開拓重工 (CAT) 2023 Q2 法說會逐字稿

Ladies and gentlemen, welcome to the Second Quarter 2023 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, sir.

女士們、先生們，歡迎參加卡特彼勒 2023 年第二季度盈利電話會議。請注意，今天的會議正在錄製中。我現在想將會議交給今天的發言人瑞安·費德勒 (Ryan Fiedler)。謝謝。請繼續，先生。

Thanks, Abby, and good morning, everyone, and welcome to Caterpillar's Second Quarter of 2023 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.

謝謝艾比，大家早上好，歡迎參加卡特彼勒 2023 年第二季度財報電話會議。我是瑞安·費德勒 (Ryan Fiedler)，投資者關係副總裁。今天與我一起出席的有董事長兼首席執行官 Jim Umpleby；安德魯·邦菲爾德，首席財務官； Kyle Epley，全球金融服務部高級副總裁；以及高級 IR 經理 Rob Rengel。

During our call, 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.

在電話會議中，我們將討論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“活動和演示”下找到我們的幻燈片、新聞稿和網絡廣播回顧。

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.

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、轉發、複製或分發本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。在今天的電話會議中，我們將做出前瞻性聲明，這些聲明存在風險和不確定性。我們還將做出一些假設，這些假設可能導致我們的實際結果與我們在本次電話會議中與您分享的信息有所不同。請參閱我們最近向 SEC 提交的文件以及新聞稿中的前瞻性聲明提醒，了解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，無論是單獨的還是總體的。我們向 SEC 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，我們還將提及非 GAAP 數據。有關任何非 GAAP 數據與相應的美國 GAAP 數據的調節，請參閱收益電話會議幻燈片的附錄。

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 2023, I want to recognize our global team for delivering a very strong second quarter. This included double-digit top line growth, higher adjusted operating profit margin, record adjusted profit per share and robust ME&T free cash flow. Our results continued to 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 2023 年上半年即將結束之際，我想對我們的全球團隊在第二季度的業績表現表示認可。這包括兩位數的營收增長、更高的調整後營業利潤率、創紀錄的調整後每股利潤以及強勁的 ME&T 自由現金流。我們的業績繼續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. I'll then provide some insights on our end markets. Lastly, I'll provide an update on our sustainability journey.

在今天的電話會議中，我將首先闡述​​我對本季度業績的看法。然後我將提供一些有關我們終端市場的見解。最後，我將介紹我們可持續發展之旅的最新情況。

It was another strong quarter. Sales and revenues increased 22% in the second quarter versus last year. Adjusted operating profit margin improved 21.3%, up sequentially and year-over-year. We also generated $2.6 billion of ME&T free cash flow in the quarter.

這是又一個強勁的季度。第二季度銷售額和收入與去年同期相比增長了 22%。調整後營業利潤率環比和同比增長 21.3%。本季度我們還產生了 26 億美元的 ME&T 自由現金流。

Our second quarter results were better than we expected for sales and revenues, adjusted operating profit margin and ME&T free cash flow. In addition, we ended the quarter with a healthy backlog of $30.7 billion.

我們第二季度的銷售和收入、調整後營業利潤率以及 ME&T 自由現金流都好於我們的預期。此外，本季度結束時，我們的積壓訂單達到了 307 億美元。

We continue to see improvement in the supply chain, which allowed us to increase production in the quarter. However, areas of challenge remain, particularly for large engines, which impacts energy and transportation and some of our larger machines. While we continue to closely monitor global macroeconomic conditions, we now expect our 2023 results to be better than we had previously anticipated.

我們繼續看到供應鏈的改善，這使我們能夠增加本季度的產量。然而，挑戰領域仍然存在，特別是對於大型發動機，這會影響能源和運輸以及我們的一些大型機器。在我們繼續密切關注全球宏觀經濟狀況的同時，我們現在預計 2023 年的業績將好於我們之前的預期。

Turning to Slide 4. In the second quarter of 2023, sales and revenues increased by 22% to $17.3 billion. This was primarily due to higher sales volume and price realization. Sales volumes were higher than we expected, largely due to an increase in dealer inventory relating to energy and transportation, which is supported by customer orders. We saw double-digit increases in sales and revenues in each of our 3 primary segments. Compared with the second quarter of 2022, overall sales to users increased 16%. For machines, which includes Construction Industries and Resource Industries, sales to users rose by 8%. Energy & Transportation was up 47%.

轉向幻燈片 4。2023 年第二季度，銷售額和收入增長 22%，達到 173 億美元。這主要是由於銷量和價格實現增加。銷量高於我們的預期，主要是由於在客戶訂單的支持下，與能源和運輸相關的經銷商庫存增加。我們的三個主要細分市場的銷售額和收入均實現了兩位數的增長。與2022年第二季度相比，向用戶的整體銷售額增長了16%。對於包括建築行業和資源行業在內的機器，用戶銷售額增長了 8%。能源與交通上漲 47%。

Sales to users in Construction Industries were up 3%. North American sales to users increased and were better than expected as demand remained healthy for nonresidential and residential construction. Nonresidential continue to benefit from government-related infrastructure and construction projects.

建築行業用戶銷售額增長 3%。由於非住宅和住宅建築的需求保持健康，北美對用戶的銷售有所增加，並且好於預期。非住宅繼續受益於政府相關的基礎設施和建設項目。

Residential sales to users in North America also increased in the quarter. EAME saw lower sales to users due to weaker-than-expected market conditions in Europe. The Middle East continued to demonstrate strong construction activity. In Latin America and Asia Pacific, sales to users declined in the quarter.

本季度北美用戶的住宅銷售也有所增長。由於歐洲市場狀況弱於預期，歐洲、中東和非洲地區的用戶銷售額下降。中東地區的建築活動繼續強勁。在拉丁美洲和亞太地區，本季度用戶銷售額有所下降。

In Resource Industries, sales to users increased 26%. In mining, sales to users increased, supported by commodities remaining above investment thresholds. Within heavy construction and quarry and aggregates, sales to users also increased, supported by growth for infrastructure-related projects.

在資源行業，用戶銷售額增長了 26%。在採礦業，由於大宗商品仍高於投資門檻，用戶銷售額有所增加。在重型建築、採石場和骨料領域，在基礎設施相關項目增長的支持下，對用戶的銷售也有所增加。

In Energy & Transportation, sales to users increased by 47% in the second quarter. All applications saw higher sales to users in the quarter. Oil and gas sales to users benefited from strong sales of turbines and turbine-related services. We also saw continued strength in sales of reciprocating engines into oil and gas applications, such as Tier 4 dynamic gas blending, gas compression and repowering active well-servicing fleets.

在能源和交通領域，第二季度用戶銷售額增長了 47%。本季度所有應用程序的用戶銷量都有所增長。對用戶的石油和天然氣銷售受益於渦輪機和渦輪機相關服務的強勁銷售。我們還看到往復式發動機在石油和天然氣應用領域的銷售持續強勁，例如 Tier 4 動態氣體混合、氣體壓縮和為活躍的油井維修車隊提供動力。

Power generation sales to users continued to remain positive due to favorable market conditions, including strong data center growth. Industrial and transportation sales to users also increased.

由於有利的市場條件（包括數據中心的強勁增長），向用戶的發電銷售繼續保持正值。對用戶的工業和運輸銷售也有所增加。

Dealer inventories increased by $600 million in the quarter, led by energy and transportation. We are very comfortable with the total level of dealer inventory, which remains in the typical range. Adjusted operating profit margin increased to 21.3% in the second quarter as we saw improvements, both on a sequential and year-over-year basis. Adjusted operating profit margin was better than we had anticipated, primarily due to better-than-expected volume growth and lower-than-expected manufacturing costs, including freight.

本季度經銷商庫存增加了 6 億美元，其中能源和運輸行業的庫存增加最多。我們對經銷商庫存的總體水平感到非常滿意，該水平仍保持在典型範圍內。第二季度調整後營業利潤率增至 21.3%，環比和同比均有所改善。調整後的營業利潤率好於我們的預期，主要是由於銷量增長好於預期以及製造成本（包括運費）低於預期。

Moving to Slide 5. We generated strong ME&T free cash flow of $2.6 billion in the second quarter. We returned $2 billion to shareholders, which included about $1.4 billion in repurchase stock and $600 million in dividends. In June, we announced an 8% dividend increase.

轉向幻燈片 5。我們在第二季度產生了 26 億美元的強勁 ME&T 自由現金流。我們向股東返還 20 億美元，其中包括約 14 億美元的回購股票和 6 億美元的股息。 6 月份，我們宣布將股息增加 8%。

Since May of 2019, when we introduced our current capital allocation strategy, we have increased the quarterly dividend per share by 51%. We remain proud of our dividend aristocrat status and continue to expect to return to substantially all ME&T free cash flow to shareholders over time through dividends and share repurchases.

自2019年5月推出當前資本配置策略以來，我們已將每股季度股息增加了51%。我們仍然為自己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大部分 ME&T 自由現金流返還給股東。

Now on Slide 6, I'll describe our expectations moving forward. While we continue to closely monitor global macroeconomic conditions, our second quarter results lead us to expect that full year 2023 will now be even better than we described during our last earnings call. We now expect adjusted operating profit margins to be close to the top of the targeted range relative to the corresponding expected level of sales.

現在，在幻燈片 6 上，我將描述我們未來的期望。雖然我們繼續密切關注全球宏觀經濟狀況，但我們第二季度的業績使我們預計 2023 年全年將比我們在上次財報電話會議中描述的還要好。我們現在預計調整後的營業利潤率相對於相應的預期銷售水平將接近目標範圍的頂部。

This positive operating performance increases our expectations for ME&T free cash flow, which we now expect to be around the top of the $4 billion to $8 billion range for the full year. Our current expectations for adjusted operating profit margin and ME&T free cash flow reflect continuing healthy customer demand and our strong operating performance.

