特靈科技 (TT) 2024 Q2 法說會逐字稿

Good morning. Welcome to the Trane Technologies Q2 2024 earnings conference call. My name is Adam, and I'll be your operator for the call. (Operator Instructions)

早安.歡迎參加特靈科技 2024 年第二季財報電話會議。我的名字是 Adam，我將擔任您的通話接線生。（操作員說明）

I would now like to turn the call over to Zac Nagle, Vice President of Investor Relations.

我現在想將電話轉給投資者關係副總裁 Zac Nagle。

Thanks, operator. Good morning, and thank you for joining us for Trane Technologies' second-quarter 2024 earnings conference call. This call is being webcast on our website at tranetechnologies.com, where you'll find the accompanying presentation. We're also recording and archiving this call on our website.

謝謝，接線生。早安，感謝您參加特靈科技 2024 年第二季財報電話會議。本次電話會議正在我們的網站 tranetechnologies.com 上進行網路直播，您可以在其中找到隨附的簡報。我們也在我們的網站上記錄並存檔了這通通話。

Please go to slide 2. Statements made in today's call that are not historical facts are considered forward-looking statements and are made pursuant to the Safe Harbor provisions of federal securities law. Please see our SEC filings for a description of some of the factors that may cause our actual results to differ materially from anticipated results.

請轉到投影片 2。今天的電話會議中所做的非歷史事實的陳述被視為前瞻性陳述，並且是根據聯邦證券法的安全港條款做出的。請參閱我們向 SEC 提交的文件，以了解可能導致我們的實際結果與預期結果有重大差異的一些因素的描述。

This presentation also includes non-GAAP measures, which are explained in the financial tables attached to our news release.

本簡報還包括非公認會計準則衡量標準，這些衡量標準在我們新聞稿所附的財務表格中進行了解釋。

Joining me on today's call are David Regnery, Chair and CEO; and Chris Kuehn, Executive Vice President and CFO.

與我一起參加今天電話會議的還有董事長兼執行長 David Regnery；克里斯‧庫恩（Chris Kuehn），執行副總裁兼財務長。

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

這樣，我會將電話轉給戴夫。戴夫？

Thanks, Zac, and everyone for joining today's call. As we begin, I'd like to spend a few minutes on our purpose-driven strategy, which enables our differentiated financial results over time. Our purpose is centered on creating a more sustainable world and our strategy is aligned to powerful megatrends like energy efficiency, decarbonization and digital transformation.

感謝札克和大家參加今天的電話會議。在我們開始之前，我想花幾分鐘討論我們的目標驅動策略，該策略使我們能夠隨著時間的推移實現差異化的財務表現。我們的目標是創造一個更永續的世界，我們的策略與能源效率、脫碳和數位轉型等強大的大趨勢保持一致。

We're all seeing the dire effects of climate change, and governments, NGOs and companies around the world are increasingly taking action. We're hearing a lot about the need to invest in renewables and green the grid. What we're not talking enough about is demand-side management. That's where Trane Technologies comes in.

我們都看到了氣候變遷的可怕影響，世界各地的政府、非政府組織和公司越來越採取行動。我們聽到很多關於投資再生能源和綠色電網的必要性。我們談論得還不夠多的是需求面管理。這就是特靈科技的用武之地。

Most buildings operate up to 30% inefficiently. Through our leading-edge technical solutions and sophisticated controls in AI, we can help our customers significantly reduce energy demand and emissions.

大多數建築物的運作效率低高達 30%。透過我們領先的技術解決方案和先進的人工智慧控制，我們可以幫助客戶大幅減少能源需求和排放。

Our relentless innovation, proven business operating system and uplifting culture enable us to consistently deliver a leading growth profile, strong margins and powerful free cash flow. The end result is strong value creation across the Board for our customers, our shareholders, our employees and for the planet.

我們堅持不懈的創新、經過驗證的業務作業系統和令人振奮的文化使我們能夠始終如一地提供領先的成長狀況、強勁的利潤率和強大的自由現金流。最終結果是為我們的客戶、股東、員工和地球創造強大的價值。

Please turn to slide number 4. In the second quarter, we extended our track record of strong execution. Our global team delivered robust performance across the Board, not only bolstering our outlook for 2024, but strengthening our visibility to another year of leading performance in 2025.

請翻到第 4 張投影片。在第二季度，我們延續了強勁執行力的記錄。我們的全球團隊在各方面都取得了強勁的業績，不僅增強了我們對 2024 年的展望，而且增強了我們對 2025 年又一個領先業績的一年的預見性。

Bookings continue to be exceptional, with healthy momentum into the back half of 2024, as our pipeline of projects continues to grow. Q2 bookings of $5.3 billion rose to an all-time high, up 5% from our prior high in the first quarter and up 19% versus the prior year.

隨著我們的專案不斷增加，預訂量繼續保持出色狀態，並在 2024 年下半年保持健康勢頭。第二季預訂量達到 53 億美元，創歷史新高，比第一季的前期高點成長 5%，比去年同期成長 19%。

Organic revenues were up 13%, with strong execution through the P&L, delivering 23% adjusted EPS growth. Notably, we continued to reinvest heavily in our business and accelerated key strategic investments, further strengthening our competitive positioning for continued market outgrowth.

有機收入成長 13%，損益表執行力強勁，調整後每股盈餘成長 23%。值得注意的是，我們繼續對業務進行大量再投資，並加快關鍵策略投資，進一步增強我們的競爭地位，以實現持續的市場成長。

Booking strength continued to be led by our commercial HVAC businesses, where we're seeing broad-based growth. In top growth verticals, such as data centers, market projections call for an exceptionally strong multiyear CapEx cycle and high levels of project complexity play to our unique strengths. The power of our elite direct sales force, deep customer relationships and leading innovation will enable us to capitalize on the tremendous opportunities ahead.

我們的商業暖通空調業務繼續引領預訂量成長，我們看到了該業務的廣泛成長。在資料中心等成長最快的垂直產業，市場預測需要異常強勁的多年資本支出週期，而高水準的專案複雜性發揮了我們獨特的優勢。我們精英直銷隊伍的力量、深厚的客戶關係和領先的創新將使我們能夠抓住未來的巨大機會。

As the leading applied solution provider, we are driving significant market outgrowth in the most attractive high-growth verticals in commercial HVAC. As an example, Q2 revenues of our Americas applied solution are up approximately 90% on the three-year stack. We estimate that our applied systems carry an 8 times to 10 times multiple of higher margin service revenue over the life of the equipment. So we're also excited about the service opportunities that lie ahead.

作為領先的應用解決方案供應商，我們正在推動商業暖通空調領域最具吸引力的高成長垂直市場的顯著市場成長。例如，我們美洲應用解決方案的第二季營收在三年內成長了約 90%。我們估計，我們的應用系統在設備的使用壽命內帶來 8 倍到 10 倍的高利潤服務收入。因此，我們也對未來的服務機會感到興奮。

Our robust bookings momentum and exceptional backlog of $7.5 billion provides strong visibility into the remainder of 2024 and increasing visibility into 2025. Our backlog includes $2.8 billion for 2025 and beyond, which is the level of backlog we would historically see entering a new year and we're only halfway through 2024.

我們強勁的預訂動能和 75 億美元的超額積壓訂單為我們提供了 2024 年剩餘時間和 2025 年的清晰可見性。我們的積壓訂單包括 2025 年及以後的 28 億美元，這是我們歷史上進入新的一年時看到的積壓水平，而 2024 年才剛剛過半。

All in, we're confident in raising our full-year revenue and EPS guidance, which would deliver our fourth consecutive year of 20% or greater adjusted EPS growth. Chris will cover guidance in more detail in a few minutes.

總而言之，我們有信心提高全年營收和每股盈餘指引，這將實現我們連續第四年實現 20% 或更高的調整後每股盈餘成長。克里斯將在幾分鐘內更詳細地介紹指導。

Please go to slide number 5. In our Americas segment, our commercial HVAC business delivered industry-leading performance. Bookings were up more than 20% in the quarter. Revenue was up mid-20s and broad base across vertical markets, with equipment up more than 30% and services up high-teens. In residential, the team delivered very strong results, with bookings up more than 30% and revenues up low-teens.

請轉到第 5 張投影片。在美洲業務領域，我們的商用暖通空調業務實現了業界領先的業績。本季度預訂量增加了 20% 以上。收入增長了 20 多歲，垂直市場基礎廣泛，設備增長了 30% 以上，服務增長了十幾歲。在住宅領域，該團隊取得了非常強勁的業績，預訂量成長了 30% 以上，收入成長了十幾歲。

Turning to transport, the business performed as expected. Revenues were down high-teens against a tough comp of more than 30% growth in the prior year. The two-year stack growth was more than 10% and well ahead of the market, which was down mid-teens. Bookings were solid, up low-single digits.

運輸方面，業務表現符合預期。與前一年超過 30% 的強勁成長相比，收入下降了十幾個百分點。兩年堆疊成長超過 10%，遠領先市場，而市場則下降了 10%。預訂量穩定，成長了低個位數。

In EMEA, commercial HVAC strength continues, with bookings up 20%. Revenues were also strong, up high-single digits in the quarter and up over 25% on a two-year stack. Our transport business performed in line with our expectations, with bookings and revenue both down modestly.

在歐洲、中東和非洲地區，商用暖通空調持續保持強勁勢頭，預訂量增加了 20%。營收也很強勁，本季實現高個位數成長，兩年成長超過 25%。我們的運輸業務表現符合我們的預期，預訂量和收入均略有下降。

Turning to Asia, results were in line with our expectations for the second quarter. Asia-Pacific bookings were flat, while China bookings were up mid-single digits. Revenues were down low single digits on a tough prior year comp of 40% growth. We're pleased with our performance through the first half and expect Asia-Pacific to have another solid year overall.

轉向亞洲，第二季業績符合我們的預期。亞太地區的預訂量持平，而中國的預訂量則成長了中個位數。與去年 40% 的艱難成長相比，收入下降了低個位數。我們對上半年的表現感到滿意，並預計亞太地區將迎來另一個穩健的一年。

Now, I'd like to turn the call over to Chris. Chris?

現在，我想把電話轉給克里斯。克里斯？

Thanks, Dave. Please turn to slide number 6. This slide provides a snapshot of our performance in the second quarter and highlights continued strong execution, top to bottom. Organic revenues were up 13%, adjusted EBITDA and operating margins were both up 140 basis points, and adjusted EPS was up 23%.

