開拓重工 (CAT) 2022 Q2 法說會逐字稿

Welcome to the Second Quarter 2022 Caterpillar Earnings Conference Call. Please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker today, Ryan Fiedler. Thank you. Please go ahead.

歡迎參加 2022 年第二季度卡特彼勒收益電話會議。請注意，今天的會議正在錄製中。我現在想把會議交給你今天的演講者 Ryan Fiedler。謝謝你。請繼續。

Thank you, Emma. Good morning, everyone, and welcome to Caterpillar's Second Quarter of 2022 Earnings Call. I'm Ryan Fiedler, Vice President of Investor Relations. Joining me today are Jim Umpleby, Chairman and CEO; Andrew Bonfield, Chief Financial Officer; Kyle Epley, Senior Vice President of the Global Finance Services Division; and Rob Rengel, Senior IR Manager.

謝謝你，艾瑪。大家早上好，歡迎參加 Caterpillar 2022 年第二季度財報電話會議。我是投資者關係副總裁 Ryan Fiedler。今天加入我的是董事長兼首席執行官 Jim Umpleby；首席財務官安德魯·邦菲爾德； Kyle Epley，全球金融服務部高級副總裁；和高級投資者關係經理 Rob Rengel。

During our call today, we'll be discussing the second quarter earnings release we issued earlier today. You can find our slides, the news release and a webcast recap at investors.caterpillar.com under Events and Presentations.

在今天的電話會議中，我們將討論我們今天早些時候發布的第二季度收益報告。您可以在investors.caterpillar.com 的Events and Presentations 下找到我們的幻燈片、新聞稿和網絡直播回顧。

The content of this call is protected by U.S. and international copyright law. Any rebroadcast, retransmission, reproduction or distribution of all or part of this content without Caterpillar's prior written permission is prohibited.

此電話的內容受美國和國際版權法的保護。未經 Caterpillar 事先書面許可，禁止對全部或部分內容進行任何重播、轉發、複製或分發。

Moving to Slide 2. During our call today, we'll make forward-looking statements, which are subject to risks and uncertainties. We'll also make assumptions that could cause our actual results to be different than the information we're sharing with on this call. Please refer to our recent SEC filings and the forward-looking statements reminder in the news release for details on factors that individually or in aggregate could cause our actual results to vary materially from our forecast.

轉到幻燈片 2。在今天的電話會議中，我們將做出前瞻性陳述，這些陳述受到風險和不確定性的影響。我們還將做出可能導致我們的實際結果與我們在此次電話會議上分享的信息不同的假設。請參閱我們最近提交給美國證券交易委員會的文件和新聞稿中的前瞻性聲明提醒，了解單獨或總體可能導致我們的實際結果與我們的預測產生重大差異的因素的詳細信息。

On today's call, we'll also refer to non-GAAP numbers. For a reconciliation of any non-GAAP numbers to the appropriate U.S. GAAP numbers, please see the appendix of the earnings call slides.

在今天的電話會議中，我們還將參考非 GAAP 數字。如需將任何非 GAAP 數字與相應的美國 GAAP 數字進行核對，請參閱財報電話會議幻燈片的附錄。

Today, we reported profit per share of $3.13 for the second quarter of 2022 compared with $2.56 of profit per share in the second quarter of 2021. We're including adjusted profit per share in addition to our U.S. GAAP results. Our adjusted profit per share was $3.18 for the second quarter of 2022 compared with adjusted profit per share of $2.60 for the second quarter of 2021. Adjusted profit per share for both quarters exclude restructuring costs.

今天，我們報告 2022 年第二季度的每股利潤為 3.13 美元，而 2021 年第二季度的每股利潤為 2.56 美元。除了我們的美國公認會計原則結果外，我們還包括調整後的每股利潤。我們 2022 年第二季度的調整後每股利潤為 3.18 美元，而 2021 年第二季度的調整後每股利潤為 2.60 美元。兩個季度的調整後每股利潤均不包括重組成本。

Now let's turn to Slide 3 and turn the call over to our Chairman and CEO, Jim Umpleby.

現在讓我們轉到幻燈片 3，並將電話轉給我們的董事長兼首席執行官 Jim Umpleby。

Thanks, Ryan. Good morning, everyone. Thank you for joining us. As we close out the first half of 2022, I want to thank our global team for delivering another good quarter with double-digit top line and adjusted profit per share growth despite ongoing supply chain challenges. Our second quarter results reflect healthy demand across most of our end markets. We remain focused on executing our strategy for long-term profitable growth.

謝謝，瑞恩。大家，早安。感謝您加入我們。在 2022 年上半年結束之際，我要感謝我們的全球團隊在持續面臨供應鏈挑戰的情況下實現了又一個具有兩位數收入和調整後每股利潤增長的良好季度。我們的第二季度業績反映了我們大多數終端市場的健康需求。我們仍然專注於執行我們的長期盈利增長戰略。

In today's call, I'll begin with my perspectives on our performance in the quarter and then I'll provide some insights on our end markets. Lastly, I'll provide an update on our sustainability journey.

在今天的電話會議中，我將從對本季度業績的看法開始，然後對我們的終端市場提供一些見解。最後，我將介紹我們的可持續發展歷程。

For the quarter, sales were broadly in line with our expectations as we generated better-than-expected price and strong services revenue, which were offset by lower-than-expected sales to users. Similar to previous quarters, our top line would have been even stronger, if not for supply chain constraints. We remain focused on executing creative solutions to help mitigate our supply chain challenges.

本季度的銷售額與我們的預期大體一致，因為我們產生了好於預期的價格和強勁的服務收入，但被低於預期的用戶銷售額所抵消。與前幾個季度類似，如果不是供應鏈限制，我們的收入會更高。我們仍然專注於執行創造性的解決方案，以幫助緩解我們的供應鏈挑戰。

Overall, we remain encouraged by the strong demand in our end markets for our products and services. We're seeing strong momentum in services due to our service initiatives and investments. As I mentioned at our Investor Day in May, our confidence is increasing that we'll achieve our goal to double services to $28 billion by 2026.

總體而言，我們仍然對終端市場對我們的產品和服務的強勁需求感到鼓舞。由於我們的服務計劃和投資，我們看到了服務的強勁勢頭。正如我在 5 月的投資者日上提到的那樣，我們越來越有信心實現到 2026 年將服務翻一番達到 280 億美元的目標。

Operating profit margins came in slightly lower than our expectations, mostly due to lower-than-expected volume and unfavorable mix. Price realization more than offset manufacturing cost increases, which occurred earlier in the year than we had anticipated. However, this is the only -- this only partially offsets the impact of volume and mix. Dealer inventory remains at the low end of the typical range and rental fleets continue to age as dealers prioritize trying to meet the demand from retail customers.

營業利潤率略低於我們的預期，主要是由於低於預期的銷量和不利的組合。價格實現遠遠抵消了製造成本的增加，這比我們預期的更早發生。然而，這是唯一的——這只是部分抵消了音量和混合的影響。經銷商庫存仍處於典型範圍的低端，隨著經銷商優先滿足零售客戶的需求，租賃車隊繼續老化。

Orders remained solid and our backlog grew by approximately $2 billion in the quarter. We expect a volume and price realization to improve in the second half of the year, which should lead to sales growth in the remaining quarters of the year, both sequentially and year-over-year. We also expect adjusted operating profit margins will improve both sequentially and year-over-year in the second half of 2022 as our price realization will more than offset manufacturing cost increases.

訂單保持穩定，我們的積壓訂單在本季度增長了約 20 億美元。我們預計下半年的銷量和價格實現將有所改善，這將導致今年剩餘季度的銷售增長，包括環比和同比增長。我們還預計，調整後的營業利潤率將在 2022 年下半年環比和同比提高，因為我們的價格實現將抵消製造成本的增加。

Despite ongoing inflation and supply chain challenges, we continue to expect to achieve our Investor Day adjusted operating profit margin and ME&T free cash flow targets for the full year.

儘管通貨膨脹和供應鏈挑戰持續存在，但我們仍有望實現全年投資者日調整後的營業利潤率和 ME&T 自由現金流目標。

Moving to Slide 4. Sales and revenues increased by 11%, broadly in line with our expectations. The increase was primarily driven by strengthening price realization and higher sales volume. Second quarter sales and revenues increased across our three primary segments versus the prior year, with sales higher in all regions, except EAME. Sales in North America rose by 18%, with double-digit growth in the three primary segments. Strength in Latin America continued as 27% sales growth was supported by strong construction activity.

轉到幻燈片 4。銷售額和收入增長了 11%，大致符合我們的預期。增長主要是由於價格實現增強和銷量增加所致。第二季度我們三個主要部門的銷售額和收入與去年相比有所增長，除 EAME 外，所有地區的銷售額均有所增長。北美的銷售額增長了 18%，三個主要細分市場實現了兩位數的增長。由於強勁的建築活動支持了 27% 的銷售增長，拉丁美洲的實力繼續保持強勁。

In EAME, sales decreased by 3%, primarily due to currency impacts. Asia Pacific sales increased by 3% as lower sales in China were more than offset by stronger sales elsewhere within the region.

在 EAME，銷售額下降了 3%，主要是由於貨幣影響。亞太地區的銷售額增長了 3%，因為中國的銷售額下降被該地區其他地區的強勁銷售額所抵消。

Compared to the second quarter of 2021, sales to users declined 3%. For machines, including Construction Industries and Resource Industries, sales to users decreased by 4%, while Energy & Transportation was flat overall. Sales to users were below our expectations largely due to the impact of supply chain constraints. These constraints were mostly due to component shortages, which resulted in production delays and shortfalls against our schedules. For example, engine control modules have continued to be one of the most significant bottlenecks mostly due to the shortage of semiconductors. We were unable to completely satisfy strong customer demand for our machines and engines and continue to incur additional costs due to factory inefficiencies and freight expenses.

與 2021 年第二季度相比，對用戶的銷售額下降了 3%。對於包括建築行業和資源行業在內的機器，對用戶的銷售額下降了 4%，而能源和交通運輸總體持平。由於供應鏈限制的影響，對用戶的銷售低於我們的預期。這些限制主要是由於組件短缺，這導致生產延誤和我們的計劃不足。例如，發動機控制模塊一直是最嚴重的瓶頸之一，主要是由於半導體短缺。我們無法完全滿足客戶對我們的機器和發動機的強勁需求，並且由於工廠效率低下和運費費用繼續產生額外成本。

Sales to users in Construction Industries decreased 4%, primarily due to weakness in China and continued supply chain constraints. North America sales to users declined slightly, mainly due to supply chain challenges. Latin America saw higher sales to end users, while EAME declined slightly. Asia Pacific sales to users were down in the quarter. However, excluding China, the Asia Pacific region, sales to users increased. The same holds true for Construction Industries overall.

