UL Solutions Inc (ULS) 2024 Q4 法說會逐字稿

Good morning and welcome to the UL Solutions fourth quarter 2024 earnings call.

早安，歡迎參加 UL Solutions 2024 年第四季財報電話會議。

(Operator Instructions).

（操作員指令）。

I would now like to turn the conference over to Mitchell Ji, Senior Vice President of Corporate Finance.

現在，我想將會議交給公司財務高級副總裁 Mitchell Ji。

Please go ahead.

請繼續。

Thank you and welcome everyone to our fourth quarter and full year 2024 earnings call.

感謝大家並歡迎大家參加我們的 2024 年第四季和全年財報電話會議。

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

今天與我一起出席的還有我們的執行長 Jennifer Scanlon 和我們的財務長瑞安羅賓遜 (Ryan Robinson)。

During our 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 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 的投資者關係部分查閱。我們的收益報告也可在網站上查閱。

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》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 you all 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.

這些前瞻性陳述可能包括但不限於有關您的所有解決方案、營運成果以及估計和前景的陳述，這些陳述涉及重大風險、不確定性和其他因素，可能導致實際結果與前瞻性陳述中表達或暗示的結果有重大差異。

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 annual report on Form 10-K for the year-ended December 31, 2024.

請參閱收益報告第 2 頁的揭露聲明，以及我們收益報告中有關前瞻性陳述和截至 2024 年 12 月 31 日年度報告中 10-K 表所述風險因素的免責聲明。

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

除非法律要求，我們不承擔更新任何前瞻性陳述以反映本文日期之後的事件或情況的義務。

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

今天的演講也提到了非缺口財務措施。

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

在收益報告附錄中可以找到與最具可比性的 GAAP 財務指標的對帳表。

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

說完這些，我現在想把電話轉給珍妮 (Jenny)。

Good morning everyone and thanks for joining us.

大家早安，感謝大家的加入。

This time last year, we were gearing up for our IPO and the roadshow to highlight what makes UL Solutions unique and worth your time and investment.

去年這個時候，我們正準備進行 IPO 和路演，以強調 UL Solutions 的獨特之處以及值得您花時間和投資的原因。

As we met with potential investors, we talked about how we are a global safety science leader and a mission driven growth company in the fragmented and consolidating testing, inspection, and certification industry.

當我們與潛在投資者會面時，我們談到了我們如何成為分散且整合的測試、檢驗和認證行業中的全球安全科學領導者和以使命為導向的成長型公司。

Hallmarks of our business include long-standing deep customer relationships and recurring revenue streams, global scale and operating leverage, a healthy balance sheet, and a disciplined capital allocation strategy aligned with the mega trends propelling growth.

我們業務的標誌包括長期深厚的客戶關係和經常性收入來源、全球規模和經營槓桿、健康的資產負債表以及與推動成長的大趨勢一致的嚴謹的資本配置策略。

Against this backdrop, I'm delighted to report that UL Solutions has concluded an extraordinary year with another quarter of outstanding performance.

在此背景下，我很高興地報告，UL Solutions 以另一個季度的出色表現結束了不平凡的一年。

In our first year as a public company, we've delivered strong organic growth, enhanced profitability, and generated robust cash flows while maintaining an investment grade balance sheet.

在上市的第一年，我們實現了強勁的有機成長、提高了獲利能力並產生了強勁的現金流，同時維持了投資等級資產負債表。

What's particularly gratifying is the balance strength we've seen across all segments, service offerings, and geographic regions.

尤其令人欣慰的是，我們在各個部門、服務產品和地理區域都看到了平衡實力。

The key mega trends we've identified, including the global energy transition, the electrification of everything, and digitalization, continue to drive strong demand for our industry leading services.

我們發現的主要大趨勢，包括全球能源轉型、萬物電氣化和數位化，繼續推動對我們行業領先服務的強勁需求。

I'll cover three areas before turning the call over to Ryan.

在將電話轉給瑞安之前，我將討論三個方面。

First, our full year performance highlights.

首先，我們全年業績亮點。

Second, notable achievements and activities across 2024.

第二，2024年的成就和活動十分顯著。

And third, our financial position and capital allocation strategy for 2025.

第三，我們的2025年財務狀況與資本配置策略。

2024 marked a pivotal year in UL's 130-year history.

2024 年是 UL 130 年歷史上關鍵的一年。

Our successful transition to a public company, while maintaining focus on delivering superior results demonstrates the exceptional execution capabilities of our team.

我們成功轉型為上市公司，同時專注於提供卓越的業績，證明了我們團隊卓越的執行能力。

I want to express my deep appreciation to our employees whose dedication to safety, scientific excellence, and customer service defines our culture and drives our success.

我要向我們的員工表示深深的感謝，他們對安全、科學卓越和客戶服務的奉獻精神定義了我們的文化並推動了我們的成功。

Ryan will dive into the fourth quarter numbers in a minute.

瑞安將在一分鐘內深入探討第四節的數據。

So let me hit the high notes of our full year 2024 results.

因此，讓我來介紹一下我們 2024 年全年的業績。

We built strong momentum across the course of the year, delivering revenues of 2.9 billion, up 7.2% versus 2023 and up 8.7% on an organic basis.

我們全年保持了強勁勢頭，實現營收 29 億，較 2023 年增長 7.2%，有機增長 8.7%。

Our industrial segment led the way with 9.4% full year growth, including 11.9% on an organic basis, while our consumer segment grew 5.6%, including a 6.9% on an organic basis.

我們的工業部門全年成長 9.4%，其中有機成長 11.9%，而我們的消費部門成長 5.6%，其中有機成長 6.9%。

Our software and advisory segment completed the year with 5% top line growth, including 4.4% on an organic basis.

我們的軟體和諮詢部門今年的營收成長了 5%，其中有機成長了 4.4%。

Our results reflected growth across all geographic regions.

我們的業績反映了所有地理區域的成長。

Adjusted EBITDA for the full year grew 16.5%, and adjusted EBITDA margin expanded by 190 basis points.

全年調整後EBITDA成長16.5%，調整後EBITDA利潤率擴大190個基點。

We generated an 18.8% increase in adjusted net income and $287 million of free cash flow for the full year.

全年調整後淨收入成長18.8%，自由現金流達2.87億美元。

Next, let me highlight our major accomplishments this year, as well as a few achievements and drivers of performance this quarter and subsequent to its end.

接下來，讓我重點介紹我們今年的主要成就，以及本季及本季末的一些成就和業績驅動因素。

After a long and proud history as a private company, we completed our successful initial public offering in April, as well as a follow-on offering of shares from our largest shareholder in September.

作為一家私人公司，我們經歷了漫長而自豪的歷史，於 4 月成功完成首次公開募股，並於 9 月完成了最大股東的後續股票發行。

We made two acquisitions in our industrial segment related to the global energy transition battery testing Company, Battery Engineer, and hydrogen testing company TesTneT.

我們在工業領域進行了兩次收購，分別涉及全球能源轉型電池測試公司 Battery Engineer 和氫氣測試公司 TesTneT。

Our recent accelerated pace of capital spending resulted in the opening of our state of the art battery testing lab in Auburn Hills, Michigan.

我們最近加快了資本支出步伐，促成了我們在密西根州奧本山開設最先進的電池測試實驗室。

We also expanded capacity at our Mexico lab to meet growing product demand in Latin America and announced plans to construct an advanced automotive and battery testing center in Korea.

我們也擴大了墨西哥實驗室的產能，以滿足拉丁美洲日益增長的產品需求，並宣布計劃在韓國建造先進的汽車和電池測試中心。

Finally, let me comment on our disciplined approach to capital allocation activities during the year.

最後，讓我評論一下我們今年在資本配置活動中採取的嚴謹態度。

Our strong revenue growth and resilient business model, along with an investment grade balance sheet, allowed us to generate robust cash flow.

我們強勁的收入成長和彈性的商業模式，加上投資等級的資產負債表，使我們能夠產生強勁的現金流。

Key actions in addition to the two acquisitions I just mentioned this year included reinvesting organically $237 million in capital expenditures to drive growth.

除了我剛才提到的兩筆收購之外，今年的主要舉措還包括有機再投資 2.37 億美元的資本支出以推動成長。

Paying down $166 million of borrowings from our credit facility and paying $100 million in dividends.

償還來自我們信貸機構的 1.66 億美元借款並支付 1 億美元的股息。

We believe that we enter 2025 in an even stronger position than when we began our public company journey.

我們相信，進入 2025 年，我們將比剛開始上市公司之旅時處於更強大的地位。

Our management team remains focused on maintaining our investment grade rating and conservative leverage while actively pursuing strategic M&A opportunities and returning excess capital to shareholders.

我們的管理團隊將繼續專注於維持我們的投資等級和保守的槓桿率，同時積極尋求策略併購機會並向股東返還多餘的資本。

Now I'll turn the call over to Ryan for a detailed review of our fourth quarter results and 2025 outlook.

現在，我將把電話轉給瑞安，讓他詳細回顧我們第四季的業績和 2025 年的展望。

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 in full year 2024.

