Vertiv Holdings Co (VRT) 2026 Q2 法說會逐字稿

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

早安。我叫 Lucas Penner，今天將擔任各位的電話會議接線員。此刻，我想歡迎各位參加 Vertiv 2026 年第二季財報電話會議。（接線員指示）。請注意，本次通話將被錄音。

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

現在我想將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, Lucas. Good morning, and welcome to Vertiv's second quarter 2026 earnings conference call. Joining me today are Vertiv's Executive Chairman, Dave Cote; Chief Executive Officer, Gio Albertazzi Chief Financial Officer, Craig Chamberlain.

很好。謝謝你，Lucas。早安，歡迎各位參加 Vertiv 2026 年第二季財報電話會議。今天與我一同出席的有 Vertiv 執行董事長 Dave Cote；執行長 Gio Albertazzi；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.

今天的電話會議時間為一小時。在問答環節，請顧及隊列中的其他與會者，每位請限制一個問題；若有追問，請重新加入隊列。

Before we begin, I'd like to point out that during the course of this call, we will make forward-looking statements regarding future events, including the future financial and operating performance of burden. 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，在本次通話過程中，我們將就未來事件發表前瞻性陳述，包括公司未來的財務與營運表現。這些前瞻性陳述受到重大風險與不確定性的影響，可能導致實際結果與前瞻性陳述所述內容出現重大差異。

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. 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.

我們請各位參閱今日財報新聞稿中的警示性語言；您也可在我們提交給 SEC 的年度與季度報告及其他申報文件中，進一步了解這些風險。我們今天所作的任何前瞻性陳述，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，我們也將呈現 GAAP 與非 GAAP 財務衡量指標。我們的 GAAP 結果以及 GAAP 與非 GAAP 的調節表，可在我們的財報新聞稿及投資人簡報投影片中找到，投影片位於我們網站 investors.vertiv.com。

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

接下來，我把電話交給執行董事長 Dave Cote。

I am incredibly pleased by our second quarter performance and outlook for the rest of the year and beyond. We have a great position in a good industry and continue to execute very well. Gio and his team stay at the forefront of technology with organic investments and acquisitions. The industry outlook is incredibly good because the digital age has decades to go. Our outlook is incredibly good and deservedly so as we provide the picks and shovels for the digital age.

我對我們第二季的表現，以及對今年剩餘期間乃至更長遠的展望，感到非常振奮。我們在一個優質產業中占有極佳位置，並持續非常出色地執行。Gio 與他的團隊透過有機投資與併購，始終站在技術前沿。產業前景極為樂觀，因為數位時代還有數十年的發展空間。我們的展望同樣非常好，而且實至名歸，因為我們為數位時代提供「鎬與鏟」般的關鍵工具。

The seed planning Gio and his team have been doing continues to pay off and will do so even more in the future as the benefits from our technology investments unfold over time. And with all that goodness, we still have opportunity to further improve. As Gio likes to say, we are still far from our full potential. The future is so bright, we have to wear shades. I love it.

Gio 與他的團隊所做的前瞻規劃持續帶來成果，且隨著我們技術投資的效益在時間推移中逐步顯現，未來回報將更為可觀。即便有這麼多利多，我們仍有進一步改善的空間。正如 Gio 常說的，我們距離完全發揮潛力仍很遠。未來如此光明，我們得戴上墨鏡。我很喜歡。

With that, I now turn it over to Gio.

接下來，我把電話交給 Gio。

Well, thank you, Dave, and welcome, everyone. Let us go to slide 3. A strong quarter, EPS, margin, profit and cash convincingly strong, continuing on a trajectory of strong sales growth even with some timing elements. Pleased with what we see in July and full confidence in H2 execution and backlog. As a result, we have raised our full year outlook. Net sales were up 24% versus Q2 '25 driven by continued strength in the Americas, which grew 29% and APAC also up 29%.

謝謝你，Dave，也歡迎各位。請看第 3 張投影片。本季表現強勁，EPS、毛利率、獲利與現金流都明顯強勁；即使存在一些時點因素，銷售成長仍延續強勁軌跡。我們對 7 月所見的情況感到滿意，並對下半年（H2）的執行與在手訂單充滿信心。因此，我們上調了全年展望。淨銷售額較 2025 年第二季成長 24%，主要由美洲地區持續強勁帶動（成長 29%），亞太（APAC）也成長 29%。

And Importantly, EMEA returned to positive net sales growth with a 2% year-on-year increase. On an organic basis, net sales grew 18% with additional 5% from acquisitions and 1% from favorable currency. Adjusted operating margin came in at 22.6%, exceeding our guidance and growing 410 basis points year on year. The strong margin performance translated into adjusted operating profit of $738 million, up 51% from a year ago.

同樣重要的是，EMEA 重回淨銷售正成長，年增 2%。以有機口徑計算，淨銷售成長 18%，另有 5% 來自併購、1% 來自有利匯率。調整後營業利益率為 22.6%，高於我們的指引，且年增 410 個基點。強勁的利潤率表現帶動調整後營業利益達 7.38 億美元，較去年同期成長 51%。

Adjusted diluted EPS were $1.52 or 60%, up from second quarter '25 driven primarily by high volume and continued operational productivity. Adjusted free cash flow came in at 925 million, a very strong 134% year-on-year growth. driven by higher operating profit and working capital efficiency. Free cash flow conversion exceeded 150% in the quarter. We are raising our full year guidance across all key metrics.

調整後稀釋每股盈餘（EPS）為 1.52 美元，較 2025 年第二季成長 60%，主要由高出貨量與持續的營運生產力提升所驅動。調整後自由現金流為 9.25 億美元，年增 134%，主要受更高的營業利益與營運資金效率提升帶動。本季自由現金流轉換率超過 150%。我們上調了全年所有關鍵指標的指引。

Net sales raised to $14 billion, a $250 million increase from previous guidance, up 37% year on year. Adjusted diluted EPS now at $6.70, a 60% increase from '25. AOP now expected almost 60% up year on year and adjusted free cash flow expected at $2.5 billion. and we achieved a net cash position at the end of Q2.

淨銷售額上調至 140 億美元，較先前指引增加 2.5 億美元，年增 37%。調整後稀釋 EPS 目前為 6.70 美元，較 2025 年成長 60%。AOP 目前預期年增接近 60%，調整後自由現金流預期為 25 億美元；且我們在第二季末達成淨現金部位。

Let's now move to slide 4. And let's start with the market environment on the left. Our global pipeline momentum remains very strong, and we expect another year of robust orders growth.

接著請看第 4 張投影片。先從左側的市場環境談起。我們全球商機管線動能仍然非常強勁，並預期訂單將再度呈現強勁成長。

Demand signals are clear and broad-based. Regionally, let's start with the Americas, where market continues to be strong. Pipeline is actually accelerating, corroborating the long-term growth trajectory of our business. EMEA's momentum is further strengthening. This reinforces our confidence in the acceleration for the second half of the year.

需求訊號清晰且涵蓋面廣。就區域而言，先從美洲開始，市場仍然強勁。商機管線其實正在加速，印證我們業務的長期成長軌跡。EMEA 的動能也在進一步增強。這讓我們更有信心下半年將加速成長。

APAC showed broad-based strength, pipeline expansion and favorable market conditions. This supports continued growth across the region. Pricing continues to be favorable. We expect positive price cost in '26, including the current impact of tariffs and counter managers. Now to the right side of this slide.

亞太（APAC）呈現廣泛的強勁態勢，商機管線擴張且市場條件有利。這支持該區域持續成長。定價仍然有利。我們預期 2026 年價格與成本差將為正，包括目前關稅與反制措施的影響。接著看本頁右側。

Q2 revenue showed strong growth year on year quarter to quarter. We are executing on further acceleration in Q3 and Q4 on strong backlog. Additional capacity is online globally. Examples are Johor in Malaysia, five large plants, expansions in the Americas, chiller capacity increases in EMEA MMO.

第二季營收年增、季增皆呈現強勁成長。在強勁的在手訂單支撐下，我們正推動第三季與第四季進一步加速。全球新增產能已陸續上線。例如馬來西亞柔佛（Johor）的五座大型工廠、美洲地區的擴產，以及 EMEA 的冷卻機（chiller）產能提升（MMO）。

During Investor Day, you saw that this expansion is rapid and broad-based at speed, but always in a very disciplined fashion. We are delivering data center infrastructure solution at an increasing scale and level of complexity. That's exactly where we want to be.

在投資人日上，各位已看到這項擴張快速且廣泛、以高速度推進，但始終以非常嚴謹自律的方式進行。我們正以更大的規模與更高的複雜度，交付資料中心基礎設施解決方案。這正是我們希望所處的位置。

We experienced a minor timing shifts in Q2 revenue primarily driven by multiphase project execution and temporary supply chain dynamics, but the demand is there and the trajectory is strong. Keep in mind, there are increasingly large projects underway, think Smart Ron and think even bigger with one core. These come with significant intends a lot of coordination, a lot of rapid learning. I like the pace of our progress, and we get stronger every day.

第二季營收出現些微時點移轉，主要由多階段專案執行與短期供應鏈動態所致，但需求確實存在，且成長軌跡強勁。請記住，目前進行中的大型專案愈來愈多；想想 Smart Ron，甚至還有更大的、以 one core 為例。這些專案伴隨大量投入，需要大量協調，以及快速學習。我喜歡我們的進展速度，而且我們每天都在變得更強。

On capital expenditures, we now expect to be at the high end of our range, 4% of '26 sales as we further expand the global capabilities and capacity going into '27. We continue to invest for the long term in a disciplined manner in future power architecture, advanced thermal systems, services and converged infrastructure. These are the building blocks that enable the next-generation AI data centers and factories, and we intend to continue to lead the industry.

