Alamo Group Inc (ALG) 2022 Q4 法說會逐字稿

Greetings, and welcome to the Alamo Group Fourth Quarter 2022 Conference Call. (Operator Instructions) As a reminder, this conference is being recorded.

問候，歡迎來到 Alamo Group 2022 年第四季度電話會議。 （操作員說明）提醒一下，正在錄製此會議。

It is now my pleasure to introduce your host, Ed Rizzuti, Executive Vice President, General Counsel and Secretary. Please go ahead.

現在我很高興向您介紹主持人 Ed Rizzuti，他是執行副總裁、總法律顧問兼秘書。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。到目前為止，你們應該都收到了一份新聞稿。但是，如果有人遺失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聲明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 (844) 512-2921, with the passcode 13734940. 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.

通話重播將在通話後 1 小時開始，持續 1 週。可撥打 (844) 512-2921，密碼為 13734940 收聽重播。此外，該電話正在公司網站 www.alamo-group.com 上進行網絡直播，重播將持續 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 remarks, and then we'll open up the line for your questions.

今天和我一起在線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；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場白，然後我們將開通您的問題熱線。

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 GAAP 數字。這些非 GAAP 結果與適用的 GAAP 數字的對賬包含在我們的收益發布的附件中。

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 in future periods to differ materially from forecasted results.

在將電話轉給 Jeff 之前，我想就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作出前瞻性陳述。前瞻性陳述涉及已知和未知的風險和不確定性，可能導致公司未來期間的實際結果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 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. The company does not undertake any obligation to update the information contained herein, which speaks only as of this date.

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 影響，包括運營供應鏈中斷；競賽;天氣;季節性；貨幣相關問題；公司 SEC 報告中不時列出的地緣政治問題和其他風險因素。公司不承擔任何更新此處包含的信息的義務，這些信息僅在該日期有效。

I would now like to introduce Jeff Leonard. Jeff, please go ahead.

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. Richard will begin our call with a review of our financial results for the fourth quarter and year-end 2022. I will then provide additional comments on the results. Following our formal remarks, we look forward to taking your questions.

謝謝你，埃德。我們要感謝大家今天加入我們。理查德將首先審查我們 2022 年第四季度和年底的財務業績。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。

So Richard, please go ahead.

所以理查德，請繼續。

Thanks, Jeff, and good morning, everyone. Alamo Group's fourth quarter 2022 closed with a solid performance that produced record net sales and net income driven by a strong demand for our products despite persistent supply chain and labor shortage headwinds. Fourth quarter consolidated net sales for 2022 were $386.6 million, an increase of 15% compared to $337.2 million in the fourth quarter of last year. Fourth quarter net sales were negatively impacted just over 3% by currency translation compared to the fourth quarter of 2021 as the U.S. dollar continued to strengthen.

謝謝，傑夫，大家早上好。 Alamo Group 在 2022 年第四季度以穩健的表現結束，儘管供應鍊和勞動力短缺的逆風持續存在，但由於對我們產品的強勁需求推動了創紀錄的淨銷售額和淨收入。 2022 年第四季度的綜合淨銷售額為 3.866 億美元，比去年第四季度的 3.372 億美元增長 15%。由於美元持續走強，與 2021 年第四季度相比，貨幣換算對第四季度淨銷售額的負面影響略高於 3%。

Gross margin dollars in the quarter improved compared to the fourth quarter of 2021 by $14.1 million and the gross margin percent, which was up 50 basis points due to both price initiatives taken earlier in the year as well as improved manufacturing efficiencies. Both margin dollars and percentage were negatively impacted by supply chain issues, labor shortages and freight costs on inbound inventory as surcharges continue to be added to already significantly higher freight invoices.

與 2021 年第四季度相比，本季度的毛利率提高了 1410 萬美元，毛利率上升了 50 個基點，這得益於今年早些時候採取的價格舉措以及製造效率的提高。供應鏈問題、勞動力短缺和入庫庫存的運費都對利潤率和百分比產生了負面影響，因為附加費繼續增加到已經顯著增加的運費發票上。

Consolidated net income for the fourth quarter of 2022 was $29.2 million or $2.44 per diluted share, an increase of 52% versus net income of $19.2 million or 1 point -- or $1.62 per diluted share for the fourth quarter of 2021. Our continued efforts to control both costs and expenses helped support the increase in profitability.

2022 年第四季度的綜合淨收入為 2920 萬美元或攤薄後每股收益 2.44 美元，比 2021 年第四季度的淨收入 1920 萬美元或 1 個百分點增長 52%——或攤薄後每股收益 1.62 美元。我們繼續努力成本費用雙管齊下，支撐盈利能力提升。

Vegetation Management division delivered a solid fourth quarter for 2022 as markets remain strong. Fourth quarter 2022 net sales were $232.5 million, an increase of 14% compared to $204.3 million for the fourth quarter of 2021. Strong demand for forestry, tree care, and agricultural and governmental mowing products in both North America and Europe led the way for this division.

由於市場依然強勁，植被管理部門在 2022 年第四季度取得了穩健的業績。 2022 年第四季度淨銷售額為 2.325 億美元，與 2021 年第四季度的 2.043 億美元相比增長 14%。北美和歐洲對林業、樹木護理以及農業和政府割草產品的強勁需求引領了這一趨勢分配。

Despite labor shortages and supply chain disruptions, margins improved primarily due to an increase in net price realization and improved operating efficiency. Operating income for the fourth quarter of 2022 was $30.2 million, up 67% versus $18.1 million for the same period in 2021.

儘管勞動力短缺和供應鏈中斷，但利潤率有所提高，這主要歸功於淨價實現的增加和運營效率的提高。 2022 年第四季度營業收入為 3020 萬美元，較 2021 年同期的 1810 萬美元增長 67%。

Industrial Equipment division net sales in the fourth quarter of 2022 were $154.1 million, up 16% compared to $132.8 million for the fourth quarter of 2021. This was due to a solid performance of snow removal products and, to a lesser extent, improved net sales in the division's excavator, vacuum truck and sweeper product lines. While truck chassis delivery showed improvement this quarter, other component part shortages continue to impact this division's operations, which in turn drove unfavorable manufacturing efficiencies, although not as significant as in previous quarters.