我還要感謝我們團隊的所有成員在 2024 年全年又取得了強勁的業績。

Jenny did an excellent job of summarizing our outstanding financial results for the full year, and I'll focus my comments on the fourth quarter and segment results before closing with some comments on our initial 2025 full year outlook.

珍妮 (Jenny) 出色地總結了我們全年的出色財務業績，而我將重點評論第四季度和分部的業績，然後結束之前，我會對我們 2025 年全年的初步展望發表一些評論。

We are proud to report in our fourth quarter on a consolidated basis a continuation of strong growth, adjusted EBITDA margin expansion, and solid cash generation.

我們很自豪地報告，我們第四季度的綜合業績持續保持強勁成長、調整後 EBITDA 利潤率擴大、現金創造能力穩健。

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

正如珍妮所提到的，很高興看到我們所有部門和所有地區的收入再次成長。

Now let me dive into the details of the quarter.

現在讓我深入了解本季的細節。

Consolidated revenue of $739 million was up 8.0% over the prior year quarter, including organic growth of 9.5%.

綜合營收為 7.39 億美元，較去年同期成長 8.0%，其中有機成長 9.5%。

The increase reflected particular strength in the industrial segment, which delivered robust 13.9% organic growth.

這一成長反映出工業領域的強勁成長，該領域實現了 13.9% 的強勁有機成長。

Cost of revenue for the quarter increased by 6.0% as compared to the prior year period due to increased depreciation related to capacity expansion, services and materials costs related to high volumes, and lab startup and employee compensation.

由於產能擴張導致的折舊增加、與大批量相關的服務和材料成本以及實驗室啟動和員工薪酬增加，本季的收入成本與去年同期相比增加了 6.0%。

SG&A expenses as a percentage of revenue decreased 200 basis points, 33.8% in the EUR quarter to 31.8% in Q4 of 2024.

銷售、一般及行政開支佔收入的百分比下降了 200 個基點，從歐元季度的 33.8% 下降到 2024 年第四季的 31.8%。

Adjusted EBITDA for the quarter was $169 million an improvement of 27.1% year over year.

本季調整後 EBITDA 為 1.69 億美元，年增 27.1%。

Adjusted EBITDA margin was 22.9%, up 350 basis points from the same period a year ago on particular strength in both the industrial and consumer segments.

調整後的 EBITDA 利潤率為 22.9%，較去年同期上升 350 個基點，得益於工業和消費領域的強勁表現。

Our effective tax rate for the full year was 16.9%, and in the fourth quarter, we benefited from a reduction in uncertain tax positions as a result of the expiration of a statute of limitations.

我們全年的有效稅率為 16.9%，第四季度，由於訴訟時效到期，不確定稅務狀況的減少使我們受益。

Adjusted net income for the fourth quarter was $102 million, up 64.5% from $62 million in the fourth quarter of 2023.

第四季調整後淨收入為 1.02 億美元，較 2023 年第四季的 6,200 萬美元成長 64.5%。

Adjusted diluted earnings per share was $0.49, up from $0.29 in the fourth quarter of 2023.

調整後每股攤薄收益為 0.49 美元，高於 2023 年第四季的 0.29 美元。

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

現在讓我來談談我們各部門的業績，先從工業開始。

The mega trends of global energy transition, the electrification of everything, and digitalization are driving tremendous innovation and demand for our services in the industrial segment, helping it once again deliver the strongest revenue growth of the three segments for the quarter.

全球能源轉型、萬物電氣化和數位化的大趨勢，正推動我們工業領域服務的巨大創新和需求，幫助其再次實現本季三大領域中最強勁的收入成長。

Revenues in industrial rose 11.6% to $328 million or 13.9% on an organic basis as compared to the fourth quarter of 2023.

與 2023 年第四季相比，工業收入成長 11.6% 至 3.28 億美元，有機成長 13.9%。

This marks seven consecutive quarters of double-digit organic revenue growth.

這標誌著有機收入連續七個季度實現兩位數成長。

Those impressive gains were driven by growth in all of our service lines.

這些令人印象深刻的成長是由我們所有服務線的成長所推動的。

In the quarter, we believe ongoing certification services growth benefited from increased activity from manufacturers ahead of potential tariffs.

我們認為，本季認證服務的持續成長受益於製造商在潛在關稅實施前增加的活動。

Certification testing growth was led by energy and automation.

認證測試的成長主要由能源和自動化推動。

And we expect a normalization of demand in ongoing certification services in 2025.

我們預計，到 2025 年，持續認證服務的需求將恢復正常。

Adjusted EBITDA for the industrial segment increased 32.9% to $105 million in the quarter, while adjusted EBITDA margin improved 510 basis points to 32.0%.

本季工業部門的調整後 EBITDA 成長 32.9% 至 1.05 億美元，調整後 EBITDA 利潤率提高 510 個基點至 32.0%。

The higher organic revenue was partially offset by increases in services and materials.

有機收入的增加部分被服務和材料收入的成長所抵消。

Now turning to the consumer segment, revenues in consumer were $309 million up 5.5% from the 2023 quarter, or 6.5% on an organic basis.

現在轉向消費者領域，消費者收入為 3.09 億美元，較 2023 年季度增長 5.5%，或有機增長 6.5%。

The improvement was driven by demand across non-certification testing and other services, certification testing, as well as ongoing certification services.

這項改善是由非認證測試和其他服務、認證測試以及持續認證服務的需求所推動的。

We saw particularly strong demand across retail and consumer technology.

我們發現零售和消費科技領域的需求特別強勁。

Adjusted EBITDA for the quarter in consumer was $49 million an increase of 25.0% versus the fourth quarter last year.

消費品季度調整後 EBITDA 為 4,900 萬美元，較去年同期成長 25.0%。

Adjusted EBITDA margin for the quarter was 14.6%, an increase of 230 basis points year over year driven by higher revenues.

本季調整後的 EBITDA 利潤率為 14.6%，由於收入增加，年增 230 個基點。

Solid organic revenue growth was partially offset by increases in employee compensation.

穩健的有機收入成長被員工薪酬的增加部分抵消。

Expense actions taken in 2023 reduced the impact of these cost increases and contributed to margin improvement.

2023 年採取的費用行動減少了這些成本增加的影響，並有助於提高利潤率。

We mentioned last quarter how we're adding capacity at various consumer facilities, increasing our footprint, and improving how we connect with customers in order to meet increasing testing demand, and that work continues.

我們在上個季度提到，我們如何增加各個消費者設施的容量，擴大我們的足跡，並改善我們與客戶的聯繫方式，以滿足日益增長的測試需求，並且這項工作仍在繼續。

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 $102 million an increase of 5.2% year over year on both a total and organic basis.

該部門收入為 1.02 億美元，按總收入和有機收入計算，年增 5.2%。

The improvement was driven by strong demand for software, including retail product compliance and sustainability solutions.

這一成長主要得益於對軟體的強勁需求，包括零售產品合規性和永續性解決方案。

Adjusted EBITDA for the quarter for software and advisory was $19 million, up a 5.6% increase as compared to the fourth quarter of last year.

本季軟體和顧問業務的調整後 EBITDA 為 1,900 萬美元，較去年第四季成長 5.6%。

Adjusted EBITDA margin for the quarter was 18.6%, flat year over year as higher revenues were offset by increases in services and materials.

本季調整後的 EBITDA 利潤率為 18.6%，與去年同期持平，因為收入的成長被服務和材料的成長所抵消。

Turning to our cash generation, for the full year 2024, we generated $524 million of cash from operating activities that compares to $467 million in the prior year.

談到我們的現金創造，2024 年全年，我們從經營活動中獲得的現金為 5.24 億美元，而前一年為 4.67 億美元。

The improvement was driven by business performance and lower cash incentive payments.

這項改善主要得益於業務績效和較低的現金獎勵支付。

Capital expenditures for the full year 2024 were $237 million compared to $215 million in 2023.

2024 年全年資本支出為 2.37 億美元，而 2023 年為 2.15 億美元。

We continue to make important investments in global energy transition opportunities throughout 2024, which remains a focus area for UL Solutions.

我們將在 2024 年繼續對全球能源轉型機會進行重要投資，這仍然是 UL Solutions 的重點領域。

Free cash flow for the full year was $287 million compared to $252 million in 2023, despite a higher level of growth investments.

儘管成長投資水準較高，但全年自由現金流為 2.87 億美元，而 2023 年為 2.52 億美元。

We finished the year with $298 million of cash and cash equivalents.

我們截至今年底的現金和現金等價物總額為 2.98 億美元。

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

我們的資產負債表的強勁程度反映在我們的投資信用評級中。

A robust balance sheet and cash flow generation give us great flexibility to invest in organic initiatives, a creative acquisitions, and to pursue a number of value enhancing ways intended to produce best in class shareholder returns.

強勁的資產負債表和現金流創造為我們提供了極大的靈活性，可以投資於有機計劃和創造性收購，並尋求多種增值方式，旨在為股東帶來最佳回報。

As Jenny said, in 2024, we opened new labs, we broke ground on others, and completed two acquisitions to better align our business with the mega trends driving demand for our services.

