Wesco International Inc (WCC) 2025 Q3 法說會逐字稿

Hello, and welcome to WESCO's 2025 third 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.

大家好，歡迎參加WESCO 2025年第三季財報電話會議。（操作說明）請注意，本次活動正在錄影。現在我將把電話交給投資者關係高級副總裁斯科特·加夫納，由他開始發言。

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.

謝謝大家，大家早安。在正式開始之前，我想提醒各位，本次電話會議中某些陳述包含前瞻性資訊。前瞻性陳述並非業績保證，其本質上存在不確定性。實際結果可能與實際情況有重大差異。

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

請參閱我們的網路直播幻燈片和公司向美國證券交易委員會提交的文件，以了解更多風險因素和揭露資訊。任何前瞻性資訊僅代表截至發布之日的信息，本公司不承擔更新資訊以反映情況變化的義務。

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

此外，今天我們將使用一些非GAAP財務指標。有關這些措施的必要資訊可在我們的網路直播幻燈片和新聞稿中找到，這兩份文件均可在我們的網站 wesco.com 上找到。今天早上參加電話會議的有 WESCO 董事長、總裁兼執行長 John Engel，以及執行副總裁兼財務長 Dave Schulz。

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

現在我把電話轉給約翰。

Thank you, Scott, and good morning, everyone. Thank you for joining our call today. We delivered very strong results in the third quarter, and we again outperformed the market with our leading portfolio of product services and solutions. Sales growth has accelerated throughout the year with organic sales up 6% in the first quarter, 7% in the second quarter and now 12% in the third quarter. And that marks four consecutive quarters of accelerating momentum.

謝謝你，斯科特，大家早安。感謝您今天參加我們的電話會議。我們在第三季取得了非常強勁的業績，憑藉我們領先的產品、服務和解決方案組合，我們再次超越了市場平均水平。今年以來，銷售成長持續加速，第一季有機銷售額成長 6%，第二季成長 7%，第三季成長 12%。這標誌著連續四季增速加快。

Our positive business momentum has continued in October. We're happy to say with month-to-date preliminary sales per Workday up approximately 9% year-over-year, and that's what three days left in the month.

10月份，我們的業務發展勢頭依然強勁。我們很高興地宣布，截至目前，Workday 的初步銷售額年增約 9%，而本月還剩下三天。

Our record quarterly sales and was an all-time record for any quarter sales of $6.2 billion were led by 18% organic growth in Communications and Security Solutions, 12% organic growth in our Electrical and Electronic Solutions business and a return to growth in utility and broadband solutions. And that was driven by strong high single-digit growth with investor-owned utilities and strength in broadband.

我們創紀錄的季度銷售額達到 62 億美元，創下任何季度銷售額的歷史新高，這主要得益於通訊和安全解決方案業務 18% 的有機增長、電氣和電子解決方案業務 12% 的有機增長以及公用事業和寬頻解決方案業務的恢復增長。這主要得益於投資者所有的公用事業公司強勁的高個位數成長以及寬頻業務的強勁發展。

Also of note, all three SBUs delivered sales growth in this quarter, and that's the first time that's occurred since Q1 of 2023. Total data center sales were again very strong at $1.2 billion. They set another quarterly record. They were up 60% year-over-year and now represent 19% of our total Q3 company sales.

值得注意的是，這三個戰略業務單位在本季度均實現了銷售成長，這是自 2023 年第一季以來首次出現這種情況。資料中心總銷售額再次表現強勁，達到 12 億美元。他們再次刷新了季度紀錄。與去年同期相比成長了 60%，目前占我們公司第三季總銷售額的 19%。

On a trailing 12-month basis, our data center sales are now close to $4 billion. Adjusted EPS, earnings per share grew 9.5% versus prior year and 16% versus Q2 sequentially, with both gross margin and EBITDA margin improving sequentially. We are building on our positive business momentum as we enter the fourth quarter and as we prepare for continued market-leading growth in 2026.

過去 12 個月，我們的資料中心銷售額已接近 40 億美元。經調整後的每股盈餘（EPS）較上年同期成長 9.5%，較第二季較上季成長 16%，毛利率和 EBITDA 利潤率均較上季增加。進入第四季度，我們將繼續保持良好的業務發展勢頭，並為2026年繼續保持市場領先的成長做好準備。

Now turning to our full year 2025 outlook. We are raising our full year outlook for organic sales growth, adjusted EBITDA and adjusted EPS based on our increasing business momentum in the third quarter. At the same time, we're reducing our full year free cash flow outlook to reflect an increase in working capital dollars. And that's associated with our rising demand curve and the increased sales growth rates we've been experiencing.

現在讓我們展望一下2025年全年狀況。基於第三季不斷增強的業務勢頭，我們上調了全年有機銷售成長、調整後 EBITDA 和調整後每股收益的預期。同時，由於營運資金增加，我們下調了全年自由現金流預期。而這與我們不斷上升的需求曲線以及我們所經歷的不斷提高的銷售成長率有關。

We're executing very well, and we remain firmly focused on accelerating our cross-selling initiatives. Continuing to drive our enterprise-wide margin improvement program and delivering operational improvements enabled by our technology-driven business transformation.

我們執行得非常出色，並將繼續堅定不移地專注於加速交叉銷售計劃。我們將繼續推動全公司範圍內的利潤率提升計劃，並透過技術驅動的業務轉型實現營運改善。

As the market leader, it's really the strength of our portfolio and the enduring secular growth trends of digitalization that includes AI-driven data centers and automation, electrification that includes increased power generation and reliability and supply chain resiliency, which includes reshoring. All of these secular trends fuel my confidence that WESCO will continue to outperform our markets and deliver exceptional customer and shareholder value. in 2026 and beyond.

作為市場領導者，我們真正的優勢在於我們強大的產品組合，以及數位化（包括人工智慧驅動的資料中心和自動化）、電氣化（包括提高發電量和可靠性）和供應鏈彈性（包括回流）等持久的長期成長趨勢。所有這些長期趨勢都增強了我的信心，我相信WESCO將在2026年及以後繼續超越市場表現，並為客戶和股東創造卓越的價值。

Looking ahead specifically to 2026, our midterm targets for annual sales growth and margin expansion that we provided at our Investor Day are the appropriate starting point for the outlook that we will provide in conjunction with our earnings release in February.

展望 2026 年，我們在投資者日上提出的年度銷售成長和利潤率擴張的中期目標是合適的起點，我們將在 2 月發布收益報告時提供展望。

So with that, I'll turn it over to Dave to walk you through our Q3 results and our outlook for the remainder of the year. Dave?

那麼，接下來就交給戴夫，讓他為大家介紹一下我們第三季的業績以及對今年剩餘時間的展望。戴夫？

Thank you, John. Good morning, everyone. Turning to slide 4. Organic sales in Q3 were up 12% year-over-year. This growth was driven by volume gains across all three SBUs and supported by an estimated price benefit of less than 3%.

謝謝你，約翰。各位早安。翻到第4張投影片。第三季有機銷售額年增 12%。這一成長是由所有三個策略性事業單位的銷售成長所推動的，並得到了估計不到 3% 的價格收益的支持。

Reported sales increased 13% with sequential growth of 5%, which was better than historical seasonality. The strong performance was broad-based, with continued momentum in our data center business and solid contributions from all three business units.

報告顯示，銷售額成長了 13%，季增了 5%，優於歷史季節性水準。強勁的業績表現體現在各個方面，資料中心業務持續保持成長勢頭，三個業務部門都做出了穩健的貢獻。

As John mentioned, CSS delivered 18% organic growth, EES grew 12% and UBS organic sales increased by 3%. Adjusted EBITDA margin was 6.8%, down 50 basis points versus the prior year, but was up 10 basis points sequentially.

正如約翰所提到的，CSS實現了18%的自然成長，EES成長了12%，UBS的有機銷售額成長了3%。調整後 EBITDA 利潤率為 6.8%，較前一年下降 50 個基點，但較上年上升 10 個基點。

Gross margin contracted 80 basis points to 21.3%, reflecting consistent project and product mix dynamics experienced over the last four quarters. Importantly, gross margin increased sequentially by 20 basis points, driven by mix, higher supplier volume rebates, and execution of our enterprise-wide margin improvement program.

毛利率下降 80 個基點至 21.3%，反映了過去四個季度以來持續的項目和產品組合動態。重要的是，毛利率環比增長了 20 個基點，這得益於產品組合的優化、供應商更高的銷量返利以及我們企業範圍內的利潤率提升計劃的實施。

Adjusted SG&A increased approximately 11% year-over-year, driven by the higher levels of sales growth, along with higher employee and facility costs. Specifically, over 1/3 of the increase in SG&A dollars year-over-year was related to higher volume, with the balance coming from increased incentive compensation, merit increases, employee benefits, and facilities costs. SG&A as a percentage of sales improved due to operating leverage on our sales growth.

經調整的銷售、一般及行政費用較去年同期成長約 11%，主要原因是銷售成長水準較高，以及員工和設施成本增加。具體而言，銷售、一般及行政費用較去年同期成長超過三分之一是因為銷售量增加，其餘部分則來自激勵性薪資增加、績效薪資成長、員工福利和設施成本增加。由於銷售成長帶來的經營槓桿效應，銷售、管理及行政費用佔銷售額的百分比有所改善。

Finally, adjusted EPS was up 9.5% year-over-year driven by the improved operating performance and the absence of the preferred stock dividend following the redemption in Q2. I'll walk you through our business unit results, beginning with EES on slide 5.

