Alamo Group Inc (ALG) 2022 Q2 法說會逐字稿

Ladies and gentlemen, good day, and welcome to the Alamo Group Inc. Second Quarter 2022 Conference Call. Today's conference is being recorded. At this time, I would like to turn the conference over to Edward Rizzuti, Executive Vice President, General Counsel and Secretary. Please go ahead.

女士們先生們，美好的一天，歡迎參加 Alamo Group Inc. 2022 年第二季度電話會議。今天的會議正在錄製中。在這個時候，我想把會議交給執行副總裁、總法律顧問兼秘書 Edward Rizzuti。請繼續。

Thank you. By now, you should have all received a copy of the press release. However, if anyone is missing a copy and would like to receive one, please contact us at (212) 827-3746, and we will send you a release and make sure you're on the company's distribution list.

謝謝你。到目前為止，你們應該都收到了新聞稿的副本。但是，如果任何人缺少一份副本並希望收到一份，請致電 (212) 827-3746 與我們聯繫，我們將向您發送一份新聞稿並確保您在公司的分發名單上。

There will be a replay of the call, which will begin 1 hour after the call and run for 1 week. The replay can be accessed by dialing 1 (888) 203-1112 with the passcode 4806226. Additionally, the call is being webcast on the company's website at www.alamo-group.com, and a replay will be available for 60 days.

將在通話後 1 小時開始重播通話，並持續 1 週。可以通過撥打 1 (888) 203-1112 使用密碼 4806226 訪問重播。此外，該電話正在公司網站 www.alamo-group.com 上進行網絡直播，重播將提供 60 天。

On the line with me today are Jeff Leonard, President and Chief Executive Officer; Richard Wehrle, Executive Vice President, Chief Financial Officer and Treasurer; and Dan Malone, Executive Vice President and Chief Sustainability Officer. Management will make some opening comments, and then we'll open up the line for your questions.

今天與我聯繫的是總裁兼首席執行官 Jeff Leonard； Richard Wehrle，執行副總裁、首席財務官兼財務主管；以及執行副總裁兼首席可持續發展官 Dan Malone。管理層將發表一些開放性評論，然後我們會為您的問題打開熱線。

During the call today, management may reference certain non-GAAP numbers in their remarks. Reconciliations of these non-GAAP results to applicable GAAP numbers are included in the attachments to our earnings release.

在今天的電話會議中，管理層可能會在他們的評論中引用某些非公認會計原則的數字。這些非公認會計原則結果與適用公認會計原則數字的對賬包含在我們收益發布的附件中。

Before turning the call over to Jeff, I'd like to make a few comments about forward-looking statements. We will be making forward-looking statements today that are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve known and unknown risks and uncertainties, which may cause the company's actual results and future periods to differ materially from forecasted results.

在將電話轉給傑夫之前，我想對前瞻性陳述發表一些評論。我們今天將根據 1995 年《私人證券訴訟改革法案》的安全港條款做出前瞻性陳述。前瞻性陳述涉及已知和未知的風險和不確定性，可能會導致公司的實際業績和未來期間與預測結果存在重大差異。

Among those factors which could cause actual results to differ materially are the following: market demand; COVID-19 impacts, including operational and supply chain disruptions; competition; weather; seasonality; currency-related issues; geopolitical issues; and other risk factors listed from time to time in the company's SEC reports.

可能導致實際結果出現重大差異的因素包括：市場需求； COVID-19 的影響，包括運營和供應鏈中斷；競賽;天氣;季節性；與貨幣有關的問題；地緣政治問題；以及公司 SEC 報告中不時列出的其他風險因素。

The company does not undertake any obligation to update the information contained herein, which speaks only as of this date. I would now like to introduce Jeff Leonard. Jeff, please go ahead.

公司不承擔更新此處包含的信息的任何義務，這些信息僅在本日生效。我現在想介紹傑夫倫納德。傑夫，請繼續。

Thank you, Ed. We want to thank all of you for joining us today on the call. Richard will begin our call with a review of our financial results for the second quarter of 2022. I will then provide more comments on the results. Following our formal remarks, we look forward to taking your questions. Richard, please go ahead.

謝謝你，埃德。我們要感謝大家今天加入我們的電話會議。理查德將首先回顧我們 2022 年第二季度的財務業績。然後我將對結果提供更多評論。在我們的正式發言之後，我們期待著回答您的問題。理查德，請繼續。

Thanks, Jeff. Good afternoon, everyone. Alamo Group's second quarter 2022 closed with an impressive performance with record results for the quarter, driven by a strong demand for our products and a continued challenging operating environment.

謝謝，傑夫。大家下午好。在對我們產品的強勁需求和持續充滿挑戰的運營環境的推動下，Alamo Group 的 2022 年第二季度以令人印象深刻的業績結束，該季度的業績創下歷史新高。

Second quarter consolidated net sales for 2022 were $396 million, an increase of 14% compared to $348 million in the second quarter of last year. Sales were negatively impacted almost 2.5% due to currency translation as the U.S. dollar strengthened against the currencies of international countries where we operate.

2022 年第二季度合併淨銷售額為 3.96 億美元，比去年第二季度的 3.48 億美元增長 14%。由於美元兌我們經營所在國際國家的貨幣走強，貨幣換算對銷售額產生了近 2.5% 的負面影響。

Gross margin dollars in the quarter improved compared to the second quarter of 2021 by just over $11 million, with gross margin percentage down by only 20 basis points.

與 2021 年第二季度相比，本季度的毛利率增加了略高於 1100 萬美元，毛利率百分比僅下降了 20 個基點。

Both margin dollars and percentage were negatively affected by freight costs on inbound freight inventory -- on inbound inventory as tariffs and surcharges continue to be added to already significantly higher freight invoices.

入站貨運庫存的運費成本對保證金美元和百分比都產生了負面影響，因為關稅和附加費繼續被添加到已經顯著提高的貨運發票中。

Consolidated net income for the second quarter of 2022 was just over $28 million or $2.39 per diluted share, an increase of 9% versus net income of $26 million or $2.19 per diluted share for the second quarter of 2021.

