Wesco International Inc (WCC) 2025 Q1 法說會逐字稿

Hello, and welcome to WESCO's 2025 First Quarter Earnings Call. (Operator Instructions) Please note that this event is being recorded.

您好，歡迎參加 WESCO 2025 年第一季財報電話會議。（操作員指示）請注意，此事件正在被記錄。

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

現在我將把電話交給投資人關係資深副總裁 Scott Gaffner 先生開始發言。

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. 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.

謝謝大家，早安。在我們開始之前，我想提醒您，本次電話會議中的某些聲明包含前瞻性資訊。前瞻性陳述並非業績保證，且其性質具有不確定性。實際結果可能存在重大差異。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。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的情況的義務。

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

此外，今天我們將使用某些非公認會計準則財務指標。有關這些措施的必要資訊可在我們的網路廣播投影片和新聞稿中找到，您可以在我們的網站 wesco.com 上找到這兩項內容。

On the call this morning, we have John Engel, Wesco's Chairman, President and Chief Executive Officer; and Dave Schulz, Executive Vice President and Chief Financial Officer.

今天早上的電話會議由 Wesco 董事長、總裁兼執行長 John Engel 主持；以及執行副總裁兼財務長 Dave Schulz。

And now I'll turn the call over to John.

現在我將把電話轉給約翰。

Thank you, Scott. Good morning, everyone. Thanks for joining our call today.

謝謝你，斯科特。大家早安。感謝您今天參加我們的電話會議。

We're pleased that our positive sales momentum in the fourth quarter last year carried into 2025 and that's with posting 6% organic sales growth in the first quarter. This was ahead of our expectations coming into the year. Our total data center business was again a strong driver of our growth and was up 70% along with high single-digit growth in our OEM and Broadband businesses. This was partially offset by continued temporary weakness in utility end markets, which is what we expected.

我們很高興看到去年第四季的積極銷售動能延續到了 2025 年，第一季的有機銷售額成長了 6%。這超出了我們今年的預期。我們的整個資料中心業務再次成為我們成長的強勁動力，成長了 70%，同時我們的 OEM 和寬頻業務也實現了高個位數成長。這在某種程度上被公用事業終端市場持續的暫時疲軟所抵消，這正是我們預期的。

We continue to expect our utility business to return to growth in the second half of the year. Gross margin was relatively stable on a sequential basis versus the fourth quarter and improved sequentially in CSS also as we expected. We continued to focus on effective working capital management as we do always in the first quarter and delivered positive free cash flow that exceeded our expectations at the start of the year.

我們仍然預計我們的公用事業業務將在今年下半年恢復成長。與第四季度相比，毛利率環比保持相對穩定，CSS 也如我們預期的那樣環比提高。我們一如既往地在第一季注重有效的營運資本管理，並實現了超出年初預期的正自由現金流。

Our increased inventory will help us manage the potential supply chain impact of global tariffs. We also issued $800 million of new senior notes to redeem our preferred stock in June and repay a portion of our revolving credit facility. This refinancing along with the preferred stock redemption strengthens our balance sheet, it extends our debt maturities, it increases our financial flexibility and it significantly improves our earnings and cash flow run rates.

我們增加的庫存將幫助我們管理全球關稅對供應鏈的潛在影響。我們還在 6 月發行了 8 億美元的新優先票據，以贖回我們的優先股並償還部分循環信貸額度。此次再融資以及優先股贖回增強了我們的資產負債表，延長了我們的債務期限，提高了我們的財務靈活性，並顯著提高了我們的盈利和現金流運行率。

Dave will take you through those details shortly. Following this preferred stock redemption, we have strong liquidity to address our capital allocation priorities reinforcing what we outlined at our last Investor Day. After supporting our common stock dividend payments and continuing stock repurchases to offset the dilution of our annual management equity awards, we have well over 75% of our free cash flow remaining and that provides us with significant optionality. In the near-term, our capital allocation priorities are focused on debt reduction and stock repurchases and we continue to invest in our tech enabled business transformation and actively manage our M&A pipeline in parallel.

戴夫將很快向您介紹這些細節。在此次優先股贖回後，我們將擁有強大的流動性來解決我們的資本配置優先事項，從而強化我們在上次投資者日所概述的內容。在支持我們的普通股股息支付和持續股票回購以抵消我們年度管理股權獎勵的稀釋之後，我們剩餘的自由現金流遠遠超過 75%，這為我們提供了重要的選擇權。短期內，我們的資本配置重點是減少債務和回購股票，同時我們將繼續投資於技術支援的業務轉型，並積極管理我們的併購管道。

So now let's shift to the second quarter and as we've begun the second quarter, I'm very encouraged that our positive momentum is building. Backlog is up from the prior year and it's up sequentially in all three of our business units, CSS, EES and UBS. Our positive sales momentum has continued into April and is building with preliminary sales per workday up 7%. We are reaffirming our full year outlook based on our positive momentum through the first four months of the year.

現在讓我們進入第二季度，隨著第二季度的開始，我很高興看到我們的積極勢頭正在增強。積壓訂單較前一年增加，我們三個業務部門 CSS、EES 和 UBS 的積壓訂單均連續增加。我們的積極銷售勢頭一直持續到 4 月份，並且還在不斷增強，每個工作日的初步銷售額增長了 7%。根據今年前四個月的積極勢頭，我們重申全年展望。

While we recognize the uncertainty of tariffs and their impact on the global economy, we continue to focus on what we can control, that is our cross sell initiatives, our enterprise wide gross margin expansion program and operational improvements resulting from our tech enabled business transformation. Like all companies, we're operating in the current rapidly evolving global trade environment and I want to emphasize what we are doing.

雖然我們認識到關稅的不確定性及其對全球經濟的影響，但我們仍將繼續關注我們能夠控制的事情，即我們的交叉銷售計劃、我們企業範圍內的毛利率擴張計劃以及由技術支援的業務轉型帶來的營運改善。與所有公司一樣，我們在當前快速變化的全球貿易環境中運營，我想強調我們正在做的事情。

First, Wesco is well equipped to address the potential impact of tariffs and changes in the global supply chain. We have successfully addressed global supply chain challenges in the past, including tariffs and managing through cycles of increased inflation. This was most recently demonstrated during the global pandemic.

首先，Wesco 有能力應對關稅和全球供應鏈變化帶來的潛在影響。我們過去成功應對了全球供應鏈挑戰，包括關稅和管理通貨膨脹週期。最近，全球疫情大流行就證明了這一點。

We've shown the ability to successfully manage and expand margins during these periods while delivering growth. We're executing our well-developed playbook to manage our margins and our business and we're maintaining daily communications with our supplier partners, our customers and our entire sales force to ensure that we're taking all the required actions.

我們已經展現出在實現成長的同時成功管理和擴大這些時期利潤的能力。我們正在執行精心製定的劇本來管理我們的利潤和業務，並與我們的供應商合作夥伴、客戶和整個銷售團隊保持日常溝通，以確保我們採取所有必要的行動。

Dave will take you through our playbook in much more detail shortly. One final comment on tariffs. Supply chain reengineering and reshoring back to the US and overall USMCA markets was initiated during the global pandemic. I've spoken about this at length. The global pandemic effectively put a spotlight on a significant risk associated with the extended global supply chains that were in place and were established over the last three to four decades.

戴夫很快就會向您更詳細地介紹我們的劇本。最後再談一下關稅。供應鏈重組和回流美國及整個 USMCA 市場的進程是在全球疫情期間啟動的。我已詳細談論過這個問題。這場全球疫情其實凸顯了過去三四十年來建立的延伸全球供應鏈所帶來的重大風險。

And in many cases, these extended global supply chains were single sourced representing significant risk. Supply chain reengineering and reshoring has become a secular growth trend and tariffs are already beginning to provide a potential accelerant for even higher reshoring growth.

在許多情況下，這些延伸的全球供應鏈都是單一來源，這意味著巨大的風險。供應鏈重組和回流已成為長期成長趨勢，關稅已開始為更高的回流成長提供潛在的加速劑。

With that, I'll hand it over to Dave to take you through our first quarter results and our outlook for the rest of the year. Dave?

接下來，我將交給戴夫，讓他向您介紹我們的第一季業績以及今年剩餘時間的展望。戴夫？

Thank you, John, and good morning, everyone.

謝謝你，約翰，大家早安。

Turning to Page 4, I'll walk you through our first quarter results. Organic sales in the first quarter were up 6% at the upper end of our outlook for growth of low to mid single-digits. Price was approximately 1.5% and volume was up about 4%. Reported sales were flat as a strong organic growth was offset by the impact of our integrated supply divestiture, foreign exchange rates and one fewer work day.

翻到第 4 頁，我將向您介紹我們的第一季業績。第一季有機銷售額成長 6%，處於我們預期的低至中等個位數成長的上限。價格上漲約 1.5%，交易量上漲約 4%。報告銷售額持平，因為強勁的有機成長被我們的綜合供應剝離、外匯匯率和減少一個工作日的影響所抵消。

Recall that we divested the integrated supply business on April 1 of last year, so this will be the last quarter where we see an impact on reported year-over-year growth rates. In the first quarter, our data center business continued to grow rapidly and was up 70% versus the prior year.

回想一下，我們在去年 4 月 1 日剝離了綜合供應業務，因此這將是我們看到對報告的同比增長率產生影響的最後一個季度。第一季度，我們的資料中心業務持續快速成長，年增70%。

Additionally, we delivered high single-digit growth in our OEM and Broadband businesses. As expected, utility remained soft as customers continue to work through inventory destocking. On the lower half of the page, you can see that adjusted EBITDA margin was down 60 basis points. Gross margin was stable sequentially and down 20 basis points year-over-year, primarily due to project and product mix, which I'll cover in more detail later.

