開拓重工 (CAT) 2022 Q4 法說會逐字稿

Welcome to the Fourth 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.

歡迎來到 Caterpillar 2022 年第四季度收益電話會議。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 Fourth 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。各位早上好，歡迎來到卡特彼勒 2022 年第四季度財報電話會議。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；安德魯·邦菲爾德，首席財務官；全球金融服務部高級副總裁 Kyle Epley；高級投資者關係經理 Rob Rengel。

During our call, which will extend to 8:40 a.m. Central, we'll be discussing the fourth quarter and full year 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. 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.

我們的電話會議將持續到中部時間上午 8 點 40 分，我們將討論今天早些時候發布的第四季度和全年收益報告。您可以在 investors.caterpillar.com 的活動和演示下找到我們的幻燈片、新聞稿和網絡廣播回顧。本次通話的內容受美國和國際版權法保護。未經 Caterpillar 事先書面許可，禁止轉播、轉播、複製或分發此內容的全部或部分內容。

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 you 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. A detailed discussion of the many factors that we believe may have a material effect on our business on an ongoing basis is contained in our SEC filings.

轉到幻燈片 2。在我們今天的電話會議中，我們將做出前瞻性陳述，這些陳述受風險和不確定性的影響。我們還會做出可能導致我們的實際結果與我們在本次電話會議上與您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，以詳細了解可能導致我們的實際結果與我們的預測存在重大差異的單獨或總體因素。我們向美國證券交易委員會提交的文件中詳細討論了我們認為可能對我們的業務持續產生重大影響的許多因素。

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.

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

Today, we reported profit per share of $2.79 for the fourth quarter of 2022 compared with $3.91 of profit per share in the fourth quarter of 2021. We're including adjusted profit per share in addition to our U.S. GAAP results. Our adjusted profit per share was $3.86 for the fourth quarter of 2022 compared with adjusted profit per share of $2.69 for the fourth quarter of 2021.

今天，我們公佈的 2022 年第四季度每股利潤為 2.79 美元，而 2021 年第四季度的每股利潤為 3.91 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。 2022 年第四季度調整後每股收益為 3.86 美元，而 2021 年第四季度調整後每股收益為 2.69 美元。

Adjusted profit per share for both quarters excluded mark-to-market gains for remeasurement of pension and other post-employment benefit plans as well as restructuring items. Adjusted profit per share for the fourth quarter of 2022 also excluded a goodwill impairment.

兩個季度的調整後每股收益均不包括因重新衡量養老金和其他離職後福利計劃以及重組項目而產生的按市值計價的收益。 2022 年第四季度的調整後每股收益也不包括商譽減值。

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，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 2022, I'd like to start by recognizing our global team for another strong quarter. Our results reflect healthy demand across most end markets for our products and services. We remain focused on executing our strategy and continue to invest for long-term profitable growth.

謝謝，瑞安。大家，早安。感謝您加入我們。在我們結束 2022 年之際，我想首先表彰我們的全球團隊又一個強勁的季度。我們的結果反映了大多數終端市場對我們產品和服務的健康需求。我們仍然專注於執行我們的戰略，並繼續投資以實現長期盈利增長。

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

在今天的電話會議上，我將從我對本季度和全年業績的看法開始。然後我將提供一些關於我們的終端市場的見解。最後，我將提供有關我們可持續發展之旅的最新信息。

Overall, it was another strong quarter as demand remained healthy for our products and services. Sales rose by 20% versus the fourth quarter of 2021, better than we expected. Supply chain improvements enabled stronger-than-expected shipments, particularly in Construction Industries and supported an increase in dealer inventories. We achieved double-digit top line increases in each of our 3 primary segments and saw sales growth in North America, Latin America and EAME, while Asia Pacific was about flat.

總體而言，由於對我們的產品和服務的需求保持健康，這是另一個強勁的季度。與 2021 年第四季度相比，銷售額增長了 20%，好於我們的預期。供應鏈的改善使出貨量高於預期，尤其是在建築行業，並支持經銷商庫存增加。我們的 3 個主要細分市場均實現了兩位數的收入增長，北美、拉丁美洲和 EAME 的銷售額增長，而亞太地區基本持平。

Adjusted operating profit margins increased to 17% in the fourth quarter, an all-time record, as we saw our margins improve both on a sequential and year-over-year basis. Adjusted profit per share was $3.86, which includes an unfavorable $0.41 per share of foreign currency headwind largely due to ME&T balance sheet translation. This was caused by the rapid decline in the U.S. dollar late in the year and reversed much of the favorable impact we saw in the first 3 quarters of 2022. We generated a 17% increase in total sales to $59.4 billion in the year. Services also increased by 17% to $22 billion.

調整後的營業利潤率在第四季度增至 17%，創歷史新高，因為我們看到我們的利潤率環比和同比都有所提高。調整後的每股收益為 3.86 美元，其中包括不利的每股 0.41 美元的外匯逆風，這主要是由於 ME&T 資產負債表換算造成的。這是由於美元在年底迅速貶值造成的，並扭轉了我們在 2022 年前 3 季度看到的大部分有利影響。我們的總銷售額增長了 17%，達到 594 億美元。服務業也增長了 17%，達到 220 億美元。

Adjusted operating profit margin for the full year was 15.4%, a 170 basis point increase over the prior year. Although we did not achieve our Investor Day margin targets for the year, which I'll discuss more in a moment, I'm pleased that we increased adjusted operating profit by over $2 billion and grew absolute OPEB dollars, which is our internal measure of profitable growth. For the year, we achieved adjusted profit per share of $13.84, also an all-time record. In addition, we generated $5.8 billion of ME&T free cash flow, firmly in our target range. Finally, despite the strong sales in the fourth quarter, backlog grew by $400 million in the quarter to end the year at $30.4 billion, a 32% year-over-year increase.

全年調整後營業利潤率為 15.4%，比上年增長 170 個基點。儘管我們沒有實現今年的投資者日利潤率目標（我稍後會詳細討論），但我很高興我們將調整後的營業利潤增加了超過 20 億美元，並增加了絕對 OPEB 美元，這是我們的內部衡量標準盈利增長。這一年，我們實現了 13.84 美元的調整後每股收益，這也是歷史最高紀錄。此外，我們產生了 58 億美元的 ME&T 自由現金流，完全在我們的目標範圍內。最後，儘管第四季度銷售強勁，但本季度積壓訂單增加了 4 億美元，年底達到 304 億美元，同比增長 32%。

As I've mentioned, we did see some improvement in certain areas of the supply chain in the fourth quarter, however, pockets of challenge continue, particularly with some suppliers related to Energy & Transportation and Resource Industries. Similar to previous quarters, our sales would have been higher, if not for these supply chain issues.

正如我所提到的，我們確實看到第四季度供應鏈的某些領域有所改善，但是，挑戰仍在繼續，特別是與能源和運輸以及資源行業相關的一些供應商。與前幾個季度類似，如果不是因為這些供應鏈問題，我們的銷售額會更高。

Our global team delivered one of the best years in our nearly 100-year history, including record full year adjusted profit per share. Despite the supply chain challenges, our team achieved double-digit top line growth and generated strong ME&T free cash flow. We remain committed to serving our customers, executing our strategy and investing for long-term profitable growth.

我們的全球團隊創造了我們近 100 年曆史上最好的年份之一，包括創紀錄的全年調整後每股收益。儘管面臨供應鏈挑戰，我們的團隊仍實現了兩位數的收入增長，並產生了強勁的 ME&T 自由現金流。我們仍然致力於為我們的客戶服務，執行我們的戰略並投資於長期盈利增長。

Turning to Slide 4. In the fourth quarter of 2022, sales increased 20% versus last year to $16.6 billion. The increase was due to favorable price realization and volume growth, which included dealer inventory increases and growth in sales of equipment to end users. Compared with the fourth quarter of 2021, sales to users increased 8%, broadly in line with our expectations.

轉到幻燈片 4。2022 年第四季度，銷售額與去年同期相比增長 20%，達到 166 億美元。增長是由於有利的價格實現和銷量增長，其中包括經銷商庫存增加和向終端用戶銷售設備的增長。與 2021 年第四季度相比，面向用戶的銷售額增長了 8%，大致符合我們的預期。

For machines, including Construction Industries and Resource Industries, sales to users rose by 4%, while Energy & Transportation was up 19%. Sales to users in Construction Industries were up 1%, in line with expectations. As a reminder, nonresidential represents approximately 75% of Caterpillar sales in Construction Industries.

對於包括建築行業和資源行業在內的機器，對用戶的銷售額增長了 4%，而能源和運輸增長了 19%。對建築行業用戶的銷售額增長了 1%，符合預期。提醒一下，非住宅約佔建築行業 Caterpillar 銷售額的 75%。

North American sales to users increased as demand remained healthy for both nonresidential and residential despite some moderation in residential. Latin America saw higher sales to users, while EAME and Asia Pacific declined slightly in the quarter. However, excluding China, sales to users in the Asia Pacific region increased.

儘管住宅需求有所放緩，但由於非住宅和住宅需求保持健康，北美對用戶的銷售額有所增加。拉丁美洲對用戶的銷售額有所增加，而 EAME 和亞太地區在本季度略有下降。然而，不包括中國在內，亞太地區用戶的銷售額有所增長。

In Resource Industries, sales to users increased 13%, which was lower than anticipated mainly due to timing issues related to outbound logistics and commissioning. The segment sales to users increased primarily due to heavy construction and quarry and aggregates.

在資源行業，對用戶的銷售額增長了 13%，低於預期，這主要是由於與出站物流和調試相關的時間問題。對用戶的分部銷售額增加主要是由於重型建築和採石場和骨料。

In Energy & Transportation, sales to users increased by 19%, slightly above our expectations. In the fourth quarter, oil and gas sales to users benefited from continued strength in large engine repowers. We also saw strong turbine and turbine-related services. Power generation and industrial sales to users continue to remain positive due to favorable market conditions. Transportation declined from a relatively low base, primarily due to lower locomotive deliveries while marine was up slightly.

在能源與交通領域，對用戶的銷售額增長了 19%，略高於我們的預期。第四季度，面向用戶的石油和天然氣銷售受益於大型發動機動力的持續強勁增長。我們還看到了強大的渦輪機和渦輪機相關服務。由於有利的市場條件，發電量和對用戶的工業銷售繼續保持積極。運輸從相對較低的基數開始下降，這主要是由於機車交付量下降，而海運則略有上升。

Dealer inventory increased by about $700 million in the fourth quarter, which was above our expectations compared to a decrease of about $100 million in the same quarter last year. As I mentioned, supply chain improvements enabled stronger-than-expected shipments, particularly in Construction Industries, and supported an increase in dealer inventories. We saw increases in each of our primary segments. And within Construction Industries, dealer inventories are now in their typical historical range of 3 to 4 months of projected sales. In Construction Industries, the largest dealer inventory increase came in North America, which benefited our most constrained region. Over 70% of the combined year-end dealer inventory in Resource Industries and Energy & Transportation is supported by customer orders.

經銷商庫存在第四季度增加了約 7 億美元，高於我們的預期，而去年同期減少了約 1 億美元。正如我所提到的，供應鏈的改善使出貨量超過預期，尤其是在建築行業，並支持經銷商庫存的增加。我們看到了每個主要細分市場的增長。在建築行業，經銷商庫存現在處於其典型的歷史範圍內，即 3 至 4 個月的預計銷售量。在建築行業，最大的經銷商庫存增長來自北美，這使我們最受限制的地區受益。資源行業和能源與運輸行業超過 70% 的年終經銷商庫存來自客戶訂單。

As expected, we generated improved adjusted operating profit margin in the quarter, both year-over-year and sequentially. Our adjusted operating profit margin increased by 560 basis points versus last year to 17%, which does not include the noncash goodwill impairment charges and restructuring costs associated with the rail division. I'll provide more detail in rail later in my remarks.

