Vertiv Holdings Co (VRT) 2024 Q4 法說會逐字稿

Good morning.

早安.

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

我叫納迪亞，今天我將擔任您的會議主持人。

At this time, I would like to welcome everyone to Vertiv's fourth-quarter and full year 2024 earnings conference call.

現在，我歡迎大家參加 Vertiv 2024 年第四季和全年財報電話會議。

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

（操作員指示）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，我想將節目交給今天電話會議的主持人、投資者關係副總裁 Lynne Maxeiner。

Great.

偉大的。

Thank you, Nadia.

謝謝你，納迪亞。

Good morning and welcome to Vertiv's fourth-quarter and full year 2024 earnings conference call.

早上好，歡迎參加 Vertiv 2024 年第四季和全年財報電話會議。

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

今天與我一起的還有 Vertiv 的執行董事長 Dave Cote；執行長 Gio Albertazzi；和財務長戴維法倫（David Fallon）。

We have one hour for the call today.

我們今天有一小時的時間通話。

During the Q&A portion of the call, please be mindful of others in the queue and limit yourself to one question.

在通話的問答環節，請注意隊列中的其他人，並將自己的問題限制為一個。

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 this call, we will make forward-looking statements regarding future events, including the future financial and operating performance of Vertiv.

在我們開始之前，我想指出的是，在本次電話會議期間，我們將對未來事件做出前瞻性陳述，包括 Vertiv 未來的財務和營運績效。

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

這些前瞻性陳述受重大風險和不確定性的影響，可能導致實際結果與前瞻性陳述的結果有重大差異。

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.

我們請您參閱今天的收益報告中包含的警示語，您可以在我們的年度和季度報告以及向美國證券交易委員會提交的其他文件中了解有關這些風險的更多資訊。

Any forward-looking statements that we make today are based on assumptions that we believe to be reasonable as of the state.

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。

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 investors slide deck found on our website at investors.vertiv.com.

我們的 GAAP 結果以及 GAAP 與非 GAAP 的對帳可以在我們的收益新聞稿和我們網站 investors.vertiv.com 上的投資者幻燈片中找到。

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

說完這些，我將把電話轉給執行主席戴夫·科特 (Dave Cote)。

I'd say we executed the fourth quarter in a quite convincing way, beating our sales guidance significantly and seeing that growth translate very nicely into EPS and cash flow.

我想說，我們以相當令人信服的方式執行了第四季度的業績，大大超出了我們的銷售預期，並且看到成長很好地轉化為每股收益和現金流。

This is a strong reflection of the continuing transformation underway at Vertiv, and it's building a very nice track record of consistently delivering outperformance.

這有力地反映了 Vertiv 正在進行的持續轉型，並且正在建立持續提供優異表現的良好記錄。

I have to say over the last two or three months, I've been actually quite surprised to see the overreactions to any kind of news in our stock, whether it was the Stargate, the DeepSeek, big, crushed downward, which made no sense given that the news implying lower cost to compute, meaning more data centers, meaning more Vertiv.

我必須說，在過去的兩三個月裡，我實際上非常驚訝地看到我們的股票對任何新聞的過度反應，無論是星際之門，還是DeepSeek，都是如此，大跌，這毫無意義，因為這些新聞暗示著計算成本更低，意味著更多的數據中心，意味著更多的Vertiv。

It was actually good, not negative.

這其實是件好事，而不是壞事。

And today, seeing the reaction to this from analyst reports is a reaction to

今天，從分析師報告中看到對此的反應是對

[orders].

[命令]。

Again, orders are quite strong for us and if you take a look at orders historically, they're always lumpy.

再說一遍，我們的訂單非常強勁，如果你看看歷史訂單，你會發現它們總是不穩定的。

They're just the way it is.

它們就是那樣的。

It's just a lumpy quarter to quarter.

這只是一個季度與季度之間的波動。

And it seems to be masking the really good news we had in the fourth quarter regarding America's orders, especially as you look at hyper and colo, which is a focus for everyone, extraordinarily strong, and that all seems to be getting masked.

這似乎掩蓋了我們在第四季度聽到的有關美國訂單的真正好消息，尤其是當你看到超級和託管時，這是每個人都關注的焦點，非常強勁，而這一切似乎都被掩蓋了。

There's nothing I can do and nothing Gio and his team can do about what it means to those kind of overreactions.

對於這種過度反應，我、吉奧和他的團隊都無能為力。

What we can manage is continued outperformance of the company when it comes to sales, earnings, and cash flow.

我們能夠做到的是讓公司在銷售額、獲利和現金流方面繼續保持優異的表現。

We delivered another great year in '24 that set a firm foundation for outperformance in 2025 and beyond, and I continue to believe that the best is still ahead.

我們24年又度過了輝煌的一年，為2025年及以後的優異表現奠定了堅實的基礎，我始終相信，最好的還在後頭。

We have just an absolutely terrific position in a very good industry that's going to go on for a long time, given the digital age has a long way to go and there's nothing that replaces data centers at this point or anything even on the horizon that says it can replace it.

我們在一個非常好的行業中佔據著絕對極好的地位，而且這個地位還會持續很長一段時間，因為數位時代還有很長的路要走，而且現在還沒有任何東西可以取代數據中心，甚至沒有任何跡象表明它可以取代它。

So I expect our continued outperformance to, well, continue for a long time.

因此我預計我們的優異表現將會持續很長一段時間。

Our confidence is born not just from being great in markets, but from the benefits we're seeing from our seed planting in R&D, customer relationships, and CapEx.

我們的信心不僅來自於市場優勢，也來自於我們在研發、客戶關係和資本支出等方面的紮實工作所帶來的收益。

I'm more convinced than here today, I should add in a d*** good management team.

我今天在這裡更加確信，我應該加入一支非常優秀的管理團隊。

I'm quite impressed with Gio and his team.

Gio 和他的團隊給我留下了深刻的印象。

I'm more convinced sitting here today that Vertiv is well positioned to keep winning now and winning later.

今天坐在這裡，我更加確信，Vertiv 完全有能力繼續贏得現在和將來的勝利。

It's a great combination for our share owners.

對於我們的股東來說，這是一個很好的組合。

With that, I'll turn it over to Gio.

說完這些，我會把話題交給吉奧。

Well, thank you very much, Dave.

好吧，非常感謝，戴夫。

Thank you.

謝謝。

And with that, we turn to slide 3.

接下來我們翻到投影片 3。

And as Dave said, this was another great quarter.

正如戴夫所說，這又是一個偉大的季度。

Clearly a strong close to another year of very strong performance altogether.

顯然，這是一個強勁結束的一年，總體而言，這一年的表現非常強勁。

Adjusted earnings per share were $0.99. It means a 77% increase versus prior year.

調整後每股收益為 0.99 美元。這意味著比上年增長了 77%。

It's a direct reflection of the substantial increase in profitability.

這是獲利能力大幅提升的直接體現。

Q4 organic sales growth of 27% with a sales growth of over 20% in both Americas and APAC and over 30% in EMEA.

第四季有機銷售額成長 27%，其中美洲和亞太地區的銷售額成長超過 20%，歐洲、中東和非洲地區的銷售額成長超過 30%。

Our trailing 12-month orders remained strong at 30%, about 30%.

我們過去 12 個月的訂單量仍然保持強勁，約為 30%。

We are particularly encouraged by the Americas, trailing 12 months, as they said, which are up over 50%.

我們尤其受到美洲市場的鼓舞，正如他們所說，過去 12 個月，美洲市場的成長率超過了 50%。

And more to come on this in the next few slides.

接下來的幾張投影片中還會有更多相關內容。

The strong flow through to profit from our large (inaudible) sale was visible with adjusted operating profit of $504 million and adjusted operating margin of 21.5%, which expanded 380 basis points compared to the prior year.

我們的大規模（聽不清楚）出售帶來的強勁利潤顯而易見，調整後的營業利潤為 5.04 億美元，調整後的營業利潤率為 21.5%，比上年擴大了 380 個基點。

Adjusted free cash flow generation was $362 million in Q4 and over $1.1 billion for the full year.

第四季調整後的自由現金流產生量為 3.62 億美元，全年調整後的自由現金流產生超過 11 億美元。

Our net leverage reduced to 1x as we finished the year.

截至年底，我們的淨槓桿率降至 1 倍。

We entered 2025 with a very strong balance sheet which gives us a lot of optionality relative to capital deployment.

進入 2025 年，我們的資產負債表非常強勁，這為我們在資本部署方面提供了很大的選擇空間。

In 2024 we deployed $600 million of share repurchase and announced an increase in our dividend of 50%.

2024 年，我們部署了 6 億美元的股票回購，並宣布將股利增加 50%。

We increased our R&D by $50 million, doubling down on the technology and new products that continue to separate Vertiv from competition.

我們增加了 5000 萬美元的研發費用，加倍投入技術和新產品，使 Vertiv 在競爭中繼續保持領先。

We anticipate our adjusted EPS for 2025 to be between $3.5 and $3.6, consistent with the guidance we provided in November.

