UL Solutions Inc (ULS) 2024 Q2 法說會逐字稿

Greetings.

問候。

Welcome to the UL Solutions second quarter 2024 earnings call.

歡迎參加 UL 解決方案 2024 年第二季財報電話會議。

(Operator Instructions)

（操作員說明）

I will now turn the conference over to your host, Mitchell Ji, Senior Vice President of Corporate Finance.

現在我將會議交給主持人企業財務資深副總裁 Mitchell Ji。

You may begin.

你可以開始了。

Thank you.

謝謝。

Welcome, everyone, to our second-quarter 2024 earnings call.

歡迎大家參加我們的 2024 年第二季財報電話會議。

Joining me today are Jenny Scanlon, our Chief Executive Officer; and Ryan Robinson, our Chief Financial Officer.

今天加入我的是我們的執行長珍妮·斯坎倫 (Jenny Scanlon)；以及我們的財務長 Ryan Robinson。

During the discussion today, we will be referring to our earnings presentation, which is available on the Investor Relations section of our website at ul.com. Our earnings release is also available on the IR section of our website.

在今天的討論中，我們將參考我們的收益報告，該報告可在我們網站 ul.com 的投資者關係部分找到。我們的收益發布也可以在我們網站的投資者關係部分找到。

I would like to remind everyone that on today's call, we may discuss forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.

我想提醒大家，在今天的電話會議上，我們可能會討論 1995 年《私人證券訴訟改革法案》安全港條款含義內的前瞻性陳述。

These forward-looking statements may include, among other things statements about UL Solutions results of operations and estimates and prospects that involve substantial risks, uncertainties and other factors that could cause actual results to differ in a material way from those expressed or implied in the forward-looking statements.

除此之外，這些前瞻性陳述可能包括有關UL Solutions 營運結果、估計和前景的陳述，其中涉及重大風險、不確定性和其他因素，這些因素可能導致實際結果與前瞻性陳述中明示或暗示的結果存在重大差異看起來的陳述。

Please see the disclosure statement on slide 2 of the earnings presentation as well as the disclaimers in our earnings release concerning forward-looking statements and the risk factors that are described in our quarterly report on Form 10-Q for the period ending March 31, 2024.

請參閱收益簡報投影片 2 上的揭露聲明以及收益發布中有關前瞻性聲明的免責聲明以及截至 2024 年 3 月 31 日的 10-Q 表格季度報告中所述的風險因素。

We assume no obligation to update any forward-looking statements to reflect events or circumstances after the date hereof, except as required by law.

我們不承擔更新任何前瞻性陳述以反映本協議日期之後發生的事件或情況的義務，除非法律要求。

Today's presentation also includes references to non-GAAP financial measures.

今天的演示也提到了非公認會計準則財務指標。

A reconciliation to the most comparable GAAP financial measure can be found in the appendix to the earnings presentation.

在收益報告的附錄中可以找到最具可比性的公認會計準則財務指標的調節表。

With that, I will now turn the call over to Jenny.

這樣，我現在會把電話轉給珍妮。

Good morning, everyone, and thanks for joining us.

大家早安，感謝您加入我們。

This is our second quarterly report as a public company, and I'm really pleased to say we had another strong quarter.

這是我們作為上市公司的第二個季度報告，我很高興地說我們又一個強勁的季度。

We reported meaningful growth across all of our segments and geographies, improved margins and generated solid cash flow that has been a hallmark of our business.

我們報告稱，我們所有部門和地區都實現了有意義的成長，利潤率有所提高，並產生了穩定的現金流，這是我們業務的標誌。

These results reflect outstanding execution and a keen focus on our core business.

這些結果反映了出色的執行力和對我們核心業務的高度關注。

Safety science underpins important mega trends that we expect will continue to drive demand for our industry-leading services for years to come.

安全科學是重要的大趨勢的基礎，我們預計這些趨勢將在未來幾年繼續推動對我們行業領先服務的需求。

Innovation without safety results in failure.

沒有安全的創新就會導致失敗。

I have three key topics I'll cover on today's call.

我將在今天的電話會議上討論三個關鍵主題。

First, I'll highlight key elements contributing to our strong second-quarter performance.

首先，我將重點放在促成我們第二季強勁業績的關鍵因素。

Second, I'll highlight some key growth achievements and customer activities from the quarter.

其次，我將重點介紹本季的一些關鍵成長成就和客戶活動。

Finally, I'll touch on our strong financial position and capital allocation actions.

最後，我將談談我們強大的財務狀況和資本配置行動。

Let me start by sharing my thoughts on our strong second-quarter results.

首先讓我分享我對我們強勁的第二季業績的看法。

I'd like to say that while we are newly public, we are not newly for profit, and this mantra is echoed in our ability to once again deliver profitable growth.

我想說的是，雖然我們是新上市的，但我們並不是為了盈利而新成立的，這一口號也體現在我們再次實現盈利增長的能力上。

We could not have achieved these results without focused execution led by our experienced and technically accomplished team for whom I am truly grateful.

如果沒有經驗豐富、技術精湛的團隊領導下的專注執行，我們不可能取得這些成果，對此我深表感謝。

Our employees' relentless emphasis on safety, science and customer centricity shapes our culture and enhances our business.

我們的員工對安全、科學和以客戶為中心的不懈重視塑造了我們的文化並增強了我們的業務。

In the second quarter, our team achieved organic growth of 8.4%, resulting in $730 million of revenue.

第二季度，我們的團隊實現了 8.4% 的有機成長，收入達到 7.3 億美元。

We continue to experience stamina in our Industrial segment.

我們的工業領域持續展現出活力。

We benefited from improving trends in our consumer segment, and we posted a solid quarter for software and advisory.

我們受惠於消費者細分市場的改善趨勢，軟體和顧問業務的季度業績表現強勁。

Importantly, our results were well balanced with growth in all three segments across all geographic regions and service lines.

重要的是，我們的業績與所有地理區域和服務線的所有三個細分市場的成長取得了很好的平衡。

Adjusted EBITDA grew 11.6% and adjusted EBITDA margin expanded by 120 basis points.

調整後 EBITDA 成長 11.6%，調整後 EBITDA 利潤率擴大 120 個基點。

Adjusted net income increased by 5.6%.

調整後淨利成長5.6%。

And in the first six months of the year, we delivered $131 million of free cash flow.

今年前六個月，我們交付了 1.31 億美元的自由現金流。

Now let me highlight a few key achievements from the quarter.

現在讓我重點介紹本季的一些主要成就。

In our industrial segment, our Korean advanced battery lab that came fully online last quarter is experiencing a rapid ramp-up in activity, serving Korean automotive customers with the latest large battery safety technology.

在我們的工業領域，我們的韓國先進電池實驗室於上季全面上線，其活動正在迅速增加，為韓國汽車客戶提供最新的大型電池安全技術。

Construction of our Auburn Hills, North American battery lab is progressing on schedule and we expect to open in August with a strong backlog of work ready to go.

我們位於北美奧本山的電池實驗室的建設正在按計劃進行，我們預計將於 8 月開業，並有大量積壓的工作準備就緒。

And I want to emphasize a key point, battery testing at UL solutions is so much more than EV and hybrid automotive batteries.

我想強調一個關鍵點，UL 解決方案的電池測試不僅僅是電動車和混合動力車電池。

The electrification of everything spans a broad spectrum of energy transfer and storage needs from small consumer to large-scale industrial batteries used to power heavy equipment.

萬物電氣化涵蓋了廣泛的能量傳輸和儲存需求，從小型消費者到用於為重型設備供電的大型工業電池。

These two new facilities expand our already impressive suite of offerings across the full set of industrial and automotive battery testing.

這兩個新設施擴展了我們已經令人印象深刻的全套工業和汽車電池測試產品。

We were active on the M&A front in the Industrial segment with two acquisitions, one in the quarter and one subsequent.

我們在工業領域的併購方面非常活躍，進行了兩次收購，一次是在本季度，另一次是隨後的收購。

In May, we acquired German battery testing and simulation company Batterieingenieure who has expertise in specialized cell, small modules and battery system performance testing.

5月，我們收購了德國電池測試和模擬公司Batterieingenieure，該公司在專業電池、小型模組和電池系統性能測試方面擁有專業知識。

This acquisition expanded our global battery testing footprint adding opportunities in the European market to our already impressive portfolio.

此次收購擴大了我們的全球電池測試足跡，為我們已經令人印象深刻的產品組合增加了歐洲市場的機會。

And in July, we acquired another company based in Germany called TesTneT Engineering, a leader in hydrogen component and system testing.

