Vertiv Holdings Co (VRT) 2026 Q1 法說會逐字稿

Good morning. My name is Jenny, and I will be your conference operator today. At this time, I would like to welcome everyone to Vertiv's first quarter 2026 earnings conference call. (Operator Instructions) Please note that this call is being recorded.

早安。我叫 Jenny，今天將擔任各位的電話會議接線員。此刻，我謹代表公司歡迎各位參加 Vertiv 2026 年第一季財報電話會議。(接線員指示) 請注意，本通話將被錄音。

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

現在我想把會議交給今天電話會議的主持人——投資人關係副總裁 Lynne Maxeiner。

Great. Thank you, Jeanie. Good morning, and welcome to Vertiv's first quarter 2026 earnings conference Call. Joining me today are Vertiv's Executive Chairman, Dave Cote; Chief Executive Officer, Gio Albertazzi; and Chief Financial Officer, Craig Chamberlain.

很好。謝謝你，Jeanie。早安，歡迎各位參加 Vertiv 2026 年第一季財報電話會議。今天與我一同出席的有 Vertiv 執行董事長 Dave Cote、執行長 Gio Albertazzi，以及財務長 Craig Chamberlain。

We have one hour for the call today during the Q&A portion of the call, please be mindful of others in the queue and limit yourself to one question. And if you have a follow-up question, please rejoin the queue. 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.

今天的電話會議在問答環節共有一小時，請體諒排隊等候的其他與會者並將問題限制為一題。若您有追問，請重新加入隊列。在開始之前，我想提醒各位，在本次通話過程中，我們將就未來事件發表前瞻性陳述，包括 Vertiv 未來的財務與營運表現。

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 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.

這些前瞻性陳述受到重大風險與不確定性影響，可能導致實際結果與前瞻性陳述所述內容出現重大差異。我們請各位參閱今日財報新聞稿中的警示性語句；您也可在我們的年度與季度報告以及向美國證券交易委員會（SEC）提交的其他文件中，進一步了解這些風險。

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. During this call, we'll also present both GAAP and non-GAAP financial measures.

我們今天所做的任何前瞻性陳述，均基於截至本日我們認為合理的假設。除非因新資訊或未來事件所致，我們不承擔更新這些陳述的任何義務。在本次通話中，我們也將同時呈現 GAAP 與非 GAAP 財務衡量指標。

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

我們的 GAAP 與非 GAAP 結果之調節表，可在我們的財報新聞稿以及投資人簡報投影片中找到；投影片可於我們網站 investors.vertiv.com 取得。接下來我把電話交給執行董事長 Dave Cote。

I'm very pleased with how we started the year. The momentum we're seeing across the business is strong. It's translating into the kind of performance that gives us confidence to (inaudible) our outlook for the full year. What we're seeing in customer conversations is different than six months ago. The urgency has increased.

我對我們今年的開局非常滿意。我們在整體業務上看到的動能相當強勁。這正轉化為一種表現，讓我們有信心去（聽不清）我們對全年展望。我們在與客戶的對話中看到的情況，與六個月前不同。緊迫感提高了。

The scale deployment is larger, and the technical complexity is creating opportunities for companies that can solve system-level problems, which is exactly where we excel. We're seeing broad-based strength, and that tells you something about the depth of demand and our ability to capture it. I like what we're seeing in the industry and the continued evolution of Vertiv. We're still in the early stage of the infrastructure build out for AI our competitive advantages are compounding.

部署規模更大，而技術複雜度正在為能夠解決系統層級問題的公司創造機會——這正是我們的強項所在。我們看到的是全面性的強勁表現，這說明了需求的深度以及我們掌握需求的能力。我喜歡我們在產業中看到的趨勢，以及 Vertiv 持續演進的方向。我們仍處於 AI 基礎設施建置的早期階段，我們的競爭優勢正在疊加增強。

If you can deliver product systems, integrated solutions and services that scale, you become even more important to your customers' technology road map. We're also managing the challenge as well. Tariffs, supply chain, complexity, labor constraints. These are real. But they're manageable.

如果你能交付可擴展的產品系統、整合式解決方案與服務，你在客戶的技術路線圖中就會變得更加重要。我們也同時在管理各項挑戰。關稅、供應鏈、複雜度、勞動力限制。這些都是真實存在的。但它們是可控的。

And additionally, they raised the bar in ways that favors established players like us. Gio and the team are executing very well in this rapid growth environment, balancing aggressive growth and share gain with operational discipline. We're expecting a strong year ahead and strong years in the future.

此外，這些因素也以某種方式提高了門檻，反而更有利於像我們這樣的既有領導者。Gio 與團隊在這個快速成長的環境中執行得非常出色，在積極成長與市占提升之間，同時維持營運紀律。我們預期今年會很強勁，未來幾年也會同樣強勁。

So with that, let me turn it over to Gio to discuss it further. Gio?

那麼，接下來我把電話交給 Gio 進一步說明。Gio？

Thank you very much, Dave. Let us go to Slide 3. Well, I'm quite pleased with how we started 2026. Q1 was very strong with organic sales up 23% year-on-year. We reported growth of 30% when we include M&A and FX.

非常感謝你，Dave。請看第 3 張投影片。我對我們 2026 年的開局相當滿意。第一季表現非常強勁，有機銷售額年增 23%。若納入併購（M&A）與匯率（FX）影響，我們報告的成長為 30%。

From a regional perspective, America was the primary engine with 44% organic growth. APAC was up 12% organically, while EMEA was down 29% organically. In the few slides, you will hear us elaborate on some of the encouraging dynamics we are seeing in EMEA.

從區域來看，美洲是主要引擎，有機成長 44%。亞太（APAC）有機成長 12%，而歐洲、中東與非洲（EMEA）有機下滑 29%。在接下來幾張投影片中，您將聽到我們進一步說明在 EMEA 看到的一些令人鼓舞的動態。

Adjusted operating margin came in at 20.8%, up 430 basis points year-on-year, and 180 basis points above our guidance. Margin performance and strong top line growth drove adjusted operating profit of $551 million, up 64% year-on-year.

調整後營業利益率為 20.8%，年增 430 個基點，且較我們的指引高出 180 個基點。在利益率表現與強勁營收成長的帶動下，調整後營業利益達 5.51 億美元，年增 64%。

Adjusted diluted EPS of $1.17 were up 83% versus Q1, '25 and exceeded our guidance by $0.19. Adjusted free cash flow of $653 million was up $147 million versus the prior year, driven by higher operating profit and continued working capital improvement.

調整後稀釋每股盈餘（EPS）為 1.17 美元，較 2025 年第一季成長 83%，並較我們的指引高出 0.19 美元。調整後自由現金流為 6.53 億美元，較去年增加 1.47 億美元，主要受更高的營業利益以及持續改善的營運資金所帶動。

We are raising our full year guidance, and we now expect adjusted diluted EPS of $6.35, up 51% from 2025. This is supported by raising our adjusted operating profit guidance to $3.2 billion, up 53% from 2025. Adjusted operating margin is now expected to be 23.3% to 190 basis points higher than 2025.

我們上調全年指引，現在預期調整後稀釋 EPS 為 6.35 美元，較 2025 年成長 51%。這也反映在我們將調整後營業利益指引上調至 32 億美元，較 2025 年成長 53%。調整後營業利益率目前預期為 23.3%，較 2025 年提高 190 個基點。

And let's go to Slide 4. Let me start with the market environment. Our pipeline momentum continues to be strong. Our pipeline generation is robust and we're still expecting another year of strong orders performance in 2026. We anticipate orders to be up year-over-year, which reflects the sustained demand environment we are seeing across our markets.

接著請看第 4 張投影片。我先從市場環境談起。我們的商機管線動能持續強勁。我們的管線生成相當穩健，且我們仍預期 2026 年訂單表現將再度強勁。我們預期訂單將年增，反映出我們在各市場看到的需求環境仍具延續性。

Americas continues to show remarkable strength. The market momentum is broad-based and robust. Our pipeline in the region continues to expand as we convert opportunities. In EMEA, the spring continues to uncoil. We're seeing improving market sentiment throughout the quarter with momentum building.

美洲持續展現顯著的強勁態勢。市場動能廣泛且穩健。隨著我們將機會轉化為成果，該區域的商機管線持續擴大。在 EMEA，彈簧正持續鬆開回彈。我們看到整個季度市場情緒逐步改善，動能正在累積。

I know we do not disclose orders but we are very pleased with EMEA's Q1 bookings. We feel good about EMEA returning to year-over-year sales growth in the second half, which you see embedded in our guidance. When it comes to APAC, we see positive market dynamics across the region.

我知道我們不揭露訂單數據，但我們對 EMEA 第一季的接單（bookings）非常滿意。我們對 EMEA 在下半年恢復年對年銷售成長感到樂觀，這也已反映在我們的指引之中。至於亞太，我們看到整個區域呈現正向的市場動態。

Rest of Asia and India are showing convincingly strong pipelines and dynamics with robust momentum building. China is also showing encouraging pipeline movement, and this positions us well as we move through the year.

亞洲其他地區與印度展現出明顯強勁的管線與動態，穩健動能正在形成。中國也呈現令人鼓舞的管線推進，這使我們在接下來的年度進程中處於有利位置。

On pricing, we continue to see favorable dynamics. We expect positive price costs in '26, including the impact of tariffs and tariff countermeasures. From a manufacturing and supply chain perspective, we're expanding while continuing to strengthen our resilience.

在定價方面，我們持續看到有利的動態。我們預期 2026 年價格與成本之間將呈現正向差額（price-cost），其中包含關稅及關稅反制措施的影響。從製造與供應鏈角度來看，我們在擴張的同時，也持續強化韌性。

Our regionalized footprint and multi-sourcing strategies are maintaining stability despite evolving dynamic trade dynamics and tensions in the Middle East. We are accelerating our strategic capacity investments to meet the demand we are seeing.

