康明斯 (CMI) 2024 Q3 法說會逐字稿

Greetings, and welcome to the Q3 2024 Cummins Inc earnings conference call. (Operator Instructions) As a reminder, this conference is being recorded. It is now my pleasure to introduce Chris Clulow, Vice President of Investor Relations. Thank you. You may begin.

您好，歡迎參加康明斯公司 2024 年第三季財報電話會議。（操作員指示）謹此提醒，本次會議正在錄製中。現在我很高興向大家介紹投資者關係副總裁 Chris Clulow。謝謝。你可以開始了。

Thanks, Julian. Good morning, everyone, and welcome to our teleconference today to discuss Cummins results for the third quarter of 2024. Participating with me today are Jennifer Rumsey, our Chair and Chief Executive Officer; and Mark Smith, our Chief Financial Officer. We will all be available to answer questions at the end of the teleconference.

謝謝，朱利安。大家早安，歡迎參加我們今天的電話會議，討論康明斯 2024 年第三季的業績。今天與我一起參加的是我們的董事長兼執行長 Jennifer Rumsey；和我們的財務長馬克史密斯。我們都可以在電話會議結束時回答問題。

Before we start, please note that some of the information that you will hear or be given today will consist of forward-looking statements within the meaning of the Securities and Exchange Act of 1934. Such statements express our forecasts, expectations, hopes, beliefs and intentions on strategies regarding the future. Our actual future results could differ materially from those projected in such forward-looking statements because of a number of risks and uncertainties.

在我們開始之前，請注意，您今天將聽到或得到的一些資訊將包含 1934 年《證券交易法》含義內的前瞻性陳述。此類聲明表達了我們對未來策略的預測、期望、希望、信念和意圖。由於許多風險和不確定性，我們未來的實際結果可能與此類前瞻性陳述中的預測有重大差異。

More information regarding such risks and uncertainties is available in the forward-looking disclosure statement in the slide deck and our filings with the Securities and Exchange Commission, particularly the Risk Factors section of our most recently filed annual report on Form 10-K and any subsequently filed quarterly reports on Form 10-Q.

有關此類風險和不確定性的更多信息，請參閱幻燈片中的前瞻性披露聲明以及我們向美國證券交易委員會提交的文件，特別是我們最近提交的10-K 表格年度報告以及任何後續報告中的危險因子部分。

During the course of this call, we will be discussing certain non-GAAP financial measures, and we'll refer you to our website for the reconciliation of those measures to GAAP financial measures. Our press release with a copy of the financial statements and a copy of today's webcast presentation are available on our website within the Investor Relations section at cummins.com.

在本次電話會議期間，我們將討論某些非 GAAP 財務指標，並且我們將引導您造訪我們的網站，以將這些指標與 GAAP 財務指標進行核對。我們的新聞稿以及財務報表副本和今天的網路廣播簡報副本可在我們網站 cummins.com 的投資者關係部分取得。

I will now turn you over to our Chair and CEO, Jennifer Rumsey to kick us off.

現在我將把您交給我們的董事長兼執行長 Jennifer Rumsey，讓我們開始。

Thank you, Chris, and good morning. I'll start with a summary of our third quarter accomplishments and financial results. Then I will discuss our sales and end market trends by region. I will finish with a discussion of our outlook for 2024. Mark will then take you through more details of both our third quarter financial performance and our forecast for the year.

謝謝你，克里斯，早安。我將首先總結我們第三季的成就和財務表現。然後我將按地區討論我們的銷售和終端市場趨勢。最後我將討論我們對 2024 年的展望。然後，馬克將向您詳細介紹我們第三季的財務業績和今年的預測。

Before getting into the details on our financial performance, I want to take a moment to highlight a few major accomplishments from the third quarter. In September, we started full production of our X15N natural gas engine at our Jamestown Engine Plant, which is the first version of our 15-liter helm platform to launch in the US. The X15N delivers performance, durability and power required in a variety of applications and is an excellent alternative for fleets looking to significantly reduce their carbon footprint. This is an important milestone in the execution of our Destination Zero strategy as we work to reduce the impact of our products today while investing in cleaner power solutions for the future.

在詳細介紹我們的財務表現之前，我想花點時間強調第三季的一些主要成就。9 月，我們開始在詹姆斯敦發動機工廠全面生產 X15N 天然氣發動機，這是我們在美國推出的第一個 15 升舵平台版本。X15N 提供各種應用所需的性能、耐用性和功率，對於希望大幅減少碳足跡的車隊來說是一個絕佳的替代方案。這是我們執行「零目標」策略的一個重要里程碑，我們致力於減少當今產品的影響，同時投資未來的清潔能源解決方案。

Some of North America's largest and most demanding heavy-duty fleets are actively engaged with Cummins, following their own tests of the natural gas engine in the field. For example, UPS has purchased 250 Kenworth X15N powered trucks in a move the company highlights as an important part of decarbonizing its ground fleet.

北美一些最大、要求最高的重型車隊在對天然氣引擎進行現場測試後，積極與康明斯合作。例如，UPS 購買了 250 輛 Kenworth X15N 動力卡車，該公司強調此舉是其地面車隊脫碳的重要組成部分。

Cummins had the opportunity to further showcase our Destination Zero strategy in action through our diverse portfolio of power solutions at the recent IAA transportation event in Hannover, Germany. At this event, we displayed our fully integrated powertrain concept featuring our HELM engine platforms and e-components. I also personally had an opportunity to hear feedback from Cummins' customers on the challenges they are experiencing with their decarbonization strategies.

康明斯有機會在最近於德國漢諾威舉行的 IAA 交通運輸盛會上透過我們多樣化的動力解決方案組合進一步展示我們的「歸零目的地」策略。在本次活動中，我們展示了我們的完全整合動力總成概念，其中包括我們的 HELM 引擎平台和電子組件。我個人也有機會聽到康明斯客戶對他們在脫碳策略中遇到的挑戰的回饋。

Cummins remains confident that our customers' needs will not be met with a single solution. And this event was a great opportunity to further demonstrate that Cummins and Accelera have the right components in our portfolio to provide the necessary solutions for our customers and their needs as they evolve over time.

康明斯堅信單一解決方案無法滿足客戶的需求。這次活動是一個很好的機會，可以進一步證明康明斯和 Accelera 在我們的產品組合中擁有合適的組件，可以為我們的客戶及其隨著時間的推移而發展的需求提供必要的解決方案。

In addition, in October, Accelera by Cummins celebrated the opening of its electrolyzer manufacturing plant in Spain. The plant has a capacity to produce 500 megawatts of electrolyzers per year, scalable to more than 1 gigawatt per year in the future. The sustainably designed facility is expected to create 150 highly skilled jobs in the region with the potential to reach 200 jobs as production grows, and will help scale up development, manufacturing and adoption of zero emissions technologies in Europe.

此外，10 月，康明斯 Accelera 慶祝其位於西班牙的電解槽製造工廠開幕。該廠每年可生產 500 兆瓦電解槽，未來可擴展至每年 1 吉瓦以上。這座可持續設計的工廠預計將在該地區創造150 個高技能工作崗位，隨著產量的增長，這一數字有可能達到200 個，並將有助於擴大歐洲零排放技術的開發、製造和採用。

Lastly, I'd like to express that our hearts are with those who were impacted and are still recovering from Hurricanes Helene and Milton here in the US We are grateful that our employees in the impacted areas are all accounted for and safe. While we did see minor impacts in our third quarter financial results, I'm proud of how our Cummins employees rallied together to help impacted employees, communities and facilities, and respond to this tragedy while minimizing disruption in our industry.

最後，我想表示，我們的心與那些在美國受到颶風海倫和米爾頓影響且仍在恢復中的人們同在。雖然我們確實看到第三季度財務業績受到了輕微影響，但我對我們的康明斯員工如何團結起來幫助受影響的員工、社區和設施並應對這一悲劇同時最大程度地減少對我們行業的干擾感到自豪。

Now I will comment on the overall company performance for the third quarter of 2024 and cover some of our key markets, starting with North America, before moving on to our largest international markets. Demand for our products remains strong across many of our key markets and regions, offset by softening in the North America heavy-duty truck market that was in line with our expectations.

現在，我將評論 2024 年第三季公司的整體業績，並介紹我們的一些主要市場，從北美開始，然後轉向我們最大的國際市場。我們的許多主要市場和地區對我們產品的需求仍然強勁，但被北美重型卡車市場的疲軟所抵消，這符合我們的預期。

Sales for the quarter were $8.5 billion, flat compared to the third quarter of 2023, primarily driven by continued high demand in our global power generation markets and improved pricing. This was offset by lower North America heavy-duty truck volumes and the reduction in sales from the separation of Atmus.

本季銷售額為 85 億美元，與 2023 年第三季持平，主要是由於全球發電市場的持續高需求和定價的改善。這被北美重型卡車銷量的下降以及 Atmus 分拆造成的銷量下降所抵消。

EBITDA was $1.4 billion or 16.4% compared to $1.2 billion or 14.6% a year ago. Third quarter 2023 results included $26 million of costs related to the separation of Atmus. EBITDA and gross margin dollars improved compared to the third quarter of 2023 as the benefits of higher power generation volumes, pricing and operational efficiency more than exceeded the reduction in margin from the Atmus separation.

