奧的斯電梯 (OTIS) 2023 Q2 法說會逐字稿

Good morning, and welcome to Otis' Second Quarter 2023 Earnings Conference Call. This call is being carried live on the Internet and recorded for replay. Presentation materials are available for download from Otis' website www.otis.com.

早上好，歡迎參加奧的斯 2023 年第二季度收益電話會議。該通話正在互聯網上進行直播，並進行錄音以供重播。演示材料可從奧的斯網站 www.otis.com 下載。

I'll now turn it over to Michael Rednor, Senior Director of Investor Relations.

現在我將把它交給投資者關係高級總監邁克爾·雷德諾 (Michael Rednor)。

Thank you, Liz. Welcome to Otis' Second Quarter 2023 Earnings Conference Call. On the call with me today are Judy Marks, Chair, CEO and President; and Anurag Maheshwari, Executive Vice President and CFO.

謝謝你，莉茲。歡迎參加奧的斯 2023 年第二季度收益電話會議。今天與我通話的有董事長、首席執行官兼總裁朱迪·馬克斯 (Judy Marks)；以及執行副總裁兼首席財務官阿努拉格·馬赫什瓦里 (Anurag Maheshwari)。

Please note, except where otherwise noted, the company will speak to results from continuing operations, excluding restructuring and significant nonrecurring items. A reconciliation of these measures can be found in the appendix of the webcast.

請注意，除非另有說明，否則公司將談論持續經營的結果，不包括重組和重大非經常性項目。這些措施的協調可以在網絡廣播的附錄中找到。

We also remind listeners that the presentation contains forward-looking statements, which are subject to risks and uncertainties. Otis' SEC filings, including our Form 10-K and quarterly reports on Form 10-Q provide additional details on important factors that could cause results to differ materially.

我們還提醒聽眾，演示文稿包含前瞻性陳述，這些陳述存在風險和不確定性。奧的斯向 SEC 提交的文件（包括我們的 10-K 表和 10-Q 表季度報告）提供了有關可能導致結果出現重大差異的重要因素的更多詳細信息。

With that, I'd like to turn the call over to Judy.

這樣，我想把電話轉給朱迪​​。

Thank you, Mike, and thank you, everyone, for joining us. We hope everyone listening is safe and well.

謝謝你，邁克，也謝謝大家加入我們。我們希望聆聽的每個人都安全健康。

Starting with the second quarter highlights on Slide 3. Otis delivered a strong second quarter and a successful first half of the year. In Q2, we grew organic sales high single digits in both segments, expanded adjusted operating profit margin 20 basis points and achieved 7% adjusted EPS growth. This performance again demonstrates the strength of our strategy and our ability to execute and deliver.

從幻燈片 3 上的第二季度亮點開始。奧的斯在第二季度表現強勁，在上半年取得了成功。第二季度，我們兩個部門的有機銷售額均實現了高個位數增長，調整後營業利潤率擴大了 20 個基點，調整後每股收益實現了 7% 的增長。這一業績再次證明了我們戰略的實力以及我們執行和交付的能力。

We have momentum going into the second half and beyond, as new equipment share was up slightly in the quarter and up about 50 basis points in the first half. We grew our Maintenance portfolio 4.2% and continue to grow our New Equipment and Modernization backlogs.

我們下半年及以後的發展勢頭強勁，新設備份額在本季度略有上升，在上半年上升了約 50 個基點。我們的維護產品組合增長了 4.2%，並繼續增加新設備和現代化積壓訂單。

We generated $409 million in free cash flow in the quarter and returned $175 million to shareholders through share repurchases, taking year-to-date repurchases to $350 million.

本季度我們產生了 4.09 億美元的自由現金流，並通過股票回購向股東返還了 1.75 億美元，使年初至今的回購額達到 3.5 億美元。

From an innovation standpoint, this quarter, we launched our latest elevator in North America, the Gen3 core, designed specifically to address the needs of customers in the large 2- to 6-story building segment. Gen3 Core is built off the proven design and flat-belt technology of Otis' Gen2 family while also being equipped with Otis ONE, our IoT platform. Gen3 Core will be manufactured in Florence, South Carolina, and sales will begin this fall.

從創新的角度來看，本季度，我們在北美推出了最新的電梯 Gen3 core，專為滿足大型 2 至 6 層建築領域客戶的需求而設計。 Gen3 Core 基於奧的斯 Gen2 系列經過驗證的設計和平帶技術構建，同時還配備了我們的物聯網平台 Otis ONE。 Gen3 Core 將在南卡羅來納州佛羅倫薩製造，並將於今年秋天開始銷售。

Here are some exciting customer highlights from the second quarter. In Montreal, Otis Canada was selected to provide 28 units, including 11 SkyRise units to the Hôpital Vaudreuil-Soulanges. Hospitals require reliable transportation between floors at all times and we're excited to be a part of this important health care initiative expected to open in 2026. It's our latest collaboration in Canada with general contractor Pomerleau.

以下是第二季度一些令人興奮的客戶亮點。在蒙特利爾，奧的斯加拿大公司被選中提供 28 個單元，其中包括為 H´pital Vaudreuil-Soulanges 提供 11 個 SkyRise 單元。醫院需要始終在樓層之間提供可靠的交通，我們很高興能夠參與這項預計於 2026 年開放的重要醫療保健計劃。這是我們與總承包商 Pomerleau 在加拿大的最新合作。

In Egypt, Otis will provide a total of 57 units for the iconic tower in El Alamein including SkyRise and Gen2 elevators as well as our link escalators. At 267 meters, this will be the second tallest tower in Egypt and will offer more than 200,000 square meters of housing as well as services and leisure.

在埃及，奧的斯將為阿拉曼標誌性塔樓提供總共 57 部電梯，包括 SkyRise 和 Gen2 電梯以及我們的連接自動扶梯。這座塔高 267 米，將成為埃及第二高塔，將提供超過 200,000 平方米的住房以及服務和休閒設施。

In China, another 280 elevators and escalators from Otis will keep people moving along Tianjin Metro's New Line 7. This project will bring the total number of Otis units on the city's expanding subway network to more than 1,800. Since it opened, Otis Equipment has kept Tianjin Metro passengers on the move and has been a critical part of the country's transportation network since 1984.

在中國，另外 280 部奧的斯電梯和自動扶梯將幫助人們沿著天津地鐵新 7 號線出行。該項目將使該市不斷擴大的地鐵網絡中的奧的斯電梯總數達到 1,800 多部。自開業以來，奧的斯設備一直為天津地鐵乘客提供暢通無阻的出行服務，自 1984 年以來一直是國家交通網絡的重要組成部分。

And as the Indian government continues to invest in transportation infrastructure, Otis will install 255 units, including our heavy-duty public escalators and Gen2 elevators for the new Bhopal and Indore metro. This is the first metro line in the state of Madhya Pradesh and is expected to serve 500,000 passengers daily. All the equipment will be manufactured at our factory in Bengaluru.

隨著印度政府繼續投資交通基礎設施，奧的斯將安裝 255 部電梯，包括我們為新博帕爾和印多爾地鐵提供的重型公共自動扶梯和 Gen2 電梯。這是中央邦的第一條地鐵線路，預計每天為 500,000 名乘客提供服務。所有設備將在我們位於班加羅爾的工廠製造。

We made progress on our ESG priorities, and in the second quarter, received zero-waste-to-landfill certification for all 3 of our Spanish factories from AENOR, the Spanish Association for Standardization and Certification. This is important progress towards our goal of achieving 100% factory eligibility for zero-waste-to-landfill certification by 2025.

我們在 ESG 優先事項方面取得了進展，並在第二季度為我們的所有 3 家西班牙工廠獲得了西班牙標準化與認證協會 AENOR 的零廢物填埋認證。這是我們朝著 2025 年 100% 工廠獲得零廢物填埋認證資格的目標邁出的重要一步。

In addition, our factory in San Sebastian Spain received is LEED platinum certification, the first factory in Spain to receive this designation. The facility opened last year and was designed to reduce enviromental impact in the construction and operations through materials used and its waste control system. San Sebastian is our fifth factory to achieve LEED certification.

此外，我們位於西班牙聖塞巴斯蒂安的工廠獲得了LEED白金認證，是西班牙第一家獲得此稱號的工廠。該設施於去年開業，旨在通過使用的材料及其廢物控制系統來減少施工和運營對環境的影響。聖塞巴斯蒂安是我們第五家獲得 LEED 認證的工廠。

We continue pursuing ways we can improve our environmental impact, which is an increasing focus of our colleagues, customers and shareholders.

我們不斷尋求改善環境影響的方法，這已成為我們的同事、客戶和股東日益關注的焦點。

Moving to Slide 4. Q2 results and 2023 outlook. Overall, organic sales increased 9.5%, with all geographic regions exhibiting strong New Equipment organic growth in the quarter. And in Service, all lines of business contributed to our best Service organic sales growth performance since spin. We grew our adjusted New Equipment backlog at constant currency by 5% compared to prior year and 3% to the prior quarter, despite a tough compare on new equipment orders, which were down 12%.

轉到幻燈片 4。第二季度業績和 2023 年展望。總體而言，有機銷售額增長了 9.5%，本季度所有地理區域的新設備有機增長均強勁。在服務方面，所有業務線都為我們自剝離以來最好的服務有機銷售增長業績做出了貢獻。儘管新設備訂單下降了 12%，但按固定匯率計算，調整後的新設備積壓訂單同比增長 5%，環比增長 3%。

We continued a strong trend in the modernization with orders up 16% at constant currency and backlog up 14% in the second quarter. This is the fourth consecutive quarter of 10% or greater mod orders growth. We grew adjusted operating profit by $60 million and expanded margin by 20 basis points. We generated $409 million of free cash flow, a conversion rate of 109% of GAAP net income.

