Resideo Technologies Inc (REZI) 2025 Q4 法說會逐字稿

Hello everyone. Thank you for joining us and welcome to the Resideo fourth quarter in full year 2025 financial results conference call. (Operator Instructions) I will now hand the call over to Chris Lee, Global Head of Strategic Finance. Chris, please go ahead.

大家好。感謝您參加 Resideo 2025 年第四季及全年財務績效電話會議。（操作員指示）我現在將把電話交給全球策略財務主管克里斯李。克里斯，請繼續。

Thank you. Good afternoon, everyone, and thank you for joining us for Resideo's fourth quarter and full year 2025 earnings call. On today's call will be Jay Geldmacher, Resideo's Chief Executive Officer; Michael Carlet, our Chief Financial Officer; Robert Aarnes, President of Resideo's ADI global distribution business; and Thomas Surran, President of Resideo's products and solutions business.

謝謝。各位下午好，感謝各位參加 Resideo 2025 年第四季及全年業績電話會議。參加今天電話會議的有：Resideo 執行長 Jay Geldmacher；財務長 Michael Carlet；Resideo ADI 全球分銷業務總裁 Robert Aarnes；以及 Resideo 產品和解決方案業務總裁 Thomas Surran。

We would like to remind you that this afternoon's call contains forward-looking 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，除歷史事實外，本次電話會議中作出的陳述可能構成前瞻性陳述，並非對未來業績或結果的保證，並且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. 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 10-K and other SEC filings.

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，列出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. In 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.

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。在描述該指標時，應將其視為對 GAAP 結果的補充，而不是替代或孤立地看待。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。

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

接下來，我會把電話交給傑伊。

Thank you, Chris, and thanks to everyone for joining us today. I'm very pleased with how our business finished 2025, largely exceeding our financial outlook in the fourth quarter. Products and solutions delivered results driven by better than expected activity across multiple channels, including HVAC. ADI reported flat results, but on a positive note achieved operational stabilization, providing conviction for future growth.

謝謝你，克里斯，也謝謝今天所有到場的各位。我對我們公司2025年的業績非常滿意，第四季的業績基本上超過了我們的財務預期。產品和解決方案在多個管道（包括暖通空調）的良好表現推動了業績的提升。ADI 報告稱業績持平，但值得一提的是，其營運已趨於穩定，這為未來的成長提供了信心。

Our sustained execution throughout 2025 enabled Resideo to report record highs in net revenue, adjusted EBITDA, and adjusted EPS on an annual basis. We also exceeded the high end of our 2025 outlook ranges in net revenue, adjusted EBITDA, adjusted EPS, and adjusted cash provided by operations during a dynamic and uncertain global macroeconomic environment.

2025 年，我們持續的執行力使 Resideo 實現了年度淨收入、調整後 EBITDA 和調整後每股盈餘的歷史新高。在全球宏觀經濟環境動態且不確定的情況下，我們的淨收入、調整後 EBITDA、調整後每股盈餘和調整後營運活動現金流量均超過了 2025 年預期範圍的上限。

Looking at the full year results and the growth compared to the prior year; net revenue was approximately $7.5 billion growing 11%. Adjusted EBITDA was $833 million up 20%. Adjusted earnings per share was $2.68 growing 17%, and adjusted cash provided by operations was $453 million up 2%.

從全年業績和與前一年相比的成長來看，淨收入約為 75 億美元，成長了 11%。調整後 EBITDA 為 8.33 億美元，成長 20%。調整後的每股盈餘為 2.68 美元，成長 17%；經調整後的營運活動現金流為 4.53 億美元，成長 2%。

Let's now go into some of the annual highlights for each business segment before I hand the call off to Tom and Rob to talk about their quarterly business highlights.

接下來，讓我們來看看各個業務部門的年度亮點，然後再把電話交給 Tom 和 Rob，讓他們談談各自的季度業務亮點。

In 2025, products and solutions grew organic net revenue by 4% year over year, driven primarily by strong volume demand for our safety products and increased prices for our OEM products. Gross margin expanded by 110 basis points year over year as we continued to gain improvements in operational efficiency. Our commitment to introducing new and differentiated products remained evident with 10 major new product introductions in the year, including the First Alert SC5 connected smoke and carbon monoxide detector, and the Honeywell Home Elite Pro Thermostat. We believe customer reception for these new products has been very positive and is building demand momentum for another year of exciting new product introductions in 2026.

2025 年，產品和解決方案的有機淨收入年增 4%，主要得益於安全產品的強勁銷售需求和 OEM 產品價格的上漲。由於營運效率持續提高，毛利率年增 110 個基點。我們致力於推出新穎獨特的產品，這項承諾在年內得到了充分體現，共推出了 10 款主要新產品，包括 First Alert SC5 連網煙霧和一氧化碳偵測器以及 Honeywell Home Elite Pro 恆溫器。我們相信，顧客對這些新產品的反應非常積極，並為2026年推出更多令人興奮的新產品奠定了需求基礎。

In 2025, ADI grew organic net revenue by 3% year over year, driven primarily by growth across all product categories and accomplished with three less selling days. Organic average daily sales growth was 4%. Gross margins expanded by 200 basis points in 2025 versus the prior year due primarily to favorable product mix and sales of lower cost inventory. We are proceeding very well on the integration of SNA one. Rob will talk more about the team's progress to date.

2025 年，ADI 的有機淨收入年增 3%，主要得益於所有產品類別的成長，且銷售天數減少了三天。有機平均日銷售額成長4%。2025 年毛利率較前一年增加 200 個基點，主要原因是產品組合有利以及低成本庫存的銷售。SNA 1 的整合工作進展非常順利。羅布將進一步介紹團隊迄今為止的進展。

In closing, we demonstrated resilience in 2025 by maintaining our execution focus, which generates conviction and momentum toward our anticipated business separation later this year that we believe unlocks significant shareholder value.

最後，我們透過保持執行重點，展現了我們在 2025 年的韌性，這為我們今年稍後預期的業務拆分注入了信心和動力，我們相信這將釋放巨大的股東價值。

Our separation activities are progressing well, and we intend to provide more details in the coming months as we get closer to the official separation anticipated to occur in the second half of 2026.

我們的分拆工作進展順利，隨著正式分拆（預計在 2026 年下半年發生）的臨近，我們將在未來幾個月提供更多細節。

Let me now hand the call over to Tom.

現在我把電話交給湯姆。

Thanks, Jay. The product and solution team closed out the year strongly, highlighted by healthy net revenue growth and the 11th consecutive quarter of year over year gross margin expansion.

謝謝你，傑伊。產品和解決方案團隊以強勁的業績結束了這一年，淨收入實現了穩健增長，並且連續第 11 個季度毛利率同比增長。

In the fourth quarter, P&S's net revenue grew 6% year over year, which includes an approximate 1% favorable impact from currency. Revenue grew due to both volume and price across many of our product families and sales channels, which more than offset the performance of our air products that were impacted by a soft but improving HVAC channel.

第四季度，P&S 的淨收入年增 6%，其中包括匯率帶來的約 1% 的有利影響。由於我們許多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，足以彌補受暖通空調管道疲軟但正在改善的影響而導致的空氣產品業績下滑。

Let me walk through our activities in each of our primary sales channels as our products can be sold through multiple channels.

