UL Solutions Inc (ULS) 2025 Q3 法說會逐字稿

Good day and welcome to the UL Solutions Third quarter 2025 earnings conference call. (Operator Instruction).

各位朋友，大家好，歡迎參加 UL Solutions 2025 年第三季財報電話會議。（操作說明）

I would now like to turn the conference over to Yijing Brentano.

現在我將把會議交給布倫塔諾·伊京主持。

Thank you. Welcome everyone to our Third quarter 2025 earnings call.

謝謝。歡迎大家參加我們2025年第三季財報電話會議。

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

今天與我一同出席的有我們的執行長珍妮佛·F·斯坎倫和我們的財務長瑞安·D·羅賓遜。

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.

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

Our earnings release is also available on the website.

我們的盈利報告也已發佈在網站上。

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

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

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

這些前瞻性陳述可能包括有關 UL Solutions、經營績效和估計以及前景的陳述，其中涉及重大風險、不確定性和其他因素，這些因素可能導致實際結果與前瞻性陳述中明示或暗示的結果有重大差異。

Please see the disclosure statement on slide two 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-10K for the year ended December 31, 2024.

請參閱收益簡報第二頁的揭露聲明，以及我們在收益發布中關於前瞻性聲明的免責聲明，以及我們在截至 2024 年 12 月 31 日的年度 10-K 表格年度報告中所述的風險因素。

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

除法律另有規定外，我們不承擔更新任何前瞻性聲明以反映本聲明發布日期之後發生的事件或情況的義務。

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

今天的簡報中也提到了非GAAP財務指標。

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

與最可比較的 GAAP 財務指標的調整表可在收益報告的附錄中找到。

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

接下來，我想把電話交給珍妮。

Good morning everyone and thanks for joining us. I'm excited to report another strong quarter of consistent growth across our business. All segments, major service categories, and geographic markets delivered solid results.

各位早安，感謝各位的收看。我很高興地向大家報告，我們業務又迎來了一個強勁的季度，各項業務均實現了持續成長。所有細分市場、主要服務類別和地理市場均取得了穩健的表現。

I want to start by acknowledging our outstanding team whose deep expertise and unwavering commitment are the driving forces behind these results. Their dedication to our safety science mission and exceptional customer service continues to be our greatest competitive differentiator and the cornerstone of our industry leading success.

首先，我要感謝我們傑出的團隊，他們深厚的專業知識和堅定不移的奉獻精神是這些成果的驅動力。他們對我們的安全科學使命的奉獻精神和卓越的客戶服務一直是我們最大的競爭優勢，也是我們行業領先成功的基石。

This broad-based performance demonstrates sustained customer demand and the resilience of our business model.

這一廣泛的業績顯示了客戶需求的持續性和我們商業模式的韌性。

It also highlights both our global reach and the strategic value of our focus on transformative industry.

這也突顯了我們的全球影響力以及我們專注於變革性產業的策略價值。

Our ongoing investments in energy transition, the electrification of everything, and digital transformation are expected to continue to drive sustainable growth and position us well for the future.

我們持續投資於能源轉型、全面電氣化和數位轉型，預計將繼續推動永續成長，並為未來奠定良好基礎。

Given our strong year-to-date performance, particularly in the Third quarter, and our current visibility into our customers' ongoing product development pipelines, we are strengthening our full year 2025 guidance.

鑑於我們今年迄今的強勁表現，尤其是在第三季度，以及我們目前對客戶正在進行的產品開發流程的了解，我們正在加強對 2025 年全年業績的預期。

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

在將電話交給瑞恩之前，我將介紹四個關鍵領域。

First, I'll talk about our Third quarter performance highlights. Second, I'll cover notable achievements and activities since we last reported. Third, I'll talk about a restructuring initiative we are announcing today to streamline our operating model, reduce expenses, and keep our focus on growth areas.

首先，我將談談我們第三季的業績亮點。其次，我將介紹自上次報道以來取得的顯著成就和活動。第三，我將談談我們今天宣布的一項重組計劃，該計劃旨在簡化我們的營運模式，降低成本，並將我們的注意力集中在成長領域。

And finally, I'll offer some perspectives on how our business continues to thrive.

最後，我將從我的角度談談我們公司如何持續蓬勃發展。

Ryan will dive into the numbers, but first, let me hit the high notes of our third quarter 2025 results.

Ryan 將深入分析數據，但首先，讓我來介紹一下我們 2025 年第三季業績的亮點。

I'm particularly proud that we delivered strong quarterly consolidated revenues that were up 7.1% as compared to the third quarter last year and up 6.3% on an organic basis.

我特別感到自豪的是，我們實現了強勁的季度合併收入，與去年第三季度相比增長了 7.1%，按有機增長計算增長了 6.3%。

Organically we had balanced contributions from all three of our segments with industrial up 7.3%, consumer up 5.3%, and software and advisory up 6.5%. We achieved these results against a dynamic geopolitical and regulatory environment that continues to impact our customers' behavior.

從有機成長來看，我們三個業務部門的貢獻均衡，其中工業部門成長 7.3%，消費部門成長 5.3%，軟體和諮詢部門成長 6.5%。我們在不斷變化的地緣政治和監管環境下取得了這些成果，而這種環境仍在持續影響著客戶的行為。

Profitability improved year over year, with adjusted EBITDA growing 18.6% to $217 million and adjusted EBITDA margin expanding by 270 basis points to the highest level since we became public in April of last year.

獲利能力逐年提高，調整後 EBITDA 成長 18.6% 至 2.17 億美元，調整後 EBITDA 利潤率成長 270 個基點，達到自去年 4 月上市以來的最高水準。

Higher revenue and realized operating leverage were key drivers. We generated $317 million of free cash flow through the first nine months of 2025, and our balance sheet remains robust.

更高的營收和實現的經營槓桿是關鍵驅動因素。2025 年前九個月，我們產生了 3.17 億美元的自由現金流，我們的資產負債表依然穩健。

Now let me highlight notable new offerings and key developments during the quarter.

現在讓我重點介紹本季值得關注的新產品和關鍵進展。

First, we continue driving growth through our ultra software platform with significant releases addressing customers' key compliance and sustainability challenges.

首先，我們透過推出重大版本，持續推動我們超強軟體平台的成長，以解決客戶在合規性和永續性方面面臨的關鍵挑戰。

New capabilities include enhanced Pfos identification, expanded ESG disclosure management for international standards, and AI powered features. These strategic enhancements strengthen our competitive position and are expected to grow our software annual recurring revenue.

新增功能包括增強型 PFO 識別、擴展的符合國際標準的 ESG 資訊揭露管理以及人工智慧驅動的功能。這些策略性改進增強了我們的競爭地位，並預計將提高我們軟體的年度經常性收入。

In addition, we expanded our marketing claim verification services into the high growth industrial software sector, positioning us as the trusted authority for our customers' next generation manufacturing technologies and the emerging industrial metaverse.

此外，我們將行銷聲明驗證服務擴展到了高成長的工業軟體領域，使我們成為客戶下一代製造技術和新興工業元宇宙的值得信賴的權威。

Siemens became our first customer to receive UL verified marks for these services.

西門子成為我們首家獲得UL認證標誌的客戶。

We expect the strategic expansion into industrial software verification to strengthen our role in enabling digital transformation across manufacturing environments while opening new revenue opportunities in this rapidly growing market segment.

我們期望透過策略性地拓展工業軟體驗證領域，加強我們在推動製造業環境數位化轉型方面的作用，同時在這個快速成長的市場領域開闢新的收入機會。

As the American leader in fire safety science, we broke ground at our Global Fire Science Center of excellence in Northbrook, Illinois, representing one of our largest laboratory investments to date and reinforcing our leadership in fire safety.

作為美國消防安全科學領域的領導者，我們在伊利諾伊州北布魯克破土動工興建了全球消防科學卓越中心，這是我們迄今為止最大的實驗室投資之一，鞏固了我們在消防安全領域的領導地位。

This state of the art facility on our 110 acre headquarters campus will integrate advanced testing capabilities with a dedicated R&D hub.

