Wesco International Inc (WCC) 2024 Q3 法說會逐字稿

Hello and welcome to Wesco 2024 third quarter earnings call. (Operator Instructions) Please note this event is being recorded.

您好，歡迎參加 Wesco 2024 年第三季財報電話會議。（操作員說明）請注意此事件正在被記錄。

I will now hand the call over to Scott Gaffner, SVP Investor Relations to begin.

現在我將把電話交給投資者關係高級副總裁 Scott Gaffner。

Thank you and good morning, everyone. Before we get started, I want to remind you that certain statements made on this call contain forward-looking information, forward-looking statements are not guarantees of performance and by their nature are subject to uncertainties actual results may differ materially.

謝謝大家，早安。在我們開始之前，我想提醒您，本次電話會議中所做的某些陳述包含前瞻性信息，前瞻性陳述不是業績的保證，並且本質上受到不確定性的影響，實際結果可能會產生重大差異。

Please see our webcast slides and the company's sec filings for additional risk factors and disclosures. Any forward-looking information speaks only as of this date and the company undertakes no obligation to update the information to reflect changed circumstances.

請參閱我們的網路廣播幻燈片和公司的 SEC 文件，以了解更多風險因素和揭露資訊。任何前瞻性資訊僅代表截至目前的情況，本公司不承擔更新資訊以反映變更情況的義務。

Additionally, today we will use certain non-GAAP financial measures. Required information about these measures is available on our webcast slides and in our press release, both of which are posted on our website wesco.com.

此外，今天我們將使用某些非公認會計準則財務指標。有關這些措施的所需資訊可在我們的網路廣播投影片和新聞稿中找到，兩者均發佈在我們的網站 wesco.com 上。

On the call this morning, we have John Engel, Wesco Chairman, President and Chief Executive Officer and David Schulz, Executive Vice President and Chief Financial Officer. I'll turn the call over to John.

今天早上的電話會議上，Wesco 董事長、總裁兼執行長約翰恩格爾 (John Engel) 和執行副總裁兼財務長 David Schulz 出席了電話會議。我會把電話轉給約翰。

Thank you, Scott. Good morning, everyone. And thank you for joining our call today. We had a strong close to our third quarter with sales up slightly versus the second quarter and this came in at the high end of our outlook range. Accelerating momentum and double-digit sales growth in our data center business was the primary driver.

謝謝你，斯科特。大家早安。感謝您今天加入我們的電話會議。我們在第三季末表現強勁，銷售額較第二季略有成長，這處於我們展望範圍的高端。我們資料中心業務的加速動能和兩位數的銷售成長是主要驅動力。

The continued weakness in utility and broadband offset. What would have been a return to organic growth in the quarter. Adjusted EBITDA margin was flat sequentially and better than the expectations reviewed during our investor day last month and this was driven by an increase in growth margin.

公用事業和寬頻的持續疲軟抵消了這一影響。本季將恢復有機成長。調整後的 EBITDA 利潤率環比持平，優於上個月投資者日審查的預期，這是由成長利潤率的成長所推動的。

Dave, will provide more details on this later in the call along with our outlook for the fourth quarter. Moving the cash flow, I'm pleased with our free cash flow generation of $280 million in the third quarter and $777 million year-to-date and that equates to 154% of adjusted net income.

戴夫（Dave）將在稍後的電話會議中提供更多詳細資訊以及我們對第四季的展望。說到現金流，我對第三季自由現金流產生 2.8 億美元和年初至今 7.77 億美元感到滿意，相當於調整後淨利的 154%。

We placed a particular focus on working capital management and we're beginning to see the benefits and this is especially and most notably in our communications and security solutions business. Quoting a bit activity levels and backlog remain healthy.

我們特別關注營運資金管理，我們開始看到好處，這在我們的通訊和安全解決方案業務中尤其明顯。報價活動水準和積壓訂單保持健康。

In the fourth quarter, we expect to continue to benefit from double digit growth in the data center space while the continued weakness in utility and broadband are expected to continue. We are reaffirming our full year 2024 outlook for sales profitability and free cash flow. If our current run rates of sales and margin continue, we would expect to be within the lower half of our outlook range for sales and adjusted the margin.

在第四季度，我們預計將繼續受益於資料中心領域的兩位數成長，而公用事業和寬頻的持續疲軟預計將持續下去。我們重申 2024 年全年銷售獲利能力和自由現金流的展望。如果我們目前的銷售額和利潤率繼續下去，我們預計銷售額將處於我們的預期範圍的下半部分，並調整了利潤率。

As we look ahead, I really like Wesco's leadership position and exposure to the long term secular growth trends underway in our third markets. While the macroeconomic environment will inevitably present challenges, I strongly believe Wesco will continue to outperform our competitors under all market conditions.

展望未來，我真的很喜歡 Wesco 的領導地位以及對我們第三市場正在進行的長期長期成長趨勢的了解。雖然宏觀經濟環境不可避免地會帶來挑戰，但我堅信 Wesco 在所有市場條件下都將繼續優於我們的競爭對手。

Our commitment to and focused on value creation from the operational improvements, digital transformation and our capital allocation strategy including the focused M&A objectives, we have is clear and resolute as we outlined during our recent investor day held last month. Our Wesco team is focused on executing those plans to deliver outsized returns for our shareholders.

正如我們在上個月舉行的投資者日所概述的那樣，我們致力於並專注於透過營運改善、數位轉型和資本配置策略（包括重點併購目標）創造價值。我們的 Wesco 團隊專注於執行這些計劃，為我們的股東帶來豐厚的回報。

So with that, I'll now hand it over to Dave, to take you through our third quarter results in much more detail as well as our outlook for the fourth quarter. Dave?

因此，現在我將把它交給戴夫，讓您更詳細地了解我們第三季的業績以及我們對第四季的展望。戴夫？

Thank you John, and good morning, everyone. Turning to page 4, as John noted our third quarter sales were at the higher end of our outlook range. The economic environment remains mixed as market weakness continued in utility and broadband, but we delivered strong growth in our Wesco data center solutions business.

謝謝約翰，大家早安。翻到第 4 頁，約翰指出，我們第三季的銷售額處於預期範圍的高端。由於公用事業和寬頻市場持續疲軟，經濟環境依然複雜，但我們的 Wesco 資料中心解決方案業務實現了強勁成長。

Price contributed approximately 2% versus the prior year offset by lower volumes. The divestiture of our integrated supply business was a headwind of approximately 350 basis points. Along with a small headwind from differences in foreign exchange rates.

與前一年相比，價格貢獻約 2%，但被銷量下降所抵銷。我們綜合供應業務的剝離帶來了約 350 個基點的阻力。還有外匯匯率差異帶來的小阻力。

These headwinds were partially offset by the benefit of an additional work day. I'll provide more color on the sales drivers in the next few slides. On the lower half of the page, you can see the adjusted EBITDA impacts of lower sales partially offset by higher gross margin.

這些不利因素被額外工作日的好處所部分抵消。我將在接下來的幾張投影片中提供有關銷售驅動因素的更多資​​訊。在頁面的下半部分，您可以看到銷售額下降的調整後 EBITDA 影響被較高的毛利率部分抵消。

Gross margin was up 50 basis points over the prior year. As discussed previously, the integrated supply business had a lower gross margin than the balance of the company and approximately 40 basis points of the year-over-year gross margin improvement was due to the mix benefit of the divestiture.

毛利率較上年增加 50 個基點。如前所述，綜合供應業務的毛利率低於公司的其他業務，毛利率年增約 40 個基點是由於剝離的綜合效益。

I want to point out that our core gross margin excluding this benefit was up versus the prior year with stable billing margins and slightly higher supplier volume rebates. Adjusted SG&A increase primarily reflecting people are related investments M&A and higher operating costs.

我想指出的是，扣除此福利後，我們的核心毛利率比前一年上升，計費利潤率穩定，供應商數量回扣略高。調整後的銷售及行政管理費用增加主要反映了相關投資併購和營運成本上升。

Turn to page 5. On a sequential basis organic sales were flat with growth in CSS offset by lower sales and EES and UBS. There was a slight benefit from foreign exchange rates in our EES and CSS businesses.

翻到第5頁。從環比來看，有機銷售額持平，CSS 的成長被銷售額以及 EES 和 UBS 的下降所抵消。我們的 EES 和 CSS 業務因外匯匯率而略有受益。

As you can see on the chart at the bottom of the page adjusted EBITDA margin was essentially flat with the second quarter, which was better than our expectation for a slight sequential decline.

正如您在頁面底部的圖表中看到的那樣，調整後的 EBITDA 利潤率與第二季度基本持平，這比我們對連續小幅下降的預期好。

CSS EBITDA margin was up 90 basis points sequentially, while EES and UBS were both down sequentially due to the impact of lower sales on operating leverage. Gross margin was up 20 basis points sequentially reflecting favorable mix, a onetime supplier volume rebate adjustment and higher billing margin.

CSS EBITDA 利潤率較上季成長 90 個基點，而 EES 和 UBS 則因銷售下降對營運槓桿的影響而較上季下降。毛利率季增 20 個基點，反映出有利的組合、一次性供應商數量回扣調整和更高的計費利潤率。

Gross margin expanded sequentially in both EDS and CSS offset by slightly lower gross margins within our UBS business. IRS D&A was primarily driven by people related investments and higher operating costs.

EDS 和 CSS 的毛利率持續成長，但被瑞銀業務的毛利率略有下降所抵消。IRS D&A 主要是由與人員相關的投資和更高的營運成本所驅動的。

As mentioned, our EBITDA margin was essentially flat sequentially with the second quarter. We called our Investor Day; we indicated that adjusted EBITDA margin through the first two months of the quarter was below our expectations.

如前所述，我們的 EBITDA 利潤率與第二季度基本持平。我們稱之為投資者日；我們表示，本季前兩個月調整後的 EBITDA 利潤率低於我們的預期。

Two drivers of the improvement compared to what we shared at Investor Day. First, we had a onetime benefit on supplier volume rebates in the month of September. And second, we had favorable mix from higher stock sales than anticipated in September which comes with a higher gross margin.

