Lennox International Inc (LII) 2025 Q1 法說會逐字稿

Welcome to the Lennox first quarter earnings conference call. (Operator Instructions) As a reminder, this call is being recorded. I would now like to turn the call over to Chelsey Pulcheon from Lennox Investor Relations. Chelsey, please go ahead.

歡迎參加 Lennox 第一季財報電話會議。（操作員指示）提醒一下，此通話正在被錄音。現在我想將電話轉給 Lennox 投資者關係部門的 Chelsey Pulcheon。切爾西，請繼續。

Thank you, Margot. Good morning, everyone. Thank you for joining us as we share our 2025 first quarter results. Joining me today is CEO, Alok Maskara; and CFO, Michael Quenzer. Each will share their prepared remarks before we move to the Q&A session.

謝謝你，瑪戈特。大家早安。感謝您與我們分享 2025 年第一季的業績。今天加入我的是執行長 Alok Maskara；和財務長 Michael Quenzer。在進入問答環節之前，每個人都會分享他們準備好的發言。

Turning to slide 2, a reminder that during today's call, we will be making certain forward-looking statements which are subject to numerous risks and uncertainties as outlined on this page. We may also refer to certain non-GAAP financial measures that management considers relevant indicators of underlying business performance. Please refer to our SEC filings available on our Investor Relations website for additional details, including a reconciliation of GAAP to non-GAAP measures.

翻到投影片 2，提醒一下，在今天的電話會議中，我們將做出某些前瞻性陳述，這些陳述會受到本頁概述的眾多風險和不確定性的影響。我們也可能參考管理階層認為與基礎業務績效相關的某些非 GAAP 財務指標。請參閱我們投資者關係網站上提供的 SEC 文件以獲取更多詳細信息，包括 GAAP 與非 GAAP 指標的對帳。

The earnings release, today's presentation and the webcast archive link for today's call are available on our Investor Relations website at investors.lennox.com. Now please turn to slide 3 as I turn the call over to our CEO, Alok Maskara.

收益報告、今天的簡報和今天電話會議的網路廣播存檔連結可在我們的投資者關係網站 investors.lennox.com 上找到。現在請翻到投影片 3，我將把電話轉給我們的執行長 Alok Maskara。

Thank you, Chelsey. Good morning, everyone. Before we get into the details of our quarterly performance, I want to start by recognizing the incredible effort and adaptability of our team and the loyalty of our customers.

謝謝你，切爾西。大家早安。在我們詳細介紹季度業績之前，我想先表彰我們團隊的非凡努力和適應能力以及客戶的忠誠度。

The current trade environment has introduced several new uncertainties, and I'm proud of how our organization continues to respond with focus, agility and a commitment to improve our customers' experience. The ability to navigate these changes while staying grounded in our core values is what enables us to deliver differentiated growth in even the most complex environments.

當前的貿易環境帶來了一些新的不確定性，我為我們的組織能夠繼續以專注、敏捷和致力於改善客戶體驗做出回應而感到自豪。能夠在堅守核心價值的同時應對這些變化，使我們能夠在最複雜的環境中實現差異化成長。

Let us turn to slide 3 for an overview of our first quarter financials. Revenue this quarter grew 2%. Our segment margin was 14.5%, a decrease of 140 basis points. Operating cash usage was $36 million, which is typical, given the seasonality of our business. Adjusted earnings per share in this quarter were $3.37.

讓我們翻到投影片 3 來概覽一下我們第一季的財務狀況。本季營收成長2%。我們的分部利潤率為14.5%，下降了140個基點。營運現金使用量為 3,600 萬美元，考慮到我們業務的季節性，這是典型的情況。本季調整後每股收益為 3.37 美元。

We are seeing steady transitions towards new low GWP product across both Home Comfort and Building Climate segments. Current order rates in both the segments remain healthy as replacement demand continues to provide a solid foundation.

我們看到，家居舒適度和建築氣候領域正在穩步向新的低 GWP 產品轉型。由於替代需求繼續提供堅實的基礎，這兩個領域的當前訂單率仍然保持健康。

In HCS, we did not experience much destocking in Q1, but continue to expect some destocking in the second quarter. In BCS, we had a slow start to the year, given the expected destocking and the timing of low GWP transitions. BCS margins were impacted due to short-term inefficiencies related to the manufacturing transition and new factory start-up.

在HCS中，我們在第一季沒有經歷太多的去庫存化，但預計第二季仍將出現一些去庫存化。在 BCS，考慮到預期的去庫存和低 GWP 轉換的時間，我們今年的開局比較緩慢。由於製造轉型和新工廠啟動相關的短期效率低下，BCS 利潤率受到影響。

We now estimate that our full year adjusted earnings per share will be within the narrowed range of $22.25 to $23.50. This updated guidance includes all known and anticipated impacts of tariffs, including incremental price actions, inflation and potential volume softness.

我們現在估計，全年調整後每股收益將在 22.25 美元至 23.50 美元的範圍內。更新後的指南涵蓋了關稅的所有已知和預期影響，包括增量價格行動、通貨膨脹和潛在的交易量疲軟。

Now please turn to slide 4 to review the tariff landscape and how it is influencing economic outlook in each of our segments. As we navigate the current global trade landscape, I want to highlight why we feel that Lennox is competitively positioned to deliver differentiated growth even during this period. Approximately 90% of our cost structure is in North America, which includes the USMCA compliance spend in Mexico.

現在請翻到投影片 4，回顧一下關稅狀況以及它如何影響我們每個領域的經濟前景。當我們審視當前的全球貿易格局時，我想強調為什麼我們認為 Lennox 即使在這段時期也具有競爭優勢，能夠實現差異化成長。我們約 90% 的成本結構在北美，其中包括在墨西哥的 USMCA 合規支出。

This spend is not directly impacted by tariffs, but faces indirect tariff impacts, including price of commodities such as steel and aluminum. Approximately 10% of our spend faces direct impact of tariffs, and about half of that spend is from China.

這項支出不會直接受到關稅的影響，但會面臨間接關稅的影響，包括鋼鐵和鋁等商品的價格。我們的支出約有 10% 面臨關稅的直接影響，其中約一半來自中國。

Our exposure to China manufactured products has been declining over the past few years, and the JV with Samsung is another big step towards reducing our exposure to tariffs on imports from China. We are actively pursuing longer-term tariff mitigation strategies, including production shifts to better serve our US and Canadian customers. We are also working closely with our supply partners on tariff sharing models and leveraging more US-based components to enhance flexibility within our North America network.

過去幾年來，我們對中國製造產品的依賴一直在下降，與三星的合資企業是我們朝著減少中國進口產品關稅風險邁出的又一大步。我們正在積極推行長期關稅減免策略，包括生產轉移，以便更好地服務我們的美國和加拿大客戶。我們也與供應合作夥伴就關稅分攤模式進行密切合作，並利用更多美國組件來增強我們北美網路的靈活性。

Anything we cannot mitigate through these measures is being offset by pricing adjustments or surcharges. Majority of our manufacturing and distribution is in the United States, giving us the resilience and flexibility to win during these tariff and regulatory changes. We continue to invest in our supply chain with increased manufacturing capacity and by dual sourcing key components. The competitiveness of our supply chain is significantly stronger than it was during prior disruptions, including severe weather events and the pandemic.

透過這些措施無法緩解的任何問題都將透過價格調整或附加費來抵消。我們的大部分製造和分銷業務都在美國，這讓我們具備了在關稅和監管變化中獲勝的韌性和靈活性。我們繼續投資我們的供應鏈，提高製造能力並透過雙重採購關鍵零件。我們的供應鏈的競爭力比以往的中斷（包括惡劣天氣事件和疫情）期間明顯增強。

Through all of these, our focus remains on being a reliable and a transparent partner to our customers. As the trade landscape continues to evolve, we are confident in our ability to adapt while continuing to drive long-term value for all our stakeholders. In addition to the evolving tariff landscape, we are also closely monitoring key macroeconomic factors affecting both our Home Comfort and Building Climate Solutions segment.

透過所有這些，我們的重點仍然是成為客戶可靠且透明的合作夥伴。隨著貿易格局的不斷發展，我們有信心我們有能力適應並繼續為所有利害關係人創造長期價值。除了不斷變化的關稅狀況​​外，我們還密切關注影響家居舒適度和建築氣候解決方案部門的關鍵宏觀經濟因素。

In HCS, consumer confidence and mortgage interest rates continue to influence homeowner decisions, particularly around new home construction and large renovation projects. Our replacement demand has remained relatively stable. And to date, we have not observed any adverse trends in the repair versus replace trade-off.

在 HCS，消費者信心和抵押貸款利率繼續影響房主的決策，尤其是在新房屋建設和大型改造項目方面。我們的替換需求保持相對穩定。到目前為止，我們還沒有觀察到修復與更換之間的任何不利趨勢。

In our BCS segment, monthly order rates improved sequentially as destocking ended during the quarter. Our full life cycle value proposition for key account continues to gain traction, resulting in incremental share gains. We are driving positive momentum due to increased availability of our emergency replacement products.

在我們的 BCS 部門，隨著本季去庫存的結束，每月訂單率連續提高。我們針對大客戶的全生命週期價值主張持續獲得關注，進而帶來增量份額的成長。由於我們的緊急替代產品供應增加，我們正在推動積極的勢頭。

But at the same time, we are mindful of potential delays and project slowdown related to both tariff impacts and the transition to new low GWP products. I will now hand it over to Michael to walk you through our financial results and full year guidance.

但同時，我們也注意到與關稅影響和向新的低 GWP 產品過渡相關的潛在延誤和專案放緩。現在我將把目光轉向邁克爾，讓他向您介紹我們的財務表現和全年指引。

Thank you, Alok. Good morning, everyone. Please turn to slide 5. In the first quarter, we experienced complexities driven by the regulatory transition and rapidly changing tariff implications. Despite these challenges, we had solid execution and achieved a 2% revenue growth driven by favorable mix initiatives from our new R-454B products.

謝謝你，阿洛克。大家早安。請翻到投影片 5。第一季度，我們經歷了監管轉型和快速變化的關稅影響所帶來的複雜情況。儘管面臨這些挑戰，我們仍然執行力穩健，並實現了 2% 的收入成長，這得益於我們新的 R-454B 產品的有利組合舉措。

These initiatives are progressing as expected and are poised to deliver more growth in the coming quarters. Segment profit was $11 million lower than the prior year, primarily due to the timing of LIFO accounting for tariff-related costs, which were recognized ahead of benefits from pricing actions.