建築行業用戶的銷售額下降了 4%，主要是由於中國的疲軟和持續的供應鏈限制。北美對用戶的銷售額略有下降，主要是由於供應鏈挑戰。拉丁美洲對最終用戶的銷售額增加，而 EAME 略有下降。本季度亞太地區用戶銷售額下降。但是，不包括中國、亞太地區，對用戶的銷售額有所增加。整個建築行業也是如此。

In Resource Industries, sales to users decreased 2% due to supply chain challenges and one-off disruptions, including commissioning delays. Orders remained strong, although slightly lower than recent high levels. We continue to see high equipment utilization and parked trucks remain at low levels, both supporting continued demand for our equipment and services.

在資源行業，由於供應鏈挑戰和一次性中斷（包括調試延遲），對用戶的銷售額下降了 2%。訂單保持強勁，但略低於近期高位。我們繼續看到高設備利用率和停放的卡車保持在低水平，這都支持對我們的設備和服務的持續需求。

In Energy & Transportation, sales to users were flat versus the prior year. Oil and gas sales to users were down in the second quarter due to lower turbine and turbine-related services, which were partially offset by continued improvement in reciprocating engines. As we mentioned during our last earnings call, we expected solar turbines new equipment shipments to be lower in the first half. Power generation and industrial sales to users remained strong due to favorable market conditions. Transportation decreased slightly.

在能源與交通領域，對用戶的銷售額與去年持平。由於渦輪機和渦輪機相關服務的減少，第二季度對用戶的石油和天然氣銷售下降，這部分被往復式發動機的持續改進所抵消。正如我們在上次財報電話會議中提到的，我們預計上半年太陽能渦輪機新設備的出貨量會下降。由於有利的市場條件，發電和對用戶的工業銷售保持強勁。運輸略有下降。

Now I'll spend a moment on dealer inventory. Dealer inventory declined by about $400 million in the second quarter, reflecting typical seasonality similar to the second quarter of last year. Dealer inventories remain near the low end of the typical range and we continue to work closely with our global dealer network to satisfy customer demand. As a reminder, dealers are independently owned businesses.

現在我將花一點時間在經銷商庫存上。第二季度經銷商庫存減少了約 4 億美元，反映了與去年第二季度類似的典型季節性。經銷商庫存仍接近典型範圍的低端，我們將繼續與我們的全球經銷商網絡密切合作，以滿足客戶需求。提醒一下，經銷商是獨立擁有的企業。

Operating profit increased 9% in the quarter to $1.9 billion. The increase was driven by higher sales across our three primary segments, which largely reflected favorable price realization and volume and was partially offset by higher manufacturing costs and SG&A and R&D expenses. High manufacturing costs in the quarter reflected increased material and freight costs. As I mentioned, favorable price realization more than offset manufacturing cost increases.

本季度營業利潤增長 9% 至 19 億美元。這一增長是由我們三個主要部門的銷售額增長推動的，這在很大程度上反映了有利的價格實現和銷量，並被較高的製造成本和 SG&A 和研發費用部分抵消。本季度的高製造成本反映了材料和運費成本的增加。正如我所提到的，有利的價格實現不僅僅是抵消製造成本的增加。

Operating profit margins were 13.6% in the second quarter of 2022 compared to 13.9% in the second quarter of last year. Although our adjusted operating profit margins improved sequentially in the quarter, they were slightly lower than our expectations, mostly due to lower-than-expected volumes and unfavorable mix. Andrew will discuss the consolidated and segment-level margins in a few minutes.

2022 年第二季度的營業利潤率為 13.6%，而去年第二季度為 13.9%。儘管我們調整後的營業利潤率在本季度環比有所改善，但略低於我們的預期，主要是由於銷量低於預期和不利的組合。 Andrew 將在幾分鐘內討論合併和細分級別的利潤。

Our profit per share was $3.13 versus $2.56 in the second quarter of 2021. The adjusted profit per share was $3.18 versus $2.60 in the second quarter of last year.

我們的每股利潤為 3.13 美元，而 2021 年第二季度為 2.56 美元。調整後的每股利潤為 3.18 美元，而去年第二季度為 2.60 美元。

Now to Slide 5. We generated $1.1 billion of ME&T free cash flow in the quarter. We continue to expect to be within our $4 billion to $8 billion ME&T free cash flow range for the full year 2022. Andrew will discuss this in more detail.

現在到幻燈片 5。我們在本季度產生了 11 億美元的 ME&T 自由現金流。我們繼續預計 2022 年全年的 ME&T 自由現金流將在 40 億至 80 億美元的範圍內。安德魯將更詳細地討論這一點。

Regarding capital deployment. In the quarter, we repurchased $1.1 billion of stock and returned $600 million in dividends to shareholders. In May, our Board approved a new authorization to repurchase an additional $15 billion of common stock, which was effective on August 1. We also announced we're increasing our quarterly cash dividend by 8% to $1.20 per share. We remain proud of our dividend aristocrat status. We continue to expect to return substantially all of our ME&T free cash flow to shareholders over time through dividends and share repurchases.

關於資本配置。本季度，我們回購了 11 億美元的股票，並向股東返還了 6 億美元的股息。 5 月，我們的董事會批准了回購額外 150 億美元普通股的新授權，該授權於 8 月 1 日生效。我們還宣布將季度現金股息提高 8% 至每股 1.20 美元。我們仍然為我們的股息貴族地位感到自豪。隨著時間的推移，我們繼續期望通過股息和股票回購將我們所有的 ME&T 自由現金流返還給股東。

Now on Slide 6, I'll share some high-level assumptions on our expectations for the full year. Overall demand remained healthy across our segments. However, the environment remains challenging, primarily due to continuing supply chain disruptions. Our teams are working hard to mitigate the supply chain challenges, and we expect to achieve our Investor Day targets for adjusted operating profit margins and ME&T free cash flow.

現在在幻燈片 6 上，我將分享一些關於我們全年預期的高層次假設。我們各個細分市場的總體需求保持健康。然而，環境仍然充滿挑戰，主要是由於持續的供應鏈中斷。我們的團隊正在努力緩解供應鏈挑戰，我們希望實現調整後的營業利潤率和 ME&T 自由現金流的投資者日目標。

We expect continued top line growth for the second half of the year, reflecting healthy demand, favorable price realization and our team's persistent efforts to mitigate supply chain disruptions.

我們預計下半年收入將繼續增長，這反映了健康的需求、有利的價格實現以及我們團隊為緩解供應鏈中斷所做的不懈努力。

As I mentioned, our total backlog increased by about $2 billion in the quarter, led by Energy & Transportation. The backlog for Resource Industries and Construction Industries remain elevated. Although we continue to anticipate inflationary pressures in manufacturing costs, we expect price will more than offset these cost increases for the full year.

正如我所提到的，我們在本季度的總積壓訂單增加了約 20 億美元，其中能源和交通運輸行業領先。資源行業和建築行業的積壓仍然很高。儘管我們繼續預計製造成本將面臨通脹壓力，但我們預計全年價格將超過這些成本增長。

Now I'll turn to our expectations for key end markets this year. In Construction Industries in North America, we expect nonresidential construction to continue to be strong due to construction backlogs. We also expect the ramping of projects from the U.S. Infrastructure Investment and Jobs Act to occur in late 2022 and into 2023. Residential construction is moderating from the very strong levels experienced since early 2021.

現在我將轉向我們對今年主要終端市場的預期。在北美的建築行業，由於建築積壓，我們預計非住宅建築將繼續強勁。我們還預計，美國《基礎設施投資和就業法案》中的項目將在 2022 年底至 2023 年增加。住宅建設正在從 2021 年初以來的強勁水平放緩。

In China, the above 10 tonne excavator market was very strong during the first half of 2021. During our last earnings call, we indicated that the industry would be slightly lower than 2019 levels. We now anticipate the industry will be lower than we previously expected. The rest of the Asia Pacific region is expected to grow due to higher infrastructure spending and commodity prices.

在中國，10 噸以上挖掘機市場在 2021 年上半年非常強勁。在我們上次的財報電話會議中，我們表示該行業將略低於 2019 年的水平。我們現在預計該行業將低於我們之前的預期。由於基礎設施支出和大宗商品價格上漲，預計亞太地區其他地區將增長。

In EAME, the EU has proposed an infrastructure investment package. However, business activity has moderated. Strong growth continues for construction activity in Latin America due to supportive commodity prices. Overall, we expect healthy demand for the remainder of the year in Construction Industries.

在 EAME 中，歐盟提出了一項基礎設施投資方案。然而，商業活動有所放緩。由於大宗商品價格的支撐，拉丁美洲的建築活動繼續強勁增長。總體而言，我們預計今年剩餘時間建築行業的需求將保持健康。

In Resource Industries, while our mining customers continue to display capital discipline, commodity prices remain supportive of investment despite recent moderation. We expect production and utilization levels will remain elevated and our autonomous solutions continued to gain momentum. We expect the continuation of high equipment utilization and a low level of park trucks, which both support future demand for our equipment and services.

在資源行業，雖然我們的採礦客戶繼續表現出資本紀律，但儘管近期有所放緩，但大宗商品價格仍然支持投資。我們預計生產和利用水平將保持較高水平，我們的自主解決方案將繼續獲得動力。我們預計設備利用率將繼續保持高位，而停車卡車數量將保持在較低水平，這兩者都將支持我們未來對我們的設備和服務的需求。

We continue to believe the energy transition will support increased commodity demand over the medium and long term, expanding our addressable market and providing opportunities for profitable growth.

我們仍然相信能源轉型將支持中長期商品需求的增長，擴大我們的潛在市場並提供盈利增長機會。

In heavy construction and quarry and aggregates, we expect continued growth in 2022.

在重型建築、採石場和骨料方面，我們預計 2022 年將繼續增長。

In Energy & Transportation, we expect improving momentum in 2022 with strong order rates in most applications. In oil and gas, although customers remain disciplined, we remain encouraged by continued strength in reciprocating engine orders, especially for large engine replacements as asset utilization increases.

