特靈科技 (TT) 2025 Q3 法說會逐字稿

Good morning. My name is Carrie, and I will be your conference operator today. At this time, I would like to welcome everyone to the Trane Technologies Q3 2025 earnings conference call. (Operator Instructions). I will now turn the call over to Zac Nagle, Vice President of Investor Relations. Please go ahead.

早安.我叫凱莉，今天我將擔任你們的會議接線生。此時此刻，我謹代表特靈科技公司歡迎各位參加 2025 年第三季財報電話會議。（操作說明）現在我將把電話交給投資者關係副總裁扎克·納格爾。請繼續。

Thanks, operator. Good morning, and thank you for joining us for Trane Technologies third-quarter 2025 earnings conference call. This call is being webcast on our website at tranetechnologies.com we will find the accompanying presentation. We are also recording and archiving this call on our website. 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. This presentation also includes non-GAAP measures, which are explained in the financial tables attached to our news release. Joining me on today's call are David Regnery, Chair and CEO; and Chris Kuehn, Executive Vice President and CFO. With that, I'll turn the call over to Dave. Dave?

謝謝接線生。早安，感謝各位參加特靈科技2025年第三季財報電話會議。本次電話會議將在我們的網站 tranetechnologies.com 上進行網路直播，您可以在那裡找到相關的簡報。我們也在網站上錄製並存檔了此次通話。請翻到第二張幻燈片。今天電話會議中所提出的非歷史事實的陳述均被視為前瞻性陳述，並符合聯邦證券法的安全港條款。請參閱我們向美國證券交易委員會提交的文件，以了解可能導致我們的實際業績與預期業績有重大差異的一些因素。本次演示還包括非GAAP指標，這些指標在我們的新聞稿附件財務表格中有詳細說明。今天與我一起參加電話會議的有董事長兼執行長大衛·雷格納裡，以及執行副總裁兼財務長克里斯·庫恩。接下來，我會把電話交給戴夫。戴夫？

Thanks, Zac, and everyone, for joining today's call. Please turn to slide number 3. I'd like to open the call with a few thoughts on our purpose-driven strategy that fuels our strong performance over time. The demand for sustainable resilient infrastructure has never been greater. That's especially true here in the US, where the AI revolution and reshoring of industry are transforming how businesses operate at an unprecedented pace. Trane Technologies is at the heart of this evolution, helping customers reimagine their operations for greater performance and sustainability. Our high-efficiency solutions help our customers save energy and reduce operational costs. We're proving that there is no trade-off. That's good for the environment, is good for the bottom line.

謝謝札克，也謝謝各位參加今天的電話會議。請翻到第3張投影片。我想先談談我們以目標為導向的策略，而正是這項策略推動了我們長期以來的強勁業績。對可持續、有韌性的基礎設施的需求從未如此迫切。在美國尤其如此，人工智慧革命和產業回流正以前所未有的速度改變企業的運作方式。特靈科技是這項變革的核心，幫助客戶重新構想他們的營運模式，以實現更高的績效和永續性。我們的高效解決方案可協助客戶節約能源並降低營運成本。我們正在證明，這兩者之間不存在權衡取捨。這既有利於環境，也有利於企業獲利。

As we look ahead, our innovation and expertise continue to set us apart. With our elevated backlog, robust customer demand, and strong financial performance, we are well positioned to continue to deliver long-term value to our employees, customers, shareholders, and the planet. Please turn to slide number 4. Q3 was another strong quarter marked by record quarterly bookings of $6 billion, representing organic growth of 13% year over year. We delivered 170 basis points of adjusted operating margin expansion, 15% adjusted EPS growth, and robust free cash flow.

展望未來，我們的創新和專業技術將繼續使我們脫穎而出。憑藉我們充足的訂單儲備、強勁的客戶需求和良好的財務業績，我們完全有能力繼續為我們的員工、客戶、股東和地球創造長期價值。請翻到第4張投影片。第三季表現強勁，季預訂額創下 60 億美元的紀錄，較去年同期成長 13%。我們實現了調整後營業利潤率成長 170 個基點，調整後每股盈餘成長 15%，以及強勁的自由現金流。

Our global commercial HVAC businesses delivered outstanding performance. This was particularly true in the Americas where commercial HVAC bookings reached an all-time high, surging 30% year over year, with applied bookings more than doubling. The strength of our commercial HVAC business is further underscored by our Q3 ending backlog of $7.2 billion. However, this total backlog figure does not tell the whole story. Compared to year-end 2024, our Americas and EMEA commercial HVAC backlog has grown substantially, increasing by over $800 million or approximately 15%.

我們的全球商用暖通空調業務表現出色。這種情況在美洲尤其明顯，商業暖通空調預訂量達到歷史新高，較去年同期成長 30%，實際預訂量更是翻了一番以上。我們商用暖通空調業務的強勁實力從第三季末的 72 億美元積壓訂單中得到了進一步體現。然而，這個積壓訂單總數並不能反映全部。與 2024 年底相比，我們在美洲和歐洲、中東及非洲地區的商業暖通空調積壓訂單大幅成長，增加了 8 億美元以上，增幅約為 15%。

Excluding residential, revenue growth remains robust, up approximately 10% in the third quarter. We are well positioned for growth in 2026, given strong execution through our business-operating system and our rapidly expanding pipeline of projects in data centers and core verticals. Our leading innovation and direct sales force provide us with distinct competitive advantages. Our services business, which constitutes approximately one-third of our total enterprise revenues remains a durable and consistent growth driver, up low double digits year to date and boasting a low-teens compound annual growth rate since 2020. Our guidance reflects the impact discussed during our September update, which Chris will elaborate on shortly.

剔除住宅業務後，營收成長依然強勁，第三季成長約 10%。憑藉我們強大的業務營運體係以及在資料中心和核心垂直領域快速成長的專案儲備，我們已為 2026 年的成長做好了充分準備。我們領先的創新能力和直銷團隊為我們提供了獨特的競爭優勢。我們的服務業務約占公司總收入的三分之一，仍然是一個持久穩定的成長動力，今年迄今實現了兩位數的低成長，自 2020 年以來保持了兩位數的複合年增長率。我們的指導意見反映了我們在 9 月更新中討論的影響，克里斯稍後會詳細說明。

Please turn to slide number 5. As discussed in our Americas segment, commercial HVAC continues to deliver standout performance. The team achieved its third consecutive quarter of record-breaking bookings with approximately 30% growth. We are winning in both core vertical markets and high-growth verticals such as data centers. In high-growth verticals, customers demand innovative, highly engineered solutions tailored to their specific requirements. They need customer-focused partners with the expertise and capacity to grow alongside them, which plays to our strengths.

請翻到第5張投影片。正如我們在美洲部分所討論的那樣，商用暖通空調繼續展現出卓越的性能。該團隊連續第三個季度實現了創紀錄的預訂量，成長約 30%。我們在核心垂直市場和資料中心等高成長垂直領域都取得了成功。在高成長的垂直產業中，客戶需要創新、高度工程化的解決方案，以滿足他們的特定需求。他們需要以客戶為中心、擁有專業知識和能力與他們共同成長的合作夥伴，而這正是我們的優勢所在。

Our direct-sales strategy enables us to capture a significant share of these opportunities and consistently outgrow our end markets. This is demonstrated by our Applied Solutions bookings growth of over 100% in the third quarter. Commercial and HVAC revenue growth was also robust, increasing by low teens in equipment and low double digits in services. Our consistent market outgrowth compounds revenues year after year for perspective. In the third quarter, our applied revenue growth on a three-year stack was up more than 125%.

我們的直銷策略使我們能夠抓住這些機會中的很大一部分，並持續超越我們的終端市場。這可以從我們第三季應用解決方案訂單成長超過 100% 得到證明。商業和暖通空調收入成長也十分強勁，設備成長了兩位數，服務成長了兩位數。從這個角度來看，我們持續的市場成長帶動了收入逐年成長。第三季度，我們三年累計的應用收入成長超過 125%。

Turning to residential. Bookings and revenues declined approximately 30% and 20%, respectively, consistent with the update we provided in September. In Americas, transport refrigeration, bookings were up low teens, while revenues were flat despite end markets being down over 25%, we continue to outperform. Commercial HVAC strength was not limited to the Americas.

轉向住宅領域。預訂量和收入分別下降了約 30% 和 20%，與我們 9 月提供的更新數據一致。在美洲，運輸冷藏業務的預訂量成長了兩位數，儘管終端市場下降了 25% 以上，但收入卻保持平穩，我們繼續表現出色。商業暖通空調的優勢並不限於美洲。

In EMEA, commercial HVAC bookings increased by high teens, while revenues grew by mid-single digits, consistent with our expectations. EMEA transport bookings rose by high-single digits, while revenues declined by low-single digits, outperforming end markets, which were down mid-single digits.

在歐洲、中東和非洲地區，商用暖通空調預訂量增加了兩位數以上，而收入則成長了個位數中段，這與我們的預期一致。歐洲、中東和非洲地區的運輸預訂量實現了高個位數成長，而收入則出現了低個位數下降，表現優於終端市場（終端市場收入出現了中個位數下降）。

In Asia Pacific, Commercial HVAC bookings were up mid-30%s, while revenues grew low teens in the quarter. Growth was strongest in China, rebounding from the anniversary of our credit-tightening policy in the prior year. The rest of Asia delivered solid performance.

在亞太地區，商用暖通空調設備訂單量增加了 30% 左右，而該季度營收成長了 10% 左右。中國經濟成長最為強勁，從前一年信貸緊縮政策實施一週年之際實現了反彈。亞洲其他地區表現穩健。

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

現在，我想把電話交給克里斯。克里斯？

Thanks, Dave. Please turn to slide number 6. Dave covered many key points from this slide earlier, so I'll keep my comments brief. Our organic revenue growth of 4% aligns with our September update, where we shared our expectations for a $100 million revenue shortfall from our July guidance related to softer residential markets. Despite the challenging residential markets, we achieved strong margin expansion and EPS growth, driven by robust growth in our commercial HVAC and services businesses, strong productivity levels, and prudent cost controls implemented early in the third quarter.

謝謝你，戴夫。請翻到第6張投影片。Dave 之前已經講解過這張投影片上的許多要點，所以我將簡要地評論。我們的有機收入成長 4% 與我們 9 月的更新一致，當時我們表示，由於住宅市場疲軟，我們的收入預期將比 7 月的預期減少 1 億美元。儘管住宅市場充滿挑戰，但在商業暖通空調和服務業務的強勁增長、較高的生產率水平以及第三季度初實施的審慎成本控制的推動下，我們實現了強勁的利潤率擴張和每股收益增長。

Please turn to slide number 7. In the Americas, we delivered 4% organic revenue growth, driven by strong volume growth in our commercial HVAC business and positive price realization, offset by a significant volume decline in our residential business. Adjusted EBITDA margins rose by 90 basis points to over 23%, supported by strong productivity and prudent cost management. We also sustained high levels of business reinvestment.

