Resideo Technologies Inc (REZI) 2025 Q3 法說會逐字稿

Ladies and gentlemen, thank you for joining us and welcome to the Resideo 2025 Third Quarter Earnings Call. After today's prepared remarks, we will host a question-and-answer session. (Operator Instructions) I will now hand the conference over to Chris Lee, Global Head of Strategic Finance. Chris, please go ahead.

女士們、先生們，感謝各位的參與，歡迎參加 Resideo 2025 年第三季財報電話會議。在今天的演講結束後，我們將進行問答環節。（操作說明）現在我將把會議交給全球策略財務主管克里斯李。克里斯，請繼續。

Thanks, and good afternoon, everyone and thank you for joining us for Resideo's third 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. 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 guaranteed of future performance or results and involve a number of risks and uncertainties. Actual results may differ materially from those in the forwardlooking 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. The company assumes no obligation to update any such forward-looking statements. We identify the principal risks and uncertainties that affect our performance in our annual report on Form 10K and other SEC filings.

謝謝大家，下午好，謝謝各位參加 Resideo 2025 年第三季財報電話會議。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。我們想提醒各位，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。由於多種因素的影響，實際結果可能與前瞻性聲明中的結果有重大差異，這些因素包括 Resideo 不時向美國證券交易委員會提交的文件中所述的因素。本公司不承擔更新任何此類前瞻性聲明的義務。我們在 10-K 表格年度報告和其他提交給美國證券交易委員會的文件中，列明了影響我們業績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. A reconciliation of GAAP to non-GAAP financial measures is included in the financial data workbook, which is 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. With that, I will turn the call over to Jay.

此外，我們將在今天的電話會議上討論非GAAP財務指標。這些非GAAP財務指標有時可以透過使用調整來識別。對該指標的描述應作為補充資訊考慮，而不是替代或孤立地考慮我們的 GAAP 結果。GAAP與非GAAP財務指標的調整表包含在財務資料工作簿中，該工作簿可在我們網站投資者關係頁面（investor.resideo.com）上存取。除非另有說明，除收入外，今天電話會議中討論的所有數字和結果均基於非GAAP準則。接下來，我會把電話交給傑伊。

Thank you, Chris, and thanks to everyone for joining us today.

謝謝你，克里斯，也謝謝今天所有到場的各位。

Resideo demonstrated solid execution in our third quarter. Adjusted EBITDA was a record high and approximately the midpoint of our outlook range. Net revenue was within our outlook range despite incremental macro and operational headwinds that we believe are transitory. And record high adjusted EPS exceeded the high end of our outlook range due primarily to higher net income associated with terminating the Honeywell Indemnification Agreement.

Resideo在第三季度表現出了穩健的執行力。調整後 EBITDA 創歷史新高，大致處於我們預期範圍的中點。儘管宏觀經濟和營運方面出現了一些我們認為是暫時的不利因素，但淨收入仍符合我們的預期範圍。由於終止與霍尼韋爾的賠償協議，淨收入增加，導致調整後每股收益創歷史新高，超過了我們預期範圍的上限。

Our results continue to demonstrate the company's healthy operating fundamentals. We achieved low single-digit organic revenue growth year over year at both our ADI and products and solution business segments. We increased year over year margin rate and profit dollars at both the gross margin and operating margin levels, leading to record high gross margin and record high EBITDA.

我們的業績持續證明公司營運基本面良好。我們在ADI和產品及解決方案業務部門均實現了同比低個位數的有機收入成長。我們在毛利率和營業利潤率方面都實現了同比利潤率和利潤額的增長，從而實現了創紀錄的毛利率和創紀錄的 EBITDA。

Demand for our new products, including the first alert combined smoke and CO connected detectors, continues to be strong. We're excited about our new products introduced in the third quarter, including our new Premium Elite Pro Honeywell Third Home Smart thermostats that we believe will be one of our drivers of future growth. Has been the case for several quarters. ADI's integration of Snap One continues to progress well ahead of schedule.

包括首款煙霧和一氧化碳組合式警報偵測器在內的新產品需求仍然強勁。我們對第三季推出的新產品感到非常興奮，其中包括我們全新的Premium Elite Pro Honeywell Third Home Smart恆溫器，我們相信這將是我們未來成長的驅動力之一。這種情況已經持續好幾個季度了。ADI對Snap One的整合工作進展順利，遠遠超乎預期。

Tom, Rob, and Mike will speak more to our operating activity shortly.

Tom、Rob 和 Mike 稍後將詳細介紹我們的營運活動。

On the macro environment, Resideo continues to execute well amidst an unpredictable economic landscape as further rate cuts remain uncertain with concerns of inflation along with the ongoing volatility of the tariff landscape. On tariffs, our mitigation actions continue to be effective and are materially unchanged from what we shared with you last quarter. In addition, we have not seen material tariff related impacts to customer demand at either ADI or PNS this quarter. We also have not seen any meaningful impacts to our business from the recent US government shutdown.

在宏觀環境方面，由於通膨擔憂以及關稅環境的持續波動，進一步降息仍存在不確定性，Resideo 在不可預測的經濟形勢下繼續保持良好的表現。關於關稅問題，我們的緩解措施仍然有效，並且與我們上個季度向您報告的內容基本相同。此外，本季我們尚未看到關稅對ADI或PNS的客戶需求產生實質影響。我們也沒有看到最近的美國政府停擺對我們的業務造成任何實質影響。

Before I turn the call over to Tom, I'll touch upon the ongoing separation activities we announced this past July. Our various workstreams are proceeding with pace and discipline, and we are on track to complete the separation during the second half of 2026 as previously communicated. Most importantly, our PNS and ADI teams remain focused and are working diligently to advance their respective go forward strategies.

在將電話交給湯姆之前，我想先談談我們今年7月宣布的正在進行的分離工作。我們的各項工作都在有條不紊地推進，我們預計將按原計劃在 2026 年下半年完成分拆。最重要的是，我們的 PNS 和 ADI 團隊仍然保持專注，並正在努力推動各自的未來發展策略。

I'm very pleased to announce that Rob and Tom will lead separate companies as CEOs at the completion of the anticipated spin, and they have both started to work on their go forward organizational design and structure.

我非常高興地宣布，在預期中的分拆完成後，羅布和湯姆將分別擔任各自公司的首席執行官，他們兩人都已經開始著手製定未來的組織設計和結構。

Let me now hand the call over to Tom.

現在我把電話交給湯姆。

Thanks Jay. On a year over year basis, the product and solutions team delivered another quarter of organic net revenue growth, lapping a tough comparison and the 10th consecutive quarter of gross margin expansion. PNS's net revenue grew 2% year over year, which includes approximate 1% favorable impact from currency. Revenue grew due to both volume and price across the majority of our product families and sales channels, which more than offset the performance of our air products that were impacted by a softer residential HVAC channel.

