio management by channeling resources into our most attractive growth areas. On capital allocation, our priorities remain unchanged.

該演算法由三個關鍵因素支撐。首先，對脫碳和關鍵任務解決方案的持續需求。其次，我們專有的業務系統不斷發展，以提高營運效率。第三，透過推出新產品不斷進行技術創新，並透過將資源投入最具吸引力的成長領域，採取嚴謹的投資組合管理方法。在資本配置方面，我們的優先事項保持不變。

We are investing in organic growth. We are focusing on returning capital to shareholders through dividend and share repurchases. And finally, we are pursuing selective acquisition to strengthen our portfolio. Our strong balance sheet and consistent cash flow generation gives us ample flexibility to execute on these priorities with confidence. Let's now discuss our fiscal first quarter and full year guidance on slide 13.

我們正在投資內生成長。我們致力於透過分紅和股票回購向股東返還資本。最後，我們正在進行選擇性收購，以加強我們的投資組合。我們穩健的資產負債表和持續的現金流，使我們有充足的靈活性和信心來執行這些優先事項。現在讓我們在第 13 頁討論我們第一財季和全年的業績指引。

Momentum remains strong as we begin the first quarter, supported by operational efficiencies and a record backlog. We anticipate organic sales growth of approximately 3%, operating leverage of approximately 55% and adjusted EPS of approximately $0.83. For the full year, we are confident in our ability to deliver our long-term growth and profitability commitments.

進入第一季度，在營運效率提升和創紀錄的積壓訂單的支撐下，成長勢頭依然強勁。我們預計全年有機銷售額將成長約3%，經營槓桿率約55%，調整後每股收益約0.83美元。我們對全年實現長期成長和獲利承諾的能力充滿信心。

We expect organic sales growth of mid-single digits and adjusted EPS of approximately $4.55 per share, which is over 20% growth. We anticipate operating leverage to be approximately 50%, which is above our long-term algorithm, as our efforts to remove stranded costs are recognized faster in the new fiscal year. Our guidance reflects continued operational discipline, strong customer demand and the visibility provided by our record backlog.

我們預計有機銷售額將實現中等個位數成長，調整後每股收益約為 4.55 美元，成長超過 20%。我們預計經營槓桿率約為 50%，高於我們的長期演算法預測值，因為我們在新財年中更快實現了消除擱淺成本的目標。我們的業績指引反映了持續的營運紀律、強勁的客戶需求以及創紀錄的訂單積壓所帶來的可見性。

Our ability to navigate evolving market conditions reflect the strength of our enterprise capabilities and the resilience of our operating model. We expect approximately 100% free cash flow conversion for the year, consistent with our long-term financial framework. This reflects our focus on earnings quality, working capital discipline and efficient capital deployment, all of which support our ability to invest in growth, while returning value to shareholders. We have built a strong foundation for the years ahead.

我們應對不斷變化的市場環境的能力，體現了我們強大的企業實力和我們營運模式的韌性。我們預計今年自由現金流轉換率約為 100%，這與我們的長期財務框架相符。這體現了我們對獲利品質、營運資本紀律和高效資本配置的重視，所有這些都支持我們投資成長的能力，同時為股東創造價值。我們為未來幾年奠定了堅實的基礎。

As we enter fiscal 2026, our focus remains on advancing sustainable growth, expanding margins and creating lasting value for our shareholders. We look forward to keeping you updated on our journey.

進入 2026 財年，我們的重點仍然是推動永續成長、擴大利潤率並為股東創造持久價值。我們期待隨時向您報告我們的進展。

Operator, we are now ready for questions.

操作員，我們現在可以開始接受提問了。

(Operator Instructions) Amit Mehrotra, UBS.

（操作說明）Amit Mehrotra，瑞銀集團。

Marc, the 50% operating leverage target for 2026, can you just walk that the segment EBITDA margins? There's some moving parts on corporate expense amortization, but it looks like it implies about 90 basis points of expansion from the 17.1%. Correct me if I'm wrong, but if you can just kind of double-click on that, that would be helpful.

Marc，2026 年 50% 的經營槓桿目標，你能直接推算出該部門的 EBITDA 利潤率嗎？企業費用攤提方面有一些變動因素，但看起來這意味著從 17.1% 成長約 90 個基點。如果我理解有誤請指正，但如果你能雙擊點擊它，那就很有幫助了。

Yes, sure. Thanks, Amit. Yes, you're pretty close on margin. I would say by segment, EMEA and APAC will be the main driver of margin improvement this year. Not that Americas will not contribute, but if you look at that incremental, they've shown a decent improvement this year and the level of ramp year-on-year will be probably a little bit more muted than the other segment. But overall, we feel very comfortable that our operating leverage will be in the 50s or above.

當然可以。謝謝你，阿米特。是的，你的利潤率非常接近目標。我認為，以細分市場來看，歐洲、中東和非洲地區以及亞太地區將是今年利潤率提升的主要驅動力。並非美洲地區不會做出貢獻，但如果你看一下增量數據，他們今年已經取得了相當不錯的進步，而且同比增速可能會比其他地區略顯平緩。但總體而言，我們非常有信心我們的經營槓桿率將達到 50 以上。

And then, Joakim, just on the opportunity going forward. I mean, there's a lot of stuff here. There's a cost opportunity. There's maybe a portfolio opportunity. You talked about M&A, maybe rank those. It just seems like there's maybe a huge G&A opportunity, but then also there's a lot of questions about maybe slimming down the portfolio further. But can you -- obviously, you're 237-days into the job now. So maybe just offer a little bit more color on prioritizing all those buckets of opportunity.

然後，Joakim，就未來的機會而言。我的意思是，這裡的東西很多。這是一個降低成本的機會。或許存在投資組合的機會。你剛才提到了併購，或許可以為它們排個名。看起來似乎存在巨大的 G&A 削減機會，但同時也有很多關於是否需要進一步精簡投資組合的問題。但是你能做到嗎？ ——顯然，你現在已經上任 237 天了。所以，或許可以更詳細地說明如何優先考慮所有這些機會類別。

Amit, thanks for keeping count on the number of days I've been with the company. Well, let's start with where you left off with Marc. So the operating leverage. There's a reason there's a plus behind the guidance and how we're thinking about operating leverage. And that really comes back to what we're doing with the business system, where we are going after driving productivity in our field operations and our factory footprint and then -- field operations and service.