正如預期的那樣，我們在本季度實現了同比和環比的調整後營業利潤率改善。我們調整後的營業利潤率比去年增加了 560 個基點，達到 17%，其中不包括與鐵路部門相關的非現金商譽減值費用和重組費用。我將在稍後的評論中提供有關鐵路的更多細節。

Turning to Slide 5. I'll now provide full year highlights. In 2022, we generated sales of $59.4 billion up 17% versus last year. This was due to favorable price realization and higher sales volume, driven by the impact from changes in dealer inventory, increased services and higher sales of equipment to end users. As I mentioned, we generated $22 billion of services revenues in 2022, a 17% increase over 2021. Services growth in 2022 benefited from our ongoing initiatives and investments as well as price realization. We now have over 1.4 billion -- 1.4 million connected assets, up from 1.2 million in 2021. We delivered over 60% of our new equipment with a customer value agreement and the launch of our new app, called Cat Central, helped drive growth in e-commerce sales to users. We also had the highest level of parts availability in our history.

轉到幻燈片 5。我現在將提供全年亮點。 2022 年，我們的銷售額達到 594 億美元，比去年增長 17%。這是由於受經銷商庫存變化、服務增加和向最終用戶的設備銷售量增加的影響，有利的價格實現和更高的銷量。正如我提到的，我們在 2022 年創造了 220 億美元的服務收入，比 2021 年增長了 17%。2022 年的服務增長得益於我們持續的舉措和投資以及價格實現。我們現在擁有超過 14 億至 140 萬的互聯資產，高於 2021 年的 120 萬。我們交付了超過 60% 的新設備，並簽署了客戶價值協議，我們推出名為 Cat Central 的新應用程序，幫助推動了增長電子商務銷售給用戶。我們還擁有歷史上最高水平的零件可用性。

Overall, our confidence continues to increase that we'll achieve our $28 billion services target in 2026. Our full year adjusted operating profit margin was 15.4%, a 170 basis point increase over 2021. Although we significantly increased margins in the fourth quarter versus last year, overall, they did not improve enough for us to achieve our full year Investor Day and margin targets. Our margins in 2022 were impacted by supply chain inefficiencies, ongoing inflationary pressures within manufacturing costs and our conscious decision to continue to invest for profitable growth.

總體而言，我們對在 2026 年實現 280 億美元的服務目標的信心繼續增強。我們全年調整後的營業利潤率為 15.4%，比 2021 年增長 170 個基點。儘管我們在第四季度的利潤率比上一季度顯著增加總體而言，它們的改進不足以讓我們實現全年投資者日和利潤率目標。我們 2022 年的利潤率受到供應鏈效率低下、製造成本持續通脹壓力以及我們有意識地決定繼續投資以實現盈利增長的影響。

As I mentioned during our last earnings call, our margin targets are progressive, which means we expect to achieve higher operating profit margins as sales increase. In an inflationary environment -- in a higher inflationary environment, where a relatively larger portion of the sales increase is due to price realization, there's less operating leverage, which makes the delivery of those progressive margins more challenging. Andrew will provide more information about our operating profit margin targets.

正如我在上次財報電話會議上提到的那樣，我們的利潤率目標是漸進的，這意味著我們預計隨著銷售額的增加將實現更高的營業利潤率。在通貨膨脹的環境中——在通貨膨脹率較高的環境中，相對較大部分的銷售額增長是由於價格實現，經營槓桿較低，這使得這些累進利潤率的交付更具挑戰性。安德魯將提供更多關於我們的營業利潤率目標的信息。

Moving to Slide 6. We generated ME&T free cash flow of $5.8 billion for the full year, which was in line with our Investor Day range of $4 billion to $8 billion. We returned $6.7 billion to shareholders or 115% of ME&T free cash flow, which included $4.2 billion in repurchased stock and $2.4 billion in dividends to shareholders. We remain proud of our dividend aristocrat status and continue to expect to return substantially all ME&T free cash flow to shareholders over time through dividends and share repurchases.

轉到幻燈片 6。我們全年產生了 58 億美元的 ME&T 自由現金流，這與我們投資者日 40 億至 80 億美元的範圍一致。我們向股東返還了 67 億美元，即 ME&T 自由現金流的 115%，其中包括 42 億美元的回購股票和 24 億美元的股東股息。我們仍然為我們的股息貴族地位感到自豪，並繼續期望隨著時間的推移通過股息和股票回購將所有 ME&T 的自由現金流基本上返還給股東。

Now on Slide 7, I'll share some high-level assumptions on our expectations moving forward. While we continue to closely monitor global macroeconomic conditions, overall demand remains healthy across our segments, and we expect 2023 to be better than 2022 on both top and bottom line. Just to remind you, our internal measure of profitable growth is absolute OPEB dollars. We believe increasing absolute OPEB dollars will lead to continued higher total shareholder returns over time. We expect to achieve our updated adjusted operating profit margin targets and ME&T free cash flow target range of $4 billion to $8 billion during 2023.

現在在幻燈片 7 上，我將分享一些關於我們未來預期的高級假設。在我們繼續密切關注全球宏觀經濟狀況的同時，我們各個細分市場的整體需求依然健康，我們預計 2023 年的收入和利潤都將好於 2022 年。提醒您，我們衡量盈利增長的內部指標是絕對 OPEB 美元。我們相信，隨著時間的推移，增加絕對 OPEB 美元將導致股東總回報持續增加。我們預計在 2023 年實現更新後的調整後營業利潤率目標和 40 億美元至 80 億美元的 ME&T 自由現金流目標範圍。

Now I'll discuss our outlook for key end markets this year, starting with Construction Industries. In North America, overall, we see positive momentum in 2023. We expect nonresidential construction in North America to grow due to the positive impact of government-related infrastructure investments, healthy backlogs and rental replenishment. Although residential construction continues to moderate due to tightening financial conditions, it remains at a healthy level.

現在，我將從建築行業開始討論我們對今年主要終端市場的展望。總體而言，在北美，我們看到 2023 年的積極勢頭。由於政府相關基礎設施投資、健康的積壓訂單和租金補充的積極影響，我們預計北美的非住宅建築將增長。儘管由於金融條件收緊，住宅建設繼續放緩，但仍處於健康水平。

In Asia Pacific, excluding China, we expect growth in Construction Industries due to public infrastructure spending and supportive commodity prices. As we mentioned during our last earnings call, weakness continues in China in the excavator industry above 10 tons. We expect it to remain below 2022 levels due to low construction activity. In EAME, business activity is expected to be about flat versus last year based on healthy backlogs and strong construction demand in the Middle East, offset by uncertain economic conditions in Europe. Construction activity in Latin America is expected to be flat to slightly down versus the strong 2022 performance.

在亞太地區（不包括中國），我們預計建築業將因公共基礎設施支出和支持性商品價格而增長。正如我們在上次財報電話會議上提到的那樣，中國 10 噸以上的挖掘機行業繼續疲軟。由於建築活動低迷，我們預計它將保持在 2022 年的水平以下。在 EAME，由於中東地區健康的積壓訂單和強勁的建築需求，被歐洲不確定的經濟狀況所抵消，預計業務活動與去年持平。與 2022 年的強勁表現相比，拉丁美洲的建築活動預計將持平或略有下降。

In Resource Industries, we expect healthy mining demand to continue as commodity prices remain above investment thresholds. That said, our customers remained capital disciplined. We anticipate production and utilization levels will remain elevated, and our autonomous solutions continue to gain momentum. We expect the continuation of high equipment utilization and a low level of parked trucks, which both support future demand for our equipment and services. We continue to believe the energy transition will support increased commodity demand, expanding our total addressable market and providing opportunities for profitable growth.

在資源行業，由於大宗商品價格仍高於投資門檻，我們預計採礦需求將繼續保持健康。也就是說，我們的客戶仍然遵守資本紀律。我們預計生產和利用率水平將保持較高水平，我們的自主解決方案將繼續獲得發展勢頭。我們預計高設備利用率和低水平的停放卡車將繼續支持未來對我們設備和服務的需求。我們仍然相信能源轉型將支持增加的商品需求，擴大我們的總目標市場並提供盈利增長的機會。

In heavy construction and quarry and aggregates, we anticipate continued growth supported by infrastructure and major nonresidential construction projects. In Energy & Transportation, we expect sales growth due to strong order rates in most applications. In oil and gas, although customers remain disciplined, we are encouraged by continued strength in demand and order intakes for the year.

在重型建築、採石場和骨料方面，我們預計基礎設施和主要非住宅建設項目將支持持續增長。在能源與交通領域，我們預計銷售額會增長，因為大多數應用的訂單率都很高。在石油和天然氣領域，儘管客戶仍然受到約束，但我們對今年需求和訂單量的持續強勁感到鼓舞。

New equipment orders for solar turbines continue to be robust. Power generation orders are expected to remain healthy, including data center strength. Industrial remains healthy with momentum continuing for 2023. In rail, North American locomotive sales are expected to remain muted. We anticipate strength in high-speed marine as customers continue to upgrade aging fleets.

太陽能渦輪機的新設備訂單繼續強勁。預計發電訂單將保持健康，包括數據中心實力。工業保持健康，勢頭將持續到 2023 年。在鐵路方面，預計北美機車銷售將保持低迷。隨著客戶繼續升級老化的船隊，我們預計高速船舶的實力。

During the fourth quarter, we took in a $925 million noncash goodwill impairment charge related to our rail division, which is part of the Energy & Transportation segment. The impairment was primarily driven by a revision in our long-term outlook for the company's locomotive offerings. We believe opportunities exist for new locomotives, overhauls, repowers and modernizations but at lower levels than previously forecasted and occurring over a longer time horizon.

第四季度，我們計入了與鐵路部門相關的 9.25 億美元非現金商譽減值費用，該部門屬於能源與運輸部門。減值主要是由於我們對公司機車產品的長期前景進行了修訂。我們認為，存在新機車、大修、重新供電和現代化改造的機會，但其水平低於之前預測的水平，並且發生在更長的時間範圍內。

In addition to the goodwill impairment charge, we also incurred restructuring cost of $180 million in the quarter, primarily related to noncash inventory adjustments within this division. Importantly, our rail services, including track, signaling and freight car remain robust.

除了商譽減值費用外，本季度我們還產生了 1.8 億美元的重組成本，主要與該部門的非現金庫存調整有關。重要的是，我們的鐵路服務，包括軌道、信號和貨運車廂，仍然保持強勁。

Progress Rail plays an integral part in supporting and maintaining rail infrastructure in countries around the globe, and rail remains one of the most efficient ways of transporting goods across the land. We will continue to offer Tier 4 solutions to our customers, however, strategic investments in new locomotive products will continue shifting to competitive sustainable solutions to help customers meet their carbon reduction initiatives, including hybrid, full battery electric and alternative fuel power sources, including hydrogen. These alternative power solutions for rail will leverage modularity and scale across Resource Industries, Construction Industries and Energy & Transportation. We believe these enterprise-wide investments will provide Caterpillar with a strategic advantage over time.

Progress Rail 在支持和維護全球各國的鐵路基礎設施方面發揮著不可或缺的作用，鐵路仍然是陸路運輸貨物的最有效方式之一。我們將繼續為我們的客戶提供 Tier 4 解決方案，但是，對新機車產品的戰略投資將繼續轉向具有競爭力的可持續解決方案，以幫助客戶實現他們的碳減排計劃，包括混合動力、全電池電力和替代燃料電源，包括氫.這些用於鐵路的替代電源解決方案將利用跨資源行業、建築行業和能源與運輸的模塊化和規模化。我們相信，隨著時間的推移，這些企業範圍內的投資將為 Caterpillar 提供戰略優勢。

Moving to Slide 8. We continue to advance our sustainability journey in the fourth quarter of 2022 as we strive to help our customers achieve their climate-related objectives. In November, Caterpillar announced the successful demonstration of its first battery electric 793 large mining truck prototype with support from key mining customers participating in Caterpillar's early learner program. The truck performed at the same specification as a diesel truck on our 7-kilometer course, achieving a top speed of 60 kilometers per hour carrying a full load and 12 kilometers per hour with that same load at a 10% grade.

轉到幻燈片 8。我們將在 2022 年第四季度繼續推進我們的可持續發展之旅，努力幫助我們的客戶實現他們與氣候相關的目標。 11 月，卡特彼勒宣佈在參與卡特彼勒早期學習者計劃的主要礦業客戶的支持下，成功展示了其首款純電動 793 大型礦用卡車原型。在我們 7 公里的賽道上，這輛卡車的性能與柴油卡車相同，滿載時的最高時速為 60 公里，坡度為 10% 時的相同負載時速為 12 公里。

In addition to the truck, we also unveiled plans to create a working and more sustainable mindset of the future at our Arizona-based proving ground. This includes installing and utilizing a variety of renewable energy sources, leveraging technologies from our Electric Power division and new Electrification & Advanced Power Solutions division. We also invested in Lithos Energy, Inc., a lithium-ion battery producer that manufacturers battery packs for the types of demanding environments our Cat equipment thrives in. This collaboration supports our commitment to delivering robust [enterprise] products and solutions to our customers.

