nVent Electric PLC (NVT) 2025 Q2 法說會逐字稿

Good day and welcome to the nVent second quarter 2025 earnings conference call. (Operator Instructions)

大家好，歡迎參加 nVent 2025 年第二季財報電話會議。（操作員指示）

Please note this event is being recorded. I would now like to turn the conference over to Tony Reiter, Vice President of Investor relations. Please go ahead.

請注意，此事件正在被記錄。現在，我想將會議交給投資者關係副總裁 Tony Reiter。請繼續。

Thank you and welcome to Int second quarter 2025 earnings call. On the call with me are Beth Wozniak, our chair and Chief Executive Officer, and Gary Corona, our Chief Financial Officer.

謝謝您，歡迎參加 2025 年第二季國際財報電話會議。與我一起通話的有我們的董事長兼執行長 Beth Wozniak 和我們的財務長 Gary Corona。

Today we'll provide details on our second quarter performance, and outlook for our 3rd quarter, and an update to our full year outlook. As a reminder, all results referenced throughout this presentation are on a continuing operation basis unless otherwise stated.

今天，我們將提供有關第二季業績的詳細資訊、第三季的展望以及全年展望的最新情況。提醒一下，除非另有說明，本簡報中引用的所有結果均以持續經營為基礎。

Before we begin, I 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 advances filings with the Security and exchange Commission.

在我們開始之前，我提醒您，任何有關公司預期財務結果的陳述都是前瞻性陳述，受未來風險和不確定性的影響。例如今天的新聞稿和向證券交易委員會提交的預付款文件中概述的風險。

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

前瞻性陳述截至今日為止，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 Avent's website. References to non-gap financials are reconciled in the appendix of the presentation.

今天的網路廣播附有演示文稿，您可以在 Avent 網站的投資者部分找到。對非缺口財務的引用已在簡報的附錄中進行了核對。

We have time for questions after a prepared remarks. With that, please turn to slide 3, and I will now turn the caller to that.

準備好的發言後，我們有時間回答問題。請翻到投影片 3，現在我將把發言者轉到該投影片。

Thank you, Tony, and good morning everyone. It's great to be with you today to share our outstanding second quarter results. Our portfolio transformation to become a more focused, higher growth electrical connection and protection company is delivering results and accelerating our growth.

謝謝你，托尼，大家早安。很高興今天能與大家分享我們第二季的優異業績。我們的投資組合轉型旨在成為更專注、更高成長的電氣連接和保護公司，這正在取得成果並加速我們的成長。

We delivered record results in the second quarter with both sales and adjusted EPS exceeding our guidance. We also had record orders and backlog in the quarter. Organic orders accelerated up over 20%, led by strong double digit growth in our data solutions business.

我們在第二季度取得了創紀錄的業績，銷售額和調整後的每股盈餘都超出了我們的預期。本季我們的訂單和積壓訂單也創下了紀錄。有機訂單成長超過 20%，這主要得益於數據解決方案業務的強勁兩位數成長。

In the rest of the business, organic orders grew high single digits. These orders coupled with our acquisitions have resulted in our backlog increasing more than fourfold what it was a year ago. In data centers, we are seeing strength across our portfolio and accelerating growth to support the AI buildout.

其餘業務方面，有機訂單實現了高個位數成長。這些訂單加上我們的收購導致我們的積壓訂單比一年前增加了四倍多。在資料中心，我們看到整個產品組合實力雄厚，並且正在加速成長以支援人工智慧的建立。

The racing and electrical products group acquisitions performed better than expected, further strengthening our position in the high growth infrastructure vertical, including power utilities, data centers, and renewables.

賽車和電氣產品集團的收購表現優於預期，進一步加強了我們在高成長基礎設施垂直領域的地位，包括電力公用事業、資料中心和再生能源。

Our teams are doing outstanding work, executing on our integration playbook and accelerating our growth synergies. Since closing the Troy and EPG acquisitions, we have identified new growth opportunities and are making investments to deliver on this increasing backlog and higher growth outlook.

我們的團隊正在出色地完成工作，執行我們的整合策略並加速我們的成長協同效應。自從完成 Troy 和 EPG 收購以來，我們發現了新的成長機會，並正在進行投資以實現不斷增加的積壓訂單和更高的成長前景。

Our balance sheet is strong, and our first priority for capital allocation remains the same, invest and growth. Now on to slide 4 for a summary of our second quarter performance.

我們的資產負債表強勁，我們的資本配置首要任務保持不變，即投資和成長。現在請看投影片 4，它是我們第二季業績的總結。

Sales were up 30% and 9% organically led by the infrastructure vertical. New products contributed over 3 points to sales growth, and we launched 50 new products in the first half. Adjusted operating income grew 18% year over year, with return on sales of nearly 21%.

銷售額成長 30%，其中基礎設施垂直業務有機成長 9%。新產品對銷售成長貢獻率超過3個百分點，上半年推出新產品50款。調整後的營業收入年增18%，銷售報酬率接近21%。

Adjusted EPS grew 28%. Looking at our key verticals, infrastructure led the way with organic sales of over 20%, with strength in both data centers and power utilities. Commercial resi sales were up mid single digits, industrial sales were down slightly, and energy was down mid single digits.

調整後的每股收益成長了28%。從我們的主要垂直領域來看，基礎設施處於領先地位，有機銷售額超過 20%，資料中心和電力公用事業領域均表現強勁。商業住宅銷售額上漲了中等個位數，工業銷售額略有下降，能源銷售額下降了中等個位數。

Turning to organic sales by geography, all key geographic regions grew. America's grew 9% while Europe was up 10%, and Asia Pacific was up low single digits.

從各地區有機銷售額來看，所有主要地理區域均實現成長。美國成長了 9%，歐洲成長了 10%，亞太地區則成長了個位數。

Looking ahead, we continue to expect infrastructure to have strong sales growth across both data centers and power utilities. We expect industrial sales to grow low to mid single digits and commercial resi to be flattish for the year. The tariff environment remains very dynamic. However, we continue to closely monitor the situation and remain agile, executing on our playbook.

展望未來，我們繼續預期基礎設施在資料中心和電力公用事業方面的銷售將實現強勁成長。我們預計今年工業銷售額將成長低至個位數，商業銷售額將持平。關稅環境依然非常活躍。然而，我們將繼續密切關注局勢，保持靈活，並按照我們的計劃執行。

We are prioritizing our key growth initiatives, which includes new products, high growth verticals, and acquisitions. For guidance, we are raising our full year sales and adjusted EPS guidance to reflect our terrific second quarter results and stronger performance in data centers and power utilities.

我們正在優先考慮我們的關鍵成長計劃，其中包括新產品、高成長垂直產業和收購。作為指導，我們提高了全年銷售額和調整後每股收益預期，以反映我們第二季度的出色業績以及數據中心和電力公用事業的更強勁表現。

Our organic growth and recent acquisitions are expected to more than offset the EPS impact from the thermal management business we divested in the first quarter.

我們的有機成長和最近的收購預計將抵消我們在第一季剝離的熱管理業務對每股收益的影響。

Overall, I'm proud of the many accomplishments by our event team and how we continue to perform and deliver impressive results. We are on track for a strong year. I will now turn the call over to Gary for further details on our second quarter results and our updated outlook for 2025. Gary, please go ahead.

總的來說，我為我們的活動團隊所取得的諸多成就以及我們如何繼續表現並取得令人印象深刻的成果感到自豪。我們有望迎來強勁的一年。現在，我將把電話轉給加里，以了解有關我們第二季度業績和 2025 年最新展望的更多詳細資訊。加里，請繼續。

Thank you, Beth. We had an excellent second quarter exceeding guidance with record sales and adjusted EPS. Let's turn to slide 5 to review our results. Sales of $963 million were up 30% relative to last year. Organically sales grew 9%, driven by both volume and price.