正如珍妮 (Jenny) 所說，2024 年，我們開設了新的實驗室，在其他實驗室破土動工，並完成了兩次收購，以使我們的業務更好地與推動我們服務需求的大趨勢保持一致。

In addition, we paid down $166 million on our credit facilities and returned $100 million to our shareholders through quarterly dividends.

此外，我們還償還了 1.66 億美元的信貸額度，並透過季度股息向股東返還了 1 億美元。

Now turning to our initial 2025 full year outlook.

現在來談談我們對 2025 年全年的初步展望。

As a reminder, organic growth is constant currency and excludes acquisitions and divestitures.

提醒一下，有機成長是固定匯率，不包括收購和資產剝離。

We expect 2025 consolidated organic revenue growth to be in the mid single digits range as compared to our full year 2024 results.

我們預計，與 2024 年全年業績相比，2025 年綜合有機收入成長率將達到中等個位數。

It's a testament to the strength and diversity of our offerings and the outstanding execution by our team that we believe we're in a position to deliver mid-single digit revenue growth following 8.7% organic revenue growth in 2024.

這證明了我們產品的實力和多樣性，以及我們團隊的出色執行力，我們相信，繼 2024 年 8.7% 的有機收入成長之後，我們能夠實現中等個位數的收入成長。

We expect to drive further adjusted EBITDA margin expansion improvement to approximately 24% for the full year 2025, which I'm pleased to say is in line with our longer term targets communicated last April at the time of the IPO.

我們預計 2025 年全年調整後 EBITDA 利潤率將進一步提高至約 24%，我很高興地說，這符合我們去年 4 月 IPO 時傳達的長期目標。

As a reminder, we have a number of ways to drive margin expansion for the company.

提醒一下，我們有許多方法可以提高公司的利潤率。

They include operating leverage from top line growth, a mixed benefit as industrial growth outpaces the other segments, and a continued focus on productivity gains.

其中包括營收成長帶來的營業槓桿、工業成長超過其他部門帶來的混合效益以及對生產力提高的持續關注。

Additionally, we look at M&A opportunities in our strategic and markets that present a path to margin and earnings accretion while also evaluating portfolio realignment.

此外，我們也會在我們的策略和市場中尋找能夠增加利潤和收益的途徑的併購機會，同時評估投資組合的重新調整。

We expect capital expenditures to be approximately 7% to 8% of revenue in 2025 with investments in new labs and customer facing software continuing as we seek to match continued strong customer demand in all three segments.

我們預計，到 2025 年，資本支出將佔收入的約 7% 至 8%，我們將繼續投資新實驗室和客戶導向的軟體，以滿足三個領域持續強勁的客戶需求。

This is down modestly from a rate of spend in 2024 as a percentage of revenue, but roughly flat sequentially and still above our longer term historical average.

與 2024 年的支出佔收入的百分比相比，這一數字略有下降，但與上一季基本持平，且仍高於我們長期的歷史平均水平。

We estimate our effective tax rate in 2025 to be approximately 26%.

我們預計 2025 年的有效稅率約為 26%。

This compares to an effective rate of 16.9% in 2024, with the anticipated change due primarily to additional implementation of the OECD's Pillar 2 provisions which affects how multinational corporations are taxed.

相較之下，2024 年的有效稅率為 16.9%，預期的變化主要歸因於經合組織第二支柱條款的進一步實施，該條款影響到跨國公司的納稅方式。

We also experienced a benefit in 2024 from a significant release of tax reserves that is not expected to recur in 2025.

2024 年我們也從大量釋放的稅收儲備中獲得了收益，但預計 2025 年不會再次出現這種收益。

While our guidance is for the full year 2025, let me provide you with some additional color with regard to seasonality.

雖然我們的指導是針對 2025 年全年的，但讓我為您提供一些與季節性相關的額外資訊。

As a reminder, Q1 is typically our lowest revenue quarter in terms of dollars, given the Lunar New Year holiday impact on our customer operations and fewer UL workdays as compared to the other quarters.

提醒一下，由於農曆新年假期對我們客戶營運的影響以及與其他季度相比 UL 工作日減少，第一季通常是我們收入最低的季度。

This results in slightly less operating leverage and therefore profitability in Q1 compared to the other quarters.

與其他季度相比，這導致第一季的經營槓桿率略有下降，因此獲利能力也略有下降。

In addition, we face increasingly challenging comps in the second half of 2025.

此外，2025 年下半年我們將面臨越來越大的挑戰。

We enter 2025 with strong momentum growing faster than the market while improving profitability and cash generation.

我們以強勁的勢頭邁入 2025 年，成長速度快於市場，同時提高獲利能力和現金創造能力。

Our investment grade balance sheet provides flexibility for strategic capital deployment as we work to deliver superior shareholder value.

當我們致力於提供卓越的股東價值時，我們的投資等級資產負債表為策略資本部署提供了靈活性。

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

現在，請允許我把電話轉回給珍妮，請她作最後發言。

Thanks, Ryan.

謝謝，瑞安。

As I mentioned last quarter, occasionally we will highlight for you some important and high profile work we do as a leading expert in safety science.

正如我上個季度提到的，偶爾我們會向您重點介紹我們作為安全科學領域的領先專家所做的一些重要且引人注目的工作。

In late December, we announced that the US Federal Communications Commission named UL Solutions as lead administrator of the new US Cyber Trustmark program, which will help equip qualifying smart products such as voice activated speakers or kitchen appliances with a cybersecurity safety label.

12 月下旬，我們宣布美國聯邦通信委員會任命 UL Solutions 為新美國網路信任標誌計劃的首席管理人，該計劃將幫助符合條件的智慧產品（例如聲控揚聲器或廚房電器）配備網路安全標籤。

We were honored to receive this designation as UL Solutions will support the FCC and other stakeholders in establishing the technical requirements and other details that will help launch and grow the program.

我們很榮幸獲得這一稱號，因為 UL Solutions 將支持 FCC 和其他利益相關者制定技術要求和其他細節，以幫助啟動和發展該計劃。

The voluntary Cyber Trust Mark program is designed to help consumers make informed decisions about the products they bring into their homes, differentiate trustworthy products in the marketplace, and create incentives for manufacturers to meet cybersecurity standards.

自願性的網路信任標誌計畫旨在幫助消費者對其帶回家的產品做出明智的決定，在市場上區分值得信賴的產品，並激勵製造商滿足網路安全標準。

Congratulations to our team for all of their hard work on this program.

祝賀我們團隊為這個專案所做的所有努力。

To wrap up, our exceptional 2024 performance builds on our successful IPO and should position us strongly for 2025 and beyond.

總而言之，我們在 2024 年的出色表現建立在我們成功的 IPO 基礎之上，並將為我們在 2025 年及以後的發展奠定堅實的基礎。

While we've just achieved remarkable results in our long history, in many ways we're just getting started.

雖然我們在悠久的歷史中取得了令人矚目的成就，但在許多方面我們才剛起步。

We stand on the shoulders of generations of safety scientists who have made the world a better place, and we carry that legacy forward with pride.

我們站在幾代安全科學家的肩膀上，他們讓世界變得更美好，我們自豪地繼承這項遺產。

We believe the mega trends driving our markets from the global energy transition to sustainability align well with our capabilities and market position.

我們相信，推動我們的市場從全球能源轉型到永續發展的大趨勢與我們的能力和市場地位非常契合。

With our strong balance sheet, robust cash flow, and clear strategic direction, we believe that we're well positioned to deliver exceptional long-term value to all stakeholders.

憑藉強大的資產負債表、強勁的現金流和明確的策略方向，我們相信我們有能力為所有利害關係人提供卓越的長期價值。

Let's open the line for questions.

讓我們開通熱線來回答問題。

We will now begin the question and answer session.

我們現在開始問答環節。

(Operator Instructions).

（操作員指令）。

And our first question comes from Stephanie Yee from JPMorgan.

我們的第一個問題來自摩根大通的 Stephanie Yee。

Please go ahead.

請繼續。

Hi, good morning.

嗨，早安。

I was wondering if you can, I was wondering if you can comment on your 2025 outlook by each of your three segments.

我想知道您是否可以，我想知道您是否可以根據您的三個部分分別對 2025 年的展望進行評論。

Sure, well, we're pleased to continue our path of growth after a strong year in 2024, and we see opportunity in each of the three segments.

當然，我們很高興在 2024 年強勁成長後繼續保持成長勢頭，並且我們在三個領域都看到了機會。

The primary trends within the industrial segment continue.

工業領域的主要趨勢仍在持續。

Our progress in consumer, including adding some new capacity and improving those operations continue, and we're pleased with progress in the last quarter with software and advisory, particularly on the software side of the business.

我們在消費者領域取得了進展，包括增加了一些新產能並繼續改善這些運營，我們對上個季度在軟體和諮詢方面取得的進展感到滿意，特別是在業務的軟體方面。

So I say our outlook for revenue growth is on a consolidated basis, but we see each of the segments contributing to that.

所以我說，我們對收入成長的預期是基於合併基礎的，但我們看到每個部門都為此做出了貢獻。

And I guess could you comment on comparison versus 2024, in particular with industrial whether you expect the strength to continue?

