Vertiv Holdings Co (VRT) 2024 Q2 法說會逐字稿

Good morning. My name is Brika, and I will be your conference operator today. At this time, I would like to welcome everyone to the Vertiv's second-quarter 2024 earnings conference call. (Operator Instructions) Please note that this call is being recorded. I would now like to turn the program over to your host for today's conference call, Lynne Maxeiner Vice President of Investor Relations. You may begin.

早安.我叫布里卡 (Brika)，今天我將擔任您的會議主持人。現在，我歡迎大家參加 Vertiv 2024 年第二季財報電話會議。（操作員指示）請注意，此通話正在錄音。現在，我想將節目交給今天電話會議的主持人、投資者關係副總裁 Lynne Maxeiner。你可以開始了。

Great. Thank you, Brika. Good morning, and welcome to Vertiv's second-quarter 2024 earnings conference call. Joining me today are Vertiv's Executive Chairman, Dave Cote; Chief Executive Officer, Giordano Albertazzi; and Chief Financial Officer, David Fallon.

偉大的。謝謝你，布里卡。早安，歡迎參加 Vertiv 2024 年第二季財報電話會議。今天與我一起出席的還有 Vertiv 執行董事長 Dave Cote；佐丹奴阿爾貝塔齊執行長；和財務長 David Fallon。

Before we begin, I would like to point out that during the course of this call, we will make forward-looking statements regarding future events, including the future financial and operating performance of Vertiv. These forward-looking statements are subject to material risks and uncertainties, that could cause actual results to differ materially from those in the forward-looking statements. We refer you to the cautionary language included in today's earnings release, and you can learn more about these risks in our annual and quarterly reports and other filings made with the SEC.

在我們開始之前，我想指出，在本次電話會議期間，我們將對未來事件做出前瞻性陳述，包括 Vertiv 未來的財務和營運績效。這些前瞻性陳述受重大風險和不確定性的影響，可能導致實際結果與前瞻性陳述的結果有重大差異。我們請您參閱今天的收益報告中包含的警示性語言，您可以在我們的年度和季度報告以及向美國證券交易委員會提交的其他文件中了解有關這些風險的更多資訊。

Any forward-looking statements that we make today are based on assumptions that we believe to be reasonable as of this date. We undertake no obligation to update these statements as a result of new information or future events.

我們今天所做的任何前瞻性陳述都是基於我們認為截至目前為止合理的假設。我們不承擔因新資訊或未來事件而更新這些聲明的義務。

During this call, we will also present both GAAP and non-GAAP financial measures. Our GAAP results and GAAP to non-GAAP reconciliations can be found in our earnings press release and in the investor slide deck found on our website at investors.vertiv.com. With that, I'll turn the call over to Executive Chairman, Dave Cote.

在本次電話會議中，我們也將介紹 GAAP 和非 GAAP 財務指標。我們的 GAAP 結果以及 GAAP 與非 GAAP 的對帳可以在我們的收益新聞稿和我們網站 investors.vertiv.com 上的投資者幻燈片中找到。說完這些，我將把電話轉給執行主席戴夫·科特 (Dave Cote)。

Good morning, everyone. While I am quite pleased with our continuing trend of very strong financial performance. As I think about what attracted me to Vertiv, it was a great position in a good industry. Unfortunately, it turned into a great position in a great industry. There was a lot of work to do to get the business moving in a direction to consistently drive value and increase returns to shareholders. I have to say Gio and his team have done an excellent job starting to unlock this potential.

大家早安。我對我們持續強勁的財務表現趨勢感到非常滿意。當我思考是什麼吸引我加入 Vertiv 時，我認為這是一個好行業中的絕佳職位。不幸的是，它卻成為了一個偉大產業中的重要職位。要讓業務朝著持續推動價值和增加股東回報的方向發展，還有很多工作要做。我必須說，吉奧和他的團隊在釋放這一潛力方面做得非常出色。

Initial signs of progress are evident in the financial metrics, strong audits and sales and substantially increased profit and cash flow. A better operating company delivers better results. It's an interesting time, both in our industry and the world at large. Significant changes underway for both. The industry is rapidly expanding and evolving and Vertiv is well positioned to strengthen its market leadership with increasing R&D and capacity expansions to further distinguish our unique position as an industry leader.

財務指標、強勁的審計和銷售以及大幅增加的利潤和現金流都顯示了初步的進展跡象。經營更好的公司會帶來更好的業績。無論對我們的產業還是整個世界來說，這都是一個有趣的時期。兩者都正在發生重大變化。該行業正在快速擴張和發展，Vertiv 已做好準備，透過加強研發力度和擴大產能來鞏固其市場領導地位，進一步確立我們作為行業領導者的獨特地位。

We're gaining market share in a rapidly growing industry as a result of our new products and significantly improved operations. At the same time, we're strengthening the resilience of our organization. 2024 is shaping up to be a great year and sets a very strong foundation for future years to deliver sustained value creation. So with that, I'll turn the call over to Gio.

由於我們推出新產品並顯著改善運營，我們在快速成長的行業中的市場份額正在增加。同時，我們正在加強組織的復原力。 2024 年將是偉大的一年，並為未來幾年持續創造價值奠定了堅實的基礎。因此，我將把電話轉給 Gio。

Well, thank you, Dave, and we go to slide 3. We had a very strong first half of 2024. Q2 Organic sales were up 14%, led by Americas with strong growth in EMEA as well. We continue to see very strong orders growth, up 57% year-on-year and up 10% sequentially from a very high level in Q1. Book-to-bill remains very high as well with Q2 at 1.4x. More discussion to follow on this point on slide 5.

好的，謝謝你，戴夫，我們來看投影片 3。2024 年上半年我們的業績非常強勁。第二季有機銷售額成長 14%，其中美洲地區成長最快，歐洲、中東和非洲地區也實現強勁成長。我們繼續看到非常強勁的訂單成長，年增 57%，環比成長 10%，高於第一季的非常高的水平。訂單出貨比也仍然很高，第二季為 1.4 倍。有關這一點的更多討論請參見幻燈片 5。

Pipeline velocity has continued to increase, and we are seeing the acceleration in large orders. The same dynamics we shared with you in April are continuing for large orders. Customers require longer delivery dates than in the past. Hence, a lot of the orders are creating backlog in '25 and beyond. Adjusted operating profit was $382 million, and adjusted operating margins expanded by 110 basis points to 19.6%.

管道速度持續增加，我們看到大訂單的加速。對於大額訂單來說，我們四月與您分享的相同動態仍在繼續。客戶要求的交貨日期比過去更長。因此，許多訂單在 25 年及以後都會積壓。調整後的營業利潤為 3.82 億美元，調整後的營業利益率擴大 110 個基點至 19.6%。

As Dave mentioned, better operating companies delivered better results. Our adjusted free cash flow is another good story, generating $333 million in the second quarter. We are converting our profitability to very good cash flow performance. Our net leverage was 1.8x at the end of Q2, so well within our targeted range of 1x to 2x. We again raised our full year guidance across all financial metrics and expect organic growth of 13%, adjusted operating profit of $1.435 billion with margin expanding to 18.7% and adjusted free cash flow of $875 million, up $50 million from previous guidance.

正如戴夫所提到的，經營更好的公司會帶來更好的業績。我們的調整後自由現金流也表現良好，第二季產生了 3.33 億美元。我們正在將獲利能力轉化為非常好的現金流表現。我們第二季末的淨槓桿率為 1.8 倍，完全處於我們 1 倍到 2 倍的目標範圍內。我們再次上調了所有財務指標的全年預期，預計有機成長率為 13%，調整後營業利潤為 14.35 億美元，利潤率擴大至 18.7%，調整後自由現金流為 8.75 億美元，比之前的預期高出 5,000 萬美元。

Let's go to slide 4 now. You may recognize this slide. We wanted to use it once again to give a directional indication of what we are seeing in the market. By and large, the market remains quite healthy, and we see the continued acceleration of the infrastructure built out in hyperscale and colo markets. High density and liquid crude chips are a reality, and this accelerates the demand for AI infrastructure. We see this happening in the Americas, but also starting in EMEA and Asia with some positive market signs for colocation and cloud in China as well.

現在我們來看第 4 張投影片。您可能認識這張投影片。我們希望再次使用它來對我們在市場上看到的情況給出方向性指示。總體而言，市場仍然相當健康，我們看到超大規模和託管市場基礎設施​​建設持續加速。高密度、液態原生晶片已成為現實，這加速了對AI基礎設施的需求。我們看到這種情況正在美洲發生，但在歐洲、中東和非洲以及亞洲也開始出現，中國主機託管和雲端運算市場也出現了一些正面的跡象。

Enterprise remains stable yet, we expect to see AI positively impact enterprise over time, and this is starting in the Americas. Telecom remains subdued as CapEx spending has yet to fully rebound. Commercial and industrial markets are healthy as there is a lot of infrastructure spending happening in the Americas and APAC regions.