我們區域化的布局與多元採購策略，即使在不斷演變的貿易動態以及中東緊張局勢之下，仍能維持穩定。我們正加速策略性產能投資，以滿足我們所看到的需求。

We're expanding our global manufacturing service footprint while unlocking latent capacity with VOS driven productivity gains. Our cost management remains disciplined. We expect these investments to position us very well for the current and future demand environment.

我們正在擴大全球製造服務版圖，同時透過 VOS 驅動的生產力提升釋放潛在產能。我們的成本管理仍維持嚴謹自律。我們預期這些投資將使我們在當前及未來的需求環境中具備非常有利的定位。

We manage commodities and components proactively. This, combined with our multisource model and supplier diversification provides a critical buffer in what remains an inflationary environment.

我們以主動方式管理大宗商品與零組件。這點再加上我們的多來源模式與供應商多元化，在仍屬通膨的環境中提供了關鍵緩衝。

Through various countermeasures, we are actively working to mitigate tariff exposures, including recent changes under Section 122 and 232. In this very dynamic environment, growth-wise, geopolitically, et cetera, we stay focused on supply chain resilience, growth, capacity expansion and navigating the tariff environment. A lot going on. But we are focused on execution.

透過各項因應措施，我們正積極降低關稅曝險，包括近期在第 122 條與第 232 條之下的變更。在這個高度動態的環境中，無論是成長面、地緣政治等，我們仍聚焦於供應鏈韌性、成長、產能擴張以及因應關稅環境。事情很多。但我們專注於執行。

And let's go now to Slide 5. We continue to see very robust growth in demand for data centers. And as a result, we are focusing investments on capacity expansion, supply chain and engineering capabilities. We are committed to continue to grow capacity, supporting our customer demand, and we continue to deliver above market growth.

接下來請看第 5 張投影片。我們持續看到資料中心需求非常強勁的成長。因此，我們將投資聚焦於產能擴張、供應鏈與工程能力。我們承諾持續擴增產能以支援客戶需求，並持續交出高於市場的成長。

Our CapEx in Q1, sustainably higher than in the same quarter last year is a testament to that commitment. We are making significant investments in capacity expansion across both manufacturing and services. On the manufacturing side, we're expanding capacity organically across multiple sites globally and particularly across the Americas, on which you see some details here.

我們第一季的資本支出（CapEx）持續高於去年同期，正是這項承諾的明證。我們在製造與服務兩方面都進行了大幅的產能擴張投資。在製造端，我們在全球多個據點、尤其是在美洲地區，以有機方式擴充產能，相關細節如圖所示。

These investments are strategic and positions us to meet the accelerating demand. We do this for growth but also to bolster our overall operational resiliency. This capacity expansion is broad-based, power management, thermal management, infrastructure solutions and IT systems across all technologies. We're doing the same with our services capability.

這些投資具策略性，並使我們能滿足加速成長的需求。我們這麼做是為了成長，同時也為了強化整體營運韌性。這項產能擴張涵蓋面廣，包括電源管理、熱管理、基礎設施解決方案與 IT 系統，橫跨所有技術。我們在服務能力方面也採取同樣作法。

Specifically, we are scaling our people and service capacity vigorously and convincingly, across all service technologies and regions. In particular, the acquisition of PurgeRite significantly strengthens our fluid management and liquid cooling capabilities, enhancing our system-level services offering.

具體而言，我們正積極且有力地擴大人力與服務產能，涵蓋所有服務技術與各個地區。特別是收購 PurgeRite，顯著強化了我們的流體管理與液冷能力，提升我們的系統層級服務產品組合。

This is one of the most technically demanding and financially consequential aspects of modern data center operations. With respect to our supply chain, we have prioritized multi-sourcing strategies to mitigate supplier risk. Strategic acquisitions are further strengthening our supply chain capabilities.

這是現代資料中心營運中技術要求最高、且對財務影響最重大的面向之一。就供應鏈而言，我們已將多來源採購策略列為優先，以降低供應商風險。策略性併購也正進一步強化我們的供應鏈能力。

And finally, we continue to prioritize investment in our engineering capabilities in multiple directions. Clearly, one is engineering labs, central to development of our technology portfolio. Customer witness test capabilities are another important area of investment. The complexity of data center technologies requires extensive test capacity at the beginning of a delivery. Growing customer test capacity with volume is a growth enabler.

最後，我們持續在多個方向優先投資工程能力。顯然，其中之一是工程實驗室，這是我們技術產品組合開發的核心。客戶見證測試（customer witness test）能力也是另一個重要投資領域。資料中心技術的複雜性，要求在交付初期具備大量測試產能。隨著出貨量成長而擴增客戶測試產能，是推動成長的關鍵。

We will have an opportunity to continue to elaborate on what capacity expansion means during our upcoming Investor Day. And with that, it's over to you, Craig.

在即將到來的投資人日，我們將有機會進一步闡述產能擴張的意涵。接下來交給你，Craig。

Thanks Gio. Let's start with the first quarter results on Slide 6. As you can see, we had an excellent start to the year. Adjusted diluted EPS was $1.17, up 83% year-over-year and $0.19 above our prior guidance. On the top line, net sales were $2.65 billion, up 30% versus prior year, with organic net sales up 23%, with acquisitions contributing 4% and favorable FX adding 3%. This organic growth was driven by Americas, up 44% and APAC up 12%, partially offset by EMEA down 29% organically.

謝謝 Gio。我們先從第 6 張投影片的一季度業績開始。如各位所見，我們今年開局表現非常出色。調整後稀釋每股盈餘（EPS）為 1.17 美元，年增 83%，並較先前指引高出 0.19 美元。在營收方面，淨銷售額為 26.5 億美元，較去年成長 30%；其中有機淨銷售額成長 23%，併購貢獻 4%，有利匯率（FX）增加 3%。此一有機成長由美洲地區帶動（年增 44%）以及亞太地區（APAC）年增 12%，部分被歐洲、中東與非洲（EMEA）有機下滑 29%所抵銷。

Adjusted operating profit of $551 million increased 64% versus the prior year and came in $56 million higher than our guidance. Our adjusted operating margin of 20.8% expanded by 430 basis points versus last year, showing a great operating performance from the team.

調整後營業利益為 5.51 億美元，較去年增加 64%，並較我們指引高出 5,600 萬美元。調整後營業利益率為 20.8%，較去年擴張 430 個基點，展現團隊優異的營運表現。

The main drivers were strong operational leverage on higher volumes, productivity gains and favorable price cost execution, which was partially offset by ongoing tariff headwinds. On the cash side, we delivered $653 million of adjusted free cash flow. That's up 147% from the prior year first quarter.

主要驅動因素包括在更高出貨量下的強勁營運槓桿、生產力提升，以及有利的價格與成本執行；但部分被持續的關稅逆風所抵銷。在現金方面，我們交出 6.53 億美元的調整後自由現金流。較去年第一季成長 147%。

This was supported by higher operating profit and working capital efficiency, partially offset by higher cash tax and increased net CapEx, as we continue investing in capacity and ER&D to support business growth. We exited the quarter with net leverage of 0.2 times, providing us with significant strategic flexibility.

這主要受惠於更高的營業利益與營運資金效率提升，但部分被較高的現金稅負與淨資本支出（CapEx）增加所抵銷，因我們持續投資產能與 ER&D 以支援業務成長。本季末我們的淨槓桿為 0.2 倍，為我們提供顯著的策略彈性。

Flipping to Slide 7. Let's look at segment performances by region. Americas delivered another outstanding quarter. Net sales were $1.81 billion, up 53%, with 44% organic growth. reflecting strong broad-based momentum across nearly all product lines.

翻到第 7 張投影片。我們來看各地區的部門表現。美洲地區再度交出亮眼的一季。淨銷售額為 18.1 億美元，年增 53%，其中有機成長 44%，反映幾乎所有產品線皆呈現強勁且廣泛的動能。

Adjusted operating profit was $490 million, with margins benefiting from operational leverage, disciplined execution and partial intensity. Looking at APAC, net sales were $514 million, up 15%, 12% organically. Organic growth came in below quarterly guidance, primarily due to timing.

調整後營業利益為 4.90 億美元，利潤率受惠於營運槓桿、嚴謹執行與部分強度。再看亞太地區（APAC），淨銷售額為 5.14 億美元，年增 15%，其中有機成長 12%。有機成長低於季度指引，主要是時點因素所致。

Adjusted operating profit of $67 million was up approximately 48% year-on-year, mainly driven by volume leverage and operating discipline. Turning to EMEA. Net sales were $321 million, down 29% organically. We believe this is a temporary reflection of softer orders that we saw in Q2 and Q3 of 2025. However, we are seeing opportunity generation accelerating, reflecting improved customer demand and supporting a return to sales growth in the back half of 2026.

調整後營業利益為 6,700 萬美元，年增約 48%，主要由出貨量槓桿與營運自律所帶動。接著看 EMEA。淨銷售額為 3.21 億美元，有機下滑 29%。我們認為這是 2025 年第二季與第三季所見較疲弱訂單的暫時反映。然而，我們看到商機生成正在加速，反映客戶需求改善，並支撐 2026 年下半年回到銷售成長。

We saw a step down in margins here year-over-year due to operating deleverage. However, our conviction has gotten stronger for a second half recovery in EMEA, which you see embedded in our EMEA full year guidance.