工業設備部門 2022 年第四季度的淨銷售額為 1.541 億美元，比 2021 年第四季度的 1.328 億美元增長 16%。這是由於除雪產品的穩健表現，以及在較小程度上提高了淨銷售額在該部門的挖掘機、吸塵車和掃地機產品線。雖然本季度卡車底盤交付有所改善，但其他零部件短缺繼續影響該部門的運營，這反過來又導致不利的製造效率，儘管不如前幾個季度那麼嚴重。

Operating income in the fourth quarter of 2022 was $12.5 million compared to $8.7 million for the fourth quarter of 2021, an increase of 28%. Consolidated net sales were a record for the full year 2022 coming in at $1.5 billion, up 13% compared to $1.3 billion for the full year 2021, as strong demand for our products in both companies divisions along with positive impact to price initiatives were the main drivers of the increase.

與 2021 年第四季度的 870 萬美元相比，2022 年第四季度的營業收入為 1250 萬美元，增長 28%。 2022 年全年的綜合淨銷售額達到 15 億美元，比 2021 年全年的 13 億美元增長 13%，這是因為兩個公司部門對我們產品的強勁需求以及對價格舉措的積極影響是主要的增加的驅動因素。

Full year gross margin for 2022 was up over $42 million versus the full year of 2021. Margin percentage was down about 20 basis points as we experienced inflation and material costs, purchase components and higher inbound freight costs, all of which resulted in higher absorption costs.

與 2021 年全年相比，2022 年全年毛利率超過 4200 萬美元。由於我們經歷了通貨膨脹和材料成本、採購組件和更高的入境運費，利潤率下降了約 20 個基點，所有這些都導致更高的吸收成本.

Net income for the full year of 2022 was $101.9 million or $8.54 per diluted share, also a record versus net income of $80.2 million or $6.75 per diluted share for the full year of 2021, an increase of 27%. Full year 2022 net sales for the Vegetation Management division were $937.1 million compared to $812.7 million for 2021, up 15%. The division experienced robust demand in all product categories, particularly forestry, tree care and in both North American and European agricultural and governmental mowing.

2022 年全年淨收入為 1.019 億美元或稀釋後每股收益 8.54 美元，與 2021 年全年淨收入 8020 萬美元或稀釋後每股收益 6.75 美元相比也創歷史新高，增長 27%。植被管理部門 2022 年全年淨銷售額為 9.371 億美元，而 2021 年為 8.127 億美元，增長 15%。該部門在所有產品類別中都經歷了強勁的需求，特別是林業、樹木護理以及北美和歐洲的農業和政府割草。

Full year 2022 operating income was $108.5 million, up 37% versus $78.9 million for the prior year. For the full year 2022, net sales in the Industrial Equipment division were $576.6 million compared to $521.5 million for 2021, an 11% increase. Sales of excavators and vacuum trucks led the way, but all product lines contributed in 2022.

2022 年全年營業收入為 1.085 億美元，較上年的 7890 萬美元增長 37%。 2022 年全年，工業設備部門的淨銷售額為 5.766 億美元，而 2021 年為 5.215 億美元，增長 11%。挖掘機和真空卡車的銷量領先，但所有產品線都在 2022 年做出了貢獻。

Full year 2022 operating income was $40.1 million versus $38 million for the full year of 2021, an increase of 5%. This division's results were negatively impacted by constrained chassis deliveries, supply chain disruptions, manufacturing inefficiencies and higher input costs in both material and inbound freight costs. The company's backlog at the end of 2022 came in just over $1 billion. This was an increase of 26% compared to backlog for the full year 2021. This positions the company up for an excellent start for 2023.

2022 年全年營業收入為 4010 萬美元，而 2021 年全年為 3800 萬美元，增長 5%。該部門的業績受到底盤交付受限、供應鏈中斷、製造效率低下以及材料和入境貨運成本投入成本增加的負面影響。該公司在 2022 年底的積壓訂單剛剛超過 10 億美元。與 2021 年全年的積壓訂單相比，這增加了 26%。這使公司在 2023 年有一個良好的開端。

Turning to a few additional financial items for the year-end 2022. Our balance sheet continues to remain strong. Working capital increased $117 million to $537 million from $420 million at the end of 2021. The increase in working capital results from higher accounts receivable and inventory. Accounts receivable were up $318 million, up 33% from a year ago with solid sales volume. We continue to be really pleased with receivables of no major issues on collections and incoming cash remains very steady.

轉向 2022 年底的一些額外財務項目。我們的資產負債表繼續保持強勁。營運資金從 2021 年底的 4.2 億美元增加 1.17 億美元至 5.37 億美元。營運資金的增加是由於應收賬款和存貨增加所致。應收賬款增加 3.18 億美元，同比增長 33%，銷量穩健。我們繼續對收款方面沒有重大問題的應收賬款感到非常滿意，並且收到的現金仍然非常穩定。

Inventory is up almost $32 million compared to the end of 2021. This is a reflection from higher work in process, although down from the last 2 quarters. Material cost inflation as well as our efforts to support growing demand for our products by purchasing higher levels of key components and service parts for our customers during this time of constrained supplies.

與 2021 年底相比，庫存增加了近 3200 萬美元。這反映了在製品數量增加，儘管低於前兩個季度。材料成本上漲以及我們在供應受限期間通過為客戶購買更高水平的關鍵部件和服務零件來支持對我們產品不斷增長的需求的努力。

The increase is also reflecting our modestly higher debt levels. And finally, the company's trailing 12-month EBITDA is a record $196 million, that's up 21% compared to 2021. For 2023, incoming cash flows remain strong as our focus on the balance sheet will be to reduce both inventory and debt levels. Increasing consolidated profits for 2023 will be extremely important as we will continue to be disciplined in controlling costs and expenses, as inflation is expected to continue to put pressure on our margins. We will also adjust prices as needed based on changes in material and transportation costs in order to maintain our target margins. We're also focusing on future -- further improvements, supply chain performance to help reduce the amount of inventory we hold in work in process.

這一增長也反映了我們適度增加的債務水平。最後，該公司過去 12 個月的 EBITDA 達到創紀錄的 1.96 億美元，比 2021 年增長 21%。到 2023 年，現金流入仍然強勁，因為我們對資產負債表的關注將是降低庫存和債務水平。增加 2023 年的綜合利潤將極為重要，因為我們將繼續嚴格控製成本和支出，因為預計通貨膨脹將繼續對我們的利潤率構成壓力。我們還將根據材料和運輸成本的變化按需調整價格，以維持我們的目標利潤率。我們還關注未來 - 進一步改進供應鏈績效，以幫助減少我們在加工過程中持有的庫存量。

Our biggest challenge will be in meeting the heightened demand for our products throughout the company, given current supply chain constraints and labor shortages. We're pleased that our Board recently approved a 22% increase in our regular core dividend of $0.22 per share for the first quarter of 2023.

