Vertiv Holdings Co (VRT) 2026 Q3 法說會逐字稿

Good morning. My name is Warren and I will be your conference operator today. At this time, I would like to welcome everyone to Vertiv's third quarter 2026 Earnings Conference call.

早安。我叫 Warren，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 年第三季財報電話會議。

(Operator Instructions)

(接線員指示)

Please note that this call is being recorded. I would now like to turn the program over to your host for today's conference call, Lynne Maxeiner, Vice President of Investor Relations.

請注意，本次電話會議將被錄音。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. Good morning, and welcome to Vertiv's third quarter 2026 earnings conference call. During the course of this call, we will make forward-looking statements regarding future events, including the future financial and operating performance of Vertiv.

很好。早安，歡迎各位參加 Vertiv 2026 年第三季財報電話會議。在本次電話會議進行期間，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 statements are subject to material risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. We undertake no obligation to update these statements as a result of new information or future events.

這些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。因新資訊或未來事件而更新這些陳述，我們不承擔任何義務。

Please refer to the cautionary language included in today's earnings release and the risks disclosed in our annual and quarterly reports and other filings made with the SEC. Additionally, non-GAAP measures referenced today are defined and reconciled in our earnings press release and in the investor slide deck found on our website at investors.vertiv.com.

請參閱今日財報新聞稿中的警示性語句，以及我們向美國證券交易委員會（SEC）提交的年度與季度報告及其他申報文件中揭露的風險。此外，今日提及的非 GAAP 指標之定義與調節表，已載於我們的財報新聞稿以及投資人簡報投影片，相關資料可於我們網站 investors.vertiv.com 查閱。

(Operator Instructions)

(接線員指示)

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

接下來，我把電話會議交給執行董事長 Dave Cote。

Well, the paraphrase Mark Twain, the rumors of our demise have been greatly exaggerated. I'm really pleased with the third quarter and our year-to-date performance. This performance is a testament to how customers look at Vertiv, our thought leader with leading technology and reliability, undeniable ability to scale, and superior service performance and capabilities. This is reflected, among other things, in our strong Q3 organic orders on top a very strong first half organic orders, as Gio will mention.

嗯，借用馬克・吐溫的話來說，關於我們衰亡的傳聞被大大誇大了。我對第三季以及今年迄今的表現感到非常滿意。這樣的表現證明了客戶如何看待 Vertiv：我們是具備領先技術與可靠性的思想領導者，擁有無可否認的規模化能力，以及卓越的服務表現與能力。這也反映在多個面向上，其中之一就是我們第三季強勁的有機訂單表現，是在上半年非常強勁的有機訂單基礎之上延續而來，Gio 稍後會提到。

Q3 organic orders are not only strong, but also very balanced across customer types. Orders are strong no matter how you look at them with or without neocloud. Our customers clearly believe in us. By the way, to be clear, we're not planning to share orders data going forward. This order strength and financial performance notwithstanding will be the first to say that we are relentlessly focused on further improving our customer and financial performance across the board.

第三季的有機訂單不僅強勁，而且在各類客戶之間也非常均衡。不論你怎麼看——包含或不包含 neocloud——訂單都很強。我們的客戶顯然信任我們。順帶一提，為了說清楚，我們未來不打算再分享訂單數據。儘管訂單動能與財務表現都很亮眼，但我也要率先表示：我們仍然不懈地專注於在各方面進一步提升客戶體驗與財務表現。

We can still be a lot better. Gio is never satisfied. What you're seeing in these results isn't something that happened overnight. This is the payoff from years of seed planting, years of investing in technology, capacity, service, and all capabilities because we believe this opportunity was going to be big. It turns out it's even bigger than most people imagined, and we believe it's going to stay big for a long time.

我們仍然可以做得更好。Gio 從不滿足。你在這些結果中看到的，並不是一夕之間發生的事。這是多年播種的回報——多年在技術、產能、服務以及各項能力上的投資，因為我們相信這個機會將會很大。結果證明，它甚至比大多數人想像的還要大，而我們相信它將在很長一段時間內都保持龐大。

We are just at the beginning of the digital age, and we anticipate it has decades left to run. The foundation for it is data storage and processing, which means data centers. No data centers, no digital age, and Vertiv supplies the picks and shovels. We were at the forefront of the technology change in those picks and shovels and intend to stay there.

我們正處於數位時代的起點，我們預期它還有數十年的發展空間。其基礎是資料的儲存與處理，也就是資料中心。沒有資料中心，就沒有數位時代，而 Vertiv 提供的正是「鎬與鏟」。我們一直站在這些「鎬與鏟」技術變革的最前沿，並打算持續保持領先。

As you know, I've always believed it's important to have a great position in a good industry. preferably with technology differentiation and then develop a high-performance culture, so you then perform well for customers and investors.

如各位所知，我一直相信，在一個好的產業中取得優越位置很重要，最好還具備技術差異化，並進一步打造高績效文化，如此才能為客戶與投資人帶來優異表現。

Vertiv is doing that. I'm pleased with how rapidly the high-performance culture is developing to Vertiv. And the more technology changes, the better it is for us. It's exciting stuff. Like that famous book says, we're accomplishing two seemingly conflicting things at the same time.

Vertiv 正在做到這一點。我很高興看到 Vertiv 的高績效文化正在快速形成。而且技術變化越多，對我們越有利。這非常令人振奮。就像那本著名的書所說，我們正在同時完成兩件看似互相衝突的事情。

We're delivering very strong results today while investing aggressively for tomorrow. That's generally hard to do. Most companies choose one or the other. Gio and his team are doing both. And I believe the gap between us and everyone else just keeps getting wider. And the fact is, we're still early, we are not done yet, not even close. As you've heard me say in the past, buy now while supplies last.

我們在今天交出非常強勁的成果，同時也在為明天積極投資。這通常很難做到。多數公司會選擇其一。Gio 和他的團隊兩者兼顧。我相信我們與其他所有人的差距只會持續擴大。事實是，我們仍處於早期階段，我們還沒完成，甚至離完成還差得遠。如同我過去說過的：趁供應還在，現在就買。

So let me hand it over to Gio to take you through it all. Gio?

那麼我把時間交給 Gio，請他帶各位完整說明。Gio？

Well, thank you very much, Dave. And let us go to slide 3. A very strong quarter indeed. Net sales up 61% versus Q3 2025 with broad-based trends across all regions. Americas up 75%, APAC up 50%, and EMEA back to convincing growth at 23%.

非常感謝你，Dave。讓我們看第 3 張投影片。這確實是一個非常強勁的季度。淨銷售額較 2025 年第三季成長 61%，且所有地區皆呈現廣泛的成長趨勢。美洲成長 75%，亞太（APAC）成長 50%，歐洲、中東與非洲（EMEA）也回到令人信服的成長軌道，成長 23%。

Organic net sales grew approximately 55% with an additional 6% from acquisitions. Disciplined execution drove adjusted operating margin to 25.2%, up to 190 basis points year on year, exceeding our guidance.

有機淨銷售額約成長 55%，另有 6% 來自併購。嚴謹的執行推動調整後營業利益率達到 25.2%，年增 190 個基點，並超越我們的指引。

Adjusted operating profit was over $1 billion, up 83% year over year. Adjusted diluted EPS of $2.21 were up 78%, primarily driven by higher volume and continued operational productivity. Adjusted free cash flow was up 50% year on year at $652 million. Our net cash position continued with negative leverage of 0.2 times at quarter end.

調整後營業利益超過 10 億美元，年增 83%。調整後稀釋每股盈餘（EPS）為 2.21 美元，年增 78%，主要由更高的出貨量以及持續的營運生產力提升所帶動。調整後自由現金流年增 50%，達 6.52 億美元。我們的淨現金部位持續維持，季末槓桿為負 0.2 倍。

The balance sheet remains very strong. We are raising our full year guidance across all key metrics. Net sales expected at $14.65 billion, $650 million up on July guidance and approximately 38% organic growth. Adjusted diluted EPS now expected at $7.15, up 70% from '25 and adjusted operating profit guidance raised to more than $3.5 billion, up 68% year on year. Full year adjusted operating margin expected to be 24%, approximately 360 basis points higher than 2025, and adjusted free cash flow guidance raised to $2.7 billion.

資產負債表依然非常強健。我們上調全年在所有關鍵指標上的財測指引。預期淨銷售額為 146.5 億美元，較 7 月指引上調 6.5 億美元，且有機成長約 38%。調整後稀釋 EPS 現預期為 7.15 美元，較 2025 年成長 70%；調整後營業利益指引上調至超過 35 億美元，年增 68%。預期全年調整後營業利益率為 24%，較 2025 年提高約 360 個基點；調整後自由現金流指引上調至 27 億美元。

And with that, let's move to slide 4. I'll start with the market environment. Our pipeline remains very strong, global. Demand signals are clear and broad-based across technologies, customer types, and regions. We expect another year of robust orders growth.

接下來，讓我們看第 4 張投影片。我先從市場環境談起。我們的商機管線依然非常強勁，且是全球性的。需求訊號清晰，並且在各項技術、客戶類型與地區之間呈現廣泛分布。我們預期訂單仍將再迎來一年強勁成長。

We do not disclose orders, and we'll continue not to, but it is worth sharing that our Q3 orders were more than 100% up year-on-year organically, this to get a sense of what this strength practically translates into. Also important to share that our customer mix call or hyper enterprise, neocloud, et cetera, very much represents the market mix.

我們不揭露訂單數據，未來也將持續不揭露；但值得分享的是，我們第三季的訂單以有機口徑計算，年增超過 100%，讓各位能理解這股強勁動能在實務上意味著什麼。同樣重要的是，我們的客戶組合——無論是 colo 或超大型企業（hyper enterprise）、neocloud 等——基本上都反映了整體市場的組合。

Let's now talk regionally. Americas Pipelines sequential quarter-to-quarter growth is the fastest we have seen earlier, translating into very strong organic Q3 orders. Yes, power availability, permitting, general sentiment, and construction site skilled labor availability are pacing items, but not slowing down growth.

