Vertiv Holdings Co (VRT) 2025 Q2 法說會逐字稿

Good morning. My name is Bricka, and I will be your conference operator today. At this time, I would like to welcome everyone to the Vertiv's second-quarter 2025 earnings conference call.

早安.我叫布里卡 (Bricka)，今天我將擔任您的會議主持人。現在，我歡迎大家參加 Vertiv 2025 年第二季財報電話會議。

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

（操作員指示）請注意，通話正在錄音。

I would now like to turn the program over to your host today, Lynne Maxeiner, to begin. Please go ahead.

現在我想將節目交給今天的主持人 Lynne Maxeiner 來開始。請繼續。

Great. Thank you, Bricka. Good morning, and welcome to Vertiv's second-quarter 2025 earnings conference call. Joining me today are Vertiv's Executive Chairman, Dave Cote; Chief Executive Officer, Gio Albertazzi; and Chief Financial Officer, David Fallon. We have one hour for the call today.

偉大的。謝謝你，布里卡。早安，歡迎參加 Vertiv 2025 年第二季財報電話會議。今天與我一起出席的還有 Vertiv 執行董事長 Dave Cote、執行長 Gio Albertazzi 和財務長 David Fallon。今天我們有一個小時的時間通話。

(Operator Instructions)

（操作員指示）

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

在我們開始之前，我想指出，在本次電話會議期間，我們將對未來事件做出前瞻性陳述，包括 Vertiv 未來的財務和營運績效。這些前瞻性陳述受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。我們請您參閱今天的收益報告中包含的警告性語言。您可以在我們的年度和季度報告以及向美國證券交易委員會提交的其他文件中了解有關這些風險的更多資訊。

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

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

During this call, we'll 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'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)。

Good morning, everyone. I have to say, I'm pleased with how well we've performed midway through 2025. We continue to outperform and deliver strong results. Gio and the team are executing very well, continuing to build a strong track record of financial performance. And our investments in R&D and capacity are paying off today as planned and positioning us well for the future.

大家早安。我必須說，我對我們在 2025 年中期的出色表現感到滿意。我們繼續表現出色並取得強勁成果。Gio 和他的團隊表現非常出色，並繼續保持著強勁的財務業績記錄。我們在研發和產能方面的投資正在按計劃獲得回報，並為我們的未來做好了準備。

The transformation at Vertiv continues to accelerate, and I am more excited today than I've ever been about what is ahead. We're in a digital revolution that's got a long way to go, and data centers remain fundamental to all of it. Our global scale and technology leadership aren't easily replicated, and we keep widening that gap.

Vertiv 的轉型正在繼續加速，今天我對未來比以往任何時候都更加興奮。我們正處於一場漫長的數位革命之中，而資料中心仍是這場革命的基礎。我們的全球規模和技術領先地位是難以複製的，而且我們的差距還在不斷擴大。

We maintain our proven strategy of driving growth through both organic expansion and strategic acquisitions to extend our market leadership. Our recent Great Lakes acquisition announcement showcases our disciplined approach to deploying capital where we see clear strategic benefits and value-creation opportunities. Our M&A pipeline remains robust. And we'll continue to take this same approach, moving decisively when we find opportunities to enhance our technology leadership, engineering capability, global capacity and overall growth profile.

我們堅持行之有效的策略，即透過有機擴張和策略收購來推動成長，以擴大我們的市場領導地位。我們最近宣布的五大湖收購案展示了我們在部署資本方面的嚴謹態度，我們看到了明顯的戰略利益和價值創造機會。我們的併購通路依然強勁。我們將繼續採取同樣的方法，當我們發現機會來提升我們的技術領先地位、工程能力、全球產能和整體成長狀況時，我們會果斷採取行動。

Our ongoing investments in ER&D and capacity expansion ensure we stay ahead of market demand, while delivering the innovative solutions our customers expect. This digital age is just getting started, and Vertiv is poised to capitalize on the massive long-term opportunities.

我們在研發和產能擴張方面的持續投資確保我們始終領先於市場需求，同時提供客戶期望的創新解決方案。數位時代才剛開始，Vertiv 已準備好利用巨大的長期機會。

With that, I'll turn it over to Gio to walk through the details of our performance and outlook. I'm confident he and the team will continue to execute at a high level and deliver value for our shareholders.

接下來，我將把時間交給吉奧來詳細介紹我們的業績和前景。我相信他和他的團隊將繼續高水準地執行並為我們的股東創造價值。

Thank you, Dave, and welcome, everyone. Thank you for joining us today. We go to slide 3 now.

謝謝你，戴夫，歡迎大家。感謝您今天加入我們。我們現在看投影片 3。

I am quite pleased with what we have delivered in Q2. Our adjusted diluted earnings per share was $0.95, approximately 42% up from second quarter 24%, primarily driven by higher adjusted operating profit. Our organic sales grew a very robust 34% year on year, with strong performance in the Americas, up in the mid-40s, and APAC up in the mid-30s. EMEA delivered high single-digit growth.

我對我們在第二季的成果感到非常滿意。我們的調整後每股攤薄收益為 0.95 美元，比第二季的 24% 成長約 42%，主要得益於調整後的營業利潤增加。我們的有機銷售額年增 34%，其中美洲地區表現強勁，成長 40% 左右，亞太地區成長 30% 左右。歐洲、中東和非洲地區實現了高個位數成長。

For the first time, we surpassed $3 billion in orders this quarter. Well, not bad at all. This is certainly promising in terms of long-term trajectory. Q2 orders were up approximately 15% from Q2 '24, and certainly not an easy comp, and up 11% sequentially from 1Q '25. Our trailing 12-month organic orders growth was 11%.

本季我們的訂單金額首次超過 30 億美元。嗯，一點也不壞。從長期發展來看，這無疑是有希望的。第二季訂單量較 2024 年第二季成長約 15%，這當然不是一個容易的對比，但較 2025 年第一季較上季成長 11%。我們過去 12 個月的有機訂單成長率為 11%。

Our Q2 book-to-bill ratio of 1.2 times is particularly encouraging. We continue to build backlog at very high levels. Momentum in our business is accelerating.

我們第二季的訂單出貨比為 1.2 倍，這尤其令人鼓舞。我們繼續在非常高的水平上累積積壓訂單。我們的業務發展勢頭正在加速。

Our Q2 adjusted operating profit was $489 million, up 28% year on year, driven by higher sales. Our adjusted operating margin of 18.5%, in line with guidance, is approximately 110 basis points lower than prior year. This was primarily driven by the net impact of tariffs. Our updated guidance takes into consideration tariffs active on the 28 of July, reflecting a moderate improvement in the tariff situation compared to our Q1 guidance.

受銷售額成長的推動，我們第二季的調整後營業利潤為 4.89 億美元，年增 28%。我們的調整後營業利益率為 18.5%，符合預期，比前一年低約 110 個基點。這主要是受關稅淨影響所致。我們更新後的指引考慮了 7 月 28 日生效的關稅，與我們的第一季指引相比，關稅情況有所改善。

The temporary costs of the supply chain and manufacturing transition to tariff-optimized footprint are higher than we initially estimated. We're also experiencing some temporary costs to deliver a steeper growth than expected and some executional challenges in EMEA. We expect all these factors will significantly moderate during the year, and we believe they will be materially resolved by year end.

供應鏈和製造業向關稅優化足跡轉型的臨時成本高於我們最初的估計。為了實現比預期更快的成長，我們也面臨一些暫時性成本以及歐洲、中東和非洲地區一些執行挑戰。我們預計所有這些因素都將在今年顯著緩和，我們相信它們將在年底前得到實質解決。

For Q3 and for the full year, we are raising our investment in ER&D and in growth compared to prior guidance. Our second quarter free cash flow of $277 million, though lower on a year-on-year basis, corroborates a strong cash generation trend, with adjusted free cash flow of $542 million in the first half, a robust growth of 24% year on year. This performance was driven by our improved operational execution, resulting in higher adjusting operating profit. We are raising the full year adjusted free cash flow guidance to $1.4 billion. Our disciplined financial management is reflected in our strong balance sheet with a net leverage ratio of just 0.6 times at quarter end.

對於第三季和全年，與先前的指導相比，我們將增加對 ER&D 和成長的投資。我們第二季的自由現金流為 2.77 億美元，雖然年比有所下降，但證實了強勁的現金產生趨勢，上半年調整後的自由現金流為 5.42 億美元，較去年同期強勁成長 24%。這項業績得益於我們改進的營運執行力，從而帶來了更高的調整後營業利潤。我們將全年調整後的自由現金流預期上調至 14 億美元。我們嚴謹的財務管理體現在我們強勁的資產負債表上，季末的淨槓桿比率僅為 0.6 倍。

We are raising our full year 2025 net sales guidance by $550 million to $10 billion. We expect organic growth to be approximately 24% for the full year. We're also raising our full year adjusted diluted EPS guidance to $3.80 or 33% higher than prior year. We are taking our adjusted operating profit guidance to just under $2 billion at the midpoint. So 2025 is shaping up to be a strong year.

