Vertiv Holdings Co (VRT) 2025 Q4 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 fourth quarter and full year 2025 earnings conference call. (Operator Instructions) Please note that this call is being recorded.

早安.我叫娜迪亞，今天我將擔任你們的會議接線生。在此，我謹代表Vertiv公司歡迎各位參加2025年第四季及全年業績電話會議。（操作員指示）請注意，本次通話正在錄音。

I would now like to hand the program over to your host for today's conference call, Lynne Maxeiner, Vice President of Investor Relations.

現在，我將把主持今天的電話會議的主持人交給投資者關係副總裁琳恩·馬克西納。

Right. Thank you, Nadia. Good morning, and welcome to Vertiv's fourth quarter and full year 2025 earnings conference call. Joining me today are Vertiv's Executive Chairman, Dave Cote; Chief Executive Officer, Gio Albertazzi; and Chief Financial Officer, Craig Chamberlin. We have 1 hour for the call today. (Event Instructions)

正確的。謝謝你，娜迪亞。早安，歡迎參加Vertiv 2025年第四季及全年業績電話會議。今天與我一同出席的有 Vertiv 的執行董事長 Dave Cote；執行長 Gio Albertazzi；以及財務長 Craig Chamberlin。今天我們有一小時的通話時間。（活動須知）

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.

在開始之前，我想指出，在本次電話會議中，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。這些前瞻性陳述存在重大風險和不確定性，可能導致實際結果與前瞻性陳述中的結果有重大差異。

We refer you to the cautionary language included in today's earnings release, and you can learn more about these risks in our annual and quarterly reports and other filings made with the SEC. 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.

我們建議您參閱今天發布的收益報告中的警示性措辭，您還可以在我們的年度報告、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更多關於這些風險的信息。我們今天所作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 業績和 GAAP 與非 GAAP 調整表可在我們的獲利新聞稿以及我們網站 investors.vertiv.com 上的投資者簡報中找到。

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

接下來，我將把電話交給執行主席戴夫·科特。

Well, I am extremely pleased with how we executed in the fourth quarter and for the full year of the 2025. We delivered strong results across key metrics, and we've got tremendous momentum heading into '26 and beyond. What you're seeing is the payoff from years of strategic investments and disciplined execution. Our focus on engineering innovation, capacity expansion and deep customer partnerships is translating directly into results. Gio and his team are doing an outstanding job executing our strategy, and I'm impressed with how they are navigating both opportunities and challenges.

我對我們在第四季和2025年全年的執行情況非常滿意。我們在各項關鍵指標上都取得了強勁的成績，並且我們已經擁有了巨大的發展勢頭，邁向 2026 年及以後。你們現在看到的，是多年戰略投資和嚴格執行的回報。我們專注於工程創新、產能擴張和與客戶建立深厚的合作關係，這些都直接轉化為成果。Gio 和他的團隊在執行我們的策略方面做得非常出色，他們應對機會和挑戰的方式給我留下了深刻的印象。

The AI-driven infrastructure build-out is accelerating, and data centers are at the center of it all. We're still in the early innings of this secular growth trend. Vertiv's position in this market keeps getting stronger. Our technology leadership and global scale, along with our service and operational capabilities aren't easily replicated, and we keep widening that gap. We've established a strong record.

人工智慧驅動的基礎設施建設正在加速，而資料中心是這一切的核心。我們仍處於這一長期成長趨勢的早期階段。Vertiv 在這個市場中的地位越來越穩固。我們的技術領先地位和全球規模，以及我們的服務和營運能力，都不容易被複製，而且我們還在不斷擴大這種差距。我們已經取得了優異的成績。

We commit to ambitious goals and we deliver. Now here's what excites me the most. Vertiv isn't choosing between today and tomorrow. We are winning now and winning later, positioning us to create value both now and well into the future. Said more simply, we are not done yet.

我們致力於實現遠大目標，而我們也做到了。接下來是令我最興奮的事。Vertiv 並沒有在今天和明天之間做出選擇。我們既在當下獲勝，也在未來獲勝，這使我們能夠為現在和未來創造價值。簡單來說，我們還沒完成。

With that, I'll turn it over to Gio, our leader and architect of this most excellent day.

接下來，我將把麥克風交給喬，我們今天的領導者和策劃者，他一手打造了這美好的一天。

Well, thank you. Thank you very much, Dave, and welcome, everyone. We go to slide 3. And I'm certainly quite pleased with how we closed '25, another very strong quarter and a very strong year. Organically, fourth quarter orders were up 252% year over year and up 117% sequentially.

謝謝。非常感謝戴夫，也歡迎各位。我們來看第三張投影片。我對我們2025年的收官表現非常滿意，又是一個表現強勁的季度，也是非常強勁的一年。從有機成長來看，第四季訂單年增 252%，季增 117%。

Very strong, all regions, all markets. Trailing 12-month organic orders growth was 81% and would be even higher if we included our recent acquisitions. Our book-to-bill ratio was 2.9 times. Our backlog stands at $15 billion, more than double last year's. Q4 organic net sales were up 19%, primarily driven by remarkable strength in the Americas, which grew 46% organically.

非常強勁，涵蓋所有地區和所有市場。過去 12 個月的有機訂單成長率為 81%，如果算上我們最近的收購，成長率還會更高。我們的訂單出貨比為 2.9 倍。我們的積壓訂單高達150億美元，是去年的兩倍多。第四季有機淨銷售額成長 19%，主要得益於美洲地區的強勁成長，該地區有機成長達 46%。

APAC was down 9% and EMEA down 14%. Q4 adjusted operating margin was 23.2%, up 170 bps from Q4, '24. Adjusted operating profit was $668 million, and was up 33% from prior year. Our fourth quarter adjusted diluted EPS was $1.36, up 37% from Q4 '24. Adjusted free cash flow for the full year was circa $1.9 billion with an adjusted free cash flow conversion of 115%.

亞太地區下降 9%，歐洲、中東和非洲地區下降 14%。第四季調整後營業利潤率為 23.2%，比 2024 年第四季成長 170 個基點。調整後的營業利潤為 6.68 億美元，比上年增長 33%。我們在第四季度調整後的稀釋每股收益為 1.36 美元，比 2024 年第四季成長 37%。全年調整後自由現金流約 19 億美元，調整後自由現金流轉換率為 115%。

For '26, we are projecting adjusted diluted EPS of $6.02 on organic sales growth of 28% with adjusted operating margin of 22.5%. But let me give you some color on what we see regionally and for that, we go to slide 4. Let's start with the Americas. Americas continues to be the primary engine of our growth. Sales in '25 were strong and broad-based across products and customer segments.

2026 年，我們預計調整後稀釋每股盈餘為 6.02 美元，有機銷售額成長 28%，調整後營業利潤率為 22.5%。但讓我從區域角度來具體介紹一下我們所看到的情況，為此，請看第 4 張投影片。我們先從美洲開始。美洲仍然是我們成長的主要引擎。2025 年的銷售業績強勁，產品和客戶群覆蓋率廣。

The market is accelerating. Even after the large Q4 order intake, our pipeline continues to grow. Our guidance assumes sales growth in the high 30s. Americas led acceleration and that momentum continues. If we go to EMEA, well, we can say that the coiled spring is uncoiling. The market sentiment has significantly improved. Pipeline growth has accelerated. We saw strong orders in Q4, and we expect that to continue in '26. We expect to return to sales growth in the second half of the year. When it comes to APAC, well, that is accelerating.

市場正在加速成長。即使在第四季度訂單量大幅增長之後，我們的訂單儲備仍在繼續增長。我們的預測是銷售額成長將達到30%以上。美洲引領了經濟加速成長，而且這種勢頭仍在繼續。如果我們去歐洲、中東和非洲地區，我們可以說，捲起的彈簧正在展開。市場情緒已顯著改善。管道建​​設增長速度加快。我們在第四季度看到了強勁的訂單，預計這種情況將在 2026 年繼續下去。我們預計下半年銷售額將恢復成長。就亞太地區而言，這種趨勢正在加速。

Despite China remaining muted, we saw strong Q4 order growth, and we expect China's soft growth rate to persist in '26. But India and rest of Asia are robustly accelerating, and we are well positioned to capture that growth. Now let's go to slide 5 where I want to start with customer demand on the left of the slide. And just to say, Vertiv's momentum is quite remarkable. Trailing 12-month organic orders grew 81%.

儘管中國經濟依然低迷，但我們在第四季度看到了強勁的訂單成長，我們預計中國經濟的疲軟成長速度將在2026年持續。但印度和亞洲其他地區正在強勁加速成長，我們已做好充分準備，抓住這一成長機會。現在我們來看第 5 張投影片，我想從投影片左側的客戶需求開始。另外值得一提的是，Vertiv 的發展勢頭非常強勁。過去 12 個月的有機訂單增加了 81%。

Fourth quarter orders were up more than 250%. Book-to-bill almost 3 times as strong performance, and we did see some large orders coming in during the quarter. These large orders reflect our customers' increasing trust in Vertiv's ability to deliver at scale and their confidence in their market. Our $15 billion backlog is more than double last year's and up 57% sequentially, strong. Worth noting, the shape of our backlog is not very different from what we saw a year ago, yet it is more elongated into the 12- to 18-months window.

第四季訂單量成長超過250%。訂單出貨比幾乎是之前的 3 倍，表現強勁，而且我們在本季確實收到了一些大訂單。這些大額訂單反映了我們的客戶對 Vertiv 大規模交付能力的日益信任，以及他們對市場的信心。我們150億美元的積壓訂單是去年同期的兩倍多，季增57%，表現強勁。值得注意的是，我們的積壓訂單形狀與一年前的情況並沒有太大不同，但積壓訂單的期限延長到了 12 到 18 個月。

This is very consistent with a very strong Q4 order intake. We're seeing robust pipeline growth across all regions and all product technologies. This is a testament to the health of demand and of our visibility of the market. We have confidence in capturing a significant portion of this pipeline. Orders are getting bigger.