此外，我們的 OEM 和寬頻業務也實現了高個位數成長。正如預期的那樣，由於客戶繼續努力去庫存，公用事業仍然疲軟。在頁面的下半部分，您可以看到調整後的 EBITDA 利潤率下降了 60 個基點。毛利率較上季保持穩定，較去年同期下降 20 個基點，主要原因是專案和產品組合，稍後我將詳細介紹。

SG&A was up about 2% year-over-year due to normal inflationary pressures, particularly within transportation and facility costs. However, the higher cost on relatively flat reported sales was about a 40 basis point headwind to EBITDA margin in the quarter. Adjusted earnings per share of $2.21 was down 4% from the prior year.

由於正常的通膨壓力，尤其是運輸和設施成本，銷售、一般及行政費用較去年同期上漲約 2%。然而，報告銷售額相對平穩而成本卻較高，對本季的 EBITDA 利潤率造成了約 40 個基點的阻力。調整後每股收益為 2.21 美元，較前一年下降 4%。

Let me walk you through our business unit results, beginning with EES on Slide 5. First, please note that we transferred about $155 million in annual revenue of specialty wire and cable, including $35 million in the first quarter from EES to CSS to better align the customers we serve in that business.

讓我向您介紹我們的業務部門的業績，從幻燈片 5 上的 EES 開始。首先，請注意，我們將特種電線電纜的年收入約 1.55 億美元（包括第一季的 3,500 萬美元）從 EES 轉移到 CSS，以便更好地協調我們在該業務中服務的客戶。

All prior year periods for EES and CSS have been recast to reflect that transfer, including those in the table on this page. For a reconciliation of the recast amounts by quarter, please see the appendix in today's presentation. EES organic sales were up 3% in the first quarter. After the impact of foreign exchange headwinds along with one less workday, reported sales were flat.

EES 和 CSS 的所有前幾年期間均已重新調整以反映該轉移，包括本頁表格中的期間。有關按季度對重算金額的核對，請參閱今天簡報中的附錄。EES 第一季有機銷售額成長了 3%。受外匯不利因素以及工作日減少的影響，報告的銷售額持平。

Our OEM business delivered particularly strong growth, up high single-digits organically reflecting strong growth in both the US and Canada, including with our semiconductor customers. Construction was down on a reported basis, but up low single-digits organically on increased project sales. And industrial was down low single-digits on a reported basis and roughly flat organically reflecting continued temporary softness with some customers.

我們的 OEM 業務實現了尤為強勁的成長，有機成長了高個位數，反映了美國和加拿大（包括我們的半導體客戶）的強勁成長。據報道，建築業規模有所下降，但由於專案銷售額增加，有機成長幅度為個位數。工業部門報告顯示，銷售額下降了個位數，基本上保持平穩，這反映出部分客戶仍處於暫時的疲軟狀態。

Backlog was up 3% from the prior year and up 4% sequentially supporting an encouraging start to 2025. EES adjusted EBITDA margin was down 90 basis points from the prior year with gross margin, a decrease of 60 basis points. This was primarily driven by an increase in project activity in the quarter and a higher mix of low margin products along with some competitive price pressures in our construction business.

積壓訂單較上年增長 3%，環比增長 4%，為 2025 年帶來令人鼓舞的開端。EES 調整後的 EBITDA 利潤率較前一年下降 90 個基點，毛利率下降 60 個基點。這主要是由於本季專案活動的增加、低利潤產品組合的增加以及建築業務的一些競爭價格壓力。

Turning to Slide 6. CSS sales growth accelerated in the first quarter with sales up 18% year-over-year on an organic basis and up 17% as reported. The strong growth was driven by Wesco Data Center Solutions, which was up more than 65% with especially strong growth with hyperscale data center customers. This growth has significantly increased the mix of data center within both CSS and Wesco's total sales. Within CSS, data center represented nearly 40% of sales in Q1, up from a little more than 25% of segment sales in the prior year quarter.

翻到幻燈片 6。CSS 銷售成長在第一季加速，有機銷售額年增 18%，報告銷售額年增 17%。強勁的成長是由 Wesco 資料中心解決方案推動的，其成長超過 65%，超大規模資料中心客戶的成長尤其強勁。這種成長顯著增加了資料中心在 CSS 和 Wesco 的總銷售額中的佔比。在 CSS 內部，資料中心佔第一季銷售額的近 40%，高於去年同期該部門銷售額的 25% 多一點。

Lastly, I'd like to mention that we have not seen any change in order or buying patterns with data center customers. Based on discussions with our customers, they have not reduced their capital budgets. We're pleased to report that they have been increasing their level of spend and expanding their scope of supply with Wesco. Enterprise network infrastructure was up low single-digits in the quarter reflecting growth with service provider and wireless customers. Security sales were down low single-digits, which excludes security sales that are part of Wesco Data Center Solutions. Including those sales, security was a strong performer in Q1 and up mid single-digits.

最後，我想說的是，我們沒有看到資料中心客戶的訂單或購買模式有任何變化。根據我們與客戶的討論，他們並沒有減少資本預算。我們很高興地報告，他們一直在增加支出並擴大與 Wesco 的供應範圍。本季企業網路基礎設施成長了個位數，反映了服務供應商和無線客戶的成長。安全銷售額下降了個位數，其中不包括屬於 Wesco 資料中心解決方案的安全銷售額。包括這些銷售在內，安全業務在第一季表現強勁，增幅達到中等個位數。

CSS backlog was up 32% year-over-year and up 18% sequentially reflecting substantial growth of our data center business. Adjusted EBITDA margin for CSS was up 20 basis points driven by strong operating leverage on higher sales growth, partially offset by a decline in gross margin. Similar to Q4, the mix of large projects primarily in the data center space impacted gross margin versus the prior year. Sequentially, CSS gross margin was up 20 basis points consistent with our expectation that margins would improve from the fourth quarter level.

CSS 積壓訂單年增 32%，較上季成長 18%，反映了我們資料中心業務的大幅成長。受銷售成長帶來的強勁經營槓桿作用推動，CSS 的調整後 EBITDA 利潤率上漲了 20 個基點，但毛利率的下降部分抵消了這一影響。與第四季度類似，主要在資料中心領域的大型專案組合影響了與去年相比的毛利率。與上一季相比，CSS 毛利率上升了 20 個基點，這與我們的預期一致，即利潤率將從第四季度水準提高。

Turning to Slide 7. I want to take a moment to discuss the growth in the broader data center space that we've seen recently and how we participate. We have had several large customers announce changes to leases and proposed AI-driven data center builds.

翻到幻燈片 7。我想花點時間討論我們最近看到的更廣泛的資料中心領域的成長以及我們如何參與。我們有幾個大客戶宣布改變租約並提議建造人工智慧驅動的資料中心。

Based on conversations with these customers, these changes are impact to out year plans with spending to be allocated to other projects. In short, we have not seen any change to the level of activity in the data center space. Customers continue to partner with Wesco and our suppliers to meet their evolving needs, including an expanding portfolio of services that we can provide.

根據與這些客戶的對話，這些變更將對我們的年度計劃產生影響，支出將分配給其他項目。簡而言之，我們沒有看到資料中心領域活動水準發生任何變化。客戶繼續與 Wesco 和我們的供應商合作，以滿足他們不斷變化的需求，包括我們可以提供的不斷擴大的服務組合。

From a total company perspective, data center was approximately 16% of Wesco sales in the quarter and up approximately 14% on a trailing 12-month basis, including sales across all three business units. Note that this is an increase from the comparable 10% of Wesco sales for the trailing 12 months through June of 2024.

從整個公司的角度來看，資料中心約佔 Wesco 本季銷售額的 16%，與過去 12 個月相比成長了約 14%，其中包括所有三個業務部門的銷售額。請注意，這一數字較截至 2024 年 6 月的過去 12 個月 Wesco 銷售額的 10% 有所增長。

We first provided the information on the left side of this page at our Investor Day last September. It highlights the two stages of the data center construction cycle, time to power and the construction period. The key takeaway is that projects that are announced today and have obtained funding will likely take about four to seven years before they are up and running.

我們在去年 9 月的投資者日上首次提供了此頁面左側的資訊。它重點介紹了資料中心建設週期的兩個階段，即上電時間和建設期。關鍵在於，今天宣布並獲得資金的項目可能需要大約四到七年的時間才能啟動並運行。

Our solutions now encompass everything from the electrical distribution systems to advanced IT infrastructure to services that support data center operations ensuring our customers have comprehensive solutions throughout all phases of the data center lifecycle. On the right side of this slide, you can see the substantial and accelerating growth that our total data center business delivered over the past five quarters.

我們的解決方案現在涵蓋了從配電系統到先進的 IT 基礎設施，再到支援資料中心營運的服務的一切，確保我們的客戶在資料中心生命週期的所有階段都能獲得全面的解決方案。在這張投影片的右側，您可以看到我們的整個資料中心業務在過去五個季度中實現的大幅加速成長。

This growth has been driven by organic initiatives along with impactful acquisitions we've made to increase our service capabilities within the space. We want to partner with data center customers from cradle to cradle, including the initial build, on-site services and data center technology upgrades.

這一增長是由有機舉措以及我們為提高該領域的服務能力而進行的有影響力的收購所推動的。我們希望與資料中心客戶從搖籃到搖籃進行合作，包括初始建置、現場服務和資料中心技術升級。

Turning to Slide 8. Organic sales in Utility & Broadband Solutions were down 5% in the quarter and reported sales were down 19%, which includes the divested integrated supply business in the base period. As we've discussed going back to the beginning of 2024, the utility market continues to experience softness related to customer destocking and lower project activity levels, which is partly a function of the current interest rate and regulatory environment. We expect these impacts to continue through the first half of 2025 with a return to growth in the second half of the year.