現在讓我們按區域來談。美洲的管線在季度環比的成長速度，是我們先前所見最快的，轉化為第三季非常強勁的有機訂單。是的，電力可用性、許可審批、整體情緒，以及施工現場熟練勞工的可用性都是影響進度的因素，但並未放緩成長。

We've been talking about the EMEA spring uncoiling. In Q3, the pipeline in EMEA has approximately doubled year on year and organic orders grew even more. Momentum is now in the market, and we see these dynamics carrying well into 2027 and beyond.

我們一直在談 EMEA 在春季的解封回暖。在第三季，EMEA 的管線約較去年同期翻倍，有機訂單成長更高。目前市場動能已經形成，我們看到這些動態將延續到 2027 年及以後。

When it comes to APAC, it's a broad-based strength, particularly in Australia and India. Organic orders were up substantially in the quarter in APAC. China is showing encouraging green shoots. Commercial execution continues to be favorable and we expect positive price cost in '26, including the current impact of tariffs and countermeasures.

至於 APAC，呈現廣泛性的強勁表現，尤其是在澳洲與印度。APAC 本季有機訂單大幅成長。中國也出現令人鼓舞的復甦跡象。商務執行持續有利，我們預期在 '26 年將出現正向的價格/成本效益，其中包含目前關稅及反制措施的影響。

And now to the right of the slide, and let's talk about operations and supply chain. The sequential and year on year revenue growth you saw in the quarter reflects the combination of ongoing capacity expansion, improving utilization, Vertiv operating system adoption, and overall disciplined backlog execution.

接著看投影片右側，來談營運與供應鏈。你在本季看到的季度環比與年增營收成長，反映了持續的產能擴張、利用率提升、Vertiv 營運系統的導入，以及整體上對積壓訂單執行的紀律。

It also reflects increasingly mature execution for complex converged infrastructure projects. We are making significant capacity investments globally to be well positioned to serve our customers and execute on a robust backlog.

這也反映出我們在複雜的融合式基礎設施專案上的執行日益成熟。我們正在全球進行重大的產能投資，以便更好地服務客戶並執行強勁的積壓訂單。

In the Americas, we announced several new or expanded facilities for infrastructure solutions, power management, thermal management, and rack systems.

在美洲，我們宣布了多個新的或擴建的設施，涵蓋基礎設施解決方案、電力管理、熱管理以及機櫃系統。

In EMEA, we are expanding our Slovakia campus for power and there management and infrastructure solutions, scaling up our power facilities in India -- in Ireland, sorry. We are also on track to doubling chiller production capacity by year-end.

在 EMEA，我們正在擴建斯洛伐克園區的電力與熱管理以及基礎設施解決方案產能，並在印度擴大我們的電力設施——抱歉，是在愛爾蘭。我們也按計畫在年底前將冷水機（chiller）產能提升至兩倍。

In Asia Pacific, our new Johor, Malaysia factory is now operational, strengthening our ability to serve customers across Southeast Asia and Australia. These capacity additions are already contributing to our Q3 and Q4 growth. And it's not just our own capacity. We keep on proactively securing and expanding long-term capacity agreements with key suppliers to ensure their scale in lockstep with our growth.

在亞太地區，我們位於馬來西亞柔佛的新工廠現已投入營運，強化我們服務東南亞與澳洲客戶的能力。這些新增產能已經在推動我們第三季與第四季的成長。而且不只是我們自身的產能。我們持續主動與關鍵供應商確保並擴大長期產能協議，確保其擴產規模能與我們的成長同步。

Let me also welcome Mike Rice, our new EVP of Manufacturing and Logistics. Mike brings very strong operational experience and capabilities and very strong lean expertise. Anders remains with us in a senior advisory capacity focused on the successful handover and our special projects.

我也要歡迎我們新任製造與物流執行副總裁 Mike Rice。Mike 擁有非常深厚的營運經驗與能力，以及非常強的精實（Lean）專業。Anders 仍以資深顧問身分留任，專注於順利交接以及我們的特殊專案。

And let us now go to slide 5. Time to first token matters a lot to our customers. It indicates how quickly an investment in AI data center and compute becomes revenue generating. I want to highlight the work we're doing with NVIDIA, Dassault Systemes, and Polar data center to significantly reduce time to first token, accelerating every phase of the cycle. The design phase, for example, pre-engineered reference designs are configured and validated in a digital twin. This reduces the design time by a factor of 10.

現在讓我們看投影片 5。對客戶而言，「首次 token 產出時間」非常重要。它代表 AI 資料中心與算力投資能多快開始創造營收。我想強調我們與 NVIDIA、達梭系統（Dassault Systemes）以及 Polar 資料中心的合作，透過加速週期的每個階段，大幅縮短首次 token 產出時間。例如在設計階段，預先工程化的參考設計會在數位孿生中完成配置與驗證。這可將設計時間縮短 10 倍。

And the deployment phase factory build and modularly deployed infrastructure significantly removes complexity from site. It happens in parallel with site preparation. This cards deployment time by up to half. The result is up to 30% more cumulative AI token output in the first 12 months from project kickoff. Same installed capacity just productive much sooner for our customers.

在部署階段，工廠預製與模組化部署的基礎設施可大幅降低現場的複雜度。它與場地準備同步並行進行。這可將部署時間最多縮短一半。結果是在專案啟動後的前 12 個月內，累計 AI token 產出最多可提升 30%。裝機容量相同，但能更早為客戶帶來生產力。

Polar data center is already applying this at the first 41 megawatts phase of its Heroya campus in Norway and is scalable to 100 megawatts.

Polar 資料中心已在挪威 Heroya 園區的第一期 41 兆瓦階段採用此作法，並可擴展至 100 兆瓦。

And with that, over to you, Craig.

接下來交給你，Craig。

Thanks, Gio. Let's move to slide 6 and talk through our third quarter financial results in more detail. Our adjusted diluted EPS was $2.21, up $0.97 or 78% versus prior year and $0.41 above the midpoint of our guidance.

謝謝你，Gio。讓我們看投影片 6，更詳細地說明第三季財務結果。我們的調整後稀釋每股盈餘（EPS）為 2.21 美元，較去年同期增加 0.97 美元或 78%，並較我們指引中點高出 0.41 美元。

The year-over-year improvement was driven by higher after-tax adjusted operating profit, primarily from increased revenue and operating profit rate expansion. On the top line, net sales were approximately $4.3 billion. That's up approximately $1.6 billion or 61% versus prior year.

年增改善主要來自稅後調整後營業利益提高，主要由營收增加與營業利益率擴張所帶動。在營收端，淨銷售額約為 43 億美元。較去年同期增加約 16 億美元或 61%。

Organic sales growth was approximately 55% with an additional 6% from acquisitions. By region, Americas grew 66% organically, APAC grew 48% organically, and EMEA grew 19% organically. All regions were above the 3Q revenue guidance.

有機銷售成長約 55%，另有 6% 來自併購。按區域來看，美洲有機成長 66%，APAC 有機成長 48%，EMEA 有機成長 19%。所有區域均高於第三季營收指引。

Moving to adjusted operating profit. We delivered approximately $1.1 billion. That's up $491 million or 83% versus prior year and $169 million above the midpoint of our guidance. Adjusted operating margin of 25.2% expanded 290 basis points year over year and came in 70 basis points above guidance. The margin expansion was driven by strong sales volume increase operating leverage and continued productivity.

接著看調整後營業利益。我們達成約 11 億美元。較去年同期增加 4.91 億美元或 83%，並較指引中點高出 1.69 億美元。調整後營業利益率為 25.2%，年增擴張 290 個基點，且高於指引 70 個基點。利益率擴張主要由強勁的銷售量成長帶來的營運槓桿，以及持續的生產力提升所驅動。

The business teams continue to show the ability to scale operations while expanding margins. As we have mentioned in prior calls, we are continuing to invest in capacity in engineering and R&D to support future business growth.

各業務團隊持續展現出在擴大營運規模的同時提升利益率的能力。如同我們在先前電話會議中提到的，我們持續在工程與研發方面投資產能，以支持未來業務成長。

Throughout out the quarter, adjusted free cash flow was $652 million, up $216 million or 50% from prior year. The improvement was driven by higher adjusted operating profit, partially offset by working capital usage and higher net CapEx. Net leverage at quarter end was negative 0.2 times providing significant strategic flexibility.

本季調整後自由現金流為 6.52 億美元，較去年同期增加 2.16 億美元或 50%。改善主要由較高的調整後營業利益帶動，但部分被營運資金使用增加與淨資本支出（CapEx）提高所抵銷。季末淨槓桿為負 0.2 倍，提供顯著的策略彈性。

Flipping to slide 7, let's look at segment performance by region. Americas delivered an outstanding quarter. Net sales were approximately $3 billion, up 75% with organic growth of 66%. Organic sales growth remained robust in the quarter. Adjusted operating margin came in at 29.4%, driven by strong operational leverage.

翻到投影片 7，我們來看按區域劃分的部門表現。美洲交出非常出色的一季。淨銷售額約為 30 億美元，成長 75%，其中有機成長 66%。本季有機銷售成長仍然強勁。調整後營業利益率為 29.4%，主要由強勁的營運槓桿所帶動。

Moving to APAC. The region had strong results with net sales of $779 million, up 50% with organic growth of 48%. Full year outlook remains positive, driven by strong end market demand and continued commercial execution. Adjusted operating margin of 17% expanded 380 basis points year over year, primarily attributed to operating leverage.