我們將 2025 年全年淨銷售額預期提高 5.5 億美元，達到 100 億美元。我們預計全年有機成長率約為 24%。我們也將全年調整後稀釋每股盈餘預期上調至 3.80 美元，比前一年高出 33%。我們將調整後的營業利潤預期中位數定為略低於 20 億美元。因此，2025 年將會是強勁的一年。

With that, we move to slide 4. Our TTM orders organic growth and our sequential orders growth, both at 11%, are testament to Vertiv's strong momentum in the market, particularly considering very strong orders in second quarter '24. Our backlog stands strong at $8.5 billion, up 21% versus prior year and 7% sequentially from Q1, supporting our increased guidance for the year. Our price is aligned with our expectations. We are seeing robust pipeline growth across all regions, well balanced across our portfolio.

接下來我們看投影片 4。我們的 TTM 訂單有機成長和連續訂單成長均為 11%，證明了 Vertiv 在市場上的強勁勢頭，尤其是考慮到 24 年第二季的訂單非常強勁。我們的積壓訂單保持強勁，達到 85 億美元，比去年同期成長 21%，比第一季成長 7%，這支持了我們提高今年的預期。我們的價格符合我們的預期。我們看到所有地區的管道都在強勁成長，我們的投資組合非常均衡。

And remember, these are tangible quoted opportunities.

請記住，這些都是有形的報價機會。

In EMEA, while 2025 full year net sales are expected to be flat compared to 2024, we are seeing sequential growth in the orders pipeline, providing optimism for 2026 and beyond. The regulatory environment is becoming more conducive to AI infrastructure investment, reflected in our customer discussions and pipelines.

在歐洲、中東和非洲地區，雖然預計 2025 年全年淨銷售額將與 2024 年持平，但我們看到訂單量環比增長，這為 2026 年及以後的前景帶來了樂觀。監管環境越來越有利於人工智慧基礎設施投資，這反映在我們的客戶討論和管道中。

While we are on the topic of orders, let me briefly explain a change in how we'll communicate orders. As we have consistently said, orders in this industry can be lumpy, and this lumpiness can sometimes create unnecessary stock market reactions for Vertiv. Beginning on our Q4 and full year 2025 earnings call, we will provide projected full year orders rather than quarterly orders and backlog information. We believe this better aligns with how we run our business. We will provide updates on the full year projections quarterly as we progress through the year and as we deem necessary.

當我們討論訂單這個主題時，讓我簡要地解釋一下我們傳達訂單方式的變化。正如我們一直所說的那樣，這個行業的訂單可能會不穩定，有時會給 Vertiv 帶來不必要的股市反應。從我們的第四季和 2025 年全年財報電話會議開始，我們將提供預計的全年訂單，而不是季度訂單和積壓資訊。我們相信這更符合我們的業務運作方式。隨著年度進展以及我們認為有必要，我們將每季提供全年預測的更新。

Let's now move to the right side of the slide. The tariff situation remains quite dynamic and fluid, with the tariff perimeter changing frequently. And this can create inefficiencies in the playbook and execution as we adjust to a changing landscape. This guidance is based on the tariffs in place on the 28 of July. We are vigorously executing tariff countermeasures.

現在讓我們移到投影片的右側。關稅情況仍然相當動態和不穩定，關稅範圍經常變化。當我們適應不斷變化的情況時，這可能會導致劇本和執行效率低下。本指南是基於 7 月 28 日實施的關稅。我們正在大力實施關稅反制措施。

We believe tariffs will be materially offset exiting 2025.

我們相信，到 2025 年以後，關稅將得到實質抵銷。

We are deliberately increasing spending in engineering and R&D, capacity and go-to-market to fuel growth. We are fine-tuning our supply chain as suppliers accelerate their localization efforts to address the tariff situation. Our supply chain resilience is helping us well.

我們正在刻意增加工程和研發、產能和市場進入方面的支出，以推動成長。隨著供應商加快本地化努力以解決關稅問題，我們正在微調我們的供應鏈。我們的供應鏈彈性對我們幫助很大。

As growth accelerates, our capacity expansion strategy continues to be two-pronged: strategic manufacturing and service investment ahead of anticipated growth, capacity liberation through Vertiv operating system productivity improvement.

隨著成長的加速，我們的產能擴張策略持續雙管齊下：領先預期成長的策略製造和服務投資，透過 Vertiv 作業系統生產力的提高來釋放產能。

Let's now go to slide 5. Gray space and white space no longer are separate spaces. Gray space is the traditional critical infrastructure that powers and cools the data center. The white space is where the IT equipment, the IT stack, lives, the rack service, the compute infrastructure.

現在我們來看投影片 5。灰色空間和白色空間不再是獨立的空間。灰色空間是為資料中心提供電力和冷卻的傳統關鍵基礎設施。白色空間是 IT 設備、IT 堆疊、機架服務和運算基礎設施所在的地方。

With increase in rack density, the physical integration and interoperability between these spaces has become absolutely evident and critical. Think about it. with hundreds of kilowatts per rack, the mechanical, electrical infrastructure and the IT stack are so intimately connected, sharing the same space, that they need to be thought of as one system.

隨著機架密度的增加，這些空間之間的實體整合和互通性變得絕對明顯和關鍵。想想看，每個機架有數百千瓦，機械、電氣基礎設施和 IT 堆疊緊密相連，共享同一空間，因此需要將它們視為一個系統。

This is where Vertiv's trends really come into play. You will have heard me describe Vertiv as the connective tissue between the gray and the white space, between facilities and IT. Our traditional expertise in gray space is seamlessly becoming white space infrastructure expertise.

這就是 Vertiv 趨勢真正發揮作用的地方。您可能已經聽過我將 Vertiv 描述為灰色和白色空間之間、設施和 IT 之間的結締組織。我們在灰色空間方面的傳統專業知識正在無縫地轉變為白色空間基礎設施專業知識。

White space deployment is becoming more complex, more time consuming, more multidisciplinary. This is a unique opportunity for advanced prefabrication to dramatically reduce fit-out complexity, reducing deployment time by an order of magnitude. This is SmartRun, step-changes in how we think about wide space deployment. Allow me another angle.

白色空間部署變得越來越複雜、越來越耗時、越來越跨學科。這對於先進預製技術來說是一個獨特的機會，可以大幅降低組裝複雜性，從而將部署時間縮短一個數量級。這就是 SmartRun，是我們對廣闊空間部署的思考方式的重大改變。請容許我換個角度。

The IT equipment has traditionally had frequent refresh cycles. As density increases over time, this may drive regular refresh cycles of the white space mechanical and electrical infrastructure.

IT 設備傳統上具有頻繁的更新周期。隨著密度隨時間的增加，這可能會推動白色空間機電基礎設施的定期更新周期。

Let's now switch to the right side of slide 5. Let's stay on this slide. We have announced a new acquisition, as you know Great Lakes, which is expected to close this quarter. We anticipate that this transaction will bring us extensive portfolio of high-end rack solutions and innovation capabilities that are essential in today's increasingly demanding AI infrastructure white space.

現在讓我們切換到投影片 5 的右側。讓我們繼續看這張投影片。如你們所知，我們已經宣布了一項新的收購，即 Great Lakes，預計將於本季完成。我們預計此次交易將為我們帶來廣泛的高階機架解決方案和創新能力，這對於當今日益嚴苛的人工智慧基礎設施空白領域至關重要。

Great Lakes portfolio includes custom racks, integrated cabinets, heavy-duty racks and cabinets and enhanced cable management solutions. Great Lakes' high-end infrastructure solution technology, capacity and engineering expertise complement very well the rest of Vertiv's capabilities in the gray and white space.

Great Lakes 產品組合包括客製化機架、整合式機櫃、重型機架和機櫃以及增強型電纜管理解決方案。Great Lakes 的高端基礎設施解決方案技術、產能和工程專業知識與 Vertiv 在灰色和白色領域的其他能力形成了很好的補充。

With manufacturing and assembly facilities in the US and Europe, we anticipate Great Lakes will enhance our ability to serve customers with speed and scale.

憑藉在美國和歐洲的製造和組裝設施，我們預計五大湖將增強我們以速度和規模為客戶服務的能力。

We are enabling the end-to-end infrastructure for AI factories. We're gaining a growing presence in the white space. Our understanding of the entire system from power to cooling to IT infrastructure position us uniquely to solve the complex challenges that our customers face.

我們正在為人工智慧工廠提供端到端的基礎設施。我們在空白領域的影響力正在不斷擴大。我們對從電力到冷卻到 IT 基礎設施的整個系統的了解使我們能夠以獨特的方式解決客戶面臨的複雜挑戰。

And with that, I'll turn it over to David. David, over to you.

說完這些，我就把麥克風交給大衛。大衛，交給你了。

Perfect. Thanks, Gio. Turning to slide 6. Let me walk you through our second quarter results.

完美的。謝謝，吉奧。翻到幻燈片 6。讓我向您介紹一下我們第二季的業績。

And starting on the left, another strong quarter for earnings growth with adjusted EPS of $0.95, which is up 42% from last year. And that's primarily driven by higher adjusted operating profit and lower net interest.