謝謝，戴夫。請翻到第 6 張投影片。這張投影片提供了我們第二季業績的快照，並強調了自上而下持續強勁的執行力。有機收入成長 13%，調整後 EBITDA 和營業利潤率均成長 140 個基點，調整後每股盈餘成長 23%。

At an enterprise level, we delivered strong organic revenue growth in both equipment and services, up low-teens and mid-teens, respectively. Our high-performance flywheel continues to pay dividends, with relentless investments and innovation driving strong topline growth, margin expansion and EPS growth.

在企業層面，我們在設備和服務方面實現了強勁的有機收入成長，分別實現了低雙位數和中雙位數的成長。我們的高性能飛輪繼續帶來紅利，不懈的投資和創新推動了強勁的營收成長、利潤率擴張和每股盈餘成長。

Please turn to slide number 7. At the enterprise level, we delivered robust volume growth with strong incrementals, positive price realization and productivity that more than offset inflation and continued high levels of business reinvestment.

請翻到第 7 張投影片。在企業層面，我們實現了強勁的銷售成長、強勁的增量、積極的價格實現和生產力，足以抵消通貨膨脹和持續高水準的業務再投資。

In our Americas segment, we delivered about 14 points of volume and about 2 points of price. Our Americas commercial HVAC business again outperformed the markets and delivered very strong volume growth of more than 20 points. Adjusted operating margin expansion of 130 basis points was driven by volume growth, productivity and price realization, more than offsetting inflation and high levels of business reinvestment.

在美洲市場，我們的銷量提高了約 14 個點，價格提高了約 2 個點。我們的美洲商用 HVAC 業務再次跑贏市場，銷售成長強勁，增幅超過 20 個百分點。銷售成長、生產力和價格實現推動調整後營業利潤率擴大 130 個基點，足以抵消通貨膨脹和高水準的業務再投資。

In our EMEA segment, we delivered about 4 points of volume and 1 point of price, with strong volume in our commercial HVAC business. Adjusted operating margin expansion of 130 basis points was driven by volume growth, productivity and price realization, more than offsetting inflation and high levels of business reinvestment.

在歐洲、中東和非洲地區，我們的銷量提高了約 4 個點，價格提高了 1 個點，其中商用暖通空調業務的銷量強勁。銷售成長、生產力和價格實現推動調整後營業利潤率擴大 130 個基點，足以抵消通貨膨脹和高水準的業務再投資。

In our Asia-Pacific segment, the team delivered 310 basis points of adjusted operating margin expansion, despite a mid-single-digit volume decline. Strong productivity and positive price realization more than offset inflation and high levels of business reinvestment.

在我們的亞太地區，儘管銷售量出現中個位數下降，但該團隊的調整後營業利潤率仍實現了 310 個基點的擴張。強勁的生產力和積極的價格實現足以抵消通貨膨脹和高水準的商業再投資。

Now I'd like to turn the call back over to Dave. Dave?

現在我想把電話轉回戴夫。戴夫？

Thanks, Chris. Please turn to slide number 8. Our end market segment and business unit outlook is largely unchanged, with some notable exceptions in the Americas segment. First, our Americas commercial HVAC business delivered another very strong quarter of market outgrowth.

謝謝，克里斯。請翻到第8張幻燈片。我們的終端市場和業務部門前景基本上沒有變化，但美洲市場有一些明顯的例外。首先，我們的美洲商業暖通空調業務又實現了強勁的季度市場成長。

While we've highlighted particular strength and key verticals, growth was again broad-based. Revenue growth on a three-year stack was extremely strong, up approximately 45% to 50% in both Q1 and Q2. With our continued positive outlook and exceptional backlog position, we expect three-year stack revenue growth to remain at this high range in the second half of the year.

雖然我們強調了特定的優勢和關鍵垂直領域，但成長同樣是基礎廣泛的。三年來的營收成長非常強勁，第一季和第二季均成長約 45% 至 50%。憑藉我們持續的積極前景和出色的積壓狀況，我們預計三年堆疊收入成長將在今年下半年保持在這一高區間。

Second, our Americas residential business delivered stronger-than-expected growth in the second quarter, in part driven by three factors. The EPA clarification on the refrigerant transition, the normalization of channel inventories and a strong start to the cooling season. We now expect full-year revenue growth to be up mid-single digits.

其次，我們的美洲住宅業務第二季的成長強於預期，部分原因在於三個因素。美國環保署 (EPA) 對冷媒轉型、通路庫存正常化以及冷凍季節的強勁開局做出了澄清。我們現在預計全年營收成長將達到中個位數。

Third, in our Americas transport business, ACT has lowered their outlook for the 2024 transport markets to down mid-teens. Their expectation is for a much softer second half, which they project to be down more than 25%. We expect to outperform the transport markets in 2024. Looking to 2025, ACT projects approximately 15% growth as freight rates improve.

第三，在我們的美洲運輸業務中，ACT 已將 2024 年運輸市場的前景下調至十幾歲左右。他們預計下半年經濟將更加疲軟，預計將下降 25% 以上。我們預計 2024 年的表現將優於運輸市場。展望 2025 年，隨著運費的提高，ACT 預計成長率約為 15%。

Overall, the changes to our outlook in the Americas segment represent a significant net positive to our enterprise outlook for 2024 and gives us confidence in raising our full-year guidance. All other businesses performed largely as expected in the first half and the outlooks for the year are unchanged. We provided additional details on the slide for your reference.

總體而言，我們對美洲業務前景的變化對我們 2024 年的企業前景產生了顯著的淨正面影響，並使我們有信心提高全年指引。上半年所有其他業務的表現基本上符合預期，全年前景保持不變。我們在幻燈片上提供了更多詳細資訊供您參考。

Now, I'd like to turn the call back over to Chris. Chris?

現在，我想把電話轉回給克里斯。克里斯？

Thanks, Dave. Please turn to slide number 9. Our initial 2024 guidance reflected targets that we believed would deliver top quartile performance on organic revenue and adjusted EPS growth for the full year. Halfway through, we're exceeding those objectives.

謝謝，戴夫。請翻到第9張投影片。我們最初的 2024 年指引反映了我們認為將在全年有機收入和調整後每股收益成長方面實現前四分之一業績的目標。到了一半，我們已經超越了這些目標。

Given our strong performance, positive outlook and exceptional backlog, we're raising our organic revenue guidance to approximately 10%, 1.5 percentage points above the midpoint of our prior range of 8% to 9%.

鑑於我們強勁的業績、積極的前景和異常的積壓，我們將有機收入指導提高至約 10%，比之前 8% 至 9% 範圍的中位數高出 1.5 個百分點。

We're also raising our full-year adjusted earnings per share guidance by $0.35 at the midpoint to approximately $10.80, up from a range of $10.40 to $10.50 prior. With this updated guidance, we're poised to deliver our fourth consecutive year of 20% or greater adjusted earnings per share growth.

我們還將全年調整後每股收益指引從先前的 10.40 美元至 10.50 美元上調 0.35 美元，至約 10.80 美元。根據這項更新後的指引，我們預計連續第四年實現 20% 或更高的調整後每股收益成長。

We continue to expect about one point of growth from M&A in 2024, with a negative impact of approximately $30 million to adjusted operating income for the full year, for a negative impact of about 5 points to reported leverage versus organic leverage. We also expect about 1 point of negative FX impact in 2024, effectively offsetting the point of growth from M&A. Net, organic, and reported revenue growth guidance for 2024 are the same, at approximately 10%.

我們繼續預期 2024 年併購將成長約 1 個百分點，對全年調整後營業收入產生約 3,000 萬美元的負面影響，對報告槓桿率與有機槓桿率相比產生約 5 個百分點的負面影響。我們也預期 2024 年匯率負面影響約為 1 個百分點，有效抵銷併購帶來的成長點。2024 年淨收入、有機收入和報告收入成長指引相同，約 10%。

There's no change to our organic leverage target of 25% plus for the year, consistent with our stated long-term target and we continue to expect free cash flow conversion to adjusted net earnings of 100% or greater. For the third quarter, we expect revenue growth of approximately 8.5% and adjusted EPS of approximately $3.15 to $3.20. Please see page 17 for additional information that may be helpful for modeling purposes.

我們今年 25% 以上的有機槓桿目標沒有變化，這與我們既定的長期目標一致，我們繼續預期自由現金流轉換為調整後淨利潤 100% 或更高。我們預計第三季營收成長約 8.5%，調整後每股收益約 3.15 美元至 3.20 美元。請參閱第 17 頁，以了解可能有助於建模的其他資訊。

Please go to slide number 10. We remain committed to our balanced capital allocation strategy, focused on consistently deploying excess cash to opportunities with the highest returns for shareholders. First, we continue to strengthen our core business through relentless business reinvestment. Second, we're committed to maintaining a strong balance sheet that provides us with continued optionality as our markets evolve. Third, we expect to consistently deploy 100% of excess cash over time. Our balanced approach includes strategic M&A that further improves long-term shareholder returns and share repurchases as the stock trades below our calculated intrinsic value.

請轉到第 10 號投影片。我們仍致力於平衡的資本配置策略，專注於持續將多餘現金配置到為股東帶來最高回報的機會。首先，我們透過不斷的業務再投資繼續強化我們的核心業務。其次，我們致力於維持強勁的資產負債表，隨著市場的發展，這為我們提供了持續的選擇空間。第三，我們預計隨著時間的推移，將持續部署 100% 的多餘現金。我們的平衡方法包括策略併購，進一步提高長期股東回報，並在股票交易價格低於我們計算的內在價值時回購股票。

Please turn to slide 11, and I'll provide an update on our 2024 capital deployment. Year-to-date through July, we've deployed $1.1 billion in cash, with $379 million to dividends, approximately $100 million to M&A and $650 million to share repurchases. We have $1.8 billion remaining under the current share repurchase authorization, providing us with strong optionality as our shares remain attractive, trading below our calculated intrinsic value.