EBITDA 為 14 億美元，即 16.4%，而一年前為 12 億美元，即 14.6%。2023 年第三季業績包括與 Atmus 分離相關的 2,600 萬美元成本。與 2023 年第三季相比，EBITDA 和毛利率有所改善，因為更高的發電量、定價和營運效率帶來的好處超過了 Atmus 分離帶來的利潤率下降。

Our third quarter revenues in North America declined 1% to $5.2 billion as a softening heavy-duty market, lower light-duty volumes and a reduction in sales from the Atmus separation were mostly offset by strong demand in the medium-duty truck and power generation markets. Industry production of heavy-duty trucks in the third quarter was 68,000 units, down 10% from 2023 levels, while our heavy-duty unit sales were 25,000, down 14% from a year ago. Industry production of medium-duty trucks was 41,000 units in the third quarter of 2024, an increase of 12% from 2023 levels, while our unit sales were 38,000, up 18%.

我們在北美的第三季營收下降了 1%，至 52 億美元，因為重型市場疲軟、輕型銷量下降以及 Atmus 分離帶來的銷售額減少，但大部分被中型卡車和發電的強勁需求所抵消市場。第三季重型卡車產業產量為 68,000 輛，較 2023 年水準下降 10%，而重型卡車銷量為 25,000 輛，較去年同期下降 14%。2024 年第三季中型卡車的產業產量為 41,000 輛，比 2023 年的水準成長 12%，而銷量為 38,000 輛，成長 18%。

We shipped 28,000 engines to Stellantis for use in the RAM pickups in the third quarter of 2024, down 31% from 2023. Revenues in North America Power generation increased by 18%, driven by continued strong data center and mission-critical power demand. The impressive power generation performance in North America and across the globe helped us achieve record sales and profitability in the Power Systems segment.

2024 年第三季度，我們向 Stellantis 運送了 28,000 台引擎用於 RAM 皮卡，比 2023 年下降了 31%。在持續強勁的資料中心和關鍵任務電力需求的推動下，北美發電收入成長了 18%。北美和全球令人印象深刻的發電表現幫助我們在電力系統領域實現了創紀錄的銷售額和獲利能力。

Our third quarter international revenues increased by 2% compared to last year. Third quarter revenues in China, including joint ventures, were $1.5 billion, a decrease of 4% as weaker domestic truck and construction volumes were partially offset with higher data center demand.

我們第三季的國際營收比去年成長了 2%。中國第三季營收（包括合資企業）為 15 億美元，下降 4%，因為國內卡車和建築量的疲軟部分被資料中心需求的增加所抵消。

Industry demand for medium and heavy-duty trucks in China was 207,000 units, a decrease of 15% from last year. Demand in the China truck market continues to run at low levels with continued weak domestic diesel market and now softening natural gas orders as the diesel-gas price differential narrows. The light-duty market in China was down 4% from 2023 levels at 424,000 units, while our units sold, including joint ventures, were 30,000, an increase of 14%.

中國中重型卡車產業需求量為20.7萬輛，比去年下降15%。由於國內柴油市場持續疲軟，加上柴油與天然氣價差縮小，天然氣訂單疲軟，中國卡車市場需求持續低點運作。中國輕型車市場銷量較 2023 年下降 4%，為 424,000 輛，而我們的銷量（包括合資企業）為 30,000 輛，增長 14%。

Industry demand for excavators in China in the third quarter was 44,000 units, an increase of 10% from 2023 levels. Our units sold were 8,000 units, an increase of 14% as a result of QSM15 penetration of both new and existing OEM partners and export growth. Sales of power generation equipment in China roughly doubled in the third quarter, primarily driven by continued growth in data center demand.

第三季中國挖土機產業需求量為4.4萬台，較2023年水準成長10%。由於 QSM15 對新舊 OEM 合作夥伴的滲透以及出口成長，我們的銷量達到 8,000 輛，成長了 14%。第三季度，中國發電設備的銷售額約翻了一番，主要是受到資料中心需求持續成長的推動。

Third quarter revenue in India, including joint ventures, was $641 million, a decrease of 12% from the third quarter a year ago. Industry truck production decreased by 12%, while our shipments decreased by 18%, driven by a slowdown in manufacturing and government infrastructure spending. Power generation's revenues increased 49% year-on-year, driven by pre-buy demand for stationary power out of the CPCB IV emissions regulation changes as well as increased data center demand.

印度第三季營收（包括合資企業）為6.41億美元，較去年同期下降12%。由於製造業和政府基礎設施支出放緩，工業卡車產量下降了 12%，出貨量下降了 18%。受 CPCB IV 排放法規變化帶來的固定電源預購需求以及資料中心需求增加的推動，發電收入較去年同期成長 49%。

Now let me provide our outlook for 2024, including some comments on individual regions and end markets. Our revenue outlook for 2024 remains consistent with our prior guidance of down 3% to flat. We are improving our overall EBITDA guidance for the year to be approximately 15.5%, the top end of our prior guide of 15% to 15.5%. We now expect higher revenue and stronger profitability in our Power Systems and Distribution segments, offsetting lower revenue and profitability expected in our Components segment.

現在讓我對 2024 年進行展望，包括對各個地區和終端市場的一些評論。我們對 2024 年的收入前景與先前的指導一致，即下降 3% 至持平。我們正在將今年的整體 EBITDA 指導提高至約 15.5%，這是我們之前指導的 15% 至 15.5% 的上限。我們現在預計電力系統和配電部門的收入和獲利能力將提高，從而抵消組件部門預期的收入和獲利能力下降。

We are maintaining our forecast for heavy-duty trucks in North America to be 255,000 to 275,000 units in 2024. In the third quarter, we saw industry demand softening in line with our expectations, and we continue to expect further softening in the fourth quarter. In the North America medium-duty truck market, we are also maintaining our forecast to be 150,000 to 160,000 units, flat to up 5% from 2023 as we continue to benefit from an elevated backlog and strength of vocational orders.

我們維持 2024 年北美重型卡車保有量 255,000 至 275,000 輛的預測不變。第三季度，我們看到產業需求疲軟，符合我們的預期，我們繼續預期第四季需求將進一步疲軟。在北美中型卡車市場，我們仍維持 15 萬至 16 萬輛的預測，自 2023 年持平至增長 5%，因為我們繼續受益於積壓訂單的增加和職業訂單的強勁。

Consistent with our prior guidance, our engine shipments for pickup trucks in North America are expected to be 135,000 to 145,000 units in 2024, with the planned model year changeover likely to drive sharp, but temporary production decline in the fourth quarter. In China, we project total revenue, including joint ventures to decrease 4% in 2024 as a continued weak domestic diesel truck market is partially offset by higher power generation demand. While we have not yet seen a material impact from the recent stimulus actions, we are encouraged that the emphasis on demand-side policies is a positive step forward to build economic momentum in China.

與我們先前的指引一致，2024 年我們在北美的皮卡車引擎出貨量預計為 135,000 至 145,000 台，計劃中的車型年份轉換可能會導致第四季度產量急劇但暫時下降。在中國，我們預計 2024 年包括合資企業在內的總收入將下降 4%，因為國內柴油卡車市場的持續疲軟被較高的發電需求所部分抵消。雖然我們尚未看到近期刺激措施產生實質影響，但我們感到鼓舞的是，強調需求面政策是中國增強經濟動力的積極一步。

In India, we project total revenue, including joint ventures, to increase 1% in 2024, primarily driven by strong power generation demand, which is offsetting lower on-highway demand. We expect industry demand for trucks to be down 5% to up 5% for the year. For global construction, we project down 10% to flat year-over-year, consistent with our prior guidance due to a weaker demand in China.

在印度，我們預計 2024 年包括合資企業在內的總收入將成長 1%，這主要是受到強勁發電需求的推動，這抵消了公路需求的下降。我們預計今年卡車行業需求將下降 5% 至成長 5%。對於全球建築業，由於中國需求疲軟，我們預計將年減 10%，與我們先前的指引一致。

We are maintaining our guidance for global power generation markets to be up 15% to 20%, driven by continued increases in the data center and mission-critical markets. Sales of mining engines are expected to be down 5% to up 5%, also consistent with our prior guidance. For aftermarket, our guidance remains at flat to up 5% for 2024, with some softening in rebuild demand expected in the fourth quarter.

在資料中心和關鍵任務市場持續成長的推動下，我們維持對全球發電市場成長 15% 至 20% 的指導。採礦發動機的銷售額預計將下降 5% 至增長 5%，也與我們先前的指導一致。對於售後市場，我們的 2024 年指引保持持平至成長 5%，預計第四季重建需求將有所疲軟。

In summary, we are maintaining our guidance on sales of down 3% to flat and improving our EBITDA guidance to be approximately 15.5%. Our performance in the third quarter, particularly in our Power Systems and Distribution segments resulted in strong profitability despite a softening North America heavy-duty truck market. While we do expect continued softening in several of our key markets in the fourth quarter, we are committed to delivering strong financial performance and returning cash to our shareholders. During the quarter, we returned $250 million to shareholders in the form of dividends, consistent with our long-term plan to return approximately 50% of operating cash flow to shareholders.

總之，我們維持銷售額預期下降 3% 至持平，並將 EBITDA 預期提高至 15.5% 左右。儘管北美重型卡車市場疲軟，但我們第三季的業績，特別是動力系統和配電部門的業績，帶來了強勁的獲利能力。雖然我們確實預計第四季度幾個主要市場將繼續疲軟，但我們致力於提供強勁的財務業績並向股東返還現金。本季度，我們以股息的形式向股東返還了 2.5 億美元，這符合我們將約 50% 的營運現金流返還給股東的長期計劃。

I continue to be grateful for the commitment of our employees and leaders around the world who are delivering for our customers while also achieving strong financial performance. Our impressive third quarter results and improved full year guidance continue to demonstrate that we remain well positioned to invest in our future growth, bringing sustainable solutions to decarbonize our industry and improve financial performance cycle over cycle.