我想您能否評論一下與 2024 年相比的情況，特別是與工業相比，您是否預計這種強勁勢頭會持續下去？

I noticed you mentioned that ongoing certification, maybe there is some pull forward into the fourth quarter.

我注意到您提到正在進行的認證，可能會對第四季度產生一些推動作用。

Maybe that piece is going to moderate or normalize in 2025, but any other comparison is '24 in the industrial set that you could provide.

也許這一點將在 2025 年趨於緩和或正常化，但在您所能提供的工業集合中，任何其他比較都是‘24’。

Great question, Stephanie, and I'll start just by saying, we are really proud of the fact that our industrial team has seven consecutive quarters of double-digit growth, and what we saw in 2024 is every end market, every region, and so it comes down to those mega trends that we talk about the global energy transition is real and we see it in power and controls.

很好的問題，史蒂芬妮，我首先要說的是，我們為我們的工業團隊連續七個季度實現兩位數增長而感到自豪，我們在 2024 年看到的是每個終端市場、每個地區，所以歸根結底，我們談論的那些大趨勢是全球能源轉型是真實存在的，我們在電力和控制方面看到了這一點。

We see it in the uptick in data centers, particularly to serve the AI market which those data centers need about twice as much power as a normal data center.

我們看到資料中心正在崛起，特別是為了服務人工智慧市場，這些資料中心所需的電力大約是普通資料中心的兩倍。

And that kicks into that digitalization trend and the ways in which, you have to change out, hardware or storage systems to better use power to be more efficient and then surround that with cooling and HVAC systems and energy storage systems and then extend it to the grid.

這推動了數位化趨勢，你必須改變硬體或儲存系統，以便更好地利用電力，提高效率，然後用冷卻和暖通空調系統以及儲能係統來包圍它，然後將其擴展到電網。

So these trends in industrial are real.

因此，工業領域的這些趨勢是真實存在的。

And, we're excited about working with our customers on both, new certification testing and non-certification testing, and then, we also understand that there's a balance of, all four of our service lines across each of our segments and so we have to look at the way that those services balance across all of that demand.

並且，我們很高興與客戶合作進行新的認證測試和非認證測試，然後，我們也明白，我們各部門的四條服務線都需要保持平衡，因此，我們必須研究這些服務如何平衡所有需求。

And Stephanie, just to build on your question about ongoing certification services and then as the majority of our revenue streams are not affected by production volumes.

史蒂芬妮，我只是想回答你關於持續認證服務的問題，因為我們的大部分收入來源不受生產量的影響。

They're based on the number of models in the market and the pace of new product innovation.

它們基於市場上的型號數量和新產品創新的速度。

However, some of our services within ongoing certification services are affected by manufacturing activity.

然而，我們正在進行的認證服務中的某些服務受到製造活動的影響。

And it's difficult to precisely attribute increases in ongoing certification, which we experienced in Q4, directly to tariff anticipation.

而且，很難將我們在第四季度經歷的持續認證的增加直接歸因於關稅預期。

However, we did see a material pick up in revenue.

然而，我們確實看到收入大幅成長。

And so as an example, for the first three quarters of 2024, ongoing certification grew about 8%.

舉例來說，2024 年前三個季度，持續認證成長了約 8%。

In Q4, it grew about 12%.

第四季度，成長約12%。

And the increase in growth on a consolidated basis contributed about 1% to our consolidated revenue growth, and it's possible that pulling forward some of that demand may result in slightly lower growth in 2025 and a comparison in Q4 in particular.

綜合基礎上的成長對我們的綜合收入成長貢獻了約 1%，而提前部分需求可能會導致 2025 年的成長略有下降，尤其是第四季。

Okay, I appreciate that.

好的，我很感激。

If I can just ask one question on certification testing across the portfolio, it seems like it had been growing very strongly through the third quarter and the fourth quarter it decelerated a little bit to 6%.

如果我可以問一個關於整個產品組合的認證測試的問題，似乎它在第三季度一直增長強勁，而在第四季度則略有減速至 6%。

Can you kind of comment on what's driving the trend there?

您能否評論一下推動這一趨勢的因素是什麼？

Is there any potential risk, to certification testing in a more deregulatory environment under the current administration?

在現任政府放寬管制的環境下，認證測試是否有潛在風險？

Yeah, we don't believe that there is a threat to certification testing.

是的，我們不認為認證測試有威脅。

Some of this is timing.

其中一些是時機。

Some of it is what demand our customers and customers have, and as we had talked in the third quarter that consumer was particularly strong in the third quarter.

其中一些是我們的客戶和客戶的需求，正如我們在第三季度談到的那樣，消費者在第三季的表現尤為強勁。

And it's no reflection on the fourth quarter.

這與第四季無關。

We just had a really strong third quarter in consumer.

我們的消費市場第三季表現非常強勁。

So I think across the board we're very confident and focused on both our certification testing and our non-certification testing and the demands around that because you can't have innovation without safety.

因此，我認為我們整體上都非常有信心並專注於我們的認證測試和非認證測試以及圍繞這些測試的需求，因為沒有安全就沒有創新。

Okay appreciate it thank you.

好的，非常感謝。

The next question comes from George Tong from Goldman Sachs.

下一個問題來自高盛的 George Tong。

Please go ahead.

請繼續。

Hi, thanks.

嗨，謝謝。

Good morning.

早安.

You talked about

你談到

--

--

Good morning.

早安.

Hi, you talked about mega trends around energy transition, the electrification of everything, digitization, all driving demand and industrial.

您好，您談到了能源轉型、一切電氣化、數位化、所有驅動需求和產業的大趨勢。

Since these trends are very much long standing, should the industrial segment be able to sustain the double-digit growth that you've seen over the past seven quarters into the foreseeable future?

由於這些趨勢長期存在，工業領域是否應該能夠在可預見的未來維持過去七個季度所看到的兩位數成長？

Yeah, I appreciate the question.

是的，我很感謝你提出這個問題。

Our revenue guidance is on a consolidated basis, but we do see opportunity in each of the segments.

我們的收入預期是基於合併基礎的，但我們確實在每個細分市場都看到了機會。

I would say the fundamental things that have been driving industrial, we don't see material changes in those tailwinds.

我想說，對於推動工業發展的基本因素，我們並沒有看到重大變化。

We'll continue to invest against those opportunities.

我們將繼續投資這些機會。

Our comparisons are getting steeper and we want to set realistic expectations that we expect to achieve.

我們的比較越來越激烈，我們希望設定我們期望實現的現實的期望。

Understood, and then you touched on this a little bit earlier, but can you elaborate on how you expect higher tariffs to impact the business either positively or negatively across the business?

明白，然後您剛才提到了這一點，但是您能詳細說明一下您預計更高的關稅將對整個業務產生哪些積極或消極的影響嗎？

Yes, George, hysterically tariffs have not had a material impact on our business and as you know, our revenue is largely not dependent on volumes but dependent on the product innovation, new product development life cycles.

是的，喬治，關稅並沒有對我們的業務產生實質影響，而且如你所知，我們的收入很大程度上不是取決於產量，而是取決於產品創新、新產品開發生命週期。

Now what we've seen, and we've seen this since 2017, 2018 when tariffs were first introduced on, Chinese goods, appliances, and other items, what we've seen was that actually in the early days our revenue increased in 2018.

現在我們看到的是，自 2017 年、2018 年首次對中國商品、家電和其他商品徵收關稅以來，我們看到的是，實際上在 2018 年初我們的收入有所增加。

And across 2019, so, and the majority of that was organic.

在整個 2019 年，其中大部分都是有機的。

And where that comes from is as a manufacturer, when you're facing tariffs, you're thinking about how do you balance out your costs and your situation.

作為製造商，當您面臨關稅時，您會考慮如何平衡成本和狀況。

So you may start to shift your supply chain, change where you're manufacturing products.

因此，你可能開始轉變你的供應鏈，改變你生產產品的地點。

You may change out raw materials, and you're most likely value engineering your products to swap out components or, just change the overall design.

您可能會更換原材料，並且最有可能對您的產品進行價值工程以更換組件，或者只是更改整體設計。

In many cases, each of those require retesting.

在許多情況下，每個步驟都需要重新測試。

So for us, regardless of tariffs, we follow our customers as they make the good business decisions that they make about their product cost, their manufacturing locations, their end market mix.

因此對我們來說，無論關稅如何，我們都會關注客戶，因為他們會就產品成本、製造地點、終端市場組合等做出正確的商業決策。

Very helpful.

非常有幫助。

Thank you.

謝謝。

The next question comes from Andrew Nicholas from William Blair.

下一個問題來自威廉布萊爾公司的安德魯·尼古拉斯。

Please go ahead.

請繼續。

Hi, good morning.

嗨，早安。

This is [Tom Rashon] for Andrew Nicholas.

我是安德魯·尼古拉斯 (Andrew Nicholas) 的 [湯姆·拉肖恩 (Tom Rashon)。

Thanks for taking my question.

感謝您回答我的問題。

I want to touch on the margin guide

我想談談邊距指南

--

--

Hi Tom.

嗨，湯姆。

I want to touch on the margin guide for 2025, so you plan to reach a 24% long term margin target.