2022 年第二季度的合併淨收入略高於 2800 萬美元或攤薄後每股收益 2.39 美元，與 2021 年第二季度的淨收入 2600 萬美元或攤薄後每股收益 2.19 美元相比增長 9%。

Solid control of cost and expenses helped support the increase in profitability, included in the 2021 second quarter results was a onetime gain on the sale of a facility in the Netherlands of $3.4 million.

對成本和費用的可靠控制有助於支持盈利能力的提高，包括在 2021 年第二季度業績中的是在荷蘭出售一家設施的一次性收益 340 萬美元。

Excluding this gain, net income for the second quarter of 2021 was $23 million or $1.97 per share. Vegetation Management division had an exceptional second quarter for 2022 as markets were extremely strong.

不計這一收益，2021 年第二季度的淨收入為 2300 萬美元或每股 1.97 美元。由於市場非常強勁，植被管理部門在 2022 年第二季度表現出色。

Second quarter 2022 net sales were $255 million, an increase of 19% compared to $215 million for the second quarter of 2021. The division continues to see strong demand for forestry and tree care and agricultural and governmental mowing products in both North America and Europe.

2022 年第二季度的淨銷售額為 2.55 億美元，比 2021 年第二季度的 2.15 億美元增長 19%。該部門繼續看到北美和歐洲對林業和樹木護理以及農業和政府割草產品的強勁需求。

Margin during the second quarter for 2022 were up 40 basis points as compared to prior year quarter despite supply chain disruptions and higher inbound freight costs. Income from operations for the second quarter of 2022 was just shy of $33 million or 45% versus $23 million versus the same period of 2021.

儘管供應鏈中斷和入境貨運成本上升，但與去年同期相比，2022 年第二季度的利潤率上升了 40 個基點。 2022 年第二季度的運營收入略低於 3300 萬美元或 45%，而 2021 年同期為 2300 萬美元。

Industrial Equipment net sales in the second quarter of 2022 were $141 million, up just over 6% compared to $133 million for the second quarter of 2021. This was due to pricing actions and a solid performance in the North American excavator and vacuum truck operations.

2022 年第二季度工業設備淨銷售額為 1.41 億美元，與 2021 年第二季度的 1.33 億美元相比，增長略高於 6%。這是由於定價行動以及北美挖掘機和真空卡車業務的穩健表現。

While truck chassis deliveries were slightly more reliable this quarter. Other component part shortages continued to have a significant impact on the division's operations, which in turn drove unfavorable manufacturing efficiencies and lower absorption.

雖然本季度卡車底盤交付的可靠性略高一些。其他零部件短缺繼續對該部門的運營產生重大影響，進而導致製造效率下降和吸收率下降。

Income from operations in the second quarter of 2022 was $8 million, down 26% compared to $11 million for the second quarter of 2021. Consolidated net sales for the first 6 months of 2022 were $758 million, up 15% compared to $659 million for the first 6 months of 2021.

2022 年第二季度的運營收入為 800 萬美元，與 2021 年第二季度的 1100 萬美元相比下降 26%。2022 年前 6 個月的合併淨銷售額為 7.58 億美元，與 2021 年的 6.59 億美元相比增長 15% 2021 年的前 6 個月。

Strong demand for our products in both of Alamos divisions, along with the impact of improved pricing initiatives that drove the increase.

阿拉莫斯兩個部門對我們產品的強勁需求，以及推動增長的改進定價計劃的影響。

Year-to-date gross margins for 2022 was up almost $22 million versus the comparison period gross margin for 2021. Margin percentage was down about 40 basis points as we experienced inflation pressures and material costs, purchase components and, to a lesser extent, raw material as well as inbound freight costs.

與 2021 年比較期間的毛利率相比，2022 年年初至今的毛利率增加了近 2200 萬美元。由於我們經歷了通貨膨脹壓力和材料成本、採購組件以及較小程度的原材料成本，毛利率下降了約 40 個基點。材料以及入境運費。

Net income for the first 6 months of 2022 was $47 million or $3.94 per diluted share versus net income of $44 million or $3.66 per diluted share for the first 6 months of 2021, an increase of 8%, excluding onetime charges in both 2022 and 2021, adjusted net income was $48 million compared to $41 million, an increase of 17%.

2022 年前 6 個月的淨收入為 4700 萬美元或每股攤薄收益 3.94 美元，而 2021 年前 6 個月的淨收入為 4400 萬美元或每股攤薄收益 3.66 美元，增長 8%，不包括 2022 年和 2021 年的一次性費用，調整後的淨收入為 4800 萬美元，比 4100 萬美元增長 17%。

For the first 6 months of 2022, net sales for the Vegetation Management division were $476 million compared to $399 million year-to-date for 2021, up 19%. The division experienced robust demand in all product categories, particularly in forestry and tree care, land clearing and both governmental and agricultural mowing.

2022 年前 6 個月，植被管理部門的淨銷售額為 4.76 億美元，而 2021 年迄今為 3.99 億美元，增長 19%。該部門在所有產品類別中都經歷了強勁的需求，特別是在林業和樹木護理、土地清理以及政府和農業割草方面。

Year-to-date 2022 income from operations was $51 million, up 30% versus $39 million year-to-date for 2021, results from North American operations were also supported by strong performance in the U.K., France, Brazil and Australia. For the first 6 months of 2022, net sales for the Industrial Equipment division were $282 million compared to $260 million for the first 6 months of 2021, an increase of almost 9%.

2022 年年初至今的運營收入為 5100 萬美元，比 2021 年年初至今的 3900 萬美元增長 30%，北美業務的業績也受到英國、法國、巴西和澳大利亞的強勁表現的支持。 2022 年前 6 個月，工業設備部門的淨銷售額為 2.82 億美元，而 2021 年前 6 個月為 2.6 億美元，增長近 9%。

Sales of excavators, vacuum trucks, street sweepers -- and street sweepers led the way with modest support from snow removal. For the first 6 months of 2022, income from operations was $19 million versus $20 million for the first 6 months of 2021, a decrease of 4%.

