nVent Electric PLC (NVT) 2024 Q3 法說會逐字稿

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

美好的一天，歡迎參加 nVent Electric 2024 年第三季財報電話會議。 （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 of 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 Third Quarter 2024 Earnings Call. On the call with me are Beth Wozniak, our Chair and Chief Executive Officer; and Sara Zawoyski, our Chief Financial Officer.

謝謝，歡迎參加 nVent 的 2024 年第三季財報電話會議。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。

They will provide details on our third quarter performance and outlook for the fourth quarter and an update to our full year 2024 outlook.

他們將提供有關我們第三季度業績和第四季度前景的詳細信息，以及我們 2024 年全年展望的最新信息。

Please take note. As a result of the previously announced agreement to sell the Thermal Management business, the company is reporting the results of this business as discontinued operations and has reclassified 2023 and 2024 results for all prior periods. In addition, guidance is now presented on a continuing operations basis.

請注意。由於先前宣布的出售熱管理業務的協議，該公司將該業務的業績報告為已終止經營業務，並對所有前期的 2023 年和 2024 年業績進行了重新分類。此外，指南現在是在持續經營的基礎上提出的。

All results referenced throughout this presentation on a continued operations basis, unless otherwise stated.

除非另有說明，本簡報中引用的所有結果均基於持續營運的基礎。

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 filing with the Securities and Exchange Commission.

在開始之前，請允許我提醒您，有關公司預期財務業績的任何陳述均為前瞻性陳述，受到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.

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。

Actual results could differ materially from anticipated results.

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.

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。

References to non-GAAP financials are reconciled in the appendix of the presentation.

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。

We will have time for questions after our prepared remarks.

在我們準備好的發言後，我們將有時間提問。

Please limit your questions to one and one follow up.

請將您的問題限制為一對一的跟進。

With that please turn to slide 3, and I'll turn the call over to Beth.

接下來請翻到投影片 3，我會將電話轉給 Beth。

Thank you, Tony, and good morning, everyone.

謝謝你，托尼，大家早安。

It's great to be with you today to share our strong third quarter results.

很高興今天能與您分享我們強勁的第三季業績。

We continue to execute on our strategy for growth with a focus on high-growth verticals, new products and global expansion.

我們持續執行成長策略，重點關注高成長垂直產業、新產品和全球擴張。

In the third quarter, we delivered record sales up 9%, both on a continuing operations and total basis.

第三季度，我們的持續經營銷售額和總銷售額均創紀錄地成長了 9%。

Total adjusted earnings and cash flows were strong, coming in better than expected and we continue to make investments to expand our Data Solutions business.

調整後總收益和現金流強勁，優於預期，我們繼續進行投資以擴大我們的數據解決方案業務。

Our portfolio transformation is underway with the announced sale of the Thermal Management business and we expect the sale of the business to close by early 2025.

隨著熱管理業務的宣佈出售，我們的投資組合轉型正在進行中，我們預計該業務的出售將於 2025 年初完成。

Our most recent acquisition, Trachte, is off to a good start, growing sales, strong double digits and is a great new platform for nVent.

我們最近收購的 Trachte 已經有了一個良好的開端，銷售額不斷增長，實現了兩位數的強勁增長，對於 nVent 來說是一個很棒的新平台。

We believe these portfolio moves will make nVent a more focused and (inaudible) electrical connection and protection leader and further positions nVent with the electrification, sustainability and digitalization trends.

我們相信，這些投資組合舉措將使 nVent 成為更專注且（聽不清楚）的電氣連接和保護領導者，並進一步使 nVent 適應電氣化、永續發展和數位化趨勢。

Now on to slide 4 for a summary of our third quarter performance.

現在轉到投影片 4，總結我們第三季的業績。

Sales in the quarter were up 1% organically, led by infrastructure.

在基礎設施的帶動下，本季銷售額有機成長 1%。

Year-to-date, new products have contributed over 3 points to sales growth, and we've launched 77 new products.

今年以來，新產品對銷售成長的貢獻超過3個百分點，我們已推出77種新產品。

Adjusted operating income grew 4% year-over-year with return on sales down 120 basis points due to investments and mix.

調整後營業收入年增 4%，但由於投資和組合，銷售回報率下降 120 個基點。

Adjusted EPS was $0.63. We generated an impressive $143 million of free cash flow, up over 30%.

調整後每股收益為 0.63 美元。我們產生了令人印象深刻的 1.43 億美元自由現金流，成長了 30% 以上。

We're on track for another strong year.

我們有望迎來另一個強勁的一年。

Looking at sales performance across our key verticals.

查看我們關鍵垂直領域的銷售業績。

Infrastructure led the way up low double digits organically, with data solutions growing double digits, Industrial was down low single digits, commercial resi declined mid-single digits with continued end market softness.

基礎設施帶動低兩位數有機成長，數據解決方案成長兩位數，工業下降低個位數，商業房地產下降中個位數，終端市場持續疲軟。

Turning to organic sales by geography.

轉向按地理位置劃分的有機銷售。

North America was up low single digits and Asia Pacific had strong broad-based growth.

北美地區出現低個位數成長，亞太地區出現強勁的廣泛成長。

Europe declined low single digits.

歐洲跌幅較低個位數。

Lastly, organic orders in Q3 grew mid-single digits year-over-year.

最後，第三季的有機訂單年增中個位數。

Looking ahead to Q4 from a vertical perspective, we expect infrastructure to have the strongest growth, particularly data solutions and power utilities.

從垂直角度展望第四季度，我們預計基礎設施將出現最強勁的成長，特別是數據解決方案和電力公用事業。

Industrial is expected to be flat commercial resi to remain soft.

預計工業品將持平，商業房地產將保持疲軟。

In addition, macro uncertainty remains with the upcoming elections and interest rates, which has some distributors cautiously managing inventory.

此外，即將到來的選舉和利率仍然存在宏觀不確定性，這使得一些經銷商謹慎管理庫存。

Overall, I'm very proud of how our nVent team -- overall, I'm very proud of our nVent team and how we continue to execute and deliver for our customers and shareholders while transforming the portfolio.

總的來說，我對我們的 nVent 團隊的表現感到非常自豪 - 總的來說，我對我們的 nVent 團隊以及我們如何在投資組合轉型的同時繼續為客戶和股東執行和交付感到非常自豪。

We're on track for another strong year.

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 third quarter results and our updated outlook for 2024.

我現在將把電話轉給 Sara，以了解有關我們第三季業績和 2024 年最新展望的更多詳細資訊。

Sara, please go ahead.

薩拉，請繼續。

Thank you, Beth.

謝謝你，貝絲。

We had a strong third quarter performance with both segments growing better-than-expected earnings and record cash flow.

我們第三季業績強勁，兩個部門的獲利成長均優於預期，現金流量創歷史新高。

Let's turn to slide 5 to review our results. which, as a reminder, are all on a continuing operations basis.

讓我們翻到投影片 5 回顧一下我們的結果。提醒一下，這些都是在持續經營的基礎上進行的。

Sales of $782 million were up 9% relative to last year or up 1% organically.

銷售額為 7.82 億美元，較去年成長 9%，有機成長 1%。

Volumes contributed approximately 2 points to growth and price was essentially flat.

銷量對成長貢獻了約 2 個百分點，而價格基本上持平。

Acquisitions added $59 million to sales or 8 points to growth better than expected.

收購增加了 5,900 萬美元的銷售額，或成長了 8 個百分點，好於預期。

Foreign exchange impact was neutral.

外匯影響是中性的。

Third quarter adjusted operating income was $168 million, up 4%.

第三季調整後營業收入為 1.68 億美元，成長 4%。

Return on sales was 21.5%, down 120 basis points year-over-year.

銷售回報率為21.5%，年減120個基點。

This reflected tough prior year comps in corporate costs and Electrical & Fastening mix and higher investments this year.

這反映了去年公司成本和電氣與緊固組合方面的艱難比較以及今年的投資增加。

In was roughly $25 million in the quarter.

該季度的營收約為 2500 萬美元。

Q3 adjusted EPS was $0.63, down 3% due to higher interest and taxes as expected.

第三季調整後每股收益為 0.63 美元，下降 3%，原因是利息和稅收如預期上升。

We generated outstanding free cash flow in the quarter of $143 million, up 33% or 18% of sales, reflecting strong working capital performance.

我們在本季產生了 1.43 億美元的出色自由現金流，佔銷售額的 33% 或 18% 成長，反映出強勁的營運資金績效。

Now please turn to slide 6 for a discussion of our third quarter segment performance.

