Resideo Technologies Inc (REZI) 2025 Q2 法說會逐字稿

Good afternoon. My name is Erik, and I will be your conference operator today. At this time, I would like to welcome everyone to the Resideo 2025 second quarter earnings call. (Operator Instructions).

午安.我叫艾瑞克，今天我將擔任您的會議主持人。現在，我歡迎大家參加 Resideo 2025 年第二季財報電話會議。（操作員指令）。

Thank you. I'd like to hand the conference over to your host today, Chris Lee, Global Head of Strategic Finance. You may begin your conference.

謝謝。今天我想把會議交給主持人、全球策略財務主管 Chris Lee。您可以開始您的會議了。

Good afternoon, everyone, and thank you for joining us for Resideo's second quarter 2025 earnings call. On today's call will be Jay Geldmacher, Resideo's Chief Executive Officer; Mike Carlet, our Chief Financial Officer; Rob Aarnes, President of Resideo's ADI Global Distribution business; and Tom Surran, President of Resideo's Products and Solutions business.

大家下午好，感謝您參加 Resideo 2025 年第二季財報電話會議。參加今天電話會議的有 Resideo 執行長 Jay Geldmacher、財務長 Mike Carlet、Resideo ADI 全球分銷業務總裁 Rob Aarnes 以及 Resideo 產品和解決方案業務總裁 Tom Surran。

We would like to remind you that this afternoon's call contains forward-looking statements. Statements other than historical facts made during this call may constitute forward-looking statements and are not guarantees of future performance or results and involve a number of risks and uncertainties.

我們想提醒您，今天下午的電話會議包含前瞻性陳述。本次電話會議中除歷史事實以外的陳述可能構成前瞻性陳述，並不保證未來的績效或結果，並涉及許多風險和不確定性。

Actual results may differ materially from those in the forward-looking statements as a result of a number of factors, including those described from time to time in Resideo's filings with the Securities and Exchange Commission.

由於多種因素，包括 Resideo 不時向美國證券交易委員會提交的文件中所述的因素，實際結果可能與前瞻性陳述中的結果有重大差異。

The company assumes no obligation to update any such forward-looking statements. We identified the principal risks and uncertainties that affect our performance in our annual report on Form 10-K and other SEC filings.

本公司不承擔更新任何此類前瞻性陳述的義務。我們在 10-K 表格年度報告和其他美國證券交易委員會文件中確定了影響我們績效的主要風險和不確定性。

In addition, we will discuss non-GAAP financial measures on today's call. These non-GAAP financial measures, which can sometimes be identified by the use of adjusted and the description of the measure, should be considered in addition to, not as a substitute for or in isolation from our GAAP results.

此外，我們將在今天的電話會議上討論非公認會計準則財務指標。這些非 GAAP 財務指標有時可以透過調整後的使用和指標描述來識別，應作為我們的 GAAP 結果的補充而不是替代或孤立地考慮。

A reconciliation of GAAP to non-GAAP financial measures is included in our earnings press release and earnings presentation, which are both accessible on the Investor Relations page of our website at investor.resideo.com. Unless stated otherwise, all numbers and results discussed on today's call other than revenue are on a non-GAAP basis.

我們的獲利新聞稿和獲利報告中包含了 GAAP 與非 GAAP 財務指標的對賬，您可在我們網站 investor.resideo.com 的投資者關係頁面查看。除非另有說明，否則今天電話會議上討論的所有數字和業績（收入除外）均基於非 GAAP 數據。

With that, I will turn the call over to Jay.

說完這些，我會把電話轉給傑伊。

Thank you, Chris, and thanks to everyone for joining us today. Resideo delivered exceptional results in our second fiscal quarter. Both net revenue and adjusted EBITDA were new record highs, and those two financial metrics plus adjusted EPS all exceeded the high end of our outlook range. These record results are consistent with our team's continued execution, and the company's healthy operating fundamentals.

謝謝你，克里斯，也謝謝大家今天加入我們。Resideo 在我們的第二財季取得了出色的業績。淨收入和調整後的 EBITDA 均創下新高，這兩個財務指標加上調整後的每股盈餘都超出了我們預期範圍的高端。這些創紀錄的表現與我們團隊的持續執行以及公司健康的營運基本面一致。

We achieved year-over-year organic revenue growth of 10% at ADI, and 5% in our Products and Solutions business segments. Gross margin expansion and increased EBITDA generation were underpinned by growing operating income dollars at ADI and P&S, both sequentially and year-over-year.

ADI 的有機收入年增 10%，產品和解決方案業務部門的有機收入年增 5%。毛利率的擴大和 EBITDA 的增加得益於 ADI 和 P&S 營業收入的環比和同比增長。

Demand for our new products, including the Honeywell Home FocusPRO thermostats and First Alert combined smoke and carbon monoxide connected detectors continues to be strong. We are excited about our pipeline of new products that both business segments are introducing in the second half of 2025.

我們的新產品（包括 Honeywell Home FocusPRO 恆溫器和 First Alert 組合煙霧和一氧化碳連接偵測器）的需求持續強勁。我們對兩個業務部門將於 2025 年下半年推出的新產品感到興奮。

ADI's integration of Snap One continues to progress well and ahead of schedule. Tom, Rob and Mike will speak in greater detail to our execution and results shortly. Resideo has been executing amidst a dynamic macroeconomic environment.

ADI 對 Snap One 的整合持續進展順利，並且提前完成規劃。湯姆、羅布和麥克很快就會更詳細地介紹我們的執行情況和結果。Resideo 一直在動態的宏觀經濟環境中運作。

While our market outlook continues to be relatively cautious, especially given the ongoing dialogue around tariffs by the US administration, we believe our pipeline of products and the strength of our integration of Snap One is positioning us well. Our tariff mitigation actions have been effective and are materially unchanged from what we shared last quarter.