企業仍然保持穩定，我們預計人工智慧將隨著時間的推移對企業產生積極影響，而這一趨勢將從美洲開始。由於資本支出尚未完全反彈，電信業依然低迷。由於美洲和亞太地區在基礎設施方面投入大量資金，商業和工業市場表現健康。

So overall, the market environment is encouraging, especially for data centers, which represent 75% of our end market exposure. We have heard feedback from investors about the data center market becoming a more conspicuous place these days from a competitive standpoint, this is true. But we believe we have competitive advantages that are tangible quite unique and being further reinforced.

因此，整體而言，市場環境令人鼓舞，尤其是資料中心，它占我們終端市場的 75%。我們聽到投資人的回饋，從競爭的角度來看，資料中心市場如今變得更加引人注目，這是事實。但我們相信，我們擁有明顯、獨特且正在進一步加強的競爭優勢。

As data centers become more critical, I believe Vertiv becomes even more distinguished. We are not selling only 1 point product or only one small part of say, the thermal chain. We are selling the entire critical infrastructure through data center. With power and cool and service data centers, we provide complete solutions. We act as the connective tissue between IT and facilities in a data center. It is a rare position in the industry, born of over 50 years of experience. We don't think this is easily replicated, and our orders are a good representation of our customers' trust inverted.

隨著資料中心變得越來越重要，我相信 Vertiv 會變得更加卓越。我們銷售的並不是僅僅 1 個點的產品，或者只是熱鏈中的一小部分。我們透過資料中心銷售整個關鍵基礎設施。憑藉電力、冷卻和服務資料中心，我們提供完整的解決方案。我們充當 IT 與資料中心設施之間的連接組織。這是業界罕見的職位，誕生於 50 多年的經驗。我們認為這並不容易複製，我們的訂單很好地體現了客戶的信任。

Certainly, there is intense focus on the liquid cooling portion of the market and understandably so at this moment. Our advantages are clear. We have a comprehensive portfolio of liquid cooling technologies, direct-to-chip, immersion, in-row CDUs, in-rack CDUs. We adore heat exchanges, and we know how to integrate these key technologies into the entire thermal chain solution. This differentiates Vertiv.

當然，目前市場對液體冷卻部分的關注度很高，這是可以理解的。我們的優勢很明顯。我們擁有全面的液體冷卻技術組合，包括直接晶片、浸入式、行內 CDU、機架內 CDU。我們熱愛熱交換，我們知道如何將這些關鍵技術融入整個熱鏈解決方案中。這使得 Vertiv 與眾不同。

We continue to see direct-to-chip as our customers' prevailing technology of choice, and we have a complete portfolio of technology solutions way before deployment. Surrounding this is a global service organization with almost 4,000 field service engineers. We're talking minutes and hours to get to a customer site. It is very important to our customers to have local service support.

我們繼續將直接晶片視為客戶首選的主流技術，並且在部署之前我們就擁有完整的技術解決方案組合。圍繞著它的是一個擁有近 4,000 名現場服務工程師的全球服務組織。我們談論的是到達客戶現場需要幾分鐘和幾小時。對於我們的客戶來說，獲得本地服務支援非常重要。

So we see market participants emerging with point products in liquid cooling, a small part of the overall thermal solution for a bigger center, but they have a far different profile than Vertiv. And I would say we aspire to be an even bigger player in liquid cooling, and we have very good reasons to believe our ambition is indeed reasonable.

因此，我們看到市場參與者出現了液體冷卻的點產品，這是大型中心整體熱解決方案的一小部分，但它們的概況與 Vertiv 截然不同。我想說，我們渴望成為液體冷卻領域更大的參與者，我們有充分的理由相信我們的目標確實是合理的。

So let's move to slide 5 now. Another quarter of extremely strong order growth, pipeline velocity increased, and we continue to see AI scaling, especially in the Americas. The strength of orders is across our portfolio. Power management and thermal management orders grew at very similar rates in Q2 and both convincingly strong. There is a strong correlation between power and cooling, and we would expect that balance of sales in our portfolio to continue over time.

現在讓我們轉到投影片 5。又一個季度訂單成長極為強勁，通路速度加快，我們持續看到人工智慧的擴展，尤其是在美洲。我們的產品組合中訂單量都很強勁。電源管理和熱管理訂單在第二季的成長速度非常相似，而且都非常強勁。電力和冷卻之間存在很強的相關性，我們預計我們的產品組合中的銷售平衡將隨著時間的推移而持續下去。

This quarter, we have introduced a trailing 12-month orders metric. As we have previously highlighted, there can be a natural variation to the timing of large orders in any quarter. Trailing 12-month is a good metric to assess order activity, smoothing some of the quarter-to-quarter push and pulls.

本季度，我們推出了過去 12 個月的訂單指標。正如我們之前強調的那樣，任何季度的大額訂單的時間都會有自然的變化。過去 12 個月是評估訂單活動的良好指標，可以平滑一些季度間的推拉。

We also know we have increasingly tough comparisons ahead, and we believe we still see low double-digit orders growth in the third quarter on a year-on-year basis, but we expect a sequential decline in orders from an extremely high second quarter. This is where the trailing 12-month order metric can be helpful as we expect to stay in the 30s range, indicating a very healthy and strong order trend, supportive of our financial guidance.

我們也知道，未來的比較將越來越艱難，我們相信第三季的訂單量同比仍將出現較低的兩位數增長，但我們預計訂單量將較第二季的極高水準出現環比下降。這是我們預計過去 12 個月的訂單指標會有所幫助的地方，因為我們預計將保持在 1930 年代的範圍內，這表明訂單趨勢非常健康和強勁，支持我們的財務指導。

As mentioned, customer request dates elongated for large projects in the hyper and colo space in general as the scale of deployments continue to increase. We view this as the industry wanting to manage this growth and technology transition in an orderly manner. As a consequence, a lot of the orders are for future years. And we feel good about how 2025 is shaping. Pipeline, orders, backlog, all three are positive in the same direction, and we like what we are seeing.

如上所述，隨著部署規模的不斷擴大，客戶對於超級和託管空間中大型專案的要求日期普遍延長。我們認為這是業界希望有序地管理這種成長和技術轉型。因此，許多訂單都是針對未來幾年的。我們對 2025 年的發展前景感到滿意。管道、訂單、積壓訂單，這三者都朝著同一方向呈現積極態勢，我們對所看到的感到滿意。

Let's now look at the right side of slide 5. We continue to focus on resilience to navigate an increasingly complicated geopolitical environment, multi-sourcing strategies, risk identification and mitigation plans are key to building supply chain resilience. Inflation, we believe it is here to stay, as mentioned a few times, we price with this in mind and have a good process and governance in place to stay price cost positive. We continue to expand capacity, including adding more modular and thermal management capacity in the Americas besides the expansion plans we already shared with you across the other technologies.

現在讓我們來看看投影片 5 的右邊。我們繼續關注彈性以應對日益複雜的地緣政治環境，多採購策略、風險識別和緩解計劃是建立供應鏈彈性的關鍵。我們相信通貨膨脹會持續下去，正如多次提到的那樣，我們在定價時會考慮到這一點，並擁有良好的流程和治理，以保持價格成本為正。我們將繼續擴大產能，除了我們已經與您分享的其他技術領域的擴張計劃外，還包括在美洲增加更多的模組化和熱管理產能。

The ramp-up of liquid cooling production capacity globally continues, and it is quite encouraging. This technology is in three of our plans today, and we are on track to finish in 2024 with 45x capacity increase compared to baseline at the end of 2023. So we are investing at the same time -- as we are investing at the same time, Vertiv Operating System continues to be a key driver to liberate footprint capacity to accommodate our growth trajectory.

全球液體冷卻產能持續提升，這是相當令人鼓舞的。這項技術目前已納入我們的三個計劃中，我們預計在 2024 年完成，與 2023 年底的基線相比，容量將增加 45 倍。因此，我們同時進行投資——在我們同時進行投資的同時，Vertiv 作業系統繼續成為釋放足跡容量以適應我們成長軌蹟的關鍵驅動力。

If the market grows faster, we will not constrain ourselves and we are diligent as we look at different demand scenarios. We believe our capital expenditure forecast of between $175 million and $200 million will cover the scenarios needed to meet the demand trajectory.

如果市場成長更快，我們不會限制自己，並且會勤奮地觀察不同的需求情境。我們相信，我們預測的 1.75 億美元至 2 億美元的資本支出將涵蓋滿足需求軌跡所需的情境。

Let's now go to slide 6. You have heard us mentioned service as a differentiator and one not easily replicated. Service is one of our superpowers. It demonstrates we have been in the data center industry for decades. Service represents 23% of our total sales last year. And additionally, service business has the financial characteristics you would expect, including strong margin profile that has been expanding. We like this part of the business a lot, and it is uniquely strong for Vertiv. Service opportunity is proportional to the critical nature of the application.