鑑於當前的供應鏈限制和勞動力短缺，我們最大的挑戰將是滿足整個公司對我們產品的高需求。我們很高興董事會最近批准將 2023 年第一季度的常規核心股息提高 22%，即每股 0.22 美元。

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

有了這個，我會把電話轉回給傑夫。

Thank you, Richard. I'd also like to again thank everyone who's joined our conference call today. We were very pleased that the company was able to leverage positive and sustained market momentum to set new records for sales and earnings for our fourth quarter at the cap of 2022 with the best full year financial results in company history.

謝謝你，理查德。我還要再次感謝今天參加我們電話會議的所有人。我們很高興公司能夠利用積極和持續的市場勢頭，在 2022 年底的第四季度創下銷售和收益的新紀錄，並創造了公司歷史上最好的全年財務業績。

Sales in both of our operating divisions were up by double digits as our markets continue to display the significant strength that we experienced throughout 2022. Net sales increased by 15% compared to the fourth quarter of 2021 despite currency translation effects that reduced sales by more than 3% or $10.5 million during the period.

由於我們的市場繼續顯示出我們在整個 2022 年所經歷的強勁勢頭，我們兩個運營部門的銷售額都增長了兩位數。儘管貨幣換算效應導致銷售額減少超過 2021 年第四季度，但淨銷售額比 2021 年第四季度增長了 15%在此期間 3% 或 1050 萬美元。

For the full year 2022, sales rose more than 13% with a currency translation having a negative impact of 2.4% or $32 million. The Vegetation Management division net sales in the fourth quarter rose 14%, led by a nearly 20% increase in sales of forestry and tree care equipment and a more than 20% increase in sales of governmental mowing equipment in North America.

2022 年全年銷售額增長超過 13%，貨幣換算帶來 2.4% 或 3200 萬美元的負面影響。植被管理部門第四季度淨銷售額增長 14%，其中林業和樹木護理設備銷售額增長近 20%，北美政府割草設備銷售額增長超過 20%。

Sales of this division's products in South America also increased more than 20%, while sales to the agricultural segment and European sales of governmental mowers were seasonally softer, but still showed nice growth. Industrial Equipment division's fourth quarter net sales were up 16%, led by a 26% increase in sales of street sweepers into pre-collection equipment, while sales of its excavators and vacuum trucks were up by nearly 15%. The cold weather experienced in many parts of North America during the quarter also drove sales of the division snow removal equipment and related spare parts up by 12%.

該部門產品在南美的銷售額也增長了 20% 以上，而農業部門的銷售額和歐洲政府割草機的銷售額季節性疲軟，但仍顯示出良好的增長。工業設備部門第四季度的淨銷售額增長了 16%，其中街道清掃車在預收集設備中的銷售額增長了 26%，而其挖掘機和真空卡車的銷售額增長了近 15%。本季度北美多地遭遇寒冷天氣，也帶動事業部除雪設備及相關備件銷售額增長12%。

Supply chain performance also continued to improve in the fourth quarter. Compared to the prior year, Class 8 truck chassis receipts were approximately 40% higher in the fourth quarter of 2022, while receipts of Class 6 and 7 chassis declined modestly during the same period.

第四季度供應鏈績效也繼續改善。與上一年相比，2022 年第四季度 8 級卡車底盤的收入增長了約 40%，而同期 6 級和 7 級底盤的收入略有下降。

Although we remain constrained by chassis capacity allocations from the major manufacturers, this improvement in Class 8 chassis receipts supported nicely improved sales of our larger vocational trucks within the Industrial Equipment division. Supplies of other critical industrial components, such as hydraulics and wiring harnesses, automation equipment remained in shortage and continued to impair our operating efficiencies and constrained further sales growth. Manpower availability remained concerning to us, and we ended the quarter with more job openings than we anticipated.

儘管我們仍然受到主要製造商底盤產能分配的限制，但 8 級底盤收貨量的增加很好地支持了我們工業設備部門大型商用卡車的銷售增長。其他關鍵工業部件（如液壓系統和線束）、自動化設備的供應仍然短缺，並繼續影響我們的運營效率並限制進一步的銷售增長。人力可用性仍然令我們擔憂，我們在本季度結束時提供的職位空缺比我們預期的要多。

As we've reported throughout the year, the margin in our backlog remains excellent, and this was evident in our results for the quarter. Fourth quarter gross margin of 25.3% was the highest of the year. Our teams also did an excellent job of managing controllable costs. Fourth quarter operating expenses were almost 2% lower than the prior year, reflecting our focus on streamlining our cost structure and increasing operating flexibility.

正如我們全年報告的那樣，我們積壓訂單的利潤率仍然很高，這在我們本季度的業績中顯而易見。第四季度毛利率為 25.3%，為全年最高。我們的團隊在管理可控成本方面也做得非常出色。第四季度運營費用比上年同期減少近 2%，反映出我們專注於精簡成本結構和提高運營靈活性。

We also ceased operations at one of our U.S. snow removal manufacturing facilities and consolidated these activities into one of our larger plants during the fourth quarter. Higher top line sales, combined with the healthy gross margin and lower operating expenses drove our fourth quarter operating income to 11%, a level last achieved in the third quarter of 2018. Our markets continue to demonstrate strength and provided us with excellent opportunities during the final months of the year. Order bookings of nearly $474 million in the fourth quarter were down less than 2% from the record established in the fourth quarter of 2021. Despite this modest decline, year-end order backlog of flat to more than $1 billion was nearly 26% higher than prior year and almost 11% higher than at the end of the third quarter.

第四季度，我們還停止了我們在美國除雪製造設施之一的運營，並將這些活動整合到我們更大的工廠之一。較高的收入銷售額，加上健康的毛利率和較低的運營費用，使我們第四季度的營業收入達到 11%，這是 2018 年第三季度達到的最後一個水平。我們的市場繼續展現實力，並為我們提供了絕佳的機會一年的最後幾個月。第四季度近 4.74 億美元的訂單預訂量比 2021 年第四季度創下的記錄下降不到 2%。儘管下降幅度不大，但年末積壓訂單持平至 10 億美元以上，比 2021 年第四季度高出近 26%去年同期，比第三季度末高出近 11%。

The rebound in our Industrial Equipment division was noteworthy as order bookings were 20% higher than the fourth quarter of 2021. Orders in the Vegetation Management division declined 15% relative to the prior year fourth quarter. This was partly due to our decision to conduct only a limited preseason program in the North American agricultural mowing businesses, given the very high order backlog in this segment.