讓我來詳細介紹我們在每個主要銷售管道中的活動，因為我們的產品可以透過多個管道銷售。

Let's start with the retail channel where revenue growth was very strong year over year and highlighted by a new record high quarter in revenue dollars. Point of sale volumes for higher priced products were robust and demand was broad based across both our key accounts and products. Sales of new products introduced earlier in 2025, such as the Honeywell Home Focus Pro Thermostat and the First Alert SC5 connected smoke and carbon monoxide detector show increasing adoption. Weather was a tailwind during the quarter which contributed to the strength of the quarter.

我們先來看零售通路，該通路的營收年增非常強勁，並且創下了季度營收美元的新紀錄。高價產品的銷售點銷售強勁，我們主要客戶和產品的需求都很廣泛。2025 年初推出的新產品，如Honeywell Home Focus Pro 恆溫器和 First Alert SC5 連網煙霧和一氧化碳偵測器，其銷售量顯示市場接受度不斷提高。本季天氣狀況對業績起到了順風作用，從而促進了本季的業績成長。

The electrical distribution channel had another quarter of very strong year over year revenue growth. We saw continued demand for our products, primarily BRK branded safety products, culminating in record high annual revenue in 2025. Dollar content per new home continues to increase as we achieve broader penetration of our portfolio of products with residential home builders despite the soft residential housing market.

電力分銷通路連續第二季實現了強勁的同比增長。我們看到市場對我們產品的需求持續成長，尤其是 BRK 品牌的安全產品，最終在 2025 年實現了創紀錄的年度收入。儘管住宅市場疲軟，但隨著我們的產品組合在住宅建築商中滲透率的提高，每套新房的美元價值持續增長。

We also saw strength in the EOM market as demand for our products appeared to be coinciding with the replacement cycle. The OEM channel posted its fifth consecutive quarter of year over year revenue growth. Continued stabilization in the boiler heating system market served as a tailwind that drove sales in the Americas and in the EA and OEM channel. Revenue dollars and the security channel were down only modestly year over year given the high baseline in the same period last year when we introduced a new security panel and posted strong sales with a large customer.

我們也看到 EOM 市場強勁，因為我們產品的需求似乎與更換週期相符。OEM通路連續第五個季度實現年成長。鍋爐暖氣系統市場的持續穩定為美洲以及EA和OEM通路的銷售提供了順風。鑑於去年同期我們推出了一款新的安全面板，並與一位大客戶實現了強勁的銷售業績，因此收入和安防通路同比僅略有下降。

In the fourth quarter, our sales were ahead of plan with that large customer. Revenue in the HVAC channel was down by a low to mid to single-digit percentage year over year. This was better than anticipated as there was an increase in user demand through many of our smaller distribution customers as the weather turned colder.

第四季度，我們與這位大客戶的銷售額超出了預期。暖通空調通路的收入年減了低至中個位數百分比。隨著天氣轉冷，我們許多小型分銷客戶的用戶需求增加，因此這一結果比預期要好。

We also saw our larger distribution customers managing the residual inventory levels down as expected, given the residential HVAC conditions discussed last quarter. On a positive note, we are starting to see normalization of channel inventory levels with those large customers. In addition, we started to shift the new Honeywell Home Elite Pro Premium smart thermostat during the quarter, and the strong customer demand has exceeded available stock.

鑑於上個季度討論的住宅暖通空調狀況，我們也看到我們的大型分銷客戶按照預期降低了剩餘庫存水準。從正面的方面來看，我們開始看到大客戶的通路庫存水準趨於正常化。此外，本季我們開始銷售新款 Honeywell Home Elite Pro Premium 智慧恆溫器，強勁的客戶需求已經超過了可用庫存。

Moving on to profitability, fourth quarter gross margin was 41%, up 20 basis points year over year, driven primarily by continued improvement in factory utilization, partially offset by product sales mix. This is the 11th consecutive quarter of year over year gross margin expansion.

再來看獲利能力，第四季毛利率為 41%，年成長 20 個基點，主要得益於工廠利用率的持續提高，但部分被產品銷售組合所抵銷。這是連續第11季毛利率年增。

Even with the planned R&D investments to support our new product introduction roadmap, adjusted EBITDA grew 6% year over year due to continued gross margin efficiency and operating leverage achievement.

即使考慮到為支持新產品上市路線圖而規劃的研發投資，由於毛利率效率和經營槓桿的持續提升，調整後的 EBITDA 仍較去年同期成長 6%。

Looking forward, we are excited about the profitable growth opportunities we believe are ahead of us as a stand-alone building products company after completion of the anticipated separation. We believe that we can continue to leverage our operational scale to introduce a number of new differentiated products that expand upon our leading positions in key markets.

展望未來，我們相信，在完成預期的分拆後，作為一家獨立的建築產品公司，我們將迎來獲利成長的機會，對此我們感到非常興奮。我們相信，我們可以繼續利用我們的營運規模，推出一系列新的差異化產品，從而鞏固我們在關鍵市場的領先地位。

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. In the fourth quarter, ADI saw a small year over year decline in net revenue and the 7th consecutive quarter of year over year gross margin expansion.

謝謝你，湯姆。第四季度，ADI 的淨收入較去年同期略有下降，但毛利率連續第七個季度年增。

Now, before I go into the details on the quarter, I'd like to build upon Jay's comments. ADI is now fully operational on our new ERP system. We are seeing increased customer confidence in the stability of our operations, noted by growth in project business from our top commercial customers and progressive improvement in our operational metrics.

現在，在我詳細介紹本季業績之前，我想先補充一下 Jay 的評論。ADI 現已全面上線我們新的 ERP 系統。我們看到客戶對我們營運穩定性的信心日益增強，這體現在我們頂級商業客戶的專案業務成長以及我們營運指標的逐步改善。

Now, on the details for the quarter, ADI reported a decline of 50 basis points in both net revenue and average daily sales year over year. Both include a favorable impact of approximately 80 basis points from currency.

現在來看本季的具體數據，ADI報告稱，淨收入和平均每日銷售額年比均下降了50個基點。兩者都包含匯率帶來的約 80 個基點的有利影響。

From a product category perspective, we saw year over year growth in multiple commercial security and professional audio visual product categories, which was more than offset by a decline in the video surveillance category. We anticipate video surveillance returning to growth in the near term as the pipeline is refilling nicely for products that have a multi-month sales cycle.

從產品類別來看，我們看到多個商業安全和專業視聽產品類別實現了同比增長，但這被視訊監控類別的下滑所抵消。我們預計視訊監控產業將在短期內恢復成長，因為銷售週期長達數月的產品的銷售管道正在良好地補充。

E-commerce net revenue and average daily sales grew 3% year over year, continuing the trend of our digital experience becoming a bigger part of ADI's total revenue. We continue to see positive returns on our digital platform investments as customer behaviors continue to leverage digital.

電子商務淨收入和日均銷售額年增 3%，延續了我們的數位體驗在 ADI 總收入中佔比不斷擴大的趨勢。隨著消費者行為不斷向數位轉型，我們持續看到數位平台投資帶來的正面回報。

Examples include year over year growth and after business hours revenue generation, given the 24 hour availability of our platform as well as higher add to cart and conversion rates following a number of product page enhancements. Growth in e-commerce is strategically important given the differentiated omni-channel experience we want our customers to have as well as the margin accretion that accrues to the business.

