奧的斯電梯 (OTIS) 2025 Q1 法說會逐字稿

Good morning, and welcome to Otis' first-quarter 2025 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 at www.otis.com. I'll now turn the call over to Rob Quartaro, Vice President of Investor Relations. Please go ahead.

早安，歡迎參加奧的斯 2025 年第一季財報電話會議。此次通話正在網路上直播並錄音以供重播。示範資料可從 Otis 網站 www.otis.com 下載。現在我將把電話轉給投資者關係副總裁 Rob Quartaro。請繼續。

Thank you, Jayel. Welcome to Otis' first-quarter 2025 Earnings Conference Call. On the call with me today are Judy Marks, Chair, CEO and President; and Cristina Mendez, Executive Vice President and CFO. Please note, except where otherwise noted, the company will speak to results from continuing operations excluding restructuring and significant non-recurring items. A reconciliation of these measures can be found in the appendix of the webcast.

謝謝你，傑伊爾。歡迎參加奧的斯 2025 年第一季財報電話會議。今天與我一起通話的還有董事長、執行長兼總裁朱迪·馬克斯 (Judy Marks)；以及執行副總裁兼財務長克里斯蒂娜·門德斯 (Cristina Mendez)。請注意，除非另有說明，本公司將討論不包括重組和重大非經常性項目的持續經營績效。這些措施的對帳可以在網路廣播的附錄中找到。

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 details on important factors that could cause actual results to differ materially. Now I'd like to call over -- I'd like to turn the call over to Judy.

我們也提醒聽眾，簡報包含前瞻性陳述，這些陳述具有風險和不確定性。奧的斯向美國證券交易委員會提交的文件（包括我們的 10-K 表和 10-Q 表季度報告）詳細說明了可能導致實際結果出現重大差異的重要因素。現在我想把電話轉給朱迪​​。

Thank you, Rob. Good morning, afternoon and evening, everyone. Thank you for joining us. We hope everyone listening is safe and well. Before discussing our results, I'd like to take a moment to recognize an important milestone.

謝謝你，羅布。大家早安、下午好、晚上好。感謝您加入我們。我們希望每個聽眾都平安健康。在討論我們的成果之前，我想花點時間來認識一個重要的里程碑。

Earlier this month, Otis celebrated our fifth anniversary since returning as an independent public company. The last five years have been challenging and rewarding, and I'm proud of our colleagues and our many accomplishments. five years ago, when we were completing our spin-off, the world was in the midst of a global pandemic.

本月初，奧的斯慶祝了作為獨立上市公司回歸五週年。過去五年充滿挑戰，但也收穫頗豐，我為我們的同事和所取得的許多成就感到自豪。五年前，當我們完成分拆時，世界正處於一場全球大流行之中。

While the pandemic posed many challenges, it also provided an opportunity to demonstrate the impact of our strategy, the resilience of our business and the commitment of our colleagues to serving our customers and continuous improvement. We have made tremendous progress since those early days, and our shareholders have been rewarded.

雖然疫情帶來了許多挑戰，但也提供了一個機會來展示我們策略的影響、我們業務的韌性以及我們的同事為客戶服務和持續改進的承諾。自成立以來，我們已經取得了巨大的進步，我們的股東也獲得了回報。

Since 2019, we've expanded adjusted operating profit margins by 220 basis points and grown adjusted EPS over 70%. We've more than doubled our dividend and together with share repurchases, we have returned $6 billion of capital to our shareholders.

自 2019 年以來，我們已將調整後的營業利潤率提高了 220 個基點，調整後的每股盈餘成長了 70% 以上。我們的股利增加了一倍多，加上股票回購，我們已向股東返還了 60 億美元的資本。

I'm proud of our achievements over the last five years and thankful for our 72,000 colleagues who demonstrate our absolutes each and every day. We've laid a strong foundation, and I couldn't be more excited about the future opportunities ahead of us. Turning to Q1 highlights on slide 3. Otis started the year with a solid first quarter driven by the resilience and strength of our service-driven business model.

我為我們過去五年所取得的成就感到自豪，並感謝我們 72,000 位同事每天都展現出的絕對精神。我們已經打下了堅實的基礎，我對我們未來的機會感到無比興奮。前往投影片 3 上的 Q1 亮點。奧的斯以穩健的第一季業績開啟了新的一年，這得益於我們服務驅動型業務模式的韌性和實力。

First quarter organic sales were flat as strength in service was offset by a decline in new equipment. Service organic sales grew 4%, with growth across all business lines. Modernization orders increased 12%, and we ended the quarter with a backlog up 14% at constant currency. Our maintenance portfolio continued to grow 4%, while we also drove 40 basis points of adjusted operating margin expansion compared to the prior year. Solid growth in service, coupled with margin expansion, enabled us to grow adjusted EPS 5% in the quarter.

第一季有機銷售額持平，因為服務的成長被新設備的下降所抵消。服務有機銷售額成長 4%，所有業務線均成長。現代化訂單增加了 12%，以固定匯率計算，本季末的積壓訂單增加了 14%。我們的維修組合持續成長 4%，同時與前一年相比，我們的調整後營業利潤率也擴大了 40 個基點。服務業務的穩健成長，加上利潤率的擴大，使我們本季調整後每股盈餘成長了 5%。

We generated $186 million in adjusted free cash flow and completed approximately $250 million in share repurchases. And yesterday, we announced an 8% increase in our dividend, which brings our cumulative dividend increase since spin to approximately 110%. During the quarter, we were honored to be recognized by Fortune as one of the world's most admired companies and to be named to Wall Street Journal's Best Managed Companies list. These prestigious recognitions reflect our colleagues' commitment to serving our customers and living our absolutes every day.

我們產生了 1.86 億美元的調整後自由現金流，並完成了約 2.5 億美元的股票回購。昨天，我們宣布股利增加 8%，這使得我們自分拆以來的累積股利增幅達到約 110%。本季度，我們很榮幸被《財星》雜誌評為全球最受尊敬的公司之一，並被《華爾街日報》評為最佳管理公司名單。這些享有盛譽的認可體現了我們的同事致力於服務客戶和每天實踐我們的絕對承諾。

Turning to our orders performance on slide 4. New equipment and modernization combined orders grew 2%, driven by strength in modernization. The combined backlog was relatively flat, a sequential improvement from the fourth quarter. Our total backlog including maintenance and repair remains at historically high levels and positions us well for future quarters. New equipment orders declined 1% in the quarter. Americas continued its strong orders performance from the second half of 2024, growing mid-teens in the first quarter.

轉到投影片 4 上的訂單表現。受現代化力度的推動，新設備和現代化綜合訂單增加了 2%。合併積壓訂單相對持平，較第四季有所改善。我們的總積壓訂單（包括維護和維修）仍處於歷史高位，為我們未來幾季做好了準備。本季新設備訂單下降了 1%。美洲地區自 2024 年下半年起持續保持強勁的訂單表現，第一季訂單量成長了 15% 左右。

This was driven by mid-teens growth in North America and greater than 20% growth in Latin America. Demand in Asia Pacific also remains robust, with orders growth greater than 20%, primarily driven by India and Southeast Asia. This strength was offset by continued weakness in China where orders declined greater than 20%. This was in line with our expectations, and we continue to expect the new equipment market to stabilize later this year. New equipment orders in EMEA were down mid-single digits, partially due to a tough compare with declines in Europe offsetting strength in the Middle East.

這是由北美十幾歲的中段成長和拉丁美洲超過 20% 的成長所推動的。亞太地區的需求也保持強勁，訂單成長率超過 20%，主要受印度和東南亞的推動。但這優勢被中國持續疲軟的勢頭所抵消，中國訂單下降了 20% 以上。這符合我們的預期，我們繼續預計新設備市場將在今年稍後穩定下來。歐洲、中東和非洲地區的新設備訂單下降了中等個位數，部分原因是與歐洲的下滑相比，中東地區的強勁表現抵消了這一影響。

Our new equipment backlog at constant currency was down 3% versus the prior year, although excluding China, it was up mid-single digits. Modernization orders grew 12%, and our quarter end backlog increased 14% at constant currency. Order growth was widespread with China a notable standout, growing orders greater than 20%.

以固定匯率計算，我們的新設備積壓訂單比去年下降了 3%，但不包括中國，則成長了中等個位數。現代化訂單成長了 12%，以固定匯率計算，季度末積壓訂單成長了 14%。訂單普遍增長，其中中國尤為突出，訂單增長超過 20%。

We are just at the beginning of a projected multiyear growth cycle globally in modernizations, driven by aging of the 22 million global unit installed base. With 8 million units already in the prime modernization age and that number forecasted to grow mid- to high single digits for several years, we see a significant opportunity ahead in all four regions. Our service portfolio grew 4% with growth across all of our regions. China grew low teens, Asia Pacific grew mid-single digits and EMEA and Americas grew low single digits.

我們正處於全球現代化預計多年成長週期的開始階段，這一週期的推動力是全球 2,200 萬台已安裝設備基數的老化。目前已有 800 萬輛汽車處於黃金現代化時期，而且預計未來幾年這一數字將以中高個位數增長，我們看到這四個地區都面臨著巨大的機會。我們的服務組合成長了 4%，所有地區均實現了成長。中國的成長速度為十幾歲，亞太地區的成長速度為中等個位數，歐洲、中東和非洲地區以及美洲的成長速度為低個位數。

Before moving to financial results, I'd like to highlight several exciting projects from the first quarter. In the Americas, one of our standout projects is the modernization of the three elevators that are expected to provide safer and more reliable transportation to over 600,000 annual visitors to the iconic Chrysler redeemer in Rio de Janeiro, Brazil. Our commitment to safety and excellence will enhance the visitor experience while preserving the monuments legacy.