我們預計 2025 年調整後的每股盈餘將在 3.5 美元至 3.6 美元之間，與我們 11 月提供的指引一致。

We have increased our estimate 2025 sales at approximately $9.2 billion midpoint.

我們將 2025 年的預期銷售額中位數上調至約 92 億美元。

This is about $75 million higher than our implied sales guidance in November despite projected FX headwinds and the Q4 overdelivered.

儘管預計存在外匯逆風且第四季度超額交付，但這仍比我們 11 月的隱含銷售預期高出約 7,500 萬美元。

We enter 2025 stronger than we have ever been.

我們將以比以往任何時候都更加強大的力量邁入2025年。

Let's go now to slide 4.

現在我們來看第 4 張投影片。

As mentioned, our trailing 12-month order growth is 30%.

如上所述，我們過去 12 個月的訂單成長率為 30%。

America's TTM organic orders were up 50% in total, with of course particularly strong colo and hyperscale orders.

美國的 TTM 有機訂單總計成長了 50%，當然其中託管和超大規模訂單尤其強勁。

This suggests a strong market as well as a very strong Vertiv presence in the market.

這表明市場強勁，且 Vertiv 在市場上佔有非常強大的地位。

Southeast Asia and Australia, New Zealand and India trailing 12-month orders were up significantly as well.

東南亞、澳洲、紐西蘭和印度過去 12 個月的訂單也大幅增加。

We saw weakness in EMEA in Q4 as some project activity had a shift in timing to 2025.

我們發現第四季度歐洲、中東和非洲地區表現疲軟，因為一些專案活動的時間延後到了 2025 年。

We are quite pleased with what we are seeing and winning in the market, and it supports our revenue projection for 2025, as does our strong backlog, which is up 30% year on year despite FX headwinds.

我們對市場中看到和贏得的成果感到非常滿意，這支持了我們對 2025 年的收入預測，我們的強勁積壓訂單也支持了這一預測，儘管面臨外匯逆風，但我們的積壓訂單同比增長了 30%。

This is a backlog to sales ratio of 78%, well above the 69% we had a year ago relative to '24 actual sales.

積壓訂單與銷售比率為 78%，遠高於一年前 24 年實際銷售額的 69%。

We believe our strong backlog and new product pipeline sets up very well for many years.

我們相信，我們強大的積壓訂單和新產品管道多年來一直保持良好勢頭。

As Dave noted in his remarks, we have heard consistently also from the largest hyperscalers.

正如戴夫在評論中指出的那樣，我們也不斷聽到來自最大的超大規模企業的消息。

The likely compute and LLM efficiency should drive more AI adoption.

可能的計算和 LLM 效率應該會推動更多 AI 的應用。

Most of these hyperscalers have confirmed significant increases in their cap expand to support AI.

大多數超大規模企業已確認將大幅增加其擴張規模以支援人工智慧。

This means large investments in data center bills that need our equipment and services.

這意味著需要在需要我們的設備和服務的資料中心上進行大量投資。

That sounds like very good news indeed for Vertiv.

對 Vertiv 來說，這確實是個好消息。

Let's now go to slide 4.

現在我們來看第 4 張投影片。

We are in slide 4, sorry, we go to the right side of slide 4.

我們在第 4 張投影片，抱歉，我們轉到第 4 張投影片的右側。

Supply chain resilience continues to strengthen.

供應鏈韌性不斷增強。

We have matured as an organization in this area.

我們在這個領域已經作為一個組織而成熟了。

We have been successfully working to drive geographic balance, and we continue doing so.

我們一直在努力成功實現地域平衡，並且我們將繼續這樣做。

We have multiple sources of supply to deal with geographical uncertainty.

我們有多個供應來源來應對地理不確定性。

We believe price costs will be positive for 2025.

我們相信 2025 年的價格成本將為正值。

While questions remain relative to potential tariff impacts, we have been adding regional sourcing and manufacturing options to complement our existing global supply chain.

儘管與潛在關稅影響相關的問題仍然存在，但我們一直在增加區域採購和製造選項，以補充我們現有的全球供應鏈。

The situation with tariffs remains very fluid so it would be premature to discuss it in detail.

關稅情況仍不穩定，因此現在詳細討論還為時過早。

At the same time, it is worth mentioning we have, of course, built scenarios and playbooks aimed at strategically mitigated some of the tariff impacts.

同時，值得一提的是，我們當然已經制定了旨在策略性減輕部分關稅影響的情景和劇本。

To be clear, although there is much uncertainty regarding the scope and breadth of tariffs, we believe we are well prepared and take strategic action to take strategic actions to help mitigate risks.

需要明確的是，儘管關稅的範圍和廣度存在很大的不確定性，但我們相信我們已經做好了充分的準備，並採取了戰略行動來幫助降低風險。

For example, in 2024, we expanded and strengthened our supply base and manufacturing footprint in the United States as part of our overall capacity strategy to grow with the customer demand we see in the US.

例如，2024 年，作為我們整體產能策略的一部分，我們擴大並加強了在美國供應基地和製造足跡，以滿足美國客戶的需求。

Vertiv Operating System is truly becoming part of the culture that is translating into tangible productivity gains.

Vertiv 作業系統真正成為文化的一部分，並轉化為實際的生產力提升。

It is also liberating capacity needed to support the strong demand trajectory in combination with our ongoing footprint expansion.

它還將釋放所需的產能，以支持強勁的需求軌跡和我們持續的足跡擴張。

Let's now move to slide 5.

現在我們來看第 5 張投影片。

I want to highlight the importance and the strength of our power portfolio.

我想強調我們電力組合的重要性和實力。

Much of the recent focus has been on thermal technology, which, of course, we love.

最近的焦點集中在熱技術上，當然，我們非常喜歡它。

There is an equally exciting story around powerful Vertiv.

圍繞著強大的 Vertiv 還有一個同樣令人興奮的故事。

Complex technology changes are happening in the data center at a speed the industry has not seen before.

資料中心正在發生複雜的技術變革，速度之快是業界從未見過的。

AI is going to drive the need for much more power and much more complexity around the distribution of that power in a data center.

人工智慧將推動對更多電力的需求，以及資料中心電力分配的複雜性。

You have heard, say, the system matters.

您可能聽說過，系統很重要。

Well, the system matters more than ever before.

嗯，這個系統比以往任何時候都更重要。

It is important to understand how the entire system functions together and to design the infrastructure in a way that maximizes efficiency and reliability.

了解整個系統如何協同運作並以最大限度提高效率和可靠性的方式設計基礎設施非常重要。

And now more than ever, in a way that is futureproof, while the increasing densification and challenges of enabling AI data centers, we see more and more opportunities to further integrate power conversion, distribution, and thermal management in ways that can simplify the critical, mechanical, and electrical infrastructure.

現在，在人工智慧資料中心的密度不斷增加、挑戰日益嚴峻的同時，我們比以往任何時候都更能看到未來的機會，透過進一步整合電源轉換、配電和熱管理，簡化關鍵的機械和電氣基礎設施。

Let's now move to slide 6.

現在我們來看第 6 張投影片。

First, let's be clear.

首先，讓我們明確一點。

We are a market leader in power management and have the complete power train.

我們是電源管理領域的市場領導者，擁有完整的動力傳動系統。

This includes all the power gear listed on the left side of the slide.

這包括幻燈片左側列出的所有動力裝置。

Power management represents approximately one-third of our total business, and we have been in these markets for decades at global scale.

電源管理約占我們總業務的三分之一，我們在全球已在這個市場上耕耘了幾十年。

When we engage with our customers on their system designs, our full view of the power system enables us to help them properly scope the solution and rightsize each element of the infrastructure.

當我們與客戶就其係統設計進行溝通時，我們對電力系統的全面了解使我們能夠幫助他們正確確定解決方案的範圍並適當調整基礎設施每個元素的規模。

We offer a holistic view of the total infrastructure and have access to an engagement with customers regarding their full facility design and challenges.

我們提供整個基礎設施的整體視圖，並與客戶就其整個設施的設計和挑戰進行交流。

Our visibility into the future of the IT loads and our leading R&D allow us to partner with our customers to make their infrastructure, very importantly, futureproof.

我們對 IT 負載未來的洞察以及我們領先的研發能力使我們能夠與客戶合作，使他們的基礎設施更具未來性，這一點非常重要。

Our differentiators for power, which apply broadly across our portfolio, also includes global and leading services, scale, and well-established customer relationships.

我們的電力差異化因素廣泛應用於我們的整個產品組合，還包括全球領先的服務、規模和良好的客戶關係。

We can package different elements of the critical infrastructure together for the customer system design in a pre-engineered and validated way within Vertiv manufacturing facilities before being deployed to the customer's site via modules or skids.

我們可以在 Vertiv 製造工廠內以預先設計和驗證的方式將關鍵基礎設施的不同元素打包在一起，以供客戶系統設計，然後透過模組或滑橇部署到客戶現場。

This offers tremendous value and flexibility to our customers.

這為我們的客戶提供了巨大的價值和靈活性。

We see high demand for these solutions, and we are well positioned to capture that growth.

我們看到對這些解決方案的需求很高，並且我們已準備好抓住這一成長機會。

We now turn to slide 7.