接著看 APAC。該區表現強勁，淨銷售額為 7.79 億美元，成長 50%，其中有機成長 48%。在終端市場需求強勁與持續良好的商務執行帶動下，全年展望仍然正向。調整後營業利益率為 17%，年增擴張 380 個基點，主要歸因於營運槓桿。

In EMEA, net sales were $545 million, up 23% with organic growth of 19%. The market continues to strengthen with accelerating pipeline conversion positioning the region well for continued organic sales growth.

在 EMEA，淨銷售額為 5.45 億美元，成長 23%，其中有機成長 19%。市場持續轉強，管線轉換加速，使該區具備持續有機銷售成長的良好態勢。

Adjusted operating margin of 28% expanded 920 basis points year over year, driven by improved operational leverage and commercial execution as very strong performance across all three regions in third quarter.

調整後營業利益率為 28%，年增擴張 920 個基點，主要由營運槓桿改善與商務執行所帶動，使第三季三大區域皆呈現非常強勁的表現。

Turning to slide 8. Let's walk through our fourth quarter 2026 guidance. For Q4, we're projecting adjusted diluted EPS of $2.25 at the midpoint. That represents 65% growth versus prior year. The year-over-year improvement is driven by higher after-tax adjusted operating profit primarily from increased revenue and operating profit rate expansion.

接著看第 8 張投影片。我們來逐步說明 2026 年第四季的財測指引。就第四季而言，我們預估調整後稀釋每股盈餘（EPS）中位數為 2.25 美元。這代表較去年同期成長 65%。年對年改善主要來自稅後調整後營業利益提高，主要由營收增加與營業利益率擴張所帶動。

On net sales, we expect approximately $4.4 billion at the midpoint. That's up approximately $1.5 billion or 53% versus prior year. Organic sales growth is expected to be approximately 50% with an additional 3% from acquisitions.

在淨銷售額方面，我們預期中位數約為 44 億美元。較去年同期增加約 15 億美元或 53%。有機銷售成長預期約 50%，另有 3% 來自併購。

We expect continued strong organic growth across all regions with Americas in the mid-50s, APAC in the mid-50s, and EMEA in the low 20s. Adjusted operating profit is expected to be approximately $1.1 billion at the midpoint. That's up approximately $470 million or 70% versus prior year.

我們預期各區域將持續維持強勁的有機成長：美洲約在 50% 中段、亞太（APAC）約在 50% 中段、歐洲中東非洲（EMEA）約在 20% 初段。調整後營業利益中位數預期約為 11 億美元。較去年同期增加約 4.7 億美元或 70%。

Adjusted operating margin rate is expected to be 25.8% at the midpoint. That's up 260 basis points year over year, and that's driven by strong organic sales growth and operating leverage, which is offsetting some small mix impact. As you can see, we expect another strong quarter, reflecting the ongoing excellent operational performance of our business teams.

調整後營業利益率中位數預期為 25.8%。年對年提升 260 個基點，主要由強勁的有機銷售成長與營運槓桿所驅動，抵銷了部分輕微的產品組合影響。如各位所見，我們預期將再度交出強勁的一季，反映我們各業務團隊持續卓越的營運表現。

Now on to slide 9. Let's talk about updated full year 2026 guidance. We're raising our guidance across all key metrics. Starting with the adjusted diluted EPS, we now expect $7.15 at the midpoint. That's up approximately $2.95 or 70% versus 2025, and an increase of $0.45 versus our prior guidance.

接著看第 9 張投影片。我們來談更新後的 2026 全年財測指引。我們上調所有關鍵指標的指引。先從調整後稀釋每股盈餘（EPS）開始，我們目前預期中位數為 7.15 美元。較 2025 年增加約 2.95 美元或 70%，也較先前指引上調 0.45 美元。

The year-over-year improvement is driven by higher after-tax adjusted operating profit, primarily from increased revenue and operating profit rate expansion. For net sales, we now expect $14.65 billion at the midpoint. That's up approximately $4.4 billion or 43% versus 2025 and an increase of $650 million versus our prior guidance.

年對年改善主要來自稅後調整後營業利益提高，主要由營收增加與營業利益率擴張所帶動。在淨銷售額方面，我們目前預期中位數為 146.5 億美元。較 2025 年增加約 44 億美元或 43%，也較先前指引增加 6.5 億美元。

Organic sales growth is expected to be approximately 38% with an additional 4% from acquisitions and 1% from favorable currency. By region, we expect Americas organic growth in the high 40s, APAC in the mid-30s, and EMEA in the low to mid-single digits.

有機銷售成長預期約 38%，另有 4% 來自併購，並有 1% 來自有利的匯率因素。以區域來看，我們預期美洲有機成長在 40% 高段、亞太（APAC）在 30% 中段、歐洲中東非洲（EMEA）在低至中個位數。

Moving to adjusted operating profit. We now expect approximately $3.5 billion at the midpoint. That's up approximately $1.4 billion or 68% versus 2025 and an increase of $190 million versus our prior guidance. Adjusted operating margin is expected to be 24% at the midpoint. That's approximately 360 basis points of expansion from 2025 and 20 basis points above our prior guidance. The margin expansion is driven by strong organic sales growth, continued operating leverage, and ongoing productivity realization.

接著看調整後營業利益。我們目前預期中位數約為 35 億美元。較 2025 年增加約 14 億美元或 68%，也較先前指引增加 1.9 億美元。調整後營業利益率中位數預期為 24%。相較 2025 年約擴張 360 個基點，並較先前指引高出 20 個基點。此一利潤率擴張主要由強勁的有機銷售成長、持續的營運槓桿，以及持續落實的生產力提升所驅動。

Finally, adjusted free cash flow is expected to be $2.7 billion at the midpoint. That's up $813 million or 43% versus 2025. The year-over-year improvement is driven by higher adjusted operating profit and cash interest favorability, partially offset by higher net CapEx as we continue to invest in capacity expansion and operating capability. We're delivering strong results, raising our outlook, and executing with discipline.

最後，調整後自由現金流中位數預期為 27 億美元。較 2025 年增加 8.13 億美元或 43%。年對年改善主要來自較高的調整後營業利益與現金利息的有利因素，部分被較高的淨資本支出（CapEx）所抵銷，因我們持續投資於產能擴張與營運能力提升。我們交出強勁成果、上調展望，並以紀律執行。

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's go to slide 10 for some initial thoughts on 2027. Data center demand is accelerating. This despite pacing items like power availability, permitting some data centers, sentiment headwinds, shortage of skilled labor for site activity.

好的，謝謝你，Craig。我們來看第 10 張投影片，談談對 2027 年的一些初步想法。資料中心需求正在加速。即便存在一些節奏性因素，例如電力供應可用性、部分資料中心的許可申請、情緒面逆風，以及現場作業熟練勞動力短缺。

Many of these pacing items are not headwinds for us. They play directly to voters strengths as we help the industry solve them. We've a robust backlog and strong pipeline visibility, we expect continued significant above-market organic sales growth in 2027. We will continue investing in engineering and R&D for the next-generation technology, expanding capacity, and scaling our supply chain and services to widen our competitive lead and stay ahead of our customers' evolving needs and time lines.

其中許多節奏性因素對我們而言並非逆風。它們反而正好契合 Vertiv 的優勢，因為我們正協助產業解決這些問題。我們擁有強勁的在手訂單與清晰的商機管線能見度，預期 2027 年將持續實現顯著高於市場的有機銷售成長。我們將持續投資於工程與研發（R&D）以發展下一代技術、擴充產能，並擴大我們的供應鏈與服務規模，以拉大競爭領先優勢，並領先因應客戶不斷演進的需求與時程。

Growing at this pace is a lot of work has not always orderly, but we are clearly demonstrating the operational strength to deliver on this challenge. Despite an ongoing inflationary environment, we expect continued margin expansion powered by productivity, strong commercial execution, operational rigor, and increasingly deep vertical operating system adoption.

以這樣的速度成長需要大量工作，過程並非總是井然有序，但我們正清楚展現出足以應對此挑戰的營運實力。儘管通膨環境仍在延續，我們預期利潤率將持續擴張，動能來自生產力提升、強勁的商務執行、嚴謹的營運管理，以及垂直營運系統採用程度日益加深。

We expect to continue generating significant adjusted free cash flow, enabling strategic investments in engineering and R&D, while expanding capacity and pursuing targeted acquisitions that drive shareholder value.

我們預期將持續創造可觀的調整後自由現金流，使我們得以進行工程與研發（R&D）的策略性投資，同時擴充產能並推動能為股東創造價值的精準併購。

The demand environment remains strong heading into 2027, and we believe we are well positioned to capture it and gain market share. We expect strong growth across all financial metrics.

展望 2027 年，需求環境仍然強勁，我們相信自身具備良好條件把握機會並提升市占率。我們預期所有財務指標都將呈現強勁成長。

And let us go to slide 11 and wrap up. A strong Q3 performance, we exceeded guidance. The team continues to raise the bar. We raised our 2026 guidance across all key metrics and feel good about how we will end the year and the momentum we carry into 2027.

接著我們看第 11 張投影片並做個總結。第三季表現強勁，我們超越指引。團隊持續拉高標準。我們已上調 2026 年所有關鍵指標的指引，並對今年收官表現以及延續至 2027 年的動能感到樂觀。

We closed the acquisition of UtilityInnovation Group, adding microgrid solution, advanced power controls, and behind the meter power design capabilities. We also closed the acquisition of King Environmental Services, expanding our fluid management and load testing services in Europe.

我們完成對 UtilityInnovation Group 的收購，新增微電網解決方案、先進電力控制，以及表後（behind the meter）電力設計能力。我們也完成對 King Environmental Services 的收購，擴大我們在歐洲的流體管理與負載測試服務。

I also want to provide further evidence of the strength of our execution through a couple of examples. First, our long-tenured partnership with EdgeConneX and the design engineering and construction management firm, BCEI. They continue to expand globally with Vertiv as their preferred end-to-end powertrain thermal chain and services partner. Vertiv's innovation, quality, scale, and reliability are enabling the deployment of gigawatt scale facilities across multiple locations. We are proud of the trust this customer has Vertiv to deliver at scale.

