Wesco International Inc (WCC) 2025 Q2 法說會逐字稿

Hello, and welcome to Wesco's 2025 second quarter earnings call. (Operator Instructions) Please note that this event is being recorded. I will now hand the call over to Scott Gaffner, SVP, Investor Relations, to begin. Please go ahead.

您好，歡迎參加 Wesco 2025 年第二季財報電話會議。（操作員指示）請注意，此事件正在被記錄。現在我將把電話交給投資人關係資深副總裁 Scott Gaffner 開始發言。請繼續。

Thank you, and good morning. Before we begin, 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，早安。在我們開始之前，我想提醒您，本次電話會議中發表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 be using 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 at wesco.com.

此外，今天我們將使用某些非 GAAP 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，兩者都發佈在我們的網站 wesco.com 上。

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. Now I'll turn the call over to John.

今天早上的電話會議參與者有 WESCO 董事長、總裁兼執行長 John Engel 和執行副總裁兼財務長 Dave Schulz。現在我將把電話轉給約翰。

Well, thank you, Scott. Good morning, everyone. Thanks for joining our call today. We're pleased to report that our sales momentum accelerated in the second quarter, and that's building on our strong start to the year. This marks three consecutive quarters of accelerating sales momentum. After growing 6% in Q1, organic sales grew 7% in Q2. Preliminary July sales per workday have accelerated even further and are up approximately 10% year-over-year.

好吧，謝謝你，斯科特。大家早安。感謝您今天參加我們的電話會議。我們很高興地報告，我們的銷售勢頭在第二季度加速，這是在我們今年強勁開局的基礎上取得的。這標誌著銷售勢頭連續三個季度加速。繼第一季成長 6% 之後，第二季有機銷售額成長了 7%。初步統計，7 月工作日銷售進一步加速，年增約 10%。

Our second quarter performance was led by 17% organic growth in CSS and 6% organic growth in EES. Setting a new record and a new mark, our total data center sales eclipsed $1 billion. That's for the entire Wesco enterprise in the second quarter, and they were up 65% versus the prior year. This is a clear indication of our leading value proposition and the enduring secular growth trends of AI-driven data centers.

我們第二季的業績主要得益於 CSS 17% 的有機成長和 EES 6% 的有機成長。我們的資料中心總銷售額創下了新紀錄和新紀錄，突破了 10 億美元。這是 Wesco 企業第二季的業績，與去年相比成長了 65%。這清楚地表明了我們領先的價值主張和人工智慧驅動的資料中心持久的長期成長趨勢。

Utility, as expected, had declining sales in the first half but has begun to show signs of improvement as sales to investor-owned utilities returned to growth in the second quarter. We continue to expect a return to growth in Utility in the second half of the year. So all in all, we're off to a good start in the first half of 2025.

正如預期的那樣，公用事業在上半年的銷售額有所下降，但隨著投資者所有的公用事業的銷售額在第二季度恢復增長，該行業的銷售額已開始出現改善的跡象。我們繼續預計公用事業將在下半年恢復成長。總而言之，2025 年上半年我們將有一個好的開始。

Shifting to profitability. Adjusted EBITDA margin was up 90 basis points sequentially as we generated strong operating cost leverage and stable gross margin. And finally, adjusted EPS was up 6% versus the prior year.

轉向盈利。由於我們產生了強大的營運成本槓桿和穩定的毛利率，調整後的 EBITDA 利潤率比上季上升了 90 個基點。最後，調整後的每股盈餘較上年同期成長了 6%。

Turning to our balance sheet and capital allocation priorities. As planned, we completed the redemption of our preferred stock in June. This refinancing strengthens our balance sheet. It also extends our debt maturities and it significantly improves our earnings and cash flow run rates. Following this redemption, we have strong liquidity to support our capital allocation priorities.

轉向我們的資產負債表和資本配置優先事項。按照計劃，我們在六月完成了優先股的贖回。此次再融資增強了我們的資產負債表。它還延長了我們的債務期限，並顯著提高了我們的利潤和現金流運行率。此次贖回後，我們將擁有強大的流動性來支持我們的資本配置重點。

As you'll recall and as we outlined at our last Investor Day, after funding our common stock dividend and offsetting equity award dilution through stock repurchases, over 75% of our free cash flow generation is targeted to debt reduction, additional stock buybacks and acquisitions. As we begin the second half of the year, I'm very encouraged by our positive and increasing momentum that we're seeing across our business.

您可能還記得，正如我們在上次投資者日所概述的那樣，在為我們的普通股股息提供資金並透過股票回購抵消股權獎勵稀釋後，我們超過 75% 的自由現金流將用於減少債務、額外股票回購和收購。當我們進入下半年時，我對我們整個業務所看到的積極和不斷增長的勢頭感到非常鼓舞。

Backlog is at record levels, up both year-over-year and sequentially across all three business units. July, as I mentioned earlier, is off to a very strong start with preliminary sales up approximately 10% versus prior year. Importantly, in July, for this preliminary number, this reflects growth in all three SBUs and that obviously is including our UBS segment. We raised our full year outlook for organic sales growth based on our positive trajectory while maintaining our EPS range at the midpoint.

三個業務部門的積壓訂單量均達到創紀錄的水平，較去年同期和較上季均有所成長。正如我之前提到的，7 月開局非常強勁，初步銷售額比去年同期成長了約 10%。重要的是，7 月的初步數據反映了三個 SBU 的成長，顯然包括我們的瑞銀部門。根據積極的發展軌跡，我們上調了全年有機銷售成長預期，同時將每股收益範圍維持在中間值。

As always, we remain focused on what we can control, and that's executing our cross-sell initiatives, managing margins to ensure we get operating leverage on our sales growth and delivering operational improvements enabled by our technology-driven business transformation.

像往常一樣，我們仍然專注於我們能夠控制的事情，那就是執行我們的交叉銷售計劃，管理利潤率以確保我們在銷售成長中獲得營運槓桿，並透過技術驅動的業務轉型實現營運改善。

As the market leader, we're seeing -- we're clearly seeing the growth potential of our Wesco portfolio. And that's supported by the enduring secular growth trends of AI-driven data centers, increased power generation, electrification, automation and reshoring. All this underpins my confidence that Wesco will continue to outperform our markets this year.

作為市場領導者，我們清楚地看到了 Wesco 產品組合的成長潛力。這得歸功於人工智慧驅動的資料中心、發電量增加、電氣化、自動化和回流等持久的長期成長趨勢。所有這些都增強了我的信心，並相信 Wesco 今年將繼續超越我們的市場。

Before I turn it over to Dave, I wanted to take a brief moment to thank Bill Geary for his service to Wesco. Bill ran our CSS business through June and has left Wesco to assume a CEO position in a privately held company. We wish Bill well in his new endeavors and thank him for positioning the business for continued success.

在將麥克風交給戴夫之前，我想花一點時間感謝比爾吉爾裡 (Bill Geary) 為 Wesco 做出的貢獻。比爾 (Bill) 六月一直負責我們的 CSS 業務，後來離開 Wesco 並擔任一家私人控股公司的執行長。我們祝福比爾在新的事業中一切順利，並感謝他為公司持續成功所做的努力。

In line with our succession management plan and reflective of our deep talent bench, we appointed Dirk Naylor as EVP and GM to run our Communications & Security Solutions business. Dirk is an accomplished and proven leader within Wesco, and he has been instrumental in developing our growing data center business.

根據我們的繼任管理計劃並體現我們深厚的人才儲備，我們任命 Dirk Naylor 為執行副總裁兼總經理，負責我們的通訊和安全解決方案業務。德克 (Dirk) 是 Wesco 內部一位經驗豐富、久經考驗的領導者，他對我們不斷成長的資料中心業務的發展發揮了重要作用。

With that, I'll turn it over to Dave to walk you through our Q2 results and our outlook for the remainder of the year. Dave?

接下來，我將讓戴夫向您介紹我們的第二季業績以及今年剩餘時間的展望。戴夫？

Thank you, John, and good morning, everyone. Turning to page 4. Organic sales in Q2 were up 7% year-over-year, at the high end of our expectations. This growth was driven by approximately 5.5 points of volume and 1.5 points of price. Reported sales increased 8% with sequential growth of 10%. The strong top line performance was led by continued momentum in our data center business, which surpassed $1 billion in sales and grew 65% year-over-year.

謝謝你，約翰，大家早安。翻到第 4 頁。第二季有機銷售額年增 7%，達到我們預期的高點。這一增長是由約 5.5 個點的銷售和 1.5 個點的價格推動的。報告銷售額成長 8%，季增 10%。強勁的營收表現得益於資料中心業務的持續成長，該業務的銷售額超過 10 億美元，較去年同期成長 65%。

CSS delivered 17% organic growth and EES grew 6%. UBS sales declined 4%. Adjusted EBITDA margin was up 90 basis points sequentially on strong operating cost leverage and stable gross margin. Adjusted EBITDA margin was down 60 basis points year-over-year, driven by gross margin. Gross margin was 21.1%, flat sequentially but down 80 basis points year-over-year due to project and product mix in CSS and EES that started in Q4 of 2024.

CSS 實現了 17% 的有機成長，EES 成長了 6%。瑞銀銷售額下降了4%。由於強勁的營運成本槓桿和穩定的毛利率，調整後的 EBITDA 利潤率環比上升 90 個基點。調整後的 EBITDA 利潤率年減 60 個基點，主要是受毛利率影響。毛利率為 21.1%，與上一季持平，但由於 2024 年第四季開始的 CSS 和 EES 項目和產品組合，毛利率年減 80 個基點。

Adjusted SG&A increased approximately 8% year-over-year, in line with our expectations, driven by higher employee and facility costs. SG&A as a percentage of sales improved due to operating leverage on our sales growth. Adjusted EPS was $3.39, up 6% from the prior year.

調整後的銷售、一般及行政費用較去年同期成長約 8%，符合我們的預期，主要原因是員工和設施成本增加。由於營業槓桿對銷售額成長的作用，銷售、一般及行政費用佔銷售額的百分比有所提高。調整後每股收益為 3.39 美元，較上年增長 6%。

I'll walk you through our business unit results beginning with EES on slide 5. In the second quarter, EES reported and organic sales both increased 6% year-over-year. This improvement in growth was led by strong performance in OEM and Construction, along with a return to growth in Industrial.