這些舉措正在按預期進展，並有望在未來幾季帶來更多成長。分部利潤比上年減少 1,100 萬美元，主要原因是採用後進先出法核算關稅相關成本，這些成本在定價行動收益之前確認。

Additionally, BCS faced cost headwinds due to expected inefficiencies from the new factory ramp-up and regulatory transition, coupled with increased investments to support our emergency replacement growth initiative.

此外，由於新工廠擴建和監管轉型帶來的預期效率低下，以及為支持我們的緊急替代成長計畫而增加的投資，BCS 面臨成本阻力。

Let's now turn to slide 6 to review the Home Comfort Solutions segment performance. Home Comfort Solutions delivered another solid quarter, successfully managing challenging end markets as the industry transitions to the new low GWP equipment.

現在讓我們翻到投影片 6 來回顧居家舒適解決方案部門的表現。家居舒適解決方案部門又一個季度表現穩健，在業界向新型低 GWP 設備過渡的過程中成功應對了充滿挑戰的終端市場。

This transition is progressing as expected, and our R-410A inventory levels are nearly depleted. Sales increased by 7%, driven by positive mix as approximately 50% of our equipment sales in the quarter were the new R-454B product. Price yields for this product were in line with our 10% expectation.

這一轉變正在按預期進行，我們的 R-410A 庫存水準已接近耗盡。銷售額成長了 7%，這得益於積極的產品組合，因為本季我們設備銷售額的約 50% 是新的 R-454B 產品。該產品的價格收益率符合我們 10% 的預期。

Sales volumes were flat to prior year, as the destocking headwinds from the fourth quarter of 2024 prebuy were offset by stocking of the new R-454B products. Operating margins declined due to tariff and commodity-related cost inflation, as well as investments in distribution designed to enhance product availability.

銷售量與上年持平，因為 2024 年第四季預購帶來的去庫存阻力被新的 R-454B 產品的庫存所抵消。由於關稅和商品相關成本上漲，以及為提高產品可用性而進行的分銷投資，營業利潤率下降。

Moving on to slide 7. The Building Climate Solutions segment experienced a 6% decline in revenue, with sales volumes down 9% due to expected destocking and delays in customer orders caused by the transition to the new R-454B product. Our emergency replacement initiative is showing steady progress, driving growth in this specific revenue segment.

移至幻燈片 7。建築氣候解決方案部門的收入下降了 6%，由於預期的去庫存和向新的 R-454B 產品過渡導致的客戶訂單延遲，銷售量下降了 9%。我們的緊急更換計劃正在穩步進展，推動這一特定收入領域的成長。

Additionally, our emergency replacement inventory is well positioned for the upcoming summer season. Although we encountered some customer order delays with the new R-454B product, the mix yield achieved on this new product met our expectations.

此外，我們的緊急替換庫存已為即將到來的夏季做好了準備。儘管我們在新的 R-454B 產品上遇到了一些客戶訂單延遲，但這款新產品的混合產量達到了我們的預期。

Segment profit decreased by $25 million due to tariff-related cost headwinds, anticipated factory inefficiencies and increased SG&A investments to support our emergency replacement growth initiative.

由於關稅相關的成本阻力、預期的工廠效率低下以及為支持我們的緊急替代增長計劃而增加的銷售、一般及行政費用 (SG&A) 投資，部門利潤減少了 2500 萬美元。

Turning to slide 8. Let's review cash flow and capital deployment. In the first quarter, operating cash outflow was $36 million compared to $23 million in the prior year. This increase was primarily due to inventory investments aimed at enhancing customer experience through better fulfillment rates.

翻到幻燈片 8。讓我們回顧一下現金流和資本配置。第一季度，經營現金流出為 3,600 萬美元，去年同期為 2,300 萬美元。這一成長主要歸功於旨在透過提高履行率來提升客戶體驗的庫存投資。

After several years of significant capital expenditures to expand factory capacity, capital expenditures have now moderated in line with depreciation. We continue to prioritize our capital expenditure investments in front-end digital systems and initiatives to improve the efficiency of our distribution network.

經過數年為擴大工廠產能而投入的大量資本支出之後，資本支出現已隨著折舊而放緩。我們繼續優先考慮對前端數位系統和計劃的資本支出投資，以提高我們的分銷網絡的效率。

We maintained a strong balance sheet, with net debt to adjusted EBITDA at 0.8x, an improvement from 1.4 times in the prior year quarter. Amid ongoing global macroeconomic uncertainties, we remain committed to preserving a disciplined leverage profile while supporting strategic bolt-on M&A opportunities and efficiently returning excess capital through share repurchase programs.

我們維持了強勁的資產負債表，淨債務與調整後 EBITDA 比率為 0.8 倍，高於去年同期的 1.4 倍。在全球宏觀經濟持續不確定的背景下，我們仍致力於維持嚴格的槓桿率，同時支持策略性附加併購機會，並透過股票回購計畫有效地返還過剩資本。

If you will now turn to slide 9, I will review our 2025 full year guidance. Based on the first quarter results and the latest end market outlook, we are confirming our revenue growth of 2% and raising the lower end of our adjusted EPS guidance to $22.25 from $22. Consequently, our adjusted EPS guidance range is now $22.25 to $23.50.

如果您現在翻到投影片 9，我將回顧我們 2025 年全年的指導。根據第一季業績和最新的終端市場展望，我們確認營收成長 2%，並將調整後每股盈餘預期下限從 22 美元上調至 22.25 美元。因此，我們調整後的每股盈餘預期範圍現為 22.25 美元至 23.50 美元。

Since our last guidance, we have three key assumption changes. First, due to the tariff-related costs, we now expect our total cost inflation to be 9% compared to our previous guidance of 3%. This includes estimates for both direct tariffs and the secondary effects of tariffs on our suppliers.

自上次提供指導以來，我們有三個關鍵假設改變。首先，由於與關稅相關的成本，我們現在預期總成本通膨率為 9%，而先前的預期為 3%。這包括直接關稅和關稅對我們的供應商的次要影響的估計。

Second, to mitigate tariffs, we have implemented two new price increases effective early in the second quarter, which will boost our price gains to 7%, up from the previous guidance of 1%. Finally, due to the possible macroeconomic weakness and BCS order delays in the first quarter, we now anticipate sales volumes, excluding the impact of the 2024 prebuy destocking, to decrease by 4% compared to the previous guidance of a 2% increase.

其次，為了降低關稅，我們在第二季初實施了兩次新的價格上調，這將使我們的價格漲幅從先前的 1% 預期提高到 7%。最後，由於第一季宏觀經濟可能疲軟以及 BCS 訂單延遲，我們現在預計，不包括 2024 年預購去庫存的影響，銷售量將下降 4%，而先前預測的成長率為 2%。

With that, please turn to slide 10, and I'll turn it back over to Alok.

說完這些，請翻到第 10 張投影片，然後我會交還給 Alok。

Thanks, Michael. Nice job. To close, I would like to highlight why Lennox remains a compelling opportunity for all our stakeholders, even amid today's uncertainties. The attractive growth of our industry, supported by steady replacement demand, provides a strong foundation for our growth initiatives. These initiatives drive growth through enhanced customer digital experiences, expansion in the ductless market via our Samsung joint venture, new capacity for commercial replacement products and the continued growth of our parts and services portfolio.

謝謝，麥可。幹得好。最後，我想強調為什麼即使在當今充滿不確定性的情況下，Lennox 仍然是我們所有利害關係人的一個極具吸引力的機會。在穩定的替代需求的支持下，我們行業的成長勢頭強勁，為我們的成長計劃奠定了堅實的基礎。這些舉措透過增強客戶數位體驗、透過我們的三星合資企業擴大無管市場、增加商業替代產品產能以及持續成長我們的零件和服務組合來推動成長。

We continue to expand our resilient profit margins to fully capture the benefit of being a manufacturer and a distributor through pricing, productivity and mix optimization. Our recent investment in upgrading our distribution network will further increase customer satisfaction while expanding our profit margins.

我們繼續擴大我們的彈性利潤率，以透過定價、生產力和組合優化充分利用作為製造商和分銷商的優勢。我們最近對升級分銷網絡的投資將進一步提高客戶滿意度，同時擴大我們的利潤率。

Our commitment to consistent execution has been evident in how we have managed recent regulatory transitions while gaining share and expanding margins. Over the past few years, we have also delivered higher fill rates and Net Promoter Score, strengthened by customer experience and reduced customer churn.

我們對持續執行的承諾體現在我們如何應對最近的監管轉變，同時獲得市場份額和擴大利潤率。在過去幾年中，我們也實現了更高的填充率和淨推薦值，這得益於客戶體驗的提升和客戶流失的減少。

These wins are supported by the continued rollout of our Lennox Unified Management System, which provides a structured operating framework that drives accountability, process excellence and continuous improvement across the entire organization.

這些勝利得益於我們持續推廣的 Lennox 統一管理系統，該系統提供了一個結構化的操作框架，推動整個組織的責任制、流程卓越和持續改進。

We are making meaningful strides in advanced digital technology to upgrade both our product offerings and how customers interact with us. Upgrades to our e-commerce platform have simplified the customer journey, increased loyalty, and AI capabilities have improved attachment rates.

我們在先進的數位技術方面取得了有意義的進步，以升級我們的產品供應以及客戶與我們互動的方式。我們電子商務平台的升級簡化了客戶旅程，提高了忠誠度，人工智慧功能提高了依戀率。

We are also strengthening our competitive differentiation by leveraging our proprietary data assets. These proprietary data assets are best-in-class within the HVAC industry, given that we have been both a manufacturer and distributor for over 130 years.

我們也利用我們的專有數據資產來增強我們的競爭差異化。鑑於我們作為製造商和分銷商已有 130 多年的歷史，這些專有數據資產是 HVAC 行業中最好的。

At the same time, we are broadening our ducted and ductless heat pump lineup to meet rising demand and are continuing to embed intelligent diagnostics and controls into our systems, helping our customers operate more efficiently and with greater confidence. Underpinning all of these investments is our talent and culture. Our high-performing team is grounded in our core values and guiding behaviors.

同時，我們正在擴大管道式和無管道熱泵產品線，以滿足不斷增長的需求，並繼續將智慧診斷和控制嵌入到我們的系統中，幫助我們的客戶更有效率、更有信心地運作。所有這些投資的基礎是我們的人才和文化。我們的高績效團隊以我們的核心價值和指導行為為基礎。

Our pay-for-performance structure reinforces alignment, empowering our teams to focus on the levers that drive profitable growth. As I look forward, I remain confident that our best days are ahead. Thank you.