儘管我們對市場前景仍然相對謹慎，特別是考慮到美國政府正在進行的關稅對話，但我們相信我們的產品線和我們對 Snap One 的整合實力使我們處於有利地位。我們的關稅減免措施是有效的，與我們上個季度分享的內容相比基本上沒有變化。

Consistent with the first quarter, ADI and P&S customer demand in the second quarter has been healthy. Even as we have raised prices to pass along the cost impact of tariffs, our relationships with our customers continue to be excellent.

與第一季一致，第二季 ADI 和 P&S 客戶需求保持健康。即使我們提高了價格以轉嫁關稅的成本影響，我們與客戶的關係仍然保持良好。

We have also taken other actions, such as working with our partners in our supply chains to mitigate the impact of tariffs. Resideo continues to remain agile, and we believe we are well prepared to react to new developments in this dynamic environment.

我們也採取了其他行動，例如與供應鏈中的合作夥伴合作以減輕關稅的影響。Resideo 繼續保持敏捷，我們相信我們已做好充分準備來應對這個動態環境中的新發展。

I am pleased with the team's consistent execution. Due to the strength of our business, Resideo is raising its 2025 outlook, which Mike will speak more to in his comments.

我對團隊的一貫表現感到滿意。由於我們業務的實力，Resideo 正在提高其 2025 年的展望，Mike 將在他的評論中詳細討論這一點。

Let me now hand the call over to Tom.

現在讓我把電話交給湯姆。

Thanks, Jay. The Products and Solutions team executed well in the second quarter, delivering year-over-year organic net revenue growth and the ninth consecutive quarter of year-over-year gross margin expansion.

謝謝，傑伊。產品和解決方案團隊在第二季度表現良好，實現了同比有機淨收入成長，並連續第九個季度實現同比毛利率擴大。

P&S reported net revenue growth of 6% year-over-year, and 5% organic growth, which excludes an approximate 1% favorable impact from currency. Revenue grew across the majority of our sales channels driven by customer demand for our new products and price realization.

P&S 報告淨收入年增 6%，有機成長 5%，其中不包括約 1% 的貨幣有利影響。由於客戶對我們新產品的需求和價格實現，我們大多數銷售管道的收入都實現了成長。

Now let me walk through each of our primary channels. The electrical distribution channel led revenue growth in the quarter. Revenue associated with our BRK branded safety products sold to professionals increased from a combination of increasing content per new home and the transition to UL eighth edition fire safety products.

現在讓我來介紹一下我們每個主要管道。電力分銷管道引領了本季的營收成長。由於每戶新房的安全產品容量增加以及向 UL 第八版消防安全產品的過渡，我們向專業人士銷售的 BRK 品牌安全產品的相關收入有所增加。

The retail channel had a record quarter of revenue growth, driven primarily by strong point of sales volumes for both our new Honeywell Home FocusPRO series of thermostats and our new First Alert SC5 connected smoke and carbon monoxide detector. The SC5, developed in partnership with Google Nest, is compatible with the Google Home app and was specifically designed to seamlessly replace Google's discontinued Nest Protect alarms.

零售通路的營收成長創下了新高，主要得益於我們新款 Honeywell Home FocusPRO 系列恆溫器和新款 First Alert SC5 連網煙霧和一氧化碳偵測器的強勁銷售量。SC5 是與 Google Nest 合作開發的，與 Google Home 應用程式相容，專門設計用於無縫取代 Google 已停產的 Nest Protect 警報器。

The OEM channel posted a third consecutive quarter of year-over-year revenue growth driven primarily by the sale of higher-priced and more profitable units as the energy equipment market in the Americas and EMEA continues to improve.

OEM 通路連續第三個季度實現營收年增，主要得益於美洲和歐洲、中東和非洲地區能源設備市場的持續改善，價格更高、利潤更高的產品銷售也隨之增長。

Revenue in the HVAC channel was flat to slightly down in the quarter as the market experienced some softness due to the macroeconomic environment. In addition, we experienced some disturbance in the market from the recent transition of refrigerants used in the HVAC equipment in accordance with the new United States regulations. Despite that, we believe we have grown our position in the segment driven primarily by continued demand for our new products.

由於宏觀經濟環境導致市場出現一些疲軟，本季 HVAC 通路的營收持平或略有下降。此外，根據美國新法規，HVAC 設備中使用的冷媒最近發生了轉變，這也為我們帶來了一些市場幹擾。儘管如此，我們相信，我們在該領域的地位已經提升，這主要得益於對我們新產品的持續需求。

Revenue in the security channel was down year-over-year, primarily due to a decrease in sales from a large private label customer. The general market was also down slightly in a continued soft domestic residential market.

安全通路的收入較去年同期下降，主要原因是大型自有品牌客戶的銷售額下降。在國內住宅市場持續疲軟的情況下，整體市場也略有下滑。

Gross margin was 42.9%, up 160 basis points year-over-year. This is the ninth consecutive quarter of year-over-year gross margin expansion driven primarily by continued efficient utilization of our factories that more than offset an immaterial amount of tariff-related expenses. The vast majority of P&S goods sourced for Mexico are USMCA compliant, which continued to be exempt from tariffs.

毛利率為42.9%，較去年同期上升160個基點。這是毛利率連續第九個季度同比增長，主要得益於我們工廠的持續高效利用，抵消了與關稅相關的少量費用。墨西哥採購的絕大多數 P&S 商品均符合 USMCA 規定，並繼續免關稅。

Looking ahead to the second half of 2025, we expect continued demand for our new products introduced earlier in the year. We intend to capitalize on this momentum by introducing additional new products in the air and comfort, security and water categories.

展望 2025 年下半年，我們預計今年稍早推出的新產品的需求將持續成長。我們打算利用這一勢頭，在空氣和舒適、安全和水類別中推出更多新產品。

In closing, the Products and Solutions team is executing against our strategic plan, delivering new products against a multiyear product road map while achieving organic net revenue growth, gross margin expansion, and adjusted EBITDA growth.