挖掘機、真空卡車、清掃車和清掃車的銷售在除雪的適度支持下處於領先地位。 2022 年前 6 個月的運營收入為 1900 萬美元，而 2021 年前 6 個月為 2000 萬美元，下降了 4%。

This division's results were negatively impacted by constrained chassis deliveries, supply chain disruptions and a high input costs in both material and inbound freight costs, which caused delays in completing manufactured units.

該部門的業績受到底盤交付受限、供應鏈中斷以及材料和入站貨運成本的高投入成本的負面影響，這些因素導致製造單元的完工延遲。

Order bookings experienced a modest decline during the second quarter 2022, resulting in a backlog is still just over $894 million, an increase of 78% compared to backlog at the end of the second quarter of 2021. If you factor out the impact of currency translation, I mentioned earlier, our backlog would have been higher.

訂單預訂量在 2022 年第二季度略有下降，導致訂單積壓仍略高於 8.94 億美元，與 2021 年第二季度末的積壓相比增加了 78%。如果考慮到貨幣換算的影響，我之前提到過，我們的積壓會更高。

The backlog is also up compared to the end of 2021 by 12%. We noted some softening in North American ag equipment, but we anticipate some of that going -- we anticipated some of that going forward due to inflation issues.

與 2021 年底相比，積壓訂單也增加了 12%。我們注意到北美農業設備的一些疲軟，但我們預計其中一些會發生 - 由於通貨膨脹問題，我們預計其中一些會向前發展。

Turning to a few additional financial items for the first -- second quarter of 2022. Our balance sheet continues to remain healthy. Working capital increased $109 million to $559 million from $450 million at the end of Q2 2021.

轉向 2022 年第一季度和第二季度的一些額外財務項目。我們的資產負債表繼續保持健康。營運資金從 2021 年第二季度末的 4.5 億美元增加了 1.09 億美元至 5.59 億美元。

Increase in working capital came from higher accounts receivable and inventory. Accounts receivable was up almost -- were up almost $307 million -- almost $307 million, up 21% from a year ago from solid sales volume. We're also up 29% compared to the end of 2021.

營運資金的增加來自較高的應收賬款和存貨。應收賬款幾乎增加了 - 增加了近 3.07 億美元 - 近 3.07 億美元，與去年同期相比增長了 21%，這得益於穩定的銷售額。與 2021 年底相比，我們也增長了 29%。

Inventory is up almost $76 million compared to the second quarter of 2021 and is up $32 million compared to the end of 2021. This is a reflection of higher work in process, material cost inflation as well as our efforts to support the growing demand for our products by purchasing higher levels of key components and service parts for our customers during this time of constrained supplies. The increase since the end of the year is also reflected in our modestly higher debt levels.

與 2021 年第二季度相比，庫存增加了近 7600 萬美元，與 2021 年底相比增加了 3200 萬美元。這反映了更高的在製品、材料成本膨脹以及我們努力支持對我們不斷增長的需求在這段供應緊張的時期，通過為我們的客戶購買更高水平的關鍵部件和服務部件來生產產品。自年底以來的增長也反映在我們適度較高的債務水平上。

As supply chain issues ease, we expect inventory to decline which will, in turn, reduce the debt. Finally, the company's trailing 12 month's EBITDA is $173 million. It's up 7% compared to full year of 2021.

隨著供應鏈問題的緩解，我們預計庫存將下降，進而減少債務。最後，該公司過去 12 個月的 EBITDA 為 1.73 億美元。與 2021 年全年相比，增長了 7%。

The balance of this year cash flow should remain strong as our focus on the balance sheet will be driven -- will be to drive down inventory and reduce debt levels. We'll continue to be disciplined in controlling costs and expenses as inflation is expected to continue to put pressures on our margins.

今年現金流的餘額應保持強勁，因為我們將推動對資產負債表的關注——將降低庫存並降低債務水平。我們將繼續嚴格控製成本和費用，因為預計通脹將繼續對我們的利潤率造成壓力。

We're also continuing to adjust prices as needed based on changes in material and transportation costs in order to maintain target margins. Our biggest challenge remains meeting the heightened demand for our products throughout the company given the current supply chain constraints.

我們還將根據材料和運輸成本的變化繼續根據需要調整價格，以保持目標利潤率。鑑於當前的供應鏈限制，我們最大的挑戰仍然是滿足整個公司對我們產品的更高需求。

As we did in the first quarter of this year, the company approved the quarterly dividend of $0.18 per share for the third quarter of 2022, a 29% increase over the third quarter of 2021.

正如我們在今年第一季度所做的那樣，公司批准了 2022 年第三季度每股 0.18 美元的季度股息，比 2021 年第三季度增加了 29%。

With that, I'll turn the call back over to Jeff.

有了這個，我會把電話轉給傑夫。

Thank you, Richard. First, I'd like to again thank everyone who's joined us on the call this afternoon. During the second quarter, activity in our major markets remained strong, orders received during the quarter remained at a very good level, but declined approximately 7% compared to the second quarter of 2021, partly due to exchange rate effects.

謝謝你，理查德。首先，我要再次感謝今天下午加入我們的電話會議的所有人。第二季度，我們主要市場的活動保持強勁，該季度收到的訂單保持在非常好的水平，但與 2021 年第二季度相比下降了約 7%，部分原因是匯率影響。

Our order backlog remains excellent with healthy margins, and this provides a very solid foundation for the company's performance in the remaining months of this year and into 2023.

我們的訂單積壓仍然很好，利潤率很高，這為公司在今年剩餘幾個月和 2023 年的業績提供了非常堅實的基礎。

The second quarter continued the pattern over the past several quarters as persistent headwinds in our operating environment constrained our results. These included persistent material and wage cost inflation, elevated transportation costs, supply chain disruptions and related component shortages and sporadic impacts on our workforce of yet another variant of COVID.

第二季度延續了過去幾個季度的模式，因為我們經營環境中的持續逆風限制了我們的業績。其中包括持續的材料和工資成本上漲、運輸成本升高、供應鏈中斷和相關部件短缺，以及 COVID 的另一種變體對我們的勞動力的零星影響。

Having said that, I'm pleased to report that during the final weeks of the quarter, we began to see modest improvement in some areas of our supply chain that helped improve the efficiency of our manufacturing operations and increased shipments beyond our previous expectations.

