UL Solutions Inc (ULS) 2026 Q2 法說會逐字稿

Hello and welcome to the UL Solutions Second Quarter 2026 Earnings Conference Call.

各位好，歡迎參加 UL Solutions 2026 年第二季財報電話會議。

Currently, all participants are in listen-only mode.

目前所有與會者皆處於僅收聽模式。

A question-and-answer session will follow the formal presentation.

正式簡報結束後將進行問答環節。

If anyone should require the operator's assistance during the conference, you may press star then zero on your telephone keypad.

若在會議期間需要接線員協助，請在電話鍵盤上按星號再按 0。

As a reminder, this conference is being recorded. I would now like to turn the call over to your host, Ms. Yijing Brentano, Vice President of Investor Relations at UL Solutions.

提醒各位，本次會議將被錄音。現在我想將電話會議交給本次主持人——UL Solutions 投資人關係副總裁Yijing Brentano 女士。

Thank you. You may begin, Ms. Scanlon.

謝謝。Scanlon 女士，您可以開始了。

Thank you, and welcome everyone to our second quarter of 2026 earnings call. Joining me today are Jenny Scallon, our Chief Executive Officer, and Ryan Robinson, our Chief Financial Officer.

謝謝，並歡迎各位參加我們 2026 年第二季財報電話會議。今天與我一同出席的有我們的執行長 Jenny Scallon，以及財務長 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.

在今天的討論中，我們將參考我們的財報簡報資料，該資料可於 ul.com 網站的投資人關係專區取得。

Our earnings release is also available on the website.

我們的財報新聞稿也可在該網站上查閱。

I would like to remind everyone that on today's call, we may discuss forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1,995.

我想提醒各位，在今天的電話會議中，我們可能會討論符合《1995 年私人證券訴訟改革法》安全港條款所定義的前瞻性陳述。

These forward-looking statements may include, among other things. Statements about UL Solutions' future financial results and estimates, our full-year 2026 outlook, the previously announced restructuring plan, and our pending acquisitions and divestitures, including the pending acquisition of Europein's electrical and electronics business, and pending sale of our shares of DQS holding GMBH that involve substantial risks, uncertainties, and other factors that could. Actual results to differ in a material way from those expressed or implied in the forward-looking statements.

這些前瞻性陳述可能包括但不限於：關於 UL Solutions 未來財務結果與估計、我們 2026 年全年展望、先前公布的重整計畫，以及我們尚待完成的收購與處分（包括擬收購 Eurofin 電氣與電子業務，以及擬出售我們持有的 DQS holding GMBH 股份）等，這些事項涉及重大風險、不確定性及其他因素，可能導致實際結果與前瞻性陳述中明示或暗示的結果出現重大差異。

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 filings with the SEC, including our annual report on Form 10-K for the year ended December 31, 2025, and our quarterly report.

請參閱財報簡報第 2 頁的揭露聲明，以及我們財報新聞稿中關於前瞻性陳述的免責聲明與風險因素；相關風險因素亦載於我們向美國證券交易委員會（SEC）提交的文件中，包括截至 2025 年 12 月 31 日止年度的 Form 10-K 年報，以及我們的季度報告。

For the quarter ended June 30, 2026.

截至 2026 年 6 月 30 日止季度。

We undertake 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陳述以反映本日後事件或情況的義務。

Today's presentation also includes references to non-GAAP financial measures, including adjusted EBITDA margin, adjusted net income, adjusted diluted earnings per share.

今天的簡報亦包含對非 GAAP 財務衡量指標的引用，包括調整後 EBITDA 利潤率、調整後淨利、調整後稀釋每股盈餘。

Cash flow and free cash flow margin.

現金流與自由現金流利潤率。

A reconciliation to the most comparable GAAP financial measures can be found in the appendix to the earnings presentation, which is posted on the Investor Relations section of our website at ul.com.

與最可比 GAAP 財務衡量指標的調節表可於財報簡報附錄中查閱；該簡報已發布於 ul.com 網站的投資人關係專區。

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

接下來，我想把電話會議交給 Jenny。

Good morning, everyone, and thanks for joining us. We achieved another outstanding quarter with record revenue and continued growth in adjusted EBITDA.

各位早安，感謝各位加入。我們再度交出亮眼的一季，營收創新高，調整後 EBITDA 亦持續成長。

Our team executed exceptionally well across all segments, driving profitable growth, expanding margins, and advancing key strategic priorities.

我們的團隊在所有事業部門的執行表現都非常出色，推動獲利性成長、擴大利潤率，並推進關鍵策略優先事項。

These results were delivered in a dynamic operating environment and reflect the discipline, resilience, and focus that define our organization.

這些成果是在多變的營運環境中達成，展現出我們組織所具備的紀律、韌性與專注。

Most importantly, this performance is a testament to the dedication and expertise of our approximately 15,000 team members around the world whose contributions drive our success every day.

最重要的是，這項表現證明了我們全球約 15,000 名團隊成員的投入與專業；他們每天的貢獻驅動我們的成功。

Our results also reflect the continuing importance of several long-term trends we have discussed, including the energy transition, the electrification of everything, and increasing automation in industrial markets.

我們的成果也反映出我們先前討論過的多項長期趨勢的重要性持續提升，包括能源轉型、萬物電氣化，以及工業市場自動化程度提高。

On the consumer side, we see ongoing product innovation and increasingly interconnected devices.

在消費端，我們看到產品創新持續推進，裝置之間的互聯互通也日益加深。

These durable trends create ongoing demand for safety science expertise, testing capabilities, and certification services that help customers bring increasingly complex products and systems to market.

這些具持久性的趨勢持續帶動對安全科學專業、測試能力與認證服務的需求，協助客戶將日益複雜的產品與系統推向市場。

Before Ryan walks through the detailed financial results, I'll cover four areas. First, highlights of our second quarter performance.

在 Ryan 說明詳細財務結果之前，我將先涵蓋四個面向。第一，第二季表現重點。

Second, notable announcements we made in the last few months third, a brief update on previously announced portfolio actions and lastly, some perspective on the geopolitical environment and how our business continues to perform well within it.

第二，過去幾個月我們發布的重要公告；第三，先前公布的投資組合行動的簡要更新；最後，針對地緣政治環境提供一些觀點，以及我們的業務如何在其中持續保持良好表現。

Let me start with the quarter.

我先從本季開始。

Consolidated revenue grew 5.2% to $816 million, including organic revenue growth of 6.6%, led by our industrial and consumer segments. Adjusted EBITDA grew 11.2% to a quarterly record of $219 million, with adjusted EBITDA margin expanding 140 basis points to 26.8%. Adjusted diluted earnings per share increased 13.5% to $0.59. These results reflect the combination of operating leverage from organic growth, higher employee productivity, and the continued benefit of the restructuring plan we have been executing since late last year.

合併營收成長 5.2% 至 8.16 億美元，其中有機營收成長 6.6%，主要由工業與消費事業部門帶動。調整後 EBITDA 成長 11.2% 至單季新高 2.19 億美元，調整後 EBITDA 利潤率擴張 140 個基點至 26.8%。調整後稀釋每股盈餘成長 13.5% 至 0.59 美元。這些成果反映了有機成長帶來的營運槓桿、員工生產力提升，以及自去年底以來我們持續推動之重整計畫所帶來的效益。

Notably, we achieved 6.6 organic growth even as we absorbed the planned revenue reductions from the business exits under our restructuring plan.

值得注意的是，即使我們吸收了重整計畫下退出部分業務所造成的既定營收減少，我們仍達成 6.6% 的有機成長。

I want to emphasize that our productivity work is not a short-term effort. It is part of how we are building a more focused, scalable and efficient company.

我想強調，我們的生產力提升工作並非短期行動。它是我們打造更聚焦、更具可擴展性且更高效率公司的方式之一。

We are continuing to simplify how we operate, focus resources on our strongest growth opportunities and maintain disciplined investment in the capabilities that matter most to our customers.

我們持續簡化營運方式，把資源聚焦在最強勁的成長機會上，並對客戶最重視的能力維持有紀律的投資。

It was a strong first half and one we are proud of.

上半年表現強勁，我們對此深感自豪。

Now let me turn to the notable announcements we made during the second quarter. We launched an AI-powered capability within Ultra's UL360 to help organizations calculate carbon footprints of the products they manufacture and the components they purchase.

接著我談談我們在第二季發布的幾項重要公告。我們在 Ultra 的 UL360 中推出 AI 驅動的新功能，協助組織計算其製造產品及所採購零組件的碳足跡。

This improves the quality of supplier emissions data used in Scope 3 reporting.

這提升了用於範疇三（Scope 3）揭露的供應商排放數據品質。

The launch comes as evolving regulations heighten the need for reliable supply chain carbon data, increasing demand for the solutions our software offers.

隨著法規持續演進，對可靠供應鏈碳數據的需求提高，進一步推升市場對我們軟體解決方案的需求。

We issued our first hazardous location robotics certification under the new UL 6,260 standard awarded to X-Robotics for their latest inspection robot.

我們依據新的 UL 6,260 標準，頒發了首張危險場所機器人認證，授予 X-Robotics 的最新檢測機器人。

The certification evaluates remotely operated robots used for inspection and maintenance in hazardous locations, assessing fire, explosion, electric shock, and mechanical risks.

該認證評估用於危險場所檢測與維護的遠端操作機器人，涵蓋火災、爆炸、觸電與機械風險。

This milestone supports the industry shift toward robotic inspection in high-risk environments, helping move personnel out of harm's way while improving inspection reliability.