謝謝你，貝絲。我們第二季表現優異，銷售額和調整後每股盈餘均創歷史新高，超乎預期。讓我們翻到投影片 5 來回顧我們的結果。銷售額達 9.63 億美元，較去年同期成長 30%。在銷量和價格的推動下，有機銷售額成長了 9%。

Acquisitions added $153 million to sales or 21 points to growth ahead of our guidance. Foreign exchange was roughly a 1 point tail end. Second quarter segment income was $200 million up 18%. Return on sales came in at 20.8%, better than expected. Inflation was more than $35 million including approximately $15 million in tariff impact.

收購使銷售額增加了 1.53 億美元，比我們的預期高出 21 個百分點。外匯大約尾端下跌 1 點。第二季分部營收為 2 億美元，成長 18%。銷售回報率達20.8%，優於預期。通貨膨脹率超過 3500 萬美元，其中包括約 1500 萬美元的關稅影響。

Price plus productivity partially offset inflation, and we also continue to make investments for growth. Particularly in our data solutions business and our recent acquisitions. Q2 adjusted EPS with $0.86, up 28% above the high end of our guidance range. We generated robust free cash flow of $74 million.

價格加上生產力部分抵消了通貨膨脹，而且我們繼續為成長進行投資。特別是在我們的數據解決方案業務和最近的收購中。第二季調整後每股收益為 0.86 美元，比我們的指導範圍高端高出 28%。我們產生了 7,400 萬美元的強勁自由現金流。

Now, please turn to page 6 for a discussion of our second quarter segment performance. Starting the system's protection, sales of $632 million increased 43%. The Tray and EPG acquisitions contributed 32 points to sales and have performed well.

現在，請翻到第 6 頁，了解我們第二季各部門的表現。啟動該系統的保護後，銷售額成長了 43%，達到 6.32 億美元。Tray 和 EPG 的收購為銷售額貢獻了 32 個百分點，表現良好。

With sales up strong double digits versus a year ago, and both have robust backlogs. Organically sales grew 10% on top of a strong quarter a year ago. Infrastructure grew roughly 30% with continued strength in data centers. Commercial resi grew mid-teens and industrial was down low single digits.

與去年同期相比，銷售額強勁增長了兩位數，並且兩家公司都擁有大量積壓訂單。在去年同期強勁成長的基礎上，有機銷售額又成長了 10%。隨著資料中心的持續強勁發展，基礎設施成長了約 30%。商業地產成長率達到十幾歲，而工業地產成長率則下降了個位數。

All geographies grew, led by the Americas and Europe, each up low double digits. Asia Pacific grew low single digits. Second quarter segment income was $137 million up 32%.

所有地區均實現成長，其中美洲和歐洲領銜，增幅均達到兩位數。亞太地區成長率較低（個位數）。第二季分部營收為 1.37 億美元，成長 32%。

Return on sales of 21.7% decreased 180 basis points year over year, impacted by inflation, acquisitions, and growth investments. Moving to electrical connections, sales of $331 million increased 11%.

受通貨膨脹、收購和成長投資的影響，銷售回報率為 21.7%，年減 180 個基點。電氣連接業務的銷售額成長了 11%，達到 3.31 億美元。

Organic sales were up 7%, reflecting strong volume. The EPG acquisition contributed 4 points to sales. From a vertical perspective, infrastructure led, growing high 10s, industrial grew low 10s, and commercial resi was up low single digits in a quarter.

有機銷售額成長 7%，反映出強勁的銷量。EPG 的收購為銷售額貢獻了 4 個百分點。從垂直角度來看，基礎建設處於領先地位，成長率達到 10% 以上，工業成長 10% 以下，商業房地產在一個季度內成長了 10% 以下。

All geographies grew, led by the Americas and Asia Pacific each at a high single digits. Europe grew low single digits. Segment income was $95 million up 3% year over year. Return on sales was 28.7%, down 220 basis points, mainly due to inflation and acquisitions.

所有地區均實現成長，其中美洲和亞太地區均以較高的個位數成長。歐洲的成長率僅為個位數。分部營收為 9,500 萬美元，較去年同期成長 3%。銷售回報率為 28.7%，下降 220 個基點，主要原因是通貨膨脹和收購。

That wraps up the segments for the court. Turning to the balance sheet and cash flow on slide 7. We ended the quarter with $126 million of cash on hand and $400 million available on our revolver. We also generated $74 million in free cash flow in the quarter.

法庭部分到此結束。前往投影片 7 上的資產負債表和現金流量表。本季結束時，我們手頭上有 1.26 億美元現金，還有 4 億美元可用循環信貸。本季我們也產生了 7,400 萬美元的自由現金流。

Also, we refinanced and extended our credit facility. We believe our healthy balance sheet and strong liquidity position support our disciplined capital allocation strategy. Turning to page 8, where we outline our capital allocation priorities.

此外，我們還進行了再融資並擴大了信貸額度。我們相信，我們健康的資產負債表和強大的流動性狀況支持我們嚴謹的資本配置策略。翻到第 8 頁，我們概述了我們的資本配置優先事項。

We continue to prioritize growth and execute a balanced and disciplined approach to capital allocation to deliver great returns. We are investing in the business via R&D and CapEx for growth and supply chain resiliency.

我們繼續優先考慮成長，並執行平衡且嚴謹的資本配置方法，以實現豐厚的回報。我們正在透過研發和資本支出來投資業務，以實現成長和供應鏈彈性。

We returned $319 million to shareholders in the first half of the year. That includes more than $250 million in share repurchases at a great value. Resulting in a lower share count. And we returned $66 million via dividends so far this year.

我們上半年向股東返還了3.19億美元。其中包括價值超過 2.5 億美元的股票回購。導致股份數量減少。今年迄今為止，我們透過股息返還了 6,600 萬美元。

We exited the quarter within our targeted leverage range. We believe we are well positioned and have additional capacity for future capital deployment with our first priority being to invest in growth. Moving to 59 As Beth shared earlier, we are raising our full year sales and adjusted ETS guidance to reflect our strong Q2 results and increased growth expectations in data centers and power utilities.

我們在本季結束時處於目標槓桿範圍內。我們相信，我們已做好準備，並擁有未來資本部署的額外能力，我們的首要任務是投資成長。移至 59 正如 Beth 之前分享的那樣，我們正在提高全年銷售額和調整後的 ETS 指導，以反映我們強勁的第二季度業績以及數據中心和電力公用事業的增長預期。

We now forecast reported sales growth of 24% to 26%. This includes expected higher organic growth and approximately 15 points from acquisitions, with foreign exchange now approximately a 1 point tail end.

我們現在預測報告的銷售額成長率為 24% 至 26%。其中包括預期更高的有機成長和來自收購的約 15 個點，而外匯目前約為 1 個點的尾端。

For organic sales growth, we now expect to grow 8% to 10% versus our previous guidance of 5% to 7%. Reflecting our Q2B along with increasing visibility and strength in data centers and power utilities. We are raising our full year adjusted EPS range to $3.22 to $3.30 up 29% to 33%. Versus our previous guidance of $3.03 to $3.13.

對於有機銷售額成長，我們現在預計將成長 8% 至 10%，而先前的預期為 5% 至 7%。反映了我們的 Q2B 以及資料中心和電力設施的知名度和實力的提高。我們將全年調整後每股盈餘範圍上調至 3.22 美元至 3.30 美元，漲幅為 29% 至 33%。與我們之前的指導價 3.03 美元至 3.13 美元相比。

This new guidance reflects the expected tariff impacts of approximately $90 million versus $120 million previously. We expect to offset the impacts through pricing, supply chain productivity, and operational mitigating actions.

這項新指南反映的預期關稅影響約為 9,000 萬美元，而先前為 1.2 億美元。我們希望透過定價、供應鏈生產力和營運緩解措施來抵消影響。

For free cash flow, we now expect conversion in the range of 90% to 95%. A few modeling assumptions to note. First, we are raising our CapEx forecast to approximately $110 million versus $100 million previously. The additional cap is for increased capacity of our data solutions business and for our recent acquisitions.