阿米特，謝謝你幫我統計在公司工作的天數。好，我們就從你上次和馬克談話的地方開始。所以，這就是經營槓桿。指導意見中存在加分項，以及我們對經營槓桿的思考方式，這是有原因的。這實際上又回到了我們在業務系統方面所做的事情，即我們如何提高現場運營和工廠佈局的生產力，以及現場運營和服務。

And then in SG&A, we see leverage opportunities, i.e., getting more out of the SG&A investment that we have, more the S of the SG&A with the help of the business system, and I gave you an example here in the prepared remarks. So I'm very excited about the continued progress that we're going to be able to make there and hence, the plus behind the leverage in the guidance.

然後，在銷售、一般及行政費用方面，我們看到了槓桿機會，即從我們現有的銷售、一般及行政費用投資中獲得更多收益，借助業務系統獲得更多銷售、一般及行政費用，我在準備好的發言稿中舉了一個例子。因此，我對我們能夠繼續取得的進展感到非常興奮，這也是績效指引中槓桿作用的體現。

And then as we've talked about before, we have and we're working away at reducing the G&A cost and our corporate costs. So we continue to do that. There's no change in our ambition level there at all. And then on the M&A side, we continue to work away at the portfolio that we have together with the Board, and we have evolved a little bit more clarity on our future strategies here.

正如我們之前討論過的，我們已經並且正在努力降低一般管理費用和公司成本。所以我們會繼續這樣做。我們在這方面的目標水準絲毫沒有改變。在併購方面，我們繼續與董事會一起努力完善我們現有的投資組合，並且我們對未來的策略有了更清晰的認識。

But as I said last time, that's a multi-quarter effort together with the Board, and that effort is really guided by creating shareholder value. That's the number one principle, right? And then in terms of acquisitions, we have started to apply some of the discipline that I have learned in prior roles, prior to joining Johnson Controls. So I can tell you that our acquisition pipeline is vibrant. And we are engaged in multiple situations.

但正如我上次所說，這是與董事會共同努力，歷時幾個季度才能完成的工作，而這項工作的真正目標是創造股東價值。這是最重要的原則，對吧？在收購方面，我們已經開始運用我在加入江森自控之前在其他職位上學到的一些經驗和技巧。因此我可以告訴你，我們的收購管道非常活躍。我們正處於多種情況之中。

And we are being very, very disciplined about doing the proper strategy work, the proper target work and not falling in love with anything in particular and being just very, very disciplined about capital allocation.

我們非常非常自律地做好策略工作、目標制定工作，不偏袒任何特定目標，並且在資本配置方面非常非常自律。

Nigel Coe, Wolfe Research.

Nigel Coe，Wolfe Research。

I just want to go back to the 50% incremental margin -- sorry, 50% plus incremental margin for FY '26. And if I take 30% as your baseline operating leverage, it suggests there's about $250 million of benefits over and above that 30%. Number one, is my math okay on that? And maybe just talk about that $250 million, and you suggested delayering and a number of other initiatives.

我只想恢復到 50% 的增量利潤率——抱歉，是 2026 財年的 50% 以上的增量利潤率。如果我以 30% 作為基準經營槓桿，這意味著除了 30% 之外，還有大約 2.5 億美元的收益。首先，我的計算對嗎？或許可以談談那 2.5 億美元，你建議進行層級精簡和其他一些措施。

Is there anything in there for process improvements, et cetera? Just want to get a bit more details on that. And should we think about this as confined to FY '26? Or could there be benefits beyond this year?

裡面有沒有流程改善等方面的內容？想了解更多細節。我們是否應該將此情況限定在 2026 財年？或者，除了今年之外，是否還有其他益處？

Marc can help you on the exact math here. I'm sure we'll be talking about that in follow-up calls as well, but we are just getting started with our business system. And so some of the examples that I shared with you today, my objective was to share an SG&A example and an above gross margin example. And we are just getting started. And as you saw from the examples I gave, the opportunities are significant here.

馬克可以幫你進行精確的計算。我相信我們會在後續的電話會議中討論這個問題，但我們的業務系統才剛起步。因此，我今天與大家分享的一些例子，我的目的是分享一個銷售、一般及行政費用 (SG&A) 的例子和一個毛利率以上的例子。我們才剛起步。正如我舉的例子所示，這裡蘊藏著巨大的機會。

So that operating leverage is going to continue to improve over time. And the main reason we're actually shifting the guidance to include that, and have a strong element of that, is it's really reflecting what we're trying to do here. We're trying to build a higher-performing company that's more focused on profitable growth and -- but both driving top line by pointing at higher growth opportunities, verticals, applications, but also doing the solid productivity work that I talked a little bit about as well as the responsible cost reductions that we've discussed in other quarters.

因此，經營槓桿會隨著時間的推移而持續改善。我們之所以調整指導方針，納入這一內容，並專注於這一內容，主要原因在於它真正反映了我們在這裡努力的方向。我們正在努力打造一家業績更佳、更注重盈利增長的公司——一方面通過尋找更高增長機會、垂直領域和應用來推動營收增長，另一方面也開展我之前略微提及的紮實的生產力提升工作，以及我們在其他季度討論過的負責任的成本削減工作。

Nigel, directionally, your numbers are there or thereabout, yes.

奈傑爾，從方向上看，你的數字差不多是那個水平。

Steve Tusa, JPMorgan.

史蒂夫圖薩，摩根大通。

Hello?

你好？

Yes, can you hear us?

是的，你們聽得到我們說話嗎？

So just on this -- yes, I can hear you now. Just this amort coming down this year, can you just talk about the drivers? And is that related to this $400 million restructuring charge you guys took in the quarter? Also kind of like what -- if it wasn't the amort, what was -- what's kind of like in that charge? What does that relate to?

就這個問題而言——是的，我現在可以聽到你說話了。今年房貸下降了，您能談談車手的狀況嗎？這是否與你們本季提列的 4 億美元重組費用有關？還有一點，如果不是攤銷，那是什麼？ ——那項指控有點像什麼？那跟什麼有關？

Yes. It's not around the restructuring. It's more on the impairments we took in the quarter, Steve. It reflects the different portfolio actions also we've taken over the year, obviously, but there's further reduction possible, if we do act on some of the divestiture we've been contemplating for a while on the fringe of the portfolio. The vast majority came from those onetime actions you saw in the quarter.

