UL Solutions Inc (ULS) 2025 Q2 法說會逐字稿

Good day, and welcome to UL Solutions' Second Quarter 2025 Earnings Conference Call. (Operator Instructions) Please note this event is being recorded.

大家好，歡迎參加 UL Solutions 2025 年第二季財報電話會議。（操作員指示）請注意，此事件正在被記錄。

I would now like to turn the conference over to Yijing Brentano, Vice President, Investor Relations. Please go ahead.

現在，我想將會議交給投資者關係副總裁 Yijing Brentano。請繼續。

Thank you. Welcome, everyone, to our second quarter 2025 earnings call. Joining me today are Jenny Scanlon, our Chief Executive Officer; and Ryan Robinson, our Chief Financial Officer.

謝謝。歡迎大家參加我們的 2025 年第二季財報電話會議。今天與我一起出席的還有我們的執行長珍妮·斯坎隆 (Jenny 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. 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. 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.

在今天的討論中，我們將參考我們的獲利報告，該報告可在我們網站 ul.com 的「投資者關係」板塊查看。我們的盈利報告也可在網站上查看。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。這些前瞻性陳述可能包括但不限於有關 UL Solutions 經營績效和估計及前景的陳述，其中涉及重大風險、不確定性和其他因素，可能導致實際結果與前瞻性陳述中明示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 the Form 10-K for the year ended December 31, 2024. We assume no obligation to update any forward-looking statements to reflect events or circumstances after the date hereof, except as required by law. Today's presentation also includes references to non-GAAP financial measures. A reconciliation of the most comparable GAAP financial measures can be found in the appendix to the earnings presentation.

請參閱收益報告第 2 張投影片上的揭露聲明，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 表格中所述風險因素的免責聲明。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。今天的演示也提到了非公認會計準則財務指標。最具可比性的 GAAP 財務指標的對帳表可在收益報告附錄中找到。

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。

Good morning, everyone, and thanks for joining us. I'm pleased to say that the momentum we built over our first year as a public company continued in the second quarter of 2025 with growth across all segments and service offerings despite uncertainties for our customers globally. That's an important statement and frankly, a theme we've delivered in the last several quarters, positive contributions across segments, service lines and geographies. That balance reflects the durability of our business model and global scale of our offerings as well as the benefit of focusing the business on higher growth mega trends, including the global energy transition, the electrification of everything and digitalization. I'll cover three areas, and then I'll turn the call over to Ryan. First, our second quarter performance highlights; second, notable achievements and activities since we last reported; and finally, some perspectives on market conditions and our resiliency in the current macro environment.

大家早安，感謝大家的參與。我很高興地說，儘管全球客戶面臨不確定性，但我們作為上市公司第一年所建立的勢頭在 2025 年第二季度得以延續，所有部門和服務產品均實現了成長。這是一個重要的聲明，坦白說，這是我們在過去幾季中傳達的主題，對各個部門、服務線和地區做出了積極的貢獻。這種平衡反映了我們商業模式的持久性和我們產品的全球規模，以及將業務重點放在更高成長的大趨勢上的好處，包括全球能源轉型、一切電氣化和數位化。我將討論三個領域，然後將電話轉給瑞安。首先，我們第二季的業績亮點；其次，我們自上次報告以來取得的顯著成就和活動；最後，對市場狀況和我們在當前宏觀環境下的彈性的一些看法。

Our strong second quarter performance stems from enduring customer demand in our business across a wide range of market conditions. Based on our first half results and our current visibility into customers' ongoing new product development needs, we are affirming our full year 2025 outlook. I want to recognize our exceptional team members whose expertise and commitment to drive our continued success. Their dedication to our mission of advancing safety science and delivering outstanding customer service remains the foundation of our strong performance and represents a true competitive advantage.

我們第二季的強勁業績源自於各種市場條件下客戶對我們業務的持久需求。根據我們上半年的業績以及我們對客戶持續新產品開發需求的當前了解，我們確認了 2025 年全年的展望。我要表彰我們傑出的團隊成員，他們的專業知識和奉獻精神推動我們不斷取得成功。他們致力於推動安全科學和提供卓越客戶服務的使命，這仍然是我們強勁表現的基礎，並代表著真正的競爭優勢。

Ryan will dive into the numbers in a minute, so let me hit the high notes of our second quarter 2025 results. I'm particularly proud that we delivered record quarterly consolidated revenues that were up 6.3% as compared to the second quarter last year and up 5.5% on an organic basis. On an organic basis, our Industrial segment once again led the way, up 7%, followed by Consumer, up 4.7% and Software & Advisory up 3.2%. These results were achieved against a dynamic geopolitical and regulatory environment that impacted our customers' behavior.

Ryan 馬上就會深入探討這些數字，所以讓我來重點介紹一下我們 2025 年第二季的業績。我特別自豪的是，我們實現了創紀錄的季度綜合收入，與去年第二季相比成長了 6.3%，有機成長了 5.5%。從有機成長來看，我們的產業部門再次領先，成長 7%，其次是消費者部門，成長 4.7%，軟體和顧問部門成長 3.2%。這些成果是在影響我們客戶行為的動態地緣政治和監管環境下取得的。

Profitability improved year-over-year with adjusted EBITDA growing 13.9% and adjusted EBITDA margin expanding by 170 basis points to the highest level since we became public in April of last year. Higher revenue and realized operating leverage were the key drivers. We generated $208 million of free cash flow through the first half of 2025 and our balance sheet remains robust.

獲利能力年增，調整後 EBITDA 成長 13.9%，調整後 EBITDA 利潤率擴大 170 個基點，達到自去年 4 月上市以來的最高水準。更高的收入和實現的經營槓桿是關鍵驅動因素。到 2025 年上半年，我們產生了 2.08 億美元的自由現金流，我們的資產負債表依然強勁。

Next, let me highlight notable planned, ongoing and recently completed capacity expansions that address growth opportunities and mega trends in our key end markets. During the quarter, we successfully launched our European advanced battery testing laboratory in Aachen, Germany, representing an important expansion of our battery technology testing capabilities and European footprint. This purpose-built facility replaced a smaller facility from the 2024 BatterieIngenieure acquisition. It positions us strategically close to key European automotive customers and provides access to the region's deep engineering talent pool. This investment demonstrates our commitment to helping the automotive and power sectors safely innovate in a world increasingly reliant on battery storage while strengthening our global network of specialized testing facilities that spans North America, Europe and Asia Pacific.

接下來，讓我重點介紹值得注意的計劃中、正在進行中和最近完成的產能擴張，以應對我們主要終端市場的成長機會和大趨勢。本季度，我們在德國亞琛成功啟動了歐洲先進電池測試實驗室，這代表著我們電池技術測試能力和歐洲影響力的重要擴展。該專門建造的設施取代了 2024 年 BatterieIngenieure 收購時建造的一座較小的設施。它使我們在戰略上靠近歐洲主要汽車客戶，並可以接觸到該地區豐富的工程人才庫。這項投資顯示了我們致力於幫助汽車和電力產業在日益依賴電池儲存的世界中安全地進行創新，同時加強我們遍布北美、歐洲和亞太地區的全球專業測試設施網路。

We also announced a significant expansion of our HVAC testing facility in Carugate, Italy to address rapidly growing European demand for comprehensive heat pump testing driven by the adoption of environmentally friendly refrigerants and evolving regulations. The expansion adds critical capabilities and positions us as a comprehensive service provider for manufacturers navigating the EU's climate initiatives, all while helping customers reduce testing lead times and accelerate market access.