這座位於我們佔地 110 英畝的總部園區內的先進設施，將整合先進的測試能力和專門的研發中心。

The multi-building complex will test emerging products including PFAS firefighting foams and energy efficient designs and will serve North American and global manufacturers.

這多棟建築組成的綜合體將測試包括 PFAS 滅火泡沫和節能設計在內的新興產品，並將服務於北美和全球製造商。

We are focused on what we believe to be the most attractive mega trends in the product tech industry to drive above market growth while delivering superior margins that ultimately result in healthy cash generation.

我們專注於我們認為產品技術行業中最具吸引力的宏觀趨勢，以推動高於市場平均水平的成長，同時實現卓越的利潤率，最終帶來健康的現金流。

As part of our journey to fulfill those aims, we regularly evaluate our suite of offerings as well as our cost structure.

為了實現這些目標，我們會定期評估我們的產品和服務組合以及成本結構。

We may be over 130 years old, but we remain agile and will continue to adapt as markets evolve.

我們雖然已有130多年的歷史，但我們依然保持敏捷，並將繼續隨著市場的發展而調整自身。

To that end, today we are announcing a restructuring initiative that will reduce expenses through streamlining our op operating model and focusing resources on our core growth areas while exiting certain non-strategic service lines.

為此，我們今天宣布一項重組計劃，該計劃將透過簡化我們的營運模式並將資源集中於我們的核心成長領域，同時退出某些非策略性服務線，來降低開支。

Ryan will address the details, but this initiative is expected to generate meaningful annual run rate savings and margin expansion once fully implemented.

Ryan 將詳細介紹具體細節，但這項舉措一旦全面實施，預計將帶來可觀的年度運行率節省和利潤率提升。

Finally, let me remind you of the resilience of our business.

最後，請容許我提醒各位，我們產業具有很強的韌性。

First, we believe our market position is fundamentally strong. As a global leader in critical safety science, we partner with customers throughout their entire product journey from initial R&D to manufacturing across every major market worldwide.

首先，我們認為我們的市場地位非常穩固。作為關鍵安全科學領域的全球領導者，我們與客戶攜手合作，貫穿其產品從最初研發到生產製造的整個生命週期，並遍及全球所有主要市場。

Second, our revenue model helps create stability and predictability. We provide essential testing during new product development and deliver ongoing certification services throughout each product's market life cycle.

其次，我們的收入模式有助於創造穩定性和可預測性。我們在新產品開發過程中提供必要的測試，並在每個產品的市場生命週期中提供持續的認證服務。

Third and most importantly, demand has proven remarkably resilient.

第三，也是最重要的一點，需求已經證明具有驚人的韌性。

During this recent period of uncertainty, our services have remained in strong demand.

在最近這段充滿不確定性的時期，我們的服務依然需求強勁。

This validates both the mission critical nature of our services and our customers' commitment to bringing new products to market.

這既證明了我們服務的關鍵性，也證明了我們客戶致力於將新產品推向市場的承諾。

Now I'll turn the call over to Ryan for a detailed review of our Third quarter results.

現在我將把電話交給瑞恩，讓他詳細回顧我們第三季的表現。

Thank you, Jenni, and hello everyone. I also want to thank all of our team members for delivering another strong quarter and continuing our growth, margin expansion, and cash generation momentum. I'm pleased to share that both revenues and adjusted for the quarter were all-time records for the company, and it's Encouraging to see the balanced revenue and profit growth across all of our segments. Now let me dive into the details of the quarter. Consolidated revenue of $783 million was up 7.1% over the prior year quarter. On an organic basis, revenue grew 6.3%. Revenue also benefited from favorable FX movements, particularly the EUR. Cost of revenue as a percentage of revenue for the quarter decreased 130 basis points to 49.7%, primarily due to improved employee cost efficiency.

謝謝你，珍妮，大家好。我還要感謝我們所有的團隊成員，感謝他們又一個季度取得了強勁的業績，並繼續保持了我們的成長、利潤率擴張和現金流創造勢頭。我很高興地宣布，本季公司營收和調整後營收均創歷史新高，令人鼓舞的是，我們所有業務部門的營收和利潤均實現了均衡成長。現在讓我深入探討本季的具體情況。合併營收為7.83億美元，較上年同期成長7.1%。以有機成長計算，收入成長了 6.3%。營收也受惠於有利的匯率走勢，尤其是歐元匯率。本季收入成本佔收入的百分比下降了 130 個基點至 49.7%，主要原因是員工成本效率的提高。

SG&A expense as a percentage of revenue decreased 80 basis points to 30.4%. SG&A expenses increased 4.4% compared to the prior year period. On an organic basis, employee compensation increased $6 million related to base salary increases and higher costs associated with performance-based incentives, including the company's long-term incentive awards. In addition, technology costs increased $4 million on an organic basis, primarily associated with cloud computing service arrangements. Adjusted EBITDA for the quarter was $217 million an improvement of 18.6% year over year. Adjusted EBITDA margin was 27.7%, up 270 basis points from last year, with margin expansion across all three segments. Adjusted net income for the third quarter was $119 million up 14.4% from last year. Adjusted diluted earnings per share was $0.56, up from $0.49 per share in the third quarter of 2024.

銷售、一般及行政費用佔收入的百分比下降了 80 個基點，至 30.4%。與去年同期相比，銷售、一般及行政費用增加了 4.4%。從有機成長的角度來看，員工薪酬增加了 600 萬美元，這主要與基本薪資成長以及與績效激勵相關的更高成本有關，包括公司的長期激勵獎勵。此外，技術成本自然成長了 400 萬美元，主要與雲端運算服務安排有關。本季調整後 EBITDA 為 2.17 億美元，年增 18.6%。調整後 EBITDA 利潤率為 27.7%，比去年增長 270 個基點，所有三個業務部門的利潤率均有所提高。第三季調整後淨收入為 1.19 億美元，比去年同期成長 14.4%。經調整後的稀釋每股收益為 0.56 美元，高於 2024 年第三季的每股 0.49 美元。

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

現在讓我以行業板塊來看我們的業績，首先從工業板塊開始。

Revenues in industrial rose 8.2% to $343 million or 7.3% on an organic basis, primarily driven by growth in certification testing and ongoing certification services across most industries. We saw particular strength and demand for energy and automation. Ongoing certification services revenue increased due in part to price increases. Revenue also benefited by $3 million versus the prior year from favorable changes in foreign exchange.

工業領域的收入成長了 8.2%，達到 3.43 億美元，有機成長 7.3%，主要得益於大多數行業的認證測試和持續認證服務的成長。我們看到了能源和自動化領域特別強勁的需求。持續認證服務收入的成長部分原因是價格上漲。由於外匯匯率的有利變化，收入也比前一年增加了 300 萬美元。

Adjusted EBITDA for the industrial segment increased 16.0% to $123 million while adjusted EBITDA margin improved 250 basis points to 35.9% as we continue to benefit from higher revenue and increased operating leverage.

工業部門的調整後 EBITDA 成長 16.0% 至 1.23 億美元，而調整後 EBITDA 利潤率提高了 250 個基點至 35.9%，我們繼續受益於更高的收入和更高的營運槓桿。

Now turning to the consumer segment, revenues in consumer were $340 million up 5.9% on a total basis and 5.3% on an organic basis. We saw balanced growth across all industries. We saw particular strength in non-certification testing and other services in consumer technology primarily driven by increased demand for electromagnetic compatibility testing for consumer electronics and in retail. Adjusted EBITDA for the quarter and consumer was $70 million an increase of 12.9%. Adjusted EBITDA margin for the quarter was 20.6%, an increase of 130 basis points. Operating leverage as a result of organic growth was the main driver in the year over year improvement.

現在來看消費者業務，消費者業務收入為 3.4 億美元，總成長 5.9%，有機成長 5.3%。我們看到所有行業都實現了均衡成長。我們看到，非認證測試和其他消費性科技領域的服務表現尤為強勁，這主要是由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所致。本季經調整的 EBITDA 和消費者收入為 7,000 萬美元，成長 12.9%。本季調整後 EBITDA 利潤率為 20.6%，成長了 130 個基點。內生成長帶來的經營槓桿效應是實現年比改善的主要驅動力。

In our software and advisory segment, revenues were $100 million an increase of 7.5% on a total basis and 6.5% on an organic basis. Advisory had a particularly strong quarter as a result of a high level of customer project completion, with organic revenue growth of 8.8% in addition to 5.8% organic growth in software. Adjusted EBITDA for the quarter in software and advisory was $24 million which was up 60% compared to the third quarter of last year. An adjusted EBITDA margin for the quarter was 24%, an increase of 790 basis points due to higher revenues and greater staff utilization.