這種積極的經營業績提高了我們對 ME&T 自由現金流的預期，目前我們預計全年的自由現金流將在 40 億至 80 億美元左右。我們目前對調整後營業利潤率和 ME&T 自由現金流的預期反映了持續健康的客戶需求和我們強勁的經營業績。

Now I'll discuss our outlook for key end markets this year, starting with the Construction Industries. In North America, overall, we continue to see positive momentum in 2023. We expect continued growth in nonresidential construction in North America due to the positive impact of government-related infrastructure investments and a healthy pipeline of construction projects. Although residential construction growth has moderated, we expect the rest of 2023 to remain healthy.

現在我將討論我們今年對主要終端市場的展望，首先是建築行業。總體而言，我們在 2023 年繼續看到北美的積極勢頭。由於政府相關基礎設施投資的積極影響和健康的建設項目管道，我們預計北美非住宅建築將持續增長。儘管住宅建設增長放緩，但我們預計 2023 年剩餘時間將保持健康。

In Asia/Pacific, excluding China, we expect growth in Construction Industries due to public infrastructure spending in support of commodity prices. We mentioned during our last earnings call that we expected sales in China to be below the typical 5% to 10% of our enterprise sales. We now expect further weakness as the 10-ton-and-above excavator industry has declined even more than we anticipated.

在亞太地區（不包括中國），我們預計由於公共基礎設施支出支撐大宗商品價格，建築業將出現增長。我們在上次財報電話會議上提到，我們預計中國的銷售額將低於我們企業銷售額的 5% 到 10%。我們現在預計會進一步疲軟，因為 10 噸及以上挖掘機行業的下滑幅度甚至超過我們的預期。

In EAME, we anticipate that it will be flat to slightly up overall, with the Middle East exhibiting strong construction demand, whereas Europe is expected to be down. Construction activity in Latin America is expected to be down in 2023 versus a strong 2022 performance.

在歐洲、中東和非洲地區，我們預計整體將持平或略有上升，其中中東表現出強勁的建築需求，而歐洲預計將下降。拉丁美洲的建築活動預計 2023 年將下降，而 2022 年將表現強勁。

In Resource Industries, we expect healthy mining demand to continue as commodity prices remain above investment thresholds. As I've mentioned previously, customers remain capital disciplined, which supports a gradual increase in mining over time. We anticipate production and utilization levels will remain elevated.

在資源行業，我們預計，由於大宗商品價格仍高於投資門檻，採礦需求將持續健康。正如我之前提到的，客戶仍然遵守資本紀律，這支持隨著時間的推移逐漸增加採礦量。我們預計生產和利用率水平將保持在較高水平。

We also expect the age of the fleet and the low level of park trucks to 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 further opportunities for profitable growth.

我們還預計車隊的年齡和停車卡車的數量較少將支持未來對我們的設備和服務的需求。我們仍然相信，能源轉型將支持增加的商品需求，擴大我們的潛在市場總量，並提供進一步的盈利增長機會。

In heavy construction and quarry and aggregates, we anticipate continued growth due to major infrastructure and nonresidential construction projects.

在重型建築、採石場和骨料方面，我們預計由於重大基礎設施和非住宅建設項目的持續增長。

Now I'll discuss Energy & Transportation. For Cat reciprocating engines and oil and gas applications, although customers remain disciplined, we are encouraged by continuing strong demand for gas compression. Cat reciprocating engine demand for power generation is expected to remain healthy, including strong data center growth. New equipment orders and services for solar turbines in both oil and gas and power generation remain robust. Industrial continues to be healthy.

現在我將討論能源和交通。對於 Cat 往復式發動機以及石油和天然氣應用，儘管客戶仍然遵守紀律，但對氣體壓縮的持續強勁需求令我們感到鼓舞。 Cat 往復式發動機的發電需求預計將保持健康，包括數據中心的強勁增長。石油、天然氣和發電領域的太陽能渦輪機新設備訂單和服務依然強勁。工業繼續健康發展。

In transportation, we anticipate strength in high-speed Marine as customers continued to upgrade aging fleets.

在運輸方面，隨著客戶繼續升級老化的船隊，我們預計高速海運的實力將會增強。

Moving to Slide 7. We continued to advance our sustainability journey. Since our last quarterly earnings call, we published our 2022 sustainability report, which disclosed our estimated Scope 3 greenhouse gas emissions for the first time. We also published our first-ever task force on climate-related financial disclosures report. We're helping our customers achieve their climate-related goals by continuing to invest in new products, technologies and services that facilitate fuel flexibility, increased operational efficiency and reduced emissions.

轉向幻燈片 7。我們繼續推進我們的可持續發展之旅。自上一季度財報電話會議以來，我們發布了 2022 年可持續發展報告，其中首次披露了我們估計的範圍 3 溫室氣體排放量。我們還發布了第一份氣候相關財務披露報告的工作組。我們通過繼續投資新產品、技術和服務來幫助客戶實現與氣候相關的目標，以提高燃料靈活性、提高運營效率並減少排放。

For example, a customer in Chile is realizing fuel savings and lower emissions after purchasing our CAT D6 XE, the world's first high-drive diesel-electric drive dozer. The customer reported a 30% reduction in fuel consumption versus the previous model working in the same operation. This example reinforces our ongoing sustainability leadership in how we help our customers build a better, more sustainable world.

例如，智利的一位客戶在購買了世界上第一台高驅動柴電驅動推土機 CAT D6 XE 後，實現了燃油節省和排放降低。客戶報告說，在相同操作中，與之前的型號相比，油耗降低了 30%。這個例子強化了我們在如何幫助客戶建設更美好、更可持續的世界方面持續的可持續發展領導力。

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

這樣，我會將電話轉給安德魯。

Thank you, Jim, and good morning, everyone. I'll begin with commentary on the second quarter results, including the performance of our business segments. Then I'll discuss the balance sheet and free cash flow before concluding with our assumptions for the remainder of the year, including color on the third quarter.

謝謝吉姆，大家早上好。我將首先評論第二季度的業績，包括我們業務部門的業績。然後，我將討論資產負債表和自由現金流，然後得出我們對今年剩餘時間的假設，包括第三季度的顏色。

Beginning on Slide 8. Our team delivered a very strong second quarter as overall results exceeded our expectations on strong operating performance. We saw a healthy top line growth, improved operating margins and robust ME&T free cash flow. For the year, we now expect our adjusted operating profit margin to be close to the top of the targeted range at our anticipated sales level. We also expect ME&T free cash flow to be around the top of our $4 billion to $8 billion target range.

從幻燈片 8 開始。我們的團隊在第二季度取得了非常強勁的業績，因為整體業績超出了我們對強勁運營業績的預期。我們看到了健康的營收增長、營業利潤率的提高以及 ME&T 自由現金流的強勁。今年，我們現在預計調整後的營業利潤率將接近我們預期銷售水平的目標範圍的頂部。我們還預計 ME&T 自由現金流將在 40 億至 80 億美元目標範圍的頂部左右。

To summarize the results, sales and revenues increased by 22% or $3.1 billion to $17.3 billion. Sales increase versus the prior year was due to higher sales volume and price realization. Operating profit increased by 88% or $1.7 billion to $3.7 billion. The adjusted operating profit margin was 21.3%, an increase of 750 basis points versus the prior year.

總而言之，銷售額和收入增長了 22%，即 31 億美元，達到 173 億美元。與上一年相比，銷售額增加是由於銷量和價格實現的增加。營業利潤增長 88%，即 17 億美元，達到 37 億美元。調整後營業利潤率為21.3%，比上年增加750個基點。

Adjusted profit per share increased by 75% to $5.55 in the second quarter compared to $3.18 last year. Profit per share was $5.67 in the second quarter of this year. This included a discrete deferred tax benefit of $0.17 per share, while restructuring costs were $0.05 per share, flat compared to the prior year. We continue to expect restructuring expenses of about $700 million for the full year.

第二季度調整後每股利潤增長 75%，達到 5.55 美元，而去年為 3.18 美元。今年第二季度每股利潤為 5.67 美元。其中包括每股 0.17 美元的離散遞延稅項收益，而重組成本為每股 0.05 美元，與上一年持平。我們仍然預計全年重組費用約為 7 億美元。

Other income of $127 million in the quarter was lower than the second quarter of 2022 by $133 million. The year-over-year decline was primarily driven by an unfavorable currency impact related to ME&T balance sheet translation and a recurring increase in quarterly pension expense of approximately $80 million, which we initially spoke to you about in January. Higher investment and interest income acted as a partial offset.

該季度其他收入為 1.27 億美元，比 2022 年第二季度減少了 1.33 億美元。同比下降的主要原因是與 ME&T 資產負債表換算相關的不利貨幣影響以及季度養老金支出持續增加約 8000 萬美元，我們最初在 1 月份與您討論過這一問題。較高的投資和利息收入起到了部分抵消作用。

The provision for income tax in the second quarter, excluding discrete items, reflected a global annual effective tax rate of approximately 23%, which remains our expectation for the full year.

第二季度所得稅撥備（不包括離散項目）反映出全球年度有效稅率約為 23%，這仍然是我們對全年的預期。

Moving on to Slide 9. The 22% increase in the top line versus the prior year was due to higher sales volume and price. Volume improved as sales to users increased by 16% and from changes in dealer inventory. Sales for the quarter were higher than we had anticipated, mostly due to volume. The volume outperformance reflected a dealer inventory increase, which was primarily due to our stronger-than-expected shipments in Energy & Transportation, particularly in power generation, which is in line with strong data center demand. Price realization was in line with our expectations for the quarter.

轉到幻燈片 9。與上一年相比，收入增長了 22%，這是由於銷量和價格的增加。由於經銷商庫存的變化，用戶銷量增加了 16%，銷量有所改善。該季度的銷售額高於我們的預期，主要是由於銷量。銷量表現優異反映出經銷商庫存增加，這主要是由於我們在能源和運輸領域的出貨量強於預期，特別是在發電領域，這與強勁的數據中心需求相符。價格實現符合我們對本季度的預期。

As I mentioned, sales to users grew by 16% in the quarter. As Jim has discussed, demand remains healthy across most end markets for all our products and services and is supported by a healthy order backlog.