我們繼續保持現代化的強勁趨勢，第二季度訂單按固定匯率計算增長了 16%，積壓訂單增長了 14%。這是模組訂單連續第四個季度實現 10% 或更高的增長。調整後營業利潤增加了 6000 萬美元，利潤率增加了 20 個基點。我們產生了 4.09 億美元的自由現金流，換算率為 GAAP 淨利潤的 109%。

Before sharing our updated 2023 outlook, let me update you on our current geographic outlook for new equipment markets. In Asia Pacific, there's no change to our previous outlook. We expect the new equipment market to grow mid-single digits or better, led by India.

在分享我們更新的 2023 年展望之前，讓我先向您介紹一下我們當前對新設備市場的地理展望。在亞太地區，我們之前的展望沒有變化。我們預計新設備市場將以中個位數或更高的速度增長，以印度為首。

In EMEA, the market is now expected to be down high single digits in 2023, worse than our prior expectations of down low to mid-single digits. This decline is driven by Northern Europe, as customer delays and buying decisions persist.

在歐洲、中東和非洲，市場目前預計 2023 年將出現高個位數下降，比我們之前預期的低至中個位數下降還要糟糕。這種下降是由北歐推動的，因為客戶延遲和購買決定持續存在。

The Americas market has weakened over the past few months, and we now expect it to be down high single digits in units. From an end market perspective, this decline is driven by multifamily residential coming down from a high level over the past 2 years, slightly offset by a more resilient commercial market.

過去幾個月美洲市場疲軟，我們現在預計其單位數量將出現高個位數下降。從終端市場的角度來看，這種下降是由多戶住宅從過去兩年的高位回落推動的，但被更具彈性的商業市場略微抵消。

And finally, in China, we now expect the market to be down 10% compared to our prior guide of down 5% to 10%. This decline is primarily driven by a lack of momentum as we exited the second quarter at a weaker run rate than we had anticipated. Despite the weakening of the new equipment markets globally, we've maintained a strong backlog, giving us good visibility to future sales growth.

最後，在中國，我們現在預計市場將下降 10%，而我們之前的預測是下降 5% 到 10%。這種下降主要是由於缺乏動力造成的，因為我們第二季度的運行速度低於我們的預期。儘管全球新設備市場疲軟，但我們仍保持強勁的積壓，使我們對未來的銷售增長有良好的預見性。

On the Service side, there's no change to our outlook for global installed base growth of roughly 5% led by Asia. Our strong performance in the second quarter and the progress we've made on our strategic imperatives gives us confidence to improve our 2023 outlook. Organic sales are now expected to be in the range of 4.5% to 6% with net sales in the range of $14 billion to $14.3 billion.

在服務方面，我們對以亞洲為首的全球裝機量增長約 5% 的預期沒有變化。我們第二季度的強勁表現以及我們在戰略任務上取得的進展讓我們有信心改善 2023 年的前景。目前預計有機銷售額將在 4.5% 至 6% 之間，淨銷售額將在 140 億美元至 143 億美元之間。

Adjusted operating profit is expected to be $2.25 billion to $2.28 billion, up $155 million to $175 million at constant currency. Adjusted operating profit at actual currency is expected to be up $125 million to $155 million, including a $20 million to $30 million headwind from foreign exchange translation.

調整後營業利潤預計為 22.5 億美元至 22.8 億美元，按固定匯率計算，增加 1.55 億美元至 1.75 億美元。按實際貨幣計算的調整後營業利潤預計將增加 1.25 億美元至 1.55 億美元，其中包括外匯換算帶來的 2000 萬美元至 3000 萬美元的不利影響。

We're raising our guidance for adjusted EPS and it's now expected in the range of $3.45 to $3.50, up 9% to 10% versus the prior year.

我們正在上調調整後每股收益指引，目前預計在 3.45 美元至 3.50 美元之間，比上年增長 9% 至 10%。

Lastly, our expectation for free cash flow remains unchanged at about $1.5 billion to $1.55 billion or approximately 105% to 115% conversion of GAAP net income.

最後，我們對自由現金流的預期保持不變，為約 15 億至 15.5 億美元，即按 GAAP 淨利潤換算的約 105% 至 115%。

We continue to prioritize returning cash to shareholders and I'm pleased to share we're increasing our share repurchases this year to $800 million.

我們繼續優先考慮向股東返還現金，我很高興地告訴大家，我們今年將股票回購額增加到 8 億美元。

Turning to Slide 5. As announced earlier today, we're launching a program called UpLift to transform our operating model to continue to drive sustainable, profitable growth within our business. After 3-plus years as a public company, in which we've grown new equipment share, expanded operating margins, grown EPS, built a formidable backlog, and returned approximately $2.7 billion in cash to shareholders, we're designing Otis for the next phase to ensure high performance and resiliency regardless of the economic environment we may face in the future.

轉向幻燈片 5。正如今天早些時候宣布的那樣，我們將啟動一項名為 UpLift 的計劃，以轉變我們的運營模式，以繼續推動我們業務的可持續、盈利增長。作為一家上市公司，經過三年多的時間，我們增加了新設備份額，擴大了營業利潤，增加了每股收益，建立了強大的積壓訂單，並向股東返還了約 27 億美元現金，我們正在為下一個目標設計奧的斯無論我們未來可能面臨什麼經濟環境，都可以確保高性能和彈性。

We're launching UpLift to drive efficiency across the organization while continuing to prioritize the customer experience. Going forward, we expect our sales specialization to continue to accelerate our growth, our innovation cycles to continue at a rapid pace, and our customer intimacy to continue unabated. Our management team is laser-focused on ensuring that our operating performance can achieve a new higher performance tier through the transformation of our financial processes, improving our supply chain procurement and rightsizing our cost base where needed, among other aspects of the program.

我們推出 UpLift 是為了提高整個組織的效率，同時繼續優先考慮客戶體驗。展望未來，我們預計我們的銷售專業化將繼續加速我們的增長，我們的創新周期將繼續快速發展，我們的客戶親密度將繼續有增無減。我們的管理團隊專注於通過財務流程轉型、改善供應鏈採購、根據需要調整成本基礎以及該計劃的其他方面，確保我們的運營績效能夠達到新的更高績效水平。

Throughout the next 2 years, we expect the program to generate approximately $150 million in savings as we drive efficiency across the organization. Our plan is to update our shareholders at regular intervals on the progress we're making with this program. And ultimately, you'll see the results in better performance, growth, operating profit, and returns for our shareholders.

在接下來的兩年裡，隨著我們提高整個組織的效率，我們預計該計劃將節省約 1.5 億美元。我們的計劃是定期向股東通報我們在該計劃上取得的進展。最終，您將看到更好的業績、增長、營業利潤和股東回報。

With that, I'll turn it over to Anurag to walk through our Q2 results in more detail.

接下來，我會將其交給 Anurag，以更詳細地介紹我們的第二季度結果。

Thank you, Judy. Starting with second quarter results on Slide 6. Net sales of $3.7 billion were up 6.7% and organic sales were up 9.5%, driven by strong performance in all business lines. Adjusted operating profit was up $49 million at actual FX and $60 million at constant currency. Drop-through on higher volume, productivity and pricing in both segments and commodity tailwinds were partially offset by inflationary pressures, including annual wage increases, unfavorable new equipment mix and higher corporate costs.

謝謝你，朱迪。從幻燈片 6 中的第二季度業績開始。在所有業務線強勁表現的推動下，淨銷售額為 37 億美元，增長 6.7%，有機銷售額增長 9.5%。按實際匯率計算，調整後營業利潤增加 4,900 萬美元，按固定匯率計算，調整後營業利潤增加 6,000 萬美元。兩個細分市場銷量、生產率和定價的上升以及大宗商品的順風，部分被通貨膨脹壓力所抵消，包括年度工資上漲、不利的新設備組合和更高的企業成本。

Adjusted EPS increased 7% or $0.06, reflecting $0.11 of benefit from operations. This strong operational performance and accretion from a lower share count were partially offset by a $0.03 headwind from foreign exchange translation and a $0.03 tax headwind as a result of a tough compare.

調整後每股收益增長 7%，即 0.06 美元，反映出運營收益 0.11 美元。這種強勁的運營業績和股份數量減少帶來的增長被外匯換算帶來的 0.03 美元阻力和嚴格比較帶來的 0.03 美元稅收阻力部分抵消。

Free cash flow was strong in the quarter at $409 million or 109% conversion, up $83 million. The increase versus prior year was driven by higher net income and improved changes in working capital.

本季度自由現金流強勁，達到 4.09 億美元，即轉換率 109%，增加 8,300 萬美元。與上一年相比，這一增長是由淨利潤增加和營運資本變化改善推動的。

Moving to Slide 7. In the second quarter, as we noted previously, new equipment orders faced a tough compare and were down 12% at constant currency. New equipment backlog, however, continues to trend higher and was up 5% at constant currency versus the prior year and up 3% sequentially with all regions being up, providing visibility for sales in the second half and beyond.

轉向幻燈片 7。正如我們之前指出的，第二季度新設備訂單面臨嚴峻的比較，按固定匯率計算下降了 12%。然而，新設備積壓量繼續呈上升趨勢，按固定匯率計算，較上年增長 5%，所有地區的訂單量環比增長 3%，為下半年及以後的銷售提供了可見性。

Globally, pricing on new equipment orders was up low single digits, building on solid pricing improvements from the middle of 2022. Pricing trends improved mid-single digits or better year-over-year in all regions, excluding China. While pricing was down low single digits in China due to deflationary pressure and the softer market, we maintained price/cost neutrality by focusing on material productivity.