此一里程碑支持產業在高風險環境中轉向機器人檢測的趨勢，在提升檢測可靠性的同時，協助人員遠離危險。

We were excited to open our new Automotive Technology and Innovation Center in Toyota City, Japan, further strengthening our ability to support customers in one of the world's largest and most innovative automotive markets.

我們很高興在日本豐田市啟用全新的汽車技術與創新中心，進一步強化我們在全球最大且最具創新力的汽車市場之一中支援客戶的能力。

As vehicles become increasingly electrified, connected and software driven, the need for advanced EMC testing has continued to increase.

隨著車輛日益電動化、互聯化並由軟體驅動，對先進 EMC 測試的需求持續增加。

The facility helps automakers ensure critical systems operate reliably in the presence of electromagnetic interference.

該設施協助車廠確保關鍵系統在電磁干擾存在的情況下仍能可靠運作。

One of the few facilities in Japan equipped for high voltage and high-speed rotational testing, this new lab expands our capacity to help customers bring safe, reliable technologies to market.

作為日本少數具備高電壓與高速旋轉測試能力的設施之一，這座新實驗室擴充了我們的產能，協助客戶將安全、可靠的技術推向市場。

Now I'd like to highlight our progress in capital deployment and portfolio optimization.

接下來我想重點說明我們在資本配置與投資組合優化方面的進展。

We continue to expect to close the acquisition of Eurofin's electrical and electronics business in the fourth quarter of 2026 and look forward to welcoming the team and their customers to UL Solutions.

我們仍預期將於 2026 年第四季完成對 Eurofin 電氣與電子業務的收購，並期待歡迎其團隊與客戶加入 UL Solutions。

We are also proceeding as expected on the sale of our position in DQS with closing still on track for the second-half of 2026.

我們也按計畫推進出售在 DQS 的持股，交易完成時間仍預計在 2026 年下半年。

Finally, let me offer some perspective on the geopolitical environment, which continues to present important considerations to our customers.

最後，我想就地緣政治環境提供一些觀點；該環境持續為我們的客戶帶來重要考量。

Our second quarter results show just how well our business continues to perform in this dynamic environment.

我們第二季的結果顯示，在這樣多變的環境中，我們的業務仍持續展現出色表現。

We continue to benefit from several durable secular trends, more complex product ecosystems, and faster innovation cycles.

我們持續受惠於多項具持久性的長期趨勢、更複雜的產品生態系，以及更快的創新週期。

Customers are balancing myriad regulations, sustainability expectations, and supply chain transparency requirements.

客戶正同時因應各式各樣的法規、永續期待，以及供應鏈透明度要求。

We are also seeing increasing opportunities tied to AI data centers where safety, energy efficiency, and reliability are essential.

我們也看到與 AI 資料中心相關的機會日益增加，在這些領域中，安全、能源效率與可靠性至關重要。

The need for safety science expertise backed by independent testing and certification is paramount.

由獨立測試與認證所支撐的安全科學專業能力之需求至關重要。

That dynamic is core to the UL Solutions value proposition.

這樣的動態正是 UL Solutions 價值主張的核心。

Our strategy and our portfolio are closely aligned with these trends, and that focus continues to show up in our results.

我們的策略與產品組合與這些趨勢高度一致，而這項聚焦也持續反映在我們的業績表現上。

Given our strong performance through the first half of the year, we remain confident in our full-year 2026 outlook.

鑑於我們在上半年展現的強勁表現，我們對 2026 全年展望仍然充滿信心。

Now I'll turn the call over to Ryan for a more detailed review of our second quarter results and more details on our full year 2026 outlook.

接下來我將把電話會議交給 Ryan，請他更詳細回顧我們第二季的業績，並進一步說明 2026 全年展望。

Thank you, Jenny, and hello, everyone. I also want to thank our team members around the world for another quarter of strong execution. Let me walk through the quarter in detail. Consolidated revenue of $816 million was up 5.2% over the prior year quarter, including organic revenue growth of 6.6%. That.

謝謝你，Jenny，大家好。我也要感謝我們全球的團隊成員，在本季再次展現強勁的執行力。我將帶大家詳細回顧本季表現。合併營收為 8.16 億美元，較去年同期成長 5.2%，其中有機營收成長 6.6%。那。

Operating income of $150 million increased 7.9% over the prior year, producing a 50 basis point improvement in operating margin. This was mainly driven by cost of revenue as a percentage of revenue improving 190 basis points year-over-year on favorable operating leverage and the continued impact of our restructuring and productivity initiatives. This was partially offset by higher costs associated with performance-based incentive compensation.

營業利益為 1.50 億美元，較去年同期增加 7.9%，使營業利益率提升 50 個基點。這主要是因營收成本占營收比率年增改善 190 個基點，受惠於有利的營運槓桿，以及我們重整與生產力提升措施的持續影響。但部分被與績效連動的獎酬激勵所帶來的較高成本所抵銷。

Selling general and administrative expenses as a percentage of revenue increased 130 basis points, primarily reflecting higher employee compensation tied to performance-based incentives as well as higher professional fees.

銷售、一般及管理費用占營收比率增加 130 個基點，主要反映與績效連動的獎酬激勵所帶動的員工薪酬增加，以及較高的專業服務費用。

Adjusted EBITDA for the quarter was $219 million, an improvement of 11.2% year-over-year. Adjusted EBITDA margin was 26.8%, up 140 basis points from the second quarter of 2025, with the expansion led by our consumer segment.

本季調整後 EBITDA 為 2.19 億美元，年增 11.2%。調整後 EBITDA 利潤率為 26.8%，較 2025 年第二季提升 140 個基點，利潤率擴張主要由我們的消費者事業部帶動。

Adjusted net income, which excludes the divestiture gain, stock-based compensation expense for equity settled awards, and certain other items, was $129 million, up 17.3% from $110 million in the second quarter of 2025. Adjusted diluted earnings per share was $0.59, up 13.5% from $0.52 in the prior year period.

調整後淨利（排除處分利益、以權益結算之獎勵的股份基礎給付費用及其他特定項目）為 1.29 億美元，較 2025 年第二季的 1.10 億美元成長 17.3%。調整後稀釋每股盈餘為 0.59 美元，較去年同期的 0.52 美元成長 13.5%。

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

接下來我將按事業部說明我們的表現，先從工業事業部開始。

Revenues in industrial rose 7.8% to $402 million or 7.2% organically as compared to the second quarter of 2025, with growth across ongoing certification services and certification testing. Strength in materials and energy and automation led the revenue growth.

工業事業部營收成長 7.8% 至 4.02 億美元，或以有機口徑較 2025 年第二季成長 7.2%，成長來自持續性認證服務與認證測試等多個領域。材料、能源與自動化領域的強勁表現帶動了營收成長。

Adjusted EBITDA in industrial increased 7.4% to $130 million in the quarter, while adjusted EBITDA margin decreased 10 basis points to 32.3%, as the benefit of higher revenue was offset by higher employee compensation costs tied to performance-based incentives.

工業事業部本季調整後 EBITDA 成長 7.4% 至 1.30 億美元，而調整後 EBITDA 利潤率下降 10 個基點至 32.3%，因較高營收帶來的效益被與績效連動的獎酬激勵所致的員工薪酬增加所抵銷。

Turning to the consumer segment, revenues were $362 million, up 6.5% from the 2025 quarter or 6.2% organically, driven by strength in certification testing in consumer technology, non-certification testing and other services in retail, and ongoing certification in appliances and HVAC.

再看消費者事業部，營收為 3.62 億美元，較 2025 年同期成長 6.5%，或以有機口徑成長 6.2%；成長動能來自消費科技的認證測試、零售的非認證測試及其他服務，以及家電與 HVAC 的持續性認證。

As a reminder, the prior-year quarter experienced tariff-related uncertainty, and that affected. The timing of customers' new product launches.

提醒一下，去年同期曾出現與關稅相關的不確定性，並且影響了。客戶新產品上市的時程。

Adjusted EBITDA for consumer was $77 million, an increase of 24.2% versus the second quarter of last year. Adjusted EBITDA margin was 21.3%, up 310 basis points year-over-year, driven by operating leverage, higher employee productivity, favorable business mix as we exited lower margin service lines, and the continued. Benefit of our restructuring plan.

消費者事業部調整後 EBITDA 為 7,700 萬美元，較去年第二季增加 24.2%。調整後 EBITDA 利潤率為 21.3%，年增 310 個基點，主要受惠於營運槓桿、員工生產力提升、我們退出低毛利服務線所帶來的有利業務組合，以及持續。受惠於我們的重整計畫。

In our risk and compliance segment, revenues were $52 million, a decrease of 17.5% year-over-year. The decline reflects the divestiture of our EHS software business, which closed on April 1. Excluding that impact, the segment grew 4.8% organically. Organic growth in the quarter was driven by increased demand for supply chain insights for the retail industry.

在風險與合規事業部，營收為 5,200 萬美元，年減 17.5%。下滑反映我們 EHS 軟體業務的處分，該交易已於 4 月 1 日完成交割。若排除此影響，該事業部有機成長 4.8%。本季有機成長主要由零售產業對供應鏈洞察需求增加所帶動。

Adjusted EBITDA for risk and compliance software was $12 million, down 14.3% year-over-year, primarily due to the EHS software divestiture. Adjusted EBITDA margin improved 90 basis points to 23.1% with the benefit of a leaner cost structure on the segment's smaller revenue base.