正如我提到的，本季度用戶銷售額增長了 16%。正如吉姆所討論的，大多數終端市場對我們所有產品和服務的需求仍然保持健康，並得到了良好的訂單積壓的支持。

Moving to Slide 10. Second quarter operating profit increased by 88%, while adjusted operating profit increased by 87% to $3.7 billion. Year-over-year favorable price realization and higher sales volume were partially offset by higher manufacturing costs, which largely reflected higher material costs. An increase in SG&A and R&D expenses included higher strategic investment spend.

轉向幻燈片 10。第二季度營業利潤增長 88%，調整後營業利潤增長 87%，達到 37 億美元。同比有利的價格實現和較高的銷量被較高的製造成本部分抵消，這在很大程度上反映了較高的材料成本。 SG&A 和研發費用的增加包括戰略投資支出的增加。

The adjusted operating profit margin of 21.3% was better than we had anticipated. Volume exceeded our expectations, which supported the margin outperformance. In addition, manufacturing costs increased less than we expected due to lower freight costs and a lower-than-anticipated impact from cost absorption. SG&A and R&D expenses were about in line.

調整後營業利潤率為 21.3%，好於我們的預期。成交量超出了我們的預期，這支撐了利潤率的優異表現。此外，由於運費下降以及成本吸收的影響低於預期，製造成本增幅低於我們的預期。 SG&A 和研發費用基本一致。

Moving to Slide 11. I'll review the segment performance. Construction Industries sales increased by 19% in the second quarter to $7.2 billion due to price realization and higher sales volume. By region, sales in North America rose by 32% due to higher sales volume and price realization. Stronger demand and supply chain improvements enabled stronger-than-expected shipments in North America. This supported stronger sales of equipment to end users and some delivery stocking in what remains our most constrained region.

轉到幻燈片 11。我將回顧各部分的表現。由於價格實現和銷量增加，第二季度建築行業銷售額增長了 19%，達到 72 億美元。按地區劃分，由於銷量和價格實現增加，北美地區的銷售額增長了 32%。強勁的需求和供應鏈的改善使得北美的出貨量強於預期。這支持了向最終用戶更強勁的設備銷售以及在我們仍然最受限的地區的一些交貨庫存。

Sales in Latin America decreased by 11%, primarily due to lower sales volume, partially offset by price realization.

拉丁美洲的銷售額下降了 11%，主要是由於銷量下降，但部分被價格實現所抵消。

In EAME, sales increased by 20%, primarily the result of higher sales volume and price realization. Sales in Asia/Pacific were about flat.

在 EAME，銷售額增長了 20%，這主要是銷量和價格實現增加的結果。亞太地區的銷售額基本持平。

Second quarter profit for Construction Industries increased by 82% versus the prior year to $1.8 billion. The increase was mainly due to price realization and higher sales volume. The segment's operating margin of 25.2% was an increase of 880 basis points versus last year. Margin exceeded our expectations, largely due to better-than-expected volume of freight costs, which were lower than we had anticipated.

建築行業第二季度利潤較上年同期增長 82%，達到 18 億美元。增長主要是由於價格實現和銷量增加。該部門的營業利潤率為 25.2%，比去年增加了 880 個基點。利潤率超出了我們的預期，主要是由於貨運成本量好於預期，低於我們的預期。

Turning to Slide 12. Resource Industries sales grew by 20% in the second quarter to $3.6 billion. The increase was primarily due to price realization and higher sales volume. Volume increased due to higher sales of equipment to end users. Although aftermarket sales volumes were lower, dealer sales to customers for services remained positive.

轉向幻燈片 12。資源行業第二季度銷售額增長 20%，達到 36 億美元。這一增長主要是由於價格實現和銷量增加。由於向最終用戶銷售的設備增加，銷量增加。儘管售後市場銷量有所下降，但經銷商向客戶提供的服務銷售額仍然保持樂觀。

Second quarter profit for Resource Industries increased by 108% versus the prior year to $740 million, mainly due to price realization and higher sales volume. This was partially offset by unfavorable manufacturing costs, largely material costs. The segment's operating margin of 20.8% was an increase of 880 basis points versus last year. The segment's margin was better than we had expected, primarily due to favorable volume, timing of SG&A and R&D spend and lower-than-anticipated freight costs.

資源行業第二季度利潤較上年同期增長 108%，達到 7.4 億美元，這主要是由於價格實現和銷量增加。這被不利的製造成本（主要是材料成本）部分抵消。該部門的營業利潤率為 20.8%，比去年增加了 880 個基點。該部門的利潤率好於我們的預期，主要是由於有利的銷量、SG&A 和研發支出的時機以及低於預期的貨運成本。

Now on Slide 13. Energy & Transportation sales increased by 27% in the second quarter to $7.2 billion. Sales were up double digits across all applications. Oil and gas sales increased by 43%, power generation sales increased by 39%, industrial sales rose by 18% and transportation sales increased by 12%. Second quarter profit for Energy & Transportation increased by 93% versus the prior year to $1.3 billion. The increase was mainly due to higher sales volume and price realization, partially offset by unfavorable manufacturing costs and higher SG&A and R&D expenses. The segment's operating margin of 17.6% was an increase of 600 basis points versus last year. The margin was generally in line with our expectations.

現在請參閱幻燈片 13。第二季度能源與運輸銷售額增長 27%，達到 72 億美元。所有應用程序的銷售額均實現兩位數增長。石油和天然氣銷售額增長43%，發電銷售額增長39%，工業銷售額增長18%，交通運輸銷售額增長12%。能源與運輸第二季度利潤較上年增長 93%，達到 13 億美元。這一增長主要是由於銷量和價格實現的增加，但部分被不利的製造成本以及銷售、行政管理和研發費用的增加所抵消。該部門的營業利潤率為 17.6%，比去年增加了 600 個基點。利潤率總體符合我們的預期。

Moving to Slide 14. Financial Products revenue increased by 16% to $923 million, primarily due to higher average financing rates across all regions. Segment profit increased by 11% to $240 million. The increase was mainly due to a lower provision for credit losses at Cat Financial, partially offset by an increase in SG&A expense.

轉到幻燈片 14。金融產品收入增長 16%，達到 9.23 億美元，主要是由於所有地區的平均融資利率較高。部門利潤增長 11%，達到 2.4 億美元。這一增長主要是由於 Cat Financial 的信貸損失撥備減少，但部分被 SG&A 費用的增加所抵消。

Business activity remains strong, and our portfolio continues to perform well. Past dues in the quarter were 2.15%, a 4 basis points improvement compared to the second quarter of 2022. This is the lowest second quarter past dues percentage since 2007.

業務活動依然強勁，我們的投資組合繼續表現良好。該季度的逾期費用率為 2.15%，比 2022 年第二季度提高了 4 個基點。這是自 2007 年以來第二季度的最低逾期費用百分比。

Retail new business volume performed well, increasing versus the prior year and the first quarter. In addition, we continue to see strong demand for used equipment.

零售新業務量表現良好，較上年及一季度有所增長。此外，我們繼續看到對二手設備的強勁需求。

Now on Slide 15. Our ME&T free cash flow generation was again robust as we generated $2.6 billion in the quarter. This was an increase of $1.5 billion compared to the prior year, with approximately $4 billion generated in the first half, we now expect ME&T free cash flow to be around the top of our $4 billion to $8 billion target range for the full year.

現在看幻燈片 15。我們的 ME&T 自由現金流再次強勁，本季度創造了 26 億美元。與上年相比增加了 15 億美元，上半年產生了約 40 億美元，我們現在預計 ME&T 自由現金流將達到全年 40 億至 80 億美元目標範圍的頂部。

CapEx in the second quarter was about $300 million, and we still expect to spend around $1.5 billion for the full year. As Jim mentioned, we returned about $2 billion through share repurchases and dividends in the second quarter.

第二季度的資本支出約為 3 億美元，我們仍預計全年支出約為 15 億美元。正如吉姆提到的，我們第二季度通過股票回購和股息返還了約 20 億美元。

Our balance sheet remains strong. We have ample liquidity with an enterprise cash balance of $7.4 billion, and we also hold an additional $2 billion in slightly longer-dated liquid marketable securities to improve yields on that cash.

我們的資產負債表仍然強勁。我們擁有充足的流動性，企業現金餘額為 74 億美元，我們還額外持有 20 億美元的期限稍長的流動性有價證券，以提高現金收益率。

Now turning to Slide 16. I will share some high-level assumptions for the second half and the third quarter. In the second half of 2023, we expect higher total sales and revenues as compared to the second half of last year. We anticipate both sales to users and price realization will be positive in the second half. Keep in mind that on a comparative basis, we start to lap the stronger price we saw from the third quarter onwards last year.

現在轉向幻燈片 16。我將分享下半年和第三季度的一些高級假設。我們預計 2023 年下半年的總銷售額和收入將高於去年下半年。我們預計下半年對用戶的銷售和價格實現都將是積極的。請記住，在比較的基礎上，我們開始採用從去年第三季度開始看到的更強勁的價格。

Caterpillar sales will be impacted by changes in dealer inventories as dealers increased their inventories in the second half of last year, which is not typical, versus our expectation of a more typical reduction in the second half of 2023.

卡特彼勒的銷售將受到經銷商庫存變化的影響，因為經銷商在去年下半年增加了庫存，這並不典型，而我們預計 2023 年下半年會出現更典型的庫存減少。

I want to spend just a few moments talking about dealer inventories. Dealers are independent businesses, and they make their own decisions around the level of inventory they hold. We obviously work closely with them because this impacts our production levels. As Jim mentioned, we are very comfortable with the levels of inventory that dealers are holding.

我想花一點時間談談經銷商庫存。經銷商是獨立的企業，他們根據自己持有的庫存水平做出自己的決定。我們顯然與他們密切合作，因為這會影響我們的生產水平。正如吉姆提到的，我們對經銷商持有的庫存水平非常滿意。

We talk about dealer inventory in aggregate. This is difficult to predict with certainty as it arises from 3 different business segments, over 150 dealers and hundreds of different products. In Resource Industries and Energy & Transportation, dealer inventory is mainly a function of the commissioning pipeline. Keep in mind that over 70% of dealer inventory in these segments is backed by firm customer orders.

