nVent Electric PLC (NVT) 2024 Q2 法說會逐字稿

Good day, and welcome to the nVent second-quarter 2024 earnings conference call. (Operator Instructions) Please note this event is being recorded.

美好的一天，歡迎參加 nVent 2024 年第二季財報電話會議。 （操作員說明）請注意此事件正在被記錄。

I would now like to turn the conference over to Tony Riter, Vice President, Investor Relations. Please go ahead.

我現在想將會議交給投資者關係副總裁 Tony Riter。請繼續。

Thank you, and welcome to nVent's second-quarter 2024 call. On the call with me are Beth Wozniak, our Chair and Chief Executive Officer; and Sara Zawoyski, our Chief Financial Officer. Today, we'll provide details on our second-quarter performance and outlook for the third quarter and an update to our full-year 2024 outlook.

謝謝，歡迎參加 nVent 的 2024 年第二季電話會議。與我通話的有我們的董事長兼執行長貝絲‧沃茲尼亞克 (Beth Wozniak)；以及我們的財務長 Sara Zawoyski。今天，我們將提供有關第二季度業績和第三季度展望的詳細信息，以及 2024 年全年展望的最新資訊。

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 filings with the Securities and Exchange Commission. Forward-looking statements are made as of today, and the company undertakes no obligation to update publicly such statements to reflect subsequent events or circumstances. Actual results could differ materially from anticipated results.

在我們開始之前，讓我提醒您，有關公司預期財務業績的任何陳述均為前瞻性陳述，受未來風險和不確定性的影響，例如今天的新聞稿和向美國證券交易委員會提交的文件中概述的風險。前瞻性陳述截至今日作出，本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有重大差異。

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.

今天的網路廣播附有演示文稿，您可以在 nVent 網站的投資者部分找到該演示文稿。對非公認會計準則財務數據的引用在簡報的附錄中進行了調整。在我們準備好的發言之後，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.

現在，請翻到幻燈片 3，我現在將把電話轉給 Beth。

Thank you, Tony, and good morning, everyone. It's great to be with you today to share our strong second-quarter results.

謝謝你，托尼，大家早安。很高興今天能與您分享我們強勁的第二季業績。

We continue to execute on our strategy froth with a focus on high-growth verticals, new products, geographic expansion and acquisitions. In the second quarter, we delivered record sales, up 10% and adjusted EPS up 6%. Our strong execution resulted in another quarter of margin expansion and double-digit adjusted operating income growth and robust free cash flow. Overall, we are pleased with our first-half performance and are raising our full-year sales guidance.

我們繼續執行我們的策略泡沫，重點關注高成長垂直行業、新產品、地理擴張和收購。第二季度，我們的銷售額創歷史新高，成長 10%，調整後每股盈餘成長 6%。我們強大的執行力帶來了另一個季度的利潤率擴張、調整後營業收入的兩位數增長以及強勁的自由現金流。總體而言，我們對上半年的業績感到滿意，並提高了全年銷售指導。

Last week, we announced an agreement to sell our thermal management business. We also closed on the Trachte acquisition in July, marking our seventh acquisition for nVent. These moves are part of our portfolio transformation, which is making invent a more focused and higher growth, electrical connection and protection leader. This further positions invent with the electrification, sustainability and digitalization trends.

上週，我們宣佈達成出售熱管理業務的協議。我們也在 7 月完成了對 Trachte 的收購，這是我們對 nVent 的第七次收購。這些舉措是我們產品組合轉型的一部分，這使得 invent 成為電氣連接和保護領域更專注、成長更快的領導者。這進一步使發明符合電氣化、永續發展和數位化趨勢。

Now, on to slide 4 for a summary of our second-quarter performance, sales in the quarter were up 4% organically, led by infrastructure and industrial. New products contributed over 3 points to sales growth, and we launched over 50 new products in the first half. Adjusted operating income grew 12% year over year, with return on sales up 40 basis points on top of a 540-basis-point improvement last year. Adjusted EPS grew 6% on top of 35% a year ago. We generated an impressive $112 million of free cash flow, up over 80%. We are on track for another strong year.

現在，投影片 4 總結了我們第二季的業績，在基礎設施和工業的帶動下，該季度的銷售額有機增長了 4%。新產品對銷售成長的貢獻超過3個百分點，上半年我們推出了50多個新產品。調整後營業收入年增 12%，銷售報酬率在去年提高 540 個基點的基礎上又提高了 40 個基點。調整後每股收益比一年前的 35% 成長 6%。我們產生了令人印象深刻的 1.12 億美元自由現金流，成長了 80% 以上。我們有望迎來另一個強勁的一年。

In addition, I am very proud of the numerous awards and recognitions we continue to receive. We were certified as a great place to work for the third consecutive year. We recently earned the designation of recognized employer in the 2024 Vets Indexes employer awards for our work supporting veterans and military families. And we're excited to share that nVent earned a top score on the Disability Equality Index. We were recognized by Disability:IN as the Best Place to Work for Disability Inclusion in the United States. These awards are a reflection of the great work of our nVent team members.

此外，我對我們不斷獲得的眾多獎項和認可感到非常自豪。我們連續第三年被認證為最佳工作場所。最近，由於我們為退伍軍人和軍人家庭提供支持的工作，我們在 2024 年退伍軍人指數雇主獎中獲得了認可雇主的頭銜。我們很高興地告訴大家，nVent 在殘障平等指數上獲得了最高分。我們被《Disability:IN》評為美國「殘障包容最佳工作場所」。這些獎項反映了我們 nVent 團隊成員的出色工作。

Looking at performance across our key verticals, Infrastructure led the way up high single digits organically, with data solutions is growing strong double digits. Industrial and Energy each grew mid-single digits. Commercial resi declined low single digits with continued end market softness.

從我們關鍵垂直領域的表現來看，基礎設施引領了有機成長，實現了高個位數成長，而數據解決方案則實現了強勁的兩位數成長。工業和能源均實現中個位數成長。由於終端市場持續疲軟，商業樹脂價格下降了個位數。

Turning to organic sales by geography, all key geographic regions grew, led by North America, up mid-single digits. Europe grew modestly, led by thermal management and Asia Pacific had strong broad-based growth. Lastly, organic orders in Q2 declined year over year due to timing of data solutions orders. Adjusting for this, orders grew low single digits. Importantly, in July, we saw significant orders in data solutions.

就按地理位置劃分的有機銷售額而言，所有主要地理區域均實現了中個位數成長，其中以北美為首。歐洲在熱管理的推動下小幅成長，而亞太地區則實現了強勁的廣泛成長。最後，由於數據解決方案訂單的時間安排，第二季的有機訂單年減。對此進行調整後，訂單成長幅度較低。重要的是，在 7 月份，我們看到了數據解決方案的大量訂單。

Looking ahead, from a vertical perspective, we continue to expect infrastructure to have the strongest growth in 2024. We expect continued strength in data solutions in both power and cooling. Industrial, we also expect to be positive. Commercial remains soft, anticipating it to be flat with residential being down. In energy, we expect growth driven by the energy transition.

展望未來，從垂直角度來看，我們仍然預期基礎設施將在 2024 年實現最強勁的成長。工業方面，我們也預期會樂觀。商業不動產依然疲軟，預計住宅地產價格將持平。在能源方面，我們預計能源轉型將推動成長。

For guidance, we are raising our full-year sales outlook, reflecting our first-half performance and the addition of Trachte. We are maintaining our full-year organic sales range and the midpoint of our adjusted EPS range. Overall, I'm very proud of our nVent team and how we continue to execute and deliver for our customers and shareholders. We're on track for another strong year.

作為指導，我們提高了全年銷售預期，反映了我們上半年的業績和 Trachte 的加入。我們維持全年有機銷售範圍和調整後每股收益範圍的中點。總的來說，我對我們的 nVent 團隊以及我們如何繼續為客戶和股東執行和交付感到非常自豪。我們有望迎來另一個強勁的一年。

I will now turn the call over to Sara for further detail on our second rereleased and our updated outlook for 2024. Sara, please go ahead.