請參閱投影片 11，我將提供有關 2024 年資本部署的最新資訊。今年迄今為止，截至 7 月份，我們已部署了 11 億美元現金，其中 3.79 億美元用於股息，約 1 億美元用於併購，6.5 億美元用於股票回購。目前的股票回購授權還剩 18 億美元，這為我們提供了強大的選擇權，因為我們的股票仍然具有吸引力，且交易價格低於我們計算的內在價值。

We continue to have an active M&A pipeline, with potential value accretive opportunities to further improve long-term shareholder returns. For 2024, we expect to deploy approximately $2.5 billion in cash. Our strong free cash flow, liquidity and balance sheet give us excellent capital allocation optionality moving forward.

我們繼續擁有活躍的併購管道，擁有潛在的增值機會，可以進一步提高長期股東回報。到 2024 年，我們預計將部署約 25 億美元的現金。我們強大的自由現金流、流動性和資產負債表為我們提供了良好的未來資本配置選擇。

Now I'd like to turn the call back over to Dave. Dave?

現在我想把電話轉回戴夫。戴夫？

Thanks, Chris. Please go to slide number 13. We discussed the transport markets in our outlook discussion on slide number 8, so I won't cover them again here. However, we've continued to provide this slide for your reference.

謝謝，克里斯。請轉到第 13 號投影片。我們在第 8 幻燈片的展望討論中討論了運輸市場，因此我不會在這裡再次討論它們。不過，我們繼續提供這張投影片供您參考。

Please turn to slide number 14. We operate our transport business for the long-term and while we're moving through a down cycle in 2024, this is a great business with a bright future. ACT projects a trailer market rebound in 2025, up mid-teens and forecasts continued growth through their 2029 forecast horizon.

請翻到第14張投影片。我們長期經營運輸業務，雖然我們將在 2024 年進入下行週期，但這是一項前景光明的偉大業務。ACT 預計拖車市場將在 2025 年反彈，漲幅達到 10%左右，並預測到 2029 年將持續成長。

We have a diversified transport business globally, with opportunities to grow across the portfolio. With leading innovation, strong execution through our business operating system, and a world-class dealer network, we're well-positioned to outperform in any market environment.

我們在全球擁有多元化的運輸業務，並有機會在整個投資組合中成長。憑藉領先的創新、業務作業系統的強大執行力以及世界一流的經銷商網絡，我們處於有利地位，能夠在任何市場環境中脫穎而出。

Please go to slide number 15. In summary, we are well-positioned to drive differentiated growth over time. Our leading innovation, proven business operating system and unmatched culture enable us to consistently deliver top quartile financial performance over the long-term, while continuing to reinvest in our business and we believe our best days are ahead. We have the team, the strategy and the track record to deliver leading performance and differentiated shareholder returns in 2024 and beyond.

請轉到第 15 號投影片。總而言之，我們處於有利地位，可以隨著時間的推移推動差異化成長。我們領先的創新、經過驗證的業務操作系統和無與倫比的文化使我們能夠長期持續提供前四分之一的財務業績，同時繼續對我們的業務進行再投資，我們相信我們最好的日子就在前方。我們擁有團隊、策略和往績記錄，可以在 2024 年及以後實現領先的業績和差異化的股東回報。

And now, we'd be happy to take your questions. Operator?

現在，我們很樂意回答您的問題。操作員？

(Operator Instructions) Julian Mitchell, Barclays.

（操作員指示）朱利安·米切爾，巴克萊銀行。

Hi. Good morning. Maybe just wanted to start with the organic sales growth guidance. Understand sort of some of the year-on-year dynamics. It can depend, if we're looking at one-year, two-year, three-year stacks and so forth. So maybe it's easier to look sequentially.

你好。早安.也許只是想從有機銷售成長指導開始。了解一些同比動態。這可能取決於我們是否考慮一年、兩年、三年等堆疊。所以也許按順序查看會更容易。

And I think the guidance implies sort of flat sales in Q3 sequentially, normally, they're up the last few years, sort of mid-single digits, and then the fourth quarter, I think, is implied down double digits sequentially, and recently, it's been down high singles. So just wondered sort of from a sequential standpoint, anything in particular you're seeing or it's more of just a sort of conservative kind of construct based off the multi-year stacks?

我認為該指導意味著第三季度的銷售量將連續持平，通常情況下，過去幾年銷量有所增長，約為個位數中位數，然後我認為第四季度的銷量將連續下降兩位數，最近，單打已經走下坡了。所以只是想從順序的角度來看，您所看到的任何特別的東西，或者它更像是一種基於多年堆疊的保守結構？

Hey. Good morning, Julian. This is Chris. I'll start. Yeah. Look, we're happy with the guidance we just put forth and raised full-year organic revenue growth target to 10%, up 1.5 points from our prior guide.

嘿。早安，朱利安。這是克里斯。我開始吧。是的。看，我們對剛剛提出的指導感到滿意，並將全年有機收入成長目標提高到 10%，比之前的指導提高了 1.5 個百分點。

Think about the second half of the year as I'll start with commercial HVAC Americas. They're going to have a great year on a full-year basis. As I've talked about in prior calls, the comps versus 2023 are just tougher as you go into the second half of the year.

考慮一下今年下半年，我將從美洲商業暖通空調開始。從全年來看，他們將度過美好的一年。正如我在之前的電話會議中談到的，進入下半年後，與 2023 年的比較會更加艱難。

As a reminder, a year ago, that business grew mid-teens in Q1, high-teens Q2, and the second half of 2023, it grew in the low-20s to mid-20s Q3 and Q4, respectively. So it's going to have a great year.

提醒一下，一年前，該業務在第一季、第二季和2023 年下半年的成長率分別為10 多歲和20 多歲，第三季和第四季分別為20 多歲至20 多歲。所以今年將會是美好的一年。

Think of that second half range. It's probably in the 10% to 12% range in growth. And what's interesting, and we did the math on this, when you think about the first half of 2024 in that business, the three-year revenue stack is a 45% to 50% growth, and it's actually the same when you look at the second half of the year in 2024 as well. It's a 45% to 50% revenue growth over the last three years.

想想後半段的範圍。成長率可能在 10% 到 12% 之間。有趣的是，我們對此進行了計算，當您考慮該業務的 2024 年上半年時，三年收入堆疊將增長 45% 至 50%，當您查看2024 年下半年也是如此。過去三年收入成長了 45% 到 50%。

So it looks really consistent when you think about it over the last several years with a lot of dynamic markets, so to speak, and dealing with supply chain. But they're going to have a great year.

因此，當你考慮過去幾年中許多充滿活力的市場（可以說）以及處理供應鏈時，它看起來確實是一致的。但他們將會度過美好的一年。

Think of transport second half of the year, as Dave called out in his comments. I mean, those markets are expected to be down further than what we even thought three months ago. ACT has called those markets down in the mid-20s in the second half of the year. So we expect that business to be down, but we expect to outperform on the full year.

正如戴夫在評論中所說，想想今年下半年的交通運輸。我的意思是，這些市場預計將比我們三個月前的預期進一步下跌。ACT 稱這些市場在今年下半年將出現 20 多歲的下滑。因此，我們預計該業務將會下降，但我們預計全年的表現將優於大盤。

And then residential, I'll leave it within the Americas, mid-single-digit growth plan for the second half of the year. And could it be better? Yeah, maybe it could be better. It is a bit of a step down from the second quarter, but we're cautiously optimistic about that space. We're very much in the middle of the cooling season right now.

然後是住宅，我將把它留在美洲，下半年的中個位數成長計畫。還能更好嗎？是的，也許會更好。與第二季相比略有下降，但我們對此空間持謹慎樂觀態度。我們現在正處於冷卻季節中期。

We want to really see where it plays out. But maybe I'll end there, that we're confident in the full-year guide and could things get a little bit better in the second half? Maybe. But we'll update you as we get to the call next quarter.

我們想真正看看它的效果如何。但也許我會就此結束，我們對全年指南充滿信心，下半年情況會好一點嗎？或許。但我們會在下個季度接到電話時通知您最新情況。

Thanks very much, Chris. And just my second question on the operating margin outlook. So you've got the higher investments that are sort of pushing the full year up leverage into that mid-20s plus framework after a 30s number in the first half. Anything else we should be aware of for the second half in terms of that margin element? Maybe flesh out anything around mix, perhaps? I suppose if resi and transport are a bit softer, there's a mix negative. Anything else to highlight in terms of, say, price, cost, tailwinds, and also within commercial HVAC mix, anything moving around on applied versus the light side in the back half?

非常感謝，克里斯。這是我對營業利益率前景的第二個問題。因此，你獲得了更高的投資，這在一定程度上將全年槓桿率推高至 20 多歲以上的框架，而上半年的數字為 30 多歲。就保證金元素而言，下半年我們還該注意什麼？也許可以充實混音周圍的任何東西？我想如果樹脂和運輸稍微軟一些，就會出現混合負面影響。在價格、成本、順風方面還有什麼需要強調的，以及在商業暖通空調組合中，後半部應用與光側之間有什麼變化嗎？

Yeah. Good question. I think it's really less about mix of the businesses. When you think about performance last year and EBITDA margins across EMEA, Asia and the Americas, very different mix of businesses. EBITDA margins were fairly consistent across all three of the businesses, actually Asia leading.

是的。好問題。我認為這實際上與業務的混合無關。當你考慮去年的業績和 EBITDA 利潤率時，歐洲、中東和非洲、亞洲和美洲的業務組合截然不同。所有三個業務的 EBITDA 利潤率相當一致，實際上亞洲領先。

But if I think about the second half, this is really where Dave has continued to challenge all of our business units with advancing investments, right? We see it as, and I've seen it for a very long time, with accelerating investments, and as we see high returns on them, that's where I would call it maybe second half of the year. There's a bit of compounding effect of the investments that we began to ramp in the first quarter of this year. Those wind up being a little bit more costly in the second half, but all of them have really strong returns.

但如果我考慮一下下半年，這確實是戴夫繼續透過推進投資來挑戰我們所有業務部門的地方，對吧？我們認為，而且我已經看到它很長一段時間了，隨著投資的加速，我們看到它們的高回報，這就是我所說的可能是今年下半年的情況。我們在今年第一季開始加大的投資產生了一些複合效應。這些在下半年的成本最終會更高一些，但它們都有非常強勁的回報。

So we like the full-year guidance and confidence in 25% or better organic leverage. Let's see where the year plays out. But the focus here is making sure we continuously and relentlessly invest in the business to keep driving this market outgrowth in the next several years and Dave's keeping the pressure on.

