Vertiv Holdings Co (VRT) 2025 Q1 法說會逐字稿

Good morning. My name is Nadia, and I'll be your conference operator today. At this time, I would like to welcome everyone to Vertiv's first quarter 2025 earnings conference call. (Operator Instructions) Please note, this call is being recorded. I would now like to turn the program over to your host for today's conference call, Lynne Maxeiner, Vice President of Investor Relations.

早安.我叫納迪亞，今天我將擔任您的會議主持人。現在，我歡迎大家參加 Vertiv 2025 年第一季財報電話會議。（操作員指示）請注意，此通話正在錄音。現在，我想將節目交給今天電話會議的主持人、投資者關係副總裁 Lynne Maxeiner。

Great. Thank you, Nadia. Good morning, and welcome to Vertiv's first quarter 2025 earnings conference call. Joining me today are Vertiv's Executive Chairman, Dave Cote; Chief Executive Officer, Giordano Albertazzi; and Chief Financial Officer, David Fallon. (Event Instructions)

偉大的。謝謝你，納迪亞。早安，歡迎參加 Vertiv 2025 年第一季財報電話會議。今天與我一起出席的還有 Vertiv 執行董事長 Dave Cote；佐丹奴阿爾貝塔齊執行長；和財務長 David Fallon。（活動須知）

Before we begin, I'd like to point out that during the course of this call, we will make forward-looking statements regarding future events, including the future financial and operating performance of Vertiv. These forward-looking statements are subject to material risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements.

在我們開始之前，我想指出，在本次電話會議期間，我們將對未來事件做出前瞻性陳述，包括 Vertiv 未來的財務和營運績效。這些前瞻性陳述受到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. Any forward-looking statements that we make today are based on assumptions that we believe to be reasonable as of this date. We undertake no obligation to update these statements as a result of new information or future events.

我們請您參閱今天的收益報告中包含的警示性語言，您可以在我們的年度和季度報告以及向美國證券交易委員會提交的其他文件中了解有關這些風險的更多資訊。我們今天所做的任何前瞻性陳述都是基於我們認為截至目前為止合理的假設。我們不承擔因新資訊或未來事件而更新這些聲明的義務。

During this call, we will also present both GAAP and non-GAAP financial measures. Our GAAP results and GAAP to non-GAAP reconciliations can be found in our earnings press release and in the investor slide deck found on our website at investors.vertiv.com.

在本次電話會議中，我們也將介紹 GAAP 和非 GAAP 財務指標。我們的 GAAP 結果以及 GAAP 與非 GAAP 的對帳可以在我們的收益新聞稿和我們網站 investors.vertiv.com 上的投資者幻燈片中找到。

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

說完這些，我將電話轉給執行主席戴夫·科特 (Dave Cote)。

Good morning. Glad to say I'm pleased with how we kicked off 2025. Growth and great execution are a powerful combination. Despite the market noise out there, we continue to outperform and deliver strong results. Our position in the market keeps getting stronger. You and the team are executing very well, and our investments in R&D and capacity are paying off.

早安.我很高興地說，我對我們 2025 年的開局感到滿意。成長與優秀的執行力是強大的組合。儘管市場噪音不斷，我們仍然表現優異，並取得強勁的業績。我們的市場地位不斷增強。您和您的團隊表現非常出色，我們在研發和產能的投資也獲得了回報。

You've heard me talk many times about the importance of seed planting. We have consistently planted seeds at Vertiv and that seed planting is paying off. As we have said before, the digital revolution is happening, and it still has a long way to go. Data centers remain fundamental to all of it. AI adoption is spreading globally, data center demand remains robust and Vertiv is positioned extremely well to capitalize on these opportunities.

你已經聽我多次談論播種的重要性。我們一直在 Vertiv 播下種子，而這些種子正在獲得回報。正如我們之前所說，數位革命正在發生，而且還有很長的路要走。資料中心對這一切來說依然至關重要。人工智慧的應用正在全球蔓延，資料中心的需求仍然強勁，Vertiv 已做好充分準備來利用這些機會。

Our portfolio, technology leadership and global scale are not easily replicated. Vertiv's management team has an intense focus on speed and strong execution, and that is amplifying our competitive advantages in this fast-growing market. Additionally, it's the only thing we do. So it gets a lot of attention. There's been a lot of turmoil lately about tariffs, which, of course, remains a fluid situation.

我們的產品組合、技術領先地位和全球規模是難以複製的。Vertiv 的管理團隊非常注重速度和強大的執行力，這增強了我們在這個快速成長的市場中的競爭優勢。此外，這也是我們唯一做的事情。因此它受到了很多關注。最近，關稅問題引發了許多動盪，當然，情況仍然不穩定。

The reality is, given our market position and operational flexibility we believe we're well positioned to handle the tariff situation. We have a sound playbook developed over several years to manage through this situation. We have manufacturing capabilities across multiple regions and our supply chain team has proven to navigate these challenges. I'm confident in our ability to handle what comes our way.

事實是，鑑於我們的市場地位和營運彈性，我們相信我們有能力應對關稅狀況。我們經過數年時間制定了完善的應對方案來應對這種情況。我們在多個地區擁有製造能力，我們的供應鏈團隊已證明能夠應對這些挑戰。我對我們處理所遇到的問題的能力充滿信心。

All that being said, we do have to wait and see what actually transpires. We're still early in our Vertiv transformation. There's so much more value to unlock here and we've got the right team and strategy to do it. We are much better than we were before, and there is still a lot of upside left yet. We're building a great track record of consistently outperforming, but there's still so much more potential ahead. That's good news for all of us as investors.

話雖如此，我們還是需要拭目以待，看看最終會發生什麼。我們的 Vertiv 轉型仍處於早期階段。這裡有太多的價值有待釋放，而且我們有合適的團隊和策略來實現它。我們現在比以前好多了，而且還有很多上升空間。我們正在創造持續超越的輝煌業績，但未來仍有更大的潛力。對我們所有投資人來說，這都是個好消息。

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

因此，我將把發言權交給 Gio。

Well, thank you, Dave. And let's go to slide 3. Our Q1 performance demonstrates the strength of our business and the soundness of our strategy. It is a strong quarter, and it confirms everything we've been telling you about our market position and execution capabilities. Among other things, I am very pleased with the direction of pipelines and orders and with the further backlog expansion we have driven in Q1.

好吧，謝謝你，戴夫。我們來看投影片 3。我們第一季的業績證明了我們業務的實力和策略的合理性。這是一個強勁的季度，它證實了我們一直以來向您講述的有關我們的市場地位和執行能力的一切。除此之外，我對管道和訂單的方向以及我們在第一季推動的進一步積壓擴張感到非常滿意。

We have heard a lot of opinions about the market. Let me be clear, our visibility into the data center market gives us every reason to be confident. Not just for '25, but for the years beyond. Our industry is continuing to grow, particularly around AI infrastructure.

我們聽到了很多關於市場的意見。讓我明確一點，我們對資料中心市場的了解讓我們有充分的理由充滿信心。不僅適用於 25 年，也適用於以後的歲月。我們的行業正在持續成長，特別是在人工智慧基礎設施方面。

And it's moving along the market trajectory that we shared with you at our November 24 Investor Day. Vertiv is uniquely positioned to capitalize on this trajectory. In Q1, EPS were up 49% to $0.64, driven by our increased AOP. Our organic net sales were up 25%, and we believe we are outperforming market growth. Book-to-bill was a convincing 1.4 times in Q1.

它正沿著我們在 11 月 24 日投資者日與您分享的市場軌跡發展。Vertiv 擁有獨特的優勢，可以利用這一發展軌跡。在第一季度，受 AOP 成長的推動，每股收益上漲 49% 至 0.64 美元。我們的有機淨銷售額成長了 25%，我們相信我們的表現優於市場成長。第一季的訂單出貨比達到了令人信服的 1.4 倍。

Our trailing 12-month organic orders growth is 20%. We're winning in a market that shows a strong demand signals. We believe the TTM trend is the right way to look at orders. Yeah, I want to underline that Q1 orders were up 21% sequentially and a healthy 13% year-over-year against very challenging comps. The strength of these numbers reflects not just market growth but our ability to expand our market position.

我們過去 12 個月的有機訂單成長率為 20%。我們在一個顯示出強勁需求訊號的市場中取得了勝利。我們認為 TTM 趨勢是看待訂單的正確方式。是的，我想強調的是，第一季的訂單環比增長了 21%，與去年同期相比增長了 13%，而同期的訂單量卻非常大。這些數字的強勁不僅反映了市場的成長，也反映了我們擴大市場地位的能力。

Our strong growth, combined with convincing execution resulted in an adjusted operating profit of $337 million up 35% from prior year. We delivered another strong quarter of adjusted free cash flow at $265 million, up 162% year-on-year. Our balance sheet continues to strengthen, which is especially important during times of uncertainty.

