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

Good morning, my name is Nadia and I'll be your conference operator today.

早安，我叫納迪亞，今天我將擔任您的會議操作員。

At this time.

此時。

I would like to welcome everyone to Vertiv's third-quarter, 2024 earnings conference call.

歡迎大家參加 Vertiv 2024 年第三季財報電話會議。

(Operator Instructions) Please note this call is being recorded.

（操作員說明）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 Lynne Maxeiner, Vice President of Investor relations.

現在我想把今天的電話會議的議程交給主持人投資者關係副總裁 Lynne Maxeiner。

Great.

偉大的。

Thank you, Nadia.

謝謝你，納迪亞。

Good morning and welcome to Vertiv's third-quarter, 2024 earnings conference call.

早安，歡迎參加 Vertiv 2024 年第三季財報電話會議。

Joining me today are Vertiv's Executive Chairman Dave Cote; Chief Executive Officer Giordano Albertazzi, and Chief Financial Officer David Fallon.

今天加入我的是 Vertiv 執行主席 Dave Cote；執行長 Giordano Albertazzi 和財務長 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投影片。

We will let the Q&A portion of the call go an additional 10 minutes if needed up until 12:10 PM Eastern time.

如有需要，我們會將電話問答部分再延長 10 分鐘，直到東部時間中午 12:10。

We would kindly request to please limit yourself to one question.

我們懇請您只回答一個問題。

And if you have a follow up question, please rejoin the queue before we begin.

如果您有後續問題，請在我們開始之前重新加入隊列。

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 subverted.

我想指出的是，在電話會議過程中，我們將對未來事件做出前瞻性陳述，包括未來財務和營運績效被顛覆。

These forward-looking statements are subject to material uncertainties that could cause actual results to differ materially from those in the forward-looking statements.

這些前瞻性陳述受到重大不確定性的影響，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 that we make today are based on assumptions that we believe to be reasonable as of the state, 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均基於我們認為合理的假設，我們不承擔因新資訊或未來事件而更新這些陳述的義務。

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 earnings press release and in the investor side deck found on our website at investors@vertiv.com.

我們的 GAAP 業績以及 GAAP 與非 GAAP 調整表可在收益新聞稿中以及我們網站 Investors@vertiv.com 上的投資者資料中找到。

With that, I'll turn the call over to Executive Chairman Dave Cote.

接下來，我會將電話轉給執行主席戴夫·科特 (Dave Cote)。

Good morning Q3 was another very strong quarter across the board on every metric sales income, cash flow and orders.

早安，第三季在銷售收入、現金流和訂單的各個指標上都是全面強勁的季度。

For a quarter guidance is strong and sales for 2025 looks stronger still based on wicked good autos performance.

季度指引強勁，基於糟糕的汽車錶現，2025 年的銷售量看起來仍然強勁。

And importantly, there is more goodness ahead as our portfolio expands, new products are introduced and the Vertiv of operating system of BOS becomes reality.

重要的是，隨著我們產品組合的擴展、新產品的推出以及 BOS 作業系統 Vertiv 的成為現實，未來還會有更多美好的事物。

There are two areas I'd like to address specifically where investors seem to oscillate between fear and excitement.

我想具體談談投資人似乎在恐懼和興奮之間搖擺的兩個領域。

The first is AI reality and the second is liquid cooling.

第一個是AI現實，第二個是液冷。

We had the agricultural revolution and the industrial revolution.

我們經歷了農業革命和工業革命。

And now we're only about 20 years into the digital revolution AI is just the next step in that digital revolution AI is real.

現在，我們進入數位革命只有大約 20 年，人工智慧只是數位革命的下一步，人工智慧已經成為現實。

It has just begun.

一切才剛開始。

It's got a long way to go.

還有很長的路要走。

Data centers are fundamental to all that computing.

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 need for data centers.

即使在不久的將來，分散式架構也會增強對資料中心的需求。

Even quantum computing relies on digital based data centers.

甚至量子計算也依賴基於數字的資料中心。

We've enjoyed extremely strong orders in the first-half of '24.

24 年上半年我們收到了非常強勁的訂單。

And we would agree that continued, approximately 60% order increases are unlikely as we tried to say last quarter.

我們同意，正如我們上季度所說的那樣，訂單持續增加約 60% 的可能性不大。

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

基於同樣的原因，我們看到積壓訂單強勁成長，支援訂單持續成長，雲端和人工智慧相輔相成，推動了對大量運算的需求。

Additionally, the AI ramp up in countries outside the US is just beginning.

此外，人工智慧在美國以外國家的發展才剛開始。

In data center infrastructure.

在資料中心基礎設施中。

As the data center infrastructure develops, liquid cooling increasingly comes to the fore and we continue to rapidly gain share.

隨著資料中心基礎設施的發展，液體冷卻越來越受到關注，我們繼續快速獲得份額。

There are various parts to a liquid sales in the high IP and knowhow areas specifically CDUs and total system.

高知識產權和專有技術領域的流動性銷售涉及多個部分，特別是 CDU 和整個系統。

She was several charges in his presentation to simplify understanding of a liquid cool system.

她在演講中提出了一些要點，以簡化對液體冷卻系統的理解。

Our position and our data center products portfolio is the broadest in the industry.

我們的地位和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, we have extensive coverage in thermal systems AI and data center growth in this digital digital age benefits everything we do.

同樣重要的是要注意，在快速增長的同時，我們不僅僅是在液體冷卻方面，一切都在增長。成長有利於我們所做的一切。

Not just liquid cooling.

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.

我們不會贏得 100% 的訂單。

Space and broad portfolio, global scale, deep industry expertise, global service and strong customer relationships.

空間和廣泛的產品組合、全球規模、深厚的行業專業知識、全球服務和強大的客戶關係。

These are distinguishing characteristic characteristics that others in the market can't match (technical difficulty) closely on road map consistency with key technology providers to be ready for today and seeing around the corners to what the industry needs to do next.

這些是市場上其他公司無法比擬的顯著特徵（技術難度），與關鍵技術提供者的路線圖保持一致，以便為今天做好準備，並看到行業下一步需要做什麼。

A great example of this is the joint announcement we did last week with NVIDIA. (technical difficulty) and future.

一個很好的例子就是我們上週與 NVIDIA 的聯合聲明。 （技術難度）和未來。

The industry needs to be ready for this new era of compute.

該行業需要為這個新的計算時代做好準備。

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，以便他們為即將發生的事情做好準備。

While there is intense focus right now on every aspect of AI (technical difficulty) about the AI future or vert role to instead take a longer term view of the secular growth story in front of us.

儘管目前人們對人工智慧（技術難度）的各個方面都高度關注，但人工智慧的未來或垂直角色卻以更長遠的眼光來看待我們面前長期成長的故事。

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. (technical difficulty) advantages though are not easily replicated and we are further expanding them.

競爭並不是一個新現象。 （技術難度）優點雖然不容易複製，但我們正在進一步拓展。

That is what I thought five years ago as I looked at this unique company.

這是我五年前看到這家獨特公司時的想法。

Market leadership, global scales technology differentiation, great end market and law, (technical difficulty) the creation were there, but it needed to be unlocked in a convincing way with strong leadership.

市場領導地位、全球範圍的技術差異化、巨大的終端市場和法律、（技術難度）創造都在那裡，但需要透過強大的領導力以令人信服的方式解鎖。

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

我讚揚 Gio 和他的團隊付出了艱苦的努力，開始釋放負擔的全部潛力。

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

明年和未來許多年，我們距離充分發揮潛力（技術難度）還很遠，這當然得到了我們的訂單和營運績效的支持。

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

因此，我會將電話轉給 Gio。

Well, thank you, Dave, and we go to slide (technical difficulty)Q3 organic sales were up 19%, with double-digit growth in all three regions.

好吧，謝謝戴夫，我們開始幻燈片（技術難度）第三季度有機銷售額增長了 19%，所有三個地區均實現兩位數增長。

Orders with a 37% growth on a trailing 12-month basis, beat our expectation, (technical difficulty) on a year-on-year basis despite tougher comparators.

儘管比較條件更為嚴格，但過去 12 個月的訂單年增 37%，超出了我們的預期（技術難度）。

The demand we see is resilient, and this 37% trailing 12 corroborates the ambition for long-term growth.