我將從投影片 5 上的 EES 開始向您介紹我們的業務部門績效。EES 報告稱，第二季度，有機銷售額年增 6%。成長的改善得益於原始設備製造商 (OEM) 和建築業的強勁表現，以及工業領域的恢復成長。

Construction grew mid-single digits, supported by strong wire and cable sales tied to data center and infrastructure projects across the US and Canada. Industrial was up low single digits with improved day-to-day demand in the US and increased large infrastructure project activity in Canada. OEM sales were up double digits. Backlog increased 6% year-over-year and was up 1% sequentially.

受美國和加拿大資料中心和基礎設施項目相關的電線電纜銷售強勁推動，建築業實現了中等個位數成長。由於美國日常需求改善以及加拿大大型基礎設施項目活動增加，工業增長了個位數。OEM銷售額成長了兩位數。積壓訂單年增 6%，季增 1%。

We continue to see strong quoting activity and a healthy pipeline of opportunities, particularly in data center and electrification-related projects. Adjusted EBITDA margin for EES was 8.1%, a sequential improvement of 120 basis points, reflecting strong operating leverage on higher sales volume, improved gross margin and disciplined SG&A management.

我們繼續看到強勁的報價活動和健康的機會管道，特別是在資料中心和電氣化相關項目方面。EES 的調整後 EBITDA 利潤率為 8.1%，環比提高 120 個基點，反映了更高的銷售量、更高的毛利率和嚴格的銷售、一般及行政費用 (SG&A) 管理帶來的強勁經營槓桿。

Adjusted EBITDA margin was down 80 basis points year-over-year, primarily due to lower gross margin, which declined 100 basis points. This was driven by a higher mix of large, lower-margin projects, particularly in wire and cable, as well as competitive pricing pressures discussed last quarter. Looking ahead, we remain confident in the long-term growth trajectory of EES, supported by secular trends in electrification, data center expansion and infrastructure modernization.

調整後的 EBITDA 利潤率年減 80 個基點，主要原因是毛利率下降了 100 個基點。這是由於大量低利潤項目（尤其是電線電纜項目）的增加以及上個季度討論的競爭性定價壓力所致。展望未來，我們仍然對 EES 的長期成長軌跡充滿信心，這得益於電氣化、資料中心擴展和基礎設施現代化的長期趨勢。

Turning to slide 6. In the second quarter, CSS delivered strong performance with organic sales up 17% and reported sales up 19% year-over-year. This growth was driven by continued strength in Wesco data center solutions, which was up over 60% year-over-year, fueled by large-scale project activity with hyperscale customers.

翻到幻燈片 6。第二季度，CSS 表現強勁，有機銷售額成長 17%，報告銷售額年增 19%。這一增長得益於 Wesco 資料中心解決方案的持續強勁增長，該解決方案同比增長超過 60%，這得益於與超大規模客戶開展的大規模專案活動。

The Ascent acquisition completed in December of 2024 added about 1.5 points to CSS growth this quarter. Data center sales represented nearly 40% of CSS revenue in Q2, up from approximately 30% in the prior year quarter.

2024 年 12 月完成的 Ascent 收購為本季 CSS 成長增加了約 1.5 個百分點。資料中心銷售額佔第二季 CSS 營收的近 40%，高於去年同期的約 30%。

Importantly, we have not seen any slowdown in customer demand. Based on discussions with our end-user customers, capital budgets remain intact, and customers are expanding their scope of products and services with Wesco.

重要的是，我們沒有看到客戶需求有任何放緩。根據與我們的最終用戶客戶的討論，資本預算保持不變，客戶正在擴大與 Wesco 的產品和服務範圍。

Security sales were also a positive driver of our CSS results and were up double digits. When including security-related data center sales, the business grew high teens year-over-year. Enterprise network infrastructure declined high single digits, primarily due to reduced demand from service providers. Enterprise network infrastructure, including sales for Wesco data center solutions projects grew in the quarter.

安全銷售也對我們的 CSS 業績產生了積極推動作用，實現了兩位數的成長。如果算上與安全相關的資料中心銷售額，該業務的年增長率將達到十幾歲。企業網路基礎設施下降幅度高達個位數，主要原因是服務供應商的需求減少。企業網路基礎設施（包括 Wesco 資料中心解決方案專案的銷售額）在本季實現成長。

CSS backlog increased 36% year-over-year and 11% sequentially, reflecting continued strength in data center project activity and strong order momentum across our global accounts. On profitability, CSS delivered an adjusted EBITDA margin of 8.8%, up 60 basis points year-over-year and 90 basis points sequentially. This improvement was driven by strong operating leverage on higher sales, partially offset by lower gross margin, which declined 80 basis points year-over-year due to mix from large hyperscale data center projects.

CSS 積壓訂單年增 36%，季增 11%，反映出資料中心專案活動的持續強勁以及我們全球帳戶的強勁訂單勢頭。在獲利能力方面，CSS 的調整後 EBITDA 利潤率為 8.8%，較去年同期成長 60 個基點，較上季成長 90 個基點。這一改善是由銷售額增加帶來的強勁經營槓桿所推動的，但被較低的毛利率部分抵消，由於大型超大規模數據中心項目的組合，毛利率同比下降了 80 個基點。

Turning to slide 7. I want to take a moment to discuss the continued momentum we're seeing in the broader data center space and Wesco's role in that growth. Customers continue to rely on Wesco and our supplier partners to meet their evolving needs, including an expanding portfolio of services we provide across the data center life cycle.

翻到幻燈片 7。我想花點時間討論我們在更廣泛的資料中心領域看到的持續發展勢頭以及 Wesco 在這一成長中的作用。客戶繼續依賴 Wesco 和我們的供應商合作夥伴來滿足他們不斷變化的需求，包括我們在整個資料中心生命週期內提供的不斷擴展的服務組合。

From a total company perspective, data center sales surpassed $1 billion in the quarter. Data center sales represented approximately 18% of Wesco's sales in Q2 2025 and 16% on a trailing 12-month basis, up from 10% TTM through June 2024. This growth was driven by strong performance by CSS in the white space and by EES in the gray space, with CSS representing the majority of the sales contribution.

從整個公司的角度來看，本季資料中心的銷售額超過了 10 億美元。資料中心銷售額約佔 Wesco 2025 年第二季銷售額的 18%，佔過去 12 個月銷售額的 16%，高於截至 2024 年 6 月的 TTM 的 10%。這一成長得益於 CSS 在白色領域的強勁表現以及 EES 在灰色領域的強勁表現，其中 CSS 佔據了銷售貢獻的大部分。

As shown across the top of the slide, we first introduced this framework at our Investor Day last September. It outlines the two key stages of the data center construction cycle, time to power and the construction period.

如投影片頂部所示，我們在去年 9 月的投資者日上首次介紹了這個框架。它概述了資料中心建設週期的兩個關鍵階段，即上電時間和建設期。

The key takeaway remains: projects announced and funded typically take four- to seven years to become operational. Our solutions now span the full spectrum of the data center life cycle, from power and electrical distribution systems and advanced IT infrastructure to on-site services that support ongoing operations. This ensures we can deliver value throughout every phase of the data center life cycle.

關鍵要點仍然是：宣布和資助的項目通常需要四到七年才能投入運作。我們的解決方案現已涵蓋資料中心生命週期的整個範圍，從電力和配電系統、先進的 IT 基礎設施到支援持續營運的現場服務。這確保我們能夠在資料中心生命週期的每個階段提供價值。

On the lower left side of the slide, you can see the substantial and accelerating growth in our total data center business over the past five quarters. Data center sales on a trailing 12-month basis were approximately $3.5 billion. This growth has been driven by organic initiatives and strategic acquisitions that have expanded our service capabilities.

在投影片的左下方，您可以看到過去五個季度我們整個資料中心業務的大幅加速成長。過去 12 個月資料中心的銷售額約為 35 億美元。這一成長是由有機舉措和策略性收購推動的，這些舉措擴大了我們的服務能力。

We remain committed to partnering with our suppliers to service our customers from cradle to crate, supporting everything from initial builds, on-site services, ongoing upgrades and modernization.

我們始終致力於與供應商合作，為客戶提供從搖籃到板條箱的全方位服務，支援從初始建造、現場服務、持續升級和現代化的一切。

Turning to slide 8. In the second quarter, organic and reported sales in UBS declined 4% year-over-year. As we've discussed since early 2024, the utility market continued to face headwinds from customer destocking and slower project activity, driven in part by the current interest rate and regulatory environment. These dynamics have weighed on both investor-owned and public power customers over the past six quarters.

翻到幻燈片 8。第二季度，瑞銀有機銷售額和報告銷售額較去年同期下降4%。正如我們自 2024 年初以來所討論的那樣，公用事業市場繼續面臨客戶去庫存和專案活動放緩的阻力，部分原因是當前的利率和監管環境。在過去六個季度，這些動態對投資者擁有的電力客戶和公共電力客戶都產生了壓力。

Utility sales were expected to be down year-over-year in Q2 but came in lower than what we thought at the beginning of the quarter. That said, we saw a return to growth in our IOU customer base, which was up low single digits in the quarter. We expect this improved momentum to continue, and preliminary July sales for UBS were up slightly, supporting our outlook for a return to overall utility growth in the second half of 2025.

預計第二季公用事業銷售額將年減，但實際銷售額低於我們在本季初的預期。也就是說，我們看到 IOU 客戶群恢復成長，本季成長了個位數。我們預計這種改善動能將持續下去，瑞銀 7 月的初步銷售額略有上升，支持了我們對 2025 年下半年整體公用事業將恢復成長的預期。

Broadband performance remained strong in the quarter, with sales up mid-single digits year-over-year, reflecting a return to growth in the US and continued growth in Canada. Backlog increased both sequentially and year-over-year, reflecting improving order rates and new customer wins.