請翻到第7張投影片。在美洲，我們實現了 4% 的有機收入成長，這主要得益於商用 HVAC 業務的強勁銷售成長和價格的積極實現，但被住宅業務的大幅銷售下降所抵消。經調整的 EBITDA 利潤率上升了 90 個基點，達到 23% 以上，這得益於強勁的生產效率和審慎的成本管理。我們也維持了高水準的業務再投資。

In EMEA, we delivered 3% organic revenue growth, primarily from volume growth in our commercial HVAC and transport businesses. Adjusted EBITDA margins declined by 60 basis points as expected, mainly due to year one M&A-related integration costs and improved sequentially from the second quarter. We have intensified channel investments and M&A this year to support growth and future opportunities, which are impacting near-term margins but strengthening our business for the long term. We also maintained high levels of business reinvestment.

在歐洲、中東和非洲地區，我們實現了 3% 的有機收入成長，主要得益於商業暖通空調和運輸業務的銷售成長。經調整的 EBITDA 利潤率如預期下降了 60 個基點，主要原因是第一年與併購相關的整合成本，但較第二季有所改善。今年，我們加大了通路投資和併購力度，以支持成長和未來機遇，雖然影響了近期利潤率，但從長遠來看，這將增強我們的業務實力。我們也維持了高水準的業務再投資。

In Asia Pacific, organic revenue increased 9% due to strong volume growth and price realization. Adjusted EBITDA margins improved by 230 basis points, driven by strong volume growth in China and productivity across the segment. We also sustained high levels of business reinvestment.

在亞太地區，由於銷售強勁成長和價格實現，有機收入成長了 9%。經調整的 EBITDA 利潤率提高了 230 個基點，這主要得益於中國市場的強勁銷售成長和整個業務部門的生產效率提升。我們也維持了高水準的業務再投資。

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

現在，我想把電話轉回給戴夫。戴夫？

Thanks, Chris. Please turn to slide number 8. 2025 is unfolding as expected for most of our businesses with the residential market slowdown being the most significant change impacting our outlook. Our commercial HVAC businesses globally are performing well, meeting or exceeding our expectations for the full year. Our Americas Commercial HVAC business is executing at a very high level, significantly outperforming end markets. As mentioned earlier, both bookings and revenues are compounding at a high rate, especially in Applied Solutions.

謝謝你，克里斯。請翻到第 8 張投影片。 2025 年，我們的大多數業務都按預期發展，其中住宅市場放緩是影響我們前景的最重大變化。我們全球的商業暖通空調業務表現良好，達到或超越了我們對全年的預期。我們在美洲的商業暖通空調業務執行水準非常高，顯著優於終端市場。如前所述，預訂量和收入都在快速成長，尤其是在應用解決方案領域。

Our Americas commercial HVAC results are remarkably consistent with three-year stack revenue growth of approximately 50% achieved in Q1, through Q3 of 2025, and expected for Q4 as well. Our residential business outlook remains unchanged from our September update with Q3 and expectations for Q4 revenue to be down approximately 20% each. Compared to our July guidance, the combined revenue impact is a reduction of approximately $250 million, with $100 million in Q3 and $150 million in Q4 as channel inventory continues to normalize.

我們在美洲的商業暖通空調業務業績與2025年第一季至第三季三年來的營收成長約50%的目標非常吻合，預計第四季也將維持這一成長動能。我們對住宅業務的展望與 9 月的更新保持一致，預計第三季和第四季的收入將分別下降約 20%。與我們 7 月的預期相比，綜合收入影響將減少約 2.5 億美元，其中第三季減少 1 億美元，第四季減少 1.5 億美元，因為通路庫存繼續恢復正常。

Turning to the Americas transport market. As forecast for 2025 has softened incrementally with the fourth quarter taking the brunt of the impact, now down more than 30%. Despite this, we expect to outperform in Q4, with revenues expected to be down approximately 10%. Our outlook for EMEA and Asia remain unchanged.

轉向美洲運輸市場。2025 年的預測逐漸下調，第四季受到的影響最大，目前已下降超過 30%。儘管如此，我們預計第四季度業績將優於預期，營收預計將下降約 10%。我們對歐洲、中東、非洲和亞洲市場的展望保持不變。

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

現在，我想把電話交還給克里斯。克里斯？

Thanks, Dave. Please turn to slide number 9. Our revised guidance anticipates approximately 6% organic revenue growth for the year, factoring in headwinds from the residential and Transport Americas markets, as Dave mentioned earlier. In addition, our Commercial HVAC Americas business saw the timing of some customer desire delivery dates move from Q4 into 2026. Altogether, the total impact of these headwinds is approximately 2 percentage points on 2025 revenue growth.

謝謝你，戴夫。請翻到第9頁投影片。正如戴夫之前提到的，考慮到美洲住宅和交通運輸市場面臨的不利因素，我們修訂後的預期是全年有機收入成長約 6%。此外，我們美洲商業暖通空調業務的一些客戶期望的交貨日期從第四季度推遲到了 2026 年。總的來說，這些不利因素對 2025 年收入成長的影響約為 2 個百分點。

Our 2025 adjusted EPS guidance range is now $12.95 to $13.05 and up 15% to 16% year over year and incorporates the Q4 revenue headwinds previously discussed. We expect organic leverage of 30%-plus in 2025 and believe we're on pace for another year of 100% or greater free cash flow conversion. For the fourth quarter, we expect approximately 3% organic revenue growth, driven by continued strong commercial HVAC growth.

我們 2025 年調整後的每股盈餘預期範圍為 12.95 美元至 13.05 美元，年增 15% 至 16%，並已考慮了先前討論過的第四季營收不利因素。我們預計 2025 年有機槓桿率將超過 30%，並且相信我們預計將連續第二年實現 100% 或更高的自由現金流轉換率。預計第四季有機收入將成長約 3%，主要得益於商業暖通空調業務的持續強勁成長。

Excluding residential, organic revenue growth is expected to remain robust at approximately 7%. We're targeting organic leverage of approximately 30% in the fourth quarter which includes strong business reinvestments for future market outgrowth. Consistent with our full-year adjusted EPS guidance, we expect Q4 adjusted EPS to be in the range of $2.75 to $2.85. For additional details related to our guidance, please refer to slide number 17.

剔除住宅業務後，預計有機收入成長將保持強勁，約 7%。我們第四季的目標是實現約 30% 的有機成長，其中包括為未來市場成長而進行的強有力的業務再投資。與全年調整後每股盈餘預期一致，我們預期第四季調整後每股盈餘將在2.75美元至2.85美元之間。有關預期詳情，請參閱第17頁投影片。

Please turn to slide number 10. We remain committed to our balanced capital allocation strategy focused on deploying excess cash to maximize shareholder returns. First, we strengthened our core business through relentless reinvestment. Second, we maintain a strong balance sheet to ensure optionality as markets evolve. Third, we expect to deploy 100% of excess cash over time. Our approach includes strategic M&A to enhance long-term returns and share repurchases when the stock trades below our calculated intrinsic value.

請翻到第10張投影片。我們將繼續堅持均衡的資本配置策略，並專注於運用盈餘現金以實現股東回報最大化。首先，我們透過持續不斷的再投資加強了核心業務。其次，我們保持穩健的資產負債表，以確保在市場變化時擁有選擇權。第三，我們預計隨著時間的推移，將 100% 的盈餘現金投入使用。我們的方法包括策略性併購以提高長期回報，以及在股票交易價格低於我們計算的內在價值時進行股票回購。

Please turn to slide number 11. Year to date through October, we've deployed or committed approximately $2.4 billion through our balanced capital allocation strategy, including approximately $840 million to dividends, $160 million to M&A, $1.25 billion to share repurchases and $150 million to debt retirement. These figures exclude $260 million from M&A and $100 million from share repurchases made early in the year, which were included in our fiscal-year 2024 capital deployment targets as discussed during our fourth-quarter earnings call. We have approximately $5 billion remaining under our share repurchase authorization, providing us with significant share repurchase optionality. Our M&A pipeline remains active, and we will continue to be disciplined in our approach. Overall, our strong free cash flow, liquidity, balance sheet, and substantial share repurchase authorization offer excellent capital allocation optionality as we move forward.

請翻到第11頁投影片。今年截至 10 月，我們透過均衡的資本配置策略已投入或承諾投入約 24 億美元，其中包括約 8.4 億美元用於分紅，1.6 億美元用於併購，12.5 億美元用於股票回購，1.5 億美元用於償還債務。這些數字不包括來自併購的 2.6 億美元和年初進行的 1 億美元股票回購，這些資金已計入我們在 2024 財年的資本部署目標中，正如我們在第四季度收益電話會議上討論的那樣。我們還有大約 50 億美元的股票回購授權額度，這為我們提供了相當大的股票回購選擇權。我們的併購專案仍在積極推進，我們將繼續採取嚴謹的態度。總體而言，我們強勁的自由現金流、流動性、資產負債表以及大量的股票回購授權，為我們未來的發展提供了絕佳的資本配置選擇。

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

現在，我想把電話轉回給戴夫。戴夫？

Thanks, Chris. Please turn to slide number 13. The Americas transport refrigeration markets have been dynamic but the long-term outlook remains strong. [ACT] projects the trailer market to bottom in the first half of 2026 improved in the second half and grow over 20% for the full year. In 2027, [ACT] anticipates another significant increase with growth exceeding 40%. We are navigating the down cycle effectively in outperforming end markets. We continue to invest heavily in innovation and look forward to adding another growth driver to our portfolio when the market strengthens.

謝謝你，克里斯。請翻到第13頁投影片。美洲運輸冷藏市場一直處於波動狀態，但長期前景依然強勁。 [ACT]預測，拖車市場將在2026年上半年觸底反彈，下半年有所改善，全年成長超過20%。2027 年，[ACT] 預計將再次顯著成長，成長率將超過 40%。我們有效應對了經濟下行週期，並在終端市場取得了優異成績。我們將繼續大力投資創新，並期待在市場走強時為我們的產品組合增加另一個成長動力。

Turning to slide number 14. We expect to provide 2026 guidance during our fourth-quarter earnings call, but I'll discuss our early views based on current insights. We expect continued strong growth in our commercial HVAC businesses, which make up 70% of our total revenues. Our world-class direct sales and service teams give us a competitive edge, allowing us to pivot quickly across vertical markets to capture growth opportunities. With the broadest and most innovative portfolio in the industry, we are relentlessly reinvesting to support a rapidly growing pipeline of opportunities. Our proven track record of compounding bookings and revenue growth, especially in high-growth verticals like data centers, underscores our strength as a leading climate innovator. Our commercial HVAC backlog is not only elevated but growing, up more than $800 million from year-end 2024, positioning us well for continued strong growth in 2026 and beyond.

翻到第14張投影片。我們預計將在第四季度財報電話會議上提供 2026 年業績指引，但我會根據目前的了解，談談我們初步的看法。我們預計商業暖通空調業務將繼續保持強勁成長，該業務占我們總收入的 70%。我們世界一流的直銷和服務團隊賦予我們競爭優勢，使我們能夠迅速調整策略，跨越垂直市場，抓住成長機會。我們擁有業界最廣泛、最具創新性的產品組合，並持續進行再投資，以支持快速成長的業務機會。我們在預訂量和收入成長方面取得的顯著成就，尤其是在資料中心等高成長垂直領域，凸顯了我們作為領先的氣候創新者的實力。我們的商業暖通空調積壓訂單不僅有所增加，而且還在成長，比 2024 年底增加了 8 億美元以上，這為我們在 2026 年及以後繼續保持強勁增長奠定了良好的基礎。

In residential, which represents about 15% of our revenues, we believe over the long term that the industry remains fundamentally healthy with a GDP-plus framework. We expect 2026 to be a tale of two halves. A challenging first half due to tough comps, followed by improvement in the second half against easier comps. In our Americas transport business, accounting for about 7% of our revenues, we also foresee a tale of two halves, with soft markets in the first half and recovery in the second.