在談到財務表現之前，我想重點介紹第一季度的幾個令人興奮的項目。在美洲，我們最突出的項目之一是對三部電梯進行現代化改造，預計將為巴西里約熱內盧標誌性的克萊斯勒救世主每年超過 60 萬名遊客提供更安全、更可靠的交通。我們對安全和卓越的承諾將在保護古蹟遺產的同時提升遊客體驗。

In Stockholm, Sweden, Otis is embarking on an exciting project to modernize 29 escalators for A-Train, the operator of the Arlanda Express Rail Link. The vital connection links Stockholm City Center to Arlanda Airport. The project will revitalize escalators initially installed by Otis in the late 1990s, bringing them to modern standards. Modernization was both an efficient and sustainable choice for this customer as Otis can enhance performance while minimizing disruption for passengers in this essential link for the Swedish capital. We continue to excel in the new equipment business by demonstrating our strong performance and reliability.

在瑞典斯德哥爾摩，奧的斯正在進行一項令人興奮的項目，為阿蘭達機場快線營運商 A-Train 改造 29 部自動扶梯。此重要交通連接斯德哥爾摩市中心和阿蘭達機場。該項目將使奧的斯在 20 世紀 90 年代末安裝的自動扶梯煥然一新，達到現代標準。對於該客戶來說，現代化改造是一個高效且可持續的選擇，因為奧的斯可以提高列車性能，同時最大限度地減少對瑞典首都這一重要樞紐的乘客造成的干擾。我們憑藉強大的性能和可靠性，繼續在新設備業務中脫穎而出。

Otis has once again been selected by China's Hangzhou Metro to supply 145 escalators and 26 IoT connected elevators for the new Line 3. This addition brings the total number of Otis units in the city's Metro network to over 1,700 across nine subway lines. And in India, Otis has proudly secured a landmark contract to supply over 470 elevators and escalators to the Prestige Group, spanning five major cities. The project includes 28 double-deck elevators and high-speed elevators designed for what will be India's tallest commercial tower.

奧的斯再次被中國杭州地鐵選中，為新開通的 3 號線提供 145 台自動扶梯和 26 台物聯網電梯。此次增設的車輛使得該市地鐵網絡中奧的斯車輛總數達到 1,700 多台，遍布 9 條地鐵線。在印度，奧的斯自豪地獲得了一份具有里程碑意義的合同，為 Prestige 集團供應超過 470 台電梯和自動扶梯，覆蓋五個主要城市。該項目包括 28 部雙層電梯和高速電梯，旨在建造印度最高的商業大樓。

Turning to our first quarter results on slide 5. Otis delivered net sales of $3.3 billion, with organic sales flat year-over-year. Adjusted operating profit, excluding a $16 million foreign exchange headwind, increased 3% with growth in service, offset by a decline in new equipment. Adjusted operating profit margin expanded 40 basis points to 16.7%. Adjusted EPS grew 5% or $0.04 in the quarter with solid operational performance and the benefit of a lower share count.

查看投影片 5 的第一季業績。奧的斯淨銷售額達 33 億美元，有機銷售額與去年同期持平。調整後的營業利潤（不包括 1,600 萬美元的外匯不利因素）因服務業務的成長而成長了 3%，但被新設備業務的下降所抵消。調整後營業利益率擴大40個基點至16.7%。由於營運業績穩健且股票數量減少，本季調整後每股收益成長 5% 或 0.04 美元。

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

接下來，我將把時間交給克里斯蒂娜 (Cristina)，讓她更詳細地介紹我們的成果。

Thank you, Judy. Starting with service on slide 6. Service organic sales grew 4% with growth in all lines of business. Maintenance and repair organic sales grew 3%, driven by portfolio growth, positive price of 2% in maintenance, partially offset by mix and churn. Repair growth was muted in the first quarter, up low single digits, due to timing of backlog execution.

謝謝你，朱迪。從投影片 6 上的服務開始。隨著所有業務線的成長，服務有機銷售額成長了 4%。維護和維修有機銷售額成長 3%，這得益於產品組合成長、維護價格上漲 2%，但部分被產品組合和客戶流失所抵銷。由於積壓訂單執行時間的原因，第一季維修成長較為溫和，僅增加了個位數。

We expect acceleration in the balance of the year. Modernization organic sales grew 10% as we executed on our backlog. Growth was broad-based across all regions, including high-teens growth in China and approximately 10% growth in Americas. Service operating profit of $537 million increased $29 million at constant currency, with higher volume, favorable pricing and productivity, including the benefits from UpLift, more than offsetting higher labor and material costs and mix and churn. Operating profit margins expanded 40 basis points to 24.6% in the quarter.

我們預計今年餘下時間的成長將會加速。由於我們完成了積壓訂單，現代化有機銷售額成長了 10%。所有地區均實現了廣泛增長，其中中國地區實現了高雙位數增長，美洲地區實現了約 10% 的增長。服務營運利潤為 5.37 億美元，以固定匯率計算增加了 2,900 萬美元，銷售增加、定價優惠和生產力提高（包括 UpLift 帶來的好處）足以抵消勞動力和材料成本以及產品組合和客戶流失增加的影響。本季營業利益率擴大 40 個基點至 24.6%。

Turning to new equipment on slide 7. New equipment organic sales declined 7% in the quarter as the strength in EMEA and APAC were more than offset by declines in China and Americas. EMEA sales grew mid-single digits, primarily due to strength in the Middle East, which grew greater than 20%, while Europe was up low single digits. APAC grew approximately 10% with strength across most of the region. Americas declined high single digits as we worked through last year's backlog.

前往投影片 7 上的新裝置。本季新設備有機銷售額下降 7%，因為歐洲、中東和非洲地區和亞太地區的強勁表現被中國和美洲地區的下滑所抵消。歐洲、中東和非洲地區的銷售額成長了中等個位數，主要得益於中東地區的強勁成長，該地區的銷售額成長了 20% 以上，而歐洲的銷售額成長了較低的個位數。亞太地區成長約 10%，大部分地區均表現強勁。由於我們處理了去年的積壓訂單，美洲地區的訂單量下降了高個位數。

And lastly, we are continuing to work through China's lower backlog with organic sales down greater than 20% in the quarter due to market conditions and strict credit controlling shipments. However, as Judy mentioned, we continue to expect the market to stabilize later this year with sales stabilization to follow in 2026.

最後，我們正在繼續努力解決中國積壓訂單較少的問題，由於市場狀況和嚴格的信貸控制，本季有機銷售額下降了 20% 以上。然而，正如朱迪所提到的，我們仍然預計市場將在今年晚些時候趨於穩定，銷售額也將在 2026 年趨於穩定。

New equipment operating profit of $66 million declined $5 million at actual currency and $4 million at constant currency, driven by the headwinds of lower volume and regional mix that were partially offset by productivity, including the benefits from UpLift on our China transformation and lower commodity cost. Pricing was relatively flat. Operating profit margins increased 20 basis points to 5.7%.

新設備營業利潤為 6,600 萬美元，按實際匯率計算下降 500 萬美元，按固定匯率計算下降 400 萬美元，這受到產量下降和區域結構變化帶來的不利影響，但被生產力部分抵消，包括 UpLift 對我們中國轉型和商品成本降低帶來的好處。定價相對平穩。營業利益率增加20個基點至5.7%。

I will now turn it back to Judy to discuss our 2025 outlook.

現在我將把話題轉回給朱迪，討論我們的 2025 年展望。

Starting on slide 8 with the market outlook. Before discussing our updated 2025 outlook, I'd like to briefly discuss our global market expectations. In aggregate, our view is unchanged. We continue to expect global new equipment units to decline mid-single digits for the year. We have reduced our expectations for the Americas to down low single digits as uncertainty around global trade policies may cause project delays.

從第 8 張投影片開始介紹市場前景。在討論我們最新的 2025 年展望之前，我想先簡單討論一下我們的全球市場預期。整體而言，我們的觀點並沒有改變。我們仍預計今年全球新設備數量將下降中位數個位數。由於全球貿易政策的不確定性可能會導致專案延遲，我們已將對美洲的預期降至個位數。

In EMEA, our outlook is unchanged with expected low single-digit growth. Asia is expected to decline mid- to high single digits, driven by mid-single-digit growth in Asia Pacific and an approximately 10% decline in China. As we previously mentioned, we continue to expect stabilization in late 2025. Turning to service. Last year, the global installed base grew mid-single digits, reaching approximately 22 million units at year-end.

在歐洲、中東和非洲地區，我們的前景保持不變，預計成長率將維持在低個位數。預計亞洲將出現中高個位數的下降，主要由於亞太地區將出現中個位數的增長，而中國地區將出現約 10% 的下降。正如我們之前提到的，我們仍然預計 2025 年底將實現穩定。轉向服務。去年，全球安裝基數成長了中等個位數，年底達到約 2,200 萬台。

We anticipate this trend will continue with mid-single-digit growth in the installed base this year. We have good visibility into this growth given the installed base is driven by units sold approximately two years ago. By region, we expect Americas and EMEA to grow low single digits and Asia to grow mid-single digits. Taken together, we expect the global installed base to reach approximately 23 million units at the end of 2025.

我們預計這一趨勢將持續下去，今年安裝基數將實現中等個位數成長。由於安裝基數是由大約兩年前銷售的單位推動的，因此我們對這一增長有很好的預見性。按地區劃分，我們預計美洲和歐洲、中東和非洲地區將實現低個位數成長，亞洲將實現中等個位數成長。整體而言，我們預計到 2025 年底全球安裝基數將達到約 2,300 萬台。

Turning to our financial outlook for 2025. We expect net sales of $14.6 billion to $14.8 billion, which is an increase of approximately $450 million at the midpoint from our original guide driven by favorable exchange rates. Adjusted operating profit is anticipated to remain between $2.4 billion and $2.5 billion, up $105 million to $135 million on a constant currency basis, excluding the impact of incremental US tariffs imposed in 2025. The majority of this impact is due to tariffs on products and components imported from China. Note that the impact of these tariffs is offset by more favorable foreign exchange rates at today's levels.