我也想透過幾個例子，進一步證明我們執行力的強勁。首先，我們與 EdgeConneX 以及設計工程與施工管理公司 BCEI 的長期合作夥伴關係。他們持續在全球擴張，並選擇 Vertiv 作為其首選的一站式電力鏈、散熱鏈與服務合作夥伴。Vertiv 的創新、品質、規模與可靠性，正促成在多個地點部署 GW 等級的設施。我們很自豪客戶信任 Vertiv 能以規模化方式交付。

Next, our collaboration with SGC Energy and KT Cloud on the Gunsan AI data center project in South Korea, designed to enable scalable high-density AI data centers. The project is utilizing our converged infrastructure to accelerate time to token and deliver at scale. Global reach, technical depth, quality and reliability, scale, and industrial leading services defined Vertiv's value proposition.

接著，我們與 SGC Energy 及 KT Cloud 在南韓群山（Gunsan）AI 資料中心專案上的合作，該專案旨在支援可擴展的高密度 AI 資料中心。此專案採用我們的融合式基礎架構，以加速 token 產出時間（time to token）並實現規模化交付。全球佈局、技術深度、品質與可靠性、規模，以及業界領先的服務，構成了 Vertiv 的價值主張。

And with that, I think it's time to go to the Q&A part.

那麼，我想現在是進入問答（Q&A）環節的時候了。

(Operator Instructions)

（接線員指示）

Amit Daryanani, Evercore.

Amit Daryanani，Evercore。

Gio, extremely impressive set of numbers for September quarter, and you're seeing 100% plus order growth right now, which I think is well in excess of the underlying gigawatts of capacity addition, the AI ecosystem would do going forward. This would almost imply that Vertiv is actually picking up market share at this point, which I think is very different from the investor concerns around for other quarter around product quality and potential share loss. Perhaps if you think about the strength in September, the 100% plus order growth, can you just talk about how much of this was catch-up versus underlying demand getting better? And to the extent you can focus in on your share within these AI deployments and how that's evolving, that would be really helpful.

Gio，9 月季度的數字非常亮眼，而且你們目前看到訂單成長超過 100%，我認為這遠高於 AI 生態系未來推進時，底層以 GW 計的產能新增幅度。這幾乎意味著 Vertiv 此刻正在取得市占，這與投資人先前對其他季度、圍繞產品品質與可能流失市占的擔憂非常不同。或許從 9 月的強勁表現、訂單成長超過 100% 來看，你能否談談其中有多少是補回（catch-up），以及有多少是基本面需求變得更好？另外，若你能聚焦在你們在這些 AI 部署中的市占，以及其演變趨勢，將會非常有幫助。

As you're saying, we strongly believe that this growth is above the market growth. If you go back to the market model that we shared with you in May, and we believe that's pretty intact in terms of outlook of the market, that is squarely there.

如你所說，我們堅信這個成長高於市場成長。如果你回頭看我們在 5 月與各位分享的市場模型，我們認為就市場展望而言，那個模型仍相當完整，確實如此。

So if we continue to talk about about orders and our orders trajectory and I specifically talk about Q3 here. But as you heard, we're pretty positive about kind of orders more broadly speaking. But it is, I think, a way to demonstrate that the industry believes in Vertiv and that our technology, our execution, our customer -- strength of our customer relationships, and our ability to deliver are certainly serving our customers customers very, very well.

所以如果我們繼續談訂單以及我們的訂單軌跡，我這裡特別談第三季。但如各位所聽到的，我們對更廣泛的訂單表現仍相當正面。我認為這也顯示產業對 Vertiv 有信心，而我們的技術、執行力、客戶——我們客戶關係的強度，以及我們的交付能力，確實都在非常、非常好地服務我們的客戶。

Is it a catch-up? I am not talking about cash up here. We're talking about orders. So orders are a reflection of our strength in the market.

這是補回嗎？我這裡不是在談現金補回。我們談的是訂單。所以訂單反映的是我們在市場上的實力。

Scott Davis, Melius Research.

Scott Davis，Melius Research。

Congrats on the very strong snapback in numbers here. Gio, I want to just follow on a little bit on Amit's question there. As it relates to some of the chatter out there of supply chain issues and such and also product quality issues. There's been chatter of compressors that have been burning out and heat levels and UPS machines or UPS systems that are overheating, and would you character -- I mean, could you give us a little bit of color? I mean one could characterize as kind of normal product development challenges and one could characterize it as a door opening for competitors.

恭喜這次數字出現非常強勁的反彈。Gio，我想稍微延伸一下 Amit 剛才的問題。關於外界一些對供應鏈問題等的議論，以及產品品質問題。外界有傳聞說壓縮機燒毀、熱度過高，以及 UPS 機器或 UPS 系統過熱，你會怎麼形容——我是說，你能否提供一些背景說明？有人可能會把它形容為正常的產品開發挑戰，也有人可能會把它形容為競爭對手的機會之門被打開。

So how do you guys think about it? And should we have confidence given the numbers you just provided that these issues are all seemingly overblown and we should just look onward. And I'll pass it on after that.

所以你們怎麼看待這件事？而且，基於你們剛提供的數字，我們是否應該有信心，認為這些問題其實都被誇大了，我們應該往前看？我問完就把問題交出去。

Well, again, best answer is our performance. Certainly, we operate at high levels of growth and a very vibrant environment when it comes to new products being launched. Many of these new products are new to the industry, if you will. So this growth and this new product situation is always -- is always creating acceleration across the portfolio. But when we see -- we look at the quality data we are optimistic about what we see.

嗯，再次強調，最好的答案就是我們的表現。當然，我們是在高成長、且新產品推出非常活躍的環境中營運。其中許多新產品可以說是對整個產業而言都是新的。因此，這樣的成長與新產品情境，總是——總是會在整個產品組合上帶來加速。但當我們看到——我們檢視品質數據時，對我們所看到的情況感到樂觀。

We are -- we feel good about the trajectory. We feel good about the direction. When it comes to new products, it's true that if the new product mix is higher, then there is a kind of a higher, let's say, statistically distributed curve in the initial phase of new product. So there might be a mix there. But when we look at the way the infant phase of a new product quality of goals, how it evolves, we see improvement -- constant improvements. So we feel good about that.

我們——我們對這個走勢感到良好。我們對方向感到良好。談到新產品，確實，如果新產品的組合占比更高，那麼在新產品初期階段，統計上會呈現較高的、可分散的曲線。所以那裡可能存在一些組合因素。但當我們看新產品在「嬰兒期」的品質目標及其演進方式時，我們看到改善——持續的改善。所以我們對此感到放心。

And it is a complicated industry. It is a complicated set of products. And that's true across the entire industry is not just an aversive thing. So I feel pretty good at where we are. We are not perfect. Absolutely, we're not perfect, but we believe that we continue to reinforce and focus on quality and reliability as one of the competitive advantages for us.

而且這是一個複雜的產業。這是一組複雜的產品。而這點在整個產業都成立，不只是我們這邊的問題。所以我對我們目前的位置感覺相當不錯。我們並不完美。絕對地，我們不完美，但我們相信我們會持續強化並聚焦在品質與可靠度，把它作為我們的競爭優勢之一。

Steve Tusa, Wells Fargo.

Steve Tusa，Wells Fargo。

Can we just get an update on the supply chain issues from the second quarter, how those played out and whether you we're actually, kind of, like capturing that revenue into this year? And then just a CapEx, maybe a preview of CapEx for 2027?

我們能否更新一下第二季的供應鏈問題，後來是如何發展的，以及你們是否其實把那部分營收在今年認列回來？另外關於資本支出（CapEx），能否先預告一下 2027 年的 CapEx？

Yes. So I'd say -- thanks, Steve. On the kind of a recap of the 2Q. Some of that revenue, the delayed revenue did filter into the third quarter numbers. So I think we capped it somewhere around $100 million to $150 million. I think that was some of the recovery we felt in the third quarter.

好的。所以我會說——謝謝你，Steve。先回顧一下第二季。其中一部分延後的營收確實流入了第三季的數字。所以我想我們當時的估計大概在 1 億到 1.5 億美元左右。我認為那就是我們在第三季感受到的一部分回補。

In terms of our feeling of where we sit right now, again, we're continuing to build up those resiliencies in those factories and ensuring that they can deliver the project level outcomes that we expect to. So we said before that is going to be an ongoing thing that we're continuing to improve that. We saw some definite improvements in third quarter. So that was what you felt come through, and we saw some recovery of that in the revenue basis.

就我們目前所處的位置而言，再次強調，我們持續在這些工廠建立韌性，並確保它們能交付我們所期望的專案層級成果。所以我們之前也說過，這會是一項持續性的工作，我們會不斷改善。我們在第三季看到一些明確的改善。所以你們感受到的就是這些改善帶來的效果，我們也在營收面看到部分回復。

But we're going to continue to work on making sure that we can deliver at a steady pace and an ongoing pace around those project level outcomes.

但我們會持續努力，確保我們能以穩定的節奏、持續的節奏，圍繞那些專案層級成果進行交付。

So I think for us, it's continued effort there. And we did put the capacity in place, as you saw a little bit of that capacity does drive some of the margin things that we've talked about, but definitely put the capacity in place.

所以我認為對我們而言，這方面會是持續投入的工作。而且我們也已經把產能建置到位；如你們所見，其中一部分產能確實會影響我們先前談到的一些毛利因素，但我們確實把產能建起來了。

And your question, we won't highlight 2027 now from an outlook on what our percentage of CapEx would be. Again, we've given a guide for that in the long-term guidance, so we'd update any of that as we come through fourth quarter.