7 月，我們收購了另一家位於德國的公司 TesTneT Engineering，該公司是氫成分和系統測試領域的領導者。

This acquisition deepens our expertise in clean energy testing and enhances our ability to impact global decarbonization efforts.

此次收購加深了我們在清潔能源測試方面的專業知識，並增強了我們影響全球脫碳努力的能力。

We believe hydrogen technology will play a significant role in the transition to lower global emissions from transportation and energy systems.

我們相信，氫技術將在降低全球交通和能源系統排放的轉型中發揮重要作用。

We are excited to expand our capabilities in this important area.

我們很高興能夠擴展我們在這一重要領域的能力。

In our consumer segment, as the HVAC industry continues to drive towards sustainable solutions through the transition to more environmentally friendly refrigerants, we have focused on strategic initiatives and capital investments to support our customers' needs.

在我們的消費領域，隨著暖通空調產業透過轉向更環保的冷媒持續推動永續解決方案，我們專注於策略性舉措和資本投資，以滿足客戶的需求。

Our foundational research for the safe transition to the next generation of refrigerants helped solidify our thought leadership position in the future of HVAC safety and performance.

我們對安全過渡到下一代冷媒的基礎研究有助於鞏固我們在未來 HVAC 安全和性能方面的思想領導地位。

We planned for an expected surge in demand for our services, and we completed a capacity expansion of our HVAC Performance Center of Excellence in Plano, Texas, in the second half of last year.

我們計劃應對服務需求的預期激增，並於去年下半年完成了位於德克薩斯州普萊諾的 HVAC 卓越性能中心的產能擴張。

Customer reception to the new chambers has been overwhelmingly positive, and we are seeing strong and durable demand.

客戶對新室的反應非常積極，我們看到了強勁而持久的需求。

In our software and advisory segment, we are making good progress with balanced growth.

在我們的軟體和諮詢領域，我們取得了良好的進展，並實現了平衡成長。

Sustainability continues to be a key driver of demand, while the energy transition was also a contributor.

永續性仍然是需求的關鍵驅動因素，而能源轉型也是貢獻者。

Finally, let me comment on our capital allocation activities.

最後，讓我來評論一下我們的資本配置活動。

Our hard work and focused business model put us in an enviable position with regard to our investment-grade balance sheet, robust cash flow generation and disciplined approach to capital allocation.

我們的辛勤工作和專注的業務模式使我們在投資等級資產負債表、強勁的現金流產生和嚴格的資本配置方法方面處於令人羨慕的地位。

During the quarter and subsequent to its end, we were active on multiple fronts.

在本季度及其結束後，我們在多個方面都表現活躍。

First, we completed a divestiture as well as the two acquisitions I just mentioned.

首先，我們完成了資產剝離以及我剛才提到的兩項收購。

Second, organically, we announced plans to construct an advanced automotive and battery testing center in Korea to further serve the automotive industry.

其次，我們宣布計劃在韓國建造先進的汽車和電池測試中心，以進一步服務汽車產業。

The new lab when complete, will expand our current battery testing capacity in the region and add EV charger testing and other capabilities to our suite of offerings.

新實驗室建成後，將擴大我們目前在該地區的電池測試能力，並在我們的產品組合中增加電動車充電器測試和其他功能。

It leverages the technology used in our Korea Advanced Battery Lab, which we opened last year.

它利用了我們去年開設的韓國先進電池實驗室所使用的技術。

This new lab is expected to open in the second half of 2025.

這個新實驗室預計將於 2025 年下半年開放。

Third, we returned cash to shareholders in the form of our first regular quarterly dividend as a public company of $0.125 per share in June.

第三，我們在 6 月以每股 0.125 美元的上市公司首次定期季度股息的形式向股東返還現金。

We are committed to maintaining a strong balance sheet with conservative leverage and investment grade ratings.

我們致力於透過保守的槓桿率和投資評級來維持強勁的資產負債表。

We expect to continue to return excess capital to shareholders.

我們預計將繼續向股東返還多餘資本。

Now I'm going to turn the call over to Ryan, who will provide greater detail on our results and our outlook.

現在我將把電話轉給瑞安，他將提供有關我們的結果和前景的更多詳細資訊。

Thank you, Jenny, and hello, everyone.

謝謝你，珍妮，大家好。

I also want to thank all of our team members for delivering another strong quarter.

我還要感謝我們所有的團隊成員，他們再次實現了強勁的季度業績。

I'll first provide more detail on our financial results, then discuss our segment's performance before closing with some comments on our full-year outlook.

我將首先提供有關我們財務業績的更多詳細信息，然後討論我們部門的業績，最後對我們的全年前景發表一些評論。

We are proud to report in our second earnings release a continuation of strong top line growth, adjusted EBITDA margin expansion and solid cash generation.

我們很自豪地在第二份財報中報告，營收持續強勁成長、調整後的 EBITDA 利潤率擴張和穩健的現金產生。

As Jenny mentioned, it's encouraging to see that organic growth once again occurred across all of our segments, geographies and service lines.

正如珍妮所提到的，令人鼓舞的是我們所有的細分市場、地區和服務線再次出現有機成長。

Now let me dive into the details of the quarter.

現在讓我深入了解本季的細節。

Consolidated revenues of $730 million were up 6% over the prior year quarter, including organic growth of 8.4%.

綜合營收為 7.3 億美元，比去年同期成長 6%，其中有機成長 8.4%。

The increase reflected particular strength in the industrial segment, which delivered 11.6% organic growth.

這一成長反映出工業領域的特別強勁，實現了 11.6% 的有機成長。

Adjusted EBITDA for the quarter was $173 million, an improvement of 11.6% year over year on strength across all three segments.

本季調整後 EBITDA 為 1.73 億美元，所有三個部門的實力年增 11.6%。

Adjusted EBITDA margin was 23.7%, up 120 basis points from the same period a year ago on strength in both consumer and the software and advisory segments.

調整後 EBITDA 利潤率為 23.7%，較上年同期成長 120 個基點，得益於消費者、軟體和諮詢領域的強勁表現。

Adjusted net income for the second quarter was $94 million or $0.44 per adjusted diluted share, up 5.6% from $89 million or $0.42 per adjusted diluted share in the second quarter of 2023 despite $5 million of additional pretax interest expense.

儘管額外稅前利息支出為500 萬美元，但第二季調整後淨利為9,400 萬美元，或調整後稀釋每股0.44 美元，較2023 年第二季的8,900 萬美元或調整稀釋每股0.42 美元增長5.6%。

As a reminder, our IPO occurred in the second quarter and then affected two income statement items, in particular, these items are not adjusted for in our non-GAAP financials.

提醒一下，我們的首次公開發行發生在第二季度，然後影響了兩個損益表項目，特別是，這些項目沒有在我們的非公認會計準則財務數據中進行調整。

First, virtually all our cash-settled appreciation rights, or CSARs, have either matured or were converted as stock settled depreciation rates.

首先，幾乎我們所有的現金結算增值權（CSAR）要么已經到期，要么轉換為股票結算折舊率。

As a result of the value at the IPO closing, we recorded a $9 million pretax expense in Q2 '24, which reduced adjusted EBITDA by $9 million.

由於 IPO 結束時的價值，我們在 2024 年第二季度記錄了 900 萬美元的稅前費用，這使調整後的 EBITDA 減少了 900 萬美元。

These awards have historically created mark-to-market expense volatility, which will no longer occur as the value of these converted awards was established upon the closing of the IPO, they will no longer have mark-to-market volatility.

這些獎勵在歷史上曾造成按市價計價的費用波動，但由於這些轉換後的獎勵的價值是在 IPO 結束時確定的，這種情況將不再發生，它們將不再有按市價計價的波動。

Second, since public companies have a limitation on the tax deductibility of executive compensation, we reduced the value of some deferred tax assets post IPO, which resulted in an increase in the Q2 provision for income taxes of $5 million.

其次，由於上市公司對高階主管薪酬的稅前扣除有限制，我們在IPO後減少了一些遞延稅資產的價值，這導致第二季所得稅撥備增加了500萬美元。

Now let me turn to our performance by segment, starting with Industrial.

現在讓我談談我們按細分市場劃分的業績，從工業開始。

The megatrends of energy transition and the electrification of everything are driving tremendous innovation and demand for our services.