在能源和交通運輸領域，我們預計 2022 年的勢頭會有所改善，大多數應用的訂單率都會很高。在石油和天然氣領域，儘管客戶仍然遵守紀律，但我們仍然對往復式發動機訂單的持續強勁感到鼓舞，尤其是隨著資產利用率的提高，大型發動機更換。

In 2022, while solar services are expected to remain steady, new equipment orders strengthened significantly in the first half particularly in oil and gas, indicating sales growth in late 2022 and into 2023. Power generation orders remain healthy due to positive economic growth and continued data center strength. Industrial remains healthy with continued momentum in construction, agriculture and electric power. In rail, North American locomotive sales are expected to remain muted. We also anticipate growth in high-speed Marine as customers upgrade aging fleets.

2022 年，雖然太陽能服務預計將保持穩定，但上半年新設備訂單顯著增加，尤其是石油和天然氣，表明 2022 年底和 2023 年的銷售增長。由於經濟增長和持續數據，發電訂單保持健康中心力量。工業保持健康，建築、農業和電力繼續保持強勁勢頭。在鐵路方面，預計北美機車銷售將保持低迷。隨著客戶升級老化的船隊，我們還預計高速船舶的增長。

Moving to Slide 7. Since our last quarterly earnings call, we published our 2021 sustainability report in May to highlight progress on our sustainability journey. In the report, we reiterated our commitment to further enhance our sustainability reporting and disclosures by utilizing the task force on climate-related financial disclosures, or TCFD, framework and also committed to begin reporting estimated Scope 3 greenhouse gas emissions in 2023.

轉到幻燈片 7。自上次季度財報電話會議以來，我們在 5 月發布了 2021 年可持續發展報告，以突出我們在可持續發展之旅中取得的進展。在報告中，我們重申了通過利用氣候相關財務披露工作組 (TCFD) 框架進一步加強我們的可持續發展報告和披露的承諾，並承諾在 2023 年開始報告估計的範圍 3 溫室氣體排放量。

As we continue to advance our sustainability journey through the second quarter of 2022, Caterpillar and our customers announced a number of projects that will help contribute to a lower carbon future. In May, we announced a low carbon intensity fuel project with District Energy St. Paul to demonstrate a combined heat and power, or CHP system, fueled by various combinations of hydrogen and natural gas. CHP systems from Caterpillar provide both electricity and heat simultaneously, increasing overall efficiency and reducing exhaust emissions. With support and partial funding from the U.S. Department of Energy, the demonstration project will compare how hydrogen and hydrogen blends can be integrated into a waste heat and power solution.

隨著我們在 2022 年第二季度繼續推進我們的可持續發展之旅，卡特彼勒和我們的客戶宣布了一些有助於為低碳未來做出貢獻的項目。 5 月，我們與 District Energy St. Paul 宣布了一個低碳強度燃料項目，以展示由氫氣和天然氣的各種組合提供燃料的熱電聯產或 CHP 系統。 Caterpillar 的 CHP 系統同時提供電力和熱量，從而提高整體效率並減少廢氣排放。在美國能源部的支持和部分資助下，該示範項目將比較氫和氫混合物如何集成到廢熱和電力解決方案中。

This quarter, we also announced the acquisition of Tangent Energy Solutions, a U.S.-based energy as a service company. Tangent's suite of intelligent energy solutions will allow us to provide value to customers by helping them reduce energy costs, increase energy efficiency, reduce emissions, monetize electric good support and provide resiliency for their operations.

本季度，我們還宣布收購總部位於美國的能源即服務公司 Tangent Energy Solutions。 Tangent 的智能能源解決方案套件將使我們能夠通過幫助客戶降低能源成本、提高能源效率、減少排放、將電力支持貨幣化並為其運營提供彈性來為客戶提供價值。

In summary, we continue to support our customers' climate-related objectives with new equipment and services that facilitate fuel transition increase operational efficiency and reduce emissions. We remain committed to contributing to a reduced carbon future as we help our customers build a better, more sustainable world.

總而言之，我們將繼續通過新設備和服務來支持客戶實現與氣候相關的目標，這些設備和服務可以促進燃料轉換，提高運營效率並減少排放。我們將繼續致力於為減少碳排放的未來做出貢獻，因為我們幫助我們的客戶建立一個更美好、更可持續的世界。

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

有了這個，我會把電話轉給安德魯。

Thank you, Jim, and good morning, everyone. I'll start by walking you through our second quarter results, including the performance of our segments. Then I'll comment on the balance sheet and free cash flow before concluding with our expectations for the third quarter and remainder of the year.

謝謝你，吉姆，大家早上好。我將首先向您介紹我們的第二季度業績，包括我們各部門的業績。然後，我將對資產負債表和自由現金流發表評論，然後得出我們對第三季度和今年剩餘時間的預期。

Beginning on Slide 8. Sales and revenues for the second quarter increased by 11% or $1.4 billion to $14.2 billion. The increase was due to price and volume, partially offset by currency. Operating profit increased by 9% or $155 million to $1.9 billion as price realization and volume growth were partially offset by higher manufacturing and SG&A and R&D costs. Our adjusted operating profit margin of 13.8% was slightly below the year-ago level despite the underlying inflationary and supply chain pressures.

從幻燈片 8 開始。第二季度的銷售額和收入增長了 11%，即 14 億美元，達到 142 億美元。增加是由於價格和數量，部分被貨幣抵消。營業利潤增長了 9% 或 1.55 億美元，達到 19 億美元，因為價格實現和銷量增長被更高的製造和 SG&A 和研發成本部分抵消。儘管存在潛在的通脹和供應鏈壓力，我們調整後的營業利潤率為 13.8%，略低於去年同期水平。

Adjusted profit per share was $3.18 in the second quarter compared to $2.60 last year. Adjusted profit per share for both quarters excluded restructuring costs, which had a similar impact in both quarters. Taxes included discrete tax impacts, which benefited the quarter by about $0.10.

第二季度調整後每股利潤為 3.18 美元，而去年為 2.60 美元。兩個季度的調整後每股利潤不包括重組成本，這在兩個季度都有類似的影響。稅收包括離散的稅收影響，使本季度受益約 0.10 美元。

Now on Slide 9. As Jim mentioned, the top line was generally in line with our expectations on strong price and service revenues with a bit of currency as a headwind as the U.S. dollar continued to strengthen. Machine sales to users were impacted by supply chain challenges was slightly worse than we had anticipated. Overall, we are not seeing signs of slowing demand as order levels and backlog remain healthy.

現在在幻燈片 9 上。正如 Jim 所提到的，隨著美元繼續走強，頂線總體上符合我們對強勁的價格和服務收入的預期，但有一點貨幣作為逆風。對用戶的機器銷售受到供應鏈挑戰的影響比我們預期的要差一些。總體而言，由於訂單水平和積壓保持健康，我們沒有看到需求放緩的跡象。

Our retail statistics or sales to users, are normally strongly correlated to demand in a typical environment. However, the ongoing supply chain constraints continue to impact our ability to ship equipment. Dealer inventory changes had a minimal impact on the top line as a $400 million decrease versus the first quarter was similar to the reduction seen in the prior year. Services remain strong as we benefit from the impact of our services growth initiatives.

我們的零售統計數據或對用戶的銷售通常與典型環境中的需求密切相關。然而，持續的供應鏈限制繼續影響我們運送設備的能力。經銷商庫存變化對收入的影響微乎其微，因為與第一季度相比減少了 4 億美元，與去年同期的減少相似。由於我們受益於我們的服務增長計劃的影響，服務仍然強勁。

Moving to Slide 10. As I mentioned, second quarter operating profit increased by 9% on favorable price and volume. Price realization was better than we had anticipated due to the strong demand for machines. Manufacturing costs were also slightly higher than expected, primarily due to continued material and freight cost pressures as well as the impact of supply chain on our factory performance. Overall, price exceeded manufacturing costs for the quarter, which reverses the trend we had seen for most of the past year.

轉到幻燈片 10。正如我所提到的，由於有利的價格和數量，第二季度的營業利潤增長了 9%。由於對機器的強勁需求，價格實現比我們預期的要好。製造成本也略高於預期，主要是由於持續的材料和運費成本壓力以及供應鏈對我們工廠業績的影響。總體而言，本季度的價格超過了製造成本，這與我們在過去一年的大部分時間裡看到的趨勢相反。

SG&A and R&D costs increased partly due to investments aligned with our strategy for profitable growth, in addition to higher short-term incentive compensation. Our second quarter adjusted operating profit margin of 13.8%, a 30 basis point decrease versus the prior year. This was slightly lower than we had anticipated in April, principally as equipment volume lagged our expectations. We also saw some negative mix within our segments. The net impact of higher price and increased manufacturing costs was about neutral.

SG&A 和研發成本增加的部分原因是投資與我們的盈利增長戰略相一致，此外還有更高的短期激勵薪酬。我們第二季度調整後的營業利潤率為 13.8%，比上年下降 30 個基點。這略低於我們 4 月份的預期，主要是因為設備數量低於我們的預期。我們還在我們的細分市場中看到了一些負面影響。價格上漲和製造成本增加的淨影響大致為中性。

Before I discuss segment results, I want to address the impact of high inflation and inventory build had on our segment margins in the quarter. For background, in periods with rapidly rising input costs and inventory growth, a portion of these rising costs will be appropriately included in Caterpillar's ending inventory.

在討論分部業績之前，我想先談談高通脹和庫存增加對本季度分部利潤率的影響。作為背景，在投入成本快速上升和庫存增長迅速的時期，這些上升成本的一部分將適當地包含在卡特彼勒的期末庫存中。

In order to promote effective management decision-making within our segment results, we recognize material and freight cost changes as soon as they impact our input costs. For enterprise reporting, this negative impact on segment results is offset by a favorable impact at the corporate level.

為了在我們的分部業績中促進有效的管理決策，我們在材料和運費成本變化影響我們的投入成本時立即識別它們。對於企業報告，這種對分部業績的負面影響被公司層面的有利影響所抵消。

In a nutshell, inflationary cost pressures were elevated negatively impacting margins at the segment level, while enterprise margins performed much closer to our expectations. This dynamic is timing related, meaning we'll see things balance out as the inventory starts to decline and inflationary costs subside.

簡而言之，通脹成本壓力上升，對細分市場的利潤率產生負面影響，而企業利潤率的表現更接近我們的預期。這種動態與時間相關，這意味著隨著庫存開始下降和通脹成本下降，我們將看到事情平衡。

Moving to Slide 11. Let's review segment performance, starting with Construction Industries. Sales increased by 7% in the second quarter to $6 billion, driven by favorable price realization. Volume decreased slightly as lower sales of equipment to end users was mostly offset by higher sales off-to-market parts.