我們的工業設備部門的反彈值得注意，因為訂單預訂量比 2021 年第四季度高出 20%。植被管理部門的訂單與去年第四季度相比下降了 15%。這部分是由於我們決定在北美農業割草業務中僅開展有限的季前賽計劃，因為該領域的訂單積壓非常高。

Activity in our governmental markets at the state, county and municipal levels remained robust during the fourth quarter. According to the National Association of State Budget Officers, state agencies recorded spending growth of more than 18% during 2022, the highest increase in spending since the association began keeping records in 1979. In aggregate, States general fund revenue grew 14.5% year-over-year to total $1.17 trillion in fiscal 2022, following a 16.6% increase in fiscal 2021. Most county and municipal governments also reported higher receipts and increased spending during 2022.

第四季度，州、縣和市各級政府市場的活動依然強勁。根據全國國家預算官員協會的數據，2022 年國家機構的支出增長超過 18%，這是該協會 1979 年開始記錄以來的最高支出增幅。總的來說，各州的普通基金收入同比增長 14.5%繼 2021 財年增長 16.6% 之後，到 2022 財年總計 1.17 萬億美元。大多數縣市政府還報告說，2022 年的收入和支出都增加了。

Our industrial customers also continue to invest in upgraded equipment for facilities and right-of-way maintenance at a very healthy pace. Activity in our forestry and tree care segment remained strong. And demand from the agricultural sector was very good, especially for fourth quarter.

我們的工業客戶還繼續以非常健康的速度投資於設施和通行權維護的升級設備。我們的林業和樹木護理部門的活動依然強勁。農業部門的需求非常好，尤其是第四季度。

As we look ahead, we continue to be encouraged by the positive trends visible in our markets, and we remain optimistic about the company's outlook for the coming months. While we remain vigilant for signs of a potential recession, we've not yet witnessed any trends that are a cause for concern for at least the first half of 2023. Our large and healthy backlog provides several quarters of excellent forward visibility. Our focus for the next several quarters, therefore, remains on achieving further improvements in the performance of our supply chain, driving our internal efficiencies higher still, accelerated recruitment of skilled employees and continuing to optimize our manufacturing capabilities and footprint.

展望未來，我們繼續受到市場上可見的積極趨勢的鼓舞，我們對公司未來幾個月的前景保持樂觀。儘管我們對潛在衰退的跡象保持警惕，但至少在 2023 年上半年，我們還沒有看到任何令人擔憂的趨勢。我們龐大而健康的積壓訂單提供了幾個季度的出色前瞻性。因此，我們未來幾個季度的重點仍然是進一步改善我們的供應鏈績效，進一步提高我們的內部效率，加速招聘熟練員工，並繼續優化我們的製造能力和足跡。

We're also excited to introduce several hybrid and fully electric versions of our core products at the upcoming CONEXPO show next month in Las Vegas.

我們也很高興在下個月即將於拉斯維加斯舉行的 CONEXPO 展會上推出我們核心產品的幾款混合動力和全電動版本。

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

我們準備好的發言到此結束。我們現在準備好回答您的問題了。所以接線員，請繼續。

(Operator Instructions) Your first question comes from Chris Moore with CJS Securities.

（操作員說明）你的第一個問題來自 CJS 證券公司的 Chris Moore。

Congrats on a terrific quarter. So revenue growth for the year was 13%. Consensus for '23 before Q4 was a little bit north of 5%. And understanding you guys don't guide, but what would be the puts and takes for Alamo to come in significantly above or below the 5% level in 2023?

祝賀一個了不起的季度。因此，當年的收入增長率為 13%。第四季度之前對 23 年的共識略高於 5%。並且理解你們不指導，但是 Alamo 在 2023 年顯著高於或低於 5% 水平的看跌期權和看跌期權是什麼？

Okay, Chris, great question. For the last couple of quarters on the calls, I've made a fairly consistent remark that just a little bit of supply chain improvement would quickly lever itself in terms of our sales and profitability. And I think we saw that start to happen now in Q4. I mentioned the big increase in receipts of Class 8 trucks. We still need more. The bookings are growing faster than the increase in the receipts of the chassis, but that's a very, very nice position to be in. So the only thing it would really take to answer your question is for that trend to continue, for the supply chain to continue to improve its performance, for supplies to be a little bit more readily available and for us to continue doing what we're doing, which is to get more people and drive our capacities higher as well. I wish I could tell you there was some magic in the formula, but there really isn't. It's just doing the basics and doing them well.

好的，克里斯，好問題。在過去幾個季度的電話會議上，我發表了一個相當一致的評論，即只要稍微改進供應鏈，就可以迅速提高我們的銷售額和盈利能力。我認為我們在第四季度看到了這種情況開始發生。我提到了 8 級卡車的收入大幅增加。我們還需要更多。預訂量的增長速度快於底盤收貨量的增長速度，但這是一個非常非常好的位置。因此，要回答您的問題，真正需要做的唯一事情就是這種趨勢繼續下去，對於供應鏈繼續提高其性能，使供應更容易獲得，並讓我們繼續做我們正在做的事情，即吸引更多的人並提高我們的能力。我希望我能告訴你公式中有一些魔力，但實際上沒有。它只是在做基礎並把它們做好。

And that visibility from where you sit now in late February,versus late or mid November, has it changed much? I mean, were you surprised at the level of chassis availability in Q4? Or you could see that in November?

與 11 月下旬或中旬相比，2 月下旬您現在所坐位置的能見度是否發生了很大變化？我的意思是，您對第四季度的機箱可用性水平感到驚訝嗎？或者你可以在 11 月看到它？

Chris, you got to go back actually to Q3. If you recall, we had a fairly poor Q3 because some of the chassis. We expected that quarter will push back into Q4. So we got a boost. That's part of it. But also the long-haul over-the-road truckers that operate large fleets are slowing their spend on trucks now. So there's a few more Class 8 chassis coming available from our traditional suppliers, which is starting to improve our position. I think that's going to continue for a bit from what we're hearing. We're fresh off meetings with all the major truck OEMs and the picture is sounding much better than it was a few months back.