謝謝你，傑伊。與去年同期相比，產品和解決方案團隊又實現了一個季度的有機淨收入成長，克服了嚴峻的同比基數，並連續第十個季度實現了毛利率擴張。PNS 的淨收入年增 2%，其中包括匯率帶來的約 1% 的有利影響。由於我們大多數產品系列和銷售管道的銷售和價格雙雙成長，營收得以提升，足以彌補因住宅暖通空調管道疲軟而受到影響的空氣產品業績。

Let me walk through each of our primary sales channels.

讓我逐一介紹我們的主要銷售管道。

Let's start with the retail channel which experienced strong point of sales volumes as demand for our products led by the new first alert SC 5 connected smoke and CO detector continues. As a reminder, the SC 5 was developed in partnership with Google Nest and was specifically designed to seamlessly replace Google's discontinued Nest Protect alarms. The OEM channel was another highlight of the quarter, posting low double-digit percentage revenue growth year over year. The OEM channel posted a fourth consecutive quarter of year over year revenue growth driven by greater volumes of higher price units in both the Americas and the MIA.

我們先來看看零售通路，由於以新款 First Alert SC 5 連網煙霧和一氧化碳偵測器為首的產品需求持續成長，零售通路的銷售量十分強勁。需要提醒的是，SC 5 是與 Google Nest 合作開發的，其設計初衷就是為了無縫取代 Google 已停產的 Nest Protect 警報器。OEM通路是本季另一大亮點，實現了同比兩位數百分比的營收成長。OEM通路連續第四個季度實現同比增長，這主要得益於美洲和MIA地區高價產品銷量的增加。

The electrical distribution channel also had another 25% of year over year revenue growth. Greater volumes of our BRK branded safety products were sold to more residential home builders, increasing our dollar content our new home. We also saw volume strength in the MRO, manufactured housing, and commercial markets as we look to diversify sales of our UL 8th edition safety products. Revenue in the security channel was up year over year, primarily due to volume increases with several customers. This includes ADT, with whom we recently signed a new multiyear commercial agreement. Revenue in the HVAC channel was down by a low double-digit percentage year over year due to the softer residential HVAC market which impacted sales volume.

電力分銷管道的收入也較去年同期成長了 25%。我們向更多住宅建築商銷售了更多 BRK 品牌的安全產品，提高了我們在新房中的投資額。隨著我們尋求 UL 第 8 版安全產品銷售多元化，我們也看到了 MRO、預製房屋和商業市場的銷售成長。安防通路的營收年增，主要原因是幾位客戶的銷售增加。這其中包括 ADT，我們最近與該公司簽署了一項新的多年商業協議。由於住宅暖通空調市場疲軟，影響了銷量，暖通空調渠道的收入較去年同期下降了兩位數百分比。

Let me add some color here. The residential housing market continues to be soft and previously relatively unchanged throughout this year. Toward the end of the third quarter, we started to see stronger market headwinds relative to last quarter, primarily due to inventory of HVAC equipment subject to the regulatory change for new refrigerants. While our thermostats do not use any type of refrigerant, we still experienced a ripple effect from the market disruption related to the regulatory change.

讓我來補充一些細節。今年以來，住宅房地產市場持續疲軟，此前一直保持相對穩定。第三季末，我們開始看到市場逆風比上一季更加強勁，這主要是由於受新冷媒監管變化影響的暖通空調設備庫存所致。雖然我們的恆溫器不使用任何類型的冷媒，但我們仍然受到了監管變化帶來的市場動盪的連鎖反應。

We believe these conditions in the HVAC market are transitory.

我們認為暖通空調市場的這些狀況只是暫時的。

The health of the broader industry appears better now than it did several years ago. Various market signals indicate those industry participants currently impacted are looking to normalize inventory over the next quarter or two. We believe we are well positioned to capitalize on the anticipated positive change in market conditions as our channel inventory levels in the third quarter are relatively healthy.

整個行業的健康狀況現在似乎比幾年前要好得多。各種市場訊號表明，目前受到影響的行業參與者正尋求在未來一兩個季度內使庫存恢復正常。我們相信，由於我們第三季的通路庫存水準相對健康，我們已做好充分準備，能夠掌握市場狀況預期的正面變化。

We also have been experiencing continued demand for our Focus Pro thermostat introduced in the third quarter of last year and have received strong interest in the recently introduced Elite Pro product. Given our customer engagement, we believe demand has been building for our new products introduced this quarter, including the Elite Pro Premium smart thermostats, which recently began shipping. These modern and energy efficient premium thermostats have the largest touch screens in their class, interoperate with video doorbells, and offer precision sensing and control functionality around temperature and indoor air quality. These thermostats are powered by our pro IQ services which can help our professional customers by streamlining labor, increasing loyalty, and generating leads. We began taking orders for the Elite Pro during the third quarter and commenced shipping recently.

我們還發現，去年第三季推出的 Focus Pro 恆溫器一直受到市場的持續需求，而最近推出的 Elite Pro 產品也引起了市場的濃厚興趣。鑑於我們與客戶的互動，我們相信本季度推出的新產品（包括最近開始發貨的 Elite Pro Premium 智慧恆溫器）的需求一直在增長。這些現代化的節能型高級恆溫器擁有同類產品中最大的觸控屏，可與可視門鈴聯動，並能精確感應和控制溫度及室內空氣品質。這些恆溫器由我們的專業 IQ 服務提供支援，可以透過簡化勞動力、提高客戶忠誠度和產生潛在客戶來幫助我們的專業客戶。我們在第三季開始接受 Elite Pro 的訂單，並於近期開始出貨。

Moving on to profitability, gross margin was 43%, up 80 basis points year over year, driven primarily by continued efficient utilization of our factories.

再來看獲利能力，毛利率為 43%，年成長 80 個基點，主要得益於我們工廠持續高效的利用。

This is the 10th consecutive quarter of year over year gross margin expansion, and gross margin has increased by approximately 500 basis points over that time span. Efficiency at the gross margin level combined with operating leverage drove our 5% growth and adjusted EBITDA year over year. Looking ahead, we have conviction in our strategy to continue introducing differentiated new products across our connected home product portfolio. We anticipate profitable growth opportunities that leverage our operational scale while establishing and expanding our leading position in key markets.

這是連續第十個季度毛利率同比增長，在此期間毛利率增長了約 500 個基點。毛利率水準的提高以及營運槓桿作用，推動了我們 5% 的成長和調整後 EBITDA 的年增長。展望未來，我們堅信我們的策略將繼續在我們的智慧家庭產品組合中推出差異化的新產品。我們預計，在鞏固和擴大我們在關鍵市場的領先地位的同時，我們將利用我們的營運規模獲得獲利成長機會。

With that, let's turn the call over to Rob.

那麼，讓我們把電話交給羅佈吧。

Thanks Tom. The ADI team delivered another quarter of year over year organic net revenue growth in the 6th consecutive quarter of year over year gross margin expansion. ADI reported 2% net revenue growth and average daily sales growth of 3% both year over year. Both include an approximate 1% favorable impact from currency. From a product category perspective, ADI saw most product categories growing a low single-digit percentage year over year, tariff related pricing more than offset volume in the quarter. ADI also achieved solid growth in our strategic focus areas. Both the Datacom and ProAV businesses each grew revenue by low double-digit percentage points year over year. Growth in residential AD was flat year over year amidst continued softness in the market. Exclusive brands revenue grew 3% year over year, driven by positive momentum from our new products such as Lux Lighting and the new X4 smart home user interface from Control 4. E-commerce revenue also grew 3% year over year, highlighting the optionality that customers have with our omnichannel experience while also mitigating some of the temporary impact on stores arising from our ERP implementation.