話雖如此，我很高興地報告，在本季度的最後幾週，我們開始看到我們供應鏈的某些領域出現了適度的改善，這有助於提高我們的製造運營效率並增加出貨量，超出我們之前的預期。

Our Vegetation Management division had an excellent quarter in all respects. The noted improvement in supply chain performance, helped the division increase sales by nearly 19% and increased its operating income nearly 45% compared to the second quarter of 2021.

我們的植被管理部門在各方面都表現出色。與 2021 年第二季度相比，供應鏈績效的顯著改善幫助該部門銷售額增長了近 19%，營業收入增長了近 45%。

Sales in the division's North and South American operations were up sharply, while its European sales were stable, albeit at a very high level. European sales increased in local currency. Better pricing, improved supply chain performance and higher manufacturing efficiencies sustained the division's gross margin despite ongoing material and labor cost inflation.

該部門北美和南美業務的銷售額大幅增長，而其歐洲銷售額則保持穩定，儘管處於非常高的水平。以當地貨幣計算的歐洲銷售額增加。儘管材料和勞動力成本持續上漲，但更好的定價、改進的供應鏈績效和更高的製造效率維持了該部門的毛利率。

The division's teams did an excellent job controlling expenses during the quarter, and that further improved the results. The Vegetation Management division's order bookings declined by 26% compared to the second quarter of 2021. Although its backlog was 56% higher than it was at the same point last year.

該部門的團隊在本季度控制開支方面做得非常出色，這進一步改善了業績。與 2021 年第二季度相比，植被管理部門的訂單預訂量下降了 26%。儘管其積壓訂單比去年同期高出 56%。

The weakening of the euro, the pound sterling and the Brazilian real relative to the U.S. dollar contributed to the decline. It's also important to note that second quarter 2021 order bookings were exceptionally strong, and we believe the pace of new orders is returning to a more normal sustainable level. The division sales teams have not expressed concerns about market conditions, and they continue to report that activity levels remain high.

歐元、英鎊和巴西雷亞爾相對於美元走弱導致下跌。還需要注意的是，2021 年第二季度的訂單預訂異常強勁，我們相信新訂單的速度正在恢復到更正常的可持續水平。部門銷售團隊沒有對市場狀況表示擔憂，他們繼續報告說活動水平仍然很高。

Our Industrial division faced deeper challenges during the second quarter as its supply chain did not demonstrate the same performance improvement that was evident in Vegetation Management. The division sales increased 6% compared to the second quarter of 2022 with the increase primarily the result of pricing.

我們的工業部門在第二季度面臨更深層次的挑戰，因為其供應鏈沒有表現出與植被管理相同的績效改進。與 2022 年第二季度相比，該部門的銷售額增長了 6%，增長的主要原因是定價。

Second quarter operating income declined 26% as supply chain shortages drove manufacturing efficiencies and absorption sharply lower, most notably in its vacuum truck and street sweeper operations.

第二季度營業收入下降了 26%，原因是供應鏈短缺導致製造效率和吸收率大幅下降，尤其是在真空卡車和街道清掃車業務方面。

While the quantity of truck chassis we received under current allocations was marginally better than the second quarter of 2021, chassis receipts have not yet returned to the levels we enjoyed in the months prior to the onset of the pandemic.

雖然我們在當前分配下收到的卡車底盤數量略好於 2021 年第二季度，但底盤收入尚未恢復到大流行爆發前幾個月的水平。

Shortages and delayed receipts of other required industrial components, including wiring harnesses, joysticks, transfer cases, heat exchangers and hydraulic fittings constrained sales, disrupted production flows and negatively impacted gross margin.

其他所需工業部件（包括線束、操縱桿、分動箱、熱交換器和液壓配件）的短缺和延遲收貨限制了銷售，擾亂了生產流程，並對毛利率產生了負面影響。

The second quarter was seasonally softer for this division's snow removal businesses and lower efficiency and absorption adversely affected the results in this segment as well. Finally, the division incurred certain nonrecurring expenses related to the consolidation of 2 U.S. manufacturing facilities and its snow removal business that will be completed later this year.

第二季度該部門的除雪業務季節性疲軟，效率和吸收能力下降也對該部門的業績產生了不利影響。最後，該部門產生了與合併 2 個美國製造設施及其將於今年晚些時候完成的除雪業務相關的某些非經常性費用。

It was encouraging to see very strong second quarter preseason bookings in this snow removal segment that point to improving results over the next several quarters. While the division's results for the second quarter did not meet our expectations, the outlook for the remainder of the year is significantly more promising.

令人鼓舞的是，在這個除雪領域看到非常強勁的第二季度季前賽預訂，這表明未來幾個季度的業績將有所改善。雖然該部門第二季度的業績沒有達到我們的預期，但今年剩餘時間的前景要樂觀得多。

This division's order bookings increased 26% compared to the second quarter of 2021, and order backlog is up 126% compared to prior year. We're also seeing early but encouraging signs that the division's supply chain performance may begin to improve in the second half of this year.

該部門的訂單預訂量與 2021 年第二季度相比增加了 26%，訂單積壓量與去年同期相比增加了 126%。我們也看到了早期但令人鼓舞的跡象，表明該部門的供應鍊錶現可能會在今年下半年開始改善。

All in all, we're very pleased that Alamo Group achieved the highest quarterly sales and earnings in its history during the second quarter in the face of persistent headwinds we've all been discussing.

總而言之，面對我們一直在討論的持續逆風，我們很高興阿拉莫集團在第二季度實現了其歷史上最高的季度銷售額和收益。

Since the onset of the pandemic and the subsequent disruption to the global supply chain, our teams have continued to find creative solutions to problems as they have arisen to keep the company performing well. I'm extremely proud of our employees for their dedication and their many achievements that produce these strong second quarter results that we're discussing today.

自從大流行病爆發以及隨後對全球供應鏈造成破壞以來，我們的團隊一直在尋找創造性的解決方案來解決出現的問題，以保持公司的良好表現。我為我們的員工的奉獻精神和許多成就感到非常自豪，這些成就產生了我們今天討論的這些強勁的第二季度業績。

Naturally, given the current turmoil in the global economy and the likelihood of a recession, we're paying close attention to the activity levels in our served markets. In the ag sector, while sentiment among U.S. farmers regarding future -- regarding the future continues to erode. Prices for farm commodities remain at historically good levels as do farm incomes.