風險與合規軟體的調整後 EBITDA 為 1,200 萬美元，年減 14.3%，主要因 EHS 軟體業務處分所致。調整後 EBITDA 利潤率提升 90 個基點至 23.1%，受惠於在該事業部較小的營收基礎上，採用更精實的成本結構。

Turning to cash flow in the balance sheet, for the trailing 12 months ended June 30, 2026, we generated $678 million of cash from operating activities and $436 million of free cash flow, up 19.8% year-over-year, with free cash flow margin improving to 13.9% from 12.3%.

再看資產負債表中的現金流，於截至 2026 年 6 月 30 日的過去 12 個月，我們自營運活動產生 6.78 億美元現金，並創造 4.36 億美元自由現金流，年增 19.8%；自由現金流利潤率由 12.3% 提升至 13.9%。

For the six months ended June 30, 2026, we generated $379 million of operating cash flow and $241 million of free cash flow, both up meaningfully from the prior year period, reflecting improved business performance.

於截至 2026 年 6 月 30 日的六個月，我們產生 3.79 億美元營運現金流與 2.41 億美元自由現金流，兩者均較去年同期顯著增加，反映營運表現改善。

Capital expenditures were $138 million for the first half of 2026 compared to $93 million in the prior-year period, consistent with our plan to continue investing in laboratory capacity to support customer demand. We ended the quarter with $434 million of cash and cash equivalents and total debt of $303 million, down from $494 million at the end of 2025, reflecting. $191 million of net repayments on our revolving credit facility, funded in part by proceeds from the EHS software divestiture.

2026 年上半年資本支出為 1.38 億美元，去年同期為 9,300 萬美元，符合我們持續投資實驗室產能以支援客戶需求的計畫。本季末我們持有現金及約當現金 4.34 億美元，總負債為 3.03 億美元，較 2025 年底的 4.94 億美元下降，反映。我們在循環信用額度上淨償還 1.91 億美元，部分資金來自 EHS 軟體業務處分所得。

We continue to maintain a strong investment-grade balance sheet, which provides flexibility to fund the pending Eurofins M&A acquisition alongside our other capital priorities.

我們持續維持強健的投資等級資產負債表，提供彈性以在其他資本配置優先事項之餘，為即將完成的 Eurofins 併購交易提供資金。

We paid a quarterly dividend of 14.$0.05 per share or $29 million during the second quarter, consistent with the increased dividend we announced at the start of the year.

我們在第二季支付每股 14.$0.05 美元的季度股利（或合計 2,900 萬美元），與我們在年初宣布提高的股利水準一致。

Now turning to our full year 2026 outlook, we continue to expect 2026 consolidated organic revenue growth to be in the mid-single-digit range as compared to 2025, inclusive of an approximately 1% of revenue reduction from the business exits associated with our previously announced restructuring plan. FX impact on revenue in the second-half of 2026 is expected to be negligible.

接著談 2026 全年展望，我們仍預期 2026 年合併有機營收成長率相較 2025 年將落在中個位數區間，並已包含因先前宣布的重整計畫所伴隨的業務退出，約造成營收減少 1%。預期 2026 年下半年匯率（FX）對營收的影響可忽略不計。

We continue to expect adjusted EBITDA margin improvement to approximately 27% for the full year, consistent with the guidance we raised last quarter, reflecting the combination of continued operating leverage, the benefit of our restructuring plan and the disciplined cost management partially offset by higher performance-based compensation costs and acquisition. Related expenses associated with our announced portfolio transactions.

我們仍預期全年調整後 EBITDA 利潤率可改善至約 27%，與我們上季上調的指引一致；此反映持續的營運槓桿、重整計畫效益與嚴謹的成本管理，但部分被較高的績效連動薪酬成本與併購。相關費用（與我們已宣布的投資組合交易相關）所抵銷。

We continue to expect our full year effective tax rate to be approximately 26%. We now expect full year capital expenditures of approximately 8.5% of revenue, including the timing of our previously discussed investments in laboratory capacity and other growth opportunities to meet customer demand.

我們仍預期全年有效稅率約為 26%。我們目前預期全年資本支出約為營收的 8.5%，其中包含先前提及的實驗室產能投資時程，以及其他為滿足客戶需求的成長機會投資。

With respect to our restructuring plan, we have incurred the significant majority of the charges associated with the plan and continue to expect the plan to be complete by the end of the first quarter of 2027 with approximately $3 million of remaining pre-tax charges expected over the balance of the plan. Overall, we are pleased with our first half performance and we believe we remain well-positioned to achieve our full-year objectives while continuing to invest in long-term growth. And executing our portfolio strategy. Now let me turn the call back to Jenny for her closing remarks.

就重整計畫而言，我們已承擔該計畫相關費用的絕大部分，並仍預期該計畫將於 2027 年第一季末前完成；在計畫剩餘期間，預計尚有約 300 萬美元的稅前費用。整體而言，我們對上半年表現感到滿意，並相信我們仍具備良好條件達成全年目標，同時持續投資長期成長。並執行我們的投資組合策略。接下來我把電話會議交回 Jenny，請她做結語。

I want to close with one significant highlight from the second quarter. UL Solutions won the prestigious Robert W. Campbell Award from the National Safety Council.

我想以第二季的一項重要亮點作結。UL Solutions 榮獲國家安全委員會頒發的享譽盛名 Robert W.Campbell 獎。

It is one of the Council's highest honors for workplace safety leadership, and it's a powerful affirmation of our mission of working for a safer world.

這是理事會在職場安全領導方面的最高榮譽之一，也有力肯定了我們致力於打造更安全世界的使命。

The pride that we all feel in this achievement cannot be overstated because the award recognizes something we have long believed and acted upon, that protecting people is and must always be embedded in our culture.

我們對這項成就所感到的自豪難以言喻，因為這個獎項表彰了我們長期以來所深信並付諸行動的一點：保護人員必須、也永遠都要深植於我們的文化之中。

You've heard me say that we do dangerous things here at UL Solutions all in the name of safety. We break things, we blow them up, we light them on fire. From the way we operate to the solutions we deliver, advancing safety has defined us for more than 130 years.

你們聽我說過，在 UL Solutions，我們為了安全而做一些具有風險的事情。我們會把東西弄壞、把它們炸掉、把它們點燃。從我們的營運方式到我們提供的解決方案，推動安全進步已定義了我們超過 130 年。

As Lorraine Martin, President and CEO of the National Safety Council stated, at UL Solutions, safety goes beyond compliance. It is a vital component of both operations and culture.

正如美國國家安全委員會（National Safety Council）總裁暨執行長 Lorraine Martin 所言，在 UL Solutions，安全不僅僅是符合法規。它是營運與文化中不可或缺的關鍵要素。

She further noted that the Campbell Award is a recognition of our accomplishment in instilling safety as a value for all employees, making safety personal rather than procedural.

她進一步指出，坎貝爾獎（Campbell Award）是對我們成功將安全灌輸為所有員工共同價值的肯定，讓安全變得個人化，而非僅是程序化。

We have been celebrating the Campbell Award globally since May, and I want to once again thank all of our employees who advance our mission of safety every single day.

自 5 月以來，我們在全球各地慶祝坎貝爾獎，我也想再次感謝所有每天都在推動我們安全使命的員工。

In closing, this was an outstanding quarter that reflects the strength of our business model, the discipline of our team, and continued progress sharpening our portfolio for profitable long-term growth.

最後，本季表現非常出色，反映出我們商業模式的強韌、團隊的紀律，以及我們持續精進投資組合以實現長期獲利成長的進展。

We remain confident in our ability to navigate a dynamic environment and the megatrends shaping our industry give us conviction in the opportunity ahead.

我們仍有信心能在多變的環境中前行，而塑造本產業的巨型趨勢也讓我們對未來機會更具信念。

We are grateful to our employees around the world for their continued dedication to our mission of working for a safer world, and we remain focused on delivering value for our customers, our people, and our shareholders.

我們感謝全球員工持續投入於打造更安全世界的使命，也將持續專注於為客戶、員工與股東創造價值。

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

接下來，我們開放提問。

Thank you. We will now be conducting a question-and-answer session. If you would like to ask a question, please press star 1 on your telephone keypad. A confirmation tone will indicate your line is in the question queue. You may press star 2 if you would like to remove your question from the queue. For participants using speaker equipment, it may be necessary to pick up your handset before pressing the star keys. One moment while we poll for questions.

謝謝。我們現在開始進行問答環節。若您想提問，請在電話鍵盤按下星號 1。確認音將表示您的線路已進入提問佇列。若您想將問題自佇列中移除，可按下星號 2。使用擴音設備的與會者，可能需要先拿起話筒再按星號鍵。請稍候，我們正在收集問題。

Our first question is from Stephanie Moore with Jefferies. Please go ahead.

我們的第一個問題來自 Jefferies 的 Stephanie Moore。請發問。

Great. Good morning.

好的。早安。

Thank you.

謝謝。

Congrats on an excellent quarter here. I wanted to touch on margin cadence.

恭喜本季表現非常出色。我想談談利潤率的節奏。

So. I think you have said previously that margin expansion might be slightly more second-half weighted, but you saw pretty considerable margin expansion in the first half. So I know there's a lot of puts and takes, especially with the restructuring program and the like. So just wanted to think about second-half margin cadence and maybe just your overall level of confidence in the full-year guide after what was a good first half.

所以，我記得你們先前提到利潤率擴張可能會稍微偏向下半年，但你們在上半年已經看到相當可觀的利潤率擴張。我知道其中有很多拉鋸因素，尤其是重整計畫等。因此想請你們談談下半年利潤率的節奏，以及在上半年表現良好之後，你們對全年指引的整體信心程度。

Thank you.