翻到幻燈片 8。公用事業和寬頻解決方案部門的有機銷售額在本季度下降了 5%，報告銷售額下降了 19%，其中包括基期內剝離的綜合供應業務。正如我們在 2024 年初所討論的那樣，公用事業市場繼續經歷與客戶去庫存和專案活動水準較低相關的疲軟，這在一定程度上是當前利率和監管環境的結果。我們預計這些影響將持續到 2025 年上半年，並在下半年恢復成長。

We remain highly confident in the future benefit from the secular trends of electrification, green energy and grid modernization and believe that these trends will support substantial growth acceleration in our utility business over the long term. We are pleased with the continued growth in broadband. The business was up high single-digits from the prior year reflecting particularly strong growth in Canada.

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，並相信這些趨勢將長期支持我們的公用事業業務大幅加速成長。我們對寬頻的持續成長感到高興。該業務較上年同期成長了高個位數，反映出加拿大的成長尤為強勁。

UBS backlog was down 13% from the prior year, but up 13% sequentially due to improving order rates and new utility customer wins. Adjusted EBITDA margin was up 10 basis points over the prior year. The margin benefit from the integrated supply divestiture was partially offset by the impact of lower utility sales.

瑞銀積壓訂單較上年下降 13%，但由於訂單率提高和贏得新的公用事業客戶，季增 13%。調整後的 EBITDA 利潤率比前一年上升了 10 個基點。綜合供應剝離帶來的利潤收益被公用事業銷售下降的影響部分抵銷。

Turning to Page 9. In the first quarter, we delivered $9 million of free cash flow or 8% of adjusted net income as accounts receivable and inventory increased due to growth, offset by an increase in accounts payable. This exceeded our expectation as we anticipated a use of cash in the quarter. You can see on the right side of this page that we reduced net working capital intensity by approximately 50 basis points year-over-year in the first quarter. We remain focused on making further progress including reducing inventory as a percentage of sales.

翻到第 9 頁。第一季度，我們實現了 900 萬美元的自由現金流，佔調整後淨收入的 8%，因為應收帳款和庫存因成長而增加，但應付帳款的增加抵消了這一影響。這超出了我們的預期，因為我們預計本季將使用現金。您可以在本頁右側看到，我們在第一季將淨營運資本強度較去年同期降低了約 50 個基點。我們將繼續致力於取得進一步進展，包括降低庫存佔銷售額的百分比。

Turning to Page 10. Yesterday, we formally announced our intention to redeem our $540 million Series A preferred stock on June 22, which is the first opportunity to redeem it at face value. We issued $800 million of senior notes in the first quarter in anticipation of this redemption. This will strengthen our balance sheet and reduce our total financing costs.

翻到第 10 頁。昨天，我們正式宣布計劃於 6 月 22 日贖回價值 5.4 億美元的 A 系列優先股，這是首次以面額贖回的機會。為了因應此次贖回，我們在第一季發行了 8 億美元的優先票據。這將增強我們的資產負債表並降低我們的總融資成本。

The estimated net income and cash flow benefit of this refinancing is approximately $30 million on an annualized basis or roughly $0.65 per diluted share. In addition to the refinancing, we also extended the maturities of our accounts receivable facility and revolver to 2028 and 2030, respectively. As a result, we have no significant maturities on our balance sheet until 2028.

此次再融資的預期淨收入和現金流量收益以年率計算約為 3,000 萬美元，或每股攤薄收益約 0.65 美元。除了再融資之外，我們還將應收帳款融資和循環信貸的期限分別延長至 2028 年和 2030 年。因此，我們的資產負債表上直到 2028 年都沒有重大到期債務。

Turning to Page 11. On this slide, we provide an overview of the actions we are taking to manage the potential impacts to our business from the recent tariff announcements. The left side of the chart lists the potential impacts. First, supplier price increases including the significant number of price increase notifications we have already received over the past few weeks.

翻到第 11 頁。在這張投影片中，我們概述了我們為應對最近的關稅公告對我們業務的潛在影響而採取的行動。圖表左側列出了潛在的影響。首先，供應商價格上漲，包括過去幾週我們收到的大量價格上漲通知。

To put this into perspective, in the first quarter, the number of price increase notifications was down 11% versus the prior year, but it is up 150% in the second quarter to date. The average price increase announcement in the first quarter was at a mid-single-digit rate, while in the second quarter, it's averaged a high single-digit rate.

具體來說，第一季價格上漲通知數量比去年下降了 11%，但第二季迄今已增加了 150%。第一季的平均價格上漲幅度為個位數中段，而第二季的平均價格上漲幅度為個位數高段。

Second, we recognize the potential for lower customer demand due to higher costs. And third, in an inflationary environment, we recognize a transitional benefit from inventory gains. Our inventory is valued using average cost, meaning in an inflationary environment, our inventory is below market price.

其次，我們意識到成本上升可能會導致客戶需求下降。第三，在通膨環境下，我們認識到庫存收益帶來的過渡性效益。我們的庫存採用平均成本估價，這意味著在通貨膨脹環境下，我們的庫存低於市場價格。

We will see a temporary gain to gross margin assuming higher supplier price increases are absorbed in the market. Note, this is a temporary benefit keeping in mind we turn our inventory every two to three months. Lastly, Wesco is the importer of record on less than 4% of our cost of goods sold, primarily on goods received into the US and Canada.

假設市場吸收了供應商價格上漲的影響，我們將看到毛利率暫時上升。請注意，這是一個暫時的好處，請記住我們每兩到三個月就會更新一次庫存。最後，Wesco 的進口商記錄顯示，其銷售成本不到 4%，主要進口到美國和加拿大的商品。

In response, we are taking the following actions to mitigate these impacts and protect our margins. We are passing supplier price increases through to customers and working with our suppliers to ensure that minimum lead times between announced price increases and effective dates are adhered to. We will continue to leverage our global scale to identify opportunities to purchase locally sourced product or products less impacted by tariffs and we will reduce imports from those countries with the highest tariffs in place.

作為回應，我們採取以下措施來減輕這些影響並保護我們的利潤。我們正在將供應商的價格上漲轉嫁給客戶，並與我們的供應商合作，以確保遵守宣布的價格上漲和生效日期之間的最短交貨時間。我們將繼續利用我們的全球規模來尋找機會購買本地產品或受關稅影響較小的產品，並減少從關稅最高的國家進口。

Lastly, we will optimize our supply chain logistics and reengineer our global supply chains to mitigate risk and manage tariff exposure. In short, Wesco has a long operating history and has successfully navigated similar global supply chain challenges. We're executing our playbook to respond to the current volatile and uncertain environment.

最後，我們將優化我們的供應鏈物流並重新設計我們的全球供應鏈以降低風險和管理關稅風險。簡而言之，Wesco 擁有悠久的營運歷史，並成功應對了類似的全球供應鏈挑戰。我們正在執行我們的劇本來應對當前動盪和不確定的環境。

Turning to Slide 12. This slide shows our 2025 outlook by strategic business unit and the individual operating groups. As John mentioned, we are reaffirming our 2025 outlook and in general, expect the same sales patterns within our strategic business units that we walked through last quarter. However, we've made two adjustments to this slide. First, due to the continuation of exceptionally high growth in our data center business, we are increasing our full year outlook for reported sales growth from up mid-teens to up about 20%.

翻到幻燈片 12。這張投影片展示了我們按策略業務部門和各個營運部門劃分的 2025 年展望。正如約翰所提到的，我們重申了我們對 2025 年的展望，總體而言，我們預計我們的策略業務部門的銷售模式將與上個季度相同。不過，我們對這張投影片做了兩處調整。首先，由於我們的資料中心業務持續保持高速成長，我們將全年銷售成長預期從15%左右上調至20%左右。

Second, and related to this change, we increased our CSS growth expectation for reported sales growth from up mid single-digits to up mid to high single-digits. We continue to expect that within EES construction will be flat and both industrial and OEM will be up. And lastly, in UBS, we continue to expect utility will inflect in the second half of the year and deliver growth in 2025, partially offset by broadband, which we expect to be flat.

其次，與此變化相關，我們將報告的銷售額成長預期從中等個位數成長提高到中等至高個位數成長。我們繼續預計 EES 內部的建築業將保持平穩，而工業和 OEM 都將上升。最後，在瑞銀，我們仍然預計公用事業將在下半年出現拐點並在 2025 年實現成長，但部分將被寬頻所抵消，我們預計寬頻將持平。

Moving to Page 13, we are reaffirming our 2025 outlook. We acknowledge the uncertainty and volatility surrounding tariffs and the impact of the overall economy. As mentioned earlier, organic sales in the first quarter were up 6% and sequential sales were better than our historical trends. Backlog grew sequentially in all three businesses with CSS up double-digits. Momentum continued in April with estimated sales growth up 7%.

翻到第 13 頁，我們重申我們對 2025 年的展望。我們承認關稅存在不確定性和波動性，並且會影響整體經濟。如前所述，第一季的有機銷售額成長了 6%，並且連續銷售額好於我們的歷史趨勢。三大業務的積壓訂單均連續成長，其中 CSS 成長了兩位數。4 月銷售成長動能持續，預估成長 7%。

We have not experienced significant pre-buying from customers to get ahead of proposed tariffs. We are maintaining our ranges for organic and reported sales growth, adjusted EBITDA margin, adjusted diluted earnings per share and free cash flow.

我們尚未遇到客戶為搶在擬議關稅之前進行大量預購的情況。我們維持有機和報告銷售額成長、調整後 EBITDA 利潤率、調整後每股稀釋收益和自由現金流的範圍。

However, based on our first quarter results, we would expect the full year to be above the midpoint of the sales range and below the midpoint of the EBITDA margin range as the project and product mix headwinds we experienced in the first quarter continue in the second quarter. I want to emphasize that our outlook does not include the impact of future pricing actions, including tariffs.

