特靈科技 (TT) 2026 Q2 法說會逐字稿

Welcome to the Trane Technologies Q2 2026 Earnings Call. My name is [Lisa], and I will be your operator for the call. The call will begin in a few moments with the speaker’s remarks and the Q&A session. (Operator Instructions) I will now turn the call over to Zac Nagle, Vice President of Investor Relations. Please go ahead, sir.

歡迎參加 Trane Technologies 2026 年第二季財報電話會議。我叫 [Lisa]，將擔任本次電話會議的接線員。電話會議將在稍後開始，先由講者發表談話，接著進行問答環節。(接線員指示) 現在我將把電話會議交給投資人關係副總裁 Zac Nagle。先生，請開始。

Good morning, and thank you for joining us for Trane Technologies Second Quarter 2026 Earnings Conference Call. You can access our webcast and slide presentation at tranetechnologies.com, A replay will be archived there as well. Today's discussion includes forward-looking statements. Key risk factors are listed in our SEC filings.

各位早安，感謝各位參加 Trane Technologies 2026 年第二季財報電話會議。您可至 tranetechnologies.com 觀看我們的網路直播與簡報投影片，亦將於該處提供重播存檔。今天的討論包含前瞻性陳述。主要風險因素列於我們向 SEC 提交的文件中。

We also use non-GAAP measures. Explanations and reconciliations are in our press release and presentation appendix. Joining me are David Regnery, Chair and CEO; Chris Kuehn, Executive Vice President and CFO, and joining us for Q&A is Donald Simmons, Executive Vice President and Chief Operating Officer.

我們也使用非 GAAP 衡量指標。相關說明與調節表載於我們的新聞稿與簡報附錄。與我一同出席的有董事長兼執行長 David Regnery、執行副總裁兼財務長 Chris Kuehn；並且在問答環節與我們同在的是執行副總裁兼營運長 Donald Simmons。

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

接下來，我把電話會議交給 Dave。Dave？

Thanks, Zach, and good morning, everyone. Please turn to Slide number three. I will start with a few thoughts on how our focused strategy continues to propel our performance. Elevated energy prices are driving companies to assess their operations, and customers are choosing train technologies to enhance performance, save energy and reduce operating costs.

謝謝你，Zach，各位早安。請翻到第 3 張投影片。我先談幾點，說明我們聚焦的策略如何持續推動績效表現。能源價格居高不下正促使企業重新檢視其營運，而客戶選擇 Trane Technologies 以提升效能、節省能源並降低營運成本。

Our Smart systems integrated controls and Agentic AI allow buildings to predict, act and optimize in real time for industry-leading efficiency and resiliency. Our strategy is built on a strong foundation, our robust business operating system, a powerful cash flow engine and an uplifting engaging culture.

我們的智慧系統整合式控制與 Agentic AI 讓建築能即時預測、採取行動並最佳化，以達到業界領先的效率與韌性。我們的策略建立在堅實基礎之上：強健的企業營運系統、強大的現金流引擎，以及正向且具投入感的文化。

This formula positions us to deliver differentiated long-term value to our people, our customers, our shareholders and our communities. Please turn to Slide number four. Q2 was another strong quarter. Enterprise organic bookings were up 37%, driving record backlog of $12.1 billion, up 70% year-over-year.

這套公式使我們能為員工、客戶、股東與社區創造具差異化的長期價值。請翻到第 4 張投影片。第二季再度繳出強勁表現。企業有機訂單成長 37%，帶動創紀錄的在手訂單達 121 億美元，年增 70%。

Organic revenue grew 9%, led by America's Commercial HVAC and services and residential and adjusted EPS increased 11%. Our commercial HVAC businesses delivered outstanding performance, particularly in the Americas, where bookings reached an all-time high up 50% year-over-year. Applied bookings were up 130%, marking our fourth consecutive quarter of growth above 100%.

有機營收成長 9%，主要由美洲商用 HVAC 與服務、以及住宅業務帶動；調整後 EPS 成長 11%。我們的商用 HVAC 業務表現亮眼，尤其在美洲，訂單年增 50% 並創歷史新高。應用型（Applied）訂單成長 130%，為連續第四季成長超過 100%。

On a two-year stack, applied bookings are up more than four times We are fueling robust growth for 2026 and beyond. Our exceptional bookings, record backlog and healthy pipeline provides strong visibility to accelerating revenue in the second half.

以兩年累計（two-year stack）來看，應用型訂單成長超過 4 倍，正為 2026 年及其後的強勁成長注入動能。我們卓越的訂單表現、創紀錄的在手訂單與健康的商機管線，為下半年營收加速成長提供強勁能見度。

Our historic backlog also lays a strong foundation for continued market outperformance in the future. with approximately $6 billion slated for 2027 and beyond. Services, which represents about one third of enterprise revenue, continued to be a consistent, durable growth driver with low teens compound annual growth rate since 2020.

我們歷史新高的在手訂單也為未來持續優於市場的表現奠定堅實基礎，其中約 60 億美元預計將於 2027 年及以後認列。服務業務約占企業營收三分之一，自 2020 年以來以年複合成長率（CAGR）低十位數持續成為穩健且具韌性的成長動能。

Residential was strong in the quarter, and we expect second half tailwinds driven by market fundamentals and easier comparisons. Americas transport market fundamentals continue to improve, supporting the outlook for late 2026 and 2027 recovery.

住宅業務本季表現強勁，我們預期下半年在市場基本面與比較基期較容易的帶動下將出現順風。美洲運輸市場基本面持續改善，支撐我們對 2026 年下半年及 2027 年復甦的展望。

Operational excellence remains central to how we run the business and underpins our success. We expect continued strong execution as we move through the year. All in, we are raising our full year’s revenue and EPS guidance, which Chris will cover shortly.

營運卓越仍是我們經營企業的核心，並支撐我們的成功。隨著年度推進，我們預期將持續強力執行。整體而言，我們上調全年營收與 EPS 指引，Chris 稍後將進一步說明。

Please turn to Slide number five. Second quarter results were strong, led by standout performance in Americas. Commercial HVAC delivered exceptional bookings, up 50% and organic revenue, up low teens. Our residential business exceeded our expectations for the quarter, with bookings up high 20s and organic revenue up low teens. In EMEA, performance was consistent with our outlook.

請翻到第 5 張投影片。第二季成果強勁，主要由美洲的突出表現帶動。商用 HVAC 訂單成長 50%，有機營收成長低十位數，表現卓越。我們的住宅業務本季超出預期，訂單成長約高 20% 多，有機營收成長低十位數。在 EMEA，表現符合我們的展望。

It's worth highlighting the underlying strength in commercial HVAC, where excluding the impact of the Middle East conflict, bookings were up mid-20s and revenues were up mid-single digits. Our teams in Asia Pacific also delivered strong results with bookings up 31% and organic revenue up 10%.

值得強調的是商用 HVAC 的基本面強勁：若排除中東衝突的影響，訂單成長約中 20% 多，營收成長約中個位數。我們在亞太地區的團隊也交出強勁成果，訂單成長 31%，有機營收成長 10%。

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

接下來我想把電話會議交給 Chris。Chris？

Thanks, Dave. Please turn to Slide number 6. Dave covered the key drivers, so I will be brief. Enterprise organic revenue grew 9%, supported by robust equipment and services growth. Adjusted EPS increased 11% and underscoring the effectiveness of our business operating system and driving operational excellence throughout the P&L.

謝謝你，Dave。請翻到第 6 張投影片。Dave 已涵蓋關鍵驅動因素，因此我會簡要說明。企業有機營收成長 9%，受惠於設備與服務的強勁成長。調整後 EPS 成長 11%，凸顯我們企業營運系統的有效性，並推動損益表（P&L）各面向的營運卓越。

Please turn to Slide number 7. Our performance this quarter reflects strong execution and strategic reinvestment across the portfolio. Margins in the Americas and Asia remain healthy and reflect increased investments in capacity, innovation and channel expansion to support robust demand.

請翻到第 7 張投影片。本季表現反映出我們在整體投資組合中的強力執行與策略性再投資。美洲與亞洲的利潤率維持健康，並反映我們為支撐強勁需求而增加在產能、創新與通路擴張方面的投資。

In EMEA, margins were impacted by the conflict in the Middle East. As the regional outlook became clearer during the quarter, we acted to align our cost structure for improved profitability in the second half.

在 EMEA，利潤率受到中東衝突影響。隨著本季期間區域展望更為明朗，我們採取行動調整成本結構，以提升下半年的獲利能力。

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

接下來，我把電話會議交回給 Dave。Dave？

Thanks, Chris. Please turn to Slide number 8. Our 2026 outlook has strengthened, reflecting accelerating growth in the second half, driven by continued strong execution. In commercial HVAC, momentum is robust, driven by exceptional bookings, a robust pipeline and historic backlog.

謝謝你，Chris。請翻到第 8 張投影片。我們對 2026 年的展望已轉強，反映在持續強力執行帶動下，下半年成長將加速。在商用 HVAC 方面，動能強勁，受惠於卓越的訂單表現、強健的商機管線與歷史新高的在手訂單。

We are certainly seeing strength in data centers, but also broad-based growth across the majority of our key verticals -- as a result, we are raising our full year outlook. In residential, we are also raising our full year outlook to reflect our strong year-to-date performance while maintaining a prudent outlook for modest growth in the second half.

我們確實看到資料中心需求強勁，同時在多數關鍵垂直領域也呈現廣泛成長——因此，我們上調全年展望。在住宅業務方面，我們也上調全年展望，以反映年初至今的強勁表現，同時維持審慎立場，預期下半年為溫和成長。

The slide outlines second half headwinds in EMEA stemming from the Middle East conflict. Importantly, our raised guidance fully absorbs these challenges, reflecting the strength of our portfolio. Our outlook for the rest of the business is largely unchanged. And we've provided additional details on the slide for your reference.

本投影片概述 EMEA 下半年因中東衝突而面臨的逆風。重要的是，我們上調後的指引已完全吸收這些挑戰，反映我們投資組合的實力。我們對其餘業務的展望大致不變。此外，我們也在投影片上提供更多細節供各位參考。

With that, I will turn the call back over to Chris. Chris?

接下來，我把電話會議交回給 Chris。Chris？

Thanks, Dave. Please turn to Slide number 9. For the full year, we are again raising our guidance. This reflects the market dynamics and investment priorities we've discussed and consistent strong execution of our value creation flywheel. We are increasing our full year organic revenue growth outlook to approximately 9% and our adjusted EPS guidance to a range of $15.20 to $15.30.