我們的強勁成長加上令人信服的執行力使調整後的營業利潤達到 3.37 億美元，比上年增長 35%。我們本季調整後自由現金流再次表現強勁，達到 2.65 億美元，年增 162%。我們的資產負債表繼續加強，這在不確定時期尤其重要。

Now let's look at the full year ahead. We are very pleased to raise our sales growth guidance to 18%. As we know well, the tariff situation is quite dynamic and fluid. We wanted to have a credible reference point. So we have based our guidance on the tariff rates in place as of April 22. And we have assumed they will remain unchanged for the rest of the year. We will elaborate further in the next pages.

現在讓我們展望一下全年。我們非常高興地將銷售成長預期提高至 18%。眾所周知，關稅情況非常動態且不穩定。我們希望有一個可靠的參考點。因此，我們的指導是基於 4 月 22 日實施的關稅稅率。我們預計今年剩餘時間內該比率將保持不變。我們將在接下來的頁面中進一步闡述。

In this scenario, we have held our EPS guidance midpoint unchanged at $3.55 and expanded the range. We have held our AOP guidance center point unchanged, also within the broader range. The broader guidance range reflects the uncertainty that the tariff situation creates. However, we believe in our business fundamentals and in our ability to execute. We have built resilience into our operations, precisely for situations like this.

在這種情況下，我們將每股盈餘指引中點維持在 3.55 美元不變，並擴大了範圍。我們保持 AOP 指導中心點不變，也在更廣泛的範圍內。更廣泛的指導範圍反映了關稅情勢造成的不確定性。然而，我們相信我們的業務基礎和執行能力。我們在營運中建立了韌性，正是為了應對這種情況。

Certainly, there are things we don't know yet. And rather than speculate, we'll continue to focus on what we can control, and we will adapt as the situation becomes clearer. We have started the year strong and based on the demand signals from customers and technology partners, we believe that 2025 will be another strong year. With that, let's move to slide 4.

當然，還有一些事情我們還不知道。我們不會進行猜測，而是會繼續專注於我們能夠控制的事情，並隨著情況變得更加明朗而做出調整。我們今年開局強勁，根據客戶和技術合作夥伴的需求訊號，我們相信 2025 年將是另一個強勁的一年。接下來，讓我們來看第 4 張投影片。

We continue to see a strong end market environment that expands well beyond 2025. This is clearly a secular trend. The trajectory of pipeline and orders indicates strength in demand. As I said, our TTM orders remain very convincing.

我們將繼續看到強勁的終端市場環境，並將遠遠超出 2025 年的範圍。這顯然是一個長期趨勢。管道和訂單的軌跡表明需求強勁。正如我所說，我們的 TTM 訂單仍然非常有說服力。

Pipeline continuous -- pipelines continue to grow sequentially across all regions, demonstrating we are still in the early phases of this investment cycle. In the Americas, we are seeing strong performance with TTM organic orders up more than 30% and particularly strong pipelines.

管道連續－所有地區的管道繼續連續成長，顯示我們仍處於此投資週期的早期階段。在美洲，我們看到了強勁的表現，TTM 有機訂單成長超過 30%，通路尤其強勁。

APAC in general, continues to show order strength and pipeline growth, EMEA still lags the other regions. The dynamics we discussed in February continue. EMEA pipelines though, are robust and growing. Our backlog expanded further and expands strong at $7.9 billion, up $1.6 billion year-over-year. This corroborates our growth story and the five-year model that we shared at the November 24 Investor event.

總體而言，亞太地區持續表現出訂單強勁和通路成長，而歐洲、中東和非洲地區仍落後於其他地區。我們在二月份討論的動態仍在繼續。但 EMEA 管道卻十分強勁且不斷成長。我們的積壓訂單進一步擴大，並強勁成長至 79 億美元，年增 16 億美元。這證實了我們的成長故事和我們在 11 月 24 日投資者活動上分享的五年模型。

Let's look at the right side of the slide. Our supply chains continue to demonstrate strong momentum and resilience across multiple dimensions. Supply chain resilience has been central to our agenda for more than two years now.

讓我們來看看幻燈片的右側。我們的供應鏈繼續在多個維度上展現出強勁的勢頭和韌性。兩年多來，供應鏈彈性一直是我們議程的核心。

We have been driving geographical -- sorry, geographical and geopolitical diversity, multi-sourcing and standardization, all with a very rigorous and data-driven resilience drumbeat. As we said, we have built our supply chain and manufacturing resilience around geopolitical themes in the last couple of years.

我們一直在推動地理——抱歉，是地理和地緣政治多樣性、多源和標準化，所有這些都以非常嚴格和數據驅動的彈性鼓點進行。正如我們所說，過去幾年我們圍繞地緣政治主題建構了我們的供應鏈和製造業彈性。

The current tariff map adds a new dimension to it. But our resilience and the muscle we have created are strong and position us well to manage the current situation. Of course, we'll stay agile and adapt as conditions evolve. We continue to focus on the Vertiv operating system. VOS is driving manufacturing productivity, efficiency and is liberating capacity. We maintain a relentless focus on operational excellence across the organization.

目前的關稅圖為其增加了一個新的維度。但我們的韌性和所打造的力量非常強大，使我們能夠很好地應對當前局勢。當然，我們會保持靈活，並隨著情況的發展而適應。我們繼續關注 Vertiv 作業系統。VOS 正在推動製造業的生產力和效率並釋放產能。我們始終堅持不懈地關注整個組織的卓越運作。

Let's move to slide 5. Over the years, we have strengthened our pricing muscle and capabilities. And as said, we are continuously optimizing our global supply. Let me take a moment to provide some clarity around our tariff mitigation strategy.

讓我們翻到幻燈片 5。多年來，我們不斷增強定價實力和能力。正如所說，我們正在不斷優化我們的全球供應。請容許我花一點時間來澄清一下我們的關稅減免策略。

Let's look at how we supply our American business. In the US, we have strong local capacity and we continue expanding it. We have capacity in Mexico. Most of our Mexico capacity and production is already USMCA qualified, and we are driving towards 100% of qualification goal. Single digits portion of our demand is sourced from China, and we are deploying or have already deployed lower tariff or no tariff alternatives. A small portion of the US demand comes from other regions, predominantly from EMEA and of course, that is being optimized.

讓我們看看我們如何為美國企業提供供貨。在美國，我們擁有強大的本地產能，我們將繼續擴大它。我們在墨西哥有產能。我們在墨西哥的大部分產能和生產已經符合 USMCA 的要求，我們正在努力實現 100% 的合格目標。我們的需求中只有個位數來自中國，我們正在部署或已經部署了較低關稅或無關稅的替代方案。美國需求的一小部分來自其他地區，主要來自歐洲、中東和非洲地區，當然，這些地區正在優化。

The agility and efficacy we have developed over the last couple of years is helping, but we're not standing still. We have a comprehensive set of actions underway. We are working towards the USMCA qualification for the remaining portion of our Mexico-based supply chain, we are actively rebalancing our global supply chain towards low or no tariff regions, and we are strategically relocating production while leveraging our US manufacturing footprint.

我們在過去幾年中培養的敏捷性和效率正在發揮作用，但我們不會停滯不前。我們正在進行一系列全面的行動。我們正在努力使墨西哥供應鏈的剩餘部分獲得 USMCA 資格，我們正在積極地將全球供應鏈重新平衡到低關稅或無關稅地區，並且我們正在戰略性地重新安置生產，同時利用我們在美國製造的足跡。

The commercial aspects of tariff mitigation are important. We have already taken some price actions in the market and will take more as necessary. Discussions with our customers about existing orders pricing actions where needed are also part of the mitigation strategy. We believe the impact of these mitigating actions will compound as the year progresses.

降低關稅的商業層面非常重要。我們已經在市場上採取了一些價格行動，並將根據需要採取更多行動。與我們的客戶討論現有訂單的定價措施也是緩解策略的一部分。我們相信，隨著時間的推移，這些緩解措施的影響將會加劇。

Although the tariff environment remains fluid, our goal is to significantly mitigate the effect of tariffs as we enter 2026. But do not get me wrong. This is complicated, and there is a very large number of moving parts. We have established a detailed tariff playbook that allows us to monitor and respond to evolving trade dynamics. And with that, over to David.