然而，根據我們第一季的業績，我們預計全年銷售額將高於銷售額範圍的中點，但低於 EBITDA 利潤率範圍的中點，因為我們在第一季遇到的項目和產品組合逆風將在第二季度持續下去。我想強調的是，我們的展望不包括未來定價行動（包括關稅）的影響。

This is consistent with our past practice given the lag between when a supplier announces a price increase and when it begins to impact our revenue. While we have seen a significant uptick in price increase notifications here in the second quarter, our outlook does not include any potential benefit to sales at this time. We recognized a risk of an impact to demand given tariff related pricing. Any future pricing would help mitigate any demand impact to our revenue outlook.

考慮到供應商宣布漲價和開始影響我們的收入之間存在滯後，這與我們過去的做法一致。雖然我們在第二季看到價格上漲通知大幅增加，但我們的預測目前並不認為這會對銷售產生任何潛在好處。我們認識到，與關稅相關的定價可能會對需求產生影響。任何未來的定價都將有助於減輕需求對我們收入前景的影響。

In terms of free cash flow, we expect to deliver between $600 million to $800 million in 2025. As a percentage of adjusted net income, this implies a range of approximately 95% to 105%. Our strategy for how we deploy cash flow remains unchanged. The use of available cash will be allocated to the highest return opportunity and we will continue to make decisions in the best interest of the shareholders over the long term.

就自由現金流而言，我們預計 2025 年將達到 6 億至 8 億美元。作為調整後淨收入的百分比，這意味著大約 95% 到 105% 的範圍。我們部署現金流的策略保持不變。可用現金將分配給最高回報機會，我們將繼續做出符合股東長期最佳利益的決策。

Our top priority is to invest organically in the business to drive growth and operational efficiency, including the completion of our business and digital transformation. In the near term, given the current economic environment, we expect to prioritize delevering the balance sheet and share repurchases. However, we will continue to be opportunistic regarding acquisition opportunities to expand our capabilities and better serve our customers, particularly those engaged in high growth end markets.

我們的首要任務是對業務進行有機投資，以推動成長和營運效率，包括完成我們的業務和數位轉型。短期內，鑑於當前的經濟環境，我們預計將優先考慮降低資產負債表槓桿率和股票回購。然而，我們將繼續尋找收購機會，以擴大我們的能力並更好地服務我們的客戶，特別是那些從事高成長終端市場的客戶。

Turning to Page 14. This slide shows 'the year-over-year monthly and quarterly sales growth comparisons over the past year and our expectations for the second quarter. You can see the return to growth in the last quarter of 2024 and the acceleration in the first quarter. As mentioned, we estimate April sales per workday will be up 7% and expect second quarter reported sales will be up mid to high single-digits.

翻到第 14 頁。這張投影片展示了「過去一年來月度和季度銷售額同比增長情況對比以及我們對第二季度的預期」。您可以看到 2024 年最後一個季度恢復成長，並在第一季加速成長。如上所述，我們估計 4 月份每個工作日的銷售額將成長 7%，並預計第二季報告的銷售額將成長中高個位數。

We expect organic sales to be about a point higher than reported sales, primarily due to foreign exchange rates. The second quarter has the same number of work days as the prior year. We expect adjusted EBITDA margins will be approximately 50 basis points lower than the second quarter of the prior year, again primarily reflecting the project and product mix impact to gross margin discussed earlier.

我們預期有機銷售額將比報告銷售額高出約一個百分點，這主要歸因於外匯匯率。第二季的工作天數與前一年相同。我們預計調整後的 EBITDA 利潤率將比去年同期第二季低約 50 個基點，這主要反映了前面討論的項目和產品組合對毛利率的影響。

Moving to Slide 15, let me briefly recap the key points before we open the call to your questions. Sales in the first quarter were up 6% organically at the high end of our outlook and driven by data center, broadband and OEM. Utility weakness continued due to customer destocking. Gross margin was stable. We've taken a number of actions to manage the potential supply chain impacts of global tariffs, including increasing our inventory.

前往投影片 15，在我們開始回答您的問題之前，讓我先簡單回顧一下要點。第一季銷售額有機成長 6%，達到我們預期的高位，這主要得益於資料中心、寬頻和 OEM 的成長。由於客戶去庫存，公用事業持續疲軟。毛利率穩定。我們採取了一系列措施來應對全球關稅對供應鏈的潛在影響，包括增加庫存。

We issued $800 million of 2033 notes in anticipation of redeeming our preferred stock in June, which we formally announced last night And we're pleased with the April momentum we've experienced to date. Lastly, we reaffirmed our 2025 outlook based on the first four months of the year.

我們發行了價值 8 億美元的 2033 年票據，預計在 6 月贖回我們的優先股，我們昨晚正式宣布了這一消息，我們對 4 月迄今為止的勢頭感到滿意。最後，我們根據今年前四個月的表現重申了對 2025 年的展望。

With that, operator, we can now open the call to questions.

接線員，現在我們可以開始提問了。

Thank you, Sir. We will now begin the question-and-answer session. (Operator Instructions)

謝謝您，先生。我們現在開始問答環節。（操作員指示）

Stephen Volkmann, Jefferies.

傑富瑞的史蒂芬·福爾克曼。

Hi, good morning, guys. Thanks for taking the question. Hi, Dave, I just want to be clear on what's in your revised outlook relative to a couple of things. One is the tariff stuff. all the announcements that you described in the first quarter, the up 11% mid single-digit, is that in your guide, but the 2Q stuff that you've seen so far is not? Is that the right way to look at it?

大家好，早安。感謝您回答這個問題。你好，戴夫，我只是想清楚地了解你對幾件事的修改後的看法。一是關稅問題。您在第一季所描述的所有公告中，都提到了 11% 左右的個位數成長，這在您的指南中嗎？但是目前看到的第二季的數據卻沒有呢？這是正確的看待方式嗎？

There are no tariff related price increases incorporated into our outlook. So our outlook assumes organic growth rate of 2.5% to 6.5%. Of that, about a 0.5% is carryover pricing from 2024. We have not incorporated any new pricing that was announced in either the first quarter or the second quarter to date into our outlook yet.

我們的展望中沒有考慮與關稅相關的價格上漲。因此，我們的展望假設有機成長率為 2.5% 至 6.5%。其中約 0.5% 是從 2024 年開始的結轉定價。我們尚未將第一季或第二季迄今宣布的任何新定價納入我們的展望中。

And let me explain why. We generally see a two quarter lag between a price increase effective date and when it begins hitting our revenue. A couple of drivers of that. First, about half of our revenue was project based. Those projects have negotiated pricing. So these price increase notifications don't impact those projects.

讓我來解釋一下原因。我們通常會發現價格上漲的生效日期和開始影響我們的收入之間會有兩個季度的延遲。有幾個因素。首先，我們的收入大約有一半是基於專案的收入。這些項目已經協商定價。因此這些價格上漲通知不會影響這些項目。

Most of the impact would be to our stock and flow business. And again, as we're seeing these price increase notifications, we're managing that back to meet our commitments with our customers, working back with our suppliers. So generally, when we see an announced price increase of, say, 8%, for our company, we generally see about half of that benefit flow through to the revenue line on a two quarter lag. So we have not incorporated any of that yet because we're still seeing some of these price increase notifications come through. And again, that is consistent with our past practices over the years.

大部分影響將集中在我們的庫存和流通業務。再次，當我們看到這些價格上漲通知時，我們正在進行管理，以履行對客戶的承諾，並與我們的供應商合作。因此，一般來說，當我們看到公司宣布價格上漲 8% 時，我們通常會看到大約一半的收益在兩個季度的滯後時間內流入收入線。因此，我們尚未納入任何這些內容，因為我們仍然看到一些價格上漲的通知。這與我們多年來的做法是一致的。

Understood. Okay. And is that 8% that you just threw out is that sort of ballpark where we would be today if everything was mark-to-market or was that just illustration?

明白了。好的。您剛才提到的 8% 是不是現在所有商品都以市價計價時的大概水平，還是僅僅舉例說明？

That's just illustration. Again, we would only be marking to market about half of our revenue that would be associated with our stock and flow business. The other half is negotiated pricing for specific projects with our suppliers.

這只是一個例子。再次，我們只會以市價計算與庫存和流動業務相關的收入的一半左右。另一半是與我們的供應商就具體項目協商定價。

Okay. And does your revised guidance include the $0.65 from the preferred? And then I'll pass it on.

好的。您的修訂指導是否包括優先股的 0.65 美元？然後我會把它傳遞下去。

The guidance that we provided did assume that we would be calling the preferred halfway through the year. So when you go back to what we provided back in February and what we've reaffirmed, we did assume that there would be a benefit to earnings per share based on half of the year of the preferred dividend coming out, offset partially by the financing cost.

我們提供的指導確實假設我們會在年中時調用優先股。因此，當您回顧我們在二月提供的內容以及我們重申的內容時，我們確實假設，基於半年的優先股息，每股盈餘將獲得收益，但融資成本將部分抵銷。

Got it. Thank you.

知道了。謝謝。

Nigel Coe, Wolfe Research.

沃爾夫研究公司的奈傑爾·科伊。

Thanks. Good morning.

謝謝。早安.

Good morning, Nigel.

早安，奈傑爾。

I really hate -- good morning. I hate to be sort of kind of come back to the tariffs here, but can you maybe just give us a flavor of the supplier price increases that you've seen so far? And I understand the project versus stock and flow conversation, but are you seeing any surcharging where you might have to kind of pass that up through quicker than normal? Any color there would be helpful.