謝謝你，Dave。請翻到第 9 張投影片。就全年而言，我們再次上調指引。這反映我們所討論的市場動態與投資優先事項，以及我們價值創造飛輪一貫且強力的執行。我們將全年有機營收成長展望上調至約 9%，並將調整後 EPS 指引上調至 15.20 美元至 15.30 美元的區間。

For the third quarter, we expect organic revenue growth of approximately 10% and with adjusted EPS of approximately $4.70. Please turn to Slide number 10. This slide provides a clear view of the acceleration we expect in the second half of the year. The step-up in performance is supported by robust backlog and gives us strong momentum heading into 2027. For additional details, please refer to Slide 17 of the appendix.

就第三季而言，我們預期有機營收成長約10%，調整後EPS約為4.70美元。請翻到第10頁投影片。本頁投影片清楚呈現我們預期下半年將出現的加速成長。績效的躍升由強勁的在手訂單所支撐，並使我們在邁向2027年之際具備強勁動能。更多細節請參閱附錄第17頁投影片。

Please turn to Slide number 11. We remain committed to a balanced capital allocation strategy focused on deploying excess cash to maximize shareholder returns. First, we strengthened our core business through relentless reinvestment.

請翻到第11頁投影片。我們仍致力於均衡的資本配置策略，重點在於運用多餘現金以最大化股東報酬。第一，我們透過持續不懈的再投資強化核心業務。

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.

第二，我們維持強健的資產負債表，以確保在市場演變時保有選擇性。第三，隨時間推移，我們預期將部署100%的多餘現金。我們的方法包括策略性併購以提升長期報酬，以及在股價低於我們計算的內在價值時進行庫藏股回購。

Please turn to Slide number 12. We remain on track with our balanced capital allocation strategy with a target deployment of $2.8 billion to $3.3 billion for the year. A key component of this strategy is our commitment to shareholder returns. Earlier in the year, we increased our dividend by 12% to $4.20 per share annualized.

請翻到第12頁投影片。我們的均衡資本配置策略仍按計畫推進，全年目標部署金額為28億至33億美元。此策略的一個關鍵組成是我們對股東報酬的承諾。今年稍早，我們將股利提高12%，年化每股4.20美元。

In addition to dividends, we have repurchased approximately $840 million of shares year-to-date with $3.8 billion remaining on our current share repurchase authorization. We continue to pursue disciplined M&A and are strategically investing in capacity to support future growth. with expected CapEx of 2% to 3% of revenue in 2026. Our strong balance sheet and free cash flow continue to provide us with significant optionality.

除股利外，今年迄今我們已回購約8.40億美元的股票，目前的庫藏股回購授權尚餘38億美元。我們持續推動嚴謹自律的併購，並策略性投資產能以支持未來成長；預期2026年資本支出（CapEx）為營收的2%至3%。我們強健的資產負債表與自由現金流持續為我們提供顯著的選擇性。

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

接下來，我把電話交回給Dave。Dave。

Please turn to Slide number 14. Following a prolonged downturn, we see the Americas transport market improving in late 2026 leading into a multiyear up cycle. Our internal outlook is directionally aligned with ACT but assumes a more gradual slope of recovery.

請翻到第14頁投影片。在經歷長期下行後，我們看到美洲運輸市場將於2026年下半年改善，並進入一個為期多年的上行循環。我們的內部展望在方向上與ACT一致，但假設復甦斜率更為平緩。

This reflects a more realistic pace for trailer OEMs to ramp capacity, a dynamic that has historically extended the duration of the up cycle. Having managed the down cycle effectively, while outperforming the markets. We look forward to this business transitioning from a headwind to a healthy growth contributor for our portfolio.

這反映出拖車OEM提升產能更為務實的速度；從歷史來看，這種動態往往會延長上行循環的持續時間。我們有效管理了下行循環，同時表現優於市場。我們期待這項業務從逆風轉為為我們投資組合帶來健康成長的貢獻者。

Please turn to Slide number 15. In closing, our strategy is aligned to powerful megatrends that are intensifying the need for our sustainable solutions and services. Customers choose Trane Technology for a leading innovation, strong execution and the expertise of our team around the world.

請翻到第15頁投影片。最後，我們的策略與強勁的大趨勢（megatrends）一致，這些趨勢正加劇市場對我們永續解決方案與服務的需求。客戶選擇Trane Technology，是因為我們領先的創新、強勁的執行力，以及遍布全球團隊的專業能力。

With our clear strategy, exceptional bookings strength and record backlog, we are confident in raising our full year guide and are well positioned to continue delivering differentiated shareholder value in 2026 and beyond.

憑藉清晰的策略、卓越的接單動能與創紀錄的在手訂單，我們有信心上調全年指引，並已做好準備在2026年及更長遠的未來持續為股東創造差異化價值。

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

現在我們很樂意回答各位的問題。接線員？

(Operator Instructions)

（接線員指示）

Scott Davis, Melius Research.

Scott Davis，Melius Research。

I'm great. It's been a very busy quarter, which is, I guess, always is, but it feels extra busy. Anyways, a lot of things here, and I do appreciate your shortened prepared remarks. I appreciate that.

我很好。這是一個非常忙碌的季度，我想一直都很忙，但這次感覺特別忙。總之，這裡有很多事情，我也很感謝你們縮短了事先準備的講稿。我很感激。

I thought I might get that comment from you, Scott, but --

我想我可能會聽到你這樣的評論，Scott，但--

Free up some time for Q&A. But I have to ask, I mean, with the bookings you have in did inventories get too low, did we overcorrect and now we need to correct up the other direction? Is that kind of what's going on here?

騰出一些時間做問答。但我得問一下，考量你們的接單表現，是否是通路庫存降得太低、我們矯枉過正，現在需要往另一個方向再修正回來？大概是這樣的情況嗎？

I don't think I -- we do -- we track the IW independent wholesale distributors inventory pretty closely. I think we were in a good spot. Look, that was -- if you remember correctly from the fourth quarter, that's kind of where we -- unfortunately, we had to take 30% of our production days out of the cycle to get the inventory where it needed to be.

我不認為我——我們確實——我們非常密切追蹤IW獨立批發經銷商的庫存。我認為我們當時處在不錯的位置。你看——如果你還記得第四季的情況，那大概就是我們——不幸的是，我們必須把約30%的生產天數從週期中拿掉，才能把庫存調整到需要的水位。

We came into the year with the right level. And the good news is it's still at the right level, which is reassuring for us in the back half of the year.

我們在年初進入時的水位是正確的。好消息是目前仍維持在正確水位，這讓我們對下半年更有信心。

I would add, Scott. I mean, year-to-date sell-in is really approximately equal to sell-through. And to Dave's point, inventory is at a good spot at the end of the quarter.

Scott，我再補充一下。今年迄今的sell-in大致上確實約等於sell-through。而且如Dave所說，季度末的庫存處在良好水位。

Okay. Fair enough. And then the price versus cost and kind of you guys are delivering a fair amount of stuff and taking big orders in and the scaling issues, et cetera. But did the cost issues kind of mitigate over time and thinking in terms of scaling in particular on new capacity, but -- would we -- I guess a better way to ask the question is should we expect a little bit of improvement in incremental margins kind of going forward?

好的。合理。接著談價格相對成本：你們交付了相當多的產品、也接了很多大單，還有規模化的問題等等。但成本方面的問題是否會隨時間緩解？特別是新產能爬坡的規模化——我想更好的問法是：往後我們是否應該預期增量利潤率會有一些改善？

Yeah. That's how we got the guide slated for this year, margins are stronger in the second half and comps do matter. In the second quarter last year, we had organic leverage up around 40%. So you're right, it does get better in the second half. I mean, price versus all inflation. It was a headwind in the second quarter as we thought.

是的。這也是我們今年指引的設定方式：下半年毛利率更強，而且比較基期確實重要。去年第二季，我們的有機槓桿大約在40%上下。所以你說得對，下半年會變得更好。至於價格相對整體通膨。它在第二季如我們預期是一個逆風。

We're having our guide, it will be a bit of a headwind in the second half of the year as well. It does sequentially get better from Q2 to Q3 than to Q4. But we're just leveraging all parts of our business operating system right now to take in all these cost inputs make sure we can offset where we can with supply chain, where can we drive productivity and then ultimately lead with pricing or follow up with pricing as needed.

依照我們的指引，下半年它也會是一點逆風。但從Q2到Q3、再到Q4，會逐季改善。不過我們現在正運用業務營運系統的各個面向來因應所有這些成本投入：確保能在供應鏈端可抵消之處就抵消、在可提升生產力之處推動改善，最終再視需要以定價領先或跟進調價。

I would also tell you, Scott, that we invested pretty heavy in the second quarter. a couple of capacity expansions that we did. We're deploying our operating system in stellar. So we pulled some investments forward there. But these are all good long-term investments for our future.

Scott，我也想告訴你，我們在第二季投資相當多，做了幾項產能擴張。我們正在Stellar上部署我們的營運系統。因此我們把部分投資提前了。但這些都是對未來的長期良好投資。

Andy Kaplowitz, Citigroup.

Andy Kaplowitz，花旗集團。

So David, Chris, maybe you could give a little more color into your commercial HVAC pipeline and the strong orders you've been booking -- does the pipeline continue to refill even as your book in the backlog have been accelerating here?

David、Chris，或許你們可以更具體說明一下商用HVAC的商機管線，以及你們強勁的接單——即使你們的在手訂單加速累積，管線是否仍持續補充？

And obviously, you just talked about Stella, you've been beefing up your sort of portfolio with these recent acquisitions. So how are they doing in terms of helping your share -- and maybe you can talk about the strength of other verticals besides data centers, which we know are strong.

另外，顯然你們剛談到Stella，透過近期收購你們也在強化產品組合。那它們在協助你們提升市占方面表現如何——也許你們也可以談談除資料中心之外其他垂直領域的強勁程度，因為我們知道資料中心很強。

A big question there. But yes, look, as far as orders go in commercial HVAC in the America is obviously very strong, 50% growth the pipeline. And I told -- I think I told you on an earnings call, probably two or three quarters ago, I said I have a -- we have a pipeline that I've never seen as strong as it is.