最後，由於經營業績改善以及第二季贖回優先股後不再派發優先股股息，調整後的每股盈餘較去年同期成長 9.5%。我將帶您了解我們業務部門的業績，首先從第 5 頁的 EES 開始。

In the third quarter, EES delivered very strong results with organic sales up 12% year-over-year driven by growth across all three operating groups, construction, industrial and OEM. Construction grew mid-teens, driven by robust wire and cable demand and ongoing infrastructure projects, including sales to data centers. Industrial was up mid-single digits, supported by improved day-to-day demand in the US and increased project activity in Canada.

第三季度，EES 業績表現非常強勁，有機銷售額年增 12%，這主要得益於建築、工業和 OEM 三大營運集團的業務成長。受強勁的電線電纜需求和持續的基礎設施項目（包括向資料中心的銷售）的推動，建築業實現了十幾個百分點的成長。工業板塊實現了中等個位數的成長，這得益於美國日常需求的改善和加拿大計畫活動的增加。

And OEM sales grew mid-teens, reflecting strong momentum in both the US and Canada. Notably, data center sales were up 60% year-over-year now representing approximately 6% of EES sales. Backlog remained flat year-over-year with healthy quoting activity and a strong pipeline of opportunities.

OEM 銷售額實現了兩位數以上的成長，反映出美國和加拿大市場的強勁成長動能。值得注意的是，資料中心銷售額年增 60%，目前約佔 EES 銷售額的 6%。積壓訂單與去年同期持平，報價活動活躍，有大量潛在機會。

Profitability improved with adjusted EBITDA margin of 8.4%, up 30 basis points sequentially, driven by improved gross margin and stable operating cost leverage. Gross margin was 23.3%, down 100 basis points year-over-year, but up 30 basis points sequentially.

獲利能力有所提高，調整後 EBITDA 利潤率為 8.4%，環比增長 30 個基點，主要得益於毛利率的提高和營運成本槓桿的穩定。毛利率為 23.3%，較去年同期下降 100 個基點，但較上季上升 30 個基點。

Lower gross margin year-over-year was primarily due to project and product mix. SG&A remained stable at 14.9% of sales and adjusted EBITDA increased to $198 million, up 9% year-over-year. Looking ahead, EES remains well positioned to capitalize on secular trends in electrification, data center expansion, and infrastructure modernization.

毛利率年減主要是由於項目和產品組合的變化。銷售、一般及行政費用佔銷售額的比例維持穩定，為 14.9%；調整後的 EBITDA 增至 1.98 億美元，較去年同期成長 9%。展望未來，EES 仍處於有利地位，能夠充分利用電氣化、資料中心擴張和基礎設施現代化等長期趨勢。

Turning to slide 6. In the third quarter, CSS, again delivered very strong results with organic sales up 18%, the reported sales up 21% year-over-year. This growth was driven by continued strength in WESCO data center solutions, which was up over 50% from large project activity with hyperscale and multi-tenant data center customers.

翻到第6張投影片。第三季度，CSS再次取得了非常強勁的業績，有機銷售額成長了18%，報告銷售額年增了21%。這一成長主要得益於 WESCO 資料中心解決方案的持續強勁表現，其中與超大規模和多租戶資料中心客戶的大型專案活動成長超過 50%。

Enterprise network infrastructure also contributed to growth with sales up mid-single digits year-over-year. E&I growth was due partially to the timing of project activity during the quarter and a favorable year-over-year comparison.

企業網路基礎設施也促進了成長，銷售額比去年同期成長了中等個位數。E&I 的成長部分歸功於本季專案活動的時機以及有利的年比基數。

Security sales were up low single digits, including data center-related sales, security growth was up mid-single digits. CSS backlog increased 17% year-over-year reflecting continued strength in data center project activity.

安全產品銷售額成長了低個位數，其中資料中心相關產品銷售額成長了中等個位數。CSS積壓訂單年增17%，反映出資料中心專案活動的持續強勁動能。

Profitability improved with adjusted EBITDA margin at 9.1%, up 30 basis points sequentially, driven by improved gross margin and stable operating cost leverage. Gross margin was 21.2%, down 80 basis points year-over-year, but up 30 basis points sequentially. Lower gross margin year-over-year was primarily due to business and project mix, included elevating volume from large hyperscale projects.

獲利能力有所改善，調整後 EBITDA 利潤率為 9.1%，環比增長 30 個基點，主要得益於毛利率的提高和營運成本槓桿的穩定。毛利率為 21.2%，較去年同期下降 80 個基點，但較上季上升 30 個基點。毛利率年減主要是由於業務和專案組合的變化，包括大型超大規模專案業務量的增加。

Significant operating leverage year-over-year drove 90 basis points of EBITDA margin improvement and adjusted EBITDA increased to $221 million, up 22% year-over-year. Overall, CSS continues to demonstrate strong growth and profitability, supported by sustained demand in AI-driven data center projects and security markets, along with disciplined cost management. We remain focused on improving margins with our large customers by expanding the scope of services we provide to them throughout the entire data center life cycle.

顯著的經營槓桿作用使 EBITDA 利潤率提高了 90 個基點，調整後的 EBITDA 增至 2.21 億美元，年增 22%。總體而言，在人工智慧驅動的資料中心專案和安全市場的持續需求以及嚴格的成本管理的支持下，CSS 繼續展現出強勁的成長和獲利能力。我們將繼續專注於透過擴大我們在整個資料中心生命週期中為大客戶提供的服務範圍來提高利潤率。

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 our expanding portfolio of services we provide across the data center life cycle.

翻到第7張投影片。我想花點時間討論一下我們在更廣泛的資料中心領域看到的持續成長勢頭，以及 WESCO 在這一成長中所扮演的角色。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，包括我們在資料中心生命週期中不斷擴展的服務組合。

From a total company perspective, data center sales were about $1.2 billion in the quarter. Data center represented approximately 19% of WESCO sales in the third quarter and 17% on a trailing 12-month basis. This growth was driven by strong performance in both the white space and the gray space with CSS representing the majority of the sales contribution.

從公司整體來看，該季度資料中心銷售額約為 12 億美元。資料中心業務在第三季約佔 WESCO 銷售額的 19%，過去 12 個月約佔 17%。這一成長得益於空白市場和灰色市場的強勁表現，其中 CSS 貢獻了大部分銷售。

The top of the slide outlines the two key stages of the data center construction cycle, time to power and the construction period. The key takeaway projects announced and funded today typically take four to seven years to become operational.

投影片頂部概述了資料中心建設週期的兩個關鍵階段：通電時間和建設期。今天宣布並獲得資助的關鍵項目通常需要四到七年才能投入運作。

Our solutions now span the full spectrum of the data center life cycle. From power and electrical distribution systems and advanced AI and IT infrastructure to on-site services and solutions that support ongoing operations. This ensures we can deliver value throughout every phase of the data center life cycle.

我們的解決方案現在涵蓋了資料中心生命週期的各個階段。從電力和配電系統、先進的人工智慧和IT基礎設施，到支援持續營運的現場服務和解決方案。這確保我們能夠在資料中心生命週期的每個階段創造價值。

On the lower left of this slide, you can see the substantial and accelerating growth in our total data center business over the past seven quarters. Total data center sales on a trailing 12-month basis were approximately $4 billion. This growth has been driven by organic initiatives along with tuck-in acquisitions that have expanded our services capabilities.

在這張投影片的左下角，您可以看到過去七季以來我們資料中心業務的整體成長顯著且加速。過去 12 個月的資料中心總銷售額約為 40 億美元。這一增長是由自身發展舉措以及擴大服務能力的收購所推動的。

We remain committed to partnering with our suppliers to service our customers from cradle to cradle. Supporting everything from initial builds, on-site services and solutions, ongoing upgrades, retrofits, life cycle upgrades, and modernization.

我們將繼續致力於與供應商合作，為客戶提供從產品研發到最終交付的全程服務。支援從初始建造、現場服務和解決方案、持續升級、改造、生命週期升級和現代化等各個方面。

Turning to slide 8. This provides additional information of our data center products, services, and solutions offerings. Our offerings span both gray space and white space delivering a comprehensive portfolio that positions WESCO as a trusted partner for hyperscale, multi-tenant colocation and enterprise data center customers.

翻到第8張幻燈片。這提供了有關我們資料中心產品、服務和解決方案的更多資訊。我們的產品和服務涵蓋灰色空間和空白空間，提供全面的產品組合，使 WESCO 成為超大規模、多租戶託管和企業資料中心客戶值得信賴的合作夥伴。

In the gray space, which accounts for approximately 20% of our overall data center sales, serviced by our EES business, we deliver extensive power, electrical, automation and MRO solutions that support the build-out of high-performance, reliable and scalable data centers.

在占我們資料中心整體銷售額約 20% 的灰色地帶，我們透過 EES 業務提供服務，提供廣泛的電力、電氣、自動化和 MRO 解決方案，以支援高效能、可靠且可擴展的資料中心的建置。

Some of our product offerings include electrical infrastructure, such as medium voltage cables and cable trays, alongside mechanical and cooling products like automated switches and sensors. Additionally, we supply MRO and safety products to help ensure safe, efficient, and reliable data center operations.

我們提供的部分產品包括電氣基礎設施，例如中壓電纜和電纜橋架，以及機械和冷卻產品，例如自動開關和感測器。此外，我們還提供 MRO 和安全產品，以協助確保資料中心安全、有效率且可靠地運作。

In the white space, which accounts for approximately 80% of our total data center sales through our CSS business, we deliver next-generation infrastructure and services for always-on connectivity. Our white space products include communications equipment, advanced IT infrastructure such as racks and enclosures, wireless technologies, access controls, and video surveillance equipment.