在我們的軟體和諮詢業務部門，營收為 1 億美元，總成長 7.5%，有機成長 6.5%。由於客戶專案完成率高，諮詢業務在本季表現尤為強勁，有機收入成長 8.8%，軟體業務有機成長 5.8%。軟體和顧問業務本季調整後 EBITDA 為 2,400 萬美元，比去年第三季成長 60%。本季調整後的 EBITDA 利潤率為 24%，成長了 790 個基點，這主要得益於收入增加和員工利用率提高。

Continuing our great cash generation trend, we delivered $456 million of cash from operating activities for the First Nine months. Capital expenditures for the First Nine months were $139 million and I'm very proud. Proud of our global team for generating $317 million in free cash flow year-to-date, which is up 47% from the first nine months of last year, primarily as a result of improved profitability in our core businesses.

延續我們強勁的現金流產生趨勢，前九個月的營運活動帶來了 4.56 億美元的現金流。前九個月的資本支出為 1.39 億美元，我為此感到非常自豪。我們為全球團隊感到自豪，他們今年迄今創造了 3.17 億美元的自由現金流，比去年同期增長了 47%，這主要得益於我們核心業務盈利能力的提高。

We paid $26 million in the third quarter and $78 million year-to-date in dividends, and as of September 30th, we held $255 million in cash and cash equivalents. Additionally, just last week we replaced our credit agreement with a new credit facility. This updated facility provides us with enhanced financial flexibility, more favorable terms, and supports our ongoing investment and growth initiatives.

我們在第三季支付了 2,600 萬美元的股息，今年迄今支付了 7,800 萬美元的股息，截至 9 月 30 日，我們持有 2.55 億美元的現金和現金等價物。此外，就在上週，我們用新的信貸安排取代了先前的信貸協議。此次升級改造為我們提供了更大的財務靈活性、更優惠的條款，並支持我們持續的投資和成長計畫。

Our results have been strong as a public company. We're continuing to tailor our business to today's rapidly changing landscape.

作為一家上市公司，我們的業績一直表現強勁。我們將不斷調整業務，以適應當今快速變化的環境。

One of the pillars of our margin expansion strategy has been continuing to focus on internal cost improvement opportunities, and we are regularly evaluating our capabilities to ensure they align with our core markets. As Jenny mentioned, today we are undertaking a restructuring initiative to streamline our operating model and to reduce expenses, including downsizing our current workforce by approximately 3.5%. The planned actions will include roll eliminations and the exit of some non-strategic service lines representing approximately 1% of our total revenue in 2025. While exiting these services will create a modest headwind to our 2026 organic revenue growth, we believe this initiative positions us for stronger profitability. And allows us to focus more acutely on our strategic priorities. We expect to record 42 to $47 million in pre-tax restructuring charges, primarily in Q4 2025. This initiative is expected to be substantially complete by the first quarter of 2027. And once complete, we expect to improve annual operating income by between $25.30 million dollars as a result of both the revenue and expense impacts from these actions.

我們利潤率擴張策略的支柱之一是持續關注內部成本改進機會，並且我們定期評估自身能力，以確保其與我們的核心市場保持一致。正如珍妮所提到的，我們今天正在進行一項重組計劃，以簡化我們的營運模式並減少開支，包括將我們目前的員工人數減少約 3.5%。計劃採取的措施將包括裁減業務部門和退出一些非策略性服務線，這些服務線約占我們 2025 年總收入的 1%。雖然退出這些服務會對我們 2026 年的有機收入成長造成一定的阻力，但我們相信這項措施將使我們獲得更強的獲利能力。這使我們能夠更加專注於我們的策略重點。我們預計將計入 4,200 萬至 4,700 萬美元的稅前重組費用，主要在 2025 年第四季計入。預計該計劃將於 2027 年第一季基本完成。一旦完成，我們預計這些措施帶來的收入和支出影響將使年度營業收入提高 2,530 萬美元。

Now turning to our 2025 outlook.

現在展望一下2025年。

Given our solid performance through the First Nine months of 2025, current visibility into our end markets and confidence in our execution, we are pleased to strengthen our 2025 full year outlook. We now expect 2025.

鑑於我們在 2025 年前九個月的穩健表現、目前對終端市場的清晰認知以及對執行力的信心，我們很高興加強對 2025 年全年的展望。我們現在預計到2025年。

Organic revenue growth to be in the range of 5.5% to 6.0% as compared to our full year 2024 results. Organic growth is based on constant currency and it excludes acquisitions and divestitures.

與我們 2024 年全年業績相比，有機收入成長預計在 5.5% 至 6.0% 之間。有機成長以固定匯率計算，不包括收購和剝離。

In the Fourth quarter, we expect organic revenue growth to be modestly lower than our full year 2025 expectations as it represents the most challenging comparison to 2024. And as a reminder, the strength in the Fourth quarter of 2024 we we believe was due in part to some pull forward of revenue, particularly in the industrial segment's ongoing certification work in advance of expected tariffs.

預計第四季度有機收入成長將略低於我們對 2025 年全年的預期，因為這是與 2024 年最艱難的比較。需要提醒的是，我們認為 2024 年第四季的強勁表現部分是由於收入提前確認，特別是工業部門在預期關稅生效前正在進行的認證工作。

We now expect our adjusted EBITDA margin organic improvement to approximately 25% for the full year 2025, up from our prior guidance of approximately 24%.

我們現在預計，2025 年全年調整後的 EBITDA 利潤率有機成長將達到約 25%，高於我們先前約 24% 的預期。

Our outlook for capital expenditures in 2025 is now expected to be in the range of 6.5% to 7.0% of revenue, down from 7.0% to 8% previously. This change is mostly due to timing with ongoing strong customer demand in all three segments. We continue to invest in capacity and capabilities to address their needs.

我們現在預計 2025 年的資本支出將佔收入的 6.5% 至 7.0%，低於先前的 7.0% 至 8%。這項變化主要是由於時機合適，因為三大細分市場都持續存在強勁的客戶需求。我們將繼續投資於產能和能力建設，以滿足他們的需求。

Our expectation for our effective tax rate in 2025 is now in the range of 25% to 26% compared to our prior guidance of approximately 26%.

我們現在預計 2025 年的實際稅率將在 25% 至 26% 之間，而我們先前的預期約為 26%。

Our Q3 and year-to-date performance demonstrates sustained business momentum with enhanced profitability and robust cash flow generation which enables strategic capital allocation opportunities. We expect to continue delivering exceptional returns to our shareholders, and now let me turn the call back to Jenni for her closing remarks Ryan.

我們第三季和年初至今的業績表明，業務發展勢頭持續強勁，獲利能力提高，現金流強勁，從而為策略性資本配置提供了機會。我們期待繼續為股東帶來卓越的回報，現在讓我把電話交還給珍妮，請她做總結發言。瑞安

I'd like to take a moment to talk about an exciting development.

我想花點時間談談一個令人興奮的進展。

As we announced yesterday, UL Solutions is proud to be launching Landmark Artificial intelligence safety certification testing, a major step forward in building public trust and enabling the responsible adoption of beneficial AI technologies.

正如我們昨天宣布的那樣，UL Solutions 非常榮幸地推出 Landmark 人工智慧安全認證測試，這是在建立公眾信任和促進負責任地採用有益的 AI 技術方面邁出的重要一步。

As AI rapidly transforms our daily lives, powering everything from smart devices to industrial systems, it also raises serious concerns about safety, ethics, and misuse.

隨著人工智慧迅速改變我們的日常生活，為從智慧型裝置到工業系統的一切提供動力，它也引發了人們對安全、倫理和濫用等方面的嚴重擔憂。

The new certification testing we will offer is guided by UL 3115, the newly published outline of investigation, or OOI as we call it, for artificial intelligence safety of AI-based products.