在全球範圍內，自 2022 年中期起價格穩步改善的基礎上，新設備訂單的定價出現低個位數增長。除中國外，所有地區的定價趨勢均實現中個位數或同比改善。儘管由於通貨緊縮壓力和市場疲軟，中國的定價下降了低個位數，但我們通過關注材料生產力來保持價格/成本中性。

New equipment organic sales were up nearly 10% in the quarter, with all regions contributing. APAC grew double digits, driven by strong performance in Korea and India. EMEA grew high single digits, primarily from Southern Europe. The Americas grew high single digits as job site delays and field inefficiencies eased. And China delivered mid-single-digit growth by executing on the stable backlog. Overall, we saw solid execution across all regions.

本季度新設備有機銷售額增長了近 10%，所有地區都做出了貢獻。在韓國和印度強勁表現的推動下，亞太地區實現了兩位數增長。歐洲、中東和非洲地區實現了高個位數增長，主要來自南歐。隨著工地延誤和現場效率低下的緩解，美洲地區實現了高個位數增長。中國通過穩定的積壓訂單實現了中個位數增長。總體而言，我們在所有地區都看到了紮實的執行力。

Adjusted operating profit was up $15 million at constant currency. The benefits from higher volume, price beginning to flow from the backlog, strong productivity, and better-than-anticipated commodity tailwinds were partially offset by continued unfavorable regional and product mix, transactional FX and higher SG&A expense.

按固定匯率計算，調整後營業利潤增加了 1500 萬美元。銷量增加、積壓訂單價格開始上漲、生產力強勁以及好於預期的大宗商品順風帶來的好處被持續不利的區域和產品組合、交易性外匯以及較高的銷售管理費用所部分抵消。

Now turning to Service segment results on Slide 8. Maintenance units were up 4.2% with growth in all regions, led by China, where we achieved another quarter of high teens portfolio growth. Modernization backlog expanded by 14% with growth across all regions, driven by strong orders growth of 16% in the quarter. Service organic sales grew 9.4%, the highest rates since spin with growth in all business lines.

現在轉向幻燈片 8 上的服務部門業績。維護單位增長了 4.2%，所有地區均出現增長，其中以中國為首，我們在中國的投資組合增長又實現了四分之一的高兩位數增長。在本季度 16% 的強勁訂單增長的推動下，現代化積壓訂單擴大了 14%，所有地區均出現增長。服務有機銷售額增長 9.4%，是自所有業務線增長以來的最高增長率。

Maintenance & Repair grew 9.1% from better-than-expected Repair volume. Our portfolio continued to expand 4.2%, and we achieved strong pricing, up 4 points on a like-for-like basis. With strong backlog conversion in the quarter, modernization sales were up 10.9%, with particularly strong performance in Asia, including China.

維護和維修業務增長 9.1%，維修業務量好於預期。我們的投資組合繼續增長 4.2%，我們實現了強勁的定價，同比上漲 4 個百分點。由於本季度積壓訂單轉換強勁，現代化銷售額增長了 10.9%，其中包括中國在內的亞洲地區表現尤為強勁。

Service profit was up $52 million at constant currency as a benefit from higher volume, favorable pricing and productivity were partially offset by annual wage increases and higher material costs. Margins expanded 50 basis points, in line with our full year guidance.

按固定匯率計算，服務利潤增長了 5200 萬美元，這是由於產量增加、有利的定價和生產率帶來的好處被年度工資增長和材料成本上漲部分抵消。利潤率擴大了 50 個基點，與我們的全年指導一致。

Overall, we are pleased with our first half results, where we gained approximately 50 basis points of new equipment share, grew the portfolio again over 4%, increased organic sales by 6.6%, and improved operating profit by $67 million at constant currency while continuing to grow our backlog in both new equipment and modernization. This provides good growth visibility over the next several quarters.

總體而言，我們對上半年的業績感到滿意，我們的新設備份額增加了約 50 個基點，產品組合再次增長了 4% 以上，有機銷售額增加了 6.6%，按固定匯率計算，營業利潤提高了 6700 萬美元，同時繼續增加我們在新設備和現代化方面的積壓。這為未來幾個季度提供了良好的增長可見性。

With that, moving to Slide 9 and the revised outlook. Starting with sales. With strong Service momentum, we are raising outlook and now expect total Otis organic sales to be up 4.5% to 6% versus the prior guide of 4% to 6%. Adjusted operating profit growth at constant currency is expected to be in the range of $155 million to $175 million and approximately $15 million increase at the midpoint versus the prior guide linked to the better-than-expected Service volume.

接下來，轉到幻燈片 9 和修訂後的前景。從銷售開始。憑藉強勁的服務勢頭，我們正在提高前景，目前預計奧的斯有機銷售額將增長 4.5% 至 6%，而之前的指導為 4% 至 6%。按固定匯率計算，調整後營業利潤增長預計在 1.55 億美元至 1.75 億美元之間，與之前與好於預期的服務量相關的指南相比，中間值增加約 1,500 萬美元。

Service margins are still expected to expand about 50 basis points to 24% and we anticipate new equipment margins to expand 20 basis points to 6.8%. Overall, margins are expected to be up approximately 30 basis points to 16%, the high end of the previous range.

服務利潤率仍預計將擴大約 50 個基點至 24%，我們預計新設備利潤率將擴大 20 個基點至 6.8%。總體而言，利潤率預計將上漲約 30 個基點，達到 16%，為之前區間的上限。

Adjusted EPS is expected to be up 9% to 10% versus the prior year within the range of $3.45 to $3.50, and approximately $0.03 increase at the midpoint versus the prior outlook, largely the result of strong operational performance. Due to our continued cash mobilization activities, we have increased our share repurchase target to $800 million and the outlook for free cash flow is $1.5 billion to $1.55 billion, a roughly 110% conversion.

調整後每股收益預計將比上年增長 9% 到 10%，範圍在 3.45 美元到 3.50 美元之間，與之前的展望相比，中間值增長約 0.03 美元，這主要是由於強勁的運營業績。由於我們持續進行現金動員活動，我們已將股票回購目標提高至 8 億美元，自由現金流前景為 15 億至 15.5 億美元，轉換率約為 110%。

Now taking a further look at the organic sales outlook on Slide 10, there is no change to the overall new equipment outlook. By region, we still expect the Americas and EMEA to be up mid-single digits, consistent with our prior guide. Within Asia, Asia Pacific is performing better than anticipated, led by India, which we expect to offset a decline in China due to the continuing weak demand environment.

現在進一步查看幻燈片 10 的有機銷售前景，整體新設備前景沒有變化。按地區劃分，我們仍然預計美洲和歐洲、中東和非洲地區的增長率將達到中個位數，這與我們之前的指南一致。在亞洲範圍內，以印度為首的亞太地區的表現好於預期，我們預計印度的表現將抵消中國因持續疲軟的需求環境而造成的下滑。

Turning to Service. Organic sales are now expected to improve by 50 basis points versus the prior outlook to a range of 6% to 7% with improvement in all business lines. We are increasing the outlook for Maintenance & Repair organic sales, now expected to be up 5.5% to 6.5% in '23 driven by the strong first half Repair volume. Supported by a robust backlog, which is up mid-teens, we are increasing our modernization, our organic sales outlook to be in the range of 7% to 9%.

轉向服務。隨著所有業務線的改善，有機銷售額目前預計將比之前的預期提高 50 個基點，達到 6% 至 7% 的範圍。我們正在提高維護和維修有機銷售的前景，目前預計在上半年維修量強勁的推動下，23 年將增長 5.5% 至 6.5%。在大量積壓訂單的支持下，我們正在加強現代化建設，我們的有機銷售前景將在 7% 至 9% 之間。

Moving to Slide 11. We expect adjusted EPS growth of 9% to 10% in the range of $3.45 to $3.50, a $0.31 increase for the full year with $0.29 coming from operations. Overall, with a strong first half behind us, we are well-positioned to improve our outlook and deliver solid second half financial performance on the strength of a service-driven business model and focus on operational excellence.

轉向幻燈片 11。我們預計調整後每股收益增長 9% 至 10%，範圍為 3.45 美元至 3.50 美元，全年增長 0.31 美元，其中 0.29 美元來自運營。總體而言，憑藉上半年的強勁表現，我們有能力改善我們的前景，並憑藉服務驅動的業務模式和專注於卓越運營的優勢，實現下半年穩健的財務業績。

With that, Liz, please open the line for questions.

那麼，莉茲，請打開提問線路。

(Operator Instructions) Our first question comes from Nigel Coe with Wolfe Research.

（操作員說明）我們的第一個問題來自 Wolfe Research 的 Nigel Coe。

I guess, first of all, I mean, on the New Equipment margins, the clip to the 40 basis point high end, down 20 basis points, sorry, it's a small move, but you haven't changed your growth outlook. It doesn't feel like the mix geographically changes. So I'm just wondering what's sort of driving that sort of more kind of moderate view, if you will, on margin? And are we still on track for that price/cost tailwind in the back half of the year?

我想，首先，我的意思是，在新設備利潤率上，削減至 40 個基點高端，下降 20 個基點，抱歉，這是一個小變動，但你沒有改變你的增長前景。感覺混合的地理分佈並沒有發生變化。所以我只是想知道是什麼推動了這種更溫和的觀點（如果你願意的話）？今年下半年我們是否仍有望實現價格/成本的順風車？

Thanks, Nigel, for the question. I guess the first one is what we've done is we just tightened the new equipment margin to 20 basis points. So as you noted, right, we haven't changed our sales outlook for new equipment. But within that, China, which we thought was going to be flattish for the year, is going to be down low single digits. And as you're aware, China is a higher new equipment profit margin. market, but we're able to offset that with definitely better commodity tailwinds.

謝謝奈傑爾提出的問題。我想第一個是我們所做的，我們只是將新設備利潤率收緊至 20 個基點。正如您所指出的，我們沒有改變新設備的銷售前景。但其中，我們認為今年將持平的中國將出現較低的個位數下降。而且正如你所知，中國新設備的利潤率更高。市場，但我們能夠通過絕對更好的大宗商品順風來抵消這一影響。

Initially, we were expecting about $25 million, $30 million, now about $40 million. Pricing, definitely, in the second half is going to be better than the first half. You put the 2 together, I think we tied into about -- which more than offset China. So which is why we tied into the 20 basis points on the New Equipment side.

