康明斯 (CMI) 2025 Q1 法說會逐字稿

Greetings and welcome to Cummins Incorporated first quarter earnings release. (Operator Instruction)

您好，歡迎閱讀康明斯公司第一季財報。（操作員指令）

As a reminder, this conference is being recorded. I would now like to turn the call over to your host, Mr. Chris Clulow, Vice President of Investor Relations.

提醒一下，本次會議正在錄製中。現在我想將電話轉給主持人、投資者關係副總裁 Chris Clulow 先生。

Thank you, Rob. Good morning, everyone. And welcome to our teleconference today to discuss Cummins' results for the first quarter of 2025. 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.

謝謝你，羅布。大家早安。歡迎參加我們今天的電話會議，討論康明斯 2025 年第一季的業績。今天和我一起參加的有 Jennifer Rumsey；我們的主席兼執行長；以及我們的財務長馬克‧史密斯 (Mark Smith)。電話會議結束時，我們將隨時回答大家的問題。

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.

在我們開始之前，請注意，您今天聽到或獲得的一些資訊將包含《1934 年證券交易法》所定義的前瞻性陳述，這些陳述表達了我們對未來策略的預測、期望、希望、信念和意圖。

Our actual future results could differ materially from those projected in such forward-looking statements because of a number of risks and uncertainties. More information regarding such risks and uncertainties is available in the forward-looking disclosure statements 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.

由於存在許多風險和不確定性，我們的實際未來結果可能與此類前瞻性陳述中預測的結果有重大差異。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和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 表年度報告和隨後提交的 10-Q 表季度報告中的風險因素部分。

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

在本次電話會議中，我們將討論某些非公認會計準則財務指標，並請您造訪我們的網站，以了解這些指標的對帳情況，從而獲得財務指標。我們的新聞稿包含財務報表副本和 cummins.com 投資者關係部分中的今天的網路廣播簡報副本。

With that out of the way, I'll turn you over to our chair and CEO Jennifer Rumsey to kick us off.

解決了這個問題之後，我將把您的時間交給我們的主席兼首席執行官詹妮弗·拉姆齊 (Jennifer Rumsey) 來開始我們的會議。

Thank you, Chris. And good morning, everyone. As you can see from our press release and earnings material, we delivered very strong results in the first quarter, led by record performance in our power system segment.

謝謝你，克里斯。大家早安。正如您從我們的新聞稿和收益資料中看到的，我們在第一季取得了非常強勁的業績，其中電力系統部門的業績創下了歷史新高。

We are entering unchartered territory as the trade tariffs start to have a more significant impact beginning in the second quarter. The breadth and changing nature of the tariffs have introduced a great degree of uncertainty and mean that at this time, we are unable to predict with confidence our expected performance for the year.

隨著貿易關稅從第二季開始產生更大影響，我們正在進入未知領域。關稅的廣度和變化性質帶來了很大的不確定性，這意味著目前我們無法自信地預測今年的預期表現。

It is important to note that we serve many different end markets, some with long backlogs and clear secular themes in our power systems business, some less sensitive to short-term economic sentiment such as our aftermarket business, and other markets where customers tend to flex demand more quickly when business confidence weakens.

值得注意的是，我們服務於許多不同的終端市場，有些市場在我們的電力系統業務中積壓了大量訂單，並且具有明顯的長期主題，有些市場對短期經濟情緒不太敏感，例如我們的售後市場業務，而其他市場的客戶往往會在商業信心減弱時更快地調整需求。

The duration of uncertainty and extent of tariffs will influence how much and for how long demand is impacted. Cummins is in a strong position strategically and financially with an experienced leadership team, well versed in navigating through periods of uncertainty. We look forward to restoring our guidance when we have more stability in the outlook.

不確定性的持續時間和關稅的幅度將影響需求受到影響的程度和持續時間。康明斯擁有一支經驗豐富的領導團隊，在策略和財務上處於強勢地位，深諳如何度過不確定時期。我們期待在前景更加穩定時恢復我們的指導。

Now I will move on to some of our highlights from our first quarter. Then I will discuss our sales and end market trends by region. I will then provide an update on how uncertainties in our current environment may impact our end markets. Mark will then take you through more details of our first quarter of financial performance.