與我們在投資者日分享的內容相比，有兩個推動因素。首先，我們在 9 月獲得了供應商批量回扣的一次性福利。其次，我們在 9 月的庫存銷售量高於預期，從而獲得了有利的組合，同時毛利率也更高。

Turning to page 6. This is a slide that we've shown for the last several quarters to support our view that Wesco has outperformed the market over the past few years.

翻到第6頁。這是我們在過去幾季展示的幻燈片，以支持我們的觀點，即 Wesco 在過去幾年中表現優於市場。

The chart on the left side compares Wesco year-over-year organic growth to the average organic growth of our 10 largest publicly traded supplier partners weighted to the proportion of our purchases that they represent. You can see that Wesco has outperformed the supplier average almost every quarter since the middle of 2021.

左側的圖表將 Wesco 的同比有機增長與我們 10 個最大的公開交易供應商合作夥伴的平均有機增長進行了比較，並根據他們所代表的採購比例進行加權。您可以看到，自 2021 年中期以來，Wesco 幾乎每季的表現都優於供應商平均值。

The chart on the right compares Wesco year-over-year organic growth to the electrical and data communications distributors in the Baird’s Distribution Survey, which is published quarterly. Note that our CSS unit sales were up 8% compared with the Baird’s datacom Index, that was up 7%.

右圖將 Wesco 的同比有機成長與貝爾德分銷調查（每季發布）中的電氣和數據通訊分銷商進行了比較。請注意，我們的 CSS 單位銷售額成長了 8%，而貝爾德資料通訊指數則成長了 7%。

When comparing our results to the electrical survey, note we have a disproportionate mix of utility which is impacting total sales due to the decline in our UBS business. We think these two data sets support our view that Wesco's growth has exceeded our peers, and we have outperformed the market over the last three years.

將我們的結果與電力調查進行比較時，請注意，我們的公用事業組合不成比例，由於瑞銀業務的下降，這影響了總銷售額。我們認為這兩個資料集支持了我們的觀點，即 Wesco 的成長已經超過了我們的同行，並且我們在過去三年中的表現優於市場。

Let me walk you through our business unit results beginning with EES on slide 7. EES organic sales were down 3% in the third quarter. Reported sales were down about 2% which included an extra work day compared with the prior year.

讓我從投影片 7 上的 EES 開始向您介紹我們的業務部門績效。EES 第三季有機銷售額下降了 3%。與前一年相比，報告的銷售額下降了約 2%，其中包括額外的工作日。

Construction sales were flat in the third quarter as growth in Canada was offset by weakness in solar and project timing in the United States.

第三季建築銷售持平，原因是加拿大的成長被美國太陽能和專案時機的疲軟所抵消。

Sales were up low single digits sequentially for the second consecutive quarter, reflecting improved momentum in construction. Industrial sales were down low single digits, similar to construction, we delivered growth in Canada offset by a weaker US market reflecting a broad-based industrial slowdown in the third quarter.

銷售額連續第二季環比成長低個位數，反映出建築動能的改善。工業銷售下降了低個位數，與建築業類似，我們在加拿大實現了成長，但被美國市場疲軟所抵消，反映出第三季工業普遍放緩。

OEM sales were up low single digits also reflecting improving momentum. Backlog was up 2% on a sequential basis and down about 1% from the prior year.

OEM 銷售額成長了低個位數，也反映了動能的改善。積壓訂單季增 2%，較前一年下降約 1%。

Lastly, EES adjusted EBITDA margin was flat year over year. Despite lower sales driven by higher gross margins, the benefits of previous cost actions and continued cost controls.

最後，EES 調整後 EBITDA 利潤率較去年同期持平。儘管毛利率上升導致銷售額下降，但先前的成本行動和持續的成本控制帶來了好處。

The secular trends of electrification automation, green energy and supply chain relocation will drive future growth for the segment.

電氣化自動化、綠色能源和供應鏈遷移的長期趨勢將推動該領域未來的成長。

Turning to slide 8. CSS sales were up 8% year-over-year on an organic basis and up 10% as reported. This was driven by Wesco data center solutions which was up more than 40% with balanced growth across all three end use customer types, hyperscale multi-tenant data center and enterprise.

轉到投影片 8。CSS 銷售額有機年增 8%，據報告成長 10%。這是由 Wesco 資料中心解決方案推動的，該解決方案成長了 40% 以上，所有三種最終用戶類型、超大規模多租戶資料中心和企業均實現均衡成長。

Security returned to growth in the third quarter and was up low single digits. This growth was offset by lower sales in our enterprise network infrastructure business which was down mid-single digits.

安全性在第三季恢復成長，並出現低個位數成長。這一成長被我們的企業網路基礎設施業務銷售額下降所抵消，該業務銷售額下降了中個位數。

We continue to see softness in wireless in structured cabling that was only partially offset by strength in our service provider business. CSS backlog was up 8% sequentially and up 15% versus the prior year reflecting increasing order momentum.

我們繼續看到結構化佈線無線領域的疲軟，但我們服務提供者業務的強勁僅部分抵消了這一疲軟。CSS 積壓訂單季增 8%，與前一年相比成長 15%，反映出訂單動能不斷增強。

Compared with the end of 2023, CSS backlog is up 22%. Adjusted EBITDA margin for CSS was down 90 basis points versus the prior year primarily reflecting the mix of large projects in the quarter with a lower gross margin.

與 2023 年底相比，CSS 積壓量增加了 22%。CSS 調整後 EBITDA 利潤率較前一年下降 90 個基點，主要反映了本季毛利率較低的大型專案。

Importantly, gross margin was up 20 basis points. Sequentially reflecting the expected stabilization that we had called out last quarter. We expect CSS EBITDA margin to increase sequentially in the fourth quarter, driven by higher sales and operating cost leverage.

重要的是，毛利率上升了 20 個基點。這依次反映了我們上季度呼籲的預期穩定。我們預計，在銷售和營運成本槓桿上升的推動下，CSS EBITDA 利潤率將在第四季度環比成長。

Turning the slide 9. Organic sales and us were down 70% in the quarter and reported sales were down 18% primarily due to the integrated supply divestiture.

轉動滑塊 9.本季有機銷售額和美國銷售額下降了 70%，報告銷售額下降了 18%，這主要是由於綜合供應剝離所致。

As we outlined last quarter, the utility market is continuing to experience short term softness related to customer destocking and lower project activity which is the function of the current interest rate and regulatory environment. We expect these impacts to continue in the fourth quarter.

正如我們上季所述，公用事業市場繼續經歷與客戶去庫存和專案活動減少相關的短期疲軟，這是當前利率和監管環境的作用。我們預計這些影響將在第四季度持續。

We remain confident in the future benefit from the secular trends of electrification, green energy and grid modernization and believe that these trends will support growth acceleration over the long term. Broadband sales were down mid-single digits reflecting continued demand weakness in the United States.

我們對未來受益於電氣化、綠色能源和電網現代化的長期趨勢仍然充滿信心，並相信這些趨勢將支持長期加速成長。寬頻銷售額下降了中個位數，反映出美國需求持續疲軟。

Customers continue to work through inventory and delay purchases until government funding is released. However, momentum is improving in Canada, and we delivered a second consecutive quarter of sales growth in our Canadian operations.

客戶繼續處理庫存並推遲採購，直到政府資金釋放為止。然而，加拿大的勢頭正在改善，我們的加拿大業務連續第二個季度實現銷售成長。

Backlog was down 7% sequentially and 14% lower year-over-year as there has been a delay on projects being converted from the opportunity pipeline into the backlog. Adjusted EBITDA margins were down 40 basis points primarily reflecting the lower sales in the quarter.

積壓訂單環比下降 7%，年減 14%，因為項目從機會管道轉換為積壓訂單出現了延遲。調整後 EBITDA 利潤率下降 40 個基點，主要反映了本季銷售額的下降。

Turning to page 10. On this slide, we are highlighting a recent win by each of our business units. These are all substantial business awards that span multiple years and range from $50 million to more than $2 billion.

翻到第10頁。在這張投影片上，我們重點介紹了我們每個業務部門最近的勝利。這些都是跨越多年的重大商業獎項，金額從 5000 萬美元到超過 20 億美元不等。

These examples reinforce the positive trend of our bidding and cross sell activity to win increasingly large complex multiyear customer contracts. Also worth noting are the end markets for these multiyear agreements. A global EPC firm, a global technology company and a large investor-owned utility.

這些例子強化了我們的投標和交叉銷售活動的正面趨勢，以贏得越來越大、複雜的多年期客戶合約。另外值得注意的是這些多年協議的終端市場。全球 EPC 公司、全球科技公司和一家大型投資者擁有的公用事業公司。

Turning to page 11. In the third quarter, we delivered $280 million of free cash flow or 145% of adjusted net income, which is substantially more than our through the cycle target of 100%. This has been driven by the reduction of working capital including cash generation from a lower accounts receivable balance.

翻到第11頁。第三季度，我們實現了 2.8 億美元的自由現金流，即調整後淨利潤的 145%，大大超過了我們 100% 的整個週期目標。這是由於營運資金減少，包括應收帳款餘額減少所產生的現金。

Additionally, third quarter cash flow includes some timing benefits related to tax payments, expected to be cash outflows in the fourth quarter on a trailing 12 month basis which this chart bridges to adjusted net income free cash flow is $836 million or 127% of adjusted net income including more than $120 million of cash generation from networking capital.

此外，第三季現金流包括一些與納稅相關的時間效益，預計第四季度過去12 個月的現金流出，該圖表將調整後的淨利自由現金流為8.36 億美元或調整後淨收入的127 %收入包括來自網路資本的超過 1.2 億美元的現金產生。

We are on track to deliver full year free cash flow within our range of $800 million to $1 billion for the full year. I want to make some comments on networking capital.

我們預計將實現全年 8 億至 10 億美元範圍內的全年自由現金流。我想就網路資本發表一些評論。

As you may have seen from the press release, our inventory is up versus the end of 2023 and sequentially. At the beginning of 2024 we set the goal to reduce inventory by three days.

正如您可能從新聞稿中看到的那樣，我們的庫存較 2023 年底及環比有所增加。2024 年初，我們設定了減少三天庫存的目標。

As we look to the fourth quarter, we are focused on continuing to drive reduction of inventory days. We have made substantial progress on reducing inventory days in our CSS business.