能源轉型和萬物電氣化的大趨勢正在推動巨大的創新和對我們服務的需求。

While the Internet of Things is spreading across the industrial infrastructure, these factors help the Industrial segment deliver the strongest growth of the three segments for the quarter.

雖然物聯網正在整個工業基礎設施中傳播，但這些因素幫助工業部門在本季的三個部門中實現了最強勁的成長。

Revenues in this segment rose 7.5% to $314 million or 11.6% on an organic basis as compared to the second quarter of 2023.

與 2023 年第二季相比，該部門的營收成長 7.5%，達到 3.14 億美元，有機成長 11.6%。

Those impressive gains were driven by robust demand for ongoing certification services and certification testing for engineered materials, energy and automation and building products.

這些令人印象深刻的收益是由對工程材料、能源和自動化以及建築產品的持續認證服務和認證測試的強勁需求所推動的。

This was partially offset by the sale of our payments testing business which closed May 1 as well as some FX impacts.

這被 5 月 1 日關閉的支付測試業務出售以及一些外匯影響所部分抵消。

Adjusted EBITDA for the Industrial segment increased 6.6% to $97 million in the quarter while adjusted EBITDA margin declined 30 basis points to 30.9%, driven by increases in compensation costs, including $4 million of the IPO CSAR conversion expense as well as higher M&A diligence expenses.

本季工業部門調整後EBITDA 成長6.6%，達到9,700 萬美元，而調整後EBITDA 利潤率下降30 個基點，至30.9%，原因是薪資成本增加，包括400 萬美元的IPO CSAR 轉換費用以及更高的併購盡職調查費用。

Now turning to the consumer segment.

現在轉向消費者領域。

Revenues in consumer were $322 million, up 4.2% from the 2023 quarter or 6.1% on an organic basis.

消費者業務收入為 3.22 億美元，較 2023 年季度成長 4.2%，有機成長 6.1%。

The improvement was driven by strong demand for non-certification testing and other services for consumer technology, particularly higher electromagnetic compatibility or EMC testing for automotive and connected devices as well as improved retail products demand.

這項改進是由於對消費技術非認證測試和其他服務的強勁需求，特別是汽車和連網設備更高的電磁相容性或 EMC 測試以及零售產品需求的改善而推動的。

In addition, strength in HVAC led to improvements in certification testing.

此外，暖通空調領域的實力也促進了認證測試的改進。

Adjusted EBITDA for the quarter in consumer was $61 million, an increase of 17.3% versus the second quarter of last year.

消費者季度調整後 EBITDA 為 6,100 萬美元，比去年第二季成長 17.3%。

Adjusted EBITDA margin for the quarter was 18.9% an increase of 210 basis points year over year, driven by higher revenues and expense management actions taken in 2023 to improve our cost structure.

本季調整後 EBITDA 利潤率為 18.9%，年成長 210 個基點，這得益於 2023 年為改善成本結構而採取的更高收入和費用管理行動。

As we detailed on the last call, consumer completed several cost structure improvements in the past year, including relocating two large laboratories into larger, more cost-efficient locations, which contributed to the improvements in margin.

正如我們在上次電話會議中詳細介紹的那樣，消費者在過去一年中完成了多項成本結構改進，包括將兩個大型實驗室搬遷到更大、更具成本效益的地點，這有助於於提高利潤率。

This more than offset $4 million of the CSAR conversion cost within consumer.

這超過了消費者內部 400 萬美元的 CSAR 轉換成本。

Our third segment is software and advisory.

我們的第三部分是軟體和諮詢。

Revenues for that segment were $94 million, an increase year over year of 6.8%, including a 5.7% increase on an organic basis.

該部門的收入為 9,400 萬美元，年增 6.8%，其中有機增長 5.7%。

The improvement was driven by higher demand for both software and advisory services.

這項改進是由對軟體和諮詢服務的更高需求所推動的。

Adjusted EBITDA for the quarter for software and advisory was $15 million, an improvement of 25% as compared to the second quarter of last year.

本季軟體和顧問業務調整後 EBITDA 為 1,500 萬美元，比去年第二季成長 25%。

Adjusted EBITDA margin for the quarter was 16%, an increase of 240 basis points year over year, driven by higher revenues and cost structure improvement actions.

在營收增加和成本結構改善行動的推動下，本季調整後 EBITDA 利潤率為 16%，較去年同期成長 240 個基點。

Turning to our cash generation in the first six months.

轉向我們前六個月的現金產生。

We delivered $244 million of cash generated from operating activities compared to $220 million in the first half of 2023.

我們交付了經營活動產生的現金 2.44 億美元，而 2023 年上半年為 2.2 億美元。

Capital expenditures were $113 million in each of the first half of this year and last year and were primarily geared towards higher return growth investments in both periods.

今年上半年和去年的資本支出均為 1.13 億美元，主要用於這兩個時期的更高回報成長投資。

We continue to make important investments in energy transition opportunities, a focus area for UL Solutions.

我們持續對能源轉型機會進行重要投資，這是 UL 解決方案的重點領域。

Free cash flow was $131 million compared to $107 million in the first half of 2023, in part reflecting lower cash incentive payments.

自由現金流為 1.31 億美元，而 2023 年上半年為 1.07 億美元，部分原因是現金獎勵支出減少。

We finished the quarter with $295 million of cash and cash equivalents on the balance sheet and net leverage of 0.9 times net debt to trailing 12-month adjusted EBITDA.

本季末，我們資產負債表上的現金及現金等價物為 2.95 億美元，淨槓桿比率為過去 12 個月調整後 EBITDA 淨負債的 0.9 倍。

The strength of our balance sheet is reflected in our investment grade ratings.

我們的資產負債表實力反映在我們的投資等級評級。

We believe our robust balance sheet and cash flow generation give us great flexibility to invest in organic initiatives, accretive acquisitions and to pursue a number of value-enhancing ways to produce best-in-class shareholder returns.

我們相信，我們穩健的資產負債表和現金流產生使我們能夠非常靈活地投資於有機計劃、增值收購，並尋求多種增值方式來產生一流的股東回報。

Now turning to our full-year outlook.

現在轉向我們的全年展望。

On a constant currency basis, we continue to expect organic growth to be in the mid-single-digit range.

在固定匯率基礎上，我們繼續預期有機成長將在中個位數範圍內。

We expect organic growth in the second half to also be in the mid-single-digit range.

我們預計下半年的自然成長也將在中個位數範圍內。

This is driven by continuing strong tailwinds from the electrification of everything along with digitalization and sustainability megatrends.

這是由一切電氣化以及數位化和永續發展大趨勢帶來的持續強勁推動力所推動的。

In addition, for modeling purposes, we expect the revenue impact of the two acquisitions Jenny discussed DI and TesTneT to be less than $10 million in 2024.

此外，出於建模目的，我們預計 Jenny 討論的 DI 和 TesTneT 兩項收購對 2024 年營收的影響將低於 1,000 萬美元。

In addition to this incremental revenue, these two companies give us expanded capabilities and a broader footprint around battery and alternative fuel technologies.

除了增加收入之外，這兩家公司還為我們提供了在電池和替代燃料技術方面的擴展能力和更廣泛的足跡。

We expect to drive full-year adjusted EBITDA margin improvement in 2024 and beyond through a combination of key focus areas for the company.

我們預計透過結合公司的關鍵重點領域，推動 2024 年及以後全年調整後 EBITDA 利潤率的改善。

First is delivering top line organic growth, where we look for the electric market to grow mid-single digits and expect our market share to expand as our investments take scale and the business grows.

首先是實現營收有機成長，我們預期電力市場將實現中個位數成長，並預期隨著我們的投資規模擴大和業務成長，我們的市場份額將擴大。

Second, we are driving increased productivity to the automation and digitization of work through higher utilization of our people and our facilities and by streamlining and standardizing our processes and our metrics.

其次，我們透過提高人員和設施的利用率以及簡化和標準化我們的流程和指標，推動工作自動化和數位化的生產力提高。

Finally, as we look at M&A, we will continue in strategic areas of focus with an eye towards margin and earnings accretion.

最後，當我們考慮併購時，我們將繼續專注於策略重點領域，並著眼於利潤和收益的增加。

We will continue to evaluate our pipeline of acquisition opportunities.

我們將繼續評估我們的收購機會。

We now expect capital expenditures to be in the range of 7.5% to 8.5% of revenue in 2024.

我們目前預計 2024 年資本支出將佔營收的 7.5% 至 8.5%。

This is up slightly, reflecting CapEx in the two acquisitions we have closed and our plan to continue to pursue high-return growth investment opportunities.

