江森自控 (JCI) 2026 Q1 法說會逐字稿

Hello, everyone, and welcome to the Johnson Controls Q1 2026 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 2026 年第一季財報電話會議。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 Mike Gates, Senior Director of Investor Relations, to begin. Mike, please go ahead.

現在我將把電話交給投資者關係高級總監麥克蓋茨，由他開始發言。麥克，請繼續。

Good morning, and thank you for joining our conference call to discuss Johnson Controls' fiscal first-quarter 2026 results. Joining me on the call today are Johnson Controls' Chief Executive Officer, Joakim Weidemanis; and Marc Vandiepenbeeck, our Chief Financial Officer.

早安，感謝各位參加我們關於江森自控2026財年第一季業績的電話會議。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。

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. Please refer to our SEC filings for a list of these important risk factors that could cause actual results to differ from our predictions.

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。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。

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.

在今天的示範中，我們也會提及一些非GAAP指標。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, Mike. Good morning, everyone. Thank you for joining us on today's call. I'd like to begin by recognizing our 90,000 colleagues around the world for their commitment to our customers and for the contributions they've made to a strong start to the year.

謝謝你，麥克。各位早安。感謝您參加今天的電話會議。首先，我要感謝我們全球 9 萬名同事，感謝他們對客戶的盡心盡力，以及他們為公司今年取得良好開局所做的貢獻。

Let's begin with Slide 4. Johnson Controls enters 2026 with a solid foundation and more disciplined execution across the portfolio. Our first quarter performance reflects the progress we've been making with strong revenue growth, meaningful margin expansion and broad-based strength across the enterprise. We are still in the early stages of this work, but I'm encouraged by the progress we've seen to date. As we begin deploying our proprietary business system more broadly, leaders are displaying better candor and assessments regarding where we have opportunity and how we address those opportunities through our business system approaches. We are seeing this firsthand in [gamma] walks in our manufacturing plants in our field offices and operating areas across the business and even in corporate.

讓我們從第 4 張投影片開始。江森自控以堅實的基礎和更嚴謹的執行力進入 2026 年。第一季的業績反映了我們所取得的進展，包括強勁的營收成長、顯著的利潤率擴張以及整個企業的全面實力提升。這項工作仍處於早期階段，但我對迄今為止的進展感到鼓舞。隨著我們開始更廣泛地部署我們專有的業務系統，領導者們對我們有哪些機會以及如何透過我們的業務系統方法來抓住這些機會表現出了更好的坦誠和評估。我們在製造工廠、現場辦事處、業務營運區域甚至公司內部的 [gamma] 巡視中都親眼目睹了這一點。

Turning to the results. The quarter delivered ahead of expectations. I'm proud to share that orders increased nearly 40%, building on a very strong 16% last year compare. Revenue grew 6%. Adjusted EBIT margins expanded 190 basis points to 12.4% and adjusted EPS was up nearly 40% and exceeded our guidance.

接下來看一下結果。本季業績超出預期。我很高興地宣布，訂單量成長了近 40%，在去年同期強勁的 16% 增幅基礎上更進一步。營收成長6%。調整後 EBIT 利潤率成長 190 個基點至 12.4%，調整後每股盈餘成長近 40%，超過了我們的預期。

Our record backlog gives us strong visibility and reinforces the demand environment we're seeing. These results reflect the strength of our leading technology portfolio, combined with more disciplined execution across the company. Given the strong start to the year and the momentum we're seeing across the business, we are raising our full year guidance. Marc will walk through the details in just a few minutes. This quarter marked an important step as we continue to provide much greater clarity on our direction and introduced our evolving enterprise strategy and priorities to leaders across the company.

我們創紀錄的訂單積壓情況讓我們對市場需求有了清晰的了解，並印證了我們所看到的市場需求環境。這些成果反映了我們領先的技術組合的實力，以及公司內部更嚴謹的執行力。鑑於今年開局強勁，且公司整體發展勢頭良好，我們上調了全年業績預期。馬克將在幾分鐘內詳細講解。本季標誌著我們邁出了重要一步，我們繼續更加清晰地闡明了我們的發展方向，並向公司各級領導者介紹了我們不斷發展的企業策略和優先事項。

We cascaded and aligned goals across the organization to a focused set of enterprise-wide metrics. This gives every team a clear line of sight of their priorities aligned with our definition of winning, one that is rooted in winning more customers and better enabling our colleagues, especially those on the front line. This alignment is essential to how we operationalize our strategy, where we focus our commercial resources, where we direct our R&D investment and where we concentrate execution resources to create the most impact and win with customers. We are building a faster-growing, more profitable and more disciplined company that is easier to run. We do that by focusing our efforts to parts of the market where our strengths in technology and field presence aligned with our passion to advance human society.

我們將組織內的目標層層分解並統一到一套聚焦的企業級指標上。這讓每個團隊都能清楚地了解他們的優先事項，這與我們對成功的定義一致，即贏得更多客戶，並更好地賦予我們的同事，尤其是那些在第一線工作的同事。這種一致性對於我們如何實施策略至關重要，它決定了我們如何分配商業資源、研發投資方向以及執行資源，從而創造最大影響力並贏得客戶。我們正在打造一家成長更快、獲利能力更強、管理更規範、更容易營運的公司。我們透過將精力集中在那些我們擁有技術優勢和現場影響力，並與我們推動人類社會進步的熱情相契合的市場領域來實現這一目標。

You can see that impact clearly in the places where technology demonstrates its value today, energy efficiency and decarbonization where factories, large campuses and buildings are some of the largest consumers of energy and amongst the biggest contributors to global emissions. In an increasingly energy-constrained world where energy costs continue to rise, our customers are under pressure to manage energy more productively, reduce their carbon footprint, but also need strong operational returns.

在當今科技展現其價值的領域，例如能源效率和脫碳方面，我們可以清楚地看到這種影響。工廠、大型園區和建築物是能源消耗量最大的場所，也是全球排放的主要來源之一。在能源日益受限、能源成本不斷上漲的今天，我們的客戶面臨提高能源管理效率、減少碳足跡的壓力，同時也需要強勁的營運回報。

Turning to the next slide. This couldn't be more evident than in the fast-growing, most technology-intensive environments such as data centers. As compute becomes more powerful, rack density rise, hybrid architectures evolve and control systems become more advanced, data centers now require increasingly energy-efficient and precise operating conditions.

翻到下一張投影片。這一點在資料中心等快速發展、技術密集的環境中體現得尤為明顯。隨著運算能力的增強、機架密度的提高、混合架構的演進以及控制系統的進步，資料中心現在需要越來越節能和精確的運作條件。

Across AI and high-density compute environments, architectures will continue to change, but they all share the same fundamental requirement, significantly greater thermal and energy management supported by more sophisticated controls, managing energy consumption while sustaining performance is essential, and that is exactly where our technologies remain critical. Against that backdrop, our data center momentum reflects not only strong demand from existing customers but also success in reaching new customers as our differentiated solutions gain traction. We continue to work closely with NVIDIA, applying our thermal management and controls expertise to support next-generation AI compute environments. Johnson Controls recently released a new reference guide that maps the full thermal chain and outline scalable, high-performance cooling architectures for an emerging class of AI factories. The guide outlines an integrated solution that leverages technology to accelerate data center deployment and increase their overall performance.

在人工智慧和高密度運算環境中，架構將不斷變化，但它們都具有相同的基本要求，即透過更複雜的控制來顯著提高散熱和能源管理能力，在保持效能的同時管理能源消耗至關重要，而這正是我們的技術仍然至關重要的地方。在此背景下，我們的資料中心發展動能不僅反映了現有客戶的強勁需求，也反映了我們差異化解決方案獲得認可後，在吸引新客戶方面取得的成功。我們將繼續與 NVIDIA 緊密合作，運用我們的散熱管理和控制專業知識來支援下一代 AI 運算環境。江森自控最近發布了一份新的參考指南，該指南繪製了完整的熱鏈，並概述了新興人工智慧工廠的可擴展、高性能冷卻架構。該指南概述了一種利用技術加速資料中心部署並提高其整體效能的整合解決方案。

Going beyond just supplying equipment, we are architecting the thermal backbone for the next generation of AI computing. It also reinforces the strength of our innovation road map, reflected in the products we introduced earlier this week. We announced 2 new chiller platforms that extend our leadership in high-density data center cooling. The YDAM delivers up to 3.5 megawatts of cooling in a compact footprint providing approximately 20% higher capacity density than competing options and enabling warm water cooling for advanced GPUs. The YK-HT brings the industry's widest operating range and supports waterless heat reduction, which can eliminate up to 9 million gallons of cooling tower water annually and typical deployments.

我們不僅提供設備，還在為下一代人工智慧運算建構熱能基礎架構。這也進一步鞏固了我們創新路線圖的優勢，這在我們本週稍早推出的產品中得到了體現。我們發布了 2 款全新的冰水機組平台，進一步鞏固了我們在高密度資料中心冷卻領域的領先地位。YDAM 散熱器體積小巧，卻能提供高達 3.5 兆瓦的散熱能力，比同類產品容量密度高出約 20%，並可為高級 GPU 提供溫水冷卻。YK-HT 具有業界最廣泛的運作範圍，並支援無水降溫，每年可減少高達 900 萬加侖的冷卻水塔水，適用於典型的部署情況。

Complementing these data center platforms, we also expanded our digital service capabilities with the introduction of the Smart Ready Chiller, which provides 10x the insights over a standard remote connected chiller. This gives us and our customers deeper insights from day 1, allowing us to shift more customers into proactive recurring service relationships that improve reliability, reduce unplanned downtime and lower life cycle costs. Together, these launches build on an already strong and comprehensive portfolio, making it even more capable and more differentiated for our customers. In addition to the data centers, we see similar demands for energy efficiency, precision and reliability across other mission-critical sectors. Advanced manufacturing where, for example, next-generation pharmaceutical manufacturing relies on precise environmental conditions, meaning strict control of temperature, humidity, pressurization and air purity and large complex research campuses and universities where similar requirements exist as researchers discover new insights and translate science into real-world applications and where students are learning, exploring and preparing to make their own impact.