我們談論的是經銷商的庫存總量。這很難準確預測，因為它來自 3 個不同的業務部門、150 多個經銷商和數百種不同的產品。在資源行業和能源與運輸領域，經銷商庫存主要是調試管道的函數。請記住，這些細分市場中超過 70% 的經銷商庫存都是由確定的客戶訂單支持的。

For Construction Industries, dealer inventory is principally a function of end-user demand and availability from the factory. In Construction Industries, dealers typically increase inventories during the first half of the year. Around 60% of the $2 billion increase during the first half of this year was from products in this segment. The remaining 40% is in Resource Industries and Energy & Transportation. For Resource Industries and Energy Transportation, we currently anticipate a slight reduction in levels in the second half but this is dependent on commissioning.

對於建築行業，經銷商庫存主要取決於最終用戶的需求和工廠的可用性。在建築行業，經銷商通常會在上半年增加庫存。今年上半年 20 億美元的增長中，約 60% 來自該細分市場的產品。剩下的 40% 屬於資源工業和能源與運輸業。對於資源工業和能源運輸，我們目前預計下半年水平略有下降，但這取決於調試情況。

In Construction Industries, dealers are currently holding around the midpoint of the typical 3- to 4-month range. Some dealers would like to increase inventories of certain products, such as BCP and earth moving due to strong customer demand. Conversely, some dealers would like to reduce the levels of excavated inventory because of high availability.

在建築行業，經銷商目前持有的價格約為典型 3 至 4 個月範圍的中點。由於客戶需求強勁，一些經銷商希望增加某些產品的庫存，例如 BCP 和土方工程。相反，由於可用性較高，一些經銷商希望降低已挖掘庫存的水平。

In addition, we are scheduled to replace third-party engines with Cat engines and certain products, which will impact production in these products during the second half. Our current planning assumption for the Construction Industries is that dealers will reduce their overall levels in inventory in the second half of 2023 with a principal focus on excavators.

此外，我們計劃將第三方發動機替換為 Cat 發動機和某些產品，這將影響下半年這些產品的生產。我們目前對建築行業的規劃假設是，經銷商將在 2023 年下半年降低總體庫存水平，主要關注挖掘機。

Overall, at the enterprise level, we currently expect dealer inventory should be slightly higher at the end of 2023 versus last year.

總體而言，在企業層面，我們目前預計 2023 年底經銷商庫存應略高於去年。

Moving on. On this slide, we provide our adjusted profit margins target charge to assist you in your modeling process. Based on our current planning assumptions, we anticipate full year adjusted operating profit margin to be close to the top of that 300 basis points target range at our expected sales level. Your expectation for total enterprise sales this year will inform you where on the curve margins should finish for the year.

繼續。在這張幻燈片上，我們提供了調整後的利潤率目標費用，以幫助您進行建模過程。根據我們當前的規劃假設，我們預計全年調整後營業利潤率將接近我們預期銷售水平下 300 個基點目標範圍的頂部。您對今年企業總銷售額的預期將告訴您今年的利潤曲線應該達到什麼水平。

Specific to the second half, we anticipate adjusted operating profit margins in the remaining quarters of the year will be above the year-ago levels, although they will be lower than the levels we saw in the first 2 quarters of this year. As compared to the first half, we anticipate a margin headwind from cost absorption in the second half. We do not expect to build our inventory as we did in the first half and anticipate that there will be some inventory reduction if we continue to see sustained supply chain improvement.

具體到下半年，我們預計今年剩餘季度的調整後營業利潤率將高於去年同期水平，儘管將低於今年前兩個季度的水平。與上半年相比，我們預計下半年成本吸收將帶來利潤率逆風。我們預計不會像上半年那樣建立庫存，並預計如果我們繼續看到供應鏈持續改善，庫存將會有所減少。

In addition, spend related to the strategic growth initiatives should continue to ramp. Price realization should remain positive that the magnitude of the favorability versus the prior year is expected to be lower in the second half as we lap the more favorable pricing trends from last year. Therefore, the increases in margins that we have occurred -- that have occurred from price outpacing manufacturing cost inflation should moderate in the second half of this year.

此外，與戰略增長舉措相關的支出應繼續增加。價格實現應該保持樂觀，因為我們遵循去年更有利的定價趨勢，預計下半年的優惠程度將低於去年。因此，我們因價格上漲超過製造成本通脹而出現的利潤率增長應該會在今年下半年放緩。

Now let's move on to our assumptions that are specific to the third quarter. We anticipate third quarter sales to be higher than the third quarter of 2022, but to exhibit the typical sequential decline when compared to the second quarter of 2023.

現在讓我們繼續討論第三季度的具體假設。我們預計第三季度銷售額將高於 2022 年第三季度，但與 2023 年第二季度相比將出現典型的環比下降。

In Construction Industries, as is our normal seasonal end, we expect lower sales compared to the second quarter. In Resource Industries, which can be lumpy, we anticipate slightly lower sales compared to the second quarter. We expect sales in Energy & Transportation will increase slightly compared to the second quarter.

在建築行業，正如我們正常的季節性結束一樣，我們預計銷售額將低於第二季度。在可能波動較大的資源行業，我們預計第二季度的銷售額將略有下降。我們預計能源和交通部門的銷售額將比第二季度略有增長。

Specific to third quarter margins versus the prior year, adjusted operating profit margins at the enterprise level and segment margins should be stronger. However, we do expect lower enterprise adjusted operating profit margins in the third quarter compared to the second quarter of this year on lower volume and impacts from cost absorption. We also anticipate investment spend will ramp across our primary segments as we continue to accelerate our strategic investments in area like autonomy, alternative fuels, connectivity and digital and electrification.

具體到第三季度的利潤率與上一年相比，調整後的企業層面的營業利潤率和部門利潤率應該會更高。然而，我們確實預計，由於銷量下降和成本吸收的影響，第三季度企業調整後營業利潤率將低於今年第二季度。我們還預計，隨著我們繼續加快在自動駕駛、替代燃料、互聯互通以及數字化和電氣化等領域的戰略投資，我們的主要細分市場的投資支出將大幅增加。

At the segment level, for Construction Industries, we expect a lower margin compared to the second quarter as is typical. This is largely due to lower quarter-on-quarter volume, increased investment in strategic initiatives and slightly higher manufacturing costs, including a headwind from cost absorption. Favorable price realization will act as a partial offset.

在細分市場層面，對於建築行業，我們預計利潤率通常會低於第二季度。這主要是由於季度銷量下降、戰略舉措投資增加以及製造成本略有上升，包括成本吸收帶來的不利因素。有利的價格實現將起到部分抵消作用。

We also anticipate lower third quarter margins in Resource Industries compared to the second quarter, primarily due to lower volume quarter-on-quarter. Conversely, we expect third quarter margins in Energy & Transportation will be slightly higher compared to the second quarter on higher volume and stronger price realization, partially offset by higher manufacturing costs and spend relating to strategic initiatives.

我們還預計資源行業第三季度的利潤率將低於第二季度，這主要是由於季度環比銷量下降。相反，我們預計能源和運輸行業第三季度的利潤率將略高於第二季度，因為銷量增加和價格實現強勁，但部分被製造成本和戰略舉措相關支出的增加所抵消。

Now turning to Slide 17, let me summarize. We generated strong adjusted operating profit margin with a 750 basis point increase to 21.3%. We now expect to be close to the top of the targeted range for adjusted operating margin -- profit margin for the full year based on our expected sales levels.

現在轉到幻燈片 17，讓我總結一下。我們的調整後營業利潤率強勁，增長了 750 個基點，達到 21.3%。我們現在預計調整後的營業利潤率（基於我們預期的銷售水平的全年利潤率）將接近目標範圍的頂部。

ME&T free cash flow generation was robust at $2.6 billion in the quarter. We returned $2 billion to shareholders through share repurchases and dividends. We now expect ME&T free cash flow to be around the top of our $4 billion to $8 billion range for the full year. Lastly, we continue to execute our strategy for long-term profitable growth.

本季度 ME&T 自由現金流量強勁，達到 26 億美元。我們通過股票回購和股息向股東返還 20 億美元。我們現在預計全年 ME&T 自由現金流將在 40 億至 80 億美元範圍的頂部左右。最後，我們繼續執行長期盈利增長戰略。

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

接下來，我們將回答您的問題。

(Operator Instructions) And 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銀行的傑米·庫克（Jamie Cook）。

Hi, Good morning and congrats on a nice quarter.

你好，早上好，恭喜你度過了一個愉快的季度。

Thanks, Jamie.

謝謝，傑米。

Thanks, Jamie.

謝謝，傑米。

The reason you decided not to retire because you saw these results coming -- that was a compliment. My real question is the first one, based on your performance in the first half of the year and what you're saying for sales and margins for 2023, it looks to me like you can achieve the high end of your margin targets around the 21% on lower sales versus the $72 billion target. So do we need to sort of revisit our targets again and adjust the margins on lower sales? I'm just trying to understand what's going on structurally here? Or is this just all price? I think it's really important for your story.

你之所以決定不退休，是因為你看到了這些結果——這是一種恭維。我真正的問題是第一個問題，根據您上半年的業績以及您對 2023 年銷售額和利潤率的說法，在我看來，您可以在 21 年前左右實現利潤率目標的高端銷售額低於 720 億美元的目標。那麼，我們是否需要再次重新審視我們的目標並根據較低的銷售額調整利潤率？我只是想了解這裡結構上發生了什麼？或者這只是全部價格？我認為這對你的故事非常重要。

And then just my second follow-up. On 2024, I know you don't want to guide, but you're sitting here with record backlog. I guess you're saying dealer inventories are going to be slightly higher. Supply chain is going to ease. What's the probability that you think you could potentially grow your EPS in 2024? Or is there anything out there that's giving you caution? And if so, are pulling any levers.