從左邊開始，本季獲利成長又表現強勁，調整後每股收益為 0.95 美元，較去年同期成長 42%。這主要是由於調整後的營業利潤增加和淨利息減少所致。

Once again, we delivered strong organic sales growth of 34%, almost $300 million above prior guidance. And compared to last year, Americas was up 43%; APAC up 37%; and EMEA, still influenced by a lag in AI infrastructure build, was up 7%. And as Gio stated, pipelines across all three regions continue to grow nicely, including EMEA.

我們再次實現了 34% 的強勁有機銷售額成長，比先前的預期高出近 3 億美元。與去年相比，美洲地區成長了 43%；亞太地區成長了 37%；而歐洲、中東和非洲地區由於仍受到人工智慧基礎設施建設的滯後影響，成長了 7%。正如 Gio 所說，包括歐洲、中東和非洲 (EMEA) 在內的所有三個地區的管道都繼續保持良好成長。

Our adjusted operating profit of $489 million was up 28% from last year and $54 million higher than guidance. Our adjusted operating margin of 18.5% was down 110 basis points from last year, but in line with guidance, with the year over year decline primarily driven by tariffs, as expected.

我們的調整後營業利潤為 4.89 億美元，比去年增長 28%，比預期高出 5,400 萬美元。我們的調整後營業利潤率為 18.5%，比去年下降了 110 個基點，但符合預期，年減主要受關稅影響，這與預期一致。

Now based upon operational leverage from the much higher volume, it would be reasonable to expect adjusted operating margin to be higher than the 18.5% actual and guide. However, as Gio mentioned, we experienced higher-than-anticipated operational efficiencies and execution challenges in the quarter in support of significantly higher volumes in addition to higher-than-anticipated supply chain and manufacturing transition costs to mitigate tariffs. We expect some of these factors to continue in the third quarter, but be materially resolved by the end of the year and as we enter 2026.

現在，基於更高銷售量帶來的營運槓桿，調整後的營業利潤率預計將高於 18.5% 的實際值和指導值，這是合理的。然而，正如吉奧所提到的，本季我們經歷了高於預期的營運效率和執行挑戰，以支持大幅增加的銷量，此外，為了減輕關稅，供應鏈和製造轉型成本也高於預期。我們預計其中一些因素將在第三季持續存在，但到今年年底和進入 2026 年將得到實質解決。

As implied in our full year guidance, we expect fourth quarter adjusted operating margin to be more than 23%, keeping us on track with our targeted 25% full year adjusted operating margin by 2029.

正如我們的全年指引所暗示的那樣，我們預計第四季度調整後的營業利潤率將超過 23%，這將使我們朝著 2029 年全年調整後的營業利潤率 25% 的目標邁進。

And finally, on this page, adjusted free cash flow was down $60 million from last year's second quarter, primarily due to favorable trade working capital timing last year. But year-to-date adjusted free cash flow is up 24%. And as you will see in a few slides, we are raising our full year guidance by $100 million to $1.4 billion. In short, you can likely check the box on free cash flow.

最後，在本頁，調整後的自由現金流比去年第二季減少了 6,000 萬美元，這主要是由於去年有利的貿易營運資本時機。但今年迄今調整後的自由現金流成長了 24%。正如您在幾張幻燈片中看到的，我們將全年指導金額提高了 1 億美元，達到 14 億美元。簡而言之，您很可能可以勾選自由現金流複選框。

Now moving to slide 7, looking at our segment results. Americas had another strong quarter with organic sales up 43%, and that was driven by continued strength in colocation and hyperscale markets. And despite tariff headwinds, adjusted operating margin remained strong at 24%.

現在轉到投影片 7，查看我們的細分結果。美洲地區再創強勁季度，有機銷售額成長 43%，這得益於主機託管和超大規模市場的持續強勁成長。儘管面臨關稅阻力，調整後的營業利潤率仍保持強勁，達到 24%。

APAC's 37% organic sales increase was driven by strong growth across the region. Margin expanded to 10.6%, primarily driven by operational leverage and a discrete expense in last year's second quarter.

亞太地區有機銷售額成長 37%，這得益於整個地區的強勁成長。利潤率擴大至 10.6%，主要受去年第二季的營運槓桿和單獨支出推動。

EMEA's top line grew 7% organically in the second quarter, lagging the other regions as we expected. We anticipate EMEA sales will be down organically in the back half of 2025 and relatively flat for the full year. But as a reminder, EMEA was our fastest-growing region in 2024, and we expect growth to reaccelerate based upon the healthy pipeline.

歐洲、中東和非洲地區第二季的營收有機成長了 7%，落後於其他地區，正如我們預期的那樣。我們預計 2025 年下半年 EMEA 地區的銷售額將出現自然下降，全年銷售額將相對持平。但要提醒的是，歐洲、中東和非洲地區是我們 2024 年成長最快的地區，我們預計基於健康的管道，成長將重新加速。

Lower margin in EMEA is primarily driven by two things. First, we did have some operational execution challenges in the second quarter, that we expect to address in the coming quarters. Second, we made a deliberate decision to invest in fixed costs in the region ahead of expected growth, while expanding regional capacity pursuant to supply chain shifts to the US in response to tariffs. While this investment and these supply chain actions contribute to excess capacity and cost in the near term, they should be absorbed when volumes reaccelerate in EMEA.

歐洲、中東和非洲地區利潤率較低主要由兩方面因素造成。首先，我們在第二季確實遇到了一些營運執行挑戰，我們預計將在未來幾季解決這些挑戰。其次，我們慎重決定在預期成長之前在該區域投資固定成本，同時根據關稅導致的供應鏈向美國轉移而擴大區域產能。雖然這些投資和供應鏈行動在短期內會導致產能過剩和成本過高，但當歐洲、中東和非洲地區的產量再次加速成長時，這些影響應該會被吸收。

As mentioned, pipeline remains healthy, and we anticipate the strong pipeline to convert to top line as soon as 2026.

如上所述，管道保持健康，我們預計強大的管道最早將在 2026 年轉化為頂線。

Next, moving to slide 8. We guide third quarter adjusted EPS of $0.97, 28% higher than last year. This improvement is primarily driven by an expected 22% increase in adjusted operating profit. On the top line, we expect another strong quarter of organic growth at 22%, with Americas in the mid-30s, APAC in the low 20s, and EMEA down upper single digits, in part driven by a challenging comp in last year's third quarter.

接下來，移至投影片 8。我們預計第三季調整後每股收益為 0.97 美元，比去年同期高出 28%。這項改善主要得益於調整後營業利潤預計將成長 22%。就營收而言，我們預計本季將再次實現強勁的有機成長，增幅達 22%，其中美洲地區將達到 35% 左右，亞太地區將達到 25% 出頭，而歐洲、中東和非洲地區將下降個位數，部分原因是去年第三季的競爭形勢嚴峻。

We expect adjusted operating margin of 20%, relatively consistent with 2024, despite tariff headwinds, as we continue to leverage higher sales and drive positive price/cost. Implied is a 150 basis point sequential improvement from the second quarter primarily driven by progress in resolving some of the operational inefficiencies and execution challenges.

儘管存在關稅阻力，我們預計調整後的營業利潤率為 20%，與 2024 年基本一致，因為我們將繼續利用更高的銷售額並推動積極的價格/成本。這意味著與第二季度相比，環比提高了 150 個基點，這主要得益於在解決部分營運效率低下和執行挑戰方面取得的進展。

Moving to slide 9, let me walk you through our full year financial guidance. We are raising projected adjusted EPS to $3.80, 33% higher than last year, primarily driven by higher adjusted operating profit and lower net interest. We are raising our full year top line guide by $150 million to $10 billion, with $110 million of this increase from favorable foreign exchange. The resulting underlying organic growth of 24% is driven by expected continued growth in the Americas and APAC, while we expect EMEA to be relatively flat.

轉到第 9 張投影片，讓我向您介紹我們的全年財務指導。我們將預期調整後每股收益提高至 3.80 美元，比去年高出 33%，主要原因是調整後營業利潤增加和淨利息減少。我們將全年營業收入預期上調 1.5 億美元，達到 100 億美元，其中 1.1 億美元的成長得益於有利的外匯匯率。由此產生的 24% 的潛在有機成長率是由美洲和亞太地區預期的持續成長所推動的，而我們預計歐洲、中東和非洲地區將相對持平。

For adjusted operating profit, we are raising our full year guidance to just under $2 billion, up 28% from last year. And as Gio mentioned, this guidance assumes tariffs active on July 28. We expect, all other things being equal, a possible downside scenario from potential August 1 tariffs as currently understood, and things are changing rapidly and somewhat challenging to quantify. But we believe that would still place our full year adjusted operating profit within our guidance range for adjusted operating profit.