我們也宣布將大幅擴建位於義大利卡魯加泰的 HVAC 測試設施，以滿足歐洲因採用環保冷媒和不斷變化的法規而對全面熱泵測試快速增長的需求。此次擴張增加了關鍵能力，使我們成為響應歐盟氣候倡議的製造商的綜合服務提供商，同時幫助客戶縮短測試週期並加快市場准入。

By offering both performance and safety testing at 1 Central European laboratory, we expect to enable faster time to market for products subject to safety and efficiency requirements in the high-growth sustainable technology sector. We launched a new testing and certification service for immersion cooling fluids used in data centers, addressing the critical safety and efficiency needs of data center facilities housing AI and other high-performance computing equipment.

透過在中歐實驗室提供性能和安全測試，我們希望能夠加快高成長永續技術領域中符合安全和效率要求的產品的上市時間。我們推出了針對資料中心使用的浸入式冷卻液的全新測試和認證服務，以滿足容納人工智慧和其他高效能運算設備的資料中心設施的關鍵安全和效率需求。

According to third-party research, power consumption by data centers is expected to increase from 4.4% of total US electricity demand in 2023 to 12% by 2028. Operators urgently need safe and energy-efficient cooling solutions to maximize performance and reliability. Our new engineering evaluation and certification for immersion cooling fluids complements our existing programs for immersion tanks and systems. It's important to note that TIC services for data centers represents an important large and growing market for us as technologies continue to advance in computing and AI. The Grand View Research Group expects the data center construction market to grow at a 12% CAGR over the next five years.

根據第三方研究，資料中心的電力消耗預計將從 2023 年占美國總電力需求的 4.4% 增加到 2028 年的 12%。營運商迫切需要安全、節能的冷卻解決方案來最大限度地提高效能和可靠性。我們對浸入式冷卻液的新工程評估和認證補充了我們現有的浸入式槽和系統計劃。值得注意的是，隨著運算和人工智慧技術的不斷進步，資料中心的 TIC 服務對我們來說是一個重要且龐大且不斷成長的市場。Grand View Research Group 預計未來五年資料中心建設市場將以 12% 的複合年增長率成長。

We believe that we are very well positioned to capitalize on the rapid growth of data centers by helping address the safety, sustainability and security concerns inherent in these complex environments. In fact, many of our operating units have service offerings in this space. The list is large as there are approximately 70 applicable standards to which we test, certify and inspect. Our go-to-market strategy highlights the broad and deep expertise we have in the full life cycle of data center infrastructure and system needs.

我們相信，透過協助解決這些複雜環境中固有的安全、永續性和保障問題，我們完全有能力利用資料中心的快速成長。事實上，我們的許多營運單位都提供這一領域的服務。清單很長，因為我們測試、認證和檢查的適用標準大約有 70 個。我們的市場進入策略凸顯了我們在資料中心基礎設施和系統需求的整個生命週期中擁有的廣泛而深入的專業知識。

Finally, let me provide an updated perspective on the resilience of our business model and how we are positioned to win even in periods of uncertainty. As a global leader of critical product safety science offerings, we support our customers wherever they research, develop and manufacture products worldwide. Our existing global footprint and testing capacity position us well to meet customer needs effectively across all locations. Our business model provides initial testing during new product development, followed by ongoing certification throughout a product's life cycle in the market, creating sustained revenue streams and deep customer relationships.

最後，讓我從最新的角度闡述我們的商業模式的彈性，以及我們如何在不確定的時期取得勝利。作為關鍵產品安全科學產品的全球領導者，我們為世界各地的客戶提供產品研究、開發和製造支援。我們現有的全球業務範圍和測試能力使我們能夠有效地滿足所有地區的客戶需求。我們的商業模式在新產品開發期間提供初步測試，然後在產品的整個市場生命週期中進行持續認證，從而創造持續的收入來源和深厚的客戶關係。

Our customers are still bringing new products to market. We experienced an initial slowdown in customer projects when tariff levels were first announced early in the second quarter, as companies pause to assess the potential impact of the tariffs as well as other geopolitical issues. This pause was followed by accelerated ordering in June, demonstrating both the essential nature of our services and our customers' commitment to maintaining product development time lines. As a reminder, these dynamics may create incremental opportunities for us as tariffs drive customers to redesign products or relocate manufacturing, both of which often require recertification.

我們的客戶仍在不斷將新產品推向市場。當第二季初首次公佈關稅水準時，我們經歷了客戶專案最初放緩，因為公司暫停評估關稅以及其他地緣政治問題的潛在影響。此次暫停之後，6 月的訂單量增加，這不僅反映了我們服務的本質，也反映了客戶對維持產品開發時間表的承諾。提醒一下，這些動態可能會為我們創造增量機會，因為關稅迫使客戶重新設計產品或轉移製造，這兩者通常都需要重新認證。

Now let me turn the call over to Ryan for a detailed review of our second quarter results.

現在，讓我將電話轉給瑞安，讓他詳細回顧我們的第二季業績。

Thank you, Jenny, and hello, everyone. I also want to thank all of our team members for delivering another strong quarter and continuing the momentum we have maintained since coming to the public markets in April of last year. We are proud to report in our second quarter on a consolidated basis, a continuation of healthy growth, margin expansion and solid cash generation. As Jenny mentioned, revenues for the quarter were an all-time record, and it's encouraging to see that, that revenue growth once again occurred across all of our segments.

謝謝你，珍妮，大家好。我還要感謝我們團隊的所有成員，感謝他們又一個強勁的季度表現，並延續了我們自去年四月上市以來一直保持的勢頭。我們很自豪地報告，第二季的合併業績繼續保持健康成長、利潤率擴大和穩健的現金產生。正如珍妮所提到的，本季的收入創下了歷史新高，令人鼓舞的是，我們所有部門的收入再次實現成長。

Now let me dive into the details of the quarter. Consolidated revenue of $776 million was up 6.3% over the prior year quarter. The increase included favorable FX movements, particularly the euro and the Japanese yen, On an organic basis, revenue grew 5.5%. Cost of revenue as a percentage of revenue for the quarter increased 70 basis points to 50.6% due to higher depreciation and negative FX impacts. SG&A expenses as a percentage of revenue decreased 150 basis points to 31.4%, this was primarily driven by operating leverage as a result of revenue growth, partially offset by higher costs associated with internal projects.