自然，鑑於當前全球經濟的動盪和衰退的可能性，我們正在密切關注我們所服務市場的活動水平。在農業領域，雖然美國農民對未來的看法——對未來的看法繼續受到侵蝕。農產品價格和農業收入一樣保持在歷史高位。

Ag dealer inventories have recently begun to rise modestly, but they are not approaching the levels that were considered normal before the pandemic. So while the ag market may have begun to move off its cyclic peak, fundamentals of the farm economy remain favorable and the near-term outlook remains quite positive.

農產品經銷商庫存最近開始小幅上升，但並未接近大流行前被認為正常的水平。因此，雖然農業市場可能已經開始擺脫其周期性峰值，但農業經濟的基本面仍然有利，近期前景仍然相當樂觀。

In our Forestry and Tree Care segment, housing starts are declining in North America, but construction starts outside of urban areas continue to rise. That bodes well for sustained demand for our forestry mulchers and brush chippers that are used to prepare the land for construction.

在我們的林業和樹木護理部門，北美的房屋開工率正在下降，但城市地區以外的建築開工率繼續上升。這預示著對我們用於準備建設用地的林業覆蓋機和灌木削片機的持續需求。

Weather trends are another important indicator for this segment. Extreme weather events such as hurricanes, extended periods of hot weather and drought increased the demand for our products.

天氣趨勢是該細分市場的另一個重要指標。颶風、長時間炎熱天氣和乾旱等極端天氣事件增加了對我們產品的需求。

Our Morbark tree chippers and other specialized road mobile machines we produce such as grade oil wheeled excavators are uniquely suited to remove down trees and clear drainage canals in tight workspaces.

我們的 Morbark 樹木削片機和我們生產的其他專用道路移動機器（例如等級油輪式挖掘機）特別適合在狹窄的工作空間中清除樹木和清理排水渠。

Similarly, our vacuum trucks are required to root biomass and trash that makes it wet in the municipal catch basins following [thunder] storms. So while none of us wants to experience these extreme weather events, unfortunately, they're a fact of life today and the products that Alamo Group offers helped to minimize their impact and aid in recovery after the fact.

同樣，我們的真空卡車需要在 [雷雨] 風暴之後將生物質和垃圾紮根，使其在市政集水盆中變濕。因此，儘管我們都不想經歷這些極端天氣事件，但不幸的是，它們已成為當今生活的現實，Alamo Group 提供的產品有助於將其影響降至最低，並有助於事後恢復。

Lastly, activity in our governmental Infrastructure Maintenance segment is strong and is expected to remain elevated for the remainder of the balance of 2022 and the first half of 2023. While there was pressure on the municipal bond market during the first half of this year, the second half of 2022 is expected to be significantly better and municipalities continue to enjoy relatively low cost access to capital.

最後，我們的政府基礎設施維護部門的活動強勁，預計在 2022 年剩餘時間和 2023 年上半年將保持高位。雖然今年上半年市政債券市場面臨壓力，但預計 2022 年下半年會明顯好轉，市政當局繼續享有相對較低的資本獲取渠道。

Overall, governmental agencies at the state and local level remain in good financial health, and there's no evidence, they will take steps to constrain investments in their maintenance fleets for the foreseeable future.

總體而言，州和地方一級的政府機構財務狀況良好，而且沒有證據表明，他們將在可預見的未來採取措施限制對其維修車隊的投資。

So in summary, while the longer-term indicators for our markets are somewhat more mixed at the moment, near and medium-term indicators point to sustained positive momentum.

因此，總而言之，雖然我們市場的長期指標目前較為複雜，但近期和中期指標顯示出持續的積極勢頭。

Our healthy order intake, strong backlog and gradually improving supply chain provide confidence regarding Alamo Group's prospects for the remainder of this year and into the initial months of 2023.

我們健康的訂單量、強大的積壓和逐步改善的供應鍊為 Alamo Group 在今年剩餘時間和 2023 年頭幾個月的前景提供了信心。

This concludes our prepared remarks. We're now ready to take your questions. Operator, please go ahead.

我們準備好的評論到此結束。我們現在準備回答您的問題。接線員，請繼續。

(Operator Instructions) We will begin with Chris Moore with CJS Securities.

（操作員說明）我們將從 CJS Securities 的 Chris Moore 開始。

Start on the vegetation side. So it sounds like dealer inventories are rising a bit, not where they were at the pandemic. Order flow was slower. Is that -- does that signal that we're kind of near the peak on vegetation? Or how do you look at that at this stage?

從植被一側開始。因此，聽起來經銷商庫存在增加一點，而不是在大流行時的水平。訂單流較慢。那——這是否表明我們有點接近植被的高峰？或者你在這個階段怎麼看？

Okay. Great question, Chris. First of all, my remark about that was confined to ag, specifically. Vegetation Management remains strong. And although their orders were a little softer this quarter too, they had an exceptional first quarter.

好的。好問題，克里斯。首先，我對此的評論僅限於 ag，特別是。植被管理依然強勁。儘管他們的訂單在本季度也有所下降，但他們的第一季度表現出色。

And actually, I think lead times tended to pull those orders forward a bit. And we're actually making the call today from our Morbark facility up in Wynn, Michigan. We've been with the management team all day, and it's a very bullish environment and attitude here at the moment.

實際上，我認為交貨時間往往會使這些訂單提前一點。我們今天實際上是從我們位於密歇根州永利的 Morbark 工廠撥打電話的。我們整天都和管理團隊在一起，目前這裡的環境和態度非常樂觀。

So our Forestry and Tree Care business looks really good. And on the ag side, to answer your question a little bit more specifically, the ag business is a cycle. What I'm looking at is things like the AEM tractor report, which shows the tractors under 100-horsepower down about 14% compared to last year, and that's the segment where we serve.

