nVent Electric PLC (NVT) 2021 Q3 法說會逐字稿

Ladies and gentlemen, thank you for standing by, and welcome to the nVent Third Quarter Earnings Conference Call. (Operator Instructions) Please be advised that today's conference is being recorded. (Operator Instructions) I would now like to hand the conference over to your speaker today, J.C. Weigelt. Thank you. Please go ahead.

女士們，先生們，感謝您的支持，歡迎參加 nVent 第三季度收益電話會議。 （操作員說明）請注意，今天的會議正在錄製中。 （操作員說明）我現在想把會議交給你今天的演講者，J.C. Weigelt。謝謝你。請繼續。

Thank you, Natalya, and welcome, everyone, to nVent's Third Quarter 2021 Earnings Call. I'm J.C. Weigelt, Vice President of Investor Relations. And on the call are Beth Wozniak, our Chief Executive Officer; and Sara Zawoyski, our Chief Financial Officer. Today, we will provide details on our third quarter performance and an outlook for our fourth quarter as well as an updated full year 2021 outlook.

謝謝 Natalya，歡迎大家參加 nVent 的 2021 年第三季度財報電話會議。我是 J.C. Weigelt，投資者關係副總裁。我們的首席執行官貝絲·沃茲尼亞克（Beth Wozniak）在電話會議上；和我們的首席財務官 Sara Zawoyski。今天，我們將提供有關我們第三季度業績和第四季度展望以及更新的 2021 年全年展望的詳細信息。

Before we begin, let me remind you that any statements made about the company's anticipated financial results are forward-looking statements subject to future risks and uncertainties such as the risks outlined in today's press release and nVent's filings with the Securities and Exchange Commission. Forward-looking statements are made as of today, and the company undertakes no obligation to update publicly such statements to reflect subsequent events or circumstances. Actual results could differ materially from anticipated results. Today's webcast is accompanied by a presentation, which can be found in the Investors section of nVent's website. References to non-GAAP financials are reconciled in the appendix of the presentation. We will have time for questions after our prepared remarks. Now I will turn the call over to Beth.

在我們開始之前，讓我提醒您，關於公司預期財務結果的任何陳述都是前瞻性陳述，受未來風險和不確定性的影響，例如今天的新聞稿和 nVent 向美國證券交易委員會提交的文件中概述的風險。前瞻性陳述自今天起作出，公司不承擔公開更新此類陳述以反映後續事件或情況的義務。實際結果可能與預期結果大不相同。今天的網絡直播附帶一個演示文稿，可在 nVent 網站的“投資者”部分找到。對非公認會計原則財務的引用在演示文稿的附錄中進行了核對。在我們準備好發言後，我們將有時間提問。現在我將把電話轉給貝絲。

Thank you, J.C., and good morning, everyone. It's great to be with you today to share our third quarter results, another outstanding quarter for nVent. This is a challenging time for companies across the globe, and I'm very proud of how our team has responded. They've been executing at a high level and living our customer-first value. Our team has been flexible, adaptive and innovative in responding to unprecedented demand. Many distribution partners have shared with us that our performance stands out. We believe our 26% sales growth during the quarter speaks to how well we are executing on our strategy of driving sales in fast growth verticals, winning with new innovative products and expanding globally. Equally important has been the execution of our digital transformation and supply chain strategy.

謝謝你，J.C.，大家早上好。今天很高興與您分享我們的第三季度業績，這是 nVent 的又一個出色季度。對於全球各地的公司來說，這是一個充滿挑戰的時期，我為我們團隊的反應感到非常自豪。他們一直在高水平執行並踐行我們客戶至上的價值觀。我們的團隊一直靈活、適應和創新，以應對前所未有的需求。許多分銷合作夥伴與我們分享，我們的表現非常出色。我們認為，本季度 26% 的銷售額增長說明了我們在推動快速增長的垂直領域銷售、以新的創新產品取勝並在全球擴張的戰略執行情況如何。同樣重要的是我們的數字化轉型和供應鏈戰略的執行。

We've worked to develop stronger regional supply chains, invested in capacity in our factories and developed strategic supplier relationships. We believe our results are reflective of the actions we have taken over the last several years. We are continuing to drive supply chain resiliency with dual sourcing capabilities, more digital systems and automation in our factories and building flexible capacity. Overall, we are pleased with the progress and the results.

我們致力於發展更強大的區域供應鏈，投資我們工廠的產能並發展戰略供應商關係。我們相信我們的結果反映了我們在過去幾年中採取的行動。我們將繼續通過雙重採購能力、更多的數字系統和工廠自動化以及建立靈活的能力來提高供應鏈的彈性。總的來說，我們對進展和結果感到滿意。

Turning to Slide 3. Sales of $643 million were up 26% and approximately 15% ahead of the third quarter of 2019. Adjusted EPS of $0.53 was above our guidance and ahead of 2019 levels. We generated robust free cash flow at $108 million for the quarter and $233 million year-to-date, a $53 million increase versus last year. Our third quarter results were solid, and we continue to execute well. Our orders were up an impressive 43%. We have confidence in our growth trajectory given our strong orders and record backlog. As a result, we are raising full year guidance for the third time this year. We now expect full year sales to grow 19% to 20% and adjusted EPS to grow 28% at the midpoint of guidance.

轉到幻燈片 3。銷售額為 6.43 億美元，比 2019 年第三季度增長 26%，比 2019 年第三季度增長約 15%。調整後的每股收益為 0.53 美元，高於我們的預期，高於 2019 年的水平。我們在本季度創造了 1.08 億美元的強勁自由現金流，今年迄今為 2.33 億美元，比去年增加了 5300 萬美元。我們的第三季度業績穩健，我們繼續執行良好。我們的訂單增長了 43%，令人印象深刻。鑑於我們強勁的訂單和創紀錄的積壓，我們對我們的增長軌跡充滿信心。因此，我們今年第三次上調全年指引。我們現在預計全年銷售額將增長 19% 至 20%，調整後每股收益將增長 28%。

Breaking down our performance in the third quarter, we continued to see positive results from our growth initiatives. We saw strong growth with our channel partners outside of North America. New products added about 1 point to our growth rate. We launched 11 new products this quarter and are on track to deliver 50 new products this year. Our acquisitions performed well and were additive to the overall nVent growth rate. Our digital efforts are supporting growth, improving the customer experience and driving efficiencies across our business. Looking across the verticals where we play, we continue to see broad-based growth. The industrial vertical was up strong double digits organically with particular strength in material handling, automotive and chemical. As expected, infrastructure sales accelerated with contributions from data centers and networking solutions, power utilities and rail.