那是一個很大的問題。不過是的，你看，就美洲的商用 HVAC 訂單而言，顯然非常強勁，管線成長 50%。而且我說過——我想我在一次財報電話會議上，大概兩三個季度前跟你說過，我有一個——我們有一個我從未見過如此強勁的管線。

And I sit here today and I look at our pipeline, and it's still really, really strong, which is just great for the future. The only thing I would add there is the pipeline in Europe has really started to increase. And again, in Europe, we had -- think of it as commercial HVAC, excluding the Middle East, we had orders up over 20%, but we also have a very, very strong pipeline there.

我今天坐在這裡看我們的管線，仍然非常、非常強勁，這對未來非常好。我唯一想補充的是，歐洲的管線確實已經開始增加。而且同樣地，在歐洲，我們——把它視為商用 HVAC（不含中東），我們的訂單成長超過 20%，同時那裡也有非常、非常強勁的管線。

On your question on verticals, look, obviously, with 50% growth in the Americas, I think everyone is aware, we track 14 different verticals. They were all very strong. They were all up in fact, they were all of them up over 20%. But it's probably more constructive to look year-to-date -- and year-to-date, we had growth in 11 of 14 verticals from an order standpoint.

關於你問到的垂直市場，你看，顯然在美洲成長 50% 的情況下，我想大家都知道，我們追蹤 14 個不同的垂直市場。它們全部都非常強勁。事實上它們全部都成長，全部都超過 20%。但更具建設性的看法可能是看年初至今——年初至今，從訂單角度來看，我們在 14 個垂直市場中的 11 個實現了成長。

And most of those 11 were double-digit growth. So Andy, as we've spoken before, we're very strong in the data center vertical. We've been very strong for a long time and will be very strong in the future. But the growth that we're seeing right now is very broad-based, which plays to our strength with the strength of our leading portfolio.

而那 11 個中的大多數都是雙位數成長。所以 Andy，正如我們之前談過的，我們在資料中心這個垂直市場非常強。我們長期以來一直很強，未來也會非常強。但我們現在看到的成長非常廣泛，這也呼應了我們領先產品組合的優勢。

This is core to Trane Technologies and it was a great second quarter, but really excited about the future because we have so many opportunities in front of us.

這是 Trane Technologies 的核心，第二季表現很棒，但我們對未來更感到興奮，因為眼前有非常多的機會。

And I'll add something. This is Simmons, the Chief Operating Officer. I've been with the company for 25 years. Glad to meet everybody that I haven't met before. One thing I'll add to Dave's comments there is that in the second quarter, we had four orders that were over $100 million in the business and one of which was in Stellar, which was an excellent start to that acquisition.

我再補充一點。我是 Simmons，營運長。我在公司已經 25 年了。很高興見到所有我之前還沒見過的各位。我想在 Dave 的評論上補充的是，第二季我們在業務中有四筆超過 1 億美元的訂單，其中一筆在 Stellar，這對那項收購來說是個非常好的開始。

Very helpful. And then, Chris, I'll just ask you a small question here, like on the Middle East impact. You already talked about it. But -- maybe you could elaborate on the cost actions you took there and the ability to sort of inflect even if the Middle East is still a bit weak in terms of EMEA margins in the second half.

非常有幫助。然後 Chris，我這裡再問一個小問題，關於中東的影響。你已經談過了。不過——也許你可以更詳細說明你們在那裡採取的成本行動，以及即使中東在下半年就 EMEA 利潤率而言仍偏弱，你們讓利潤率出現轉折的能力。

Yes. Thanks, Andy. I mean just to step back; the Middle East is less than 3% of our total enterprise revenue. But when you look at the EMEA segment, it represents almost about 15% of that segment. So that's why we wanted to make sure we called out that excluding the Middle East, the segment had strong bookings in the quarter, up mid-teens and then revenues were positive, up low single digits.

是的。謝謝，Andy。我的意思是先退一步看；中東占我們整體企業營收不到 3%。但當你看 EMEA 分部時，它約占該分部的將近 15%。所以我們才想確保指出：排除中東後，該分部本季的接單表現強勁，成長約中十位數百分比，而營收也為正成長，成長低個位數。

But -- just given the ongoing conflict and the performance in the second quarter, we did take some cost actions at the end of June. This would include looking at rightsizing for positions and also for infrastructure -- that's behind us at this point, confident that the deleverage was above gross margins in the second quarter after those cost actions, we do expect deleverage to be within gross margins into the second half of the year.

但是——鑑於持續的衝突以及第二季的表現，我們在 6 月底採取了一些成本行動。這包括檢視人力編制的適當化，以及基礎設施——目前這些已經告一段落；我們有信心，在採取這些成本行動後，第二季的去槓桿影響已高於毛利率層級；而進入下半年，我們預期去槓桿將會落在毛利率範圍內。

We do expect the revenues we're anticipating to be down about 30% and -- it was down about 30% in the second quarter. We've got that in our guide for the second half as well, but it'd be down about 30%. And again, we're just -- we're thankful for the team that's there in terms of they're executing under difficult conditions and we've got this baking to our guide at this point.

我們確實預期營收會下滑約 30%——而第二季確實下滑了約 30%。我們也把這點納入下半年的指引中，也就是大約下滑 30%。同樣地，我們——很感謝當地團隊，他們在艱困條件下仍持續執行，我們目前也已把這些因素納入指引。

Chris Snyder, Morgan Stanley.

Chris Snyder，摩根士丹利。

I wanted to ask about backlog -- so you guys -- you exited the quarter with over $12 billion of backlog. You started the year at less than $8 billion. So added $4 billion, up 50% in six months. I guess the question is, has there been any change in the conversion of backlog versus a year or two ago, just backlog is built.

我想問一下關於在手訂單（backlog）——所以你們——本季結束時在手訂單超過 120 億美元。你們年初時不到 80 億美元。也就是增加了 40 億美元，六個月內成長 50%。我想問的是，相較於一兩年前，在手訂單的轉換（轉為營收）是否有任何變化？只是因為在手訂單累積起來了。

I imagine every -- you guys are mixing to data center, which may be a slower conversion. Just kind of any thoughts on if that's changing versus a year or two ago.

我想你們——產品組合更多偏向資料中心，而那可能轉換較慢。想請教一下，這相較於一兩年前是否正在改變。

Good question, Chris (inaudible) as well. Look, our backlog is up significantly as we're now through the second quarter, 90% of the backlog is in commercial HVAC. -- and -- which is probably similar to what we said in the past. On the conversion, if you look at our revenue growth in the second quarter for Applied, it was up over 40%.

好問題，Chris（聽不清）也是。你看，我們的在手訂單在走過第二季後大幅上升，其中 90% 在商用 HVAC——而——這可能與我們過去說的差不多。至於轉換，如果你看我們第二季 Applied 的營收成長，成長超過 40%。

And -- so you can see the backlog is starting to flow through. And if you look at the back half of the year, based on our current guide, we're projecting that 40% to carry forward to the back half of the year. So -- very strong backlog gives us a lot of visibility, not only into 2026, but into 2027.

所以你可以看到在手訂單開始流入。而如果你看今年下半年，根據我們目前的指引，我們預期那 40% 會延續到下半年。所以——非常強勁的在手訂單讓我們有很高的能見度，不僅看到 2026 年，也看到 2027 年。

We have approximately $6 billion of the backlog is for 2027 and beyond. So it's going to be not only a very strong second half for us, but we're going to carry a lot of momentum into 2027.

我們大約有 60 億美元的在手訂單是屬於 2027 年及以後。所以這不僅會讓我們下半年非常強勁，也會把大量動能帶進 2027 年。

Yes, Chris, I would add. I mean backlog remains now almost 95% for commercial HVAC, and it's up year-over-year. The backlog in our commercial HVAC business is up year-over-year, about 90%. And -- so very strong Wow, yes, it's kind of getting normalized to hearing these into data center and that data center market moves.

是的，Chris，我會補充。我的意思是，在手訂單現在仍有將近 95% 來自商用 HVAC，而且年對年上升。我們商用 HVAC 業務的在手訂單年對年上升約 90%。而且——所以非常強勁。哇，是的，聽到這些與資料中心相關的內容似乎正在變得常態化，而資料中心市場也在推動。

So David, I'd really be just interested in your view on this. You guys are always typically ahead of the curve on where things are going, obviously, have an incredibly broad portfolio to kind of cover any kind of maybe changes that are out there. So just would be interested in your perspective on a lot of that news.

所以 David，我其實很想聽聽你對這件事的看法。你們通常總是走在趨勢前面，顯然也有非常廣泛的產品組合，能夠涵蓋任何可能出現的變化。所以我想聽聽你對很多這類新聞的觀點。

Yes. Thanks for the question, Chris. Look as you said this -- the innovation in this particular vertical moves very fast. And obviously, we're working direct with hyperscalers, colors or other influencers -- and we're constantly looking at reference designs or data centers of the future.

是的。謝謝你的問題，Chris。你看，正如你所說，這個特定垂直領域的創新進展非常快。而且顯然，我們直接與超大規模業者（hyperscalers）、顧問或其他影響者合作——我們也持續在看參考設計，或是未來的資料中心。

I guess if I had to sum up what I think the innovation of tomorrow will be there. Think of chillers as getting smarter. And in our world, when you think about the thermal management system, whether that desired leaving water temperature needs to be 31 C or whether it needs to be 45 seat it doesn't matter to us.

我想如果要我總結我認為明天的創新會落在哪裡，那就是這裡。把冷水機想成正在變得更智慧。而在我們的領域，當你想到熱管理系統時，無論所需的出水溫度是 31°C 還是 45°C，對我們來說都不是問題。

With our portfolio, we're going to optimize to ensure that, that data center is getting the right mix of water temperatures so that it can operate in the most efficient way possible. And when I say chillers are getting smarter, think of it as building in control systems so that if you want to run in a free cooling mode, meaning that you could use the ambient air to do the cooling that's great.

憑藉我們的產品組合，我們將進行最佳化，以確保該資料中心獲得正確的水溫組合，讓它能以盡可能最高的效率運作。而當我說冷水機正在變得更智慧時，可以把它想成是在內建控制系統，讓你如果想以自由冷卻模式運行，也就是利用環境空氣來進行冷卻，那很好。

If you need to do some vapor compression be running your compressor to tweak that water temperature, we're able to do that. So it's really -- it's fun, okay? I mean, I sit through the -- with our engineers, and they bring up these concepts. It's just -- it's moving fast, but I would tell you, we're on top of it.