最後，產品和解決方案團隊正在執行我們的策略計劃，根據多年產品路線圖推出新產品，同時實現有機淨收入成長、毛利率擴大和調整後 EBITDA 成長。

With that, I'll turn the call over to Rob.

說完這些，我將把電話轉給 Rob。

Thanks, Tom. The ADI team achieved 33% year-over-year growth in reported net revenue in the second quarter and 10% organic growth after excluding the impact of the Snap One acquisition and the impact from currency. Organic average daily sales grew 10% year-over-year.

謝謝，湯姆。ADI 團隊第二季報告淨收入年增 33%，扣除 Snap One 收購和貨幣影響後，有機收入成長 10%。有機日均銷售額較去年同期成長 10%。

ADI also recorded organic growth despite the benefit of 2 percentage points from recouping tariff-related impacts through price realization. As a reminder, this is the last quarter that Snap One will be excluded from organic growth calculations as we lap the one year anniversary of the close of the acquisition. To establish go-forward disclosure, with the inclusion of Snap One, total ADI year-over-year growth in reported net revenue was 9%.

儘管透過價格實現彌補關稅相關影響而獲得 2 個百分點的收益，ADI 仍實現了有機成長。提醒一下，這是 Snap One 被排除在有機成長運算之外的最後一個季度，因為我們已經度過了收購一周年。為了建立未來揭露，隨著 Snap One 的加入，ADI 報告的淨收入年增了 9%。

Now getting into revenue drivers. Organic net revenue growth was driven primarily by continuing commercial customer strength across most product categories and increasing contributions from the digital channel.

現在進入收入驅動因素。有機淨收入成長主要得益於大多數產品類別的商業客戶持續強勁以及數位通路貢獻的增加。

From a product category perspective, we saw solid double-digit percentage organic revenue growth year-over-year in multiple categories with notable contributions from the commercial security, fire, professional audio, video and data communication product categories. These performance trends also hold true on a total ADI basis.

從產品類別來看，我們看到多個類別的有機收入年比實現了穩健的兩位數百分比成長，其中商業安全、消防、專業音訊、視訊和資料通訊產品類別的貢獻顯著。這些效能趨勢在整體 ADI 基礎上也同樣適用。

From a customer perspective, the cohort of top integrators also saw solid double-digit percentage growth year-over-year, showcasing our importance to these valuable customers. ADI is winning more new project business, evidence of our scale and execution capabilities.

從客戶角度來看，頂級整合商群也實現了同比兩位數的穩健成長，彰顯了我們對這些寶貴客戶的重要性。ADI 正在贏得更多新專案業務，這證明了我們的規模和執行能力。

Organic e-commerce net revenue grew 19% year-over-year, achieving another quarter of strong revenue contribution and a new record in run rate daily sales average. E-commerce continues to be structurally accretive to total ADI gross margin. With the inclusion of Snap One, total ADI e-commerce net revenue grew 8% year-over-year.

有機電子商務淨收入年增 19%，再次實現季度強勁收入貢獻，並創下日均銷售量新高。電子商務持續對 ADI 的總毛利率產生結構性增值作用。隨著 Snap One 的加入，ADI 電子商務淨收入總額年增 8%。

Exclusive brands organic net revenue increased 32% year-over-year while also generating more gross margin dollars in the quarter versus the same period last year. Growth was primarily driven by continued success on cross-selling exclusive brands added to our portfolio with the Snap One portfolio.

獨家品牌有機淨收入年增 32%，同時本季的毛利率也高於去年同期。成長主要得益於透過 Snap One 產品組合添加至我們產品組合的獨家品牌的交叉銷售持續成功。

In the quarter, we added nearly 200 SKUs. We also continue to be recognized for the value we deliver to the customer, notably being named the number one top industry distributor in the CE Pro 100 brand analysis. With the inclusion of Snap One, total ADI Exclusive Brands revenue grew 5% year-over-year.

本季度，我們增加了近200個SKU。我們為客戶提供的價值也不斷獲得認可，尤其是在 CE Pro 100 品牌分析中被評為第一大行業分銷商。隨著 Snap One 的加入，ADI Exclusive Brands 的總營收年增了 5%。

The integration of Snap One continues to progress nicely and remains ahead of our synergy goals this quarter. We are excited to highlight that the acquisition has been accretive to Resideo in our first full year of ownership.

Snap One 的整合持續順利進展，並繼續領先我們本季的協同目標。我們很高興地強調，此次收購在我們擁有 Resideo 的第一年就為 Resideo 帶來了增值。

ADI reported 22.2% gross margin in the second quarter, up 280 basis points year-over-year. The margin expansion was primarily driven by higher volumes of Snap One exclusive brands, sales across ADI's entire customer base and the sales of lower-cost inventory that provided a temporary benefit.

ADI公司公佈第二季毛利率為22.2%，較去年同期成長280個基點。利潤率的提高主要得益於 Snap One 獨家品牌銷售的增加、ADI 整個客戶群的銷售額以及帶來暫時利益的低成本庫存的銷售。

Note that we have adjusted prices dynamically related to tariff mitigation actions and to protect ADI's gross margin dollars. The increased margin dollars flowed down to support our adjusted EBITDA growth. In closing, ADI is executing well. Driven by our customer-first ethos, we look to continue driving organic revenue growth and adjusted EBITDA growth throughout 2025 and beyond.

請注意，我們已根據關稅減免措施動態調整價格，以保護 ADI 的毛利率。增加的保證金流入支持了我們調整後的 EBITDA 成長。最後，ADI 表現良好。在客戶至上的理念的推動下，我們希望在 2025 年及以後繼續推動有機收入成長和調整後 EBITDA 成長。

Now let's turn the call over to Mike to discuss our second quarter's financial results and 2025 outlook.