謝謝你，湯姆。ADI 團隊連續第六個季度實現年比淨收入有機成長，毛利率也連續第六個季度年增。ADI公司報告稱，淨收入年增2%，日均銷售額較去年同期成長3%。兩者都包含約 1% 的匯率有利影響。從產品類別來看，ADI 的大多數產品類別年成長率僅為個位數百分比，而關稅相關的價格上漲抵消了本季的銷售成長。ADI在我們的策略重點領域也取得了穩健成長。數據通訊和專業視聽業務的收入均實現了同比兩位數百分比的成長。受市場持續疲軟的影響，住宅廣告收入較去年同期成長持平。獨家品牌營收年增 3%，這得益於 Lux Lighting 等新產品以及 Control 4 的全新 X4 智慧家庭使用者介面帶來的正面動能。電子商務營收也年增了 3%，凸顯了我們全通路體驗為客戶帶來的選擇權，同時也減輕了 ERP 系統實施對門市造成的一些暫時性影響。

In August we implemented a modern ERP platform in our US business, replacing an over 40-year-old system. This deployment sets ADI up for future growth and margin expansion versus the market and our peers. Tech stack enhancements and corresponding capability building are expected to deliver even more cross-selling capabilities, optimize pricing management, and enhance digital user experiences. We prepared for the known complexity of the transition. This included the planned closure of all US stores for 1 to 2 days and a modest revenue impact. The expected impact was factored into the 2025 outlook provided on last quarter's earnings call. Now, despite that preparedness, we experienced additional process headwinds to those initially expected, leading to a greater financial impact than planned. Specifically, while we had a strong sales month in July, the transition headwind amounted to a few points of unachieved revenue growth in the quarter and lower cash collections. We believe the disruptions are temporary. The implementation is now nearly complete, and I can say that we see no material systems risk ahead. Operations on the new system are now running smoothly, and we are driving progressive improvement in our revenue run rate. In October, we saw increased customer engagement and pipeline size resulting in our order rates approaching pre-system implementation levels.

8 月，我們在美國業務中實施了現代化的 ERP 平台，取代了使用了 40 多年的系統。此次部署為 ADI 未來的成長和利潤率擴張奠定了基礎，使其在市場和同行中脫穎而出。技術棧的增強和相應的能力建設可望帶來更多交叉銷售能力，優化定價管理，並提升數位用戶體驗。我們已為轉型過程中已知的複雜性做好了準備。這包括計劃關閉所有美國門市 1 至 2 天，以及對收入的輕微影響。預期影響已納入上季財報電話會議上提供的 2025 年展望。儘管我們做好了準備，但還是遇到了比預期更多的流程阻力，導致財務影響比計畫更大。具體來說，雖然我們在 7 月的銷售表現強勁，但轉型帶來的不利因素導致該季度營收成長未能達到預期目標，現金回收也相應減少。我們認為這些幹擾是暫時的。實施工作目前已接近完成，我可以肯定地說，我們看不到任何實質的系統風險。新系統的運作目前非常順利，我們的收入成長率也逐漸提高。10 月份，客戶參與度和銷售管道規模均有所提高，訂單量也接近系統實施前的水平。

Moving on to profitability, ADI reported 22.6% gross margin in the third quarter, up 130 basis points year over year, and up 40 basis points sequentially. This is the sixth consecutive quarter of year over year gross margin expansion, and gross margin has increased by approximately 300 basis points over that time. The year over year margin expansion was primarily driven by another 25% of high cross sale volumes of exclusive brands across ADI's entire customer base and mixed benefits from higher e-commerce sales. The increased margin dollars were offset by non-recurring costs associated with the system implementation, contributing to flat adjusted EBITDA growth year over year.

再來看獲利能力，ADI 第三季毛利率為 22.6%，較去年同期成長 130 個基點，季增 40 個基點。這是毛利率連續第六個季度同比增長，毛利率在此期間增長了約 300 個基點。年比利潤率的成長主要得益於 ADI 整個客戶群中獨家品牌交叉銷售額成長 25%，以及電子商務銷售額成長帶來的喜憂參半的收益。利潤增加的金額被系統實施相關的非經常性成本所抵消，導致調整後 EBITDA 年持平。

The integration of Snap One continues to progress nicely. We remain ahead of our commitment of $75 million of run rates synergies exiting year three post-acquisition. We have great confidence that we can overdeliver that amount in that time frame, if not sooner.

Snap One 的整合工作進展順利。在收購完成後的第三年，我們仍超額完成了 7,500 萬美元的綜效目標。我們非常有信心在規定的時間內超額完成這個目標，甚至可能提前完成。

Looking ahead, we look to build upon our scale and leading position in both the security and residential AV market underpinned by our customer first ethos. A proof point of our ethos was a recent award from the B2B e-commerce association recognizing ADI as the enterprise B2B distributor of the year. This was a result of the company's organic e-commerce growth and implementation of leading technologies that improved the customer experience.

展望未來，我們將秉承客戶至上的理念，在安防和住宅影音市場中鞏固我們的規模和領先地位。我們理念的一個有力證明是，最近 B2B 電子商務協會授予 ADI 年度企業 B2B 經銷商獎。這是公司電子商務自然成長以及實施領先技術改善客戶體驗的結果。

We look to continue making investments that drive profitable growth opportunities in our areas of strategic focus. We also look to maintain our world class execution, capitalize on the revenue and cost benefits of our modern platform, and achieve greater fixed cost levers to drive stronger profitability in the future.

我們將繼續進行投資，以推動我們在策略重點領域獲得獲利成長機會。我們也希望維持世界級的執行力，充分利用我們現代化平台帶來的收入和成本優勢，並實現更大的固定成本槓桿，從而在未來推動更強勁的獲利能力。

Now let's turn the call over to Mike to discuss our third quarter financial results and outlook for the remainder of the year.

現在讓我們把電話交給麥克，讓他來討論我們第三季的財務表現以及今年剩餘時間的展望。

Thank you, Rob. Good afternoon, everyone.