住宅業務約占我們收入的 15%，我們相信，從長遠來看，在 GDP 成長框架下，該產業的基本面依然健康。我們預計2026年將呈現截然不同的兩大趨勢。上半季由於對手實力強勁而充滿挑戰，下半季面對實力較弱的對手則有所進步。在我們佔總收入約 7% 的美洲運輸業務中，我們也預見到會出現上下半年截然不同的情況，上半年市場疲軟，下半年市場復甦。

While the recovery slope may vary, we are aligned with freight markets recovering in the second half of 2026. Our focus on innovation yields healthy pricing opportunities and our business operating system is prime to stay ahead of tariff and inflationary pressures. Our services business comprising about one-third of our enterprise revenues is a key driver underpinning our growth in 2026 and years to come. We have a proven track record of driving strong services growth. We see continued growth opportunities across our portfolio, particularly in commercial HVAC, where our large and growing installed base and increasing mix of applied solutions carry a strong higher margin services tail.

雖然復甦的幅度可能有所不同，但我們預期貨運市場將在 2026 年下半年復甦。我們對創新的重視帶來了健康的定價機會，我們的業務營運系統能夠有效應對關稅和通膨壓力。我們的服務業務約占公司營收的三分之一，是支撐我們2026年及未來幾年成長的關鍵驅動力。我們在推動服務強勁成長方面擁有良好的業績記錄。我們看到我們的產品組合中存在持續的成長機會，尤其是在商用暖通空調領域，我們龐大且不斷增長的裝置容量和日益豐富的應用解決方案組合帶來了利潤率更高的服務尾部。

Additionally, our rapidly growing connected services portfolio is seeing increased demand for digital performance optimization and demand side management for our Energy Services business excels. Overall, we are excited about the opportunities for continued growth in 2026. Please turn to slide number 15. In closing, our leading innovation, elevated backlog and strong customer demand position us for strong performance in 2026 and beyond. Our uplift in culture continues to attract the best talent, powering our innovation.

此外，我們快速成長的互聯服務組合對數位化效能最佳化和需求面管理的需求不斷增長，而我們的能源服務業務也表現出色。總體而言，我們對 2026 年的持續成長機會感到興奮。請翻到第15頁投影片。總而言之，憑藉我們領先的創新能力、充足的訂單儲備和強勁的客戶需求，我們預計在 2026 年及以後取得優異的業績。我們不斷提升的企業文化持續吸引最優秀的人才，從而推動我們的創新。

Our solutions offer strong returns to customers and also contribute to a sustainable world. This drives our consistent track record of performance and positions us to deliver differentiated value for shareholders over the long term. And now we'd be happy to take your questions. Operator?

我們的解決方案不僅能為客戶帶來豐厚的回報，還能為永續發展的世界做出貢獻。這造就了我們持續穩定的業績記錄，並使我們能夠在長期內為股東創造差異化價值。現在我們很樂意回答您的問題。操作員？

(Operator Instructions)

（操作說明）

Chris Snyder, Morgan Stanley.

克里斯‧史奈德，摩根士丹利。

I wanted to ask about Americas margins. You guys put up a 40% incremental almost in Q2. Q3 was like 50% despite negative mix away from resi. So I guess my question is really on the service margins. As the company adds technology and fixed assets to the service or aftermarket business, is there an opportunity for service incremental margins to improve versus history because it feels like we're effectively replacing more variable human costs with more static fixed costs, whether it be technology or something else? Any thoughts there would be helpful.

我想問一下美國的利潤率。你們在第二季實現了近 40% 的成長。儘管住宅市場整體表現不佳，但第三季仍達到了 50% 左右。所以我想我的問題其實是關於服務利潤率的。隨著公司為服務或售後業務增加技術和固定資產，服務增量利潤率是否有可能比以往有所提高，因為感覺我們實際上是在用更靜態的固定成本（無論是技術還是其他東西）來替代更可變的人力成本？任何想法都將不勝感激。

Chris, this is Chris first, and then Dave may jump in. So very happy with the Americas margin performance in the third quarter. We operating income margins were nearly 22%, up 120 basis points on a year-over-year basis. And when you think about service, we've described service margins to be higher than the segment average. They're higher than equipment margins. And we continue to invest strongly in that space across front-end tools, service technicians, sales account managers. And I think we like the path that those margins should be on going forward. There's absolutely an opportunity for those margins to expand.

克里斯，我是克里斯，先說到這裡，然後戴夫可能會插話。我對美洲地區第三季的利潤率表現非常滿意。我們的營業利益率接近 22%，比上年同期成長 120 個基點。而就服務而言，我們所說的服務利潤率高於行業平均。它們比設備利潤率更高。我們將持續大力投資前端工具、服務技術人員和銷售客戶經理等領域。而且我認為我們喜歡這些利潤率未來應該發展的方向。這些利潤空間絕對有擴大的空間。

Yeah. And the only thing I would add, Chris, we're also investing heavily in our training organization. And we just opened a new training center here in North Carolina. And it's just -- we want to make sure our techs have the best tools in front of them in front of our customers. We want them to be the smartest as they can be. And all of our connected solutions, our training, it all adds up to technicians that are more productive. And by the way, our service business is growing at a very nice rate as a result of that.

是的。我唯一要補充的是，克里斯，我們也在大力投資我們的培訓機構。我們剛在北卡羅來納州開設了一個新的培訓中心。我們只是想確保我們的技術人員在為客戶服務時，能夠使用最好的工具。我們希望他們盡可能地聰明。我們所有的互聯解決方案、我們的培訓，所有這些都讓技術人員的工作更有效率。順便一提，正因如此，我們的服務業務也以非常可觀的速度成長。

Appreciate that. And then maybe going over to orders, applied, plus 100%, obviously, a pretty massive number and I know you can't continue to grow orders 100%, obviously. But is there anything in that that feels one timing, that's worth calling out. It does seem like the pipeline, I think you referred to it as rapidly growing. So it still feels like there's a lot of opportunity out there. But any comment on that applied number? And anything at the end market level would be helpful. Thank you.

謝謝。然後，也許可以看看訂單量，加上 100%，顯然，這是一個相當大的數字，我知道訂單量不可能一直增加 100%，這是顯而易見的。但其中是否有任何值得一提的時機問題呢？看起來確實如此，我想你之前也提到過，這條管道正在快速成長。所以感覺外面還是有很多機會。但對於這個應用程式數字，您有什麼評論嗎？任何與終端市場相關的資訊都會有所幫助。謝謝。

A good question. Obviously, we're very strong in all of our verticals. Data center certainly had a lot of growth. We did see several large orders in the third quarter. You could think of a large order as over $100 million. I guess my framework has changed there. But yes, so we have had several large orders. I'll just remind you that data center orders can be more uneven, so you may see them one quarter or not another. But look, the pipeline of activity, it is what it's really encouraging. And it's -- I had the opportunity -- I was walking to a meeting yesterday on campus, and I ran into one of our chiller portfolio managers and this individual stopped me for what I thought was going to be 2 minutes. It ended up being 15 minutes about tell me about all the robust demand that they're seeing in the pipeline, the orders we're receiving, the innovation that's going to be coming out or is out now. So look, there's a lot of momentum out there right now. And I would tell you that Trane Technologies is doing a great job of capturing more than our fair share of that momentum.

問得好。顯然，我們在所有垂直領域都實力雄厚。資料中心的發展速度確實很快。第三季我們確實收到了幾筆大訂單。你可以把超過1億美元的訂單理解為大訂單。我想我的思考方式在那方面發生了改變。是的，我們確實接到了好幾筆大訂單。我只想提醒您，資料中心訂單可能不太均衡，所以您可能這一季會看到它們，下個季度則不會。但是，你看，各項活動的進行情況，這才是真正令人鼓舞的。昨天我在校園裡去開會，遇到了我們的一位冷水機組產品組合經理，他攔住了我，我以為他只會跟我聊兩分鐘。結果花了 15 分鐘，他們一直在向我介紹他們目前在產品線中看到的強勁需求、我們收到的訂單、即將推出或已經推出的創新產品。所以你看，現在市場動能很強勁。我可以告訴你，特靈科技公司在把握這一發展勢頭方面做得非常出色，獲得了遠超我們應得的份額。

Andy Kaplowitz, Citigroup.

安迪‧卡普洛維茨，花旗集團。

David, Chris, you grew revenue low teens in Americas Commercial HVAC equipment and in Q3. But is there any reason why your growth there wouldn't follow the reacceleration in Americas commercial HVAC bookings that you've seen lately and set you up actually for as good or stronger commercial HVAC organic revenue growth in '26 versus '25? And is the re-acceleration in bookings, I mean, you talked about large projects. How are other verticals doing besides data centers?

David、Chris，你們在美洲商用暖通空調設備業務中實現了 20% 左右的收入成長，並在第三季度實現了這一成長。但是，您認為貴公司在美洲的商業暖通空調預訂量最近出現重新加速增長，並預計在 2026 年實現與 2025 年一樣好甚至更強的商業暖通空調有機收入增長，有什麼理由不讓您在那裡的增長也隨之增長呢？預訂量的重新加速成長，我的意思是，你剛才談到了大型專案。除了資料中心之外，其他垂直產業的發展如何？

Andy, I'll start. Look, the Commercial HVAC Americas business has had a great year, and it's going to continue to perform strongly in the future. When you think about our full-year guide for that business, we're expecting revenues to be up low double digits this year. Q4 will be up around 10%. And when you think on a three-year stack for that business, it's consistent every quarter this year, a three-year stack of 50% revenues for our commercial HVAC business. So certainly, the backlog and the order rates continue to give us more confidence on growth into the future. And as you know, services really underpins that business as well. It's about a third of the enterprise revenues. It's roughly half of the commercial HVAC and the Americas revenues and that will -- we see that being a tailwind for many years to come as well. So we'll dial in 2026 when we are on our next earnings call but we're expecting this business to continue to have strong growth going forward.

安迪，我先來。你看，美洲商用暖通空調業務今年表現出色，未來也將持續保持強勁勢頭。從我們對該業務的全年業績預期來看，我們預計今年的收入將實現兩位數的低成長。第四季預計成長10%左右。如果從三年發展的角度來看，我們商業暖通空調業務的營收在今年每季都保持穩定成長，三年營收成長50%。因此，積壓訂單和訂單成長率無疑地繼續增強了我們對未來成長的信心。如你所知，服務也是支撐這項業務的真正基礎。這大約佔企業收入的三分之一。這大約佔美洲地區商用暖通空調收入的一半，我們認為這將在未來很多年裡成為一個有利因素。所以，我們會在下次財報電話會議上確定 2026 年的目標年份，但我們預期這項業務未來將繼續保持強勁成長。

Yeah. And the only thing I would add on the verticals, Andy, certainly very strong in data centers. Healthcare was also strong. Higher ed was strong, government was strong. We'll see how that goes with the government shutdown. But right now, government was strong. And we also saw some strength in office, which was good to see. So overall, pretty balanced strength that we're seeing out there in our core verticals as well as the high-growth verticals.