現在讓我深入了解本季的細節。綜合營收 7.76 億美元，較去年同期成長 6.3%。成長包括有利的外匯走勢，特別是歐元和日圓，以有機基礎計算，收入成長了 5.5%。由於折舊增加和外匯負面影響，本季收入成本佔收入的百分比增加了 70 個基點，達到 50.6%。銷售、一般及行政費用佔收入的百分比下降了 150 個基點，至 31.4%，這主要是由於收入增長導致的經營槓桿所致，但部分被與內部項目相關的成本增加所抵消。

As a reminder, we recognized $9 million of performance-based incentive costs in the second quarter of 2024 related to cash-settled depreciation rights as we converted them to equity-settled compensation upon the date of our IPO. I would also like to point out that our cost of revenue and our SG&A were negatively impacted by changes in FX roughly offsetting the benefit on revenues. Adjusted EBITDA for the quarter was $197 million, an improvement of 13.9% year-over-year.

提醒一下，我們在 2024 年第二季度確認了 900 萬美元的基於績效的激勵成本，這些成本與現金結算的折舊權有關，因為我們在 IPO 之日將其轉換為股權結算的薪酬。我還想指出，我們的收入成本和銷售、一般及行政費用受到外匯變化的負面影響，大致抵銷了收入收益。本季調整後 EBITDA 為 1.97 億美元，年增 13.9%。

Adjusted EBITDA margin was 25.4%, up 170 basis points from last year, primarily on strength in the Industrial segment. As Jenny mentioned earlier, this margin is the highest since we became a public company. Adjusted net income for the second quarter was $110 million, up 17% from last year. Adjusted diluted earnings per share was $0.52, up from $0.44 per share in the second quarter of 2024.

調整後的 EBITDA 利潤率為 25.4%，比去年同期成長 170 個基點，主要得益於工業部門的強勁成長。正如珍妮之前提到的，這個利潤率是我們上市以來的最高水準。第二季調整後淨收入為1.1億美元，較去年同期成長17%。調整後每股攤薄收益為 0.52 美元，高於 2024 年第二季的每股 0.44 美元。

Now let me turn to our performance by segment, starting with Industrial. Revenues in industrial rose 7.6% to $338 million or 7% on an organic basis, primarily driven by growth in ongoing certification services and certification testing. We saw particular strength in energy and automation. Increased lab capacity, including our new North American advanced battery lab in Auburn Hills, Michigan, contributed to the growth. Revenue also benefited by $3 million versus the prior year from favorable changes in foreign exchange. Adjusted EBITDA for the Industrial segment increased 20.6% to $117 million while adjusted EBITDA margin improved 370 basis points to 34.6%. The Industrial segment demonstrated strong operating leverage in the quarter, as the majority of incremental revenue flowed to incremental operating income.

現在讓我來談談我們各部門的業績，先從工業部門開始。工業收入成長 7.6% 至 3.38 億美元，有機成長 7%，主要得益於持續認證服務和認證測試的成長。我們看到能源和自動化領域特別有優勢。實驗室能力的提高，包括我們位於密西根州奧本山的新的北美先進電池實驗室，促進了成長。由於外匯的有利變化，收入也比前一年增加了 300 萬美元。工業部門的調整後 EBITDA 成長 20.6% 至 1.17 億美元，而調整後 EBITDA 利潤率提高 370 個基點至 34.6%。工業部門在本季度表現出強勁的經營槓桿，因為大部分增量收入都流向了增量營業收入。

Now turning to the Consumer segment. Revenues in Consumer were $340 million, up 5.6% on a total basis and 4.7% on an organic basis. The increase was primarily driven by demand improvement in non-certification testing and other services. We saw particular strength across consumer technology, driven by increased demand for electromagnetic compatibility testing for consumer electronics and in retail. As discussed in our last call, we saw some moderation in consumer organic growth in the second quarter after a strong first quarter that likely benefited from, among other things, increased customer activity in the first quarter in anticipation of tariffs. Adjusted EBITDA for the quarter in Consumer was $65 million, an increase of 6.6%. Adjusted EBITDA margin for the quarter was 19.1%, an increase of 20 basis points. Organic growth and improved operational efficiency were the main drivers of the year-over-year improvement.

現在轉向消費者領域。消費者業務收入為 3.4 億美元，整體成長 5.6%，有機成長 4.7%。這一增長主要得益於非認證測試和其他服務需求的改善。我們看到消費性科技領域尤其強勁，這得益於消費性電子產品和零售業對電磁相容性測試的需求不斷增長。正如我們在上次電話會議中所討論的那樣，在第一季度表現強勁之後，第二季度消費者有機增長有所放緩，這可能得益於第一季度因預期關稅而增加的客戶活動等因素。消費品業務本季調整後 EBITDA 為 6,500 萬美元，成長 6.6%。本季調整後的 EBITDA 利潤率為 19.1%，成長 20 個基點。有機成長和營運效率的提高是年成長的主要驅動力。

In our Software & Advisory segment, revenues were $98 million, an increase of 4.3% on a total basis and 3.2% on an organic basis, our software service line within the Software & Advisory segment grew 6.0% on an organic basis. The improvement was driven by demand for our Ultra software portfolio including retail product compliance. Adjusted EBITDA for the quarter in Software & Advisory was $15 million, unchanged as compared to the second quarter of last year. Adjusted EBITDA margin for the quarter was 15.3%, a decline of 70 basis points due to unfavorable mix and higher employee compensation expense relative to revenue growth.

在我們的軟體和顧問部門，營收為 9,800 萬美元，整體成長 4.3%，有機成長 3.2%，軟體和顧問部門內的軟體服務線有機成長 6.0%。這項改善是由我們對 Ultra 軟體產品組合（包括零售產品合規性）的需求所推動的。軟體和顧問業務本季的調整後 EBITDA 為 1500 萬美元，與去年第二季相比沒有變化。本季調整後的 EBITDA 利潤率為 15.3%，由於產品組合不利以及員工薪酬支出相對於收入增長較高，下降了 70 個基點。

Turning to our cash generation in the first 6 months. We delivered $301 million of cash from operating activities, up from $244 million in the year-ago period. Capital expenditures in the first half were $93 million compared to $113 million in the same period last year. I'm very proud of our global team for generating $208 million in free cash flow in the first half, primarily as a result of improved profitability in our core business. This compares to $131 million in the year-ago period, representing a 58.8% increase. In addition, we paid $26 million in dividends in the second quarter and $52 million year-to-date. We also paid down a net of $45 million of debt in the quarter, bringing our year-to-date debt pay down to $135 million.

談談我們前六個月的現金產生情況。我們從經營活動中獲得的現金為 3.01 億美元，高於去年同期的 2.44 億美元。上半年資本支出為 9,300 萬美元，去年同期為 1.13 億美元。我對我們的全球團隊感到非常自豪，他們在上半年創造了 2.08 億美元的自由現金流，這主要得益於我們核心業務獲利能力的提高。相比之下，去年同期為 1.31 億美元，成長了 58.8%。此外，我們在第二季支付了 2,600 萬美元的股息，今年迄今支付了 5,200 萬美元的股息。本季我們也償還了 4,500 萬美元的淨債務，使我們年初至今的債務償還降至 1.35 億美元。

As of June 30, we held $272 million of cash and cash equivalents. Our investment-grade credit ratings underscore the strength of our balance sheet. Our robust balance sheet and cash flow generation give us great flexibility to invest in organic initiatives and accretive acquisitions that are intended to help produce best-in-class shareholder returns. Our investments in key capacity additions are intended to continue to align the business with the mega trends driving demand for our services.