我真的很討厭——早安。我不想再談論關稅問題，但您能否向我們介紹一下迄今為止您所看到的供應商價格上漲的情況？我理解項目與庫存和流量之間的對話，但是您是否看到任何附加費，而您可能必須比平常更快地將其轉嫁出去？任何顏色都會有幫助。

Yes. So let me expand a bit on Dave's commentary. In Q1, the number of supplier increases that we saw ended up being down about 15% versus prior year Q1. And the average was mid single-digit plus -- mid single-digit range, some were low single digits, some were mid, some a little bit higher, but it was in that kind of band, which is more -- which is Nigel is more of a normal pricing increase as part of a normal cycle.

是的。因此，請允許我稍微擴展一下戴夫的評論。在第一季度，我們看到的供應商數量成長與去年同期相比下降了約 15%。平均值在中等個位數以上 - 中等個位數範圍內，有些是低個位數，有些是中等，有些稍微高一點，但它處於那種範圍內，這更像是 - Nigel 更像是正常週期內正常的價格上漲。

I think what we saw was some effect where some of the suppliers delayed their normal price increase announcements as they were working through as the tariffs were getting announced working through what the impact was on the whole supply chain and their operations and figuring out what price increases they wanted to put. There were a few suppliers that posted increases that actually pulled them back and have come back since. So interesting dynamic for Q1.

我認為我們看到了一些影響，一些供應商推遲了正常的漲價公告，因為他們在研究關稅對整個供應鏈和營運的影響，並確定他們想要提高的價格。有少數供應商公佈了漲價消息，但實際上價格有所回落，但之後價格又回升了。Q1 的動態非常有趣。

As we got into Q2 and look, we're only the first month is in the record books, April. Thus, the number of price increases have stepped up significantly. So far in April, what's been announced for Q2 is up 150%, not in price, but in number of increases announced versus Q2 of last year. And I know we'll expect to see some more get announced here in May and in and in June in second quarter. And the average price increase has moved up to mid-single-digit plus to high single-digit. There are some that are double-digit range depending on the particular SKU -- set of SKUs in a given category. So that gives you a sense of the pricing dynamic. We really believed as the tariffs are getting announced that we wouldn't see a meaningful impact in terms of announcements in Q1. And we don't see any meaningful impact of the tariffs at all in our Q1 results.

當我們進入第二季時，我們發現，這只是記錄在案的第一個月份，即四月。因此，價格上漲的次數明顯增加。截至目前，4 月宣布的第二季石油價格已上漲 150%，但不是價格上漲，而是宣布的增幅數量與去年第二季相比有所增加。我知道我們預計在第二季的 5 月和 6 月會看到更多消息公佈。平均價格漲幅已升至個位數中段至個位數高點。有些是兩位數範圍，取決於特定的 SKU——給定類別中的一組 SKU。這讓您了解定價動態。我們確實相信，隨著關稅的宣布，我們不會看到第一季公告產生重大影響。我們並沒有看到關稅對我們第一季的業績產生任何重大影響。

We thought Q2 would really where we'd see the ramp and so far that's come true. Relative to line item surcharges, there are some suppliers that do that, others do not. As a matter of process and as a matter of practice, I will tell you that we work aggressively with them to try to have them build that into the price increases.

我們認為第二季度將真正迎來成長機會，到目前為止，這項預測已經實現。相對於項目附加費，有些供應商會這樣做，有些則不會。作為一個流程和實踐問題，我會告訴你，我們積極與他們合作，試圖讓他們將其納入價格上漲。

So we can provide complete transparency into our customers on how the prices are increasing based on the tariff impact. So that's how we try to work it. Many of the suppliers support us in that, some want to have separate tariff line item pricing or line item surcharges as you described. We typically push back on that. In some cases, we do have to show that separately with customers and we work that process. But by and large, we like to build it into the price.

因此，我們可以向客戶完全透明地展示價格如何根據關稅影響而上漲。這就是我們嘗試去實現它的方法。許多供應商都支持我們，有些供應商希望像您所描述的那樣，實行單獨的關稅項目定價或項目附加費。我們通常會對此反擊。在某些情況下，我們確實必須向客戶單獨展示這一點，然後我們再進行該流程。但總的來說，我們喜歡將其計入價格。

Okay. Thanks, John. That was great color. And then my follow-on, I think this is maybe for David. So the materials referenced continued destocking at the utility customers. But the comments you made seems to suggest it's a bit more rate sensitive, maybe projects pushing out to the right. So just want to understand kind of the wipe in the reference from what you're seeing right now in the utility vertical and your confidence in that inflection of the growth in the back half of the year?

好的。謝謝，約翰。顏色真棒。接下來我想這可能適合大衛。因此，材料中提到的公用事業客戶庫存持續減少。但您的評論似乎表明它對利率更加敏感，也許是項目向右推進。所以，我只是想了解一下您現在在公用事業垂直領域看到的情況，以及您對今年下半年成長轉折點的信心？

Yes. We've not seen a significant change from how we describe the utility market back in February to what we're seeing now. We are seeing some customers begin to increase activity levels. We're still seeing some customers that are behind that. But based on the discrete set of customers that we manage these large contracts with, we're in contact with them every day. And based on their projected activity levels, we see a return to growth in the second half of the year. We have seen this end market over the past three years be tremendously impacted by higher product costs.

是的。從二月我們對公用事業市場的描述到現在，我們並沒有看到重大變化。我們看到一些顧客開始提高活動量。我們仍然看到一些客戶落後於此。但基於我們管理這些大型合約的離散客戶群，我們每天都會與他們保持聯繫。根據他們預期的活動水平，我們預計今年下半年將恢復成長。過去三年來，我們看到這個終端市場受到產品成本上漲的巨大影響。

Recall in some quarters, we were announcing double-digit price increases, which increased the cost of the day-to-day business, increased the cost of projects. That cost has to be approved through the regulators, through the local utility commissions and then is part of a capital budget for each of these utilities. So we've not seen a dramatic change from February to now. The conversations we're having, the activity levels that we're seeing plus we've got some new accounts that we won that's providing us with the confidence of a back half recovery.

回想一下，在某些季度，我們宣布了兩位數的價格上漲，這增加了日常業務的成本，增加了專案成本。該成本必須經過監管機構和當地公用事業委員會的批准，然後成為每個公用事業的資本預算的一部分。因此，從二月到現在我們還沒有看到顯著的變化。我們正在進行的對話、我們看到的活動水平以及我們贏得的一些新客戶，這些都為我們提供了後半段復甦的信心。

And I'll add a bit again, this is exactly how we thought the year would start out. In Q1 and Q2, we expected a second half recovery. The budgets have been set now. They're going to maintain their budgets. It's a matter of do they have to reprioritize them in any form or fashion. I'll also tell you that the extended lead times are still in place for transformers and high voltage apparatus.

我再補充一點，這正是我們所想的新的一年的開始。在第一季和第二季度，我們預計下半年會出現復甦。預算現在已經制定。他們將維持其預算。問題是他們是否必須以任何形式或方式重新調整優先順序。我還要告訴您，變壓器和高壓設備的延長交貨時間仍然有效。

And we're working numerous opportunities with our customers in securing supply chain and supply for shipments that are going to be impacting the out years in a major positive sense. So again, I think the overall secular growth trends around power generation, grid modernization, et cetera, that we've talked about at length are intact.

我們正在與客戶合作，提供眾多機會來確保供應鏈和貨物供應，這將對未來幾年產生重大的正面影響。因此，我認為我們詳細討論過的發電、電網現代化等方面的整體長期成長趨勢是完好無損的。

That's great, thank you.

太好了，謝謝。

Deane Dray, RBC Capital Markets.

加拿大皇家銀行資本市場 (RBC Capital Markets) 的 Deane Dray。

Thank you. Good morning, everyone.

謝謝。大家早安。

Good morning, Deane.

早上好，迪恩。

Hi. I appreciate all the color you've given on tariffs and pricing and so forth. So I'll ask some questions related to data center, if I can. You put up some really growthy numbers the past two quarters, 70% last quarter, 65% this quarter. The market is not growing that fast. So maybe you can expand on your point that customers are increasing their scope of business they're doing with Wesco. And as you flesh that out, maybe talk about the mix of products versus services that you are engaged in data center.

你好。我很感謝您對關稅和定價等問題給出的詳細資訊。因此，如果可以的話，我會問一些與資料中心相關的問題。過去兩個季度，你們取得了真正的成長數字，上個季度成長了 70%，本季成長了 65%。市場成長速度並沒有那麼快。因此，也許您可以進一步闡述您的觀點，即客戶正在擴大與 Wesco 的業務範圍。當你充實這一點時，或許可以談談你在資料中心所從事的產品與服務的組合。

Yes, Deane, great question. Look, we're really pleased with the very strong and growing momentum in data centers, our data center business. Really strong I'll say sales results. The backlog is up very strongly as well. Our bid activity levels are exceptionally strong. And you'll see that we made a very clear disclosure this quarter.

是的，迪恩，這個問題問得好。瞧，我們對資料中心、我們的資料中心業務的強勁成長勢頭感到非常高興。我會說銷售業績確實強勁。積壓訂單也大幅增加。我們的投標活動水準異常強勁。您會發現我們本季做出了非常明確的披露。

I want to point it out again that we're now showing the EES related data center sales that's into the gray space portion of the data center and that's now approaching a $400 million trailing 12 month basis run rate. And that's up in the same kind of 70% plus range in the quarter. So we are absolutely seeing -- as we expected we would see, we targeted -- we signaled this to you because our customers are looking to increase scope of supply with us.