我們看到的需求具有彈性，落後 12 年的 37% 證實了長期成長的雄心。

Adjusted (technical difficulty) beat guidance. 20.1% adjusted operating margin expanded 310 basis points, our first time surpassing the 20% mark, an indication for the potential ahead.

調整（技術難度）節拍指導。調整後營業利益率為 20.1%，擴大了 310 個基點，首次突破 20% 大關，預示未來的潛力。

Adjusted free cash flow was $336 million in the third quarter, and we have generated $773 million year-to-date.

第三季調整後自由現金流為 3.36 億美元，年初至今已產生 7.73 億美元。

Leverage reduced to 1.4x as of the end of Q3.

截至第三季末，槓桿率降至 1.4 倍。

We, again, raised our full year guidance across all financial metrics and expect organic growth of 14%.

我們再次上調了所有財務指標的全年指引，並預期有機將成長 14%。

Adjusted operating profit of $1.485 billion and margins expanding (technical difficulty) to 19% of $1 billion, up $125 million from previous guidance.

調整後營業利潤為 14.85 億美元，利潤率擴大（技術難度）至 10 億美元的 19%，比先前的指導增加了 1.25 億美元。

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

訂單趨勢和我們強勁的積壓表明，2025 年的成長將相對 2024 年加速（技術難度）。

As said, at 37%, our trailing 12-month order growth (inaudible) very convincing.

如前所述，我們過去 12 個月的訂單成長（聽不清楚）為 37%，非常令人信服。

Pipelines continue to grow.

管道持續成長。

We saw pipeline increase sequentially (technical difficulty) Q3 across all regions.

我們看到所有地區的管道在第三季依序增加（技術難度）。

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

我們也看到了更令人信服的訊號，表明人工智慧確實在歐洲、中東和非洲地區正在加速發展。

We are not providing a view on Q4 orders.

我們不提供對第四季度訂單的看法。

Do not read too much into this.

不要對此過度解讀。

Orders are hard to forecast.

訂單很難預測。

They can be lumpy, exact timing often outside our control, and it ultimately depends on when the customer is ready to issue a PO.

它們可能是不穩定的，準確的時間通常超出了我們的控制範圍，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 show you that we feel good, in fact, quite encouraged that (inaudible) trajectory will remain healthy and support the financial ambition that we are targeting.

話雖如此，我還想向您表明，我們感覺良好，事實上，我們感到非常鼓舞，（聽不清楚）軌跡將保持健康並支持我們所瞄準的財務目標。

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.

我們的積壓訂單繼續增加，第三季末達到 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.

我們繼續擴大產能。

An example is the recently announced new integrated modular solutions facility in the Americas.

一個例子是最近在美洲宣布的新的整合模組化解決方案設施。

This facility has started production and shipments in third quarter, and it is helping us meet our customers needs for rapid, data center capacity 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容量部署的需求。

Our focus on supply chain is intense.

我們非常關注供應鏈。

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

我們看到需求軌跡將在未來四年內展開，並且我們正在確保我們的供應鏈在供應商冗餘和地理多樣性方面具有彈性。

Inflation will continue.

通貨膨脹將會持續。

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

我們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, productivity gains, reduced lead times, fundamental to our ability to execute at speed and scale.

Vertiv 作業系統持續提供增量容量、生產力提升、縮短交貨時間，這是我們快速、大規模執行能力的基礎。

Let's go to slide 5 now.

現在讓我們轉到投影片 5。

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

我們還有其他的簡報中的幾張投影片來全面描述我們在熱管理方面的地位，更具體地說，是資料中心液體冷卻方面的地位。

Let's start broad.

讓我們從廣泛的角度開始。

Vertiv has the most complete portfolio of critical digital infrastructure products, solutions and services.

Vertiv 擁有最完整的關鍵數位基礎設施產品、解決方案和服務組合。

Sales are well balanced across the five business groups, plan managements are representing 32% of our business, thermal management, 30%, IT systems with 10%, Infrastructure Solutions 5% and services 23%.

五個業務集團的銷售額非常平衡，計畫管理占我們業務的 32%，熱管理佔 30%，IT 系統佔 10%，基礎設施解決方案佔 5%，服務佔 23%。

The impact of AI is favorable to the entire Vertiv portfolio in terms of total volume and TAM per megawatt.

就總容量和每兆瓦 TAM 而言，人工智慧的影響有利於整個 Vertiv 產品組合。

The total Vertiv opportunity is much larger than just the opportunity in thermal.

Vertiv 的總機會遠大於熱能領域的機會。

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.

那麼我們來談談吧。

And let's focus on the right side of the chart.

讓我們專注於圖表的右側。

We have the entire range of thermal chain technologies.

我們擁有全系列的熱鏈技術。

From outside the data center building to inside the [RAG], everything as an example, from a chiller to an (inaudible) and at

從資料中心大樓外部到 [RAG] 內部，一切都以冷卻器到（聽不清楚）和

[manifold].

[歧管]。

Liquid and air cooling coexist for heat collection in the data center of the future.

液體和空氣冷卻共存，用於未來資料中心的熱量收集。

In all cases, liquid and air cooling, no matter the mix of the two, require heat rejection.

在所有情況下，液體和空氣冷卻，無論兩者的混合，都需要排熱。

Or (inaudible), so chillers, dared expansion, condensers, et cetera.

或（聽不清楚），所以冷卻器、膽膨脹器、冷凝器等等。

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

因此，在可預見的未來，空氣或液體、空氣和液體以及散熱都不會發生。

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%。

Air and heat rejection will grow at a 10% CAGR and liquid at a 30% CAGR, all growing very nicely.

空氣和熱量排斥將以 10% 的複合年增長率增長，液體以 30% 的複合年增長率增長，所有這些增長都非常好。

We have serious intentions to be the market leader in liquid cooling.

我們真誠地希望成為液體冷卻領域的市場領導者。

Vertiv's growth in liquid cooling exceeds the market growth, and we believe we are rapidly gaining market share.

Vertiv 在液體冷卻領域的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, we see orders converting to revenue in a convincing way.

我們看到，在我們的訂單中，我們看到訂單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.

幻燈片 6。

I want to describe what Vertiv leadership in liquid cooling means.

我想描述 Vertiv 在液體冷卻領域的領先地位意味著什麼。

Focus please on the left side of the slide.

請將焦點放在投影片的左側。

Offshore portfolio, first and foremost.

首先也是最重要的是離岸投資組合。

Vertiv has a complete range of liquid and high-density solutions, in particular, in (inaudible), 1 phased (inaudible) , 2-phase (inaudible) , manifolds, [reordoor] heat exchanges immersion cooling.

Vertiv 擁有全系列的液體和高密度解決方案，特別是（聽不清楚）、單相（聽不清楚）、兩相（聽不清楚）、歧管、[reordoor] 熱交換浸沒式冷卻。

And we are co-platagnostic.

我們是共同的異性戀者。

And we like that approach as it enables our CDUs to be validated across multiple co-play technologies and server brands.

我們喜歡這種方法，因為它使我們的 CDU 能夠在多種協同播放技術和伺服器品牌中得到驗證。

We are proud of our portfolio, but there is more to our liquid cooling trend 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 of the most influential silicon providers.

今天，我們正在致力於開發能夠支援最有影響力的晶片供應商的技術路線圖的產品。

Our products must precede theirs in the field.

我們的產品在該領域必須領先於他們的產品。

Innovation, we are significantly increasing our investment in high-density cooling engineering to continue to lead in the future.

創新，我們正在大幅增加對高密度冷卻工程的投資，以繼續引領未來。

Complete thermal chain.

完整的熱鏈。

The data center of the future will have both air and liquid in a mix that will vary during the life cycle of the data center based on the loads and the IT refresh cycles.

未來的資料中心將同時含有空氣和液體，在資料中心的生命週期中，空氣和液體的混合物會根據負載和 IT 更新週期而變化。

So having the ability to master our cooler technology is of the essence.

因此，掌握我們的冷卻器技術的能力至關重要。

Ability to customize at scale.

能夠大規模客製化。

In the global scale, we are on track to scale our liquid cooling technology, 45x by the end of this year.

在全球範圍內，我們預計在今年年底前將我們的液體冷卻技術擴大 45 倍。

We are not stopping there.