由於營運去槓桿，該地區利潤率較去年同期下滑。不過，我們對 EMEA 下半年復甦的信心更強，這也反映在我們對 EMEA 的全年指引之中。

On Slide 8, let's discuss our second quarter guidance. We're projecting adjusted diluted EPS at the midpoint of $1.40, which is 47% higher than our second quarter 2025. Net sales at the midpoint are $3.35 billion, which reflects 27% net sales growth versus prior year.

在第 8 張投影片，我們來討論第二季指引。我們預估調整後稀釋每股盈餘（EPS）中位數為 1.40 美元，較 2025 年第二季高出 47%。淨銷售額中位數為 33.5 億美元，反映較去年淨銷售額成長 27%。

Adjusted operating profit at the midpoint of $710 million represents 45% growth versus second quarter 2025. This strong profit growth is supported by robust organic sales growth and continued operating leverage.

調整後營業利益中位數為 7.10 億美元，較 2025 年第二季成長 45%。這項強勁的獲利成長，受惠於穩健的有機銷售成長與持續的營運槓桿。

Adjusted operating margins at the midpoint of 21.2% is up 270 basis points, supported by strong organic sales growth [fixed] cost leverage. Additionally, we expect to materially offset unfavorable margin impact from tariffs. This guide reflects our confidence in the strength of our market position and our ability to execute on the significant opportunities ahead of us.

調整後營業利益率中位數為 21.2%，提升 270 個基點，受惠於強勁的有機銷售成長與[fixed]成本槓桿。此外，我們預期將在很大程度上抵銷關稅對利潤率的不利影響。此一指引反映我們對自身市場地位強勁以及執行未來重大機會能力的信心。

Now on to Slide 9. Let's talk about our full year 2026 guidance. We continue to expect another strong year of strong performance across all key metrics. We are raising adjusted diluted EPS guidance by $0.33 to a midpoint of $6.35, which represents 51% growth versus prior year. For net sales, we're updating our guide to $13.75 billion at the midpoint, reflecting 34% net sales growth versus prior year.

現在來到第 9 張投影片。我們來談談 2026 全年指引。我們仍預期在所有關鍵指標上，將再迎來表現強勁的一年。我們將調整後稀釋每股盈餘（EPS）指引上調 0.33 美元至中位數 6.35 美元，較前一年成長 51%。在淨銷售額方面，我們將指引更新為中位數 137.5 億美元，反映較前一年淨銷售額成長 34%。

By region, we expect organic growth rates of high 30s in Americas, mid-20s in APAC, and flat in EMEA. The updated adjusted operating profit is now at a midpoint of $3.2 billion, representing 53% growth versus prior year, and $160 million higher than our prior guidance. This strong profit growth is driven by a combination of robust organic sales growth and continued operational leverage.

按地區來看，我們預期美洲有機成長率為 30% 高段，亞太（APAC）為 20% 中段，而歐洲、中東與非洲（EMEA）持平。更新後的調整後營業利益中位數為 32 億美元，較前一年成長 53%，並較先前指引高出 1.6 億美元。這項強勁的獲利成長，來自強勁的有機銷售成長與持續的營運槓桿共同推動。

Finally, on margins, we're guiding to 23.3% adjusted operating margin at the midpoint, an expansion of 290 basis points from 2025, and 80 basis points tied in our prior guidance. This expansion is supported by 30% organic sales growth and continued operational leverage.

最後，在利潤率方面，我們指引調整後營業利益率中位數為 23.3%，較 2025 年擴張 290 個基點，並較我們先前指引高出 80 個基點。此一擴張由 30% 的有機銷售成長與持續的營運槓桿所支撐。

We expect to be price/cost positive for the year, inclusive of tariff impact and the countermeasures. With fixed cost leverage, still investing in growth, ER&D and capacity. For adjusted free cash flow, we're maintaining our guidance $2.2 billion at the midpoint, up 17% versus prior year, primarily due to higher operating profit, partially offset by higher cash tax and net CapEx investments.

我們預期全年價格/成本將為正，包含關稅影響及相應對策。在固定成本槓桿之下，我們仍持續投資成長、工程研發（ER&D）與產能。就調整後自由現金流而言，我們維持中位數 22 億美元的指引，較前一年增加 17%，主要來自較高的營業利益，部分被較高的現金稅負與淨資本支出（CapEx）投資所抵銷。

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

接下來我把時間交還給你，Gio。

Well, thank you, Craig, and let us go to Slide 10. And before I wrap up, I once again want to invite all of you to tune in to our 2026 investor conference that will be held on the 19th and 20th of May in Greenville, South Carolina. This will be an excellent opportunity to gain first-hand insight into Vertiv's visions and strategy from our leadership team.

好的，謝謝你，Craig，我們來到第 10 張投影片。在我總結之前，我再次邀請各位收看我們將於 5 月 19 日與 20 日在南卡羅來納州格林維爾舉行的 2026 年投資人會議。這將是一次絕佳機會，讓各位從我們的領導團隊第一手了解 Vertiv 的願景與策略。

On the first day, the agenda includes a comprehensive market update, a detailed financial overview, and our updated multiyear outlook and Q&A sessions, of course, with the leadership team. The following day, we will have a technology session where you'll hear about how we continue to innovate and drive the industry.

第一天的議程包含全面的市場更新、詳細的財務概覽，以及我們更新後的多年期展望，當然也有與領導團隊的問答環節。隔天我們將安排技術場次，您將聽到我們如何持續創新並推動產業發展。

This will be followed by a tour of our Pelzer Infrastructure Solutions facility for those who will be joining us in person. It's going to be a great opportunity to see what we're building and where we are headed.

接著，對於親自到場的與會者，我們將安排參觀位於 Pelzer 的 Infrastructure Solutions 設施。這將是一次很好的機會，讓大家看看我們正在打造什麼，以及我們將前往的方向。

And now let's go to Slide 11. Our first quarter results were strong testaments to Vertiv's execution capabilities and the momentum continuing to build in our markets. The demand environment is robust and we are very well positioned to carry that forward.

現在來到第 11 張投影片。我們第一季的結果強勁，充分證明 Vertiv 的執行能力，以及我們市場動能持續累積。需求環境依然強勁，而我們也處於非常有利的位置，能將這股動能延續下去。

We have received -- we have recently announced two strategic acquisitions that are expected to strengthen our competitive position. Thermal Key, which is anticipated to close in a few months, we'll expand our thermal management portfolio with great heat exchange know-how and a leading range of dry coolers, a capability for the globe, starting in EMEA.

我們已收到——我們近期宣布了兩項策略性收購，預期將強化我們的競爭地位。Thermal Key 預計將在幾個月內完成交割，將以優異的熱交換專業知識與領先的乾式冷卻器產品線擴充我們的熱管理產品組合，並將此能力推向全球，從 EMEA 開始。

Heat rejection is becoming more complex for AI data centers and a portfolio comprising chillers, dry coolers, trim coolers, offers great flexibility and efficiency opportunities for our customers. B, market structures, which brings custom engineers structural fabrication capabilities that accelerate our ability to deliver manufactured and converged infrastructure solutions at scale.

對 AI 資料中心而言，散熱（heat rejection）正變得更為複雜；由冷水機（chillers）、乾式冷卻器（dry coolers）、輔助冷卻器（trim coolers）所構成的產品組合，能為客戶帶來高度彈性與效率提升的機會。B，market structures，帶來客製化工程結構製造能力，加速我們以規模交付製造化與整合式基礎設施解決方案的能力。

Both are expected to provide capacity and capabilities to better serve our customers while expanding our technology base.

兩者皆預期可提供產能與能力，以更好地服務客戶，同時擴大我們的技術基礎。

We have raised our 2026 guidance, reflecting our confidence in the trajectory of the business and opportunities ahead. EMEA is absolutely part of the AI story. And we're seeing that play out with customer projects like EcoDataCenter in Sweden designed to support the most demanding AI workloads with NVIDIA's latest generation Vera Rubin GPUs.

我們已上調 2026 年指引，反映我們對業務發展軌跡與未來機會的信心。EMEA 絕對是 AI 故事的一部分。我們也看到這點在客戶專案中逐步實現，例如瑞典的 EcoDataCenter，該資料中心設計用以支援最嚴苛的 AI 工作負載，採用 NVIDIA 最新一代 Vera Rubin GPU。

Vertiv one core was selected to deliver the full data center solution here, encompassing power, thermal IT white space and services. We are excited about our collaboration with C Power Energy.

Vertiv one core 被選定在此提供完整資料中心解決方案，涵蓋電力、熱管理、IT 白區（white space）以及服務。我們對與 C Power Energy 的合作感到振奮。

Together, we are enabling US data centers to turn their on-site energy assets into grid resources, accelerating speed to power, improving resilience and reducing cost for data centers and their communities. This is the kind of end-to-end thinking that sets Vertiv apart.

我們正共同協助美國資料中心將其場內能源資產轉化為電網資源，加速取得電力的速度、提升韌性，並降低資料中心及其社區的成本。這種端到端的思維，正是 Vertiv 與眾不同之處。

Our long-standing customer relationships, combined with our partnerships create a significant competitive advantage that is very difficult to replicate. We continue to move further and the market is recognizing it.

我們長期的客戶關係，加上我們的合作夥伴關係，形成顯著且極難複製的競爭優勢。我們持續更進一步，市場也正在認可這一點。

Achieving investment-grade credit ratings and inclusion in the S&P 500 are meaningful milestones. They reflect the strength of this business, the execution prowess of this team, and the confidence the market has placed in our trajectory.

取得投資等級信用評等並納入標普 500 指數，都是重要的里程碑。這反映了這項業務的實力、這個團隊的執行力，以及市場對我們發展軌跡所給予的信心。

I do not take that lightly. Neither does the rest of the Vertiv team, we hold ourselves to a high standard and will continue to raise the bar. We had a strong quarter.