關於資本支出，我們目前預期將落在我們區間的高端，即占 2026 年銷售額的 4%，因為我們將進一步擴大全球能力與產能，為 2027 年做準備。我們將以嚴謹自律的方式，持續進行長期投資，聚焦於未來電力架構、先進熱管理系統、服務與融合式基礎設施。這些是支撐下一代 AI 資料中心與工廠的基石，我們也打算持續引領產業。

Let's now go to slide 5. I am sure many of you will recall, our CTO, Scott Armul, a power architecture presentation at our Investor Day in May. I want to reiterate and build on what we shared there. multiple port architectures will coexist in the future. Virtiv supports each one of them through complete orchestrated powertrain.

現在請看第 5 張投影片。我相信各位很多人都記得，我們的 CTO Scott Armul 在 5 月投資人日做過一場電力架構的簡報。我想重申並延伸我們當時分享的內容：未來將會有多種埠口（port）架構並存。Vertiv 透過完整、協同編排的 powertrain（電力鏈）支援其中每一種架構。

On the left side of the slide, you see the different architectures. Our AC foundation with, as an example, Vertiv Trinegy and energy core battery storage system and the rest of the Vertiv powertrain, of course, this architecture is broadly deployed, growing and will continue to be used by many categories of customers.

在投影片左側，你會看到不同的架構。我們的 AC 基礎架構，例如 Vertiv Trinegy 與 Energy Core 電池儲能系統，以及 Vertiv 其餘的 powertrain；當然，這種架構已被廣泛部署，正在成長，並將持續被多類型客戶採用。

The next architecture, serving a higher density has a medium voltage AC source that feeds low-voltage AC to deliver 800 volts at rack and pod level. Here, you see new Vertiv technologies like mid-voltage BaaS UPS and Vertiv volt DC site cars. This is under customer validation in 26 with deployment planned in '27.

下一種架構用於更高密度，採用中壓 AC 電源，並饋入低壓 AC，以在機櫃與 pod 層級提供 800 伏特。在這裡，你會看到 Vertiv 的新技術，例如中壓 BaaS UPS 與 Vertiv Volt DC site cars。此方案將於 2026 年進行客戶驗證，並計畫於 2027 年部署。

Then the 800-volt architecture at data hall Care vertical solutions will include MV DC UPS and solid state transformer to cover the multiple ways to address the end-to-end powertrain. We're active in development with planned '27 customer validation supporting '28 deployment. As stated, rather than transitioning to a single architecture, the market is expected to leverage both AC and DC solutions as power requirements continue to evolve for years to come.

接著是 800 伏特架構，在資料廳（data hall）的 Care 垂直解決方案將包含 MV DC UPS 與固態變壓器，以涵蓋端到端 powertrain 的多種實現方式。我們正積極開發，並計畫於 2027 年進行客戶驗證，以支援 2028 年部署。如前所述，市場預期不會轉向單一架構；隨著電力需求在未來多年持續演進，市場將同時運用 AC 與 DC 解決方案。

Now the right side of the slide. This is an example of deploying multiple power architectures as sites evolve and expand. I'm thrilled to highlight our collaboration with NVIDIA and Visionbay.ai, Foxconn's business unit focused on AI supercomputing at their site in Kaohsiung, Taiwan. For the initial phase, of this site, Vision Bay AI awarded the power, thermal and services business to Vertiv for what is Taiwan is the first AI data center featuring an DGB 300.

現在看投影片右側。這是一個示例，展示站點隨著演進與擴張而部署多種電力架構。我很高興強調我們與 NVIDIA 以及 Visionbay.ai 的合作；Visionbay.ai 是鴻海（Foxconn）專注於 AI 超級運算的事業單位，位於台灣高雄的據點。在該據點的初始階段，Vision Bay AI 將電力、熱管理與服務業務授予 Vertiv，用於台灣首座搭載 DGB 300 的 AI 資料中心。

On top of this, we are collaborating for the world's first AI data center, DP800 DC-DC architectures at the rack and pot level featuring NVIDIA Vera Rubin. This is an example of early customer validation of our road map and supports the broad power architecture evolution. This is real, this is happening. In a nutshell, as a number of viable power architectures expand and AC and DC coexist to deliver on the 800-volt DC Vertiv's content opportunity per megawatt expands and we are leading this transition.

此外，我們也正合作打造全球首座 AI 資料中心，在機櫃與 pod 層級採用 DP800 DC-DC 架構，並搭載 NVIDIA Vera Rubin。這是我們路線圖早期客戶驗證的例子，並支持更廣泛的電力架構演進。這是真實的，正在發生。簡而言之，隨著多種可行的電力架構擴展，且 AC 與 DC 並存以實現 800 伏特 DC，Vertiv 每兆瓦的內容（content）機會將擴大，而我們正引領這項轉型。

Let us now go to page 6, and let's continue on the topic of technology. I want to spend a moment talking about Vertiv's data center colon architectures and our unique fluid management services. When the two are coupled, combined, we ensure our customers to use nearly zero wood. As they scale, many customers have been and are adopting closed-loop cooling architectures as they optimize power and water use.

現在請看第 6 頁，繼續談技術。我想花點時間談談 Vertiv 的資料中心 colon 架構，以及我們獨特的流體管理服務。當兩者結合時，我們可確保客戶幾乎達到零用水。隨著規模擴大，許多客戶已經並正在採用閉環冷卻架構，以在最佳化用電與用水的同時擴張。

A closed-loop cooling architecture is just that closed or filled with water recirculating. Typically, it does not require additional water after the fill at start-up. Vertiv Nan thermal chain technologies for both the primary and secondary cooling lube examples are Vertiv coolish to name a few, fully enable this approach. This architecture enables a data center to run on no water consumption. Now let's take the focus on water use a step further. Let's also address the initial system fill, and this is where PurgeRite's NearZero comes into the equation.

閉環冷卻架構顧名思義，就是封閉式系統，或以循環水充填並回流。通常在啟動時完成充填後，就不需要再額外補水。Vertiv 的 Nan thermal chain 技術可同時支援一次與二次冷卻回路，例如 Vertiv Coolish 等，能完整實現此方法。此架構可讓資料中心在零耗水的情況下運行。現在讓我們把對用水的關注再往前推一步。我們也要處理系統初次充填，而這正是 PurgeRite 的 NearZero 發揮作用之處。

As part of our unique fluid management technology and services, our PurgeRite's NearZero utilizes a closed-loop recirculation system to capture, treat and reuse water during start-up. This reduces the water normally used in the process by up to 90% during the start-up of a data center.

作為我們獨特的流體管理技術與服務的一部分，PurgeRite 的 NearZero 透過閉環再循環系統，在啟動期間回收、處理並再利用用水。這可在資料中心啟動期間，將流程中通常使用的用水量最多降低 90%。

For our customers, this means a faster and more cost-effective deployment and commissioning of liquid cooling system and chill water circuits. This means a significantly less waste and less disruption on site. More broadly, this expands vertical differentiation thermal management services, and we are managing fluid performance from start throughout decades of operational life.

對客戶而言，這代表更快速且更具成本效益的液冷系統與冷凍水迴路部署與試運轉（commissioning）。這也意味著顯著更少的浪費，以及更少的現場干擾。更廣泛來看，這擴大了 Vertiv 在熱管理服務上的差異化，我們從啟動開始到數十年的營運生命週期，全程管理流體效能。

PurgeRite NearZero is scaling through our existing serving network, a capability we believe no one else can replicate at scale. And with that, over to you, Craig.

PurgeRite NearZero 正透過我們既有的服務網路加速擴張；我們相信，沒有其他人能在規模上複製這項能力。接下來交給你，Craig。

Thanks, Gio. Turning to slide 7, let's walk through our second quarter financial results in more detail. On adjusted diluted EPS, we delivered $1.52. That's up $0.57 or 60% versus prior year and $0.12 above guidance. The year-over-year improvement was driven by $0.58 from higher adjusted after-tax adjusted operating profit, which was driven primarily from higher sales volume and increased profitability. Looking at net sales, we delivered $3.274 billion in the quarter. That's up $636 million or 24% versus prior year.

謝謝，Gio。接著看第 7 張投影片，我們更詳細地回顧第二季財務結果。在調整後稀釋每股盈餘（EPS）方面，我們達到 1.52 美元，較去年同期增加 0.57 美元或 60%，並高於指引 0.12 美元。年對年改善主要來自調整後稅後調整後營業利益增加所貢獻的 0.58 美元，而這主要由更高的銷售量與獲利能力提升所帶動。就淨銷售額而言，本季達到 32.74 億美元。較去年同期增加 6.36 億美元或 24%。

Organic sales growth was 18% and with 5% additional growth contribution from acquisitions and an additional 1% growth contribution from favorable foreign exchange. By regions, Americas grew 21% organically APAC grew 26% organically and EMEA was down 2% organically.

有機銷售成長為 18%，另有 5% 的成長來自併購貢獻，並有額外 1% 的成長來自有利的外匯影響。按區域來看，美洲有機成長 21%，亞太（APAC）有機成長 26%，歐洲、中東與非洲（EMEA）有機下滑 2%。

Moving to adjusted operating profit. We delivered $738 million. That's up $249 million or 51% versus prior year and $28 million above the midpoint of our guidance. Adjusted operating margin of 22.6% expanded 410 basis points year-over-year and came in 140 basis points above guidance. The margin expansion was driven by strong operational execution, continued productivity gains and favorable price cost execution, partially offset by tariff impacts.