我們將提供的新認證測試以 UL 3115 為指導，UL 3115 是新發布的 AI 產品人工智慧安全性調查綱要（我們稱之為 OOI）。

As an OOI, UL 3115 serves as a set of safety criteria developed by UL Solutions to assess emerging technologies that lack an established UL standard.

作為一項 OOI，UL 3115 是一套由 UL Solutions 開發的用於評估缺乏已建立 UL 標準的新興技術的安全標準。

Products that meet the requirements of an OOI through UL solutions testing and assessments may earn the UL mark, indicating compliance with safety requirements. We have also been granted a patent for machine learning-based AI scoring.

透過 UL 解決方案測試和評估，符合 OOI 要求的產品可以獲得 UL 標誌，表示符合安全要求。我們也獲得了基於機器學習的人工智慧評分專利。

So let me close.

那麼，就讓我來結束今天的演講。

Our Third quarter results reinforce the fundamental resilience and growth potential of our business model. We delivered consistent growth across our business, all segments, major service categories, and geographic markets, and produced superior returns to shareholders.

第三季業績進一步鞏固了我們商業模式的基本韌性和成長潛力。我們在業務的各個方面，包括所有業務板塊、主要服務類別和地理市場，都實現了持續成長，並為股東創造了優異的回報。

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

接下來，我們將開放提問環節。

(Operator Instruction) Andy Whitman, Baird.

（操作說明）安迪·惠特曼，貝爾德。

Oh great, thanks a lot for taking my questions. I have two this morning if I might.

太好了，非常感謝您回答我的問題。如果可以的話，我今天早上有兩個。

I guess, obviously good results here, very good results. I was kind of curious as to, given the focus that some of your customers have in China and Greater China. The macro and the headlines are so volatile and the policy seems to switch every week. I was just wondering, Jenni, if you could just talk about the posture of your customers there, what it's meaning for your business and what your experience of all this has been, and what it might just mean here as we start looking into 2026.

我想，顯然這裡取得了很好的結果，非常好的結果。考慮到你們的一些客戶主要集中在中國和大中華區，我很好奇這一點。宏觀經濟情勢和新聞頭條波動劇烈，政策似乎每週都在變化。Jenni，我只是想問，你能不能談談你那邊的客戶的態度，這對你的生意意味著什麼，你對這一切有什麼感受，以及當我們開始展望 2026 年時，這可能意味著什麼。

Yeah, Andy, thanks for the question and it is certainly, even as recently as this last week that tariffs remain, a topic that is front of mind for most manufacturers and most of our customers.

是的，安迪，謝謝你的提問。當然，即使就在上週，關稅仍然存在，這仍然是大多數製造商和我們大多數客戶最關心的話題。

What we see was earlier this year, we saw, uncertainty and I would say some slowdowns and we saw that in particular with some new product launches in Q2.

今年早些時候，我們看到了不確定性，我認為也出現了一些放緩，尤其是在第二季的一些新產品發布中，我們看到了這一點。

I think what we're seeing now is almost a sense of a new normal that that customers are just expecting greater certainty in wherever things are landing, and it's becoming a more typical response to tariffs with the supply chain diversification, discussions and timing around onshoring and reshoring and I think just, continued emphasis that you've got to get back to business as usual and in whatever the new normal is.

我認為我們現在看到的幾乎是一種新常態，即客戶希望無論貨物最終運抵何處，都能獲得更大的確定性。隨著供應鏈多元化、圍繞回流和遷回的討論和時間安排，這正成為應對關稅的一種更典型的反應。我認為，持續強調必須恢復正常業務，並適應新的常態。

Got it. Okay, and then maybe Ryan one for you, the the software and advisory business isn't historically a place that, as a lot of our performance, it's obviously a small part of your business, but this quarter it did and so I thought I would ask here a little bit and specifically, obviously while both the top and the bottom line were good. You had a comment in your in your remarks talking about how there was a number of projects that were completed during the quarter, and I was wondering what the significance of that comment was. I was wondering if it had to do with projects that might have been done on a fixed price basis and therefore done under percentage of completion accounting. Did that have like a kind of a benefit to the margin? This quarter that was worth noting or or was this purely just kind of everyday better utilization of your advisory staff and and and mix from from having software growth.

知道了。好的，瑞恩，也許我想問你一個問題。軟體和顧問業務歷來不是我們業績的主要來源，它顯然只是你們業務的一小部分，但這個季度情況有所不同，所以我在這裡想問一下，特別是，雖然營收和利潤都很好。您在發言中提到本季完成了許多項目，我想知道這句話的意義是什麼。我當時在想，這是否與那些以固定價格完成的項目有關，因此需要採用完工百分比會計方法進行結算。這是否對利潤率產生了某種好處？本季值得注意的是什麼？或者這只是日常更好地利用顧問團隊以及軟體成長帶來的各種變化？

Thank you very much for the question, Andy, and we are very thankful to the software and advisory team for a strong quarter. As that business has recurring software revenue that we recognize over a period of time, but also the advisory business is professional services that can have lumpy project-based work. And what we saw in the third quarter was the completion of a lot of Advisory related projects and the recognition of a lot of revenue that led to high utilization of that staff.

非常感謝你的提問，安迪，我們也非常感謝軟體和顧問團隊在本季取得的優異成績。該業務有持續的軟體收入，我們會在一段時間內確認這些收入，但諮詢業務是專業服務，可能會有零散的專案工作。我們在第三季看到的是，許多諮詢相關專案完成，並確認了大量收入，導致員工利用率很高。

We use the words deliberately, particularly high level because we have not yet built a trend of multiple quarters, and it's quite possible in the 4th quarter and 1st quarter in additional quarters it could be lower than what we experienced in the 3rd quarter, but we're very pleased with the performance in the 3rd quarter.

我們刻意使用了「高水準」這個詞，因為我們還沒有建立起連續多個季度的趨勢，而且第四季度和之後幾個季度的第一季度很可能低於第三季度的水平，但我們對第三季度的表現非常滿意。

Okay, got it, thank you very much.

好的，明白了，非常感謝。

(Operator Instruction) Andrew Nicholas, William Blair.

（操作說明）安德魯·尼古拉斯，威廉·布萊爾。

Hi, good morning. I appreciate you taking my questions. First one was just to kind of follow-up on the first question just in terms of of tariffs and the impact of tariffs to date. I think last quarter you described a little bit more muted volumes in April and May and then somewhat of a snap back in June. Just kind of curious if 3rd quarter results and maybe even what you've seen so far in October is consistent with those those June levels or if there has been. Continued chopping this in quarter, consistent with the second quarter.

您好，早安。感謝您回答我的問題。第一個問題只是第一個問題的後續，主要涉及關稅以及迄今為止關稅的影響。我認為你在上個季度描述的是四月和五月的交易量略顯疲軟，然後六月又出現了一定程度的反彈。我只是有點好奇，第三季的業績，甚至包括你目前在10月份看到的情況，是否與6月份的水平一致，或者是否存在差異。繼續將其切成四份，與第二季一致。

Thanks, Andrew, and you know we're not going to comment on October, but Q3 we saw it was a strong quarter and we saw a much more typical cadence.

謝謝安德魯，你也知道我們不會對10月份的情況發表評論，但第三季我們看到業績強勁，節奏也更加正常了。

So it was relatively steady across all three months of the quarter and, we continue to, as I said earlier, I think are reverting to a more normal response to. A tariffs and with customers just having greater certainty in the decisions that they're making around their R&D pipelines, their supply chain diversification, and any moves they make around, reshoring, onshoring, moving to other countries, we continue and we've said this in other quarters to see.

因此，本季前三個月的情況都相對穩定，而且，正如我之前所說，我認為我們正在恢復到更正常的反應狀態。關稅政策，以及客戶在研發管線、供應鏈多元化以及任何與回流、遷往其他國家相關的決策方面擁有更大的確定性，我們將繼續（我們也曾在其他方面說過）觀察情況。

Shifts in where our ongoing certification services, our field sites, and there is, pretty significant, a a low base but significant growth in Vietnam, Thailand and India, and you see some of the more traditional countries, have, negative growth rates on a number of manufacturing sites that.