克里斯，你必須回到第三季度。如果您還記得的話，我們的 Q3 相當糟糕，因為某些底盤。我們預計該季度將推遲到第四季度。所以我們得到了提升。那是其中的一部分。但經營大型車隊的長途公路卡車司機現在也在放慢他們在卡車上的支出。因此，我們的傳統供應商提供了更多的 8 級底盤，這開始改善我們的地位。我認為從我們所聽到的情況來看，這種情況會持續一段時間。我們剛結束與所有主要卡車原始設備製造商的會談，情況聽起來比幾個月前好多了。

Got it. That's very helpful. 12% operating margin medium-term goal. We've talked about that a few times. Now that Q4 is done. You had a record 11%. Q1 is almost 2 months in. Any updated thoughts in terms of that 12% visibility? Is that just a pure supply chain conversation also? Or anything else we should be thinking about?

知道了。這很有幫助。 12% 的營業利潤率中期目標。我們已經談過幾次了。現在第四季度已經完成。你有創紀錄的 11%。 Q1 已經快 2 個月了。關於 12% 的可見性有什麼更新的想法嗎？這也只是一個純粹的供應鏈對話嗎？或者我們應該考慮的其他任何事情？

No, I think it's just more of us doing what we do, Chris. Supply chain, for sure. I've said that several quarters in a row. Now that's the biggest driver. But continuing to consolidate our operations and really doing a good job executing this make and market strategy that we've talked about a few times, producing products closer to the point of consumption, so that we don't have inventory and time lags associated with shipping products across the Atlantic Ocean primarily as a fact and in continuing the consolidation of our footprint. At the same time, we're accelerating our investments in our manufacturing capability, buying new machine tools, getting more automation and more robotics because we recognize we're going to be in this labor constraint for some time to come. In fact, none of us can really yet see an answer to that, to be candid.

不，我認為這只是我們中更多的人在做我們所做的事情，克里斯。供應鏈，當然。我已經連續幾個季度說過了。現在這是最大的驅動因素。但繼續鞏固我們的業務，真正做好執行我們已經討論過幾次的製造和市場戰略，生產更接近消費點的產品，這樣我們就沒有庫存和時間滯後跨大西洋運輸產品主要是作為一個事實，並繼續鞏固我們的足跡。與此同時，我們正在加速對製造能力的投資，購買新的機床，獲得更多的自動化和更多的機器人技術，因為我們認識到我們將在未來一段時間內處於這種勞動力限制狀態。事實上，坦率地說，我們還沒有人真正看到這個問題的答案。

Got it. That's helpful. And just last one for me on some of Richard's comments on cash flow. So obviously, you had a good Q4 after you had a lot of working capital build in the first 9 months. You still -- AR is still up quite a bit. So just in terms of '23 thoughts, it should be pretty strong, certainly the beginning of the year, is that kind of what I heard or...

知道了。這很有幫助。最後一個是理查德對現金流的一些評論。很明顯，在前 9 個月積累了大量營運資金後，第四季度表現不錯。你仍然 - AR 仍然有很多。所以就 23 年的想法而言，它應該非常強大，當然是年初，是我聽到的那種還是......

Yes. Chris, I don't think that's going to change at all. I think our accounts receivable going to be very strong. If we continue to do the sales levels that we're expecting to do here, it's going to stay up. Our DSOs are in excellent shape. So I don't -- I'm not worried about a collection issue here. So I think incoming cash is going to remain strong first, second and third quarter from we're doing right now.

是的。克里斯，我認為這根本不會改變。我認為我們的應收賬款將非常強勁。如果我們繼續保持我們預期的銷售水平，它將會保持下去。我們的 DSO 狀況良好。所以我不——我不擔心這裡的收款問題。因此，我認為從我們現在的情況來看，第一、第二和第三季度的現金流入將保持強勁。

Next question, Greg Burns with Sidoti & Company.

下一個問題，來自 Sidoti & Company 的 Greg Burns。

What is the outlook here for the ag business? Have you seen any change in the demand trends there? I know in the past, you've talked about dealer inventories as maybe something you look at, but has there been any change in that market at all?

農業業務的前景如何？您是否看到那裡的需求趨勢有任何變化？我知道過去，您曾談到過經銷商庫存，這可能是您所關注的東西，但該市場是否有任何變化？

Dealer inventories are rising slightly, but I think most of us that serve the industry think that's a pretty good thing, not a bad thing at the moment. I mean where it sits right now, it's a good thing. The trend in ag has been surprisingly strong to be candid with you. I think that we were seeing some signs of weakness back in the first quarter of last year. But it's been a good pace and the bookings have remained good. And honestly, the activity level seems just fine right now. It's surprising. It's -- I'm surprised the cycle has lasted as long as it has to be candid with you, but it still shows excellent legs for the foreseeable future.

經銷商庫存略有上升，但我認為我們大多數服務於該行業的人認為這是一件好事，目前不是壞事。我的意思是它現在所處的位置，這是一件好事。坦率地說，ag 的趨勢出奇地強勁。我認為我們在去年第一季度就看到了一些疲軟跡象。但這是一個很好的步伐，預訂量一直很好。老實說，現在的活動水平似乎還不錯。令人驚訝。這是——我很驚訝這個週期一直持續到它必須對你坦誠相待，但它在可預見的未來仍然表現出出色的表現。

Okay. Great. And then on the industrial side, the strong order growth that you saw this quarter, was that any product line in particular? Or is it more across the board? Any color there?

好的。偉大的。然後在工業方面，您在本季度看到的強勁訂單增長，是不是特別是任何產品線？還是更全面？那裡有什麼顏色？

I think it's been pretty much across the board. We had changed our strategy in snow removal a couple of quarters ago. We have traditionally been a supplier of attachments for snowplow trucks and the like. So we made the plows. We made the salt spreaders but we didn't build the trucks themselves. And we shifted our strategy to produce the complete product and deliver a complete product onto the state, county and municipal operators, large contractors and the like. That increased our demand for chassis. That's part of what you saw and what we're referring to this persistent constraint on the chassis supply. So that part of the business has picked up very nicely. That strategy has been very appreciated by the large operators of snowplow equipment.