現在我將介紹我們第一季的一些亮點。然後我將討論我們各地區的銷售和終端市場趨勢。然後，我將提供有關當前環境中的不確定性如何影響我們的終端市場的最新資訊。然後，馬克將向您介紹我們第一季財務業績的更多細節。

In the first quarter, we continue to make progress in the execution of our destination EUR strategy. In our engine segment, we introduced the much-anticipated X10 as a part of our common helm platforms. This engine replaces both the L9 and X12 engine platforms and will deliver a new level of performance, durability, and efficiency for heavy and medium duty customers.

第一季度，我們在執行歐元目的地策略方面持續取得進展。在我們的引擎領域，我們推出了備受期待的 X10，作為我們通用掌舵平台的一部分。該引擎取代了 L9 和 X12 引擎平台，並將為重型和中型客戶提供全新水平的性能、耐用性和效率。

Alongside the X15 and B series, the X10 provides customers with a power solution to meet their unique operational requirements while maintaining the performance and reliability for which Cummins is known.

與 X15 和 B 系列一起，X10 為客戶提供動力解決方案，以滿足其獨特的營運要求，同時保持康明斯聞名的性能和可靠性。

In addition, we unveiled the new Cummins B7.2 diesel engine that brings the latest technology and advancements to one of our most proven platforms. The new engine will feature a slightly higher displacement and is designed to be a global platform which creates flexibility for different applications and duty cycles.

此外，我們還推出了新型康明斯 B7.2 柴油發動機，它為我們最成熟的平台之一帶來了最新的技術和進步。新引擎的排氣量將略高一些，並設計為一個全球平台，為不同的應用和工作週期提供靈活性。

Both the B7.2 and X10 engines will be manufactured at Rocky Mount Engine Plant in North Carolina and will go into production in North America in 2027.

B7.2和X10引擎都將在北卡羅來納州的洛基山引擎工廠生產，並將於2027年在北美投入生產。

In our power system segment, we announced the acquisition of assets of First Mode, a leader in retrofit hybrid solutions for mining and rail operations. This technology represents the first commercially available retrofit hybrid system for mining equipment, significantly reducing total cost of ownership, while advancing decarbonization and operations.

在我們的電力系統部門，我們宣布收購 First Mode 的資產，該公司是採礦和鐵路營運改造混合解決方案的領導者。該技術是首個可用於採礦設備的商用改造混合系統，可大幅降低整體擁有成本，同時推進脫碳和營運。

This acquisition reinforces Cummins' commitment to providing innovative and effective decarbonization solutions while meeting the needs of our customers on their transition to a lower carbon [feature].

此次收購強化了康明斯致力於提供創新有效的脫碳解決方案的承諾，同時滿足客戶轉型為低碳的需求。[特徵]。

Lastly, our Accelera by common segment announced the supply of a 100 megawatts proton exchange membrane or PEM electro hydro system for bp's Lingen green hydrogen project in Germany. The hydrogen generation system will be the largest electrolyzer system assembled by Accelera to date and will be manufactured in Accelera's new electrolyzer plant in Spain.

最後，我們的 Accelera 普通股部門宣佈為英國石油公司位於德國的 Lingen 綠氫能專案供應 100 兆瓦的質子交換膜或 PEM 電水力系統。該氫氣生產系統將是Accelera迄今為止組裝的最大的電解槽系統，並將在Accelera位於西班牙的新電解槽工廠生產。

Once fully commissioned in 2027, the 100-megawatt electrolyzer system will produce up to 11,000 tons of green hydrogen per year. Now, I will comment on the overall company performance for the first quarter of 2025 and cover some of our key markets.

該100兆瓦電解槽系統於2027年全面投入使用後，每年將生產多達11,000噸的綠色氫氣。現在，我將評論 2025 年第一季的整體公司業績，並介紹我們的一些主要市場。

Demand for our products remains strong across many of our key markets and regions, offset by softening in the North America truck market. Revenues for the first quarter were $8.2 billion, a decrease of 3% compared to the first quarter of 2024. EBITDA was $1.5 billion or 17.9% compared with $2.6 billion or 30.6% a year ago.