對於自由現金流，我們現在預計轉換率在 90% 到 95% 之間。需要注意一些建模假設。首先，我們將資本支出預測從先前的 1 億美元提高至約 1.1 億美元。額外的上限是為了增加我們的數據解決方案業務的容量以及我們最近的收購。

Also, corporate costs are now expected to be approximately $110 million versus $100 million previously. Looking at our third quarter outlook on slide 10, we forecast reported sales to grow 27% to 29%, with acquisitions contributing approximately 15 points to sales, and foreign exchange is now a 1 point retailer.

此外，預計公司成本現在約為 1.1 億美元，而之前為 1 億美元。查看投影片 10 上的第三季展望，我們預測報告銷售額將成長 27% 至 29%，其中收購為銷售額貢獻約 15 個百分點，而外匯現在是 1 個百分點的零售商。

Organic sales growth is expected to be up 11% to 13%. Price increases coupled with productivity are expected to offset inflation, including the tariff impact in Q3.

預計有機銷售額成長率將達到 11% 至 13%。預計價格上漲加上生產力提高將抵消通貨膨脹，包括第三季的關稅影響。

We expect adjusted EPS to be between $86 and $0.88, which at the midpoint reflects a 38% increase relative to last year. Wrapping up, we are pleased with our excellent second quarter performance. We delivered record sales and adjusted EPS and are well positioned for a strong second half.

我們預計調整後的每股盈餘將在 86 美元至 0.88 美元之間，中間值較去年同期成長 38%。總而言之，我們對第二季的出色表現感到滿意。我們實現了創紀錄的銷售額和調整後的每股收益，為下半年的強勁表現做好了準備。

I will now turn the call back over to Beth.

現在我將把電話轉回給貝絲。

Thank you, Gary. Please turn to slide 11. Last quarter, we shared the slide with you to show the actions we have taken to transform our portfolio since then to become a more focused, higher growth electrical connection and protection company.

謝謝你，加里。請翻到第 11 張投影片。上個季度，我們與您分享了幻燈片，展示了我們自那時以來為轉變產品組合而採取的行動，以成為一家更專注、增長更快的電氣連接和保護公司。

In the last year, we divested the thermal management business and acquired racy and EPG, reshaping our portfolio and increasing our exposure to the high growth infrastructure vertical. In addition, we've been investing in our data solutions business, which is growing and accelerating with the AI buildup.

去年，我們剝離了熱管理業務並收購了 racy 和 EPG，重塑了我們的投資組合併增加了我們在高成長基礎設施垂直領域的投資。此外，我們一直在投資我們的數據解決方案業務，該業務隨著人工智慧的建設而成長和加速。

The infrastructure vertical, which was our smallest vertical spin, is now the largest. We believe it has the highest growth with the trends of electrification, sustainability, and digitalization. This year, the infrastructure vertical is expected to be over 40% of our sales with data centers and power utilities, each approximately 20% of sales.

基礎設施垂直領域曾經是我們最小的垂直旋轉，但現在卻是最大的。我們相信，隨著電氣化、永續性和數位化趨勢的發展，它將擁有最高的成長。今年，基礎設施垂直領域預計將占我們銷售額的 40% 以上，其中資料中心和電力公用事業領域各佔約 20%。

Our portfolio is now a balance between short cycle and long cycle business with a growing backlog. We believe we are better positioned for growth and value creation as a result. Turning to slide 12, I would like to give an update on our position in data centers and talk about both the white space and gray space opportunities.

我們的投資組合目前在短週期業務和長週期業務之間取得了平衡，積壓訂單不斷增加。我們相信，我們因此將更有能力實現成長和創造價值。翻到第 12 張投影片，我想介紹我們在資料中心的現狀，並談談白色空間和灰色空間的機會。

The AI buildout is driving demand for innovative power and cooling solutions in the white space of the data center. As we have discussed previously, liquid cooling is essential for the new chips for AI. We believe liquid cooling is growing 3 times faster than legacy cooling.

人工智慧的建設正在推動對資料中心空白區域創新電源和冷卻解決方案的需求。正如我們之前討論過的，液體冷卻對於新的人工智慧晶片至關重要。我們相信液體冷卻的成長速度是傳統冷卻的三倍。

We have talked a lot about cooling distribution units and liquid to air solutions like rear door heat exchangers. We are also seeing growth with our expertise in the overall technology cooling system, including coolant distribution manifolds.

我們已經討論了很多有關冷卻分配裝置和液體到空氣解決方案（如後門熱交換器）的內容。我們在整體技術冷卻系統（包括冷卻劑分配歧管）方面的專業知識也在不斷增長。

With the increasing CapEx investments in the buildout of AI data centers, we are seeing growth across our entire portfolio from power distribution units to our cable management offerings, including wire basket trays. In addition, we are seeing a trend towards modular data centers using large outdoor enclosures to house all the IT hardware, including cooling.

隨著人工智慧資料中心建設的資本支出不斷增加，我們看到從配電裝置到電纜管理產品（包括金屬絲籃托盤）的整個產品組合都在成長。此外，我們看到模組化資料中心的趨勢是使用大型室外機櫃來容納所有 IT 硬件，包括冷卻設備。

With our tracking an EPG portfolio, we offer a range of enclosures and integration capabilities for these modular data centers. We believe we are well positioned to win. We have partnerships with chip manufacturers and data center players from hyper scalers to enterprise to multi-tenant customers, our strong technical expertise, coupled with innovative designs and the ability to manufacture at scale, our strengths.

透過追蹤 EPG 產品組合，我們為這些模組化資料中心提供了一系列外殼和整合功能。我們相信我們有能力取得勝利。我們與晶片製造商和資料中心參與者建立了合作夥伴關係，從超大規模企業到企業再到多租戶客戶，我們的優勢在於強大的技術專長，加上創新的設計和大規模製造的能力。

This is leading to record new orders, increasing backlog, and accelerated revenue growth. To expand further, we expect to launch a whole new range of cooling solutions later this year.

這將帶來創紀錄的新訂單、增加積壓訂單以及加速收入成長。為了進一步擴展，我們預計將在今年稍後推出一系列全新的冷卻解決方案。

Please turn to slide 13. With the buildout of AI infrastructure, we also see strong demand in the gray space of data centers. We have a focused sales initiative to sell our core portfolio in the gray space from power connections, cable management, grounding to enclosures and cooling.

請翻到第 13 張投影片。隨著人工智慧基礎設施的建設，我們也看到資料中心灰色空間的強勁需求。我們有一個集中的銷售計劃，在灰色空間銷售我們的核心產品組合，從電源連接、電纜管理、接地到外殼和冷卻。

A trend we are seeing is customers want to expand the white space within a data center to maximize the IT footprint. In order to accomplish this, customers are moving the gray space, which contains power and other equipment to outside of the building. This is accelerating the need for outdoor enclosures which we provide from our Troy and EPG acquisitions.

我們看到的一個趨勢是，客戶希望擴大資料中心內的空白空間，以最大限度地擴大 IT 覆蓋範圍。為了實現這一目標，客戶正在將包含電源和其他設備的灰色空間移至建築物外部。這加速了我們透過收購 Troy 和 EPG 提供的戶外圍籬的需求。

This enables us to provide integrated solutions and pull through our core invent product offerings. With our focus on the gray space, we are seeing record orders and backlog. Leading to accelerating revenue growth in the gray space.

這使我們能夠提供整合解決方案並推動我們的核心發明產品。由於我們關注灰色空間，我們看到了創紀錄的訂單和積壓。導致灰色空間收入成長加速。

Wrapping up on slide 14, we had record performance in the second quarter, including strong double-digit growth in orders, sales, and adjusted EPS. Our backlog has never been larger.

總結第 14 張投影片，我們在第二季取得了創紀錄的業績，包括訂單、銷售額和調整後每股盈餘的強勁兩位數成長。我們的積壓工作從未如此多。

Our portfolio transformation is on track delivering accelerated growth, and we expect another year of significant growth and value creation. I am proud of our invent team that is working tirelessly on growth, delivering for our customers and our shareholders. We believe we are well positioned with the electrification, sustainability, and digitalization trends. Our future is bright.