我們的績效工資結構加強了協調性，使我們的團隊能夠專注於推動獲利成長的槓桿。展望未來，我堅信我們最好的日子就在前方。謝謝。

We will be happy to take your questions now. Margot, let's go to Q&A.

我們現在很樂意回答您的問題。瑪戈特，我們進入問答環節。

(Operator Instructions)

（操作員指示）

Ryan Merkel from William Blair.

威廉布萊爾的瑞安默克爾。

Hey, good job with the script, given all the moving pieces. I wanted to start with the commercial.

嘿，考慮到所有動人的部分，劇本做得很好。我想從商業廣告開始。

Thanks, Ryan.

謝謝，瑞安。

Yeah, of course. I wanted to start with the commercial, which was the surprise for the quarter. Just talk about the order delays that you saw. Why was that? And then more importantly, are we past that issue?

是的，當然。我想從廣告開始，這是本季的驚喜。只談論您所看到的訂單延遲。為什麼呢？更重要的是，我們是否已經解決了這個問題？

It sounds like orders have improved. Is that the right read?

聽起來訂單有所改善。這樣讀對了嗎？

Yeah, I think, Ryan, that's the right read. We had a very slow start, and we talked about destocking in commercial, but it happened sooner than we had anticipated. And essentially for the first few weeks of the quarter, everybody was waiting for the new products to get established, get their tools upgraded and people were just finishing up the jobs with 410A.

是的，我認為，瑞安，這是正確的解讀。我們起步很慢，我們討論過商業去庫存，但它發生得比我們預期的要快。基本上在本季的前幾週，每個人都在等待新產品的成熟、工具的升級，人們只是用 410A 完成工作。

But order rates improved sequentially. Our productivity also took a hit as changing these lines from 410 to 454B while moving some lines from Stuttgart to Saltillo, all of that, we were able to do because of the slowdown or pause in some of the sales. But yes, it's largely behind us.

但訂單率卻連續提高。由於將這些生產線從 410 改為 454B，同時將一些生產線從斯圖加特遷移到薩爾蒂約，我們的生產力也受到了影響，所有這些我們之所以能夠做到，都是因為部分銷售放緩或暫停。但確實，這一切已經基本過去了。

I would expect some inefficiencies to continue in Q2, but then we start lapping the start-up costs that we were having last year. So I would think of it as more of a onetime event with some inefficiencies carrying into Q2.

我預計第二季仍將存在一些效率低下的情況，但隨後我們將開始承擔去年的啟動成本。因此，我認為這更像是一次性事件，一些低效率現象將延續到第二季​​。

Got it. Okay. Helpful. And then my second question is just on the outlook. And I realize there's a lot of uncertainty, but can you talk about the decision to lower the resi volume to now, down mid-single digits versus flat prior?

知道了。好的。很有幫助。我的第二個問題是關於前景的。我意識到存在許多不確定性，但您能否談談將住宅交易量降低到現在這個水平（下降到中等個位數而不是之前持平）的決定？

And then commercial, same thing, down low single digits versus up mid-single digit prior. Just curious, what the drivers are? And are you seeing any of that slowdown in April? Or are you just trying to get ahead of expected slowdown?

然後是商業，同樣的事情，下降低個位數，而之前則上升中個位數。只是好奇，驅動程式是什麼？您在四月看到這種放緩的跡象了嗎？還是您只是想趕在預期的經濟放緩之前？

We are trying to get ahead of the expected slowdown, if there is any. We have not seen any slowdown. In fact, Michael and I were checking our orders and everything right before the call. No, I mean, we have not seen any slowdown. We just read the same news you guys read.

如果出現預期的經濟放緩，我們正在努力趕上。我們尚未看到任何放緩。事實上，邁克爾和我在通話之前就檢查了我們的訂單和所有東西。不，我的意思是，我們沒有看到任何放緩。我們只是讀了和你們一樣的新聞。

And if tariffs slow down the US economy with inflation, we are just prepared for that.

如果關稅導緻美國經濟因通貨膨脹而放緩，我們已經準備好了。

I mean, it's highly uncertain, as you said. I think the core assumption which we stand behind is that if inflation and pricing causes any macro slowdown, like you know our results are still going to be managed as we offset tariffs with pricing and volume declines will again get offset because we have additional pricing that will take effect. But our visibility is no more than anybody else's. And just to go back, we have not seen any slowdown in either of the segments right now.

我的意思是，正如你所說，這非常不確定。我認為，我們所堅持的核心假設是，如果通貨膨脹和定價導致宏觀經濟放緩，那麼我們的業績仍然會得到管理，因為我們用定價來抵消關稅，而銷量下降將再次得到抵消，因為我們有額外的定價將生效。但我們的知名度並不比其他人高。回顧一下，我們目前還沒有看到任何一個部分有任何放緩。

Got it. Thanks you.

知道了。感謝您。

Tommy Moll from Stephens.

來自史蒂芬斯的湯米·莫爾。

Good morning and thank you for taking my questions. Morning, Tommy. A couple of follow-ups for me on some of the same themes. First, on pricing, Alok. Or perhaps it was Michael in the prepared remarks, mentioned there were two increases effective early in the second quarter. What additional detail can you give us there? And did I correctly hear you say, Alok, one is more meant to offset tariffs?

早上好，感謝您回答我的問題。早安，湯米。我對一些相同主題進行了後續跟進。首先，關於定價，Alok。或者也許是麥可在準備好的發言中提到，第二季初有兩次升息。您能提供我們哪些額外的細節？我是否正確理解了您說的話，Alok，其中一個是為了抵消關稅？

And one is more meant to offset volume declines? Or maybe I misunderstood there?

其中一項是否能抵銷銷售下降的影響？或者也許是我誤解了？

Yeah, let me just clarify. So let me just clarify. So yes, we have done two price increase. I think the first one which is already in effect was done to offset changes in pricing for aluminum copper. And I would call it that was to offset indirect impact of tariffs because tariffs was still a moving bogey at that stage.

是的，讓我澄清一下。所以讓我澄清一下。是的，我們已經兩次提價。我認為第一個已經生效的措施是為了抵銷鋁銅價格的變動。我認為這是為了抵消關稅的間接影響，因為關稅在那個階段仍然是一個移動的怪物。

So that's in effect, and we have seen a good stick rate I think of mid-single digits across both the segments.

所以這是有效的，而且我們已經看到了良好的黏滯率，我認為這兩個部分的黏滯率都在個位數的中間水平。

Second one which we announced last week is to offset the direct impact of tariffs, and that's another mid-single-digit price increase. Change is a little bit based on the product types, but again, mid-single-digit overall impact.

我們上周宣布的第二項措施是為了抵消關稅的直接影響，這是另一個中等個位數的價格上漲。根據產品類型，變化有點大，但整體影響仍為中等個位數。

None of them, of course, is for volume softness because our customers are -- continue to buy, and we have to look at this purely to offset the cost impact of that. So, two price increase, both mid-single digits, and so far, pleased with the stick rate. And it's consistent with what we have seen other industries, and the competition do as well.

當然，這些都不是由於銷售疲軟造成的，因為我們的客戶仍在繼續購買，我們必須純粹地考慮這一點，以抵消由此產生的成本影響。因此，兩次價格上漲，均為個位數中段，到目前為止，對維持率感到滿意。這與我們看到的其他行業以及競爭對手的情況一致。

So, from our perspective, this is all about just staying neutral and maintaining our margin profile.

因此，從我們的角度來看，這一切都只是為了保持中立並維持我們的利潤率狀況。

Thank you, Luke. And then on the new volume assumptions for Home Comfort Solutions for the year, moving from flat previously to down mid-single. What can you tell us in terms of sell-in versus sell-through? Are you assuming balance there, new home versus replace market share assumptions? Any other key inputs into that new outlook would be appreciated. Thank you.

謝謝你，盧克。然後，根據今年家庭舒適解決方案的新銷售假設，從先前的持平變為下降中期。關於銷售量和銷售通過量，您能告訴我們什麼？您是否假設新房屋與替代房屋的市場佔有率假設處於平衡狀態？任何有關這一新觀點的其它重要意見都將受到歡迎。謝謝。

Sure. Let's start with the new home construction there, Tommy. We are assuming new home construction is going to be worse compared to what we had predicted when we gave the guidance earlier this year. So I think that's something. And we can see that from the start, some other pieces.

當然。湯米，讓我們從那裡的新房建設開始。我們預計新房建設情況將比我們今年早些時候給出指導時預測的情況更糟。所以我認為這是件好事。我們可以從一開始就看到一些其他的部分。

So think of that as a little bit more data-driven versus like driven by future news and future expectations. We maintain the fact that there's going to be some destocking in Q2. So yes, we do expect the target between sell-in and sell-through.

因此，可以將其視為更多的由數據驅動，而不是由未來新聞和未來預期驅動。我們堅持第二季將會出現一些去庫存現象。所以是的，我們確實期望銷售量和銷售率之間的目標。

And we think that's going to largely happen in Q2 as 410 inventory depletes. Beyond that, there's just conservatism built into it based on everything that we are seeing, whether it's about reduction in forecasted growth rate.

我們認為，隨著 410 庫存的耗盡，這種情況將主要在第二季發生。除此之外，根據我們所看到的一切，無論預測成長率是否降低，都體現了保守主義。

But there are just so many swings, Tommy. If we want to go be wrong, we want to be wrong on the conservative side, especially given some of our pricing actions.

但是波動實在太多了，湯米。如果我們想犯錯，我們希望犯下保守的錯誤，特別是考慮到我們的一些定價行動。

Thank you, Luke. I'll turn it back.

謝謝你，盧克。我會把它轉回去。

Jeff Hammond from KeyBanc Capital Markets.

KeyBanc Capital Markets 的 Jeff Hammond。

Hey good morning guys. Hey, Okay. So I guess on the destock being more 2Q than 1Q, just any reason why that is? And I think you had said early on, the prebuy was pretty substantial and maybe you backed off of that and it was more share. And I didn't know if any of that change is reflected in the outlook?