本季寬頻業績依然強勁，銷售額年增中個位數，反映出美國市場恢復成長以及加拿大市場持續成長。積壓訂單量環比和年比均有所增加，反映出訂單率的提高和新客戶的贏得。

Adjusted EBITDA margin for UBS was 10.4%, down 40 basis points sequentially from 10.8% in Q1 and down 160 basis points year-over-year. We remain highly confident in the long-term growth potential of our utility business, supported by and required for the secular trends of electrification, green energy and grid modernization. These drivers are expected to accelerate demand for our solutions over the coming years.

瑞銀調整後 EBITDA 利潤率為 10.4%，較第一季的 10.8% 季減 40 個基點，較去年同期下降 160 個基點。我們對公用事業業務的長期成長潛力仍然充滿信心，這得益於電氣化、綠色能源和電網現代化的長期趨勢的支持和需求。預計這些驅動因素將在未來幾年加速對我們解決方案的需求。

Turning to page 9. In the second quarter, we delivered $87 million of free cash flow representing approximately 45% of adjusted net income. On a trailing 12-month basis, we've generated $644 million of free cash flow, representing approximately 96% of adjusted net income. We've had strong accounts payable performance and disciplined receivables management throughout the first half of the year. Inventory increased to support customer projects and to ensure supply chain disruptions are limited.

翻到第 9 頁。第二季度，我們實現了 8,700 萬美元的自由現金流，約佔調整後淨收入的 45%。在過去 12 個月中，我們產生了 6.44 億美元的自由現金流，約佔調整後淨收入的 96%。整個上半年，我們的應付帳款表現強勁，應收帳款管理嚴謹。增加庫存以支援客戶項目並確保供應鏈中斷有限。

On the right side of the page, you can see that net working capital intensity has steadily improved over the past three years. This quarter, we saw a 60 basis point year-over-year improvement, with net working capital intensity declining from 20.5% to 19.9%. That follows a 40-basis point improvement in 2024 over 2023. We remain confident in our ability to drive stronger cash generation in the second half.

在頁面的右側，您可以看到過去三年來淨營運資本強度穩定提高。本季度，我們看到了年增 60 個基點，淨營運資本強度從 20.5% 下降到 19.9%。2024 年的利率較 2023 年提高了 40 個基點。我們仍然有信心在下半年實現更強勁的現金創造。

Turning to page 10. We redeemed our $540 million Series A preferred stock in June, the first opportunity to do so at face value. This high-cost instrument carried a 10 5/8% dividend rate, and its redemption marked a significant milestone in our capital structure optimization.

翻到第 10 頁。我們在 6 月贖回了價值 5.4 億美元的 A 系列優先股，這是首次以面額贖回的機會。此高成本工具的股利率為 10 5/8%，其贖回標誌著我們資本結構優化的重要里程碑。

To fund the redemption, we utilized proceeds from our $800 million issuance of 6 3/8% senior notes due 2033, which we completed earlier in the year. This refinancing action reduced our total financing costs and created a substantial benefit to our net income, EPS and cash flow run rates.

為了支付贖回費用，我們利用了今年稍早完成的 8 億美元 2033 年到期的 6 3/8% 優先票據的收益。此次再融資行動降低了我們的總融資成本，並為我們的淨收入、每股盈餘和現金流量運行率帶來了實質的效益。

The estimated annualized benefit from this transaction is approximately $32 million or $0.65 per diluted share. Note that you will see in the press release that we recognized a $28 million gain on the redemption, which is not included in our adjusted results.

此交易的預計年化收益約為 3,200 萬美元，或每股攤薄收益為 0.65 美元。請注意，您將在新聞稿中看到，我們確認了 2800 萬美元的贖回收益，但這筆收益並未包含在我們的調整後結果中。

In addition, with the financing completed in the first quarter, we extended the maturities of our accounts receivable facility and revolver to 2028 and 2030, respectively. As a result, we now have no significant debt maturities until 2028, providing enhanced financial flexibility and stability.

此外，隨著第一季融資的完成，我們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，我們現在直到 2028 年都沒有重大債務到期，從而增強了財務靈活性和穩定性。

Turning to page 11. On this slide, we provide an overview of the actions we've taken to manage the potential impacts on our business from the recent tariff announcements. The left side of the chart lists the potential impacts, including supplier price increases. We received a significant number of price increase notifications in the second quarter with a continuation of increased notifications in the third quarter.

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所採取的措施。圖表左側列出了潛在影響，包括供應商價格上漲。我們在第二季收到了大量價格上漲通知，第三季通知數量持續增加。

Second, the potential for lower customer demand due to higher costs. We continue to monitor overall demand and have not seen any significant demand destruction through the first half of 2025. Third, transitional benefit from inventory gains. Inventories valued using average costs, meaning in an inflationary environment, our inventory is below market price. 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 as we turn our inventory every two to three months.

其次，成本上升可能導致客戶需求下降。我們持續監控整體需求，截至 2025 年上半年，尚未發現任何重大的需求損失。三是存貨收益的過渡性效益。庫存採用平均成本計價，這意味著在通貨膨脹的環境下，我們的庫存低於市場價格。假設供應商價格上漲被市場吸收，我們將看到毛利率暫時上升。請注意，這只是暫時的好處，因為我們每兩到三個月就會更新一次庫存。

And lastly, our direct tariff exposure on purchases for which Wesco is the importer of record into the US and from the US to Canada represents less than 4% of our cost of goods sold. In response, we took the following actions to mitigate these impacts and protect our margins.

最後，對於 Wesco 作為美國進口商以及從美國到加拿大的採購，我們的直接關稅風險不到我們銷售成本的 4%。作為回應，我們採取了以下措施來減輕這些影響並保護我們的利潤。

We're passing supplier increases through, including our margin. We're working with suppliers so that minimum lead times between announced price increases and effective dates are adhered to, according to our standard purchasing terms.

我們正在向供應商傳遞增加的利潤，包括我們的利潤。我們正在與供應商合作，以便根據我們的標準採購條款遵守宣布的價格上漲和生效日期之間的最短交貨時間。

We're leveraging our global scale to identify opportunities to purchase locally sourced products or products less impacted by tariffs, and we're reducing imports from those countries with the highest tariffs. Finally, we're optimizing our supply chain logistics and reengineering our global supply chains to mitigate risk and manage tariff exposure.

我們正在利用我們的全球規模來尋找購買本地產品或受關稅影響較小的產品的機會，並且我們正在減少從關稅最高的國家進口的產品。最後，我們正在優化我們的供應鏈物流並重新設計我們的全球供應鏈，以降低風險並管理關稅風險。

I want to provide an update on the tariff environment during the second quarter and what we've seen in July. In the second quarter, the number of price increase notifications was up 300%, with an average price increase announcement of a mid- to high single-digit rate. Through July, price increase notifications are up 30% in count versus all of Q3 2024 with an average mid-single-digit rate increase.

我想提供一下第二季關稅環境的最新情況以及七月的情況。第二季度，漲價通知數量年增300%，平均漲價幅度為中高個位數。截至 7 月份，價格上漲通知數量與 2024 年第三季相比增加了 30%，平均漲幅為中等個位數。

This continues to be an evolving and dynamic situation based on the timing of tariff implementation and negotiations. Wesco has a long operating history of successfully navigating similar global supply chain challenges. We're executing our playbook to effectively manage our business in the current volatile environment.

根據關稅實施和談判的時間安排，這種情況仍在不斷演變和動態。Wesco 在成功應對類似的全球供應鏈挑戰方面有著悠久的營運歷史。我們正在執行我們的策略，以便在當前動盪的環境中有效地管理我們的業務。

Turning to slide 12. This slide shows our updated 2025 outlook by strategic business unit and the individual operating groups. As John mentioned, we are revising our 2025 outlook and increasing our expected organic sales growth rate to up 5% to 7% versus 2.5% to 6.5% previously. Sales into data centers continue to exceed our initial expectations as do broader electrical sales trends. These strong positive tailwinds are only partially offset by the timing of the utility recovery.

翻到第 12 張投影片。這張投影片展示了我們按策略業務部門和各個營運集團更新的 2025 年展望。正如約翰所提到的，我們正在修改 2025 年的展望，並將預期有機銷售成長率從先前的 2.5% 至 6.5% 提高到 5% 至 7%。資料中心的銷售量持續超出我們最初的預期，更廣泛的電氣銷售趨勢也是如此。這些強勁的積極順風僅被公用事業復甦的時間部分抵消。

For EES, we are benefiting from data center growth, along with broader positive trends in electrical end markets. We now expect growth across all three markets we serve: construction, industrial, and OEM, supporting our revised segment outlook of mid-single-digit growth, up from our prior growth expectation of flat to low single digits.

對於 EES，我們受益於資料中心的成長以及電力終端市場的更廣泛的正面趨勢。我們現在預計我們所服務的所有三個市場（建築、工業和 OEM）都將實現成長，這將支持我們修訂後的中等個位數成長的細分市場前景，高於我們先前對持平至低個位數的成長預期。

Due to the continuation of exceptionally high growth in our data center business, we are increasing our full year outlook for reported sales growth of Wesco data center solutions from up about 20% to up approximately 40%.

由於我們的資料中心業務持續保持高速成長，我們將 Wesco 資料中心解決方案全年銷售成長預期從約 20% 上調至約 40%。

Security momentum accelerated in Q2, and as a result, we now expect full year reported sales to increase, an improvement from our prior outlook of flat. These are the primary drivers of our CSS sales outlook, moving to growth of up low double digits from mid- to high single-digit growth prior.

安全勢頭在第二季度加速，因此，我們現在預計全年報告銷售額將會增加，這比我們之前持平的預期有所改善。這些是我們 CSS 銷售前景的主要驅動力，從先前的中位數成長轉變為低兩位數成長。

And lastly within UBS. Given the lower-than-expected sales performance in the second quarter and the evolving timing of the utility recovery, we are revising the segment sales to down low single digits to flat from our prior expectation of flat to up low single digits.

最後是瑞銀內部。鑑於第二季的銷售業績低於預期以及公用事業復甦的時機不斷變化，我們將該部門的銷售額從先前預期的持平至上升低個位數修正為下降低個位數至持平。

We continue to expect utility to inflect in the second half and return to growth. IOU customers returned to growth in Q2 and we anticipate public power customers will follow suit in the back half of the year. Broadband is still expected to be roughly flat for the full year.