我們的投資組合轉型正在順利推進，並正在加速成長，我們預計未來一年將實現顯著成長和價值創造。我為我們的發明團隊感到自豪，他們孜孜不倦地致力於發展，為我們的客戶和股東提供服務。我們相信，我們在電氣化、永續性和數位化趨勢方面處於有利地位。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開始問答環節。

(Operator Instructions)

（操作員指示）

Deane Dray, RBC Capital Markets.

加拿大皇家銀行資本市場 (RBC Capital Markets) 的 Deane Dray。

Good morning, you guys hear me okay?

早安，你們聽到我說話了嗎？

We can. Morning Dean. Dean.

我們可以。早上好，院長。院長。

Okay, good. All right, maybe I'll start with the disclosure today that backlogs up more than 4 times year over year and you know noting that you've also invested to increase capacity recently by also 4 times. Can you talk about the timing of converting this backlog, and just kind of what's the duration of the backlog, as it stands today.

好的，很好。好的，也許我今天要從披露的資訊開始，積壓訂單同比增長了 4 倍多，而且您知道，您最近還投資將產能提高了 4 倍。您能否談談轉換這些積壓訂單的時間，以及目前積壓訂單的持續時間是多長。

Yeah, thanks for the question, Dean. When we look at our backlog, it's really up because of a couple of different reasons. One is the growth that we're seeing in our data center solutions business. And so yes, we have increased our capacity there, and we see orders and backlog taking us through into 2026 and visibility beyond.

是的，謝謝你的提問，Dean。當我們查看積壓訂單時，我們發現由於幾個不同的原因積壓訂單確實增加了。一是我們看到資料中心解決方案業務的成長。是的，我們已經增加了那裡的產能，我們看到訂單和積壓訂單將使我們持續到 2026 年甚至更遠。

The second is we've been growing our backlog in our trackty business and that is both in our utilities and data centers and as you know EPG just came into the portfolio and so that is backlog that we didn't have a year ago. But as we look at across all three of those areas, the two acquisitions and our data solutions business, we're seeing orders and backlog through 2026 and a little beyond.

第二，我們的軌道業務積壓訂單一直在增加，包括公用事業和資料中心，如你所知，EPG 剛剛進入我們的投資組合，所以這是我們一年前沒有的積壓訂單。但當我們縱觀這三個領域、兩次收購以及我們的數據解決方案業務時，我們看到訂單和積壓訂單將持續到 2026 年甚至更久。

That's great to hear. And then just a second question, I know you can't name names, but just can you help us and give us a perspective from when we read in the news that a large hyper scaler is launching their own custom liquid cooling platform.

聽到這個消息真是太好了。然後還有第二個問題，我知道您不能點名，但是您能否幫助我們，並從我們在新聞中讀到的大型超大規模企業正在推出他們自己的定制液體冷卻平台的角度給我們提供一個看法。

It raises concerns about this intermediation and Barriers to entry and so forth and liquid cooling, but it's our understanding that a key part of your business model is to help these types of customers develop these custom systems and that again that's an important part of your model. We just don't know what percent that is of your business, but it's just any help in how we should interpret this trend would would be.

這引起了人們對這種中介、進入障礙等以及液體冷卻的擔憂，但據我們了解，您的商業模式的關鍵部分是幫助這些類型的客戶開發這些客製化系統，而這也是您模式的重要組成部分。我們只是不知道這佔您業務的百分之多少，但它只是對我們如何解釋這一趨勢有所幫助。

Appreciated.

非常感謝。

As Dean, we can't comment on any of those specific relationships, but I will say this we partner with many of the hyper scales in some cases providing complete system solutions around liquid cooling, or often we partner to provide a specific product could be a CDU, could be a manifold, and so we typically are working on a part of the solution with these hyper scales.

作為院長，我們無法對任何特定的關係發表評論，但我要說的是，我們與許多超大規模企業合作，在某些情況下提供圍繞液體冷卻的完整系統解決方案，或者我們經常合作提供特定產品，可能是 CDU，可能是歧管，因此我們通常與這些超大規模企業合作開發解決方案的一部分。

And not all of them, or many of them, I would say, don't want to necessarily manufacture those solutions either. So those partnerships are really key as we go forward and what we're saying is just, we're expanding our solutions. I mentioned some new products coming out. We're expanding our engagement with various customers globally, and so we just see continued runway in the development of liquid cooling solutions.

我想說，不是所有人，或是很多人，都不想製造這些解決方案。因此，這些合作夥伴關係對於我們前進至關重要，而我們所說的只是，我們正在擴展我們的解決方案。我提到了一些即將推出的新產品。我們正在擴大與全球各個客戶的合作，因此我們看到液體冷卻解決方案的開發持續發展。

That's all great to hear. Congrats on all the growth.

聽到這些真是太好了。恭喜你取得所有成長。

Nigel Coe, Wolf Research.

奈傑爾·科（Nigel Coe），沃爾夫研究公司。

Thanks, good morning and great quarter, really quite amazing. Seems like Sarah's doing a good job of protection. So the, I'm not going to ask a question the solutions, which might be a little bit surprising. I think one of the most surprising, aspects of the performance was the commercial resi performance in systems of protection.

謝謝，早安，這個季度過得很棒，真的非常棒。看來莎拉的保護工作做得很好。所以，我不會問解決方案的問題，這可能會有點令人驚訝。我認為最令人驚訝的表現之一是商業房地產在保護系統中的表現。

I think you called out mid-teens growth, Beth, and I think the full year you're still expecting it to be pretty flat. I think it was with the guides just just curious, what you're seeing. In those in those markets and was there anything unusual in terms of the channel that happened this quarter? I know that's not the full story here, but just curious there.

貝絲，我認為您提到了十幾歲的增長，但我認為您仍然預計全年的增長會相當平穩。我認為導遊只是好奇，想知道你看到了什麼。在這些市場中，本季通路方面有什麼異常情況發生嗎？我知道這不是故事的全部，但只是好奇。

Yeah, when we look at our systems protection business and the enclosures that are going into that commercial resi segment, sometimes nothing unusual occurring in the porter through our distribution channels. I'd say that, our sellout there is positive and sell in positive.

是的，當我們審視我們的系統保護業務和進入商業住宅領域的外殼時，有時透過我們的分銷管道在搬運工身上不會出現任何異常情況。我想說的是，我們在那裡的銷售情況是正面的，銷售量也是正面的。

I would say that in commercial resi we're just seeing some build out and sometimes our enclosures end up commercial type enclosures end up in data centers and sometimes they end up in other types of building applications, it's we don't always. To see that full visibility, as through our channel, but I would just say we're just seeing some healthy performance there. But again, we're very, cautious on that overall commercial resi industry, and so that's why we're saying we expect it to be flattish for the year.

我想說的是，在商業住宅中，我們只是看到一些擴建，有時我們的機櫃最終會成為商業類型的機櫃，最終進入資料中心，有時它們最終會進入其他類型的建築應用，但並不總是如此。透過我們的管道看到完整的可見性，但我只想說我們在那裡看到了一些健康的表現。但是，我們對整個商業住宅行業非常謹慎，因此我們預計今年該行業將保持穩定。

And I'm guessing that, if we do see these mega projects on the shift through in 206, 207, that would land within your commercial resi business I'm assuming, but the racy business just seems to be, on fire. I think that came in, with a projection of $250 million in 2024. I'd be curious, in dollar terms where you're expecting Tracy to be. In '25 and and what sort of backlog have we built, have you built in to attract you right now?

而且我猜測，如果我們確實看到這些大型項目在 206、207 年順利實施，那麼我認為這將會影響到您的商業住宅業務，但這個熱門業務似乎正火熱進行中。我認為這個數字是 2024 年預計的 2.5 億美元。我很好奇，以美元計算，您預計 Tracy 會在哪裡。在 '25 年，我們建立了什麼樣的積壓，您是否已經建立了以吸引您？

Well, our tracking business is growing at double digits, and I think nicely ahead of our expectations, and we're seeing a couple of things. One is we're seeing both growth from utilities as well as data centers, and I mentioned the gray space and one of the great synergistic opportunities that we had as well is that.