為了完善這些資料中心平台，我們還推出了智慧就緒冰水機，擴展了我們的數位服務能力，與標準的遠端連接冷水機相比，它提供的洞察力是後者的 10 倍。這讓我們和我們的客戶從一開始就能獲得更深入的了解，使我們能夠將更多客戶轉變為積極主動的定期服務關係，從而提高可靠性、減少非計劃性停機時間和降低生命週期成本。這些新品的推出，進一步豐富了我們已有的強大而全面的產品組合，使其功能更加強大，更具差異化，從而更好地滿足客戶的需求。除了資料中心之外，我們還看到其他關鍵任務產業對能源效率、精度和可靠性也有類似的需求。例如，下一代製藥生產依賴精確的環境條件，這意味著對溫度、濕度、壓力和空氣純度的嚴格控制；而大型複雜的研究園區和大學也存在類似的要求，因為研究人員在這裡發現新的見解，並將科學轉化為現實世界的應用，學生們在這裡學習、探索，並為產生自己的影響做好準備。

Our customers have real unmet needs for technology innovation and service-based solutions that help them manage energy more efficiently and deliver outcomes in their mission-critical operating conditions. This is where our strengths set us apart and where we concentrate our investment in innovation. And this is exactly what gives me the confidence in the opportunity we have here at Johnson Controls and the ability to support our customers. When I went to Gamba, I saw breakthrough innovation happening at [JADEC], our advanced development engineering center in Pennsylvania. Work built on [York's] 150 years of legacy of pushing the boundaries of HVAC and thermal technology for today's data centers.

我們的客戶對技術創新和服務型解決方案有著真正的未滿足需求，這些解決方案可以幫助他們更有效地管理能源，並在關鍵任務運作條件下取得成果。這就是我們的優勢所在，也是我們集中投資創新的領域。正是這一點讓我對江森自控所擁有的機會以及我們為客戶提供支援的能力充滿信心。我去甘巴的時候，親眼目睹了我們在賓州的先進研發工程中心[JADEC]發生的突破性創新。這項工作建立在約克大學 150 年來不斷突破 HVAC 和熱力技術界限，為當今資料中心發展奠定基礎的基礎上。

And after also spending time with our field professionals, it became clear how much potential we can unlock by making their daily work easier and better leveraging their expertise and proximity to our customers. Turning to Slide 6. This is where our proprietary business system will help us unlock that opportunity. As a reminder, our business system is built on 3 pillars: simplify, apply 80/20 principles to focus on what matters the most; accelerate, use lean methodologies to remove waste to speed up execution, improving productivity and reducing assets such as working capital tied up in the process; and amplify, leverage digital and AI approaches to amplify impact across the enterprise. I think of it as accelerate or lean helps us accomplish work in days and hours versus weeks and days.

在與我們的現場專業人員交流之後，我們清楚地認識到，透過簡化他們的日常工作，更好地利用他們的專業知識和與客戶的密切聯繫，我們可以釋放出多大的潛力。翻到第6張投影片。而我們專有的業務系統將幫助我們抓住這個機會。再次提醒，我們的業務系統建立在三大支柱之上：簡化，運用 80/20 原則專注於最重要的事情；加速，運用精益方法消除浪費，加快執行速度，提高生產力，並減少流程中佔用的營運資金等資產；以及放大，利用數位化和人工智慧方法來放大整個企業的影響力。我認為加速或精益化可以幫助我們在幾天或幾小時內完成工作，而不是幾週或幾天。

And amplify or digital [NI] enables us to take that same work and accomplish the same in hours and minutes. And it's anchored in a global cross-functional language and methodology for how we communicate, collaborate and drive strong continuous improvement momentum to win. We're already seeing evidence of the business system in the way teams operate, stronger alignment, clear ownership and greater process and tool consistency. And our talent system also plays an incredibly powerful role in this. We've brought in select external talent with deep business system expertise while also teaching and equipping our internal colleagues to lead in this new way of working and beginning to embed across our end-to-end talent processes.

而放大或數位化 [NI] 使我們能夠在數小時或數分鐘內完成相同的工作。它以全球跨職能語言和方法論為基礎，指導我們如何溝通、協作，並推動持續改進的強勁勢頭以贏得勝利。我們已經從團隊運作方式、更強的協同性、更清晰的責任歸屬以及更高的流程和工具一致性等方面看到了業務系統的證據。我們的人才培養體系在這方面也扮演著極為重要的角色。我們引進了具有深厚業務系統專業知識的精選外部人才，同時也在培訓和裝備我們的內部同事，讓他們能夠引領這種新的工作方式，並開始將其融入到我們端到端的人才流程中。

To date, we have hosted growth summits with hundreds of leaders diving deep into our enterprise strategy and hands-on teaching, leaders teaching leaders, our business system. This includes a global summit with our most senior leaders and we're now spending time in each region to ensure full understanding, clear expectations and accountability for this new way of working, all focused on enabling our frontline colleagues to [deliver a little] bit more for our customers. As part of this, we started the new year in APAC with all the regional leaders. I spent significant time in that region in my professional life and see great opportunity, particularly aligned with our strategy and where we have strengths. To further accelerate our progress and strengthen global execution, we recently appointed Susan Hughes as our APAC President.

到目前為止，我們已經舉辦了多場成長高峰會，數百位領導者深入探討了我們的企業策略和實踐教學，領導者之間互相學習，以及我們的業務體系。這包括與最高領導層舉行全球高峰會，我們現在正在每個地區投入時間，以確保充分理解、明確期望並落實這種新的工作方式，所有這些都旨在使我們的一線同事能夠為我們的客戶提供更多服務。為此，我們與亞太地區所有區域領導人一起開啟了新的一年。在我的職業生涯中，我曾在該地區花費了大量時間，並看到了巨大的機遇，尤其是在與我們的策略和我們的優勢相契合的地區。為了進一步加快我們的發展步伐並加強全球執行力，我們最近任命蘇珊休斯為亞太區總裁。

Susan brings more than 20 years of deep experience in the region. I'm excited for the impact she will have as we align our teams and sharpen our execution. Let's now turn to Slide 7 to show how our business system is taking hold and the progress we're making across the company. By working together across teams and leveraging 80/20 and Lean tools, we're seeing real measurable progress. Last quarter, I shared some examples, but I'm proud to illustrate continued improvement.

蘇珊在該地區擁有超過 20 年的豐富經驗。我很期待她能為我們的團隊帶來正面的影響，幫助我們調整團隊策略，提升執行力。現在讓我們翻到第 7 張投影片，看看我們的業務系統是如何運作的，以及我們在公司範圍內的進展。透過跨團隊合作，並利用 80/20 法則和精實工具，我們看到了切實可衡量的進步。上個季度我分享了一些例子，但我很自豪地展示持續的進步。

Our conventional HVAC sellers in one of our local markets went from 60% improvements in time spent with customers to 100% improvement. And as we bring AI into these workflows, we see the potential for another meaningful step change, one that simply wouldn't be achievable without AI. In one of our key manufacturing facilities for chillers, our factory on-time delivery went from 95% to now sustaining 95% to 100% for the past couple of months. This level of performance combined with our now competitively advantaged lead times is driving higher win rates with our customers, especially in data centers as we can reliably commit to help them meet their rapidly growing needs. These are just 2 examples where we go narrow and deep on an area of opportunity.

我們當地市場中一家傳統暖通空調銷售商的客戶互動時間提升幅度從 60% 提升至 100%。當我們把人工智慧引入這些工作流程時，我們看到了實現另一個意義重大的變革的潛力，而如果沒有人工智慧，這種變革是根本無法實現的。在我們一家主要的冷水機製造工廠中，工廠的準時交貨率從 95% 提高到 95% 至 100%，並在過去幾個月中一直保持在這個水平。這種效能水平，加上我們現在具有競爭優勢的交付週期，正在推動我們贏得客戶的更多青睞，尤其是在資料中心領域，因為我們可以可靠地幫助他們滿足其快速成長的需求。以上只是我們深入研究某個機會領域的兩個例子。

Our teams are going deep and addressing other areas of opportunity from cutting service repair time to improving quality and addressing billing disputes. The benefit only continues as we scale these learnings more broadly in the organization over time. I'm inspired by the energy, the urgency and the enthusiasm with which our leaders and teams are embracing this new way of working. More than 1,000 colleagues have actively engaged across several priority areas. Over 80 Kaizens have been completed and 350 senior leaders have been trained in the new ways of working.

我們的團隊正在深入研究並解決其他方面的機會，包括縮短維修服務時間、提高服務品質以及解決帳單糾紛。隨著時間的推移，當我們在組織內更廣泛地推廣這些經驗時，這種好處只會持續下去。我深受鼓舞，我們的領導和團隊展現了極大的活力、緊迫感和熱情來擁抱這種新的工作方式。超過 1000 名同事積極參與了多個優先領域的工作。已完成 80 多項改善活動，並培訓了 350 位高階主管掌握新的工作方式。

And while many of our early focus areas started in the US, as we teach and equip our leaders, we have now activated efforts in both EMEA and APAC. This way of working gives us confidence in our ability to execute and deliver on our commitments.

雖然我們早期的許多重點領域都始於美國，但隨著我們對領導者的培養和培訓，我們現在已經在歐洲、中東和非洲地區以及亞太地區開展了相關工作。這種工作方式讓我們對履行承諾的能力充滿信心。

With that, Marc will lead you through the details.

接下來，馬克將帶你了解細節。

Thanks, Joakim, and good morning, everyone. We delivered a strong start to the year, reflecting continued momentum in the business. Our teams converted sustained customer demand into record orders while delivering solid operating performance. We are also seeing early benefits from the operating discipline we've been embedding across the company, which is helping us execute faster, improve consistency and strengthen profitability. With this foundation, we are well positioned to deliver on our priorities and achieve on our full year commitments.

謝謝Joakim，大家早安。今年開局強勁，反映出業務持續成長動能。我們的團隊將持續的客戶需求轉化為創紀錄的訂單，同時實現了穩健的營運績效。我們也看到了在公司內部推行的營運紀律帶來的早期效益，這有助於我們更快地執行任務，提高一致性，並增強獲利能力。有了這個基礎，我們就能更好地實現我們的優先事項，並完成我們全年的承諾。

Let's turn to Slide 8 to walk through the financial highlights for the quarter. Organic revenue grew 6% with broad-based contribution across the portfolio, and we delivered solid margin expansion. Segment margins increased 70 basis points to 15.7%, and EBIT margin expanded 190 basis points to 12.4%, reflecting continued benefits from productivity, price realization and improvement in our cost structure. Adjusted EPS of $0.89 increased nearly 40% year-over-year and exceeded our guide. Our ongoing work to simplify priority strength and alignment and sharpen operational discipline is driving faster decisions, stronger pricing and tighter cost control, supporting both growth and margins.