接著看調整後營業利益。我們達到 7.38 億美元。較去年同期增加 2.49 億美元或 51%，並高於指引中點 2,800 萬美元。調整後營業利益率為 22.6%，年對年擴張 410 個基點，且高於指引 140 個基點。利益率擴張來自強勁的營運執行、持續的生產力提升，以及有利的價格/成本執行，部分被關稅影響所抵銷。

We're also continuing investing in capacity and engineering R&D to support future business growth. To round out the quarter, adjusted free cash flow on minimum was outstanding, with the quarter ending at $925 million, up $648 million or 234% from prior year. The improvement was driven by higher adjusted operating profit, strong working capital performance, including project milestone collections, which is inclusive of initial advanced payments and lower cash interest. These items were partially offset by higher cash taxes and higher spending on CapEx investments. At our quarter end, our net leverage is at negative or 0.1 times, providing even more flexibility.

我們也持續投資於產能與工程研發（R&D），以支持未來業務成長。總結本季，調整後自由現金流表現非常出色，季末達到 9.25 億美元，較去年同期增加 6.48 億美元或 234%。改善主要來自更高的調整後營業利益，以及強勁的營運資金表現（包括專案里程碑收款，包含初始預付款），以及較低的現金利息支出。上述部分被較高的現金稅負與較高的資本支出（CapEx）投資所抵銷。截至本季末，我們的淨槓桿為負值或 0.1 倍，提供更大的彈性。

Just a quick note on our deferred revenue, you'll see an increase in the quarter, and that's driven by project advanced payments and ongoing milestone collections. We are very happy with our execution on project milestone development and what you're seeing in deferred revenue is a combination of payments at project initiation, order placement and ongoing project milestone execution.

關於我們的遞延收入簡單補充一下，您會看到本季有所增加，主要是由專案預收款以及持續的里程碑收款所帶動。我們對於專案里程碑開發的執行成果非常滿意；您在遞延收入中看到的是專案啟動、下單以及持續執行專案里程碑所收取款項的綜合反映。

Flipping to slide 8, let's look at segment performance. In Americas, net sales were $2.71 billion, up 29% with organic growth of 21%.

翻到第 8 頁投影片，我們來看各事業部門的表現。在美洲地區，淨銷售額為 27.1 億美元，年增 29%，其中有機成長 21%。

Organic sales growth remained strong in the quarter. As Gio mentioned earlier, some minor timing shifts in 2Q revenue, these shifts were reflected in the Americas revenue numbers and were primarily driven by multiphase project execution and temporary supply chain congestion. However, we expect the associated timing delay to resolve in the second half of 2026. Adjusted operating profit was $571 million, driving 360 basis points in adjusted operating margin percentage. The margin expansion was delivered by ongoing commercial excellence and strong operational execution.

本季有機銷售成長仍然強勁。如同 Gio 先前提到的，第二季營收出現一些輕微的時點移轉；這些移轉反映在美洲地區的營收數字中，主要由多階段專案執行以及供應鏈短期壅塞所致。不過，我們預期相關的時點延遲將在 2026 年下半年解決。調整後營業利益為 5.71 億美元，帶動調整後營業利益率提升 360 個基點。毛利率擴張來自持續的商業卓越與強勁的營運執行。

Moving to APAC. The region had strong results with net sales of $720 million, up 29% with organic growth of 26%. We continue to see strong end market demand and the commercial execution across the team gives us confidence going forward. Adjusted operating margin percentage grew 270 basis points in the quarter due to strong operating leverage realized in the region. In EMEA, net sales were $484 million, up 2% with organic sales down 2%.

接著看亞太（APAC）。該區表現強勁，淨銷售額為 7.20 億美元，年增 29%，其中有機成長 26%。我們持續看到終端市場需求強勁，而團隊在商務執行上的表現也讓我們對未來更有信心。本季調整後營業利益率提升 270 個基點，主要受惠於該區實現強勁的營運槓桿。在歐洲、中東與非洲（EMEA），淨銷售額為 4.84 億美元，年增 2%，有機銷售年減 2%。

We continue to see a strengthening market, which supports our position for the region to return to organic sales growth in the second half of 2026.

我們持續看到市場走強，這支持我們的判斷：該區有望在 2026 年下半年恢復有機銷售成長。

EMEA also saw strong growth in adjusted operating margin percent, up 380 basis points year on year. The team continues to drive improved operational execution, which came through in the strong margin performance. Turning to slide 9. Let's walk through our third quarter 2026 guidance. For 3Q, we're projecting adjusted diluted EPS of $1.80 at the midpoint, that represents 45% growth versus prior year.

EMEA 的調整後營業利益率也呈現強勁成長，年增 380 個基點。團隊持續推動營運執行改善，並反映在亮眼的利潤率表現上。接著看第 9 頁投影片。我們來說明 2026 年第三季的財測指引。第三季我們預估調整後稀釋每股盈餘（EPS）中位數為 1.80 美元，較去年同期成長 45%。

The year-over-year improvement is driven by continued volume growth and ongoing margin expansion. On net sales, we expect $3.75 billion at the midpoint. That's up $1.074 billion or 40% versus prior year.

年對年改善主要來自持續的出貨量成長與利潤率的持續擴張。在淨銷售額方面，我們預期中位數為 37.5 億美元。較去年同期增加 10.74 億美元，或成長 40%。

Organic sales growth is expected to be up approximately 35% with an additional 5% from acquisitions. By region, we expect Americas organic growth in the high 30s, APAC in the high 30s and EMEA in the mid-teens. Adjusted operating profit is expected to be $918 million at the midpoint. That's up $322 million or 54% versus prior year. Adjusted operating margin is expected to be 24.5% at the midpoint.

預期有機銷售成長約 35%，另有 5% 來自併購。按地區來看，我們預期美洲有機成長落在 30% 高段，APAC 亦在 30% 高段，EMEA 則在 10% 中段。調整後營業利益預期中位數為 9.18 億美元。較去年同期增加 3.22 億美元，或成長 54%。調整後營業利益率預期中位數為 24.5%。

That's up 220 basis points year-over-year and is driven by strong organic sales growth, continued operational leverage and ongoing productivity realization. Now let's turn to slide 10 and for our updated full year 2026 guidance. We're raising our outlook across all key metrics. Starting with adjusted diluted EPS, we now expect $6.70 at the midpoint, that's up $2.50 or 60% versus 2025. The updated range is now at $6.65 to $6.75.

較去年同期提升 220 個基點，主要由強勁的有機銷售成長、持續的營運槓桿以及生產力提升的持續落地所帶動。接著看第 10 頁，說明我們更新後的 2026 全年指引。我們上調所有關鍵指標的展望。先從調整後稀釋 EPS 開始，我們目前預期中位數為 6.70 美元，較 2025 年增加 2.50 美元，或成長 60%。更新後的區間為 6.65 至 6.75 美元。

This is an increase of $0.35 at the midpoint versus prior guidance. The year-over-year improvement is driven by continued volume growth and ongoing margin expansion.

相較先前指引，中位數上調 0.35 美元。年對年改善主要來自持續的出貨量成長與利潤率的持續擴張。

For net sales, we now expect $14 billion at the midpoint, that's up $3.77 billion or 37% versus 2025. This represents an increase of $250 million versus our prior guidance. Organic sales growth is expected to be at 31% with 5% growth from acquisitions and 1% growth from favorable currency. By region, we expect Americas organic growth in the high 30s, APAC in the low 30s and EMEA is in low single digits. Moving to adjusted operating profit.

在淨銷售額方面，我們目前預期中位數為 140 億美元，較 2025 年增加 37.7 億美元，或成長 37%。相較先前指引，增加 2.5 億美元。預期有機銷售成長為 31%，併購帶來 5% 成長，有利匯率帶來 1% 成長。按地區來看，我們預期美洲有機成長落在 30% 高段，APAC 在 30% 低段，EMEA 則為低個位數。接著看調整後營業利益。

We now expect $3.325 billion at the midpoint, that's up approximately $1.235 billion or 59% versus 2025. This is an increase of $125 million versus our prior guidance.

我們目前預期中位數為 33.25 億美元，較 2025 年約增加 12.35 億美元，或成長 59%。相較先前指引，增加 1.25 億美元。

Adjusted operating margin is expected to be 23.8% at the midpoint expanding approximately 340 basis points from 2025 and up 50 basis points versus our prior guidance. The margin expansion is driven by continued operational leverage and positive price cost execution, which is offsetting some tariff headwinds. Finally, adjusted free cash flow is expected to be $2.5 billion at the midpoint. That's up $613 million or 32% versus 2025. The year-over-year improvement is driven by higher adjusted operating profit and lower cash interest which is partially offset by higher cash taxes and higher investments in capital expenditures.

調整後營業利益率預期中位數為 23.8%，較 2025 年擴張約 340 個基點，亦較先前指引上調 50 個基點。利潤率擴張來自持續的營運槓桿與正向的價格/成本執行，抵銷部分關稅逆風。最後，調整後自由現金流預期中位數為 25 億美元。較 2025 年增加 6.13 億美元，或成長 32%。年對年改善主要由較高的調整後營業利益與較低的現金利息支出所帶動，但部分被較高的現金稅負與較高的資本支出投資所抵銷。

We're delivering strong results, raising our outlook and executing with discipline. Based on our performance and momentum, we're very confident in our ability to continue driving results throughout the balance of the year.

我們交出強勁成果、上調展望，並以紀律執行。基於我們的表現與動能，我們對於在今年剩餘期間持續推動成果的能力非常有信心。

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

接下來我把時間交回給你，Gio。

Well, thank you. Thank you, Craig. And let's go to slide 11 to wrap up. Strong Q2 performance. We are delivering and the team continues to raise the bar on what's possible.