是的。這與重組無關。史蒂夫，這更多的是關於我們本季提列的減損準備。顯然，這也反映了我們一年來採取的不同投資組合行動，但如果我們採取行動，對投資組合邊緣的一些資產進行我們一直在考慮的撤資，那麼還有進一步減少的可能性。絕大多數都來自你在本季看到的那些一次性事件。

Okay. Got it. So that decline in amort is sustainable is what you're saying. And is that part of like your stranded cost takeout? Or is that something outside?

好的。知道了。所以你的意思是說，這種攤銷成本下降的趨勢是可持續的。那是不是你擱淺成本削減計畫的一部分？還是說那是外面的東西？

No, completely outside. The stranded cost takeout is incremental today.

不，完全在外面。目前擱淺成本的削減是逐步進行的。

Okay. And then just one last one on orders. I know you had a really tough comp in the first quarter of last year, but you beat this quarter. Is there -- what would you expect for the first quarter? Will you be up despite the tough comp? Or will that be down on the tough comp in 1Q order-wise?

好的。最後還有一件關於訂單的事。我知道你們去年第一季的競爭非常激烈，但你們這季的表現優於去年同期。您對第一季的預期是什麼？面對如此激烈的競爭，你能否脫穎而出？或者，由於第一季同期訂單量較大，訂單量會下降嗎？

Yes. As you know, we generally don't guide around orders. I can tell you that the health of our pipeline continues to improve, and we see opportunity to continuously see growth on our order this quarter and the upcoming quarter as well.

是的。如您所知，我們一般不會對訂單進行指導。我可以告訴大家，我們的產品線健康狀況持續改善，我們看到本季和下季訂單量都有持續成長的機會。

Wow, so you can grow off that comp in orders?

哇，所以你可以靠這個競爭對手的訂單量成長？

That's right.

這是正確的。

With your pipeline?

你的管道系統怎麼樣？

Correct.

正確的。

Yes. And maybe just to reinforce that, we're, as part of, building a faster-growing, more profitable company here. It's not just about the productivity work and the business system work that I talked about. It's also about pointing our efforts from verticals, applications and so on at parts of the market that are growing at a faster rate.

是的。或許正是為了強調這一點，我們正在努力打造一家發展更快、更有獲利能力的公司。這不僅是我之前提到的提高生產力和改善業務系統的問題。這也意味著我們要將我們在垂直領域、應用領域等方面的努力，集中在市場中成長速度較快的部分。

Jeff Sprague, Vertical Research.

Jeff Sprague，Vertical Research。

Maybe just a couple of modeling nits for me, too. Interesting on the amortization, obviously, lifting the earnings, but I was maybe actually a little bit more surprised that with lower amort, you've got this comfort level on 100% cash conversion going forward. And I guess that cash flows from everything you're talking about from productivity. But maybe you could just give us a little bit more color on maybe what the target-rich environment might be on free cash flow and how that might unfold over the next year or two.

或許對我來說，建模方面也存在一些小瑕疵。攤銷方面的進展很有意思，顯然提高了收益，但我可能更驚訝的是，在攤銷降低的情況下，你們對未來 100% 的現金轉換率充滿信心。我想，你所說的所有與生產力相關的因素都會帶來現金流。但或許您可以再詳細說說目標公司雲集的環境對自由現金流的影響，以及未來一兩年內這種影響會如何發展。

Yes. So you're right. Amort is not -- reduction in amort is not going to help, but we see opportunities to continue to outperform on our working capital management overall, but free cash flow conversion, particularly. This year, fiscal year '25, we've seen strong improvement in our receivable management, just the way we build the customer when we do and how we collect and the quality of that process.

是的。你說得對。攤銷並非如此——減少攤銷並不會有所幫助，但我們看到了在整體營運資本管理方面繼續超越競爭對手的機會，尤其是在自由現金流轉換方面。今年（2025 財年），我們在應收帳款管理方面取得了顯著進步，包括我們與客戶的互動方式、收款方式以及流程品質。

There's obviously continuous improvement we can bring there, and there's a lot more we can do there. But I don't think moving forward, it will be the core pocket of opportunities. Where we think we're going to drive a lot of value moving forward from a free cash flow conversion comes a lot from our inventory management, and the amount of inventory we need to continue to grow the company.

顯然，我們可以在這方面不斷改進，還有很多工作要做。但我認為，展望未來，它不會成為機會的核心所在。我們認為，未來自由現金流轉換能帶來巨大價值的地方，很大程度上來自於我們的庫存管理，以及我們為了公司持續發展所需的庫存量。

And that's where the business system will bring tremendous clarity and visibility into where we can continuously improve and reduce that reliance and therefore, improve our cash flow conversion.

而業務系統將帶來極大的清晰度和可見性，讓我們能夠不斷改進並減少對某些方面的依賴，從而提高我們的現金流轉換率。

Yes. That just hasn't been a focus in the past, Jeff. That's an opportunity for us.

是的。傑夫，這在過去並不是我們關注的重點。這對我們來說是個機會。

Yes. And then, Joakim, could you just address a little bit more color? Marc alluded to the upside in EMEA and APAC margins for 2026. Are there some -- and I get the comps easier in Europe, especially, but are there some clearly targeted actions that support that? Or are you counting on sort of a stronger revenue recovery in those businesses? Maybe just a little bit more color on what's going on there.

是的。那麼，Joakim，你能否再多談談色彩方面的內容呢？馬克暗示，2026 年 EMEA 和 APAC 地區的利潤率將會上升。是否存在一些——我尤其在歐洲更容易獲得比較結果，但是否存在一些明確的針對性措施來支持這一點？或者，您指望這些企業的收入能夠更強勁地復甦？或許可以再詳細說說那裡發生了什麼事。

Yes. I think the short answer is we're not counting on one single big thing. So it's a combination of things that we have largely proof of already that we're able to execute on. So it includes some elements of our pricing discipline that has become much better here over the recent couple of quarters, but it also includes a better discipline around where we point our efforts.

是的。簡而言之，我認為我們並沒有指望某一個單一的大事件。所以，這是一系列我們已經基本驗證過並且能夠執行的措施的組合。因此，它包含了我們定價紀律的一些要素，這方面在過去幾個季度已經得到了很大的改善，但它也包含了我們在努力方向上的更好紀律。

But then also, again, the -- some of the examples that I gave here around how we're deploying the business system, that work is ongoing in EMEA and Asia as well. So we see opportunities on multiple parts of the P&L here.