在占我們資料中心總銷售額約 80% 的空白領域（透過我們的 CSS 業務），我們提供下一代基礎設施和服務，以實現始終在線的連接。我們的空白領域產品包括通訊設備、先進的IT基礎設施（如機架和機櫃）、無線技術、門禁控制和視訊監控設備。

Beyond products, we offer extensive services and holistic solutions spanning the entire data center life cycle from planning and design through installation and commissioning to ongoing operations through on-site services and decommissioning. We are there every step of the way, moving with speed to help our customers quickly adapt and thrive in a rapidly evolving environment.

除了產品之外，我們還提供涵蓋資料中心整個生命週期的廣泛服務和整體解決方案，從規劃和設計到安裝和調試，再到現場服務和退役的持續運作。我們全程陪伴，快速行動，幫助客戶迅速適應並蓬勃發展於快速變化的環境。

With a global ecosystem of suppliers and partners, WESCO offers a leading portfolio and complete solutions, providing customers with a single source for their evolving data center needs. WESCO enables seamless global execution, moving products and solutions across borders to support our customers. We believe our combination of products, services, solutions, and expertise uniquely positions WESCO to capture the accelerating demand for data center capacity, driven by cloud, AI, and edge computing trends.

憑藉遍布全球的供應商和合作夥伴生態系統，WESCO 提供領先的產品組合和完整的解決方案，為客戶不斷變化的資料中心需求提供一站式服務。WESCO 能夠實現無縫的全球執行，將產品和解決方案跨境運輸，以支援我們的客戶。我們相信，憑藉我們的產品、服務、解決方案和專業知識，WESCO 能夠獨樹一幟地滿足雲端運算、人工智慧和邊緣運算趨勢所驅動的資料中心容量日益增長的需求。

Turning to slide 9. In the third quarter, organic and reported sales in UBS increased 3% year-over-year, marking a return to growth after seven quarters of declines. This improvement was led by high single-digit growth in our investor-owned utility customer base, partially offset by continued softness in public power. We expect the utility market to continue to improve as greater clarity is obtained on tariff impacts and as interest rates are reduced.

翻到第9張投影片。第三季度，瑞銀的有機銷售額和報告銷售額年增 3%，標誌著在連續七個季度下滑後恢復成長。這項改善主要得益於投資者所有的公用事業客戶群實現了高個位數的成長，但部分被公共電力市場的持續疲軟所抵消。我們預計，隨著關稅影響更加明朗以及利率下降，公用事業市場將繼續改善。

Additionally, we expect public power customers to return to growth in 2026. Broadband performance accelerated in the third quarter with sales up over 20% year-over-year, driven by increased demand in the US. This marks a significant improvement from Q2 where broadband growth was up mid-single digits.

此外，我們預計公共電力用戶將在 2026 年恢復成長。受美國市場需求成長的推動，寬頻業務在第三季加速發展，銷售額年增超過 20%。這比第二季寬頻成長僅為個位數中段的水平有了顯著提高。

Backlog increased 11% year-over-year, reflecting stronger customer order rates. Adjusted EBITDA margin for UBS was 10.4% and flat sequentially, reflecting disciplined cost management and sustained profitability. Adjusted EBITDA margin was down 90 basis points year-over-year, primarily driven by lower gross margins due to competitive pressures within public power markets, partially offset by improved operating cost leverage.

積壓訂單年增 11%，反映出客戶訂單率的提高。瑞銀調整後 EBITDA 利潤率為 10.4%，與上一季持平，反映出嚴格的成本管理和持續的獲利能力。經調整的 EBITDA 利潤率年減 90 個基點，主要原因是公共電力市場競爭壓力導致毛利率下降，但營運成本槓桿的改善部分抵銷了這一影響。

We remain confident in the long-term growth potential of our utility business, supported by secular trends in electrification, green energy, and grid modernization. These drivers are expected to accelerate demand for our utility services and solutions and we anticipate further margin improvement in Q4 as mix improves and utility growth continues.

我們對公用事業業務的長期成長潛力充滿信心，這得益於電氣化、綠色能源和電網現代化等長期趨勢的支持。這些因素預計將加速對我們公用事業服務和解決方案的需求，我們預計隨著產品組合的改善和公用事業業務的持續成長，第四季利潤率將進一步提高。

Turning to slide 10. In the third quarter, free cash flow was a use of $89 million. Recall that our distribution model requires investment in working capital, especially in times of significant growth, which we have experienced year-to-date.

翻到第10張投影片。第三季度，自由現金流為 8,900 萬美元。請記住，我們的分銷模式需要對營運資金進行投資，尤其是在我們今年迄今所經歷的顯著成長時期。

The third quarter was the highest growth quarter of the year with organic sales up 12%. In addition, you will see later in the presentation that September organic sales were up mid-teens, which is the highest growth month of the year and represents an all-time record for monthly sales per Workday.

第三季度是全年成長最快的季度，有機銷售額成長了 12%。此外，您將在稍後的演示中看到，9 月份的有機銷售額增長了 15% 左右，這是全年增長最快的月份，也是 Workday 月銷售額的歷史最高紀錄。

Given the top line strength in the quarter and in September, we generated significant increases to accounts receivable, resulting in a use of cash of $270 million. I'll provide you with an update on our free cash flow outlook shortly.

鑑於本季和 9 月的營收強勁成長，我們的應收帳款大幅增加，導致現金使用量達到 2.7 億美元。我稍後會向您提供我們自由現金流前景的最新情況。

Turning to accounts payable. We've had strong performance over the trailing 12 months and a third quarter period with cash generation of $526 million on a trailing 12-month basis and $100 million in the third quarter. Inventory has increased in 2025 to support customer projects and to ensure supply chain disruptions are minimized as we work to meet our customers' needs and a rising demand curve.

接下來是應付帳款部分。在過去 12 個月和第三季度，我們的業績表現強勁，過去 12 個月的現金流為 5.26 億美元，第三季為 1 億美元。2025 年庫存增加，以支援客戶項目，並確保在努力滿足客戶需求和不斷增長的需求曲線的同時，最大限度地減少供應鏈中斷。

On the right side of this slide, 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 on a trailing 12-month basis with net working capital intensity declining from 20.4% to 19.8%. That follows a 50 basis improvement in 2024 over 2023. We remain confident in our ability to drive stronger cash generation through the cycle.

從這張投影片的右邊可以看出，過去三年淨營運資本密集度穩定改善。本季度，與去年同期相比，淨營運資本密集度較上年同期下降了 60 個基點（以過去 12 個月為基準），從 20.4% 降至 19.8%。此前，2024 年的利率較 2023 年提高了 50 個基點。我們仍然有信心在本週期內實現更強勁的現金流成長。

Turning to slide 11. 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 to 5x] dividend rate and its redemption marked a significant milestone in our capital structure optimization.

翻到第11張幻燈片。我們在 6 月贖回了價值 5.4 億美元的 A 系列優先股，這是首次有機會以面額贖回。這種高成本工具的股息率為 [10 至 5 倍]，其贖回標誌著我們在資本結構優化方面的一個重要里程碑。

To fund the redemption, we utilized proceeds from our $800 million issuance of [6 and 38] senior notes [due] to 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 rates. The estimated annualized benefit from this transaction is approximately $32 million or $0.65 per diluted share.

為了籌集贖回資金，我們利用了今年稍早完成的 8 億美元 [6 和 38] 優先票據（到期日為 2033 年）的發行所得款項。這項再融資行動降低了我們的總融資成本，並為我們的淨收入、每股盈餘和現金流率帶來了實質的好處。預計此交易的年度收益約為 3,200 萬美元，或每股攤薄收益 0.65 美元。

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到期日分別延長至 2028 年和 2030 年。因此，我們在 2028 年之前沒有重大債務到期，這提高了財務靈活性和穩定性。

Turning to slide 12. On this slide, we provided an overview of the actions we've taken to manage the impacts on our business from tariff announcements. The chart lists the potential impacts in our response to protect our margins.

翻到第12張投影片。在這張投影片中，我們概述了為應對關稅公告對我們業務的影響而採取的措施。這張圖表列出了我們為保護利潤率而採取的應對措施可能產生的影響。

An update on the tariff environment. In the third quarter, supplier price increase notifications were up over 100% in count, but the impact on results was limited due to the timing of notifications and effective dates. We estimate a price benefit of less than 3% for the quarter, and this includes about [1 point] from commodity price increases.

關稅環境最新動態。第三季度，供應商提價通知的數量增加了 100% 以上，但由於通知的時間和生效日期，對業績的影響有限。我們預計本季價格收益不到 3%，其中包括商品價格上漲帶來的約 [1 個百分點]。

Through October, supplier price increase notifications are up over 60% in count versus all of Q4 2024 with an average increase in the mid-single-digit range. This remains an evolving and dynamic situation with modifications to effective dates based on finalized tariff agreements and timing.

截至 10 月，供應商提價通知的數量比 2024 年第四季增加了 60% 以上，平均漲幅在個位數中段。目前情況仍在不斷變化和動態發展，生效日期將根據最終的關稅協議和時間表進行調整。

WESCO has a long operating history and has successfully navigated similar global supply chain challenges. We're continuing to execute our playbook to effectively manage our business in the current volatile environment.

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。我們將繼續執行既定策略，以有效管理當前動盪環境下的業務。

Turning to slide 13. 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 organic sales growth to up 8% to 9%. This is significantly higher than our prior guidance of up 5% to 7%. Sales into data centers continue to exceed our initial expectations as do broader electrical sales trends.

翻到第13張幻燈片。此幻燈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，我們正在修訂 2025 年的展望，並將有機銷售成長率提高到 8% 至 9%。這遠高於我們先前預測的 5% 至 7%。資料中心領域的銷售持續超出我們最初的預期，整體電氣銷售趨勢也是如此。

For EES, we are benefiting from data center growth, along with broader positive trends in electrical end markets. We continue to expect growth in the fourth quarter across all three markets we serve. Construction, industrial and OEM supporting our revised EES outlook of mid-single-digit plus growth.