現在我們翻到第 7 張投影片。

Technology is at the core of what we do, and we have unique abilities in the market.

科技是我們工作的核心，我們在市場上擁有獨特的能力。

For example, Vertiv's expertise and capabilities in both AC power and DC power conversion and power distribution enable us to work with customers to evaluate different system design approaches to best meet their needs.

例如，Vertiv 在交流電和直流電轉換以及配電方面的專業知識和能力使我們能夠與客戶合作，評估不同的系統設計方法，以最好地滿足他們的需求。

Our technology and portfolio are clear differentiators in the market.

我們的技術和產品組合在市場上具有明顯差異化。

We are helping to define the roadmaps of the future.

我們正在幫助制定未來的路線圖。

On the right side of the slide are some examples of recent innovations.

幻燈片右側是一些最近創新的例子。

Many of you got to see some of our innovative technologies at SC '24, very flexible solutions to give customers the ability to adapt to their infrastructure and adapt the infrastructure to the changing conditions within the data center, helping them to future proof their infrastructure.

你們中的許多人在 SC '24 上看到了我們的一些創新技術，這些非常靈活的解決方案使客戶能夠適應他們的基礎設施，並使基礎設施適應資料中心內不斷變化的條件，幫助他們為未來的基礎設施做好準備。

As we sit at the table with the largest customers and technology partners in the world, we have the honor and important responsibility to help them navigate increasingly technical complex infrastructure requirements; and then we scale.

當我們與世界上最大的客戶和技術合作夥伴坐在一起時，我們很榮幸並且肩負著重要的責任，幫助他們滿足日益複雜的技術基礎設施要求；然後我們擴大規模。

Vertiv can talk technical and scale evolution with our customers at levels most cannot.

Vertiv 可以與我們的客戶在大多數無法企及的層面上討論技術和規模發展。

Let's go to slide 8.

我們來看第 8 張投影片。

We announced a small acquisition in December, BSE, which has high efficiency, high capacity, centrifugal chiller technology, and heat reuse technology.

我們在 12 月宣布了一項小型收購，BSE，該公司擁有高效率、高容量的離心式冷水機組技術和熱再利用技術。

This technology is increasingly used to support high-density compute applications.

這項技術越來越多地用於支援高密度計算應用。

The approach is quite like the one we took with CoolTera a little over a year ago.

這種方法與我們一年多前對 CoolTera 採取的方法非常相似。

These are technology-based acquisitions early on the technology maturity curves that reinforce organic progress and can scale globally.

這些都是技術成熟度曲線早期的基於技術的收購，可以加強有機進步並且可以在全球範圍內擴展。

We are very excited to add this technology to our portfolio.

我們非常高興將這項技術添加到我們的產品組合中。

When we look at the right side of the slide, we have a strong balance sheet.

當我們看投影片的右邊時，我們有一個強大的資產負債表。

We have ample liquidity and net leverage is at 1x.

我們擁有充足的流動性，淨槓桿為1倍。

Our capital deployment priorities remain consistent with what we described in November.

我們的資本部署重點與我們 11 月所描述的保持一致。

We will focus growth, investment, organic or inorganic.

我們將專注於成長、投資，無論是有機的還是無機的。

We also have optionality with our share repurchase program which has $2.4 billion remaining under the Board authorization.

我們的股票回購計畫也具有選擇性，董事會授權的股票回購金額仍有 24 億美元。

We have optionality with our dividends.

我們的股利具有選擇性。

We announced a 50% increase to $0.15 annually back in November, and we expect to double that amount over the five-year planning period.

我們去年 11 月宣布將漲幅 50% 至每年 0.15 美元，我們預計在五年規劃期內將這筆金額翻倍。

We committed to achieving and maintaining investment rate ratings and continue to make progress.

我們致力於實現和維持投資利率評級並繼續取得進步。

With that, over to you, David.

現在，就交給你了，大衛。

Perfect.

完美的。

Thanks, Gio.

謝謝，吉奧。

Turning to slide 9, this slide summarizes our fourth-quarter financial results.

轉到投影片 9，此投影片總結了我們第四季的財務表現。

Adjusted EPS of $0.99, which was 77% higher than last year's fourth quarter, and this was primarily driven by higher adjusted operating profit.

調整後每股收益為 0.99 美元，比去年第四季高出 77%，這主要得益於調整後的營業利潤增加。

But also continuing the balance sheet theme, favorably influenced by lower interest expenses, strong free cash flow, and improved balance sheet allowed us to execute two term loan repricings in the past 12 months.

但同時繼續資產負債表主題，受到較低的利息支出、強勁的自由現金流和改善的資產負債表的有利影響，我們在過去 12 個月內執行了兩次定期貸款重新定價。

Our organic net sales increased approximately 27%, driven by double-digit growth across all three regions with EMEA leading the way at 33%.

我們的有機淨銷售額成長了約 27%，這得益於三個地區均實現了兩位數的成長，其中歐洲、中東和非洲地區的成長最為顯著，達到 33%。

Fourth-quarter sales were more than $200 million higher than the midpoint of guidance with upside across all three regions.

第四季的銷售額比預期中位數高出 2 億多美元，三個地區的銷售額均有成長。

As we entered the fourth quarter, we certainly had the backlog and the capacity to overdeliver on our expectations, but we also had a significant number of new product launches which sometimes introduces timing risk and sometimes customers request a deferral of year-end shipments from December into January.

進入第四季度，我們確實有積壓訂單和超額完成預期的能力，但我們也有大量新產品的推出，這有時會帶來時間風險，有時客戶會要求將年底發貨從 12 月推遲到 1 月。

However, our customers generally wanted product as soon as available, and our plants executed exceptionally well to mitigate new product launch risk.

然而，我們的客戶通常希望盡快獲得產品，並且我們的工廠表現非常出色，可以減輕新產品的發布風險。

And as a result, we significantly overdelivered the top line across all three regions, approximately $200 million higher than what we guided.

結果，我們在三個地區的營業收入均大幅超額完成，比我們預期的高出約 2 億美元。

Adjusted operating profit of $504 million was 53% higher than last year, and this was driven by higher volume and continued improvement in commercial execution, including price/cost.

調整後的營業利潤為 5.04 億美元，比去年同期高出 53%，這得益於銷售增加和商業執行力（包括價格/成本）的持續改善。

Adjusted operating margin of 21.5%, up 380 basis points from the fourth quarter of 2023 and 110 basis points higher than guidance.

調整後營業利益率為 21.5%，較 2023 年第四季上漲 380 個基點，比預期高出 110 個基點。

Certainly provides a very strong foundation for 2025.

無疑為2025年奠定了堅實的基礎。

We generated $362 million of adjusted free cash flow in the quarter, $135 million higher than guidance driven by higher adjusted operating profit and continued improvement with trade work and capital, which includes accounts receivable, inventory, accounts payable, and deferred revenue.

我們在本季產生了 3.62 億美元的調整後自由現金流，比預期高出 1.35 億美元，這得益於調整後的營業利潤增加以及貿易工作和資本的持續改善，其中包括應收帳款、庫存、應付帳款和遞延收入。

Trade working capital as a percentage of annualized fourth quarter, sales declined to 13.1% at year end, down from 18.5% at the end of 2023.

貿易營運資本佔第四季年化銷​​售額的百分比從 2023 年底的 18.5% 下降至年底的 13.1%。

So good progress with working capital in 2024, but as always, never satisfied and there's still a ton of opportunity going forward.

因此，2024 年營運資本取得了良好的進展，但一如既往，永不滿足，未來仍有大量機會。

Next, turning to slide 10, this slide summarizes our fourth-quarter segment results.

接下來，翻到第 10 張投影片，這張投影片總結了我們第四季的分部業績。

As mentioned, we saw robust top line growth across all three regions, each one up more than 25% from last year's fourth quarter.

如上所述，我們看到三個地區的營收均實現強勁成長，均比去年第四季成長了 25% 以上。

Americas had another strong quarter, organic sales up 25%, with growth continuing in a convincing way across colocation and hyperscale markets.

美洲地區又度過了一個強勁的季度，有機銷售額成長了 25%，並且在主機託管和超大規模市場繼續保持令人信服的成長。

Adjusted operating margin in the Americas expanded 420 basis points to 25.6%, driven by commercial execution and operational leverage.

受商業執行和營運槓桿的推動，美洲地區調整後營業利潤率擴大 420 個基點至 25.6%。

Moving to the right on the slide, APAC sales increased 27% organically, with strength throughout the region, including China, which grew in the upper teens from last year's fourth quarter.

向右移動，亞太地區銷售額有機成長 27%，包括中國在內的整個地區均表現強勁，與去年第四季相比實現了高位成長。

While we are certainly pleased to see this growth in China, we are not confident it is an inflection point.

雖然我們很高興看到中國出現這種成長，但我們並不確信這是一個轉捩點。

We still see broad economic uncertainty as we enter 2025, but we continue to monitor signs of market growth and green shoots, so.

進入 2025 年，我們仍然看到廣泛的經濟不確定性，但我們將繼續監測市場成長和復甦跡象。

I guess I can invoke the obligatory CFO statement related to China.