展望第四季度，我們的重點是繼續推動庫存天數的減少。我們在減少 CSS 業務的庫存天數方面取得了實質進展。

However, given the lower-than-expected sales in both EES and UBS, we do not expect to see a reduction in inventory days this year.

然而，鑑於 EES 和 UBS 的銷售均低於預期，我們預計今年庫存天數不會減少。

Moving to slide 12. This is a slide we presented at our investor day last month which shows that we expect to deliver approximately $3 billion of free cash flow over the period of 2025 to 2027.

轉到投影片 12。這是我們上個月在投資者日上展示的一張幻燈片，顯示我們預計在 2025 年至 2027 年期間將提供約 30 億美元的自由現金流。

This is in addition to our outlook for $800 million to $1 billion of free cash flow for 2024. As we outlined at investor day, we expect to allocate approximately 75% of this cash to value creative M&A.

這是我們對 2024 年自由現金流 8 億至 10 億美元的預期的補充。正如我們在投資者日所概述的那樣，我們預計將大約 75% 的現金用於估值創意併購。

If an appropriate acquisition is not available, we will allocate capital to share repurchases and debt reduction. We expect the remaining 25% to be returned to shareholders through further share repurchases and a modest dividend.

如果無法進行適當的收購，我們將分配資金用於股票回購和債務削減。我們預計剩餘的 25% 將透過進一步的股票回購和適度的股息返還給股東。

So far this year, we have repurchased $375 million worth of common shares and reduced our net debt by approximately $475 million.

今年到目前為止，我們回購了價值 3.75 億美元的普通股，並將淨債務減少了約 4.75 億美元。

Turning to page 13. This slide shows the year-over-year, monthly and quarterly sales growth comparisons for the past 21 months and our expectations for the fourth quarter. Sequentially, we expect fourth quarter reported sales to be flat to down low single digits.

翻到第13頁。這張投影片顯示了過去 21 個月的同比、月度和季度銷售成長比較以及我們對第四季度的預期。接下來，我們預計第四季度報告的銷售額將持平或降低個位數。

More specifically, we expect normal seasonality from a sales per work day basis, which is typically about a 1% sequential increase compared to the third quarter. There is one fewer work day in Q4 versus Q3, which is a headwind of about 1.6%.

更具體地說，我們預計每個工作日的銷售額會出現正常的季節性變化，與第三季相比通常會較上季成長約 1%。第四季比第三季減少了一個工作日，逆風約 1.6%。

This results in our expectation for fourth quarter reported sales to be flat to down slightly compared to the third quarter. We expect adjusted EBITDA margins will be in line or slightly lower than the third quarter as we continue to manage cost effectively in a mixed economic environment. And the non-recurring positive impacts to gross margin in the third quarter are not expected to repeat.

這導致我們預計第四季度的銷售額將與第三季持平或略有下降。我們預計調整後的 EBITDA 利潤率將與第三季度持平或略低於第三季度，因為我們將繼續在混合經濟環境中有效地管理成本。第三季對毛利率的非經常性正面影響預計不會重複。

Preliminary October sales per work day are off to a good start and are tracking up mid-single digits versus the prior year. Excluding the impact of the integrated supply messenger in the base period.

10 月份每個工作日的初步銷售額開局良好，與去年同期相比，呈現中個位數成長。剔除基期綜合供給使者的影響。

As you can see from the chart. October is the easiest base period comparison of the quarter. Now I'm moving to page 14, for the key sales drivers of our strategic business units.

從圖表中可以看出。十月是本季最簡單的基期比較。現在我要翻到第 14 頁，了解我們策略事業部門的關鍵銷售驅動因素。

Within EES the relative weakness in the US has reduced our segment level outlook. We now expect reported sales to be flat to down slightly. We continue to expect construction to be approximately flat with the prior year.

在 EES 領域，美國的相對疲軟降低了我們對細分市場的展望。我們現在預計報告的銷售額將持平或略有下降。我們仍然預計建設量將與去年基本持平。

The industrial business is expected to benefit from continued growth in many of the end market verticals we support but the recent softness in our day-to-day business has moderated some of the expected upside. So we are reducing that outlook to approximately flat.

工業業務預計將受益於我們支持的許多終端市場垂直領域的持續成長，但近期日常業務的疲軟已經削弱了一些預期的上漲空間。因此，我們將這一前景下調至大致持平。

We continue to expect OEM to be flat with the prior year. Looking at our CSS segment, we now expect our enterprise network infrastructure business to be down versus the prior year based on softness with service provider customers.

我們繼續預計 OEM 將與上年持平。看看我們的 CSS 部門，我們現在預計，由於服務供應商客戶的疲軟，我們的企業網路基礎設施業務將比前一年下降。

Based on share gains and security, we expect to outgrow the market and for the business to be relatively flat for the year. Lastly, we experienced strong accelerating growth in our data center business in the third quarter which was up more than 40%.

基於股票收益和安全性，我們預計今年的成長速度將超過市場，並且業務將相對穩定。最後，第三季我們的資料中心業務強勁加速成長，成長超過 40%。

We expect this trend to continue in the fourth quarter. We now expect our data center business to be up more than 20% for the full year. Overall, we expect CSS reported sales to be up low to mid-single digits in 2024.

我們預計這一趨勢將在第四季度繼續下去。我們現在預計全年資料中心業務將成長 20% 以上。總體而言，我們預計 2024 年 CSS 報告的銷售額將成長至中個位數。

We all that last quarter, we reduced the company's top line organic growth forecast primarily driven by market conditions in our utility and broadband businesses. Looking specifically at UBS in 2022 and 2023 we generated double digit growth in utility.

上個季度，我們降低了公司的營收有機成長預測，這主要是由公用事業和寬頻業務的市場狀況所推動的。具體來說，瑞銀在 2022 年和 2023 年的效用實現了兩位數的成長。

The recent softness is coming off at historically high base. Based on current trends, we now expect the utility and broadband solutions business to be down mid-single digits versus a low to mid-single digit decrease previously. Driven by continued customer de stocking and lower project activity.

最近的疲軟正從歷史高點回落。根據當前趨勢，我們現在預計公用事業和寬頻解決方案業務將下降中個位數，而先前的下降幅度為中個位數。受客戶持續去庫存和項目活動減少的推動。

Moving to slide 15, as we mentioned earlier, we are maintaining our full year outlook ranges. However, for sales and adjusted EBITA, we would expect to be within the lower half of those ranges. If the current run rate of sales and margin were to continue through the fourth quarter.

轉向幻燈片 15，正如我們之前提到的，我們維持全年展望。然而，對於銷售額和調整後的 EBITA，我們預計將在這些範圍的下半部內。如果目前的銷售額和利潤率能夠持續到第四季。

At the bottom of the page, you can see that we have narrowed the ranges of our outlooks for depreciation and amortization interest expense and other expense and have adjusted the effective tax rate based on year-to-date results.

在頁面底部，您可以看到我們縮小了折舊和攤銷利息費用以及其他費用的展望範圍，並根據年初至今的結果調整了有效稅率。

Moving to slide 16, we've covered a lot of material this morning. So let me briefly recap the key points before we open the call to your questions.

轉到幻燈片 16，今天早上我們已經介紹了很多材料。因此，在我們開始回答你們的問題之前，讓我先簡單回顧一下要點。

1,000 in the third quarter or at the high end of our outlook. And we continue to experience a mixed and multi speed economy. Growth and momentum in data center was very strong offset by continued declines with our utility and broadband customers. Free cash flow of $280 million in the quarter was strong and represented 145% of adjusted net income.

第三季達到 1,000 點，或處於我們預期的上限。我們繼續經歷混合和多速經濟。資料中心的成長和勢頭非常強勁，但被我們的公用事業和寬頻客戶的持續下滑所抵消。本季自由現金流強勁，達 2.8 億美元，佔調整後淨利的 145%。

We have repurchased $375 million worth of common shares this year and reduced net debt by $475 million. We continue to seek opportunities to allocate capital to value creative M&A followed by further share repurchases and debt reduction with that operator. With that operator, we can now open the call up for questions.

今年我們回購了價值 3.75 億美元的普通股，淨負債減少了 4.75 億美元。我們繼續尋求機會將資本分配給有價值的創意併購，然後進一步回購股票並減少與該營運商的債務。透過該接線員，我們現在可以打開電話詢問問題。

(Operator instructions)

（操作員說明）

Nigel Coe, Wolfe Research.

奈傑爾·科，沃爾夫研究中心。

Thanks, good morning, everyone. Thanks for the question. Sort of begin to the mid-single digit growth October I think the per the slide mention, some storm activity in the fourth quarter. Just wondering if there's any sort of measurable impact from the storms in October that maybe doesn't repeat in November, December.

謝謝大家早安。謝謝你的提問。我認為，根據投影片的內容，第四季會出現一些風暴活動，十月開始出現中個位數成長。只是想知道 10 月的風暴是否會產生任何可衡量的影響，而這些影響可能不會在 11 月和 12 月重演。

And then maybe just address, within the UBS segment, we saw a fair amount of backlog erosion and just wondering what that sort of suggests, as we go into 2025 for UBS, particularly in the first half of the year.

然後也許只是解決一下，在瑞銀部門內，我們看到了相當多的積壓侵蝕，只是想知道當瑞銀進入 2025 年時，這意味著什麼，特別是在今年上半年。

Nigel, let me start with the hurricane impact. In the month of September, the hurricane impact on our company was essentially neutral. We saw some benefit within our utility business but that was offset by a series of our branch locations that were shut down during the storm and obviously, some projects were not going during that period.

奈傑爾，讓我從颶風的影響開始。九月份，颶風對我們公司的影響基本上是中性的。我們在公用事業業務中看到了一些好處，但這被我們在風暴期間關閉的一系列分支機構所抵消，顯然，一些項目在此期間沒有進行。

So essentially we saw the increase in utility, but it was offset within our EES business. So we have seen some of that pickup in the month of October, primarily from the EES business, those shipments that were delayed out of September into October. On the UBS backlog, given the current market environment, we are not seeing many of the projects that are being planned shift from our opportunity pipeline into the backlog.