但是，我剛才舉的一些關於我們如何部署業務系統的例子，在歐洲、中東和非洲以及亞洲也正在進行中。因此，我們看到損益表的多個部分都存在著機會。

Chris Snyder, Morgan Stanley.

克里斯‧史奈德，摩根士丹利。

I wanted to ask about the content opportunity into data center. So maybe moving aside the CDU that you guys announced. If we look at the legacy business, just kind of wondering how content changes on the move from air cooling to liquid cooling. I imagine the chiller opportunity is still as strong as ever. Could we lose some content in air handling? I'm just trying to figure out how that nets out as we look towards the future.

我想諮詢一下資料中心的內容取得機會。所以，或許應該先把你們宣布的基民盟（CDU）放在一邊。如果我們檢視一下傳統業務，就會想知道從風冷到液冷，內容會發生怎樣的變化。我認為冷水機市場的機會依然像以往一樣強勁。我們是否會在空氣處理方面丟失一些內容？我只是想弄清楚，展望未來，這最終會帶來怎樣的結果。

I think the simple answer to that is because newer chips require more power and therefore, generate more heat so in general, more cooling is needed. So the scope of our offering and the performance required from the chillers only increases over time here. And the -- you heard me talk in the past about how -- when I first joined the company, how I thought our technological capabilities, in particular, in HVAC are impressive.

我認為簡單的答案是，因為新型晶片需要更多功率，因此會產生更多熱量，所以通常需要更多散熱。因此，隨著時間的推移，我們提供的產品範圍和對冷水機性能的要求只會不斷提高。而且──你們以前也聽我說過──當我剛加入公司時，我認為我們的技術能力，特別是暖通空調方面的技術能力，令人印象深刻。

And some of the needs here of the data center market here going forward for higher precision, higher capacity cooling actually plays to our strengths when it comes to the chillers.

而未來資料中心市場對更高精度、更高容量冷卻的一些需求，實際上正好發揮了我們在冰水機方面的優勢。

But if you think about the different offering we have between airside solution and chiller, we see continued demand for both. And regardless of the -- how the chip themselves are cooled, you have solution liquid to air and liquid to liquid. And liquid to air continues to see very strong momentum and matches well our offering. And obviously, we have a very strong developing solution on liquid to liquid.

但如果您考慮我們在空氣側解決方案和冷水機組之間提供的不同產品，我們認為對兩者都會有持續的需求。無論晶片本身是如何冷卻的，都有液對氣和液對液兩種解決方案。液氣轉換技術持續保持強勁的發展勢頭，與我們的產品非常契合。顯然，我們在液液耦合方面擁有非常強大的開發解決方案。

I really appreciate that. I wanted to then follow up on some of the investments that the company is making in the after market. It seems like the investments in technology are both lowering the cost to serve the aftermarket for JCI, while also providing efficiency savings to the customer. So I guess my question is, is this more of a driver of share gain through the value add you're bringing to the customer?

我非常感謝。接下來，我想跟進了解該公司在售後市場的一些投資情況。看來，對科技的投資既降低了江森自控售後市場服務的成本，同時也為客戶帶來了效率提升。所以我想問的是，這是否更多是透過為客戶帶來的附加價值來推動市場份額的成長？

Or is it more of an opportunity to improve the incremental margin profile of services by lowering that cost to serve by using more technology and less labor, I would presume?

或者，我猜想，這更像是一個透過更多地使用技術和更少的勞動力來降低服務成本，從而改善服務增量利潤率的機會？

It's both -- it's really both. You could say it's share gain because we're able to, with the technology investments, serve customers at a price point, which allows them to -- so we become more competitive in certain mission-critical applications so that they will actually give us that business versus having to maintain some of their own service staff.

兩者都是——真的兩者都是。可以說，這是市場份額的成長，因為我們透過技術投資，能夠以合理的價格為客戶提供服務，這使得我們在某些​​關鍵任務應用領域更具競爭力，從而促使他們將這些業務交給我們，而不是讓他們自己維持部分服務人員。

But -- and then it's also share gain against various third parties that service our equipment as well as every other OEM in this industry. But as we deploy the technology, we also reduce our cost to serve. So it's both a share gain and a margin improvement effort here. And I'd say we're in the early innings of that, in general, as an industry, when it comes to deploying more sophisticated technology-based approaches and life cycle services. So that's an exciting area for us, both from a growth and a margin improvement outcome. So we'll be talking more about that over the next couple of quarters.

但是——此外，我們還可以從為我們的設備提供服務的各種第三方以及該行業中的所有其他 OEM 廠商那裡獲得市場份額。但隨著我們部署這項技術，我們的服務成本也隨之降低。所以，這既是為了提升市場份額，也是為了提高利潤率。我認為，就整個產業而言，在部署更複雜的技術方法和生命週期服務方面，我們還處於起步階段。因此，無論從成長或利潤率提升的角度來看，這都是一個令人興奮的領域。所以接下來幾季我們會多討論這個問題。

Nicole DeBlase, Deutsche Bank.

妮可‧德布拉斯 (Nicole DeBlase)，德意志銀行。

Yes. Maybe just starting with the nice acceleration you guys saw in order growth this quarter. Can you talk a little bit more about maybe what you saw from a vertical perspective within Applied in particular? And any color on the magnitude of data center order growth that you'd be willing to give?

是的。或許可以從你們本季訂單成長的良好加速情況說起。能否再詳細談談您在應用科技公司內部，特別是從垂直角度觀察到的情況？能否透露一下資料中心訂單成長的規模？

Yes, so we typically don't comment on order numbers by vertical, but I can talk -- I can say that in general, we have a shorter list of vertical that's driving outsized growth of our backlog. Backlog is up 13%. We have an ingoing backlog of almost $15 billion going into this year, record backlog. We never had that kind of backlog in this company, which is phenomenal.

是的，所以我們通常不會按垂直行業對訂單數量發表評論，但我可以談談——總的來說，推動我們積壓訂單大幅增長的垂直行業數量較少。積壓訂單增加了 13%。今年年初，我們的積壓訂單接近 150 億美元，創歷史新高。我們公司從來沒有出現過這種程度的積壓訂單，這真是太不可思議了。

So data centers, as you mentioned, is a vertical we're very excited about. Our pipelines remain very healthy. Those orders are variable. We get a couple of very big ones in one quarter and -- but maybe not every quarter, but overall, over a couple of quarters, you can see the results here, so 13% up in backlog. So data center is very healthy.

