nVent Electric PLC (NVT) 2023 Q1 法說會逐字稿

Good morning, everyone, and welcome to the nVent Electric First Quarter 2023 Earnings Conference Call. (Operator Instructions) Please also note today's event is being recorded.

大家早上好，歡迎來到 nVent Electric 2023 年第一季度收益電話會議。 （操作員說明）另請注意，今天的活動正在錄製中。

And at this time, I'd like to turn the floor over to Tony Riter, Vice President of Investor Relations. Sir, please go ahead.

現在，我想請投資者關係副總裁 Tony Riter 發言。先生，請繼續。

Thank you, and welcome to nVent's First Quarter 2023 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 first quarter performance, provide an outlook for the second quarter and an update to our full year 2023 outlook.

謝謝，歡迎來到 nVent 的 2023 年第一季度收益電話會議。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。他們將提供我們第一季度業績的詳細信息，提供第二季度的展望以及我們 2023 年全年展望的更新。

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.

在我們開始之前，讓我提醒您，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 to 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 財務數據的引用與演示文稿的附錄一致。在我們準備好的評論之後，我們將有時間提問。

With that, please turn to Slide 3, and I will now turn the call over to Beth.

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 first quarter results. We had a strong start to the year. We continue to advance our strategy with our focus on high-growth verticals, new products and geographic expansion. We delivered record first quarter sales, growing 7% with adjusted EPS up 34%. We had impressive year-over-year margin expansion and robust free cash flow.

謝謝你，托尼，大家早上好。今天很高興與您分享我們第一季度的業績。我們今年開局良好。我們繼續推進我們的戰略，重點關注高增長的垂直行業、新產品和地域擴張。我們實現了創紀錄的第一季度銷售額，增長 7%，調整後每股收益增長 34%。我們有令人印象深刻的同比利潤率增長和強勁的自由現金流。

Our Enclosures and Electrical & Fastening segment sales grew double digits with the trends in the Electrification of Everything. In addition, we're excited to expand our connect and protect portfolio with the announcement to acquire ECM Industries. Overall, we are pleased with the strong start to the year and are raising our full year sales and adjusted EPS guidance.

隨著萬物電氣化的趨勢，我們的機櫃和電氣與緊固件部門的銷售額增長了兩位數。此外，我們很高興通過宣布收購 ECM Industries 來擴展我們的連接和保護產品組合。總體而言，我們對今年的強勁開局感到滿意，並提高了全年銷售額和調整後的每股收益指引。

Now on to Slide 4 for a summary of our first quarter performance. First quarter sales were up 8% organically with all verticals growing. New products contributed approximately 3 points to our sales growth, and we launched 17 new products in the quarter. Segment income grew 34% year-over-year with return on sales up an impressive 410 basis points. Adjusted EPS grew 34%, and we generated $52 million of free cash flow compared to a $3 million usage a year ago. We're on track for another strong year.

現在轉到幻燈片 4，了解我們第一季度的業績摘要。第一季度銷售額有機增長 8%，所有垂直行業都在增長。新產品對我們的銷售增長貢獻了約3個百分點，本季度我們推出了17款新產品。分部收入同比增長 34%，銷售回報率高達 410 個基點，令人印象深刻。調整後的每股收益增長了 34%，我們產生了 5200 萬美元的自由現金流，而一年前為 300 萬美元。我們有望迎來又一個強勁的一年。

With our focus on the Electrification of Everything, we continue to have significant wins in our portfolio. In data solutions, we recently won a large contract with a semiconductor company for a new liquid cooling system for their data center. We also won a multimillion dollar contract for cable management solution with a hyperscale modular data center provider.

我們專注於萬物電氣化，繼續在我們的產品組合中取得重大勝利。在數據解決方案方面，我們最近贏得了一家半導體公司的大合同，為其數據中心提供新的液體冷卻系統。我們還與一家超大規模模塊化數據中心提供商贏得了價值數百萬美元的電纜管理解決方案合同。

On e-mobility, our ERIFLEX connections have been specified by European OEM leader in power solutions for EV chargers. And with the energy transition, we continue to have wins in LNG, clean fuels and carbon capture. We recently won several multimillion-dollar contracts for our heat tracing systems, providing reliability and optimization.

在電動汽車方面，我們的 ERIFLEX 連接已被歐洲 OEM 領導者指定為 EV 充電器電源解決方案。隨著能源轉型，我們在液化天然氣、清潔燃料和碳捕獲方面繼續取得勝利。我們最近為我們的伴熱系統贏得了幾份價值數百萬美元的合同，提供可靠性和優化。

Looking at our key verticals, all grew organically in the quarter. Infrastructure led the way up mid-teens, including data solutions growing 20% and power utilities up over 30%. Industrial grew high single digits with broad-based growth. Energy performed well, up mid-teens. And finally, commercial and residential grew low single digits.

縱觀我們的主要垂直領域，本季度都實現了有機增長。基礎設施領漲了 15%，其中數據解決方案增長了 20%，電力公用事業增長了 30% 以上。工業增長高個位數，基礎廣泛。能量表現良好，達到了十幾歲。最後，商業和住宅增長低個位數。

Turning to organic sales by geography. We continue to see broad-based growth in North America, up low double digits. Europe grew high single digits and Asia Pacific declined primarily due to a slow recovery in China. Lastly, orders in Q1 were flat year-over-year. Recall, a year ago we had 28% order growth in the first quarter. As we said at our Investor Day, orders were positive through February. However, March orders declined with our toughest monthly comparison from a year ago. In addition, our distribution partners were adjusting their inventories and destocking with improved supply chains. We expect this to continue into Q2. Importantly, customer demand and distributor sell-through remains strong.

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，增長幅度較低，達到兩位數。歐洲增長高個位數，亞太地區下降主要是由於中國的緩慢復甦。最後，第一季度的訂單同比持平。回想一下，一年前我們第一季度的訂單增長了 28%。正如我們在投資者日所說，整個 2 月份的訂單都是積極的。然而，與一年前相比，我們最嚴格的月度比較顯示 3 月份的訂單有所下降。此外，我們的分銷合作夥伴正在通過改進供應鏈來調整庫存和去庫存。我們預計這將持續到第二季度。重要的是，客戶需求和經銷商銷售仍然強勁。

Looking ahead, we are raising our full year guidance, reflecting our strong start to the year. We expect electrification, sustainability and digitalization to drive demand. Specifically, we expect continued strength in infrastructure, including data solutions, power utilities and renewables. In industrial, with the trends of automation and onshoring and in energy with the energy transition. We expect commercial resi to slow.

展望未來，我們將提高全年業績指引，反映出我們今年開局強勁。我們預計電氣化、可持續性和數字化將推動需求。具體而言，我們預計基礎設施將繼續走強，包括數據解決方案、電力公司和可再生能源。在工業領域，隨著自動化和在岸外包的趨勢，在能源領域，隨著能源轉型。我們預計商業復甦將放緩。

While our outlook is positive, we remain cautious due to the macroeconomic environment, overall, I'm proud of our nVent team and how we continue to perform and deliver impressive results. We are on track for another strong year. I will now turn the call over to Sara for some detail on our first quarter results and our updated outlook for 2023. Sara, please go ahead.