我們不會就此止步。

Service strength, data center expertise and service footprint are vastly different between

服務強度、資料中心專業知識和服務足跡之間存在巨大差異

(inaudible).

（聽不清楚）。

Converted, 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 growing.

我們在全球部署了約 4,000 名服務工程師，而且這一數字還在增加。

Long-standing customer relationships, they need a partner that has the expertise to understand the significant changes ahead and can deliver clear TCO advantages.

為了建立長期的客戶關係，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。

Reliability and quality.

可靠性和品質。

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

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.

這就是液體冷卻市場領導地位的樣子。

And I'm proud of our position.

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, and let's zoom out a bit.

讓我們轉到投影片 7，然後縮小一點。

Let's look at our partnership with NVIDIA.

讓我們看看我們與 NVIDIA 的合作夥伴關係。

You may have seen the recent announcements of our co-development of complete power and cooling reference designs for NVIDIA GB 200 and VL72 platform.

您可能已經看到我們最近宣布共同開發適用於 NVIDIA GB 200 和 VL72 平台的完整電源和冷卻參考設計。

We are helping data center operators getting ahead of the challenges and enabling the vision of AI factors.

我們正在幫助資料中心營運商應對挑戰並實現人工智慧因素的願景。

Vertiv's advantages on the prior slide exactly why we are uniquely able to play this important role for the industry and why there is a very organic relationship between NVIDIA and Vertiv.

上一張投影片中 Vertiv 的優勢正是我們能夠在業界發揮這一重要作用的獨特原因，以及 NVIDIA 和 Vertiv 之間存在非常有機的關係的原因。

We make sure our technology enables NVIDIA road maps today and in the future.

我們確保我們的技術能夠為目前和未來的 NVIDIA 路線圖提供支援。

A great example of enabling the industry to be future-ready is our truly unique Vertiv cool phase CDU, which makes it simple to deploy high-density liquid cooling where needed without having to reengineer the entire data center environment, even in the absence of a chilled water loop.

讓產業為未來做好準備的一個很好的例子是我們真正獨特的Vertiv 冷相CDU，它可以在需要時輕鬆部署高密度液體冷卻，而無需重新設計整個資料中心環境，即使在沒有資料中心的情況下也是如此。

Vertiv can seamlessly, sorry, Vertiv can seamlessly embed in one solution the ability to navigate the transition between liquid and air cooled service.

Vertiv 可以無縫地，抱歉，Vertiv 可以無縫地將導航液冷和風冷服務之間轉換的能力嵌入到一個解決方案中。

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

憑藉我們在這些技術方面長達十年的專業知識，我們可以開發這些獨特的解決方案。

So with that, over to David.

那麼，接下來就交給大衛了。

Perfect.

完美的。

Thanks, Gio.

謝謝，吉奧。

Turning to page 8.

翻到第8頁。

This slide summarizes our third quarter financial results.

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, with that upside driven by favorable timing of shipments in both the Americas and EMEA.

有機淨銷售額成長 19%，比指導中位數高出 1.14 億美元，這一成長是由美洲和歐洲、中東和非洲的有利發貨時機推動的。

Our backlog is strong.

我們的積壓情況很嚴重。

And with available production capacity, we were able to realize these additional sales previously projected for the fourth quarter.

憑藉現有的生產能力，我們能夠實現先前預期的第四季度的額外銷售額。

Double-digit organic growth was seen across all three regions, with EMEA leading the way at 25% and demonstrating that strength in the data center demand is not only an American story, but it is indeed global.

所有三個地區都實現了兩位數的有機增長，其中 EMEA 以 25% 的增長率領先，這表明數據中心需求的強勁不僅是美國的故事，而且確實是全球性的。

Adjusted operating profit of $417 million was $121 million higher than last year, primarily driven by higher volume and commercial execution.

調整後營業利潤為 4.17 億美元，比去年增加 1.21 億美元，主要是由於銷售量和商業執行力的提高。

Adjusted operating margin of 20.1% represents a significant milestone, surpassing 20% for the first time.

調整後營業利益率首次超過 20%，達到 20.1%，這是一個重要的里程碑。

We shared last year in our investor event a long-term ambition of 20% plus.

去年，我們在投資者活動中分享了 20% 以上的長期目標。

It is safe to assume that the 0.1% above the [20%] in the third quarter does not define the upper limit of that plus.

可以肯定的是，第三季高於 [20%] 的 0.1% 並沒有定義該加值的上限。

We believe there is plenty of upside opportunity and a lot of work to do with margins, and we plan to share our revised long-term ambition in this year's November 18, Investor event.

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，我們計劃在今年 11 月 18 日的投資者活動中分享我們修改後的長期目標。

Now back to third quarter margins.

現在回到第三季的利潤率。

We did incur launch costs for our new infrastructure solutions facility in (inaudible) in the third quarter, as well as at several existing facilities where we are expanding internal capacity and these launch costs as well as some project mix negatively impacted third quarter growth margin compared with the second quarter.

我們確實在第三季度（聽不清）產生了新基礎設施解決方案設施的啟動成本，以及我們正在擴大內部產能的幾個現有設施的啟動成本，這些啟動成本以及一些項目組合對第三季度的成長率產生了負面影響與第二季。

Some of these launch costs were onetime in nature, but others are permanent, and we expect those to be more fully absorbed in 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 had been consistently above 20% in recent prior years.

近年來，這一數字一直保持在 20% 以上。

So some good progress there, but once again, similar to margin, still a ton of opportunity.

因此，那裡取得了一些良好的進展，但與保證金類似，仍然有很多機會。

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.

現在轉到投影片 9。

This slide summarizes our third quarter segment results, as mentioned.

如前所述，這張投影片總結了我們第三季的業績。

We saw double-digit sales growth across all three regions.

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.

美洲地區又經歷了一個強勁的季度。

Organic sales up 21% with broad strength across multiple market verticals and product lines, including a material contribution from liquid cooling in the third quarter.

有機銷售額成長 21%，在多個垂直市場和產品線中表現強勁，其中包括第三季液體冷卻的實質貢獻。

Adjusted operating margin expanded 470 basis points, largely driven by operational leverage and strong commercial execution.

調整後的營業利潤率擴大了 470 個基點，這主要是由營運槓桿和強勁的商業執行力所推動的。

APAC sales increased 10% organically with China growing double digits.

亞太地區銷售額有機成長 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.

儘管我們對中國的成長感​​到滿意，中國業務約占我們整體業務的 10%。

We are not projecting that same double-digit growth in the fourth quarter, maybe out of prudence or conservatism as China still operates in a challenging macro environment.

我們預計第四季不會出現同樣的兩位數成長，這可能是出於謹慎或保守，因為中國仍在充滿挑戰的宏觀環境中運作。

APAC 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, but APAC operating margins did improve sequentially from the second quarter as expected, and we anticipate further sequential margin improvement in the fourth quarter.

亞太地區調整後的營業利潤率較2023 年第三季下降了260 個基點，主要是由於不利的組合和去年第三季有利的離散項目，但亞太地區的營業利潤率確實如預期的那樣比第第二季連續改善，我們預計將進一步連續改善第四季利潤率有所改善。

EMEA organic sales increased 25%, driven by continued strong demand from colocation and hyperscale customers.

在託管和超大規模客戶持續強勁的需求推動下，歐洲、中東和非洲地區的有機銷售額成長了 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 Gio mentioned, visibility into a strong pipeline of AI related demand in EMEA is becoming clear.

展望未來，正如 Gio 所提到的那樣，歐洲、中東和非洲地區人工智慧相關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, EMEA, won for the second consecutive quarter, but of course, we anticipate another close race between those two regions as we close out the year.

在與美洲的季度競爭中，歐洲、中東和非洲地區連續第二個季度獲勝，但當然，我們預計在年底時這兩個地區之間將再次展開激烈的競爭。

Moving to slide 10.

轉到投影片 10。

This slide summarizes our fourth quarter guidance.

這張投影片總結了我們第四季的指導。

We are expecting a strong close to the year with fourth quarter sales expected to be up 13% organically with the regional profile reflecting Americas up high teens and APAC and EMEA up mid- to high single digits from last year's fourth quarter.

