nVent Electric PLC (NVT) 2022 Q4 法說會逐字稿

Good morning, and welcome to the nVent Electric Fourth Quarter 2022 Earnings Conference Call. (Operator Instructions) Please note, this event is being recorded. I would now like to turn the conference over to Tony Riter, Vice President of Investor Relations. Please go ahead.

早上好，歡迎來到 nVent Electric 2022 年第四季度收益電話會議。 （操作員說明）請注意，正在記錄此事件。我現在想將會議轉交給投資者關係副總裁 Tony Riter。請繼續。

Thank you, and welcome to nVent's Fourth Quarter 2022 Earnings Call. On the call with me are Beth Wozniak, our Chief Executive Officer; and Sara Zawoyski, our Chief Financial Officer. They will provide details on our fourth quarter and full year performance and the outlook for the first quarter and full year 2023.

謝謝，歡迎來到 nVent 的 2022 年第四季度收益電話會議。與我通話的是我們的首席執行官貝絲·沃茲尼亞克 (Beth Wozniak)；和我們的首席財務官 Sara Zawoyski。他們將提供有關我們第四季度和全年業績的詳細信息以及 2023 年第一季度和全年的展望。

Before we begin, I'll 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.

在我們開始之前，我會提醒您，關於公司預期財務業績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。

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 you can find in the Investors section of nVent's website. References to non-GAAP financials are reconciled in the appendix of the presentation. We'll have time for questions after our prepared remarks.

前瞻性陳述截至今日作出，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存在重大差異。今天的網絡廣播附有演示文稿，您可以在 nVent 網站的投資者部分找到該演示文稿。對非 GAAP 財務數據的引用在演示文稿的附錄中進行了調整。在我們準備好的評論之後，我們將有時間提問。

I also want to add that we look forward to hosting our next Investor Day the morning of Tuesday, March 7, in New York City. With that, please turn to Slide 3, and I will now turn the call over to Beth.

我還想補充一點，我們期待 3 月 7 日星期二上午在紐約市舉辦下一個投資者日。有了這個，請轉到幻燈片 3，我現在將把電話轉給貝絲。

Thank you, Tony, and good morning, everyone. It's great to be with you today to share our fourth quarter and full year results. '22 was a record year for nVent, with the fourth quarter marking our seventh consecutive quarter of double-digit organic growth. Our nVent team delivered exceptional results by serving our customers, responding to strong demand and overcoming supply chain challenges. We successfully executed on our strategy, focusing on high-growth verticals, new products, global expansion and acquisitions. As a result, full year sales grew an impressive 18%, with adjusted EPS up 22%. This was another year of outstanding performance and value creation, and we're well positioned to do it again in 2023.

謝謝你，托尼，大家早上好。今天很高興與您分享我們的第四季度和全年業績。 22 年對 nVent 來說是創紀錄的一年，第四季度標誌著我們連續第七個季度實現兩位數的有機增長。我們的 nVent 團隊通過服務客戶、響應強勁需求和克服供應鏈挑戰取得了卓越的成果。我們成功地執行了我們的戰略，專注於高增長的垂直行業、新產品、全球擴張和收購。因此，全年銷售額增長了 18%，調整後的每股收益增長了 22%。這是又一個出色表現和價值創造的一年，我們有能力在 2023 年再次做到這一點。

Slide 4 summarizes our Q4 and full year performance. Fourth quarter sales were up 15% organically, with broad-based growth across all segments and verticals. Segment income grew an impressive 31% year-over-year, with return on sales of 290 basis points. Adjusted EPS grew 32%, and we generated $180 million of free cash flow, up 77%. Our fourth quarter results were terrific.

幻燈片 4 總結了我們的第四季度和全年業績。第四季度銷售額有機增長 15%，所有細分市場和垂直領域均實現廣泛增長。分部收入同比增長 31%，令人印象深刻，銷售回報率為 290 個基點。調整後的每股收益增長了 32%，我們產生了 1.8 億美元的自由現金流，增長了 77%。我們第四季度的業績非常好。

Looking at our key verticals, all grew in the quarter. Industrial led the way, up low double digits with broad-based growth. Infrastructure had strong double-digit growth, led by data solutions and power utilities. Energy performed well, up strong double digits. And finally, commercial and residential grew mid-single digits, driven by North America.

看看我們的主要垂直領域，本季度都在增長。工業領漲，低位兩位數增長，基礎廣泛。在數據解決方案和電力公用事業的帶動下，基礎設施實現了兩位數的強勁增長。能源表現良好，漲幅強勁兩位數。最後，在北美的推動下，商業和住宅增長了中個位數。

Turning to organic sales by geography. We continue to see broad-based growth in North America, up strong double digits. Europe grew in all segments, up high single digits, Developing regions declined primarily due to COVID-related impacts in China. Lastly, orders in Q4 were flat year-over-year. Recall a year ago, we had 37% orders growth. a tough comparison. Also, as we discussed in our Q3 earnings call, we expected orders to moderate as distributors return to seasonal destocking.

轉向按地域劃分的有機銷售。我們繼續看到北美的廣泛增長，強勁的兩位數增長。歐洲在所有細分市場均實現高個位數增長，而發展中地區的增長主要由於中國與 COVID 相關的影響而下降。最後，第四季度的訂單同比持平。回想一年前，我們的訂單增長了 37%。一個艱難的比較。此外，正如我們在第三季度財報電話會議上討論的那樣，我們預計隨著分銷商恢復季節性去庫存，訂單將會減少。

Overall, our customer demand and distributor sell-through remained strong. Orders in January have since increased, and we continue to have a robust backlog. For the full year, we had record sales of $2.9 billion, an increase of 20% organically, and segment income also grew 20%. Adjusted EPS was up 22% on top of 31% in 2021. For the full year, we generated over $350 million of free cash flow.

總體而言，我們的客戶需求和分銷商銷售率依然強勁。自那以後，1 月份的訂單有所增加，我們仍然有大量積壓訂單。全年，我們的銷售額達到創紀錄的 29 億美元，有機增長 20%，分部收入也增長 20%。調整後的每股收益在 2021 年的 31% 的基礎上增長了 22%。全年，我們產生了超過 3.5 億美元的自由現金流。

Let me share a few more highlights. First, we launched 59 new products, and our new product vitality is now 20%. New products contributed approximately 3 points to our sales growth. Second, with our focus on high-growth verticals, infrastructure is now approaching 25% of our sales, up from low teens at spin. Infrastructure includes data solutions, power utilities, renewables and e-mobility to name a few.

讓我再分享幾個亮點。首先，我們推出了59款新品，我們的新品生命力現在是20%。新產品為我們的銷售增長貢獻了大約 3 個百分點。其次，由於我們專注於高增長的垂直行業，基礎設施現在已接近我們銷售額的 25%，高於 spin 的低十幾歲。基礎設施包括數據解決方案、電力公用事業、可再生能源和電動汽車等等。

All of these subverticals are growing rapidly, and we continue to expand our portfolio and solutions in these areas. For example, data solutions now represents $375 million in sales and grew over 35% in 2022. Lastly, we have added more than $300 million in annual sales from acquisitions since then. And in 2022, sales growth from acquisitions exceeded overall nVent growth. While we did not complete any new acquisitions in 2022, we remain disciplined in our approach and built a very healthy pipeline of opportunities.

所有這些子垂直行業都在快速增長，我們將繼續擴展我們在這些領域的產品組合和解決方案。例如，數據解決方案現在的銷售額為 3.75 億美元，到 2022 年增長超過 35%。最後，自那時以來，我們通過收購增加了超過 3 億美元的年銷售額。到 2022 年，收購帶來的銷售額增長超過了 nVent 的整體增長。雖然我們在 2022 年沒有完成任何新的收購，但我們在方法上仍然保持紀律，並建立了一個非常健康的機會管道。

We've had success when we acquire companies that have differentiated products and solutions that extend our position in high-growth verticals. We've been able to rapidly scale them through our distribution channels, global reach and footprint. This approach has led to higher growth, and we believe fantastic returns for our shareholders. We're well positioned with ample capacity to execute on M&A in 2023.

