洛克威爾自動化 (ROK) 2025 Q2 法說會逐字稿

Thank you for holding, and welcome to Rockwell Automation's quarterly conference call. I need to remind everyone that today's conference call is being recorded. (Operator Instructions) At this time, I'd like to turn the call over to Aijana Zellner, Head of Investor Relations and Market Strategy. Ms. Zellner, please go ahead.

感謝您的關注，歡迎參加羅克韋爾自動化的季度電話會議。我需要提醒大家，今天的電話會議正在錄音。（操作員指示）現在，我想將電話轉給投資者關係和市場策略主管 Aijana Zellner。澤爾納女士，請繼續。

Thank you, Julienne. Good morning, and thank you for joining us for Rockwell Automation's second-quarter fiscal 2025 earnings release conference call. With me today is Blake Moret, our Chairman and CEO; and Christian Rothe, our CFO. Our results were released earlier this morning and the press release and charts have been posted to our website. Both the press release and charts include in our call today will reference non-GAAP measures. Both the press release and charts include reconciliations of these non-GAAP measures.

謝謝你，朱利安。早安，感謝您參加羅克韋爾自動化 2025 財年第二季財報發布電話會議。今天和我一起的是我們的董事長兼執行長布萊克莫雷特 (Blake Moret)；以及我們的財務長 Christian Rothe。我們的結果已於今天早上公佈，新聞稿和圖表已發佈到我們的網站上。我們今天電話會議中的新聞稿和圖表都將參考非公認會計準則指標。新聞稿和圖表均包含這些非公認會計準則指標的對帳。

A webcast of this call will be available on our website for replay for the next 30 days. For your convenience, a transcript of our prepared remarks will also be available on our website at the conclusion of today's call. Before we get started, I need to remind you that our comments will include statements related to the expected future results of our company and are therefore forward-looking statements. Our actual results may differ materially from our projections due to a wide range of risks and uncertainties that are described in our earnings release and detailed in all of our SEC filings.

本次電話會議的網路直播將在我們的網站上提供，可供未來 30 天內重播。為了您的方便，我們準備好的發言稿也將在今天的電話會議結束後在我們的網站上提供。在我們開始之前，我需要提醒您，我們的評論將包括與我們公司預期未來業績相關的陳述，因此是前瞻性陳述。由於我們的收益報告中所描述的以及我們向美國證券交易委員會提交的所有文件中詳細說明的各種風險和不確定性，我們的實際結果可能與我們的預測有重大差異。

So with that, I'll hand it over to Blake.

因此，我將把麥克風交給布萊克。

Thanks, Aijana, and good morning, everyone. Thank you for joining us today. Before we turn to our second quarter results on slide 3, I'll make a couple of initial comments. The quarter and our full year outlook reflect increased resiliency and flexibility in our business across our global operations, even as we and our customers continue to operate in an environment of heightened uncertainty. We talked about some of our actions to mitigate the impacts of announced tariffs on our last earnings call.

謝謝，Aijana，大家早安。感謝您今天加入我們。在我們討論投影片 3 上的第二季業績之前，我想先說幾點初步意見。儘管我們和我們的客戶繼續在高度不確定的環境中運營，但本季和全年展望反映出我們全球業務的彈性和靈活性有所增強。我們在上次財報電話會議上討論了為減輕已宣布的關稅影響而採取的一些措施。

I'm proud of how our team is executing these plans while maintaining world-class delivery and customer support. In addition to effective pricing actions, we're seeing good progress with some of our production location moves and efforts to secure alternative sourcing. Christian and I will cover these in more detail later on the call. Importantly, all these actions to add resiliency to our business model are further enhancing Rockwell's position both from a profitability and competitive differentiation standpoint regardless of what happens in the broader policy environment.

我為我們的團隊在執行這些計劃的同時保持世界一流的交付和客戶支援感到自豪。除了有效的定價行動外，我們在一些生產地點的遷移和確保替代採購的努力方面也取得了良好的進展。克里斯蒂安和我稍後將在通話中更詳細地討論這些問題。重要的是，無論更廣泛的政策環境如何，所有這些增強我們商業模式彈性的舉措都將從盈利能力和競爭差異化的角度進一步增強羅克韋爾的地位。

We made significant investments in our operational resilience during the supply chain crisis, and they have been instrumental in helping us navigate through the current situation by giving us additional flexibility in our supply chain and manufacturing footprint.

在供應鏈危機期間，我們對營運彈性進行了大量投資，這些投資為我們的供應鏈和製造佈局提供了額外的靈活性，幫助我們度過了當前的困境。

Turning to our second quarter results on slide 3. Q2 marked another quarter of solid sequential improvement in customer demand across many parts of our business. We had a healthy intake of orders in the quarter, with our total company book-to-bill in line with our historical norm of about 1.0.

查看幻燈片 3 上的第二季業績。第二季標誌著我們業務的許多部分的客戶需求連續穩定改善。本季我們的訂單量非常可觀，公司整體訂單出貨比與歷史正常值 1.0 左右持平。

Going forward, we will share additional information on total company order performance only when our overall book-to-bill is outside of the normal range. We will still disclose book-to-bill and lifecycle services each quarter since lead times are longer for that business segment.

展望未來，只有當我們的整體訂單出貨比超出正常範圍時，我們才會分享更多有關公司整體訂單表現的資訊。我們仍將每季揭露訂單到出貨和生命週期服務，因為該業務部門的交貨時間較長。

While there might have been some isolated customer prebuys ahead of tariff-related price increases in Q2, the overall value of these purchases did not have a meaningful impact on our top line. From a cost standpoint, the impact of tariffs on our Q2 results was also minimal.

儘管在第二季關稅相關價格上漲之前可能有一些個別客戶進行了預購，但這些購買的整體價值並沒有對我們的收入產生重大影響。從成本角度來看，關稅對我們第二季業績的影響也很小。

Our sales came in better than expected this quarter, with organic sales up high single digits sequentially. Reported sales were down 6% and our organic sales were down 4% versus prior year due to the difficult year-over-year comparisons we mentioned on our last earnings call.

本季我們的銷售額好於預期，有機銷售額環比成長了高個位數。由於我們在上次收益電話會議上提到的同比差異較大，報告銷售額下降了 6%，有機銷售額比上年下降了 4%。

Unfavorable currency reduced sales by about 2 points. Even with customers continuing to adopt a cautious approach to their CapEx investments in this uncertain environment, we saw a number of strategic projects across a variety of industries and geographies in the quarter.

不利的貨幣導致銷售額減少了約 2 個百分點。即使在這種不確定的環境下客戶繼續對其資本支出投資採取謹慎的態度，我們仍看到本季各行各業和各地區的許多策略項目。

In our Intelligent Devices segment, our organic sales declined 6% year-over-year but were above our expectations with double-digit sequential growth across all key product lines. Our strong growth over prior quarter was led by our Power Control business, where our industry-leading motor control center lead times continue to secure important new customers and help Rockwell gain domestic share.

在我們的智慧設備部門，我們的有機銷售額年減 6%，但超出了我們的預期，所有主要產品線均實現了兩位數的環比增長。我們上一季的強勁成長主要得益於我們的動力控制業務，我們業界領先的電機控制中心交付週期繼續為我們贏得重要的新客戶，並幫助羅克韋爾獲得國內市場份額。

One example of these competitive wins in the quarter was with Cape Electrical supply integration, a leading package power provider focused on new power generation for the data center market. Our differentiated MCC solutions are helping them secure numerous greenfield wins here in the US, our home market.

本季競爭勝利的一個例子是與 Cape Electrical 供應整合，這是一家領先的封裝電源供應商，專注於資料中心市場的新型發電。我們差異化的 MCC 解決方案正在幫助他們在美國（我們的本土市場）獲得無數的綠地勝利。

Another strategic MCC win in Q2 was at Efficient Solutions provider. This customer, an Asian panel builder, selected our cubic modular power distribution systems for their flexibility and smaller footprint, a perfect application for an end user greenfield plant in the food and beverage space.

MCC 在第二季度取得的另一個策略性勝利是高效解決方案提供者。該客戶是一家亞洲面板製造商，選擇了我們的立方模組化配電系統，因為它具有靈活性和較小的佔地面積，非常適合食品和飲料領域的最終用戶綠地工廠的應用。

Our recent Clearpath acquisition continues to broaden our customer reach. Auto brand, mobile robots continue to add new logos with the recent win at Westfalia Technologies, a leading US provider of automated warehouse solutions. Westfalia has a significant presence in food and beverage end users across North America. Rockwell's AMRs were chosen to reduce the use of manual forklift trucks, resulting in faster throughput and reduced finished goods damage as well as a safer operating environment for the customers' workforce.

我們最近收購了 Clearpath，這進一步擴大了我們的客戶範圍。汽車品牌、移動機器人繼續增添新標識，最近贏得了美國領先的自動化倉庫解決方案提供商 Westfalia Technologies 的青睞。Westfalia 在北美的食品和飲料終端用戶中佔有重要地位。選擇羅克韋爾的 AMR 是為了減少手動堆高機的使用，從而提高吞吐量、減少成品損壞，並為客戶的員工提供更安全的操作環境。

Software & Control organic sales were up 2% year-over-year and also exceeded our expectations in the quarter. While our high single-digit sales growth over prior quarter was driven by another quarter of recovery in Logix, we saw a sequential improvement in sales across both hardware and software businesses in this segment. We are pleased to see sharply increased adoption of the FactoryTalk Design Studio, which features a GenAI Copilot to accelerate the time to design and commission automation projects.

軟體和控制有機銷售額年增 2%，本季也超出了我們的預期。雖然我們上一季的銷售額實現了高個位數成長，這得益於 Logix 又一個季度的復甦，但我們看到該部門硬體和軟體業務的銷售額均出現了連續增長。我們很高興看到 FactoryTalk Design Studio 的採用率急劇上升，它採用 GenAI Copilot 來加快自動化專案的設計和調試時間。

One of our software wins in Q2 was with Bronco Imaging, a global leader in diagnostic imaging. The customer is using our pharma suite MES software to accelerate its revenue growth by improving quality control and increasing speed to market.

我們在第二季度贏得的軟體合作之一是與診斷成像領域的全球領導者 Bronco Imaging 合作。客戶正在使用我們的製藥套件 MES 軟體來透過改善品質控制和加快上市速度來加速其收入成長。

Lifecycle Services organic sales decreased 6% year-over-year and were a bit lower than expected. Book-to-bill in this segment was a solid 1.07 and was above 1.0 across all our solutions, services and Sensia businesses. But the current trade and policy uncertainty has impacted some large CapEx projects across our customer base.