對於EES而言，我們受益於資料中心的成長，以及電氣終端市場更廣泛的正面趨勢。我們預計在第四季度，我們所服務的三個市場都將實現成長。建築、工業和 OEM 行業支撐了我們修訂後的 EES 成長預期，即中等個位數以上的成長。

For CSS, 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 40% to up approximately 50%. This supports our revised CSS outlook of mid-teens growth, up from our prior growth expectation of low double-digit growth.

對於 CSS 而言，由於我們的資料中心業務持續保持異常高的成長，我們將 WESCO 資料中心解決方案全年報告銷售成長預期從約 40% 提高到約 50%。這支持了我們修訂後的 CSS 成長預期，即兩位數中段成長，高於我們先前預期的兩位數低段成長。

And lastly, within UBS. We expect further utility growth in Q4, driven by our investor-owned utility customers. We anticipate public power customers won't return to growth until 2026, which leaves our total full year outlook for the utility market unchanged. Broadband is now expected to be up for the full year versus our prior expectations for approximately flat sales versus 2024.

最後，在瑞銀內部。我們預計第四季度公用事業業務將進一步成長，這主要得益於我們投資者所有的公用事業客戶的推動。我們預計公共電力用戶要到 2026 年才會恢復成長，因此我們對公用事業市場的全年展望保持不變。預計寬頻業務將全年保持成長，而我們此前預計 2024 年的銷售額將與去年持平。

Moving to slide 14. We are raising and narrowing our ranges for organic and reported sales growth, increasing adjusted EBITDA, and increasing and narrowing the range for adjusted EPS. Our expectation for free cash flow has been lowered due to the significant top line growth in 2025, which requires net working capital investments, principally accounts receivable.

切換到第14張投影片。我們正在提高和縮小有機銷售成長和報告銷售成長的預期範圍，提高調整後 EBITDA，並提高和縮小調整後每股收益的預期範圍。由於 2025 年營收大幅成長，需要淨營運資本投資（主要是應收帳款），因此我們下調了對自由現金流的預期。

We are revising our 2025 sales outlook based on the accelerated growth we are experiencing. Organic sales are expected to be up 8% to 9% versus our prior forecast of 5% to 7%. 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.

鑑於我們目前經歷的加速成長，我們正在修訂 2025 年的銷售預期。預計有機銷售額將成長 8% 至 9%，而我們先前的預測為 5% 至 7%。我想強調的是，我們的展望並未考慮未來價格措施（包括關稅）的影響。考慮到供應商宣布漲價到開始影響我們的收入之間存在時間差，這與我們過去的做法是一致的。

While we have seen a significant uptick in price increase notifications as we move through the year, our outlook does not include any additional benefit to sales beyond what we realized in the third quarter and the rollover impact of those price increases.

雖然隨著今年的推進，我們看到價格上漲通知顯著增加，但我們的展望並未包括第三季度實現的銷售額之外的任何額外收益以及這些價格上漲的延續影響。

Turning to EPS. We are raising our outlook by $0.10 at the midpoint to a range of $13.10 to $13.60. Improved operating results are the primary driver of the increased EPS outlook, which is partially offset by higher estimates for interest expense.

轉向每股收益。我們將每股收益預期中位數上調 0.10 美元，至 13.10 美元至 13.60 美元區間。經營績效的改善是每股盈餘預期上調的主要驅動因素，但利息支出預期的提高部分抵銷了這一成長。

In terms of free cash flow, we now expect to deliver between $400 million to $500 million in 2025. As a percentage of adjusted net income, this implies a range of approximately 60% to 75%. Our strategy for how we deploy cash flow remains unchanged.

就自由現金流而言，我們現在預計到 2025 年將實現 4 億至 5 億美元。以調整後淨收入的百分比計算，這意味著大約在 60% 到 75% 之間。我們的現金流量部署策略保持不變。

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. Our top priority is to invest organically in the business to drive growth and operational efficiency, including the completion of our digital business transformation.

我們將可用現金用於回報最高的投資機會，並將繼續做出符合股東長期最佳利益的決策。我們的首要任務是進行有機投資，以推動業務成長並提高營運效率，包括完成我們的數位化業務轉型。

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.

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率。但是，我們將繼續抓住機會進行股票回購和收購。

We continue to seek acquisitions that expand our capabilities and better serve our customers, particularly those engaged in our high-growth end markets. We have also included updated modeling assumptions on the right-hand side of the slide. Most notably, interest expense is now forecast to be about $10 million higher. This is largely driven by the reduction in free cash flow for the full year, along with increased borrowings intra quarter to support the current level of growth.

我們將繼續尋求能夠擴大自身能力並更好地服務客戶的收購機會，特別是那些在我們高成長的終端市場中從事業務的客戶。我們在投影片的右側也加入了更新後的建模假設。最值得注意的是，利息支出預計將增加約 1,000 萬美元。這主要是由於全年自由現金流減少，以及為支持當前成長水準而增加的季度內借款所致。

Turning to slide 15. This slide shows the year-over-year monthly and quarterly sales growth comparisons over the past year and our expectations for the fourth quarter. You can see the return to growth in the last quarter of 2024 and the acceleration throughout 2025.

翻到第15張投影片。此投影片顯示了過去一年中各月和各季度同比銷售成長情況，以及我們對第四季的預期。你可以看到，2024 年最後一個季度將恢復成長，2025 年將加速成長。

As mentioned, preliminary month-to-date October sales per workday are up approximately 9% with three days to go in the month. We expect fourth quarter reported sales will be up high single digits plus with growth across all three business units. We expect organic sales will be up a similar amount as there is no difference in workdays year-over-year and FX impacts have moderated.

如前所述，10 月截至目前的初步月度銷售額（按工作日計算）增長了約 9%，而本月還有三天。我們預計第四季度報告銷售額將實現高個位數成長，所有三個業務部門都將實現成長。我們預計有機銷售額將成長類似的幅度，因為與去年同期相比工作日沒有變化，而且匯率影響已經緩和。

We expect adjusted EBITDA margins will be up approximately 30 basis points versus the prior year, with improved gross margin driven by higher supplier volume rebates and SG&A headwinds due to higher incentive compensation.

我們預計調整後的 EBITDA 利潤率將比上年增長約 30 個基點，毛利率的提高主要得益於供應商銷售返利增加以及激勵性薪酬增加導致的銷售、一般及行政費用上漲。

Moving to slide 16. Let me briefly recap the key points before we open the call to your questions. We delivered another very strong quarter, with sales up 12% year-over-year marking four consecutive quarters of accelerating sales momentum.

切換到第16張投影片。在正式開始回答各位問題之前，我先簡單回顧一下重點。我們又迎來了一個非常強勁的季度，銷售額年增 12%，連續第四個季度實現銷售成長勢頭。

CSS went away, up 18%, EES grew 12% and UBS was up 3%. Utility returned to growth driven by investor-owned utilities and total data center sales were approximately $1.2 billion, up about 60% year-over-year. Adjusted EBITDA margins expanded 10 basis points sequentially, supported by improved gross margin and strong operating leverage.

CSS股價下跌18%，EES股價上漲12%，UBS股價上漲3%。公用事業產業在投資者所有的公用事業公司的推動下恢復成長，資料中心總銷售額約為 12 億美元，較去年同期成長約 60%。經調整的 EBITDA 利潤率環比增長 10 個基點，這得益於毛利率的提高和強勁的經營槓桿作用。

Adjusted EPS was up 9.5% year-over-year. We've raised our full year organic growth outlook, adjusted EBITDA and adjusted EPS to reflect this strength. We remain very well positioned to benefit from secular growth trends including AI-driven data centers, power generation, electrification, automation and reshoring.

調整後每股收益較去年同期成長 9.5%。為了反映這一強勁勢頭，我們提高了全年有機成長預期、調整後 EBITDA 和調整後 EPS。我們仍然處於非常有利的地位，能夠從人工智慧驅動的資料中心、發電、電氣化、自動化和製造業回流等長期成長趨勢中受益。

As John noted earlier, when looking ahead to 2026, our midterm targets for annual growth and margin expansion that we provided at our Investor Day are still appropriate and would be the starting point for any outlook that we will provide in February.

正如約翰之前指出的那樣，展望 2026 年，我們在投資者日上提出的中期年度增長和利潤率擴張目標仍然是合適的，並將作為我們在 2 月份提供的任何展望的起點。

Based on the strength of the secular trends, we would expect mid-single-digit organic sales growth in 2026 with continued strength in our electrical markets, a return to full year growth in utility with a recovery in public power and mid-teens growth in data center. We are also targeting annual adjusted EBITDA margin improvement of 20 basis points to 30 basis points, with the majority of the improvement being generated by operating leverage.

根據長期趨勢的強勁勢頭，我們預計 2026 年有機銷售額將實現中等個位數增長，電力市場將持續強勁增長，公用事業將恢復全年增長，公共電力將復蘇，數據中心將實現兩位數中段增長。我們還計劃將年度調整後 EBITDA 利潤率提高 20 至 30 個基點，其中大部分改善將透過經營槓桿來實現。

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

操作員，現在我們可以開始接受提問了。

(Operator Instructions)

（操作說明）

David Manthey, Baird.

David Manthey，Baird。

Hi. Good morning. Thank you. Just a quick question here on -- I think you mentioned it right at the end there, Dave, you said that you expect to see some EBITDA margin improvement into 2026. So I'll put that one on the side. Could you tell us approximately how much price contributed to growth by segment or at least ballpark to give us an idea?