轉到幻燈片 11。讓我們從建築行業開始回顧細分市場的表現。在有利的價格實現的推動下，第二季度的銷售額增長了 7% 至 60 億美元。銷量略有下降，因為對最終用戶的設備銷售下降主要被市場外零件銷售的增加所抵消。

North America had the highest growth in sales dollars, a 20% increase due to strong pricing, a favorable change in dealer inventory and continued strength in services. Sales of equipment to end users lagged the prior year slightly, driven by supply chain challenges. Residential and nonresidential demand remained healthy, although we saw some moderation in residential.

北美的銷售額增長最高，增長了 20%，原因是定價強勁、經銷商庫存的有利變化以及服務的持續強勁。受供應鏈挑戰的推動，對最終用戶的設備銷售略低於上年。住宅和非住宅需求保持健康，儘管我們看到住宅需求有所放緩。

Sales in Latin America increased by 48% as robust construction activity supported higher sales of equipment to end users. In EAME, sales decreased by 7%, primarily driven by the changes in inventories and currency while price was a partial offset. Asia Pacific sales decreased by 17% due in part to lower sales of equipment to end users, primarily in China, which had a strong quarter a year ago.

拉丁美洲的銷售額增長了 48%，因為強勁的建築活動支持了對最終用戶的設備銷售增加。在 EAME，銷售額下降了 7%，主要是由於庫存和貨幣的變化，而價格被部分抵消。亞太地區的銷售額下降了 17%，部分原因是對最終用戶的設備銷售下降，主要是在中國，而去年同期該季度表現強勁。

Second quarter profit for Construction Industries decreased by 4% versus the prior year to $989 million. Price realization more than offset manufacturing costs. The profit decreased due to the impact of lower sales volume and mix. Unfavorable manufacturing costs largely reflected higher material and freight. The segment's operating margin decreased by 180 basis points versus last year to 16.4% as inflationary cost pressures impacted the segment margins, as I mentioned a moment ago.

建築業第二季度利潤同比下降 4% 至 9.89 億美元。價格實現超過了製造成本。利潤下降是由於銷量和產品組合下降的影響。不利的製造成本在很大程度上反映了較高的材料和運費。正如我剛才提到的，由於通脹成本壓力影響了部門利潤率，該部門的營業利潤率與去年相比下降了 180 個基點至 16.4%。

Turning to Slide 12. Resource Industries sales increased by 16% in the second quarter to $3 billion. The improvement was primarily due to favorable price realization and higher sales volume. Volume increase on sales of aftermarket parts. Second quarter profit for Resource Industries increased by 2% to $355 million as price and volume more than offset unfavorable manufacturing costs, which largely reflected higher material and freight costs. The segment's operating profit margin decreased by 170 basis points versus last year to 12% as inflationary cost pressures impacted the segment margins similar to Construction Industries.

轉到幻燈片 12。資源行業第二季度的銷售額增長了 16%，達到 30 億美元。改善主要是由於有利的價格實現和更高的銷量。售後零件銷售量增加。 Resource Industries 第二季度的利潤增長了 2%，達到 3.55 億美元，因為價格和數量遠遠超過了不利的製造成本，這在很大程度上反映了更高的材料和運費成本。該部門的營業利潤率與去年相比下降了 170 個基點至 12%，原因是通脹成本壓力影響了類似於建築行業的部門利潤率。

Now on Slide 13. Energy & Transportation sales increased by 15% to approximately $5.7 billion with sales up across all applications. This included an 8% sales increase in oil and gas as sales of aftermarket parts, reciprocating engines and engines used for well servicing and gas compression increased. Solar turbine sales and oil and gas applications lagged the prior year. Power generation sales increased by 13% on stronger sales volume in small reciprocating engines and aftermarket parts. Sales of solar turbines increased in power generation. Industrial sales rose by 24% with strength across all regions. Finally, transportation sales increased by 7% on reciprocating engine aftermarket part sales and strength in rail services.

現在在幻燈片 13 上。能源和運輸的銷售額增長了 15%，達到約 57 億美元，所有應用的銷售額都在增長。這包括石油和天然氣的銷售額增長了 8%，因為售後零件、往復式發動機和用於修井和氣體壓縮的發動機的銷售額增加了。太陽能渦輪機銷售和石油和天然氣應用落後於上一年。由於小型往復式發動機和售後市場零件的銷量增加，發電銷量增長了 13%。太陽能渦輪機的發電量增加。工業銷售額增長了 24%，所有地區都表現強勁。最後，由於往復式發動機售後零件銷售和鐵路服務的實力，運輸銷售增長了 7%。

Second quarter profit for Energy & Transportation decreased by 11% to $659 million. Higher manufacturing costs reflected continued headwinds from inflationary cost pressures in freight and material, which were partially offset by favorable price realization and higher sales volume. As a reminder, Energy & Transportation took price increases later in the year in 2021, given the different market dynamics as compared to the other primary segments.

第二季度能源與運輸的利潤下降 11% 至 6.59 億美元。較高的製造成本反映了貨運和材料通脹成本壓力的持續不利因素，這部分被有利的價格實現和更高的銷量所抵消。提醒一下，鑑於與其他主要細分市場不同的市場動態，能源和運輸在 2021 年晚些時候價格上漲。

In addition, SG&A and R&D expenses increased due to investments aligned with our strategic initiatives, including electrification and services growth, coupled with higher short-term incentive compensation. The segment's operating margin decreased by 320 basis points versus last year to 11.6%, impacted by the same inflationary cost pressures as our other primary segments.

此外，由於與我們的戰略計劃（包括電氣化和服務增長）相一致的投資以及更高的短期激勵薪酬，SG&A 和研發費用有所增加。該部門的營業利潤率與去年相比下降了 320 個基點至 11.6%，受到與我們其他主要部門相同的通脹成本壓力的影響。

Moving to Slide 14. Financial Products revenue increased by 3% to $798 million. Segment profit decreased by 11% to $217 million. The profit decrease was mainly due to an unfavorable impact from movements in equity securities and insurance services. Our higher provision for credit losses at Care Financial primarily relating to reserves associated with Russia and Ukraine also weighed on profit. A favorable impact from return to repossessed equipment served as a partial offset.

轉到幻燈片 14。金融產品收入增長 3% 至 7.98 億美元。分部利潤下降 11% 至 2.17 億美元。溢利減少主要是受權益證券及保險服務變動的不利影響所致。我們對 Care Financial 信貸損失的較高撥備主要與俄羅斯和烏克蘭相關的儲備有關，這也對利潤造成了壓力。歸還設備的有利影響起到了部分抵消作用。

Moving to our credit portfolio. Customers and dealers continue to perform well as our leading indicators remain strong. Past dues, which are a good proxy for the financial health of our customers were 2.19% compared to 2.58% at the end of the second quarter of 2021. That's down 39 basis points year-over-year. As is typical, retail new business volume improved sequentially versus the first quarter. And while we did see a 12% decrease versus the prior year, nearly half of that decline was attributable to China, where we saw COVID restrictions reinstated.

轉向我們的信貸組合。由於我們的領先指標保持強勁，客戶和經銷商繼續表現良好。過去的會費是我們客戶財務狀況的良好代表，為 2.19%，而 2021 年第二季度末為 2.58%。同比下降 39 個基點。與第一季度一樣，零售新業務量環比增長。雖然我們確實看到與去年相比下降了 12%，但下降的近一半歸因於中國，我們看到中國恢復了 COVID 限制。

In addition, although our match funding strategy serves to mitigate our risks from interest rate changes, rising rates typically do benefit banks from a competitive financing perspective. We saw this play out in the second quarter as our share of machines financed declined slightly. We continue to benefit from robust demand for used machines from both a volume and price perspective. This reflects the underlying demand trends we are seeing for equipment.

此外，雖然我們的配套融資策略有助於減輕利率變化帶來的風險，但從競爭性融資的角度來看，利率上升通常確實有利於銀行。我們在第二季度看到了這種情況，因為我們融資的機器份額略有下降。從數量和價格的角度來看，我們繼續受益於對二手機器的強勁需求。這反映了我們所看到的設備的潛在需求趨勢。

Now on Slide 15. We generated about $1.1 billion in ME&T free cash flow during the quarter, a decrease of about $600 million versus the second quarter 2021. We continue to build production inventory to help manage through supply chain challenges. Looking ahead, we expect stronger free cash flow in the second half due to the absence of the payment of incentive compensation. We also do not anticipate our working capital rise as it did in the first half of the year. Therefore, we continue to expect to achieve our Investor Day ME&T free cash flow target of between $4 billion and $8 billion for the full year.

現在在幻燈片 15 上。我們在本季度產生了約 11 億美元的 ME&T 自由現金流，與 2021 年第二季度相比減少了約 6 億美元。我們繼續建立生產庫存以幫助應對供應鏈挑戰。展望未來，由於沒有支付激勵薪酬，我們預計下半年的自由現金流將更加強勁。我們也預計我們的營運資金不會像今年上半年那樣增加。因此，我們繼續期望全年實現我們的投資者日 ME&T 自由現金流目標在 40 億美元至 80 億美元之間。

As Jim mentioned, we paid around $600 million in dividends, in addition to repurchasing about $1.1 billion worth of common stock, supporting our objective to be in the market on a more consistent basis. Enterprise cash was $6 billion, a $500 million decrease compared to the first quarter of 2022. The decrease was primarily driven by the $1.7 billion in shareholder return, net of ME&T free cash flow generation.

正如吉姆所說，除了回購價值約 11 億美元的普通股外，我們還支付了約 6 億美元的股息，以支持我們以更加一致的方式進入市場的目標。企業現金為 60 億美元，與 2022 年第一季度相比減少了 5 億美元。減少的主要原因是 17 億美元的股東回報（扣除 ME&T 自由現金流產生）。

We also continue to hold some of our cash balances and slightly longer-dated liquid marketable securities, in order to improve the yield on net cash. Our liquidity remains strong.

我們還繼續持有一些現金餘額和期限稍長的流動有價證券，以提高淨現金收益率。我們的流動性依然強勁。

Now on Slide 16. In light of the current environment, including supply chain constraints, we continue to refrain from providing annual profit per share guidance. However, I will share some thoughts on our third quarter and full year.

現在在幻燈片 16 上。鑑於當前環境，包括供應鏈限制，我們繼續避免提供年度每股利潤指導。但是，我將分享一些關於我們第三季度和全年的想法。

As a reminder, the second quarter played out about as we had anticipated on the top line, although the inputs varied somewhat. Pricing was better than expected, while sales of equipment to end users lagged our expectations due to supply chain challenges and additional weakness in China.