謝謝你，羅布。大家下午好。

Let's get straight into the quarterly earnings for the total company, including record highs in gross margin, net income, adjusted earnings per share, and adjusted EBITDA. Total net revenue was $1.86 billion up 2% year over year, including a 1% favorable impact on currency. Both Tom and Rob spoke earlier about the drivers of organic net revenue growth in their respective businesses. Gross margin in the quarter was 29.8%, up 110 basis points year over year. The increase was primarily driven by the more margin of creative activities at ADI and the continued structural operating efficiencies at PNS. Adjusted earnings per share was $0.89 above the high end of our outlook range and up from $0.59 in the prior period. The primary reasons for the increase year over year were higher net income and a one-time tax benefit from terminating the Honeywell indemnification Agreement. Adjusted EBITDA was 229 million in the quarter of 21% year over year and in line with the midpoint of our outlook range. The primary reasons for the increase year over year were the benefits associated with terminating the Honeywell indemnification Agreement and PNS's EBITDA outperformance year over year. Total reported cash used by operating activities was $1.571 billion driven solely by the termination payment made to Honeywell in the quarter. After adjusting for the termination payment, adjusted cash provided by operating activities was $19 million. This amount was lower than anticipated due primarily to the timing of payments and from lower cash collections at ADI. We anticipate ADI's cash provided from operations to rebound in the fourth quarter now that the system implementation is substantially complete.

讓我們直接來看公司整體的季度收益，其中包括毛利率、淨收入、調整後每股收益和調整後 EBITDA 均創歷史新高。總淨收入為 18.6 億美元，年增 2%，其中包括 1% 的匯率利多。Tom 和 Rob 之前都談到了各自企業有機淨收入成長的驅動因素。本季毛利率為 29.8%，較去年同期成長 110 個基點。成長主要得益於 ADI 創意活動的利潤空間較大，以及 PNS 持續的結構性營運效率提升。調整後每股收益比我們預期範圍的上限高出 0.89 美元，高於上一期的 0.59 美元。年比成長的主要原因是淨收入增加以及終止霍尼韋爾賠償協議帶來的一次性稅收優惠。本季調整後 EBITDA 為 2.29 億，年成長 21%，與我們預期範圍的中點一致。年比成長的主要原因是終止霍尼韋爾賠償協議帶來的好處以及 PNS 的 EBITDA 業績年比超額完成。本季經營活動所用現金總額為 15.71 億美元，這完全是由於向霍尼韋爾支付的終止付款所致。扣除終止付款後，經營活動產生的調整後現金流量為 1,900 萬美元。由於付款時間表和 ADI 現金回收額較低，實際金額低於預期。我們預計，隨著系統實施基本完成，ADI 的經營活動現金流將在第四季反彈。

Now, before I provide our financial outlook for the fourth quarter of 2025 and the full year, I'd like to make a couple of framing comments.

現在，在我給出 2025 年第四季和全年的財務展望之前，我想先做幾點背景說明。

First, ADI's ERP implementation is now nearly complete. But those activities crossed into the fourth quarter and the related impact is included in our revised outlook. As Rob noted, we are achieving progressive improvement across various sales and operating metrics. Also, ADI continues to execute well against its strategy in a market where the mid-single-digit market growth rate has not meaningfully changed during 2025.

首先，ADI的ERP實施工作現已接近完成。但這些活動延續到了第四季度，相關影響已納入我們修訂後的展望中。正如羅布所指出的，我們在各項銷售和營運指標方面都取得了逐步的進展。此外，ADI 在 2025 年市場成長率保持在個位數中段水準且沒有發生實質變化的情況下，繼續很好地執行其策略。

Second, PNS is executing its strategy well, against a challenging residential macro environment. We believe the benefit of continued new product introductions across a diverse portfolio enables PNS to offset the recent incremental softness in residential HVAC. Our continued focus on driving margin and working capital efficiencies allows for greater contribution of segment cash flow that is reflected in our increased outlook for total company cash from operations.

其次，在充滿挑戰的住宅宏觀環境下，PNS 的策略執行得相當不錯。我們相信，不斷推出涵蓋多元化產品組合的新產品，能夠使 PNS 抵消近期住宅 HVAC 市場略顯疲軟的影響。我們持續專注於提高利潤率和營運資本效率，從而使各業務部門的現金流量貢獻更大，這體現在我們對公司整體經營現金流預期的提高。

Given some of the headwinds we are facing, we are adjusting our 2025 outlook as follows.

鑑於我們面臨的一些不利因素，我們對 2025 年的展望做出以下調整。

Total company net revenue to be in the range of 7.43 billion to 7.47 billion. Total company adjust the EBITDA to be in the range of $818 million to $832 million. Total company fully diluted adjusted earnings per share, be in the range of $2.57 to $2.67. And on cash from operations excluding the Honeywell termination payment, we are raising our outlook to $410 million to $450 million.

公司總淨收入預計在74.3億至74.7億之間。公司整體調整 EBITDA 至 8.18 億美元至 8.32 億美元之間。該公司整體完全稀釋調整後每股收益預計在 2.57 美元至 2.67 美元之間。若不計入霍尼韋爾終止付款，我們將營運活動現金流預期上調至 4.1 億美元至 4.5 億美元。

Our outlook for the fourth quarter of 2025 is as follows.

我們對 2025 年第四季的展望如下。

Total company net revenue to be in the range of $1.853 billion to $1.893 billion. The company adjusted EBITDA to be in the range of $211 million to $225 million. And total company fully diluted earnings per share to be in the range of $0.42 to $0.52.

公司總淨收入預計在 18.53 億美元至 18.93 億美元之間。該公司調整後的 EBITDA 預計在 2.11 億美元至 2.25 億美元之間。該公司完全稀釋後的每股收益預計在 0.42 美元至 0.52 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.

請前往我們的投資者關係網站查看我們的獲利報告，其中包括我們的 2025 年展望範圍以及關鍵建模假設。

Now, before we open the call for questions, I'd like to share that we are in the midst of our 2026 financial planning process. Based upon what we know at this time, our 2026 outlook is positive and anticipates year over year growth in organic revenue and adjusted EBITDA that are both above current analyst estimates for 2026. We will provide more details on 2026 on the fourth quarter 2025 call as usual.

在正式開始提問之前，我想先說明一下，我們目前正在進行 2026 年的財務規劃。根據我們目前所掌握的信息，我們對 2026 年的前景持樂觀態度，預計有機收入和調整後 EBITDA 的年增長率均高於當前分析師對 2026 年的預期。我們將照例在 2025 年第四季電話會議上提供更多關於 2026 年的詳細資訊。

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

操作員，現在開始接受提問。

We will now begin the question-and-answer session. (Operator Instructions)

現在開始問答環節。（操作說明）

Your first question comes from the line of Ian Zafino, Oppenheimer. Ian, your line is open. Please go ahead.

你的第一個問題來自伊恩·扎菲諾·奧本海默的著作。伊恩，你的線路已接通。請繼續。

Okay, thank you very much. Just kind of wanted to get my arms around, some of the headwinds here. Can you maybe quantify the impact of, the HVAC, regulatory change, I guess both maybe in the third quarter and then As we look at your your guidance, and can you maybe do the same thing on the ERP side so we kind of understand what the different moving parts are of, what in the third quarter and then what's driving the delta and the guidance now versus what it was previously. Thanks.

好的，非常感謝。我只是想感受這裡的逆風。您能否量化一下暖通空調和監管變化的影響？我想這兩者都可能在第三季產生影響。然後，當我們查看您的業績指引時，您能否也對企業資源規劃 (ERP) 系統方面做同樣的分析，以便我們了解第三季度不同的變動因素，以及導致業績指引與之前相比出現差異的原因。謝謝。

Hey, yeah, thanks for the question.