我們仍然預計公用事業將在下半年反彈並恢復成長。IOU 客戶在第二季度恢復成長，我們預計公共電力客戶將在下半年效仿。預計全年寬頻仍將基本持平。

Moving to page 13. We are increasing and narrowing our ranges for organic and reported sales growth, adjusting our EBITDA margin range and maintaining the midpoint of our prior ranges for adjusted EPS and free cash flow. We are revising our 2025 sales outlook based on the accelerating growth in the first half of the year and our expectation for continued strong top line growth in the second half of 2025.

翻到第 13 頁。我們正在增加和縮小有機和報告銷售額增長的範圍，調整我們的 EBITDA 利潤率範圍，並維持調整後每股收益和自由現金流的先前範圍的中點。根據上半年的加速成長以及 2025 年下半年繼續強勁成長的預期，我們正在修改 2025 年的銷售前景。

We acknowledge the uncertainty and volatility surrounding tariffs and the impact of the overall economy, but demand for data centers has been strong and our electrical end markets are improving. Backlog grew sequentially and year-over-year in all three businesses with CSS up 36%.

我們承認關稅存在不確定性和波動性以及整體經濟的影響，但資料中心的需求一直強勁，我們的電力終端市場也在改善。三項業務的積壓訂單均比上年同期和環比增長，其中 CSS 增長 36%。

I want to emphasize that our outlook does not include the impact of future pricing actions, including tariffs. 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.

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。這與我們過去的做法一致，因為供應商宣布漲價和開始影響我們的收入之間存在滯後。

While we have seen a significant uptick in price increase notifications as we moved through the second quarter, our outlook does not include any potential benefit to sales at this time. We recognize the potential risk of demand, given tariff-related pricing. Any future pricing would help mitigate any demand impact to our revenue outlook.

儘管我們在第二季度看到價格上漲通知大幅增加，但我們的預測目前並不包括對銷售的任何潛在好處。考慮到與關稅相關的定價，我們認識到需求的潛在風險。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. At the midpoint of our outlook, this implies free cash flow of approximately 100% of adjusted net income. 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 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。在我們的展望中期，這意味著自由現金流約佔調整後淨收入的 100%。我們部署現金流的策略保持不變。可用現金的用途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.

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。

In the near term, given the current economic environment, we expect to prioritize delevering the balance sheet. However, we will continue to be opportunistic regarding share repurchases and acquisition opportunities. We continue to seek acquisitions that expand our capabilities and better serve our customers, particularly those engaged in high-growth end markets.

短期內，鑑於當前的經濟環境，我們預計優先考慮去槓桿。然而，我們將繼續尋找股票回購和收購機會。我們將繼續尋求收購，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 comparisons and our expectations for the third quarter. You can see the return to growth in the last quarter of 2024 and the acceleration in the first half of 2025. As mentioned, preliminary July sales per workday growth is up approximately 10%, and we expect third quarter reported sales will be up mid- to high single digits. We expect organic sales will be up a similar amount as there is no difference in workdays year-over-year and FX headwinds have moderated.

翻到第 14 頁。這張投影片展示了與去年同期相比的月度和季度銷售額對比以及我們對第三季的預期。您可以看到 2024 年最後一個季度恢復成長，2025 年上半年加速成長。如上所述，7 月每個工作日的初步銷售額成長了約 10%，我們預計第三季報告的銷售額將成長中高個位數。我們預計有機銷售額將出現類似的成長，因為工作日與去年同期相比沒有差異，外匯逆風已經緩和。

We expect adjusted EBITDA margins will be approximately 40 basis points lower than the third quarter of the prior year, again primarily reflecting the project and product mix impacts to gross margin discussed earlier. Sequentially, we expect EBITDA margins to be up approximately 20 basis points.

我們預計調整後的 EBITDA 利潤率將比去年同期第三季低約 40 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。連續，我們預計 EBITDA 利潤率將上升約 20 個基點。

Moving to slide 15, let me briefly recap the key points before we open the call to your questions. We delivered another strong quarter with organic sales up 7%, led by CSS up 17%, EES up 6% and data center revenue surpassing $1 billion, up 65% year-over-year. Utility was softer than expected but investor-owned utility sales returned to growth. EBITDA margin expanded 90 basis points sequentially, driven by stable gross margin and strong operating leverage. Momentum continues into Q3 with record backlog, strong July sales and an increased full year organic growth outlook.

前往第 15 張投影片，在我們開始回答您的問題之前，讓我先簡單回顧一下要點。我們又度過了一個強勁的季度，有機銷售額成長了 7%，其中 CSS 成長了 17%，EES 成長了 6%，資料中心營收超過 10 億美元，較去年同期成長 65%。公用事業表現弱於預期，但投資者擁有的公用事業銷售額恢復成長。受穩定的毛利率和強勁的經營槓桿推動，EBITDA 利潤率環比擴大 90 個基點。這一勢頭延續到了第三季度，創下了歷史新高，7 月份銷售額強勁，全年有機成長前景增強。

We redeemed our preferred stock in June and have no debt maturities until 2028. Finally, we're actively managing tariff impacts and global trade uncertainty, leveraging our proven playbook to protect margins and to support growth. With that, operator, we can now open the call to questions.

我們在六月贖回了優先股，直到 2028 年都沒有債務到期。最後，我們正在積極應對關稅影響和全球貿易不確定性，利用我們行之有效的策略來保護利潤率並支持成長。接線員，現在我們可以開始提問了。

(Operator Instructions)

（操作員指示）

Nigel Coe, Wolfe Research.

沃爾夫研究公司的奈傑爾·科伊。

So very, very clear, Dave, about the policy around pricing. So just to be double clear, the gross margin benefit from any price increases in the second half of the year, not part of the guide, no price increases part of the guide, just want to make that double clear.

戴夫，關於定價政策，你講得非常清楚。因此，要明確一點，下半年的任何價格上漲都會對毛利率產生影響，這不是指導價的一部分，沒有價格上漲也是指導價的一部分，只是想明確這一點。

And then within the third quarter, obviously, strong start in July. Have you seen a genuine demand increase, thinking about sequential trends here more than anything else or was July mainly easier comps?

然後在第三季度，顯然 7 月開局強勁。您是否看到了真正的需求成長，並更多地考慮這裡的連續趨勢，還是 7 月主要是更容易比較？

Yes, let me start with the outlook. You are correct. So none of the tariff impact, whether on sales or gross margin, is included in our second half outlook.

是的，讓我先談談展望。你是對的。因此，無論是對銷售額或毛利率的影響，均未納入我們的下半年展望。

With respect to July, Nigel, we're really encouraged with the start. For CSS, the beat goes on. For EES, we saw accelerating momentum really starting with the return to growth in Q4 last year so that trend continues. And most notably, what's different is, and again, this is the last day of July today, so tonight, sales will close out the month, but UBS is now tracking, as a segment, as positive growth. So again, that's accelerating momentum. The vector continues.

關於 7 月份，奈傑爾，我們對這個開始感到非常鼓舞。對於 CSS，節奏還在繼續。對於 EES，我們看到加速勢頭真正從去年第四季度恢復成長開始，因此這種趨勢將繼續下去。最值得注意的是，今天是 7 月的最後一天，所以今晚的銷售額將結束這個月份，但瑞銀現在追蹤到，作為一個細分市場，銷售額實現了正增長。所以，這又是一個加速的勢頭。向量繼續。

Okay, that's clear. And then just on the UBS margins in 2Q, they were down 40 basis points versus 1Q despite volumes being higher sequentially. So just wondering if you could just maybe touch on that. I understand utility margins are higher, but just wondering about the mix within the mix there. What are you seeing within the mix in utility?

好的，很清楚。僅就瑞銀第二季的利潤率而言，儘管交易量較上季增加，但與第一季相比卻下降了 40 個基點。我只是想知道您是否可以談談這一點。我知道效用利潤率較高，但我只是想知道其中的混合。您在混合實用性方面看到了什麼？

Yes, Nigel. A couple of things that are driving that. There was some mix, different customer mix obviously coming through in the second quarter. But also sequentially, one of the big drivers is that the SG&A went up sequentially. Like in all of our businesses, we do that merit increase effective April 1. And the Utility & Broadband Solutions business runs a very lean SG&A. So on the aspect of declining sales versus the prior year plus that increase in SG&A was an impact to the margin.

是的，奈傑爾。有幾件事推動了這個現象。第二季明顯出現了一些混合、不同的客戶組合。但同時，其中一個主要驅動因素是銷售、一般及行政費用 (SG&A) 連續上升。與我們所有的業務一樣，我們將從 4 月 1 日起實施績效加薪。公用事業和寬頻解決方案業務的銷售、一般及行政費用非常精簡。因此，與前一年相比，銷售額下降以及銷售、一般及行政費用增加對利潤率產生了影響。

Nigel, when you think about the structure of the P&L for utility, it's -- and UBS overall, that is, very good operating cost as a percentage of sales. It runs with lower gross margin but has the highest EBITDA margin of all three businesses, all three reporting segments. So we're very well positioned as utility returns to growth and overall UBS returns to growth in the second half. As it's been the case in the past, we'll get significant operating leverage on that sales growth, which will result in better EBITDA margins for UBS.

奈傑爾，當你考慮公用事業的損益表結構時，它是－－以及瑞銀整體，也就是說，營運成本佔銷售額的百分比非常好。它的毛利率較低，但在三個業務、三個報告分部中，它的 EBITDA 利潤率最高。因此，隨著公用事業恢復成長以及瑞銀整體在下半年恢復成長，我們處於非常有利的地位。正如過去的情況一樣，我們將從銷售成長中獲得顯著的經營槓桿，這將為瑞銀帶來更好的 EBITDA 利潤率。

Deane Dray, RBC Capital Markets.

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

Moving on, the next question is from Tommy Moll with Stephens.