我不會輕忽這些。Vertiv 團隊的其他成員也同樣如此；我們對自己要求很高，並將持續提高標準。我們本季表現強勁。

We expect to build on it and we will. And with that, we can begin the Q&A.

我們預期會在此基礎上再接再厲，而且我們也會做到。接下來，我們可以開始問答。

(Operator Instructions)

（接線員指示）

Scott Davis, Melius Research.

Scott Davis，Melius Research。

Can you talk about the prefab market, like how important this market is? Or is there any way to think about a TAM? You seem to have a lot of content in prefab. I'm just trying to get a sense of how the customers view the importance of that content?

你能談談預製（prefab）市場嗎？例如這個市場有多重要？或者有沒有方式可以思考其 TAM（總可服務市場）？你們在預製方面似乎有很多內容。我只是想了解客戶如何看待這些內容的重要性？

Thank you for the question, Scott. Multiple dimensions to this. One is we know that speed, or time to token is absolutely essential in the market. Clearly, prefabrication alleviate challenges on site -- the construction site is always a complex system to manage. There is a scarcity of talent trade resources we see, and we certainly are stimulating, if you will, an increasing adoption of prefabrication.

謝謝你的問題，Scott。這裡有多個面向。其中之一是，我們知道速度——或「到 token 的時間」（time to token）——在市場上絕對至關重要。顯然，預製化能緩解現場的挑戰——施工現場一向是需要管理的複雜系統。我們看到技術工種資源的人才短缺，而我們也確實正在推動（如果你願意這麼說）預製化的採用率提升。

But there is way more to it than that. For us, prefabrication is not just prefabrication. It's convergence of our solution into a system like one core, not only one core, but one core [SmartRun]. It's systems that are designed, converged and optimized already from the beginning on a given set of Lowe's and silicon. But -- and it is also a way to make the whole system more efficient and more dense in many respects.

但其實遠不只如此。對我們而言，預製化不只是預製化。它是將我們的解決方案整合（convergence）成一個系統，例如 one core，不僅是 one core，還包括 one core[SmartRun]。這些系統從一開始就已針對特定的一組 Lowe's 與矽（silicon）完成設計、整合與最佳化。而且——這也是讓整體系統在多個面向更有效率、密度更高的一種方式。

So there are multiple reasons why this is being adopted. And there are multiple reasons why we believe we are ahead of the pack here because we're not just an integrator. We provide technology. You were also asking about the TAM for us. Clearly, that is a concentrator of opportunity for us because the prefabrication is, for us, an old Vertiv technology solution. So that help us to capture more of the TAM.

因此，採用它的原因有很多。我們也相信自己在這方面領先同業，原因也有很多，因為我們不只是整合商。我們提供的是技術。你也問到我們的 TAM。很明顯，這對我們而言是機會的匯聚點，因為預製化對我們來說，是 Vertiv 既有的技術解決方案。因此這有助於我們掌握更多 TAM。

That's helpful, Gio. Excuse my voice, the allergies are killing me since the last couple of days. You mentioned capacity adds with productivity and I'm kind of intrigued. What kind of productivity levels can you run when you try -- I mean, you're adding capacity, obviously, quickly, you're trying to get a lot of stuff out the door. What kind of levels of productivity can you actually run at just kind of leave it at that?

這很有幫助，Gio。抱歉我的聲音，這幾天過敏把我折騰得很厲害。你提到在提升生產力的同時增加產能，我有點好奇。當你們嘗試——我是說，你們顯然是在快速擴增產能、努力把很多東西交付出去——你們實際上能運行在什麼樣的生產力水準？我就先問到這裡。

Well, my productivity comment was really kind of the manufacturing systems in a factory vis-a-vis having kind of a piece-by-piece assembly going on, on site, that is the traditional way in which the data center business is run. I wouldn't go down the path of exactly comparing.

嗯，我提到的生產力其實主要是指工廠裡的製造系統，相對於在現場以一件一件組裝的方式進行——這是資料中心產業傳統的運作方式。我不會沿著精確對比的方向去談。

But when we prefabricate them, certainly, we will have an opportunity to have a direct conversation when we look the floor in Pelzer. But we definitely achieved manufacturing productivity levels when we manufacture the systems.

但當我們採用預製時，當然，我們有機會在Pelzer看現場時再直接深入討論。不過，我們在製造這些系統時，確實達到了製造業等級的生產力水準。

Amit Daryanani, Evercore.

Amit Daryanani，Evercore。

Perfect. I'll try to stick to Lynne's ask for one question. Maybe it's a multipart though. Gio, the calendar '26 guide that you folks have right now, sort of, implies 30% organic growth for the full year, versus I think we've done like 22%, 23% growth in the first half of the year. Can you just help us understand what are the levers that you're seeing?

太好了。我會盡量遵守Lynne希望只問一個問題的要求。不過可能會是多段式。Gio，你們目前給出的2026曆年指引，某種程度上暗示全年有30%的有機成長；相較之下，我想我們上半年大概只做到22%、23%的成長。你能否幫我們理解一下，你們看到的驅動因素（levers）是什麼？

And maybe you can quantify some of these levers that you're seeing that enabled the step-up in growth in the back half versus the first half? Assume EMEA and maybe more capacity in Rubin are all parts of the story. But I would love to just understand what do you see that gives you confidence that growth can accelerate organically in H2 versus H1?

也許你可以量化一下你們看到的部分驅動因素，說明為什麼下半年相較上半年能出現成長的跳升？假設EMEA，以及Rubin那邊更多產能，都是故事的一部分。但我很想了解，你們看到什麼讓你們有信心：H2的有機成長能比H1加速？

Okay. I will start. Certainly Craig will also complement here. But -- but I'd say that it's really two things, if you really think about it at a high level. One is capacity.

好的。我先開始。Craig當然也會補充。但如果從高層次來看，我會說主要是兩件事。第一是產能。

We are adding capacity, we're constantly adding capacity. But you could see from our CapEx profile, and what we mentioned about Q1, we're very, very focused on adding capacity and a lot of that capacity start to hit us in the second half.

我們在增加產能，我們一直在增加產能。但你可以從我們的資本支出（CapEx）輪廓，以及我們在Q1提到的內容看到，我們非常、非常專注於擴增產能，而其中相當一部分產能會在下半年開始對我們產生貢獻。

But the other thing is if you think about our Q4 orders, there certainly is a good load of backlog in that part of the year. If you think about the customer requests lead times that we've been talking quite extensively. So there's more to it, but I would say those are two important element to the equation.

另外，如果你看我們Q4的訂單，年末那段時間確實有相當可觀的在手訂單（backlog）。再加上我們一直相當深入討論的客戶需求交期（lead times）。當然還有更多因素，但我會說這兩個是方程式裡很重要的要素。

Yes. And Amit, I'll just -- I'll double-click on that a little bit. You're right in terms of APAC and EMEA. When you think of them in terms of the first half versus the second half, there is an accelerated growth in the second half in both of those regions. And we've talked extensively about that in terms of what we look like from -- and what we expect the coil to the uncoiling of EMEA to happen.

是的。Amit，我再把這點講得更具體一些。你提到APAC和EMEA是對的。如果以H1對比H2來看，這兩個區域在下半年都會出現更快的成長。而我們也已經多次談到：從——以及我們預期EMEA從「盤繞」到「解開」（coil到uncoiling）的過程會如何發生。

And how we're seeing that come through. And that's the way it is in the guide as well.

以及我們如何看到這些逐步反映出來。這也同樣體現在指引之中。

Jeff Sprague, Vertical Research Partners.

Jeff Sprague，Vertical Research Partners。

I want to come around to service. Obviously, a very clear acceleration in the last several quarters and actually service growth kind of couplings of product growth in the Americas. We've been waiting for this backlog growth to really come through strongly. It looks like it's happening at this point.

我想回到服務（service）這塊。顯然，過去幾個季度出現非常明顯的加速，實際上在美洲地區，服務成長某種程度上與產品成長相互連動。我們一直在等這個在手訂單的成長真正強勁地反映出來。看起來現在正在發生。

But could you maybe just address kind of the field organization, the ability for service to grow at this pace. How the margin complexion of service may or may not be changing, and just how to think about that outlook over the balance of the year?

但你們能否談談現場組織（field organization），以及服務要以這樣的速度成長的能力？服務的毛利結構（margin complexion）是否正在改變、或沒有改變？以及今年剩餘時間該如何看待這個展望？

Yes. There's certainly multiple angles here, Jeff. And again, I'm sure we'll have an opportunity to further elaborate in May. But at a high level -- satisfied with the trajectory of services, and that's true for both the project services and the life cycle services. To your question about what is our structural organization.

是的。Jeff，這裡確實有多個面向。同樣地，我相信我們在5月會有機會再進一步闡述。但從高層次來看——我們對服務的走勢感到滿意，這對專案服務（project services）與生命週期服務（life cycle services）都成立。至於你問到我們的組織架構是什麼。

We're very, very present in the territory, very, very local. But at the same time, we understand that those -- the big projects that are out today are also sometimes concentrated. So we have developed the ability to move people and have teams of people that are dedicated to addressing the big data center deployment when it comes to project services. But we remain and we continue to nurture and strengthen and grow a very good on the territory type of services presence. We mentioned a couple of times that we are investing heavily.

我們在各地區非常、非常深入在地，也非常、非常貼近當地。但同時我們也理解，當前的大型專案有時也會相對集中。因此，在專案服務方面，我們已建立起調度人員的能力，並配置專門團隊來支援大型資料中心部署。但我們仍然維持，並持續培育、強化與擴大一個非常扎根於各地區的服務據點型態。我們也提過好幾次，我們正在大幅投資。

I mentioned it in my script, we are growing our services population, and we will have details in May. And of course, here our strength and tradition and experience in training, e-commerce is absolutely essential, combined with increasingly strong tools that are at the tip of the finger of our engineers. So absolutely multi-faceted. What we like when we talk in general about services is the fact that the installed base that is being created is very, very conducive to our life cycle capture and business over time.