談談我們對 2025 年的財務展望。我們預計淨銷售額為 146 億美元至 148 億美元，受有利匯率的影響，比我們最初的預期中位數增加約 4.5 億美元。調整後的營業利潤預計將維持在 24 億美元至 25 億美元之間，以固定匯率計算將增加 1.05 億美元至 1.35 億美元，不包括 2025 年美國徵收的增量關稅的影響。這種影響主要是由於對從中國進口的產品和零件徵收關稅造成的。請注意，這些關稅的影響被當今更優惠的外匯匯率所抵消。

It's important to highlight that our service business which represents approximately 90% of our segment operating income is largely insulated from the impact of tariffs. However, given the current tariff rates, we anticipate that our new equipment business will be adversely impacted. As you know, Otis primarily sources and manufactures locally through our 17 factories around the world. Our factory in Florence, South Carolina primarily serves our operations in the US and Canada.

值得強調的是，我們的服務業務約占我們分部營業收入的 90%，基本上不受關稅的影響。然而，鑑於目前的關稅稅率，我們預計我們的新設備業務將受到不利影響。如您所知，奧的斯主要透過遍布全球的 17 家工廠進行本地採購和生產。我們位於南卡羅來納州佛羅倫薩的工廠主要服務於我們在美國和加拿大的業務。

For some components, however, there are no local suppliers, and we source parts from suppliers based in China. In addition, we import some lower volume products to the US. These lower volume products represented well below 1% of our total units sold in 2024. That said, if tariffs on our Chinese imports continue at current levels for the remainder of the year, we expect a negative impact of approximately $45 million to $75 million to our operating profit in 2025, inclusive of our mitigation efforts. These mitigation efforts include customer and supply chain negotiations, as well as supply chain shifts to more favorable sources.

然而，對於某些零件，沒有本地供應商，我們從中國的供應商購買零件。此外，我們也向美國進口一些數量較少的產品。這些銷售量較低的產品占我們 2024 年總銷售量的 1% 以下。也就是說，如果今年剩餘時間內對中國進口產品的關稅繼續保持在當前水平，我們預計 2025 年的營業利潤將受到約 4,500 萬至 7,500 萬美元的負面影響，其中包括我們的緩解措施。這些緩解措施包括客戶和供應鏈談判，以及供應鏈轉向更有利的來源。

It's important to note that we expect this impact to be temporary as our exposure is primarily through our existing backlog. For our new orders, we have adjusted contract terms and pricing. Furthermore, our global manufacturing footprint and standard product platforms give us the flexibility to shift production and adapt to the most cost-effective model going forward. Please refer to slide 15 in the appendix for additional details on tariffs.

值得注意的是，我們預期這種影響是暫時的，因為我們的風險敞口主要來自我們現有的積壓訂單。對於新訂單，我們調整了合約條款和定價。此外，我們的全球製造足跡和標準產品平台使我們能夠靈活地轉移生產並適應未來最具成本效益的模式。有關關稅的更多詳細信息，請參閱附錄中的第 15 張幻燈片。

Turning back to our outlook. We continue to expect adjusted free cash flow of approximately $1.6 billion, which we will primarily return to our shareholders through dividends and share repurchases. As a reminder, yesterday, we announced an 8% increase in our dividend, bringing our cumulative dividend increases since spin to approximately 110%. Our share repurchase target for 2025 is unchanged at $800 million. Note that we completed approximately $250 million of share repurchases in the first quarter and we may continue to front-load our repurchases earlier in the year.

回到我們的展望。我們繼續預計調整後的自由現金流約為 16 億美元，我們將主要透過股利和股票回購的方式返還給股東。提醒一下，昨天我們宣布股利增加 8%，自分拆以來，我們的累計股利增幅已達約 110%。我們 2025 年的股票回購目標維持不變，仍為 8 億美元。請注意，我們在第一季完成了約 2.5 億美元的股票回購，我們可能會在今年稍早繼續提前回購。

I will now pass it back to Cristina to review the 2025 outlook in more detail.

現在我將把它交還給克里斯蒂娜，讓她更詳細地回顧 2025 年的展望。

Thank you, Judy. Moving to our organic sales outlook on slide 9. We continue to expect organic sales growth of 2% to 4%, driven by a strong performance in our Service segment. Our new equipment organic sales growth outlook remains down 1% to 4%. However, we have refined our outlook by region.

謝謝你，朱迪。轉到幻燈片 9 上的自然銷售前景。受服務部門強勁表現的推動，我們預計有機銷售額將持續成長 2% 至 4%。我們的新設備有機銷售成長預期仍下降 1% 至 4%。然而，我們已經根據地區完善了我們的展望。

We now expect Americas to decline mid-single digits as we see project delays due to uncertainty around global trade policies. EMEA is expected to grow mid-single digits on the back of strong orders and ending backlog in 2024. Asia is expected to decline mid-single digits. And within Asia, we continue to anticipate a strong growth in Asia Pacific, offset by declines in China. Service organic sales are expected to increase 5% to 7% for the year.

由於全球貿易政策的不確定性導致專案延遲，我們現在預計美洲的銷售額將下降中位數個位數。預計 2024 年，在強勁訂單和最終積壓訂單的推動下，歐洲、中東和非洲地區 (EMEA) 的銷售額將實現中等個位數成長。預計亞洲的降幅將達到中等個位數。在亞洲，我們繼續預期亞太地區將出現強勁成長，但中國市場的下滑將抵消這一成長動能。預計今年服務有機銷售額將成長 5% 至 7%。

We have expanded the low end of this range given softer-than-expected repair execution in the first quarter. However, we expect repair to reaccelerate later in the year. We continue to target mid-single-digit growth in maintenance and repair driven by portfolio growth and pricing, partially offset by mix and churn. And we have increased our expectations for modernization organic sales, which are now expected to grow low teens driven by backlog execution through the year.

鑑於第一季的修復執行情況低於預期，我們擴大了該範圍的低端。不過，我們預計修復將在今年稍後再次加速。我們繼續以維護和維修業務的中等個位數成長為目標，這主要得益於產品組合的成長和定價，但部分成長被產品組合和客戶流失所抵消。我們提高了對現代化有機銷售額的預期，預計在全年積壓訂單執行的推動下，現代化有機銷售額將實現低十幾個百分點的成長。

Moving to slide 10. We have been transforming the way we work for nearly two years, beginning with UpLift, which we announced in 2023. We made this bold decision from a position of strength as we saw an opportunity to unlock untapped value. And earlier this year, we began our China transformation program. We have made significant progress with both projects, and we remain well on track. For these initiatives, we are driving process efficiencies and enabling our field organization to better focus on serving our customers.

移至投影片 10。從 2023 年宣布的 UpLift 開始，近兩年來我們一直在改變工作方式。我們從實力角度做出了這個大膽的決定，因為我們看到了釋放未開發價值的機會。今年早些時候，我們啟動了中國轉型計畫。這兩個項目都取得了重大進展，並且進展順利。對於這些舉措，我們正在提高流程效率，使我們的現場組織能夠更好地專注於服務我們的客戶。

In China, our transformation is positioning us to capture the large service and modernization opportunities, while [reassessing] our new equipment operations from the current environment. Taken together, we expect UpLift on our China transformation to provide a competitive cost structure and drive sustainable earnings growth. We continue to target $90 million of in-year savings in 2025 and $230 million of annual run rate savings by the end of the year.

在中國，我們的轉型使我們能夠抓住巨大的服務和現代化機遇，同時根據當前環境重新評估我們的新設備營運。綜合起來，我們預計中國轉型的 UpLift 將提供具有競爭力的成本結構並推動可持續的獲利成長。我們繼續設定目標，到 2025 年實現年度節省 9,000 萬美元，到年底實現年度運行節省 2.3 億美元。

Turning to slide 11. Despite of macroeconomic uncertainty, we expect another year of solid profit and adjusted EPS growth which is unchanged from our prior guidance, driven by the strength and the resiliency of our service-driven business.

翻到第 11 張投影片。儘管宏觀經濟存在不確定性，但我們預計，由於服務驅動型業務的強勁和彈性，我們明年仍將實現穩健的利潤和調整後每股收益成長，這與先前的預期一致。

On a constant currency basis and excluding the impact of tariffs, we expect adjusted operating profit to grow $105 million to $135 million, fueled by our service business. On an organic -- on an actual currency basis, including the impact of tariffs, we expect adjusted operating profit to grow $55 million to $105 million, unchanged from our prior guidance, as the impact from tariffs is fully mitigated by foreign exchange rates.

以固定匯率計算並排除關稅的影響，我們預計調整後的營業利潤將增加 1.05 億美元至 1.35 億美元，主要得益於我們的服務業務。以有機計算（即以實際貨幣計算，包括關稅的影響），我們預計調整後的營業利潤將增長 5500 萬美元至 1.05 億美元，與我們之前的預期相同，因為關稅的影響已被外匯匯率完全抵消。

Margin expansion is expected to be 50 basis points, excluding the impact of incremental 2025 tariffs. Including tariffs, we expect margin expansion to be more muted, up 10 basis points due to contraction in new equipment margins. On the other side, we expect service margins to continue expanding as this segment is largely unaffected by tariffs.

不計2025年增量關稅的影響，利潤率預計擴大50個基點。包括關稅在內，我們預期利潤率擴張將更加溫和，由於新設備利潤率的收縮，利潤率將上漲 10 個基點。另一方面，我們預計服務利潤率將繼續擴大，因為這一領域基本上不受關稅的影響。

Our adjusted free cash flow and share buyback outlook remains unchanged, with free cash flow at approximately $1.6 billion and approximately $800 million of share repurchases. Moving to 2025 EPS reach on slide 12. Our adjusted EPS outlook for the year is $4 to $4.10 per share. At the midpoint, this includes approximately $0.24 from operational growth, $0.05 of tailwinds from foreign exchange rates and a net $0.05 benefit from lower share count and higher interest. These are partially offset by a negative $0.12 from the incremental 2025 tariffs currently in place.