因此，本質上我們看到了效用的增加，但它在我們的 EES 業務中被抵消了。因此，我們在 10 月看到了一些回升，主要來自 EES 業務，即從 9 月推遲到 10 月的出貨。在瑞銀的積壓訂單方面，考慮到當前的市場環境，我們沒有看到許多正在計劃的項目從我們的機會管道轉變為積壓訂單。

So we are working our way through the backlog, but it is not being replenished at the same rate. We do think that this is a temporary phenomenon over the long term. You still are very confident in the growth of our utility and broadband solutions business.

因此，我們正在努力解決積壓的問題，但並沒有以同樣的速度補充。我們確實認為，從長遠來看，這只是暫時現象。您對我們公用事業和寬頻解決方案業務的成長仍然非常有信心。

And Nigel, I'll add one thing that I think it's important. I know we've talked about this over the years, but it's particularly important given your question on the backlog to address what that reflects and doesn't reflect. So you saw that we highlighted three recent wins, very large wins. And for UBS, we highlighted a five-year contract extension and that wasn't a typo worth over $2 billion.

奈傑爾，我要補充一件我認為很重要的事。我知道我們多年來一直在討論這個問題，但考慮到您關於積壓的問題，解決反映和未反映的問題尤其重要。所以你看到我們強調了最近的三場勝利，非常大的勝利。對於瑞銀，我們強調了一份為期五年的合約延期，這並不是一個價值超過 20 億美元的錯字。

When you think about that contract extension, it's not like that gets laid in. The backlog is a one big order. It only shows in the backlog as the orders are released under that multiyear customer agreement. And that's the nature of a good portion of the UBS business.

當你想到續約合約時，你會發現這並不是一個既定的事情。積壓訂單是一筆大訂單。它僅在訂單根據多年客戶協議發佈時顯示在積壓訂單中。這就是瑞銀大部分業務的本質。

So I think the backlog is one clearly one indicator, it aligns as Dave mentioned with kind of current market activity, think of those is more smaller and day to day projects. But the bigger kind of our integrated supply business model with investor utilities and public power municipals coops and such, we got tremendous value proposition. We're very well positioned and that, you know, that business is in outstanding shape.

因此，我認為積壓是一個明顯的指標，正如戴夫所提到的，它與當前的市場活動相一致，想想那些更小的日常項目。但是，我們與投資者公用事業和公共電力市政合作社等的綜合供應業務模式更大，我們獲得了巨大的價值主張。我們處於非常有利的位置，而且您知道，我們的業務狀況非常出色。

Again, I'll end on the point that I'm very, very confident that utility has moved from a GDP industry to a secular growth industry. And the rising power demand curve is substantial and that we're just really at the front end of that in terms of what utilities are facing into.

最後，我再次強調，我非常非常有信心公用事業已經從 GDP 產業轉變為長期成長產業。不斷上升的電力需求曲線是巨大的，就公用事業所面臨的問題而言，我們確實處於該曲線的前端。

Great, thanks John. And yeah, those numbers were pretty big numbers. I think you also talked about large industrial projects and just one, maybe just touch on what you're seeing there. And I think the kind of the broader question for my follow up is.

太好了，謝謝約翰。是的，這些數字相當大。我想你也談到了大型工業項目，只是其中一個，也許只是觸及了你在那裡看到的情況。我認為我的後續行動中更廣泛的問題是。

You mentioned some of these projects not moving from opportunity funnel to backlog. And I'm just curious, what you hear from customers relates to the election and some of the policy uncertainty. And do you think the election sort of clears up some of that uncertainty?

您提到其中一些項目沒有從機會漏斗轉移到積壓工作。我只是很好奇，您從客戶那裡聽到的與選舉和一些政策不確定性有關的資訊。您認為選舉會消除一些不確定性嗎？

The short answer to that is yes, I think that, depending on the election outcome, that will determine kind of a different mix of investment priorities if we're just focused on the US alone with the US election. So we think in either case, we're exceptionally well positioned and net-net. There's a, you know, with the government stimulus funds that have been approved through various bills and the CapEx that's increased dramatically driven by big tech.

對此的簡短回答是肯定的，我認為，如果我們只關注美國大選，那麼根據選舉結果，這將決定不同的投資優先事項組合。因此，我們認為無論哪種情況，我們都處於非常有利的位置，而且網路網路。你知道，政府刺激資金已經通過各種法案獲得批准，而資本支出則在大型科技公司的推動下急劇增加。

Those are strong drivers of kind of future orders and opportunities in 2025 and beyond. But the election outcome will determine the mix of the, I'll call the rest of the industrial based investments, right. It will be more renewables versus you know, oil and gas as an example.

這些都是 2025 年及以後未來訂單和機會的強大驅動力。但選舉結果將決定其餘的工業投資的組合，對吧。與您所知，例如石油和天然氣相比，它將更多地使用再生能源。

So yeah, I do think that I know many companies like that, but I think that's an overhang when we get beyond that'll, provide some clarity for our industrial customers. Dave's comment on the opportunity pipeline, was with respect to smaller projects for utility alone.

所以，是的，我確實認為我知道很多這樣的公司，但我認為當我們超越這一點時，這將是一個懸而未決的問題，為我們的工業客戶提供一些清晰度。戴夫對機會管道的評論是針對僅用於公用事業的小型專案。

Not seeing that same kind of dynamic. And then you know, we do have some bigger projects in the pipeline that will be shipping in the coming quarters of the so-called mega projects as they start working our way through our business. You know, we talked about that in prior quarters. So you know, and that sets us up for next year and beyond.

沒有看到同樣的動態。然後你知道，我們確實有一些更大的項目正在籌備中，這些項目將在未來幾季交付所謂的大型項目，因為它們開始在我們的業務中發揮作用。你知道，我們在前幾個季度討論過這個問題。所以你知道，這為我們明年及以後的發展奠定了基礎。

Okay, thanks.

好的，謝謝。

Sam Darkatsh, Raymond James.

山姆達卡特什，雷蒙德詹姆斯。

Good morning John. Good morning, Dave. How are you?

早安，約翰。早上好，戴夫。你好嗎？

Morning, Sam.

早上好，山姆。

Couple questions first off, pricing outlook as we look into '25. I think we've seen some price announcements from some switch gear manufacturers and generator folks in the low to mid-single digits going in December and January.

首先有幾個問題，我們展望 25 年的定價前景。我認為我們已經看到一些開關設備製造商和發電機人員在 12 月和 1 月發布了低至中個位數的價格公告。

What's your feeling right now in terms of the, your confidence that you might be able to get a little bit of price next year?

現在的感覺如何，您是否有信心明年能夠獲得一點價格？

Yeah, what you cited Sam is spot on. If you look across, I think about all our categories, right, the breadth of our portfolio, all the various skews in different categories because you were citing kind of specifically a few categories there.

是的，你引用的 Sam 是正確的。如果你放眼望去，我會想到我們所有的類別，對吧，我們投資組合的廣度，不同類別中的所有各種偏差，因為你在那裡特別引用了一些類別。

If you look at what's happening thus far as we move as we came through Q3 and as we're in the Q4. The number of products, and again, we have a look into the first part of 2025 because we're working in these things, 90, 120 sometimes up to 180 days in advance with supplier partners.

如果你看看到目前為止我們在第三季和第四季所發生的事情。產品數量，我們再次關注 2025 年上半年，因為我們正在與供應商合作夥伴提前 90 天、120 天，有時甚至提前 180 天進行這些工作。

The number of products with increasing prices. Let's say that the number of various skills. Is relatively stable, so think of that is kind of, what is pricing, where is pricing being raised across the entire portfolio. Overall, the magnitude of the increase is lower than it was a year ago, but stable, relatively stable Sam, with last quarter sequentially. So, that is the current, I'll call it momentum vector for pricing.

產品數量不斷增加，價格不斷上漲。就說各種技能的數量吧。相對穩定，所以想一下，什麼是定價，整個投資組合的定價在哪裡提高。總體而言，成長幅度低於一年前，但穩定，薩姆相對穩定，與上季持平。這就是當前，我將其稱為定價動量向量。

And then my second question, if I could sneak actually two quickies in here. First off Dave, what was the amount of the one time benefit in September from the rebates? And then what's your goal for inventory days take out for next year? Thanks.

然後是我的第二個問題，我是否可以在這裡偷偷溜兩個快速人員。首先，戴夫，9 月從回扣中獲得的一次性福利金額是多少？那麼您明年的庫存天數目標是多少？謝謝。

Yes. And let me address supplier blind rebate. So we did a true up in the month of September. You know, I would tell you that was worth between 10 basis points and 20 basis points. You know, as I mentioned, the thing that we're most pleased with is, our billing margins have remained stable and I know that there was a lot of chatter about as inflation benefits begin to subside that we would see that margin erosion and that would come through in our billing margin., we've not seen that yet.

是的。讓我談談供應商盲目回扣。所以我們在九月做了一次真正的上漲。你知道，我會告訴你，其價值在 10 個基點到 20 個基點之間。你知道，正如我所提到的，我們最滿意的是，我們的計費利潤率保持穩定，我知道，隨著通貨膨脹福利開始消退，有很多人在討論我們會看到利潤率下降，而且會在我們的帳單利潤中體現出來。

But again, supplier volume rebates, we continue to manage aggressively and that was primarily the benefit that we saw in September versus our expectations coming into the third quarter.

但同樣，在供應商數量回扣方面，我們繼續積極管理，這主要是我們在 9 月看到的好處，與我們對第三季的預期相比。

And then inventory days.

然後是庫存天數。

Yeah, inventory days. We, will comment on 2025 when we do our fourth quarter call. You know, clearly, we're disappointed with the progress that we made a lot of it being driven by the top line, of course. But again, we'll provide you with the specifics for 2025 when we announce our fourth quarter.

是的，庫存天數。我們將在進行第四季度電話會議時對 2025 年發表評論。你知道，顯然，我們對我們所取得的進展感到失望，因為我們取得的大部分進展都是由營收推動的。但同樣，當我們宣布第四季度時，我們將向您提供 2025 年的具體資訊。

Okay. Thank you.