現在讓我們把電話交給麥克，討論我們第二季的財務表現和 2025 年的展望。

Thanks, Rob. Good afternoon, everyone. Let's get straight into the quarterly results. As Jay highlighted, our second quarter was very strong, with net revenue, adjusted EBITDA and adjusted earnings per share, all above our outlook for the quarter.

謝謝，羅布。大家下午好。讓我們直接了解季度業績。正如傑伊所強調的，我們的第二季表現非常強勁，淨收入、調整後的 EBITDA 和調整後的每股盈餘都高於我們對本季的預期。

Total net revenue was a record high of $1.94 billion, up 22% year-over-year, and up 8% on an organic basis, excluding the impact of the Snap One acquisition, and a 1% favorable impact from currency. Both Tom and Rob spoke earlier about the drivers of organic net revenue growth in their respective businesses.

總淨收入創歷史新高，達到 19.4 億美元，年增 22%，不包括收購 Snap One 的影響，有機成長 8%，貨幣因素也帶來了 1% 的有利影響。湯姆和羅布之前都談到了各自業務中有機淨收入成長的驅動因素。

Total company gross margin in the quarter was 29.3%, up 120 basis points year-over-year. The increase is primarily driven by the more margin-accretive activities at ADI and the structural operating efficiencies at P&S.

本季公司總毛利率為 29.3%，較去年成長 120 個基點。這一成長主要得益於 ADI 的利潤成長活動以及 P&S 的結構性營運效率。

Second quarter total company adjusted earnings per share was $0.66, above the high end of our outlook range, and up from $0.62 from the same period in the prior year.

第二季公司調整後每股盈餘總計為 0.66 美元，高於我們預期範圍的高端，也高於去年同期的 0.62 美元。

In the quarter, we recorded a current liabilities balance of $1.625 billion in conjunction with the expected termination of the Honeywell indemnification agreement with a corresponding expense of $882 million. This results in a reported GAAP net loss and loss per share. This item was adjusted out to arrive at our adjusted EPS and adjusted EBITDA.

本季度，我們記錄的流動負債餘額為 16.25 億美元，與霍尼韋爾賠償協議的預期終止相關，相應的費用為 8.82 億美元。這導致報告的 GAAP 淨虧損和每股虧損。此項目已進行調整，以得出我們的調整後每股收益和調整後息稅折舊攤提前利潤。

Total company adjusted EBITDA was a record $210 million in the quarter, up 20% year-over-year and exceeding the high end of our outlook range. The primary drivers of the increase were a positive contribution from Snap One as well as customer demand. These positive drivers were partially offset by investments made in both business segments.

本季公司調整後的 EBITDA 總額達到創紀錄的 2.1 億美元，年增 20%，超過了我們預期範圍的高端。成長的主要驅動力是 Snap One 的積極貢獻以及客戶需求。這些積極的驅動因素被兩個業務部門的投資部分抵消。

Going forward, we expect our adjusted EBITDA to benefit from the removal of the $35 million quarterly payment to Honeywell related to the termination of the indemnification agreement. Total cash provided by operating activities was $200 million, driven primarily by strong sales and collections in the quarter.

展望未來，我們預計，由於終止賠償協議，我們向霍尼韋爾支付的每季 3500 萬美元將減少，因此我們的調整後 EBITDA 將受益。經營活動提供的總現金為 2 億美元，主要得益於本季強勁的銷售和收款。

Now before I provide our financial outlook for the third quarter of 2025 and the full year 2025, let me walk you through some of our market perspectives and assumptions that are incremental to those shared with you last quarter.

現在，在我提供 2025 年第三季和 2025 年全年的財務展望之前，讓我先向您介紹我們的一些市場觀點和假設，這些觀點和假設與上個季度與您分享的觀點和假設相比有所增加。

As previously noted, adjusted EBITDA is expected to benefit by $35 million in each of the third and fourth quarters related to the terminated indemnification agreement, while cash provided by operations benefits by $35 million as we did make a payment to Honeywell in July.

如前所述，由於終止賠償協議，預計第三季和第四季的調整後 EBITDA 將分別受益 3500 萬美元，而由於我們確實在 7 月向霍尼韋爾付款，經營活動產生的現金將受益 3500 萬美元。

In our cash provided by operations outlook, we assumed $20 million of separation-related payments in the second half of 2025. In a continued dynamic environment, we are maintaining our second half 2025 expectations.

在我們的經營活動現金流展望中，我們假設 2025 年下半年的分離相關支出為 2,000 萬美元。在持續動態的環境中，我們維持對 2025 年下半年的期望。

For our second half outlook, we account for the impacts from the terminated indemnification agreement and a shift in ADI's implementation of a new ERP system from the second quarter to the third quarter. And while this is not a change, we felt it important to reiterate that we included the impact of all tariffs currently in force as of today in our outlook. We continue to assume we will benefit from the USMCA tariff exemptions for products manufactured in Mexico.

對於下半年的展望，我們考慮了終止賠償協議的影響以及 ADI 從第二季到第三季實施新 ERP 系統的轉變。雖然這並不是什麼變化，但我們認為有必要重申，我們在展望中已經包含了截至今天生效的所有關稅的影響。我們繼續假設我們將受益於 USMCA 對墨西哥製造產品的關稅豁免。

With all that, we are raising our 2025 outlook as follows. Total company net revenue to be in the range of $7.45 billion to $7.55 billion; total company adjusted EBITDA to be in the range of $845 million to $885 million, and note, this range is inclusive of $70 million related to the payments made to Honeywell in the first half of 2025. Total company fully diluted earnings per share to be in the range of $2.75 to $2.87; and cash from operations, excluding the Honeywell termination payment of $405 million to $435 million.