這與第四季強勁的訂單量非常吻合。我們看到所有地區和所有產品技術領域的銷售管道都實現了強勁成長。這證明了市場需求的強勁以及我們對市場的敏銳洞察力。我們有信心拿下這條輸油管的大部分份額。訂單量越來越大。

Over time, we have been vocal about the lumpy nature of orders. This lumpiness can generate unnecessary volatility. The dynamics of the market also makes orders very difficult to predict. Consistent with what we said during '25, we have been reflecting on our orders disclosure. We believe that currently, the best approach is to no longer report actual orders, orders forecast or backlog with quarterly earnings.

長期以來，我們一直公開批評訂單的不均衡性。這種不均衡性可能會造成不必要的波動。市場動態也使得訂單很難預測。正如我們在 2025 年所說，我們一直在反思我們的訂單揭露問題。我們認為，目前最好的方法是不再在季度收益報告中揭露實際訂單、訂單預測或積壓訂單。

It just seems to lead to excessive volatility that is not representative of the sustained performance of the company and is not beneficial to our investors. We will continue to provide our full year historical disclosure regarding sales and backlog in our Form 10-K. We will provide our view of the market in our quarterly earnings call. We feel very good about the strength of our pipelines, our ability to win and our prospects for growth and to lead the industry. We had an extremely strong year in orders and we do believe we will grow further in '26.

這似乎只會導致過度波動，無法代表公司的持續業績，對我們的投資者也沒有好處。我們將繼續在 10-K 表格中提供有關銷售額和積壓訂單的全年歷史揭露資訊。我們將在季度財報電話會議上闡述我們對市場的看法。我們對我們的產品線實力、成功能力、成長前景以及引領行業的決心感到非常樂觀。我們今年的訂單量非常強勁，我們相信在 2026 年會進一步成長。

Pricing continues to be favorable. 2025 pricing exceeded inflation, and we expect the same in '26. Right side of the slide now to talk about how we are managing the current environment and positioning full growth. We are mitigating material inflation pressure through our pricing mechanisms and focus cooperation with our suppliers. On capital, we are stepping up to 3%, 4% of sales in '26, from high historical 2% to 3%.

定價依然有利。 2025年的定價高於通貨膨脹率，我們預期2026年也將如此。現在就來看看投影片的右側，我們將討論我們如何應對當前環境並實現全面成長。我們正透過定價機制緩解材料通膨壓力，並專注於與供應商合作。在資本方面，我們將把 2026 年的銷售額比例從歷史高點 2% 提高到 4%。

We continue to adopt a very disciplined and forward-looking approach to enabling our growth trajectory. Our suppliers are extensions of our operations, and we are working hand in hand to ensure they're scaling with us. This combination positions us very well to capture the growth ahead while projecting our margins -- while protecting our margins, which you see embedded in our guidance. And let's now go to slide 6. You know how passionate we are about driving rapid technological evolution.

我們將繼續採取非常嚴謹且具有前瞻性的方法來實現我們的成長目標。我們的供應商是我們業務的延伸，我們與他們攜手合作，確保他們與我們共同成長。這種組合使我們能夠很好地掌握未來的成長機遇，同時預測我們的利潤率——同時保護我們的利潤率，這一點在我們的業績指引中已經有所體現。現在我們來看第6張投影片。您知道我們對推動科技快速發展有多熱情。

This is where Vertiv's strengths really come into play. Our traditional expertise in great space is seamlessly been augmented by and interwoven with white space infrastructure expertise. With hundreds of kilowatts per rack the mechanical, the electrical infrastructure and the IT stack are so intimately connected that they need to be thought of as one system. Here are two of our converged prefabricated solutions that perfectly aligned to this vision. Let's start with OneCore, an end-to-end full data center solution that dramatically simplifies and accelerates the customer journey, significantly reducing time to token.

這正是Vertiv的優勢真正發揮作用的地方。我們在大空間領域的傳統專業知識與空白空間基礎設施的專業知識無縫結合、相輔相成。每個機架的功率高達數百千瓦，機械、電氣基礎設施和 IT 堆疊緊密相連，需要將它們視為一個系統。以下是我們兩個與此願景完美契合的融合預製解決方案。讓我們先來看看 OneCore，這是一個端到端的完整資料中心解決方案，它極大地簡化和加速了客戶旅程，顯著縮短了獲得令牌所需的時間。

Vertiv's OneCore can scale gigawatts in 12.5 megawatts built in blocks. OneCore is a complete, converged, entire data center infrastructure. It's engineered and scaled deliver for the industry with speed, simplicity and repeatability. It's engineered and scaled as an industry leader with a complete portfolio. Our collaboration with Hut 8 demonstrate this pattern.

Vertiv 的 OneCore 可以以 12.5 兆瓦為單位，以模組化方式擴展至千兆瓦級。OneCore 是一個完整的、融合的、全面的資料中心基礎設施。它經過精心設計和規模化生產，能夠以速度、簡單性和可重複性滿足產業需求。它經過精心設計和規模化打造，成為行業領導者，擁有完整的產品組合。我們與 Hut 8 的合作就體現了這種模式。

Let's now continue with the Vertiv's SmartRun, a converged and prefabricated white space infrastructure solution that massively accelerates data hall fit-out and readiness. Also here, it delivers simplicity and time to token for our customers. SmartRun is flexible and scalable across multiple generations of silicon. It is being deployed across several large customers at scale, and now work with Compass data centers passively shows those capabilities. Vertiv SmartRun can be stand-alone or part of OneCore.

接下來，我們繼續介紹 Vertiv 的 SmartRun，這是一種融合式預製空白空間基礎設施解決方案，可大幅加快資料中心機房的裝修和準備。此外，它還為我們的客戶帶來了簡單快速的代幣獲取方式。SmartRun 具有靈活性和可擴充性，可跨越多代晶片。它正在多個大型客戶中大規模部署，現在與 Compass 資料中心的合作也被動地展現了這些能力。Vertiv SmartRun 可以獨立運行，也可以作為 OneCore 的一部分。

We continue to actively define the market with solutions like OneCore and SmartRun. Let's go now to slide 7. Our service portfolio is a critical competitive advantage and a robust source of recurring revenue. Our life cycle services orders growth was north of 25% year on year. I'm very pleased to see that.

我們持續透過 OneCore 和 SmartRun 等解決方案積極引領市場。現在我們來看第7張投影片。我們的服務組合是一項關鍵的競爭優勢，也是穩定的經常性收入來源。我們的生命週期服務訂單年增超過 25%。我很高興看到這一點。

I'm not satisfied as you may imagine. The increasing complexity and technical challenges that characterize the market are an opportunity to demonstrate our unique service capabilities and to deepen our customer relationships. Our service business is designed to deliver customer value across every phase of the infrastructure journey. The PurgeRite acquisition fits exactly within Vertiv's service paradigm. It significantly strengthens our fluid management capabilities end-to-end, both the primary and the secondary fluid networks.

正如你可能想的那樣，我並不滿意。市場日益複雜化與技術挑戰，為我們展現獨特的服務能力、深化客戶關係提供了契機。我們的服務業務旨在為客戶在基礎設施建設的每個階段創造價值。收購 PurgeRite 完全符合 Vertiv 的服務模式。它顯著增強了我們端到端的流體管理能力，包括主要流體網路和輔助流體網路。

These are very critical systems in chilled water and liquid-cooled AI data centers. Fluid management is one of the most technically demanding and financially consequential aspects of running a modern data center and AI factory. With PurgeRite, Vertiv now offers one of the most comprehensive fluid management capabilities in the industry, from initial design to commissioning, and then throughout decades of operational life of the data center. We optimize flow at startup and maintain balance, ultra cleanliness, fluid performance across the life cycle of the site. Every rack gets exactly the cooling it needs with the highest levels of reliability and resilience as the environment evolves.

這些是冷水和液冷人工智慧資料中心中非常關鍵的系統。流體管理是營運現代資料中心和人工智慧工廠中技術要求最高、經濟影響最大的方面之一。借助 PurgeRite，Vertiv 現在能夠提供業內最全面的流體管理功能之一，從初始設計到調試，再到資料中心數十年的運行壽命。我們在啟動時優化流量，並在站點的整個生命週期中保持平衡、超潔淨度和流體性能。隨著環境的變化，每個機架都能獲得所需的精確冷卻，並具有最高的可靠性和適應性。

For customers, this means fewer thermal throttles, higher compute throughput, efficiency improvement and a dramatically reduced downtime risk on hardware worth millions of dollars per rack. We expect PurgeRite specialize the expertise to scale global through our existing services network, creating the differentiated capability that addresses a growing critical customer need. With that, over to you, Craig. But first, I'm very glad to introduce our new CFO, Craig Chamberlin, to the earnings audience. Craig, calling you new sounds quite strange actually.

對於客戶而言，這意味著更少的過熱降頻、更高的計算吞吐量、更高的效率以及大幅降低每個機架價值數百萬美元的硬體的停機風險。我們希望 PurgeRite 能夠憑藉其專業技術，透過我們現有的服務網絡實現全球規模化發展，從而打造差異化能力，滿足日益增長的關鍵客戶需求。那麼，接下來就交給你了，克雷格。但首先，我非常高興地向各位來賓介紹我們的新任財務長克雷格·張伯倫。克雷格，叫你新人聽起來確實有點奇怪。

I'm extremely pleased with the speed at which you're getting a strong handle on the business. We work really well together. It feels like we've been working together way more than hardly three months or so. So I'm very thrilled.

我非常滿意你如此迅速地掌握了業務要領。我們合作非常愉快。感覺我們一起工作的時間遠遠超過三個月左右。所以我非常激動。

So now truly and truly over to you.

現在，真的，一切都取決於你了。

Thank, Gio. And just to start, I'd like to say I'm very excited to be here as Vertiv's new CFO. In my two plus decades in the industrial industry, I worked with many great companies. However, what's happening here at Vertiv really stands out to me. The strength of our market position, the quality of our technology and the caliber of this team makes me very excited about where we're headed.