我現在將把電話轉給 Sara，以了解有關我們第二次重新發布的更多詳細資訊以及我們更新的 2024 年展望。

Thank you, Beth. We had a strong second quarter with record sales, margin expansion, and robust free cash flow.

謝謝你，貝絲。我們的第二季表現強勁，銷售量創歷史新高，利潤率擴大，自由現金流強勁。

Let's turn to slide 5 to review our results. Record sales of $888 million were up 10% relative to last year or up 4% organically. Volumes contributed 4 points to growth and price was essentially flat. Acquisitions added $52 million to sales or 6 points to growth. Foreign exchange was a slight headwind.

讓我們翻到投影片 5 回顧一下我們的結果。銷售額達到創紀錄的 8.88 億美元，較去年成長 10%，有機成長 4%。銷量對成長貢獻了 4 個百分點，而價格基本上持平。收購使銷售額增加了 5,200 萬美元，成長了 6 個百分點。外匯交易是一個輕微的逆風。

Second-quarter adjusted operating income was $202 million, up 12%, with incrementals of 27%. Return on sales was 23%, up 40 basis points year over year. Inflation was roughly $25 million in the quarter. Q2 adjusted EPS was $0.82, up 6% and in line with our guidance. This included a $0.02 contribution from the ECM acquisition. We generated impressive free cash flow in the quarter of $112 million, up 81%, reflecting our strong operational performance.

第二季調整後營業收入為 2.02 億美元，成長 12%，增量為 27%。銷售回報率為23%，較去年同期成長40個基點。該季度的通貨膨脹率約為 2500 萬美元。第二季調整後每股收益為 0.82 美元，成長 6%，符合我們的指引。其中包括來自 ECM 收購的 0.02 美元捐款。本季我們產生了令人印象深刻的自由現金流，達到 1.12 億美元，成長 81%，反映了我們強勁的營運表現。

Now, please turn to slide 6 for a discussion of our second-quarter segment performance. Starting with enclosures, the team delivered another outstanding quarter. sales of $441 million increased 10%. The TEXA acquisition added 2 points to sales. Organically, sales increased 9%. This included over 10% volume growth with price slightly down.

現在，請翻到投影片 6，討論我們第二季的部門表現。從外殼開始，該團隊又交付了出色的季度業績。銷售額達 4.41 億美元，成長 10%。收購 TEXA 使銷售額增加了 2 個百分點。銷售額有機成長 9%。其中包括超過 10% 的銷售成長，但價格略有下降。

From a vertical perspective, infrastructure led up double digits with strengths in data solutions in both power and cooling. We also saw growth in commercial and industrial. Geographically, North America led up low double digits. Enclosures second-quarter segment income was $104 million, up 15%. Return on sales of 23.5% increased 100 basis points year over year, driven by strong growth in execution. This was on top of a 630-basis-point improvement a year ago.

從垂直角度來看，基礎設施在電力和冷卻方面的數據解決方案方面具有兩位數的優勢。我們也看到商業和工業的成長。從地理上看，北美地區的增幅較低，達到兩位數。機櫃第二季營收為 1.04 億美元，成長 15%。在執行力強勁成長的推動下，銷售回報率為 23.5%，較去年同期成長 100 個基點。這是在一年前提高 630 個基點的基礎上的。

Moving to electrical and fastening, sales of $299 million increased 12%. The ECM acquisition contributed 17 points to sales growth. And as of mid-May is in organic -- is in our organic results. Organic sales were down 5%, reflecting positive price and lower volumes. As expected, infrastructure declined due to customer and channel inventory normalization and a strong prior year comparison.

電氣和緊固領域的銷售額達到 2.99 億美元，成長 12%。 ECM收購為銷售額成長貢獻了17個百分點。截至五月中旬，這是有機的——是我們的有機結果。有機銷售額下降 5%，反映出積極的價格和較低的銷售量。正如預期的那樣，由於客戶和通路庫存正常化以及與上一年的強勁比較，基礎設施有所下降。

Commercial resi was down due to softer commercial and ECM resi sales. Geographically, organic sales declined in North America and Europe, while Asia Pacific was up. Electrical and fastening segment income was $92 million, up 7% year over year. Return on sales was a solid 30.9% down 150 basis points, mainly due to lower volumes and sales mix.

由於商業和 ECM 樹脂銷售疲軟，商業樹脂價格下降。從地理上看，北美和歐洲的有機銷售額下降，而亞太地區則有所上升。電氣和緊固部門收入為 9,200 萬美元，年增 7%。銷售回報率為 30.9%，下降 150 個基點，主要是由於銷量和銷售組合下降。

Turning to thermal management, sales of $141 million were up 4% organically. Price and volume each contributed 2 points. Growth was led by industrial with continued strength in MRO. In addition, backlog grew year over year and sequentially, with energy transition now representing nearly half of the project backlog. Geographically, growth was led by Europe and Asia Pacific. Thermal management segment income of $28 million was down 2%. Return on sales of 19.9% was down 110 basis points year over year, impacted mainly by sales mix due to projects.

至於熱管理，銷售額為 1.41 億美元，有機成長 4%。價格和成交量各貢獻2分。成長由工業帶動，MRO 持續強勁。此外，積壓專案逐年成長，能源轉型目前佔專案積壓專案的近一半。從地理上看，成長主要由歐洲和亞太地區帶動。熱管理部門收入為 2,800 萬美元，下降 2%。銷售回報率為 19.9%，年減 110 個基點，主要受到專案銷售組合的影響。

On slide 7, titled Balance Sheet and Cash Flow, we had a strong free cash flow in the quarter, delivering $187 million year to date. We ended the quarter with $270 million of cash on hand and $600 million available on our revolver. In mid-July, we drew on a new term loan and a revolver to fund the $695 million Trachte acquisition.

在標題為「資產負債表和現金流」的幻燈片 7 上，我們本季擁有強勁的自由現金流，今年迄今交付了 1.87 億美元。本季結束時，我們手頭現金為 2.7 億美元，左輪手槍可用現金為 6 億美元。 7 月中旬，我們利用一筆新定期貸款和一筆左輪手槍為價值 6.95 億美元的 Trachte 收購案提供資金。

Turning to slide 8, where we outlined our capital allocation priorities, growth remains our first priority, both organic and inorganic with a balanced and disciplined approach to capital allocation to deliver strong returns. We are increasing investments in new capacity in liquid cooling to support the growing backlog in 2025 and beyond. On inorganic, for Trachte, we expect full-year sales of approximately $250 million, return on sales of roughly 20% and over $5 million of run rate cost synergies.

轉向幻燈片 8，我們概述了我們的資本配置優先事項，成長仍然是我們的首要任務，無論是有機成長還是無機成長，都採用平衡和嚴格的資本配置方法，以實現強勁的回報。我們正在增加對液體冷卻新產能的投資，以支持 2025 年及以後不斷增長的積壓訂單。在無機方面，我們預計 Trachte 的全年銷售額約為 2.5 億美元，銷售回報率約為 20%，運行成本協同效應將超過 500 萬美元。

Like our prior deals, we expect Trachte to exceed our weighted average cost of capital by year three. And lastly, we have returned $64 million in dividends in the first half to shareholders. Our balance sheet is in good shape. Cash flow is strong, and we expect to have nearly $2 billion available for capital deployment in 2025 from cash generated and anticipated net proceeds from the thermal management sales.

與我們之前的交易一樣，我們預計 Trachte 到第三年將超過我們的加權平均資本成本。最後，我們上半年向股東返還了 6,400 萬美元的股息。我們的資產負債表狀況良好。現金流強勁，我們預計到 2025 年，熱管理銷售產生的現金和預期淨收益將有近 20 億美元可用於資本部署。

Moving to slide 9 and our full-year outlook, with our solid first-half performance and the Trachte acquisition, we are raising full-year reported sales growth guidance to 11% to 13% versus 8% to 10% previously. We continue to expect organic growth in the range of 3% to 5%, including positive price and strong volume for the year. And we now expect acquisitions to contribute approximately 8 points to growth. We are maintaining the midpoint of our adjusted EPS range by narrowing the range to $3.23 to $3.29, up 6% to 8% versus our prior guidance of $3.22 to $3.30.