我想我可以援引與中國有關的財務長的強制性聲明。

We are cautiously optimistic.

我們持謹慎樂觀的態度。

Top line growth in India and the rest of Asia continue to be strong as AI starts its penetration in those regions, and we believe based upon our strong AI value proposition, we will continue to expand market share across both India and the rest of Asia.

隨著人工智慧開始滲透到這些地區，印度和亞洲其他地區的營收成長持續強勁，我們相信，基於我們強大的人工智慧價值主張，我們將繼續擴大在印度和亞洲其他地區的市場份額。

APAC's adjusted operating margin increased 260 basis points from last year's fourth quarter with benefits from operational leverage and regional mix.

受惠於營運槓桿和區域組合，亞太地區的調整後營業利潤率較去年第四季增加了 260 個基點。

Finally, to the far right, EMEA organic sales increased 33%, which was driven by strong demand from colocation and hyperscale customers across several product lines, but notably switchgear.

最後，最右邊，EMEA 地區的有機銷售額成長了 33%，這得益於多個產品線（尤其是開關設備）的主機託管和超大規模客戶的強勁需求。

Adjusted operating margin for EMEA increased 370 basis points with benefits from operational leverage and productivity.

受惠於營運槓桿和生產效率的提高，歐洲、中東和非洲地區的調整後營業利潤率增加了 370 個基點。

EMEA once again prevailed in the margin race with the Americas this quarter and for the full year, but we expect the 2025 race to become increasingly competitive and we look forward to continue improvement in both regions.

本季和全年，歐洲、中東和非洲地區在與美洲地區的利潤率競賽中再次獲勝，但我們預計 2025 年的競爭將愈加激烈，我們期待這兩個地區繼續進步。

Next, turning to slide 11.

接下來，翻到第 11 張投影片。

This provides a summary of full year '24 results.

本報告提供了 24 年全年業績的摘要。

It was another strong year across the board.

這又是各方面表現強勁的一年。

And at this time last year, I mentioned how it is always a good thing on this slide when the orange bars are significantly higher than the gray bars, and we are pleased to see this once again for 2024 versus 2023.

去年這個時候，我提到過，當幻燈片上的橙色條明顯高於灰色條時，這總是一件好事，我們很高興在 2024 年與 2023 年相比再次看到這種情況。

And unless we switch colors, we expect this to be the case going forward, including in 2025, which we will review in just a few moments.

除非我們改變顏色，否則我們預計未來的情況仍將如此，包括 2025 年，我們將在稍後進行回顧。

2024 adjusted EPS of $2.85 represents a 61% increase from prior year, primarily driven by higher adjusted operating profit but also favorably influenced by lower interest expenses as I mentioned a few slides back.

2024 年調整後每股收益為 2.85 美元，較上年增長 61%，這主要得益於調整後營業利潤的提高，但正如我在前面幾張幻燈片中提到的，利息支出的降低也產生了積極影響。

Organic sales were up 18% with strong performance across all three regions, all double digits higher, demonstrating that we are well positioned and winning in our end markets across the globe.

有機銷售額成長 18%，三個地區均表現強勁，均實現兩位數成長，顯示我們在全球終端市場中佔據有利地位並取得了勝利。

Adjusted operating profit increased by nearly $500 million with adjusted operating margin of 19.4%, up 410 basis points from 23%, driven by both improved variable contribution margin and lower fixed costs as a percentage of sales.

調整後營業利潤增加近 5 億美元，調整後營業利潤率的提高和固定成本佔銷售額的百分比的下降。

Our 2024 margin performance, including exiting the year at 21.5%, provides confidence for our full year 2025 margin guidance of 21% as well as our long-term target of 25% by 2029.

我們 2024 年的利潤率表現（包括年底的 21.5%）為我們 2025 年全年 21% 的利潤率預期以及 2029 年 25% 的長期目標提供了信心。

Last year, we experienced a step function in our adjusted free cash flow, and we took another step upwards in 2024.

去年，我們的調整後自由現金流實現了階梯成長，2024 年我們又邁出了新的一步。

We generated over $1.1 billion in adjusted free cash flow this past year, which translates into a conversion of 103% after converting 114% last year.

我們去年產生了超過 11 億美元的調整後自由現金流，相當於轉換率為 103%，而去年的轉換率為 114%。

Our net leverage at the end of 2024 was approximately 1 times.

我們的2024年底的淨槓桿率約為1倍。

So we continue to execute well, building a track record of financial strength and consistency which provides significant flexibility with capital deployment, as Gio mentioned, while also developing a balance sheet to achieve investment grade ratings.

因此，我們繼續執行良好，建立財務實力和一致性的記錄，這為資本部署提供了顯著的靈活性，正如Gio所提到的那樣，同時也制定了資產負債表以獲得投資級評級。

Before moving off this slide looking one last time at the numbers on the slide, it's hard not to be pleased with our results.

在離開這張投影片之前，最後一次看一下投影片上的數字，我們很難不對我們的結果感到滿意。

EPS is up 61%.

每股收益上漲61%。

Sales up 18%, AOP up 47%, and cash flow up 46%.

銷售額成長 18%，AOP 成長 47%，現金流成長 46%。

It is a testament to our strategy and execution and hopefully, it instills confidence that we honor our financial commitments.

這是對我們策略和執行力的證明，希望它能增強我們履行財務承諾的信心。

But once again, pleased but never satisfied, 2024 is now behind us.

但再一次，我們高興但永不滿足，2024 年已經過去了。

In fact, we are already planning for 2026 but we still need to execute this year and we summarized our outlook for 2025 in the next two slides.

事實上，我們已經在為 2026 年做規劃，但我們仍需要在今年執行，我們在接下來的兩張投影片中總結了我們對 2025 年的展望。

Moving to page 12, this slide summarizes our first-quarter guidance and for avoidance of doubt, this first quarter and full year guidance does not contemplate any recent or proposed changes in policies by the current US administration, including the potential impact from tariffs, with the exception of incremental direct tariffs on China imports, which have a relatively immaterial impact on our financials.

轉到第 12 頁，此投影片總結了我們的第一季度指引，為避免疑問，第一季和全年指引並未考慮現任美國政府最近或擬議的任何政策變化，包括關稅的潛在影響，但對中國進口產品徵收增量直接關稅除外，這些關稅對我們的財務狀況影響相對不大。

We are expecting adjusted EPS of $0.60 for the first quarter, up 40% from last year, and that's primarily driven by higher adjusted operating profit.

我們預計第一季調整後的每股收益為 0.60 美元，較去年同期成長 40%，這主要得益於調整後的營業利潤的提高。

First-quarter organic sales are expected to be up 19%, with Americas up in the low 20s, APAC mid 20s, and EMEA low teens, with this organic growth offset by an approximately $30 million foreign exchange headwind.

預計第一季有機銷售額將成長 19%，其中美洲地區成長 20% 出頭，亞太地區成長 20% 中段，歐洲、中東和非洲地區成長 10% 出頭，但這一有機成長將被約 3,000 萬美元的外匯逆風所抵銷。

We anticipate first-quarter adjusted operating profit of $325 million and adjusted operating margin of 16.9% of 170 basis points from last year's first quarter.

我們預計第一季調整後營業利潤為 3.25 億美元，調整後營業利潤率為 16.9%，較去年第一季成長 170 個基點。

And although we do not provide explicit guidance, we expect first-quarter adjusted free cash flow to be slightly higher than the first quarter of 2024.

儘管我們沒有提供明確的指引，但我們預計第一季調整後的自由現金流將略高於 2024 年第一季。

Next, turning the slide 13, our full year 2025 guidance.

接下來，翻到第 13 張投影片，這是我們 2025 年全年的指導方針。

All metrics are relatively consistent with the preliminary outlook we provided at our November investor event, reconfirming our confidence in the market backdrop and our ability to execute.

所有指標與我們在 11 月投資者活動中提供的初步展望相對一致，再次證實了我們對市場背景和執行能力的信心。

Our adjusted EPS is expected to be $3.55 at the midpoint, 25% higher than 2024, with this increase primarily driven by higher adjusted operating profit and lower interest expense, partially offset by higher share count from the [Warren] exercise in the fourth quarter.

我們的調整後每股收益預計中位數為 3.55 美元，比 2024 年高出 25％，這一增長主要得益於調整後的營業利潤增加和利息支出降低，部分被第四季度 [沃倫] 活動帶來的更高股數所抵消。

2025 sales are projected to be approximately $9.2 billion at the midpoint, approximately $75 million higher than the implied sales guidance in November, and this increase is despite an estimated incremental $125 million foreign exchange headwind.

預計 2025 年銷售額中位數約為 92 億美元，比 11 月的隱含銷售指引高出約 7,500 萬美元，儘管預計外匯逆風將增加 1.25 億美元，但仍實現了這一增長。

So on an absolute dollar basis, organic sales are up approximately $200 million from our November outlook.

因此，以絕對美元計算，有機銷售額比我們 11 月的預期高出約 2 億美元。

Of course, our full year organic growth is lower on a percentage basis from what we presented a few months ago, 16% at the midpoint versus 17%.