所以我們的林業和樹木護理業務看起來非常好。在農業方面，更具體地回答你的問題，農業業務是一個循環。我正在看的是 AEM 拖拉機報告之類的東西，它顯示 100 馬力以下的拖拉機與去年相比下降了約 14%，這就是我們服務的領域。

So while other large ag OEMs are talking about fairly bullish conditions in ag, remember, they make the most money on the big iron, the big tractors, which is not our market segment.

因此，當其他大型農業原始設備製造商在談論農業相當看漲的情況時，請記住，他們在大鐵、大拖拉機上賺的錢最多，這不是我們的細分市場。

So I meant what I said. If you look at the crop prices and farm incomes, they're still pretty good, but farmer sentiment has been falling now for a couple of quarters that may just be emotional. But obviously, it's one key indicator we pay attention to. So I hope that's clear.

所以我的意思是我所說的。如果你看看農作物價格和農場收入，它們仍然相當不錯，但農民情緒現在已經下降了幾個季度，這可能只是情緒化的。但顯然，這是我們關注的一個關鍵指標。所以我希望這很清楚。

One other point there. This is Richard. For -- 2021 wasn't a good barometer of orders because I think you had a lot of pent-up and demand there. When we look at those orders in the ag space that Jeff is referring to, if you compare those back to 2019, they're still ahead of that pace.

還有一點。這是理查德。因為——2021 年不是一個很好的訂單晴雨表，因為我認為那裡有很多被壓抑的需求。當我們查看 Jeff 所指的農業領域中的這些訂單時，如果您將這些訂單與 2019 年進行比較，它們仍然領先於那個速度。

And one last comment I'd like to make about that. If you look specifically at our Bush Hog business and our Rhino business, our mower business is in North America. They had an exceptional quarter, several quarters in a row, and a lot of that equipment hasn't yet been delivered to our dealers.

最後我想對此發表評論。如果您特別關注我們的布什豬業務和犀牛業務，我們的割草機業務在北美。他們有一個特殊的季度，連續幾個季度，很多設備還沒有交付給我們的經銷商。

So our dealers are hesitant to keep placing orders, particularly those that are sophisticated and realized that steel prices are falling. So rather than keep placing orders now, they're waiting for, I think, a little better conditions in the market, steel prices to come down and our surcharges to come down.

因此，我們的經銷商對繼續下訂單猶豫不決，尤其是那些精明並意識到鋼材價格正在下跌的經銷商。因此，與其現在繼續下訂單，我認為他們正在等待市場狀況好轉、鋼材價格下降和我們的附加費下降。

And then I think ordering will return to a very, very normal level. So I'm not really that concerned. There's a couple of things in the key indicators to pay attention to. But so long as crop prices remain healthy and farm incomes are good, I think those are the main drivers of the market.

然後我認為訂購將恢復到非常非常正常的水平。所以我並不是真的那麼擔心。關鍵指標中有幾件事需要注意。但只要農作物價格保持健康，農業收入良好，我認為這些就是市場的主要驅動力。

Got it. Very helpful. Maybe just in terms of kind of where we are from a margin perspective. Obviously, lots of room for improvement on the industrial side. It sounds like you think the second half of the year will be better than the first. The 12.9% vegetation margin, is that as good as it gets? Or is there room for expansion at some point there? How do you look at that?

知道了。非常有幫助。也許只是從利潤的角度來看我們所處的位置。顯然，工業方面還有很大的改進空間。聽起來你認為下半年會比上半年好。 12.9% 的植被邊際，是最好的嗎？還是在某個時候有擴展空間？你怎麼看？

I think there's going to be some room for expansion there, Chris, if you recall for Q3, that's a big quarter for us in part sales. So we'll have some margin pick up mainly from that. I think the other thing we're hoping for is that some of these costs, as Jeff had mentioned, raw material prices or costs have come down.

我認為那裡會有一些擴展空間，克里斯，如果你還記得第三季度，那對我們來說是一個很大的季度部分銷售。因此，我們將主要從中獲得一些利潤。我認為我們希望的另一件事是，正如傑夫所提到的，其中一些成本已經下降，原材料價格或成本。

But the component pieces that are being used for our attachments in there that require steel have not dropped. So you're still going to have some of that issue there. And I think we're a little bit still concerned and keeping an eye on inbound freight charges that we're receiving, so.

但是用於我們那裡需要鋼材的附件的組件並沒有掉落。所以你仍然會在那裡遇到一些問題。而且我認為我們仍然有點擔心並密切關注我們收到的入境運費，所以。

And -- no that helps. And...

而且 - 沒有幫助。和...

I believe it...

我相信這個...

Got it. And the vegetation -- excuse me, on the industrial side, obviously, lots of challenges there, Q2, same kind of conversation there. You're seeing some improvement in kind of sequentially on the industrial side?

知道了。還有植被——對不起，在工業方面，很明顯，那裡有很多挑戰，Q2，那裡有同樣的對話。您看到工業方面的順序有所改善嗎？

Yes. This is Jeff speaking again. If you look at the full details of our P&L, which, of course, we don't publish, you would actually see their pricing margins are higher.

是的。傑夫又說話了。如果您查看我們的損益表的全部詳細信息，當然，我們不會發布這些詳細信息，您實際上會發現它們的定價利潤率更高。

The material -- the price to material cost and standard cost is rising, but they're giving it back in the middle of the P&L in terms of manufacturing efficiencies. They've been just extraordinarily disrupted this quarter more so than any quarter through the pandemic from my perspective because of the supply chain.

材料——材料成本和標準成本的價格正在上漲，但就製造效率而言，他們將其退回到損益表的中間。從我的角度來看，由於供應鏈，他們在本季度受到的破壞比任何季度都嚴重。

And there -- as I said, their chassis situation actually got a little bit better during the quarter. But now it's all kinds of other things. I mentioned joysticks because that's such a random one.

在那裡 - 正如我所說，他們的底盤情況在本季度實際上有所改善。但現在是各種各樣的其他事情。我提到了操縱桿，因為那是一個隨機的。

Who would have thought there would be a shortage of joysticks and then things like radiators that are normally very easily accessible, suddenly, there's a shortage on those. So they came out of the gate in the quarter really well. That division had a really good start to the quarter and then just wasn't able to finish because of the supply chain. And we didn't see that coming.