現在請翻到投影片 6，討論我們第三季的部門業績。

Starting with Enclosures, the team delivered another excellent quarter.

從 Enclosures 開始，該團隊又交付了出色的季度業績。

Sales of $477 million increased 16% and 1% organically.

銷售額為 4.77 億美元，有機成長 16% 和 1%。

Acquisitions added 14 points to sales.

收購使銷售額增加了 14 個百分點。

The Trachte acquisition performed very well, with sales up strong double digits versus a year ago and a growing, robust backlog.

對 Trachte 的收購表現非常出色，銷售額比一年前增長了兩位數，積壓訂單不斷增長且強勁。

The integration is off to a great start.

整合已經有了一個好的開始。

From a vertical perspective, infrastructure led up double digits with strength in data solutions in both power and cooling.

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表現強勁，成長了兩位數。

Industrial and commercial resi each declined.

工商業儲量均下降。

Geographically, North America grew low single digits and Asia Pacific grew mid-teens, Play Europe was down.

從地理上看，北美地區的成長率較低，亞太地區的成長率為十幾歲，Play Europe 的成長率則有所下降。

Enclosures third quarter segment income was an impressive $104 million, up 17%.

機櫃第三季營收達到令人印象深刻的 1.04 億美元，成長 17%。

Return on sales of 21.9% increased 20 basis points year-over-year, driven by strong execution.

在強勁執行力的推動下，銷售回報率為 21.9%，較去年同期成長 20 個基點。

Productivity and higher margins from new products more than offset inflation and helped fund investments.

新產品的生產力和更高的利潤不僅可以抵消通貨膨脹，還有助於為投資提供資金。

Electrical & Fastening returned to sales growth in the quarter.

電氣與緊固件在本季度恢復了銷售成長。

Sales of $305 million increased 1% organically.

銷售額 3.05 億美元，有機成長 1%。

Growth was led by infrastructure, including power utilities up high single digits.

成長由基礎設施帶動，其中電力公用事業成長高個位數。

In addition, industrial grew mid-single digits.

此外，工業成長中個位數。

Commercial resi remains soft.

商業儲油依然疲軟。

Geographically, organic sales in North America were flat and Asia Pacific grew double digits, while Europe was down.

從地理上看，北美地區的有機銷售額持平，亞太地區成長了兩位數，而歐洲則有所下降。

Electrical & Fastening segment income was $93 million, down 5% year-over-year.

電氣與緊固部門營收為 9,300 萬美元，年減 5%。

Return on sales was a solid 30.4% down 190 basis points, mainly due to tough comps from mix.

銷售回報率為 30.4%，下降了 190 個基點，這主要是由於組合帶來的艱難競爭。

On slide 7, titled Balance Sheet and Cash Flow.

第 7 投影片，標題為「資產負債表和現金流量」。

We ended the quarter with $137 million of cash on hand and $600 million available on our revolver.

本季結束時，我們手頭現金為 1.37 億美元，左輪手槍可用現金為 6 億美元。

Free cash flow was exceptionally strong in the quarter.

本季自由現金流異常強勁。

Year-to-date free cash flow of $277 million was up nearly 50% versus a year ago.

年初至今的自由現金流為 2.77 億美元，比一年前成長了近 50%。

The fourth quarter is historically our highest cash flow quarter, and we expect continued improvements in working capital.

第四季是我們歷史上現金流量最高的季度，我們預計營運資金將持續改善。

Turning to slide 8, where we outline our capital allocation priorities.

轉向幻燈片 8，我們概述了我們的資本配置優先事項。

We will continue to take a balanced and disciplined approach to capital allocation to deliver strong returns.

我們將繼續採取平衡和嚴格的資本配置方法，以實現強勁的回報。

Growth remains our first priority, both organic and inorganic.

無論是有機成長還是無機成長，成長仍然是我們的首要任務。

In the quarter, we expanded our footprint to increase our liquid cooling capability 4x and support our growing backlog.

在本季度，我們擴大了業務範圍，將液體冷卻能力提高了 4 倍，並支援我們不斷增長的積壓訂單。

We completed the acquisition of Trachte providing a new growth platform, and we have returned $195 million year-to-date to shareholders, including $100 million in share repurchases in the third quarter.

我們完成了對 Trachte 的收購，提供了一個新的成長平台，今年迄今我們已向股東返還 1.95 億美元，其中包括第三季回購的 1 億美元股票。

Looking ahead, we expect to have a significant optionality for further capital deployment with the sale of the thermal management business and strong cash flow generation.

展望未來，我們預計，透過出售熱管理業務和強勁的現金流生成，我們將擁有進一步資本部署的重要選擇。

Moving to slide 9 and our full year outlook on a continuing operations basis.

前往投影片 9 以及我們基於持續經營業務的全年展望。

We are updating our full year guidance to reflect the thermal management business moving to discontinued operations and narrowing the range with 1 quarter to go.

我們正在更新全年指引，以反映熱管理業務轉向終止運營，並在最後一個季度縮小範圍。

For the full year, reported sales are expected to grow approximately 13%, organically up roughly 3%.

全年報告銷售額預計成長約 13%，有機成長約 3%。

Acquisitions are expected to contribute approximately 10 points to sales growth and FX is expected to be neutral.

收購預計將為銷售成長貢獻約 10 個百分點，外匯預計呈中性。

Our outlook for full year adjusted EPS is $2.49 to $2.51, which represents growth of 7% to 8%.

我們對全年調整後每股收益的預期為 2.49 美元至 2.51 美元，即成長 7% 至 8%。

This includes an $0.08 or 3 percentage point negative impact to EPS related to changes in the global tax standards.

這包括與全球稅收標準變化相關的 EPS 0.08 美元或 3 個百分點的負面影響。

A few important items to note for the year.

今年需要注意的一些重要事項。

First, we expect adjusted operating income to grow 15% to 16%.

首先，我們預計調整後營業收入將成長 15% 至 16%。

This reflects price and productivity offsetting inflation, in addition, we are making investments in capacity, new products and digital to accelerate growth and productivity.

這反映出價格和生產力抵消了通貨膨脹，此外，我們正在產能、新產品和數位領域進行投資，以加速成長和生產力。

Second, we are well on track to generate over $400 million of free cash flow with conversion in the range of 95% to 100%.

其次，我們預計將產生超過 4 億美元的自由現金流，且轉換率在 95% 至 100% 之間。

Third, corporate costs are now expected to be approximately $110 million.

第三，企業成本目前預計約 1.1 億美元。

This includes indirect costs of approximately $15 million previously allocated to the Thermal Management business.

這包括先前分配給熱管理業務的約 1500 萬美元的間接成本。

Work is already underway to address these costs.

解決這些成本的工作已經在進行中。

A few additional 2024 assumptions include a tax rate of approximately 23%, net interest expense of approximately $105 million, shares of approximately $168 million and CapEx of approximately $80 million.

2024 年的一些額外假設包括約 23% 的稅率、約 1.05 億美元的淨利息支出、約 1.68 億美元的股票和約 8,000 萬美元的資本支出。

We expect full year 2024 to be another year of strong sales, profit and cash flow.

我們預計 2024 年全年將是銷售、利潤和現金流強勁的另一年。

Moving to slide 10 and our fourth quarter outlook.

轉到幻燈片 10 和我們的第四季度展望。

We expect reported sales to grow 11% to 13%, with acquisitions contributing approximately 9 points to sales.

我們預計報告銷售額將成長 11% 至 13%，其中收購對銷售額貢獻約 9 個百分點。

Organic sales are expected to be up 1% to 3% with both segments growing.

隨著這兩個細分市場的成長，有機銷售額預計將成長 1% 至 3%。

We expect adjusted EPS to be between $0.58 and $0.60 up 5% to 9% year-on-year.

我們預計調整後每股收益將在 0.58 美元至 0.60 美元之間，年增 5% 至 9%。

Wrapping up, I am pleased with our third quarter performance and believe we are well positioned heading into 2025.

最後，我對我們第三季的業績感到滿意，並相信我們在進入 2025 年時處於有利位置。

This concludes my remarks, and I will turn the call back over to Beth.

我的演講到此結束，我會將電話轉回給貝絲。

Thank you, Sara.

謝謝你，薩拉。

Turning to slide 11.

轉到投影片 11。

Let me give you an update on our data solutions business and liquid cooling in particular.