截至 6 月 30 日，我們持有 2.72 億美元的現金和現金等價物。我們的投資等級信用評級凸顯了我們資產負債表的強勁。我們強勁的資產負債表和現金流產生能力使我們能夠靈活地投資於有機計劃和增值收購，以幫助產生一流的股東回報。我們對關鍵產能增加的投資旨在使業務繼續與推動我們服務需求的大趨勢保持一致。

Now turning to our 2025 full year outlook. While we continue to navigate a dynamic geopolitical and macroeconomic environment, our diversified business model and strong market positioning enabled us to capitalize on emerging opportunities while managing potential risks effectively. We actively monitor these dynamics and their inputs on our customers to ensure we remain well positioned for continued success. Given our first half performance, solid visibility into our end markets and confidence in our strategic execution capabilities, we are pleased to affirm our 2025 full year outlook, and we remain optimistic about our ability to deliver sustained growth and value creation.

現在來談談我們對 2025 年全年的展望。在我們繼續應對動態的地緣政治和宏觀經濟環境的同時，我們多元化的業務模式和強大的市場定位使我們能夠利用新興機遇，同時有效地管理潛在風險。我們積極監控這些動態及其對客戶的影響，以確保我們始終處於有利地位，並持續取得成功。鑑於我們上半年的業績、對終端市場的清晰了解以及對戰略執行能力的信心，我們很高興地確認我們 2025 年全年的展望，並且我們對實現持續增長和價值創造的能力仍然持樂觀態度。

As a reminder, we face increasingly challenging comparisons in the second half of 2025 versus the second half of 2024. We continue to expect 2025 consolidated organic revenue growth to be in the mid-single-digit range as compared to our full year 2024 results. Organic growth is based on constant currency and excludes acquisitions and divestitures. We continue to expect our adjusted EBITDA margin to be approximately 24% for the full year 2025. Our margin expansion strategy is supported by several key drivers: capturing operational leverage as we scale our top line growth, capitalizing on our Industrial segment's higher growth trajectory relative to the other business units and maintaining our focus on continuous productivity improvements.

提醒一下，與 2024 年下半年相比，2025 年下半年我們面臨的比較挑戰越來越大。與 2024 年全年業績相比，我們仍預期 2025 年綜合有機收入成長將處於中等個位數範圍內。有機成長基於固定匯率計算，不包括收購和資產剝離。我們繼續預計 2025 年全年調整後的 EBITDA 利潤率將達到約 24%。我們的利潤率擴張策略受到幾個關鍵驅動因素的支持：在擴大營收成長的同時獲取營運槓桿，利用工業部門相對於其他業務部門的更高成長軌跡，並維持對持續提高生產力的關注。

Additionally, we remain committed to identifying and executing strategic acquisitions in high-value markets that enhance our profitability profile and our earnings potential, while consistently evaluating opportunities to optimize our overall portfolio mix. Our outlook for capital expenditures in 2025 remains in the range of approximately 7% to 8% of revenue, with investments in new labs and software continuing as we seek to match strong customer demand in all three segments. Our expectations for our effective tax rate in 2025 remains approximately 26%. This compares to an effective tax rate of 16.9% in 2024 with the anticipated change due primarily to additional implementation of the OECD's Pillar 2 requirements, which affects how multinational corporations are taxed.

此外，我們仍然致力於在高價值市場中尋找和執行策略性收購，以提高我們的獲利能力和獲利潛力，同時不斷評估優化我們整體投資組合的機會。我們對 2025 年資本支出的預期仍保持在收入的 7% 至 8% 左右，我們將繼續對新實驗室和軟體進行投資，以滿足三個領域強勁的客戶需求。我們對 2025 年有效稅率的預期仍為 26% 左右。相較之下，2024 年的有效稅率為 16.9%，預計這項變更主要歸因於經合組織第二支柱要求的進一步實施，這會影響跨國公司的徵稅方式。

Our Q2 and year-to-date performance demonstrates sustained business momentum with enhanced profitability and robust cash flow generation. The strength of our investment-grade balance sheet enables strategic capital allocation opportunities as we continue executing on our commitment to deliver exceptional returns for our shareholders.

我們第二季和年初至今的業績展現出持續的業務勢頭，獲利能力增強，現金流強勁。我們投資等級資產負債表的強勁實力為我們提供了策略資本配置機會，讓我們能夠繼續履行為股東帶來卓越回報的承諾。

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. As I'd like to highlight, we always have some very interesting things going on at UL Solutions. Two weeks ago, I had the honor of moderating a panel here in Chicago at the Global Quantum Forum. This was a 2-day sold-out event, which brought together some of the leading minds from all over the world in this emerging field. Chicago is becoming an epicenter for development of this innovative computing method with the establishment of the Illinois Quantum and Microelectronics Park on the City South side. As so many of the panelists described, the potential for quantum computing to solve previously intractable problems is real and gaining momentum.

謝謝，瑞安。我想強調的是，UL Solutions 總是有一些非常有趣的事情發生。兩週前，我有幸在芝加哥全球量子論壇上主持一個小組討論。這是一場為期兩天、門票全部售罄的活動，匯集了來自世界各地的這一新興領域的一些頂尖人才。隨著芝加哥南區伊利諾量子與微電子園區的建立，芝加哥正成為這種創新運算方法的發展中心。正如許多小組成員所描述的那樣，量子計算解決以前難以解決的問題的潛力是真實存在的，並且發展勢頭強勁。

Our role at UL Solutions in this technology revolution is to work with our customers to solve the safety, security and sustainability problems that always accompany any leading-edge technology, something we have been doing for more than 130 years.

在這場技術革命中，UL Solutions 的職責是與客戶合作解決任何尖端技術必然伴隨的安全、保障和永續性問題，130 多年來我們一直在做這件事。

To sum up, our second quarter results demonstrate the continued strength of our business model. The strategic investments we have made and continue to make in key growth areas position us at the forefront of the mega trends driving demand for our services. The quarter also highlighted the essential nature of our safety science offerings as we successfully navigated dynamic market conditions. Our global footprint, our diversified revenue streams and our deep customer relationships, continue to serve us well in an evolving environment.

總而言之，我們第二季的業績證明了我們的商業模式持續強勁。我們在關鍵成長領域已經做出並將繼續做出的策略性投資，使我們處於推動我們服務需求的大趨勢的前沿。本季度，我們成功應對了動態的市場條件，也凸顯了我們的安全科學產品的本質。我們的全球業務、多元化的收入來源和深厚的客戶關係在不斷變化的環境中繼續為我們提供良好的服務。

With strong cash flow generation and our investment-grade balance sheet, we remain well positioned to capitalize on strategic growth opportunities, while delivering long-term value to shareholders.