我們的持續認證服務和現場服務地點正在發生變化，越南、泰國和印度的基數較低，但增長顯著，而一些較為傳統的國家，其許多製造基地的增長率為負。

You know that we visit, countries such as Germany, Japan, and Taiwan have a slight contraction. So that's how we're seeing this play out. Brian, do you want to add anything to that?

你知道，我們造訪的德國、日本和台灣等國家都出現了輕微的經濟萎縮。這就是我們看到的事件發展過程。布萊恩，你還有什麼要補充的嗎？

Just that our business model is global and as we grow capabilities where our customers need our services, so we're adapting. We've added capacity in some of the markets that Jenni mentioned in full pretty good results.

我們的商業模式是全球性的，隨著我們能力的提升，我們在客戶需要我們服務的領域中也不斷調整。我們在Jenni提到的一些市場增加了產能，結果相當不錯。

Great thank you super helpful and then for my second question I wanted to ask a little bit more on the restructuring plan that you announced this morning, and specifically on the exiting of of non-strategic business lines. Can you just kind of flesh that out a little bit what. What you are deprioritizing and to the extent that that frees up capital I know there's some margin improvement expected, but to the extent that that frees up capital for incremental investment elsewhere I would love to hear where you expect that to be diverted.

非常感謝，這很有幫助。我的第二個問題是，我想再問一下您今天早上宣布的重組計劃，特別是關於退出非戰略業務線的問題。能再詳細解釋一下嗎？您降低優先順序的那些項目，以及由此釋放的資金，我知道預計利潤率會有所提高，但如果這能釋放出資金用於其他方面的增量投資，我很想知道您預計這些資金會投入到哪些方面。

Thank you.

謝謝。

Yeah, thanks Andrew, and you know philosophically we on a continuous basis are always assessing, where are we leading our businesses and part of our leading performance is we like to say the privilege of focus and we do have a philosophy of wanting to lead in any business that we're in. And so, we have an annual long range planning process and we're constantly looking at.

是的，謝謝安德魯。你知道，從理念上講，我們一直在不斷評估，我們正引領我們的業務走向何方。我們領先業績的一部分，我們喜歡稱之為專注的特權，我們的理念是希望在我們涉足的任何業務中成為領導者。因此，我們制定了年度長期規劃流程，並且一直在進行審查。

How do all of the individual pieces fit in and so this is no different than what we do on an ongoing basis. It's, just packaging it a lot together here, but where we're focused is on the highest quality growth that we can get and we're focused on minimizing distractions from under. Performing businesses that we don't see a path to leadership in so that's that's how we would characterize this and to that degree it frees up time, attention and resources to focus on the areas that that we believe have the greatest value creating capabilities for our business.

所有這些單獨的部分是如何組合在一起的？這和我們一直在做的事情並沒有什麼不同。這裡只是把很多東西打包在一起，但我們關注的是盡可能獲得最高品質的成長，並且我們專注於最大限度地減少來自外部的干擾。我們認為，有些業務沒有成為行業領導者的可能，因此我們會這樣描述它。從某種程度上說，這可以騰出時間、精力和資源，讓我們專注於我們認為對公司業務具有最大價值創造能力的領域。

Thank you.

謝謝。

(Operator Instruction) George Tong, Goldman Sachs.

（操作說明）喬治唐，高盛集團。

Hi, this is Anna Wu, for Georgetown. Thanks for taking my question. I have two this morning. So first one, for industrial businesses, have you observed the different growth dynamics across regions for the US, Europe, or Asia? And are there any geographies growing meaningfully faster than others? And how does that trend compare to what you are seeing in the consumer segment? Thanks.

大家好，我是來自喬治城大學的吳安娜。謝謝您回答我的問題。我今天早上有兩個。首先，對於工業企業而言，您是否觀察到美國、歐洲或亞洲等不同地區的成長動態存在差異？是否存在某些地區的成長速度明顯快於其他地區？那麼，這種趨勢與您在消費者領域中觀察到的趨勢相比如何？謝謝。

Thanks Hannah. I'll start and then let Ryan weigh in a little bit. We've had growth in every region in industrial and certainly the United States, Greater China, and more broadly across ASEAN and even Korea have exhibited some.

謝謝你，漢娜。我先開始，然後讓瑞恩也說說自己的看法。工業領域各個地區都實現了成長，美國、大中華區以及更廣泛的東協地區，甚至韓國也出現了一定程度的成長。

Real strength, especially in areas that I would say are fueling the data center growth, so, industrial energy storage systems, high voltage wire and cable, and.

真正的實力，尤其是在我認為正在推動資料中心成長的領域，例如工業儲能係統、高壓電線電纜等等。

All and then the built environment, the fire suppression systems and and other pieces that are needed to again protect those data centers. So it is strength across our operating units globally.

然後是建築環境、消防系統以及其他保護資料中心所需的零件。因此，這就是我們在全球各營運部門的優勢所在。

The only thing I would add is that we had moderately more contribution from the US in the last quarter than last year at this time, but growth across the board and not a material difference, just like moderately more in the US.

我唯一要補充的是，上個季度美國市場的貢獻比去年同期略有增加，但整體成長勢頭良好，並沒有實質的差異，就像美國市場貢獻略有增加一樣。

Got it. That's super helpful. Additionally, you launched a battery testing laboratory in Germany earlier last quarter, and also the Michigan battery testing lab opened the second half last year. So can you please talk more about the Utilization rate of those battery testing labs and how and how are you thinking about the growth momentum in the battery testing services, specifically, are there any implications from the recent expirations of the federal EV tax credit?

知道了。這太有幫助了。此外，你們上個季度初在德國開設了一家電池測試實驗室，密西根州的電池測試實驗室也在去年下半年開幕。那麼，您能否更詳細地談談這些電池測試實驗室的使用率，以及您如何看待電池測試服務的成長動能？特別是，聯邦電動車稅收抵免政策的近期到期是否會對電池測試服務產生任何影響？

Yeah, energy storage system batteries continue to be an important and evolving market.

是的，儲能係統電池仍然是一個重要且不斷發展的市場。

When we invested both in Auburn Hills, Michigan and in Battery and Genoa, the company in Germany that we acquired last year and then added capital to this year we always felt that there would be a balance between EVs and industrial energy storage systems, and I think our initial hypothesis is it might be more heavily weighted to EVs and over time the energy storage systems for the industrial environment would increase.

當我們投資密西根州奧本山和德國的 Battery and Genoa 公司時（我們去年收購了這家公司，今年又追加了資金），我們始終認為電動車和工業儲能係統之間會保持平衡，我認為我們最初的假設是，電動車的佔比可能會更高，隨著時間的推移，工業環境的儲能係統將會增加。

I think we're seeing that shift occur faster than we expected really on, the heels of both changes in the approach to EVs as well as the rapid ascent of the need for energy and power in data centers, so we don't publish utilization of individual labs, but we are pleased with both of those investments.

我認為，隨著電動車發展方式的改變以及資料中心對能源和電力需求的快速增長，這種轉變發生的速度比我們預期的要快得多。因此，我們不公佈各實驗室的利用率，但我們對這兩項投資都感到滿意。

Thank you so much.

太感謝了。

(Operator Instruction) Shlomo Rosenbaum, Stifel.

（操作說明）Shlomo Rosenbaum，Stifel。

Hi, thank you very much for taking the questions. Jenni and Ryan, I just want to dig in a little bit more into the restructuring program. Is there something that's going to be happening structurally like from a process perspective. That's going to give you more margins leverage in the future. I understand there's like a risk that you know taking out specific areas, but is there anything that's going to be implemented that just structurally means that the margins are going to improve beyond that amount that you're you're taking out as the revenue grows and then just as part of that question. There was a comment in there that the savings of 25 to 30 sounded like a combination of both cost savings and then also some revenue. I don't usually hear revenue, as a component of restructuring programs, so I was wondering if you can kind of parse that out for us a little bit more and and then have a follow-up.