這一數字略有上升，反映出我們已完成的兩項收購的資本支出以及我們繼續尋求高回報成長投資機會的計劃。

In summary, I'm proud of the strong results we delivered in the second quarter and in the first half of 2024, which position us well to deliver on our goals for the full year and beyond.

總而言之，我對我們在 2024 年第二季和上半年取得的強勁業績感到自豪，這使我們能夠很好地實現全年及以後的目標。

We believe we are growing our business faster than the market, gaining share while improving profitability and enhancing our already strong cash-generating profile.

我們相信，我們的業務成長速度快於市場，在提高獲利能力和增強我們本已強勁的現金產生能力的同時獲得市場份額。

This positions us to be active yet selective in our deployment of capital.

這使我們能夠積極而有選擇性地部署資本。

We are creating and delivering shareholder value on our path to being our customers' most trusted science-based safety, security and sustainability partner.

我們正在創造和提供股東價值，成為客戶最值得信賴的基於科學的安全、保障和永續發展合作夥伴。

Now let me turn the call back to Jenny for her closing remarks.

現在讓我把電話轉回給珍妮，讓她發表結束語。

Thanks, Ryan.

謝謝，瑞安。

In summary, we are proud of how our team performed in the second quarter, delivering strong top line growth and solid margin improvement, which we believe sets us up to deliver impressive full-year results in our first year as a public company and beyond.

總而言之，我們對我們團隊在第二季度的表現感到自豪，實現了強勁的營收成長和穩健的利潤率改善，我們相信這將使我們能夠在作為上市公司的第一年及以後實現令人印象深刻的全年業績。

We are a leader in a highly fragmented industry, focused on product markets that we believe will be driven by long-term mega trends that favor our unique suite of offerings.

我們是高度分散產業的領導者，專注於我們相信將由有利於我們獨特產品組合的長期大趨勢所驅動的產品市場。

Our focused execution and targeted M&A strategy position us to share -- to gain share and help accelerate our ability to ensure safety, compliance and sustainability.

我們專注的執行和有針對性的併購策略使我們能夠分享—獲得份額並幫助提高我們確保安全、合規和永續性的能力。

We believe we have the strong investment-grade balance sheet and robust cash flow profile to deliver outsized long-term returns for all shareholders.

我們相信，我們擁有強大的投資等級資產負債表和強勁的現金流狀況，可以為所有股東帶來超額的長期回報。

As we continue on this journey of being a public company, occasionally, I will highlight for you some important awards or notable events because it helps bring to life some of the amazing work and technical expertise we have in so many areas of safety science.

當我們繼續踏上成為上市公司的旅程時，我偶爾會向您強調一些重要的獎項或值得注意的事件，因為它有助於將我們在安全科學許多領域所擁有的一些令人驚嘆的工作和技術專業知識變成現實。

So today, I'm going to talk about the environmental impact of refrigerants, those used in everything from drinking fountains to industrial chillers.

所以今天，我要談談冷媒對環境的影響，冷媒廣泛應用於從飲水機到工業冷水機等各種領域。

This has been a growing concern for decades.

幾十年來，這一直是人們日益關注的問題。

As major transformations for refrigerants within the industry emerge, phasing down outdated and climate damaging refrigerants will be a continuous challenge in years to come.

隨著業界冷媒重大變革的出現，逐步淘汰過時且破壞氣候的冷媒將成為未來幾年的持續挑戰。

In March, Brian Rogers, UL Solutions principal engineer for HVAC was invited to the White House to discuss this important safety concern.

3 月，UL Solutions 暖通空調首席工程師 Brian Rogers 受邀前往白宮討論這項重要的安全議題。

UL Solutions has been working hard on this issue since the late 1980s and the knowledge that we can offer to solve these safety challenges are extremely deep.

自 20 世紀 80 年代末以來，UL Solutions 一直在努力解決這個問題，我們可以提供非常深厚的知識來解決這些安全挑戰。

This is just one of many examples in which our experts are invited to meetings at the highest levels to help shape the needed safety outcomes for consumers and indeed, for our entire society.

這只是我們的專家受邀參加最高級別會議的眾多例子之一，以幫助為消費者乃至整個社會塑造所需的安全成果。

With that, I will wrap up by saying we are thrilled to be building on the momentum we had leading up to our April IPO and I'm excited for what the future holds for UL Solutions.

最後，我要說的是，我們很高興能在 4 月 IPO 之前的勢頭基礎上再接再厲，並且對 UL Solutions 的未來感到興奮。

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

接線員，讓我們開始提問。

(Operator instructions) Stephanie Yee, JPMorgan.

（操作員指示）Stephanie Yee，摩根大通。

Congrats on a strong quarter.

恭喜季度表現強勁。

Thanks, Stephanie.

謝謝，斯蒂芬妮。

So when I look at organic revenue growth in the first half, it was 8%, which I would consider to be high single digits.

因此，當我看上半年的自然收入成長時，它是 8%，我認為這是很高的個位數。

You maintained your full-year guide at mid-single digits growth.

您將全年指引保持在中個位數成長。

Could you -- is that for conservative reasons?

你能——這是出於保守的原因嗎？

Are you expecting some deceleration in growth in the back half because the back half is expected to be mid-single digits?

您是否預計下半年的成長會有所放緩，因為預計下半年將達到中個位數？

Or is there like a tough year-over-year comparison issue in any particular segment that you can highlight.

或者您可以強調的任何特定細分市場中是否存在棘手的同比問題。

Well, absolutely, Stephanie.

嗯，絕對是，史蒂芬妮。

As you highlighted, we are pleased with the 8% first half growth organically.

正如您所強調的，我們對上半年 8% 的自然成長感到滿意。

And if you look at the back half of last year, our second half comps are a bit more challenging because we saw some growth drivers begin to accelerate in the second half of last year.

如果你看看去年下半年，我們的下半年比較更具挑戰性，因為我們看到一些成長動力在去年下半年開始加速。

Our organic growth in Q3 last year was 7.5% and Q4 was 8.3%.

去年第三季我們的有機成長率為 7.5%，第四季為 8.3%。

So we're comfortable giving realistic guidance that we expect to deliver.

因此，我們很樂意提供我們期望提供的切合實際的指導。

Okay.

好的。

That's helpful.

這很有幫助。

And you mentioned some improving trends within consumer, especially retail.

您提到了消費者，尤其是零售業的一些改善趨勢。

It seems like EMC trends are still strong.

EMC 趨勢似乎依然強勁。

Do you expect those improving trends to continue in the back half of the year?

您預計這些改善趨勢會在今年下半年持續嗎？

We are seeing some confidence in consumer in our customers' reinvesting in R&D and innovation.

我們看到消費者對客戶對研發和創新的再投資充滿信心。

And we -- as I mentioned, those global warming potential type of test that we talked about in the HVAC business continues to be that type of driver for the consumer business.

正如我所提到的，我們在暖通空調業務中討論的全球暖化潛力類型測試仍然是消費者業務的推動力。

So we think that our customers see confidence in the consumer space and that they're making investments in R&D and innovation.

因此，我們認為我們的客戶對消費領域充滿信心，並且他們正在研發和創新方面進行投資。

George Tong, Goldman Sachs.

喬治唐，高盛。

Organic revenue growth in the Industrial segment accelerated to around 11.5% in the quarter despite the comps in the prior year period becoming considerably more difficult.

儘管去年同期的比較變得更加困難，但本季工業部門的有機收入成長加速至 11.5% 左右。

Can you elaborate on some of the tailwinds you're seeing on the industrial side and the extent to which they should persist into the second half of the year?

您能否詳細說明您在工業方面看到的一些有利因素以及它們應該在多大程度上持續到今年下半年？

Absolutely, George.

絕對是，喬治。

And there is tremendous stamina in industrial.

工業具有巨大的後勁。

It's driven by those megatrends that we talk about, the electrification of everything.

它是由我們談論的大趨勢（萬物電氣化）所驅動的。

We see great demand in power and controls.

我們看到對動力和控制裝置的巨大需求。

I mentioned the Korea battery lab that came online and we've seen great market demand from that.

我提到韓國電池實驗室已上線，我們從中看到了巨大的市場需求。

In the built environment, we're seeing an increase in demand around things like warehouse solutions and fire suppression and fire-resistives and containment products.

在建築環境中，我們看到倉庫解決方案、滅火、耐火和遏制產品等需求不斷增加。

So there's a lot of different pieces in industrial that really flow through this demand that is reflected by the electrification of everything and those trends that are -- those megatrends that are out there.