是的。關於垂直產業，我唯一要補充的是，Andy，資料中心領域肯定非常強大。醫療保健產業也表現強勁。高等教育實力雄厚，政府實力強大。讓我們來看看政府停擺會如何發展。但就目前而言，政府實力很強。我們也看到了執政團隊的一些實力，這令人欣慰。所以總的來說，我們在核心垂直領域和高成長垂直領域都看到了相當均衡的優勢。

Great. And then you didn't change your incremental revenue impact on resi HVAC in Q4 that you told us about in September. But can you give us more color on what you're seeing in your channel. There's obviously the data out there as to when and resi will be right size. I know you already talked about relatively weak [one] first half of '26, mainly due to tough comps. But do you think inventories could get in balance by the end of the year? How do you think about that?

偉大的。而且，您在9月份告訴我們的關於第四季度住宅暖通空調增量收入影響的消息，並沒有改變。但您能否更詳細地描述您在頻道裡看到的內容？顯然，關於何時以及住宅面積是否合適，已經有相關數據了。我知道你已經說過 2026 年上半年表現相對較弱，主要是因為同期競爭激烈。但你認為庫存能在年底前達到平衡嗎？你對此有何看法？

Yeah. I mean we're hopeful it gets rebalanced. I mean 2025 was such an odd year for residential, really, you had -- it started with a prebuy. You could argue that maybe was two prebuys with maybe a little bit pre-tariffs. But -- and then you had this refrigerant change that didn't go very well because of the canister issue that was well publicized. And then you had a really short summer across the US. So those three factors are kind of anomalies that we look at in the resi space. Obviously, that caused a bit of inventory in the channel that needs to be burned down. And our plan is, hopefully, it's burned down by the end of the -- at least by the end of the year, if not, it will certainly be burned down by the first quarter. But we'll give you an update on that, Andy, when we present our fourth-quarter earnings.

是的。我的意思是，我們希望它能重新達到平衡。我的意思是，2025 年對住宅市場來說真是個奇怪的年份，真的，它始於預購。你可能會說，這可能是兩次預購，而且可能還有一些關稅生效前的預購。但是——然後，由於廣為人知的儲罐問題，冷媒更換工作進行得併不順利。然後，美國各地的夏天就變得非常短暫了。所以這三個因素是我們研究住宅領域時會關注的一些異常現象。顯然，這導致渠道中出現了一些需要清理的庫存。我們的計劃是，希望它能在年底前被燒毀——至少在年底前，如果不能，也肯定會在第一季被燒毀。安迪，我們會在公佈第四季財報時為你帶來最新消息。

Julian Mitchell, Barclays.

朱利安米切爾，巴克萊銀行。

Maybe -- I just wanted to understand a little bit the operating leverage guidance change. So you've moved to sort of 30% plus there on the organic front, it's a bit higher than before, and that's even with the revenue organic guide being lowered a touch overall. So maybe help us understand why is that operating leverage moving up? Does it reflect kind of exceptional cost control that may have to unwind a bit next year? Or is it more to do with something in the shape of the business, particularly in commercial HVAC, that's giving you that more structural entitlement to higher incrementals?

也許——我只是想稍微了解一下經營槓桿指引的變化。所以，你們的自然流量佔比已經達到了 30% 以上，比以前略高，即便整體上自然流量收入預期略有下調。那麼，或許您可以幫我們理解為什麼經營槓桿率會上升？這是否反映出某種特殊的成本控制措施，而這種措施明年可能需要有所放鬆？或者，這是否更多地與企業結構有關，尤其是在商業暖通空調領域，這種結構賦予了企業更高的增量收益權？

Julian, it's Chris. Yeah, look, I think it's -- first off, we manage all parts of the P&L. And when I step back and I see the volume growth in commercial HVAC, we're getting strong leverage on that volume growth. You're right. There's headwinds in the business we've described in residential and transport. And in the fourth quarter, some revenue shifting out to next year in commercial HVAC. But we're really offsetting nearly all of these headwinds on an EPS basis really because we're managing all parts of the P&L.

朱利安，我是克里斯。是的，你看，我認為──首先，我們管理損益表的所有部分。當我從整體來看商業暖通空調產業的銷售成長時，我們就能充分利用這種銷售成長帶來的強大優勢。你說得對。我們所描述的住宅和交通運輸業正面臨一些不利因素。第四季度，部分商業暖通空調業務的收入將延後到明年。但我們實際上已經從每股盈餘的角度抵消了幾乎所有這些不利因素，因為我們正在管理損益表的各個部分。

Multiple areas there. I mentioned volumes. There is a strong cost management. Think of us as leveraging our scenario plans and our business operating system, where we -- beginning part of the third quarter when we saw the lower volumes in residential. We made sure that we were managing all parts of our cost. It's a combination of discretionary cost control as well as some structural cost takeout, and you expect that from [a lean] operator.

那裡有多個區域。我提到了卷數。成本控制措施到位。把我們看作是利用我們的情境計畫和業務營運系統，從第三季開始，我們看到住宅業務量下降。我們確保對所有成本環節都進行了有效控制。這是酌情成本控制和結構性成本削減的結合，而這正是精實營運者應有的做法。

What we didn't do, we haven't cut investments. So we're preserving investments and there's a number of investments we had planned for the fourth quarter, and Dave was very clear, and I, we're not cutting those investments. We're moving forward with those because they set us up for future growth. So I'd look at the cost management, strong volumes in commercial as well as making sure that we're preserving investments.

我們沒有做的，就是削減投資。所以我們要保住投資，我們為第四季規劃了很多投資，戴夫也明確表示，我們不會削減這些投資。我們正在推動這些項目，因為它們為我們未來的發展奠定了基礎。因此，我會關注成本管理、強勁的商業銷售量，並確保我們保護投資。

Yeah. The only thing I would add is on the scenario planning, what we do really, really well is it's not just what you -- it's what you will not cut and we spend a lot of time on that. And that's why, as Chris said, we're continuing to reinvest in all of our businesses. And we have projects out there that we know are so important for our future, that those are all ring-fenced. So we make sure that we -- those are things that we will not cut because they're about our future. So we do -- the teams do a great job there of identifying those and making sure that we're going to be not only ready for a particular quarter, but really well into the future.

是的。我唯一要補充的是，關於情境規劃，我們做得非常出色的一點是，它不僅關乎你——還關乎你不會削減什麼，我們在這方面投入了大量時間。正如克里斯所說，正因如此，我們才會繼續對所有業務進行再投資。我們有一些項目對我們的未來至關重要，所以這些項目都受到了專款的保護。所以我們確保——這些都是我們不會削減的項目，因為它們關乎我們的未來。所以，我們確實做到了——各個團隊在這方面做得非常出色，他們能夠識別出這些問題，並確保我們不僅為某個特定季度做好準備，而且為未來很長一段時間做好準備。

That's great to hear. And then just my follow-up would be around pricing. Maybe just give us any color as to the price contribution to firm-wide revenues in the third quarter. And within those resi Americas market, specifically, what's your comfort level that price discipline can hold up as this inventory destock plays out?

聽到這個消息真是太好了。然後我的後續問題就是價格方面。或許可以透露一下第三季股價對公司整體營收的貢獻情況。尤其是在美洲住宅市場，您對隨著庫存減少而出現的價格紀律能否維持下去有多大信心？

Julian, price for the quarter was a bit above 3 percentage points. We've been tracking around 3 percentage points in the first half of the year. And from a full-year guide perspective, think of the 6% organic revenue growth is roughly 3% price, 3% volume. I'd say we just continue to manage all the inflationary inputs well and ensuring that we've got a positive spread over price versus cost.

朱利安，該季度的價格略高於 3 個百分點。今年上半年，我們一直追蹤到大約 3 個百分點的變化。從全年業績展望來看，6%的有機收入成長約為價格成長3%，銷量成長3%。我認為我們應該繼續妥善管理所有通膨因素，並確保價格與成本之間保持正利差。

In residential, it's really about a volume story there. We're obviously shifting into very much this year into 454B with a price/mix contribution. There'll be a little bit of carryover going into next year, but we're also just making sure we're staying ahead of a very dynamic environment in terms of cost inputs and remaining nimble. So we'll continue to do that.

在住宅領域，這確實是一個數量上的問題。今年我們顯然將很大程度上轉向 454B，並專注於價格/組合貢獻。明年可能會有一些結轉，但我們也要確保在成本投入方面保持領先地位，適應瞬息萬變的環境，並保持靈活應變。所以我們會繼續這樣做。

Yeah. And under resi, the industry has remained disciplined, Julian.

是的。朱利安，在住宅行業，該行業一直保持著自律。

Amit Mehrotra, UBS.

阿米特·梅赫羅特拉，瑞銀集團。

Chris I wanted to ask -- I wanted to ask about organic growth between the applied equipment and light commercial. I know together, those grew low teens. Hoping you can give us a little bit more color on just the applied equipment side. And just given where the backlog and orders are for the equipment, obviously, the sustainable growth opportunity in service. Those two are kind of 50% of the business, do you think growth can be maintained at the current levels, accelerate, decelerate because you have large numbers? What should be the right expectation prospectively for those growth rates for those two particular parts of the business?

克里斯，我想問——我想問的是應用設備和輕型商用設備之間的有機增長情況。我知道他們加起來長到了十幾歲。希望您能就應用裝置方面再詳細介紹一下。鑑於設備積壓訂單的情況，顯然，服務業存在著可持續成長的機會。這兩個業務占公司業務的50%左右，你認為目前的成長水準能否維持下去，還是會加速或減速，因為業務量很大？對於公司這兩個特定業務板塊的未來成長率，合理的預期應該是多少？

Yeah. Look, applied was very strong, okay? Very strong. Unitary was positive. I guess that's a good news, but it was -- it has not been a big contributor this year to our growth. We'll see how it plays out next year. As far as services goes, look, our service business is very consistent. And we continue to put up nice growth rates there. We have -- if you go back to 2020, our compound annual growth rate, as I said in my prepared remarks, is -- it's in the low teens, which is very, very strong. And by the way, that doesn't happen by accident, okay? We have a very detailed operating system around our service business that allows us to do that. And if you think about all what's happening with our Applied Solutions and the installed base continuing to grow, look, the future is very, very bright for our service business.