細分我們在第三季度的表現，我們繼續看到我們的增長計劃取得了積極成果。我們與北美以外的渠道合作夥伴一起看到了強勁的增長。新產品為我們的增長率增加了約 1 個百分點。我們本季度推出了 11 款新產品，今年有望交付 50 款新產品。我們的收購表現良好，增加了 nVent 的整體增長率。我們的數字化努力正在支持增長，改善客戶體驗並提高我們業務的效率。縱觀我們所從事的垂直行業，我們繼續看到基礎廣泛的增長。工業垂直領域有機增長了兩位數，在材料處理、汽車和化工領域尤為強勁。正如預期的那樣，隨著數據中心和網絡解決方案、電力公司和鐵路的貢獻，基礎設施銷售加速。

In Commercial & Residential, our Thermal Management segment continued to see high demand for fire-rated wiring and for giving solutions. And Electrical & Fastening grew nicely in all regions. Energy was also up with growth in Thermal Management. Geographically, growth continued to be broad-based, with all regions growing double digits. North America grew organically in the high teens with particular strength in enclosures. Europe grew approximately 20%, led by Electrical & Fastening and developing regions grew by more than 50% with strong performance from Thermal Management. We believe that nVent is one of the best positioned companies to benefit from the mega trend around the electrification of everything. Our products and solutions are instrumental in the connection and protection of electrical systems, making them more resilient.

在商業和住宅領域，我們的熱管理部門繼續看到對防火佈線和提供解決方案的高需求。電氣和緊固在所有地區都增長良好。能源也隨著熱管理的增長而上升。從地域上看，增長繼續廣泛，所有地區均實現兩位數增長。北美在青少年時期有機增長，在圍欄方面特別強大。歐洲增長約 20%，以電氣和緊固為首，發展中地區增長超過 50%，熱管理表現強勁。我們相信，nVent 是最能從萬物電氣化的大趨勢中受益的公司之一。我們的產品和解決方案有助於電氣系統的連接和保護，使其更具彈性。

Our enclosures, for example, are critical in industrial automation to protect systems and data. As we see the trend towards more automation, we believe the demand for our enclosures will increase. Our most recent acquisitions have provided us with enclosures that are targeted at fast-growing applications, like solar and 5G. Our new power distribution portfolio extends our capability in data centers and networking solutions from heat management to now include power management. For Electrical & Fastening, the trend towards smarter buildings requires more power and data connections, which will increase the need for our offerings and expand our content.

例如，我們的外殼對於保護系統和數據的工業自動化至關重要。隨著我們看到自動化程度更高的趨勢，我們相信對我們外殼的需求將會增加。我們最近的收購為我們提供了針對太陽能和 5G 等快速增長應用的外殼。我們新的配電產品組合將我們在數據中心和網絡解決方案方面的能力從熱管理擴展到現在包括電源管理。對於電氣和緊固，智能建築的趨勢需要更多的電力和數據連接，這將增加對我們產品的需求並擴展我們的內容。

With the move towards more electric vehicles, the infrastructure built out requires both enclosures and our electrical fastening solutions, which provide flexible, reliable and space saving benefits. With everything being connected, our Thermal Management control solutions are positioned to provide enhanced monitoring for protection and safety. We believe our nVent portfolio is well positioned with global investments in infrastructure, such as electrical grid modernization, renewable energy and energy storage. The trend towards the electrification of everything will drive more demand for our products and solutions. We set a goal to emerge stronger, and we're excited about the momentum we are seeing in our business. We expect to finish the year strong. I will now turn the call over to Sara for more detail on our third quarter results and our updated outlook for 2021. Sara, please go ahead.

隨著更多電動汽車的發展，構建的基礎設施需要外殼和我們的電氣緊固解決方案，它們提供靈活、可靠和節省空間的好處。隨著一切都被連接起來，我們的熱管理控制解決方案能夠提供增強的保護和安全監控。我們相信，我們的 nVent 產品組合在全球基礎設施投資方面處於有利地位，例如電網現代化、可再生能源和儲能。萬物電氣化的趨勢將推動對我們的產品和解決方案的更多需求。我們設定了一個變得更強大的目標，我們對我們在業務中看到的勢頭感到興奮。我們希望以強勁的勢頭結束這一年。我現在將把電話轉給 Sara，以獲取有關我們第三季度業績和更新後的 2021 年展望的更多詳細信息。Sara，請繼續。

Thank you, Beth. I'm pleased to share another quarter of strong nVent results. Let's turn to Slide 4 to review third quarter performance.

謝謝你，貝絲。我很高興分享另一個季度的強勁 nVent 結果。讓我們轉到幻燈片 4 來回顧第三季度的表現。

Sales of $643 million was a 26% increase relative to last year or 20% organically. Volume was a big contributor to this growth, adding 11 points while price added 9 points. Segment income was up 17%, with return on sales of 18.4%, in line with the second quarter. Strong volume and price contributions helped offset the impact from the sequential step-up in inflation, temporary cost feathering back in and a challenging supply chain, a testament to our team's execution.

銷售額為 6.43 億美元，較去年增長 26%，有機增長 20%。成交量是這一增長的主要貢獻者，增加了 11 個點，而價格增加了 9 個點。分部收入增長 17%，銷售回報率為 18.4%，與第二季度持平。強勁的數量和價格貢獻有助於抵消通脹連續上升、臨時成本回落和供應鏈具有挑戰性的影響，這證明了我們團隊的執行力。

Price played a significant role in offsetting higher total inflation, up $45 million in the third quarter. Supply chain challenges resulted in additional cost pressures, including labor and logistics. And as expected, onetime 2020 cost actions impacted the year-over-year return on sales by approximately 230 basis points. Adjusted EPS of $0.53 was up 18% to last year and above our guidance range of $0.45 to $0.48. Free cash flow of $108 million was favorable relative to last year, even with the working capital investments that come with growth. We continue to track well above 2019 levels on sales, EPS and cash flow.

價格在抵消較高的總通貨膨脹率方面發揮了重要作用，第三季度增加了 4500 萬美元。供應鏈挑戰導致額外的成本壓力，包括勞動力和物流。正如預期的那樣，2020 年的一次性成本行動對同比銷售回報率產生了約 230 個基點的影響。調整後每股收益為 0.53 美元，比去年增長 18%，高於我們 0.45 美元至 0.48 美元的指導範圍。與去年相比，1.08 億美元的自由現金流是有利的，即使伴隨著增長而來的營運資本投資也是如此。我們繼續追踪遠高於 2019 年的銷售、每股收益和現金流水平。

Slide 5 showcases our segment performance, where you'll see the momentum we saw in the first half continue into the third quarter. Enclosures had sales of $335 million, an increase of 37% or 25% organically. Growth was broad-based with all geographies and verticals up double digits, and our acquisitions performed well. Similar to last year, orders were particularly strong, driven by industrial and infrastructure demand. Enclosures segment income increased 28% and return on sales of 16.8% was down 120 basis points. With significant demand, we saw increased costs related to a very tight supply chain and higher overall inflation. We were able to partially offset these headwinds with solid price execution of approximately 9 points. The team has done a tremendous job of managing the supply chain and importantly, converting orders to sales.