提醒一下，儘管投入有所不同，但第二季度的表現與我們預期的一樣。定價好於預期，而由於供應鏈挑戰和中國的額外疲軟，對最終用戶的設備銷售落後於我們的預期。

Looking to the third quarter, we currently anticipate the top line will increase compared to the prior year on higher sales to users and favorable price realization. Strong demand should support higher sales across the three primary segments, subject to our ability to navigate through the ongoing supply chain changes.

展望第三季度，我們目前預計由於對用戶的銷售增加和有利的價格實現，收入將比上一年增加。強勁的需求應該會支持三個主要細分市場的更高銷售額，這取決於我們應對持續供應鏈變化的能力。

For the second half of the year, we expect revenues to be higher compared to the first half. To reiterate Jim's comment, we remain encouraged by the strong demand in our end markets for our equipment and services.

今年下半年，我們預計收入將高於上半年。重申 Jim 的評論，我們仍然對終端市場對我們的設備和服務的強勁需求感到鼓舞。

Order levels and backlogs remain strong. Dealer inventory levels remain at the low end of the typical range and rental fleets are aging. Finally, infrastructure investment later in the year should be supportive.

訂單水平和積壓依然強勁。經銷商庫存水平保持在典型範圍的低端，租賃車隊正在老化。最後，今年晚些時候的基礎設施投資應該會起到支持作用。

On margins in the third quarter, we anticipate gains across our three primary segments as compared to the prior year and first half. Construction Industries and Resource Industries margins should improve as price realization continues to flow through and more than offset manufacturing cost inflation. In Energy & Transportation, we expect pricing to continue to gain momentum and offset manufacturing costs.

在第三季度的利潤率方面，我們預計與去年和上半年相比，我們的三個主要部門都會有所增長。建築業和資源業的利潤率應該會隨著價格實現的持續流動而提高，而且不僅抵消了製造成本的上漲。在能源和運輸方面，我們預計定價將繼續增長並抵消製造成本。

For the second half of the year, both the enterprise and segment levels, we anticipate adjusted operating profit margin improvement compared to both the first half and the comparable periods of 2021. The impact of price actions should accelerate and though we anticipate continued increases in manufacturing costs, we are starting to let the significant increases, particularly in freight and material costs, that we saw in the second half of the last year. Finally, to assist you with your modeling, we currently expect our accrual for short-term incentive compensation to be around $1.6 billion this year. We continue to anticipate a global effective tax rate of around 24% and restructuring spend of approximately $600 million for the full year.

對於下半年的企業和部門層面，我們預計調整後的營業利潤率與 2021 年上半年和可比期間相比都會有所改善。價格走勢的影響應該會加速，儘管我們預計製造業將繼續增長成本，我們開始讓我們在去年下半年看到的顯著增加，特別是運費和材料成本。最後，為了幫助您進行建模，我們目前預計我們今年的短期激勵薪酬應計額約為 16 億美元。我們繼續預計全球有效稅率約為 24%，全年重組支出約為 6 億美元。

Turning to Slide 17. In summary, we performed well in the quarter where demand generally remains strong, but our ability to satisfy that demand was constrained by supply chain challenges. Despite this backdrop, we realized $1.4 billion more in sales and revenue, supported by strong price realization and services. Looking ahead, comparisons should ease in the second half of the year, and despite the challenging environment, we continue to expect to achieve our Investor Day targets for adjusted operating profit margin and ME&T free cash flow for the full year.

轉到幻燈片 17。總而言之，我們在需求普遍保持強勁的季度表現良好，但我們滿足該需求的能力受到供應鏈挑戰的限制。儘管如此，在強勁的價格實現和服務的支持下，我們的銷售額和收入增加了 14 億美元。展望未來，下半年的比較應該會有所緩解，儘管環境充滿挑戰，但我們繼續期望實現全年調整後的營業利潤率和 ME&T 自由現金流的投資者日目標。

And with that, we'll now take your questions.

有了這個，我們現在將回答您的問題。

(Operator Instructions) Your first question comes from the line of Jamie Cook with Credit Suisse.

（操作員說明）您的第一個問題來自瑞士信貸的 Jamie Cook。

I guess my question, understanding challenging environment, it sounds like the second quarter was a little short of your expectations yet we're raising our short-term incentive comp. So just trying to get some clarification around that. And then any help on confidence level sales to users are improving in the back half of the year. Are you seeing any improvement in supply chain and sort of how we should think about it?

我想我的問題是，了解具有挑戰性的環境，聽起來第二季度有點低於你的預期，但我們正在提高我們的短期激勵補償。因此，只是試圖對此進行澄清。然後，在今年下半年，對用戶信心水平銷售的任何幫助都在改善。您是否看到供應鏈有任何改善，以及我們應該如何看待它？

Jamie, to answer your first question. So we accrue for incentive compensation based on our expectation for full year results. And as you know from our proxy, primarily our incentive compensation is based on operating profit, OPEC and services revenues. So again, the increase in the quarter was not due to the quarter, but it was due to our expectations for the full year.

傑米，回答你的第一個問題。因此，我們根據對全年業績的預期來累積激勵薪酬。正如您從我們的代理人那裡知道的那樣，我們的激勵薪酬主要基於營業利潤、歐佩克和服務收入。同樣，本季度的增長不是由於季度，而是由於我們對全年的預期。

Your second question, we have not seen a significant improvement in supply chain. It's still hand-to-hand combat. Our teams are working way through those issues. Again, very proud of the team that they're able to turn in double-digit sales growth despite those supply chain challenges, but we have not seen them ease. It changes from component to component. One day, it's one issue, d day, it's another issue. But at the macro level, we have not yet seen an improvement.

你的第二個問題，我們沒有看到供應鏈有顯著改善。仍然是肉搏戰。我們的團隊正在努力解決這些問題。再次為團隊感到非常自豪的是，儘管存在供應鏈挑戰，他們仍能夠實現兩位數的銷售增長，但我們並沒有看到他們放鬆。它從一個組件更改為另一個組件。一天，這是一個問題，一天，這是另一個問題。但在宏觀層面，我們還沒有看到改善。

However, let me just add, one of the things, if you recall, Jamie, is normally, we have a stronger first half from a production perspective, particularly in Construction Industries. Obviously, as you -- normally, you would see revenues decline in the second half. We don't expect that because, obviously, we expect to be able to now use some of that production capacity to meet some of the end-user demand.

但是，讓我補充一下，如果你還記得的話，傑米，其中一件事通常是，從生產的角度來看，我們有一個更強勁的上半年，特別是在建築行業。顯然，就像你一樣——通常情況下，你會看到下半年的收入下降。我們不期望這樣，因為很明顯，我們希望現在能夠利用部分生產能力來滿足一些最終用戶的需求。

Within Resource Industries, we will expect -- we've had some commissioning delays. We've continued to see that. We expect those to ease, which will help us in the second half from a Street perspective. So that's not really supply chain related.

在資源行業中，我們預計 - 我們有一些調試延遲。我們繼續看到這一點。我們預計這些會有所緩解，從華爾街的角度來看，這將在下半年幫助我們。所以這與供應鏈無關。

And then finally, in Energy & Transportation, as always, we do expect a stronger second half of the year. That overall gives us confidence without actually any change in supply chain that we should be able to see through improvement in the second half of the year.

最後，在能源和運輸方面，一如既往，我們確實預計下半年會更強勁。總體而言，這給了我們信心，而供應鏈實際上沒有任何變化，我們應該能夠在下半年看到改善。

Your next question comes from the line of Tami Zakaria with JPMorgan.

您的下一個問題來自摩根大通的 Tami Zakaria。

Could you share what your volume expectation is for the back half? It seems like your volume growth in the first half was in the 3% to 4% range. Do you expect that volume to improve sequentially in both 3Q and 4Q? And what about pricing for the back half, should we expect similar 8% to 9% pricing as well like you saw in the second quarter?

您能否分享您對後半部分的成交量預期？看起來你們上半年的銷量增長在 3% 到 4% 的範圍內。您是否預計第三季度和第四季度的銷量會依次增加？那麼後半部分的定價呢，我們是否應該像您在第二季度看到的那樣預期 8% 到 9% 的定價？

So to answer your first question, we do expect volume to grow and price to improve sequentially and year-over-year in the third and fourth quarters.

因此，為了回答您的第一個問題，我們確實預計第三季度和第四季度的銷量將增長，價格將環比和同比增長。

Yes. And as far as actually the percentage is concerned, obviously, the issue, obviously, in the second half on the volume basis, there's a -- volume includes both services revenues as well as [SUS]. So obviously, it's dependent on how both of those perform.

是的。就實際百分比而言，顯然，問題，顯然，在下半年的數量基礎上，有一個 - 數量包括服務收入以及[SUS]。很明顯，這取決於兩者的表現。

And on the sort of pricing level, as we've said consistently, we expect pricing to improve in the second half of the year, which should drive overall improvement as we go through the year. Reminder, we do have -- did have some price increases in the second half of 2021 as well.

正如我們一直所說的那樣，在定價水平上，我們預計下半年定價會有所改善，這將推動我們今年的整體改善。提醒一下，我們確實 - 在 2021 年下半年也確實有一些價格上漲。

Your next question comes from the line of Nicole DeBlase with Deutsche Bank.

您的下一個問題來自德意志銀行的 Nicole DeBlase。

Maybe just digging into that last question from Tami a little bit. On the outlook for volume, is that improvement that you're expecting in the second half of -- or predominantly a function of end-user demand? Or what are your expectations for dealer inventories as well?

也許只是深入研究 Tami 的最後一個問題。關於數量的前景，您期望在下半年出現這種改善 - 還是主要取決於最終用戶的需求？或者您對經銷商庫存的期望是什麼？

Yes. I mean, obviously, our expectation is still for the full year that we don't expect a significant change in dealer inventory. As you know, we have had a small build year-to-date. Obviously, it's dependent again where demand is product by product for how those dealer inventory movements will occur for the remainder of the year. But obviously -- and also part of the dealer inventory build is within Resource Industries where we are all having some commissioning delays. We expect those to work out as we go through the year.