因此，我們喜歡全年指導，並對 25% 或更好的有機槓桿率充滿信心。讓我們看看今年的表現如何。但這裡的重點是確保我們持續不斷地對業務進行投資，以在未來幾年繼續推動這一市場的成長，而戴夫將繼續施加壓力。

I'm sitting here smiling at Chris as he's saying that, Julian. So thanks for the questions, but we love investing in our business and we've been able to demonstrate the results of the investments we've been able to make and expect more of that in the future.

當克里斯這麼說時，我坐在這裡對他微笑，朱利安。感謝您提出問題，但我們喜歡對我們的業務進行投資，並且我們已經能夠展示我們已經能夠進行的投資的結果，並期望未來能取得更多的成果。

That's great. Thank you.

那太棒了。謝謝。

Scott Davis, Melius Research.

斯科特·戴維斯，Melius 研究公司。

Hey. Good morning, guys. Today's results have been good, so it's been a good day. So I wanted to just dig in a little bit of backlog. It's kind of your comments about 2 times normal. I'm trying to just tease out what's changed here. Obviously, demand is solid. But are these backlogs 2 times normal largely because lead times have gone up substantially because these projects have gotten bigger and more complex and folks want to get in front of the line? I'm thinking data centers and semi-fabs and things like that. But perhaps I'm overstating that a bit?

嘿。早上好傢伙。今天的結果很好，所以這是美好的一天。所以我想挖掘一點積壓的工作。你的評論大約是正常的兩倍。我只是想弄清楚這裡發生了什麼變化。顯然，需求是強勁的。但是，這些積壓是正常情況的兩倍，主要是因為這些項目變得越來越大、越來越複雜，而人們想要搶先一步，導致交貨時間大幅增加嗎？我正在考慮資料中心和半工廠之類的東西。但也許我有點誇大了？

Yeah. It's a great question, Scott. I would say that we should maybe challenge ourselves as to what's normal, okay. We're a lot bigger business than we were four years ago, obviously. Lead times, that's not -- I would say that's -- I would say lead times are back to what I would call a normal rate.

是的。這是一個很好的問題，斯科特。我想說，我們也許應該挑戰自己，看看什麼是正常的，好吧。顯然，我們的業務比四年前大得多。交貨時間，這不是——我想說的是——我想說的是，交貨時間回到了我所說的正常水平。

For data centers, for sure. We have data center customers that are providing us visibility to their needs well in advance than, say, maybe some of the other verticals. So that's a part of it. But look, we're seeing tremendous strength, really, in almost all verticals.

對於資料中心來說，這是肯定的。我們的資料中心客戶比其他一些垂直行業提前讓我們了解他們的需求。這就是其中的一部分。但是看，我們確實在幾乎所有垂直領域都看到了巨大的力量。

As we looked in the Americas in our commercial HVAC business in the quarter, I think we spoke before, we tracked 14 different verticals. It was hard for us to find a vertical that was down. So we just have broad-based strength. We certainly are seeing a lot of demand in the high growth verticals like data centers, but we're also seeing nice demand in other verticals as well.

當我們在本季度考察美洲的商業暖通空調業務時，我想我們之前說過，我們追蹤了 14 個不同的垂直領域。我們很難找到一個向下的垂直方向。所以我們只是擁有廣泛的實力。我們當然看到資料中心等高成長垂直行業的大量需求，但我們也看到其他垂直行業的良好需求。

Okay. Helpful. And then China, the bookings are up and I know it can be a little bit lumpy, for sure. But is there an indication that China is bottomed? I think kind of -- I guess my question is kind of A, on the macro side, but B, you guys are probably getting some outgrowth, I would imagine there. So if you have some color around that, B.

好的。有幫助。然後是中國，預訂量增加，我知道肯定會有點不穩定。但是否有跡象顯示中國已經觸底？我想－我想我的問題是A，在宏觀方面，但B，我想你們可能會得到一些成果。所以如果你有一些關於它的顏色，B.

Yeah. I'd say it's a good question, Scott. I mean, Asia is less than 10% of the revenue for the enterprise. Okay. Think of it 50% China, 50% the rest of Asia. In the quarter, the region performed as we expected. Revenues were flat. I would tell you that we did see some choppiness in China towards the back half of the quarter. So we have our eyes wide open on that. But I would also tell you that we have that baked into our guide for the year.

是的。我想說這是個好問題，史考特。我的意思是，亞洲只佔企業收入的不到 10%。好的。想想看，50%是中國，50%是亞洲其他地區。本季度，該地區的表現符合我們的預期。收入持平。我想告訴你，我們確實看到本季後半段中國市場出現了一些波動。所以我們對此睜大眼睛。但我還要告訴你，我們已將其納入今年的指南中。

So I wouldn't say that China has bottomed. We performed well there. Our team is executing at a very high level. We were a very seasoned team there. A lot of innovations in their pipeline there that they're rolling out into the marketplace. But just to be clear, getting orders in China are pretty dynamic right now.

所以我不會說中國已經觸底。我們在那裡表現得很好。我們的團隊正在以非常高的水平執行。我們是一支經驗豐富的團隊。他們正在將許多創新推向市場。但要先明確的是，目前在中國獲得訂單的情況非常活躍。

Okay. Congrats, Dave. Thanks. I'll pass it on.

好的。恭喜，戴夫。謝謝。我會把它傳遞下去。

Andy Kaplowitz, Citigroup.

安迪‧卡普洛維茨，花旗集團。

Good morning, everyone. Nice quarter. Dave, just a little bit more about bookings and backlog momentum going forward. We know you've more difficult order comparisons coming up, but could you maintain book-to-bill ladder over 1 times? And then the renewed momentum in Americas commercial HVAC, I know you just said it was relatively broad-based, including data centers, but how long do you think this elevated bookings environment could last and at what point do strong orders give you confidence that 2025 should be another strong earnings growth year or even a double-digit growth year?

大家，早安。不錯的季度。戴夫，請多介紹一下未來的預訂和積壓動能。我們知道您即將進行更困難的訂單比較，但是您能否將訂單到帳單的階梯保持在 1 倍以上？然後是美洲商業暖通空調的新勢頭，我知道您剛才說它的基礎相對廣泛，包括數據中心，但您認為這種高增長的預訂環境可以持續多久，強勁的訂單在什麼時候會讓您對2025 年充滿信心應該是另一個強勁的獲利成長年，甚至是兩位數的成長年？

Yeah. I'm not going to forecast our incoming order rates for the rest of the year. I will tell you that we're going to have a backlog that'll be very strong going into 2025, much like you saw us at the beginning of 2024. We already have 2.8 billion booked for 2025 and I mean, that's a number that we haven't talked about that size of a number in the past. So we're very confident there.

是的。我不會預測今年剩餘時間的收到訂單率。我會告訴你，到 2025 年，我們的積壓量將會非常大，就像你在 2024 年初看到的那樣。我們已經為 2025 年預訂了 28 億人次，我的意思是，我們過去從未談論過這個數字。所以我們對此非常有信心。

As far as the demand that we're seeing, look, we're seeing a lot of demand and I emphasize it's broad-based, right? It's not just in the high growth verticals because we're very strong there, but it's broad-based and it really has to do with a lot of our innovation and our ability to execute.

就我們所看到的需求而言，我們看到了很多需求，我強調它的基礎廣泛，對嗎？這不僅僅是在高成長的垂直領域，因為我們在那裡非常強大，而且它的基礎廣泛，而且確實與我們的大量創新和執行能力有關。

And with our direct sales force, we go to where the opportunities are. Our teams are highly technical and we're winning in the marketplace. It's that simple. And I couldn't be prouder of what that team's been able to execute.

憑藉我們的直銷團隊，我們會找到機會所在。我們的團隊技術精湛，我們正在市場上獲勝。就是這麼簡單。我為團隊所取得的成就感到無比自豪。

And by the way, we're talking a lot about the Americas, but I would tell you that our commercial HVAC business in Europe also performed extremely well. Their order rates were up 20%. So you could see that investing in the business, always having that long-term vision as to where you want to go and the payback that you get for that, this is a flywheel, as Chris would say, and we're seeing the impacts of that and that flywheel is going to continue to spin for us.

順便說一句，我們談論了很多關於美洲的事情，但我想告訴你，我們在歐洲的商業暖通空調業務也表現得非常好。他們的訂單率上升了 20%。因此，你可以看到，投資於業務，始終對自己想去的地方以及為此獲得的回報抱有長期願景，正如克里斯所說，這是一個飛輪，我們正在看到其影響那個飛輪將繼續為我們旋轉。

Thanks for that. Yeah. I tried there to get to the forecast bookings. Oh, well. So let me then ask you a follow-up. Chris, you kind of alluded to resi and the strength that you're seeing. It looks like revenues in the first half were already up mid-single digits plus. Orders accelerate obviously in Q2 up 30%. I know you said you want to be conservative, but really is mid-single-digit growth the minimum for the year and what did you -- what have you seen so far during the cooling season?

感謝那。是的。我嘗試在那裡獲取預測預訂。那好吧。那麼讓我問你一個後續問題。克里斯，你提到了雷西和你所看到的力量。看起來上半年的收入已經成長了中個位數以上。第二季訂單明顯加速，成長30%。我知道你說過你想要保守，但實際上，中個位數成長是今年的最低成長，到目前為止，在降溫季節你看到了什麼？

Andy, good question. Yeah. I think mid-singles is probably the floor for the business. Could it be better? Yeah, we think it could be better. But as you know, bookings in that business, it's less important. It's really around seeing through the entire cooling season. As you know, there's a refrigerant transition that's happening later into this year, into next year, and we're ready for that. We can certainly answer any questions there as well. But we've got a lot of confidence in that team. It's been a challenging market leading into this cooling season for about a year, year and a half. But yeah, we feel like could that be better? It could be better. But let's see how the year kind of plays itself out.

安迪，好問題。是的。我認為中單可能是該業務的地板。還能更好嗎？是的，我們認為這可能會更好。但如您所知，在該業務中，預訂並不那麼重要。這實際上是為了了解整個冷卻季節。如您所知，今年稍後、明年將發生冷媒轉型，我們已為此做好準備。我們當然也可以在那裡回答任何問題。但我們對這支球隊充滿信心。進入這個冷卻季節大約一年半以來，這是一個充滿挑戰的市場。但是，是的，我們覺得這樣會更好嗎？它可以更好。但讓我們看看這一年會如何發展。

Yeah. Andy, as I said in our prepared remarks, look, three reasons why we did so much better in resi in the second quarter. One is the clarification on the refrigerant transition. The second is certainly the inventory is at what we would call a normal level in the channel list through our independent wholesale distributors.