是的。你看，塗抹的藥效很強，好嗎？非常強壯。單位值是正的。我想這應該算是個好消息，但事實並非如此——它今年並沒有對我們的成長做出太大貢獻。我們明年再來看看結果如何。就服務而言，我們的服務業務非常穩定。我們在該領域持續保持良好的成長率。回顧 2020 年，正如我在準備好的演講稿中所說，我們的複合年增長率在 10% 左右，這非常非常強勁。順便說一句，這並非偶然發生，好嗎？我們的服務業務擁有非常完善的營運體系，使我們能夠做到這一點。想想我們應用解決方案業務的發展現狀，以及不斷增長的裝機量，你看，我們服務業務的未來非常非常光明。

Okay. And just as a follow-up maybe for Chris, the company -- you guys have this framework for top quartile revenue earnings growth kind of year in, year out. I interpret that to mean kind of high single-digit revenue growth, maybe low to mid-teens EPS growth. Obviously, you're achieving that this year, which is incredible in the context of what's happening in the residential market. But just given kind of where the commercial HVAC business order momentum is hopefully, resi is better next year than it is this year, obviously, should be. Should we see an accelerating revenue and earnings algorithm next year? I would assume that would be the case just given the headwinds you're facing this year.

好的。克里斯，我想補充一點，貴公司——你們有這樣一個框架，可以實現年復一年收入和利潤增長均位居前四分之一。我的理解是，這意味著營收將實現較高的個位數成長，每股盈餘成長可能在十幾到十幾之間。顯然，你今年就實現了這個目標，考慮到目前住宅市場的情況，這簡直令人難以置信。但就目前商用暖通空調業務訂單的成長動能來看，希望明年住宅業務能比今年好，這顯然是理所當然的。明年我們是否會看到營收和獲利演算法加速成長？考慮到你今年面臨的種種不利因素，我猜想情況確實如此。

Yeah. I mean, look, I think the future is bright. We'll update investors in about three months on our next earnings call. But we do go into each and every year thinking about how we're going to plan for top quartile, top line growth, EPS growth, and let's not forget about free cash flow conversion with a four-year average well over 100%. I think -- we're one of the leaders in that space of converting that earnings to free cash flow. But with down markets in residential and transport, we know the first half of 2026 is going to have some tough comps or a tough start to the year, okay, and to -- off of tough comps. Let's see how the full year looks like. We'll update you in a few more months. Things are dynamic. But certainly, the growth of commercial HVAC and over 90% of that backlog is for commercial HVAC, of which the vast majority of that is applied systems, gives us a lot of confidence that we'll see strong growth in that business next year.

是的。我的意思是，你看，我認為未來一片光明。我們將在大約三個月後的下一次財報電話會議上向投資者更新情況。但我們每年都會思考如何規劃才能達到前四分之一的業績、營收成長、每股盈餘成長，而且不要忘記自由現金流轉換率，四年平均值遠超 100%。我認為——我們在將收益轉化為自由現金流方面處於領先地位。但由於住宅和運輸市場低迷，我們知道 2026 年上半年將面臨一些嚴峻的市場比較，或者說年初會比較艱難，好吧，而且——由於市場比較艱難。讓我們看看全年的情況如何。幾個月後我們會向您報告最新情況。事物是不斷變化的。但可以肯定的是，商用暖通空調業務的成長，以及其中超過 90% 的積壓訂單都來自商用暖通空調，而這其中絕大多數是應用系統，讓我們非常有信心明年該業務將實現強勁增長。

Scott Davis, Melius Research.

Scott Davis，Melius Research。

Those applied bookings were big numbers. Is that -- is there any of that, that's leaking into '27? So is that -- I know the industry standard used to be kind of one-year max lead time. Is it now leaking out a little longer than one year, just given how strong demand is?

這些預訂數量非常龐大。那是——那是有什麼東西滲透到 2027 年了嗎？所以就是這樣——我知道行業標準以前最多是一年的提前期。鑑於市場需求如此強勁，現在的交貨期限是否比一年稍長？

Not really. I mean it was -- I think there might be just a little bit in '27. Most of it's going to ship in the next 15 months. That's subject to change, (inaudible) time to time we're seeing.

並不真地。我的意思是——我覺得 '27 年可能有一點點。大部分產品將在未來15個月內出貨。這種情況可能會改變，（聽不清楚）我們時不時會看到這種情況。

Yeah. In the backlog, in terms of some of the large orders, customers give us insight on what they're going to place, but we won't put it into the backlog until there's a signed PO. So there are slots, let's say, that we're expecting to be filled for 2027, but that will convert to orders here starting in the fourth quarter into 2026.

是的。對於一些大訂單，客戶會告訴我們他們打算下什麼訂單，但只有在簽署採購訂單後，我們才會將其放入待辦事項清單中。假設有一些名額，我們預計會在 2027 年被填滿，但這些名額將從 2026 年第四季開始轉化為訂單。

Yes. And to add, the pipeline of activity, I know we had very strong, and I'm proud of what the team is at the third quarter. Our pipeline of activity is extremely robust right now.

是的。此外，關於業務拓展，我知道我們做得非常出色，我對團隊在第三季的表現感到自豪。我們目前的業務拓展計劃非常順利。

Yeah. Clearly. Yes. So guys, I just wanted to switch gears a little bit. You put out a press release two days ago on this thermal management system, the reference design for NVIDIA. What's new in that design. It looked like to me almost implied that you guys are making the [CDU] and kind of doing kind of the A to Z. Just kind of maybe talk about what's new in that design or the importance of it.

是的。清楚地。是的。各位，我只是想稍微換個話題。兩天前，你們發布了一份關於這款散熱管理系統的新聞稿，這是NVIDIA的參考設計。這個設計有什麼新意？在我看來，這似乎暗示你們正在製作[CDU]，而要做的就是從頭到尾完成所有工作。也許可以談談這個設計的新特點或它的重要性。

If I told you I wouldn't be able to talk to you anymore. No -- we'll work with NVIDIA, they're a leader, obviously, in the chip side of things, and we're helping basically, as a leader in that vertical, and I've been saying for a long time, we're a leader in the data center vertical. We're working with all influencers, whether it be hyperscalers or whether it be great companies like NVIDIA that we're working with. And it's really about our very technical engineers working with their technical engineers and coming up with solutions that in some cases, we didn't think were possible just a very short period time ago. So more to come on that. We're excited about working with NVIDIA. We've been working with them for a while, and we think there's a lot of opportunities. And the innovation that we're seeing in the data center vertical is moving very, very fast and we're there moving with it. I would also tell you that a lot of this innovation, as we develop, we're pulling back into our core markets as well. So it's additive. We like being challenged. We like sitting at the table. We like them in our labs, showing them what we can do and when smart people challenge each other, usually have great outcomes.

如果我告訴你，我就沒辦法再跟你說話了。不——我們會與英偉達合作，他們顯然是晶片領域的領導者，而我們作為該領域的領導者，基本上是在幫助他們。而且我一直都說，我們是資料中心領域的領導者。我們與所有有影響力的人士合作，無論是超大規模資料中心營運商，還是像 NVIDIA 這樣我們正在合作的優秀公司。這其實是我們技術非常精湛的工程師與他們的技術工程師合作，提出解決方案，而就在不久前，我們還認為這些解決方案是不可能的。關於這一點，後續還會有更多討論。我們很高興能與英偉達合作。我們已經和他們合作了一段時間，我們認為有很多機會。我們看到資料中心領域的創新發展非常非常迅速，我們也緊跟著其腳步。我還要告訴大家，隨著我們不斷發展，許多創新也最終回歸到我們的核心市場。所以它是累加的。我們喜歡接受挑戰。我們喜歡坐在桌旁。我們喜歡在實驗室和他們交流，向他們展示我們的能力，聰明的人互相挑戰，通常會有很好的結果。

Tommy Moll, Stephens.

湯米·莫爾，史蒂芬斯。

Wanted to ask about EMEA margins, which we haven't covered in enough detail yet, just given some of the comments you made there about recent investments that have pressured those margin percentages a bit. What's the time line look like there? Or when -- assuming continued top line progression, you could start to see some positive margin dynamic?

我想問一下 EMEA 地區的利潤率，我們還沒有足夠詳細地討論過這個問題，只是考慮到您之前提到的一些關於近期投資給這些利潤率帶來壓力的評論。那裡的時間線是怎麼樣的？或者，假設營收持續成長，何時才能開始看到一些正面的利潤率動態？

Yeah, Tommy. Look, the third quarter for our commercial HVAC business in EMEA came in really as expected. For our second half guide, we knew that the revenue growth will be stronger in the fourth quarter than the third quarter, really based on the timing of when customers want their products. We also expected sequential margin improvement throughout the year, and we saw that also in the third quarter versus the second quarter. Some of that for their segment is really around some recent M&A that we've completed, both in the transport channel in the commercial HVAC channel.

是的，湯米。你看，我們在歐洲、中東和非洲地區的商用暖通空調業務第三季的表現完全符合預期。對於我們的下半年業績指引，我們知道第四季度的營收成長將比第三季更強勁，這主要取決於客戶何時需要他們的產品。我們也預期全年利潤率會逐週提高，而第三季與第二季相比也確實如此。他們部分業務的成長實際上與我們最近完成的一些併購有關，包括運輸管道和商業暖通空調管道。

That just on day one had lower margins than the segment average. So we'll work through that throughout the year. But those M&A transactions are very important to give us more opportunities for growth in the markets that they serve. So we're excited about that. The region has continued to invest on its front end and sales and service portfolio. I think that's largely anniversaried at this point as we go into the fourth quarter, but we would expect those margins to continue to grow and accelerate into 2026.

僅第一天的利潤率就低於行業平均。所以我們會在這一年逐步解決這個問題。但這些併購交易對於我們在所服務的市場中獲得更多成長機會至關重要。我們對此感到很興奮。該地區持續增加對前端、銷售和服務組合的投入。我認為，隨著我們進入第四季度，這種情況基本上已經結束了，但我們預計這些利潤率將在 2026 年繼續增長並加速成長。

And if we zoom out and look at consolidated margins, specifically next year? Obviously, you're not going to guide today, but are there any variances to your typical planning cycle around the mid-20%s conversion that are worth pointing out. And even if it's just a seasonal comment, obviously, there are a couple of factors that weigh on the first half and then flip to tailwinds in the second half. So perhaps you can give some context around that.

如果我們把視角拉遠，看看明年的綜合利潤率呢？顯然，你今天不會提供指導，但是，在轉換率達到 20% 左右時，你的典型規劃週期是否有任何值得指出的變化？即使這只是季節性的評論，顯然，也有一些因素會影響上半年的發展，然後在下半年轉為順風。或許您可以提供一些背景資訊。

Nothing to call out specifically. I mean you called out our long-term framework at 25% or better incrementals. And we would go into any planning year thinking along that guidance. The pipelines Dave's talked about in terms of orders and bookings the pipelines for our investments in the company remains very, very strong. So for us, it's always been about how to pull them ahead to drive growth even faster. So we'll manage the two of them as we think about 2026. I appreciate your comment on first half. I do think for our transport market in the Americas and for residential, those will be tougher first halves in 2026 with expected growth in the second half and we'll put it all together, and the goal would be, let's drive to top quartile financial performance again. But we'll update everyone in a few months.

沒有特別需要指出的。我的意思是，你指出我們的長期框架是實現 25% 或更高的增量。我們會在每年的計畫制定過程中遵循這項指導原則。Dave 所說的訂單和預訂管道，也就是我們對公司投資的管道，仍然非常非常強勁。所以對我們來說，關鍵始終在於如何幫助他們取得進步，從而更快地推動成長。所以，在考慮 2026 年的時候，我們會同時兼顧這兩項事宜。感謝您對前半部分的評論。我認為，對於我們在美洲的交通運輸市場和住宅市場而言，2026 年上半年將會更加艱難，預計下半年將實現成長，我們將綜合考慮所有因素，目標是再次躋身財務業績前四分之一的行列。但我們會幾個月後向大家更新狀況。

Joe Ritchie, Goldman Sachs.