你好。早安.謝謝。我這裡有個小問題——我想你剛才在最後提到過，Dave，你說你預計到 2026 年 EBITDA 利潤率會有所改善。所以我把它放在一邊。能否告訴我們價格對各細分市場成長的大致貢獻率，或至少提供一個大概範圍，讓我們有個概念？

Certainly. So overall, our pricing benefit in the third quarter was just under 3%. And that was primarily driven by our EES segment, which was about 4%, and that's where we saw the largest benefit from commodity pricing on our pure commodity products. Our CSS business saw a price benefit of about 2% and UBS about 1%.

當然。因此，總體而言，我們第三季的價格優勢略低於 3%。這主要得益於我們的 EES 業務板塊，該板塊佔比約 4%，而我們正是從純商品產品的商品定價中獲得了最大的收益。我們的CSS業務獲得了約2%的價格優勢，瑞銀獲得了約1%的價格優勢。

Okay. Thank you. And then maybe on EES outside of data center, could you just talk about whether it's industries or applications where you're seeing some strength there. It's great to see a return to growth, nice growth in EES. And maybe you could just help with a little bit of color there.

好的。謝謝。那麼，關於資料中心以外的EES，您能否談談您在哪些產業或應用領域看到了一些優勢？很高興看到EES恢復成長，而且是良好的成長。或許你可以幫那裡增添一些色彩。

Thanks for that question, Dave. This is John. Yeah, we're really pleased. I think it's a highlight of the quarter, actually. I mean CSS, the beat goes on. That's clear. The strong performance due to AI-driven data centers. But for EES, this is the fourth consecutive quarter of improving sales growth.

謝謝你的提問，戴夫。這是約翰。是的，我們非常高興。我認為這實際上是本季的一大亮點。我的意思是CSS，節奏還在繼續。這一點很清楚。人工智慧驅動的資料中心帶來了強勁的效能。但對EES來說，這已經是連續第四個季度實現銷售成長。

I'll just remind everyone, we returned to growth in the fourth quarter of last year, grew 3% in Q1, 6% in Q2. Now this is a significant step up to 12% growth in Q3. All three operating groups in the business, Dave, as construction, industrial and OEM, all three grew particularly for construction of DoubleClick. I mean that was up mid-teens. And it's not just growth in data center projects.

我只想提醒大家，我們去年第四季恢復了成長，第一季成長了 3%，第二季成長了 6%。這是第三季成長12%的重要一步。公司旗下的三個營運集團，即建築、工業和 OEM，都發展壯大，尤其是 DoubleClick 的建築業務。我的意思是，那已經是十幾歲的時候了。而且成長不僅體現在資料中心專案上。

There's also growth in other big projects, infrastructure related. We saw growth in water -- wastewater, hospitals, public transit. They're just a really nice step-up in construction. Very pleased with that. In terms of industrial, also pleased with that performance, up mid-single digits.

其他一些大型基礎設施相關項目也有所成長。我們看到水資源領域的成長——污水處理、醫院、大眾運輸。它們在建築方面確實是一個非常好的進步。非常滿意。工業方面，也對這一表現感到滿意，實現了個位數中段的成長。

We had improved day-to-day demand in the US. We had increased project activity in Canada, and our stock sales increased each month of the quarter. That's our stock and flow business, which is a good indication of what kind of the daily demand in the market is [what]. So we feel good about that.

我們在美國的日常需求有所改善。我們在加拿大的專案活動有所增加，本季每個月的股票銷售額都有所成長。這就是我們的庫存和流量業務，它能很好地反映市場每日的需求。[什麼]。所以我們對此感到很滿意。

And then OEM up mid-teens, really strong growth again across the US and Canada. That's being driven by semiconductor and other infrastructure markets. So that's the business in EES that has our most semiconductor exposure. And that would be, again, you're seeing -- that's driven kind of the semiconductor expansion big mega projects and such. We have some terrific semicon relationships there.

然後，OEM 成長了 15% 左右，美國和加拿大再次實現了強勁成長。這主要受半導體和其他基礎設施市場驅動。所以，這是我們在EES業務中半導體業務佔比最大的部分。而且，正如你所看到的，這推動了半導體產業的擴張，以及大型超級專案等等。我們在那裡與一些半導體公司建立了非常好的關係。

So all in all, I think we feel good about EES top line momentum. Also EBITDA margins are above 8% for the second quarter in a row. And I do want to mention, because I didn't mention it in my prepared remarks, we do have a new leader on board, Danny Castillo, terrific leader, returns to the electrical industry has a long history and was part of Cooper when Eaton bought Cooper, worked for some other companies since post that combination. And he's off to a great, great start. Thanks for that question, Dave.

總而言之，我認為我們對EES的營收成長動能感到樂觀。此外，EBITDA利潤率連續第二季超過8%。我還要提一下，因為我在準備的發言稿中沒有提到，我們確實迎來了一位新的領導人，丹尼·卡斯蒂略，一位非常優秀的領導人，重返電氣行業，有著悠久的歷史，在伊頓收購庫珀電氣時，他曾是庫珀電氣的一員，此後又為其他一些公司工作過。他開局非常非常出色。謝謝你的提問，戴夫。

It's great to hear, John. Thank you, and see you in a couple of weeks.

聽到這個消息真好，約翰。謝謝，幾週後再見。

Yeah, we'll see you a couple of weeks.

好的，我們幾週後見。

Sam Darkatsh, Raymond James.

Sam Darkatsh，Raymond James。

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。

I wanted to follow up on Dave Manthey's last question. I mean we're -- you're right. I mean, the 10% EES growth, excluding data center, just really notable. We're hearing a lot of reports about just general AI and tech spending by customers crowding out other sorts of CapEx. And it doesn't look like you're seeing that in your results.

我想就戴夫·曼西的最後一個問題做個後續提問。我的意思是，我們──你說得對。我的意思是，不包括資料中心在內，能源效率服務 (EES) 成長 10%，這真的非常值得關注。我們聽到很多報道說，客戶在人工智慧和技術方面的支出擠佔了其他類型的資本支出。但從你的結果來看，似乎並沒有發現這一點。

Are you not seeing that crowd out effect? Or is the EES growth, excluding data center, more so via share gains, John?

你沒有看到這種擠出效應嗎？或者說，除去資料中心，EES的成長更多是透過市場佔有率的提升來實現的嗎，約翰？

So -- Good morning, again, Sam. The -- we're not seeing it crowd out based on our activity levels. But I do think it's pretty clear that this quarter's results there was overall market outperformance across our three businesses. And if we stay on EES in particular, there's enough other data points out there in terms of market surveys and competitors who have reported that this is a very strong outperformance versus market.

早上好，山姆。根據我們的活動水平，我們並沒有看到它佔據主導地位。但我認為很明顯，本季我們三大業務的整體業績都優於市場平均。如果我們繼續關注EES，那麼從市場調查和競爭對手的報告來看，已經有足夠的其他數據點表明，EES的表現遠遠超出市場平均水平。

So I'll tell you, this did surpass our expectations. We did expect EES to pick up pace in Q3 and Q4, and we outlined that. And we did have improving momentum vector, but this was a more meaningful step up, Sam, to your point, getting north of -- you get a 12% growth and double-digit growth ex data centers than we expected.

所以，我可以告訴你，這確實超出了我們的預期。我們確實預期 EES 將在第三季和第四季加速成長，我們也對此進行了闡述。我們的確取得了進步，但薩姆，正如你所說，這是一個更有意義的進步，增長超過了預期——12% 的增長，以及剔除數據中心後兩位數的增長，都超出了我們的預期。

Yeah. My last question, looking at data center itself. I know the margins are a little bit lower than fleet average because of all the large projects, but I'm also -- I imagine that since it's a lot of direct ship special order that asset velocity is also better than fleet average. Can you talk to that, put a little bit of clarification in terms of what your ROA is for that data center business.

是的。我的最後一個問題，是關於資料中心本身的。我知道由於所有大型項目，利潤率比船隊平均水平略低，但我也認為——由於有很多直接船舶特殊訂單，資產週轉率也比船隊平均水平要好。您能否就此談談，並就您的資料中心業務的資產回報率 (ROA) 做一些說明？

So we haven't been public on that yet, Sam. I think at some point in the future, we may do that. So I appreciate the question. I will -- maybe I'll focus on it this way, which is another dimension of your question, DS, direct ship margins inherently have lower gross margin, but we have significant lower operating costs to execute those transactions. We've always said that it represents very good operating profit pull-through.

所以我們還沒有公開談論這件事，山姆。我認為在未來的某個時候，我們可能會這樣做。我很感謝你的提問。我會——或許我會從這個角度來看待這個問題，這是你問題的另一個方面，DS，直接發貨的利潤率必然較低，但我們執行這些交易的運營成本要低得多。我們一直認為，這代表著非常好的營業利益轉換率。

I'm really pleased that CSS has a third quarter in a row of sequential EBITDA margin expansion. And we're getting it with gross margin and operating cost leverage. This quarter, CSS' gross margins were up 30 basis points sequentially. And I'll remind everyone that -- we did have a big shift in our kind of margin mix in Q4 last year when CSS really started to drive outsized growth. Data centers grew 70% in Q4 last year.

我很高興CSS連續第三個季度實現了EBITDA利潤率的環比成長。我們透過毛利率和營運成本槓桿作用實現了這一點。本季度，CSS的毛利率季增了30個基點。我還要提醒大家——去年第四季度，我們的利潤組成發生了很大的變化，當時 CSS 真正開始推動超額成長。去年第四季資料中心成長了70%。

And I mentioned that we're going to work margins up over time. If you look at that, CSS has -- their margins or gross margins are 40 basis points higher than they were in Q4. So we're walking those margins up and we're getting operating cost leverage on the growth. So I -- at least, wanted to hit that point, Sam, on your question. In terms of ROIA, yes, it is much better asset velocity to your point. We just haven't put a number out there by us to.