現在我們來看第 6 張投影片。您已經聽到我們提到服務是一個差異化因素，並且是一個不易複製的因素。服務是我們的超能力之一。這表明我們已經在數據中心行業工作了幾十年。服務占我們去年總銷售額的23%。此外，服務業務具有您所期望的財務特徵，包括不斷擴大的強勁利潤率。我們非常喜歡這部分業務，它對於 Vertiv 來說具有獨特的優勢。服務機會與應用程式的關鍵性成正比。

In an AI high-density world, criticality is increasing, and we believe service matters even more. The stakes are significantly higher. The value of each rack can be in the millions of dollars. The thermal management and power management systems are becoming more complex, and the nature of the loads more unforgiving.

在人工智慧高密度的世界中，關鍵性日益增加，我們相信服務更為重要。風險明顯較高。每個機架的價值可達數百萬美元。熱管理和電源管理系統變得越來越複雜，負載的性質也越來越難以控制。

Telemetry, predictive services and ability to have experts on sites in minutes or as is essential. We are training our global service engineers proactively to be a partner of choice to help our customers navigate this complexity.

遙測、預測服務和在幾分鐘內或必要時派遣專家到達現場的能力。我們正在積極培訓我們的全球服務工程師，使其成為客戶的首選合作夥伴，幫助客戶應對這種複雜情況。

In fact, I'm absolutely thrilled to share an exciting use case where Compass data centers have chosen Vertiv to provide full-time site-based embedded Vertiv crews to do service management and predictive maintenance on some Compass data center sites. The scale of data center deployment is becoming much larger the value of dedicated service personnel on site full-time is becoming absolutely compelling. We thank Compass for their trust in Vertiv. With that, over to you David.

事實上，我非常高興地分享一個令人興奮的用例，Compass 資料中心選擇 Vertiv 提供全職現場嵌入式 Vertiv 團隊對一些 Compass 資料中心網站進行服務管理和預測性維護。資料中心部署的規模越來越大，現場專職服務人員的價值變得越來越引人注目。我們感謝 Compass 對 Vertiv 的信任。好了，交給你了，大衛。

Great. Thanks, Gio, and good morning, everyone. Turning to slide 7. This slide summarizes our second quarter financial results. Our organic net sales increased approximately 14%, slightly above the high end of our guidance, primarily driven by, once again, strong performance in the Americas where organic sales were up 17% from prior year.

偉大的。謝謝，吉奧，大家早安。翻到幻燈片 7。這張投影片總結了我們第二季的財務表現。我們的有機淨銷售額成長了約 14%，略高於我們預期的高端，這主要得益於美洲地區的強勁表現，該地區的有機銷售額較上年增長了 17%。

Adjusted operating profit of $382 million was $131 million higher than last year driven by the higher volume and improved variable contribution margin, which benefited from both year-over-year price cost and significant productivity gains. This improved productivity, which has been catalyzed by the continued implementation of VOS principles in our plants and within our functions and notably procurement was the primary driver for the $57 million beat versus the midpoint of guidance and also a primary driver for the 510 basis point increase in adjusted operating margin to 19.6% just 40 basis point short of our long-term target. We are seeing the benefits of an intense focus on operational execution across all parts of the business. And the exciting thing is that there's still a lot more to do. So please stay tuned.

調整後的營業利潤為 3.82 億美元，比去年同期高出 1.31 億美元，這得益於銷量增加和變動貢獻利潤率提高，這得益於同比價格成本和生產力的大幅提高。生產力的提高得益於我們在工廠、職能部門（尤其是採購部門）持續實施 VOS 原則，這是超出預期 5,700 萬美元的主要驅動力，也是調整後營業利潤率增加 510 個基點至 19.6% 的主要驅動力，僅比我們的長期目標低 40 個基點。我們看到了高度關注業務各部分的營運執行所帶來的好處。令人興奮的是，還有很多事情要做。因此請繼續關注。

Moving to the right. Our second quarter adjusted diluted EPS was $0.67, $0.21 higher than last year, primarily driven by higher adjusted operating profit. We generated $333 million of adjusted free cash flow in the quarter, over $100 million better than last year, primarily due to higher profitability and improved working capital, which declined to 17.1% of annualized second quarter sales. Some of this trade working capital improvement was due to favorable timing, including with advanced payments, which effectively shifted cash into the second quarter from the third and fourth quarters. Nonetheless, good progress with cash flow and working capital, but just like margin, still a lot more to do.

向右移動。我們第二季調整後的稀釋每股收益為 0.67 美元，比去年同期高 0.21 美元，主要得益於調整後的營業利潤的提高。本季度，我們產生了 3.33 億美元的調整後自由現金流，比去年同期增加了 1 億多美元，這主要歸功於盈利能力的提高和營運資本的改善，後者佔第二季度年化銷售額的比例下降至 17.1%。貿易營運資本的改善部分歸因於有利的時機，包括預付款，這有效地將現金從第三季和第四季轉移到第二季。儘管如此，現金流和營運資本取得了良好的進展，但就像利潤一樣，還有很多工作要做。

Finally, on this page, net leverage was 1.8 times at the end of the quarter within our stated leverage target range of 1 times to 2 times and liquidity strengthened to $1.2 billion. Our balance sheet is strong and should remain strong based upon our expectations for free cash flow as we focus on flexibility to evaluate capital deployment opportunities.

最後，在本頁上，本季末的淨槓桿率為 1.8 倍，處於我們規定的 1 倍至 2 倍的槓桿目標範圍內，流動性增強至 12 億美元。我們的資產負債表強勁，根據我們對自由現金流的預期，應該會保持強勁，因為我們專注於靈活地評估資本配置機會。

Turning to page 8. This slide summarizes our second quarter segment results. As mentioned, we saw strong top line growth in the Americas, up 17% from last year. Primarily from continued momentum in the hyperscale and colocation markets. More impressively, this growth was on top of a challenging comparison to second quarter 2023, where sales were up 48% from 2022. Adjusted operating margin in the Americas expanded 540 basis points to 25.4% with the increase driven by favorable price cost and significant productivity. APAC sales increased 6% organically, with China slightly down, but more than offset by strong mid-teen growth in India and the rest of Asia.

翻到第 8 頁。這張投影片總結了我們第二季的分部業績。如上所述，我們看到美洲地區的營業收入成長強勁，比去年成長了 17%。主要得益於超大規模和主機託管市場的持續成長動能。更令人印象深刻的是，與 2023 年第二季相比，這一成長更具挑戰性，2023 年第二季的銷售額比 2022 年成長了 48%。美洲地區調整後營業利潤率擴大 540 個基點至 25.4%，這一增長得益於優惠的價格成本和顯著的生產效率。亞太地區銷售額有機成長 6%，其中中國銷售額略有下降，但印度和亞洲其他地區銷售額的強勁成長抵消了這一成長。

We still characterize China as stable. But based upon visibility into an improving sales pipeline, we are optimistic that China will commence year-over-year growth in the second half. APAC adjusted operating margin decreased 180 basis points from last year, in part due to a discrete $6 million expense in this year's second quarter. However, on a year-to-date basis, APAC operating margins are still 100 basis points higher than last year despite this onetime expense, and we expect operating margins to increase in the back half of the year, correlated with the expected increase in second half volume.

我們仍然認為中國是穩定的。但基於對不斷改善的銷售管道的了解，我們樂觀地認為中國將在下半年開始實現年比成​​長。亞太區調整後營業利潤率較去年同期下降 180 個基點，部分原因是今年第二季單獨支出了 600 萬美元。然而，從年初至今的數據來看，儘管有這筆一次性支出，亞太地區的營業利潤率仍然比去年高出 100 個基點，我們預計下半年營業利潤率將會上升，這與下半年銷量的預期增長相關。

EMEA organic sales increased 14% in the second quarter, in part driven by strong modular solutions growth. We are certainly encouraged with the momentum in this part of the business as customers increasingly use modular solutions to accelerate expansion of data center capacity. EMEA adjusted operating margin increased 480 basis points to 25.9% as EMEA and Americas continue to compete for highest regional adjusted operating margin. So EMEA won the quarter, but the Americas is ahead year-to-date, and we'll see how the rest of the year plays out.

歐洲、中東和非洲地區有機銷售額在第二季度成長了 14%，部分原因是模組化解決方案的強勁成長。隨著客戶越來越多地使用模組化解決方案來加速資料中心容量的擴展，我們對這部分業務的發展勢頭感到鼓舞。由於 EMEA 和美洲繼續爭奪最高的區域調整後營業利潤率，EMEA 調整後營業利潤率增加 480 個基點至 25.9%。因此，歐洲、中東和非洲地區在本季獲勝，但美洲地區今年迄今仍處於領先地位，我們將拭​​目以待今年剩餘時間的表現。

Moving to slide 9. This slide summarizes our third quarter guidance. We are expecting a third quarter that looks largely consistent with second quarter including organic sales growth of approximately 14%, offset by a $20 million foreign exchange headwind. The regional sales growth profile is slightly different with all three regions expected to grow in the low teens which implies sequential acceleration in APAC and notably China, as I referenced on the previous slide. We expect third quarter adjusted operating profit of $385 million at the midpoint and adjusted operating margin of 19.6%, up 260 basis points from last year's third quarter, with expected benefits from operational leverage, price costs, and continued productivity gains.