生命週期服務有機銷售額較去年同期下降 6%，略低於預期。該部門的訂單出貨比穩定在 1.07，而我們所有解決方案、服務和 Sensia 業務的訂單出貨比均高於 1.0。但目前的貿易和政策不確定性已經影響了我們客戶群中的一些大型資本支出項目。

We saw some project delays in automotive and energy and some deferrals of more discretionary spend in digital services. These customers are seeking additional certainty about the impact tariffs will have on their cost base and whether the volatility will impact their demand.

我們發現汽車和能源領域的一些項目出現延遲，數位服務領域的一些可自由支配的支出也出現延遲。這些客戶正在尋求更多確定性，以了解關稅對其成本基礎的影響以及波動是否會影響其需求。

Despite these delays, our total ARR for the company grew 8% in the quarter, double-digit growth by Plex and Fiix software businesses led our ARR performance. Rockwell's segment margin of 20.4% and adjusted EPS of $2.45 and were both above our expectations and were in large part driven by continued execution of our cost reduction and margin expansion actions.

儘管有這些延遲，我們公司本季的總 ARR 仍成長了 8%，Plex 和 Fiix 軟體業務的兩位數成長引領了我們的 ARR 表現。羅克韋爾自動化的部門利潤率為 20.4%，調整後每股收益為 2.45 美元，均高於我們的預期，這在很大程度上得益於我們持續執行的成本削減和利潤率擴大措施。

Our team's focus on productivity yielded another quarter of outperformance versus our target. And as we continue to look for further opportunities to expand our margins, we believe, we'll exceed our full year target of $250 million in year-over-year structural productivity. Christian will provide some additional calendarization details in his section.

我們團隊對生產力的關注使我們的業績再次超出了目標。隨著我們繼續尋找進一步擴大利潤的機會，我們相信，我們將超越全年 2.5 億美元的結構性生產力目標。克里斯蒂安將在他的部分提供一些額外的日曆細節。

Let's move to slide 4 to review key highlights of our Q2 industry performance. Sales in our discrete industries were up low single digits year-over-year with growth in e-commerce and warehouse automation and semiconductor more than offsetting the decline in automotive.

讓我們轉到幻燈片 4 來回顧我們第二季度行業表現的重點。我們的離散產業的銷售額年增了個位數，電子商務、倉庫自動化和半導體的成長足以抵消汽車產業的下滑。

Consistent with our expectations, our Q2 automotive sales continued to be challenged by the ongoing tariff and policy uncertainty. This is one of the verticals where we saw an increase in project deferrals in the quarter. Our sales in e-commerce and warehouse automation grew over 45% versus prior year and were significantly above our expectations.

與我們的預期一致，我們的第二季汽車銷售繼續受到持續關稅和政策不確定性的挑戰。這是我們在本季度看到專案延期增加的垂直行業之一。我們的電子商務和倉庫自動化銷售額比去年成長了 45% 以上，大大超出了我們的預期。

We continue to see strong performance across our key customers in North America and EMEA. Our data center business is also continuing to gain momentum, including a significant data center project with one of Asia's largest telecom providers, delivered through our strategic collaboration with a leading full stack data center solutions provider in the region. Given the outperformance in the first half and a solid pipeline of projects, we now expect e-commerce and warehouse automation to grow 45% in fiscal year '25.

我們持續看到北美和歐洲、中東和非洲地區的關鍵客戶表現強勁。我們的資料中心業務也繼續保持成長勢頭，其中包括與亞洲最大的電信供應商之一合作的重要資料中心項目，該項目透過我們與該地區領先的全端資料中心解決方案提供商的策略合作而實現。鑑於上半年的出色表現和一系列穩健的項目，我們現在預計電子商務和倉庫自動化在 25 財年將成長 45%。

Turning to Hybrid. Sales in this industry segment were flat year-over-year, with food and beverage, home and personal care and life sciences, all exceeding our expectations in the quarter. Within food and bev and HPC, we continue to see an improvement in our machine builder performance, especially in our North American and European markets.

轉向混合。該行業部門的銷售額與去年同期持平，其中食品和飲料、家庭和個人護理以及生命科學在本季度均超出了我們的預期。在食品飲料和高效能運算領域，我們持續看到機器製造商業績效的提升，尤其是在北美和歐洲市場。

Similar to last quarter, the majority of customer spend in these verticals is driven by productivity and efficiency projects aimed at improving their profitability and sustainability. A good example of these customer wins in Q2 was our work with a US-based restaurant chain with plans to leverage automation to improve speed and consistency of its operations while reducing its labor intensity.

與上一季類似，這些垂直行業的大部分客戶支出都來自旨在提高盈利能力和可持續性的生產力和效率項目。我們與一家美國連鎖餐廳的合作就是第二季贏得這些客戶的一個很好的例子，該餐廳計劃利用自動化來提高其營運的速度和一致性，同時降低其勞動強度。

Rockwell's independent card technology was selected for its flexibility, and agility to help increase throughput and improve cost savings. Our Life Sciences business also exceeded our expectations for the quarter. building on our strong presence with leading GLP-1 producers and the broader life sciences ecosystem.

羅克韋爾的獨立卡片技術因其靈活性和敏捷性而被選中，有助於提高吞吐量並節省成本。我們的生命科學業務也超出了我們對本季的預期。憑藉我們與領先的 GLP-1 生產商以及更廣泛的生命科學生態系統的強大合作關係。

I already mentioned our Bronco software win in the Med Device segment earlier on the call. Another strategic win in this vertical was with National Resilience, an innovative contract drug manufacturer, specializing in bringing accessible and affordable biologic medicines to the market. This customer is investing in our auto AMRs within their automated storage and retrieval system warehouse as part of their initiative to expand their lights out warehouse and automated material movements.

我在之前的電話會議中已經提到過我們的 Bronco 軟體在醫療設備領域的勝利。該垂直領域的另一個戰略勝利是與 National Resilience 合作，這是一家創新合約藥品製造商，專門為市場提供方便且價格合理的生物藥品。該客戶正在其自動化儲存和檢索系統倉庫中投資我們的自動 AMR，這是其擴大熄燈倉庫和自動化物料運輸計劃的一部分。

Moving to process. While we were expecting to see year-over-year softness due to very difficult comparisons in our energy business, our performance in the quarter here came in worse than expected. Within energy, our customers continue to exercise capital discipline by choosing targeted productivity projects, which help improve cost structure and boost profitability. Energy and process broadly were another area where we saw an increase in project delays during the quarter. Despite this pause in larger capital investments, we continue to secure competitive wins in the process control space.

轉入流程。由於我們的能源業務很難進行比較，我們預計同比會出現疲軟，但本季我們的業績卻比預期的要差。在能源領域，我們的客戶透過選擇有針對性的生產力項目來繼續執行資本紀律，這有助於改善成本結構並提高獲利能力。能源和流程是我們在本季看到專案延遲增加的另一個領域。儘管大規模資本投資暫停，我們仍在製程控制領域保持競爭優勢。

This quarter, DPA Engineeria, a Chilean system integrator, specializing in mining and energy industries, selected our Logix PlantPAx solution to help a leading global lithium mining company advance their ambitious expansion plans.

本季度，專門從事採礦和能源行業的智利系統整合商 DPA Engineeria 選擇了我們的 Logix PlantPAx 解決方案，以幫助一家全球領先的鋰礦開採公司推進其雄心勃勃的擴張計劃。

Moving to slide 5. and our Q2 organic regional sales. North America was our best-performing region this quarter, and we expect it to be our strongest market for the full year fiscal year '25. We continue to believe Rockwell is a net beneficiary of policies that drive US manufacturing, and we are investing in our own operations to improve our resiliency and agility. For instance, we've recently decided to expand production of our OTTO autonomous mobile robots to the US We'll be producing in both Kitchener, Ontario, and at our Milwaukee headquarters.

轉到投影片 5。以及我們的第二季有機區域銷售額。北美是我們本季表現最好的地區，我們預計它將成為我們25財年全年最強勁的市場。我們始終相信羅克韋爾是美國製造業政策的淨受益者，並且我們正在投資自己的運營，以提高我們的彈性和敏捷性。例如，我們最近決定將我們的 OTTO 自主移動機器人的生產擴展到美國，我們將在安大略省基奇納和密爾瓦基總部進行生產。

Let's now turn to slide 6 to review our fiscal 2025 outlook. As I said earlier, the impact of enacted tariffs on our Q2 results was minimal with increased cost offset by price and supply chain moves. We continue to take necessary steps to offset the impact of April 2 tariffs through a combination of supply chain actions and pricing. We will share the actual tariff impact by quarter as we progress through the year, and Christian will provide additional detail in a few moments.

現在讓我們翻到第 6 張投影片來回顧 2025 財年的展望。正如我之前所說，實施關稅對我們第二季業績的影響微乎其微，成本增加被價格和供應鏈變動所抵銷。我們將繼續採取必要措施，透過供應鏈行動和定價相結合的方式抵消 4 月 2 日關稅的影響。我們將按季度分享全年實際關稅影響，Christian 稍後將提供更多詳細資訊。

We're taking a balanced approach to the outlook for the rest of the year. Our execution has been strong, and demand continues to be solid, including in April. However, second half uncertainty still remains. I group that uncertainty in three primary areas: The magnitude of pricing will implement to offset any new tariffs, the impact of any advanced product purchases in our flow business and the timing of CapEx investments by our customers, especially in our Lifecycle Services and configure to order businesses.

我們對今年剩餘時間的前景採取平衡的態度。我們的執行力一直很強，需求持續穩定，包括四月。然而，下半年的不確定性仍然存在。我將這種不確定性歸結為三個主要方面：為抵消任何新關稅而實施的定價幅度、任何先進產品採購對我們流動業務的影響以及我們客戶資本支出投資的時機，特別是在我們的生命週期服務和按訂單配置業務中。

In terms of our fiscal '25 top line, we still expect our organic sales growth to be in the positive 2% to negative 4% range. Our reported sales midpoint now assumes 0.5 point of negative contribution from currency translation. Christian will provide more detail on FX and the calendarization of our second half shortly.

就我們 25 財年的營收而言，我們仍預期有機銷售額成長率將在正 2% 至負 4% 之間。我們報告的銷售額中點現在假設貨幣換算帶來 0.5 個點的負面貢獻。Christian 很快就會提供有關 FX 和我們下半年日曆的更多詳細資訊。

I will add that we expect to return to year-over-year sales growth in Q3. Annual recurring revenue was slated to grow about 10% this year. Taking into account our margin outperformance today and continued strong execution, we are increasing our full year segment margin target to 20%, and we now expect our adjusted EPS to be about $9.70 at the midpoint.