當然，與幾個月前公佈的數據相比，我們的全年有機成長率（百分比）較低，中間值為 16%，而實際為 17%。

But this is primarily due to the significant $200 million top line beat in the fourth quarter.

但這主要歸功於第四季營收大幅超出預期 2 億美元。

Maybe from another perspective, if we compare our current 2025 sales guidance to the $2.8 billion we expected for 2024 in November, organic sales in 2025 actually climbs to 19% on an apples-to-apples basis.

也許從另一個角度來看，如果我們將目前的 2025 年銷售指引與我們 11 月預計的 2024 年 28 億美元進行比較，那麼 2025 年的有機銷售額實際上會在同類基礎上攀升至 19%。

Once again, on a dollar basis our outlook for organic sales is approximately $200 million higher today than in November.

再次，以美元計算，我們預計今天的有機銷售額將比11月份高出約 2 億美元。

And this is reflective of our growing confidence in the market and our ability to continue to drive value for our customers.

這反映了我們對市場日益增長的信心以及我們繼續為客戶創造價值的能力。

On a regional basis, we expect the Americas to continue strong growth in the low 20s.

從地區來看，我們預計美洲地區將繼續保持 20% 出頭的強勁成長。

Low teens growth in APAC is primarily driven by India and the rest of Asia.

亞太地區青少年低成長主要是由印度和亞洲其他地區推動的。

And after strong top line growth in 2024 of 21%, including 33% in the fourth quarter, we expect high-single-digit growth in EMEA based upon more challenging comparables, but we continue to monitor catalysts for higher growth in that region as AI expands within that market and we have better visibility as we progress through the year.

在 2024 年實現 21% 的強勁營收成長（包括第四季的 33%）之後，我們預計基於更具挑戰性的可比性，EMEA 地區將實現高個位數成長，但隨著人工智慧在該市場內的擴展，我們將繼續監測該地區更高成長的催化劑，並且隨著我們全年的進展，我們將獲得更好的可見性。

Adjusted operating profit expected to be up 25% to $1.935 billion, consistent with the midpoint of our 2025 outlook we provided in November.

調整後營業利潤預計將成長 25% 至 19.35 億美元，與我們 11 月提供的 2025 年預期中位數一致。

And once again, similar to sales, we are covering an incremental foreign exchange headwind in adjusted operating profit driven by a stronger US dollar.

再次，與銷售額類似，我們正在彌補因美元走強而導致的調整後營業利潤中增量的外匯逆風。

Higher year over year, adjusted operating profit is primarily driven by volume, commercial execution, and productivity, partially offset by higher OpEx investment and growth capacity and the R&D which we expect to be approximately $160 million combined in 2025.

調整後的營業利潤年增率主要得益於銷售、商業執行和生產力，但被更高的營運支出投資和成長能力以及研發費用所部分抵消，我們預計到 2025 年這些費用總計將達到約 1.6 億美元。

We are projecting adjusted free cash flow of $1.3 billion at the midpoint, including $275 million in CapEx or 3% of sales demonstrating our continued commitment to invest in the growing market.

我們預計調整後的自由現金流中位數為 13 億美元，其中包括 2.75 億美元的資本支出或 3% 的銷售額，這表明我們將繼續致力於投資於不斷增長的市場。

Once again, we expect another year where the orange bars are nicely above the gray bars, and this projected strong performance in 2025 should further solidify a strong foundation for continued top line and bottom-line growth in 2026 and beyond.

我們再次預計，橙色條將在今年明顯高於灰色條，而 2025 年的強勁表現將進一步鞏固 2026 年及以後持續營收和利潤成長的基礎。

So with that said, I turn it back over to Gio.

說了這麼多，我現在把話題轉回 Gio 身上。

Thank you, David.

謝謝你，大衛。

Certainly very strong numbers all together, and we go to slide 14.

總體來說，這些數字確實非常強勁，我們轉到第 14 張投影片。

I believe we are in an excellent position to achieve our five-year framework across all financial metrics, so I'm quite comfortable reiterating the five-year financial framework we presented in November.

我相信，我們完全有能力實現涵蓋所有財務指標的五年框架​​，因此，我很樂意重申我們在 11 月提出的五年財務框架。

The market remains robust.

市場依然強勁。

We have good visibility to the future.

我們對未來有很好的展望。

We have a close collaboration with our customers and technology partners.

我們與客戶和技術合作夥伴保持著密切的合作。

We have a relentless focus on execution.

我們堅持不懈地註重執行。

As we sit here today, I am more confident in this outlook than ever before.

今天我們坐在這裡，我比以往任何時候都更相信這前景。

So next, we go to slide 15.

接下來我們轉到第 15 張投影片。

The focus areas for 2025 are very consistent with what you heard from us many times, and they are core to the value creation model.

2025 年的重點領域與您多次聽到的非常一致，它們是價值創造模型的核心。

We are laser focused.

我們高度集中註意力。

We have very strong and long-standing relationships across the ecosystem of data center infrastructure.

我們與資料中心基礎設施生態系統建立了非常牢固且長期的關係。

Enabling the success of our customers is central to our success.

幫助客戶獲得成功是我們成功的關鍵。

We do this with speed and scale.

我們以速度和規模完成這項任務。

Vertiv Operating System continues to mature through our entire organization as the way we do business every day and becomes our core operating model that we continually optimize and improve to drive best practices and productivity throughout the organization.

Vertiv 作業系統在我們整個組織中不斷成熟，成為我們日常開展業務的方式，並成為我們的核心營運模式，我們不斷優化和改進該模式，以推動整個組織的最佳實踐和生產力。

We intend to stay price/cost positive every year, including 2025.

我們打算每年都保持正價格/成本，包括 2025 年。

We are able to do this by an intense focus on commercial execution where technology, delivery, and customer experience are all accelerated to lead the transformation and acceleration of the entire industry.

我們之所以能夠做到這一點，是因為高度重視商業執行，加速技術、交付和客戶體驗，從而引領整個產業的轉型和加速。

We made progress in trade working capital, but still a long way from fully optimized.

我們在貿易營運資本方面取得了進展，但距離完全優化還有很長的路要走。

Speed is central in everything we do, including the cash conversion cycle.

速度是我們所做的一切的核心，包括現金轉換週期。

We have another strong year of growth ahead, and we continue with an intense focus on making sure we accelerate our operational leverage to drive strong financial results.

我們又將迎來強勁的成長年，我們將繼續高度重視確保加快我們的營運槓桿，以推動強勁的財務表現。

Our cash flow has strengthened significantly and provides great flexibility relative to the capital deployment options discussed earlier.

我們的現金流量顯著增強，相對於先前討論的資本部署方案而言，提供了極大的靈活性。

We go now to slide 16.

我們現在看第 16 張投影片。

This is a summary of our plans and guidance for 2025. 2025 will be a year of robust acceleration in the industry and certainly at Vertiv.

這是我們對 2025 年的計劃和指導的總結。

We continue to raise the bar as a company to capture the enduring growth that is ahead.

我們不斷提高公司標準，以獲得未來的持久成長。

But it is so much stronger than in the past.

但它比過去強大得多。

We intend to lead the transformation and acceleration of the industry, strengthening our enduring competitive advantages.

我們致力於引領產業的轉型和加速，增強我們持久的競爭優勢。

I am counting to hold myself, continuing to hold myself and my team directly accountable to do just that.

我會嚴格要求自己，並繼續嚴格要求自己和我的團隊做到這一點。

With that, over to the operator and the Q&A.

接下來，交給操作員並進行問答。

(Operator Instructions) Andrew Kaplowitz, Citigroup.

（操作員指示）花旗集團的 Andrew Kaplowitz。

Good morning, everyone, nice quarter.

大家早安，這是一個愉快的季度。

Thank you.

謝謝。

Good morning.

早安.

Gio, you mentioned the timing of orders in EMEA influenced your Q4 result.

Gio，您提到 EMEA 地區的訂單時間影響了您第四季的表現。

Can you give us more color on the European weaknesses?

能否進一步闡述歐洲的弱點？

Dave, I think mentioned you have better visibility later in the year in Europe.

戴夫，我認為你提到今年晚些時候在歐洲會有更好的知名度。

So do you expect to see improved orders in Europe at some point in '25?

那麼您是否預計25年某個時候歐洲的訂單會增加？

And then when you look forward in terms of order trajectory with the understanding that comps do get tougher, I know you don't want to talk about orders too much, but obviously people care.

然後，當您展望訂單軌跡並了解到競爭確實變得更加激烈時，我知道您不想談論太多訂單，但顯然人們會關心。

Do you expect your trailing 12-month order growth to still be well into that double-digits each quarter, even as comps get more difficult?

即使同店銷售變得更加困難，您是否預期過去 12 個月的訂單成長率仍能達到每季的兩位數？

Okay, multi-layered.

好的，多層的。

Let's put it this way.

我們就這麼說吧。

Good job there.

幹得好。

So let me start with EMEA.

那麼讓我先從 EMEA 開始。

We certainly saw a movement that was material enough to be singled out and mentioned and shared to all of you.