移至幻燈片 9。這張投影片總結了我們第三季的指導。我們預計第三季的表現與第二季基本一致，其中有機銷售額將成長約 14%，但受到 2,000 萬美元外匯逆風的影響。區域銷售成長情況略有不同，預計三個地區的成長率都將達到百分之十幾，這意味著亞太地區，尤其是中國，將出現連續加速成長，正如我在上一張投影片中提到的。我們預計第三季調整後的營業利潤中位數為 3.85 億美元，調整後的營業利潤率為 19.6%，比去年第三季增長 260 個基點，預計將受益於營運槓桿、價格成本和持續的生產力提高。

Next, turning to slide 10, our full year guidance. After a strong first half, we are increasing the midpoint of our sales guidance by $50 million, including $75 million organically, partially offset by $25 million of incremental foreign exchange headwinds. Higher organic growth is primarily in the Americas and APAC.

接下來，翻到第 10 張投影片，這是我們全年的指導。在經歷了上半年的強勁表現後，我們將銷售預期中位數提高了 5000 萬美元，其中包括 7500 萬美元的有機增長，但部分被 2500 萬美元的增量外匯逆風所抵消。較高的有機成長主要發生在美洲和亞太地區。

We are also increasing the midpoint of our adjusted operating profit guide by $85 million to $1.435 billion due in part to higher volume, but also based upon higher expected variable contribution margin in the second half, driven by continued productivity, both in procurement and manufacturing.

我們還將調整後的營業利潤指引中位數提高了 8,500 萬美元，達到 14.35 億美元，部分原因是銷售量增加，同時也基於下半年預期的更高可變貢獻利潤率，這得益於採購和製造部門持續的生產力提高。

As a result, we are increasing our adjusted operating margin guidance to 18.7% at the midpoint, 100 basis points higher than previous guidance and 200 basis points higher than initial full year expectations from our November investor conference.

因此，我們將調整後的營業利潤率預期中位數上調至 18.7%，比先前的預期高出 100 個基點，比我們 11 月投資者會議上的全年初步預期高出 200 個基點。

Now some analysts will likely inquire why year-over-year incrementals are not projected to stay above 60% for the second half as they were in the first half. And in short, year-over-year variable contribution margin comparisons are more challenging in the back half of the year as our productivity initiatives accelerated in the last two quarters in 2023. In addition, we anticipate a ramp-up of fixed costs in this year's back half as we continue to prioritize investment in capacity and technology.

現在一些分析師可能會問，為什麼預計下半年的年成長率不會像上半年那樣維持在 60% 以上。簡而言之，由於我們的生產力計劃在 2023 年最後兩個季度加速，因此下半年同比變動貢獻利潤率的比較將更具挑戰性。此外，由於我們繼續優先考慮產能和技術方面的投資，我們預計今年下半年固定成本將會增加。

The 18.7% full year adjusted operating margin guidance propels us closer to our long-term target of 20% plus. Certainly, this long-term target is within range, and we expect to exit the fourth quarter near that level, which sets a good foundation for 2025. Our projected 2024 adjusted diluted EPS of $2.50 at the midpoint, is more than 40% higher than 2023, primarily driven by higher adjusted operating profit, like last quarter, we do provide additional information on income taxes and share count in the appendix.

18.7% 的全年調整後營業利潤率預期使我們更接近 20% 以上的長期目標。當然，這個長期目標在可實現範圍內，我們預計第四季將接近該水平，這為2025年奠定了良好的基礎。我們預計 2024 年調整後稀釋每股收益中位數為 2.50 美元，比 2023 年高出 40% 以上，主要原因是調整後的營業利潤增加，與上一季一樣，我們確實在附錄中提供了有關所得稅和股票數量的更多資訊。

Finally, for me on this slide, we increased adjusted free cash flow guidance by $50 million to $875 million, primarily driven by higher adjusted operating profit and partially offset by higher income taxes and additional investment in trade working capital. Our full year adjusted free cash flow guidance implies approximately $440 million of cash generation in the second half, which we expect to be relatively uniform in the third and fourth quarters. And with that said, I turn it back over to Gio.

最後，對我來說，在這張投影片上，我們將調整後的自由現金流指引提高了 5,000 萬美元，達到 8.75 億美元，這主要得益於調整後的營業利潤的提高，但部分被更高的所得稅和對貿易營運資本的額外投資所抵消。我們全年調整後的自由現金流指引意味著下半年將產生約 4.4 億美元的現金，我們預計第三季和第四季的現金流將相對穩定。說完這些，我把麥克風交還給了吉奧。

Well, thank you very much, David. And a quick summary here as we go to slide 11. So I'm very pleased with our strong first half performance. The executional strength of Vertiv continues to improve, and we see that translating into our financial performance. Including sales growth, profitability and free cash flow. It gives us confidence to raise guidance again for 2024 and continues to strengthen our view on the next year.

好吧，非常感謝你，大衛。當我們轉到第 11 張投影片時，這裡有一個簡短的總結。所以我對我們上半年的出色表現感到非常滿意。Vertiv 的執行力不斷提升，我們看到這轉化為我們的財務表現。包括銷售成長、獲利能力和自由現金流。這使我們有信心再次提高 2024 年的指引，並繼續加強我們對明年的看法。

The market is evolving and becoming more critical, and that plays into Vertiv's strengths very well. Technology, global scale, portfolio breadth, and depth services, these attributes matter to our customers. We stay humble and focused. Every day, we work hard to reinforce our competitive advantages. I said that on the last call, we fully intend to keep winning. We are in a good place now; we can always do better. There is absolutely no room for complacency. We are making substantial progress, but our full potential is much bigger and keeps growing, and the entire Vertiv team is very excited about this.

市場正在不斷發展，變得越來越重要，這很好地發揮了 Vertiv 的優勢。技術、全球規模、產品組合廣度和深度服務，這些屬性對我們的客戶很重要。我們保持謙遜和專注。我們每天都在努力加強我們的競爭優勢。我在上次通話中說過，我們完全打算繼續獲勝。我們現在處境很好；我們總是可以做得更好。我們絕對沒有理由自滿。我們正在取得實質進展，但我們的全部潛力要大得多，而且還在不斷成長，整個 Vertiv 團隊對此感到非常興奮。

An important point on this slide, we plan to have an Investor event on November 18 in conjunction with the Supercomputing '24. So more details on this will follow, but I want to make sure that this is on your calendars and radar screens. With that, Brika, over to you and for the Q&A. Thank you very much.

這張投影片上的一個重要點是，我們計劃在 11 月 18 日結合超級計算 '24 舉辦一場投資者活動。因此，我們將隨後公佈更多有關此事的詳細信息，但我希望確保此事已出現在你們的日曆和雷達屏幕上。好了，Brika，現在輪到你了，接下來是問答環節。非常感謝。

(Operator Instructions) Amit Daryanani, Evercore ISI.

（操作員說明）Amit Daryanani，Evercore ISI。

Thanks a lot, and good morning, everyone. I'll stick to the one question rule. I'm wondering if you could just help us frame the order trajectory expected in September quarter. Will you help us understand maybe what's driving the deceleration in September to being 10% to 15% versus the high 50%, 60% we saw in the first half. And then crucially, just how do you see these orders converting to revenues over time for the company? It would be really helpful to frame that as well. Thank you.

非常感謝，大家早安。我會堅持一個問題規則。我想知道您是否可以幫助我們規劃九月季度的預期訂單走勢。您能否幫助我們了解導致 9 月經濟成長放緩至 10% 至 15% 的原因，而上半年的成長率高達 50% 至 60%。那麼至關重要的是，您如何看待這些訂單隨著時間的推移轉化為公司的收入？將其框起來也會非常有幫助。謝謝。

Thank you, Amit, and very good day to you. I think I stated at the end in the script, we are happy with the pipelines that we see. And those pipelines, of course, are reflecting a positive trajectory for the market and our overall view of the market continues to be positive.

謝謝你，阿米特，祝你有個愉快的一天。我想我在劇本的最後說過，我們對所看到的管道感到滿意。當然，這些管道反映了市場的積極軌跡，我們對市場的整體看法仍然是積極的。

If you go back to April, we had certainly a more prudent view of the Q2 orders, but there are a lot of big orders and individual (inaudible) in this market. And sometimes, it's just a question -- can be a question of timing when -- whether they happen in one quarter or another or another quarter. So overall, our view of the market it continues to be very positive, very, very positive. We're very happy about the trajectory of orders so far, but we are also aware of the fact that the timing can be an element here, order timing. That's why we want to make sure that we do not just talk about orders in one quarter, but we took a little bit kind of a broader metric like the trailing 12-month that we have introduced now.