我仍然感謝我們世界各地的員工和領導者的承諾，他們在為我們的客戶提供服務的同時也實現了強勁的財務業績。我們令人印象深刻的第三季業績和改進的全年指引繼續表明，我們仍然有能力投資於未來的成長，帶來可持續的解決方案，使我們的行業脫碳，並逐週期改善財務業績。

Now let me turn it over to Mark.

現在讓我把它交給馬克。

Thank you, Jen, and good morning, everyone. We delivered strong revenue and profitability in the third quarter. Given the strength, we are maintaining our full year revenue guidance and have increased our expectations for EBITDA percent to be at the top end of our prior guidance range. Third quarter revenues were $8.5 billion, flat from a year ago as organic growth offset the reduction in sales driven by the separation of Atmus. Sales in North America decreased 1%, while international revenues gained 2%. Foreign currency fluctuations negatively impacted sales by 1%.

謝謝你，Jen，大家早安。我們在第三季度實現了強勁的收入和獲利能力。鑑於實力，我們維持全年收入指引，並提高了 EBITDA 百分比的預期，使其達到先前指引範圍的上限。第三季營收為 85 億美元，與去年同期持平，這是因為有機成長抵消了 Atmus 分拆造成的銷售額下降。北美銷售額下降 1%，而國際收入成長 2%。外匯波動對銷售額產生了 1% 的負面影響。

EBITDA was $1.4 billion or 16.4% of sales for the quarter compared to $1.2 billion or 14.6% of sales a year ago. Those year ago numbers included $26 million of costs related to the separation of Atmus. The benefits of pricing, strong operational efficiency and the absence of the Atmus separation costs were the primary drivers behind the improved profitability.

本季 EBITDA 為 14 億美元，佔銷售額的 16.4%，而去年同期為 12 億美元，佔銷售額的 14.6%。一年前的數字包括與 Atmus 分離相關的 2,600 萬美元成本。定價優勢、強大的營運效率以及 Atmus 分離成本的消除是獲利能力提高的主要驅動力。

Now let's look at each line item in a bit more detail. Gross margin for the quarter was $2.2 billion or 25.7% of sales compared to $2.1 billion or 24.6% last year. The improved margins were primarily driven by favorable pricing, which varied across our different segments, and operational improvements. Selling, admin and research expenses were $1.2 billion or 13.8% of sales compared to $1.2 billion or 14.3% last year, which included costs related to the separation of Atmus.

現在讓我們更詳細地看看每個行項目。本季毛利率為 22 億美元，佔銷售額的 25.7%，去年為 21 億美元，佔銷售額的 24.6%。利潤率的提高主要是由於不同細分市場的有利定價以及營運改善所推動的。銷售、管理和研究費用為 12 億美元，佔銷售額的 13.8%，而去年為 12 億美元，佔銷售額的 14.3%，其中包括與 Atmus 分離相關的成本。

Joint venture income of $99 million decreased $19 million from the prior year, primarily driven by lower technology fees in our engine business, costs incurred in the start-up of the Amplify Cell Technologies, our battery cell joint venture, which is reported within Accelera and was formed last quarter.

合資企業收入為 9,900 萬美元，比前一年減少 1,900 萬美元，主要是由於我們的引擎業務技術費用降低、我們的電池合資企業 Amplify Cell Technologies 的啟動成本（Accelera 和 Accelera 中報告的）所致。上季成立。

Other income was $22 million, an increase of $29 million from a year ago or improvement, driven by mark-to-market gains on investments related to company-owned life insurance. Interest expense was $83 million, a decrease of $14 million from prior year, primarily due to lower weighted average interest rates. The all-in effective tax rate in the third quarter was 19.2%, including $36 million or $0.26 per diluted share of favorable discrete items.

其他收入為 2,200 萬美元，比一年前增加 2,900 萬美元或有所改善，這是由於公司自有人壽保險相關投資的按市價計價收益推動的。利息支出為 8,300 萬美元，比前一年減少 1,400 萬美元，主要是由於加權平均利率較低。第三季的總有效稅率為 19.2%，其中包括 3,600 萬美元或稀釋後每股 0.26 美元的有利離散項目。

All-in, net earnings for the quarter were $809 million or $5.86 per diluted share compared to $656 million or $4.59 per diluted share in 2023. EPS benefited from the increased earnings and also a lower share count resulting from the tax-free share exchange associated with the separation of Atmus that was completed in the first quarter.

總而言之，本季淨利潤為 8.09 億美元，即稀釋後每股收益 5.86 美元，而 2023 年淨利潤為 6.56 億美元，即稀釋後每股收益 4.59 美元。每股盈餘受益於收益的增加以及第一季完成的與 Atmus 分離相關的免稅股票交換導致的股票數量減少。

All-in operating cash flow was an inflow of $640 million. Year-to-date operating cash flow was an inflow of $65 million, which included $1.9 billion of payments required by the previously disclosed settlement agreement with the regulatory agencies. Excluding the settlement, third quarter year-to-date operating cash flow was $2 billion compared to $2.5 billion in the first nine months of last year. The lower operating cash flow this year is primarily due to higher inventory. We do expect to see stronger operating cash flow in the fourth quarter this year.

全部經營現金流入為 6.4 億美元。今年迄今營運現金流流入 6,500 萬美元，其中包括先前披露的與監管機構達成的和解協議所需支付的 19 億美元。不包括和解協議在內，今年第三季迄今的營運現金流為 20 億美元，而去年前 9 個月為 25 億美元。今年經營現金流量較低的主要原因是庫存增加。我們確實預計今年第四季的營運現金流將會強勁。

I'll now comment on segment performance and our guidance for 2024. As a reminder, guidance for 2024 includes the operations of Atmus in our consolidated results up until the full separation, which occurred on March 18. Components revenue was $2.7 billion, a decrease of 16% from the prior year, while EBITDA decreased from 13.6% of sales to 12.9%, driven primarily by the dilutive impact of the Atmus separation and a weaker heavy-duty truck market in North America.

我現在將評論分部業績和我們對 2024 年的指導。提醒一下，2024 年的指引將 Atmus 的營運納入我們的合併業績中，直至 3 月 18 日完全分拆為止。零件收入為 27 億美元，比上年下降 16%，而 EBITDA 從銷售額的 13.6% 下降至 12.9%，這主要是由於 Atmus 分離的稀釋影響和北美重型卡車市場疲軟。

Several facilities within our Drivetrain and Braking Systems business in North Carolina were impacted by Hurricane Helene at the end of Q3, disrupting production and causing us to record some costs in our third quarter results. Our employees have shown incredible resilience in extremely challenging circumstances and are working very hard to raise production levels.

第三季末，我們位於北卡羅來納州的動力傳動系統和煞車系統業務的多個設施受到海倫颶風的影響，生產中斷，導致我們在第三季業績中記錄了一些成本。我們的員工在極具挑戰性的環境中表現出了令人難以置信的韌性，並正在努力提高生產水平。

For Components, we expect 2024 full year revenues to decrease 12% to 15%, a decrease of 2% from the prior guidance at the midpoint, and EBITDA margins in the range of 13.3% to 13.8%, lowering the range from our previous guide of 13.7% to 14.2%.

對於零件，我們預計 2024 年全年營收將下降 12% 至 15%，較先前指引的中點下降 2%，而 EBITDA 利潤率將在 13.3% 至 13.8% 範圍內，低於我們先前指引的範圍13.7%至14.2%。

For the Engine segment, third quarter revenues were $2.9 billion, a decrease of 1% from a year ago. EBITDA was 14.7%, an increase from 13.5% a year ago due to operational improvements and positive pricing, including a retroactive pricing agreement in our light-duty business that was finalized within the third quarter. The benefits from pricing and lower operating costs more than offset weaker North American heavy-duty truck volumes.

引擎業務第三季營收為 29 億美元，年減 1%。EBITDA 為 14.7%，較上年同期的 13.5% 有所增長，這得益於營運改善和積極定價，包括第三季內敲定的輕型業務追溯定價協議。定價和降低營運成本的好處足以抵消北美重型卡車銷售的疲軟。

In 2024, we project revenues for the Engine business to be down 2% to up 1%, narrowing the range of the prior guidance, and EBITDA to be in the range of 13.7% to 14.2%, consistent with our communication last quarter.

到 2024 年，我們預計引擎業務的收入將下降 2% 至成長 1%，縮小先前指導的範圍，而 EBITDA 將在 13.7% 至 14.2% 範圍內，與我們上季度的溝通一致。

In the Distribution segment, revenues increased 16% from a year ago to a record $3 billion, driven by increased demand for power generation products particularly for data center applications. EBITDA increased as a percent of sales to 12.5% compared to 12.1% a year ago, primarily due to higher volumes and pricing. We now expect 2024 Distribution revenues to be up 8% to 11%, an increase of 2% at the midpoint from our prior guidance, primarily due to stronger power generation markets. EBITDA margins are now expected in the range of 11.5% to 12%, also up from our previous guide of 11.3% to 11.8%.

在配電部門，由於對發電產品（尤其是資料中心應用）的需求增加，收入比一年前成長了 16%，達到創紀錄的 30 億美元。EBITDA 佔銷售額的百分比從一年前的 12.1% 上升至 12.5%，這主要是由於產量和定價的增加。我們現在預計 2024 年配電收入將成長 8% 至 11%，比我們先前的指導中位數成長 2%，這主要是由於發電市場走強。目前預期 EBITDA 利潤率在 11.5% 至 12% 之間，也高於我們先前指導值的 11.3% 至 11.8%。

Results for the Power Systems segment set another new quarterly record. Revenues were $1.7 billion, an increase of 17%, and EBITDA increased from 16.2% to 19.4% of sales, driven by higher volumes, particularly in the power generation markets, improved pricing and other operational improvements. In 2024, we expect Power Systems revenues to be 8% to 11%, an increase of 4% at the midpoint from our prior guide. EBITDA expectations have also increased to approximately 18.3% to 18.8%, up from 17.75% at the midpoint of the prior guide.