至於你的問題，我們現在不會就 2027 年的 CapEx 占比提供展望重點。再次強調，我們已在長期指引中提供了相關指引，我們會在第四季進展時更新其中任何內容。

Joe O'Dea, Vertical Research.

Joe O'Dea，Vertical Research。

Can you just talk about the mix dynamics in Americas and some of the margin spread there, even if not quantified, just trying to think through the opportunities moving forward as you sort of gain some efficiencies on new products. I'm thinking about what that could mean for margin expansion as you see a narrowing spread between some of these buckets.

你能否談談美洲地區的產品組合動態，以及其中的毛利差異（margin spread）？即使不量化也沒關係；我只是想推演一下，隨著你們在新產品上逐步取得一些效率，未來可能有哪些機會。我在想，當你看到這些不同類別之間的差距收斂時，這對毛利擴張可能意味著什麼。

Yes, I would say you're exactly right. So some of the margin you're seeing in Americas, again, the incrementals are a little bit lower in the second half than they were in the first half because of some favorable comps.

是的，我會說你說得完全正確。所以你在美洲看到的部分毛利表現，再次強調，下半年增量毛利（incrementals）比上半年略低，原因是有一些有利的比較基期。

But you also see there, Joe, in the second half that Americas had a large ramp in capacity, which would drive some inefficiency there. So -- and then on the point of the mix, the mix would be that the product side of that had more output than normal in terms of services. So you got a little bit of a mix factor there.

但你也可以看到，Joe，在下半年美洲地區的產能大幅爬坡，這會在那裡帶來一些效率不彰。所以——另外就產品組合而言，組合的情況是：相較於服務端，產品端的產出高於正常水準。因此那裡會有一點點組合因素。

So that balances back out you might have a little bit of a pickup on a mix there. And as we got better in terms of bringing our capacity online and getting through that learning curve, you have some potential there as well to continue to work through your margins.

所以這會把影響拉回來，你在組合上可能會有一點點回升。而且隨著我們在把產能上線、並走過學習曲線方面做得更好，你也會有一些潛力，能持續改善你的利潤率。

I would say as we think about growing this business and the level we're growing it and bringing on capacity, we're always being prudent about how we do that and creating capabilities. So we'll continue to do that. And I think the 30% to 35% that we put out there is the right way to think about it, 30% always being when we're kind of in the ramp mode and trying to make sure we stay there and the high end of that being 35%.

我會說，當我們思考如何擴大這項業務、以我們目前的成長速度擴張並導入產能時，我們一向會審慎地決定怎麼做，以及如何建立能力。所以我們會持續這麼做。而且我認為我們提出的30%到35%是正確的思考方式：30%通常是在我們處於爬坡模式、並試圖確保維持在那個水準時；而區間上緣則是35%。

Andrew Obin, Bank of America.

Andrew Obin，美國銀行。

Just maybe can we talk about your service organization. It seems like a big differentiator in the market. Can you share some KPIs and particularly getting quite a few questions about any difference in attachment rates on electrical and thermal and how should we think about the opportunity there going forward?

或許我們可以談談你們的服務組織。看起來它是市場上一個很大的差異化因素。你能分享一些KPI嗎？特別是我們收到不少問題在問：電力與散熱（熱管理）在附加率（attach rates）上是否有任何差異？以及我們應該如何看待未來的機會？

Well, thank you for your question. Of course, services is a very important differentiator for us. We've been vocal, and we continue to believe and we have proof of the fact that it is making a difference. And it's making a difference, especially when the industry is complex. There are a lot of new technology being deployed.

好的，謝謝你的提問。當然，服務對我們而言是一個非常重要的差異化因素。我們一直很明確地表達，而且我們仍然相信並且也有證據顯示，這確實正在產生影響。而且它帶來的影響，尤其是在產業變得複雜的時候更為明顯。有很多新技術正在部署。

So -- particularly in these times. We will not go into details of attach rates, but let's talk directionally. We're pleased by the direction in which our attach rates are evolving. That's a metric that we send obsessively and very granularly measure regionally product line, everything. I would say that the -- they're not necessarily a dramatic difference between the electrical and mechanical pie is more specific maybe to some product lines within the larger groups of technologies.

所以——特別是在這樣的時期。我們不會深入到附加率的細節，但我們可以從方向性來談。我們對附加率的演進方向感到滿意。這是一個我們非常執著追蹤、並以非常細的粒度按區域、產品線等各方面衡量的指標。我會說，電力與機械（散熱）這兩大類之間未必有非常戲劇性的差異；更具體的差異可能出現在這些較大技術群組之下的某些產品線。

But again, you heard us talk about converged infrastructure. We talked about a system level all things that create even further opportunities for attachment on a broader installed base. So pleased with where we're going.

但再說一次，你也聽到我們談到融合式基礎架構。我們談的是系統層級——所有這些都能在更廣泛的既有裝機基礎上，創造更多的附加（服務綁定）機會。所以我們對目前的進展感到滿意。

Andy Kaplowitz, Citigroup.

Andy Kaplowitz，花旗集團。

Gio, maybe you could further characterize the order pipeline for us. I think you suggest it continues to grow, but does it continue to maybe widen out by geography as you go into '27. Obviously, the biggest opportunity seems to continue to be in the US. But how big of an opportunity is Europe these days or interestingly India as you go into '27 and beyond?

Gio，也許你可以進一步為我們描述一下訂單管線（order pipeline）。我想你暗示它仍在成長，但當你們走向2027年時，它是否也會在地理分布上持續擴大？顯然，最大的機會似乎仍在美國。但如今歐洲的機會有多大？或者有趣的是，當你們走向2027年及之後，印度的機會有多大？

I go back to what I was saying in terms of pipeline, it's strength, the broad base of strength. Of course, we start from the Americas for us, which of course, the central gravity of the Americas for us is -- and for the market is the US that is intrinsically that absolutely unequivocally the largest market in the world.

我回到我先前談到的管線：它的強勁，以及廣泛的強勁基礎。當然，對我們而言，我們從美洲開始，而美洲對我們——以及對市場——的重心是美國；這在本質上、毫無疑問地是全球最大的市場。

So I was very explicit about the fact that we are very pleased about pipeline growth in in the Americas. Very pleased in terms of an absolute acceleration of pipeline in the Americas in the third quarter. But the situation is certainly very, very convincing also outside.

所以我非常明確地說過，我們對美洲地區的管線成長感到非常滿意。我們也對第三季美洲地區管線的絕對加速感到非常滿意。但在美洲以外的情況同樣非常、非常令人信服。

So I think it's very widespread geographically. Though, of course, some markets starting point is smaller, sometimes very much smaller than the Americas. But that's okay. It's a relative growth that matters.

所以我認為在地理上是非常廣泛的。當然，有些市場的起點較小，有時甚至比美洲小很多。但那沒關係。重要的是相對成長。

We were talking about the strength in EMEA and the acceleration in EMEA (inaudible) comes specifically to India, as you were asking, an extremely convincing landscape, an extremely convincing landscape in terms of the combination of the pipeline and our strength in the market. So please don't think that it's only the Americas, but please be convinced with us that the Americas is an absolutely strong market for us.

我們談到EMEA地區的強勁，以及EMEA地區的加速（聽不清）——特別是你提到的印度：那是一個極其令人信服的局面，無論是就管線的組合，還是我們在市場中的實力而言，都是極其令人信服的。所以請不要認為只有美洲；但也請和我們一樣相信，美洲對我們而言是一個絕對強勁的市場。

Mark Delaney, Goldman Sachs.

Mark Delaney，高盛。

Yes. Congratulations on the strong results. Gio, I was hoping you could give us a bit more of an update on the 800-volt momentum? I know a number of different products that Vertiv is bringing to market with respect to 800 volt. Can you share a bit more around how that customer momentum is progressing and how impactful 800-volt products may be for revenue in 2027?

是的。恭喜你們有強勁的業績。Gio，我希望你能再多給我們一些關於800伏動能的更新。我知道Vertiv針對800伏有多款不同產品正在推向市場。你能多分享一些客戶動能的進展情況，以及800伏產品在2027年對營收可能有多大影響嗎？

Well, we were -- well, thank you for the question. Certainly, a very important one. We were pretty explicit about our road map and what we see in the markets when in July, we dedicated one page of our earnings deck to the evolution of power infrastructure, including the 800-volt see. Remember, we talked about three model configurations. It's probably more complex than that, but from the current infrastructure to the 800-volt DC to the rack and the row all the way to an end-to-end 800-volt DC.

好的——嗯，謝謝你的問題。這當然是一個非常重要的問題。我們在7月時已相當明確地說明了我們的路線圖，以及我們在市場中看到的情況；當時我們在財報簡報中用了一頁專門談電力基礎架構的演進，包括800伏。記得我們談到三種模型配置。實際上可能比那更複雜，但從目前的基礎架構，到800伏直流到機櫃與列（rack and row），一直到端到端的800伏直流。

I'd say that the situation continues to be consistent with that. We are pleased with the direction of travel as Vertiv and the demand in the market is evolving in the same direction that we described pretty much three months ago with, let's say, initial 800 volts to the rack with medium voltage AC or low voltage AC with BESS as an intermediate, if you will, configuration when going to the full 800 volts DC being in the validation part as we speak and started to be revenue generated during 2027 and 2027 being the validation customer validation phase of the full native Andrew and then the deployment into the market in '28.

我會說，目前的情況仍與當時一致。我們對Vertiv的前進方向感到滿意，而市場需求的演進方向也與我們大約三個月前所描述的一致：例如，初期的800伏到機櫃，搭配中壓交流或低壓交流，並以BESS作為中間過渡（如果你願意這麼稱呼）的配置；而走向完整的800伏直流，目前正處於驗證階段，並預計在2027年開始產生營收，且2027年將是完整原生（native）方案的客戶驗證階段，然後在2028年導入市場部署。

So pretty much the same picture we saw back then, pretty pleased about our trajectory and very consistent with what we shared in May and in July.