我們預計今年第四季的銷售額將強勁成長，預計有機成長13%，其中美洲地區的銷售額較去年第四季成長兩位數，亞太地區和歐洲、中東和非洲地區的銷售額較去年第四季成長中位數至高個位數。

We expect fourth quarter 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高的推動下，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% incremental margin for the full year.

我們預計第四季的年利潤率增量為 39%，預計全年利潤率將增加 46%。

Next, turning to slide 11, our full year guidance.

接下來，轉向投影片 11，我們的全年指導。

We are increasing guidance for sales by $140 million, a combination of volume and foreign exchange.

我們將銷售額指引值增加了 1.4 億美元（包括銷售量和外匯）。

Full year expected organic growth is now 14% with this increase primarily driven by the Americas and EMEA, both expected to post mid-teens growth from 2023.

目前，全年預計有機成長為 14%，這一成長主要由美洲和歐洲、中東和非洲地區推動，預計從 2023 年起，這兩個地區的成長將達到中位數。

We are increasing our full year adjusted operating profit guidance by $50 million to $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 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.

全年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 with operational leverage, commercial execution and productivity business-wide driven by the Vertiv operating system.

該指標持續的季度成長和成長表明，在 Vertiv 作業系統的推動下，我們在營運槓桿、商業執行和全業務生產力方面持續取得進步。

And as mentioned, more to come.

如同前面提到的，還會有更多。

Our projected 2024 adjusted diluted EPS of $2.68 is more than 50% higher than 2023, which translates into a very healthy PEG ratio.

我們預計 2024 年調整後稀釋每股收益為 2.68 美元，比 2023 年高出 50% 以上，這意味著 PEG 比率非常健康。

The higher earnings per share is primarily driven by higher adjusted operating profit.

每股收益較高主要是由調整後營業利潤較高所推動的。

We continue to provide additional information on income taxes and share count in the appendix of this presentation, and we will be more than happy to discuss any details on either of these topics after the call.

我們將繼續在本簡報的附錄中提供有關所得稅和股票數量的更多信息，並且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 free cash flow guidance to $1 billion, an increase of $125 million from prior guidance.

在這張投影片的最右側，我們將全年調整後自由現金流指引提高至 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 億美元，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 turn it back over to Gio.

話雖如此，我把它轉回給吉奧。

Thank you, David.

謝謝你，大衛。

And talking about '25, let's go to slide 12.

說到 25 年，我們來看投影片 12。

And here are some of the early thoughts.

以下是一些早期的想法。

In a nutshell, we are excited about the year ahead.

簡而言之，我們對未來的一年感到興奮。

The market is a strong and we're certainly seeing the AI tailwinds that should continue to strengthen next year.

市場很強勁，我們肯定會看到明年人工智慧的推動力將繼續增強。

We have good visibility.

我們有良好的能見度。

We have a sharp execution of focus and price cost is expected to be positive.

我們有敏銳的執行力，預計價格成本將為正。

This results in our expectation for growth in 2025 to be higher than our growth in 2024, 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 2024 年的成長，預計調整後的營業利潤率將擴大，自由現金流將強勁。

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 event in Atlanta, Georgia on Monday, November 18.

我們即將於 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 (inaudible) the following morning.

這也是第二天早上（聽不清楚）參觀我們展位的機會。

So we hope we will see you there.

所以我們希望能在那裡見到您。

To summarize things and go to slide 14.

總結一下，然後轉到投影片 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.

我們保持謙虛和專注。

The intensity is stepping up.

力度正在加大。

This is the right time to go faster, drive differentiation and deliver premium results.

現在正是加快步伐、推動差異化並交付優質成果的最佳時機。

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, over to the operator, Nadia, for Q&A

接下來，請接線員 Nadia 進行問答

Thank you, we will now begin the question and answer session.

謝謝大家，我們現在開始問答環節。

(Operator instructions)

（操作員說明）

Andrew Obin, Bank of America.

安德魯‧奧賓，美國銀行。

This is David Ridley Lane on for Andrew.

我是安德魯的大衛‧里德利‧萊恩 (David Ridley Lane)。

As hyperscalers are starting to build out multi-location campuses, how does the order timing for you work out?

隨著超大規模企業開始建造多地點園區，您的訂單時間表如何？

Do you receive an order for all the buildings at the campus at a single point in time?

您是否會在同一時間點收到校園內所有建築的訂單？

Do those get phased in over time?

隨著時間的推移，這些會逐步實施嗎？

And how is that part of the market developing for you?

這部分市場對您來說發展得怎麼樣？

First of all, we definitely see it as large campuses and large data center deployments happen and have been at really large scale, not just the scale of all the buildings, but scale across the market.

首先，我們肯定會看到大型園區和大型資料中心的部署正在發生，而且規模非常大，不僅僅是所有建築物的規模，而是整個市場的規模。

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, really specific to the individual hyperscaler or even speaking about very large deployment colo.

但是，如果您願意的話，放置 PO 的確切方式實際上是針對單一超大規模的，甚至是針對非常大的部署託管。

Some colos have very large deployment themselves.

有些主機本身的部署量非常大。

But again, they have different models.

但同樣，他們有不同的模型。

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

但總的來說，普遍的是他們為當時正在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 get certainly a longer visibility in terms of the PO that we receive from this part of the market.

因此，正如我們在先前的電話會議中所說，我們從這部分市場收到的採購訂單方面肯定會獲得更長的可見度。

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

但好處是我們有採購訂單，而且他們也需要採購訂單，而且他們實際上正在建立長期專案的可見性。

Thank you very much.

非常感謝。

Steve Tusa, JPMorgan.

史蒂夫圖薩，摩根大通。

Hey guys, good morning.

嘿夥計們，早安。

Good morning, Steve.

早安，史蒂夫。

Just a backward-looking question on 3Q in the orders.

只是訂單中關於3Q的回顧性問題。

Obviously, in the second quarter, you beat your guidance by several hundred million dollars.

顯然，在第二季度，您的業績超出了您的指導數億美元。

You talked about a couple of things moving in or at least hitting in that quarter that maybe you had less visibility on at the beginning.

您談到了一些正在發生的事情，或者至少在該季度發生的事情，您可能一開始對這些事情的了解較少。

When you look at the outperformance this quarter, which was fine, but a lot more modest, was there anything that like pushed out on you in the quarter?

當你看到本季的優異表現時，這很好，但要溫和得多，本季是否有任何類似的事情對你造成影響？

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目標？

And then just my follow-up would be, there's a lot of questions around the ODMs, who are talking about their market share in liquid cooling.

然後我的後續行動是，圍繞 ODM 存在很多問題，他們正在談論他們在液體冷卻方面的市場份額。

Can you just maybe remind us and clarify how you guys fit into that?

您能否提醒我們並澄清一下你們如何融入其中？

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, just to kind of clarify the relationship and interplay between you guys and the ODMs on liquid cooling?

你們向他們供應了多少，實際上會從他們談論的份額中分一杯羹，以及你們如何與他們競爭，只是為了澄清你們和 ODM 之間在液體冷卻方面的關係和相互作用？

Thank you.

謝謝。

Sure, Steve.

當然，史蒂夫。

So to the first of your questions.

那麼對於你的第一個問題。

The, clearly, we were talking about projects and order lumpiness.

顯然，我們正在談論項目和訂單的混亂。

The market has not changed in that respect.

市場在這方面並沒有改變。

We have, in Q3, exceeded our guidance and orders, our expectations.

在第三季度，我們超出了我們的指導和訂單以及我們的預期。

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 stayed at a stronger trailing 12 months, and that is what defines the fact that long-term trajectory.

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

So I wouldn't comment specifically as have this job moved in or moved out.

所以我不會具體評論這份工作是搬進來還是搬出去。

We explained some of those dynamics in Q2 to give color.

我們在第二季度解釋了其中一些動態，以提供更多資訊。

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

我們對通路發展為訂單的方式感到滿意，我們擁有強大的未來管道。

And indeed, as we're saying, a quarter-on-quarter pipeline growth and it's definitely a trend this one that we have experienced over the several quarters now.

事實上，正如我們所說，管道數量逐季度增長，這絕對是我們在過去幾季經歷過的趨勢。

So all good, we feel very positive 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.

說到第二個問題，談ODM。

ODMs play certainly an important role in the go-to-market for the likes of us.

對於我們這樣的企業來說，ODM 在進入市場過程中無疑地發揮著重要作用。

ODMs in a play that for liquid cooling sometimes is a white space play.