如果你需要做一些蒸氣壓縮、讓壓縮機運轉來微調水溫，我們也能做到。所以這真的——很有趣，好嗎？我的意思是，我會和我們的工程師一起坐下來，他們提出這些概念。這一切——進展很快，但我會告訴你，我們掌握得很好。

We see where this is going at least right now, and my bet is that will change in the future. But right now, we have some great solutions that -- some of which we're selling, some of which are in the pipeline. -- but we're working with all the influencers to make sure that they know what's possible. And they challenge us and we challenge them, which is a great way to come up with creative solutions.

至少就目前而言，我們看得出這會往哪裡走，而我打賭未來會改變。但就現在，我們有一些很棒的解決方案——其中一些我們正在銷售，另一些在產品管線中——但我們正與所有關鍵影響者合作，確保他們知道有哪些可能性。他們挑戰我們、我們也挑戰他們，這是提出創新解決方案的絕佳方式。

Yes, Dave, just that I'll add a little bit there. So I think about one of the ways that we win in this market is the design days that we do. And in the second quarter, we had.

是的，Dave，我再補充一點。所以我想到我們在這個市場取勝的方法之一，是我們所做的設計日（design days）。而在第二季，我們有。

(Operator Instructions)

（接線員指示）

All right. Chris, sorry about that. We're going to do this the old-fashioned way on cell phones. So we sound a little bit scratchy, that might be it. So Donnie, go ahead, you adding a little color.

好。Chris，抱歉剛才那樣。我們要用老方法，改用手機來進行。所以如果聽起來有點雜音，可能就是這個原因。Donnie，你繼續，補充一些說明。

Yes. Sorry about that, Chris. What I was saying is that when we think about this market and the focus that we have overall -- we look at the thermal management system for the customer, we have design days. So in the second quarter, we had multiple design days with our customers with these critical customers. And we're looking at the full portfolio of the thermal management system.

是的。Chris，抱歉剛才那樣。我剛才要說的是，當我們思考這個市場以及我們整體的聚焦方向——我們會從客戶的熱管理系統來看，我們有設計日。所以在第二季，我們與客戶、與這些關鍵客戶進行了多場設計日。我們在檢視熱管理系統的完整產品組合。

So we don't just talk about chillers. We're talking about the chilled water requirements that they have that would be from chillers as well as air handlers as well as CDUs and how does all of that work together to meet the requirements of the customer.

所以我們不只是談冷水機。我們也在談他們的冷凍水需求，這些需求來自冷水機、也來自空氣處理機（air handlers）、也來自 CDU（冷卻液分配單元），以及這一切如何協同運作以滿足客戶的需求。

And that's where we really focus on the innovation and what the requirements are and how we're looking at the next wave of new products that we're developing for our customers to meet those requirements.

而這正是我們真正聚焦創新、聚焦需求所在的地方，以及我們如何看待下一波正在為客戶開發的新產品，以滿足這些需求。

It's a great vertical. We're strong guys -- we're going to be strong enough well into the future.

這是一個很棒的垂直領域。我們很強——而且在可預見的未來，我們也會足夠強。

Amit Mehrotra, UBS Financial.

Amit Mehrotra，瑞銀金融（UBS Financial）。

I guess I just wanted to come back to backlog. Backlog, if I look at backlog today, it's more or less 50% of this year's revenue and that backlog is sort of mostly attributable to 15% to 20% of your revenues, which is applied equipment.

我想我只是想回到在手訂單（backlog）。如果我看今天的在手訂單，它大致相當於今年營收的 50%，而這個在手訂單主要歸因於你們營收中約 15% 到 20% 的部分，也就是應用設備（applied equipment）。

So just given there's no material elongation of the backlog, I guess it kind of begs the question, at what point do you start turning away orders because of any capacity constraints. If you can just talk about that, I appreciate it.

所以鑑於在手訂單並沒有出現實質拉長，我想這就引出一個問題：在什麼情況下你們會因為產能限制而開始拒接訂單？如果你能談談這點，我會很感謝。

Yes. I think Look -- I'll start. Look, we have about $6 billion of the backlog, that's for 2027, as I said earlier. So that's going to give us a lot of momentum going into next year. We're not turning away orders, okay? We kind of I think I mentioned probably two quarters ago, we've expanded our applied capacity 4 times over the last three years. That expansion continues to happen.

是的。我想——聽著——我先開始。聽著，我們大約有 60 億美元的在手訂單，那是 2027 年的，如我先前所說。所以這會讓我們在進入明年時有很大的動能。我們沒有在拒接訂單，好嗎？我想我大概在兩季前提過，過去三年我們把應用端產能擴充了 4 次。這樣的擴產仍在持續進行。

So we have several -- first of all, we deploy our lean principles. So we're always looking to do more with what we have. But with that said, we also have brick-and-mortar investments that we're making -- we talked about Scalar already. We also have in Grand Rapids, we're making some investments.

所以我們有幾個——首先，我們導入精實原則（lean principles）。所以我們一直在尋找用現有資源做更多的方法。但即便如此，我們也在進行實體（brick-and-mortar）投資——我們已經談過 Scalar。另外在 Grand Rapids，我們也在做一些投資。

So look, that's going to continue. We're in front of that. So I feel like we're in a good spot there from a -- do we have enough capacity for the orders that are out there? And bring on if you have any orders and then just bring them out.

所以你看，這會持續下去。我們走在前面。因此我覺得在這方面我們處於不錯的位置——就「我們是否有足夠產能來承接市場上的訂單」而言。如果你有任何訂單，就儘管拿來吧。

Let's have all I guess it's my cheeky way of asking. It wasn't that long ago, we were asking you $5 billion was peak. And here we are. approaching $8 billion. And is my cheeky way of asking, are we at peak orders or not. I was -- I can remember when it was $2 billion, okay?

讓我們——我想這是我有點調皮的問法。不久之前，我們還在問你 50 億美元是不是高峰。而現在我們已經接近 80 億美元。所以我用比較調皮的方式問：我們現在是在訂單高峰了嗎，還不是？我——我還記得那時候是 20 億美元，好嗎？

And I was getting asked about how are you going to maintain that? So we've come a long way. But look, the good news is that the pipeline of orders is so strong -- and that's what gets me excited. And it's not just in the Americas, okay? We're seeing a lot of pipeline as well, as I said earlier, in Europe, which we haven't seen in a while.

而我當時被問的是，你要怎麼維持那個水準？所以我們走了很長一段路。但你看，好消息是訂單管線非常強——這也是讓我感到興奮的地方。而且不只是美洲地區，好嗎？我們也看到很多管線，如我先前所說，在歐洲也是如此，而這是我們一段時間以來沒看到的。

I mean, Europe has performed very well for us. But we haven't seen -- we almost came to an inflection point with the pipeline there, which is we're really looking forward to some strong orders in EMEA.

我的意思是，歐洲對我們的表現一直非常好。但我們沒有看到——那邊的管線幾乎來到一個拐點，也就是我們非常期待在 EMEA（歐洲、中東與非洲）拿到一些強勁的訂單。

Yes. Amit, I'd add some of these investments are captured in CapEx. Some of these investments are just flowing through the P&L as you think about ramping up production and bringing our business operating system to line. So that's one of the impacts on leverage here in the second quarter, it may impact leverage in the very near term.

是的。Amit，我補充一下：其中一些投資會反映在資本支出（CapEx）裡。另一些投資則是在你思考擴大產量、並把我們的業務營運系統導入到位時，直接流經損益表（P&L）。所以這是第二季槓桿（leverage）的一個影響因素，也可能在非常短期內影響槓桿。

But -- for us, these are great medium to long-term investments to make for the company to make sure that you've got the revenue capability. And to Dave's first point, a, we're not going to get behind and b, we're not turning away any orders.

但是——對我們而言，這些都是很棒的中長期投資，能確保公司具備營收承接能力。而回到 Dave 的第一點，a，我們不會落後；b，我們也不會拒接任何訂單。

Okay. Chris, maybe if I could just ask a follow-up. We're now closer to 2027 than we are to the start of 2026. So I'd just be curious, I mean, you we're ending this year kind of second half growth of 11.5% first half growth this year, 6.5%. Is that exit rate sort of the right starting point to build off of in '27?

好的。Chris，也許我可以再追問一下。我們現在距離2027年比距離2026年初更近了。所以我只是好奇，我是說，你們今年上半年成長6.5%，今年下半年成長11.5%作為收尾。那個期末的退出成長率，是否就是在'27年用來往上推估的合適起點？

I know you're probably not going to answer that question, but I want to ask it anyways. And just related to that just related to that, are we not only you guys have the capacity, but we've had a couple of examples where the supply chain have not met the expectation? And just talk about how comfortable you are on that almost doubling of organic growth half to two half where your supply chain can come along with you?

我知道你大概不會回答這個問題，但我還是想問。另外也相關的是，不只是你們有產能，我們也看到過幾個例子，供應鏈沒有達到預期。請談談你們對於有機成長從上半年到下半年幾乎翻倍時，供應鏈能否跟得上，你們有多有把握？

Yes. I'll start with the first part of your question, and then we can kind of address the supply chain. But look, there's a lot of things to be excited about. -- as we go into the back half of this year, and we always thought our exit rates at the end of '26 would be stronger than the exit rates we had at the end of '25. We've got significant growth in our applied business.

是的。我先回答你問題的第一部分，然後我們再來談供應鏈。不過你看，隨著我們進入今年下半年，有很多事情值得期待。-- 我們一直認為，'26年底的退出成長率會比'25年底更強。我們的應用業務有顯著成長。

Bookings remain strong, and we have, as Dave said, over $6 billion of backlog for next year already here at the end of June. So it's given us a lot of confidence for this year's guide more visibility in the next year than we normally had. We are seeing tailwinds in both our residential and our Thermo King businesses. That's something to be excited about as well.

訂單（Bookings）仍然強勁，而且如Dave所說，截至6月底，我們已經有超過60億美元的明年在手訂單（backlog）。因此，這讓我們對今年的指引更有信心，對明年的能見度也比以往更高。我們在住宅以及Thermo King業務都看到順風。這同樣也是令人振奮的。

Dave mentioned Europe commercial HVAC has been seeing strong orders. And then our services business, again, about one third of the enterprise revenues growing double digits. So we know not everything is going to go perfect, but we like this set-up as we're going in the second half of the year. And let's get a few more quarters in before we dial in 2027, but we're going to like the exit rates.