如果回顧四月份，我們對第二季的訂單肯定有更謹慎的看法，但這個市場上有很多大訂單和個人（聽不清楚）。有時，這只是一個問題——可能是一個時間問題——它們發生在一個季度、另一個季度還是另一個季度。因此總體而言，我們對市場的看法仍然非常積極，非常非常積極。我們對迄今為止的訂單趨勢感到非常滿意，但我們也意​​識到時機可能是這裡的一個因素，即訂單時機。這就是為什麼我們要確保我們不只是談論一個季度的訂單，而是採取更廣泛的指標，例如我們現在引入的過去 12 個月的訂單。

When it comes to the second half -- the second part of your question about order timing and translation in revenue. It's pretty much what we what we said last time already, for the upper part of the market, meaning that the larger part of the market, larger doses of the cloud and colocation. We are thinking now in terms of 12, 18 months on average, can be very specific individual orders can have different dynamics. But on average, we think about an elongation that we already described last time around. And hence, considering Q2 and Q3, the majority of that will sit in future years, so 2025 and beyond. But again, nothing particularly strange or different than what we observed before already.

談到下半部分——您問題的第二部分是關於訂單時間和收入轉換的。對於市場的上部，這基本上就是我們上次所說的，這意味著市場的較大部分，雲端和主機託管的劑量較大。我們現在考慮的是平均 12 到 18 個月的時間，非常具體的個別訂單可能會有不同的動態。但平均而言，我們考慮的是上次已經描述過的伸長率。因此，考慮到第二季度和第三季度，其中大部分將在未來幾年，即 2025 年及以後。但同樣，與我們之前觀察到的相比，沒有什麼特別奇怪或不同的地方。

Steve Tusa, JPMorgan.

摩根大通的史蒂夫·圖薩。

Hi, good morning.

嗨，早安。

Hi, Steve.

你好，史蒂夫。

Hey. Steve.

嘿。史蒂夫。

You mentioned the 30% to 35% trailing 12 months. Is that a good trend to think about here going forward, given how positive you are. And any comments on how the pipeline is trending year over year? And then just lastly, as a follow-up to that on orders, how do you book like campuses or like a phased order where you may be working on three buildings or something or three data centers in a certain campus and you may be contracted to do all of that. At what point do you actually book that order? Is it booked all at once? Or as these things -- as the shovel goes into the ground? Thanks for any color on all of that.

您提到了過去 12 個月的 30% 到 35%。考慮到您的正面態度，這是否是一個值得思考的好趨勢？對於管道逐年變化的趨勢，您有何評論？最後，作為訂單的後續行動，您如何預訂校園或分階段的訂單，您可能在某個校園的三棟建築物或某樣東西或三個資料中心工作，並且您可能會簽約完成所有這些工作。什麼時候真正下訂單？是一次全部訂滿嗎？或者像這些東西一樣——像鏟子插入地面一樣？感謝您對這一切的詮釋。

Thank you for your question. So certainly, we call a 30%, 35% trailing 12 a strong trajectory and one that can sustain us -- our growth long term. So we certainly like that range a lot and it's a range that reflects strength in the market for Vertiv. To your question about how we book campuses, I've been vocal about the fact that it is very, very important to be in the first part of a campus or a development as then capacity gets expanded over time. But the way we book is PO-by-PO, there's no other way. We get a PO; we book a PO. And we called an order only what is actually truly legally binding. So really -- it's really about what customers order actually from us.

感謝您的提問。因此，我們當然認為過去 12 年 30%、35% 的成長軌跡是一個強勁的軌跡，可以維持我們的長期成長。因此，我們當然非常喜歡這個系列，這個系列反映了 Vertiv 的市場實力。對於您關於我們如何預訂校園的問題，我已經明確表示，進入校園或開發專案的第一部分非常非常重要，因為隨著時間的推移，容量會不斷擴大。但是我們的預訂方式是逐個訂單，沒有其他方式。我們收到一份採購訂單；我們預訂了採購訂單。我們發布的命令只針對真正具有法律約束力的內容。所以實際上——這實際上與客戶實際向我們訂購什麼有關。

Nicole DeBlase, Deutsche Bank.

妮可‧德布拉斯 (Nicole DeBlase)，德意志銀行。

Thank you. Good morning, guys. So I want to spend some more time on orders just because I think this is a big investor concern and what's kind of reflected in the market today. So I guess the assumption that you get to 10% to 15% growth in the third quarter implies like a 20% step down sequentially. Like what is that founded in? Are you guys just kind of making a conservative assumption that, hey, we've had a few quarters of really strong large project orders and that may not continue. And then are you actually seeing like large orders in the pipeline start to diminish because you've booked so many large orders? Just trying to get a sense of how you come to that 10% to 15% growth year-on-year and if we could be sitting here three months from now with another positive price from an order perspective? Thank you.

謝謝。大家早安。所以我想花更多的時間討論訂單，因為我認為這是投資者關心的一個大問題，也是當今市場所反映的問題。因此，我猜測，假設第三季成長率達到 10% 至 15%，就意味著季減 20%。那是建立在什麼基礎上的？你們是否只是做了一個保守的假設，認為我們已經有幾個季度獲得了非常強勁的大型專案訂單，但這種情況可能不會持續下去。那麼，您是否真的看到，由於您已經預訂了太多大訂單，正在籌劃的大訂單開始減少？只是想了解您是如何實現同比增長 10% 至 15% 的，以及從訂單角度來看，三個月後我們是否能夠看到另一個積極的價格？謝謝。

Well, thank you for the question, Nicole. Certainly, a little bit paradoxical to think that the concern is -- orders are a concern after two quarters of almost 60% year on year. But I hear you. As I said, the pipeline continues to be strong. And again, the pipeline reflects the dynamics of the market and a testament to a very strong visibility that we have in the market commercially and are just the way we understand the market.

好吧，謝謝你的提問，妮可。當然，有點自相矛盾的是，令人擔憂的是——在兩個季度同比增長近 60% 之後，訂單量令人擔憂。但我聽到了。正如我所說，管道繼續保持強勁。再次強調，該通路反映了市場的動態，證明了我們在商業市場上具有非常強大的可見性，並且正是我們了解市場的方式。

But again, the message is not different than the message that we gave, if you will, a quarter ago. It's just that it's that message with more good news on top of that as the good news is strength in the second quarter actual orders. So I continue to be very, very optimistic about the way the market is evolving and our position in the market. We like the trajectory of our pipelines. And we like also the way the pipelines are shaping up in the rest of the world. Of course, we know that's very, very strong in the Americas. So AI dynamics are playing in a favorable manner. That said, again, sometimes receiving an order, the kind of first day of the quarter or the last day of the quarter can swing things around.

但如果你願意的話，這個訊息與我們一個季度前發出的信息沒有什麼不同。只不過，這則消息背後還有更多的好消息，好消息就是第二季實際訂單強勁。因此，我對市場的發展方式和我們在市場中的地位仍然非常非常樂觀。我們喜歡我們的管道軌跡。我們也喜歡世界其他地區的管道建設方式。當然，我們知道美洲的這種勢頭非常強勁。因此，人工智慧的發展態勢良好。話雖如此，但有時收到訂單，例如季度的第一天或最後一天，可能會改變事情。

So again, let's not be too obsessed about the individual quarter, it is important. We are very proud about what we printed in second quarter, and let's make sure that we keep an eye on the trajectory -- on the long-term trajectory and the long-term trajectory is very strong.

所以，我們不要太過關注個別季度，這很重要。我們對第二季的業績感到非常自豪，讓我們確保密切關注長期發展軌跡，而長期發展軌跡非常強勁。

Mark Delaney, Goldman Sachs.

高盛的馬克·德萊尼。

Yes, good morning. Thanks for much for taking my question, which is on pricing. Vertiv have been expecting a bit more than $60 million of net price cost positivity for this year. Can you speak qualitatively on how the pricing environment has evolved? And are you seeing that pricing become any more competitive and new programs that come up for bid, given increased competition in certain parts of the industry? And if so, is that potentially limiting the degree of price cost positivity over the longer term? Thank you.

是的，早安。非常感謝您回答我關於定價的問題。Vertiv 預計今年的淨價格成本正值將略高於 6,000 萬美元。您能否定性地談談定價環境是如何演變的？鑑於行業某些領域的競爭加劇，您是否發現定價變得更具競爭力，並且有更多新項目可供競標？如果是這樣，那麼從長遠來看，這是否有可能限制價格成本的積極程度？謝謝。

Yeah. Absolutely. We continue to operate in a market that is favorable from a demand and supply balance standpoint. We have very strong competitive advantages in the market. So we feel good about what we're doing. We feel very good about the pricing muscles and pricing strength that we have built over the last two, three years. So things continue to be encouraging in that respect.