除了卡車，我們還公佈了在我們位於亞利桑那州的試驗場上創造一種工作和更可持續的未來思維方式的計劃。這包括安裝和利用各種可再生能源，利用我們的電力部門和新的電氣化與高級電源解決方案部門的技術。我們還投資了 Lithos Energy, Inc.，這是一家鋰離子電池生產商，為我們的 Cat 設備所處的苛刻環境類型製造電池組。這種合作支持我們為客戶提供強大的 [企業] 產品和解決方案的承諾。

Lastly, in 2022, we continue to advance our autonomous journey, achieving an industry first of moving over 5 billion tons autonomously across 25 mine tags worldwide. During the fourth quarter, we announced our first autonomous solution in the aggregates industry. We'll collaborate with Luck Stone, the nation's largest family-owned and operated producer of crushed stone, sand and gravel, to expand these solutions beyond mining. We'll utilize Cat MineStar Command for hauling system on 777 trucks, contributing to continued improvements in safety and productivity for our customers these examples reinforce our ongoing sustainability leadership and how we help our customers build a better, more sustainable world. We look forward to issuing our 18th annual sustainability report during the second quarter. With that, I'll turn the call over to Andrew.

最後，在 2022 年，我們將繼續推進我們的自主之旅，實現行業首創，在全球 25 個礦區自動搬運超過 50 億噸貨物。在第四季度，我們宣布了我們在骨料行業的第一個自主解決方案。我們將與美國最大的家族所有和經營的碎石、沙子和礫石生產商 Luck Stone 合作，將這些解決方案擴展到採礦以外的領域。我們將在 777 卡車上使用 Cat MineStar Command 牽引系統，為我們的客戶持續提高安全性和生產力做出貢獻，這些例子鞏固了我們持續的可持續發展領導地位，以及我們如何幫助我們的客戶建設一個更美好、更可持續的世界。我們期待在第二季度發布第 18 份年度可持續發展報告。有了這個，我會把電話轉給安德魯。

Thank you, Jim, and good morning, everyone. I'll begin by covering our fourth quarter results, including the performance of our business segments. Then I'll cover the balance sheet and ME&T free cash flow before concluding on high-level assumptions for 2023, including the first quarter.

謝謝你，吉姆，大家早上好。我將首先介紹我們第四季度的業績，包括我們業務部門的業績。然後我將介紹資產負債表和 ME&T 自由現金流，然後總結 2023 年的高級假設，包括第一季度。

Beginning on Slide 9. Sales and revenues for the fourth quarter increased by 20% or $2.8 billion to $16.6 billion. The sales increase versus the prior year was due to strong price realization and volume, partially offset by currency impacts. Sales were higher than we expected as supply chain constraints eased in some areas and we were able to ship more product.

從幻燈片 9 開始。第四季度的銷售額和收入增長了 20% 或 28 億美元，達到 166 億美元。與上一年相比銷售額的增長是由於強勁的價格實現和銷量，部分被貨幣影響所抵消。銷售額高於我們的預期，因為某些地區的供應鏈限制有所緩解，我們能夠運送更多產品。

Operating profit increased by 4% or $69 million to $1.7 billion. The strong price realization and volume growth were mostly offset by a goodwill impairment charge, higher manufacturing costs and restructuring expenses. Our adjusted operating profit was $2.8 billion, up $1.2 billion versus the prior year, and the adjusted operating profit margin was 17.0%. This was an increase of 560 basis points versus the prior year quarter due to favorable price realization and volume growth, which outpaced manufacturing cost increases. Fourth quarter margins were lower than we were targeting as well as being lower than where we needed them to be to meet our full year Investor Day margin target. I will talk more about that in a moment.

營業利潤增長 4% 或 6900 萬美元，達到 17 億美元。強勁的價格實現和銷量增長大部分被商譽減值費用、更高的製造成本和重組費用所抵消。我們調整後的營業利潤為 28 億美元，比上年增加 12 億美元，調整後的營業利潤率為 17.0%。由於有利的價格實現和銷量增長，這超過了製造成本的增長，這比去年同期增加了 560 個基點。第四季度的利潤率低於我們的目標，也低於我們為實現全年投資者日利潤率目標而需要的水平。稍後我將詳細討論這一點。

Adjusted profit per share increased by 43% to $3.86 in the fourth quarter compared to $2.69 in the fourth quarter of last year. Adjusted profit per share in the fourth quarter excluded a goodwill impairment charge of $925 million or $1.71 per share related to our rail division, as Jim has explained. This charge is held at the corporate level and does not impact Energy & Transportation segment margins.

第四季度調整後每股收益增長 43% 至 3.86 美元，而去年第四季度為 2.69 美元。正如吉姆所解釋的那樣，第四季度調整後的每股收益不包括與我們的鐵路部門相關的商譽減值費用 9.25 億美元或每股 1.71 美元。該費用在公司層面持有，不會影響能源和運輸部門的利潤率。

Adjusted profit per share figures also exclude mark-to-market gains for the remeasurement of pension and OPEB plans and restructuring items. Restructuring cost of $209 million or $0.29 in the quarter were primarily related to noncash inventory write-downs within our rail division. Again, these charges impacted the corporate level, and the inventory write-downs are within cost of goods sold in the income statement.

調整後的每股收益數據還不包括重新衡量養老金和 OPEB 計劃以及重組項目的按市值計算的收益。本季度的重組成本為 2.09 億美元或 0.29 美元，主要與我們鐵路部門的非現金庫存減記有關。同樣，這些費用影響了公司層面，庫存減記在損益表中的銷售商品成本內。

For the full year, restructuring costs were about $600 million. Last quarter, we told you that a noncash charge of approximately $600 million could slip into 2023, which it did. We expect to close on the divestiture of our longwall business in early February, and the noncash charge will be included in our first quarter 2023 restructuring charges.

全年，重組成本約為 6 億美元。上個季度，我們告訴您大約 6 億美元的非現金費用可能會拖到 2023 年，而事實確實如此。我們預計將在 2 月初完成對我們的長壁業務的剝離，非現金費用將包含在我們 2023 年第一季度的重組費用中。

The provision for income taxes in the fourth quarter, excluding the amounts relating to mark-to-market goodwill impairment and other discrete items, reflected a global annual effective tax rate of approximately 23%, as we expected. Finally, our fourth quarter results include an unfavorable noncash foreign currency impact within other income expense of $0.41 related to ME&T balance sheet translation in the quarter.

第四季度的所得稅撥備（不包括與按市值計價的商譽減值和其他離散項目相關的金額）反映了全球年度有效稅率約為 23%，正如我們預期的那樣。最後，我們的第四季度業績包括與本季度 ME&T 資產負債表轉換相關的 0.41 美元其他收入支出中的不利非現金外幣影響。

To explain, many of our foreign entities are U.S. dollar functional. These entities are generally in a net liability position causing a favorable translation impact in periods of U.S. dollar strength. Within each of the first 3 quarters of the year, we saw some benefit as the dollar sequentially trended stronger. However, within the fourth quarter, this trend reversed. Given the significant weakening of the U.S. dollar within the fourth quarter of 2022, the negative impact to profit was sizable. As you would imagine, our forward-looking assumptions do not include expectations for currency fluctuations.

解釋一下，我們的許多外國實體都具有美元功能。這些實體通常處於淨負債狀態，在美元走強時期產生有利的換算影響。在今年前三個季度的每個季度，我們都看到了一些好處，因為美元連續走強。然而，在第四季度內，這一趨勢發生了逆轉。鑑於2022年第四季度美元大幅走弱，對利潤的負面影響相當大。正如您想像的那樣，我們的前瞻性假設不包括對貨幣波動的預期。

To give a bit more context, other income and expense, excluding the impact of pension mark-to-market adjustments, has trended at around $250 million of income per quarter for all of 2021 and for the first 3 quarters of 2022. This has reflected a number of offsetting items, including currency. In the fourth quarter, excluding pension mark-to-market, other income and expense swung to a $70 million expense. The majority of that change is due to the foreign exchange translation adjustment, which is why we have highlighted this.

為了提供更多背景信息，2021 年全年和 2022 年前三個季度的其他收入和支出（不包括養老金按市值調整的影響）趨勢為每季度約 2.5 億美元的收入。這反映了一些抵消項目，包括貨幣。在第四季度，不計入按市值計算的養老金，其他收入和支出轉為 7000 萬美元。大部分變化是由於外匯換算調整，這就是我們強調這一點的原因。

Overall, sales were better than we had expected as we had anticipated margins increase, but as I said earlier, not by enough to meet our Investor Day margin targets. Adjusted profit per share rose by 43%, but that was moderated by the $0.41 noncash foreign currency balance sheet translation charge that I mentioned a moment ago.

總體而言，銷售額好於我們預期的利潤率增長，但正如我之前所說，不足以達到我們投資者日的利潤率目標。調整後的每股利潤增長了 43%，但這被我剛才提到的 0.41 美元的非現金外幣資產負債表轉換費用所緩和。

Moving on to Slide 10. The 20% increase in the top line was driven by favorable price realization and higher sales volume. Volume was supported by the $800 million year-over-year impact to changes in dealer inventory and an 8% increase in sales to users. From a sales perspective, currency remained a headwind given the strength of the U.S. dollar. As I mentioned earlier, sales were higher than we expected in the quarter, mostly due to some improvements in the supply chain, which enables stronger shipments, particularly in Construction Industries. The increase in dealer inventories reflects the improved shipments in Construction Industries and customer delivery timing in Resource Industries and Energy & Transportation. Overall, market dynamics remain healthy as sales to users continue to increase, and our backlog is strong at $30.4 billion.

轉到幻燈片 10。收入增長 20% 是由有利的價格實現和更高的銷量推動的。銷量受到經銷商庫存變化 8 億美元的同比影響以及對用戶的銷售額增長 8% 的支持。從銷售的角度來看，鑑於美元的強勢，貨幣仍然是一個不利因素。正如我之前提到的，本季度的銷售額高於我們的預期，這主要是由於供應鏈的一些改善，這使得出貨量增加，特別是在建築行業。經銷商庫存的增加反映了建築行業出貨量的改善以及資源行業和能源與運輸行業的客戶交貨時間。總體而言，隨著對用戶的銷售額持續增長，市場動態保持健康，我們的積壓訂單量高達 304 億美元。

Moving to Slide 11. Fourth quarter operating profit increased by 4%, impacted by the goodwill impairment charge and restructuring expenses. Adjusted operating profit increased by 78% as favorable price realization and higher sales volume continued to outpace higher manufacturing costs. Manufacturing costs increased primarily due to higher material costs and unfavorable cost absorption as we decreased our inventories in the fourth quarter compared to an increase in the prior year.

轉到幻燈片 11。受商譽減值費用和重組費用的影響，第四季度營業利潤增長 4%。由於有利的價格實現和更高的銷量繼續超過更高的製造成本，調整後的營業利潤增長了 78%。製造成本增加的主要原因是材料成本增加和不利的成本吸收，因為我們在第四季度減少了庫存，而去年同期則有所增加。

Related to our recent price cost performance, keep in mind that we are still catching up from the increases in manufacturing costs, which have occurred over the last few years. In particular, material freight costs have increased by about 20% since 2020 and our full year gross margins remain below our 2019 levels. Our fourth quarter adjusted operating profit margin of 17% was a 560 basis point increase versus the prior year. As Jim has mentioned, this is our highest ever quarterly adjusted operating margin.

與我們最近的價格性價比相關，請記住，我們仍在追趕過去幾年發生的製造成本的增加。特別是，自 2020 年以來，材料運費增加了約 20%，我們的全年毛利率仍低於 2019 年的水平。我們第四季度調整後的營業利潤率為 17%，比上年增長 560 個基點。正如吉姆所提到的，這是我們有史以來最高的季度調整後營業利潤率。

As I said earlier, we did not achieve our Investor Day margin targets. As Jim said, in a high inflation environment, you do not get the benefit of operating leverage that you would normally see -- expect when sales increases are volume-driven. You will recall that our margin targets are progressive, which means at the top end of the range, for every $1 billion in sales, incremental revenues, we need to deliver close to 40 percentage points of that through adjusted operating profit. This is challenging to achieve in a high inflation environment when sales increasing due to price realization designed to mitigate increases in manufacturing costs. Also, please keep in mind that we made a conscious decision to continue to invest for future profitable growth.