我想再次指出，我們現在展示的 EES 相關的資料中心銷售額屬於資料中心的灰色空間部分，現在接近 12 個月的 4 億美元基礎運行率。本季的增幅也達到了 70% 以上。因此，我們絕對看到 - 正如我們預期的那樣，我們有目標 - 我們向您發出了這一信號，因為我們的客戶正在尋求擴大與我們的供應範圍。

In the white space, it includes I'll call it rack power, everything around the rack, the rack installation and the services that we now have. Our acquisition of Rahi continues to contribute strongly. That was a number of years ago. And the recent ones of entroCIM and Ascent are having a very positive impact on our business.

在白色空間中，它包括我稱之為機架電源、機架周圍的一切、機架安裝和我們現在擁有的服務。我們對 Rahi 的收購繼續做出巨大貢獻。那是好幾年前的事了。最近推出的 entroCIM 和 Ascent 對我們的業務產生了非常正面的影響。

They're strongly contributing. They've allowed us to grow up the value chain even further and provide solutions across the whole life cycle. Customers are absolutely asking us to do more as a one stop shop and include pulling in the gray space as well, which we foreshadowed. So I think we're very encouraged with the trends. We're not seeing any reduction in our booking or sales rates, not one iota.

他們做出了巨大貢獻。它們使我們的價值鏈進一步擴大，並能提供覆蓋整個生命週期的解決方案。客戶確實要求我們作為一站式商店提供更多服務，也包括拉進灰色空間，這是我們預示的。所以我認為我們對這些趨勢感到非常鼓舞。我們的預訂率或銷售率並沒有絲毫下降。

I think really this is important to understand. Again, look at the cycle of data center projects where we play in this space. We're clearly expanding scope of supply and our customers are telling us the following. Their priority over the last few months has been on completing projects that have been running.

我認為理解這一點確實很重要。再看看我們在這個領域所參與的資料中心專案的周期。我們顯然正在擴大供應範圍，我們的客戶告訴我們以下內容。過去幾個月他們的首要任務是完成已經運行的專案。

As we look out to the next few months in the second quarter, into the third quarter and the balance of the year, you're going to see increasing priority on the AI-driven data center builds versus the, I'll call it, the more traditional CPU based builds and the AI-driven data center builds, GPU based versus CPU based that drives much greater power density and increased white space products, which is good for us.

展望第二季、第三季以及今年餘下的時間，我們會看到，與更傳統的基於 CPU 的建置相比，人工智慧驅動的資料中心建置的優先順序將越來越高，而基於 GPU 而非基於 CPU 的人工智慧驅動的資料中心建置將帶來更高的功率密度和更多的白色空間產品，這對我們有利。

So I think that, look, it is the strong data center growth that drove CSS to deliver 18% growth overall as an SBU as a business unit and it's having a very positive impact on our overall business. And the final point I'd make, which you didn't touch on, but I want to emphasize it. We think strategically we made the right move with how we're focusing on data centers. We had a major uptick in Q4 and some of that was at a different margin level. We were committed and focused on improving both gross and EBITDA margins sequentially for CSS.

因此我認為，正是資料中心的強勁成長推動了 CSS 作為 SBU 作為一個業務部門實現了 18% 的整體成長，並且對我們的整體業務產生了非常積極的影響。最後我想說的是，您沒有提到，但我想強調一下。我們認為，從策略上講，我們專注於資料中心的舉措是正確的。我們在第四季度出現了大幅上漲，其中一些上漲的幅度是在不同的利潤水平。我們致力於並專注於連續提高 CSS 的毛利率和 EBITDA 利潤率。

We did both in Q1. Gross margin is up sequentially versus Q4, so is EBITDA margin. So we're getting the operating cost leverage too. And we're still at the front end of this cycle with increasing scope of supply in front of us. So as I said before, we see kind of the utility model that we've done such a great job with over the last decade plus playing out in data center sales now.

我們在第一季就完成了這兩項工作。毛利率與第四季相比季增，EBITDA 利潤率也較上季上升。因此我們也獲得了營運成本槓桿。我們仍處於這一周期的前端，面前的供應範圍正在不斷擴大。正如我之前所說，我們看到了我們在過去十年中做得非常出色的實用模型，現在它在資料中心銷售中發揮作用。

Got it. Really appreciate all that color on the data center framing especially across the two segments. And then just a follow up, can you address mix in EES? You cited in the slide deck more project activity. Also is there direct shipments involved in that mix issue as well because that's usually a high quality problem because it is fabulous returns on direct ship at just low margin? But just help us understand the mix issue.

知道了。真的很欣賞資料中心框架上的所有顏色，特別是跨越兩個部分的顏色。然後只是一個後續問題，您能解決 EES 中的混​​合問題嗎？您在幻燈片中引用了更多的項目活動。另外，直接運送是否也涉及混合問題，因為這通常是一個高品質問題，因為直接運送只需較低的利潤率就能獲得豐厚的回報？但只是幫助我們理解混合問題。

The short answer to your question is yes. I'll ask Dave to expand in a minute, but let me give a little color to set the context. I think, look, it was fourth quarter last year that EES returned to growth. And now we've got organically low single-digit growth in Q1 and the backlog is up nicely, both year-over-year now and sequentially.

對你的問題的簡短答案是肯定的。我會請戴夫稍後詳細說明，但請允許我稍微介紹一下背景。我認為，EES 是在去年第四季恢復成長的。現在，我們在第一季實現了低個位數有機成長，積壓訂單量年比和季比都有了良好的成長。

So I think that's an encouraging start to the year. Obviously, data centers are helping there. And the same data center margin impact on the front end of those project cycles that we saw in CSS is weighing on EES, but we will work those margins up over time as well as we provide the complete data center solution, white space, gray space and focus on services, including power.

所以我認為這是今年令人鼓舞的開始。顯然，資料中心正在提供協助。我們在 CSS 中看到的資料中心利潤率對專案週期前端的影響也對 EES 產生了影響，但我們會隨著時間的推移提高這些利潤率，同時提供完整的資料中心解決方案、白色空間、灰色空間並專注於服務，包括電力。

And again, I think when you look at EES, we've had a few quarters in a row now of strengthening OEM business. That's really a good indicator and then typically a leading indicator of what our industrial business will do in the coming quarters. And so I think we expect that OEM positive momentum to continue and we expect industrial to improve as we move through the year, which that will have a positive margin mix impacting. With that, Dave, probably good to double click again on EES in the quarter though.

再說一次，我認為當你看 EES 時，我們已經連續幾季加強了 OEM 業務。這確實是一個很好的指標，通常是我們工業業務在未來幾季表現的領先指標。因此，我認為我們預計 OEM 的積極勢頭將持續下去，並且我們預計工業將隨著時間的推移而改善，這將對利潤率組合產生積極的影響。有了這些，戴夫，本季可能最好再次雙擊 EES。

Yes, certainly. So within the quarter two things that I'll call out. As John mentioned, we had project mix, we also did have some product mix. So we had some large shipments of products that tended to be at a lower margin. That impacted the overall gross margin of the business. We also had year-over-year some higher provisions for inventory.

是的，當然。因此，在本季內，我要指出兩件事。正如約翰所提到的，我們有項目組合，也有一些產品組合。因此，我們有一些大宗產品的出貨量往往利潤較低。這影響了業務的整體毛利率。我們的庫存撥備也比去年同期增加。

As we've called out the last several quarters, the solar business within EES has been under pressure and there are technology changes within that. And so just given some of the inventory that we were holding, we took a higher provision for inventory within EES impacting the gross margin here in the first quarter.

正如我們在過去幾季中提到的那樣，EES 的太陽能業務一直面臨壓力，其中的技術也在改變。因此，考慮到我們持有的部分庫存，我們對 EES 內的庫存進行了更高的撥備，從而影響了第一季的毛利率。

Did you just size that solar write-off?

您是否剛剛估算了太陽能註銷額度？

I would say that overall, some of the adjustments that we had both the write-off, differences in supplier volume rebates rough around about 25 basis points.

我想說，總體而言，我們所做的一些調整，包括註銷，供應商數量回扣的差異大約在 25 個基點左右。

Got it. Thank you very much for all that color.

知道了。非常感謝所有這些顏色。

Thanks.

謝謝。

Sam Darkatsh, Raymond James.

山姆達卡什、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？

Good morning, Sam.

早上好，山姆。

Back to price because of course. So is prospective pricing overweight in any of your verticals? I'm saying that in light of the fact that you obviously called out some pricing competition specific to EES and construction. I know Greybar was mentioning the same sort of thing. Just trying to get a sense of where the prices that you're likely to push through. Is that overweight, underweight or pretty uniform across your businesses? That's the first question.

當然是因為回到價格。那麼，在您的任何垂直領域中，預期定價是否過高？我之所以這麼說，是因為你顯然指出了 EES 和建築方面存在一些價格競爭。我知道 Greybar 也提到過同樣的事情。只是想了解一下您可能要推行的價格是多少。你們的業務是偏重、偏輕還是比較均衡？這是第一個問題。

It's an excellent question, Sam. And I don't know that we've gone through this in the detail we historically. But to give you a little sense, when you think of the three business units and this is a generalization, CSS has as a large portion of the supplier base, at least some of the biggest supplier partners that have US based operations, US based manufacturing. One of our largest supplier partners announced yesterday.

這是一個非常好的問題，山姆。我不知道我們是否在歷史上詳細討論過這個問題。但為了讓你稍微了解一下，當你想到這三個業務部門時，這是一個概括，CSS 擁有很大一部分供應商基礎，至少是一些在美國開展業務、在美國進行製造的最大供應商合作夥伴。我們最大的供應商合作夥伴之一昨天宣布了這一消息。

And so you get a good sense of what tariff impact is proportionally versus others that have greater offshore manufacturing, let's say. And I would say that results in a different -- and the value chain is working differently, just exceptional growth, exceptional demand pulling on that capacity. So that creates a certain set of price dynamics. We're not seeing anywhere near the same price increases in the -- for our CSS business that we are for -- that we expect to see for our EES business as these increases have been stepping up here in Q2.