我之前提到過，我們會逐步提高利潤率。如果你看一下，CSS 的毛利率比第四季高出 40 個基點。因此，我們正在提高利潤率，並透過成長來降低營運成本。所以，至少我想就你的問題談談這一點，山姆。就投資回報率而言，是的，正如您所說，它的資產週轉率要好得多。我們還沒有公佈具體的數字。

Thanks so much.

非常感謝。

Guy Hardwick, Barclays.

蓋伊哈德威克，巴克萊銀行。

Hi. Good morning.

你好。早安.

Good morning, Guy.

早上好，蓋伊。

With volumes so strong, I was wondering whether the -- as a company as a whole is hitting levels in terms of where volume rebates, which have been kind of declining as a percentage of EBITDA may start to recover, whether this sets you up for them becoming a positive tailwind to margins next year?

鑑於銷量如此強勁，我想知道——就公司整體而言，銷量返利（其 EBITDA 的比例一直在下降）是否可能開始回升，這是否意味著它們將在明年成為利潤率的積極推動因素？

Yeah. Guy, good morning. Thank you for the question. So year-over-year in the third quarter, some of the increase in our gross margin was driven by better supplier volume rebates that does include the benefit we're getting this year from reaching some of those higher volume tiers, which is translating to a better rate with certain suppliers.

是的。蓋伊，早安。謝謝你的提問。因此，與去年同期相比，第三季毛利率的成長部分是由於供應商的銷售回饋有所提高，其中包括我們今年因達到更高的銷售等級而獲得的收益，這轉化為與某些供應商達成的更優惠的價格。

We also expect that we will continue to see that in the fourth quarter. So year-over-year, we do expect to see supplier volume rebates contributing to gross margin expansion. I do believe it is a good setup as we go into 2026. We'll provide you more details on that in February when we do our next earnings call.

我們預計第四季也將繼續出現這種情況。因此，我們預期供應商的批量回饋將逐年提高毛利率。我認為這對我們邁入2026年來說是一個很好的安排。我們將在二月的下一次財報電話會議上提供更多細節。

And just as a follow-up. I didn't hear you mentioned much about the digitalization investment. Are you beginning to see benefits in terms of cross-selling yet? Or is that more of a story for out years.

作為後續補充。我沒怎麼聽到你提到數位投資方面的事情。您是否已經開始看到交叉銷售方面的好處了？或者，這更像是我們未來幾年要講的故事？

Guy, it's a great question. Thanks, Chris. Look, I think that first, on cross-selling, I don't want to link that to our to our enterprise-wide digital transformation because that will help accelerate it and improve our execution across the global enterprise. But I'll take all the investors back to this has been really one of the most significant value creation levers that we've been executing exceptionally well against since we put Anixter and WESCO together.

夥計，這真是個好問題。謝謝你，克里斯。我認為，首先，關於交叉銷售，我不想把它與我們企業範圍內的數位轉型聯繫起來，因為這將有助於加速轉型並提高我們在全球企業中的執行力。但我會向所有投資者重申，自從我們將 Anixter 和 WESCO 合併以來，這確實是我們一直以來執行得非常出色的最重要的價值創造槓桿之一。

And we had significantly overdelivered the sales synergies that we committed to. We had committed to [1%] pro forma sales, which would be $170 million a year, we end up delivering over $2.3 billion cumulative of cross-sell sales.

而且，我們遠遠超出了我們承諾的銷售綜效目標。我們承諾實現 [1%] 的預期銷售額，即每年 1.7 億美元，最終我們累計交叉銷售額超過 23 億美元。

So that process we put in place and the incentive structure supporting it that's deployed across our sales force and the way we're executing, we're gaining better traction every day on our cross-selling, and we're seeing that in our results. The digital transformation, when it's done, will result in, I think, even further acceleration of improved execution there.

因此，我們制定的流程以及支援該流程的激勵機制，以及我們銷售團隊的執行方式，使我們在交叉銷售方面每天都取得更好的進展，並且我們在業績中也看到了這一點。我認為，數位化轉型完成後，將會進一步加速執行力的提升。

With respect to the overall digital transformation since you touched on it, at least I'll make a comment. We're making very good progress. All three SBUs are running the initial build of our new digital platform and at least one location, that's call that baseline set of capabilities.

關於您提到的整體數位轉型，我至少想發表一些看法。我們取得了非常好的進展。所有三個 SBU 都在運行我們新數位平台的初始構建，並且至少在一個地點，這被稱為基本能力集。

In the second half of 2025, we've been focused on continuing to build out additional capabilities while beginning deployment. And in 2026, deployment will really start to scale up. As we outlined at our last Investor Day, our check enabled business transformation is on track and with the time lines we outlined at our last Investor Day in 2024. More on that as we move into next year, we'll be providing more robust updates.

2025 年下半年，我們一直專注於繼續建立更多功能，同時開始部署。到 2026 年，部署規模將真正開始擴大。正如我們在上次投資者日上概述的那樣，我們透過支票實現的業務轉型正在按計劃進行，並符合我們在 2024 年上次投資者日上概述的時間表。明年我們將提供更詳細的更新資訊。

Thank you.

謝謝。

Deane Dray, RBC Capital.

Deane Dray，RBC Capital。

Thank you. Good morning, everyone.

謝謝。各位早安。

Good morning, Deane.

早上好，迪恩。

Hey, I appreciate all the clarity on the revised outlook, especially the change in free cash flow guidance, which we consider to be a high-quality problem given all the growth.

嘿，我很感謝你們對修訂後的前景做出的清晰說明，特別是自由現金流指引的變化，考慮到公司目前的成長勢頭，我們認為這是一個高品質的問題。

Thank you, Dean. Yes, it's -- we don't like the printed number of free cash flow, but our sales for Workday in September were the highest monthly sales per work day we've ever had in our history, in the 15%-plus range. And all that AR resulting growth of AR. AR grew $271 million. So this is -- you said it well, very high-quality problem because that AR will get collected.

謝謝你，院長。是的，我們不喜歡自由現金流的帳面數字，但 Workday 在 9 月的銷售額是我們歷史上每個工作日最高的月銷售額，成長超過 15%。以及由此帶來的AR成長。AR成長了2.71億美元。所以——你說得很好——這是一個非常高品質的問題，因為AR數據會被收集起來。

Yeah. And your working capital intensity continues to improve. So you're not losing anything on the receivables, payables, et cetera?

是的。您的營運資本密集度持續改善。所以你在應收帳款、應付帳款等方面沒有損失？

Yeah. That's an important point, which is why we include that page, Dean, the net working capital as a percentage of sales, which is obviously AR plus inventory minus payables we're showing improved efficiency. And so this is just a high-quality problem on the AR growth.

是的。這是很重要的一點，所以我們才把那一頁也算進去，迪恩，淨營運資本佔銷售額的百分比，顯然是應收賬款加上存貨減去應付賬款，這表明我們的效率提高了。所以這只是一個關於 AR 成長的高品質問題。

And so we're doing that now still with all the various ERP instances we're running in the company. We do expect, as we outlined at Investor Day, when our digital transformation is done to get really substantial benefits in overall net working capital.

所以，我們現在仍然在公司運作的各種 ERP 系統中這樣做。正如我們在投資者日上所概述的那樣，我們預計，當我們的數位轉型完成後，整體淨營運資本將獲得非常可觀的收益。

Exactly. Alright. Just a couple of quick ones for me here. First, I'll echo all the previous comments about EES and I was a little surprised not to see some backlog build there. So was it all really short, quick turn business that was done? That would probably be the explanation, but would love to hear your color.

確切地。好吧。我這裡就簡單問幾個問題。首先，我同意之前所有關於EES的評論，我有點驚訝沒有看到那裡有任何積壓的工作。所以這一切都是短期、快速完成的業務嗎？這或許是原因所在，但我很想聽聽你的看法。

Yeah. I think your backlog is still very healthy. We just didn't grow it, and it was just the exceptional step-up in sales growth, as I talked earlier, but versus normal historical seasonality, we're -- it's intact. It's very -- it's strong, it's high quality. The opportunity pipeline continues to increase.

是的。我認為你們的待辦事項清單仍然非常健康。我們並沒有真正實現成長，正如我之前所說，這只是銷售成長的異常大幅提升，但與正常的歷史季節性相比，我們——它完好無損。它非常——它很結實，質量很高。機會管道持續增加。

So we're seeing more opportunities. We're putting more shots on goal to use that analogy. And so that's what's encouraging. And again, we're not giving a full guide for '26 yet. But we did make some commentary, Dave, did just around stronger electrical markets in '26. So I think that gives some indication of the confidence level we have given backlog plus sales execution.

所以我們看到了更多機會。借用這個比喻來說，我們正在增加射門次數。所以，這令人鼓舞。再次聲明，我們目前還沒有發布 2026 年的完整指南。但我們確實發表了一些評論，戴夫，主要是針對 2026 年更強勁的電力市場。所以我認為這在一定程度上表明了我們對積壓訂單和銷售執行情況的信心程度。

That's really good to hear. And since you opened the door on the 2026 kind of data points that Dave shared, the one on data center, the mid-teens growth, that would be what we consider to be industry growth, the kind of footprint rollout given the multiyear backlog. You've been outgrowing that significantly for the past year plus and increasing your share of wallet, do you see where that ramps down? And just what's your visibility on this outgrowth in data center heading into '26.