轉向幻燈片 9 和我們的全年展望，憑藉我們穩健的上半年業績和 Trachte 收購，我們將全年報告的銷售增長指導提高至 11% 至 13%，而之前為 8% 至 10%。我們繼續預期有機成長在 3% 至 5% 範圍內，包括今年的積極價格和強勁銷售。我們現在預計收購將為成長貢獻約 8 個百分點。我們維持調整後每股收益範圍的中點，將範圍縮小至 3.23 美元至 3.29 美元，較之前 3.22 美元至 3.30 美元的指引上漲 6% 至 8%。

A couple of updated modeling assumptions to note: first, adjusted operating income is expected to be up 13% to 15% versus 10% to 12% previously; second, full-year net interest is now expected to be approximately $110 million versus $90 million previously, both reflecting the impact of the Trachte acquisition. For clarity, we have left thermal management in our full-year and Q3 outlook due to the recent signing of the sale agreement and timing of regulatory approvals.

需要注意的幾個更新的模型假設：首先，調整後的營業收入預計將成長 13% 至 15%，而之前為 10% 至 12%；其次，全年淨利息目前預計約為 1.1 億美元，而之前為 9,000 萬美元，兩者都反映了 Trachte 收購的影響。為了清楚起見，由於最近簽署了銷售協議和監管部門批准的時間，我們將熱管理留在了全年和第三季的展望中。

We expect to move thermal management to discontinued operations when reporting our Q3 earnings results and plan to recast our historical financials and guidance at that time. For modeling purposes, we expect thermal management's 2024 growth to be in line with overall nVent organic sales guide, margins to expand and a tax rate of approximately 23%.

我們預計在報告第三季收益結果時將熱管理轉移到已停止營運的業務，並計劃屆時重新制定我們的歷史財務數據和指導。出於建模目的，我們預計熱管理 2024 年的成長將符合 nVent 整體有機銷售指南、利潤率擴大和約 23% 的稅率。

Turning to our third-quarter outlook on slide 10, we expect reported sales to grow 8% to 10% with acquisitions contributing approximately 6 points to sales. Organic sales are expected to be up 2% to 4%. This reflects more modest growth in enclosures and electrical and fastening turning positive. We expect adjusted EPS to be between $0.80 and $0.82, which includes increased investments in data solutions as we bring new capacity online and make investments in engineered gearing and R&D, as we have previously discussed.

轉向投影片 10 上的第三季展望，我們預計報告銷售額將成長 8% 至 10%，其中收購對銷售額貢獻約 6 個百分點。有機銷售額預計將成長 2% 至 4%。這反映出外殼、電氣和緊固件的成長更為溫和，轉為正值。我們預計調整後每股收益將在 0.80 美元至 0.82 美元之間，其中包括隨著我們在線引入新產能以及對工程齒輪和研發進行投資而增加對數據解決方案的投資，正如我們之前討論的那樣。

Wrapping up, I am pleased with our second-quarter performance and believe we are well positioned for another strong year. This concludes my remarks, and I will now turn the call back over to Beth.

最後，我對我們第二季的業績感到滿意，並相信我們已準備好迎接另一個強勁的一年。我的發言到此結束，現在我將把電話轉回給貝絲。

Thank you, Sara.

謝謝你，薩拉。

Turn to slide 11. Our strategy has remained consistent, and we are executing on the core elements focused on high-growth verticals, new products, global expansion and acquisitions. As part of our strategy, we are transforming to higher growth verticals, which includes the acquisition of Trachte. And we believe the announced sale of the thermal management business will make us a more focused and higher growth company.

轉向投影片 11。作為我們策略的一部分，我們正在向更高成長的垂直產業轉型，其中包括收購 Trachte。我們相信，宣佈出售熱管理業務將使我們成為一家更專注、成長更快的公司。

Moving to slide 12, I'd like to give more detail about the planned sale of the thermal Management business. Last Thursday, we announced that we entered into a definitive agreement to sell thermal management for $1.7 billion, subject to customary adjustments. This transaction is expected to close by early 2025, and we plan to deploy the net proceeds from the sale to acquisitions and share repurchases. We believe this is a positive move for both thermal management and nVent.

前往投影片 12，我想提供有關計劃出售熱管理業務的更多詳細資訊。上週四，我們宣布達成最終協議，以 17 億美元的價格出售熱管理系統，但需進行慣例調整。該交易預計將於 2025 年初完成，我們計劃將出售所得淨收益用於收購和股票回購。我們相信這對於熱管理和 nVent 來說都是積極的舉措。

Thermal management is a great business with a strong team and the sale will enable thermal to further build on its leading positions and differentiated solutions to drive growth across its verticals and expand with the energy transition. For nVent, the sale represents a significant step consistent with our ongoing strategy to becoming a higher growth and more focus electrical connection and protection leader well positioned with the megatrends of electrification, sustainability and digitalization.

熱管理是一項擁有強大團隊的偉大業務，此次出售將使熱管理進一步鞏固其領先地位和差異化解決方案，以推動其垂直行業的成長並隨著能源轉型而擴展。對 nVent 來說，此次出售代表著與我們持續策略一致的重要一步，即成為更高成長、更專注的電氣連接和保護領導者，並充分適應電氣化、永續發展和數位化的大趨勢。

Turning to slide 13, we've recently closed on our acquisition of Trachte, a leading manufacturer of custom engineered control building solutions designed to protect critical infrastructure assets. If you look at the pictures on the chart, these control buildings are essentially larger enclosures and within them are even more enclosures and other products that nVent provides.

轉向幻燈片 13，我們最近完成了對 Trachte 的收購，Trachte 是一家領先的客製化工程控制建築解決方案製造商，旨在保護關鍵基礎設施資產。如果您查看圖表上的圖片，這些控制建築本質上是更大的外殼，其中有更多的外殼和 nVent 提供的其他產品。

The demand for control houses is increasing with an aging electrical infrastructure that needs upgrading, a need to expand the overall grid, the move to more renewable energy and the increase in data centers. The addition of Trachte further strengthens our solutions in high-growth verticals with approximately 85% of its sales in power utilities, data centers and renewables. The business has been growing strong double digits with a robust backlog, giving us visibility into 2025. This is a great strategic fit for nVent and provides us with a new platform that we can build on with significant growth potential.

隨著需要升級的老化電力基礎設施、擴大整體電網的需求、轉向更多再生能源以及資料中心的增加，對控制室的需求不斷增加。 Trachte 的加入進一步增強了我們在高成長垂直產業的解決方案，其約 85% 的銷售額來自電力公用事業、資料中心和再生能源。該業務一直以兩位數的強勁增長和強勁的積壓，讓我們能夠預見到2025 年。平台上建構具有巨大成長潛力的平台。

On slide 14, you'll see an overview of nVent's portfolio transformation since the company was formed in 2018. Our acquisition framework starts with finding companies that have great products aligned to high-growth verticals with the ability to scale and invest for growth. We have acquired seven companies to date, adding more than $850 million to sales.

在投影片 14 中，您將看到 nVent 自 2018 年成立以來的投資組合轉型概述。迄今為止，我們已收購了 7 家公司，銷售額增加超過 8.5 億美元。

We have a strong acquisition track record. With Trachte and thermal portfolio moves, we're expecting our exposure to secular trends to be more than 70% compared to 60% two years ago. Infrastructure is expected to be about one-third of our sales. This transformation positions us for higher growth and long-term value creation. We are building a more sustainable and electrified work growth.