接下來，下一個問題來自史蒂芬斯的湯米·莫爾 (Tommy Moll)。

On utility, the insight you provided on the IOU trends was helpful and so I wanted to dig on that a little bit. What can you tell us about the rest of the business there ex-IOU? Did things just slide to the right? Just any kind of insight you can provide there would be helpful.

關於實用性，您提供的有關 IOU 趨勢的見解很有幫助，所以我想對此進行一些深入研究。除了 IOU 之外，您能告訴我們其他業務的情況嗎？事情就這麼順利了嗎？您提供的任何見解都會有所幫助。

Yes, Tommy. Thanks for that question. So let's step back and put utility into context. Remember, let's just -- let's look at this year, in particular. Utility was down mid-single -- or was down high single digits in Q1, down mid-single digits in Q2. But overall, inside Q2, as you've outlined and as we've outlined, investor-owned utilities returned to growth inside Q2. And so far here in July, UBS overall is positive growth, which represents further improvement in utility as a momentum vector.

是的，湯米。謝謝你的提問。因此，讓我們回顧一下，將實用性放在具體背景中。記住，讓我們特別看看今年。公用事業在第一季下降了中等個位數——或者說下降了高個位數，在第二季下降了中等個位數。但總體而言，正如您和我們所概述的那樣，在第二季度內，投資者擁有的公用事業在第二季度恢復了成長。截至目前，7月瑞銀整體呈現正成長，代表其作為動量向量的效用進一步提升。

When you look at the composition of Q2, it's really important to understand the pieces. For investor-owned utilities, which is the largest percentage of our utility sales, they grew low single digits in the quarter. That's driven by new program wins and the new utility contracts that we started servicing that we had mentioned previously as well as resumed shipments to the IOUs. So it's good to see that those sets of customers returning to growth.

當你查看 Q2 的組成時，了解各個部分非常重要。對於投資者所有的公用事業而言，這占我們公用事業銷售額的最大份額，其在本季度實現了低個位數的成長。這是由新項目的勝利和我們之前提到的開始提供服務的新公用事業合約以及恢復向 IOU 發貨所推動的。因此，很高興看到這些客戶群恢復成長。

IOUs in general are much further along in the destocking process than public power customers. They have larger work plans to complete. It really was the public power customers that were still down in the quarter. And that public power softness is driven by just a slower recovery versus the IOUs.

總體而言，IOU 在去庫存化過程中比公共電力客戶走得更遠。他們有更大的工作計劃要完成。本季公共電力客戶數量確實仍在下降。而公共權力的軟化僅是由於相對於 IOU 而言復甦較慢所致。

Let me dig into that a little bit because I know that's where your question was going, the drivers. The public power customers are less capital-intensive than the IOUs, and they typically -- those customers typically don't own their own transmission and substation networks.

讓我深入探討這個問題，因為我知道你的問題是有關司機的。公共電力客戶的資本密集度低於 IOU，而這些客戶通常不擁有自己的輸電和變電站網路。

And if you look at over the last several years, the cycle coming out of the pandemic when we had extended supplier lead times, the public power customers were behind the IOUs in getting their materials in 2022 and 2023. So as the IOU customers were being delivered all that material, the public power customers started building inventory in late '23 and through '24 as the manufacturers switched from the IOUs to building for the public power customers.

如果你回顧過去幾年，你會發現在疫情結束後的周期中，供應商的交貨時間有所延長，而公共電力客戶在 2022 年和 2023 年獲得材料方面落後於 IOU。因此，當 IOU 客戶收到所有這些材料時，公共電力客戶在 23 年末和 24 年開始建立庫存，因為製造商從 IOU 轉向為公共電力客戶建造庫存。

So when you look at the phasing, it's great to see the IOUs returning to growth. We have high confidence in the public power segment of our utility business returns to growth in the second half of this year. Again, and in addition to that, we have a very strong backlog for our transmission and substation business, and our overall grid services applications and solutions will be much stronger in the second half than the first half, given project timing.

因此，當您查看分階段情況時，很高興看到 IOU 恢復成長。我們對公用事業業務的公共電力部門在今年下半年恢復成長充滿信心。除此之外，我們的輸電和變電站業務還有大量積壓訂單，考慮到專案時間安排，我們的整體電網服務應用和解決方案在下半年將比上半年強大得多。

So that gives us really strong confidence that the second half represents an overall return to growth for utility. Keep in mind that was consistent with our outlook when we entered the year and we gave the full year outlook and guidance back earlier in the year.

因此，這讓我們非常有信心，下半年公用事業將全面恢復成長。請記住，這與我們進入今年時的展望一致，並且我們在今年早些時候給出了全年展望和指導。

Yes, that's very helpful. On data center, another big move higher here in terms of the outlook for 2025 from up 20% to up 40%. You made some good comments just in terms of not seeing any slowdown in demand, expansion of scope, et cetera. I'm just curious with the moves as big as they are, what other kinds of metrics are you tracking, whether it's number of orders or size of orders? Or how much visibility do you have into these trends right now? I can appreciate it would be a bit difficult.

是的，這非常有幫助。就資料中心而言，就 2025 年前景而言，其成長幅度將再次大幅提升，從 20% 上升至 40%。您就需求沒有放緩、範圍沒有擴大等問題提出了一些很好的評論。我只是好奇，對於如此大的舉動，您還追蹤哪些其他類型的指標，無論是訂單數量還是訂單規模？或者您現在對這些趨勢有多少了解？我知道這會有點困難。

Yes, I think we have outstanding visibility because I'll remind you and remind our whole investor base that we have this impressive array of direct end-user customer relationships for our WDCS, what we call our Wesco data center solution business. So we also sell with and through contractors and specialty integrators. But we -- but the real power of this business is where we're with the end user, and that includes the hyperscalers, the global hyperscaler customers, Magnificent 7 plus. It includes the MTDC customers, multi-tenant data center customers, many of which are global, as well as enterprise-class customers.

是的，我認為我們擁有出色的知名度，因為我會提醒您並提醒我們整個投資者群體，我們的 WDCS（我們稱之為 Wesco 資料中心解決方案業務）擁有令人印象深刻的直接最終用戶客戶關係。因此，我們也透過承包商和專業整合商進行銷售。但我們 — — 但這項業務的真正力量在於我們與最終用戶的關係，其中包括超大規模用戶、全球超大規模用戶客戶、Magnificent 7 plus。其中包括MTDC客戶、多租戶資料中心客戶（其中許多是全球性的）以及企業級客戶。

We have a customer account organization that -- where we have teams lined up by customer with an overall leader. And those customers are sharing their R&D investment plans and build schedules with us. And in particular, with the relationship that we have with them and the complete solution, white space, gray space plus the power equation, we're deeply embedded in helping them plan out the overall planning for their global deployment of data center build-outs as well as the execution.

我們有一個客戶帳戶組織，其中我們有按客戶排列的團隊和一位總負責人。這些客戶正在與我們分享他們的研發投資計畫和建造時間表。特別是，憑藉我們與他們的關係以及完整的解決方案、白色空間、灰色空間以及功率方程式，我們深入幫助他們規劃全球部署資料中心建設的總體規劃以及執行。

We have an industry-leading capability. It's unmatched in terms of global deployment, and our customers are asking us to do a lot more. So we build up our forecast, to give you the short answer to this, by customer.

我們擁有業界領先的能力。在全球部署方面，它是無與倫比的，我們的客戶要求我們做更多的事情。因此，我們建立了預測，並根據客戶情況為您提供簡短的答案。

And what's a great leading indicator is you can see the strong momentum growth, the exceptional sales growth has been continuing. Very strong growth continues in the white space. The gray space continues to grow faster than the white space. The total dollar contribution is smaller because of our breadth and depth in the white space, but we're encouraged that the gray space is growing faster than the number that we've outlined in the materials, the 65%. And so -- and we're expanding our scope of supply. So we're just really good momentum vector.

一個很好的領先指標是，你可以看到強勁的成長勢頭，卓越的銷售成長一直在持續。白色領域繼續保持著非常強勁的成長勢頭。灰色空間的成長速度比白色空間的成長速度更快。由於我們在白色空間的廣度和深度，總美元貢獻較小，但我們很高興看到灰色空間的成長速度超過了我們在材料中概述的數字，即 65%。因此—我們正在擴大我們的供應範圍。所以我們只是非常好的動量向量。

I think the other thing that's really important that I do want to mention is we're also seeing a lot of discussion about -- with the AI-driven data center build, that increases our scope of supply significantly. As our end user customers move from CPU to GPU base builds, that provides much more content for us. That's true for new data center builds. It's also true for those data centers that are getting upgraded or retrofitted or renovated, let's say, to support the higher AI applications.

我認為另一件非常重要的事情是，我們也看到很多關於人工智慧驅動的資料中心建設的討論，這大大增加了我們的供應範圍。隨著我們的最終用戶客戶從 CPU 轉向 GPU 基礎構建，這為我們提供了更多的內容。對於新資料中心的建設來說，情況確實如此。對於那些為了支援更高階的人工智慧應用而進行升級、改造或翻新的資料中心來說，情況也是如此。

So our position in the value chain, the end-user relationships, the momentum vector is strong. And then finally, I'll end with this. Look at the backlog growth, up 11% sequentially and 36% year-over-year. So that gives a good look into what the future demand profile looks like.

因此，我們在價值鏈、最終用戶關係和動力向量中的地位都很強大。最後，我將以此結束。看看積壓訂單的成長情況，季增 11%，年增 36%。這樣就能很好地了解未來的需求狀況。

Deane Dray, RBC Capital Markets.

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

Can you hear me this time?

這次你聽得到我說話嗎？

Yes, Deane.

是的，迪恩。

Maybe you want to send a CSS team to check out my vendor.

也許您想派一個 CSS 團隊來檢查我的供應商。

We will help you, Deane. It's great to have you back.

我們會幫助你的，迪恩。很高興你回來。

Okay, appreciate it. So just a follow-up on the data center growth and unpacking, and I really find that slide 7 to be so helpful. Just has there been growth and difference in your opportunity in gray space versus white space, we talked that about that at your Analyst Day, just how has that played out?