電力系統部門的業績再創新的季度記錄。營收為 17 億美元，成長 17%，EBITDA 從銷售額的 16.2% 增至 19.4%，這得益於銷量增加（尤其是發電市場）、定價改善和其他營運改善。到 2024 年，我們預計 Power Systems 收入將達到 8% 至 11%，比我們先前的指導中位數成長 4%。EBITDA 預期也從先前指南中位數的 17.75% 增至約 18.3% 至 18.8%。

Accelera revenues increased 7% to $110 million, driven by increased electrolyzer installations. Our EBITDA loss was $115 million compared to a loss of $114 million a year ago as we continue to invest in the products and capabilities to support those parts of the business where strong growth is expected while reducing costs in areas where we assess the prospects for growth have extended into the future. In 2024, we expect revenues to be in the range of $400 million to $450 million and net losses to be in the range of $400 million to $430 million, both unchanged from last quarter.

由於電解槽安裝量的增加，Accelera 的營收成長了 7%，達到 1.1 億美元。我們的 EBITDA 虧損為 1.15 億美元，而一年前為虧損 1.14 億美元，因為我們繼續投資於產品和能力，以支持預計強勁增長的業務部分，同時降低我們評估增長前景領域的成本已經延伸到未來。2024 年，我們預計營收將在 4 億至 4.5 億美元之間，淨虧損將在 4 億至 4.3 億美元之間，兩者均與上季持平。

As Jen mentioned, given the strong performance in the third quarter particularly in Power Systems and Distribution, we're improving the full year company guidance for profitability. We still project 2024 company revenues to be down 3% to flat. Company EBITDA margins are now expected -- projected to be approximately 15.5%, which is at the top end of our prior guidance range.

正如 Jen 所提到的，鑑於第三季的強勁表現，特別是電力系統和配電領域的表現，我們正在提高公司全年獲利指引。我們仍預期 2024 年公司營收將下降 3% 至持平。目前預計公司 EBITDA 利潤率約為 15.5%，處於我們先前指導範圍的上限。

Our effective tax rate is expected to be approximately 23.5% for the full year 2024, excluding the tax-free gain related to Atmus and other discrete items, and down from our prior guidance of an expected tax rate of 24%. Capital investments will be in the range of $1.2 billion to $1.3 billion, consistent with our prior guidance.

不包括與 Atmus 和其他離散項目相關的免稅收益，我們 2024 年全年的有效稅率預計約為 23.5%，低於我們先前 24% 的預期稅率指引。資本投資將在 12 億至 13 億美元之間，與我們先前的指導一致。

In summary, we delivered strong sales and record profitability in the third quarter of 2024. We will experience moderation in some markets in the fourth quarter, most notably North America heavy-duty truck. We have updated our projection for EBITDA to the high end of the prior guidance range due to strong execution, particularly the projected record full year EBITDA in Power Systems and Distribution.

總而言之，我們在 2024 年第三季實現了強勁的銷售和創紀錄的獲利能力。第四季度，我們將在某些市場經歷放緩，尤其是北美重型卡車。由於執行力強勁，特別是電力系統和配電領域預計創紀錄的全年 EBITDA，我們已將 EBITDA 預測更新至先前指導範圍的高端。

We took some steps to reduce costs in the fourth quarter of 2023 and the first quarter of 2024, continue to identify ways to streamline our business going forwards, leaving us well positioned to navigate any further economic cyclicality. We are on track to continue our trend of raising performance cycle over cycle whilst continuing to invest in the future. And that's encouraging given that this is projected to be a down year for North American heavy-duty truck production. Our priorities for the remainder of this year for capital allocation remains to reinvest for profitable growth, pay out our strong cash dividends and support our strong credit rating.

我們在 2023 年第四季和 2024 年第一季採取了一些措施來降低成本，繼續尋找簡化未來業務的方法，使我們能夠更好地應對任何進一步的經濟週期性。我們預計將繼續保持逐週期提高績效的趨勢，同時繼續投資未來。鑑於今年北美重型卡車產量預計將下降，這一點令人鼓舞。今年剩餘時間裡，我們的資本配置重點仍然是再投資以實現盈利增長、支付強勁的現金股息並支持我們強勁的信用評級。

Thanks for your interest today. Now let me turn it back to Chris.

感謝您今天的關注。現在讓我把它轉回克里斯身上。

Thank you, Mark. Now we'll begin our question-and-answer session. (Event Instructions) Operator, we're ready for our first question.

謝謝你，馬克。現在我們將開始問答環節。（活動說明）接線員，我們準備好回答第一個問題了。

(Operator Instructions)

（操作員說明）

Steven Fisher, UBS.

史蒂文費雪，瑞銀。

Thanks. Good morning and congrats on the beat and raise. It's hard to find those in the machinery world these days. Nevertheless, I think there were some investors that were a little concerned that maybe the Q4 guidance looks a little conservative after the strong Q3. I don't know how much of that is related to the storm impact in Components. But I guess the bigger picture question here is, even though it's maybe a little early, do you think there are enough positives to offset the rest of the downturn that we have in the heavy-duty truck market, however long that may last to keep EBITDA growing over the next year?

謝謝。早安，恭喜你的節拍和加薪。如今，在機械世界中很難找到這樣的人。儘管如此，我認為有些投資者有點擔心，在第三季的強勁表現之後，第四季的指導可能看起來有點保守。我不知道其中有多少與組件中的風暴影響有關。但我想這裡更大的問題是，儘管現在可能有點早，但您是否認為有足夠的積極因素來抵消重型卡車市場的其餘低迷，無論這種低迷可能持續多久EBITDA 明年會增長嗎？

Yeah. So let me just comment first, Steve. Thanks. Great to hear from you. Let me comment a little bit on the fourth quarter and what we expect. There's really three factors that I'd point to in the revenue guide for fourth quarter. We expect further softening in the heavy-duty market. I talked about the product changeover with Stellantis that will drive further volume reduction in that pickup truck business. And then just working days with year-end will be fewer, and we see across many of our markets, fewer working days associated with the holidays and normal maintenance and upgrades during that period of time. So those are really the factors.

是的。所以讓我先發表評論，史蒂夫。謝謝。很高興收到你的來信。讓我對第四季度以及我們的預期進行一些評論。我確實在第四季的收入指南中指出了三個因素。我們預計重型市場將進一步疲軟。我談到了與 Stellantis 的產品轉換，這將推動皮卡車業務的銷售量進一步減少。然後，年底的工作日將會減少，我們在許多市場上看到，與假期以及在此期間的正常維護和升級相關的工作日也減少了。這些確實是因素。

As you can see, we're -- the team has done a great job of continuing to focus on profitability across the business, delivering strong decremental margins where we've seen reductions in heavy-duty, which takes a lot of effort. I just want to acknowledge the great work of the team and then leveraging some of the places that we have strength with really strong performance, of course. And power gen that impacted Power Systems and DBU. And we expect that to continue as we go into next year.

正如您所看到的，我們的團隊在繼續關注整個業務的盈利能力方面做得很好，在我們看到重型卡車減少的情況下實現了強勁的利潤下降，這需要付出很大的努力。我只是想承認團隊的出色工作，然後利用我們有實力的一些地方，當然，表現非常出色。發電影響了 Power Systems 和 DBU。我們預計這種情況將在明年繼續下去。

Okay. And maybe just building on that last part there, I mean, how would you describe the momentum in Power Gen right now? I mean, is that new record revenues in the quarter? You're sold out on the 95 liters. Where are you on the capacity utilization on 50s and 78s? What's driving the further upside from here? Is it mainly pricing? Or can you push out more volumes?

好的。也許只是在最後一部分的基礎上，我的意思是，您如何描述 Power Gen 現在的勢頭？我的意思是，該季度的營收是否創下新紀錄？95升的你已經賣完了。50 和 78 的產能利用率處於什麼水準？是什麼推動了進一步上漲？主要是定價嗎？或者你可以推出更多卷嗎？

It's really both. So over the course of this year, we've worked on strategic pricing and offsetting some of the inflationary costs that we've seen and pricing for value in that business. And we've been working on capacity in the supply base and our own operational improvements and launching the new (inaudible) product. So all of those things have given us improvement over the course of the year. 95 liter is at capacity, but we've been able to increase capacity through these improvements by about 30% on that product in '24 of the new products.

確實是兩者兼而有之。因此，今年以來，我們一直致力於策略性定價，抵消我們所看到的一些通膨成本，並為該業務的價值定價。我們一直在努力提高供應基地的產能和我們自己的營運改進，並推出新的（聽不清楚）產品。因此，所有這些事情讓我們在這一年中取得了進步。容量為 95 公升，但透過這些改進，我們已經能夠在 24 年的新產品中將該產品的容量增加約 30%。

And then as we talked about previously, we are investing right now to double capacity in the 95 liter. That will come online late next year or as we go into '26. We don't see any end in sight in terms of demand in that market. We're reserving builds up on the 95-liter out into '27. So really focused on how do we leverage the capacity we have now, investment we have now while we're bringing more online late next year.