最初，我們預計約為 2500 萬美元，3000 萬美元，現在約為 4000 萬美元。下半年的定價肯定會好於上半年。你把兩者放在一起，我認為我們聯繫在一起——這遠遠抵消了中國。這就是為什麼我們將新設備方面的利率調整為 20 個基點。

Okay. That's very clear. And then my follow-up is on the Uprise (sic) [UpLift] program, the $150 million of cost. Maybe just a bit more detail on where you see the opportunities to further streamline the cost base. How much of that $150 million do you think will come to the bottom line versus being reinvested? And then is this additive to your other programs? And I'm thinking things like the modernization margin initiatives, service productivity initiatives, is this additive to those programs?

好的。這非常清楚。然後我的後續行動是 Uprise（原文如此）[UpLift] 計劃，耗資 1.5 億美元。也許只是更詳細地說明您在哪裡看到了進一步簡化成本基礎的機會。您認為與再投資相比，這 1.5 億美元中有多少會達到盈利？那麼這對您的其他程序有幫助嗎？我在想諸如現代化利潤計劃、服務生產力計劃之類的事情，這是否是這些計劃的補充？

Yes, Nigel, let me take that, and we're calling it UpLift. I think you called it Uprise, but let me take that. First and foremost, I think it's really important for people to understand why we're doing this now, and then I'll get to kind of where the cost takeout is going to be, which is mainly in G&A. So it will be additive to our other productivity initiatives as well as our modernization growth.

是的，奈傑爾，讓我接受，我們稱之為 UpLift。我想你把它稱為“崛起”，但讓我這麼說吧。首先也是最重要的，我認為人們了解我們現在這樣做的原因非常重要，然後我將討論成本支出將在哪裡，主要是在一般管理費用方面。因此，它將有助於我們的其他生產力舉措以及我們的現代化發展。

But where it comes from is we spun a little over 3-plus years ago, and since that time, the team -- and our colleagues, I mean, tremendous thanks to them. We've gained share in new equipment. We've driven growth, expanded operating profit margins. We've returned billions in cash to our shareholders. And quarter after quarter, we've executed our strategy and performed. And I think it's important to know that we're approaching UpLift from a position of strength. I think it's incumbent on leaders to prepare the company to take us to the next level. And that's what we're doing as an executive leadership team across the company.

但它的來源是我們在三年多前開始運作，從那時起，我的意思是，我們的團隊以及我們的同事對他們表示了極大的感謝。我們在新設備方面獲得了份額。我們推動了增長，擴大了營業利潤率。我們已向股東返還數十億現金。一季度又一季度，我們執行了我們的戰略並取得了成效。我認為重要的是要知道我們正在以強勢地位接近 UpLift。我認為領導者有責任讓公司做好準備，讓我們更上一層樓。這就是我們作為整個公司的執行領導團隊正在做的事情。

So we're going to focus really on 3 areas: the operating model itself to give us more speed and agility. You know we're a tremendously distributed organization with our 1,400 branch offices serving our customers globally. We want that speed and agility to be more customer-centric.

因此，我們將真正關注 3 個領域：運營模式本身，為我們提供更快的速度和敏捷性。您知道，我們是一個分佈極其廣泛的組織，擁有 1,400 個分支機構，為全球客戶提供服務。我們希望這種速度和敏捷性能夠更加以客戶為中心。

We're going to streamline processes. That's going to be extremely -- I think it's something we've learned coming out of spin and now through performance that we can be more consistent geographically, and we can streamline our processes from financial processes all the way through to really how we sell to customers, and we're looking forward to that.

我們將簡化流程。這將是非常 - 我認為這是我們從旋轉中學到的東西，現在通過績效我們可以在地理上更加一致，並且我們可以簡化我們的流程，從財務流程一直到我們如何銷售客戶，我們對此充滿期待。

And the third element is taking advantage of our scale, and acting as an enterprise and implementing some pretty significant focus on supply chain and especially indirect. So you add those 3 together, it adds up to the $150 million we're going to return, which is predominantly through G&A. Again, it's additive to what we're doing, Anything above that, that we generate, we are planning on reinvesting in our business to give us new capabilities, new competencies to continue to invest in innovation. We brought more products to market since spin than we had for many years. We're going to continue to do that as we create the connected Otis of the future and take us to the next level.

第三個要素是利用我們的規模優勢，作為一個企業，對供應鏈特別是間接供應鏈實施一些相當重要的關注。因此，將這 3 項加在一起，我們將返還 1.5 億美元，其中主要通過 G&A。再說一次，它是我們正在做的事情的補充，除此之外，我們正在計劃對我們的業務進行再投資，以賦予我們新的能力，新的競爭力，以繼續投資於創新。自推出以來，我們向市場推出的產品比多年來的產品還要多。我們將繼續這樣做，創建未來的互聯奧的斯，並將我們帶入新的水平。

Our next question comes from the line of Julian Mitchell with Barclays.

我們的下一個問題來自巴克萊銀行的朱利安·米切爾。

Just maybe the first question around the market outlook and the backlog because you took down the market outlook in various regions but the sales guide, obviously, intact and the backlog is still growing even with orders down. So just trying to understand sort of looking ahead, should we expect the backlog to start to shrink sequentially as that end-market pressure starts to be exerted, and do you expect sort of a lower backlog entering 2024 because of the market pressure you called out?

也許第一個問題是關於市場前景和積壓的，因為你記下了各個地區的市場前景，但銷售指南顯然完好無損，即使訂單減少，積壓仍在增長。因此，只是想了解一下未來的情況，隨著終端市場壓力開始發揮，我們是否應該預計積壓訂單會開始依次減少？由於您所說的市場壓力，您是否預計進入 2024 年積壓訂​​單會有所減少？ ？

Yes. Well, I'll let Anurag answer the backlog, but let me just really straight on hit, we do not expect a lower backlog as we exit '23 and enter '24. Really pleased with the 5% backlog growth. And if you go to our first appendix chart, we have a record backlog, which gives us really good line of sight for our future and really helped us drive the sales growth that you saw, the organic growth in both segments.

是的。好吧，我會讓阿努拉格回答積壓的問題，但讓我直接說，當我們退出'23並進入'24時，我們預計積壓不會減少。對 5% 的積壓增長感到非常滿意。如果您查看我們的第一個附錄圖表，我們有創紀錄的積壓，這為我們提供了對未來的良好視野，並真正幫助我們推動了您所看到的銷售增長，即兩個細分市場的有機增長。

But let me talk to the market and then I'll turn backlog over to Anurag, just so you get a -- to give you a little more color. Let me start in Asia-Pac. We expect the market itself on new equipment to still grow mid-single digits. We're seeing really strong markets. We're actually seeing double-digit demand in India and really pleased with how our team is responding there. But think of Asia-Pac continuing at mid-single.

但讓我和市場談談，然後我會把積壓訂單交給 Anurag，這樣你就可以得到更多的信息。讓我從亞太地區開始。我們預計新設備市場本身仍將實現中個位數增長。我們看到了非常強勁的市場。實際上，我們在印度看到了兩位數的需求，並且對我們團隊在印度的應對方式感到非常滿意。但想想亞太地區繼續處於中單位置。

The Americas, what we saw in the first half at the market level in units was the first half was down mid-teens. Our view is the second half is going to be flattish to slightly down. So the full year will be down high single for the market itself. The units are slowing but the Americas market itself was sequentially flat. So we're watching all the indicators, obviously, talking to our customers, looking at Dodge, looking at ABI, but again, watching the Americas carefully and happy to talk about the orders there as well as we go through these questions.

在美洲，我們在上半年看到市場水平的單位數量下降了十幾歲。我們的觀點是下半年將持平甚至略有下降。因此，對於市場本身來說，全年將是高位下滑。這些單位正在放緩，但美洲市場本身卻持平。因此，我們正在觀察所有指標，顯然，與我們的客戶交談，關注道奇，關注 ABI，但再次仔細觀察美洲，並樂意談論那裡的訂單以及我們解決這些問題。

In EMEA, we say that we're going to be down high single digit for the rest of '23. We're watching the rate impact, a little bit of a sluggish market, especially in Northern Europe, think Germany, France and U.K. being weaker, and it's delays in decision-making uncertainty. The proposals are still going in. The customers, it's a matter of when they're going to make those decisions. Spain and Italy are pretty resilient. And for the segment itself, the Middle East is up low single digits. We're going into Europe with a strong backlog for the second half. And again, when you look at our backlog, we're looking out 18 to 24 months with a backlog of this scale.

在歐洲、中東和非洲地區，我們預計 23 年剩餘時間將出現高個位數下降。我們正在關注利率的影響，市場有點低迷，特別是在北歐，德國、法國和英國都比較疲軟，而且決策的不確定性導致了延遲。這些建議仍在進行中。對於客戶來說，問題在於他們何時做出這些決定。西班牙和意大利的韌性很強。就該細分市場本身而言，中東地區的增幅較低，個位數。我們下半年將進入歐洲，積壓了大量訂單。再說一次，當你查看我們的積壓訂單時，我們會發現這種規模的積壓訂單需要 18 到 24 個月。

On China, the market itself, we're calling down 10%. We started -- April momentum was good. May was weaker, and we really exited Q2 with the volumes being down in the market itself. So that lack of acceleration that we had been planning on for the book and ship business in the second half really has taken us to the lower end of the range.

對於中國市場本身，我們預計下調 10%。我們開始了——四月份的勢頭很好。 5 月份表現較弱，我們確實在市場本身成交量下降的情況下退出了第二季度。因此，我們一直計劃下半年的圖書和船舶業務缺乏加速，這確實使我們陷入了範圍的低端。

The only thing I'll remind everybody, again, that New Equipment market outlook is very different from the Service outlook, which is still solid. It's growing mid-single digit, again, led by Asia, low single-digit in developed markets.