幻燈片 5 展示了我們的細分市場表現，您會看到我們在上半年看到的勢頭持續到第三季度。 Enclosures 的銷售額為 3.35 億美元，有機增長 37% 或 25%。增長基礎廣泛，所有地區和垂直行業均實現兩位數增長，我們的收購表現良好。與去年類似，在工業和基礎設施需求的推動下，訂單特別強勁。外殼部門收入增長 28%，銷售回報率為 16.8%，下降 120 個基點。由於需求巨大，我們看到與非常緊張的供應鍊和更高的整體通脹相關的成本增加。我們能夠通過大約 9 個點的穩健價格執行部分抵消這些不利因素。該團隊在管理供應鏈方面做了大量工作，更重要的是，將訂單轉化為銷售。

Electrical & Fastening sales of $169 million increased 14% organically with broad-based growth and particular strength in Europe. Another bright spot was our low-voltage power connection portfolio which grew 40%. Electrical & Fastening segment income was up 19% and return on sales was 28.6%, was up 100 basis points relative to last year. Price added more than 10 points, offsetting higher total inflation. Thermal Management grew 16% organically with sales of $138 million, driven by commercial and residential, as well as industrial. We continue to be encouraged by the recovery in industrial MRO, which was up strong double digits for the second quarter -- for the second consecutive quarter.

電氣和緊固件銷售額為 1.69 億美元，有機增長 14%，增長基礎廣泛，在歐洲尤為強勁。另一個亮點是我們的低壓電源連接產品組合增長了 40%。電氣與緊固業務收入增長 19%，銷售回報率為 28.6%，較去年增長 100 個基點。價格上漲超過 10 個點，抵消了較高的總通脹。在商業和住宅以及工業的推動下，熱管理有機增長了 16%，銷售額達到 1.38 億美元。我們繼續對工業 MRO 的複蘇感到鼓舞，第二季度連續第二個季度強勁增長兩位數。

Thermal Management segment income was up 24%, and return on sales expanded 100 basis points to 22.8%, driven by volume and the positive contribution from the industrial MRO. Overall, we are pleased with another quarter of strong performance across all 3 segments.

熱管理部門收入增長 24%，銷售回報率擴大 100 個基點至 22.8%，這得益於銷量和工業 MRO 的積極貢獻。總體而言，我們對所有 3 個細分市場的另一個季度的強勁表現感到滿意。

On Slide 6, you'll see, we ended the quarter with a cash balance of $46 million. We paid back approximately $120 million on our revolver, leaving $520 million available. During the quarter, we amended and extended our senior credit facility to 2026, which included an increase to the term loan facility with a delayed draw option.

在幻燈片 6 上，您會看到，我們在本季度結束時的現金餘額為 4600 萬美元。我們償還了大約 1.2 億美元的左輪手槍，剩下 5.2 億美元可用。在本季度，我們修改並延長了我們的高級信貸額度至 2026 年，其中包括增加具有延遲提取選項的定期貸款額度。

Slide 7 gives an update on our capital allocation strategy. We continue to prioritize growth while maintaining investment-grade metrics. As a reminder, we completed 2 acquisitions in the second quarter with Vynckier and CIS Global. We ended the third quarter with a net debt to adjusted EBITDA ratio at 2x at the low end of our targeted range of 2 to 2.5x. Our balance sheet remains in a position of strength. And coupled with robust cash generation, we aim to deliver double-digit returns to our capital allocation strategy.

幻燈片 7 提供了我們資本配置策略的最新信息。我們繼續優先考慮增長，同時保持投資級指標。提醒一下，我們在第二季度完成了與 Vynckier 和 CIS Global 的 2 次收購。我們在第三季度末的淨債務與調整後 EBITDA 比率為 2 倍，處於我們目標範圍 2 至 2.5 倍的低端。我們的資產負債表仍處於強勢地位。再加上強勁的現金生成，我們的目標是為我們的資本配置策略提供兩位數的回報。

You'll see our updated 2021 outlook on Slide 8. Given our performance and strong order trends, we are again raising our full year guidance. We now expect sales growth of 19% to 20%. Organically, this translates into expected 14% to 15% sales growth versus our prior guidance of 10% to 13%. Our adjusted EPS guidance is now expected to be in the range of $1.91 to $1.94 versus our prior guide of $1.84 to $1.90. This new guidance reflects 28% earnings growth versus 2020 at the midpoint and 8% above 2019. On free cash flow, we are pleased with our performance year-to-date at $233 million, which is $53 million ahead of last year. We are on track to deliver another year of strong cash flow with cash conversion of adjusted net income expected to be at or above 100%.

您將在幻燈片 8 上看到我們更新的 2021 年展望。鑑於我們的表現和強勁的訂單趨勢，我們再次提高全年指導。我們現在預計銷售額將增長 19% 至 20%。有機地，這轉化為預期的 14% 至 15% 的銷售增長，而我們之前的指導為 10% 至 13%。我們調整後的每股收益指引現在預計在 1.91 美元至 1.94 美元之間，而我們之前的指引為 1.84 美元至 1.90 美元。這一新指引反映了與 2020 年中點相比的 28% 的盈利增長，比 2019 年高出 8%。在自由現金流方面，我們對今年迄今為止的 2.33 億美元的業績感到滿意，比去年高出 5300 萬美元。我們有望實現又一年強勁的現金流，調整後淨收入的現金轉換率預計將達到或超過 100%。

This updated full year guidance reflects double-digit sales and earnings growth versus prior year and all above 2019 levels. So looking at our fourth quarter outlook on Slide 9, we expect reported sales to increase 13% to 16% and organic sales to be up 9% to 12%. This represents a continuation of broad-based growth, reflecting our strong orders and backlog. We expect acquisitions to add approximately 4 points to sales. Adjusted EPS in the fourth quarter is expected to be between $0.45 and $0.48.