好的，謝謝。謝謝你，Craig。我們到第 11 頁投影片做個總結。第二季表現強勁。我們持續交付成果，團隊也不斷提高對「可能性」的標準。

We raised our full year '26 guidance across all key metrics. The momentum is strong. it's broad-based and it's accelerating. We continue to invest with discipline. Now just for the 45% growth we expect in the second half but for the years beyond, capacity, innovation services.

我們上調 2026 全年指引的所有關鍵指標。動能強勁、涵蓋面廣，而且正在加速。我們持續以紀律進行投資。不僅是為了我們預期下半年 45% 的成長，也為了更長期的未來：產能、創新與服務。

On M&A, we closed the ThermoKey in June, strengthening our heat rejection capabilities. We closed the strategic Thermal Labs in April. We're adding the server-side liquid cooling and co-plate expertise for high-density thermal management. Together, these two acquisitions expand what we offer across the full thermal spectrum from heat rejection to directed chef cooling.

在併購方面，我們於 6 月完成收購 ThermoKey，強化我們的散熱（heat rejection）能力。我們於 4 月完成策略性收購 Thermal Labs。我們新增伺服器端液冷與冷板（cold plate）專業能力，以支援高密度熱管理。這兩項收購共同擴展了我們在完整熱管理光譜上的產品與服務，從散熱到定向晶片冷卻（directed chip cooling）。

Allow me two additional spotlight at the naval postgraduate school in partnership with NVIDIA, we delivered a fully engineered package rack, power and cooling system into an existing on-prem facility.

我再補充兩個重點案例：在與 NVIDIA 合作的海軍研究生院（Naval Postgraduate School），我們將一套完整工程化的機櫃套件、電力與冷卻系統導入既有的地端（on-prem）設施。

This includes liquid cooling integration, commissioning and deployment and deployment support. This is a repeatable at scale reference architecture for NVIDIA DGX GB300. We call this Vertiv SmartIT solution. (inaudible) established an advanced locally operated AI environment for education research, engineering, modeling and simulation. This also shows how an existing facility can rapidly be transformed to support next-generation accelerated computing, easy for enterprise and sovereign customers to adopt.

這包括液冷整合、試運轉（commissioning）、部署以及部署支援。這是一套可規模化複製的 NVIDIA DGX GB300 參考架構。我們稱之為 Vertiv SmartIT 解決方案。（聽不清）建立了一個先進、在地營運的 AI 環境，用於教育研究、工程、建模與模擬。這也展示既有設施如何能快速轉型，以支援下一代加速運算，並讓企業與主權客戶更容易採用。

In EMEA, Germany, our collaboration with Data 4 is a great example of the momentum we are seeing in that region.

在 EMEA 地區，德國方面，我們與 Data 4 的合作是我們在該區域所看到動能的一個絕佳例子。

Vertiv delivers complete powertrain, including switchgear, UPS and battery systems, et cetera, and thermal chain like chilled water units, free cooling chillers and our industry-leading services, it all will enable data force new Frankfurt side. This is exactly the kind of optimized end-to-end system deployment with Vertiv Excels.

Vertiv 提供完整的電力鏈（powertrain），包括開關設備、UPS 與電池系統等，以及熱鏈（thermal chain），如冷凍水機組、自然冷卻冷水機與我們業界領先的服務；這一切都將使法蘭克福新據點的資料動能得以實現。這正是 Vertiv 擅長的最佳化端到端系統部署。

To conclude, I'm more confident in our trajectory today than I've ever been. We're executing, we're investing ahead of the curve. And increasingly, our customers are asking us to help them architect their most complex infrastructures.

總結來說，我對我們今天的發展軌跡比以往任何時候都更有信心。我們正在落實執行，也在趨勢之前提前投資。而且愈來愈多客戶要求我們協助他們架構其最複雜的基礎設施。

That's the role we've earned, and it's the role we intend to further strengthen.

這是我們贏得的角色，也是我們打算進一步強化的角色。

With that, let's go to the Q&A.

接下來，我們進入問答環節。

(Operator Instructions) Scott Davis, Melius Research.

（接線員指示）Scott Davis，Melius Research。

Yes. Thanks for the reminder, operator. I haven't figured out my phone yet. Anyway, sorry, guys, and good morning. Look, I just want to address a little bit of the issue that may be hurting your stock a little bit today with the timing shifts in 2Q revenues, the supply chain congestion comment.

是的。謝謝提醒，接線員。我還沒搞懂我的電話怎麼用。總之，抱歉各位，早安。我想先談一下今天可能稍微壓抑你們股價的議題：第二季營收時點的移轉，以及你們提到的供應鏈壅塞。

What -- can you give us a little bit more detail on that? And more explicitly, is this something -- I mean complexity is something that I would imagine is going to just do nothing but increase over the next five years and perhaps forever. Is this potentially going to be an ongoing issue, not just a one-off? And if so, how do you mitigate or kind of manage through it so that it really doesn't disrupt quarters the way that perhaps it can.

你們能不能再多提供一些細節？更明確地說，這是不是某種情況——我的意思是，複雜度在未來五年、甚至可能永遠只會持續上升。這是否可能會成為持續性的問題，而不只是一次性的？如果是，你們要如何緩解或管理，讓它不至於像可能發生的那樣干擾季度表現？

Well, thanks, Scott, for the question. And you're right, complexity is increasing. Some of the projects are not only bigger but multidimensional there could be a lot of supply chain interdependencies. And this supply chain is not necessarily an external supply chain. It can be very often and internal with Vertiv supply chain.

Scott，謝謝你的問題。你說得對，複雜度正在提高。有些專案不僅更大，而且是多維度的，可能存在許多供應鏈相互依賴。而且這個供應鏈不一定是外部供應鏈。很多時候也可能是 Vertiv 內部的供應鏈。

Now clearly, like everything and like we've done in so far, there is a learning curve. I'm pleased with the speed at which we are progressing in this learning curve. And this learning curve is leading execution on this complexity. So I'm pretty confident about our direction of travel. And again, these are the first very large projects with this level of complexity.

很明顯地，和所有事情一樣、也如同我們迄今所做的，這裡存在一個學習曲線。我對我們在這條學習曲線上推進的速度感到滿意。而這條學習曲線正在帶動我們對這種複雜度的執行能力。因此我對我們前進的方向相當有信心。再者，這些是第一批具有如此複雜度的超大型專案。

And we are more and more equipped for this, not just from a technology standpoint, but from a logistics and operations in general. When it comes to the second part of your question, so what could be the -- is there an ongoing impact on the future?

而我們也愈來愈有能力應對，不僅在技術面，也在物流與整體營運面。至於你問題的第二部分，也就是未來是否會有持續性的影響？

Well, certainly, as I said, there is a learning curve that we are progressing on at speed. But there is also the fact that we are prudent anyway in our second half guidance. This is true in general also for the future. So if you think about our H2 guidance, we're not assuming all stars at line. So we have a wiggle-room for this progress on the learning curve, not to be perfect.

如我所說，確實存在一條學習曲線，而我們正以很快的速度推進。但同時，我們在下半年指引上本來就採取審慎態度。這點一般而言對未來也同樣適用。所以如果你看我們的 H2 指引，我們並沒有假設一切都天時地利人和。因此我們留有一些緩衝空間，讓學習曲線的進展不必做到完美。

Though, of course, speed and perfection is our goal.

當然，速度與完美仍是我們的目標。

Okay. Fair point. And then just a quick one. Would -- is there a price where you would start buying back stock a little bit more aggressively, just given the pullback we're seeing in the entire complex right now?

好的。有道理。再問一個很快的問題。鑑於我們目前看到整個板塊都在回檔，你們是否有一個價格水位，會開始更積極地回購股票？

I mean I think we always look at it opportunistically, Scott, and this is the thing that we've talked about even at Investor Day, given today, it is a good time to look at it, but I think it's always something that we evaluate and take what we consider our capital deployment, and it's one of the areas we look at.

Scott，我想我們一向以機會主義的方式來看待這件事；這也是我們在投資人日談過的。以今天的情況來看，確實是個值得關注的時點，但這始終是我們會評估的事項之一；在我們所認定的資本配置中，回購是我們會看的其中一個面向。

Jeff Sprague, Vertical Research.

Jeff Sprague，Vertical Research。

Gio, just on the comment that the pipeline is actually accelerating. I assume that's sort of all hyperscale, but could you give a little bit more context on sort of the nature of the acceleration? Is it -- is it scope diverted? Is it kind of additional customers? Is it existing customers looking to do more quickly.

Gio，關於你提到管線其實正在加速。我猜這大概都是超大規模客戶（hyperscale），但你能否再多給一些背景，說明加速的性質？是範疇被轉移了嗎？是新增客戶嗎？還是既有客戶希望更快推進更多專案？

And it seems to support the comment you're making about robust orders for the year, but just love a little bit more color there if you could.

這似乎也支持你對全年訂單強勁的說法，但如果可以的話，希望你能再多補充一些細節。

Let's start from the end. Good day, Jeff. Let's start from the end. Yes, of course, this is certainly supporting our comments about orders. When I talk about pipeline, I always like to talk about magnitude of pipeline, if you will, and speed of pipeline.

我們從最後一點開始。Jeff，日安。我們從最後一點開始。是的，當然，這確實支持我們對訂單的評論。當我談到管線時，我一向喜歡談管線的量級（magnitude），以及管線的速度（speed）。

When I talk about speed of pipeline, we talk about acceleration, it means that the sales cycle within the pipeline can be faster or slower.