是的。我的意思是，顯然，我們的預期仍然是全年，我們預計經銷商庫存不會發生重大變化。如您所知，我們年初至今進行了小型構建。顯然，這又取決於這些經銷商庫存變動在今年剩餘時間裡將如何發生的逐個產品的需求。但很明顯 - 經銷商庫存的一部分也在資源行業內，我們都遇到了一些調試延遲。我們希望這些都能在我們度過這一年時得到解決。

It really is mostly a function of the end-user demand. As we say, the challenge for us at the moment is around being able to meet that end-user demand from a supply chain perspective.

它實際上主要是最終用戶需求的函數。正如我們所說，目前我們面臨的挑戰是能夠從供應鏈的角度滿足最終用戶的需求。

And as it typically the case, Energy & Transportation will have strong -- will be stronger at the end of the year than they were in the first half of the year, particularly solar turbines.

通常情況下，能源和運輸將在今年年底變得比上半年更強勁，尤其是太陽能渦輪機。

Your next question comes from the line of David Raso with Evercore.

您的下一個問題來自與 Evercore 的 David Raso。

Your backlog surprisingly went up sequentially. And the backlog right now, seems like it covers most of your back half of the year, but historically, not all the backlog ships that quickly. So I'm just curious, the order flow that you're getting for '23 right now, can you give us some insight into -- we know you have a big backlog and still some supply chain issues, price cost is getting better, but really trying to think about demand into '23. You do have some window with some of the order programs, the BOM program that you have where guys can order early for '23. Can you just give us some perspective on what you're seeing for equipment appetite for next year?

你的積壓令人驚訝地依次上升。現在的積壓工作似乎涵蓋了你下半年的大部分時間，但從歷史上看，並不是所有的積壓工作都那麼快發貨。所以我很好奇，你現在 23 年的訂單流，你能給我們一些見解 - 我們知道你有大量積壓，還有一些供應鏈問題，價格成本越來越好，但真的試圖考慮到 23 年的需求。您確實有一些帶有一些訂購程序的窗口，即您擁有的 BOM 程序，人們可以在 23 年提前訂購。您能否就您對明年設備需求的看法給我們一些看法？

Yes, a couple of comments. So our backlog increase of $2 billion was primarily driven -- was led by Energy & Transportation. And as we've mentioned previously, we have seen an increase in orders from solar turbines oil and gas customers that will start to impact us in late 2022 and into 2023. Our backlog in Resource Industries remains healthy and would have increased if not for some Russia cancellations that we had so again, as we look forward, we're not making a prediction about 2023. But again, that strong backlog does help us feel good.

是的，有幾條評論。因此，我們 20 億美元的積壓訂單增加主要是由能源和運輸部門推動的。正如我們之前提到的，我們已經看到來自太陽能渦輪機石油和天然氣客戶的訂單增加，這將在 2022 年末和 2023 年開始影響我們。我們在資源行業的積壓仍然健康，如果不是一些人的話，將會增加俄羅斯取消了我們再次如此，正如我們所期待的那樣，我們沒有對 2023 年做出預測。但同樣，強大的積壓確實讓我們感覺良好。

The other thing is Construction Industries, the infrastructure bill, we believe it will start to impact us in late 2022 and into 2023. So again, for those -- I'll provide that as color, although obviously, we're not making a 2023 prediction at this point.

另一件事是建築行業，即基礎設施法案，我們相信它將在 2022 年末和 2023 年開始影響我們。所以，對於那些——我將把它作為顏色提供，儘管很明顯，我們並沒有製定2023年的預測在這一點上。

Your next question comes from the line of Jerry Revich with Goldman Sachs.

您的下一個問題來自 Jerry Revich 與 Goldman Sachs 的對話。

Jim, I'm wondering if you could just weigh in with your views on how your mining customers will respond given the commodity price volatility. We've seen over the past months how different is this environment versus 2018 where for a brief period of time and the correction we saw slowing replacement demand as the miners hit the pause button. Just wondering if you could compare and contrast based on your conversations with mining customers on prospective orders today.

吉姆，我想知道您是否可以就您的礦業客戶在大宗商品價格波動情況下的反應發表意見。在過去的幾個月裡，我們已經看到這種環境與 2018 年相比有多麼不同，2018 年在短時間內以及隨著礦工按下暫停按鈕而導致更換需求放緩的修正。只是想知道您是否可以根據您今天與採礦客戶就潛在訂單的對話進行比較和對比。

Well, certainly, our mining customers continue to display capital discipline. Having said that, we're encouraged by the conversations that we're having with our mining customers. They're making decisions based on a very long-term view. And of course, the energy transition is creating perceived additional demand for many commodities moving forward, think about electric vehicles, think about other kinds of minerals that will need to be mined based -- to support the energy transition.

好吧，當然，我們的採礦客戶繼續表現出資本紀律。話雖如此，我們與採礦客戶的對話令我們感到鼓舞。他們基於非常長遠的眼光做出決定。當然，能源轉型正在為許多向前發展的商品創造額外的需求，想想電動汽車，想想其他需要開采的礦物——以支持能源轉型。

So having said that, we mentioned that we had some cancellations in Russia. But again, we remain quite positive based on -- for the medium and long-term outlook for mining based on the conversations that we're having with customers.

話雖如此，我們提到我們在俄羅斯有一些取消。但同樣，基於我們與客戶的對話，我們對採礦的中長期前景仍然非常樂觀。

Your next question comes from the line of Chad Dillard with Bernstein.

您的下一個問題來自 Chad Dillard 和 Bernstein 的觀點。

I have a question for you guys on manufacturing costs. You did about, I think it was $966 million year-on-year increase. Is that the high watermark for the year? And then just how to think about the -- or if you can quantify that inventory impact in corporate expenses for the quarter and how to think about it for the year?

我有一個關於製造成本的問題。你確實做到了，我認為同比增長了 9.66 億美元。這是今年的高水位嗎？然後只是如何考慮 - 或者您是否可以量化該季度對公司支出的庫存影響以及如何考慮這一年？

Yes, Chad. So first of all, obviously, as we started the year, we did expect a moderation of supply chain or manufacturing cost increases as we went through the year. And obviously, we start to lap some of the significant increases in the back half, both material cost and freight cost inflation, it remains. So I think we've taken the appropriate pricing actions. So we're optimistic about the ability for us to more than offset.

是的，乍得。因此，首先，顯然，在我們年初的時候，我們確實預計在這一年中供應鍊或製造成本會有所放緩。很明顯，我們開始關注後半部分的一些顯著增長，包括材料成本和運費成本通脹，它仍然存在。所以我認為我們已經採取了適當的定價措施。因此，我們對我們的抵消能力持樂觀態度。

Obviously, I'm not going to predict about where we are looking in Q3 and Q4. However, the delta between price and manufacturing costs, which is really the most important part from our perspective, will actually get wider and that really is to help us actually catch back up some of the shortfalls we've seen over the previous few quarters. So from a margin perspective, that will be a positive.

顯然，我不會預測我們在第三季度和第四季度的展望。然而，從我們的角度來看，價格和製造成本之間的差異實際上是最重要的部分，它實際上會變得更大，這實際上是為了幫助我們真正彌補我們在前幾個季度看到的一些不足。因此，從利潤率的角度來看，這將是積極的。

With regards to the corporate expenses, I mean just -- again, just to reiterate, corporate items and eliminations include a lot of items, which are -- they relate to the business units, but obviously, they're not accounted for on a business unit-specific basis. The inventory impact is a reasonably sized number. We had a -- and we actually -- I think it was about $100-odd million last quarter and a similar number this year, quarter. The other things in there include things like warranty costs and profit inventories. All of those things are impacts, which actually do underline the impact of the overall margins within the segment. So just one thing challenging for you guys to model, but obviously, we're just trying to be as clear as we can about it.

關於公司費用，我的意思是 - 再次重申一下，公司項目和消除包括很多項目，它們與業務部門有關，但顯然，它們沒有被計入業務單元特定的基礎。庫存影響是一個合理大小的數字。我們有一個 - 實際上我們 - 我認為上個季度大約是 1 億美元，今年這個季度的數字也差不多。其中的其他內容包括保修成本和利潤庫存等。所有這些都是影響，實際上確實強調了該細分市場整體利潤率的影響。所以只有一件事對你們建模具有挑戰性，但顯然，我們只是想盡可能地清楚這一點。

Your next question comes from the line of Michael Feniger with Bank of America.

您的下一個問題來自美國銀行的 Michael Feniger。

North America retail sales and construction, obviously, minus 3%. You discussed the supply constraints. I'm curious when we look at some of the rental branches and companies reported another quarter of double-digit growth there, do you feel there's any competitive dynamics going on there, maybe losing share and maybe smaller construction equipment by chance because of these supply constraints? How does Caterpillar kind of deal with this issue with rental continue to -- it feels like gain share in this tight market? Curious of your views there.

北美零售額和建築業顯然是負 3%。您討論了供應限制。我很好奇，當我們看到一些租賃分支機構和公司報告那裡又有四分之一的兩位數增長時，你是否覺得那裡有任何競爭動態，可能會因為這些供應而失去份額，或者偶然地減少建築設備約束？ Caterpillar 如何繼續解決這個租金問題 - 感覺就像在這個緊張的市場中獲得份額？很好奇你在那裡的看法。

Well, thanks for your question, Michael. And of course, we have a rental business as well that our dealers are very focused on. And again, we are in a supply chain constrained environment. So dealer has to make a decision between putting something in the rental fleet or selling it to a retail customer who wants that equipment. And so our retail fleet is aging.

好吧，謝謝你的問題，邁克爾。當然，我們也有我們的經銷商非常關注的租賃業務。同樣，我們處於供應鏈受限的環境中。因此，經銷商必須在將某些東西放入租賃車隊或將其出售給需要該設備的零售客戶之間做出決定。因此，我們的零售車隊正在老化。

Having said that, we're not concerned about share. We're holding our own. It's really an issue of still strong demand and just our ability to completely meet that strong demand. Again, we did turn in a total company level, double-digit sales growth.

話雖如此，我們並不關心份額。我們持有我們自己的。這確實是一個需求仍然強勁的問題，只是我們完全滿足這種強勁需求的能力。同樣，我們確實實現了公司層面的兩位數銷售增長。

Yes. And fundamentally, I mean, obviously, rental is a financing decision and obviously has cost implications. And so obviously, for a lot of our customers who are using the machine on a more frequent basis, rental is not necessarily the best option because of the cost implications. That's why we do believe over time, as the supply chain eases, they will be buying machines, and we know they do want those machines. But obviously, in a short-term basis, they may use rental as a stop gap until they are able to get their machine from us.