這一更新的全年指引反映了與上一年相比兩位數的銷售額和盈利增長，並高於 2019 年的水平。因此，看看我們對幻燈片 9 的第四季度展望，我們預計報告的銷售額將增長 13% 至 16%，有機銷售額將增長 9% 至 12%。這代表了廣泛增長的延續，反映了我們強勁的訂單和積壓訂單。我們預計收購將為銷售額增加約 4 個百分點。第四季度調整後的每股收益預計在 0.45 美元至 0.48 美元之間。

Let me provide a bit more color on our fourth quarter outlook. First, on sales. Orders in the third quarter were up 43% with orders outpacing sales and backlog up double digits across all 3 segments. This gives us confidence in Q4 growth and into next year. We expect industrial and infrastructure verticals to remain robust, which should benefit all of our segments and particularly enclosures.

讓我為我們的第四季度展望提供更多色彩。首先，關於銷售。第三季度的訂單增長了 43%，訂單超過了銷售額，所有 3 個細分市場的積壓訂單都達到了兩位數。這使我們對第四季度和明年的增長充滿信心。我們預計工業和基礎設施垂直行業將保持強勁，這將有利於我們所有的細分市場，尤其是外殼。

On margins, we continue to expect a modest decline in return on sales versus prior year, as implied in our previous guidance. The biggest drivers of margin in the fourth quarter are expected to be the following: First, our guidance takes into account increasing costs related to a very tight supply chain; second, we expect higher inflation to be offset by pricing with overall positive price cost in the quarter; last, we lapped the end of our onetime temporary 2020 cost actions. All in, we are modeling return on sales in the fourth quarter to be between 17% and 18%, with segment income expected to grow nicely year-over-year as we continue to manage these headwinds with pricing actions, strong volume and operational execution.

正如我們之前的指導所暗示的那樣，在利潤率方面，我們繼續預計銷售回報率與上一年相比將適度下降。預計第四季度利潤率的最大驅動因素如下：首先，我們的指導考慮到與非常緊張的供應鏈相關的成本增加；其次，我們預計較高的通脹將被本季度總體正價格成本的定價所抵消；最後，我們結束了一次性的 2020 年臨時成本行動。總而言之，我們預計第四季度的銷售回報率將在 17% 至 18% 之間，隨著我們繼續通過定價行動、強勁的銷量和運營執行來應對這些不利因素，預計部門收入將同比增長良好.

To summarize, I am pleased with our performance, and we believe we are well positioned for a very strong year. With that, I will turn the call back over to Beth.

總而言之，我對我們的表現感到滿意，我們相信我們已經為非常強勁的一年做好了準備。有了這個，我會把電話轉回給貝絲。

Thank you, Sara. Turning to Slide 10, I want to highlight the reasons why we're excited about M&A. We have completed 4 acquisitions, adding more than $200 million in annualized revenue since spin. We believe there are further opportunities that can broaden and strengthen our portfolio, building upon our leading positions while delivering attractive returns. As a reminder, we compete in an attractive $60 billion space that is highly fragmented. We are focused on the electrification of everything megatrend, and each acquisition to date fits squarely within this trend.

謝謝你，薩拉。轉到幻燈片 10，我想強調一下我們對併購感到興奮的原因。我們已經完成了 4 次收購，自分拆以來增加了超過 2 億美元的年收入。我們相信還有更多的機會可以擴大和加強我們的投資組合，鞏固我們的領先地位，同時提供有吸引力的回報。提醒一下，我們在一個高度分散的、極具吸引力的 600 億美元領域競爭。我們專注於一切大趨勢的電氣化，迄今為止的每一次收購都完全符合這一趨勢。

We've added new product portfolios that expand our presence globally, we've increased our capabilities with broader solutions for infrastructure verticals like data and networking solutions and solar and also strengthened our offerings in commercial and industrial. As we look at new opportunities, we want to expand in high-growth verticals with portfolios that extend what we do in connection and protection. We have a rich funnel and are excited about the opportunity to generate attractive returns with M&A.

我們增加了新的產品組合，擴大了我們在全球的影響力，我們通過更廣泛的基礎設施垂直解決方案（如數據和網絡解決方案以及太陽能）提高了我們的能力，還加強了我們在商業和工業領域的產品。當我們看到新的機會時，我們希望通過擴展我們在連接和保護方面所做的投資組合來擴展高增長的垂直領域。我們擁有豐富的渠道，並且對有機會通過併購產生可觀的回報感到興奮。

Year-to-date, Eldon and WBT performed well with strong double-digit sales growth. We completed the acquisition of Vynckier and CIS Global in the second quarter. So while it remains early, we are encouraged with the integration efforts and the growth synergies that we have identified with these 2 acquisitions. From a financial perspective, we target a return greater than our cost of capital in 2 to 3 years and have already achieved that hurdle with Eldon and WBT. We are building a strong track record of integration and are accelerating our growth with M&A.

年初至今，Eldon 和 WBT 表現良好，銷售額實現了兩位數的強勁增長。我們在第二季度完成了對 Vynckier 和 CIS Global 的收購。因此，雖然現在還為時過早，但我們對這兩項收購所確定的整合努力和增長協同效應感到鼓舞。從財務角度來看，我們的目標是在 2 到 3 年內獲得高於資本成本的回報，並且已經通過 Eldon 和 WBT 實現了這一障礙。我們正在建立良好的整合記錄，並通過併購加速我們的增長。

We believe we can continue to create value with acquisitions and are excited about the opportunities within our funnel. Wrapping up on Slide 11, we had another outstanding quarter, with strong results achieved during a very challenging time. We continue to see elevated order trends across the business and are sitting on record backlog. Like many other companies, we are facing supply chain challenges with material shortages, labor constraints and a highly inflationary environment. Our execution has been tremendous. One example I'm proud to share amidst this challenging environment is the opening of our new factory in China, further expanding our global capacity.

我們相信我們可以通過收購繼續創造價值，並對我們漏斗中的機會感到興奮。在幻燈片 11 結束時，我們又迎來了一個出色的季度，在充滿挑戰的時期取得了驕人的成績。我們繼續看到整個業務的訂單趨勢上升，並且積壓了創紀錄的訂單。與許多其他公司一樣，我們面臨著材料短缺、勞動力限制和高通脹環境的供應鏈挑戰。我們的執行力非常出色。在這個充滿挑戰的環境中，我很自豪地分享一個例子，那就是我們在中國開設新工廠，進一步擴大我們的全球產能。

At nVent, we're adapting and finding new ways to partner with suppliers, channel partners and customers to find solutions to meet their needs. We believe these efforts are differentiating nVent. We've continued to invest and execute on our growth initiatives. New product sales added over 1 point to sales growth in the quarter. We continue to expand globally and build out our commercial teams focused on high-growth verticals as well as strength our regional supply chains. Our digital transformation is well underway, and we continue to launch new platforms to improve the customer experience as well as digitize our back office to drive productivity and insights.