ODM 參與液體冷卻有時是一種空白。

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 natural that they integrate liquid cooling technology in what they do.

因此，他們自然地將液體冷卻技術融入他們的工作中。

Sometimes they do, sometimes they don't.

有時他們這樣做，有時他們不這樣做。

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

當他們這樣做時，他們可以使用自有品牌的產品，也可以使用原始供應商貼有標籤的產品。

When we think about those ODMs, we think of them as a go-to-market for us.

當我們考慮這些 ODM 時，我們將它們視為我們的市場進入管道。

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

這些 ODM 通常不僅依賴我們交付和提供技術的能力，而且還依賴我們在機架、繩索和系統層級提供服務和液體冷卻專業知識的能力，而這些知識是他們可能需要補充的。

So we do not look at that part of the market as competition.

因此，我們並不將這部分市場視為競爭。

We look at a part of the market that we have opportunity to synergize with.

我們著眼於我們有機會與之協同的部分市場。

Great.

偉大的。

Thank you.

謝謝。

Amit Daryanani, Evercore.

阿米特·達裡亞納尼（Amit Daryanani），Evercore。

Good morning.

早安.

Thanks for taking my question.

感謝您提出我的問題。

I guess, Gio, I have a clarification, which is I understand your decision to not provide order guide going forward.

我想，Gio，我有一個澄清，那就是我理解您決定不再提供訂購指南。

Is it fair to say that your folks will keep disclosing order numbers on a trailing 12 basis going forward?

可以公平地說，你們的團隊今後將繼續披露連續 12 個訂單號碼嗎？

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

如果您能澄清這一點，那將非常有幫助。

And then my question really is as we think about calendar '25 revenue acceleration that you're talking about, can you just talk about, how do you expect backlog to trend in that framework?

然後我的問題實際上是，當我們考慮您正在談論的日曆'25收入加速時，您能否談談，您預計該框架中的積壓趨勢如何？

Is the acceleration really coming from backlog normalizing?

加速真的來自於積壓正常化嗎？

Or do you think there's enough demand that the backlog can grow and revenues going to accelerate in '25?

或者您認為 25 年有足夠的需求來增加積壓訂單並加速收入成長嗎？

Thank you.

謝謝。

So yes, to your point, and (inaudible) , so the, your point about trailing 12, yes, as we mentioned already last time, we are moving to trailing 12.

所以，是的，就你的觀點而言，（聽不清楚），所以，你關於落後 12 的觀點，是的，正如我們上次提到的，我們正在轉向落後 12。

So think in those terms, please, when you think about what to expect from Vertiv going forward.

因此，當您思考對 Vertiv 未來的期望時，請用這些術語來思考。

We believe that 12 is really the best metric as we talk about lumpiness of orders, but the lumpiness of orders is really meaningful because it's combined with individual order size that is becoming, can become very, very big.

當我們談論訂單的集中度時，我們相信 12 確實是最好的指標，但訂單的集中度確實很有意義，因為它與單一訂單規模相結合，這個規模正在變得非常非常大。

So [trailing 12], as we explained, is the way forward and it's the vast indication for everyone.

因此，正如我們所解釋的，[尾隨 12] 是前進的方向，對每個人來說都是巨大的指示。

When it comes to the '25 revenue acceleration, probably a little bit premature to elaborate too much on that.

當談到 25 年的收入加速時，對此進行過多闡述可能有點為時過早。

We probably will try to narrow the focus further in Atlanta in November.

我們可能會在 11 月在亞特蘭大嘗試進一步縮小焦點。

And by the same token, elaborating on the backlog and how the backlog will unfold during 2025 is, would still be premature.

基於同樣的原因，詳細說明積壓工作以及積壓工作在 2025 年將如何展開仍然為時過早。

But suffice to say that we are operating in a market that is favorable.

但足以說明我們正在一個有利的市場中運作。

We are winning in this market.

我們正在這個市場上獲勝。

And we are seeing strong pipelines and we're seeing this acceleration have been most so globally than in the past.

我們看到了強大的管道，而且我們看到這種加速在全球範圍內比過去更加明顯。

So the landscape is certainly favorable and we are optimistic about that.

因此，前景肯定是有利的，我們對此感到樂觀。

I think more in Atlanta.

我在亞特蘭大想得更多。

Great.

偉大的。

Thank you.

謝謝。

Thank you.

謝謝。

Andy Kaplowitz, Citigroup.

安迪‧卡普洛維茨，花旗集團。

Good morning everyone.

大家早安。

Good morning.

早安.

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

Gio，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 black well powered data centers being to ramp up?

隨著市場進一步轉向液體冷卻以及黑色電源良好的資料中心的增加，您是否仍能獲得相同的勝率甚至更高的勝率？

And are you getting that $3 million to $3.5 million per megawatt content that you told us about at your last Investor Day on the high-density compute focused projects that are out there at this point?

您是否獲得了您在上一次投資者日告訴我們的關於目前以高密度計算為重點的項目的每兆瓦 300 萬至 350 萬美元的內容？

We will not go, talking about win rates and how exactly win rates evolve if we talk about individual product lines, that will be probably too much detail to be really useful.

如果我們談論單一產品線，我們不會去談論獲勝率以及獲勝率究竟是如何演變的，這可能是太多細節而沒有真正的用處。

But we are clearly have different expectation of win rates for different product lines, and it's pretty, how can I say, sophisticated in terms of how we guide and expect internally.

但我們顯然對不同產品線的勝率有不同的期望，而且我怎麼說呢，就我們內部的指導和期望而言，這是相當複雜的。

And how we expect and we drive our business.

以及我們如何期望和推動我們的業務。

The, we are happy with the trajectory of our win rates and our win rates are consistent with our market share ambitions.

我們對獲勝率的軌跡感到滿意，並且我們的獲勝率與我們的市場份額目標一致。

And this is definitely true also for liquid cooling.

對於液體冷卻也是如此。

When it comes to the second part of your question, is, maybe second question, is how is your (inaudible) megawatts evolving?

當談到你的問題的第二部分時，也許是第二個問題，你的（聽不清楚）兆瓦是如何發展的？

You've seen what the [3, 3.5], we're still in transition.

您已經看到了 [3, 3.5]，我們仍處於過渡階段。

We're still in transition.

我們仍處於轉型期。

But what we, the signal that we see are pointing in the direction of that additional a $0.5 million TAM per megawatt that we indicated in November last year.

但我們所看到的訊號正指向我們去年 11 月表示的每兆瓦額外 50 萬美元 TAM 的方向。

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

我們也將在亞特蘭大進一步詳細闡述這一點。

Thank you.

謝謝。

Jeff Sprague, Vertical Research Partners.

Jeff Sprague，垂直研究夥伴。

Hey, thank you.

嘿，謝謝你。

Good morning, everyone.

大家早安。

Just coming back to slide 5.

剛剛回到幻燈片 5。

And just kind of thinking about the array of kind of thermal solutions you have.

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, kind of outdoor to the chip?

您能否談談歷史上客戶在多大程度上以這種方式購買，有點像晶片之外？

I would imagine it's very miniscule, maybe historically.

我想它是非常微小的，也許從歷史上看。

But is that changing with AI and raising product project that Vertiv integrating all three of these can somehow deliver kind of better efficiency, energy savings than maybe going best-of-breed?

但是，隨著人工智慧的改變並提高產品項目，Vertiv 整合這三者是否可以以某種方式提供比同類最佳產品更好的效率和節能？

Maybe you guys are really good in room and row, but trains got better chillers or something, right?

也許你們真的很擅長房間和行，但是火車有更好的冷卻器之類的，對吧？

Can you actually demonstrate that an integrated solution from Vertiv is superior to trying to pick best of

您能否真正證明 Vertiv 的整合解決方案優於嘗試選擇最佳解決方案

(inaudible)

（聽不清楚）

Hi, Jeff, thanks for the question.

嗨，傑夫，謝謝你的提問。

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

我認為你的問題的第一部分是，如果我們從歷史角度來看，整個產品組合，甚至是預液體冷卻產品都出售給客戶，或者它更像是一個點產品。

I would say that it is very much a combination.

我想說，這很大程度上是一個組合。

It's all the time and pretty much all the time, we talk the entire portfolio.