這樣，你就能很好地了解與其他擁有更多離岸製造業的國家相比，關稅的影響是成比例的。我想說，這會導致不同的結果——價值鏈的運作方式也不同，只是異常的成長，異常的需求拉動了這種產能。這樣就形成了一定的價格動態。我們的 CSS 業務的價格漲幅遠不及 EES 業務，因為這些漲幅在第二季有所增加。

These are predominantly in the EES business, which also impacts our utility business. And those supplier partners have a mix of manufacturing that in US, Mexico, somewhat -- sometimes Canada and other countries, including China. Some of those supply chain changes have been occurring. They've made some changes, meaningful changes over the last few years post pandemic.

這些主要集中在 EES 業務中，也影響了我們的公用事業業務。這些供應商合作夥伴在美國、墨西哥、有時是加拿大和其他國家（包括中國）擁有多種製造業務。一些供應鏈變化已經發生。在疫情後的過去幾年裡，他們做出了一些改變，一些有意義的改變。

But I think now they're taking a hard look at that as well given the current tariff environment and what expectations are for tariffs going forward to continue to optimize that footprint. So I want to give you a little color of that. Dave, you may want to comment as well, but the weighting I would say is more electrical in utility versus CSS on an STU basis.

但我認為，現在他們也在認真考慮這個問題，考慮到當前的關稅環境以及對未來關稅的預期，以繼續優化這一足跡。所以我想給你們稍微解釋一下這一點。戴夫，你可能也想評論一下，但我想說的是，在 STU 基礎上，電力實用性比 CSS 更重要。

Absolutely. So if you think about just here in the first quarter, both CSS and UBS had essentially no pricing benefit to their top line. We talked about our pricing being about 0.5 that was primarily driven by EES. If you take a look at even 2024, CSS had essentially no pricing benefit to the top line and we saw low single-digit benefit into both EES and UBS.

絕對地。因此，如果您考慮第一季的情況，CSS 和 UBS 的營收基本上都沒有受到定價優勢的影響。我們談到我們的定價約為 0.5，這主要由 EES 驅動。如果你看一下 2024 年，CCS 對營收基本上沒有任何定價優勢，而且我們看到 EES 和 UBS 都獲得了低個位數的收益。

So again, it goes back down to how some of these supply chains are currently managed, the impact of tariffs. Obviously, that's going to flow through to us as a price increase. And I just again want to reiterate that we are treating these tariff related price increases like we have always historically treated price increases.

所以，這又回到了目前這些供應鏈是如何管理的，以及關稅的影響。顯然，這將以價格上漲的形式傳遞給我們。我只是想再次重申，我們對待這些與關稅相關的價格上漲就像我們歷史上一直在對待價格上漲一樣。

What we're seeing now come through from our suppliers is a combination of their typical early part of the year price increase to recover inflation and other costs associated with their business, plus we're seeing them pass through some of the tariffs. It comes to us as one price increase. In the past, we never would include those price increase notifications in our outlook. That is the consistent approach that we've taken here in 2025.

我們現在看到的供應商表現是，他們在年初通常會提高價格以收回通貨膨脹和與其業務相關的其他成本，此外，我們還看到他們轉嫁了部分關稅。對我們來說，這是一次價格上漲。過去，我們從來不會在我們的展望中包含那些價格上漲通知。這是我們在 2025 年所採取的一致做法。

So my follow up question to that would be, remind us how your order contracts are structured, especially when you have tariffs. I mean, do you end up repricing the backlogs? Do you -- does your vendor eat that because you've already established price and cost? Do you eat that? I guess what I'm getting at is, is there some sort of a rule of thumb where if you get mid single or high single-digit pricing, how much of a gross margin benefit might be and how much of a potential risk might that be?

因此，我的後續問題是，請提醒我們您的訂單合約是如何構成的，尤其是當您有關稅的時候。我的意思是，你最終會對積壓訂單重新定價嗎？您的供應商會接受這一點嗎，因為您已經確定了價格和成本？你吃那個嗎？我想我要說的是，是否存在某種經驗法則，如果你獲得中等個位數或高個位數定價，那麼毛利率收益可能是多少，潛在風險又可能是多少？

Yes, certainly. So for our large projects, generally, we either have fixed pricing based on the duration that, that project has between order point and when it gets executed. If it's a couple of months, generally, we've got locked in pricing from the supplier. If it is a longer lead time contract, many of those contracts have a cost escalator, which would include any tariff impact that the customer has agreed to take.

是的，當然。因此，對於我們的大型項目，通常我們要么根據項目從訂購點到執行時間的持續時間來確定固定價格。如果是幾個月的話，一般來說，我們已經從供應商鎖定了價格。如果是較長交貨期的合同，其中許多合約都具有成本升級功能，其中包括客戶同意承擔的任何關稅影響。

So we would work back with our suppliers. We have that true-up clause within the contract that we would then be able to execute to protect our overall value on that particular project. We have not seen any suppliers reach out to us yet with a confirmation that they are repricing our backlog. So we have not seen that. So therefore, we don't see any risk there at this point. That answer your question, Sam?

所以我們會與我們的供應商合作。合約中包含了真實條款，我們可以執行該條款來保護我們在該特定項目上的整體價值。我們尚未看到任何供應商與我們聯繫並確認他們正在為我們的積壓訂單重新定價。所以我們沒有看到這一點。因此，我們目前認為不存在任何風險。這回答了你的問題嗎，山姆？

Thank you. And is there a rule of thumb then, Dave, in terms of if you get a mid-single, high single-digit price increase, how much of a short-term benefit that might be to gross margins in a basis point standpoint?

謝謝。那麼，戴夫，是否有一個經驗法則，如果價格上漲到中等個位數或高個位數，從基點的角度來看，這會給毛利率帶來多大的短期效益？

It varies so much. It would be hard for me to give you a rule of thumb. But just thinking from the context of you're seeing price increases. Generally, there's a two quarter lag at the company level. We only see about half of that published price increase impacting our revenue at some point in the future. So as we saw back in like 2022, particularly with some of the raw materials going into commodities and pure commodity products, we did get a slight benefit, but you're talking tens of basis points is not hundreds of basis points for that phenomena with our inventory.

變化太大了。我很難給你一個經驗法則。但僅從價格上漲的背景來思考。一般來說，公司層面會落後兩季。我們認為，公佈的價格上漲幅度中只有大約一半會在未來的某個時候影響我們的收入。因此，正如我們在 2022 年看到的那樣，特別是當一些原材料進入大宗商品和純大宗商品產品時，我們確實獲得了輕微的收益，但對於我們的庫存來說，你說的幾十個基點而不是幾百個基點。

Very helpful. Thank you.

非常有幫助。謝謝。

David Manthey, Baird.

大衛‧曼西，貝爾德。

Thank you. Good morning, everyone. First question, a two-parter here. First off, when you say guidance doesn't anticipate any future pricing and Dave, your commentary, it sounds like you're excluding announced and even expected price increases as a hedge to any potential demand destruction. Am I reading that right?

謝謝。大家早安。第一個問題，分為兩個部分。首先，當您說指導意見沒有預測任何未來的定價以及戴夫，您的評論時，聽起來您排除了已宣布甚至預期的價格上漲，以對沖任何潛在的需求破壞。我讀得對嗎？

You are. And again, that is consistent with our past practices. If this was a year ago and we were seeing price increase notifications from our suppliers, we would not be including those price increases into our outlook. So you are correct that we have not incorporated it until we begin to see it recognized in our income statement.

你是。這與我們過去的做法是一致的。如果這是一年前，我們看到供應商發出的價格上漲通知，我們就不會將這些價格上漲納入我們的展望中。所以您說得對，我們直到在損益表中看到它被確認後才將其納入其中。

And we understand that there could be some demand destruction given higher prices, particularly in some of our more price sensitive businesses. And we feel that if there is a tariff action that comes through to us, we would see a pricing benefit. We believe that pricing benefit would mitigate any demand destruction that we would see due to the higher price.

我們知道，價格上漲可能會對需求造成一定程度的破壞，尤其是在一些對價格較為敏感的業務領域。我們認為，如果採取關稅行動，我們將看到價格優勢。我們相信，定價優勢將減輕因價格上漲而導致的任何需求破壞。

Okay. So logically, the second quarter guidance, if you take a 7.5% reported growth midpoint and 6.8% EBITDA, it's right around $400 million EBITDA give or take, which is kind of where the street is. So within that, what you're telling us is there may be some price increases that are hitting April, May, June that by convention you're just not including in that outlook, correct?

好的。因此，從邏輯上講，第二季的指引是，如果採用 7.5% 的報告成長中點和 6.8% 的 EBITDA，那麼 EBITDA 大約就在 4 億美元左右，這也是華爾街的預期。因此，您告訴我們，4 月、5 月和 6 月可能會出現一些價格上漲，但按照慣例，您沒有將這些價格上漲納入展望中，對嗎？

That is correct.

沒錯。

Okay. Fair enough. Second question, flipping over to SG&A. I think you have a merit increase coming up in the second quarter and maybe you could talk about what that should add in dollars. I'm thinking maybe it's $15 million or $20 million, but are there other puts and takes we should consider as we bridge from first quarter SG&A to second quarter?

好的。很公平。第二個問題，轉到銷售、一般和行政費用 (SG&A)。我認為您在第二季度會有一個績效加薪，也許您可以談論這應該增加多少金額。我認為可能是 1500 萬美元或 2000 萬美元，但在從第一季銷售、一般及行政費用過渡到第二季度時，我們還應該考慮其他利弊嗎？

The primary driver sequentially from Q1 to Q2 would be the merit increase. So to size that, I think it would be -- you're starting with our Q1 2025 adjusted EBITDA -- I'm sorry, adjusted SG&A, which was right around $829 million. About two-thirds of that is people costs for which we saw about a 3% increase overall to our cost, both salaries, wages plus benefits. So that's what you should assume for the sequential to the second quarter.