在 nVent，我們正在調整併尋找與供應商、渠道合作夥伴和客戶合作的新方法，以找到滿足他們需求的解決方案。我們相信這些努力正在使 nVent 脫穎而出。我們繼續投資和執行我們的增長計劃。新產品銷售為該季度的銷售增長增加了 1 個百分點以上。我們繼續在全球擴張，建立專注於高增長垂直領域的商業團隊，並加強我們的區域供應鏈。我們的數字化轉型正在順利進行，我們將繼續推出新平台以改善客戶體驗以及數字化我們的後台以提高生產力和洞察力。

In summary, we believe our future is bright, and we see the electrification of everything driving more demand for our products and solutions. While some near-term challenges remain, we are executing at a high level. We are expecting a strong year of double-digit sales and earnings growth and believe these third quarter results demonstrate we are making nVent a high-performance electrical company. With that, I will now turn the call over to the operator to start Q&A.

總之，我們相信我們的未來是光明的，我們看到所有事物的電氣化推動了對我們產品和解決方案的更多需求。儘管一些近期挑戰仍然存在，但我們的執行水平很高。我們預計今年銷售額和盈利將實現兩位數的強勁增長，並相信這些第三季度業績表明我們正在使 nVent 成為一家高性能電氣公司。有了這個，我現在將把電話轉給接線員開始問答。

(Operator Instructions) Your first question is from the line of Jeff Hammond.

（操作員說明）您的第一個問題來自 Jeff Hammond。

So you guys seem to be handling supply chain maybe better than most. And I guess 2-part question. One, where do you see opportunities or where are you seeing the ability to gain share as a result? And then second, just as you look at over the last 3, 4 months, where -- what are the pain points that are incrementally getting more challenged?

所以你們似乎比大多數人更好地處理供應鏈。我猜是兩部分的問題。一，您在哪裡看到機會，或者您在哪裡看到因此獲得份額的能力？其次，正如您在過去 3、4 個月中所看到的那樣，在哪裡 - 哪些痛點逐漸變得更具挑戰性？

All right. Thank you for the question. So here's what I would say with the supply chain. And I, in my prepared remarks, talked about the fact that we've been working on our supply chain resiliency for the last several years. But here's where our view is that we're able to perform is we know that we are adding new customers that we did not have before because we have the capability taking Enclosures, for example. So when you look at some of the challenges in the steel markets, the fact that we've been able to work with our suppliers, give them long forecasts and been able to turn that around in our factories. We've got new customers in areas like food and beverage and wastewater. It's very strong in automation.

好的。感謝你的提問。所以這就是我要對供應鏈說的話。我在準備好的講話中談到了過去幾年我們一直在努力提高供應鏈彈性的事實。但是，我們的觀點是，我們能夠做到的地方是，我們知道我們正在增加以前沒有的新客戶，因為我們有能力採用外殼，例如。因此，當您看到鋼鐵市場的一些挑戰時，我們能夠與供應商合作，為他們提供長期預測並能夠在我們的工廠中扭轉局面。我們在食品、飲料和廢水等領域獲得了新客戶。它在自動化方面非常強大。

When we look at some of the panel shops, for example, where we provide our enclosures to, and I would say they haven't had -- we haven't had 100% of the content there, but given that others just cannot either get access to raw materials or turn it around in their factories, that content for us has increased. So we can see it in terms of new customers as well as the strength that we see going through distribution into panel shops, for example. And I really think it just speaks to the work we've been doing strategically, but then also how we've just been able to look at our supply chain globally and optimize it and have a lot of capability to flex between factories or with different suppliers, and that's all contributing to our growth. And I'll let Sara talk further about just some of the ongoing challenges that we see.

例如，當我們查看一些面板商店時，我們提供外殼的地方，我想說他們沒有——我們在那裡沒有 100% 的內容，但考慮到其他人也不能獲得原材料或在他們的工廠中扭轉局面，我們的內容有所增加。因此，我們可以從新客戶的角度以及我們通過分銷到面板商店看到的實力來看到它，例如。我真的認為這說明了我們在戰略上一直在做的工作，但也說明了我們如何能夠在全球範圍內審視我們的供應鏈並對其進行優化，並有很多能力在工廠之間或不同的工廠之間靈活調整供應商，這一切都有助於我們的成長。我會讓 Sara 進一步談談我們看到的一些持續挑戰。

Yes. So clearly, I think that growth up 20% is a testament to our ability to manage these supply changes exceptionally well. With that being said, we're not immune to what you're seeing in the broader marketplace. And in particular, I would maybe point out constraints that we're seeing on the labor side as well as just overall kind of availability and long lead times from a raw material and from a logistics standpoint. So if we were to sort of draw a circle around kind of the impact of that in Q3, we expect -- we saw that to be roughly $5 million. But importantly, any inflation on top of that, we were able to offset with price and obviously saw some very strong volume contribution.

是的。很明顯，我認為增長 20% 證明了我們能夠非常出色地管理這些供應變化。話雖如此，我們也不能倖免於您在更廣泛的市場中看到的情況。特別是，我可能會指出我們在勞動力方面看到的限制，以及從原材料和物流的角度來看，整體的可用性和較長的交貨時間。因此，如果我們要圍繞第三季度的影響畫一個圓圈，我們預計 - 我們認為這大約是 500 萬美元。但重要的是，除此之外的任何通貨膨脹，我們都能夠抵消價格，並且顯然看到了一些非常強勁的銷量貢獻。

So as Beth just talked about and I think our strong in region, for region, as well as the flex capacity leveraging this broader global footprint has really helped us be able to deliver and convert those orders to sales, but we are seeing those incremental costs in Q3, predominantly related to the labor constraints, as well as to logistics. And we do have that included in our Q4 outlook as well.

因此，正如貝絲剛剛談到的，我認為我們在地區、地區以及利用更廣泛的全球足蹟的靈活能力確實幫助我們能夠交付並將這些訂單轉化為銷售，但我們看到了這些增量成本在第三季度，主要與勞動力限制以及物流有關。我們的第四季度展望中也確實包含了這一點。

Okay. That's really good color. Really, really impressive price traction. If I kind of just do the math, it seems like you should have 4 or 5 points of price carryover into '22. I guess, one, does this make sense? And two, what have you announced or what are you considering for follow-on increases into '22?

好的。這顏色真好。真的，真的令人印象深刻的價格牽引力。如果我只是算一下，看起來你應該有 4 或 5 個點的價格結轉到 22 年。我想，一，這有意義嗎？第二，您宣布了什麼，或者您正在考慮在 22 年後續增加什麼？

Maybe I'll take the last part of that question, Jeff, and then I'll again have Sara follow-up. But for us, the way we continue to -- one of the things is we -- well, let me start by saying, we've often talked about our price lock strategy, and that's always allowed us to look forward just to understand our cost position and then to be able to manage our price increases accordingly, given that there is some time that we have to give to our channel partners to roll those out.