當我們收購擁有差異化產品和解決方案的公司時，我們就取得了成功，這些公司擴大了我們在高增長垂直領域的地位。我們已經能夠通過我們的分銷渠道、全球影響力和足跡快速擴展它們。這種方法帶來了更高的增長，我們相信我們的股東將獲得豐厚的回報。我們處於有利地位，有足夠的能力在 2023 年執行併購。

Looking at the macro trends, we expect electrification, sustainability and digitalization to continue to accelerate. We anticipate the investments from the Infrastructure Bill and Inflation Reduction Act will drive demand for our products and solutions. On verticals, we expect industrial to see continued growth with investments in automation and supply chain resiliency. Infrastructure will benefit from investments with the electrification trends in power utilities, renewables and e-mobility.

從宏觀趨勢來看，我們預計電氣化、可持續發展和數字化將繼續加速。我們預計基礎設施法案和通貨膨脹減少法案的投資將推動對我們的產品和解決方案的需求。在垂直領域，我們預計工業將隨著對自動化和供應鏈彈性的投資而持續增長。基礎設施將受益於電力公用事業、可再生能源和電動汽車的電氣化趨勢投資。

We expect continued strong growth with our portfolio in liquid cooling for data centers, given the energy efficiency benefits. Overall, commercial is expected to slow. However, the need for more labor-saving solutions will drive demand for our products as well as growth in power and data infrastructure. Residential is expected to be soft, but represents less than 5% of our portfolio.

鑑於能效優勢，我們預計我們的數據中心液體冷卻產品組合將繼續強勁增長。總體而言，商業預計將放緩。然而，對更省力的解決方案的需求將推動對我們產品的需求以及電力和數據基礎設施的增長。住宅預計會疲軟，但在我們的投資組合中所佔比例不到 5%。

In energy, we expect to see continued growth with MRO and projects supported by decarbonization with LNG, clean fuels and carbon capture. While supply chains remain challenging, we do expect them to gradually improve. We also expect an inflationary environment. We have shown we are able to manage price cost positive. We are confident we can continue to perform.

在能源領域，我們希望看到 MRO 和項目的持續增長，這些項目得到了液化天然氣、清潔燃料和碳捕獲的脫碳支持。雖然供應鏈仍然充滿挑戰，但我們確實希望它們會逐漸改善。我們還預計會出現通脹環境。我們已經證明我們能夠管理積極的價格成本。我們有信心可以繼續表現。

Overall, I am proud of our nVent team and the record results we delivered in 2022. We continue to change the growth profile of the company, focusing on higher-growth verticals tied to longer-term secular trends. We believe 2023 will be another year of strong growth and value creation.

總的來說，我為我們的 nVent 團隊和我們在 2022 年取得的創紀錄成果感到自豪。我們繼續改變公司的增長模式，專注於與長期長期趨勢相關的更高增長的垂直領域。我們相信 2023 年將是又一個強勁增長和價值創造的一年。

I will now turn the call over to Sara for some details on our results as well as our 2023 outlook. Sara, please go ahead.

我現在將把電話轉給 Sara，了解我們結果的一些細節以及我們 2023 年的展望。薩拉，請繼續。

Thank you, Beth. I'm pleased to share another quarter of great execution, with double-digit sales growth, strong return on sales expansion, double-digit EPS growth and robust free cash flow.

謝謝你，貝絲。我很高興與大家分享另一個季度的出色執行力，銷售額實現兩位數增長，銷售擴張帶來強勁回報，每股收益實現兩位數增長，自由現金流強勁。

Let's begin on Slide 5 with our fourth quarter results. Sales of $742 million, were up 11% compared to last year or 15% organically. Overall, sales grew across all segments and verticals. Volumes were up modestly compared to last year and price added 15 points to growth. Foreign exchange was a 4-point headwind.

讓我們從幻燈片 5 開始我們的第四季度業績。銷售額為 7.42 億美元，比去年增長 11%，有機增長 15%。總體而言，所有細分市場和垂直領域的銷售額均有所增長。與去年相比，銷量略有上升，價格上漲了 15 個百分點。外匯是一個 4 點逆風。

Fourth quarter segment income was $144 million, up 31% with strong incrementals of 47%. Return on sales was 19.4%, up 290 basis points year-over-year. Better price/cost and sequential productivity improvements drove the strong outperformance versus our expectations. Price contributions more than offset the impact from inflation of roughly $40 million and continued supply chain inefficiencies.

第四季度分部收入為 1.44 億美元，增長 31%，增幅高達 47%。銷售回報率為 19.4%，同比增長 290 個基點。更好的價格/成本和連續的生產力改進推動了強勁的表現超出我們的預期。價格貢獻足以抵消大約 4000 萬美元的通貨膨脹和供應鏈持續低效率的影響。

In addition, we continue to make investments in R&D, digital and sales and marketing for growth and productivity. Q4 adjusted EPS was $0.66, up 32% and above the high end of our guidance range. On cash, we delivered significant working capital improvements in the quarter, resulting in $180 million of free cash flow, up 77% year-over-year.

此外，我們繼續在研發、數字、銷售和營銷方面進行投資，以實現增長和生產力。第 4 季度調整後每股收益為 0.66 美元，增長 32%，高於我們指導範圍的上限。在現金方面，我們在本季度顯著改善了營運資本，產生了 1.8 億美元的自由現金流，同比增長 77%。

Now please turn to Slide 6 for a discussion of our fourth quarter segment performance, where you will see continued sales strength across all 3 businesses. Starting with Enclosures. Sales of $376 million, increased 17% organically with both price and volume contributing. Sales growth was broad-based across all verticals, led by industrial. Infrastructure also grew nicely, with data solutions up approximately 30%. Geographically, North America led, followed by Europe.

現在請轉到幻燈片 6，討論我們第四季度的細分市場業績，您將在其中看到所有 3 項業務的持續銷售增長。從外殼開始。銷售額為 3.76 億美元，有機增長 17%，價格和銷量均有貢獻。銷售增長在所有垂直領域都有廣泛的基礎，其中以工業為首。基礎設施也增長良好，數據解決方案增長了約 30%。從地理上看，北美領先，其次是歐洲。

Enclosures fourth quarter segment income was $72 million, up 67%. Return on sales of 19.2%, increased an impressive 620 basis points year-over-year, driven by strong execution and catching up on price/cost. For the full year, ROS expanded 80 basis points to 17%.

第四季度機箱部門收入為 7200 萬美元，增長 67%。銷售回報率為 19.2%，同比增長 620 個基點，令人印象深刻，這得益於強大的執行力和追趕價格/成本。全年，ROS 擴大 80 個基點至 17%。

Moving to Electrical & Fastening. Sales of $194 million, increased 16% organically with strong price contribution, while volume was down slightly. Sales growth was led by infrastructure, with power utilities up over 50%. Geographically, all regions grew, led by North America. Electrical & Fastening segment income was $53 million, up 18%. Return on sales was 27.5%, up 120 basis points compared to last year on solid execution and price/costs. This marks the fourth consecutive year of ROS expansion for Electrical & Fastening.

轉向電氣和緊固。銷售額為 1.94 億美元，有機增長 16%，價格貢獻強勁，但銷量略有下降。銷售增長由基礎設施帶動，其中電力公用事業增長超過 50%。從地域上看，所有地區都在增長，其中以北美為首。電氣與緊固件部門收入為 5300 萬美元，增長 18%。由於執行力和價格/成本，銷售回報率為 27.5%，比去年高 120 個基點。這標誌著 ROS 連續第四年擴展電氣與緊固件業務。

Turning to Thermal Management. Sales of $172 million, grew 9% organically with both volume and price contributing. All verticals grew led by industrial with particular strength in chemicals. Geographically, North America led with MRO and large projects, while Europe grew modestly impacted by Russia and commercial resi headwinds. Thermal Management segment income of $44 million, was up 1%. Return on sales of 25.7%, was down 70 basis points year-over-year. This decline was due to higher project sales mix and R&D investments.

轉向熱管理。銷售額為 1.72 億美元，有機增長 9%，銷量和價格均有貢獻。所有垂直行業的增長都由工業帶動，尤其是在化工領域。從地理上看，北美以 MRO 和大型項目領先，而歐洲則受到俄羅斯和商業儲能逆風的適度影響。熱管理部門收入為 4400 萬美元，增長 1%。銷售回報率為 25.7%，同比下降 70 個基點。這一下降是由於較高的項目銷售組合和研發投資。

Now turn to Slide 7 for a recap of our full year 2020 results. We ended the year with record sales of $2.9 billion, up 18% or 20% organically. Segment income grew 20% to $524 million, and return on sales expanded 30 basis points to 18%. Adjusted EPS for the full year was $2.40, up 22%, and free cash flow was $351 million, up 5%, with 87% conversion of adjusted net income.