正如我之前所說，我們沒有實現投資者日保證金目標。正如吉姆所說，在高通脹環境中，您無法獲得通常會看到的運營槓桿的好處——預計當銷量增長是由銷量驅動時。你會記得我們的利潤率目標是漸進的，這意味著在範圍的頂端，對於每 10 億美元的銷售額，增量收入，我們需要通過調整後的營業利潤實現近 40 個百分點。在高通脹環境下，當銷售額因旨在減輕製造成本增加的價格實現而增加時，實現這一目標具有挑戰性。另外，請記住，我們有意識地決定繼續投資以實現未來的盈利增長。

We have not seen inflation anywhere near double-digit levels since the targets were introduced in 2017. In a low inflation environment, productivity improvements can be made to offset inflationary increases so nominal targets remain effective. In the current high inflation environment, you cannot achieve the level of productivity, so we are adjusting the target sales range to reflect the inflationary increases we've seen in 2022.

自 2017 年引入目標以來，我們還沒有看到任何接近兩位數的通脹水平。在低通脹環境中，可以通過提高生產率來抵消通脹增長，因此名義目標仍然有效。在當前的高通脹環境下，您無法達到生產力水平，因此我們正在調整目標銷售範圍以反映我們在 2022 年看到的通脹增長。

On Slide 12, we've updated our margin target slope to account for the impact of inflation as depicted on the chart. We still have the same aspirations for margins, however, the corresponding level of sales and costs are generally around 9% higher than they have been in a noninflationary environment. As you can see, the low end of the sales range is now $42 billion while the top end is $72 billion. This compares to the previous bookends of $39 billion and $66 billion, respectively.

在幻燈片 12 中，我們更新了保證金目標斜率，以說明圖表中所示的通貨膨脹的影響。我們對利潤率的期望仍然相同，但是，相應的銷售額和成本水平通常比非通脹環境中的水平高出 9% 左右。如您所見，銷售額範圍的低端現在是 420 億美元，而高端是 720 億美元。相比之下，之前的賬面價值分別為 390 億美元和 660 億美元。

The key point is that despite the inflationary impact on sales and costs which impact margins, our expectations for profit and cash generation have not changed, and we remain focused on delivering increases in absolute OPEB dollars. Depending on the inflationary environment that we see in 2023, we'll have to revisit the range next January.

關鍵點是，儘管通貨膨脹對銷售和成本產生了影響利潤率的影響，但我們對利潤和現金產生的預期沒有改變，我們仍然專注於實現絕對 OPEB 美元的增長。根據我們在 2023 年看到的通脹環境，我們將不得不在明年 1 月重新審視該區間。

Moving to Slide 13. Across our 3 primary segments, sales and margins improved in the fourth quarter versus the prior year supported by price realization and sales volume. As expected, price more than offset manufacturing costs in all 3 segments.

轉到幻燈片 13。在我們的 3 個主要部門中，在價格實現和銷量的支持下，第四季度的銷售額和利潤率比去年同期有所提高。正如預期的那樣，價格超過了所有 3 個細分市場的製造成本。

Starting with Construction Industries. Sales increased by 19% in the fourth quarter to $6.8 billion, driven by favorable price realization and sales volume, partially offset by currency. Volume increased primarily due to changes in dealer inventory and higher sales to users. Dealer inventory increased in the quarter compared to a reduction last year. Sales in North America rose by 34% due mostly to strong pricing. The positive change is due to inventory and higher sales to users.

從建築行業開始。第四季度銷售額增長 19% 至 68 億美元，這主要受有利的價格實現和銷量的推動，部分被匯率所抵消。銷量增加主要是由於經銷商庫存的變化和對用戶的銷售增加。與去年減少相比，本季度經銷商庫存有所增加。北美的銷售額增長了 34%，這主要歸功於強勁的定價。積極的變化是由於庫存和對用戶的更高銷售額。

Sales in Latin America increased by 39% on strong price realization and higher sales volume, the latter due mostly to a favorable change in dealer inventory. In the EAME, sales increased by 10% on price realization and sales volume, partially offset by the unfavorable currency. Sales volume was supported by a positive year-over-year change in dealer inventory as the decrease in the prior year's quarter was larger than this year's decline. Sales in Asia Pacific decreased by 10%, mostly due to unfavorable currency impacts, partially offset by stronger price realization. Lower sales volume also contributed to the decline as dealers decreased inventory during the fourth quarter compared to an increase in the prior year.

由於強勁的價格實現和更高的銷量，拉丁美洲的銷售額增長了 39%，後者主要是由於經銷商庫存的有利變化。在 EAME，銷售額因價格實現和銷量增長 10%，部分被不利貨幣抵消。銷量受到經銷商庫存同比正變化的支撐，因為去年同期的降幅大於今年的降幅。亞太地區的銷售額下降了 10%，主要是由於不利的貨幣影響，部分被更強勁的價格實現所抵消。銷量下降也是導致銷量下降的原因，因為與去年同期相比，經銷商在第四季度減少了庫存。

Fourth quarter profit for Construction Industries increased by 87% versus the prior year to $1.5 billion. Price realization and higher sales volume drove the increase. Unfavorable manufacturing costs largely reflected higher material costs, unfavorable cost absorption and increased freight. The segment's operating margin of 21.7% was an increase of 780 basis points versus last year. The margin for the quarter was better than we had expected on strong volume, price and moderating material costs. As a reminder, the fourth quarter is usually the weakest quarter for margins in Construction Industries, but with the benefit of price realization, the reverse was true in 2022.

建築業第四季度的利潤比上年增長 87%，達到 15 億美元。價格實現和更高的銷量推動了增長。不利的製造成本主要反映了較高的材料成本、不利的成本吸收和增加的運費。該部門的營業利潤率為 21.7%，比去年增加了 780 個基點。由於強勁的銷量、價格和緩和的材料成本，本季度的利潤率好於我們的預期。提醒一下，第四季度通常是建築業利潤率最弱的季度，但由於價格實現的好處，2022 年情況正好相反。

Turning to Slide 14. Resource Industries sales grew by 26% in the fourth quarter to $3.4 billion. The improvement was primarily due to favorable price realization and higher sales volume. Volume increased due to the impact of changes in dealer inventories and higher sales of equipment to end users. Dealer inventory increased more during the fourth quarter '22 than the prior year due to the timing of customer deliveries, which includes the impact of outbound logistics delays and commissioning. Fourth quarter profit for Resource Industries increased by 110% versus the prior year to $605 million, mainly due to favorable price realization and higher sales volume. This was partially offset by higher manufacturing costs, primarily material, freight and volume-related manufacturing costs. The segment's operating margin of 17.6% was an increase of 700 basis points versus last year, strengthening versus the third quarter as we had expected.

轉到幻燈片 14。Resource Industries 的銷售額在第四季度增長了 26%，達到 34 億美元。改善主要是由於有利的價格實現和更高的銷量。由於經銷商庫存變化的影響和向最終用戶銷售設備的增加，銷量有所增加。 22 年第四季度，由於客戶交貨時間的原因，包括出站物流延誤和調試的影響，經銷商庫存比去年同期增加更多。 Resource Industries 第四季度利潤同比增長 110% 至 6.05 億美元，這主要是由於有利的價格實現和更高的銷量。這部分被更高的製造成本所抵消，主要是材料、運費和與體積相關的製造成本。該部門的營業利潤率為 17.6%，比去年增長 700 個基點，與我們預期的第三季度相比有所提高。

Now on Slide 15. Energy & Transportation sales increased by 19% in the fourth quarter to $6.8 billion with sales up across all applications. Oil and gas sales increased by 38% due to higher sales of turbines and turbine-related services, reciprocating engines and aftermarket parts. Power generation sales increased by 12% as sales were higher in large reciprocating engines, supporting data center applications. Sales increased in small reciprocating engines, turbines and turbine-related services as well. Industrial sales rose by 19% with strength across all regions. Finally, transportation sales increased by 6%, benefited from marine applications and reciprocating engine aftermarket parts. Rail services were offset by lower deliveries of locomotives.

現在在幻燈片 15 上。第四季度能源和運輸銷售額增長了 19%，達到 68 億美元，所有應用的銷售額都有所增長。由於渦輪機和渦輪機相關服務、往復式發動機和售後市場零件的銷售額增加，石油和天然氣銷售額增長了 38%。由於支持數據中心應用的大型往復式發動機的銷售額較高，發電銷售額增長了 12%。小型往復式發動機、渦輪機和渦輪機相關服務的銷售額也有所增長。工業銷售額增長 19%，所有地區均表現強勁。最後，運輸銷售額增長了 6%，受益於船舶應用和往復式發動機售後市場零件。鐵路服務被較低的機車交付量所抵消。

Fourth quarter profit for Energy & Transportation increased by 72% versus the prior year to $1.2 billion. The improvement was primarily due to higher sales volume and favorable price realization. Higher manufacturing and SG&A and R&D costs acted as partial offset. Manufacturing cost increases largely reflected higher material costs and volume-related manufacturing costs. SG&A and R&D expenses increased due to investments aligned with our strategic initiatives, including electrification and services growth. The segment's operating margin of 17.3% was an increase of 530 basis points versus last year, strengthening versus the third quarter as we had expected.

能源與運輸業務第四季度的利潤比上年增長 72%，達到 12 億美元。改善主要是由於銷量增加和價格變現有利。更高的製造和 SG&A 以及研發成本起到了部分抵消作用。製造成本的增加主要反映了較高的材料成本和與體積相關的製造成本。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，SG&A 和研發費用有所增加。該部門的營業利潤率為 17.3%，比去年增長 530 個基點，與我們預期的第三季度相比有所提高。

Moving to Slide 16. Financial Products revenue increased by 10% to $853 million, benefited by higher average financing rates across all regions. Segment profit decreased by 24% to $189 million. The profit decrease was mainly due to a higher provision for credit losses at Cat Financial and an unfavorable impact from equity securities in insurance services. The increase in provisions reflects changes in general economic factors rather than company-specific economic factors. Despite these changes, our leading indicators remain strong. Past dues were 1.89% compared with 1.95% at the end of the fourth quarter of 2021. Also, this was an 11 basis point decrease in past dues compared to the third quarter of 2022.

轉到幻燈片 16。金融產品收入增長 10% 至 8.53 億美元，這得益於所有地區平均融資利率的提高。分部利潤下降 24% 至 1.89 億美元。利潤減少主要是由於 Cat Financial 的信用損失準備金增加以及保險服務中權益證券的不利影響。準備金的增加反映了一般經濟因素的變化，而不是公司特定的經濟因素。儘管發生了這些變化，我們的領先指標依然強勁。逾期會費率為 1.89%，而 2021 年第四季度末為 1.95%。此外，與 2022 年第三季度相比，逾期會費減少了 11 個基點。

Retail new business volume declined versus the prior year but remained steady compared to the third quarter. As I mentioned last quarter, Cat Financial is not seeing slowing business activity but continues to see strong competition from banks due to higher interest rates and more customers willing to pay cash for their machines. Used equipment demand remains strong with inventories at historically low levels. We continue to see high conversion rates as well as customers choose to buy at the end of the lease term.

零售新業務量同比下降，但與第三季度相比保持穩定。正如我在上個季度提到的那樣，Cat Financial 並未看到業務活動放緩，但由於更高的利率和更多的客戶願意為他們的機器支付現金，繼續面臨來自銀行的激烈競爭。二手設備需求依然強勁，庫存處於歷史低位。我們繼續看到高轉換率以及客戶選擇在租期結束時購買。

Now on Slide 17. ME&T free cash flow in the quarter increased by about $1.2 billion versus the prior year to $3 billion. The increase was primarily due to higher profit. On working capital, our inventory decreased by about $600 million in the quarter. Improved availability of some components benefited shipments as we decreased our work in process inventory. We also saw strong shipments of solar turbines in the quarter.