好的。謝謝。

David Manthey, Baird.

大衛曼蒂，貝爾德。

Hey, good morning, everyone. First question on UBS. Could you talk about how significant storm demand is versus planned upgrades and new installations for utility sales? And then is the UBS mix still heavily weighted towards distribution? I don't know if you can update us on. I think it used to be like 70, 30 versus transmission.

嘿，大家早安。第一個問題是關於瑞銀的。您能否談談風暴需求與公用事業銷售的計劃升級和新安裝相比有多重要？那麼瑞銀的組合是否仍偏重於分銷？我不知道你是否可以向我們通報最新情況。我認為過去大約是 70、30 與傳輸。

Yeah. So, you know, in terms of the storm impact, we saw a nominal benefit in the third quarter late in the third quarter. And you know, and in the very beginning of the fourth quarter, kind of stretched in for utility to the tune of it's $15 million range. A very similar day to what we over the years, what we cited the immediate impact.

是的。所以，你知道，就風暴的影響而言，我們在第三季末看到了第三季的名義效益。你知道，在第四季初，實用性就達到了 1500 萬美元的範圍。與我們多年來非常相似的一天，我們所引用的直接影響。

What happens effectively is we're a first responder with our utility customers. We're running a certain days supply level for all the critical skews. Once you go in the storm prep mode, we do it in conjunction with our customers. It does trigger some replenishment orders to make sure as inventory forward position to support the to support the storm recovery.

實際上，我們是公用事業客戶的第一個回應者。我們針對所有關鍵偏差運行特定天數的供應水準。一旦您進入風暴準備模式，我們就會與客戶一起進行。它確實觸發了一些補貨訂單，以確保庫存遠期頭寸支持風暴恢復。

We didn't see anything meaningful yet. In terms of rebuild recovery. I mean, that'll be a 2025 a matter. Relative to the mid of the business, we've not updated that for some time. It's on our list to update that for 2025. So stay tuned.

我們還沒有看到任何有意義的東西。在重建恢復方面。我的意思是，這將是 2025 年的事。相對於業務中期，我們已經有一段時間沒有更新了。我們已將其列入 2025 年更新清單中。所以請繼續關注。

So I won't give you the percentages per se today in this call because we will do that. And that is our plan when we kind of outline our overall outlook for 2025. With that said, we're clearly seeing strong growth in the transmission through substation portion of the utility power chain.

因此，今天我不會在這次電話會議中向您提供百分比本身，因為我們會這樣做。這就是我們在概述 2025 年整體前景時的計劃。話雖如此，我們清楚地看到公用電力鏈中透過變電站部分進行的傳輸出現了強勁成長。

And you know, given our leading value proposition and our, blue chip array of end user customer relations directly with the IOUs and selectively with a number of different pub public power customers. We're benefiting increasingly from sales and growth in that portion of the power chain. It had been a strategy matter quite frankly for us.

你知道，鑑於我們領先的價值主張以及我們的藍籌最終用戶客戶關係，直接與借據並選擇性地與許多不同的酒吧公共電力客戶建立關係。我們越來越多地受益於動力鏈這一部分的銷售和成長。坦白說，這對我們來說是一個戰略問題。

Jim Cameron and his utility business have been focused on this for better parts of a decade to make sure they because we see the addressable market is across the entire power chain from generation, no matter what type. Through transmission, high voltage transmission through the substation steps down the voltage through the distribution grid that feeds industrial America, all the commercial buildings, residential and such.

吉姆·卡梅倫（Jim Cameron）和他的公用事業公司在十年來的大部分時間裡一直專注於這一點，以確保他們能夠實現目標，因為我們看到可尋址市場遍及從發電開始的整個電力鏈，無論是什麼類型。透過輸電，高壓輸電透過變電站降低電壓，透過配電網為美國工業區、所有商業建築、住宅等供電。

So I just give you kind of directionally, directionally we're seeing much greater growth rates there. You'll see that from our supplier partners as well and others in the value chain. One that reported this morning. And so I think, we'll see increasing benefits from that.

所以我只是給你一些方向性的信息，我們看到那裡的成長率要高得多。您也會從我們的供應商合作夥伴以及價值鏈中的其他人那裡看到這一點。今天早上報道的一篇。所以我認為，我們會從中看到越來越多的好處。

I think as we move through the changes that will occur across the utility value chain, again, it is absolutely shifting into a secular growth industry because of the rising power demand curve. I mentioned this in the last earnings call. All these secular trends, we talk about electrification which is much more than indeed int and automation upgrades, these mega so called mega projects.

我認為，當我們經歷整個公用事業價值鏈將發生的變化時，由於電力需求曲線的上升，它絕對會轉變為長期成長的產業。我在上次財報電話會議中提到了這一點。所有這些長期趨勢，我們談論的電氣化遠遠超出了智慧和自動化升級，這些所謂的大型專案。

that are there in various stages in the US and AI and Gen AI driven data centers, all of those to realize any of those ambitions requires higher power and it drives an increasing power demand curve. Actually, we've not seen a fundamental increase in electricity demand in the US since 2007 in a material way.

美國以及人工智慧和新一代人工智慧驅動的資料中心處於不同階段，所有這些目標的實現都需要更高的電力，並推動不斷增長的電力需求曲線。事實上，自2007年以來，我們並沒有看到美國電力需求出現實質成長。

So this is a huge shift that the utilities are going to have to, that are facing into. And it requires them to really look as they do now, we're a long planning cycle look at where how they're going to step up their CapEx spending to really support this demand.

因此，這是公用事業公司必須面臨的巨大轉變。這要求他們真正像現在一樣，我們正在經歷一個漫長的規劃週期，看看他們將如何增加資本支出，以真正支持這種需求。

Thanks for that John. I appreciate it. I'll pass it on.

謝謝約翰。我很感激。我會把它傳遞下去。

Thank you.

謝謝。

Deane Dray, RBC Capital Markets.

迪恩德雷 (Deane Dray)，加拿大皇家銀行資本市場。

Thank you. Good morning, everyone. Hey, that 40% growth number in data center is really impressive. And since that far outstrips, what we think is like the footprint growth. It makes me want to ask about your mix because.

謝謝。大家早安。嘿，資料中心 40% 的成長數字確實令人印象深刻。由於這遠遠超過了我們所認為的足跡成長。這讓我想問一下你的混音，因為。

Remember John, you and I have talked about your interest in doing the services and consulting and Rahi had a fabulous reputation for that. So just talk about the mix. So how much of that is actually, you know, moving boxes versus providing consulting services?

記住約翰，你和我談論過你對提供服務和諮詢的興趣，而拉希在這方面享有盛譽。所以只談混合。那麼，你知道，其中有多少實際上是搬運箱子而不是提供諮詢服務？

Yeah, we've not given that mix yet. We will do that Deane because you and I chatted about it. But I will tell you, and again, if you were engaging with our front end sales team and CSS our global sales teams that are working on user customers, it is absolutely the differentiator and the catalyst.

是的，我們還沒有給出這種組合。我們會這麼做，迪恩，因為你和我討論過這件事。但我會再次告訴您，如果您與我們的前端銷售團隊和 CSS 我們的致力於用戶客戶的全球銷售團隊合作，那麼這絕對是差異化因素和催化劑。

You know what's happening here is, and it's just, you know, timing is everything in life and business, our direct end user customers, the hyper scalers, even the MTDC and enterprise and we had growth of all three types of data center customers, you know, that the captive enterprise customers as well.

你知道這裡發生的事情是，你知道，時間就是生活和商業中的一切，我們的直接最終用戶客戶、超級縮放器，甚至 MTDC 和企業，我們的所有三種類型的資料中心客戶都在成長，你知道，被俘虜的企業客戶也是如此。

They're looking at consolidating their supply base and we have unmatched capabilities and the complete solution as mentioned and we really, that's why we really want to spotlight at our recent investor day. So we owe you all that. I will make this comment, I was disappointed with the growth in the first quarter of data centers.

他們正在考慮鞏固他們的供應基礎，而我們擁有無與倫比的能力和如上所述的完整解決方案，這就是為什麼我們真的想在最近的投資者日上重點關注的原因。所以我們欠你這一切。我將發表此評論，我對資料中心第一季的成長感到失望。

You know, it was low to mid-single digits. In the second quarter we were high teams, as we mentioned to you. This is great to see. This is absolutely a very strong accelerating growth momentum vector. And what's really, I ask you to look at the 40%-plus growth in conjunction with the backlog growth because that's also inflecting up dramatically.

你知道，這個數字是低至中個位數。正如我們向你提到的，第二節我們是一支強隊。很高興看到這一點。這絕對是一個非常強勁的加速成長動能向量。事實上，我請您將 40% 以上的成長與積壓訂單的成長結合起來，因為這也在急劇上升。

And again, for overall CSS, we gave you the numbers but heavily driven by data center. So, I am really feeling good about the momentum that we're at the front end of this.

同樣，對於整體 CSS，我們提供了數字，但很大程度上是由資料中心驅動的。所以，我對我們處於領先地位的勢頭感到非常高興。

These Gen AI driven data centers have substantially more content because of the power demand power draw versus a traditional data center or AI driven data center, let's say. Furthermore, we owe you some expanded disclosures as well on what progress we're making in the gray space.

可以說，與傳統資料中心或人工智慧驅動的資料中心相比，這些新一代人工智慧驅動的資料中心由於電力需求的消耗而擁有更多的內容。此外，我們還需要向您進一步揭露我們在灰色空間中取得的進展。

This number is a white space number, but we are seeing very strong growth off a much smaller base in the gray space, that is actually higher than this number. So in the quarter, now it's a lower base to start with, but we've talked about that in prior quarters. So thank you, I'll put that out as a look forward to kind of framing that properly. For you as we give an outlook for 2025.

這個數字是一個空白數字，但我們看到灰色空間中的基數小得多，成長非常強勁，實際上比這個數字要高。因此，在本季度，現在的基數較低，但我們在前幾個季度已經討論過這一點。所以謝謝你，我將把它提出來，作為對正確框架的期望。我們為您展望 2025 年。

Got it. And then can you just on the data center backlog? Just give us a sense of what that visibility takes you out. How far is that, you know, you're in discussions? But what has hit the backlog? Is that a couple of quarters? Is it a year, just if you could share that with us?