嘿，大家早安。嘿，好的。因此，我猜測第二季的去庫存量比第一季更大，這其中有什麼原因嗎？我認為您早些時候就說過，預購金額相當可觀，也許您放棄了預購，從而獲得了更多的份額。我不知道這些變化是否反映在前景中？

Yeah, I think us, especially, we had a lot of 410A inventory remaining. So Q1, a lot of the sales were 410A. That's the reason we didn't see a significant impact of prebuy. Our view -- we haven't changed the numbers because remember, we talked about $125 million or so of prebuy. We talked about $25 million or so was probably commercial, $100 million or so residential, all with lots of -- like ranges an approximation and our bars.

是的，我認為我們還有很多 410A 庫存。因此，第一季的銷售量很多都是 410A。這就是我們沒有看到預購產生顯著影響的原因。我們的觀點是——我們沒有改變數字，因為記住，我們談論的是 1.25 億美元左右的預購。我們談到的可能是商業用途的 2500 萬美元左右，住宅用途的 1 億美元左右，所有這些都有很多——比如範圍近似值和我們的酒吧。

I think the commercial is behind us. I think that's what we saw in Q1. Resi, we didn't experience it. So either it was mostly share gain, and there was no prebuy impact, which is highly unlikely. I still think there was prebuy and we're going to experience that in Q2 as others start depleting their 410A inventory.

我認為商業廣告已經過時了。我認為這就是我們在第一季看到的情況。Resi，我們沒有經歷過。因此，要么這主要是股價上漲，而沒有預購影響，但這種情況極不可能發生。我仍然認為存在預購，我們將在第二季度經歷這種情況，因為其他人開始消耗他們的 410A 庫存。

On the positive side, majority -- vast majority of our sales are now all 454B. And even the quarter in Q1 was 50-50. So it's been a smooth transition. It's been a good transition. But we are prepared for any prebuy impact in Q2.

從積極的一面來看，我們的大部分銷售額現在都是 454B。甚至第一季也是各佔一半。所以這是一個平穩的過渡。這是一個很好的過渡。但我們已為第二季的任何預購影響做好了準備。

If it turns out to be share gain, then good for us.

如果最終能帶來股價上漲，對我們來說是好事。

Okay. And then the tariff impact in 1Q seemed to be a little bit more than kind of what other companies are saying and just given that people have inventory. I didn't know how much of that is the initial Mexico-Canada tariffs that were higher, but now we have USMCA compliance kind of exclusion. So I'm just wondering, obviously, a lot of moving pieces, but is there a chance that maybe that US-Mexico impact gets better not -- versus 1Q?

好的。然後，第一季的關稅影響似乎比其他公司所說的要大一些，因為人們有庫存。我不知道其中有多少是最初的墨西哥-加拿大關稅較高，但現在我們有了符合 USMCA 規定的豁免。所以我只是想知道，顯然有很多變化的因素，但與第一季相比，美國和墨西哥之間的影響是否有可能變得更好？

Jeff, what we saw in the first quarter was a little bit higher than others because we do LIFO-based accounting. So we expensed that almost as incurred, but we saw that mostly from Mexico on copper on aluminum and steel tariffs coming through Mexico is where we saw that.

傑夫，我們第一季的業績比其他季度略高一些，因為我們採用的是後進先出法會計。因此，我們將其計入費用，幾乎與發生的費用相同，但我們發現，主要來自墨西哥的銅、鋁和鋼鐵關稅是透過墨西哥徵收的。

I think -- I hope you never have to use the word LIFO on an earnings call again, Jeff, but that's basically what it was. We do expect the impact of tariffs, assuming the rates don't change, to keep going down as our mitigation actions start yielding results. Right now, these are sort of unmitigated numbers that we got impacted by in Q1.

我想——我希望你永遠不必再在收益電話會議上使用“後進先出”這個詞，傑夫，但基本上就是這樣。我們確實預計，假設關稅稅率不變​​，隨著我們的緩解措施開始取得成果，其影響將繼續下降。目前，這些都是我們在第一季受到的影響的未減輕的數字。

Okay, thanks for the help.

好的，謝謝你的幫忙。

Joe O'Dea from Wells Fargo.

富國銀行的喬·奧迪亞。

Hi, good morning. Just on the inflation guide and going from 3% to 9%, can you unpack that a little bit from a dollars perspective? And just sizing the dollar impact tied to metals, the dollar impact to China, anything else? And as we think about really trying to tie that to the pricing response to it. And then if you see any changes to tariffs kind of what that could mean for price?

嗨，早安。僅就通膨指南而言，從 3% 到 9%，您能否從美元的角度稍微解釋一下？並且僅評估美元對金屬的影響、美元對中國的影響，還有其他影響嗎？當我們考慮真正嘗試將其與定價反應聯繫起來時。那麼，如果您看到關稅有任何變化，這對價格意味著什麼？

Sure. So overall, it was a 6% increase in the inflation guidance, predominantly on our total costs. So think of cost of goods sold plus SG&A. So about $4 billion of spend there annualized. The balance of the year, it's something less than that.

當然。因此總體而言，通膨指導價上漲了 6%，主要體現在我們的總成本上。因此，請考慮銷售成本加上銷售、一般及行政費用。因此每年的支出約為 40 億美元。今年的餘額比這要少一些。

So if you apply that 6% to $4 billion for the full year, it's about $240 million of additional cost. And a good portion of it would be China, where you can see our exposure is 5%. That cost has obviously doubled with the tariff. The balance is mostly related than in Mexico around steel and aluminum, and then we do see some secondary inputs into the United States.

因此，如果將這 6% 應用於全年 40 億美元，則額外成本約為 2.4 億美元。其中很大一部分是中國，你可以看到我們的投資佔比為 5%。隨著關稅的提高，這項成本顯然翻了一番。這種平衡主要與墨西哥的鋼鐵和鋁有關，然後我們確實看到了一些對美國的二次投入。

So even though we supply from a US supplier, they have tariff implications that we've made some estimates in there as well, but a good, nearly 50% is almost related to China which we continue to monitor and we'll see how that progresses and do pricing adjustments if necessary.

因此，即使我們從美國供應商處供貨，它們也會受到關稅影響，我們也對此做了一些估算，但幾乎有 50% 的關稅與中國有關，我們將繼續監控，觀察其進展情況，並在必要時調整價格。

And sorry, just the pricing that's been put in place in response to that, is that in any way tied to tariffs, such that if there's a change in the China tariff rate, that pricing changes? Or those are kind of list prices and you'll decide what to do based on how tariffs change?

抱歉，針對此問題而製定的定價是否與關稅有關，也就是如果中國關稅稅率發生變化，定價也會隨之變化？或者這些是標價，您會根據關稅的變化來決定怎麼做？

No, there will be some correlation, right? I mean we're trying to be fair to all our stakeholders. So the second tariff that went into effect, some of that's through surcharges that could get withdrawn if the China tariffs go away or changes.

不，會有一些相關性，對嗎？我的意思是我們試圖公平地對待所有利害關係人。因此，在第二輪生效的關稅中，部分附加費將以附加費的形式徵收，如果中國關稅取消或發生變化，這些附加費可能會被取消。

So I think there's going to be some impact of that. And then we think from that perspective, our volume assumptions will turn out to be more conservative with the China tariff goes away and some of the economic impact of that is over as estimated in our guide.

所以我認為這會產生一些影響。然後我們從這個角度思考，隨著中國關稅的取消，我們的數量假設將變得更加保守，正如我們的指南中所估計的那樣，其部分經濟影響已經結束。

And then last one, just what is that that you source from China? And how does your China sourcing compare to competitors in the US? Overexposed, underexposed? Or are you seeing kind of similar type of exposure that require similar type of pricing?

最後一個問題，您從中國採購的是什麼？你們在中國的採購情況與美國競爭對手相比如何？曝光過度，曝光不足？或者您看到了類似類型的曝光，需要類似類型的定價？

Yeah, it depends on the competition, maybe much longer discussion. I mean, I'll tell you what we source are typically like a lot of electronics for our control boards. We do buy some motors from China. We do buy some of the smaller components, like parts and accessories from China.

是的，這取決於競爭情況，也許還需要更長的討論。我的意思是，我會告訴你我們的來源通常是控制板所需的大量電子設備。我們確實從中國購買了一些引擎。我們確實從中國購買一些較小的零件，例如零件和配件。

We don't source things like mini-splits that we used to source from China. That's our move to Samsung, who makes it in Korea. Given that and given what we know, we think we are underexposed to China versus other competition just because we've historically been a more US manufacturer. And over the past three years, the China spend has come down substantially.

我們不再採購以前從中國採購的迷你分離式空調等產品。這是我們向韓國製造的三星採取的舉措。有鑑於此，並根據我們所了解的情況，我們認為與其他競爭對手相比，我們在中國面臨的風險較低，因為我們歷來是一家美國製造商。過去三年來，中國支出大幅下降。

I mean a few years earlier, that would number would have been 3 times to 4 times as much. But we were focused on dual sourcing and near sourcing pretty aggressively over the past three years.

我的意思是，幾年前，這個數字會是現在的 3 倍到 4 倍。但過去三年來，我們非常積極地專注於雙重採購和近鄰採購。

So can't say for sure, it depends on the competition. But we also feel very confident that many of these products have alternate suppliers and we have mitigation strategies in place to continue reducing that number.

所以不能肯定地說，這取決於競爭。但我們也非常有信心，其中許多產品都有替代供應商，我們已製定緩解策略來繼續減少這一數量。

Got it thank you.

明白了，謝謝。

Joe Ritche from Goldman Sachs.

高盛的喬·里奇 (Joe Ritche)。

Hey Guys, good morning. So I think I'd like to start just on the Building Climate Solutions margins. And I'm trying to think about how these margins will progress sequentially as the year goes on. So if you take a look at slide 7, clearly, you've talked about the LIFO impact, product costs and other was roughly a $22 million impact. How does that look sequentially as we head into 2Q?

嘿，大家早安。所以我想我願意從建立氣候解決方案的邊緣開始。我正在嘗試思考隨著時間的推移這些利潤率將如何連續成長。因此，如果你看一下投影片 7，顯然你已經討論了後進先出法的影響、產品成本和其他約 2,200 萬美元的影響。當我們進入第二季度時，情況如何？

And then if there's any other color you can give me on the rest of the year, that would be helpful.

如果您能為我提供今年剩餘時間的其他顏色，那將會很有幫助。

Sure. I'll start, and then Michael will give you exact numbers. I would look at primarily these things as short-term inefficiencies related to manufacturing moves. Remember, we did a lot of moves in Q1 from 410A to 454B, moving some of our standard products to Saltillo, focusing Stuttgart on retooled machine so we can do configured products and create capacity for that. So I would say that is short-term inefficiencies that continue winding down.