我們一直並且幾乎一直在談論整個投資組合。

And with many customers, we sell the entire portfolio as a matter of fact.

事實上，對於許多客戶，我們出售整個產品組合。

And this is true pre and let's say, post liquid cooling.

在液體冷卻之前和之後都是如此。

But it's in different portion, in different geographies or for different customers.

但它位於不同的部分、不同的地區或針對不同的客戶。

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

因此，在這方面，擁有整個投資組合對我們來說是一個優勢。

Again, sales leverage, go-to-market opportunities and especially now as the technology evolves dramatically, an ability to sit around the table and talk about the problem and the entire solution, not just the individual box is something, especially the large customers appreciate a lot and get a lot of value from.

再次強調，銷售槓桿、進入市場的機會，尤其是現在隨著技術的飛速發展，能夠坐在桌子周圍討論問題和整個解決方案，而不僅僅是單個盒子，尤其是大客戶欣賞並從中獲得很多價值。

The second part of your question is, can you demonstrate the TCO (inaudible).

您問題的第二部分是，您能否示範 TCO（聽不清楚）。

Yes, we demonstrate the TCO.

是的，我們示範了 TCO。

We believe that our products deliver a lot of efficiency footprint in a number of advantages.

我們相信，我們的產品具有許多優勢，可提供大量效率足跡。

There, of course, are specifically to the individual product.

當然，具體是針對個別產品的。

And when the products becomes a solution and this is true, in general across our portfolio, not just for thermal, then advantages in terms of footprint, the speed of deployment, again, various aspects of total cost of ownership that can go from the initial cost, initial cost of installation and efficiency and footprint, they all come to fruition.

當產品成為一種解決方案時，這確實是真的，在我們的產品組合中，不僅僅是散熱方面，那麼在佔地面積、部署速度以及總擁有成本的各個方面都可以從最初的成本、初始安裝成本以及效率和占地面積，它們都取得了成果。

So we feel pretty good about the strength of our portfolio and even more so when that is an entire solution.

因此，我們對我們的產品組合的實力感到非常滿意，當這是一個完整的解決方案時更是如此。

Scott Davis, Melius Research.

斯科特·戴維斯，Melius 研究公司。

Hey, good morning everybody.

嘿，大家早安。

Good morning, Scott.

早安，史考特。

The amount of cash you guys are generating now is a big number.

你們現在產生的現金金額是一個很大的數字。

It's a high class problem, I guess.

我想這是一個高級問題。

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

但當股票真正下跌時，你卻進行了大規模回購。

What are you guys thinking now with your excess cash?

你們現在用多餘的現金在想什麼？

Are there M&A opportunities out there that you're looking at?

您正在尋找併購機會嗎？

Or just like take that balance sheet down a little bit more?

還是只是想把資產負債表再縮小一點？

Well, yes, it's a good problem to have, if you will, certainly a position that is very different than a few years ago, let's put it this way.

嗯，是的，如果你願意的話，這是一個好問題，當然，這個職位與幾年前有很大不同，讓我們這樣說吧。

So we like where we are, but also because it is enabling our cash allocation strategy.

所以我們喜歡我們現在的處境，而且也因為它支持我們的現金分配策略。

We'll talk more about our cash allocation strategy when we have our investor event in a couple, or three weeks.

當我們在幾週或三週後舉行投資者活動時，我們將更多地討論我們的現金分配策略。

But in general, are very interested in M&A.

但總的來說，他們對併購非常感興趣。

M&A is an (inaudible) part of our strategy.

併購是我們策略的（聽不清楚）一部分。

So we continue and indeed, we have strengthened our, let's say, radar screen, and we're actively involved in an M&A process.

所以我們繼續，事實上，我們已經加強了我們的雷達螢幕，並且我們正在積極參與併購過程。

So I think we have to reinforce that process quite a lot.

所以我認為我們必須大力加強這個過程。

So more on our capital allocation strategy when we are together, but definitely focus on M&A.

因此，更多地討論我們在一起時的資本配置策略，但絕對關注併購。

Okay.

好的。

Helpful, Gio.

有幫助，吉奧。

And hey, I don't want to get ahead of the guidance or the more color in a couple of weeks.

嘿，我不想在幾週內超越指導或更多的色彩。

But it sounds like to me that you've gotten a lot more confident in your ability to drive incremental margins at that kind of 40% or higher level.

但在我看來，您對自己將利潤率提高到 40% 或更高水平的能力更加有信心了。

Is 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 without any hiccups?

這種信心是基於您為正在創造的價值獲取價格的能力，還是基於容量增加、容量增加而沒有任何問題的能力？

I mean, again, I don't want to take away from what you're going to talk about in a couple of weeks, but if there's any color you can give us, it just feels like you guys have gotten a little bit more confident in your ability to generate profits of that growth?

我的意思是，再說一次，我不想從你們幾週後要討論的內容中刪除，但如果你們能給我們任何顏色，感覺你們已經得到了更多一點對您從這種增長中創造利潤的能力有信心嗎？

Well, I'll say, Scott, that the equation and the formula has not changed dramatically. (inaudible) may change dramatically.

好吧，我會說，斯科特，方程式和公式並沒有巨大的變化。 （聽不清楚）可能會發生巨大的變化。

We know it very well.

我們非常了解這一點。

There is an operational leverage element.

有一個營運槓桿因素。

And of course, volume helps that significantly.

當然，數量對此有很大幫助。

And we continue to operate in, we believe we'll continue to operate in a price cost, favorable environment going forward.

我們將繼續在價格成本、有利的環境中運營，我們相信我們將繼續在未來的有利環境中運營。

So the two things combined make us look optimistically to the future.

因此，這兩件事結合起來讓我們對未來充滿樂觀。

Okay.

好的。

We'll see you in a couple of weeks.

我們幾週後見。

Thank you.

謝謝。

Thank you.

謝謝。

Nicole DeBlase, Deutsche Bank.

妮可‧德布拉斯 (Nicole DeBlase)，德意志銀行。

Yeah, thanks.

是的，謝謝。

Good morning guys.

早安，夥計們。

Good morning, Cole.

早上好，科爾。

Maybe just first a follow-up on the order discussion.

也許只是先對訂單討論進行跟進。

I know last quarter when you first discussed going to trailing 12-month orders, you kind of noted that we should expect them to stay in the 30% to 35% growth zone.

我知道上個季度，當您第一次討論過去 12 個月的訂單時，您注意到我們應該期望它們保持在 30% 到 35% 的成長區域。

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 into place with the new 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設施中投入了更多的產能。

How do you feel about current capacity and the need to do further expansion based on 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 to the first part, orders and trailing 12 again, the, we said two things.

因此，對於第一部分，訂單和尾隨 12，我們說了兩件事。

We will go to trailing 12, we were talking about [30, 35] for the third quarter.

我們將進入尾隨 12，我們正在談論第三季的 [30, 35]。

At [37] in the third quarter is something that is we believe, quite strong.

我們認為第三季的[37] 相當強勁。

I think it's premature to talk about future ranges.

我認為現在談論未來的範圍還為時過早。

But again, we've said, and I said it in my, when we were going through the slides, that we will not guide on orders, so, given a TTM range would be exactly the same.

但我們再次說過，當我們瀏覽幻燈片時，我在我的文章中說過，我們不會指導訂單，因此，給定的 TTM 範圍將完全相同。

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

所以，如果你願意的話，我會堅持這個說法。

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

但再一次，我們看看管道，我們看看我們的行業動態，我們看看我們在行業中的實力。

So we are optimistic.

所以我們很樂觀。

So that translates, of course, in growth and capacity.

當然，這會轉化為成長和能力。

In general, the situation of capacity is, it's not dramatically different from what we said before.

整體來說，容量的情況，和我們之前說的沒有太大的差別。

But so that we always have that wiggle room to be able to accelerate in the short term if needed.

但這樣我們總是有迴旋餘地，能夠在需要時在短期內加速。

That might not be true across all product lines.

並非所有產品線都如此。

But in general, that ability to accelerate is there, just the way we design our capacity.

但總的來說，加速能力是存在的，就像我們設計能力的方式一樣。

But also capacity should not be viewed as something static or something that moves in step, say, from one year to another, but it's something that is constantly growing.