我想談談2025年的利潤率指南，所以您計劃達到24％的長期利潤率目標。

I was wondering if you can provide your thoughts on how you think about that as a jumping off point the 2026 and beyond and kind of the structural margin expansion going from there and how high those levels can go.

我想知道您是否可以提供一些想法，即您如何看待 2026 年及以後的起點，以及從那時起的結構性利潤率擴張以及這些水平可以達到多高。

Thank you.

謝謝。

Yeah, we appreciate the question, Tom, and you're right, at the time of the IPO we were coming off 2023 where we recorded 21.0% adjusted EBITDA margin, and we had said that we had longer term targets, greater than 24%, so that that would be a 300 basis point increase.

是的，湯姆，我們很感謝你的提問，你說得對，在 IPO 時，我們剛剛結束了 2023 年的調整後 EBITDA 利潤率，當時我們錄得 21.0%，而我們曾說過，我們的長期目標是超過 24%，所以這將是一個 300 個基點的增長。

We're pleased to increase 190 basis points in 2024, and we're comfortable guiding towards approximately 24%, which would be another 110 basis points improvement this year.

我們很高興能在 2024 年增加 190 個基點，並且我們很樂意指導其達到約 24%，這將是今年的另外 110 個基點的提高。

So moving towards those longer term objectives in our second year as a public company.

因此，在我們作為上市公司的第二年，我們就朝著這些長期目標邁進。

We're not going to stop there.

我們不會就此止步。

We do see opportunity in all three segments to grow from there.

我們確實看到了這三個領域都存在成長的機會。

We're not in a position to update that longer term guidance more precisely at this point, but we're pleased with the progress that our teams are making.

目前，我們還無法更準確地更新長期指導，但我們對團隊所取得的進展感到滿意。

Thank you.

謝謝。

And then on the certification and non-certification testing in the quarter, I was wondering if you could provide some detail of on the balance between volume and pricing driving growth there, and then if possible we can have that also at the segment level between industrial consumer.

然後關於本季度的認證和非認證測試，我想知道您是否可以提供一些關於推動增長的數量和價格之間的平衡的細節，然後如果可能的話，我們也可以在工業消費者之間的細分層面上做到這一點。

Thank you.

謝謝。

On a consolidated basis, those two revenue streams in the quarter comprise about 57% of our consolidated revenue, and they lend themselves better to price volume comparisons because we are paid to complete a test.

從合併基礎來看，本季這兩項收入來源約占我們合併收入的 57%，而且由於我們是透過完成測試來獲得報酬的，因此它們更適合進行價格量比較。

There is a there is a measurable unit of activity.

有一個可測量的活動單位。

And those revenue categories grew roughly 8% in the quarter and it was pretty even mix between price involvement volume, and we're pleased with that.

這些收入類別在本季成長了約 8％，且價格參與量的比例相當均衡，我們對此感到滿意。

We're continuing to show the ability to gradually increase and compound price over time as well as getting increased demand and volume from our customers.

我們將繼續展現出隨著時間推移逐步提高和複合價格的能力，以及不斷增加客戶需求和產量的能力。

The next question comes from Andrew Wittmann from Baird.

下一個問題來自貝爾德公司的安德魯‧維特曼 (Andrew Wittmann)。

Please go ahead.

請繼續。

Yeah, great, thanks.

是的，太好了，謝謝。

I just, I guess I just wanted to talk about the margins in a little bit different way.

我只是，我想我只是想以稍微不同的方式談論利潤。

I mean, obviously the quarter had very good adjusted EBITDA margin expansion, so I was just wondering maybe for you, Ryan, if you could just talk about was there a comp issue that made the EBITDA expansion so strong here I'm just trying to think, 350 in the quarter, I would say more than last quarter and more than what you're guiding for the year ahead.

我的意思是，顯然本季的調整後 EBITDA 利潤率擴張非常好，所以我想知道，Ryan，您是否可以談談是否存在導致 EBITDA 擴張如此強勁的競爭問題，我只是想知道，本季度為 350，我會說比上一季更多，也比您對未來一年的預期更多。

So I just want to understand if there's something in there.

所以我只是想了解其中是否有東西。

I think it might have to do with the prior year CSAR expense that didn't repeat, but if there was anything else besides that, maybe you could just talk about the build up to this year's margin performance.

我認為這可能與前一年沒有重複的 CSAR 費用有關，但如果除此之外還有其他原因，也許您可以談談今年利潤率表現的累積。

Yeah, thank you for the question.

是的，謝謝你的提問。

I'd say the primary thing is operating leverage.

我認為最重要的是經營槓桿。

When we grow on an organic basis, 9.5%, we get disproportionate flow through.

當我們以 9.5% 的有機比例成長時，我們會獲得不成比例的流量。

So I think if you look at the relationship of organic revenue growth to organic expense growth.

因此我認為如果你看看有機收入成長與有機費用成長之間的關係。

Top line is the primary explainer.

頂行是主要的解釋者。

We did have some CSAR expense in the fourth quarter of last year and that reduced operating income and adjusted EBITDA.

去年第四季我們確實有一些 CSAR 費用，這減少了營業收入和調整後 EBITDA。

This year we're adding back stock-based compensation, but that's not the story.

今年我們重新增加了股票薪酬，但這不是故事的核心。

The dollar amounts are similar and if you look at operating income margin which removes that noise of stock-based compensation and CSARs is about 300 basis points of expansion.

美元金額相似，如果你看一下營業利潤率，消除股票薪酬和企業可轉換公司利潤率的噪音，擴張幅度約為 300 個基點。

So I would say, overall we had good expense management and when you grow businesses at this pace, you get higher flow.

所以我想說，總的來說，我們的費用管理很好，當你以這種速度發展業務時，你會獲得更高的流量。

Okay, yes, that makes sense.

好的，是的，這很有道理。

I appreciate that.

我很感激。

And then, I guess two other ones quickly here just as it relates to the potential pull forward on the ongoing test, understand that it's always hard to totally deduce.

然後，我想這裡還要快速地提出另外兩個問題，因為它們與正在進行的測試的潛在推動力有關，要理解，這總是很難完全推斷的。

I thought your data that you provided earlier in here about the fourth quarter bring up 12% was helpful, but.

我認為您早些時候提供的有關第四季度增長 12% 的數據很有幫助，但是。

I mean the tariffs haven't been in effect yet.

我的意思是關稅尚未生效。

I would imagine it takes more than a few months to kind of stockpile, I guess, for lack of a better term.

我想，這需要幾個月以上的時間來儲存，因為沒有更好的說法。

Are you seeing so far in the quarter that there's a downtick in the on the ongoing search, or maybe you could describe why maybe you don't think that's going to at least benefit the first quarter here, if not the second when we've got a little bit of a reprieve, a little longer reprieve than many expected, even a couple months ago on the tariffs.

到目前為止，您是否看到本季度正在進行的搜索出現了下滑趨勢，或者您可以描述一下為什麼您認為這至少不會對第一季度有利，如果不是對第二季度有利的話，因為我們獲得了一點喘息時間，比許多人預期的要長一點的喘息時間，甚至比幾個月前許多人預期的關稅喘息時間要長一些。

Yeah, we're not in a position to talk about first quarter activity yet and you're right, it's difficult to know the exact drivers.

是的，我們還不能談論第一季的活動，你說得對，很難知道確切的驅動因素。

We can't objectively say that we had an increase in activity and help quantify that and following clarity on the election and the likely impact on tariffs that that likely did have an impact, but it's very difficult to isolate that as a as a single factor.

我們不能客觀地說我們的活動有所增加，也無法量化這一點，在選舉結果明朗以及對關稅的可能影響確定之後，這可能確實產生了影響，但很難將其作為單一因素孤立出來。

And Andy, I would ask our customers have been facing tariffs since 2017, so when I'm out talking to them like I was just in Mexico recently.

安迪，我想問我們的客戶自 2017 年以來一直面臨關稅，所以當我出去和他們交談時，就像我最近剛到墨西哥一樣。

They've made a lot of decisions.

他們已經做出了很多決定。

They make decisions around their product mix.

他們圍繞產品組合做出決策。

They make decisions around how they're value engineering.

他們根據如何進行價值工程做出決策。

They make decisions around where they're putting factories, and in many cases those decisions, they've made them and now they're figuring out, the right positioning for where they put their inventory or how they're going to manage their pricing.

他們會決定在何處設立工廠，在許多情況下，他們已經做出了這些決定，現在他們正在確定在哪裡放置庫存的正確定位或如何管理定價。

So this all plays out over a long period of time and so we may have seen a little bit of a reactionary shift in the fourth quarter as customers were positioning themselves for 2025, but you know we're not expecting, we're expecting it to all balance out over time as it always has.

所以這一切都會在很長一段時間內發生，所以我們可能在第四季度看到一點反應性轉變，因為客戶正在為 2025 年做好準備，但你知道我們並不期待，我們期待一切都會像往常一樣隨著時間的推移而平衡。

Yeah, okay, and then just a quick punch list one here, Ryan, what's the if FX rates were to stay where they are now just for us to all calibrate our models here, what is the FX headwind either in dollar terms or percentage terms as you as you look at the 2025 revenue versus the 2024 revenue?