我唯一要提醒大家的是，新設備市場前景與服務前景非常不同，服務前景仍然穩固。在亞洲的帶動下，該數字再次以中個位數增長，而發達市場則為低個位數。

Anurag, you want to talk to backlog?

Anurag，您想談談待辦事項嗎？

Absolutely. Thanks, Judy. Even if we assume there's no orders growth, we would expect our backlog to be up low single digit by the end of the year. And the reason for that, Julian, is because we tend to book more orders in any given year than we ship as some of the orders are larger projects and multiyear in nature.

絕對地。謝謝，朱迪。即使我們假設訂單沒有增長，我們也預計到年底我們的積壓訂單將增加個位數。朱利安，原因是我們在任何一年中預訂的訂單都比我們發貨的訂單多，因為一些訂單是較大的項目並且本質上是多年期的。

So clearly, I mean it's not the right analogy, but if you look at our book-to-bill, it's definitely been far higher than 1. So we booked definitely more orders than we ship over here. But let's even assume if conditions worsen from here and there is -- new equipment orders even slightly decline to even mid-single digit, I think we will end the year with backlog at least being higher. More importantly, if you look at our backlog mix today, in Americas, it's still fairly high, which is a multiyear backlog that we have. Asia Pacific is fairly good. And that should convert into revenues next year, with China being the highest book to ship. So it gives us kind of confidence as we go into next year to see our new equipment revenue growing in line of medium-term guidance.

很明顯，我的意思是這不是正確的類比，但如果你看看我們的訂單出貨比，它肯定遠遠高於 1。所以我們預訂的訂單肯定比我們在這裡發貨的訂單多。但我們甚至假設，如果情況從這裡開始惡化——新設備訂單甚至略有下降到中個位數，我認為我們年底的積壓訂單至少會更高。更重要的是，如果你看看我們今天在美洲的積壓情況，它仍然相當高，這是我們多年的積壓。亞太地區還算不錯。這應該會轉化為明年的收入，其中中國是出貨量最高的圖書。因此，當我們進入明年時，看到我們的新設備收入按照中期指導增長，這給了我們一定的信心。

And even in EMEA, Julian, our backlog is up modestly versus last year and versus last quarter. So we're really -- we're watching the backlog closely. We've always shared with our shareholders that you should watch us at year-end. It's the best indicator for our next year in terms of top line and bottom line, and that's -- we expect this year to be no different.

Julian，即使在歐洲、中東和非洲地區，我們的積壓訂單也比去年和上季度略有增加。所以我們真的正在密切關注積壓的情況。我們一直與股東分享，你們應該在年底關注我們。就營收和利潤而言，這是我們明年的最佳指標，我們預計今年也不會有什麼不同。

And then just a quick follow-up and that was a very thorough answer. Just looking at seasonality within the second half, normally, your earnings are down slightly sequentially in Q4. I think consensus as you sort of up in Q4 sequentially. So maybe just is there anything different you're calling out on sort of Q3 versus Q4 earnings this year because of price/cost or something like that?

然後快速跟進，這是一個非常徹底的答案。僅從下半年的季節性來看，通常情況下，您的收入在第四季度會比上季度略有下降。我認為隨著第四季度的連續增長，大家達成了共識。那麼，也許您認為今年第三季度和第四季度的收益有什麼不同，因為價格/成本或類似的原因嗎？

Yes. So if you kind of look at the second half of the year, for the first 6 months, we did about $1.72 of EPS, which means $1.76 in the back half. And I think it's pretty equally split between Q3 and Q4, Julian, in terms of our EPS split.

是的。因此，如果你看看今年下半年，前 6 個月，我們的每股收益約為 1.72 美元，這意味著下半年為 1.76 美元。朱利安，我認為第三季度和第四季度的每股收益分配相當平均。

If you look at new equipment, and I'll just start with New Equipment and go on to Service, we expect about 3-ish percent growth in the second half of the year. I think it should be kind of equal between the 2 quarters. Around that, we're going to see commodity tailwind pricing at a tune of about $30 million, $40 million Obviously, a little bit of that is more towards Q4 than Q3. But the margin rate, which should be about 7%, should be between -- in Q3, Q4 should be no difference between that.

如果你看看新設備，我會從新設備開始，然後繼續服務，我們預計下半年增長率約為 3% 左右。我認為兩個季度之間應該是相等的。圍繞這一點，我們將看到大宗商品的順風定價約為 3000 萬美元、4000 萬美元。顯然，其中一部分更多是針對第四季度而不是第三季度。但保證金率應該在7%左右，在第三季度和第四季度之間應該沒有區別。

Now if you look at Service, we are doing $40 million, $50 million of operating profit increase every quarter. We expect that again in Q3 and Q4. Maintenance continues to do well with the pricing as well as the portfolio growth and we're converting the mod backlog. So I think we're in a pretty good run rate over there. And obviously, there's a little bit more of corporate expense headwind in Q3 versus Q4. So you put all the puts and takes over there, I think the cadence between Q3, Q4 from an EPS perspective should be pretty similar.

現在，如果你看看服務，我們每個季度的營業利潤都會增加 4000 萬美元、5000 萬美元。我們預計第三季度和第四季度會再次出現這種情況。維護工作在定價和產品組合增長方面繼續表現良好，我們正在轉換模組積壓。所以我認為我們在那裡的運行率非常好。顯然，與第四季度相比，第三季度的企業支出阻力要大一些。所以你把所有的看跌期權和接管都放在那裡，我認為從每股收益的角度來看，第三季度和第四季度之間的節奏應該非常相似。

Our next question comes from the line of Steve Tusa with JPMorgan.

我們的下一個問題來自史蒂夫·圖薩（Steve Tusa）與摩根大通的對話。

Sorry, I thought I got cut off there for a second. Just a question on China. So this market is seemingly getting revised down just this -- whatever recovery was going to come seems to be deferred. There seems to be mixed messaging on stimulus. I mean, I guess, first of all, what's your view on how that market will evolve in '24?

抱歉，我以為我剛才被打斷了。只是一個關於中國的問題。因此，這個市場似乎正在被下調——無論即將到來的複蘇似乎都被推遲了。關於刺激措施的信息似乎不一。我的意思是，我想，首先，您對該市場在 24 年將如何發展有何看法？

And on the services side, isn't there a bit of like a lag as to when you can go after converting those into service agreements, so like we should be thinking about those opportunities as 2-year lag to the market? And at what stage, if this market remains down, do you have to get a little more aggressive to tweak up that equation of units coming up for conversion versus conversion? Because obviously, if the market is down 10 and a couple of years later, you're still growing your conversion, that could still mean negative units under management if this thing kind of continues to bleed lower. Just curious how you're evaluating that equation.

在服務方面，將這些轉化為服務協議後，是否會出現一些滯後，所以我們應該將這些機會視為市場滯後 2 年？在什麼階段，如果這個市場仍然低迷，你是否需要更積極地調整即將進行轉換的單位方程？因為顯然，如果市場下跌 10 年後，你的轉化率仍在增長，如果這種情況繼續走低，這仍然可能意味著管理下的單位數量為負。只是好奇你如何評估這個方程。

Yes. Let me try and address kind of multiple items there. First, let me start with the Service business. This was the eighth straight quarter we had mid- to high teens portfolio growth in China. And Sally Loh now leads our China organization and she's really been driving that. We are now at 350,000 units on our portfolio in China, which is a pretty big step up from when we made this commitment to grow our Service business.

是的。讓我嘗試解決其中的多個問題。首先，讓我從服務業務開始。這是我們在中國的投資組合連續第八個季度實現中到高的增長。 Sally Loh 現在領導我們的中國組織，她一直在推動這一工作。目前，我們在中國的投資組合數量已達 350,000 輛，與我們做出發展服務業務的承諾時相比，這是一個相當大的進步。

And it is driving returns and it's -- we're increasing the conversion rates as we go. Our China -- even though the segment was down 10% in the second quarter, Steve, we were down 5%. So yet another quarter of market share gain in new equipment which bodes well for the 2-year warranty and then for the conversion for us as well because even though there may be less units, our strategy to open service depots to have the ability to drive the service conversion, shipping Gen3s with Otis ONE connected is, at the same time, we're accelerating our conversion rates versus what we had traditionally had in the past. So even if the volume goes down a little, our rates will offset that. So that doesn't really get me concerned.

它正在推動回報，而且我們正在不斷提高轉化率。我們的中國——儘管第二季度該細分市場下降了 10%，史蒂夫，我們還是下降了 5%。因此，新設備的市場份額又增加了四分之一，這對我們的 2 年保修和轉換來說是個好兆頭，因為即使設備數量可能較少，我們開設服務站的戰略也有能力推動服務轉換，同時運輸與 Otis ONE 連接的 Gen3，與過去相比，我們正在加快我們的轉換率。因此，即使交易量略有下降，我們的費率也會抵消這一影響。所以這並不真正讓我擔心。

In terms of what we really changed in the second half, it was -- we had expected things to tick up, especially on the book and bill business -- our book and ship business, excuse me, and as we exited the second half, we just hadn't seen the momentum.

就我們下半年真正發生的變化而言，我們預計情況會好轉，特別是在圖書和票據業務方面，對不起，我們的圖書和船舶業務，當我們退出下半年時，我們只是沒有看到這種勢頭。

Now like you, we've heard out of Monday out of the (inaudible), a different tone. We have to see what that translates to. I'm cautiously optimistic that once that tone is set from Beijing, there's positive potential that, that -- especially in the larger-tier cities really starts happening and sentiment changes. But our outlook did not assume that. If that -- if and when that happens, again, being cautiously optimistic, obviously, we're prepared for it. We've got the capacity, we've got the sales channel, and we've got the product and innovation to be able to deliver as soon as that picks up. The state-owned enterprises are still doing well. They're still growing. They are buying the land. And that's why, again, we think we've done really well with our strategy on key accounts and growing share.