我認為這幾乎是全面的。幾個季度前，我們改變了除雪策略。我們一直是掃雪車等附件的供應商。所以我們做了犁。我們製造了撒鹽機，但我們並沒有自己製造卡車。我們將戰略轉變為生產完整的產品並將完整的產品交付給州、縣和市政運營商、大型承包商等。這增加了我們對底盤的需求。這是您所看到的以及我們所指的機箱供應持續受限的一部分。所以這部分業務的增長非常好。掃雪設備的大型運營商非常讚賞該策略。

On the balance of the Industrial division, street sweepers have been rebounding very nicely, have been strong, and our vacuum trucks business has remained strong all the way through. It's been robust. Our rental fleet utilization is sky high. I don't want to cite a number for obvious reasons, but it's at a very, very high level. In fact, I'd like to get some more trucks into that rental fleet pretty soon. So no, it's pretty much across the board. Everything was good in Industrial. They've just been waiting for chassis and those chassis are beginning to finally flow through now.

在工業部門的平衡中，清掃車的反彈非常好，一直很強勁，我們的真空卡車業務一直保持強勁。它很健壯。我們的租賃車隊利用率很高。出於顯而易見的原因，我不想引用一個數字，但它處於非常非常高的水平。事實上，我想盡快讓更多卡車進入租賃車隊。所以不，這幾乎是全面的。工業界一切都很好。他們一直在等待底盤，而這些底盤現在終於開始流通了。

Okay. And then, lastly, where are you in terms of price cost? Have you been able to completely offset inflation at this point? Do you feel like the pricing you have in the market now is, I guess, sufficient to accomplish that?

好的。然後，最後，就價格成本而言，你在哪裡？此時您是否能夠完全抵消通貨膨脹？我猜你覺得你現在在市場上的定價是否足以實現這一目標？

Yes, we have. I mean, we raised prices every year at the start of the year. We have in 2023 as well. That's just part of our discipline as a company. I do think we're in front of it, Greg. Our margins have been expanding, only offset by our operating efficiencies as we've commented the last couple of quarters, but operating efficiency did improve in Q4 as the supply chain began to stabilize. So yes, I give you a clear answer. I think we are out in front of it. And I think we're in a very nice position. We actually moved out some of the weaker backlog we had in Q4. So we're in a very nice position now as we head into the early months of this year.

是的我們有。我的意思是，我們每年年初都會提高價格。我們也有 2023 年。這只是我們公司紀律的一部分。我確實認為我們在它前面，格雷格。正如我們在過去幾個季度評論的那樣，我們的利潤率一直在擴大，只是被我們的運營效率所抵消，但隨著供應鏈開始穩定，第四季度的運營效率確實有所提高。所以是的，我給你一個明確的答案。我認為我們已經領先了。我認為我們處於一個非常好的位置。實際上，我們搬出了第四季度的一些較弱的積壓訂單。因此，在我們進入今年頭幾個月時，我們現在處於非常有利的位置。

Next question, Tim Moore with EF Hutton.

下一個問題，蒂姆摩爾和 EF 赫頓。

Congratulations on the strong sales growth and impressive new orders increased. Looking at your backlog, which is a record number, I'm just trying to get a sense of how much higher maybe that gross margin could be compared to a year ago. I think 1 difference might be full net price realization this time around compared to orders more than a year ago. And I'm just trying to think, if you don't do another preseason program and you don't have to back out maybe some of the freight surcharges by the summer, I mean, could the gross margin on your backlog be about 100 basis points better than a year ago?

祝賀強勁的銷售增長和可觀的新訂單增長。查看您的積壓訂單，這是一個創紀錄的數字，我只是想了解與一年前相比，毛利率可能高出多少。我認為與一年多前的訂單相比，這次的淨價可能有 1 個差異。我只是在想，如果你不做另一個季前賽計劃並且你不必在夏天退出可能的一些運費附加費，我的意思是，你積壓的毛利率是否約為 100基點比一年前好？

It's hard to say. I would say it would be better. I mean our backlog right now has got all that pricing in there that we've been doing for all of 2022. So we feel very comfortable with that. And I think as Jeff has mentioned, the key here is to have a consistent flow through the manufacturing plants. We do that, we're going to actually have the margins exactly where we want to be.

這很難說。我會說這樣會更好。我的意思是我們現在積壓的訂單已經包含了我們在 2022 年全年所做的所有定價。因此我們對此感到非常滿意。我認為正如傑夫所提到的，這裡的關鍵是在製造工廠中保持一致的流程。我們這樣做，我們實際上將獲得我們想要的利潤率。

And Tim, this is Jeff. One other thing I would say to you about that is that on the governmental side of our business, it's more difficult to reprice backlog. We had some success, but not nearly as much as we've had with our Vegetation Management division. So some of those older contracts that were taken at the start of the supply chain moved out in Q4, and those were the lower margin ones. So we actually had better pricing profile and backlog now than we've had the last couple of quarters.

蒂姆，這是傑夫。我要告訴你的另一件事是，在我們業務的政府方面，重新定價積壓更加困難。我們取得了一些成功，但遠不及我們的植被管理部門取得的成功。因此，一些在供應鏈開始時簽訂的舊合同在第四季度移出，那些是利潤率較低的合同。因此，與過去幾個季度相比，我們現在的定價狀況和積壓實際上更好。

That's great. That's good to hear that, that's rolled off recently. No, that makes sense. And just related to some comments you made earlier and something that's been going on for mostly the last year. You've had the under-absorption headwind when you go back to the unfinished final assembly stage after incurring an extra expense to reset that for a couple of parts that arrive a few months later. How much better is that improved in the last few months? Or is it about the same as it might have been last summer and fall?

那太棒了。很高興聽到這個消息，最近才取消。不，這是有道理的。並且僅與您之前發表的一些評論以及去年大部分時間一直在進行的事情有關。在花費額外費用重置幾個月後到達的幾個零件後，當您回到未完成的最終組裝階段時，您遇到了吸收不足的逆風。在過去的幾個月裡改善了多少？還是與去年夏天和秋天的情況大致相同？

The last couple of quarters, Tim, we were probably $30 million or so, maybe even a little bit more in our work in process and we ended the year at $22 million. So I think some of that supply chain move through has really pushed the area where we need to go and get that number down. We still have more room to growth, I mean, to reduce that. And if we can continue to keep the supply chain moving through the system in the way it is, I think that number is going to keep coming down, which is what we want.