儘管關稅環境依然不穩定，但我們的目標是在進入 2026 年時顯著減輕關稅的影響。但請不要誤會我的意思。這很複雜，並且涉及大量活動部件。我們制定了詳細的關稅方案，使我們能夠監控和應對不斷變化的貿易動態。接下來，交給大衛。

All right. Thanks, Gio. Turning to slide 6. This page summarizes our first quarter financial results. All metrics are significantly improved from last year's first quarter, including adjusted diluted EPS at $0.64. As Gio mentioned, up 49% from last year and $0.04 better than our guidance.

好的。謝謝，吉奧。翻到幻燈片 6。本頁總結了我們的第一季財務表現。所有指標較去年第一季均有顯著改善，其中調整後稀釋每股收益為 0.64 美元。正如 Gio 所提到的，比去年增長了 49%，比我們的預期高出 0.04 美元。

The increase in EPS was primarily driven by higher adjusted operating profit, but also positively influenced by lower interest expense, in part due to the term loan repricing last year. Moving to the right. Organic net sales were up 25% from last year's first quarter, driven by strong growth in the Americas and APAC. We overdrove sales guidance by over $100 million, facilitated by available capacity and strong operational execution.

每股盈餘的成長主要得益於調整後的營業利潤增加，但也受到利息支出減少的正面影響，部分原因是去年定期貸款重新定價。向右移動。受美洲和亞太地區強勁成長的推動，有機淨銷售額較去年第一季成長 25%。在現有產能和強大的營運執行力的推動下，我們的銷售額超出預期 1 億美元以上。

Adjusted operating profit was up $88 million or 35% from last year, and that was primarily driven by the higher volume. And the 130 basis point expansion in adjusted operating margin was primarily due to operational leverage. Another strong quarter for adjusted free cash flow as we generated $265 million, $164 million higher than last year, and that drove a free cash flow conversion of over 100%.

調整後的營業利潤比去年增加了 8,800 萬美元，即 35%，這主要得益於銷售量的增加。調整後營業利益率擴大 130 個基點主要歸功於營運槓桿。本季，我們調整後的自由現金流再創佳績，達到 2.65 億美元，比去年同期高出 1.64 億美元，自由現金流轉換率超過 100%。

We experienced strong collections at the end of the quarter with a good portion of that accelerated a few weeks from Q2, which does create a potential headwind for next quarter. We expect free cash flow for the first half of 2025 to be roughly consistent with the first half of 2024.

我們在本季末經歷了強勁的收款勢頭，其中很大一部分是從第二季度開始的幾週內加速的，這確實為下個季度帶來了潛在的阻力。我們預計 2025 年上半年的自由現金流與 2024 年上半年大致持平。

And finally, on this slide, in the bottom right-hand corner, our net leverage currently stands at 0.8 times. As we mentioned previously, we believe our strong balance sheet, debt profile and cash generation qualify us for an investment-grade credit rating right now. And we are pleased to announce that Fitch agrees with us as they recently launched ratings on Vertiv debt at investment-grade BBB-. This provides additional flexibility with our capital structure, improves our borrowing capabilities. And frankly, it is a testament to how far we have come with our cash generation profile. We will always manage our capital structure in the best interest of shareholders, and this investment-grade rating amplifies our ability to do exactly that.

最後，在這張投影片的右下角，我們的淨槓桿率目前為 0.8 倍。正如我們之前提到的，我們相信我們強勁的資產負債表、債務狀況和現金產生能力使我們目前有資格獲得投資等級信用評級。我們很高興地宣布，惠譽同意我們的觀點，他們最近對 Vertiv 債務進行了投資級 BBB- 評級。這為我們的資本結構提供了額外的靈活性，並提高了我們的借貸能力。坦白說，這證明了我們的現金創造狀況已經取得了多大的進步。我們將始終以股東的最大利益為出發點來管理我們的資本結構，而這項投資等級評級增強了我們做到這一點的能力。

Next, turning to page 7. This slide summarizes our quarterly segment performance. As mentioned, continued strong top line growth in both the Americas and APAC, including China, while EMEA's growth lagged the other two regions, primarily due to slower AI infrastructure build, as we discussed in the fourth quarter. Nonetheless, we remain optimistic about the future growth in EMEA as orders pipeline continues to expand at an encouraging pace.

接下來翻到第7頁。這張投影片總結了我們本季的分部業績。如上所述，美洲和包括中國在內的亞太地區的營收持續強勁成長，而歐洲、中東和非洲地區的成長落後於其他兩個地區，這主要是由於人工智慧基礎設施建設放緩，正如我們在第四季度所討論的那樣。儘管如此，由於訂單管道繼續以令人鼓舞的速度擴張，我們仍然對 EMEA 地區未來的成長持樂觀態度。

Adjusted operating margin increased from last year's first quarter across all 3 regions, with operational leverage, the primary driver and the 160 basis point expansion in the Americas was the incremental cost of tariffs.

所有三個地區的調整後營業利潤率較去年第一季均有所增加，主要驅動力是營運槓桿，美洲地區的 160 個基點的擴張是由於關稅成本的增量。

Moving to page 8. This slide summarizes our second quarter guidance. We expect continued top line momentum, including 15% sequential quarterly growth and 21% growth from last year's second quarter, with both the Americas and APAC, once again growing more than 20% year-over-year, and we continue to be prudent with growth expectations in EMEA. Tariff costs will certainly accelerate in the second quarter from the first quarter.

翻到第 8 頁。這張投影片總結了我們第二季的指導。我們預計營收將持續成長勢頭，包括季度環比增長 15% 和較去年第二季度增長 21%，其中美洲和亞太地區的同比增長率將再次超過 20%，同時我們繼續對 EMEA 地區的成長預期保持謹慎。第二季關稅成本上漲速度肯定會比第一季加快。

And with limited time to mitigate with either supply chain or commercial countermeasures, our adjusted operating margin will be negatively influenced. If tariff rates in effect today remain in effect for the entire second quarter, we expect adjusted operating margin to be 18.5%, about 110 basis points lower than last year's second quarter.

而且由於透過供應鏈或商業對策緩解的時間有限，我們的調整後營業利潤率將受到負面影響。如果今天生效的關稅稅率在整個第二季度仍然有效，我們預計調整後的營業利潤率將為 18.5%，比去年第二季低約 110 個基點。

However, excluding the estimated net tariff impact, adjusted operating margin would show good expansion, which implies that tariffs more than explain the year-over-year reduction and underlying margin expansion drivers, including operational leverage, productivity and commercial execution remains strong, and we believe we continue to be on track for our long-term margin targets.

然而，排除估計的淨關稅影響，調整後的營業利潤率將顯示出良好的擴張，這意味著關稅足以解釋同比下降，並且包括營運槓桿、生產力和商業執行力在內的潛在利潤率擴張驅動因素依然強勁，我們相信我們將繼續朝著長期利潤率目標邁進。

And finally, despite the negative impact from tariffs, our second quarter adjusted operating profit is still growing 14% and our adjusted diluted EPS is still growing an impressive 21% from last year, strong growth even in a world without tariffs.

最後，儘管受到關稅的負面影響，我們第二季度的調整後營業利潤仍增長 14%，調整後的稀釋每股收益仍比去年同期增長了 21%，即使在沒有關稅的情況下也實現了強勁增長。

Next, moving to page 9. This slide updates our full year 2025 financial guidance. In summary, compared to prior guidance, we are increasing top line projections and including estimated net tariff costs. First, we are increasing full year sales guidance by $250 million, including approximately $150 million organically and approximately $100 million from favorable foreign exchange.

接下來，翻到第 9 頁。此投影片更新了我們 2025 年全年財務指引。總而言之，與之前的指導相比，我們提高了營收預測，並包括了預期的淨關稅成本。首先，我們將全年銷售預期上調 2.5 億美元，其中包括約 1.5 億美元的有機成長和約 1 億美元的有利外匯收入。

The $150 million increase in organic sales is driven by both the first quarter [beat] and higher expectations in the second quarter versus what was implied in our prior guidance. Regionally, we are increasing full year expectations for both the Americas and APAC, while lowering projections for EMEA.

有機銷售額成長 1.5 億美元，這既得益於第一季的業績超出預期，也得益於第二季的預期高於我們先前的預期。從地區來看，我們提高了美洲和亞太地區的全年預期，同時降低了歐洲、中東和非洲地區的預測。

Full year organic sales growth is now expected to be 18% at the midpoint, 2 percentage points higher than our prior guidance. We are maintaining our full year guidance for adjusted operating profit at $1.935 billion at the midpoint. This guidance assumes that tariff rates in effect yesterday remain in effect for the remainder of the year.