雖然我們的前景是積極的，但由於宏觀經濟環境，我們仍然保持謹慎，總的來說，我為我們的 nVent 團隊以及我們如何繼續表現和取得令人印象深刻的成果感到自豪。我們有望迎來又一個強勁的一年。我現在將電話轉給 Sara，了解我們第一季度業績和 2023 年最新展望的一些細節。Sara，請繼續。

Thank you, Beth. Let's begin on Slide 5 with our first quarter results. We are off to a strong start to the year with outstanding margin performance and robust free cash flow.

謝謝你，貝絲。讓我們從幻燈片 5 開始我們的第一季度業績。憑藉出色的利潤率表現和強勁的自由現金流，我們今年開局良好。

Sales of $741 million were up 7% relative to last year or 8% organically. Volumes were up modestly compared to last year on top of 13% a year ago, and price added 8 points to growth. Foreign exchange was a 2-point headwind.

銷售額為 7.41 億美元，比去年增長 7%，有機增長 8%。與去年相比，銷量在一年前的 13% 的基礎上略有上升，價格為增長貢獻了 8 個百分點。外匯是一個 2 點逆風。

First quarter segment income was $148 million, up 34%. Return on sales was 20%, up 410 basis points year-over-year. Better price-cost and positive productivity drove the outperformance versus our expectations. Price more than offset the impact from inflation of roughly $30 million. Our supply chain continued to improve, resulting in sequential and year-over-year productivity improvement.

第一季度分部收入為 1.48 億美元，增長 34%。銷售回報率為 20%，同比增長 410 個基點。更好的價格成本和積極的生產力推動了超出我們預期的表現。價格足以抵消大約 3000 萬美元通貨膨脹的影響。我們的供應鏈持續改善，導致連續和同比生產率提高。

Q1 adjusted EPS was $0.67, up 34% and above the high end of our guidance range. We generated robust free cash flow in the quarter of $52 million compared to a usage of $3 million a year ago, reflecting our strong operational performance. This also includes significant CapEx investments for growth and capacity.

第一季度調整後每股收益為 0.67 美元，增長 34%，高於我們指導範圍的上限。我們在本季度產生了 5200 萬美元的強勁自由現金流，而一年前的使用量為 300 萬美元，這反映了我們強勁的運營業績。這還包括用於增長和產能的大量資本支出投資。

Now please turn to Slide 6 for a discussion of our first quarter segment performance. Starting with Enclosures. Sales of $391 million increased 11% organically, with both price and volume contributing. Sales growth was broad-based with all verticals growing, industrial-led, driven by continued trends in automation. Infrastructure was also a standout contributor with continued strength in data solutions up 20%. Geographically, North America led, up double digits, followed by Europe.

現在請轉到幻燈片 6，討論我們第一季度的細分市場業績。從外殼開始。銷售額 3.91 億美元，有機增長 11%，價格和銷量均有貢獻。銷售增長基礎廣泛，所有垂直行業都在增長，以工業為主導，並受到自動化持續趨勢的推動。基礎設施也是一個突出的貢獻者，數據解決方案持續增長 20%。從地域上看，北美領先，增長兩位數，其次是歐洲。

Enclosures first quarter segment income was $82 million, up 64%. Return on sales of 21.1% increased an impressive 710 basis points year-over-year, driven by strong execution. We also continue to see margin improvements from our simplification efforts. We are investing in added capacity and expansion of our data solutions business and expect this to ramp in Q2 and second half.

機箱第一季度分部收入為 8200 萬美元，增長 64%。在強大的執行力的推動下，21.1% 的銷售回報率同比增長 710 個基點，令人印象深刻。我們還繼續通過簡化工作看到利潤率有所提高。我們正在投資增加容量和擴展我們的數據解決方案業務，並預計這將在第二季度和下半年實現增長。

Moving to Electrical & Fastening. Sales of $206 million increased 11% organically, driven by strong price. All verticals grew with commercial up modestly and infrastructure up over 20% organically with strength in power utilities and data solutions. Geographically, sales growth was led by North America and Europe. Electrical & Fastening segment income was $61 million, up 30%. Return on sales was a notable 29.8%, up 470 basis points relative to last year on strong execution.

轉向電氣和緊固。在強勁價格的推動下，銷售額達到 2.06 億美元，有機增長 11%。所有垂直行業都隨著商業的溫和增長和基礎設施的有機增長超過 20%，這得益於電力公用事業和數據解決方案的實力。從地域上看，銷售增長由北美和歐洲引領。電氣與緊固件部門收入為 6100 萬美元，增長 30%。由於執行力強，銷售回報率高達 29.8%，比去年高 470 個基點。

Turning to Thermal Management. Sales of $144 million were flat organically. Price contributed 4 points to growth, while volumes were negative. Energy and infrastructure both grew double digits organically with a solid pipeline of energy transition projects in LNG, biofuels, hydrogen and carbon capture. Industrial MRO demand remained strong. Commercial and residential declined with residential down double digits. Geographically, growth was led by North America with declines in China. Thermal Management segment income of $31 million was down 5%. Return on sales of 21.5% was down 40 basis points year-over-year, primarily due to mix.

轉向熱管理。有機銷售額為 1.44 億美元，持平。價格為增長貢獻了 4 個百分點，而銷量為負。能源和基礎設施均實現兩位數的有機增長，液化天然氣、生物燃料、氫氣和碳捕獲方面的能源轉型項目穩固。工業 MRO 需求依然強勁。商業和住宅下降，其中住宅下降兩位數。從地域上看，增長由北美引領，中國下降。熱管理部門的收入為 3100 萬美元，下降了 5%。銷售回報率為 21.5%，同比下降 40 個基點，主要原因是產品組合。

On Slide 7, titled Balance Sheet and Cash Flow, we ended the quarter with $303 million of cash on hand and $600 million available on our revolver. This week, we announced our financing for the pending ECM Industries acquisition, including pricing $500 million of 10-year senior notes and a new prepayable $300 million term loan facility. The balance will be funded through a combination of cash on hand and our existing revolver.

在標題為“資產負債表和現金流”的幻燈片 7 中，我們在本季度結束時手頭現金為 3.03 億美元，可動用現金為 6 億美元。本週，我們宣布了對即將進行的 ECM Industries 收購的融資，包括定價 5 億美元的 10 年期優先票據和一項新的可提前償還的 3 億美元定期貸款安排。餘額將通過手頭現金和我們現有的左輪手槍組合提供資金。

So turning to Slide 8, where we will outline our capital allocation priorities. We believe our robust balance sheet and cash generation puts us in a great position to continue to invest in growth, return cash to shareholders and deliver great returns. We exited Q1 with a net debt to adjusted EBITDA ratio of 1.3x. On a pro forma basis, we forecast our net debt to adjusted EBITDA to now be 2.7x at the closing of the ECM acquisition.