現在轉到幻燈片 7，回顧我們 2020 年全年的業績。我們以 29 億美元的創紀錄銷售額結束了這一年，有機增長 18% 或 20%。分部收入增長 20% 至 5.24 億美元，銷售回報率增長 30 個基點至 18%。全年調整後每股收益為 2.40 美元，增長 22%，自由現金流為 3.51 億美元，增長 5%，調整後淨收入轉換率為 87%。

A few callouts for the year. First, volume contributed 6 points to sales growth. Second, all segments grew organic sales double digits and expanded margins. Third, we have consistently demonstrated our ability to manage price/cost. This is a testament to the strength of our portfolio and the solutions we provide to our customers. And lastly, acquisitions added 2 points to sales. In summary, 2022 was an outstanding year.

這一年的一些標註。首先，銷量對銷售增長貢獻了6個百分點。其次，所有部門的有機銷售額都增長了兩位數，利潤率也有所擴大。第三，我們始終如一地展示了我們管理價格/成本的能力。這證明了我們產品組合的實力以及我們為客戶提供的解決方案。最後，收購為銷售額增加了 2 個百分點。總而言之，2022 年是出色的一年。

On Slide 8, titled Balance Sheet and Cash flow, you will see we exited the year with $298 million of cash on hand and $600 million available on our revolver. Our balance sheet and financial position have never been stronger.

在標題為“資產負債表和現金流量”的幻燈片 8 上，您會看到我們以 2.98 億美元的手頭現金和 6 億美元的可用現金退出了這一年。我們的資產負債表和財務狀況從未如此強勁。

Turning to Slide 9. We continue to prioritize growth and execute a balanced, disciplined approach to capital allocation. In 2022, we returned $183 million to shareholders, including a competitive dividend and share repurchases of $66 million. We exited with a net debt-to-adjusted EBITDA ratio of 1.4x. We believe we have ample capacity and strong cash flows to execute on our growth strategy, including M&A and deliver attractive shareholder returns.

轉到幻燈片 9。我們繼續優先考慮增長並執行平衡、有紀律的資本配置方法。 2022 年，我們向股東返還了 1.83 億美元，包括有競爭力的股息和 6600 萬美元的股票回購。我們以 1.4 倍的淨債務與調整後 EBITDA 比率退出。我們相信我們有足夠的能力和強勁的現金流來執行我們的增長戰略，包括併購並提供有吸引力的股東回報。

Moving to Slide 10, our 2023 outlook. We expect organic sales growth in the range of 4% to 6%. This assumes low single-digit volume growth and roughly 3 points of price. But we expect sales growth and positive price each quarter, growth is expected to be stronger in the first half, given our robust backlog and pricing carryover. This also reflects macroeconomic uncertainties.

轉到幻燈片 10，我們的 2023 年展望。我們預計有機銷售額增長在 4% 至 6% 之間。這是假設低個位數的銷量增長和大約 3 個點的價格。但我們預計每個季度的銷售增長和正價格，鑑於我們強勁的積壓和定價結轉，預計上半年的增長會更強勁。這也反映出宏觀經濟的不確定性。

Our outlook for full year adjusted EPS is $2.51 to $2.61, which represents growth of 5% to 9%. A few important items to note. First, we expect price plus productivity to more than offset persistent inflation. Second, we anticipate stronger year-over-year margin performance in the first half, given comparisons and favorable price cost. And third, we will continue to invest in new products, digital and capacity for growth. Lastly, we expect free cash flow conversion of approximately 95%. This reflects higher CapEx investments in constrained areas.

我們對全年調整後每股收益的預期為 2.51 美元至 2.61 美元，增長 5% 至 9%。需要注意的幾個重要事項。首先，我們預計價格加上生產力足以抵消持續的通貨膨脹。其次，考慮到比較和有利的價格成本，我們預計上半年的利潤率同比表現會更好。第三，我們將繼續投資於新產品、數字和增長能力。最後，我們預計自由現金流轉換率約為 95%。這反映了在受限領域更高的資本支出投資。

We continue to expect strong underlying working capital improvements. A few 2023 below the -- item assumptions we'd like to call out include: higher net interest expense of approximately $40 million due to higher rates on our variable rate debt, a tax rate range of 18% to 18.5% and shares of approximately $168 million. Additionally, we anticipate corporate costs of approximately $95 million and CapEx of $55 million to $60 million.

我們繼續期待強勁的基礎營運資本改善。一些低於 2023 年的項目假設包括：由於我們的可變利率債務利率較高，18% 至 18.5% 的稅率範圍以及大約 4000 萬美元的淨利息支出增加1.68 億美元。此外，我們預計企業成本約為 9500 萬美元，資本支出為 5500 萬至 6000 萬美元。

Moving to Slide 11 and our first quarter outlook. We expect organic sales growth in the range of 5% to 7%. We anticipate another quarter of strong margin performance. For earnings per share, we expect adjusted EPS in the range of $0.56 to $0.58, up 12% to 16% year-over-year. In closing, our team delivered another year of outstanding results in 2022, and I believe we are well positioned for another strong year. With that, I will now turn the call back over to Beth.

轉到幻燈片 11 和我們的第一季度展望。我們預計有機銷售額增長在 5% 至 7% 之間。我們預計又一個季度的利潤率表現強勁。對於每股收益，我們預計調整後每股收益在 0.56 美元至 0.58 美元之間，同比增長 12% 至 16%。最後，我們的團隊在 2022 年又取得了出色的成績，我相信我們已經做好準備迎接又一個強勁的一年。有了這個，我現在將把電話轉回給貝絲。

Thank you, Sara. Turning to Slide 12. I want to spend a few moments recognizing the great work of our nVent team. Over the course of the year, our ability to respond to strong demand and overcome supply chain challenges was appreciated by our customers. While we still have a few challenging areas, our distributor partners placed us in the top-performing suppliers when it came to delivery and quality.

謝謝你，薩拉。轉到幻燈片 12。我想花一些時間來表彰我們 nVent 團隊的出色工作。在這一年中，我們響應強勁需求和克服供應鏈挑戰的能力得到了客戶的讚賞。雖然我們仍然有一些具有挑戰性的領域，但我們的分銷商合作夥伴在交付和質量方面將我們列為表現最好的供應商。

As you can see on the slide, we are highlighting a few of the many recognitions we received for our commitment and partnership to our customers' success. These recognitions weren't just about product delivery, these extended to innovation and safety, performance measures, we value at nVent.

正如您在幻燈片中看到的那樣，我們重點介紹了我們因對客戶成功的承諾和合作而獲得的眾多認可中的一些。這些認可不僅僅與產品交付有關，還擴展到創新和安全、績效衡量，我們在 nVent 重視這些。

Another area of recognition is our ESG performance. ESG is at the center of our strategy as we build a more electrified and sustainable world. We've made significant progress in our sustainability commitments. For the second consecutive year, we were again awarded a Silver sustainability rating from EcoVadis. Our overall score improved, placing us in the top 9% of companies assessed in our industry and the 85th percentile of all companies assessed.

另一個獲得認可的領域是我們的 ESG 表現。隨著我們建設一個更加電氣化和可持續發展的世界，ESG 是我們戰略的核心。我們在可持續發展承諾方面取得了重大進展。我們連續第二年再次獲得 EcoVadis 頒發的可持續發展銀獎。我們的總體得分有所提高，在我們行業評估的公司中排名前 9%，在所有評估的公司中排名第 85 個百分點。

Key to our success is our focus on our people and culture, which we believe to be a differentiator. We have made inclusion and diversity, a priority for us to create a great workplace. I'm very proud that our Board of Directors is 70% diverse, and we were recognized by 50/50 Women on Boards. Also, we are certified as a Best Place to Work. Our people are our priority and strength, and we are committed to building a culture of inclusion that allows every employee to thrive and contribute to our success.