但容量也不應被視為靜態的東西或逐步變化的東西，例如從一年到另一年，而是不斷增長的東西。

Yes, a new plant like Pelzer will have a step up.

是的，像 Pelzer 這樣的新工廠將會有一個進步。

But in general, if you think about what 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 generates kind of a expansion and revenue more rapidly than a brand new factory.

但總的來說，如果你考慮一下我們在 23 家工廠所做的事情，一方面是在不斷擴張，有時現有工廠的擴張速度更快，並且比全新工廠更快地產生擴張和收入。

And so that's something that we do quite currently.

這就是我們目前正在做的事情。

But also our vertical operating system and all the lean activities that we constantly implement and progress is liberating capacity, and that will continue.

而且我們的垂直作業系統以及我們不斷實施和進步的所有精益活動正在釋放能力，而且這種情況將持續下去。

We do not see that as necessarily as a one-off activity.

我們認為這不一定是一次性活動。

That will continue.

這將繼續下去。

As new product lines are launched, the productivity and the leaning continuous improvement liberates capacity.

隨著新產品線的推出，生產力和持續改善釋放了產能。

So think about our capacity is something that is constantly trending, if you will, north west on the chart.

因此，想想我們的容量是圖表上西北方向不斷變化的趨勢。

Sometimes with the (inaudible) like in the case of, like in the case of (inaudible) and we believe we have the capacity to support our growth.

有時，（聽不清楚）就像（聽不清楚）的情況一樣，我們相信我們有能力支持我們的成長。

Nigel Coe, Wolfe Research.

奈傑爾·科，沃爾夫研究中心。

Thanks.

謝謝。

Good morning, everyone.

大家早安。

By the way, getting off this order guidance is a great thing.

順便說一句，擺脫這個訂單指導是一件很棒的事。

So I'm pretty supportive.

所以我是非常支持的。

And, but that said, I'm not going to ask you about 4Q orders, trust me on that.

而且，話雖如此，我不會問你有關 4Q 訂單的問題，相信我。

(Laughter) So yes, by the way, how is the backlog shape up?

（笑聲）那麼，是的，順便問一下，積壓的情況如何？

So just on the (Laughter) if you can just clarify, first of all, the comment on the content opportunity in sort of the hybrid thermal management.

因此，就（笑聲）如果您能先澄清對混合熱管理內容機會的評論。

Did you say that content has gone up by $0.5 million per megawatts.

您是否說過內容每兆瓦增加了 50 萬美元？

We are now looking at $3.5 million to $4 million.

我們現在的目標是 350 萬至 400 萬美元。

And if that's the case, what's driving that?

如果是這樣的話，是什麼推動了這種情況？

Is it just inflation?

僅僅是通貨膨脹嗎？

Or is there some scope there?

或者說有一定的範圍嗎？

But really, I'm just curious the visibility you have for 2025.

但實際上，我只是好奇 2025 年的能見度。

Clearly, you've got a lot of backlog.

顯然，您有很多積壓的訂單。

But I'm curious if the view on '25, obviously 14% or more, if that's driven by backlog already built or if there's some view on backlog development going forward?

但我很好奇，對於 25 年的看法，顯然是 14% 或更多，這是由已經建立的積壓工作驅動的，還是對未來積壓工作的發展有一些看法？

Thanks.

謝謝。

So when it comes to the content.

所以說到內容。

No, just to be clear, when we were talking about that $0.5 million, I was referring back in the context of the question that I, that we were asked is it was reaffirming, if you will, the [2.53] million per megawatt going on an AI high density to the

不，要澄清的是，當我們談論 50 萬美元時，我是在我被問到的問題的背景下提到的，如果您願意的話，這是重申每兆瓦 [2.53] 百萬美元人工智慧高密度

[3, 3.5].

[3、3.5]。

So not different from what we discussed probably now assume for the last 12 months and something that we will re-analyze when we're together.

因此，這與我們現在討論的過去 12 個月的假設並沒有什麼不同，當我們在一起時我們將重新分析。

When it comes to 205 backlog, clearly, you asked a backlog.

當談到 205 個積壓訂單時，顯然，您問的是積壓訂單。

So you're asking kind of a very, very forward-looking, but let's put this way.

所以你問的是一個非常非常前瞻性的問題，但讓我們這樣說吧。

We are happy with the backlog.

我們對積壓情況感到滿意。

And clearly, the situation of our backlog for '25 is encouraging, obviously, otherwise, we would not be in any indication that we have given.

顯然，我們 25 年的積壓情況令人鼓舞，顯然，否則，我們不會有任何跡象表明我們已經給出了。

And at the same time, every year, 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.

同時，每年，這都是積壓訂單和預訂和發貨內容的結合，至少是相對於有利位置的預訂和發貨。

So in this case, the vantage point, I would say, the 2 of October, when we cut a line here to these numbers.

因此，在這種情況下，我想說的是 10 月 2 日，當時我們在這些數字上劃了一條線。

So clearly, there is a book and ship to deliver in '25.

很明顯，25 年有一本書和一艘船要交付。

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

但當我們分析事情時，我們知道情況總是如此。

So it's everything measured and evaluated relative to our historical dynamics and relative to our pipeline and the potential of the pipeline.

因此，一切都是根據我們的歷史動態、我們的管道和管道的潛力來衡量和評估的。

So it's a combination of the two.

所以它是兩者的結合。

And hopefully, I'm answering your question, Nigel.

希望我能回答你的問題，奈傑爾。

Perfectly.

完美。

Thanks to you.

謝謝你。

Noah Kaye, Oppenheimer.

諾亞凱，奧本海默。

All right.

好的。

Thank you.

謝謝。

All right.

好的。

And just to piggyback on this.

只是為了利用這一點。

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

Gio 在過去的幾個季度中，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 年後的一些實力和知名度。

But just what drives your confidence in remaining price cost positive in '25 given that longer conversion cycle?.

但考慮到更長的轉換週期，到底是什麼讓您對 25 年保持價格成本正值充滿信心呢？

When we were talking, first of all, thanks for the question, Noah.

當我們談話時，首先，感謝諾亞提出的問題。

When we think in terms of the elongation, we were talking about the (inaudible) happening in de facto and specifically for the colo and large colo and hyperscale.

當我們考慮伸長率時，我們談論的是事實上發生的（聽不清楚），特別是對於 colo、大型 colo 和超大規模。

And that elongation was at 12% was let's say, from the 9, 15 months to the 12, 18 months.

比方說，從第 9、15 個月到第 12、18 個月，伸長率為 12%。

So it's (inaudible) dramatic allocation.

所以這是（聽不清楚）戲劇性的分配。

We're talking about a three month elongation.

我們談論的是三個月的延長。

So we have got visibility on our pipelines.

這樣我們就可以了解我們的管道。

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

當然，我們對積壓訂單有很好的了解。

We have visibility on the price elements of that backlog and pipeline.

我們可以了解積壓訂單和管道的價格要素。

We have good visibility on the cost side of the equation.

我們對等式的成本方面有很好的了解。

And the cost side of the equation, of course, is very, very important.

當然，等式中的成本方面非常非常重要。

So combined the two, enhance our continued, continues, reiterated the statement that we believe price costs to continue to be favored

因此，將兩者結合起來，增強我們的持續、繼續、重申我們認為價格成本將繼續受到青睞的聲明

Okay.

好的。

Maybe just to sneak one more in that.

也許只是為了再偷偷放進去。

The net CapEx, I think the guide is around $200 million for the year, and that implies something like $80 million in 4Q, if I've got my math right.

我認為今年的淨資本支出約為 2 億美元，如果我的數學正確的話，這意味著第四季度的資本支出約為 8000 萬美元。

What's just driving this CapEx pattern and maybe help us understand substantively the increase in CapEx versus the prior quarter's run rate.

是什麼推動了這種資本支出模式，也許可以幫助我們理解資本支出相對於上一季運行率的大幅成長。

Yes.

是的。

Thanks, Noah.

謝謝，諾亞。

This is David.

這是大衛。

So I can tell you, first of all, we do not try to plan the year to have CapEx accelerate as you go through the quarters.

所以我可以告訴你，首先，我們不會試圖計劃今年讓資本支出隨著季度的增長而加速。

It just happens to happen that way almost every year.