目前預計全年有機銷售額成長率中位數為 18%，比我們先前的預期高出 2 個百分點。我們維持全年調整後營業利潤中位數為 19.35 億美元的預期。本指南假設昨天生效的關稅稅率在今年剩餘時間內仍然有效。

Of course, adjusted operating profit will be favorably influenced by the higher sales volume. In addition, we have higher expectations for productivity, but we also include provision for the potential negative net impact of tariffs for the remainder of the year, including the cost of tariffs themselves, offset by planned supply chain and commercial countermeasures.

當然，調整後的營業利潤將受到銷售量增加的正面影響。此外，我們對生產力有更高的預期，但我們也為今年剩餘時間關稅的潛在負面淨影響做好了準備，包括關稅本身的成本，並透過計劃中的供應鏈和商業對策來抵消。

We are reducing our full year guidance for adjusted operating margin to 20.5% at the midpoint, approximately 50 basis points lower than prior guidance, of course, primarily driven by the estimated net impact of tariffs offset by favorable operating leverage on higher expected sales.

我們將全年調整後營業利潤率的預期中位數下調至 20.5%，比之前的預期低約 50 個基點，當然，這主要是由於關稅的預期淨影響被預期銷售額增加帶來的有利營業槓桿所抵消。

This all translates into maintaining our adjusted diluted EPS at $3.55 at the midpoint, which is consistent with prior guidance and 25% higher than prior year despite the impact of tariffs. Once again, good growth for most years, but particularly impressive considering the uncertain and fluid environment.

這一切都意味著我們的調整後稀釋每股收益將維持在 3.55 美元的中間值，這與先前的預期一致，儘管受到關稅的影響，但仍比去年高出 25%。再次，大多數年份都實現了良好的成長，但考慮到不確定和多變的環境，這尤其令人印象深刻。

As Gio mentioned, there's still plenty of uncertainty and a ton of work to do, but we believe we are very well positioned to respond to the challenges, which is a good segue to the next slide, slide 10, which due to the dynamic nature of the tariff environment, this slide depicts our adjusted operating profit under various scenarios.

正如吉奧所提到的，仍然存在許多不確定性和大量工作要做，但我們相信我們已做好準備應對挑戰，這很好地過渡到下一張幻燈片，即第 10 張幻燈片，由於關稅環境的動態性質，這張幻燈片描述了我們在各種情況下的調整後營業利潤。

Of course, we anchor to our base guidance from the prior page, which is highlighted in blue here on page 10, with the high end and low end of the adjusted operating profit guidance primarily driven by the upper and lower ends of the sales guidance on the previous slide.

當然，我們以上一頁的基本指導為基礎，該指導在第 10 頁以藍色突出顯示，調整後的營業利潤指導的高端和低端主要由上一張幻燈片中的銷售指導的高端和低端決定。

Once again, this guide assumes that the tariffs in place yesterday remain in effect for the remainder of the year. We also illustrate a few other scenarios to our base guidance, including an upside scenario of $2.015 billion at the top of the slide, and this is primarily driven by sales opportunities above the high end of our sales guidance, which is consistent with our continued favorable view of the market and growing orders pipeline.

再次，本指南假設昨天實施的關稅在今年剩餘時間內仍然有效。我們也對我們的基本指導說明了其他一些情景，包括幻燈片頂部的 20.15 億美元的上行情景，這主要是由高於我們銷售指導高端的銷售機會推動的，這與我們對市場的持續樂觀看法和不斷增長的訂單渠道一致。

We also include two potential downside scenarios on this slide, one where we include provision for potential risk related to supply chain and commercial countermeasures and another below that where we estimate the potential negative impact of April 2 reciprocal tariff rates that were subject to a 90-day pause are indeed reinstated.

我們也在這張投影片中列出了兩種潛在的下行情景，一種是包括與供應鏈和商業對策相關的潛在風險的準備金，另一種是我們估計 4 月 2 日暫停 90 天的互惠關稅稅率確實恢復後可能產生的負面影響。

Clearly, uncertainty remains, and there continues to be a lot of moving elements, but we believe these scenarios provide directional guardrails for possible outcomes.

顯然，不確定性仍然存在，並且仍存在許多變動因素，但我們相信這些情景為可能的結果提供了方向性的護欄。

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

話雖如此，我還是把它交還給 Gio。

Well, thank you. Thank you, David. And just take for a moment still on page 10. I just want to add that we believe the guidance you will see in bold here is the place to anchor to. And I'm very, very encouraged by the speed of execution and the rigor of execution that team Vertiv is displaying in handling the changing conditions.

好的，謝謝你。謝謝你，大衛。我們先來看第 10 頁。我只想補充一點，我們相信您在這裡看到的粗體指導是值得遵循的。我對 Vertiv 團隊在處理不斷變化的條件時所表現出的執行速度和執行嚴謹性感到非常鼓舞。

Let's go to slide 11 now. Gather your cap and then I'll add a couple of important comments. A few points really stand out from our first quarter. We exceeded our guidance for Q1, sales and profitability. The strong momentum we built throughout '23 and '24 continues.

現在我們來看第 11 張投影片。收拾好你的帽子，然後我會添加一些重要的評論。我們第一季確實有幾點引人注目。我們超越了對第一季銷售額和獲利能力的預期。我們在 2023 年和 2024 年建立的強勁勢頭仍在繼續。

Our order performance was particularly encouraging, and so our book-to-bill ratio at 1.4 times. Strong organic sales growth and margin expansion are expected to continue to '25 and throughout the year. We are raising our full year organic sales growth expectation to 18%. That is supported by the strong backlog and the pipelines we see across our business. Our profitability and on profitability, we continue to expand operating margin expansion despite the potential tariff headwinds.

我們的訂單表現尤其令人鼓舞，因此我們的訂單出貨比達到了 1.4 倍。強勁的有機銷售額成長和利潤率擴張預計將持續到 25 年及全年。我們將全年有機銷售額成長預期上調至 18%。這得歸功於我們在整個業務中看到的大量積壓訂單和管道。我們的獲利能力和獲利能力方面，儘管存在潛在的關稅阻力，我們仍繼續擴大營業利潤率。

We have developed playbooks to address various scenarios. We remain focused on operational and commercial execution. Very importantly, we expect our strong free cash flow generation to continue. This gives us flexibility to invest further. The market remains robust, particularly the data center space, and we are well positioned to capture this growth opportunity while delivering on our commitments to expand margin and generate strong cash flow.

我們已經制定了劇本來應對各種情況。我們仍然專注於營運和商業執行。非常重要的是，我們預計強勁的自由現金流產生將持續下去。這使我們可以靈活地進一步投資。市場依然強勁，尤其是資料中心領域，我們已準備好抓住這一成長機遇，同時履行擴大利潤率和產生強勁現金流的承諾。

Now let me share some exciting news about our projects with iGenius. Here, NVIDIA and Vertiv are delivering a fully prefabricated AI factory. This is a very important sovereign AI supercomputer and we provide everything infrastructure from liquid cooling to heat rejection, grid to chip power in a very rapidly deployable modular infrastructure. All leveraging our NVIDIA codeveloped AI reference designs. What makes this truly special is how it brings together all our core Vertiv strengths.

現在讓我分享一些我們與 iGenius 合作專案的令人興奮的消息。在這裡，NVIDIA 和 Vertiv 正在交付一個完全預製的 AI 工廠。這是一台非常重要的自主人工智慧超級計算機，我們透過可快速部署的模組化基礎設施提供從液體冷卻到散熱、從電網到晶片電源的所有基礎設施。所有這些都利用了我們與 NVIDIA 共同開發的 AI 參考設計。它的真正特別之處在於它整合了我們所有的核心 Vertiv 優勢。

Our ability to deliver complex solutions at scale, our deep technical expertise and our commitment to innovation. We're not just providing infrastructure, we are enabling iGenius to deploy advanced AI models in a highly regulated industry. I invite you to take a closer look at our iGenius project solution in the quite cool video linked from both yesterday's press release and indeed on the stack. This video really showcases the scope of our solution and the unique end-to-end capabilities of Vertiv.

我們擁有大規模提供複雜解決方案的能力、深厚的技術專長以及對創新的承諾。我們不僅提供基礎設施，還支援 iGenius 在高度監管的行業中部署先進的 AI 模型。我邀請您仔細查看我們的 iGenius 專案解決方案，該解決方案在昨天的新聞稿和堆疊上都連結了非常酷的影片。影片真正展示了我們的解決方案的範圍以及 Vertiv 獨特的端到端功能。

When we talk about partnership and partnership is crucial. And working together and closely with NVIDIA, we are advancing AI factory design through digital twins and simulation, all connected directly to Vertiv solutions.