我們成功的關鍵是我們對我們的員工和文化的關注，我們認為這是一個差異化因素。我們已將包容性和多樣性作為我們創建優質工作場所的首要任務。我很自豪我們的董事會有 70% 的多元化，而且我們得到了 50/50 董事會女性的認可。此外，我們還被認證為最佳工作場所。我們的員工是我們的首要任務和力量，我們致力於建立一種包容的文化，讓每一位員工都能茁壯成長並為我們的成功做出貢獻。

Turning to Slide 13. I look forward to our upcoming Investor Day next month and sharing how nVent is building a more sustainable and electrified world. Wrapping up on Slide 14. 2022 was another year of outstanding performance for nVent, delivering differentiated value for our customers and shareholders. We are well positioned with the electrification of everything, sustainability and digitalization trends. And we expect 2023 to be another strong year of financial performance. Our future is bright.

轉到幻燈片 13。我期待著下個月即將到來的投資者日，並分享 nVent 如何建設一個更加可持續和電氣化的世界。總結幻燈片 14。2022 年是 nVent 表現出色的又一年，為我們的客戶和股東提供了差異化的價值。我們在萬物電氣化、可持續性和數字化趨勢方面處於有利地位。我們預計 2023 年將是又一個財務業績強勁的年份。我們的未來是光明的。

With that, I will now turn the call over to the operator to start Q&A.

有了這個，我現在將把電話轉給接線員開始問答。

(Operator Instructions) And the first question will be from Jeff Sprague from Vertical Research.

（操作員說明）第一個問題將來自 Vertical Research 的 Jeff Sprague。

Just a couple -- the price numbers obviously just continue to jump off the page. Just thinking about the bridge. But I think in 2022, right, you said price offset all inflation. And I think for '23, you said price plus productivity offsets inflation. I just wonder if you could put a finer point on that, do you actually need to dip into productivity, despite inflation in 2023, it seems like in 2022. You actually were able to drop that productivity to the bottom line through some nice margin enhancement.

只有幾個——價格數字顯然只是繼續跳出頁面。只是想著橋。但我認為在 2022 年，對，你說價格抵消了所有通貨膨脹。我認為在 23 年，你說價格加上生產力抵消了通貨膨脹。我只是想知道您是否可以對此提出更好的觀點，儘管 2023 年通貨膨脹，但似乎是在 2022 年，您是否真的需要提高生產力。實際上，您可以通過一些不錯的利潤率提高將生產力降至底線.

Yes. I think let me start with 2022. In 2022, price needed to offset inflation as well as some of the negative productivity we saw just due to the supply chain inefficiencies. So in essence, it took us -- cost us more to service our customers with the robust demand we were seeing and the strong volume growth. And so as we walk into 2023, we would expect price to offset cost. And we would expect productivity to turn to a positive.

是的。我想讓我從 2022 年開始。到 2022 年，價格需要抵消通貨膨脹以及我們看到的一些由於供應鏈效率低下而導致的負生產力。因此，從本質上講，我們花了更多的錢來為我們的客戶提供我們所看到的強勁需求和強勁的銷量增長。因此，當我們步入 2023 年時，我們預計價格會抵消成本。我們預計生產力將轉為積極。

Now that's going to be more gradual in the context of throughout the year. And really what's going to help meter that is just that supply chain improvement. But we've talked about this in our last call, we're really focusing on those supply chain investments to help remove some of those areas that we've constrained in as well as focus on productivity in the factories that provide that productivity improvement over the course of 2023.

現在，在全年的背景下，這將更加漸進。真正有助於衡量的只是供應鏈的改進。但我們在上次電話會議中談到了這一點，我們真正關注的是那些供應鏈投資，以幫助消除我們限制的一些領域，並關注工廠的生產力，以提高生產力2023年的課程。

And maybe just a little bit of color on what you're seeing in the channel. There was certainly some concern exiting Q3 that maybe we'd have some drawdown or distributors rebalancing and the like. It doesn't look like that happened to a material degree. But maybe address that and kind of the health of the channel as you look into the beginning of the year here.

也許您在頻道中看到的只是一點顏色。退出第三季度肯定會有一些擔憂，也許我們會有一些縮編或分銷商重新平衡等。看起來這並沒有發生到實質性的程度。但是，當您在這裡查看今年年初時，也許可以解決這個問題以及渠道的健康狀況。

Yes. As we had discussed on our Q3 call, we expected to see some return to normal seasonal destocking. And I would say we did see that as we progress through the quarter, certainly saw a drop up in orders. However, what we did see was strong demand and sell-through from our distribution partners. So they were resetting some of their inventory levels.

是的。正如我們在第三季度電話會議上所討論的那樣，我們預計會看到一些恢復正常的季節性去庫存。我想說的是，隨著我們在本季度的進展，我們確實看到了訂單量的下降。然而，我們確實看到了來自我們的分銷合作夥伴的強勁需求和銷售。因此，他們正在重置部分庫存水平。

Now as we turn to this year in January, we've seen those orders increase. And so I think there was some management of that inventory level, if you like, but they still are sharing with us that they've got good backlogs, good demand. And so we believe we're going to see that pick up here as we go through 2023.

現在，當我們轉向今年 1 月時，我們已經看到這些訂單增加了。因此，我認為對庫存水平進行了一些管理，如果你願意的話，但他們仍然與我們分享他們有良好的積壓，良好的需求。因此，我們相信，到 2023 年，我們會看到這種情況有所好轉。

And the next question will be from Nigel Coe from Wolfe.

下一個問題將來自 Wolfe 的 Nigel Coe。

This is Bastien filling in for Nigel. So obviously, the 2023 -- so in 2022, price contribution was about 14%. And then my question is for 2023, price contribution and expectation, do you expect any pockets of price givebacks? And then maybe if you could touch on what you see on price realization on orders?

這是 Bastien 代替 Nigel。很明顯，到 2023 年——到 2022 年，價格貢獻約為 14%。然後我的問題是 2023 年的價格貢獻和預期，您是否期望有任何價格回饋？然後也許您可以談談您對訂單價格實現的看法？

Well, let me just start by talking about price. Our view is it's still an inflationary environment. There's still supply chain challenges. There's inflated labor, energy cost, et cetera. And so as we stated an inflationary environment, so our aim is to hold our price. However, it's not at the same level as we were last year, as Sara shared with you our assumption as we go forward.

好吧，讓我先談談價格。我們的觀點是它仍然是一個通貨膨脹的環境。仍然存在供應鏈挑戰。勞動力、能源成本等等都膨脹了。因此，正如我們所說的通貨膨脹環境，我們的目標是保持我們的價格。但是，它與我們去年的水平不同，因為 Sara 在我們前進的過程中與您分享了我們的假設。

Yes. So I think -- maybe just one point to add to that in terms of kind of that stickiness. I do think it is reflecting our ability to deliver and our ability to innovate for our customers. And then maybe I'll just expand a moment on the inflationary environment to give a bit of a color on that piece of it. Something to keep in mind is, if you look at our total cost structure, that's roughly $2.3 billion. That's COGS as well as all of our operating expenses.

是的。所以我認為 - 就那種粘性而言，也許只是要補充一點。我確實認為這反映了我們的交付能力和我們為客戶創新的能力。然後，也許我會在通貨膨脹環境上花點時間，給它一點顏色。要記住的是，如果你看一下我們的總成本結構，那大約是 23 億美元。這是 COGS 以及我們所有的運營費用。

And so metals, specifically are less than 20% of that overall cost structure. So while we are seeing some easing on the inflationary side as it relates to metals, we're seeing inflation and everything else. So as Beth alluded to, you've got components, you've got electrical, electronics, labor, logistics, energy, professional services, that is where we're seeing that inflationary pressure.

因此，金屬在整體成本結構中所佔比例不到 20%。因此，雖然我們看到與金屬相關的通貨膨脹方面有所緩和，但我們看到了通貨膨脹和其他一切。因此，正如貝絲提到的那樣，你有零部件，你有電氣、電子、勞動力、物流、能源、專業服務，這就是我們看到通脹壓力的地方。

And so like we've consistently demonstrated in 2021, in 2022, we're going to consistently keep front-footed and manage that price/cost equation going into 2023.

因此，就像我們在 2021 年和 2022 年一貫展示的那樣，我們將始終保持領先地位並管理進入 2023 年的價格/成本方程式。

Great. And then my follow-up question would be, how should we think about the sustainability of Enclosures margin, since 4Q was typically a weak margin quarter for Enclosures. Would you expect the full year to be above the 19%, 20% range?