現在在幻燈片 17 上。本季度的 ME&T 自由現金流與去年同期相比增加了約 12 億美元，達到 30 億美元。增加主要是由於較高的利潤。在營運資金方面，本季度我們的存貨減少了約 6 億美元。由於我們減少了在製品庫存，因此某些組件的可用性提高有利於出貨量。我們還看到本季度太陽能渦輪機的出貨量強勁。

We repurchased about $900 million of common stock in the quarter and paid around $600 million in dividends. As Jim mentioned, we generated $5.8 billion in ME&T free cash flow for the year, inclusive of CapEx of about $1.3 billion. We are pleased with the strong free cash flow we generated in a year where we paid $1.3 billion in short-term incentive compensation and increased our inventories by over $2 billion. Our liquidity remains strong with an enterprise cash balance of $7 billion and another $1.5 billion in slightly longer-dated liquid marketable securities, which generate improved yields on that cash.

我們在本季度回購了約 9 億美元的普通股，並支付了約 6 億美元的股息。正如 Jim 所提到的，我們今年產生了 58 億美元的 ME&T 自由現金流，其中包括約 13 億美元的資本支出。我們對一年中產生的強勁自由現金流感到滿意，我們支付了 13 億美元的短期激勵補償，並將庫存增加了超過 20 億美元。我們的流動性依然強勁，企業現金餘額為 70 億美元，另有 15 億美元的期限稍長的流動性有價證券，這些證券產生了更高的現金收益率。

Now on Slide 18. I'll share some high-level assumptions for the full year, followed by the first quarter. As we begin 2023, demand remains constructive, given the strong order backlog and improving supply chain dynamics, although we do not expect the benefit of a dealer inventory tailwind like we saw last year. As a reminder, dealer inventory rose by $2.4 billion in 2022. Around 40% of the increase relates to Construction Industries with the balance reflecting the timing of deliveries to customers in Resource Industries and Energy & Transportation. As Jim mentioned, over 70% of the combined year-end dealer inventory in Resource Industries and Energy & Transportation is supported by customer orders.

現在在幻燈片 18 上。我將分享全年的一些高級假設，然後是第一季度。 2023 年伊始，鑑於強勁的訂單積壓和不斷改善的供應鏈動態，需求仍然具有建設性，儘管我們預計經銷商庫存順風不會像去年那樣帶來好處。提醒一下，經銷商庫存在 2022 年增加了 24 億美元。約 40% 的增長與建築行業有關，其餘反映了向資源行業和能源與運輸行業的客戶交貨的時間。正如 Jim 所提到的，資源行業和能源與運輸行業超過 70% 的年終經銷商庫存是由客戶訂單支持的。

For the full year 2023, we anticipate increased sales supported by price realization. Although we expect stronger sales to users in 2023, the headwind from the $2.4 billion dealer inventory build in 2022 will moderate volume growth. Our planning assumption is that we do not expect a significant change in dealer inventory by the end of the year. We do expect service sales momentum to continue after reaching $22 billion in 2022. From a sales seasonality perspective, we expect a more typical year with lighter first quarter for total sales.

對於 2023 年全年，我們預計銷售額會在價格實現的支持下增加。儘管我們預計 2023 年對用戶的銷售會更強勁，但 2022 年 24 億美元的經銷商庫存增加帶來的逆風將減緩銷量增長。我們的計劃假設是，我們預計到年底經銷商庫存不會發生重大變化。我們確實預計服務銷售勢頭將在 2022 年達到 220 億美元後繼續。從銷售季節性的角度來看，我們預計第一季度的總銷售額將更為典型。

For the full year, we expect our adjusted operating profit to increase, reflecting higher sales, and we expect to be within our updated adjusted operating margin ranges. Pricing actions from 2022 will continue to roll into 2023, and we will evaluate future actions as appropriate to offset inflationary pressures. We currently expect to see a moderation of input cost inflation as the year progresses, and therefore, a corresponding moderation and price realization as we move through the year. Price though should still more than offset manufacturing costs for the year.

對於全年，我們預計調整後的營業利潤將增加，反映出更高的銷售額，並且我們預計將在我們更新的調整後營業利潤率範圍內。從 2022 年開始的定價行動將延續到 2023 年，我們將評估未來的適當行動以抵消通脹壓力。我們目前預計，隨著時間的推移，投入成本通脹將有所緩和，因此，隨著我們度過這一年，相應的緩和和價格實現。不過，價格仍應足以抵消當年的製造成本。

Increases in SG&A and R&D expenses are expected to exceed the benefit of lower short-term incentive compensation expense this year as we continue to invest in strategic initiatives such as services growth and technology, including digital, electrification and autonomy.

隨著我們繼續投資於服務增長和技術（包括數字化、電氣化和自治）等戰略舉措，今年 SG&A 和研發費用的增長預計將超過較低的短期激勵薪酬費用帶來的好處。

Below operating profit, we anticipate a headwind of approximately just over $800 million or about $80 million per quarter in other income and expense at the corporate level related to pension expense due to higher interest costs given higher interest rates. This is a non-cash item.

低於營業利潤，我們預計由於更高的利率導致更高的利息成本，公司層面與養老金支出相關的其他收入和支出將出現大約略高於 8 億美元或每季度約 8000 萬美元的逆風。這是一個非現金項目。

For the full year of 2022, the strengthening U.S. dollar acted as a tailwind of $189 million relating to the ME&T balance sheet translation impact that I spoke about earlier. This would not recur if the weakening we're seeing in rates thus far continues. Based on current rates, we'd see a headwind of around about $18 million in the first quarter. Remember that 2022 was not a typical year for us as margins increased sequentially throughout -- through the year as the benefit of price realization was stronger in the second half of the year. Also, manufacturing volumes were impacted by supply chain issues, which did impact absorption rates from quarter to quarter. These factors will mean that we do not expect to return to our normal seasonal margin patterns in 2023.

在 2022 年全年，美元走強為我之前談到的 ME&T 資產負債表轉換影響帶來了 1.89 億美元的順風。如果我們目前看到的利率走弱持續下去，這種情況就不會再次發生。根據目前的利率，我們將在第一季度看到約 1800 萬美元的逆風。請記住，2022 年對我們來說不是典型的一年，因為利潤率在整個一年中都在連續增長——因為價格實現的好處在下半年更強。此外，製造量受到供應鏈問題的影響，這確實影響了每個季度的吸收率。這些因素將意味著我們預計不會在 2023 年恢復到正常的季節性利潤率模式。

Moving on, we expect to achieve our ME&T free cash flow target of $4 billion to $8 billion for the year, with CapEx in the range of about $1.5 billion. We'll have about $1.4 billion cash outflow in the first quarter related to the payout of last year's incentive compensation, slightly higher than we saw in the first quarter of 2022. We anticipate restructuring expenses of around $700 million this year, the majority of which is related to the longwall divestiture charge that I mentioned earlier. Finally, we anticipate a global effective tax rate of 23%, excluding discrete items.

繼續前進，我們預計今年將實現 40 億至 80 億美元的 ME&T 自由現金流目標，資本支出約為 15 億美元。第一季度，我們將有約 14 億美元的現金流出，與支付去年的激勵薪酬有關，略高於 2022 年第一季度的水平。我們預計今年的重組費用約為 7 億美元，其中大部分與我之前提到的長壁剝離費用有關。最後，我們預計全球有效稅率為 23%，不包括離散項目。

Now on to our assumptions for the first quarter. In the first quarter compared to the prior year, we expect sales to increase on price and slightly stronger volume, reflecting higher sales to users. With regard to seasonal inventory, we expect a typical seasonal build in the first quarter of this year. As a reminder, dealers increased inventories by $1.3 billion in the first quarter of 2022, and we expect a lower build in the first quarter of 2023. Sales should increase across the 3 primary segments in the first quarter versus the prior year. Compared to the fourth quarter, we anticipate lower sales in the first quarter at the enterprise level following our typical seasonal pattern. We expect lower sales sequentially in each of our 3 primary segments as well.

現在談談我們對第一季度的假設。在第一季度，與去年同期相比，我們預計銷售額會因價格上漲和銷量略有增加，反映出對用戶的銷售額增加。關於季節性庫存，我們預計今年第一季度會出現典型的季節性庫存。提醒一下，經銷商在 2022 年第一季度增加了 13 億美元的庫存，我們預計 2023 年第一季度的庫存量將減少。第一季度 3 個主要部門的銷售額應比上年增加。與第四季度相比，我們預計第一季度的企業級銷售額將遵循我們典型的季節性模式。我們預計 3 個主要部門中的每一個部門的銷售額也將依次下降。

To provide some color, Construction Industries is following an abnormally strong fourth quarter, where shipments exceeded our expectations. Resource Industries had a strong fourth quarter with its highest quarterly shipments since 2012 and expect lower sequential sales in the first quarter due to the timing of shipments, which, as you know, can be lumpy. Energy & Transportation sales should be sequentially lower as well following normal seasonable patterns. Keep in mind that solar turbines had a strong fourth quarter.

為了提供一些顏色，建築業在第四季度表現異常強勁，出貨量超出了我們的預期。 Resource Industries 第四季度表現強勁，季度出貨量為 2012 年以來最高，預計第一季度的連續銷售額會因出貨時間而下降，如您所知，出貨時間可能會起伏不定。能源和交通運輸銷售額應連續下降，並遵循正常的季節性模式。請記住，太陽能渦輪機在第四季度表現強勁。

Specific to the first quarter versus the prior year, keep in mind that the first quarter margins last year were very low. We expect substantially strong enterprise and segment margins in the first quarter on favorable price and volume. Price realization should more than offset manufacturing costs at both the [enterprise and primary segment] levels as well. Also, we could see headwinds related to pension and currency below operating profit, as I just mentioned.

具體到第一季度與上一年的對比，請記住去年第一季度的利潤率非常低。我們預計在有利的價格和數量的推動下，第一季度企業和部門的利潤率將大幅提高。價格實現也應該不僅僅抵消 [企業和主要部門] 級別的製造成本。此外，正如我剛才提到的，我們可能會看到與養老金和貨幣相關的不利因素低於營業利潤。

Compared to the fourth quarter of 2022, we expect adjusted operating profit margins to be flattish to down for the first quarter of the year at the enterprise level. Keep in mind that our fourth quarter of '22 adjusted operating profit margins were our highest quarterly margins ever. By segment, in Construction Industries, we normally see higher margins in the fourth quarter -- first quarter. However, coming off a very strong fourth quarter, we expect lower volume to weigh on margins sequentially. This is the business which usually drives the enterprise-wide sequential margin improvement from the fourth quarter to the first. Similarly, lower volumes should drive sequentially lower margins in Resource Industries. And in Energy & Transportation, we expect lower margins sequentially following a strong fourth quarter, which is the normal pattern for this business.

與 2022 年第四季度相比，我們預計今年第一季度企業層面的調整後營業利潤率將持平或下降。請記住，我們 22 年第四季度調整後的營業利潤率是我們有史以來最高的季度利潤率。按細分市場來看，在建築行業，我們通常會在第四季度 - 第一季度看到更高的利潤率。然而，在第四季度表現非常強勁之後，我們預計銷量下降將對利潤率造成壓力。這是通常推動企業範圍內從第四季度到第一季度連續利潤率提高的業務。同樣，較低的產量應該會導致資源行業的利潤率連續下降。在能源和交通運輸方面，我們預計在強勁的第四季度之後利潤率將連續下降，這是該業務的正常模式。

Turning to Slide 19, let me summarize. Sales grew by 20%, led by strong price realization and volume gains across the 3 primary segments. The adjusted operating profit margin increased by 560 basis points to 17%. ME&T free cash flow was strong at $3 billion for the quarter, and we continue to return cash to shareholders on a consistent basis. Service revenues were $22 billion for the full year, a 17% increase as momentum built in 2022. The outlook remains positive with improving supply chain dynamics and the backlog up around $400 million to over $30 billion. We've updated our margin target scope to account for the impact of inflation on sales and costs, and we expect our 2023 adjusted operating margins to be within our updated range.

轉到幻燈片 19，讓我總結一下。銷售額增長了 20%，主要得益於 3 個主要細分市場強勁的價格實現和銷量增長。調整後的營業利潤率增加了 560 個基點，達到 17%。本季度 ME&T 的自由現金流強勁，達到 30 億美元，我們將繼續一如既往地向股東返還現金。全年服務收入為 220 億美元，隨著 2022 年的增長勢頭增長了 17%。隨著供應鏈動態的改善以及積壓訂單增加約 4 億美元至超過 300 億美元，前景依然樂觀。我們更新了我們的利潤率目標範圍，以考慮通貨膨脹對銷售和成本的影響，我們預計 2023 年調整後的營業利潤率將在我們更新的範圍內。

Despite the inflationary impact on sales and costs, our expectations for profit and cash flow generation have not changed, and we will continue to execute our strategy for long-term profit growth. I want to confirm that our full year 2022 restructuring costs were about $300 million for the year, so apologies if (inaudible) in the call.