當然。我先開始，然後麥可會給你確切的數字。我主要將這些事情視為與製造業轉移相關的短期低效率。請記住，我們在第一季從 410A 到 454B 做了很多調整，將我們的一些標準產品轉移到了薩爾蒂約，並將斯圖加特的重點放在了重新組裝的機器上，以便我們能夠生產配置產品並為此創造產能。所以我想說，這只是短期的低效率，會持續減少。

Now as you do it sequentially -- and Michael will get into this with you in a minute -- is, remember last year, factory start-up happened mostly in the second half, starting in Q2. So we started lapping some of those inefficiencies. By the end of the year, we should close at 0 inefficiency. I mean, that's our goal. Michael, any to add to that?

現在，按順序進行操作——邁克爾馬上就會和你討論這個問題——記得去年，工廠啟動主要發生在下半年，從第二季度開始。因此我們開始解決其中的一些低效率問題。到今年年底，我們的效率應為 0。我的意思是，這就是我們的目標。邁克爾，還有什麼要補充的嗎？

So Alok mentioned factory inefficiencies that will start to go. The other thing is we'll start to experience a full run rate on our mix. We'll start to transition more in the second quarter. We'll lap some of our year-over-year investments that we started to do last year within SG&A and then also expect to have some volume benefit in the second half of this year from the emergency replacement initiative. All of those should sequentially help margins.

因此 Alok 提到工廠效率低下的問題將會開始消失。另一件事是我們將開始體驗混音的全面運行率。我們將在第二季開始進行更多轉型。我們將對去年在銷售、一般及行政開支中開始進行的一些同比投資進行整合，並預計今年下半年將從緊急替換計劃中獲得一些數量效益。所有這些都將依次提高利潤率。

Got it. That's helpful. Maybe just a follow-up on that. Then as you're kind of thinking about second quarter specifically and the margins, like it sounds like there's still going to be a little bit of inefficiency there, but like the margins should get materially better sequentially versus the first quarter. Is that a fair statement?

知道了。這很有幫助。也許只是對此的一個後續行動。然後，當您具體考慮第二季度和利潤率時，聽起來似乎仍然會存在一些效率低下的情況，但與第一季相比，利潤率應該會環比大幅提高。這是一個公平的說法嗎？

Yeah, I think that's a fair statement. Like I hate to give quarterly guidance. With factories, you can't predict exactly which week things start getting back to normal, but we have seen improvements and they'll sequentially get better.

是的，我認為這是一個公平的說法。就像我不願意給出季度指引一樣。對於工廠來說，你無法準確預測哪一周情況會開始恢復正常，但我們已經看到了改善，而且情況會逐漸好轉。

Okay great all right thanks guys.

好的，太好了，謝謝大家。

Nigel Coe from Wolfe Research.

來自 Wolfe Research 的 Nigel Coe。

Alok, I apologize, and you just said you don't like to give quarterly guidance. just given the kind of the second half, first half dynamics and the kind the beat through from 1Q to 2Q, I was just curious if you were to like try and ringfence the 2Q EPS versus the full year? And if you just eyeball the past 10 years, like low 30% percentage would be about the right number. Is that sort of the ballpark?

Alok，我很抱歉，你剛剛說你不喜歡提供季度指導。考慮到下半年、上半年的動態以及從第一季到第二季的表現，我只是好奇您是否想嘗試將第二季的每股盈餘與全年的每股盈餘進行比較？如果你只看過去 10 年，那麼 30% 左右的百分比就差不多是正確的數字。那是大概的狀況嗎？

I think maybe what we'll do is we'll speak toward the first half, second half revenue guidance. I think in the last earnings call, I said about 45% first half of the year for revenue seasonality, 55%, second half. It still feels that that's appropriate. Think that implies about a kind of a flat revenue in the second quarter. As much as we can see right now, that seems like a good guide.

我想也許我們會談談上半年、下半年的收入預期。我想在上次財報電話會議上，我說過，上半年的營收季節性約為 45%，下半年約為 55%。我感覺這還是合適的。認為這意味著第二季的營收將持平。據我們目前所見，這似乎是一個很好的指南。

Okay. That's helpful. And then just thinking about the A2L, there's a lot of chatter out there about shortages on the -- more on the refrigerant side than the equipment side. Just wondering kind of what -- how that's factored into your sort of second quarter perspective?

好的。這很有幫助。然後想想 A2L，關於冷媒短缺的討論很多，而不是設備短缺。只是想知道這如何影響您對第二季的看法？

We have -- I mean, I think the first call for the industry, all the equipment manufacturers did a good job. So there's no shortage in equipment, as you said. Where there is shortages in the retail service canister for R-454B. I think that's a transitional migratory issues.

我們有——我的意思是，我認為對於這個行業來說，所有設備製造商都做得很好。所以正如你所說，設備並不短缺。R-454B 零售服務罐短缺。我認為這是一個過渡性的移民問題。

Like we are taking countermeasures, so are other manufacturers. There's enough refrigerant available in bulk situation. It's just not available in smaller packages.

就像我們在採取對策一樣，其他廠商也在採取對策。散裝情況下有足夠的冷媒可用。只是較小的包裝中沒有這種功能。

I don't think it fundamentally changes the demand profile, nor does it change anything else in the long term. In the short term, they're just a skirmish to get those equipment for servicing. Now in practical perspective, our units are precharged. So if the installation is done right and in normal circumstances, you do not need this. It's mostly for service and repair.

我認為它不會從根本上改變需求狀況，也不會從長遠來看改變任何其他事情。短期內，他們只是為了取得這些設備進行維修而展開的小規模戰鬥。現在從實際角度來看，我們的單位是預先充電的。因此，如果安裝正確且在正常情況下，則不需要這樣做。它主要用於服務和維修。

But it's more about dealer getting confident and not wanting to do a rerun. I expect the industry to be normal by the time we're talking again at the end of Q2 and beginning of Q3.

但這更多的是經銷商變得自信並且不想重演。我預計，當我們在第二季末和第三季初再次討論時，該行業將恢復正常。

Okay, that's great, thanks a lot.

好的，太好了，非常感謝。

Julian Mitchell from Barclays.

巴克萊銀行的朱利安·米切爾。

Hi, good morning, Maybe just a first question on the operating margin outlook, just total company. So I think before you said the core assumption was flattish for the year as a whole. It seems like that's still -- I think the framework -- but just wanted to check on that. And when we're thinking about the sort of rate of change year-on-year, if you're flat for the year and down 40 bps or so in the first quarter, I think you mentioned a steady improvement. So is the way to think about that sort of flattish margin second quarter year-on-year and then you get that growth in the back half?

嗨，早上好，也許第一個問題是關於整個公司的營業利潤率前景。所以我認為，在您所說的核心假設是全年總體持平之前。看起來這仍然是 — — 我認為是框架 — — 但只是想檢查一下。當我們考慮同比變化率時，如果全年持平，而第一季下降 40 個基點左右，我認為你提到了穩步改善。那麼，如何看待第二季度利潤率與去年同期持平，然後在下半年實現成長？

Is that the right dynamic on operating margins, just kind of thinking about tariffs and the Mexican plant ramp-up and so forth?

這是否是營業利益率的正確動態，只是考慮關稅和墨西哥工廠的產能提升等？

Yeah, I think that's pretty much implied in the guide. Right now, we're assuming about flat margins full year for the enterprise. That would assume about a 50 basis point improvement in the balance of the year, mostly around BCS. I mentioned a few of those initiatives that live margins will expand their mix. And year-over-year investments tripping those, as well as some volume gains, as well as factoring efficiencies.

是的，我認為指南中已經暗示了這一點。目前，我們假設企業全年利潤率持平。這意味著今年的餘額將改善約 50 個基點，主要圍繞在 BCS。我提到了其中的一些舉措，這些舉措將擴大其組合。與去年同期相比，投資額有所成長，交易量也有所增加，而且效率也有所提高。

That's really where the margin gain is going to happen in the balance of the year is on the BCS side.

這實際上是 BCS 方面今年餘額中利潤增長將會發生的地方。

Yeah, and Julian, if I could add to that, the good -- the bad news here is that this is all internally caused pain, right? I mean it was our manufacturing moves, we knew this was going to happen. And it's all internal factors that we can fix. It's not related to external factors.

是的，朱利安，如果我可以補充一點的話，好消息——壞消息是，這都是內部造成的痛苦，對吧？我的意思是這是我們的製造舉措，我們知道這將會發生。這些都是我們可以解決的內在因素。和外界因素無關。

We are actually pleased with the pricing stick rate. We are pleased with how we are able to pass on tariffs. This is simply like our ongoing -- which we talked about last year as well. Starting a new factory, moving production, we're just doing it cautiously to make sure there's no supply chain disruption. So overall, I'm not concerned about any long-term challenges here.

我們實際上對定價堅持率感到滿意。我們很高興能夠轉嫁關稅。這就像我們正在進行的——我們去年也討論過。開設新工廠、轉移生產，我們只是謹慎行事，確保供應鏈不會中斷。所以總的來說，我並不擔心這裡有任何長期挑戰。

That's helpful. And then just -- my second one, just trying to circle back to the slide 9, which is very helpful and the pieces there on the price assumption going up 6 points from previously and the volume assumption coming down, I think, 6 points from previously.

這很有幫助。然後只是 - 我的第二個問題，只是想回到幻燈片 9，這非常有幫助，那裡的價格假設比以前上升了 6 個點，而數量假設比以前下降了 6 個點。

So just thinking about those two moving pieces, I think part of it is an anticipated deceleration in broader sort of macro and so on. But just trying to understand, are you just assuming sort of one-for-one offset or elasticity there of higher price equals the volume reduction? Or is there some other items in there that we need to think about?

因此，只要考慮這兩個活動部分，我認為部分原因是預期更廣泛的宏觀經濟減速等。但只是想了解一下，您是否只是假設某種一對一的抵銷或彈性，即更高的價格等於銷售量的減少？或者其中還有其他一些事情需要我們考慮？

And just what's the historical experience around price elasticity of volume demand, if you could give us any color there?

那麼，關於需求量價格彈性的歷史經驗是什麼，您能給我們一些說明嗎？

Sure. Julian, it turns out that they turn to be nearly equal, as you said, roughly 6%, right? But if you take the volume piece and we get deeper into that, we have taken a significant slowdown in new construction, both in HCS and BCS, and we see some of those signs already in industry data. Rest all, it was based on consumer confidence softness, mortgage interest rates and all the other things we see around decline in consumer confidence. Our products are mostly replacement, and they are like a necessary must do have.

