Vertiv Holdings Co (VRT) 2024 Q3 法說會逐字稿

No, good morning.

不，早安。

My name is Noelia, and I'll be your conference operator today.

我叫諾埃莉亞，今天我將擔任你們的會議操作員。

At this time, I would like to welcome everyone to our third quarter 2024 earnings conference call.

此時，我謹歡迎大家參加我們的 2024 年第三季財報電話會議。

All lines been placed on mute to prevent any background noise.

所有線路均置於靜音狀態，以防止任何背景噪音。

Please note, this call is being recorded.

請注意，此通話正在錄音。

I would now like to turn the program over to your host for today's conference call and excellent net Vice President of Investor Relations.

我現在想把今天的電話會議的節目交給主持人和優秀的網路投資者關係副總裁。

Great.

偉大的。

Thank you, operator, and 24 earnings conference call.

謝謝運營商和 24 日的財報電話會議。

Joining me today are vertical Executive Chairman, Dave Cody, Chief Executive Officer, Jim O'Donnell, autopsy and Chief Financial Officer, David Fallon.

今天和我一起的還有縱向執行主席 Dave Cody、執行長 Jim O'Donnell、屍檢兼財務長 David Fallon。

Today we have a few additional slides to cover in our presentation.

今天，我們的簡報中還需要介紹幾張額外的幻燈片。

We will lead the Q&A portion of the call by an additional 10 minutes if needed up until 12.10 p.m. eastern time, we would kindly request you please limit yourself to one question.

如有需要，我們會將電話問答部分額外延長 10 分鐘，直到中午 12 點 10 分。美國東部時間，我們懇請您只回答一個問題。

And if you have a follow-up question, please rejoin the queue.

如果您有後續問題，請重新加入隊列。

Before we begin, I would like to point out that during the course of the call, we will make forward-looking statements regarding future events, including the future financial and operating performance.

在開始之前，我想指出，在電話會議期間，我們將對未來事件做出前瞻性陳述，包括未來的財務和營運績效。

Converting 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.

轉換這些前瞻性陳述會面臨重大風險和不確定性，可能導致實際結果與前瞻性陳述中的結果有重大差異。

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.

我們建議您參考今天的收益發布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 SEC 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 I make today are based on assumptions that we believe to be reasonable at this stage.

我今天所做的任何前瞻性陳述都是基於我們認為現階段合理的假設。

We undertake no obligation to update these statements as a result of new information or future events.

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.

在本次電話會議中，我們也將介紹 GAAP 和非 GAAP 財務指標。

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 dot fortive.com. With that, I'll turn the call over to Executive Chairman, Dave Cody.

我們的 GAAP 業績以及 GAAP 與非 GAAP 調整表可在我們的收益新聞稿以及投資者網站 Investors dot fortive.com 上的投資者幻燈片中找到。接下來，我會將電話轉給執行主席戴夫‧科迪 (Dave Cody)。

Good morning.

早安.

Q3 was another very strong quarter across the board on every metric sales income, cash flow in the audience.

第三季在銷售收入、受眾現金流等各個指標上都是全面強勁的季度。

Fourth-quarter guidance is strong and sales for 2020 spot look stronger still based on what we had good orders performance.

第四季指引強勁，基於我們良好的訂單表現，2020 年現貨銷售看起來仍然強勁。

And importantly, there is more goodness ahead as our portfolio of games new products you introduced the Vertiv Operating System or VLS. becomes reality is to really like to just specifically where investors seem to oscillate between senior and excitement.

重要的是，隨著我們的遊戲新產品組合引入 Vertiv 作業系統或 VLS，未來還會有更多的好處。成為現實的是，真正喜歡的只是投資者似乎在高級和興奮之間搖擺的地方。

First is a reality in the second is liquid cooling.

第一個是現實，第二個是液體冷卻。

We have the agricultural Revolution Money industrial revolution.

我們有農業革命、貨幣工業革命。

And now we're only about 40 years into the digital revolution.

現在，我們的數位革命才剛過去 40 年。

Ai is just the next step in the digital revolution.

人工智慧只是數位革命的下一步。

AI. is real.

人工智慧.是真實的。

It has just begun got a long way to go.

一切才剛開始，還有很長的路要走。

Data centers are fundamental to all that computed.

資料中心是所有計算的基礎。

There is no other alternative.

沒有其他選擇。

Even on the horizon, distributed architecture enhances needs.

即使在不久的將來，分散式架構也會增強需求。

The data centers, even quantum computing relies on digital data centers.

資料中心，甚至量子計算都依賴數位資料中心。

We've enjoyed extremely strong orders in the first half of 24, but we would agree that continued approximately 60% or these increases are unlikely as we tried to say last quarter.

我們在 24 月上半年獲得了極其強勁的訂單，但我們同意持續增長約 60%，或者正如我們上季度試圖說的那樣，這些增長不太可能。

By the same token, we are seeing robust backlog, building growth, supporting orders, continue cloud in a I reinforce each other and drives the need for a lot of computing.

基於同樣的原因，我們看到強勁的積壓、不斷成長、支援訂單、持續雲，相互促進，推動了對大量運算的需求。

Additionally be a ramp-up in countries outside the US is just beginning for a data, but data center infrastructure as the data center infrastructure develops, liquid cooling increasingly comes to the before, and we continue to rapidly gain share.

此外，在美國以外的國家，資料中心基礎設施的成長才剛剛開始，但隨著資料中心基礎設施的發展，液體冷卻逐漸走到了前面，我們繼續快速獲得份額。

There are various plants to a liquid superior, specifically CBUs and total system to a total charge in this presentation to simplify understanding of a liquid cooling system, our position, our data center product portfolio is the broadest in the industry.

在本次演示中，有各種液體冷卻設備，特別是 CBU 和總系統，以簡化對液體冷卻系統的理解，我們的立場是，我們的資料中心產品組合是業界最廣泛的。

It's also important to note that while rapidly growing, we are not just in liquid cooling, everything is growing well.

同樣重要的是要注意，在快速成長的同時，我們不僅在液體冷卻領域，一切都發展得很好。

We extensive coverage in thermal systems, AI and data center growth in this digital digital age benefits, everything we do not just liquid cooling.

我們廣泛涵蓋熱系統、人工智慧和資料中心，在這個數位時代的成長中受益，我們所做的一切不僅僅是液體冷卻。

While it's true, there is competition and liquid cooling.

雖然這是事實，但存在競爭和液體冷卻。

That's also true of all our markets.

我們所有的市場也是如此。

We won't win 100% of all orders face and broad portfolio of global scale.

我們不會贏得 100% 的全球範圍內的所有訂單和廣泛的投資組合。

Deep industry expertise, global service and strong customer relationships is a distinguishing characteristic characteristics that others in the market can't match very closely on road map.

深厚的行業專業知識、全球服務和強大的客戶關係是市場上其他公司在路線圖上無法匹敵的顯著特徵。

Consistency with key technology providers can be ready for today and seeing around the corners to what the industry needs to do.

與關鍵技術提供者的一致性可以為今天做好準備，並了解行業需要做什麼。

Next.

下一個。

A great example of this is the joint announcement we did last week with a video.

一個很好的例子是我們上週透過視訊聯合發布的聲明。

Hi and future industry needs to be ready for this new era of compute.

未來的產業需要為這個新的運算時代做好準備。

Inverted is working closely with our customers, so they will be ready for what is coming.

Inverted 正在與我們的客戶密切合作，因此他們將為即將發生的事情做好準備。

But there is intense focus right now on every aspect today, I ourselves about the AI. future or Vertis roll through instead take a longer-term view of the secular growth stories in front of us.

但現在各方面都受到了強烈關注，我自己也關注人工智慧。未來或 Vertis 滾動，而是以更長遠的眼光來看待我們面前的長期成長故事。

There is a multi decade growth trajectory unfolding.

數十年的成長軌跡正在展開。

Competition is not a new phenomenon.

競爭並不是一個新現象。

Vertis advantages are not easily replicated, and we are further expanding that.

Vertis 的優勢不易複製，我們正在進一步擴大這一優勢。

That is what I thought five years ago as I looked at this unique company, market leadership, global scale, technology differentiation, great end markets and loss, the accretion would there, but it needed to be unlocked in a convincing way.

這就是我五年前看到這家獨特公司時的想法：市場領導地位、全球規模、技術差異化、巨大的終端市場和損失，成長會在那裡，但需要以令人信服的方式釋放出來。

With strong leadership.

具有強而有力的領導力。

I credit geo and his team for doing the hard work to start unlocking the full potential of bird.

我感謝 geo 和他的團隊為開始釋放 Bird 的全部潛力所做的艱苦工作。

We are still far from our full potential next year and for many years ahead, and it is certainly supported by our auditors and operational performance.

我們距離明年和未來許多年的全部潛力還很遙遠，這當然得到了我們的審計師和營運績效的支持。

So with that, I'll turn the call over to Joe.

因此，我會將電話轉給喬。

Well, thank you.

嗯，謝謝。

Thank you, Dave.

謝謝你，戴夫。

And we go to slide Q3.

我們轉到投影片第三季。

Organic sales were up 19% with double digit growth in all three regions.

三個地區的有機銷售額均成長 19%，均達到兩位數成長。

Orders with a 37% growth on a trailing 12 month basis with our expectation on a year-on-year basis despite tougher comparatives, the demand we see is resilient and there is a 37% trailing 12 corroborates the ambition to long term growth.

儘管比較比較嚴峻，但過去12 個月的訂單增長了37%，與我們的同比預期相比，我們看到的需求具有彈性，過去12 個月的訂單增長了37%，證實了長期增長的雄心。

Adjusted operating Blues beat guidance 20.1%, adjusted operating margin expanded 310 basis points.

調整後的營業藍調超出指引 20.1%，調整後的營業利益率擴大了 310 個基點。

Our first-time surpassing the 20% mark, an indication for the potential ahead million dollars in the third quarter, and we have generated $773 million year to date leverage reduced to 1.4 X.