因此，請轉到幻燈片 8，我們將在其中概述我們的資本配置優先事項。我們相信，我們穩健的資產負債表和現金生成能力使我們處於有利地位，可以繼續投資於增長，向股東返還現金並提供豐厚的回報。我們以 1.3 倍的淨債務與調整後 EBITDA 比率退出第一季度。在備考基礎上，我們預計在 ECM 收購結束時，我們的淨債務與調整後 EBITDA 之比現在為 2.7 倍。

With our strong cash flow generation, we plan to delever quickly and be within our targeted range of 2 to 2.5x within the next 12 to 18 months. In the quarter, we returned approximately $44 million to shareholders including dividends and $15 million of share repurchases.

憑藉我們強勁的現金流生成，我們計劃在未來 12 至 18 個月內快速去槓桿化並保持在 2 至 2.5 倍的目標範圍內。本季度，我們向股東返還了約 4,400 萬美元，包括股息和 1,500 萬美元的股票回購。

Moving to Slide 9. We are raising our full year guidance, reflecting our strong performance. We continue to expect organic sales to grow 4% to 6%. We now expect adjusted EPS to be in the range of $2.65 to $2.73, up 10% to 14% versus our original guidance of $2.51 to $2.61. This new guidance reflects the strong start to the year, solid price-cost execution and better productivity. It also continues to reflect the uncertainties in the second half.

轉到幻燈片 9。我們正在提高全年指導，反映出我們的強勁表現。我們繼續預計有機銷售額將增長 4% 至 6%。我們現在預計調整後的每股收益將在 2.65 美元至 2.73 美元之間，比我們最初的 2.51 美元至 2.61 美元的指導高出 10% 至 14%。這一新指引反映了今年的強勁開局、可靠的價格成本執行和更高的生產力。這也繼續反映了下半年的不確定性。

It's important to note that our guidance does not yet include the impact of ECM Industries. We expect ECM's adjusted EBITDA margins of 25% to be accretive to overall nVent margins. and we expect cost synergies of $10 million to $15 million by year 3 with benefits starting in 2024. We continue to expect the deal to be accretive to adjusted EPS in 2023 excluding purchase price accounting and onetime deal-related costs.

請務必注意，我們的指南尚未包括 ECM Industries 的影響。我們預計 ECM 調整後 25% 的 EBITDA 利潤率將增加 nVent 的整體利潤率。我們預計到第 3 年將產生 1000 萬至 1500 萬美元的成本協同效應，並從 2024 年開始產生收益。我們繼續預計該交易將在 2023 年增加調整後的每股收益，不包括購買價格核算和一次性交易相關成本。

A couple of modeling assumptions to note. First, foreign exchange is expected to have a neutral impact to sales versus a previous 1-point headwind. And second, we now expect our tax rate to be approximately 18.5%. Looking at our second quarter outlook on Slide 10, we expect organic sales to be up 3% to 5%. We expect our distribution partners to continue to adjust their inventories and destock with improved supply chains. We expect adjusted EPS to be between $0.66 and $0.68, which at the midpoint reflects 18% growth relative to last year.

需要注意的幾個建模假設。首先，與之前的 1 點逆風相比，外匯預計將對銷售產生中性影響。其次，我們現在預計我們的稅率約為 18.5%。看看我們對幻燈片 10 的第二季度展望，我們預計有機銷售額將增長 3% 至 5%。我們希望我們的分銷合作夥伴繼續調整庫存並通過改進供應鏈去庫存。我們預計調整後的每股收益將在 0.66 美元至 0.68 美元之間，在中點反映出與去年相比增長 18%。

Wrapping up, I'm pleased with our first quarter performance. We delivered strong margins, robust cash flow and are well positioned for another great year. This concludes my remarks, and I will now turn the call back over to Beth.

總結一下，我對我們第一季度的表現感到滿意。我們實現了可觀的利潤率和強勁的現金流，並為又一個偉大的一年做好了準備。我的發言到此結束，現在我將把電話轉回給貝絲。

Thank you, Sara. Turning to Slide 11. Since we became a new company, we put in place a strategy that has been working. We continue to execute on the core elements, focusing on high-growth verticals, new products, global expansion and acquisitions. We recently announced an agreement to acquire ECM Industries. We've had great success with the 4 acquisitions we've done, totaling approximately $300 million of revenue last year and growing faster than overall nVent. Each deal exceeded the weighted average cost of capital within 2, 3 years of closing our primary financial deal metric. We believe we will create great value with ECM Industries.

謝謝你，薩拉。轉到幻燈片 11。自從我們成為一家新公司以來，我們制定了一項一直有效的戰略。我們繼續執行核心要素，專注於高增長的垂直行業、新產品、全球擴張和收購。我們最近宣布了一項收購 ECM Industries 的協議。我們已經完成的 4 次收購取得了巨大成功，去年總收入約為 3 億美元，增長速度超過 nVent 整體。每筆交易在完成我們的主要財務交易指標後的 2、3 年內都超過了加權平均資本成本。我們相信我們將與 ECM Industries 一起創造巨大的價值。

Turning to Slide 12. ECM is a great strategic fit with tremendous growth potential. ECM complements nVent's electrical power connection and grounding solutions portfolio within our Electrical & Fastening segment. It will extend our cable management offerings with complementary labor-saving solutions and will add tools and testing instruments to our portfolio. In addition, ECM further positions nVent with the Electrification of Everything in high-growth verticals such as commercial solutions, power utilities, data centers and renewables.

轉到幻燈片 12。ECM 是一個具有巨大增長潛力的戰略契合點。 ECM 補充了 nVent 在我們的電氣和緊固部分中的電力連接和接地解決方案組合。它將通過互補的省力解決方案擴展我們的電纜管理產品，並將為我們的產品組合添加工具和測試儀器。此外，ECM 在商業解決方案、電力公用事業、數據中心和可再生能源等高增長垂直領域通過萬物電氣化進一步定位 nVent。

Overall, we believe ECM's complementary portfolio, strong brand and long-standing customer and channel relationships will be a great combination with nVent. ECM is expected to add over $400 million in sales and be margin accretive to nVent. We expect to close the transaction in Q2 and are working our detailed integration plan with a dedicated team. We have received a lot of positive comments on the potential of the combined companies from employees, customers and partners. We look forward to welcoming the ECM team to nVent.

總的來說，我們相信 ECM 的互補產品組合、強大的品牌以及長期的客戶和渠道關係將與 nVent 完美結合。 ECM 預計將增加超過 4 億美元的銷售額，並增加 nVent 的利潤。我們預計將在第二季度完成交易，並正在與一個專門的團隊一起制定詳細的整合計劃。我們從員工、客戶和合作夥伴那裡收到了很多關於合併後公司潛力的積極評價。我們期待著歡迎 ECM 團隊加入 nVent。

Wrapping up on Slide 13. We're off to a strong start to the year and have increased our full year guidance. We're well positioned with the Electrification of Everything, sustainability and digitalization trends. We are excited to add ECM Industries to our portfolio. I'm very proud of the team's performance. Our future is bright.