現在，像您一樣，我們從周一聽到了（聽不清）不同的語氣。我們必須看看這意味著什麼。我謹慎樂觀地認為，一旦北京定下這種基調，就會有積極的潛力，特別是在大城市，這種情況真的會開始發生，情緒會發生變化。但我們的前景並沒有這樣假設。如果這種情況發生——如果這種情況發生，再次保持謹慎樂觀，顯然我們已經做好了準備。我們有能力、有銷售渠道、有產品和創新，一旦情況好轉就能夠交付。國有企業仍然表現良好。他們還在成長。他們正在購買土地。這就是為什麼我們再次認為我們在大客戶和不斷增長的份額方面的戰略做得非常好。

Great. And then just one last one for Anurag. The -- with orders down potentially here in the second half, how should we think about the progress flow or the contract liability flow through the cash flow statement?

偉大的。然後是阿努拉格的最後一件事。由於下半年訂單可能會減少，我們應該如何考慮現金流量表中的進度流或合同負債流？

Yes. It's -- I mean, with orders being down, obviously, there's some -- if orders were to be down. Firstly, we're not saying orders are going to be down in the second half of the year. Obviously, it will come with lower advanced payments for sure. However, as you can -- we built up a fair amount of receivables in the first half because of the higher revenue, and that should kind of unwind into the second half of the year, right? So from a cash perspective, I think we will be fine over there, Steve.

是的。我的意思是，隨著訂單下降，顯然，如果訂單下降的話，會有一些下降。首先，我們並不是說下半年訂單會下降。顯然，它肯定會帶來較低的預付款。然而，正如你所知，由於收入增加，我們在上半年建立了相當數量的應收賬款，這應該會在下半年有所緩解，對嗎？因此，從現金角度來看，我認為我們在那裡會很好，史蒂夫。

Our next question comes from the line of Jeffrey Sprague with Vertical Research Partners.

我們的下一個問題來自 Jeffrey Sprague 和 Vertical Research Partners 的電話。

Just coming back around to price, Anurag, I think you gave us some good color on price on orders on new equipment. Just wondering if you could give us a little color on what's coming through in revenues at this point on new equipment side and how that might build over the next 2 or 3 quarters.

回到價格問題，阿努拉格，我認為您在新設備訂單的價格上給了我們一些很好的信息。只是想知道您能否向我們介紹一下目前新設備方面的收入情況以及未來 2 或 3 個季度的收入情況。

Great. So if you look at -- let me start with the second quarter first now. On the new equipment side, we saw about $5 million of pricing coming through to the bottom line, which was encouraging. We did expect more of it to come in the second half. And in the second half, we expect about $20 million of that to come through.

偉大的。所以，如果你看一下——讓我現在先從第二季度開始。在新設備方面，我們看到大約 500 萬美元的定價達到了底線，這令人鼓舞。我們確實預計下半年會出現更多情況。我們預計下半年將實現約 2000 萬美元。

So if you look back now, it's been 6 consecutive quarters of price increases that we've done, and our backlog margin is up by over 100 basis points today. And if we kind of go through the course -- by the end of the year, we should see that backlog margin tick up a little bit more as we flush out some of the older orders with the older prices and the new and this mid-single-digit price increase continues.

因此，如果您現在回頭看，我們已經連續 6 個季度提價，今天我們的積壓利潤率上升了 100 個基點以上。如果我們完成這個過程 - 到今年年底，我們應該會看到積壓利潤會增加一點，因為我們用舊價格和新訂單以及今年中期的價格淘汰了一些舊訂單。個位數的價格上漲仍在繼續。

If that happens, every 100 basis points of backlog in price increase should bode to about 50 basis points or about $30 million, $40 million for next year. So we should kind of see that come through more next year. So I think we're just beginning to see the price of new equipment coming into the revenue, and that should tick up for the next few quarters.

如果發生這種情況，積壓的價格每上漲 100 個基點，就預示著明年價格上漲約 50 個基點，即約 3000 萬美元、4000 萬美元。所以我們應該會看到明年會有更多的進展。因此，我認為我們剛剛開始看到新設備的價格計入收入，並且在接下來的幾個季度中應該會上漲。

Great. And then maybe we could just get a little more color on mods. Obviously, it's very robust and creates some margin headwind as you do that work. You seem to be kind of managing that quite effectively. But my question is really more around what the back end is looking like on the mods. Are you seeing higher service retention on the back end, higher revenue per unit on the back end? Just how kind of the mods is really playing into your overall Service portfolio growth strategy?

偉大的。然後也許我們可以在模組上多一點色彩。顯然，它非常強大，並且在您進行這項工作時會產生一些利潤逆風。你似乎對此管理得相當有效。但我的問題實際上更多的是關於模組的後端是什麼樣子的。您是否看到後端的服務保留率更高，後端的單位收入更高？到底什麼樣的模組真正融入了您的整體服務組合增長戰略？

Yes, Jeff. Listen, we're really pleased with mod and how it's developing. And I think it's something -- I know it's something we're going to be talking about for many quarters to come as we've added it actually as a fifth strategic imperative at our company just last month or in May and very much focused on making it more like our new equipment business, which means you're going to see margins expand even though right now, it's dilutive in the Service segment.

是的，傑夫。聽著，我們對模組及其開發方式非常滿意。我認為這是我們公司在上個月或五月實際上將其添加為第五個戰略要務，並且非常關注使其更像我們的新設備業務，這意味著您將看到利潤率擴大，儘管目前它在服務領域正在稀釋。

So pleased with the quarter. Again, our fourth consecutive quarter of orders up over 10%. Strong backlog. I would call Asia as the standout in mod. We had great volume in some major projects in Asia Pacific in the quarter, Japan, Korea, Hong Kong, India. And China is on a highly accelerating path due to their MX volume, or MX mod product we have, and you're going to continue to see that grow as units continue to age in China.

對這個季度非常滿意。我們的訂單量再次連續第四個季度增長超過 10%。大量積壓。我認為亞洲是 mod 領域的佼佼者。本季度我們在亞太地區、日本、韓國、香港、印度的一些重大項目成交量很大。由於 MX 數量或我們擁有的 MX mod 產品，中國正處於高度加速的道路上，隨著中國設備的不斷老化，您將繼續看到這種增長。

So we're optimistic about mod. As I said in the last call, we're going to approach it by taking everything we've learned in New Equipment and Service, and making it more production-ready versus custom. And I think that's going to benefit us in terms of margin expansion as we drive more revenue through it.

所以我們對mod持樂觀態度。正如我在上次電話會議中所說，我們將通過利用我們在新設備和服務中學到的所有知識來實現這一目標，並使其比定制產品更適合生產。我認為這將使我們在利潤率擴張方面受益，因為我們可以通過它帶來更多收入。

Once we do a mod, our ability to retain that and put that -- keep that on Otis Service is in the high 90s. So much more significant than the conversion rates even in our industry-leading retention rate. So that's why mod is important to us. It not only gives us additional customer intimacy, both for the units that were on our portfolio, it lets us bring other units back to our portfolio, drives great customer value, energy efficiency, gets them ready for another multiple years, especially as you think about all the buildings now that are being repurposed. There's a huge amount of opportunity for us as well with the offices changing to multiuse.

一旦我們做了一個模組，我們保留它並把它放在奧的斯服務上的能力就在 90 左右。即使我們行業領先的保留率也比轉化率重要得多。這就是為什麼 mod 對我們很重要。它不僅為我們產品組合中的設備提供了額外的客戶親密感，還讓我們將其他設備帶回到我們的產品組合中，推動巨大的客戶價值、能源效率，讓他們為下一個多年做好準備，尤其是如您所想關於現在正在重新利用的所有建築物。隨著辦公室轉變為多功能用途，我們也面臨著巨大的機會。

So mods going to be something we talk about for a while going for almost consistently now every quarter, and you're going to see us continue to deliver on that, both in the orders, the backlog and then most importantly, starting that service clock all over again.

因此，模組將成為我們談論一段時間的事情，現在幾乎每個季度都會持續進行，您將看到我們繼續交付這一點，無論是在訂單、積壓中，還是最重要的是，啟動服務時鐘一切重新來過。

Our next question comes from the line of Nick Housden with RBC Capital Markets.

我們的下一個問題來自加拿大皇家銀行資本市場的尼克·豪斯登（Nick Housden）。

It's been another strong performance from Repair. I was wondering if you could just remind us how much of Maintenance & Repair is the Repair piece specifically and how sustainable the growth is. Because I think it's been a couple of quarters now where the growth has surprised to the upside. So I'm wondering if maybe it's just a structurally stronger market than you maybe thought previously. That's the first one.

這是 Repair 的又一強勁表現。我想知道您是否可以提醒我們，維護和維修中有多少具體是維修部分，以及增長的可持續性如何。因為我認為已經有幾個季度了，增長令人驚訝。所以我想知道這是否只是一個結構上比您之前想像的更強大的市場。這是第一個。

Yes, Nick, good to hear from you. We don't disclose the difference between Maintenance and Repair. Really strong Repair this quarter. And we keep waiting for the quarter where it's going to slow down. When you go back probably 6 quarters, we saw a bounce back when office use started picking up post-COVID because we had a little bit of a downturn in the early COVID days.

是的，尼克，很高興收到你的來信。我們不透露維護和維修之間的區別。本季度修復非常強勁。我們一直在等待增長放緩的季度。當你回顧大約 6 個季度時，我們看到了疫情后辦公室使用量開始回升時的反彈，因為我們在疫情初期經歷了一些低迷。

So it's been a good strong 6 to 8 quarters. But again, as people potentially put off some discretionary mod decisions, your units are still aging and need even more repair. So really pleased with Repair globally. It was strong in every region, and we're not sure how long this can keep up. So we think we've got it tuned appropriately in the outlook, but I'll let Anurag talk to that from an outlook perspective.

