Lennox International Inc. (LII) 2026 Q1 法說會逐字稿

Please stand by, your meeting is about to begin.Good morning, everyone. Welcome to the Lennox 2026 first quarter earnings conference call. (Operator Instructions).

請稍候，您的會議即將開始。各位早安。歡迎參加 Lennox 2026 年第一季財報電話會議。（接線員指示）

As a reminder, this call is being recorded. I would now like to turn the call over to Ms. Chelsey Pulcheon from Lennox Investor Relations Chelsey, please go ahead.

提醒各位，本次電話會議將被錄音。現在我想把電話交給 Lennox 投資人關係部的 Chelsey Pulcheon 女士。Chelsey，請開始。

Thank you, Bo. Good morning, everyone, and thank you for joining us as we share our 2026 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. Turning to Slide 2.

謝謝你，Bo。各位早安，感謝各位加入我們，一同分享 2026 年第一季業績。今天與我一同出席的有執行長 Alok Maskara，以及財務長 Michael Quenzer。兩位將先發表準備好的談話，之後我們再進入問答環節。請看投影片第 2 頁。

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.

提醒各位，在今天的電話會議中，我們將發表若干前瞻性陳述，這些陳述受本頁所列之多項風險與不確定性影響。

We may also refer to certain non-GAAP financial measures that management considers relevant indicators of underlying business performance.

我們也可能提及若干非 GAAP 財務衡量指標，管理層認為這些指標可作為反映基礎業務表現的相關指標。

Please refer to our SEC filings available on our Investor Relations website for additional details including a reconciliation of GAAP to non-GAAP measures. The earnings release, today's presentation and the webcast archive link for today's call are available on our Investor Relations website at investor.lennox.com.

更多細節（包括 GAAP 與非 GAAP 指標之調節表）請參閱我們在投資人關係網站上提供的 SEC 申報文件。新聞稿、今日簡報以及本次電話會議的網路直播存檔連結，均可於 investor.lennox.com 的投資人關係網站取得。

Now please turn to Slide 3 as I turn the call over to our CEO, Alok Maskara.

現在請翻到投影片第 3 頁，我將把電話交給我們的執行長 Alok Maskara。

Thank you, Chelsey. Good morning, everyone. Before turning to our quarterly performance, I want to recognize the exceptional adaptability and dedication of our team as well as the trust and loyalty of our customers.

謝謝你，Chelsey。各位早安。在談到本季表現之前，我想先肯定我們團隊卓越的適應力與投入，也感謝客戶對我們的信任與忠誠。

While the macro environment remains uncertain, our core values empower us to respond with discipline, innovation and an unwavering commitment to enhancing the customer experience. Turning to Slide 3.

儘管總體環境仍充滿不確定性，我們的核心價值使我們能以紀律、創新，以及對提升客戶體驗的堅定承諾來回應。請看投影片第 3 頁。

Revenue was $1.1 billion, up 6% year-over-year as growth initiatives gain traction and channel conditions stabilize. Our segment margin was 14.4% in the quarter, down 130 basis points primarily due to the impact of factory under absorption.

營收為 11 億美元，年增 6%，反映成長計畫逐步奏效且通路狀況趨於穩定。本季部門利潤率為 14.4%，下滑 130 個基點，主要因工廠產能吸收不足的影響。

Operating cash flow was positive $16 million and adjusted earnings per share for the quarter were $3.35. In Home Comfort Solutions, industry conditions began to stabilize as expected.

營運現金流為正 1,600 萬美元，本季調整後每股盈餘為 3.35 美元。在家用舒適解決方案（Home Comfort Solutions）方面，產業狀況如預期開始趨於穩定。

One-step results continue to be impacted by weak new home construction, while sentiment in the two-step channel improved as distributors began to restock ahead of the summer season.

一階（one-step）業績仍受新屋開工疲弱影響；而在二階（two-step）通路，隨著經銷商在夏季旺季前開始補庫存，市場情緒有所改善。

In Building Climate Solutions, emergency replacement momentum and disciplined execution contributed to record quarterly performance. We are reaffirming our full year adjusted earnings per share guidance range of $23.50 to $25.

在建築氣候解決方案（Building Climate Solutions）方面，緊急汰換需求動能與嚴謹執行帶動創下季度紀錄。我們重申全年調整後每股盈餘指引區間為 23.50 至 25 美元。

With that context, let's turn to Slide 4 to discuss the current economic outlook. The industry environment continues to gradually improve. Channel destocking has largely concluded as dealers regain confidence and replacement demand strengthens.

在此背景下，讓我們看投影片第 4 頁，討論目前的經濟展望。產業環境持續逐步改善。通路去庫存大致已結束，經銷商信心回升，汰換需求也在增強。

Consumer sentiment remains cautious, contributing to continued softness in new home construction and remodel activity. At the same time, Lennox-specific growth initiatives are gaining momentum and beginning to offset these pressures.

消費者信心仍偏謹慎，導致新屋建築與翻修活動持續疲弱。同時，Lennox 自身的成長計畫正加速推進，並開始抵銷上述壓力。

On the cost side, we are experiencing inflationary and tariff-related increases across commodities, components and finished goods. Fuel and transportation costs are also rising. In response, we are sharpening our focus on mitigation activities, including productivity and reductions in material cost.

在成本端，我們正面臨大宗商品、零組件與成品的通膨及關稅相關成本上升；燃料與運輸成本也在增加。為此，我們將更聚焦於緩解措施，包括提升生產力與降低材料成本。

We are also further streamlining our supply chain optimizing manufacturing operation and implementing thoughtful pricing actions. In Home Comfort Solutions, sales volume year-overyear improved sequentially during the quarter, supported by better performance in the two step channel.

我們也將進一步精簡供應鏈、優化製造營運，並採取審慎的定價行動。在家用舒適解決方案方面，本季銷量年減幅度較前一季改善，主要受二階通路表現較佳支撐。

Repair versus replacement stabilized, providing greater visibility into underlying demand trends. New product introductions, including a successful water heater launch and growing traction with new heat pump products contributed positively. In addition, the on-track integration of Supco parts and supplies strengthens our attachment rate growth better.

維修相對於汰換的趨勢已趨於穩定，使我們對基礎需求走勢有更高能見度。新產品導入（包括成功推出熱水器，以及新熱泵產品的動能提升）帶來正面貢獻。此外，Supco 零件與耗材的整合按計畫推進，進一步強化我們的附掛率（attachment rate）成長。

In Building Climate Solutions, our superior execution continues with emergency replacement and national accounts, both driving volume growth. Greater engagement across our full life cycle offerings along with the integration of DuroDyne parts and supply is expanding our commercial portfolio.

在建築氣候解決方案方面，我們在緊急汰換與全國性客戶（national accounts）上的卓越執行持續推進，兩者皆帶動銷量成長。透過更深入導入我們全生命週期的產品與服務組合，加上 DuroDyne 零件與供應的整合，正擴大我們的商用產品組合。

Now let's turn to Slide 5 to highlight recent product introductions.

現在請看投影片第 5 頁，重點介紹近期的新產品。

Innovation continues to be a critical differentiator for Lennox. Our recently launched products further elevate our competitive position to meet the evolving needs of our customers, particularly around efficiency, backwards compatibility and ease of installation.

創新仍是 Lennox 的關鍵差異化優勢。我們近期推出的產品進一步提升競爭地位，以滿足客戶不斷演進的需求，特別是在效率、向下相容性（backwards compatibility）與安裝便利性方面。

In Commercial, our new Strategos Rooftop with heat pump technology expands replacement options for customers. This product offers greater flexibility in where and how systems can be installed supporting a wide range of electrification as efficiency expectations continue to rise.

在商用領域，我們全新推出搭載熱泵技術的 Strategos 屋頂機（Rooftop），為客戶提供更多汰換選項。該產品在系統可安裝的位置與方式上更具彈性，能支援更廣泛的電氣化需求，並因應持續提升的效率期待。

In residential, we are broadening our heat pump portfolio to serve all climates and installation requirements. Core climate capabilities allow us to better address demand in northern regions while our new compact air handlers make it easier to deploy high-efficiency systems in retrofit and space-constrained applications.

在住宅領域，我們正擴充熱泵產品組合，以滿足各種氣候與安裝需求。核心氣候能力使我們能更好地回應北方地區需求；而我們新推出的緊湊型風機盤管（air handlers）則讓在翻新與空間受限的應用中，更容易部署高效率系統。

We are also extending our presence within the home through high-efficiency Lennox heat pump water heaters via our Ariston joint venture.

我們也透過與 Ariston 的合資企業，推出高效率 Lennox 熱泵熱水器，進一步延伸我們在家庭中的布局。

This new product integration supports the convergence of HVAC and water heating and strengthens the Lennox home control platform. Together, these innovations expand our addressable market, increase share of wallet and reinforce Lennox's long-term competitive position.

這項新產品整合支持 HVAC 與熱水加熱的融合趨勢，並強化 Lennox 的家庭控制平台。綜合而言，這些創新擴大我們的可服務市場、提高客戶錢包份額（share of wallet），並鞏固 Lennox 的長期競爭地位。

With that, I will turn it over to Michael to review our financials.

接下來我把時間交給 Michael，請他說明財務表現。

Thank you, Alok. Good morning, everyone. Please turn to Slide 6. After two consecutive quarters of year-over-year sales declines, we were pleased in the first quarter to return to year-over-year revenue growth of 6%. Growth from our DuroDyne and Supco acquisitions completed in Q4 2025 contributed 6%, while growth in BCS was offset by continued sales declines in HCS.

謝謝你，Alok。各位早安。請看投影片第 6 頁。在連續兩季年對年銷售下滑後，我們很高興第一季回到年對年 6% 的營收成長。2025 年第四季完成的 DuroDyne 與 Supco 併購帶來 6% 的成長貢獻；BCS 的成長則被 HCS 持續的銷售下滑所抵銷。

As expected, residential end markets remained down year-over-year, but the rate of decline improved sequentially versus the fourth quarter of last year.

如預期，住宅終端市場年對年仍下滑，但相較去年第四季，下滑幅度已連續改善。

If inventory levels normalize, the segment profit was negatively impacted by approximately $15 million of manufacturing costs under absorption.

若庫存水位正常化，部門獲利約受到 1,500 萬美元的製造成本「產能吸收不足」負面影響。

Against that backdrop, results progressed as expected. Let me turn to the details of our Home Comfort Solutions segment on Slide 7. In our fourth quarter earnings call, we noted that the first quarter end markets would remain challenging, which should show signs of improvement.

在此背景下，整體結果如預期推進。接著我將在投影片第 7 頁說明家用舒適解決方案（HCS）部門的細節。在第四季財報電話會議中，我們提到第一季終端市場仍將具挑戰，但應會出現改善跡象。

Overall, HCS revenue declined 10%, M&A contributed a positive 2%, while organic revenue declined 12%, with one-step down approximately 10% and two step down approximately 15%.