我要補充的是，我們預計第三季銷售額將恢復年成長。預計今年年度經常性收入將成長約 10%。考慮到我們今天的利潤率優異表現和持續強勁的執行力，我們將全年分部利潤率目標提高至 20%，現在我們預計調整後的每股收益中點約為 9.70 美元。

Importantly, we were able to expand our margins year over year despite higher compensation costs. Continuing benefits from the SG&A actions we took in the second half of fiscal '24, along with the team's focus on additional structural COGS productivity in fiscal '25 enable the investment in our people and new technology even as we expand margins. We continue to follow a prudent approach to hiring, prioritizing roles that drive new product introduction and revenue growth. We expect free cash flow conversion of 100% in fiscal year '25.

重要的是，儘管薪資成本較高，但我們的利潤率仍能逐年擴大。我們在 24 財年下半年採取的銷售、一般及行政管理措施持續帶來效益，加上團隊在 25 財年專注於提高額外的結構性 COGS 生產力，使得我們在擴大利潤率的同時，也能對人才和新技術進行投資。我們繼續採取審慎的招聘方式，優先考慮能夠推動新產品推出和收入成長的職位。我們預計 25 財年的自由現金流轉換率將達到 100%。

I'll now turn it over to Christian to give more detail on our Q2 and financial outlook for fiscal '25. Christian?

現在我將把時間交給克里斯蒂安，讓他更詳細地介紹我們第二季的業績以及 25 財年的財務前景。基督教？

Thank you, Blake, and good morning, everyone. I'll start on slide 7, second quarter key financial information. Second quarter reported sales were down 6% versus prior year. Currency had a negative impact of 2 points in the quarter and organic sales declined 4%.

謝謝你，布萊克，大家早安。我將從第 7 張投影片開始介紹第二季的關鍵財務資訊。第二季的銷售額較上年同期下降了 6%。貨幣因素對本季產生了 2 個百分點的負面影響，有機銷售額下降了 4%。

Segment operating margin of 20.4% compared to 19% a year ago was above our expectations and reflected our strong execution across the company. About 3 points of organic growth came from price and price/cost was favorable. Benefits from cost reduction and margin expansion actions and positive price costs more than offset higher compensation and lower sales volume. Adjusted EPS of $2.45 was above our expectations, primarily due to the beat on segment operating margin. This is another robust performance in execution and cost control through both structural and temporary costs.

分部營業利益率為 20.4%，而去年同期為 19%，高於我們的預期，反映了我們整個公司的強勁執行力。約有 3 個百分點的有機成長來自價格，且價格/成本比率良好。降低成本、擴大利潤率的措施以及積極的價格成本所帶來的收益足以抵消更高的薪酬和更低的銷售量。調整後的每股收益為 2.45 美元，高於我們的預期，主要由於分部營業利潤率超出預期。這是透過結構性成本和臨時成本在執行和成本控制方面的另一個強勁表現。

The adjusted effective tax rate for the second quarter was 17.7% and the prior year rate of 14.8% -- above the prior year rate of 14.8%, primarily due to lower discrete tax benefits, partially offset by a favorable geographic mix of pretax income. We remain on track to achieve a 17% ETR for fiscal 2025.

第二季調整後有效稅率為 17.7%，去年同期為 14.8%，高於去年同期的 14.8%，這主要是由於單獨的稅收優惠較低，但稅前收入的地理分佈有利，部分抵消了這一影響。我們仍有望在 2025 財年實現 17% 的 ETR。

Free cash flow of $171 million was $102 million higher than the prior year. Free cash flow conversion was 61% in the second quarter, with accounts receivable being a use of cash during the quarter due to higher shipments and the timing of those shipments.

自由現金流為 1.71 億美元，比前一年高出 1.02 億美元。第二季自由現金流轉換率為 61%，由於出貨量增加和出貨時間安排，應收帳款在本季成為現金使用。

As a reminder, Q2 is typically a lower cash conversion quarter due to TCJA catch-up payments. Not shown on the slide, return on invested capital was 14.2% for the 12 months ended March 31 and 380 basis points lower than the prior year, primarily driven by lower pretax net income, partially offset by a lower effective tax rate. Slide 8 provides the sales and margin performance overview for our three operating segments. As Blake mentioned, sales of Intelligent Devices and Software & Control exceeded expectations.

提醒一下，由於 TCJA 補繳，第二季通常是現金轉換率較低的季度。幻燈片中未顯示，截至 3 月 31 日的 12 個月的投資資本回報率為 14.2%，比上年低 380 個基點，主要原因是稅前淨收入較低，但有效稅率較低部分抵消了這一影響。幻燈片 8 提供了我們三個營運部門的銷售和利潤績效概覽。正如布萊克所說，智慧型設備和軟體與控制的銷售額超出了預期。

Intelligent Devices margin of 17.7% increased by 120 basis points year-over-year. Despite the high single-digit volume decline and higher compensation compared to last year, our cost reduction and margin expansion actions allowed us to keep segment operating earnings flat and drove margins higher. Price cost and mix were also favorable to margin.

智慧型設備利潤率為17.7%，較去年成長120個基點。儘管與去年相比，銷量出現了高個位數下滑且薪酬有所增加，但我們採取的成本削減和利潤率擴大措施使我們的分部營業利潤保持平穩，利潤率也隨之上升。價格成本和產品組合也有利於利潤率。

Software & Control margin of 30.1% was up 440 basis points versus prior year, even though sales were flat year-over-year. Higher margin was driven by cost reduction and margin expansion actions and positive price cost, partially offset by higher compensation. To underscore that, sales and software and control were essentially flat year-over-year, but segment operating earnings grew by about $25 million and took margins back over 30%, really strong performance.

軟體與控制利潤率為 30.1%，比上年上升了 440 個基點，儘管銷售額與去年持平。利潤率上升是由於成本削減、利潤率擴大措施以及積極的價格成本所致，但被更高的薪酬部分抵消。需要強調的是，銷售額、軟體和控制與去年同期基本持平，但分部營業收入成長了約 2,500 萬美元，利潤率回升了 30% 以上，表現確實強勁。

Lifecycle Services margin of 14.5% fell 210 basis points year-over-year, driven by higher compensation and lower sales volume. Decremental margin in Lifecycle Services was about 40%. Even though higher compensation and lower sales volumes were headwinds, segment margin here was in line with our expectations due to our cost reduction and margin expansion actions and strong project execution. I want to take a moment to point out the sequential improvements we saw in each of our segments.

生命週期服務利潤率為 14.5%，年減 210 個基點，原因是薪資增加和銷售量下降。生命週期服務的利潤率下降了約40%。儘管薪資增加和銷售量下降給我們帶來了不利因素，但由於我們採取了降低成本、擴大利潤的措施以及強有力的專案執行，該部門的利潤率符合我們的預期。我想花點時間指出我們在每個部分看到的連續改進。

Intelligent Devices had incrementals that were in the 40s from Q1 to Q2, reflecting the flow-through on higher volume and solid price realization. Software & Control had nearly 100% flow through on their sequential volume increase, aided by price and margin expansion activities. Lifecycle Services was able to grow segment operating earnings slightly despite a slight decrease in sales volume. This was due to strong project execution.

智慧型設備部門的增量從第一季到第二季都在 40% 左右，反映了更高銷售量和穩定價格實現帶來的流通效應。由於價格和利潤擴張活動，軟體和控制業務的連續銷售成長幾乎達到 100%。儘管銷售量略有下降，但生命週期服務部門的營業利潤仍略有成長。這是由於強大的專案執行力。

Overall, for Rockwell, the incremental margin on the sequential sales growth was about 70%. This is reflective of strong execution by our teams around the world. I want to thank them for their outstanding efforts.

總體而言，羅克韋爾的連續銷售成長的增量利潤率約為 70%。這體現了我們全球團隊的強大執行力。我要感謝他們所做的傑出努力。

The next slide, 9, provides the adjusted EPS walk from Q2 fiscal 2024 to Q2 fiscal 2025. Year-over-year, core performance was up slightly on a 4% organic sales decrease. Sales declines were driven by Intelligent Devices and Lifecycle Services with strong cost discipline in these segments softened the volume impact decline impact.

下一張投影片 9 提供了從 2024 財年第二季到 2025 財年第二季的調整後每股盈餘走勢。與去年同期相比，核心業績略有上升，但有機銷售額下降了 4%。銷售額的下降是由智慧型設備和生命週期服務造成的，這些部門嚴格的成本控制減輕了銷量下降的影響。

And in Software & Control, we saw margin expansion on continued improvement in Logix sales. Pricing was strong, and we continue to fund new product development with company R&D at 6% of total revenue. Software & Control R&D as a percentage of segment sales was in the low-teens. We saw excellent execution and better timing on our cost reduction and margin expansion actions, which were above our expectations, resulting in a $0.65 tailwind.

在軟體和控制領域，我們看到 Logix 銷售額持續成長，利潤率也隨之擴大。定價強勁，我們繼續以公司總收入的 6% 資助新產品開發。軟體和控制研發佔部門銷售額的百分比處於百分之十幾。我們在降低成本和擴大利潤率的行動上取得了出色的執行效果，而且時機把握得也更好，這超出了我們的預期，帶來了 0.65 美元的順風。

We've realized about $155 million of savings in the first half. You'll see a $0.60 impact from compensation. This year-over-year delta reflects mirror increases that came into effect at the beginning of the fiscal year as well as higher incentive comp versus prior year.

上半年我們實現了約 1.55 億美元的節省。您將看到賠償產生 0.60 美元的影響。這項同比變更反映了財政年度開始時生效的鏡像成長以及與前一年相比更高的激勵補償。

This number is higher than we had expected in the quarter, reflecting a higher incentive accrual on the strong performance in Q2 and the increase in our expected EPS performance for the full year. Also, remember that in Q2 last year, we had an incentive compensation accrual reversal.

這一數字高於我們本季的預期，反映了第二季強勁表現帶來的更高激勵收益以及我們預期全年每股收益表現的成長。另外，請記住，去年第二季度，我們出現了激勵薪酬累積逆轉。

Coming into this year, we expected a year-over-year compensation increase to be approximately $160 million. We now expect that to be about $185 million for the full year. That translates to about $0.25 for each of the remaining two quarters.

進入今年，我們預計薪資將年增約 1.6 億美元。我們現在預計全年收入約為 1.85 億美元。這意味著剩餘兩個季度每個季度約為 0.25 美元。

All other items resulted in a $0.15 net headwind. This was essentially all currency as a slight tax headwind was offset by other smaller items. Taking a step back and looking at this slide, we were able to completely offset the headwinds of volume and compensation through strong execution on margin expansion and cost reduction activities as well as price realization.