讓我向您介紹我們的數據解決方案業務，特別是液體冷卻業務的最新情況。

As you know, we are a leader in liquid cooling for data centers and have been offering solutions for many years across the cooling continuum.

如您所知，我們是資料中心液體冷卻的領導者，多年來一直在整個冷卻領域提供解決方案。

Our differentiation is based on our deep application expertise and our innovative multigenerational designs.

我們的差異化是基於我們深厚的應用專業知識和創新的多代設計。

We continue to expand our product portfolio to serve data center customers across hyperscale, enterprise, multi-tenant and our distribution partners.

我們不斷擴展我們的產品組合，為超大規模、企業、多租戶和我們的分銷合作夥伴的資料中心客戶提供服務。

Our high-density liquid cooling portfolio includes rack and row coolant distribution units and various manifolds.

我們的高密度液體冷卻產品組合包括機架和行冷卻劑分配單元以及各種歧管。

Our advanced cooling solutions are specifically designed to manage the substantial heat output of cutting-edge AI infrastructure, helping to drive optimal performance and longevity.

我們先進的冷卻解決方案專門設計用於管理尖端人工智慧基礎設施的大量熱量輸出，有助於實現最佳性能和使用壽命。

We are well positioned to support the expansion of AI capabilities, driving innovation and efficiency in high-performance computing environments.

我們處於有利地位，可以支援人工智慧功能的擴展，推動高效能運算環境的創新和效率。

We are currently engaged with NVIDIA in the design of liquid cooling products, solutions and architectures that meet the needs for the GB200 NVL72 and its follow-on next-generation platforms.

我們目前正在與 NVIDIA 合作設計液冷產品、解決方案和架構，以滿足 GB200 NVL72 及其後續新一代平台的需求。

We will be showcasing our NVIDIA reference design solutions at super compute in a few weeks.

幾週後，我們將在超級運算中展示我們的 NVIDIA 參考設計解決方案。

We are also actively engaged with other chip manufacturers to understand future cooling requirements.

我們也積極與其他晶片製造商合作，以了解未來的冷卻需求。

In addition to investing in new products, we are expanding capacity in our facilities, building out our advanced lab and testing capabilities and partnering with our suppliers to ensure they can rapidly scale with us.

除了投資新產品外，我們還擴大設施產能，建立先進的實驗室和測試能力，並與供應商合作，確保他們能夠與我們一起快速擴大規模。

We continue to see high demand for our data solutions products in cooling, power and cable management and now expect 2024 Data Solutions sales to exceed $575 million.

我們繼續看到冷卻、電源和電纜管理方面對我們的數據解決方案產品的高需求，現在預計 2024 年數據解決方案的銷售額將超過 5.75 億美元。

We believe we are well positioned to win in this rapidly growing space.

我們相信，我們處於有利地位，能夠在這個快速成長的領域中取得勝利。

Please turn to slide 12.

請翻到投影片 12。

Over the last few years, we have demonstrated our growth strategy is working with strong execution, delivering robust sales and adjusted operating income and earnings per share.

在過去的幾年裡，我們已經證明我們的成長策略是強有力的執行力，帶來強勁的銷售以及調整後的營業收入和每股盈餘。

Looking ahead to 2025, we are undergoing a portfolio transformation, which we believe will make us a more focused, higher growth electrical connection and protection company.

展望 2025 年，我們正在進行投資組合轉型，我們相信這將使我們成為一家更專注、成長更快的電氣連接和保護公司。

Over 70% of our portfolio is exposed to the secular trends of electrification, sustainability and digitalization.

我們超過 70% 的投資組合都受到電氣化、永續發展和數位化的長期趨勢的影響。

Infrastructure now represents approximately one-third of our portfolio and is expected to grow the most next year.

基礎設施目前約占我們投資組合的三分之一，預計明年將成長最多。

We are well positioned in data solutions and power utilities with robust backlogs.

我們在數據解決方案和電力公用事業領域處於有利地位，擁有大量積壓訂單。

Our outlook for industrial and commercial resi is more positive.

我們對工業和商業房地產的前景更加樂觀。

Ne

氖

w products, again, are expected to be a key driver of our growth.

我們的產品預計將再次成為我們成長的關鍵驅動力。

Finally, as part of our portfolio transformation, we have a very healthy M&A pipeline and project nearly $2 billion in available capital to deploy from the thermal management sale and our robust free cash flow generation.

最後，作為我們投資組合轉型的一部分，我們擁有非常健康的併購管道，並預計可透過熱管理銷售和強勁的自由現金流產生來部署近 20 億美元的可用資本。

In summary, we expect 2025 to be a strong growth year.

總而言之，我們預計 2025 年將是強勁成長的一年。

Wrapping up on slide 13.

投影片 13 結束。

We had another strong quarter of operational performance, including record cash flow.

我們的季度營運業績又表現強勁，包括創紀錄的現金流。

Our portfolio transformation is underway.

我們的投資組合轉型正在進行中。

We are well positioned to grow with the electrification sustainability and digitalization trends and our future is bright.

我們已做好準備，能夠隨著電氣化、永續發展和數位化趨勢的發展而成長，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)

（操作員說明）

Julian Mitchell with Barclays.

巴克萊銀行的朱利安·米切爾。

Maybe just the first question around the margin outlook.

也許只是利潤前景的第一個問題。

So it looks like I think margins may be down 100 bps or so operating wise sequentially in Q4.

因此，我認為第四季的利潤率可能會連續下降 100 個基點左右。

Just wanted to check that's roughly correct.

只是想檢查一下這是否大致正確。

And when we're thinking more broadly about margins into next year, you have this big investment spend headwind right now in the second half.

當我們更廣泛地考慮明年的利潤率時，下半年的投資支出將面臨巨大的阻力。

Does that normalize into next year?

這會在明年正常化嗎？

And how quickly should that $15 million of indirect unallocated costs to get worked down, please?

請問這 1500 萬美元的間接未分配成本應該要多快才能減少？

Okay.

好的。

Julian, I think that was a 3-part question.

朱利安，我認為這是一個由三個部分組成的問題。

So let me start with the first one.

那麼讓我從第一個開始。

In terms of that seasonal downtick on margin from Q3 to Q4, it's just that more seasonal.

就第三季到第四季利潤率的季節性下降而言，季節性下降更為明顯。

If you look at historically, EFS tends to be strongest in Q2 and Q3 and lighter from a sales perspective in Q4 and Q1 and the Ross right is commensurate with that.

如果你從歷史角度來看，EFS 往往在第二季和第三季表現最強，而從第四季和第一季的銷售角度來看，EFS 的表現較弱，羅斯右翼與此相稱。

So you do have some seasonality from Q3 to Q4 standpoint from a return on sales aspect of things.

因此，從銷售回報來看，從第三季到第四季確實存在一些季節性。

I think your second question is in regard to investments.

我認為你的第二個問題是關於投資的。

I mean, we've been very explicit kind of walking into this year that investments are important to fuel future growth, particularly around new products data solutions.

我的意思是，今年我們已經非常明確地表明，投資對於推動未來的成長非常重要，特別是在新產品數據解決方案方面。

We have seen that accelerate here in the back half, bringing some of that liquid cooling capability online here in Q3 and Q4.

我們已經看到這種情況在後半段加速，在第三季和第四季上線了一些液體冷卻能力。

And I think you can expect us to continue on that new product in some of those commercial data solution investments as we walk into 2025.

我認為，當我們步入 2025 年時，您可以期望我們在一些商業數據解決方案投資中繼續使用該新產品。

But those ramp-up costs should diminish over time related to just bringing that capacity up online.

但隨著時間的推移，與將容量上線相關的這些提升成本應該會減少。

I think your third question was around indirect costs.

我認為你的第三個問題是關於間接成本。

So essentially, as part of that thermal management now going into discops, there are some indirect costs that essentially don't get allocated, if you will, to thermal management.

因此，本質上，作為熱管理的一部分，現在進入了disco，有一些間接成本基本上不會分配給熱管理（如果你願意的話）。

Now that fits within that corporate cost bucket.

現在這符合企業成本範圍。

That's roughly $15 million.

這大約是 1500 萬美元。

And I would say two things.

我想說兩件事。

One, work is already underway in terms of reducing those costs.

第一，降低這些成本的工作已經在進行中。

We're really focused on driving more efficiencies, accelerating some of our business process transformation efforts that we already have underway.