對於調整後的營業利潤，我們將全年預期上調至略低於 20 億美元，較去年成長 28%。正如吉奧所提到的，該指南假設關稅於 7 月 28 日生效。我們預計，在其他條件相同的情況下，根據目前了解，8 月 1 日的潛在關稅可能會帶來不利影響，而且情況正在迅速變化，量化起來有些困難。但我們相信，這仍將使我們的全年調整後營業利潤處於我們的調整後營業利潤指引範圍內。

Full year adjusted operating margin is projected to be approximately 20% at the midpoint, 60 basis points higher than last year despite tariff headwinds, and 50 basis points lower than prior guidance. We continue to drive margin improvement, including positive price/cost and productivity. And implied in our guidance is fourth quarter adjusted operating margin in excess of 23%, once again, keeping us on track to attain our long-term target by 2029.

預計全年調整後的營業利潤率中位數約為 20%，儘管面臨關稅阻力，但仍比去年高出 60 個基點，比先前的預期低 50 個基點。我們繼續推動利潤率的提高，包括積極的價格/成本和生產力。我們的預期暗示第四季度調整後的營業利潤率將超過 23%，這再次使我們預計在 2029 年前實現我們的長期目標。

And finally on this page, we are increasing our full year adjusted free cash flow guidance to $1.4 billion, up $100 million from prior guidance, driving full year adjusted free cash flow conversion to 95% as we continue to drive initiatives to optimize trade working capital.

最後，在此頁面上，我們將全年調整後的自由現金流指引提高至 14 億美元，比先前的指引高出 1 億美元，推動全年調整後的自由現金流轉換率達到 95%，因為我們將繼續推動優化貿易營運資本的舉措。

And when you piece it all together, the growth trajectory, the margin progression and the free cash flow performance, these numbers certainly demonstrate the continued strength of our execution and our ability to drive significant growth while expanding margins. We tucked the fourth quarter guidance slide in the appendix, and if you look at the exit rates across all financial metrics, we believe we should be very well positioned for a strong start to 2026.

當你把所有這些，成長軌跡、利潤率成長和自由現金流表現綜合起來時，這些數字無疑證明了我們執行力的持續強勁以及我們在擴大利潤率的同時推動顯著成長的能力。我們將第四季度的指導幻燈片放在附錄中，如果您查看所有財務指標的退出率，我們相信我們應該為 2026 年的強勁開局做好充分準備。

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

說完這些，我將其交還給 Gio。

Well, thank you, David. Thanks a lot. We go to slide 10. So some key thoughts here to wrap up. Growth is certainly ongoing and it is here to stay.

好吧，謝謝你，大衛。多謝。我們轉到第 10 張投影片。這裡總結一下一些關鍵的想法。成長肯定仍在繼續，而且會持續下去。

We have demonstrated the ability to meet our customer needs and to gain market share, delivering a 30% sales growth in the first half of '25. While this has required accelerated investment in engineering and R&D capacity and go-to-market, we are aligning execution to this speedier growth rate. We are vigorously addressing the temporary margin challenges. This has my and my team's full attention. I'm confident we will see constant improvement.

我們已經證明了滿足客戶需求和獲得市場份額的能力，25 年上半年的銷售額成長了 30%。雖然這需要加快對工程和研發能力以及進入市場的投資，但我們正在根據這更快的成長率調整執行。我們正積極應對暫時的利潤挑戰。這引起了我和我的團隊的高度重視。我相信我們會看到不斷的進步。

We have raised 2025 guidance for adjusted diluted EPS, net sales, AOP and adjusted free cash flow.

我們提高了 2025 年調整後稀釋每股盈餘、淨銷售額、AOP 和調整後自由現金流的指引。

The speed of technological evolution isn't abating and the industry is changing quite dramatically. We're driving this change and helping to shape the future of data center infrastructure.

技術進步的速度並沒有減緩，產業正在發生巨大的變化。我們正在推動這項變革並幫助塑造資料中心基礎設施的未來。

Lastly, let me highlight two particularly exciting developments that demonstrate our technology leadership and innovation in the market. Let's start with our collaboration with CoreWeave, which showcases Vertiv's position at the forefront of AI infrastructure. With CoreWeave and Dell, we're the first to launch and deploy NVIDIA's GB300NVL72. This follows our head start with GB200NVL72 reference designs. Our infrastructure offering is always at least one GPU generation ahead, which is absolutely critical for our customers.

最後，讓我強調兩個特別令人興奮的發展，它們展示了我們在市場上的技術領先地位和創新能力。首先從我們與 CoreWeave 的合作開始，這展示了 Vertiv 在 AI 基礎設施領域的領先地位。我們與 CoreWeave 和戴爾合作，率先推出並部署 NVIDIA 的 GB300NVL72。這是我們在 GB200NVL72 參考設計的領先優勢。我們提供的基礎架構始終至少領先一代 GPU，這對我們的客戶來說至關重要。

And let me continue with our collaboration with Oklo. With the data center industry keenly focused on accessing the increasingly large sources of power, power generation, our collaboration with Oklo is about making access to advanced nuclear power plants easier. Working on power and thermal reference architectures tailored to Oklo's great advanced nuclear power plant technology, we will enable this to happen at scale and in ways that significantly enhance the overall data center efficiency.

讓我繼續談談我們與 Oklo 的合作。隨著資料中心產業熱衷於獲取日益龐大的電力來源和發電能力，我們與 Oklo 的合作旨在讓人們更容易使用先進的核電廠。透過針對奧克洛先進的核電廠技術量身訂做電力和熱參考架構，我們將實現這一目標，並顯著提高整體資料中心的效率。

These collaborations demonstrate how Vertiv is actively shaping the future of the data center infrastructure, working with innovative partners to solve the industry's most pressing challenges while maintaining our focus on efficiency, reliability and sustainability.

這些合作顯示了 Vertiv 如何積極塑造資料中心基礎設施的未來，與創新合作夥伴攜手解決業界最迫切的挑戰，同時保持對效率、可靠性和永續性的關注。

I conclude by saying that the industry is (inaudible) optimistically intense in driving acceleration. We are raising our full year guidance, and we are confirming our long-term margin objective. We are making sure we continue to lead the industry forward through this acceleration for the years to come.

最後，我想說的是，該行業在推動加速發展方面（聽不清楚）非常樂觀。我們正在提高全年業績預期，並確認我們的長期利潤目標。我們確保在未來幾年透過這種加速繼續引領產業向前發展。

With that, let us start the Q&A session. And over to you, Bricka.

下面，讓我們開始問答環節。接下來交給你了，布里卡。

(Operator Instructions) Steve Tusa, JPMorgan.

（操作員指示）摩根大通的史蒂夫·圖薩。

So just on the margin side, I think you're going to be exiting the year at like a 30 -- mid-30s incremental margin, which I think is relatively something that we would target, I think, over the long term that you guys have talked about. I know you're continuing to invest every year and there's always some incremental friction as you're delivering at this rate, which is pretty dramatic. But is there any reason why we wouldn't think about '26 as a more normal year on margins given your kind of easy comps in that exit rate?

因此，僅從利潤率來看，我認為今年的利潤率增量將在 30% 到 35% 左右，我認為這相對來說是我們的目標，也是你們談到的長期目標。我知道您每年都在繼續投資，而且以這樣的速度交付時，總是會出現一些增量摩擦，這是相當劇烈的。但是，考慮到退出率的輕鬆比較，我們有什麼理由不認為 26 年是利潤率更正常的一年呢？

Certainly, the direction speed coming out of 2025 is encouraging in terms of the long trajectory -- long-term trajectory. I was (inaudible) thinking in terms of continue to believe that our objectives in terms of long-term margins are correct. So I would think that probably too far from what we think the future could look like, Steve.

當然，從長遠發展軌跡來看，2025 年的發展速度是令人鼓舞的。我（聽不清楚）認為，我們繼續相信我們的長期利潤目標是正確的。所以我認為這可能與我們想像的未來相差甚遠，史蒂夫。

Amit Daryanani, Evercore.

阿米特·達亞納尼 (Amit Daryanani)，Evercore。

I guess I was hoping, Gio, you could spend a little bit of time on the strength that we're seeing in both your backlog and orders right now. And maybe just touch on two fronts. One, are you seeing a shift in duration of your orders right now? Or maybe you can talk about the range of what that order book of backlog looks like? That would be really helpful.

我想我希望，吉奧，你可以花一點時間來談談我們現在看到的你的積壓訂單和訂單的優勢。也許只是涉及兩個面向。首先，您現在是否看到訂單期限發生了變化？或者您可以談談積壓訂單的範圍是什麼樣的？那將會非常有幫助。

And then secondarily, can you just touch on the diversity of this backlog. You mentioned CoreWeave, I think, at the end of your comments, and certainly, the neocloud seem to be ramping up in a much bigger way. So I'd love to just understand how do you view the duration of this backlog and then also the customer diversity that's perhaps starting to happen over here.

其次，您能否談談這個積壓工作的多樣性。我認為您在評論的最後提到了 CoreWeave，而 Neocloud 似乎正在以更大的規模發展。所以我很想了解您如何看待這個積壓的持續時間以及可能開始出現的客戶多樣性。

Amit, I will take this as a one question, let me put this way. So two aspects of your one question. One is the, what is the duration? And what is the mix in terms of time frames of our backlog and pipeline? Backlog is pretty much similar to what we have seen historically.