當我們談論夥伴關係時，夥伴關係至關重要。我們與 NVIDIA 緊密合作，透過數位孿生和類比推進 AI 工廠設計，所有這些都直接連接到 Vertiv 解決方案。

We are delivering the technology that enables the future generations of AI. We are helping our customers to stay one or more GPU generations ahead. We enable customers to plan infrastructure before silicon lands with deployment-ready design ready for increased rack power density. We're not just participating in the market evolution, we are actively shaping it.

我們正在提供支援未來幾代人工智慧的技術。我們正在幫助我們的客戶保持領先一代或幾代 GPU。我們協助客戶在矽片落地前規劃基礎設施，並提供可部署的設計以增加機架功率密度。我們不僅參與市場變革，我們也積極塑造市場變革。

So we remain humble about the work ahead. We are laser-focused on delivering on our commitment. We remain confident in the long-term vision we shared with you last November. We have started the year strong, and we believe that 2025 is shaping to be another strong year.

因此，我們對未來的工作保持謙遜的態度。我們全心全意地履行我們的承諾。我們對於去年 11 月與大家分享的長期願景仍然充滿信心。今年我們開局強勁，我們相信 2025 年也將是另一個強勁的一年。

With that, Nadia, let us begin Q&A session. Thank you.

納迪亞，讓我們開始問答環節。謝謝。

(Operator Instructions) Scott Davis, Melllius Research. Scott, please go ahead.

（操作員指示）Scott Davis，Melllius Research。斯科特，請繼續。

Congrats on navigating through this mess on scads far. It's going to be a hard question to answer, perhaps. But when you think about -- I think your guide for incremental margins because of these tariffs is like, call it 13% or so for 2Q. How do you see the mitigation efforts from Slide 5? How do you see that phasing in through '25 assuming there's no change, obviously, there could be a change in DC tomorrow.

恭喜您順利解決了這個困境。這或許是一個很難回答的問題。但當你考慮時——我認為由於這些關稅而導致的增量利潤率指南是，第二季的利潤率大約是 13% 左右。您如何看待投影片 5 的緩解措施？假設沒有變化，您如何看待到 25 年逐步實施這項政策，顯然，明天 DC 可能會發生變化。

But assuming steady state, how do you see that improving that mitigation and kind of your sequential improvements there? And is some of that mitigation perhaps some repricing of contracts or make there the new contracts that are sized or price or a higher price or have surcharges? Just trying to get a sense of that, and then I'll pass it on.

但假設穩定狀態，您如何看待改善緩解措施以及在那裡進行的連續改進？其中的一些緩解措施是否包括對合約進行重新定價，或是製定規模或價格更高或有附加費的新合約？只是想了解這一點，然後我會傳遞它。

Thanks, Scott. Yes. Clearly, the -- as I mentioned, as we were going through the slides, the impact of the counter measures really compounds as we go through the year and the quarters. Clearly, there are two fundamental dimensions to the countermeasures. One is, I'll start from where you started price.

謝謝，斯科特。是的。顯然，正如我在幻燈片中提到的那樣，隨著一年又一個季度的推移，應對措施的影響確實會不斷加劇。顯然，對策有兩個基本層面。一是，我將從您開始定價的地方開始。

And there is, of course, price actions on new contracts, new opportunities, price actions in the market, some we have already implemented, more we likely will continue to implement it -- to implant. And there is certainly an element of existing backlog repricing where needed, not always needed. And conversations are ongoing in that respect.

當然，還有新合約的價格行動、新機會、市場價格行動，有些我們已經實施了，更多的我們可能會繼續實施——植入。當然，在必要時，對現有的積壓訂單進行重新定價也是必要的，但並非總是需要。關於這方面的對話仍在繼續。

There is a very important element to the tariff mitigation aspect that has to do with the supply chain. And as soon as this was evident and we started to understand which direction tariffs were going, as I said, not always easy and certainly not always stable. But we pulled the rig configure, as needed, the supply chain level. And -- but of course, there is a lag between the very rigorous approach we have taken, and we continue to take to shape our supply chain to match at best the tariff situation and the benefits that come from that. So clearly, this lag is such that the impact will be greater as we progress through the year. So I don't know, David, if there's anything you want to add here or --

關稅減免方面有一個非常重要的因素與供應鏈有關。一旦這一點顯而易見，我們就開始了解關稅的走向，正如我所說，這並不總是容易的，當然也不總是穩定的。但我們根據需要調整了鑽孔機的配置，包括供應鏈層級。當然，我們採取的非常嚴格的方法與我們繼續採取的塑造供應鏈以最好地適應關稅狀況和由此帶來的好處之間存在滯後。顯然，這種滯後會隨著時間的推移而產生越來越大的影響。我不知道，大衛，你是否想在這裡補充一些內容，或者--

No. And just big picture, we do anticipate the dollar impact of tariffs to sequentially the net impact of tariffs to sequentially decline as we go through the year. And then the margin impact even more so as we'll gain the leverage on the higher sales in the back half of the year versus the first half.

不。從整體來看，我們確實預期關稅對美元的影響將隨著全年關稅的淨影響而逐步下降。然後，利潤率的影響會更大，因為我們將利用下半年比上半年更高的銷售額。

If I could just -- yeah, Gio, if I could just add, pursuing your comment in the transcript though, you're intent by year-end in terms of tariff neutrality?

如果我可以的話——是的，吉奧，如果我可以補充一下，不過，根據你在記錄中的評論，你打算在年底前實現關稅中立嗎？

Yeah, confirmed. Absolutely.

是的，已確認。絕對地。

Amit Daryanani, Evercore.

阿米特·達亞納尼 (Amit Daryanani)，Evercore。

Congrats on a nice print. I guess my question is really around, you folks have had really impressive performance on orders, both sequentially and year-over-year basis, given some very difficult compares you had.

恭喜您獲得精美的印刷品。我想我的問題實際上是這樣的，考慮到你們進行的一些非常困難的比較，你們在訂單方面的表現確實令人印象深刻，無論是環比還是同比。

Can you just -- Gio, talk about what's driving this trend and really the durability of growth you're seeing over here because it does stand out in contrast to all the noise that was out there in terms of hyperscalers potentially canceling leases and stuff. So I'd love to understand what's driving this trend if you saw any pull in? And how do you think about the durability here?

你能不能——吉奧，談談推動這一趨勢的因素以及你在這裡看到的增長的持久性，因為它確實與外界關於超大規模企業可能取消租約等的所有傳言形成了鮮明對比。因此，如果您發現任何吸引力，我很想了解推動這一趨勢的因素是什麼？您認為它的耐用性如何？

Look, the -- let's start with the durability. As I mentioned, our pipelines are growing, and it is sequentially growing quarter-on-quarter. So another aspect of the pipeline that is interested, not only pipelines are growing in what we call the next 12 months orders, so that are scheduled to land in the next 12 months, but also beyond. So there is also an elongation that gives us more visibility in the future. So that is a positive and is a positive that's talked to durability.

瞧，——讓我們從耐用性開始。正如我所提到的，我們的管道正在成長，並且逐季度連續成長。因此，令人感興趣的管道的另一個方面是，不僅我們所說的未來 12 個月訂單中的管道正在增長，因此計劃在未來 12 個月內登陸，而且在之後也會增長。因此，延長也為我們提供了未來更多的可見性。所以這是積極的，也是與耐用性有關的積極的。

At the same time, there is a certain -- we said that the reason why we talk in terms of trailing 12 months is because we talked about lumpiness in orders. So we've been talking about that for now a good year. And that's still the case. So it could be in order to flip one side or a large order flips on one side or the other side of over quarter, and that changes your short-term profile.

同時，我們說，我們之所以談論過去 12 個月，是因為我們談論的是訂單的不均勻性。我們已經討論這個問題一年多了。情況至今仍是如此。因此，這可能是為了翻轉一側，或在一個季度的某一側或另一側翻轉一個大訂單，這會改變你的短期狀況。

One thing that is interesting, when we look at our pipeline velocity, that's pretty stable. So that means that nothing very significant in terms of staff being pulled in. Let's look at it as sometimes the lumpiness works in the direction, sometimes it works in another direction. What matters is the long-term trajectory. And again, as I said, long-term trajectory for me confirms our five-year model that we shared with you in November and then again in February and the factor today.

有趣的是，當我們觀察管道速度時，發現它相當穩定。所以這意味著在招募員工方面沒有什麼重大進展。讓我們這樣看，有時候腫塊會朝一個方向作用，有時候則會朝另一個方向作用。重要的是長期軌跡。正如我所說，長期發展軌跡證實了我們在 11 月、2 月和今天的因素中與大家分享的五年模型。

Steve Tusa, JPMorgan.