喬·里奇，高盛集團。

I wanted to just focus my questions just on the data center opportunity and what you're seeing today. So if you think about kind of like the nature of the projects that you're winning I'm curious whether that's like the nature of the projects have changed. So we're speaking about specifically. Like are you starting to see like more modular type data centers getting built by the hyperscalers because the time to market is really important? Just anything else you can tell us around the opportunities that you're booking would be helpful.

我只想把我的問題集中在資料中心的機會以及你們目前所看到的方面。所以，如果你仔細想想你所贏得的項目的性質，我很好奇這些項目的性質是否改變了。所以我們具體指的是什麼。你是否開始看到超大規模資料中心營運商建造更多模組化資料中心，因為上市時間真的非常重要？如果您還能告訴我們一些關於您正在預訂的行程的其他信息，那就太好了。

Yes. I mean -- but we've seen that for a while, okay? I mean, the amount of stick build that you can reduce on a job site is obviously advantageous because it ensures a smoother build process. So that's been happening in the data center space for a while. And we're obviously -- you could see all of our (inaudible) being installed there. So we're part of that process. So I wouldn't say it's a change. But obviously, I think -- it's a great question, though, because I know we're talking about data centers here, but if you think about other labor constraints and other verticals, that whole modular or less labor required on a job site is certainly something that will trend in the future.

是的。我的意思是——但我們已經看到這種情況一段時間了，好嗎？我的意思是，在施工現場減少木結構搭建的數量顯然是有利的，因為它可以確保更順暢的施工過程。這種情況在資料中心領域已經持續了一段時間。很明顯——你可以看到我們所有的（聽不清楚）都安裝在那裡。所以我們也是這個過程的一部分。所以，我不會說這是一種改變。但顯然，我認為這是一個很好的問題，因為我知道我們在這裡談論的是資料中心，但如果你考慮到其他勞動力限制和其他垂直行業，那麼整個模組化或減少工地所需勞動力肯定是未來發展的趨勢。

Yes. That makes sense, sorry. But -- that makes sense. And then, I guess, Dave, just kind of thing going back to Scott's question just around lead times, right? You have certain parts of the of the value chain that are out like I think turbines are out like three to four years in terms of when they can get delivered. And given that your lead times right now are really kind of 12 to 18 months, I mean it just seems like the opportunity for you, like you've just got a lot of like already based on what we're seeing in the value chain, the opportunity for you guys should be really strong really through the end of the decade. And I don't want to put the cart before the horse here, but -- just how are you thinking about this data center opportunity for you guys?

是的。明白了，抱歉。但是——這很有道理。然後，我想，戴夫，這其實就是回到史考特之前關於交貨週期的問題，對吧？價值鏈中的某些環節目前還無法交付，例如渦輪機，我認為渦輪機的交付時間可能需要三到四年。鑑於你們目前的交貨週期大約是 12 到 18 個月，我的意思是，這似乎對你們來說是一個機會，就像你們已經擁有很多機會一樣，基於我們在價值鏈中看到的情況，你們的機會在本十年末應該會非常強勁。我不想本末倒置，但是──你們是如何看待資料中心這個機會的呢？

Well, end of the decade, I like it. Look, I think 12 to 18 months, first of all, that may not be our capacity, maybe what the -- when the data center is just given -- the hyperscale is giving us visibility for planned emphasis, we've actually expanded our capacity. I had the team doing an analysis 2023, we've expanded our [chiller] capacity by 4 times.

嗯，十年結束，我喜歡這樣。你看，我認為 12 到 18 個月，首先，這可能不是我們的能力範圍，也許是——當數據中心剛剛交付——超大規模讓我們能夠看到計劃的重點，我們實際上已經擴大了我們的容量。我讓團隊對 2023 年進行了分析，我們將冷水機組的產能擴大了 4 倍。

So we've invested a lot there, but we're ready for the growth. And by the way, in some cases, our lead times now have actually contracted to a point where we have quick ship programs again. And that's not for data centers, but that's for core verticals. But it's the momentum we're seeing is great to see. The innovation that we have is driving a lot of that momentum and we are more than ready to make sure that we can meet the demand that's being placed upon us.

所以我們已經在那裡投入了很多，但我們已經為成長做好了準備。順便一提，在某些情況下，我們的交貨週期實際上已經縮短到可以再次快速發貨的程度。這並非針對資料中心，而是針對核心垂直產業。但我們看到的這種發展勢頭令人欣喜。我們的創新是推動這項發展動能的主要動力，我們已做好充分準備，確保能夠滿足市場對我們的需求。

Jeff Sprague, Vertical Research.

Jeff Sprague，Vertical Research。

I'm doing great. Not quite as good as you, but I can't complain.

我一切都很好。雖然不如你，但我也沒什麼好抱怨的。

You're up in Connecticut. So you must be doing great, right?

你在康乃狄克州。所以你一定做得很好，對吧？

Yes. Yes, things are good. My question maybe is a little bit related to sort of where Joe was at. But just thinking about all these large projects, right, things must be slipping back and forth all the time. I don't recall you calling out project slippage in the last couple of years like you are today with this $100 million. Just wondering, even though your lead times are improving, are we starting to bump up against just the ability for the supply chain, the construction community, whatever put this stuff in the ground at the pace they would like? Or would you just kind of characterize what you pointed out today is just kind of normal noise in shipment patterns?

是的。是的，一切都很好。我的問題可能和喬當時的情況有點關係。但想想這些大型項目，對吧，事情肯定會不斷地反覆修改。我不記得你像今天這樣，在前幾年公開批評過項目延期，這次卻提到了1億美元的項目。我只是在想，雖然你們的交貨週期正在縮短，但我們是否開始遇到供應鏈、建築業以及其他相關方無法以他們希望的速度完成這些專案的瓶頸了？或者您認為您今天指出的現像只是出貨模式中的正常波動？

(inaudible) normal noise, okay? We haven't said anything that I would say is a trend, but we certainly had several customers ask us to wait until 2026 to ship product, which that happens in our industry. We're obviously never going to ship a product before it's -- a job site is ready for it. But I think it's just timing and timing sometimes there's positives and sometimes there's negatives. It's just in the fourth quarter. It's probably more negative for us, and we called out the $100 million that's going to push into 2026. But I wouldn't read too much into that. The demand that we're seeing right now is extremely strong, and you see that by our order rates. So I'm not -- normal activity, not concerned about it.

（聽不清楚）正常噪音，可以嗎？我們沒有說過任何可以稱之為趨勢的話，但確實有好幾位客戶要求我們等到 2026 年再發貨，這種情況在我們的行業中很常見。我們顯然不會在工地準備就緒之前就發貨。但我認為這只是時機問題，時機有時有利，有時不利。現在才第四節。這對我們來說可能更不利，我們已經指出，有 1 億美元將推遲到 2026 年。但我不會對此過度解讀。我們目前看到的需求非常強勁，從我們的訂單量就能看出這一點。所以，這屬於正常活動，我並不擔心。

Yes, Jeff, I would add. I just wanted to be transparent and we just kind of called it out because it was something we had our internal plans were stronger than that. And so with that news from those customers, we just want to be transparent in terms of that delta.

是的，傑夫，我還要補充一點。我只是想坦誠相待，我們只是把這件事說出來，因為我們內在的計畫比這更完善。因此，根據這些客戶回饋的訊息，我們希望在價格差異方面保持透明。

Great. And then Chris, a follow-up for you. Maybe this was partially addressed in an earlier question, but the improvement in corporate, the pickup in other, do those continue into 2026? Was there anything unusual there that normalizes? And also just a $0.20 kind of deal-related headwind, I think you still have a headwind next year, but a smaller headwind. So effectively, it's a tailwind in the P&L, right? Can you maybe just elaborate on that?

偉大的。克里斯，還有一個後續問題想問你。或許先前的問題已經部分地提到這一點，但是企業界的改善和其他領域的復甦，這些會持續到 2026 年嗎？那裡有什麼不尋常的事情發生嗎？後來發現是正常的。而且，我認為明年還會面臨 0.20 美元左右的交易相關不利因素，但不利因素會小一些。所以實際上，這對損益表來說是有利的，對吧？能詳細解釋一下嗎？

Yes. Starting in reverse. I think it is a $0.20. The M&A this year is about a $0.20 headwind. Think of that as really the accounting requirements around amortization expense and that's typically heavier in those first few years of an acquisition. There's also integration costs that we've got planned to really drive the synergies that we see in those businesses. So should be less of a headwind going into 2026. We'll dial that in a few months. You're right, corporate was favorable items below the line were unfavorable. I call out other income, other expense, unfavorable year-over-year.

是的。倒著開始。我認為是0.20美元。今年的併購活動大約會帶來0.20美元的不利影響。你可以把這看作是與攤銷費用相關的會計要求，而這在收購後的頭幾年通常會比較嚴重。此外，我們還計劃投入一些整合成本，以真正推動我們在這些業務中看到的協同效應。因此，進入2026年，阻力應該會減少。我們會在幾個月內解決這個問題。你說得對，公司層面有利，但離線專案不利。我指出其他收入、其他支出以及與去年同期不利的情況。

Tax was actually a bit unfavorable in the third quarter. Very confident we'll have tax favor or at 20% for the full year. That means it will be a bit favorable in the fourth quarter versus, say, 20%, Jeff? But I think, look, lots of investments still that make up our corporate structure, some of the discretionary cost reductions, reduction of, say, open roles. Some of that does impact the corporate line as well. So ultimately, but we'll start on investments. We'll start generally with corporate and then move into the segments as we see benefits. But I wouldn't read too much into it this year, but we'll dial it in, in a few months.

第三季的稅收情況其實有點不利。我們非常有信心全年都能享有 20% 的稅收優惠。這意味著第四季的情況會比預期略好一些，比如說，比20%好一些，傑夫？但我認為，你看，我們公司結構中仍然有很多投資，一些可自由支配的成本削減，例如減少空缺職位。其中一些因素也會對公司業務線產生影響。所以最終，我們會從投資開始。我們將先從企業客戶入手，然後根據實際情況逐步擴展到各個細分市場。但今年我不會對此抱有過高的期望，幾個月後我們會把它調整好。

Andrew Obin, Bank of America.

安德魯‧奧賓，美國銀行。

It sounds like you're busy with the phones, right?

聽起來你好像在忙著接電話，對吧？

Yes, I know, right. Yes. Just a question about institutional business. What's the visibility like into '26? It seems that unit bond market is getting better, and it seems that funding for schools and hospitals is getting better. So does this mean that this business could accelerate into next year? Or where is the base in '25 because we haven't spoken about it this business for a while?