整體而言，HCS 營收下滑 10%；併購（M&A）貢獻正向 2%；有機營收下滑 12%，其中一階（one-step）約下滑 10%，二階（two-step）約下滑 15%。

Organic sales volumes declined 21%, but this represented a meaningful improvement from a 32% decline in the fourth quarter of 2025. Within the one-step channel, lower new construction activity continue to weigh on results.

有機銷售量下滑 21%，但相較 2025 年第四季 32% 的下滑，已明顯改善。在一階通路中，較低的新建活動仍持續拖累表現。

In the two step channel, distributor sentiment improved as customers began to restock ahead of the summer season. Mix and price realization contributed positively to results driven primarily by the full conversion to new R-454B products.

在二階通路方面，隨著客戶在夏季旺季前開始補庫存，經銷商情緒改善。產品組合與價格實現對結果帶來正面貢獻，主要由全面轉換至新的 R-454B 產品所帶動。

Product costs were a $23 million headwind driven by materials inflation and under absorption due to lower production levels. Finally, Acquisitions contributed approximately $2 million of profit and SG&A cost taken last quarter mostly offset SG&A inflation.

產品成本形成 2,300 萬美元的逆風，主要來自材料通膨，以及因產量較低導致的產能吸收不足。最後，併購約貢獻 200 萬美元的獲利，而上季採取的 SG&A 成本措施大致抵銷了 SG&A 通膨。

Please turn to Slide 8 for an overview of the Building Climate Solutions segment. BCS delivered another exceptionally strong quarter with organic sales up 26%, M&A growth up 12% and profit margins expanded 300 basis points. Sales volumes increased 17% as national account demand normalized alongside continued growth in emergency replacement and new customer wins across both equipment and service offerings.

請看投影片第 8 頁，為建築氣候解決方案（BCS）部門概覽。BCS 再度交出極為強勁的一季：有機銷售成長 26%，併購成長 12%，利潤率擴張 300 個基點。銷售量成長 17%，因全國性客戶需求回歸常態，同時緊急汰換持續成長，且在設備與服務兩大產品線皆取得新客戶。

Price and mix delivered 9% revenue growth, driven by the full transition of light commercial products to the new 454B refrigerant. Similar to HCS, BCS experienced absorption pressure as we optimize inventory levels, but manufacturing cost efficiencies offset this impact. M&A contributed $7 million of profit growth, offsetting SG&A inflation and distribution investments.

價格與產品組合帶來 9% 的營收成長，主要受輕型商用產品全面轉換至新的 454B 冷媒所驅動。與 HCS 類似，BCS 在優化庫存水位的過程中也面臨產能吸收壓力，但製造成本效率改善抵銷了該影響。併購帶來 700 萬美元的獲利成長，抵銷了 SG&A 通膨與通路投資。

Please turn to Slide 9 for cash flow and capital deployment. Free cash flow in Q1 2026 was at $39 million use of cash, an improvement versus a $61 million use of cash in the prior year quarter.

請看投影片第 9 頁，說明現金流與資本配置。2026 年第一季自由現金流為淨流出 3,900 萬美元，較去年同期淨流出 6,100 萬美元有所改善。

Underlying operating performance improved materially. Adjusting for approximately $30 million of higher capital expenditures year-over-year, operating cash flow was $16 million, an improvement of $52 million driven primarily by inventory growth of $60 million this quarter compared to $210 million in the prior year period.

基礎營運表現顯著改善。若調整年對年約 3,000 萬美元較高的資本支出，營運現金流為 1,600 萬美元，改善 5,200 萬美元，主要因本季庫存增加 6,000 萬美元，相較去年同期增加 2.10 億美元。

Inventory build in the quarter focused on parts and specific SKUs to support customer fulfillment during the upcoming peak season. Given normal seasonality, we expect inventories to moderate from current levels in the second half of the year.

本季的庫存增加主要集中在零件與特定 SKU，以支援即將到來旺季期間的客戶履約。考量正常季節性，我們預期下半年庫存將自目前水準回落。

We continue to maintain a strong balance sheet with healthy leverage while supporting the $550 million acquisition completed in Q4 2025 and continued share repurchases.

我們持續維持強健的資產負債表與健康的槓桿水準，同時支援於 2025 年第 4 季完成的 5.5 億美元收購案以及持續的庫藏股回購。

We also see a healthy pipeline of bolt-on M&A opportunities and remain disciplined, prioritizing deals that enhance our portfolio and meet our return thresholds.

我們也看到健康的補強型（bolt-on）併購機會管線，並維持紀律，優先考量能強化我們產品組合且符合我們報酬門檻的交易。

For 2026, we continue to expect approximately $250 million of capital expenditures, focused on innovation and training centers, digital capabilities, distribution network optimization, ERP modernization and targeted AI capabilities. With that, let me move to Slide 10 to review our updated 2026 financial guidance.

針對 2026 年，我們仍預期資本支出約 2.5 億美元，重點投入於創新與訓練中心、數位能力、配送網路最佳化、ERP 現代化，以及具針對性的 AI 能力。接下來請讓我切換到第 10 頁，檢視我們更新後的 2026 年財務指引。

Our updated full year 2026 guidance reflects Q1 results and trends, including higher cost inflation and tariffs. The tariff environment continues to evolve with little notice.

我們更新後的 2026 年全年指引反映第 1 季的結果與趨勢，包括較高的成本通膨與關稅。關稅環境仍在演變，且往往缺乏預告。

Earlier this month, new Section 232 tariffs were announced. As Alok noted earlier, we have a proven track record of using multiple levers, including price and productivity to offset tariff related cost pressure.

本月稍早，新的《232 條款》（Section 232）關稅已宣布。如同 Alok 先前提到的，我們在運用多種槓桿（包括定價與生產力）以抵銷關稅相關成本壓力方面，具備經驗證的良好紀錄。

As a result of our move to FIFO accounting, we do not expect any income statement impact from these new tariff rules until the third quarter. With that context, I will walk through the specific guidance items that have changed since we introduced our initial 2026 outlook in January.

由於我們改採 FIFO（先進先出）會計，我們預期在第 3 季之前，這些新的關稅規則不會對損益表造成影響。在此背景下，我將說明自我們於 1 月提出初始 2026 年展望以來，哪些具體指引項目已發生變化。

All other guidance items remain unchanged. Revenue is now expected to grow approximately 8% compared to prior guidance of 6% to 7%.

其他所有指引項目維持不變。營收目前預期成長約 8%，高於先前指引的 6% 至 7%。

The increase is driven by modestly higher mix and price, reflecting the Lennox price actions announced earlier this week, the annual price increase implemented earlier this year and the carryover benefit of the 2025 regulatory mix.

此增幅主要由略高的產品組合（mix）與價格所帶動，反映 Lennox 本週稍早宣布的調價措施、今年稍早實施的年度調價，以及 2025 年法規帶來的產品組合延續效益。

Looking at the segment revenue guidance, HCS is now expected to grow 4% compared to the previous guidance of 2% and BCS is now expected to grow approximately 16%.

就各事業部營收指引而言，HCS 目前預期成長 4%，高於先前指引的 2%；BCS 目前預期成長約 16%。

Organic volumes are still expected to decline low single digits, net of approximately 1 point of growth from parts and accessories, commercial emergency replacement, inducted heat pumps and Samsung Ductless products. Cost inflation is now expected to be up approximately 5% from up 2% driven by recent increases in tariffs and input costs for aluminum, steel, copper and fuel.

有機出貨量仍預期下滑低個位數；在扣除零件與配件、商用緊急汰換、感應式熱泵（inducted heat pumps）以及 Samsung 無風管（Ductless）產品約 1 個百分點的成長貢獻後亦同。成本通膨目前預期上升約 5%，高於先前的 2%，主要由近期關稅上調以及鋁、鋼、銅與燃料等投入成本上升所驅動。

Based on these updated assumptions, adjusted EPS is still expected to be in the $23.50 to $25 range. Free cash flow remains expected to be $750 million to $850 million, driven by inventory normalization and higher profitability. Overall, we feel good about the underlying momentum in the business while recognizing that the external environment remains dynamic and will require continuous focus and execution.

基於上述更新後的假設，調整後 EPS 仍預期落在 23.50 至 25 美元區間。自由現金流仍預期為 7.5 億至 8.5 億美元，主要由庫存正常化與獲利能力提升所帶動。整體而言，我們對業務的內在動能感到樂觀，同時也認知外部環境仍具動態性，將需要持續的專注與執行。

With that, please turn to Slide 11, and I'll hand it back to Alok.

接下來請翻到第 11 頁，我把時間交還給 Alok。

Thanks, Michael. As we close, I want to take the opportunity to share why four years in, I'm still genuinely excited about Lennox.

謝謝你，Michael。結語時，我想藉此機會分享，為什麼在四年之後，我仍對 Lennox 由衷感到振奮。

We operate in an attractive growth industry with an enduring place in the market. However, what really sets Lennox apart is how we deliver differentiated growth through our execution on enhancing the customer experience, disciplined capital allocation and effective acquisition integration, all of which reinforce our resilient margin profile.

我們所處的是具吸引力的成長型產業，並在市場中擁有長久且穩固的地位。然而，真正讓 Lennox 脫穎而出的是：我們透過提升客戶體驗的執行力、嚴謹的資本配置，以及有效的併購整合，實現差異化成長；而這些也進一步強化了我們具韌性的利潤率結構。

What excites me most is that innovation is always at the forefront. Our product and advanced technology portfolios continues to expand, enabling us to capture a greater share of wallet of course, not all this would be possible without the strong foundation that is our culture.

最令我興奮的是，創新始終站在最前線。我們的產品與先進技術組合持續擴張，使我們能夠取得更高的客戶錢包份額（share of wallet）。當然，若沒有我們文化所奠定的堅實基礎，這一切都不可能實現。

Guided by core values and guiding behaviors, the Lennox team shows up every day committed to creating long-term value for our customers, employees and shareholders. For all of these reasons and many more, I truly believe that our best days are still ahead.

在核心價值與行為準則的引導下，Lennox 團隊每天都以為客戶、員工與股東創造長期價值為承諾而投入。基於這些原因以及更多因素，我真心相信，我們最好的日子仍在前方。

Thank you. We'll be happy to answer your questions now. So let's go to Q&A.

謝謝。我們現在很樂意回答各位的問題。那我們進入問答環節。

(Operator Instructions) Noah Kaye, Oppenheimer.

（接線員指示）Noah Kaye，Oppenheimer。

Good morning, thanks for taking the questions. Michael, the cycle conversion continues to give us talking points.

早安，謝謝讓我提問。Michael，週期轉換（cycle conversion）持續提供我們一些討論重點。

And I want to ask, following up on your comments, just how to think now about the timing difference in cost increases versus price realization.

我想追問你剛才的評論：現在該如何看待成本上升的時點與價格實現（price realization）之間的時間差？

You mentioned the incremental costs, many of them won't really layer in until 3Q. How do we think about pricing? And should we still think about kind of the previous guidance for first half, second half EPS split still applying or is anything shifting given these moving pieces of the outlook?