綜上所述，我們對 2025 年的展望如下。公司淨收入總額將在 74.5 億美元至 75.5 億美元之間；公司調整後的 EBITDA 總額將在 8.45 億美元至 8.85 億美元之間，請注意，該範圍包括 2025 年上半年支付給霍尼韋爾的 7000 萬美元。該公司每股完全攤薄收益總額預計在 2.75 美元至 2.87 美元之間；不包括霍尼韋爾 4.05 億美元至 4.35 億美元的終止付款，經營現金流預計在 2.75 美元至 2.87 美元之間。

We are initiating an outlook for the third quarter of 2025 as follows. Total company net revenue to be in the range of $1.85 billion to $1.90 billion; and total company adjusted EBITDA to be in the range of $220 million to $240 million. Total company fully diluted earnings per share to be in the range of $0.70 to $0.76.

我們對 2025 年第三季的展望如下。公司淨收入總額將在 18.5 億美元至 19 億美元之間；公司調整後的 EBITDA 總額將在 2.2 億美元至 2.4 億美元之間。該公司每股完全攤薄收益總額將在 0.70 美元至 0.76 美元之間。

Please go to our Investor Relations website to access our earnings presentation, which includes our outlook ranges along with key modeling assumptions for 2025.

請造訪我們的投資者關係網站查看我們的收益報告，其中包括我們的展望範圍以及 2025 年的關鍵模型假設。

Now let me hand the call back to Jay for some final comments before opening the call up for questions.

現在，在開始提問之前，請允許我將電話轉回給傑伊，讓他發表一些最後的評論。

Thanks, Mike. The last several months have been momentous for Resideo. Last week, we announced two important events. The first was an agreement with Honeywell to accelerate and eliminate all future monetary obligations related to the indemnification and reimbursement agreement.

謝謝，麥克。過去幾個月對 Resideo 來說意義重大。上週，我們宣布了兩件重要事件。第一項是與霍尼韋爾達成協議，加速並消除與賠償和補償協議相關的所有未來金錢義務。

The second was to announce our intention to spin off our ADI business segment as an independent company. Both events are expected to create significant value in the near and long term while refining our strategic and operational focus and simplifying our story within the investment community.

第二項是宣布我們打算將 ADI 業務部門分拆為獨立公司。預計這兩項活動將在短期和長期內創造巨大的價值，同時完善我們的策略和營運重點，並簡化我們在投資界的故事。

Operator, let's now open the call up for questions.

接線員，現在讓我們開始提問。

(Operator Instructions) Erik Woodring, Morgan Stanley.

（操作員指示）摩根士丹利的埃里克·伍德林。

Awesome. Thank you guys for taking my questions. I have a small handful, if I may. Maybe just to start, Rob, I'll start with you. Just really strong organic performance from ADI. I'd love if you can just kind of help us understand kind of price times quantity or price times volume in the second quarter, just to understand kind of where you got that 10% organic growth because, obviously, that is a multi-quarter high.

驚人的。謝謝你們回答我的問題。如果可以的話，我有一小把。也許只是開始，羅布，我會從你開始。ADI 的有機表現確實非常強勁。如果您能幫助我們了解第二季度的價格乘以數量或價格乘以數量，我將非常高興，以便了解您從哪裡獲得了 10% 的有機增長，因為顯然，這是一個多個季度以來的最高水平。

And I'll ask a similar question but maybe opposite, just in the interest of time, which is I think most of the kind of as-reported versus organic growth metrics you gave for ADI would suggest the Snap One business is declining.

出於時間的考慮，我會問一個類似的問題，但可能相反，我認為您為 ADI 提供的大多數報告與有機增長指標都表明 Snap One 業務正在下滑。

I think it was a headwind to e-com exclusive brands and total growth. Can you maybe just help us understand what's going on in Snap One? Obviously, a bit more residential exposure, but just could come maybe compare and contrast Snap One with what you're seeing in kind of ADI organically, please? Thank you.

我認為這對電子商務獨家品牌和整體成長來說是一個阻力。您能否幫助我們了解 Snap One 中發生的事情？顯然，住宅方面的曝光度會更高一些，但可以將 Snap One 與 ADI 中看到的內容進行有機比較和對比，好嗎？謝謝。

Yeah, sure, Erik. So thanks. So first question, if I look at that 10% growth, you can attribute 1% to 2% of that to probably closer to 2% to the tariffs, the price increases that we have implemented throughout the second quarter.

是的，當然，埃里克。所以謝謝。所以第一個問題，如果我看一下 10% 的成長，你可以將其中的 1% 到 2% 歸因於關稅，也就是我們在整個第二季實施的價格上漲。

As you know, when we get the price increases, we pass those right through. When we met, I guess, last earnings call, I think we talked about the potential volatility. We weren't quite sure what was going to happen to demand in the second quarter, but we were pleasantly surprised.

如你所知，當我們的價格上漲時，我們會直接轉嫁出去。我想，當我們在上次財報電話會議上開會時，我們討論了潛在的波動性。我們不太確定第二季的需求會發生什麼變化，但我們感到驚訝。

I mean we did see momentum in March. And then through April, May and June, we just continue to see that momentum, specifically in the categories, as I mentioned in the prepared remarks, commercial security, fire video, professional AV and datacom.

我的意思是我們確實在三月看到了勢頭。然後到四月、五月和六月，我們繼續看到這種勢頭，特別是在商業安全、消防視訊、專業 AV 和數據通訊等類別中，正如我在準備好的演講中提到的那樣。

When I look at what we saw in the second quarter, the pipeline build, I mean, we're at record levels there. And that continued, by the way, into July. So I feel really good about the demand that we generated. I feel like we absolutely took share in the market and give me confidence to kind of continue that as we move through the rest of Q3.