我們許多主要市場和地區對我們產品的需求仍然強勁，但北美卡車市場的疲軟抵消了影響。第一季營收為 82 億美元，與 2024 年第一季相比下降 3%。EBITDA 為 15 億美元，成長率為 17.9%，而去年同期為 26 億美元，成長率為 30.6%。

First quarter 2024 results included a gain net of transaction costs and other expenses of $1.3 billion related to the Atmus divestiture and $29 million of restructuring expenses, excluding the one-time gain and the costs related to the separation of Atmus as well as restructuring expenses, EBITDA and gross merchant dollars improved compared to the first quarter of 2024.

2024 年第一季業績包括與 Atmus 資產剝離相關的 13 億美元交易成本和其他費用淨額以及 2900 萬美元的重組費用（不包括一次性收益和與 Atmus 分離相關的成本以及重組費用）、EBITDA 和總商戶收入與 2024 年第一季相比有所提高。

This improvement in profitability was driven by the benefit of higher power generation and aftermarket volumes, pricing, and operational efficiency, which more than exceeded the impact of lower North America truck volumes and the separation of Atmos.

獲利能力的提高得益於發電量和售後市場銷量、定價和營運效率的提高，遠遠超過了北美卡車銷量下降和 Atmos 分離的影響。

For our power systems business in particular, we had record performance in both EBITDA dollars and percentage in the first quarter, as we continue to benefit from operational improvements and strong in markets.

特別是對於我們的電力系統業務，我們在第一季的 EBITDA 金額和百分比均創下了創紀錄的業績，因為我們繼續受益於營運的改善和強勁的市場。

Our first quarter revenues in North America decreased by 1% compared to 2024. Industry production of heavy-duty trucks for the first quarter was 63,000 units, down 18% from 2024 levels, while our heavy-duty unit sales were down 21,000 or 21% from 2024.

與 2024 年相比，我們第一季在北美的營收下降了 1%。第一季重型卡車產業產量為 63,000 輛，較 2024 年水準下降 18%，而重型卡車銷量較 2024 年下降 21,000 輛，降幅為 21%。

Industry production of medium duty trucks was 32,000 units in the first quarter of 2025, a decrease of 21%, while our unit sales were 31,000, down 14% from 2024.

2025 年第一季度，中型卡車產業產量為 32,000 輛，年減 21%，而銷量為 31,000 輛，較 2024 年下降 14%。

We shipped 29,000 engines to Stellantis for use in their van pickups in the first quarter of 2025, down 25% from 2024 levels. Revenues for North America power generation increased by 12%, driven primarily by continued strong data center demand. Our international revenues decreased by 5% in the first quarter of 2025 compared to a year ago.

2025 年第一季度，我們向 Stellantis 運送了 29,000 台發動機，用於其廂式皮卡，比 2024 年的水平下降了 25%。北美發電收入成長了 12%，主要原因是資料中心需求持續強勁。2025 年第一季度，我們的國際營收與去年同期相比下降了 5%。

First quarter revenues in China, including joint ventures, were $1.8 billion, an increase of 9% as accelerating data center demand and high domestic infrastructure demand more than offset lower export demand.

第一季度，中國地區（包括合資企業）的收入為 18 億美元，成長 9%，因為資料中心需求的加速成長和國內基礎設施需求的強勁抵消了出口需求的下降。

Industry demand for medium and heavy duty trucks in China was 294,000 units, a decrease of 4% from last year. Our sales and units, including joint ventures were 42,000 and an increase of 6%.

中國中重型卡車產業需求量為29.4萬輛，較前一年下降4%。我們的銷售量和單位（包括合資企業）為 42,000 輛，成長了 6%。

Industry demand for excavators in China in the first quarter was 61,000 units, an increase of 23% from 2024 levels. Our units sold were $11,000 an increase of 19%. The increase in the China market size is primarily due to domestic cyclical replacement demand, rural development, and farmland renovation demand.

一季中國挖土機產業需求量為6.1萬台，較2024年水準成長23%。我們的銷售單位價值為 11,000 美元，成長了 19%。中國市場規模的成長主要得益於國內週期性更新換代需求、鄉村振興、農地整治需求。

Sales of power generation equipment in China increased 68% in the first quarter due to accelerating data center demand.