讓我們翻到第 8 張投影片，一起來看看本季的財務亮點。有機收入成長了 6%，這得益於產品組合的廣泛貢獻，並且我們實現了穩健的利潤率成長。分部利潤率成長 70 個基點至 15.7%，息稅前利潤率成長 190 個基點至 12.4%，反映出生產力提高、價格實現和成本結構改善帶來的持續效益。調整後的每股收益為 0.89 美元，年成長近 40%，超過了我們的預期。我們不斷努力簡化優先事項和加強協調，並加強營運紀律，從而加快決策速度，提高定價能力，加強成本控制，以支持成長和利潤率。

Let's now discuss our segment results in more detail on Slide 9 and 10. Orders grew nearly 40% in the quarter, a strong performance on top of a tough 16% compare Demand was led by data center projects where customers are accelerating investment to support higher density workloads and AI-driven growth. Activity across our other key end markets remain stable, and customers continue to prioritize Johnson Controls differentiated mission-critical solutions. By region, this demand strength translated into solid order across all 3 segments. The Americas delivered 56% growth led by large-scale data center projects that continue to scale across the region.

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。本季訂單成長近 40%，在去年同期 16% 的艱難基數基礎上實現了強勁成長。需求主要由資料中心專案推動，客戶正在加速投資以支援更高密度的工作負載和人工智慧驅動的成長。我們在其他主要終端市場的業務活動保持穩定，客戶繼續優先考慮江森自控差異化的關鍵任務解決方案。按地區劃分，這種強勁的需求轉化為所有 3 個細分市場的穩定訂單。美洲地區實現了 56% 的成長，這主要得益於該地區持續擴展的大型資料中心專案。

EMEA grew 8% with balanced high single-digit growth in both service and system. In APAC, orders increased 10% driven by double-digit growth in systems and high single-digit growth in service. At the enterprise level, organic sales growth was led by continued strength in service, which grew 9% year-over-year. In the Americas, sales were up 6% organically, with solid double-digit growth in service. EMEA grew 4%, led by high single-digit growth in service.

歐洲、中東和非洲地區成長了 8%，服務和系統業務均實現了均衡的高個位數成長。在亞太地區，受系統業務兩位數成長和服務業務高個位數成長的推動，訂單成長了 10%。從企業層面來看，有機銷售成長主要得益於服務業務的持續強勁成長，服務業務年增 9%。在美洲，銷售額有機成長 6%，服務業務實現了兩位數的穩健成長。歐洲、中東和非洲地區成長了 4%，其中服務業實現了接近兩位數的成長。

APAC delivered 8% growth led by strong system performance and steady demand in service. These results reflect strong execution across the portfolio despite a challenging 10% year-over-year comparison. We delivered another quarter of steady margin expansion, reflecting disciplined execution across pricing, productivity and project delivery. Our team strengthened operating leverage in both service and systems through higher throughput, tighter cost control and more consistent execution. These actions reinforce the continued strengthening of our operating model and our ability to sustain meaningful margin progress.

亞太地區在強勁的系統性能和穩定的服務需求的帶動下，實現了 8% 的成長。儘管同比下降 10%，但這些結果反映出整個投資組合的強勁執行力。我們連續第二個季度實現了利潤率的穩定成長，這反映了我們在定價、生產效率和專案交付方面的嚴格執行力。我們的團隊透過提高吞吐量、加強成本控制和更穩定地執行，增強了服務和系統的營運槓桿作用。這些措施進一步鞏固了我們營運模式的持續改進，並增強了我們維持利潤率顯著成長的能力。

By region, adjusted segment (inaudible) margins in the Americas improved 20 basis points to 16.4%, supported by productivity gains and improved mix. In EMEA, margins expanded 120 basis points to 13%, reflecting favorable pricing and productivity gains. In APAC, margins expanded 290 basis points to 16.9% as volumes increase in factory absorption improved. Our record backlog grew 20% to $18 billion, highlighting the continued strength of our pipeline as revenue conversion accelerated this quarter.

按地區劃分，美洲經調整後的分部（聽不清楚）利潤率提高了 20 個基點，達到 16.4%，這得益於生產率的提高和產品組合的改善。在歐洲、中東和非洲地區，利潤率成長了 120 個基點，達到 13%，這反映了有利的定價和生產效率的提高。在亞太地區，隨著工廠吸收率的提高，產量增加，利潤率擴大了 290 個基點，達到 16.9%。我們的積壓訂單額創下歷史新高，成長了 20%，達到 180 億美元，凸顯了我們業務管道的持續強勁勢頭，本季營收轉換率也加快了。

Turning to our balance sheet and cash flow on Slide 11. On the balance sheet, we ended the quarter with approximately $600 million in available cash. Total liquidity remains strong, supported by our available credit facilities and disciplined working capital management. Net debt remained within our long-term target range, declining to 2.2x. Our capital allocation priorities remain consistent: investing in the business, maintaining balance sheet strength and returning capital to shareholders.

接下來請看第 11 頁的資產負債表和現金流量表。從資產負債表來看，本季末我們擁有約 6 億美元的可用現金。在現有信貸額度和嚴格的營運資金管理的支持下，公司整體流動性依然強勁。淨債務維持在我們長期目標範圍內，降至2.2倍。我們的資本配置重點保持不變：投資於業務、維持資產負債表穩健、向股東返還資本。

Let's now discuss our fiscal second quarter and full year guide on Slide 12. As we enter the second quarter, operational momentum remains solid, supported by disciplined execution and continued strength in our backlog. We anticipate organic sales growth of approximately 5%, operating leverage of approximately 45% and adjusted EPS of approximately $1.11. For the full year, we are maintaining organic sales growth of mid-single digits, supported by solid execution and the visibility provided by our backlog. We continue to expect operating leverage of approximately 50%, which is above our long-term algorithm as last year's trended cost savings materialize in this year's performance. With a strong start to the year, we are raising our adjusted EPS guidance to approximately $4.70 per share, which is roughly 25% growth.

現在讓我們在第 12 頁討論一下我們的第二財季和全年業績指引。進入第二季度，在嚴謹的執行和持續強勁的訂單儲備的支持下，營運勢頭依然穩健。我們預期有機銷售額將成長約 5%，經營槓桿率約 45%，調整後每股收益約 1.11 美元。全年來看，在穩健的執行和積壓訂單帶來的可見性支撐下，我們將維持中等個位數的有機銷售成長。我們繼續預期經營槓桿率約為 50%，高於我們的長期演算法預測，因為去年的成本節約趨勢將在今年的業績中得到體現。由於今年開局強勁，我們將調整後的每股盈餘預期上調至約 4.70 美元，增幅約為 25%。

With the increase in our EPS guidance, we continue to expect approximately 100% free cash flow conversion for the year, underscoring the quality of our earnings and the discipline of our working capital processes. Our guidance reflects the progress we're making across our operating priorities and provide a solid foundation for delivering strong results throughout the remainder of the year.

隨著我們提高每股盈餘預期，我們繼續預期今年自由現金流轉換率約為 100%，這凸顯了我們獲利的品質和我們營運資本流程的嚴謹性。我們的業績指引反映了我們在各項營運重點領域的進展，並為今年剩餘時間取得強勁業績奠定了堅實的基礎。

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) Nigel Coe, Wolfe Research.

（操作說明）Nigel Coe，Wolfe Research。

Thanks. Good morning, everyone. Thanks for the question. Yes. So I think a good base to start would be on the orders. I don't know if this is a record order but a quarter, but I'm sure it's pretty [down] close. Anything that you'd call out because we've seen extraordinary strength in other places in data center and -- but this is like another level higher. So just curious, are we seeing more kind of longer duration orders, multiyear orders? Anything you'd call out driving the strength in orders.

謝謝。各位早安。謝謝你的提問。是的。所以我認為，從訂單入手是個不錯的起點。我不知道這是否是歷史最高排名，但至少四分之一，我確信它非常接近歷史最高排名。任何值得一提的地方，因為我們在資料中心的其他地方也看到了非凡的實力——但這簡直是另一個層次的力量。所以我很好奇，我們是否看到更多持續時間較長的訂單，例如多年期訂單？任何你認為能增強訂單實力的因素。

Nigel, we are seeing record orders, as you saw. We have a record backlog, and we'll try and keep it like that going forward, too, by the way. I'm super happy that it's not only data centers that's driving the strength of our order entry. We had a very healthy life science order entry during the quarter, and that's not the first quarter that we see that strength. And that's really a result of all the effort being put into the innovation pipeline over the years as well as the field coverage for what we call our mission-critical verticals, where thermal management and the indoor operating conditions really matter for our customers.

奈傑爾，正如你所看到的，我們的訂單量創下了紀錄。順便說一句，我們目前積壓的訂單數量創下了歷史新高，我們也會努力讓這種情況繼續保持下去。我非常高興，推動我們訂單量成長的不僅是資料中心。本季我們生命科學領域的訂單量非常健康，而且這不是我們第一次看到這種強勁勢頭。這實際上是多年來我們在創新管道投入的所有努力的結果，以及我們所謂的關鍵任務垂直領域的現場覆蓋，在這些領域，熱管理和室內運行條件對我們的客戶來說至關重要。

Now data centers was very strong and so I'm very proud of the team, what they accomplished during the quarter. Pipelines remain healthy. And as a reminder, we really play in 3 categories broadly in data centers, not just on the chiller side but on the [craws] the air handling units through our Silent-Aire franchise, which is the leading franchise in air handling. And as you know, a couple of quarters ago, we announced that we entered the CDU space, where we're making some good progress. So very pleased overall with the order entry, but data centers is definitely not the only vertical that's showing really, really good strength here.