我在講稿裡也提到，我們正在擴大服務人力規模，並會在5月提供細節。當然，我們在訓練、電商（e-commerce）方面的優勢、傳統與經驗至關重要，再結合越來越強的工具，讓工程師能隨手可得、即時使用。所以這絕對是多面向的。而我們喜歡服務業務的一點，是正在建立的裝機基礎（installed base）非常有利於我們長期的生命週期服務滲透與業務累積。

Yes. And Jeff, I'll just double click on that a little bit, too. In terms of on a reported basis, yes, products and services are equal. If you look at organic, you're seeing the feeling or you're feeling the impact to (inaudibe) right there as well. So I just wanted to get to be sure that you kind of understood that. Pelzer is a big impact for us, but so we like that.

是的。Jeff，我也再把這點講得更具體一些。以報表口徑（reported basis）來看，產品與服務是對等的。如果看有機（organic），你也會在那裡感受到（聽不清）（inaudibe）的影響。所以我只是想確認你理解這一點。Pelzer對我們影響很大，所以我們也樂見其成。

Yes, I did see that. I wonder, though, if you could also just, maybe, a little bit more color on how to think about margins. I guess the nature of my question is right, labor-related services. We don't think about operating leverage, right? It's man hours or people hours, but there's kind of other more sophisticated services that come into play. So just how should we think about operating leverage in that business as it grows?

是的，我確實看到了。不過我想再請你多補充一點：該如何看待利潤率（margins）？我問題的本質是：這是與勞動力相關的服務。我們不太會想到營運槓桿（operating leverage），對吧？它是工時或人力時數，但也有一些更高階、更複雜的服務會加入。所以，隨著這個業務成長，我們應該如何看待其中的營運槓桿？

No. I mean I think you would probably -- you point to the fact of what we're seeing from our own overall incremental margins when you think about that. So overall incremental margins were always in the neighborhood of 30% to 35%. I would say that would kind of be similar in terms of the way that we would expect services to pull through as well.

不。我的意思是，我想你大概可以從我們整體的增量利潤率（incremental margins）來看這件事。整體增量利潤率一直大約在30%到35%的區間。我會說，就我們預期服務業務的貢獻流入（pull-through）方式而言，也會是類似的水準。

Andrew Obin, Bank of America.

Andrew Obin，美國銀行。

Just maybe we can talk about the evolution of behind the meter has become a lot more prominent over the past four months, six months. What technology avenues does it open to Vertiv? And I'm sort of thinking controls, best controls, sort of UPS transition as part of direct current architecture.

或許我們可以談談「表後」（behind the meter）的演進，在過去四個月、六個月變得更加突出。這為 Vertiv 開啟了哪些技術途徑？我想到的是控制系統、最佳化控制，以及作為直流架構一部分的 UPS 轉換。

But also maybe different chiller technology things like absorption chillers. I'm sure you've thought about the road map over the next two year, three years, and I know you'll talk about at the analyst day, but seems to be evolving fairly rapidly, how are you positioned?

另外也可能是不同的冷卻機技術，例如吸收式冷凍機。我相信你們已經思考過未來兩年、三年的路線圖，我也知道你們會在分析師日談到，但看起來演進相當快速，你們的布局如何？

Well, I think you've guided pretty much right, Andrew. In terms of -- certainly bring your own power is something that is here to stay, and we see it very, very clearly. We talked about partnerships today. Remember the partnership we have with Caterpillar, with Oklo. So in various shapes and forms, bring your own power is a very important part of the data center equation, especially in the US.

我認為你的方向基本上很對，Andrew。就——當然，「自備電力」（bring your own power）是會長期存在的，我們看得非常、非常清楚。我們今天談到了合作夥伴關係。記得我們與 Caterpillar、與 Oklo 的合作夥伴關係。因此以各種形式來看，自備電力是資料中心方程式中非常重要的一部分，尤其是在美國。

certainly, we play a role in everything micro-grids (inaudible) storage systems interfacing and making sure that the entire powertrain be it direct or alternate are consistent and designed for a bring your own power solution. But -- as we -- multiple times -- and we keep saying the data center needs to be looked at as one system.

當然，我們在所有微電網（聽不清）儲能系統的介面整合上都扮演角色，並確保整個電力鏈（powertrain）不論是直流或交流，都能一致且以自備電力解決方案為目標來設計。但是——正如我們——多次——一直在說，資料中心需要被視為一個系統來看待。

So you're right when you say, hey, this is the implications might have implications also on the thermal side of things, so exactly absorption is one of -- one of the things. Then naturally, people and we think about. So we will have more details in May.

所以你說得對，這些影響也可能會延伸到散熱/熱管理端，因此沒錯，吸收式（冷卻）就是其中——其中之一。然後自然地，這也是大家以及我們會去思考的方向。我們會在 5 月提供更多細節。

But rest assured that we see bring your own power being an integral part of how we design and think a data center. So it is an opportunity for us ultimately because it makes the system more complex and with more -- possibly with more content for us.

但請放心，我們認為自備電力將是我們設計與思考資料中心方式中的一個核心部分。因此這最終對我們而言是個機會，因為它讓系統更複雜，也——可能帶來更多屬於我們的內容/價值量。

Nicole DeBlase, Deutsche Bank.

Nicole DeBlase，德意志銀行。

Can we just double click a little bit on what you're seeing in EMEA. It seems like from the commentary at the beginning of the call that you're gaining conviction in the second half ramp. So could you just talk a little bit more about what you're seeing and hearing from customers there that's driving that higher confidence?

我們能否再更深入一點談談你們在 EMEA 看到的情況。從電話會議一開始的評論來看，你們似乎對下半年加速成長更有把握。能否多談一些你們從當地客戶那裡看到與聽到的訊息，是什麼驅動了你們更高的信心？

Well, we see -- well, you're right, exactly as I said, we're very pleased with our Q4 orders. We are very pleased with the Q1 orders and pleased by the -- what we see in the pipeline. So we see the market moving. We see a pipeline acceleration increasing. That is really a signal and to proof of a service (inaudible) market and a demand that is there, which was natural.

我們看到——嗯，你說得對，正如我所說，我們對第 4 季的訂單非常滿意。我們對第 1 季的訂單也非常滿意，並且對——我們在管線中看到的情況感到滿意。所以我們看到市場在動。我們看到管線加速在提升。這確實是一個訊號，也是對（聽不清）市場與既有需求的證明，這是很自然的。

That's why we were talking about a coiled spring because there is a shortage of data center capacity, significant shortage of data center capacity, and even more profound shortage of AI-capable data centers in EMEA and in Europe, in particular.

這也是為什麼我們談到「被壓縮的彈簧」（coiled spring），因為資料中心容量短缺——顯著的資料中心容量短缺——而且在 EMEA、尤其在歐洲，具備 AI 能力的資料中心短缺更為嚴重。

So hence, the dynamics that you see. And of course, we are very well positioned in Europe because of historically our strong presence but also because a lot of the players are players here and are players in Europe. So there is a very encouraging opportunity there.

因此你看到的就是這些動態。當然，我們在歐洲的布局非常到位，因為我們歷來就有很強的在地基礎，同時許多客戶/玩家既在這裡也是在歐洲的玩家。所以那裡有非常令人鼓舞的機會。

Patrick Baumann, JPMorgan.

Patrick Baumann，摩根大通。

Just had a quick one on margins. Just wanted to see if you could give some color on the sequential expectations. So from first quarter reported to the second quarter guidance, looks like the incremental margin is kind of in the low 20s. And I'm just wondering if you could unpack the moving parts on that, whether it's capacity investments, or tariffs or whatever. Just any color you can give on that.

關於毛利率我有個簡短問題。想請你們提供一些對於環比走勢的說明。從第一季的已報告數到第二季的指引來看，增量毛利率看起來大概在 20% 出頭。我想請你們拆解一下其中的變動因素，是產能投資、關稅或其他因素。任何你們能提供的補充都可以。

Yes. And Patrick, I would say, again, when we look at it sequentially or year-over-year, year-over-year, it's in the low 30s, which is what we are expecting in terms of our guide. Quarter-over-quarter, there is a little bit of a headwind as we bring on capacity. This is probably one of our bigger ramps in terms of capacity in the second quarter. So there would be a little bit of a, I'd say, a change in that when you look at it for the first quarter to second quarter.

好的。Patrick，我會說，再次強調，若以環比或同比來看——同比來看是在 30% 出頭，這也符合我們指引所預期的。但就季對季而言，當我們導入/擴增產能時會有一些逆風。第二季在產能爬坡方面可能是我們較大的一次提升。因此，當你從第一季看到第二季時，這裡會有一些——我會說——變化。

But if you look across the full year, we're still guiding to that between that 30% to 35% for the overall sequential margin. So I'd say it's a bit of a bump from 1Q to 2Q in terms of when we're bringing on capacity and working through all the different various actions that we have to do, offsetting all the tariffs and working through that, the 232s have now changed. So there's a little bit of a dip there, but I'd say, overall, still feel very strong about the year being in the 30% to 35% range that we've given.

但如果你看全年，我們仍然指引整體的環比增量毛利率在 30% 到 35% 之間。所以我會說，從 1Q 到 2Q 會有一點顛簸，因為我們在導入產能並推進各種不同的行動，同時抵消所有關稅並處理相關影響；232 條款現在也有變動。因此那裡會有一點下滑，但整體而言，我們仍然對全年落在我們給出的 30% 到 35% 區間非常有信心。

Just a quick follow-up on that. The tariffs, I think you said to materially offset it, you thought that would be at the end of first quarter. Is that kind of slipped out to second quarter now because of the changes? Or are you kind of already there at the end of the first quarter?