憑藉強勁的現金流量和投資等級資產負債表，我們仍能充分利用策略成長機會，同時為股東創造長期價值。

With that, we'll open the line for questions.

接下來，我們將開放問答熱線。

(Operator Instructions)

（操作員指示）

Andrew Nicholas, William Blair.

安德魯尼古拉斯、威廉布萊爾。

This is Dan Maxwell on for Andrew today. Maybe to kick things off, get the tariff questions out of the way. Just curious if you guys are seeing any changes on client behavior or other trends worth calling out, including anything specifically related to clients managing their exposure to China.

今天由 Dan Maxwell 代替安德魯 (Andrew) 主持。也許是為了先解決關稅問題。我只是好奇你們是否看到客戶行為或其他值得關注的趨勢的變化，包括與客戶管理其在中國的風險敞口具體相關的任何變化。

Thanks, Dan. And it is an important question. And we started seeing this really in the fourth quarter and through the first quarter. Uncertainty in 2025 has caused some behavior shifts. There's been some -- we believe to pull forward in the fourth quarter in our Industrial business and pull forward in the first quarter in our Consumer business and there has been perhaps some slowdown in new product launches. But as greater certainty is entering the market, which is really what we believe we started to see in June. We believe that the typical response that our business has to tariffs will continue, helping our customers shift their supply chains and make decisions around where they want to conduct R&D and manufacturing of their products.

謝謝，丹。這是一個重要的問題。我們在第四季和第一季確實開始看到這種情況。2025年的不確定性導致了某些行為的轉變。我們認為，第四季工業業務和第一季消費者業務將提前，而新產品的發布速度可能有所放緩。但隨著更大的確定性進入市場，這正是我們認為在六月開始看到的情況。我們相信，我們的企業對關稅的典型反應將會持續下去，幫助我們的客戶轉移他們的供應鏈，並決定在哪裡進行他們的產品的研發和製造。

Great thanks. And then for my follow up, appreciated your comments on the the lab expansions in Europe. Maybe if you could just give us a kind of a broader full business update on where you sit as far as overall lab capacity and then what you think, maybe the next sort of large areas of investment on that front or or otherwise in the business.

非常感謝。然後，對於我的後續行動，感謝您對歐洲實驗室擴建的評論。也許您可以向我們提供更廣泛的全面業務更新，說明您在整體實驗室能力方面的現狀，然後您認為下一步在該領域或其他業務方面可能會進行哪些大的投資。

Absolutely. And we do really enjoy investing in organic growth. We've got good return on our invested capital from our history of this. And when we look at our lab capacity today, we don't report specific utilization rates, but it's safe to say that recent lab additions as well as continuous improvement in our existing labs are contributing to our improved results. And as you know, our Auburn Hills lab came online in the second half of last year, and Ryan highlighted that continued progress.

絕對地。我們確實很享受對有機成長的投資。從我們的歷史經驗來看，我們的投資資本獲得了良好的回報。當我們今天回顧實驗室容量時，我們沒有報告具體的利用率，但可以肯定地說，最近增加的實驗室以及現有實驗室的持續改進有助於我們提高結果。如您所知，我們的奧本山實驗室於去年下半年投入使用，Ryan 強調了這項持續進展。

We continue to focus on some key announcements of lab expansion. We have a Global Fire Science Center of Excellence that we announced I think, in the first quarter, and we've been expanding our lab capacity in Mexico and putting improvements here in Northbrook. We've also, last quarter, announced some lab expansions in both Korea and Japan. So we continue to apply capital to where our customers are bringing demand to our attention, and we'll continue to do so with discipline but also growth mindset.

我們繼續關注實驗室擴建的一些重要公告。我認為，我們在第一季宣布成立了全球火災科學卓越中心，並且一直在擴大我們在墨西哥的實驗室容量，並在諾斯布魯克進行改進。上個季度，我們也宣佈在韓國和日本擴建一些實驗室。因此，我們將繼續把資金投入到客戶需要我們關注的領域，並且我們將繼續在紀律和成長心態下這樣做。

Great thank you.

非常感謝。

Andrew Steinerman with JPMorgan.

摩根大通的 Andrew Steinerman。

It's Andrew. Ryan, I heard the way you framed the full year guide mid-single-digit organic constant currency revenue growth with sustained momentum and somewhat tougher comps in the second half. Like when I look at the tougher comps in the second half, I see them on an organic constant currency basis, it's about 1 point tougher than the second quarter you just reported. What I'm curious about is sort of numerically, in the first half of the year, you were at the very high end of mid-single-digit organic revenue growth. And to make mid-single digit for the full year, are you saying the second half of the year may be somewhat below mid-single-digit organic constant currency revenue growth to make mid-single digits for the full year?

我是安德魯。瑞安，我聽說您制定的全年指引是：有機固定匯率收入將實現中等個位數增長，且下半年將保持持續增長勢頭，但同比增速會略有下降。就像當我看到下半年更艱難的競爭情況時，我看到它們以有機固定貨幣為基礎，比你剛剛報告的第二季度要艱難約 1 個百分點。我好奇的是，從數字上看，今年上半年，你們的有機收入成長率達到了非常高的個位數中段。為了實現全年中等個位數的成長，您是否是說下半年的有機恆定貨幣收入成長可能會略低於中等個位數，從而使全年達到中等個位數？

Andrew, thank you very much for the question. And yes, we're pleased with our performance year-to-date. And you're right to point out the steepening comparisons in the second half as a reminder, in the third quarter of last year or our organic revenue growth was 9.3% and in the fourth quarter it was 9.5%. So those just create higher comparisons, but we're confident in how the business is progressing. Our focus has been on our outlook on a full year basis. As Jenny mentioned, I think we're seeing a bit more market clarity and reductions and uncertainty, but it's not without uncertainty, and there continue to be announcements about changes that could affect the product development behaviors of our customers. So we remain confident but cautious.

安德魯，非常感謝您的提問。是的，我們對今年迄今為止的表現感到滿意。您正確地指出了下半年的對比加劇，提醒一下，去年第三季我們的有機收入成長率為 9.3%，第四季為 9.5%。因此，這些只是創造了更高的比較，但我們對業務進展充滿信心。我們的重點是全年的展望。正如珍妮所提到的，我認為我們看到市場變得更加清晰，不確定性減少，但這並非沒有不確定性，並且不斷有關於可能影響我們客戶產品開發行為的變化的公告。因此我們保持信心但又謹慎。

Okay, thank you.

好的，謝謝。

George Tong with Goldman Sachs.

高盛的 George Tong。

You mentioned you saw a bit of pull-forward activity in both the Industrial and Consumer businesses ahead of tariffs. Is it possible to quantify the amount of pull forward in both of those segments and how you expect that to impact growth in the coming quarters?