當我回顧第二季度的管道建設情況時，我的意思是，我們處於創紀錄的水平。順便說一句，這種情況一直持續到七月。因此，我對我們所創造的需求感到非常滿意。我覺得我們絕對佔據了市場份額，並且讓我有信心在第三季剩餘時間內繼續保持這種勢頭。

In terms of the actual overall performance is a good segment, good performance or the performance of Snap, right, versus the rest of the business. I wouldn't say declining. I would say, holding flat compared to the rest of the business. As you know, it's kind of a tough, tough macro environment out there on the residential side. We're seeing the same thing in residential security.

就實際整體表現而言，與其他業務相比，這是一個良好的細分市場，良好的表現或 Snap 的表現，對吧。我不會說拒絕。我想說的是，與其他業務相比，情況持平。如你所知，住宅方面的宏觀環境非常嚴峻。我們在住宅安全方面也看到了同樣的事情。

But I will tell you this, we are seeing terrific benefits from the integration as we scale Snap's exclusive brand products to the rest of our ADI customer base. We had a kind of a prepared timeline for that when we had originally done the deal in the first year, and we decided to accelerate that.

但我要告訴你的是，當我們將 Snap 的獨家品牌產品擴展到我們其餘的 ADI 客戶群時，我們看到了整合帶來的巨大好處。當我們在第一年完成交易時，我們就為此準備了一個時間表，而我們決定加快這一進程。

We've moved really fast. I'd say we're in the fourth or fifth inning on that in terms of scaling to all of our stores. The majority of the assortment is up on the ADI website. So from that perspective, the integration is paying significant dividends for us. But I'd say, yeah, the Snap business is overall about flat right now compared to the rest of the ADI business.

我們的進展非常快。我想說，就擴展到所有商店而言，我們已處於第四或第五階段。大部分產品均可在 ADI 網站上找到。因此從這個角度來看，整合為我們帶來了巨大的回報。但我想說，是的，與 ADI 的其他業務相比，Snap 業務目前總體持平。

Okay. That color is super helpful. Thank you for all of that. And Tom, maybe I'll jump to you. When you were going through kind of the retail channel, you highlighted the First Alert SC5 Smoke Detector, which is what I would call kind of expanding with a partner that is also trying to, I guess, and correct me if I'm wrong, disintermediate you in other relationships. And you kind of called that on the security side.

好的。那個顏色非常有用。謝謝你們所做的一切。湯姆，也許我會跳到你身邊。當您通過零售管道時，您重點介紹了 First Alert SC5 煙霧探測器，這就是我所說的與合作夥伴一起擴張，我想，如果我錯了，請糾正我，合作夥伴也在試圖在其他關係中消除您的中介作用。您從安全角度來說就是這樣的。

Can you maybe just help us understand kind of in totality, when we think about the headwinds in security versus maybe some of these new opportunities you're disclosing, I think previously, you had talked about the security customer being maybe $100 million headwind.

當我們考慮安全方面的阻力與您披露的一些新機會時，您能否幫助我們全面理解，我想之前您曾談到安全客戶可能面臨 1 億美元的阻力。

Last quarter, you talked about it being a little bit less. But overall, just help us understand kind of what's going on with that relationship because it seems like there are some headwinds, but there's also some tailwinds emerging. And maybe just unpackage that for us a little bit, please.

上個季度，您談到了它稍微少了一點。但總的來說，這只是幫助我們了解這種關係正在發生的事情，因為似乎存在一些阻力，但也出現了一些順風。請為我們稍微解釋一下這一點。

Okay. So first, let's deal with the SC5. That was done working with Google hand-in-hand to make sure we delivered a product that they believe to be a worthy successor of the best protect alarms. So that was tightly integrated in terms of the teams. They were excellent to work with. I hope they feel the same about how we performed.

好的。首先，讓我們來處理 SC5。我們與 Google 攜手合作，確保我們交付的產品被他們視為最佳保護警報的合格繼承者。因此，從團隊角度而言，這是緊密結合的。與他們合作非常愉快。我希望他們對我們的表現有同樣的感受。

In terms of our relationship with Google, we're continuing to have discussions about other ways we can work going forward. Now I think what you were mentioning there is, well, Google had a security product, which was sold to another party, which is now in the security market, and we compete in the security market. We're not competing with Google in the security market. That's really kind the one piece of it. And our relationship with Google, we'd like to see strengthening going forward.

就我們與Google的關係而言，我們正在繼續討論未來合作的其他方式。現在我認為您提到的是，谷歌有一個安全產品，它被賣給了另一方，現在進入安全市場，我們在安全市場上競爭。我們不會在安全市場上與Google競爭。這確實是件好事。我們希望與Google的關係能進一步加強。

In terms of the security market, though, how do we look at that in that large private label customer that we talked about. That relationship is dynamic. There were some forecasts that were related that we've tried to keep everyone informed about how it's progressed.

然而，就安全市場而言，我們如何看待我們談到的那個大型自有品牌客戶。這種關係是動態的。有一些相關的預測，我們試圖讓每個人都了解其進展。

The amount of the downturn has been less. I'd like to think that, that is because of our engagement with that customer, trying to make sure that we rose to any kind of question or opportunity to be able to provide value to them.

經濟下滑的幅度已經較小。我想，這是因為我們與客戶的互動，試圖確保我們能夠解決任何問題或抓住機會，為他們提供價值。

We're continuing to have discussions about future. There's nothing to update at this point in time, specifically on revenue. I'll let Mike kind of make the call about any time we would want to give greater detail. But it's a customer we continue to support. We continue to work with, and we're hopeful that we can have a long-term relationship with our customer.

我們將繼續討論未來。目前還沒有什麼可更新的，特別是關於收入。如果我們想提供更多細節，我會讓麥克隨時做出決定。但我們將繼續支持該客戶。我們將繼續與客戶合作，並希望能夠與客戶建立長期的合作關係。

Okay. Perfect. That's also really helpful. And then maybe last one for me. And I guess I'll throw this to Rob, but it can be for anyone, which is the Snap One has a residential connected home kind of software and OS -- and support OS back in the Control4 days.