您好，非常感謝您回答這些問題。Jenni 和 Ryan，我想更深入地了解重整計畫。從流程角度來看，結構上是否會有什麼改變？這將使你未來擁有更大的利潤空間。我知道削減某些特定領域存在風險，但是隨著收入的成長，是否有任何措施能夠從結構上提高利潤率，使其超過你削減的金額？這只是這個問題的一部分。裡面有一條評論說，節省 25 到 30 聽起來像是成本節約和一些收入的組合。我通常不會在重組計劃中聽到收入這個概念，所以我想請您再詳細解釋一下，然後再進行後續跟進。

Thank you.

謝謝。

Thank you very much for the question, Shlomo. We wanted to clarify that we're focusing in strategic service lines for our customers and so as a consequence we'll be exiting.

謝謝你的提問，Shlomo。我們想澄清一下，我們將專注於為客戶提供策略服務，因此我們將退出該領域。

Some revenue lines that are roughly 1% of our current revenue. So to get to a forecasted range of operating income improvements, we lose that revenue and we need to take out more than that amount of expenses.

部分收入項目約占我們目前收入的 1%。因此，為了達到預期的營業收入改善目標，我們將損失一部分收入，並且需要削減比這更多的支出。

Those service lines are less profitable than the total, and our restructuring initiative extends to other areas of the company, other support areas unrelated to those service lines. So it's both a choice to focus on an exit from some service lines, but also a broader expense reduction issue. The large majority of the expenses are people related costs. And that will occur through Q1 of 2027. The impact in 2026 will be moderate as the revenue comes down and it's it's offset by expenses coming down in 2027 is when we'll see the lion's share of that $25million to $30 million dollar improvement range that I mentioned at an operating income level.

這些服務線的獲利能力低於整體獲利能力，而且我們的重組計劃也擴展到公司的其他領域，以及與這些服務線無關的其他支援領域。因此，這既是一個選擇，即專注於退出某些服務領域，也是一個更廣泛的削減開支的問題。絕大部分支出都是人力成本。這種情況將持續到 2027 年第一季。2026 年的影響將較為溫和，因為收入下降，但 2027 年支出下降將抵消收入下降的影響，屆時我們將看到我提到的 2500 萬美元至 3000 萬美元營業收入改善範圍的大部分實現。

Okay. And then is it I guess I just just to follow-up on there so there's is is there like process improvements that are going on? I understand sounded like there was some of that, but I just want to confirm that and then just also the capital intensity guidance is going down a little bit for the year and it sounds like you know your view of the outlook of investments are are are are the same. I think you mentioned something about timing going on, but I wanted to know if you can just give us a little level detail of what's going on over there like in terms of thinking about a capital intensity going forward is is everything the same and it's just timing, or is there anything like you're focusing on that is less capital intensive in terms of driving the growth?

好的。然後，我想我需要跟進一下，目前是否有正在進行的流程改善？我聽出來好像確實有一些這方面的情況，但我只是想確認一下。另外，今年的資本密集度指引略有下降，聽起來您對投資前景的看法與之前相同。我想你剛才提到了時機的問題，但我想知道你能否詳細地給我們介紹一下那邊的情況，比如，就未來的資本密集度而言，是否一切都和以前一樣，只是時機不同，或者你們是否正在關註一些資本密集度較低的增長驅動因素？

Yeah, Shlomo, let me follow-up on your process improvement question then I'll let Brian talk about capital intensity. I'm a huge believer in ongoing business process improvement, and we have invested, in various technologies and intend to continue to do so.

好的，Shlomo，讓我先回答你關於流程改善的問題，然後我再讓Brian談談資本密集問題。我非常相信持續改善業務流程的重要性，我們已經投資了各種技術，並打算繼續這樣做。

To help our employees have better tools and techniques to improve their ability to service customers. So indeed that type of process improvement on the backs of technology investment is helpful.

幫助我們的員工擁有更好的工具和技術，以提高他們服務客戶的能力。因此，借助技術投資進行流程改善確實是有益的。

And in regard to CapEx, we continue to be excited about the portfolio of growth investments.

至於資本支出方面，我們對成長投資組合仍然感到興奮。

In recent months we've announced several exciting investments, including our global FY Science Center of Excellence here in Northbrook, as well as an advanced automotive electromagnetic compatibility laboratory in Japan.

近幾個月來，我們宣布了幾項令人興奮的投資，包括我們在北布魯克設立的全球 FY 科學卓越中心，以及在日本設立的先進汽車電磁相容性實驗室。

There is some investment that we had planned for 2025 that will just shift into 2026. We'll provide more overall guidance with our our year-end reporting. But the portfolio of growth initiatives remains strong.

我們原計劃在 2025 年進行的一些投資將推遲到 2026 年。我們將在年終報告中提供更全面的指導。但成長計劃組合依然強勁。

Thank you.

謝謝。

(Operator Instruction) Stephanie Moore, Jefferies.

（操作說明）Stephanie Moore，傑富瑞集團。

Hi, good morning, thank you. I wanted to touch on the pricing contribution for the Third quarter. You called out some pricing contribution, so I was hoping, maybe Ryan, you could elaborate on the contribution from pricing versus maybe just volume volume growth in general and how we should think about this pricing in general just given maybe the competitive environment or anything else you'd like to call out for this year as well if you think about your normal pricing practices going forward.

您好，早安，謝謝。我想談談第三季的定價因素。你提到了定價的貢獻，所以我希望，瑞恩，你能詳細闡述定價的貢獻與銷售增長的貢獻之間的關係，以及考慮到競爭環境或其他任何你想在今年提出的定價策略，以及你對未來正常定價做法的看法。

Thank you.

謝謝。

Yeah A So first off, certification testing had strong growth, 8.7%. Non-certification testing was up 6.8%. So strong growth from both of those. Those are the service lines.

首先，認證考試實現了強勁成長，達到 8.7%。非認證測驗增加了 6.8%。這兩個方面都實現了強勁成長。這些是服務線路。

They comprise 59% of our revenue that are most measurable by price and volume. They are the delivery of discrete projects for our customers and we can count the unit volume of the completed projects.

這些產品占我們收入的 59%，最能透過價格和銷售量來衡量。它們代表我們為客戶交付的獨立項目，我們可以統計已完成項目的單位數量。

So overall those grew 7.7% and there was relatively similar contribution from both price and margin price and volume, both very similar. We did comment that ongoing certification services particularly benefited from pricing, so that would be in addition to the testing related activities that I spoke.

因此，總體而言，這些增長了 7.7%，價格和利潤率以及銷量的貢獻相對相似，兩者非常接近。我們確實提到，持續認證服務尤其受益於定價，因此這將是我所談到的測試相關活動之外的額外內容。

Got it. And I guess on that that last part is this just I I'm just in the normal course of pricing given where we are in the year, or was this a more maybe active approach to take some incremental pricing?

知道了。關於最後一點，我想問的是，這只是在一年中的正常定價過程中採取的策略，還是說這是一種更積極主動的逐步提價方式？

Yeah, for the testing related services, we're continuously pricing hundreds of thousands of projects, so it is an ongoing value-based pricing evaluation. Ongoing certification services are more done on an annual basis, and we benefit from that throughout the year.

是的，對於測試相關的服務，我們一直在對數十萬個項目進行定價，因此這是一個持續的基於價值的定價評估過程。持續認證服務通常以年度為單位進行，我們全年都能從中受益。

Got it. And then just wanted to follow-up on the restructuring program. A couple questions here. As you think about on the the the revenue impact for 2026, I think you called out the percent from, discontinuing from businesses you're effectively walking away from, do you believe that despite that headwind that you should still continue to grow in line with the algorithm that you have laid out in terms of your kind of long-term or medium term top-line growth algorithm. Thanks.

知道了。然後，我想跟進一下重組計劃的進展。這裡有幾個問題。在考慮 2026 年的收入影響時，我認為您提到了停止經營某些業務（實際上是放棄這些業務）所帶來的百分比，您是否認為儘管存在這種不利因素，您仍然應該按照您制定的長期或中期營收成長演算法繼續成長？謝謝。

Yeah, I would say the things that drive our growth are unchanged. This will be an organic headwind for one year as we compare against businesses that we previously were in.

是的，我認為推動我們發展的因素沒有改變。與我們之前所在的行業相比，這將是一年的自然阻力。

We're still going to be in 99% of the same businesses, so the growth rate of those our overall growth rate is not materially changing, but it does allow us to focus you know businesses that are underperforming take up a disproportionate amount of management time so it allows focus to serve our customers in our core businesses.