我們首次突破 20% 大關，這表明​​第三季的潛在收入達 100 萬美元，今年迄今已產生 7.73 億美元，槓桿率已降至 1.4 倍。

As of the end of Q3, we again raised our full-year guidance across all financial metrics and expect organic growth of 14%, adjusted operating profit of $1.485 billion and margins expanding flow of 1 billion, up $125 million from previous guidance.

截至第三季末，我們再次上調了所有財務指標的全年指引，預計有機成長14%，調整後營業利潤為14.85 億美元，利潤率擴大流量為10 億美元，比之前的指引增加1.25 億美元。

The orders trends and our robust backlog indicate that growth in 2025 will accelerate relative to 2024.

訂單趨勢和強勁的積壓訂單顯示 2025 年的成長將比 2024 年加速。

For I said, at 37%.

我說的是 37%。

Our trailing 12 months or the growth remains very convincing.

我們過去 12 個月的成長仍然非常令人信服。

Pipelines continue to grow.

管道持續成長。

We saw pipeline increase across all regions.

我們看到所有地區的管道數量都有所增加。

We also are seeing more convincing signals that AI is indeed accelerating in India.

我們還看到了更多令人信服的訊號，表明人工智慧確實在印度加速發展。

We are not providing a view on Q4.

我們不提供對第四季的看法。

Orders do not read too much into this.

訂單對此沒有過多解讀。

Orders are hard to forecast.

訂單很難預測。

They can be lumpy, exact timing often outside our control.

它們可能是不穩定的，精確的時間通常超出了我們的控制範圍。

And it ultimately depends on when the customer is ready to issue a PO.

這最終取決於客戶何時準備好發出採購訂單。

With that said, I'd also like to assure you that we feel good, in fact, quite encouraged that unit trajectory will remain healthy and support the financial ambition that we are targeting.

話雖如此，我也想向您保證，我們感覺良好，事實上，我們感到非常鼓舞，單位軌跡將保持健康並支持我們的財務目標。

Our backlog continues to strengthen up to $7.4 billion at the end of Q3, and this supports our view that growth will accelerate from 2024 to 2025.

截至第三季末，我們的積壓訂單繼續增加至 74 億美元，這支持了我們的觀點，即 2024 年至 2025 年成長將加速。

Let's now look at the right side of Slide 4.

現在讓我們來看看投影片 4 的右邊。

We have sharp focus on our capacity.

我們非常注重我們的能力。

We want to make sure we stay ahead of the demand signals and enable growth.

我們希望確保領先於需求訊號並實現成長。

We continue to expand capacity and example is the recently announced new integrated modular solutions facility in the Americas.

我們繼續擴大產能，最近宣佈在美洲建立新的整合模組化解決方案工廠就是一個例子。

This facility has started production and shipments in Q3, and it is helping us meet our customers' needs for Rapid Data Center campus deployment.

該工廠已於第三季開始生產和出貨，它正在幫助我們滿足客戶對快速資料中心園區部署的需求。

Our focus on supply chain is intense.

我們非常關注供應鏈。

We see the demand trajectory unfolding for years ahead, and we are making sure our supply chain is resilient in terms of supplier redundancy and geographic diversity inflation.

我們看到未來幾年的需求軌跡正在展開，我們正在確保我們的供應鏈在供應商冗餘和地理多樣性膨脹方面具有彈性。

And we continue we incorporate that expectation in how we approach our commercial excellence programs.

我們將繼續將這種期望融入我們實施商業卓越計劃的方式中。

The Vertiv Operating System continues to deliver incremental capacity.

Vertiv 作業系統持續提供增量容量。

Productivity gains, reduce lead times are fundamental to our ability to execute at speed.

提高生產力、縮短交貨時間是我們快速執行能力的基礎。

Skip.

跳過。

Let's go to Slide 5.

讓我們看投影片 5。

Now we have added a few slides in the presentation to fully describe our position, thermal management and more specifically liquid cooling for data centers.

現在，我們在簡報中添加了幾張投影片，以全面描述我們的立場、熱管理，更具體地說是資料中心的液體冷卻。

Let's start growth, but it has the most complete portfolio of critical digital infrastructure products.

讓我們開始成長吧，但它擁有最完整的關鍵數位基礎設施產品組合。

Solutions and services.

解決方案和服務。

Sales are well balanced across the five business groups from managements representing 32% of our business, thermal management, 30% IT systems with 10% infrastructure solutions five and services 23%.

五個業務集團的銷售額非常平衡，其中管理層占我們業務的 32%，熱管理、IT 系統佔 30%，基礎設施解決方案佔 10%，服務佔 23%。

The impact of AI. is favorable to the entire vertical portfolio in terms of total volume and 10 per megawatt, the total vertical opportunities much larger than just the opportunity thermal.

人工智慧的影響。就總容量和每兆瓦10個而言，對整個垂直投資組合有利，總垂直機會遠大於僅熱機會。

And we love thermal.

我們喜歡熱能。

It's very important.

這非常重要。

So let's talk about it and let's focus on the right side of the chart.

那我們來討論一下，重點放在圖表的右側。

We have the entire range of thermal chain technologies from outside the data center building to inside the rack.

我們擁有從資料中心大樓外部到機架內部的全套熱鏈技術。

Everything as an example, from a chiller to Aneel Rhapsody, you all and at manifold, liquid and air cooling coexist for heat collection in the data center of the future.

舉個例子，從冷卻器到 Aneel Rhapsody，您都可以在未來的資料中心中以歧管、液體和空氣冷卻共存進行熱量收集。

In all cases, liquid end year Cooley, no matter the mix of the two required heat rejection or either used so chillers, direct expansion, condenses, et cetera.

在所有情況下，液體端年庫利，無論兩者的混合需要排熱或使用冷卻器、直接膨脹、冷凝等。

So not air or liquid air and liquid and heat rejection for the foreseeable future.

因此，在可預見的將來，不會有空氣或液體空氣和液體以及熱量排斥。

Now please focus on the thermal market bars on the very right part of the page.

現在請關注頁面右側的熱力市場長條圖。

We believe from a market value standpoint that air and heat rejection combined will be 70% of the market and liquid 30% over the next few years.

我們相信，從市場價值的角度來看，未來幾年，空氣和熱量排斥合計將佔市場的 70%，液體佔 30%。

And heat rejection will grow at a 10% kegger and liquid at a 30% kegger all growing very nicely.

熱量排斥會在 10% 桶裝量下成長，液體在 30% 裝桶量下成長得非常好。

We have series intentions to be the market leader in liquid cooling vertical growth in liquid cooling exceeds the market growth and we believe we are rapidly gaining market share.

我們有一系列意圖成為液體冷卻領域的市場領導者，液體冷卻的垂直成長超過了市場成長，我們相信我們正在迅速獲得市場份額。

We see that in our orders.

我們在訂單中看到了這一點。

We see orders are converting to revenue in a convincing way.

我們看到訂單正在以令人信服的方式轉化為收入。

This quarter is a strong example.

本季就是一個很好的例子。

Slide 6, I want to describe what vertical to ship in liquid cooling means focus plays on the left side of the slide, social portfolio.

投影片 6，我想描述垂直於液體冷卻的船舶意味著焦點在幻燈片的左側，社交組合。

First and foremost, Vertiv has a complete range of liquid and high density solutions, in particular, in Rhapsody use one phase Sidus to face roasted meals, manifolds, rear door heat exchanges, Immersion cooling, and we are completely agnostic.

首先也是最重要的是，Vertiv 擁有全系列的液體和高密度解決方案，特別是在 Rhapsody 中使用單相 Sidus 來面對烤肉、歧管、後門熱交換、浸入式冷卻，而我們完全不可知。

And we like that approach as it enables us to be used to be validated cross multiple Coldplay technology, XenServer brands.

我們喜歡這種方法，因為它使我們能夠在多個 Coldplay 技術、XenServer 品牌之間進行驗證。

We are proud of our portfolio, but there is more to our liquid cooling trends than the strength of our portfolio.

我們對我們的產品組合感到自豪，但我們的液體冷卻趨勢不僅僅是我們產品組合的優勢。

It is future readiness.

這是未來的準備。

We are working today on the products that enable the technology road maps on the most influential silicon providers are products must proceed days in the field innovation, we are significantly increasing our investment in high density, completing engineering to continue to lead in the future complete thermal chain, the data center of the future.

我們今天正在開發的產品能夠在最有影響力的矽供應商上實現技術路線圖，這些產品必須在現場創新中進行數天，我們正在顯著增加對高密度的投資，完成工程以繼續引領未來的完整熱鏈，未來的資料中心。

We'll have both air and liquid in a mix that will vary during the lifecycle of the data center based on the loads and the IT refresh cycles.

我們將混合使用空氣和液體，在資料中心的生命週期中會根據負載和 IT 更新週期而變化。

So having the ability to master or cooling technology is of the essence ability to customize at scale.

因此，掌握或冷卻技術的能力至關重要的是大規模客製化的能力。

Indeed global scale.

確實是全球規模。

We are on track to scale our liquid cooling technology 45 X by the end of this year.

我們預計在今年年底前將我們的液體冷卻技術擴展 45 倍。

We are not stopping there.

我們不會就此止步。

Service trend, data center expertise and service footprint are vastly different players from Vertiv.

服務趨勢、資料中心專業知識和服務足跡與 Vertiv 截然不同。

We have been servicing data centers for multiple decades.

幾十年來，我們一直為資料中心提供服務。

We have about 4,000 service engineers deployed globally and growth, long-standing customer relationships.

我們在全球部署了約 4,000 名服務工程師，並持續發展長期的客戶關係。

They need a partner that has the expertise to understand the significant changes ahead and can deliver clear TCO advantages, reliability and quality.

他們需要一個擁有專業知識的合作夥伴，能夠了解未來的重大變化，並能夠提供明顯的 TCO 優勢、可靠性和品質。

Vertiv has a reputation earned over several decades of keeping data centers up and running.

幾十年來，維諦技術 (Vertiv) 在保持資料中心正常運作方面享有盛譽。

This is what liquid cooling market leadership looks like, and I'm proud of our position.