現在資料中心業務非常強勁，所以我為團隊在本季的成就感到非常自豪。管道運作狀況良好。再次提醒大家，我們在資料中心主要涉足三大領域，不僅包括冷水機組，還包括透過我們的 Silent-Aire 特許經營權提供的空氣處理機組，Silent-Aire 是空氣處理領域的領先特許經營權。如您所知，幾個季度前，我們宣布進軍 CDU 領域，並且我們在該領域取得了一些不錯的進展。整體而言，我對訂單輸入情況非常滿意，但資料中心絕對不是唯一表現非常強勁的垂直產業。

Great. Thanks. And then my follow-on is I believe the backlog reflects orders that are shippable for the next 12 months. So the -- obviously, the backlog increase, I think 20% was the number, if I'm not mistaken, versus the unchanged mid-single digits for this year. So just wondering how to think about that inflection in backlog versus non inflection in organic growth. I'm just wondering if we're starting to see a line of sight towards high single-digit organic growth.

偉大的。謝謝。接下來我想補充的是，我認為積壓訂單反映的是未來 12 個月內可以出貨的訂單。所以——很明顯，積壓訂單增加了，如果我沒記錯的話，增幅是 20%，而今年的增幅則保持不變，為個位數中段。所以我想知道該如何看待積壓訂單的拐點與自然成長的非拐點之間的關係。我只是想知道我們是否開始看到實現高個位數有機成長的跡象。

I think the organic growth will continue to strengthen over time. Our guide currently reflects what we see for this year. Many of those larger orders that we're taking also in the life science field, but in data centers are not necessarily shippable within the next 9 months or so. But we'll keep you updated on the guide here as we see opportunities to do better here potentially.

我認為隨著時間的推移，有機成長勢頭將會持續增強。我們的指南目前反映了我們對今年的預測。我們在生命科學領域，尤其是在資料中心領域，接到的許多大訂單，不一定會在未來 9 個月左右的時間內出貨。但我們會在這裡持續更新指南，因為我們可能會發現一些改進的機會。

Amit Mehrotra, UBS.

阿米特·梅赫羅特拉，瑞銀集團。

Thanks. Morning, everybody. I just wanted to follow up on the orders question, if I could. And just to understand how much of this order strength is the market coming to you as opposed to maybe how you're evolving, how you go to market? And I know last time we chatted, there was maybe some initiatives underway to kind of go after what you guys call the belly of the market. Is there -- is that indicative of the orders? And then just related to that, any numbers you can provide around the non-data center growth, just so we can understand a little bit how broad based this is.

謝謝。大家早安。我只是想就訂單問題再補充一點，可以嗎？而要了解這種訂單強度有多少是市場主動找上門來的，又有多少是你自身發展或進入市場的方式造成的呢？我知道上次我們聊天的時候，可能有一些舉措正在進行中，目的是瞄準你們所說的市場核心部分。這是否——這是否表明了訂單情況？另外，能否提供一些關於非資料中心成長的數據，以便我們了解其覆蓋範圍有多廣？

Yes. So I think the data center market is growing in many different parts of the world and different applications as well. So our growth is pretty broad-based. So like I said, we plan 3 different application categories, the chillers, across the air handling units and now starting to grow nicely here on the CDU side as well. So historically, we had a good position with our hyperscalers as well as many of the large [colos] in particular in the United States.

是的。所以我認為資料中心市場在世界各地以及各種應用領域都在成長。所以我們的成長基礎相當廣泛。正如我所說，我們計劃推出 3 個不同的應用類別：冷水機組、空氣處理機組，現在在 CDU 方面也開始穩定成長。因此，從歷史上看，我們在超大規模資料中心以及美國的許多大型資料中心方面都處於有利地位。

But over the last couple of quarters, we're very happy to see the growth in Europe and Asia also start to become very meaningful for us. And like I said in my previous comments, our order strength in the quarter here is, of course, helped by data centers, but we're also very happy about, in particular, the life science oriented growth that we're seeing. And just to put a little bit more color on that, what's happening in the pharmaceutical industry is that with the rise of biologics-based therapies, the manufacturing environments are materially different than the historical manufacturing environments. And that's why large pharmaceutical manufacturers are building new plants in many parts of the world and the indoor operating conditions that they require to be able to effectively manufacture these biologic-based drugs really require very strong thermal management. which is not just the HVAC but also controls and because these are large campuses with thousands and thousands of employees moving in and out every day and the value of what they manufacture is very high it also requires other solutions in our portfolio.

但在過去幾個季度裡，我們非常高興地看到歐洲和亞洲的成長也開始對我們產生非常重要的影響。正如我之前所說，本季的訂單強勁成長當然得益於資料中心，但我們也對生命科學領域的成長感到非常高興。為了更詳細地說明這一點，製藥業正在發生的是，隨著生物製劑療法的興起，生產環境與以往的生產環境發生了實質的變化。正因如此，大型製藥公司才在世界各地興建新廠。為了有效率地生產這些生物製劑，他們需要對室內運作環境進行嚴格把控，這不僅包括暖通空調系統，還包括其他控制系統。此外，由於這些工廠規模龐大，每天有成千上萬的員工進出，而且其產品的價值也很高，因此也需要我們產品組合中的其他解決方案。

So very encouraged by our continued progress in life sciences.

生命科學領域持續取得的進展令我倍受鼓舞。

That makes sense. Thank you. And then just on my follow-up, Marc, I wanted to ask about second half versus first half incremental margins. Obviously, you have a full year of 50% plus. You'll achieve or have achieved in the first quarter, second quarter, maybe about 40%, 45%. It does imply kind of this nice step-up in the second half above 50%. Can you just talk about that? And maybe what are the drivers of that step-up are in the second half?

這很有道理。謝謝。然後，馬克，我接著問一下，下半年與上半年相比，利潤率的增幅是多少。顯然，你有一整年的時間可以達到 50% 以上。你在第一季、第二季可能會達到或已經達到大約 40%、45%。這確實意味著在後半段，得分會穩定上升到 50% 以上。你能談談這件事嗎？那麼，下半場推動這項進步的因素可能是什麼呢？

For sure. We can maintain the full year roughly 50% operating leverage outlook because the structural driver of our leverage build materially around the year and as supported by, of course, the backlog and the backlog margin, the visibility we have that and the margin expansion that come, but also the work associated with the trend at cost and it's all inflecting in the second half of the year and the leverage continues to improve. That 50% in based on our mid-single-digit perspective on top line growth, if we can accelerate that top line growth, not all of that incremental growth will come at the operating leverage in the 50s, it will probably come closer to our long-term algorithm well above 30%, but maybe not at the 50% range.

一定。我們可以維持全年約 50% 的經營槓桿預期，因為我們槓桿的結構性驅動因素在一年中顯著增強，當然，積壓訂單和積壓訂單利潤率也對此有所支撐，我們對這些因素的可見性以及隨之而來的利潤率擴張，以及與成本趨勢相關的工作，所有這些都在下半年產生影響，槓桿率將繼續改善。50% 的成長率是基於我們對營收成長的個位數預期，如果我們能夠加速營收成長，那麼新增成長不會全部都達到 50% 的營運槓桿率，它可能會更接近我們長期演算法設定的遠高於 30% 的目標，但可能不會達到 50% 的水平。

Steve Tusa, JPMorgan.

史蒂夫圖薩，摩根大通。

Good morning. Just on the North America margin was just a little bit lighter. I hate to nitpick because they were really good results on orders. The North America margin was a little bit lighter. There was a $15 million headwind from other. Maybe that was something we're missing from the comp from last year or something like that. Maybe just touch on how you see North America margin trending in the next couple of quarters anything there from the quarter.

早安.北美邊緣的色調稍微淺一些。我不想吹毛求疵，因為訂單結果確實很好。北美地區的利潤率略低一些。其他方面帶來了 1500 萬美元的不利影響。也許這是我們去年比賽中缺少的一些東西，或者類似的情況。或許可以簡單談談您對未來幾季北美利潤率趨勢的看法，以及本季的相關情況。

So if you look at the growth in North America, right, very strong system growth, strong service growth as well. That makes -- normally would be lifted by much, much better growth in the service, thanks to the rate. And we saw some benefit associated to productivity. Overall, the opportunity in North America is accelerating our service growth and the margin rate that comes with that.

所以，如果你看看北美地區的成長情況，你會發現系統成長非常強勁，服務成長也很強勁。通常情況下，由於服務成長率的提高，服務業的成長會更加顯著。我們也發現，生產力方面也因此受益。整體而言，北美市場的機會正在加速我們的服務成長以及隨之而來的利潤率。

You know that there was a few smaller headwind in the quarter in North America, about $15 million with [tag] as other. That more has to do with some periodic small adjustments we do on product liability. Those are just reserves. We adjust over time, not something material, not something recurring. We think North America margin potential continues to be strong and will probably come slightly better than what you saw in the quarter in the second half.

你知道，本季北美地區出現了一些較小的不利因素，約有 1500 萬美元，其中 [tag] 被列為其他。這更多與我們定期對產品責任進行的一些小調整有關。這些只是儲備金。我們會隨著時間的推移而調整，這不是實質的變化，也不是反覆出現的問題。我們認為北美地區的利潤潛力依然強勁，下半年可能會比上一季略好。

Great. Thanks. And then just one on data center, where are your lead times stand today?

偉大的。謝謝。那麼就資料中心方面，你們目前的交付週期如何？

Scott Davis, Melius Research.

Scott Davis，Melius Research。

Operator, can we please ask you to take command here? Steve was asking his follow-up question. So let's allow Steve to do that, and then Scott we'll go to you right after.

操作員，請您接手這裡指揮。史蒂夫正在問他的後續問題。那就先讓史蒂夫來做這件事，然後史考特，我們馬上就去找你。

No worries, guys.

別擔心，夥計們。

Thank you. Operator, can you please step in? Okay. Scott, if we have you on the line, please go ahead. I will act as the interim operator.

謝謝。接線生，請您介入一下好嗎？好的。史考特，如果你在電話裡，請開始吧。我將擔任臨時運營人員。

I could call Steve and asking what this question is, but --

我可以打電話給史蒂夫問問這個問題是什麼，但…--

Go ahead, Scott.

請繼續，斯科特。

No, sorry about that. But look, I'm kind of curious, the entrance into CDUs, is the goal here to kind of bundle this into a total solution? I would imagine it's still a separate purchase order right now and perhaps even a separate process altogether. But where do you kind of see that market going for you guys?