是的，好的，然後這裡只是快速列出一個清單，Ryan，如果外匯匯率保持在現在的水平，只是為了讓我們都在這裡校準我們的模型，當您查看 2025 年收入與 2024 年收入時，外匯逆風是多少（以美元或百分比計算）？

Yeah, there have been some movements in the currency markets are, in local markets, typically we do business in the in the currency of our customers of the EUR and the JPY, the RMB, based on current what the market is predicting as forward rates that would have just under 1% headwind on a reported basis for a full year 2025.

是的，貨幣市場發生了一些變動，在當地市場，通常我們以客戶的貨幣歐元、日圓和人民幣開展業務，根據當前市場預測的遠期利率，根據報告，2025 年全年的遠期利率將出現略低於 1% 的逆風。

And it certainly will be different than that number, but that's what the wisdom of the market right now.

它肯定會與這個數字有所不同，但這就是目前市場的智慧。

As a reminder, our expenses in those markets, we pay our people in those currencies.

提醒一下，我們在這些市場支出的費用，是用這些貨幣支付給員工的。

So the majority of those items, the majority of the revenue headwind is offset by an expense change.

因此，這些項目中的大部分，即大部分收入阻力都被費用變化所抵消。

And so as a just put in context, we had revenue.

綜上所述，我們有收入。

We have currency headwind in 2024.

2024 年我們將面臨貨幣逆風。

That was about $24 million in revenue, but on an EBITDA basis, it had a $5 million dollar impact.

這相當於 2,400 萬美元的收入，但以 EBITDA 計算，其影響為 500 萬美元。

So 19 was offset with the translation of expense reduction.

因此，19 因費用減少的翻譯而被抵消。

Super helpful thank you so much have a good day.

非常有幫助，非常感謝，祝你有美好的一天。

Thank you.

謝謝。

The next question comes from Josh Chan from UBS.

下一個問題來自瑞銀的 Josh Chan。

Please go ahead.

請繼續。

Hi, good morning, Jenny and Ryan.

嗨，早上好，珍妮和瑞安。

Thanks for taking my questions.

感謝您回答我的問題。

Maybe a bigger picture margin questions now that you have visibility into doing 24% EBITDA margins, that that's the level is obviously solidly above what the company did pre-IPO obviously ahead of '23 and 2024.

也許更大的利潤率問題是，現在您已經可以看到 24% 的 EBITDA 利潤率，這一水平顯然遠高於公司在 2023 年和 2024 年之前 IPO 前的水平。

And so I guess as you take a step back, what is enabling you to achieve 24% margins versus maybe high 10s to low 20 several years ago.

所以我想，當你退一步思考時，是什麼使得你們能夠實現 24% 的利潤率，而不是幾年前的 10% 多到 20% 出頭呢？

I think the best place to start on that, Josh, is really fundamentally I'm in my sixth year here.

喬希，我認為最好的起點是，從根本上講，我在這裡已經六年了。

Ryan's in his eighth year here.

瑞安 (Ryan) 已經在這裡工作八年了。

We each came from industries that have a strong focus on continuous improvement.

我們每個人都來自非常注重持續改善的行業。

We've put forth, a number of changes both in single global instances of technology that then have, second and third order effects in business processes, productivity, and, overall improvements on behalf of our customers and customer service.

我們提出了一系列變革，既包括單一的全球技術實例，也包括對業務流程、生產力以及客戶和客戶服務的全面改進產生二階和三階影響。

We continue down a path of location consolidation that gives us better, just better overall usage of our management and our overhead.

我們將繼續沿著位置整合的道路前進，這將使我們的管理和開銷得到更好的整體利用。

We've extended our positions with our global and strategic accounts and really focused on their innovation needs and then down their supply chains and so it's not one singular thing.

我們擴大了與全球和策略客戶的合作，真正關注他們的創新需求，進而關注他們的供應鏈，因此這並不是單一的事情。

I think it's an overall attitude of continuous improvement that our entire executive team and leadership team has as a philosophy.

我認為這是我們整個執行團隊和領導團隊所秉持的持續改善的整體態度。

Great, thank you for that, Jenny and congrats on that.

太好了，謝謝你，珍妮，恭喜你。

And then, for your 2025 guidance of mid single digital organic growth, I was wondering if you could give us some color in terms of the drivers behind volume versus price versus, lab capacity increases, kind of how much all of those pieces are adding to the total organic growth.

然後，對於您對 2025 年中期單一數字有機增長的指導，我想知道您是否可以提供一些關於數量、價格以及實驗室容量增加背後的驅動因素的信息，以及所有這些因素對總體有機增長的貢獻有多大。

Thank you.

謝謝。

Thanks for the question.

謝謝你的提問。

I would say we expect continuation of what we experienced in 2024, so we're still making progress on our pricing processes.

我想說，我們預計 2024 年的經驗將持續下去，因此我們的定價流程仍在取得進展。

We're still expanding capacity.

我們仍在擴大產能。

We're still improving our go to market processes and acquiring new customers and growing our share of wallet.

我們仍在改善我們的市場進入流程、吸引新客戶並擴大我們的份額。

So I would say we don't anticipate a material change in the mix of what, what's driving revenue growth.

因此我想說，我們預期推動營收成長的因素不會發生重大變化。

Great thanks Ryan, and thank you both for your time.

非常感謝 Ryan，也感謝你們抽空。

The next question comes from Stephanie Moore from Jefferies.

下一個問題來自 Jefferies 的 Stephanie Moore。

Please go ahead.

請繼續。

Good morning.

早安.

This is Harold on Stephanie Moore.

我是史蒂芬妮·摩爾的哈羅德。

So I guess, just wanted to touch on the M&A front.

所以我想，我只是想談談併購方面的問題。

You guys have done, a few tech and acquisitions in 2024.

你們在 2024 年完成了一些技術和收購。

Just wanted to know how you're thinking about 2025, on the M&A front.

我只是想知道您對 2025 年的併購方面有何看法。

Would you be, is the company interested in looking at doing any platform or larger deals of just continuing to focus on tucking deals, any specific segments the company is looking to target, anything around your M&A policy would be great.

您會這樣？

Thanks, Harold, and we've, we're very active in every one of our segments in being in conversations all over the world, for any size scale that makes sense with our strategy and our strategy is around product safety.

謝謝，哈羅德，我們在每個領域都非常活躍，參與世界各地任何規模的對話，這都符合我們的策略，而我們的策略是圍繞產品安全。

Our strategy is around product safety being propelled by those mega trends and what we find time and time again in these conversations is.

我們的策略是圍繞產品安全，並受到這些大趨勢的推動，我們在這些對話中一次又一次地發現這一點。

Because we've been in business for 130 years and we're recognized as an attractive permanent home for many founders across safety, security, and sustainability in product tech, the way we see it is M&A timing reflects opportunities as they're presented to us and as we go through that analysis around strategic fit, the interface with the mega trends and overall supporting our mission, so that's how we think about it.

因為我們已經營業 130 年了，並且被公認為許多從事產品技術領域的安全、保障和可持續性領域的創始人所青睞的永久歸宿，所以我們認為併購時機反映了呈現在我們面前的機遇，並且我們會通過分析來了解戰略契合度、與大趨勢的銜接以及對我們使命的整體支持，這就是我們的想法。

Great, thank you, and I guess, you guys have, looks as though, you have several megatrends that you're focusing on, but in the global H5 it seems as though that's been a really megatrend the company has leaned in.

太好了，謝謝。

So if you could, talk, discuss, the demand trends you're seeing and any other increased investments, with respect to the law that you'll be planning to make in 2025.

因此，如果可以的話，請談談您所看到的需求趨勢以及與您計劃在 2025 年制定的法律相關的任何其他增加的投資。

And I guess just to piggyback off the last question, I'm sorry if I missed it, but could you provide, your, what you expect pricing to run in 2025, on what's internal inflation running in the company and I guess on those price increases any pushback you're getting, thank you.

我想，我只是想順便回答一下最後一個問題，如果我錯過了，我很抱歉，但您能否提供一下，您預計 2025 年的價格會如何，公司內部的通貨膨脹率是多少，我想這些價格上漲會給您帶來什麼阻力，謝謝。

I'll start with the megatrends and then I'll let Ryan answer the pricing.

我先從大趨勢開始，然後讓瑞安來回答定價問題。

Our continued focus on that global energy transition.

我們持續關注全球能源轉型。

It's real.

這是真的。

So we've completed last year our Auburn Hills, Michigan battery lab, our Korea battery lab.

因此，我們去年完成了位於密西根州奧本山的電池實驗室和韓國電池實驗室。

We've announced extensions into our Mexico labs that also reflect the needs that are tied to these underlying trends in the global energy transition and the electrification of everything.

我們宣布擴建墨西哥實驗室，這也反映了與全球能源轉型和一切電氣化的潛在趨勢相關的需求。

We also announced just last week our Global Fire Science Center of Excellence investments that we're making, and where that really fits in again on this energy transition on these mega trends is testing the building and the fire safety and one of the biggest challenges.