Dave提到，歐洲商用HVAC的訂單一直很強。另外，我們的服務業務約占整體企業營收的三分之一，且以雙位數成長。所以我們知道不可能每件事都完美，但我們喜歡在今年下半年進入時的這個態勢。至於2027年，先再走過幾個季度再把它校準得更精準，但我們會喜歡這些退出成長率。

Yeah. And on the supply chain capacity, look, we always are working with our supply chain partners on deliveries is what we do every day, welcome to manufacturing. But look, as volumes continue to expand, we are asking more from our supply partners. And so are we seeing constraints? Yes, but we always do.

是的。至於供應鏈產能，你看，我們每天都在和供應鏈夥伴協調交付，這就是我們每天做的事，歡迎來到製造業。但隨著量能持續擴張，我們確實會向供應夥伴提出更多要求。那我們有看到限制嗎？有，但我們一直都會遇到。

Are we seeing a bit more than normal? Maybe a bit more normal, but nothing that our team can't manage. And we do a great job of managing are managing with our supply partners. And I used the word partners because they really are partners.

有沒有比平常多一點？也許比平常多一點，但沒有到我們團隊無法管理的程度。而且我們在與供應夥伴的協同管理上做得非常好。我用「夥伴」這個詞，是因為他們確實就是夥伴。

And many times, including myself, will meet with the leaders of these companies to make sure that we're a lockstep on what we see coming and how we're going to leverage them and how they could help us. So maybe just Donnie if you could just give some examples of how we work with our supply partners.

很多時候，包括我自己在內，會和這些公司的領導層會面，確保我們對未來的判斷一致、步調一致，以及我們要如何運用他們、他們又能如何協助我們。所以Donnie，也許你可以舉一些我們如何與供應夥伴合作的例子。

Absolutely. So actually, just this morning, I was on the call with the CEO of one of our great partners talking about what our plans are and what they're doing to ramp up capacity. What I would say is that we lean heavily into our business operating system.

當然。其實就在今天早上，我才和我們一位很棒的合作夥伴的CEO通話，討論我們的計畫，以及他們正在做什麼來提升產能。我想說的是，我們非常倚重我們的業務營運系統。

And much of that has been developed over the last couple of decades, but a lot of that was even developed even further in 2021, 2022 during the supply chain crisis post COVID. I lived through that. That was a lot different than now.

其中很多是在過去幾十年建立的，但也有相當一部分是在2021、2022年COVID之後的供應鏈危機期間進一步發展出來的。我親身經歷過那段時間。那和現在非常不一樣。

We're not in the same scenario as we were then. We're looking at a three year plan and think about that in terms of multiple levels. So we look at here's what our three year plan is. We communicate that with our suppliers. We look at what's the max capacity of our current factory footprint.

我們現在不是當時那種情境。我們會看三年計畫，並從多個層級來思考。所以我們先看：我們的三年計畫是什麼。我們把這些與供應商溝通。我們也會看目前工廠版圖的最大產能是多少。

We communicate that with our suppliers. And we also look at what's the unconstrained demand and what are our plans and we share that with our suppliers. In many cases, we'll see some of our lean resources to work with our suppliers on how to improve their own processes.

我們也把這些與供應商溝通。同時我們也會看不受限制的需求（unconstrained demand）是多少、我們的計畫是什麼，並與供應商分享。在很多情況下，我們會派出一些精實（lean）資源，與供應商一起合作，改善他們自身的流程。

We also work with them in their supply chain and making sure that they're able to secure components to make sure that they're able to meet the demand that we have as well. So it's a very robust process within our business operating system.

我們也會和他們一起處理他們的供應鏈，確保他們能夠取得零組件，並確保他們也能滿足我們的需求。所以在我們的業務營運系統中，這是一套非常健全的流程。

Thanks, Donnie. I mean, as Donnie said, we have a very robust process around this. So our team is managing the situation great.

謝謝你，Donnie。如Donnie所說，我們在這方面有一套非常健全的流程。所以我們的團隊把情況管理得非常好。

Andrew Obin, Bank of America.

Andrew Obin，美國銀行。

Just a broader question, I guess, maybe for Dave and done. How do you think about running companies structurally in sort of this high-growth inflationary environment because it doesn't seem inflation is going to go away -- any changes to operating model?

我想問一個更宏觀的問題，可能是問Dave和Donnie。在這種高成長、通膨偏高的環境下，你們如何從結構上思考公司營運？因為看起來通膨不會消失——營運模式有任何調整嗎？

Do you -- how do you negotiate with customers? How do you lock in capacity with hyperscalers? Was this in this inflation environment? Any color will be very helpful.

你們——你們如何與客戶談判？如何與超大規模雲端業者（hyperscalers）鎖定產能？在這種通膨環境下？任何補充說明都會很有幫助。

Yes, Andrew, I mean, it's a great question. I mean, look, our operating system, we have an operating system, obviously, around how we deal with inflation, okay, which is kind of what you're referring to. And we have an operating system around how we conduct pricing okay, in our markets. So you really have to -- I don't want to go into too much detail, but there's a lot of detail between all of those, okay?

是的，Andrew，這確實是個好問題。你看，我們的營運系統，顯然有一套用來應對通膨的營運系統，好嗎？這大概就是你在指的。我們也有一套關於如何在市場中執行定價的營運系統。所以你真的必須——我不想講得太細，但在這些之間其實有很多細節，好嗎？

On the inflation side, if we see inflation, which obviously we all are seeing right now, we're working with our suppliers. We're working on the resiliency of our suppliers. We're working on our own internal productivity -- and if we're not able to offset that, then we'll do pricing. On the pricing side, we're very strategic on the pricing.

在通膨方面，如果我們看到通膨——顯然我們現在都看到了——我們會與供應商合作。我們會提升供應商的韌性。我們也會提升自身的內部生產力——如果仍無法抵銷，那我們就會採取調價。在定價方面，我們的定價非常有策略性。

We have a whole operating system built out around that to understand that a, we have to be very competitive, but we also want to always be fair to our customer because, again, we want customers for life. So -- it's a multipronged attack that we leverage, but it really comes down to our operating system, right? It's not like we recreate it every time. It's a very powerful tool that we have.

我們建立了一整套營運系統來理解：第一，我們必須非常有競爭力；但我們也希望永遠對客戶公平，因為我們希望客戶終身合作。所以——我們會運用多管齊下的策略，但歸根結底就是我們的營運系統，對吧？我們不會每次都重新發明一套。這是我們擁有的一個非常強大的工具。

Yes, I'll add to that, Dave. So I think about with our customers, many times we'll have long-term capacity agreements in place with those customers. So we understand what the volume is going to be. That's a bit different than it was in the past. And we also give those -- that same visibility and those commitments to our suppliers.

是的，Dave，我補充一下。我認為就我們的客戶而言，很多時候我們會與這些客戶簽有長期產能協議。因此我們能了解出貨量將會是多少。這和過去有些不同。而且我們也把同樣的可視性與承諾提供給我們的供應商。

So that helps us manage -- the other one is, and Dave touched on it productivity, I think it's a really important point because it's not all about pricing. It's also about how we drive productivity. When we launch a new product, the day after we launch that product, we're looking for how do we remove cost out of that product.

所以這有助於我們管理——另外一點是，Dave 也提到生產力，我認為這非常重要，因為不只是定價的問題。也關乎我們如何推動生產力提升。當我們推出一個新產品時，在產品上市的隔天，我們就會開始思考如何把這個產品的成本降下來。

That could be through in-sourcing components. It could be through redesign; it could be multiple different levels. So we always have a pipeline of productivity to help offset that inflation as well. So that's just part of our business operating system.

這可能透過將零組件內製。也可能透過重新設計；可能有多個不同層面的作法。因此我們始終有一條生產力提升的管線，來幫助抵銷通膨影響。所以這就是我們業務營運系統的一部分。

And maybe a follow-up question. I think in February, you launched a battery energy storage systems rental offering. And it seems that internally, you guys are focused on improving off-grid reliability, and this seems to -- there is a part for you to play sort of improving resiliency and shaving peak capacity.

另外可能有個追問。我記得在二月，你們推出了電池儲能系統（BESS）的租賃方案。看起來你們內部聚焦在提升離網可靠性，而這似乎——你們在提升韌性以及削峰、降低尖峰容量需求方面，能扮演一部分角色。

Could you just expand on it? What kind of conversations do you have with customers on this concept? And how fast do you think adoption could be over the next 12 to 24 months?

你能再多談談嗎？你們和客戶就這個概念會有哪些對話？以及你認為未來 12 到 24 個月的採用速度會有多快？

Yes. Sure, Andrew. Look, this is where we're talking about smart, resilient buildings, right? And this plays into our acquisition that we did just about one and a half years ago now with brain box. But think of a building, getting smarter, and that's with our Agentic controls and resiliency.

是的。當然，Andrew。你看，這就是我們在談智慧、具韌性的建築，對吧？這也呼應我們大約一個半年前完成的 BrainBox 併購案。但想像一棟建築變得更智慧，這要靠我們的 Agentic 控制與韌性能力。

And in the future, we believe that buildings will have alternatives to what type of energy they're going to use at any one time, whether that be electricity or whether that be a fossil fuel, and/or storage. And that's where the battery comes in.

而在未來，我們相信建築在任何時間點都會有替代方案，決定要使用哪一種能源，不論是電力、化石燃料，和／或儲能。這就是電池派上用場的地方。

So we're still early days, but obviously, as we as we have these conversations with our customers, very excited, a, about Brainbox because that's a great starting point, but more about the amount that they're able to reduce that day waste.

所以我們仍在早期階段，但顯然，當我們與客戶進行這些對話時，他們非常興奮：一方面是 BrainBox，因為那是一個很好的起點；但更重要的是，他們能夠減少日常浪費的幅度。

And remember, most buildings today conservatively, conservatively waste about 30% of the energy they pay for. And in tomorrow's world, they're going to get smarter, and we're going to help them build the resiliency into how they operate. It's a massive opportunity for us.

而且請記得，今天大多數建築保守估計、保守估計會浪費大約 30% 他們付費購買的能源。在明天的世界裡，建築會變得更智慧，而我們將協助他們把韌性融入其營運方式。這對我們而言是個巨大的機會。

Noah Kaye, Oppenheimer.

Noah Kaye，Oppenheimer。

To ask about the increased business reinvestment and the CapEx raise. You said some of it is for stellar and tied to the modular demand growth there. But -- just what are the benefits that are coming from that reinvestment? And then is the higher CapEx primarily supporting what's in backlog? Or is this for longer-dated growth expectations?