不，真抱歉。但是，我很好奇，進入 CDU 領域，其目標是否是將其整合到完整的解決方案中？我估計目前這仍然是一份單獨的採購訂單，甚至可能是一個完全獨立的流程。但你們覺得這個市場未來的發展方向是什麼？

Today, it's a mix, Scott. So there's certainly a lot of business that transacts CDUs only but we do see plenty of opportunity for combined offers. And obviously, we have a number of very important key accounts. And so we work on more than one application together with them. Over time, as the thermal architecture for data centers evolve, as is normal, I think, in a complicated system like that, you might see some slight changes in the overall architecture.

今天的情況比較複雜，史考特。因此，確實有許多企業只進行 CDU 交易，但我們也看到了許多聯合報價的機會。顯然，我們有很多非常重要的關鍵客戶。因此，我們會與他們合作開發多個應用程式。隨著時間的推移，資料中心的熱架構會不斷發展，我認為這是正常的，在這樣一個複雜的系統中，你可能會看到整體架構發生一些細微的變化。

And so the roles that certain devices play today might evolve a little bit over time. And I think that's, of course, why we chose to add CDUs to our portfolio to be able to lead in that and be able to be a player that helps our data center customers with the most optimal and highest performing thermal architecture, not just for today but in the future as well.

因此，某些設備如今扮演的角色可能會隨著時間的推移而略有變化。當然，我認為這正是我們選擇將 CDU 添加到我們的產品組合中的原因，以便能夠在該領域處於領先地位，並能夠成為幫助我們的數據中心客戶提供最佳和最高性能散熱架構的參與者，不僅是為了現在，也是為了未來。

Okay. Fair enough. And then Joakim, you mentioned that you were just in Asia Pac, not sure if it's a big, broad region, so not exactly sure where you were. But perhaps since you were there recently, you could just tell us what you're seeing on the ground because clearly, we're seeing a broad set of different results. You guys were a little better than most people this quarter.

好的。很公平。Joakim，你提到你當時在亞太地區，我不確定亞太地區是否很大，所以不太清楚你具體在哪裡。但既然你最近去過那裡，或許你可以告訴我們你在那裡看到了什麼，因為很明顯，我們看到了各種各樣的不同結果。這季度你們的表現比大多數人都好一些。

Right. Yes. Yes. So I was -- I'm not going to say it was all over the region, but I was in all the major markets, a number of countries. So in our case, we are seeing continued stabilization in China.

正確的。是的。是的。所以，我不會說我的足跡遍布整個地區，但我的確去了所有主要市場，以及許多國家。所以就我們而言，我們看到中國局勢持續趨於穩定。

And part in our business, and part of that, of course, is that we have worked hard on shifting a little bit on what the mix of which verticals we focus on in China. And so I think we're in a better place now. Our commercial teams are more aligned with where there is still growth and our service business there. We have continued to invest, and so we see that as a continued good opportunity. So we see stabilization in China.

而我們業務的一部分，當然也包括我們在中國努力調整我們關注的垂直領域組合。所以我覺得我們現在的情況好多了。我們的商業團隊更加重視那些仍有成長空間的領域以及我們在那裡的服務業務。我們一直在持續投資，因此我們認為這仍然是一個好的投資機會。所以我們看到中國局勢趨於穩定。

But unlikely that China is going to return to the kind of growth rates we saw in past years. But what's exciting is that, of course, it's no secret that there are some other major economies in the region that have continued to strengthen overall. And so we think we have a really strong, good team on the ground in a number of countries in Southeast Asia as well as India. And in some of these countries, of course, they're all looking at data centers and there are several emerging players in these markets. But in terms of, for example, investments in health care hospitals and pharmaceutical manufacturing, that's also a growth driver for us in a number of those countries there.

但中國不太可能恢復到過去幾年那種成長速度。但令人興奮的是，當然，該地區其他一些主要經濟體整體上持續走強已不是什麼秘密。因此，我們認為我們在東南亞和印度的許多國家都擁有一支非常強大、優秀的團隊。當然，在其中一些國家，大家都在關注資料中心，這些市場也湧現了幾家新創企業。但就醫療保健醫院和製藥業的投資而言，這也是我們在許多國家成長的動力。

So I'm super excited about our prospects here in Asia. So stabilization in China and then growth opportunities in major economies elsewhere.

所以我對我們在亞洲的發展前景感到非常興奮。因此，中國經濟趨於穩定，其他主要經濟體將迎來成長機會。

Okay, helpful. Best of luck for the rest of the year, guys. Thank you.

好的，很有幫助。祝福你們今年剩下的日子一切順利。謝謝。

Yeah. Thank you.

是的。謝謝。

Steve Tusa, JPMorgan.

史蒂夫圖薩，摩根大通。

Yes. That's a quality move. Thank you for letting me back in. I appreciate that. Just the data center lead times, where -- where are you now? And then, Marc, if you just could give us a little bit of color on what BMS did in the quarter. We're trying to tease out kind of the like-for-like applied orders growth the BMS kind of orders, I would think, be lower than what Applied was maybe not, but maybe those 2 follow-ups.

是的。這是個高明的舉措。謝謝你讓我回來。我很感激。只是資料中心的交付週期，你們現在在哪裡？馬克，你能不能跟我們介紹一下BM​​S在本季做了些什麼？我們正在努力弄清楚類似應用程式訂單的成長情況，我認為 BMS 這類訂單應該低於應用程式訂單，也許不會，但也許那兩個後續訂單會更高。

Yes. Sure. Lead times, I gave the example in the prepared remarks here. So we're making good progress on the on-time delivery, and that's on-time delivery as requested by customers, right? So by definition, that is then being predictable within the lead times that the customers are asking for.

是的。當然。關於交貨週期，我在事先準備好的發言稿中舉了例子。因此，我們在按時交付方面取得了良好進展，而且是按照客戶要求的按時交付，對吧？因此，從定義上講，這意味著在客戶要求的交貨週期內能夠做出可預測的交付。

We continue to sustain. And I talked in previous calls about how we cut lead times in half for one of our product lines in a factory. And that work is now being cascaded out to the other product lines in that factory and other factories. And we did hire a new VP of operations a couple of months ago. And he and his team are now ramping very, very nicely.

我們持續堅持。我在之前的電話會議中談過，我們如何將工廠某條產品線的交貨週期縮短了一半。現在，這項工作正逐步推廣到該工廠和其他工廠的其他產品線。幾個月前，我們確實聘請了一位新的營運副總裁。他和他的團隊現在進展非常順利。

And I'm actually -- and we were reviewing it just the other day. I'm really excited about what I'm seeing from our operations teams, not just in terms of short-term results, but the aspirations and where we think we can get to, not next year, but this year. And so more to come on that. And I think in a little bit of an environment like we have in the data center market right now, the ability to be able to deliver not as predictably, but fast is part of one of many things that contributes to our competitive advantage. So in BMS, go ahead.

事實上──我們前幾天還在討論這個問題。我對我們的營運團隊所取得的成就感到非常興奮，不僅是短期業績，還有他們的抱負以及我們認為今年就能達到的目標，而不是明年。關於這一點，後續還會有更多報導。我認為，在目前資料中心市場這樣的環境下，能夠快速交付（儘管不能像以前那樣可預測）是構成我們競爭優勢的眾多因素之一。所以，在BMS中，繼續吧。

In BMS -- so the BMS growth in the quarter was -- I would characterize very solid in the high single-digit rate. We feel very strong about the backlog of that business because it's continued to improve. The pipeline of opportunity is also accelerating. Aligned a little bit with the strategy we laid out at the beginning of the opening comments around our mission critical and how a strong BMS controls offering for those particular specific vertical is really resonating well with the customer, and we think we can continue to improve that business nicely over the next few quarters.

在 BMS 方面——所以本季 BMS 的成長情況——我會將其描述為非常穩健，達到了較高的個位數成長率。我們對這項業務的積壓訂單情況非常有信心，因為它一直在改善。機會管道也在加速湧現。這與我們開場白中提出的策略略有一致，即我們的關鍵任務以及針對特定垂直行業的強大的 BMS 控制產品如何真正引起客戶的共鳴，我們認為我們可以在接下來的幾個季度繼續很好地改善這項業務。

Jeff Sprague, Vertical Research.

Jeff Sprague，Vertical Research。

Hey, thank you. Good morning, everyone. I want to come back to the new products, Joakim. It's just kind of interesting how sensitive this market is, right? You might argue your stock as it has been weak year-to-date because NVIDIA scared people about warm water cooling and here you are with an offering, right? So clearly, you're in the loop on product development. You mentioned reference designs.

嘿，謝謝。各位早安。Joakim，我想回到新產品的話題。這個市場的敏感度真是令人感到有趣，對吧？你可能會辯稱，由於英偉達的溫水冷卻技術嚇唬了人們，導致今年以來股價疲軟，而現在你們卻推出了新產品，對吧？顯然，你對產品開發非常了解。您提到了參考設計。

Maybe just for the benefit of all of us, just a little bit more detail on where you sit in sort of the technology path, the forward planning, understanding what's coming down the pike and how you're we're not surprised by this, but in fact, we're prepared.

或許為了我們大家的利益，請您更詳細地介紹一下您在技術發展路徑、未來規劃方面所處的位置，了解即將發生的事情，以及您對此並不感到驚訝，事實上，我們已經做好了準備。

Yes. So I can't -- I won't comment on specific product launches in the future. But the reference design that -- and there are 2 documents that we guide, that we issued to the market and these reference designs for those of you who don't know, they're really for the benefit of data center designers and operators as they're working on designing the next generation of data centers. And that kind of work -- we did a lot of work with NVIDIA and so some of the guys that we published here is in collaboration with NVIDIA. Of course, beyond those documents that we publish, an element of how we work in this industry is we essentially every other week, have large engineering teams from our largest customers, [colos] and hyperscalers who sit with us in our innovation center in [JADEC] in Pennsylvania to collaborate on what the next generation of designs should be based on the learnings so far and that helps feed our innovation pipeline.