你提到新增成本，其中很多要到第 3 季才會真正反映進來。我們該如何看待定價？另外，先前對上半年、下半年 EPS 分布的指引是否仍適用？或是在這些展望變動因素下，有任何轉移？

Yes. First, is write down the guidance. Most of the cost impact and the price impact would fall within the second half.

是的。首先，請記下指引：大部分的成本影響與價格影響都會落在下半年。

We've announced a price increase earlier this week, it will take some time before we start to see the full impact, maybe you'll start to see a little bit later in the second quarter. But predominantly, both of these should come into the second half of the year.

我們本週稍早已宣布調價；在我們開始看到完整影響之前需要一些時間，可能會在第 2 季稍晚開始看到一點點。但主要而言，這兩者都會在下半年反映。

When you look at the revenue split, it'll put a little bit more revenue, obviously, now in the second half than the first half. But overall, profitability should still be about the same as we reflected last year by the quarters.

從營收分布來看，顯然下半年的營收會比上半年多一些。但整體獲利能力仍應與我們去年按季度所呈現的情況大致相同。

Okay. And as a follow-up, you called out the $15 million under-absorption impacting this quarter. Any lingering under-absorption headwinds to think about here for 2Q or are we kind of mostly caught up now that restocking is underway and you haven't increased your inventories too much?

了解。那我追問一下：你提到本季有 1,500 萬美元的產能吸收不足（under-absorption）造成影響。對第 2 季而言，是否還有任何持續的產能吸收不足逆風需要考量？還是說在補庫存已開始、且你們並未大幅增加庫存的情況下，現在大致已追上？

I think as you saw within our results in the first quarter, we continue to not grow inventory as much as we did in previous years. So we had some absorption headwinds. We reduced our productions about 30% in the first quarter. So there will be a little bit of absorption that will go into the second quarter. But by the end of the second quarter, the inventory normalization will have occurred

我認為如你在我們第 1 季的結果所見，我們持續沒有像過去幾年那樣大幅增加庫存，因此出現一些吸收逆風。我們在第 1 季將產量降低約 30%，所以第 2 季仍會有一些吸收影響。但到第 2 季底，庫存正常化就會完成。

Perfect. I'll turn it over.

太好了。我把時間交出去。

Ryan Merkel, William Blair.

Ryan Merkel，William Blair。

Hey, everyone. Good morning. Thanks for the question. I wanted to ask first on HCS, the revenue outlook for 2Q. I think previously you saw it down low single digits year-over-year but it sounds like you're seeing a bit of stabilization. And I'm just curious if April has been a little bit better.

各位早安。謝謝讓我提問。我想先問 HCS，第 2 季的營收展望。我記得先前你們看到年增率下滑低個位數，但聽起來你們看到一些穩定跡象。我很好奇 4 月是否稍微好一些。

Hey, Ryan, good morning. It's pretty hard to call quarter, especially given some of the impact of whether that is still very unknown. So I don't think at this point, we would give you any further clarification compared to what we said in the past and would go with the same assumptions.

Ryan，早安。要判斷單一季度其實很難，尤其考量到某些影響因素仍非常不明朗。因此目前我們不會比過去所說的再提供更多釐清，會沿用相同的假設。

The change we made in the guidance simply reflects a stronger Q1 overall. And more importantly, the impact of additional price increases that we announced earlier this week that are going to mostly fall in the second half.

我們對指引所做的調整，單純反映第 1 季整體表現更強。更重要的是，我們本週稍早宣布的額外調價，其影響大多會落在下半年。

Okay. Got it. And then as my follow-up, BCS was really strong. You mentioned good execution. Anything else you'd call out there? And why not raise the guidance a little bit more there?

了解。那我的追問是，BCS 表現非常強。你提到良好的執行力。還有其他你會特別點出的因素嗎？以及為什麼不把那邊的指引再上調多一點？

You should have asked CFO as I have, Ryan. So listen, on the guidance piece, it's such a seasonal business, weather makes an impact. And I think we have based on everything we know, Q1 is not a quarter to raise guidance anyway. I mean there's just so much more to go given the -- there's just a shorter season. So I wouldn't read too much into Q1.

Ryan，你應該問 CFO，因為我也有同樣的疑問。聽著，關於指引這件事，這是高度季節性的業務，天氣會造成影響。而且我認為基於我們所知的一切，第 1 季本來就不是上調指引的季度。畢竟後面還有太多變數——旺季時間也比較短。所以不要對第 1 季解讀過多。

On BCS, first of all, congratulations to the team. I mean, the execution out there is just super. The new factory is paying strong dividends. We are getting the right amount of productivity that we expected, maybe a little more than we expected.

至於 BCS，首先要恭喜團隊。現場的執行真的非常出色。新工廠帶來了很強的效益。我們取得了預期的生產力提升，甚至可能比預期還多一些。

The emergency replacement initiative now that we have inventory position all over the US is paying off meaningfully and more importantly, the fact that now Stuttgart is more stabilized, is also helping us win back national account and gain additional volume from that.

緊急汰換（emergency replacement）計畫在我們於全美各地建立庫存配置後，已帶來顯著成效；更重要的是，Stuttgart 現在更趨穩定，也幫助我們贏回全國型客戶（national account），並從中取得額外的出貨量。

And don't forget our other two businesses, the Service business is benefiting from the full life cycle value proposition, and the refrigeration business also continues to set records both in growth and profitability.

另外別忘了我們另外兩項業務：服務業務受惠於全生命週期價值主張，而冷凍冷藏（refrigeration）業務在成長與獲利方面也持續創下紀錄。

So just a good success story and something that we think we are going to start seeing in HCS as well as our markets stabilize and the end markets are not such a big drag on us. So congratulations to the BCS team. Nothing unusual just strong execution on a very, very defined strategy.

所以這是一個很好的成功案例；而且我們認為，隨著我們的市場趨於穩定、終端市場不再對我們造成那麼大的拖累，我們也會開始在 HCS 看到類似的情況。所以恭喜 BCS 團隊。沒有什麼不尋常的，就是在一個非常、非常明確的策略上強力執行。

All right. That's great. I'll pass it on. Thanks.

好。太好了。我會轉達。謝謝。

Julian Mitchell, Barclays.

Julian Mitchell，Barclays。

Hi, good morning. Maybe just wanted to start on the overall operating margin guide for the company. Is it fair to say that you've sort of got a flattish operating margin dialed in total company for the year? And then within that, you've got HCS down, BCS up and just trying to understand sort of HCS margins, I understand we had a tough time in Q1 for many reasons. How quickly do those margins kind of climb up out of that hole?

嗨，早安。我想先從公司整體的營業利益率指引談起。是否可以說，你們今年在全公司層面大致是把營業利益率設定為持平？然後在這之中，HCS 下降、BCS 上升。我想了解一下 HCS 的利潤率走勢；我知道第一季因為很多原因表現很艱難。那些利潤率大概會多快從那個低點回升？

Sure. So I'll speak to the overall margin guide. When we talked in January, we expected a slight increase in the enterprise margin expansion now with the increase to revenue and costs, we expect a slight decline in the margin.

好的。我先談整體利潤率指引。我們在一月談到時，原本預期企業整體的利潤率會小幅擴張；但現在隨著營收與成本的上修，我們預期利潤率會小幅下滑。

But you're correct, within BCS, organically, we expect margins to be up there within HCS organically, we expect them to be down. M&A will have a slight drag overall in the enterprise.

不過你說得沒錯：在 BCS 方面，以有機成長來看，我們預期利潤率會上升；在 HCS 方面，以有機成長來看，我們預期利潤率會下降。併購（M&A）在企業整體上會有些微拖累。

But we should expect to see as volumes recover in the second half of the year, the incrementals within HCS approved. We just need to go through the first half of the Q for HCS, we'll see that challenge behind us.

但隨著下半年量能回升，HCS 的增量利潤率應該會改善。我們只需要先度過 HCS 上半年這幾季，之後就會看到那個挑戰在我們身後。

Yes. And I think one thing, as we dug into the results in Q1, it became abundantly clear to us that the decline in margin, which we don't love it all is 100% driven by the factory under absorption, we were able to offset inflation with a volume with pricing and efficiency, but it is the under absorption. So as that and absorption kind of continues to become less of an issue as we go into Q2 and second half, we are very confident in the margin going back to normal

是的。我想補充一點：當我們深入檢視第一季的結果時，我們非常清楚地看到，利潤率下滑（我們當然不喜歡）是 100% 由工廠產能吸收不足所驅動。我們能用定價與效率在量的層面抵消通膨，但問題就在於吸收不足。所以當這個吸收不足在第二季與下半年逐步不再是那麼大的問題時，我們對利潤率回到正常水準非常有信心。

Thanks very much. And then my follow-up, I suppose, was around -- so the cost inflation numbers moved from 2.5% to 5%. So is that right that that's roughly kind of $100 million or so extra gross cost headwind? And then I suppose, do you see any competitive implications from that cost base movement? And sort of tied to that, how is the price elasticity of volume playing out in HCS at present, please?

非常感謝。那我追問一下：成本通膨的數字從 2.5% 上調到 5%。這樣理解對嗎——大概等於多了約 1 億美元左右的額外毛成本逆風？另外，你們是否看到這種成本基礎變動帶來任何競爭面的影響？再延伸一下，目前 HCS 的價格彈性、也就是漲價對量的影響，現在表現如何？謝謝。

Yeah. So I guess on the first piece, your numbers are roughly right, as usual, Julian, so no surprise there. I don't see any competitive dynamic or drawback to us inflation in oil, commodities, components are adapted in all of us.

是的。先就第一部分來說，你的數字大致正確，一如往常，Julian，所以不意外。我不認為我們面臨油價、商品、零組件通膨會有任何競爭動態或劣勢，因為這些是所有人都在承受的。

The Section 232 derivative tariff impact, that hits deeper differently, but it does hit every manufacturer. Some will bring metal components from overseas, some bring finished products from overseas.

至於《232 條款》衍生的關稅影響，確實會以不同方式、不同深度影響，但它也會打到每一家製造商。有些公司從海外進口金屬零組件，有些則從海外進口成品。

So that was -- there may be some slight variation depending on which company, but we don't think it puts us at a competitive disadvantage overall. We remain very sensitive to those competitive dynamics, and we'll continue adjusting those as we go along. Sorry, Michael?

所以——不同公司之間可能會有些微差異，但我們不認為整體而言會讓我們處於競爭劣勢。我們仍然對這些競爭動態非常敏感，也會在推進過程中持續調整。抱歉，Michael？

Yes. I'll just add. I mean, if you look at the spot market, since our last guidance, aluminum is up 25%, steel 20% to 25%, Diesel is up 50%. Copper is up 10% to 15%. We have hedging programs that delay some of that.We have fixed contracts. But overall, these input costs are up significantly since our last guidance.