然後是我的第二次跟進。到 2024 年，我知道您不想提供指導，但您正坐在這裡，積壓的訂單創歷史新高。我猜你是說經銷商庫存會略高。供應鏈將會緩解。您認為 2024 年 EPS 增長的可能性有多大？或者有什麼東西可以讓你保持謹慎嗎？如果是這樣，請拉動任何槓桿。

Well, thanks, Jamie. And as we mentioned in our prepared remarks, we expect our operating profit margin -- adjusted operating profit margin to be close to the top of the targeted range for the year. We will look at our ranges at the end of the year and make an assessment as to what makes sense when moving forward from there. As we look forward to next year, and you mentioned some of the dynamics that are going on, we're closely monitoring economic conditions, but we do feel good about the business. But as I'm sure you know, we're not going to make a '24 prediction at this point.

好吧，謝謝，傑米。正如我們在準備好的發言中提到的，我們預計我們的營業利潤率——調整後的營業利潤率將接近今年目標範圍的頂部。我們將在年底審視我們的範圍，並評估從該範圍繼續前進的意義。當我們展望明年時，您提到了正在發生的一些動態，我們正在密切關注經濟狀況，但我們確實對業務感覺良好。但我相信您知道，我們目前不會做出 24 小時的預測。

We will take our next question from the line of David Raso with Evercore ISI.

我們將從 Evercore ISI 的 David Raso 那裡回答我們的下一個問題。

I'm just curious, the backlog was surprising to me, how strong it was. And I'm just curious, any thoughts around the backlog you can help us with in your framework in the guide for this year on how it moves from here sequentially? Anything unique in the backlog about what percent of it ships in the next 12 months versus normal? Just trying to get a handle on that. And if you could give any early color around pricing for '24 with the base order management program opening up this month. Just trying to get a sense of how you're thinking about pricing for '24.

我只是很好奇，積壓的數量讓我感到驚訝，它有多強大。我只是很好奇，關於積壓的任何想法，您可以在今年指南的框架中幫助我們了解它如何從這裡依次移動？與正常情況相比，積壓訂單在未來 12 個月內發貨的百分比有何獨特之處？只是想解決這個問題。如果您能就本月開放的基本訂單管理計劃的 24 定價提供任何早期信息。只是想了解一下您如何考慮 '24 的定價。

Well, thank you, David. And certainly, our backlog does remain healthy. We didn't have a dramatic change quarter-to-quarter. It was up modestly. And of course, backlog includes, of course, everything for Energy & Transportation, Resource Industries and also CI. For the Energy & Transportation and ROI projects that are in that backlog, those are typically tied to firm customer orders. Solar has cancellation charge schedules. And so again, we feel good about the quality of the backlog.

嗯，謝謝你，大衛。當然，我們的積壓確實保持健康。我們每個季度都沒有發生巨大的變化。漲幅不大。當然，積壓工作當然包括能源和運輸、資源行業以及 CI 的所有內容。對於積壓的能源和運輸以及投資回報率項目，這些項目通常與確定的客戶訂單相關。太陽能有取消收費表。再次，我們對積壓的質量感到滿意。

In terms of price for next year, as is always the case, we'll assess market conditions. We look at our input costs, and we'll make a call on that later in the year, but it's a bit too early to really predict that.

就明年的價格而言，一如既往，我們將評估市場狀況。我們會研究我們的投入成本，並將在今年晚些時候對此做出決定，但現在真正預測這一點還為時過早。

And 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邁克爾·費尼格 (Michael Feniger)。

Just a broad question on inventories. When investors hear inventories are coming out, there's always concern on the impact to the margins. There were big destocking periods in the second half in years like 2019, 2015, 2012. What makes this second half of the year different from those other destocking periods? Is it less broad-based? Is it the fact that retail sales accelerated that gives you confidence we don't have that type of destocking effect that we've had in prior cycles?

只是一個關於庫存的廣泛問題。當投資者聽說庫存即將出爐時，他們總是擔心這對利潤率的影響。 2019年、2015年、2012年等年下半年都出現過大的去庫存期。今年下半年與其他去庫存期有何不同？它的基礎不夠廣泛嗎？零售銷售加速的事實是否讓您相信我們不會出現之前週期中出現的去庫存效應？

Yes. So at that time, Michael, and thanks for the question, obviously, we were in a situation where actually demand was reducing when we did see those inventory reductions from dealers. And what that did mean, obviously, was the production levels were declining much more rapidly, which impacted overall, both leverage as well as absorption.

是的。所以當時，邁克爾，謝謝你提出的問題，顯然，當我們確實看到經銷商庫存減少時，我們實際上處於需求減少的情況。顯然，這確實意味著生產水平下降得更快，這對槓桿率和吸收率都產生了總體影響。

As we look it out over this period of time, we are still seeing healthy demand as we've indicated. We actually still expect positive sales to users in the second half of the year. What that does mean is when we are making modest inventory adjustments and dealers are making modest inventory adjustments, we are able to absorb that a little bit better than we have done historically.

縱觀這段時間，我們仍然看到了我們所指出的健康需求。實際上，我們仍然預計下半年會對用戶產生積極的銷售。這確實意味著，當我們進行適度的庫存調整併且經銷商進行適度的庫存調整時，我們能夠比歷史上更好地吸收這一點。

The whole point about all of this is, just to remind everybody, we're around the midpoint of the range. We are actually being proactive with our dealers, particularly around things like excavators, where there's a little bit better availability to actually help them reduce inventory at a time when actually demand remains very strong out there in the market.

所有這一切的重點是，只是為了提醒大家，我們正處於該範圍的中點附近。實際上，我們正​​在積極主動地與我們的經銷商合作，特別是在挖掘機等產品方面，在市場實際需求仍然非常強勁的情況下，這些產品有更好的可用性來實際幫助他們減少庫存。

And Andrew, just to put a fine point on it, obviously, dealer retail sales accelerated in the quarter. To inform your view that dealer inventories for the rest of the year, your comfortability around it, do you expect those retail sales to accelerate? Is that your base case? Is it to moderate slightly and remain positive? Just directionally to give us comfortability with the second half, how are your retail sales outlook in the second half informing your view on the inventory levels out there?

安德魯，為了強調這一點，顯然，經銷商零售額在本季度加速了。請告知您對今年剩餘時間經銷商庫存的看法，以及您對此的滿意度，您預計這些零售銷售會加速嗎？這是你的基本情況嗎？是否要稍微溫和並保持樂觀？只是為了讓我們對下半年感到放心，您對下半年的零售銷售前景有何看法？您對庫存水平的看法如何？

Yes. So if you actually take the view that we expect retail sales to continue to grow in the second half, we're not giving a prediction as to whether they'll accelerate or decelerate. That's all we're going to be saying about that. But just a point is actually, with a deal inventory reduction and with actually increased retail sales, the levels of inventory that actually dealers hold on a month basis actually would decline by the end of the year. That's how the math works.

是的。因此，如果您確實認為我們預計下半年零售額將繼續增長，那麼我們並不會預測零售額會加速還是減速。這就是我們要說的全部內容。但實際上，隨著交易庫存的減少和零售額的實際增加，經銷商每月實際持有的庫存水平實際上會在年底下降。這就是數學的原理。

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

您的下一個問題來自 Melius Research 的 Rob Wertheimer。

So my question is actually on Cat's own inventories. And I know you've got rising sales to deal with, at least so far. But I'm curious, are you still holding safety stock on raw materials and components? Is any of the finished goods waiting on completion? Or is it all just rising sales flowing through? And then just maybe how much cash could come out of inventory if inventories normalize slightly?

所以我的問題實際上是關於 Cat 自己的庫存。我知道您需要應對不斷增長的銷售額，至少到目前為止是這樣。但我很好奇，你們還持有原材料和零部件的安全庫存嗎？是否有任何成品正在等待完成？或者這只是銷量的增長？那麼，如果庫存稍微恢復正常，也許可以從庫存中釋放多少現金？

Rob, thanks for your question. So certainly, we are still seeing supply chain challenges. As I mentioned earlier, there is an overall improvement but it only takes one part prevents us from shipping a machine or engine. And so we're still dealing with supply chain constraints around large engines, which impact both E&T and machines. And we also have some issues with things like semiconductors for displays that are impacting other machines as well.

羅布，謝謝你的問題。當然，我們仍然面臨供應鏈挑戰。正如我之前提到的，整體有所改進，但只需要一個部件就阻止我們運輸機器或發動機。因此，我們仍在應對大型發動機的供應鏈限制，這對 E&T 和機器都有影響。我們還存在一些問題，例如顯示器半導體，這些問題也會影響其他機器。

So to answer your question, our inventory, quite frankly, is a bit higher than I would like. And I do expect over time, as supply chain conditions improve, that we will be able to be more lean and improve our turns. So the good news is that even with our factory is not running as lean as we would like and having a bit more inventory internally than we would like, we still, of course, produced very strong cash in the quarter. So I won't quantify how much cash could come out of inventory. But certainly, if, in fact, we were -- when we get back to pre-pandemic levels in the supply chain, we should be able to free up some additional cash.

因此，回答你的問題，坦率地說，我們的庫存比我想要的要高一些。我確實預計，隨著時間的推移，隨著供應鏈狀況的改善，我們將能夠更加精益並改善我們的周轉率。因此，好消息是，即使我們的工廠沒有像我們希望的那樣精益運營，並且內部庫存比我們希望的要多一些，我們仍然在本季度產生了非常強勁的現金。所以我不會量化庫存中可以產生多少現金。但當然，如果事實上我們是——當我們的供應鏈回到大流行前的水平時，我們應該能夠釋放一些額外的現金。

Since the answer is so well, you look at your margins, it looks like you're crushing operations. And you look at inventory and it's like, well, okay, I understand you've got some pockets where delivery is holded up, any view on the totality of how Cat's managing production flow, factory flow, et cetera? You look at safety, you look at other indicators, you do. I mean what's your assessment? Is this the best you've done? Is there -- are there other problem spots? Just an overall look at how Cat is managing, et cetera? And I'll stop there.