好的。完美的。這也確實很有幫助。這對我來說也許是最後一個了。我想我會把這個交給 Rob，但它可以適用於任何人，Snap One 擁有一種住宅連網家庭類型的軟體和作業系統 - 並支援 Control4 時代的作業系統。

That feels like a kind of perfectly natural technology to kind of leave with P&S, the residential part of the business. What happened? Again, I realize that it's early, and the spin transaction is expected to be kind of a year from now, but what happens to that legacy Control4 platform that was integrated into Snap One? Does that go to P&S? Does it stay with ADI?

這感覺就像是一種非常自然的技術，可以留給 P&S，也就是業務的住宅部分。發生了什麼事？再次，我意識到現在還為時過早，預計旋轉交易將在一年後完成，但整合到 Snap One 中的舊式 Control4 平台會發生什麼情況？那是給 P&S 的嗎？它會留在 ADI 嗎？

And if it stays with ADI, just kind of where does that fit? Because it feels like it's an opportunity for P&S. But please correct me if I'm wrong, kind of an open-ended question for whoever would want to take it. Thanks so muck guys.

如果它繼續留在 ADI，那麼它適合哪裡呢？因為感覺這對 P&S 來說是一個機會。但如果我錯了，請糾正我，這是一個開放式的問題，任何人都可以回答。非常感謝大家。

Erik, I appreciate that. We're all smiling in the room here. It's a really good question. No, as of right now, and we don't see this changing at all. What came over with the Snap business as the acquisition that sits with ADI today will absolutely remain with us going forward.

艾瑞克，我很感激。我們在房間裡的人都面帶微笑。這確實是一個好問題。沒有，截至目前，我們還沒有看到任何變化。收購 Snap 業務後，ADI 目前所擁有的一切絕對會繼續留在我們手中。

That's a strategic decision that we made, and we feel like we can actually, with some proper focus, right, we can actually do some things to rejuvenate, if you will, the Control4 brand. There's a lot of pull-through, as you know, that comes along with that.

這是我們做出的策略決策，我們覺得，只要我們集中精力，我們實際上可以做一些事情來振興 Control4 品牌。如你所知，這會帶來很多的拉動動作用。

Of course, there's the oversea ecosystem that's highly complementary there. But with the launch of X4, which was the new operating system, I think it was April time frame. We're seeing good traction with that. Of course, Lux Lighting came out right after that.

當然，那裡有高度互補的海外生態系統。但隨著新作業系統 X4 的推出，我認為時間應該是四月。我們看到了良好的進展。當然，Lux Lighting 也緊跟著問世。

And we've got some good ideas for new products in the pipeline to support Control4 going forward. So it's staying with ADI, I think belongs here. And I think we've got a great opportunity to just continue to enhance the user experience going forward.

並且，我們對正在籌備的新產品有一些很好的想法，以支持 Control4 未來的發展。所以它留在 ADI，我認為它屬於這裡。我認為我們有很好的機會繼續提升用戶體驗。

Okay, awesome. Excited to learn more, guys. Good luck, and thanks for all the answers again.

好的，太棒了。很高興能學到更多，夥計們。祝你好運，再次感謝你的所有回答。

Thanks, Erik.

謝謝，埃里克。

Ian Zaffino, Oppenheimer.

伊恩·扎菲諾，奧本海默。

Okay, thank you very much. Question would be, I guess, on the margins at P&S. You've had a great run on margin expansion here. How are you thinking about ultimate margins, where we could go? And I know we're not per se in a normalized environment, but what do you think you could achieve in this environment? And then maybe as housing and repair and remodel improves, where can the margins go from there? Thanks.

好的，非常感謝。我猜，問題在於 P&S 的利潤率。你們在利潤擴張方面取得了很大的進展。您如何看待最終利潤，我們可以達到什麼程度？我知道我們本身並不處於正常化的環境中，但您認為在這種環境下您能取得什麼成就？那麼，隨著住房、維修和改造的改善，利潤率將會上升到什麼程度呢？謝謝。

Okay. So first, I want you to understand we're not done with kind of the continued improvement in the margins. And there's a couple of pieces to the improvement in the margins. One is the value that we're delivering in the products that we're offering. So that's the NPI. And we have a pipeline that is full of products that we'll be introducing over the next couple of years that we expect to be accretive to margins.

好的。首先，我想讓你明白，我們在利潤率方面的持續改善還沒有完成。利潤率的提高有幾點原因。一是我們在所提供的產品中傳遞的價值。這就是 NPI。我們擁有豐富的產品線，將在未來幾年內推出，預計這些產品將增加利潤。

Second is how efficiently do you create that value. We have a plan to continue to improve our manufacturing footprint. And third is the mix of the products. So some of our products have higher margins, and we're making sure we shift our investment to those things that are going to maximize the return on our investment.

第二是你如何有效地創造價值。我們有一個計劃來繼續改善我們的製造足跡。第三是產品組合。因此，我們的一些產品利潤率較高，我們確保將投資轉移到那些可以最大化投資回報的領域。

So all that said, you're saying, okay, where does it end up? We're going to end up, I would say, in the range of 45% to 50% over a longer period of time. We will continue to see the increments over the next couple of years to get to that kind of range.

所以說了這麼多，你想問的是，好吧，它最終會去哪裡？我想說，在較長的一段時間內，我們最終會達到 45% 到 50% 的水平。我們將在未來幾年繼續看到增量，以達到這種範圍。

Okay, thanks. And then on the tariffs, help us understand where the kind of power is? Are you able to push back on to your suppliers at all? Do you have the ability to do that? And four is you have to think the price and then hope to pass through to your customers? How do we think about that? Thanks.