是的。我補充一下。若看現貨市場，自我們上次給指引以來，鋁上漲 25%，鋼上漲 20% 到 25%，柴油上漲 50%，銅上漲 10% 到 15%。我們有避險計畫可以延後部分影響，也有固定合約。但整體而言，這些投入成本自我們上次指引以來已顯著上升。

That's helpful. Thank you.

這很有幫助。謝謝。

Chris Snyder, Morgan Stanley.

Chris Snyder，Morgan Stanley。

Thank you. I also wanted to follow up on the price cost drivers into the back half. I guess there might be some rounding involved, but you guys are still calling for mid-single digit price, but it does sound like more is coming.

謝謝。我也想追問一下下半年價格與成本的驅動因素。我想可能有一些四捨五入的因素，但你們仍然預期中個位數的價格上調，不過聽起來還會有更多動作。

So just maybe if you could kind of provide a little bit more nuance around that? And then also, why is the incremental on the price action getting better? I think now it's expected to be 90% versus prior 75%? Thank you.

所以想請你們能否提供更細緻一點的說明？另外，為什麼這次價格行動的增量效益變得更好？我想現在預期是 90%，而之前是 75%？謝謝。

I'll take the first part of the question. So yes, there is a bit of rounding. I mean mid-single digit is still a broad range. And overall, as you know, we are very transparent with what we do, but it's within the mid-single-digit range. Michael can address the realization point.

我先回答問題的第一部分。是的，確實有一些四捨五入的因素。中個位數本身就是一個很寬的區間。整體而言，如你所知，我們對我們所做的事情非常透明，但它仍落在中個位數的範圍內。至於實現率（realization）的部分，Michael 可以說明。

But essentially, given all the inflation that we just talked about and the additional pricing actions we have taken this week, that just gives us better drop-through because it's just going to stick better going back to each of the inflation piece that Michael just talked about. Michael?

但基本上，考量我們剛才談到的所有通膨，以及我們本週採取的額外定價行動，這會帶來更好的落袋（drop-through），因為這些價格會更能站得住腳，對應回 Michael 剛提到的各項通膨因素。Michael？

Yes. Specific to the 90%, within that, there's really two guide points. First, we have price that has an incremental of 100% because we have costs on the other side of our guidance and the mix normally, what happens there is there's an incremental somewhere in the 50-ish percent range that we have within that.

是的。就 90% 這點來說，裡面其實有兩個指引要點。第一，我們有一部分價格的增量是 100%，因為在我們的指引中，成本是在另一側，另外還有產品組合（mix）。通常在那裡，組合的增量大概落在 50% 左右。

So when you blend the two together, you start to get a higher dropthrough because there's now more price than mix because the mix is generally behind us now from the carryover the regulatory change last year.

所以把兩者混合起來，你會看到更高的落袋率，因為現在價格的比重高於組合；而組合的影響基本上已經在我們身後了，主要是去年法規變更的遞延影響（carryover）已經過去。

Thank you. I appreciate that. And then if I could just follow up on the HCS revenue trajectory from here. It seems like on my math to kind of get to that full year guide, the build into Q2 and Q3 off the Q1 level seems steeper than typical on my math.

謝謝。我很感謝這個說明。那我再追問一下 HCS 從現在起的營收走勢。以我的計算，要達到你們全年指引，從第一季水準推算到第二季、第三季的回升幅度看起來比一般情況更陡。

Correct me if you guys disagree with that. And I guess, is that a function of the channels restocking demand is getting better? You guys are taking share, more price? Any color there would be helpful. Thank you.

如果你們不同意也請指正。那這是否是因為通路補庫存需求變好？你們市占提升？或是更多的漲價？如果能提供一些顏色會很有幫助。謝謝。

So let me start with the second half. I mean the comps get much easier in the second half. I mean that's where we see massive declines last year.

我先從下半年談起。下半年的比較基期會容易很多，因為去年下半年我們看到非常大的下滑。

Michael did talk earlier about pricing will have more of an impact in the second half. I think in Q2, remember, mix will still benefit us because we hadn't completed the 454B conversion all the way by the time we hit Q2.

Michael 先前也提到，定價在下半年的影響會更大。我想在第二季，請記得，組合仍會對我們有利，因為到第二季時我們還沒有把 454B 的轉換完全做完。

So I think you put it all together, Q1 last year, the mix was very tough because a lot of people were stocking up in preparation for the transition and buying a lot of 410a inventory. So large part of the answer is just comps, what happened last year. and then the pricing impact. Michael, what would you add to that?

所以我認為把這些因素放在一起：去年第一季的組合非常艱難，因為很多人在轉換前先囤貨，買了大量 410a 的庫存。所以答案很大一部分就是比較基期——去年發生了什麼——再加上定價的影響。Michael，你要補充什麼？

Remember, Q2 had the canister issue last year that was significantly within that quarter with the canister shortage issue

請記得，去年第二季有罐體（canister）問題，在那一季因罐體短缺的問題影響非常顯著。

Thank you. I appreciate that.

謝謝。我很感謝。

Jeffrey Sprague, Vertical Research.

Jeffrey Sprague，Vertical Research。

Hey, thanks. Good morning. Just back to the inflation, Yes, Michael, in view of that, let me -- you went through aluminum, steel, copper, et cetera.

嗨，謝謝。早安。回到通膨的問題。是的，Michael，基於你剛才的說明——你提到了鋁、鋼、銅等等。

We've been watching that ourselves, obviously. How would you parse kind of the inflation headwind between the tariff changes and just kind of the general inflation going on? And then obviously, there's an annualized impact on what you laid out here given sort of the half year dynamics. The price that you're putting in place would fully cover you for sort of those carryover headwind impacts into 2027.

我們自己當然也一直在觀察。你會如何拆解通膨逆風中，關稅變動與一般性通膨各自的占比？另外，考量你們提到的半年期動態，這裡也有年化影響。你們正在實施的價格措施，是否能完全覆蓋延續到 2027 年的遞延逆風影響？

So I'll speak to the input costs. We do have hedging programs and fixed contracts for a lot of that, as I mentioned. So we're about on average, 70-ish percent hedged on that, but there is a piece of our overall inflation guide for the remaining 30% and then the balance is mostly tariffs.

我先談投入成本。如我提到的，我們對其中很多項有避險計畫與固定合約。所以平均而言，我們大約有 70% 左右做了避險；但在我們整體通膨指引中，仍有剩餘 30% 的部分會暴露在外，而其餘的差額主要是關稅。

And then on the annualized impact, we're going to continue to look to find ways to mitigate. As we talked about, this is still not fully mitigated.

至於年化影響，我們會持續尋找方法來降低衝擊。如同我們所談到的，這目前仍未完全被抵消。

We still have a lot of levers that take time on the supply chain and the manufacturing processes to be able to continue to mitigate that cost. That's our goal is keep focusing on cost mitigation, just some of these efforts take a little longer.

我們仍然有很多需要時間才能在供應鏈與製造流程上發揮作用的槓桿，才能持續緩解那項成本。我們的目標就是持續聚焦於成本緩解，只是其中一些努力需要更長一點的時間。

Yeah. And I'm pretty optimistic on our ability, just like we have done before, is to reduce the mitigated impact of tariff. But as Michael says, supply chain moves, manufacturing moves, product SKU moves, buying US Steel in Mexico moves, they just take a lot of time. So we are working through all of that to continue mitigating the impact.

是的。而且我對我們的能力相當樂觀，就像我們以前做過的一樣，能夠降低關稅的已緩解影響。但正如 Michael 所說，供應鏈移轉、製造移轉、產品 SKU 移轉、在墨西哥採購美國鋼材的移轉，都需要很多時間。所以我們正在推進所有這些工作，以持續緩解其影響。

Thanks for that. And then just on the channel behavior, right? It's kind of always interesting how we can quickly move from destock to restock.

謝謝說明。接著談一下通路行為，對吧？我們總是覺得很有意思，通路可以很快從去庫存轉為補庫存。

Do you sense in the channel that there was sort of pre-buy in front of inflation or there's been some early heat in some places, maybe a realization that things got a little bit too lean. Just kind of that behave your animal spirits in the channel right now, a little more color on what you're seeing?

你是否感覺通路端有在通膨前先行備貨，或是某些地方出現一些提早升溫，可能是意識到庫存壓得有點太精簡了？想請你多補充一些你目前在通路端看到的「動物精神」行為。

No. We have no indication of any prebuy ahead of price increase or inflation. I mean the April tariff announcement took most of us by surprise. So there's just absolutely no opportunity or knowledge within a channel to do any pre-buy around it. We think the restock is pretty normal.

沒有。我們沒有任何跡象顯示在漲價或通膨之前有預先備貨。我的意思是，4 月的關稅公告讓我們大多數人都措手不及。所以通路端完全沒有機會或資訊可以圍繞這件事做任何預先備貨。我們認為這次補庫存相當正常。

I mean, we do like the word re versus de when it comes to stock, so restock is good. And folks are just looking at the upcoming summer season and nobody wants to be sharp. So we think inventory levels are pretty normal. I'm not concerned. But remember, we haven't had normal year in years, and this will be the first time that we won't ever be with a refringent transmission, canister sorted, SEER transition and all of those things.

我的意思是，談到庫存時，我們確實更喜歡「補」而不是「去」這個字，所以補庫存是好事。大家只是看著即將到來的夏季旺季，沒有人想要缺貨。我們認為庫存水位相當正常。我不擔心。但請記得，我們已經好多年沒有「正常的一年」了，而這將是第一次我們不會再遇到冷媒轉換、罐裝（canister）分類、SEER 轉換以及所有那些事情。

So we think the inventory levels are reaching normal for the channel and for us.

所以我們認為，通路端以及我們自身的庫存水位正在回到正常。

I'll just add, we continue to look at our warranty registration data that suggests that inventory in the channel continues to be normal, especially on the one-step side.

我再補充一下，我們持續觀察保固註冊資料，顯示通路端庫存仍然維持正常，尤其是在 one-step 這一側。

Amit Mehrotra, UBS.

Amit Mehrotra，UBS。

Thanks A lot. Good morning, everybody. I guess I just wanted to come back on the Section 232 changes. From my seat, it's a little bit like the blind leading the blind in terms of what the actual impact is and I'd love to get -- you've got -- done a good job giving us kind of a very high-level view, but there's a lot of moving parts in terms of how much you have in Mexico, how much that's crossing borders, it's actually in the scope of the new Section 232, what the net effect is in terms of the steel content versus the total value, you buy compressors, you move them down to the south and bring it back up north.

非常感謝。各位早安。我想回到 232 條款（Section 232）變更這件事。以我這邊的角度來看，對實際影響是什麼有點像「盲人帶盲人」，我很希望能更了解——你們已經很不錯地給了我們一個非常高層次的觀點，但其中有很多變動因素：你們在墨西哥有多少產能、有多少跨境流動、實際上是否落在新的 232 條款範圍內、鋼材含量相對於總價值的淨影響是多少、你們買壓縮機、把它們移到南邊再運回北邊。

So just a lot of moving parts. Maybe you can just kind of pull back the curtain a little bit and just explain to us kind of how -- what the scope is and just so we get a little bit of a flavor of what's going on.