由於資料中心需求加速成長，中國發電設備銷售額第一季成長了68%。

First quarter revenues in India, including joint ventures, were $725 million, a decrease of 14% from the first quarter a year ago. Industry truck production was flat with 2024. Power generation revenues decreased by 11% in the first quarter as the prior year included a pre-buy ahead of emissions regulations change.

印度第一季營收（包括合資企業）為 7.25 億美元，較去年同期第一季下降 14%。產業卡車產量與 2024 年持平。由於去年在排放法規變化之前進行了預購，第一季發電收入下降了 11%。

To summarize, we achieved impressive results in the first quarter with record financial performance in our power systems business.

總而言之，我們在第一季取得了令人矚目的成績，電力系統業務的財務表現創下了歷史新高。

Looking ahead, there's heightened uncertainty about the pace of growth in the global economy due to tariffs, which could negatively impact demand for capital goods. Absent more clarity about the likely duration of elevated tariffs, we are not able to provide a reliable forecast for the remainder of this year.

展望未來，由於關稅，全球經濟成長速度的不確定性加劇，這可能會對資本貨物的需求產生負面影響。由於不清楚關稅上調的可能持續時間，我們無法對今年剩餘時間做出可靠的預測。

As a large US headquarter company with significant manufacturing in the US, we appreciate the administration's support for American manufacturing. This support is crucial as we invest more than $1 billion in our engine and power systems manufacturing operations in the US over the next few years, employing people in nearly every state through our manufacturing plants and sales and service branches.

作為一家總部位於美國且在美國擁有大量製造業的大型公司，我們感謝政府對美國製造業的支持。這種支援至關重要，因為我們將在未來幾年內在美國投資超過 10 億美元用於我們的引擎和動力系統製造業務，並透過我們的製造工廠和銷售和服務分支機構在幾乎每個州僱用員工。

As we evaluate our current manufacturing footprint and our exposure to tariff regulations, we believe we are well positioned because we primarily produce engines and gen sets in the markets where we sell them.

當我們評估我們目前的製造足跡和關稅法規的影響時，我們相信我們處於有利地位，因為我們主要在銷售引擎和發電機組的市場生產它們。

For instance, our medium duty, heavy duty, and high horsepower engines, as well as power generation products for US customers are manufactured in our plants located in Indiana, North Carolina, New York, and Minnesota.

例如，我們為美國客戶生產的中型、重型和大馬力發動機以及發電產品均在印第安納州、北卡羅來納州、紐約州和明尼蘇達州的工廠生產。

However, like much of our industry, our component and supplier manufacturing would be affected by current tariff regulations, which could disrupt the global economy and ultimately lead to higher costs for consumers.

然而，與我們行業的大部分一樣，我們的零件和供應商製造將受到當前關稅規定的影響，這可能會擾亂全球經濟，並最終導致消費者成本上升。

In addition to trade and economic uncertainty, there is also uncertainty in North America emissions regulations for 2027. We continue to expect new NOx regulation to go in place in 2027 and are focused on launching our products on schedule, while also working with the administration as they explore options to lower the cost of existing regulations.

除了貿易和經濟的不確定性之外，2027 年北美的排放法規也存在不確定性。我們繼續預期新的 NOx 法規將於 2027 年實施，並專注於按時推出我們的產品，同時與政府合作，探索降低現有法規成本的方案。

Well, we believe our product plan is well positioned, the uncertainty and regulations, along with economic uncertainties, have led to a weaker than anticipated recent order and also, has made pre-buy for the second half of the year unlikely.

嗯，我們相信我們的產品計劃定位良好，不確定性和法規以及經濟不確定性導致最近的訂單低於預期，並且也使得下半年的預購不太可能。

In summary, we had a strong first quarter and continued our progress in improving EBITDA margins as we shared in our analyst day almost a year ago with tariffs not a significant factor in our results. The economic environment has changed significantly over the past three months. We have an experienced leadership team that has demonstrated capability and managing through periods of uncertainty.