所有其他項目導致淨逆風 0.15 美元。這基本上都是貨幣，因為輕微的稅收逆風被其他較小的項目所抵消。退一步來看這張投影片，我們能夠透過強力執行擴大利潤率、降低成本活動以及實現價格來完全抵消數量和補償方面的阻力。

Moving on to slide 10 to discuss our updated guidance for the full year. While our first half performance exceeded our expectations, we are leaving our organic sales outlook range unchanged. Frankly, we are allowing for uncertainty, less predictability in the demand environment and project timing.

請前往第 10 張投影片來討論我們對全年的最新指導。雖然我們上半年的業績超出了預期，但我們仍維持有機銷售預期範圍不變。坦白說，我們允許存在不確定性，需求環境和專案時間的可預測性較低。

Regarding currency, the weakening of the dollar since our last earnings call has changed our full year expectation for currency headwind to be 0.5 percentage point, down from prior guidance of 1.5 percentage points. We've already realized all that currency headwind in the first half and FX turns to a modest tailwind for the second half of the year.

關於貨幣，自我們上次財報電話會議以來，美元走弱已使我們對全年貨幣逆風的預期從先前預測的 1.5 個百分點降至 0.5 個百分點。我們已經意識到上半年所有的貨幣逆風，而下半年外匯將轉為溫和的順風。

Based on our strong execution in the first half of the year and a slight currency tailwind, we are increasing our segment operating margin guidance to about 20%, up from 19%. At the midpoint of our reported sales guidance, from a segment sales and margin standpoint, we are expecting Intelligent Devices margin to be slightly down year-over-year on mid-single-digit sales declines, Software & Control margins to be up year-over-year on a sales increase of mid-single digits and we expect Lifecycle Services margin to be down year-over-year on a low single-digit sales decline.

基於我們上半年的強勁執行力和輕微的貨幣順風，我們將分部營業利潤率預期從 19% 提高至約 20%。在我們報告的銷售指導的中點，從部門銷售和利潤率的角度來看，我們預計智慧型設備利潤率將同比略有下降，銷售額將出現中等個位數的下降；軟體和控制利潤率將同比上升，銷售額將出現中等個位數的增長；我們預計生命週期服務利潤率將同比下降，銷售額將出現低個位數的下降。

We are updating our adjusted EPS guidance to a range of $9.20 to $10.20 or $9.70 at the midpoint. The EPS guidance increase reflects our performance in Q2 as well as the currency change from a headwind to a tailwind. Under normal circumstances, we would have narrowed ranges for both sales and EPS, but it seemed prudent to keep a wider range due to ongoing uncertainty.

我們將調整後的每股盈餘預期更新至 9.20 美元至 10.20 美元之間，中間值為 9.70 美元。EPS 預期的成長反映了我們第二季的業績以及貨幣從逆風到順風的變化。在正常情況下，我們會縮小銷售額和每股盈餘的範圍，但由於持續的不確定性，保持較大的範圍似乎是明智之舉。

Talk about calendarization. Our expectation is for reported sales to grow low single digits sequentially from Q2 to Q3. In Q4, we expect higher sequential sales due to a combination of our normal seasonality and our backlog. On a year-over-year basis, the more favorable FX outlook is expected to result in a $0.20 tailwind to EPS, which is split evenly in Q3 and Q4.

談論日曆化。我們預計報告的銷售額將從第二季到第三季連續實現低個位數成長。在第四季度，由於正常的季節性和積壓訂單，我們預計銷售額將連續上漲。與去年同期相比，更有利的外匯前景預計將為每股收益帶來 0.20 美元的順風，在第三季和第四季平均分配。

Remember, this is compared to the prior year, the sequential benefit of FX is minimal. As we mentioned during Q1, we continue to take additional temporary cost measures in Q2 to offset the FX impact. We like how the temporary controls are flowing through the P&L, and the organization is executing well.

請記住，這是與前一年相比，外匯的連續收益微乎其微。正如我們在第一季提到的那樣，我們在第二季度繼續採取額外的臨時成本措施來抵消外匯影響。我們喜歡臨時控制在損益表中的運作方式，並且組織執行得很好。

In this period of uncertainty, we feel better keeping those costs in check. Segment operating margins were strong in Q2 and expanded nicely since Q1. As we look forward to the rest of the year, we are expecting very slight margin expansion from the Q2 level, 6 basis points and 9 percentage points. As a result, on the low single-digit sequential sales growth from Q2 to Q3, incrementals would be in the low 30s.

在這個不確定的時期，我們覺得最好控制這些成本。分部營業利潤率在第二季表現強勁，並且自第一季以來穩步擴大。展望今年剩餘時間，我們預期利潤率將較第二季略有擴大，分別為 6 個基點和 9 個百分點。因此，在第二季至第三季的低個位數連續銷售成長中，增量將在30%出頭。

A few additional comments on fiscal 2025 guidance for your models. Corporate and other expense is now expected to be about $150 million. Net interest expense for fiscal 2025 is now expected to be about $145 million. We're assuming average diluted shares outstanding of about 113 million shares.

關於您的模型的 2025 財年指導，還有一些補充評論。目前預計公司及其他支出約為 1.5 億美元。目前預計 2025 財年的淨利息支出約為 1.45 億美元。我們假設平均稀釋流通股數約為 1.13 億股。

Our share buybacks in Q2 were approximately 450,000 shares in the quarter at a cost of $129 million. Our opportunistic overlay on our buyback program kicked in over the last month, and we recently exceeded 300 million in buybacks year-to-date. That was originally our buyback target for the full year. But we view recent market pricing as an attractive opportunity to buy more Rockwell.

我們在第二季回購了約 45 萬股股票，成本為 1.29 億美元。我們的回購計劃機會主義覆蓋在上個月開始發揮作用，今年迄今為止我們的回購額已超過 3 億美元。這原本是我們全年的回購目標。但我們認為最近的市場定價是購買更多羅克韋爾的一個有吸引力的機會。

Moving away from the slides, I'd like to expand on a few topics. First, you'll see we are no longer providing the dollar value of our orders, we began giving this information during the supply chain crisis as the ratio of orders to shipments diverge from the historical range of around 1, and we felt it was prudent to give that detail to investors. That situation has passed, and we are back to a normal book-to-bill of around 1, so we are dropping additional orders data point.

除了幻燈片之外，我想擴展幾個主題。首先，您會看到我們不再提供訂單的美元價值，我們在供應鏈危機期間開始提供此信息，因為訂單與出貨量的比例偏離了 1 左右的歷史範圍，我們認為向投資者提供這一詳細信息是謹慎的。這種情況已經過去了，我們的訂單出貨比已經恢復到正常的 1 左右，因此我們正在放棄額外的訂單資料點。

Second, similar to last quarter, we have analyzed our orders and shipments to see if there were any indications of prebuys. New demand on distributors was roughly equivalent to the demand those distributors placed on Rockwell. Distributor inventory levels are stable to slightly down compared to last quarter.

其次，與上一季類似，我們分析了訂單和出貨情況，看看是否有預購跡象。對分銷商的新需求大致相當於分銷商對羅克韋爾的需求。分銷商庫存水準與上一季相比穩定或略有下降。

And our surveys and channel checks with our OEM partners do not point to prebuys. So we aren't seeing specific examples. In addition, we put measures in place to limit distributor and machine builder stocking orders to appropriate levels. While our diligence didn't find any -- didn't find specific evidence and we have controls in place, we're factoring in the possibility of limited prebuys.

我們與 OEM 合作夥伴進行的調查和通路檢查並未顯示預購。所以我們沒有看到具體的例子。此外，我們還採取措施將經銷商和機器製造商的庫存訂單限制在適當的水平。雖然我們的盡職調查沒有發現任何具體證據，而且我們已經採取了控制措施，但我們正在考慮有限預購的可能性。

Third, focusing on the cost reduction and margin expansion activities that gave us a benefit of approximately $0.65 of EPS in the second quarter. This is faster than we had projected and reflects great performance by the Rockwell organization, particularly the integrated supply chain team.

第三，專注於降低成本和擴大利潤率的活動，這為我們第二季帶來了約 0.65 美元的每股盈餘。這比我們預期的要快，反映了羅克韋爾組織的出色表現，特別是綜合供應鏈團隊。

We expanded gross margins by 130 basis points in the second quarter compared to the prior year against a 4% organic headwind. While a lot of our outperformance in the cost reduction and margin expansion program in the first half was timing, we do expect the full year benefit of the program to exceed the $250 million we have been targeting.

與去年同期相比，我們在第二季度克服了 4% 的有機逆風，將毛利率提高了 130 個基點。雖然我們上半年在成本削減和利潤率擴大計劃中的出色表現很大程度上是時機問題，但我們預計該計劃的全年收益將超過我們設定的 2.5 億美元的目標。

Looking at some cost reduction wins. In direct sourcing, we've saved about $18 million in the first half of the year and are expecting to continue to yield benefits in the second half from supplier negotiations and transitioning to new suppliers.

尋找一些降低成本的勝利。在直接採購方面，我們在今年上半年節省了約 1800 萬美元，並預計下半年將繼續透過供應商談判和向新供應商過渡獲得收益。

Savings are coming from areas like cables and wires, fewer broker buys, electronic components and drives. On the manufacturing side, we've seen about $20 million of savings in the first half of the year. This is coming from labor efficiency and other areas like process optimization and reduced spread.

節省的資金來自電纜和電線、減少經紀人購買、電子元件和驅動器等領域。在製造業方面，我們在今年上半年節省了約 2000 萬美元。這是透過勞動效率和流程優化以及減少傳播等其他領域來實現的。

Last quarter, we talked about rationalizing 21,000 SKUs. That number through two quarters is approximately 36,000. These were heavily low to no volume SKUs. There are another 4,000 to 5,000 SKUs that we evaluated and decided to take other actions, meaning we didn't rationalize them, but we're taking pricing or other actions. This work is ongoing and is truly a part-by-part analysis that is focused on optimization and simplification. This is particularly important as we move production and supply chain in response to tariffs.

上個季度，我們討論了合理化 21,000 個 SKU。兩個季度以來，這一數字約為 36,000。這些 SKU 的容量非常低甚至為零。我們評估了另外 4,000 到 5,000 個 SKU，並決定採取其他行動，這意味著我們沒有對它們進行合理化，但我們正在採取定價或其他行動。這項工作正在進行中，並且是真正的逐部分分析，重點是優化和簡化。當我們根據關稅調整生產和供應鏈時，這一點尤其重要。

Let's wrap things up by talking about tariffs. Assuming current tariff rates and scope that are in place today remain, we estimate our tariff cost exposure to be about $125 million for the second half of fiscal 2025. We continue to manage tariffs through several actions, the fastest of which is pricing.