摩根大通的史蒂夫·圖薩。

Just one detailed one and then a bit bigger picture, but the detailed one, can you just maybe give us a little more granular color around kind of the absolute China import exposure? You said kind of a single-digit percentage of, I guess, what you're sourcing to come through US factories. Would that be like a couple of hundred million bucks. And then are you like -- how much is price and how much is moving the supply chain around as far as mitigation?

先來詳細說一下，然後再來一張大圖，但說到細節，您能否給我們更詳細地介紹一下中國進口的絕對風險？我猜您說的是透過美國工廠採購的貨物的百分比是個位數。那會是幾億美元嗎？然後您想知道——價格是多少以及緩解措施對供應鏈的影響有多大？

And then point number two, I think going back to the last question, which was a bit more macro, what do you think you're bringing to bear to gain market share? And do you believe you are gaining market share because that's kind of what it seems like with -- even just the trailing 12-month type number. It seems like you guys are gaining market share. What part of the portfolio do you think is resonating most with our customers?

然後是第二點，我想回到上一個問題，這個問題更宏觀一些，您認為您要採取什麼措施來獲得市場份額？您是否相信自己正在獲得市場份額，因為看起來確實如此——甚至只是過去 12 個月的數字。看起來你們的市佔率正在增加。您認為產品組合中的哪一部分最能引起顧客的共鳴？

I had to take note of all the kind of, how can I say, angle of your question here, Steve. We will not be specific about the exact number of what is -- also from where. But I think what we shared on page 5 explains the fact that the exposure is certainly something that we are managing and addressing. When it comes to the supply reconfiguration and price element of our countermeasure, I would say it's a good combination. It's a good combination of the two. And again, both contribute to the impact.

我必須注意你提出的所有問題，怎麼說呢，史蒂夫。我們不會具體說明具體數字——以及來自哪裡。但我認為我們在第 5 頁上分享的內容解釋了這樣一個事實：曝光肯定是我們正在管理和解決的問題。當談到我們的對策中的供應重新配置和價格因素時，我認為這是一個很好的組合。這是兩者的良好結合。再次強調，兩者都對影響有所貢獻。

Are we gaining market share? We believe so. Again, we refer back to our November market growth figures that we shared with all of you. And those continue to be very relevant and proven fairly current and absolutely still represent our best view of the market and relative to our growth rates, relative to that are certainly higher.

我們的市佔率正在增加嗎？我們相信如此。再次，我們回顧一下與大家分享的 11 月市場成長數據。這些仍然非常相關，並且被證明是相當當前的，絕對仍然代表我們對市場的最佳看法，相對於我們的成長率，相對而言肯定更高。

What brings to bear this growth? I think it's really the combination of things that we talked about several times. We know the space very well. That drives, of course, technology that is suited for the needs of the market in terms of -- again, I go back to my example of the cooperation with NVIDIA, but also the iGenius case that we represent here is understanding what the future technology looks like and being able to provide technology that addresses that.

是什麼促成了這種成長？我認為這確實是我們多次討論過的一些事情的結合。我們非常了解這個領域。當然，這推動了適合市場需求的技術——再次，我回到與 NVIDIA 合作的例子，但我們在這裡代表的 iGenius 案例是了解未來技術的樣子，並能夠提供解決這個問題的技術。

Being ready for future silicon is an important element. We are a recognized leader. So we are at the tables. We have a strong -- we have a very strong service offering and very, let's say, very high stakes, infrastructure and compute requires very, very reliable partner, and they find it -- our customers find it in inverted and we scale. I think these are the element, Steve.

為未來的矽做好準備是一個重要因素。我們是公認的領導者。我們現在就坐在桌旁。我們擁有強大的——我們提供非常強大的服務，而且風險非常高，基礎設施和計算需要非常非常可靠的合作夥伴，他們找到了它——我們的客戶找到了它，然後我們擴大了規模。我認為這些都是要素，史蒂夫。

Jeff Sprague, Vertical Research.

傑夫·斯普拉格（Jeff Sprague），垂直研究公司。

Just a quick follow-up on some of that last point, and then I've got a different question. Gio, I know you don't want to get into the individual kind of pieces of where you're sourcing from where. But perhaps you or David, could you just tell us what is the total gross tariff-related pressure that's in -- that you're facing in 2025 here? Obviously, you've kind of told us what you think the net effect is, but what is the total gross number you're trying to counteract against?

我只是想快速跟進最後一點，然後我有一個不同的問題。吉奧，我知道你不想深入討論你的採購來源的具體細節。但是，您或戴維能否告訴我們，2025 年你們面臨的與關稅相關的總壓力是多少？顯然，您已經告訴我們您認為的淨效應是什麼，但是您想要抵銷的總量是多少呢？

Yeah, Jeff, this is David. We're not going to disclose to that level of specificity. I can reiterate what Gio mentioned is that we're very focused on reducing the gross impact through two buckets of countermeasures. One being pricing, the other with the supply chain countermeasures. Both take some time, but we're absolutely focused on both of those levers.

是的，傑夫，這是大衛。我們不會透露如此具體的細節。我可以重申吉奧提到的內容，我們非常注重透過兩大對策來減少整體影響。一是定價，二是供應鏈對策。兩者都需要一些時間，但我們絕對會專注於這兩個槓桿。

And just to repeat what Gio said, the reducing impact is pretty equally split between both of those.

重複一下吉奧所說的話，兩者的減少影響是相當均等的。

Got it. So my question is really on the balance sheet. Your operating results and everything stand out. But the other thing that jumps off the page, right, is the shape of the balance sheet and a 0 in the share repurchase column and the cash flow statement.

知道了。所以我的問題其實是關於資產負債表的。您的經營業績和一切都十分出色。但是另一件引人注目的事情是資產負債表的形狀以及股票回購欄和現金流量表中的 0。

I guess we could kind of take a couple of things away from that, A, perhaps you're singularly focused on achieving investment grade before you do anything else or perhaps you see some significant M&A on the horizon. Otherwise, it's kind of hard to understand why you wouldn't have bought back any stock with the sort of really significant dislocation in your shares.

我想我們可以從中得出幾點結論，A，也許你在做其他事情之前會特別關注實現投資級，或者也許你看到了一些重大的併購即將發生。否則，很難理解為什麼你不會回購任何股票，因為你的股票出現瞭如此嚴重的混亂。

Yeah. Let me take it real quick. Clearly, these are -- there is a lot of fluidity in the market in general. These are uncertain times, and certainly, having a strong balance sheet and cash is very important. We have a very active, as I mentioned a few times already, M&A pipeline.

是的。讓我快速處理一下。顯然，這些都是──整體而言，市場流動性很大。這是一個不確定的時期，擁有強大的資產負債表和現金當然非常重要。正如我多次提到的，我們擁有非常活躍的併購管道。

But specifically, on the repurchase, considering the, of course, the importance in cash and times of uncertainty, there are moments in which the price would have suggested that, but those moments may have consulted with blackout periods. So again, in this, as we stated a couple of times already, probably 10 times already, bear with us, is about being opportunistic when it comes to repurchase.

但具體來說，在回購方面，當然要考慮到現金的重要性和不確定的時期，有些時候價格會暗示這一點，但那些時刻可能已經諮詢了禁售期。因此，正如我們已經說過幾次，可能已經十次了，請耐心等待，在回購時要抓住機會。

Andrew Obin, Bank of America.

美國銀行的安德魯‧奧賓。

Yeah, so there were pretty public headlines about delays and cancellations from a prominent hyperscaler. And just can we get just some details? What are you seeing on your end? And how are you dealing with capacity that becomes available? Does it get pushed out or -- to a multi-tenant and -- multi-tenant/colo guys step up? Does it go to other hyperscalers? Can you just explain to us how do you manage your production less given the dynamic in the market that I think has been pretty well covered in the press.

是的，因此有相當多的頭條新聞報導了著名超大規模企業的延遲和取消。我們能了解一些細節嗎？您看到了什麼？您如何處理可用的容量？它會被推出還是——向多租戶和——多租戶/託管人員推出？它會流向其他超大規模企業嗎？您能否向我們解釋一下，鑑於市場動態，您如何管理生產？我認為媒體已經對此進行了充分報道。

Thank you, Andrew. So yes, we do not talk specifically about any individual customers or players. What we see, again, being generic, given the fact I would want to be specific to individual customer is, as you saw from the orders, as you saw from the backlog, we have demand and a demand that is suggesting we increase in our year-on-year growth as you saw.

謝謝你，安德魯。所以是的，我們不會具體談論任何個人客戶或玩家。我們看到的是，鑑於我希望針對個別客戶的具體情況，再次強調，正如您從訂單中看到的那樣，正如您從積壓訂單中看到的那樣，我們有需求，而且這種需求表明我們的同比增長率有所提高，正如您所見。

So that means that our capacity has been increased and made available, as you saw in Q1 sales growth, there is more capacity, and we are delivering more to the market. And I don't know, if we really look at the market, is the demand is quite spread -- is spread now that it may have been a year, a year ago, year and a half ago.