阿米特，我會把這當作一個問題，讓我這樣說吧。所以你的問題有兩面。一是持續時間多長？那麼，就我們的積壓訂單和管道的時間框架而言，組合情況如何？積壓情況與我們歷史上所見的情況非常相似。

There is no kind of either a dramatic elongation or dramatic shrinkage of the backlog. If anything, what we see, and it's quite reassuring, we like it, is that some of our customers would like to have staff earlier, and there is an appetite to -- for us to deliver, if you will. When we can deliver, and we can deliver, as we have demonstrated in the second quarter, we have increasing the customer base that is ready to receive. That's a good sign for the industry as a whole.

積壓量不會急劇增加或急劇減少。如果有什麼不同的話，那就是我們看到了令人欣慰和高興的事情，那就是我們的一些客戶希望更早地配備員工，並且他們也願意——讓我們來提供服務，如果你願意的話。當我們能夠交付並且能夠交付時，正如我們在第二季所展示的那樣，我們已經增加了準備接收的客戶群。這對整個產業來說是一個好兆頭。

When it comes to orders, let's say, top pipeline more than orders, because orders and, what I said, backlog is pretty much like-for-like, it's the same, when the order is received. In the pipeline, we have a little bit of an elongation, which is a positive elongation. Don't think about anything that distorts the shape between, for example, what is six months, next six months or next 12 months vis-a-vis beyond next 12 months. But there is a little bit more elongated visibility.

當涉及訂單時，我們可以說，頂級管道比訂單更多，因為訂單和我所說的積壓訂單幾乎是相同的，當收到訂單時，它們是一樣的。在管道中，我們有一點點伸長，這是一個正伸長。不要考慮任何會扭曲形狀的事情，例如，六個月、接下來的六個月或接下來的 12 個月與接下來的 12 個月之後的情況。但能見度稍微延長了一點。

But again, nothing that dramatically changed the shape. We have a nicely kind of actionable pipeline that supports our growth ambitions.

但同樣，沒有什麼能顯著改變形狀。我們擁有一套完善的可操作管道來支援我們的成長目標。

There was an aspect about diversity. I'd say that clearly, if we think about the part of the market that grows the fastest, we're certainly thinking what the -- what we call the call it hyperscale. And you know that that is quite a large container for us. That includes certainly hyperscale, traditional colocation, sovereign and definitely neocloud. So it's well balanced in that respect.

其中有一個關於多樣性的方面。我想明確地說，如果我們考慮市場中成長最快的部分，我們肯定會考慮——我們稱之為超大規模。你知道，這對我們來說是一個相當大的容器。這當然包括超大規模、傳統主機代管、主權以及 Neocloud。因此從這個方面來看，它是非常平衡的。

Jeff Sprague, Vertical Research Partners.

Jeff Sprague，Vertical Research Partners。

I'm going to sneak an unrelated two-parter in here too, if I can. Just first on tariffs and inflation. Just given this kind of remarkable demand pulse you're seeing, do you have kind of the commercial leverage to fully recover tariffs? We're just talking about some kind of delay in terms of moving through the order backlog and converting to sales.

如果可以的話，我還想偷偷地在這裡放一個不相關的兩部分內容。首先談談關稅和通貨膨脹。鑑於您所看到的這種顯著的需求脈動，您是否擁有某種商業槓桿來完全收回關稅？我們只是在談論處理訂單積壓和轉換為銷售方面的某種延遲。

And then I'm sorry, Gio, could you just maybe address, a little scare through the market a couple of weeks ago on AWS delivering some kind of -- or developing some kind of liquid cooling application. How you put something like that in context to your business?

然後，很抱歉，Gio，您能否談談幾週前市場上對 AWS 提供某種或開發某種液體冷卻應用的一些擔憂。您如何將這樣的事情與您的業務聯繫起來？

Well, I really have a hard time, Jeff, reconciling these two questions into one. So let me start from the AWS one. So in general, think in terms of hyperscalers having certainly a very strong opinion on how they want their infrastructure to be. Now no two hyperscalers have the same behaviors. No two hyperscalers have the same design philosophy.

好吧，傑夫，我真的很難將這兩個問題統一起來。那麼讓我從 AWS 開始。因此，總的來說，超大規模企業對於他們想要的基礎設施是什麼樣子肯定有非常強烈的看法。現在，沒有兩個超大規模企業的行為是相同的。沒有兩個超大規模企業擁有相同的設計理念。

But certainly, with every single hyperscaler, you usually have a very strong relationship, and you have to be involved in the technology that very often, together with them, is developed. . So I don't want to over-elaborate on the specific case because I'll let AWS talk about that. But in general, think about us being always connected with hyperscalers. And as I said several times, it's very important to be in the labs with them, to having our engineers and their engineers working together.

但可以肯定的是，你與每個超大規模企業通常都有非常密切的關係，而且你必須參與與他們一起開發的技術。。所以我不想過度闡述具體案例，因為我會讓 AWS 來談論這個問題。但總的來說，想想我們總是與超大規模企業保持聯繫。正如我多次說過的，和他們一起在實驗室裡，讓我們的工程師和他們的工程師一起工作非常重要。

And that will bring good things about that could be kind of a customization of products that are in our portfolio or us working on the technology exactly the way they want it.

這將帶來好處，可能是對我們的產品組合進行某種定制，或者讓我們按照他們想要的方式開發技術。

So I don't think there should be any scare. This is not an anomaly in the way the market works. And we are here to scale with our hyperscale customers. We are here to co-engineer with them.

所以我認為沒有必要感到恐慌。這並不是市場運作方式的異常現象。我們致力於與超大規模客戶一起擴大規模。我們來這裡是為了與他們共同進行工程設計。

Nigel Coe, Wolfe Research.

沃爾夫研究公司的奈傑爾·科伊。

Gio, I promise I'll keep this to one question. No two-parters within one question, just one question. I think -- so -- let's see. You be the judge. So can we just talk about win rates?

吉奧，我保證我會只問一個問題。一個問題中沒有兩個部分，只有一個問題。我認為——那麼——讓我們看看。你來判斷吧。那我們可以只談勝率嗎？

There's obviously a lot of speculation around the evolution to liquid cooling and lots of new entrants and the like.

顯然，人們對液體冷卻的演變以及大量新進入者等有很多猜測。

So just wondering, in terms of your win rate, especially on the AI infrastructure side of things, how is your win rate comparing to the last two or three years? And here comes the and. Is there any change in the way that the hyperscalers are procuring equipment? I'm just wondering if the system-wide approach is starting to gain traction as opposed to RFPs for specific components of the system.

所以我只是想知道，就您的成功率而言，特別是在人工智慧基礎設施方面，您的成功率與過去兩三年相比如何？然後就到了「和」。超大規模企業採購設備的方式有什麼改變嗎？我只是想知道，與針對系統特定元件的 RFP 相比，系統範圍的方法是否開始獲得關注。

So in general, we will not go in the details of win rates for AI infrastructure, not AI infrastructure. Remember that already probably a year ago, we were saying, hey, being too analytical about what is AI, what is not AI is false precision.

所以一般來說，我們不會深入探討AI基礎設施的勝率，而不是AI基礎設施。記得大概一年前，我們就說過，嘿，對什麼是人工智慧、什麼不是人工智慧進行過度分析是錯誤的精確。

But in general, we see good stability in our win rate. Now we should go product line by product line, we should go BU by BU. But in general, when we see things in aggregate, we have stability of win rates, which is, of course, you combine win rates and pipeline, specifically a good sign.

但總體而言，我們的勝率保持著良好的穩定性。現在我們應該逐條產品線、逐一業務單位進行檢查。但總的來說，當我們從整體上看事情時，我們的勝率是穩定的，當然，如果你將勝率和管道結合起來，這是一個好兆頭。

And we don't see a dramatic way or any significant way in which hyperscalers go about procuring their infrastructure component or their solutions and systems. And again, there are some hyperscalers who have been historically very much, oh, I want to design it, and yes, consult with you as I design, and then you will be part of our, let's say, supply chain for the specific system. And there are others that sit with you and say, hey, these are my needs, what you want to do -- how do we design around my needs, what you have around my needs? Clearly, most of people think in terms of suppliers as a multisource for resilience. But then again, in that case, from that point of view as well, it is a customer-by-customer type of decision and philosophy.

我們沒有看到超大規模企業以任何引人注目的方式或重要方式來購買其基礎設施組件或解決方案和系統。再說一次，有一些超大規模企業歷來非常重視，哦，我想設計它，是的，在我設計時與你協商，然後你將成為我們特定係統供應鏈的一部分。還有其他人會坐在你旁邊說，嘿，這是我的需求，你想做什麼——我們如何根據我的需求進行設計，你對我的需求有什麼要求？顯然，大多數人認為供應商是彈性的多來源。但話又說回來，在這種情況下，從這個角度來看，這也是一種針對每個客戶的決策和理念。

So in general, nothing dramatically different, even as the technology of what they buy is moving with the technology of the industry, the technology (inaudible).