偉大的。然後我的後續問題是，我們應該如何考慮機箱利潤率的可持續性，因為第四季度通常是機箱利潤率疲軟的季度。您預計全年會超過 19%、20% 的範圍嗎？

No. So one of the things we commented on is if you look at the quarters how we progress with Enclosures, that was our segment that had the most challenges in terms of demand and supply chain inefficiencies. And so it was very -- whether it was labor shortages, whether it was freight, et cetera. So to some extent, we had some inefficiencies. We improved that towards the back end of the year and some catch-up on price cost.

不，所以我們評論的一件事是，如果你看看我們在 Enclosures 方面的進展情況，那是我們的細分市場在需求和供應鏈效率低下方面面臨最大挑戰。所以它非常 - 無論是勞動力短缺，還是貨運，等等。所以在某種程度上，我們的效率有些低下。我們在年底改進了這一點，並在價格成本上有所追趕。

We would expect to return to the more normal margin profile that we've shown over the last several years. And so we don't expect that margin to be at that level going into Q1.

我們希望回到過去幾年中顯示的更正常的利潤率狀況。因此，我們預計該利潤率不會在進入第一季度時達到該水平。

And the next question is from Joe Ritchie with Goldman Sachs.

下一個問題來自高盛的 Joe Ritchie。

So I'll ask, hopefully, the last pricing question, and I'm just going to take a little different -- a little bit of a different angle here. So you did over $300 million in pricing in 2022. There's got to be some good carryover pricing that comes into 2023. And it also kind of sounds like because you believe the backdrop is going to be inflationary, there is some likelihood that you'll put additional pricing increases through. So can you maybe just comment on the carryover pricing and whether you plan to put additional pricing through 2023?

所以我會問，有希望地，最後一個定價問題，我只是要採取一些不同的 - 有點不同的角度。所以你在 2022 年做了超過 3 億美元的定價。到 2023 年肯定會有一些好的結轉定價。而且這聽起來也有點像因為你相信背景會通貨膨脹，所以你有可能會通過額外的價格上漲。那麼，您能否僅評論結轉定價以及您是否計劃在 2023 年之前進行額外定價？

Yes. As we said in our prepared remarks there, Joe, I mean that 3 points of price that's part of that 4% to 6% organic growth. Much of that is really carryover as well as things that are already announced. And that's reflective of the inflationary environment that we see today. But as the year progresses, we're going to continue to manage that price/cost equation as we've done in years past.

是的。正如我們在準備好的發言中所說的那樣，喬，我的意思是 3 個價格點是 4% 到 6% 有機增長的一部分。其中大部分實際上是結轉以及已經宣布的事情。這反映了我們今天看到的通脹環境。但隨著時間的推移，我們將像過去幾年一樣繼續管理價格/成本方程式。

Okay. Great. That's super helpful. And then just thinking through the volumes, right, your demand backdrop still sounds like it's very good. Most of our companies have yet to see very much money from the Infrastructure Bill and yet you're calling for volumes to be maybe up low single digits. So help me square that? And then if you could provide any color on whether you're starting to see any benefit from the Infrastructure Bill, that would be helpful.

好的。偉大的。這非常有幫助。然後只是考慮數量，對，您的需求背景聽起來仍然非常好。我們的大多數公司還沒有從基礎設施法案中看到很多錢，但你呼籲數量可能會上升到低個位數。所以幫我解決這個問題？然後，如果你能提供任何顏色來說明你是否開始從基礎設施法案中看到任何好處，那將會很有幫助。

I think there still remains a lot of macro uncertainty, right? And so that's reflected in how we put our guide together. When it comes to both the Infrastructure Bill and the Inflation Reduction Act, more so the Infrastructure Bill, some of that funding, it's very -- it's moving through the states and it's allocated for roads and bridges and transportation and water and broadband and ports and airports, as you know. And we look at all that and say, okay, here's where our Enclosures or EFS business, where we're positioned, where we could expect to see some growth.

我認為仍然存在很多宏觀不確定性，對嗎？因此，這反映在我們如何將我們的指南放在一起。當涉及基礎設施法案和通貨膨脹減少法案時，更重要的是基礎設施法案，其中一些資金，它非常 - 它正在各州移動，它被分配給道路、橋樑、交通、水、寬帶和港口，以及如您所知，機場。我們看著所有這些然後說，好吧，這就是我們的外殼或 EFS 業務，我們定位的地方，我們可以期望看到一些增長。

But I think that, in particular, is going to be more towards the back half, and it will be multi-years as we see those investments flow. Maybe could be a point for EFS and Enclosures, as we start to see those funds flow. When it comes to the Inflation Reduction Act, some of that is going to start to drive demand in areas where we have like renewables and solar and some areas where we're working on e-mobility. But I think more -- that's more to come and towards the back half of this year as we currently see it.

但我認為，特別是，將更多地向後半段發展，而且隨著我們看到這些投資的流動，這將是多年。也許是 EFS 和 Enclosures 的重點，因為我們開始看到這些資金流動。當談到《降低通貨膨脹法案》時，其中一些將開始推動我們擁有可再生能源和太陽能等領域以及我們正在研究電動汽車的一些領域的需求。但我認為更多 - 正如我們目前看到的那樣，今年下半年還會有更多。

And the next question is from Julian Mitchell from Barclays.

下一個問題來自巴克萊銀行的 Julian Mitchell。

Just wanted to look at the operating margins a little bit more. So I think you've guided those maybe up about sort of 50-60 bps for the year. I just wanted to check that, that's roughly the right range. And then trying to understand sort of on a segment basis, how are we thinking about that just after the fourth quarter, you had very different sort of year-on-year margins by segment. We are seeing a bigger increase maybe in Thermal and then Enclosures is more flattish. Any color around that, please?

只是想多看看營業利潤率。所以我認為你已經引導這些可能在今年上漲了大約 50-60 個基點。我只是想檢查一下，這大致是正確的範圍。然後試圖在細分市場的基礎上了解某種程度，我們如何考慮在第四季度之後，您的細分市場同比利潤率有很大不同。我們看到散熱方面的增長可能更大，然後外殼更加平坦。請問周圍有什麼顏色嗎？

Yes. I would start by saying kind of that ballpark margin, if you kind of just back into that from a segment income perspective, it's in the ballpark, Julian. And then from a color perspective by segment, I would say a couple of things. First, we're confident in the year that next year is going to be -- or this year, right, 2023 is going to be another year of margin expansion. That's going to come from the contribution from volume, but also positive price/cost productivity.

是的。我首先要說的是那種大概的利潤率，如果你只是從細分收入的角度回到那個方面，那麼它就在球場上，朱利安。然後從細分的顏色角度來看，我會說幾件事。首先，我們對明年將是的一年充滿信心——或者今年，對，2023 年將是又一個利潤率擴張的一年。這將來自銷量的貢獻，但也來自積極的價格/成本生產率。

We also expect margin year-over-year performance to be stronger in the first half versus the second half. And that's really twofold. It's one, just given our comparisons of a year ago, we're lapping here in the first set [have] some of that negative productivity just high cost to serve, right, from a supply chain perspective. But also, we're carrying forward, as you saw in Q4, some stronger price cost.

我們還預計上半年的利潤率同比表現將優於下半年。這真的是雙重的。這是一個，只是考慮到我們一年前的比較，我們在第一組中就在這裡 [have] 一些消極的生產力只是高成本的服務，正確的，從供應鏈的角度來看。而且，正如您在第四季度看到的那樣，我們正在推進一些更強勁的價格成本。

So if you look at that from a segment perspective, we continue to expect really the largest expansion from Enclosures building off of that 17% ROS that they exited the year with in 2022. So again, expecting that price cost to benefit closures here in Q1 in the first half and continue to expect to see gradual improvement from a productivity standpoint.

因此，如果您從細分市場的角度來看，我們繼續預計 Enclosures 將真正實現最大的擴張，而他們在 2022 年以 17% 的 ROS 退出了這一年。因此，再次預計價格成本將使第一季度的關閉受益在上半年，並繼續期望從生產力的角度來看會逐漸改善。

I would also say that we expect to see margin expansion, both in Enclosures and Thermal Management, just less so. I mean, EFS has had tremendous margin expansion over the last 4 years, we said, right? And then with Thermal Management, still expect margin expansion just a bit more modest given some of the mix pressures as projects really come back on board here and grow strongly.