嗯，我們的追蹤業務正在以兩位數的速度成長，我認為這遠遠超出了我們的預期，而且我們看到了一些事情。一是我們看到公用事業和資料中心都在成長，我提到了灰色空間，這也是我們所擁有的一大協同機會。

Our relationships with data center customers and OEMs partnering with the capabilities that we had in Tray, we've seen some new orders to provide enclosures for grace-based opportunities. So it's orders are strong, healthy backlog, growth synergies, and that's part of why we raised our guidance.

我們與資料中心客戶和 OEM 建立的關係，加上我們在 Tray 方面的能力，我們已經看到了一些新訂單，為基於寬限期的機會提供外殼。因此，它的訂單強勁，積壓訂單健康，成長綜效強，這也是我們提高預期的原因之一。

Julian Mitchell, Barclays.

巴克萊銀行的朱利安·米切爾。

Hi, good morning. Maybe, just to start with a question on the top line, so the backlog you'd said was around or just under $750 million at the beginning of the year, wondered if you could give any sense at all of where it stands at the end of June. And when we think about that backlog, conversion into sales.

嗨，早安。也許，首先要問一個關於頂線的問題，您說年初的積壓訂單大約在 7.5 億美元左右，想知道您是否可以說明一下 6 月底的積壓訂單情況。當我們考慮積壓訂單時，就會將其轉換為銷售額。

For the second half, should we be expecting the system's protection to grow organically, far above, electrical?

對於下半年，我們是否應該期待系統保護的有機成長遠遠超過電力成長？

Yes, when we look at the backlog at the start of the year, it has grown, and some of that is all, orders that we're winning in our new acquisitions, it's data solutions, liquid cooling, and of course the backlog increased this quarter because of. ALEPG joining the business and so we acquired that backlog, but it is growing very nicely and yes, a lot of that backlog is in our systems protection business, so we will see that grow ahead of our electrical connection segment.

是的，當我們查看年初的積壓訂單時，它已經增長了，其中一些是我們在新收購中獲得的訂單，它是數據解決方案，液體冷卻，當然本季度積壓訂單增加是因為。ALEPG 加入了該業務，因此我們獲得了該積壓訂單，但它增長得非常好，是的，許多積壓訂單都在我們的系統保護業務中，因此我們將看到它的增長領先於我們的電氣連接部門。

And Julie, the, EC business will grow nicely. They had a great quarter in Q2, and we expect it to grow, in a healthy way in the second half. And the visibility into that backlog is one of the strong reasons that we were able to take up our guidance into the double digit territory for organic growth in the second half.

朱莉，EC 業務將會順利發展。他們在第二季度表現非常出色，我們預計下半年將以健康的方式成長。對積壓訂單的了解是我們能夠將下半年有機成長預期提高到兩位數的重要原因之一。

That's helpful, thank you. And then just on the operating margin front, so I think it's, it looks like it's maybe sort of mid-teens incremental margins being dialed in for the year at the sort of guide midpoint and maybe a touch higher than that in the second half.

這很有幫助，謝謝。然後就營業利潤率而言，我認為，看起來今年的增量利潤率可能在指導中點達到十幾歲左右，下半年可能會略高一些。

Realize you have that sort of 30%ish medium term goal from the investor day a couple of years ago. So maybe you could flesh out some of the puts and takes affecting the incrementals this year, and should we see entering next year, or for next year, an incremental margin more akin to the medium term aspiration.

意識到幾年前投資人日時你就有 30% 左右的中期目標。因此，也許您可以充實一些影響今年增量的利弊，我們是否應該看到進入明年或明年的增量利潤更類似於中期願望。

Yeah, thanks. Thanks, Julian, and I'll start by saying certainly, we're focused on delivering fiscal year '25 and we're not going to talk about 26 on this call.

是的，謝謝。謝謝，朱利安，首先我要說的是，我們專注於實現 25 財年的業績，我們不會在這次電話會議上談論 26 財年。

But I think you're in the zone from an incremental perspective. And what I will say from margins, we did exceed our Margin expectation in the quarter. We shared we were going to be down in the quarter as we got our price/cost tightened up and you see that in our guide as we think about the as we think about the back half as we get our price and productivity to offset the tariff-driven inflation.

但我認為從漸進的角度來看你已經進入狀態了。從利潤率來看，我想說的是，本季我們的利潤率確實超出了預期。我們分享了我們本季的業績將會下降，因為我們的價格/成本收緊了，你可以在我們的指南中看到這一點，因為我們考慮下半年，我們會透過價格和生產力來抵消關稅驅動的通貨膨脹。

So we're pleased with the direction of travel on margins, and we expect to exit the year with margin growth excluding EPG to be up as we exit the year. And, look, we didn't, we didn't expect to be offsetting tariffs in this year. I think the team's done a great job to do that and to exit with the business model on a healthy place in in in the back half of the year we're feeling good about the shape of the P&L.

因此，我們對利潤率的發展方向感到滿意，我們預計，不包括 EPG 的利潤率成長率將在年底上升。而且，你看，我們沒有，我們沒想到今年會抵銷關稅。我認為團隊在這方面做得很好，並且在下半年以健康的狀態退出了商業模式，我們對損益表的狀況感到滿意。

And on just that point, Gary, on the investments, you called those out particularly first quarter and I think Q2, and it's understandable given the extent of the volume growth you're seeing in the back half. The investments sort of continuing to ramp up anything unusual with the phasing of those.

加里，就這一點而言，關於投資，您特別提到了第一季度，我認為第二季度也是如此，考慮到您在下半年看到的交易量增長幅度，這是可以理解的。隨著投資的逐步實施，任何不尋常的事情都會繼續增加。

No, the investments will continue to ramp as we support this, acceleration in growth, and we expect that that to continue. You see that both from an OpEx perspective as well as the CapEx increase that we included in the guide to support additional capacity both for our data solutions business as well as our recent acquisitions to support the growth.

不，隨著我們支持這一進程，投資將繼續增加，成長也將加速，我們預計這種情況將持續下去。您可以看到，無論是從營運支出角度還是從資本支出增加角度，我們都在指南中包含了支援額外容量的內容，包括我們的數據解決方案業務以及我們最近的收購，以支援成長。

Great. Thank you.

偉大的。謝謝。

Brian Drab, William Blair.

布萊恩德拉布、威廉布萊爾。

Hi, good morning. Thanks for taking my questions. I'm first just thinking about the, final comments that you made best around modular offering and, increased focus there. Can you talk about what could the margins be relative to your existing data center business in modular, and then also, how does this relate to, you're making a push to have a more standardized product too that I believe, would be incrementally higher margin, and are those two businesses and initiatives that are related to each.

嗨，早安。感謝您回答我的問題。我首先想到的是您對模組化產品和加大關注度所做的最佳最後評論。您能否談談相對於您現有的模組化資料中心業務，利潤率是多少？此外，這與您正在推動的更標準化的產品有何關係？我相信，這將逐步提高利潤率，這兩項業務和計劃是相互關聯的嗎？

Other as well?

其他的也一樣嗎？

Well, when we look at modular data centers, we're looking to see the enclosures from tracking in a bill that house those modular data centers to be in line with, the, those portfolios, and then I would say there's pull through from the core invent product and again we expect those margins to be similar to what we see in those portfolios today.

好吧，當我們查看模組化資料中心時，我們希望看到在帳單中追蹤這些模組化資料中心的機櫃與這些投資組合相一致，然後我想說，核心發明產品會產生拉動動作用，我們再次預計這些利潤率將與我們今天在這些投資組合中看到的利潤率相似。

When it comes to the liquid cooling and more standardized offerings, those products, will be, in some cases sold through distribution as well as direct to customers, but as we sell more products through distribution. And as we sell more modular standardized products, they tend to have a higher margin. And so, again, we're investing a lot in data solutions right now, but a lot of these new product offerings and solutions we believe will have, enhanced the overall margin opportunity in that business.