好的，謝謝。然後關於關稅，幫助我們了解這種權力在哪裡？您能對您的供應商施加壓力嗎？你有能力做到這一點嗎？第四，你必須考慮價格，然後希望將其傳達給你的客戶？我們對此有何看法？謝謝。

Yeah, good question. The answer to that is an emphatic yes on several different fronts. We -- just based on our size -- I'll start with our branded suppliers first. And so based on our size and scale, right, we tend to have very favorable terms with all of our suppliers.

是的，好問題。答案在多個不同方面都是肯定的。我們——僅基於我們的規模——我將首先從我們的品牌供應商開始。因此，基於我們的規模和範圍，我們傾向於與所有供應商達成非常優惠的協議。

Things like certain time periods before we get price increases told us, and then we have to make it effective in the channel. And so while tariffs might have taken effect, there's usually some distances or a time between the time we get our suppliers, where we get -- the tariffs get enacted and put in place and then have we put in place and then when the supplier price increases get put in place.

例如，價格上漲之前的某個時段我們會收到通知，然後我們必須確保它在通路中有效。因此，雖然關稅可能已經生效，但在我們獲得供應商、關稅頒布並實施、我們實施關稅以及供應商價格上漲之間通常會存在一定的距離或時間。

So we're able to actually buy ahead inventory. I think I mentioned that as well earlier, have that average lower cost inventory as it burns through but higher price points in the channel. So typical distribution type of stuff.

因此我們實際上能夠提前購買庫存。我想我之前也提到過，庫存消耗時平均成本較低，但通路中的價格點較高。這是典型的分佈類型的東西。

And then on the exclusive brand side, we absolutely are able to go back to a lot of our JDM suppliers and our RCM suppliers and actually get them to eat part of the tariffs. And we've been very, very successful with that. So between those two things and then, of course, all the pass-through, we've been able to mitigate fully the effects of tariffs since they went into effect late in Q1, early Q2.

然後在獨家品牌方面，我們絕對能夠回到我們的許多 JDM 供應商和 RCM 供應商，並讓他們承擔部分關稅。我們在這方面取得了非常大的成功。因此，透過這兩件事，當然還有所有的轉嫁效應，我們已經能夠完全減輕關稅自第一季末、第二季初生效以來的影響。

Okay, thanks. And then just final question. Just on M&A, how are you thinking about that going forward? I know you're kind of digesting this big Snap One, but it's been almost a year now. So how are we thinking about M&A? Are there holes that you need to fill? Are there adjacencies you want to get into? Or is it just per se, scale and adding more doors on the ADI side?

好的，謝謝。接下來是最後一個問題。就併購而言，您對未來有何看法？我知道你正在消化這個大 Snap One，但現在已經快一年了。那我們如何看待併購？是否存在需要填補的漏洞？有沒有你想進入的鄰接領域？或者它本身只是規模並在 ADI 方面增加更多門？

Look, we continue to refund our -- or I'm sorry, we continue to look at a strong M&A pipeline going forward. Yes, to your point, look, we were we were engaged heavily in making sure we drove a proper integration for a year. We're at the one year point. That's going very, very well.

你看，我們繼續退還我們的——或者對不起，我們繼續關注未來強勁的併購管道。是的，正如您所說，我們投入了一年多的時間以確保實現適當的整合。我們已經到了一年的時間了。一切進展非常順利。

And now as we look to the future, I mean, M&A is always in the cards. I mean I'd like it to be in some of the -- our focus will be in some of the more adjacent space categories where we're seeing some significant growth.

現在，當我們展望未來時，併購總是有可能的。我的意思是，我希望它能夠出現在一些——我們的重點將放在一些更相鄰的空間類別上，我們看到這些類別出現了一些顯著的增長。

We still got some capabilities we want to build there, Pro AV and datacom specifically. And then I would also tell you, with now the addition of the Snap One product line, right? There's opportunities. There's technology opportunities, right, and ways to kind of fill out, better fill out that portfolio as well. So I would say that we're in a great position to continue to look to opportunities.

我們仍然希望在那裡建立一些功能，特別是專業視聽和數據通訊。然後我還要告訴你，現在又增加了 Snap One 產品線，對嗎？有機會。有技術機會，對吧，還有填補的方法，最好也能填補該投資組合。因此我想說，我們處於有利地位，可以繼續尋找機會。

Ian, this is Jay. I mean I'd add, and I'll let Tom also comment. I mean M&A is part of both businesses' strategic plan. And Rob is right, in the case of ADI and Snap, that was a big acquisition to digest. As you've heard, they're doing a really good job on that front, but they've taken quite a bit of time as part of their creation of their and updating of their strategic plan to look at M&A opportunities.

伊恩，這是傑伊。我的意思是我會補充，並且我也會讓湯姆發表評論。我的意思是併購是兩家企業策略計畫的一部分。Rob 說得對，就 ADI 和 Snap 而言，這是一項需要消化的重大收購。正如您所聽到的，他們在這方面做得非常好，但他們在製定和更新策略計劃以尋找併購機會方面花費了相當多的時間。

The same is true with Tom. The last big acquisition that Tom did, of course, was First Alert a few years back. But he is working with his team and taking a look at opportunities. Tom, do you want to add anything to that?

湯姆也是如此。當然，湯姆進行的最後一次大型收購是幾年前的 First Alert。但他正在與他的團隊合作並尋找機會。湯姆，你還有什麼要補充的嗎？

That's exactly right. We absolutely are looking at those opportunities we think add to shareholder value.

完全正確。我們絕對在尋找那些我們認為可以增加股東價值的機會。

All right, great. Thank you very much.

好的，太好了。非常感謝。

Thanks, Ian.

謝謝，伊恩。

There are no further questions at this time. This concludes today's conference call. Thank you all for joining. You may now disconnect.

目前沒有其他問題。今天的電話會議到此結束。感謝大家的加入。您現在可以斷開連線。