謝謝你，喬。首先，我想說我非常興奮能夠擔任 Vertiv 的新任財務長。在我從事工業領域的二十多年裡，我曾與許多優秀的公司合作。然而，Vertiv 目前發生的事情真的讓我印象深刻。我們強大的市場地位、優質的技術以及團隊的素質，讓我對我們未來的發展方向感到非常興奮。

What Vertiv has built the competitive advantage, customer relationships and operational capabilities as a result of disciplined execution and strategic vision. I'm honored to join at this inflection point, and I look forward to working with all of you as we continue to drive shareholder value. Now let's walk through our financial results. Turning to slide 8. We can walk through our strong fourth quarter performance.

Vertiv憑藉著嚴謹的執行力和策略眼光，建立了競爭優勢、客戶關係和營運能力。我很榮幸能在這個關鍵時刻加入公司，期待與大家攜手合作，持續提升股東價值。現在讓我們一起來看看我們的財務表現。翻到第8張幻燈片。我們可以詳細分析一下我們第四季的出色表現。

Starting with adjusted diluted EPS of $1.36, up 37% year over year, and $0.10 above our prior guidance, the primary driver is strong operational performance, particularly in Americas where we saw exceptional volume growth. Organic net sales were up 19%, with strong momentum continuing in Americas, up 46%, offset by APAC, down 9% and EMEA down 14%. Our adjusted operating profit of $668 million was up 33% versus the prior quarter, and $29 million higher than prior guidance. Adjusted operating margin of 23.2% grew by 170 basis points versus last year. This margin expansion was driven by strong operational leverage on higher volumes, productivity gains and favorable price/cost execution.

經調整後的稀釋每股收益為 1.36 美元，年增 37%，比我們之前的預期高出 0.10 美元。主要驅動因素是強勁的營運業績，尤其是在美洲地區，我們在那裡實現了非凡的銷售成長。有機淨銷售額成長 19%，其中美洲地區成長勢頭強勁，成長 46%，但亞太地區下降 9%，歐洲、中東和非洲地區下降 14%，抵消了部分成長。我們調整後的營業利潤為 6.68 億美元，比上一季成長 33%，比先前的預期高出 2,900 萬美元。經調整後的營業利潤率為 23.2%，比去年增長了 170 個基點。利潤率的提升得益於銷售成長帶來的強勁營運槓桿效應、生產效率的提高以及有利的價格/成本執行。

As well, we saw our incremental margins year over year continue on a positive trend as they came in at 31% for the quarter. To wrap up the fourth quarter discussion, let's hit on cash. We delivered $910 million of adjusted free cash flow, up 151% from prior year fourth quarter driven by higher operating profit and working capital efficiency, which was partially offset by an increase in higher cash tax. The larger orders in the quarter came with corresponding larger advanced payments, which benefited our Q4 cash flow. We exited the quarter with net leverage of 0.5 times, giving a significant strategic flexibility.

此外，我們的年度增量利潤率持續保持正面趨勢，本季達到 31%。最後，讓我們總結一下第四季的情況，談談現金流。我們實現了 9.1 億美元的調整後自由現金流，比上年同期第四季度增長了 151%，這主要得益於更高的營業利潤和營運資本效率，但部分被更高的現金稅所抵消。本季較大的訂單帶來了相應的較大預付款，這有利於我們第四季的現金流。本季末，我們的淨槓桿率為 0.5 倍，這賦予了我們很大的策略彈性。

Moving on to slide 9. Let's take a look at segment performance, which further highlights some of the dynamics Gio mentioned earlier in the pitch. In Americas, the team delivered another strong performance. Sales were up 50% with 46% organic growth. This growth was driven by broad-based strength across products and customer segments, strong end market demand, combined with our ability to deliver.

接下來是第9張投影片。讓我們來看看細分市場的表現，這進一步突顯了 Gio 在前面的推介中提到的一些動態。在美洲，該隊再次取得了優異的成績。銷售額成長了 50%，其中有機成長率為 46%。這一成長得益於我們在產品和客戶群方面的廣泛優勢、強勁的終端市場需求，以及我們強大的交付能力。

Adjusted operating profit was $568 million, up 77%, and margin expanded by 450 basis points. The results were the outcome of strong operational leverage, positive price cost and continued productivity. Moving to the right, APAC sales were down 10%, 9% organically, primarily due to macroeconomic conditions in China. However, the rest of Asia remains strong. Adjusted operating profit of $49 million resulted in adjusted operating margin of 9.9%, which was down 270 basis points versus prior year, pressured primarily by volume deleverage.

調整後的營業利潤為 5.68 億美元，成長 77%，利潤率提高了 450 個基點。這些成果是強大的營運槓桿、積極的價格成本和持續的生產力提升共同作用的結果。往右看，亞太地區的銷售額下降了 10%，其中有機下降了 9%，這主要是由於中國的宏觀經濟狀況所致。然而，亞洲其他地區依然強勁。經調整後的營業利潤為 4,900 萬美元，經調整後的營業利潤率為 9.9%，較上年下降 270 個基點，主要受銷量下降的影響。

In EMEA, sales were down 8%, 14% organically due to continued softness in the market. However, as Gio highlighted, we are seeing signs of recovery from strong fourth quarter orders performance. We continue to expect EMEA to return to sales growth in the second half of 2026. Fourth quarter adjusted operating profit of $111 million with adjusted operating margin of 22.1%. This is a decline from prior year's 26.6%, which was expected given the 14% organic sales decline.

在歐洲、中東和非洲地區，由於市場持續疲軟，銷售額下降了 8%，有機銷售額下降了 14%。然而，正如Gio所強調的，我們看到了第四季度強勁訂單表現帶來的復甦跡象。我們仍預期 EMEA 地區將在 2026 年下半年恢復銷售成長。第四季調整後營業利潤為 1.11 億美元，調整後營業利益率為 22.1%。這比前一年的 26.6% 有所下降，考慮到有機銷售額下降了 14%，這也在意料之中。

The margin pressure reflects lower operating leverage, and we expect this margin trend to continue into 1Q. Flipping to slide 10. Here, we're highlighting our full year 2025 results in which the team delivered another outstanding performance. We saw improvements across all key financial metrics. Adjusted diluted EPS of $4.20 was up 47% and exceeded guidance by $0.10.

利潤率承壓反映了經營槓桿降低，我們預期這種利潤率趨勢將持續到第一季。翻到第10張投影片。在此，我們將重點介紹我們 2025 年全年業績，團隊再次取得了卓越的成績。所有關鍵財務指標均有所改善。調整後的稀釋每股收益為 4.20 美元，成長 47%，比預期高出 0.10 美元。

Net sales of $10.2 billion delivered 26% organic growth and exceeded guidance by $30 million. We saw a strong growth in Americas, up 41% and APAC up 18%, with a partial offset of EMEA being down 2%. Adjusted operating profit of $2.1 billion was up 35% and $30 million above guidance. Operating margin expanded 100 basis points to 20.4%. The full year margin expansion was driven primarily by productivity and positive price cost.

淨銷售額達 102 億美元，實現了 26% 的有機成長，比預期高出 3,000 萬美元。美洲地區實現了強勁成長，成長了 41%，亞太地區成長了 18%，但歐洲、中東和非洲地區下降了 2%，部分抵消了美洲地區的成長。調整後的營業利潤為 21 億美元，比預期高出 35%，比預期高出 3,000 萬美元。營業利益率成長100個基點至20.4%。全年利潤率的成長主要得益於生產效率的提高和價格成本的正面影響。

To close out the margin discussion, I'd like to highlight that we are delivering margin expansion while investing in growth and managing inflationary headwinds. Adjusted free cash flow was another strong performance. We generated approximately $1.9 billion in adjusted free cash flow, up 66%, mainly driven by higher operating profit and positive working capital, including increased advanced payments from the significant order delivery in the quarter. Our cash performance gives us flexibility to invest in growth, pursue strategic M&A and return capital to shareholders. These results demonstrate both our excellent execution and industry leadership.

最後，關於利潤率的討論，我想強調的是，我們在投資成長和應對通膨逆風的同時，實現了利潤率的擴張。調整後的自由現金流表現同樣強勁。我們產生了約 19 億美元的調整後自由現金流，成長了 66%，主要得益於更高的營業利潤和正的營運資本，包括本季大量訂單交付帶來的預付款增加。我們的現金流狀況使我們能夠靈活地投資於成長、進行策略併購以及向股東返還資本。這些結果既體現了我們卓越的執行力，也展現了我們在業界的領先地位。

Now let's turn to page 11 and go through our full year 2026 guidance. We believe this outlook underscores our confidence in the market growth and our ability to continue to drive excellent performance. We're projecting adjusted diluted EPS of $6.02, representing 43% growth at the midpoint. This improvement continues to show strong profit growth from prior year. As we move to net sales guidance, we're projecting $13.5 billion at the midpoint, which represents 28% organic growth, with projected sales growth to be driven by continued strength in Americas at high 30% growth, with APAC at mid-20% growth, and EMEA flat to down mid-single digits.

現在讓我們翻到第 11 頁，仔細閱讀我們 2026 年全年的指導意見。我們相信，這項展望凸顯了我們對市場成長的信心，以及我們持續保持卓越績效的能力。我們預計調整後稀釋每股收益為 6.02 美元，以中間值計算成長 43%。這一改善表明，與上年相比，利潤持續強勁增長。在展望淨銷售額時，我們預期中位數為 135 億美元，相當於 28% 的有機成長。預計銷售成長將主要得益於美洲地區的持續強勁成長（成長高達 30%）、亞太地區的成長（成長 20% 左右）以及歐洲、中東和非洲地區的持平或下降（個位數中段）。

On EMEA, as we mentioned earlier in the presentation, we expect a reacceleration in the market in the second half of 2026. Moving on, we expect adjusted operating profit of $3.04 billion and 22.5% margin at the midpoint, which translates to 210 basis points of expansion. This margin expansion is expected to largely driven by continued operating leverage and positive price cost, while we also expect to continue to invest in capacity and technology advancement. Finally, for the year, adjusted free cash flow is expected to be $2.2 billion, representing 17% growth reflecting anticipated strong profit growth and working capital improvements, offset by higher tax and increased CapEx to support growth. As you can see from the metrics on the page, we are confident in our ability to deliver another strong year in 2026.