好的，謝謝。因此，只需跟進資料中心的成長和解包，我真的發現第 7 張投影片非常有幫助。您在灰色空間和白色空間中的機會是否有成長和差異，我們在分析師日上討論了這個問題，結果如何？

So we have a tremendous position, as we've said, for a long time, white space, breadth and depth. The gray space, historically, if you look over a multiyear basis, let's go back 5- to 10 years, was traditionally served direct. But because we are the one-stop shop and complete supply chain solution customer for our end user data center customers, be it a hyperscaler MTDC customer or enterprise class customer for that matter, they're increasingly asking us to do more to manage the total global deployment, which extends into the gray space.

因此，正如我們長期以來所說的那樣，我們擁有巨大的市場地位，包括空白、廣度和深度。從歷史上看，如果回顧多年，回顧過去 5 到 10 年，灰色空間傳統上是直接服務的。但是，由於我們是面向最終用戶資料中心客戶的一站式商店和完整供應鏈解決方案客戶，無論是超大規模 MTDC 客戶還是企業級客戶，他們都越來越多地要求我們做更多工作來管理延伸到灰色空間的全球整體部署。

So as I mentioned earlier, Deane, to the last -- to Tommy's question, the gray space grew at a materially higher rate. I'll just give it now. The gray space grew at a 90% rate. EES's sales into data centers grew at 90% quarter-over-quarter, Q2-over-Q2 year-over-year in the second quarter, and the white space was still north of 60%. So we have -- we did foreshadow. We thought we'd be picking up some gray space scope.

正如我之前提到的，迪恩，對於 Tommy 的最後一個問題，灰色空間的成長速度實際上更快。我現在就給。灰色空間以90%的速度成長。EES 第二季在資料中心的銷售額較上季成長 90%，較去年同期成長 20%，而空白區域銷售額仍維持在 60% 以上。所以，我們確實預示了這一點。我們認為我們會選擇一些灰色空間範圍。

In terms of dollar contribution, the majority of the sales are still in the white space, but the gray space is growing at a faster rate versus our white space mix at this point. I think what's really important to understand on that one page that shows three- to five years' time to power, one- or two-year construction period, that implies a new greenfield or brownfield renovation of a data center build.

就美元貢獻而言，大部分銷售額仍來自白色領域，但目前灰色領域的成長速度比我們的白色領域組合更快。我認為真正重要的是要理解這一頁的內容，它顯示了三到五年的發電時間，一到兩年的建設期，這意味著資料中心的新建或改造。

What's also going to happen is existing data centers are going to get upgraded or retrofitted to support AI applications, shifting from CPU-based builds to a GPU-based retrofit. You'll have to increase the power to that facility, but that doesn't result in necessarily a lot of gray space additional content, but it's substantial white space content, substantial white space content because of the greater power density required for GPU-based builds and the liquid cooling designs, which is a lot more addressable application spend for us.

現有的資料中心也將進行升級或改造以支援人工智慧應用，從基於 CPU 的建置轉變為基於 GPU 的改造。您必須增加該設施的電力，但這不一定會導致大量的灰色空間額外內容，但它是大量的白色空間內容，因為基於 GPU 的構建和液體冷卻設計需要更大的功率密度，這對我們來說是更多可尋址的應用程序支出。

So I want to be clear, I think the strength in the white space, which puts us on a plane because of -- we're involved in even the design of these data centers with our end user customers is really the strength we've been pulling through the gray space, and we expect to continue to do that.

所以我想明確一點，我認為白色空間中的力量讓我們登上了高空——因為我們甚至與最終用戶客戶一起參與了這些資料中心的設計，這實際上是我們在灰色空間中發揮的力量，我們希望繼續這樣做。

That's fabulous color and insight and definitely the kind of context that I wanted to hear because you get mesmerized by the big number, but when you break it out into the individual components and the sectors within data center, that makes sense. So congrats there.

這是非常精彩的色彩和洞察力，絕對是我想要聽到的那種背景，因為你會被這個大數字迷住，但是當你把它分解成數據中心內的各個組件和部門時，這是有意義的。恭喜你。

And just a follow-up question for Dave. Is there a target on net working capital intensity because you've made really good progress there? And then can you just clarify on the inventory gains, you say they're temporary but will that be hitting the P&L? And can you size it at all at this stage?

這只是對戴夫的一個後續問題。由於你們在淨營運資本強度方面取得了非常好的進展，因此是否有一個目標？然後您能否澄清一下庫存收益，您說它們是暫時的，但這會影響損益表嗎？現階段你能確定它的尺寸嗎？

Yes. Sorry, let me start with the net working capital. So we clearly have been running higher days. We want to continue to improve our days, particularly on the inventory side. We've not shared publicly the specific target but we have referred back to -- we would like to return back to our pre-COVID levels, which would be closer to a 19% range.

是的。抱歉，讓我先從營運淨資本開始。所以我們顯然已經跑出了更高的天數。我們希望繼續改善我們的經營狀況，特別是在庫存方面。我們尚未公開分享具體目標，但我們已經提到——我們希望恢復到新冠疫情之前的水平，即接近 19% 的範圍。

So again, part of this comes back to the mix of the business that we have in front of us, particularly with the large projects and how we're providing more services on our sites, which requires we bring inventory in earlier. And then we service that, we get that out to our customers. So that's what we're targeting.

因此，這部分又回到了我們面臨的業務組合上，特別是大型專案以及我們如何在我們的網站上提供更多服務，這要求我們更早引入庫存。然後我們提供服務，並將其提供給我們的客戶。這就是我們的目標。

In terms of the inventory gains on the tariff price-related increases. Generally, what we will see is, as prices go up, our average with inventory costs will increase over time. Our goal is to use that opportunity to basically price our products at the market, which would reflect a higher price, but our average with inventory will be catching up to that, that creates the margin opportunity.

就庫存收益而言，關稅價格相關上漲。一般來說，我們會看到，隨著價格上漲，我們的平均庫存成本也會隨著時間的推移而增加。我們的目標是利用這個機會，基本上按照市場價格來定價我們的產品，這將反映出更高的價格，但我們的庫存平均價格將趕上這一水平，從而創造利潤機會。

We have not timed that out for you. It's one of the reasons why we don't include it in our outlook. Very difficult to project, given the volatility right now about these price increase notifications and how that will be accepted by the market.

我們還沒有為您設定時間。這就是我們不將其納入展望的原因之一。考慮到目前這些價格上漲通知的波動性以及市場將如何接受這些通知，很難預測。

David Manthey, Baird.

大衛‧曼西，貝爾德。

First off, to clarify, when you say that you're not factoring any incremental tariff pricing, you are factoring in known price increases that you've already taken from suppliers in your guidance, is that correct?

首先，需要澄清的是，當您說您沒有考慮任何增量關稅定價時，您正在考慮您已經從供應商獲得的已知價格上漲，這對嗎？

That is correct. So those prices that we've already seen flowing through our P&L, we have included. If you go back to our initial outlook for the year, we had assumed that we would see about 1.5 points of carryover pricing. And as you think about what we've included in our expectations going forward, that's relatively consistent in our outlook that we just provided to you today.

沒錯。因此，我們已經將已經出現在損益表中的價格納入其中。如果回顧我們對今年的初步展望，我們曾假設會看到約 1.5 個點的結轉定價。當您思考我們對未來期望中包含的內容時，您會發現這與我們今天剛剛向您提供的展望相對一致。

Okay. And was the price benefit that you saw that 1.5%, is that uniform across the segments or is it overweight or underweight one segment or the other? And then just to be clear, it sounds like you have seen more price increases, but what you're saying is the guidance did not move for the price increases that was sort of as you expected. Is that right, Dave?

好的。您所看到的 1.5% 的價格優勢是否在各個細分市場中都是一致的，還是對某個細分市場增持或減持不足？然後需要明確的是，聽起來您已經看到了更多的價格上漲，但您所說的是指導價格上漲並沒有像您預期的那樣變動。是這樣的嗎，戴夫？

That's correct. So let me go back to the by SBU question first and then provide some more color on the pricing that's included in our outlook. If you take a look at how we've reported pricing over the last couple of years, CSS had generally flat impact due to price. We saw more of the increases in our EES, in our Utility & Broadband Solutions business.

沒錯。因此，讓我先回到 SBU 問題，然後對我們的展望中包含的定價提供更多說明。如果您看一下我們過去幾年報告的定價情況，您會發現 CSS 受價格影響總體上持平。我們的 EES、公用事業和寬頻解決方案業務實現了更多成長。

What we're seeing here in the first half of 2025, we've actually seen some pricing benefit primarily here in the second quarter for CSS, just given some of the price increases that were taken either last year or earlier this year prior to the tariff announcements beginning to hit.

我們在 2025 年上半年看到的情況是，我們實際上已經看到了一些價格優勢，主要是在第二季度，CSS 的價格優勢主要是在第二季度，這是考慮到去年或今年早些時候在關稅公告開始生效之前採取的一些價格上漲。

In EES, we saw about a 1 point impact in both the first and second quarter. And a lot of that impact in the second quarter was some of the commodity-driven price increases, particularly as you saw copper pricing and other commodity prices go up. It impacted more of our EES business. I would say that UBS is consistent with EES, where they've seen about 1 point of pricing here in the first half of the year. So it's relatively consistent amongst the three SBUs.

在 EES 中，我們看到第一季和第二季的影響都約為 1 點。第二季的影響很大程度上是一些大宗商品價格上漲造成的，特別是銅價和其他大宗商品價格上漲。它對我們的 EES 業務影響更大。我想說的是，瑞銀與 EES 的觀點一致，他們在今年上半年看到了大約 1 個點的定價。因此，這三個 SBU 之間的情況相對一致。

Okay. And just to close the loop on this whole thought here as it relates to the price increases. Where you were referring to that inventory gain situation that you have inventory on the shelf, average cost and that the price increase gives you a lift towards gross margin, we should expect that in the third quarter.

好的。只是為了結束與價格上漲有關的整個想法。您提到的庫存收益情況，即貨架上有庫存、平均成本以及價格上漲會提高毛利率，我們應該預計在第三季度會發生這種情況。

And just to gauge that, I look back to 2022 and I think you got 80 basis points or 90 basis points, but I think there was an extra benefits and other things in there. Could you just give us an idea of what you're thinking about that mix might be in the third quarter?