這種事幾乎每年都會發生。

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

因此，如果您回顧歷史，我們的第四季度通常是資本支出最高的季度，而第一季是最低的。

We certainly had that $80 million plan.

我們當然有 8000 萬美元的計劃。

Can I guarantee that all of this is going to happen within the three months in the fourth quarter, I'm not sure.

我能否保證這一切都會在第四季的三個月內發生，我不確定。

Some could slip into Q1.

有些可能會滑入第一季。

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

但有一點是可以肯定的，那就是我們在持續擴大產能。

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。

Michael Elias, TD Cowen.

邁克爾·埃利亞斯，TD·考恩。

Great.

偉大的。

Thanks for taking the questions.

感謝您提出問題。

Two quick ones, if I may.

如果可以的話，兩個快點。

First, I want to be absolutely clear.

首先，我想絕對清楚。

Are you saying that your demand pipeline entering 4Q is higher than the levels you saw entering 3Q?

您是說進入第四季的需求管道高於進入第三季的水平嗎？

That's my first question.

這是我的第一個問題。

And then second, I just want to revisit a prior question related to like elongating lead times.

其次，我只想重新審視先前與延長交貨時間相關的問題。

One of the things that we're seeing in the data center market is that as the preleasing window elongates and we go further out, the lower pricing that data center capacity is commanding.

我們在資料中心市場看到的一件事是，隨著預租窗口的延長和我們的進一步推進，資料中心容量的定價會降低。

So as I think through the equipment side, does it stand to reason that as the customer lead time elongates, Vertiv actually has less pricing power in the conversation?

因此，當我從設備方面思考時，隨著客戶交貨時間的延長，Vertiv 實際上在對話中的定價能力是否會下降？

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。

The answer to the first question is if, the answer is yes.

第一個問題的答案是如果，答案是肯定的。

I was just trying to think about the formulation.

我只是想考慮一下這個公式。

But yes, that pipeline entering Q4 is higher than the pipeline entering Q3, no doubt.

但是，毫無疑問，進入第四季度的管道數量高於進入第三季的管道數量。

So that is a resounding, yes.

所以這是一個響亮的聲音，是的。

When it comes to the elongated lead times, we do not necessarily see a correlation between lead time elongation.

當談到提前期延長時，我們不一定看到提前期延長之間存在相關性。

And again, I want to remind everyone its not a lead time elongation because Vertiv's need to elongate lead time.

再次，我想提醒大家，這不是交貨時間延長，因為 Vertiv 需要延長交貨時間。

So we can, most of the time, deliver on shorter lead time on their request.

因此，大多數時候，我們可以根據他們的要求縮短交貨時間。

But simply because of lead time gets elongated because that is consistent with our customers, project plans and schedules.

但只是因為交貨時間被延長，因為這與我們的客戶、專案計劃和時間表是一致的。

So we do not see that correlation our end, but yes, I can't elaborate more than, much than that.

因此，我們沒有看到這種相關性，但是，是的，我無法詳細說明這一點。

But what we like on the elongation of lead times that helps us, it gives us time to be more ready from a supply chain standpoint in every respect. (inaudible) , negotiation, et cetera, et cetera.

但我們喜歡延長交貨時間，這對我們有幫助，它讓我們有時間從供應鏈的角度在各個方面做好準備。 （聽不清楚）、談判等等。

So all the things.

所以所有的事情。

Great.

偉大的。

Thanks for the call.

感謝您的來電。

You see you in.

進去就看到你了

Thanks a lot.

多謝。

Mark Delaney, Goldman Sachs.

馬克·德萊尼，高盛。

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 how the shift to liquid cooling is affecting services revenue growth and bookings potential?

您能否具體分享更多關於服務業務的信息，以及向液體冷卻的轉變如何影響服務收入成長和預訂潛力？

Thank you.

謝謝。

So we're pretty happy about the direction of travel of orders for service in general.

因此，我們對服務訂單的整體發展方向感到非常滿意。

And we are quite satisfied also how that translates into service sales.

我們也對這如何轉化為服務銷售感到非常滿意。

So I'd say that, if you think about the trajectory of the service business is very much reinforcing our value let's say, equation.

所以我想說，如果你考慮到服務業務的發展軌跡很大程度上增強了我們的價值，比如說，等式。

But not just the value that we provide to investors as well also, but certainly, the value that we provide to our customers and we see more increasing demand for our services.

但不僅僅是我們為投資者提供的價值，當然還有我們為客戶提供的價值，我們看到對我們服務的需求越來越多。

In general, and certainly, specifically for liquid cooling.

一般來說，當然，專門用於液體冷卻。

We have capabilities in liquid cooling in terms of installation and commissioning and life cycle services and, let's say, predictive maintenance digitally enabled that are quite unique in the industry.

我們在安裝、調試和生命週期服務方面擁有液體冷卻能力，可以說，在數位化預測維護方面，這在業界是獨一無二的。

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

這對我們的客戶群非常有說服力，並強化了我們的產品價值主張。

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

我們已經並將繼續培訓許多工程師。

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

我們希望確保不缺乏現場服務、液體冷卻能力來服務整個行業，而不僅僅是這個行業。

Thank you.

謝謝。

Thank you.

謝謝。

Brett Linzey, Misuho.

布雷特·林澤，米蘇霍。

Hello, all.

大家好。

Thanks for the question.

謝謝你的提問。

Just wanted to come back to thermal management.

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 investment, liquid cooling becoming a bigger component.

你們一直非常非常積極地進行新的投資，液體冷卻正在成為一個更大的組成部分。

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 right here.

這裡有幾個問題。

One is certainly inside the let say, large, very large thermal portfolio of Vertiv's.

其中之一肯定是在 Vertiv 的大型、非常大型的散熱產品組合中。

Clearly, the liquid cooling itself will be characterized by high growth rates.

顯然，液冷本身的特徵就是高成長率。

Because of the dynamics of the market, as we explained on page 5, but also because we believe we're taking much share.

正如我們在第 5 頁所解釋的那樣，因為市場的動態，而且因為我們相信我們正在佔據很大的份額。

So combined, the two certainly accelerates things.

兩者結合起來肯定會加速事情的發展。

But as we mentioned, the demand is quite balanced across the various portfolios and business units, but various parts of the business.

但正如我們所提到的，各個投資組合和業務部門以及業務的各個部分的需求相當平衡。

And as we said, the AI and high density 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是有利的。

So we will elaborate more on this aspect when we are together in Atlanta.

因此，當我們在亞特蘭大相聚時，我們將詳細闡述這方面的內容。

But another aspect very interesting is that power management.

但另一個非常有趣的方面是電源管理。

Power is going to, as the densification continues, power will continue to grow.

隨著緻密化的持續，功率將繼續增長。

So we're very encouraged by what we see in power and the dynamics that the densification will drive.

因此，我們對所見的力量和緻密化所帶來的動力感到非常鼓舞。

The other element we talked about service, of course, I can only reaffirm that, but the other aspect is infrastructure and prefabrication.

我們談到的另一個要素是服務，當然我只能重申這一點，但另一個面向是基礎設施和預製。

With the constraints in the industry in terms of speed of building new data centers, prefabrication can be more and more important.

隨著產業新建資料中心速度的限制，預製化變得越來越重要。

So yes, we will certainly see a positive acceleration coming from liquid cooling, but that's, and we believe the entire portfolio will be favorable

所以，是的，我們肯定會看到液體冷卻帶來的積極加速，但我們相信整個產品組合將是有利的

(inaudible) .

（聽不清楚）。

Okay, appreciate the detail.

好的，欣賞細節。

Leave it at one.

將其保留為一。

Thanks.

謝謝。

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 turn the conference call back over to Gio Albertazzi for any closing comments.

我想將電話會議轉回給吉奧·阿爾貝塔齊 (Gio Albertazzi) 以徵求結束意見。

Well, thank you very much, and thank you for the extra 10 minutes with us.

好的，非常感謝您，也感謝您額外抽出 10 分鐘時間與我們交流。

I think it was important to add a little bit more time for Q&A.

我認為增加一點問答時間很重要。

I really like to thank the Vertiv team for another strong quarter, and another strong quarter of execution.

我非常感謝 Vertiv 團隊又一個強勁的季度，以及另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 your support, and see you in Atlanta.

非常感謝您的支持，亞特蘭大見。

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's.

感謝您參加今天的活動。