是的。從根本上說，我的意思是，租賃顯然是一項融資決策，顯然具有成本影響。很明顯，對於我們的許多更頻繁地使用機器的客戶來說，由於成本問題，租賃不一定是最佳選擇。這就是為什麼我們相信隨著時間的推移，隨著供應鏈的放鬆，他們會購買機器，我們知道他們確實想要這些機器。但顯然，在短期內，他們可能會使用租賃作為權宜之計，直到他們能夠從我們這裡獲得他們的機器。

Your next question comes from the line of Stephen Volkmann with Jefferies.

您的下一個問題來自 Jefferies 的 Stephen Volkmann。

My question is on the cost side. We've seen decreases in some of the metals and energy and freight indices that are sort of big and broad. And I'm wondering if you're starting to see any moderation in those costs yet or if there's perhaps another quarter or 2 before that would start to kind of flow through?

我的問題是在成本方面。我們已經看到一些大而廣泛的金屬、能源和貨運指數下跌。而且我想知道您是否開始看到這些成本有所緩和，或者在此之前是否可能還有另一個季度或 2 個季度才會開始流動？

Yes, we're still dealing with an inflationary environment, and we have not seen a decrease from our suppliers as a result of commodity price reductions. As you know, it takes a while for those kind of changes to work their way through the supply chain. And of course, there's volatility there as well. So, no. The short answer to the question is no, we haven't seen any moderation in those costs.

是的，我們仍在應對通貨膨脹的環境，而且我們還沒有看到我們的供應商因商品價格下降而減少。如您所知，這些變化需要一段時間才能在供應鏈中發揮作用。當然，那裡也存在波動。所以不行。這個問題的簡短回答是否定的，我們沒有看到這些成本有任何緩和。

Your next question comes from the line of Mig Dobre with Baird.

您的下一個問題來自 Mig Dobre 和 Baird。

Just going back to the pricing discussion. You've done a little better than 9% in the quarter. But I'm sort of curious if we're sort of thinking about the order intake that you had this quarter relative to what actually flowed through the P&L, can you give us a sense for how the pricing is looking for the most recent orders that you had here?

回到定價討論。你在本季度的表現略好於 9%。但我有點好奇，如果我們在考慮您本季度的訂單量與實際流經損益表的訂單量之間的關係，您能否告訴我們定價如何尋找最近的訂單量你曾在這裡？

And I'm also thinking about your competitors, right? We saw some of your Japanese competitors report much lower price increases. So I'm curious how you think about competitive dynamics globally around that.

我也在考慮你的競爭對手，對吧？我們看到你們的一些日本競爭對手報告的價格漲幅要低得多。所以我很好奇你是如何看待全球競爭動態的。

Yes. So I mean, obviously, as we look through, I mean, obviously, as you know, we do have some price protection on orders in the backlog that, as we say, is always taken into account when we're thinking about the decisions.

是的。所以我的意思是，很明顯，當我們仔細研究時，我的意思是，很明顯，正如你所知，我們確實對積壓的訂單有一些價格保護，正如我們所說，在我們考慮決策時總是考慮到這一點.

As far as the competitive dynamic, we are not seeing any impact on share relative as a result of the price increases we've taken. So we are -- obviously, we'll always keep a close eye on that. But generally, we are -- as we said, we actually saw price being slightly better than we expected in the quarter. And so that is a net positive for us and around. And obviously, demand for machines remain strong, which helps from a pricing environment perspective.

就競爭動態而言，我們沒有看到由於我們採取的價格上漲而對相對份額產生任何影響。所以我們 - 顯然，我們會一直密切關注這一點。但總的來說，我們 - 正如我們所說，我們實際上看到本季度的價格略好於我們的預期。所以這對我們和周圍都是積極的。顯然，對機器的需求依然強勁，這從定價環境的角度來看是有幫助的。

And as you know, we've been very focused on services in the last few years and one of the main elements of that is to increase the value that we provide to our customers. So it's not simply always a price discussion. We know we must be competitive, that's very important, but we also strive to deliver increased value to our customers, minimizing downtime, maximizing availability, great part support, do a great job supporting them. So again, it's more than just price. We're really focused on through our services initiatives, increasing the value that we provide to our customers. And that's all part of their purchasing decision.

如您所知，我們在過去幾年一直非常專注於服務，其中一個主要因素是增加我們為客戶提供的價值。所以這並不總是簡單的價格討論。我們知道我們必須具有競爭力，這非常重要，但我們也努力為我們的客戶提供更高的價值，最大限度地減少停機時間，最大限度地提高可用性，提供出色的零件支持，出色地支持他們。再說一次，這不僅僅是價格。我們真正專注於通過我們的服務計劃，增加我們為客戶提供的價值。這都是他們購買決定的一部分。

Your next question comes from the line of Kristen Owen with Oppenheimer.

你的下一個問題來自克里斯汀歐文和奧本海默的對話。

Wanted to follow up actually on the services and aftermarket strength that you reported in the quarter. And just if you could offer some context around how much of that is owing to some of the service alert capabilities and the agreements that you've been signing over the last several years versus just what you're seeing from a utilization perspective, how much of the aftermarket parts is related to just equipment that's being used more frequently?

希望實際跟進您在本季度報告的服務和售後市場實力。如果您可以提供一些背景信息，說明其中有多少是由於某些服務警報功能和您在過去幾年中籤署的協議，而不是您從利用率的角度看到的，有多少的售後零件僅與使用頻率更高的設備有關嗎？

Yes. It's a whole variety of issues. And certainly, utilization is up, which we feel good about, but we're also gaining traction on our service initiatives, everything from the investments that we've made to increase parts availability using a system that we call PIC, which allows us to work with our dealers to ensure that we have the right parts and anticipate what customers will need. We now have 1.2 million connected assets. So that gives us much better visibility for everything from getting the right parts to the right dealer so that the customers get them when they need it to allowing us to help customers avoid downtime, maximizing availability, maximize production. We've also invested significantly in our e-commerce capability, and we're seeing good progress there.

是的。這是各種各樣的問題。當然，利用率提高了，我們對此感覺良好，但我們的服務計劃也獲得了關注，從我們為使用我們稱為 PIC 的系統提高零件可用性所做的投資中，我們可以與我們的經銷商合作，確保我們擁有正確的零件並預測客戶的需求。我們現在擁有 120 萬個關聯資產。因此，這使我們能夠更好地了解從正確的零件到正確的經銷商的所有事情，以便客戶在需要時獲得它們，再到使我們能夠幫助客戶避免停機、最大限度地提高可用性、最大限度地提高產量。我們還對我們的電子商務能力進行了大量投資，並且我們看到了良好的進展。

Again, a whole range of digital investments that we're making are really starting to produce results, and we're very bullish on that. So it's really a combination of both. Certainly, utilization is up, but also we're seeing positive results from all the hard work of our teams over the last few years.

同樣，我們正在進行的一系列數字投資真正開始產生成果，我們對此非常看好。所以它實際上是兩者的結合。當然，利用率上升了，但我們也看到了過去幾年我們團隊所有辛勤工作的積極成果。

Your next question comes from the line of Steven Fisher with UBS.

你的下一個問題來自瑞銀的史蒂文費舍爾。

Just a regional question on the construction segment. On Europe, first, you talked about -- or can you talk a little bit more about what you're seeing from the end-user demand and the feedback you're getting from dealers in the wake of softer market conditions? Is this kind of a maybe a 1-quarter thing ahead of what some of the stimulus might flow through there? Or do you think we're kind of settling in for something that could be a little bit longer period of weakness there? And similarly, in China, are you getting any sense that recent announcements around stimulus could start to move the needle there more in the positive direction?

只是一個關於建築領域的區域性問題。在歐洲，首先，您談到了——或者您能否多談談您從最終用戶需求中看到的情況以及在市場環境疲軟後您從經銷商那裡得到的反饋？這種可能會比一些刺激措施可能流經那裡提前 1 個季度嗎？還是您認為我們正在適應可能會出現更長的疲軟期的事情？同樣，在中國，您是否感覺到最近有關刺激措施的公告可能會開始將針頭移向積極的方向？

Well, starting with Europe. Revenues were down in the quarter, largely a result of the strengthening dollar. So it's really a currency issue. General business activity has moderated in the EU, and we'll keep a close eye on that. But there are -- as you know, there has been -- there was an EU infrastructure package that passed and we're watching that closely as well and that certainly could positively impact us moving forward. So again, we're watching it very closely. There's some positives. There are some things that aren't so positive. So we'll see how it all plays out.

好吧，從歐洲開始。本季度收入下降，主要是由於美元走強。所以這真的是一個貨幣問題。歐盟的一般商業活動已經放緩，我們將密切關注這一點。但正如你所知，已經有一個歐盟基礎設施一攬子計劃通過了，我們也在密切關注，這肯定會對我們的前進產生積極影響。因此，我們再次密切關注它。有一些積極的一面。有些事情不是那麼積極。所以我們會看看這一切是如何發生的。

In China, we have seen the market weakened, as I mentioned. We had a couple of very strong years in 2020 and particularly in 2021. It's too early for us to really predict what's going to happen there. To your specific question, again, we'll continue to support our customers there. And again, what we see now, of course, is a weaker market for that 10 tonne above excavator market than we had previously.

正如我所提到的，在中國，我們看到市場疲軟。 2020 年，尤其是 2021 年，我們經歷了非常強勁的幾年。現在預測那裡會發生什麼還為時過早。對於您的具體問題，我們將繼續為那裡的客戶提供支持。再說一次，我們現在看到的當然是 10 噸以上的挖掘機市場比我們以前更弱。

Your next question comes from the line of Matt Elkott with Cowen.

您的下一個問題來自 Matt Elkott 和 Cowen 的對話。

Good to see the continued strong net growth in the backlog. I was hoping you can tell us if you've had any backlog cancellations, not related to Russia, as you discussed, but ones that can be attributable to direct dealer or indirectly to higher interest rates, lower commodity prices or the cooling in the housing market?

很高興看到積壓訂單持續強勁的淨增長。我希望你能告訴我們你是否有任何積壓的取消，正如你所討論的那樣，與俄羅斯無關，但可以歸因於直接經銷商或間接歸因於更高的利率、更低的商品價格或住房降溫市場？

And since the answer to this question may be short, on the locomotive side, I was hoping if you can comment on, I think, your competitor just received a $1 billion order from a Class 1 on locomotive mods. I was hoping you can talk about your outlook for locomotive upgrades going forward and do local upgrades go into your service revenue.