是的。所以我不能——我以後不會對具體的產品發布發表評論。但是，我們提供的參考設計——我們向市場發布了兩份指導性文件，這些參考設計對於那些不了解的人來說，實際上是為了幫助資料中心設計師和營運商設計下一代資料中心。這類工作——我們與 NVIDIA 做了很多合作，所以我們在這裡發表的一些文章是與 NVIDIA 合作完成的。當然，除了我們發布的這些文件之外，我們在這個行業的工作方式的一個方面是，我們基本上每隔一周就會邀請來自我們最大客戶、數據中心和超大規模數據中心的大型工程團隊，與我們一起在位於賓夕法尼亞州[JADEC]的創新中心工作，根據迄今為止的經驗教訓，共同探討下一代設計應該是什麼，這有助於推動我們的創新發展。

And it's really an excellent way where we can combine our deep technological know-how and thermal management represented by our very talented people in that innovation center with the people who are actually using the products from our customers and then apply the technologies that we have in more and more competitive solutions. And so you saw a couple of launches here earlier this week at the big show that's ongoing as we speak here. And we have a significant road map behind that. And as you remember, we play in 3 categories in data centers when it comes to thermal management. Chillers, and handling units mainly through our silent air franchise, but beyond that as well.

這確實是一個絕佳的方式，我們可以將我們創新中心才華橫溢的員工所擁有的深厚技術知識和熱管理能力，與實際使用我們客戶產品的人員結合起來，然後將我們擁有的技術應用於越來越有競爭力的解決方案中。所以，在本週稍早正在舉行的大型展會上，你們看到了幾款新品發表會。我們為此制定了詳盡的路線圖。如您所知，在資料中心的熱管理方面，我們主要關注 3 個類別。冷水機組和處理單元主要透過我們的靜音空氣特許經營權銷售，但也包括其他管道。

And then we entered CDUs. And then, of course, we're in the controls system as well. And so there's a lot more to come, Jeff, and we'll keep you posted as we launch these new products.

然後我們進入了基民盟。當然，我們也身處控制系統之中。傑夫，未來還有更多精彩內容，我們隨時會向您報告新產品的發布。

Great. Appreciate that. And then maybe just a different thread here. Just on the kind of the portfolio review, Joakim that I would assume that's still ongoing. But it also looks like the retail business did not close yet.

偉大的。謝謝。然後或許可以另開一個貼文討論。就投資組合審查而言，Joakim，我猜想這項工作仍在進行中。但零售業似乎還沒關門。

I thought that was sort of pending and close to being done. Maybe the stuff that you've already publicly identified to go? Where are we in those processes? And any other update would be appreciated.

我以為那件事已經接近完成，正在籌備中。或許是那些你已經公開宣布要淘汰的東西？我們目前處於這些流程的哪個階段？如有其他更新訊息，敬請告知。

Yes. So we continue -- I think I've commented on that in the past, but we have undertaken a thorough strategic review of our entire portfolio. We've worked with the Board and calibrated and aligned on what we think is appropriate and to do. And that includes both how we can execute better as well as potential alternative futures. And we've commented on a little bit how big part of the portfolio that might entail.

是的。所以我們繼續——我想我過去也說過這一點，但我們已經對整個投資組合進行了徹底的策略審查。我們與董事會合作，對我們認為合適的做法進行了調整和協調。這包括我們如何才能更好地執行，以及可能的未來替代方案。我們已經稍微討論過這可能在投資組合中佔據多大的比例。

And the main driver here is to create shareholder value. And so we continue to work on both improving execution and on the portfolio moves that we flagged in the past, and we'll keep you posted as we make progress on that.

而其主要驅動力是創造股東價值。因此，我們將繼續努力改善執行力，並推進我們過去提出的投資組合調整，我們將隨時向您報告進度。

And I'm not going to comment on particular ongoing transaction. We have not announced anything particular on retail. We are very happy that we -- we closed the disposition of one of our residential monitoring security system as we continue to walk away, if you'd like, from that particular subsegment of the market.

我不會對正在進行的具體交易發表評論。我們尚未就零售方面發布任何具體消息。我們非常高興地宣布，我們已完成對其中一套住宅監控安全系統的處置，因為我們將繼續退出該細分市場。

Chris Snyder, Morgan Stanley.

克里斯‧史奈德，摩根士丹利。

Thank you. I wanted to talk about the longer-term margin opportunity for the company. I think when we look at the model, we can see the SG&A as a percentage of sales is quite high compared to the competitors. So I think it's understandable the opportunity there. But can you talk about the opportunity on gross margin just because the company is already running above the industry, it seems like on the gross margin line. So can you just kind of talk about entitlement there? What is the opportunity to kind of grow that into the coming years? Thank you.

謝謝。我想談談公司長期的利潤成長機會。我認為，當我們審視這個模型時，我們可以看到，與競爭對手相比，銷售、一般及行政費用佔銷售額的比例相當高。所以我認為那裡有這樣的機會是可以理解的。但是，鑑於該公司目前的毛利率已經高於行業平均水平，您能否談談毛利率的機會？所以你能談談「特權」這個概念嗎？未來幾年，有哪些機會可以推動其發展壯大？謝謝。

Yes, that's a topic we've discussed in the past. And yes, our gross margins are running a little higher than some of our direct peers. I see opportunities there. I think we've discussed with -- at least with some of you and some of your events, the opportunity, for example, in footprint consolidation in our manufacturing setup. And there's also an opportunity to continue to drive better productivity in our field on the service side of things.

是的，我們以前討論過這個話題。是的，我們的毛利率比一些直接競爭對手略高。我看到了那裡的機會。我認為我們已經和你們中的一些人，以及你們的一些活動討論過，例如，在我們的製造佈局中整合空間的機會。此外，我們還有機會在服務方面繼續提高我們領域的生產力。

You should think of the example that we've talked about in our -- the work we've done with the business system with our HVAC sellers, where we've been able to more than double the amount of time they spend with customers and selling. We have that kind of opportunity that we're already working on in a couple of our markets with our service team. So I still see a healthy runway to improve our gross margins. And then on SG&A, maybe on the A side of that, I mean, we are working away at just simply reducing our costs. We are a smaller company than we were when we owned retail.

你應該想想我們在之前討論過的例子——我們與暖通空調銷售人員合作，利用業務系統所做的工作，我們成功地讓他們與客戶互動和銷售的時間增加了一倍以上。我們已經在幾個市場與服務團隊一起著手開發這類機會。所以我認為我們的毛利率還有很大的提升空間。至於銷售、一般及行政費用，或許在A方面，我的意思是，我們正在努力降低成本。我們現在的公司規模比以前經營零售業務時小得多。

And there are -- there continues to be cost reduction opportunities on the administrative cost of the SG&A. On the S side and the R&D spend, within SG&A. On the S side, I'll refer to the example with the HVAC sellers. We think we can decouple the future growth from top line growth from the growth of the S cost by applying the business system and exactly the way we outlined it in the example that we gave. Basically help our sellers help them do their job, double the amount of time they can spend with customers.

而且，在銷售、一般及行政費用方面，仍有降低成本的機會。在銷售、管理及行政費用中，包括研發支出。在S方面，我將以暖通空調銷售商為例進行說明。我們認為，透過應用業務系統，並按照我們在範例中概述的方式，可以將未來的成長與收入成長和 S 成本的成長脫鉤。從根本上來說，就是幫助我們的賣家更好地完成工作，讓他們有雙倍的時間陪伴客戶。

And meanwhile, though, on the R&D cost, our ambition is to significantly, and we have already this year in our plan, and it's embedded in the guide, started to ramp up our spend in R&D, and that's going to continue to increase at a very healthy rate here going forward. And -- but we'll still be able to drive margin expansion because of the types of things that we're working on that I give you examples of here. So still unchanged view versus what we've talked about in the past. I see no reason for us not being able to achieve the segment EBIT margins that our best-performing peers have. And I think over time, we should be able to even go beyond that.

同時，在研發成本方面，我們的目標是大幅增加研發投入，而且我們已經在今年的計劃中，並將其納入了指導方針中，並且未來還將繼續以非常健康的速度增長。但是——由於我們正在努力的方向，我們仍然能夠推動利潤率擴張，我在這裡舉幾個例子。所以，我的觀點和我們過去討論的仍然沒有改變。我認為我們完全有能力達到業績最佳的同業所擁有的分部息稅前利潤率。而且我認為隨著時間的推移，我們甚至應該能夠超越這一點。

And obviously, they are not -- and sitting still, we recognize that, and they are extremely capable. So we know that's a moving target. But our opportunities are plenty here.

顯然，他們並非如此──我們靜觀其變，便能體認到這一點，而且他們能力非常強。所以我們知道這是一個不斷變化的目標。但我們在這裡有很多機會。

I really appreciate that. And then if I could maybe follow up on labor availability in the market and particularly how it impacts the service business. We're -- obviously, labor seems like it's still tight out there. When we see these orders and growth numbers, it feels like it will continue to get tight. Have you -- has there been any change from your perspective in the ability to kind of either recruit or retain service professionals?

我非常感謝。然後，我能否進一步了解市場上的勞動力供應情況，特別是它對服務業的影響。顯然，勞動市場依然很緊張。看到這些訂單和成長數據，感覺市場競爭會繼續加劇。從您的角度來看，在招募或留住服務專業人員方面，是否有任何變化？

And is this becoming a growing competitive advantage for a company like JCI who already has such a big technician based compared to some other smaller competitors or upstarts in the market?

對於像江森自控這樣擁有龐大技術人員隊伍的公司來說，與其他一些規模較小的競爭對手或新興公司相比，這是否會成為其日益增長的競爭優勢？

Sure. I think the availability of service labor has been a topic for the last 15 years. So it's hardly a new phenomenon. And that's why so many companies, including ours, have been working on for several years, but now we've accelerated on looking at how we can make our teams that we already have in the field, much more productive.

當然。我認為服務業勞動力供給問題在過去15年一直是人們關注的議題。所以這不算是什麼新現象。正因為如此，包括我們公司在內的許多公司多年來一直在努力，但現在我們加快了研究如何讓現有現場團隊的生產力大大提高。

And again, think the example of how we can double the amount of time and the salespeople spend with customers, we can do the same thing, and we're working on a similar thing with our service team. And that's process work, but it's also in a much better way, leveraging the connected installed base that we have and you reconfigure a little bit how work is done field versus the office. And so there's plenty of opportunity, lots to go out there. Now we do have -- like you pointed out, a significantly larger field force than many of our peers. And that is an advantage.