所以變動因素很多。也許你可以稍微「掀開帷幕」一點，跟我們解釋一下範圍到底是什麼，讓我們對正在發生的事情有一些感覺。

Sure. The scope is pretty wide. I'm not a tariff expert, but I can tell you, we have a lot of tariff experts in our company. I think there's a 7 a.m. crisis, war crisis type call every day.I wish I could invite you to that because then you will get answers to all of your questions there, Amit.

當然。範圍相當廣。我不是關稅專家，但我可以告訴你，我們公司裡有很多關稅專家。我想每天早上 7 點都有一通像危機、戰情室那樣的電話會議。我真希望能邀請你加入，因為那樣你在那裡就能得到你所有問題的答案，Amit。

I'm happy to join.

我很樂意加入。

The scope is pretty wide. And also, as time progresses, the secondary impacts are coming out to be also quite challenging or new. So the primary impact is often well understood. Once you understand all the different products and the classification codes. But from our perspective, this is not new.

範圍確實很廣。而且隨著時間推進，次級影響也逐漸浮現，同樣相當具挑戰性或是新的。因此，主要影響通常在你理解所有不同產品與分類代碼後就能掌握得很清楚。但從我們的角度來看，這並不新鮮。

This entire thing took us by a little surprised last year when we had the country. This year, we're getting some reforms. We are paying some more.

整件事在去年我們遇到那個國別（country）情況時，確實讓我們有點措手不及。今年我們正在面對一些改革。我們也正在多付一些。

What we have done is get ourselves and our team used to working through these uncertainties remaining very adaptable, very flexible, moving products, raw material out of media and working with our vendors to share the pain. So I think we are working through all of that.

我們所做的是讓我們自己與團隊習慣在這些不確定性中工作，保持高度適應力與彈性，移轉產品、把原物料從媒體（media）中移出，並與供應商合作分攤痛苦。所以我想我們正在把這些都逐一處理。

Net-net, when it comes down to is, I think every manufacturer who deals with metal is impacted. So clearly, the only one. And I think overall, we seem to be leading it with appropriate resiliency and appropriate determination. We also have to continue to wait and see, right? Things change dramatically, too.

歸根結底，我認為每一家使用金屬的製造商都會受到影響。所以很明顯不只我們一家。我也認為整體而言，我們似乎以適當的韌性與適當的決心走在前面。我們也必須繼續觀望，對吧？事情也可能劇烈變化。

There could be another tweet sometime in the next week or two that could just flip this on its head. So I can't really tell the details on that, Amit, I'm happy to have an offline conversation. But the teams are very qualified, very and we're working through it.

接下來一兩週內可能又會有一則推文，讓整件事完全翻轉。所以我沒辦法跟你講太多細節，Amit；我很樂意私下再聊。但團隊非常專業，我們也正在推進處理。

Okay. I appreciate that, Alok. And then maybe just a follow-up on your comment about replace versus repair sort of stabilizing. And I'm just curious if you're seeing actual evidence of consumers moving back into replacement? Or is it just kind of repair activity that simply is not getting worse?

好的。我很感謝，Alok。那再追問一下你提到「更換」相對於「維修」正在趨於穩定的評論。我很好奇，你們是否看到消費者實際回到更換的證據？還是只是維修活動沒有再惡化而已？

And the context of the question is really, it's natural for inventory to restock at this particular point in the year. I'm just wondering if maybe it's a leading indicator of potential destock unless you're actually seeing real consumer activity moving back towards the replacement paradigm?

這個問題的背景是，在一年中的這個時間點補庫存是很自然的。我只是想知道，除非你們真的看到消費者活動回到更換的模式，否則這會不會其實是未來可能去庫存的領先指標？

Yes. So remember, first of all, one-step channel, we are very close to thousands of dealers, right? and we have 10,000 direct customers, and we have multiple conversations with them every hour, every day. The sentiment, what we get back from them is that it is not getting worse.

是的。所以首先請記得，one-step 通路這邊，我們與成千上萬的經銷商非常貼近，對吧？我們有 10,000 個直接客戶，而且我們每小時、每天都與他們進行多次對話。我們從他們那裡得到的情緒回饋是：情況沒有變得更糟。

And if anything, a lot of the deferred replacement that happened last year or so is now coming back up for a replacement so I don't think this is an exact science.

而且如果要說的話，去年左右延後的更換需求，現在正回來進行更換，所以我不認為這是一門精準科學。

But last year, we were hitting a lot more hesitancy even within our contractors to recommend replacement versus repair. They were short on canister.

但去年，我們看到即便在承包商端，對於建議「更換」而不是「維修」也更猶豫。他們缺罐裝（canister）。

They were not fully trained on 454B and now the contractors are more confident and consumers are back to making the economic decision, which is that let's not repair that system versus look for replacement, which gives you better efficiency, better warranty, better financing.

他們也還沒有完全受訓熟悉 454B，而現在承包商更有信心，消費者也回到做經濟決策，也就是：不要去修那套系統，而是考慮更換，因為更換能帶來更好的效率、更好的保固、更好的融資。

So definitely not getting worse, definitely and some green shoots in terms of confidence among dealers and consumers returning back to more economic decisions.

所以確實沒有變得更糟；而且在經銷商與消費者信心方面，確實看到一些回溫的跡象，回到更偏向經濟理性的決策。

Right. That makes good sense. Thank you very much. I appreciate it.

好的。這很合理。非常感謝。我很感激。

Tommy Moll, Stephens.

Tommy Moll，Stephens。

Good morning, and thank you for taking my questions.

早安，謝謝讓我提問。

Good morning, Johnny.

早安，Johnny。

Alok, to continue with that same theme there where you said for the one-step channel, there are at least some green shoots, can you give us any sense of how the volumes have progressed year-to-date, just observing other data points across the industry.

Alok，延續你剛才同樣的主題，你提到 one-step 通路至少出現一些回溫跡象。你能否讓我們了解一下年初至今的出貨量（volumes）進展如何？我也在觀察產業內其他數據點。

Yes. It seems like the year started really slow, but then March and April, things have started to pick up. Some of that may just be a comparison issue, I don't know, but any context you can share would be helpful.

是的。看起來今年一開始非常慢，但到了 3 月和 4 月，情況開始回升。其中一部分可能只是比較基期的問題，我不確定，但你能提供的任何背景都會很有幫助。

Yeah. I think -- so things have improved sequentially month-over-month since the beginning of the year. So yes, both the statement that you made are accurate.

是的。我認為——所以自年初以來，情況按月（month-over-month）呈現逐月改善。因此，是的，你剛才的兩個說法都正確。

Some of it is driven by comparison as last year, people were holding at this point, and this is now turning out to be more normal. But some of it is also just confidence back in the channel where folks are taking more advantage of our stock-up promotions.

其中一部分是比較因素所驅動，因為去年在這個時間點大家都在觀望，而現在看起來更正常。但其中一部分也只是通路信心回來了，大家更願意利用我們的備貨促銷（stock-up promotions）。

We are seeing two-step getting a lot more eager to make sure they're not left behind in case we have a really hot start to the summer. So yes, sequentially, things have improved.

我們也看到 two-step 通路更積極，想確保如果夏季一開始就非常炎熱，他們不會被落下。所以是的，按序（sequentially）來看，情況已經改善。

And then on the BCS side, Alok, specifically emergency replacement, I think you used the word momentum earlier. What additional details can you share there? And what inning are we in? I know you're starting from a pretty low base of revenue. So you have to be strategic about how you attack that market going forward

那在 BCS 這一側，Alok，特別是緊急更換（emergency replacement），我記得你先前用了「動能」這個詞。你能在這裡分享更多細節嗎？我們現在處於哪一局（inning）？我知道你們是從相當低的營收基礎起步，所以你們必須在未來如何進攻這個市場上採取策略性做法。

I'm still in the second inning or something out of a nine-inning game. Last year, we're not even fully covered in US.

我還在九局比賽的第二局左右。去年，我們在美國甚至還沒有做到全面覆蓋。

We are still not fully covered in the US, but we're now covered most of the metro areas. Each region gets launched one at a time. What we have positively surprised by and pleased with is the ability of our own Lennox dealers to get back in the game, support us and then some and start using and getting back into the rooftop business with us.

我們在美國仍未做到全面覆蓋，但現在已覆蓋大多數都會區。每個地區都是一次推出一個。讓我們感到正面驚喜並且很滿意的是，我們自家的 Lennox 經銷商能重新回到賽局、支持我們甚至超出預期，並開始與我們一起重新投入屋頂機（rooftop）業務。

So that's been positive. Honestly, I'd tell you what the other good news lurking in there is the fact that we took most of the emergency replacement volume away from Stuttgart makes Stuttgart more of a configured to order factory dedicated to national account.

所以這是正面的。坦白說，我會告訴你，另外一個潛藏的好消息是，我們把大部分緊急更換（emergency replacement）的量從 Stuttgart 轉走，讓 Stuttgart 更像是一座按配置接單（configured to order）的工廠，專注服務全國性客戶（national account）。

That's been probably better dividend than we had expected in terms of restoring confidence in national accounts with shorter lead times, more custom products, basically going back to basics and there where we used to be very good at and lost our way.

就恢復全國性客戶信心而言，這帶來的回報可能比我們預期更好：交期更短、更多客製化產品，基本上是回到基本功，也回到我們過去非常擅長、但一度偏離的方向。

So early innings in emergency replacement, but also pleased with the momentum in National Account. The two words we were trying to use, so I'm really pleased you said that is momentum in BCS and stabilization in HCS those are our buzzwords for the quarter as we were practicing.

因此，在緊急更換方面還在前幾局，但我們也對全國性客戶的動能感到滿意。我們一直想用的兩個詞——所以我很高興你提到——就是 BCS 的動能（momentum）以及 HCS 的穩定化（stabilization），這是我們在排練時為本季設定的關鍵詞。

And I'll just add to that, the bundling of the service offering with the national accounts continues to perform very well.

我再補充一點：把服務方案與全國性客戶做綁定（bundling）的策略，持續表現得非常好。

Thank you both. I'll turn it back.

謝謝你們兩位。我把時間交回去。

Jeff Hammond, KeyBanc Capital Markets

Jeff Hammond，KeyBanc Capital Markets

Hey, good morning, guys.

各位早安。

Hi, Jeff.

嗨，Jeff。

Just going -- I mean it seems like the lean is more your inflation impact is 232. And you mentioned a couple of times, like you think everyone has the same issues. But I'm just wondering it seems like there's one OEM that does not make product in Mexico. And just what do you think happens if most people move on price, but not everybody moves on price?

我想問——看起來你們的通膨影響更多來自 232。你們也提到幾次，覺得大家都有同樣的問題。但我想知道，似乎有一家 OEM 並不在墨西哥生產產品。如果大多數人都調價，但不是每個人都調價，你們覺得會發生什麼？

Yes. Listen, there are a bunch of game theory scenarios, Jeff, which is hard to get into this, right? But remember, 232 derivative tariffs are not about products made in Mexico.