讓我們最後談談關稅問題。假設現行的關稅稅率和範圍保持不變，我們估計 2025 財年下半年的關稅成本風險敞口約為 1.25 億美元。我們繼續透過多項行動來管理關稅，其中最快的是定價。

We have enacted changes to our prices as part of our recovery program. This program will flex up or down as tariffs are enacted, modified, postponed or rescinded. We're also working on moving some production. Resiliency actions we took during the supply chain crisis means we have some flexibility to move production of key product lines as we respond.

作為復甦計劃的一部分，我們已經對價格進行了調整。隨著關稅的頒布、修改、推遲或取消，該計劃將會相應增加或減少。我們也正在努力轉移一些生產。我們在供應鏈危機期間採取的彈性行動意味著我們可以靈活地調整關鍵產品線的生產以應對危機。

In summary, we are positioned to fully offset our fiscal 2025 tariff costs through a combination of pricing and supply chain actions. The objective of tariff-based price changes is the recovery of the incremental cost and not sales growth. But to the extent pricing is used, our full year organic sales performance could be improved due to tariff-based price realization.

總之，我們準備透過定價和供應鏈行動相結合的方式完全抵銷 2025 財年的關稅成本。基於關稅的價格變化的目的是為了收回增量成本，而不是增加銷售。但就定價而言，我們的全年有機銷售業績可能會因基於關稅的價格實現而得到改善。

Again, our full year EPS target would stay intact because our intention is to offset tariff costs and have 0 impact on second half EPS. As Blake mentioned, the impact of tariffs in Q2 was completely neutralized. Going forward, in an effort to give visibility to underlying operational performance, our intention is to disclose tariff impact on both sales and earnings in each quarter.

同樣，我們的全年每股收益目標將保持不變，因為我們的目的是抵消關稅成本並對下半年每股收益產生零影響。正如布萊克所提到的，第二季度關稅的影響被完全抵消了。展望未來，為了讓大家了解基本的營運業績，我們打算揭露關稅對每季的銷售額和收益的影響。

In conclusion, we had a solid Q2. Looking forward, it remains a dynamic and unpredictable environment. But operationally, focusing on the items we can control, the Rockwell team has shown its ability to profitably navigate uncertainty. We have a plan, and we have runway. This team is focused to finish the second half of the year strong.

總而言之，我們的第二季表現穩健。展望未來，這仍然是一個充滿活力且難以預測的環境。但從營運角度來看，羅克韋爾團隊專注於我們能夠控制的項目，並展現出其能夠從中獲利並應對不確定性的能力。我們有計劃，我們有跑道。該團隊致力於強勢結束今年下半年。

With that, I'll turn it back over to Blake for some closing remarks before we start Q&A.

在我們開始問答環節之前，我會把時間交還給布萊克，請他做一些總結發言。

Thanks, Christian. We're pleased to report another quarter that reflects our focus on consistent execution. Investments and resilience are yielding results, including process changes to achieve faster price realization, capacity increases to create redundant manufacturing lines for high-value products in multiple countries, new lines of business that increase annual recurring revenue and a comprehensive program to increase operating margins. These changes can only be successfully executed with the coordinated efforts of our employees and partners around the world. Transformation is hard in the best of times and I'm especially proud of our team's ability to position us so well in a very challenging environment.

謝謝，克里斯蒂安。我們很高興地報告，又一個季度反映了我們對持續執行的關注。投資和韌性正在產生成果，包括流程變革以實現更快的價格實現、產能提升以在多個國家為高價值產品創建冗餘生產線、增加年度經常性收入的新業務線以及提高營業利潤率的綜合計劃。只有我們世界各地的員工和合作夥伴齊心協力，這些變革才能成功實現。即使在最好的情況下，轉型也是困難的，我特別為我們的團隊能夠在極具挑戰性的環境中如此出色地定位我們的能力感到自豪。

Our value proposition is stronger than ever before, as demonstrated by customers in the US and around the world who are getting Rockwell involved earlier in their own transformation plans because nobody is better positioned than Rockwell to provide this value.

我們的價值主張比以往任何時候都更加強大，美國和世界各地的客戶都證明了這一點，他們讓羅克韋爾更早參與自己的轉型計劃中，因為沒有人比羅克韋爾更有能力提供這種價值。

Aijana, we'll now begin the Q&A session.

Aijana，我們現在開始問答環節。

Thanks, Blake. (Operator Instructions). Julianne, let's take our first question.

謝謝，布萊克。（操作員指令）。茱麗安，我們來回答第一個問題。

(Operator Instructions)

（操作員指示）

Andrew Obin, Bank of America.

美國銀行的安德魯‧奧賓。

Yes, good morning. Just a question on discrete. E-commerce and warehouse automation, relatively small, but obviously, anything growing close to 50% really moves the needle. Does it include -- is that where data centers are? And what is really driving this robust recovery? And where does this visibility into the second half come from? Thank you.

是的，早安。這只是關於離散的一個問題。電子商務和倉庫自動化相對較小，但顯然，任何接近 50% 的成長都能夠產生重大影響。它包括嗎——那裡是數據中心所在地嗎？那麼，真正推動這強勁復甦的因素是什麼呢？那麼下半年的前景如何呢？謝謝。

Yeah, Andrew, within that vertical, we're actually getting strong growth from multiple aspects of the businesses represented there. So there's the warehouse automation that a lot of customers, especially in consumer-facing industries, home and personal care, food and beverage, which is -- a lot of people are identifying that as a current source of inefficiency in their operations.

是的，安德魯，在這個垂直領域，我們實際上從所代表的業務的多個方面獲得了強勁增長。因此，許多客戶，特別是面向消費者的行業、家庭和個人護理、食品和飲料行業的客戶，都認為倉庫自動化是他們當前營運效率低下的根源。

And so that whole production logistics segment that we've talked about of our offerings is a really good fit. So that's in warehouse automation across multiple customers. You also have the e-commerce players as they're building again new fulfillment centers and things like that. And then finally, as you said, data centers are a part of that, especially with our exposure to data centers through the cubic power distribution equipment.

因此，我們所討論的整個生產物流環節非常適合我們產品。這就是跨多個客戶的倉庫自動化。還有電子商務參與者，他們正在重建新的履行中心和類似的東西。最後，正如您所說，資料中心是其中的一部分，特別是我們透過立方配電設備接觸資料中心。

Got you. No, I really appreciate it. And just a question on Lifecycle Services, that business has really been consistently source of upside, a little bit surprised to see growth slowdown. Interestingly, we've seen some PTC, I think, just talking about slowing down over the next couple of quarters. Just -- can you just tell us what's happening there because somewhat unexpected? Thank you.

明白了。不，我真的很感激。關於生命週期服務的一個問題，該業務確實一直是成長的源泉，但成長放緩讓人有點驚訝。有趣的是，我認為我們已經看到一些 PTC 正在談論未來幾季的放緩。只是——您能告訴我們那裡發生了什麼事嗎？因為有些出乎意料？謝謝。

Sure. So that's where the majority of the more CapEx-intensive projects are going to be and where we did see delays, that's where it came from. Within the process verticals, which is a big part of Lifecycle Services business, lower commodity prices, particularly in the US, so cheaper oil and gas has put some pressure on that.

當然。因此，大多數資本支出密集型項目都會在那裡進行，而我們確實看到了延誤，這就是它的原因。在生命週期服務業務的重要組成部分——流程垂直領域，大宗商品價格較低，尤其是在美國，因此較便宜的石油和天然氣對其施加了一些壓力。

And then within Lifecycle, we did see a pause in spend in some of the less time-critical digital services businesses as well. Our competitiveness remains very strong. There's a good funnel. Some of the projects that were delayed in the quarter did come in, in April, but that's where you probably saw the lion's share of the delays when they happened.

然後在生命週期內，我們確實看到一些不太緊迫的數位服務業務的支出也暫停了。我們的競爭力依然非常強。有一個很好的漏斗。本季被推遲的一些項目確實在 4 月開始實施，但當工程發生延誤時，大部分延誤可能都發生在 4 月。

Really appreciate it. Thanks so much.

真的很感激。非常感謝。

Scott Davis, Melius Research.

戴維斯 (Scott Davis)，Melius Research。

Hey. Good morning, guys. I wanted to start kind of with a bigger picture question. I mean the debate, I think we're getting the most on is actually where you guys are sitting in a position of having the most visibility. And that is just this whole balance of kind of reshoring acceleration versus kind of the macro realities and concerns that folks are having.

嘿。大家早安。我想從一個更大的問題開始。我的意思是，我認為我們在辯論中得到最多的關注實際上是你們所處的位置最引人注目。這就是回流加速與人們所面臨的宏觀現實和擔憂之間的平衡。

What are your customers? I know you're selling to a lot of different end markets, but so maybe perhaps more -- a little bit more discrete and hybrid focused here. But what are your -- how are your customers thinking through that as it relates to -- are they accelerating reshoring? Are they hunkering down? I mean what -- any generalization would be helpful there. Thanks.

您的客戶有哪些？我知道你們的產品銷往許多不同的終端市場，但也許更多——這裡更加重視離散和混合。但是您的客戶是如何看待這個問題的—他們是否正在加速回流？他們蹲伏著嗎？我的意思是──任何概括都會有幫助。謝謝。

Sure. There is still a generally optimistic long-term view among most of our customers, especially those with high exposure to the US because the idea of US manufacturing as a good thing for the US economy, resonates with a lot of us. And of course, Rockwell is a net beneficiary of that. Where we are seeing delays, as we analyze the projects that haven't moved forward, the underlying reasons fall into a few different categories. First is concerns about cost certainty, which a lot of that would come from tariffs.

當然。我們的大多數客戶，尤其是那些在美國有較高影響力的客戶，仍然普遍對長期前景持樂觀態度，因為美國製造業對美國經濟有利這一觀點引起了我們許多人的共鳴。當然，羅克韋爾是這項措施的淨受益者。當我們分析那些尚未推進的專案時，我們發現了延誤，其根本原因可以分為幾類。首先是對成本確定性的擔憂，其中很大一部分來自關稅。

We heard some comments regarding interest rates as well. Automotive is obviously affected by that given the amount of content from around the world there. Another underlying reason would be concerns about the demand from our customers' end markets. So I mentioned lower commodity prices in the US that will affect oil and gas and a little bit of mining, a little bit of temporary concerns, we think, with overcapacity

我們也聽到了一些有關利率的評論。鑑於汽車行業來自世界各地的內容數量，它顯然受到了影響。另一個潛在原因是對客戶終端市場需求的擔憂。所以我提到美國大宗商品價格下跌將影響石油、天然氣和採礦業，我們認為，產能過剩將帶來一些暫時的擔憂。

Another reason would be outside funding, and I'm thinking specifically of Chips and Science Act allocations for the semi-industry, and then general risk, Ts and Cs, people wanting to make sure that they have their tariff exposure covered. Those are the negatives. Those are the underlying reasons for delays where they are taking place.