再想想我們如何將銷售人員與客戶相處的時間增加一倍的例子，我們也可以這樣做，我們正在對我們的服務團隊進行類似的研究。這是流程方面的工作，但也是以一種更好的方式進行的，利用我們已有的已安裝連接基礎，並稍微重新配置現場工作與辦公室工作的方式。所以機會很多，有很多事情可以做。正如你所指出的，我們現在的確擁有比許多同行規模大得多的野戰力量。這是一個優勢。

So we want to make sure that we make them more capable, more productive, but we're also wanting them to provide even more value to our customers. So over the next couple of quarters, we're working on a number of service products offerings that we don't have today that we'll be launching to the market. And you'll hear more about that in the future. So we're happy to have that advantage to be able to leverage, but we have to leverage it in a much better way of doing the kinds of things that I was talking about here.

所以我們希望確保他們能力更強、生產力更高，但我們也希望他們能為我們的客戶創造更大的價值。因此，在接下來的幾個季度裡，我們將致力於開發一些目前還沒有的服務產品，並將它們推向市場。以後你會聽到更多相關消息。所以我們很高興擁有這樣的優勢並加以利用，但我們必須以更好的方式利用它來做我剛才提到的那些事情。

Julian Mitchell, Barclays.

朱利安米切爾，巴克萊銀行。

Hi. Good morning. I just wanted to start off with Slide 9 and 10. Just to try and understand, I guess, the tie-in of the systems orders to the systems revenue? Because again, with that very high order growth and your lead times of -- you've made good progress bringing those down. I would have thought you'd get some translation of that into revenue this fiscal year. So is it the case that the customers are specifically placing orders that are very long dated. And I also wanted to understand what you used to call products. Is that still not in the order numbers on Slide 9? And anything to call out with what's happening with products?

你好。早安.我只想先從第 9 張和第 10 張投影片開始。我只是想了解系統訂單與系統收入之間的關係？因為再次強調，鑑於訂單成長如此之快，而交貨週期卻如此之長——你們在縮短交貨週期方面取得了顯著進展。我以為本財年你會將這些收益轉化為收入。所以，是不是顧客特意下了日期非常久遠的訂單？我還想了解你們過去是如何稱呼產品的。第 9 張投影片上的順序編號裡還沒有這個嗎？關於產品方面，有什麼需要特別指出的嗎？

Yes. Thanks, Julian. So yes, the backlog strength is very encouraging. But the mix of that backlog and the timing of the border portfolio dynamic, today only supports the mid-single-digit guide we're providing. I would say we started the year on the lower range of that mid-single-digit range.

是的。謝謝你，朱利安。所以，是的，積壓訂單量非常令人鼓舞。但鑑於目前的積壓情況以及邊境業務動態的時間安排，我們目前只能預測個位數中段的成長目標。我認為我們年初的降幅處於個位數中段的較低水準。

And I think we are going to print the second half on the higher half of that range, the better half of that range. And if you look at the content of that backlog, all of it could be shippable, right, in the next 12 months. But a lot of it depends on customer availability and customer ability to accept that orders. And the way the dynamic works with some of our larger relationship is it's an ongoing conversation with those customers. The quicker they can take it, the quicker we can turn revenue.

我認為我們將把後半部分印在這個範圍的較高半部分，也就是較好的半部分。如果你看一下待辦事項清單的內容，你會發現所有這些東西都可以在未來 12 個月內交付，對吧。但很大程度取決於客戶的空閒時間和接受訂單的能力。而我們與一些大型客戶之間動態關係的運作方式是，這是一種持續的對話。他們越快接受，我們就能越快獲得收益。

There's obviously at a certain level of growth, capacity constraint, but we don't believe we've reached that capacity constraint just yet. There's opportunity to improve there. But overall, we think that backlog continues to support a solid mid-single-digit revenue guide. What I would say is if you continue to unfold that backlog beyond the next 12 months, I think we'll be very comfortable to start talking about a slightly better growth than what we've seen maybe in the prior quarter.

顯然，成長到一定程度就會出現產能限制，但我們認為我們還沒有達到產能限制。那裡還有改進的空間。但整體而言，我們認為積壓訂單將繼續支撐公司實現穩健的中位數營收目標。我想說的是，如果未來 12 個月之後，積壓訂單能夠繼續解決，我認為我們可以很有把握地開始談論比上一季略好一些的增長。

Andrew Obin, Bank of America.

安德魯‧奧賓，美國銀行。

Just a question. I mean, clearly, improving throughput has been a key KPI for you. And I think I'm trying to figure out this order thing as well. Should we think that there is a relationship with freeing up more capacity and your ability to take more orders in the near term?

問個問題。我的意思是，很顯然，提高吞吐量一直是你們的關鍵績效指標。我覺得我也在努力弄清楚這個訂單的事情。我們是否應該認為，釋放更多產能與貴公司在短期內承接更多訂單的能力之間存在某種關聯？

Yes. Absolutely. And on the capacity, we made significant investments in physical plant and machinery before I joined the company. And so we more than tripled our physical capacity. And then with the lean work, the business system work, there's an opportunity to keep expanding that capacity materially, very materially without having to spend the same amount of capital, we may need a little bit of capital here and there, but nowhere close to what we spent in the past.

是的。絕對地。至於產能方面，在我加入公司之前，我們已經對廠房和設備進行了大量投資。因此，我們的體力容量增加了兩倍以上。然後，透過精實生產和業務系統改進，我們有機會在不花費相同金額的資本的情況下，實質地、非常實質地擴大產能。我們可能偶爾需要一些資本，但遠不及我們過去花費的那麼多。

When larger customers are negotiating or looking at placing larger orders for a number of data centers that they're planning over the next couple of years. One of the factors they do look at in vendors is their ability to deliver and it's the reliability, proof points and the ability to turn things around quickly. That doesn't mean that they need things in 6 weeks from now. They're simply very super realistic about their own ability to plan ahead and manage all the construction work and so on. So they know that the plans may change as the project progresses and then they need a partner who can react quickly and be flexible on the factory side.

當大客戶正在談判或考慮在未來幾年內為他們計劃建造的多個資料中心下更大的訂單時。他們考察供應商的因素之一是其交付能力，包括可靠性、證明點以及快速解決問題的能力。但這並不意味著他們需要在六週後購買這些東西。他們對自己事先規劃和管理所有施工工作等的能力有著非常務實的看法。因此他們知道，隨著專案的推進，計劃可能會發生變化，所以他們需要一個能夠在工廠方面快速反應並保持靈活的合作夥伴。

So that's kind of where both the capacity the lead times and the reliability of the on-time delivery come in. So yes, it's definitely part of a competitive advantage in this game that we're playing.

所以，產能、交貨週期和準時交貨的可靠性都與此有關。所以，是的，這絕對是我們在這場比賽中的競爭優勢之一。

And just a follow-up question on Slide 6. I mean, clearly, you're highlighting this product introduction. I think a lot of us were in Vegas and saw specifically YK-HT product, which I think is very important for you in leapfrogging the competition. Are you starting to -- are we seeing the impact of these product introductions on your orders this quarter? Or is this still under (inaudible)?

關於第 6 張投影片，我還有一個後續問題。我的意思是，很明顯，你是在重點介紹這款產品。我想我們很多人都去了拉斯維加斯，並且專門看到了 YK-HT 產品，我認為這對你們超越競爭對手來說非常重要。您是否開始—我們是否已經看到這些新產品推出對您本季訂單的影響？或者這仍然屬於…之下（聽不清楚）？

I think there's -- it's very minor in the orders that we've taken so far. So it's more about what's to come. And by the way, those launches, I did get a note from the team. So thanks for stopping by and spending time with our team there. All those new products, I mean, they are a result of the work that we do together with our customers.

我認為——在我們目前接到的訂單中，這種情況非常輕微。所以，更重要的是展望未來。順便說一句，關於那些產品發布，我確實收到了團隊的留言。感謝您抽出時間來和我們的團隊交流。我的意思是，所有這些新產品都是我們與客戶共同努力的成果。

I alluded to it earlier this morning. We have large engineering teams coming in from our customers and that sit with us for a week, 10 days, and so we're creating the new road map, product road maps, basically off of what they have learned by applying ours and other people's products. And so that's why we're so excited about the launches that we have because we know that these precise needs are there, and we will be able to see that in our order entry. I expect already here ramping in the quarter we're in already.

我今天早上早些時候已經提到過這件事。我們有來自客戶的大型工程團隊，他們會和我們一起工作一周到十天，然後我們根據他們應用我們和其他公司產品所學到的知識，制定新的產品路線圖。所以，我們對即將推出的產品感到非常興奮，因為我們知道這些確切的需求確實存在，而且我們可以在訂單輸入中看到這一點。我預計在本季內，產能就會開始提升。

Joe O'Dea, Wells Fargo.

喬‧奧迪亞，富國銀行。

Hi. Good morning. Just on the capacity expansion and the tripling of physical capacity. And is that specific to chillers or includes air handlers, just any specificity around it in kind of global versus Americas? And then really just in terms of the fixed cost impact that, that has today any quantification of a burden today and sort of how you see that improving over the next 12 months or so?

你好。早安.僅就產能擴張和物理產能增加兩倍而言。這是指冷水機組還是也包括空氣處理機組？在全球範圍內和美洲地區，這方面有什麼具體規定嗎？那麼，就固定成本的影響而言，目前是否有任何量化負擔的情況？您認為未來 12 個月左右情況會如何改善？

Good question. The answer is that we have had invested in capacity across the board, meaning chillers air handling units and because of the investments in the air handling units capacity, we also made room for the CDU business that we launched into here a couple of quarters ago. The fixed cost aspects of those investments have already been in our run rate for more than a year.

問得好。答案是，我們已經全面投資了產能，包括冷水機組和空氣處理機組。由於對空氣處理機組產能的投資，我們也為幾個季度前在這裡推出的常溫乾燥機組業務騰出了空間。這些投資的固定成本部分已經計入我們的營運成本一年多了。

And presumably, that's a tailwind kind of each quarter in terms of utilization.