是的。安迪，正如我在我們準備好的演講中所說的那樣，看，我們在第二季度在 Resi 方面做得更好的三個原因。一是對冷媒轉型的澄清。第二個肯定是，庫存處於我們透過獨立批發分銷商管道清單中所謂的正常水平。

And the third is not that I like to talk about the weather, but it's been a very, very warm start to the cooling season, which should have us all concerned for a different reason that we could talk about if you'd like. But it's been a very, very strong start. So as Chris said, we're cautiously optimistic in this business, the team performed very well in the second quarter and it's a great start for that team.

第三，我並不是喜歡談論天氣，而是涼爽季節的一個非常非常溫暖的開始，這應該讓我們所有人都擔心一個不同的原因，如果你願意的話，我們可以討論一下。但這是一個非常非常強烈的開始。所以正如克里斯所說，我們對這個業務持謹慎樂觀的態度，團隊在第二季表現得非常好，這對團隊來說是一個很好的開始。

Appreciate it, guys.

非常感謝，夥計們。

Gautam Khanna, TD Cowen.

高塔姆·卡納，TD·考恩。

Yes. Thank you. I was wondering if you could talk about your expectations of any pre-buy given the A2L transition and just, yeah, have you already introduced the product, et cetera?

是的。謝謝。我想知道您是否可以談談考慮到 A2L 過渡您對任何預購的期望，是的，您是否已經推出了該產品等等？

Yeah. Gautam, good question. We've introduced -- in our commercial business we've introduced about half of the products that would be affected. And think about any product that uses a scroll compressor as a target for a refrigerant change, okay. So just in a broad brush. So in our commercial sites, about half of it we've introduced. We're actually selling both. So we're selling 454B, the new refrigerant, as well as still 410.

是的。高塔姆，好問題。我們已經推出了——在我們的商業業務中，我們已經推出了大約一半的受影響產品。想想任何使用渦旋壓縮機作為冷媒更換目標的產品，好吧。所以只是粗略地概括一下。所以在我們的商業網站中，我們大約有一半已經介紹過了。我們實際上兩者都賣。因此，我們銷售新型冷媒 454B 以及 410。

In our resi business, not yet. We haven't introduced it. That'll be rolling out in the back half of the year. As far as pre-buys go, look, we're not anticipating in our residential business a large pre-buy towards the end of the year. We'll see how that rolls out. But right now, we're not forecasting that.

在我們的樹脂業務中，還沒有。我們還沒介紹過。這將在今年下半年推出。就預購而言，我們預計到年底我們的住宅業務不會出現大量預購。我們將看看結果如何。但現在，我們還沒有預測到這一點。

There's just too much timing that you have to work on to make sure that you could sell through all your products in the year and our focus really is on helping our independent wholesale distributors transition their inventory properly.

您需要花太多時間來確保您可以在一年內銷售所有產品，而我們的重點實際上是幫助我們的獨立批發經銷商正確轉移庫存。

So we'll be working with them as the year progresses here to make sure that they're ready for the cooling season in 2025 and then that's really where our focus is right now. So answer to your question, not a large pre-buy. At least we don't have one baked in.

因此，隨著時間的推移，我們將與他們合作，確保他們為 2025 年的降溫季節做好準備，這才是我們現在的重點。所以回答你的問題，不是大量預購。至少我們沒有烤熟的。

But I would tell you that the way we designed our operations, we're able to manufacture both products. So we have mixed model lines, which it was a little bit more upfront cost, but we believe that investment will pay, because as you know, in the resi area, you'll be providing components of 410 for some time into the future to make sure that we could service our product over the useful life of that product.

但我想告訴你，按照我們設計營運的方式，我們能夠生產這兩種產品。因此，我們有混合模型系列，這會增加一點前期成本，但我們相信投資是值得的，因為如您所知，在 Resi 領域，您將在未來一段時間內提供 410 組件確保我們可以在產品的使用壽命內為我們的產品提供服務。

Great. Thank you.

偉大的。謝謝。

Damian Karas, UBS.

達米安卡拉斯，瑞銀。

Hey. Good morning, everyone. Congrats on the quarter. I was wondering if you could maybe help us unpack the 13% organic growth a little bit. Just give us a sense for how much of this topline being driven by volumes versus some price and mixed benefits and just maybe kind of walk us through how you're thinking about that for the full year now?

嘿。大家，早安。恭喜本季。我想知道您是否可以幫助我們稍微解釋一下 13% 的有機成長。請讓我們了解一下，這筆收入在多大程度上是由銷售、價格和混合效益所推動的，也許可以讓我們了解一下您現在對全年的看法？

Hey, Damian. It's Chris. I'll start. Yeah. For the quarter, think of it as a little bit over 2 points of price. You'll see this in the 10-Q that gets filed later today, about 11 points of volume. So as we anticipated coming into the year, we knew that price was going to be a contributor, but less of a contributor than what we saw in 2022 and 2023. That's been dovetailing.

嘿，達米安。是克里斯。我開始吧。是的。對於本季度，可以認為價格上漲了 2 個點多一點。您將在今天稍後提交的 10-Q 中看到這一點，大約有 11 個點的數量。因此，正如我們對今年的預期一樣，我們知道價格將成為一個貢獻因素，但影響程度低於我們在 2022 年和 2023 年看到的情況。這已經吻合了。

And the offset to that, and a nice offset to that, has been improved productivity. And so as kind of came out at the end of last year, middle last year with supply chain challenges largely resolved, we're continuing to see improvements on the productivity side.

對此的抵消，以及對此的一個很好的抵消，就是生產率的提高。因此，正如去​​年年底、去年年中出現的那樣，隨著供應鏈挑戰基本上得到解決，我們繼續看到生產力方面的改善。

So if I step back, we're getting the right combination of price, dollars and margin above inflation. It is inflationary out there, to be fair. If I think about tier one costs with copper up, aluminum up to somewhat flat, steel down, refrigerants up, and ultimately, wage inflation really being up, all of that is still going to be a bit inflationary on us for this year.

因此，如果我退後一步，我們會得到價格、美元和高於通膨的利潤的正確組合。公平地說，那裡存在通貨膨脹。如果我考慮一級成本，銅上漲，鋁上漲略持平，鋼鐵下降，冷媒上漲，最終工資通膨確實上升，所有這些對我們今年來說仍然會有點通膨。

But I like where we are, price versus inflation, the productivity is getting stronger and making sure that we're funding the business with investments. It was another quarter of a high investment and continued high investment quarter with projects we think that are very, very strong.

但我喜歡我們現在的處境，價格與通貨膨脹相比，生產力越來越強，並確保我們透過投資為業務提供資金。這是又一個高投資和持續高投資的季度，我們認為這些項目非常非常強勁。

That volume growth, the 13 points -- sorry, 11 points of volume on the 13 points of revenue growth, think of that as 20 points of volume in commercial HVAC Americas. On price that where we were in the second quarter, we're confident that gives us a lot of view into the full year. Price should be around 2 points as well. And that'll look a little bit lower in the second half of the year versus the first half, ultimately landing around 2 points on the full year. So hopefully that gives you a little bit of color.

銷售成長，13 個百分點——抱歉，營收成長 13 個百分點，銷量成長 11 個百分點，可以將其視為美洲商業 HVAC 地區的 20 個百分點。就第二季的價格而言，我們有信心這讓我們對全年有很多看法。價格也應該在2點左右。下半年的數據看起來會比上半年低一些，最終全年會下降 2 個點左右。希望這能帶給你一點色彩。

A lot of volume, Damian.

大量的內容，達米安。

Yeah. Not a bad thing. That was helpful. Thanks. And then I wanted to see if you might be able to share some color on how things are progressing with some of your kind of early stage, emerging growth opportunities, if you will, investment immersion cooling, your AI partnership. Would you envision these being potential capital deployment opportunities down the road?

是的。不是壞事。這很有幫助。謝謝。然後我想看看你是否能夠分享一些關於你的早期階段、新興成長機會、投資浸沒式冷卻、你的人工智慧合作夥伴關係的進展。您認為這些是未來潛在的資本配置機會嗎？

I'll answer the first question. Emerging cooling, as I've said in the past, that's sort of -- that's got some hurdles it still needs to work through and we're working through some of that with our partner there. So that's not what I would call mainstream.

我來回答第一個問題。正如我過去所說，新興的冷卻技術仍然需要克服一些障礙，我們正在與我們的合作夥伴一起解決其中的一些障礙。所以這不是我所說的主流。

As far as the AI tools, like the Nuvolo acquisition we did, it's early days, but we really like what we see there and this is going to really help us excel our connected asset solutions. And in my opening remarks, I talked about demand side management and we're not talking a lot about that. But a lot of people are talking right now about the generation side of power. A lot of people are talking about all the demand that's coming.

就人工智慧工具而言，就像我們收購 Nuvolo 一樣，現在還處於早期階段，但我們真的很喜歡在那裡看到的東西，這將真正幫助我們超越我們的互聯資產解決方案。在我的開場白中，我談到了需求面管理，但我們並沒有對此進行太多討論。但現在很多人都在談論電力的發電方面。很多人都在談論即將到來的所有需求。

What people don't realize is that, in a building, 30% of the energy that's consumed is wasted, right? So if you're connected to the asset, if you're connected to the building, you're able to ensure that that asset or that building is going to perform the way it was designed. And this 30% number, right, I'd love to show you some of our stats, but this is a massive amount of energy that can be saved.

人們沒有意識到，在建築物中，消耗的能源中有 30% 被浪費了，對嗎？因此，如果您連接到資產，如果您連接到建築物，您就能夠確保該資產或該建築物將按照其設計方式運作。這個 30% 的數字，對吧，我很樂意向您展示我們的一些統計數據，但這是可以節省的大量能源。

So we're really happy. We're really bullish on Nuvolo. We're really bullish on what we're doing with our connected solutions. And I think you're going hear a lot more about demand side management in the coming years, because it's not just about generation, it's not just about forecasting all the demand that's going to be coming and you see a lot about data centers right now. It's like, how do we use what we're generating today in a more efficient way and that's what we know at Trane Technology we could help our customers with.