因此，工業中有很多不同的部分真正滿足了這種需求，這種需求反映在一切事物的電氣化和那些趨勢上——那些存在的大趨勢。

And George, just to add on that, you're right.

喬治，補充一點，你是對的。

We are lapping a period where we had double-digit organic growth in the second quarter of last year.

我們正在經歷去年第二季實現兩位數有機成長的時期。

The five consecutive quarters of double-digit organic growth for Industrial.

工業連續五個季度實現兩位數有機成長。

Great.

偉大的。

That's helpful.

這很有幫助。

And then turning to the consumer business, the margins -- EBITDA margins expanded 210 bps on a year-over-year basis.

然後轉向消費者業務，利潤率—EBITDA 利潤率年增了 210 個基點。

Can you talk about whether that pace of margin expansion is sustainable and some of the efficiency initiatives that you're undertaking to continue to unlock margin expansion going forward.

您能否談談利潤率擴張的步伐是否可持續，以及您為繼續實現利潤率擴張而採取的一些效率舉措。

Indeed, we are seeing improved cost structure in the segment.

事實上，我們看到該領域的成本結構有所改善。

We had a number of expense management actions in 2023.

2023 年，我們採取了多項費用管理行動。

And when you look across occupancy, new labs, better efficiencies, IT costs, we continue to believe that there are -- the consumer margins are durable, and there's additional margin expansion opportunities.

當你審視入住率、新實驗室、更高的效率、IT 成本時，我們仍然相信，消費者利潤是持久的，並且還有額外的利潤擴張機會。

Andrew Nicholas, William Blair.

安德魯尼古拉斯、威廉布萊爾。

I wanted to ask first on software and advisory.

我想先問一下軟體和諮詢方面的問題。

You talked last quarter and again this quarter about some of the momentum with ULTRUS in particular.

您在上個季度和本季再次談到了 ULTRUS 的一些發展勢頭。

I'm just curious, how much of the improved growth in that segment would you attribute to that product versus sales force execution or any other strategic shifts that you've made over the past several quarters.

我只是很好奇，該細分市場的成長改善在多大程度上歸因於該產品與銷售人員的執行或過去幾個季度所做的任何其他策略轉變。

Well, I think the sales force execution is tied to the growth in software and advisory.

嗯，我認為銷售人員的執行力與軟體和諮詢的成長息息相關。

We mentioned in the past that we're undergoing a commercial transformation there.

我們過去曾提到過，我們正在那裡進行商業轉型。

And we did see equally balanced growth this quarter between both the software and the advisory side of the business.

本季我們確實看到軟體和諮詢業務的成長同樣平衡。

But ULTRUS, we believe is really helping propel what we're seeing in the pipeline.

但我們相信 ULTRUS 確實有助於推動我們正在開發的產品。

Two-thirds of our top 500 customers purchased both TIC and software and advisory and we've been very focused in using ULTRUS to help extend the value proposition of those modules that are within that ULTRUS umbrella.

我們的 500 強客戶中有三分之二購買了 TIC 以及軟體和諮詢服務，我們一直非常專注於使用 ULTRUS 來幫助擴展 ULTRUS 保護範圍內的這些模組的價值主張。

We've had a number of additional releases within ULTRUS, particularly in the sustainability software, and we continue to see favorable results or favorable indications, I should say, from the marketplace about the value of those products.

我們在 ULTRUS 中發布了許多附加版本，特別是在永續發展軟體方面，我應該說，我們繼續從市場上看到關於這些產品價值的有利結果或有利跡象。

Great.

偉大的。

And then for my follow-up, maybe on a different topic.

然後是我的後續行動，也許是另一個主題。

Throughout your prepared remarks, you talked about maybe new labs, whether it's the HVAC center in Texas or the advanced battery lab in Korea experiencing pretty quick ramp-up in activity.

在您準備好的演講中，您談到了可能的新實驗室，無論是德克薩斯州的 HVAC 中心還是韓國的先進電池實驗室，這些實驗室的活動都在快速增長。

And I'm just wondering if that is consistent with what you have historically seen with new labs and if it affects your willingness to invest in similar initiatives going forward, just feels like the uptick is more immediate than maybe I would have otherwise expected.

我只是想知道這是否與您歷史上在新實驗室中看到的情況一致，以及它是否會影響您未來投資類似舉措的意願，只是感覺這種上升比我原本預期的更為直接。

So any context there would be great.

所以任何背景都會很棒。

Andrew, I really appreciate you calling that out because it reflects a philosophy that we have around capital investment is that we really want to see potential demand before we even start breaking ground on a lab.

安德魯，我真的很感謝你這麼說，因為它反映了我們圍繞資本投資的理念，即我們真的希望在實驗室開始破土動工之前就看到潛在的需求。

And so many of these, our customers come to us and we'll ask us if we're willing to extend our footprint, our capacity to accommodate their growth.

其中有許多客戶來找我們，我們會詢問我們是否願意擴大我們的足跡、我們的能力來適應他們的成長。

And we saw that in a number of cases.

我們在很多案例中都看到了這一點。

So like the Korea lab that we talked about that came online last year, I think it was pretty close to capacity within that first quarter.

因此，就像我們去年談到的韓國實驗室一樣，我認為第一季的產能已經非常接近了。

We're excited about the backlog that we're seeing for the North American battery lab that will come online in August.

我們對將於 8 月上線的北美電池實驗室的積壓工作感到非常興奮。

So it is reflective of our philosophy and the ways in which we deploy capital.

因此，它反映了我們的理念和我們配置資本的方式。

So when we talk about that growth capital, we are grounding that growth capital in market-based research and facts based on our customer conversations.

因此，當我們談論成長資本時，我們將成長資本建立在基於市場的研究和基於客戶對話的事實之上。

Yes.

是的。

And I would just build on that, in particular, related to batteries, which large capacity batteries are a relatively new technology.

我只想在此基礎上，特別是與電池相關的技術，大容量電池是一項相對較新的技術。

And we've made investments in China, in Korea, in North America and then the surrounding technologies in many other locations for things like charging and the plastics and casings that are used in batteries.

我們在中國、韓國、北美進行了投資，然後在許多其他地方進行了周邊技術的投資，例如充電以及電池中使用的塑膠和外殼。

So the revenue growth we saw in the customer demand, particularly in Korea, gave us the confidence to make that additional investment.

因此，我們在客戶需求中看到的收入成長，尤其是在韓國，讓我們有信心進行額外投資。

It's definitely early days in North America and we don't have that battery open yet but we'll -- that lab open yet but we'll continue to evaluate.

在北美，這絕對是早期階段，我們還沒有開放電池，但我們會——那個實驗室開放，但我們將繼續評估。

Heather Balsky, Bank of America.

希瑟‧巴爾斯基，美國銀行。

This is Emily Marzo on for Heather Balsky.

我是艾米莉·馬佐 (Emily Marzo)，為希瑟·巴爾斯基 (Heather Balsky) 配音。

Wondering if you could give us an update on your pricing initiatives, what you're seeing in the market, if you're getting any pushback on pricing?

想知道您能否向我們介紹一下您的定價舉措的最新情況、您在市場上看到的情況以及您在定價方面是否遇到任何阻力？

We continue to be focused on the configuration price quote software that we've implemented and deploying that across our entire set of commercial teams and our pipeline remains strong.

我們繼續專注於我們已經實施並在整個商業團隊中部署的配置報價軟體，並且我們的管道仍然強大。

The evidence that we look to is really our Net Promoter Scores, which we keep a close eye on, conduct that quarterly.

我們關注的證據實際上是我們每季都會密切關注的淨推薦值。

And our response rate continue to be strong, and we continue to trend upward.

我們的反應率持續強勁，並且持續呈上升趨勢。

And the data point that I look most closely at is perceived value and our customers continue to express that they perceive value from the services that we offer.

我最密切關注的數據點是感知價值，我們的客戶繼續表示他們從我們提供的服務中感知到價值。

So that leads me to continue to believe that pricing is holding in a really strong way.

因此，這讓我繼續相信定價保持在非常強勁的狀態。

Okay.

好的。

And I guess the next question, you had two German acquisitions in the quarter.

我想下一個問題是，本季您進行了兩次德國收購。

Could you talk to us a little bit about your M&A opportunities, what you're seeing?

能和我們談談您所看到的併購機會嗎？

Is it a geographic approach?

這是地理方法嗎？

Is it a capacity or capabilities approach?