也許我會回答這個問題的最後一部分，傑夫，然後我會再次讓 Sara 跟進。但對我們來說，我們繼續的方式 - 其中一件事是我們 - 好吧，讓我首先說，我們經常談論我們的價格鎖定策略，這總是讓我們期待只是為了了解我們的成本位置，然後能夠相應地管理我們的價格上漲，因為我們必須給我們的渠道合作夥伴一些時間來推出這些產品。

So we're in a really good position to understand what that looks like. And what's typical for us is that typical, we will have -- we've done many price increases all through the year, but we typically have an end of year or beginning of year price increase across our portfolio, that's pretty common. And so -- and we'll continue to do price increases as required as we see the input costs going up. So I'll let Sara then talk about your comments specifically on how price rolls into 2022.

所以我們處於一個非常好的位置來理解它的樣子。對我們來說典型的是典型的，我們將有 - 我們全年進行了許多價格上漲，但我們通常在我們的投資組合中都有年底或年初的價格上漲，這很常見。所以 - 我們將繼續根據需要進行價格上漲，因為我們看到投入成本上升。因此，我將讓 Sara 然後具體談談您對價格如何進入 2022 年的評論。

Yes. So Jeff, that math is about right, just based on price -- where we see pricing today and where we would anticipate that carryover being. And I think maybe just one other point to add. From a pricing standpoint, you see that build over the year. We were 1 point in Q1, 6 points in Q2 and 9 in Q3. And I think just Q2 and Q3 specifically are a good testament of our ability to manage that price/cost equation.

是的。所以傑夫，這個數學是正確的，只是基於價格——我們今天看到的定價和我們預計結轉的地方。我想也許只是要補充一點。從定價的角度來看，您會看到這一年的構建。我們在第一季度獲得 1 分，在第二季度獲得 6 分，在第三季度獲得 9 分。而且我認為僅第二季度和第三季度就很好地證明了我們管理價格/成本等式的能力。

Your next question is from the line of Joe Ritchie.

您的下一個問題來自 Joe Ritchie。

And congrats on the nice quarter. So maybe just starting off on thermal. So great to see industrial MRO really pick up. I mean are we at a bottom here at this point and what you're seeing with demand activity and how that ultimately translates into kind of higher margins for the segment over time?

並祝賀這個美好的季度。所以也許只是從熱開始。很高興看到工業 MRO 真正興起。我的意思是，我們目前處於底部嗎？您所看到的需求活動以及隨著時間的推移最終如何轉化為該細分市場的更高利潤率？

Joe, we actually think that the previous quarter is when we started to see this turn. And so the trends have continued. So we talked last quarter about strong double-digit MRO growth, and that was the same this quarter. And as we look at that type of activity, we reached the inflection point last quarter. And so that's going to -- we see it continue through fourth quarter and into 2022.

喬，我們實際上認為上一季度是我們開始看到這種轉變的時候。所以趨勢一直在繼續。因此，我們在上個季度談到了強勁的兩位數 MRO 增長，本季度也是如此。當我們審視這種類型的活動時，我們在上個季度達到了拐點。所以這將會 - 我們看到它會持續到第四季度和 2022 年。

No, that's great to hear. And then I guess, just my follow-on question, I'm curious -- just bigger picture question. In thinking about the capacity that you're adding in China, is that specific to one segment? Just talk a little bit more about the expansion that you're doing there.

不，很高興聽到。然後我想，只是我的後續問題，我很好奇 - 只是更大的問題。考慮到您在中國增加的產能，這是針對某個細分市場的嗎？多談談你在那裡做的擴展。

Okay. Yes. Our supply chain strategy is to be very regional, right? So when we're expanding in China, it's in China for China. And it's predominantly a new enclosures facility, and you can think of all the capability that we've built into enclosures, but it will support some of our other segments as required. But it's really to help us build out, for example, our growth around data and networking solutions to be able to serve that market as well as what we see going on with industrial automation and some of the other infrastructure.

好的。是的。我們的供應鏈戰略是非常區域化的，對吧？所以當我們在中國擴張時，它是在中國為中國。它主要是一個新的機箱設施，您可以想到我們在機箱中內置的所有功能，但它會根據需要支持我們的其他一些細分市場。但這確實是為了幫助我們建立，例如，圍繞數據和網絡解決方案的增長，以便能夠服務於該市場以及我們看到的工業自動化和其他一些基礎設施的發展。

Your next question is from the line of Deane Dray.

您的下一個問題來自 Deane Dray。

Lots of positives in execution and outlook here. Can we just then talk about the outlook. Can you comment on October trends? My guess is based upon the 4Q guidance, things look pretty good, but any specifics would be helpful.

這裡有很多執行和前景方面的積極因素。我們能不能談談前景。你能評論一下十月的趨勢嗎？我的猜測是基於 4Q 指導，情況看起來不錯，但任何細節都會有所幫助。

Yes. I would just comment that October orders continue to be at the levels that we saw in Q3. So we're very pleased with just the momentum continues for us, and I'll let Sara add some more color.

是的。我只想評論說，10 月份的訂單繼續保持在我們在第三季度看到的水平。所以我們很高興我們的勢頭仍在繼續，我會讓 Sara 增加一些顏色。

Yes. I would just say that broad-based strength that we saw in Q3 is what we're continuing to see in October with all segments continuing to be up double digits from an order rate perspective.

是的。我只想說，我們在第三季度看到的基礎廣泛的實力是我們在 10 月份繼續看到的，從訂單率的角度來看，所有細分市場都繼續保持兩位數的增長。

Got it. And it's interesting to compare this call versus a number of your peers where there's a lot of discussion and actually quantifying missed sales. And it didn't sound like there's -- that was an issue here, but did you -- were you -- the supply chain constraints cause you to miss any sales, any kind of carryover into the quarter? Just some color there.

知道了。將這個電話與您的許多同行進行比較是很有趣的，其中有很多討論並實際量化了錯過的銷售。聽起來這不是 - 這是一個問題，但你 - 你是 - 供應鏈限制導致你錯過任何銷售，任何形式的結轉進入本季度嗎？那裡只是一些顏色。

Yes. I mean, Deane, it is fair to say that with -- our orders were up 43%. So there is really strong demand. And so yes, we believe that there were some sales that we couldn't execute on. So while our numbers are very strong, and we're very proud of that, the day-to-day of our supply chain team, working shortages, it is a tremendous amount of effort. So we do believe that there were some sales and opportunities that we missed in the quarter that will carry into Q4.