所以總的來說，沒有什麼顯著的不同，即使他們購買的產品的技術隨著行業技術的發展而發展，技術（聽不清楚）。

Scott Davis, Melius Research.

戴維斯 (Scott Davis)，Melius Research。

I want to drill down if we can into the operational inefficiencies. And just Gio, if you can just talk a little bit about root cause. Are these the standard things of kind of premium freight and overtime labor and third shift and efficiencies and stuff like that? Or are there other kind of hiccups that you're having while you're adding capacity as far as getting components, getting tooling and stuff like that? I mean what -- just a little bit more granularity, I think, on where you're seeing those inefficiencies, I think, would be helpful.

如果可以的話，我想深入研究一下營運效率低下的問題。吉奧，你能不能稍微談談根本原因？這些是優質貨運、加班、第三班、效率等的標準嗎？或者，在增加產能時，您在取得組件、取得工具等方面是否遇到了其他問題？我的意思是——我認為，只要更詳細地了解您在哪裡看到了這些低效率，就會有所幫助。

Yes. I think it's a combination of things, Scott. And we have addressed that during the -- as we're going through the slides. But I really like to think about it in three ways.

是的。我認為這是多種因素共同作用的結果，斯科特。我們在播放幻燈片時已經解決了這個問題。但我確實喜歡從三個方面來思考這個問題。

One is there is a tariff transition. I mean we talked about tariff -- setting tariffs, et cetera, in a steady state. But when you transition from certain footprint of supply chain and manufacturing to another one that is more adjusted to the tariff, you have to involve new sources. Sometimes you have to have new certification. You have -- you move a backlog from one place to another.

一是關稅轉型。我的意思是我們討論了關稅——在穩定狀態下設定關稅等等。但是，當你從某個供應鏈和製造足跡轉向另一個更適應關稅的足跡時，你必須引入新的來源。有時您必須獲得新的認證。你已經將積壓工作從一個地方移到另一個地方。

You have stops and goes. That, of course, inject inefficiency. And some of that, of course, you can fight, and you do, and we do. Some other is what you have to face.

你有走有停。這當然會導致效率低落。當然，有些事情你可以抗爭，你也這麼做，我們也這麼做。其他一些事情你還得面對。

If you then think -- this ongoing anyway, but ongoing and overlap to a situation in which we're growing at 34%, then you have that compounding with exactly what you were saying. So you have to have to enable that growth more over time. You have premium freights. And that is a premium freight for that, that is the premium freight for the tariff reconfiguration. It's probably a combination of the two.

如果你再想想——無論如何這都是持續的，但持續的並且與我們以 34% 的速度增長的情況重疊，那麼你就得到了與你所說的完全一樣的複合。因此，你必須隨著時間的推移進一步促進這種成長。您有優質貨運。這就是溢價運費，這就是關稅重新配置的溢價運費。這可能是兩者的結合。

So clearly, all these two elements -- both these elements -- sorry. Both of these elements, the tariff transition and the strong acceleration, are normalizing, and are normalizing as we make more capacity available as we design the way we operate and align the way we operate to a higher level of growth.

顯然，這兩個元素——這兩個元素——抱歉。這兩個因素，即關稅轉型和強勁加速，都在正常化，並且隨著我們在設計營運方式和將營運方式與更高的成長水平相結合時提供更多的產能，這兩個因素也在正常化。

So you were talking about retooling. Let's talk about retooling that would probably be more a tariff transition, using it to get -- extending a little bit the definition of that. But then there will certainly be the overtime, the backlog movements, the freights.

所以您剛才談到了重新裝備。讓我們來談談重組，這可能更像是關稅轉型，利用它來獲得——稍微擴展一下它的定義。但肯定會有加班、積壓的作業和運費。

We talked about some other EMEA-specific operational, executional challenges that are specific to a part of our business that we are addressing, with focus, and dare I say, with my -- even my direct involvement on certainly more than a weekly basis. All things that, as I was saying, we believe, will be in full control.

我們討論了一些其他 EMEA 特定的營運和執行挑戰，這些挑戰與我們正在解決的業務的一部分有關，我敢說，我甚至每週都會直接參與其中。正如我所說的，我們相信，所有的事情都將完全受到控制。

Andrew Obin, Bank of America.

美國銀行的安德魯‧奧賓。

So one of the things that sort of came up last quarter during various channel checks is that there are a lot of teething pains on liquid cooling systems in the industry. And I would guess that this sort of bodes well for service contracts. And any color or commentary on growth rates for thermal service contracts or liquid cooling? Because I think at the Analyst Day last year, people have sort of thought that this could be an attractive growth opportunity for Vertiv.

因此，上個季度在各種通路檢查中發現的一件事是，業界的液體冷卻系統存在許多初期問題。我猜這對服務合約來說是個好兆頭。對於熱服務合約或液體冷卻的成長率有什麼看法或評論嗎？因為我認為在去年的分析師日上，人們已經認為這對 Vertiv 來說可能是一個有吸引力的成長機會。

Yes. Thank you, Andrew. So certainly, let's say, if you think about the cooling -- and I go back to what I was saying when we're going through the slides. The degree of intimacy, interoperability between a cooling system, liquid cooling system and a multimillion dollar rack, is enormous. And the system is quite complex from a technology standpoint, from a calibration, balancing standpoint.

是的。謝謝你，安德魯。所以當然，假設你考慮冷卻——我回到我們在瀏覽幻燈片時所說的內容。冷卻系統、液體冷卻系統和價值數百萬美元的機架之間的緊密程度和互通性是巨大的。從技術角度、校準和平衡角度來看，該系統相當複雜。

So we are fully convinced, and we see that indeed being the case, that our service strength is really making a difference.

因此，我們完全相信，而且我們也看到事實確實如此，我們的服務實力確實發揮了作用。

In the deployment of liquid cooling at scale, don't forget scale is a big element here, but also during the life cycle of the liquid cooling system. So yes. The answer is a straight yes. We believe that liquid cooling is helpful and will be certainly favorably in terms of our thermal services, thermal contract growth, is an area we truly believe will be strong going forward.

在大規模部署液體冷卻時，不要忘記規模是一個重要因素，而且在液體冷卻系統的生命週期中也同樣重要。是的。答案是肯定的。我們相信液體冷卻是有幫助的，並且對我們的熱服務、熱合約成長肯定會有利，我們堅信這是一個未來會強勁發展的領域。

Michael Elias, TD Cowen.

邁克爾·埃利亞斯（Michael Elias），TD Cowen。

Just curious, as you think about the evolution of what goes into the data center, i.e., increasingly looking at taking a medium voltage directly to the rack and rack density is getting up to 1 to 2 megawatts per rack, how do you think about your current product footprint? And any ways that you need to evolve your offering in order to keep pace with the evolution inside the data center?

只是好奇，當您考慮資料中心的演變時，即越來越多地考慮將中壓直接輸送到機架，並且機架密度達到每機架 1 至 2 兆瓦，您如何看待當前產品的足跡？為了跟上資料中心內部的發展，您需要以哪些方式改進您的產品？

Well, thanks, Mike. I think this is certainly something that is happening, is very clearly in our road maps. And you're right, just as we saw the thermal or the cooling infrastructure evolve, and it's not finished, of course, continue to evolve, by the same token, the same will happen on the power side of things. You heard us -- you probably heard us or people heard us vocally support NVIDIA's plan to have a higher, let's say, voltage type of rack power distribution in general. But this, of course, will have reverberations across the entire power infrastructure.

好吧，謝謝，麥克。我認為這肯定是正在發生的事情，並且在我們的路線圖中已經非常明確。你說得對，正如我們所看到的熱能或冷卻基礎設施的發展一樣，它當然還沒有完成，還在繼續發展，同樣，電源方面也會發生同樣的事情。您聽到了我們的聲音——您可能聽到了我們的聲音，或者人們聽到了我們口頭上支持 NVIDIA 的計劃，即採用更高電壓類型的機架配電。但這當然會對整個電力基礎設施產生影響。

So yes, the portfolio is evolving. What we are really happy about and we nurture very carefully and very intensely is the relationship we have with the key players, be them silicon or hyperscalers, which we together define what the future will be like one, two, three years out, and align our portfolio and our technology.

是的，投資組合正在不斷發展。我們真正感到高興的是，我們非常謹慎和密切地培養與關鍵參與者的關係，無論是矽片還是超大規模企業，我們共同定義未來一、二、三年的樣子，並調整我們的產品組合和技術。

If you think about this kind of a higher voltage DC power, that's something that, of course, is very -- leverages very well our decades-long DC power technology. But you can think about this evolution, again, I want to stay on the power side, is something that is even broader. As data centers will become more and more self-sufficient from a power generation standpoint, and we know that, that is certainly a trend, not the sole trend, but it's certainly a trend, well, then you'll see, back to my Oklo point earlier, as you see that, the powertrain, the power infrastructure will be -- will need to be very well-orchestrated exactly from power generation all the way to inside the rack. And there will be various architectures that really will depend on, again, the type of philosophy and also the type of use of a certain data center. How much flexibility you want to have two different type of loads?