最後幾個季度，蒂姆，我們的收入可能在 3000 萬美元左右，在進行中的工作可能還要多一點，而我們在今年年底的收入為 2200 萬美元。所以我認為一些供應鏈的轉變確實推動了我們需要去的領域並降低這個數字。我的意思是，我們還有更多的增長空間來減少這種增長。如果我們能夠繼續保持供應鏈按原樣在系統中移動，我認為這個數字會繼續下降，這就是我們想要的。

And Tim, it's Jeff. I'll add a little bit more color to that for you in the way the facilities are operating right now. While the supply chain is improving and more material is flowing through, it tends to flow through in the last month of the quarter. That's just the behavior of manufacturing, I guess. And so we get a surge of equipment coming in the final week. So we're still having to burn a pretty good bit over time to push products out in the final weeks of the month. We don't like that. That's not our tradition, but that's kind of where we are, frankly. So there's nice room to move to get the efficiencies rising higher. We've only improved them about 1/3 of where I think they ought to go. There's still a lot of room for improvement.

蒂姆，是傑夫。我將以設施現在的運行方式為您添加更多顏色。雖然供應鏈正在改善並且有更多的材料流經，但它往往在本季度的最後一個月流經。我猜這只是製造業的行為。因此，我們在最後一周收到大量設備。因此，隨著時間的推移，我們仍然需要大量消耗才能在本月的最後幾週推出產品。我們不喜歡這樣。這不是我們的傳統，但坦率地說，這就是我們所處的位置。因此，有很大的提升空間來提高效率。我們只改進了我認為應該改進的地方的 1/3。還有很大的改進空間。

I think the other key here, too, Tim, is just consistency from the suppliers. We can hit that a little bit more -- flowing a little bit more equally each individual month inside the quarter, I think, it'd be great.

蒂姆，我認為這裡的另一個關鍵也只是供應商的一致性。我們可以再多一點——我認為本季度內每個月的流量更平均一點，這會很棒。

It's nice to hear that it's going in the right direction. Was there any uptick? Or do you think there'll be uptick in demand for forestry and tree care from the recent Texas ice storms? And on the flip side, is there probably maybe any demand loss if it's not a great snowy winter in parts of the U.S.?

很高興聽到它正朝著正確的方向前進。有沒有上漲？或者您認為最近德克薩斯州的冰暴對林業和樹木護理的需求會增加嗎？另一方面，如果美國部分地區不是下雪的冬天，是否可能會有任何需求損失？

I give you my first comment. On the Texas winter and forestry, probably not much because that takes the low end of the product range more than the high end. And if you don't have that shipper on the shelf, you don't sell it. So mostly, it's contractors operating the current fleet. The market doesn't react that quickly, I guess is what I'm trying to say. It does help our parts business for sure in the short run. And I would tell you, this winter has always -- already been excellent for snow removal. The early snowfall is what really helps us when it starts to snow in October and November as it did this year, people start putting new blades, wear tips on the plows and really working. So our parts business picks up.

我給你我的第一條評論。在德克薩斯州的冬季和林業，可能不會太多，因為產品範圍的低端比高端更多。如果貨架上沒有托運人，您就不會出售它。因此，大多數情況下，它是運營當前機隊的承包商。市場沒有那麼快做出反應，我想這就是我想說的。從短期來看，它確實有助於我們的零件業務。我會告訴你，這個冬天一直都非常適合除雪。早降雪真正幫助了我們，當它像今年一樣在 10 月和 11 月開始下雪時，人們開始安裝新刀片，在犁上佩戴尖端並真正工作。所以我們的零件業務開始回升。

We already have an all-time record backlog in snow. I mean, snow is just selling really, really nicely right now, particularly since this change in our strategy. And I think we've got a reputation to be a good builder of snowplow trucks. We produce a quality product, and we feel we've been gaining market share in that space. So I think that we've already seen that uptick. The backlog is high enough now. It will be hard for you to measure it from here, to be candid with you, because it's going to kind of take out the cyclicality of the business.

我們已經創造了積雪積壓的歷史記錄。我的意思是，雪現在賣得真的非常好，尤其是在我們戰略發生變化之後。而且我認為我們在掃雪車方面享有盛譽。我們生產優質產品，我們覺得我們在該領域的市場份額不斷增加。所以我認為我們已經看到了這種上升趨勢。現在積壓已經夠多了。坦率地說，你很難從這裡衡量它，因為它會消除業務的周期性。

Great. So 2 more quick questions. The first one is around SG&A. It was nice to see that as a percentage of sales, it declined to 14% compared to 15% to 16% the prior 2 years. Richard, do you think that's sustainable for 2023? Or do you think it will tick back up a bit if there's any travel costs or onetime costs to combat?

偉大的。所以還有 2 個快速問題。第一個是關於 SG&A。很高興看到它佔銷售額的百分比從前兩年的 15% 到 16% 下降到 14%。理查德，你認為這在 2023 年可持續嗎？或者你認為如果有任何差旅成本或一次性成本來對抗，它會回升一點嗎？

Tim, you could have some movement a little bit in there. But I think overall, for full year, there's no reason why that number can't stay in that same range. Our job is to make sure that we continue to keep those in check and control, and we've done a great job. We were a little bit aggressive after the first quarter this past year because of the inflation that was going on and the pricing that we had to keep putting in place for all of our products. So I mean, if we're going to do that and we're having that heavy cost, we had to do something and controlling expenses was where we needed to be. We'll keep that in check. It doesn't mean we're not going to spend money on SG&A. It just means we just need to keep an eye on it. And yes, you could have a few bumps here and there just depending on how the shipments go out. But overall, the numbers should stay relatively -- the percentage wise, I should say, relatively close to the total sales.

蒂姆，你可以在那裡稍微動一下。但我認為總的來說，對於全年來說，沒有理由不能將這個數字保持在同一範圍內。我們的工作是確保我們繼續對這些進行檢查和控制，我們做得很好。由於持續的通貨膨脹以及我們必須為所有產品製定的定價，我們在去年第一季度之後有點激進。所以我的意思是，如果我們要這樣做並且我們要付出沉重的代價，我們就必須做點什麼，控制開支是我們需要做的。我們會對此進行檢查。這並不意味著我們不會在 SG&A 上花錢。這只是意味著我們只需要關注它。是的，你可能會在這里和那裡遇到一些顛簸，這取決於發貨方式。但總的來說，這些數字應該保持相對——百分比明智，我應該說，相對接近總銷售額。

Yes. I would emphasize on the percentage side because we've made our first round of significant investments in electrification of our equipment. We have a second round now to move from prototypes to production machines that will flow through largely in the back half of 2023. So I think it will edge up throughout the year in dollars, not necessarily in percentages.