由於這個問題的答案可能很簡短，在機車方面，我希望你能評論一下，我認為，你的競爭對手剛剛從 1 類機車模塊收到了 10 億美元的訂單。我希望您能談談您對未來機車升級的展望，並將本地升級納入您的服務收入。

Yes. So first answer to your question -- answer to your first question is no, we haven't seen cancellations outside of Russia. So again, the demand remains strong across most of our end markets. And as we've been discussing here this morning, our backlog is up. So again, we haven't seen cancellations.

是的。所以首先回答你的問題——你的第一個問題的回答是否定的，我們還沒有看到俄羅斯以外的取消。同樣，我們大多數終端市場的需求仍然強勁。正如我們今天早上在這裡討論的那樣，我們的積壓工作已經完成。再說一次，我們還沒有看到取消。

In rail, yes, there are -- obviously, we're always working to produce our -- to maximize our service revenue in locomotives. And yes, upgrades and that what we performed do go into services, if we do service work on those locomotives. So again, as you know, the number of stored locomotives is still high. It's below the 2020 peak. But again, we continue to support our customers, and that produces service opportunities for us in rail.

在鐵路方面，是的，顯然，我們一直在努力生產我們的 - 以最大限度地提高我們在機車方面的服務收入。是的，如果我們在這些機車上進行服務工作，升級以及我們所做的確實會用於服務。同樣，如您所知，存儲的機車數量仍然很高。它低於2020年的峰值。但同樣，我們繼續支持我們的客戶，這為我們在鐵路領域創造了服務機會。

Your next question comes from the line of Tim Thein with Citi Group.

您的下一個問題來自花旗集團的 Tim Thein。

I just wanted to circle back -- just to circle back to the discussion earlier on rental, but more from the standpoint of the potential opportunity for Cat into '23. And you mentioned the aging of the fleet, but we're hearing a lot from dealers, at least in the U.S. about the size of the rental fleet being smaller than they'd like. So I'm just curious is there -- I know you're not going to give us a point estimate, but is there a way to think about a range of outcomes in terms of reinvestment in rental assets into '23 by the dealer base and obviously, what that could mean from Cat's standpoint, just as you replenish those rental yards?

我只是想回過頭來——只是回過頭來討論之前關於租賃的討論，但更多的是從 Cat 進入 23 年的潛在機會的角度來看。你提到了車隊的老化，但我們從經銷商那裡聽到了很多，至少在美國，關於租賃車隊的規模比他們想要的要小。所以我只是好奇——我知道你不會給我們一個點估計，但有沒有辦法考慮經銷商群將租賃資產再投資到 23 年的一系列結果很明顯，從 Cat 的角度來看，這意味著什麼，就像你補充那些租用的院子一樣？

Right. And certainly, dealer inventory and dealer rental fleets are lower than most dealers would like at the moment due to a combination of strong demand and the supply chain constraints we have. So I do believe that when supply chain constraints start to ease, both of those represent an opportunity for us to get our dealer inventory back more towards what would be typical for them to expect and also give them an opportunity to increase their rental fleets as well. But I do believe, again, not time-bounding that, but certainly, when supply chain conditions ease, that does create an opportunity for us.

正確的。當然，由於強勁的需求和我們的供應鏈限制，經銷商庫存和經銷商租賃車隊目前低於大多數經銷商的預期。因此，我確實相信，當供應鏈限制開始緩解時，這兩者都代表我們有機會讓我們的經銷商庫存更多地回到他們預期的典型水平，同時也讓他們有機會增加他們的租賃車隊.但我再次相信，沒有時間限制，但可以肯定的是，當供應鏈條件緩解時，這確實為我們創造了機會。

Your next question comes from the line of Dillon Cumming with Morgan Stanley.

你的下一個問題來自摩根士丹利的狄龍卡明。

Just wondering if you could kind of expand on your prepared remarks in terms of what you're seeing on the resi side of the construction portfolio versus the nonres side. I think you mentioned resi, in particular has been pretty strong for you guys for almost the past 2 years. I'd imagine dealer inventories are probably pretty lean at this point. But I guess, do you feel like that part of the portfolio might start to become a drag on back half of the year and just into next year, just given that some of the softening that you're seeing in the housing-related data points?

只是想知道您是否可以根據您在建築投資組合的 resi 方面與 nonres 方面看到的內容來擴展您準備好的評論。我認為你提到了 resi，尤其是在過去的 2 年裡對你們來說非常強大。我想此時經銷商的庫存可能非常少。但我想，你是否覺得投資組合的這一部分可能會開始拖累今年下半年和明年，只是考慮到你在住房相關數據點中看到的一些疲軟?

Residential demand today remains healthy for us. Certainly, it could moderate somewhat due to interest rates and inflation. However, nonresidential demand is stable outside of China. And again, as I mentioned, due to the infrastructure bill, we are bullish that nonresidential construction in North America, U.S. particularly will improve due to the bill in late 2022 and into 2023.

今天的住宅需求對我們來說仍然是健康的。當然，由於利率和通貨膨脹，它可能會有所放緩。然而，中國以外的非住宅需求穩定。同樣，正如我所提到的，由於基礎設施法案，我們看好北美，尤其是美國的非住宅建築將因該法案在 2022 年末至 2023 年而有所改善。

And just a reminder to everybody, when we do see demand softening in certain areas that always mean -- and because we are in a supply chain constrained time and particularly around things like engine control modules, that means those can be reallocated to areas where there's stronger demand. So net-net, actually shouldn't actually have any impact on us overall.

提醒大家，當我們確實看到某些領域的需求疲軟時，這總是意味著——因為我們處於供應鏈中，時間有限，尤其是在發動機控制模塊等方面，這意味著這些可以重新分配到有更強的需求。所以net-net，實際上不應該對我們整體產生任何影響。

Your final question today comes from the line of Rob Wertheimer with Melius Research.

您今天的最後一個問題來自 Melius Research 的 Rob Wertheimer。

My question is really on kind of production and manufacturing. The segment discussion that you gave was interesting sort of maybe a leading indicator given the current cost accounting on the segments. And so one question is, does price alone gets you to your margin expectations for the back half? Or do you have to improve anything on splicing and manufacturing to get there given the segments look lower than the total?

我的問題實際上是關於生產和製造的。鑑於當前對細分市場的成本核算，您給出的細分市場討論很有趣，可能是一個領先指標。所以一個問題是，僅憑價格就能讓你達到你對後半部分的利潤率預期嗎？或者您是否必須在拼接和製造方面進行任何改進才能達到目標，因為這些細分市場看起來低於總數？

And then more fundamentally, Jim, I don't know if you can address how you feel the production system is working, how other metrics you look at, whether it's quality or safety or flow are doing. Are we seeing just cost inflation in a mismatch with price versus cost? Or are we seeing any tangles in the production systems that are more fundamental?

然後更根本的是，吉姆，我不知道您是否可以解決您對生產系統運作的感覺，您如何看待其他指標，無論是質量、安全還是流程。我們是否只看到與價格與成本不匹配的成本膨脹？或者我們是否在生產系統中看到了更基本的糾纏？

Yes. So obviously, yes, I mean, Rob, we are still seeing issues in the factories, which are causing some impacts on variable labor and burdens across that. Obviously, our assumption in the second half is that those will be slightly better, but not necessarily flowing through as efficiently as possible. We're continually working through as best as we can to make sure that.

是的。所以很明顯，是的，我的意思是，Rob，我們仍然看到工廠存在問題，這對可變勞動力和整個過程中的負擔造成了一些影響。顯然，我們在下半年的假設是這些會稍微好一些，但不一定會盡可能高效地通過。我們一直在盡最大努力確保這一點。

But price is the biggest driver because obviously, as you know, we put through those increases and order to try and offset some of that material cost inflation that's gone through. But yes, there is inefficiency, but we're hoping that some of that will ease as we go through the remainder of the year.

但價格是最大的驅動因素，因為顯然，如您所知，我們實施了這些增加和命令，以試圖抵消一些已經經歷的材料成本膨脹。但是，是的，效率低下，但我們希望隨著我們度過今年剩餘的時間，其中一些會有所緩解。

And Rob, maybe just to add on to that. So as you know, we've worked very hard on our lean manufacturing processes over the last few years. And it has been a struggle just given the supply chain challenges. And we have -- and we all learned a new term called decommit, where a supplier, or one of their suppliers decommit so we get some last-minute surprises.

還有 Rob，也許只是為了補充一點。如您所知，在過去幾年中，我們在精益製造流程上非常努力。鑑於供應鏈的挑戰，這一直是一場鬥爭。我們已經 - 我們都學習了一個名為 decommit 的新術語，供應商或他們的供應商之一在其中解除承諾，因此我們會在最後一刻得到一些驚喜。

So we're certainly not operating our factories as efficiently as we would like and as efficiently as we did before we started to come out of the pandemic. But again, we're continuing to work those issues hard and again, it's something that proud of the team despite those issues, which is creating some inefficiencies, which just create some additional costs, we were still able to turn in double-digit top line growth during the quarter.

因此，我們肯定沒有像我們開始擺脫大流行之前那樣高效地運營我們的工廠。但是再一次，我們繼續努力解決這些問題，儘管有這些問題，這還是讓團隊感到自豪的事情，這造成了一些低效率，這只會產生一些額外的成本，我們仍然能夠達到兩位數的最高水平本季度線增長。

All right. Thank you, Jim, Andrew and everyone who joined us today. A replay of our call will be available online later this morning. We'll also post a transcript on our Investor Relations website as soon as it's available. You'll also find a second quarter results video with our CFO and an SEC filing with our sales to users data. Click on investors.caterpillar.com and then click on Financials to view those materials. If you have any questions, please reach out to Rob or me. The Investor Relations general phone number is (309) 675-4549. We hope you have a great rest of the day. Now let's turn the call back to Emma to conclude our call.

好的。謝謝你，吉姆，安德魯和今天加入我們的每一個人。今天上午晚些時候將在網上重播我們的通話。我們還將盡快在我們的投資者關係網站上發布成績單。您還可以找到我們的首席財務官的第二季度業績視頻以及我們向用戶銷售數據的 SEC 文件。單擊investors.caterpillar.com，然後單擊Financials 以查看這些材料。如果您有任何問題，請聯繫 Rob 或我。投資者關係部的一般電話號碼是 (309) 675-4549。我們希望您在這一天過得愉快。現在讓我們將電話轉回給 Emma 以結束我們的電話。

Thank you for attending today's conference call. You may now disconnect.

感謝您參加今天的電話會議。您現在可以斷開連接。