我們真正專注於提高效率，加速我們已經正在進行的一些業務流程轉型工作。

And I would say the second piece of it is really some of that falling off if you will, with that thermal management business being divested, but there's got to be targeted actions, and we've got that work underway of negotiating contracts, et cetera.

我想說的是，隨著熱管理業務被剝離，第二部分確實會有所下降，但必須採取有針對性的行動，我們已經正在進行合約談判等工作。

And so I would expect those indirect costs to reduce really throughout 2025.

因此，我預計這些間接成本將在 2025 年真正減少。

That's super helpful.

這非常有幫助。

And then maybe a very simple simpler second question would just be on the organic sales outlook.

然後也許一個非常簡單的第二個問題就是有機銷售前景。

So I think you're growing sort of 1% to 3% in the current quarter year-on-year.

所以我認為本季的年成長率為 1% 到 3%。

Beth, you sounded more enthused about the outlook for, say, industrial and commercial res in '25.

Beth，你聽起來對 25 年工業和商業資源的前景更加熱情。

So, is it reasonable to assume in '25, based off your comments that you're not too far off perhaps as things look today, that medium-term sort of growth placeholder of four to six that you talked about last year?

那麼，根據您的評論，您認為在 25 年，您去年談到的 4 到 6 的中期增長佔位符也許與今天的情況並不太遠，這樣的假設是否合理？

As we go into 2025, look, the portfolio looks different, and we've been repositioning it around infrastructure, as I said in my comments, right?

當我們進入 2025 年時，你看，投資組合看起來有所不同，我們一直在圍繞基礎設施重新定位它，正如我在評論中所說，對吧？

And so we can look at our backlog and these higher growth verticals.

因此，我們可以看看我們的積壓訂單和這些更高成長的垂直領域。

And so we think that is going to set us up as we go forward. the portfolio is now exposed to those trends.

因此，我們認為這將為我們的前進奠定基礎。該投資組合現在面臨這些趨勢。

And I think as we sit here today, there remains this macro uncertainty.

我認為，當我們今天坐在這裡時，宏觀不確定性仍然存在。

We've got an election coming up, interest rates where they're at.

我們即將舉行選舉，利率也處於目前水準。

And I think we've seen our distribution partners just be cautious on inventory.

我認為我們已經看到我們的分銷合作夥伴對庫存持謹慎態度。

And recall, a lot of our portfolio is sold through that distribution channel.

回想一下，我們的許多產品組合都是透過該分銷管道出售的。

So we expect as we get into 2025, the outlook there is more positive and the end market outlook as well.

因此，我們預計，進入 2025 年，前景和最終市場前景都會更加樂觀。

Jeffrey Sprague with Vertical Research.

傑弗裡·斯普拉格（Jeffrey Sprague）從事垂直研究。

Hey, thanks.

嘿，謝謝。

Good morning, everyone.

大家早安。

Good morning.

早安.

Hey, good morning.

嘿，早安。

Hey, Just on the NVIDIA collaboration that you mentioned here.

嘿，關於您在這裡提到的 NVIDIA 合作。

Maybe I missed it, but did they press release this name by name partner ecosystem or something.

也許我錯過了，但他們是否按名稱發布了這個合作夥伴生態系統之類的東西。

Just wondering maybe we're going to hear that super compute.

只是想知道也許我們會聽到超級計算。

But any color there?

但那裡有顏色嗎？

More to come.

未來還會有更多。

How about I say that.

我這麼說又如何。

And yes, we will be showcasing a lot of our products and collaboration efforts at supercompute.

是的，我們將展示我們在超級運算方面的許多產品和協作成果。

In their booth or just in your booth.

在他們的展位或就在您的展位。

In our booth, and I will say we will have other cooling products in other booths as well.

在我們的展位上，我會說我們在其他展位上也會有其他冷卻產品。

I don't want to give away too much there, Jeff.

我不想透露太多，傑夫。

But you will see our invent products showcase around the supercompute show.

但您會在超級運算展會上看到我們的發明產品展示。

Okay.

好的。

And what was the negative mix effect in EFS that you mentioned?

您提到的 EFS 的負面混合效應是什麼？

Yes.

是的。

A lot of that, Jeff, was prior year and we called that out last year, particularly in Q2 and Q3.

傑夫，其中很多都是去年的事情，我們去年就指出了這一點，特別是在第二季和第三季。

Their return on sales in those quarters was north of 32%.

這些季度的銷售回報率超過 32%。

And just based on the mix of sales in those quarters, they were getting kind of an outsized impact from positive mix that we didn't expect to continue as we go forward.

僅根據這些季度的銷售組合，他們就從積極的組合中獲得了巨大的影響，我們預計這種影響不會隨著我們的前進而持續下去。

So again, on an absolute basis, the return on sales this quarter was north of 30%.

因此，從絕對值來看，本季的銷售回報率超過了 30%。

It's just that year-over-year comp was a tough comp.

只是逐年比較是一個艱難的比較。

We do think that, that comp gets easier in Q4 based on what that mix looked like a year ago as well.

我們確實認為，根據一年前的情況，第四季度的比賽會變得更容易。

And how are you thinking about price going forward?

您如何看待未來的價格？

Obviously ticked a little negative and it's frail kind of inflation, productivity investments collectively, how do you think you could kind of manage that algorithm as we move into Q4 and 2025.

顯然有點負面，通貨膨脹和生產力投資總體上都很脆弱，當我們進入第四季度和 2025 年時，您認為如何管理演算法。

You know what Jeff, I think we see the price things are very stable is how we would characterize it.

你知道傑夫，我認為我們看到價格非常穩定，這就是我們對它的描述。

And in several in the past several years, we've seen more outsized price than volume.

在過去的幾年裡，我們看到價格比銷量更大。

Now we're seeing strong contributions of volume.

現在我們看到銷售量的強勁貢獻。

But we do think that, that price will be positive as we go forward into 2025.

但我們確實認為，隨著我們進入 2025 年，這個價格將會是正面的。

Nigel Coe with Wolfe Research.

沃爾夫研究中心的奈傑爾·科 (Nigel Coe)。

Thanks.

謝謝。

Good morning, everyone.

大家早安。

So yes, so I think, Sara, this is for you, I think.

所以是的，所以我想，薩拉，我想這是給你的。

The so the 4 key 1% to 3% core sales, maybe just break that out between the two segments.

因此，4 個關鍵的 1% 到 3% 核心銷售額，也許只是在兩個細分市場之間進行劃分。

I'm guessing it's not going to be that different between the two.

我猜兩者之間不會太大不同。

But I do want to try and understand a little bit better the lumpiness in Solutions and perhaps Liquid Cooling as well. and how that's influenced in sort of the kind of 3Q to 4Q because it does feel like the sales are a bit flatter 3Q to 4Q than perhaps normal seasonality?

但我確實想嘗試更好地理解解決方案以及液體冷卻的塊狀性。這對第三季到第四季有何影響，因為感覺第三季到第四季的銷售額比正常的季節性平一些？

Let me take that first one. your guess is right, Nigel, in terms of both segments kind of being in that 1% to 3% range.

讓我拿第一個。 Nigel，你的猜測是正確的，兩個細分市場都在 1% 到 3% 的範圍內。

If you look at it just from a vertical standpoint, overall, we continue to expect good growth in infrastructure industrial mix, stronger in EFS, a bit softer in Enclosures and continued commercial resi softness overall.

如果僅從垂直角度來看，總體而言，我們繼續預期基礎設施工業組合將出現良好成長，EFS 將會強勁，外殼將稍微疲軟，商業房地產整體將持續疲軟。

And again, I would just reiterate what Beth said in her prepared remarks is what's encouraging is that both segments saw good order growth in Q3 as well informing that.

再次，我想重申貝絲在她準備好的演講中所說的話，令人鼓舞的是，這兩個部門在第三季度都看到了良好的訂單增長，並告知了這一點。

I think the one caution there is just at the end of the year and given some of these macro uncertainties, we would expect some distributors to manage those inventory levels there at year-end.

我認為，在年底時需要謹慎，考慮到一些宏觀不確定性，我們預計一些經銷商將在年底管理這些庫存水準。

In terms of Q3 and Q4 seasonality from a sales perspective, look, I think the biggest seasonality element there that we're seeing is really just EFS.

從銷售角度來看，第三季和第四季的季節性因素，我認為我們看到的最大的季節性因素實際上就是 EFS。

And I think that's pretty consistent with historically, again, going back, EFS is going to be stronger in Q2 and Q3.