例如，由於我們的平台 24 小時可用，實現了同比增長，並在營業時間之外創造了收入，此外，在對產品頁面進行多項改進後，購物車添加率和轉換率也更高。鑑於我們希望客戶擁有差異化的全通路體驗，以及電子商務為企業帶來的利潤成長，電子商務的成長具有重要的策略意義。

Exclusive brands' net revenue increased 2% year over year while also generating more gross margin dollars in the quarter versus the same period last year. We continue to accelerate cross sales of Snap One exclusive brands to legacy ADI customers and broaden the availability of the new Control 4 operating system.

獨家品牌的淨收入年增 2%，同時本季毛利也比去年同期有所成長。我們將繼續加快向原始 ADI 客戶交叉銷售 Snap One 獨家品牌，並擴大新的 Control 4 作業系統的可用性。

From a new product introduction standpoint, we added approximately 100 (inaudible) per quarter in each of the last two quarters. A product highlight in the fourth quarter was a launch of our episode business music line targeting the professional audio-visual category.

從新產品引進的角度來看，在過去的兩個季度中，我們每季大約增加了 100 個（聽不清楚）產品。第四季的一大產品亮點是推出了面向專業視聽領域的劇集商業音樂產品線。

Moving on to profitability. ADI reported 22.7% gross margin in the fourth quarter, up 110 basis points year over year, and the seventh consecutive quarter of year over year gross margin expansion. The margin expansion was primarily driven by favorable price and mix.

接下來談談獲利能力。ADI第四季毛利率為22.7%，年增110個基點，這是連續第七個季度毛利率年增。利潤率的提升主要得益於有利的價格和產品組合。

The increased gross profit dollars generated in the quarter were more than offset by SG&A costs related to completing the ERP implementation and ongoing investments in real estate and digital, resulting in a small decline in adjusted EBITDA year over year.

本季度增加的毛利被與完成 ERP 實施相關的銷售、管理及行政費用以及對房地產和數位化的持續投資所抵消，導致調整後的 EBITDA 同比略有下降。

Snap One synergy achievement continues to progress well as we are about 18 months post acquisition. In 2025, we achieved approximately $75 million of synergies, 18 months sooner than expected. We are driving to achieve even more synergies over the next 18 months.

Snap One 的綜效持續良好發展，收購至今已約 18 個月。到 2025 年，我們實現了約 7,500 萬美元的協同效應，比預期提前了 18 個月。我們將努力在未來 18 個月內實現更大的綜效。

And before I hand the call over to Mike, I'm encouraged about our start to 2026. Achieving operational stabilization was critical because the team can refocus on our customers and on taking share. We will look to generate this momentum throughout the year as we become a stand-alone specialty distribution company.

在把電話交給麥克之前，我對我們2026年的開局感到鼓舞。實現營運穩定至關重要，因為團隊可以重新專注於我們的客戶和市場份額的提升。我們將努力維持這種發展勢頭，力爭在今年成為一家獨立的專業分銷公司。

Now, let's turn the call over to Mike to discuss our fourth quarter's financial results and 2026 outlook.

現在，讓我們把電話交給麥克，讓他來討論我們第四季的財務表現和 2026 年的展望。

Thanks, Rob, and good afternoon everyone. Jay reviewed the full year highlights, so let's get straight into the quarterly results, starting with revenue.

謝謝羅布，大家下午好。Jay回顧了全年的亮點，所以我們直接來看季度業績，首先是收入。

Total net revenue was $1.895 billion up 2% year over year, including a 1% favorable impact from currency. Net revenue exceeded the high end of the outlook range. Both Tom and Rob spoke earlier about the drivers of organic net revenue in their respective businesses.

總淨收入為 18.95 億美元，年增 2%，其中包括匯率帶來的 1% 的有利影響。淨收入超過了預期範圍的上限。Tom 和 Rob 之前都談到了各自企業有機淨收入的驅動因素。

Gross margin in the quarter was 29.6%, up 110 basis points year over year. The increase in gross profit dollars was primarily attributed primarily driven by continued operating efficiencies at P&S and favorable price and mix at ADI.

本季毛利率為 29.6%，較去年同期成長 110 個基點。毛利的成長主要歸功於 P&S 持續提高的營運效率以及 ADI 有利的價格和產品組合。

Adjusted earnings per share was $0.50 at the high end of our outlook range but down from $0.59 in the prior year period. The primary reason for the decrease year over year was higher interest expense of approximately $20 million related to the incremental debt incurred to terminate the Honeywell indemnification Agreement.

調整後的每股收益為 0.50 美元，處於我們預期範圍的高端，但低於去年同期的 0.59 美元。年比下降的主要原因是與終止霍尼韋爾賠償協議相關的新增債務產生的利息支出增加了約 2000 萬美元。

Adjusted EBITDA was $226 million in the quarter, up 21% year over year and above the high end of the outlook range. The primary reason for the increase year over year was higher net income driven in part by the $35 million benefit associated with that terminated indemnification agreement.

本季調整後 EBITDA 為 2.26 億美元，年增 21%，高於預期範圍的上限。年比成長的主要原因是淨收入增加，部分原因是終止賠償協議帶來的 3,500 萬美元收益。

Total reported cash provided by operating activities was $299 million. This amount was higher than anticipated due primarily to strong cash collections and the timing of payments. Year over year we receive a net operating cash benefit of approximately $40 million associated with the aforementioned agreement.

報告顯示，經營活動產生的現金流量總額為 2.99 億美元。由於現金回收情況良好以及付款時間表合理，實際金額高於預期。根據上述協議，我們每年可獲得約 4,000 萬美元的淨經營現金收益。

Before I provide our 2026 financial outlook, let me walk you through some of our market perspectives and forecast assumptions. Note that we are providing our 2026 outlook without regard to the business separation anticipated to occur in the second half of 2026.

在提供我們 2026 年的財務展望之前，讓我先帶您了解我們的一些市場觀點和預測假設。請注意，我們提供的 2026 年展望並未考慮預計在 2026 年下半年發生的業務分割。

Starting with our market perspectives, our outlook on the global macroeconomic environment is cautious given the current uncertain geopolitical landscape. With respect to tariffs, including the recent Supreme Court ruling and related measures taken by the US administration, our assumption is that the exemptions we enjoy under USMCA and for certain electronic goods will continue.

從市場角度來看，鑑於當前不確定的地緣政治格局，我們對全球宏觀經濟環境持謹慎態度。關於關稅問題，包括最近最高法院的裁決以及美國政府採取的相關措施，我們認為我們根據美墨加協定以及某些電子產品所享有的豁免將繼續有效。

Resideo will continue to take proactive steps similar to last year to mitigate the cost of tariffs. We remain agile and believe we will be well prepared to react to potential tariff-related changes.

Resideo將繼續採取與去年類似的積極措施來降低關稅成本。我們保持靈活應變，並相信我們將做好充分準備，以應對潛在的關稅相關變化。

Our assumption is that the 2026 US residential housing market continues to have little growth. The repair and remodel market continues to be forecasted as a low single-digit percentage grower. The sale of existing US homes has not accelerated, even with a small reduction in US mortgage rates. There is still a persistent shortage of housing supply.