據推測，這對每個季度的利用率來說都是一個利好因素。

It creates leverage opportunity as the volume comes in. Absolutely.

隨著交易量的增加，這將創造槓桿機會。絕對地。

Yes. And as we continue to work on the lean work to eke out more capacity without adding fixed cost.

是的。我們將繼續努力精益化生產，在不增加固定成本的情況下提高產能。

Andy Kaplowitz, Citigroup.

安迪‧卡普洛維茨，花旗集團。

Good morning, everyone. I think (inaudible) security markets, I think you said were up like low single digits in the quarter. But as you know, a lot of those businesses are short cycle. So are you seeing an improvement in sort of more of your short-cycle markets these days, given where the global economy is and specifically the US economy looking a little better?

各位早安。我認為（聽不清楚）證券市場，我想你說過本季漲幅只有個位數。但你也知道，很多這類企業都是短週期企業。鑑於全球經濟情勢，特別是美國經濟情勢略有好轉，您是否看到近期短週期市場有所改善？

I'd say there's no material change in the markets. I think the change that we are working on operationally is what you heard me talk about. I talked about the HVAC seller capacity time with customers and so on. That kind of work we've embarked on in the other parts of the company as well. And then for those -- the Fire & Security businesses, we're also looking over how are we -- where are we specifically pointing the effort at what parts of the market and trying to help that team just be more clear about our priorities and making sure that we're behaving in the way and pointing the effort at the most attractive parts of the market.

我認為市場沒有發生實質變化。我認為我們正在營運方面進行的變革，就是你剛才聽到的那些。我與客戶討論了暖通空調銷售人員的產能時間等等。公司其他部門也進行了類似的工作。然後，對於消防和安防業務，我們也在審視我們目前的情況——我們具體把精力集中在市場的哪些部分，並努力幫助團隊更清楚地了解我們的優先事項，確保我們的行為方式以及把精力集中在最具吸引力的市場部分。

So like I mentioned before, when I got the portfolio question, we're regardless of what the outcome is on the portfolio, we're making sure that we improve the execution, the operational performance of all parts of Johnson Controls.

正如我之前提到的，當被問及投資組合問題時，無論投資組合的結果如何，我們都會確保提高江森自控所有部門的執行力和營運績效。

I think that's helpful. And then maybe I just want to ask the sort of capacity question in a different way. Like obviously, you're getting larger orders now to become a bigger part of the portfolio. I assume they're competitive on pricing, but what's your ability to scale these projects themselves. I mean maybe you have 50 chillers or hundred chillers in each of these orders, can you get better margin on these individual projects going forward?

我覺得這很有幫助。然後，我或許想換個方式問一下容量方面的問題。很顯然，你現在接到的訂單量更大，在產品組合中所佔的份額也更大。我假設他們在定價方面有競爭力，但是你們自身擴展這些項目的能力如何？我的意思是，也許每個訂單裡有 50 台或 100 台冷水機，那麼今後這些單一項目的利潤率能否更高呢？

In terms of our ability to scale, there are no mix we have no major bottlenecks at this point in time, at least. And to some extent, larger orders have always been part of if we talk about data centers, but by the way, on the pharma side that I commented on in some of the prepared remarks here, too, some of those factory build-outs are also significant projects. So that's not a new phenomenon. And the capacity build that I talked about, it isn't just physical facilities. It's also the resources around that, project engineering teams, project management teams and capabilities like that.

就我們的規模化能力而言，目前沒有任何重大瓶頸，至少現在是這樣。在某種程度上，大型訂單一直是資料中心的一部分，但順便說一句，在我之前準備好的發言稿中提到的製藥方面，一些工廠建設也是重要的項目。所以這並不是什麼新現象。我剛才提到的能力建設，不只是指硬體設施。還有相關的資源，例如專案工程團隊、專案管理團隊以及類似的能力。

So we have made those investments as well and are working on improving our ability to get more out of those teams. And it's the same lean principles we're applying in those teams as we're planning in the factories. On the margins, I mean, these are of course, discussions where, obviously, their customers ask for multiple bids. But then also, there is an ongoing discussion, as you heard of based on their engineering teams, they sit with our engineering teams, and we try and come up with solutions that really offer real tangible value, cost less energy consumption, more cost savings and things like that. And as we do that work, we, of course, look at opportunities for us to also be very, very cost competitive.

因此，我們也進行了這些投資，並正在努力提高我們發揮這些團隊更多潛力的能力。我們在這些團隊中所應用的精實原則，與我們在工廠中進行的規劃原則相同。我的意思是，在邊緣地帶，當然是指那些客戶顯然會要求多個報價的討論。但同時，正如你所聽到的，他們的工程團隊和我們的工程團隊也在進行討論，我們努力提出真正能提供實際價值、降低能耗、節省成本等的解決方案。當然，在進行這項工作的同時，我們也會尋找機會，使我們在成本上極具競爭力。

So there's no particular margin headwind coming out as of -- if that's the question, we don't see that at this point in time.

所以，目前還沒有出現任何特別不利於利潤率的因素——如果這是個問題的話，我們目前還沒有看到這種情況。

Joe Ritchie, Goldman Sachs.

喬·里奇，高盛集團。

Thank you. Good morning. And thanks for putting me in. So look, you sounded obviously very happy about the record order quarter. It sounds like you're pretty sanguine on the pipeline as well. If you could maybe just characterize what the pipeline of orders looks like today versus maybe 3 to 6 months ago? And then also, as you kind of think about your data center customers, has there been any real discernible shift in like colos versus hyperscalers and where you're seeing demand growth today?

謝謝。早安.謝謝你讓我參加。所以你看，你顯然對創紀錄的訂單季度非常滿意。聽起來你對這條輸油管也相當樂觀。您能否簡要描述一下目前的訂單流程與 3 到 6 個月前相比有何不同？此外，當您考慮資料中心客戶時，您是否看到了託管資料中心與超大規模資料中心之間的明顯轉變，以及您目前看到的需求成長點在哪裡？

Pipeline continues to remain very healthy and healthier. We are also doing -- I should -- and it's not that things are just falling in our laps. We are working with our sales teams around the world. So in addition to the example I gave you about the double the amount of time that our HVAC sellers in 1 region are spending with customers. We are also in the process of rolling out a very practical, pragmatic pipeline management approach, which basically aims to help and teach our sales leaders and our sales -- individual sales contributors on how to more effectively plan and spend their time.

管道狀況持續保持良好，並且越來越好。我們也在做──我應該做──但事情不是天上掉餡餅。我們正在與世界各地的銷售團隊合作。所以，除了我剛才舉的例子之外，我們某個地區的暖通空調銷售人員花在客戶身上的時間大約是原來的兩倍。我們目前也正在推行一種非常實用、務實的銷售管道管理方法，其主要目的是幫助和指導我們的銷售主管和銷售人員——也就是每位銷售貢獻者——如何更有效地規劃和利用他們的時間。

And in my experience, having done that a number of times with what tends to happen is that you just get better pipeline growth. And over time, you are positioning yourself for even better order growth. So that's on the pipeline. So -- and of course, the result of, as I alluded to in my prepared comments here, being much, much more deliberate with our teams about which parts of the market we want to go after versus maybe not as important, that has an impact as well. So as you shift your effort more to parts of the market that have healthier growth rate -- growth rates, your mix of your pipeline and order entry, of course, changes as well.

根據我的經驗，這樣做很多次之後，通常的結果就是銷售管道的成長會更好。隨著時間的推移，您將為訂單成長取得更大的進步做好準備。所以這件事已經在計劃之中了。所以——當然，正如我在事先準備好的評論中提到的，我們團隊更加深思熟慮地決定要進軍哪些市場領域，而不是那些可能不太重要的領域，這也會產生影響。因此，隨著您將更多精力轉移到成長率更高的市場領域，您的銷售管道和訂單輸入組合當然也會改變。

And then colo versus hyper.

然後是 colo 與 hyper 的比較。

Yes. I mean there are incremental changes and how certain hyperscalers or colos approach how they do business and how they buy and who they partner with and so on. But there -- look, there are no real material changes in how the big players are behaving. I think as a result of our growth in the future, it started to, but more in the future will come from also from Asia Pac and Europe.

是的。我的意思是，這其中存在著漸進式的變化，某些超大規模資料中心或託管服務提供者在開展業務、採購、合作夥伴等方面的方式都在發生變化。但是，你看，大玩家的行為方式並沒有真正的實質變化。我認為隨著我們未來的發展，這種情況已經開始出現，但未來更多的成長將來自亞太地區和歐洲。

And the mix there of hyperscalers versus, let's call them local players, colo is a little different than in the United States, not materially different. So I think, if anything, our data center business is going to broaden. And I think that's a good thing.

那裡的超大規模資料中心營運商與本地資料中心營運商（我們姑且稱之為託管資料中心營運商）的組合與美國略有不同，但本質上並無不同。所以我認為，如果說有什麼變化的話，那就是我們的資料中心業務將會擴大。我認為這是一件好事。

Thank you. This concludes our Q&A session. I will hand the call back over 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, and thank you for all your questions today, and thank you for those of you who visited our booth at [AHR]. You certainly kept our team on their toes there. So great to have you and host you there. This quarter's results reflect the momentum that's building across Johnson Controls. As our teams operate with greater clarity, discipline and consistency.

謝謝大家，謝謝你們今天提出的所有問題，也謝謝各位蒞臨我們的攤位。[AHR]。你真是讓我們團隊時時保持警覺。非常高興您能來，也很高興能接待您。本季的業績反映了江森自控正在不斷增強的發展勢頭。我們的團隊以更清晰、更嚴謹、更一致的方式運作。

And we're seeing those improvements show up in how we serve customers and in the strength of our results, as you can see. I want to thank our 90,000 colleagues for their commitment and energy. Your focus and ownership are what gives me such confidence in our opportunities ahead. I look forward to continuing my conversations with all of our stakeholders. Thank you for joining us today.

正如你所看到的，這些改進體現在我們如何服務客戶以及我們所取得的表現。我要感謝我們9萬位同事的奉獻與熱情。你的專注和責任感讓我對我們未來的機會充滿信心。我期待繼續與所有利害關係人進行對話。感謝您今天蒞臨。

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

今天的電話會議到此結束。感謝各位的參與，現在可以斷開連結了。