是的。我的意思是，迪恩，公平地說，我們的訂單增加了 43%。所以需求真的很旺盛。所以是的，我們相信有些銷售我們無法執行。因此，雖然我們的人數非常強勁，我們為此感到非常自豪，但我們供應鏈團隊的日常工作短缺，這是一項巨大的努力。因此，我們確實相信，我們在本季度錯過的一些銷售和機會將延續到第四季度。

That's really helpful. And just one last quick one. And this has been also a pretty common phenomenon. As you have these record backlogs, is there any chance you'd have to go back and reprice any of that business? Or is there anything contractual that would have locked you in at lower margins?

這真的很有幫助。只有最後一個快速的。這也是一個相當普遍的現象。由於您有這些創紀錄的積壓，您是否有可能不得不回去重新定價任何業務？或者是否有任何合同可以將您鎖定在較低的利潤率？

Yes. So from a backlog perspective, it's something that we monitor and manage very closely. By way of normal course, many of those orders and those backlogs get repriced based on when it's scheduled to ship, right? So that kind of addresses that risk. And then to the extent it's sort of on a contract-by-contract basis, some of its rewritten in the contract that we would price. But otherwise, we would have to address those kind of one-off. But it is something that we look at and monitor very closely. But normal practice is that it just gets repriced based on what the current price level is.

是的。因此，從積壓的角度來看，這是我們非常密切地監控和管理的事情。正常情況下，許多訂單和積壓訂單會根據計劃發貨時間重新定價，對嗎？所以這種解決了這種風險。然後在某種程度上它是在逐個合同的基礎上，它的一些被重寫在我們將定價的合同中。但否則，我們將不得不解決這種一次性的問題。但這是我們非常密切關注和監控的事情。但通常的做法是，它只是根據當前的價格水平重新定價。

Your next question is from the line of Julian Mitchell.

您的下一個問題來自 Julian Mitchell。

Maybe just wanted to look at sort of operating leverage in aggregate. So it looks like this year, you'll probably be closer to sort of low 20s or 20% or so for the year as a whole. Given that you're ending this year with price managing to offset costs, should we think about next year? You're back into that sort of almost 30% type entitlement range for firm-wide operating leverage?

也許只是想看一下總體上的經營槓桿。所以看起來今年，你可能會更接近全年的 20 多歲或 20% 左右。鑑於您今年結束時通過價格管理來抵消成本，我們是否應該考慮明年？你又回到了公司範圍內的經營槓桿幾乎 30% 的類型權利範圍？

Yes. So Julian, I think you're right from a normal operating leverage perspective, we would expect that to be in that 30% plus range. I think that's just indicative of the strong margin profile across all 3 of our segments. I think this year is impacted by a couple of different things, that price cost equation, even though I think the teams have done a tremendous job of managing that, just the level of inflation offset by price impacts the math, if you will, on those incrementals.

是的。所以朱利安，我認為從正常的經營槓桿的角度來看你是對的，我們預計它會在 30% 以上的範圍內。我認為這只是表明我們所有三個細分市場的利潤率都很高。我認為今年受到了幾個不同的因素的影響，即價格成本方程，儘管我認為團隊在管理這一點上做了巨大的工作，只是被價格抵消的通貨膨脹水平會影響數學，如果你願意的話，那些增量。

That, coupled with some of the supply chain challenges in these onetime year-over-year impact. So I think it's a bit too early to tell. I mean, some of that's just going to be in the context of how high the inflation. And then obviously, we're going to look to manage that through a combination of price plus productivity. But again, under normal operating environments, we would expect that incremental to be in that 30%-plus range.

再加上這些一次性的同比影響中的一些供應鏈挑戰。所以我認為現在說還為時過早。我的意思是，其中一些只是在通貨膨脹有多高的背景下。然後很明顯，我們將尋求通過結合價格和生產力來管理它。但同樣，在正常操作環境下，我們預計增量將在 30% 以上的範圍內。

And then just following up on the Thermal Management business, it can tend to spook investors because it's lumpy and you have the energy exposure in there, which I think is about 2% or so of the revenue mix at the moment. Maybe just explain sort of how you see that energy portion within Thermal Management playing out? And any broad thoughts on the overall sort of demand for that business looking ahead.

然後只是跟進熱管理業務，它可能會嚇到投資者，因為它是塊狀的，而且你在那裡有能源敞口，我認為目前約佔收入組合的 2% 左右。也許只是解釋一下您如何看待熱管理中的能量部分？以及對未來該業務的整體需求的任何廣泛想法。

Okay. So on Thermal Management, you're right, the energy portion is around 20%, and some of that comes through the MRO side, which I spoke to earlier, we believe turned and inflected in the last quarter, and we're seeing nice trends there. We believe that will continue. And we've done a lot in terms of some new products and new service programs and some other things that we believe we're going to benefit from as we go forward. Then there is a project piece to that.

好的。所以在熱管理方面，你是對的，能源部分大約是 20%，其中一些來自 MRO 方面，我之前談到過，我們相信在上個季度發生了轉變，我們看到了不錯那裡的趨勢。我們相信這將繼續下去。我們在一些新產品和新服務計劃以及其他一些我們相信我們將在前進的過程中受益的事情方面做了很多工作。然後有一個項目。

And remember, that is more a longer cycle. And so what I would say there is we expect that to slowly improve over time, that portion of the project side, we've been executing off some backlog, and we're seeing some new orders and projects that we're bidding on.

請記住，這是一個更長的周期。所以我想說的是，我們預計隨著時間的推移會慢慢改善，項目方面的那部分，我們一直在執行一些積壓的工作，並且我們看到了一些我們正在競標的新訂單和項目。

But that will be -- we'll see that pick up further out. Meanwhile, the commercial and resi side of our business has been very, very strong double digit. And a lot of things that we've done there to expand globally and drive more channel presence new products, et cetera. So that's sort of the mix on thermal. We think it's inflected. We expect to see some nice strong growth and that momentum will continue into 2020 -- 2022, sorry.

但這將是 - 我們會看到它進一步回升。同時，我們業務的商業和樹脂方面一直非常非常強勁，達到兩位數。我們在那裡做的很多事情是為了在全球擴張並推動更多的渠道存在新產品等等。這就是熱量的混合。我們認為它是變形的。我們預計會看到一些不錯的強勁增長，這種勢頭將持續到 2020 年 - 2022 年，抱歉。

(Operator Instructions) Your next question is from the line of Nigel Coe.