我們假設2026年美國住宅市場將繼續保持低成長。預計維修和改造市場仍將維持個位數百分比的低成長率。即使美國抵押貸款利率略有下降，美國現有房屋的銷售也沒有加速。住房供應仍持續短缺。

In the commercial market, we assume low single-digit US GDP growth given mixed signals across industry verticals. GDP growth could be negatively impacted by tariff and fiscal policy uncertainty, as well as by societal dynamics impacting the workforce.

在商業市場方面，鑑於各產業垂直領域發出的訊號不一，我們預期美國 GDP 成長率將處於個位數低點。關稅和財政政策的不確定性，以及影響勞動力的社會動態，都可能對GDP成長產生負面影響。

Now our forecast assumptions. Our 2026 financial outlook is based on December 31, 2025 currency rates and does not assume any future currency rate fluctuations. We anticipate both business segments to achieve year over year net revenue growth in 2026.

現在來說說我們的預測假設。我們對 2026 年的財務展望是基於 2025 年 12 月 31 日的匯率，並未考慮任何未來的匯率波動。我們預計這兩個業務部門在 2026 年將實現淨收入年增。

We forecast the growth rate of ADI to be higher than products and solutions. From a linearity perspective, we expect slightly higher revenue in the second half versus the 1st half in line with last year's seasonality.

我們預測 ADI 的成長速度將高於產品和解決方案的成長速度。從線性角度來看，我們預計下半年的收入將比上半年略高，這與去年的季節性規律一致。

Note that there are four extra days in the first quarter and four less days in the fourth quarter versus the same periods in 2025 due to how our 4-4-5 fiscal calendar falls within the annual calendar.

請注意，由於我們的 4-4-5 財政年度日曆在年度日曆中的安排，與 2025 年同期相比，第一季度多出 4 天，第四季度少出 4 天。

Moving to gross margins, we expect very modest total company gross margin expansion year over year. We anticipate that products and solutions will have greater gross margin expansion than ADI.

從毛利率來看，我們預期公司整體毛利率年增幅將非常有限。我們預計產品和解決方案的毛利率成長將高於 ADI。

We will look to drive greater operating leverage in 2026 versus 2025 while still investing in both businesses to drive future growth. We anticipate total company R&D expenses to be a similar percentage of revenue to the second half of 2025's run rate.

我們將力爭在 2026 年實現比 2025 年更高的營運槓桿，同時繼續投資於兩項業務以推動未來的成長。我們預期公司研發總支出佔收入的比例將與 2025 年下半年的水平大致相同。

We are not providing an outlook for 2026 cash provided by operations due to the uncertainty of the specific amounts for separation related costs and the related timing of payments. We anticipate 2026 cash provided by operations excluding separation-related payments to be similar to last year, and we will continue to report this number in our in our external financial reporting during 2026.

由於分離相關成本的具體金額以及相關付款時間存在不確定性，我們不提供 2026 年經營活動現金流量的展望。我們預計 2026 年經營活動產生的現金流量（不包括與分離相關的付款）將與去年類似，我們將繼續在 2026 年的對外財務報告中報告這一數字。

Considering all these assumptions, here is our 2026 financial outlook. For the full year we expect total company net revenue to be in the range of $7.8 billion to $7.9 billion. We expect total company adjusted EBITDA to be in the range of $935 million to $985 million. And we expect total company diluted earnings per share to be in the range of $3 to $3.20.

考慮到以上所有假設，以下是我們對 2026 年的財務展望。我們預計公司全年淨收入總額將在 78 億美元至 79 億美元之間。我們預計公司調整後 EBITDA 總額將在 9.35 億美元至 9.85 億美元之間。我們預計公司稀釋後每股收益將在 3 美元至 3.20 美元之間。

For the first quarter of 2026, we expect total company net revenue to be in the range of $1.866 billion to $1.890 billion. The total company adjusted EBITDA to be in the range of $193 million to $207 million. In total company diluted earnings per share to be in the range of $0.58 to $0.62.

我們預計 2026 年第一季公司淨收入總額將在 18.66 億美元至 18.9 億美元之間。該公司調整後的 EBITDA 總額預計在 1.93 億美元至 2.07 億美元之間。該公司稀釋後每股收益預計在 0.58 美元至 0.62 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.

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

As Jay indicated, our business separation activities are progressing well. As a result, we expect to unlock value and deliver two strong and growing companies to our shareholders.

正如傑伊所指出的，我們的業務分割工作進展順利。因此，我們期望釋放價值，並為股東帶來兩家實力雄厚、不斷發展的公司。

We look forward to hosting you at our investor day events that are expected to occur before the effective date of the separation to discuss the go forward strategies, operational financial frameworks, and capital structures for each company.

我們期待在分拆生效日期之前舉辦的投資者日活動中接待您，屆時我們將討論每家公司的未來發展策略、營運財務框架和資本結構。

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

操作員，現在開始接受提問。

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

現在開始問答環節。（操作說明）

Erik Woodring, Morgan Stanley.

艾瑞克‧伍德林，摩根士丹利。

Thank you very much. Congrats guys on the quarter and the guide, a few quick ones for you. Maybe just first a clarification, maybe this is for you, Mike, but anyone. Can you guys just maybe provide a bit more detail on just where things stand with the HVAC inventory, situation in ERP upgrades? It sounds like the ERP dynamics are fully in the back seat, but I just want to make sure we understand where those issues stand today, what is entirely behind you, and what is having an impact on 2026 Outlook, and then a quick one after that please.

非常感謝。恭喜各位季度業績和指南發布，以下是幾個簡短的問題。首先要澄清一下，這或許是問你的，麥克，但也適用於任何人。各位能否詳細說明一下暖通空調庫存的現況以及ERP升級的情況？聽起來 ERP 動態方面的問題已經完全被擱置了，但我只是想確保我們了解這些問題目前的狀況，哪些問題已經徹底解決，哪些問題正在影響 2026 年的展望，之後請再簡單回答一個問題。

Sure, I'll start, Eric, and I'll turn over to Tom and Rob. I'll just do a high level on both from an ADI perspective, the ERP system is done. It's running. It's up there. All's well, and so that implementation is fully behind us.

好的，我先開始，艾瑞克，然後我把麥克風交給湯姆和羅布。我將從 ADI 的角度對兩者進行概括性介紹，ERP 系統已經完成。它正在運行。它就在那裡。一切順利，實施工作已徹底完成。

That's ongoing as an operating system, but it's the implementation is all done. From an HVAC standpoint, from inventory, I'll echo what Tom's comments said. We have seen our large distribution companies. Distributors take down their inventory levels below what were the historical norms, and they're readjusting to a new normal. We think we're reaching sort of the new normal operating standpoint. We can never guarantee that they're not going to move them around again in the future, but as we sit here today, we feel like most of that inventory adjustment to your specific point is behind us. Tom, Rob, anything to add?