正如我們之前談到的，我們現在正在投資將 95 公升的容量增加一倍。該功能將於明年底或進入 26 年後上線。我們看不到該市場的需求有任何結束的跡象。我們將 95 公升的積蓄保留到 27 年。因此，我們真正關注的是如何利用我們現有的能力和現有的投資，同時我們將在明年底推出更多線上服務。

And I think, Steve, the only thing I'd add to your first question is, we're not -- we're building our plans with a relatively modest start on heavy-duty truck to the first half of next year with what we see right now. So hear your comments and questions, and we're very focused on kind of managing through the cycle.

我想，史蒂夫，我對你的第一個問題唯一要補充的是，我們不是——我們正在製定我們的計劃，從重型卡車開始，到明年上半年相對溫和，我們現在就看到了。因此，請聽聽您的意見和問題，我們非常關注整個週期的管理。

I will say, I mean, in terms of the impact of Helene and Milton, we're back to regular operation in that business and trying to just work through some of the backlog that built up during the period that we were most severely impacted, but it's been a really tremendous effort by the team there. We have multiple facilities in the Western North Carolina region within Cummins Drivetrain and Braking Systems that have been dealing with the impact of that hurricane.

我想說，我的意思是，就海倫和米爾頓的影響而言，我們已經恢復了該業務的正常運營，並試圖解決我們受到最嚴重影響期間積累的一些積壓工作，但這是那裡的團隊付出的巨大努力。我們在北卡羅來納州西部地區擁有多個康明斯傳動系統和煞車系統設施，一直在應對颶風的影響。

Angel Castillo, Morgan Stanley.

安吉爾‧卡斯蒂略，摩根士丹利。

Hi, good morning and thanks for taking my question. And congrats on a strong quarter. Just wanted to dive a little bit deeper into some of the dynamics that are maybe impacting the next couple of years. I saw some headlines around maybe the California Omnibus low NOx regulation, and some states maybe delaying the model year '25 to maybe model year '26 type enforcement. Just any comments or maybe read-throughs to what maybe that tells you about the underlying enforcement of those regulations and the potential for pre-buy into '25, just any broader read-through to maybe or just industry demand for your engines?

你好，早安，感謝您提出我的問題。恭喜季度表現強勁。只是想更深入地了解一些可能影響未來幾年的動態。我看到了一些關於加州綜合巴士低氮氧化物法規的頭條新聞，一些州可能會將 '25 車型年的執法推遲到 '26 車型年的執法。只是任何評論或可能通讀一下可能會告訴您這些法規的基本執行情況以及預購 '25 的潛力，只是對可能或只是行業對您的發動機的需求進行更廣泛的通讀？

Yeah. I mean what we've seen, of course, this year is the CARB Omnibus regulations have gone into place. As we get into '27, we see commonization again between EPA and CARB, which we believe is a positive for the industry. What happens between now and then in terms of different states following those CARB regulations, as you noted some have pushed out, it's a little bit difficult to predict. But certainly, you see lower volumes this year in CARB even with some of the flexibilities that they've put in place to sell 200-milligram NOx product and strong demand nationwide.

是的。我的意思是，我們所看到的，當然，今年 CARB 綜合法規已經到位。進入 27 年，我們再次看到 EPA 和 CARB 之間的共同化，我們認為這對該行業來說是積極的。正如您所指出的，有些州已經推出了這些 CARB 法規，從現在到那時，不同州會發生什麼，這有點難以預測。但可以肯定的是，儘管 CARB 採取了一些靈活性來銷售 200 毫克氮氧化物產品，並且全國範圍內的需求強勁，但今年 CARB 的銷量還是有所下降。

And so we're watching that space closely. I would say, overall, as Mark noted, we're projecting softening and as we go into next year in the heavy-duty truck market and then still anticipating, depending on economic conditions, the pre-buy likely starting at some point during '25 ahead of the '27 regulations.

所以我們正在密切關注這個領域。我想說，總體而言，正如馬克指出的那樣，我們預計重型卡車市場將出現疲軟，並且隨著我們進入明年的重型卡車市場，然後仍然預計，根據經濟狀況，預購可能會在“比'27規定提前25。

That's very helpful. And then just wanted to circle back on the prior question around 2025 for power generation. I think you indicated you see growth in power systems and momentum continuing there. Just curious, it seems like your power generation guide of 15% to 20% was unchanged despite continued strong performance there. Can you talk about 2025, just early indications based on your backlog? Should we anticipate that 15% to 20% type growth to persist into next year? Or how do you see that based on pricing and backlog indications today?

這非常有幫助。然後我只想回到之前的問題，也就是 2025 年左右的發電量。我認為您表示您看到電力系統的成長和勢頭仍在繼續。只是好奇，儘管那裡的表現持續強勁，但 15% 至 20% 的發電指導似乎沒有變化。您能談談 2025 年嗎？我們是否應該預期 15% 至 20% 的成長將持續到明年？或者根據今天的定價和積壓跡象，您如何看待這一點？

I mean, really that demand in that market is going to remain strong. So it's all about what we can do in terms of capacity and managing our supply base.

我的意思是，實際上該市場的需求將保持強勁。因此，這一切都取決於我們在產能和管理供應基地方面可以做些什麼。

And that's one of the factors that gives us confidence going at the start of the year, that strong backlog and then, of course, distribution should be -- continue to be pretty resilient absent a big economic shock.

這是讓我們在年初充滿信心的因素之一，在沒有重大經濟衝擊的情況下，強勁的積壓以及隨後的分配應該繼續保持相當的彈性。

Kyle Menges, Citi.

凱爾門格斯，花旗銀行。

Thank you, guys. I was hoping I noticed within Power Systems, the Industrial portion actually pretty strong growth in the quarter despite certainly some competitors not showing great results in mining this quarter. So just would love to hear what's driving that reacceleration and growth in that industrial portion and just how you're thinking about that into 4Q and into 2025?

謝謝你們，夥計們。我希望我注意到在電力系統內部，工業部分在本季度實際上增長相當強勁，儘管一些競爭對手在本季度的採礦方面沒有表現出出色的業績。那麼，我很想知道是什麼推動了該工業部分的重新加速和成長，以及您如何看待第四季和 2025 年的情況？

I mean, overall, our guidance is pretty flat in the mining market. We've seen some rebuilds demand that you're seeing in those results, but really not significant shifts in that market right now.

我的意思是，整體而言，我們對採礦市場的指導相當平淡。我們已經看到了您在這些結果中看到的一些重建需求，但目前該市場實際上並沒有發生重大變化。

Yeah. I think overall, Kyle, I'd just add, yes, the mining is really the key market for us in the industrial side, as you know, and that has remained pretty resilient from our perspective, where it's moved a little bit around the world. We've maintained a pretty good both in the first-fit side as well as in the aftermarket, which drives the rebuild.

是的。我認為總的來說，凱爾，我想補充一點，是的，正如你所知，採礦確實是我們工業方面的關鍵市場，從我們的角度來看，它仍然相當有彈性，它在世界。我們在首次適配方面和售後市場都保持了相當好的表現，這推動了重建。

Don't overread in one quarter's units.

不要過度閱讀四分之一的單位。

Got it. And then just a follow-up on Power Systems, Looks like with the new guidance going to be doing incrementals of about 60% in 2024. So it would be helpful if you could frame just how we might think about incremental margins in that segment and in 2025? And I guess why wouldn't it be close to 40% to 60% again? And what factors maybe could cause weaker incrementals next year for that segment?

知道了。然後是 Power Systems 的後續行動，看起來新指南將在 2024 年實現約 60% 的增量。因此，如果您能說明我們如何考慮該細分市場以及 2025 年的利潤增量，將會有所幫助？我想為什麼不再接近 40% 到 60% 呢？哪些因素可能會導致明年該細分市場的增加減弱？

I do get accused of pushing the Power Systems business a bit hard, so I'll probably stay off the 40% to 60%, but here's what I'd say, Kyle, part of the improvement was really a reprioritization and cost kind of reset at the start of this journey, which has really been going on for a couple of years now. So you get that benefit early on, and then there's been a lot more focus on pricing capacity and efficient capacity improvements. So yes, we still think there is more to come on the top line and the bottom line. I don't think we can continue to expect 40% to 60% incremental margins. We will provide specific updates here in February. But with what we know today, we would expect more improvement going into next year.

我確實被指責過於努力推動電力系統業務，所以我可能會遠離 40% 到 60%，但我想說的是，凱爾，部分改進實際上是重新確定優先事項和成本在這段旅程開始時重置，這其實已經持續了幾年了。因此，您很早就獲得了這種好處，然後就會更加關注定價能力和有效的產能改善。所以，是的，我們仍然認為在營收和利潤方面還有更多的事情要做。我認為我們不能繼續期望 40% 到 60% 的增量利潤。我們將在二月份在此提供具體更新。但根據我們今天所知道的情況，我們預計明年會有更多改進。

Jerry Revich, Goldman Sachs.

傑瑞·雷維奇，高盛。

Hi, good morning, everyone. (multiple speakers) Hi, mark. I'm wondering if you folks can just expand on the margin performance in engine, really outstanding results in the third quarter. The guidance implies margin expansion in the fourth quarter on lower sales. You mentioned operating efficiencies in the prepared remarks. Can you just expand on where those efficiencies are versus pre-COVID levels? And it feels like there's momentum into '25 even if demand is softer, just given where the exit rate looks to be in the fourth quarter versus the cost structure in the first. But I'm wondering if you could just expand around those points, if you don't mind?