是的。絕對地。從供需平衡的角度來看，我們繼續在有利的市場中運作。我們在市場上具有非常強的競爭優勢。所以我們對自己所做的事情感到很滿意。我們對過去兩三年來建立的定價能力和定價實力感到非常滿意。因此，從這方面來看，情況仍然令人鼓舞。

Of course, we operate in an environment that is mature as a market. Our customers are sophisticated players. So we continue to be adamant about the fact that our price cost equation will continue to be positive in the future, and we feel good about our position in the market and our ability to price the value that we deliver in terms of technology, in terms of service level, in terms of access to capacity to our customers.

當然，我們的營運環境已經是一個成熟的市場。我們的客戶都是經驗豐富的玩家。因此，我們堅信我們的價格成本方程式在未來仍將保持正值，我們對自己的市場地位以及我們在技術、服務水平和客戶容量獲取方面所提供的價值的定價能力感到滿意。

Andy Kaplowitz, Citigroup.

花旗集團的安迪‧卡普洛維茲 (Andy Kaplowitz)。

Good morning, everyone.

大家早安。

Hello, good morning.

你好早安。

David, you talked about a lot -- David talked a lot more about productivity. And so maybe Gio or David, you could talk a little bit more about the opportunities you see there. Is there any risk that you could lose any of those productivity improvements as you continue to ramp in areas such as liquid cooling? And then if there is a lot of room on the productivity side, pricing is still improving, you keep leveraging double-digit revenue. Could you end up with a margin way higher than that 20% target you have for '26?

大衛，你談了很多——大衛更多地談論了生產力。所以也許 Gio 或 David，您可以再多談談您在那裡看到的機會。隨著您在液體冷卻等領域繼續加大投入，是否存在失去任何生產力改善的風險？然後，如果生產力方面有很大空間，定價仍在改善，你就可以繼續利用兩位數的收入。您最終的利潤率是否會遠高於 26 年 20% 的目標？

I would say, this is certainly premature. We know that, that 20% has always been a 20%-plus not necessarily silly. We are very happy about the trajectory we're on right now. But quite adamantly, and we've been vocal about that forever and certainly in the introductory comments here, the -- far from full potential. But when we look at the way, for example, liquid cooling is ramping up the way top line is heading as reflected in the current guidance, et cetera, all elements that play in favor of us being able to be more effective in achieving our efficiency, leveraging volume, et cetera.

我想說，這當然還為時過早。我們知道，20% 一直都是 20% 以上，不一定是愚蠢的。我們對目前的軌跡感到非常高興。但非常堅定的是，我們一直在強調這一點，當然也在這裡的介紹性評論中強調過，這還遠遠沒有發揮出全部潛力。但是，當我們觀察液體冷卻的方式時，就會發現，正如當前指導中所反映的那樣，液體冷卻正在加速發展，而所有因素都有利於我們更有效地實現效率、利用數量等等。

So I'd say that productivity is a big element in our value equation, not the soul, of course, but an important one. And what we see happening in terms of business trajectory, but also internally, the improvements and the gains that we see being realized are encouraging in that direction. But again, we are certainly operating the company much better. There is so much more we can do. And that will be our forever mantra no matter how strong we can be.

所以我想說，生產力是我們價值方程式中的重要因素，當然不是靈魂，但卻是重要的因素。我們看到，無論是在業務發展軌跡方面，或是在內部，所取得的進步和收益都是令人鼓舞的。但事實是，我們的公司營運確實好多了。我們能做的事情還有很多。無論我們有多強大，這都將是我們永遠的口頭禪。

Appreciate it.

非常感謝。

Scott Davis, Melius Research.

戴維斯 (Scott Davis)，Melius Research。

Hey, good morning, everyone. (technical difficulty) You devoted a whole slide to service. So obviously, you think there's a lot of potential here. I guess my question is kind of what is the key KPI here? Is it just -- can you price around kind of guaranteed uptime? Is it just having field service guys on site, you can just price out that labor. I mean, what is kind of the value to you guys and to the customer, I guess, more explicitly? I know it's kind of a big topic overall, but it wasn't 100% clear to me off the slide. But -- and then also just the potential, I mean, if you devote all slide to it, clearly, you think it can become pretty material, I would assume by 2025. So anyway, I know there's a lot there, just answer what you want, and I'll pass it on. Thanks.

嘿，大家早安。（技術難題）您用一整張投影片來介紹服務。顯然，您認為這裡有很多潛力。我想我的問題是這裡的關鍵 KPI 是什麼？這只是——您能根據保證的正常運行時間定價嗎？是否只需在現場配備現場服務人員，您就可以計算出該勞動力的價格。我的意思是，更明確地說，這對你們和客戶來說有什麼價值？我知道這總體來說是一個很大的話題，但我對幻燈片上的解釋並不是 100% 清楚。但是——還有潛力，我的意思是，如果你把所有的幻燈片都投入其中，顯然，你認為它會變得相當重要，我認為到 2025 年。所以無論如何，我知道那裡有很多問題，只需回答您想要的問題，我就會將其傳遞下去。謝謝。

Yeah. I think certainly, a question that we deserve a market-positive conversation. I'll try to go to what are the key metrics here. I think there are two dimensions to that. One is for us, clearly, recurrent revenue is an important aspect, having a large installed base and being able to attach to that installed base. So all things that we measure obsessively, and we track and we make sure that we operate very well from a commercial but also kind of a delivery standpoint.

是的。我認為，我們確實應該就這個問題進行一次積極的市場對話。我將嘗試了解這裡的關鍵指標是什麼。我認為這有兩個面向。一是對我們來說，顯然經常性收入是一個重要方面，擁有龐大的安裝基礎並且能夠依附於該安裝基礎。因此，我們對所有事情都進行了嚴格的衡量和跟踪，以確保從商業和交付的角度來看，我們都能很好地運作。

So I call our service business quite mature -- very mature in that sense. And clearly, with the current revenue with the attach rates, it's quite valuable set of revenue that delivers for us in terms of productivity -- sorry, in terms of margins and profitability. But there is another element of help for us that is a service being a differentiator. That makes a difference and plays a very important role in our market share -- project solutions market share, let's say, equation and competitive advantages. So it is very, very important in that respect.

所以我認為我們的服務業務相當成熟——從這個意義上來說非常成熟。顯然，以目前的收入和附加率來看，這是一組非常有價值的收入，它為我們帶來了生產力方面的提升——抱歉，是利潤率和盈利能力方面的提升。但對我們有幫助的另一個因素是服務成為差異化因素。這對我們的市場份額——專案解決方案市場份額，也就是等式和競爭優勢——起到了非常重要的作用。因此從這個方面來說，這非常非常重要。

As I mentioned, when we were going through the slides, the importance of service is enormous for our customers, and we are very proud been able to support the industry with that. The example that I made, let's say, at a high level, obviously, given the time constraints when we were going through the slide is a liquid cooling system. So here, we have really a $2 million rack that is kept alive, if you will, by a secondary so-called liquid cooled circuit. And there is an innerture on that, that is in second. So differently from the past, when you would have an entire room helping if something goes wrong in a thermal system. Here you have your CDU and your two -- or multiple $2 million racks. So you have to be able to see things before they happen. And when you see something, you will be able to intervene in second.

正如我在幻燈片中提到的那樣，服務對於我們的客戶來說非常重要，我們非常自豪能夠為業界提供支援。顯然，考慮到我們瀏覽投影片時的時間限制，我所舉的較高層次的例子是液體冷卻系統。因此，我們實際上有一個價值 200 萬美元的機架，如果你願意的話，它是由所謂的二級液體冷卻迴路維持的。並且有一個內在部分，即第二層。這與過去的情況大不相同，過去，如果熱力系統出現問題，需要一整個房間的人來幫忙。這裡有您的 CDU 和兩個或更多價值 200 萬美元的機架。所以你必須能夠在事情發生之前預見它們。當你看到某些事情時，你將能夠立即介入。

So the value is really the utilization and the resilience of our customers' infrastructure, and it is enormously important. There is an element as well, another element is enabling deployment. And especially as technologies become more complex as they are, everything that is project commissioning, et cetera, is of an increasingly impactful importance.

因此，其價值實際上在於客戶基礎設施的使用率和彈性，這一點非常重要。還有一個要素，另一個要素是實現部署。尤其是隨著技術變得越來越複雜，專案調試等一切都變得越來越重要。

Michael Elias, TD Cowen.

邁克爾·埃利亞斯（Michael Elias），TD Cowen。

Great. Thanks for taking the question. When I look at the underlying data center market, I see that supply and demand are meaningfully imbalanced. And when I take a look at spot data center market pricing, I see it's up about 20% year-over-year over the last few years. Then when I drill that down into the unlevered yields that data center operators are generating, I mean, they're seeing yield expansion to the tune of 100 basis points to 150 basis points year-over-year, which says to me that their returns are expanding faster than their cost to build and their cost of capital.