作業系統仍在開發中，但實現工作已經全部完成。從暖通空調設備的角度來看，從庫存情況來看，我同意湯姆的說法。我們已經考察過我們的大型分銷公司。分銷商將庫存水準降至歷史正常水準以下，他們正在重新調整以適應新的常態。我們認為我們正在逐漸接近一種新的常態化營運狀態。我們永遠無法保證他們將來不會再次調整庫存，但就目前而言，我們感覺針對您提出的具體問題的庫存調整大部分已經完成。湯姆、羅布，還有什麼要補充的嗎？

Well, I think the HVAC market, as we've said before, we were forecasting it to go through the end of the first quarter. And as we had checks with many of our customers and their customers, we continue to believe that is the correct timeline and what we're seeing. We also know the reason why our customers were able to reduce the inventory is our execution for getting products on time to request. So that being a partner with them helped them to be able to execute and make it through these times. I'm also very pleased with how we executed relative to a market that's been down. When we look at our performance in the HVAC market, relative to the market, we performed well. Rob, you want to cover up?

嗯，我認為暖通空調市場，正如我們之前所說，我們預測它會持續到第一季末。我們與許多客戶及其客戶進行了核實，我們仍然認為這是正確的進度安排，也是我們所看到的情況。我們也知道，客戶能夠減少庫存的原因是，我們能夠按時交付產品以滿足客戶需求。因此，與他們合作幫助他們能夠執行計劃並度過這段時期。我對我們的業績表現非常滿意，尤其是在市場低迷的情況下。當我們審視我們在暖通空調市場的表現時，相對於市場而言，我們表現良好。羅布，你想掩蓋什麼？

Yeah, I'll just throw a few more pieces of color on that, Eric. I mean, Mike nailed it.

是的，我再在上面添加一些顏色，艾瑞克。我的意思是，麥克說得太好了。

Right now where we are today is exactly where the team wanted to be, and that is we are now leveraging a fully operational stable. That was the goal coming out of Q4 and that's exactly what we did. And I can tell you that with personal testimony being out in the field engaging dozens of our team members across doors, DC's, all across the business.

現在我們所處的位置正是團隊想要達到的位置，那就是我們現在正在利用一個完全運作的穩定係統。那是我們第四季設定的目標，而我們也正是這樣做的。我可以親自向你證明這一點，我曾深入一線，與我們遍布各地的數十名團隊成員在各個門市、配送中心以及整個業務部門進行過交流。

The difference between Q3, where we were, trying to provide great customer service as we always do. But also grappling with maybe a new system versus what we saw in Q4, especially later in Q4 through November and December. Which our team now coming in every single day from morning until evening, being able to focus 100% of their priorities on providing great customer service and taking share.

與第三季相比，我們當時的情況有所不同，我們一直努力提供優質的客戶服務。但同時也要應對可能​​與第四季（尤其是第四季後期，即 11 月和 12 月）相比的新系統。現在，我們的團隊每天從早到晚都全力以赴，將全部精力集中在提供優質的客戶服務和提升市場份額上。

Now that's going to take some time because we know some of our customers during that time frame, spread some of their share wallet around. That's okay. We know who those customers are and now we're in a position though to spend 100% of our time engaging with those customers, leveraging a fully operational system.

這需要一些時間，因為我們知道，在此期間，我們的一些客戶會將他們的部分共享錢包資金分散到其他地方。沒關係。我們知道這些客戶是誰，現在我們能夠將 100% 的時間用於與這些客戶互動，利用一個完全運作的系統。

Awesome, I appreciate that color from all three of you guys, so thank you for that. Robin, I guess I could just stay on you, I believe the team has previously framed ADI as a business that can grow revenue over a multi-year period, kind of mid to high single-digits. We just saw, call it 1% year of year declines, if we just normalize for any of the ERP upgrade costs or disruption. Can you give us a sense of what growth in margins for ADI would have been in the quarter, and what gets this business to reaccelerate with strengthening margins? Thanks very much.

太棒了，我很欣賞你們三位帶來的這種色彩，謝謝你們。羅賓，我想我可以繼續跟你溝通，我相信團隊之前已經將 ADI 定位為一家可以在多年內實現收入增長的企業，增長率大概在個位數中高段位。如果我們剔除 ERP 升級成本或中斷的影響，就會發現年減了 1%。您能否大致介紹一下ADI本季的利潤率成長情況，以及是什麼因素促使該業務在利潤率增強的情況下重新加速發展？非常感謝。

The second clip.

第二個片段。

I would say, as I mentioned in my remarks, Look, our one of our largest categories is video surveillance, right? And it's a multi-month sales cycle. And so it wasn't a surprise to me as I look at Q3 versus Q4, right? Any amount of activity or projects that we might have had in the hopper that might have actually, gone elsewhere temporarily would have affected us in Q4. And what gives me confidence now, as I mentioned earlier, is we're starting to see that video surveillance business and pipeline recover nicely. Which is the biggest indicator we've got to returning to future growth in that mid to high single-digits area. In fact, I think the other thing I mentioned was most of our commercial security categories in the fourth quarter were actually up year over year in that range. It was just the video surveillance category that kind of brought us down a bit, but we're seeing improvement there, and we want to be able to build on that momentum. Early in Q1 as well as throughout the year.

正如我在演講中提到的，我們最大的業務類別之一就是視訊監控，對吧？這是一個持續數月的銷售週期。所以，當我比較第三季和第四季時，結果並不令我感到意外，對吧？第四季度，我們可能會有一些正在進行中的活動或項目，這些活動或項目可能會暫時轉移到其他地方，這將對我們產生影響。正如我之前提到的，現在讓我感到有信心的是，我們開始看到視訊監控業務和相關業務正在良好復甦。這是我們目前掌握的能夠預測未來經濟成長將恢復到中高個位數水準的最大指標。事實上，我認為我提到的另一點是，我們第四季的大部分商業安全類別實際上都實現了同比增長。視訊監控類別的業績稍微拖了我們一些後腿，但我們看到這方面正在改善，我們希望能夠在此基礎上繼續發展。第一季初以及全年都是如此。

Awesome thanks guys and then maybe if I can just one question. Mike for you, one to revenue and adjusted EBITDA guidance, I think it's 6% year over year growth and 19% year over year growth at the midpoint if I got that right. Full year guide is a little bit below that 5% revenue growth, 15% adjusted EBITDA growth. Just help us understand kind of maybe why we will see a deceleration in those metrics through the years, even if, we saw, even if one quarter has more selling days it just is that influenced by NPI or just trying to understand maybe the linearity, of growth rates, and that's it for me guys. Thanks so much.

太棒了，謝謝各位！如果可以的話，我還有一個問題。Mike，關於營收和調整後 EBITDA 指引，我認為如果我沒理解錯的話，中間值分別為 6% 和 19%。全年業績預期略低於5%的營收成長和15%的調整後EBITDA成長。請幫我們理解一下，為什麼這些指標會逐年放緩，即使我們看到，即使某個季度銷售天數更多，這是否只是受 NPI 的影響，或者只是想了解增長率的線性關係，這就是我想說的。非常感謝。

Thanks Eric. Yeah, really two things drive that. One, you just hit on it. That number of sales days does impact Q1 versus Q4 and does drive the first half versus the second half. So that is a factor. The other factor, if you recall last year, our performance in Q1 was better than it was in the second half. Both of those headwinds. That we just talked about whether it was the ERP system or ADI, the HVAC headwinds at PNS or second half of the issues. And so we do think the back half of the year on a days adjusted basis will be a little bit stronger than the first half of the year, on a normal day adjusted basis.