是的。Jeff，聽著，這裡有很多博弈論情境，很難在這裡深入討論，對吧？但請記住，232 衍生關稅（232 derivative tariffs）不是針對在墨西哥製造的產品。

They're about products made anywhere coming from outside as long as the steel content, the metal content is over x percent depending on weight. That does impact a broader group of folks beyond just what we're making in Mexico.

它們是針對從外部進口、在任何地方製造的產品，只要鋼材含量、金屬含量依重量超過某個百分比門檻。這影響的範圍不只是我們在墨西哥生產的產品，而是更廣泛的一群業者。

At the same time, remember, the secondary impact of this is a lot of the cost of steel and aluminum, like Michael mentioned, has gone up.

同時也要記得，次級影響是鋼與鋁的成本——就像 Michael 提到的——已經上升。

So nobody is immune to it, I think like you won't see where everybody lands up on this. We are very confident, and we have done price increases quite thoughtfully to make sure that we are not disadvantageous on share. So we'll work through the dynamics.

所以我認為沒有人能完全免疫；至於最後大家會落在哪裡，你也會看到。我們非常有信心，而且我們在調價上做得很審慎，確保不會在市占上處於不利。我們會把這些動態處理好。

But at this stage, based on what I'm looking at, I look at us doing the appropriate action and sharing the pain with our vendors and our customers.

但就目前我看到的情況，我認為我們採取了適當的行動，並且與供應商和客戶共同分擔這份壓力。

Okay. Great. And then just another one on BCS. I mean it sounds like -- I mean the 1Q numbers were pretty eye-popping, and I understand easy comp. And just all the comments you made in the previous question were pretty positive.

好的，很好。那再問一個關於 BCS 的問題。聽起來——第一季的數字相當驚人，我也理解有低基期。而且你們在前一題的評論都很正面。

So -- but it seems like the raise is pretty small. So maybe are there -- were there any aberrations in 1Q? Or is there any reason to temper maybe the enthusiasm on emergency replacement, national account momentum?

但是看起來上調幅度很小。所以是不是第一季有什麼異常？或是有任何理由需要降低對緊急更換、全國性客戶動能的期待？

No, besides what you already said, like last year, we got beat down because they were bad. So we had easier comps in Q1, the comps get tougher and be going up. But there's nothing beyond that, that is going to temper the performance going forward. just the comps get tougher as you move along the year.

沒有，除了你已經提到的：去年我們表現很差，所以今年第一季的比較基期比較容易；接下來比較基期會變得更難、會逐季走高。但除此之外，沒有其他會抑制未來表現的因素。只是隨著年度推進，基期會更具挑戰。

Okay, thanks a lot.

好的，謝謝。

Nicole DeBlase, Deutsche Bank.

Nicole DeBlase，德意志銀行（Deutsche Bank）。

Yeah, thanks. Good morning, guys.

好的，謝謝。各位早安。

Hi, Nicole.

嗨，Nicole。

Maybe just on the BCS business. You guys obviously have a lot going on with respect to various drivers of market share gain. It's hard to see what's happening with the underlying commercial unitary market. So look, I'd be curious how you'd frame the performance of the overall market? And is it still down overall and Lennox is just outperforming that much? Or have you seen any improvement at the same time?

想再問一下 BCS 業務。你們在推動市占提升的各種驅動因素上顯然有很多事情在進行，因此很難看清商用整體式（commercial unitary）市場的基本面。想請教你們會如何描述整體市場的表現？市場整體仍在下滑，而 Lennox 只是大幅跑贏？還是你們也同時看到一些改善？

The overall market remains challenged. The last data that we saw in AHRI the declines have become less. So I mean the second order derivative is kind of turning favorable. But the overall market remains challenging and did decline. So we are clearly outperforming the market in there.

整體市場仍然充滿挑戰。我們看到的最新 AHRI 數據顯示，下滑幅度已經變小。也就是說，二階導數某種程度上開始轉為有利。但整體市場仍具挑戰，且確實下滑。因此我們很明顯是在其中跑贏市場。

But it's not just on unitary equipment, I mean, our services offering, our ability to do a full life cycle. So I think that's all put together doing that.

但不只是整體式設備（unitary equipment）；我們的服務方案、提供全生命週期（full life cycle）的能力，我認為這些綜合起來帶動了表現。

Yet our market remains challenging, but our market share remains very small, Nicole, I mean from our perspective, we continue to have significant opportunity to regain national account and enter emergency replacement in a meaningful way. But at this stage, based on all the data we look at is we are pleased with the fact that we're outperforming the market.

是的，市場仍具挑戰，但 Nicole，從我們的角度來看，我們的市占仍然很小；也就是說，我們仍有很大的機會去重新拿回全國性客戶，並以有意義的方式切入緊急更換市場。但就目前我們檢視的所有數據而言，我們對於能跑贏市場這件事感到滿意。

Okay. Got it. And then just a quick follow-up maybe for Michael. I think you mentioned, Michael,that you expect under-absorption to continue but maybe at a lesser rate in the second quarter. Can we just put a finer point on that relative to the $50 million, I think you spoke to in 1Q, what are you expecting for 2Q?

了解。那再快速追問一題給 Michael。我記得你提到，你預期產能吸收不足（under-absorption）會持續，但第二季可能會以較小的幅度發生。能否更精確一點？相對於第一季你提到的 5,000 萬美元，我們對第二季應該期待多少？

Yes, $15 million in Q1, it's not going to be zero, somewhere between that, but there will be a little bit of add wind in the second quarter, but by the end of the second quarter, that should all be behind us and we should start to see actually some year-over-year absorption benefit as we get to the second-half.

是的，第一季是 1,500 萬美元；第二季不會是零，會介於那之間，但第二季會有一點點順風。不過到第二季末，這些應該都會過去；而到了下半年，我們應該會開始看到一些年對年（year-over-year）的吸收效益。

Yes. Nicole, and also $15 million makes a big difference. When you make only $160 million, right? I mean Q1 is one of our softest quarter. In Q2, which is a more profitable quarters, it doesn't move the needle at all.

是的，Nicole，而且 1,500 萬美元差很多，因為我們只賺 1.6 億美元，對吧？第一季是我們最淡的季度之一。到了第二季——這是獲利較好的季度——它幾乎不會影響整體結果。

Got it. Thank you so much. I'll pass it on.

了解。非常感謝。我把時間交給下一位。

Stephen Volkmann, Jefferies.

Stephen Volkmann，Jefferies。

Great. Thank you, and good morning. Just a couple sort of bigger picture follow-ups. I think, Michael, you mentioned some spending on ERP and AI targeted. Just any details? Those sound like interesting potential projects.

很好，謝謝，早安。幾個比較宏觀的追問。我想 Michael 你提到一些針對 ERP 和 AI 的支出。能否提供一些細節？聽起來是很有意思的潛在專案。

Yeah. So ERP, first, let me take away any fear. We're not doing any massive big ERP changes. We love as we go into integrating new acquisitions that we have done, we're just moving them to our own platform, and that work is underway. So we are very good at this.

可以。先談 ERP，我先消除任何疑慮：我們沒有在做任何大規模的 ERP 變更。我們很喜歡在整合近期收購的新公司時，把它們移轉到我們自己的平台上，這項工作正在進行。我們在這方面很有經驗。

We do it diligently, we do it one at a time, so I just want to make sure we take away any risk concerns about that because none and it's limited to the acquisitions we have done recently. On AI piece, yes, we continue to make investments. We are getting really good results when it comes to two or three specific areas within AI.

我們做得很謹慎，一次做一個，所以我想確保大家不要對此有任何風險疑慮，因為沒有；而且範圍僅限於我們最近完成的收購案。至於 AI 的部分，是的，我們持續投資。我們在 AI 的兩到三個特定領域已經看到非常好的成果。

As we look at where we are making a difference is, clearly, pricing, we are seeing some good benefits on using AI which increases our win ratio and also increases our overall profitability, which is typically hard to do, but AI enables us to do that.

我們看到能帶來差異的地方，首先很明顯是在定價（pricing）。我們看到使用 AI 帶來一些不錯的效益：提高我們的得標率（win ratio），也提升整體獲利能力——這通常很難同時做到，但 AI 讓我們做得到。

Second piece, which we are seeing good traction is truly around looking at demand planning, sales inventory, ops planning.

第二個我們看到良好進展的領域，是圍繞需求規劃（demand planning）、銷售與庫存、營運規劃（ops planning）。

I know right now the headline news on inventory is not great, but we are getting better. As that initiative move forward, we are very optimistic on what AI can do there.

我知道目前關於庫存的新聞標題並不好，但我們正在變得更好。隨著這項計畫推進，我們對 AI 在這方面能做到的事情非常樂觀。

Third big bucket is just general productivity with agentic AI and how we have looked at everything from staffing our call centers to our own HR impetus to really looking at robotic process automation. I mean all of those things are helping productivity on the SG&A side. And you saw we did really good on the cost control on SG&A.

第三個大類別是一般性的生產力提升，包含代理型 AI（agentic AI），以及我們如何檢視從客服中心人力配置到我們自身 HR 的推動力，再到真正去看機器人流程自動化（robotic process automation）。我的意思是，這些都在提升 SG&A 端的生產力。而你們也看到我們在 SG&A 成本控管上做得非常好。

All of that requires investment, and we are making investments in data lakes. We are making investments in partnerships with LLMs.

所有這些都需要投資，而我們正在投資於資料湖。我們也在投資於與 LLM 的合作夥伴關係。

But we are also very focused on reducing some of that cost by cutting down on useless subscriptions, subscriptions that are no longer needed, sunsetting old IT systems, as we upgrade our tech stack, and we sunset legacy ones.

但我們也非常專注於透過削減一些無用的訂閱（不再需要的訂閱）、汰除舊的 IT 系統，在我們升級技術堆疊的同時，逐步淘汰既有的舊系統，來降低其中一部分成本。

There's just a little bit of bump along the curve, right, because at one point, we are paying for both. But in the long term, I think it's going to be productivity and pricing will outweigh the benefits and outweigh the cost of all the investments we are making. So very pleased with the progress there.

曲線上難免會有一點顛簸，對吧，因為在某個時間點，我們同時要為兩套系統付費。但從長期來看，我認為生產力提升與定價帶來的效益將會超過我們所做所有投資的成本。所以我們對這方面的進展非常滿意。

Great. Okay, thank you. And then, Alok, I'm interested both Samsung and Ariston kind of your growth programs, I suppose, around distribution. I'm guessing those started before all this tariff noise kind of came to bear. And I'm just curious if you've changed the way you're thinking about those opportunities given the realities of sort of the world today?

很好。好的，謝謝。接著，Alok，我對 Samsung 和 Ariston 你們在通路方面的成長計畫都很感興趣。我猜這些計畫在這些關稅雜音出現之前就已經開始了。我只是好奇，在當今世界的現實情況下，你們是否改變了對這些機會的看法？

So strategically, we remain very committed to both of those ductless and water heater remains core part of our portfolio, and we are gaining momentum in both. I mean we had really solid momentum in Q1 and what did we do, we just launched in March, but in Q1 and March.