由於答案非常好，你看看你的利潤率，看起來你正在壓垮運營。你看看庫存，就像，好吧，我知道你有一些地方阻礙了交貨，你對 Cat 管理生產流程、工廠流程等的整體方式有什麼看法嗎？你看看安全性，你看看其他指標，你確實這麼做了。我的意思是你的評價是什麼？這是你做過的最好的事情嗎？是否還有其他問題點？只是總體了解 Cat 的管理方式等等？我就到此為止。

Thanks, Rob. And certainly, I'm very proud of the team and the strong performance that we're producing. We -- as you know, we put out a new strategy in 2017, and we ask people to have faith in our ability to produce higher operating profit margins and higher and more consistent free cash flow, and I'm really pleased that the team has been able to achieve that. We always have areas that we can do better. I mean, I talked about the fact that we're not as lean as I would like us to be in our manufacturing operations. We're doing a good job growing services, but I always want to grow it faster. So there's always things we can do a better job. But again, just I'm very proud of the team and the fact that we have been able to meet the targets that we set out to our investors a few years ago.

謝謝，羅布。當然，我對我們的團隊和我們所取得的強勁表現感到非常自豪。如您所知，我們在 2017 年推出了新戰略，我們要求人們相信我們有能力創造更高的營業利潤率以及更高且更穩定的自由現金流，我真的很高興團隊已經能夠實現這一目標。我們總有可以做得更好的領域。我的意思是，我談到了這樣一個事實：我們的製造業務並不像我希望的那樣精益。我們在發展服務方面做得很好，但我總是希望發展得更快。所以總有一些事情我們可以做得更好。但同樣，我為我們的團隊感到非常自豪，而且我們已經能夠實現幾年前向投資者設定的目標。

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塔米·扎卡里亞（Tami Zakaria）。

So going back to backlog, it went up by $300 million sequentially. What exactly drove that? Was it purely driven by pricing? Or did you see a net increase in order volumes in the quarter as well?

回到積壓訂單，它環比增加了 3 億美元。到底是什麼推動了這一點？純粹是由定價驅動的嗎？或者您是否也看到本季度訂單量出現淨增長？

Yes. So there are a couple of factors. Obviously, price does have some impact overall. And that was probably the major impact on the increase for the quarter. Obviously, volumes fluctuate by quarter by quarter and depend on availability. But overall, we're pleased that the backlog is holding at healthy levels.

是的。所以有幾個因素。顯然，價格確實對整體產生了一些影響。這可能是對該季度增長的主要影響。顯然，銷量會按季度波動，並取決於供應情況。但總體而言，我們很高興積壓訂單保持在健康水平。

And maybe just one additional comment there. Honestly, some customers are waiting longer for products than I would like. And so backlog is a function, of course, of demand, but it's also a function of our ability to ship. So as in fact, supply chain conditions ease and we're able to ship more quickly, customers shouldn't have to wait as long for certain products, which should bring our backlog down. So again, a declining backlog wouldn't be a bad thing if, in fact, it's the result of our ability to shorten lead times and improve availability.

也許只是一條附加評論。老實說，有些顧客等待產品的時間比我想像的要長。因此，積壓當然是需求的函數，但它也是我們發貨能力的函數。事實上，供應鏈條件緩解了，我們能夠更快地發貨，客戶不必等待某些產品那麼長時間，這應該會減少我們的積壓。再說一遍，積壓訂單的減少並不是一件壞事，如果事實上這是我們縮短交貨時間和提高可用性的能力的結果。

Got it. If I can ask a quick follow-up, for the back half is it fair to assume price realization does down to, let's say, mid- to high single-digit growth, do you have any incremental pricing planned for later this year?

知道了。如果我能問一個快速的後續問題，對於後半部分來說，假設價格實現下降到中高個位數增長是否公平，你們有今年晚些時候的增量定價計劃嗎？

Yes. So obviously, we've seen very strong price as you've seen through the year. Obviously, we expect that to reduce as we go through the second half. If you take a function of lapping price increases, I think you'd get closer to a -- is a single-digit number. Obviously, we don't estimate that by quarter. But yes, the price range will come down as we move through the remainder of the year.

是的。顯然，正如您今年所看到的那樣，我們看到了非常強勁的價格。顯然，我們預計下半年這一數字將會減少。如果你採用價格上漲的函數，我認為你會更接近 - 是個位數。顯然，我們不會按季度進行估計。但是，是的，隨著今年剩餘時間的推移，價格範圍將會下降。

Can I just remind everybody please? Can we just ask 1 question so that we can get through everybody on the queue just out of courtesy for your other analysts out there, please?

我可以提醒大家一下嗎？出於對其他分析師的禮貌，我們可以只問 1 個問題，以便我們能夠通過隊列中的每個人嗎？

And we will move to our next question from Nicole DeBlase with Deutsche Bank.

我們將轉向德意志銀行 Nicole DeBlase 提出的下一個問題。

Just on the retail sales trends this quarter, there was a deterioration across like both of the machines businesses in EAME. Can you just talk about what you're seeing from that region? I think there have been some indications of a little bit of slowing in Europe. So would love to hear what's capturing on the ground.

僅就本季度的零售銷售趨勢而言，歐洲、中東和非洲地區的兩家機器業務均出現惡化。您能談談您在該地區看到的情況嗎？我認為有一些跡象表明歐洲經濟放緩。所以很想听聽地面上捕捉到了什麼。

Yes, we have seen a bit of slowing in Europe, as I mentioned, but Middle East is quite strong. So it's a mixed bag there. So we're seeing a lot of strong construction activity in the Middle East, a lot of nonresidential construction projects going on but we have -- we are seeing a bit of weakness in Europe around construction.

是的，正如我提到的，我們看到歐洲的經濟增長有所放緩，但中東的增長相當強勁。所以這是一個魚龍混雜的情況。因此，我們看到中東有很多強勁的建築活動，很多非住宅建築項目正在進行，但我們看到歐洲在建築方面有些疲軟。

(Operator Instructions) We will move to our next question from the line of Steve Volkmann with Jefferies.

（操作員說明）我們將轉向 Steve Volkmann 和 Jefferies 提出的下一個問題。

I wanted to just ask a little bit about productivity because I guess I'm hearing you say that supply chain is improving, but there's still issues. Are there still kind of productivity headwinds or penalties that you're paying in the factories because the supply chain is not yet as smooth as we'd like it to be? And obviously, I'm trying to think about whether there's some margin opportunity when supply chains -- when and if supply chains are sort of normal again.

我想問一些關於生產力的問題，因為我想我聽到你說供應鏈正在改善，但仍然存在問題。由於供應鏈尚未像我們希望的那樣順利，您在工廠中是否仍然存在生產力障礙或罰款？顯然，我正在嘗試思考當供應鏈何時以及是否再次恢復正常時，是否存在一些利潤機會。

Yes. As I mentioned, because we do have some supply chain constraints, overall, the situation has improved, there's no question. But it's like we've gone to 6 pages of shortages for certain machine. It's down to 1 page that's an improvement, but you still have some shorts that you have to deal with and has not allowed us to operate our factories as lean as we have in the past and as lean as I would like them. So again, I do expect that as supply chain conditions ease in the future, we should be able to get back to running our factories with more just-in-time manufacturing, leaner, which should help us reduce -- increase inventory turns and reduce the amount of absolute inventory we hold based on a current level of sales. So an opportunity to answer your question.

是的。正如我提到的，因為我們確實存在一些供應鏈限制，總體而言，情況有所改善，這是毫無疑問的。但這就像我們的某些機器已經出現了 6 頁的短缺。減少到一頁已經是一個進步，但是仍然有一些必須處理的問題，並且不允許我們像過去那樣精益運營我們的工廠，也不能像我希望的那樣精益運營。因此，我確實預計，隨著未來供應鏈狀況的緩解，我們應該能夠以更及時、更精簡的方式重新運營我們的工廠，這將有助於我們減少庫存周轉，並減少庫存周轉。我們根據當前銷售水平持有的絕對庫存量。所以有機會回答你的問題。

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

您的下一個問題來自花旗集團的蒂姆·泰恩 (Tim Thein)。

Just a question on parts -- yes, just on parts. I guess we can broaden it to Cat across the board. But specifically, I was interested in the comment on RI for down volumes. Is that just maybe a function of kind of prioritizing whole goods just in light of the constrained availability? Or is that -- I would imagine there's notch by way of destocking going on with the dealer. So maybe just any more comments you have just on that comment on parts volumes in RI.

只是一個關於零件的問題——是的，只是關於零件的問題。我想我們可以將其全面擴展到 Cat。但具體而言，我對 RI 減少交易量的評論很感興趣。這是否只是由於可用性有限而對整個商品進行優先排序的一種功能？或者是——我想通過經銷商去庫存的方式會有一個缺口。因此，也許您對 RI 中零件數量的評論還有更多評論。

Maybe just to start with overall. So certainly, the services sales were up year-over-year, and we have seen fluctuations in dealer buying patterns, which impacts volumes. Services, dealer sales to customers were up in the quarter, and availability has improved. So our ability to ship parts to our dealers has improved, and that has had an impact on it as well. So again, not concerned about it, but it really is just a function of as our availability improves, dealers oftentimes conclude they're able to held a bit less inventory, which will have an impact.

也許只是從整體開始。當然，服務銷售額同比增長，而且我們看到經銷商購買模式的波動，這影響了銷量。本季度的服務、經銷商對客戶的銷售額有所增加，可用性也有所改善。因此，我們向經銷商運送零件的能力有所提高，這也對其產生了影響。再說一次，不用擔心，但這確實只是隨著我們的可用性提高而產生的函數，經銷商經常得出結論，他們能夠持有少量的庫存，這會產生影響。

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

你的下一個問題來自查德·迪拉德和伯恩斯坦的對話。

So I wanted to focus mainly on Construction Industries. And I just wanted to get a better sense of -- for your orders that came in the quarter, can you just give us a rough breakdown between retail versus stock? And then, look, as you're thinking about like inventory shift, you do that really helpful stat about 70% is retail for E&T and Resource Industries. Could you do the same for Construction Industries?

所以我想主要關注建築行業。我只是想更好地了解 - 對於本季度收到的訂單，您能否給我們提供零售與庫存之間的粗略分類？然後，看，當您考慮庫存轉移時，您會發現，大約 70% 的統計數據非常有用，是 E&T 和資源行業的零售。您能為建築行業做同樣的事情嗎？

Yes. So when we talk about it -- I mean, obviously, we don't break down what dealers take the orders for between retail and stock in CI. A significant proportion of the purchases they make are based on customer orders, particularly if there is a degree of customization that is needed. And there will be some where once the machine has actually been delivered to the dealer, they will have a number of things or attachments put on, which will impact the timing of commissioning. So there's a little bit of commissioning within CI, but obviously, it's nowhere near around the 70% plus that we talked about for E&T and for Resource Industries.