就此再追問一下。關於關稅，我記得你說你們預期在第一季末就能實質抵消。因為這些變動，是否已經延後到第二季？還是你們其實在第一季末就已經達成？

I'd say we're already there at the end of the first quarter. As 232s have changed, we're continuing to do, I'd say, actions and countermeasures around those. And if you look at it for the year, we feel confident that we'll continue to materially offset those.

我會說我們在第一季末就已經達成。隨著 232 條款的變動，我們仍在持續採取——我會說——相關行動與對策。而如果你看全年，我們有信心會持續實質抵消這些影響。

Andrew Kaplowitz, Citi.

Andrew Kaplowitz，花旗。

Obviously, you've talked about the Americas continue to be strong, but maybe you could talk about how much of the business is still being driven by hyperscalers in colo versus enterprise. I assume it's still heavily weighted towards the forum.

顯然你們談到美洲地區仍然強勁，但也許你們可以談談，目前業務有多少仍是由超大規模客戶在共置（colo）相對於企業端所驅動。我猜仍然高度偏向前者。

But enterprise markets seem to be picking up a bit given AI needs and usage. When could that impact Vertiv? Is it something you see accelerating in 2027 or not, sort of yet?

但企業市場似乎因 AI 需求與使用而有些回升。這何時會影響到 Vertiv？你們是否看到它在 2027 年加速，還是目前還沒有？

Clearly, we continue to see hyperscale colo, new cloud being the biggest driver of certainly is true in the Americas, but globally pretty much. Certainly, there is -- there is an element of enterprise here. A lot of enterprise will continue to happen through cloud.

很明確地，我們仍然看到超大規模共置、新雲端是最大的驅動因素；這在美洲當然成立，但全球基本上也是如此。當然，這裡也有——也有企業端的元素。很多企業端需求會持續透過雲端來發生。

So not always easy to separate. But we see enterprise started to adopt AI when that will be visible in terms of growth above the levels that we shared with you in the past, that's something that we will certainly elaborate in May, but it's probably a little bit still far away as independent. There is a lot happening at colo level, if that helps.

所以不一定容易切分。但我們看到企業開始採用 AI；至於何時會在成長上明顯體現、並高於我們過去與你們分享的水準，我們會在 5 月進一步說明，但作為獨立驅動因素來看，可能還需要一段時間。如果這有幫助的話，共置層面正在發生很多事情。

Chris Snyder, Morgan Stanley.

Chris Snyder，摩根士丹利。

I wanted to ask about the transition to 800-volt architecture. There's a lot of moving parts, but just wondering what does this mean for Vertiv content? And when does the company expect to start shipping to these 800-volt design facilities.

我想詢問一下轉向 800 伏特架構的進展。這裡面有很多變動因素，但想請教這對 Vertiv 的內容占比意味著什麼？公司預期何時開始向這些 800 伏特設計的設施出貨？

And just specifically interested in liquid cooling and wondering if there could be some TAM expansion with applications beyond just cooling the chips as they're (inaudible) a higher level of heat presumably running through the facility?

另外我特別關注液冷，想請問是否可能出現 TAM 擴張，應用不僅限於晶片冷卻，因為在設施內部可能會有更高層級的熱量（聽不清）流經？

Chris, thank you for your question. Clearly, we've seen early as a transition -- a wholesale transition to 800 volt. Clearly, 800 volts going to be an important portion of the total market as we go into 2027 and beyond. We are on our on time with our programs. We were talking about second half this year launches of portfolio.

Chris，謝謝你的提問。很明顯，我們已經很早就看到市場正朝向 800 伏特的轉換——而且是全面性的轉換。很清楚地，到了 2027 年及之後，800 伏特將會成為整體市場中重要的一部分。我們的各項計畫都按時推進。我們先前提到，今年下半年將推出相關產品組合。

We are pleased with where we are in terms of the customer feedback with the prototypes and validation activities that we have ongoing. Shipping will be a little bit further away, but I think it's a little bit premature to elaborate too much where we see it as a 2027, I think this one. When it comes to liquid cooling the influence of 800 volt.

就客戶對原型機的回饋，以及我們正在進行的驗證活動而言，我們對目前的進展感到滿意。實際出貨時間會再晚一些，但我認為現在就過度細談還有點太早；我想這會落在 2027 年左右。至於液冷與 800 伏特的影響。

I would say that there will be a correlation, (inaudible) necessarily simply because 800 volt DC is applied for very high density compute. That very high-density compute will see not just liquid cooling for the chip, but for a much bigger array of electronics across the entire IT stack.

我會說兩者之間會有關聯，（聽不清）但不一定是單純的因果，因為 800 伏特直流主要用於超高密度運算。而這種超高密度運算，液冷不只會用在晶片上，還會延伸到整個 IT 堆疊中更大範圍的電子設備。

And of course, that has then influenced the entire powertrain, thermal chain. So we see that as an opportunity for us. We're very excited very excited about -- very pleased with where we are with the 800-volt DC programs, and we're getting ready for it.

當然，這也會進一步影響整個動力鏈與散熱鏈。因此我們把這視為一個機會。我們對 800 伏特直流計畫的進展感到非常興奮——也非常滿意，我們正在為此做好準備。

Amit Mehrotra, UBS Financial.

Amit Mehrotra，瑞銀金融。

I just wanted to ask a question about the pipeline. I think what was so interesting last quarter is, obviously, you had a big, big order number, but I believe the pipeline also grew double digits sequentially. Maybe you can just talk about the pipeline as it kind of evolved in the first quarter, momentum and quoting activity funnel. Anything you can give within the confines of not talking about orders?

我想問一個關於 pipeline 的問題。我覺得上季很有意思的是，顯然你們有一個非常、非常大的訂單數字，但我相信 pipeline 也較前一季呈現雙位數成長。能否談談第一季 pipeline 的演變、動能，以及報價活動漏斗的情況？在不談訂單細節的前提下，有沒有什麼可以分享的？

Yes. Well, thanks for -- thank you for the question. Clearly, we were very vocal about the strength of the pipeline before. And we are as vocal about the strength of the pipeline in -- at the end of Q1. And with that, the pipeline duration, that to us is exactly what you defined as the activity volume of commercial volume of commercial activity.

是的。嗯，謝謝——謝謝你的問題。很明顯，我們之前就非常直言不諱地談到 pipeline 的強勁。而在第一季結束時，我們同樣可以很直言地說 pipeline 依然強勁。此外，pipeline 的期間（duration），對我們而言正如你所定義的，就是商業活動量——商業活動的量。

And this growth and this dynamism is broad-based. It's broad-based across our technology range and it's broad-based across our regions. So very pleased and very encouraged, and hence our comment about our overall year orders.

而這樣的成長與活躍度是全面性的。它橫跨我們的技術範疇，也橫跨各個地區。因此我們非常滿意、也非常受到鼓舞，這也是我們對全年訂單所做評論的原因。

Anything to call out in duration? I know you said most of it is within 12 months, maybe some leading it to 18 months. Any change in complexion on the orders as you come into the first quarter or second quarter in terms of duration or not?

在期間（duration）方面有什麼特別要指出的嗎？我知道你說大多數都在 12 個月內，可能有些延伸到 18 個月。進入第一季或第二季時，就期間而言，訂單的結構或樣貌有任何變化嗎？

You're talking pipeline or you're talking orders, just to be clear?

你是在問 pipeline，還是在問訂單？我想先確認一下。

Talking about orders. I'm talking about what's in the backlog right now, the growth?

我在問訂單。我在問目前 backlog 裡面的內容，以及它的成長。

What's in the backlog? Could you think about a backlog shape that is, if anything, a little bit more elongated, but not something dramatic to the point that the shape of the backlog is totally different. So there is no distortion of backlog. If anything, it's a backlog, that is a little bit more elongated. That, of course, gives us visibility, good visibility in 2020 -- in 2027.

目前 backlog 裡面是什麼？你可以把 backlog 的形狀想成：如果有變化的話，可能是稍微拉長一些，但還不到戲劇性、也不到讓 backlog 的形狀完全不同的程度。所以 backlog 沒有失真。如果真要說的話，就是 backlog 稍微更拉長。當然，這也讓我們在 2020——在 2027 年有能見度，而且是很好的能見度。

As we said, a lot of the projects in the industry are large projects where customers asked for, call it, (inaudible) sorry, 12 month to 18 month delivery windows. We have seen some occasions the very requested delivery window shorten a little bit. We, of course -- maybe on that 9 month to 12 months window. Our average delivery time of which we're capable are shorter than that. But again, you can't really say different product lines.

如我們所說，產業中很多專案都是大型專案，客戶會要求——比如說（聽不清），抱歉——12 到 18 個月的交付窗口。我們也看到有些情況下，客戶要求的交付窗口稍微縮短了一點。我們當然——可能落在 9 到 12 個月的窗口。我們自身有能力做到的平均交付時間比這更短。但再說一次，你不能一概而論，因為不同產品線不一樣。

Different dynamics, different dynamics, supply and demand. But in general, despite the fact that, of course, it's everything very dynamic, pretty too much I go back to what I was saying. A backlog that is not dramatically different, if anything, a little bit more elevated.

不同的動態、不同的動態，供需也不同。但整體而言，儘管一切都非常動態，我基本上還是回到我剛才說的：backlog 並沒有出現劇烈不同；如果有的話，就是稍微更高一些。

Julian Mitchell, Barclays.