當涉及液體冷卻和更標準化的產品時，這些產品在某些情況下將透過分銷或直接銷售給客戶，但隨著我們透過分銷銷售更多產品。而且，隨著我們銷售更多模組化標準化產品，它們的利潤率往往會更高。因此，我們現在在數據解決方案上投入了大量資金，但我們相信許多新產品和解決方案將會提高該業務的整體利潤機會。

Okay, yeah, thank you very much. And then just 11 quick one on Tracy and the, power utilities business is Tracy, some of it the tracky business now being reported in in data center or is that sitting in power utilities, but is there some is the line kind of blurred between power utilities and data center more and more?

好的，是的，非常感謝。然後只需快速詢問 Tracy 和電力公用事業業務，其中一部分是目前在數據中心報告的軌道業務，或者是在電力公用事業中，但電力公用事業和數據中心之間的界限是否越來越模糊？

Well, I would say this, when we look at Troy, and we've been clear to say that it sells through to utilities, but it's also seeing this growing data center gray space opportunity, and, as we look at that. We just, we're continuing just to track where those opportunities are, but certainly one of the growth synergies for us has been the relationships that we have in data centers that is and this has moved to more gray space, allowing us to find new growth opportunities.

好吧，我想說的是，當我們看看特洛伊時，我們已經明確地說它通過公用事業銷售產品，但它也看到了這個不斷增長的數據中心灰色空間機會，而且，當我們看看這個時。我們只是在繼續追蹤這些機會在哪裡，但對我們來說，成長協同效應之一無疑是我們在資料中心建立的關係，而這已經轉移到更多的灰色空間，使我們能夠找到新的成長機會。

I guess I, I'm just trying to, I'm thinking about what percentage of your business is actually really driven overall by data centers. I know, you give us, you size the data solutions piece for us, but, if you take into account everything that's being driven by data centers there any way to give us a better idea of how much of your overall business being driven by the data center industry. Yeah.

我想我只是想，我在想您的業務中有多少比例實際上是由資料中心驅動的。我知道，您為我們提供了數據解決方案的大小，但是，如果您考慮到數據中心所驅動的一切，有什麼方法可以讓我們更好地了解您的整體業務有多少是由數據中心行業驅動的。是的。

I mean, on that chart that I have in there showing our portfolio portfolio transformation, we point to our data center business being 20%, and that is inclusive of what we're doing in our tracking and avail EPG acquisitions.

我的意思是，在顯示我們的投資組合轉型的圖表上，我們指出我們的資料中心業務佔 20%，其中包括我們在追蹤和利用 EPG 收購方面所做的工作。

Okay, I just wanted to clarify that. Thanks.

好的，我只是想澄清這一點。謝謝。

Joe Ritchie, Goldman Sachs.

高盛的喬·里奇。

Hey, good morning, everyone.

嘿，大家早安。

Good morning.

早安.

Yeah, so look, great to see the growth acceleration. Seems like we're on.

是的，很高興看到成長加速。看來我們成功了。

An inflection point. You know we have a lot of discussion around backlog and the kind of, secularly growing pieces of your businesses, but.

一個轉折點。您知道，我們就積壓訂單以及您業務中長期增長的部分進行了大量討論，但是。

Maybe, best you can provide a little bit more color on just short cycle what you're seeing within like the industrial footprint and yeah any expectations for the back half of the year would be helpful.

也許，最好你能在短週期內提供更多細節，例如你所看到的工業足跡，是的，對今年下半年的任何預期都會有所幫助。

Okay, we've said that we expect industrial to be, low to mid single digits growth, and so I would say that we have seen, some nice, growth.

好的，我們已經說過，我們預計工業將實現低至中等個位數成長，所以我想說我們已經看到了一些不錯的成長。

Through our distribution channel, both sell in and sell out, I commented earlier are positive, so, we think that, I mean there's more growth in infrastructure, but certainly we're seeing some nice wins on the industrial side.

透過我們的分銷管道，無論是銷售還是銷售，我之前評論過的都是積極的，所以，我們認為，我的意思是基礎設施有更多的增長，但我們肯定會看到工業方面的一些不錯的勝利。

Okay, great. Look, and then I guess, we touched on the Amazon announcement, earlier, and I know it's, difficult to talk specifically about one hyper scalar, but I guess, look, the trends right now have been, incredibly good. You're increasing capacity, how do you just kind of foresee the next like 12 to 24 months playing out and with the capacity additions that you are making. Do you anticipate, being set at least from a capacity standpoint on liquid cooling, for the next couple of years? I'm just trying to understand, how far out you're looking at this point.

好的，太好了。瞧，然後我想，我們之前談到了亞馬遜的公告，我知道很難具體談論一個超標量，但我想，瞧，現在的趨勢非常好。您正在增加產能，您如何預見未來 12 到 24 個月的進展以及您正在進行的產能增加。您是否預計，至少從未來幾年液體冷卻的容量角度來看，未來幾年液體冷卻將會有所發展？我只是想知道，你現在看得有多遠。

Yes, as we have made investments and are continuing to make investments, and we do do believe there will be further investments in capital, and capacity expansion as we go into 2026 and beyond. And so in part this is as the portfolio expands as we're seeing more customers, so we're just continuing to see this accelerate and the adoption accelerates.

是的，我們已經進行了投資，並且正在繼續投資，我們確實相信，在 2026 年及以後，我們將在資本和產能擴張方面進行進一步投資。因此，部分原因是隨著我們看到越來越多的客戶，產品組合也在擴大，因此我們將繼續看到這個過程加速，採用過程也正在加速。

Okay, thank you.

好的，謝謝。

Jeff Sprague, Vertical Research.

傑夫·斯普拉格（Jeff Sprague），垂直研究公司。

Hey, thanks. Good morning, everyone. Can we just come around, the price I just kind of want to understand a little bit better, sort of where you're at and recovering tariff pressure and kind of, other, inflation, obviously we see the net productivity bar on the slide, but the nature of my question is kind of given the demand pulse that you're seeing.

嘿，謝謝。大家早安。我們能否談談價格，我只是想更好地了解一下，您所處的位置以及恢復關稅壓力和其他通貨膨脹，顯然我們在幻燈片上看到了淨生產率條，但我的問題的性質是考慮到您所看到的需求脈搏。

Do you see the ability to fully recover tariff costs with price as opposed to leaning on productivity, and therefore, productivity actually, can drop more through to the margin rate and can you unpack it all, how much kind of tariff related price you might be, working on versus, is there kind of base price on top of that, if you could unpack that, to some degree, that would be helpful?

您是否認為可以透過價格完全收回關稅成本，而不是依賴生產力，因此，生產力實際上可以透過保證金率進一步下降，您能否將其全部解開，您可能正在處理多少與關稅相關的價格，在此基礎上是否存在基準價格，如果您可以將其解開，在某種程度上，那將會有所幫助？

Yeah, a few in there, Jeff, and I'll TRY to chip away at them. I'll start with your question just more specifically on the waterfall and on that productivity. Keep in mind that, the price that we're taking is captured in that growth and acquisition bar, and, we'll continue to be diligent in in managing. Price, cost, and productivity and this team has really demonstrated that over the past few years, our updated guidance reflects enough price to largely offset the tariff impacts, but it's important to say we came into the year with a volume-driven plan and volume is going to drive our growth here in the second half. We work with our distributor partners as well as our direct customers.

是的，傑夫，有幾個，我會盡力解決它們。我將從你的問題開始，更具體地討論瀑布和生產力。請記住，我們採取的價格是在成長和收購標準中體現的，我們將繼續勤勉地進行管理。價格、成本和生產力，以及這個團隊在過去幾年中確實證明，我們更新後的指導反映了足夠的價格，可以在很大程度上抵消關稅的影響，但重要的是要說，我們在今年採取了以數量為導向的計劃，而數量將在下半年推動我們的增長。我們與分銷商合作夥伴以及直接客戶合作。

To manage price with the appropriate and inadequate notification, and you'll start to see that flow through more significantly in in Q3 and in Q4 and that's really embedded in, what we have pointed to from a margin perspective, which is to have a price and productivity offset the tariffs, and exit the year with margins in a healthy place.