謝謝。

Thanks, Stephanie. And we are pleased that our first-half performance really allowed us to sharpen our pencil on our guidance for EBITDA in the second-half, resulting in approximately 27.0%. And we will continue the progress that we've made on margin expansion. We're focused on operating leverage, continuous improvement, and disciplined cost management. Brian, do you want to add anything?

謝謝你，Stephanie。我們很高興上半年的表現讓我們能更精準地調整下半年 EBITDA 的指引，約為 27.0%。我們也會延續已取得的利潤率擴張進展。我們聚焦於營運槓桿、持續改善，以及嚴謹的成本管理。Brian，你要補充嗎？

I would say we raised the lower end of our guidance last year and we'll continue to assess our outlook as we progress through the year. We're making progress on many near-term items in our portfolio, which includes some acquisition costs and together with other considerations in our business led to the outlook that we provided at this time. So the cadence, I would say, would be pretty similar between third quarter and fourth quarter and we'll continue to strive to meet the guidance we affirm today.

我會說，我們去年提高了指引區間的下緣，並會在今年推進過程中持續評估展望。我們在投資組合中許多短期事項上正取得進展，其中包含一些併購成本；再加上業務中的其他考量，形成了我們目前提供的展望。因此就節奏而言，我會說第三季與第四季會相當類似，我們也會持續努力達成今天所重申的指引。

Thank you. That's helpful. One quick follow-up question that's more of a higher-level question. We often get asked in our seats, what ultimately drives the underlying demand for your services. I think you guys do a good job of talking about your megatrends. But one area that I don't think is maybe well understood is any potential volatility that you guys might see in your demand for your services or, quite frankly, lack thereof volatility. So could you maybe just talk about just the visibility or steadiness. Overall services that you see at the getting center, I think that would be helpful.

謝謝。這很有幫助。我再追問一個比較高層次的問題。我們常被問到，究竟是什麼最終驅動你們服務的基本需求。我認為你們在談巨型趨勢方面做得很好。但有一個面向我覺得可能不太被理解：你們的服務需求是否可能出現波動，或坦白說，為何波動不大。所以你們能否談談可見度或穩定性？就你們在整體服務端所看到的情況，我想這會很有幫助。

Thank you.

謝謝。

Yeah, I think it's a great point because we really do benefit from tremendous resiliency when you think about us being across 35 different industries and the number of services that we offer.

是的，我覺得你提得很好，因為當你想到我們橫跨 35 個不同產業，以及我們提供的服務數量時，我們確實受益於非常強的韌性。

And so one of the things that I always point people to is what has been the trend of R&D investments in manufacturers, and that trend continues upward. And that's important to us because we're not volume-driven we're innovation-driven. So the more innovation, the more SKUs that happen.

因此我總是提醒大家的一點是：製造商的研發投資趨勢如何，而這個趨勢仍在上升。這對我們很重要，因為我們不是由出貨量驅動，而是由創新驅動。創新越多，就會出現越多 SKU。

The better our businesses. And different trends, things like last fall there was some concerns around chip shortages and other things. And immediately what we ultimately see is our customers redesigning their products and that needs then retesting often of those products. And so these shifts and changes actually.

對我們的業務越有利。另外，不同的趨勢，例如去年秋天曾有人擔心晶片短缺等問題。而我們最終看到的是客戶立即重新設計其產品，這往往需要對這些產品進行重新測試。因此，這些轉變與變動其實。

Really contribute to our business growth, and we're fairly resilient.

確實促進了我們的業務成長，而我們也相當具韌性。

Thank you, guys.

謝謝各位。

Thank you, Stephanie.

謝謝你，Stephanie。

Our next question comes from Josh Chan with UBS. Please go ahead.

下一個問題來自 UBS 的 Josh Chan。請發問。

Hi, good morning, Janie, Ryan, and Yijing. Thanks for taking my questions.

嗨，早安，Janie、Ryan 和 Yijing。謝謝你們回答我的問題。

I guess. On the margin cadence, given what you've achieved in the first half, it doesn't require that much margin expansion, it seems like, to get to your margin guide. So could you talk about that and whether there are some puts and takes in the margin outlook in the second-half?

我想，關於利潤率節奏，考量你們上半年達成的成果，看起來要達到你們的利潤率指引似乎不需要太多額外的利潤率擴張。所以你們能否談談這點，以及下半年利潤率展望是否有一些拉鋸因素？

Thank you very much. We're pleased with the progress, 140 basis points in the quarter, 220 basis points year to date.

非常感謝。我們對進展感到滿意，本季提升 140 個基點，年初至今提升 220 個基點。

And in the second-half, we're progressing. There are some portfolio management activities, including we expect to close the Europe and M&A acquisition in the fourth quarter. That will have some integration-related expenses. We expect to have some performance-based compensation expenses based on the improvements that we have made in our profitability. And I would say those are the primary differences taken together with all the other aspects of the. This led us to confirm the outlook.

而在下半年，我們仍在推進。會有一些投資組合管理活動，包括我們預期在第四季完成歐洲以及 M&A 併購案的交割。這將產生一些與整合相關的費用。基於我們獲利能力改善，我們也預期會有一些以績效為基礎的薪酬費用。我會說，這些是主要差異；再加上業務中其他各方面的因素。這些促使我們確認目前的展望。

Thank you for that. And then on the CapEx raise, I think, Ryan, you mentioned there was some timing aspects to it, but it sounded like there might also be some additional growth opportunities. Could you talk about kind of what you're seeing on the horizon to drive the higher CapEx there?

謝謝說明。另外關於資本支出（CapEx）上調，我想 Ryan 你提到其中有一些時點因素，但聽起來也可能有一些額外的成長機會。你能否談談你們在前方看到哪些因素，會推動資本支出提高？

Yeah, thank you for asking. We're excited about the new capabilities and capacity that we're adding, and we're funding this with increases in profitability.

好的，謝謝提問。我們對新增的能力與產能感到振奮，而這些投資將由獲利能力提升所帶來的增加資金來支應。

Foremost, we support our customers and our markets with innovative ways to test new products. And good examples include the Toyota City Japan high voltage GMC lab that we just opened last month and also the construction of our large fire lab in Northbrook to support assessing fire risks from new product types. And as we have a history of generating. Returns on invested capital and getting better and better utilization of our locations and our equipment. So even with these investments, our free cash flow and our free cash flow margin has grown. Free cash flow is up 20% on a last 12-month basis and 16% year-to-date. So said simply, our earnings have grown at a faster pace and more than offset the incremental investment.

首先，我們以創新的方式協助客戶與市場測試新產品。很好的例子包括我們上個月剛啟用的日本豐田市高電壓 GMC 實驗室，以及我們在 Northbrook 興建大型火災實驗室，以支援評估新產品類型所帶來的火災風險。而且我們一向有創造的歷史。在投入資本報酬率方面的表現，以及我們據點與設備的使用率也持續提升、愈來愈好。因此，即使進行這些投資，我們的自由現金流與自由現金流利潤率仍然成長。以過去 12 個月計算，自由現金流成長 20%，年初至今成長 16%。簡單來說，我們的獲利成長速度更快，且足以抵銷新增投資。

Some of the products, some of the large projects span over year-ends, and we're pleased that we have made progress and anticipate spending more against some of those projects in 2026 as we progress in those projects.

部分產品、部分大型專案會跨越年度結算日，我們很高興已取得進展，並預期隨著專案推進，將在 2026 年於其中一些專案上投入更多支出。

So that led to change to 8.5%.

因此這導致調整為 8.5%。

Great.

很好。

Thank you for the color, and good luck in the second-half.

謝謝你補充說明，也祝你們下半年順利。

Thank you very much.

非常感謝。

Thanks.

謝謝。

Our next question is from Andy Whitman with Robert W. Baird. Please go ahead.

下一個問題來自 Robert W.Baird 的 Andy Whitman。請開始。

Good morning. Thanks for taking my question. I just wanted to understand the quarter a little bit better by asking a little bit about your comments on incentive compensation.

早安。謝謝讓我提問。我想透過詢問你們對激勵性薪酬的評論，來更了解本季的情況。

And so just going through this.

所以我就順著這點來問。

I just noticed a couple of things here. So your stock-based compensation was up a lot year-over-year, $23 million versus $13 million. So that's one form of stock compensation, but that's added back to your adjusted EBITDA. So, Ryan, does the increase in incentive compensation move deeper into the organization as a cash cost? And if you could, just to help us understand the impact to the quarter, could you just quantify how much more of these types of costs that were not excluded were up. This year versus last year?

我注意到幾件事。你們以股票為基礎的薪酬年增很多，從 1,300 萬美元到 2,300 萬美元。這是一種股票薪酬，但它會加回到你們的調整後 EBITDA。所以，Ryan，激勵性薪酬的增加是否會以現金成本的形式更深入地滲透到組織內部？如果可以，為了幫助我們理解對本季的影響，你能否量化一下這些未被排除的成本類型增加了多少？今年相較去年增加了多少？

Andy, it's a great question and one of the things that we're really proud of is our pay for performance orientation, both in our annual employee incentive plan and in our multi-year.

Andy，這是個很好的問題。我們非常自豪的一點是，我們的薪酬制度以績效為導向，無論是在年度員工激勵計畫，或是在我們的多年期。

LTIP plan. And that annual, it's an all-employee incentive plan.

LTIP 計畫。而年度的部分，是全員工激勵計畫。

And so that tends to be more on the cash-based side. And if you go back and look at the proxy last year, we outlined some of the details on that. But, Ryan, you can highlight the puts and takes that Andy asked about.