我們擁有良好的收購記錄。隨著 Trachte 和熱力投資組合的變動，我們預計長期趨勢的風險敞口將超過 70%，而兩年前為 60%。基礎設施預計將占我們銷售額的三分之一左右。這一轉型使我們能夠實現更高的成長和長期價值創造。我們正在建立更永續和電氣化的工作成長。

Wrapping up on slide 15, we had another strong quarter with record sales, margin expansion, and robust cash flow. We continue to execute well on our strategy as we transform our portfolio to have a greater emphasis on infrastructure and secular trends. We are raising our full-year sales guidance and adjusted operating income. We believe we are well positioned with the electrification, sustainability, digitalization trends. Our future is bright.

在投影片 15 的總結中，我們又經歷了一個強勁的季度，銷售額創歷史新高，利潤率擴大，現金流強勁。隨著我們轉變投資組合以更加重視基礎設施和長期趨勢，我們將繼續出色地執行我們的策略。我們正在提高全年銷售指導和調整後的營業收入。我們相信，我們在電氣化、永續發展和數位化趨勢中處於有利地位。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.

現在，我將把電話轉給接線員以開始問答。

(Operator Instructions) Julian Mitchell, Barclays.

（操作員指示）朱利安·米切爾，巴克萊銀行。

Maybe just the first question around that op profit bridge on slide 5. So if we look at sort of net productivity and price combined, I suppose they're minus $5 million or so year on year in Q2 and sort of gross price in revenue is flattish in the quarter. So I just wondered sort of for the balance of the year, how should we think about the gross price effect in sales? And then also what that sort of price net productivity number is likely to be in our profit?

也許只是圍繞幻燈片 5 上的營運利潤橋的第一個問題。所以我只是想知道今年剩下的時間裡，我們該如何考慮銷售中的總價格效應？那麼這種價格淨生產力數字可能會占我們的利潤多少呢？

I'll take that one. So I would just start by saying we came into the year expecting a more modest price contribution and much more volume. We also said we expected more productivity in part with that volume coming in and seeing nice productivity on that volume. So I would say, largely, we're seeing as we expected coming into the year.

我會接受那個。因此，我首先要說的是，我們進入這一年時預計價格貢獻會更加溫和，銷售量也會大幅增加。我們也表示，隨著該產量的增加，我們預期生產率會更高，且該產量的生產率會很高。所以我想說，在很大程度上，我們今年的情況符合我們的預期。

From a second half perspective, we do expect pricing to continue to be modest here in the back half, getting to overall price positive for the full year. Within the quarter, I mean, that is going to vary a bit in terms of mix of product, mix of programs. And just as a quick reminder, pricing on new products doesn't show up in that pricing line.

從下半年的角度來看，我們確實預期下半年定價將持續溫和，全年整體價格將呈現正值。我的意思是，在本季內，產品組合、專案組合將會有所不同。順便提醒一下，新產品的定價不會顯示在該定價行中。

From a productivity standpoint, I mean, we're seeing strong productivity. First half, roughly $50 million. We expect productivity to be, again, strong in the back half that relates to, again, some of the volume contribution that we're seeing, but also a lot of work done by the teams around costs as well as just ongoing process transformation.

我的意思是，從生產力的角度來看，我們看到了強勁的生產力。上半年，大約5000萬美元。我們預計下半年的生產力將再次強勁，這與我們看到的一些銷售貢獻有關，但也與團隊圍繞成本以及正在進行的流程轉型所做的大量工作有關。

I think the other thing I would call out is we did expect the investments to ramp through the course of the year. You're seeing that in the first half in R&D being higher as a percentage of sales. In particular, here in Q3, we do expect the days of the solutions investments that we've been talking about through the year to be increased in part because as we bring that capacity online here in Q3, there's some ramp-up costs associated with that.

我想我要指出的另一件事是，我們確實預計投資將在今年持續增加。您會看到上半年研發佔銷售額的百分比更高。特別是，在第三季度，我們確實預計我們全年討論的解決方案投資天數將會增加，部分原因是當我們在第三季度將產能上線時，會產生一些與那。

That's very helpful. And then maybe just one follow-up. As you mentioned, Q3, Sara. So I think normally, the seasonality of nVent is that EPS is up sequentially in Q3 and then down in Q4 sequentially. But looking at your guide for this year, it looks like it's the other way around. So you've got the EPS down sequentially in Q3 and then up sequentially Q4. I don't think that's the Trachte deal because that's EPS neutral. So is it something to do with that phasing of the investment spend in the third quarter versus the fourth or something else moving around?

這非常有幫助。然後也許只是一個後續行動。正如你所提到的，Q3，薩拉。所以我認為通常情況下，nVent 的季節性是 EPS 在第三季依次上升，然後在第四季依次下降。但看看今年的指南，情況似乎恰恰相反。因此，每股收益在第三季度連續下降，然後在第四季度連續上升。我不認為這是 Trachte 交易，因為它對每股收益是中性的。那麼這是否與第三季與第四季投資支出的階段性有關，或與其他因素有關？

No, I think it would be just the investment spend in terms of Q3 versus Q4. I think the other thing to call out is just timing of the data solutions as that revenue drops in overall. We're seeing a little bit more of that in Q4 versus Q3.

不，我認為這只是第三季與第四季的投資支出。我認為另一件事需要指出的是數據解決方案的時機，因為整體收入下降了。與第三季相比，我們在第四季看到了更多這樣的情況。

Deane Dray, RBC Capital Markets.

迪恩德雷 (Deane Dray)，加拿大皇家銀行資本市場。

I love seeing the divestiture of thermal that's exactly the kind of simplification initiative that we were looking for. Can you -- just some organizational implications here. What's the bias on the proceeds between M&A and buybacks? And for the Trachte acquisition, what are the implications of -- when you say it's a new platform? So where might there be some white space adjacencies around that?

我喜歡看到熱力的剝離，這正是我們正在尋找的簡化舉措。你可以——這裡只是一些組織的影響。併購和回購之間的收益偏差如何？對於 Trachte 的收購，當你說它是一個新平台時，代表什麼？那麼周圍哪裡可能會有一些空白鄰接呢？

Okay, Deane. I'll take that. So on the thermal sale, we expect that sale to complete in early 2025. And as I've stated in my prepared remarks, we said we expect the net proceeds to be used for acquisitions and share repurchases. And I think our capital allocation strategy has always been that we prioritize growth first, both organic and inorganic. And with acquisitions, you never quite control the timing. So that's why we believe that we have some available cash that we will have some opportunity for share repurchases.

好的，迪恩。我會接受的。因此，就熱力出售而言，我們預計出售將於 2025 年初完成。我認為我們的資本配置策略始終是優先考慮成長，無論是有機成長還是無機成長。對於收購，你永遠無法完全控制時機。這就是為什麼我們相信我們有一些可用現金，我們將有機會回購股票。

On the Trachte acquisition, when we talk about it being a new platform and I made the comment that it really is just a larger enclosure. This is not an area where we have played with enclosures previously. And so it is a new type of enclosure for us serving different end markets that we've maybe not served fully before.

關於 Trachte 的收購，當我們談論它是一個新平台時，我評論說它實際上只是一個更大的外殼。這不是我們以前使用過圍欄的區域。因此，對我們來說，這是一種新型的外殼，可以服務我們以前可能沒有充分服務過的不同終端市場。

We think we can build on this as a platform in several ways. One, we believe we have product pull-through because, as I commented, there's more enclosures inside that enclosure and other products. Two, we also see that opportunity to expand this type of enclosure offering into other verticals.

我們認為我們可以透過多種方式以此為平台。第一，我們相信我們有產品拉動，因為正如我所說，外殼和其他產品內有更多外殼。第二，我們也看到了將此類外殼產品擴展到其他垂直領域的機會。

So we've talked previously about battery energy storage, and that's an area where we believe our liquid cooling solutions play and now having a larger enclosure for putting together a solution there, we think we can have an extension of that platform as well as I believe there's other M&A opportunities there that we could add on in this area. So we think it's a great acquisition, a great fit and more growth potential for us there.