這就是液體冷卻市場領導地位的樣子，我為我們的地位感到自豪。

We are seeing this translating into strong orders and now sales.

我們看到這轉化為強勁的訂單和現在的銷售。

Let's go to Slide 7.

讓我們看幻燈片 7。

Let's zoom out a bit.

讓我們縮小一點。

Let's look at our partnership with and video.

讓我們看看我們與 和 的合作夥伴關係影片。

You may have seen the recent announcements of our current development of complete power and cooling reference designs for MVDGB. 200 and VL. 72 platform.

您可能已經看到了我們最近發布的有關 MVDGB 完整電源和冷卻參考設計開發的公告。 200 和 VL。 72平台。

We are helping data center operators getting ahead of the challenges and and enabling the vision of a advantages on the prior slide die exactly why we are uniquely able to play this important role for the industry.

我們正在幫助資料中心營運商應對挑戰，並實現在先前的滑動模具上取得優勢的願景，這正是我們能夠在業界發揮這一重要作用的獨特原因。

And while there is a very organic relationship between media and but if we make sure our technology enables and video roadmaps today and in the future, a great example of enabling the industry to be future-ready is our truly unique Vertiv pool phase CDU, which makes it simple to deploy high density, liquid Cooley where needed without having to reengineer the entire data center environment, even in the absence of the to do to move versus can seem less million virtually Misonix Vertiv can seamlessly.

雖然媒體之間存在著非常有機的關係，但如果我們確保我們的技術能夠實現當前和未來的視頻路線圖，那麼我們真正獨特的Vertiv 池階段CDU 就是使行業為未來做好準備的一個很好的例子，它可以輕鬆地在需要的地方部署高密度、液體 Cooley，而無需重新設計整個資料中心環境，即使在沒有移動任務的情況下，Misonix Vertiv 也可以無縫地實現這一點。

And that in one solution, the ability to navigate the transition between liquid and air-cooled service.

在一種解決方案中，能夠實現液冷和風冷服務之間的過渡。

We can develop these unique solutions because we because of our decade-long expertise around these technologies.

我們能夠開發這些獨特的解決方案，因為我們擁有十年來圍繞這些技術的專業知識。

So we've had over over today.

那我們今天就結束了。

Perfect.

完美的。

Thanks.

謝謝。

Thanks, Tayo.

謝謝，泰約。

Turning to page 8, this slide summarizes our third quarter financial results.

翻到第 8 頁，這張投影片總結了我們第三季的財務表現。

Organic net sales up 19%, 114 million above the midpoint of guidance.

有機淨銷售額成長 19%，達到 1.14 億美元，高於指導中位數。

With that upside, driven by favorable timing of shipments in both the Americas and Amir.

由於美洲和阿米爾的有利發貨時機，推動了這一優勢。

Our backlog is strong and with available production capacity, we were able to realize these additional sales previously projected.

我們的積壓訂單量很大，而且憑藉可用的生產能力，我們能夠實現這些先前預期的額外銷售。

For the fourth quarter, double digit organic growth growth was seen across all three regions with the media leading the way at 25% and demonstrating that strengthen the data center.

第四季度，所有三個地區都實現了兩位數的有機成長，其中媒體以 25% 的速度領先，這表明資料中心得到了加強。

Demand has not only an American story, but it is indeed.

需求不僅有美國故事，而且確實如此。

Global adjusted operating profit of 417 million was $121 million higher than last year.

全球調整後營業利潤為 4.17 億美元，比去年增加 1.21 億美元。

Primarily driven by higher volume and commercial execution.

主要是由銷量增加和商業執行推動的。

Adjusted operating margin of 20.1% represents a significant milestone, surpassing 20% for the first time we shared last year in our investor event, a long term ambition of 20% plus, it is safe to assume assume that the 0.1% above the 20 in the third quarter does not define the upper limit of that plus.

調整後的營業利潤率為20.1%，這是一個重要的里程碑，我們去年在投資者活動中首次分享了超過20% 的長期目標，即20% 以上的長期目標，可以安全地假設，20 年後的0.1% 以上第三季並未定義該加值的上限。

We believe there is plenty of upside opportunity and a lot of work to do with margins.

我們相信存在大量的上升機會，並且在利潤率方面還有很多工作要做。

And we plan to the share of revised long-term ambition in this year's November eighth 18th Investor event.

我們計劃在今年 11 月 8 日的第 18 屆投資者活動中分享修訂後的長期目標。

Now back to Q3 margins, we did incur launch costs for our new infrastructure solutions facility in health, certain the third quarter as well as at several existing facilities where we are expanding internal capacity and these launch costs as well.

現在回到第三季的利潤率，我們確實產生了新的健康基礎設施解決方案設施的啟動成本，某些第三季以及我們正在擴大內部產能的幾個現有設施和這些啟動成本。

And project mix negatively impact the third quarter gross margin compared with the second quarter.

與第二季相比，專案組合對第三季毛利率產生了負面影響。

Some of these launch costs were one-time in nature, but others are permanent, and we expect those to be more fully absorbed in growth gross margin with higher volume going forward.

其中一些發射成本本質上是一次性的，但其他成本是永久性的，我們預計隨著未來銷售的增加，這些成本將更充分地被毛利率的成長所吸收。

Finally on this page, our adjusted free cash flow was $336 million, $115 million better than last year, driven by higher profitability and continued improved trade working capital, which declined to 16% of annualized third quarter sales.

最後，在本頁中，我們調整後的自由現金流為3.36 億美元，比去年增加了1.15 億美元，這得益於更高的盈利能力和持續改善的貿易營運資本（佔第三季度年化銷售額的16%）。

Now that figure here had been consistently above 20% in recent prior years.

近年來，這一數字一直高於 20%。

So some good progress there.

所以那裡取得了一些良好的進展。

But once again, similar to margins still a ton of opportunity.

但同樣，與利潤率類似，仍有許多機會。

Our adjusted free cash flow conversion was 116% in the third quarter, the second consecutive quarter over 100%.

第三季調整後自由現金流轉換率為 116%，連續第二季超過 100%。

Now turning to Slide 9.

現在轉向投影片 9。

This slide summarizes our third quarter segment results.

這張投影片總結了我們第三季的部門業績。

As mentioned, we saw double digit sales growth across all three regions.

如前所述，我們在所有三個地區都看到了兩位數的銷售額成長。

Americas had another strong quarter, organic sales up 21%, with broad strength across multiple market verticals and product lines, including a material contribution from liquid cooling.

美洲季度又表現強勁，有機銷售額成長 21%，在多個垂直市場和產品線中表現強勁，其中包括液體冷卻的實質貢獻。

In the third quarter, adjusted operating margin expanded 470 basis points, largely driven by operational leverage and strong commercial execution.

第三季度，調整後營業利潤率擴大了 470 個基點，這主要得益於營運槓桿和強勁的商業執行力。

A-pac sales increased 10% organically with China growing double digits.

A-pac 銷售額有機成長 10%，其中中國銷售額成長兩位數。

Although we are pleased with this growth in China, which represents about 10% of our overall business, we are not projecting that same double digit growth in the fourth quarter may be out of prudence and conservatism as China's still operates in a challenging macro environment.

儘管我們對中國業務的成長感到滿意（約占我們整體業務的10%），但我們並不認為第四季同樣的兩位數成長可能出於謹慎和保守，因為中國仍在充滿挑戰的宏觀環境中營運。

A-pac adjusted operating margin declined 260 basis points from third quarter of 23, primarily due to unfavorable mix and a favorable discrete item in last year's third quarter.

A-pac 調整後營業利潤率比第三季的 23 個基點下降了 260 個基點，主要是由於去年第三季不利的組合和有利的離散項目。

But A-Pac operating margins did improve sequentially from the second quarter as expected, and we anticipate further south sequential margin improvement in the fourth quarter.

但 A-Pac 的營業利潤率確實較第二季度環比有所改善，正如預期的那樣，我們預計第四季度南邊的環比利潤率將進一步改善。

In media, organic sales increased 25%, driven by continued strong demand from co-location and hyperscale customers.

在媒體領域，受託管和超大規模客戶持續強勁需求的推動，有機銷售額成長了 25%。

And very encouragingly, growth was broad across our product and services portfolios.

非常令人鼓舞的是，我們的產品和服務組合都實現了廣泛的成長。

Looking forward, as Joe mentioned, visibility into a strong pipeline of a I related demand in Amea is becoming clear.

展望未來，正如 Joe 所提到的，Amea 與 I 相關的需求的強大管道的可見性正變得越來越清晰。

Adjusted operating margin expanded 400 basis points to 25.9%.

調整後營業利益率擴大 400 個基點，達到 25.9%。

And in the quarterly competition with the Americas iMedia one.

並在每季與美洲iMedia一爭高下。

But of course, regions we close out the year.

當然，我們今年會關閉一些地區。

Moving to slide 10, this slide summarizes our fourth quarter guidance.

轉到投影片 10，這張投影片總結了我們第四季的指導。

We are expecting a strong close close to the year with fourth-quarter sales expected to be up 13% organically.

我們預計今年第四季銷售額將有機成長 13%，業績將強勁收官。

With the regional profile, reflecting Americas up high 10s and A-Pac in Amea up mid to high single digits from last year's fourth quarter.

從區域概況來看，與去年第四季相比，美洲地區成長了 10 位，而美洲地區的 A-Pac 地區則成長了中高個位數。

We expect Q4 adjusted operating profit of 437 million at the midpoint and adjusted operating margin of 20.4%, with continued expansion from the third quarter margin driven by operational leverage, commercial execution and productivity gains.

我們預期第四季調整後營業利潤中點為 4.37 億美元，調整後營業利潤率為 20.4%，在營運槓桿、商業執行和生產力提升的推動下，第三季利潤率將持續擴大。

We anticipate year over year incremental margins of 39% in the fourth quarter, which translates into a projected 46% and incremental margin for the full year.

我們預計第四季度的年增量利潤率為 39%，這意味著全年的預期增量利潤率為 46%。

Next, turning to Slide 11.

接下來，轉到投影片 11。

Our full-year guidance, we are increasing guidance for sales by $140 million, that combination of volume and foreign exchange.