關於 EMEA 市場，正如我們在先前的演示中所提到的，我們預計該市場將在 2026 年下半年重新加速成長。接下來，我們預計調整後的營業利潤為 30.4 億美元，利潤率為 22.5%（取中間值），這意味著成長 210 個基點。預計利潤率的擴張將主要得益於持續的經營槓桿和積極的價格成本，同時我們也將繼續投資於產能和技術進步。最後，預計全年調整後的自由現金流為 22 億美元，成長 17%，反映了預期強勁的利潤成長和營運資本改善，但被更高的稅收和為支持成長而增加的資本支出所抵消。從頁面上的指標可以看出，我們有信心在 2026 年再創佳績。

Flipping to slide 12, we can round out with a look at 1Q 2026. For 1Q 2026, we're projecting adjusted diluted EPS of $0.98, which represents 53% growth at the midpoint. For net sales, we expect to deliver $2.6 billion, or 22% organic growth at the midpoint. This guide anticipates growth in Americas of high 30s percent, and growth in APAC of low 20% with anticipated offset of EMEA being down in the mid-20% range. We expect adjusted operating profit of $495 million, up 47% at the midpoint and margin rate of 19% translates to 250 basis points of expansion at the midpoint.

翻到第 12 張投影片，我們可以對 2026 年第一季進行總結。我們預計 2026 年第一季調整後稀釋每股收益為 0.98 美元，以中位數計算，成長 53%。淨銷售額方面，我們預期達到 26 億美元，以中間值計算，有機成長率為 22%。該指南預計美洲地區的成長率將達到 30% 以上，亞太地區的成長率將達到 20% 左右，預計歐洲、中東和非洲地區的成長率將下降 20% 左右，從而抵消美洲地區的成長。我們預計調整後的營業利潤為 4.95 億美元，以中間值計算成長 47%，利潤率為 19%，以中間值計算成長 250 個基點。

Just as a note on tariffs, we expect on an exit rate basis, to have materially offset unfavorable margin impact from tariffs as of the first quarter of this year. As you can see from the metrics, we're expecting to deliver a strong start in 2026.

關於關稅，需要說明的是，我們預計從今年第一季開始，以退出率計算，關稅帶來的不利利潤率影響將得到實質抵銷。從各項指標可以看出，我們預計 2026 年將取得強勁開局。

With that, I'll send it back to you, Gio.

這樣，我就把它寄還給你了，喬。

Well, thank you, Craig. And let's wrap up. And for that, we go to slide 13. And again, Q4 and full year '25 exceeded guidance across all metrics. Orders backlog, very robust, evidenced by impressive book-to-bill circa 3 times. The momentum is certainly very strong. We continue to strengthen our position as an industry thought leader. This is highlighted by our product technology offering, full system approach and our services strength. At this, and all this is strengthened by our acquisitions, of which PurgeRite is a great example. Our 2026 guidance shows a step-up in all key metrics.

謝謝你，克雷格。好了，我們總結一下。為此，我們來看第 13 張投影片。再次證明，2025 年第四季和全年所有指標均超出預期。訂單積壓情況非常強勁，訂單出貨比約 3 倍，令人印象深刻。這股勢頭確實非常強勁。我們將繼續鞏固自身作為產業思想領袖的地位。我們的產品技術實力、系統化解決方案和服務優勢都突顯了這一點。而這一切，都因我們的收購而得到加強，PurgeRite 就是一個很好的例子。我們的 2026 年業績預測顯示，所有關鍵指標將有所提升。

I've never been more excited about Vertiv's future. We're leading the industry in orders. We are scaling. We are very well positioned to expand our market leadership and drive the industry forward. I'm very much looking forward to see you as many of you as possible at our investor conference in May.

我從未像現在這樣對Vertiv的未來充滿信心。我們在訂單量方面領先於該行業。我們正在擴大規模。我們擁有非常有利的地位，可以擴大市場領先地位，並推動產業向前發展。我非常期待在五月的投資者大會上見到盡可能多的朋友。

And with that, Back to you, Nadia, and let's start the Q&A.

那麼，把鏡頭交到你身上，娜迪亞，讓我們開始問答環節吧。

(Operator Instructions)

（操作說明）

Steve Tusa, JPMorgan.

史蒂夫圖薩，摩根大通。

Yeah, you're -- your ERP must have been busy this quarter. Probably requires a bit -- a few more data centers just to handle that. So just on the dollar value of the of the orders. Is there -- you guys have talked about the $3 million to $3.5 million per megawatt. There's obviously a lot of like megawatts coming on and being ordered. But is there any creep in that content to the upside that's bolstering these orders? Or should we still think about that as the right framework for the dollar per megawatt TAM?

是的，你們的ERP系統這季肯定很忙。可能需要一些——幾個額外的資料中心來處理這個問題。所以，僅就訂單的美元價值而言。你們之前討論過每兆瓦300萬至350萬美元的價格。顯然，現在有大量兆瓦級的電力正在投入使用和訂購。但這些內容中是否存在某種正面的訊號，從而推高了訂單量？或者我們仍然應該認為這是每兆瓦TAM美元的正確框架？

I would say that currently, it continues that as a framework. Clearly, we've been vocal and other occasions and certainly is all the more reason true as the technology evolves that the complexity of the technology and the technology trajectory, if anything, is good from a TAM per megawatt standpoint. So they would be premature at this stage. We like what we see. I think that is -- three months from now, we'll be together and certainly, this will be an important theme.

我認為目前它仍然以此為框架。顯然，我們已經多次公開表達過這種觀點，而且隨著技術的進步，技術的複雜性和技術發展軌跡，從每兆瓦的TAM（市場規模）來看，無疑是件好事，這更加印證了這一點。所以現在就下結論還太早。我們很喜歡我們所看到的。我認為，三個月後，我們將再次相聚，這無疑將是一個重要的主題。

And then just quickly following up on the CapEx number. How should we think about -- for every like $100 million of incremental CapEx from what we've seen, whether it's Eaton or some of your other peers, it's a pretty high multiple of sales growth on that CapEx. Like what $100 million can -- what the output of that could mean. Is there some sort of multiple like, I don't know, 15, 20 times on that extra $100 million that we can think about as being able to support revenue run rate for the future? Just trying to understand how you can deliver on this and what it will take to execute on this backlog?

然後快速跟進一下資本支出數字。我們應該如何看待這個問題——根據我們所看到的，無論是伊頓還是其他一些同行，每增加 1 億美元的資本支出，其銷售成長倍數都相當高。例如1億美元能做什麼——它的產出可能意味著什麼。是否存在某種倍數，比如說，15倍、20倍，可以用來衡量這額外1億美元能否支撐未來的營收成長？我只是想了解你們如何完成這項工作，以及需要哪些條件才能解決這些積壓的工作？

I will give it a go and Craig, if you want to, kind of, chip in. But I'd say that -- I think the best way of looking at it is to look at 2% to 3% CapEx as a percent of sales move into 3% to 4%, call it 3.5%. That is you can certainly correlate that to our growth in our trajectory. And yes, going back to how we make it happen, as I mentioned a few minutes ago, it's about being gradual. It's about being ahead. But again, CapEx expansion -- capacity expansion doesn't happen in big steps, at least not the way we do it. We like many steps that are meaningful, but again, I think the correlation between growth and our percent CapEx is an interesting and important element.

我會試試看，克雷格，如果你願意的話，可以稍微出點力道。但我認為——我認為最好的看待方式是將 2% 到 3% 的資本支出佔銷售額的百分比提高到 3% 到 4%，或者說 3.5%。也就是說，這當然可以與我們的發展軌跡連結起來。是的，回到我們如何實現這一目標的問題上，正如我幾分鐘前提到的，關鍵在於循序漸進。關鍵在於領先一步。但再說一遍，資本支出擴張——產能擴張並非一步到位，至少不是我們採取的方式。我們喜歡採取許多有意義的措施，但我認為成長與資本支出百分比之間的相關性是一個有趣且重要的因素。

Scott Davis, Melius Research.

Scott Davis，Melius Research。

Welcome, Craig. Congrats on a unbelievable year. Guys, I'm just kind of curious -- I'm just trying to picture these orders coming in 4Q were just massive, and I know that was the crux of Steve's question as well. But is there any -- you talked about lumpiness, but were there any particularly large projects, or anything unusual in the quarter? Is there any incentive perhaps for folks to make an order before the end of the year in '25, or price or otherwise are getting ahead in the Q? I'm just trying to get my arms around these numbers are just absolutely massive.

歡迎你，克雷格。恭喜你度過了令人難以置信的一年。各位，我只是有點好奇——我只是想想像一下第四季度這些訂單的數量有多麼龐大，我知道這也是史蒂夫問題的關鍵所在。但是，您剛才提到了專案波動，那麼本季是否有特別大的工程項目，或者有什麼不尋常的事情發生呢？是否有任何激勵措施促使人們在 2025 年底前下單，或者說，在價格或其他方面搶佔先機，從而獲得 Q 系列的領先優勢？我還在努力理解這些數字，它們真的太龐大了。

Well, the answer in terms of something that is unusual, let's say, from the normal course of business in terms of price and whatever else, the answer is no, very, very, very simply. I'd say that certainly is a reflection of the demand that we see in the market. Certainly, as I said, is a reflection of the belief and demonstrated ability to scale, combined with our awesome technology. But the fact is, yes, there were quite a few large orders. Again, quite a few.