如果你考慮這種更高電壓的直流電源，那當然是非常——很好地利用了我們數十年的直流電源技術。但你可以考慮一下這種演變，再說一次，我想繼續關注權力方面，這是更廣泛的事情。從發電的角度來看，資料中心將變得越來越自給自足，我們知道，這肯定是一個趨勢，不是唯一的趨勢，但肯定是一個趨勢，那麼，你會看到，回到我之前提到的 Oklo 觀點，正如你所看到的，動力傳動系統、電力基礎設施將需要從發電一直到機架內部進行非常精心的協調。並且會有各種各樣的架構，這實際上將取決於理念的類型以及特定資料中心的使用類型。您希望擁有兩種不同類型的負載有多大的靈活性？

So long story short, the system is becoming more important. The system is becoming more complex. And this is an exercise that we are, of course, engaging in, and we are very excited about.

長話短說，系統變得越來越重要。該系統變得越來越複雜。當然，我們正在進行這項演習，我們對此感到非常興奮。

Nicole DeBlase, Deutsche Bank.

妮可‧德布拉斯 (Nicole DeBlase)，德意志銀行。

I just had a question on margin. So the guidance implies like a 10 basis point year on year decline in margins in the third quarter, and then a pretty big step-up to like over 200 basis points of expansion in the fourth quarter. So probably a question for David. But can we kind of walk through some of the puts and takes that give you guys confidence in that step-up?

我剛剛對保證金有一個疑問。因此，該指引意味著第三季利潤率將年減 10 個基點，而第四季利潤率將大幅上升至 200 個基點以上。這可能是大衛的問題。但是，我們能否大致介紹一下讓你們對這項進步充滿信心的一些因素呢？

Yes. I think it's two things, Nicole. Number one is the benefit of operational leverage. And you can get our exact Q4 numbers in the appendix, but there's over $200 million increase in sales expected in Q4 versus Q3. So that definitely provides the benefits of operational leverage.

是的。我認為有兩件事，妮可。第一是營運槓桿的好處。您可以在附錄中獲得我們第四季的確切數字，但預計第四季度的銷售額將比第三季增加 2 億美元以上。因此，這無疑提供了營運槓桿的好處。

And the other bucket is simply addressing the operational inefficiencies and execution challenges that we've seen in Q2 into Q3. Once again, we believe all of these should be resolved in Q4. So it may be oversimplifying things, but I think those are the two buckets that drive the improvement from Q3 to Q4.

另一個重點是解決我們在第二季到第三季看到的營運效率低落和執行挑戰。我們再次相信，所有這些都應該在第四季度得到解決。因此，這可能過於簡單化了，但我認為這是推動第三季到第四季改善的兩個因素。

Simple is great.

簡單就是好。

Amit Mehrotra, UBS.

瑞銀的 Amit Mehrotra。

Just, Gio, at the front of the call, you had talked about the regulatory environment getting better for AI infrastructure and that was being reflected in your pipeline. Can you just give us a little bit more color on that and what specifically is getting better?

吉奧，在電話會議開始時，您談到了人工智慧基礎設施的監管環境正在變得更好，這反映在您的管道中。您能否向我們詳細介紹一下這一點以及具體有哪些進步？

And also just -- I know you don't like commenting on orders for obvious reasons, but you have been quite generous in talking about trailing 12-month orders and the expectations there. We're getting past these tougher comps here where I think there looks like a possibility for TTM orders to reaccelerate. Wondering if you would engage with me in that type of conversation.

而且——我知道出於顯而易見的原因，您不喜歡對訂單發表評論，但您在談論過去 12 個月的訂單及其預期時卻相當慷慨。我們正在度過這些更艱難的時期，我認為 TTM 訂單有可能重新加速。想知道您是否願意和我進行此類對話。

Another case of very clear two questions these guys does as one. So let me address the regulatory environment and be patient with me.

另一個例子是，這兩個傢伙把兩個非常明顯的問題當成了一個問題。因此，請讓我來談談監管環境，請大家耐心等待。

So this is in general true. If we think about the US environment, of course, we see a lot of attention from the administration for the sector. It's not just a sector in terms of data center itself, but elements that are then conducive very much to data center growth that is around all around power grid and power generation. So that's what I referred to.

所以這總體上是正確的。如果我們考慮美國的環境，我們當然會看到政府對該行業給予了極大的關注。它不僅僅是資料中心本身的一個領域，而且還有非常有利於圍繞電網和發電的資料中心成長的因素。這就是我所提到的。

But also my comment was a little bit oriented towards EMEA, where we see national government, the EU, but also places like the UK, they're more aware of the importance and the strategic importance of AI. So that is slowly, as we said, slowly, but surely, starting to head in the right direction.

但我的評論也有點針對歐洲、中東和非洲地區，我們看到各國政府、歐盟以及英國等地都更意識到人工智慧的重要性和戰略重要性。正如我們所說，這正在緩慢地，但肯定地開始朝著正確的方向發展。

And one thing that I haven't mentioned this time that I'm fully convinced about is that one of the reasons why Europe is maybe a little lagging, we're talking about a coiled spring, is that so much kind of attention and time and resources are really focused on North America and the US, that sometimes they are the same players, and the same players that play both in the US, North America and Europe. That's even more so true than it is, if you will, with Asia is its own dynamics, and positive dynamics, I must say. So you will see that a lot of the attention is absorbed by what happens in the US, and we believe times will soon be mature for an acceleration in Europe and EMEA.

這次我沒有提到但我完全相信的一件事是，歐洲可能有點落後的原因之一，我們談論的是螺旋彈簧，是因為太多的注意力、時間和資源都集中在北美和美國，有時他們是同一批參與者，而且是在美國、北美和歐洲都參與的同一批參與者。如果你願意的話，這甚至比實際情況更真實，亞洲有其自身的活力，而且是積極的活力，我必須說。因此，你會看到，人們的注意力都集中在美國發生的事情上，我們相信，歐洲和歐洲、中東和非洲地區的發展加速的時機很快就會成熟。

What about the trailing 12 months?

那麼接下來的 12 個月情況如何呢？

That's the second question. That's the second question. And as we said, we -- I would be guiding orders, and that's not what we do. And it was the second question. Be patient with me.

這是第二個問題。這是第二個問題。正如我們所說，我會發布指導命令，但這不是我們所做的。這是第二個問題。請對我耐心一點。

Chris Snyder, Morgan Stanley.

摩根士丹利的克里斯·斯奈德。

I wanted to ask on gross margin. We have obviously come under some pressure here in the first half, after a period of very healthy expansion. Is this only a function of tariffs and some of the inefficiencies discussed earlier? Or are there also headwinds from whether it be mix or new technologies ramping, i.e. liquid cooling?

我想問一下毛利率。在經歷了一段非常健康的擴張期後，我們上半年顯然承受了一些壓力。這只是關稅和之前討論過的一些低效率的結果嗎？或者是否也存在來自混合技術或新技術（例如液體冷卻）的阻力？

When you guys look at the backlog, is the expectation that gross margin return to expansion in Q4 and that kind of helps provide that operating lift? Or is that still a little bit further out?

當你們查看積壓訂單時，是否預期毛利率會在第四季度恢復擴張，並且這有助於提升營運水準？或者說這還有點遠？

A couple of things I'd please add. We are happy about the new technologies, and I think the new technologies corroborate our value story and certainly our margin story. As we explained, there is -- there are tariff elements and, certainly, growth, inefficiency in the operational aspects that we, I think, have discussed. Those are the -- really the main elements.

我想補充幾點。我們對新科技感到高興，我認為新科技證實了我們的價值故事，當然還有我們的利潤故事。正如我們所解釋的，存在關稅因素，當然還有成長、營運方面的低效率，我想我們已經討論過了。這些才是真正的主要要素。

And when it comes to margin, and the backlog margin because we do not go in those level of details, but certainly, we factor the margin in our backlog when we talk about when we give out guidance in general. I don't know if you want to add anything.

當談到利潤率和積壓訂單利潤率時，因為我們沒有深入到這些細節層面，但當然，當我們談論一般指導時，我們會將積壓訂單中的利潤率考慮在內。我不知道您是否想添加任何內容。

Yes. Just on the topic of mix, mix could be a factor quarter to quarter based on larger projects. But I'll tell you, for the full year, margin will not have a negative -- or I'm sorry, mix will not have a negative impact on our margin. If anything, it will be slightly positive.

是的。就混合而言，根據較大的項目，混合可能是每個季度的一個因素。但我要告訴你，全年而言，利潤率不會產生負面影響——或者抱歉，組合不會對我們的利潤率產生負面影響。如果有的話，這將是略微積極的。

Andy Kaplowitz, Citigroup.