總而言之，我們第一季表現強勁，並繼續在提高 EBITDA 利潤率方面取得進展，正如我們在近一年前的分析師日上所分享的那樣，關稅並不是我們業績的重要因素。過去三個月，經濟環境發生了重大變化。我們擁有一支經驗豐富的領導團隊，展現出應對不確定時期的能力和管理能力。

And we will maintain focus on our customers, our employees, and shareholders. We enter this period of heightened uncertainty in a position of strength and look forward to reinstating our guidance when some of the uncertainty has subsided.

我們將繼續關注我們的客戶、員工和股東。我們以強勢地位進入這個高度不確定的時期，並期待在某些不確定性消退後恢復我們的指導。

Now, let me turn it over to Mark.

現在，讓我把話題交給馬克。

Thank you, Jen. And good morning, everyone. We delivered strong revenue and profitability in the first quarter.

謝謝你，Jen。大家早安。我們在第一季實現了強勁的收入和利潤。

First quarter revenues were $8.2 billion, down 3% from a year ago. Sales in North America decreased 1%, while the international revenues declined 5%. The separation of Atmus in mid-March in the prior year resulted in year-over-year sales decline of around 4% to the total consolidated sales, meaning that we were close to flat on an underlying basis.

第一季營收為 82 億美元，較去年同期下降 3%。北美銷售額下降 1%，國際收入下降 5%。去年 3 月中旬，Atmus 分離導致合併總銷售額年減約 4%，這意味著我們的基本銷售額幾乎持平。

EBITDA was $1.5 billion or 17.9% of sales for the quarter compared to $2.6 billion or 30.6% of sales a year ago, which of course included a one-time gain on the divestiture of the Atmus business of $1.3 billion net of transaction costs, also a year ago we incurred $29 million of restructuring expenses.

本季的 EBITDA 為 15 億美元，佔銷售額的 17.9%，而去年同期為 26 億美元，佔銷售額的 30.6%，這當然包括剝離 Atmus 業務的一次性收益 13 億美元（扣除交易成本），此外，去年我們還發生了 2900 萬美元的重組費用。

To provide clarity on operational performance and allow comparison to the prior year, I'm excluding the one-time gain and the costs related to the separation of Atmus and the restructuring expenses in my following comments.

為了清楚了解營運績效並與前一年進行比較，我將在以下評論中排除一次性收益以及與 Atmus 分離和重組費用相關的成本。

EBITDA was $1.5 billion or 17.9% of sales for the quarter compared to adjusted $1.3 billion or 15.5% of sales a year ago. The higher EBITDA was driven by higher power generation and aftermarket volumes. Positive price costs driven by operational improvements, partially offset by lower North America truck volumes and the separation of Atmus.

本季 EBITDA 為 15 億美元，佔銷售額的 17.9%，而去年同期調整後的 EBITDA 為 13 億美元，佔銷售額的 15.5%。EBITDA 的成長得益於發電量和售後市場銷售的增加。營運改善推動了正價格成本，但北美卡車銷量下降和 Atmus 分離部分抵消了這一影響。

Now let's look at each line item a little more. Gross margin for the quarter was $2.2 billion or 26.4% of sales, up from $2.1 billion or 24.5% last year. The improved margins were driven by favorable pricing, higher aftermarket, and operational improvements, especially in power systems.

現在讓我們進一步看一下每個項目。本季毛利率為 22 億美元，佔銷售額的 26.4%，高於去年的 21 億美元或 24.5%。利潤率的提高得益於優惠的定價、更高的售後市場以及營運的改進，尤其是電力系統的改進。

Selling administrative and research expenses were $1.1 billion or 13.6% of sales compared to $1.2 billion or 13.8% of sales a year ago. Joint venture income of $131 million increased $8 million from the prior year, primarily driven by higher technology fees within our engine business and higher volumes in our Cummins Chongqing joint venture within power systems.

銷售管理和研究費用為 11 億美元，佔銷售額的 13.6%，去年同期為 12 億美元，佔銷售額的 13.8%。合資企業收入為 1.31 億美元，比上年增加 800 萬美元，主要原因是發動機業務的技術費用增加，以及康明斯重慶合資企業動力系統銷量增加。

Other income was $23 million compared to $21 million from the prior year as gains on investments related to company-owned life insurance more than offset the negative impact of foreign currency revaluation. Interest expense was $77 million, a decrease of $12 million from the prior year, primarily driven by a lower average debt balance as a result of the separation of Atmus and lower weighted average interest rates.