我們調整後的自由現金流和股票回購前景保持不變，自由現金流約 16 億美元，股票回購約 8 億美元。在第 12 張投影片上查看 2025 年每股盈餘預期。我們對今年調整後的每股盈餘預期為每股 4 美元至 4.10 美元。從中間值來看，這包括來自營運成長的約 0.24 美元、來自外匯匯率的 0.05 美元順風以及來自較低股數和較高利息的 0.05 美元淨收益。這些損失被目前實施的 2025 年增量關稅的負 0.12 美元部分抵消。

While our overall financial metrics for the year remain generally consistent with our prior outlook, we acknowledge that the economic conditions remain uncertain, including the impact of foreign exchange rates and tariffs. On the operational side, we have delivered a strong first quarter, and our outlook remains positive, mainly driven by the service business.

雖然我們今年的整體財務指標與我們先前的展望基本一致，但我們承認經濟狀況仍然不確定，包括外匯匯率和關稅的影響。在營運方面，我們第一季表現強勁，我們的前景依然樂觀，這主要得益於服務業務的推動。

We have taken a conservative approach, and we have recalibrated our operational outlook given muted repair growth in the first quarter and the macroeconomic uncertainty that may impact demand. We remain confident in our service flywheel model. And as we have previously said, we are investing savings from uplifting to the business to drive service excellence and to accelerate growth.

我們採取了保守的做法，鑑於第一季修復成長緩慢以及可能影響需求的宏觀經濟不確定性，我們重新調整了營運前景。我們對我們的服務飛輪模型仍然充滿信心。正如我們之前所說，我們將把節省下來的資金投入到業務提升中，以推動卓越服務並加速成長。

On the New Equipment side, we continue to work on transformation to adapt our cost structure to market conditions. And at the same time, we are executing our backlog with headwinds from price and volumes in China. Regarding our adjusted EPS guidance through the year, we continue to expect the first half to be flat year-over-year with a stronger growth in the second half.

在新設備方面，我們持續致力於轉型，使我們的成本結構適應市場條件。同時，我們在執行積壓訂單時面臨來自中國價格和數量的阻力。關於我們全年調整後的每股盈餘指引，我們仍然預計上半年將與去年同期持平，下半年將實現更強勁的成長。

Maintenance results should remain relatively consistent through the year, including improved repair sales. Adjusted EPS growth should step up in the second half due to execution of our modernization backlog realization of cost savings from UpLift and China transformation initiatives and improving trends in China and Americas new equipment.

維護結果全年應保持相對穩定，包括維修銷售額的提高。由於我們現代化積壓工作的執行、UpLift 和中國轉型計畫帶來的成本節約以及中國和美國新設備趨勢的改善，調整後的每股盈餘成長應會在下半年加快。

With that, I will ask Jayel to please open the line for questions. Thank you.

接下來，我將請 Jayel 開通問答專線。謝謝。

(Operator Instructions)

（操作員指示）

Jeff Sprague, Vertical Research.

傑夫·斯普拉格（Jeff Sprague），垂直研究公司。

Thank you. Good morning, everyone. Well, Judy, five years already, I can't believe it. Time flies. Good work here. Just back on the tariffs. I'm sorry, is that a gross or -- it sounds like you're giving us a net number, net of your kind of counter actions. Can you give us a sense of what the gross headwind is that you're working against?

謝謝。大家早安。好吧，朱迪，已經五年了，我簡直不敢相信。時光飛逝。做得很好。回到關稅問題上。對不起，這是一個總數還是——聽起來你給我們的是淨數字，扣除你的反制措施後的數字。您能否向我們介紹一下您在工作中面臨的巨大阻力是什麼？

Yeah. So Jeff, this is Cristina. I can give you some color on the tariff impacts we are considering in the guide. So on a -- broadly speaking, tariffs are not impacting our service business because the impact is coming from material purchases. So when we look into US, US buys $550 million (inaudible) of material purchases per annum.

是的。傑夫，這是克里斯蒂娜。我可以向您介紹我們在指南中考慮的關稅影響。因此，從廣義上講，關稅不會影響我們的服務業務，因為影響來自於材料採購。因此，當我們研究美國時，美國每年購買價值 5.5 億美元（聽不清楚）的材料。

This is approximately 12% of the material purchases in the group. Out of that figure, $100 million comes from China purchases, another $100 million from rest of the world and the remaining is domestic purchases. So as you know, China is impacted with two kind of tariffs. We have reciprocal that is 125% on top of the original 20% that were imposed at the beginning of the year, and Section 232, that is 25% for steel and aluminum on top of the 20%.

這約佔集團材料採購量的12%。其中，1億美元來自中國採購，1億美元來自世界其他地區，剩餘的是國內採購。如你所知，中國受到兩種關稅的影響。我們有互惠稅，即在年初實施的 20% 基礎上加徵 125%，還有第 232 條，即在 20% 的基礎上對鋼鐵和鋁加徵 25%。

So we calculate the annualized impact of China tariffs to be around $90 million and rest of the world at the moment is 10%, Canada and Mexico are mostly under USMCA. And this is around $10 million impact for us. So $100 million. In terms of mitigation, we are working on many levels. We are working on supply chain, alternative sourcing.

因此，我們計算出中國關稅的年化影響約為 9,000 萬美元，而目前世界其他地區的年化影響為 10%，加拿大和墨西哥大多受 USMCA 約束。這對我們來說影響約為 1000 萬美元。所以是1億美元。在緩解方面，我們正在多個層面開展工作。我們正在致力於供應鏈和替代採購。

We are also introducing commercial languages in our contracts in order to protect for the new orders that we are taking. So it's more the time of executing the backlog. So out of $100 million, excluding commercial, we expect to mitigate half, and the other half will be mitigated through commercial.

我們還在合約中引入了商業語言，以保護我們正在承接的新訂單。因此這更多的是執行積壓工作的時間。因此，在 1 億美元中（不包括商業），我們預計可以減輕一半，另一半將透過商業來減輕。

Yeah, Jeff, let me just add just a little more color on that, just so you understand. We really experienced almost de minimis tariffs in the first quarter. And we know by project and by supplier when do we expect things to enter the port. We're managing this job by job. So second through fourth quarter won't be identical.

是的，傑夫，讓我再補充一點細節，這樣你就能理解了。我們在第一季確實經歷了幾乎最低限度的關稅。我們透過專案和供應商了解貨物預計何時進入港口。我們正在逐項管理這項工作。因此第二季到第四季的情況不會完全相同。

So you can't just kind of divide the 60 by 3. And we are watching this job by job in case there are changes to the tariffs to ensure we don't end up paying tariffs that are then eventually brought down. So it's a really disciplined approach because it's not a lot of supply that's coming in from China, and we're monitoring it job by job.

所以你不能簡單地用 60 除以 3。我們正在逐一關注這項工作，以防關稅發生變化，從而確保我們不會最終支付最終被降低的關稅。因此，這是一種非常嚴謹的方法，因為來自中國的供應量並不多，而且我們正在逐項監控。

And are you just assuming you can't or by contractually, you can't reprice backlog? Or are there some counter actions that you are taking there that maybe you're not counting on yet in the guidance. So just what's your degrees of freedom on adjusting the backlog.

您是否只是假設您不能或根據合同，您不能重新定價積壓訂單？或者您正在採取一些可能尚未在指南中考慮到的反制措施。那麼您在調整積壓方面的自由度是多少呢？

Yeah, listen, I think commercially, we're having discussions, as you can imagine, with many of our major customers and our key accounts who understand the costs going up for us. And we've seen some flexibility in scheduling and some early gains, but it's too early to count on any of that. So we wanted to be able to provide what we think is the most realistic estimate with the tariffs we know today. Again, as Cristina said, they're covered in our outlook. And if any of them can be reduced, that will drop through.

是的，聽著，我認為從商業角度來看，正如你所想像的，我們正在與許多主要客戶和重要客戶進行討論，他們了解我們的成本正在上升。我們已經看到了時間安排上的一些靈活性和一些早期的收益，但現在指望這些還為時過早。因此，我們希望能夠根據我們目前所知的關稅提供我們認為最現實的估計。再次，正如克里斯蒂娜所說，它們已涵蓋在我們的展望中。如果其中任何一個可以減少，那麼這個數字就會下降。

Great. Thank you. Goodluck with that.

偉大的。謝謝。祝你好運。

Amit Mehrotra, UBS.

瑞銀的阿米特·梅赫羅特拉 (Amit Mehrotra)。

Thanks, operator. Good morning, everybody. Just a quick follow-up on tariffs. Some of the pricing actions or commercial actions you're taking are those in the form of surcharges or actual repricing? Just want to understand maybe how sticky it could be depending on what happens with respect to tariffs. And then just related to that, are you seeing any impact at the local level in China in terms of retaliation against US companies? Any negative impact or any targeting of US companies given the tensions?

謝謝，接線生。大家早安。只是對關稅進行快速跟進。您採取的一些定價行動或商業行動是以附加費或實際重新定價的形式採取的嗎？只是想了解一下關稅方面的情況，這可能會有多棘手。與此相關的是，您是否看到中國地方層級對美國公司的報復措施產生了任何影響？鑑於緊張局勢，這會對美國公司產生任何負面影響或針對性影響嗎？

Yeah. Let me answer the second one first. Amit, thanks for the question. And the answer is we are not seeing any over-targeting, certainly of Otis at this point in time. And we watch that closely. We continue to watch that closely and continue to develop relations at all levels of the government. And I was over there in March and actually was part of the meeting with President Xi and the China Development Forum as well as many party secretaries. So they understand how local we are and we are local for local.

是的。我先回答第二個問題。阿米特，謝謝你的提問。答案是，我們目前沒有看到任何過度瞄準的情況，當然對奧的斯來說也是如此。我們對此密切關注。我們將繼續密切關注此事並繼續發展與各級政府的關係。我三月在那裡參加了與習近平主席、中國發展高層論壇以及多位黨委書記的會晤。因此他們了解我們的在地化程度以及我們為本地人服務的在地化程度。

In terms of the commercial actions, we have increased our prices. And we do that regularly as we watch economic factors, where tariffs is just one of those. So we've increased our prices not just in new equipment, but on our spare parts that are part of our maintenance and repair line of business as well as modernization. So there's not a specific. So that's all going forward. It's what Jeff asked about the backlog that we're working to mitigate right now.