另一個原因可能是外部資金，我特別想到的是《晶片與科學法案》對半產業的撥款，然後是一般風險、條款和條件，人們希望確保他們的關稅風險得到覆蓋。這些都是負面的。這些都是造成延誤的根本原因。

On the positive side, we talked about e-commerce and warehouse automation. We expect the positive growth trends to continue, quite frankly, into next year based on our customers' investment plans across those areas I mentioned to Andrew. We also see continued signs of green shoots in packaging within food and beverage and home and personal care. So we talked about some strength with Italian machine builders last quarter, that continues. We've seen some sequential growth in Germany with machine builders as well.

從積極的一面來看，我們談到了電子商務和倉庫自動化。坦白說，根據我們客戶在那些我向安德魯提到的領域的投資計劃，我們預計積極的成長趨勢將持續到明年。我們也看到食品飲料、家居和個人護理產品包裝領域持續出現復甦跡象。因此，我們在上個季度討論了義大利機械製造商的一些優勢，這種優勢仍在繼續。我們也看到德國機械製造商的連續成長。

So there's a few places of positive business. And then the last one and maybe the most important is Life Sciences, and you're seeing the announcements of major Rockwell customers announcing major multibillion-dollar plans, and that's an important segment for us, and we're on it, and we expect to benefit from those investments in the US.

因此，有一些地方可以開展積極的業務。最後一個，也許是最重要的一個，是生命科學，你會看到羅克韋爾的主要客戶宣布了數十億美元的主要計劃，這對我們來說是一個重要的領域，我們正在其中，我們期望從美國的投資中受益。

Okay. That's helpful, Blake. And then natural follow-on is just the machine builders just -- it's an important customer for you guys. And -- how big of a deal are the tariff -- I mean so many of those guys are in Europe or even Canada coming down into the US, how big of a deal are tariff to those guys?

好的。這很有幫助，布萊克。然後自然的後續就是機器製造商——它是你們的重要客戶。而且──關稅到底有多大影響──我的意思是，很多從歐洲甚至加拿大來到美國的人，關稅對這些人來說到底有多大影響？

And I guess, kind of since we're in uncharted territory here, I mean, when you think about if somebody is building a facility in the US and the cost of their machines just doubled or whatever, is that a game-changer or is it just not big enough as a percent of the total cost of the facility generally to delay a project for?

我想，因為我們處於未知領域，我的意思是，當你想到如果有人在美國建造一個設施並且他們的機器成本翻了一番或其他什麼時，這會改變遊戲規則嗎？還是因為它佔設施總成本的百分比不夠大，通常會延後一個專案？

Yeah. I think in the current tariff regime, if you're trying to sell a machine made in China into the US, it's a big deal and probably a showstopper and in many cases, that's not a big part of our business. As we've mentioned, China is about a little less than 4% of our total revenue.

是的。我認為，在當前的關稅制度下，如果你想將中國製造的機器賣到美國，這將是一個大問題，甚至可能是一個阻礙，而且在許多情況下，這不是我們業務的重要組成部分。正如我們所提到的，中國市場約占我們總收入的 4% 以下。

In Europe, we're working with those customers and our application of price increases is targeted. As I mentioned in the script, we have considerable flexibility in where we manufacture things. And a lot of those machine builders do have US locations as well. So they're able by shifting their point of purchase to limit their exposure as well.

在歐洲，我們正在與這些客戶合作，我們的價格上漲應用程式是有針對性的。正如我在劇本中提到的，我們在生產地點方面具有相當大的靈活性。許多機器製造商也在美國設有辦公室。因此，他們可以透過轉移購買點來限制曝光度。

Okay. That's helpful. Thank you. Best of luck, guys. Appreciate it.

好的。這很有幫助。謝謝。祝大家好運。非常感謝。

Chris Snyder, Morgan Stanley.

摩根士丹利的克里斯·斯奈德。

Thank you. I wanted to follow up with some of the prior commentary around the market demand trends. So I think it's understandable and makes sense that all the uncertainty out there, maybe it's hard to move forward with a big project if you don't know how much it costs and you don't know if the rules are changing.

謝謝。我想跟進一些有關市場需求趨勢的先前評論。所以我認為這是可以理解的，而且所有的不確定性都是有道理的，如果你不知道成本是多少，也不知道規則是否會改變，那麼推進一個大專案可能會很困難。

But when you guys talk to customers, is there an expectation that as visibility starts to come through, we could see more of these projects or announcements unlocking in the coming quarters? And was there any difference in Q1 order rates on a regional basis? Thank you.

但是當你們與客戶交談時，是否期望隨著可見性的出現，我們可以在未來幾季看到更多此類項目或公告？第一季的訂單率在各地區是否有差異？謝謝。

Sure. Yeah. So addressing the projects first. Delays, not cancellations. Cancellations remain in a low historical band. And so we absolutely do expect that these customers are going to pull the trigger on some of these investments.

當然。是的。因此首先要解決專案問題。延遲，而不是取消。取消率仍處於歷史較低水準。因此，我們確實希望這些客戶能夠主動進行一些投資。

We're not going to call a specific date or quarter on that. But as I mentioned, we saw some of those projects come in, in April and we think we have a pretty good handle on what they're grappling with, as all manufacturers are looking for more certainty and consistency with the tariffs and the cost that might come along with tariffs are what they're looking for as well as making sure that the demand is still there from their end customers.

我們不會確定具體的日期或季度。但正如我所提到的，我們看到其中一些項目在四月份開始實施，我們認為我們已經很好地掌握了他們所面臨的問題，因為所有製造商都在尋求關稅的更多確定性和一致性，而關稅可能帶來的成本正是他們所尋求的，同時也確保最終客戶的需求仍然存在。

In the majority of cases, they expect that this is a pause, not anything that lasts for a long, long time. From an order trend standpoint, North America was our strongest region in the quarter, and we expect it to be our strongest region for the year. And that's super helpful as we go into the second half because it reduces a lot of that ramp, and it builds a healthy backlog that will be important in the back half of the year.

在大多數情況下，他們預計這只是一個暫停，而不是持續很長一段時間的事情。從訂單趨勢來看，北美是我們本季表現最強勁的地區，我們預計它也將成為我們今年表現最強勁的地區。這對我們進入下半年非常有幫助，因為它減少了許多成長，並建立了健康的積壓訂單，這對下半年非常重要。

Thank you, Blake. I appreciate that. And maybe following up with one for Christian. You guys did a 20.4% margin in Q2. It seems like maybe a 21% in the back half is what's implied. So just a kind of a relatively muted step up given the volumes are going higher into the back half, it sounds like there's even more cost savings coming through into the back half. So -- I mean, I guess, are there headwinds on tariffs and that it's hard to get an incremental margin on a tariff? Just any kind of maybe headwinds that we should be thinking about on these back half margins? Thank you.

謝謝你，布萊克。我很感激。或許還會為 Christian 推出一款。你們第二季的利潤率為 20.4%。看起來後半部可能暗示的是 21%。因此，考慮到下半年銷售量會更高，這只是相對溫和的成長，聽起來下半年會有更多的成本節省。那麼——我的意思是，我猜，關稅是否存在阻力，很難獲得關稅的增量利潤？我們是否應該考慮後半部利潤中可能存在的不利因素？謝謝。

Yeah, sure, Chris. When you think about this kind of where we went from Q1 into Q2, really, really nice margin expansion. I think earlier in the year, we would have gotten some grief from folks about the ramp on the margin expansion through the course of the year. We did do a really good job through Q2 execution to derisk a lot of that.

是的，當然，克里斯。當你想到我們從第一季到第二季的情況時，利潤率確實擴大得非常好。我認為在今年早些時候，我們可能會因為今年利潤率的擴大而受到一些人的不滿。我們確實透過第二季的執行做得很好，降低了很多風險。

And again, we're taking our segment operating margin guide number up from 19% where it was previously to 20% now. And so we still have opportunities to expand those margins. But again, we did -- a lot of that heavy lift was done in the second quarter, and we want to continue to build off of that.

我們再次將分部營業利潤率指引值從先前的 19% 提高到現在的 20%。因此我們仍有機會擴大這些利潤。但再次強調，我們確實在第二季完成了許多繁重的工作，我們希望在此基礎上繼續努力。

But as I said in my prepared comments, we're talking about basis points, not full percentage points. I think your math around kind of what the second half implied number is. Yes, you're in that ballpark. The ability of this team to continue to execute, I have a lot of confidence in -- the key is that we're talking about some really nice numbers year-over-year where we're still getting benefits.

但正如我在準備好的評論中所說，我們談論的是基點，而不是百分點。我認為你的數學計算大約是後半部隱含的數字。是的，您確實處於這個範圍之內。我對這支團隊繼續執行的能力非常有信心——關鍵是我們正在談論一些逐年增長的非常好的數字，我們仍然從中獲益。

Sequentially, when we're talking about the cost reduction and margin expansion activities, those are the millions, probably not tens of millions. But again, we're feeling pretty good about that. On your question on whether or not we can get margin expansion in a tariff-based environment.

隨後，當我們談論降低成本和擴大利潤率活動時，這些費用可能是數百萬，而不是數千萬。但再說一次，我們對此感覺很好。關於您問的我們是否能在基於關稅的環境下實現利潤率的擴大。

Again, we're really -- our objective is, is that we're going to try to give that information to you all around what the impact of tariffs is for each of these quarters going forward. We're super focused on operational execution on the base business, excluding what happens with the tariff side. And on the tariff side, we're focused on the recovery portion of it. That's really -- there are two separate things for us. Base business, continued growth, continued margin expansion, and let's go execute.

再說一次，我們的目標是，盡力向大家提供有關關稅對未來每季的影響的資訊。我們非常注重基礎業務的營運執行，不包括關稅方面的情況。在關稅方面，我們重點關注的是復甦部分。這對我們來說確實是兩件不同的事情。基礎業務、持續成長、持續獲利擴大，讓我們去執行。

Thank you. I appreciate that.

謝謝。我很感激。

Andy Kaplowitz, Citigroup.

花旗集團的安迪‧卡普洛維茲 (Andy Kaplowitz)。

Good morning, everyone. Nice quarter. This question is probably more for Christian. Can you give more color into your longer-term margin potential? I know you had a good mix in the quarter. Your holding down temporary costs. It's noticeable, though, that you said you get more than $250 million of restructuring benefits from your program and that you're generally getting better price versus cost.