總結幻燈片 13。我們今年開局良好，並增加了全年指導。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。我們很高興將 ECM Industries 添加到我們的產品組合中。我為球隊的表現感到非常自豪。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 our first question today comes from Deane Dray from RBC Capital Markets.

（操作員說明）我們今天的第一個問題來自 RBC Capital Markets 的 Deane Dray。

(Operator Instructions) And we have a question from Julian Mitchell from Barclays.

（操作員說明）我們有來自巴克萊銀行的朱利安米切爾的問題。

I just wanted to start off with -- I think you said the orders for first quarter were flattish year-on-year and largely tied to tough comps in March and some destocking. I just wondered if you could give a little bit more detail, anything noteworthy on end markets or geographies that weighed there in the orders and any color at all on April? I know it's a sort of feeble month in the context of Q2 in aggregate, but anything you've seen that's -- how does this month compare with March, for example?

我只是想開始 - 我想你說過第一季度的訂單同比持平，並且主要與 3 月份的艱難競爭和一些去庫存有關。我只是想知道您是否可以提供更多細節，4 月份在終端市場或地區影響訂單的任何值得注意的地方以及任何顏色？我知道在第二季度的總體情況下，這是一個疲軟的月份，但你所看到的任何東西——例如，這個月與 3 月相比如何？

Yes. So as I said in our prepared remarks, we had a really tough orders comp in March. But we also started getting indications from our distribution partners. I had the opportunity to talk with several of them over the last several months that they felt very confident in supply chain lead times. And as a result, they were starting to bring down some of their inventory levels.

是的。因此，正如我在準備好的發言中所說，我們在 3 月份的訂單非常艱難。但我們也開始從我們的分銷合作夥伴那裡得到指示。在過去的幾個月裡，我有機會與他們中的幾個人交談，他們對供應鏈的交貨時間非常有信心。結果，他們開始降低一些庫存水平。

So for March, it was both on a per day basis, it looked very much like February, but it had a really tough comp. And I would say as we go into April, we're continuing to see orders down. And when I -- when we look at orders, I mean, that's through our big distribution partners. I would say one area for us that is -- had been slow, as I mentioned also is in APAC and in China.

所以對於 3 月，它都是以每天為基礎，它看起來非常像 2 月，但它有一個非常艱難的組合。我會說，進入 4 月，我們將繼續看到訂單下降。當我 - 當我們查看訂單時，我的意思是，這是通過我們的大型分銷合作夥伴。我想說的是，我們的一個領域是 - 一直很慢，正如我提到的那樣，在亞太地區和中國也是如此。

That's very helpful. And then...

這很有幫助。進而...

But Julian, I want to make the point that even though orders are down, we see good sell-through of our product and good demand from our end customers. So what we're largely seeing through the distribution channels, it's just the rightsizing of their inventory.

但是朱利安，我想指出的是，即使訂單減少，我們也看到了我們產品的良好銷售和終端客戶的良好需求。因此，我們在很大程度上通過分銷渠道看到的只是他們庫存的合理化。

That's very helpful. And then just my follow-up would be trying to think about just kind of the year top down. So your sort of -- your guide seems to embed you're in this high $0.60 per quarter number. I think you were there in Q4, there in Q1, guided for that in Q2 and the full year guide embeds are you staying at that sort of $0.67, $0.68 a quarter, I think, through the back half. Just wondered if I'm thinking about it the right way for sort of the split between Q3 and Q4 having similar EPS sequentially.

這很有幫助。然後我的後續行動將嘗試考慮自上而下的一年。所以你的那種 - 你的指南似乎嵌入了你每季度 0.60 美元的高位數字。我認為你在第四季度在那裡，在第一季度在那裡，在第二季度和全年指導嵌入你保持在那種 0.67 美元，我認為，我認為，通過後半部分每季度 0.68 美元。只是想知道我是否在考慮按順序劃分具有相似 EPS 的第三季度和第四季度之間的正確劃分方式。

And also, it's sort of -- it's unusual for nVent and industrial companies in general to have kind of the same earnings and sales quarter after quarter, things tend to sort of break down or up before too long. So just wondered sort of your perspectives on the environment in that respect. You've got your sort of sideways sequential move in sales and earnings. I wanted to check if that's correct and how you see it moving after that.

而且，這有點——對於 nVent 和工業公司來說，通常每個季度都有相同的收益和銷售額是不尋常的，事情往往會在不久之後崩潰或上升。所以只是想知道您在這方面對環境的看法。你的銷售和收入出現了橫向連續移動。我想檢查一下這是否正確，以及您如何看待它在那之後的發展。

Yes. So Julian, this is Sara. I'll take that one. So I would say it's fair to say that from a normal seasonality perspective for nVent, we would typically see slightly more EPS in the back half versus the first half. But I would say consistent with the assumptions coming into this year and for the guidance that we gave in February was that our EPS was a little bit more first half versus second half.

是的。朱利安，這是薩拉。我會拿那個。所以我想說，從 nVent 的正常季節性角度來看，我們通常會看到後半部分的 EPS 略高於上半年。但我要說的是，與今年的假設和我們在 2 月份給出的指導一致，我們的每股收益上半年比下半年略高。

And I think a couple of those things that we pointed out, and we continue to point out here would be, one, we would expect more positive price cost here in the first half in part due to the carryover of a lot of the pricing actions that we took in 2022. I think the second piece would just be the good backlog and visibility we entered into the year for. And I think the second half, I would just characterize it as simply being the macro uncertainties.

而且我認為我們指出的一些事情，我們將繼續在這裡指出，一個，我們預計上半年這裡的價格成本會更加積極，部分原因是許多定價行動的結轉我們在 2022 年採取的措施。我認為第二部分只是我們進入這一年的良好積壓和知名度。我認為下半年，我只是將其描述為宏觀不確定性。

So really nothing has changed in our guidance from that standpoint from where we were at in February to where we sit here today. I think it's just early in the year, and we'll see how that unfolds. But our view is that there's nothing that's been more meaningfully positive or negative. And we're balancing all the other smaller puts and takes to it to have that back half of the year remain relatively unchanged.

因此，從我們 2 月份的立場到今天坐在這裡的立場，我們的指導實際上沒有任何改變。我認為這只是今年年初，我們將拭目以待。但我們的觀點是，沒有什麼比積極或消極更有意義的了。我們正在平衡所有其他較小的看跌期權，並努力讓今年下半年保持相對不變。

And our next question does come from Deane Dray from RBC Capital Markets.

我們的下一個問題確實來自 RBC Capital Markets 的 Deane Dray。

You hear me okay, this time?

這次你聽清楚了嗎？

Yes. We can.

是的。我們可以。

Yes.

是的。

All right. Good. All right. Well, just also want to start off with -- you guys have been on such a tear for the last month between the Analyst Meeting, ECM and the positive pre-announcement, I don't think Tony's had a chance to catch his breath.