聽到這個消息真是太好了。既然您提到了 Dave 分享的 2026 年數據點，例如數據中心的數據，15% 左右的增長，那麼我們認為這就是行業增長，考慮到多年的積壓訂單，這就是規模擴張的程度。過去一年多來，你的業務成長速度顯著超過了之前的水平，你的錢包份額也在不斷增加，你覺得這種成長速度何時會放緩？那麼，您對資料中心在 2026 年的發展前景有何看法？

All indications or data center market remains incredibly strong. Again, we have a unique a very strong set of end-user customers. We're in dialogue with them. We get good insights into their multiyear investment and deployment plans for data centers. We're helping them execute globally.

種種跡象表明，資料中心市場依然非常強勁。再次強調，我們擁有一群非常獨特且強大的終端用戶客戶。我們正在與他們對話。我們得以深入了解他們未來多年的資料中心投資和部署計劃。我們正在幫助他們在全球範圍內開展業務。

So the market is strong and robust, I will say it this way. I wouldn't get -- again, we're not giving the guide for '26 yet. We are focused and committed to and confident that we will continue to outperform the market in data centers.

所以，市場強勁且穩健，我會這樣說。我不會——再說一遍，我們還沒有發布 2026 年的指南。我們專注於資料中心領域，並充滿信心，相信我們將繼續在資料中心領域超越市場平均水準。

And it's driven by the strength of -- we have this tremendous strength in the white space. It's extensive. We've added services. We have increasing strength in the gray space, and we talked about that the last several calls. We wanted to provide some more details on our mix. You see that in today's webcast materials.

而這源於──我們在留白方面擁有巨大的優勢。內容非常廣泛。我們新增了服務。我們在灰色地帶的實力越來越強，我們在最近幾次電話會議中也談到了這一點。我們想提供更多關於我們混音的細節。您可以在今天的網路直播資料中看到這一點。

And increasingly, too, our UBS business is getting pulled in and engaged on the front end because really the number 1 driver of what's going to support data center growth is pale. And so it's why I'm so bullish on utility turning into a secular growth industry because fundamentally, it's increased power generation that's going to be driven, required to support the data center build-out, and that bodes very well for us.

而且，我們的瑞銀業務也越來越多地被拉入前端並參與其中，因為真正推動資料中心成長的第一大因素是蒼白無力。因此，我非常看好公用事業發展成為長期成長產業，因為從根本上講，資料中心建設需要更多電力來推動和支持，這對我們來說是個好兆頭。

So a final point, our white space capabilities, our grey space capabilities, our power and utility capabilities, coupled with the global footprint and increasing services, we think, puts us in a very unique position to continue to outperform the market for data centers.

最後一點，我們認為，憑藉我們的空白空間能力、灰色空間能力、電力和公用設施能力，再加上全球佈局和不斷增長的服務，我們處於非常獨特的地位，能夠繼續在數據中心市場中脫穎而出。

Thank you.

謝謝。

Nigel Coe, Wolfe Research.

Nigel Coe，Wolfe Research。

Thanks. Good morning. Thanks for the questions, guys. We got a lot of ground already, but I'm just wondering, I'm sorry if I missed this, 30 basis points of margin expansion for 4Q. How should we think about that between gross margin and SG&A?

謝謝。早安.謝謝大家的提問。我們已經取得了很大進展，但我只是想問一下，如果我錯過了什麼，請見諒，第四季度利潤率擴張了 30 個基點。我們該如何看待毛利率與銷售、管理及行政費用之間的關係？

Yeah, Nigel. The -- one thing I'll emphasize is that given the increase in our top line, part of that 30 basis points of expansion will be improvement to our supplier volume rebates. And so when you think about the 30 basis points, you should assume a modest increase in the supplier volume rebates, and we're confident we'll be able to get to the 30 basis points through a combination of that supplier volume rebate, other gross margin actions, but then also operating leverage.

是的，奈傑爾。我要強調的一點是，鑑於我們營收的成長，這 30 個基點的成長部分將來自於供應商批量回饋的改善。因此，當您考慮 30 個基點時，您應該假設供應商數量回饋會適度增加，我們有信心透過供應商數量回饋、其他毛利率措施以及經營槓桿等手段來實現 30 個基點的目標。

Okay. Great. And then on the price increases, I think we understand how you're laying in now for 4Q. Would that be gross margin accretive as well? Because normally, when you raise prices, you normally have a maybe a temporary benefit on inventory. So just wondering if that's having an impact as well.

好的。偉大的。至於價格上漲，我想我們明白你們現在是為了第四季做準備。那也會提高毛利率嗎？因為通常情況下，當你提高價格時，庫存可能只會得到暫時的好處。所以我想知道這是否也產生了影響。

It will have a slight impact because we are averaged with inventory. So as market prices increase, our inventory has not caught up to that market increase. What I would tell you what we experienced in Q3 was it was a very modest impact.

由於我們的庫存是平均分配的，所以影響會很小。因此，隨著市場價格上漲，我們的庫存還沒有跟上市場價格的成長。我想告訴大家的是，我們在第三季所經歷的影響非常有限。

We're not seeing that pricing translate from our suppliers into the market and into our sales yet. So we had rough around just under 3% pricing benefit, that's after seeing these high single-digit price increase notifications in Q1 and into Q2. So all of that pricing is not translating to the market yet. As we do get pricing traction, we should see a modest benefit to our gross margin.

我們尚未看到供應商的定價策略轉化為市場價格，進而影響我們的銷售。因此，我們獲得了大約 3% 的價格優勢，這是在第一季和第二季看到這些接近兩位數的價格上漲通知之後得出的結論。所以所有這些定價策略尚未反映在市場上。隨著價格策略的推進，我們的毛利率應該會略有增加。

Okay. And then a quick one on cash flow. If we do get into that mid-single-digit zone on growth in 2026, would you expect conversion to be, if not 100% pre-down close?

好的。然後簡單談談現金流。如果到 2026 年我們真的能達到個位數中段的成長，你認為轉換率會不會達到（如果不是 100%）跌幅前的水平？

Yes.

是的。

I like that. Thanks, thanks, [guys].

我喜歡這個。謝謝，謝謝。[夥計們]。

Ken Newman, KeyBanc Capital Markets.

Ken Newman，KeyBanc Capital Markets。

Good morning, guys. Thanks for squeezing me in.

各位早安。謝謝你擠出時間幫我。

Good morning, Ken.

早安，肯。

Good morning. First, Dave, could you just talk about, obviously, the implied acceleration in UBS organic sales growth in fourth quarter. Just talk a little bit about the color and the confidence there. If there's any comment you have on how much of that revenue is already secured in backlog just versus an easier comparison math there?

早安.首先，Dave，你能談談瑞銀第四季有機銷售成長明顯加速的情況嗎？就簡單談談顏色和它所展現的自信。如果您對已通過積壓訂單保障的收入有多少有任何評論，能否提供一個更容易比較的計算方法？

Well, I'll start with the easier comparison. So if you take a look at our overall utility and broadband solutions business in the fourth quarter of 2024, we do have an easier comp, particularly within the utility space. So utility was down high single digits in Q4 2024. And given the acceleration that we've seen, particularly with the investor-owned utilities, we're confident that we will have significant growth here in the fourth quarter of 2025.

好吧，我先從比較容易的開始。因此，如果您查看我們 2024 年第四季的整體公用事業和寬頻解決方案業務，我們會發現我們的比較基數較小，尤其是在公用事業領域。因此，2024 年第四季公用事業支出下降了接近兩位數。鑑於我們已經看到的加速成長，特別是投資者擁有的公用事業公司，我們有信心在 2025 年第四季實現顯著成長。

Again, some of that's just the trends that we're seeing, not only the backlog, but the day-to-day activity primarily, again, in those investor-owned utilities, some of the project work that we're doing, but we also are getting some benefit from an easier comp.

再說，其中一些只是我們看到的趨勢，不僅是積壓訂單，還有日常活動，主要是在那些投資者擁有的公用事業公司，我們正在進行的一些項目工作，但我們也從更容易的比較中受益。

Got it. Okay. And then -- sorry if I missed it, but did you disclose how much gray space revenue was up this quarter versus white space? It was nice to see the stronger margins in both the ESS and CSS this quarter. I'm just trying to see if there's a way to think about the longer-term margin trend as we balance the mix impacts from growth in those two channels.

知道了。好的。還有—如果我錯過了請見諒，請問您是否揭露了本季灰色市場收入相對於白色市場收入的成長情況？很高興看到本季 ESS 和 CSS 的利潤率都大幅提升。我只是想看看，當我們平衡這兩個管道成長帶來的組合影響時，是否有一種方法可以考慮更長期的利潤率趨勢。

Yes. The data center sales in our EES business, those gray space sales were up approximately 60% in the third quarter.

是的。我們EES業務的資料中心銷售額，也就是那些灰色市場銷售額，在第三季成長了約60%。

And the white space was up over 50, correct? We did mention that, Ken. So about 50 plus.

留白超過了 50，對嗎？我們確實提到過這一點，肯。所以大概有50多人。

And then any comments on that -- how you think about mix kind of normalizing into '26?

那麼，關於這一點你有什麼看法——你認為這種混合模式會如何逐漸規範化到 2026 年？

I don't know that mix normalizes. Again, the dynamic there is we've talked about it at prior earnings calls and also at the investor conferences. We have -- we have deep and long-standing strength in white space, these end-user relationships. We're adding services and we're a -- helping manage the global deployments for hyperscalers and MG and global MTEC customers. So that -- think of the market and because of our unique value proposition and execution ability globally, we're outperforming the market with that white space strength.