知道了。然後你可以只專注在資料中心的積壓工作嗎？請讓我們了解這種可見性會為您帶來什麼。你知道，你們正在討論到什麼程度了？但到底是什麼造成了積壓呢？這是幾季嗎？是不是一年了，可以跟我們分享一下嗎？

So it, it'll vary by customer Deane. But as an example, if you take, I'll answer it this way if you take because we serve directly all you know, the magnificent seven-plus. So if you take them and look at what they've been public about in terms of their CapEx spending and they're multiyear data center builds. And they are multiyear global data center builds.

所以，它會因客戶迪恩而異。但舉個例子，如果你採取，我會這樣回答，因為我們直接服務於你所知道的一切，宏偉的七加。因此，如果你看看他們公開的資本支出支出情況，你會發現他們是多年的資料中心建設。它們是多年的全球資料中心建設。

That is the time phasing of these opportunities because we're essentially securing these programs multiyear contracts, we're very akin to our model was let's do what we did in utilities with these utilities. Let's do that with all other end user customers starting with hyper scalers. If that's helpful.

這就是這些機會的時間階段，因為我們基本上是在確保這些項目的多年合同，我們的模式非常類似於我們在公用事業中與這些公用事業公司所做的事情。讓我們從超級縮放器開始，對所有其他最終用戶客戶執行此操作。如果這有幫助的話。

That really is helpful and just that I know we could go on this, I just wanted to get the my follow up question. Just the idea here John, if you just share with us what jumps out at you as meaningfully different in your stock and flow business and the mix in the quarter. I mean, we've gone through the individual segments.

這確實很有幫助，只是我知道我們可以繼續下去，我只是想得到我的後續問題。這只是約翰的想法，如果您只是與我們分享您在本季度的庫存和流量業務以及組合中發現的有意義的不同之處。我的意思是，我們已經完成了各個部分。

But I was like to hear from you about what you see your read of the tea leaves, how the quarter played out stock and flow and mix.

但我想聽聽您對茶葉的看法，該季度如何發揮庫存、流動和混合的作用。

Yeah, overall stock and flow perform better as a relative portion of the mix. I'm not sure they really highlighted that in detail, but it did perform better in Q3 than it did in the first half. Now, the only area that was not the case was industrial, but I think that's completely a function of the overall industrial and market.

是的，整體庫存和流量作為組合的相對部分錶現較好。我不確定他們是否真的詳細強調了這一點，但它在第三季的表現確實比上半年更好。現在，唯一不是這種情況的領域是工業，但我認為這完全是整個工業和市場的函數。

Let's call it sluggishness, I'll use that word in Q3. But I'm actually, I feel really good the fact that that was kicking back into gear on a relative sense. And so we did expect that would happen at some point, hopefully in the second half, but it did start in Q3.

我們稱之為遲緩，我將在第三季使用這個詞。但事實上，我感覺非常好，因為相對而言，這種情況正在恢復正常。所以我們確實預計這會在某個時候發生，希望是在下半年，但它確實從第三季開始。

Great. Thank you.

偉大的。謝謝。

Christopher Glynn, Oppenheimer.

克里斯托弗·格林，奧本海默。

Yeah, thanks, good morning. So a couple of questions on UBS trying to understand the [DTO] stark visibility, your assessment of duration of inventory normalization. And also you know, what types of projects are getting delayed?

是的，謝謝，早安。因此，有幾個關於瑞銀的問題試圖了解 [DTO] 的明顯可見性，以及您對庫存正常化持續時間的評估。您還知道哪些類型的項目被延後了？

Is it you know, weighted to IOUs or smaller, is it waited? We usually think of distribution is more stock and flow. But you said transmissions and substations very strong. So trying to reconcile that with project delays.

你知道嗎，加權到 IOU 或更小，等待嗎？我們通常認為分銷更多的是存量和流量。但你說輸電和變電站非常強大。因此，試圖將其與專案延誤相協調。

Yeah, Chris, good question. I mean it the dynamics similar to last quarter. There's no real change in in dynamics. I remember we've said now for a couple quarters running given the higher interest rate environment, given that the regulatory approval cycles for the rate cases that utilities are facing.

是的，克里斯，好問題。我的意思是與上個季度類似的動態。動態方面沒有真正的變化。我記得我們已經連續幾個季度說過，鑑於利率環境較高，考慮到公用事業公司面臨的利率案件的監管審批週期。

And there this inflation on current projects that were underway, squeezed out dollars to that prevented the kind of impact of the utilities in a way where they can delay the start of the new projects. So think of these as various grid modernization upgrade projects, just a whole series of stuff that fits right into our wheelhouse, these are still going to get done.

目前正在進行的項目的通膨擠壓了美元，從而阻止了公用事業公司的影響，從而推遲了新項目的啟動。因此，將這些視為各種電網現代化升級項目，只是一系列適合我們駕駛室的東西，這些仍然會完成。

It's just they got pushed out to the right a bit. So in terms of, how broad based this has been the de stocking. I do think the earlier question from Nigel the election over and is one factor the interest rate environment, there's a delay between cause and effect. And that clearly has impacted the utilities across the last year and a half plus.

只是他們被推到右邊一點了。因此，就去庫存而言，其基礎有多廣泛？我確實認為奈傑爾早些時候提出的問題是選舉結束，這是利率環境的一個因素，因果關係之間存在延遲。這顯然對過去一年半的公用事業產生了影響。

Now the interest rates are projected with the 1st 50 basis point cut reduction, it's expected that will continue, that sets up a completely different set of conditions for utilities as we enter 2025. But it's been broad based, this is actually very important, you know think about our position in the utility market in the US and Canada.

現在，利率預計將首次下調 50 個基點，預計這種情況將持續下去，這為進入 2025 年的公用事業公司創造了一套完全不同的條件。但這是基礎廣泛的，這實際上非常重要，你知道想想我們在美國和加拿大公用事業市場的地位。

And again, in the third quarter, similar to second quarter, we saw spending down on two thirds of the utility customer base, very consistent across those two quarters. It is why we revised our guide and it's part of the Q2 earnings release in terms of the second half. And so now let me look forward a bit to 2025.

同樣，在第三季度，與第二季度類似，我們看到三分之二的公用事業客戶群的支出下降，這兩個季度非常一致。這就是我們修改指南的原因，也是下半年第二季財報發布的一部分。現在讓我對 2025 年有所期待。

The timing of the recovery in our utility markets has really been vary by customer. We're talking to each and everyone of them now and we'll have a very well informed view that will form the basis of our 2025 operating plan for our utility business, being developed really through the month of November and December.

我們的公用事業市場的復甦時間確實因客戶而異。我們現在正在與他們每一個人進行交談，我們將獲得非常全面的觀點，這將構成我們公用事業業務 2025 年營運計劃的基礎，該計劃將在 11 月和 12 月真正制定。

We locked down our plans for '25 and we articulate that as part of our outlook. As Dave, mentioned as part of our Q4 call, earnings release call. I just want to make one point overall and I really can't emphasize this enough.

我們確定了 25 年的計劃，並將其作為我們展望的一部分。正如戴夫在我們第四季財報電話會議的一部分中提到的那樣。我只想整體闡述一點，這一點我真的怎麼強調都不為過。

If you think of how, what utilities faced in terms of demand, environment, variability and demand, environment and the ability to forecast electricity demand, it is a completely different scenario today going forward. As I said, electricity demand essentially has an increase in the US since 2007.

如果你想想公用事業公司在需求、環境、變動性和需求、環境以及預測電力需求的能力方面所面臨的情況，那麼今天的情況將是完全不同的。正如我所說，自 2007 年以來，美國的電力需求基本上有所增加。

These are rising power demand curves that are substantial. Data centers alone, I'll give you a stat. Roughly the power demand for data centers this year in the US is 25 gigawatts. That's what they draw.

這些是不斷上升的電力需求曲線，規模很大。僅資料中心，我會給你一個統計數據。今年美國資料中心的電力需求大致為25吉瓦。這就是他們畫的。

Expectations range between 80 to 100 gigawatts total by 2030. Think about that number. So that's over 10 gigawatts per year added minimum. And let's think about it this way, a gigawatt of power is equivalent of a new nuclear power plant.

預計到 2030 年，總裝置容量將達到 80 至 100 吉瓦。想想這個數字。所以每年至少增加超過 10 吉瓦。我們這麼想吧，一吉瓦的電力相當於一座新的核電廠。

Not like we have a lot of excess power generation across the current value chain in terms of generation, let alone the interconnection queues across the transmission grid. So look all the utilities have stepped up their CapEx. I'm just want to paint this picture that and again, think about the data center customers and the large balance sheets they have.

就發電而言，我們目前的價值鏈上並沒有大量過剩的發電，更不用說跨輸電網的互連隊列了。看來所有公用事業公司都加大了資本支出。我只想描繪這幅圖景，並再次考慮資料中心客戶和他們擁有的龐大資產負債表。

And so if you just look at the entire value chain and what's happening, this is absolutely shifted into a secular growth market. And we are sitting right at the beginning of it and our combination of UBs, plus CSS, plus CES as is exceptionally well positioned. Again an important point we're emphasized at our investor day last month.

因此，如果你只看整個價值鏈和正在發生的事情，這絕對會轉變為一個長期成長的市場。我們正處於它的開始，我們的 UB、CSS 和 CES 的組合處於非常有利的位置。我們在上個月的投資者日再次強調了這一點。

Appreciate the emphasis in detail, John. Second question, just if we pan out on the CSS margins, curious how to think about runway, I know ENI mix is a factor. So in terms of some of the ENI mix dynamics and some of the, the stock and flow, there are those sequential mix trends, pre pretty consistent with the first half (multiple speakers).

約翰，感謝對細節的強調。第二個問題，如果我們在 CSS 邊緣上表現出色，好奇如何思考跑道，我知道 ENI 混合是一個因素。因此，就 ENI 的一些組合動態以及庫存和流量而言，存在那些連續的組合趨勢，與上半年非常一致（多個發言者）。

Here's the important point, Chris and I think, you know, we read, your pre earnings call note too and I think I figured you did this with this question. When you look at the first half, when you look at margin mix year over year, we had some pressures in CSS, but we were very clear that we were getting very good pull through on the growth in CSS. Let's think about what happened in Q3, we talked about data centers.