當我談到管線速度、也就是加速時，意思是管線中的銷售週期可能更快或更慢。

So we noticed an acceleration to becoming faster sales cycle. But at the same time, just to be extremely clear, the strength is also in sheer size of the pipeline in terms of quarter to quarter, year-on-year growth. And this is broad-based. It's pretty much across the world. but also it's broad-based across the various customer categories.

因此我們注意到銷售週期正在加速、變得更快。但同時，為了非常清楚地說明，強勁之處也在於管線的絕對規模——無論是季對季、年對年的成長。而且這是廣泛性的。幾乎遍及全球，同時也廣泛分布於各類客戶類別。

So certainly the whole range, hyperscalers, it is true for enterprise. It's certainly true for Colo, Neocloud, so pretty broad-based.

所以確實涵蓋整個範圍：超大規模客戶（hyperscalers）如此，企業客戶（enterprise）也是如此。對 Colo、Neocloud 也同樣成立，因此相當廣泛。

And just to add on to that, Jeff, I would also just say, again, as hyperscalers and colos, hyperscalers are sometimes deploying through colo. So to look at it that way, you might get a little bit of a mix there. So just to ensure going back to what Gio said, we're seeing it again, across regions, across products, and that's the way we really look at it, but that's the way we would view our pipelines and see it accelerating in all those spaces.

另外補充一下，Jeff，還有一點是，超大規模客戶與 Colo——超大規模客戶有時會透過 Colo 來部署。所以若用這個角度來看，組合上可能會有些混合。因此回到 Gio 所說的，我們再次看到這種趨勢：跨區域、跨產品；這也是我們真正看待的方式，也是我們評估管線並看到其在各個領域加速的方式。

And just a quick one, if I could. Do you have a solid-state transformer solution at scale at this point? Where do you stand on that product evolution?

如果可以的話再問一個很快的問題。你們目前是否已有可規模化的固態變壓器（solid-state transformer）解決方案？在該產品演進上，你們目前進展到哪裡？

Just like one of the slides was describing the solid state is currently a matter of product development for us. It's in pro development phase.

就像其中一張投影片所描述的，固態技術目前對我們而言仍屬於產品開發事項。目前在產品開發階段。

Amit Daryanani, Evercore.

Amit Daryanani，Evercore。

I guess if you just go back to the supply chain issues and delays, can you just talk about how much revenues are actually pushed out due to these challenges you had in the quarter? I think you missed the Street numbers about $100 million, but I'm actually wondering if the supply issues were perhaps much larger than that from a dollar perspective. And maybe just on the same lines, can you just talk about was that a Vertiv-specific issue or something on the customer side that led to this impact. And then how do you see this flowing back into the model into the back half?

我想回到供應鏈問題與延遲，你們能否談談本季因這些挑戰實際被遞延的營收有多少？我認為你們大約比市場預期少了 1 億美元，但我想知道從金額角度看，供應問題是否可能遠大於此。另外同樣延伸問一下，這是 Vertiv 特有的問題，還是客戶端的因素導致這個影響？最後，你們如何看待這些遞延在下半年回流到模型中？

So first of all, is it customer or is it Vertiv? On the customer side, pretty much we see the same dynamics that we have seen historically. So no big differences. When it comes to the Vertiv side and the exact and the exact amount, well, we will not be too specific, but the majority of what we're seeing is really coming from those dynamics that I've described during while I was going through my opening remarks, but also the conversation with Scott.

所以首先，這是客戶端的問題，還是 Vertiv 端的問題？在客戶端方面，我們看到的動態基本上與我們歷來所見相同。所以沒有太大差異。至於 Vertiv 端以及確切、確切的金額，我們不會講得太具體，但我們看到的大多數情況，確實是來自我在開場致詞時所描述的那些動態，以及與 Scott 的對話中提到的內容。

That is pretty much the dynamics that we see. Is it on the supply chain. The supply chain is always a matter of working the sequence of things. It's nothing different than what we have experienced historically, and we are pleased with how we are strengthening our -- the resilience of our business in general.

這大致就是我們看到的動態。是在供應鏈上嗎？供應鏈一直都是把事情的先後順序理順的問題。這與我們歷來的經驗沒有不同，而且我們對於我們正在強化整體業務——也就是提升整體韌性——的進展感到滿意。

And Amit, I would just add that just to clarify, we're talking about the large project deployments and the learning curve around that, which has confounding effects from both the external supply chain and our own internal supply chain. So there are some, I'd say, gray areas in there when we typically can recover from a late part and our smaller supply chains, but it becomes a larger supply chain, it becomes more confounding.

Amit，我再補充一下，為了釐清，我們談的是大型專案部署以及其學習曲線；這同時受到外部供應鏈與我們自身內部供應鏈的交互影響。因此其中有一些——我會說——灰色地帶：在一般情況下，我們通常可以從延遲到料以及較小的供應鏈中恢復，但當它變成更大的供應鏈時，情況就更複雜、更難釐清。

So again, not to define that specifically, but that's the areas where we're seeing it the most is in those large project deployments and we're learning and understanding what that takes to go forward and how to iron those out. And then also, again, as we talked about thinking of not always that being perfect in the second half as we look in the guidance.

所以再次強調，不去具體界定，但我們最常看到影響的區域，就是那些大型專案部署；我們正在學習並理解要如何往前推進，以及如何把這些問題梳理、消除。另外，如同我們在展望指引時談到的，我們也再次提到：不要假設下半年在各方面都一定會完美。

Deane Dray, RBC Capital Markets.

Deane Dray，RBC Capital Markets。

I'll keep it to one question. Really good performance on free cash flow conversion this quarter. But for Craig, I'd be interested in hearing was there any contribution from customers for deposits on orders. I know that's something you all have been looking at. And Dave Cote knows from his air and defense days, that that's pretty standard to require deposits on large orders.

我只問一個問題。本季自由現金流轉換表現非常好。但我想請 Craig 說明，客戶是否有就訂單支付任何訂金而對此有所貢獻？我知道你們一直在研究這件事。而 Dave Cote 從他在航太與國防領域的經驗也知道，對大型訂單要求訂金其實相當常見。

So any contribution there?

所以這方面有任何貢獻嗎？

Yes, Deane. And again, I want to congratulate you. I know you're retiring in September. So congratulations, a great career, a fantastic career. But to your question, yes, if you look at the face of the balance sheet and you -- I mean, the face of the , you'll see that our deferred revenue did go up.

是的，Deane。另外我也想恭喜你。我知道你將在九月退休。所以恭喜你，職涯非常精彩、非常出色。回到你的問題，是的，如果你看資產負債表的表面數字——我是說，看報表表面——你會看到我們的遞延收入確實上升了。

And our deferred revenue is a read-through in terms of those advanced deposits on orders, but it's also ongoing deposits as we go through the milestones of delivering those larger projects.

而我們的遞延收入可作為判讀：一方面反映訂單的預收訂金，另一方面也反映在交付那些較大型專案的各個里程碑過程中持續收取的款項。

So it's a combination of both. But that is driving the working capital and the great cash performance when you look at it across the entire balance sheet. So definitely an indicator of strong commercial performance on both sides.

所以兩者兼具。但這確實在推動營運資金，並在你從整張資產負債表來看時，帶來很好的現金表現。因此這絕對是雙方商業表現強勁的指標。

Nigel Coe, Wolfe Research.

Nigel Coe，Wolfe Research。

I just want to pick up on that topic. I think this is the first time maybe I'm wrong, but the first time I've heard progress collections kind of stage payments. Maybe just touch on that. I know your assortment is changing with OneCore and SmartRun. So just maybe just talk about that, what kind of percentage of revenues are we talking about now that actually have progress collections?

我想延續這個主題。我認為這可能是我第一次聽到「進度收款」這種分階段付款的說法——也許我記錯了。能否稍微談一下？我知道你們的產品組合正隨著 OneCore 和 SmartRun 而改變。所以能否談談目前大概有多少比例的營收，實際上是包含進度收款的？

And then just is not a second question, by the way. So it's more kind of an add-on to the first one. the balance sheet the balance sheet numbers moved quite a lot this quarter. I mean the ThermoKey acquisition seemed quite small, but did it come with quite a big balance sheet.

另外，順帶一提，這不是第二個問題。比較像是對第一個問題的補充。本季資產負債表的數字變動很大。我的意思是，ThermoKey 的收購看起來規模不大，但它是否帶來了相當大的資產負債表？

ThermoKey didn't come with a large balance sheet. So I'll answer that one first, and then we can go a little bit -- I'll double-click on it as we go further into your question, Nigel. But in terms of the actual progress collections, yes, there is a portion that we get upfront and there's a portion as we deliver milestones. And a lot of that is related to delivering products to the end project. And so that's how you would start phasing it in.

ThermoKey 並沒有帶來很大的資產負債表。所以我先回答這個，接著我們再——我會再深入展開——來回到你後面的問題，Nigel。至於實際的進度收款，是的，我們會先收取一部分預付款，並在交付各個里程碑時再收取一部分。其中很大一部分與把產品交付到最終專案現場有關。因此你會看到它是這樣分期導入與認列的。

And sometimes you get those a couple -- like a month before you deliver projects. Sometimes you get those at the end of design. So they are all faded in different ways. So we would get a portion upfront, we get a portion at the delivery milestones that we set forth, always, in our view, staying ahead of the curve in terms of a cash position in that project.