嗯，如果有什麼不尋常的事情，比如說，與正常的商業慣例在價格或其他方面有所不同，那麼答案就是“不”，非常簡單明了。我認為這無疑反映了我們在市場上看到的需求。當然，正如我所說，這體現了我們擴大規模的信念和已證明的能力，再加上我們強大的技術。但事實是，確實有不少大訂單。數量還不少。

We shouldn't look at this as something dramatically strange. This is something that has been happening in the market and orders are becoming larger and larger. So this is really orders where customers know that they need our kit, our systems, our solutions and they know where and when. So it's not kind of a -- no big anomalies here, but orders can be lumpy and sometimes they happen all in one quarter. More in one quarter and the other, et cetera.

我們不應該把這件事看成是極為奇怪的事。這種情況在市場上已經出現，而且訂單規模越來越大。所以，這實際上是客戶知道他們需要我們的設備、系統和解決方案，並且知道在哪裡以及何時訂購的訂單。所以這並不是什麼大問題——這裡沒有什麼大的異常情況，但是訂單可能會出現波動，有時甚至會集中在一個季度內。一部分多於另一部分，等等。

So the sequencing is something that is lumpy. And that's what we've been saying for quite some time. And that's why the decisions that we have made on orders guidance and actuals. But no, nothing -- nothing unnatural.

所以序列排序並不均勻。我們一直以來都是這麼說的。這就是我們對訂單指導和實際情況所做的決定的原因。但是，不，一切正常——沒有任何不自然的地方。

I would think it continues to --

我認為它會繼續下去--

Sorry, go ahead, Craig.

抱歉，請繼續，克雷格。

It continues to underscore what we've talked about before, which is the system-level thinking, and I think the system-level thinking is starting to play out on a larger scale, Scott, which is making these orders bigger than what they have been in the past.

這繼續強調了我們之前討論過的系統性思維，我認為系統性思維正在更大範圍內發揮作用，斯科特，這使得這些訂單比以往的訂單規模更大。

Amit Daryanani, Evercore.

Amit Daryanani，Evercore。

Congrats on my side as well for some very impressive orders over here. If I look at the order and the backlog number that you folks have, you've clearly set up for some very strong performance. I imagine not just in '26, but even in '27 and beyond. So I'm wondering Gio, if you can just kind of walk through, what are the key operational steps, the key bottlenecks you think you have to solve for to convert this backlog into revenues and EPS over time? Just maybe help us understand like what are you focused on? What needs to go right to convert these orders into sales and EPS in '26 and '27.

我這邊也恭喜你們，訂單量非常可觀。如果我看一下你們的訂單量和積壓訂單數量，很明顯，你們已經為取得非常強勁的業績做好了準備。我想不只是 2026 年，甚至 2027 年及以後也是如此。所以我想問 Gio，你能簡單介紹一下，為了將這些積壓訂單轉化為營收和每股盈餘，你認為需要解決的關鍵營運步驟和關鍵瓶頸是什麼？或許您可以幫我們了解一下，您目前關注的是什麼？要將這些訂單轉化為 2026 年和 2027 年的銷售額和每股收益，需要做對哪些事情？

Yeah. We are -- well, thank you. Thank you, Amit. The -- we're really working, and we have been working. So it's not like something new. We have been working and we continue to work. We're accelerating our capacity expansion. Capacity expansion always happens in two ways. One is CapEx, so call it, footprint generally speaking, not only there is also increase of our productivity. But the other is really obtaining more output from the existing -- from the existing footprint.

是的。我們是——嗯，謝謝。謝謝你，阿米特。我們確實在努力，而且一直都在努力。所以這並不是什麼新鮮事。我們一直在努力，並將繼續努力。我們正在加快產能擴張。產能擴張總是透過兩種方式進行的。一是資本支出，或者說，一般意義上的佔地面積，不僅如此，我們的生產力也有所提升。但另一方面，真正重要的是從現有資源——現有規模——中獲得更多產出。

So the two pronged approach that we talked about several times is what continues to happen. But as we speak, we are -- factory is being expanded. We have a capital new location coming live, and we're working very, very actively with our supply chain. So it is really diligently, and in a very focused manner, execute on this backlog. I think we're in a good shape. We've been diligent about making capacity available gradually, but rapidly for the last couple of years, and we're accelerating, as our numbers are saying, both on CapEx and on the top line.

因此，我們多次討論過的雙管齊下的方法仍在繼續實施。但就在我們說話的時候，工廠正在擴建。我們即將啟用一個全新的現代化工廠，並且我們正在與供應鏈方面進行非常積極的合作。所以，我們需要認真、專注地處理積壓的工作。我認為我們情況不錯。過去幾年，我們一直努力逐步但迅速地提高產能，正如我們的數據所顯示的那樣，無論是在資本支出還是收入方面，我們都在加速發展。

And Amit, I think you could look at just the fourth quarter, the acceleration in CapEx is in the financial numbers, and you'll also see that in the guide that the acceleration in CapEx is there as well, which underscores what we're doing. Most of that is in flight, meaning that we're already doing the build-outs, and we understand what we need to do to deliver the capacity for the guide that we put out there for sales.

阿米特，我認為你只需看看第四季度，資本支出加速成長的趨勢就體現在財務數據中，你也會在指南中看到資本支出加速成長的趨勢，這凸顯了我們正在做的事情。大部分工作都在進行中，這意味著我們已經在進行建設，並且我們了解我們需要做什麼才能提供我們向市場發布的指南所需的容量。

Jeff Sprague, Vertical Research.

Jeff Sprague，Vertical Research。

Congrats on the shock and awe numbers here. Maybe we could just hit on Europe and Asia briefly from my standpoint. First, on Europe, things really changed on the ground in terms of the permitting bottlenecks and the like. Obviously, you said the orders are a bit better, but a slow start to the year. And I'm also just curious on China specifically, if you could address that.

恭喜你們取得如此驚人的成績。或許我們可以從我的角度簡單談談歐洲和亞洲。首先，在歐洲，審批瓶頸等方面的情況確實發生了變化。顯然，您說過訂單情況有所好轉，但今年開局仍然緩慢。另外，我還特別想了解中國的狀況，能否談談這方面的問題？

Clearly, weak economically and industrially, but I wouldn't think China would want to fall behind in the AI race. I just wonder if the weakness there is maybe some indication that Western players are not being invited to play to the same degree as they were historically, just the competitive state of things on the ground in China? I'll leave it there.

中國的經濟和工業實力顯然較弱，但我認為中國不會想在人工智慧競賽中落後。我只是在想，這種弱點是否可能表明，西方選手沒有像過去那樣被邀請來中國參賽，而只是中國目前的競爭狀況所致？我就說到這兒吧。

Yeah. Well, thanks, Jeff. But I'll start with EMEA, start with EMEA in general. I think it's certainly a combination of an acceleration of investment basically. So it's not that somebody will do magic wand and everything kind of permit wise became easy in EMEA.

是的。謝謝你，傑夫。但我先從歐洲、中東和非洲地區（EMEA）說起，先從整個EMEA地區說起。我認為這肯定是投資加速成長的結果。所以並不是說有人會揮舞魔法棒，讓 EMEA 地區的各種許可證辦理都變得容易。

That would be too simplistic. But I think the focus and the realization that a lot more infrastructure is needed is now palpable. And pipelines that have been there for quite a while. Remember I've been vocal about that have been, and are expanding, and the sales cycle of the various elements in the pipelines are accelerating. And then we have areas that are specifically moving well.

那樣想得太簡單了。但我認為，人們現在已經明顯意識到需要更多的基礎設施，並對此高度重視。還有一些已經存在很長時間的管道。請記住，我曾多次公開表示，這些業務一直在擴張，而且各個環節的銷售週期也在加速。然後，我們還有一些領域發展動能特別好。

So you take the Nordics as an example, not solely, but that's an example where that is happening. You've heard me probably talk about a couple of times about the fact that with all that is happening in North America, some of the decision makers were so concentrated in North America, while still are concentrated in North America now, I think the realization that things need to happen beyond North America is there. And that's, I think, or at least what we see happening as a matter of fact. So quite optimistic there. So kind of a effervescence in the market that I haven't seen for quite some time.

所以，你可以以北歐國家為例，雖然不只是北歐國家，但北歐國家就是一個正在發生這種情況的例子。你可能聽我說過好幾次，鑑於北美正在發生的一切，一些決策者過於集中在北美，雖然現在仍然如此，但我認為他們已經意識到，事情需要在北美以外的地方發生。我認為，或者至少就事實而言，情況就是這樣。所以，他們相當樂觀。市場上出現了一種我很久沒見過的活力。

When it comes to Asia, I wouldn't attribute that to kind of a Western players type of dynamics. The market demand is not very strong in this moment. So clearly, there is -- it's an important AI market with its own characteristics. But again, what we see is more attributable to a general market situation than a particular kind of player, right? I mean we are a Chinese player in China.

就亞洲而言，我不會將其歸因於西方玩家那種類型的動態。目前市場需求並不強勁。所以很明顯，這是一個重要的AI市場，有其自身的特徵。但是，我們看到的現象更多地歸因於整體市場狀況，而不是某種特定類型的參與者，對吧？我的意思是，我們是一家在中國營運的中國公司。

We are silicon agnostic. So yes. But again, very happy with everything outside of China, but also very, very proud of what we're doing in China as a team, so.

我們對矽材料沒有特定要求。是的。但再次強調，我對中國以外的一切都非常滿意，同時也為我們在中國作為一個團隊所做的一切感到非常、非常自豪。

Chris Snyder, Morgan Stanley.

克里斯‧史奈德，摩根士丹利。

Gio, you talked about the company's deep relationship with the data center industry leaders. So I guess my question is, how much visibility do these relationships afford Vertiv into the future workflow, or architecture of these data centers? Because I have to imagine that you guys need to have the solutions developed before the customers are ready for it. So also interested in how far in advance, does the company start the R&D, or engineering process to bring some of these future solutions to market?