我們的全年指導，我們將銷售指導增加了 1.4 億美元，即銷售和外匯的組合。

Full year.

全年。

Expected organic growth is now 14%, with this increase, primarily driven by the Americas and EMEA Asia, both expected to post mid 10s growth from 2023.

目前預計有機成長為 14%，這一成長主要由美洲和歐洲、中東和非洲亞洲推動，預計從 2023 年起，這兩個地區都將出現 10 年代中期的成長。

We are increasing our full year adjusted operating profit guidance by 50 million of $1.485 billion, with 32 million from the third quarter beat and $18 million from the fourth quarter raise.

我們將全年調整後營業利潤指引增加 5,000 萬美元，達到 14.85 億美元，其中第三季增加 3,200 萬美元，第四季增加 1,800 萬美元。

Full year.

全年。

Adjusted operating margin is expected to be 19% at the midpoint, 30 basis points higher than our previous full year guidance and a 370 basis point improvement from 2023.

調整後營業利潤率預計為 19% 的中位數，比我們先前的全年指引高 30 個基點，比 2023 年提高 370 個基點。

We are certainly pleased but not satisfied with our margin performance in 2024.

我們對 2024 年的利潤率表現當然感到滿意，但並不滿意。

In November of last year, we initially guided to 16.7% versus the 19% we are currently guiding.

去年 11 月，我們最初的指導值為 16.7%，而目前的指導值為 19%。

The consistent quarterly beat and raise with This metric demonstrates our continued progress.

該指標的持續季度成長和成長證明了我們的持續進步。

Yes.

是的。

Um, with operational leverage, commercial execution and productivity business-wide, driven by the Vertiv Operating System and as mentioned more to come, our projected 2020 for adjusted diluted EPS of $2.68 is more than 50% higher than 2223, which translates into a a very healthy PEG ratio from the higher earnings per share is primarily driven by higher adjusted operating profit.

嗯，在Vertiv 作業系統的推動下，我們預計2020 年調整後攤薄後每股收益為2.68 美元，比2223 年高出50% 以上，這意味著在Vertiv 作業系統的推動下，整個業務範圍內的營運槓桿、商業執行力和生產力將達到較高的每股盈餘所帶來的健康的 PEG 比率主要是由較高的調整後營業利潤推動的。

We continue to provide additional information on income taxes and share count in the appendix of this presentation.

我們將繼續在本簡報的附錄中提供有關所得稅和股份數量的更多資訊。

And we will be more than happy to discuss any details on either of these topics after the call.

我們將非常樂意在電話會議後討論有關這些主題的任何細節。

On the far right side of this slide, we raised our full year adjusted cash flow guidance to $1 billion, an increase of $125 million from prior guidance.

在這張投影片的最右側，我們將全年調整後現金流指引提高至 10 億美元，比先前的指引增加了 1.25 億美元。

This implies fourth-quarter adjusted free cash flow of approximately 230 million and a projected net leverage at year end of approximately 1.2 times, providing the needed flexibility to exercise our capital deployment strategy going forward.

這意味著第四季度調整後自由現金流約為 2.3 億，預計年底淨槓桿約為 1.2 倍，為執行我們未來的資本部署策略提供了所需的靈活性。

In conclusion, we believe the strong fourth quarter exit in 2024 indeed positions us very well for a strong 2025.

總之，我們相信 2024 年第四季的強勁退出確實為我們在 2025 年的強勁發展奠定了良好的基礎。

So with that said, I'll turn it back over to Joe.

話雖如此，我會把它轉回給喬。

Thank, I thank you, David.

謝謝，我謝謝你，大衛。

And talking about 25.

並談論25。

Let's go to slide 12 and here are some of the early salts.

讓我們看幻燈片 12，這裡是一些早期的鹽。

In a nutshell.

簡而言之。

We are excited about the year ahead.

我們對未來的一年感到興奮。

The market is strong and we're certainly seeing the AAI. tailwinds that should continue to strengthen next chip.

市場強勁，我們肯定會看到 AAI。下一個籌碼應該會繼續走強。

We have good visibility.

我們有良好的能見度。

We have the shop, executional focus and price cost is expected to be positive.

我們有店鋪，執行重點和價格成本預計為正。

This results in our expectation for growth in 2025 to be higher than our growth in 2020 full with expected expansion of adjusted operating margins and strong free cash flow generation.

這導致我們預計 2025 年的成長將高於 2020 年的成長，調整後的營業利潤率預計將擴大，自由現金流將強勁成長。

Let's go to Slide 13.

讓我們看投影片 13。

This is a quick reminder.

這是一個快速提醒。

We have an upcoming investor events in Atlanta, Georgia on Monday, November the 18th.

我們將於 11 月 18 日星期一在喬治亞州亞特蘭大舉辦投資者活動。

It is also an opportunity to tour our booth at SC. 20 for the following morning.

這也是參觀我們在 SC 展位的機會。第二天早上20點。

So we hope we will see you there summarize things and go to Slide 14.

因此，我們希望您能在那裡看到總結內容並轉到投影片 14。

The data center market is strong and the market is coming towards Vertiv.

資料中心市場強勁，市場正向 Vertiv 方向發展。

We are ready for this.

我們已為此做好準備。

Not only are we delivering strong growth, but we are also demonstrating our ability to deliver on profit and cash in a convincing manner.

我們不僅實現了強勁的成長，而且還展示了我們以令人信服的方式實現利潤和現金的能力。

We have raised our full-year guidance again, and we continue the relentless pursuit for better.

我們再次上調全年指引，並繼續不懈追求更好。

There is always room for improvement and that is the mindset we adopt every day.

總是有改進的空間，這就是我們每天採取的心態。

We stay humble and focused the intensity and stepping up is the right time to go faster, drive differentiation and deliver premium results.

我們保持謙虛，專注於強度，現在是加快步伐、推動差異化和交付優質成果的正確時機。

I'm holding the Vertiv team and myself directly accountable to do just that.

我要求 Vertiv 團隊和我自己直接負責做到這一點。

So with that, with that, over to the operator Navion for Q&A.

那麼，接下來就交給營運商 Navion 進行問答。

Thanks, Keith.

謝謝，基斯。

We will now begin the question and answer session.

我們現在開始問答環節。

In order to ask a question, please press star then the number one on your telephone keypad.

若要提問，請按星號，然後按電話鍵盤上的數字 1。

And the interest of time at Paignton yourself to one question.

以及你在佩恩頓的時間對一個問題的興趣。

I had a follow up questions, please rejoin McCain.

我有一個後續問題，請重新加入麥凱恩。

We'll pause for just a moment to compile the Q&A.

我們將暫停片刻來整理問答。

And the first question is Andrew Obin of Bank of America.

第一個問題是美國銀行的安德魯‧奧賓（Andrew Obin）。

Andrew, please go ahead.

安德魯，請繼續。

This is David Ridley-Lane on for Andrew.

我是安德魯的大衛雷德利-萊恩。

As hyperscalers are starting to build out multi-location campuses.

隨著超大規模企業開始興建多地點園區。

How does the order timing for you work out to you receive an order because after a single point in time to those get phased in over time?

您收到訂單的訂單時間是如何計算的，因為在單一時間點之後，這些訂單會隨著時間的推移逐步實施？

And how is that part of the market developing?

這部分市場的發展如何？

Yes.

是的。

First of all, we definitely see this.

首先，我們確實看到了這一點。

I've got a large large campuses and a large data center deployments happen and happen at really large scale on not just the scale of the all the buildings but scale across across the market.

我有一個大型園區和一個大型資料中心的部署，而且規模非常大，不僅是所有建築物的規模，而且是整個市場的規模。

In general, we get good visibility on the entire program.

總的來說，我們對整個計劃有很好的了解。

But the exact way in which POs are placed, if you will, ever really specific to the individual hyperscaler or event was thinking about very large deployments, co-lo, some callers have very large broad deployment themselves.

但是，如果您願意的話，放置 PO 的確切方式實際上是針對單個超大規模器或事件的，即考慮非常大的部署，例如，一些呼叫者本身就有非常大的廣泛部署。

But again, they have different different models.

但同樣，他們有不同的模型。

But in general, that the prevalence is a they place POs for for the for the buildings that are up in the project of being deployed at that time.

但總的來說，普遍的是他們為當時部署的項目中的建築物放置採購訂單。

So as we said in the previous call, we had certainly a longer visibility in terms of the IPO that we received from this part of them market.

因此，正如我們在先前的電話會議中所說，就我們從這部分市場收到的 IPO 而言，我們當然擁有更長的可見度。

But the good thing is that we have the PO. and appeal is needed for them and they are actually building and the visibility on the longer program.

但好處是我們有 PO。他們需要吸引力，他們實際上正在建立長期計劃的知名度。

Thank you very much.

非常感謝。

Thank you.

謝謝。

Next question goes to Steve Tusa of JPMorgan.

下一個問題是向摩根大通的史蒂夫·圖薩提出的。

Steve, please go ahead.

史蒂夫，請繼續。

Hey, guys, good morning.

嘿，夥計們，早安。

Conversion process.

轉換過程。

Just a backward-looking question on three core three Q and the orders on obviously in the Science Diet moving as measured by the beginning, when you look at the outperformance this quarter, which was yet our fine, but a lot more modest.

只是一個關於三個核心三個問題的回顧性問題，以及科學飲食中的訂單顯然是從一開始就衡量的，當你看看本季度的優異表現時，這仍然是我們的良好表現，但要溫和得多。

Was there anything that, you know, like pushed out on you in the quarter?

在這個季度裡，有沒有什麼事情讓你感到沮喪？

Did did you hit most of what you expected to hit from an orders perspective around timing?

從訂單角度來看，您是否達到了大部分預期的時間安排？

And then just my follow-up would be there's a lot of questions around the ODMs, um, you know who our time talking about their market share and liquid cooling units.

然後我的後續行動是圍繞 ODM 存在很多問題，嗯，你知道我們這次談論他們的市場份額和液體冷卻裝置的是誰。

Maybe remind us and clarify E&O, how you guys fit into that and how much you supply them and would actually take a piece of that share that they're talking about and how you're competing with them as well.