因此，我們之前討論過電池能量存儲，這是我們相信我們的液體冷卻解決方案發揮作用的領域，現在有一個更大的外殼可以在那裡組裝解決方案，我們認為我們可以擴展該平台以及我相信我們可以在這一領域增加其他併購機會。因此，我們認為這是一次偉大的收購，非常適合我們，並且對我們來說具有更大的成長潛力。

That's really helpful. And then second question regarding liquid cooling, and we appreciate the update on all the investments that you're making in order to increased capacity by 4x. And it begs the question -- just two questions. One is how much -- based upon existing demand, how far out does that capacity serve you? I know it's -- there's been some recalibration about growth rates. But just what's your sense of how far does that take you out?

這真的很有幫助。然後是關於液體冷卻的第二個問題，我們感謝您為將容量提高 4 倍而進行的所有投資的最新情況。這就引出了一個問題──只有兩個問題。一是根據現有需求，該容量可以為您服務多遠？我知道成長率已經進行了一些重新調整。但你覺得這會讓你走多遠？

And then another question we're getting related to liquid cooling is some announcements by other players looking to enter in some way liquid cooling. Could you give us a sense of what the barriers to entry are? And specifically, when we see an announcement from a big equipment manufacturers saying they're developing a proprietary liquid cooling.

我們遇到的與液體冷卻相關的另一個問題是其他希望以某種方式進入液體冷卻領域的參與者發布的一些公告。您能否讓我們了解一下進入障礙是什麼？具體來說，當我們看到一家大型設備製造商宣布他們正在開發專有的液體冷卻技術時。

What we don't know is behind the scenes, you all may very well be partnering with them, and you're certainly not going to name names of customers. But just give us that perspective about when we see announcements of other players looking to get into liquid cooling. I know there's a lot to unpack there.

我們不知道幕後的情況，你們很可能正在與他們合作，而且你們當然不會說出客戶的名字。但請告訴我們當我們看到其他玩家希望進入液體冷卻領域的公告時的看法。我知道那裡有很多東西要解開。

So starting with capacity, some of that capacity is coming online. And as you know, we had already expanded space in our Minnesota facility and moving out a distribution center. So we're working on that through this year and into next year.

因此，從容量開始，其中一些容量正在上線。如您所知，我們已經擴大了明尼蘇達州工廠的空間並搬出了一個配送中心。因此，我們今年和明年都會致力於此。

And I think that capacity -- our view right now is that takes us through '26 maybe into '27 and who knows, we'll see. It's very dynamic. But we think that will serve us for the next couple of years well, and we'll continually look at efficiencies and where else we need to expand. We have done some other expansion in some of our existing footprint, I might add as well.

我認為這種能力——我們現在的觀點是，它可以帶我們度過 26 年，也許進入 27 年，誰知道呢，我們拭目以待。它非常有活力。但我們認為這將在未來幾年為我們提供良好的服務，我們將持續關注效率以及我們需要擴展的其他領域。我還想補充一下，我們已經對現有的一些足跡進行了一些其他擴展。

When we think about the overall cooling landscape, I think you see lots of different players from start-ups to those that are already in that space and entering into the cooling area. And I think that should be as expected because the demand is there. We know that these new GPU chips require cooling. So I think you're going to see various entrants and partnerships, and we've done that ourselves over the last couple of years.

當我們考慮整體冷卻領域時，我認為您會看到許多不同的參與者，從新創公司到已經進入該領域並進入冷卻領域的企業。我認為這應該符合預期，因為需求就在那裡。我們知道這些新的 GPU 晶片需要冷卻。所以我認為你會看到各種各樣的進入者和合作夥伴，過去幾年我們自己也做到了這一點。

I think what really matters is the ability to have scale and proven solutions. And I think our portfolio, we've been working at this pre-spend that we continue to develop new products and new offerings and continuing to push ourselves on that and are making investments in R&D. So I think overall, that space is just going to grow, and we're going to see many different entrants, and we feel very confident in our solution and our ability to grow at the rates that we've been growing at.

我認為真正重要的是擁有規模化且經過驗證的解決方案的能力。我認為我們的投資組合一直在致力於這項預支出，我們繼續開發新產品和新產品，並繼續推動自己，並在研發方面進行投資。所以我認為總的來說，這個空間將會成長，我們將看到許多不同的進入者，我們對我們的解決方案以及我們以我們一直在增長的速度成長的能力非常有信心。

Nigel Coe, Wolfe Research.

奈傑爾·科，沃爾夫研究中心。

Going back to the sort of the 4Q seasonality. I think, Sara, you called out the data solutions sort of dynamics in the back half of the year. Is there an unusually large kind of quarter lined up for 4Q? Or is it more 3Q shipments pushed into 4Q? Just want to understand that shift between 3Q and 4Q? And then maybe I think you mentioned EFS back to growth in third quarter. I just want to make sure that's correct.

回到第四季的季節性。我認為，薩拉，您在今年下半年提出了數據解決方案的動態。第四季是否有一個異常大的季度？還是更多的第三季出貨量被推到了第四季？只是想了解第三季和第四季之間的轉變嗎？然後，也許我認為您提到 EFS 在第三季度恢復成長。我只是想確保這是正確的。

So yes, a couple of things there. So EFS back to growth in Q3, yes, that's our expectation. They'll largely have some of those infrastructure headwinds behind them that Beth articulated. We also see some of those ECM sales synergies that we've been talking about beginning to kind of build as we exit the year more in Q4 and into 2025.

是的，有幾件事。因此，EFS 在第三季恢復成長，是的，這就是我們的預期。他們很大程度上將面臨貝絲所闡述的基礎設施方面的一些阻力。我們也看到，隨著我們在第四季和 2025 年結束這一年，我們一直在談論的一些 ECM 銷售協同效應開始形成。

In terms of the Q3 to Q4 dynamic, again, I think the biggest thing there is just the level of investments that we expect to see here in Q4 and that should taper -- I'm sorry, here in Q3, and that should taper a bit into Q4. And then the other thing is just in terms of timing of the data solutions customer programs. We saw great growth and contribution there in the first half.

就第三季到第四季的動態而言，我認為最重要的是我們預計在第四季度看到的投資水平，並且應該逐漸減少——對不起，在第三季度，投資水平應該逐漸減少進入第四季了。另一件事就是數據解決方案客戶計劃的時間表。上半年我們看到了巨大的成長和貢獻。

We continue to expect good growth here in 2024 overall on track to exceed that greater than $500 million in data solutions for the full year. It's just there's some timing elements here that pushes more of that into Q4 versus Q3. So those are the two things mainly that are impacting that Q3 to Q4 dynamics.

我們仍然預計 2024 年整體數據解決方案將實現良好成長，全年數據解決方案將超過 5 億美元。只是這裡有一些時間因素，將更多的時間推入第四季而不是第三季。因此，這兩件事主要影響第三季到第四季的動態。

Great. That's great color. And then just on the -- I think the negative 1% price enclosures. How do you see that developing in the back half of the year? I think you mentioned flat pricing for the full year. Just curious, if we hone in on enclosures back half of the year, are we seeing deepening price deflation pressures in the back half? And if we -- how do we think about the data solutions portion? Would that be deflationary as well? Or was this more sort of the core enclosures pricing?

偉大的。那顏色真棒。然後就是——我認為負 1% 的價格範圍。您如何看待下半年的發展？我想你提到了全年的統一定價。只是好奇，如果我們關注下半年的圈地情況，我們是否會看到下半年價格通貨緊縮加劇？如果我們—我們如何考慮資料解決方案部分？這也會導致通貨緊縮嗎？或者這更像是核心外殼的定價？

So just to clarify, for overall nVent, we still expect positive price for the year. And again, coming into the year, we said we expect more modest price and much more volume, and that's how we're seeing it play out here in the first half. And that's how we would, again, expect it to play out for the back half.