我還要說的是，我們預計外殼和熱管理領域的利潤率會有所增長，但幅度不大。我的意思是，EFS 在過去 4 年中利潤率大幅增長，我們說過，對嗎？然後在熱管理方面，考慮到一些混合壓力，隨著項目真正回到這裡並強勁增長，預計利潤率的增長會稍微溫和一些。

Just trying to looking at, say, Slide 7. So you've got that very helpful segment income bridge on the lower left. And just to focus on the sort of price and net productivity buckets for a second when we're thinking about 2023, you've got a sort of a $40 million odd spread between price versus net productivity in '22.

只是試著看，比方說，幻燈片 7。所以你在左下角有一個非常有用的細分收入橋樑。當我們考慮 2023 年時，只需關註一下價格和淨生產率的類別，22 年的價格與淨生產率之間的差價大約為 4000 萬美元。

Just trying to understand sort of how do we think about that in '23 in light of your comments around kind of productivity becoming a tailwind, but maybe the price cost spread narrows as we go through the year and investments? I don't think you called out yet.

只是想了解一下我們如何根據您對生產力成為順風的評論在 23 年的想法，但隨著我們經歷這一年和投資，價格成本價差可能會縮小嗎？我想你還沒有叫出來。

Yes. So I think you colored it in rather well, Julian. I mean, I think in terms of a price cost perspective, we do expect price to offset inflation. But to a narrower degree that what we saw in 2022 and some of that, again, was catch up, right, in terms of quarters past. And then productivity, while productivity embedded in that $290 million headwind, if you will, that was negative $65 million with the balance of that being inflation. So we do expect that productivity to improve sequentially through the year. So not right [of the gate] here in Q1, but we continue to see good gradual improvement for supply chain even from Q3 to Q4.

是的。所以我認為你把它塗得很好，朱利安。我的意思是，我認為從價格成本的角度來看，我們確實希望價格能夠抵消通貨膨脹。但是，就過去幾個季度而言，我們在 2022 年看到的情況以及其中一些再次在較小程度上趕上了。然後是生產力，雖然生產力嵌入了 2.9 億美元的逆風中，如果你願意的話，那是負的 6500 萬美元，其餘部分是通貨膨脹。因此，我們確實預計生產率將在今年連續提高。所以在第一季度這裡 [of the gate] 不對，但我們繼續看到供應鏈的良好逐步改善，即使從第三季度到第四季度也是如此。

We expect that to continue into Q1 and continue through the course of the year. So we see that a little bit more weighted towards productivity than price cost, but both contributing positively to that bar in 2023.

我們預計這種情況將持續到第一季度並持續到全年。因此，我們看到生產力比價格成本更受重視，但兩者都對 2023 年的這一標準做出了積極貢獻。

The next question is from Deane Dray from RBC Capital Markets.

下一個問題來自 RBC Capital Markets 的 Deane Dray。

Sara, I was hoping you just take us through some of the dynamics in free cash flow, really strong finish to the year. How much was working capital at play? Did you take down buffer inventory? I know you referenced some of that for the '23 free cash flow guide. But just take us through that the working capital improvements, what happens above for inventory from here?

薩拉，我希望你能帶我們了解一下自由現金流的一些動態，今年結束時真的很強勁。有多少營運資金在起作用？你有沒有減少緩衝庫存？我知道你在 23 年的自由現金流指南中引用了其中的一些內容。但是只要讓我們了解一下營運資金的改善，上面的庫存會發生什麼？

Yes. So we were really pleased with our free cash flow and working capital performance in Q4. And if you look at Q2 to Q3, that inventory was flat even while sales grew. And then from Q3 to Q4, we did take down some of that inventory. And it really was reflective of some of the supply chain improvements we were seeing. So as we saw some of the lead times come down, we were able to tighten up our own inventory.

是的。因此，我們對第四季度的自由現金流和營運資本表現非常滿意。如果你看看第二季度到第三季度，即使銷售額增長，庫存也持平。然後從第三季度到第四季度，我們確實減少了一些庫存。它確實反映了我們所看到的一些供應鏈改進。因此，當我們看到一些交貨時間縮短時，我們能夠收緊我們自己的庫存。

But still, I would say it's very surgical, but there's -- there are still some areas that we're not where we want to be in our service levels and know that we've got to make some of those investments. So we're pleased with the progress we made there in Q4. We know that there's continued progress we can make as that supply chain improves. But we're going to continue to take a very surgical approach to it to make sure that we're also investing in those areas that we need to -- that are constrained or that have more challenging lead times.

但是，我仍然會說這是非常外科手術，但是 - 仍然有一些領域我們沒有達到我們想要的服務水平並且知道我們必須進行其中一些投資。因此，我們對第四季度取得的進展感到滿意。我們知道，隨著供應鏈的改善，我們可以繼續取得進展。但我們將繼續採取非常外科的方法來確保我們也在我們需要的那些領域進行投資——這些領域受到限製或交貨時間更具挑戰性。

That's helpful. And then for Beth, could we get some more color on the data center solutions business? You're significantly outgrowing the market there. Can you give us a sense of how much of that is being driven by Enclosures versus liquid cooling?

這很有幫助。然後對於貝絲，我們能否在數據中心解決方案業務上獲得更多色彩？你的增長明顯超過了那裡的市場。您能告訴我們其中有多少是由外殼驅動的，而不是液體冷卻驅動的嗎？

When we look at that growth, I would say -- it's -- in data solutions, it's 2 areas. One, it's our liquid cooling solutions. And when we do sell those up and we're selling those with racks and Enclosures and Fastening Solutions. But we've talked about this before, where liquid cooling is a more efficient way -- energy-efficient way of cooling data centers and with data centers and chips getting hotter, it's really the direction that we're seeing across all data center applications. So significant growth from liquid cooling.

當我們看到這種增長時，我會說——它是——在數據解決方案中，它是兩個領域。第一，這是我們的液體冷卻解決方案。當我們出售這些產品時，我們會出售帶有機架、外殼和緊固解決方案的產品。但我們之前已經討論過，液體冷卻是一種更有效的方式——冷卻數據中心的節能方式，隨著數據中心和芯片越來越熱，這確實是我們在所有數據中心應用中看到的方向.液體冷卻的顯著增長。

The other area I would comment on where we saw growth is from our power distribution units. So as we think about how our growth outlook here, it really is all of what we do, but led predominantly by liquid cooling and our power distribution units, and that pulls through the rest of our Enclosures and Fastening Solutions.

我要評論我們看到增長的另一個領域是我們的配電裝置。因此，當我們考慮我們在這裡的增長前景時，它確實是我們所做的一切，但主要由液體冷卻和我們的配電裝置主導，並且通過我們的其餘外殼和緊固解決方案。

And the next question is from Jeff Hammond from KeyBanc.

下一個問題來自 KeyBanc 的 Jeff Hammond。

I just wanted to go back to the Enclosures margins, so very good in the quarter. I think, Beth, you said that you would not expect that to repeat. So I'm just wondering if there were any aberrations or why that steps back? I know maybe there's some seasonality dynamics, et cetera. But just wondering on the sustainability there.

我只想回到外殼利潤率，這個季度非常好。我想，貝絲，你說過你不希望重複這種情況。所以我只是想知道是否有任何偏差，或者為什麼會退後一步？我知道也許有一些季節性動態，等等。但只是想知道那裡的可持續性。

Yes, this is Sara. So maybe I'll build upon what Beth said. I mean, in the quarter, right, from a Q4 perspective, some of that price was really catching up from the early part of the year. So Q1 and Q2 where cost exceeded price. And so when we looked at Q4 stand-alone, excellent, impressive return on sales. As you well know, usually, we have sort of a seasonal downtick in ROS, but that was a very strong sort of quarter-to-quarter sequentially.

是的，這是薩拉。所以也許我會以貝絲所說的為基礎。我的意思是，在本季度，從第四季度的角度來看，其中一些價格確實從今年年初趕上了。所以 Q1 和 Q2 的成本超過了價格。因此，當我們單獨查看第四季度時，出色的、令人印象深刻的銷售回報率。如您所知，通常情況下，我們的 ROS 會出現季節性下降，但這是一個非常強勁的季度環比。

So as we look at -- maybe I'll put it in the context of the full year, we exited the year at 17% return on sales from Enclosures. And we expect that from a full year perspective, and so we would expect to build upon that and see the strongest margin expansion heading into 2023, and we would expect that first half sort of year-on-year margin expansion to be the strongest in comparison to the full year based on that price cost carryover. So we do expect some nice margin performance here in quarter 1 year-over-year from a margin perspective.