花旗集團的安迪‧卡普洛維茲 (Andy Kaplowitz)。

Gio, I think in the past, you said that the market in Vertiv are trending toward the high end of your 15% to 17% growth CAGR for hyperscaler and colocation revenue growth to '29, and your 12% to 14% growth for Vertiv. But given the recent order momentum, are we thinking that growth could be even higher, modestly higher rates, especially given you're seeing a broadening of AI spend, I think, in the sovereigns or enterprise? Or do you say the order ramp has been more what you've been expecting, maybe just slightly faster?

Gio，我想您過去曾說過，到 29 年，Vertiv 的市場趨勢是超大規模和主機託管收入的複合年增長率將達到 15% 至 17%，而 Vertiv 的複合年增長率將達到 12% 至 14%。但考慮到最近的訂單勢頭，我們是否認為成長率可能會更高，略微更高，特別是考慮到您看到主權國家或企業的人工智慧支出不斷擴大？或者您說訂單成長比您預期的要快一些，甚至可能只是稍微快一點？

I think early to think in terms of, let's say -- or a correction or a change in our, let's say, market growth expectations. I think it would be premature. Certainly, we like what we see in terms of market demand. Certainly, going back to the point you were making that range for hyper and colo that we gave, the 15%, 17%, we're probably thinking about the upper end. As usual, we continue to look at the market, to evaluate the market.

我認為我們應該儘早考慮，比如說，對市場成長預期進行修正或改變。我認為這還為時過早。當然，我們對所看到的市場需求感到滿意。當然，回到您剛才提到的我們給出的超級和彩色範圍，15%、17% 可能指的是上限。像往常一樣，我們繼續觀察市場、評估市場。

Now it would be premature.

現在說這個還為時過早。

But certainly, as we're saying in this market, we are taking market share. And yes, we are happy with the trajectory. But again, we're not even shocked in terms of that because we've been talking about our pipeline getting stronger for quite some time. And again, not commenting on any specific quarter because of the lumpiness that we have several times discussed, we think that from a trailing 12, the momentum is the right one and is momentum that certainly implies a market share gain.

但可以肯定的是，正如我們在這個市場上所說的那樣，我們正在佔領市場份額。是的，我們對這個軌跡感到滿意。但是，我們對此並不感到震驚，因為我們已經談論我們的管道變得更強大很長一段時間了。再次強調，由於我們已經多次討論過不穩定性，因此我們不對任何特定季度發表評論，我們認為從過去的 12 個季度來看，這種勢頭是正確的，而且這種勢頭肯定意味著市場份額的增長。

Mark Delaney, Goldman Sachs.

高盛的馬克·德萊尼。

You said you expect to generate about $1.4 billion of free cash flow for this year and plan to use about $200 million for the Great Lakes acquisition. Can you speak to your priorities for the rest of the free cash flow and if you expect M&A to become a more regular part of your capital allocation framework from here?

您表示，預計今年將產生約 14 億美元的自由現金流，並計劃使用約 2 億美元用於收購 Great Lakes。您能否談談您對剩餘自由現金流的優先事項，以及您是否預計從現在起併購將成為您資本配置框架中更常規的一部分？

Well, thank you, Mark. Certainly, M&A is an important element in our capital allocation strategy and certainly in our value -- more broadly speaking, value creation model. And we've been very vocal about that. We're happy about what we have recently announced. So it is an important part.

好吧，謝謝你，馬克。當然，併購是我們資本配置策略中的重要元素，當然也是我們的價值──更廣泛地說，價值創造模式中的重要元素。我們對此一直直言不諱。我們對最近宣布的消息感到非常高興。所以這是一個重要的部分。

So again, it's an important part that we address with the key focus, we have a strong process and a very active pipeline. What exactly will happen would be obviously super premature to say. But we're not shy and we'll not be shy if the right timing and the right thing mature to the point that we can act on.

所以，再次強調，這是我們重點解決的重要部分，我們有一個強大的流程和一個非常活躍的管道。究竟會發生什麼，現在下結論顯然還為時過早。但我們並不害羞，如果時機合適、事情成熟到我們可以採取行動的程度，我們就不會害羞。

So I am certainly pleased with how much stronger our engine in this respect is. So I don't want to predict anything right now, but certainly, we have the means, we have the credibility, and we have the process in place.

因此，我對我們的引擎在這方面的強度感到非常滿意。所以我現在不想預測任何事情，但可以肯定的是，我們有手段，我們有信譽，我們有流程。

Noah Kaye, Oppenheimer.

諾亞·凱伊，奧本海默。

So Gio, you talked at DCD earlier this week about the trend towards modular and prefab solutions as really accelerating. And I would love to understand to what extent your backlog has started to remix in that direction and perhaps whether we can tie that trend to the demand acceleration you're seeing.

那麼，Gio，本週早些時候您在 DCD 上談到模組化和預製解決方案的趨勢正在真正加速。我很想了解您的積壓訂單在多大程度上開始朝這個方向重新混合，也許我們是否可以將這種趨勢與您所看到的需求加速聯繫起來。

Well, thank you. That is certainly a trend that we see. We know that the industry needs speed, and speed in construction is paramount full success for our customers. But also, as I said several times, this is a construction industry. And if you have to build very, very complex systems like data centers, on site, at speed, then there certainly are challenges, shortages, manpower, skilled labor shortages, and surely things can be done better in a prefabrication setup and what.

好的，謝謝你。這確實是我們看到的趨勢。我們知道，產業需要速度，而施工速度對於我們的客戶的成功至關重要。但正如我多次說過的，這是一個建築業。如果你必須在現場快速建立像資料中心這樣非常複雜的系統，那麼肯定會存在挑戰、人力短缺、熟練勞動力短缺，而且肯定可以透過預製設定做得更好。

So yes, we see an acceleration in the modular business. Don't think the modular business as something else from what we do. For us, modular business is prefabricating a lot of our technology. So we're not just a regular kind of an integrator. We indeed are absolutely not an integrator.

是的，我們看到模組化業務正在加速發展。不要認為模組化業務與我們所做的不同。對我們來說，模組化業務就是預製我們的許多技術。所以我們不只是一個普通的整合商。我們確實絕對不是一個整合商。

We are prefabricating the technology that we own. And that makes a big difference.

我們正在預製我們擁有的技術。這有很大的不同。

So it's not like, oh, thermal is going down, power is going down, and prefabrication is going up. No. It is really integral, is almost like a wrapping around in our technologies and one that can create a lot of value to our customers.

所以，情況並不是這樣的，熱量正在下降，電力正在下降，而預製在上升。不。它確實是不可或缺的，幾乎就像是我們技術的包裹，可以為我們的客戶創造很多價值。

And this can be multiple things. If you take our SmartRun, our SmartRun that I was talking about earlier, you will have power racks, power distribution. You will have a secondary fluid network. You can include in there everything liquid cooling, busways, controls, you name it. So it's really a way to package increasing the value that we deliver to our customers.

這可以是多種事物。如果您使用我們的 SmartRun，也就是我之前談到的 SmartRun，您將擁有電源架和電源分配。您將擁有一個次級流體網路。您可以把液體冷卻、母線槽、控制裝置等所有東西都包括在內。因此，這實際上是一種增加我們向客戶提供的價值的方式。

Thank you. This concludes our question-and-answer session. And I would like to turn the call back over to Gio for any closing remarks.

謝謝。我們的問答環節到此結束。我想將電話轉回給吉奧，請他做最後發言。

Well, thanks a lot, and thank you for all the questions and the time today. Certainly, it's worth reiterating how excited I am that we are about the future of Vertiv. We have demonstrated and are demonstrating our ability to deliver strong growth and profit even in the face of a complex operating environment.

好的，非常感謝，也感謝您今天提出的所有問題和付出的時間。當然，值得重申的是，我對 Vertiv 的未來感到非常興奮。我們已經證明並正在證明，即使在複雜的經營環境下，我們也有能力實現強勁成長和獲利。

Certainly, I'm pleased with our progress and -- but you know, never, never satisfied. The market opportunity ahead of us is a significant, certainly driven by the accelerating digital transformation and the insatiable, dare I say, demand for data center infrastructure. We believe Vertiv is uniquely positioned to capitalize on this opportunity with our complete portfolio, deep customer relationships and strong execution capability.

當然，我對我們的進步感到滿意——但你知道，我永遠不會滿足。我們面前的市場機會是巨大的，這無疑是由加速數位轉型和對資料中心基礎設施的無限需求所驅動的。我們相信，憑藉我們完整的產品組合、深厚的客戶關係和強大的執行能力，Vertiv 擁有獨特的優勢來利用這一機會。

So overall, I want you to know that I and the Vertiv team remain laser-focused on delivering for our customers and investors. The future has never been brighter, and I'm excited to continue this journey with all of you. So thank you, and have a great rest of the day.

總的來說，我想讓你們知道，我和 Vertiv 團隊仍然專注於為我們的客戶和投資者提供服務。未來從未如此光明，我很高興能與大家一起繼續這段旅程。謝謝你，祝你今天剩餘時間過得愉快。

Thank you. This concludes today's conference call. Thank you all for attending today's presentation. And you may now disconnect.

謝謝。今天的電話會議到此結束。感謝大家參加今天的演講。現在您可以斷開連線了。