我們確實看到了一場足夠重要的運動，值得單獨提出來、提及並與大家分享。

I'm very encouraged by the pipelines that we see in EMEA.

我們在歐洲、中東和非洲地區看到的管道令我感到非常鼓舞。

We've been talking about EMEA several times as an area where the, if you will, wave of AI happens at a lag relative to specifically North America.

我們已經多次談論歐洲、中東和非洲地區，可以說該地區的人工智慧浪潮相對於北美而言較為落後。

But there, I say also in my respects to what we see in places like Asia as an example.

但是，我也尊重我們在亞洲等地看到的例子。

But the same token, we know that it's a fairly regulated place.

但同樣，我們知道這是一個受到嚴格監管的地方。

So that is also probably helping or probably explaining some of these dynamics.

所以這也可能有助於或可能解釋其中的一些動態。

At the same time, I don't want to kind of not to -- I want to highlight the strong performance of EMEA in 2024 and the stronger year.

與此同時，我不想不這樣做——我想強調 EMEA 在 2024 年和更強勁的一年的強勁表現。

So I'm positive about the outlook out there.

因此我對那裡的前景感到樂觀。

When it comes to, in general, our outlook for orders, we will continue to talk in terms of trailing 12.

總體而言，談到我們對訂單的前景，我們將繼續討論過去 12 個月的訂單情況。

We believe in a good trailing 12 going forward in 2025 and one that fully supports our model, the model that we have shared with you in November.

我們相信，2025 年的後 12 名員工將表現良好，並且能夠完全支持我們的模型，也就是我們在 11 月與您分享的模型。

So positive there and my positivity really comes from the many news that you've seen in the market about investment and especially confirmed and strengthened by the pipelines that we see robust and continue to grow.

因此，這是積極的，我的積極性實際上來自於你在市場上看到的許多有關投資的新聞，尤其是我們看到的強勁且持續增長的管道所證實和加強的。

Amit Daryanani, Evercore ISI.

Amit Daryanani，Evercore ISI。

Yes, thanks for taking my question.

是的，感謝您回答我的問題。

Congrats on a nice print.

恭喜您獲得了出色的印刷效果。

Gio, I'm hoping to just talk about how do you see Vertiv's opportunity longer term on two fronts?

Gio，我希望談談您如何從兩個方面看待 Vertiv 的長期機會？

One, if we start to see inferencing getting pulled in a little bit more quicker doing what we're seeing with DeepSeek, for example, what does that mean for Vertiv?

首先，如果我們開始看到推理以更快的速度被引入，就像我們在 DeepSeek 中看到的那樣，這對 Vertiv 意味著什麼？

And then second, really, the second part of this maybe, if you end up in a scenario where custom silicon gets more deployed in AI clusters versus Nvidia, how do you think that plays out for Vertiv?

然後第二，實際上，第二部分可能是，如果你最終處於這樣一種境況：與 Nvidia 相比，定制矽片在 AI 集群中的部署更多，你認為這對 Vertiv 會有什麼影響？

I know you have a great relationship with Nvidia, and you have that roadmap very well, but I'd love to understand how does that change in the selecting is Marwell or Broadcom or someone else?

我知道你們與 Nvidia 的關係很好，而且你們的發展路線圖也很好，但我想知道在選擇 Marwell、Broadcom 還是其他人時，這種關係會如何改變？

Any insight from those two fronts would be great.

從這兩個方面獲得的任何見解都是有益的。

Thank you.

謝謝。

Yeah, absolutely.

是的，絕對是如此。

Well, thanks a lot, and the two aspects here are very clear.

嗯，非常感謝，這裡的兩個方面非常清楚。

So I must say that we are very, let's say, agnostic, whether it's inference or training.

所以我必須說，我們非常，可以說是不可知論者，無論是推理還是訓練。

In many respects, we see a lot of the data center design already being thought in terms of hybrid application.

在很多方面，我們看到很多資料中心設計已經從混合應用的角度來思考。

So an acceleration of AI adoption, and acceleration of towards inference that might be suggested by what we saw recently, also taken of course DeepSeek into consideration.

因此，我們最近看到的情況可能表明人工智慧的應用加速，推理加速，當然也將 DeepSeek 考慮在內。

If anything, it can only be good for the industry and for Vertiv as a whole.

無論如何，這對於整個行業和 Vertiv 來說都是一件好事。

But even if we go and double click on that and say, hey, infrastructure -- sorry, infrastructure for inference may be more edge, more enterprise.

但即使我們雙擊它並說，嘿，基礎設施——抱歉，用於推理的基礎設施可能更具邊緣性，更具企業性。

We've been doing edge and enterprise very, very well, forever.

我們一直在邊緣和企業領域做得非常非常好。

And you know that we have strengthened our hyperscale and the large colo presence very convincingly in the last few years, but we have not at all lost our more distributed base muscle.

你知道，過去幾年來，我們非常令人信服地加強了我們的超大規模和大型託管業務，但我們並沒有失去我們更分散的基礎力量。

So if you will, there is an ambitious dexterity there that can be put at full work to our advantage.

所以如果你願意的話，你可以充分利用這種雄心勃勃的靈活性來為我們提供優勢。

When it comes to custom silicon, of course, we work a lot and we admire Nvidia a lot, and that comes from a kind of a generally working very well together.

當然，當談到客製化矽片時，我們做了很多工作，我們非常欽佩 Nvidia，這源自於我們整體上良好的合作。

But again, silicon is silicon.

但同樣，矽就是矽。

Servers are servers, so loads are loads.

伺服器就是伺服器，負載就是負載。

We like the densification.

我們喜歡這種緻密化。

We like the very high power per rack trajectory that I think is true across the board.

我們喜歡非常高的每機架功率軌跡，我認為這在各方面都是正確的。

But as we know, we can play very well in a high density, high liquid cooling, or a more, let's say traditionally more air type of infrastructure and environment.

但正如我們所知，我們可以在高密度、高液體冷卻或更多，例如傳統上更多的空氣類型的基礎設施和環境中發揮很好的作用。

And the same is absolutely true also for the power.

對權力來說，同樣也絕對正確。

So I think we are agnostic.

所以我認為我們是不可知論者。

And when we were anyway thinking about our revenue per megawatt, also thinking about kind of a good mix of applications.

當我們考慮每兆瓦的收入時，也會考慮各種應用的良好組合。

Extremely helpful, Gio.

非常有幫助，吉奧。

Thank you.

謝謝。

Steve Tusa, JPMorgan.

摩根大通的史蒂夫·圖薩。

Can you just maybe explain the -- I know there was a bit of a revenue overdrive in the fourth quarter, but from a timing perspective of the first quarter, it seems to be worse than, or at least down more than normal seasonality quite substantially.

你能解釋一下嗎——我知道第四季的收入有點過快，但從第一季的時間角度來看，情況似乎比正常季節性更糟糕，或者至少下降幅度相當大。

How do we look at those revenues from the fourth quarter in context of that?

從這個背景來看，我們如何看待第四季的營收？

And how are you planning the first quarter season thinking about seasonality?

考慮到季節性，您如何規劃第一季？

Well, I think that we should look at the first quarter in absolute terms.

嗯，我認為我們應該從絕對角度來看第一季。

And if you look at the first quarter in absolute terms, we have a very strong quarter here in our guidance.

如果從絕對值來看第一季度，我們的預期是相當強勁的。

Now, of course, Q4 was particularly strong, so we should not look at Q1 as a quarter to quarter, really look at the first quarter sales as the acceleration that is taking place.

當然，第四季度的表現尤其強勁，因此我們不應將第一季視為一個季度的對比，而應將第一季的銷售視為正在發生的加速。

With a 19% organic growth in the first quarter, I feel very good about what that tells us about our overall trajectory.

第一季的有機成長率達到 19%，這對我們的整體發展軌跡來說，我感到非常滿意。

David, I don't know if you want to add anything there?

大衛，我不知道您是否想補充一些內容？

Just from a numbers perspective, actually, if you look at our first quarter sales in '25 as a percentage of the full year guide, it's actually higher than what we actually saw in 2024.

實際上，僅從數字角度來看，如果您將我們 25 年第一季的銷售額佔全年指南的百分比視為 2025 年的銷售額，它實際上高於我們在 2024 年的實際銷售額。

So I would say that there's actually a step-up in '25 versus the first quarter of last year.

因此我想說，2025 年與去年第一季相比實際上有所增長。

So certainly reflective in the 19% sales growth versus the 16% full year sales growth, and then also a 31% increase in adjusted operating profit.

因此，銷售額成長 19%（全年銷售額成長 16%）以及調整後營業利潤成長 31% 肯定有所體現。

Okay, and then just one follow-up for me, but obviously there's a lot of focus on orders I think, for good reason.

好的，然後我只需要跟進一下，但顯然，我認為大家非常關注訂單，這是有充分理由的。

Everybody's trying to discern the trend relative to these CapEx numbers that the pipelines that are obviously pretty eye popping.

每個人都試圖辨別這些資本支出數字的趨勢，這些管道顯然非常令人瞠目結舌。

You're now two quarters kind of stepped down relative to what we see at your customers and the way they're spending in these pipelines.