是的，我知道。是的。我有個關於機構業務的問題。2026 年的前景如何？債券市場似乎正在好轉，學校和醫院的資金狀況似乎也在改善。這是否意味著這項業務明年可能會加速發展？或者說，25 年的基地在哪裡？因為我們好久沒在這個行業裡談論過這個問題了。

Yes. I think if you look across our pipeline, like we have a lot of strength in all of our verticals. So I think it's a great question. And right now, I mean -- I've been in this industry a long time. And I would tell you that I'm not seeing pipelines as strong as I see right now, probably ever in my career. So we're very bullish on the momentum, especially in our commercial HVAC team and really in EMEA as well that they have a lot of opportunities in front of them.

是的。我認為，縱觀我們的產品線，我們在所有垂直領域都擁有強大的實力。所以我認為這是一個很好的問題。而現在，我的意思是──我入行很久了。我可以告訴你，在我職業生涯中，我可能從未見過像現在這樣強大的人才儲備體系。因此，我們對目前的勢頭非常看好，尤其是在我們的商用暖通空調團隊以及整個歐洲、中東和非洲地區，他們面前有很多機會。

But the question is specifically about institutional. So you haven't seen institutional slowdown this year, right, for you?

但這個問題具體來說與制度有關。所以，你今年還沒有感受到機構經濟放緩的跡象，對嗎？

Well, health care was very strong. Education remains strong, especially on the higher ed side of things. No, we have not. The only thing that we've seen, at least in the third quarter may be a bit slower, and it's always difficult to say a quarter makes a trend, but retail was slow. Industrial slow, life sciences, I don't like to pick on life sciences, but that continues to be a little bit of a COVID hangover over there, I think. And -- but that -- the rest of our markets were pretty strong.

當時的醫療保健體系非常強大。教育依然強勁，尤其是在高等教育領域。不，我們沒有。至少在第三季度，我們看到的唯一變化是成長放緩，雖然很難說一個季度就能代表一種趨勢，但零售業確實成長放緩。工業發展緩慢，生命科學領域，我不喜歡針對生命科學領域，但我認為這方面仍受到新冠疫情的影響。但是，我們其他市場的走勢都相當強勁。

And just a follow-up question on data centers. Do you need to build extra sort of muscle to service because you do have fan wall offerings, you have [cross], you have CDs. What does it take to be able to service inside the data center gray space versus sort of serving your chillers that are sort of outside the building? Is there a discernible difference in what you need to do to your service workforce?

關於資料中心，我還有一個後續問題。您是否需要增強額外的服務能力，因為您有粉絲牆產品、[十字架]、CD。為資料中心內部的灰色空間提供服務與為建築物外部的冷卻器提供服務有何不同？您需要對服務人員採取的措施是否有明顯差異？

Well, it really depends on the data center. And I guess the short answer is, look, we're skilled at servicing all of our products. But a really good question that you kind of reminded me of was this commissioning capability. And this is, again, one of our strengths with the -- with our technicians, we have a lot of resources to make sure that all of these data centers get commissioned on time. And think of commissioning is when the mechanical contractor says, okay, this particular chiller is ready to go, we go in then and make sure that it's going to operate the way it was designed, call that commissioning and we have a lot of resources that we are able to rifle to any particular data center to make sure that it gets up and running on time. And I can tell you that, that is something that I'm getting asked a lot of questions on about our capacity there, and it's certainly one of our strengths.

這主要取決於資料中心。簡而言之，我們非常擅長為我們所有的產品提供售後服務。但你剛才提出的一個問題確實很好，讓我想起了調試能力的問題。這再次體現了我們的優勢之一——憑藉我們的技術人員，我們擁有大量資源，可以確保所有這些資料中心按時投入使用。調試是指機械承包商說，好的，這台冷水機組準備就緒，然後我們進去確保它能按照設計運行，這叫做調試。我們有許多資源可以調配到任何特定的資料中心，以確保它按時啟動並運行。我可以告訴你，很多人都問過我關於我們在這方面的能力的問題，而這無疑是我們的優勢之一。

Nicole DeBlase, Deutsche Bank.

妮可‧德布拉斯 (Nicole DeBlase)，德意志銀行。

Could we maybe talk about the step-up that you guys saw in the EMEA bookings this quarter? Pretty attractive, up 14%. Are you starting the data center orders really come through in a big way yet? Or do you think that's still to come in the pipeline?

我們能否談談你們在本季 EMEA 地區預訂量的成長情況？相當有吸引力，上漲了 14%。你們的資料中心訂單真的開始大量湧入了嗎？還是你認為這還在計畫中？

We certainly have data center orders in all of our regions, okay, EMEA. I'm trying to recall the third quarter, nothing comes to mind. But look, I would tell you that the data center orders in EMEA are a lot smaller from the size of the data center is a lot smaller than what we're seeing in the in the US So in the US, it could be as much as like 1/10 of the size. So we have a lot of orders that are just smaller, okay?

我們所有地區，包括歐洲、中東和非洲地區，都確實有資料中心訂單。我努力想回想第三節的情況，但什麼也想不起來。但是，我要告訴你的是，歐洲、中東和非洲地區的資料中心訂單規模要小得多，因為資料中心的規模比我們在美國看到的要小得多。在美國，資料中心的規模可能只有歐洲、中東和非洲地區的十分之一。所以我們有很多小額訂單，好嗎？

Okay. Got it. That's really helpful color. And then if I could ask one on North America resi. Could you guys comment on was the price mix versus volume in line with what you laid out at the Laguna Conference in September? And then thoughts on annual price increase in 2026 if it will be kind of normal. And if you think that customers are willing to accept it since price is up so much over the past few years?

好的。知道了。這個顏色真的很有幫助。然後，如果我能問一位關於北美居民的問題的話。請問各位能否評價一下，價格與銷售量之間的關係是否與你們在9月的拉古納會議上提出的方案一致？然後思考一下，2026 年的年度物價上漲是否會屬於正常水準。如果你認為顧客願意接受價格在過去幾年大幅上漲的事實呢？

Nicole, yes, the third quarter and our expectations for the fourth quarter are consistent with the September update. Revenues down about 20%. That would imply volumes down roughly 30%. And then the price mix impact would be favorable around 10 points. And then of the price mix, think of that as roughly 50-50, roughly 5 points, plus or minus for each one of those attributes. For 2026, we're prepared to go into the year. We haven't seen any structural changes within the industry.

妮可，是的，第三季和我們對第四季的預期與9月份的更新一致。收入下降約20%。這意味著銷量將下降約 30%。那麼價格組合的影響將有利約 10 個百分點。至於價格構成，可以大致看作是 50-50，每個屬性大約有 5 個點，上下浮動。我們已經為2026年做好了準備。我們沒有看到產業內部發生任何結構性變化。

We'll look at all the cost inputs that we have. We'll look at where we're driving for share. And ultimately, what we look for each of our businesses is to drive strong leverage 25% or better and price versus inflation is one of those levers we'll look at. So typically, our price increases don't come out until late, let's call it, December, January time frame for the year. So we'll update you in a few months on what that standing is for 2026.

我們將查看所有成本投入。我們將看看我們在哪些領域正在爭取市場份額。最終，我們對每個業務的目標都是實現 25% 或更高的強勁槓桿率，而價格與通貨膨脹率是我們將要關注的槓桿之一。所以通常情況下，我們的價格上漲要到年底才會公佈，比如說，在每年的 12 月到 1 月這段時間。所以，幾個月後我們會向您報告2026年的情況。

Noah Kaye, Oppenheimer.

諾亞凱，奧本海默。

So services has consistently had an attractive margin profile. And I'm curious and perhaps goes a little bit to some of your earlier comments. As you layer in BrainBox and some of the other software offerings into the toolkit, how do you think about sort of a richer software mix impacting where service margins go? How are you implementing that and some of the project management now?

因此，服務業一直保持著頗具吸引力的利潤率。我很好奇，這或許與您之前的一些評論有點關係。當您將 BrainBox 和其他一些軟體產品添加到工具包中時，您認為更豐富的軟體組合會對服務利潤率產生怎樣的影響？您目前是如何實施這些措施以及一些專案管理工作的？

Yes. Great question. Look, we're very -- I'll start with, we're very happy with the BrainBox AI acquisition. Together, think of our Trane connected business now with BrainBox, we have over 65,000 connected buildings, and we're adding about one building every hour. And the momentum is increasing. So yes, you're spot on with your question. This is becoming -- I'm very bullish on the future as far as the connected service opportunities and how you optimize a building using AI.

是的。問得好。首先，我們對收購 BrainBox AI 感到非常滿意。想想我們與 BrainBox 共同打造的 Trane 互聯業務，我們已經擁有超過 65,000 棟互聯建築，我們每小時大約新增一棟。而且這股動能還在增強。是的，你的問題問得非常到位。我對互聯服務的未來以及利用人工智慧來優化建築物的未來非常看好。

With BrainBox, we're using agentic AI, okay? So this is where the agent is actually making the decision on how to run the building looking at a vast amount of data. So -- and the margins are obviously very accretive when you're able to deploy this type of software. We had a -- we had a fast food -- it was a convenience store. So think of thousands of locations. And they gave us a pilot. And we implemented, I think it was 50 of their stores and we ran the pilot for 90 days.

BrainBox 使用的是智能體人工智慧，懂嗎？因此，代理人實際上是透過查看大量數據來決定如何運營這棟建築。所以——當你能夠部署這類軟體時，利潤顯然會大幅成長。我們當時有一家——我們當時有一家快餐店——那是一家便利商店。想想成千上萬個地點。他們給了我們一架試播機。我們在他們的 50 家門市實施了試點項目，試點期為 90 天。

And the results were just -- they were amazed by it. We were able to save the customer. It was north of 30% on their energy costs. That was a pilot of 50 stores, but obviously, they're going to now run that through their entire portfolio. So this is going to be a fast grower for us. It's still early innings, but we're excited about the opportunities there. And as you said, when you start doing subscriptions, the margins are accretive.

結果簡直——他們都驚呆了。我們成功挽回了客戶。他們的能源成本增加了30%以上。那最初是在 50 家門市進行的試點，但顯然，他們現在打算將這項技術推廣到所有門市。所以這將會是我們公司快速成長的產品。現在還處於早期階段，但我們對那裡的機會感到興奮。正如你所說，當你開始做訂閱服務時，利潤就會增加。

Great color. And on a similar theme, when you think about what you may want to add into the portfolio, I don't know many basis next year, obviously, continuing to generate strong free cash flow. So there's dry powder there. Should we think about kind of continued sort of software-centric or are there any parts on the product side that are a particular interest?

顏色很棒。同樣地，當你考慮明年可能要在投資組合中添加什麼時，我不知道有多少基礎資產，顯然，前提是繼續產生強勁的自由現金流。所以那裡有乾粉。我們應該繼續保持以軟體為中心的發展方向，還是對產品方面的某些部分特別感興趣？

Yes. I mean I think we're going to be -- we'll keep our options open. We get a chance to look at everything, as I'm sure you know, being a major HVAC player on a global basis. So we'll be opportunistic, but we'll also be disciplined. So I don't know if you want to add anything, Chris, but.

是的。我的意思是，我認為我們會——我們會保持開放的態度。如您所知，作為一家全球領先的暖通空調設備供應商，我們有機會審視所有方面。所以我們會抓住機會，但同時也會保持自律。所以我不知道你是否還有什麼要補充的，克里斯，但是…

I think the capital deployment framework has served us well for many years, and we'll continue to balance without leaving any excess cash on the balance sheet, we'll make sure we toggle that between M&A that meets our internal goals and something that we can integrate well into the company as well as toggle between, if not M&A, then share repurchases when it trades below our calculate intrinsic value, and we'll continue, I think, that expectation for many years to come.