正如您所提到的，資料中心是我們非常感興趣的垂直領域。我們的管道系統運作狀況良好。這些訂單是可變的。我們在一個季度內會接到幾個非常大的訂單——但也許不是每個季度都會這樣，但總體而言，經過幾個季度，你可以看到結果，積壓訂單增加了 13%。所以資料中心運作狀況非常良好。

And then you have verticals such as pharmaceutical -- or biologics, rather, manufacturing where new campuses are being built since the pharmaceutical campuses of the past cannot manufacture the drugs of the future here that are biologics based. So that's a vertical that's very healthy for us. And then in general, large campuses where a significant amount of research is conducted.

然後還有製藥（或更確切地說是生物製劑）製造等垂直行業，由於過去的製藥園區無法在這裡生產未來基於生物製劑的藥物，因此正在建造新的園區。所以這對我們來說是一個非常健康的垂直領域。此外，一般來說，大型校園也是進行大量研究的場地。

So I think both universities, general research institutions but also hospitals that, of course, are places of significant research, those kinds of verticals are very, very healthy for us. And then finally, what we typically would call advanced manufacturing, so semicon and other types of manufacturing where very precise indoor climates need to be created because they're mission-critical for the manufacturing. So those are generally the areas where we see the healthiest growth.

所以我認為，大學、一般研究機構以及醫院（當然，醫院也是重要的研究場所）這類垂直機構對我們來說都非常非常有益。最後，我們通常所說的先進製造業，例如半導體製造和其他類型的製造業，都需要創造非常精確的室內氣候，因為室內氣候對製造業至關重要。所以這些領域通常是我們看到成長最健康的領域。

Okay. Got it. That makes sense. And then just maybe a little nit-pickier one around the quarterly cadence of organic growth. I think you guys have embedded a little bit of decel in the first quarter. If you could maybe speak to what's driving that? And then the way you see organic growth kind of progressing throughout the year to get back to mid-singles?

好的。知道了。這很有道理。然後，或許可以稍微挑剔一下關於季度有機成長節奏的問題。我認為你們在第一節比賽中稍微放慢了節奏。您能否談談造成這種情況的原因？然後，您認為有機成長會如何全年逐步恢復到單季中期水準？

Yes. It's really a compares issue, Nicole. So think of the first half being lower than the second half. And like I said, it's mostly a compares issue. The backlog that we have gives us good visibility to what we can do in the individual quarters. And then, of course, we -- our service business, there's such a heavy recurring element there. So we have pretty good predictability there as well. And -- so we're excited about the outlook for the year here, and we'll keep you updated as we make progress here. But it's a tale of compares first half and second half.

是的。妮可，這其實是個比較的問題。所以，你可以把前半部看成比後半段低。正如我所說，這主要是一個比較問題。我們目前的積壓工作讓我們能夠清楚地了解每季可以進行哪些工作。當然，我們－我們的服務業務，其中也包含大量經常性支出。所以我們在這方面也有相當不錯的可預測性。所以——我們對今年的前景感到興奮，我們會隨時向您報告進度。但這其實是一個對比前半部和後半部的故事。

Scott Davis, Melius Research.

Scott Davis，Melius Research。

So look, you're doing a lot of stuff here, 80/20, lean, you've changed a bunch of leaders and stuff, and it's a lot of change. And none of that works if there isn't accountability and -- to the right KPIs. Have you changed compensation structures meaningfully down into the organization, Joakim? Or do you need to based on what you've seen so far?

所以你看，你在這裡做了很多事情，80/20 法則、精實生產，你更換了很多領導等等，變化非常大。如果沒有問責制和正確的關鍵績效指標，這一切都行不通。Joakim，你是否對公司內部的薪資結構進行了實質的調整？或者，根據你目前所看到的，你需要這樣做嗎？

I would say, in terms of accountability, first, you have to define what you're going to measure to hold people accountable for. So we're in the process of establishing and rolling out, what we call, our enterprise KPIs. There are nine of them, which we could probably come back and talk about at some other point in time. And how we do that and drive them through the organization is as important as the compensation part to drive a higher level of accountability for holistic results.

我認為，就問責製而言，首先，你必須定義你要衡量什麼才能讓人們承擔責任。所以我們正在建立和推廣我們所謂的企業KPI。共有九個，我們以後或許可以再找時間討論。我們如何做到這一點，以及如何推動這些理念貫穿整個組織，與薪酬部分同樣重要，這樣才能提高對整體結果的責任感。

And as we're deploying that throughout the organization, we are looking at the different compensation approaches and models that we have. And I would largely say there are some tweaks here and there, Scott, but not fundamentally any big changes that are necessary.

隨著我們在整個組織內推廣這一理念，我們正在研究我們現有的不同薪酬方法和模式。史考特，我總體上認為需要做一些調整，但從根本上來說，並沒有什麼大的改變是必要的。

Okay. And, Joakim, have you pretty much unwound any remaining matrix within the management, within the structure of the organization? I mean, I haven't heard you talk about running a certain number of P&Ls, but maybe you can address that and just talk about how you changed that part of the organization.

好的。約阿希姆，你是否已經基本消除了管理階層和組織結構中剩餘的所有矩陣？我的意思是，我還沒聽你談過管理一定數量的損益表，但也許你可以談談這方面，說說你是如何改變組織中這部分的工作。

So that's work in progress, Scott, together with the team. And we made a couple of changes like you pointed out here. So trying to put in place a championship team that can help us build a champion of a company here. And as we staff up here, of course, we have more capabilities, higher caliber in our senior mods teams, we are reflecting and looking at structures and so on. We made a couple of tweaks since I joined, but no major moves, not at this point.

所以，史考特，這是你和團隊正在進行的工作。我們按照您指出的那樣做了一些改動。所以，我們正在努力組建一支冠軍團隊，幫助我們打造一家冠軍級的公司。當然，隨著我們人員的增加，我們的高級版主團隊擁有了更多能力和更高素質的人才，我們正在反思和審視組織結構等等。自從我加入以來，我們做了一些調整，但目前還沒有重大舉措。

Joe Ritchie, Goldman Sachs.