所以我們真的很高興。我們非常看好 Nuvolo。我們非常看好我們的互聯解決方案所做的事情。我認為未來幾年你會聽到更多關於需求面管理的內容，因為這不僅僅是發電，也不僅僅是預測即將到來的所有需求，而且你現在會看到很多關於資料中心的內容。就像，我們如何以更有效的方式使用我們今天產生的東西，這就是我們在特靈科技所知道的，我們可以幫助我們的客戶。

Great. Thanks, guys. Best of luck.

偉大的。多謝你們。祝你好運。

Joe Ritchie, Goldman Sachs.

喬·里奇，高盛。

Hey, guys. Good morning. So I'm going to touch on data centers again just quickly. I know that it's both broad-based growth across commercial HVAC in the Americas. I'm just curious, though, are you seeing any constraints on your bookings for data centers, I know that that's been a hot topic of late. And then also, can you just maybe tell us a little bit about the margin profile of the business that you're booking in that vertical?

大家好。早安.因此，我很快就會再次談到資料中心。我知道美洲商業暖通空調領域的廣泛成長。不過，我只是很好奇，您是否發現資料中心預訂受到任何限制，我知道這是最近的熱門話題。另外，您能否告訴我們一些您在該垂直領域預訂的業務的利潤狀況？

I'll start. I'll let Chris talk about margins. But constraints from a capacity standpoint, no. I mean, we've made capacity expansions over the last several years. So we feel as though we're in good shape there. It's more about working with the customers. It's more about working with the system level within the data center.

我開始吧。我會讓克里斯談談利潤。但從容量的角度來看，沒有。我的意思是，我們在過去幾年中進行了產能擴張。所以我們感覺我們在那裡狀態良好。更多的是與客戶合作。更多的是關於資料中心內系統層級的工作。

We're not just a component supplier within a data center. We look at the entire cooling system, whether you're cooling at the building level, the server or the servers themselves. This is something that we're really good at and we're very strong in this vertical.

我們不僅僅是資料中心內的組件供應商。我們會關注整個冷卻系統，無論您是在建築物層級、伺服器還是伺服器本身進行冷卻。這是我們真正擅長的事情，而且我們在這個垂直領域非常強大。

And we've been very strong in this vertical for a long time. I'll steal a bit of Chris's thunder here, but the margins in this space are very attractive and we really like our service tail that this provides. Chris, you want to add anything?

長期以來，我們在這個垂直領域一直非常強大。我會在這裡搶一點克里斯的風頭，但是這個領域的利潤非常有吸引力，我們真的很喜歡它提供的服務尾部。克里斯，你想補充什麼嗎？

That's where I was going to go, Dave. I think, again, these are generally highly customized applied systems when you're talking about data centers for the most part. And so while we're pricing for innovation, we're also making sure we've got customers for life. These are customers that are putting in multiple locations, multiple data centers, and we want to make sure we have not only a solution for today's order, but what that order can be a year, two years, five years from now. As all market projections would suggest that this is going to be a multiyear growth factor with the growth of data centers.

那就是我要去的地方，戴夫。我再次認為，當您在大多數情況下談論資料中心時，這些通常是高度客製化的應用系統。因此，在我們為創新定價的同時，我們也要確保我們擁有終身客戶。這些客戶在多個地點、多個資料中心部署數據，我們希望確保我們不僅擁有針對當前訂單的解決方案，而且還針對一年、兩年、五年後的訂單提供解決方案。所有市場預測都表明，隨著資料中心的成長，這將成為一個多年成長因素。

And with that, to Dave's ending point, the opportunity still in front of us is to think about services here, and with typical applied systems generating 8 times to 10 times of the revenue and services from a dollar of equipment, that's still an opportunity well in front of us as we deploy products into this space and you're starting to see that a bit in the revenues, but more of that in 2025 and 2026, that's a nice opportunity still in front of us.

就戴夫的終點而言，我們面前的機會仍然是考慮這裡的服務，並且典型的應用系統通過一美元的設備產生 8 到 10 倍的收入和服務，這仍然是一個機會當我們將產品部署到當這個領域時，你會開始在收入中看到這一點，但在2025 年和2026 年會更多，這仍然是我們面前的一個很好的機會。

Got it. That's helpful, guys. And then just my quick follow-up, resi HVAC growth this quarter was much better than what some of your other public peers have reported so far. So it looks like you took some share. I was just wondering, was there any disruption that you noticed with any of your public or non-public comps in the quarter? And I know, Dave, you referenced some of the reasons why you grew this quarter, but the growth was surprisingly good?

知道了。這很有幫助，夥計們。然後，我的快速跟進顯示，本季的 Resi HVAC 成長比其他一些公共同行迄今為止所報告的要好得多。看來你拿走了一些份。我只是想知道，您在本季度的任何公開或非公開比較中是否注意到任何干擾？我知道，戴夫，您提到了本季成長的一些原因，但成長出奇地好？

Yeah. I mean, the team executed very well. Look, I've been saying for a long time, Joe, you got to look at the share in residential over a longer period than just a quarter. So did you do better in a quarter? Tell me what you've done over the long-term. So I can't comment on if there was any one of our other competitors that didn't do well, I don't know that. But I am very pleased with our results.

是的。我的意思是，團隊執行得非常好。聽著，我已經說了很長一段時間了，喬，你必須在更長的時期內觀察住宅的份額，而不僅僅是一個季度。那麼你在一個季度內做得更好嗎？告訴我你長期做了什麼。因此，我無法評論我們的其他競爭對手是否表現不佳，我不知道這一點。但我對我們的結果非常滿意。

But look, we're cautiously optimistic here. Look at share over the long-term. Don't just look at it on a quarter. There's different sell-in models and you could get the wrong answer if you just look at a particular quarter. But I am very happy with the results that we've been able to demonstrate.

但看，我們在這裡持謹慎樂觀的態度。著眼於長期的份額。不要只看一個季度。有不同的銷售模型，如果您只看特定季度，您可能會得到錯誤的答案。但我對我們所展示的結果感到非常滿意。

Okay, guys. Thank you.

好吧，夥計們。謝謝。

Steve Tusa, JPMorgan.

史蒂夫圖薩，摩根大通。

Hey. Good morning. Are you guys getting bored yet of putting up these kind of results?

嘿。早安.你們對這些結果感到厭倦了嗎？

Steve, I never get bored of putting up great results. It's the flywheel that this talks about, right?

史蒂夫，我永遠不會厭倦取得出色的成績。這裡說的就是飛輪吧？

Yeah. Congrats on great execution and very strong results. Could we just get a breakdown of the difference between applied and unitary equipment in the quarter and then what you're expecting for the second half in those two?

是的。恭喜您出色的執行力和非常出色的成果。我們能否詳細了解本季應用裝置和單一裝置之間的差異，以及您對這兩個裝置下半年的預期？

Yeah. Steve, I'll start. I'm happy with performance in both of those businesses with applied and unitary. I'd say both up strong. We talked about commercial HVAC revenues up over 20% in the quarter and both contributing to that. Equipment was up 30%, maybe unitary a bit stronger than applied, but not by much.

是的。史蒂夫，我要開始了。我對這兩個應用型和單一型業務的表現感到滿意。我想說兩者都很強。我們談到本季商業 HVAC 收入成長了 20% 以上，兩者都對此做出了貢獻。裝備提升了30%，也許單一的比應用的強一點，但也不是很多。

Second half of the year, think of our -- I'll start with commercial HVAC Americas, think of that all in about up 10% to 12% in the second half. I described earlier great performance last year in terms of tougher comps with the growth in revenue from call it mid-teens in the first quarter of last year to mid-20s by the fourth quarter of last year.

今年下半年，我將從美洲商業 HVAC 開始，下半年成長約 10% 至 12%。我早些時候描述了去年在更嚴格的競爭方面的出色表現，收入增長從去年第一季的十幾歲左右增長到去年第四季度的二十歲左右。

That team's going to have a great year this year. We're even more excited about 90% of the backlog is commercial HVAC, the $2.8 billion that Dave spoke about that we already have for 2025 and beyond. That's all equipment, we don't have service in that backlog and that's all commercial HVAC. So it's going to be a really strong follow-on to this year and it's giving us a lot of confidence for growth going into next year. Hopefully, that kind of answers the question.

該團隊今年將度過美好的一年。更令我們興奮的是，90% 的積壓訂單是商業 HVAC，也就是 Dave 所說的 2025 年及以後我們已經擁有的 28 億美元。這就是所有設備，我們在積壓的訂單中沒有服務，這都是商業暖通空調。因此，這將是今年的一個非常強勁的後續，它給了我們對明年的成長充滿信心。希望這能回答這個問題。

And any -- will these diverge in the second half? I mean, it seems like, obviously, with the data center stuff, the applied business and the backlog-related businesses continue to grow really strongly, but the more short-cycle stuff maybe slows a bit given the tougher comps. Is that how we should think about it? Will they diverge a bit, unitary and applied?

下半年這些會出現分歧嗎？我的意思是，顯然，隨著資料中心的業務、應用業務和積壓相關業務繼續強勁增長，但考慮到更嚴峻的競爭，更短週期的業務可能會放緩一些。我們該這樣思考嗎？它們會有點分歧、統一和應用嗎？

I don't know if they'll diverge a bit. I mean, with unitary maybe being up a second quarter, I think they're going to be somewhat close to each other here in the second half. Services is going to be strong for the second half as well. We're tracking, as we saw in the second quarter, in Americas business was up high-teens, enterprise was up mid-teens. That's going to be a nice contributor to the second half as well, but I wouldn't say that there's going to be a big divergence in the second half.

不知道他們會不會有點分歧。我的意思是，由於Unity可能會在第二季度有所上升，我認為他們在下半場的表現會有些接近。下半年服務業也將表現強勁。正如我們在第二季度看到的那樣，我們正在追蹤美洲的業務成長了十幾歲，企業成長了十幾歲。這也將為下半場做出很好的貢獻，但我不會說下半場會出現很大的分歧。

Yeah. I would agree because I think that -- Steve, I think that, again, when you talk about broad-based growth, right, different verticals are satisfied with different types of products. And if -- in this broad base that we continue to demonstrate results in, you could see that we're growing both applied and unitary. Not that we look at the business that way because we're really selling systems. But so our unitary, as Chris said, we were actually stronger in unitary in the second quarter than we were applied, despite the fact that we have very large backlogs in applied.