大家早安。不錯的季度。這個問題可能更適合基督徒。您能否進一步闡述您的長期利潤潛力？我知道你在本季取得了不錯的成績。您控制了臨時成本。不過，值得注意的是，您說您從計劃中獲得了超過 2.5 億美元的重組收益，而且總體而言，您獲得的價格比成本更優惠。

So you can give us some more color into what you're seeing? Do you see ultimate restructuring benefit including SKU rationalization is actually way more than 250? Or maybe just what inning do you think you're in, in terms of cost out and ability to price at Rock?

那麼您可以向我們更詳細地介紹一下您所看到的情況嗎？您是否認為包括 SKU 合理化在內的最終重組效益實際上遠遠超過 250？或者您認為從成本和定價能力來看，Rock 處於什麼境地？

Andy, I'm going to start with that one and then hand it over to Christian, just for a little bit of historical. It was actually at your conference last year, February where we started talking about cost-out programs. And while some of that was to address the current business environment at that time; more importantly, it was to set a foundation, the results of which we're starting to see now.

安迪，我將從這個開始，然後將其交給克里斯蒂安，只講一點歷史。事實上，在去年二月的會議上，我們就開始討論成本削減計畫了。雖然其中一些是為了解決當時的商業環境；更重要的是，它奠定了基礎，我們現在開始看到其成果。

It's starting with an SG&A cost reduction and it moved as we continue to see the benefits of that into more structural cost. And I bring this up to just make it clear, this was part of a program that's been undergoing -- that's been on the way for a while now and it doesn't happen, and we don't get to talk about exceeding expectations without really strong participation by thousands of people within the company.

它從降低銷售、一般和行政費用開始，隨著我們不斷看到這樣做的好處，它逐漸轉向降低結構性成本。我提出這一點只是想澄清一下，這是一個正在進行的專案的一部分——這個專案已經進行了一段時間了，但卻沒有實現，如果沒有公司內部數千人的積極參與，我們就不能談論超出預期。

And so it's just an opportunity to give a shout out to the team that responded under difficult circumstances. We're looking for more opportunities for structural cost and maybe this is the point where Christian can add some additional comments.

所以這只是一個機會，讓我們向在困難情況下做出反應的團隊致敬。我們正在尋找更多結構成本的機會，也許這是克里斯蒂安可以補充一些評論的地方。

Yeah, absolutely. Thank you, Blake. And I would also echo those comments. The team has done really well. And so as we're kind of sizing the full year benefit this year, keep in mind, again, we've talked about this before, hundreds of projects are underpinning this cost reduction and margin expansion activity.

是的，絕對是如此。謝謝你，布萊克。我也會贊同這些評論。該團隊表現確實出色。因此，當我們估算今年全年收益時，請記住，我們之前已經討論過這個問題，數百個項目正在支持這項降低成本和擴大利潤的活動。

The team has done a really good job in trying to hit those targets and in fact, was able to pull in a number of them, which is why we saw the outperform in the first half. And frankly, we didn't want to put a lot more pressure on them when we were talking about what the second half expectations are because I think they've done such a great job, we want to let them continue to do the work they've done.

團隊在努力實現這些目標方面做得非常出色，事實上，他們已經實現了許多目標，這就是我們在上半年看到他們表現出色的原因。坦白說，當我們談論下半場的期望時，我們不想給他們太大壓力，因為我認為他們已經做得非常出色了，我們想讓他們繼續做他們已經做的工作。

There is definitely a runway there. I'm glad you asked the question, though, because to build off of that, I am really excited as we think about 2026 and beyond that because these programs, what we're building with the Rockwell operating model with the continuation of these projects that are underway right now, but then also when we think about volumes starting to come back up, I think there's a really good opportunity to expand the margins.

那裡一定有一條跑道。不過，我很高興你問了這個問題，因為在此基礎上，當我們想到 2026 年及以後時，我感到非常興奮，因為這些項目，我們正在用羅克韋爾運營模式構建，繼續進行目前正在進行的這些項目，但當我們想到產量開始回升時，我認為這是擴大利潤率的一個非常好的機會。

I'm not in a position to give you an exact number yet. I'm sure you were fully expecting that answer. But I'm not going to sign up for that number yet, but I do think when we continue through the remainder of this year and start talking about '26, we'll be revisiting that.

我還不能給你一個確切的數字。我確信您一定期待這個答案。但我現在還不打算接受這個數字，但我確實認為，當我們度過今年剩餘時間並開始談論 26 時，我們會重新考慮這個數字。

That's very helpful, guys. And then bigger question, I think you've talked about gradually improving orders previously, improving orders in sales throughout the year. We could see what your revenue guidance is, but is that still the expectation for orders? I know you don't really want to get -- talk about orders anymore, but is the expectation that generally, you deliver book-to-bill close to 1 for the rest of the year, given the macro environment as it currently stands. And when you look at the improvement in orders that you've seen, how much is driven by, for instance, your machine builders actually order again after that long period of destocking?

夥計們，這非常有幫助。然後是更大的問題，我想您之前已經談到過逐步提高訂單量，並提高全年的銷售訂單量。我們可以看到您的收入預期，但這仍然是訂單預期嗎？我知道您真的不想再談論訂單了，但考慮到目前的宏觀環境，我們預計您在今年剩餘時間內的訂單出貨比將接近 1。當您看到訂單量有所改善時，其中有多少是由於您的機器製造商在經過長時間的去庫存之後再次下單所致？

Yeah. So I'll start with this and Blake can jump in if he has additional comments to make. But generally, for the full year fiscal '25, we're looking for a book-to-bill of around 1, which is right about where we are for the first half. So yes, that incremental improvement that we're talking about for the remainder of the year in sales, we're also expecting that in orders.

是的。因此我將從這個開始，如果 Blake 還有其他評論的話，他也可以加入。但總體而言，對於 25 財年全年，我們預計訂單出貨比約為 1，這與上半年的水平大致相同。所以是的，我們談論的今年剩餘時間銷售額的逐步改善，我們也期待訂單的改善。

A little nuance around that is that we did talk about in Q1 that we did have some orders that were slated for shipment later in the year. And so those are -- that's part of the backlog that I talked about in my prepared comments that helps us feel good about what we're looking at for Q4. So generally, that -- again, I think the book-to-bill number right around 1 and that we'll get that continuous ramp. On the machine builder side, Blake, do you want to take that one?

關於這一點的一點細微差別是，我們在第一季確實談到過，我們確實有一些計劃在今年稍後發貨的訂單。所以這些就是我在準備好的評論中談到的積壓工作的一部分，它有助於我們對第四季度的展望感到滿意。所以一般來說，我認為訂單出貨比大約在 1 左右，而且我們會獲得持續的成長。在機器製造商方面，布萊克，你想接手這個嗎？

Sure. Broadly, stronger performance across the company in products versus the more capital-intensive projects and a significant portion of that product flow does come from machine builders as they move past the overstock situations that we talked so much about last year.

當然。總體而言，與資本密集型項目相比，整個公司的產品表現更為強勁，而且很大一部分產品流確實來自機器製造商，因為他們已經擺脫了我們去年多次討論的庫存過剩狀況。

Yeah. And I think maybe just to build off of that, a touch more the -- we talked last quarter about the Italian machine builder market continuing to improve. I think we saw that expand a little bit more in the second quarter. And when you see that demand coming in and that we are getting higher shipment levels, obviously, that's a very strong indication that they're not sitting on a ton of excess stock.

是的。我認為也許只是為了在此基礎上再進一步——我們上個季度談到了義大利機械製造商市場持續改善。我認為我們在第二季度看到了這一趨勢的進一步擴大。當你看到需求增加，而且我們的出貨量增加時，顯然，這是一個非常強大的跡象，表明他們並沒有積壓大量過剩庫存。

Yeah. And just the other point that's worth mentioning is we talked about really good adoption of our new products, the innovation that we've invested in over the last few years, offerings like FactoryTalk Optix, our on-machine portfolio of Armor PowerFlex and motion, those are really getting a great response from machine builders and provide us new ways to win there.

是的。值得一提的另一點是，我們談到了我們新產品的良好採用，我們在過去幾年中投資的創新，例如 FactoryTalk Optix、我們的 Armor PowerFlex 和運動機上產品組合等產品，這些都得到了機器製造商的熱烈響應，並為我們提供了在那裡取勝的新方法。

Appreciate all the color.

欣賞所有的色彩。

Julian Mitchell, Barclays.

巴克萊銀行的朱利安·米切爾。

Hi. Good morning. Maybe just the first question, I wanted to try and home in a little bit more on the third quarter. So I just wanted to confirm it's sort of sales up low single digits, a margin maybe of 21%. And so does that mean even with the tax rate headwind year-on-year sort of EPS is up in Q3? And within that, I wanted to understand kind of the PLC market, how quickly is that coming back up off the bottom?

你好。早安.也許只是第一個問題，我想嘗試更多地關注第三季度。所以我只是想確認它的銷售額成長了個位數，利潤率大概是 21%。那麼這是否意味著即使稅率面臨阻力，第三季的每股盈餘仍會年增？在此基礎上，我想了解 PLC 市場的情況，它從谷底回升的速度有多快？

Yeah, Julian, I'll start on the EPS question and general profitability and then we'll have Blake talk about the PLC demand side. When we're talking about the EPS number, you mentioned a 21% for segment operating margins, didn't actually confirm that, that was the number mostly around just second half and kind of for the full year, we're looking at that 20%. To give you a ballpark on EPS for Q3 $2.60-ish is the neighborhood we're thinking, which I believe would be down slightly year-over-year.

是的，朱利安，我將首先討論 EPS 問題和整體獲利能力，然後布萊克將討論 PLC 需求方面。當我們談論每股盈餘數字時，您提到了分部營業利潤率為 21%，但實際上並沒有證實這一點，這個數字主要是下半年左右的數字，對於全年而言，我們預計為 20%。為了給您第三季每股收益的大致數字，我們認為該數字在 2.60 美元左右，我認為與去年同期相比會略有下降。

Yeah. Regarding Logix, we're having a really good year and there's more room to run. The units of Logix being shipped are still not quite back to pre-COVID levels. So there's opportunity there. We've talked before about seeing modest share gains in our controllers. New innovation from things like FactoryTalk design studio that I mentioned before.

是的。對 Logix 來說，今年我們表現得非常好，還有更大的發展空間。出貨的 Logix 數量仍未完全恢復到疫情前的水準。因此，那裡有機會。我們之前曾談到我們的控制器的份額會適度增長。我之前提到的 FactoryTalk 設計工作室等的新創新。

So I'm very happy with the performance to date with Logix. And as we see continued recovery on the machine builder side, of course, that's right at the core of a lot of their systems. So we expect that to continue.