喬·里奇，高盛集團。

Joakim, so I want to focus on the strategic investment in Accelsius. And ultimately, with the launch of your CDU, just can you maybe just like double-click on like how complementary the investment is, like whether you'll be going to market together? I just want to try to understand what the opportunity is as I think about this over the course of the next 12- to 24-months.

Joakim，所以我想專注於對 Accelsius 的策略性投資。最後，隨著您的 CDU 的推出，您能否雙擊一下，看看這項投資的互補性如何，以及您是否會一起進入市場？在接下來的 12 到 24 個月裡，我想試著理解其中的機會是什麼。

Yes, good question. So we continue to invest beyond the chillers and the various HVAC solutions that we have, right? So -- and the way we think about it is what's the end-to-end thermal solution that is needed for data centers. And the CDU investment or launch, rather, is to capture a market that's significant and there right now. And that product was really a result of a very close collaboration with a number of our existing hyperscaler customers.

是的，問得好。所以，除了現有的冰水機組和各種暖通空調解決方案之外，我們還會繼續投資其他方面，對吧？所以——我們思考的問題是，資料中心需要什麼樣的端到端散熱解決方案。而 CDU 的投資或推出，更確切地說，是為了抓住一個目前就存在的、規模龐大的市場。而這款產品其實是我們與一些現有超大規模資料中心客戶密切合作的成果。

And it's actually a platform with several different products available in all the regions of the world already. So we're super excited about that. Accelsius is about -- really about looking ahead. And this is a 2-phase cold plate technology platform. And so here, we're looking ahead. What are the chip launches that NVIDIA and others will be making over the next four to five-years, and therefore, what kind of cooling solutions, end-to-end thermal solutions will be needed.

實際上，它是一個平台，已經在世界各地推出了多種不同的產品。所以我們對此感到非常興奮。Accelsius 的本質在於──真正在於展望未來。這是一個兩相冷板技術平台。所以，我們現在要展望未來。未來四到五年內，NVIDIA 和其他廠商將推出哪些晶片？因此，需要什麼樣的散熱解決方案，端到端的散熱解決方案？

And so Accelsius is about anticipating what will be needed in four to five years from now. But of course, applications for this technology are available already today, and we are going to be working on both commercial collaboration as well as technology and product integration, one plus one equals more than two here over time. So we're excited about both.

因此，Accelsius 的目標是預測未來四到五年內需要什麼。當然，這項技術的應用現在已經存在，我們將致力於商業合作以及技術和產品整合，隨著時間的推移，一加一肯定大於二。所以我們對這兩件事都感到興奮。

One is short term, drive revenue now. And the second one is more strategic, anticipating where the puck is going and what will be needed over the next four to five years.

一個是短期目標，即立即提高收入。第二個目標更具策略性，即預測冰球的運行軌跡以及未來四到五年內需要什麼。

Very helpful. And then just a follow-on there. Just around the portfolio, you've mentioned a little bit on the fringes, on the divestitures. Just how has your thinking evolved just in terms of addition by subtraction across the portfolio?

很有幫助。然後就順便提一下。關於投資組合，您剛才稍微提到了一些邊緣項目，例如資產剝離。就投資組合的減法增減策略而言，您的想法是如何演變的？

Yes. So there's no change. We had mentioned already well before I joined actually that about 10% of the portfolio, we're looking at alternatives for and better ownerships. And the driver here is to create shareholder value. And then there are some other parts of the portfolio that I've mentioned before that we've been looking into strategically, how we're positioned, what one could do with the businesses operationally, how much do we think we can improve them.

是的。所以沒有任何變化。事實上，在我加入之前，我們就已經提到過，對於投資組合中約 10% 的資產，我們正在尋找替代方案和更好的所有權。而這一切的驅動力在於創造股東價值。此外，正如我之前提到的，我們一直在從策略角度研究投資組合中的其他一些部分，例如我們的定位、我們可以在營運方面對這些業務做些什麼，以及我們認為我們可以在多大程度上改進它們。

And this is a dialogue we're having with the Board. And over the next couple of quarters, we'll draw some conclusions and decisions. And they will all be guided by driving shareholder value is goal number one, and we'll keep you posted.

這是我們正在與董事會進行的對話。接下來的幾個季度，我們將得出一些結論並做出一些決定。所有這些都將以提升股東價值為首要目標，我們隨時會向您報告最新進展。

Julian Mitchell, Barclays.

巴克萊銀行的朱利安·米切爾。

Maybe I just wanted to circle back to the discussions on commercial HVAC. Because I guess in the Americas, for example, I think the last few quarters, you've grown at a sort of high single-digit rate in Applied. I think some of your competitors are growing at a much faster pace in revenues right now. And I suppose when I look at your guidance for '26, it doesn't suggest an acceleration in the Applied business.

也許我只是想重新回到關於商用暖通空調的討論上來。因為我猜想，例如在美洲，我認為在過去的幾個季度裡，應用領域的成長率達到了較高的個位數。我認為你們的一些競爭對手目前的營收成長速度要快得多。而且，從你們對 2026 年的業績展望來看，似乎應用業務不會加速成長。

I just wondered if that was correct on '26 and how we should think about that Applied HVAC growth in revenue vis-a-vis the market growth rate?

我只是想知道2026年的數據是否正確，以及我們應該如何看待Applied HVAC的營收成長與市場成長率之間的關係？

I have read those scripts as well. We are not losing share on Applied and the part of Applied that we are playing in. I'm very confident of that. And so -- and I also -- I know what we have in the backlog, what's coming in, in orders and in the pipeline. So for the verticals where we are pointing our company, we are -- we can always do better, but we're doing pretty well.

我也看過那些劇本。我們在Applied以及我們所涉足的Applied業務領域並沒有失去市場份額。我對此非常有信心。所以——而且我也——我知道我們積壓的工作有哪些，即將到來的訂單有哪些，以及正在籌備中的項目有哪些。所以，就我們公司所關注的垂直領域而言，我們——我們總是可以做得更好，但我們做得相當不錯。

Understood. And then just my follow-up, I suppose, would be just circling back to clarify on that incremental margin -- or operating leverage, sorry, guide for fiscal '26. Is the right way to think about it that you've got a sort of traditional segment EBITA operating leverage of sort of high 20s percent, let's say, similar to that 30% long-term algorithm. And then the augmentation to get to 50% for the year is the amortization reduction largely and some stranded cost takeout. Is that the sort of framework for margin expansion this year ahead?