我想問關於提高業務再投資以及資本支出（CapEx）上調的問題。你提到其中一部分是用於 Stellar，並且與那邊模組化需求成長相關。不過——這些再投資帶來的效益是什麼？另外，較高的 CapEx 主要是在支援目前的在手訂單（backlog）嗎？還是為了更長期的成長預期？

Yes. No, I'll start. I mean we've guided CapEx to 2% to 3% of revenue for the year. I'd put it still very much in a CapEx-light model. To the earlier points, we've been investing in capacity for every year, but certainly for the last three to four years, we've added 4 times amount of capacity in our applied business.

是的。不，我先開始回答。我們對今年的 CapEx 指引是營收的 2% 到 3%。我仍會把它視為相當輕資本支出（CapEx-light）的模式。呼應前面提到的重點，我們每年都在投資產能，但尤其在過去三到四年，我們在應用業務新增的產能已達到原來的 4 倍。

So when I think about that, this is -- part of it is focused on new acquisitions and how do we make sure that we can scale them for even stronger growth taking these strong acquisitions, tying them into a direct sales force and to the opportunities that we see globally. That's a nice investment to make. So it is a constant focus about. not again that I don't think we've ever found ourselves behind it.

所以當我這樣看，這其中一部分聚焦在新併購案，以及我們如何確保能把它們規模化，以帶來更強勁的成長——把這些優質併購標的，連結到直銷團隊以及我們在全球看到的機會。這是一項值得做的投資。所以這一直是我們持續關注的重點。不是——我不認為我們曾經在這方面落後過。

And no, it also gives us a lot of confidence as we make these capacity expansions to Amit's question, about turning away orders -- absolutely not. And that's because we're very confident in our four-wall capacity.

而且不，這也讓我們在進行這些產能擴張時更有信心，回到 Amit 的問題，關於拒接訂單——絕對不會。因為我們對我們廠內（four-wall）的產能非常有信心。

Yeah. I mean outside of capacity, there's innovation investments that we're making all the time. We've explained some of them may be in the data center vertical. Given the speed of that innovation cycle and the quickness of that innovation cycle, but that really can still over and it has into other verticals as well.

是的。我的意思是，除了產能之外，我們也一直在做創新投資。我們已解釋過其中一些可能是在資料中心垂直領域。考量到那個創新週期的速度與節奏很快，但這些創新其實也能延伸——而且確實已經延伸——到其他垂直領域。

And then after that, it's operational excellence. It's bringing as Donnie mentioned, cost out for products in leaning out production and maybe some insights not just in our facilities, but in our supplier partner facilities, too.

再來就是營運卓越。如 Donnie 提到的，從產品中移除成本、精實化生產，並且可能不只在我們自己的廠內，也在我們供應商夥伴的廠內取得一些洞見。

Very helpful. And then maybe just to put a finer point on margin trajectory. I think, although correct me if I'm wrong, that 3Q is implied to be back to year-over-year margin expansion. Maybe you can talk directionally about where we should see margin expansion across the segments because obviously, with EMEA, there's a tough comp there with Middle East continuing. So just trying to understand how we should think about it across the segments.

非常有幫助。接著也許更精準地問一下毛利率走勢。我想——如果我沒理解錯的話——第三季隱含的是毛利率將回到年對年擴張。也許你可以方向性地談談，我們應該在哪些事業部門看到毛利率擴張；因為很明顯，EMEA 會有較艱難的比較基期，且中東業務仍在延續。所以只是想了解我們應該如何在各部門之間看待這件事。

Yes. Noah, I'd say you're right on the guidance that we put out that we have a lot of confidence in we would expect margin expansion in the third quarter. It's probably in that 50-ish basis point kind of range. And then it accelerates into the fourth quarter, which should be -- we'd be targeting over 1 point of margin expansion. And driving the margin expansion on the full year.

是的。Noah，我會說你對我們所給出的指引理解正確；我們對此很有信心，並預期第三季會出現毛利率擴張。大概會在 50 個基點左右的區間。然後第四季會加速，應該會——我們的目標是超過 1 個百分點的毛利率擴張。並帶動全年毛利率擴張。

A lot of that will be led with the Americas just given the relative size of the business. I would expect EMEA will be under pressure for margins as we go into the second half, just given we've taken again, Middle East is around 15% relative to that region to that segment.

其中很大一部分將由美洲地區帶動，主要是因為該業務的相對規模。我預期 EMEA 的毛利率在進入下半年時會承受壓力，因為我們已經再次——中東約占該區域、該事業部門的 15% 左右。

We've taken out about 30% of the revenue now in our guide. So I expect that to be a bit of a headwind for that segment in the second half. And then for Asia, let's see. I mean it's a little bit of a loss, small numbers on margins for Asia when you look at percentages, but very encouraged with the order rates that we've seen in the rest of Asia and where we're seeing the growth there.

我們現在在指引中已經剔除了大約 30% 的營收。所以我預期這會在下半年對該事業部門形成一些逆風。至於亞洲，我們再看看。我的意思是，從百分比來看，亞洲的毛利率有一點點虧損、數字不大；但我們對在亞洲其他地區看到的接單速度，以及那裡的成長動能感到非常鼓舞。

So we do have, I think, about leverage overall, with the M&A that we've done this year, we've again reaffirmed on that guidance that there's about a 700 basis point delta between reported leverage, which will be lower than organic, and a lot of that is from the M&A and the investments we're making in year one.

所以我認為整體而言，我們確實有槓桿效益；就今年所做的併購（M&A）而言，我們也再次重申該指引：報表口徑的槓桿率與有機成長的槓桿率之間大約有 700 個基點的差距，而其中很大一部分來自併購，以及我們在第一年所進行的投資。

Yes. And I would just add that, look, as the CEO, I'm focused on the long term -- so any -- I'm not necessarily concerned about leverage in any quarter or really in any half of the year, okay? It's more about the long-term vision that we have as a company; we just see tremendous opportunities on the growth side of things.

是的。我只想補充一點，身為執行長，我關注的是長期——所以任何——我不一定會在意某一季或甚至某個半年內的槓桿水準，好嗎？更重要的是我們作為一家公司的長期願景；我們在成長面看到非常巨大的機會。

We just want to make sure we're ready. So we're always going to be making those long-term investments. And by the way, it's proven out to be very, very beneficial for us if you -- and I know you've tracked us for a while, so I'm sure you're a believer in that.

我們只是想確保我們已經準備就緒。所以我們會一直進行那些長期投資。順帶一提，事實也證明這對我們非常、非常有利——如果你——而且我知道你追蹤我們一段時間了，所以我相信你也認同這點。

For sure. And thanks for the holding in the models as well.

當然。也謝謝你在模型裡同樣維持持股。

Jeff Hammond, KeyBanc Capital Markets.

Jeff Hammond，KeyBanc Capital Markets。

So just back on kind of the chiller and data center question. Just can you talk about what -- how your customers are maybe ordering differently between liquid and air-cooled chillers and kind of -- some of the new products that you've been introducing I think, Dave, you talked about Grand Rapids expansion and new -- some new air-cooled products as well. So just want to understand the shift there, if any?

我再回到冷水機與資料中心的問題。你能談談——客戶在液冷與氣冷冷水機之間，可能在下單方式上有哪些不同？以及——一些你們最近推出的新產品，我想 Dave 你提到過 Grand Rapids 的擴產，還有一些新的氣冷產品。所以我想了解那裡是否有任何轉變？

Well, I mean, I think, as Donnie kind of alluded to, many of our hyperscalers now have -- whether it be a master purchase agreement or a long-term capacity commitment with us. So we're gaining a lot of visibility to what they need, okay? As far as the technology goes, we certainly see a mix towards the air-cooled side, okay? These are air cold for sure, but think of it as less evaporative cooling, okay?

嗯，我的意思是，我想如 Donnie 剛才提到的，我們許多超大規模客戶現在——不論是主採購協議（master purchase agreement）或是長期產能承諾——都已經和我們簽了。所以我們對他們的需求有了很高的能見度，好嗎？就技術而言，我們確實看到組合更偏向氣冷端，好嗎？這些確實是氣冷，但可以把它理解為較少依賴蒸發式冷卻，好嗎？

Most systems that we're designing now not all, but I would say that it's sort of weighted towards closed-loop systems. And unfortunately, if you read the press, you'll see that there's a lot of conversations about how data centers wastewater. And the reality of it is, is that statement, to be honest, that's not necessarily true in the majority of the cases.

我們現在設計的大多數系統——不是全部，但我會說權重更偏向封閉迴路系統。而且很不幸地，如果你看新聞，會看到很多討論資料中心的廢水問題。但實際上，老實說，在多數情況下，那種說法不一定正確。

So that's certainly a trend that we're seeing. There's other trends that are out there, too, that I'm sure you've heard about like whether we're going to be going to direct current versus alternating current -- and rest assured, we're well aware of that, and we'll -- we help we're helping many of our hyperscalers and our big colors design those systems. Anything you want to add, Donnie?

所以這確實是我們看到的一個趨勢。另外也還有其他趨勢，我相信你也聽過，例如我們是否會從交流電轉向直流電——請放心，我們非常清楚這點，而且我們——我們正在協助許多超大規模客戶以及我們的大型客戶設計那些系統。Donnie，你還想補充什麼嗎？

Yes, I think you hit on it very well. I do think that the overall market has trended more towards air cool historically, like if you go back five years ago, you would see water cooled when a customer was expecting to have a 40-year data center and air cooled when they were having a 20-year data center. And so -- that shift has changed given the capacity requirements and the increase.

是的，我覺得你講得很到位。我確實認為整體市場歷來更偏向氣冷；如果你回到五年前，你會看到當客戶預期要建一座 40 年壽命的資料中心時會選水冷，而當他們建 20 年壽命的資料中心時會選氣冷。因此——隨著產能需求與增長提升，這個轉變已經改變了。

Overall, many times, customers will choose water cold when it's -- when they want the absolute best possible efficiency. But even then with air cooled technology today, we can get similar with about better efficiencies. So -- it really just depends on what the design is for the customer, and that's what we focus on meeting their requirements, making sure that we deliver what they need.

整體而言，很多時候客戶會選擇水冷，是在——他們想要絕對最佳的效率時。但即便如此，以今天的氣冷技術，我們也能做到相近、甚至更好的效率。所以——這真的取決於客戶的設計需求，而我們專注於滿足他們的要求，確保交付他們所需要的。

That's those are the conversations we would have during these design days that we have with many of the hypers.

這些就是我們在與許多超大規模客戶進行的那些設計日（design days）中會討論的內容。

Okay. Great. And then just Stellar came in lighter, I guess, North America acquisition revenue came in light. I just want to better understand the cadence of this $500 million of stellar revenue into '26 as you ramp up.