當然。朱利安，事實證明它們幾乎相等，正如你所說，大約是 6%，對嗎？但如果從數量角度進行深入研究，我們會發現 HCS 和 BCS 的新建築建設都出現了明顯放緩，而且我們已經在行業數據中看到了一些這樣的跡象。其餘的，它是基於消費者信心疲軟、抵押貸款利率以及我們看到的所有其他與消費者信心下降有關的因素。我們的產品大多是替代品，它們就像是必需品一樣。

So the impact to us is going to be lower than some of the other discretionary spend since it's not discretionary.

因此，由於它不是可自由支配的，因此對我們的影響將低於其他一些可自由支配的支出。

But we sort of took all of that and given limited visibility, we just wanted to draw a line in the sand and have that dialogue that we're having right now. I mean this could all change if the China tariff gets withdrawn tomorrow and impact is less, and then we would look simply look at lower pricing and higher volume in that case. We just want to give you a framework to analyze and get our thoughts together.

但我們把所有這些都考慮進去了，考慮到有限的可見性，我們只想劃一條線，進行我們現在正在進行的對話。我的意思是，如果明天取消對中國的關稅並且影響較小，那麼這一切都可能改變，在這種情況下我們只會考慮更低的價格和更高的銷售量。我們只是想給你一個框架來分析並整理我們的想法。

Great, thank you.

太好了，謝謝。

Jeff Sprague from Vertical Research.

Vertical Research 的 Jeff Sprague。

Hey, thank you, good morning everyone. I just want to come back, just thinking about the destock happening or continuing into Q2. On a kind of a gross dollar basis, I mean, your sequential inventories to me don't look too different than what's normal.

嘿，謝謝大家，早安。我只是想回過頭來思考去庫存現像是否會發生或持續到第二季​​。從總金額來看，我的意思是，你的連續庫存對我來說看起來與正常庫存沒有太大不同。

So I just kind of want to understand the view on the Q2 destock, right? You're out of 410A, you're selling 454B now. So your view is just in the channel, there's still excessive inventory that kind of backs up to you on the demand side in Q2?

所以我只是想了解有關第二季去庫存的看法，對嗎？您的 410A 已經售罄，現在正在銷售 454B。所以您的觀點只是在通路上，第二季需求方面仍然存在過剩的庫存，這對您有什麼影響？

If you could elaborate on that at all, I'd appreciate it.

如果您能詳細說明一下，我將不勝感激。

Sure. So Jeff, I think your last statement is what we are trying to reflect is that in the channel, which, remember, 30% of our sales are through indirect go through distributor. In that, we believe there is 410A that everybody will try and get out of in Q2. And they may pause ordering 454B product, especially given Q2 is heavy, and that's where sort of the cooling season typical seasonality works. A lot of the distributors are going to try and run the entire cooling season with 410A if they have enough inventory.

當然。所以傑夫，我認為你最後說的是我們試圖反映的是，在通路中，請記住，我們 30% 的銷售額是透過間接分銷商實現的。我們相信，每個人都會在第二季度嘗試擺脫 410A。他們可能會暫停訂購 454B 產品，尤其是考慮到第二季度的繁忙程度，而這正是冷卻季節典型的季節性發揮作用的地方。如果庫存充足，許多經銷商都會嘗試使用 410A 來運行整個冷凍季節。

Because remember, it's still lower cost to them. So that's out of the assumption. We don't have any further visibility compared to when we spoke last year where we said, hey, overall 125, BCS, roughly 25. That, we are confident, is behind us. HCS is 100 -- it's going to be less than 100 because some of it was share gain.

因為請記住，這對他們來說仍然成本較低。所以這超出了假設。與去年我們所說的相比，我們沒有任何進一步的了解，當時我們說，總體是 125，BCS 大約是 25。我們堅信，這一切都過去了。HCS 為 100 - 它將小於 100，因為其中一部分是股份收益。

And when we shake the end of Q2, we'll have greater visibility. But we do think there's some impact or air pocket in Q2 as distributors run out of 410A, and only then they start entering 454B.

當我們突破第二季末時，我們將擁有更大的可見度。但我們確實認為，第二季會出現一些影響或空洞，因為分銷商用完了 410A，然後才開始進入 454B。

Yeah, It doesn't sound like there's any reason to believe, though, they make it through the whole season on 410A, right? There's just not enough out there. So I guess a lot of this hinges on just doesn't get hot and all those sorts of things in terms of when they pivot back to kind of refilling on 454B. Is that the way you're thinking about it?

是的，聽起來似乎沒有任何理由相信他們會在 410A 上度過整個賽季，對嗎？那裡的資源還不夠。因此，我猜這很大程度上取決於何時不會變熱以及諸如此類的事情，以及何時它們會重新回到 454B 上的補充。您是這麼想的嗎？

Yeah, There's also a rule within the transition they have to sell by the end of the year. So I think that also helps to make sure that this is all going to sell through. We expected to sell through in the second quarter into third quarter.

是的，過渡期內還有一條規定，他們必須在年底前賣掉。所以我認為這也有助於確保所有產品都能銷售出去。我們預計第二季至第三季的銷售量將會增加。

And you're generally right. There's not enough 410An to last the entire cooling season unless we have a really, really cold summer.

整體來說你是對的。除非我們經歷一個非常非常寒冷的夏天，否則 410An 不足以維持整個冷凍季節。

Okay, great, thank you guys appreciate it.

好的，太好了，謝謝大家的讚賞。

Noah Kaye from Oppenheimer.

奧本海默公司的 Noah Kaye。

Thanks. I was just going to follow up on Jeff's question. So can you talk about the behavior of the direct versus the two step in 1Q? What the volume behavior was like in those two different parts of the Home Comfort Solutions?

謝謝。我只是想跟進傑夫的問題。那麼，您能談談第一季中直接行為與兩步行為的差異嗎？家庭舒適解決方案的兩個不同部分的音量行為是什麼樣的？

Yeah, So in the Home Comfort Solutions, in the first quarter, we saw total revenue up 11% in the two step, up 5% in one step. So, we continue to see some of that sell-through of the 410A and the two step in the first quarter.

是的，因此，在家庭舒適解決方案方面，在第一季度，我們看到總收入在兩個階段中成長了 11%，在一步中成長了 5%。因此，我們在第一季繼續看到 410A 和兩款 Step 的部分銷售。

Okay. And you're thinking that that kind of reverses here in second quater, just to unpack your prior comments?

好的。您是否認為第二季的情況會發生逆轉，這可以解釋您先前的評論嗎？

Yeah, That's the underlying assumption right now.

是的，這是目前的基本假設。

Great. And there's a ton of moving pieces here, guys, as others have done a nice job of detailing your assumptions. Assuming the status quo, right? Can you help us understand what a scenario might look like if USMCA exemptions were no longer to be in effect? At least the kinds of discussions that you've had with customers around that and what we might expect to see from the company?

偉大的。夥計們，這裡有很多活動的部分，因為其他人已經很好地詳細說明了你們的假設。假設現狀，對嗎？您能否幫助我們理解如果 USMCA 豁免不再有效，會出現什麼情況？至少您與客戶就此進行過哪些討論，以及我們對公司有何期望？

Yeah, I mean, that's a very hard thing to speculate on, but I'll tell you because there was certain days when we woke up and we thought that's exactly what's going to happen. And -- right? I mean, our discussions with customers have -- in that scenario, there's going to be some mix impact because products made in the US, which, remember, we have a majority of our manufacturing still in the US would probably accelerate and products from Mexico, we will still offset it through productivity.

是的，我的意思是，這是一件很難推測的事情，但我會告訴你，因為在某些日子裡，當我們醒來時，我們認為這正是將要發生的事情。而且——對吧？我的意思是，我們與客戶的討論是——在這種情況下，會產生一些混合影響，因為在美國製造的產品（請記住，我們的大部分製造業務仍在美國）可能會加速，而來自墨西哥的產品，我們仍將透過生產力來抵消它。

Peso will probably decline. That will help us offset some of those bigger pieces there as well. And then we'll have to offset that price. So actually, that will make our mix go more towards premium products, which are more likely to made in the US and those are higher margin for us versus lower tier products in Mexico.

比索可能會貶值。這也將幫助我們抵消那裡的一些較大的損失。然後我們必須抵銷這個價格。因此實際上，這將使我們的產品組合更偏向高端產品，這些產品更有可能在美國製造，與墨西哥的低端產品相比，這些產品的利潤率更高。

But there's going to be a series of short-term and long-term actions that we have already outlined and we kind of have it in our back pocket if that happens. And too early to kind of speculate through that. I mean, it's almost like we were hoping that's not the announcement that comes in while we are on a conference call. I mean, that was in Michael's and my worst nightmare, that there'll be a tweet that we missed while we're sitting on the call.

但我們已經制定了一系列短期和長期行動，如果發生這種情況，我們就會有所準備。現在就進行推測還為時過早。我的意思是，這幾乎就像我們希望的那樣，這不是我們在電話會議中收到的公告。我的意思是，那是邁克爾和我最可怕的噩夢，我們在通話時錯過了一條推文。

But we have multiple scenarios planned. We have key action item planned. The team is very disciplined. The dealers have terms of confidence in us right now that we are doing the right thing by protecting their business, protecting the supply chain and being fair in passing on those costs as appropriate.

但我們已經計劃了多種方案。我們已經計劃好了關鍵的行動項目。該團隊紀律很強。經銷商現在對我們充滿信心，認為我們正在做正確的事情，保護他們的業務，保護供應鏈，並公平地轉嫁適當的成本。

Yeah, If anything, the news we're getting this morning suggests we may be going the other way, which is a positive. So -- but I appreciate the thoughts, and thanks again.

是的，如果有什麼不同的話，我們今天早上得到的消息表明我們可能會走向另一個方向，這是積極的。所以——但我很感激你的想法，再次感謝。

Chris Snyder from Morgan Stanley.

摩根士丹利的克里斯·斯奈德。

Thank you for the question. I guess just maybe on the topic of consumer elasticity in the repair versus replace. Of all the price that's coming through, whether it be the refrigerant changeover or the tariff commodity-related price, I'm just wondering how much is the homeowner feeling of that today? Because it seems like that is still a bit on the horizon for them.