您提到，在關稅上調之前，工業和消費業務都出現了一些提前活動。是否可以量化這兩個領域的提前量，以及您預計這將如何影響未來幾季的成長？

Yes. And let's isolate the 2 distinctions and then Ryan will dig into the numbers. Where we saw a pull forward in Industrial appeared in the fourth quarter last year, and we talked about our ongoing certification services and, in particular, labels, where we believe some of our industrial customers may have been stocking up in advance of tariffs and then we've seen that now normalize. In Consumer, what we saw was perhaps a surge in getting shipments out before tariffs were going to hit, and we believe we saw that in the first quarter.

是的。讓我們分開這兩個區別，然後 Ryan 將深入研究數字。我們看到工業領域在去年第四季度出現了拉動，我們談到了我們正在進行的認證服務，特別是標籤，我們認為我們的一些工業客戶可能在關稅之前就已經囤貨了，然後我們看到這種情況現在已經正常化。在消費品方面，我們看到的可能是在關稅即將生效之前發貨量激增，我們相信我們在第一季就看到了這種情況。

So specifically quantifying, I'll look to Ryan.

因此，具體量化的話，我會向 Ryan 尋求幫助。

Yes. So as a reminder, in the first quarter, our organic revenue growth for Consumer was 7.7% and what we just reported was 4.7%. And our underlying customer relationships, our ability to win business hasn't changed materially. There's just been some effect in the marketplace. But we view those as relatively short term. The fundamental drivers of new product innovation, of new technological development, of assortment provided by manufacturers, we don't see fundamental longer-term changes in those but changes in macroeconomic and government policy matters can affect short-term decisions.

是的。提醒一下，第一季度，我們的消費者有機收入成長率為 7.7%，而我們剛剛報告的數字是 4.7%。我們的基本客戶關係和贏得業務的能力並沒有實質的變化。市場上已經出現了一些影響。但我們認為這些是相對短期的。新產品創新、新技術開發、製造商提供的產品組合等基本驅動因素，我們看不到它們發生根本性的長期變化，但宏觀經濟和政府政策的變化可能會影響短期決策。

Got it. That's helpful. And then with respect to margins, you saw very significant year-over-year margin expansion in the Industrial segment. How much additional runway do you see for margin expansion here and also in your other segments, Consumer and Software and Advisory?

知道了。這很有幫助。就利潤率而言，您會看到工業部門的利潤率比去年同期大幅成長。您認為這裡以及其他部門（消費者、軟體和諮詢）的利潤率還有多少成長空間？

The way that we phrased that is we see margin opportunity expansion in all 3 of our segments and then, of course, on a consolidated basis. We don't give segment specific guidance. But we've made strong progress in the quarter and through the first half of the year, there were a couple of things in Industrial that were relatively minor. We mentioned in the second quarter of last year. We had both some IPO-related incentive recognition expense and in the second quarter of last year in Industrial, we had 3 M&A transactions, 2 acquisitions and 1 divestiture in a quarter. So there were some transaction-related expenses in the second quarter of last year that we're comparing against, but even isolating from those we had good margin expansion.

我們的表述方式是，我們看到所有三個部門的利潤機會都在擴大，當然，這是在合併的基礎上的。我們不提供針對特定領域的指導。但我們在本季度取得了重大進展，並且在今年上半年，工業領域出現了一些相對較小的問題。我們在去年第二季提到。我們有一些與 IPO 相關的激勵確認費用，去年第二季度，在工業領域，我們在一個季度內進行了 3 筆併購交易、2 筆收購和 1 筆資產剝離。因此，我們正在與去年第二季度的一些交易相關費用進行比較，但即使與這些費用分開，我們的利潤率仍然增長良好。

Stephanie Moore with Jefferies.

傑富瑞 (Jefferies) 的 Stephanie Moore。

Maybe a bigger picture question for you, Jenny. As you think about the growth in data centers and the computing required for these LLM models and the like. Can you maybe talk about how you view this mega trend as compared to other mega trends, for example, electrification of everything, digitalization and the like? So if you could just kind of frame what this opportunity could be for your business that would be helpful.

珍妮，這對你來說可能是一個更大的問題。當您考慮資料中心的成長以及這些 LLM 模型等所需的計算。您能否談談您如何看待這一大趨勢，並將其與其他大趨勢（例如，一切電氣化、數位化等）進行比較？因此，如果您能大致描述一下這個機會對您的業務有何幫助，那將會很有幫助。

And I love talking about this because my very first job was helping build data centers when I was at IBM 35 years ago. So Here's the thing about data centers and that mega trend is it actually reflects the confluence of a few key trends. So the electrification of everything is extremely important. NEMA put out a study back in April that talked about 300% projected growth in data center energy consumption over the next 10 years. And so the sources of where that energy is going to come from, is across all elements. It's traditional fossil fuels as well as renewables, wind, solar, geothermal, hydro, anything that anybody can get their hands on. Nuclear to generate energy to support data centers is extremely important.

我喜歡談論這個，因為 35 年前我在 IBM 時的第一份工作就是幫助建立資料中心。因此，這就是資料中心的情況，而這一大趨勢實際上反映了幾個關鍵趨勢的融合。因此，一切電氣化都極為重要。NEMA 今年 4 月發布了一項研究報告，預測未來 10 年資料中心能源消耗將成長 300%。因此，能量的來源是所有元素。它包括傳統的化石燃料以及再生能源、風能、太陽能、地熱能、水力發電等任何人都可以獲得的能源。核能發電來支援資料中心極為重要。

So that trickles through all of our industrial customers as they're thinking about how do they help build equipment that supports different types of energy generation, how are they supporting the ways in which energy is transmitted. And there's -- we've seen in our wire and cable business, an increase in high-voltage cable testing.

因此，當我們所有的工業客戶都在思考如何幫助建造支援不同類型能源生產的設備，如何支援能源傳輸方式時，這一點就會逐漸顯現出來。我們發現，在我們的電線電纜業務中，高壓電纜測試增加。

The way that it's stored, the importance of energy storage systems, particularly in the Industrial space is growing, and then the way that it's used. And this is where continued inventions in the actual computing space of how do you reduce the amount of energy that these data centers are going to need.

能源儲存方式、能源儲存系統的重要性（特別是在工業領域）正在日益增長，其使用方式也日益重要。這就是實際計算領域中如何減少這些資料中心所需的能源的持續發明。

In fact, at the Quantum Forum last week, they talked about how can quantum be used to help solve the problem of the amount of electricity that AI data centers need. So it's -- I really view this whole digitalization trend as pulling together pieces of our mega trends of electrification of everything, sustainability and digitalization. And it's really exciting to just sit back and think about all the ways in which it's going to change our world.

事實上，在上週的量子論壇上，他們就談到如何利用量子來幫助解決AI資料中心所需的電力問題。所以——我確實認為整個數位化趨勢是將一切電氣化、永續性和數位化等大趨勢整合在一起。當我們坐下來思考它將如何改變我們的世界時，真是令人興奮。

And then maybe just as a follow-up to that question. As you think about this emerging over time, does it suggest that you could see some incremental lab capacity investments or that needed to see that in order to capitalize on some of these trends? And then same question, but if it's not incremental lab capacity investments, are there areas from a capital allocation standpoint that you could maybe move into M&A-wise, that could further expand on this trend?