它是能力還是能力方法？

Like what are you seeing in the market?

例如你在市場上看到了什麼？

It's a great question because we are active in M&A globally.

這是一個很好的問題，因為我們在全球範圍內積極開展併購活動。

We've got a number of prospects and a number of opportunities that we evaluate all over the world.

我們在世界各地評估了許多前景和機會。

So it's a bit coincidental that we closed two in Germany this quarter.

因此，本季我們在德國關閉了兩家公司，這有點巧合。

That said, our M&A philosophy is to be the acquirer of choice.

也就是說，我們的併購理念是成為首選收購者。

We've been in business for 130 years.

我們的經營已有 130 年歷史。

So many of these entrepreneurs and founders know us.

很多企業家和創辦人都認識我們。

Some of them even started as UL employees and then launched their own business, and it's a great opportunity for them to return.

他們中的一些人甚至從UL員工開始，然後自己創業，這對他們來說是一個很好的回歸機會。

So our M&A philosophy is where we can gain intellectual property that we otherwise don't have or where we can gain access to a set of customers or a set of capabilities that would be harder for us to build organically, we pursue it.

因此，我們的併購理念是，我們可以獲得原本沒有的智慧財產權，或者我們可以獲得一群客戶或一組我們更難以有機建構的能力，我們追求它。

We prioritize each of our businesses, and we seek to establish and maintain leadership in all of our businesses.

我們優先考慮每項業務，並尋求在所有業務中建立並保持領導地位。

And sometimes, we have portfolio components that don't fit those objectives.

有時，我們的投資組合組件不符合這些目標。

And in the last roughly a year, we've divested two businesses.

在過去大約一年裡，我們剝離了兩項業務。

So it goes both ways.

所以這是雙向的。

Stephanie Moore, Jefferies.

史蒂芬妮·摩爾，杰弗里斯。

I wanted to take maybe a high-level question here.

我想在這裡問一個高層次的問題。

Obviously, it's an election year, and there is a potential we could see a new President who might take a harder stance on tariffs versus the current administration on what we've seen in the last couple of years.

顯然，今年是選舉年，我們有可能看到一位新總統在關稅問題上採取比現任政府更強硬的立場，因為我們在過去幾年中看到了這一點。

So with this potential change, I'd love to get your thoughts on what your customers are saying in terms of contingency plans, preparation, potentially maybe moving manufacturing to different locations.

因此，對於這一潛在的變化，我很想了解您的客戶對應急計劃、準備工作以及可能將製造轉移到不同地點等方面的看法。

How this could potentially impact you guys if you think it's neutral, positive or negative implications?

如果你認為這是中性、正面或負面的影響，這可能會對你們產生什麼影響？

So any color there?

那麼有什麼顏色嗎？

It's a great question, and it's something we monitor closely because our field engineers all over the world are typically visiting our customers' manufacturing locations roughly four times a year and we track how those site visits, what the trajectory of increases, decreases by country is.

這是一個很好的問題，也是我們密切關注的問題，因為我們世界各地的現場工程師通常每年大約訪問客戶的製造地點四次，我們會跟踪這些現場訪問的情況，以及按國家/地區增加、減少的軌跡。

China is a third of the world's manufacturing that number of site visits continues to trend upward off a very high base, but at a low slope.

中國的製造業佔世界總量的三分之一，現場參觀數量持續以很高的基數呈上升趨勢，但斜率較低。

What we're seeing is increases, Vietnam, Mexico, India at a much higher slope but of a much lower base.

我們看到的是成長，越南、墨西哥、印度的斜率要高得多，但基數要低得多。

So what this means is when you really think about customer supply chains, many of them have components coming from China and then they can decide where they put the assembly and that assembly can be moved all over the world that, I would say, in some cases, what we're seeing.

因此，這意味著，當你真正考慮客戶供應鏈時，他們中的許多人都有來自中國的零件，然後他們可以決定將組件放在哪裡，並且組件可以轉移到世界各地，我想說，在某些情況下案例，我們所看到的。

But China continues to grow as do the second locations.

但中國和第二個地點仍在持續成長。

For us, it just continues to demonstrate the value that we offer our customers to be close to where they are and ready to expand labs like we did in Vietnam two years ago and Mexico to serve their needs.

對我們來說，它繼續證明了我們為客戶提供的價值，即靠近他們所在的地方，並準備擴大實驗室，就像我們兩年前在越南和墨西哥所做的那樣，以滿足他們的需求。

Great.

偉大的。

No, that's helpful.

不，這很有幫助。

I appreciate it.

我很感激。

And then just as a follow-up, touching on the consumer segment.

然後作為後續行動，觸及消費者區隔。

You talked about rehighlighted investments that you've made in HVAC and particularly next-gen refrigerants.

您談到了重新強調了在暖通空調領域，特別是下一代冷媒方面的投資。

And a new site that is up and running in Plano, Texas that you're seeing good growth from.

還有一個在德克薩斯州普萊諾建立並運行的新網站，您可以看到它的良好增長。

I'd love to your thoughts.

我很想聽聽你的想法。

First, are there opportunities for further expansion, maybe additional testing sites in HVAC over the course of the next maybe 12 months or so.

首先，是否有進一步擴展的機會，也許在接下來的 12 個月左右的時間裡，可能會在暖通空調領域增加更多的測試站點。

And then secondly, I'd love for you to maybe give us a little bit of color on maybe other areas within consumer, similar to HVAC, where you view could be a next -- a really nice next growth avenue within that segment?

其次，我希望您能在消費者的其他領域（例如暖通空調）給我們一些啟發，您認為這可能是下一個——該細分市場中一個非常好的下一個增長途徑？

I would say, particularly in HVAC, it's a global concern about refrigerants and changing energy efficiency.

我想說，特別是在暖通空調領域，冷媒和不斷變化的能源效率是全球關注的焦點。

So in Europe, they are changing regulatory demands, there's been discussion in the US about the role of natural gas cooking that leads to product innovation.

因此，在歐洲，他們正在改變監管要求，在美國，人們正在討論天然氣烹飪在產品創新中的作用。

So we're not prepared to announce any additional specific capacity changes, but I would say there's overall growth in innovation, which leads to business growth for us over time.

因此，我們不准備宣布任何額外的具體產能變化，但我想說，創新的整體成長，隨著時間的推移，這會導致我們的業務成長。

I'd say other things that are in earlier days, we have a large business in consumer technology for things like high-tech equipment, laptops and other things.

我想說的是，在早期，我們在消費科技領域擁有龐大的業務，例如高科技設備、筆記型電腦和其他產品。

The design of those products as being influenced by AI chips is leading to different performance and testing requirements, but those are relatively early days at this point.

這些產品的設計受到人工智慧晶片的影響，導致了不同的性能和測試要求，但目前還處於相對早期的階段。

Yes, I'll add to that.

是的，我會補充這一點。

We are seeing, as I mentioned, the return in confidence in consumer innovation and R&D, and that was reflected in some strength that we're seeing in that type of consumer tech testing across Japan and Korea, in particular.

正如我所提到的，我們看到消費者對創新和研發的信心有所恢復，這反映在我們在日本和韓國的此類消費者技術測試中看到的一些實力上。

We're also, as Ryan mentioned, AI, there's a broader AI ecosystem, and there's consumer products that we would consider like AI embedded PCs or AI servers, those link more broadly to AI data centers that need tremendous amount of energy.

正如Ryan 所提到的，我們還有人工智慧，有更廣泛的人工智慧生態系統，還有我們會考慮的消費產品，如人工智慧嵌入式電腦或人工智慧伺服器，這些產品更廣泛地連結到需要大量能源的人工智慧資料中心。

I just read recently, up to 100 kilowatts for a single AI data center.

我最近剛讀到，單一AI資料中心最高可達100千瓦。

And that affects also our industrial side in both our wiring and cabling type of businesses as well as back to our energy and industrial automation and the power that's needed.

這也影響了我們的佈線和電纜類型業務的工業方面，以及我們的能源和工業自動化以及所需的電力。

So all these pieces fit together in a great way.

所以所有這些部分都以一種很好的方式組合在一起。

But we are seeing some really great trends that are anchored in the consumer side.

但我們看到了一些真正紮根於消費者方面的偉大趨勢。

Shlomo Rosenbaum, Stifel.

什洛莫·羅森鮑姆，斯蒂菲爾。

I wanted to focus a little bit on the industrial first, just really strong organic growth and there was a call out there was mentioned beforehand about some of the value-based pricing initiatives.