有時候你會在交付專案前——例如提前幾週、像是一個月——收到這些款項。有時候你會在設計結束時收到。所以它們在不同情況下會以不同方式分期。因此我們會先收一部分預付款，再在我們設定的交付里程碑收取一部分；而在我們看來，始終要在該專案的現金部位上保持領先，走在現金曲線之前。

Some of it is going to be related to deliveries where you would see revenue incurred. Some of it might be delivered in terms of a design point, which would be a secondary milestone before revenue occurs. And again, they're all a little different in how we look through them, all the goal being staying ahead of the cash curve and being cash positive on that. On the other phases of the balance sheet, you mentioned lots of movement. We do have a significant ramp in the second half.

其中一部分會與交付相關，你也會看到相應的營收發生。其中一部分可能是以設計節點交付的形式，這會是在營收發生之前的次要里程碑。同樣地，這些在我們檢視時各有不同，但目標都是走在現金曲線之前，並在該專案上維持現金為正。至於你提到資產負債表其他項目有很多變動，我們在下半年確實會有顯著的拉升。

So you would see some inventory come on. And as that inventory comes on, you'll see AP come on as well. And we did have a good quarter in terms of sales. So that's where our bar is going up as well. So all of this is a reflection of the volume you're seeing.

所以你會看到一些庫存增加。而隨著庫存增加，你也會看到應付帳款（AP）增加。而且我們本季銷售表現不錯。所以我們的基數也在上升。因此這一切都反映了你所看到的出貨量/業務量。

ThermoKey add little impact to that.

ThermoKey 對此影響不大。

Andrew Kaplowitz, Citigroup.

Andrew Kaplowitz，Citigroup。

So you updated us again regarding the evolution towards 800 BDC potentially in the start to impact Vertiv 2027. And I know you commented on an SST and product development to Jeff. But when you step back, how confident are you that versus content per megawatt could go up as 800 BDC technologies adopted. As I think you reiterated today? And would you surmise that Virtus 800 BDC offering could be toward the higher end of that $3.25 million to $3.75 million per megawatt range you gave us at the Analyst Day.

你們再次向我們更新了朝向 800 BDC 演進的進展，這可能在 2027 年開始對 Vertiv 產生影響。我知道你也對 Jeff 談到了 SST 和產品開發。但從更宏觀的角度看，隨著 800 BDC 技術被採用，你們對於「每兆瓦的內容價值」相較目前可能上升，有多大信心？如同我認為你今天再次強調的那樣？另外，你是否會推測，Vertiv 的 800 BDC 方案可能會落在你們在分析師日所給的每兆瓦 325 萬至 375 萬美元區間的較高端？

Yes, we're pretty convinced about that. And also when we look at all the elements of the powertrain in the various architectures. And when we think what happens inside the white space in the gray space, we see value there forward and an expansion of revenue per TAM per megawatt.

是的，我們對此相當有信心。而且當我們檢視各種架構下電力傳動系統（powertrain）的所有要素時，並且思考在白區（white space）與灰區（gray space）內會發生什麼，我們看到未來的價值，以及每兆瓦的 TAM 所對應的營收擴張。

So not differently from our conversations or what we shared at Investor Day two months ago, we continue to go through that math, and the math is corroborated by of course all the progress that we're doing on the product development, but also on the on the activities that we are conducting with customers.

因此，與我們在投資人日兩個月前的對話或分享並無不同，我們持續在推演那套數學，而這套數學當然也被我們在產品開發上的所有進展所印證，同時也被我們與客戶進行的各項活動所佐證。

So we should and we would need to go elements per elements in that chain. But again, think about the entire powertrain, all the elements vis-a-vis what we have today, and you'll see that with that density with that complexity our content is impacted favorably.

所以我們應該、也需要在那條鏈條上逐項逐項地拆解。但再次強調，請把整個動力總成（powertrain）都納入考量，將所有要素與我們今天的狀況相對照，你會看到在那樣的密度與複雜度之下，我們的內容（content）受到正面影響。

Andrew Obin, Bank of America.

Andrew Obin，美國銀行。

Just maybe another question on this deferred revenue. So we've been getting lots of questions on this topic. It's a large number, but I guess what folks are trying to figure out and I know sort of some people have been asking a similar question.

我想再問一個關於這個遞延收入（deferred revenue）的问题。我們在這個主題上收到很多問題。這是一個很大的數字，但我想大家試圖弄清楚的是，而且我知道有些人也在問類似的問題。

Has the structure of your deferred revenue sort of changed materially from what like I'm not asking, I know that it fluctuates quarter to quarter. I totally get that. But has the structure of what goes into deferred Avenue changed materially over the still if we look at deferred revenue over the past several quarters, it's apples-to-apples.

你們遞延收入的結構是否相較以往有實質性的改變？我不是在問——我知道它會隨季度波動。我完全理解。但如果我們看過去幾個季度的遞延收入，構成遞延收入的內容結構是否有實質變化？也就是說，是否仍然是可比的（apples-to-apples）。

Apples-to-apples, Andrew. No. What you might be feeling a little bit differently is, as we talked about back in fourth quarter, we had a large order influx on the [Infor] Solution business, where I would say a lot of these milestones are set up in the project-based world as opposed to the point product-based world.

可比的，Andrew。沒有。你可能感覺有點不同的是，正如我們在第四季談到的，我們在 [Infor] Solution 業務上有大量訂單湧入；我會說，這裡面很多里程碑是設定在以專案為基礎的模式，而不是以單一產品（point product）為基礎的模式。

So the project-based world might have more milestones before delivery of revenue. so you would get wanted input of order and then one along the way as a design and one that you potentially as you start to deliver products. So you have different levels of milestone of those projects. Versus a point product.

因此，以專案為基礎的模式在收入交付前可能會有更多里程碑。也就是說，你會先收到訂單輸入，接著在設計階段有一個里程碑，然後在你開始交付產品時可能還有一個里程碑。所以這些專案會有不同層級的里程碑。相較之下，單一產品則不同。

And we know that the project basis that we've talked about a lot, those larger ones, one quarter SmartRun, we had a large order intake in the fourth quarter of last year that we spoke to. And again, that would be some of the stuff that you might be seeing in the deferred revenue as it comes through throughout the year. And then again, it is tied to our regular down payments as well. But no structural change in the way that we would recognize deferred revenue.

而我們也知道，我們談了很多的那些大型專案型基礎——例如 SmartRun——去年第四季我們提到過有很大的訂單接單量。同樣地，這些可能就是你在全年遞延收入逐步反映時所看到的一部分。另外，它也與我們一般的預付款（down payments）相關。但在我們認列遞延收入的方式上，沒有結構性的改變。

Chris Snyder, Morgan Stanley.

Chris Snyder，摩根士丹利。

I wanted to follow up on the conversation around the production disruption and some of the supply chain impact. I guess you guys are obviously guiding to a pretty significant organic ramp here into the back half relative to what we saw in the first half.

我想跟進一下關於生產受影響以及供應鏈影響的討論。我想你們顯然在指引中預期下半年相較上半年會有相當顯著的有機成長爬坡（organic ramp）。

So I guess anything that you could provide around confidence that you're seeing in these disruption getting better? Like I would imagine that as the quarter went on, the monthly has got better, I think you said July was off to a start that presumably supports this ramp. So I guess, has it gotten better? Any just kind of color on that lintels more confidence in the back half.

所以你們能否提供一些資訊，說明你們對這些影響正在改善的信心？比如我會想像，隨著季度推進，每月狀況應該有變好；我記得你們說 7 月開局的情況大概支持這個爬坡。所以，是否真的有變好？能否提供一些補充說明，讓我們對下半年更有信心？

Thank you. I wouldn't use the word disruption. I think we have to -- I want to be clear about -- we talk about complexity into the interdependencies. As I said, very, very often in these large projects, you will see multiple Vertiv factories feeding other factories besides, of course, external suppliers feeding those factors as well. So it's really a complexity.

謝謝。我不會用「中斷」（disruption）這個詞。我想我們必須——我想要清楚說明——我們談的是複雜性與相互依存關係。如我常常提到的，在這些大型專案中，你會看到多個 Vertiv 工廠彼此供應，當然也有外部供應商供應這些工廠。所以這其實是一種複雜性。

So there is an operational aspects to your question. That is -- we are getting stronger in the operational execution of that complexity. So the complexity doesn't go away. But the -- our ability to handle that complexity is certainly accelerate very, very strong. And that hence my questions.

所以你的問題有一個營運層面的面向。也就是——我們在執行這種複雜性的營運能力上正在變得更強。複雜性不會消失。但——我們處理這種複雜性的能力，確實正在非常、非常強勁地加速提升。因此才有我剛才的提問。

Sorry, hence my comments. But again, I wouldn't talk in terms of the disruption.

抱歉，因此是我的評論。但再次強調，我不會用「中斷」的角度來談。

I think on your second point of why do we feel comfortable about the second half. As Gio said, it's a learning curve when you have these large projects, and you do have congestion in your supply chain, which, again, some of that stuff is normal on point products, which is easier to INR as you have a learning product, a larger project, some of it takes a little bit more time to get smoothed out and understand we're seeing good signs of being able to ratchet up that learning curve.

我想就你第二點：為什麼我們對下半年感到放心。如 Gio 所說，當你有這些大型專案時，會有一個學習曲線；而且你的供應鏈確實會有壅塞（congestion）。同樣地，其中一些在單一產品上是正常的，也比較容易處理；但當你有學習中的產品、或更大型的專案時，有些事情需要多一點時間才能被理順並被理解。我們看到很好的跡象，顯示我們能夠把學習曲線往上拉升。

And as we think about the second half, we've also assumed that congestion continues as we normally would, but on these projects, it might be a little bit further of congestion that we would have assumed than normal.

而當我們看下半年時，我們也假設壅塞會如同以往一樣持續存在；但在這些專案上，壅塞可能會比我們在正常情況下所假設的更嚴重一些。

Exactly. So all in all, we believe that we have -- we are prudent in our second half and very, very well-supported platform.