也許提醒我們並澄清 E&O，你們如何融入其中，你們向他們供應了多少，實際上會從他們正在談論的份額中分一杯羹，以及你們如何與他們競爭。

Just to kind of clarify, um, you know, the relationship and interplay between you guys in the ODMs, liquid cooling.

只是為了澄清一下，嗯，你知道，ODM 液體冷卻領域你們之間的關係和相互作用。

Thank you.

謝謝。

Sure.

當然。

So So to the first of your questions, the clearly we were talking about up projects and an order lumpiness of the market.

所以，對於你的第一個問題，很明顯，我們正在談論項目和市場的訂單混亂。

The market has not changed in that respect.

市場在這方面並沒有改變。

We have in Q three exceeded our guidance.

我們在第三季度超出了我們的指導。

I know it is our expectation.

我知道這是我們的期望。

So things have happened nicely.

所以事情發生得很順利。

But again, what is particularly important for us is that we we stayed at a strong trailing 12 month, and that is what defines the fact that on long-term trajectory.

但同樣，對我們來說特別重要的是，我們在過去 12 個月中保持了強勁的表現，這就是長期軌蹟的定義。

So I wouldn't comment specifically as I have this job move, Dan or move doubt.

因此，我不會具體發表評論，因為我對這項工作調動，丹或調動存有疑問。

I know we we we explain some of those dynamics in Q2 to give to give color.

我知道我們在第二季解釋了一些動態，以給出顏色。

We are happy with the with the way the pipeline is unfolding into into orders and we have a strong pipelines going forward.

我們對管道展開為訂單的方式感到滿意，我們擁有強大的管道。

And indeed, as we're saying in a quarter on quarter, our pipeline growth, and it's definitely definitely a trend.

事實上，正如我們在一個季度中所說的那樣，我們的管道成長，這絕對是一種趨勢。

This one that we have experienced over the over the several quarters now.

這是我們在過去幾個季度中經歷過的。

So all good, we feel very positive about about the orders situation.

一切都很好，我們對訂單情況感到非常積極。

When it comes to the second question, talking about ODMs, ODMs, pre play, certainly an important role in the go-to-market for the likes of for the likes of us audience in a play that for liquid cooling sometimes is a is a whitespace play.

當談到第二個問題時，談論 ODM、ODM、預演，對於像我們這樣的觀眾來說，對於液體冷卻有時是一個戲劇中的觀眾來說，當然是進入市場的重要角色。

They have a role with their servers with their racks with their integration.

他們在伺服器、機架和整合方面發揮作用。

So it's a it's natural that they integrate them of liquid cooling technology in what they do us and has to do sometimes they don't.

因此，他們自然地將液體冷卻技術整合到他們為我們所做的事情中，而有時他們卻沒有這樣做。

And when they do, they can do with us with the private labeled products so they can do with products that are the original vendors labeled.

當他們這樣做時，他們可以與我們一起使用私人標籤產品，這樣他們就可以使用原始供應商貼有標籤的產品。

When we think about those ODM, we we think of them as I go to market for us.

當我們想到這些 ODM 時，我們會在為我們進入市場時想到它們。

And those ODMs are very often also rely on our ability not only lead to deliver and provide technology, but also to provide the service and liquid cooling know-how at a rack ROE and system level that they might need kind of been complemented with.

這些 ODM 通常也依賴我們的能力，不僅是交付和提供技術，而且是在機架 ROE 和系統層級提供他們可能需要補充的服務和液體冷卻專業知識。

So we do not look at that part of the market as as competition will look at a part of the market, but that we have the opportunity to synergize.

因此，我們不會像競爭者那樣關注市場的這一部分，而是我們有機會進行協同合作。

Great.

偉大的。

Thank you.

謝謝。

Thank you.

謝謝。

The next question goes to Amit Daryanani of Evercore.

下一個問題將問 Evercore 的 Amit Daryanani。

Alex, please go ahead.

亞歷克斯，請繼續。

Good morning.

早安.

Thanks for taking my question.

感謝您提出我的問題。

Is a big deal out of clarification out, which is I understand your decision to not provide AutoGuide going forward or is it fair to think that you folks would you be disclosing order numbers on a trailing 12-month basis going forward?

澄清是一件大事嗎？

If you just clarify that, that would be really helpful.

如果您只是澄清這一點，那將非常有幫助。

My question really is, as we think about calendar 25 revenue acceleration that you're talking about, the could you sell them work, either acceleration really coming from backlog normalizing or you think there's enough demand that the backlog in growth and revenue is going to?

我的問題實際上是，當我們考慮您所談論的日曆25 收入加速時，您能否向他們出售工作，加速是否真正來自積壓正常化，或者您認為有足夠的需求，積壓的增長和收入將會？

Sorry, 25?

對不起，25歲？

Thank you.

謝謝。

So yes, to your point in time and development.

所以是的，就你的時間點和發展而言。

And so the your your points about a trailing 12?

那你對落後12分的看法是什麼呢？

Yes, as we mentioned already last time, we are moving to trailing 12.

是的，正如我們上次提到的，我們將進入尾隨 12 名。

So I think in those terms, please, when when you think about what to expect from from, but it's going going forward, we believe that 2012 is really the best metric as we talk about lumpiness of orders.

因此，我認為，從這些角度來看，當您考慮對未來的期望時，但它正在向前發展，我們相信 2012 年確實是最好的衡量標準，因為我們談論的是訂單的集中度。

But the lumpiness of orders is really meaningful because it's combined with individual order size that is becoming who can become very, very big.

但訂單的集中性確實很有意義，因為它與個人訂單規模相結合，這些訂單規模正在變得非常非常大。

So 2012, as we explained, it is the way forward, and it's the best indication for for everyone when it comes to the 25 revenue acceleration for probably a little bit premature to elaborate too much on that.

因此，正如我們所解釋的，2012 年是前進的方向，對於每個人來說，當談到25 收入加速時，這都是最好的指示，但現在對此進行過多闡述可能有點為時過早。

And um, and we probably will kind of narrowed before we'll narrow the focus on further in in Atlanta in in November.

嗯，在 11 月在亞特蘭大進一步縮小關注範圍之前，我們可能會縮小範圍。

And you know, buying the same token elaborating on on the backlog now the backlog will unfold during 2025 is I would still be premature, but suffice to say that we are operating in the market that is a favorable way.

你知道，現在購買積壓的相同代幣（積壓將在 2025 年展開）我還為時過早，但足以說明我們正在以有利的方式在市場上運作。

We are winning in this market and and we are seen stronger, strong pipelines.

我們正在這個市場上獲勝，並且我們看到更強大的管道。

And and and we see this acceleration moves have been most so globally today in the past such that the landscape is certainly favorable and we are optimistic about that.

而且我們看到，這種加速行動在過去的全球範圍內最為明顯，因此前景肯定是有利的，我們對此感到樂觀。

I think more and more in Atlanta.

我在亞特蘭大的想法越來越多。

Great.

偉大的。

Thank you.

謝謝。

Thank you.

謝謝。

Thank you.

謝謝。

The next question goes to Andy Kaplowitz of Citi.

下一個問題交給花旗銀行的安迪‧卡普洛維茲。

Great.

偉大的。

Andy, Pease, go ahead.

安迪、皮斯，繼續吧。

Good morning, everyone.

大家早安。

Simone.

西蒙娜.

Joe, maybe just to clarify the competition question a little more.

喬，也許只是為了進一步澄清競爭問題。

Are you still getting the same win rate or even a higher win rate as the market moves further into liquid cooling and as Blackwell powered data centers being the ramp up and getting that three to $3.5 million per megawatt content that you told us about at your last Investor Day on high density acute focus projects that are out there at this point, we will not go had news today talking about win rates and now exactly win rates evolve.

隨著市場進一步轉向液體冷卻，以及Blackwell 供電的數據中心不斷壯大，並獲得您上次告訴我們的每兆瓦3 至350 萬美元的內容，您是否仍能獲得相同的獲勝率甚至更高的獲勝率關於目前存在的高密度焦點項目的投資者日，我們今天不會有新聞談論獲勝率，而現在獲勝率正在改變。

The if we talk about individual product lines, that will be probably too much to be much too much detail to be to be really useful.

如果我們談論單一產品線，那可能會太多而無法真正有用。

But we are clearly have different expectation of win rates for different product lines.

但我們顯然對不同產品線的勝率有不同的期望。

And it's a pretty I'm going to say, post offices in terms of how we guide next back internally and how we expect and we drive our business on the we are happy with the with the trajectory of our win rates and our win rates are consistent with our market share ambitions.

我要說的是，郵局就我們如何在內部指導下一個回來以及我們如何期望以及我們如何推動我們的業務而言，我們對我們的獲勝率的軌跡感到滿意，我們的獲勝率是符合我們的市場份額目標。

And this is definitely to also for for liquid cooling.

這絕對也適用於液體冷卻。

When it comes to the second part of your question, as is the maybe second question is how is your how is your from can per megawatts evolving?

當談到你的問題的第二部分時，第二個問題可能是你的每兆瓦功率如何發展？

You've seen what the three, three and a half.

你已經看到了三個、三個半。

We're still in transition within transition, but but that's what we signaled that we see are pointing in the direction of that additional half a million dollar 10 per megawatt that we that we indicated in November last year.

我們仍處於轉型中的轉型期，但這就是我們所發出的信號，我們看到的方向是我們去年 11 月表示的每兆瓦額外 50 萬美元 10 美元的方向。

And and and that's something that also we will elaborate on further in the plant.

這也是我們將在工廠中進一步詳細闡述的內容。

Thank you.

謝謝。

Thank you.

謝謝。

The next question from Jeff spite of that research partners.

傑夫的下一個問題儘管有研究夥伴。

Jeff, please go ahead.

傑夫，請繼續。

Thank you.

謝謝。

Good morning, everyone.

大家早安。

Hey, just coming back to slide 5, just kind of thinking about the array of kind of thermal solutions you have.