透過適當且不充分的通知來管理價格，您將開始看到這種影響在第三季度和第四季度更加顯著，並且這確實嵌入了我們從利潤率角度指出的，即讓價格和生產力抵消關稅，並在年底將利潤率保持在健康水平。

And then just back to the to the modular theme, if we call it a box, right? You aspire to provide more in in the box so to speak, but I also wonder, are you being called upon to, deliver a totally complete box, so to speak, that's just ready to plug in to the data center and therefore you're pulling through other people's products and systems.

然後回到模組化主題，如果我們稱之為盒子，對嗎？您希望在盒子中提供更多功能，但我還想知道，您是否被要求提供一個完全完整的盒子，可以這麼說，它只是準備插入資料中心，因此您正在使用其他人的產品和系統。

And also therefore then have, kind of responsibility for the way things operate. Just trying to think, are you taking on kind of scope that leads to pass through revenues or, responsibility for a, systems performance that goes beyond your own products and systems.

因此，我們也要對事物的運作方式負起責任。只是想一想，您是否承擔了可以轉移收入或負責超出您自己的產品和系統的系統性能的責任。

Yes, as we look at, both data centers or even in that gray space where maybe we're enclosing power, often we're integrating other OEM equipment in there, and I think for modular data centers we will see that. Over time that ability to integrate more so we're at various stages of integration and that's one of the things that we can do very flexibly but I think over time there'll be more integration capability for us.

是的，正如我們所看到的，無論是資料中心還是甚至在我們可能封閉電源的灰色空間中，我們經常在其中整合其他 OEM 設備，我認為對於模組化資料中心我們會看到這一點。隨著時間的推移，我們將擁有更強的整合能力，因此我們處於整合的各個階段，這是我們可以非常靈活地做的事情之一，但我認為隨著時間的推移，我們將擁有更強的整合能力。

Understood. Thank you.

明白了。謝謝。

Nicole Deblase, Deutsche Bank.

妮可‧德布萊斯，德意志銀行。

Yeah thanks. Good morning. Maybe just starting with a follow up on the earlier question on com resi, you said that that non data center orders were up high single digits in the quarter was commresi also up in that range just getting trying to get a sense of, if there could be upside to that full year outlook.

是的，謝謝。早安.也許只是從跟進先前關於 com resi 的問題開始，您說本季度非數據中心訂單增長了個位數，commresi 也在這個範圍內增長，只是想了解一下，全年前景是否可能出現上行空間。

It is positive, I would say that, but I think we're just, we're cautious there, I think, especially on the resi side, we still are cautious about, impact of tariffs and other things over the course of the year. So that's why we're saying that it's flattish full year.

我想說這是積極的，但我認為我們只是，我們對此持謹慎態度，我認為，特別是在住宅方面，我們仍然對關稅和其他因素在未來一年的影響持謹慎態度。這就是為什麼我們說全年表現平平。

Okay, understood and yeah, I agree that it's probably better to be cautious on those businesses. I guess maybe secondly, could you just refresh us on your service offering, particularly within liquid cooling we, we're hearing more from the channel that service is becoming increasingly important and there might be more demand for service from the OEM with, liquid cooling systems. So just remind us, how you approach that offering with customers.

好的，明白了，是的，我同意對這些業務保持謹慎可能會更好。我想也許其次，您能否向我們介紹一下您提供的服務，特別是在液體冷卻方面，我們從渠道中聽到越來越多的消息，服務變得越來越重要，並且 OEM 對液體冷卻系統的服務需求可能會更大。所以請提醒我們，您如何向客戶提供該產品。

Yeah, we have been building out our service offering capability. I mean, since we've been, Providing liquid glowing solutions, we've always had engineering support, but I would say we've been working to more formalize that service offering opportunity, and we recognize that as we expand beyond to all different types of customers that we need to have a service and support team. So that's something that we're building out and and are providing it and I think we'll grow over time.

是的，我們一直在增強我們的服務提供能力。我的意思是，自從我們開始提供液體發光解決方案以來，我們一直都有工程支持，但我想說我們一直在努力使該服務提供機會更加正規化，並且我們認識到，隨著我們擴展到所有不同類型的客戶，我們需要擁有一個服務和支持團隊。這就是我們正在建立和提供的東西，我認為我們會隨著時間的推移而成長。

Thank you, I'll pass it.

謝謝，我會傳的。

Jeff Hammond, KeyBanc Capital Markets.

KeyBanc 資本市場公司的 Jeff Hammond。

Hey, good morning. Maybe just to start with avail, just kind of early integration thoughts. I know with with Tray you found some immediate kind of throughput improvements and wondering if there's some opportunities there. And then just, I think the veil comes in kind of mostly utility and maybe be back to Brian's question, is it pretty fungible if there's a lot more demand on the data center side to kind of shift, that focus, more to data center versus versus power, not to diminished power, but, just a little more color there.

嘿，早安。也許只是為了開始利用，只是一種早期的整合想法。我知道透過 Tray 您發現了一些直接的吞吐量改進，並且想知道是否存在一些機會。然後，我認為面紗主要體現在實用性上，也許回到 Brian 的問題，如果資料中心方面的需求大大增加，那麼這種轉變是否相當可替代，重點更多地轉向資料中心而不是電力，而不是減少電力，而只是多一點顏色而已。

Yeah, so it's been 60 to 60 days with Aval APG and, both with tracking and Ava, that core business was more focused on utility, but what we see growing significantly is that data center opportunity. And some of that being gray space, so again we still may be integrating switch gear and power for example I would say this, we have an opportunity to invest in and increase capacity, applying some of our integration playbook, lien sourcing capability, things like that.

是的，Aval APG 已經運作了 60 到 60 天，無論是追蹤還是 Ava，核心業務都更專注於實用性，但我們看到資料中心機會顯著成長。其中有些是灰色空間，因此我們可能仍會整合開關設備和電力，例如我想說的是，我們有機會投資和增加產能，應用我們的一些整合劇本、留置權採購能力等等。

I would say this, there is some flexibility in terms of just how we apply our resources and labor to support that growth, and some of that is just by even looking at the combined avail and track the acquisitions and thinking through how we can execute best on some of these new programs.

我想說的是，在我們如何運用資源和勞動力來支持這種增長方面，存在一定的靈活性，其中一些只是通過查看合併後的可用性和跟踪收購，並思考如何在這些新計劃上執行得最好。

Programs so there's some good collaboration going on already, but I think, as we've said, the reason that we acquired tracking and then avail was we're building a platform here and so we're integrating those business with the idea that we can support the overall infrastructure growth be it data centers or utilities or renewables.

因此，我們已經在進行一些良好的合作，但我認為，正如我們所說的那樣，我們收購跟踪公司並利用該公司的原因是我們正在這裡構建一個平台，因此我們將這些業務與我們可以支持整體基礎設施增長的想法相結合，無論是數據中心、公用事業還是可再生能源。

Okay, great. And then just back to the capacity needs, I think you bumped, CapEx this year for $10 million, but, by $10 million, but just, where is the greater need to add capacity near term, is it more on the building control solutions, more on the liquid cooling, both? It just seems like, as we hear about the space kind of exploding, just a lot of push for. We need it now, we need it faster, and just how you're thinking about, how you need to add capacity to kind of manage all that.

好的，太好了。然後回到容量需求，我認為您今年的資本支出增加了 1000 萬美元，但是增加了 1000 萬美元，但是，短期內增加容量的更大需求在哪裡，是更多地用於建築控制解決方案，還是更多地用於液體冷卻，還是兩者兼而有之？正如我們聽到的關於太空爆炸的消息一樣，這似乎只是一種巨大的推動力。我們現在就需要它，我們需要它更快，而您正在考慮如何增加容量來管理這一切。

Well, it's both, and so we're expanding, as our liquid cooling, and we've talked about that for a while, and we have to further expand that capacity and capability. And at the same time as we acquired Troy and Ava, we're having to expand capacity in some of our plants there and again we're looking at the footprint and seeing how best.