在商業行動方面，我們已經提高了價格。我們在關注經濟因素時會定期這樣做，關稅只是其中之一。因此，我們不但提高了新設備的價格，還提高了維修、維修業務和現代化設備備件的價格。所以沒有具體規定。一切進展順利。傑夫詢問的是我們目前正在努力緩解的積壓問題。

Right. Okay. Very helpful. And then just a follow-up for me. So China orders, I guess, in the quarter kind of doing what you guys expected them to do. There was an expectation that they would stabilize your comp. Are you still expect that? And are you seeing any incremental weakness?

正確的。好的。非常有幫助。然後只是我的後續行動。因此，我猜想本季中國訂單的情況與你們預期的差不多。人們期望他們能夠穩定你的公司。您還期待嗎？您是否看到了任何逐漸增強的弱點？

And one of the things we noticed also is maintenance and repair. Is there anything on the pricing side that we should be watching? Because I noticed organic growth was, I think, like 3%, but maybe units were running a little bit above that. So maybe what the implication is for underlying pricing and maintenance and repair.

我們還注意到的一件事是維護和修理。在定價方面有什麼是我們應該關注的嗎？因為我注意到有機成長率大概是 3%，但單位成長率可能略高於這個數字。所以這可能對基礎定價、維護和維修有何影響。

Yeah. Let me take the China question and Cristina will take the pricing question. We believe the China market was down 15% in the first quarter, which is actually sequentially better than the 20% it was down in the fourth quarter last year. We expect it to continue to be down 15% in the second quarter. This is playing out really how we thought the year would play out.

是的。讓我來回答中國問題，克里斯蒂娜將回答定價問題。我們認為，中國市場第一季下滑了 15%，但實際上比去年第四季下滑 20% 的情況要好一些。我們預計第二季將繼續下降15%。這確實和我們預想的今年的進展一樣。

And then we believe in the second half, really, it will be down 10%. So this is what we're seeing on the ground for new equipment. We are now saying that we believe the segment itself for 2025 will be approximately 375,000 units in China. But our team, again, is balancing value, price and new equipment units for service stickiness. So it's all part of our service strategy to do that.

我們相信，下半年，這一數字實際上會下降 10%。這就是我們在實地看到的新設備。我們現在認為，到 2025 年，中國這一細分市場的數量將達到約 375,000 輛。但我們的團隊再次平衡了價值、價格和新設備單位以實現服務黏性。所以這都是我們服務策略的一部分。

And now I'll turn it over to Cristina on pricing.

現在我將把定價問題交給克里斯蒂娜。

Yeah. And on pricing, we continue our strategy of passing inflation to -- because we have the ability to do it in our contracts. But inflation this year is softer than last year. So our price effect is around 2 points positive versus 3 to 4 points positive last year. What you see probably in the way you are calculating, maintenance and repair are growing 3% versus portfolio growing 4%.

是的。在定價方面，我們繼續推行將通貨膨脹轉嫁給別人的策略——因為我們有能力在合約中做到這一點。但今年的通膨水準比去年有所下降。因此，我們的價格效應大約是正向 2 個百分點，而去年則為正向 3 到 4 個百分點。從您的計算中您可能看到，維護和維修費用增加了 3%，而投資組合費用增加了 4%。

So there is 1 point of mix effect from price into maintenance and repair was relatively muted in the quarter. Repair was growing low single digit. It's a matter of timing of execution of the backlog. The backlog continues being very strong. The demand is there. The organization was very focused on transformation with our organizational changes that has delayed execution a little bit, but we are planning to accelerate in Q2.

因此，本季價格對維護和維修的混合效應為 1 點，相對較小。修復率呈現低個位數成長。這是執行積壓任務的時間問題。積壓訂單仍然非常多。需求是存在的。由於組織變革，組織非常注重轉型，這導致執行稍有延遲，但我們計劃在第二季加速這一進程。

Yeah. Let me just finish that one off with the repair backlog is up 5%. So we have really good line of sight. There's work to be done and it's on us to convert that.

是的。讓我把這個結束吧，維修積壓量增加了 5%。因此我們的視線確實很好。還有很多工作要做，而我們要做的就是將其轉化。

Very good. Okay, thanks you very much for answering my question. Appreciate it.

非常好。好的，非常感謝您回答我的問題。非常感謝。

Nigel Coe of Wolfe Research.

沃爾夫研究公司的奈傑爾·科。

Thanks. Good morning. Thanks for the question. I think Amit got four questions in there. So that was a good job.

謝謝。早安.謝謝你的提問。我認為阿米特有四個問題。所以那是一份好工作。

That's what I counted, Nigel. That's -- there was like one and three follow-ups.

這就是我所計算的，奈傑爾。那是——有一次和三次後續行動。

You got it through pretty quickly. So I'll keep this to two questions. Just, Cristina, can I go back to the tariff math? Because I'm a little bit confused. So I apologize for maybe just retreading. The $90 million from China, I think you said $100 million of imports from China into the US. So with the reset, I get $145 million of annualized impact plus whatever the 232 is. So is the $90 million on slide 13, is that the pro rata for this year? Or was that net of mitigations? Just trying to understand that number.

你很快就搞定了。因此我將只問兩個問題。克里斯蒂娜，我可以回到關稅計算問題嗎？因為我有點困惑。所以我為可能只是重複而道歉。來自中國的 9,000 萬美元，我想你說的是來自中國的 1 億美元進口到美國。因此，透過重置，我獲得了 1.45 億美元的年化影響加上 232 的金額。那麼投影片 13 上的 9000 萬美元是今年的比例嗎？還是那是緩解措施的網路？只是想了解這個數字。

So Nigel, let me give you some additional color, so you can make the calculation. So $100 million is annual purchases from China. The annual impact from tariffs coming from those purchases is $90 million on an annual basis. This is because of the mix of 232 that has lower rate versus reciprocal that has higher rates.

所以奈傑爾，讓我給你一些額外的信息，這樣你就可以進行計算。因此，每年從中國購買的金額為 1 億美元。這些採購產生的關稅每年產生的影響為 9,000 萬美元。這是因為混合了具有較低利率的 232 和具有較高利率的倒數。

Full year will be $100 million. Our point estimate for -- [in the] year 2025 is $60 million, that is three-quarters of the full year plus mitigation actions that, of course, this year are more muted because time of execution and time of moving through the backlog once we go through the backlog and we start converting the new orders, the impact will be much more smaller.

全年將達到 1 億美元。我們對 2025 年的點估計是 6000 萬美元，也就是全年的四分之三加上緩解措施，當然，今年的緩解措施更加溫和，因為執行時間和處理積壓的時間，一旦我們處理完積壓並開始轉換新訂單，影響就會小得多。

Okay. No, I think that's clear. And then just my follow-on is on the 10 basis points of all-in OMX for this year. I just want to make sure that we're doing the math correct, yes, it looks like (inaudible) margins may be down to about 4% or so, 4.5%. Service segment margin expansion of about 40 to 50 basis points year-over-year. Is that about the right math?

好的。不，我認為這很清楚。接下來我要關注的是今年 OMX 綜合指數的 10 個基點。我只是想確保我們的計算正確，是的，看起來（聽不清楚）利潤率可能會下降到大約 4% 左右，4.5%。服務部門利潤率年增約40至50個基點。這是正確的數學嗎？

Yeah. So in our new outlook, we have reduced the bps expansion to 10 points versus 60 points before. There is a component of tariffs. So that is our 50 basis point ex-tariffs will be the increase, so that is a 40 basis points of the reduction. On the other side, we are doing very well in the equipment cost out.

是的。因此，在我們的新展望中，我們將基點擴張從先前的 60 個點降低到 10 個點。其中有關稅的組成部分。因此，我們的非關稅稅率將增加 50 個基點，而關稅稅率將減少 40 個基點。另一方面，我們在設備成本方面做得很好。

You have seen a strong Q1, where the margins were 5.7%, sequentially 100 basis points up versus the margins we had in the equipment in Q4. So we are confident we'll be able to compensate part of the tariff impact in the ROS of new equipment, thanks to our transformation and cost actions.

您已經看到了強勁的第一季度，利潤率為 5.7%，與第四季度的設備利潤率相比，環比增長了 100 個基點。因此，我們有信心，透過轉型和成本行動，我們將能夠彌補新設備ROS的部分關稅影響。

On the service side, we'll have the remaining 10 basis points reduction of ROS. Service is growing is continually growing probably a little bit lighter compared to last year because of two effects. One is the mix in sales. So repair will grow mid- to high single digits versus high single digit last year. and we are accelerating mode. And on the other side, we are also investing in service. This is an intentional investment on service excellence in order to accelerate portfolio growth and to improve retention rates in the midterm.

在服務方面，我們將剩餘的ROS削減10個基點。服務業正在持續成長，但由於兩種影響，與去年相比成長可能略有放緩。一是銷售組合。因此，與去年的高個位數相比，修復量將成長中高個位數。我們正處於加速模式。另一方面，我們也在投資服務。這是對卓越服務有意進行的投資，目的是加速投資組合的成長並提高中期的保留率。

Okay. So sorry, when you say 10 basis reduction to service, you mean 10 basis points relative to the previous forecast.

好的。很抱歉，當您說服務基數減少 10 個時，您的意思是相對於先前的預測減少 10 個基點。

Correct.

正確的。

Okay, great. Thank you.

好的，太好了。謝謝。

Steve Tusa, JPMorgan.

摩根大通的史蒂夫·圖薩。

Hi, good morning. Congrats on the milestones. Been through a lot over that time period, but very consistent performance. Just on the services side, the revenue growth there was I think, 4% in the -- organically in the quarter and your portfolio, and it's obviously are still trending pretty nicely in that range. So like was that the impact of the repair business? What drove that? Because I assume we got a little bit of price as well.