我不知道混音是否會標準化。再說一遍，這種動態我們已經在之前的財報電話會議和投資者會議上討論過了。我們在空白領域擁有深厚而長久的優勢，即與終端用戶建立的關係。我們正在增加服務，我們正在協助管理超大規模資料中心、MG 和全球 MTEC 客戶的全球部署。所以——想想市場，由於我們獨特的價值主張和全球執行能力，我們憑藉這一空白市場優勢，表現優於市場。

The gray space, a good portion that historically has been served direct. But we're now picking up pieces that are moving into distribution because we become the one overall supply chain management manager on behalf of our end-user customers. So that's what's driving some of that growth there. So I would expect we will continue to see very strong growth in both white and gray space, again, outperforming the market is our expectation.

灰色地帶，歷史上很大一部分都是直接供應的。但我們現在正在收集進入分銷環節的零件，因為我們成為了代表最終用戶客戶的整體供應鏈管理經理。這就是推動當地成長的部分原因。因此，我預期白色和灰色市場都將繼續保持強勁成長，再次超越市場表現是我們的目標。

Perfect. Thank you.

完美的。謝謝。

Patrick Baumann, JPMorgan.

Patrick Baumann，摩根大通。

Hi, good morning, guys. Thanks for taking my questions.

大家好，早安。謝謝您回答我的問題。

Good morning.

早安.

Good morning. I wanted to start off on utility, if we could, and to focus a little bit on the public tower side. I think that's, I guess, 1/3 of your utility sales. Correct me if I'm wrong, wondering what -- how much it was down in the quarter? And then what gave you confidence that it returns to growth next year?

早安.我想先從實用性入手，如果可以的話，重點關註一下公共塔架方面。我想，這大概是佔你們公用事業銷售額的三分之一吧。如果我理解有誤請指正，我想知道的是──本季下降了多少？那麼，是什麼讓你相信它明年會恢復成長呢？

And along those lines, you mentioned something about, I guess, competitive price in that side of the world and maybe that led to some of the gross margin compression quarter-on-quarter. Maybe if you could flesh that out a little bit.

由此，您提到了世界那個地區的價格競爭，我猜這可能會導致毛利率環比下降。或許你可以再詳細闡述。

Yeah. So maybe just the level set, again, if you think of our utility business, the -- of UBS, 90% of that is US, 10% Canada. So when you take the US now, that 90%, 60%-plus investor-owned utilities, 10% or so is direct to specialty utility contractors that leaves about 30% in public power.

是的。所以，也許只是設定一個水平，再想想我們的公用事業業務，瑞銀集團，其中 90% 在美國，10% 在加拿大。所以，以美國為例，90%的電力，其中60%以上是投資者所有的公用事業公司，大約10%直接流向專業公用事業承包商，剩下的30%左右是公共電力。

Our sales to our IOU customers, our investor-owned utility customers were up high single digits in the third quarter, and we're -- we're very pleased with that momentum. Our strength in IOUs is really carrying the day with -- for the utility return to growth. Public power softness continued.

第三季度，我們面向投資者所有的公用事業客戶的銷售額實現了接近兩位數的成長，我們對這一成長勢頭非常滿意。我們在 IOU 方面的優勢確實起到了決定性作用——為公用事業的復甦和成長做出了貢獻。公共權力持續疲軟。

And I mentioned this last quarter, and I'll just go back and double-click on it because it's the same situation. When you look at what occurred across the pandemic, it really was the IOU customers that were prioritized and they were delivered material as the supply chain started coming on back online and the public power customers start building inventory much later than the IOU customers those inventory builds for public power continue through 2024.

我上個季度也提到這個問題，我再回去雙擊一下，因為情況是一樣的。回顧疫情期間發生的情況，實際上是公用事業公司 (IOU) 的客戶得到了優先保障，隨著供應鏈的逐步恢復，他們也獲得了物資供應。而公共電力公司的客戶開始建立庫存的時間比公用事業公司 (IOU) 的客戶晚得多，公共電力公司的庫存建設將持續到 2024 年。

And that's as the manufacturers switched from serving the IOUs is the building up for the public power customers. So that's really what we're seeing. We're seeing that kind of customer stocking issue. And it's not across the Board. Categorically, it's distribution transformers and wire and cable for public power, but not for line construction materials.

而與此同時，製造商們正從服務公用事業公司轉向服務公共電力客戶。這就是我們所看到的。我們發現客戶確實有這種庫存問題。而且這種情況並非普遍存在。從本質上講，它是公共電力使用的配電變壓器和電線電纜，但不是線路建設材料。

So we're seeing it gain healthier. We've got overall improving customer order rates. That's a positive leading indicator. And public power, we do expect will absolutely return to growth in 2026. I think the thing I'd focus investors on are the breadth and strength and diversity of the rest of our utility business.

所以我們看到它變得越來越健康。我們整體的客戶訂單率正在提高。這是一個正面的先行指標。我們預計公共電力將在 2026 年恢復成長。我認為投資者應該關注的是我們公用事業業務其他部分的廣度、實力和多樣性。

And obviously, the IOUs and those multiyear agreements we have in place where we are essentially the supply chain management partner, solutions partner for them is exceptionally strong and good to see them with high single-digit growth. But we're also seeing very strong opportunities and growth not just in the D of transmission and distribution, but transmission and substation portions of the market.

顯然，我們與客戶簽訂的多年期協議（我們基本上是他們的供應鏈管理合作夥伴和解決方案合作夥伴）非常強勁，很高興看到這些協議實現了接近兩位數的成長。但我們也看到，不僅在輸配電領域，而且在輸變電站市場領域，都存在著非常強勁的機會與成長。

And that we're seeing kicking in this year. We've got a strong set of capabilities there. And we expect that to be a very strong growth driver in 2026. So there's the public power story. It is more competitive. Because, again, of the current stocking situation, that's more locally market-driven. Some of our competitors are also not for profits, the so-called cooperative distributors. So -- but that's been the nature of the beast for decades, quite frankly.

而我們今年已經看到這種情況開始顯現。我們在那方面具備強大的能力。我們預計這將成為 2026 年強勁的成長動力。這就是公共電力的故事。競爭更加激烈。因為，就目前的庫存情況而言，這更多是由當地市場驅動的。我們的一些競爭對手也是非營利性的，也就是所謂的合作經銷商。所以——坦白說，幾十年來，情況一直如此。

Got it. Helpful. Thanks for the color. On the 2026 margin outlook, the 20 basis points to 30 basis points of expansion on, I guess, mid-single-digit organic top line growth. Can you walk through us like the confidence you have in getting leverage. And I ask just in respect to 2025 when you're growing high single-digit organically and not getting leverage. Maybe remind us of the moving parts on why you're not getting leverage in 2025 and why that turns in 2026?

知道了。很有幫助。謝謝你提供的色彩。展望 2026 年的利潤率，我估計在中等個位數的有機營收成長的基礎上，利潤率將擴張 20 到 30 個基點。你能像你獲得優勢時那樣自信地走過我們嗎？我問這個問題，是針對 2025 年而言，當你實現個位數高成長且沒有獲得槓桿效應時的情況。或許可以提醒我們一下，為什麼你在 2025 年無法獲得優勢，以及為什麼這種情況會在 2026 年轉變？

Yeah, Patrick, one of the things I'll highlight is relative to incentive compensation. We still have about a 20 basis point headwind to adjusted EBITDA margin with the expected payouts for incentive compensation -- so in 2025. So that's a headwind in 2025. Obviously, we've been able to drive significant sales growth but that's also come with some product mix and project mix impact on the gross margin line.

是的，派崔克，我要重點強調的一點是關於激勵性薪酬的。由於預計要支付激勵性薪酬，2025 年調整後的 EBITDA 利潤率仍將面臨約 20 個基點的阻力。所以，這對2025年來說是個不利因素。顯然，我們已經實現了顯著的銷售成長，但這同時也對毛利率產生了一些產品組合和項目組合的影響。

The other thing I'll highlight is like many companies, we're also continuing to invest in our IT capabilities. And so we've made significant investments in that area. We do believe that, that is part of our continued investment into our digital transformation and new capabilities to service our customers.

我還要強調一點，和許多公司一樣，我們也持續投資於我們的IT能力。因此，我們在該領域進行了大量投資。我們相信，這是我們持續投資於數位轉型和提升客戶服務能力的一部分。

And one of the other things that we'll highlight is we've made sequential improvement as we progress through the year. That leaves us to a good setup for 2026. We'll provide you the full outlook for 2026 when we do our call in February.

我們還要強調一點，就是在這一年中，我們取得了持續的進步。這樣我們就為2026年做好了充分的準備。我們將在二月的電話會議上為您提供 2026 年的完整展望。

Understood. So it's a better jumping off point at the end of the year, combined with less incentive comp had when maybe less project mix year-over-year. Those are some of the factors. I'd imagine you're going to keep investing.

明白了。因此，在年底，這是一個更好的起點，同時由於專案組合可能逐年減少，激勵性薪酬也會減少。以上是一些影響因素。我想你會繼續投資的。

Correct.

正確的。

Makes sense. Thanks a lot. Best of luck.

有道理。多謝。祝你好運。

Thank you, Patrick.

謝謝你，派崔克。

That 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。現在我將把會議交還給約翰‧恩格爾，請他作總結發言。

Well, thank you for your questions and support today. I think we've addressed all the questions that were in the queue. I'll bring the call to a close. Again, thanks for your support as much appreciated. We look forward to speaking with many of you over the (technical difficulty).

非常感謝大家今天的提問與支持。我認為我們已經解答了所有待解答的問題。我來結束通話。再次感謝您的支持，我們非常感激。我們期待與各位就（技術難題）進行交流。