好的。好的。好的。好吧，我也想開始——你們上個月在分析師會議、ECM 和積極的預先公告之間一直在流淚，我認為托尼沒有機會喘口氣。

All right. So first question is just -- maybe you could just give us some further color on Enclosures margins, up 710 basis points. I know you said it was execution. That's kind of obvious. But can you break out for us how much was price? Any particular kind of lifts, anything onetime that would have exaggerated that move? And how sustainable is that?

好的。所以第一個問題就是 - 也許你可以給我們一些關於外殼利潤率的進一步顏色，上升 710 個基點。我知道你說這是處決。這很明顯。但是你能告訴我們價格是多少嗎？任何特定類型的升降機，任何一次會誇大該動作的升降機？這有多可持續？

Yes. So I would say, Deane, nothing to call out in terms of kind of onetime in nature. I would say we're very pleased with the Enclosures margin performance, and we began to see that really in Q4. I think from a year-over-year perspective, just remember that, that business had a slower start in terms of kind of that price cost and productivity equation, and they were really working hard, ramping volume up like 13 points. So there's a lot of costs involved last year to be able to deliver for our customers against a big backdrop of supply chain challenges.

是的。所以我想說，迪恩，就那種一次性的性質而言，沒什麼好說的。我想說我們對 Enclosures 的利潤表現非常滿意，我們在第四季度開始真正看到這一點。我認為從同比的角度來看，請記住，就價格成本和生產率等式而言，該業務起步較慢，而且他們真的很努力，將銷量提高了 13 個百分點。因此，去年要在供應鏈挑戰的大背景下為我們的客戶提供服務，需要付出很多成本。

So I would say in the context of Q1, their price was 9 points, and really pleased to see volume just over 2 points. So they had a nice contribution of both price and cost. I think the other thing I would point out is productivity. And that would be for broadly across nVent. But for sure, on the Enclosures side is that we probably saw that productivity improve at a bit of a better rate than what we would have expected coming into the year. We are always calling for maybe a more gradual supply chain improvement. We still see a very tight labor market, but we do see it getting better overall. So that margin performance really has a better price-cost equation to it and some good productivity.

所以我想說，在第一季度的背景下，他們的價格是 9 點，很高興看到成交量剛剛超過 2 點。所以他們在價格和成本方面都有很好的貢獻。我想我要指出的另一件事是生產力。這將廣泛適用於 nVent。但可以肯定的是，在機箱方面，我們可能看到生產率的提高速度比我們今年預期的要快一些。我們一直在呼籲也許更漸進的供應鏈改進。我們仍然看到勞動力市場非常緊張，但我們確實看到它總體上正在好轉。因此，利潤率表現確實具有更好的價格成本方程和一些良好的生產率。

In terms of how we think about that in Q2 and the back half, we see it easing a bit. That 21.1% is a great absolute return on sales for a couple of different reasons, one of which I pointed out in my prepared remarks, we are expecting to increase some investments there. We've talked about the new capacity coming online. Some of that has some pay-go expense to that, but also building out our data solutions business as well. I think the other thing is just wage inflation will more broadly drop into our Q2 numbers here and into the back half.

就我們在第二季度和下半年的看法而言，我們認為它有所緩和。由於幾個不同的原因，21.1% 是一個很好的絕對銷售回報率，其中之一是我在準備好的發言中指出的，我們希望在那裡增加一些投資。我們已經討論過即將上線的新容量。其中一些有一些現收現付的費用，但也建立了我們的數據解決方案業務。我認為另一件事是工資通脹將更廣泛地下降到我們這裡的第二季度數據和後半部分。

Got it. All right. And then just on -- I want to follow up on Beth's comment regarding the destocking that you're seeing and we're seeing this across the sector. And our thought here is this is all part of the normalization of the supply chain. There's just lead times are getting shorter and so there's not as much buffer stock needed. Just kind of take us through the dynamics there because you also said that the sell-through has remained strong. So that destocking should not be viewed as a negative. But just kind of -- can you quantify this? How long do you think it runs? And any kind of color from the distributors would be really helpful.

知道了。好的。然後繼續——我想跟進貝絲關於你所看到的去庫存的評論，我們在整個行業都看到了這一點。我們的想法是，這都是供應鏈正常化的一部分。只是交貨時間越來越短，所以不需要那麼多的緩衝庫存。只是帶我們了解那裡的動態，因為您還說銷售量一直很強勁。因此，不應將去庫存視為不利因素。但是有點——你能量化這個嗎？你認為它運行多長時間？經銷商提供的任何一種顏色都會很有幫助。

Okay. Deane, I think you said it, it really is that. As we've come into this year, we've seen it ourselves and our distribution partners have seen it from many of their other suppliers as well, but the supply chain is in much better shape. Therefore, they don't have the need to carry as much inventory because they have the confidence in their suppliers, including us. And so they were simply counting on our lead times, right? That they're taking actions to reduce their inventory.

好的。 Deane，我想你說過，真的是這樣。進入今年以來，我們自己看到了這一點，我們的分銷合作夥伴也從他們的許多其他供應商那裡看到了這一點，但供應鏈的狀況要好得多。因此，他們不需要攜帶那麼多庫存，因為他們對包括我們在內的供應商有信心。所以他們只是指望我們的交貨時間，對吧？他們正在採取行動減少庫存。

And we started to see that in Q1, and we're seeing that through Q2. And that's really the conversation that I've had with many of them is that they wanted to get their inventory in a better position or just feeling confident in the supply chain. And I think we're going to see that into Q2. We'll have to see where the back half of the year is with the macro uncertainties, but that's reflected in our guide for our Q2 performance.

我們在第一季度開始看到這一點，並且我們在第二季度看到了這一點。這就是我與他們中的許多人進行的對話，他們希望將庫存置於更好的位置，或者只是對供應鏈充滿信心。我認為我們將在第二季度看到這一點。我們必須看看今年下半年的宏觀不確定性，但這反映在我們的第二季度業績指南中。

Great. That's exactly what I was looking for.

偉大的。這正是我要找的。

Yes. And just the point as I made to Julian is, but what we're really pleased with is when we look at their sell-through and our results of our sales through them, it's strong customer demand.

是的。正如我對朱利安所說的那樣，但我們真正感到高興的是，當我們查看他們的銷售量和我們通過他們銷售的結果時，這是強大的客戶需求。

And our next question comes from Joe Ritchie from Goldman Sachs.

我們的下一個問題來自高盛的 Joe Ritchie。

So I hate to harp on the destocking, but I do have one follow-up. I'm curious, are you seeing it broad-based across the portfolio? Is it mostly in EFS and thermal? Like any other color you can give on where you're seeing it would be helpful.