明白了。然後，我想我的後續問題就是要再次澄清增量利潤率——或者說是經營槓桿率，抱歉，是 2026 財年的指導方針。正確的思考方式是，假設你有一個傳統的業務部門 EBITA 經營槓桿率在 20% 以上，類似於 30% 的長期演算法。然後，為了達到全年 50% 的目標，主要透過減少攤銷和削減一些擱淺成本來實現。這就是今年利潤率擴張的框架嗎？

No, I would say the traditional operating leverage you'll get out of the segment is solidly in the 30s, excluding some of the benefit from amortization. And then the effect of our restructuring and transformation will come on that number, and that's how we think we're going to get well beyond that 30-plus percent algorithm we shared. So for '26, more than 30%. And then over time, obviously, this will naturally go back to a 30-plus kind of average as you go beyond '27.

不，我認為，在不計入攤銷收益的情況下，該業務板塊的傳統經營槓桿率穩定在 30 以上。然後，我們的重組和轉型將會對這個數字產生影響，而我們認為，正是透過這種方式，我們才能遠遠超過我們之前分享的 30% 以上的演算法目標。所以 2026 年，超過 30%。然後隨著時間的推移，很顯然，當超過 27 年之後，這個數字自然會回落到 30 以上的平均值。

Joe O'Dea, Wells Fargo.

喬‧奧迪亞，富國銀行。

Can you unpack the mid-single-digit organic for fiscal '26 a little bit? Talk about the price, if that price is already in place? Any color on kind of volume by regions, HVAC versus fire & security? Just give us a little bit of a sense of how it all comes together and sort of what is already there with respect to price and kind of backlog and what you would still need to go get to achieve it?

能否稍微解釋一下 2026 財年個位數中段有機成長的原因？如果價格已經確定，那就來談談價格吧？按地區劃分的容量類型，例如暖通空調與消防安防，是否有顏色區分？請您簡單介紹整個流程，以及目前在價格、訂單積壓方面的情況，還有您為了實現目標還需要做些什麼？

Yes. So I'll start, and then Marc will fill in with some additional detail. Our backlog grew by 13%. We have a record backlog going into the -- our fiscal year that we're in right now, $15 billion. Of course, not all of that is shippable in this year, but the vast majority is. On top of that, we have a very large part of our service business, that is not in the backlog, is recurring.

是的。那我先開始，然後馬克會補充一些細節。我們的積壓訂單增加了 13%。進入我們目前的財政年度，我們的積壓訂單數量創下歷史新高，達到 150 億美元。當然，並非所有商品都能在今年出貨，但絕大多數都可以。除此之外，我們服務業務中很大一部分不屬於積壓訂單，而是經常性訂單。

So we actually have pretty good predictability for the year already. And as I alluded to here, our growth guidance here is not counting on anything that we haven't been proven to be able to execute on already, such as price, but also in terms of what growth we're able to drive in the different regions or the different businesses that we are in.

所以，我們對今年的預測其實已經相當準確了。正如我剛才提到的，我們的成長預期並非基於我們尚未證明能夠執行的任何事項，例如價格，而是基於我們在不同地區或不同業務領域能夠推動的成長。

So I'd say that's sort of the headline here, and that's why we have such great confidence in the guide here. And then, Marc, I'm still so new, so I don't know exactly how -- what detail of guide we provide here to the colleagues on the call.

所以我覺得這就是重點，這也是我們對這份指南如此有信心的原因。還有，馬克，我還是個新手，所以我不太清楚我們應該如何做——我們應該向電話會議上的同事提供哪些詳細的指導。

Joe, overall, if you think first regionally, I would say across the board, everybody is going to be within that mid-single digit with EMEA might be just slightly above the average, but Americas and APAC just at the enterprise level. So each segment, think about it overall wherever the company guide overall lands. And then by domain, yes, our traditional Applied and HVAC business will grow probably a little faster than the mid-single digits, supported by the strength in some of the core vertical we talked about, including data center.

Joe，總的來說，如果你先從區域角度考慮，我會說，總體而言，所有人的成長率都會在個位數的中等水平，歐洲、中東和非洲地區可能會略高於平均水平，但美洲和亞太地區在企業層面也是如此。所以，每個環節都要從整體考慮，無論公司整體指引指向哪裡。從領域來看，是的，我們傳統的應用和暖通空調業務的成長速度可能會略高於個位數中段的成長速度，這得益於我們之前討論的一些核心垂直領域的強勁表現，包括資料中心。

And then fire & security will be probably on the lower end of that enterprise guide and probably bring some contribution, obviously, to growth, but not as much as the domain that are highly supported by those high-growth verticals.

那麼，消防和安防行業可能會在企業指南中處於較低水平，並且顯然可能會對成長做出一些貢獻，但肯定不如那些受到高成長垂直行業高度支持的領域那麼大。

That's helpful color. And then on the restructuring side of things and coming back to the $500 million over a multiyear period of time, can you just update us on what you achieved in 2025? What's baked into the '26 guide with respect to that $500 million?

這是個很有幫助的顏色。那麼，關於重組方面，以及在多年期內投入 5 億美元的計劃，您能否向我們報告一下您在 2025 年取得了哪些成果？2026 年的指導方針中，關於那 5 億美元，究竟包含了哪些內容？

Yes. So if you look at that $500 million benefit, and we had mentioned when we launched the program, kind of two- to three-year program, $400 million on restructuring expenses, we probably spent about $200 million in fiscal year '25, a little bit ahead of where we anticipated when we started the program. But the run rate benefit of that $200 million is reflected both in our guide here for '26, but also in the upside of results we saw in '25.

是的。所以，如果你看看這 5 億美元的收益，以及我們在啟動該計劃時提到的為期兩到三年的計劃，其中 4 億美元用於重組費用，那麼我們在 2025 財年可能花費了大約 2 億美元，比我們啟動該計劃時的預期略高一些。但這 2 億美元的營運效率提升，不僅體現在我們 2026 年的指導方針中，也體現在我們 2025 年取得的業績成長中。

As you know, we came into the year with expecting segment margin up 50% plus, and we then moved that to 90% and now have achieved up 100%. So you can see that benefit probably close to the $350 million to $450 million run rate, as we exit '25 and printed into our guide for '26. As we look at further opportunity that the business system will provide that our Monaco focus on reducing our footprint, there may be some incremental restructuring that's going to be needed above and beyond the original program, but I don't think we are there yet.