因此，澄清一下，對於整體 nVent，我們仍然預計今年的價格為正。進入今年，我們再次表示，我們預計價格會更加溫和，銷售量也會增加，這就是我們在上半年看到的情況。這就是我們再次期望下半場的表現。

From a pricing dynamic and specifically across the segments, two out of the three had positive price here in Q2. And specifically for enclosures, what's going to impact any given price across the segments is going to be the mix of products, the mix of projects. And again, the new products would not be included in that year-over-year price.

從定價動態來看，特別是從各個細分市場來看，三分之二在第二季的價格為正。特別是對於機櫃來說，影響各個細分市場任何給定價格的因素將是產品組合、項目組合。同樣，新產品不會包含在同比價格中。

Data solutions, to the extent it's a new product, it wouldn't necessarily show up in that pricing line. To the extent it's a program that's continuing on, that would be something that would show up in that overall price line. So again, in the back half, we expect overall modest price consistent with generally the first half of what we saw.

數據解決方案，就其新產品而言，不一定會出現在該定價線上。在某種程度上，這是一個持續進行的計劃，這將出現在整體價格線上。因此，在後半段，我們預計整體價格適中，與我們所看到的上半年一致。

Modest price for total nVent?

nVent 總價適中嗎？

For total nVent.

對於總 nVent。

Joe Ritchie, Goldman Sachs.

喬·里奇，高盛。

Can you guys maybe touch on the diverging trends that you're seeing in the infrastructure end market across both EFS and enclosures, and weather trends like changed dramatically as the quarter progressed?

你們能否談談在 EFS 和機櫃基礎設施終端市場中看到的不同趨勢，以及隨著本季的進展天氣趨勢的巨大變化？

Sure. I think one of the things that we stated both in our last earnings call and also saw through Q2 is just some of the -- in utility and telecom areas where lead times have come in, and there had been some inventory adjustments in the channels. So that largely played out in our EFS business from Q1 to Q2. So that's what we've seen there.

當然。我認為我們在上次財報電話會議中以及在第二季度中看到的一件事只是其中的一些——在公用事業和電信領域，交貨時間已經到來，並且渠道中進行了一些庫存調整。因此，從第一季到第二季度，這在我們的 EFS 業務中得到了很大的體現。這就是我們在那裡看到的情況。

On the other hand, I would say data solutions has continued to be very strong for both enclosures and EFS. So we saw a very strong Q2 as we did for Q1. So those would be the two major things that I would say, both positive and on the other side, where it was softer.

另一方面，我想說，對於機櫃和 EFS 而言，數據解決方案仍然非常強大。因此，我們看到第二季的表現非常強勁，就像第一季一樣。因此，這將是我要說的兩件主要事情，既有正面的一面，也有另一面，那就是比較溫和的一面。

And Beth, maybe on those inventory adjustments in EFS, like do you think we're through those adjustments at this point? What's your expectation then for volumes picking up into the back half of the year?

Beth，也許是關於 EFS 中的庫存調整，您認為我們目前是否已經完成這些調整？那麼您對下半年銷售回升有何預期呢？

Well, as we -- as Sara already noted, we do expect EFS to grow in Q3. So we start to -- we expect that some of that is -- those adjustments working their way out as well as some other strength and some other opportunities that we see in infrastructure.

好吧，正如 Sara 已經指出的那樣，我們確實預計 EFS 將在第三季度實現成長。因此，我們開始——我們預計其中一些是——這些調整以及我們在基礎設施中看到的其他一些優勢和機會正在發揮作用。

Okay. Fair enough. And then lastly, congratulations on the portfolio changes that you're making. I recognized that you're expecting to deploy capital, both to M&A and buyback. I guess as you're thinking about the potential dilution from the thermal business, is that going to kind of sway your capital deployment priorities, given what you know about your M&A pipeline today?

好的。很公平。最後，恭喜您所做的投資組合變更。我認識到您希望將資本用於併購和回購。我想，當您考慮熱力業務的潛在稀釋時，考慮到您今天對併購管道的了解，這是否會影響您的資本部署優先事項？

I would say it doesn't change our priorities because these are long-term priorities. And so certainly, as we get to 2025, when the sale concludes, we'll see where we're at in terms of acquisitions and other opportunities. But I think our long-term capital allocation priorities and strategy does remain the same. Growth first followed by other areas in dividend and share repurchases.

我想說這不會改變我們的優先事項，因為這些是長期的優先事項。因此，當然，到了 2025 年，當出售結束時，我們將看到我們在收購和其他機會方面的進展。但我認為我們的長期資本配置優先事項和策略確實保持不變。首先是成長，其次是股息和股票回購等其他領域。

Jeff Hammond, KeyBanc.

傑夫·哈蒙德，KeyBanc。

So I just want to come back to, I guess, two end markets, commercial construction and utility. I know you had talked about destocking in utility, but it does seem like there's some incremental weakening and just kind of a finer point on what you're seeing in those two end markets.

所以我想回到兩個終端市場：商業建築和公用事業。我知道您曾談論過公用事業的去庫存，但似乎確實存在一些漸進的疲軟，並且只是您在這兩個終端市場所看到的情況的一個更好的點。

Yes, I think what we've seen in utility has really been -- the long-term trends are good, but they're certainly because of lead times on different components, including some of the things that we had like ground brought, we just saw lead times have improved significantly year over year. And so last year, there was a period of a lot of channel, acquiring inventory and having longer lead times. And so that's just working its way out.

是的，我認為我們在實用程式中看到的確實是——長期趨勢是好的，但它們肯定是因為不同組件的交貨時間，包括我們帶來的一些東西，例如地面帶來的，我們剛剛看到交貨時間年比顯著改善。因此，去年有一段時間需要大量管道、取得庫存並且交貨時間更長。所以這只是解決問題的方法。

But I'd say the overall prospects for the utility, renewable, all of those end markets remains very positive. And commercial construction, thank you. And our commercial construction, I would say we've seen that soft. And so as we've gone through, particularly we see that in EFS. So we have seen that market tend to be a little soft at this point.

但我想說，公用事業、再生能源以及所有這些終端市場的整體前景仍然非常樂觀。還有商業建築，謝謝。至於我們的商業建築，我想說我們已經看到了這種軟性。正如我們所經歷的，特別是我們在 EFS 中看到了這一點。所以我們看到此時市場往往有點疲軟。

Okay. And then good to hear your building backlog in the '25 in the data center business. Can you just speak to -- is that around lead times starting to build out? Or is that just pace of long-term projects? And just on liquid cooling, I think your focus maybe near term has been with the hyperscalers, but just any new progress on getting product more standardized and through the distribution channel?

好的。很高興聽到您在 25 年資料中心業務中積壓的建設工作。您能談談－交貨時間是否開始延長？或者這只是長期專案的步伐？就液體冷卻而言，我認為您近期的重點可能是超大規模企業，但是在使產品更加標準化並通過分銷渠道方面有任何新進展嗎？

So when it comes to our backlog for 2025, this is how some of those programs are just laying out in customer preferences as they're also bringing their capacity online. And recall, we're also ramping in terms of just having more capacity. So it's all of those things and as new programs go into 2025. When it comes to our overall portfolio, we have been developing more standardized offerings.

因此，當談到 2025 年的積壓訂單時，其中一些計劃只是根據客戶偏好進行佈局，因為它們也將產能上線。回想一下，我們也在增加產能。因此，隨著新計劃進入 2025 年，所有這些都是如此。

And so when we look at some of our CDUs, even some of our manifold capability that we're creating some more standardized products that can be used for various different solutions. So that's an important part of our strategy is to have solutions that can also be sold through to enterprise or through system integrators and through our distribution channel partners. And so that's in progression as well.

因此，當我們審視我們的一些 CDU，甚至我們的一些多種功能時，我們正在創建一些更標準化的產品，可用於各種不同的解決方案。因此，我們策略的一個重要部分是擁有可以透過企業或系統整合商以及我們的分銷通路合作夥伴銷售的解決方案。這也在不斷發展。

Nicole DeBlase, Deutsche Bank.