嘿，是的，謝謝你的提問。

We don't want to get into the specific impacts of each one of those. They're roughly, overall similar type of impacts on the business as we look at the headwinds that we're seeing, we're very focused on the fact that that we believe they're transitory. They both caught us a little bit by surprise in the quarter as we. You know we had set our guidance based upon what we saw, 3 months ago and as we went through the quarter as the HVAC market changed at the end of the quarter as Rob and his team went through the ERP implementation, that took a bit more than we thought, but you know it's mostly behind us now. We're about six weeks through the current quarter and we feel really good about the guidance that we're putting out there.

我們不想深入探討每項影響的具體細節。整體而言，它們對業務的影響大致相似。考慮到我們所看到的逆風，我們非常關注的是，我們認為這些逆風是暫時的。他們在季度末都讓我們有點措手不及。你知道，我們三個月前根據我們所看到的市場情況制定了業績指引，但隨著季度的推進，暖通空調市場在季度末發生了變化，羅布和他的團隊也進行了 ERP 系統的實施，這比我們預想的要花費更多時間，但現在大部分都已經過去了。本季已經過去大約六週了，我們對目前發布的業績指引感到非常滿意。

Okay, so I guess to be clear, both of these headwinds are going to end in this quarter or have ended, and there'll be no bleed into 2026.

好的，所以我想說清楚一點，這兩個不利因素都將在本季結束或已經結束，不會延續到 2026 年。

Yeah, everything we see right now says there definitely the ERP will be behind us by the end of the year on the HVAC market, we see it bleeding slightly into next year. We see what other folks are talking about in the market out there. I'm speak to it specifically, but we do believe it is transitory in nature and won't bleed much into 2026. Tom, anything you'd add to that?

是的，我們目前看到的一切都表明，到今年年底，ERP（能源響應計劃）肯定會在暖通空調市場結束，我們預計它會略微延續到明年。我們會看到市場上其他人都在談論什麼。我將專門談談這個問題，但我們認為它本質上是暫時的，不會對 2026 年造成太大影響。湯姆，你還有什麼要補充的嗎？

No, there's people have estimates that whether it's at the end of this year or the end of Q1, but by mid-year, almost everyone expects it to be over. We expect it to be over by the end of the first quarter.

不，有人估計，無論是在今年年底還是第一季末，但到年中，幾乎所有人都預計疫情會結束。我們預計這將在第一季末結束。

Okay, and then maybe on PNS I'm trying to understand this if you back out, the HVAC sided on the PNS, can you maybe talk about, what the growth would have been, or maybe just talk about different areas of PNS that grew and did particularly well. Thanks.

好的，那麼關於 PNS，我想了解一下，如果你退出，PNS 的 HVAC 部門，你能談談成長嗎？或是談談 PNS 中哪些不同領域發展得特別好？謝謝。

You want me to do it? Sure, I don't think we want to give what the growth would be had we not had the headwinds in the HVAC, but I do want to emphasize that.

你想讓我做嗎？當然，我們不想透露如果沒有暖通空調行業的逆風，成長會達到什麼程度，但我確實想強調這一點。

We're really excited about how we're positioned in that market, right? So, we introduced that Focus Pro as our low-end product. That product has been very successful on the market in terms of its acceptance. We just introduced a premium product. We had previously not participated in the premium market. So here's a market we're adding a product. We're going to, our goal is to create the best product you can buy at all price points entering mid and premium, and we're very excited about the Elite Pro. So long-term, our position in HVAC, we're very enthusiastic about. Now, in terms of the other markets, It was pretty much everything was going great. Retail did great. Our OEM business did great. The safety products did well. I, everything seemed to do quite well, but we did have those headwinds, which again I think long-term when you look at how we're going to be positioned in HVAC, it's a very positive picture.

我們對自己在市場上的定位感到非常興奮，對吧？所以，我們推出了 Focus Pro 這款入門級產品。該產品在市場上獲得了極大的成功，廣受好評。我們剛推出了一款高階產品。我們之前並未涉足高端市場。所以，我們在這個市場新增了一款產品。我們的目標是打造你能在中高端價位買到的最好的產品，我們對 Elite Pro 感到非常興奮。所以從長遠來看，我們對我們在暖通空調領域的地位非常樂觀。至於其他市場，一切進展都很順利。零售業表現出色。我們的OEM業務表現出色。安全產品表現良好。一切似乎都進展順利，但我們確實遇到了一些不利因素，不過我認為從長遠來看，當我們審視我們在暖通空調領域的定位時，前景非常樂觀。

Okay, thank you very much.

好的，非常感謝。

Thank you.

謝謝。

Your next question comes from the line of Eric Woodring, Morgan Stanley. Your line is open. Please go ahead.

你的下一個問題來自摩根士丹利的艾瑞克‧伍德林。您的線路已開通。請繼續。

Great, thank you guys for taking my questions. Maybe if we just touch on re-ask the HVAC question, I'm just trying to get a little bit better understanding of why we think these headwinds are transitory, and then I guess if the issue is an inventory glut -- for products that you don't have exposure to, why does that impact, Resideo, just trying to maybe just a little bit more color just maybe that last question is really the key there if it, if it's not a Resideo issue why is Resideo being impacted and then a quick follow-up please.

太好了，謝謝各位回答我的問題。或許我們可以再談談暖通空調的問題，我只是想更能理解為什麼我們認為這些不利因素是暫時的。然後，我想如果問題是庫存過剩——對於你們沒有接觸過的產品，這為什麼會對Resideo產生影響？我只是想更詳細地了解一下，也許最後一個問題才是關鍵。如果不是Resideo的問題，為什麼Resideo會受到影響？最後，請再補充一點。

Thank you.

謝謝。

Okay, so Eric, great question. All right, so what's going on is because of this, you had a lot of inventory that was brought in in order to protect all the distributors from the transition and the regulatory change. That inventory is still sitting in there. It's impacting the balance sheet of. The distributors and their cash and the ability to fund it. It's also creating a little bit of disturbance and chaos kind of in the marketplace because now you have discounts going trying to liquidate this and whether people hold to see if there's further discounts. There's just a lot of things that are kind of in a very dynamic situation.

好的，埃里克，問得好。好的，所以現在的情況是，由於這個原因，為了保護所有分銷商免受過渡和監管變化的影響，引入了大量庫存。那批庫存還放在那裡。它正在影響公司的資產負債表。分銷商及其資金和融資能力。這也為市場帶來了一些混亂和騷動，因為現在為了清倉甩賣，商家紛紛打折，而人們則觀望是否會有進一步的折扣。很多事情都處於一種非常動態的狀態。

The amount of the impact people are saying, and you can look at alla lot of the HVAC equipment guys, the carriers, the trains, the Linux, what have you can look at the distributors of Wasco, you can look at the HRI data. It's having a material impact. But there's also then the fact of what's actually happening in the residential housing market. There's a little bit of instability there as well. That's why we look at it long-term. Why is this transitory? Because every home is going to need an HVAC system. Every these systems have a certain life, so you know there's going to be a replacement. We know how well we're positioned and what we've introduced with the products and then what share we're capturing. So long-term, that's why we see this as transitory.