謝謝你，埃里克。是的，這主要有兩個原因。第一，你剛剛就想到了。銷售天數確實會影響第一季與第四季的對比，也會影響上半年與下半年的對比。所以這是一個因素。另一個因素，如果你還記得去年的情況，我們第一季的表現比下半年好。這兩個逆風​​。我們剛才討論的是，究竟是 ERP 系統還是 ADI，是 PNS 的 HVAC 系統遇到的困難，還是問題的後半部。因此，我們認為，以天數調整後，下半年的業績將比上半年以正常天數調整後的業績略好一些。

Thank you for your question, Erik.

謝謝你的提問，艾瑞克。

Awesome. Thank you guys.

驚人的。謝謝大家。

Thanks Eric.

謝謝你，埃里克。

Ian Zaffino, Oppenheimer & Co.

伊恩·扎菲諾，奧本海默公司

Okay, great, thank you very much. Wanted to just ask about, the comments about ADI being able to grow fast, at least this year. I was just thinking as far as PNs, you have a bunch of product introductions coming out, product launches coming out. Maybe housing gets better. So just kind of trying to understand, how you were thinking about those just, vis a vis each other. I mean, ADI, I know you have the ERP system issue, but it does seem to me that PN should probably be a pretty good grower in 2026 as well, so.

好的，太好了，非常感謝。我想問一下關於ADI今年能夠快速成長的評論。我剛才在想，就產品線而言，有很多產品即將推出，很多產品即將上市。或許住房條件會改善。所以，我只是想了解一下，你是如何看待這些事物之間的相互關係的。我的意思是，ADI，我知道你們有ERP系統問題，但我覺得PN在2026年也應該會是一個相當不錯的成長點，所以。

Any thoughts there, thanks.

大家有什麼想法嗎？謝謝。

Yeah, I'll start and then you know sort of let Rob and Tom jump in. I think, listen, we think our guide's the right guide for where we sit here today, we are excited about the product launches that we have. There's obviously a ramp and a build on all those product launches as you go out there. There's products they're replacing that are in the market, but we feel great about our product pipeline. There's uncertainty out there. While housing could get better, the whole macro still remains a bit uncertain. The whole tariff environment remains uncertain. The supply chain has some uncertainty in it.

好的，我先開始，然後讓羅伯和湯姆也加入進來。我認為，聽著，我們認為我們的指南非常適合我們目前的處境，我們對即將推出的產品感到非常興奮。很明顯，所有這些產品發布都需要經過一系列的鋪墊和累積。他們正在替換市場上現有的一些產品，但我們對我們的產品線充滿信心。外面充滿了不確定性。雖然住房狀況可能會有所改善，但整體宏觀經濟狀況仍存在一些不確定性。整體關稅環境仍充滿不確定性。供應鏈存在一定的不確定性。

And so, we think our guide right now from what we can see is the right prudent guide. We feel really good about it, and we think on both sides that we're well positioned to deliver the results that we're forecasting. Anything else you, Tom, Rob?

因此，我們認為，就我們目前所看到的，我們的指導原則是正確的、審慎的指導原則。我們對此感到非常滿意，我們認為雙方都已做好充分準備，能夠實現我們預測的結果。湯姆、羅布，你們還有什麼事嗎？

No, I think it's great that you hit the housing market and its condition because that clearly has a huge impact. I think, and we're thrilled with how we see our product line and our developments and the new products we're introducing. And all of that's tied to a strategy we have for each of our markets.

不，我認為你關注房地產市場及其狀況非常好，因為這顯然會產生巨大的影響。我認為，我們對我們的產品線、研發成果以及即將推出的新產品感到非常興奮。而這一切都與我們為每個市場所製定的策略息息相關。

But one thing to consider is in the building products market, adoption is slower than in other markets such as electronics. People's businesses are based on that quality and that's why we always make sure we deliver a super high-quality, but we know that it's going to be a little bit slower adoption than you may see in other markets.

但要考慮的一點是，在建築產品市場，其普及速度比電子產品等其他市場慢。人們的生意都建立在品質之上，所以我們始終確保提供超高品質的產品，但我們知道，與其他市場相比，它的普及速度可能會慢一些。

And when you look at what we've introduced, we did the Focus Pro at the end of last yea, at the beginning of this year, we just introduced Elite Pro. So, it's just going to be getting traction as we go through the remainder of this quarter and through the rest of the year. And the products that we are very excited about coming out in the middle of the year, in the back half of the year. They're going to have an impact, but they're going to continue to grow over the next couple of years.

看看我們推出的產品，去年年底我們推出了 Focus Pro，今年年初我們又推出了 Elite Pro。所以，隨著本季剩餘時間和今年剩餘時間的推進，它將會越來越受歡迎。我們非常興奮地宣布，今年年中或下半年將推出一些新產品。它們將會產生影響，而且在未來幾年內還會繼續成長。

So, between, the conservative, you've got to look at the market conditions, and we're looking at what's going on in housing, and we say this isn't the best market, but we're really happy with where we're positioned for our product roadmap.

所以，保守派認為，你必須考慮市場狀況，而我們正在關注房屋市場的情況，我們認為這不是最好的市場，但我們對產品路線圖的定位非常滿意。

I would add something to this, Jay. Just on top of Tom's comment, and I think I know Erk and Ian and you and Eric and others have seen that. But if you look, think about the last two years in terms of NPI momentum, I mean it just continues to build. And I think that consistency in demonstrating the MPI funnel coming in the marketplace as well as and how it's been, how these products have been well received, it's kind of like proof of the pudding and so you heard me say in my remarks. Beyond the excitement of what was introduced in 2025, I think that momentum is going to continue in 2026. And so we'll be anxious to be able to share those as Tom brings those out.

傑伊，我還要補充一點。就在 Tom 的評論之後，我想我知道 Erk、Ian、你、Eric 和其他人也都看到了這一點。但如果你看看過去兩年新產品上市 (NPI) 的發展勢頭，你會發現它一直在持續成長。我認為，在市場上持續展示 MPI 漏斗以及這些產品如何受到歡迎，就像事實勝於雄辯一樣，正如我剛才所說。除了 2025 年推出的產品帶來的興奮之外，我認為這種勢頭將在 2026 年繼續保持。所以，當湯姆把這些東西拿出來的時候，我們會很期待與大家分享。

Okay, thanks and then.

好的，謝謝。

Good.

好的。

Is there a follow-up?

是否有後續跟進？

Yes, I was going to ask about the spinoff if you could give us any kind of more color on on what's going on there as far as timing, milestones, 100% spin, 80% spin, if there's any other type of, color you could give us on that would be great, thanks.

是的，我正想問關於衍生劇的情況，您能否透露更多關於時間安排、里程碑、100%衍生劇、80%衍生劇等方面的信息？如果您能提供其他方面的信息，那就太好了，謝謝。

Yeah, and I think the spin is progressing according to our plans. We've said the second half of this year we're still right on our timeline to deliver in the second half of this year. I think as we said, we'll be holding investor days. Obviously, the next big event that will happen is at some point we'll file a public Form 10 that. Be the indication moving forward when we do that, all the information will become available. Until then, all I can really say is that things are progressing right in line with our expectations and according to plans, and we're all real pleased with the progress that we're making on the separation. No real surprises, no real impediments as we sit here today.