因此，正如我們所看到的——也許我會把它放在全年的背景下，我們以 17% 的 Enclosures 銷售回報率退出了這一年。我們預計從全年的角度來看，因此我們希望在此基礎上再接再厲，看到最強勁的利潤率擴張進入 2023 年，我們預計上半年的同比利潤率擴張將是最強勁的與基於該價格成本結轉的全年比較。因此，從利潤率的角度來看，我們確實預計第一季度的利潤率同比表現不錯。

Okay. So it's really -- you had a big price/cost catch-up and maybe that gap is a little bit smaller going forward.

好的。所以它真的 - 你有一個很大的價格/成本追趕，也許未來這個差距會小一點。

Yes, because comparing that to kind of where things stood in Q1 of a year ago as well.

是的，因為將其與一年前第一季度的情況進行比較。

Okay. And then just back on data solutions. I appreciate the outgrowth and color there. Just maybe give us your view on outlook there for 2023. It seems like there's a lot in the backlog, but some kind of emerging concerns just around data center and particularly some of the hyperscale guys kind of cutting people and cutting back a little bit. I'm just wondering if that's showing up at all in the demand trends or order rates?

好的。然後回到數據解決方案。我很欣賞那裡的生長和顏色。也許請告訴我們您對 2023 年前景的看法。似乎積壓了很多，但數據中心周圍出現了一些新的擔憂，特別是一些超大規模的人有點裁員和裁員。我只是想知道這是否完全體現在需求趨勢或訂單率中？

The way we look at that is our backlog is strong there. And because we're seeing this technology conversion to liquid cooling, which actually reduces operating expenses, we're seeing demand for these types of solutions increase and despite of that backdrop or everything else going on.

我們看待這一點的方式是我們的積壓在那裡很強大。而且因為我們看到這種技術轉換為液體冷卻，這實際上減少了運營費用，我們看到對這些類型的解決方案的需求增加，儘管有這種背景或其他一切發生。

So it's a more efficient way, it's a technology shift. And so that conversion, we think is going to continue to extend across multiple data center applications, both new and retrofit. So that's why we're seeing such strong demand and expect that to continue.

所以這是一種更有效的方式，這是一種技術轉變。因此，我們認為這種轉換將繼續擴展到多個數據中心應用程序，包括新的和改造的。所以這就是為什麼我們看到如此強勁的需求並期望這種需求會持續下去的原因。

Okay. And then just on that front, would you say your data solutions business is kind of running above that 3 points outgrowth? Or would you say that's more broad-based?

好的。然後就在這方面，你會說你的數據解決方案業務有點高於 3 分的增長嗎？或者你會說這更廣泛嗎？

I'm not sure we're tracking with the 3 points of outgrowth. Can you maybe just explain that?

我不確定我們是否在跟踪 3 個增長點。你能解釋一下嗎？

I think you said that the new products contributed 3 points of outgrowth. So I'm just wondering how much is that lean towards data solutions or is it more broad-based?

我想你說過新產品貢獻了 3 個增長點。所以我只是想知道它在多大程度上傾向於數據解決方案，或者它的基礎更廣泛？

Well, I would say that the 3 points of outgrowth is broad-based across EFS and Thermal. But for Enclosures, significantly, it's both on the power distribution side and the data center cooling that we're seeing that higher than 3 points of growth from those new products.

好吧，我想說這 3 個增長點在 EFS 和 Thermal 中具有廣泛的基礎。但對於機櫃而言，值得注意的是，我們看到這些新產品在配電方面和數據中心冷卻方面的增長率超過 3 個百分點。

And the next question is from Scott Graham from Loop.

下一個問題來自 Loop 的 Scott Graham。

Terrific quarter, really great execution. I have a couple of questions myself. And I was just wondering, one of the things we've been hearing this earnings season is with the supply chain getting a little bit better, deliveries -- outbound deliveries that time shrinking that there's sort of this natural tendency for the customer to not necessarily order that much because their order is kind of already in your backlog, right?

很棒的季度，執行力真的很棒。我自己有幾個問題。我只是想知道，我們在這個財報季聽到的一件事是供應鏈變得更好了，交貨——出站交貨時間縮短了，客戶有這種自然趨勢不一定訂購那麼多是因為他們的訂單已經在您的積壓訂單中，對嗎？

So could you talk about maybe with the orders being flat in the fourth quarter kind of how you parse that out between sort of improvement in on-time delivery from both you and the supply chain, let's say, versus some destock and versus -- that's the whole comp versus demand dynamic?

那麼，你能否談談在第四季度訂單持平的情況下，你如何在你和供應鏈的準時交貨改進之間進行分析，比方說，與一些去庫存和 - 那是整個競爭與需求動態？

Well, Scott, I would say it's both of those things. So what we saw occur in Q4 was that some of our distributors were looking at their inventory levels and doing some destocking and so hence, that reduced our order rates. And I made the comment that our sell-through was still very strong. And now as we've progressed in 2023, order rates have picked up again in January. But I do think -- remember, we were seeing crazy order rates in Q4 of just 2021, we had 37% orders growth.

好吧，斯科特，我想說的是這兩件事。因此，我們在第四季度看到的情況是，我們的一些分銷商正在查看他們的庫存水平並進行一些去庫存，因此降低了我們的訂單率。我評論說我們的銷售仍然非常強勁。現在，隨著我們在 2023 年取得進展，1 月份的訂單率再次回升。但我確實認為 - 請記住，我們在 2021 年第四季度看到了瘋狂的訂單率，我們的訂單增長了 37%。

So that -- at that point, we were definitely seeing our customers and our partners placing more orders on us to give us visibility to demand so we could respond. So I think we're seeing that, that as supply chains improve, they're not placing those orders 6 months out to give us visibility. And so we're seeing it more balanced. But having said that, sell-through is good, orders have picked up. And so I think that's just part of the gradual supply chain improvements that we're seeing.

因此 - 在這一點上，我們肯定看到我們的客戶和我們的合作夥伴向我們下了更多訂單，讓我們了解需求，以便我們做出回應。所以我認為我們看到的是，隨著供應鏈的改善，他們不會在 6 個月後下訂單來給我們可見性。所以我們看到它更加平衡。但話雖如此，銷售情況良好，訂單有所回升。因此，我認為這只是我們所看到的供應鏈逐步改進的一部分。

On the new products, that was a really big number. And I'm just wondering what the 3% looks like in 2023, if you could hazard a guess there. And I assume -- well, I don't want to assume anything. How much -- how do you sort of handicap pricing as a contributor within new products? Or is that just a volume number?

對於新產品，這是一個非常大的數字。我只是想知道 2023 年 3% 會是什麼樣子，如果你能大膽猜測的話。我假設 - 好吧，我不想假設任何事情。多少 - 作為新產品的貢獻者，您如何對障礙定價進行分類？或者這只是一個卷號？

We don't really -- the way we think about new products, when we launch new products, we're always looking to see that they're providing outsized value right? So they're reducing labor or they're driving energy efficiency or better operational performance. So therefore, we launch new products with a higher margin expectation because of the value that we're creating. So that's how we think about it versus pricing, right?

我們不是真的——我們思考新產品的方式，當我們推出新產品時，我們總是希望看到它們提供超大的價值，對嗎？因此，他們正在減少勞動力，或者他們正在提高能源效率或更好的運營績效。因此，由於我們創造的價值，我們推出了具有更高利潤預期的新產品。這就是我們如何看待它與定價的關係，對吧？

So it's -- there's a whole way that we look at value. And I would say as we go into -- or as we're in 2023, we always look to launch at least 50 new products. We look to launch them with faster cycle time, improve margins. We always want to get at least 1 point of growth. And -- but I think we're going to continue to strive to have great differentiated products, where like this year, if we can drive the higher volume and growth from them, we will.

所以它是 - 我們看待價值的整體方式。我會說，當我們進入——或者說我們在 2023 年時，我們總是希望推出至少 50 種新產品。我們希望以更快的周期時間推出它們，提高利潤率。我們總是希望獲得至少 1 點的增長。而且 - 但我認為我們將繼續努力擁有出色的差異化產品，就像今年一樣，如果我們能夠從中推動更高的銷量和增長，我們會的。

(Operator Instructions) The next question is from David Silver from CL King.