儘管通脹對銷售和成本產生影響，但我們對利潤和現金流產生的預期沒有改變，我們將繼續執行我們的長期利潤增長戰略。我想確認我們 2022 年全年的重組成本約為 3 億美元，如果（聽不清）在電話中，我們深表歉意。

Now with that -- now we'll hand over to questions.

現在 - 現在我們將移交給問題。

(Operator Instructions) Your first question comes from the line of Mig Dobre with Baird.

（操作員說明）您的第一個問題來自 Baird 的 Mig Dobre 系列。

Just wanted to -- and I appreciate all the color on dealer inventories. I guess -- it looks to me like about $1 billion of the build is in construction. A good chunk of that is in North America. And retail sales here have been, call it, flattish over the past 3 quarters or so. So I guess I'm curious, as you think about Q1 and you think about that seasonal inventory build, where do you expect that to occur? Is the channel stocked enough in North America construction? And how comfortable are you with dealers actually being able to put through this inventory to end users in 2023?

只是想 - 我很欣賞經銷商庫存中的所有顏色。我猜——在我看來，大約有 10 億美元的建築正在建設中。其中很大一部分在北美。在過去 3 個季度左右，這裡的零售額一直持平。所以我想我很好奇，當您考慮第一季度並考慮季節性庫存構建時，您預計它會在哪裡發生？北美建設渠道儲備夠不夠？您對經銷商實際上能夠在 2023 年將這些庫存交付給最終用戶有多滿意？

We typically see an increase ahead of the spring selling season, so that's why we think it will be a traditional kind of increase. Again, we've talked about what we see happening in the various markets, again, the strength in infrastructure, which is 75% of CI, some moderation in residential in North America, as we discussed. But again, North America has really been our most constrained region. So we're pleased to see healthier dealer inventories in North America. And we're now in that typical range of 3 to 4 months. And again, we talked about the fact that RI and E&T typically don't hold a lot of dealer inventory. Hoping to get an order. Over 70% of the year-end dealer inventory for RI and E&T is tied to customer orders. So again, hope that helps.

我們通常會在春季銷售旺季之前看到增長，因此我們認為這將是一種傳統的增長。同樣，我們已經討論了我們在各個市場上看到的情況，再次是基礎設施的實力，這是 CI 的 75%，正如我們所討論的那樣，北美住宅的一些緩和。但同樣，北美確實是我們最受限制的地區。因此，我們很高興看到北美的經銷商庫存更健康。我們現在處於 3 到 4 個月的典型範圍內。再一次，我們談到了 RI 和 E&T 通常不持有大量經銷商庫存的事實。希望得到訂單。 RI 和 E&T 超過 70% 的年終經銷商庫存與客戶訂單掛鉤。再次希望對您有所幫助。

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

你的下一個問題來自 Rob Wertheimer 與 Melius Research 的合作。

I guess -- I'm going to ask about turbines within E&T. Obviously, the global energy mix is shifting on that gas to Russia and so forth. Are you able to say -- orders have been strong, I assume, related partly to that. Is the solution sort of already in the pipeline for solar? Or are there a lot of projects underway and/or under consideration? Do you expect to keep that segment elevated for the next several years?

我想——我要問的是 E&T 內的渦輪機。顯然，全球能源結構正在將天然氣轉移到俄羅斯等地。你能說 - 我認為訂單一直很強勁，部分與此有關。該解決方案是否已經在太陽能管道中？或者是否有很多項目正在進行和/或正在考慮中？您是否希望在未來幾年內保持該細分市場的高位？

Well, it's always -- Rob, it's always tough to make a multiyear prediction, but I will say that orders or order rates are quite strong for solar, as is quotation activity. And of course, solar is very involved in that natural gas value chain, compressing a lot of gas to LNG facilities for export around the world. There has been an underinvestment, I'd argue, in oil and gas over the last few years, and that it's starting to be reversed now, and that has a positive impact on both our Cat oil and gas business and our solar business. So again, very difficult always to make a multiyear projection not knowing what's happening in the economy.

好吧，它總是 - 羅布，做出多年預測總是很困難，但我會說太陽能的訂單或訂單率非常強勁，報價活動也是如此。當然，太陽能在天然氣價值鏈中發揮著重要作用，將大量天然氣壓縮到液化天然氣設施中，出口到世界各地。我認為，在過去幾年中，石油和天然氣投資不足，現在開始出現逆轉，這對我們的 Cat 石油和天然氣業務以及我們的太陽能業務都產生了積極影響。因此，在不了解經濟狀況的情況下，總是很難做出多年預測。

But based on what we see today, business is quite strong for solar, both on the services side and on the new equipment side. And one of the things we have seen, there was a -- for a while there, after the decline in oil prices a few years ago, we saw a decline in international projects. That have -- that's picked up for solar. So we're seeing more international projects. We're also seeing strength in North American gas compression for solar as well.

但根據我們今天所看到的情況，無論是在服務方面還是在新設備方面，太陽能業務都非常強勁。我們看到的一件事是——有一段時間，在幾年前油價下跌之後，我們看到了國際項目的減少。那有——那是為了太陽能而撿起來的。所以我們看到了更多的國際項目。我們也看到了北美太陽能氣體壓縮的優勢。

Your next question comes from the line of Jamie Cook with Credit Suisse.

你的下一個問題來自瑞士信貸的 Jamie Cook。

I guess my question, can you talk for 2023 where is there opportunity to put through incremental price and where you see deflation? And the question just comes from Jim, just the incremental margins that you put up in the fourth quarter were fairly impressive. So I'm just wondering how big sort of the price cost tailwind can be in 2023 with the strong pricing actions and supply chain easing and potentially deflation in some areas.

我想我的問題是，你能談談 2023 年哪裡有機會通過增量價格以及你看到通貨緊縮的地方嗎？問題來自吉姆，你在第四季度提出的增量利潤率相當可觀。所以我只是想知道，隨著強有力的定價行動和供應鏈的放鬆以及某些地區可能出現的通貨緊縮，2023 年的價格成本順風會有多大。

Well, Jamie, we always -- certainly, when we think about price actions, we take a number of things into account. Certainly, we take into account the increases from our suppliers in cost. We also, of course, pay very close attention to competitive market and always striving to provide more value to our customers. So it's difficult for us to make a prediction as to what will happen. We demonstrated the ability to pass along price when we need to because of inflationary factors. But again, we always keep competition in mind as well. So again, pleased at how we're doing so far and the way we're managing that balance.

好吧，傑米，我們總是——當然，當我們考慮價格行為時，我們會考慮很多因素。當然，我們考慮到供應商的成本增加。當然，我們也非常關注競爭激烈的市場，並始終努力為我們的客戶提供更多價值。所以我們很難預測會發生什麼。由於通貨膨脹因素，我們展示了在需要時傳遞價格的能力。但同樣，我們也始終牢記競爭。因此，再次對我們迄今為止的表現以及我們管理這種平衡的方式感到高興。

Yes. And as I think we've said from our planning assumptions perspective, obviously, there was some carryover price impacting us in -- particularly in the first half of the year. As we expect to go through the year, we expect that benefit of price to moderate in the second half, but also we expect the increases in manufacturing costs to continue to moderate as we go through the year. So -- but obviously, that's a planning assumption. And as always the case, that is predicated on the assumption that inflation does moderate. And as Jim said, we'll obviously keep an eye open on that and take pricing actions accordingly.

是的。正如我認為我們已經從我們的計劃假設角度所說的那樣，顯然，有一些結轉價格影響了我們 - 特別是在今年上半年。正如我們預計全年一樣，我們預計下半年價格帶來的好處將有所緩和，但我們也預計製造成本的增長將在今年繼續放緩。所以 - 但顯然，這是一個計劃假設。和往常一樣，這是基於通脹確實溫和的假設。正如吉姆所說，我們顯然會密切關注這一點，並相應地採取定價行動。

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

你的下一個問題來自 Jerry Revich 與高盛的合作。

Yes. Jim, I'm wondering if you just talk about your production plan in Construction Industries and what are you folks looking for in terms of the decision to potentially curtail production if we do continue to see dealer inventory builds ahead of expectations. Just -- if you could just touch on the key indicators that you're looking at and how can we gradually affect the production slowdown if that's indeed what we need to do over the course of '23.

是的。吉姆，我想知道你是否只是談論你在建築行業的生產計劃，以及如果我們確實繼續看到經銷商庫存超出預期，那麼你們在可能削減產量的決定方面尋找什麼。只是——如果你能談談你正在看的關鍵指標，如果這確實是我們在 23 年期間需要做的事情，我們如何才能逐漸影響生產放緩。

Thanks, Jerry. And certainly, again, we obviously pay very close attention to what's happening in the marketplace. We pay attention to STUs. Dealers are independent businesses, they make their own decisions about inventory. But certainly, we do work with them. And the last thing we want to do is to have too much inventory in the channel. As it occurs today, as we mentioned earlier, we're now back in our normal typical range, and still -- we still have many dealers that would like more equipment from us to support customer orders.

謝謝，傑里。當然，我們顯然非常關注市場上正在發生的事情。我們關注 STU。經銷商是獨立的企業，他們對庫存有自己的決定。但可以肯定的是，我們確實與他們合作。我們最不想做的就是渠道中存貨過多。就像今天發生的那樣，正如我們之前提到的，我們現在回到了正常的典型範圍，而且仍然 - 我們仍然有許多經銷商希望我們提供更多設備來支持客戶訂單。

So -- and we talked about the fact that nonresi is 75% of construction industries, and it is still quite robust and strong, and we expect it to grow. Yes, some moderation in residential. But again, 75% is nonresi. So again, as we always do, we'll pay close attention to the market, and we'll modify our production plans as appropriate. But there are still some products that we want -- we need to produce more of, quite frankly, and we're still dealing with some supply chain issues in some areas.

所以 - 我們談到了一個事實，即 nonresi 佔建築行業的 75%，它仍然非常強勁和強大，我們預計它會增長。是的，在住宅中有一些節制。但同樣，75% 是非耐久性的。因此，我們將一如既往地密切關注市場，並酌情修改生產計劃。但是仍然有一些我們想要的產品——坦率地說，我們需要生產更多，而且我們仍在處理某些領域的一些供應鏈問題。

So again it's not a one-size-fits-all answer. We talked about the fact that China is slow, and will continue -- we expect it to continue to be slow below 2022 levels. But in many areas, demand is quite -- still quite strong.

因此，這也不是一個放之四海而皆準的答案。我們談到了中國正在緩慢並將繼續的事實——我們預計它會繼續放緩到 2022 年的水平以下。但在許多領域，需求相當——仍然相當強勁。

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

你的下一個問題來自 Evercore 的 David Raso。

My question relates to the first quarter guidance. Normal seasonality on sales. EBIT margins usually go up a couple of hundred basis points. I mean that's sort of a [$4.50] EPS number. What you're implying is a little closer to [$4]. The margins in particular, you mentioned pension. And I know CI is at a high level so the comp is tough sequentially. But on price cost, what are you assuming on price cost first quarter versus fourth quarter? If you could just give us some color. Just to see the margins flat to down sequentially, even with the tough comp, is a bit unique. And just if you could help us flesh out sort of the price cost.

我的問題與第一季度的指導有關。銷售的正常季節性。 EBIT 利潤率通常會上升幾百個基點。我的意思是這是一個 [$4.50] EPS 數字。您的意思是更接近 [$4]。特別是利潤率，你提到了養老金。而且我知道 CI 處於高水平，因此 comp 順序很艱難。但是在價格成本方面，您對第一季度和第四季度的價格成本假設是什麼？如果你能給我們一些顏色。只是看到利潤率連續下降，即使是強硬的競爭，也有點獨特。如果你能幫助我們充實價格成本就好了。

Yes. David, great question and part of the reason why I highlighted that CI margins were actually very, very high in the fourth quarter. Part of that was because normally in the fourth quarter, you don't see a deal inventory build as big as we did see in the fourth quarter. And the fact that, that release did help overall CI margins come in a little bit better than we expected as well. Obviously, what that does mean is normally, yes, correct, we normally get a 200 to 300 basis points bump in the first quarter based on production and ramping up production. Obviously, those production rates aren't quite the same as they would normally be fourth quarter to first quarter because obviously, we're looking at a very different profile, particularly given that, obviously, we were building production through 2022, particularly in CI. So that is the biggest challenge, and that's probably the biggest single factor, which will drive margins sequentially lower.