因此那部分通常偏向以現金為主。如果你回去看去年的委託書（proxy），我們有概述其中一些細節。不過，Ryan，你可以說明 Andy 所問到的增減因素。

You're right, Andy. It was really changes in expected payouts in two different incentive programs. One is the annual bonus plan that Jenny mentioned, the all-employee incentive plan. That reduced operating income as well as adjusted EBITDA. It's not stock-based, so it is not added back.

你說得對，Andy。主要是兩個不同激勵計畫的預期發放金額出現變動。其中一個是 Jenny 提到的年度獎金計畫，也就是全員工激勵計畫。那會降低營業利益以及調整後 EBITDA。它不是以股票為基礎，所以不會加回。

The other are performance stock units that are based on our performance in revenue and operating income.

另一個是績效股票單位（PSU），其依據我們在營收與營業利益方面的表現。

And those increased through the year and led to the primary increase in the add back for adjusted EBITDA that you pointed out.

而這些在年度中有所增加，並導致你指出的調整後 EBITDA 加回項目出現主要增幅。

So we're pleased that the performance of our employees is forecasted to earn some additional incentives.

因此我們很高興，員工的表現預期將可獲得一些額外的激勵。

And even after accounting for these incentives, our adjusted EBITDA is up 16% in the first half. Our operating income is up 16% in the first half.

而且即使把這些激勵納入考量，我們上半年調整後 EBITDA 仍成長 16%。我們上半年營業利益也成長 16%。

And our total compensation expense in the first half is up only 2.6%. So to put that in context in the quarter. Our revenue is up $40 million, our compensation expense is up $11 million with these incentives, which drives higher revenue per employee, higher profit per employee.

而我們上半年總薪酬費用僅成長 2.6%。把它放到本季的脈絡來看：我們營收增加 4,000 萬美元，薪酬費用（包含這些激勵）增加 1,100 萬美元，這帶動每位員工的營收更高、每位員工的獲利更高。

Okay, that's helpful.

好的，這很有幫助。

Just one more kind of finer point on that one. Was there a catch-up.

再追問一個更細的點。是否有一次性的追補。

Or an accrual that had to make up for maybe under accrual in the first quarter here, Ryan, or is this the run rate that you expect that's embedded in your full-year guidance and therefore implied in the second-half?

或是需要提列一筆應計費用，用來彌補第一季可能提列不足的部分，Ryan？還是說，這就是你們預期的常態水準，已反映在全年財測中，因此也隱含在下半年？

Yes, the impact in the second quarter was more than the first quarter, and we would anticipate the quarterly impact going forward to be moderately less than the second quarter.

是的，第二季的影響大於第一季，而我們預期未來各季的影響會比第二季略低一些。

So it was a bigger impact in the second quarter.

所以第二季的影響比較大。

That's helpful. And then you always get asked questions on price versus volume contributing to the increased organic growth or accelerating organic growth rate. But maybe I'd give you a form to maybe say what you can about that here at this quarter. What you realized and what you're seeing in the marketplace today, if anything?

這很有幫助。另外，你們總是會被問到價格與數量（volume）對有機成長提升或加速的貢獻。不過也許我給你一個機會，讓你在本季就這點談談你能談的部分。你們實際實現了什麼，以及你們目前在市場上看到什麼（如果有的話）？

Yes, thank you. So with the divestiture, we had total revenue growth of 5.2%.

好的，謝謝。因此在剝離（divestiture）之後，我們的總營收成長為 5.2%。

Price and volume were meaningful contributors to our revenue growth, with volume a bit more impact than price. Our certification testing, we're very proud of the progress. It grew over 10% again in the quarter. And at that level of growth, that was primarily driven by volume.

價格與數量都是我們營收成長的重要貢獻來源，其中數量的影響略大於價格。我們的認證測試業務進展讓我們非常自豪。本季再次成長超過 10%。在這樣的成長水準下，主要是由數量所驅動。

Our next question comes from Jason Huff with Wells Fargo.

下一個問題來自 Wells Fargo 的 Jason Huff。

Hey, good morning. This is Keegan Antico on for Jason Huff. I was wondering if you could break out some of what you're seeing in consumer a little bit more. You saw some really nice sequential improvement here and year-over-year improvement.

嗨，早安。我是代 Jason Huff 提問的 Keegan Antico。我想請你們更細分說明一下你們在消費端看到的情況。你們本季出現相當不錯的季比改善與年比改善。

If you just unpack that a little bit, was there anything like one time-ish in the quarter?

如果你能稍微拆解一下，這一季是否有任何偏一次性的因素？

And is. Is this mid-single-digit rate to left to right run rate going into the second-half or could it take her off especially as compares get harder in the fourth quarter?

以及。這種中個位數的成長率，是否會作為下半年由左至右的常態水準延續？還是說，特別是第四季比較基期變得更具挑戰時，可能會放緩？

Thanks, Keegan. And we're really proud of our consumer team and the way in which they're reacting to some pretty healthy market demand and also what we believe. Are taking share in certain areas.

謝謝你，Keegan。我們對消費事業團隊感到非常自豪，他們對相當健康的市場需求所做出的反應，以及我們認為。在某些領域正在取得市占。

So what we're seeing, of course, is some demand driven by data centers, particularly in areas of the power supplies for those AI racks, those AI-powered chips, as well as the servers there.

因此我們看到的情況當然包括一些由資料中心帶動的需求，特別是在那些 AI 機櫃、AI 驅動晶片的電源供應器，以及那裡的伺服器等領域。

We're also seeing some data center just overall product certification in both of our business lines strengthen.

我們也看到資料中心整體的產品認證，在我們兩條業務線上都有所增強。

But additionally, our consumer team, they shed some less profitable revenue through restructuring and they've strengthened technical capability and our lab capabilities around commercial HVAC and continuing to make investments in higher growth areas.

此外，我們的消費團隊透過重整剔除了部分獲利較差的營收，並強化了在商用 HVAC 方面的技術能力與實驗室能力，同時持續在高成長領域加碼投資。

So like I say, we're seeing underlying market growth and share gain and that's dropping. Through to both their growth rate and their EBITDA.

所以如我所說，我們看到的是底層市場成長與市占提升，而這也反映。在他們的成長率與 EBITDA 上。

Awesome. Thanks. And just one quick follow-up. We've seen some headlines from some consumer electronic companies that are delaying new product releases from increasing memory costs stemming from AI. Have you seen this play out at all from any sort of softer volumes or anything like that?

太好了。謝謝。再快速追問一個問題。我們看到一些消費性電子公司因 AI 帶動的記憶體成本上升，而延後新產品發表的新聞標題。你們是否也看到這種情況發生，例如出現任何量能轉弱或類似現象？

Or could it have any impact in the second-half or are you not seeing anything from this?

或者這是否可能在下半年造成任何影響？還是你們完全沒有看到這方面的跡象？

It's actually just the opposite because again, I say this all the time as a former manufacturer, when you see factor input costs increase, one of the very first things you do is try to figure out how do you value engineer that product and redesign it or change your formulations. And that frequently leads to retesting of that product.

其實正好相反，因為我再說一次，作為前製造商我一直都這麼說：當你看到生產要素投入成本上升時，你最先做的事情之一，就是想辦法如何對該產品進行價值工程（value engineering），重新設計它或改變配方。而這往往會導致該產品需要重新測試。

So for us.

所以對我們而言。

We're there with our customers as they're reacting to all sorts of various supply chain shifts, and we understand what their new product roadmaps are. And that visibility has led us to affirm our guidance for the full year.

當客戶因應各式各樣的供應鏈變動而做出反應時，我們會與他們並肩合作，我們也了解他們新的產品藍圖是什麼。而這樣的能見度使我們得以確認我們對全年指引不變。

Our next question comes from George Tong with Goldman Sachs. Please go ahead.

下一個問題來自高盛（Goldman Sachs）的 George Tong。請開始提問。

Industrial organic revenue growth remains strong at 7% led by materials and energy and automation. Can you unpack what's driving growth within those end markets today and how you're thinking about demand trends through the balance of 2026, particularly around energy infrastructure, electrification, automation and AI-related investments?

工業部門的有機營收成長仍然強勁，達 7%，主要由材料、能源與自動化帶動。你能否拆解一下目前這些終端市場內部的成長動能來自哪裡，以及你們如何看待 2026 年剩餘期間的需求趨勢，特別是能源基礎設施、電氣化、自動化以及 AI 相關投資？

Yeah, we always say industrial is just such a great business fueled by the megatrends. And one of the things we're really seeing is strong growth, double-digit growth in data center related power and automation and wire and cable components and products.

是的，我們一直說工業業務是一個非常好的業務，受惠於這些巨型趨勢（megatrends）。而我們真正看到的一點是，與資料中心相關的電力與自動化，以及電線電纜零組件與產品，都呈現強勁成長、雙位數成長。

So there's a lot of power and controls business.

所以電力與控制相關業務很多。

It's being driven by energy needs, not just for data centers, but the fact that.

這是由能源需求所驅動，不僅是資料中心的需求，還有一個事實是。

More energy needs to be generated, transmitted and stored, and that's really what our industrial business focuses on.

需要產生、傳輸並儲存更多能源，而這正是我們工業業務的重點所在。

So we continue to believe that the strength that we're seeing in material space, in the energy space, in the industrial automation space.

因此我們持續相信，我們在材料領域、能源領域、工業自動化領域所看到的強勁表現。

Is really tied to these megatrends, and those megatrends are affecting us both across U.S. And Greater China and Asia largely.