嗨，大家早安。（多個發言者）嗨，馬克。我想知道你們是否可以擴大引擎的利潤率表現，第三季的業績非常出色。該指引意味著第四季的利潤率因銷售額下降而擴大。您在準備好的發言中提到了營運效率。您能否詳細說明這些效率與新冠疫情之前的水平相比如何？即使需求疲軟，考慮到第四季的退出率與第一季的成本結構相比，似乎進入 25 年仍有動力。但我想知道如果您不介意的話，是否可以圍繞這些點進行擴展？

Yeah. I think there's been a lot of improvement post-COVID, no doubt about that, but we're still not all the way back to those 2019 operating levels. So I still think there's more room to come on operational efficiencies. And then we've talked about being at the peak part of this investment cycle. Of course, the strong medium-duty demand has really helped in this environment and our positions continue to strengthen there. So that's really helped.

是的。我認為毫無疑問，新冠疫情過後已經有了很大的改善，但我們仍然沒有完全回到 2019 年的營運水準。因此，我仍然認為營運效率還有更大的提升空間。然後我們談到了正處於這個投資週期的頂峰部分。當然，強勁的中型需求在這種環境下確實有所幫助，我們的地位持續加強。所以這真的很有幫助。

And whilst we have flagged, and it is going to happen, there is going to be a short, but sharp reduction in pickup truck engine production in the fourth quarter, we view that as largely temporary. And I think that with all the information we have today that that's going to resume. So I think the top line will face some first half year pressure on heavy duty relative to the first half of this year, but yes, continuing to focus on operating costs.

雖然我們已經指出，而且這種情況將會發生，但第四季度皮卡車引擎產量將出現短暫但急劇的下降，但我們認為這在很大程度上是暫時的。我認為，根據我們今天掌握的所有信息，這種情況將會恢復。因此，我認為相對於今年上半年，上半年的營收將面臨一些重型卡車的壓力，但是，是的，繼續關注營運成本。

I mentioned briefly in my remarks that we've really been making adjustments to our organization structure and costs since for the fourth quarter of last year. And whilst that hasn't been dramatic in any period, I think that helps set us up well going into next year.

我在發言中簡單提到，從去年第四季開始，我們確實在組織結構和成本方面進行了調整。雖然這在任何時期都沒有戲劇性的變化，但我認為這有助於我們為明年做好準備。

Just so you didn't miss it, I did point out not to make a huge deal, but we did get some extra pricing, which helped in the third quarter that was retroactive back to the start of the year. So we won't get all of that again in the fourth quarter, but nevertheless, I think the cost base, the operational efficiencies, maybe not in the short term, but maybe in the medium term, we get some boost from China as well because our earnings are okay, but far from what the full potential of China is in the engine business.

為了讓您不要錯過，我確實指出不要做大筆交易，但我們確實獲得了一些額外的定價，這對追溯至年初的第三季度有所幫助。因此，我們不會在第四季度再次獲得所有這些，但儘管如此，我認為成本基礎、營運效率可能不是在短期內，但也許在中期，我們也從中國得到了一些推動因為我們的利潤還可以，但距離中國發動機業務的全部潛力還差得很遠。

So I think there's a lot to look forward to, but the exact timing of earnings accelerating the engine business isn't clear yet. So we've got to focus on the cost and efficiency certainly through the next nine months.

因此，我認為有很多值得期待的地方，但盈利加速引擎業務的確切時間尚不清楚。因此，在接下來的九個月裡，我們必須專注於成本和效率。

Super. And can I shift gears and ask about the natural gas engine demand now that you've opened up a full rate production. Can you just update us on your expectations of natural gas share in the market 6 to 12 months out based on the demand and the performance of the production ramp that you alluded to in the prepared remarks, please?

極好的。既然你們已經全速生產，我可以換個話題詢問一下天然氣引擎的需求嗎？您能否根據您在準備好的發言中提到的需求和產量提升的表現，向我們介紹一下您對 6 至 12 個月後天然氣市場份額的預期？

Yeah. I mean we've said that we think we could get up to a 8% -- potentially 8% share in the market with the natural gas product. We had several big fleets that we're testing it during development. And I noted the role that natural gas has played. So how they start to ramp up volume, get increasing confidence in the strong performance and efficiency. Fundamentally, in most places, it can provide, not only a reduction in CO2 for fleets that want to lower the CO2 footprint, but also reductions in operating costs because of the fuel price differential between natural gas and diesel.

是的。我的意思是，我們已經說過，我們認為天然氣產品的市場份額可以達到 8%——可能是 8%。我們有幾個大型車隊，正在開發過程中進行測試。我還指出了天然氣所發揮的作用。那麼他們如何開始增加產量，對強大的性能和效率越來越有信心。從根本上來說，在大多數地方，它不僅可以為想要降低二氧化碳足跡的車隊減少二氧化碳排放，還可以降低營運成本，因為天然氣和柴油之間的燃料價格差異。

And so fleets that are interested in pursuing that, I think over time, will ramp up. It's hard for me to exactly predict because it also depends on some of the economic conditions that are impacting fleets today of what that will be over 12 months. But we're excited to have that product out now with Kenworth, and Daimler will be launching it as well in '25. So they'll be positioned with that in the market also.

因此，我認為隨著時間的推移，有興趣追求這一目標的艦隊將會增加。我很難準確預測，因為這也取決於目前影響船隊的一些經濟狀況以及未來 12 個月的影響。但我們很高興現在能與 Kenworth 一起推出該產品，戴姆勒也將在 25 年推出該產品。因此他們也將在市場上定位。

Jamie Cook, Truist Securities.

傑米庫克 (Jamie Cook)，Truist 證券公司。

Hi, good morning and nice quarter. I guess my first question, you guys have talked about adding capacity on the large engine side. One of your peers came out last quarter and talked about adding even additional capacity in large engines because of demand. So I'm wondering if you're making any changes to your capacity increase that you've talked about historically? And then to what degree do -- how much incremental capacity are you adding that could potentially benefit 2025?

你好，早安，美好的季度。我想我的第一個問題是，你們已經談到了在大型引擎方面增加容量。上個季度，您的一位同行談到了由於需求而增加大型引擎的容量。所以我想知道你們是否正在對歷史上談論過的產能增加做出任何改變？那麼，您要增加多少增量產能才能讓 2025 年受益？

And then my follow-up question, Mark. Again, I know someone asked the questions on Q4 versus Q3 margins, and there's an implied step down, but how much was that repricing that you talked about that helped the engine business that maybe we view as onetime? And then within Components, how much of an impact was the hurricanes? Thank you.

然後是我的後續問題，馬克。再說一遍，我知道有人問了有關第四季度與第三季度利潤率的問題，並且隱含了下降，但是您談到的重新定價對我們可能認為曾經一度的發動機業務有多大幫助？那麼在組件內部，颶風的影響有多大？謝謝。

Thanks, Jamie. I'll take the first one and let Mark take the second one. So over the course of this year, what you've seen is new products for power generation, capacity within the constraints of the equipment and our supply chain that we have today going up about 30% on the 95-liter. And so that, of course, is going to carry over into next year. And the mantra and power systems right now is just one more, and how do we continue to squeeze every shift, every day, one more out of what we have within our current constraints. And so we'll continue to focus on that and then, of course, working to try to get that doubling of capacity for the 95 by next year.

謝謝，傑米。我拿第一個，要馬克拿第二個。因此，今年以來，您看到的是發電新產品，在設備和供應鏈的限制下，我們今天的 95 公升容量增加了約 30%。當然，這將延續到明年。現在的口頭禪和電力系統只是另一個，我們如何繼續在目前的限制範圍內，繼續擠出每一個班次、每一天、一個新的時間。因此，我們將繼續關注這一點，當然，我們也會努力爭取到明年將 95 的容量增加一倍。

We're continuing to look at it. We want to be smart about where we can make reasonable investments to take capacity up further where we see strong market conditions. So nothing really specific to say right now, but just that we're continuing to look at our footprint and where there may be opportunities.

我們正在繼續關注它。我們希望明智地考慮在哪些方面可以進行合理的投資，以便在我們看到強勁的市場條件時進一步擴大產能。因此，現在沒有什麼具體可說的，只是我們正在繼續關注我們的足跡以及可能存在機會的地方。

On the second part, the first thing I said, we're going to get natural -- I will answer the specific questions for you, Jamie. I just want to share that we're going to get natural variations from quarter-to-quarter, but I just want to remind that we're very focused on the cost side, on the efficiency side, of course, getting value for the products, which are helping our customers be successful is also important. So yes, the retroactive element of the pricing was about 50 basis points ballpark for the company in the quarter. There is a go-forward benefit just not as much as that. And then the costs you're talking low tens of millions of dollars between components and the elimination segment where we incurred some costs for the impacts of Hurricane Helene.

在第二部分，我說的第一件事，我們會變得自然——我將為你回答具體問題，傑米。我只是想告訴大家，我們每季都會出現自然變化，但我只是想提醒一下，我們非常關注成本方面、效率方面，當然，要獲得價值幫助我們的客戶成功的產品也很重要。所以，是的，該公司本季定價的追溯因素約為 50 個基點。前進的好處並不那麼大。然後，您所說的組件和消除部分之間的成本低了數千萬美元，我們因颶風海倫的影響而產生了一些費用。

So there are puts and takes. There are some positives, there are some negatives in the results. I think the revenue guide, you can see we haven't changed because we are very clear visibility in OEM, heavy, medium and pickup truck production, and the way that the very well-run customers like to work is to have predictability around the production level.

所以有放和取。結果有一些正面的一面，也有一些負面的一面。我認為收入指南，你可以看到我們沒有改變，因為我們在 OEM、重型、中型和皮卡車生產方面有非常清晰的可見性，並且運作良好的客戶喜歡的工作方式是圍繞生產水平。

So I think the revenue is well pinned. And I think the key for us is maintaining this strong cost and efficiency discipline as we go into next year and continue to focus on preparing ourselves for more demand and growth in the future and raising these margins as we set out at the Analyst Day and generating more cash. That's a big focus.