是的。我同意，因為我認為 - 史蒂夫，我認為，當你談論廣泛的增長時，對吧，不同的垂直行業對不同類型的產品感到滿意。如果 - 在我們繼續展示成果的廣泛基礎上，您可以看到我們正在應用和單一化方面不斷發展。我們並不是這樣看待業務，因為我們實際上是在銷售系統。但是，正如克里斯所說，我們的單一性實際上在第二季度比我們的應用更強，儘管我們在應用中積壓了大量訂單。

One last question for you on the services growth. I mean, I usually think of services as being pretty solid growth, but more stable. These types of growth rates in services are obviously very strong. Credit to you guys. What is the key driver here? It seems like it's more than just a run rate of recurring break, repair, stuff like that. Is there anything that's standing out, because it just seems these types of growth rates, they're not lumpy, but they're just seemingly way higher than what you would consider to be a nice, steady services business?

最後一個問題是關於服務成長的。我的意思是，我通常認為服務業成長相當穩健，但更穩定。這些類型的服務成長率顯然非常強勁。歸功於你們。這裡的關鍵驅動因素是什麼？看起來這不僅僅是反覆發生的故障、維修等事情的運作率。有沒有什麼突出的地方，因為這些類型的成長率似乎並不起伏不定，但它們似乎比你認為的良好、穩定的服務業務要高得多？

Yeah. It's a great question, Steve, and appreciate you noticing our high growth rates there. Just to remind everyone, we've had a compound annual growth rate over the last six years of high-single digits. In the second quarter, we were up mid-teens, right?

是的。這是一個很好的問題，史蒂夫，感謝您注意到我們在那裡的高成長率。只是提醒大家，過去六年我們的複合年增長率為高個位數。在第二季度，我們的股價上漲了十幾歲，對吧？

And I -- I'll just go back to our operating system, right? It's a system of things that makes our service business great. For sure, it helps when you keep growing your applied installed base because our service business is really built around our applied installed base.

我 - 我會回到我們的作業系統，對吧？這是一個讓我們的服務業務變得偉大的事物系統。當然，當您不斷擴大應用程式安裝基礎時，它會有所幫助，因為我們的服務業務實際上是圍繞我們的應用程式安裝基礎構建的。

But I would also tell you that the mindset that we have of an asset is not performing when it's not heating or cooling properly and/or it's using too much energy is a different way to think about it and there's a lot of growth potential when you start thinking that way. So think about…

但我也想告訴你，當資產沒有正確加熱或冷卻和/或使用過多能源時，我們對資產的看法就沒有發揮作用，這是一種不同的思考方式，並且當你開始這樣想。所以想一想…

Okay. Thanks. Yeah. Thanks a lot.

好的。謝謝。是的。多謝。

Jeff Sprague, Vertical Research Partners.

Jeff Sprague，垂直研究夥伴。

Thanks. Good morning, everyone. I hope everybody's well. I want to come back to data centers too, maybe a little bit bigger picture, just competitive and customer behavior question. Obviously, you and your peers are talking about very strong growth. It seems like there's plenty to go around. It also does look like you're probably outgrowing them, but it's hard to tell.

謝謝。大家，早安。我希望大家都好。我也想回到資料中心，也許有一點更大的前景，只是競爭和客戶行為問題。顯然，您和您的同行正在談論非常強勁的成長。看來有很多東西可以逛。看起來你確實可能已經超越了它們，但這很難說。

The nature of my question is, are your customers in general and maybe the hyperscalers in particular standardizing on OEMs? You end up dominating hyperscaler A and carrier as hyperscaler B, or are we looking at mixed fleets based on what people can deliver at a point in time? Just give us a sense kind of in this almost gold rush to stand this stuff up, just how the competitive landscape and customer behavior is unfolding?

我的問題的本質是，您的客戶（尤其是超大規模企業）是否正在對 OEM 進行標準化？您最終將主導超大規模提供者 A 和營運商作為超大規模提供者 B，或者我們是否會根據人們在某個時間點可以交付的內容來考慮混合艦隊？讓我們來了解一下，在這幾乎是淘金熱的情況下，競爭格局和客戶行為是如何展開的？

Yeah. I'd say hyperscales, first of all, they like technology and they like always pushing the envelope and trying to increase the efficiency of the system. So they're always working with us and they may be working with our competitors as well as to make sure that we can have a more efficient system tomorrow. And we have a lot of cool things that we're working on there with them.

是的。我想說的是超大規模，首先，他們喜歡技術，他們喜歡總是挑戰極限並試圖提高系統的效率。因此，他們始終與我們合作，也可能與我們的競爭對手合作，以確保我們明天能夠擁有更有效率的系統。我們正在與他們一起做很多很酷的事情。

Some of it includes some things that are maybe a little bit outside of that, which is the heat recovery side of things, which I've talked about in the past. At the end of the day, these hyperscale customers, they like resiliency as well. So they'll typically pick a prime and then they'll pick a secondary and that's just prudent behavior on their behalf and we've seen that before, but I would tell you they really, really, really like innovative technologies.

其中一些包括一些可能有點之外的東西，這是我過去討論過的熱回收方面。歸根究底，這些超大規模客戶也喜歡彈性。所以他們通常會選擇一個主要的，然後他們會選擇一個次要的，這只是他們的謹慎行為，我們以前已經看到過這種情況，但我會告訴你他們真的非常非常喜歡創新技術。

And Dave, is there a way to think about just your available serve market here, dollars per megawatt deployed or some other metric as you try to really game plan for the capacity you need and the revenue trajectory you might be looking at? Any way you could help us frame that?

戴夫，當您嘗試真正規劃您所需的容量和您可能關注的收入軌跡時，有沒有一種方法可以考慮您的可用服務市場、部署的每兆瓦美元或其他一些指標？你有什麼辦法可以幫助我們建立這個框架嗎？

We have some internal models that I won't share with you the results, but look, it's allowed us to be able to help forecast based on talking to our customers, understanding what their demands are. And then kind of pushing that back into what would it mean for us, I would tell you that think of units getting bigger, think of units getting more complex, and think of added features on units like heat recovery. That's certainly a trend that we're seeing and that's certainly something that we're working with our customers' kind of pushing into the marketplace.

我們有一些內部模型，我不會與您分享結果，但是看，它使我們能夠根據與客戶的交談、了解他們的需求來幫助預測。然後再回到這對我們意味著什麼，我會告訴你，想想單位變得更大，想想單位變得更複雜，想想單位的附加功能，如熱回收。這當然是我們看到的趨勢，也是我們與客戶合作推向市場的趨勢。

Okay. Great. I'll leave it there. Thanks.

好的。偉大的。我會把它留在那裡。謝謝。

Nigel Coe, Wolfe Research.

奈傑爾·科，沃爾夫研究中心。

Thanks. Good morning, everyone. Great quarter -- obviously. Everything's really good. I'm going to focus on a couple areas that aren't so great right now. So Dave, in a world of down 15% trailer declines this year in NAFTA, how does TK Americas perform? And maybe just on top of that, to add in how the other verticals are performing, your bus rail, et cetera, and spare parts?

謝謝。大家，早安。顯然，這是一個很棒的季度。一切都真的很好。我將重點放在一些目前不太好的領域。那麼戴夫，在今年北美自由貿易協定中拖車數量下降 15% 的情況下，TK Americas 的表現如何？也許除此之外，還要添加其他垂直行業的表現、您的巴士軌道等以及備件？

Yeah. It's a fair question. Look, the Americas transport business is going to be down in 2014. It's a more cyclical business than our commercial HVAC business. ACT is projecting the back half of the year to be down 25%. To be fair, our internal models say it could be down even a little bit more than that and that's what we have baked into our full-year guide.

是的。這是一個公平的問題。看來，2014 年美洲運輸業務將會下滑。這是一個比我們的商業暖通空調業務更具週期性的業務。ACT 預計今年下半年將下降 25%。公平地說，我們的內部模型表示，下降幅度可能會比這個數字更大一點，而這正是我們納入全年指南的內容。

Look, I had the opportunity early in my career, Nigel, to run this business. And I would tell you that I've seen these downturns in the past. And I would tell you that these markets will come back. And right now it's projected they'll come back in 2015. We'll stay tuned on that. But this is a very strong business.

奈傑爾，你看，我在職業生涯的早期就有機會經營這家公司。我想告訴你，我過去曾經歷過這些低迷時期。我想告訴你，這些市場將會回歸。目前預計他們將於 2015 年回歸。我們將繼續關注此事。但這是一項非常強大的業務。

And when these markets come back, they're going to come back strong. And the key is to continue to invest in the business when you're in this down cycle. And when you do that, when the markets come back, you're able to delight your customers with a portfolio of innovation that really allows you to win through that cycle and that's what our plan is right now.

當這些市場復甦時，它們將會強勢回歸。關鍵是當你處於下行週期時，繼續投資於業務。當你這樣做時，當市場回歸時，你就能夠透過一系列創新來取悅你的客戶，這些創新組合確實能讓你在這個週期中獲勝，這就是我們現在的計劃。

As Chris said, we've been investing heavily in the business. We're not stopping that. And TK is a big part of those investments that we're making. And I'm excited about the innovation pipeline that's going to come out in the Thermo King business and when the markets come back, we're going to be ready.

正如克里斯所說，我們一直在這項業務上投入大量資金。我們不會阻止這一點。傳統知識是我們正在進行的投資的重要組成部分。我對冷王業務中即將出現的創新管道感到興奮，當市場復甦時，我們將做好準備。

As far as the other businesses, I mean, they tend to follow a trailer, I mean, and the trailer is the big one, but they tend to follow that same cycle. We start to get freight rates to improve. If we start to get capacity coming out of the channel, we'll see the market start to rebound and I know they will.

就其他業務而言，我的意思是，他們傾向於遵循預告片，我的意思是，預告片是最大的，但他們傾向於遵循相同的周期。我們開始提高運費。如果我們開始從通路中釋放產能，我們將看到市場開始反彈，我知道他們會的。

Okay. They certainly will. Absolutely. So would down mid- to high-teens be reasonable for TK Americas in the back half of the year?

好的。他們當然會的。絕對地。那麼，今年下半年 TK Americas 的價格下降到中雙位數是否合理？

Nigel, this is Chris. Yeah. I mean, I think they could be down mid-single to high-single in the second half of the year. I mean, we expect it to be down probably in a range of low doubles, double digits on the year. If trailer markets are down mid-teens, we expect to outperform. And again, that's the innovation and the investments we've had in this business for many, many years.