確實與這些巨型趨勢密切相關，而這些巨型趨勢對我們的影響遍及美國。以及大中華區與亞洲為主的地區。

Got it. That's helpful. And then capital spending stepped up this year as you're investing in laboratory capacity. Can you elaborate on where you're adding the capacity today, which end markets and applications are driving the greatest need for those investments?

了解。這很有幫助。另外，今年你們的資本支出提高，因為正在投資實驗室產能。你能否進一步說明目前你們在哪些地方新增產能、哪些終端市場與應用正在驅動這些投資的最大需求？

And you'll recall, George, last year we were on the lower end of our CapEx range and this year we just raised it to 8.5% and some of that is timing year-on-year, but really what we're seeing is given the strength in our business, we can accelerate opportunities around lab modernization and productivity within labs.

George，你會記得去年我們的資本支出落在指引區間的較低端，而今年我們剛把它提高到 8.5%。其中一部分是年度之間的時點因素，但更重要的是，我們看到在業務強勁的情況下，我們可以加速推動實驗室現代化以及實驗室內部的生產力提升機會。

Labs that are going to provide new revenue generation and also labs that give us some operational resilience to ensure we've got coverage across geographies.

這些實驗室將帶來新的營收來源，同時也能提供我們一定的營運韌性，確保我們在不同地理區域都有覆蓋。

So some of the big labs, we opened our Toyota City Japan lab, which is a high-voltage EMC that was opened in June.

所以一些大型實驗室方面，我們在日本豐田市（Toyota City）的實驗室已啟用，這是一座高電壓 EMC 實驗室，於 6 月開幕。

We continue to make progress on our. What we call Fire 2.0, our large-scale fire lab here in Northbrook, Illinois. And that's really a long-term asset that will support assessing fire risks from all types of larger-scale products.

我們也持續推進我們的。我們稱之為 Fire 2.0 的計畫，也就是位於伊利諾州 Northbrook 的大型火災實驗室。而那是一項長期資產，將支援評估各類大型產品的火災風險。

We continue to.

我們持續。

To make investments in EMC around the world as well as energy storage testing around the world. And we continue to see benefits from our retail centers of excellence in consumer and also our appliances and HVAC testing. So it's across the board, and we're being very opportunistic given the benefits that we're seeing from our business growth.

也在全球各地持續投資 EMC，以及在全球各地投資儲能測試能力。同時，我們也持續看到我們在消費品領域的零售卓越中心帶來效益，以及家電與 HVAC 測試方面的效益。所以是全方位的；在看到業務成長帶來的效益之下，我們也非常把握機會、積極投入。

Very helpful.

非常有幫助。

Thank you.

謝謝。

Our next question comes from Seth Weber with BNP Paribas. Please go ahead.

下一個問題來自法國巴黎銀行（BNP Paribas）的 Seth Weber。請開始提問。

Hi, good morning. This is Christina on for Seth. Thanks for taking our questions.

嗨，早安。我是 Christina，代 Seth 提問。謝謝讓我們提問。

So now that this is the first quarter for risk compliance and software that's under the new structure with EHF out and advisory was fully moved into industrial last quarter, is what we're seeing this quarter kind of the right base for growth and margin going forward? I remember last quarter kind of mentioned that the divested piece was going to be was slower growing. So I was curious if this is showing up the way that you guys expected?

那麼，現在風險合規與軟體在新架構下已是第一個季度（EHF 已剝離，而顧問業務在上季已完全移入工業部門），我們這一季看到的表現是否可視為未來成長與毛利（margin）的合適基準？我記得上季有提到，被處分的那一塊成長會比較慢。所以我想了解，這是否如你們預期般反映出來？

Yes, and it is. I think the focus of having our Ultras platform really strategically connected to product trust, the product testing, inspection, and certification needs that our customers have, eliminating a lower growth business that really didn't have that connection to the product tech business.

是的，確實如此。我認為重點在於，讓我們的 Ultras 平台在策略上與產品信任（product trust）緊密連結，也就是客戶對產品測試、檢驗與認證的需求；同時剔除一個成長較低、且與產品技術業務沒有那種連結的業務。

There weren't opportunities. There wasn't really a lot of benefits to be on the Ultras platform.

那裡沒有機會。在 Ultras 平台上也沒有太多效益。

So the Ultras team is really focused. They're focused on where we've got a networked user model.

因此 Ultras 團隊現在非常聚焦。他們聚焦在我們具備網路化使用者模型的領域。

They're focused on where our customers need product stewardship and product sustainability. And they're focused on where there are regulatory requirements that are rapidly changing.

他們聚焦在客戶需要產品管理（product stewardship）與產品永續的領域。也聚焦在法規要求快速變動的領域。

So the 4.8% organic growth that we saw.

所以我們看到的 4.8% 有機成長。

And the progression on EBITDA is good, but we need them to continue to accelerate, and those are our expectations with this focus.

以及 EBITDA 的改善是好的，但我們需要他們持續加速，而在這樣的聚焦之下，這就是我們的期待。

I would just add to that that the software business that we sold, you saw in the second quarter of last year produced $14 million in revenue. That business had similar. Revenue per quarter, so you would expect approximately that amount.

我再補充一點：我們出售的那個軟體業務，你在去年第二季看到它帶來 1,400 萬美元營收。該業務每季的營收大致相近，所以你可以預期大約這個金額。

Reduced in the coming quarters from what we reported last year, and that our margin performance, even with the divestiture, would be fairly consistent with our full-year margin performance last year.

在接下來幾季中，會相較於我們去年所報告的數字而減少；而即使進行了處分，我們的毛利率表現也會與去年全年毛利率表現大致一致。

Got it. Thanks so much.

了解。非常感謝。

On a margin rate, just to be clear, on a adjusted EBITDA margin rate?

就毛利率來說，為了確認一下，是指調整後 EBITDA 毛利率（adjusted EBITDA margin rate）嗎？

Perfect.

沒錯。

Thank you. That was all from us. Thanks.

謝謝。我們這邊就這些問題。謝謝。

Thank you.

謝謝。

Our next question comes from Andrew Nicholas with William Blair. Please go ahead.

下一個問題來自 William Blair 的 Andrew Nicholas。請開始提問。

Hi, good morning.

嗨，早安。

I wanted to circle back to the CapEx discussion and appreciate all the color on where you're spending a little bit more dollars this year. Can you maybe speak to it on more of a medium-term basis, should we expect similar levels of CapEx intensity in '27 and '28 just based on all the opportunities that you see in front of you or is this concentrated in kind of this quarter and in the back half of '26?

我想回到資本支出的討論，也感謝你們提供今年多花一些資金的去向細節。你能否從中期角度談談：基於你們看到的各種機會，我們是否應預期在 2027 與 2028 年也會有類似的資本支出強度（CapEx intensity），還是說這主要集中在本季以及 2026 年下半年？

Yeah, thank you for the question. And as a reminder, last year we did about 6.5% of revenue. This year we've spoken to the outlook of about 8.5%. And some of that is timing both things that we started last year and finished this year and the timing of things that we started this year progressing very well.

好的，謝謝你的問題。提醒一下，去年我們的資本支出約為營收的 6.5%。今年我們談到的展望約為 8.5%。其中一部分是時點因素：包含我們去年開始、今年完成的項目，以及今年開始且進展非常順利的項目在時點上的安排。

I would say it's likely that we're going to be in that range for.

我會說，很可能我們會在這個區間內維持。

For the foreseeable future for a few years.

在可預見的未來幾年內。

It is really based on the needs of our customers and the emerging technologies.

這主要是基於客戶需求以及新興技術。

As an example, the lab that we just opened in Japan is.

舉例來說，我們剛在日本開設的實驗室是。

Designed to support new technologies of high RPM and high voltage electrical motors for automobiles, just a technology that didn't exist previously. So it's really dependent on the needs of the customers and the emerging technologies that need to be tested.

用來支援汽車用高轉速（high RPM）與高電壓電動馬達的新技術——這是一種過去並不存在的技術。所以這真的取決於客戶需求，以及需要被測試的新興技術。

Yeah, but Andrew, what I want to emphasize is for us, these are things that we have control over. We can make the decisions around.

是的，但 Andrew，我想強調的是，對我們而言，這些事情是我們可以掌控的。我們可以就此做出決策。

What those CapEx levels are. Our actual maintenance CapEx is low single-digits. And so we don't expect to come off of that long-term guidance that we've given in the past of 6% to 8%. This is just an anomaly this year, and we'll look at next year and give that guidance when we report Q4 and look into 2027.

那些資本支出（CapEx）水準是什麼。我們實際的維持性資本支出屬於低個位數百分比。因此，我們不預期會偏離過去所提供的長期指引，也就是 6% 到 8%。今年只是異常情況；我們會在明年、於公布第四季（Q4）時檢視並提供相關指引，同時展望 2027 年。

Perfect.

很好。

Thank you. And then for my follow-up, I wanted to ask on consumer EBITDA margin.

謝謝。接著我的追問，我想詢問消費者業務的 EBITDA 利潤率。

Sounds like some of the benefit on a year-over-year basis is tied to the restructuring and favorable business mix.

聽起來年對年（YoY）的一些改善，與重組以及有利的業務組合有關。

But I was hoping you could maybe speak a little bit more to the efficiency improvements. And just a point of clarification, is consumer also.

但我希望你能再多談一些效率提升的部分。另外澄清一下，消費者業務是否也……

Going against maybe a more elevated incentive comp number this quarter that we would expect to moderate some, or is that kind of catch-up dynamic specific to industrial?

本季也面臨可能較高的激勵性薪酬數字、而我們預期之後會趨於正常？還是說這種補提（catch-up）動態是工業業務特有的？

Thank you.