所以基本上與我們當時看到的圖景相同；我們對自身的軌跡相當滿意，也與我們在5月與7月分享的內容非常一致。

Amit Mehrotra, UBS.

Amit Mehrotra，瑞銀。

I guess I wanted to ask about maybe just overly tactical first. Usually, you see a pretty nice step-up in revenue 3Q to 4Q. The guidance implies sort of more sequentially flat. Obviously, 3Q was much better. So maybe you can just address that.

我想先問一個可能比較戰術性的問題。通常你會看到第三季到第四季營收有一個相當不錯的跳升。但你們的指引看起來比較像是季對季持平。顯然第三季表現好很多。所以也許你可以回應一下這點。

And then as all this capacity is coming online and the pipeline is great and orders are great, is that jump-off point in 4Q in terms of organic growth sort of the right way to think about growth in '27. And maybe if you don't want to answer it that precisely, is there any reason why organic growth doesn't accelerate in '27 in light of capacity and order momentum sort of moving in the right direction?

然後，隨著這些產能陸續上線、管線很強、訂單也很強，第四季在有機成長方面的起跳點，是否就是我們用來思考2027年成長的正確方式？如果你不想回答得那麼精準，那麼在產能與訂單動能都朝正確方向前進的情況下，有沒有任何理由使得2027年的有機成長不會加速？

I'll start with the second quarter to third quarter kind of delay that kind of raised up third quarter a little bit there. So we had that delay in second quarter revenue recognition came in third quarter. So brought third quarter up a little bit more than would have historically been there. So if you adjust for that $100 million to $150 million, you're more in a sequential nature than we've seen in the past from the third quarter to fourth quarter number, if you look at that part of the guide. So I think that's a little bit of a normalization there.

我先從第二季到第三季那種延後談起，這確實讓第三季的表現被稍微墊高了一些。也就是說，第二季延後認列的營收在第三季入帳。因此第三季比起歷史上通常會出現的水準要高一些。所以如果你把那約1億到1.5億美元的影響調整掉，從第三季到第四季的數字（就你看指引那一段而言）會更接近我們過去看到的那種季對季變化。所以我認為這算是一種比較正常化的情況。

And again, as Gio and I have said, as we walk through these things, there's always some prudence in the way that we look at our guide. So our fourth quarter guide would be assessing for that as well.

再重申一次，正如Gio和我在帶大家走過這些項目時所說，我們在看待指引的方式上，總是會保留一些審慎。所以我們的第四季指引也會把這點納入評估。

In terms of kind of where does it sit is going into 2027. Again, we feel good about where we are right now and exiting the year. We won't comment on 2027 where it's going to go. But just to point back to the fact of pipelines look good. As Gio mentioned, the order book looks good and we feel confident about our ability to execute given the third quarter and what we have in front of us here in fourth quarter.

至於大概會落在什麼位置、一路延伸到2027年會如何。同樣地，我們對目前的狀況以及年底的收官感到樂觀。我們不會評論2027年會走向哪裡。但我想回到一個事實：管線看起來不錯。如Gio提到的，訂單簿看起來也不錯，而且基於第三季的表現以及我們第四季眼前的工作，我們對自身的執行能力有信心。

By the way, Amit, I loved your headline today, too. Well done.

順帶一提，Amit，我也很喜歡你今天的標題。做得很好。

Toby Okwara, Morgan Stanley.

Toby Okwara，摩根士丹利。

I wanted to talk about the inventory dynamic into the quarter. It's a pretty sizable ramp up over 100% year over year. Is that kind of just a reset of your normal operating positioning? Or is that part of a transitional phase as you start to readjust supply chains to support modular?

我想談談本季的庫存動態。年增幅度相當可觀，超過100%。這算是把你們的正常營運配置重設回來嗎？還是說，這是你們開始重新調整供應鏈以支援模組化（modular）時的一個過渡階段的一部分？

No, I mean, I think it's a little bit of both. It's definitely the ramp to support the growth that we have and ensuring that we have the right level of resiliency in the factors factory as well as we talked about last quarter. So you're getting kind of a feed through on both of those, Toby, that's causing that ramp in inventory. So it's definitely to support the go-forward growth, but it's also to ensure that we have the right level of resiliency as we get more into this pattern of delivering the projects like a product level business.

不，我的意思是，我認為兩者都有一些。這確實是為了支援我們目前的成長爬坡，同時也如我們上季談到的，確保在工廠端具備適當程度的韌性。所以，Toby，你看到的是這兩個因素的共同傳導，導致庫存拉升。因此這一方面是為了支援未來的成長，另一方面也是為了確保當我們更進一步進入「像產品型業務那樣交付專案」的模式時，能具備適當的韌性水準。

And then if I could follow up on any commentary on mix of liquid cooling. Have you started to see that take greater share of your order book and revenues? And how should we think about the potential margin impact there?

另外我想追問一下，關於液冷（liquid cooling）組合的任何評論。你們是否開始看到液冷在訂單簿與營收中的占比提高？以及我們該如何看待其對毛利率可能造成的影響？

We would not be specific. We're not being specific, but we've been -- in other occasion, vocals about our found, let's say, satisfaction with the direction of travel, if you will, of our liquid cooling business. So not only liquid cooling is becoming a much -- taking a much bigger share of the, let's say, first level heat extraction.

我們不會給出具體數字。我們不提供具體拆分，但在其他場合我們也曾明確表達過，對於液冷業務的發展方向（如果你願意這麼說，行進方向）我們是滿意的。因此不只是液冷正在成為、可以說在第一層級的散熱（heat extraction）中占比更大。

So the mix is definitely moving towards liquid cooling in the market, but we're also very, very satisfied about our our role in the industry and our win rates and that I say, leadership in this part of this cost of the business. It doesn't mean that air cooling is going away, as we said several times, a small portion, a small (inaudible) portion of, let's say, the total heat extracted from an individual high high-density rack.

所以市場的組合確實正在往液冷移動，但我們也對我們在產業中的角色、我們的得標率，以及我所說的在這一塊業務成本結構中的領導地位感到非常、非常滿意。這不代表氣冷（air cooling）會消失；正如我們多次提到的，在單一高高密度機櫃的總散熱量中，仍有一小部分、（聽不清）一小部分是由氣流帶走的。

There's still a lot of air being extracted. But I'd say that as this evolves, what I think is extremely it becomes even more important and prominent is the system level.

仍然有大量的熱是透過空氣被帶走的。但我想說，隨著這個趨勢演進，我認為變得極其、也更重要且更突出的，是系統層級（system level）。

So the coordination between the liquid cooling, the air cooling, and the heat rejection, so the power -- sorry, the total thermal chain chain system. You were talking about will it -- what direction is it making us from a margin standpoint, I'd say we're pretty pleased and fully factored in, of course, the numbers that you see in the numbers that we guide for the rest of the year, but we feel good about liquid cooling across the board including the service attach side.

也就是液冷、氣冷與熱排放之間的協同，所以電力——抱歉，是整條熱管理鏈（total thermal chain）系統。你問到從毛利率角度它會把我們帶往什麼方向，我會說我們相當滿意，而且當然已完整反映在你看到的實際數字，以及我們對今年剩餘期間所給出的指引數字中；我們對液冷整體表現感到樂觀，包括服務綁定（service attach）那一端也是如此。

Nigel Coe, Wolfe Research.

Nigel Coe，Wolfe Research。

Maybe talk about -- there's obviously a lot of noise around your internal supply chain. Maybe just talk about what kind of -- what measures you took to enable obviously the incredible ramp up kind of in the third quarter. And then maybe kind of touch on your sort of degree of satisfaction right now on where you are right now on where you can improve.

或許談談——顯然市場上對你們內部供應鏈有很多雜音。能否談談你們採取了哪些措施，才能在第三季實現如此驚人的爬坡？然後也請談談你們目前對現狀的滿意程度，以及你們認為還能在哪些方面改善。

And then just that leads my question around the hire of the new manufacturing supply chain. What are you hoping that Mike brings to the organization? And any problems that you're hoping you can solve?

接著也延伸到我關於新任製造與供應鏈主管的問題。你們希望Mike能為組織帶來什麼？以及你們希望他能協助解決哪些問題？

When it comes to the dynamics, Craig explained a little bit the dynamics in terms of revenue recognition, Q2, Q3, et cetera. We were very transparent and explicit about the fact that what we are doing in terms of bringing it into our factory, incredible complexity that you have on site requires building processes, building maturing (inaudible) and that is first to the market. And I would say, unique still in our industry.

談到這些動態，Craig已經稍微解釋了在營收認列方面的動態，例如第二季、第三季等等。我們也非常透明且明確地說過，我們正在把相關工作導入我們的工廠；現場存在的極高複雜度需要建立流程、建立並成熟化（聽不清），而且這是市場首創。我會說，這在我們產業中仍然是獨特的。

We progressed well. I'm pleased with the progress on our learning curve that it's a combination of how we execute and how we really architect the entire system, how it works. So I'm pretty pleased about that. Are we done? Not yet, but not in terms of feeling nervous about the future, but feeling fully kind of satisfied about having developed the perfect and having matured across the perfect process.

我們進展得不錯。我對我們學習曲線的進步感到滿意，這是「我們如何執行」以及「我們如何真正架構整個系統、讓它運作」兩者的結合。所以我對此相當滿意。我們完成了嗎？還沒有；但不是因為對未來感到緊張，而是我們還沒有到完全滿意——也就是已經把最佳狀態打造出來，並且在最佳流程上全面成熟。

That is something that will continue to evolve. And that with something that will continue to create a competitive advantage for us. I think we are ahead in the industry. And still work to do, but pleased with the direction we go in.