是的，我認為事情正按照我們的計劃進行。我們之前說過，今年下半年我們仍然會按計畫完成交付。正如我們之前所說，我們將舉辦投資者日活動。顯然，接下來發生的大事是，我們將在某個時候提交一份公開的10號表格。這表明，當我們這樣做時，所有資訊都將公開。在此之前，我只能說事情進展完全符合我們的預期和計劃，我們對分離工作的進展感到非常滿意。今天我們坐在這裡，沒有遇到任何真正的意外，也沒有遇到任何真正的障礙。

Okay, thank you very much.

好的，非常感謝。

Dan Stratemeyer, Stratemeier.

丹·斯特拉特邁耶，斯特拉特邁耶。

Hey fellas, thank you, and, yeah, look, great to see you get back on the winning ways here. First question for Rob and then for Tom. Rob, first, a quick follow-up to Eric's, first one of Eric's questions there. There's no additional significant costs that you foresee being spent on the ERP correct? That's what you're saying?

嘿，夥計們，謝謝你們，是啊，很高興看到你們重回勝利軌道。先問羅布一個問題，再問湯姆一個問題。羅布，首先，快速跟進一下艾瑞克提出的第一個問題。您預期ERP系統不會產生其他重大額外費用，對嗎？你的意思是這樣？

That is correct.

沒錯。

Thank you for that. And then, on a high-level basis, Rob, I wanted to hand the, ask you to explain why you're excited about Snap one. The market struggles with this one a little bit because it's such different end markets, huge synergy number, obviously, but revenues are down since you bought it. Obviously I'm sure that was all factored into the purchase price you paid for it with these synergies looks very attractive. But just help us understand on a high-level basis why this was smart. Why are you're so excited about it. Mike says that these two companies were just made to be put together, and then overall on control for, has that positioning changed or not, in the marketplace, and, how's it doing?

謝謝。然後，羅布，我想從宏觀層面請你解釋一下你為什麼對 Snap One 感到興奮。市場對這隻股票有點難以接受，因為它面向的終端市場截然不同，協同效應巨大，這一點顯而易見，但自從你收購它以來，收入卻下降了。顯然，我相信這些因素都已計入你支付的購買價格中，這些協同效應看起來非常有吸引力。但請您從宏觀層面幫助我們理解為什麼這樣做是明智的。為什麼這麼興奮？麥克說，這兩家公司天生就應該合併在一起，然後從整體來看，這種市場定位是否有所改變，以及合併後的效果如何？

Thank you very much, Dan. This is a great question, one I haven't had to answer in a while, so it's good to revisit this. Myself and my team, just, we've been after Snap (inaudible) 2015, I think was the first time we first engaged and we all thought this was a very complimentary deal for us back then and certainly when we finally got to do the deal back in 2024. So, this is a great deal across all fronts; operationally, financially, strategically because of the complementary nature that it has with ADI. And despite the fact that the Rezi, ADI macro environment has been soft, we see greater potential even beyond that. I mean, at some point it will come back.

非常感謝你，丹。這是一個很好的問題，我已經很久沒有回答過這個問題了，所以我很有必要重新審視。我和我的團隊，我們一直在關注 Snap（聽不清楚）2015 年，我想那是我們第一次接觸，當時我們都認為這筆交易對我們來說非常有利，當然，當我們最終在 2024 年達成交易時也是如此。因此，從營運、財務和策略等各個方面來看，這都是一筆非常划算的交易，因為它與 ADI 具有互補性。儘管 Rezi 和 ADI 的宏觀環境一直較為疲軟，但我們認為其潛力遠不止於此。我的意思是，總有一天它會回來的。

And in the meantime, we made a couple of very strategic decisions to one, accelerate synergies to compensate for some of that growth, and we delivered $75 million 18 months sooner. That's part one.

同時，我們做出了一些非常具有戰略意義的決定，一是加速協同效應以彌補部分成長，二是提前 18 個月實現了 7,500 萬美元的目標。這是第一部分。

Now, as I look toward the future, right, there's still, more synergy dollars to go get. If you think about right now where we are, we want to obviously combine on one common platform for both operations and go to market, that's part one.

現在，展望未來，沒錯，還有更多的綜效資金可以爭取。想想我們現在所處的位置，我們顯然希望將營運和市場推廣整合到一個通用平台上，這是第一部分。

When it comes to real estate, right, there were basically the first inning, second inning. In terms of our store and DC rationalization or what I call footprint optimization, and we'll be engaging in a number of activities over the next 18 months to 24 months to garner more synergies.

說到房地產，對吧，基本上就是第一局、第二局。就我們的門市和配送中心合理化（或我稱之為佈局優化）而言，我們將在未來 18 個月到 24 個月內進行一系列活動，以獲得更大的協同效應。

And then the real, I think magic is going to come from the ability and attractiveness really to this deal, is the ability to transition some of this R&D firepower that now we have as a distribution business and exclusive brands. And whereas Snap was traditionally played in the Resi ADI market, now we're going to point and be able to start driving MPI for the light commercial part of the business. Which for ADI, right, that is the majority of our customers. I mean that's 75,000 plus active customers in our database. That now are kind of ripe to target for new MPI in the commercial space. And I anticipate being able to ramp up and see some of those products start to hit late 2026, certainly into 2027. So if you think about our ability to scale, the structural margin accretion capabilities, the expanded exclusive brand opportunities, I mean this has the potential long-term to be a significant benefit to almost across all of our financials.

我認為真正的魔力將來自於這項交易的能力和吸引力，即能夠將我們現在作為分銷業務和獨家品牌所擁有的一些研發實力轉移出去。而 Snap 傳統上是在住宅 ADI 市場開展業務，現在我們將著眼於輕型商用車業務，並開始推動 MPI 的發展。對於 ADI 而言，沒錯，這代表了我們絕大多數的客戶。我的意思是，我們的資料庫中有超過 75,000 名活躍客戶。現在這些領域已經具備了在商業領域開展新型MPI專案的目標條件。我預計能夠加快生產速度，並看到其中一些產品在 2026 年底，甚至在 2027 年開始上市。因此，如果你考慮我們的規模擴張能力、結構性利潤成長能力、擴大的獨家品牌機會，我的意思是，從長遠來看，這有可能對我們幾乎所有的財務狀況都帶來顯著的好處。

Coming to your second question around Control4, we believe in this product actually. It was one of the areas that we wanted to revive, if you will. In fact, we launched the new Control4, operating system this last year in April. It was the first time we had seen an upgrade since 2019-2020 time frame. And we returned the Control4 business to growth for the year, which that hadn't been the case for a number of years before that. And that obviously has pulled through capabilities, and we plan on now launching upgrades more to kind of like every 18 months to 24 months versus, every few years. So, there's a lot that gets me excited about this deal. I know in the short-term, right, it doesn't appear so, but it's got real long-term benefits for us.