人們所說的影響程度，你可以看看很多暖通空調設備公司、營運商、火車公司、Linux 公司等等，你可以看看 Wasco 的經銷商，你可以看看 HRI 的數據。它產生了實質的影響。但同時，我們也需要考慮住宅房地產市場實際發生的事情。那裡也存在一些不穩定因素。這就是為什麼我們要從長遠角度來看待這個問題。為什麼這是暫時的？因為每家每戶都需要暖通空調系統。這些系統都有一定的使用壽命，所以你知道一定會有替代品。我們清楚我們目前的市場定位有多好，我們推出了哪些產品，以及我們獲得了多少市場份額。所以從長遠來看，這就是為什麼我們認為這只是暫時的。

Okay, and Tom, maybe just a very quick follow-up on there. You mentioned, discounts in the marketplace. Is it safe to then say your PNS gross and operating margins were negatively impacted by HVAC as well?

好的，湯姆，或許我需要就此做一個簡短的後續說明。你提到了市場上的折扣。那麼，是否可以說暖通空調也對貴公司的 PNS 毛利率和營業利潤率產生了負面影響？

No, that's not what I'm saying. So, I'm just talking about that because of this.

不，我不是那個意思。我之所以談到這件事，就是因為這個原因。

Disturbance that's occurred in the market. Other parties, especially people with the equipment, especially this inventory that's the older generation, the older gasses that uses the older refrigerants, that product in terms of the discounting. I wouldn't overplay that, right? So just in looking at it, I'm just saying there's a number of things that happen when you have excess inventory in the channel and how people behave.

市場出現了波動。其他各方，特別是擁有這些設備的人，特別是擁有這些老一代庫存、使用老一代冷媒的老一代氣體的人，在折扣方面。我不會過度誇大這件事，對吧？所以，我只是想說，當通路中庫存過剩時，會發生很多事情，也會影響人們的行為。

Now our products, there's no discounting of our products, but the ability of distributor to stock our product at a certain level because they have cash tied up, the ability of what's happening within customers, all of those things have some ripple to this.

現在我們的產品沒有折扣，但是分銷商由於資金緊張而無法將我們的產品庫存維持在一定水平，客戶方面的情況，所有這些因素都會對此產生一定的影響。

Okay, super clear.

好的，非常清楚了。

And we have very strong, yeah, we do have very strong margins in the HVAC.

是的，我們在暖通空調領域的利潤率非常高。

Okay, no, that is, that's super helpful. And then, I don't know who wants to field this one, but I'll leave it up to you guys, one of the most important factors that, can drive a re-rating for Resideo is this kind of continued margin expansion and granted on a year over year basis, you showed nice gross margin expansion, but in 3Q we saw operating margins compressed for both companies sequentially. I guess, how to think about operating margins for each business into into 4Q and then like as we look out 1 to 2 years and think about investors that are that are looking at Resideo today for the long-term opportunity what type of margin should they be looking for from operating margins should they be looking for from each one of these businesses? Again, looking out, call it 123 years, just would love some framing of that please.

好的，不，我的意思是，這真的很有幫助。然後，我不知道誰想回答這個問題，但我就交給你們了。能夠推動 Resideo 重新評級的最重要因素之一是這種持續的利潤率擴張。誠然，從年比來看，你們的毛利率擴張表現不錯，但在第三季度，我們看到兩家公司的營業利潤率都較上季下降。我想，我們應該如何看待各業務在第四季度的營業利潤率，然後展望未來一到兩年，對於那些今天關注 Resideo 並尋求長期投資機會的投資者來說，他們應該期望從每項業務中獲得怎樣的營業利潤率？再說一遍，看看這123年，真希望有人能把它裱起來。

Thank you so much.

太感謝了。

Sure, I'll kick it off and I'll let Rob and Tom join in if they want to correct anything or want to add on to it. Clearly in the quarter when we talk about margin expansion, there's both gross margin and the operating margin. So really pleased to continue gross margin expansion, despite the fact that the headwinds at PNS and the HVAC market, as Tom said, our HVAC margins are very robust. So as we think about that having a headwind, it flows through the bottom line at a different rate than the overall blended rate's a bit higher. So that does compress it. So that transitory nature does compress the bottom line.

當然，我先拋磚引玉，如果羅伯和湯姆想糾正什麼或補充什麼，我會讓他們加入。顯然，當我們談到季度利潤率擴張時，既包括毛利率，也包括營業利潤率。儘管 PNS 和 HVAC 市場面臨不利因素，但正如 Tom 所說，我們 HVAC 的利潤率非常強勁，因此我們非常高興能夠繼續擴大毛利率。因此，考慮到逆風因素，它對最終利潤的影響速度與整體綜合影響速度略高。這樣確實可以壓縮它。因此，這種暫時性確實會影響最終收益。

Despite which we still saw marginal improvement at ADI, as Rob talked about the impacts of the ERP implementation as we worked through that, there was incremental cost whether that was overtime in the warehouses, whether that was, work with consultants to implement the system. There's incremental SG&A in both Q3 and Q4 that again is one time in nature as we work through those two things. I think overall at a high level, as we go through the separation of these businesses, I want to make sure. We're careful about talking about what the margins are today as segments without the allocation of overhead and what they might be in the future. But as we sit here today and look at the ADI business, Rob continues to target a double-digit operating margin as his goal. We've got long-term plans that get us there and that's going to change a little bit once the businesses stand alone and we allocate all the costs out. But as it exists today, we would think that we have the ability to drive the business towards double-digit operating margins over the next 3 to 5 years. Some more of the PNS as we continue to see the operating efficiency in our factories, which, that race has not yet run, we're well into the game, but the race is not yet over at all. And then the incremental margin that we think we drive would be ongoing product development and the incremental margin we can demand from that. We think there will continue to be operating margin expansion, 300 to 500 basis points over the next three to five years probably makes a lot of sense. But again, as we work through our modeling for each business on a standalone basis, we'll update that and get those numbers out to the market at the appropriate time.