然後也許只是作為這個問題的後續。當您思考這一現象隨著時間的推移而出現時，是否表明您可以看到一些增量實驗室能力投資，或者需要看到這一點才能利用其中的一些趨勢？然後是同樣的問題，但如果不是增量實驗室能力投資，從資本配置的角度來看，是否有可以進入併購領域的領域，可以進一步擴大這個趨勢？

We're absolutely looking at both of those things. I think when you look at the standards that are being applied, but let's just take cooling technology. There's a number of different UL and IEC cooling standards that are out there. And we'll continue to think about what are the most cutting-edge ways to test to those standards. And if it makes sense that we need to add lab capacity, we will. We have labs today that can handle this. But as new standards come out, new test methods may be needed and will stay ahead of those investments.

我們絕對在關注這兩件事。我認為當您查看正在應用的標準時，我們只考慮冷卻技術。目前有許多不同的 UL 和 IEC 冷卻標準。我們將繼續思考哪些是最前沿的方法來測試這些標準。如果需要增加實驗室容量，我們就會這麼做。我們今天有實驗室可以處理這個問題。但隨著新標準的出台，可能需要新的測試方法，並且將領先這些投資。

At the same time, we're also really excited that so many of our global and strategic accounts where we have long-term global relationships. Our key -- they're really key participants, they're key stakeholders in this whole data center ecosystem. So that's giving us visibility and opportunities into thinking about partnerships and other potential investments in the future. And we just -- we're just excited to be in the center of all this.

同時，我們也非常高興我們與如此多的全球策略客戶建立了長期的全球關係。我們的關鍵——他們確實是整個資料中心生態系統的關鍵參與者、關鍵利害關係人。因此，這為我們提供了思考未來合作夥伴關係和其他潛在投資的機會。我們只是——我們很高興能成為這一切的中心。

Ms. Moore are you done with the questions?

摩爾女士，您的問題問完了嗎？

Oh, yes, I am. Thank you. Appreciate it. Thank you.

噢，是的。謝謝。非常感謝。謝謝。

Thanks, Stephanie. Always nice to hear from you.

謝謝，斯蒂芬妮。很高興收到您的來信。

Josh Chan with UBS

瑞銀集團的 Josh Chan

Hi, good morning, Jenny and Ryan. I was wondering if Jenny, you could elaborate on your June comments about the tariffs. What kind of improvement did you see in the market? And then just as a broader question, do you feel that customers are already having made decisions on post tariffs? Or I'm kind of surprised by that because the environment is obviously still very fluid.

嗨，早上好，珍妮和瑞安。我想知道珍妮，你能否詳細說明一下你六月對關稅的評論。您看到市場出現了哪些改善？然後，作為一個更廣泛的問題，您是否認為客戶已經對後期關稅做出了決定？或者我對此感到有點驚訝，因為環境顯然仍然非常不穩定。

Thank you.

謝謝。

Yes. Great question on both fronts. So first, let me just talk about the arc of the quarter, and then I can talk about what we believe our customers may be deciding. The arc of the quarter, as we said, both in Industrial and Consumer and Software & Advisory that there was just softer than expected growth, softer-than-expected order volume in April and May. And then we did see a shift to pick up in June. And we -- in Industrial, throughout the quarter, we saw some real strength in power and automation in those industrial storage systems and in some of the high-voltage wire and cable.

是的。這兩方面的問題都問得很好。首先，讓我先談談本季的情況，然後我可以談談我們認為客戶可能會做出的決定。正如我們所說，本季無論是工業和消費領域還是軟體和諮詢領域，4 月和 5 月的成長都低於預期，訂單量也低於預期。然後我們確實看到六月出現了回升的趨勢。在工業領域，整個季度，我們看到了工業儲存系統以及一些高壓電線和電纜在電力和自動化方面的真正實力。

And in other areas, we saw things come back in June. In Consumer, typically, historically, the second quarter is our strongest revenue quarter and orders were soft in April and May. But our large retailers, the strength in that space is -- it continues to be real, and we saw that across the US and in broader Asia. And in Consumer Technology, we saw really the pickup come back in June across US, UK, Asia, Greater China. So that's been the arc of the quarter.

在其他地區，我們看到情況在六月有所改善。在消費品方面，從歷史上看，第二季度通常是我們收入最高的季度，而四月和五月的訂單則較為疲軟。但我們的大型零售商在該領域的優勢是——它仍然是真實的，我們在美國和整個亞洲都看到了這一點。在消費科技領域，我們看到美國、英國、亞洲和大中華區的消費科技市場在 6 月確實出現回溫。這就是本季的概況。

Given that as we evaluate what our customers believe. What we're seeing is as various decisions are being made across both tariffs and regulations. Customers are building confidence in what decisions they need to make. And while there's still, as Ryan said, a lot of uncertainty, a lot of things can change. There just seems to be a greater sense that there will be more clarity to what they can rely on in the future. And it's that reliance on the future that will allow them to continue to make their capital allocation decisions around new product development and R&D.

鑑於我們評估客戶的想法。我們看到，我們正在就關稅和法規做出各種決定。客戶對於他們需要做出的決定正在建立信心。正如瑞安所說，儘管仍然存在許多不確定性，但很多事情都可能會改變。他們似乎更清楚自己未來可以依賴什麼。正是對未來的依賴使他們能夠繼續圍繞新產品開發和研發做出資本配置決策。

And then just to build on that through a dynamic period we're pleased that all of our team members around the world have delivered through the first half, 6.5% organic growth in a relatively uncertain time. So the team is performing well.

然後，為了在此基礎上再接再厲，度過一個充滿活力的時期，我們很高興看到，我們在世界各地的所有團隊成員在上半年都實現了 6.5% 的有機增長，儘管這一時期相對不確定。所以球隊表現良好。

That's great, yeah, thank you for that. That's really helpful, and then I guess my follow up is on that growth. So based on Ryan, your comment about the tougher comps in the second half, one could think that growth would decelerate from Q2 into the second half, but based on this improvement in June, do you think that could kind of offset the tougher comp narrative that that that was mentioned previously? Thank.

太好了，是的，謝謝你。這確實很有幫助，然後我想我的後續行動就是關注這種成長。因此，根據 Ryan 的說法，您關於下半年更艱難的競爭形勢的評論，人們可能會認為增長將從第二季度到下半年減速，但基於 6 月份的這種改善，您是否認為這可以抵消之前提到的更艱難的競爭形勢？感謝。

Yes. It's really difficult to isolate whether the shape of the quarter was just redistribution of activity that would otherwise happen in the quarter or it's a stepping off point for the second half. And it continues to be a less certain environment than last year, but we're pleased with the progress. So at this point, we felt affirming guidance was something we were comfortable doing.

是的。很難區分本季的形態是否只是本季活動的重新分配，還是下半年的起點。與去年相比，今年的環境仍然不太確定，但我們對進展感到滿意。因此，在這一點上，我們覺得肯定指導是我們樂意做的事情。

Great, thank you for the cover and congrats on the quarter.