Gio，你談到了公司與資料中心產業領導者之間的深厚關係。所以我想問的是，這些合作關係能讓 Veriv 對這些資料中心的未來工作流程或架構有多少了解？因為我猜想你們需要在客戶準備好之前就先發展出解決方案。所以，我也想知道，該公司會提前多久開始研發或工程流程，以便將這些未來的解決方案推向市場？

Sure. Thank you, Chris. I think a couple of dimensions to that. We've been always vocal about the strength of our relationship with customers, but also the other players in the ecosystem. Super important.

當然。謝謝你，克里斯。我認為這其中包含幾個方面。我們一直以來都非常重視與客戶的關係，以及與生態系統中其他參與者的關係。非常重要。

Super important because exactly as you were saying, our technology needs to land ahead of -- well ahead of the most advanced silicon. But that to be the case, of course, with the NVIDIA or other silicon, let's say, technology providers, then it's about looking out two, three years, sometimes in terms of -- or beyond at a higher level of, let's say, more R&D, but being two, three years out in the way we work together. So our road map certainly extent. But the role that -- an aspect that I'm very proud of, and it's very important for our and especially for our customer success. So for the -- our and the customers success is the work that we do with many of them really kind of a technology partnership.

非常重要，因為正如你所說，我們的技術需要領先於——遠遠領先於最先進的矽技術。當然，如果是這樣，對於英偉達或其他晶片技術供應商來說，那就需要著眼於未來兩三年，有時甚至更長遠，比如說，需要投入更多研發，但總之，我們需要在未來兩三年內以更有效率的方式開展合作。所以我們的路線圖肯定不止於此。但我所扮演的角色——這是我非常引以為傲的一個方面，它對我們公司，尤其是對我們的客戶而言，都非常重要。所以，我們和客戶的成功在於我們與他們中的許多人建立的真正意義上的技術合作關係。

Looking out one, two, sometimes three years and say, hey, with all that's happening from a technology standpoint, given your business model, customer, what is really the technology that best suits your strategy? And it's not being told but it's architecting together and giving them an understanding of the possibilities that they have from a technology standpoint. I think we have a uniquely strong role in the industry in this respect. So it's working out quite well.

展望未來一到三年，然後說，嘿，從技術角度來看，考慮到你的商業模式、客戶群體，什麼技術才是最適合你的策略的？這不是告訴他們，而是共同建構方案，讓他們從技術角度了解他們所擁有的可能性。我認為在這方面，我們在行業中扮演著獨特而強大的角色。所以一切進展順利。

Nigel Coe, Wolfe Research.

Nigel Coe，Wolfe Research。

So I guess we're not seeing too much impact yet from (inaudible) space. That's good news. So I want to go back to the backlog. And --

所以我覺得我們目前還沒有看到來自（聽不清楚）太空的太大影響。這是個好消息。所以我想回到積壓的工作。和--

Got it. Sorry, I couldn't hear you. There was a little bit of a blip in the line. Okay. Go ahead Nigel.

知道了。抱歉，我沒聽清楚。線路出現了一點小故障。好的。請繼續，奈傑爾。

Yeah. Sorry, let me go -- can you hear me now?

是的。對不起，讓我走吧——現在你聽得到我說話嗎？

Yeah.

是的。

Yeah. Great. So I want to go back to the backlog. And I think, Craig, you mentioned more system-level orders. So obviously, you've been highlighting the SmartRun product. Maybe just talk about where you're seeing that success and the sort of the wallet share you're gaining with the data centers? And maybe Gio, could you just maybe touch on the backlog aging? It seems -- the guidance implies roughly 15 months of conversion of the backlog. Typically, you do 9 months. So maybe just talk about are we seeing longer duration orders in that backlog?

是的。偉大的。所以我想回到積壓的工作。克雷格，我想你提到了更多系統層面的指令。顯然，你們一直在重點推廣 SmartRun 產品。或許可以談談你在哪些方面取得了成功，以及你在資料中心領域獲得了什麼樣的市場佔有率？Gio，能否稍微談談積壓工作老化的問題？看來——該指導意見暗示，積壓訂單的轉換大約需要 15 個月的時間。通常情況下，你需要做9個月。那麼或許我們可以討論一下，我們是否在積壓訂單中看到了持續時間較長的訂單？

Well, so I will start with the aging, so I can address that. We are -- we've been already vocal quite a lot already that our customers requested lead time pretty much ranges from 12 to 18 months, especially when we talk about the bigger orders. It's never exact. It's always range. But I would say that 12 to 18 is a good approximation of where the large orders demand the deliveries to be.

那我就先從老化問題談起，這樣我就可以談談這個問題了。我們—我們已經多次公開表示，我們的客戶要求的交貨週期通常為 12 至 18 個月，尤其是談到大訂單時。它從來都不完全準確。始終是射程問題。但我認為，12 到 18 天是一個比較合理的範圍，這大致符合大訂單對交貨時間的要求。

And typically, it's not even just on bulk, if it is really a large order. But having said that, if you think about the structure of our order intake this year -- sorry, last year, 2025, with a very, very strong second half, relative anyway to a very strong year altogether, but particularly strong in the second half and particularly strong in the last quarter. Then they see that the 12 to 18 months, let's push things into 2027, while we have -- we are very happy with how 2026 is covered. So again, as I said in my comments earlier, the shape of the backlog is not something different. It's just a consequence of the phasing of the orders when we receive that.

而且通常情況下，如果訂單量真的很大，那也不僅僅是大量訂購的問題。但話雖如此，如果你看看我們今年的訂單結構——抱歉，是去年，2025 年——下半年的訂單量非常非常強勁，儘管與全年整體強勁的業績相比，下半年尤其強勁，最後一個季度尤其強勁。然後他們發現，12 到 18 個月的時間，讓我們把事情推遲到 2027 年，而我們對 2026 年的安排非常滿意。所以，正如我之前評論所說，待辦事項的形式並沒有改變。這只是我們收到訂單時分階段處理所導致的必然結果。

So no big differences in the way the market asks and demands, or expect our deliveries. When it comes to the system question, we clearly see an acceleration. When we talk about OneCore or we talk about SmartRun, we talk about systems and solutions that start to be quite broadly adopted. And certainly, that helps the dynamics of our order intake and our backlog. But when we talk system, we don't just talk about integration.

所以，市場對我們交付的需求和期望並沒有太大變化。就係統問題而言，我們顯然看到了加速發展。當我們談論 OneCore 或 SmartRun 時，我們談論的是開始被廣泛採用的系統和解決方案。當然，這有助於改善我們的訂單接收和積壓情況。但是，當我們談論系統時，我們不僅僅是在談論整合。

Systems for us is having the entire powertrain, the entire thermal chain, certainly, when we deliver prefabricated solution or a converged solution, considering all the pieces that are really designed to work together. But again, if we go back to the previous question, my answer was it's about sitting together with a customer and having an entire portfolio, and having a good -- a very profound understanding of the system level and all data center level technology, and being able to talk systems with our customers.

對我們來說，系統是指整個動力系統、整個熱鏈，當然，當我們提供預製解決方案或融合解決方案時，我們會考慮到所有真正設計成協同工作的零件。但是，回到之前的問題，我的回答是，關鍵在於與客戶坐在一起，了解整個產品組合，對系統級和所有資料中心級技術有非常深刻的理解，並且能夠與客戶討論系統。

Andrew Obin, Bank of America.

安德魯‧奧賓，美國銀行。

So the question I have is on services. It seems that the feedback we're getting is that the big differentiator for Vertiv is your ability not only to deliver the product, but actually service it in the field and wrap all the sort of additional value-added stuff around that. Last quarter, you shared with us the increase in service headcount. Would you update us on what the headcount looks like as you're increasing backlog rapidly? And maybe preview where the service organization is going? I'm sure you're going to talk about this at your Analyst Day, but just give us a preview of what's happening there.

所以我的問題是關於服務的。我們得到的回饋似乎是，Vertiv 的最大優勢在於你們不僅能夠交付產品，還能在現場提供服務，並圍繞產品提供各種增值服務。上個季度，您向我們介紹了服務人員數量的增加。鑑於你們的訂單積壓量迅速增加，能否告知我們一下目前的人員配置？或許還可以預覽服務機構未來的發展方向？我相信您會在分析師日上談到這件事，但請您先給我們預告一下會上會發生什麼。

Well, thank you, Andrew. One of my favorite subjects. So -- one of many. But this is certainly one of my favorite subjects. So -- and I agree, it's a big differentiation. And as you see, a big differentiator that we continue to fuel. So absolutely not static in our view. Well, we talked about headcount. I think we are approaching it very, very rapidly the 5,000 field people right now and really think in terms of our field capacity following very similar trajectories to the delivery capacity. Now, of course, is a function of the installed base, but the installed base is growing.

謝謝你，安德魯。我最喜歡的科目之一。所以——這只是眾多例子之一。但這無疑是我最喜歡的科目之一。所以——我同意，這是一個很大的區別。正如你所看到的，這是我們持續強化的一大差異化優勢。所以在我們看來，它絕對不是靜態的。我們討論了人員編制問題。我認為我們正以非常非常快的速度接近 5000 名現場工作人員的目標，並且真的認為我們的現場能力將遵循與交付能力非常相似的軌跡。當然，這取決於已安裝的用戶基數，但已安裝的用戶基數正在增長。

Our services are growing. Certainly, the commissioning, the startup, a very important event in the life cycle of a data center, and we'll make sure we're there with the capacity locally to serve our customers, but also evolving our technology, not only in the -- to me, a great example of PurgeRite but also all the digitalization that we are injecting into our services business.

我們的服務正在不斷發展。當然，調試和啟動是資料中心生命週期中非常重要的事件，我們將確保本地具備服務客戶的能力，同時也會不斷發展我們的技術，不僅體現在——在我看來，PurgeRite 就是一個很好的例子——也體現在我們正在註入服務業務中的所有數位化方面。

I mean, I would add on that I'm just as excited as Gio is on our services portfolio coming from heavy industrial companies that lived and died on services. I think this is a super power that we're going to continue to build out and especially when you're starting to look at what we can do with the installed base that's out there.