奈傑爾，這是克里斯。是的。我的意思是，我認為他們下半年的單曲銷售可能會下降到中單曲到高單曲。我的意思是，我們預計今年的價格可能會下降到兩位數的低點。如果拖車市場下跌百分之十左右，我們預期會跑贏大盤。再說一次，這就是我們多年來在這個行業的創新和投資。

And the key here is to make sure that while it is a down year and we're going to manage the decrementals as so far we have, and we expect to do that for the balance of the year, it's making sure that we've got the investment pipeline that continues to run the business.

這裡的關鍵是確保雖然今年是下滑的一年，但我們將按照目前的情況管理減量，並且我們預計在今年剩餘時間裡做到這一點，這是確保我們已經獲得了繼續經營業務的投資管道。

Just in June, we finished our long range plans for each of our business units, thinking about capacity and not only in commercial HVAC, but all of our businesses. And this is one that we like these markets to Dave's point, want to make sure we're still investing so that when the markets do recover, we're ready.

就在六月，我們完成了每個業務部門的長期計劃，不僅考慮了商業暖通空調領域的產能，還考慮了我們所有業務的產能。正如戴夫所說，我們喜歡這些市場，希望確保我們仍在投資，以便當市場復甦時，我們已經準備好了。

Could the market be down more than mid-teens? I mean, that's what we've called it right now. To be fair, I know ACT's had multiple revisions here over the last several months. I think it's four or five this year already. Our internal models would suggest maybe it's down a little more than that.

市場跌幅是否會超過十幾歲？我的意思是，這就是我們現在所說的。公平地說，我知道 ACT 在過去幾個月裡進行了多次修訂。我想今年已經有四、五個了。我們的內部模型表明，下降幅度可能會更大一些。

So we're making sure we bake that into our guide at this point. Second half of the year, we expect it to be down on down comps from a year prior, but we do expect to outperform the market.

因此，我們現在確保將其納入我們的指南中。今年下半年，我們預計其業績將比去年同期有所下降，但我們確實預期會跑贏大盤。

Okay. Guys, I had a follow-up question, but that was a great answer. So I'll leave it there. Thanks a lots, guys.

好的。夥計們，我有一個後續問題，但這是一個很好的答案。所以我會把它留在那裡。非常感謝，夥計們。

Deane Dray, RBC.

迪恩·德雷，加拿大皇家銀行。

Thank you. Good morning, everyone. I just want to circle back on unitary. One of your competitors this quarter talked about making a push into the emergency replacement of unitary into that market where they said they really don't have any share. How might the competitive dynamics change here and the economic returns? Just any comments from you would be helpful. Thanks.

謝謝。大家，早安。我只想回到統一。本季您的一位競爭對手談到要推動緊急更換統一系統進入該市場，他們說他們實際上沒有任何份額。這裡的競爭動態和經濟報酬會如何改變？您的任何評論都會有所幫助。謝謝。

That's a tough one for me to answer. I'm not sure what they're planning on doing. I would tell you that we're very strong in unitary as far as the replacement market goes. Yeah, in the heat of the summer, if the unit stops working, it needs to be replaced and having the available unit on hand is very, very important. And we carry a lot of inventory stock and we also have, with our lean thinking in manufacturing, quick ship programs, which allows us to really win in this space.

這對我來說很難回答。我不確定他們打算做什麼。我想告訴你，就替換市場而言，我們在統一方面非常強大。是的，在炎熱的夏天，如果設備停止工作，則需要更換，並且手邊有可用的設備非常非常重要。我們擁有大量庫存，並且憑藉我們在製造方面的精益思維，我們還擁有快速發貨計劃，這使我們能夠在這個領域真正獲勝。

Is it fair to say that the emergency replacement market is basically half of the business today or is that overstated?

可以說緊急更換市場基本上佔了當今業務的一半嗎？

Yeah. I can't comment on that and I think it would be -- it would really -- it would depend on the time of year, okay. You also have a planned replacement market as well. So there's a lot of things that are part of that statement that you just made. So it really depends.

是的。我無法對此發表評論，我認為這將取決於一年中的具體時間，好吧。您還有一個計劃好的替換市場。因此，您剛才的聲明中有很多內容。所以這真的取決於。

All right. I understand. That's helpful. And then second question, any updates on all of the megaprojects? Are you seeing any bidding coming through? Any updates would be helpful. Thanks.

好的。我明白。這很有幫助。第二個問題，所有大型專案有什麼更新嗎？您看到有任何投標通過嗎？任何更新都會有幫助。謝謝。

Yeah. I mean, we continue to track megaprojects. And as I've said in the past, megaprojects tend to be in verticals that we were always strong in. So it's hard to say what's incremental in that space. But right now, our teams are tracking over 300 projects and some of them have been closed, but many of them are still in the pipeline.

是的。我的意思是，我們繼續追蹤大型專案。正如我過去所說，大型專案往往位於我們一直擅長的垂直領域。所以很難說這個空間有什麼增量。但目前，我們的團隊正在追蹤 300 多個項目，其中一些已經關閉，但其中許多仍在進行中。

And one of the things about these megaprojects is they tend to have lots of different decision makers, especially if any of the semiconductor space that, I mean, I'll give you an example. We had a project that the decision maker was in Asia, the engineer was in Seattle, Washington, and the mechanical was in Austin, Texas.

這些大型專案的一個特點是，它們往往有很多不同的決策者，特別是在半導體領域，我的意思是，我會給你一個例子。我們有一個項目，決策者在亞洲，工程師在華盛頓州西雅圖，機械師在德州奧斯汀。

And one of the advantages that we have with our direct sales force is we could really help the customer triage all the information that's required. And it allows us to really be focused on the customer needs, but also all the different individuals that are part of that process. So we really like our positioning with these megaprojects. And a lot of these megaprojects are very sophisticated, engineered products, which actually plays to our strength as well.

我們的直銷團隊的優勢之一是我們可以真正幫助客戶對所需的所有資訊進行分類。它使我們能夠真正專注於客戶的需求，同時也關注參與流程的所有不同個人的需求。所以我們非常喜歡我們對這些大型專案的定位。許多大型專案都是非常複雜的工程產品，這其實也發揮了我們的優勢。

Great. Thank you.

偉大的。謝謝。

Noah Kaye, Oppenheimer.

諾亞凱，奧本海默。

Yeah. Thanks. I'll just ask one question. And David, goes back to your opening comments around demand-side management as an underappreciated lever here. You're sitting on one of the largest flexible capacity assets on the grid and you're expanding your ability to play in distributed resource management and virtual power plants, district heating.

是的。謝謝。我只問一個問題。大衛，回到你關於需求方管理作為一個被低估的槓桿的開場評論。您坐擁電網上最大的靈活容量資產之一，並且正在擴展您在分散式資源管理、虛擬發電廠、區域供熱方面發揮作用的能力。

I was hoping you could maybe connect the dots for us a bit more and just frame up how meaningful this is becoming in terms of some of the commercial HVAC bookings and revenue trends, how much they expand your wallet share, anything you can do to help quantify for us some of these additional facets of the business?

我希望您能為我們把這些點聯繫起來，並說明這對於一些商業暖通空調預訂和收入趨勢有多麼有意義，它們擴大了您的錢包份額，您可以做些什麼來提供幫助為我們量化業務的一些額外方面？

Well, I appreciate the question, Noah. I think we're still in the early innings on this. I know we're in the early innings. It's more about an education process. We were working with a customer, a large customer in New York City and we created a digital twin for their particular building. And we were connected and we were watching the energy consumption.

嗯，我很欣賞這個問題，諾亞。我認為我們仍處於早期階段。我知道我們正處於第一局。這更多的是一個教育過程。我們正在與紐約市的一個大客戶合作，我們為他們的特定建築創建了一個數位孿生。我們保持聯繫並觀察能源消耗。

And we saved that particular customer, it may not sound like a lot, but it was like $120,000, right, in energy that they would have wasted if we weren't connected to their solution. So and you think about the universe, okay? If you think about the commercial space at 400 billion square feet, I mean, it's crazy the opportunity that exists.

我們拯救了那個特定的客戶，聽起來可能不是很多，但大約是 12 萬美元，對吧，如果我們沒有連接到他們的解決方案，他們就會浪費這些能源。那你想想宇宙，好嗎？如果你想想 4000 億平方英尺的商業空間，我的意思是，存在的機會真是太瘋狂了。

So look, this is a massive opportunity. Demand-side management, you're going to hear a lot more about it. And the neat thing about it is you don't have to wait for new technology to be developed, right? This is technology that's readily available and being connected from a structured data standpoint, which we've been for a while, but now we're adding in unstructured data with our AI tools. We're able to really dial in algorithms to really help our customers save energy, which is saving carbon, which is good for the planet as well.

所以看，這是一個巨大的機會。需求方管理，你會聽到更多關於它的內容。它的妙處在於您不必等待新技術的開發，對嗎？這項技術很容易獲得，並且從結構化資料的角度來看是相互連接的，我們已經這樣做了一段時間，但現在我們正在使用人工智慧工具添加非結構化資料。我們能夠真正利用演算法來真正幫助我們的客戶節省能源，從而減少碳排放，這對地球也有好處。

Okay. Thank you. We'll look forward to hearing more.

好的。謝謝。我們期待聽到更多消息。

I will now turn the call back over to Zac Nagle for closing remarks.

現在，我將把電話轉回給扎克·內格爾（Zac Nagle）進行總結發言。

We'd like to thank everyone for joining on today's call. As always, we'll be around for any questions that you may have. So feel free to bring us up. And then in the coming months, we'll be on the conference circuit, obviously, and we'll hope to see some of you on the conference as well. So thanks for joining, and have a great day.

我們要感謝大家參加今天的電話會議。一如既往，我們將隨時解答您的任何問題。所以請隨意帶我們來。顯然，在接下來的幾個月裡，我們將參加巡迴會議，我們也希望在會議上看到你們中的一些人。感謝您的加入，祝您有美好的一天。

Ladies and gentlemen, that concludes today's call. Thank you all for joining. You may now disconnect.

女士們、先生們，今天的電話會議到此結束。感謝大家的加入。您現在可以斷開連線。