因此，這 6 到 8 個季度表現強勁。但同樣，由於人們可能會推遲一些自行決定的改裝決定，因此您的設備仍然老化，需要更多的維修。對全球維修非常滿意。它在每個地區都很強大，我們不確定這種情況能持續多久。因此，我們認為我們已經對前景進行了適當調整，但我會讓阿努拉格從前景的角度來談談這一點。

Yes. I think -- just a couple of points to add over there. I think the team has really executed very well on the Repair side. I mean, after 2 years of double-digit growth, as we entered this year, we thought that Repair would be a low single-digit growth. So if you look at our performance on the Service business, I think it's largely because of Repair.

是的。我想——只需補充幾點。我認為團隊在修復方面確實執行得非常好。我的意思是，經過兩年的兩位數增長，當我們進入今年時，我們認為修復將是一個較低的個位數增長。因此，如果你看看我們在服務業務上的表現，我認為這很大程度上是因為維修。

Our Maintenance portfolio is growing at 4.2%. We have price on a like-to-like basis of 4%. If you adjust for mix and churn, it's a 200 basis points or maybe Maintenance is more than high single digits. So Repair has definitely grown double-digit in the first half of the year. And it's not only because of coming back to work, just executing on a very good strategy over there.

我們的維護投資組合以 4.2% 的速度增長。我們的價格按同類價格 4% 計算。如果您根據混合和流失進行調整，則可能會增加 200 個基點，或者維護可能會超過高個位數。因此，Repair在今年上半年肯定實現了兩位數的增長。這不僅僅是因為回到工作崗位，而是因為在那裡執行了一個非常好的策略。

In the second half, the reason you see a step-down in the Service revenue is because Maintenance continues to grow at the same clip, modernization backlog converts, we're just assuming Repair is going to be flattish. Now we may be a little bit cautious over there. If we continue to execute well, there could be a little bit more upside in the second half of the year.

在下半年，您看到服務收入下降的原因是因為維護繼續以相同的速度增長，現代化積壓工作發生變化，我們只是假設維修將持平。現在我們可能會有點謹慎。如果我們繼續表現良好，下半年可能會出現更多上漲空間。

That's great. And then maybe just on Otis ONE. Can you just provide us with an update on your kind of general efforts on connectivity and how that's feeding into some of the metrics like retention and conversion? Whether there's been any impact on pricing or profitability and kind of when we might see that if we haven't already? Because I know you've got a slightly different strategy. It's one of your peers who's maybe pricing for it a bit more directly already. So just curious to hear how the IoT operation is going.

那太棒了。然後也許就在奧蒂斯一號上。您能否向我們介紹一下您在連接方面所做的一般努力的最新情況，以及這些努力如何影響保留率和轉化率等一些指標？是否會對定價或盈利能力產生任何影響？如果我們還沒有的話，我們什麼時候可能會看到？因為我知道你的策略略有不同。您的一位同行可能已經更直接地定價了。所以只是想知道物聯網的運營進展如何。

Yes. We're really pleased. The Otis ONE units are making a difference. We are shipping all of our Gen3s with Otis ONE and our new Gen3 Core will have that in North America, the new product we announced this quarter. We're driving a much larger volume of Otis ONE this year because of all the shipments that are happening and because of all the conversions in China that are happening. So where in the past we would tell you about 100,000 a year, that number is going to be up significantly more in 2023, which is what continues us along that journey in our medium-term guide.

是的。我們真的很高興。奧的斯 ONE 設備正在發揮作用。我們所有的 Gen3 都與 Otis ONE 一起發貨，我們的新 Gen3 Core 將在北美上市，這是我們本季度宣布的新產品。由於所有的出貨量以及在中國正在進行的所有改裝，我們今年將推出更大數量的奧的斯 ONE。因此，過去我們會告訴您每年大約 100,000 人，而到 2023 年，這個數字將大幅增加，這也是我們在中期指南中繼續這一旅程的原因。

Right now, we've got over 800,000 of our units connected in general, more than just Otis ONE, but now Otis ONE is picking up a bigger proportion of that, and you'll see far more than 100,000 units this year connecting. It is making a difference. If you look at China alone, I would tell you, it's part of their significant Service productivity, the majority of that is being driven by Otis ONE or running on arrivals are down across the globe and that we are getting -- anytime we have a connected product, our ability not just to convert but to retain that, especially from the ISPs who really -- they don't want to come into an Otis elevator that's got an eView screen and figure out how to maintain that. And they can't offer that same connectivity.

目前，我們有超過 800,000 台設備聯網，不僅僅是 Otis ONE，但現在 Otis ONE 所佔比例更大，今年您將看到遠遠超過 100,000 台設備聯網。它正在發揮作用。如果你只看中國，我會告訴你，這是他們重要的服務生產力的一部分，其中大部分是由奧的斯一號驅動的，或者是在全球各地的到達航班上運行的，而且我們正在得到——任何時候我們有一個聯網產品，我們不僅有能力轉換，而且有能力保留它，特別是來自 ISP，他們真的不想進入帶有 eView 屏幕的奧蒂斯電梯並弄清楚如何維護它。他們無法提供相同的連接。

So we provide all those numbers on an annual basis. We'll do that in fourth quarter, but it is an integral part of our strategy. It is working. It's helping us with Service pricing. And as Anurag said, on Service pricing, like-for-like we're up 4 points. So we're up from last year.

因此，我們每年提供所有這些數字。我們將在第四季度做到這一點，但這是我們戰略的一個組成部分。這是工作。它幫助我們制定服務定價。正如 Anurag 所說，在服務定價方面，我們上漲了 4 個百分點。所以我們比去年有所進步。

And honestly, I've got to give EMEA incredible kudos. They're up mid-single digits this year in Service pricing, and Bernardo and the team there are doing a great job on that. But a big part of that is being connected. I was in Portugal a few weeks ago with our team, more than half of their portfolio is connected and their Service margins are outstanding. So it makes a difference.

老實說，我必須給予 EMEA 令人難以置信的榮譽。今年，他們的服務定價上漲了中個位數，貝爾納多和團隊在這方面做得很好。但其中很大一部分是相互聯繫的。幾週前我和我們的團隊一起去了葡萄牙，他們一半以上的投資組合都是聯網的，而且他們的服務利潤非常出色。所以這會有所不同。

Our strategy, again, to define that connection versus having people -- customers opt-in from a subscription. We're getting subscription services,, too. But again, we chose to invest the CapEx and we chose how we were going to deploy Otis ONE. And I would tell you, you're seeing it in our Service margins.

我們的策略再次是定義這種聯繫，而不是讓人們——客戶選擇訂閱。我們也提供訂閱服務。但我們再次選擇投資資本支出，並選擇如何部署 Otis ONE。我想告訴你，你在我們的服務利潤中看到了這一點。

Our next question comes from Josh Pokrzywinski with Morgan Stanley.

我們的下一個問題來自摩根士丹利的 Josh Pokrzywinski。

Judy, I want to pick up on a couple of things you already touched on, and I apologize I jumped on a little late, so you might have covered this on the China question. But how are you seeing the divergence between national accounts and maybe more of the volume business in terms of where the weakness or where the pricing pressure is coming. Obviously, it's kind of downstream implications for what that conversion will look like.

朱迪，我想談談你已經談到的一些事情，很抱歉我有點晚了，所以你可能已經談到了中國問題。但是，您如何看待國民賬戶與可能更多的批量業務之間在弱點或定價壓力即將到來方面的差異。顯然，這對下游的轉換會產生影響。

Yes. No, fair question, Josh. Listen, we call them key accounts, which are the large developers. Our team has continued to develop those key accounts. And as a matter of fact, our portion of national or key accounts that are now state-owned enterprises is significantly larger than the private developers. So that's really making a difference for us.

是的。不，這是公平的問題，喬什。聽著，我們稱他們為關鍵客戶，即大型開發商。我們的團隊繼續開發這些重要客戶。事實上，我們現在國有企業的國民或重點客戶的比例明顯大於私營開發商。所以這對我們來說真的很重要。

The Tier 1 and Tier 2 cities continue to outperform not just the segment, but also outperform for Otis versus the lower-tier cities. But in the lower-tier cities, it was volume for us. And our team performed pretty well. As you look at the second quarter, the positive segments in China were the same as the first quarter, infrastructure and industrial. And the weakness was more in resi and commercial.

奧的斯不僅在一線和二線城市的表現繼續優於該細分市場，而且也優於低線城市。但在二三線城市，我們的銷量就很大。而且我們隊的表現也相當不錯。從第二季度來看，中國的積極部分與第一季度相同，基礎設施和工業。弱點更多地體現在稀土和商業領域。

But I think we -- I like the strategy we're on, again, having those state-owned enterprises and then we'll -- we're seeing what's going to happen again with the government policy, with the tone that's being set and then how these policy eases, whether it's mortgages, lending rates or again, houses. It's just the whole philosophy of housing is for living versus investment. That phrase was no longer used on Monday after many years. So we're watching it carefully. We think we've got the right tuning for the second half. If there is an upturn with either stimulus or just sentiment helping on volumes, we're ready and you'll see it flow through.

但我認為我們——我再次喜歡我們正在採取的戰略，擁有這些國有企業，然後我們——我們將看到政府政策將再次發生什麼，以及正在設定的基調然後這些政策如何放鬆，無論是抵押貸款、貸款利率還是住房。這只是住房的整個理念是為了居住而不是投資。多年後，週一不再使用該短語。所以我們正在仔細觀察。我們認為下半場的調整是正確的。如果刺激措施或情緒刺激成交量出現好轉，我們已經準備好，您將看到它的發展。

Got it. That's helpful. And then just shifting over to the mod business and Jeff's question. I know you guys have aspirations to bring up those margins over time. Obviously, your conversion rates or your attachment rates are good on the back end. Is this a function of scale and sort of ramping up volume on this more standard [workforce] business versus customization? Is it more price discipline? Sort of what are the key either milestones or initiatives that you need to do to bring the margins that up? Or is it simply just a waiting game of getting us through the backlog?