其他收入為 2,300 萬美元，而上年為 2,100 萬美元，因為與公司自有壽險相關的投資收益足以抵銷外幣升值帶來的負面影響。利息支出為 7,700 萬美元，比上年減少 1,200 萬美元，主要原因是 Atmus 分離導致平均債務餘額降低以及加權平均利率降低。

The all ineffective tax rate in the first quarter was 23.9%, including $7 million or $0.05 per diluted share of favorable discrete tax items.

第一季所有無效稅率為 23.9%，其中包括 700 萬美元或每股 0.05 美元的優惠離散稅項目。

All in net earnings for the quarter were $824 million or $5.96 per diluted share compared to $2 billion or $14.03 per diluted share a year ago, which includes the net gain on the separation of Atmus, which was $1.3 billion or $9.08 per diluted share and restructuring expenses of $29 million or 0 or $0.15 per diluted share.

本季淨收益總計 8.24 億美元，即每股攤薄收益 5.96 美元，而去年同期淨收益為 20 億美元，即每股攤薄收益 14.03 美元，其中包括分離 Atmus 的淨收益 13 億美元，即每股攤薄收益 9.08 美元，以及重組費用 2900 萬美元，即每股攤薄收益。

Hopefully, we've now lapped all of those exclusions and adjustments and look forward to having less words around those in future quarters. All in operating cash flow is an outflow of $3 million compared to an inflow of $276 million a year ago, primarily driven by higher working capital.

希望我們現在已經解決了所有這些排除和調整問題，並希望在未來幾季中減少對這些問題的討論。總經營現金流為流出 300 萬美元，而去年同期的流入為 2.76 億美元，主要由於營運資本增加。

Now let me comment a little more on segment performance. For the engine segment, first quarter revenues were $2.8 billion, a decrease of 5% from a year ago.

現在讓我再對細分市場表現發表一些評論。發動機部門第一季營收為 28 億美元，較去年同期下降 5%。

EBITDA was 16.5%, up from 14.1% a year, even on the lower truck volumes. The engine business benefited from pricing related to the launch of updated products, and now a light duty segment, stronger after-market volumes, operational efficiencies, good cost control, and a modest increase in joint venture income.

即使卡車銷售量較低，EBITDA 也從上年的 14.1% 上升至 16.5%。引擎業務受益於與推出更新產品相關的定價、現在的輕型引擎細分市場、更強勁的售後市場銷售、營運效率、良好的成本控制以及合資企業收入的適度增長。

Component segment revenue was $2.7 billion, a decrease of 20%, while EBITDA, excluding costs related to the separation of Atmus, decreased to 14.3% from 14.8% a year ago, a lower on highway demand in North America and Europe, and the diluted impact of the Atmus separation were partially offset by the benefit from operational efficiencies.

零件部門收入為 27 億美元，下降了 20%，而 EBITDA（不包括與 Atmus 分離相關的成本）從一年前的 14.8% 下降到 14.3%，北美和歐洲的高速公路需求下降，以及 Atmus 分離的稀釋影響被營運效率帶來的好處部分抵消。

In the distribution segment, revenues increased 15% from a year ago to $2.9 billion. EBITDA also increased as a percent of sales to 12.9% compared to 11.6% of sales a year ago, driven by higher power generation volumes, higher aftermarkets, and favorable pricing.

在分銷領域，營收比去年同期成長了 15%，達到 29 億美元。受發電量增加、售後市場增加和優惠定價的推動，EBITDA 佔銷售額的百分比也從去年的 11.6% 上升至 12.9%。

In the power system segment, revenues were $1.6 billion, an increase of 19%. And EBITDA was a record, increasing from 17.1% to 23.6% sales driven by strong volume, particularly in data center applications and rebuilds favorable pricing and continued focus on operational improvement.

電力系統部門營收為 16 億美元，成長 19%。EBITDA 創下紀錄，銷售額從 17.1% 增長至 23.6%，這得益於強勁的銷量，尤其是數據中心應用和重建的優惠定價以及對運營改進的持續關注。

Accelerator revenues increased 11% to $103 million, driven by increased e-mobility sales and electrolyzer installations arising from prior period orders.