Julian Mitchell，巴克萊。

Maybe just to switch tack a little bit to the sort of cash flow and balance sheet. I suppose, just trying to understand the free cash flow dollar guide is unchanged, and I can see the sort of bigger working cap outflow dialed in, but I would think you'd get good customer advances from orders and your working cap was a nice tailwind in Q1.

也許稍微換個方向，談談現金流與資產負債表。我想了解的是，自由現金流金額指引維持不變；我也看到你們把較大的營運資金流出納入考量，但我原本以為你們會從訂單中取得不錯的客戶預收款，而你們的營運資金在第一季也是一個不錯的順風。

So maybe just talk us through sort of the thinking there and the balance sheet allied to that, extremely unlevered as a result of that good Q1 cash flow? Any highlights you'd give us on sort of capital deployment from here?

所以能否帶我們走一遍你們的思考邏輯，以及與此相應的資產負債表狀況——由於第一季現金流表現良好，槓桿水準非常低？接下來在資本配置方面，有沒有什麼重點可以分享？

And I'll start off and I can pass it to Gio. But I would say in terms of just looking at the working capital over the course of the year, kind of two points on that. One is, yes, we are investing in terms of the ramp. So you see a little bit of a drag from that from an inventory perspective.

我先回答，之後我可以交給 Gio 補充。但我會說，就全年營運資金的走勢來看，有兩點。第一，是的，我們正在為產能爬坡進行投資。因此從存貨角度來看，你會看到一些拖累。

And when we look at our order book and forecast out the way that we look at customer down payments, or customer advancements, we are a little bit prudent in the way that we look at that in the way that we forecast that.

第二，當我們檢視訂單簿並做預測時，對於客戶預付款或客戶預收款的假設，我們在評估與預測上會相對保守。

So both of those come into consideration when we look at the guide, Julian. So again, you're feeling a little bit of that and we're we basically would say the same thing is, one, there's a little bit of a ramp in terms of inventory. And two, just some prudence in the way that we look at our order book and the down payments we expect.

Julian，這兩點都會納入我們在指引上的考量。所以再說一次，你會感受到一些影響；我們基本上會說同樣的兩件事：第一，存貨方面有一些爬坡。第二，我們在看訂單簿以及預期可取得的預付款時，採取較審慎的態度。

On number two, on the capital deployment when you think of the 0.2 leverage, I think we go back to what we've said all along is there's two spaces where we love to invest in on a regular basis, and that's R&D book and the capacity book. And you can see on the flow-through of our cash statement that we're following with that -- that drumbeat that's what we like to do, and that's where you see continue to invest heavily.

第二點，談到資本配置、以及你提到的 0.2 倍槓桿，我想我們回到一直以來的說法：我們有兩個領域會持續、定期地投入資金，也就是研發（R&D）以及產能（capacity）。你也可以從現金流量表的流向看出我們正遵循這個節奏——這就是我們想做的事，也是你看到我們持續大力投資的地方。

The other portions of that are capital deployment in terms of M&A, or stock buyback, or increased dividends. I think the biggest area that we had used cash there and that we always look to have some dry powder would be the M&A space. We've done some this quarter, as you saw. I think we'd continue to keep that open and that optionality available for us.

其他部分則是資本部署，例如併購（M&A）、股票回購或提高股利。我認為我們在那裡使用現金最多、而且我們也一直希望保留一些「乾粉」的最大領域，會是在併購（M&A）方面。如你所見，我們本季已經做了一些。我認為我們會持續保持開放，並保留這種選擇權。

Yes. No, absolutely. Maybe (inaudible) comments on the M&A side, you see us having a very dynamic posture in that respect. When we say -- it said and continue to say that our pipeline is -- M&A pipeline is very active. You have seen us do acquisitions that are also on predominantly technologized.

是的。不，完全同意。也許（聽不清）就併購（M&A）面向補充一下，你會看到我們在這方面採取非常靈活、動態的姿態。當我們說——我們已經說過並且會繼續說——我們的管線——併購管線非常活躍。你也看到我們所做的收購多半也偏向技術化。

We love technology. And our pipeline is well structured and quite convincing. So we'll continue to be focused on this area of capital deployment.

我們熱愛科技。而且我們的管線架構良好，也相當有說服力。因此我們會持續把資本部署重點放在這個領域。

Deane Dray, RBC Capital Markets.

Deane Dray，RBC Capital Markets。

I wanted to ask about the standard modular liquid cooling products. Just very interested in the level of customer take on this? And what role will this product line play in the rollout to more of the colos and enterprise customers?

我想詢問標準化的模組化液冷產品。我對客戶採用程度非常感興趣。而這條產品線在推廣到更多共置機房（colo）與企業客戶的過程中，將扮演什麼角色？

Can you help me a little bit, Deane, because we have a very robust portfolio. I'd say, probably -- without probably, we believe the most robust. Can you help me exactly when you say standard liquid cooling product?

Deane，你能再幫我釐清一下嗎？因為我們的產品組合非常強大。我會說——甚至不用說「可能」——我們相信是最強大的。你說的「標準液冷產品」具體是指哪一種？

Yes, these were the ones that were talked about and displayed at the last super compute. So you're seeing -- you've heard in references [lid cooling] in a box. And it's just for the customer, the colos and enterprise who may not need such a customized system that Vertiv is now has this line, and as are some of your competitors on more of a standard modular design.

是的，就是上一次超級運算（super compute）活動上提到並展示的那些。所以你看到——你也聽到有人提到把[液冷]做成一個箱體（in a box）。對於可能不需要像 Vertiv 那樣高度客製化系統的客戶、共置機房與企業客戶而言，Vertiv 現在有這條產品線；你們的一些競爭對手也有，偏向標準化模組設計。

Yes. Let me elaborate on that. And thank you, Deane, for your question. When it comes to the liquid cooling portfolio, we have certainly an ability to provide very optimized liquid cooling solutions on specific second types, so absolutely optimized. We have a total ability to customize to customer needs when that is required.

是的。我來詳細說明一下。也謝謝你，Deane，提出這個問題。談到液冷產品組合，我們當然有能力針對特定的晶片類型提供高度最佳化的液冷解決方案，確實是最佳化。在需要時，我們也具備完全依客戶需求進行客製化的能力。

So it is both an ability to talk to our customers and say, hey, this is what you really need for this type of silicon, but also it is an opportunity for our customers to have exactly their design, depending on very specific in some cases, requirements.

因此，這既是我們與客戶溝通並告訴他們「針對這類晶片你真正需要的是什麼」的能力；同時也讓客戶有機會依其設計需求——在某些情況下是非常特定的需求——取得完全符合其設計的方案。

But if we go to super compute, the center stage was our smart run solution, which is the entire white space infrastructure comprising everything, white space data hold, power distribution, liquid cooling. So I would say that the integration and the convergence of that solution across multiple technology areas that normally happens on site with great consumption of time and cost is something that we have changed dramatically with a SmartRun. So SmartRun is extremely successful, and I think we have done our part again to change the way the industry works.

但如果我們回到超級運算（super compute），舞台焦點是我們的 SmartRun 解決方案，也就是整個白區（white space）基礎設施，涵蓋所有內容：白區資料機房、配電、液冷。所以我會說，這個解決方案在多個技術領域的整合與匯聚——過去通常要在現場完成，耗費大量時間與成本——我們透過 SmartRun 已經大幅改變了。因此 SmartRun 非常成功，我認為我們再次盡了一份力，改變了產業的運作方式。

Are you expecting more regulation in liquid cooling. There's been a lot of discussion about that and what would the implications be?

你們是否預期液冷會有更多監管？外界對此討論很多，那會帶來什麼影響？

Not necessarily. I think there is a -- the -- this part of the industry is maturing. So there are some of the let's say, way things are done are maturing and stabilizing a little bit in terms of water temperature, et cetera. But that, too, evolves over time as we know.

不一定。我認為——這個產業的這一部分正在成熟。因此在例如水溫等方面，一些做法正在逐步成熟並稍微趨於穩定。但我們也知道，這些也會隨時間持續演進。

Nigel Coe, Wolfe Research.

Nigel Coe，Wolfe Research。

So I want to go back to the strength in free cash flow in 1Q and obviously, you had another very strong quarter of deferred income customer deposit bookings. And I'm just thinking, is this a way to think about backlog growth in the quarter?

我想回到第一季（1Q）自由現金流的強勁表現；而且很明顯，你們又有一個非常強勁的遞延收入客戶訂金（customer deposit）預訂（bookings）季度。我在想，這是否可以用來理解本季的積壓訂單（backlog）成長？

And I guess my question is, do we typically book the cash from the deposits in the same core as the orders? Or is this a reflection of the strength we saw last quarter? What I'm just waiting to say, is that a way to think about the backlog growth?

我想問的是，我們通常會在與訂單相同的季度入帳訂金現金嗎？還是這反映了我們上季看到的強勁表現？我想表達的是：這是否是一種看待積壓訂單成長的方式？

I mean I think it depends on the customer, Nigel, in terms of what we get from an advanced payment perspective, or will we get from a downs -- a down payment perspective. And their payment terms in terms of when the actual cash would come in.

我的意思是，Nigel，這取決於客戶，包含我們從預付款角度會收到什麼、或從訂金——訂金角度會收到什麼。以及他們的付款條件，也就是實際現金何時會進來。

So again, some of that strength in the first quarter is going to come from payments that were from orders in the fourth quarter. Some of it's going to come from orders that were in the first quarter. And that will continue out through the year.

所以再說一次，第一季的部分強勁表現會來自第四季訂單的付款。也有一部分會來自第一季的訂單。而這種情況會在全年持續。

And as I was just mentioning to Julian, as we look at our working capital across the year, we are a little bit prudent in terms of how those payments will come in and when they will actually execute. And how much we would get from a percentage perspective when we look at the order book as well. So it's a combination of all those things. But again, it is a way to look at backlog, but it's not entirely our read through.