我們仍將從事 99% 的相同業務，因此這些業務的成長率，也就是我們的整體成長率，不會發生實質變化，但這確實使我們能夠集中精力，你知道，那些表現不佳的業務會佔用不成比例的管理時間，因此這使我們能夠集中精力為核心業務中的客戶提供服務。

Thank you appreciate it.

非常感謝。

(Operator Instruction) Andreas Steinmann, J.P. Morgan.

（操作說明）Andreas Steinmann，J.P. Morgan。

Hi Ryan. I was Really asking just to make sure that I understood the implied 4th quarter organic revenue growth right in your full year guide. I get a little bit under 4% organic revenue growth. I definitely heard you note the tough year over year comp and the explanation for the strength in fourth quarter of 24. I was just wondering if there's any other callouts affecting fourth quarter 25 that didn't affect, third quarter 25. And for example, are the exiting of the service lines through the restructuring affecting 4th quarter revenues.

嗨，瑞恩。我問這個問題只是想確認一下，我是否正確理解了你們全年業績指南中隱含的第四季度有機收入成長。我的有機收入成長率略低於 4%。我確實聽到你提到了同比數據比較困難，以及對 2024 年第四季表現強勁的解釋。我只是想知道是否還有其他影響到第四季 25 的公告，而這些公告沒有影響到第三季 25。例如，透過重組退出某些服務線是否會影響第四季度的收入。

Thank you for the question. So after strong Q3 performance, we have a similar outlook about Q4 as when we reported last quarter, and we're very pleased that put us in a position to raise our 2025 full year guidance.

謝謝你的提問。因此，在第三季業績強勁成長之後，我們對第四季的展望與上個季度報告時類似，我們非常高興這使我們能夠提高 2025 年全年業績預期。

Q3 and Q4 have historically had similar revenue quarters in a given year, and our guidance assumes that that trend will continue.

從歷史數據來看，每年的第三季和第四季的營收狀況通常比較接近，我們的預測也假設這個趨勢將會持續。

When you look at the varying growth rates across quarters, the biggest factor is a tough comp in Q4, reminding that we had 9.5% total organic growth in Q4 last year, which included 13.9% organic growth in industrial.

從各季度的成長率來看，最大的因素是第四季度的同比數據較高，需要注意的是，去年第四季我們實現了 9.5% 的總有機成長，其中工業有機成長為 13.9%。

Also, when you talk about sequentially.

還有，當你談到按順序的時候。

I just mentioned in software advisory advisory had a particularly strong revenue growth quarter that may moderate in Q4 and that would would affect the overall growth rate somewhat, but overall we're pleased with the momentum we built through the third quarter and our ability to raise guidance.

我剛才提到，軟體諮詢業務在第三季度實現了特別強勁的收入成長，但第四季度可能會有所放緩，這將在一定程度上影響整體成長率，但總的來說，我們對第三季度取得的勢頭以及提高業績預期的能力感到滿意。

And then it was the last part, yeah, the last part about exiting the service lines, does that affect, the quarter?

然後是最後一部分，是的，最後一部分是關於退出服務線，這是否會影響季度？

I would say that just the timing of that, that's that's more likely to be impactful in 2026 and not expected to have a material effect in Q4. The biggest single effect in Q4, as you pointed out, is is. A CompSta last year, particularly in ongoing certification services that grew substantially, we believe ahead of tariff anticipation.

我認為，就時間而言，這件事更有可能在 2026 年產生影響，預計不會在第四季產生實質影響。正如你所指出的，第四季最大的單一影響是。去年 CompSta 的表現尤其出色，持續認證服務大幅成長，我們認為比關稅預期提前了。

Got you. Okay, thank you.

抓到你了。好的，謝謝。

(Operator Instruction) Jason Chen, UBS.

（操作員說明）Jason Chen，瑞銀集團。

Hi, good morning, Jenny and Ryan. Thanks for taking my questions. Jenny, you mentioned data center, a while back, I guess. Could you triangulate for us, the areas in your business that touch data centers and and maybe how big in total of an exposure that might be for you?

嗨，珍妮和瑞安，早安。謝謝您回答我的問題。珍妮，我記得你之前提到過資料中心。您能否幫我們分析一下，貴公司哪些業務領域與資料中心相關，以及這可能為您帶來多大的風險敞口？

Yeah, we haven't quantified the total exposure, but let me just give you an example of the types of effect that this has on our business.

是的，我們還沒有量化總損失，但我可以舉個例子來說明這會對我們業務產生哪些影響。

Some of our our largest global and strategic account customers came to us and they asked us to host a data center power summit which we hosted at our headquarters in September, and the safety. Challenges around this is that there's this rapid evolution of, the energy that's needed in data centers and then there's the power infrastructure that has to support that and that energy is needed, because of, the AI.

我們的一些最大的全球策略客戶找到我們，要求我們舉辦資料中心電力高峰會，我們在 9 月在總部舉辦了此次峰會，並討論了安全問題。這方面的挑戰在於，資料中心所需的能源正在快速發展，而支撐這些能源發展的電力基礎設施也必須跟上步伐，而這些能源的出現是因為人工智慧的發展。

Just amount of compute that's going on as well as, the density of GPUs and the thermal environment that that creates. And so, there's things around Shifting to direct current DC as a systems architecture, there's changes in cooling that's required, and typically you think about air cooled or water cooled back in, my former days, but now you've got in rack cooling and on ship cooling and immersion cooling. And that's just one example of the complexities and and types of innovation that our customers are pursuing in the data center environment in this rapidly changing world. So we're right there with them. We're continuing to focus on this growth area and opportunity and I think there's just a lot of innovation to be had around, this completely different world of different types of data centers that are required.

運算量、GPU密度以及由此產生的熱環境都會影響計算結果。因此，隨著系統架構向直流電 (DC) 的轉變，冷卻方式也需要進行相應的改變。以前人們通常會想到風冷或水冷，但現在有了機架冷卻、船上冷卻和浸沒式冷卻。這只是我們的客戶在這個快速變化的世界中，在資料中心環境中追求的複雜性和創新類型的一個例子。所以我們和他們站在同一陣線上。我們將繼續專注於這一成長領域和機遇，我認為在這個完全不同的、需要各種類型資料中心的領域，有很多創新空間。

Thank you for the call there. Yeah, that's really helpful. And then on the broader expense reduction initiative, it certainly seems like this is a more concentrated way to kind of reduce costs. So I'm just wondering, what, what's the historical source of those kind of excess costs if you will, and is there anything changing that's enabling you to now take out those costs, whereas historically they were needed

謝謝你打來的電話。是的，這真的很有幫助。而就更廣泛的成本削減計劃而言，這顯然是一種更集中的方式來降低成本。所以我想知道，這些額外成本的歷史根源是什麼？現在是否有什麼改變使得你們能夠消除這些成本，而過去這些成本是必要的？

Thank you Jason, thank you for the question. We'll provide more detail about the program that we're announcing that we'll undertake in Q4 with the completion of the quarter and an ongoing basis.

謝謝你，傑森，謝謝你的提問。我們將在第四季度結束後，以及之後持續提供更多關於我們即將在第四季度啟動的計劃的詳細資訊。

We do anticipate the majority of the restructuring expenses and therefore the cost reductions will be in our. Testing inspection certification businesses, both consumer and in industrial, but we'll provide some more detail on what we're doing and how we're we're achieving that as we progress through the program.

我們預計大部分重組費用以及成本削減都將體現在我們的計劃中。我們正在對消費者和工業領域的企業進行測試檢驗認證，但隨著專案的推進，我們將提供更多關於我們正在做的事情以及我們如何實現這一目標的詳細資訊。

Okay, great. Congrats on the good quarter.

好的，太好了。恭喜你們本季業績出色。

Thank you.

謝謝。

(Operator Instruction) (Inaudible).

（操作說明）（聽不清楚）。

Thank you very much and my First Three questions if I may.

非常感謝，如果可以的話，我想問三個問題。

The first question is on the underlying software business. You talked about how the businesses have gone pretty well in Q3, a full year you have a view that the software business might strengthen. Are you able to just talk to that?