這是重要的一點，克里斯和我認為，你知道，我們也讀過你的財報電話會議前的說明，我想我認為你是用這個問題來回答的。當你看上半年時，當你看逐年的利潤率組合時，我們在 CSS 方面面臨一些壓力，但我們非常清楚，我們在 CSS 的成長方面取得了很好的進展。讓我們想想第三季發生的事情，我們談到了資料中心。

But also security returned to growth. That's a very big business for us and we're very pleased with that relative performance versus market in Q3. We did expect it would return to growth; it did return to growth. Look at the sequential gross margin, EBITDA margin. That's what we pointed you to last quarter.

但安全性也恢復了成長。這對我們來說是一項非常大的業務，我們對第三季相對於市場的相對錶現感到非常滿意。我們確實預計它會恢復成長；但事實並非如此。它確實恢復了增長。查看連續毛利率、EBITDA 利潤率。這就是我們上個季度向您指出的。

We were very clear that as the growth returned to CSS overall, which it did, and it would be disproportionately driven by data centers that we would get sequential margin expansion. And we got 90 basis points of margin expansion for CSS from Q2 to Q3.

我們非常清楚，隨著CSS整體恢復成長（事實確實如此），並且資料中心將不成比例地推動我們的利潤率連續成長。從第二季到第三季度，CSS 的利潤率擴大了 90 個基點。

So I'd ask you to focus on that, that was our view, that's our model, that's how it works. We expect a similar dynamic with the EES as it returns to growth. And UBS even with the sales challenges is that we've had it's the EBITDA margin business we have starting with 11 handles still in the quarter. So again as that growth kicks back in, we have the same dynamic. So I just, that's what I pointed to Chris.

所以我請你關注這一點，這是我們的觀點，這是我們的模式，這就是它的運作方式。我們預計，隨著 EES 恢復成長，其也會出現類似的動態。儘管瑞銀面臨銷售挑戰，但我們的 EBITDA 利潤率業務在本季仍有 11 個業務。因此，當這種成長重新出現時，我們也會有同樣的動力。所以我只是，這就是我向克里斯指出的。

Thanks John. Appreciate it.

謝謝約翰。欣賞它。

Ken Newman, KeyBanc Capital Markets.

肯紐曼，KeyBanc 資本市場。

Maybe for the first one Dave you, you mentioned expectations for CSS down margins to be up sequentially 3Q to 4Q on that stronger operating leverage. I'm curious if you could provide any help on just how to think about EES margins sequentially here.

也許在第一個問題中，Dave you 提到，由於營運槓桿更強，CSS 的利潤率將在第三季至第四季連續上升。我很好奇您是否可以在此提供有關如何按順序考慮 EES 利潤的任何幫助。

And I think the full year guide implies that segment flips back to year-over-year growth here on in 4Q on an easy comp. I'm just, one curious if you're seeing that demand, they're stabilizing to support that. And how do we think about that flip and operating leverage?

我認為全年指南意味著該細分市場將在第四季度以簡單的比較恢復同比增長。我只是好奇你是否看到了這項需求，他們正在穩定下來支持這項需求。我們如何看待這種翻轉和營運槓桿？

Yes, certainly. So we do anticipate that within CSS first to re emphasize that point, given the sales outlook, particularly around data center, we are expecting to see sequential growth on the top line but then also some operating leverage on the adjusted EBITDA line within our EES and utility and broadband solutions business.

是的，當然。因此，我們確實預計，在CSS 內部，首先要再次強調這一點，考慮到銷售前景，特別是在資料中心方面，我們預計營收將實現連續成長，但我們的EES 和調整後的EBITDA 線也會出現一些營運槓桿公用事業和寬頻解決方案業務。

I would say that the fourth quarter is going to be impacted by sales coming down. We provided you with fourth quarter outlook that sales would be flat to down slightly sequentially. With CSS growing, we're expecting some slippage on a reported sales basis within our EES and UBs business.

我想說第四季將受到銷售額下降的影響。我們向您提供了第四季度的展望，銷售額將持平或環比略有下降。隨著 CSS 的成長，我們預期 EES 和 UB 業務的報告銷售額會出現一些下滑。

Again, taking into account that there is one fewer work day. So that is putting some pressure on the margin. But overall, we're expecting that the adjusted EBITDA margin sequentially will be flat to down slightly in Q4 versus Q3.

再考慮到工作日少了一個。因此，這給利潤率帶來了一些壓力。但總體而言，我們預計第四季度調整後的 EBITDA 利潤率將與第三季持平或略有下降。

Got it, that's helpful. And then for the second one here, obviously pretty strong free cash flow here through year-to-date. You maintain the free cash flow guide for this year and obviously, you reiterated the $3 billion of free cash flow long term target here for the next couple of years.

明白了，很有幫助。對於第二個，今年迄今為止，這裡的自由現金流顯然相當強勁。你們維持了今年的自由現金流指南，顯然，你們重申了未來幾年 30 億美元的自由現金流長期目標。

You do have the preferred coming due for or being callable middle of next year. I know you're trying to look at, you know, prioritizing debt pay down as well as acquisitions and as we think about capital deployment. But is there a way to help us think about, how you prioritize taking down that preferred debt versus going after potential deals here in the near term?

您確實有優先選擇在明年年中到期或可以調用。我知道，當我們考慮資本部署時，您正在嘗試優先考慮償還債務和收購。但有沒有一種方法可以幫助我們思考，在短期內，你如何優先考慮減少優先債務而不是追求潛在的交易？

Yeah, absolutely. So, we're going to continue to focus on finding the right deals for our company. We outlined it during the investor day, we have been aggressively working opportunities. There are some outstanding opportunities and some specific capabilities that we're currently working and we are imminently hoping that we'll be able to make some form of an announcement on some of the things that we've been working on.

是的，絕對是。因此，我們將繼續專注於為我們公司尋找合適的交易。我們在投資者日概述了這一點，我們一直在積極尋找機會。我們目前正在研究一些出色的機會和一些特定的功能，我們迫切希望能夠以某種形式宣布我們一直在研究的一些事情。

But again, from our perspective, it comes back down to what's the long term value creation opportunity. That's why we're prioritizing the M&A. We are very confident in our ability to generate free cash flow.

但從我們的角度來看，這又回到了長期價值創造機會是什麼。這就是我們優先考慮併購的原因。我們對產生自由現金流的能力非常有信心。

We will be taking out the preferred. So it'll be the balancing between, do we use our available cash for, you know, some of these more tuck in type M&A opportunities similar to what we did with Rahi or do we, warehouse that cash for the preferred take out.

我們將優先考慮。因此，這將是一個平衡，我們是否將可用現金用於，你知道，一些更多的隱藏式併購機會，類似於我們對拉希所做的那樣，或者我們是否將現金儲存起來以供首選外賣。

We always have the opportunity to leverage our balance sheet and we're focused on the long term value creation. We'll balance between M&A warehousing cash for the preferred and then also buying back shares with leverage.

我們始終有機會利用我們的資產負債表，並且我們專注於長期價值創造。我們將在優先股的併購倉儲現金和利用槓桿回購股票之間取得平衡。

Understood. Thanks.

明白了。謝謝。

Patrick Baumann with JPMorgan.

摩根大通的派崔克‧鮑曼。

Hi, good morning. Maybe if we could start off on. Well, I guess I kind of have two questions on the EES segment. Can you talk about like the [non-resin] markets? What you're seeing, I think you said something about improving momentum, which was surprising to hear in context of the macro indicator. So just wanted to check on that.

嗨，早安。也許我們可以開始。嗯，我想我對 EES 部分有兩個問題。您能談談[非樹脂]市場嗎？你所看到的，我認為你說了一些關於改善勢頭的事情，在宏觀指標的背景下聽到這一點是令人驚訝的。所以只是想檢查一下。

And then you also cited, weakness in solar and us project timing as factors for the third quarter. Can you just remind us how big solar is for you and the type of declines you're seeing and how you see these things kind of impacting fourth quarter results including that project timing dynamic.

然後您還提到，太陽能的疲軟和美國項目的時機是第三季的因素。您能否提醒我們太陽能對您來說有多大以及您所看到的下降類型以及您如何看待這些因素對第四季度業績的影響，包括專案時間動態。

Yeah, if you think about EES being three kind of operating groups within it, we have construction business, Patrick, we've got industrial business, we've got an OEM business.

是的，如果你認為 EES 是其中的三個營運集團，派崔克，我們有建築業務，我們有工業業務，我們有 OEM 業務。

So momentum vector wise, I think Dave touched upon it earlier in the call, but I'll come back to it. Our momentum versus prior year and sequentially improved for both construction and OEM in the third quarter for EES, that's a good indicator.

因此，就動量向量而言，我認為戴夫在電話會議的早些時候提到過它，但我會再討論它。與去年相比，我們的勢頭在第三季的 EES 建築和 OEM 方面均有所改善，這是一個很好的指標。

Industrial though we saw slowing in momentum and that ties to the kind of industry wide sluggishness in the industrial markets in the US principally. We saw material and better results in Canada for both construction and industrial versus the US.

工業方面，我們看到成長勢頭放緩，這主要與美國工業市場的全行業低迷有關。與美國相比，我們在加拿大的建築和工業領域看到了材料和更好的成果。

We got a very good position there that economy is performing a little differently than the US. And we had you know, very, very nice results there. For EES overall also, Dave mentioned I'll highlight backlog actually grew sequentially and that's not typical or EES.

我們在那裡的處境非常好，經濟表現與美國略有不同。你知道，我們取得了非常非常好的結果。對於 EES 整體而言，Dave 提到我將強調積壓實際上是按順序增長的，這在 EES 中並不常見。

Typically EES biggest backlogs in Q2 and you start to eat the backlog as you go through all the construction season and through Q2 and Q3 in the early Q4. So that's kind of the overall momentum vector.