加速器營收成長 11%，達到 1.03 億美元，這得益於電動車銷售的成長以及前期訂單帶來的電解器安裝。

Our EBITDA loss was $86 million compared to an EBITDA loss of $101 million a year ago as we lowered costs in existing operations, partially offset by additional losses in the Amplify joint venture as it advances its operations.

我們的 EBITDA 虧損為 8,600 萬美元，而去年同期的 EBITDA 虧損為 1.01 億美元，原因是我們降低了現有業務的成本，但 Amplify 合資企業在推進業務發展過程中產生的額外損失部分抵消了這一損失。

In summary, we delivered impressive profitability for the first quarter, even as demand in North America truck markets declined. Uncertainty has increased due to trade tariffs, resulting in slowdown in the global movement of goods, particularly between China and the US.

總而言之，儘管北美卡車市場需求下降，我們在第一季仍實現了令人印象深刻的利潤。貿易關稅導致不確定性增加，導致全球貨物運輸放緩，尤其是中國和美國之間的貨物運輸。

It remains to be seen how long the tariffs remain in place and the impact that they have on business confidence and the demand for capital goods. Cummins is in a strong financial position to navigate through uncertainty with our industry-leading portfolio of products and our global network, we are well placed to support our customers.

關稅將維持多久以及對商業信心和資本貨物需求的影響還有待觀察。康明斯擁有強大的財務狀況，能夠憑藉我們行業領先的產品組合和全球網絡應對不確定性，我們有能力為客戶提供支援。

We look forward to reinstating our outlook when economic conditions become clearer, along with hopefully a return to growth and greater prosperity here in the US and in the global economy.

我們期待在經濟狀況變得更加明朗時重新調整我們的展望，並希望美國和全球經濟恢復成長並更加繁榮。

In the meantime, we'll continue to focus on areas we can control in managing costs and optimizing working capital while meeting our customer commitments. We'll stay focused on our strategic priorities in what is likely to be a more complex operating environment in the coming [yet] months as the full impact of the current tariff levels has not yet been felt in our opinion.

同時，我們將繼續專注於我們可以控制的領域，以管理成本和優化營運資金，同時履行對客戶的承諾。我們認為，當前關稅水準的全部影響尚未顯現，因此，在未來幾個月可能更加複雜的營運環境中，我們將繼續專注於我們的策略重點。

I want to close my prepared remarks by thanking Chris Clulow for his leadership in Investor Relations. He's moving to a new finance leadership role in operations and supply chain and will remain a key adviser to me and our business leaders as we navigate through the current challenges.

在結束我的演講之前，我想感謝克里斯·克魯洛 (Chris Clulow) 在投資者關係方面所發揮的領導作用。他將轉任營運和供應鏈領域的新財務領導職務，並將繼續擔任我和我們業務領導的重要顧問，幫助我們應對當前的挑戰。

Congratulations to Nick Arens in assuming the investor relations role. Nick and I look forward to meeting with investors and analysts in person in the coming weeks and months. We're very fortunate to have such a strong finance team. Now let me turn it back over to Chris.

恭喜 Nick Arens 擔任投資者關係職務。尼克和我期待在未來幾週和幾個月內與投資者和分析師見面。我們非常幸運擁有如此強大的財務團隊。現在讓我把話題交還給克里斯。

Thank you, Mark. Out of consideration to others on the call, I would ask that you limit yourself to one question in a related follow-up. If you have an additional question, please rejoin the queue. Operator, we're ready for our first question.

謝謝你，馬克。出於對通話中其他人的考慮，我要求您在相關的後續行動中只問一個問題。如果您還有其他問題，請重新加入佇列。接線員，我們已經準備好回答第一個問題了。

(Operator Instructions)

（操作員指示）

Jamie Cook, Truist Securities.

Jamie Cook，Truist Securities。

Good morning, and nice quarter. I guess just my first question, understanding you're not providing guidance, but based on what's been announced so far, is there any way you can sort of help us quantify the gross or net tariff cost? You know what I mean, that would impact your business and which segments are impacted the most?