而且正如我剛才對 Julian 提到的，當我們檢視全年營運資金時，我們在這些款項會如何進來、以及何時實際執行方面，會稍微保守一些。同時也會看在訂單簿（order book）中，從比例角度我們能收到多少。所以這是上述各項因素的組合。但再說一次，這確實是一種看待積壓訂單的方式，但並不是我們完全用來判讀的唯一指標。

Mark Delaney, Goldman Sachs.

Mark Delaney，高盛（Goldman Sachs）。

I want to better understand what the mix shift over time towards solutions like SmartRun and one core means for your margins? And if there's a meaningful difference in what investors expect for incremental margins as those become a bigger piece of your overall sales mix?

我想更了解，隨著時間推移，銷售組合轉向像 SmartRun 和 one core 這類解決方案，對你們的毛利率意味著什麼？以及當這些產品在你們整體銷售組合中占比提高時，投資人對增量毛利率（incremental margins）的預期是否會有顯著差異？

Yes. I mean I don't think in terms of -- as you mix more towards those, you're going to see a margin dilution from a mix perspective. I would say we'd be able to hold relatively on a product basis, margins kind of in line with what we'd expect historically as you mix towards those product lines. So I don't expect a major mix headwind from that. As we look at it becoming a bigger portion of our sales and our outcomes.

是的。我的意思是，我不認為當組合更多轉向那些，你會從組合角度看到毛利率被稀釋。我會說，從產品層面來看，當組合轉向那些產品線時，我們應該能把毛利率大致維持在與歷史預期一致的水準。所以我不預期這會帶來重大的組合逆風。當我們看它在我們銷售與成果中占比變得更大時也是如此。

I would say, again, there's multiple products in there, and there's multiple mixes that we would go across all the different business units. So I wouldn't say it's a significant headwind that we're looking and we're adjusting for.

我會再說一次，裡面包含多種產品，也會跨越不同事業單位形成多種組合。所以我不會說這是我們正在關注並需要特別調整的重大逆風。

Noah Kaye, Oppenheimer & Co.

Noah Kaye，Oppenheimer & Co.。

I guess just one related question to that. Because Gio, you talked at the start about the convergence, right, of different disciplines, power, cooling, IT. Historically, we saw a lot of procurement of the different components based off of best point solutions. If that's shifting, can you talk a little bit about how it's shifting the conversations? Who you're having conversations?

我想就此再追問一個相關問題。因為 Gio，你一開始談到不同專業領域的匯聚，對吧——電力、散熱、IT。過去我們看到很多採購是基於各個元件的最佳單點解決方案（best point solutions）。如果這正在改變，你能談談它如何改變對話內容嗎？你們正在和哪些人進行對話？

With who's making the decisions among your customers and how that's impacting your sales cycle?

在您的客戶之中，是由哪些人負責做決策？這又如何影響您的銷售週期？

Well, certainly, convergence is very important. And as I was saying, it's not just prefabrication, but it's an optimized system. That's why having an optimized system with Vertiv technology is a winner. But we shouldn't think about this as replacing the point-to-point, let's say, the product point type of activity. It is a gradual and partial shift.

嗯，當然，融合非常重要。而且如我所說，這不只是預製化，而是一個最佳化的系統。這就是為什麼採用搭載 Vertiv 技術的最佳化系統會是贏家。但我們不應把這視為取代點對點——比方說，以產品單點為主的那種活動。這是一個逐步且部分的轉移。

And it really different players have different degrees of adoption. So if you think about power modules. Those are pretty much becoming a standard in the industry. So you'll see that people will start to buy power modules instead of necessarily going into each and every component inside. It's never black and white, but that's a direction.

而且不同的參與者採用程度也不同。所以如果你想想電力模組。那些幾乎正在成為產業標準。因此你會看到大家開始購買電力模組，而不一定要深入到其中每一個元件。這從來不是非黑即白，但這是一個方向。

When it comes to the entire converged system, the entire manufacturing system, SmartRun, well, the interfaces might be slightly different. But again, it's not a totally different breed of players, or people you discussed the engineering, or the transaction.

至於整套融合式系統、整個製造系統 SmartRun，介面可能會略有不同。但同樣地，這並不是一群完全不同類型的參與者，或是你在工程或交易上所接觸的人完全不同。

But there is also a (inaudible) different category of people in the industry that might not have, historically, that type of procurement, or engineering -- or engineering staff and experience. Nor do they need it when someone is capable of providing an already fully optimize pre-engineered converged system and solution. So the market is taking multiple going in multiple direction.

但產業中也有另一類（聽不清）的人，過去在歷史上可能沒有那種採購或工程——或工程人員與經驗。而當有人能提供一套已完全最佳化、預先工程化的融合式系統與解決方案時，他們也不需要那些。所以市場正朝多個方向發展。

Some are partially overlapping. Some are different. So we are very happy about our point products and -- to point product, let's say, type of business. As well as we see integration and convergence becoming a bigger part of the market that we serve.

有些是部分重疊的。有些則不同。因此我們對我們的單點產品——就單點產品這類業務而言——感到非常滿意。同時我們也看到整合與融合正成為我們所服務市場中更大的一部分。

Andrew Buscaglia, BNP Paribas.

Andrew Buscaglia，法國巴黎銀行（BNP Paribas）。

I wanted to touch on -- you made some -- a couple of deals in the quarter, (inaudible) Any way of framing the size of those or what you paid? And then our deals going forward more like kind of like the smaller bolt-ons, or we see more along the lines of like a purge rate if you were to move forward this year with more acquisitions?

我想談一下——你們本季做了幾筆交易，（聽不清）能否用某種方式說明那些交易的規模或你們支付了多少？另外，未來的交易會更像是較小的補強型併購，還是如果你們今年要推進更多收購，我們會看到更像是按某種節奏（聽不清）的那種規模？

Yes. First off, just to answer the question on side. We didn't disclose any of the size of the businesses. So again, we probably wouldn't refer back to that. I mean, in terms of materiality, we did do some press releases on them, but we didn't give any of the sizes, but if they were materially impactful to us, we would have had (inaudible)

是的。首先，先回答你旁邊那個問題。我們沒有披露任何這些業務的規模。所以同樣地，我們大概也不會再回頭談這個。我的意思是，就重要性而言，我們確實為它們發了幾則新聞稿，但沒有提供任何規模；但如果它們對我們有重大影響，我們本來就會（聽不清）

Can you repeat the question around (inaudible) I'm not sure I heard you.

你能再重複一下關於（聽不清）的問題嗎？我不確定我有聽到。

Just more so, you guys indicated interest in M&A deploying capital towards that this year. Will we see more deals along the lines of like a (inaudible) right spending-wise or more of these like smaller bolt-on niche kind of acquisition?

主要是，你們表示今年有意透過併購（M&A）來部署資本。我們會看到更多交易是類似（聽不清）那種、在支出規模上更大的，還是更多像這些較小的補強型、利基型收購？

Well, exactly. We -- as you saw us with (inaudible), when -- it's really about what the value of the asset that we have in front of us. So we have now the reticence in cutting bigger checks when that's needed and what's opportune, let's say, as we have demonstrated. And our balance sheet is certainly very, very strong. And when we see value, we offer value.

嗯，正是如此。我們——正如你們看到我們在（聽不清）上的做法——這其實取決於我們眼前資產的價值。因此，當需要且時機合適時——就像我們已經展示過的——我們現在並不會因為要開出更大的支票而猶豫。而且我們的資產負債表確實非常、非常強健。當我們看到價值時，我們就會提出價值。

And value is not just per se, there's value in the context of our long-term strategy and our technology and market growth strategy. So rest assured that we have no -- how can I say, no fixed (inaudible).

而且價值不僅僅是就其本身而言；價值也必須放在我們長期策略、技術，以及市場成長策略的脈絡下來看。所以請放心，我們沒有——怎麼說呢——沒有固定的(聽不清)。

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

問答環節到此結束。我想把電話會議交回給 Gio Albertazzi，請他做任何結語。

Well, thank you, Jeannie . Thank you very much. And thank you all for your questions and the conversation today. I'm quite pleased with what we have accomplished in the first quarter and how we are positioned as we move through 2026. The entire Vertiv team has executed well, and I'm grateful for the strong partnership we have with our customers, suppliers and partners in general.

好的，謝謝你，Jeannie。非常感謝。也謝謝各位今天的提問與交流。我對我們第一季所完成的成果，以及我們在邁向 2026 年過程中的定位感到相當滿意。整個 Vertiv 團隊執行得很好，我也很感謝我們與客戶、供應商以及合作夥伴整體之間的強大合作關係。

We are making real progress. But as you've come to know, we have never content with where we are. I am pleased, but I'm certainly never satisfied. We'll continue investing ahead of the market, maintaining our leadership in technology and innovation, and executing with our speed and precision our customers expect from us. I'm confident ever about where Vertiv is headed.

我們正在取得實質進展。但如各位所知，我們從不滿足於現狀。我很高興，但我當然永遠不會滿足。我們將持續超前市場投資，維持我們在技術與創新上的領導地位，並以客戶對我們所期待的速度與精準度來執行。我對 Vertiv 的發展方向比以往任何時候都更有信心。

The trajectory is strong. The opportunities are significant, and we are well positioned to capture them. Thank you all, and I hope you have a wonderful rest of the day.

成長軌跡強勁。機會相當可觀，而我們也已做好充分準備去把握這些機會。謝謝各位，祝大家今天剩下的時間愉快。

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

本次電話會議現在結束。感謝您參加今天的簡報。您現在可以掛線。