我認為這與歷史非常一致，再次回顧，EFS 將在第二季和第三季變得更強。

And that Q3 to Q4, you're going to see a little bit of that downtick, if you will, on the EFS sales front.

從第三季度到第四季度，如果您願意的話，您會在 EFS 銷售方面看到一點點下降。

Anything on the phasing of shipments in Data Solutions?

關於數據解決方案的分階段發貨有什麼消息嗎？

Not necessarily.

未必。

No.

不。

We talked about Data Solutions kind of this first half versus second half.

我們討論了上半場和下半場的數據解決方案。

We talked about that a little bit last quarter. some of that is just based on timing of some of these more meaningful customer programs of where that comes into place.

上個季度我們對此進行了一些討論。其中一些只是基於一些更有意義的客戶計劃的實施時間。

But we feel really good about our backlog.

但我們對積壓的訂單感覺非常好。

Orders are strong, and again, making great progress and building that capability and Beth talked about what we're also underway in terms of building out the testing and the lab capability.

訂單量很大，再次取得了巨大進展並建立了這種能力，貝絲談到了我們在建立測試和實驗室能力方面正在進行的工作。

So really excited about the future of Data Solutions.

對數據解決方案的未來感到非常興奮。

And now I know you guys have been asking in terms of what that Data Solutions number looks like, but kind of characterizing that at $575 million we expect for this year, so meaningfully higher than what it was a year ago.

現在我知道你們一直在問數據解決方案的數字是什麼樣的，但我們預計今年的數字將達到 5.75 億美元，比一年前的數字要高得多。

That's great.

那太棒了。

And then just a quick one on the M&A sort of pipeline development.

然後快速介紹一下併購類管道開發。

You've got a lot of cash to deploy, which is obviously good news.

你有大量現金可以部署，這顯然是個好消息。

But do you expect this to be a series of acquisitions?

但您認為這會是一系列收購嗎？

Or do you think there could be one or two sort of larger opportunities?

或者您認為可能存在一兩種更大的機會嗎？

And are we sort of set on deploying the bulk of the surplus capital in 2025 on M&A?

我們是否打算在 2025 年將大部分剩餘資本用於併購？

Or could there be some buybacks as well?

或者也可能有一些回購？

Well, as you know, we've always said our first priority with our capital allocation is to growth, both organic and inorganic.

嗯，如您所知，我們總是說我們資本配置的首要任務是有機成長和無機成長。

And as we look at our pipeline, we think that it is very robust I think we've demonstrated our ability to integrate larger deals.

當我們審視我們的管道時，我們認為它非常強大，我認為我們已經證明了我們整合更大交易的能力。

And so as we look into 2025, and I always say that you never can control the timing of deals, but I think it does give us an opportunity if we want to do a more sizable deal.

因此，當我們展望 2025 年時，我總是說你永遠無法控制交易的時機，但我認為如果我們想要進行更大規模的交易，這確實給了我們機會。

But again, we're disciplined in the multiple pools we pay.

但同樣，我們在支付的多個池中遵守紀律。

But I believe that we have a good opportunity as we go into 2025 to execute on M&A.

但我相信，進入 2025 年，我們有一個很好的機會來執行併購。

Okay.

好的。

Thanks, sir.

謝謝，先生。

Thank you.

謝謝。

Deane Dray with RBC Capital Markets.

加拿大皇家銀行資本市場部的迪恩‧德雷 (Deane Dray)。

Thank you.

謝謝。

Good morning, everyone.

大家早安。

Good morning.

早安.

I appreciate the slide 11 with the portfolio snapshots as well as sizing Data Solutions.

我很欣賞幻燈片 11，其中包含投資組合快照以及調整數據解決方案的規模。

And I know you said up double digits, but can you be more specific on what data center did in the quarter in terms of growth?

我知道您說成長了兩位數，但您能否更具體地說明本季資料中心的成長情況？

We don't necessarily break that out more specifically.

我們不一定要更具體地闡述這一點。

But I think if you look at just that $575 million that we're expecting for the full year and look at where that was last year that's in that in excess of 20% from a year-over-year growth perspective.

但我認為，如果你看看我們預計全年的 5.75 億美元，再看看去年的情況，從同比增長的角度來看，這一數字超過了 20%。

And again, I'll just go back to the order book has been strong there with continuing backlog growth as well.

我再說一遍，訂單簿一直很強勁，積壓訂單也持續成長。

So, feel good about that heading into 2025.

因此，對 2025 年的到來感到滿意。

Understood.

明白了。

So and that kind of brings up the question about market share and growth rates and how you stack up versus peers in this space.

因此，這就提出了有關市場份額和成長率的問題，以及您在這個領域與同行相比如何。

And so one of the challenges, and we've talked about this with you before, but the idea here is you are in many platforms and partners where you don't see the net name.

這是挑戰之一，我們之前已經與您討論過這個問題，但這裡的想法是您在許多平台和合作夥伴中看不到網路名稱。

And so it's a bit like in the early 1990s when Intel went to the Intel Inside, that's when people started to see and appreciate how pervasive and what kind of share Intel had.

所以這有點像 20 世紀 90 年代初，當英特爾進入 Intel Inside 時，人們開始看到並欣賞英特爾擁有多麼普遍和什麼樣的份額。

So how are you addressing this in the way of being able to profile your share?

那麼，您如何透過分析您的份額來解決這個問題呢？

I know you're a leader, you've been in it the first in terms of liquid cooling, but what kind of challenges you have here in being able to talk about where and how you're in different platforms, but not necessarily able to put your name on it.

我知道你是一個領導者，在液體冷卻方面你是第一個，但是你在這裡面臨什麼樣的挑戰，能夠談論你在不同平台上的位置和方式，但不一定能夠把你的名字寫在上面。

Well, Deane, I think I would start by saying that in this hyperscale high-compute community the invent name and capability is well known and understood.

好吧，迪恩，我想我首先要說的是，在這個超大規模的高計算社區中，發明名稱和功能是眾所周知和理解的。

So those who are involved in the design and development.

所以那些參與設計和開發的人。

And I think we're continuing to expand our offerings and ensuring that we're marketing our capability more broadly, especially as you get perhaps into multi-tenant or more through the distribution channels, where the knowledge of what's going on in this high -- in terms of just the liquid cooling capability, there's still many who are learning about it.

我認為我們正在繼續擴大我們的產品，並確保我們更廣泛地行銷我們的能力，特別是當你可能透過分銷管道進入多租戶或更多領域時，對正在發生的事情的了解如此之高—— - 僅就液體冷卻能力而言，仍有許多人正在了解它。

So we're working with our distribution partners there.

因此，我們正在與那裡的分銷合作夥伴合作。

But our view is we're going to continue to invest in new products.

但我們的觀點是我們將繼續投資新產品。

We're ramping with many of those customers that we can't speak about.

我們正在與許多我們無法談論的客戶合作。

We're on the next generation of designs.

我們正在研究下一代設計。

We talked about our collaboration with NVIDIA.

我們討論了與 NVIDIA 的合作。

I said stay tuned.

我說繼續關注。

There's more that we will be sharing at super compute.

我們將在超級計算中分享更多內容。

So, from my perspective, I think we just need to continue to go fast.

因此，從我的角度來看，我認為我們只需要繼續快速前進。

The space is evolving rapidly, and we're making investments from new (inaudible) to capacity to our suppliers, to our lab capability and expect this to continue to be a rapid growth for us.

這個領域正在迅速發展，我們正在從新的（聽不清楚）到供應商的產能、我們的實驗室能力進行投資，並期望這對我們來說將繼續快速成長。

Great.

偉大的。

That's just my follow-up question is exactly on that, the 4 times capacity expansion.

我的後續問題就是關於這個，4倍的擴容。

Can you give us a sense I mean, if the market is growing in excess of 40%, how much is this capacity expansion?

您能給我們一個感覺嗎？

How far does that take you in the next couple of years?

未來幾年你能走多遠？

And just remind us how much is actually manufacturing capacity versus the amount of test labs because that's really how you have proof to your partners that the liquid cooling delivers on the specs that they require.

請提醒我們，實際製造能力與測試實驗室數量的關係是多少，因為這實際上是您向合作夥伴證明液體冷卻符合他們所需規格的方式。

Yeah, So Dean, the manufacturing capacity, when we refer to that is about a 4x capacity.

是的，迪恩，當我們提到製造能力時，其產能約為 4 倍。

And we think that's going to get us through the next couple of years.

我們認為這將幫助我們度過接下來的幾年。

At this point, that can change.