相對於我們看到的您的客戶以及他們在這些管道上的支出情況，您現在已經有兩個季度的業績下滑了。

What is that disconnect?

這種脫節是怎麼回事？

Is there some sort of disconnect between you guys and I mean, everybody else talking about like doubling their data center businesses I admit, obviously that's a lower base for some of these guys.

你們之間是否存在某種脫節，我的意思是，其他人都在談論將他們的資料中心業務擴大一倍，我承認，顯然對於其中一些人來說，這是一個較低的基礎。

But like what is that disconnect between you and your customers spending that seems to have opened up here over the last two quarters?

但是，在過去兩個季度裡，您和您的客戶支出之間似乎出現了什麼脫節？

I don't think there is a disconnect, quite honestly.

坦白說，我不認為有脫節。

If you look at our order trajectory last year, if you think about a 60% year-on-year growth in the first half of the last year, that's a lot of growth.

如果你看我們去年的訂單走勢，你會發現去年上半年的年成長率為 60%，這是一個很大的成長。

When our customers talk about their CapEx, of course they also talk about the lot of the silicon part of the CapEx, not only the data centers.

當我們的客戶談論他們的資本支出時，他們當然也會談論資本支出中的大量矽部分，而不僅僅是資料中心。

So I feel pretty good about our visibility of the market and what we win in the market, so I don't think there is a disconnect.

因此，我對我們的市場知名度以及我們在市場上取得的勝利感到非常滿意，所以我不認為存在脫節。

Right, so over time, you connect to that over time?

對的，那麼隨著時間的推移，您會逐漸與之連結嗎？

You're connected to that?

你和那件事有關係嗎？

This is the third part of the question, but no, we are very well connected with the markets, very well aware of what happens, very encouraged by our pipeline.

這是問題的第三部分，但不，我們與市場聯繫緊密，非常清楚會發生什麼，我們的管道讓我們非常鼓舞。

We do not see that disconnection.

我們沒有看到這種脫節。

We do not believe that disconnect exists.

我們不相信有這種脫節。

Okay, great.

好的，太好了。

Thank you.

謝謝。

Andrew Obin, Bank of America.

美國銀行的安德魯‧奧賓 (Andrew Obin)。

Yeah, thank you.

是的，謝謝。

So I think Dave in the beginning of the call sort of noted that Americas orders were extraordinarily strong, so I guess, maybe could you comment within that?

所以我認為戴夫在通話開始時就指出美洲的訂單非常強勁，所以我想，也許您可以就此發表評論？

It was extraordinarily strong.

它異常強大。

And then thermal versus power and distributed IT, I think one of your competitors indicated distributed IT is weak and just I guess going back to EMEA, extraordinary strong Americas orders with flat orders overall sort of implied particular weakness in EMEA and maybe missing a couple of billion-dollar data center projects.

然後是熱能與電力和分散式 IT，我認為您的一個競爭對手錶示分散式 IT 較弱，我想回到 EMEA，美洲訂單異常強勁，而整體訂單持平，這暗示 EMEA 特別疲軟，可能錯過了幾十億美元的資料中心項目。

I know that I'm the third person asking it, but there seems to be a disconnect between your revenue growth between your optimism and these numbers.

我知道我是第三個問這個問題的人，但您的收入成長與您的樂觀程度以及這些數字之間似乎存在脫節。

Thank you.

謝謝。

Well, Andrew, thank you.

好吧，安德魯，謝謝你。

So as we said in many points in our -- as we were going through our deck, we're very pleased with the orders in the Americas and with the pipeline in the Americas, but the pipelines also in EMEA as I was vocally mentioning at the beginning of this conversation.

因此，正如我們在演講中多次提到的那樣，我們對美洲的訂單和美洲的管道感到非常滿意，但正如我在本次談話開始時口頭提到的那樣，歐洲、中東和非洲地區的管道也非常滿意。

And that's particularly true if you look at the colo and cloud part of our orders in the Americas.

如果你看一下我們在美洲的訂單中的託管和雲端部分，情況就尤其如此。

So the market is growing, we are seeing that and we are successful in going after that market.

所以市場正在成長，我們看到了這一點，我們成功地進入了這個市場。

When it comes to the mix, we see a pretty balanced mix here.

說到混合，我們看到這裡的混合物非常平衡。

Of course, the distributed IT is by the nature of that market, growing much slower as we vocally shared with you in November already, and it's no surprise, no secret.

當然，分散式 IT 因市場性質而增長緩慢，正如我們在 11 月已經公開分享過的那樣，這並不奇怪，也不是什麼秘密。

But certainly, that doesn't mean that white space business for us is for that, in an uncomfortable place.

但可以肯定的是，這並不意味著我們的白色空間業務就處於一個不舒服的境地。

So we're pretty pleased about the mix of growth there and orders.

因此，我們對那裡的成長和訂單組合感到非常滿意。

I cannot elaborate much more on EMEA than I did already.

我無法再對 EMEA 進行更多的闡述了。

From what we've seen in EMEA, the pipeline is there, the market is slower, and we expect a pickup during the course of 2025, because that's what our pipelines tell us.

從我們在歐洲、中東和非洲地區看到的情況來看，管道已經存在，市場發展較慢，我們預計 2025 年期間會出現回暖，因為這就是我們的管道告訴我們的。

Really appreciate it.

真的很感激。

Thank you so much.

太感謝了。

Nigel Coe, Wolfe Research.

奈傑爾·科（Nigel Coe），沃爾夫研究公司。

Thanks.

謝謝。

Good morning.

早安.

So Gio, the [color] on EMEA, I know -- I don't want to beat this horse to death or anything, but you did take down your outlook from high teens in mid-November to high-single digits in the EMEA.

所以 Gio，我知道 EMEA 地區的 [顏色]——我不想把這匹馬打死或什麼的，但你確實把你的 EMEA 地區前景從 11 月中旬的十幾歲高位下調到了個位數高位。

So just wondering, are we seeing projects pushing to the right or is there some regulatory issues or I don't know, power constraints?

所以只是想知道，我們是否看到項目向右推進，或者是否存在一些監管問題，或者我不知道，電力限制？

So just wondering, what do you see in EMEA?

所以我只是想知道，您對 EMEA 有何看法？

Just a bit more information that would be helpful.

再多提供一點資訊就會很有幫助。

And then just maybe go back to the comments from the Chairman around the stock price and things.

然後也許回到董事長關於股價和其他事情的評論。

Just wondering, what have you got baked in for capital deployments and at what point do you weigh in on the buybacks?

只是想知道，您對資本部署做了哪些考慮，以及您何時考慮回購？

Clearly, again, EMEA had a very strong fourth quarter when it comes to revenue, and I like to continue to stress this point because it's a very important point.

顯然，歐洲、中東和非洲地區在第四季的營收表現非常強勁，我想繼續強調這一點，因為這是一個非常重要的一點。

But yes, if you look at the orders and the fact that we're vocal about orders being pushed into 2025, there is clearly a movement to the right of some of the pipeline.

但是的，如果你看看訂單，以及我們大聲疾呼將訂單推遲到 2025 年的事實，你會發現一些管道右側明顯有移動的跡象。

And again, what we see here is a regulatory slower decision making, all of the above at the same time.

我們在這裡再次看到的是監管決策速度變慢，以上所有情況同時出現。

What we hear in the market is not only us, but it's also public information is that is going to accelerate in 2025.

我們在市場上聽到的不僅是我們，而且公開的訊息是這種趨勢將在 2025 年加速。

That's what we read, that's what we hear talking to our customers, and this is what we see looking at our pipelines.

這就是我們所讀到的，這就是我們在與客戶交談時所聽到的，這就是我們在管道中所看到的。

When it comes to capital deployment and buybacks, what we said in November is still valid.

當談到資本部署和回購時，我們在 11 月所說的內容仍然有效。

We have a robust M&A process and pipeline.

我們擁有強大的併購流程和管道。

We continue to be very focused on that, but opportunities to have their time and again, we will not go and do a meaningful acquisition just for the sake of it.

我們將繼續高度關注這一點，但機會總是有的，我們不會僅僅為了收購而收購。

We want to make sure that we are super true to the value model that we have shared with you.

我們希望確保我們完全忠於與您分享的價值模式。

When it comes to buyback, you saw us taking an opportunistic posture last year, and we've been very clear about the fact that we will continue to be opportunistic in our approach.

在回購方面，您看到我們去年採取了機會主義的姿態，而且我們非常清楚，我們將繼續採取機會主義的做法。

So let's see how things unfold and if the right moment comes, we have the means and we have the authorization from the Board.

所以，讓我們看看事情如何發展，如果適當的時機到來，我們有辦法，也有董事會的授權。

Okay, thank you.

好的，謝謝。

Jeff Sprague, Vertical Research Partners.

傑夫‧斯普拉格（Jeff Sprague），垂直研究夥伴。

Thank you, good morning, everyone.

謝謝大家，早安。

Maybe we could talk about just the tariff playbook here a little bit.

也許我們可以在這裡稍微討論一下關稅策略。

You gave a little bit of color commentary in the opening remarks, expanded your US manufacturing a bit, but can you give us a sense of kind of the exposures, maybe sizes for us?