沒錯。因此總體而言，我們相信我們對下半年的預期是審慎的，而且有非常、非常充分支撐的平台。

Nicole DeBlase, Deutsche Blank.

Nicole DeBlase，德意志銀行。

Yes. I'm sorry to beat a dead horse, but I'm going to. I think with respect to the second half ramp, there's still a lot of questions about what specifically is embedded and what isn't. Maybe a way to frame it, I'll try this.

是的。很抱歉老調重彈，但我還是要問。我認為就下半年爬坡而言，大家仍然有很多疑問，想知道到底具體包含了什麼、又沒有包含什麼。也許我換個方式來問，我試試看。

Like how much of the second half ramp is based upon this improvement in learning curve and maybe unlocking some of the revenue that was pushed out of 2Q versus just the overall capacity ramp that you guys are doing at the same time, just so that we can try to get more comfortable with the step-up in revenues that are embedded in the second half? And how much visibility you have into that?

例如，下半年爬坡有多少是基於學習曲線的改善、以及把原本從第二季（2Q）遞延出去的一些收入「解鎖」回來；又有多少只是你們同時在做的整體產能爬坡？這樣我們才能更放心地下半年指引中所隱含的收入跳升。以及你們對此有多少能見度？

Yes. Thank you, Nicole. When we talk about unlocking revenue, let us be clear that the revenues that were, let's say, a little bit locked in some elements on the second quarter are being delivered deployed in the second half. And we feel extremely well about that.

是的。謝謝你，Nicole。當我們談到「解鎖收入」時，讓我們先說清楚：第二季在某些要素上、可以說稍微被鎖住的收入，正在下半年被交付、被部署。而我們對此感覺非常好。

When it comes to some elements of congestion, possible elements of congestions as Craig mentioned, we are prudent in our guidance, though we believe that there will be. And we see -- we are seeing certainly a strong acceleration and improvement from an operational standpoint, we still remain prudent in our guidance.

至於壅塞的一些因素、以及 Craig 提到的可能壅塞因素，我們在指引上是審慎的，儘管我們相信確實會存在。而我們也看到——從營運角度來看，我們確實正在快速加速並改善，但我們在指引上仍保持審慎。

There is capacity that is being released. And that is a big element, of course, of also the backlog conversion. So look at it as three levels. The operational acceleration in the complex projects, the capacity coming available as this has been coming available in the second quarter. But first, even more so in the second half, a very strong backlog coverage and over and above that, wrap it up with anyway in a guidance that it's not an all-star aligned type of guidance.

產能正在釋放出來。而這當然也是積壓訂單（backlog）轉換的一個重要要素。所以可以把它看成三個層次：複雜專案的營運加速、產能可用性提升（這在第二季已開始釋放），但在下半年會更明顯；再者，是非常強勁的積壓訂單覆蓋（backlog coverage）；此外，把這些都包在一個指引裡——這不是那種「所有星星都對齊」才達得到的指引。

Amit Mahotra, UBS.

Amit Mahotra，瑞銀。

Thanks, operator. Gio, I'd just be curious to sort of compare and contrast some of the challenges you're having today to the challenges you had really kind of this time last year and you got back on track pretty quickly from an operational. But at that time, it wasn't a revenue issue, it was more of a margin issue and an operational issue, and I know at heart, you're an operational guy. So just maybe compare and contrast that?

謝謝，接線員。Gio，我想請教一下，想把你們今天面臨的一些挑戰，和大概去年這個時候你們遇到的挑戰做個對比；當時你們在營運面很快就回到正軌。但那時候不是營收問題，更多是毛利問題和營運問題，而我也知道你本質上是個營運出身的人。所以能否請你做個對照比較？

And are there multiple points of I just want to maybe explain the complexity within the complexity. What I mean by that is that are there multiple points of challenges? Or is there a sort of one main challenge at sort of cascading across the supply chain that a little bit color there would be helpful.

另外，是否存在多個層面的問題——我想也許解釋一下「複雜中的複雜」。我的意思是，挑戰點是否有好幾個？還是說有一個主要挑戰在供應鏈上層層傳導？如果能多給一些說明會很有幫助。

Thank you, Amit. And I really appreciate you draw that parallel to exactly a year ago. It was a different nature that stage was Ireland and some executional challenges on the on the busbar switch gear that we have amply recouped as you were saying. But I think this highlights the fact that in a business that is moving at the speed that is growing at this speed.

謝謝你，Amit。我也非常感謝你把它和正好一年前做了對照。當時性質不同，那個階段是在愛爾蘭，以及我們在匯流排開關設備上的一些執行挑戰；如你所說，我們已經充分追回來了。但我想這也凸顯了一點：在一個以這樣的速度前進、以這樣的速度成長的業務中。

With a number, let's say, of technology with the technology speed -- sorry, the speed of technology evolution that we are experiencing and indeed driving there is a lot of complexity to manage -- and so in many respects, the parallel is similar.

再加上我們所經歷、甚至正在推動的技術演進速度——抱歉，是技術演進的速度——需要管理的複雜度非常高；因此在很多方面，這個對照其實是相似的。

You were talking about while that was a margin, this is a revenue anyway, it's operational execution that we are concentrating on right now. So it may be different in the type of product line, if you will. It's no different in terms of the type of focus and the type of and the type of, let's say, recipe that we applied. And again, it's a matter of really continue to mature operationally as the markets, the portfolio, the scope of what we do continues to evolve. So I feel very good about it.

你提到那次是毛利問題，而這次是營收問題；但無論如何，我們現在聚焦的仍是營運執行。所以產品線類型可能不同。但在聚焦的方式、以及我們採用的「配方」上並沒有不同。同樣地，這關乎於隨著市場、產品組合、以及我們所做事情的範疇持續演進，我們在營運上要不斷成熟。所以我對此感覺非常好。

Gio, are you failing -- are you -- it's not failing, but are you reducing the on-time delivery of the customer? Because one of the USPs has been Vertiv has been one of the few companies that can deliver on time in full are you disappointing customers with this development that opens up market share opportunities for other companies or no?

Gio，你們是否沒有做到——你們是否——不是說失敗，但你們是否在降低對客戶的準時交付？因為你們的一個獨特賣點一直是：Vertiv 是少數能夠準時且足量交付的公司之一。這次的情況會不會讓客戶失望，從而給其他公司帶來市占機會，還是不會？

Well, look, our overall performance is, if anything, improving. So I would say that the answer is it's not something that changes our perception in the market, we believe.

嗯，你看，我們整體表現如果說有什麼變化，反而是在改善。所以我會說，答案是：我們認為這不會改變市場對我們的觀感。

Mark Delaney, Goldman Sachs.

Mark Delaney，高盛。

Yes. One of the key topics at the Investor Day that we have discussed yet on the call this morning is around M&A. I think you talked about something in the order of $24 billion that could be deployed in light of some of the pullback in financial market valuations as well as all the opportunities you see on the technology front, including areas like 800 volt. I'm curious if you could give us your latest thoughts on the M&A opportunity and if the pipeline there is active and that might be something that could be executed upon relatively soon.

是的。今天早上的電話會議上，我們還沒討論到投資人日的一個關鍵主題，就是併購（M&A）。我記得你們提到，考量到金融市場估值回落，以及你們在技術面看到的各種機會（包括像 800 伏這些領域），大約有 240 億美元可以用於部署。我想請教你們對併購機會的最新看法，以及目前的案源是否活躍，是否可能在相對不久的時間內執行。

I mean I would say our outlook doesn't change in terms of the M&A world. We still look at it in the same way. We looked at it back during Investor Day. But it is active. And we do see an active market and we are participating in that active market looking at several targets.

我的意思是，我會說我們對併購世界的看法並沒有改變。我們仍以同樣的方式看待它。就像在投資人日當時一樣。但市場是活躍的。我們確實看到一個活躍的市場，而且我們也在參與其中，正在評估幾個標的。

But again, it has to fit us, and it has to be the right, I'd say, value play for us in terms of a fit in our portfolio and what we believe we can grow and what we can return to investors in terms of what we're going to pay again, I've always talked about we invest in ourselves first, and that's capacity and that's R&D and that's development, and that's the thing we're always going to look at.

但同樣地，它必須適合我們，並且就價值而言必須是對我們正確的投資——也就是在我們的產品組合中是否契合、我們認為能成長什麼、以及就我們要支付的價格而言，能為投資人帶來什麼回報。再說一次，我一直強調：我們會先投資自己，而那包括產能、研發、以及開發；這些永遠是我們會優先看的事情。

And then we'll look at the external spots where we believe we can get true value out of an acquisition and an add-on, whether it be regional reach or a product that we believe will get it to the market faster or a technology we don't currently have. So yes, we are active, and we continue to look at it in terms of that framework.

然後我們才會看外部機會：在我們相信能從收購與加值併入中取得真正價值的地方——不論是區域覆蓋、我們認為能更快推向市場的產品、或是我們目前尚未具備的技術。所以是的，我們很積極，而且我們會在這個框架下持續評估。

Noah Kaye, Oppenheimer.

Noah Kaye，Oppenheimer。

Talking about some of these learning curve developments around what seems to be more of a focus on the infrastructure solution. The components of these, as we understand them, the building blocks, they're already part of the Vertiv portfolio largely.

談到你們在學習曲線上的一些進展，似乎更聚焦於基礎設施解決方案。就我們的理解，這些解決方案的組成元件、也就是積木式的構件，大多已經是 Vertiv 產品組合的一部分。

But I'm just curious, as you come up this learning curve, is -- to what extent are you increasing your vertical integration across those building blocks and supply chain, is that a process that you are undertaking now? Is it something that needs to happen on a go-forward basis to mitigate and manage some of those challenges in architecting the solutions.