謝謝你的提問。我想也許只是關於維修與更換的消費者彈性這個話題。在所有出現的價格中，無論是冷媒轉換還是關稅商品相關價格，我只是想知道今天房主對此有何感受？因為這對他們來說似乎還只是個開始。

And as that cost -- or that higher price comes through, what do you think of the risk on a -- maybe a more significant volume response just as that price hits them? Or maybe it already has? Thank you.

隨著成本或價格上漲，您認為在價格達到高峰時，交易量反應是否可能更為顯著？或者可能已經這樣了？謝謝。

Sure. Chris, I would say that the risk of homeowner price elasticity on replacement remains very low. A few things to keep in mind, right? The price of the homeowner sees is our equipment price, plus the installation, plus the access fees, plus the dealer profits, plus the distributor profit often. So if you pull all of that together, a 5% or 10% increase in equipment does not translate to 5% to 10% increase for the homeowners.

當然。克里斯，我想說房主重置價格彈性的風險仍然很低。有幾件事需要記住，對吧？房主看到的價格是我們的設備價格，加上安裝，加上接取費，加上經銷商的利潤，加上經銷商的利潤往往也是有的。因此，如果把所有這些因素綜合起來，設備成本增加 5% 或 10% 並不意味著房主收入增加 5% 到 10%。

In the past, sometimes, it was higher than equipment price increase as there was significant labor shortage, and there's a lot of consolidation on the dealer base. In today's tariff environment, I think it's going to be lower to the homeowner because there's no reason to mark up labor and installation because those don't -- not get impacted by tariff.

過去，由於勞動力嚴重短缺，且經銷商基礎存在大量整合，有時其漲幅甚至高於設備價格的漲幅。在今天的關稅環境下，我認為房主需要支付的費用會更低，因為沒有理由提高人工和安裝費用，因為這些不會受到關稅的影響。

So net-net, I don't think there's going to be a significant impact on the homeowner. This will remain a nondiscretionary spend. The impact that we are baking in is mostly around the new home construction in general, slowdown in home sales. Because some of the sales do happen post a home sale even if it's a used one.

所以總體而言，我認為這不會對房主產生重大影響。這仍將是一筆不可自由支配的支出。我們所承受的影響主要集中在新房建設總體和房屋銷售放緩方面。因為有些銷售確實發生在房屋出售之後，即使是二手房。

The repair versus replace, we called it out in the script. That is a possibility if consumer confidence goes much lower and people are going to be looking to save cost. And we monitor for that very closely. And so far, year-to-date, we have not seen any signs of that.

我們在腳本中明確指出了修復還是更換。如果消費者信心大幅下降且人們希望節省成本，那麼這種情況就有可能發生。我們對此進行了密切監控。而今年到目前為止，我們還沒有看到任何這樣的跡象。

Thank you, I appreciate that. And then -- but I guess, just kind of following up, if you guys started shipping the 454B, it sounds like in maybe the back half of Q1. And then you put through the tariff-related price increases at the start of Q2, I believe you said in the script. Like as that kind of flows through the channel and ultimately finds its way to the consumer, does that start hitting in Q2? Or do you think those prices start hitting in Q3?

謝謝，我很感激。然後 — — 但我想，只是跟進一下，如果你們開始運送 454B，聽起來可能是在第一季的後半段。然後，您在第二季初就實施了與關稅相關的價格上漲，我相信您在腳本中是這麼說的。當這種流量通過管道並最終到達消費者手中時，它會在第二季度開始產生影響嗎？或者您認為這些價格會在第三季開始上漲嗎？

Because I know there's just some lag between when you guys sell it and it finds its way to the homeowner thank you.

因為我知道從你們賣出它到它到達房主手中之間會有一段時間，謝謝。

It will start happening in Q2. It's already happening. Our first price increase is already making it to the homeowners, and we have seen no change in the demand pattern.

它將在第二季度開始發生。這已經發生了。我們的第一次價格上漲已經影響了房主，而且我們並沒有看到需求模式有任何變化。

Brett Linzey from Mizuho.

瑞穗的 Brett Linzey。

Hey, good morning, all, hey, I wanted to come back to the commercial business and the R -- 454 transition delays. Was this solely product availability? Or are you seeing some price sensitivity on the new products and the price uptake there?

嘿，大家早上好，嘿，我想回到商業業務和 R-454 過渡延遲的話題。這僅僅是產品可用性嗎？或者您看到新產品的價格敏感度以及價格上漲的情況？

No, it was not product availability, at least not for us. And I think that's generally true for the industry as well, Brett. It was mostly driven by people finishing the 410A jobs and then getting their people, employees trained in the new 454B and some hesitancy when nobody wanted to be the first one to install a 454B on a rooftop. And people are trying to make sure that the jobs when you do rooftop replacement. And they have all 18 of the rooftop in 454B, they want to mix rooftops in there.

不，這不是產品可用性的問題，至少對我們來說不是。布雷特，我認為這對整個行業來說也普遍如此。這主要是因為人們完成了 410A 的工作，然後讓他們的員工接受新的 454B 培訓，而且當沒有人願意成為第一個在屋頂上安裝 454B 的人時，他們有些猶豫。人們正在努力確保在更換屋頂時能夠完成工作。454B 裡有 18 個屋頂，他們想在那裡混合使用屋頂。

So I think a launch of this was around key accounts planfully finishing up 410A. So I'll put some of that in the destocking bucket, and some of that and just people wanting to make sure that there was availability of inventory and more importantly, trained technicians and sensors and tools and altogether. So we think of it in short-term air pocket. A little worse than we had hoped for, but not completely unexpected.

因此，我認為推出此項計劃是圍繞關鍵客戶計劃完成 410A。因此，我會將其中一部分放入去庫存桶中，而其中一部分只是人們想要確保有庫存，更重要的是，有經過培訓的技術人員、感測器和工具等等。因此我們認為這是短期氣穴。比我們所希望的要差一點，但並不完全出乎意料。

Got it. So more of a learning curve. And then maybe just on commercial volumes in the first quarter, the down nine. How did that track relative to expectations? And then maybe any color by vertical?

知道了。因此，學習曲線更大。那麼也許僅就第一季的商業交易量而言，就下降了 9%。與預期相比，情況如何？然後也許是垂直的任何顏色？

I know the full year outlook for commercial it does contemplate some accelerating in the two-year stack. Is that just the emergency replacement capture that you see ramping there?

我知道商業的全年前景確實考慮在兩年內加速發展。您看到的只是緊急替換捕獲量不斷增加嗎？

Yeah. Within the first quarter, about half of the 9% volume decline was the destocking. So that happened as expected. The rest was the order delays, which Alok just mentioned, kind of brought across most of our large national accounts. And then going forward, yes, we do expect to see as you get into the season, Q2 and Q3, we'll start to see that emergency replacement initiative start to pay off.

是的。第一季度，9%的銷量下降中約有一半是由於去庫存造成的。事情正如預期的那樣。其餘的則是訂單延遲，正如 Alok 剛才提到的，這影響到了我們大多數大型國家帳戶。然後展望未來，是的，我們確實希望看到，隨著進入第二季度和第三季度，我們將開始看到緊急替代計劃開始取得成效。

And if I could just piggyback on that, we are very optimistic based on the emergency replacement rollout, the pilots and the early signs that we have there. So that's one reason we are looking forward to more optimism especially on our piece, even if the industry has slowed down.

如果我可以藉此機會說一句，基於緊急替代方案的推出、試點以及我們在那裡看到的早期跡象，我們非常樂觀。因此，這就是我們期待更多樂觀情緒的原因之一，尤其是對我們的產品而言，即使產業發展已經放緩。

Because for the first time in multiple years, we have the products in stock, we have our folks trained. We have delivered within a day and coursed back within two hours. So we're pretty optimistic on that right now.

因為多年來我們第一次有了庫存產品，並且對我們的員工進行了培訓。我們在一天之內交貨，並在兩小時內返回。所以我們現在對此非常樂觀。

Appreciate the Detail.

欣賞細節。

Deane Dray from RBC Capital Markets.

來自加拿大皇家銀行資本市場的 Deane Dray。

Thank you, good morning everyone.

謝謝大家，早安。

Hi Dean.

你好，迪恩。

I'd like to circle back on the surcharges. It came up a couple different times, and can you just clarify when you talk about the two price increases are those full pricing increases because the assumption is a surcharge gets rolled back at some point. So, some clarification there and when and how do you use surcharges.

我想再次討論附加費問題。這個問題出現過幾次，您能否澄清一下，當您談到兩次價格上漲時，是否是全部價格上漲，因為假設附加費在某個時候會取消。因此，需要澄清一下何時以及如何使用附加費。

Yeah, it really depends a lot on the business, but to be overly simplistic with the answer, think of the first price increase as a price increase, a traditional one, and the second one more as a surcharge, and I think the numbers will come down. So the second one, because there was mostly around the 10% global import duty and the China tariffs, we did that as a surcharge.

是的，這確實很大程度上取決於業務，但答案過於簡單，將第一次漲價視為價格上漲，傳統上漲，而第二次漲價則更多地視為附加費，我認為數字會下降。因此，第二個原因是，由於全球進口關稅和中國關稅主要在 10% 左右，我們將其作為附加費。

Again, not all of it was a surcharge as some customer systems can't deal with surcharges, but we would think of the first one is more permanent and second is transitionary open to adoption and changes as a tariff environment adapts and changes.

再次強調，並非所有附加費都是附加費，因為有些客戶系統無法處理附加費，但我們認為第一種附加費更為永久性，第二種附加費是過渡性的，可以隨著關稅環境的適應和變化而採用和變化。

Okay. That's really helpful. And then just to circle back on the emergency replacement, Michael said you're expecting the inventory is now in place. You got people trained. What is the timing of the lift that you're expecting?

好的。這真的很有幫助。然後回到緊急更換的問題，麥可說，你預計庫存現在已經到位。你對人們進行了​​培訓。您預計電梯什麼時候到達？

Like how much of your mix should it be on a run rate basis by year-end?

例如，到年底，您的組合應該以運行率計算佔比是多少？

Yeah, right now, it's still a very small piece of our business, but we're going to continue to see it grow. And again, it's a seasonal product. So as we get into the second and third quarter with the inventory we have, that's where we should really start to see some of that growth come in for the season.