嗨，早安。恭喜您取得這些里程碑。在那段時間經歷了很多，但表現非常穩定。僅在服務方面，我認為本季的收入增長率為 4%，而且您的投資組合顯然仍呈現相當不錯的趨勢。那麼這就是維修業務的影響嗎？是什麼導致了這現象？因為我認為我們也得到了一點價格。

Yeah. We did get a little bit of price, Steve, but it was absolutely all repair. As Cristina mentioned, as we ended last year, you saw our retention rates had gone down to 92% and change, and we weren't satisfied with that. We know that the importance of this flywheel is growing the portfolio. And the most important part of that is retaining our current customers.

是的。史蒂夫，我們確實得到了一點報酬，但這絕對都是修復費用。正如克里斯蒂娜所提到的，截至去年年底，我們的保留率已下降至 92% 左右，我們對此並不滿意。我們知道這個飛輪的重要性在於擴大投資組合。其中最重要的部分是留住現有客戶。

They're our best profit sources. But more importantly, they are our annuity business, and that's what we're in business for. So we've actually refocused in this quarter for what we call service excellence, and that will continue through the year to drive improved retention rates. That was some investment we made consciously. And we also -- we're rolling out some of the UpLift organizational changes simultaneously.

它們是我們最好的利潤來源。但更重要的是，它們是我們的年金業務，這也是我們經營業務的目的。因此，我們實際上在本季度重新關注了所謂的卓越服務，並將持續全年以提高保留率。這是我們有意做出的投資。而且我們還在同時推出一些 UpLift 組織變革。

So the backlog is there. As I said, it's up 5%. You're going to see revenue on repair and the backlog conversion step up every quarter to where we should have -- while we won't be exactly the same as last year, we'll see better repair growth rates in revenue quarter after quarter as we go through the rest of '25. But that was the reason.

因此有積壓問題。正如我所說，它上漲了 5%。您會看到維修收入和積壓轉換每個季度都會上升到我們應該達到的水平——雖然我們不會與去年完全相同，但隨著我們度過 25 年的剩餘時間，我們會看到收入每季的維修成長率都會更好。但這就是原因。

Okay. And that's kind of how you accelerate that number going forward if you repair (multiple speakers) better?

好的。如果您能更好地修復（多個揚聲器），那麼您就能加速這一數字的成長嗎？

Yeah. It really is. And if you recall on the last call, I talked about us adding so many more field professionals. We've seen them pick up in terms of their learning curve. And I think you see that really from a productivity reflected in the service margin being up 40 basis points at 24.6% this quarter. So we're confident it was the right move for the future. Now we've got to get it tuned more to repair and to work that backlog.

是的。確實如此。如果您還記得上次電話會議，我談到了我們要增加更多的現場專業人員。我們看到他們的學習進度有所提升。我認為您可以從服務利潤率所反映的生產力中看到這一點，本季服務利潤率上漲了 40 個基點，達到 24.6%。因此我們相信，這對未來來說是正確的舉措。現在我們必須進一步調整以修復和解決積壓問題。

All right. I don't want to get on Nigel's bad side, but I do have one more question on China pricing. What is kind of the do you think is the prevailing price year-over-year that's going on there in the market? And I assume you guys are staying more disciplined than that.

好的。我不想惹奈傑爾不高興，但我對中國定價還有一個問題。您認為市場上的現行價格與去年同期相比如何？我認為你們會保持比這更自律的。

Yeah. So Stephen, prices moderating, last year, you may recall that price in China was down 10%, and we are very disciplined in our pricing strategy, focusing our investment in those projects that have higher conversion likelihood. China in the quarter was down 6%, but sequentially 2 points down only. And this is a portion that we are very confident we can compensate with cost out. So what the strategy for China new equipment this year is price cost neutral.

是的。史蒂芬，價格正在緩和，去年，你可能還記得，中國的價格下降了 10%，我們的定價策略非常嚴格，將投資重點放在那些轉換可能性更高的項目上。中國本季下降了6%，但季減了2個百分點。我們非常有信心可以透過成本來彌補這一部分。那麼今年中國新設備的策略就是價格成本中立。

Great. Thanks a lot.

偉大的。多謝。

Joe O'dea, Wells Fargo.

富國銀行的喬·奧迪亞。

Hi, good morning. Can you touch on the Americas new equipment outlook a little bit more and just down mid-single or down low single and touching on some project delays. And just when we think about, I think normal course of business, a lot of the activity for the year is in backlog to start the year. And so if you're seeing some delays there, just any color on verticals that that's happening, maybe the size of projects where you're seeing some of that happening and to what degree that's a fluid dynamic, and so the risk that we see more delays before we see fewer.

嗨，早安。您能否再多談美洲新設備前景，只是下降到中等水平或低水平，並談論一些項目延遲。當我們思考時，我認為正常的業務流程，今年的許多活動在年初就積壓了。因此，如果您發現存在一些延遲，那麼垂直方向上的任何顏色都表明發生了這種情況，也許是項目規模發生了一些變化，以及流體動力學的程度，因此，在看到更少的延遲之前，我們可能會看到更多的延遲。

Yeah. I like your term fluid dynamic. I think that's pretty accurate. As we came into '25, our North America new equipment market had two really -- the market itself had in second half of last year, two really good quarters. But in the first quarter, the market itself in North America was down 9%, mainly low and mid-rise and commercial and infrastructure were down almost double digit.

是的。我喜歡你的術語“流體動力學”。我認為這非常準確。進入 25 年，我們的北美新設備市場實際上有兩個——市場本身在去年下半年有兩個非常好的季度。但第一季度，北美市場本身下跌了 9%，主要是中低層建築以及商業和基礎設施建築的跌幅接近兩位數。

You see our performance, though, not reflect that in terms of new equipment orders. We were up mid-teens for North America, which means our team really did well on share in first quarter. I think that's a combination of, again, customer centricity, the right products and strong relationships and performance. As you think about -- if you go back in time, Joe, we were -- our orders were down before second half last year. And that's what's flowing through our backlog right now.

然而，您會看到我們的業績並沒有反映出新設備訂單方面的情況。我們在北美的市佔率達到了十幾歲的中段，這意味著我們的團隊在第一季的市佔率確實表現良好。我認為，這又是客戶中心、合適的產品、牢固的關係和績效的結合。喬，如果你想一想，如果回顧過去，我們的訂單在去年下半年之前就已經下降了。這就是我們現在正在處理的事情。

We have about 18 months line of sight in North America. So we're working through that backlog still from '23 and first half of '24. And so we think that will sequentially improve over time because our late '24 orders were strong, and our first quarter '25 was strong. So we're on the upside of the pendulum, but it hasn't rolled through our backlog yet or revenue yet. In terms of the uncertainty, I think you're one of the people who published the ABI this morning coming out again fairly low at [44.1%] down from [45.5%] in February.

我們在北美有大約 18 個月的視線。因此，我們仍在處理 23 年和 24 年上半年積壓的工作。因此，我們認為這種情況會隨著時間的推移而逐漸改善，因為我們 24 年末的訂單很強勁，25 年第一季的訂單也很強勁。因此，我們處於鐘擺的上行趨勢，但它尚未觸及我們的積壓訂單或收入。就不確定性而言，我認為您是今天早上發布 ABI 的人之一，該數據再次相當低，為 [44.1%]，低於 2 月份的 [45.5%]。

So to the architect's activity, I think is reflecting this just uncertainty that we experienced a year ago because of inflation rates. And I think right now, everyone is just really trying to understand what would construction costs look like beyond just Otis and the elevator in terms of labor, in terms of any other supply, lumber, but especially steel and aluminum. So I think all of that is kind of weighing on decisions in the US and Canada. But we are going to control what we can control and stay focused.

因此，對於建築師的活動，我認為這反映了我們一年前因通貨膨脹率而經歷的不確定性。我認為現在每個人都在試圖了解除了奧的斯電梯之外，建築成本在勞動力、其他供應品、木材，尤其是鋼鐵和鋁會是什麼樣子。所以我認為所有這些都對美國和加拿大的決策產生了影響。但我們會控制我們能夠控制的事情並保持專注。

We've got a good backlog to execute. As I said, the past three quarters now counting first quarter '25, our orders were up, and we're going to continue the strength you've seen, and I have high expectations for our team. I will tell you the mod orders for Americas, I anticipate a strong second quarter. We had some major projects that got awarded but not yet booked. And we're going to see mod sales for the Americas, up low teens for the year.

我們有大量待辦事項需要執行。正如我所說，過去三個季度（現在算上 2025 年第一季）我們的訂單都在增加，我們將繼續保持你們所看到的強勁勢頭，我對我們的團隊寄予厚望。我會告訴你美洲的改裝訂單，我預計第二季會表現強勁。我們有一些重大項目已經中標但尚未預訂。我們將看到今年美洲的 mod 銷售量將成長十幾個百分點。

So you're going to see some strong offset there, and they're going to be working on their repair backlog just like everybody else.

因此，你會看到那裡有一些強勁的抵消，他們會像其他人一樣處理他們的修復積壓工作。

And maybe just to follow up on that last point because it's kind of interesting, maybe a little bit of delays that you can see on the new equipment side, mod side less so would think that there's still a discretionary element to the mod side. And so how you parse the difference there. It's just a matter of the cost there are a little bit better known, and so it's not as much a risk across labor and materials and all the unknowns that could affect new projects or efficiency gains, but why you could see a little bit more kind of strength on the mod side than the new equipment side.

也許只是為了跟進最後一點，因為這有點有趣，也許你可以在新設備方面看到一點點延遲，而 mod 方面則較少，所以會認為 mod 方面仍然存在可自由支配的因素。那麼你要如何分析其中的差異呢？這只是一個成本問題，人們對其了解得更多一些，因此勞動力和材料方面的風險以及所有可能影響新項目或效率提升的未知因素並不大，但為什麼你會看到改裝方面的力量比新設備方面更大一些。

Yeah. So mod is -- there is an element of discretion to it until your elevator breaks down so much that your tenants or your residents are so frustrated that they don't want continued shutdowns and repairs. Again, I think that's still contributing to the repair backlog today. But it's just another steady quarter of mod growth. We grew mod orders 12%, but the backlog is up 14%, and the revenue was up 10%.