此時此刻，情況可能會改變。

And so we're in the process of building that out.

所以我們正在建造它。

Our lab expansion is going to take us through into 2025, but that more than doubles our lab capability and capacity of what we have today.

我們的實驗室擴建計畫將持續到 2025 年，但這將使我們的實驗室能力和現有能力增加一倍以上。

And by the way, all of that isn't enough, and so I wanted to make that point that we've been working with our supply base because you also have to ensure that they can rapidly scale as well.

順便說一句，所有這些還不夠，所以我想指出，我們一直在與我們的供應基地合作，因為您還必須確保它們也可以快速擴展。

So there's a lot of different areas that we're investing from an end-to-end perspective to make sure that we can continue on the growth rate that we're at and continue to offer solutions more broadly as we start to see some of these AI chips extend beyond just, say, the hyperscalers.

因此，我們正在從端到端的角度投資許多不同的領域，以確保我們能夠繼續保持目前的成長率，並在我們開始看到一些問題時繼續提供更廣泛的解決方案這些人工智慧晶片不僅限於超大規模晶片。

That's great.

那太棒了。

I look forward to seeing the team in Atlanta.

我期待在亞特蘭大見到球隊。

Thank you.

謝謝。

Thank you.

謝謝。

Joe Ritchie with Goldman Sachs.

高盛的喬·里奇。

Hey, guys.

嘿，夥計們。

Good morning.

早安.

Good morning.

早安.

Hey, so maybe, maybe following on that thread and I'm sure again, we'll, we'll hear more in a few weeks, but I'm, I'm trying to understand like the, the productivity right now that you have in your data center business and liquid cooling specifically, maybe just kind of comment.

嘿，所以也許，也許按照那個線索，我再次確信，我們會，我們會在幾週內聽到更多消息，但我，我正在嘗試理解，現在的生產力您在數據中心業務和液體冷卻方面的具體情況，也許只是一種評論。

You know, last time we saw the offering, it just seemed like you guys were trying to run as fast as you could and there's probably is probably not fully efficient at that point.

你知道，上次我們看到這個產品時，你們似乎試圖盡可能快地跑，但那時可能還沒有完全有效率。

And so I'm just curious to understand the margins and just any any comments you can make around the productivity you have around that business today.

因此，我只是好奇地想了解利潤率以及您對當今該業務的生產力可以發表的任何評論。

Well, I'll start there, and I'll let Sara jump in.

好吧，我就從這裡開始，然後讓薩拉加入進來。

We've always said that our liquid cooling margins sorry, our Data Solutions margins kind of reflected the products in that portfolio of our segments.

我們總是說我們的液體冷卻利潤很抱歉，我們的數據解決方案利潤在某種程度上反映了我們細分市場組合中的產品。

So what we do around cable management kind of reflects the margins that we have in EFS, what we do around liquid cooling and power and some of the other products reflect the margin in Enclosures.

因此，我們圍繞電纜管理所做的工作反映了我們在 EFS 領域的利潤，我們圍繞液體冷卻和電源以及其他一些產品所做的工作也反映了機櫃領域的利潤。

Now having said that, there's a lot of investment going in, and there's a lot of start-up costs to that.

話雖如此，有大量的投資投入，並且有大量的啟動成本。

And so we do think that over time, there's opportunity to drive some more efficiency.

因此，我們確實認為，隨著時間的推移，有機會提高效率。

So the margins are good today, but we know that over time, they will get better as things scale more and more, and I'll let Sara add anything to that, that she wants.

所以今天的利潤率很好，但我們知道，隨著時間的推移，隨著業務規模越來越大，利潤率會變得更好，我會讓薩拉添加她想要的任何東西。

Yeah.

是的。

Maybe the only thing else I would add is I think the Enclosures business has just delivered some underlying strong productivity and seeing some good operating leverage as well as better mix on some of these new products, new programs.

也許我唯一要補充的是，我認為機櫃業務剛剛提供了一些潛在的強大生產力，並看到了一些良好的營運槓桿以及其中一些新產品、新計劃的更好組合。

So even with some of these bringing the capacity online and these investments, we still expanded return on sales in the quarter.

因此，即使其中一些將產能上線並進行了這些投資，我們仍然擴大了本季的銷售回報。

So there's some strong underlying productivity there as well.

因此，那裡也有一些強大的潛在生產力。

Okay.

好的。

Good to hear.

很高興聽到。

And then, I guess, just circling back to the organic growth question and heading into next year.

然後，我想，回到有機成長問題並進入明年。

If I kind of pull out your acquisition contribution from this year and the comments that you've made around Data Solutions, it seems like the rest of the business isn't growing this year from an organic growth standpoint.

如果我提取您今年的收購貢獻以及您對數據解決方案所做的評論，從有機成長的角度來看，今年其他業務似乎沒有成長。

And so I'm curious, Beth, as you kind of think about 2025, are there areas that are kind of really depressed within your business where you could see an inflection that just spur organic growth?

所以我很好奇，Beth，當您考慮 2025 年時，您的業務中是否存在一些真正低迷的領域，您可以看到一些變化，從而刺激有機增長？

And then just a follow-on to that, are there any capacity constraints that you have to be able to meet demand if it were to inflect outside of Data Solutions, of course.

當然，接下來的問題是，如果需求在資料解決方案之外發生變化，您是否必須能夠滿足需求的任何容量限制。

Okay.

好的。

Well, I think one of the things we've said this year is that commercial resi has been soft.

嗯，我認為我們今年所說的一件事是商業儲備一直疲軟。

And so we do expect that to improve in 2025.

因此，我們確實預計這種情況將在 2025 年有所改善。

The second I would point out to is industrial.

我要指出的第二個是工業領域。

And so we've seen some strength in industrial and EFS, and we've seen some weakness in our Enclosures business.

因此，我們看到了工業和 EFS 業務的一些優勢，也看到了機櫃業務的一些弱點。

Some of that also has to do with CapEx investments, interest rates, but it also has to do with our distribution channel.

其中一些也與資本支出投資、利率有關，但也與我們的分銷管道有關。

Again, we think that improves going into next year.

同樣，我們認為明年情況會有所改善。

I would talk about power utilities where, again, we've strengthened the portfolio with that Trachte acquisition.

我想談談電力公用事業，我們再次透過收購 Trachte 加強了投資組合。

But earlier in the year, we certainly saw this level of inventory at end customers and the distribution channels but our ESS business and enclosures in Q3 saw nice growth in power utilities because we believe some of that inventory adjustments have taken place.

但在今年早些時候，我們確實在終端客戶和分銷管道看到了這種水平的庫存，但我們的ESS 業務和第三季度的機櫃在電力公用事業方面看到了良好的增長，因為我們相信一些庫存調整已經發生。

But looking at 2025, I think the some of the macro uncertainties even tied to elections gets behind us and the portfolio, we believe, is strengthened with the things that we've done with acquisitions and new products.

但展望 2025 年，我認為一些甚至與選舉有關的宏觀不確定性都已成為過去，我們相信，透過收購和新產品所做的事情，我們的投資組合得到了加強。

And so our view is positive as we go into -- and backlog support going into 2025 as a strong growth year.

因此，當我們進入 2025 年作為強勁增長年時，我們的觀點是積極的，並且積壓支持。

Okay, great.

好的，太好了。

Thank you.

謝謝。

Vladimir Bystricky with Citigroup.

花旗集團的弗拉基米爾·比斯特里奇。

Hey, good morning.

嘿，早安。

Thanks for taking my call.

感謝您接聽我的電話。

So maybe just following up on, on, on the growth question in, in another way.

所以也許只是以另一種方式跟進成長問題。

I mean, if you think about the, you, you had mid-single digit orders growth in three Q but 1% organic revenue and, and, and you're guiding one to three organic and Q4.

我的意思是，如果您考慮一下，您在三個季度的訂單增長為中個位數，但有機收入為 1％，並且您正在指導一到三個有機和第四季度。

So, I guess, can you talk about when we should see that higher level of orders growth more directly convert to revenue?

所以，我想，您能談談我們什麼時候應該看到更高水準的訂單成長更直接轉化為收入嗎？

Well, I think yes, correct.

嗯，我想是的，正確的。

We're guiding 1% to 3%.

我們的指導值為 1% 到 3%。

And I think we have a mix.

我認為我們有混合。

When we look at our orders of short cycle and some backlog we've spoken to that we see with, say, data solutions, but we believe as we get into 2025, because again, I think this quarter, see this macro uncertainty that has, again, distributors causing, for example, or managing inventory.