誰會想到會缺少操縱桿，然後是通常很容易接近的散熱器之類的東西，突然之間，這些東西就短缺了。所以他們在這個季度非常順利地走出了大門。該部門在本季度有一個非常好的開始，然後由於供應鏈而無法完成。我們沒有看到這種情況發生。

On the other hand, I've talked to all the teams over the last couple of days, and they're feeling good about the back half of the year. I think their supply chain picture is going to improve. I'm getting increasingly confident about that. So I like where they sit and where they're positioned for the rest of the year.

另一方面，在過去的幾天裡，我和所有球隊都進行了交談，他們對下半年的感覺很好。我認為他們的供應鏈狀況將會改善。我對此越來越有信心。所以我喜歡他們坐在哪里以及他們在今年剩下的時間裡所處的位置。

And then finally, the remark I made about snow removal. Q2 is always the bottom of the trough in our snow removal business and you kind of got to take a deep breath and hold your breath until the quarter ends.

最後，我說的關於除雪的評論。第二季度始終是我們除雪業務的低谷，您必須深呼吸並屏住呼吸，直到季度結束。

But we've had a huge intake of orders from municipal plows during the second quarter. So we're going to have a really good winter season, particularly in Q4 and Q1 of 2023. So I feel very positive about where that division is headed and I expect that they'll get back on step pretty quickly.

但我們在第二季度收到了大量來自市政犁的訂單。所以我們將有一個非常好的冬季，特別是在 2023 年第四季度和第一季度。所以我對這個部門的發展方向感到非常樂觀，我希望他們能很快恢復正常。

Got it. And very helpful. Last one for me. Just you talked about at the end of Q1, sequential growth in Q2 and at least into Q3. Given the kind of the very strong Q2 revenue, is it reasonable to think Q3 revenue is down a little sequentially? Or how are you looking at that now?

知道了。而且很有幫助。最後一個給我。剛剛您在第一季度末談到了第二季度的連續增長，至少到第三季度。鑑於第二季度的收入非常強勁，認為第三季度的收入環比下降是否合理？或者你現在怎麼看？

I think my personal guess is that Q3 is going to look a lot like Q2. That's how I feel about it. But the supply chain can always surprise us, Chris. I mean that's a day-by-day game. But given where we stand now with chassis deliveries improving, and we are seeing some encouraging news on chassis now for the first time in several quarters.

我認為我個人的猜測是第三季度看起來很像第二季度。這就是我的感受。但供應鏈總是能讓我們感到驚訝，克里斯。我的意思是，這是一場日復一日的比賽。但考慮到我們現在所處的位置，底盤交付有所改善，我們現在幾個季度以來第一次看到了一些關於底盤的令人鼓舞的消息。

I mean, genuine improvements in volumes, which we've not seen for a while. If we can get some of these other commodities sorted out, we've got a couple of quarters of good running. And I think that's consistent with the conversation you and I had at the end of the first quarter where I told you, if we got a little bit of relief in the supply chain, this company would be in for 2 to 3 quarters of really nice running. And I still feel that way.

我的意思是，我們已經有一段時間沒有看到體積的真正改進了。如果我們能夠整理出其中一些其他商品，我們就有幾個季度的良好運行。而且我認為這與你和我在第一季度末的談話一致，我告訴你，如果我們在供應鏈中得到一點緩解，這家公司將在 2 到 3 個季度非常好跑步。我仍然有這種感覺。

Now moving to our next question, and that will come from Mike Shlisky with D.A. Davidson.

現在轉到我們的下一個問題，這將來自 D.A. 的 Mike Shlisky。戴維森。

I wanted to maybe -- I wanted to maybe ask first about -- if I missed this, I'm sorry, the sales and backlog growth, can you give any sense as to how much of the growth year-over-year was due to pricing?

我想也許——我想先問一下——如果我錯過了這個，很抱歉，銷售和積壓的增長，你能知道同比增長的多少嗎？定價？

I think in the Industrial division, most, they're up year-over-year. They're up, I think, 9% if I've got my number right in my head. And obviously, Mike, when you look at that division, I would say the majority of that is priced, probably 2/3 is priced to take a guess.

我認為在工業部門，大多數情況下，它們都在同比增長。我想，如果我腦子裡有我的數字，他們會上漲 9%。顯然，邁克，當您查看該部門時，我會說其中大部分是定價的，可能 2/3 定價是為了猜測。

When you look at Vegetation Management, it's a very different story there. It's probably half and half organic growth [and] price, just to give you a rough idea.

當您查看植被管理時，情況就完全不同了。這可能是一半的有機增長 [和] 價格，只是為了給你一個粗略的想法。

Great. I wanted to follow up on some of your comments you made throughout this call about chassis supply as well. You've made some internal efforts on chassis supply both with trying to find new suppliers and other sources.

偉大的。我還想跟進您在本次電話會議中對底盤供應的一些評論。你在底盤供應方面做了一些內部努力，試圖尋找新的供應商和其他來源。

Can you give us some kind of feel for how much do you think it's the efforts of your own team to very recently improved chassis supply and your efforts? Or how much is it just the overall supply chain for the trucks getting better and they're able to just ship better from there.

您能否給我們一些感覺，您認為您自己的團隊在最近改善底盤供應方面的努力和您的努力有多大？或者僅僅是卡車的整體供應鏈變得更好，他們能夠從那裡更好地運輸。

We've historically had 1 supplier that supplied the, I'll say, the vast chunk, more than 50% of our chassis demands. And that supplier has been struggling a lot. And as I said at the end of the first quarter, we've diversified now.

歷史上，我們有 1 家供應商提供，我會說，大部分，超過 50% 的底盤需求。那家供應商一直在苦苦掙扎。正如我在第一季度末所說，我們現在已經多元化。

We now have 3 chassis suppliers supplying us to secure our future demands for chassis, Mike. But our core supplier is finally getting back on step. And that you've heard me talk about Daimler and Freightliner a lot and their production situation is starting to improve, and they've assured us now with reasonable certainty that we're going to receive a few more trucks next year than we were originally expecting.