是的。所以，mod 是——有一定的自由裁量權，直到你的電梯發生嚴重故障，以至於你的租戶或居民非常沮喪，他們不想繼續關閉和維修。再次，我認為這仍然導致了今天的維修積壓。但這只是 mod 成長的又一個穩定季度。我們的改裝訂單成長了 12%，但積壓訂單增加了 14%，營收成長了 10%。

So we need to convert more mods. So we've got plenty of work there. I'm not worried about that from a concern. And then outside of North America, we're still seeing safety programs in Spain and other places, which do not make mod discretionary, but require building owners to bring their elevators up to the most current safety codes. Mod in China, it's early days, but again, double-digit growth in orders, significant.

所以我們需要轉換更多的模組。所以我們在那裡有很多工作要做。我對此並不擔心。在北美以外，我們仍然看到西班牙和其他地方的安全計劃，這些計劃不會使改裝成為可自由支配的，而是要求建築物業主使其電梯符合最新的安全規範。Mod 在中國還處於起步階段，但訂單量再次呈現兩位數成長，意義重大。

I shared we doubled the growth in fourth quarter. It's double digit this quarter. We're seeing sustained growth there, and we're seeing sustained investment from the Chinese government for residential mode, and we expect that to continue not just through this year but going forward.

我分享了我們在第四季度實現了翻倍的成長。本季是兩位數。我們看到那裡持續成長，我們也看到中國政府對住宅模式的持續投資，我們預計這種趨勢不僅會持續到今年，而且會持續到未來。

Thank you. Appreciate all the color.

謝謝。欣賞所有的色彩。

Julian Mitchell, Barclays.

巴克萊銀行的朱利安·米切爾。

Hi, good morning. Maybe just a first question to try and understand kind of some of the year-on-year dynamics a little bit better in terms of the guidance for the rest of the year. I think organic sales in the quarter, you were sort of flattish. The years guided up, call it 3%, so is that acceleration year-on-year just kind of steady each quarter through the year?

嗨，早安。也許這只是第一個問題，試圖更好地了解一些同比動態，以便為今年剩餘時間做出指導。我認為本季的有機銷售額比較平穩。這些年的指導性成長為 3%，那麼全年每季的年成長是否都比較穩定？

And then on the margin front, you're up 40 bps in Q1 year-on-year, including tariffs, it's barely up. So is it sort of inclusive of tariffs that the framework is margins up 40 bps, 50 bps in the first half and then down year-on-year in the second half. Is that sort of the rough framework we should be thinking about?

然後在利潤率方面，第一季同比增長 40 個基點，包括關稅在內，利潤率幾乎沒有上漲。那麼，框架是否包含關稅，即上半年利潤率上漲 40 個基點、50 個基點，下半年則是年減。這就是我們應該考慮的粗略框架嗎？

Yeah. Let me start with the revenue and then Cristina will take you through the margins, Julian. But listen, our whole business is based on a strategy of consistent, resilient, steady performance. And that's what you're going to see in the top line, the rest of the year. You can expect it to be fairly steady 2Q, 3Q, 4Q, but obviously, better than 1Q as we accelerate conversion in repair as well as accelerate conversion in mod, which is why we took up our sales outlook in modernization to be up low teens and maintenance and repair.

是的。讓我先從收入開始，然後克里斯蒂娜將帶您了解利潤，朱利安。但聽著，我們的整個業務都基於一致、有彈性、穩定的績效策略。這就是您在今年剩餘時間將在收入端看到的情況。您可以預期第二季、第三季和第四季會相當穩定，但顯然會比第一季更好，因為我們加速了維修轉換以及加速了改裝轉換，這就是為什麼我們將現代化和維護與維修的銷售前景定為低十幾個百分點。

It's still mid-single, but it's a little better mid-single is probably the best way to say it because we've got to, again, make up for this first quarter. But we're confident we've got the backlog in every line of business, and you should see it flow through relatively equitably each of the quarters.

它仍然處於中等水平，但比中等水平好一點，這可能是最好的說法，因為我們必須再次彌補第一季的不足。但我們相信，我們在每個業務線上都有積壓訂單，而且您應該會看到它在每個季度都相對公平地流過。

Yeah. And Julian, on the margin, I can't give you color per segment, that is a better way to understand the margin evolution. So on the new equipment side, sales will decline in the first half of the year because of the decline in backlog at the end of last year, but we started growing orders in the second half in Americas, and the compare gets better from a sales perspective as we execute a better backlog in the second half of the year.

是的。朱利安，關於邊際，我無法給你每個片段的顏色，這是理解邊際演變的更好方法。因此，在新設備方面，由於去年年底積壓訂單的減少，今年上半年的銷售額將會下降，但我們在下半年開始增加美洲的訂單，而且從銷售角度來看，由於下半年積壓訂單的減少，情況會變得更好。

From a margin perspective, we had a new equipment a very strong margin in Q1. We expect additional actions from cost out to help margin, but on the other side, as we convert the backlog from China that is lower than with lower price. And as that is kick in starting in Q2, this is going to create some headwinds in margin. That's why our full year guide has been adjusted to 10 basis points, which would be 50 basis points expansion excluding tariffs. So of course, tariffs has an impact.

從利潤率的角度來看，我們在第一季擁有一台新設備，利潤率非常高。我們期望採取額外措施降低成本，以提高利潤率，但另一方面，隨著我們轉換來自中國的積壓訂單，其價格也會降低。隨著這項措施在第二季開始實施，這將對利潤率造成一些阻力。這就是為什麼我們將全年指引調整為 10 個基點，即不包括關稅在內的擴張幅度為 50 個基點。所以關稅當然會產生影響。

Now moving into service. Service is going to accelerate starting in Q2. We expect service top line to grow Q2 at the midpoint of our guide, that is 6% and this will continue accelerating both in repair and modernization in the second half of the year.

現已投入使用。從第二季開始，服務將會加速。我們預計第二季服務收入將成長至我們指南的中點，即 6%，並且這一增長將在下半年的維修和現代化方面繼續加速。

Margins will gradually expand. You need to consider that Q2 last year was a very difficult compare for us because margins expanded in service 110 basis points. So probably on Q2, we have a tougher compare, but margins will get better [BPY] in the second half of the year. So in a nutshell, for operating profit rose, it will be around flattish margins first half of the year, growing 10 basis points in second half of the year.

利潤率將逐漸擴大。您需要考慮到，去年第二季對我們來說是一個非常困難的比較，因為服務利潤率擴大了 110 個基點。因此，可能在第二季度，我們面臨更艱難的比較，但利潤率在下半年會變得更好[BPY]。所以總而言之，對於營業利潤的成長，上半年利潤率將持平，下半年將成長 10 個基點。

That's very helpful. Thank you. And then just a quick follow-up. When we're thinking about that tariff effect and obviously, it's been touched on a couple of times. But is the right way to think about it, it's kind of $60 million dialed in. That does include some mitigation efforts.

這非常有幫助。謝謝。然後只是快速的跟進。當我們考慮關稅效應時，顯然它已經被提及過幾次了。但正確的想法是，這相當於撥入了 6000 萬美元。這確實包括一些緩解措施。

So in that sense, it's a net number, but there's also kind of more work that could be done more price that could be pushed or are there mitigating efforts. Is that the right way to think about it? So it's sort of a place -- an initial placeholder and then you can work to shrink it down.

因此從這個意義上來說，這是一個淨數字，但還可以做更多的工作，提高價格，或採取一些緩解措施。這是正確的思考方式嗎？所以它就像一個地方——一個初始佔位符，然後你可以努力將其縮小。

Yeah. And that's really why we gave the range, Julian, as we are not stopping, whether it's by job, whether it's by customer, whether it's even having some supply that we were receiving from China, standing that up in the US. So -- and that can happen later in the year, but this was the best, most transparent estimate we had as of today. And we wanted to make sure that we shared it.

是的。這就是我們提供這個範圍的真正原因，朱利安，因為我們不會停止，無論是按工作，還是按客戶，甚至是我們從中國收到的一些供應，都在美國保持著。所以——這可能會在今年晚些時候發生，但這是我們截至今天所得到的最好、最透明的估計。我們希望確保我們能夠分享它。

That's great. Thank you.

那太棒了。謝謝。

Chris Snyder, Morgan Stanley.

摩根士丹利的克里斯·斯奈德。

Thank you. Maybe just following up on that. Is there any way to think about the quarterly cadence of that, I guess, just take the midpoint, the $60 million tariff and net impact? I would assume that over time, it's minimized as you guys are able to mitigate it. And then just ultimately, what does that mean as we're looking into 2026. Could that be a 0? Or should we expect still some level of headwind into next year? Thank you.

謝謝。也許只是跟進這一點。我猜，有什麼方法可以考慮一下這個季度的節奏嗎？只需取中間點、6000 萬美元的關稅和淨影響？我認為隨著時間的推移，由於你們能夠減輕這種影響，因此這種影響會被最小化。那麼最終，當我們展望 2026 年時，這又意味著什麼呢？那可能是 0 嗎？或者我們應該預期明年仍將面臨一定程度的逆風？謝謝。

Yeah. Chris, our experience in 2018 was about a little over $10 million that we couldn't mitigate in the backlog. And then as we work through the backlog, we were able to mitigate it. And we are still paying Section 232 and 301 tariffs from 2018, those have been in play for -- and since then, but they're incorporated in our price, and they have no impact on our bottom line.

是的。克里斯，我們在 2018 年的經驗是，我們無法緩解積壓的金額約為 1000 多萬美元。然後，當我們處理積壓問題時，我們就能夠緩解它。我們仍在支付 2018 年起的第 232 和 301 條關稅，這些關稅從那時起就一直在發揮作用，但它們已包含在我們的價格中，並且對我們的底線沒有影響。

I think you can expect the same here except we still have to work through the backlog in part of '26, assuming nothing else changes. We can put more mitigation in place, but our backlog North America, it lasts about 18 months. Obviously, the longer out -- the further out, we'll continue to work to mitigate. But I think it's fair to expect if nothing else changes, we'll get back to you, but we think there could be an impact, a small impact in 2026.