太好了，謝謝你的封面，並祝賀本季取得佳績。

Thank you.

謝謝。

Arthur Truslove with Citi.

花旗銀行的 Arthur Truslove。

So just a couple for me, if I may. The first 1 was around the pull forward in Q1. I guess -- and indeed, the sort of stop the pause in customer activity following Liberation Day. I was just wondering kind of how you kind of became aware of that because I was a bit surprised to hear that today there some-- I don't recall hearing at Q1. So I just wondered what new information has come out there. And then second question on pricing. So how much -- are you able to give us any idea of how much of the pricing in Q2 to how much of the organic growth in Q2 was pricing? And with that in mind, kind of how developed you are in terms of your pricing and how much more sort of commercialization you've got to do there?

如果可以的話，我只想舉幾個例子。第一個是關於 Q1 中的向前推進。我想－事實上，解放日之後客戶活動確實會暫停。我只是想知道你是如何意識到這一點的，因為我今天聽到這個消息有點驚訝——我不記得在 Q1 聽過。所以我只是想知道那裡有什麼新資訊。第二個問題是關於定價。那麼，您能否告訴我們，第二季的定價佔第二季有機成長的比重是多少？考慮到這一點，您在定價方面發展得如何？您還需要進行多少商業化工作？

Thank you.

謝謝。

Thank you very much for the questions, Arthur. And then just first on the shaping. In the first quarter call, we did mention that we felt that the consumer business had some pull forward. In particular, we saw some increased activity in some areas of the world that were more tariff-affected, and we saw an increase in relative activity on a sequential basis. So we did mention that last quarter. And then in regard to pricing, we had similar contributions from price and volume in our testing-related businesses, slightly more contribution from price, but pretty similar.

非常感謝您提出這些問題，亞瑟。然後先進行塑形。在第一季的電話會議上，我們確實提到，我們感覺消費者業務有所進步。具體來說，我們看到世界上一些受關稅影響較大的地區的活動增加，我們看到相對活動在連續基礎上增加。我們上個季度確實提到了這一點。然後在定價方面，我們在測試相關業務中的價格和數量貢獻相似，價格貢獻略高，但非常相似。

And let me just add one more thing on pricing because we've mentioned it before. We've been in the process of implementing our configure price quote. And it's not just a system, it's an entire set of processes. And so our teams have been very much moving through the implementation, not just of embedded analytics for their pricing decisions, but also changing our processes and the monitoring that we have on that as well as creating a pricing center of excellence. So we're continuing to focus on how we deliver value-based pricing for our customers.

關於定價，我再補充一點，因為我們之前已經提過。我們一直在實施配置價格報價。它不只是一個系統，而是一整套流程。因此，我們的團隊一直在大力推動實施工作，不僅在定價決策中嵌入分析，而且還改變我們的流程和監控方式，並創建卓越的定價中心。因此，我們將繼續關注如何為客戶提供基於價值的定價。

Wonderful. Thank you very much indeed, and thanks for the clarification on the first as well.

精彩的。確實非常感謝您，也感謝您對第一個問題的澄清。

Thank you. Thanks.

謝謝。謝謝。

Jason Haas with Wells Fargo.

富國銀行的 Jason Haas。

This is Jun-Yi on for Jason Haas. There was a pretty sizable acquisition done by one of your competitors in the space earlier last month in the US It sounds like they had some overlap with you guys. Just wondering if you took a look at that transaction and why you didn't pursue it? And if you foresee any competitive pressures? And then more broadly on just how the M&A pipeline looks today for you guys?

這是 Jun-Yi 為 Jason Haas 表演的。上個月初，你們在美國的一個競爭對手在該領域進行了一筆相當大的收購，聽起來他們和你們有一些重疊。只是想知道您是否看過該交易以及為什麼沒有繼續進行？您是否預見任何競爭壓力？那麼更廣泛地說，你們目前的併購管道是怎麼樣的呢？

Thank you.

謝謝。

Thanks, Jun-Yi. We remain disciplined and active in the M&A environment. And our goal with any M&A is to fortify our focus on the product TIC business and the strategy that we have there and to make sure that anything that we add both services and capabilities is something that our customers globally will feel is something that deepens our value and our relationship with them. So indeed, we have eyes on many, many, many deals that come into the marketplace. And in any deal, there are parts that we can find interesting, and there are parts that may or may not fit with our business strategy. And we continue to be disciplined and active in thinking about M&A.

謝謝，俊毅。我們在併購環境中保持紀律並積極活躍。我們進行任何併購的目標都是加強對產品 TIC 業務和我們在該業務上的策略的關注，並確保我們增加的任何服務和功能都能讓我們的全球客戶感受到深化我們的價值和我們與他們的關係。因此，我們確實關注著市場上出現的許多交易。在任何交易中，都會有一些我們感興趣的部分，也有一些部分可能符合或不符合我們的商業策略。我們將繼續嚴謹並積極地思考併購事宜。

Great. And as my follow-up, it looks like Software & Advisory moderated a bit on an organic basis. So just curious if there's anything to call out there and overall trends you're seeing in that segment?

偉大的。根據我的後續觀察，軟體和諮詢業務似乎在有機基礎上有所緩和。所以我只是好奇，有沒有什麼值得注意的地方以及您在該領域看到的整體趨勢？

Thank you.

謝謝。

Yes. The challenge this quarter in software and advisory was really advisory. And I believe we said that last quarter as well. There's just been a weakness in advisory in the United States. And in particular, as [WINS] policies are changing, there's some renewables advisory slowness in that piece. And as commercial real estate continues to be under some pressure, there's some pressure in our healthy buildings offerings there. But as Ryan mentioned, the organic growth for our software business was 6% and the changing regulations around CSRD in Europe slowed down some of our ESG software, but we expect that we'll see a pickup on that throughout the rest of the year.

是的。本季軟體和諮詢領域面臨的挑戰實際上是諮詢方面的。我相信我們上個季度也說過同樣的話。美國的諮詢工作一直存在著薄弱之處。特別是，隨著 [WINS] 政策的變化，該部分關於再生能源的諮詢有些遲緩。由於商業房地產持續面臨壓力，我們在那裡提供的健康建築產品也面臨一些壓力。但正如 Ryan 所提到的，我們的軟體業務的有機成長率為 6%，而歐洲 CSRD 法規的變化減緩了我們的部分 ESG 軟體的開發速度，但我們預計今年剩餘時間內這一數字會有所回升。

Thank you.

謝謝。

Thank you. This concludes our question-and-answer session. I would like to turn the conference back over to Jenny Scanlon, CEO, for closing remarks.

謝謝。我們的問答環節到此結束。我想將會議交還給執行長珍妮·斯坎隆 (Jenny Scanlon) 來致閉幕詞。

Thank you, everyone, for joining us today. As always, we appreciate your support, and we look forward to updating you on our progress next quarter.

感謝大家今天加入我們。像往常一樣，我們感謝您的支持，並期待下個季度向您通報我們的進展。

The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

會議現已結束。感謝您參加今天的演講。您現在可以斷開連線。