所以我認為收入是固定的。我認為，對我們來說，關鍵是在進入明年時保持這種強有力的成本和效率紀律，並繼續專注於為未來的更多需求和成長做好準備，並提高我們在分析師日制定的利潤率，並產生更多現金。這是一個很大的焦點。

Tami Zakaria, JPMorgan.

塔米·扎卡里亞，摩根大通。

Hi, good morning. Thank you so much. So I thought of adding one more question on incremental margin because I think it's really the start of your performance in recent quarters. So when I look at your incremental margin in the third quarter, it's almost 50% ex the filtration -- separation, which is quite impressive versus a long-term target of over '25. So do you believe your incremental margin target can move up for the long term given the power generation product success, engines are seeing some retroactive pricing as well it seems and you have a lot of new products coming in, in the next couple of years. So would you consider revisiting your long-term incremental EBITDA margin target as you begin next year?

嗨，早安。太感謝了。所以我想再增加一個關於增量利潤的問題，因為我認為這確實是你們最近幾季業績的開始。因此，當我查看第三季的增量利潤時，扣除過濾分離後的利潤率幾乎達到 50%，這與 25 年以上的長期目標相比相當令人印象深刻。那麼，您是否相信，鑑於發電產品的成功，您的增量利潤目標可以長期上升，發動機似乎也看到了一些追溯定價，並且在未來幾年內您將推出大量新產品。那麼，您是否會考慮在明年開始時重新審視您的長期增量 EBITDA 利潤率目標？

I don't think -- I think we'll give guidance just for the year, and then we'll see how we do. There's a lot of moving parts to our portfolio. Of course, we're feeling like we've done a pretty good job in our core business. Since we had our Analyst Day, incrementally, there have been more headwinds to the Accelera side of the business. But overall, we're pleased with this year. Let's focus on finishing strong for this year. We'll give you our full guidance with all its technicolor when we get to February. So I appreciate the question, but today, we're not going to talk about longer-term targets.

我不認為——我認為我們只會提供今年的指導，然後我們會看看我們做得如何。我們的產品組合中有很多變化的部分。當然，我們感覺我們的核心業務做得非常好。自從我們舉辦分析師日以來，Accelera 方面的業務逐漸面臨更多阻力。但總的來說，我們對今年感到滿意。讓我們專注於今年的強勁表現。當我們到二月時，我們將為您提供全面的彩色指導。所以我很欣賞這個問題，但今天我們不打算討論長期目標。

Got it. Okay, thank you.

知道了。好的，謝謝。

Rob Wertheimer, Melius Research.

羅布‧韋特海默，Melius 研究中心。

Just a clarification. On the retroactive pricing, I wonder if you can describe what that is or how much continues? And more fundamentally, whether that indicates that you have any enhanced pricing power through engines, if that was something new and different and then I have a more substantial question after that.

只是一個澄清。關於追溯定價，我不知道你能否介紹一下追溯定價是什麼，或持續多少？更根本的是，這是否表明您透過引擎擁有任何增強的定價能力，如果這是新的和不同的東西，那麼在那之後我有一個更實質的問題。

I don't think we should read anything into it other than it's been a protracted discussion. And it's back to January 1, Rob. So that's just sometimes things take a while to resolve.

我認為我們不應該對此進行任何解讀，除非這是一場曠日持久的討論。羅布，時間回到 1 月 1 日。所以有時事情需要一段時間才能解決。

Yeah. As a reminder, Rob, that's in our light-duty space. So it was more localized there.

是的。提醒一下，羅布，那是在我們的輕型空間裡。所以那裡的情況更加本地化。

Perfect. Okay. That helps a lot. Just more fundamentally, obviously, you and your largest competitor in large engines are seeing a lot of demand, and your customers must be telling you that you have a big role to play years and years ahead. Is it very clear that even the biggest hyperscale data centers will use RESIP engines on backup. I wonder if you can just talk about what your customers are telling you about the changing design and scope and scale of data centers and where you fit in for the next decade to come?

完美的。好的。這很有幫助。更根本的是，顯然，您和您在大型引擎領域最大的競爭對手看到了大量的需求，您的客戶一定告訴您，您將在未來的歲月裡發揮重要作用。很明顯，即使是最大的超大規模資料中心也會在備份上使用 RESIP 引擎。我想知道您是否可以談談您的客戶對資料中心不斷變化的設計、範圍和規模的看法，以及您在未來十年的定位？

Yeah. I mean, I think at this point in the next decade, we think reciprocating engines are going to be the solution for backup power. Of course, they're looking at different potential options for prime power and evaluating what that looks like, but other technologies that we might use from a lead time, cost, reliability, it's hard to match what a diesel gen set can do for backup power. So we really think that's going to be a solution for some time.

是的。我的意思是，我認為在未來十年的這個時候，我們認為往復式引擎將成為備用電源的解決方案。當然，他們正在尋找不同的潛在主電源選項並評估其外觀，但我們可能使用的其他技術從交貨時間、成本、可靠性來看，很難與柴油發電機組的備用電源相提並論。所以我們確實認為這將是一段時間內的解決方案。

David Raso, Evercore.

大衛·拉索，Evercore。

Hi, thank you. Back to the pre-buy question, I know we're sitting here on election day, so curious to get your thoughts if anything around the election could alter your thoughts around pre-buy --

你好，謝謝。回到預購問題，我知道我們在選舉日坐在這裡，很想知道您的想法是否與選舉有關的任何事情可能會改變您對預購的想法 -

I'm surprised you made it this far without that question, David.

我很驚訝你竟然沒有提出這個問題就走到了這一步，大衛。

Make sure if you could answer. The timing of your introduction of a '27-compliant engine. Can you take us through your thoughts around that, the idea of maybe introducing that early, building some credits? Obviously, the nat gas engines already are providing some credits as well. Can you just take us through how you're thinking about the timing of your introductions? And obviously, woven within that, anything you want to comment on whoever wins the White House and Congress how that impacts your thoughts?

確定你是否可以回答。推出符合 '27 標準的引擎的時機。您能否向我們介紹一下您對此的想法，也許儘早介紹這一點，建立一些學分？顯然，天然氣引擎也已經提供了一些積分。您能告訴我們您是如何考慮介紹時間的嗎？顯然，在這之中，你想對誰贏得白宮和國會發表任何評論，這對你的想法有何影響？

Yeah. I mean, at the end of the day, Cummins is going to do what we've always done. We're going to work across party lines and engage on issues that are important for our business and our industry, and we'll do that. We've done that with the Biden administration, with the past Trump administration, will do it with the next administration. And what's really important to us and our industry is having that regulatory and legislative stability. And we do not expect any change regardless of the outcome of the election on the '27 regulations for our industry.

是的。我的意思是，歸根結底，康明斯將做我們一直在做的事情。我們將跨越黨派界限開展工作，致力於解決對我們的業務和行業重要的問題，我們會這樣做。我們已經在拜登政府、上屆川普政府中做到了這一點，並將在下一屆政府中做到這一點。對我們和我們的行業來說真正重要的是監管和立法的穩定性。無論選舉結果如何，我們預計 27 年行業法規不會發生任何變化。

So as we have in the past, we're really -- we have a history of being first into the market with products that comply with new regulations and deliver increased value to our customers, and we're always focusing on the landscape, what's the right product at the right time, how do we take -- consider regulatory flexibility and credits as a part of that strategy. And given all that, we do intend to launch the diesel version of the 15-liter HELM platform in '26 ahead of the '27 regulation.

因此，正如我們過去所做的那樣，我們確實擁有率先進入市場的歷史，其產品符合新法規並為我們的客戶提供更高的價值，並且我們始終關注形勢，什麼是在正確的時間提供正確的產品，我們如何考慮將監管靈活性和信用作為該策略的一部分。考慮到所有這些，我們確實打算在 27 年法規出台之前於 26 年推出 15 升 HELM 平台的柴油版本。

And with that launch, not only deliver a lower NOx product into the market, but also one that has significant improvement in fuel efficiency and operating costs to decline to 7% efficiency improvement in that product that will deliver value to our customers and then looking to how do we further strengthen our position in that market through these regulatory changes.

隨著這項產品的推出，我們不僅向市場推出了一種氮氧化物含量較低的產品，而且還顯著提高了燃油效率和營運成本，使該產品的效率提高了7%，這將為我們的客戶帶來價值，然後希望我們如何透過這些監管變化進一步加強我們在該市場的地位。

And this is really consistent with our past strategy, and what's worked well for Cummins over the years is delivering value to our customers through these regulatory changes and strengthening our position in the market. So that's our intention. We've got the 15 liter natural gas out now. We'll add a diesel version of that in '26 and then launch our midrange products at the start of '27.

這確實與我們過去的策略一致，多年來對康明斯來說行之有效的是透過這些監管變化為我們的客戶提供價值並加強我們在市場中的地位。這就是我們的意圖。我們現在已經把 15 公升天然氣用完了。我們將在 26 年添加柴油版本，然後在 27 年初推出我們的中端產品。

The early introduction of the'27, I assume you were thinking first quarter '26 with the new model years. Can you help us out -- it appears in the channel there is some sense that there might be a pre-buy of your engines in '25 to get in front of that early '26 introduction. Can you help us a bit, a, is that maybe helping some of the truck orders we're seeing in the industry? I mean you are 40% of the trucks out there. So prebuying Cummins would impact total industry numbers pretty meaningfully.