嘿，回到幻燈片 5，想想您擁有的一系列熱解決方案。

Can you maybe speak to what extent maybe customers historically bought this way?

您能否談談歷史上顧客在多大程度上以這種方式購買？

What kind of the outdoor to the chip?

什麼樣的戶外晶片？

I would imagine it's very minuscule as it historically, but is that changing with a high and raising product or project complexity and just the higher stakes and balls?

我認為它在歷史上是非常微小的，但是這種情況是否會隨著產品或專案複雜性的提高以及更高的風險和球而改變？

And can you demonstrated customers that are vertically integrating all three of these and somehow deliver kind of better efficiency, energy savings and maybe going best-of-breed, you know, maybe you guys are really good enrollment ROE, but you know, trains got better chillers or something, right?

您能否向客戶展示，他們正在垂直整合所有這三個方面，並以某種方式提供更好的效率、節能，甚至可能成為同類最佳，您知道，也許您的註冊ROE 確實很好，但您知道，火車得到了更好的冷水機或什麼的，對吧？

Can you actually demonstrate that an integrated solution from further is superior to trying to pick best-of-breed?

您能否真正證明進一步的整合解決方案優於嘗試選擇最佳組合？

Jeff, thanks for the for the question.

傑夫，謝謝你的提問。

The first part of your question, I think is if we if we see historically the entire portfolio, even pre liquid cooling sold to a customer or if it's more a point product, I would say that it is very much a combination.

我認為你的問題的第一部分是，如果我們從歷史上看到整個產品組合，甚至是出售給客戶的預液體冷卻，或者如果它更多的是一個點產品，我會說它在很大程度上上是一個組合。

It's all the time and manage that pretty much all the time we took the entire portfolio and with many customers, we sell the entire portfolio.

我們一直在管理整個投資組合，對於許多客戶，我們出售整個投資組合。

As a matter of finding this, it is true pre and let's say, post the liquid liquid cooling, but it's in different in different portion in different JV move that geographies or or four different for different customers.

就發現這一點而言，液體冷卻是正確的，但在不同的合資企業的不同部分，不同的地理位置或四個不同的客戶是不同的。

So in that respect and having the entire portfolio is an advantage is an advantage for us.

因此，在這方面，擁有整個產品組合是一個優勢，對我們來說也是一個優勢。

Again, sales leverage go to market opportunities and especially now as the technology evolves dramatically and ability to sit around the table and talk about the problem and the entire solution, not just the individual box is something that especially the large customers appreciate and not and and debt and get a lot a lot of a lot of value from the second part of your question is can demonstrate that can demonstrate the PC, the TCO, the fact that, yes, we demonstrate the TCO.

再次強調，銷售槓桿轉向市場機會，尤其是現在，隨著技術的急劇發展，坐在桌子周圍討論問題和整個解決方案的能力，而不僅僅是單個盒子，是大客戶特別欣賞的東西，而不是和和債務並從你問題的第二部分獲得很多很多價值，可以證明可以證明PC，TCO，事實是，是的，我們證明了TCO。

We believe that our products are deliver a lot of efficiency footprint into in a number of advantages are, of course, are specifically to the individual product and when the products becomes a solution.

我們相信，我們的產品在許多優勢中提供了大量的效率足跡，當然，這些優勢專門針對單一產品以及當產品成為解決方案時。

And this is true in general across our portfolio, not just for thermal than advantages in terms of footprint, the speed of deployment up again, values that and go from the initial cost inflation, cost of installation and efficiency and footprint, they will come to fruition.

在我們的產品組合中普遍如此，不僅僅是在散熱方面，在佔地面積、部署速度方面的優勢，以及從初始成本通膨、安裝成本以及效率和占地面積方面來看，他們將得出以下結論：結出碩果。

So we feel pretty good about the strength of our portfolio and even most to one that is in the past.

因此，我們對我們的投資組合的實力感到非常滿意，甚至對過去的投資組合也是如此。

Thank you.

謝謝。

Next question comes from Scott Davis of Melius Research.

下一個問題來自 Melius Research 的 Scott Davis。

Scott, please go ahead.

斯科特，請繼續。

Good morning, everybody.

大家早安。

Finland has got to understand the fee.

芬蘭必須了解這筆費用。

The amount of cash as of January now is some a big number as high class problem, I guess.

我想，截至一月份的現金數量對於高級問題來說是一個很大的數字。

But you did the big buyback when the stock was or was really down in the dumps.

但當股票下跌或確實下跌時，你就進行了大規模回購。

Um, what are you guys thinking now your excess cash or are there M&A opportunities out there that you're looking at selective that balance down a little bit more?

嗯，你們現在對多餘的現金有什麼看法，或者你們正在尋找選擇性的併購機會，以進一步降低平衡？

Well, yes, it's a good problem to have, if you will, associated position that that is very different than two years ago.

嗯，是的，如果你願意的話，擁有與兩年前截然不同的相關職位是一個好問題。

That's been this way.

就是這樣。

So we like where we are, but also because it is enabling our cash allocation strategy, and we'll talk more about our cash allocation strategy.

所以我們喜歡我們現在的處境，也因為它支持我們的現金分配策略，我們將更多地討論我們的現金分配策略。

one, we our investor event in a couple, three weeks, but in general, are very interested in M&A.

第一，我們的投資者活動將在幾週、三週內舉行，但總的來說，我們對併購非常感興趣。

M&a is instrumental part of our strategy to We continue.

併購是我們持續發展策略的重要組成部分。

And indeed, we have strengthened our ash residents, let's say, radar screen, and we were actively involved in an M&A process.

事實上，我們已經加強了灰燼居民，比如說雷達螢幕，我們積極參與了併購過程。

So I think we have belief was that process quite quite a lot.

所以我認為我們非常相信這個過程。

So on more on our capital allocation strategy when we are together.

那麼，更多關於我們在一起時的資本配置策略。

But but definitely definitely the focus on M&A.

但絕對是併購重點。

Okay.

好的。

Helpful to you, Jan, and I don't want to get ahead of the guidance some more color next couple of weeks.

對你有幫助，Jan，我不想在接下來的幾週內超越指導的更多色彩。

But it sounds like to me that you've gotten a lot more confident and your ability to drive incremental margins at that kind of 40% or higher level that confidence based on your ability to capture price for the value that you're creating or and or kind of capacity adds capacity coming on?

但在我看來，你已經變得更加自信，並且有能力將增量利潤提高到 40% 或更高的水平，這種信心基於你為正在創造的價值獲取價格的能力，或者和或者某種容量會增加即將到來的容量？

I don't want to give up and in general profits of that up that growth?

我不想放棄這種成長的整體利潤？

Well, I'll say, Scott, that the equation and the formula has not has not changed dramatically.

好吧，我會說，斯科特，方程式和公式並沒有巨大的變化。

No, no, no.

不，不，不。

We may change dramatically on and do it.

我們可能會做出巨大的改變並做到這一點。

We know it very well.

我們非常了解這一點。

There isn't an operational leverage element and of course, volume have that significantly and we continue to operate in in, we believe, will continue to operate and the price cost a favorable environment going forward.

不存在營運槓桿因素，當然，成交量也很大，我們相信，我們將繼續在有利的環境中運營，並且價格成本將在未來有利的環境中繼續運營。

So the two things combined because I know look optimistically to the future.

所以這兩件事結合在一起，因為我知道對未來持樂觀態度。

Okay.

好的。

I'll say on a couple of weeks.

我會說幾週後。

Thank you.

謝謝。

Thank you.

謝謝。

Thank you.

謝謝。

The next question goes to make holiday place of Deutsche Bank and how Please go ahead.

下一個問題是如何確定德意志銀行的度假地點以及如何進行。

Yes, thanks.

是的，謝謝。

Good morning, guys.

早安，夥計們。

In Monaco.

在摩納哥。

Maybe just first a follow up on the order discussion.

也許只是先跟進訂單討論。

I know last quarter when you first discussed going to challenge of month orders, you kind of noted that we should expect them to stay in that 30% to 35% cross selling.

我知道上個季度，當您第一次討論挑戰月度訂單時，您注意到我們應該期望它們保持 30% 到 35% 的交叉銷售。

Is that still the view?

現在還是這樣的景色嗎？

And then if you could also just talk about I mean, you guys put some more capacity in place with the news facility that you announced this quarter.

然後，如果您也可以談談，我的意思是，你們在本季宣布的新聞設施中增加了一些容量。

How do you feel about current capacity and the need to do further expansion based on the pipeline growth?

您對目前產能以及根據管道成長進一步擴張的需要有何看法？

Thank you.

謝謝。

Okay.

好的。

So but the first phos orders and trailing a trailing 12 and the we had two things we will and we will go to trailing 12 play.

所以，但是第一個 phos 命令和落後 12 ，我們有兩件事我們會，我們將進入落後 12 比賽。

We were talking about 30, 35 for the third quarter at 37 in the third quarter is something that is, we believe, quite a quite strong.

我們談論的是第三季的 30、35，我們認為第三季的 37 是相當強勁的。

I think it's premature to talk about our future ranges within in May.

我認為現在談論我們五月份的未來範圍還為時過早。

You know, when we were going through the slides that we will not guide on their own or node, as I say, given ITTM. range would be exactly the same.

您知道，當我們瀏覽投影片時，我們不會在自己或節點上進行指導，正如我所說，考慮到 ITTM。範圍將完全相同。

So I'll stick to add to that statement, if you will.

因此，如果您願意的話，我將繼續添加該聲明。

But but again, I look at the we look at the pipeline will look at our at the dynamic in the industry and we look at our strength in the industry.

但我再說一次，我們會關注管道，我們會關注產業的動態，我們會關注我們在產業中的實力。

So we are we are optimistic.

所以我們是樂觀的。

So that translate, of course, in and growth and and capacity to handle the situation of capacity is not it's not dramatically different from what we've said before, but so that we always have that we've got room to be able to accelerate late in the short term if needed, that might not be true across all products, product lines.