我們現在有 3 家底盤供應商向我們供應，以確保我們未來對底盤的需求，邁克。但我們的核心供應商終於恢復了步伐。你聽我談論戴姆勒和福萊納很多，他們的生產情況開始好轉，他們現在向我們保證，明年我們將收到比最初更多的卡車期待。

Got it. And then you don't always discuss it too open, Jeff, but could you maybe give us some sense as to how things are going on, the new product development side? Any major divisions have anything big coming out either at the upcoming trade shows or for next winter or next spring?

知道了。然後你並不總是討論得太開放，傑夫，但你能否給我們一些關於事情進展的感覺，新產品開發方面？在即將到來的貿易展或明年冬天或明年春天，任何主要部門都有什麼大事要出來嗎？

Yes. We have a bunch of things in the fire. I probably mentioned a quarter or 2 ago, Mike, we started this technology center down in Huntsville to start beginning working in earnest on electrification. We expect to be showing what I've always called near-market-ready prototypes next spring. I think that's the timetable. So you're going to see a burst of things hitting the market next spring.

是的。我們有一堆東西在火裡。邁克，我可能在一兩個季度前提到，我們在亨茨維爾成立了這個技術中心，開始認真研究電氣化。我們希望在明年春天展示我一直稱之為接近市場的原型。我想這就是時間表。所以你會看到明年春天會有大量的東西進入市場。

(Operator Instructions) Moving on to a question from Greg Burns with Sidoti & Company.

（操作員說明）繼續討論 Greg Burns 與 Sidoti & Company 的問題。

In terms of the production constraints, how much idle capacity do you have? And how fast can you turn up production if the supply chain does start to get to normalize?

在生產限制方面，您有多少閒置產能？如果供應鏈確實開始正常化，你能以多快的速度恢復生產？

Well, I can tell you, we had a chunk of underabsorption in the quarter, Greg. So I mean, that's a pretty good indicator. We've got capacity available, particularly in industrial, they got hit pretty hard by underabsorption during Q2.

好吧，我可以告訴你，格雷格，我們在這個季度有很大一部分吸收不足。所以我的意思是，這是一個很好的指標。我們有可用的產能，特別是在工業領域，它們在第二季度受到吸收不足的嚴重打擊。

We're in good shape from a manpower point of view, and we still have lots of our operations that are still running only half of a second shift. If you come up here to Morbark to this giant million square foot plant, there's a lot of capacity available up here.

從人力的角度來看，我們狀況良好，而且我們的許多業務仍然只運行半個二班制。如果你來到莫巴克這個巨大的百萬平方英尺的工廠，這裡有很多可用的產能。

So I don't feel we're constrained in any way by our internal capacities at the moment with one caveat. And that would be another wildfire spread of COVID that knocked the workforce out again.

因此，我不認為我們目前受到內部能力的任何限制，但有一點需要注意。這將是 COVID 的又一次野火蔓延，再次將勞動力淘汰。

We've just had sporadic rounds like everybody has, somebody gets sick and comes in and we've got a department [the next] quarantine for a few days. but we've learned to live with that and manage our way around it. But if there really were another bad outbreak, that would change my outlook a little bit. But I don't feel we're internally constrained at all at the moment.

我們只是像每個人一樣進行了零星的查房，有人生病了進來，我們有一個部門 [下一個] 隔離了幾天。但我們已經學會了忍受它並管理我們的方式。但如果真的有另一場嚴重的疫情爆發，那會稍微改變我的看法。但我不覺得我們現在完全受到內部約束。

Greg, this is Richard. I think the other thing to keep in mind is our WIP is probably double what we normally carry. And a lot of that, we're getting so much start and stops.

格雷格，這是理查德。我認為要記住的另一件事是我們的 WIP 可能是我們通常攜帶的兩倍。其中很多，我們有很多開始和停止。

And as Jeff mentioned in his presentation, it's not the chassis, it's the pieces and the components that we need to complete the units. And we've carried way too much in there. We missed several million dollars worth of orders just in the last quarter, we could have had if the supply chain had cooperated.

正如 Jeff 在他的演講中提到的，這不是底盤，而是我們完成這些單元所需的部件和組件。而且我們在裡面帶了太多東西。僅在上個季度，我們就錯過了價值數百萬美元的訂單，如果供應鏈合作，我們本可以做到的。

Okay. Great. And then in terms of some of the federal support programs on the municipal side of the business, particularly like the CARES Act and I think it was like $350 billion of payments being made. Have you seen any benefit from that? Is that showing up in your orders in backlog yet? Or is that still something...

好的。偉大的。然後就市政方面的一些聯邦支持計劃而言，特別是像 CARES 法案，我認為這就像支付了 3500 億美元。你看到有什麼好處嗎？這是否顯示在您的積壓訂單中？還是那還是什麼...

It is starting to show up in our order book, Greg, we had a really good quarter for sweeper bookings this quarter as several of our competitors also reported. Our excavator bookings are in good shape. That's also driven by things like the infrastructure bill.

它開始出現在我們的訂單簿中，格雷格，正如我們的幾個競爭對手也報告的那樣，本季度我們的清掃車預訂非常好。我們的挖掘機預訂情況良好。這也是由基礎設施法案等因素驅動的。

But I would say it's in the early stages. I think we're going to see more than we're seeing right now. I don't think a lot of that money has been spent, frankly, I just don't think anybody has really seen the impact of it yet.

但我會說它處於早期階段。我認為我們將看到比我們現在看到的更多。我認為這筆錢並沒有花掉很多，坦率地說，我只是認為還沒有人真正看到它的影響。

And ladies and gentlemen, this does conclude your question-and-answer session. I'll turn the call back over to management for closing remarks.

女士們先生們，你們的問答環節到此結束。我會將電話轉回給管理層以結束髮言。

Okay. That concludes the call today. We look forward to having you join us on our Q3 conference call when we expect to have more news to report to you. Thank you very much.

好的。今天的通話到此結束。當我們希望有更多新聞向您報告時，我們期待您加入我們的第三季度電話會議。非常感謝。

With that, ladies and gentlemen, this does conclude your conference for today. Thank you for your participation, and you may now disconnect.

女士們，先生們，今天的會議到此結束。感謝您的參與，您現在可以斷開連接。