儘管如此，我們在 ADI 仍然看到了一些改進，正如 Rob 在我們討論 ERP 實施的影響時所說的那樣，無論倉庫的加班時間，還是與顧問合作實施系統，都會產生額外的成本。第三季和第四季都會增加銷售、一般及行政費用，但這同樣是一次性的，因為我們正在處理這兩件事。我認為從總體上看，在進行這些業務拆分的過程中，我想確保這一點。我們謹慎地談論目前各業務板塊的利潤率（不包括間接費用）以及未來的利潤率。但就我們今天在這裡審視 ADI 的業務而言，羅布仍然將兩位數的營業利潤率作為他的目標。我們有實現目標的長期計劃，但一旦各業務獨立運作並將所有成本分攤開來，這些計劃就會有所改變。但就目前情況而言，我們認為我們有能力在未來 3 到 5 年內將業務的營業利潤率提升至兩位數。隨著我們繼續觀察工廠的運作效率，PNS 也取得了一些進展。雖然這場競賽還沒結束，我們已經深入其中，但競賽遠未結束。然後，我們認為能夠帶來增量利潤的來源是持續的產品開發，以及我們可以從中要求的增量利潤。我們認為營業利潤率將繼續擴張，未來三到五年內擴張 300 到 500 個基點可能很有道理。但是，隨著我們對每個業務進行獨立建模，我們會更新這些數據，並在適當的時候將這些數據公佈給市場。

Thank you. That was super helpful, Mike. And then maybe just last question, just a clarification, I'm going to pick on that last comment you made in your prepared remarks about 2026 number. So just a clarification as I see consensus at $7.76 billions of revs, $3 of earnings, and your comment is despite the ERP, despite the HVAC kind of leakage of 2026, those estimates are on, let's call it the lower end, of what, how you're planning for 2026.

謝謝。麥克，這真是太有幫助了。最後一個問題，也想澄清一下，我想就您在準備好的演講稿中關於 2026 年這個數字的最後評論提出一點看法。所以，我只是想澄清一下，我看到普遍預期營收為 77.6 億美元，盈利為 3 美元，而你的評論是，儘管有 ERP 和 HVAC 之類的 2026 年洩漏，這些估計值仍然是，我們姑且稱之為下限，這是你對 2026 年的計劃。

That's right, Eric. We're early in our detailed planning, but as we sit here today, we want to be clear that that these headwinds are very transitory. Now, we can't guarantee what else is going to happen next year. We'll guide 2026 when we usually do in February, but just as we're sitting there today, we want to be clear that we are, we remain very comfortable with those numbers that are out there, and we would say they're at the low end of what our initial, budgeting process for next year looks like. Okay.

沒錯，埃里克。我們目前還處於詳細規劃的早期階段，但今天我們想明確指出，這些不利因素都是暫時的。現在，我們無法保證明年還會發生什麼。我們將在二月照常發布 2026 年的指導意見，但就目前而言，我們想明確表示，我們對目前公佈的數字仍然非常有信心，我們認為這些數字處於我們明年初步預算流程的下限。好的。

Awesome.

驚人的。

Thank you guys. Good luck.

謝謝大家。祝你好運。

Thanks sir.

謝謝您，先生。

And your next question comes from the line of Neil Natalia, Jeffries. Your line is open. Please go ahead.

你的下一個問題來自尼爾·納塔利亞·傑弗里斯。您的線路已開通。請繼續。

Hey guys, thank you for taking my questions. I want to ask you on the ERP impact. I think this is a really important point, especially to understand, some of the fourth quarter dynamics relative to what the implied fourth quarter guidance previously was. It'd be helpful to understand how much of a quantitative impact this is having on the fourth quarter and the, in the press release, you mentioned that there's nearly $15 million of higher costs year over year on SG&A and R&D related to the ERP. What level of impact are you seeing in the fourth quarter?

大家好，感謝你們回答我的問題。我想請教一下ERP系統的影響。我認為這一點非常重要，尤其需要了解第四季的一些動態，以及這些動態與先前隱含的第四季業績指引之間的關係。了解這對第四季度產生了多大的量化影響將很有幫助，而且，您在新聞稿中提到，與 ERP 相關的銷售、一般及行政費用和研發成本同比增加了近 1500 萬美元。您認為第四季的影響程度如何？

I think at a high level it's roughly half in the third quarter and half in the fourth quarter of those SG&A impacts as they flow through. So if you take that 15, you sort of split it between the two, you're in the ballpark, and you know we think the impact on the revenue will be greater in Q3 than Q4, but not significantly greater. We do think we're most of the way through it right now. I think Rob, I'll let you comment, but we're really confident with the metrics and KPIs we're seeing right now that we're we're getting our feedback under us. The system's running well. We're through most of the growing pains that you go through with something like this. They were higher than we expected, but at the end of the day they didn't take much longer than we thought they were just more than we expected. Rob anything you'd add.

我認為，從整體來看，這些銷售、管理及行政費用的影響大約有一半會在第三季顯現，一半會在第四季顯現。所以，如果你把這 15 平分到這兩部分，你就差不多算對了，而且我們認為對第三季營收的影響會比第四季更大，但不會大得多。我們認為現在已經基本完成了。羅布，我想讓你來評論一下，但我們對目前看到的指標和關鍵績效指標非常有信心，因為我們得到了很好的回饋。系統運作良好。我們已經度過了這類事情通常會經歷的大部分成長陣痛期。它們比我們預期的要高，但最終花費的時間並沒有比我們預想的長多少，只是比我們預期的要多而已。羅布會補充任何你想補充的東西。

No, actually, well, yeah, actually Mike, you nailed it, but I'd be remiss first of all and say that this is a really exciting time for us, despite the despite the fact that the results were disappointing. This represents a major step towards modernizing and digitizing our tech stack, which is basically a 2.5, 3 year project finally coming to fruition, which will net a number of benefits, a lot of those I actually talked about in the in the prepared remarks, but we are seeing two real good indicators that make me optimistic about the go forward recovery. One, as I mentioned earlier in the remarks, we're seeing our average daily sales rate approach pre-go live levels, the deeper we get into Q4. That's one. Even more positive is what's going on with our project pipeline. Normally the biggest month of the year where our pipeline would be at its peak is kind of mid-year July time frame, and we ended October with a higher pipeline volume amount than we had even in July. It was a record number for us. And so that is the really the most, I guess prudent indicator of the future health of the business, and we expect to convert that pipeline at the same conversion rates we've seen in quarters and years past. And so those two things make me optimistic that the impact of the ERP is truly transitory.

不，其實，嗯，是的，麥克，你說得對，但我首先要說的是，儘管結果令人失望，但這對我們來說仍然是一個非常激動人心的時刻。這標誌著我們在技術堆疊現代化和數位化方面邁出了重要一步，這基本上是一個歷時 2.5 到 3 年的專案終於要完成了，這將帶來諸多好處，其中很多好處我在準備好的發言稿中已經談到了，但我們看到了兩個非常好的指標，讓我對未來的復甦充滿信心。第一，正如我之前在發言中提到的，隨著第四季度的深入，我們看到我們的平均每日銷售額正在接近上線前的水平。這是其中之一。更令人振奮的是，我們的專案儲備情況也十分樂觀。通常來說，一年中管道輸送量最大的月份是7月中旬，而10月底的管道輸送量甚至比7月還要高。這對我們來說是一個創紀錄的數字。因此，我認為這才是衡量公司未來健康狀況最謹慎的指標，我們預期銷售通路的轉換率將與過去幾季和幾年的轉換率保持一致。因此，這兩點讓我樂觀地認為，ERP 的影響確實是暫時的。

Okay, that's helpful. It maybe just then to clarify and make sure we're 100% clear on this fourth quarter issue.