這會持續演進。而且這也會持續為我們創造競爭優勢。我認為我們在產業中是領先的。仍然有工作要做，但對我們前進的方向感到滿意。

Your question about Mike and I have an opportunity to welcome again, Mike, and a big thank you for what everything that Anders has done, we continue to expand. We continue to take the operational execution to the next level. So there's nothing specific that I would say that's the one thing that will be addressed. This is a very convincing and broad reaching evolution towards operational excellence towards a fully mature Vertiv operating system, and that's the direction Mike will continue to drive towards and he is extremely qualified for that.

至於你問到Mike，我也想藉此機會再次歡迎Mike，同時非常感謝Anders所做的一切；我們仍在持續擴張。我們也持續把營運執行提升到下一個層級。所以我不會說有哪一件特定事情是「唯一」要被處理的。這是一個非常有說服力且影響廣泛的演進，朝向營運卓越、朝向一個完全成熟的Vertiv營運系統；這就是Mike將持續推動的方向，而他在這方面具備非常充分的資格。

Nicole DeBlase, Deutsche Bank.

Nicole DeBlase，德意志銀行。

You highlighted a number of times some of the pacing factors, power availability, permitting, moratoriums, et cetera. Just curious like if you look from a higher level of like how the cadence of your shipments is coming together and when customers are asking for shipments. Are you seeing any evidence of 2data center construction projects pushing to the right because of these pacing items?

你們多次強調一些節奏因素，例如電力可用性、許可審批、暫停令（moratoriums）等等。我只是好奇，如果從更高層次來看你們出貨節奏的組合情況，以及客戶提出出貨需求的時間點。你們是否看到任何跡象顯示，因為這些節奏項目，有資料中心建置專案被往後推遲（pushing to the right）？

What we see in terms of movements at project level is nothing out of the ordinary from what we have seen in the industry over the years. So it's a construction activity. So sometimes there are slippages. There are complexities on site.

就專案層級的進度變動而言，我們看到的情況與過去多年在產業中所見並無異常。畢竟這是施工活動。所以有時會出現延宕。現場也存在複雜性。

Some of the complexity, of course, we are addressing changing the name of the game with our converged infrastructure but we do not see those dynamics translating into the meaningful or, let's say, material out of the ordinary shifts.

當然，其中一部分複雜性，我們正透過融合式基礎架構來處理、改變遊戲規則，但我們並未看到這些動態轉化為顯著或（可以說）重大的、異常的變化。

Clearly, customers and the customers we work with are pretty savvy. And I know what they start a project, they start procure material and technology for that project when they know that the project can be taken to completion.

很明顯，客戶以及我們合作的客戶都相當精明。而且我知道，他們在啟動專案時，會在確認該專案能夠推進至完成之後，才開始為該專案採購材料與技術。

Luke Junk, Baird.

Luke Junk，Baird。

Gio, maybe a little bigger picture question. I think you had previously said you were planning portfolio launches for 800-volt in the second half of this year. Can you just comment on where that stands from an industrialization standpoint right now? And then secondarily, maybe if there's any color you could share on the scope of that opportunity in terms of your relationship with chipmakers versus hyperscalers and maybe we are most engaged right now or even what's animating going into backlog?

Gio，可能是一個更宏觀的問題。我記得你之前提到，計畫在今年下半年推出 800 伏的產品組合。你能否就目前工業化（量產導入）的進展談談現況？其次，你是否能分享一些關於這個機會範圍的看法，例如你們與晶片製造商相較於超大規模雲端業者（hyperscalers）的合作關係，或是目前最投入的方向，甚至是有哪些因素正在推動訂單進入在手訂單（backlog）？

As I was saying, we're pleased with the progress right now. When it comes to the way we think about product launches today, we cannot think in terms of product launches separate from having the right capacity, dedicated production line, dedicated supply chains with that. So that increase -- sorry, it's part of a new product, a new technology launch.

如我所說，我們對目前的進展感到滿意。就我們今天看待產品上市的方式而言，我們不能把產品上市與是否具備適當產能、專用產線、以及相應的專屬供應鏈分開來看。所以那個提升——抱歉——它是新產品、新技術導入的一部分。

So certainly 800-volt in its various guises, as I explained earlier when I answered to a previous question, be it under DC to the rack or the pod or being the entire 800 volt to see is no exception to that. If anything is certainly, let's say, a pinnacle of where we have to match supply chain footprint capacity and technology all at the same time, and that's what we're doing. So the industrialization is an intrinsic part of the product launch.

因此，800 伏在各種形式下——正如我先前回答上一個問題時所解釋的，不論是 DC 到機架（rack）或 pod，或是整體 800 伏到……都不例外。如果要說的話，這可以說是我們必須同時匹配供應鏈佈局、產能與技術的巔峰案例，而這正是我們正在做的。因此，工業化是產品上市不可分割的一部分。

When it comes to who are we working with on the customer and customer validation standpoint, is really a combination of our customers, be them the hyperscalers and partners on the silicon side. But I will not be much more specific than that.

至於在客戶與客戶驗證方面我們與誰合作，基本上是我們的客戶（包括超大規模雲端業者）以及矽端的合作夥伴共同組成。但我不會再更具體了。

Ananda Baruah, Loop Capital.

Ananda Baruah，Loop Capital。

Really appreciate it. Gio, I would just love to get your thoughts on the DSX pod that NVIDIA announced last week, which is intended to, as you well know because your partners speed up kind of time to stand up. And they also have this broader as you were AI factory platform. If that gains any real momentum, does that help you guys faster to revenue? Or is that -- is it more like the data center takes sort of a 7-month time to set up and it's more time to first token for them, but not necessarily an impact to you.

非常感謝。Gio，我很想聽聽你對 NVIDIA 上週宣布的 DSX pod 的看法；如你所知，因為你們是合作夥伴，它的目的在於加快建置上線的時間。他們也有更廣泛的、你所提到的 AI 工廠平台。如果這件事真的獲得動能，是否能幫助你們更快轉化為營收？或者說——更像是資料中心仍需要大約 7 個月的建置時間，對他們而言是縮短首次 token 的時間，但不一定對你們造成影響。

But just wondering if you can increase your velocity of orders to revenue.

只是想了解，你們是否能提升從接單到認列營收的速度。

Well, clearly, very much involved in everything, DSX, be it the DSX port or the broader DSX AI factory, data center design, very, very involved, and that's public information, as we know. As you correctly say, the fundamental driver is time to token. And the value, as I mentioned in one of the early slides, the value is -- can be billions of dollars for our customers. So clearly, there is an acceleration of -- very strong appetite for acceleration across the entire industry.

嗯，很明顯，我們在所有事情上都深度參與，DSX——不論是 DSX pod 或更廣泛的 DSX AI 工廠、資料中心設計——我們都非常、非常投入，而這也是公開資訊，如大家所知。如你所說，根本驅動因素是「到 token 的時間」（time to token）。而其價值——正如我在較早的投影片中提到的——對我們的客戶而言可能是數十億美元。因此很明顯，整個產業對加速都有非常強烈的需求。

We were explicit and we've been very explicit about our converged infrastructure, modular converged infrastructure, where you have reference designs that then gets configured more and more, as I mentioned, using simulation and digital twin to compress not only the deployment time, but also the design time so that we do not design snowflakes, but we go about deploying things that have already been engineered and I just tailored on a specific data center. So what we're doing with the converged infrastructure, one course smart run and what we are doing together with NVIDIA on the DSX be the part of the broader is exactly going in the same direction.

我們已經明確說過，而且一直很明確地談到我們的融合式基礎架構、模組化融合式基礎架構：你有參考設計，接著如我所提到的，透過模擬與數位孿生進行越來越多的配置，以壓縮的不只是部署時間，也包括設計時間，讓我們不必每次都設計獨一無二的「雪花」，而是部署那些已經完成工程化的方案，再針對特定資料中心做客製化調整。因此，我們在融合式基礎架構上所做的事情，以及我們與 NVIDIA 在 DSX（不論是其中一部分或更廣泛的內容）上的合作，方向完全一致。

So we share that ambition. We share that vision. And I was talking about us accelerating the learning curve of being operationally excellent in everything execution of those complex, let's say, delivery processes, that's exactly going into the direction of creating a competitive advantage.

所以我們共享這個企圖心。我們共享這個願景。而我先前談到我們正在加速學習曲線、在各項執行面達到卓越營運，尤其是在這些複雜的交付流程的執行上——這正是朝著建立競爭優勢的方向前進。

Acceleration? Well, certainly, we believe that this will continue to expand our -- goes into the direction of our expanding market share. And certainly, works very well as a very strong technology pull-through vehicles for us.

加速？嗯，我們當然相信，這將持續擴大我們——也就是朝著提升我們市占率的方向發展。而且，這對我們而言也確實是一個非常強的技術拉動（pull-through）載體。

Varun Govindaraj, Bernstein.

Varun Govindaraj，Bernstein。

Congratulations on the strong quarter and the question. I had a quick question on order/backlog. Do you continue to see customers essentially widening the aperture to which they're willing to put in orders for? I mean, said another way, are they just placing orders further down the time line? And is that having any impact on the backlog?

恭喜本季表現強勁，也謝謝讓我提問。我有個關於訂單／在手訂單（order/backlog）的快速問題。你們是否仍看到客戶基本上在擴大他們願意下單的範圍？換句話說，他們是否只是把訂單下到更後面的時間點？這是否對在手訂單（backlog）造成任何影響？

Because in the past, you've said 12 to 18 months. Is that still the range? Or has it shifted around a little bit?