從策略上來看，我們仍然非常堅定地投入這兩項業務；無管道（ductless）與熱水器仍是我們產品組合的核心部分，而且我們在兩者上都正在累積動能。我的意思是，我們在第一季有非常扎實的動能；我們三月才剛推出，但在第一季以及三月都表現不錯。

The fact that these are joint venture versus buy and supply agreements, that makes us very comfortable sitting where we are because we can have very intelligent discussions about supply chain moves, tariff cost sharing and other future district changes that we can make to mitigate any long-term impact of tariff. So we appreciate the partnership spirit with both those companies, but no change in current dynamics.

這些是合資企業，而不是買賣與供應協議，這讓我們對目前的定位非常安心，因為我們可以就供應鏈調整、關稅成本分攤，以及其他未來可能做出的區域性變更，進行非常理性的討論，以減輕關稅的長期影響。我們很感謝與這兩家公司之間的合作精神，但目前的動態沒有改變。

Almost all ductless today are imported from outside especially when it comes to interior, indoor component and some of the core outdoor components. So no, we are moving with the industry and have no concerns around the structure

目前幾乎所有無管道產品都是從海外進口，尤其是在室內機（indoor component）以及部分核心室外機零組件方面。因此沒有，我們是跟著產業趨勢在走，對於這個架構沒有疑慮。

Great. Thank you, guys. I'll pass it on.

很好。謝謝各位。我把時間交給下一位。

Nigel Coe, Wolfe Research.

Nigel Coe，Wolfe Research。

Thanks, good morning. By the way, Alok, I'm down for the 7:00 a.m. Crisis call. So I'll ask Chelsey to send me the details of that interesting call.

謝謝，早安。順帶一提，Alok，我願意參加早上 7:00 的危機電話會議。所以我會請 Chelsey 把那通有趣電話的細節寄給我。

Maybe we start charging you guys, and that could be part of our tariff mitigation effort.

也許我們可以開始向你們收費，這也可以成為我們關稅緩解措施的一部分。

It could be. I'm sure people would pay for that. By the way, I'm not disappointed with the baseball analogy. I thought you're more a cricket guy, Alok, but I'll let you get away with that.

有可能。我相信大家會願意付費的。順帶一提，我對棒球的比喻並不失望。我原本以為你比較像板球派，Alok，但我就讓你用這個比喻吧。

If you will ask me the question, but I don't know how you break down two innings. I would have like to say, like we are 0.2 in the first inning or something.

如果你要問我這個問題，但我不知道要怎麼把兩局拆開來說。我本來想說，例如我們在第一局才 0.2 之類的。

Yeah. The first innings or the first, some of that. That's right. So sorry, I do want to go back to tariffs. Roughly, where are we today in terms of US production of residential like commercial units? And are you planning to redomesticate production?

對。第一局或前面那一段。沒錯。抱歉，我確實想回到關稅議題。目前美國本土生產住宅用與類似商用機組的比例大概是多少？你們是否計畫把生產再度移回國內？

I'm not saying next week or next month, but over time, or does it still make sense to keep your production in and pay the tariff from a unit cost perspective? And I'm just wondering what sort of non-price mitigations you're competing right now?

我不是說下週或下個月，但隨著時間推進，從單位成本角度來看，是不是仍然把生產留在海外、支付關稅更合理？另外我也想了解，你們目前正在推動哪些非價格面的緩解措施？

So if you're paying a T20 cricket game, we are in the third over of the full so we are early in that. So first of all, we need things to stabilize before we make any big decisions or changes. I mean, things seem to be moving around quite a bit.

如果用 T20 板球來比喻，我們現在才打到整場比賽的第三個 over，所以還很早。首先，在我們做出任何重大決策或變更之前，需要先讓情勢穩定下來。我的意思是，事情看起來仍在相當程度地變動。

Obviously, the USMCA agreement is coming up for renewal, and we'll see where that moves but currently, we are continuing to fine tune, change things, change the source of metal, changed a bunch of like a smaller division but before we make any large decisions, we do want to see some stabilization in policy and more of a consistent approach versus seem like the approach is so no major changes in the pipeline in terms of massive reshoring.

顯然，USMCA 協議即將進入續約，我們會看看走向如何；但目前我們仍在持續微調，例如更換金屬來源、調整一些較小的零組件等。不過在做任何大型決策之前，我們確實希望政策能更穩定、做法更一致；目前看起來做法變來變去。因此在大規模回流（reshoring）方面，管線中沒有任何重大變更。

Now remember, we do have three residential factories today in the US, and we do pretty well going through that's in Granada, Orangeburg and Marshalltown, and we have one large one for our residential in Mexico.

另外要記得，我們目前在美國有三座住宅用工廠，分別在 Granada、Orangeburg 和 Marshalltown，營運表現都不錯；同時我們在墨西哥也有一座大型住宅用工廠。

So we have plenty of flexibility in our network, and we will continue making changes for some big massive transformation, we just need stability in our policies from the government before we look at it.

所以我們的製造網路有很大的彈性，我們也會持續做調整；但若要做那種大規模的重大轉型，在我們評估之前，需要政府政策先穩定下來。

Today, it still makes sense to continue doing what we're doing and just mitigate the impact. One product at a time, one screw at a time and one sheet metal part at a time.

以今天來看，繼續照我們目前的做法並設法緩解影響仍然合理。一個產品一個產品地做、一顆螺絲一顆螺絲地做、以及一個鈑金零件一個鈑金零件地做。

Okay. It doesn't sound like you won't give me the number on the percentages of production and domestic. But in case you do, I just thought I remind you that. Going back to the sell-through, the minus 10% on the single channel sales. You did mention that you were rationalizing your residential new construction exposure last quarter.

好的。聽起來你不打算告訴我國內生產占比的百分比。不過如果你願意說，我只是提醒你一下。回到 sell-through：單一步驟通路銷售下滑 10%。你確實提到上季你們正在合理化住宅新建市場的曝險。

I'm just wondering if that was an impact during the quarter and whether that process is now complete?

我想知道這在本季是否造成影響，以及這個流程現在是否已經完成？

Yeah. What we said in the past, it's about 25% of the HCS segment, the residential new construction. We definitely saw the volumes down there more than others is above 30% in the channel. Not necessarily all just customers move into other competitors.

是的。我們過去說過，住宅新建約占 HCS 部門的 25%。我們確實看到那邊的量下滑得比其他通路更明顯，在該通路的降幅超過 30%。這不一定全都是客戶轉向其他競爭對手。

It's a combination of just weak new construction and that, but we definitely saw that channel weigh on the overall one-step volume growth.

這是新建疲弱與我們所做調整的綜合結果，但我們確實看到該通路拖累了整體 one-step 的出貨量成長。

Yes. And that share loss which is what we'll show in print is going to negatively impact us all through the year, and that's built into Michael's overall guidance, as we said, two-step is going to do better than one step. From a profitability perspective, that's going to work in our favor because the margins were like negative 20 of those businesses that we have lost.

是的。而且那個市占流失（我們會在書面資料中呈現）將在全年持續對我們造成負面影響，這也已納入 Michael 的整體指引；如我們所說，two-step 的表現會優於 one-step。從獲利角度來看，這反而對我們有利，因為我們失去的那些業務毛利大約是負 20%。

Joe O'Dea, Wells Fargo.

Joe O'Dea，Wells Fargo。

Hi, good morning. In terms of the pricing announcements over the course of the past week, can you just give any color on that?

嗨，早安。就過去一週的漲價公告而言，你能否提供一些補充說明？

We see the HCS guide go from two to four but presumably, where your pricing is on a narrower scope of products. And so just looking for any quantification of the recent price increases.

我們看到 HCS 的指引從 2% 到 4%，但推測你們的定價應該是針對較窄範圍的產品。因此想請你們量化一下近期的漲價幅度。

And in addition to that perspective on the dollar effect. And so when we think about this, if consumers today are paying $10,000 for a unit, presumably the dollar effect of what you're flowing through is a pretty small number as long as the channel doesn't try to price on top of that?

另外也想請你們談談以美元計的影響。也就是說，如果消費者今天為一套設備支付 10,000 美元，只要通路不在此之上再加價，你們轉嫁出去的美元影響應該是相當小的數字？

Yeah. So the first one, the price increases for us just went into our customers' announcements on Monday. So I think we need to work through that over the next multiple weeks and you probably know some competitors have announced that the week before.

是的。第一點，我們的漲價對客戶的公告是在週一才剛發布。所以我認為接下來幾週我們需要逐步推進；你也可能知道，有些競爭對手在前一週就已經宣布了。

From our perspective, we need to work through that. I would take Michael's guide as the changes in our overall revenue is what we're expecting in price.

就我們的角度，我們需要把這件事推進落地。我會把 Michael 的指引視為我們預期透過價格反映在整體營收上的變動幅度。

So there's going to be announcement number. There's going to be a stick rate number out there as normal. But what we are confident is we'll offset the increased cost inflation through those actions is the way ever look at it.

所以會有一個公告的名目漲幅，也會像往常一樣有一個實際落地（stick rate）的數字。但我們有信心，透過這些動作可以抵消成本通膨上升；我們就是用這個方式來看待。

Then on the impact to the homeowner, we still think the equipment is maybe 40% of the total installation costs but we'll have to see how that cost evolves, but we don't see this as a big driver of that input cost. It's most is the contractor labor and margin still.

至於對屋主的影響，我們仍認為設備本身大概只占整體安裝成本的 40%，但還要看成本如何演變；不過我們不認為這會成為推升投入成本的主要因素。主要仍是承包商的人力與利潤。

Yeah. I think 40% includes equipment, parts, supplies. And in some cases, it's less than 30% is better, depending on the installed and time. So I don't think it changes the consumer price elasticity in any meaningful way. But we are sensitive to the market demand supply agreement but remain convinced that equipment pricing is the least of the variable in that equation.

是的。我認為那 40% 包含設備、零件、耗材。而在某些情況下，視安裝內容與工時而定，可能甚至低於 30% 會更貼近。因此我不認為這會在任何有意義的程度上改變消費者的價格彈性。但我們對市場供需狀況保持敏感，同時仍然相信在那個方程式裡，設備定價是變動因素中影響最小的一項。

Right. That's what I was getting at. And then just in terms of seasonality in HCS and margins, I think the past couple of years, we've seen margins step up from 16%, 17% in Q1 up to kind of 23% to 25% in Q2.

對。這正是我想表達的。接著就 HCS 的季節性與毛利率而言，我想過去幾年我們看到毛利率在第一季約 16%、17%，到第二季會提升到大約 23% 到 25%。

Obviously, absorption headwinds that make it a little bit lower starting point in Q1 of this year. But just looking for weather, you think the past couple of years are a reasonable benchmark for what you think you can achieve as you get that seasonal step up in Q2 of this year.