但我想請教的是，當你們沿著這條學習曲線往上走時——你們在這些構件與供應鏈上，垂直整合的程度會提高到什麼程度？這是你們現在正在推進的流程嗎？或者為了在未來降低並管理在解決方案架構設計上的一些挑戰，這是必須要做的事情嗎？

Well, there is clearly always an analysis of make or buy vertical integration and anything we do, be it at a point product level and at, let's say, a large infrastructure solution level. When you talk about vertical integration for Infrastructure Solutions for us is really we are very vertically integrated in the sense that we are putting into our Infrastructure Solutions products that are Vertiv products.

嗯，對於任何我們做的事情——不論是在單點產品層級，或是在大型基礎設施解決方案層級——都會持續進行「自製或外購」以及垂直整合的分析。當你談到我們的基礎設施解決方案的垂直整合時，實際上我們在某種意義上是高度垂直整合的，因為我們把 Vertiv 的產品放進我們的基礎設施解決方案中。

So then clearly, we are in good control of the supply chain in that respect. And so we feel good in this moment. We do not think there are any major gaps in vertical integration from what we're doing, but that doesn't mean that we will not adjust over time, the mix of making whichever dimension that could be, depending on the type of business, depending on where we manufacture and auto manufacturing locations are the same in terms of access to a nearby let's say, supplier critical mass. So it's always (inaudible). But we do not perceive in this moment that there are any major gaps.

因此在這方面，我們對供應鏈的掌控度很高。所以就目前而言，我們感覺良好。我們不認為在垂直整合上存在任何重大缺口；但這不代表我們不會隨時間調整自製的組合與比例——不論是哪個維度——這取決於業務類型、取決於我們在哪裡製造，以及各製造據點在取得鄰近供應商臨界規模方面的可及性是否相同。所以這一直是(聽不清)。但我們目前不覺得有任何重大缺口。

But for example, if you think about an acquisition that we shared with you last quarter, Mark, that was a move to vertically integrate on our frame construction for our infrastructure solutions. So that, I think, testament to the dynamic approach that we have when it comes to make a buy.

但例如，如果你想到我們上季和你們分享的一項收購，Mark，那就是為了在我們基礎設施解決方案的機架結構製造上進行垂直整合。所以我想，這也證明了我們在自製或外購方面採取的是動態做法。

Ananda Baruah, Loop Capital.

Ananda Baruah，Loop Capital。

Yes, really appreciate it. I'd love to get your guys' view, this is an 800v, 450V question. For 800V, how broadly throughout the marketplace, are you expecting the next couple of years, the technology be adopted.

是的，非常感謝。我很想聽聽你們的看法，這是一個關於 800V、450V 的問題。就 800V 而言，在未來幾年，你們預期這項技術會在整個市場上被多廣泛地採用？

And really, the genesis of the question is there's that as you guys may know, there's sort of been speculation in the last few months that one of the larger AI infrastructure companies could see a pushout that would use 800V as far as in 2029, how -- if there were a major customer pushout, how broad is the tech? Are you guys anticipating the tech to be throughout the industry?

而且坦白說，這個問題的起源是：如各位所知，過去幾個月市場一直有些揣測，某家較大型的 AI 基礎設施公司可能會出現延後，並且在 2029 年左右採用 800V——如果真的出現重大客戶延後，這項技術的適用範圍有多廣？你們是否預期這項技術會在整個產業中普及？

And then we've heard really good things on 450V potential over the next 24 months. What's the right way to think about the impact that could have? And could that fill in any white space if there were like a meaningful sort of AI for search 800V customer pushout? Just any context would be helpful.

另外，我們也聽到未來 24 個月 450V 的潛力有非常正面的消息。應該如何正確看待它可能帶來的影響？如果真的出現像是 AI 搜尋領域 800V 客戶明顯延後的情況，450V 是否能填補一些空白？任何背景說明都會很有幫助。

Well, thanks. A multidimensional, multilayer question, Anand here. So I would not comment on rumors in the market. As we shared with investors in May, but also earlier today, we believe that the adoption of 800-volt will be gradual, would be convincing we are certainly very invested in that part of the portfolio. Whether that happens at the speed that is currently in our road maps and that you saw or something lower than that, we will be flexible.

好的，謝謝。這是一個多維度、多層次的問題，我是 Anand。我不會評論市場上的傳聞。正如我們在 5 月與投資人分享的，以及今天稍早也提到的，我們認為 800 伏的採用會是逐步推進的；我們確實在這一部分的產品組合上投入很多。至於它是否會以目前我們路線圖（你們看到的）所規劃的速度發生，或是比那更慢，我們都會保持彈性。

And certainly, we are extremely resilient with that because it means that other parts of the architectures that we provide to our customers will certainly be take the share of the market in terms of architecture. So whichever way, no matter the speed of acceleration, we think that we are in a good place because we have the architectures, we have the technologies, the road maps, as we shared but there is a 400-volt DC question and that 400 DC-volt question is an important one. We see that some players are thinking in terms of both of 800 and 400. The underlying technology is not dramatically different. And quite honestly, we are involved in both.

而且我們在這方面的韌性非常強，因為這代表我們提供給客戶的其他架構部分，將會在架構層面取得市場份額。所以不論採用加速的速度如何，我們都認為自己處於有利位置，因為我們具備架構、技術與路線圖，正如我們所分享的；但同時也存在一個 400 伏直流（DC）的問題，而這個 400V DC 的問題很重要。我們看到有些業者同時在思考 800 與 400。其底層技術並沒有顯著不同。坦白說，我們兩者都有參與。

Luke Junk, Baird. Luke.

Luke Junk，Baird。Luke。

Thanks for sneaking me in here, you hoping just to get some texture around your ongoing increase in confidence around the EMEA market specifically, and we saw a step-up in margins sequentially this quarter, how do you think about the sustainability there or maybe even the potential for some further improvement in the back half of the year?

謝謝讓我插個問題。我想更了解你們對 EMEA 市場（特別是該區）持續提升信心的原因；另外，我們看到本季毛利率（或利潤率）較上季有所提升，你們如何看待其可持續性？或者今年下半年是否還有進一步改善的可能？

Yes. Well, thanks for the EMEA question. We are pretty bullish about EMEA, as you saw, certainly, we believe, a strong second half and back to growth to see EMEA forming better than we expected anyway in the second quarter. So very, very confident in the second half. I was vocal about the fact that we were very happy with orders in EMEA in the first quarter.

是的。謝謝關於 EMEA 的問題。我們對 EMEA 相當看多；如你所見，我們確實預期下半年會很強勁並重回成長，而且我們看到 EMEA 在第二季的表現也比我們原先預期更好。因此對下半年非常、非常有信心。我也曾明確表示，我們對 EMEA 第一季的訂單非常滿意。

I would say that we -- we like what we see in the second quarter. And there is a backlog formation that is certainly convincing. And we see that the improvement translates in top line and bottom line improvement has demonstrated. So the market continues to accelerate, and we certainly have a very important position in that market.

我會說，我們——我們喜歡第二季所看到的情況。而且訂單積壓（backlog）的形成確實令人信服。我們也看到這項改善已轉化為營收端與獲利端的提升，且已被證明。因此市場持續加速，而我們在該市場也確實擁有非常重要的地位。

And Luke, I just hit on the fact that we do -- as we've talked about through -- even back as early as last year, we do see a second half increase in growth for EMEA in terms of where we expect the organic growth to go from a revenue perspective. In terms of the -- or I say the gain that you saw in margin was a favorable comp to. As Gio had mentioned, the Ireland portion did come through 2Q last year, which was in EMEA. So a little bit of a favorable comp in there, but we do still expect margins to be pretty good.

另外 Luke，我再補充一點：正如我們一路以來所談到的——甚至早在去年——我們確實看到 EMEA 在下半年成長會加速，就我們對營收角度的有機成長預期而言。至於——或者說你看到的利潤率提升，部分是因為比較基期有利。如 Gio 提到的，愛爾蘭那一部分在去年第二季入帳，而那是屬於 EMEA。所以其中有一點比較基期有利的因素，但我們仍預期利潤率會維持相當不錯。

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

謝謝。問答環節到此結束。我想把電話會議交回 Gio Albertazzi，請他做結語。

Well, thank you, and thank you very much, everyone. Thank you for the questions and thank you for your time today. I am very pleased with what we delivered this quarter and how we're positioned for the second half. The team is executing at a high level, scaling capacity, deepening customer partnership and advancing our technology portfolio, all simultaneously. It's not easy.

好的，謝謝，也非常感謝各位。謝謝你們的提問，也謝謝你們今天撥冗參與。我對我們本季的交付成果，以及我們在下半年的布局感到非常滿意。團隊以高水準執行，同步擴充產能、深化客戶夥伴關係並推進我們的技術產品組合。這並不容易。

But it is -- but this invigorates us. Pipelines are strong. Our operational discipline is sharp and our customers trust us to deliver at scale. Just to be clear, I am very encouraged by our trajectory. I am pleased but certainly never satisfied.

但這——但這也讓我們充滿幹勁。商機管線很強。我們的營運紀律很到位，而客戶信任我們能以規模交付。說清楚一點，我對我們的發展軌跡非常受鼓舞。我很滿意，但當然永遠不會自滿。

With that, thank you all, and I wish you all a great rest of the day.

最後，謝謝各位，祝大家今天剩下的時間一切順利。

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

本次電話會議已結束。感謝您參加今天的簡報。您現在可以掛線。