妮可‧德布拉斯 (Nicole DeBlase)，德意志銀行。

Can we just go through the outlook for EFS margins in the second half? I think there was still a bit of an impact from M&A dilution in the quarter, and I think that, that rolls off. So is it possible that we could see EFS margins turn positive with revenue?

我們能否簡單回顧一下下半年 EFS 利潤率的前景？我認為本季併購稀釋仍然產生了一些影響，我認為這種影響會逐漸消失。那麼，我們是否有可能看到 EFS 利潤率隨收入轉正？

So I think we still expect EFS margins to be muted here in Q3. And I would just say, in Q2 and Q3 of last year, we saw a really strong, sort of, I would say, elevated return on sales north of 32%. And at that point in time, just based on what we were seeing by way of a sales mix, we said, look, there's a sales mix dynamic that is helping these return on sales, but we wouldn't expect that to perceived going forward is that sales mix kind of normalizes.

因此，我認為我們仍然預計第三季 EFS 利潤率將較低。我只想說，去年第二季和第三季度，我們看到了非常強勁的銷售回報率，我想說，銷售回報率提高了 32% 以上。在那個時間點，僅僅基於我們透過銷售組合看到的情況，我們說，看，有一種銷售組合動態有助於這些銷售回報，但我們不希望這種情況會持續下去是銷售組合趨於正常化。

And some of that is sort of some of these puts and takes that Beth talked about in terms of what was going on in an infrastructure, et cetera. So overall, we do expect EFS margins to be muted for the full year. And it's really no different than what we said as we entered into the year, and it's really in large part due to the lapping of sales mix contributions from a year ago in Q2 and Q3 here, specifically.

其中一些是貝絲談到的基礎設施等方面的一些投入和採取。因此，總體而言，我們預計全年 EFS 利潤率將較低。這實際上與我們進入今年時所說的沒有什麼不同，這在很大程度上是由於去年第二季和第三季的銷售組合貢獻的重疊，特別是。

Got it. Okay. That's clear. And then I know thermal is not going to be around for much longer. But just curious, if we could talk about the margin outlook for thermal in the back half, too, as well as what drove the year-on-year decline in margins in the second quarter. I think you guys might have expected a little bit of growth.

知道了。好的。很清楚。然後我知道熱量不會存在太久。但只是好奇，我們是否也能談談下半年熱電業務的利潤率前景，以及推動第二季利潤率年減的原因。我想你們可能已經預料到會有一點成長。

The biggest factor for the Q2 return on sales performance was the project sales mix dynamics. And if we look in the back half, Beth alluded to this in her prepared remarks, the order book is good. The backlog is good. We do expect good growth to continue from the trajectory here in Q2 into the back half. And with that, we do expect return on sales expansion here in the back half.

第二季銷售業績報酬的最大因素是專案銷售組合動態。如果我們看後半部分，貝絲在她準備好的演講中提到了這一點，訂單簿很好。積壓情況良好。我們確實預計第二季下半年將持續保持良好成長。因此，我們確實預期下半年銷售擴張會帶來回報。

Vlad Bystricky, Citi.

弗拉德·比斯特里奇，花旗銀行。

So maybe just on NPI, which I know has been a focus for you. I think you highlighted over 3 points of tailwind from NPIs in 2Q. Any color on sort of how you're thinking about new products contributing to growth for the full year?

所以也許只是在 NPI 上，我知道這一直是您關注的焦點。我認為您強調了第二季度來自 NPI 的超過 3 個點的推動力。您如何看待新產品對全年成長的貢獻？

Well, our view on new products, as we've always said we wanted to get 2 points of growth. And so we're already at 3. So we're very pleased with that. And we're going to continue to ensure that we have a robust new product vitality and it's a really key element of our overall growth strategy.

好吧，我們對新產品的看法，正如我們一直說的，我們希望獲得 2 個百分點的成長。所以我們已經達到了 3。我們將繼續確保我們擁有強大的新產品活力，這是我們整體成長策略的真正關鍵要素。

Okay. Great. That's helpful color. And then I just wanted to follow up on the Trachte acquisition. Obviously, it's very early days as it's come into the portfolio.

好的。偉大的。這是有用的顏色。然後我只想跟進 Trachte 的收購。顯然，它進入投資組合還為時過早。

But can you just talk about what you see as your key priorities for the business in the first three months and quarters here and any potential quick wins you see in terms of synergies?

但您能否談談您認為前三個月和前幾季業務的關鍵優先事項以及您在協同效應方面看到的任何潛在的快速勝利？

Well, always our -- when we acquire a company is we want to ensure that we are positioning it for growth. And so certainly, as I mentioned, Trachte has a very strong backlog. So we want to ensure that we can execute on that backlog. At the same time, we're trying to identify the synergies, particularly in the early days, looking at cost synergies, whether that's through sourcing, et cetera, or indirect spend. So we work on those things as well as integrate into our overall company processes and making people feel very welcome and to be part of nVent.

嗯，當我們收購一家公司時，我們始終希望確保它能夠成長。因此，正如我所提到的，Trachte 的積壓訂單量非常大。因此，我們希望確保能夠執行該待辦事項。同時，我們正在努力確定協同效應，特別是在早期，並著眼於成本協同效應，無論是透過採購等還是間接支出。因此，我們致力於這些事情，並將其融入我們公司的整體流程中，讓人們感到非常受歡迎並成為 nVent 的一部分。

So I think too early to say early wins because it's just been several weeks. But for us, it's just ensuring we start to identify the growth synergies. So whether there's product pull-through, whether there's opportunity for us to expand through different customer segments or end markets and those usually take longer, but we work really hard in the early months of the integration to identify those opportunities and work on them.

所以我認為說早期勝利還為時過早，因為才過了幾週。但對我們來說，這只是確保我們開始識別成長協同效應。因此，無論是否有產品拉動，我們是否有機會透過不同的客戶群或終端市場進行擴張，這些通常需要更長的時間，但我們在整合的最初幾個月非常努力地發現這些機會並致力於它們。

Great. That's really helpful. Appreciate it. And then just last one for me. Any comments or color on potential stranded costs that we should think about with the thermal divestiture?

偉大的。這真的很有幫助。欣賞它。然後是我的最後一個。關於熱力資產剝離中我們應該考慮的潛在擱淺成本有什麼評論或看法嗎？

Well, I would just say, overall, that's something that we'll have to look at. From an overall cost perspective, we're going to continue to use those net proceeds, as Beth alluded to, to bring things into the portfolio from an M&A perspective along with the share repurchases.

嗯，我只想說，總的來說，這是我們必須考慮的事情。從整體成本的角度來看，我們將繼續使用這些淨收益，正如貝絲所提到的那樣，從併購的角度以及股票回購的角度將其納入投資組合。

But the other thing I would say is that this has been an ongoing focus of ours overall in terms of driving process improvement via business transformation. And whether that's how we go-to-market from a marketing standpoint, how we show up from one nVent digital standpoint, these are things that as we think about this going forward with the two segments, electrical and fastening solutions and with enclosures, we also believe we can go a lot faster on some of these initiatives to drive underlying productivity but also better customer experiences, better supplier experiences as well as employee experiences.

但我要說的另一件事是，在透過業務轉型推動流程改善方面，這一直是我們整體持續關注的焦點。無論這就是我們從行銷的角度進入市場的方式，還是從nVent 數位化的角度來看我們如何展示，這些都是當我們考慮電氣和緊固解決方案以及外殼這兩個細分市場的未來發展時，我們也相信，我們可以更快地實施其中一些舉措，以提高基礎生產力，同時也改善客戶體驗、供應商體驗以及員工體驗。

Brian Drab, William Blair.

布萊恩德拉布、威廉布萊爾。

First one is about a week ago, there were some concerns that surfaced in the market about potential generative AI over investment and spooked the market and stock with that type of exposure are down big. I'm just wondering, how your expectation for growth in the data solutions business in 2024 has evolved throughout the year? You're seeing the real demand.