所以我對 Logix 到目前為止的表現非常滿意。正如我們所看到的，機器製造商方面正在持續復甦，這當然是他們許多系統的核心。因此我們預計這種情況將會持續下去。

That's helpful. Thank you. And then just my follow-up would be around the operating leverage assumptions, and I understand you don't want to get into kind of productivity savings guidance for 2026 and so forth. But you are sort of on the -- you are starting a revenue recovery now year-on-year this quarter.

這很有幫助。謝謝。然後我的後續問題將圍繞經營槓桿假設，我知道您不想談論 2026 年的生產力節約指導等等。但您現在正處於—本季您的營收開始年比復甦。

And just to understand the operating leverage assumption in that recovery, I think it's around sort of 40%-or-so incremental margins, it looks like, exiting the year in your guide. I just wanted to confirm if that's roughly the right ballpark of what you should see early in the sort of cyclical recovery phase for your top line?

為了理解復甦中的經營槓桿假設，我認為您的指南中今年的增量利潤率約為 40% 左右。我只是想確認一下，這是否大致就是您在週期性復甦階段初期應該看到的營業收入的大致情況？

Sure. Julian, we have overall talked for the last couple of years around what we think our incrementals should look like as an organization. We debuted at Investor Day 1.5 years ago, reiterated it at Investor Day last year. And that number that we're signing up for is 35% incrementals. And I definitely recognize that at various points in the cycle, that number could be up or down, again, depending on what's going on with volume, and of course, getting a little better volume ramp can certainly help that number as well. So mathematically, that's where I would put it as far as exactly where we're looking for '26. I'm not ready to talk about it yet.

當然。朱利安，過去幾年來，我們一直在討論作為一個組織，我們的增量應該是什麼樣的。我們在一年半前的投資者日首次亮相，並在去年的投資者日重申了這一點。我們簽的數字是 35% 的增量。我確實認識到，在周期的各個階段，這個數字可能會上升或下降，同樣，這取決於成交量的情況，當然，成交量稍微好一點肯定也會對這個數字有所幫助。所以從數學上來說，這就是我要找的『26』的位置。我還沒準備好談論它。

Yeah. We've talked about a prudent approach to managing costs. And while we are adding back some heads, prioritizing on new product innovation and customer-facing resources, we're still more than 10% below our peak headcount. And we continue to look very closely at that. So as we do see the return to growth on the top line, we're very cognizant of managing spending levels.

是的。我們討論了管理成本的審慎方法。儘管我們正在增加一些員工，優先考慮新產品創新和客戶導向的資源，但我們的員工人數仍比高峰人數低 10％ 以上。我們將繼續密切關注此事。因此，當我們確實看到營收恢復成長時，我們非常清楚管理支出水準。

Great. Thank you.

偉大的。謝謝。

Joe O'Dea, Wells Fargo.

富國銀行的喬·奧迪亞。

Hi, good morning. Thanks for taking my questions. Can you just dig in on the tariffs a little bit and $125 million and give a little bit of color on the breakdown of that exposure when we think about China and other parts of it? And then related to that, how you think about your positioning in this environment and given your footprint and you talk about your versus kind of key competitors and whether there are any advantages there that you can exploit?

嗨，早安。感謝您回答我的問題。您能否深入探討關稅問題以及 1.25 億美元的關稅，並詳細說明一下當我們考慮中國和其他地區時，這一風險的明細？然後與此相關，您如何看待自己在這種環境中的定位，考慮到您的足跡，您與主要競爭對手相比有何不同，以及您是否有可以利用的優勢？

Sure. So Joe, I'll hit on a few of the data points first, and then Blake can jump in on the footprint side of it. So last quarter, we talked about our exposure levels. And what we bring into the US from Mexico is in the neighborhood of $350 million, what comes into the US from Canada and China is in the neighborhood of $100 million each.

當然。所以喬，我首先會談到幾個數據點，然後布萊克可以談談它的足跡方面。上個季度，我們討論了我們的曝光水平。我們從墨西哥出口到美國的資金約為 3.5 億美元，從加拿大和中國向美國出口的資金分別約為 1 億美元。

Importantly, USMCA compliance the vast majority of what's coming in from Mexico and Canada is USMCA compliant. When we talk about what's going into China that will be subject to tariffs. Again, Blake used the data point earlier, and I'm just going to give it back as a reference that China for us is a little bit less than 3% of sales -- sorry, a little bit less than 4% of sales, pardon me.

重要的是，符合 USMCA 規定，來自墨西哥和加拿大的絕大多數產品都符合 USMCA 規定。當我們談論進入中國的產品時，哪些產品將被徵收關稅。再說一次，布萊克之前使用了數據點，我只是想把它作為參考，中國市場對我們來說只佔銷售額的 3% 不到——抱歉，是 4% 不到，請原諒我。

When we think about what's coming from the US and going into China, I think like teens-ish as a representation of the sales level, that's the percentage of the shipments that are going into China on that side. So that gives you a sense, at least, of the magnitude of each of these. And those import numbers just to make sure, reference-wise, those are fiscal '24 important numbers, that's not the forecast for fiscal '25. Obviously, that can move around a little bit.

當我們考慮從美國進口到中國的貨物時，我認為十幾歲的人數代表了銷售水平，這是從那邊進入中國的貨物的百分比。這樣，至少可以讓您了解每個問題的重要性。這些進口數據只是為了確保，作為參考，這些是 24 財年的重要數字，而不是 25 財年的預測。顯然，這可能會有一點變動。

Yeah. Just a couple of additional comments. Our US manufacturing facilities provide more revenue for Rockwell than any other country. So just to frame it up that way. And again, a lot of the redundancy that we put in place during the supply chain crisis is really serving us well.

是的。僅補充幾點意見。我們的美國製造工廠為羅克韋爾創造的收入比其他國家都多。所以就用這種方式來建構它。再次強調，我們在供應鏈危機期間實施的大量冗餘措施確實對我們很有幫助。

We make Logix in the US. We also have that capability in Singapore. We have manufacturing multiple places around the world for our major product lines. I talked about the recent announcement of Clearpath expanding to the US. It certainly gives us a benefit in terms of reducing tariff costs. It also provides needed capacity for the kind of growth we expect to continue to see as well as resiliency.

我們在美國生產 Logix。我們在新加坡也具備這種能力。我們的主要產品線在世界各地設有多個製造基地。我談到了 Clearpath 最近宣布擴展到美國的消息。從降低關稅成本的角度來說，這無疑為我們帶來了好處。它也為我們期望繼續看到的成長和彈性提供了所需的能力。

And then within the guide, the unchanged range, is that kind of price up about 1.5% volume down an equivalent amount? And then just related to that volume that primarily auto and some process markets?

那麼在指引範圍內，不變的範圍內，價格上漲約 1.5%，成交量下跌是否等量呢？那麼這是否與主要汽車和一些流程市場相關的數量有關？

So we've talked about the uncertainty that kept the organic range unchanged. And pricing from tariff-related cost is a piece of that, continuing to watch closely for any signs to manage prebuys. And then the timing of when those CapEx-intensive projects return is another piece of it because those CapEx-intensive projects typically carry with them a longer lead time.

所以我們討論了導致有機範圍保持不變的不確定性。與關稅相關的成本定價是其中的一部分，繼續密切關注任何管理預購的跡象。然後，這些資本支出密集型項目何時返回是另一個因素，因為這些資本支出密集項目通常需要更長的準備時間。

So we've got lots of backlog that supports the guide already in place. The question of when new orders would come in, some of which would be recognized in the back half of the year is another element of uncertainty. So that's why we've taken the approach that we have.

因此，我們已經有大量支持該指南的積壓工作。新訂單何時到來（其中一些將在下半年確認）是另一個不確定因素。這就是我們採取這種方法的原因。

Got it. Thank you.

知道了。謝謝。

Julian, we will take one more question.

朱利安，我們再回答一個問題。

Nigel Coe, Wolfe Research.

沃爾夫研究公司的奈傑爾·科伊。

Wow. Okay. Thanks. Just beat the bell there. Thanks for the question. So Christian, I just wanted to clarify the comment on the China kind of US to China exports. So I think you said -- if I heard it rightly, roughly 4% of sales and a teens portion of that 4% is imported into China. Is that right?

哇。好的。謝謝。只要敲響那裡的鈴聲即可。謝謝你的提問。所以克里斯蒂安，我只是想澄清一下關於美國對華出口的評論。所以我認為您說的是——如果我沒聽錯的話，大約有 4% 的銷售額和 4% 中的十分之一進口到了中國。是嗎？

That's correct.

沒錯。

Okay. That's great. Just trying to figure out, because by the time we convene there could be very different rates and systems in place. I just wanted to understand the sensitivity. And then good color on 3Q. I'm just wondering if you can provide any color on how you see the setup by segments? And I'd be particularly interested to see if Lifecycle Services might be back to growth in 3Q?

好的。那太棒了。只是想弄清楚，因為當我們召開會議時，可能會有非常不同的費率和系統。我只是想了解這種敏感性。然後 3Q 的顏色就很好了。我只是想知道您是否可以提供一些關於如何按部分查看設定的詳細資訊？我特別感興趣的是生命週期服務是否會在第三季恢復成長？

Yeah. So we didn't actually give the color by segment for the quarter. We did give color by segment for the remainder of the year to give you a kind of a full year view. So probably not going to get into the detail around individual segments at the moment, just because, again, I'm not sure that it's going to provide a ton of value.

是的。因此我們實際上並沒有給出該季度各個部分的顏色。我們確實對今年剩餘的時間按部分進行了著色，以便讓您了解全年的情況。因此，目前可能不會深入討論各個部分的細節，因為我不確定它是否能提供很大的價值。

And as we talked about, we have had a couple of changes around we're seeing some outperformance in certain parts of our business and the capital-intensive side of the business are moving around a little bit right now. And so the nuance of quarter-to-quarter is a little bit more difficult right now. But again, we feel really good about the team's ability to execute.

正如我們所討論的，我們已經進行了一些變革，我們看到我們業務的某些部分錶現優異，而業務的資本密集型方面目前正在略有好轉。因此，現在季度間的細微差別有點困難。但我們再次對團隊的執行能力感到非常滿意。

And then just quickly on the 3Q versus 4Q, would you expect the tariffs impact to be roughly similar?

然後簡單回顧一下第三季和第四季度，您認為關稅的影響會大致相同嗎？

Yeah. Generally, we're expecting -- I mean, obviously, the tariff impact that we have, we're incurring them right now, yes.

是的。總的來說，我們預計——我的意思是，顯然，我們現在正在承受關稅的影響，是的。

Yeah. Okay, great. Thank you.

是的。好的，太好了。謝謝。

That concludes today's call. Thank you for joining us today.

今天的電話會議到此結束。感謝您今天加入我們。

At this time, you may disconnect. Thank you.

這時，您可以斷開連線。謝謝。