我的意思是，我還要補充一點，我和 Gio 一樣對我們的服務組合感到興奮，這些服務來自那些依靠服務而生存和發展的重工業公司。我認為這是一個我們將繼續大力發展的超級力量，尤其是當我們開始考慮如何利用現有的用戶基礎時。

Nicole DeBlase, Deutsche Bank.

妮可‧德布拉斯 (Nicole DeBlase)，德意志銀行。

Congrats on a great quarter. Just to start with the backlog. I guess, obviously, a really nice stop up in backlog sequentially and year on year in the fourth quarter. Gio, when you kind of look out over the next 12 months and with what you see in pipeline, do you expect that we will see another year on year increase in backlog in 2026? And then just a small follow-up on CapEx. Are we going to kind of be in this 3% to 4% CapEx to sales zone for the foreseeable future, given how fast the industry is growing?

恭喜你本季表現出色。先從積壓的工作開始。顯然，第四季積壓訂單數量較上季和年比都有顯著下降。Gio，展望未來 12 個月，根據你目前看到的情況，你認為到 2026 年積壓訂​​單量會繼續逐年增長嗎？然後，再簡單跟進一下資本支出方面的狀況。鑑於產業發展如此迅速，在可預見的未來，我們是否會一直處於資本支出與銷售額之比為 3% 到 4% 的區間？

Well, I wouldn't go all the way to guiding orders, which I would do if I were to answer with many details. But if you go back -- if we go back to what we shared already, if you think about our directional indication that we believe our orders will be up. You probably have done the math about our orders in '25 right now, of our sales. So probably the answer is straightforward. We believe we'll continue to build backlog directionally. So that's certainly the case.

嗯，我不會給出明確的指示，但如果我要詳細回答這個問題，我就會這麼做了。但是，如果我們回顧一下之前分享的內容，想想我們給出的方向性指示，即我們相信訂單將會上漲。您可能已經計算過我們 2025 年的訂單量和銷售額了。所以答案可能很簡單。我們相信我們將繼續朝著既定方向增加訂單積壓。確實如此。

And I think on your question, Nicole -- yes. On the CapEx, I think, again, we always want to look at a normalization around the 2% to 3%. As we add -- as Gio has mentioned before prudently, so we think this year might be a little bit higher than normal, but we would always want to continue to be right around that 2% to 3% on a normalized basis. So I think that would be our answer right now. We wouldn't really put a number out there for '27 yet until we see what the market is going to look like from an orders perspective. But the guide this year is continue to look at that as we go forward.

關於你的問題，妮可——是的。關於資本支出，我認為，我們始終希望將正常化水準控制在 2% 到 3% 左右。正如 Gio 之前謹慎地提到的那樣，我們認為今年的成長率可能會比往年略高，但我們始終希望將成長率保持在 2% 到 3% 左右。所以，我想這就是我們目前的答案。在從訂單角度觀察市場狀況之前，我們暫時不會對 2027 年做出具體預測。但今年的指南將繼續關注這一點。

And again, we really hope to see you at our Investor Day. And certainly, that will be an opportunity to further elaborate on that and the long-term trajectory of the business.

再次懇請各位蒞臨我們的投資者日活動。當然，這將是一個進一步闡述這一點以及公司長期發展軌跡的機會。

Julian Mitchell, Barclays.

朱利安米切爾，巴克萊銀行。

I just wanted to look at the orders and the sort of composition of the backlog maybe from the standpoint of cash? Because I suppose it was interesting that you had a large working capital cash inflow in 2025, whereas I think we've heard from some other companies that the high growth is one reason for a bad cash flow conversion, but for you, it's the opposite, and a lot of that is because of your deferred revenue inflows in the fourth quarter.

我只是想從現金流的角度看看訂單狀況以及積壓訂單的組成？我覺得很有趣的是，你們在 2025 年獲得了大量的營運資金現金流入，而我們從其他一些公司了解到，高成長是現金流轉換不良的原因之一，但對你們來說情況恰恰相反，這很大程度上是因為你們第四季的遞延收入流入。

So related to that, I wanted to understand, is it the type of orders you got in Q4 that generated some disproportionate amount of deferred revenue inflow? And also, when we look at slide 11, you're guiding for working capital and other to be a small use of cash in '26. But if orders are growing and all the rest of it, is it not more likely we'd see another deferred revenue inflow helping working capital be a source of cash in 2026?

因此，我想了解的是，是不是你們在第四季收到的訂單類型導致了不成比例的遞延收入流入？另外，當我們查看第 11 張投影片時，您指導說，營運資金和其他資金在 2026 年將減少現金使用。但如果訂單持續成長，其他方面也都在好轉，那麼我們是否更有可能看到另一筆遞延收入流入，從而幫助營運資金在 2026 年成為現金來源？

And -- yes, Julian, let me clarify the slide first off, and then we'll get into a little bit more. But the slide says $80 million down year over year. And I believe it's down year over year, still be a working capital improvement. It should be a working capital -- outcome will be positive. So it would be just less positive than it would be year over year.

是的，朱利安，讓我先解釋一下這張投影片，然後再深入探討更多內容。但幻燈片顯示，年減了 8,000 萬美元。我相信雖然同比有所下降，但仍會改善營運資金狀況。這筆資金應該用於營運資金——結果將是正面的。所以，與往年相比，今年的增幅會略小。

Got it. And is that -- are these deferred revenue balances, are they swelling because of specific very large orders? Or you think about them being proportionate suggest the aggregate kind of volume of orders that you're getting? Just trying to understand it because traditionally in low and medium voltage electrical equipment, you don't have these large prepayments.

知道了。這些是遞延收入餘額嗎？它們是否因為某些非常大的訂單而膨脹？或者你認為它們是否成比例，可以反映你收到的訂單總量？我只是想弄清楚，因為傳統上，低壓和中壓電氣設備不需要這麼多的預付款。

Yeah. And I would say it depends on the type of order and the mix of orders. Again, I think that we do always try to push to get some down payments and progress payments in there. But the mix would impact that a little bit, and it could be an influence in what drove up fourth quarter versus third quarter. But I wouldn't say it's marginally different than what we've seen historically.

是的。我認為這取決於訂單類型和訂單組合。我再次強調，我們一直都在努力爭取收取一些頭期款和進度款。但這種組合會對結果產生一定影響，也可能是第四季業績較第三季有所成長的原因之一。但我不會說它與我們歷史上所見的情況只有細微差別。

Mark Delaney, Goldman Sachs.

馬克‧德萊尼，高盛集團。

Congratulations on the strong results and very strong orders. I was hoping to get Vertiv's view on how it's cooling product mix and business opportunity may evolve. And I ask because post CES, there was some discussion that Rubin raised racks, may not need chillers and conversely post super compute last fall. Others are from a competitor about stainless steel chillers maybe displacing CDU. So some moving parts there. And I would love to get your opinion on how Vertiv's see this business opportunity evolving and what this might all mean for your content per megawatt and market share?

恭喜你們取得優異的成績和非常強勁的訂單。我希望了解Vertiv對其冷凍產品組合和商業機會未來發展趨勢的看法。我這麼問是因為在 CES 之後，有人討論說 Rubin 提高了機架高度，可能不需要冷卻器，而去年秋天超級計算之後的情況則恰恰相反。其他一些資​​訊來自競爭對手，內容是關於不銹鋼冷水機可能會取代常閉式設備 (CDU)。所以這裡面有一些活動部件。我很想聽聽您對 Vertiv 如何看待這一商業機會的發展，以及這一切可能對您的每兆瓦內容和市場份額意味著什麼的看法？

Let's are start from the bottom. So I go back to what we're saying. We believe the technology evolution is certainly central to that statement is favorable from a content standpoint, it is no exception. So clearly, there is an opportunity to run some GPUs at a higher temperature than historically done. But this is pretty much what has been true for many of the more recent chips of Nvidia.

讓我們從最底層開始。所以我回到我們剛才說的話題。我們認為，技術發展對此論點無疑是至關重要的，從內容角度來看，這一點也不例外。顯然，我們有機會讓一些 GPU 在比以往更高的溫度下運作。但對於英偉達最近推出的許多晶片來說，情況基本上是如此。

(inaudible) advantage is helpful. Let's all remember that, that doesn't rule out heat rejection. Heat rejection will continue to exist, continue to be there. Let's not forget that there are loads that can be cooled at higher temperatures. There are loads with the same data centers that require lower temperatures.

（聽不清楚）優勢是有幫助的。我們都要記住，這並不排除散熱的可能性。散熱現象仍將存在，並將繼續存在。別忘了，有些負載可以在更高的溫度下冷卻。有些資料中心需要更低的溫度。

So if anything, whereas the overall efficiency of the system indeed improves, we're thinking more and more about a hybrid cooling and thermal chain infrastructure. Now clearly, the ability to reduce the number of chillers, but not the number -- net number of heat rejection technologies, depends on the specific climate situation, depends on the type of loads. It depends on the resiliency to -- various types of non-GPU, or different GPU loads that the data center is designed for. When we look at this space, we are very, very encouraged by what we see in terms of a product that is now catalog, and that is very, very important for us that what we call Trim Cooler. So a chiller that is really optimized to operate high temperatures, but also with the flexibility for lower temperatures that again, coexist in systems.