就在上週，我們也宣布了我們正在進行全球消防科學卓越中心的投資，而這在這次能源轉型和大趨勢中真正適用的地方是對建築和消防安全進行測試，這也是最大的挑戰之一。

And battery safety is thermal runaway and so testing connectors enclosures and other building and fire safety products is essential and this is needed all over the world and we're also excited about investing in greater degrees of applied R&D in those areas.

電池安全是熱失控的，因此測試連接器外殼和其他建築和消防安全產品至關重要，這是世界各地都需要的，我們也很高興在這些領域投資更大程度的應用研發。

So we're continuing down our trajectory of CapEx to support these what we view as exciting developments in all parts of the world, and they are connected.

因此，我們將繼續沿著資本支出軌跡來支持我們認為世界各地令人興奮的發展，而且它們是相互關聯的。

As I said earlier, when you look at digitalization and you talk about the way that that's changing both consumer technology, it's also changing the power energy needs in data centers and that is contributing to the increased growth in power generation, changing the needs around transmission, changing the needs around storage, changing the needs around usage.

正如我之前所說，當你看到數位化並談論它如何改變消費技術時，它也在改變資料中心的電力能源需求，這有助於增加發電量，改變傳輸需求，改變儲存需求，改變使用需求。

So it all fits together with both our industrial and our consumer business, and we love these mega trends

所以這一切都與我們的工業和消費業務相契合，我們喜歡這些大趨勢

And then in regard to internal inflation.

然後是關於內部通貨膨脹。

We've definitely seen a moderation in the last two years in wage inflation compared to a few years ago.

與前幾年相比，過去兩年我們確實看到薪資通膨有所緩和。

It's still a competitive market for talent.

人才市場競爭依然激烈。

People costs are our largest expense, but I would say it's a slower pace of growth.

人力成本是我們最大的開支，但我想說的是，成長速度比較慢。

We're pleased that we offset that last year with our pricing initiatives.

我們很高興去年透過定價措施抵銷了這項影響。

So at this point we're not anticipating material headwinds in wage and other cost inflation.

因此，目前我們預期薪資和其他成本通膨不會有重大阻力。

Thank you.

謝謝。

The next question comes from Arthur Truslove from Citi.

下一個問題來自花旗銀行的 Arthur Truslove。

Please go ahead.

請繼續。

Hi, Jenny.

你好，珍妮。

Hi, Ryan.

你好，瑞安。

Thanks very much for taking my questions.

非常感謝您回答我的問題。

A few if I can.

如果可以的話我會舉幾個例子。

First question from me, obviously, there could be a reasonably substantial FX headwind in 2025.

我的第一個問題是，顯然，2025 年可能會出現相當大的外匯逆風。

Can you, which obviously you touched on, can you just talk about the impact on margins arising from FX?

您顯然提到了這一點，您能否談談外匯對利潤率的影響？

Clearly your peers talk about this quite a lot, and I was just wondering whether you could sort of say whether there is a margin headwind arising or indeed tailwind arising from FX.

顯然您的同行經常談論這個問題，我只是想知道您是否可以說是否存在來自外匯的利潤逆風或順風。

Second question, you talked about the potential pull forward of revenues within ongoing certification.

第二個問題，您談到了持續認證對收入的潛在拉動。

Are you able to say, whether that was within the industrial division or whether it was in the consumer division or was it indeed a bit of both just keen to sort of understand?

您能否說一下，這是否屬於工業部門，還是屬於消費者部門，或者兩者兼而有之，只是想了解一下？

A little bit about that.

稍微談一下這個。

And then I guess the third question really on the consumer side, so margins there were a little bit below what consensus had in mind but obviously still up.

然後我想第三個問題實際上是關於消費者方面的，因此那裡的利潤率略低於普遍預期，但顯然仍然上升。

I was just wondering if you could talk about how significant the contribution of staff incentives were to any margin headwind?

我只是想知道您是否可以談談員工激勵對利潤率不利因素的貢獻有多大？

I just wanted to confirm that it was right to think that any sort of staff bonuses awarded in Q4 or accrued in Q4 would relate to the full year 2024, so not just Q4 performance.

我只是想確認一下，認為第四季度頒發的或在第四季度累積的任何員工獎金都與 2024 年全年相關是正確的，而不僅僅與第四季度的業績相關。

Thank you.

謝謝。

Yeah, I'll start by going a little bit deeper into foreign exchange and the impact of our, on our business model, and the current forward rates would imply roughly a 1% headwind.

是的，我將首先深入探討外匯及其對我們的商業模式的影響，目前的遠期利率意味著大約 1% 的逆風。

I would say to see the impact on our business, we do break out historically the impact of FX on a constant currency basis in revenue and on operating income so you can infer the impact on expenses and we do that also by each segment.

我想說，為了了解對我們業務的影響，我們確實從歷史上列出了外匯對收入和營業收入的固定匯率影響，以便您可以推斷出對費用的影響，我們也對每個部門都這樣做。

So there's a fair amount of detail on the historic relationship.

因此，關於歷史關係有相當多的細節。

We are a profitable company so when there is a reduction in revenue, that's more impactful than the reduction in expenses.

我們是一家獲利的公司，因此當收入減少時，其影響比支出減少更大。

So it does, we're not immune to it, but it's offset.

事實確實如此，我們並不能倖免，但是它可以被抵消。

It's mostly offset by reduction in the translated cost of expenses.

這主要被費用轉換成本的減少所抵銷。

I would say and what you will see in that by segment is that our consumer segment is more susceptible to FX changes.

我想說的是，從各個細分市場來看，我們的消費者細分市場更容易受到外匯變化的影響。

It is a very global business.

這是一項非常全球化的業務。

All of our businesses are global, but that business in particular has had a bit more FX volatility.

我們的所有業務都是全球性的，但該業務的外匯波動尤其大。

Okay.

好的。

And then ongoing certification services.

然後是持續的認證服務。

It In my comments we talked about it in the context of industrial, so it's reasonable infer that it had a larger impact on industrial than consumer, but ongoing certification services are an important revenue stream for both our consumer and industrial segment.

在我的評論中，我們在工業背景下討論了這個問題，因此可以合理地推斷它對工業的影響大於對消費者的影響，但持續的認證服務是我們消費者和工業部門的重要收入來源。

We don't break out that revenue, those revenue streams by segment, but it is reasonable to think that that was a bigger impact in industrial.

我們沒有按部門細分這些收入，但有理由認為這對工業產生了更大的影響。

Incentives on consumers.

對消費者的激勵。

Yeah.

是的。

So we recognize incentives in our expenses over the period in which we're earned that they're earned, so there weren't material changes in the fourth quarter related to incentives compared to last year.

因此，我們在獲得獎勵的期間內確認了費用中的獎勵，因此與去年相比，第四季度與獎勵相關的沒有重大變化。

There were changes in the geography in which they're reported and what those incentives were from cash settled incentives to stock-based compensation, but the dollar amount in the Q4 of last year and Q4 this year was very similar.

報告的地區和激勵措施從現金結算激勵變為股票薪酬，但去年第四季和今年第四季的金額非常相似。

The next question comes from Shlomo Rosenbaum from Stifel.

下一個問題來自 Stifel 的 Shlomo Rosenbaum。

Please go ahead.

請繼續。

Hi, thank you for taking my questions.

你好，謝謝你回答我的問題。

Jenny, you touched on this a little bit.

珍妮，你稍微談到了這一點。

Maybe you could take, just go back and give us some more detail on what's going on in the demand for the battery labs and are you thinking of building new ones, can you discuss any plans you might have over the next several years in that area?

也許您可以回顧一下並向我們詳細介紹電池實驗室的需求情況，您是否考慮建造新的電池實驗室，您能討論一下未來幾年您在該領域的任何計劃嗎？

And you know you've mentioned I think beforehand a lot of what you're building you have a lot of kind of I don't know if you call it pre-leasing, but a lot of demand to fill it up, can you discuss how this is trending and is this going in the way that you thought better, worse just start on that and then I have a couple of follow ups.

而且您知道您之前提到過，我認為您正在建造的很多建築都有很多我不知道您是否稱之為預租的東西，但有很多需求需要填補，您能否討論一下這種趨勢以及這種情況是否朝著您認為更好的或更壞的方向發展，先從這個開始，然後我還有一些後續問題。

Right.

正確的。

Our battery testing business is going very well.

我們的電池測試業務進展非常順利。

And when you step back and look at the progression, we opened Chengzhou, China in 2021.

如果回顧一下這項進展，我們會發現我們於 2021 年在中國鄭州開設了分公司。

We opened, then announced the Korea battery lab.

我們開業了，然後宣布韓國電池實驗室。

We announced the building of the North American battery lab, and last year we did the acquisition of battery engineer in Germany that serves as a hub for a European.

我們宣佈建造北美電池實驗室，去年我們收購了德國的電池工程師，作為歐洲的樞紐。

A battery lab in perspective.

電池實驗室的透視圖。

So we've got global coverage and we continue to see this growth in battery testing needs, not just in vehicles but in vehicles you need it not just autos, buses, commercial vehicles, construction equipment, agricultural.