通常，EES 在第二季度的積壓量最大，當您經歷整個施工季節以及第四季度初的第二季度和第三季度時，您就開始吃掉積壓的訂單。這就是整體動量向量。

Again, we remember we're not a residential construction business, we're a non-resin business. So everything other than resin, we have all those types of projects. And it's a big composite when you think about our construction business.

再次，我們記住我們不是住宅建築企業，我們是非樹脂企業。所以除了樹脂之外，我們還有所有這些類型的項目。當你考慮我們的建築業務時，這是一個很大的複合體。

So they don't know if you want to maybe solar is a. What we saw is we're comparing against some challenging comparable from 2023 last year, excuse me. And if you look, we had some large solar project business in the first three quarters of last year.

所以他們不知道你是否願意，也許太陽能是一個。我們看到的是，我們正在與去年 2023 年的一些具有挑戰性的情況進行比較，請原諒。如果你看的話，我們去年前三個季度有一些大型太陽能專案業務。

So that's not a new dynamic or a new driver, Patrick in Q3. That was also the case in Q1 and Q2. And our solar business like for like year-over-year is down, you know, double digits, strongly down, double digits. But that's not dissimilar to others in the space, right.

所以這不是一個新的動力或一個新的車手，帕特里克在第三季。第一季和第二季的情況也是如此。我們的太陽能業務年減，你知道，兩位數，大幅下降，兩位數。但這與該領域的其他人並沒有什麼不同，對吧。

You if you go and look at others who have reported, I think it's being called out and you know, by a number of other companies as well. And look, I still think, there's renewables growth in the US, there's no doubt about it.

如果你去看看其他人的報告，我想你知道，還有許多其他公司也對此提出了要求。我仍然認為，美國的再生能源正在成長，這是毫無疑問的。

Depending on the election outcome, that'll determine the mix as I said earlier. But think of 2024 just given on project timing for electrical distribution as being, some challenges some more of a down year for solar.

正如我之前所說，根據選舉結果，這將決定組合。但考慮到剛剛給出的配電項目時間表為 2024 年，太陽能面臨的挑戰更多是下滑的一年。

Yeah, I'll just frame it up for you. So the solar business within EES is roughly 5% of sales. And as John mentioned, we've been seeing the last couple of quarters that that business has been down, you know, 25% plus depending on the specific quarter.

是的，我會為你把它框起來。因此，EES 內的太陽能業務約佔銷售額的 5%。正如約翰所提到的，我們看到過去幾季該業務下降了 25% 以上，具體取決於具體季度。

So it has been a significant drag to the overall EES results. Again, we had a nice run up with solar. But, clearly given the economic environment that business has turned down.

因此，這對整體 EES 結果造成了重大拖累。我們再次在太陽能方面取得了良好的進展。但是，顯然考慮到經濟環境，業務已經下滑。

Helpful and then on industrial, can you remind us your exposure to automation there and the conditions you're seeing in that market?

在工業方面，您能提醒我們您對自動化的了解以及您在該市場中看到的情況嗎？

Yes, certainly. So, again, automation resides within our industrial business within EES. We do have very strong relationships with some of the key suppliers. I know many of you are familiar with the relationships that we have and we've been seeing some challenge there.

是的，當然。因此，自動化屬於我們 EES 的工業業務範圍。我們確實與一些主要供應商有著非常牢固的關係。我知道你們中的許多人都熟悉我們之間的關係，我們已經看到了一些挑戰。

Again, I think it goes back to just some of the overall industrial slowdown that we've seen across the end markets that we serve. Some are still very favorable, but we've seen overall a general downturn, obviously impacting our automation business as well.

再說一次，我認為這可以追溯到我們所服務的終端市場上看到的整體工業放緩的一部分。有些仍然非常有利，但我們看到整體普遍低迷，這顯然也影響了我們的自動化業務。

Secular trend wise though I'll add, when you think about IoT and automation. It's a clear secular trend in the US when these mega projects as they get executed as the infrastructure build out occurs. The content that represents these new bills is going to have higher electronics, higher automation content.

不過，當您考慮物聯網和自動化時，我會補充長期趨勢。當這些大型項目隨著基礎設施建設而執行時，這是美國的一個明顯的長期趨勢。代表這些新法案的內容將有更高的電子、更高的自動化內容。

And so that, I think the secular trends will be what rules the day effectively. I think for both industrial and including automation portion of industrial as we look into the outers.

因此，我認為長期趨勢將有效地統治這一天。我認為對於工業，包括工業的自動化部分，當我們觀察外部。

Thanks for that. Dave, how big is automation for you guys? Have you ever size that?

謝謝你。戴夫，自動化對你們來說有多大？你有過這樣的尺寸嗎？

We haven't sized that one specifically for you?

我們還沒有專門為您設計尺寸嗎？

Okay. Alright. Thanks a lot. Best of luck.

好的。好吧。多謝。祝你好運。

Okay, look, I think we've addressed all your questions. But before I bring the call to a close, I'll make a few comments. We typically do not provide our outlook for 2025 for the next year until we announce our fourth quarter and full year earnings, that is our plan.

好吧，我想我們已經解決了你所有的問題。但在結束通話之前，我想發表一些評論。在我們宣布第四季度和全年收益（這就是我們的計劃）之前，我們通常不會提供對明年 2025 年的展望。

Again consistent with history and our past that we will do that again. With that said and it's a bit early to give a robust outlook for '25. With that said, I think it's important to at least lay out a few view of kind of current conditions and on how we're starting to think about next year.

再次符合歷史和我們的過去，我們將再次這樣做。話雖如此，現在對 25 年做出樂觀的展望還為時過早。話雖如此，我認為至少對當前狀況以及我們如何開始考慮明年提出一些看法是很重要的。

First, I would say we're clearly going to return the growth as an enterprise. I'd point you to our Investor Day where we gave, kind of what our outlook is over the long term. So we expect to return to growth in 2025. The sales will be a bit more weighted to the second half. I made some comments on utility already relative to the markets the current state and the and the recovery.

首先，我想說，我們顯然將恢復企業的成長。我想向您介紹我們的投資者日，我們在會議上介紹了我們的長期前景。因此，我們預計 2025 年將恢復成長。下半年的銷售比重會更大一些。我對相對於市場當前狀態和復甦的效用發表了一些評論。

I will ask you to keep in mind the first quarter of the year in a normal market and value chain for utility is always the weakest quarter for utility. So broadband, we clearly expect a recovery in broadband and return to growth in 2025. So that supports UBS next year.

我請您記住，在正常市場和公用事業價值鏈中，今年第一季始終是公用事業最疲軟的季度。因此，在寬頻方面，我們明確預期寬頻將在 2025 年復甦並恢復成長。這將支持瑞銀明年的發展。

For EES, you see where non-resin has been performing. I got a little sigh of slight improvement in the momentum vector here as we got through Q3. And I think the short cycle industrial markets that have been a bit soft in the short term that sluggishness we're seeing continue through the fourth quarter.

對於 EES，您可以看到非樹脂的表現。當我們度過第三季時，我對這裡的動量向量略有改善感到有點嘆息。我認為短週期工業市場在短期內有點疲軟，我們看到的低迷狀態將持續到第四季。

The mega projects start to kick in increasingly over time. And I think that again, industrial that is driven by a series of secular growth trends. So we expect industrial to return to growth next year clearly. And then when you look at CSS think, we're going to see an extension of the momentum vector that we have in that business.

隨著時間的推移，大型專案開始越來越多地發揮作用。我再次認為，工業是由一系列長期成長趨勢所驅動的。因此我們預計明年工業將明顯恢復成長。然後當你考慮 CSS 時，我們將看到我們在該業務中的動量向量的擴展。

It was great to see the return to growth and security. And obviously, the data center business is really driving some strong growth and we're very focused on making sure we take advantage of all those opportunities. So that is a little sense of kind of the top line and the various businesses on the margin front.

很高興看到經濟成長和安全恢復。顯然，資料中心業務確實正在推動強勁成長，我們非常注重確保充分利用所有這些機會。這就是營收和利潤方面的各種業務的一點感覺。

We'll have our typical SG&A headwinds related to our annual merit increases along with the resumption of incentive compensation to target levels. Because we're under our plan this year, materially under our plan, in terms of what we have said is the original plan and entering 2024.

我們將面臨與年度績效成長以及激勵薪酬恢復至目標水準相關的典型SG&A 不利因素。因為我們今年在我們的計劃之下，實質上在我們的計劃之下，就我們所說的原始計劃和進入 2024 年而言。

And as we typically do, we'll work to offset some of these headwinds through continued cost controls. But I think most importantly, I'd point you to the operating leverage. And so again, what we're seeing in CSS is how we think about the business going forward as we return the growth, we expect to make sure we really take advantage and ensure that the operating leverage kicks in.

正如我們通常所做的那樣，我們將努力透過持續的成本控制來抵消其中的一些不利因素。但我認為最重要的是，我會向您指出營運槓桿。因此，我們在CSS中看到的是，當我們恢復成長時，我們如何看待未來的業務，我們希望確保我們真正利用並確保營運槓桿發揮作用。

So with that as a few comments to provide a bit of a framework, we're clearly plan planning on providing additional details regarding our 2025 outlook on our fourth quarter earnings call. And that call is scheduled to take place on Tuesday, February 11th, that has been scheduled.

因此，透過一些評論來提供一些框架，我們明確地計劃在第四季度財報電話會議上提供有關 2025 年展望的更多細節。該電話會議定於 2 月 11 日星期二舉行，已按計劃舉行。

A final comment. We look forward to speaking with many of you over the next two months. We've got an active investor engagement agenda. As always, we'll be attending the Beard Industrial Conference on November 13th, the Stevens Investment Conference on November 20th, and the Bank of America Leveraged Finance Conference on December 3rd.

最後的評論。我們期待在接下來的兩個月內與你們中的許多人交談。我們有一個積極的投資者參與議程。像往常一樣，我們將參加 11 月 13 日的 Beard 工業會議、11 月 20 日的史蒂文斯投資會議以及 12 月 3 日的美國銀行槓桿金融會議。

So thank you again for all your support. Have a great day.

再次感謝大家的支持。祝你有美好的一天。

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

會議現已結束。感謝您參加今天的演講。您現在可以斷開連線。