我認為資本部署框架多年來一直對我們很有幫助，我們將繼續保持平衡，不讓資產負債表上留下任何多餘的現金。我們將確保在符合我們內部目標的併購和能夠很好地融入公司的項目之間靈活切換，如果不行併購，那麼當股票交易價格低於我們計算的內在價值時，我們將進行股票回購。我認為，在未來很多年裡，我們將繼續保持這種預期。

Deane Dray, RBC Capital Markets.

迪恩德雷，加拿大皇家銀行資本市場。

I wanted to follow up on your exchange with Nicole on the data center demands by geography. If you just look at where the big build-outs are happening now, like the Middle East, I would be surprised if they are smaller orders. But just -- maybe talk about the visibility by region and expectations from there?

我想跟進一下你和妮可就不同地區資料中心需求進行的交流。如果你看看現在大型建設項目發生的地區，例如中東，如果訂單規模較小，我會感到驚訝。但是──或許可以談談按地區劃分的可見度以及各地區的預期？

You're spot on in the Middle East, specifically Saudi Arabia, we're seeing larger data centers there. Specific to Europe, they tend to be smaller. But obviously, in the United States, there's some big data centers that are being built. And I would tell you that there's even bigger data centers that are being planned right now.

你說得完全正確，在中東，特別是沙烏地阿拉伯，我們看到那裡的資料中心規模越來越大。就歐洲而言，它們往往比較小。但很顯然，在美國，正在建造一些大型資料中心。而且我還要告訴你，目前正在規劃建置的資料中心規模更大。

And how about Asia?

亞洲的情況如何？

Yes. We see in Asia as well. We're seeing some activity for sure in China, but more outside of China, specifically Singapore, Australia, had some nice orders there. So there's activity there. It's nothing is to the size of what we're seeing in the United States right now. But as you said, in the Middle East, specifically in Saudi Arabia, there's a lot of activity as well.

是的。亞洲也有類似情況。我們確實看到中國市場有一些活躍活動，但中國以外的市場，特別是新加坡和澳大利亞，訂單量相當不錯。所以那裡有活動。與我們目前在美國看到的情況相比，這根本不算什麼。但正如你所說，在中東，尤其是在沙烏地阿拉伯，也有很多活動。

Yes. We've been hearing all about that. And then just last one. Can you give any comments or updates insights into your investments in some of these liquid cooling start-ups?

是的。我們早就聽過這件事了。然後就只剩下最後一個了。您能否就您在這些液冷新創公司中的投資提供一些評論或最新見解？

Yes. I mean, as you know, we made an investment in liquid stack several years ago. It's going well. We continue to work with their team, and they continue to work with us and we like having partners like that, right? They're innovative, and we teach them, they teach us and one plus one often equals three or four. So we'll continue to work with those types of innovative companies in the future.

是的。我的意思是，如你所知，我們幾年前對 Liquid Stack 進行了投資。一切順利。我們繼續與他們的團隊合作，他們也繼續與我們合作，我們喜歡有這樣的合作夥伴，對吧？他們富有創新精神，我們教他們，他們也教我們，一加一往往等於三或四。因此，未來我們將繼續與這類創新公司合作。

Steve Tusa, JPMorgan.

史蒂夫圖薩，摩根大通。

Congrats on the execution through a lot of noise out there in these markets, for sure. The backlog for commercial HVAC, you guys gave a bit of a like year-to-date increase, I think, from year-end just requires a little bit of math, but like what would that have been year-over-year for commercial HVAC backlog?

在當前市場充滿各種幹擾的情況下，能夠成功執行項目，確實值得祝賀。你們提到商用暖通空調的積壓訂單比去年同期有所增加，我認為，從年底到今年年底只需要稍微計算一下，商用暖通空調的積壓訂單同比會是多少呢？

Yeah. Year-over-year enterprise backlog was roughly flattish. But similar to the walk from beginning of this year, Thermo King and residential backlog down about $300 million. Commercial HVAC Americas backlog up nearly $500 million from on a year-over-year basis. So the mix and the -- the mix of that backlog continues to shift more towards commercial HVAC.

是的。企業積壓訂單量較去年同期大致持平。但與今年年初的情況類似，Thermo King 和住宅積壓訂單減少了約 3 億美元。美洲商業暖通空調積壓訂單較上年同期增加近 5 億美元。因此，積壓訂單的組成繼續向商業暖通空調領域傾斜。

Okay. And so that's up like, what, 6%, 7%?

好的。所以漲幅大概是 6% 還是 7%？

From beginning of the year, it's up --

從年初開始，它就一直在上漲--

No, from year over year. Year over year.

不，是逐年下降的。與上一年相比。

On commercial HVAC, yes, it's probably in that range, probably mid- to high-single digits, yes.

對於商業暖通空調系統來說，是的，可能就在這個範圍內，可能是個位數的中高段位，是的。

Okay. And then just the amount of forward sales kind of in the backlog last year, I think you guys gave an enterprise number of like $4.1 billion or something like that. Where does that stand this year?

好的。然後，去年積壓訂單中的預期銷售額，我想你們給的企業數字大約是 41 億美元。今年情況如何？

Yeah. I would just say it's stronger than last year, okay? And obviously, we'll continue to grow that front log for 2026 here into the fourth quarter. Lead times continue to, as we talked earlier, lead times continue to be contracting from last year's time to this year. So Dave mentioned a little bit around quick ship program as an example where we have some opportunities. But the absolute dollars of backlog for next year, they're up, and we'll give you more of an update as we approach the Q4 earnings call, we would expect backlog to remain elevated going into 2026.

是的。我只想說，它比去年更強，好嗎？顯然，我們將在第四季繼續增加 2026 年的訂單儲備。正如我們之前討論的那樣，交貨週期繼續縮短，比去年同期有所縮短。所以戴夫簡單提了一下快速發貨計劃，並以此為例說明了我們在這方面的一些機會。但明年的積壓訂單絕對金額有所增加，隨著第四季度財報電話會議的臨近，我們將提供更多更新信息，我們預計到 2026 年積壓訂​​單仍將保持高位。

Yeah. And then just one last -- one on resi. Maybe just the difference between your captive distribution and the independent?

是的。最後還有一個──關於住宅的。也許只是你採用的分銷模式和獨立分銷模式之間的差異？

For the quarter?

本季？

Yeah. Yeah. For the quarter.

是的。是的。本季。

I mean we had sell-through that was down in the high-single digits range. Obviously, our resi growth was down about 20%. And I would say the sell-in was a little bit north of that than the 20%, a little bit higher than that.

我的意思是，我們的銷售轉換率下降到了個位數高點。顯然，我們的住宅成長率下降了約 20%。而且我認為實際成交率略高於 20%，比 20% 還要高一些。

Nigel Coe, Wolfe Research.

Nigel Coe，Wolfe Research。

I appreciate you going a bit further in the game here. (inaudible) ground. So you know we're scratching around when we talk about corporate, but maybe just talk about what we should do for 4Q corporate. And then I think the M&A impact went up by $0.05. I think we're now looking at $0.05, slightly greater impacting $0.20 as the number for the year. I mean how does that look into 2026? Is that $0.20 go to $0? Or are we still dealing with some dilution there?

我很欣賞你在這裡更進一步。 （聽不清楚）地面。所以你知道，當我們談論公司事務時，我們總是拐彎抹角，但也許我們可以談談第四季度公司事務應該做些什麼。然後我認為併購的影響增加了0.05美元。我認為我們現在看到的是0.05美元，略微增加，使全年的影響達到0.20美元。我的意思是，到2026年情況會如何？0.20美元會變成0美元嗎？或者我們仍然在處理一些稀釋問題？

Yes, I'll answer the second question first. I don't think the $0.20 necessarily goes to $0. Our framework would be we want to make sure we're EPS positive by the end of year three. And while we're very happy with the start of the BrainBox acquisition, there's an early-stage company, this is a lot of amortization associated with it. So let's see what it is next year. I would expect it to be better but wouldn't necessarily think it goes to $0. And then, Nigel, your question on Q4 corporate, the implied number for the quarter is about $80 million. We're making sure we have the dollars reserved for the investments that we want to make in the fourth quarter. So that's how that math works out.

好的，我先回答第二個問題。我不認為 0.20 美元一定會變成 0 美元。我們的框架是，我們希望確保在第三年末達到每股盈餘為正。雖然我們對 BrainBox 的收購進度非常滿意，但作為一家早期公司，這涉及大量的攤銷費用。那麼，讓我們看看明年會是什麼情況。我預計情況會好轉，但未必認為會降到 0 美元。然後，Nigel，你問的是第四季公司業績，該季的隱含數字約為 8,000 萬美元。我們正在確保預留足夠的資金，用於我們在第四季度想要進行的投資。這就是計算結果。

Okay. And then my follow-on, I know services has got a (inaudible) time on the call. The consistent double-digit growth in services is pretty extraordinary. And I think investors would appreciate if maybe just talk about how the service model has changed, Dave. And what kind of confidence do you have that you can maintain, if not 10%, but high-digit growth going forward?

好的。然後我的後續問題是，我知道服務部門在通話中有一個（聽不清楚）時間。服務業持續兩位數增長實屬罕見。戴夫，我想投資人會希望你能談談服務模式發生了哪些變化。你有多大的信心，能夠維持哪怕不是 10% 的成長，而是未來數位數的成長？

We're very happy with our growth rates. I'll start there. Look, we continue to invest heavily in our services business. We have a whole business operating system built around it. We track a lot of (inaudible). I'm not going to create a road map for our competitors. I would just tell you that it's a big part of our business. It's a competitive advantage that we have, and it doesn't happen by accident, okay? We're investing heavily in it. And you could see the outcomes that we're able to drive. So we're very happy with our services.

我們對目前的成長率非常滿意。我就從這裡開始。你看，我們一直在大力投資我們的服務業務。我們圍繞著它建立了一整套業務作業系統。我們追蹤了很多（聽不清楚）我不會為競爭對手製定發展路線圖。我只想說，這是我們業務的重要組成部分。這是我們擁有的競爭優勢，而且這並非偶然發生的，懂嗎？我們在這方面投入了大量資金。你可以看到我們能夠取得的成果。我們對我們的服務非常滿意。

There are no further questions at this time. I would now like to turn the call back over to Zac for any closing remarks.

目前沒有其他問題了。現在我想把電話交還給札克，讓他做最後的總結發言。

Thanks, operator. I'd like to thank everyone for joining today's call. As always, we'll be available for questions in the coming days and weeks, and we look forward to seeing many of you on the road in the fourth quarter. Have a great day. Thank you.

謝謝接線生。感謝各位參加今天的電話會議。像往常一樣，在接下來的幾天和幾周里，我們將隨時解答大家的問題，我們期待在第四季度的比賽中見到你們中的許多人。祝你有美好的一天。謝謝。

Thank you for your participation. This does conclude today's conference. You may now disconnect.

感謝您的參與。今天的會議到此結束。您現在可以斷開連線了。