嗯，兩者兼而有之，所以我們正在擴展我們的液體冷卻技術，我們已經討論了一段時間了，我們必須進一步擴大這種容量和能力。在我們收購 Troy 和 Ava 的同時，我們必須擴大那裡一些工廠的產能，我們正在再次研究足跡並尋找最佳方法。

We do that and so it's within our own four walls, but it's also making sure that our supply base is also ready to scale with us and so we're pretty busy working on capacity expansion across that engineered building solutions, those two acquisitions as well as data centers.

我們這樣做是在我們自己的範圍內進行的，但這也確保了我們的供應基地也準備好與我們一起擴大規模，因此我們正忙於擴大整個工程建築解決方案、這兩次收購以及資料中心的產能。

I just be able to say that the teams are disciplined and, on this capexx investment, we've taken that up now, a couple of times in both Q1 and Q2, but are very disciplined about ensuring the returns and I will. Tell you the payback on this incremental investment is quite good for us. And as we get to capital allocation, we talk about focusing on growth and, this is the place for us to invest here, both in the short and intermediate term.

我只能說，團隊紀律嚴明，對於這項資本投資，我們在第一季和第二季都進行了幾次，但我們非常自律，以確保回報，我會的。告訴你，這筆增量投資的報酬對我們來說相當不錯。當我們談到資本配置時，我們談論的是專注於成長，這是我們在短期和中期投資的地方。

Okay, great. Thanks so much for the call.

好的，太好了。非常感謝您的來電。

Vlad Bystricky, Citigroup.

花旗集團的 Vlad Bystricky。

Morning, Beth and Gary. Thanks for taking my call this morning. So, just a couple quick questions for me. I guess, the positive organic growth, outside the US, seems pretty interesting just given So kind of sluggish, market trends it seems like in areas like Europe and China. So can you talk about Specifically what you're seeing outside of the US and what's driving, what appears to be your outperformance versus the growth in those markets?

早安，貝絲和加里。感謝您今天早上接聽我的電話。所以，我只想問幾個簡單的問題。我想，考慮到歐洲和中國等地區的市場趨勢似乎有些低迷，美國以外地區的積極有機成長似乎相當有趣。那麼，您能否具體談談您在美國以外看到的情況以及推動因素，與這些市場的成長相比，您的表現如何？

Well, I would say this, it's our strategy to focus on high growth verticals, and it's our strategy to focus on our commercial go to market, including our distribution partnerships and so we continue to drive new products as well, and I think it's really all of those things where we're increasing our position and being more successful.

嗯，我想說的是，我們的策略是專注於高成長垂直領域，我們的策略是專注於商業市場，包括我們的分銷合作夥伴關係，因此我們也將繼續推動新產品的開發，我認為正是這些因素讓我們的地位得到了提升，並取得了更大的成功。

Great, that's helpful best and it looks like good progress there. And then just one another one for me, as you've Transformed the portfolio and grown the long cycle exposure here. Can you talk about, On contract terms in the longer term backlog and more specifically, I guess, your ability to protect margins, given, uncertainty around tariffs and commodity inflation and so forth.

太好了，這很有幫助，而且看起來進展不錯。對我來說這只是又一個，因為你已經改變了投資組合併增加了長期週期敞口。您能否談談長期積壓合約條款，更具體地說，考慮到關稅和商品通膨的不確定性等，您保護利潤的能力。

Yes, as we look at our contracts, we typically are ensuring that we have that ability if we see some material changes due to tariffs or other reasons to make those adjustments on the material side. And so and and those are discussions that we're having with customers and they understand, they're also in other, they also are subject to tariffs and other things as well. So, we've been able to manage that pricing through our longer term contracts.

是的，當我們審查合約時，我們通常會確保，如果由於關稅或其他原因導致一些重大變化，我們有能力在材料方面做出調整。這些都是我們與客戶的討論，他們明白，他們也要受到關稅和其他因素的影響。因此，我們能夠透過長期合約來管理定價。

Great. That's great to hear. I'll get back to you.

偉大的。聽到這個消息真是太好了。我會回覆你。

Scott Graham, Seaport Research Partners.

格雷厄姆（Scott Graham），海港研究合作夥伴。

Hey, good morning. Congratulations. Thanks for taking my call. I wanted to talk about acquisitions a little bit more and think, I think specifically on earlier question. Are some of the targets that are in the pipeline there because you need to kind of fill out the box.

嘿，早安。恭喜。謝謝您接聽我的電話。我想進一步談論收購，並思考一下，具體來說是針對先前的問題。是否存在一些正在籌備中的目標，因為您需要填寫表格。

And then secondarily, if you kind of do the math on your UIA, your leverage targets, my back of the envelope says you probably have about $500 million in capacity over the next 12 months, is that about right? And would you use stock for deals?

其次，如果您計算您的 UIA，即您的槓桿目標，我估計您在未來 12 個月內可能有大約 5 億美元的容量，對嗎？您會使用股票進行交易嗎？

Well, let me start with the first part of the question. I'll let Gary talk about our, the latter part. As we've had this acquisition flywheel where it starts with us looking at high growth verticals and products that we see are differentiated where we could extend our capabilities and invest the scale. And so that's how our last two acquisitions came about.

好吧，讓我從問題的第一部分開始。我會讓加里談論我們的後半部。我們有了這個收購飛輪，它首先讓我們專注於高成長垂直產業和差異化產品，我們可以在這些產業中擴展我們的能力並進行規模投資。這就是我們最後兩次收購的由來。

And so it's not necessarily. How do we look at filling the box, so to speak, it's just where in these data centers, utilities, infrastructure, and what are great products that allow us to build on capabilities that we have and so in some cases that could be complementary products, and I think.

所以不一定。我們如何看待填充盒子，可以這麼說，這只是在這些資料中心、公用設施、基礎設施中，以及哪些偉大的產品可以讓我們建立在我們擁有的能力之上，所以在某些情況下，這可能是互補的產品，我認為。

We have a great pipeline. I think we've been very disciplined and, what we've gone after and you see us, growing these portfolios, and that is part of our flywheel. So, the pipeline is robust and I think there's lots of opportunities as we go forward.

我們擁有出色的管道。我認為我們一直都非常自律，我們所追求的以及您所看到的，我們正在擴大這些投資組合，這是我們飛輪的一部分。因此，渠道非常強大，我認為隨著我們繼續前進，將有很多機會。

Hey, I'll just comment on capacity, as we mentioned in our prepared remarks, we're right within our leverage range and expect to be well below that, especially as we will have a strong second half in cash flow generation.

嘿，我只是對產能進行評論，正如我們在準備好的評論中提到的那樣，我們正處於我們的槓桿範圍內，並且預計將遠低於該範圍，特別是因為我們將在下半年擁有強勁的現金流產生。

For us we're going to continue to be disciplined on. On the deals and and these chunky type deals that we've done like EPG and Tracy certainly can be managed with without any, additional equity. So I we have a nice bit of capacity, and we expect to continue this this flywheel going forward.

對我們來說，我們將繼續嚴格遵守紀律。就交易而言，我們所做的這些大宗交易，例如 EPG 和 Tracy，當然可以在沒有任何額外股權的情況下進行管理。因此，我們擁有相當不錯的產能，我們期望這種飛輪效應能夠持續下去。

Very good. Thank you both.

非常好。謝謝你們兩位。

Thank you. This concludes our question and answer section. I would like to turn the conference back over to Beth Wozniak, Chair and CEO, for any closing remarks.

謝謝。我們的問答部分到此結束。我想將會議交還給主席兼執行長 Beth Wozniak，請她做最後發言。

Thank you for joining us today. I'm extremely proud of our performance in the second quarter. We will continue to focus on delivering for our customers, employees, and shareholders by executing on our growth strategy.

感謝您今天加入我們。我對我們第二季的表現感到非常自豪。我們將繼續致力於透過執行成長策略為我們的客戶、員工和股東提供服務。

We believe Invent is a top tier high performance electrical company well positioned for the electrification, sustainability, and digitalization trends. Thanks again for joining us. This concludes the call.

我們相信，Invent 是一家頂級高性能電氣公司，在電氣化、永續性和數位化趨勢方面佔據有利地位。再次感謝您的加入。通話到此結束。

The conference is 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。