我想先關注工業，真正強勁的有機成長，有人呼籲事先提到一些基於價值的定價舉措。

Is there a way you can parse for us if not quantitatively or maybe qualitatively how much of the growth do you think might be coming from just really good demand for volumes?

您是否可以透過一種方法為我們解析（如果不是定量或定性）您認為成長有多少可能來自於真正良好的銷售需求？

And how much is coming from those initiatives that you're talking about?

您所談論的這些舉措有多少收益？

Yes.

是的。

So within industrial, that business is disproportionately our service lines around certification testing, ongoing certification services.

因此，在工業領域，該業務不成比例地涉及我們圍繞認證測試、持續認證服務的服務線。

And we saw good growth, roughly 8% growth across both those service lines.

我們看到了良好的成長，這兩個服務線都成長了大約 8%。

And I would say it was fairly evenly balanced between price and volume.

我想說的是價格和數量之間相當平衡。

We don't break out with more specific metrics by segment.

我們不會按細分市場提供更具體的指標。

But as Jenny mentioned, the general trends we're seeing in relation with pricing, don't give us concern about particular resistance to the value-based pricing initiatives we've taken.

但正如珍妮所提到的，我們所看到的與定價相關的整體趨勢並沒有讓我們擔心我們所採取的基於價值的定價舉措會受到特別的阻力。

Okay.

好的。

Great.

偉大的。

That's great.

那太棒了。

And then, Jenny, maybe this is a bigger picture question.

然後，珍妮，也許這是一個更大的問題。

There's been very solid growth for the last five quarters.

過去五個季度的成長非常穩健。

You're looking at 7.5% or higher.

您看到的是 7.5% 或更高。

There tends to be ebbs and flows in the industry.

該行業往往有潮起潮落。

If you look back at the company's historic growth, it seems to -- company seems to always eke out growth even in bad times, but it goes up and down, would you have some perspective in terms of like when you're an upswing like what it seems like now, what's the typical cycle that we would look at for really strong growth followed by more of a normalization?

如果你回顧公司的歷史成長，你會發現，即使在經濟不景氣的時候，公司似乎也總是能勉強維持成長，但它會起起落落，你是否有一些觀點，例如當你處於上升期時，例如現在看來，我們會看到什麼典型的周期才能實現真正強勁的成長，然後實現更多的正常化？

Thanks, Shlomo.

謝謝，什洛莫。

What's great about UL is we serve over 35 industries.

UL 的偉大之處在於我們為超過 35 個行業提供服務。

So a cycle in any particular industry doesn't have a disproportionate effect on us.

因此，任何特定行業的周期都不會對我們產生不成比例的影響。

So I think when you look back at that compounded annual growth rate of almost 7% that we've seen for over a decade, that feels like the normal.

所以我認為，當你回顧十多年來我們所看到的近 7% 的複合年增長率時，你會感覺這很正常。

There might be a mild sine wave up and down that upward slope, but that's the way we think about it.

可能會有一個溫和的正弦波在上升的斜坡上上下移動，但這就是我們的想法。

And again, we've got good visibility in particular to the trends in industrial because so many of those projects last for multiple quarters, even can cross years, and that then linked to the 42% of our revenue, that's the ongoing certification services and recurring software revenue really blunts the effect of any cyclicality in any industry.

再說一次，我們對工業趨勢有很好的了解，因為其中許多項目持續多個季度，甚至可以跨年，然後與我們 42% 的收入相關，這就是持續的認證服務和經常性軟體收入確實削弱了任何行業的周期性影響。

Great.

偉大的。

And can I sneak in just one housekeeping thing.

我可以偷偷地只做一件家事嗎？

What was the $21 million in other income that got excluded?

被排除在外的 2100 萬美元其他收入是多少？

Maybe, Ryan, you could just tell us what that was?

瑞安，也許你可以告訴我們那是什麼？

Yes.

是的。

That was a gain on sale related to our payments testing business, which closed May 1.

這是與我們的支付測試業務相關的銷售收益，該業務於 5 月 1 日結束。

So we announced that and the net gain was about $25 million, and then it was offset with a few other things.

所以我們宣布淨收益約為 2500 萬美元，然後用其他一些東西抵消了。

We also had some small investment gains -- smaller investment gains in the second quarter of last year.

我們也獲得了一些小額投資收益——去年第二季的投資收益較小。

So you can see it's up in both periods.

所以你可以看到它在兩個時期都是上升的。

It was just -- that was the big driver in the second quarter this year.

這就是今年第二季的主要推手。

Jason Haas, Wells Fargo.

傑森‧哈斯，富國銀行。

In response to an earlier question, I heard you say that software and advisory had strong growth across both software and advisory.

在回答先前的問題時，我聽到您說軟體和諮詢在軟體和諮詢方面都有強勁的成長。

But when we look at the stand-alone software category, it looks like it was flat.

但當我們看獨立軟體類別時，它看起來很平淡。

Is the implication there that the software that's recorded in the other segments was down?

這是否意味著其他段落中記錄的軟體已關閉？

And if so, could you just talk through what drove that?

如果是這樣，您能談談是什麼推動了這一點嗎？

And what could drive further growth in software from here?

什麼可以推動軟體的進一步成長？

Yes, Jason, good question.

是的，傑森，好問題。

I would say the primary driver was -- we sold a payments testing business that had software revenue streams.

我想說的主要驅動力是－我們出售了擁有軟體收入來源的支付測試業務。

Those -- that table of revenue by service line is on a total basis, and we don't break out the -- the acquisition or FX or organic components of that, but that was the big thing that offset the software revenue.

這些——按服務線劃分的收入表是在總體基礎上的，我們沒有分解——收購、外匯或其中的有機組成部分，但這是抵消軟體收入的大事。

Got it.

知道了。

That's really helpful.

這真的很有幫助。

That makes sense.

這是有道理的。

And then I was curious if you had put any thought to what the recent Chevron ruling could mean for the certification industry that could potentially change any regulations that could potentially be a positive or negative for the industry overall?

然後我很好奇您是否考慮過雪佛龍最近的裁決對認證行業意味著什麼，這可能會改變任何可能對整個行業有利或不利的法規？

The Chevron ruling is an interesting one that we're paying close attention to.

雪佛龍的裁決是一項有趣的裁決，我們正在密切關注。

But truly, the regulations that drive our business are global and they're across every level of, I'm going to say, both industry and government types of regulations, you could be local, state, federal, around the world.

但實際上，推動我們業務發展的法規是全球性的，我想說的是，它們涉及產業和政府類型法規的各個層面，可以是地方、州、聯邦，也可以是世界各地的法規。

So we continue to see safety, security and sustainability as being important market drivers and manufacturers appreciate regulation around those because it helps them have the confidence in the types of capital investments that they need to make to have their products reflect their ability to access the global market.

因此，我們仍然認為安全、保障和永續性是重要的市場驅動因素，製造商讚賞圍繞這些方面的監管，因為這有助於他們對所需的資本投資類型充滿信心，使他們的產品反映他們進入全球市場的能力。

So -- the way we see it is Chevron is interesting.

所以——我們對雪佛龍的看法很有趣。

It may have some effects on society, but we don't see it having any effects on us.

它可能會對社會產生一些影響，但我們認為它對我們沒有任何影響。

Arthur Truslove, Citi.

阿瑟·特魯斯洛夫，花旗銀行。

The first question I had was just around the margin bridges in both the consumer and the industrial divisions.

我的第一個問題是關於消費者和工業部門的利潤橋樑。

So within the consumer division, you mentioned I think there was $4 million of CSAR adjustments that were slightly offset by other employee expenses.

因此，在消費者部門內，您提到我認為 CSAR 調整額為 400 萬美元，但被其他員工費用略有抵消。

And I guess if you could just say what the margin increase was stripping out the impact of these one-off IPO-related points?

我想您能否簡單地說一下，排除這些一次性 IPO 相關點的影響後，利潤率成長是多少？

Second question is the same, but for the Industrial division.

第二個問題是相同的，但是針對工業部門。

I mean, clearly, margin that fell from 31.2 to 30.9. I just wonder if you could help me to understand what actually happened there on an underlying basis once you strip out the impacts of these ad hoc staff cost related matters.

我的意思是，顯然，利潤率從 31.2 下降到 30.9。我只是想知道，一旦你排除了這些臨時員工成本相關問題的影響，你是否可以幫助我了解那裡實際發生的情況。

And then third question, are you able to -- you mentioned that you expect the German subsidiaries to deliver about $10 million of revenue in the full year.