知道了。這很有幫助。然後轉向模組業務和傑夫的問題。我知道你們渴望隨著時間的推移提高這些利潤。顯然，您的後端轉化率或附件率很好。這是規模的函數，還是這種更標準的[勞動力]業務與定制業務的數量增加的函數？是否有更多的價格紀律？為了提高利潤率，您需要採取哪些關鍵的里程碑或舉措？或者這只是一個讓我們解決積壓問題的等待遊戲？

A great question, Josh. And I think you answered it and it's a bit of everything, right? So if you kind of look at our mod business sort of just to level set everyone, firstly, it is our lowest margin segment today even relative to New Equipment and obviously, Repair and Maintenance. But as we standardize the products as we build scale, and as we kind of get a more sustained go-to-market strategy, we're already seeing those margins pick up because we're getting scale.

這是一個很好的問題，喬什。我想你已經回答了這個問題，這就是一切，對吧？因此，如果你看看我們的改裝業務，只是為了讓每個人都保持水平，首先，即使相對於新設備，顯然，維修和維護，它也是我們今天利潤率最低的部分。但是，當我們在擴大規模的同時對產品進行標準化，並且當我們制定更持久的進入市場策略時，我們已經看到這些利潤率有所上升，因為我們正在擴大規模。

So we are fairly confident that the trajectory that we are on right now that you should see mod margins pick up over the next 6 to 9 months and overtake the New Equipment margin as well. So it's on a good track right now.

因此，我們對目前所處的軌跡充滿信心，您應該會看到模組利潤率在未來 6 到 9 個月內回升，並超過新設備利潤率。所以現在它正處於良好的軌道上。

Our next question comes from the line of Joe O'Dea with Wells Fargo.

我們的下一個問題來自 Joe O'Dea 與富國銀行的對話。

I wanted to start just on the -- circling back on the orders backlog kind of revenue dynamic. And just to understand really what you think about in terms of the revenue implications with some of the changes in the end market views for the year obviously, not impacting how you're thinking about '23. I'm not even really sure if it's impacting how you're thinking about '24.

我想從訂單積壓這種收入動態開始。只是為了真正了解您對收入影響的看法以及今年終端市場觀點的一些變化，這顯然不會影響您對“23”的看法。我什至不確定它是否會影響你對“24”的看法。

And so just as you think through what's happening out there, and I'm not sure how much of this is supply chain improving, project execution improving, folks that don't need to maybe order as far in advance versus things like interest rates and credit. And so as you just think about the past few months and then the revised views on some of the demand trends in the markets, if you can sort of translate that to any kind of revenue implications right now.

因此，正如您仔細思考正在發生的事情一樣，我不確定其中有多少是供應鏈的改進、項目執行的改進、人們可能不需要提前訂購，而不是像利率和信用。因此，當您考慮過去幾個月以及對市場中一些需求趨勢的修訂觀點時，如果您現在可以將其轉化為任何類型的收入影響。

Yes. So let me just touch on a few at the top level. Supply chain is improving, and you're seeing that come through with the volumes we're being able to ship, and that's been helpful. As Anurag said in his opening remarks, commodities are improving as well. We had about a $15 million tailwind in the second quarter, and we've upped our outlook for commodities as well. So price is up, commodities is up, supply chain is improving, that's all fairly positive.

是的。讓我簡單談談頂層的一些內容。供應鏈正在改善，您會看到我們能夠運送的數量得到了改善，這很有幫助。正如阿努拉格在開場白中所說，大宗商品也在改善。我們在第二季度獲得了大約 1500 萬美元的順風車，並且我們還上調了對大宗商品的預期。因此，價格上漲，大宗商品上漲，供應鏈正在改善，這些都是相當積極的。

Our backlog, again, is at a record. And we -- it really will see us through 2024 with some certainty with probably the question mark being on China, and when China bounces back or -- and/or at what level. Our China team has done an incredible job on material productivity. And even though pricing is extremely competitive in China, we have hit at least price/cost neutral to price/cost slightly positive in China through the first half of the year. So that's going to -- if the market doesn't change and there's no stimulus, we'll adapt and continue to change our cost structure. If it does come back, we're ready.

我們的積壓訂單再創歷史新高。我們確實會帶著一定的確定性度過 2024 年，但問號可能會出現在中國，以及中國何時反彈或反彈到什麼水平。我們的中國團隊在物質生產力方面做了令人難以置信的工作。儘管中國的定價極具競爭力，但今年上半年我們在中國的價格/成本至少達到了中性，而價格/成本略有上升。因此，如果市場沒有變化並且沒有刺激措施，我們將適應並繼續改變我們的成本結構。如果它真的回來了，我們就準備好了。

I mean...

我是說...

And then -- go ahead.

然後——繼續吧。

No, you go ahead, Joe.

不，你繼續吧，喬。

I just wanted to touch on the pricing comment as well. And so just trajectory of pricing in China, has there been any indication of stabilization recently? And then also in developed markets, are you seeing any pricing implications just from maybe a little bit lower demand patterns as well as costs starting to improve?

我也想談談定價評論。那麼，中國的定價軌跡最近是否有任何企穩的跡象？然後，在發達市場中，您是否認為需求模式稍微降低以及成本開始改善會對定價產生影響？

So China pricing is very competitive. But no one has yet taken it down to being unrealistic or undisciplined. So it is the most challenging place for us to get price. And I think that's -- you see that market-wide. Everywhere else in the matured and the emerging markets, we're seeing good price, and we're seeing rational competitors doing the same things.

所以中國的定價非常有競爭力。但還沒有人認為這是不切實際或不守紀律的。所以這是我們獲得價格最具挑戰性的地方。我認為——你在整個市場上都看到了這一點。在成熟市場和新興市場的其他地方，我們都看到了良好的價格，並且我們看到理性的競爭對手也在做同樣的事情。

Yes. exactly. I mean we are still seeing mid-single-digit price increases in EMEA and Americas and low to mid-single digit in Asia. Now if commodity costs do come down, the material productivity comes down, you could see a little bit more pricing coming down. But the key metric here is price/cost. And I think we're going to be neutral to positive as of now we are. And let's see how this trend continues. But so far, it seems quite rational.

是的。確切地。我的意思是，我們仍然看到歐洲、中東和非洲和美洲的價格出現中個位數的上漲，而亞洲的價格則出現低至中個位數的上漲。現在，如果商品成本確實下降，材料生產率下降，您可能會看到價格進一步下降。但這裡的關鍵指標是價格/成本。我認為，到目前為止，我們將保持中立到積極的態度。讓我們看看這種趨勢如何繼續。但到目前為止，這似乎相當合理。

Our next question comes from the line of Gautam Khanna with TD Cowen.

我們的下一個問題來自 Gautam Khanna 和 TD Cowen 的對話。

Just to follow up on just the dynamics on '24. I was curious do you have an early read of where pricing might head portfolio-wide in '24 relative to '23. And then secondly, have you seen any indications of backlog stretching, whether it's decommits or just time lines extending across any of these markets where orders have been a bit softer?

只是為了跟進 24 日的動態。我很好奇您是否已經提前了解過 24 年相對於 23 年整個投資組合的定價走向。其次，您是否看到任何積壓的跡象，無論是取消訂單還是只是延長訂單稍微疲軟的這些市場的時間線？

Yes. So decommits don't really happen based on kind of nonrefundable deposits in our business. So people don't double order and there's not a lot -- we do measure jobs that -- and we keep a careful eye on jobs that decommit. It's a very small low single digit at most percentage globally of the 10,000 installations that are going on somewhere in the world every day.

是的。因此，基於我們業務中的不可退還押金，實際上並不會發生解除承諾。因此，人們不會重複訂購，而且數量並不多——我們確實衡量了這種情況——並且我們密切關注那些不再提交的工作。在全球每天某個地方發生的 10,000 次安裝中，這只是一個非常小的低個位數。

Are there times -- and we experienced this in the past where there have been some labor challenges from other trades and the jobs have slowed down. That seems to have gone away in the Americas. So we're not seeing that stretch out. So we either see it got them at the beginning when we've done a proposal, we've been verbally awarded, but it doesn't go to a booking when we get that deposit because of potentially rates and things like that, and we're watching that carefully as well. I think it's too early for us to talk about '24 pricing. We're going to focus on the second half and keep building our backlog strong and executing on that backlog.

我們過去曾經歷過這樣的情況：其他行業帶來了一些勞動力挑戰，就業增長放緩。這在美洲似乎已經消失了。所以我們沒有看到這種情況延伸。因此，我們要么一開始就看到他們在我們完成提案時得到了他們，我們得到了口頭獎勵，但當我們收到押金時，由於潛在的利率和類似的事情，它並沒有進入預訂，我們我們也在仔細觀察。我認為現在討論 24 小時定價還為時過早。我們將專注於下半年，繼續建立強大的積壓訂單並執行該積壓訂單。

That concludes today's question-and-answer session. I'd like to turn the call back to Judy Marks for closing remarks.

今天的問答環節到此結束。我想將電話轉回給朱迪·馬克斯，讓其作結束語。

Thanks, Liz. Our results in the first half reflect the continued execution of our strategy as we remain focused on ensuring we continue delivering value for our shareholders in the balance of 2023 and beyond.

謝謝，莉茲。我們上半年的業績反映了我們戰略的持續執行，我們仍然專注於確保在 2023 年及以後的剩餘時間裡繼續為股東創造價值。

Thank you all for joining the call today, and please stay safe and well.

感謝大家今天加入通話，請保持安全和健康。

This concludes today's conference call. Thank you for participating. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連接。