是的，目前它仍然是我們業務中很小的一部分，但我們將繼續看到它成長。再說一次，這是季節性產品。因此，當我們進入第二季和第三季並擁有庫存時，我們應該真正開始看到本季的一些成長。

Michael's right, overall remains a small portion, right? I mean a long-term growth aspiration start delivering results this year, but this should be a tailwind for multiple years.

邁克爾是對的，總體來說仍然只是一小部分，對嗎？我的意思是，長期成長願望今年開始產生效果，但這應該會成為未來多年的順風。

Was it a cash flow drag in terms of positioning the inventory?

從庫存定位的角度來說，這是否會對現金流造成拖累？

A little bit, but the HCS and the other inventory kind of made up for it in terms of -- we were building up sub-410A in the past. So it wasn't significant, Deane. Thank you.

有一點，但 HCS 和其他庫存在某種程度上彌補了這一點——我們過去正在建造 410A 以下的設施。所以這並不重要，迪恩。謝謝。

Nicole DeBlase from Deutsche Bank.

德意志銀行的 Nicole DeBlase。

Yeah thanks good morning guys. Phone call. I guess I also wanted to ask a follow-up on emergency replacement. You guys have been making the investment in the sales force. I think it was an $8 million drag in the first quarter. Are we kind of coming to the end of that sales force investment? Or is that something that's going to continue throughout the rest of 2025?

是的，謝謝大家早安。電話。我想我還想詢問有關緊急更換的後續情況。你們一直在對銷售團隊進行投資。我認為這是第一季 800 萬美元的拖累。我們對銷售團隊的投資是否已經走到盡頭了？或者這種情況會持續到 2025 年剩餘時間？

No, it's ended. We made all those investments last year. I mean, right now, it's more that -- we did not have this investment last year. So on a year-over-year basis, by the time to get to the second half, we'll be lapping itself on the investments. But there's no more incremental investment required at this stage.

不，已經結束了。我們去年進行了所有這些投資。我的意思是，現在更重要的是──我們去年沒有這筆投資。因此，與去年同期相比，到下半年，我們的投資將達到高峰。但現階段不需要更多的增量投資。

Okay. Got it. That's clear. And then just on buybacks. I saw you guys did like $85 million in the first quarter. Market has obviously been weak. I guess, how are you guys thinking about the rest of the year in terms of repurchase activity? Thank you.

好的。知道了。這很清楚。然後只是回購。我看到你們第一季的獲利約為 8500 萬美元。市場明顯疲軟。我想，你們對於今年剩餘時間的回購活動有什麼看法？謝謝。

Yes, sure. So we have programs to buy back for dilution. So that kind of continues on, and then thereafter, we're going to be opportunistic. We're going to continue to look at bolt-on acquisitions. And obviously, we're going to be very disciplined on that.

是的，當然。因此，我們有回購計劃來稀釋股份。這種情況會持續下去，之後我們就會抓住機會。我們將持續關注附加收購。顯然，我們會對此採取非常嚴格的措施。

And with share repurchase, opportunistic share repurchases will be a portion of our deployment strategy.

透過股票回購，機會性股票回購將成為我們部署策略的一部分。

You can expect a lot more buyback than we did last year, especially at these prices, right?

您可以預期回購量將比去年多得多，尤其是在這些價格下，對嗎？

Makes sense thanks guys I'll pass it on.

很有道理，謝謝大家，我會傳達的。

Steve Tusa from JPMorgan.

摩根大通的史蒂夫·圖薩。

Hi, good morning. Hi Steve.

嗨，早安。你好，史蒂夫。

Just trying to get a little bit more color on what's going on with this 454B refrigerant issue. Honeywell is out with obviously a pretty dramatic price increase, maybe that's what you're referring to on the retail side. But maybe just describe what you're seeing in the channel? And I guess you're saying that you do not expect this to impact industry volumes at all, given it's kind of, I guess, an aftermarket thing?

只是想更詳細地了解 454B 冷媒問題到底是怎麼回事。霍尼韋爾的價格顯然大幅上漲，也許這就是您所指的零售方面。但也許只是描述一下您在頻道中看到的內容？我想您是說，您認為這根本不會對產業銷售產生影響，因為我覺得這屬於售後市場的事情？

Yeah, It is an aftermarket thing. I mean dealers, it impacts dealers' confidence because they want to carry. So everybody might be experiencing different things, right? So let me just talk about Lennox.

是的，這是售後市場的東西。我的意思是，這會影響經銷商的信心，因為他們想要持有。所以每個人可能都會經歷不同的事情，對嗎？那我就只談倫諾克斯吧。

So we have no shortage of 454B for our production. And we're obviously working with our suppliers, the two suppliers we have to make sure that we get appropriate fair pricing because some of them are impacted on tariffs. And any indirect impact of tariffs through that is already captured in our overall inflation number.

因此我們的生產並不缺乏 454B。我們顯然正在與我們的供應商合作，我們必須確保這兩家供應商獲得適當的公平定價，因為其中一些供應商受到關稅的影響。關稅的任何間接影響都已反映在我們的整體通膨數據中。

What we have heard from our dealers and contractors is there is shortage of retail canisters. So these are the Worthington-made tanks that they carry in their truck for service and repairs. They're not enough of 454B of those. I think that's where the shortage is. It's kind of unrelated to the Honeywell announcement, which also impacts the retail, and there's just a shortage of that, purely driven by filling capacity and purely driven by availability of tanks.

我們從經銷商和承包商那裡聽說零售罐短缺。這些是沃辛頓製造的油箱，他們用卡車運送它們進行維修和保養。其中 454B 還不夠。我認為這就是短缺之處。這與霍尼韋爾的聲明有點無關，霍尼韋爾的聲明也會對零售業產生影響，而且零售業存在短缺，這純粹是由灌裝能力和油箱可用性所驅動。

And we think both of those should be behind us and the industry by the end of Q2.

我們認為，到第二季末，我們和整個產業都將擺脫這兩個問題。

So then what is the Honeywell price increase of -- the 40% increase they put through, like what is that related to?

那麼霍尼韋爾價格上漲 40% 到底與什麼有關呢？

Doesn't relate to us. So that's probably something different. You'll have to ask them, Steve, but it does not relate it to us. I mean we have contractual price that we entered in last year. So maybe it's applies to people who did not into contractual price or retail canisters.

和我們沒關係。所以這可能是不同的事情。你得問他們，史蒂夫，但這與我們無關。我的意思是我們有去年簽訂的合約價格。所以也許它適用於那些不喜歡合約價格或零售罐的人。

Yeah, that makes some sense. And then just lastly on commercial. I guess you guys are saying this is temporary and not really a macro thing out there. Were there any particular verticals where you saw more of a prebuy than others or more of a kind of a destock than others?

是的，這有一定道理。最後再談談商業。我猜你們會說這只是暫時的，並不是宏觀的事。您是否看過某個特定垂直產業比其他產業出現更多的預購，或是比其他產業出現更多的去庫存現象？

We thought pretty uniform across the different verticals. I mean clearly, the retailers have more control over these projects on doing a full floor sweep emergency replacement, you can't really plan, just by the nature of that. So yes, it was on the key account and a full roof replacement. Our volume assumption and what we saw, we did build in slowdown in commercial new construction, which is only a small portion of our sales. Most of our sales are replacement.

我們對不同垂直領域的思考相當一致。我的意思是，顯然，零售商對這些項目的控制權更大，可以進行全面地板清掃緊急更換，就其性質而言，你無法真正計劃。是的，這是關鍵帳戶，並且是完整的屋頂更換。根據我們的銷售假設和實際看到的情況，我們確實考慮到了商業新建築的放緩，而這只是我們銷售額的一小部分。我們銷售的大部分都是替換品。

So that's why we sort of built in. And obviously, since we didn't have Q1, so we built in the Q1 impact into the full year guide as well.

這就是我們將其融入其中的原因。顯然，由於我們沒有第一季的數據，所以我們也將第一季的影響納入了全年指南中。

Okay great thanks for the caller as always.

好的，一如既往地感謝您的來電。

Damian Karas from UBS.

瑞銀的 Damian Karas。

Hey, good morning, everyone. Thanks for squeezing me in. So it sounds like you've taken a few rounds of pricing actions so far, the latter in response to tariffs. Could you just maybe talk a little bit about how your pricing actions have been aligning with what you're seeing from your peers? I mean, would you say it's been a pretty tight range out there? Or are you seeing any notable deviations in pricing behaviors?

嘿，大家早安。謝謝你把我擠進來。因此聽起來您到目前為止已經採取了幾輪定價行動，後者是為了應對關稅。能否稍微談談您的定價行為與同業的定價行為有何一致？我的意思是，您是否認為該範圍相當狹窄？或者您看到定價行為有任何明顯的偏差？

I think just like we have seen in the past, there's been a fairly tight range. Sometimes the announcements, language that is public could lead to a different conclusion. But when we get market intelligence back, I think everybody is in a very tight range here. And it's -- in some cases, we are at a competitive advantage. Since we buy our mini-splits from Korea, I think that puts us in a better position than others.

我認為就像我們過去看到的那樣，範圍相當狹窄。有時，公開的聲明和語言可能會得出不同的結論。但當我們獲得市場情報時，我認為每個人都處於非常緊張的範圍內。在某些情況下，我們具有競爭優勢。由於我們從韓國購買迷你分離式空調，我認為這使我們比其他人處於更有利的地位。

But that's just more supply chain related impact on pricing. But if we bought stuff from China, we would do the same price increase as others are doing. So fairly tight range.

但這只是供應鏈對定價的影響。但如果我們從中國購買商品，我們也會像其他人一樣提高價格。範圍相當窄。

Okay. Got it. That makes sense. And then just a model cleanup question here. So you saw a pretty nice step down in the corporate expense in the first quarter.

好的。知道了。這很有道理。這裡僅涉及一個模型清理問題。因此，您會看到第一季企業支出大幅下降。

Just wondering if there's anything to that? And what's a good way to think about that line item going forward Thanks.

我只是想知道這是否有意義？有什麼好的方法可以考慮今後繼續推進這項計畫？謝謝。

Yeah, that's just related to some timing of the expenses and the allocation. So for the full year, still expected to about flat to slightly down to 2024.

是的，這只是與一些費用的時間和分配有關。因此，就全年而言，預計到 2024 年仍將保持平穩或略有下降。

Thank you for joining us today. Since there are no further questions, this will conclude Lennox's 2025 Quarter Conference Call. You may disconnect your lines at this time.

感謝您今天加入我們。由於沒有其他問題，Lennox 2025 年季度電話會議到此結束。現在您可以斷開線路。