偉大的。感謝您回答這個問題。當我觀察底層資料中心市場時，我發現供需嚴重失衡。當我查看現貨資料中心市場定價時，我發現它在過去幾年裡比去年同期上漲了約 20%。然後，當我深入研究資料中心營運商產生的無槓桿收益率時，我的意思是，他們看到收益率同比增長 100 個基點至 150 個基點，這對我來說意味著他們的回報增長速度快於建設成本和資本成本。

So when we think through the price cost dynamic for Vertiv, my question for you is, should price grow linearly with the increase in underlying data center spot market pricing given that, that kind of price increase to the end customer would actually have no impact on their underlying returns. I just want to get a better sense of how to think about the relationship between data center price strength and your ability to price to the data center operators. Thanks.

因此，當我們思考 Vertiv 的價格成本動態時，我想問您的問題是，價格是否應該隨著基礎資料中心現貨市場定價的增長而線性增長，因為這種對最終客戶的價格上漲實際上不會對其基礎回報產生影響。我只是想更好地理解如何看待資料中心價格強度與向資料中心營運商定價的能力之間的關係。謝謝。

Well, I think it's really specific customer by customer and technology by technology, different technology may have a different profile of, let's say, supply and demand balances. So it's hard to define general rule here. Certainly, what we see is in a market environment where vendors and especially a player like Vertiv with strong value proposition can translate that into value to our customers and translate that into price.

嗯，我認為這確實是針對每個客戶、每個技術的具體問題，不同的技術可能有不同的供需平衡狀況。因此這裡很難定義一般規則。當然，我們看到的是，在市場環境中，供應商，特別是像 Vertiv 這樣具有強大價值主張的參與者，可以將其轉化為對客戶的價值，並將其轉化為價格。

Now we'll, of course, go through all the aspects of your question and further reflect on that. But I'd say that we continue to operate in an environment that is favorable but with players that are certainly very savvy, especially large colos and hyperscalers in their, let's say, buying dynamics.

現在，我們當然會仔細研究您問題的各個方面，並進一步思考。但我想說的是，我們繼續在一個有利的環境中運營，但參與者肯定非常精明，尤其是大型託管公司和超大規模企業，他們在購買動態方面非常精明。

Jeff Sprague, Vertical Research Partners.

傑夫·斯普拉格（Jeff Sprague），Vertical Research Partners。

Hey good day, everyone. I was wondering if we could just maybe put a finer point on share and how you're measuring it. Obviously, there's a lot of concerns about competition. You've heard before, you're hearing on the call. But when we look at your order growth rate and the like, it doesn't appear to me there's a share issue. But you did mention you believe you're gaining share. So I wonder if you could just tell us how you're measuring that? How fast do you think the market is growing? Are you thinking about the answer to this question in terms of dollars per megawatt or some other metric? And just help us get a little more comfortable with how your business is performing relative to the competitive set?

嘿，大家好。我想知道我們是否可以更詳細地闡述份額以及如何衡量份額。顯然，人們對競爭有很多擔憂。您之前已經聽說過，您在通話中聽過。但當我們查看您的訂單成長率等時，我認為不存在股票問題。但您確實提到過，您相信自己的市場份額正在增加。所以我想知道您是否可以告訴我們您是如何衡量這一點的？您認為市場成長速度有多快？您是否考慮以每兆瓦美元或其他指標來回答這個問題？並幫助我們更清楚地了解您的業務相對於競爭對手的表現嗎？

Certainly, our -- well, thank you for your question, Jeff, first of all. And the -- certainly, our order trajectory is encouraging from the point of view of the signals that it gives us in terms of market share. There are parts of the market that are relatively new as well. There are parts of the markets that are quite mature in terms of adding access to all the market information. So again, the answer should be specific to the technology.

當然，我們的——好吧，首先感謝你的提問，傑夫。當然，從市佔率方面給我們的訊號來看，我們的訂單軌跡是令人鼓舞的。市場中也有一些部分相對較新。在增加獲取所有市場資訊的管道方面，部分市場已經相當成熟。所以，答案應該要具體針對技術。

But in general, if we think about what we gave in November in terms of growth of the cloud and colocation in the 14%, 17%, of course, our orders are encouraging. Market share is always something that is little bit measured ex post, but the trajectory we are on certainly suggests that the outlook is positive in that respect.

但總的來說，如果我們考慮到 11 月雲端運算和主機託管業務的成長情況，即 14% 和 17%，那麼我們的訂單當然是令人鼓舞的。市場佔有率總是需要事後衡量的，但我們目前的軌跡無疑地表明，在這方面前景是正面的。

You were asking as well about dollars per megawatt, let's say, vision or thoughts right now, at this stage, not very different from what we shared with all of you in the past. So I think, again, in the 2.53 non-AI and 335 million per megawatt of TAM for Vertiv in the AI space. So that is for us still valid, let's say, order of magnitude.

您也問到了每兆瓦的美元金額，比如說，目前的願景或想法，在現階段，與我們過去與大家分享的沒有太大區別。因此，我認為，在人工智慧領域，Vertiv 的非人工智慧 TAM 為 2.53，每兆瓦為 3.35 億。所以對我們來說這仍然有效，可以說數量級。

Thank you. I would now like to hand it back to Giordano Albertazzi, for some closing remarks.

謝謝。現在我想把發言權交還給 Giordano Albertazzi，請他發表一些結束語。

Hi. Yeah, operator, I think we have time for a couple more questions. There's a few more in queue. Go ahead and take those.

你好。是的，接線生，我想我們還有時間回答幾個問題。還有一些在排隊。去拿那些吧。

Absolutely, I apologize. Nigel Coe, Wolfe Research.

絕對抱歉。沃爾夫研究公司的奈傑爾·科伊。

Thanks for saving me there. I was drowning. Thanks. Okay. Yeah. So look, I would like to, I think, take Jeff's kind of line of thought a little bit differently. Obviously, I tend to agree with the view that your front-end capability service network is a big advantage. The other side of the coin is you've got a bunch of Asian server OEMs sort of trying to integrate around the server and they're there with CDUs, et cetera. Maybe just talk about their ability to do that. And maybe a bit more specifically, what sort of win rate are you seeing on liquid cooling right now?

謝謝你在那裡救了我。我快要溺斃了。謝謝。好的。是的。所以，我想，以稍微不同的方式看待傑夫的思維。顯然，我傾向於同意這樣的觀點：你的前端能力服務網絡是一個很大的優勢。另一方面，有許多亞洲伺服器 OEM 試圖圍繞伺服器進行整合，他們使用 CDU 等。也許只是談論他們這樣做的能力。更具體地說，您現在看到的液體冷卻的勝率是多少？

Yeah, I'll go back, thank you for your question, Nigel. And again, as mentioned when we were going through the slides, it's not just about having a widget. It's about having the ability -- having, first of all, very strong technology as we do, but then having very strong controls that are an important part of the liquid, especially CDU direct-to chip equation, having the right manufacturing processes, their ability to scale and services.

是的，我回去吧，謝謝你的提問，奈傑爾。再說一次，正如我們在幻燈片中提到的那樣，這不僅僅是擁有一個小部件那麼簡單。關鍵在於擁有能力——首先，我們擁有非常強大的技術，然後擁有非常強大的控制力，這是液體的重要組成部分，特別是 CDU 直接晶片方程，擁有正確的製造流程、擴展能力和服務。

Clearly, we always evaluate our competitors very, very seriously. But when you think about the system integrators or other players in that space, we should not necessarily look at them as necessarily competitors. Very often, they pay a hybrid role, and they can be a route to market as well. So things are a little bit more nuanced then they may appear at the first glance. So when it comes to win rates, we will not go in the details of the win rates at this stage. But I think it's important to say that we are very, very happy with the trajectory of orders and backlog that we have in the liquid cooling space across the portfolio, but in particular, in the CDU space. Very, very, very happy. Yeah, but I will not go into detail of that at this stage.

顯然，我們總是非常非常認真地評估我們的競爭對手。但是當你考慮系統整合商或該領域的其他參與者時，我們不一定應該將他們視為競爭對手。他們通常扮演著混合角色，同時也可以成為進入市場的途徑。因此，事情可能比乍看起來要複雜一些。因此，當談到勝率時，我們現階段不會討論勝率的細節。但我認為重要的是，我們對整個產品組合中液體冷卻領域的訂單和積壓趨勢非常滿意，特別是在 CDU 領域。非常非常高興。是的，但目前我不會詳細討論這一點。

(Operator Instructions) Noah Kaye, Oppenheimer Funds.

（操作員指示）諾亞凱，奧本海默基金。

Thank you. So with enterprise on-prem migration of workloads to the cloud, perhaps getting into a little bit more of a new equilibrium here, you mentioned an uptick in the outlook for enterprise in the Americas. To what extent was that contemplated in the sort of 3% to 5% outlook you gave at the November Investor Day? Could we potentially be seeing growth starting to pick up versus that rate and is that something that you're seeing in the pipeline currently?