第一個問題是關於底層軟體業務的。您提到第三季業務發展良好，您認為軟體業務全年可能會走強。你能直接跟它對話嗎？

Second question, are you able to just, give us some reassurance on the growth outlook? So I guess, if one was to, sort of.

第二個問題，您能否就成長前景給我們一些保證？所以我想，如果非要說的話，大概就是這樣吧。

Negative if you like clearly the Mathematically, the Q4 guide would appear to be 3 to 5%.

如果你喜歡數學上清晰的結論，那麼第四季的指導方針似乎是 3% 到 5%。

Your CapEx guide is down and obviously you're doing a restructuring.

您的資本支出指南已失效，顯然您正在重組。

And so can you just provide reassurance that your expectations for the underlying growth of the business have not changed. And then I guess finally just in terms of the cost savings. You, my sense is, and I'm wrong, that you are essentially abandoning a couple of business lines and that what you're saying is that your organic growth will be next year because you're not doing those businesses anymore and that the organic growth in the rest of the business will be pretty much as it was this year. Is that the right way to think about what you're saying or I misunderstood something?

所以，您能否保證您對公司基本成長的預期沒有改變？最後，我想最終還是從節省成本的角度來看。我的感覺是（但我錯了），你基本上是在放棄幾個業務線，你的意思是說，你的自然增長將在明年實現，因為你不再做這些業務了，而其他業務的自然增長將與今年基本持平。我這樣理解你的意思對嗎？還是我誤解了什麼？

Thank you.

謝謝。

Yeah, (inaudible), let me start with the software. Our software and advisory business was up 6.4% organically, and software was up nicely. And the great thing about software being up is that there's operating leverage that you get from that, and it certainly both the throughput and advisory and the growth in software expanded the software and advisory margins by, 790.

是的，（聽不清楚），讓我先從軟體開始。我們的軟體和諮詢業務實現了 6.4% 的有機成長，其中軟體業務成長尤為顯著。軟體成長帶來的好處在於它能帶來營運槓桿效應，軟體的吞吐量、諮詢業務和成長無疑都使軟體和諮詢業務的利潤率提高了 790%。

Basis points and I think if you look at our software growth rate in the Third quarter, you'll see that it continues to grow at an expanding rate versus year-to-date. So we're pleased and there's more to do. We're excited.

以基點計算，我認為，如果你看一下我們第三季的軟體成長率，你會發現它與今年迄今為止相比繼續以不斷擴大的速度成長。所以我們很高興，但還有更多工作要做。我們很興奮。

That our ultras releases have been welcomed by the marketplace. We had, new releases around sustainability and Pfos and some purchase goods and services and some focus on what will be needed in sustainability reporting as demand around fulfilling CSRD needs bounces back.

我們的超高端產品受到了市場的歡迎。我們有關於永續性和 PFO 的新版本，以及一些採購商品和服務，還有一些版本重點關注隨著滿足 CSRD 需求的需要而出現的永續性報告需求反彈。

And then we were really pleased that Verdantix, an independent research and advisory firm, labeled us as a leader in their inaugural green quadrant for product compliance software. So overall I think you know the underlying momentum in our software business continues.

然後，我們非常高興地看到，獨立研究和諮詢公司 Verdantix 將我們評為產品合規軟體首屆綠色象限的領導者。總的來說，我認為您應該明白，我們軟體業務的潛在發展勢頭仍在持續。

I'm going to ask Ryan to provide some reassurance on the growth outlook, but I do want to highlight that those three pieces the Q4 guide, the CapEx timing, and the restructuring are not related. They are three independent variables that happen to all come together on this call.

我打算請 Ryan 就成長前景提供一些保證，但我確實想強調，第四季業績指引、資本支出時間表和重組這三件事之間沒有關聯。這三個獨立變數恰好在此次通話中同時出現。

Yeah, agree. I think that's well described.

是的，同意。我覺得描述得很到位。

And then the impact of the expense reduction, I think that's a you you described it.

至於削減開支的影響，我想你剛才已經描述過了。

Appropriately we, we're just discontinuing some service lines, and we'll focus on, the remainder of the business. It's roughly 1%, so it does not materially change our overall growth rates for other things.

恰如其分地，我們將停止部分服務項目，並將專注於剩餘的業務。大約只有 1%，所以不會對我們其他方面的整體成長率產生實質影響。

So basically what you're saying is that if you thought you were making this up, but if you thought you were going to grow 6% organically next year, it would be 5% because you're basically abandoning 1% of the business in that kind of.

所以你基本上是說，如果你認為這是你編造的，但你認為明年你會實現 6% 的有機增長，那麼實際增長會是 5%，因為你基本上放棄了 1% 的業務。

That's directionally correct.

方向是對的。

Thank you. Bye.

謝謝。再見。

(Operator Instruction) Jason Haas, Wells Fargo.

（操作員說明）傑森·哈斯，富國銀行。

Good morning. This is Juny on for Jason Haas. Just wanted to jump back on the software and advisory segment. Advisor has been a drag on that segment for a couple of quarters, and it kind of flipped this quarter. You saw a lot of good momentum there. I know you guys noted that the advisory part of that is very lumpy, but do you have any sense why you saw such a big upswing? What was fundamentally driving that?

早安.這裡是Juny，替Jason Haas報道。只是想重新關註一下軟體和諮詢領域。在過去幾個季度裡，顧問業務一直是該業務部門的拖累因素，但本季情況有所改善。你看到了那裡強勁的發展勢頭。我知道你們注意到諮商部分的波動很大，但你們有沒有想過為什麼會出現這麼大的上漲趨勢？導致這種情況發生的根本原因是什麼？

Yeah, interestingly, the upswing in this was in our renewables advi advisory business, and I'll remind you that business focuses on supporting financial decisions for.

是的，有趣的是，這種成長出現在我們的再生能源諮詢業務中，我提醒您，該業務專注於為客戶的財務決策提供支援。

Banks and other financial services in financing renewables projects. So there was an uptick in that and our team has been working really hard to fulfill that demand.

銀行和其他金融服務機構為再生能源項目提供融資。所以這方面的需求有所成長，我們的團隊一直在努力滿足這項需求。

We do continue to see some headwinds and advisory, in particular, the commercial real estate effect on our healthy buildings advisory continues to be a headwind and that's an area that you know we expect as commercial real estate continues to evolve to continue to hopefully bounce back in the future.

我們確實繼續看到一些不利因素和諮詢，特別是商業房地產對我們健康建築諮詢的影響仍然是一個不利因素，而我們預計隨著商業房地產的不斷發展，未來這一領域有望繼續反彈。

Got it. That's a really good color. And then you guys have talked a lot on this call about your organic investments, but I'm more curious on the opportunity on the inorganic side, with the exit of some of these non-strategic service lines, is there more appetite to conduct more M&A related to your more core growth areas? And also I noticed there's no M&A done in the quarter. Is there any reason why has, the market not been very appealing?

知道了。這個顏色真好看。然後，你們在這次電話會議上談了很多關於你們的有機投資，但我更感興趣的是無機增長方面的機會，隨著一些非戰略性服務線的退出，你們是否有更大的意願在你們的核心增長領域進行更多併購？我還注意到，本季沒有進行任何併購交易。市場為何一直不太吸引人？有什麼原因導致這種情況發生嗎？

We'd like to say that we're disciplined and we're active in M&A, and a lot of it has to do with timing and quality of opportunities.

我們想說，我們行事嚴謹，積極參與併購活動，而這很大程度取決於時機和機會的品質。

So we will continue if there's a conversation to be had about an acquisition in the product t space and opportunity out there, we like to be involved in those conversations and timing is. Somewhat capricious sometimes and we will continue to pursue appropriate opportunities for inorganic growth.

所以，如果產品領域有收購方面的討論，並且有機會，我們將繼續參與這些討論，時機也很重要。我們有時會有些反覆無常，但我們將繼續尋求合適的非有機成長機會。

Great, thank you. again.

太好了，再次感謝。

(Operator Instruction)

（操作說明）

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

感謝各位今天蒞臨。感謝您的提問和支持，我們期待在下個季度向您報告我們的進度。

(Operator Instruction).

（操作說明）