是的。因此，當我們談論它時，我的意思是，顯然，我們不會詳細分析經銷商在 CI 中接受零售訂單和庫存訂單的情況。他們的採購很大一部分是基於客戶訂單，特別是在需要一定程度的定制的情況下。而且有些情況下，一旦機器實際交付給經銷商，他們就會安裝許多東西或附件，這會影響調試時間。因此，CI 內部有一些調試，但顯然，它遠低於我們為 E&T 和資源行業討論的 70% 以上。

What we are seeing, as I indicated, is there are patches, particularly in BCP and earthmoving, where dealers are constrained and actually would like to have more inventory available to them, and that impacts their orders. So obviously, orders in those segments are -- those divisions are much stronger. Obviously, with excavators, and excavator as an impact of what's happening, particularly, say, for example, in China, where, obviously, demand is reduced, that means we have more availability. And dealers would like to decrease their inventory of excavators accordingly. So it's a bit of a mixed pattern. But as I say, we only have (inaudible) only have 3.5 months of inventory on hand, and that percentage will actually decrease around by the time we get to the year-end.

正如我所指出的，我們看到的是存在一些補丁，特別是在 BCP 和土方工程領域，經銷商受到限制，實際上希望有更多庫存可供他們使用，這會影響他們的訂單。顯然，這些部門的訂單要強大得多。顯然，挖掘機和挖掘機受到正在發生的事情的影響，特別是在中國，顯然，需求減少了，這意味著我們有更多的可用性。經銷商也希望相應減少挖掘機庫存。所以這是一種混合模式。但正如我所說，我們手頭只有（聽不清）3.5 個月的庫存，到年底這個百分比實際上會下降。

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史蒂文·費舍爾。

Wonder if you could talk a little bit more about the drivers of the broad oil and gas segment. Where do you think we are in the kind of the rebuild cycle of equipment there? To what extent do you need rig counts to rebound to keep the current level of revenue sustained? Or are there really other drivers with this segment to be aware of? It was obviously a very strong acceleration of sales to users. So just kind of curious for color on the drivers and the longevity of the strong trend in the segment.

想知道您是否可以多談談廣泛的石油和天然氣領域的驅動因素。您認為我們的設備重建週期處於什麼階段？您需要鑽機數量反彈到什麼程度才能維持當前的收入水平？或者這個細分市場是否還有其他驅動因素需要注意？顯然，這對用戶的銷售來說是一個非常強勁的加速。因此，我只是對驅動程序的顏色以及該領域強勁趨勢的持久性感到好奇。

Well, Steven, we're certainly not dependent upon rig counts to drive oil and gas. It's just one element of the -- one of the applications that we sell into. So as I mentioned earlier, we are encouraged by the strong demand that continues for gas compression for Cat-branded reset engines. That's quite positive. We have seen a bit of slowing in well servicing, but that's expected to increase again based on most analyst views over the coming months.

好吧，史蒂文，我們當然不依賴鑽機數量來開採石油和天然氣。這只是我們銷售的應用程序之一。正如我之前提到的，我們對 Cat 品牌重置發動機的氣體壓縮持續強勁需求感到鼓舞。這是相當積極的。我們已經看到油井服務有所放緩，但根據未來幾個月大多數分析師的觀點，預計這一情況將再次增加。

Solar continues to have quite robust sales into a number of oil and gas applications, including gas compression, but also offshore platforms and international business as well. So again, at this point, oil and gas certainly looks strong. And in some areas, we're quite bullish on what we see moving forward.

太陽能在許多石油和天然氣應用領域（包括氣體壓縮）以及海上平台和國際業務的銷售仍然相當強勁。再說一次，在這一點上，石油和天然氣看起來確實很強勁。在某些領域，我們對未來的發展非常樂觀。

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。

I wanted to come back to a question on pricing. First, for the second quarter, if you can help us understand what's supporting the strength there. I think that was a little bit ahead of where we were expecting price to be. Is that a function of mix or just the better-than-expected end-user demand? And then as we think about that stepping down through the back half of the year, to get to that single-digit number that you outlined on a previous answer, just how we should think about the cadence of that stepping down throughout the remainder of the year?

我想回到定價問題。首先，對於第二季度，您能否幫助我們了解支撐該季度實力的因素。我認為這有點超出了我們預期的價格。這是混合的結果還是只是終端用戶需求好於預期？然後，當我們考慮在今年下半年退出時，為了達到您在之前的答案中概述的個位數，我們應該如何考慮在整個剩餘時間內退出的節奏年？

Yes. So price realization was about in line with our expectations. And certainly, as we look at price, the price we realize is a function of a whole variety of things. You mentioned mix, but a lot of it has to do with, of course, the competitive situation that we and our dealers are facing in a particular market.

是的。所以價格實現與我們的預期基本一致。當然，當我們審視價格時，我們意識到價格是多種事物的函數。您提到了混合，但這很大程度上與我們和我們的經銷商在特定市場中面臨的競爭形勢有關。

So we saw significant increases in price in the second half of last year, and that will [lap] in the second half of 2023, but we still expect to benefit from positive price in the second half, but it will moderate and certainly understandable based on that -- again, those strong price increases in the second half of last year. And as always, we'll continue to monitor the global price environment, and we'll determine if actions need to be taken.

因此，我們看到去年下半年價格大幅上漲，這種情況將在 2023 年下半年出現，但我們仍然預計下半年將受益於正價格，但價格會有所放緩，而且當然是可以理解的再次，去年下半年價格的強勁上漲。與往常一樣，我們將繼續監控全球價格環境，並確定是否需要採取行動。

And just, Kristen, just to add on. Just if you recall last year, price continues to improve from the third to the fourth quarter. So you probably should see the reverse of that this year, which will -- price will be slightly stronger than the third versus the fourth.

克里斯汀，補充一下。回想一下去年，從第三季度到第四季度，價格持續上漲。因此，今年你可能應該看到相反的情況，即價格將比第三個和第四個略強。

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

你的下一個問題來自 Mig Dobre 和 Baird 的對話。

Just a quick clarification based on the way you're kind of thinking about the dealer inventory destock in the back half. In order to make that happen, do you have to adjust production sequentially in any way? Maybe you can comment on that? And then related to this, your manufacturing cost, the $283 million drag, should we think that this drag lessens in the back half? And could that actually be a positive benefit as we think about the fourth quarter on a year-over-year basis?

只是根據您對後半段經銷商庫存去庫存的思考方式進行快速澄清。為了實現這一目標，您是否必須以任何方式順序調整生產？也許你可以對此發表評論？與此相關的是，你們的製造成本，2.83 億美元的阻力，我們是否應該認為這種阻力在後半段會減少？當我們考慮第四季度的同比情況時，這實際上會帶來積極的好處嗎？

Yes. So first of all, on this, obviously, production level, as we've indicated from beginning of the year, last year, we did see, if you remember, production was rising throughout the whole year as we went through the year as the supply chain started to improve. That, particularly in construction, will be slightly different this year. And that obviously, we will see some headwind as we do see some dealer inventory reduction in the second half. We are already making production adjustments as we move on. That's part of the business. We do that day in, day out. And those will continue, and there will be some impact in the second half of the year. But overall, we still expect positive revenues through that period of time for Caterpillar as a whole.

是的。首先，顯然，在生產水平上，正如我們從今年年初、去年開始指出的那樣，如果你還記得的話，我們確實看到，全年產量都在上升，因為我們在這一年中供應鏈開始改善。今年，尤其是在建築領域，情況將略有不同。顯然，我們將看到一些阻力，因為我們確實看到下半年經銷商庫存有所減少。我們已經在繼續進行生產調整。這是業務的一部分。我們日復一日地這樣做。這些都會持續下去，並且會在下半年產生一些影響。但總體而言，我們仍然預計卡特彼勒在這段時間內的整體收入將為正。

Talking about manufacturing costs. Yes, manufacturing costs will decrease, but obviously price benefit will reduce as well. So the net of the 2 will mean we won't see quite that margin improvement that we did see as we went through the last 4 quarters. So yes, we still expect price to offset manufacturing costs in the second half of the year, but they won't that -- while that will reduce [solar] price as well. So no real benefit to margins as we think through the remainder of the year.

談論製造成本。是的，製造成本會降低，但顯然價格優勢也會降低。因此，這兩個季度的淨值意味著我們不會看到過去 4 個季度所看到的利潤率改善。所以，是的，我們仍然預計下半年價格將抵消製造成本，但他們不會那樣——儘管這也會降低[太陽能]價格。因此，在我們看來，今年剩餘時間裡，利潤率並沒有真正的好處。

And just to expand upon the answer, we talked earlier about the fact that there is enough excavator dealer inventory out there. So we certainly would expect to produce less excavators, as an example, in the next 6 months. And we also mentioned the fact that we're going to have some changeover regions in some of our BCP products where we're switching to Cat engines, which is certainly the right thing to do for the long time and growing services. But that will have an impact on production as well during the last 6 months of the year. But keep in mind that we have said, we now expect to be close to the top of our targeted range for adjusted operating profit margin. So that all goes into the mix.

為了擴展答案，我們之前討論過這樣一個事實：挖掘機經銷商庫存充足。因此，我們當然希望在未來 6 個月內減少挖掘機的產量。我們還提到，我們將在一些 BCP 產品中進行一些轉換區域，我們將改用 Cat 發動機，這對於長期和不斷增長的服務來說無疑是正確的做法。但這也會對今年最後 6 個月的生產產生影響。但請記住，我們已經說過，我們現在預計調整後的營業利潤率將接近目標範圍的頂部。這樣所有的東西都會混合在一起。

Your next question comes from the line of Mike Shlisky with D.A. Davidson.