謝謝。因此，隨著企業將工作負載遷移到雲端，可能會進入新的平衡狀態，您提到了美洲企業前景的上升。您在 11 月投資者日給出的 3% 至 5% 的預測中，在多大程度上考慮到了這一點？我們是否有可能看到成長率開始回升，這是您目前看到的嗎？

Well, thanks for the question. Good point, in the sense that when we talked about that 3% to 5%, we're saying that, that may be -- as you will, augmented expanded by the implications of AI as AI matures and becomes more available and not just on cloud and colo. So I'd say that it's early stage, but we gave a different color for a reason on slide 4, I think it was. And it is exactly that pipeline start to indicate that things may be better in the enterprise part of the market than we had in our November model.

嗯，謝謝你的提問。說得好，當我們談論 3% 到 5% 時，我們的意思是，隨著人工智慧的成熟和可用性的提高（而不僅僅是在雲端和託管），這一比例可能會隨著人工智慧的影響而擴大。所以我想說現在還處於早期階段，但我們在幻燈片 4 上給出了不同的顏色，這是有原因的，我想是的。正是這一管道開始表明，企業市場的情況可能比我們 11 月的模型更好。

But it's yet a little bit premature to -- within aspect of the model, but it's something that we continue -- we do constantly, but yes, we see positivity in the pipeline and certainly in the direction of faster growth in enterprise than originally expected.

但在模型方面，現在還為時過早，但我們會繼續這樣做，我們會不斷這樣做，但是是的，我們看到了管道中的積極性，而且企業的成長速度肯定比最初預期的要快。

Steve Tusa, JPMorgan.

摩根大通的史蒂夫·圖薩。

Hey, thanks for taking the follow-up. Just a question on cash. Seasonally, you guys usually kind of flat in the -- from the second to third and then up nicely in the fourth. I know that there's some timing on down payments involved with the contract or the deferred revenue, however you want to call it. Are you -- why are you guys not expecting that this year? Is there some timing around that?

嘿，感謝您的跟進。只是一個關於現金的問題。從季節來看，你們通常在第二到第三季表現平穩，然後在第四季表現良好。我知道合約中涉及預付款或遞延收入，無論你怎麼稱呼它，都有一定的時間限制。你們——為什麼你們今年不期待這一點？有沒有對應的時間安排？

Yeah. I think there's timing. If you look at our advanced payments, and you can look at the deferred revenue line in the balance sheet, that was up $150 million in Q2 and not surprising based on the quantum of the orders we had in Q2. So effectively, that's a prepayment and that would impact the cash flow timing going forward. So I think I mentioned we would expect about $440 million for the rest of the year, and that should be pretty uniform. But similar to orders, there is an element of timing and lumpiness especially with some of these advanced payments. But I think we're comfortable with the 220 for Q3, Q4.

是的。我認為有時機。如果您查看我們的預付款，並查看資產負債表中的遞延收入行，您會發現第二季的預付款增加了 1.5 億美元，根據我們第二季的訂單量，這並不奇怪。因此實際上，這是一筆預付款，它會影響未來的現金流時間。所以我想我提到我們預計今年剩餘時間的收入約為 4.4 億美元，而且這個數字應該是相當穩定的。但與訂單類似，存在時間和不穩定性因素，尤其是一些預付款。但我認為我們對第三季和第四季的 220 感到滿意。

Nigel Coe, Wolfe Research.

沃爾夫研究公司的奈傑爾·科伊。

Thanks for the follow-up. I just wanted to talk about the margins in APAC mainly. It's good to see the Americas and EMEA having this competition. Just wondering when APAC is going to get involved in this competition. So as we see the inflection in APAC coming through, what kind of income or margin should we expect as we go over the next couple of years?

感謝您的跟進。我主要想談談亞太地區的利潤率。很高興看到美洲和歐洲、中東和非洲地區舉辦這樣的比賽。我只是想知道 APAC 什麼時候會參與這項比賽。那麼，當我們看到亞太地區出現轉折點時，未來幾年我們應該預期什麼樣的收入或利潤呢？

Yeah. I think if you look at APAC, they're probably not going to be an active participant in the regional high, and there's some market differences there, notably with China. But if you look on a year-to-date basis, even though they were down in Q2 versus prior year and some of that is driven by the onetime expense. But on a year-to-date basis, they're still 100 basis points higher than they were last year. We think that year-over-year variance will expand in the second half and VOS principles work in APAC, just like they do in the Americas and EMEA. So we are doing the same things in APAC as we are doing in the rest in the world even though from a relative basis, maybe a step below APAC and America, we expect expansion of operating margins in APAC for the rest of the year and also going forward.

是的。我認為，如果你看看亞太地區，他們可能不會成為區域高峰的積極參與者，而且那裡存在一些市場差異，尤其是與中國。但如果你從年初至今來看，儘管第二季的銷售額與去年同期相比有所下降，但部分原因是一次性費用造成的。但從年初至今的數據來看，這個數字仍比去年高出 100 個基點。我們認為，下半年同比差異將會擴大，並且 VOS 原則在亞太地區有效，就像在美洲和歐洲、中東和非洲地區一樣。因此，我們在亞太地區所做的事情與在世界其他地區所做的事情相同，儘管從相對基礎來看，可能比亞太地區和美國低了一步，但我們預計今年剩餘時間以及未來亞太地區的營業利潤率將會擴大。

Brett Linzey, Mizuho.

瑞穗的布雷特‧林齊 (Brett Linzey)。

Hi guys. So thanks. Good day, everyone. So you noted in the slides managing timing constraints around construction and power availability. I guess, is there a way to dimension how much of the current backlog is permitted, resourced, ready to break ground versus the portion that might be a little bit more data uncertain? Just trying to get a better sense for the visibility in the next year?

嗨，大家好。所以謝謝。大家好。因此，您在幻燈片中指出了管理施工和電力可用性的時間限制。我想，有沒有辦法衡量目前積壓工作中有多少是允許的、有多少資源、有多少準備破土動工，以及有多少部分可能存在更多的數據不確定性？只是想更了解明年的可見度？

Well, thanks for you question. When we talk about permitting and power constraints, we talk about in general, the industry as a whole. So it's not something that necessarily is applicable to our backlog. We believe that what we have in backlog we're reflecting our customers' requested delivery days already accounts for all those aspects. It could be a little bit kind of adjusting exactly when a given site is ready, but nothing unusual and nothing different than what has happened in the industry for four years.

嗯，謝謝你的提問。當我們談論許可和電力限制時，我們談論的是整個行業總體上。所以它不一定適用於我們的積壓工作。我們相信，我們所擁有的積壓訂單反映了客戶要求的交貨天數，已經考慮到了所有這些方面。當某個網站準備好時，可能會進行一些調整，但這並不罕見，與該行業四年來發生的事情也沒有什麼不同。

So if we go back to some of the expectations in the market for growth, a very, very strong double-digit growth in the industry and infrastructure in general, we've said and we said that already in our November Investor Day, say, hey, guys, there are, how can I say, aspects that are influencing, factors that are reducing this exuberance to levels of market growth that, again, going back to what we were saying in the cloud and colocation is really, let's say, 15%, 16%, 17% CAGR. So growth rates that are very, very respectable in many, many respect.

因此，如果我們回顧市場對成長的一些預期，即整個行業和基礎設施將實現非常非常強勁的兩位數增長，我們已經說過，而且在 11 月的投資者日也說過，嘿，夥計們，怎麼說呢，有些因素正在影響市場增長，有些因素正在將這種繁榮程度降低到市場增長水平，再說一次，回到我們在雲端運算和主機成長率方面是 16%。因此，從很多方面來看，成長率都是非常可觀的。

But no, my comment was -- did not have to do with our backlog. Our backlog is based on the requested delivery dates that we get on the PO that we receive from our customers, and it could be a minimal adjustment depending on the needs. Hopefully, addressing your question and concern.

但不，我的評論是 - 與我們的積壓無關。我們的積壓訂單是根據我們從客戶收到的採購訂單中獲得的要求的交貨日期，並且可以根據需要進行微小的調整。希望能夠解答您的問題和疑慮。

This does conclude our question-and-answer session. I would like to turn the conference back over to Giordano Albertazzi for any closing remarks.

我們的問答環節到此結束。我想將會議交還給 Giordano Albertazzi 並請他作最後發言。

Well, very good and thank you, Brika. Thanks, everyone, for joining us today. A big thank you for your questions. And first and foremost, I'd like to thank the Vertiv team for another quarter of strong performance. So really appreciate everyone's support and have a great rest of your day today.

嗯，非常好，謝謝你，布里卡。感謝大家今天加入我們。非常感謝您的提問。首先，我要感謝 Vertiv 團隊又一個季度的出色表現。非常感謝大家的支持，也祝福大家今天剩餘的時間過得愉快。

Thank you. The conference call has now concluded. Thank you for attending the presentation. You may now disconnect from the call.

謝謝。電話會議現已結束。感謝您出席本次演講。現在您可以掛斷通話了。