是的。大衛，很好的問題，也是我強調第四季度 CI 利潤率實際上非常非常高的部分原因。部分原因是因為通常在第四季度，你不會看到像我們在第四季度看到的那樣大的交易庫存。事實上，該版本確實幫助整體 CI 利潤率也比我們預期的要好一點。顯然，這通常意味著，是的，正確的，我們通常會在第一季度根據產量和產量增加 200 到 300 個基點。顯然，這些生產率與通常的第四季度到第一季度不完全相同，因為顯然，我們正在尋找一個非常不同的概況，特別是考慮到，顯然，我們正在建設到 2022 年的生產，特別是在 CI .所以這是最大的挑戰，這可能是最大的單一因素，這將導致利潤率連續下降。

On price/cost, we still expect strong price in Q1. It will not be as big as Q4 for the simple reason we are lapping price increases that we put through at the beginning of 2022. So that will be coming down slightly, but we do expect price cost to be favorable for the first half of the year. Again, that's just going to create a little bit of noise in the margin structure quarter-on-quarter. Unfortunately, we are not going to go back to the normal lower margins in Q1, higher margins in Q4, which you guys are going to be able to model. It's going to still be a little bit different as we go through 2023. Obviously, 2022 was the opposite.

在價格/成本方面，我們仍然預計第一季度價格強勁。它不會像第四季度那麼大，原因很簡單，我們正在考慮我們在 2022 年初進行的價格上漲。因此價格會略有下降，但我們確實預計上半年的價格成本將是有利的年。同樣，這只會在季度利潤率結構中產生一點噪音。不幸的是，我們不會回到第一季度正常的較低利潤率，第四季度的較高利潤率，你們將能夠建模。到 2023 年，情況仍會有所不同。顯然，2022 年恰恰相反。

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

你的下一個問題來自摩根大通的 Tami Zakaria。

So I'm trying to understand the volume commentary for this year. Since you expect sales to end users to be stronger this year versus last year but you don't expect dealer inventory restocking benefit, does that mean dealer inventory could actually decline again from current levels to support the stronger sales to the end users?

所以我試圖了解今年的捲評論。由於您預計今年對最終用戶的銷售會比去年強，但您預計經銷商庫存補貨不會帶來好處，這是否意味著經銷商庫存實際上可能會從當前水平再次下降以支持對最終用戶的強勁銷售？

No. Our assumption at the moment -- Tami, thanks for the question, is at the moment, so planning assumption, as is always the case, the dealer inventories will be flattish for the year and should not increase or decrease. Effectively, what that does mean, though, is obviously the headwind exists from our shipments on the $2.4 billion of dealer inventory that got built in 2022. Remind you, a big chunk of that, around about 60%, is in E&T and in RI, which is related to customer orders, which will be -- fall through into our sales to end users in due course. But overall, we expect, again, sales to users to be up year-over-year. And that will -- and the dealer inventory headwind will up moderate that level of increase, the volume that we will see in our shipments, as I said in my remarks.

不，我們目前的假設——Tami，謝謝你的問題，現在是，所以計劃假設，一如既往，今年經銷商庫存將持平，不應增加或減少。不過，這實際上意味著，我們在 2022 年建立的 24 億美元經銷商庫存的出貨量顯然存在逆風。提醒你，其中很大一部分，大約 60%，是在 E&T 和 RI ，這與客戶訂單有關，這將在適當的時候進入我們對最終用戶的銷售。但總體而言，我們再次預計對用戶的銷售額將同比增長。正如我在發言中所說，這將 - 經銷商庫存逆風將緩和這一增長水平，即我們將在出貨量中看到的數量。

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

你的下一個問題來自美國銀行的 Mike Feniger。

Just following up on the solar comment in the oil and gas portfolio. E&T was a dominant driver of earnings 7 to 8 years ago with leading margins for Cat. It's one of the only segments you're not getting that double-digit pricing right now. It's lagged the others. Do you see room for that to pick up following this reversal of underinvestment the last few years? And is there anything structurally keeping Cat from returning to those prior peak margins in E&T?

只是跟進石油和天然氣投資組合中的太陽能評論。 7 到 8 年前，E&T 是盈利的主要推動力，Cat 的利潤率領先。這是您目前沒有獲得兩位數定價的唯一細分市場之一。它落後於其他人。在過去幾年投資不足的逆轉之後，您認為這種情況有回升的空間嗎？是否有任何結構性因素阻止 Cat 恢復到 E&T 之前的峰值利潤率？

Mike, thanks for the question. So you may recall that we put through price increases later in E&T than we did with machines just based on the market dynamics that existed at the time. So having said that, as I mentioned, particularly in oil and gas and power generation, market is quite strong and we expect our volumes certainly in oil and gas to increase. And we're dealing with kind of oil and gas still some supply chain challenges. And so we're dealing with that. That factor was a ramp-up.

邁克，謝謝你的提問。所以你可能還記得，我們在 E&T 的價格上漲比我們根據當時存在的市場動態對機器所做的要晚。所以話雖如此，正如我提到的，特別是在石油和天然氣以及發電方面，市場非常強勁，我們預計我們在石油和天然氣方面的銷量肯定會增加。而且我們正在處理某種石油和天然氣仍然存在一些供應鏈挑戰。所以我們正在處理這個問題。這個因素是一個增長。

Solar is, again, I mentioned earlier, a very strong fourth quarter but still very robust order rates coming in and a lot of quotation activity. So again, we do expect that -- E&T to improve in 2023. And I won't try to compare it to where they were a few years ago. I mean to say that the business is strong and improving.

我之前提到過，太陽能是一個非常強勁的第四季度，但仍然非常強勁的訂單率和大量的報價活動。因此，我們再次預計——E&T 將在 2023 年有所改善。我不會嘗試將其與幾年前的情況進行比較。我的意思是說業務很強大並且正在改善。

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

你的下一個問題來自德意志銀行的 Nicole DeBlase。

I just wanted to dig into the manufacturing cost side of the price/cost equation. It sounds to me, reading through the comments you made in response to an earlier question, that you still expect manufacturing costs to be a headwind year-on-year in 2023. Can you just kind of talk through the big components of that materials versus freight and why we shouldn't expect at some point in 2023 for manufacturing costs to become a tailwind?

我只是想深入研究價格/成本等式的製造成本方面。在我看來，通過閱讀您對先前問題的回答，您仍然預計製造成本將在 2023 年同比下降。您能否談談該材料的主要組成部分與運費以及為什麼我們不應該期望在 2023 年的某個時候製造成本成為順風？

Yes. So I mean there's a couple of factors, obviously, that come into that. Material costs will still be a headwind, we expect. Some of that is material cost inflation that we're still seeing through this year. Some of that material cost inflation is not just necessarily commodity costs. Some of it will be labor costs and some of it will include energy costs. So all of those factors, we are anticipating, will moderate as we go through the year. We are starting to see signs of lower levels of request for price increases coming from customers -- from suppliers. So that's a positive sign. And hopefully, as things unwind through the year, some of that will moderate, Again, we have not -- in our planning assumptions, we based our pricing actions on what we're assuming from a manufacturing cost perspective, and obviously, we'll take action as appropriate, if we need to, if there are great increases than we're currently expecting in manufacturing costs in 2023.

是的。所以我的意思是，這顯然有幾個因素。我們預計，材料成本仍將是一個不利因素。其中一些是我們今年仍然看到的材料成本通脹。部分材料成本通脹不一定只是商品成本。其中一些將是勞動力成本，其中一些將包括能源成本。因此，我們預計，所有這些因素都會在今年結束時有所緩和。我們開始看到來自客戶——來自供應商——的提價要求有所降低的跡象。所以這是一個積極的跡象。希望隨著今年事情的進展，其中一些會緩和，同樣，我們沒有——在我們的計劃假設中，我們的定價行動是基於我們從製造成本的角度假設的，顯然，我們”如果我們需要，如果 2023 年製造成本的增幅比我們目前預期的要大得多，我們將採取適當的行動。

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

你的下一個問題來自 Chad Dillard 與 Bernstein 的對話。

So in China, I know you mentioned that you're expecting levels to be below '22, at least on the end market perspective. But maybe you could talk about just like what you're seeing in like your -- in the channel from an inventory perspective relative to, I guess, normalized levels. And then how should we think about the business now that you have the GX series for a full China cycle?

所以在中國，我知道你提到過你預計水平會低於 22 年，至少從終端市場的角度來看是這樣。但也許你可以像你在渠道中看到的那樣談論你在渠道中從庫存角度相對於，我想，標準化水平。那麼，既然您擁有 GX 系列，我們應該如何考慮整個中國周期的業務？

Yes, again, just to reiterate. We had a couple of really strong years in China in 2020, '21, and we had saw softening in '22. And again, we don't see signs of improvement at this point. We continue to invest in new products to try to maintain our competitiveness with new products. So that's continuing, and we've been pleased with the response to those new products, including the GX. But that above 10-ton excavator market, we do expect to be weaker in 2023 than it was in 2022. And inventory in the fourth quarter versus the build in the prior year is lower.

是的，再次重申。 2020 年，21 年，我們在中國度過了非常強勁的幾年，22 年我們看到了疲軟。同樣，我們目前沒有看到改善的跡象。我們不斷投資於新產品，以保持我們在新產品方面的競爭力。所以這還在繼續，我們對這些新產品（包括 GX）的反應感到滿意。但是 10 噸以上的挖掘機市場，我們確實預計 2023 年會比 2022 年疲軟。第四季度的庫存與去年同期相比較低。

Yes. So we actually had a reduction in dealer inventory in Asia Pac this year in CI versus the build in the previous year.

是的。因此，與去年相比，今年亞太地區 CI 的經銷商庫存實際上有所減少。

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

你的下一個問題來自花旗銀行的 Tim Thein。

Yes. Jim, maybe just a follow-up on the -- just mining outlook within RI. I get the point about the miners being capital disciplined, which has been in place for some time but just on the back of what appears to be strong results and outlooks from a competitor in Asia overnight. Maybe just say a bit more about kind of the outlook and your views on the mining piece of ROI for '23.

是的。吉姆，也許只是對 RI 內的採礦前景的跟進。我明白礦工受到資本約束的觀點，這種約束已經存在了一段時間，但只是在一夜之間亞洲競爭對手似乎表現強勁的結果和前景的支持下。也許只是多說一點關於 23 年投資回報率採礦部分的前景和看法。

Yes. Thank you, Tim. We've been talking for a number of years in our earnings call about what we expect in the mining industry, which was moderate growth year-on-year and -- as opposed to what we saw -- going back, thinking about 10 or 12 or 15 years ago, where we saw some wild cycles up and down. And really, I believe that's a function of our mining customers remaining capital disciplined. And that's a very positive thing, I think, for them and for us.

是的。謝謝你，蒂姆。多年來，我們一直在收益電話會議上談論我們對採礦業的預期，該行業同比溫和增長——與我們所看到的相反——回顧過去，考慮 10 或12 或 15 年前，我們看到了一些瘋狂的上下波動週期。實際上，我認為這是我們的礦業客戶保持資本紀律的一個功能。我認為，對他們和我們來說，這是一件非常積極的事情。

And what we've been saying for a number of years now in our earnings calls that we expect a year-over-year moderate increase, and that's exactly the way it's playing out. So we're very encouraged by our quotation activity with customers, the conversations that are going on. We have a strong backlog, which we feel good about. Parked trucks remain at low levels, there's high utilization of equipment, and customers make decisions on a whole variety of factors as to whether or not they're going to rebuild or they're going to buy new trucks, and we benefit from either one of those things.