這意味著我們的產能已經增加並可供使用，正如您在第一季的銷售成長中所看到的，我們的產能更大，我們正在向市場提供更多產品。我不知道，如果我們認真觀察市場，就會發現需求分佈相當廣泛──現在的分佈可能是一年前、一年前、一年半前。

There are certainly hypers in self-build. There is colo for hyperscalers, but increasingly not only. Let's not forget that all the new cloud, let's say, space that is promising. Sovereign, as in our (inaudible) example is started to happen and enterprise, it doesn't show interest in AI and infrastructure in general. So it's pretty normal that sometimes someone rephases something, we pretty much have demand to cover any gaps.

自建房肯定存在一些問題。有針對超大規模的託管服務，但越來越不僅限於此。我們不要忘記，所有新的雲，比如說，空間，都是有希望的。正如我們的（聽不清楚）例子中所顯示的，主權國家和企業對人工智慧和基礎設施總體上不感興趣。因此，有時有人重新制定某項計劃是很正常的，我們幾乎需要彌補任何差距。

But again, I'm not talking specifically for one customer. And then in general, we should go on a product line by product line basis to see exactly how that answer -- questions should be answered, but too much details at that stage to disclose.

但再次強調，我並不是專門針對某一位客戶說話。然後一般來說，我們應該逐條產品線地查看答案——問題應該得到解答，但目前披露的細節太多。

Nicole DeBlase, Deutsche Bank.

妮可‧德布拉斯 (Nicole DeBlase)，德意志銀行。

Can we just talk a little bit about the ability to go back and reprice the backlog what's baked in from a contractual perspective with respect to tariffs? If you started to have those conversations, have customers been somewhat understanding of what's happening? And I guess, how much of a risk that part of the equation is since the backlog is pretty robust?

我們能否從合約角度談談重新定價積壓訂單的能力以及與關稅相關的問題？如果您開始進行這些對話，客戶是否對正在發生的事情有所了解？我想，由於積壓訂單相當多，這部分的風險有多大？

Yeah. The conversations are ongoing. Some of the conversations are ongoing, where that need exists. Clearly, contracts are supporting, sometimes more, sometimes less. Every single contract is a different situation. But what we see is that, in general, there is an understanding that this is a particularly challenging or unique moment. That is also true in the customer, it's true in the customer base.

是的。對話仍在進行中。有些對話仍在進行中，存在著這種需要。顯然，合約是有支持的，有時多，有時少。每份合約的情況都不同。但我們看到，總體而言，人們都認為這是一個特別具有挑戰性或獨特的時刻。對於客戶來說也是如此，對於客戶群也是如此。

So we believe that we have fairly assessed the risk on the, let's say, price counter measure in our guidance and the range we were given. And again, we're going down that path in a very collaborative but also in a very focused fashion. So we stay very positive to what we have modeled, and that results into the guide that we've shared with you is -- will happen and the early signs go in that direction.

因此，我們相信，我們已經公平地評估了指導和給定範圍內的價格對策的風險。再次強調，我們將以高度協作且高度專注的方式推動這條道路。因此，我們對我們所建模的結果保持非常樂觀的態度，而這導致了我們與您分享的指南——將會發生，並且早期跡象正朝著這個方向發展。

Andy Kaplowitz, Citigroup.

花旗集團的安迪‧卡普洛維茲 (Andy Kaplowitz)。

You obviously had a strong book-to-bill in Q1 of 1.4x, but you mentioned that Europe in terms of better bookings lagging behind. I think at a recent conference, you talked about European environment getting a little more friendly. And today, you mentioned that your European order pipeline is a little better. Would you expect larger bookings going forward still mostly coming from the US? Or do you see Europe starting to contribute at some point this year? And ultimately, does the overall landscape you're seeing still support a book-to-bill over 1 times moving forward?

您在第一季的訂單出貨比顯然達到了 1.4 倍，但您提到歐洲在更好的訂單方面落後了。我想在最近的一次會議上，您談到了歐洲環境變得更加友善。今天，您提到您的歐洲訂單管道稍微好一點。您是否預計未來更大的訂單量仍然主要來自美國？或者您認為歐洲今年某個時候會開始做出貢獻？最後，您所看到的整體狀況是否仍然支持未來訂單出貨比超過 1 倍？

The second part of your question, again, sorry, Andy, I'm not sure I captured, something -- glitch in the line or something.

關於你問題的第二部分，再次抱歉，安迪，我不確定我是否聽清楚了，可能是線路出了點小故障之類的。

Just about overall, will you get bookings more still from the US? Or do you think that Europe starts to contribute this year? And can you still support a book-to-bill over 1 times moving forward?

總體而言，您還會從美國獲得更多的預訂嗎？還是您認為歐洲今年就開始做出貢獻了？而且您還能支持訂單出貨比超過 1 倍嗎？

Well, thank you. So when it comes to Europe, specifically, I remember that probably -- that comment that you're referring to, is the kind of a regulatory environment hopefully becoming a little bit more friendly. We were probably right after the Paris meeting convention that Macron had just called. So it's almost like people are waking up to a challenging situation and certainly an unfavorable situation. So those things are probably slower to move than anyone here would wish.

好的，謝謝你。因此，具體到歐洲，我記得您提到的評論可能是監管環境有望變得更加友善。我們可能正處於馬克宏剛剛召開的巴黎會議之後。所以這幾乎就像人們醒來時面臨一個充滿挑戰且肯定不利的局面。因此，這些事情的進展可能比任何人所希望的都要慢。

But again, I am encouraged by the pipelines. Which speed that will accelerate? That's -- we remain cautious. And that caution you have seen in the comments about Europe's growth that David made. Is it going to -- is growth coming from the US? Well, the Americas certainly is an engine and continues to be an engine for growth, and pipelines are very encouraging. But Asia is definitely not to be sniffed out and we're glad to see China reaccelerating. We are certainly very impressed by what we see in Asia in general. And I would add also India. India, quite strong.

但我再次對這些管道感到鼓舞。將會加速到什麼速度？那是——我們仍然保持謹慎。您可以從戴維對歐洲成長的評論中看到這種謹慎。成長會來自美國嗎？嗯，美洲無疑是一個引擎，並且將繼續成為成長的引擎，而且管道非常令人鼓舞。但亞洲絕對不容忽視，我們很高興看到中國經濟再次加速發展。我們對亞洲的整體情況確實印象深刻。我還要補充印度。印度，相當強大。

The second part of your question about the book-to-bill greater that than one, yeah, we believe that we will have a book-to-bill greater than one in the year. And again, this is very consistent with our long-term trajectory. That is certainly favoured by backlog -- building backlog year-on-year. And we believe this is what will happen also in 2025.

您問題的第二部分是關於訂單出貨比大於 1，是的，我們相信今年我們的訂單出貨比將會大於 1。這與我們的長期發展軌跡非常一致。這無疑有利於積壓訂單——積壓訂單逐年增加。我們相信 2025 年也會出現這種情況。

Nigel Coe, Wolfe Research.

沃爾夫研究公司的奈傑爾·科伊。

I think this might be for David, but Gio, (inaudible) financial question, please weigh in as well. So just based on the guidance -- based on the 2Q guidance and sort of we can -- sort of back into what you're inferring for the net tariff impact, it seems like the bulk of the impact is landing in 2Q. I'm guessing because the mitigation factors aren't really kicking in. I then assume that there's a pull-through in the 3Q, but it feels like 4Q, you're more or less mitigating the impact. Just conceptually, is that the right framework?

我想這可能適合大衛，但是吉奧，（聽不清楚）財務問題，也請權衡一下。因此，僅根據指導 - 根據第二季度的指導，我們可以 - 回到您對淨關稅影響的推斷，似乎大部分影響都集中在第二季度。我猜測是因為緩解因素並沒有真正發揮作用。然後我假設第三季會出現拉動，但感覺第四季或多或少會減輕影響。從概念上來說，這是正確的框架嗎？

And then if I could just clarify Jeff's comments on the credit rating. Is the desire to get that rating higher? Are there other circumstances where you've been for large contracts with some of these large DC customers where the credit ratings are reporting?