從第一季到第二季度，主要的驅動力是績效工資的成長。因此，要確定這個規模，我認為——從我們 2025 年第一季的調整後 EBITDA 開始——抱歉，調整後的 SG&A 約為 8.29 億美元。其中約三分之二是人力成本，我們的整體成本（包括薪資、薪資和福利）增加了約 3%。所以這就是你應該對第二季的連續情況做出的假設。

Okay. And then, of course, volume escalators and that sort of thing. But any takeaways from that number we should be considering?

好的。然後，當然還有交易量手扶梯之類的東西。但是，我們應該從這個數字中得到什麼結論呢？

Nothing significant.

沒什麼重大的。

Okay. All right, thank you.

好的。好的，謝謝。

Thanks, Dave.

謝謝，戴夫。

Patrick Baumann, JPMorgan.

摩根大通的派崔克‧鮑曼。

All right. Thanks. Just following up on that question. The outlook for the year, I missed the beginning of the call, but have you changed the components of the margin guide. I think at the midpoint, you had assumed a little bit of gross margin benefit from supplier volume rebate initially for the year and that would be offset by some of the incentive comp headwind in SG&A. Now with the guide I think implying something below the midpoint, any thoughts on those components relative to how you initially guided them for the year?

好的。謝謝。只是繼續回答這個問題。對於今年的展望，我錯過了電話會議的開始，但是您是否更改了保證金指南的組成部分。我認為，在中間點，您最初假設今年的供應商批量回扣會帶來一點毛利率收益，而這將被銷售、一般和行政費用中的一些激勵補償阻力所抵消。現在，根據指南，我認為暗示中點以下的某個值，相對於您最初對今年的指導，對這些組成部分有何看法？

Yes, certainly. So on gross margin, we initially thought that the gross margin would be up slightly year-over-year. Given what we experienced in Q1 and our expectations for Q2, we do think that the gross margin would be down year-over-year. On an SG&A perspective, our SG&A assumptions are essentially still holding.

是的，當然。因此，就毛利率而言，我們最初認為毛利率會比去年同期略有上升。鑑於我們在第一季的經驗以及對第二季的預期，我們確實認為毛利率會比去年同期下降。從銷售、一般及行政費用 (SG&A) 角度來看，我們的銷售、一般及行政費用假設基本上仍然成立。

We will, of course, have some additional variable costs as we see increases to sales. And we have highlighted that we expect sales would be in the upper end of the range. With that, we would see some operating leverage coming through on the SG&A margin line.

當然，隨著銷售額的成長，我們會產生一些額外的變動成本。我們已經強調，我們預計銷售額將處於該範圍的高端。這樣，我們就會看到銷售、一般及行政費用利潤率上出現一些經營槓桿。

And you just mentioned second quarter gross margin. What did you say on that? I guess I missed it at the beginning of the call.

您剛才提到了第二季的毛利率。你對此有何評論？我想我在通話開始時就錯過了。

For the full year, we would expect our gross margin would be down versus 2024. Recall that we did 21.6% in 2024. We initially guided back in February that we expected gross margin to expand slightly. That was part of our margin recipe that would be offset by some of these incremental costs due to incentive compensation on the SG&A line.

我們預計全年毛利率將較 2024 年下降。回想一下，我們在 2024 年實現了 21.6% 的成長。我們最初在二月預測毛利率將略有擴大。這是我們利潤方案的一部分，將被銷售、一般和行政費用中的激勵性薪酬所產生的部分增量成本所抵銷。

So our expectation at this point is that gross margin would be down slightly versus the prior year. With the higher sales being in the upper end of the range, we will get some operating leverage though on that SG&A line.

因此，我們目前的預期是毛利率將比前一年略有下降。由於銷售額較高，處於範圍的高端，我們將在銷售、一般和行政費用方面獲得一些營運槓桿。

Right. I guess I was talking -- I thought you had said something about second quarter gross margin.

正確的。我想我剛才說了——我以為你已經談到了第二季的毛利率。

EBITDA margin. EBITDA margin, we've you our expectation that, that would be down 50 basis points versus the prior year.

EBITDA 利潤率。EBITDA 利潤率，我們預計，與前一年相比，將下降 50 個基點。

Understood. Okay. And then if you can maybe talk a little bit about what you're seeing in the Canada market, kind of a decent-sized exposure for you guys and curious the macro up there, different end markets up there, what you're seeing in your business and your expectations there for the balance of the year.

明白了。好的。然後，如果您可以稍微談談您在加拿大市場看到的情況，這對您來說是一個相當大的曝光度，並且好奇那裡的宏觀情況，那裡的不同終端市場，您在業務中看到的情況以及您對今年剩餘時間的期望。

Yes. We -- to your point, we have a very strong Canadian business, and we had a very strong quarter to start the year. Very pleased with our Canadian results. There is a separate market report that the industry publishes up there that both distributors and suppliers are part of the -- of that association. And that report show our performance versus the market was very strong.

是的。正如您所說，我們的加拿大業務非常強勁，今年第一季我們的業績也十分強勁。對我們的加拿大成績非常滿意。該行業發布了一份單獨的市場報告，其中指出分銷商和供應商都是該協會的一部分。該報告顯示我們的表現相對於市場而言非常強勁。

We outperformed the market and took market share and felt very good about our start to the year. And so backlog grew very strongly as well in the first quarter. So I think we're set up for a really strong year in Canada with our momentum vector, there is a new administration now in Canada. We'll see what the impacts are across their various core industries, including oil and gas, and we'll see what happens there. But I feel very good about our momentum vector with how we started the year in our position.

我們的表現優於市場並佔據了市場份額，我們對今年的開局感到非常滿意。因此第一季積壓訂單也成長非常強勁。因此，我認為，憑藉我們的勢頭，加拿大將迎來真正強勁的一年，而且加拿大現在有了新政府。我們將觀察這對包括石油和天然氣在內的各個核心產業有何影響，並觀察那裡會發生什麼事。但我對我們的勢頭向量以及我們今年初所處的位置感到非常滿意。

And what are the key verticals driving that up there?

推動這項成長的關鍵垂直產業有哪些？

So when you look at the structure of the Canadian market and where we're positioned, it's more meaningfully more consolidated than the US by a large margin. US is significantly more fragmented. We are clearly the leader in the Canadian market and it's our entire portfolio, Patrick. So we got a strong electrical business. It's the legacy Wesco business. The big acquisition we did that was EECOL in the Western provinces and then Annexure with our leading wire and cable capabilities. So we have a tremendously strong I'll call it EES value proposition, the full solution portfolio across really from the Pacific Ocean to the Atlantic Ocean, all the way up through the Northwest territories.

因此，當你觀察加拿大市場的結構和我們的定位時，你會發現它比美國更鞏固。美國明顯更加分裂。派崔克，我們顯然是加拿大市場和我們整個產品組合的領導者。因此我們的電氣業務非常強勁。這是 Wesco 的傳統業務。我們進行的大型收購包括西部省份的 EECOL 以及擁有領先電線電纜產能的 Annexure。因此，我們擁有一個非常強大的 EES 價值主張，即從太平洋到大西洋，一直到西北地區的完整解決方案組合。

We have a very strong utility business as well and serve all the major utility customers up there, equally strong, same value prop that we have in the US and we have a very strong CSS business, very strong datacom, strong broadband. Our broadband business grew overall in Q1 after growing very strongly in Q2.

我們也擁有非常強大的公用事業業務，為那裡的所有主要公用事業客戶提供服務，同樣強大，與我們在美國擁有相同的價值主張，我們擁有非常強大的 CSS 業務、非常強大的數據通訊和強大的寬頻。繼第二季強勁成長之後，我們的寬頻業務在第一季整體成長。

So seeing a little different dynamics of broadband in the US, but the Canadian broadband business is off to a very good start after a very strong Q4. So the short answer is our entire -- all three SKUs are well-represented and overall, we have a very strong leadership position in Canada.

因此，美國寬頻的動態略有不同，但加拿大寬頻業務在第四季度表現強勁後開局非常好。所以簡短的回答是，我們的全部 - 所有三個 SKU 都有很好的代表性，總體而言，我們在加拿大擁有非常強大的領導地位。

Okay. Thanks for the color.

好的。謝謝你的顏色。

Yes. Okay. I think we've wrapped up all the questions. Thank you for those. We'll bring the call to a close. Thank you all for your support. It's very much appreciated. We do look forward to speaking with many of you over the next couple of days with the follow-up calls. And then over the next two months, we'll be attending the following conferences, Oppenheimer Industrial Growth Conference, the Wolfe Transportation and Industrials Conference. We'll be participating in the Baird Industrial Distribution field trip. We'll be attending the KeyBanc Industrials and Basic Minerals Conference and the Goldman Sachs Leveraged Finance and Credit Conference. And finally, we expect to announce our second-quarter earnings on Thursday, July 31, 2025.

是的。好的。我想我們已經解答了所有問題。謝謝你們。我們將結束通話。感謝大家的支持。非常感謝。我們確實期待在接下來的幾天裡透過後續電話與你們中的許多人進行交談。在接下來的兩個月裡，我們將參加以下會議：奧本海默工業成長會議、沃爾夫運輸和工業會議。我們將參加貝爾德工業分銷實地考察。我們將參加 KeyBanc 工業和基礎礦產會議以及高盛槓桿融資和信貸會議。最後，我們預計將於 2025 年 7 月 31 日星期四公佈第二季財報。

So with that, have a good day. Thank you.

祝您有美好的一天。謝謝。

The conference has 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。