好的，這很有幫助。或許正是在那時，我們需要澄清並確保我們對第四季的問題百分之百清楚。

The EBITDA guide down relative to the implied guidance previously is call it $40 million or so.

與先前暗示的預期相比，EBITDA 預期下調了大約 4000 萬美元。

Part of that is a higher cost, from the from the ERP impact. Part of it is the HVAC.

部分原因是成本較高，源自於 ERP 系統的影響。其中一部分是暖通空調系統。

Can you give like a numerical breakdown relative to that $40 million of how much is coming from each, including, the revenue impact for the ERP related?

能否提供一份關於這 4000 萬美元的具體數字明細，說明每筆款項分別來自哪裡，包括 ERP 相關收入的影響？

Issues that you're facing.

你面臨的問題。

I think, yeah, at a high level if you're modeling it, I think, as we said, it's roughly, high single-digits, millions of the cost side of ERP side. The rest of it's driven by the revenue and it's roughly equal across the businesses.

是的，從宏觀層面來看，如果你要進行建模，我認為，正如我們所說，ERP 方面的成本大致在數百萬到幾千萬美元之間。其餘部分則由收入驅動，各業務部門的佔比大致相同。

Okay. Got it. Okay. And then on 2026, again, very helpful to hear the guidance this is very much in line with the way we've been thinking about it. We just felt that the outlook was quite strong for 26 year olds to a consensus and the modeling.

好的。知道了。好的。然後，關於 2026 年，再次聽到相關指導意見非常有幫助，這與我們一直以來的思考方式非常一致。我們一致認為，根據模型預測，26 歲族群的前景相當樂觀。

Specifically, though, I know without giving any numbers, given you're going to wait to the fourth quarter to give that, you at least address qualitatively what the different factors are that we should be considering from an idiosyncratic perspective. For example, there's a $70 million step up in EBITDA just from the Honeywell related indemnity. Are there other factors that we need to be taking into account where it's just, hey, we can look at the full year guidance for EBITDA of $865 million or $825 million and then say, right, at least $70 million higher is the bare minimum and then from there what other factors there are.

不過具體來說，我知道，雖然你打算等到第四季再給出具體數字，但至少你從獨特的角度定性地闡述了我們應該考慮的不同因素。例如，光是霍尼韋爾相關的賠償金就使 EBITDA 增加了 7,000 萬美元。還有其他需要考慮的因素嗎？例如，我們可以看看全年 EBITDA 指引為 8.65 億美元或 8.25 億美元，然後說，至少要高出 7000 萬美元，這是最低要求，然後還有其他因素需要考慮嗎？

I think that's a good way to frame it. I think, you take this year, you add that $70 million you add back these transitory impacts on top of that which gets you, somewhere a little bit above what that consensus number is, and then everything else is the initiatives that we're working on, the things that we're building again, we're going through our plans. We'll guide it we do, but I don't think there's anything significant. But Tom talks about his new product launches that are out there. They'll continue to drive performance as Rob talks about the benefits of the ERP system -- Right now it's all about the short-term pain, but the reason we're doing it is for the longer-term, midterm and long-term benefit. Those will start coming through our continued investments in the omnichannel experience at ADI, the snap synergy that we continue to realize from bringing those together. So all those things go together again. There's lots of work still to go in building the specific models, but when we look at all that today, as we said, we're very comfortable that the numbers that are out there are definitely achievable.

我覺得這樣表述挺好的。我認為，今年加上那 7000 萬美元，再加上這些暫時性的影響，最終結果會略高於大家普遍接受的數字，而其他的一切都屬於我們正在推進的各項舉措，我們正在重新建設的項目，我們正在推進我們的計劃。我們會引導它，但我認為不會有任何重大變化。但湯姆談到了他即將推出的新產品。他們會繼續推動業績成長，正如羅布談到 ERP 系統的好處時所說——現在一切都只關乎短期陣痛，但我們這樣做的原因是為了長期、中期和長遠利益。這些都將透過我們對 ADI 全通路體驗的持續投資來實現，我們將持續透過整合這些資源來獲得顯著的綜效。所以所有這些因素又連結在一起了。建立具體模型還有很多工作要做，但當我們今天審視所有這些時，正如我們所說，我們非常有信心，目前公佈的數據絕對是可以實現的。

Okay. And then lastly from me on the project pipeline you just mentioned earlier, you said October's was higher than where you ended July, which is not normal. What exactly are you hearing from your customers in there? Part of what we've heard in our research and background check here is that security [co] never goes into recession. And obviously, there's a number of instances that have happened recently that we're just wondering if there's like some kind of multi-year secular upcycle that may be happening in the security market that kind of underlies a lot of these, is there more proactive versus reactive customers now?

好的。最後，關於您剛才提到的專案進度，您說10月的進度比7月底的進度要高，不正常。你從客戶那裡具體聽到了什麼？我們在調查和背景調查中了解到，安保公司永遠不會陷入經濟衰退。顯然，最近發生了一些事情，我們只是想知道安全市場是否正在經歷某種多年的長期上升週期，而這正是許多此類事件的根本原因，現在是否有更多主動型客戶而不是被動型客戶？

I would say not a whole lot has changed in that in that space this year, going forward. We're still expecting the commercial security market to grow at low to mid single-digits. I mean it has during my entire tenure here at ADI and, in terms of ADI, we've always been able to grow kind of mid to high single-digits, and we fully expect that going forward and I always look at our pipeline to be able to give me an indicator of what we can expect, 3 to 6 months out. And I think some of it is just our execution and others, other parts of it is, we had customers that were patient with us as we navigated the disruption of ERP and we're bringing those now those customers back in and that's actually, increased our pipeline as well. So I would. Those are the biggest factors in terms of why I think the pipeline is growing and why we're in that position this late in the year versus we normally see these peak levels in the middle of the year when most of our big installations happen, kind of that June through July, June, July, August time frame for our large integrators.

我認為今年以來，在這個領域不會發生太大的變化。我們仍然預期商業安防市場將以個位數低至中等水平的速度成長。我的意思是，在我擔任 ADI 職位的整個期間，情況一直如此。就 ADI 而言，我們一直能夠實現個位數中高段的成長，我們完全預期未來也能如此。我總是會關注我們的專案儲備，以便了解未來 3 到 6 個月的發展趨勢。我認為部分原因是我們的執行力，其他部分原因是，當我們應對 ERP 系統變革帶來的衝擊時，我們的客戶對我們很有耐心，現在我們正在把這些客戶重新拉回來，這實際上也增加了我們的業務量。我也會這麼做。我認為，這些是管道增長以及我們在年底達到這種狀況的最大因素，而我們通常在年中看到這種高峰水平，因為我們的大部分大型安裝項目都在年中進行，也就是我們的大型集成商的六月到七月、六月、七月、八月這段時間。

Okay. Great. Thank you very much.

好的。偉大的。非常感謝。

There are no further questions at this time. This concludes today's call.

目前沒有其他問題了。今天的電話會議到此結束。

Thank you for attending. You may now disconnect.

謝謝各位的出席。您現在可以斷開連線了。