'27 的早期介紹，我假設您正在考慮'26 年第一季的新車型。您能幫助我們嗎？您能幫我們一點嗎？我的意思是，你佔了 40% 的卡車。因此，預購康明斯將對行業總數產生相當有意義的影響。

And the cost of the new '27 engine coming out early in '26, can you give us some sense of the cost to the customer? And the follow-up will be, how much is the warranty versus the components? I'm just trying to get a sense how much you're bringing all '27 costs into '26. It's a cost from pre-buy.

26 年初推出的新型 27 引擎的成本，您能為我們介紹一下客戶的成本嗎？後續問題是，與組件相比，保固費是多少？我只是想了解一下您將 27 年的所有成本計入 26 年的成本是多少。這是預購費用。

Yeah. So let me try to frame it to hope you're thinking that, of course, the specifics on pricing, we're still discussing that with customers, the exact timing and transition between the current 15-liter and the next-generation 15-liter in '26, we're still in discussions with our customers. So I'm not going to give exact answers there. What I will say is that we are adding meaningful engine and after-treatment content and technology to both comply with the lower NOx regulation as well as deliver better fuel efficiency and operating cost and value to our customers. And that will be added as we launch this new product in '26. The requirement for a longer emissions warranty does not take effect until '27. So customers that buy this new high-efficiency market-leading products in '26 will not be (inaudible).

是的。因此，讓我試著框架一下，希望您能想到，當然，定價的具體細節，我們仍在與客戶討論，目前 15 公升和下一代 15 公升之間的確切時間和過渡26 年升，我們仍在與客戶討論。所以我不會在那裡給出確切的答案。我要說的是，我們正在添加有意義的引擎和後處理內容和技術，以符合較低的氮氧化物法規，並為我們的客戶提供更好的燃油效率和營運成本和價值。我們將在 26 年推出這款新產品時加入此內容。更長排放保證的要求要到 2027 年才會生效。因此，在 26 年購買這種新型高效市場領先產品的客戶將不會（聽不清楚）。

Noah Kaye, Oppenheimer & Co.

諾亞凱，奧本海默公司

Related to this transition, I guess, is probably one of the biggest R&D investments the company has ever made. So as we start to get past that, can you maybe think -- help us think about the direction of R&D spend? It seems like maybe an obvious place to get leverage on future growth. But you did $1.5 billion of spend in '23, going to be around that range for '24. How should we think about that level of spending going forward?

我想，與此轉變相關的可能是該公司有史以來最大的研發投資之一。因此，當我們開始克服這個問題時，您能否幫助我們思考研發支出的方向？這似乎是利用未來成長的明顯途徑。但你在 23 年的支出為 15 億美元，到 24 年將接近這個範圍。我們該如何看待未來的支出水準？

Yeah. I mean you've got it. We're investing at a record level, high level with these new platforms that we're bringing into the market. We think those will position us well for the future. And so you'll see some normalization of that. Now the exact shape of that is going to depend, frankly, on how regulations evolve and what the -- what I call the bridge period of technology looks like and how that transitions to zero emissions. But we'll see that coming off of our peak as we get past the '27 product launches, and we'll continue to be investing in R&D to create differentiation and value in the market to grow the business over the long term.

是的。我的意思是你已經明白了。我們正在以創紀錄的高水準投資於我們引入市場的這些新平台。我們認為這些將使我們為未來做好準備。所以你會看到這種情況的一些正常化。坦白說，現在的具體形式將取決於法規如何演變以及我所說的技術過渡期是什麼樣子，以及如何過渡到零排放。但隨著 27 年產品發布的結束，我們將看到這種情況會脫離巔峰，我們將繼續投資研發，在市場上創造差異化和價值，從而實現業務的長期成長。

So if you're launching next -- late next year -- or sorry, I think you said '26, then implies we'll start to back down on those peaks.

因此，如果您要在明年晚些時候推出，或者抱歉，我認為您說的是“26”，那麼意味著我們將開始在這些高峰上有所回落。

'26 and '27.

'26 和 '27。

Yeah. Okay. And then just sort of switching gears. Can you characterize the durability of strength in medium duty. I think the six and seven classes have done pretty well. There's still some backlog there. But just talk about the demand you're seeing now in the market and whether that continues into next year. You already commented on some of your expectations for heavy duty. So medium-duty color would be helpful.

是的。好的。然後只是切換齒輪。您能描述一下中等負荷下強度的耐久性嗎？我認為六班和七班做得很好。那裡還有一些積壓。但只需談談您現在在市場上看到的需求以及這種需求是否會持續到明年。您已經評論了您對重型任務的一些期望。所以中等強度的顏色會有幫助。

Yeah. I mean, for the year, we're seeing medium -- North America medium-duty up a little bit, flat to up 5%. We're continuing to see pretty strong demand. I mean you've seen a little bit of inventory and normalization of backlog, but we continue to see really strong demand. And with future regulations on that horizon, we expect that's likely to continue into next year.

是的。我的意思是，今年，我們看到中型——北美中型企業略有成長，增幅持平至 5%。我們繼續看到相當強勁的需求。我的意思是，您已經看到了一些庫存和積壓的正常化，但我們仍然看到真正強烈的需求。隨著未來監管的出台，我們預計這種情況可能會持續到明年。

Tim Thein, Raymond James.

提姆泰恩，雷蒙詹姆斯。

Thank you. Good morning. The first question is just on the Distribution business. And I'm curious what, if any, mix impact, there could be given the -- if you look at the strength that we've seen and you're projecting to continue for some time in power gen, that's now running at, call it, 10 points higher as a percentage of distribution revenues from a couple of years ago.

謝謝。早安.第一個問題是關於分銷業務。我很好奇，如果有的話，可能會產生什麼混合影響——如果你看看我們所看到的力量，並且你預計發電領域將繼續一段時間，現在的運行速度，可以這麼說，佔發行收入的百分比比幾年前高出10 個百分點。

And while some of that's coming as we've seen parts come down. So maybe in historical terms, that's a mix negative, just as the whole goods grows as a percentage of revenues, but maybe just given the strength in demand and tightness in supply, that's not the case. So maybe just your thoughts on just the mix within distribution and how to think about that going forward? Thank yiou.

雖然其中一些即將到來，但我們已經看到部分產品下降了。因此，也許從歷史角度來看，這是一種混合負面影響，就像整個商品佔收入的百分比增長一樣，但也許只是考慮到需求強勁和供應緊張，情況並非如此。那麼，也許您只是對發行中的組合以及如何考慮未來的想法？謝謝你。

Yeah. I mean, as you noted, that typically whole goods is mix margin negative compared to aftermarket for us. If you just step back and look at the business in total, you've got to consider what we've done around inflationary pricing and operational efficiencies have tried to flex up to higher volume, and we're going to continue to focus on those operational efficiencies. But power generation gross revenue mix compared to aftermarket will be negative on the margin line.

是的。我的意思是，正如您所指出的，與我們的售後市場相比，整個商品的混合利潤率通常為負。如果你退後一步，看看整個業務，你必須考慮我們在通膨定價和營運效率方面所做的工作，並試圖提高銷售量，我們將繼續關注這些營運效率。但與售後市場相比，發電總收入組合的利潤率將為負值。

Got it. Okay. And may --

知道了。好的。並且可能--

Tim, that's where we continue to drive on those operational efficiencies and other areas and, of course, continue to drive as much of the parts business as we can underline. But the most important thing is we're meeting customer expectations and growing earnings in an efficient way.

提姆，這就是我們繼續提高營運效率和其他領域的地方，當然，我們也會繼續盡可能地推動零件業務。但最重要的是我們正在滿足客戶的期望並以有效的方式增加收入。

Got it. And then, Mark, just on the gross margin color that you gave earlier, was the -- you highlighted pricing several times. It was there -- was that -- was all of that from this retroactive deal you had in the light duty? Or was there maybe just --

知道了。然後，馬克，就您之前給出的毛利率顏色而言，您多次強調了定價。就在那裡——是的——所有這些都是來自於你在輕型卡車上簽訂的追溯協議嗎？或者也許只是--

I mean year-over-year, there's other pricing, it just -- it was appropriate for the engine -- to note for the engine business that, that was a particular fact. But no, there was other pricing and the overall expectations haven't significantly changed for the rest of the business. Quite frankly, this other pricing we'd expect it to get it at the start of the year and it's just taking time. The most important thing is it's been reset.

我的意思是，與去年同期相比，還有其他定價，這只是 - 它適合發動機 - 需要注意的是，這是一個特殊的事實。但事實並非如此，還有其他定價，而且對其他業務的整體預期沒有顯著變化。坦白說，我們預計它將在今年年初實現這一其他定價，但這只是需要時間。最重要的是已經重置了。

It's more of a timing issue and a concentration in Q3, we always anticipated something in our full year numbers. So on a full year basis, there's not much to say, but it just came in a more lumpy fashion because of the catch-up nature.

這更像是時間問題，並且集中在第三季度，我們總是對全年數據有所預期。因此，從全年來看，沒什麼好說的，但由於追趕的性質，它只是以一種更不穩定的方式出現。

All right. Thank you for our last question. I would now like to turn the floor back to Chris Clulow for closing remarks.

好的。謝謝你提出我們的最​​後一個問題。現在我想請克里斯·克魯洛（Chris Clulow）發表結束語。

Great. Thanks very much. I appreciate everyone joining today. That concludes our teleconference. I appreciate your participation and continued interest. As always, the Investor Relations team will be available for questions after the call.

偉大的。非常感謝。我感謝今天大家的加入。我們的電話會議到此結束。我感謝您的參與和持續的關注。與往常一樣，投資者關係團隊將在電話會議後回答問題。

We thank you for your participation. You may disconnect your lines at this time.

我們感謝您的參與。此時您可以斷開線路。