顯然，吸收率方面的逆風使得今年第一季的起點略低。但若僅從天氣因素來看，你會認為過去幾年的表現是合理的基準，作為你在今年第二季進入季節性回升時可望達成的水準。

Yeah. I think the main driver is going to be the volume recovery within ACS. Obviously, we had some weird comps last year. But we're building within the guidance that we expect sequential year-over-year improvement Q2 versus Q1, Q3 versus Q2 and Q4 versus Q3. So if you look at the year-over-year declines, sequentially that should continue to improve.

是的。我認為主要驅動因素將是 ACS 內部的出貨量復甦。顯然，我們去年有一些不尋常的比較基期。但我們在指引中已納入預期：第二季相較第一季、第三季相較第二季、第四季相較第三季，年對年表現會逐季改善。因此，如果你看年對年下滑幅度，按季來看應會持續改善。

That will obviously help our margins. And then when you get on the second half of the year, you'll start to have even better absorption within those margins. That's what we're expecting right now, but we'll watch the summer play out. Q2 is a big quarter for us that we need to get through. And once we see that play out, I think we'll have a really good line of sight for the year.

這顯然會有助於我們的毛利率。然後到了下半年，你會開始在這些毛利率中看到更好的吸收率。我們目前是這樣預期的，但我們會觀察夏季的實際走勢。第二季對我們來說是很重要的一季，我們需要先度過。一旦看到第二季的表現，我認為我們就能對全年有非常清晰的能見度。

Got it. Okay. Thank you.

了解。好的。謝謝。

Deane Dray, RBC Capital Markets.

Deane Dray，RBC Capital Markets。

Thank you. Good morning, everyone.

謝謝。各位早安。

Good morning.

早安。

Hey, I appreciate the update on the new products on Slide 5. Can you just remind us, do you track a new product vitality index or the contribution from the new products? And then just kind of related, I believe you gave an indirect update in Steve's question on ductless, but anything on the Samsung JV would be helpful, too.

我很感謝你們在第 5 張投影片對新產品的更新。能否提醒我們一下，你們是否會追蹤新產品活力指數（vitality index）或新產品的貢獻度？另外相關地，我相信你們在回答 Steve 關於無管道（ductless）的問題時有間接更新，但若能也談談 Samsung 合資企業（JV）的情況會很有幫助。

Sure, so yes, we track vitality pretty closely and we track vitality where we do not consider refrigerant changes as a new product.

當然，所以是的，我們非常密切地追蹤活力指標，而且在追蹤活力時，我們不會把冷媒變更視為新產品。

So excluding that, our vitality remains in the 45% to 50% range. If we didn't exclude that, clearly, 80%, 90% vitality.

因此，排除那部分後，我們的活力指標仍維持在 45% 到 50% 的區間。如果不排除，顯然會是 80%、90% 的活力。

But excluding the refrigerant change and CO changes, we do remain quite pleased with the vitality number. And I think the exact number is like 48% or something right now, but it's always in the 45% to 50% range and we are very pleased with heat pump interruptions, indoor air quality interruptions, the control changes.

但排除冷媒變更與 CO 變更後，我們對活力數字仍相當滿意。我想目前的確切數字大概是 48% 左右，但通常都在 45% 到 50% 的範圍內。我們對熱泵的創新、室內空氣品質的創新、控制系統的變更都非常滿意。

You probably saw a lot more of that during Prakash's presentation at the Investor Day, so we remain quite pleased on video coming down. On the Samsung joint venture, we talked last year.

你可能在投資人日（Investor Day）Prakash 的簡報中看到更多相關內容，所以我們對目前的進展仍相當滿意。至於 Samsung 合資企業，我們去年有談過。

The meaningful impact is going to be this year because it takes almost a year for us to kind of get it through the channel, get dealer conversion, work through phase-in, phase-out of the inventory and we are pleased with the current momentum and feel like there's a lot more upside as we take this forward, especially as we look at everybody's impacted the same way from Darren. The feedback from the channel and the consumer has been very good.

真正有意義的影響會在今年出現，因為我們大約需要將近一年時間把產品推進通路、完成經銷商轉換、處理導入期，以及庫存的汰換與導入。我們對目前的動能感到滿意，並認為隨著我們持續推進，仍有很大的上行空間，尤其是當我們看到大家都受到 Darren 所提到的相同影響時。通路與消費者的回饋都非常好。

These are high-quality products with much better controls, much quieter than some of the competitive products and the contractors like the fact that the same truck that's going to deliver the Unitree product also delivers this. The same rebate program can be added.

這些都是高品質產品，控制系統更好、比一些競品安靜許多；承包商也喜歡同一台卡車既能配送 Unitree 產品，也能配送這些產品；同一套回饋（rebate）方案也可以加上去。

So we are pleased with the direction it's going and feel there will continue to be a lot of upside as we go through the rest of the year.

因此我們對目前的發展方向感到滿意，並認為在今年剩餘時間裡仍會持續有很大的上行空間。

That's real helpful. And then just a second question, and I'm really not sure the extent whether you can comment, if at all, but regarding the recent litigation against the RESI HVAC manufacturers, and if it helps, we had an expert call and published on this where the expert declared the case very weak as it stands today, but just are you able to comment on it? Thanks.

這很有幫助。接著第二個問題，我不太確定你們能在多大程度上評論，但關於近期針對住宅 HVAC 製造商的訴訟，如果有幫助的話，我們做了專家電話會議並發表了相關內容，專家表示就目前而言案件非常薄弱。不過你們是否能評論一下？謝謝。

Well, thanks to you and others who had experts call on their own analysis. I really want to say a lot about this, Deane, and maybe we'll wait for some other occasion, because at this point, I'll have to read a prepared statement given to me by my lawyers, and I'm glad you asked.

嗯，謝謝你以及其他人基於自身分析所做的專家電話會議。我很想就此多說一些，Deane，也許我們會等其他場合再談，因為在這個時間點，我必須照著律師給我的預備聲明來讀；我也很高興你問到。

Our response is, the matter is pending legal complaint the lawsuit contains only plaintiff's allegation, and there has been no finding of wrongdoing.

我們的回應是：此事仍屬待決法律申訴；該訴訟僅包含原告的指控，且尚未有任何不當行為的認定。

We dispute the accuracy of the allegation and will actively and vigorously defend our position through proper legal channels.

我們對該等指控的正確性提出爭議，並將透過適當的法律途徑積極且有力地捍衛我們的立場。

Again, there's a lot more I want to say, but I'm currently constrained because of the lawsuit, saying only the prepared legal portion of this.

再次強調，我還有很多想說的，但目前因訴訟限制，我只能宣讀這段事先準備的法律聲明。

That's great. I'm glad I asked. I'm glad you were able to read that statement, and we certainly agree, so we'll leave it there.

很好。我很高興我問了，也很高興你能宣讀那段聲明；我們當然也同意，所以就先到這裡。

You've made my general counsel's day that I read the statement

你讓我的法務長今天心情很好，因為我把那段聲明讀出來了。

Appreciate it.

感謝。

Patrick Baumann, JPMorgan.

Patrick Baumann，摩根大通（JPMorgan）。

Good morning. Well, that's been covered. Maybe just wanted to tie the inventory being normal comment with like the growth that we're seeing on the balance sheet year-over-year, I know some of that's acquisitions.

早安。嗯，前面都已經涵蓋了。也許我想把「庫存已正常化」的評論，和資產負債表上年對年成長連結起來；我知道其中一部分來自併購。

Just wondering if you could give any color on like the residential units within that bucket, either looking year-over-year or kind of versus current sales levels relative to history, any context around where you are on that front?

想請問你能否就其中住宅機組（residential units）那一塊提供一些說明，不論是年對年，或是相對於目前銷售水準與歷史相比的情況；能否提供一些你們目前所處位置的背景？

Yeah, sure, Patrick. Patrick, so typically, when we go from Q4 to Q1, like just last year, we built about $210 million worth of inventory.

可以，Patrick。Patrick，一般來說，我們從第四季到第一季，例如去年，我們增加了大約 2.10 億美元的庫存。

This year, we built $60 million. So think of that as a $150 million reduction compared to what we normally build because we have to build a lot of inventory as we get into the peak summer starting season.

今年我們增加了 6,000 萬美元。所以你可以把它視為相較我們通常會增加的水準，少了 1.50 億美元，因為在進入夏季旺季開跑前，我們必須建立大量庫存。

When we ended the year last year, we talked about we had $100 million and $150 million more inventory that we needed.

去年年底時，我們談到我們還需要多 1 億到 1.5 億美元的庫存。

So think of it, we are essentially back to a normal seasonal thing. Now, I feel like we still have opportunities, and Michael referenced through that, as we get better in demand planning, better in SIOP to work some of this down. And we'll continue to invest in inventory when appropriate.

所以可以這樣理解：我們基本上已回到正常的季節性狀態。現在，我覺得我們仍有改善空間，Michael 也提到，隨著我們在需求規劃上做得更好、在 SIOP 上做得更好，我們可以把其中一部分再降下來。而在適當時機，我們也會持續投資庫存。

Especially when it comes to parts and supplies, which Michael referenced, emergency replacement, which we have been talking about in the past, to make sure that our fulfillment rate remains at a very high level.

特別是在零件與耗材方面，Michael 也提到，還有緊急更換（emergency replacement）需求——我們過去一直在談——以確保我們的履約/供貨達成率能維持在非常高的水準。

But we are pleased with the progress on our inventory drawdown and feel like we are on track to meet our commitments to get to a stage where we are back to normal inventory.

但我們對庫存去化的進展感到滿意，並認為我們正按計畫達成承諾，回到正常庫存水位。

Thanks. And then maybe just a cleanup on price mix. Can you give any context on the 9% in the first quarter, how much came from price versus mix? And then for the year, the mid-single-digit, it sounds like you added a little bit of price to that. How much is coming from price and mix within the full-year guide?

謝謝。接著可能是關於價格/組合（price mix）的補充問題：第一季的 9%，能否提供一些背景，多少來自價格、多少來自組合？另外就全年來看，中個位數（mid-single-digit），聽起來你們又加了一點價格進去。全年指引中，價格與組合各自貢獻多少？

Within the first quarter, the majority of it was mixed. As Alok mentioned, that mix should really taper off here in the second quarter. Then for the balance of the year, it's all price.

在第一季，其中大部分來自組合。如 Alok 所提到的，組合效應在第二季應該會明顯趨緩。然後在今年剩餘期間，全部都是價格。

Okay, thank you.

好的，謝謝。

Thank you.

謝謝。

Thank you. And ladies and gentlemen, thank you for joining us today. Since there are no further questions, this will conclude Lennox's 2026 First Quarter Earnings Conference Call. You may disconnect your lines at this time, and have a great day.

謝謝。各位女士先生，感謝今天加入我們。由於沒有進一步的問題，本次 Lennox 2026 年第一季財報電話會議到此結束。您現在可以掛斷電話，祝您有美好的一天。