因此，我們的覆蓋範圍已涵蓋全球，我們持續看到電池測試需求的成長，不僅是在車輛方面，而且不僅是在汽車、巴士、商用車、建築設備、農業方面。

Electrification of everything is occurring across all vehicles.

所有車輛都在實現電氣化。

But even more broadly than that, the energy storage systems that are required as there's a shift in energy sources, the more you shift to renewables, the more opportunities or requirements or needs that there are to store that's created for you and sometimes that comes out or the wind's not blowing.

但更廣泛地說，隨著能源來源的轉變，需要能源儲存系統，您越多地轉向再生能源，為您創造的儲存機會或要求或需求就越多，而有時會出現這種情況或沒有風的情況。

So the rapid growth in the AI data centers is also contributing to the types of industrial scale batteries as well as just the overall industrial environment as they're shifting their sources of fuel and adding in their needs for energy.

因此，人工智慧資料中心的快速成長也促進了工業規模電池類型以及整體工業環境的發展，因為它們正在轉變燃料來源並增加對能源的需求。

So we are very pleased with what's going on in our battery labs and we continue to believe that this global energy transition will propel that business.

因此，我們對電池實驗室的進展感到非常滿意，我們仍然相信全球能源轉型將推動該業務的發展。

Okay, thank you.

好的，謝謝。

And then Ryan, on slide 11 in the presentation, you have a comment on the margin that revenue growth partially offset by increases in services and materials.

然後，Ryan，在簡報的第 11 張幻燈片中，您對收入成長被服務和材料的成長部分抵消的利潤率進行了評論。

What does this mean exactly?

這到底意味著什麼？

Is that wage inflation like what are the materials and what are the services do you have consultants in there?

薪資通膨是否像材料價格和服務價格那樣，你們有顧問嗎？

Yeah, so sometimes when volume grows, we subcontract a portion of our testing services to other parties.

是的，所以有時當數量增加時，我們會將部分測試服務分包給其他方。

Sometimes a test is very complicated and we're accredited for every part of the test that needs to do and needs to be done and other times we choose to work with partners for portions of it.

有時測試非常複雜，我們會獲得測試中需要做和必須完成的每個部分的認證，有時我們會選擇與合作夥伴一起完成部分測試。

So the comment there was just with 13.9% organic revenue growth are expenses related to or related expenses related to we put it in a category of services and materials, broad category, but it's mostly outsourced labs and professional services.

因此，那裡的評論只是 13.9% 的有機收入成長是與之相關的費用或相關費用，我們將其歸類為服務和材料類別，大類，但主要是外包實驗室和專業服務。

And let me add, Shlomo, I think you'll remember our CapEx philosophy is that we want to understand what the demand is in the marketplace in advance of us committing capital.

讓我補充一下，什洛莫，我想你會記得我們的資本支出理念是，我們希望在投入資本之前了解市場需求。

And so, what you also see sometimes in services and materials is that we're out there working with customers to service their demand but we haven't completed our capacity yet and therefore we need to supplement that with outside professional services.

因此，您有時也會在服務和材料中看到，我們正在與客戶合作以滿足他們的需求，但我們尚未完成我們的產能，因此我們需要藉助外部專業服務來補充。

Is that what was going on this quarter was primarily there's so much volume that it was mainly subcontracting to handle the volume.

本季發生的情況是，主要因為業務量太大，所以主要透過分包來處理這些業務量。

I would say it was both.

我想說兩者兼具。

I would say it's both.

我想說兩者兼具。

We are, we're evaluating some new service lines, and a mix of that is third party services and that may change over time if we see sustained demand that fits with our customers' needs and ways that that provide attractive returns, we may bring that capability in-house over time.

我們正在評估一些新的服務線，其中包括第三方服務，如果我們看到符合客戶需求的持續需求以及提供有吸引力的回報的方式，這些服務線可能會隨著時間的推移而改變，我們可能會隨著時間的推移將這種能力帶入內部。

Great thank you.

非常感謝。

Great, thank you very much.

太好了，非常感謝。

The next question comes from Jason Haas from Wells Fargo.

下一個問題來自富國銀行的傑森‧哈斯。

Please go ahead.

請繼續。

Hey, good morning and thanks for taking my questions.

嘿，早上好，感謝您回答我的問題。

I'm curious if you could talk about the drivers of the acceleration in the software business, which was nice to see.

我很好奇您是否可以談談軟體業務加速發展的驅動因素，我很高興看到這一點。

I remember last quarter you announced that one of a large beauty retailer, so I was curious if that helped drive that acceleration.

我記得上個季度您宣布了一家大型美容零售商的消息，所以我很好奇這是否有助於推動這一加速。

Thanks.

謝謝。

I'm so glad you asked because I love talking about the prospects of our software business and in particular the way that ULTRUS, our platform, is helping contribute to growth there.

我很高興你問這個問題，因為我喜歡談論我們的軟體業務的前景，特別是我們的平台 ULTRUS 如何幫助促進該業務的成長。

And we saw software growth really in all of our businesses and all of our regions.

我們確實看到所有業務和所有地區的軟體都在成長。

I do want to give a little shout out to our Japan team.

我確實想向我們的日本團隊致以一聲感謝。

They're out there doing a great job with software, but we are seeing as to your point particular strength in the retail product compliance.

他們在軟體方面做得非常出色，但正如您所說，我們在零售產品合規性方面尤其具有優勢。

So, as we indicated last quarter, large beauty retailer coming on to our works platform which extends to their supply chain.

因此，正如我們在上個季度指出的那樣，大型美容零售商正在加入我們的工作平台，並延伸至他們的供應鏈。

We also saw strength in ESG data and reporting as well as the benchmarks offering that we have that really helps compare and contrast the strength of processors in in systems.

我們還看到了 ESG 數據和報告以及基準測試的優勢，這些優勢確實有助於比較和對比系統中處理器的強度。

So I would say our sales transformation is taking root.

所以我想說我們的銷售轉型正在生根發芽。

The things I've been looking for is renewal turn down is average contract renewal times up?

我一直在尋找的是續約率下降，平均合約續約次數增加嗎？

Are we seeing improvements in annual recurring revenue?

我們是否看到年度經常性收入有所改善？

Are we seeing increases in bookings and, all of these things contributed to our fourth quarter organic growth and software.

我們是否看到預訂量增加，所有這些都促進了我們第四季度的有機成長和軟體。

That's great to hear.

我很高興聽到這個消息。

And this was touch on some of the earlier questions, and I wanted to follow up on the expectation for CapEx being 7% to 8% of revenue.

這涉及到一些先前的問題，我想跟進一下資本支出佔收入 7% 到 8% 的預期。

You, you're currently getting really good ROI on your CapEx.

您，您目前正在獲得非常好的資本支出投資報酬率。

So I'm curious what sort of conversations you had when deciding that number for this year.

所以我很好奇你們在決定今年的數字時進行了什麼樣的對話。

Is it a function of you still have plenty of capacity in the existing facilities you've built.

這是因為您所建造的現有設施仍有足夠的容量嗎？

Are you waiting to see how supply chain shifts?

您是否在等待觀察供應鏈如何轉變？

Just any insights how you think about that would be helpful.

您對此的任何見解都會有所幫助。

Thank you.

謝謝。

I'll start.

我先開始。

Our teams have no shortage of good ideas.

我們的團隊不缺乏好的想法。

They're out there talking to customers every single day from our field engineers who are making hundreds of thousands of visits in a year to customers, factory locations, to our engineers and our safety scientists who are getting insight into new product development pipelines, to our global and strategic accounts managers who are out there talking with our largest customers, those global customers all over the world.

他們每天都在與客戶交談，從我們的現場工程師（每年要拜訪數十萬次客戶和工廠）、到我們的工程師和安全科學家（了解新產品開發管道）、再到我們的全球和戰略客戶經理（與我們最大的客戶，即遍布世界各地的全球客戶進行交談）。

So no shortage of ideas that come in and then, our process is to really evaluate, where do we believe those services, those needs are durable.

因此，我們不乏想法，然後，我們的流程是真正的評估，我們認為這些服務和這些需求在哪些方面是持久的。

And then what is the best way for us to be providing them, and we continue to really fundamentally be very pleased with the outcomes of our CapEx, our return on capital there, and we'll continue to invest where there are great returns.

那麼，我們為他們提供服務的最佳方式是什麼？ 我們對我們的資本支出結果、資本回報率感到非常滿意，我們將繼續在能帶來豐厚回報的地方進行投資。

Got it thank you.

明白了，謝謝。

This concludes our question and answer session.

我們的問答環節到此結束。

I would like to turn the conference back over to Jenny Scanlon for any closing remarks.

我想將會議交還給珍妮·斯坎隆 (Jenny Scanlon)，請她做最後發言。

Thank you everyone for joining us today.

感謝大家今天的參加。

As always, we appreciate your support and we look forward to updating you on our progress in the next quarter.

與往常一樣，我們感謝您的支持，並期待在下個季度向您通報我們的進展。

Conference has now concluded.

會議現已結束。

Thank you for attending today's presentation.

感謝您參加今天的演講。

You may now disconnect.

您現在可以斷開連線。