當我們查看短週期訂單和一些積壓訂單時，我們已經談到了數據解決方案，但我們相信，隨著我們進入 2025 年，因為我認為本季度再次看到這種宏觀不確定性再次，例如，分銷商造成或管理庫存。

And I think as we get into 2025, we start to see improvements in terms of how our growth layers in.

我認為，隨著進入 2025 年，我們開始看到我們的成長層次有所改善。

And maybe I would add just one point to 2024 here.

也許我只想在這裡為 2024 年添加一點。

I mean if you look at just kind of where we're at year-to-date and some of the context that we've given on Q4.

我的意思是，如果你看看我們今年迄今為止的情況以及我們在第四季度給出的一些背景。

If you look at Enclosures, I mean they're expected to be strong mid-single-digit growth this year, right?

如果你看一下外殼，我的意思是它們今年預計將實現強勁的中個位數成長，對嗎？

And infrastructure has been a big part of that and that's even with some of the underlying headwinds around industrial Europe, et cetera.

基礎設施一直是其中的重要組成部分，即使在工業歐洲等地區存在一些潛在的不利因素的情況下也是如此。

And then EFS, obviously, not as much.

然後 EFS 顯然沒有那麼多。

But again, in the start of the year, that's where we had some of the infrastructure, the utility channel inventory dynamics that we were working through and commercial resi headwinds.

但同樣，在今年年初，我們擁有一些基礎設施、我們正在解決的公用事業通路庫存動態以及商業稀土逆風。

And again, so as we flip next year, it's not far off, right, from enclosures being strong mixed single digits.

再說一遍，當我們明年翻轉時，距離實現強勁的混合個位數也不遠了，對吧。

And then it's the end market dynamics that Beth talked about in terms of turning on the EFS side.

然後是 Beth 在轉向 EFS 方面談到的終端市場動態。

Got it that's helpful, appreciate it.

明白了，很有幫助，感激不盡。

And then maybe just moving to track you for a minute and you mentioned it's off to a good start as it's coming into the portfolio double digit growth, which is great to hear.

然後也許只是跟踪您一分鐘，您提到它有了一個良好的開端，因為它正在進入投資組合兩位數的增長，這很高興聽到。

Can you just talk more about sort of the visibility that you have you know, within their backlog, how far, how far out does does their visibility extend?

您能否多談談您所知道的可見性，在他們的待辦事項中，他們的可見性延伸了多遠？

In some cases, we can see orders that we get like a year of visibility.

在某些情況下，我們可以看到我們獲得的訂單就像一年的可見性一樣。

Some are maybe shorter than that.

有些可能比那短。

But we do have a good backlog as we go into next year.

但進入明年，我們確實有大量積壓訂單。

And if you think about what we're doing there, these are control houses that are used support upgrade for an aging electrical infrastructure as well as with renewables and with data centers as well.

如果您考慮我們在那裡所做的事情，您會發現這些控制室用於支援老化電力基礎設施以及再生能源和資料中心的升級。

So we have some nicer visibility there and just see continued strong growth in our outlook.

因此，我們在那裡有一些更好的能見度，並看到我們的前景持續強勁增長。

Appreciate the color.

欣賞顏色。

Thanks.

謝謝。

Nicole DeBlase with Deutsche Bank.

德意志銀行的 Nicole DeBlase。

Yeah, thanks.

是的，謝謝。

Good morning.

早安.

Maybe just starting on orders and kind of dovetailing with the expectations for 2025 with respect to industrial and commercial and resi, have you guys seen any sign of improvement in order activity?

也許剛開始訂單，與 2025 年工業、商業和房地產方面的預期相吻合，你們有看到訂單活動有任何改善的跡象嗎？

Or is it more about rates coming down and some of the macro dynamics that gives you conviction that those parts of the businesses can turn positive?

或者更多的是利率下降和一些宏觀動態讓您相信這些業務部分可以轉正？

You know, it's would say things have been stable, how about I put it that way.

你知道，這代表事情已經穩定了，我這樣說怎麼樣？

But our view is that interest rates and this macro uncertainty and also just how distributors are managing through this year. that first, the fact that it's stable is good.

但我們的觀點是，利率和宏觀不確定性以及經銷商今年的管理方式。首先，它穩定這一事實是好的。

Utility has certainly improved.

實用性確實有提升。

I would make that comment.

我會發表這樣的評論。

But our view is that does get better in 2025.

但我們的觀點是，到 2025 年，情況確實會變得更好。

Okay.

好的。

That's helpful.

這很有幫助。

And then, I guess, maybe could you talk a little bit about what you're seeing holistically from a channel inventory perspective.

然後，我想，也許您可以從渠道庫存的角度談談您所看到的整體情況。

It seems like things are kind of going according to plan with less of those headwinds in the back half of the year.

事情似乎正在按計劃進行，下半年的不利因素會減少。

But I guess, how would you characterize inventory now??

但我想，你現在會如何描述庫存？

Thank you.

謝謝。

Well, I think I would start by saying through the distribution channel, we've actually seen positive sell-out and so the sell-in is a little bit weaker.

好吧，我想我首先要說的是，透過分銷管道，我們實際上已經看到了積極的銷售，因此銷售有點疲軟。

And so this is why we believe that they many of them have talked about managing their cash flow performance. and interest rates.

因此，這就是為什麼我們相信他們中的許多人都在談論管理現金流績效。和利率。

And so we think that it's -- that inventory level, they're just being very cautious.

所以我們認為庫存水準是他們非常謹慎的。

And so as we get into 2025 because they talk about end market demand still being good.

因此，當我們進入 2025 年時，因為他們談論終端市場需求仍然很好。

So we expect that will that situation will improve as we go into 2025.

因此，我們預計隨著 2025 年的到來，這種情況將會有所改善。

Thank you.

謝謝。

I'll pass it on.

我會把它傳遞下去。

Jeff Hammond with KeyBanc Capital Markets.

KeyBanc 資本市場的 Jeff Hammond。

Hey, good morning.

嘿，早安。

Good morning, Jeff.

早安，傑夫。

Hey, Just back to capital allocation.

嘿，回到資本配置。

I'm just wondering, you get you did $100 million buyback in the quarter, and I'm just wondering, I know the focus is organic and organic, but just how to think about any earmark for buyback around the thermal sale?

我只是想知道，你在本季度進行了 1 億美元的回購，我只是想知道，我知道重點是有機的和有機的，但如何考慮圍繞熱銷售的回購指定用途？

When we announced the sale, the intent for the sale, we did say our first priority always remains growth, both organic and inorganic, but there is the opportunity to do some buybacks.

當我們宣佈出售、出售意圖時，我們確實說過我們的首要任務始終是成長，無論是有機成長還是無機成長，但有機會進行一些回購。

And so we did that in Q3.

我們在第三季就這樣做了。

And I think as we go into next year, as I like to say, you never can control the timing of M&A.

我認為，正如我想說的，當我們進入明年時，你永遠無法控制併購的時機。

And certainly, if there was no M&A opportunity or the world changed, there's always opportunity to do some buybacks.

當然，如果沒有併購機會或世界發生了變化，總是有機會進行一些回購。

Okay.

好的。

And then utility I think that had been kind of a drag, and I think you called out high single-digit growth.

然後，我認為公用事業是一種拖累，我認為您指出了高個位數的成長。

Is that just a function of comps?

這只是比較的函數嗎？

Or are you actually seeing that business start to reaccelerate?

或者您真的看到業務開始重新加速嗎？

In our EFS business, this was a challenge for us in the first half of the year, and we talked about high we had really high growth in 2023.

在我們的 EFS 業務中，這對我們上半年來說是一個挑戰，我們談到了 2023 年我們的成長非常高。

We also had lead times that were extended and they've now come back in line.

我們也延長了交貨時間，現在他們已經恢復正常了。

So Q3 for us in our EFS business in that utility segment was very strong.

因此，第三季我們在公用事業領域的 EFS 業務非常強勁。

And so we believe that and we also see the backlog that we have in our Enclosures and Trachte business.

因此，我們相信這一點，我們也看到了我們的外殼和 Trachte 業務中的積壓情況。

And so we as we look into 2025, we think utility is going to be a key driver of our infrastructure growth.

因此，展望 2025 年，我們認為公用事業將成為基礎設施成長的關鍵驅動力。

Okay.

好的。

Great.

偉大的。

And then just last one, orders up mid-single digits.