謝謝。

On the second question, consumer would have a similar dynamic to industrial as far as performance-based incentive comp. They are performing well this year.

就第二個問題而言，消費者業務在績效型激勵薪酬方面，會有與工業業務類似的動態。他們今年表現很好。

Overall, as you mentioned, that business mix favorability, shedding lower growth, lower margin consumer businesses and focusing our teams on these new opportunities is important.

整體而言，如你所提到的，有利的業務組合——我們剝離成長較低、利潤率較低的消費者業務，並讓團隊聚焦於這些新機會——這點很重要。

We are seeing an uptick in ongoing certification in consumer as well, and so that will continue to drive some of their longer-term.

我們也看到消費者業務的持續認證（ongoing certification）有所增加，因此這將持續推動其較長期的……

Margin durability.

利潤率韌性。

Thank you.

謝謝。

Our next question comes from Arthur Trusso with Citi. Please go ahead.

下一個問題來自 Citi 的 Arthur Trusso。請開始提問。

Good afternoon.

下午好。

Thank you very much.

非常感謝。

For taking my question.

謝謝讓我提問。

The first question I have is around the SG&A expenses. So year on year, they're up 244 million to 267 million and a quarter. And I think if I remember correctly, that 11 million of that was staff compensation.

我的第一個問題是關於 SG&A 費用。年對年來看，它們從 2.44 億增加到 2.67 億（單季）。而且如果我沒記錯，其中有 1,100 萬是員工薪酬。

So I was just wondering if you could explain what the rest of it was.

所以我想請你解釋其餘的部分是什麼。

And second question, I guess, sort of.

第二個問題，我想是……

Organic growth-wise.

就有機成長而言。

I'm seeing Q2 accelerating consumer decelerated industrial.

我看到第二季（Q2）消費者業務加速、工業業務放緩。

I guess, are you expecting comparable trends in both of those divisions as we progress into H2 or is there anything in the comparators that might lead us to a different conclusion for either Q3 or Q4?

我想問的是，隨著我們進入下半年（H2），你們是否預期這兩個部門會有類似的趨勢？或者在比較基期上是否有任何因素，可能讓我們對第三季（Q3）或第四季（Q4）在任一部門得出不同結論？

Thank you.

謝謝。

I'll take the second part and then let Ryan take the first on SG&A. But Arthur, we've got nice visibility into end markets and customer demands. And so we're feeling that the second-half of revenue growth will reflect the trends that we've seen in the first half.

我先回答第二部分，然後讓 Ryan 回答 SG&A 的第一部分。不過 Arthur，我們對終端市場與客戶需求有不錯的能見度。因此我們認為，下半年的營收成長將反映我們在上半年看到的趨勢。

And then in regard to SG&A.

接著談到 SG&A。

So yes, in the second quarter, our SG&A increased $23 million, which is a change from Q1 when SG&A only increased $11 million.

是的，在第二季，我們的 SG&A 增加了 2,300 萬美元；相較之下，第一季（Q1）SG&A 只增加了 1,100 萬美元。

The main drivers of the change are the performance-based compensation items we mentioned, which increased $13 million year over year on an organic basis from both the performance share units and the annual all-employee incentive plan.

變動的主要驅動因素是我們提到的績效型薪酬項目；在有機基礎上年對年增加了 1,300 萬美元，來源包括績效股票單位（PSU）以及全體員工年度激勵計畫。

We also disclosed, you can see that our stock-based compensation increased $10 million in the quarter. And the largest factor in this increase was just based on performance related to our consolidated revenue and our consolidated operating income through the life of the program.

我們也揭露了，你可以看到本季我們的股票基礎薪酬增加了 1,000 萬美元。而這項增加的最大因素，主要是基於在計畫期間內，我們合併營收與合併營業利益的績效表現。

In addition to that, there were some growth in services and materials and professional fees, which grew $7 million on an organic basis.

此外，服務與材料以及專業費用也有所成長，在有機基礎上增加了 700 萬美元。

This was due in part to the volume of activities and support on outside projects, including M&A.

部分原因是外部專案（包括併購 M&A）相關活動與支援的量增加。

So Ron, forgive me for just clarifying, but it's a 10 million of it to do with stock, 13 million for incentives. Is that additive from the members of the 11 million compensation?

Ron，不好意思我想再確認一下：其中 1,000 萬與股票有關、1,300 萬是激勵。這些是包含在那 1,100 萬薪酬裡面，還是另外加上去的？

Are they separate?

它們是分開的嗎？

No, that's not part of that is a part of it.

不是，其中一部分是包含在裡面的。

Yeah, that's a that's a subsection of it.

對，那是其中的一個子項。

But the stock that's 10 the compensation is 11 and I just you know it's 10 out of the 11 compensation stock or is it separate?

但股票是 10（百萬），薪酬是 11（百萬），我只是想確認——那 1,100 萬薪酬裡面有 1,000 萬是股票嗎？還是分開的？

It is so overall our Performance-based compensation grew $13 million on an organic basis, and of that, $10 million was stock-based compensation.

是這樣：整體而言，我們的績效型薪酬在有機基礎上增加了 1,300 萬美元，其中 1,000 萬美元是股票基礎薪酬。

And, Arthur, there's some other puts and takes. Our headcount is down, and so, there is an overall reduction in salary expense as you look at our employee compensation.

而且，Arthur，還有一些其他增減因素。我們的人力編制（headcount）下降，因此在員工薪酬中，薪資費用整體是下降的。

Yeah.

了解。

And if you're trying to peel apart, like, the underlying.

如果你想拆解，例如，底層的……

Expense run rate, we're very pleased with the progress and cost of revenue management, which increased only 1.3% in the quarter, and that is with some costs associated with this all-employee incentive point.

費用執行率（run rate），我們對營收成本管理的進展非常滿意；本季僅增加 1.3%，而這還包含了與全體員工激勵點數（incentive point）相關的一些成本。

Okay, so it's actually of the 23, 13 million with incentives, in total, 11 million was compensation, and then I guess it's another.

好的，所以其實在 2,300 萬裡面，總計 1,300 萬是激勵；而總計 1,100 萬是薪酬，然後我想另外還有……

12 million as well in addition. I just wonder what that was.

還有 1,200 萬是額外的。我只是想知道那是什麼。

So within SG&A overall, professional fees were about $7 million on an organic basis as an increase.

在整體 SG&A 中，專業費用在有機基礎上約增加了 700 萬美元。

Okay. Was that related to any sort of M&A or anything like that?

好的。那是跟任何併購（M&A）之類的事情有關嗎？

M&A was a contributor as well as some.

併購（M&A）是其中一個貢獻因素，另外還有一些……

Some of the projects we have underway that led to increases in professional services.

我們正在進行的專案，也導致專業服務費用增加。

That's really helpful.

這非常有幫助。

Thank you very much indeed.

非常感謝。

Thank you very much.

非常感謝。

Our next question comes from Andrew Steineman with JP Morgan. Please go ahead.

下一個問題來自 JP Morgan 的 Andrew Steineman。請開始提問。

Hey Ryan, it's Andrew. Could you just go over that timing of the 1% revenue drag from the previously announced restructured business exit? Is that about a 1% direct each quarter of 26, 1st through 4th, and will that be behind the company as we enter 27?

嗨 Ryan，我是 Andrew。你能否說明一下，先前已宣布的重組業務退出所造成 1% 營收拖累的時間點？這是否大約是 2026 年每一季（第一季到第四季）各 1% 的直接影響？而在我們進入 2027 年時，這個影響就會結束嗎？

It was... a bit more in the second quarter than the first quarter. It was about $6 million in the second quarter, about $5 million in the first quarter.

第二季的影響……比第一季稍多一些。第二季約 600 萬美元，第一季約 500 萬美元。

So absent that, our organic revenue growth would have been about 80 basis points higher in the quarter. Almost all of it is consumer, so that would have been about 170 basis points higher.

因此若排除該因素，本季我們的有機營收成長約可再高 80 個基點。幾乎全部都在消費者業務，因此消費者業務約可再高 170 個基點。

We were winding down some of those businesses in the first quarter, and they were done by the end of the first quarter. So it essentially will be completely done and not comparable by the end of calendar 2026.

我們在第一季逐步結束其中一些業務，並在第一季末完成。因此到 2026 年曆年年底時，基本上就會完全結束，且不再具有可比性。

But the second-half would be a little more than the first half because of the way that the timing of some of those exits.

但下半年的影響會比上半年稍大一些，因為部分退出的時間點……

Ran through the first quarter and led a little bit into the beginning of the second quarter.

在第一季發生，並稍微延續到第二季初。

Okay.

好的。

Thank you.

謝謝。

Thanks, Andrew.

謝謝，Andrew。

Our next question comes from Curtis Nagel with Bank of America. Please go ahead.

下一個問題來自美國銀行（Bank of America）的 Curtis Nagel。請開始提問。

Sure, just a quick one for me, just maybe the puts and takes the internet, sorry, the industrial or growth for 2Q, just a little bit, so the areas of maybe, strength versus, he saw a pullback in particular verticals, but just, disaggregating that growth versus, being a little stronger in 1Q on similar comps.

當然，我這邊就簡短問一個，可能是關於網際網路——抱歉，是工業或成長在第二季（2Q）的拉抬與抵銷因素，想再多了解一點；也就是哪些領域相對更強、哪些特定垂直領域出現回落，但主要是想把成長拆開來看：相較於類似的比較基期，第一季（1Q）是不是稍微更強一些。

Right, with similar comps.