因此，儘管系統的整體效率確實有所提高，但我們越來越傾向於採用混合冷卻和熱鏈基礎設施。顯然，減少冷水機組的數量（但不能減少淨散熱技術的數量）的能力取決於特定的氣候條件，取決於負荷類型。這取決於資料中心的設計能夠承受的各種類型的非 GPU 負載或不同的 GPU 負載。當我們審視這個領域時，我們對目前已列入產品目錄的產品感到非常非常鼓舞，這對我們來說非常非常重要，因為我們稱之為 Trim Cooler。因此，這是一款真正針對高溫運作進行最佳化的冷水機，但同時也具備在較低溫度下運作的靈活性，這兩種溫度可以在系統中共存。

It's a solution that maximizes free cooling, and it's certainly very, very central to the future of the industry. So all in all, we see that design continues to be mixed. If anything, this complicates the thermal chain and this complexity is something that we like as someone who has got the entire portfolio, we certainly are perfectly positioned to support our customers. And again, going back to what we're saying enable the right choice for our customers. Cooling chips directly in other ways than through CDU in this moment is not something that we see.

它是一種能夠最大限度利用自然冷卻的解決方案，而且對於該行業的未來發展來說，它無疑非常非常重要。總而言之，我們看到設計風格依然是混雜的。如果有什麼影響的話，那就是這會使熱鏈更加複雜，而這種複雜性正是我們喜歡的，因為我們擁有完整的產品組合，我們當然能夠更好地為客戶提供支援。再次強調，我們要幫助客戶做出正確的選擇。目前我們還沒有看到採用 CDU 以外的其他方式直接冷卻晶片。

Simply because it would -- in most of the cases, it will be niche applications probably, but in most of the cases, that would be too dangerous. Blast radius is a little bit too big, et cetera. So we're pretty sure that CDUs in various shapes and forms are long-term elements of the thermal chain.

原因很簡單——雖然大多數情況下可能只是小眾應用，但大多數情況下這樣做太危險了。爆炸半徑有點太大了，等等。因此我們相當肯定，各種形狀和形式的常壓蒸餾裝置是熱鏈中的長期組成部分。

Andy Kaplowitz, Citigroup.

安迪‧卡普洛維茨，花旗集團。

If I look at core incrementals that you're modeling, I think you've got pretty close to 30% dialed in, is kind of the low end of your long-term range for Q1 and '26, but I would guess the scale of some of these contracts could be your friend, because they should maximize your ability to leverage your sales. So is it possible to generate higher incrementals given potential operating leverage? Or do we need to be a bit more conservative regarding supply chain? And do you just need a higher level of growth investment to fund all of your revenue growth?

如果我看一下你正在建模的核心增量，我認為你已經接近 30% 了，這算是你第一季度和 2026 年長期範圍的下限，但我猜想其中一些合約的規模可能會對你有利，因為它們應該能最大限度地提高你利用銷售的能力。那麼，在潛在的經營槓桿作用下，是否有可能產生更高的增量收益？或者我們在供應鏈方面是否需要更保守？您是否需要更高水準的成長投資來滿足所有收入成長的需求？

Andy, I'll start off by saying you're exactly right. There is a higher level of investment. We are still guiding at that lower end of the 30% to 35% that we've said in the past. I think as we get through the year and the investment that we are putting into place, we can continue to see those go up in our longer-term guidance, and we'll reiterate that in the Investor Day of what we see as that goes forward. But I think you're exactly spot on. Some of the investments that we're doing and the -- I'd say, the ramp-up of those has a little bit of pressure on us as we drive those incremental margins.

安迪，首先我要說，你說得完全正確。投資水準更高。我們仍然堅持之前所說的30%到35%的較低預期。我認為，隨著我們今年的投資逐步落實，我們可以看到這些投資在我們的長期業績指引中持續成長，我們將在投資者日上重申我們對未來發展的看法。但我認為你的說法完全正確。我們正在進行的一些投資，以及——我想說，這些投資的加速推進給我們帶來了一些壓力，因為我們正在努力提高利潤率。

Yeah, I would say that the long-term trajectory is absolutely unchanged. So we feel good about it.

是的，我認為長期發展軌跡絕對不會改變。所以我們對此感到很滿意。

Michael Elias, TD Cowen.

Michael Elias，TD Cowen。

Congrats on the order quarter. Great to see you guys capturing the market share out there. Gio, a question for you. I'm sure you came out of PTC with a similar sense that demand is rocking and rolling. As we think about going forward, could you just give us an update on the utilization of your existing production capacity? And maybe as part of that, the evolution that you're seeing on the product lead time front for things like switch gear, how they may have evolved over the last 3 months given the demand strength?

恭喜訂單季度圓滿完成。很高興看到你們在市場份額上不斷擴大。Gio，我有個問題想問你。我相信你從 PTC 出來後也有類似的感受，那就是市場需求正在蓬勃發展。在考慮未來發展方向時，您能否向我們介紹現有產能的利用？或許，作為其中的一部分，您還可以看到開關設備等產品的交付週期在過去 3 個月中，鑑於市場需求強勁，其發展趨勢發生了怎樣的變化？

Yeah. Certainly, demand is there and in very rude health, as one would say, and we're very happy how we capture that. Again, utilization and capacity, clearly, we're pretty satisfied. In general, I always talked about having a wiggle room in the way we load our capacity in our factories. This is still true.

是的。當然，市場需求旺盛，正如人們常說的，我們非常高興能夠抓住這個需求。再次強調，就利用率和產能而言，我們顯然相當滿意。總的來說，我總是強調在工廠產能分配方面要留有一定的迴旋餘地。這一點至今仍然成立。

So we are using this wiggle room to if needed sometimes to accelerate growth. But again, we like to continue to design our capacity with that wiggle room that is 20% 25%. So the same way of looking at the long-term capacity applies here. And that's how we decide on capacity increments as reflected in our in our CapEx numbers. When it comes to lead times, yes, there has been some expansion a little bit in some product lines.

因此，我們有時會利用這種迴旋餘地來加速成長。但是，我們仍然希望在設計產能時留出 20% 到 25% 的迴旋餘地。所以，看待長期產能的同樣方法也適用於這裡。這就是我們決定產能成長的方式，也反映在我們的資本支出數字中。至於交貨週期，是的，某些產品線的交貨週期確實有所延長。

But again, pretty much on customer and end market lead time in general across the majority of our products. So again, quite happy. Quite happy with our evolution in this respect. We like the growth, we like the capacity utilization.

但同樣，我們的大多數產品在客戶和終端市場交付週期方面總體上都存在問題。所以，再次表示非常滿意。我對我們在這方面的進展相當滿意。我們喜歡這種成長勢頭，也喜歡這種產能利用率。

Amit Mehrotra, UBS.

阿米特·梅赫羅特拉，瑞銀集團。

Maybe just add and clean up here a little bit. So I wanted to ask about pipeline because obviously, pipeline leads orders. I would imagine if you're more than doubling your orders sequentially from 3Q to 4Q, your pipeline is depleted. It doesn't seem that's the case based on how you talk about the pipeline. So just talk about that.

或許只需要在這裡稍作補充清理。所以我想問關於銷售管道的問題，因為很顯然，銷售管道決定訂單量。我估計，如果你的訂單量從第三季到第四季連續翻了一番以上，那麼你的供貨管道可能已經枯竭了。根據你對管道的描述來看，情況似乎並非如此。那就談談這個吧。

And then the last, just a clarification. Just remind us, what has to happen, what hurdles do you have to pass for an order to make it into your backlog from a deposits or delivery certainty visibility perspective? If you can just remind us on that, that would be great.

最後，還有一點需要澄清。請您提醒我們，從定金或交貨確定性可見性的角度來看，訂單需要滿足哪些條件、克服哪些障礙才能進入您的待辦事項清單？如果您能提醒我們一下，那就太好了。

Okay. So the pipeline has not depleted. If anything, despite certainly the very strong order intake in the last quarter, we are seeing the pipeline to grow quarter to quarter. So again, very satisfied about that. It's not just a market, it's our visibility of the market. So I just want to reiterate it, it has not depleted. When it comes to what makes an opportunity backlog? It is a binding purchase order. Everything backlog at Vertiv is a binding purchase order. Majority of -- very often with advanced payment, but it is the nature of the PO binding, legally binding purchase order.

好的。所以輸油管還沒枯竭。儘管上個季度的訂單量非常強勁，但我們看到訂單儲備量卻逐季成長。所以，我對此非常滿意。這不僅僅是一個市場，而是我們對市場的認知。所以我只想重申一遍，它並沒有耗盡。那麼，究竟是什麼造成了機會積壓呢？這是一份具有法律約束力的採購訂單。Vertiv 的所有積壓訂單都是具有約束力的採購訂單。大多數情況下——通常會預付貨款，但這是採購訂單的性質，採購訂單具有法律約束力。

This concludes our question-and-answer session. I would now like to turn the conference back over to Gio Albertazzi for any closing remarks.

我們的問答環節到此結束。現在我謹將會議交還給喬·阿爾貝塔齊，請他作總結發言。

Well, thank you very much. Thank you all for the questions, and thank you for your time today. Of course, I'm very pleased with what we delivered in '25 and very pleased how we're positioned entering '26. Certainly very proud of the job that the entire Vertiv team has done and I'm super grateful for the collaboration with our customers and partners. We're pleased with our progress.

非常感謝。感謝大家的提問，也感謝大家今天抽出時間。當然，我對我們在 2025 年取得的成績非常滿意，也對我們進入 2026 年的情況感到非常滿意。我為整個 Vertiv 團隊所做的工作感到非常自豪，也非常感謝與我們的客戶和合作夥伴的合作。我們對所取得的進展感到滿意。

You know me by now. We're certainly never satisfied. I am certainly never satisfied. We continue and we will continue to invest ahead of the curve, maintain our technology leadership and execute with speed and precision. I'm more confident today that I absolutely have ever been about Vertiv's trajectory. Very encouraged. And I want to thank you all and wish you all a great rest of your day.

你現在應該很了解我了。我們永遠不會滿足。我永遠不會滿足。我們將繼續並將繼續進行前瞻性投資，保持技術領先地位，並以速度和精準度執行任務。我現在對 Vertiv 的發展軌跡比以往任何時候都更有信心。非常受鼓舞。我衷心感謝各位，並祝福大家今天餘下的時間過得愉快。

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

會議已經結束。感謝各位參加今天的報告會。您現在可以斷開連線了。