多年來，我們在財報電話會議上一直在說，我們預計同比溫和增長，而這正是它正在發揮作用的方式。因此，我們對與客戶的報價活動以及正在進行的對話感到非常鼓舞。我們有大量積壓，我們對此感覺良好。停放的卡車保持低水平，設備利用率很高，客戶根據各種因素做出決定，決定他們是否要重建或購買新卡車，我們從中受益那些東西。

We're very encouraged by our autonomous solution, and we firmly believe we have the best solution in the industry, and that's being demonstrated by the decision -- the purchasing decisions that our customers are making. And as a reminder, of course, RI also includes quarry and ag, which the trends there are positive as well. A lot of that is driven by infrastructure spending and anticipated infrastructure spending. So again, we feel good about the mining business. And again, quotation activity is very strong, and we're having very good conversations with customers.

我們的自主解決方案讓我們深受鼓舞，我們堅信我們擁有業內最好的解決方案，這一點在我們的決定中得到了證明——我們的客戶正在做出購買決定。提醒一下，當然，RI 還包括採石場和 ag，那裡的趨勢也是積極的。其中很大一部分是由基礎設施支出和預期的基礎設施支出推動的。因此，我們再次對採礦業務感到滿意。再一次，報價活動非常強勁，我們與客戶進行了非常好的對話。

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

你的下一個問題來自 Matt Elkott 與 Cowen 的對話。

I was hoping you guys can provide us with some more insight into the strength you're seeing in the Middle East. And related to that, but longer term, Saudi Arabia has big plans in both construction and, more recently, mining. Are there any meaningful incremental opportunities for you guys there?

我希望你們能為我們提供更多關於你們在中東看到的力量的見解。與此相關，但從長遠來看，沙特阿拉伯在建築和最近的採礦方面都有宏偉的計劃。你們那裡有什麼有意義的增量機會嗎？

Matt, I believe we mentioned in our prepared remarks that EAME, which is Europe, Africa and the Middle East is expected to be about flat. And we said that strength in the Middle East is offsetting some uncertainty in Europe. So certainly, when oil prices are elevated, that tends to provide the investment capabilities for customers in the Middle East, whether it's for oil and gas business or for construction. So again, we -- it is certainly a bright spot and a positive one, and one that we feel will continue through 2023.

馬特，我相信我們在準備好的發言中提到，歐洲、非洲和中東地區的 EAME 預計將持平。我們說過，中東的實力正在抵消歐洲的一些不確定性。因此，當然，當油價上漲時，這往往會為中東的客戶提供投資能力，無論是石油和天然氣業務還是建築業。所以，我們再次重申，這肯定是一個亮點和一個積極的亮點，我們認為這個亮點將持續到 2023 年。

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

你的下一個問題來自瑞銀集團的 Steven Fisher。

I'm just curious what was different about the supply chain in construction, which sounds like it was -- it is pretty smooth versus E&T and Resource, which sounded like are still a little challenging. Is it just still the randomness that's out there? And then last quarter, you talked about some of the manufacturing inefficiencies due to supply chain. Just curious how that played out in Q4 and what do you expect for that in '23.

我只是很好奇建築供應鏈有什麼不同，這聽起來像是——與 E&T 和 Resource 相比，它非常順利，這聽起來仍然有點挑戰。它仍然只是隨機性嗎？然後在上個季度，你談到了供應鏈導致的一些製造效率低下。只是好奇它在第四季度的表現如何以及你對 23 年的期望是什麼。

Yes. Thanks, Steven. And then, certainly, we have a diverse group of suppliers and a diverse product line, and we did see some improvement in the quarter, but there are still some areas of strength. And just -- and we think -- and it's very different product by product. And even though you'll see a number of suppliers in better shape, all it takes is one component to prevent you from shipping an engine or a machine. And part of it is just the nature of the beast, I think, as to what's happening in various industries. And if we look at our large engines, it's more of a struggle, frankly, than it is with some of our construction machines at the moment. And these things ebb and flow over time, but that's where we are today.

是的。謝謝，史蒂文。然後，當然，我們擁有多元化的供應商群體和多元化的產品線，我們確實看到本季度有所改善，但仍有一些優勢領域。只是 - 我們認為 - 產品之間的差異很大。即使您會看到許多供應商狀況更好，只需要一個組件就可以阻止您運送發動機或機器。我認為，部分原因在於野獸的本性，即各個行業正在發生的事情。如果我們看看我們的大型發動機，坦率地說，這比目前我們的一些建築機械更像是一場鬥爭。隨著時間的流逝，這些事情起伏不定，但這就是我們今天的處境。

We still see some semiconductor availability challenges. I know on the -- with the higher-end chips, that's improved significantly in the industry based on industry reports. But for the semiconductors that we use, it continues to be a challenge. And so in the fourth quarter, we certainly did still experience inefficiencies associated with supply chain challenges, and that had an impact on us because we're still doing things like workarounds and it's not anywhere as smooth as it needs to be.

我們仍然看到一些半導體可用性挑戰。我知道——根據行業報告，高端芯片在行業中得到了顯著改善。但對於我們使用的半導體來說，這仍然是一個挑戰。因此，在第四季度，我們確實確實遇到了與供應鏈挑戰相關的低效率問題，這對我們產生了影響，因為我們仍在做諸如變通辦法之類的事情，而且在任何地方都沒有達到需要的那樣順利。

Yes. And I think if you look out for the rest of the year, what we do expect is that, obviously, we start to lap those in the second half of the year, those inefficiencies. So we should either see a moderation or actually a reversal of some of that supply chain inefficiency we saw in the second half of the year.

是的。而且我認為，如果你留意今年餘下的時間，我們確實期望的是，顯然，我們將在今年下半年開始解決這些低效率問題。因此，我們應該看到我們在今年下半年看到的一些供應鏈效率低下的情況有所緩和或實際上出現逆轉。

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

你的下一個問題來自 Kristen Owen 和 Oppenheimer 的對話。

Wanted to follow up on the services growth. You reported now $22 billion, on track to meet that $28 billion target by 2026. Can you just talk to us about some of the growth drivers in that business and maybe provide us with an update on customer value agreement take rates?

想要跟進服務的增長。你現在報告了 220 億美元，有望在 2026 年實現 280 億美元的目標。你能和我們談談該業務的一些增長動力，並可能向我們提供有關客戶價值協議採用率的最新信息嗎？

You bet. So again, we are encouraged, as I mentioned, about our progress in services. And we mentioned when we threw that target out that it wouldn't be a straight line, it wouldn't be linear and we knew we had to make investments to make it happen. And we are continuing to invest in a whole variety of things. We've got more connected assets now, $1.4 million, up from $1.2 million last year. We're investing significantly in our e-commerce capabilities. That's one more arguably -- I'd argue, we were a bit behind, but we made great progress and very proud of what the team is doing there and those sales are increasing. To answer your question on customer value agreements, over 60% of new equipment in 2022 was delivered with the CBA, and that's really important because it creates that customer touch point, and it gives us the ability to demonstrate that value that we can provide.

你打賭。因此，正如我提到的，我們再次對我們在服務方面的進步感到鼓舞。我們提到，當我們放棄這個目標時，它不會是一條直線，它不會是線性的，我們知道我們必須進行投資才能實現它。我們將繼續投資於各種各樣的事情。我們現在擁有更多關聯資產，從去年的 120 萬美元增加到 140 萬美元。我們正在大力投資我們的電子商務能力。這是一個更有爭議的問題——我認為，我們有點落後了，但我們取得了很大的進步，並對團隊在那裡所做的事情感到非常自豪，而且這些銷售額正在增加。為了回答你關於客戶價值協議的問題，2022 年超過 60% 的新設備是通過 CBA 交付的，這非常重要，因為它創造了客戶接觸點，並使我們能夠證明我們可以提供的價值。

And also, we're investing heavily in AI. We have what are called prioritized service events. So what that does is it allows us to give dealers a lead on aftermarket service and repair in advance, and it does -- it provides value to our dealers, of course, but it also provides value to our customers because it allows them to avoid unplanned downtime. So that's really positive as well.

而且，我們正在大力投資人工智能。我們有所謂的優先服務事件。因此，它的作用是讓我們能夠提前為經銷商提供售後服務和維修方面的領先優勢，它確實為我們的經銷商提供了價值，當然，它也為我們的客戶提供了價值，因為它可以讓他們避免計劃外停機。所以這也是非常積極的。

And also, we've been working on parts availability. We need to have the right parts at the right place at the right time. And that's one of the benefits of having connected assets and also utilizing AI with those connected assets to ensure that we anticipate where those parts will be needed, and that's a key enabler as well.

而且，我們一直在研究零件的可用性。我們需要在正確的時間將正確的零件放在正確的位置。這是擁有連接資產以及將 AI 與這些連接資產結合使用的好處之一，以確保我們預測需要這些部件的位置，這也是一個關鍵的推動因素。

Operator, we have time for one more question.

接線員，我們還有時間再問一個問題。

Your final question today comes from the line of Steve Volkmann with Jefferies.

您今天的最後一個問題來自史蒂夫沃爾克曼與傑富瑞的合作。

My question is on inventory. The Cat inventory on your balance sheet was up about $2.2 billion or something roughly in '22. And I'm sure some of that was price. But is there an opportunity to sort of draw that back down as supply chains improve? Or are we in sort of a new reality where we need a little bit higher inventory because of the vagaries of all the supply chains and international trade and et cetera?

我的問題是關於庫存的。您資產負債表上的 Cat 庫存增加了約 22 億美元，大約在 22 年左右。我敢肯定，其中一些是價格。但隨著供應鏈的改善，是否有機會減少這種情況？或者我們是否處於一種新的現實中，由於所有供應鍊和國際貿易等的變幻莫測，我們需要更高的庫存？

We're not running as lean as I would like us to be. And certainly, that is a consequence of the supply chain challenges we're having. And I think I mentioned in previous calls the term decommitted, one that I hadn't been familiar with until COVID hit and where customers at very short notice decommit and don't give us components when we need them. And so that's created inefficiencies. It's also resulted in more inventory. So I wouldn't say it's a permanent condition. I believe -- as the supply chain situation improves, I do expect us to become leaner again and to be able to reduce our internal inventory.

我們沒有像我希望的那樣精簡。當然，這是我們所面臨的供應鏈挑戰的結果。而且我想我在之前的電話中提到過“退役”這個詞，直到 COVID 出現之前我都不熟悉這個詞，客戶在很短的時間內就退役並且在我們需要它們時不給我們組件。因此，這造成了效率低下。這也導致了更多的庫存。所以我不會說這是一個永久的條件。我相信——隨著供應鏈狀況的改善，我確實希望我們再次變得更精簡，並能夠減少我們的內部庫存。

All right. Well, thank you all for joining us. I really do appreciate your questions. Just to summarize here, I'm very proud of our global team. They delivered one of the best years we had on record. We had strong overall top line growth. Services grew 17%. We generated strong adjusted operating profit and ME&T free cash flow in the year. And we achieved an all-time record for adjusted profit per share. As we think about the year, we're encouraged by the strong quotation activity, our $30 billion backlog, and as we mentioned, we believe 2023 will be an even better year than 2022 on both the top and bottom line. And we continue to remain focused on supporting our customers and executing our strategy for long-term profitable growth. Again, thank you for your questions.

好的。好吧，謝謝大家加入我們。我真的很感激你的問題。在這裡總結一下，我為我們的全球團隊感到非常自豪。他們創造了我們有記錄以來最好的年份之一。我們的整體收入增長強勁。服務增長了 17%。我們在這一年產生了強勁的調整後營業利潤和 ME&T 自由現金流。我們的調整後每股收益創歷史新高。當我們考慮這一年時，我們對強勁的報價活動、我們 300 億美元的積壓訂單感到鼓舞，而且正如我們所提到的，我們相信 2023 年的收入和利潤都將比 2022 年更好。我們將繼續專注於支持我們的客戶並執行我們的長期盈利增長戰略。再次感謝您的提問。

Thank you, Jim, 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 fourth 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 enjoy the rest of your day. And now I'll turn it back to Emma to conclude the call.

謝謝你，吉姆，以及今天加入我們的每一個人。今天上午晚些時候將在網上提供我們通話的重播。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四季度業績視頻，以及我們向用戶銷售數據的美國證券交易委員會備案文件。單擊 investors.caterpillar.com，然後單擊 Financials 查看這些材料。如果您有任何疑問，請聯繫 Rob 或我。投資者關係總機電話號碼是 (309) 675-4549。我們希望您在接下來的一天過得愉快。現在我將把它轉回給 Emma 來結束通話。

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

非常感謝您參加今天的電話會議。您現在可以斷開連接。