你的下一個問題來自 Mike Shlisky 和 ​​D.A.戴維森。

Historically, prior to the pandemic, your operating margins in the fourth quarter were usually a bit of a step downward compared to the third quarter. That's mainly construction and resource. I think it got a little off better than the last couple of years, obviously, for a few reasons. But I was wondering if you could tell us whether you will be back to that sort of more normal seasonality on margins here in the second half of this year or if operationally, these have kind of changed permanently here?

從歷史上看，在大流行之前，第四季度的營業利潤率通常比第三季度略有下降。主要是建設和資源。我認為，顯然，由於幾個原因，它的情況比過去幾年要好一些。但我想知道你能否告訴我們，今年下半年你是否會在利潤率上恢復到那種更正常的季節性，或者從操作上來說，這些已經在這裡發生了永久性的變化？

No. I think that definitely, we would expect a step down in margins in the fourth quarter in both, particularly in Construction as is the normal seasonal trend. It does tend to be the lower production period. Also we may (inaudible), just as Jim mentioned, we will have the impact of the BCP changeover, which will impact us slightly more stronger in the fourth quarter. So there will be some impact as we move through the first quarter.

不。我認為，我們肯定會預計第四季度的利潤率會下降，尤其是建築業，這是正常的季節性趨勢。它確實往往是較低的生產時期。此外，我們可能（聽不清），正如 Jim 提到的，我們將受到 BCP 變更的影響，這將對我們在第四季度的影響稍大一些。因此，隨著我們進入第一季度，將會產生一些影響。

And your next question comes from the line of Matt Elkott with TD Cowen.

你的下一個問題來自 Matt Elkott 和 TD Cowen 的對話。

Kind of a higher-level question on nonresidential construction. Good to see the tailwinds of the infrastructure packages continuing to materialize. But can you help us gauge what innings you think we're in with these tailwinds? Can we expect like an acceleration next year or just steady?

這是關於非住宅建築的更高級別的問題。很高興看到基礎設施一攬子計劃的推動力繼續實現。但是你能幫助我們評估一下你認為我們在這些順風中所處的局數嗎？我們可以預期明年會加速還是穩定？

Yes. Thanks for your question. I'm going to try to avoid a baseball analogy here. But as I mentioned earlier, we are starting to see some benefit of the numerous infrastructure bills that have passed. Some of that is coming from the states. But as you can imagine, permitting takes time for a number of projects. And it's, as you can imagine, very difficult to judge exactly how long that permitting process will take and how this will play out. But I do expect it to last for some time. Difficult for me to estimate, all right, what will the acceleration be in a 6-month or 1-year period. But again, it's a very positive thing for us, and it's a positive thing for our customers that we have these projects coming down the pipe.

是的。謝謝你的提問。我將盡量避免在這裡進行棒球類比。但正如我之前提到的，我們開始看到已經通過的眾多基礎設施法案的一些好處。其中一些來自各州。但正如您可以想像的那樣，許多項目獲得許可需要時間。正如您可以想像的那樣，很難準確判斷許可過程需要多長時間以及將如何進行。但我確實預計它會持續一段時間。我很難估計 6 個月或 1 年期間的加速度是多​​少。但同樣，這對我們來說是一件非常積極的事情，對我們的客戶來說也是一件積極的事情，我們有這些項目正在進行中。

And your next question comes from the line of Stanley Elliott with Stifel.

你的下一個問題來自 Stanley Elliott 和 Stifel 的對話。

A quick question on the cash flow. You guys have pretty been consistent about discussing returning all the free cash. You have basically, let's call it, another kind of $4 billion, $5 billion at run rate in the back half of the year. Should we think of all of that going back to share repurchases or using for other investments? Any thoughts there would be great.

關於現金流的快速問題。你們在討論返還所有免費現金方面一直非常一致。基本上，我們可以稱之為，下半年的運行速度是另一種 40 億美元、50 億美元。我們是否應該考慮將所有這些都用於股票回購或用於其他投資？任何想法都會很棒。

Yes. As we said, our intent is to return substantially all of our ME&T free cash flow to shareholders through dividends and share repurchases over time. We do maintain a healthy balance sheet for a whole variety of reasons. When we went into COVID in 2020, I was very pleased that we had a strong balance sheet. We also have increased our dividend since we introduced our new capital allocation strategy. In May of 2019, we've increased the dividend per share by 51% since that period of time. So again, we're proud of our Aristocrat status. So certainly wouldn't be surprised. It's a Board decision, both if we continue to increase our dividend and continue to share repurchases as well.

是的。正如我們所說，我們的目的是隨著時間的推移，通過股息和股票回購，將我們的 ME&T 自由現金流基本上全部返還給股東。出於多種原因，我們確實保持了健康的資產負債表。當我們在 2020 年進入新冠疫情時期時，我很高興我們擁有強勁的資產負債表。自從我們推出新的資本配置策略以來，我們還增加了股息。 2019 年 5 月，我們將每股股息增加了 51%。再說一次，我們為我們的貴族身份感到自豪。所以當然不會感到驚訝。如果我們繼續增加股息並繼續股票回購，這都是董事會的決定。

And today's final question comes from the line of Jerry Revich with Goldman Sachs.

今天的最後一個問題來自高盛的 Jerry Revich。

Jim, I'm wondering if you could just expand on your comments in mining. Your biggest competitor in [trucks] is posting 250% book-to-bill. I'm wondering if you're seeing that level of bookings activity? And are we finally at a point where we're hitting the sweet spot of that replacement cycle for what we delivered a decade ago? Or are there some idiosyncratic ebbs and flows in the data points?

吉姆，我想知道您是否可以擴展您對採礦的評論。你們在[卡車]領域最大的競爭對手是 250% 的訂單到帳單率。我想知道您是否看到了這種水平的預訂活動？我們是否終於達到了十年前交付產品的更換週期的最佳點？或者數據點中是否存在一些特殊的潮起潮落？

Certainly, as we've talked about many times, mining is kind of a lumpy business quarter-to-quarter. And our mining customers are remaining capital disciplined. What we've talked about for some time is what we expect is a gradual increase over time in our mining business, and that's certainly the way it's played out. Certainly, at the moment, large truck sales, our activity, that activity is robust. That quotation activity is quite robust, and some other products, not quite as strong. But again, just based on what we see required in terms of commodity production increases to support the energy transition. We feel very good about that business.

當然，正如我們多次討論的那樣，採礦業每個季度的業務都不穩定。我們的礦業客戶仍然遵守資本紀律。一段時間以來，我們一直在談論的是我們預計我們的挖礦業務會隨著時間的推移而逐漸增長，而這肯定是它的發展方式。當然，目前我們的大型卡車銷售活動非常強勁。報價活動相當強勁，而其他一些產品則沒有那麼強勁。但同樣，這只是基於我們認為需要增加商品產量來支持能源轉型。我們對這項業務感覺非常好。

We do believe quite strongly that we have the best autonomous mining solutions. We now have about 600 autonomous trucks in operation around the world. And one of the great things that's happened is that we've been able to reduce the cost such that now, a smaller mine can make a capital investment to put autonomy. And so when we're talking to miners now, autonomy is almost always part of that discussion. We're down to about 12 to 14 trucks. But mine is about 12 to 14 trucks. It could pencil to put autonomy, and we've actually seen mines adapt autonomy with that low number of trucks.

我們堅信我們擁有最好的自主採礦解決方案。目前，我們有約 600 輛自動駕駛卡車在全球運營。發生的一件偉大的事情是，我們已經能夠降低成本，現在，較小的礦山可以進行資本投資來實現自主化。因此，當我們現在與礦工交談時，自治幾乎總是討論的一部分。我們減少到大約 12 到 14 輛卡車。但我的大約有 12 到 14 輛卡車。它可以實現自動化，我們實際上已經看到礦山在卡車數量較少的情況下實現了自動化。

So we're quite bullish about what we see coming in again, and we're leveraging that autonomous solutions, whether it's in iron ore, copper, gold, oilsands, a whole variety of applications. But again, we're certainly long-term bullish about that business.

因此，我們對再次出現的情況非常樂觀，我們正在利用自主解決方案，無論是鐵礦石、銅、黃金、油砂還是各種應用。但同樣，我們當然長期看好該業務。

All right. Well -- so if I can, I'd like to thank you all for joining us, and we certainly appreciate your questions. Again, I want to thank our global team one more time for just an outstanding quarter. And to reiterate, based on our strong operating performance due to the strong results that we achieved in the second quarter, we now believe that 2023 will be even better than we had previously anticipated during our last earnings call. That includes higher full year expectations for adjusted operating profit margin, ME&T free cash flow, which, again, reflects that continuing healthy customer demand and our performance. Please stay safe. Thanks for your interest.

好的。好吧，如果可以的話，我要感謝大家加入我們，我們當然也感謝你們提出的問題。我想再次感謝我們的全球團隊，感謝他們度過了一個出色的季度。重申一下，基於我們在第二季度取得的強勁業績所帶來的強勁運營業績，我們現在相信 2023 年將比我們在上次財報電話會議上預期的還要好。這包括對調整後營業利潤率、ME&T 自由現金流的全年預期更高，這再次反映了持續健康的客戶需求和我們的業績。請注意安全。感謝您的關注。

Thanks, 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 the 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.

謝謝吉姆、安德魯和今天加入我們的所有人。今天上午晚些時候，我們將在網上重播我們的電話會議。一旦有文字記錄，我們還將立即在我們的投資者關係網站上發布。您還可以找到我們首席財務官的第二季度業績視頻以及包含我們向用戶銷售數據的 SEC 文件。單擊 Investors.caterpillar.com，然後單擊“財務”以查看這些材料。

If you have any questions, please reach out to Rob or me. Investor Relations general phone number is (309) 675-4549. Now let's turn it back over to Abby to conclude our call.

如果您有任何疑問，請聯繫 Rob 或我。投資者關係電話號碼為 (309) 675-4549。現在讓我們把它轉回艾比來結束我們的通話。

Thank you. Ladies and gentlemen, that concludes our call today and thank you for joining. You may all disconnect.

謝謝。女士們先生們，我們今天的電話會議到此結束，感謝您的加入。你們都可以斷開連接。