如您所知，我們年初時預計該業務板塊利潤率將增長 50% 以上，後來我們將其提高到 90%，現在已經實現了 100% 的增長。因此，您可以看到，隨著我們結束 2025 年並將這一收益印入 2026 年的指導方針中，收益可能接近 3.5 億美元至 4.5 億美元的運行率。當我們展望商業體系將為我們摩納哥的業務帶來更多機遇，並專注於減少業務規模時，除了最初的計劃之外，可能還需要進行一些漸進式的重組，但我認為我們還沒有到那一步。

And as we look at opportunity, obviously, we expect the return on any incremental restructuring beyond that program we've announced to actually translate into the operating leverage kind of profile we laid out as part of our new algorithm.

當我們展望機會時，顯然，我們期望在已宣布的計劃之外的任何增量重組的回報，實際上都能轉化為我們在新演算法中提出的那種經營槓桿模式。

Andrew Obin, Bank of America.

安德魯‧奧賓，美國銀行。

Yes, just to dig in a little bit more on the data center market. Generally, you guys -- I believe you invented the mag-bearing chiller. A lot of your competitors are adding capacity to go after this market. Do you think over the next three-years -- given your capacity additions, given sort of the efforts to improve the throughput on-time delivery, do you think you can keep your market share?

是的，只是想更深入地了解資料中心市場。總的來說，我認為你們發明了磁軸承冷卻器。你的很多競爭對手都在增加產能，以搶佔這個市場。您認為在未來三年內——考慮到您的產能成長以及為提高準時交貨率所做的努力——您能保持目前的市場份額嗎？

Or do you think it's just naturally as incremental capacity comes in from other players? You're a natural market share donor just given what everybody else is doing?

還是你認為這只是隨著其他玩家逐步增加產能而自然而然發生的？鑑於其他人都在做什麼，你自然而然地就成了市佔率的貢獻者？

That's a great question, Andrew. We are going to take share. We made a significant investment in capacity before I got here. But now with the example that I gave you, leveraging our business system, where we had one of our high sellers and data centers, was not running at a variable on-time delivery and too long lead times.

安德魯，你問得好。我們將分一杯羹。在我來之前，我們已經對產能進行了大量投資。但是，以我剛才舉的例子來說，利用我們的業務系統，我們有一個銷售業績很好的資料中心，但它的準時交貨率不穩定，交貨週期也太長。

So with the focus work that we've done here over the last couple of months, we brought on-time delivery up to 95%, and we're on track to cut the lead time in half. And that lead time will be market leading, and we know that already because we've taken orders as a result of having capacity earlier, and faster than some others in some cases. And of course, you shouldn't generalize all the time, right?

因此，經過過去幾個月我們在這裡所做的重點工作，我們將準時交貨率提高到了 95%，我們預計將交付週期縮短一半。而且，我們的交貨週期將是市場領先的，我們已經知道這一點，因為我們已經因為產能提前到位而接到了訂單，在某些情況下，我們的交貨速度比其他一些公司更快。當然，你不應該總是以偏概全，對吧？

But our goal is to build a capability here -- an innovation capability to stay on the forefront of what's needed by the data centers, not just on the chillers, but as we talked about here, the end-to-end thermal solution or the cold chain, including CDUs and anticipating what will be needed in the future, like Accelsius and other investments and then to be -- and have a manufacturing position that is very agile and fast with market-leading lead times and then augmented finally with our proprietary and differentiated 40-plus thousand people in the field around the world.

但我們的目標是在這裡建立一種能力——一種創新能力，以始終走在數據中心需求的前沿，不僅是冷卻器，而且正如我們剛才討論的，還有端到端的熱解決方案或冷鏈，包括常冷裝置 (CDU)，並預測未來的需求，例如 Accelsius 和其他投資，然後擁有非常靈活的製造能力，具備市場具備領先的國際間管理專業人士的最後一等。

And because field service -- life cycle services is such an important part for -- of -- in the data center market because downtime or unexpected downtime is just so incredibly more valuable to avoid, if you can, in data centers than in most other verticals. So we are definitely building -- continuing to build off of the capabilities that we already have, but strengthen those to make sure that we stay on the forefront here. We are not going to donate market share.

而且，由於現場服務（生命週期服務）在資料中心市場中非常重要，因為在資料中心，如果可以避免停機或意外停機，其價值遠高於在大多數其他垂直行業中。因此，我們肯定會繼續發展——在現有能力的基礎上不斷進步，並加強這些能力，以確保我們始終處於領先地位。我們不會拱手讓出市場佔有率。

Thank you. This concludes our Q&A session. I will hand the call back to Joakim Weidemanis for any closing comments.

謝謝。問答環節到此結束。我將把電話轉回給 Joakim Weidemanis，讓他做最後的總結發言。

Thank you. We have an exciting future ahead of us here at Johnson Controls and the important work we have underway will position us to capitalize on compelling opportunities ahead, not just in data centers, as I was just commenting on, but more broadly. With a culture focused on customers and centered around our proprietary business system, I'm confident we'll continue winning with our customers and delivering value to our shareholders.

謝謝。在江森自控，我們擁有一個令人興奮的未來，我們正在進行的重要工作將使我們能夠抓住未來的巨大機遇，不僅如我剛才提到的資料中心領域，而且在更廣泛的領域也是如此。憑藉以客戶為中心、以我們專有的業務系統為核心的企業文化，我相信我們將繼續贏得客戶的信賴，並為股東創造價值。

I'd like to take another moment to thank our 90,000 colleagues around the world. You are the foundation of our company, and I'm energized by the prospect of what the future has in store for us. I look forward to continuing my conversations with all of our stakeholders. Thank you all for joining today and see you on the follow-up calls.

我想再次感謝我們遍佈全球的9萬名同事。你們是我們公司的基石，我對公司的未來充滿信心。我期待繼續與所有利害關係人進行對話。感謝各位今天的參與，我們後續電話會議再見。

Thank you. This now concludes today's call. Thank you all for joining. You may now disconnect your lines.

謝謝。今天的電話會議到此結束。感謝各位的參與。現在您可以斷開線路了。