（操作員說明）下一個問題來自 CL King 的 David Silver。

My question would be about your R&D spend and maybe your thing has -- the thinking about that going forward. So this was a record year for your R&D spend, up towards 25% or so. And I thought it was interesting that each quarter, the 4 quarters of 2022 had the highest -- 4 highest quarterly spends on R&D. So I don't know, to me, it seems like I am wondering if maybe there's been an evolution in your thinking in some direction about the goals or the priorities within your R&D spend.

我的問題是關於你的研發支出，也許你的事情有——對未來的思考。所以這是你們研發支出創紀錄的一年，高達 25% 左右。我認為有趣的是，2022 年的 4 個季度每個季度的研發支出最高 - 4 個季度最高。所以我不知道，對我來說，我似乎想知道你的想法是否在某個方向上關於你的研發支出中的目標或優先事項發生了變化。

And wondering if maybe there's an increasing -- or if you could highlight the collaborative nature of your R&D spend currently? In other words, how many projects are done, let's say, directly with particular customers in mind or in collaboration with those customers?

並且想知道是否可能會增加 - 或者您是否可以強調目前研發支出的協作性質？換句話說，有多少項目是直接針對特定客戶或與這些客戶合作完成的？

All right. Well, we've always stated that we were going -- our intent was to always increase our R&D spend because we thought as a percent of sales when we spot, it was on the low end. And we have made those increases, but our top line has grown so well. And we've also had such impact, right, which has been terrific. So I think the major changes for us in how we've driven R&D to realize such great results is that it's a very collaborative approach.

好的。好吧，我們一直說我們要去 - 我們的目的是始終增加我們的研發支出，因為我們認為當我們發現時佔銷售額的百分比，它處於低端。我們已經實現了這些增長，但我們的收入增長得非常好。我們也產生了這樣的影響，對吧，這非常棒。因此，我認為我們推動研發實現如此偉大成果的方式的主要變化在於它是一種非常協作的方法。

It starts with us understanding the market needs. In some cases, it may be a specific customer, but we try to think of developing platform products that can serve multiple customers in a particular application. And then between our marketing and technology folks and our supply chain folks, we work through the development process. And we've really done a great job to reduce our cycle times every year by 20% to 30%. That's velocity, right? It's productivity.

這始於我們了解市場需求。在某些情況下，它可能是一個特定的客戶，但我們嘗試去思考開發能夠在特定應用中服務於多個客戶的平台產品。然後在我們的營銷和技術人員以及我們的供應鏈人員之間，我們完成了開發過程。我們確實做得很好，每年將周期時間減少 20% 到 30%。那是速度，對吧？是生產力。

And then we've also improved the launch process so that when we launch a new product, we have a way of getting it positioned more quickly through our distribution partners, we've got inventory, we've got digital collateral, right? You just can't launch a product without having the digital product information available. And it's all of those things that I believe have allowed us to have such a greater impact. And we'll continue to invest there as we see great returns.

然後我們還改進了發布流程，這樣當我們發布新產品時，我們有辦法通過我們的分銷合作夥伴更快地定位它，我們有庫存，我們有數字抵押品，對吧？如果沒有可用的數字產品信息，您就無法推出產品。我相信正是所有這些因素讓我們產生瞭如此大的影響。我們會繼續在那裡投資，因為我們會看到豐厚的回報。

Okay. Next question I had was maybe just about your projected capital spending for 2023. There is a little bit of a bump there. But I recall, Sara, at least a couple of points calling out constraints that needed to be addressed. And I'm just wondering if you wouldn't mind qualitatively maybe just calling out the top couple of areas where discretionary capital will be spent in 2023 to maybe alleviate some of those constraints or alternatively to exploit some opportunities that you see. What's the highest priorities for the discretionary portion of your capital spending?

好的。我的下一個問題可能只是關於您 2023 年的預計資本支出。那裡有一點點顛簸。但我記得，Sara，至少有幾點提出了需要解決的限制。我只是想知道你是否不介意定性地指出 2023 年將花費可自由支配資本的前幾個領域，以減輕其中的一些限制，或者利用你看到的一些機會。您的資本支出的可自由支配部分的最高優先級是什麼？

Maybe I'll start by saying we've talked about how our data center solutions and our liquids all growing so significantly. So we need to make further investments to expand our manufacturing capability for that particular product line. And that also involves us having some expansion within Mexico where we need to add an additional plant to our campus -- extended campus to be able to have the capacity for some of these high-growth areas and high-growth verticals.

也許我會首先說我們已經討論了我們的數據中心解決方案和我們的液體是如何增長如此顯著的。因此，我們需要進一步投資以擴大我們對該特定產品線的製造能力。這還涉及我們在墨西哥進行一些擴張，我們需要在我們的校園中增加一個額外的工廠 - 擴展校園能夠擁有其中一些高增長區域和高增長垂直領域的能力。

Yes. So maybe just a couple of things to add to that. I mean our CapEx really is focused on new products, digital transformation, high-growth verticals. So that's consistent going into 2023 here. I think that uptick is really those things that just Beth just alluded to. We believe our supply chain has been a position of strength for us here in 2022 in terms of enabling us to deliver for our customers and do it very, very well.

是的。所以也許只需要添加幾件事。我的意思是我們的資本支出確實專注於新產品、數字化轉型和高增長垂直領域。所以這在 2023 年是一致的。我認為上漲真的是貝絲剛才提到的那些事情。我們相信，我們的供應鏈在 2022 年對我們來說一直是一個優勢地位，使我們能夠為客戶交付並做得非常非常好。

But we are capacity constrained in some areas. And so some of this reflects building out existing capacity. But building that out in Mexico, particularly in our Enclosures addressing some of these bottlenecks that we're seeing, it's also increasing our investments in automation as well as modernizing some of what we have in our factory to really allow for better output and frankly, more efficient output as well as we go forward.

但我們在某些領域的能力受到限制。因此，其中一些反映了現有能力的建設。但是在墨西哥建立它，特別是在我們的外殼中解決我們所看到的一些瓶頸，它也增加了我們在自動化方面的投資，並對我們工廠中的一些東西進行了現代化改造，以真正實現更好的產出，坦率地說，更高效的輸出以及我們前進。

Okay. And then just last question about the new products. You started out a couple of years ago, Beth, I think, with a target of 50 new products. And I noticed the number in this year was 59. So I can't resist asking is, going forward, will 60 be the new 50 as far as the hurdle rate for new product introductions?

好的。然後是關於新產品的最後一個問題。你幾年前開始了，貝絲，我想，目標是 50 種新產品。我注意到今年的數字是 59。所以我忍不住要問，就新產品推出的門檻率而言，60 是否會成為新的 50？

Yes. Well, just to answer that, we always want to have 50. And it depends on the types of products, whether they're brand-new platforms, whether in our Fastening business, we tend to have more types of fasteners, which are faster, smaller projects. So it really just depends. But I think what we're striving for is at least 50 new products a year, reducing that cycle time, higher margins and then having at least driving a point of growth, if not more.

是的。嗯，只是回答這個問題，我們總是希望有 50 個。這取決於產品的類型，它們是否是全新的平台，是否在我們的緊固件業務中，我們傾向於擁有更多類型的緊固件，更快, 較小的項目。所以這真的取決於。但我認為我們的目標是每年至少推出 50 種新產品，縮短週期時間，提高利潤率，然後至少推動一個增長點，如果不是更多的話。

Ladies and gentlemen, this concludes our question and answer session. I would like to turn the conference back over to Beth Wozniak for any closing remarks.

女士們，先生們，我們的問答環節到此結束。我想將會議轉回貝絲·沃茲尼亞克 (Beth Wozniak) 的閉幕詞。

Thank you for joining us this morning. We're proud of our strong finish to a terrific year and believe we are changing the growth profile of nVent. I'm grateful for the outstanding work of our team to support our customers and execute on our growth strategy. Thanks again for joining us. This concludes the call.

感謝您今天早上加入我們。我們為出色的一年取得了強勁的成績而感到自豪，並相信我們正在改變 nVent 的增長模式。我感謝我們的團隊為支持我們的客戶和執行我們的增長戰略所做的出色工作。再次感謝您加入我們。通話到此結束。

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

會議現已結束。感謝您參加今天的演講。您現在可以斷開連接。