關於您提出的第二個問題，即 Control4，我們確實相信這款產品。這是我們想要復興的領域之一。事實上，我們去年四月推出了新的 Control4 作業系統。這是自 2019-2020 年以來我們第一次看到升級。我們使 Control4 業務在當年恢復了成長，而此前幾年它一直沒有實現成長。顯然，這提升了產品性能，我們現在計劃每 18 個月到 24 個月推出一次升級，而不是像以前那樣每隔幾年才推出一次。所以，這筆交易有很多讓我興奮的地方。我知道短期內可能並非如此，但從長遠來看，這對我們有真正的好處。

Yeah, it all makes sense. How hard is it to port, say, the residential AV product to a commercial product? Are they pretty similar?

是的，這一切都說得通。將住宅 AV 產品移植到商業產品有多難？它們很相似嗎？

There are definitely nuances, right? I mean, commercial has a much, I would say much higher level of stringency if you will because there's more riding on commercial applications. So, we've got to make sure that we're building products and launching new products that have applicability feasibility to our light commercial customers. And we've got that we've got a very robust, a robust roadmap that we've been working on really since late 2024, these things don't happen overnight. We we've got the products designed, got to get it in development, working with our supplier partners for launch the back half of this year and in 2027.

這其中肯定存在細微差別，對吧？我的意思是，商業應用的嚴格程度要高得多，因為商業應用牽涉到更多利益。因此，我們必須確保我們開發和推出的產品，對於我們的輕型商用客戶而言，都具有適用性和可行性。我們已經制定了一個非常完善的路線圖，我們從 2024 年底就開始著手製定這個路線圖，這些事情不會一蹴可幾。我們已經設計好了產品，現在需要進行開發，與我們的供應商合作夥伴一起努力，爭取在今年下半年和 2027 年推出產品。

Perfect, thanks, Rob. Tom, turn it over to you, man. Listen, the margin, progress and expansion over the last few years in such a difficult market has been, truly exceptional. And the way we think about this is that's a, it's a clear, positive attribute about of your company going forward. I think you've said you're in the early innings of that, new product introduction. So if you could spend a minute on. The overall margin ramp that you're thinking about and how you and the finance team manage the trade-off of continuing to roll out all these new products and drive growth but also keeping a mindset on expanding margins at the same time.

太好了，謝謝你，羅布。湯姆，該你接手了。聽著，在如此艱難的市場環境下，過去幾年的利潤率、發展和擴張都堪稱卓越。我們認為，這無疑是貴公司未來發展的一個明確、正面的特質。我想你說過，你們還處於新產品推出的早期階段。所以，如果您能花一分鐘…您正在考慮的是整體利潤率提升，以及您和財務團隊如何權衡繼續推出所有這些新產品並推動成長與同時保持擴大利潤率的心態之間的關係。

Okay, so you're just talking about the adjusted EBITAD, quite simply, just to answer that gross margin too. Well, yeah, but in terms of the investment offsetting the two, so the counterbalance, so I assume that's, but I, I'm happy to deal with gross margin. Gross margin is a metric of the efficiency.

好的，所以你只是在談論調整後的 EBITAD，很簡單，也是為了回答毛利率的問題。嗯，是的，但是就投資抵消這兩者而言，也就是平衡，所以我假設是這樣，但我很樂意接受毛利率。毛利率是衡量效率的指標。

Okay, gross margin is a metric for us delivering value to our customers efficiently. Now we're a product company, so I'm going to talk about products in a second. But, as a product company, I want to be clear that we have a sales organization and a customer support organization that are completely focused on making sure our customers are delighted with their experience with us.

好的，毛利率是我們衡量能否有效率地為顧客創造價值的指標。我們現在是一家產品公司，所以接下來我要談談產品。但是，作為一家產品公司，我想明確指出，我們擁有一個銷售組織和一個客戶支援組織，這兩個組織都完全專注於確保我們的客戶對他們與我們合作的體驗感到滿意。

Same thing with our supply chain team and how well they execute in efficiently delivering the products that we create. Now the products that we're creating and as we look at it, there are a lot of variables. And I know we've had 11 consecutive quarters and that sounds like, well, it's just easy, you just kind of keep going. I would never expect it to be purely linear because what we'll be doing is we're going to continue to deliver products that offer superior value and doing so efficiently. But it will not be every quarter consecutive as we've had. I just want to set that expectation correctly, but we will be continuing to improve it.

我們的供應鏈團隊也是如此，他們有效率地交付我們生產的產品，執行力很強。現在我們正在創造的產品，當我們審視它時，會發現有很多變數。我知道我們已經連續11個季度都取得了不錯的成績，這聽起來好像，嗯，這很容易，你只要一直堅持下去就行了。我並不認為這是一個純粹的線性過程，因為我們將繼續有效率地提供具有卓越價值的產品。但不會像以前那樣每季都連續發生。我只是想正確設定這個預期，但我們會繼續改進它。

And the products that we're introducing, the reason why I say it's early stages, two years ago we set up a strategy for each of the markets we served, and then one that's cohesive that ties all of those product segments. And we are executing that in each of the markets. We know what we want to do in the air market. We introduced the low end. We just introduced the high end. We're going to be coming in with our mid-tier. We've got ventilation things that we're working on. We've got humidification, dehumidification products that are coming out, so that'll be driving that.

我們正在推出的產品，之所以說還處於早期階段，是因為兩年前我們為我們服務的每個市場制定了策略，然後又制定了一個將所有這些產品細分市場連結起來的統一策略。我們正在各個市場執行這項策略。我們知道我們想在航空市場做什麼。我們推出了低階產品。我們剛剛推出了高端產品。我們將推出中檔產品。我們正在研究通風系統方面的問題。我們即將推出加濕和除濕產品，這將推動市場成長。

We're very happy with what we've done in the safety market, and we've got some great products. I don't want to pre-announce things that will be coming out this year that we're very excited about. Security is this is going to be a very big year. And all of these things that I'm talking about, yes, we are going to be delivering more value, more differentiated products that helps contribute.

我們對自己在安全用品市場的成就非常滿意，我們擁有一些很棒的產品。我不想提前透露今年即將推出的、我們非常期待的內容。安全議題今年將是至關重要的一年。是的，我所說的所有這些事情，我們都會提供更多價值，更多差異化的產品，從而做出貢獻。

But the efficiency of the team, the understanding of the marketplace, our sales to understand and appreciate the value we're delivering all has to work together for the company to be successful, and that's what so far has been happening, and I expect that to continue to happen. And as I look forward, I'm very excited about the opportunities when the market starts improving and we don't have the HVAC headwinds we've had over this past year and a market with the housing market to be in a more normalized situation, then I think you'll even see things really clicking.

但是，團隊的效率、對市場的了解、銷售人員對我們所創造的價值的理解和重視，所有這些都必須協同運作，公司才能成功。到目前為止，這種情況一直在發生，我希望這種情況能繼續下去。展望未來，我非常期待市場開始好轉，擺脫過去一年暖通空調產業的逆風，房地產市場也恢復正常，屆時將會出現許多機會。我認為你會看到一切真正步入正軌。

Awesome fellas, appreciate the time.

太棒了，感謝你們抽出時間。

There are no further questions at this time. This concludes today's call. Thank you for attending, and you may now disconnect.

目前沒有其他問題了。今天的電話會議到此結束。感謝您的參與，現在可以斷開連接了。