然後我是否可以澄清一下傑夫對信用評級的評論。是否希望獲得更高的評級？在其他情況下，您是否曾與一些大型 DC 客戶簽訂過大合同，並報告信用評級？

Yeah, I'll start with the tariff impact. I appreciate the question, Nigel. Unquestionably, the highest net tariff impact from a dollar perspective will be in Q2, and that will mitigate as we go through the year. So -- and that's primarily related to the timing of implementing the countermeasures, both pricing on book and ship and backlog and then also as it relates to changes with the supply chain. Our target is to be tariff neutral as we exit the year, but there should still be some net tariff impact in the full 4Q with the expectation of -- or the hope to be tariff neutral as we exit 2025.

是的，我將從關稅影響開始。我很感謝你提出這個問題，奈傑爾。毫無疑問，從美元角度來看，關稅淨影響最大的將出現在第二季度，而隨著時間的推移，這種影響將會減輕。所以 — — 這主要與實施對策的時間有關，包括訂單和船舶的定價以及積壓訂單，也與供應鏈的變化有關。我們的目標是在今年年底時實現關稅中性，但整個第四季度仍會有一些淨關稅影響，預計或希望在 2025 年底時實現關稅中性。

As it relates to the credit rating, I would say we do have ambitions to be investment grade, getting that rating from Fitch was a good start. I think we're one step below investment grade at S&P, a couple notches at Moody's. There are definitive benefits in being investment grade, and that's related to the availability of the debt.

就信用評級而言，我想說我們確實有志於達到投資等級，獲得惠譽的評級是一個好的開始。我認為我們的評​​級比標準普爾的投資等級低一級，比穆迪的投資等級低幾個等級。投資級評級確實有好處，這與債務的可用性有關。

And you mentioned another benefit, Nigel, and that's related to credit in the eyes of customers. Although I don't lay awake at night based on our balance sheet and where we are today, that that's a significant issue with customers but it never hurts. So we'll take it one step at a time. And at the end of the day, we'll always do what's in the best interest for investors as it relates to our balance sheet and use of capital.

奈傑爾，您也提到了另一個好處，那就是與客戶眼中的信譽有關。儘管我不會因為我們的資產負債表和目前的狀況而徹夜難眠，但這對客戶來說是一個重大問題，但它永遠不會造成傷害。所以我們會一步一步來。最終，我們將始終做與我們的資產負債表和資本使用相關的符合投資者最佳利益的事情。

Yeah. And Nigel, let me comment specifically on our rating and the impact or influence on contracting with the large customers. I would say that especially in the last couple of years, the financial strength of Vertiv is well recognized, and that has already been recognized also by the rating agencies. So I would say that, of course, everything helps but that's really not a problem today. Investment grade makes us stronger. So we lack it for the reasons that David explained. But it's not a necessary condition today and we're recognized as a very strong player in the industry, also from a financial stability standpoint.

是的。奈傑爾，讓我具體評論一下我們的評級以及對與大客戶簽訂合約的影響。我想說，特別是在過去幾年裡，Vertiv 的財務實力得到了廣泛認可，而且也得到了評級機構的認可。所以我想說，當然，一切都有幫助，但這在今天真的不是問題。投資等級使我們更加強大。正如大衛所解釋的，我們缺乏它。但如今這已不再是必要條件，而且從金融穩定的角度來看，我們也被公認為產業中非常強大的參與者。

Chris Snyder, Morgan Stanley.

摩根士丹利的克里斯·斯奈德。

Maybe just a high-level one here. What do you guys think is the best way for all of us to track liquid cooling demand in the market? Is it Blackwell shipments? And if that is what we should be looking at? My understanding is you guys do would lead the chip shipments by some period of time. But just any color on that relationship?

也許這裡只是高等級的。你們認為我們所有人追蹤市場液體冷卻需求的最佳方式是什麼？是 Blackwell 出貨嗎？這是否就是我們該關注的？我的理解是，你們確實會在一段時間內引領晶片出貨量。但這段關係只是某種顏色嗎？

Well, certainly Blackwell is a good -- Blackwell shipments is a good proxy. But as you were saying, we proceed that deployment or anyway, the demand for liquid cooling proceeds the deployment especially when it's liquid cooling that is not in rack with the cool and distribution units that are not in back, in which case pretty much the CDU demand and the Blackwell demand coincide.

嗯，布萊克威爾當然是一個很好的——布萊克威爾的出貨量是一個很好的代理。但正如你所說的那樣，我們繼續進行部署，或者無論如何，對液體冷卻的需求繼續進行部署，特別是當液體冷卻不在機架中並且冷卻和分配單元不在後面時，在這種情況下，CDU 需求和 Blackwell 需求幾乎一致。

But it's not just Blackwell shipments. There are other chips, some proprietary chip, ASIC silicon that is more and more requiring liquid cooling or able to work with liquid cooling. So it's a little bit multifaceted. But certainly, Blackwell is a good place. Blackwell shipments are a good place to start and think in terms of probably six to three months. Before that happens is when we see our demand turn into deliveries.

但這不僅僅是 Blackwell 的出貨量。還有其他晶片、一些專有晶片、ASIC 矽越來越需要液體冷卻或能夠與液體冷卻一起工作。所以它有點多面性。但毫無疑問，布萊克威爾是一個好地方。布萊克韋爾 (Blackwell) 的出貨量是一個很好的起點，預計出貨週期大概為六到三個月。在此之前，我們會看到需求轉化為交付。

Yeah, I think we are pretty happy about the trajectory of this technology and this product line. I'm actually very happy the way it's unfolding right now.

是的，我認為我們對這項技術和該產品線的發展軌跡感到非常滿意。事實上，我對現在的進展感到非常高興。

Definitely. Really appreciate all that color. Thank you.

確實。真的很欣賞所有這些顏色。謝謝。

So let's take one more and let's see --

讓我們再看一遍--

Noah Kaye, Oppenheimer & Co Inc.

諾亞·凱伊（Noah Kaye），奧本海默公司（Oppenheimer & Co Inc.）

And hopefully, we can put a wrap on this topic. But Gio, you've been quite clear from your opening comments that you see overall pipeline and demand trend is consistent with your Investor Day trajectory. In the past, the company has talked about the market environment by segment and maybe that addresses some of the questions people are raising here about hyperscalers behavior. Are you seeing any signs of overall cloud and colo man scaling back or slowing down? If so, is there any replacement strength coming from other segments to speak of to keep the overall trajectory on track?

希望我們能夠結束這個話題。但 Gio，從你的開場白中你已經很清楚地知道，你看到整體管道和需求趨勢與投資者日軌跡一致。過去，該公司曾討論過各個細分市場的市場環境，這或許可以解答人們在這裡提出的一些有關超大規模企業行為的問題。您是否看到整體雲端運算和託管業務縮減或放緩的跡象？如果是這樣，那麼是否有來自其他部分的替代力量可以說來保持整體軌跡正常？

I would say that colo cloud, and we always talk about the two combined, continues to be pretty strong. And again, we were talking about a 15%, 17% expected growth rate over the five-year period with colo cloud and that's pretty much what we see as of now.

我想說的是，託管雲端（我們總是談論兩者的結合）仍然非常強勁。再次，我們談論的是託管雲端在未來五年內的預期成長率為 15% 至 17%，而這正是我們目前所看到的。

We put it to, again, reiterate the message that there are other dimensions to the demand that are maybe not strictly colo cloud that are starting to move. So again, I don't want to -- it's very much aligned with what we shared with you in November and things are unfolding.

我們再次重申這項訊息：需求還有其他方面，可能不嚴格局限於託管雲，而這些方面也正在開始轉變。所以，我再說一次，我不想——這與我們在 11 月與您分享的內容以及正在展開的事情非常一致。

That's all the questions that we have time for today. This concludes our question-and-answer session. I would like to turn the conference back over to Gio Albertazzi for any closing remarks.

這就是我們今天能回答的所有問題。我們的問答環節到此結束。我想將會議交還給 Gio Albertazzi 做最後發言。

Well, thank you, and thank you, everyone, for listening in and for the questions. I'd just like to add a couple of things. And first and foremost, our commitment to customer success to operational excellence and, of course, shareholder value creation has never been stronger.

好吧，謝謝大家的收聽和提問。我只想補充幾點。首先，我們對客戶成功、卓越營運以及股東價值創造的承諾從未如此堅定。

And it's also for me an opportunity to thank the more than 30,000 hard-working, committed, focused Vertiv-ians, I am absolutely proud of what we all are doing and achieving. So with that, thank you to everyone for your continued trust in Vertiv and have a great day.

對我來說，這也是一個機會，感謝 30,000 多名辛勤工作、盡職盡責、專注的 Vertiv 人，我為我們所有人所做和所取得的成就感到無比自豪。因此，感謝大家對 Vertiv 的持續信任，祝大家有美好的一天。

Thank you. This conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

謝謝。此次會議現已結束。感謝您參加今天的演講。您現在可以斷開連線。