（操作員說明）您的下一個問題來自 Nigel Coe。

Yes, we definitely come into '22. So back to price. I mean, we vetted this quite well, but 9% price, I mean, any of that surcharge obviously, when you see price of that magnitude, you're thinking surcharges or pass-throughs. So just wondering is that primarily base price so we can think of that as fairly sticky. And then you didn't call out price within thermal. So I'd be curious if the bulk of that 9% was driven by EFS enclosures with thermal lagging a little bit.

是的，我們肯定會進入 22 年。所以回到價格。我的意思是，我們對此進行了很好的審查，但是 9% 的價格，我的意思是，顯然，任何附加費，當你看到這麼大的價格時，你會考慮附加費或轉嫁費。所以只是想知道主要是基本價格，所以我們可以認為這是相當粘性的。然後你沒有在熱量範圍內標出價格。所以我很好奇這 9% 的大部分是否是由具有一點熱滯後的 EFS 機箱驅動的。

Yes. So on the thermal side, price is around 4%. That's largely reflective of just not having that really high metal content. So they're not seeing as much of that inflationary pressures as the other 2 businesses are. And then from an overall pricing perspective, in terms of stickiness, we are seeing that pricing being very sticky as historically it has been as well, helps, obviously, with 2/3 of our revenue going through distribution. And so that typically is really what we would kind of refer to or as you refer to as kind of base price versus something that's going to go away, if you will.

是的。所以在散熱方面，價格約為 4%。這在很大程度上反映了沒有那麼高的金屬含量。因此，他們沒有像其他兩家企業那樣看到通脹壓力。然後從整體定價的角度來看，就粘性而言，我們看到定價與歷史一樣非常具有粘性，顯然有助於我們 2/3 的收入通過分銷。因此，這通常是我們所說的，或者你所說的基本價格與將會消失的東西，如果你願意的話。

Okay. That's great. And then obviously, it helps to be able to supply your customers to get price. And clearly, you were able to manage it a little better than your competitors. So you built inventory from 1Q to 2Q, and you managed to build inventory again from 2Q to 3Q. So maybe a question for Sara is how much of that increase sequentially is just inflation impacts versus unit volumes? I'm just wondering, have you actually managed to build even more buffer to supply customers into 4Q?

好的。那太棒了。然後很明顯，它有助於能夠為您的客戶提供價格。很明顯，你能夠比你的競爭對手更好地管理它。因此，您從 1Q 到 2Q 建立了庫存，並且您設法從 2Q 到 3Q 再次建立了庫存。所以也許 Sara 的一個問題是，這種連續增長中有多少僅僅是通貨膨脹影響與單位數量的關係？我只是想知道，你真的設法建立更多的緩衝來為第四季度的客戶提供服務嗎？

Well, here's what I would tell you on the inventory side. It is something that, again, as Beth alluded to, our supply team, our ops team, our customer service team. I mean, obviously, we're working kind of daily, weekly in terms of those mini psy-ops, if you will, of what inventory we need to be able to convert those orders to sales.

好吧，這就是我要在庫存方面告訴您的內容。正如 Beth 提到的，我們的供應團隊、我們的運營團隊、我們的客戶服務團隊再次提到了這一點。我的意思是，很明顯，我們每天、每週都在進行這些迷你心理戰，如果你願意的話，我們需要哪些庫存才能將這些訂單轉化為銷售。

Clearly, there's inventory that we're targeting in terms of building, I would say, but it's against the backdrop for which the supply chain is very tight. So we're building where we can from an inventory perspective.

顯然，我想說的是，我們在建設方面的目標是庫存，但這是在供應鏈非常緊張的背景下進行的。因此，我們正在從庫存的角度進行建設。

Maybe I leave you with this, but we feel like we're in a good spot, given what we see and our forecasting for Q4 as well. And we're going to continue to manage that as we work the broader supply chain.

也許我把這個留給你，但考慮到我們所看到的以及我們對第四季度的預測，我們覺得我們處於一個很好的位置。隨著我們在更廣泛的供應鏈中工作，我們將繼續管理這一點。

Great. And since -- I think I'm on the last question here, the thermal MRO business obviously had strong double-digit growth, which is very encouraging, but off very easy comps. I'm curious, roughly speaking, where is that business relative to 2019 levels right now?

偉大的。而且因為 - 我想我是在這裡的最後一個問題，熱 MRO 業務顯然有兩位數的強勁增長，這非常令人鼓舞，但非常容易實現。我很好奇，粗略地說，相對於 2019 年的水平，該業務目前在哪裡？

And that was on what business?

那是做什么生意的？

Thermal MRO...

熱MRO...

It is thermal MRO.

它是熱 MRO。

Yes. No, I still have runway to go, still have runway to go, meaning that business on the industrial MRO side for Thermal Management was down significant double digits through the crisis of 2020 because it's the first lever, right, that customers pull and given a backdrop against a challenging market. And so I think just to replay a fact for this year, right, we saw orders growth in Q1, right, but not yet sales and we saw double-digit growth in Q2 as well as here in Q3. So we've got yet a runway to go, right, to get back to those industrial MRO levels, taking us into 2022.

是的。不，我還有很長的路要走，還有很長的路要走，這意味著在 2020 年的危機中，熱管理的工業 MRO 方面的業務下降了兩位數，因為這是第一個槓桿，對，客戶拉動並給予在充滿挑戰的市場背景下。所以我認為只是為了重溫今年的一個事實，對，我們在第一季度看到了訂單增長，對，但還沒有銷售，我們在第二季度和第三季度看到了兩位數的增長。所以我們還有一條跑道要走，對，回到那些工業 MRO 水平，帶我們進入 2022 年。

There are no further questions. I will turn the call back over to Beth for closing remarks.

沒有進一步的問題。我會將電話轉回給 Beth 以結束髮言。

Thank you, and thank you for joining us today. We continue to execute on our strategy and are building momentum with strong growth, new products and attractive M&A. It's certainly an exciting time to be in nVent as we believe we are well positioned to grow sales, expand margins and generate attractive returns. We hope you remain safe and look forward to speaking to you again. This concludes the call. Thank you.

謝謝你，謝謝你今天加入我們。我們繼續執行我們的戰略，並通過強勁的增長、新產品和有吸引力的併購來建立動力。加入 nVent 無疑是一個激動人心的時刻，因為我們相信我們已經做好了增加銷售額、擴大利潤和產生可觀回報的準備。我們希望您保持安全，並期待再次與您交談。這結束了通話。謝謝你。

This concludes today's third quarter earnings conference call. Thank you for participating. You may now disconnect.

今天的第三季度財報電話會議到此結束。感謝您的參與。您現在可以斷開連接。