所以我不想在去庫存上喋喋不休，但我確實有一個後續行動。我很好奇，您是否在整個投資組合中看到它的基礎廣泛？它主要是 EFS 和熱能嗎？與任何其他顏色一樣，您可以在您看到的地方提供幫助。

Yes. I think it's generally very broad-based. We even see it in our Enclosures segment as you think about just the overall supply chain. So when these distributors look at where they're carrying inventory and a year ago, they were just trying to get as much inventory as they could to serve customers. So we really do see it across our entire portfolio.

是的。我認為它通常具有非常廣泛的基礎。當您只考慮整個供應鏈時，我們甚至在我們的外殼部分看到了它。因此，當這些分銷商查看一年前的庫存時，他們只是想盡可能多地獲得庫存來為客戶服務。所以我們確實在我們的整個投資組合中看到了它。

Got it. That's helpful, Beth. And I guess, as I think about the rest of the year, clearly, price cost started off incredibly strongly. I'm curious, like EFS, right? You're putting up -- you're close to 30% margins now. It doesn't -- it seems like volumes probably turned at least modestly negative. I'm just trying to get a sense for the dynamics for price costs as we progress through the year and whether you're anticipating putting through additional pricing from here.

知道了。這很有幫助，貝絲。我想，正如我對今年餘下時間的看法，很明顯，價格成本的開局非常強勁。我很好奇，像 EFS，對吧？你在忍受 - 你現在接近 30% 的利潤率。事實並非如此——似乎交易量可能至少出現了適度的負增長。隨著我們這一年的進展，我只是想了解價格成本的動態，以及您是否期望從這裡開始額外定價。

Well, Joe, I probably start from the standpoint of we're going to continue to be vigilant, right, managing that price cost equation as we've done over the last couple of years. We came into this year with the view and continue to have that view that we're going to manage price to offset inflation. And then productivity should turn positive as we saw it in Q1 here and continue to do that for the course of the year.

好吧，喬，我可能從我們將繼續保持警惕的角度開始，對，就像我們在過去幾年所做的那樣管理價格成本方程式。我們帶著這樣的觀點進入今年，並將繼續持有這樣的觀點，即我們將管理價格以抵消通貨膨脹。然後生產力應該像我們在第一季度看到的那樣轉正，並在今年繼續這樣做。

I would say from a carryover pricing perspective and what we had sort of embedded in our overall guide, we had anticipated pricing to be roughly 3 points. We see that probably closer to 4 points just with a strong, I would say, realization of those pricing actions. And that's allowing us to stay front-footed from a price-cost perspective as well as for the productivity to roll in and to be positive.

我想說的是，從結轉定價的角度以及我們在整體指南中嵌入的內容，我們預計定價大約為 3 個百分點。我們看到這可能接近 4 個百分點，我想說，這些定價行動的實現很強大。這使我們能夠從價格成本的角度保持領先地位，並使生產力不斷提高並保持積極。

I think maybe your question in terms of kind of how we see that kind of flow through the course of the year, we would expect that price-cost spread to narrow from Q1 into Q2 and then sequentially there in the back half. So that's really more of a -- as we begin to lap some of those price actions of a year ago, we would expect that pricing contribution to ease and then just really resulting in that narrowing of that price-cost equation as we go through the course of the year.

我想你的問題可能是我們如何看待這一年中的這種流動，我們預計價格成本價差從第一季度到第二季度會縮小，然後在下半年依次縮小。因此，這實際上更像是——當我們開始對一年前的一些價格行為進行評估時，我們預計定價貢獻會有所緩解，然後在我們經歷年的課程。

And our next question comes from Jeff Sprague from Vertical Research.

我們的下一個問題來自 Vertical Research 的 Jeff Sprague。

Nice on the quick pending close on ECM. I just wonder if you could give us a sense of how much accretion we should expect here in kind of the sub 6 months of the year? I can easily come up with $0.20 to $0.25 on an annualized basis, but I don't know if half of that in the first year when you're digesting is a reasonable way to think about it. So just maybe so none of us go crazy with our models here. Maybe you could frame up what would be reasonable to expect?

ECM 上的快速掛起關閉很好。我只是想知道您是否可以讓我們了解在一年中不到 6 個月的時間裡我們應該期待多少增長？我可以很容易地得出 0.20 美元到 0.25 美元的年化率，但我不知道在你消化的第一年的一半是否是一個合理的思考方式。所以也許我們沒有人對我們的模型發瘋。也許你可以構想出什麼是合理的期望？

Yes. I would say that half is probably a bit high, Jeff. But we'll give more details after we close. I guess a couple of things to think about is, one, you probably have the interest rate with all the financing that we put in place here this week, we still feel like that roughly $60 million interest is the right number. Continue to see the taxes have that roughly 1 point of impact to nVent.

是的。我會說一半可能有點高，傑夫。但我們會在關閉後提供更多詳細信息。我想有幾件事要考慮，第一，你可能知道我們本週在這裡提供的所有融資的利率，我們仍然覺得大約 6000 萬美元的利息是正確的數字。繼續看到稅收對 nVent 有大約 1 點的影響。

I think in the context of the cost synergies, maybe it makes sense to give a bit more color there. I do think that from that $10 million to $15 million that we expect from a run rate in year 3, that largely won't drop in until 2024 because we're going to make the investments around the digital side of the equation as well as the R&D investments, we're going to begin that more a bit out of the gate in the first kind of 12 months here.

我認為在成本協同作用的背景下，也許在那裡提供更多顏色是有意義的。我確實認為，從我們預計的第 3 年的運行率 1000 萬到 1500 萬美元，到 2024 年基本上不會下降，因為我們將圍繞等式的數字方面以及研發投資，我們將在最初的 12 個月內開始更多的投資。

So there's some investments that we'll need to make in order to achieve those synergies that we think are going to be ahead of when some of those cost synergies drop in. I think that maybe -- the other last point I would make is just the seasonality there. Q4, just overall -- the seasonality of that business sort of looks a lot like our EFS seasonality, a bit lighter on the Q4 side.

因此，我們需要進行一些投資，以實現我們認為在其中一些成本協同效應下降時會領先的協同效應。我認為也許——我要說的最後一點只是那裡的季節性。總體而言，第四季度——該業務的季節性看起來很像我們的 EFS 季節性，第四季度稍微輕一些。

Okay. And I guess maybe this comes back to the whole channel destocking thing, but just kind of from a different angle here. When you speak of kind of the strong sell-through, I'm just wondering if you can actually kind of quantify in percentage terms, what the sell-through is looking like and is there volume in the sell-through?

好的。我想這可能會回到整個渠道去庫存的事情上，但只是從不同的角度來看。當你談到強勁的銷售量時，我只是想知道你是否真的可以用百分比來量化，銷售量是什麼樣的，銷售量有多少？

So we've got kind of 2 quarters here in a row of no volume growth. Some of it is the comps, I get all that. But are we -- are we at a point where if your supply chain is improving, you've actually got the ability to pump more volume through the system, and the system is taking it? Or in some respects, do we have continued good demand, but in some respects, price is kind of crowding out volume, right? And people only have so many dollars to spend, right? So price maybe is crowding out volume in the demand equation. So I guess it's a little bit of 3D chess in that question...