好的。很好。另外，Stellar 的表現比較輕，我想北美併購收入也低於預期。我想更了解這 5 億美元的 Stellar 營收在 2026 年的導入節奏，因為你們正在爬坡。

Yes. I don't think a lot has changed with stellar. Look, we -- just to refresh everyone's memory, we had -- think of the backlog we brought in when we had the acquisition of about $1 billion. We said about half of that would ship this year about $500 million. We're on track to that. Probably the only thing that's changed with Stellar is as we're implementing our operating system, we pulled some investments forward.

是的。我不認為 Stellar 有太多改變。你看，我們——先幫大家回顧一下，我們在收購時帶進來的在手訂單（backlog）大約是 10 億美元。我們說其中大約一半會在今年出貨，大約 5 億美元。我們正朝這個目標前進。Stellar 唯一可能改變的是，隨著我們在那裡導入營運系統，我們把一些投資提前了。

And I think I told you all at the end of last quarter that we thought Stellar would be modestly accretive for the year. I think you should look at and what we have modeled into our guide is stellar being flat for the year from an EPS standpoint. But again, it's pulling in these investments.

而且我想我在上季末也跟各位說過，我們原本認為 Stellar 今年會小幅增益（modestly accretive）。我認為你們應該這樣看：我們在指引中建模的是，從 EPS 的角度來看，Stellar 今年是持平。但同樣地，這是因為把這些投資提前了。

We need to be able to make sure that we have the operating system deployed there for future growth. And the good news, as Donnie said, one of our large orders this quarter was for Stella. So we're making a lot of progress there, and I'm excited about the future of Stellar it's -- and you've heard me say this before, it's modular chiller plants. It's today, it's basically 100% focused on data centers. but we know that, that is a product that is very applicable to other verticals as well.

我們需要確保在那裡部署好營運系統，以支撐未來成長。而好消息是，如 Donnie 所說，我們本季的一筆大單就是給 Stellar 的。所以我們在那裡取得了很大進展，我對 Stellar 的未來很興奮——而且你們以前也聽我說過，這是模組化冷水機廠（modular chiller plants）。目前它基本上 100% 聚焦在資料中心，但我們知道這個產品也非常適用於其他垂直領域。

And I would just add, as we said last quarter, -- we expect the stellar business to be $500 million in revenue this year, and nothing has changed there. So we -- no change in revenue.

我再補充一下，正如我們上季所說——我們預期 Stellar 今年的營收是 5 億美元，這點沒有改變。所以我們——營收沒有變動。

Varun Govindaraj, Bernstein.

Varun Govindaraj，Bernstein。

So quick question. On -- for the back half of the year, clearly, you're expecting a ramp -- how confident are you in customer ability to take delivery, specifically for data center products? I'm asking because is that narrative out there the projects are getting delayed, power is taking longer to connect. -- and it's obviously harder to test and commission a cider when you don't have power. So any commentary you have there would be helpful.

簡單問一下。關於——今年下半年，你們顯然預期會爬坡——你們對客戶有能力接收交付、特別是資料中心產品，有多大信心？我這樣問是因為外界有一種說法是專案在延後、電力併網需要更久——而且很明顯，沒有電力時要測試與試運轉（commission）一台冷水機會更困難。所以你們對此有任何評論都會很有幫助。

Run. Look, we have a lot of confidence in the backlog. And as we think about our guide, we always assume some level of leakage breakage in the guide, right? We know not everything goes perfectly. We do a great job with our suppliers, but we're also making sure that we've got a little bit of breakage in there.

Varun。你看，我們對在手訂單非常有信心。而且在思考我們的指引時，我們一向會在指引中假設一定程度的流失/破損（leakage/breakage），對吧？我們知道不可能每件事都完美。我們和供應商合作做得很好，但我們也確保在裡面預留了一點破損空間。

So could there be some things in shift? It is just part of site construction and otherwise, but I'd say that we're confident in our guide.

所以會不會有一些事情發生移轉？這就是工地施工等因素的一部分，但我會說我們對指引有信心。

Yes. I mean you're always going to see some job sites move, okay? And we certainly see some of that in the data center, both positive and negative, right? We also have other customers that are saying, hey, can you ship early. So nothing that's alarming right now, but it's a good question.

是的。我的意思是，工地進度總是會有一些變動，好嗎？而我們在資料中心確實也看到一些這樣的情況，有正面的也有負面的，對吧？我們也有其他客戶在說，嘿，你們能不能提早出貨。所以目前沒有任何令人擔憂的狀況，但這是個好問題。

No, appreciate it. And separately on the Thermo King side, expecting a recovery in the back half of the year, the ACT numbers look positive. What other signals are you seeing that sort of give you confidence independently of the forecasts that are coming in?

不，謝謝，感激。另外在 Thermo King 這邊，預期今年下半年會復甦，ACT 的數據看起來是正面的。除了目前進來的預測之外，你們還看到哪些其他訊號，讓你們更有信心？

Yes. Look, we think that Thermo King is going to be transitioning into more of a growth engine for us to come in the back half of the year. Look, rejection rates have remained high for several months. That's a key indicator. Spot to contract spread is trending positively for several months, and utilization rates have trended positive for the last 10 months.

是的。你看，我們認為 Thermo King 將在今年下半年轉型成為我們更重要的成長引擎。你看，拒載率（rejection rates）已經連續好幾個月維持在高檔。那是一個關鍵指標。現貨對合約的價差（spot to contract spread）已經連續好幾個月呈現正向趨勢，而利用率（utilization rates）在過去 10 個月也呈現正向走勢。

So these are all good signs for our Thermo King business. And I just look forward to Thermo King becoming more of a growth company as we are as train technologies. And I'm very confident that we're going to start to see that in the back half of the year, and that should carry momentum through 2027.

所以這些對我們的 Thermo King 業務來說都是好跡象。我也很期待 Thermo King 能更像一家成長型公司，就像我們在列車技術（train technologies）領域一樣。我非常有信心，我們會在今年下半年開始看到這一點，而且這股動能應該會一路延續到 2027 年。

And this is a business to that even though we've had a trough for an extended period of time here, we have not stopped investing in this business. So we have a lot of great products, and we're willing -- we're excited to delight our customers.

而且這也是一項業務：即使我們在這裡經歷了較長時間的谷底期，我們也沒有停止對這項業務的投資。所以我們有很多很棒的產品，而且我們願意——我們也很期待能讓客戶感到驚喜與滿意。

Alexander Virgo, Evercore ISI.

Alexander Virgo，Evercore ISI。

I wondered if you could talk just a little bit about the impact from business reinvestments in the Americas. I wonder if you can maybe give us a sense of the weighting of those three points. And whether or not it's something we need to think about as we think about the first half of next year as well.

我想請你們稍微談一下在美洲地區業務再投資所帶來的影響。也想請你們大概說明一下那三個要點各自的比重。以及當我們思考明年上半年時，是否也需要把這件事納入考量。

Yes, Alexander, this is Chris. I'll start. I mean waiting, it's probably in the order that we provided as we think about capacity, innovation and operational excellence. But I wouldn't say materially different. These are things that we are investing in, though all the time.

是的，Alexander，我是 Chris。我先說。我的意思是，比重大概就如同我們提供的順序：產能、創新與營運卓越。但我不會說差異很大。這些都是我們一直在持續投資的事情。

And in fact, back in May, at least twice a year, we have innovation reviews and we go business by business. We've had to cap them at 10 ideas and under launches just because we'll go over time. And each and every year, we think about the investment cycle that we have and I would just tell you the pipeline remains very robust, and our bias is always to accelerate on the investments.

事實上，回到 5 月，我們一年至少兩次會做創新檢視（innovation reviews），並逐一檢視各個事業。我們甚至不得不把它們上限設在 10 個點子與以下的產品上市數，因為不然會超時。而且每一年，我們都會思考我們的投資週期；我只想告訴你，產品/專案管線仍然非常強勁，而我們一貫的傾向都是加速投資。

Within the confines of let's drive leverage over the long term, 25% plus. But look, we've got accelerated orders, accelerated backlog, and we're just going to keep investing to make sure that we're staying ahead as we have so far.

在「讓長期槓桿率提升到 25% 以上」這個框架之內。但你看，我們的訂單加速、在手訂單（backlog）也在加速，我們會持續投資，確保我們能像目前一樣保持領先。

Yes. I think it's a good question. But look, don't get held off by any one quarter. We've been saying for a while, our target is 25% plus. We may have a quarter like the second quarter, we were below that, but that's okay, right? This is all about long-term growth that we're creating.

是的。我覺得這是個好問題。但你看，不要被任何單一季度牽制住。我們講了一段時間了，我們的目標是 25% 以上。我們可能會有像第二季那樣低於這個水準的季度，但那沒關係，對吧？這一切都是關於我們正在打造的長期成長。

No, I appreciate that. That's kind of why I was thinking about the next 12 months, I guess, and thinking I appreciate your -- you do this all the time. And therefore, if you're calling it out now is obviously a little bit more, which I get because of the pipeline and the backlog. But that's kind of why I was thinking about it on a 12-month view rather than the quarter per se.

了解，謝謝。這也是為什麼我在想接下來 12 個月的情況；我想我理解你們——你們一直都在做這些事。因此你們現在特別點出來，顯然是力度更大一些；我也理解，因為管線和在手訂單的關係。所以我才會用 12 個月的視角來思考，而不是只看單一季度。

Yes. No, that's good question.

是的。不，這是個好問題。

Joe Ritchie, Goldman Sachs.

Joe Ritchie，高盛。

Yes, doing great things. So really good results. I wanted to just focus on resi for a second, the low teens growth this quarter. Is there any way to bifurcate how the replacement market did versus resi new construction?

是的，你們做得很棒。所以結果非常好。我想先把焦點放在住宅（resi）業務一下，本季是低十位數的成長。有沒有辦法拆分一下：汰換/替換市場（replacement market）的表現，與住宅新建（resi new construction）的表現各是如何？

And the reason I'm asking is you had a peer report yesterday, who was calling for pretty tough pricing in that market and walking away from some business. So I was wondering if you can maybe shed some light on the ready new construction market.

我之所以這樣問，是因為你們有一家同業昨天的報告提到，那個市場的定價會相當艱難，並且會放棄一些業務。所以我想請你們或許可以說明一下住宅新建市場目前的狀況。

Yes. Look, our position there really hasn't changed. I think you know we're heavily focused on the replacement, not undue construction. That said, we do have, I don't know, maybe it's we'll say, in the teens as a percentage of the business is residential new construction.