為了衡量這一點，我回顧 2022 年，我認為你獲得了 80 個基點或 90 個基點，但我認為其中還有額外的好處和其他東西。您能否告訴我們您對第三季的組合有何看法？

We would anticipate that in the second half, we would begin to see sequential gross margin improvement. If you take a look at -- right now, the uncertainty is what will the pricing really be reflected in our income statement? Again, reinforcing one of the reasons why we choose not to include it because we don't want to speculate. But if you go back to the period that you were referring to back in 2022, we were getting pricing that was high single digit, low double digit in our business units in each of the quarters.

我們預計下半年毛利率將開始持續改善。如果你看一下——現在，不確定性是定價實際上會反映在我們的損益表中嗎？再次強調，我們選擇不包括它的原因之一是因為我們不想猜測。但是，如果您回顧一下您所提到的 2022 年時期，我們每季的業務部門的定價都是高個位數、低兩位數。

And so we were seeing that rapid inflation led to gross margin improvement, as you mentioned, Dave. Not all of that was related to pricing. There were other synergies that were being recorded as part of the merger with Anixter.

因此，正如您所說，我們看到快速的通貨膨脹導致毛利率提高，戴夫。並非所有這些都與定價有關。與 Anixter 合併也產生了其他協同效應。

But generally, we would expect to see some sequential improvement in gross margin in the second half. But I would tell you that primarily, what we're counting on now is, given the increase in our sales, in our volume for the second half of the year, sequentially, we should see better supplier volume rebates.

但總體而言，我們預計下半年毛利率將有所改善。但我要告訴你，我們現在主要指望的是，鑑於我們下半年銷售額的成長和銷售的增加，我們應該會看到更好的供應商銷售回扣。

Christopher Glynn, Oppenheimer.

克里斯托弗·格林，奧本海默。

A couple on ESS. So Industrial had been down low single digits for some time to plus low single digits after maybe some deer-in-the-headlight market dynamics going on. You talked about US daily activity a little better. Does it feel like -- just kind of timing noise a little better here, a little worse there? Or does that feel like a real cadence pivot in terms -- even in terms of animal spirits type of thought process?

ESS 上的一對夫婦。因此，在經歷了一些令人措手不及的市場動態之後，工業價格在一段時間內一直處於低個位數下降狀態，然後又回升至低個位數。您更好地談論了美國的日常活動。是不是感覺──這裡的時間噪音有點好，那裡有點差？或者這感覺像是一個真正的節奏支點——甚至從動物精神類型的思考過程的角度來看？

Yes. I mean, look, we -- if you step back to the beginning of the year, even our original outlook, we had expected that Industrial would improve as we move through the year. And then obviously, what was not foreseen was when Trump took office, all of the tariffs, that those announcements that's beginning to settle out as the deals are being struck by country and providing some more, I'll say, more stability, more certainty. But that clearly had an impact on the first half of Industrial, Chris.

是的。我的意思是，你看，如果回顧今年年初，即使是我們最初的展望，我們也預計工業狀況會隨著今年的推進而改善。顯然，沒有預見到的是，當川普上任時，所有的關稅，隨著各國達成協議而開始塵埃落定，並提供更多的穩定性、更多的確定性。但這顯然對工業的前半部分產生了影響，克里斯。

So here's the way I'd ask you to think about EES. We returned to growth in Q4 last year. First quarter was up 3%, 3% organic growth, Q2 plus 6% organic growth. And now we have a second quarter where all three operating groups grew, a step-up in Construction now at mid-single-digit growth benefiting from data center projects, as I mentioned earlier, an increased infrastructure activity. So that's encouraging across the non-resi space.

因此，我想請您這樣思考 EES。我們去年第四季恢復了成長。第一季成長 3%，有機成長 3%，第二季有機成長 6%。現在，我們進入了第二季度，三個營運集團均實現了成長，建築業務的成長目前達到了中等個位數成長，這得益於資料中心項目，正如我之前提到的，基礎設施活動也有所增加。因此，這對於非住宅領域來說都是令人鼓舞的。

OEM continues to be up double digits, and that's something that is a continuation of a trend that occurred over the last two quarters, two- to three quarters, we're stepping up there, and in Industrial, where your question was. And look, we saw improved day-to-day demand in the US and some increased project activity as well so in US and Canada. So it's really good to see the momentum vector picking up and look at backlog. Backlog is up not just year-over-year but sequentially for all of EES.

OEM 繼續保持兩位數成長，這是過去兩個季度、兩到三個季度趨勢的延續，我們正在加大這方面的力度，在工業領域，也就是您提出的問題。而且，我們看到美國的日常需求有所改善，美國和加拿大的計畫活動也有所增加。因此，看到動量向量回升並查看積壓情況真的很好。積壓訂單量不僅較去年同期成長，整個 EES 的積壓訂單量也呈現較上季成長。

So clearly, one of the takeaways should be for CSS, the exceptionally strong data center growth, the beat goes on, eclipsing $1 billion of sales in the second quarter, a huge mark. EES momentum is picking up, definitely improving, improving vector. We're seeing that show up in the numbers. And then for UBS, the improvement has begun, just started to begin in Q2 with the return to growth for IOUs. And then we gave you the July snapshot. So hopefully, that addresses your question.

因此顯然，對於 CSS 來說，其中一個值得關注的點是，其資料中心的成長異常強勁，其成長勢頭持續，第二季的銷售額超過了 10 億美元，這是一個巨大的進步。EES 勢頭正在增強，肯定正在改善，正在改善。我們從數字中看到了這一點。對於瑞銀來說，情況已經開始好轉，從第二季開始，IOU 業務就開始恢復成長。然後我們為您提供了七月份的快照。希望這能解答您的問題。

Yes, yes. And just to add one more topic within that. It sounds like the gray space growth in excess of overall data centers certainly could potentially see further acceleration in -- from that 6% level into the third quarter for EES organic. If you'd care to comment on that bowtie.

是的，是的。並且只需在其中添加一個主題。聽起來，超過整體資料中心的灰色空間成長肯定會進一步加速——從 EES 有機成長的 6% 水平到第三季。如果您願意評論一下那條領結。

Yes. No, I think -- look, I think we're really pleased that gray space is growing faster than white space. I gave you the numbers. Again, it's on a much smaller base, but that's clearly one of a number of positive sequential growth drivers for EES. So far, clearly has helped, Chris, as we move through Q1 and Q2. But as we look at the second half, there's a number of other drivers, too. I'd say generally, electrical demand at all is stepping up. That's the key takeaway.

是的。不，我認為——看，我認為我們真的很高興灰色空間的增長速度比白色空間更快。我給了你數字。再次，它的基礎要小得多，但這顯然是 EES 的眾多積極的連續增長動力之一。到目前為止，克里斯，顯然這對我們進入第一季和第二季度有所幫助。但當我們展望下半年時，還會發現許多其他驅動因素。我想說，總體而言，電力需求正在增加。這是關鍵點。

Ken Newman, KeyBanc Capital Markets.

肯‧紐曼 (Ken Newman)，KeyBanc 資本市場。

Maybe for the first question here, just a clarification on the pricing on the tariff comments not being built into the guide. When you say, Dave, that the average request, the average increase on some of these quotes is up mid-single digits, is that a blended impact from both book and ship and the project pricing? Or should we think about that ultimate price increase is something closer to half of whatever the nominal increase looks like from suppliers, just given your project mix?

對於這裡的第一個問題，可能只是對未納入指南中的關稅評論的定價進行澄清。戴夫，你說的平均請求量、某些報價的平均增幅都達到了個位數的中等水平，這是訂單、發貨量和項目定價的綜合影響嗎？或者，我們應該認為，考慮到您的專案組合，最終的價格漲幅接近供應商名義漲幅的一半？

Ken, you're correct. So the number that we quoted where we're seeing, on average, mid- to high single-digit price increase notifications, that's the increase coming from the suppliers. So in the letter that they send to us, they're generally giving us mid- to high single-digit increases on their products.

肯，你說得對。因此，我們所引用的數字是，平均而言，中高個位數的價格上漲通知，這是來自供應商的漲幅。因此，在他們發給我們的信中，他們通常會給出其產品中高個位數的漲幅。

As you mentioned, because of the type of business that we do, where half of our revenue is project-based, those are negotiated prices which aren't necessarily impacted by these price increases dollar for dollar.

正如您所提到的，由於我們所從事的業務類型，我們的一半收入是基於專案的收入，所以這些是協商價格，不一定會受到這些價格上漲的影響。

So generally, the other half of our business, which would go through our warehouse, our stock and flow business, that's where we'll see those suppliers increase the pricing to us. So we really want to recognize about half of that over the long term, half of the announced price increases over the long term, all of the things being equal.

所以一般來說，我們業務的另一半，也就是透過我們的倉庫、庫存和流動業務，我們會看到那些供應商提高我們的價格。因此，我們確實希望在所有條件相同的情況下，長期內能夠實現約一半的漲價幅度，即長期內宣布的價格上漲幅度的一半。

Right. And then when you think about -- I think it's typically you give customers, what, 60- to 90 days to kind of realize a price push. Is that any different today or is there kind of more of an emphasis to kind of pull that forward, just given all the moving pieces?

正確的。然後當你考慮——我認為通常你會給客戶 60 到 90 天的時間來實現價格推動。今天的情況有什麼不同嗎？或者考慮到所有活動因素，是否更加強調將其向前推進？

We're trying to hold our suppliers to the contractual terms, which requires a lead time. Generally, it's 60- to 90 days, depending on the relationship and the individual supplier. So we are holding to that the best we can. It does take quite a bit of time and effort. We generally get a price increase notification letter. We need to see the buy SKU detailed list to ensure that it gets appropriately loaded into our systems. So that does take some time. We want to make sure that we do it appropriately.