當然，這轉化為成長和處理能力情況的能力並不是與我們之前所說的沒有顯著不同，而是為了讓我們始終擁有能夠加速的空間如果需要的話，在短期內後期，這可能不適用於所有產品、產品線。

But in general, that ability to accelerate Is there just the way we design the design capacity, but also capacity should not be viewed as something static or something that moves in step, say from one year to another about the same, the thing that is a constantly growing, yes, a new plant like a house or will have a step up.

但總的來說，加速的能力是否就是我們設計能力的方式，而且能力不應該被視為靜態的東西或同步變化的東西，比如說從一年到另一年都是一樣的，一個不斷生長的，是的，像房子一樣的新植物或會有一個台階。

But in general, if you think about the more we're doing across the 23 factories, there is a constant expansion on the one hand and sometimes expanding an existing factory is faster and and generates a kind of a expansion and revenue more more rapidly than the brand new factory.

但總的來說，如果你考慮一下我們在23 家工廠所做的更多工作，一方面，我們不斷擴張，有時，現有工廠的擴張速度更快，並且產生的擴張和收入比工廠的擴張速度更快。

And so that's something that we do.

這就是我們所做的事情。

We do quite a credible currently, but also our Vertiv Operating System and all the lean activities that that we that we constantly implement.

我們目前的做法相當可信，還有我們的 Vertiv 作業系統以及我們不斷實施的所有精益活動。

And yes, on is a is liberating capacity and that will continue.

是的，這是一種正在解放的能力，而且這種情況將會持續下去。

We do not see that as necessarily as a one-off activity that will continue as product new product lines are launched, the productivity and and and the meaning continuous improvement liberates capacity.

我們並不認為生產力和持續改善意味著隨著產品新產品線的推出而必然會持續下去，這意味著持續改善會釋放產能。

So think about our capacity is something that is constantly trending as we will North West on On and on the chart, sometimes with with the staff, it's like like in the case of second because of faster, and we believe we have the capacity to support to support our growth.

因此，考慮我們的能力是不斷變化的趨勢，因為我們將西北放在圖表上，有時與工作人員一起，就像第二個例子一樣，因為速度更快，我們相信我們有能力支持支持我們的成長。

Thank you.

謝謝。

The next question comes from Nigel Coe of Wolfe Research.

下一個問題來自沃爾夫研究中心的奈傑爾·科。

Nigel, please go ahead.

奈傑爾，請繼續。

Thanks.

謝謝。

Good morning, everyone.

大家早安。

And by the way, to get an office order guidance is a grading.

順便說一句，獲得辦公室訂單指導是一種評分。

So so I'm pretty supportive and but have said, I'm not going to ask you about 4Q would have tough moments.

所以我非常支持，但也說過，我不會問你第四季是否會遇到困難。

It, though.

不過，它。

Yes, by the way, how is the battleship?

對了，順便問一下，戰艦怎麼樣？

So just on that, I hope I could just clarify.

就這一點，我希望我能澄清一下。

First of all, the comment on the contents opportunity and sort of the hybrids, thermal management, did you say that content is gone up by $0.5 million per megawatt, so we're now looking at 3.4 million?

首先，關於內容機會以及混合動力、熱管理類型的評論，您是否說過內容每兆瓦增加了 50 萬美元，所以我們現在正在考慮 340 萬美元？

And if that's the case, what's driving that, it's just inflation or is there some scope that?

如果是這樣的話，是什麼推動了這種情況，只是通貨膨脹還是有一定的範圍？

But really, I'm just curious, the visibility you have a 25.

但說實話，我只是好奇你的能見度是 25。

Clearly, you've got a lot of backlog, but I'm curious if the view on 25 of the 14% or more that's driven by backlog or rebuilt or if there's some view on back of development going forward?

顯然，你有很多積壓，但我很好奇，對於由積壓或重建驅動的 14% 或更多的 25 是否有看法，或者是否對未來的開發有一些看法？

Thanks.

謝謝。

So when it comes to the content, no, just to be clear, when we were talking about that 500,000.0, I was referring back in the context of the question that I that we were asked is it was rewritten reaffirming, if you will, the EUR2.53 million per megawatt going on IAI. high density to the three, 3.5.

因此，說到內容，不，只是要明確一點，當我們談論 500,000.0 時，我是在我們被問到的問題的背景下引用的，它是否已被重寫，重申，如果您願意的話， IAI 每兆瓦耗資253 萬歐元。高密度到三，3.5。

So different from what from what we discussed probably now sorry for the last 12 months and something that we will we we reanalyzed when we're together when it comes to 25 backlog, clearly you asked the backlog.

與我們討論的內容非常不同，可能現在很抱歉過去 12 個月，當我們在一起時，我們會重新分析 25 個積壓的問題，顯然你問的是積壓。

So you're asking a cutover very forward looking, but that's where this way.

因此，您要求進行非常前瞻性的切換，但這就是這樣。

We were happy with the backlog and and clearly the the situation of our backlog for 25 is encouraging.

我們對積壓情況感到滿意，顯然 25 件積壓情況令人鼓舞。

Obviously, otherwise, we will now begin an indication that that we have given at the same time every year.

顯然，否則，我們現在將開始表明我們每年在同一時間給予。

It's a combination of what you have in the backlog and what you book and ship at least ship book relative to the vantage point.

它是積壓訂單中的內容以及您預訂和運送的內容的組合，至少是相對於有利位置的預訂。

So in this case is advantage point of, let's say, the 2nd of October when we when we cut a line here to those numbers.

因此，在這種情況下，我們可以說，10 月 2 日是我們的優勢點，當時我們對這些數字進行了劃分。

So clearly there there is there is a book and ship to to delivering in 25.

很明顯，有一本書，並在 25 天內發貨。

But when we analyze things when we know that is that's always the case.

但當我們分析事物時，我們知道情況總是如此。

So everything a measured and evaluate relative to historical dynamics and relative to to our product line and the potential of the pipelines some.

因此，一切都是相對於歷史動態、相對於我們的產品線和管道潛力進行測量和評估的。

So it's a combination of the two and then hopefully, I'm answering your question, Azure.

所以這是兩者的結合，希望我能回答你的問題，Azure。

Firstly, thanks, Jim.

首先，謝謝吉姆。

Thank you.

謝謝。

The next question, actually Noah Kaye of Oppenheimer & Co. Please go ahead.

下一個問題實際上是奧本海默公司的諾亞·凱伊（Noah Kaye），請繼續。

All right.

好的。

Thank you.

謝謝。

And just to piggyback on the synergies for the last few quarters, you've talked about the the elongation in order to revenue conversion cycle times for cloud and colo, and that's supporting some of the strength of visibility you have going into 25.

為了利用過去幾季的協同效應，您談到了雲端和託管的收入轉換週期時間的延長，這支持了您進入 25 的一些可見性優勢。

But just what drives your confidence remaining price cost positive in 25 given that longer conversion cycle when we were talking on or approved?

但是，當我們討論或批准時，考慮到更長的轉換週期，是什麼讓您有信心在 25 年內保持價格成本為正值？

First of all, thanks for your question on the and when we think in terms of the day elongation, John, we were talking about the integration that happened in de facto and specifically for the cola and large Coca-Cola and hyperscale.

首先，謝謝你提出的問題，約翰，當我們考慮白天延長的問題時，我們談論的是事實上發生的整合，特別是可樂和大型可口可樂以及超大規模的整合。

And that elongation was I was at 12 was a, let's say, from the nine, 15 months to the 12, 18 months.

我12歲時的延長是，比方說，從9、15個月到12、18個月。

So it's a nice margins, dramatic elongation.

所以這是一個很好的利潤，戲劇性的伸長。

We're talking about a three month elongation.

我們談論的是三個月的延長。

So we have good visibility on our part funds.

所以我們對我們的部分資金有很好的可見度。

We have, of course, very good visibility on our on our backlog.

當然，我們對積壓訂單有很好的了解。

We have visibility on the on the price elements of that backlog, Empire pipeline, we have good visibility on the on the cost side of the equation of the cost side of the equation, of course, is very, very important.

我們對積壓訂單、帝國管道的價格要素有可見性，我們對等式的成本方面有很好的可見性，當然，等式的成本方面非常非常重要。

So combined combined to enhance our continued continues, I reiterated the statement that we believe price costs to continue.

因此，為了增強我們的持續性，我重申了我們認為價格成本將繼續的聲明。

Okay.

好的。

Maybe just to sneak one more.

也許只是為了再偷一次。

In the net CapEx.

在淨資本支出中。

I think the guidance around 200 million for the year, and that implies something like that EUR80 million for two, if I got my math right, what is driving this CapEx pattern and maybe help us understand substantively the increase in CapEx versus the prior quarter's run rate?

我認為今年的指導約為2 億歐元，這意味著兩個人需要8000 萬歐元，如果我的數學正確的話，是什麼推動了這種資本支出模式，也許可以幫助我們實質地理解資本支出與上一季相比的成長速度？

Yes.

是的。

Thanks.

謝謝。

Now this is Dave.

現在這是戴夫。

It so I can tell you, first of all, we do not trade of planned the year to have CapEx accelerate as we go through the quarters.

因此，我可以告訴您，首先，我們不會按照計劃進行交易，以使資本支出隨著季度的增長而加速。

It just happens that way almost every year.

幾乎每年都會發生這樣的事情。

So if you could look back historically, our fourth quarter is generally the highest quarter as it relates to CapEx.

因此，如果您回顧歷史，我們的第四季通常是資本支出最高的季度。

And the first quarter is the lowest.

而第一季是最低的。

We certainly have that CAD8 million plan cannot guarantee that all of it's going to happen within the three from the fourth quarter.

當然，我們的 800 萬加元計劃並不能保證所有這些都將在第四季度的三個季度內發生。

I'm not sure you have some could slip into into Q1.

我不確定你是否有一些可能會進入第一季。

But yes, the one thing that is certain is that we continue to expand capacity.

但是，是的，可以肯定的一件事是我們將繼續擴大產能。

We have very specific identified projects, and we're executing upon those right now.

我們已經確定了非常具體的項目，並且我們現在正在執行這些項目。

Thank you.