是的。你看，我們在那邊的立場其實沒有太大改變。我想你知道，我們高度聚焦在汰換市場，而不是過度聚焦新建。話雖如此，我們確實有——我不知道——大概可以說，住宅新建約占我們業務的十幾個百分點。

But we're -- think about -- when we talk about residential new construction, we're usually talking about the think of the smaller builders that are building custom homes. And -- but we're doing -- we're -- look, it was the resi team, they had a very strong second quarter, okay? -- some of that had to do with all the debacles that happened last year.

但我們——想一想——當我們談住宅新建時，通常指的是那些在蓋訂製住宅的小型建商。而且——但我們做得——我們——你看，住宅團隊第二季表現非常強，OK？——其中一部分與去年發生的各種混亂有關。

But I'd tell you, I give that team a lot of credit. They've executed very well. And I'm just proud of what they've been able to do. I think there's -- we've -- year-to-date, our resi business from a from a dollar basis is up mid-single digits, and we're projecting that to carry forward for the rest of the year.

但我會告訴你，我非常肯定那個團隊。他們執行得非常好。我也為他們能做到的成果感到自豪。我想——我們——截至目前（year-to-date），以金額來看，我們的住宅業務是中個位數成長，而我們預期今年剩餘時間也會延續這個趨勢。

And if you remember, when we came into the year, we thought that residential could be even down a bit this year. And then at the end of the first quarter, we revised it to flat. Now we're very confident with our guide that this will be a mid-single-digit growth number for us. in 2026, and we'll see how that carries forward for positive momentum into 2027.

而且如果你記得，年初我們原本認為住宅今年甚至可能會小幅下滑。然後在第一季末，我們把看法修正為持平。現在我們對指引非常有信心：對我們而言，2026 年將會是中個位數成長；至於這是否能延續成為 2027 年的正向動能，我們再觀察。

Yes. Great. No, it's great to see a rebound there. And then just a quick question, a follow-up on just data centers. Can you just level set for us at this point how the CDU business is doing? I think you guys started shipping earlier this year. What does the pipeline look like? Maybe just in terms of like how much of your backlog it is today. I'm just curious like how that business is trending.

是的。很好。很高興看到那邊出現反彈。另外再快速問一個問題，關於資料中心。你們能否在這個時間點幫我們校準一下 CDU 業務目前的進展？我記得你們今年稍早開始出貨。目前的管線看起來如何？也許就例如：它目前占你們在手訂單的比例大概多少。我只是好奇這項業務的趨勢如何。

Yes, I probably won't go into that level of detail, but I would tell you that look -- it's -- we're in the CDU business. Business is performing. The liquid stack acquisition is exceeding our expectations and the pipeline is strong.

是的，我可能不會深入到那個細節層級，但我會告訴你：你看——我們確實在做 CDU 業務。業務表現良好。LiquidStack 的收購案表現超出我們的預期，而且管線很強。

Jeff Sprague, Vertical Research Partners.

Jeff Sprague，Vertical Research Partners。

Dave, we don't need any AC up here. It's cold and wet. So because.

Dave，我們這裡不需要任何空調。又冷又濕。所以因為。

I was up in New York. I was up in New York a few weeks ago and it was boiling. So, I think it was most cool problem.

我之前在紐約。我幾週前在紐約，那裡熱得要命。所以，我覺得那主要是個降溫的問題。

A few weeks ago, it was unbearable. Yes. But now we need a rain here today all week. But I'm doing well. Just a couple of quick follow-ups. I know we covered a lot of ground. I just wanted to come back to Europe and even maybe Asia. -- in Europe, ex Middle East, there's a pickup that you're starting to see, is that primarily data center that market kind of content coming around, trying to catch up?

幾週前，簡直讓人受不了。是的。但現在我們這裡今天起整週都需要下雨。不過我一切都好。再追問幾個很快的問題。我知道我們談了很多。我想回到歐洲，甚至可能是亞洲。——在歐洲（不含中東），你們開始看到需求回升，這主要是資料中心那塊市場的內容在回來、試圖追趕進度嗎？

Or is there a level of breadth and the activity you see there. And similar on Asia, we've heard from a number of companies, even beyond HVAC, this earnings season that non-China Asia is looking better. Maybe you could just provide a little bit more color what you're seeing there.

還是說你看到的活動有更廣的面向與廣度？亞洲方面也類似，我們在這個財報季從不少公司那裡聽到，甚至不只HVAC，非中國的亞洲看起來更好。也許你可以多提供一點你們在那裡看到的情況。

Yes. As far as Europe goes, it's both, okay. We're certainly seeing data centers there. We certainly are seeing core vertical growth there as well. One thing I would say on the pipeline in Europe, as we're looking -- as we talk about data centers, they're getting bigger.

是的。就歐洲而言，兩者都有，好嗎。我們確實在那裡看到資料中心。我們也確實看到核心垂直領域的成長。關於歐洲的案源（pipeline），我想說的是——當我們談資料中心時，它們正在變得更大。

-- okay, which is -- that's a good sign, right? They see the opportunity there. So we'll see how that plays out, whether they actually get permitting. But at least in the pipeline, we're seeing bigger data centers than maybe we've seen in the past.

——好嗎，這是——這是個好跡象，對吧？他們看到了那裡的機會。所以我們會看後續如何發展，是否真的能拿到許可。但至少在案源上，我們看到的資料中心規模比過去可能更大。

On Asia, look, China still remains dynamic, but the rest of Asia is where we're seeing growth. In fact, -- that's where we're also doubling down on some of our investments, especially on the channel side, and that would be adding account managers because we see a lot of opportunities in India, for example, in Malaysia, Thailand. So we think there's a lot of opportunities there that we want to make sure we're ready for and we're gearing up for it.

至於亞洲，你看，中國仍然是動態的，但亞洲其他地區才是我們看到成長的地方。事實上——我們也在那裡加碼部分投資，特別是在通路端，例如增加客戶經理，因為我們在印度（例如）、馬來西亞、泰國看到很多機會。所以我們認為那裡有很多機會，我們要確保已經準備好，並且正在為此做準備。

And maybe just one quick follow-up on resi. Any significant difference in just the kind of level of activity, your volumes in your one-step versus two step channel?

另外再快速追問一個住宅（resi）方面的問題。在一級通路（one-step）與二級通路（two-step）之間，你們看到的活動水準或出貨量有任何顯著差異嗎？

I don't -- one, I don't believe we saw a different belt were strong. I think Chris mentioned earlier, the sell-in, sell-through year-to-date is basically the same number. So nothing abnormal there, John.

我不——第一，我不認為我們看到有不同；各地帶都很強。我想Chris先前提到，今年迄今的銷入（sell-in）與銷出（sell-through）基本上是同一個數字。所以沒有什麼異常，John。

Deane Dray, RBC Capital Markets.

Deane Dray，RBC資本市場。

What's this rumor right here?

這個傳聞是怎麼回事？

Yes. Listen, all good things, let's come to an end at some point, but I'm ready.

是的。聽著，再好的事情總有一天會結束，但我已經準備好了。

Well, congratulations, and you will certainly be missed, always is an insightful analyst. So I wish you all the best.

那麼，恭喜你，你一定會被想念；你一直都是很有洞見的分析師。祝你一切順利。

I appreciate that. And I also want to extend my welcome and congrats to Donnie and the start of his new chapter.

謝謝你。我也想向Donnie致上歡迎與祝賀，祝他開啟人生新篇章。

Thank you very much, Deanne. I appreciate that.

非常感謝你，Deanne。我很感激。

Great. Well, listen, I know we covered a lot of ground here. I'd love to get any kind of update on your ambitions in liquid cooling and whether you need to do any capacity expansion. You've got liquid stock, you got a really good presence in this market.

很好。聽著，我知道我們在這裡談了很多。我很想了解你們在液冷方面的企圖心是否有任何更新，以及是否需要做任何產能擴張。你們有液冷產品線，在這個市場也有很強的布局。

I mean this is probably the fastest growth opportunity in data center today, and just would love to hear updated ambitions, if we could.

我的意思是，這可能是目前資料中心裡成長最快的機會，我很想聽聽最新的企圖心，如果可以的話。

Yes. I mean we don't have cold place. I think you know that we have partners, obviously, that we work with so that we can model it so we can understand the impact that it has on the thermal management loop, as Lisa, we refer to that. As far as immersion cooling, and I know you and I've had this conversation in the past, -- that's still out there a bit.

是的。我的意思是，我們沒有冷板（cold plate）。我想你知道我們有合作夥伴，當然，我們會一起合作，讓我們能建模、能理解它對熱管理迴路（thermal management loop）的影響，Lisa，我們是這麼稱呼的。至於浸沒式冷卻（immersion cooling），我知道你我過去談過——那方面目前仍有些不確定。

There's some challenges there, but we have a lot of patents in that space. And it's very efficient. It's just got some infrastructure that we have to figure out how to make that in an economical way. But look, we love data centers. We love innovating with our customers there. We're going to continue to do that in the future.

那裡有一些挑戰，但我們在那個領域有很多專利。而且效率非常高。只是它需要一些基礎設施，我們必須想辦法讓它以具經濟性的方式落地。但你看，我們喜歡資料中心。我們喜歡和那裡的客戶一起創新。未來我們會持續這麼做。

Great. And thanks for your kind words, and I'll be watching from the sidelines.

很好。也謝謝你的好意，我會在場邊關注。

All right. Good luck to you. Take care.

好。祝你順利。保重。

And everyone, at this time, there are no further questions. I'd like to hand the call back to Mr. Zac Nagle for additional or closing remarks.

各位，目前沒有其他問題。我想把電話交回給Zac Nagle先生，請他做補充或結語。

I'd like to thank everyone for joining today's call. as always, will be available for your follow-up questions at any time over the next several weeks. We'll also be on the road attending conferences and other marketing activity. So we look forward to seeing you soon. Thank you.

感謝各位參加今天的電話會議。一如往常，接下來幾週的任何時間，我們都會隨時回覆各位的後續問題。我們也會在外出差參加各項會議與其他行銷活動。所以期待很快與各位見面。謝謝。

Once again, everyone, that does conclude today's conference. We would like to thank you for your participation. You may now disconnect.

再次提醒各位，今天的會議到此結束。感謝各位的參與。各位現在可以掛線。