我們試圖讓供應商遵守合約條款，這需要一定的交貨時間。一般來說，需要 60 到 90 天，具體取決於關係和個別供應商。因此，我們會盡力堅持這一點。這確實需要花費相當多的時間和精力。我們一般會收到漲價通知函。我們需要查看購買 SKU 詳細列表，以確保它能夠正確載入到我們的系統中。所以這確實需要一些時間。我們希望確保我們能恰當地做到這一點。

And from our perspective, our suppliers are dealing with the same volatility that we are. So this has been a very volatile situation that we're trying to manage as aggressively as possible.

從我們的角度來看，我們的供應商也面臨著與我們相同的波動。因此，這是一個非常不穩定的局勢，我們正盡可能積極地進行管理。

Yes, okay. And then just quickly for my follow-up here, John, I appreciate all the color on the utility activity this quarter. Maybe just one other question is, can you help us kind of think about what -- if there was any sales drag from the project-based activity versus the stock and flow headwind this quarter? And then maybe just how do we think about the margin cadence for UBS as it flips back to growth in the second and third quarter?

是的，好的。然後，約翰，請允許我快速跟進一下，我很欣賞本季公用事業活動的所有細節。也許還有一個問題是，您能否幫助我們思考一下——本季基於專案的活動與庫存和流量逆風是否會對銷售造成拖累？那麼，當瑞銀在第二季和第三季恢復成長時，我們該如何看待其利潤率節奏？

Nothing to really call out on project versus stock and flow because what we've got there is we got -- by and large, these end-user relationships with IOUs or public power and we have these utility alliance agreements for many of these customer relationships. And there's nothing meaningful to call out on mix, Ken.

沒有什麼可以真正呼籲專案與存量和流量，因為我們所擁有的是 - 總的來說，這些最終用戶與 IOU 或公共電力的關係，並且我們為許多這些客戶關係簽訂了公用事業聯盟協議。肯，混音中沒有什麼有意義的東西可以呼籲。

In terms of margin, look, what's -- UBS overall has still got a 10 handle on the EBITDA margins. And just think about the overall Wesco reported results with utility -- UBS being down 4% year-over-year and being the highest EBITDA margin business. So the SG&A as a percentage of sales is the lowest of all three SBUs. Part of that is business model.

就利潤率而言，你看，瑞銀整體的 EBITDA 利潤率仍然達到 10。想想 Wesco 報告的公用事業整體表現——瑞銀 (UBS) 年減 4%，且是 EBITDA 利潤率最高的企業。因此，銷售、一般及行政費用佔銷售額的百分比是三個策略事業部中最低的。其中一部分是商業模式。

When the sales growth kicks back in, we get exceptional operating cost leverage, and the EBITDA margin pull-through is outstanding. So that's why we were very clear that as the sales growth recovers and returns, which we appear to be at the front end of that, that the EBITDA margins will expand handsomely as we realize that growth.

當銷售成長恢復時，我們獲得了卓越的營運成本槓桿，並且 EBITDA 利潤率的拉動非常出色。因此，我們非常清楚，隨著銷售成長的恢復和回歸（我們似乎處於這一領域的前沿），隨著我們實現這一成長，EBITDA 利潤率將大幅擴大。

Patrick Baumann, JPMorgan.

摩根大通的派崔克‧鮑曼。

First, clean-up one here on the July growth of 10%. Do you think that included any better than the 1.5% price you reported for the second quarter or is it too hard to discern at this point? And then related to that, given the wild swings we're seeing in copper, which I think was up a lot in July and is obviously down a lot today, we always get questions on the impact to Wesco.

首先，這裡清理一下7月10%的成長。您是否認為這比您報告的第二季 1.5% 的價格更好，還是目前還很難辨別？與此相關，鑑於我們看到的銅價劇烈波動，我認為七月份銅價上漲了很多，而今天顯然下跌了很多，我們總是被問到這對 Wesco 的影響。

Can you remind us the percentage of your business exposed to that copper price movement and the lift maybe you got from that specifically in July? Just trying to kind of peel back the onion a little bit and understand why you assume sales slow in the rest of the quarter versus what you saw in July. Maybe that's a factor.

您能否提醒我們，您的業務受到銅價波動的影響有多大，以及您在 7 月可能從中獲得了多少提振？只是想稍微剝開一層皮，了解為什麼您認為本季剩餘時間的銷售會比 7 月的銷售速度慢。也許這是一個因素。

Yes, Patrick, good. Let me start with, are we seeing increased pricing benefit in July? Very hard for us to discern that at this point. We've got to go through our full close in the analysis. So I really can't comment on the overall pricing benefit in July relative to what we experienced in Q2. On copper, we've seen the swings on copper. So just to remind our investors that commodities are about -- pure commodity product, it's a mid-single-digit percentage of our revenue. And most of our commodities are repriced weekly.

是的，派崔克，很好。首先，我們是否看到七月價格收益增加？目前我們很難辨別這一點。我們必須進行全面的分析。因此，我真的無法評論 7 月相對於第二季的整體定價優勢。就銅價而言，我們已經看到銅價的波動。因此，我只是想提醒我們的投資者，大宗商品是純商品產品，它占我們收入的中等個位數百分比。我們的大部分商品每週都會重新定價。

So for example, copper is repriced weekly for what we inform our sales force, what they're going to cost on any bids or a stock and flow sale. And so we have seen that.

舉例來說，我們會每週重新定價銅的價格，以告知我們的銷售人員，確定任何投標或庫存和流動銷售的成本。我們已經看到了這一點。

Now going back to those fluctuations, we did see a copper benefit in the second quarter, but the overall EES pricing was only about 1%. So we didn't see a material impact from that copper volatility in Q2. You saw some of the tariff-based announcements were occurring back in June. There's been some changes to that already. But we have not seen any material impact from that copper volatility through Q2. And as I mentioned for the July pricing, we can't discern that at this point.

現在回到這些波動，我們確實看到第二季銅的價格上漲，但整體 EES 定價僅為 1% 左右。因此，我們並未看到第二季銅價波動帶來實質影響。您會看到，一些基於關稅的公告早在六月就已發布。對此已經有一些改變。但截至第二季度，我們尚未看到銅價波動帶來任何實質影響。正如我所提到的七月定價，我們目前還無法判斷。

Helpful color. And then last one for me is just on -- a little bit obscure so we don't talk about it much, but the security market for you is up double digits. I'm just curious what drove the growth there. Is it any large projects? Was it more day-to-day flow type business? Just seemed like a big growth rate for what we generally consider to be a pretty low growth market.

有用的顏色。對我來說最後一個是——有點模糊所以我們不會談論太多，但你的安全市場已經成長了兩位數。我只是好奇是什麼推動了那裡的成長。有沒有什麼大的項目？這是更日常的流動業務嗎？對於我們通常認為成長相當低的市場來說，這似乎是一個很大的成長率。

Good question, Patrick. Look, it's up double digits without including the data center sales. If you include the data center sales, security is up high teens. So we've got a terrific security business. We've got the most advanced digital solutions, IP security-based solutions. It's more than just the cameras as well as analog and can support full analog to digital transition for many of our customers in retrofit renovation upgrades as well as new projects.

問得好，派崔克。你看，不包括資料中心的銷售額，它的成長率是兩位數。如果將資料中心的銷售也計算在內，安全性將大幅提高。因此，我們的安全業務非常出色。我們擁有最先進的數位解決方案和基於 IP 安全的解決方案。它不僅僅是攝影機和類比設備，還可以支援許多客戶在改造升級和新專案中實現從類比到數位的完全轉換。

We've had an upswing in momentum in our security business over the last several quarters. So this is really good to see. Keep in mind, this category, we've got very strong supplier -- set of supplier relationships and it's a global business. So we are selling these applications to end user customers across the global markets. And again, it's being driven beyond not just data centers but kind of the overall core business. So we're really pleased. Security as a business, we have a very large business that operates with scale.

過去幾個季度，我們的安全業務呈現上升勢頭。看到這一點真的很好。請記住，在這個類別中，我們擁有非常強大的供應商——一套供應商關係，而且這是一項全球性業務。因此，我們將這些應用程式銷售給全球市場的最終用戶客戶。再說一次，它不僅限於資料中心，也影響整個核心業務。所以我們真的很高興。安全作為一項業務，我們的業務規模非常大，並且具有規模化營運。

Helpful. And then along those lines, I mean, I think you compete with -- I think it's the ADI business from Resideo. It sounds like they're looking at alternatives for that business. Is that something that you would kind of look at from an acquisition perspective? Or do you already have too much market share in that particular area and it's not something that would work?

很有幫助。然後沿著這個思路，我的意思是，我認為你的競爭對手是——我認為這是來自 Resideo 的 ADI 業務。聽起來他們正在尋找該業務的替代方案。您是否會從收購的角度來看這個問題？或者您在該特定領域已經擁有太多的市場份額，而這種做法行不通？

Yes. I mean, look, we don't comment on any particular combinations. So it's -- I know it was announced earlier this week and that separation transaction. And I guess just from a market perspective, we understand why those two businesses were separated. But we don't ever comment prospectively on potential combinations.

是的。我的意思是，我們不會對任何特定的組合發表評論。所以——我知道這是本週早些時候宣布的分離交易。我想，光從市場角度來看，我們就能理解為什麼這兩個業務要分開。但我們從未對潛在的組合做出前瞻性評論。

This concludes our question-and-answer session. I'll now turn the conference back over to John Engel for any closing remarks.

我們的問答環節到此結束。現在我將會議交還給約翰·恩格爾 (John Engel) 並請他作結束語。

Well, thank you for your support today. We've addressed all the questions that were queued up, so I'll bring the call to a close. And again, thank you for your support. It's much appreciated. We have a long list of follow-up calls already scheduled today, tomorrow, even into Monday and Tuesday so we're looking forward to engaging with you. And then we'll be speaking to many of you over the coming months as well. We expect to announce our third quarter earnings on October 30, 2025. Have a great day.

好吧，感謝您今天的支持。我們已經回答了所有排隊的問題，所以我將結束本次通話。再次感謝您的支持。非常感謝。我們已經安排了今天、明天甚至週一和週二的一系列後續電話會議，因此我們期待與您聯繫。在接下來的幾個月裡，我們也會與你們中的許多人交談。我們預計將於 2025 年 10 月 30 日公佈第三季財報。祝你有美好的一天。

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。