因此，我們連續兩個季度沒有銷量增長。其中一些是補償，我明白了。但是我們 - 如果您的供應鏈正在改善，您是否真的有能力通過系統抽取更多數量，並且系統正在接受它？或者在某些方面，我們是否有持續良好的需求，但在某些方面，價格有點排擠量，對嗎？人們只有那麼多美元可以花，對吧？因此，價格可能正在擠出需求方程式中的數量。所以我想這個問題有點像 3D 國際象棋......

Yes, let me start by saying -- one of the things we look at is we always look at what are our distribution partners, what is their -- what is their overall revenue? What are they reporting, whether it's in the U.S. or Canada or wherever else. And then we kind of look at how are we doing? And I would say, generally, we're doing -- we're performing to their levels of performance, meaning our sales through are matching what they're saying their regional sales are and in some cases, better.

是的，讓我首先說——我們關注的一件事是我們總是關注我們的分銷合作夥伴是什麼，他們的——他們的總收入是多少？他們報告了什麼，無論是在美國、加拿大還是其他任何地方。然後我們看看我們做得怎麼樣？我會說，一般來說，我們正在做——我們正在按照他們的表現水平進行，這意味著我們的銷售額與他們所說的區域銷售額相匹配，在某些情況下，甚至更好。

So when we look at that, we also see volume growth there. Clearly, it's maybe there's more price than there is volume, but we are seeing expansion there. And I think our view is we're always pleased when our distributor sales, our sales are matching that through -- or even exceeding that in some cases.

因此，當我們看到這一點時，我們也看到那裡的銷量增長。顯然，價格可能比數量更多，但我們看到那裡正在擴張。而且我認為我們的觀點是，當我們的分銷商銷售額與我們的銷售額相匹配時，我們總是很高興 - 甚至在某些情況下甚至超過它。

And our next question comes from Nigel Coe from Wolfe Research.

我們的下一個問題來自 Wolfe Research 的 Nigel Coe。

So it seems like the destocking comments are causing a bit of concern here. So any kind of sense on where channel inventories are right now for your products and how long this process could continue for? And did you comment that this is primarily North America or outside North America?

因此，去庫存的評論似乎在這裡引起了一些擔憂。那麼，對於您產品的渠道庫存現在在哪里以及這個過程可以持續多長時間，有什麼感覺嗎？您是否評論說這主要是北美或北美以外的地區？

Yes. It's primarily in -- and we didn't, but it's primarily in North America. And remember, 2/3 of our products go through distribution, and a lot of that isn't within North America. And I would say this, that we expect this to -- it started in Q1, and I think we expect it to continue in Q2. And I think we have -- we'll see what we've said, there's going to be some macro uncertainties in the back half. But I think we're largely going to see this through Q2.

是的。它主要在——我們沒有，但它主要在北美。請記住，我們 2/3 的產品經過分銷，其中很多不在北美。我要說的是，我們希望它——它從第一季度開始，我認為我們希望它在第二季度繼續。而且我認為我們已經 - 我們會看到我們所說的，後半部分會有一些宏觀不確定性。但我認為我們主要會在第二季度看到這一點。

Through Q2. Okay. Okay. Yes, it doesn't feel like there's a huge amount of inventory in the channel, but yes, I appreciate that. And then just thinking about the second quarter, and I know Julian kind of went through the play-by-play by quarter, but if we just drill down into the margins for the second quarter, it seems like we're -- it seems like you're pointing towards like a 50 basis points decline versus 1Q. Corporate expense was pretty heavy in 1Q. So if that normalizes down to the run rate, that's about 50 basis points. So it looks like your point about a point of margin compressions versus the first quarter.

通過 Q2。好的。好的。是的，感覺頻道中沒有大量庫存，但是，是的，我很感激。然後想想第二節，我知道 Julian 有點逐節逐個分析，但如果我們只是深入研究第二節的利潤率，似乎我們 - 似乎就像你指的是與第一季度相比下降 50 個基點。第一季度的公司支出相當沉重。因此，如果這歸一化為運行率，那大約是 50 個基點。所以看起來你的觀點是關於利潤率壓縮點與第一季度的比較。

First of all, is my math correct? First of all, is that right? And then secondly, what are we seeing outside of just consider them to cause kind of margins down at the segment level when we normally see margins going higher versus the first quarter? So any color there would be helpful.

首先，我的數學正確嗎？首先，這樣對嗎？其次，當我們通常看到利潤率比第一季度更高時，我們除了認為它們會導致細分市場的利潤率下降之外，我們看到了什麼？所以那裡的任何顏色都會有所幫助。

Yes. So I think if you kind of back up to kind of the income and margin profile based on that Q2 guide, I think you'd probably see return on sales similar to where we were at in Q1. And I think that that's clearly on higher sales, right, given the seasonality, we do have that sequential uptick from a sales perspective. But that similar margin and what I would say similar EPS probably has 2 things reflected in that from a sequential standpoint. One would just be the wage inflation sort of dropping in, if you will, more broadly here in Q2 as well as some of the investments flowing in that we talked about.

是的。因此，我認為，如果您根據第二季度指南對收入和利潤率進行某種程度的備份，我認為您可能會看到與第一季度相似的銷售回報率。而且我認為這顯然是在更高的銷售額上，對，考慮到季節性，從銷售的角度來看，我們確實有這種連續的上升。但從連續的角度來看，類似的利潤率和我所說的類似 EPS 可能反映了兩件事。一個是工資通脹下降，如果你願意的話，在第二季度更廣泛地下降，以及我們談到的一些投資流入。

And I think the last thing I would just say is just that price cost narrows. But overall, again, another good quarter of growing at 3% to 5% organic and another meaningful growth from an EPS year-over-year perspective overall.

我想我最後要說的就是價格成本收窄。但總的來說，又是一個以 3% 至 5% 有機增長的好季度，從整體每股收益同比角度來看，又是一個有意義的增長。

Great. And then just a quick one. Residential headwinds in thermal. Can you just remind us how much of that business is residential?

偉大的。然後只是一個快速的。熱住宅逆風。您能否提醒我們，該業務中有多少是住宅業務？

Yes. So residential is roughly 10% of the Thermal sales, but on an nVent level, that translates to roughly 3% of sales, so it's small.

是的。所以住宅大約佔 Thermal 銷售額的 10%，但在 nVent 級別，這相當於銷售額的大約 3%，所以它很小。

Our next question comes from Jeff Hammond from KeyBanc Capital Markets.

我們的下一個問題來自 KeyBanc Capital Markets 的 Jeff Hammond。

Just on commercial construction vertical, I guess, clearly, some kind of heightened concerns around this bank crisis, tightening lending standards, et cetera. Just as you kind of zero in on that vertical, how are you thinking about potential for slowing in risk there, particularly on the [new] side?