我想您可以期待同樣的情況，只是我們仍然需要處理 26 年部分積壓的工作，假設沒有其他變化。我們可以採取更多緩解措施，但我們在北美的積壓工作將持續約 18 個月。顯然，時間越長——越久遠，我們就會繼續努力緩解。但我認為，如果沒有其他變化，我們會回覆您，這是合理的預期，但我們認為這可能會產生影響，2026 年可能會產生小影響。

Makes sense, and I appreciate that. Just maybe following up kind of bigger picture. There's been certainly more optimism around the European and China economies through the first three, four months this year relative to last year. New equipment orders in the regions for you guys are still under pressure. But are you seeing anything -- any green shoots or just kind of conversations with customers that give you optimism that those regions are returning to a better place of growth? Thank you.

很有道理，我很感激。也許只是為了了解更宏觀的情況。與去年相比，今年前三、四個月人們對歐洲和中國經濟的樂觀情緒明顯增強。你們所在地區的新設備訂單仍然面臨壓力。但是，您是否看到了什麼——任何復甦的跡象，或者只是與客戶的某種對話，讓您樂觀地認為這些地區正在恢復更好的成長？謝謝。

Chris, I think I was a contrarian a few quarters ago, where I've consistently been not just proud of our EMEA team, but seeing our ability to grow both in Europe and the Middle East. We do this by focusing on market segment. We do this by adding sales reps. We do this through a variety of focused strategies that has allowed us to really have some strong both growth in Europe and backlog.

克里斯，我想幾個季度前我是一個反對者，我一直不僅為我們的 EMEA 團隊感到自豪，而且看到我們在歐洲和中東地區發展的能力。我們透過專注於細分市場來實現這一目標。我們透過增加銷售代表來實現這一點。我們透過各種重點策略來實現這一目標，這些策略使我們在歐洲和積壓訂單方面都取得了強勁的成長。

This quarter, there's a onetime compare. So even though EMEA is down 4%, the team performed very well. This was all before the German infrastructure projects were announced. So we are -- we remain upbeat. We think we have a great product offering in new equipment across Europe. Our Gen360 is selling extremely well and it's becoming a much larger impact in our broader product portfolio. And we've now moved it to many other countries, but it was designed and started in Europe.

本季度，有一次比較。因此，儘管 EMEA 地區下降了 4%，但該團隊的表現仍然非常出色。這一切都發生在德國基礎設施項目宣布之前。所以我們——我們仍然樂觀。我們認為我們為整個歐洲提供了優質的新設備產品。我們的 Gen360 銷售情況非常好，並且對我們更廣泛的產品組合產生了更大的影響。現在我們已將其推廣到許多其他國家，但它是在歐洲設計和啟動的。

And in the quarter, actually, we did see strength on new equipment orders in Western Europe, Central Europe and especially in the Middle East. Total sales, EMEA was up mid-single digit, and mod orders were in the teens again. So our team is performing well in Europe. On China, I think it's really important for everyone to understand the strategy we've been executing and what that means.

實際上，本季我們確實看到西歐、中歐，尤其是中東地區的新設備訂單強勁成長。歐洲、中東和非洲地區總銷售額成長了中等個位數，改裝訂單量再次達到十幾億美元。所以我們的團隊在歐洲表現良好。關於中國，我認為讓每個人都了解我們一直在執行的策略及其意義非常重要。

Our China revenue for first quarter, we ended last year, 13% of Otis total revenue was China. First quarter, we're now down to 10% of Otis total revenue is in China. And we ended last year with about 30%, maybe a third of our China business being serviced, we ended the first quarter at 40% of our China revenue being serviced. So we have been going through this shift. Now service includes maintenance and repair and mine.

截至去年第一季度，我們在中國的收入佔奧的斯總收入的 13%。第一季度，奧的斯在中國的總收入佔比已降至 10%。截至去年年底，我們在中國的業務約有 30%（或許是三分之一）來自服務業，而第一季末，我們在中國的收入有 40% 來自服務業。所以我們一直在經歷這種轉變。現在服務包括維護和維修以及礦山服務。

We have been going through this paradigm shift where it's the reason we transformed our organization. It's behind our strategy, is to become a more service-driven business in China and treat China as a mature market and not have as much dependency on new equipment. And again, I think at 10% and -- excuse me, at 40% of service, I think we've shown that. Our new equipment, China is now 17% of our new equipment business, which was 24% at year-end.

我們一直在經歷這種範式轉變，這也是我們改變組織的原因。我們的策略是成為中國的服務驅動型企業，將中國視為一個成熟市場，減少對新設備的依賴。再說一次，我認為在 10% 和 — — 對不起，在 40% 的服務率下，我認為我們已經證明了這一點。我們的新設備，中國目前占我們新設備業務的17%，年底為24%。

So again, executing our strategy, Sally and the team are driving this. It's a very tough environment. It's a competitive environment. But that's why we knew we needed to become more of a service-driven company as we do that, as we grow our service portfolio in China which is now up again. It's a 14th strength quarter of teens growth in China. As we do that, we'll get the density, and we'll get more margin expansion over time.

因此，再次強調，執行我們的策略，莎莉和團隊正在推動這一點。這是一個非常艱苦的環境。這是一個競爭的環境。但這就是為什麼我們知道我們需要成為一家服務驅動的公司，因為我們在中國的服務組合正在擴大，現在又開始上升了。這是中國青少年人口成長的第14季。當我們這樣做時，我們將獲得密度，並且隨著時間的推移我們將獲得更多的利潤擴展。

Thank you, Judy. I appreciate the perspective.

謝謝你，朱迪。我很欣賞這個觀點。

Nick Housden, RBC Capital Markets.

加拿大皇家銀行資本市場 (RBC Capital Markets) 的 Nick Housden。

Hi, everyone. Thanks for taking the questions. I just have one left. I was hoping you could just discuss some of the one-off costs that you have in operating profit beyond the restructuring programs that you've previously communicated because I calculate over $80 million of extra costs in there. So it's a pretty big number. Just to get to understand a little bit better what those are, what the cash impact is likely to be and whether we should take anything in here for Q2. Thanks.

大家好。感謝您回答這些問題。我只剩下一個了。我希望您能討論一下除了您之前提到的重組計劃之外的營業利潤中的一些一次性成本，因為我計算出其中有超過 8000 萬美元的額外成本。所以這是一個相當大的數字。只是為了更好地了解這些是什麼，現金影響可能是什麼，以及我們是否應該在第二季採取任何措施。謝謝。

Yeah, (inaudible) it's the right calculation. So in addition to the $80 million, you have calculated we have approximately $66 million regular restructuring and UpLift transformation cost. But this is in the ballpark of our guide of $250 million in the year. So this is kind of one quarter of the $250 million. But in addition to that, we have approx $80 million one-timers that are adjusted from our operating profit that you can see in CAP operating profit.

是的，（聽不清楚）這是正確的計算。因此，除了 8000 萬美元之外，您還計算我們還有大約 6,600 萬美元的常規重組和 UpLift 轉型成本。但這與我們預計的全年 2.5 億美元的目標大致相符。這相當於 2.5 億美元的四分之一。但除此之外，我們還有大約 8000 萬美元的一次性支出，這些支出是從我們的營業利潤中調整而來的，您可以在 CAP 營業利潤中看到。

So the biggest one is $52 million related to a tax case in Germany. You may recall that in Q3, we recognized, and we also adjusted that we're recognizing GAAP, a $200 million positive in interest, $180 million positive in tax receivables and a negative of $194 million above the line related to the indemnification to RTX because this is related to the three-separation time.

其中最大的一筆是與德國稅務案件有關的 5,200 萬美元。您可能還記得，在第三季度，我們確認並進行了調整，根據 GAAP，利息為 2 億美元，應收稅款為 1.8 億美元，與 RTX 賠償相關的線路上方為 1.94 億美元的負值，因為這與三者分離時間有關。

After that, we have received additional information from and we have trued up the amount by $52 million, and this is the number that you see in GAAP in Q1. We continue discussing with our RTX scope of the indemnity, and we don't expect any cash to be received from the German authorities until second half of the year. It will start gradually in the second half.

此後，我們收到了更多信息，並將金額調整了 5200 萬美元，這就是您在第一季的 GAAP 中看到的數字。我們繼續與 RTX 討論賠償範圍，預計要到今年下半年才能從德國當局收到任何現金。下半年會逐步開始。

Additionally, we have $21 million legal and settlement costs coming from a few large cases that have settled in the quarter from the past. And additionally, we have $10 million of (inaudible) for sale impairment. This also is linked to a provision we booked in Q3 when we put assets and the liabilities of one of our non-US subsidiaries classified as (inaudible) We are in the process of completing this transaction. That's why we have through that, and we expect the transaction to be closed in the next months.

此外，我們還花費了 2,100 萬美元的法律和和解費用，這些費用來自於上個季度已經和解的幾起大案件。此外，我們還有 1000 萬美元的（聽不清楚）銷售減損。這也與我們在第三季提列的一項準備金有關，當時我們將一家非美國子公司的資產和負債歸類為（聽不清楚）我們正在完成這筆交易。這就是我們完成這項交易的原因，我們預計交易將在未來幾個月內完成。

Great. Thank you very much.

偉大的。非常感謝。

That concludes the Q&A session. I'll now turn it to Judy Marks for closing remarks.

問答環節到此結束。現在請朱迪馬克斯 (Judy Marks) 致結束語。

Thank you, Jayel. As we navigate economic uncertainty, the strength of our service-driven business positions us well to continue to deliver continued earnings growth in 2025. Longer term, we're confident that our strategy will continue to drive attractive returns for our shareholders. Thank you for joining us today. Stay safe and well.

謝謝你，傑伊爾。在我們應對經濟不確定性的同時，我們服務驅動型業務的實力使我們有能力在 2025 年繼續獲利成長。從長遠來看，我們相信我們的策略將繼續為股東帶來可觀的回報。感謝您今天加入我們。保持安全和健康。

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

今天的會議到此結束。感謝您的加入。您現在可以斷開連線。