因為過去你們曾說是 12 到 18 個月。現在仍是這個區間嗎？還是有些微變動？

Well, thank you for the question and the -- it is an important question for us, and it's around what is the -- what is -- what's backlog coverage here? The dynamics of us in terms of how far out orders are placed has not changed dramatically, I would say, not change a lot quarter to quarter or in the last few quarters. We're talking about that 12, 18 months and can be very, very much true right now. And that's certainly one of the aspects that we analyze a lot. Clearly, as you all very well remember, we are very strict in what we call a backlog.

嗯，謝謝你的提問——這對我們來說是個重要問題，核心在於：這裡的在手訂單覆蓋度（backlog coverage）是什麼？就我們而言，訂單下到多遠的動態並沒有出現劇烈變化；我會說，無論是逐季或過去幾季，都沒有太大改變。我們談的仍是 12 到 18 個月，而現在也很可能仍然如此。這當然是我們會大量分析的一個面向。而且如各位都很清楚記得的，我們對於什麼叫做在手訂單（backlog）非常嚴格。

We don't call a capacity agreement battle. We only call backlog what is squarely a purchase order. So no, I would say the shape of the backlog has not changed dramatically, of course, orders are very strong news as we were saying, so you can read that reflect in our back.

我們不會把產能協議稱作在手訂單。我們只把明確的採購訂單（purchase order）稱為在手訂單。所以不，我會說在手訂單的形狀並沒有劇烈改變；當然，訂單非常強勁，正如我們所說，因此你可以看到這反映在我們的在手訂單上。

Andrew Buscaglia, BNP Paribas.

Andrew Buscaglia，BNP Paribas。

Just wondering as we look into '27, anything you'd like to set us up with in terms of margins. And I'd say that because we had some some noise in the back half of this year, but it seems like the setup with incremental volume and better mix and capacity going away, just set you up for, I think, what should be a really strong starting point. Do we see these kind of exit margins as the starting point for next year?

想請教，當我們展望到 2027 年時，關於毛利率（margins）你是否有什麼想先幫我們建立預期的？我之所以這麼問，是因為今年下半年有一些雜音，但看起來在增量出貨量、更好的產品組合，以及產能壓力緩解的情況下，似乎讓你們具備一個我認為會非常強的起點。我們是否可以把這類期末毛利率（exit margins）視為明年起始水準？

No, we won't specifically talk about 2027 in terms of where we sit on incrementals. I said historically, what we've said and kind of go forward of what we laid out in the long-term planning is. We aim to be at the 30% to 35%. A lot of things can influence that, especially when you're going through growth. And if you go through growth, you tend to see a little bit lower on that.

不，我們不會特別就 2027 年、以我們在增量（指標）上的位置來做討論。我先前說的是，從歷史上我們一直以來的說法，以及我們在長期規劃中所闡述、並將持續往前推進的方向是：我們的目標是落在 30% 到 35%。很多事情都可能影響這個數字，特別是當你正處於成長期時。而如果你處於成長期，通常會看到這個數字略低一些。

If you are more of a steady state, you see a little bit of a higher of that based on where your volume is. So I'd say that's still the right framework to look at it through. We wouldn't change our framework at all, but I won't specifically comment on 2027 until we provide guidance for that at the end of next quarter.

如果你比較接近穩態（steady state），基於你的量體所在，你會看到這個數字略高一些。所以我會說，這仍然是看待這件事的正確框架。我們完全不會改變我們的框架，但在我們於下個季度末提供 2027 年的指引之前，我不會特別評論 2027 年。

Noah Kaye, Oppenheimer.

Noah Kaye，Oppenheimer。

Just a follow-up there. Incremental margins sequentially from 3Q to 4Q or above the historical average. And I guess, in the absence of any other factors that would imply you are getting more efficient as you ramp these new offerings. So maybe you can comment on if that's the right read or if there are kind of timing, expense-related benefits in the quarter. And the corollary to that is really the EMEA margins, which continue to step up.

我這邊再追問一下。從第三季到第四季的增量利潤率（incremental margins）按季來看高於歷史平均。我想，在沒有其他因素的情況下，這似乎意味著你們在擴大這些新產品/新方案供給時，效率正在提升。所以也許你可以評論一下，這樣的解讀是否正確，或是本季是否有一些時間點、費用相關的好處。與此相對應的其實是 EMEA 的利潤率，仍在持續上升。

Are these levels sustainable?

這些水準是否可持續？

Yes. I mean, again, I think you do see a little bit of a pickup on the third quarter to fourth quarter incremental margins. I wouldn't say it's significant. You are feeling a little bit of a pickup there from APAC getting when I say they're facilitized online more? Do you see that a little bit?

是的。我的意思是，再次強調，我確實認為你會看到第三季到第四季的增量利潤率有些許回升。但我不會說這很顯著。你會感受到一點回升，來自於亞太（APAC）在我所說的、他們的產能/設施更完整地上線運作之後？你有看到一點這樣的情況嗎？

And then again, you still see some good pull-through on EMEA. So again, I don't think it's materially different from third quarter to fourth quarter. But definitely, you're feeling the positive impacts of EMEA and you're doing a positive impact of APAC getting more, let's say, their facility running at a more standard basis.

然後同樣地，你仍然看到 EMEA 有不錯的拉動效應（pull-through）。所以再次強調，我不認為從第三季到第四季有本質上的差異。但你確實感受到 EMEA 的正面影響，也感受到 APAC 的正面影響——可以說，他們的廠房/設施運轉更接近標準化的常態水準。

David Tarantino, KeyBanc Capital Markets.

David Tarantino，KeyBanc Capital Markets。

Maybe just on capital allocation and utility Innovation Group specifically. Can you talk about the opportunities about moving up to the grid interconnect part of the market? Has behind-the-meter power is increasingly leveraged. And then maybe more broadly on capital allocation, even incorporating these deals, the balance sheet is still pristine. How should we think about capital allocation moving forward?

想請教資本配置（capital allocation）以及 Utility Innovation Group（UIG）這部分。你能談談往電網互連（grid interconnect）市場上游移動的機會嗎？因為表後（behind-the-meter）電力的運用正變得越來越普遍。另外更廣泛地談資本配置，即便把這些交易納入考量，資產負債表仍然非常乾淨。我們應該如何看待未來的資本配置？

And would you consider doing opportunistic buybacks in this kind of choppy market?

在這種波動較大的市場中，你們會考慮機會性回購（opportunistic buybacks）嗎？

I'll start with the capital allocation question first. Again, I don't think our strategy will change there. We have cash on balance sheet. We like to have the dry powder to be able to do investments in both ourselves and investments in (inaudible) that we believe are scalable. And we believe those are the right levels of returns we'd like.

我先從資本配置的問題開始。再次強調，我不認為我們的策略在這方面會改變。我們的資產負債表上有現金。我們希望保有充足的「乾火藥」（dry powder），以便能夠對自身進行投資，也能投資於我們認為具備可擴展性的（聽不清）項目。而我們相信，這些投資能帶來我們所期望的報酬水準。

We'll continuously look at things like buybacks, dividends and stuff like that. But in terms of where we see the most value accretive nature is investing in our own capabilities and capacity and/or inorganic plays.

我們會持續評估像是回購、股利等事項。但就我們認為最能增厚價值（value accretive）的方向而言，是投資於我們自身的能力與產能，和/或進行非有機（inorganic）的布局。

On your question on UIG, I think it was a strategic play that allows us to get at the table sooner, it allows us to get into the conversation of the architecture sooner. And so that was a unique position where we could go up further the value chain and start the conversation of how do you architect all the way back to the data center with Verde products.

至於你問到 UIG，我認為那是一項策略性布局，讓我們能更早上桌，讓我們能更早進入架構層面的討論。因此，那是一個獨特的位置，使我們可以在價值鏈上往更上游走，並開始討論如何一路把架構設計延伸回資料中心，並結合 Verde 產品。

And we think it's a great hit for us to be able to do that, and it will be very synergistic to start the conversation earlier, what architectures in the data center and what architecture is at the micro grid. So I don't know, Gio, if you want to add.

我們認為這對我們而言是很好的切入點，能讓我們更早開始對話並產生很強的協同效應：資料中心的架構是什麼、微電網（micro grid）的架構又是什麼。所以我不知道，Gio，你是否想補充？

I think you explained it very well. So I'm very pleased about that. I'm looking forward to adding a segment to our powertrain.

我覺得你已經解釋得非常清楚了。所以我對此非常滿意。我也很期待為我們的動力系統（powertrain）新增一個環節。

There are no further questions at this time. Thank you. This concludes our question-and-answer session. I would like to turn the conference back over to Gio Albertazzi for any closing remarks.

目前沒有其他問題。謝謝。問答環節到此結束。我想把會議交回給 Gio Albertazzi，請他做結語。

Well, thank you, Warren. And thank you all for the questions and full time today. This was a quarter where the organization showed what it's made of. And the opportunity in front of us is significant and it is durable. Our customers are building at scale and complexity that this industry has never seen and they need partners who can scale technology, execution, quality, reliability, and services.

好的，謝謝你，Warren。也謝謝大家今天的提問與全程參與。這是一個季度，組織展現了它的實力。而我們面前的機會非常可觀，而且具備長期性。我們的客戶正以這個產業前所未見的規模與複雜度在建置，他們需要能夠在技術、執行、品質、可靠性與服務上同步擴展的合作夥伴。

That is where the Vertiv team that's what the Vertiv team does. I am proud of what we accomplished this quarter, proud and pleased but certainly never satisfied. There is more ahead, and we're ready for it. With that, thank you all.

這正是 Vertiv 團隊所在之處，也是 Vertiv 團隊所做的事。我為我們本季的成果感到自豪，也感到欣慰，但我們當然永遠不會滿足。前方還有更多，我們已經準備好了。最後，謝謝大家。

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

本次會議到此結束。感謝各位參加今天的簡報。您現在可以斷線。