第一個是大約一週前，市場上出現了一些關於潛在的生成式人工智慧投資超過投資的擔憂，並嚇壞了市場，具有此類風險的股票大幅下跌。我只是想知道，您對 2024 年資料解決方案業務成長的預期全年有何變化？你看到的是真正的需求。

I mean you've got the boots on the ground, so to speak, and seeing really what's going on in that market. I'm just wondering if you could talk a little bit more about what you're hearing from your major data center customers and how the intensity and pace of their projects has developed throughout the year?

我的意思是，你已經腳踏實地，可以這麼說，並真正了解該市場正在發生的事情。我只是想知道您是否可以多談談您從主要資料中心客戶那裡聽到的情況以及他們的專案的強度和節奏在這一年中的發展情況如何？

I think the comment that I would have there is that everyone is moving forward on their strategy with respect to AI and building that capacity and capability. Certainly, one of the things that we understood is when one of the chip manufacturers announced their new chips had higher heat loads that had some customers relooking at their system architectures and whether they had the right cooling and power infrastructure. And so as a result, these are always dynamic things that we see, and sometimes that creates different projects being moved or accelerated or changed as a result of different heat loads, which I think is a natural progression. So it's very dynamic in that standpoint.

我想我想說的是，每個人都在推進他們的人工智慧策略並建立這種能力。當然，我們了解的一件事是，當一家晶片製造商宣布他們的新晶片具有更高的熱負荷時，一些客戶重新審視他們的系統架構以及他們是否擁有合適的冷卻和電力基礎設施。因此，我們看到的這些總是動態的，有時會因為不同的熱負荷而導致不同的項目被移動、加速或改變，我認為這是一個自然的進展。所以從這個角度來看它是非常有活力的。

But I think the long-term perspective here is there's investment going in. We've seen very strong growth through the first half of the year, and we do expect to see that continue. And we've talked about building our backlog as we go forward into 2025. So I think it's like any new technology, there's a lot of excitement around it, and it will -- it's going to scale, and we'll see it continue to grow for the next several years.

但我認為從長遠來看，投資正在進入。我們已經討論了在進入 2025 年時建立我們的積壓工作。 所以我認為這就像任何新技術一樣，有很多令人興奮的事情，而且它會規模化，我們會看到它繼續下去未來幾年的增長。

And then just following up on that, I think earlier in the Q&A, you reaffirmed the expectation for $500 million or more in the data solutions business in terms of revenue for 2024. But I'm just curious if you could put a finer point on what the growth expectation is for data solutions and maybe specifically power cooling, your power and cooling in 2024?

接下來，我想在問答的早些時候，您重申了 2024 年數據解決方案業務收入達到 5 億美元或更多的預期。尤其是電源冷卻）的成長預期是什麼？

Well, we've always said that power and cooling were going to grow faster, although sometimes we often see our cable management growing at that same rate. But I think as Sara might have commented that we expected to be over $500 million of revenue, and we've seen very strong double-digit growth through the first half and expect full year that will remain very robust.

嗯，我們總是說電力和冷卻將會成長得更快，儘管有時我們經常看到我們的電纜管理以相同的速度成長。但我認為，正如薩拉可能評論的那樣，我們預計收入將超過 5 億美元，並且我們在上半年看到了非常強勁的兩位數成長，並預計全年將保持強勁。

(Operator Instructions) Scott Graham, Seaport Research.

（操作員說明）Scott Graham，海港研究中心。

I have a couple of questions for you. You've got some things going in and out of debt, obviously, in the next six months. Could you give us an idea what pro forma net leverage looks like post thermal?

我有幾個問題想問你。顯然，在接下來的六個月裡，你會有一些債務進出。您能否告訴我們熱力後的預期淨槓桿比率是多少？

Well, here's what I would say, Scott, I think layering in Trachte, I think, is the first step here. So you layer in Trachte the kind of at the end of this year, we would expect it to still be within our range of 2 to 2.5x net leverage. So I think that just gives you a view of our ability to do these acquisitions, generate strong cash and manage well within that leverage ratio.

好吧，這就是我要說的，斯科特，我認為 Trachte 的分層是第一步。因此，如果您在今年年底將 Trachte 分層，我們預計其淨槓桿率仍將保持在 2 至 2.5 倍的範圍內。因此，我認為這只是讓您了解我們進行這些收購、產生強勁現金並在槓桿率內進行良好管理的能力。

The $2 billion that I referenced in my prepared remarks is really suggesting that look, if you take just the free cash flow that we generate, plus the net proceeds that we talked about that roughly $1.4 billion, that gives us $2 billion of cash to go deploy and great returns and shareholder long-term value there. So I think that's the way we kind of frame it up and look at it just in terms of that capital deployment to go deploy.

我在準備好的發言中提到的20 億美元確實表明，如果你只考慮我們產生的自由現金流，加上我們談到的大約14 億美元的淨收益，那麼我們就有20 億美元的現金可以使用在那裡進行部署並獲得豐厚的回報和股東的長期價值。所以我認為這就是我們建構它的方式，並僅從資本部署的角度來看待它。

Appreciate that, Sara. On the orders, could you just kind of walk us through that a little bit the organic and then the organic minus the thermal and what we get back maybe in thermal in the third and fourth quarter. Could you help us on that a little bit more?

很欣賞這一點，薩拉。關於訂單，您能否向我們介紹一下有機部分，然後是有機部分減去熱力部分，以及我們在第三季和第四季可能在熱力部分得到的回報。您能幫我們多一點嗎？

Well, let me just talk to orders as we said through Q2 that orders were positive for our thermal management business, and we're building backlog. So nice order growth there. We expect that to continue with the energy transition. For EFS, we had positive orders. For enclosures, we had a little bit of this dynamic of some data -- some significant data solutions orders year over year. But as we look through July, we had some -- that also was very positive.

好吧，讓我談談訂單，正如我們在第二季度所說的那樣，訂單對我們的熱管理業務是積極的，而且我們正在積壓訂單。那裡的訂單成長非常好。我們預計這種情況將隨著能源轉型而持續。對於 EFS，我們收到了積極的訂單。對於機櫃，我們有一些數據的動態——一些重要的數據解決方案訂單逐年增加。但當我們回顧 7 月時，我們發現了一些——這也是非常積極的。

And I would just say, overall, for that orders across all three segments through July have been good. So I'm not sure the comments specific to thermal other than we think thermal is on a really good trajectory right now and has a really nice backlog and some momentum behind it.

我只想說，總體而言，截至 7 月份，所有三個細分市場的訂單都不錯。因此，我不確定針對熱能的具體評論，但我們認為熱能目前正處於一個非常好的軌道上，並且有一個非常好的積壓和背後的一些動力。

Yes, I didn't think -- if I said thermal, I didn't mean to. I was talking about company overall, but you just answered it. I'm good.

是的，我不認為——如果我說熱，我不是故意的。我說的是公司整體狀況，你只是回答了。我很好。

This concludes our question-and-answer session. I would like to turn the conference back over to Beth Wozniak for any closing remarks.

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）發表閉幕詞。

Thank you, and thank you for joining us today. I'm very proud of our performance in Q2. We will continue to focus on delivering for our customers, employees and shareholders by executing on our growth strategy and transforming our portfolio. We believe nVent is a top-tier high-performance electrical company well positioned for the electrification of everything, sustainability and digitalization trends.

謝謝您，也謝謝您今天加入我們。我對我們第二季的表現感到非常自豪。我們將繼續專注於透過執行我們的成長策略和轉變我們的產品組合來為我們的客戶、員工和股東提供服務。我們相信 nVent 是一家頂尖高性能電氣公司，在萬物電氣化、永續發展和數位化趨勢方面處於有利地位。

Thanks again for joining us. This concludes the call.

再次感謝您加入我們。通話就此結束。

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。您現在可以斷開連線。