第三個問題，您提到您預計德國子公司將全年實現約 1000 萬美元的收入。

Is it right, therefore, to think that the annual revenue run rate is about $20 million for those.

因此，認為這些產品的年收入運行率約為 2000 萬美元是否正確？

Yes.

是的。

Thank you very much for the questions, Arthur, and I'll take those in reverse order.

非常感謝你提出的問題，亞瑟，我會以相反的順序回答這些問題。

So yes, in regard to the acquisitions, roughly $20 million on a full-year run rate is a reasonable estimate.

所以，是的，就收購而言，全年運行費用約為 2000 萬美元是一個合理的估計。

In regard to the industrial margin, this applies for both operating income margin, and I'll make some comments on adjusted EBITDA margin.

關於工業利潤率，這適用於營業收入利潤率，我將對調整後的 EBITDA 利潤率發表一些評論。

But you're right, the strong revenue growth did offset core operating expense growth.

但你是對的，強勁的收入成長確實抵消了核心營運費用的成長。

And when you adjust for two items, in particular, we saw margin improvement, which we expect to continue.

特別是當你對兩項進行調整時，我們看到了利潤率的改善，我們預計這種情況會持續下去。

So the primary drivers of the decline of 30 basis points on adjusted EBITDA margin were $4 million related to the share of the CSAR expense, $5 million related to acquisition impact and we break that out on the table, the majority of which was nonrecurring transaction expenses.

因此，調整後EBITDA 利潤率下降30 個基點的主要驅動因素是與CSAR 費用份額相關的400 萬美元，與收購影響相關的500 萬美元，我們將其列在表格中，其中大部分是非經常性交易費用。

Industrial has recently completed two acquisitions and one divestiture all within the last several months to better position the portfolio for energy transition.

Industrial最近在過去幾個月內完成了兩項收購和一項資產剝離，以更好地定位能源轉型的投資組合。

And if you exclude the CSAR incremental impact, which is now fixed and the acquisition impact, and we isolate those in the earnings release, operating income would have been $9 million higher, and that would have been an increase of roughly 80 basis points on a comparable basis.

如果排除 CSAR 增量影響（現已固定）和收購影響，並且我們在收益發布中將這些影響單獨列出，那麼營業收入將增加 900 萬美元，這將增加約 80 個基點。

Now with the adjusted EBITDA level, there's also another adjustment.

現在，隨著 EBITDA 水準的調整，還有另一項調整。

Now that we are a public company, we are adding back stock-based compensation.

現在我們是一家上市公司，我們正在增加以股票為基礎的薪酬。

So if you adjust for those things that I said, but also back out the adjustment for stock-based compensation, do not give credit for that.

因此，如果您對我所說的這些事情進行調整，但又取消了基於股票的薪酬調整，請不要對此給予認可。

Also, it's about 80 basis points, but the measures are slightly different.

此外，約為 80 個基點，但衡量標準略有不同。

And then in regard to consumer, the primary drivers were leveraging salaries, occupancy and IT costs that more than offset those incentive increases.

然後就消費者而言，主要驅動因素是工資、入住率和 IT 成本，這些成本足以抵消這些激勵措施的成長。

So consumer also bore $4 million of that $9 million CSAR expense on an adjusted EBITDA basis, that was mostly offset by an add-back of this $3 million of stock-based compensation.

因此，在調整後的 EBITDA 基礎上，消費者還承擔了 900 萬美元 CSAR 費用中的 400 萬美元，這大部分被這 300 萬美元股票薪酬的回加所抵消。

Both of those segments, I should mention also had $2 million of FX headwinds to operating income and adjusted EBITDA.

我應該要提到的是，這兩個部門都對營業收入和調整後的 EBITDA 產生了 200 萬美元的外匯阻力。

And the 80 basis points that I mentioned doesn't include that FX impact.

我提到的 80 個基點不包括匯率影響。

So essentially, the key takeaway would be that on an underlying basis, the industrial adjusted EBITDA margin would be up about 80 bps if you strip out the issues with the expenses.

因此，從本質上講，關鍵的結論是，如果剔除費用問題，從根本上看，行業調整後的 EBITDA 利潤率將上升約 80 個基點。

That's the key conclusion, and that's driven by leverage and pricing and all the rest of it.

這是關鍵的結論，它是由槓桿和定價以及其他所有因素所驅動的。

That's correct.

這是正確的。

That's correct.

這是正確的。

And the two primary items are the CSAR expense and the $5 million of acquisition impact.

兩個主要項目是 CSAR 費用和 500 萬美元的收購影響。

Josh Chan, UBS.

喬許陳，瑞銀。

Congrats on a strong quarter.

恭喜季度表現強勁。

Some of the labs that you're building now are larger than prior.

您現在正在建造的一些實驗室比以前更大。

And is there any reason to think that once they're fully utilized at the larger labs could potentially be more profitable than your other labs?

有沒有理由認為，一旦大型實驗室充分利用它們，可能會比其他實驗室獲得更多利潤？

Yes.

是的。

I would say some of the large lab investments, we do have high economic flow-through.

我想說的是，在一些大型實驗室投資中，我們確實有很高的經濟流量。

Some of this is the large battery technology.

其中一些是大型電池技術。

As I mentioned, those are relatively new.

正如我所提到的，這些都是相對較新的。

So we're seeing good capacity utilization over time.

因此，隨著時間的推移，我們看到了良好的產能利用率。

The pricing dynamics in that market will contribute to the total economic flow-through.

該市場的定價動態將有助於總經濟流量。

But we think there's the opportunity for that.

但我們認為這是有機會的。

There are definitely more capital investment -- intensive than some of our businesses, but we seek to be rewarded for that capital in the way that we underwrite the investments.

肯定有更多的資本投資——比我們的一些業務更密集，但我們尋求以我們承保投資的方式獲得這些資本的回報。

Okay.

好的。

That makes sense.

這是有道理的。

And then my -- for my follow-up, sticking with margins.

然後是我的後續行動，堅持利潤。

So your margins were up nicely in the first half of the year, and you're guiding to margin improvement in the full year.

因此，你們的利潤率在今年上半年有了很好的成長，並且你們正在指導全年的利潤率改善。

I guess, is there any way to quantify that margin improvement because there could be a wide range of outcomes that still fits that characterization in the second half?

我想，有沒有辦法量化利潤率的改善，因為下半年可能會有多種結果仍符合這項特徵？

Just wanted to see if there's any way to ballpark the expectation for the second half?

只是想看看是否有辦法達到下半場的期待？

Yes.

是的。

I appreciate the comment.

我很欣賞你的評論。

Yes.

是的。

At this point through six months, we're up 150 basis points year over year on adjusted EBITDA margins.

截至目前六個月，我們的調整後 EBITDA 利潤率年增了 150 個基點。

We're not in a position to provide more specific guidance.

我們無法提供更具體的指導。

We do expect adjusted EBITDA improvement on a full-year basis, but not in a position to provide more guidance by segment or in total.

我們確實預計調整後的 EBITDA 將在全年有所改善，但無法按部門或整體提供更多指導。

And Josh, as we've commented in the past, we don't expect that there is any singular event that has a dramatic step change in margin, but we are very focused on ongoing continuous improvement, Lean Six Sigma, getting value from technology implementations that we've completed in recent years.

喬希，正如我們過去評論的那樣，我們預計不會出現任何單一事件會導致利潤發生巨大的階躍變化，但我們非常關注持續改進、精益六西格瑪、從技術中獲取價值我們近年來完成的實施。

So I would continue to just expect a steady trend of margin expansion in every business as these various initiatives come to fruition.

因此，隨著這些不同的措施取得成果，我仍然預期每項業務的利潤率都會呈現穩定成長趨勢。

And we have reached the end of the question-and-answer session.

我們的問答環節已經結束了。

And I will now turn the call over to Jenny Scanlon for closing remarks.

我現在將把電話轉給珍妮·斯坎倫（Jenny Scanlon）做總結發言。

Well, thank you, everyone, for joining us today.

好的，謝謝大家今天加入我們。

We really appreciate your support, and we look forward to updating you on our progress next quarter.

我們非常感謝您的支持，並期待在下個季度向您通報我們的最新進展。

Thank you, all.

謝謝大家。

And this concludes today's conference, and you may disconnect your line at this time.

今天的會議到此結束，此時您可以掛斷電話了。

Thank you for your participation.

感謝您的參與。