對，在類似的比較基期下。

Industrial has seen some real strength in, all of the traditional tech businesses, built environments, our, power and controls, wire and cable engineered materials.

工業端在所有傳統科技業務上都看到相當明顯的強勁表現，包括建築環境、我們的電力與控制、電線電纜、工程材料。

These advisory business, and again, we've recast, so it's a comparable basis, but our advisory business, which has a significant exposure to solar and wind in the United States.

至於顧問業務方面，而且我們也重新分類過，所以是以可比基礎來看；我們的顧問業務在美國對太陽能與風電有相當高的曝險。

Has seen some headwinds. And so outside of our traditional tech businesses, that's been a bit of a drag on growth.

確實遇到一些逆風。因此，除了我們的傳統科技業務之外，這部分對成長造成了一些拖累。

Presumably that should continue into the second-half of the year.

推測這種情況應該會延續到今年下半年。

Presumably advisory, again, as we've always said, it's more cyclical and can have.

推測顧問業務——我們一直都說——它的循環性較強，而且可能會受到影響。

A couple projects can swing it one way or another.

幾個專案就可能讓它往某一邊擺動。

So, we're expecting that what we're seeing will continue to lead to the guidance that we've affirmed for the full year.

所以，我們預期目前看到的狀況將會持續，並支撐我們已確認的全年指引。

Okay.

好的。

Thank you, Sharon.

謝謝你，Sharon。

Once again, if you would like to ask a question, please press star 1 on your telephone keypad.

再次提醒，若您想提問，請在電話鍵盤上按星號 1。

Our next question comes from Slomo Rosenbaum with Stifel.

下一題來自 Stifel 的 Slomo Rosenbaum。

Hi. Thank you very much for taking my questions. Hey, Jenny, can you talk a little bit more about the CapEx increase? I know you talked about some of it is just timing and some of it is acceleration. In particular, can you talk of areas where you've seen the most opportunity and you've decided that it makes sense for you to accelerate some of your investments? Like, can you just give us a layer down to what some of those things are and.

嗨，謝謝你們願意回答我的問題。Jenny，你能再多談一點資本支出（CapEx）增加的部分嗎？我知道你提到其中一部分只是時點因素，另一部分是加速投入。特別是，你能談談你們在哪些領域看到最多機會，因此決定加速某些投資是合理的嗎？例如，能否再往下一層說明那些項目是什麼，以及……

You know where you see that impacting your revenue. Why is it a good time right now to be accelerating those investments?

你知道，你認為這會如何影響營收。為什麼現在是加速這些投資的好時機？

Yeah, I think a great example is in our consumer business and which is where we've got appliances HVAC lighting and We've been very deliberate in recent years of adding.

是的，我認為一個很好的例子是在我們的消費者業務，也就是家電、HVAC（暖通空調）、照明這些領域；近年來我們非常有計畫地新增。

A new lab in Plano, Texas a few years ago and then rounding out equipment and expansion as we're seeing customer demand.

幾年前我們在德州普萊諾（Plano）新建了一座實驗室，接著隨著客戶需求增加，逐步補齊設備並擴充。

Similarly, over in Milan, Italy, we've done the same. And that's really benefited our ability, we believe, to take share in areas that are being driven by AI data centers and the equipment that's needed for the cooling and chilling there.

同樣地，在義大利米蘭我們也做了相同的事情。我們相信，這確實提升了我們在由 AI 資料中心所帶動的領域中取得市占的能力，尤其是那裡所需的冷卻與冷凍設備。

Similarly, on the industrial side, we continue to see energy storage systems and the needs not just for battery safety, but also for, quality and performance testing. And that's where in the past we had invested over in Asia as well as in Europe. And we're seeing the benefits of, that capacity increase.

同樣地，在工業端，我們持續看到儲能系統的需求，不僅是電池安全，還包括品質與性能測試。而這也是我們過去在亞洲以及歐洲投入的地方。我們正在看到那次產能提升所帶來的效益。

Also allowing us to grow at a rate that we believe is faster than the market. So our teams, I always say there's no shortage of great ideas and great opportunities.

也讓我們能以我們認為快於市場的速度成長。所以我常說，我們從不缺好點子與好機會。

We can be the accelerator or the governor on the speed of that and feel like right now, given the pace of. Investments that are going into this new compute environment, this new AI infrastructure, as well as the other mega trends around energy transition and the needs for energy storage, we're going to continue to keep up with it in the right way.

我們可以決定加速或踩煞車的速度，而我們認為現在，考量到這個新運算環境、這個新 AI 基礎設施的投資步伐，以及能源轉型與儲能需求等其他長期趨勢，我們會持續以適當的方式跟上。

Okay, great. Then maybe this is one for Ryan. Just going back to the compensation, incentive compensation. Obviously, in a business that's really a people-driven business, it's very important to make sure your people are compensated properly with incentive comp. I want to just ask how that works when we roll forward into 2027. Is that the bar has risen by X amount, and now in order for you to have kind of account. Catch up again in the middle of the year or something like that, you'd need to have a further outperformance in order for that to end up with something like where you had kind of somewhat of a decline year-over-year in industrial. And maybe you could just talk about that philosophically about how you guys are approaching that and balancing the need to make sure employees are getting compensated appropriately with the growth with the need to show the margin expansion or the desire to show that in the public markets?

好的，很棒。那也許這題給 Ryan。回到薪酬、獎勵性薪酬（incentive compensation）。顯然在一個高度以人才驅動的業務中，確保員工透過獎勵薪酬獲得適當報酬非常重要。我想問的是，當我們往 2027 年推進時，這會如何運作？是不是門檻提高了 X 的幅度，然後為了讓你們在年中之類的時間點能再次「追上」帳面上的差距，你們需要更進一步的超額表現，才能讓結果呈現出像你們在工業端那樣年對年略有下降的情況？也許你可以從理念層面談談，你們如何看待並平衡：一方面要確保員工隨著成長獲得適當報酬，另一方面又要在公開市場上展現（或希望展現）利潤率擴張？

Yes, Shlomo, it's a great question, and I'll let Ryan go into the details, but it's something that, our board, our Human Capital and Compensation Committee pays close attention to. So, we look at what we believe, the three-year long-range plan is, as we set the long-term incentive plan, which is around cumulative revenue and operating income.

是的，Shlomo，這是個很好的問題。我先讓 Ryan 談細節，但這確實是我們董事會、人力資本與薪酬委員會非常關注的事項。因此，在設定長期獎勵計畫時，我們會看我們認為的三年長期計畫；長期獎勵主要是以累計營收與營業利益為基礎。

And then annually, they set both the targets and the shoulders on the all-employee incentive plan based on adjusted EBITDA and revenue and what we project and forecast our goals for the following year are.

然後在每一年，他們會根據調整後 EBITDA 與營收，以及我們對下一年度目標的預測與規劃，來設定全體員工獎勵計畫的目標值與區間（shoulders）。

So that's where the puts and takes come from. Ryan can talk about how that plays out next year when we have to lap this year.

所以拉抬與抵銷因素就是從這裡來的。Ryan 可以談談，明年在我們需要與今年做比較（lap this year）時，這會如何呈現。

So thank you for the question. So I'll just start with the annual all-employee incentive plan.

所以謝謝你的提問。我先從年度的全體員工獎勵計畫談起。

And I did mention the second quarter was a bit more than the first quarter. So probably to put it in context, for the first six months, even with those incremental expenses, our margins are up 220 basis points.

我確實提到第二季比第一季高一些。所以為了提供一些背景，在前六個月，即使有那些額外費用，我們的利潤率仍提升了 220 個基點。

So we do strive to seek a balance in that recording more expense That will go through the end of the calendar year. It's paid out in the first quarter of next year and a comparative basis next year If we are on next year's plan it likely would be lower than the amount that we recorded this year and then on the.

因此，我們確實努力在其中取得平衡，將更多費用認列；這會一路延續到曆年年底。該獎勵會在明年第一季發放；以明年的可比基礎來看，如果我們達成明年的計畫，認列的金額很可能會低於今年所認列的金額，然後在……

Performance stock units, as Jenny mentioned, those are based on a three-year performance period. They're based on revenue and operating income.

至於績效股票單位（Performance Stock Units），如 Jenny 所提到，是以三年績效期間為基礎。其衡量指標是營收與營業利益。

So there are targets that are set for those. There's a new series that's issued each year, so they lap over three years. This is our 3rd year as a public company.

因此，這些都有設定目標值。每年會發行一個新的批次，所以會在三年期間內重疊。這是我們成為上市公司的第 3 年。

So one reason why the expense is a bit more is there are three series now.

所以費用稍微高一些的原因之一，是因為現在有三個批次了。

As opposed to two series previously.

相較於先前只有兩個批次。

And the performance has been very strong. So we increase our estimated payouts of that.

而且績效表現非常強勁。因此我們提高了對該項的預估發放金額。

In all of these incentives, if the performance is not there, we will reduce the accrual in the expense. And so it acts as a buffer both ways. It also protects shareholders if there's underperformance. There's, of course, lower incentive payments.

在所有這些獎勵中，如果績效未達標，我們會降低費用中的應計數。因此它在兩個方向上都能起到緩衝作用。如果表現不如預期，也能保護股東。當然，獎勵金的發放也會更低。

Thank you.

謝謝。

Thank you.

謝謝。

All right.

好的。

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

謝謝各位今天加入我們。我們感謝各位持續的支持，也一如既往，期待在下個季度向各位更新我們的進展。

This concludes today's teleconference. You may disconnect your lines at this time.

今天的電話會議到此結束。您現在可以掛斷電話。

Thank you for your participation.

感謝您的參與。