然後就最後一項，訂單增加到中個位數。

I think you haven't really been calling out orders, so I'm assuming that's a reacceleration.

我認為你還沒有真正下達命令，所以我假設這是一次重新加速。

And I'm just wondering, is that largely data solutions?

我只是想知道，這主要是數據解決方案嗎？

Or is it more broad-based than that?

或者它的基礎比這更廣泛？

It's actually more broad-based.

它實際上基礎更廣泛。

And so we've seen strong orders and enclosures and it's a mix, but data solutions has been good.

因此，我們看到了強勁的訂單和圍觀，這是一個混合體，但數據解決方案一直很好。

And we've seen mid-single-digit orders in EFS as well.

我們在 EFS 中也看到了中等個位數的訂單。

Okay, thanks so much.

好的，非常感謝。

Brian Drab with William Blair.

布萊恩·德拉布和威廉·布萊爾。

Good morning.I was wondering if you could just I don't know if you're willing to do this or not give us a little more granularity on that $575 million because in the past, we've talked about the data solutions category and then within that power and cooling and then within that liquid cooling.

早安。在電力和冷卻中，然後在液體冷卻中。

And can you just comment on whether power and cooling is now maybe more than half of that $575 million?

您能否評論一下電力和製冷現在是否可能超過這 5.75 億美元的一半？

And then what I'm curious what power and cooling is growing at as well.

然後我很好奇電力和冷卻也在增長。

Yes, you're right.

是的，你說得對。

We've always said that cooling and power is about 50%.

我們一直說冷卻和電力大約佔50%。

So I would say it's a little more than 50%, but I also like to say some of our cable management business has been growing at that same rate because it's all part of the solution as we go forward.

所以我想說略高於 50%，但我也想說我們的一些電纜管理業務一直以同樣的速度成長，因為隨著我們的發展，這都是解決方案的一部分。

But certainly, with the growth rates around liquid cooling, we expect that's going to continue to increase as a percentage of that overall data solutions portfolio.

但當然，隨著液體冷卻的成長率，我們預計它在整個數據解決方案組合中所佔的百分比將繼續增加。

Okay.

好的。

And then is there any way you could give us an update on the expected timing of the thermal deal and it's like going to be a massive amount of cash that you'll have at that point and the interest rate that you expect at least I know you can't predict interest rates, but like the interest rate that you're getting on your cash.

那麼你有什麼辦法可以向我們提供有關熱力交易的預期時間的最新信息，這就像你屆時將擁有大量現金以及你期望的利率，至少我知道您無法預測利率，但可以預測您的現金利率。

So yes, when we announced the sale, we said that we expect the sale of the thermal management business to occur in early 2025 -- by early 2025.

所以，是的，當我們宣佈出售時，我們表示我們預計熱管理業務的出售將在 2025 年初進行——到 2025 年初。

And I'll let Sara comment on our cash.

我會讓薩拉評論一下我們的現金。

Yes.

是的。

I think you could think about it in the context of sort of a rate in that 4% to 5% range, depending upon what sits on the balance sheet and earns interest from a deposit standpoint or even looking at some of our prepayable term debt. and what we're paying on that, which is 6%.

我認為你可以在4% 到5% 範圍內的利率背景下考慮這個問題，這取決於資產負債表上的內容以及從存款的角度賺取利息，甚至看看我們的一些可提前償還的定期債務。我們為此支付的費用是 6%。

So if you look at kind of the blend of that, you can think about in that 4% to 5% range.

因此，如果您考慮其中的混合情況，您可以考慮在 4% 到 5% 的範圍內。

Right?

正確的？

Okay.

好的。

Thank you very much.

非常感謝。

David Silver with CL King.

大衛·西爾弗和 CL King。

Yeah.

是的。

Hi, good morning.

嗨，早安。

Good morning.

早安.

I just wanted to follow up maybe on your comments on the Trachte business serving as a new platform.

我只是想跟進您對 Trachte 業務作為新平台的評論。

I think you mentioned that a couple of times in your prepared remarks.

我想你在準備好的發言中多次提到這一點。

But you mentioned the business is off to a good start.

但你提到業務有一個好的開始。

My sense is that it touches on some different end markets, different customer base. when you did make the deal, I'm sure you had some longer-term plans.

我的感覺是它涉及一些不同的終端市場、不同的客戶群。當你確實達成交易時，我相信你已經有了一些長期計劃。

I mean, do those plans I mean, maybe if you could just add a little color on where the business might be heading in the next few years.

我的意思是，我的意思是，也許你可以為未來幾年業務的發展方向添加一些色彩。

But is this a business you want to scale up?

但這是您想要擴大規模的業務嗎？

Is this a business where the breadth adding breadth is more important?

這是一個更重要的業務嗎？

And then maybe since it is a new platform, is this something that's best managed within the enclosures, the larger enclosures group?

然後，也許因為它是一個新平台，所以這是在機櫃（更大的機櫃組）內最好管理的東西嗎？

Or are there some differences that maybe make you think down the road, it could form the basis for a new third segment?

或者是否有一些差異可能會讓您思考，它可以構成新的第三部分的基礎？

Anyway, just your thinking about?

無論如何，只是你的想法？

I know it's very early days, but strategically, what are some of your thoughts about the opportunities there?

我知道現在還為時過早，但從戰略上講，您對那裡的機會有何看法？

Well, as you know, and we published this, we have this M&A framework, and we always think of great products in high-growth verticals that we can invest in and scale.

嗯，正如你所知，我們發布了這個，我們有這個併購框架，我們總是想到我們可以投資和擴大規模的高成長垂直領域的偉大產品。

And so for us, as we thought about our Enclosures segment and how could we have a stronger position in utilities, we saw this as an offering that was growing with the dynamics of an aging infrastructure, data center build-out.

因此，對我們來說，當我們思考我們的機櫃細分市場以及我們如何在公用事業領域擁有更強大的地位時，我們認為這是一項隨著老化基礎設施和資料中心擴建的動態而增長的產品。

And effectively, and I'm being very simplistic here, it is a larger type in closure than what we were doing today.

實際上，我在這裡非常簡單化，它是比我們今天所做的更大的封閉類型。

And I also like to say that when you go in these control houses, you see more enclosures and you also see some of the other products that are in the invent portfolio.

我還想說，當您進入這些控制室時，您會看到更多的外殼，並且還會看到發明組合中的一些其他產品。

And so we saw this as an opportunity for us to extend what we do in Enclosures in a more scaled way that we felt that we could have synergies with the rest of the invent portfolio and allow us to expand our position in utilities, renewables and add to what we do in data centers.

因此，我們認為這是一個機會，讓我們能夠以更大規模的方式擴展我們在外殼領域的工作，我們認為我們可以與其他發明組合產生協同效應，並使我們能夠擴大我們在公用事業、可再生能源領域的地位，並增加我們在資料中心所做的事情。

And I think there's a lot of synergies within the Enclosures portfolio because you can think of how we purchase materials, et cetera, that at this point, we believe that it's a part of that segment, and we're going to continue to, as per our framework, invest in it and scale it to grow.

我認為外殼產品組合中有很多協同作用，因為你可以想到我們如何購買材料等等，在這一點上，我們相信它是該細分市場的一部分，我們將繼續這樣做，因為根據我們的框架，對其進行投資並擴大規模以實現成長。

Okay, great.

好的，太好了。

Thank you very much that that's it for me.

非常感謝你，對我來說就是這樣。

Appreciate it.

欣賞它。

Thank you.

謝謝。

Thank you.

謝謝。

And that does conclude the question and answer session.

問答環節到此結束。

I would like to return the conference back over to Beth Walz for any closing comments.

我想將會議交還給貝絲·沃爾茲（Beth Walz）以徵求結束意見。

Thank you for joining us today.

感謝您今天加入我們。

I'm very pleased with our performance in Q3.

我對我們第三季的表現非常滿意。

We will continue to focus on our customers, employees and shareholders by executing on our growth strategy and transforming our portfolio.

我們將繼續關注我們的客戶、員工和股東，執行我們的成長策略並轉變我們的投資組合。

I'm excited for our future.

我對我們的未來感到興奮。

Thanks again for joining us.

再次感謝您加入我們。

This concludes the call.

通話就此結束。

Thank you.

謝謝。

As mentioned, the conference has concluded.

如前所述，會議已經結束。

Thank you for attending today's presentation.

感謝您參加今天的演講。

You may now disconnect.

您現在可以斷開連線。