謝謝。

Your next question to Michael.

你問麥可的下一個問題。

Any is of key.

任何一個都是關鍵。

When Michael, please go ahead.

邁克爾，請繼續。

Great.

偉大的。

Thanks for taking the questions.

感謝您提出問題。

At the point is, if I may, first, I want to be absolutely clear.

問題是，如果可以的話，首先，我想絕對清楚。

Are you saying that your demand pipeline entering for Q2 is higher than the levels you saw answering 3Q?

您是說第二季的需求管道高於第三季的水平嗎？

That's my first question.

這是我的第一個問題。

And then second, I just want to revisit our approach prior question, really the follicular ball along in and lead times, one of the things that we're seeing in the data center market is that if any further out VoLTE, lower pricing, that that data center capacity is commanding.

其次，我只想重新審視我們之前的問題，即毛囊球的導入和交付時間，我們在數據中心市場看到的事情之一是，如果 VoLTE 進一步發展，定價更低，那麼該數據中心的容量佔據主導地位。

So as I think through the equipment side, does it stand to reason that as a customer we've had a long gave Vertiv actually have less pricing power in the conversation?

因此，當我從設備方面思考時，作為我們長期合作的客戶，維諦技術 (Vertiv) 在對話中的定價能力實際上較低，這是否合理？

Any color there would be helpful.

任何顏色都會有幫助。

Thank you.

謝謝。

Well, thank you, Mike.

嗯，謝謝你，麥克。

And the globe afternoon for the first question is if the answer is yes, it was just trying to think about a formulation.

環球下午的第一個問題是，如果答案是肯定的，那麼它只是在嘗試思考一個公式。

But yes, the pipeline entering Q4 is higher than the pipeline entering Q3?

但是，是的，進入 Q4 的管道比進入 Q3 的管道高？

No doubt.

無疑。

So that's that is a resounding.

這就是響亮的。

Yes, I'm wondering when it comes to the elongated elongated lead times, we do not necessarily see a correlation between lead time and litigation.

是的，我想知道當談到延長的交付時間時，我們不一定看到交付時間和訴訟之間的相關性。

And again, I want to remind everyone is a virtue is a need to elongate lead cotton.

再次，我要提醒大家的是，美德是需要拉長鉛棉的。

So we can we can most of the time to try and shorten the time down the request of assembly simply because we have a unique time gets elongated because that is consistent with our customers, a project plans and schedules.

因此，我們可以在大多數時間嘗試縮短組裝時間，因為我們有一個獨特的時間被延長，因為這與我們的客戶、專案計劃和時間表一致。

So we do not see that correlation.

所以我們沒有看到這種相關性。

Our end about, yes, I can't elaborate more and more than that much in that.

我們的結局是，是的，我無法詳細闡述這一點。

But what we like on the allegation of lead times that it helps us.

但我們喜歡交貨時間的說法，因為它對我們有幫助。

It gives us time to to be more ready from a supply chain, instant companies in that respect as the negotiation, et cetera, et cetera.

它給了我們時間讓供應鏈、即時公司在談判等方面做好更多準備。

So all the sense.

所以所有的感覺。

Great.

偉大的。

Thanks a lot of calls you have to you on our site.

感謝您在我們網站上打來的許多電話。

Thanks.

謝謝。

Tax loss.

稅收損失。

Thank you.

謝謝。

And your next question comes from Mark Delaney of Goldman Sachs.

你的下一個問題來自高盛的馬克·德萊尼。

Mark, please go ahead.

馬克，請繼續。

Yes, good morning and thanks very much for taking my question.

是的，早上好，非常感謝您提出我的問題。

Can you provide more detail on how orders have grown either in the third quarter or on a TTM basis between products and services?

您能否提供更多有關第三季訂單成長或產品和服務之間按 TTM 計算的成長情況的詳細資訊？

And could you share more on the services business specifically and have a shift of liquid cooling effect in services revenue growth and bookings potential?

您能否具體分享更多關於服務業務的信息，以及液體冷卻效應對服務收入成長和預訂潛力的影響？

Thank you.

謝謝。

So on, we have about the direction of our travel of orders for service in general and and and we are quite quite satisfied also the and how that translates into into service service service sales or so.

等等，我們對服務訂單的整體發展方向感到滿意，我們也非常滿意如何將其轉化為服務服務銷售等。

I'd say that, look, I'd say that if you think about the trajectory of of the service business is very much reinforcing our value, let's say, equation the diligence and how you that we provide to to investors as well, also the certainly the value that we provide to our customers and we see moving increasing increasing demand for our services in general and certainly specifically for liquid cooling, we have capabilities in liquid cooling in terms of installation and commissioning and lifecycle services.

我想說的是，如果你考慮到服務業務的發展軌跡會大大增強我們的價值，比如說，將勤奮程度和我們向投資者提供的服務的方式相結合，當然，我們為客戶提供的價值是巨大的，而且我們看到對我們服務的整體需求不斷增加，尤其是液體冷卻，我們在安裝、調試和生命週期服務方面擁有液體冷卻能力。

And on and that's a predictive predictive maintenance digitally enabled that are quite quite unique in the in the industry.

這就是數位化的預測性維護，這在業界是非常獨特的。

And that's something that is is very convincing our customer base and reinforces our our product value proposition.

這非常令人信服我們的客戶群，並強化了我們的產品價值主張。

We are we have a rich all we have trained and we continue to train a lot of engineers.

我們擁有豐富的人才，我們已經培訓了許多工程師，並且我們也持續培訓很多工程師。

We want to make sure that there is no shortage of field service, some liquid cooling capacities to serve the industry industry, not just an adjustment.

我們希望確保不缺少現場服務，一些液體冷卻能力來服務工業行業，而不僅僅是一個調整。

Thank you.

謝謝。

Thank you.

謝謝。

Thank you.

謝謝。

The next question comes from Brett Linzey of Mr. Hayes.

下一個問題來自 Mr. Hayes 的 Brett Linzey。

Please go ahead.

請繼續。

Hello.

你好。

Thanks for the question.

謝謝你的提問。

I just wanted to come back to thermal management.

我只是想回到熱管理。

I appreciate the long-term forecast.

我很欣賞長期預測。

You guys have always been very, very active on new embedded liquid cooling becoming a bigger component.

你們一直非常非常積極地致力於讓新型嵌入式液體冷卻成為一個更大的組件。

Should we begin to see thermal application growth outpacing the power side going forward?

我們是否應該開始看到熱應用的成長超過電力方面的發展？

Is there any major divergence we should be thinking about?

我們應該考慮什麼重大分歧嗎？

A couple of questions here.

這裡有幾個問題。

one is on certainly inside the that has a large, very large thermal portfolio.

其中之一肯定是在擁有一個非常大的熱組合的內部。

But it's clearly the the liquid cooling itself will be characterized by high growth rates because of dynamic the dynamics of the market, as we explained on page 5, but also because we Italy where we had a much Ed. So combined, the two certainly in accelerates accelerates things.

但很明顯，液體冷卻本身將具有高成長率的特點，因為市場的動態，正如我們在第 5 頁所解釋的，但也因為我們在義大利有很多 Ed。所以結合起來，兩者肯定在加速加速事情。

But as we mentioned, the demand is quite balanced across the various portfolios and business unit.

但正如我們所提到的，不同投資組合和業務部門的需求相當平衡。

But there's no thoughts of the business.

但沒有生意的想法。

And as we said, the AI and high density and And anyway, high-performance compute is beneficial to the entire portfolio.

正如我們所說，人工智慧和高密度以及無論如何，高效能運算對整個產品組合都有好處。

So on where we will elaborate more on this aspect when we're together in in Atlanta than in other assets, very, very interesting is that our power management power power is going to as the densification continues.

因此，當我們在亞特蘭大一起而不是在其他資產時，我們將在這方面進行更多的闡述，非常非常有趣的是，隨著緻密化的繼續，我們的電源管理電源將會變得更加強大。

Power will continue.

電力將持續。

Power will continue to go.

電力將持續下去。

So we're very encouraged by what we've seen power and the dynamics that the densification will will drive the other element that we talked about service, of course, I can I can only We reaffirm that the other aspect is infrastructure and prefabrication with the constraints in the industry in terms of speed of a lot of building a new data centers, prefabrication became more and more important.

因此，我們對我們所看到的力量和動態感到非常鼓舞，即緻密化將推動我們談到的服務的其他要素，當然，我可以，我只能我們重申，另一個方面是基礎設施和預製件業界在建造新資料中心的速度方面受到許多限制，預製化變得越來越重要。

So yes, we will certainly see a positive acceleration coming from a from a liquid cooling that say, and we believe that the entire portfolio will be will be favorable impact.

所以，是的，我們肯定會看到液體冷卻帶來的積極加速，我們相信整個產品組合將產生有利的影響。

Okay.

好的。

Appreciate the detail later on.

稍後欣賞細節。

Thanks a lot.

多謝。

Thank you.

謝謝。

This concludes our question and answer session.

我們的問答環節到此結束。

I would like to hand the conference call back over to Jim Albaugh, heavy for any closing comments.

我想將電話會議交還給吉姆·阿爾博（Jim Albaugh），他很想發表最後的評論。

Well, thank you very much, and thank you for the extra 10 minutes with us what was important to add a little bit more time for Q&A.

嗯，非常感謝您，感謝您額外抽出 10 分鐘時間與我們交流，這對於增加一點問答時間非常重要。

I really like to thank devoted team for another strong quarter, another strong quarter of execution.

我非常感謝敬業的團隊又一個強勁的季度，又一個強勁的季度執行力。

So a big thank you for joining us today.

非常感謝您今天加入我們。

And again, thank you for your questions.

再次感謝您的提問。

Really appreciate the support and ask you in Atlanta.

非常感謝您的支持，並在亞特蘭大詢問您。

Thank you.

謝謝。

The conference has now concluded.

會議現已結束。

Thank you for attending today's presentation.

感謝您參加今天的演講。

You may now disconnect.

您現在可以斷開連線。

It has now concluded.

現在已經結束了。

Thank you for attending today.

感謝您今天參加。