就商業建築垂直而言，我想，很明顯，圍繞這次銀行危機、收緊貸款標準等的某種程度的擔憂加劇了。就像你在那個垂直方向上有點零一樣，你如何看待那里風險放緩的可能性，特別是在[新]方面？

Yes. I think our view is we look at the same indices that everyone does like the ABI and see that as slowing. And usually for us, that's an indicator 6 months to a year out for us when we look at some of our stock and flow business in CADDY. So we do expect it to be slowing. I would say we've seen more of a -- the demand has still been strong for us through distributors. But as some of the destocking is occurring, we think those 2 could be tied. So yes, we've called it, I think, at the start of the year and here again, that we do expect commercial resi to slow.

是的。我認為我們的觀點是，我們查看每個人都喜歡 ABI 的相同指數，並將其視為放緩。通常對我們來說，當我們查看 CADDY 中的一些庫存和流量業務時，這對我們來說是 6 個月到一年的指標。所以我們確實預計它會放緩。我想說我們已經看到了更多——通過分銷商對我們的需求仍然很強勁。但隨著一些去庫存的發生，我們認為這兩個可能是並列的。所以是的，我認為，我們在今年年初和這裡再次稱，我們確實預計商業復甦將放緩。

Okay. And then I'm not sure you mentioned backlog. Can you just speak to where backlog is? And are you starting to kind of -- as things normalize, starting to kind of catch up some of the backlog?

好的。然後我不確定你提到積壓。你能談談積壓在哪裡嗎？你是否開始有點 - 隨著事情正常化，開始有點趕上一些積壓？

Yes. So a couple of comments I would make there is, first of all, our EFS business doesn't tend to be a backlog business at all. So as we had backlog before, we've been working that down in past dues and things like that. So we've always said that business is generally stock and flow and it turns.

是的。因此，我要發表的一些評論是，首先，我們的 EFS 業務根本不會成為積壓業務。因此，正如我們之前積壓的那樣，我們一直在努力減少過去的會費和類似的事情。所以我們一直說，業務通常是存量和流量，而且它會轉向。

In Enclosures, I would say 2 things, as we built more of our data solutions business, that's created some more backlog. So with Enclosures, we're still working down backlog on the industrial side. But I would say we're building some backlog on the data solutions side, as we continue to grow and we talk about it a lot, data solutions up 20%. So we see that increasing. And I would say we're working down backlog on the industrial side and Enclosures.

在附件中，我會說兩件事，因為我們建立了更多的數據解決方案業務，這造成了更多的積壓。因此，對於外殼，我們仍在處理工業方面的積壓工作。但我會說我們正在數據解決方案方面建立一些積壓，因為我們繼續增長並且我們談論了很多，數據解決方案增長了 20%。所以我們看到這種情況在增加。我會說我們正在處理工業方面和外殼方面的積壓工作。

And in our Thermal Management business, that backlog is about flat to down, but I would say that we're building -- what we're seeing on the flip side of that is a lot of orders and quoting activity for some of these energy transition projects. And so I think that is a very positive sign of the trends that we're seeing there that of future growth.

在我們的熱管理業務中，積壓的數量幾乎持平或下降，但我想說我們正在建設——我們在另一方面看到的是其中一些能源的大量訂單和報價活動過渡項目。因此，我認為這是我們在那裡看到的未來增長趨勢的一個非常積極的跡象。

(Operator Instructions) Our next question comes from Scott Graham from Loop.

（操作員說明）我們的下一個問題來自 Loop 的 Scott Graham。

Another really good print. Obviously, we knew a little previously, but still good to see in writing. The only questions I have are not around destocking. One is if you'd be kind enough to give the pricing in the other 2 segments? And the second is on the data center up 20%. Is there some new customer capture there? And is that -- with the investing that you're doing behind it, is that maybe sustainable this year?

另一個非常好的印刷品。顯然，我們之前知道一點，但仍然很高興看到書面形式。我唯一的問題不是關於去庫存。一個是您是否願意提供其他 2 個細分市場的定價？第二個是數據中心，增長了 20%。那裡有一些新客戶嗎？那是——有了你在背後所做的投資，今年這可能是可持續的嗎？

So let me start, and then I'll turn it over to Sara to give you the color on pricing. So as we've talked about with data solutions, one of the key areas for us where we believe we are differentiated and we're seeing significant growth opportunities and potential is with liquid cooling. So a lot of the news these days is a lot about artificial intelligence.

所以讓我開始吧，然後我會把它交給 Sara 給你定價的顏色。因此，當我們談到數據解決方案時，我們認為我們與眾不同並且我們看到重大增長機會和潛力的關鍵領域之一是液體冷卻。所以現在很多新聞都是關於人工智能的。

And as you look at the computing power and some of the new chips that are required, they need to be liquid cooled. And so it's a requirement to run the data center. It's an energy efficiency play. And so from our standpoint, we see this shift from what was not point -- like it was more just air cooling and not precision cooling to where liquid cooling is going, and that is a technology shift and trend. And we talked about that at our Investor Day that we see huge growth potential in front of us, as a result.

當您查看所需的計算能力和一些新芯片時，它們需要液體冷卻。因此，運行數據中心是一項要求。這是一個節能遊戲。因此，從我們的角度來看，我們看到了這種轉變，從沒有意義的地方——更像是空氣冷卻而不是精確冷卻到液體冷卻的方向，這是一種技術轉變和趨勢。我們在投資者日談到了這一點，因此我們看到了巨大的增長潛力。

And Scott, just to maybe to round up the pricing question. So we talked about Enclosures being 9 points. Electrical & Fastening, their price was roughly 11 points. And then we had in our prepared remarks, Thermal at roughly 4 points.

斯科特，也許只是為了解決定價問題。所以我們談到 Enclosures 是 9 分。 Electrical & Fastening，他們的價格大約是 11 點。然後我們在準備好的評論中有大約 4 個點的熱量。

And ladies and gentlemen, with that, we'll be concluding today's question-and-answer session. I'd like to turn the floor back over to Beth Wozniak for any closing remarks.

女士們先生們，我們將結束今天的問答環節。我想將發言權轉回貝絲·沃茲尼亞克 (Beth Wozniak) 的閉幕詞。

Well, thank you for joining us today. I'm very proud of the performance we delivered in the first quarter. We will continue to focus on delivering for our customers, employees and shareholders executing on our growth strategy. We believe nVent is a top-tier high-performance electrical company, well positioned for the Electrification of Everything, sustainability and digitalization trends. Thanks again for joining us. This concludes the call.

好吧，謝謝你今天加入我們。我為我們在第一季度的表現感到非常自豪。我們將繼續專注於為執行我們的增長戰略的客戶、員工和股東提供服務。我們相信 nVent 是一家頂級高性能電氣公司，在萬物電氣化、可持續性和數字化趨勢方面處於有利地位。再次感謝您加入我們。通話到此結束。

Ladies and gentlemen, today's conference call has concluded. We do thank you for joining today's presentation. Have a great rest of the day. You may now disconnect.

女士們，先生們，今天的電話會議已經結束。我們非常感謝您參加今天的演講。好好休息一天。您現在可以斷開連接。