是的。我會強調百分比方面，因為我們已經對設備電氣化進行了第一輪重大投資。我們現在有第二輪從原型機轉向生產機器，這將主要在 2023 年下半年完成。所以我認為它會在全年以美元計算，而不一定是以百分比計算。

No, that makes sense. Good. I always think about it in terms of percentages. And then my last question is related to one that I asked last quarter. If I recall, you were doing a study or a policy that was underway for maybe accelerating your in-country made production, Brazil, Australia, maybe U.K. and France to really save on transportation costs and improving the lead times for delivery to customers. How big of an action plan is that this year? And when do you think you might start seeing gross margin improvement? Is that more of a fourth quarter story for timing?

不，這是有道理的。好的。我總是用百分比來考慮它。然後我的最後一個問題與我上個季度提出的問題有關。如果我記得，你正在做一項研究或正在製定一項政策，可能會加速你在巴西、澳大利亞、英國和法國的國內生產，以真正節省運輸成本並縮短交付給客戶的交貨時間。今年的行動計劃有多大？您認為什麼時候您可能會開始看到毛利率有所改善？這更像是第四季度的時間安排故事嗎？

Yes, it is. It takes a while. We have to do some groundwork within the legal structure of our company. We have to move intellectual property around to facilitate that, then we have to change tooling in some of our facilities, but we're actively into that. We've already seen some benefit from it, but we're still in the very early stages of that. And I think you'll start to see meaningful progress on it in Q4 and then much more so as we head into next year.

是的。這需要一段時間。我們必須在公司的法律結構內做一些基礎工作。我們必須轉移知識產權以促進這一點，然後我們必須改變我們一些設施中的工具，但我們正在積極參與其中。我們已經從中看到了一些好處，但我們仍處於早期階段。而且我認為你會在第四季度開始看到有意義的進展，然後在我們進入明年時更多。

Add to that, 2 division heads, Rick Raborn and Mike Haberman have done an excellent job working their groups together to work with each other on this because this is what's going to make the difference as we go forward, as we've said before, Tim. The cost of moving things is just ridiculous. Having that opportunity where these guys are working with their groups is huge. It makes a big difference and allows us to be able to build this product worldwide, which is exactly what our intent is.

除此之外，Rick Raborn 和 Mike Haberman 這兩個部門的負責人在他們的團隊合作方面做得非常出色，因為正如我們之前所說，這將在我們前進的過程中發揮重要作用，蒂姆。搬東西的費用簡直荒謬。有機會讓這些人與他們的團隊一起工作是巨大的。它有很大的不同，讓我們能夠在全球範圍內構建這個產品，這正是我們的意圖。

Great. No, that's helpful. I think that's a big catalyst that you get benefit for starting later this year.

偉大的。不，那很有幫助。我認為這是一個很大的催化劑，你可以從今年晚些時候開始受益。

(Operator Instructions) Next question comes from Mike Shlisky with D.A. Davidson.

（操作員說明）下一個問題來自 D.A. 的 Mike Shlisky。戴維森。

This is David Johnson on for Mike. I was wondering with operating margins and potentially free cash flow taking a step up in 2023, what's your appetite for M&A from here? Given the growth of the company and the low leverage on the balance sheet at the current time, are you looking at larger deals that we've seen in the past?

這是邁克的大衛約翰遜。我想知道隨著營業利潤率和潛在的自由現金流在 2023 年進一步上升，您對併購的胃口是什麼？鑑於公司的增長和目前資產負債表上的低杠桿率，您是否正在尋找我們過去看到的更大的交易？

Yes. I don't want to give you examples for obvious reasons. But yes, we are looking at larger deals, and we've said that for some time. Particularly in Europe, the market in Europe looks good to us, right. Now we've always wanted to balance our portfolio a little bit more between North America and Europe, and to grow our forestry and tree care business in Europe. We've stated those things several times. So yes, we are very actively looking for larger deals at the moment. And I think that the timing is good for companies like us right now.

是的。出於顯而易見的原因，我不想給你舉個例子。但是，是的，我們正在尋找更大的交易，而且我們已經說過一段時間了。特別是在歐洲，歐洲的市場對我們來說看起來不錯，對吧。現在，我們一直希望在北美和歐洲之間更多地平衡我們的投資組合，並在歐洲發展我們的林業和樹木護理業務。我們已經多次陳述過這些事情。所以是的，我們目前正在非常積極地尋找更大的交易。而且我認為現在的時機對像我們這樣的公司來說是個好時機。

All right. That's great to hear. And lastly, you mentioned labor availability, especially in manufacturing. Can you take us through any initiatives you're working on to get those positions filled?

好的。聽到這個消息我很高興。最後，您提到了勞動力可用性，尤其是在製造業。您能否向我們介紹一下您正在採取的任何舉措來填補這些職位？

Yes. We've been increasing our apprenticeship programs, looking at certain operations that we can fully automate, not just partially automate but fully automate, and just increasing outreach in the communities where we operate. And lastly, through this manufacturing footprint reengineering, we're able to liberate labor. So we made people side up in low volume production in one country where we're shipping the product to another destination, we can get better utilization of our bigger factories if we consolidate that closer to the point-of-sale. So that also helps us from a manpower point of view. But it's going to take a lot of work through those things. We're still down several hundred employees from where we would like to be, and that's a tough fight right now.

是的。我們一直在增加我們的學徒計劃，研究我們可以完全自動化的某些操作，不僅僅是部分自動化而是完全自動化，並且只是增加我們運營所在社區的外展活動。最後，通過這種製造足跡再造，我們能夠解放勞動力。因此，我們讓人們在一個國家進行小批量生產，我們將產品運送到另一個目的地，如果我們將其整合到更靠近銷售點的地方，我們可以更好地利用我們更大的工廠。因此，從人力的角度來看，這也對我們有幫助。但是通過這些事情需要做很多工作。從我們希望的位置來看，我們仍然減少了數百名員工，現在這是一場艱苦的戰鬥。

I will now turn the floor over to management for closing remarks.

我現在將發言權交給管理層作結束語。

Okay. Thank you. That concludes our remarks for this conference call. We look forward to speaking with you again at our May call for the second quarter of 2022 -- 2023, I apologize.

好的。謝謝。我們對本次電話會議的發言到此結束。我們期待在 2022 年第二季度 - 2023 年的 5 月電話會議上再次與您交談，抱歉。

This concludes today's teleconference. You may disconnect your lines at this time, and thank you for your participation.

今天的電話會議到此結束。此時您可以斷開您的線路，感謝您的參與。