您在開場白中給了一些帶有色彩的評論，稍微擴大了您在美國製造的範圍，但是您能否給我們介紹一下曝光程度，也許是規模？

What percent of your US sales for example are sourced in the US or some similar metric we can kind of get our arms around the order of magnitude that we're talking about here?

例如，您在美國的銷售額中有多少百分比來自美國，或者我們可以用一些類似的指標來了解我們在這裡討論的數量級嗎？

Well, thanks, Jeff, thanks for the question.

好吧，謝謝傑夫，謝謝你的提問。

We do not disclose what products are built, where that's true for the Americas, that's true for everywhere, in the world.

我們不會透露生產什麼產品，無論是在美洲還是世界各地。

One thing that we like to mention is that we actually have more plants in the US than we have in Mexico.

我們想提到的一件事是，我們在美國擁有的工廠實際上比在墨西哥的工廠還要多。

But that said, again, we feel prepared to -- we feel we have the right playbooks to deploy to work on minimizing the impact.

但話雖如此，我們還是覺得已經做好了準備——我們覺得我們已經部署了正確的劇本，以努力將影響降至最低。

So let's really wait until we know better what really will be out there and so that we can be more accurate.

所以，我們真的需要等待，直到我們更了解那裡究竟是什麼，以便我們能夠更加準確。

I think right now, there'll be speculation as of exactly what the impact could be or not be.

我認為現在人們會猜測其究竟會是什麼影響，或不會是什麼影響。

And maybe just a quick follow-up for me also just on thinking about your total available market, right?

也許對我來說這只是一個快速的跟進，只是考慮一下您的總可用市場，對嗎？

The $3 million to $3.5 million per megawatt you've talked about including liquid cooling.

您談到的每兆瓦 300 萬至 350 萬美元包括液體冷卻。

Just wondering if your capture against that is moving up when you hear people future proofing, integrated solutions, modularization which would mean you're bringing stuff more into your factory as opposed to being done by craft labor on site?

只是想知道，當您聽到人們強調未來性、集成解決方案和模組化時，您的捕獲率是否會上升，這意味著您將把更多的東西帶入工廠，而不是由現場手工勞動完成？

But all this would suggest kind of a higher dollar capture for Vertiv relative to maybe historical metrics.

但所有這些都表明，相對於歷史指標而言，Vertiv 的美元收益更高。

Can you provide any context to that thought?

您能提供一下這個想法的背景嗎？

Well, I think if we go back to the history of our, let's say, range of capture per megawatt, we moved up a little bit in November last year relative to the previous period.

嗯，我認為，如果我們回顧一下歷史，比如說，每兆瓦的捕獲範圍，去年 11 月相對於前一時期有所上升。

So we believe that the range that we gave [$2.75 million to $3.5 million] per megawatt is pretty much telling the story now.

因此我們認為，我們給出的每兆瓦價格範圍 [275 萬美元至 350 萬美元] 基本上已經說明了一切。

Again, where exactly it moves in this spectrum, it depends on many things.

再一次，它在這個頻譜中究竟移動到哪裡，取決於許多因素。

Maybe in some elements, regional, specific design, specific the type of vertical type of market and the type of let's say application.

也許在某些元素、區域、特定設計、特定垂直市場的類型和應用的類型方面。

So do we see us playing within this range and this segment that we gave you?

那麼，我們是否認為我們可以在這個範圍和我們給您的這個部分內進行遊戲？

Absolutely.

絕對地。

But I think it's a narrow enough band for us to share with all of you.

但我認為這個範圍夠窄，我們可以與大家分享。

If that band moves in any direction, we'll certainly be sharing that with you.

如果樂團有任何新動向，我們一定會與你們分享。

Thank you.

謝謝。

Nicole DeBlase, Deutsche Bank.

德意志銀行的妮可‧德布拉斯 (Nicole DeBlase)。

Yeah, thanks.

是的，謝謝。

Good morning, guys.

大家早安。

Just wanted to start on yet another question on orders.

只是想開始討論有關訂單的另一個問題。

Just a clarification first, when you guys talked about slot orders in 4Q, I presume that's organic.

首先需要澄清的是，當你們談到第四季的時段訂單時，我認為這是有機的。

It doesn't include the FX headwind.

它不包括 FX 逆風。

And then just thinking about what you're actually seeing in the pipeline, is there any possible way that you could quantify the level of pipeline growth that you're seeing?

然後想想您在管道中實際看到的情況，有沒有什麼可能的方法來量化您所看到的管道增長水平？

Just trying to get a bit of confidence in whether dollar orders can continue to like step up as we move throughout 2025.

只是想對 2025 年美元訂單是否能繼續增加有一點信心。

Thank you.

謝謝。

Yes, I think the answer to the first part of your question is yes, organic, that is.

是的，我認為你問題第一部分的答案是肯定的，而且是有機的。

When it comes to pipeline, we will not be specific on exactly what the pipeline is.

當談到管道時，我們不會具體說管道到底是什麼。

What we're seeing is robust pipeline growth quarter on quarter, certainly significant year on year, quite significant year-on-year pipeline growth if we compare ourselves, let's say, December 31 relative to December 31 prior year.

我們看到的是，季度環比管道增長強勁，同比增速肯定顯著，如果我們將 12 月 31 日與去年 12 月 31 日進行比較，同比管道增長相當顯著。

And that is very encouraging.

這是非常令人鼓舞的。

And that kind of supports very well our long-term plans and strategies.

這對我們的長期計劃和策略提供了很好的支持。

So the good thing is well balanced across the various regions.

因此，好事在各個地區都實現了很好的平衡。

And another element that we like is that kind of the visibility out.

我們喜歡的另一個元素是這種可見性。

So the horizon has extended as well.

因此視野也擴大了。

Now, we are very kind of meticulous in the way we manage our pipelines and very consistent year on year.

現在，我們管理管道的方式非常細緻，並且年復一年保持一致。

So what we see is encouraging and heading in the right direction.

因此，我們看到的是令人鼓舞的並且正朝著正確的方向前進。

Thank you.

謝謝。

I'll pass it on.

我會傳達的。

Mark Delaney, Goldman Sachs.

高盛的馬克·德萊尼。

Yes, thank you very much for taking my question.

是的，非常感謝您回答我的問題。

You spoke a bit already on the 1Q revenue outlook as a percent of the full year guide, but I'm hoping you can provide some more details on your expectation for the shape of the year from a top line perspective?

您已經談到了第一季營收前景佔全年預期的百分比，但我希望您能從營收角度提供更多有關您對今年業績前景的預期細節？

And specifically at Blackwell supply chain readiness or other supply chain factors gating the revenue growth in the first half?

具體來說，Blackwell 的供應鏈準備或其他供應鏈因素是否影響了上半年的營收成長？

And then, on that topic in particular with supply chain readiness, have you seen any changes in delivery schedules as a result of that?

然後，關於這個主題，特別是關於供應鏈準備的情況，您是否看到交貨時間表因此而發生任何變化？

Thank you.

謝謝。

Yeah, I can address the first part, Mark.

是的，我可以解決第一部分，馬克。

If you look at the shape of the year from a top line perspective and really from a profitability perspective, just like prior years we expect sequentially increases each quarter as we progress through the year.

如果從營業收入和獲利能力的角度來看待今年的情況，就像前幾年一樣，我們預計隨著全年的進展，每季的業績都會連續增加。

From a percentage of the whole, similar to the first quarter, which is comparable, maybe a little bit higher than what we saw last year, we would see the cadence as a percentage of total sales each quarter in '25 to be similar to what we saw in 2024, and that's also the case as it relates to adjusted operating profit.

從整體的百分比來看，與第一季類似，可能比去年的水平略高一點，我們會看到 25 年每個季度佔總銷售額的百分比與我們在 2024 年看到的類似，就調整後的營業利潤而言也是如此。

The second part of the question was about supply chain and whether a supply chain is supporting the growth and plans.

問題的第二部分是關於供應鏈，以及供應鏈是否支援成長和計劃。

And I wholeheartedly say yes, we see a good supply chain well supporting our plans.

我可以全心全意地說，是的，我們看到良好的供應鏈很好地支持了我們的計劃。

Thank you.

謝謝。

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 back over to Gio Albertazzi for any closing remarks.

我想將會議交還給 Gio Albertazzi 並請他作最後發言。

Well, thank you very much and certainly, thank you for all your questions.

好吧，非常感謝您，當然也感謝您提出的所有問題。

I'd like to thank the entire Vertiv team for the passion and dedication in taking care of our customers, delivering results, and being the thought leader in our industry.

我要感謝整個 Vertiv 團隊，感謝他們為照顧客戶、取得成果以及成為行業思想領袖所展現的熱情和奉獻精神。

We plan to build on the momentum of 2024 and deliver another very strong year in 2025.

我們計劃借助 2024 年的良好勢頭，在 2025 年再創輝煌。

So with that, thanks everyone for joining us today.

因此，感謝大家今天的參與。

We truly appreciate your support.

我們衷心感謝您的支持。

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。