早上好，祝您季度愉快。我想我的第一個問題是，了解您沒有提供指導，但根據目前宣布的情況，您是否有辦法幫助我們量化總關稅成本或淨關稅成本？您明白我的意思嗎，這會影響您的業務，哪些部分受到的影響最大？

And then I guess my second question. Just trying to understand which businesses have the most visibility like where your backlog sits today? And just how you're handling pricing, just concerned with some of the businesses that have greater backlog, perhaps there's pricing risk associated with tariffs? Thank you.

然後我想我的第二個問題。只是想了解哪些業務的可見度最高，例如您今天的積壓訂單在哪裡？您如何處理定價問題？是否擔心一些積壓訂單較多的企業，是否有與關稅相關的定價風險？謝謝。

Thanks, Jamie. I'll answer the first question and pass it on to Jen. We're not -- it's a very uncertain set of circumstances, given the changing and evolving nature of the tariffs, so we're not going to quantify that today, quite frankly.

謝謝，傑米。我將回答第一個問題並將其轉交給 Jen。鑑於關稅不斷變化和演變的性質，情況非常不確定，所以坦白說，我們今天不會量化這一點。

The bigger concern is the broader impact on the overall economic level environment. We've taken the steps without knowing what the tariffs were going to be, we've taken what steps we could to try and mitigate the impact.

更大的擔憂是對整體經濟環境的更廣泛影響。我們在不知道關稅是多少的情況下就採取了這些措施，我們已盡一切努力試圖減輕影響。

But beyond that, to the extent that we incur tariffs, we're going to have to pass those on. We will, of course, as we get into actual results, share what the impact of tariffs is going to be. There's inevitably going to be some lag between cost and recovery, and we'll provide more color going forwards.

但除此之外，如果我們承擔關稅，我們就必須將其轉嫁出去。當然，當我們獲得實際結果時，我們會分享關稅的影響。成本和回收之間不可避免地會存在一些滯後，我們將在未來提供更多的資訊。

Yeah, and in terms of, you know what we're seeing in different markets, as I know, we do have some different markets that we expect to be impacted in different ways by uncertainty in the economy, so we have a multi-year order board in our power generation business and you know where there are customers that want to cancel or push out.

是的，就我們在不同市場看到的情況而言，正如我所知，我們確實有一些不同的市場，我們預計這些市場會受到經濟不確定性的不同影響，因此我們的發電業務有一個多年的訂單板，你知道哪裡有客戶想要取消或推遲。

Builds, we're able to reallocate those to other customers, so you know for the foreseeable future we're feeling pretty confident in that part of the business, aftermarket of course, as customers may delay purchase decisions that can drive aftermarket business for us and the real the market that is very sensitive is in the engine business and components, some of those on highway markets and we're seeing that, right?

構建，我們能夠將其重新分配給其他客戶，所以你知道在可預見的未來，我們對這部分業務非常有信心，當然是售後市場，因為客戶可能會推遲購買決定，這可以推動我們的售後市場業務，而真正非常敏感的市場是發動機業務和零部件，其中一些在高速公路市場上，我們看到了，對吧？

You saw that on Friday with the heavy duty truck orders for April where customers are waiting to see what happens and pausing in many cases on placing orders for new trucks.

您在周五發布的四月份重型卡車訂單中看到，客戶正在等待情況發展，並在許多情況下暫停訂購新卡車。

And so it's a little bit varied in different parts of our business with the big question of what will happen over the next couple of months as Mark said, we're looking at passing on tariff costs where we can't mitigate those and continuing to invest in our new products and price for value that we're able to offer through those.

因此，我們業務的不同部分略有不同，最大的問題是未來幾個月會發生什麼，正如馬克所說，我們正在考慮將無法減輕的關稅成本轉嫁出去，並繼續投資於我們的新產品和我們能夠透過這些產品提供的價值價格。

It's certainly not a case that we're seeing a widespread change in short-term momentum. There are obviously pockets where uncertainty seems to be more evident. And it's that lack of clarity that's led us to believe the right thing to do right now is withdrawal guidance versus constantly tweaking it for every latest change in momentum.

我們肯定沒有看到短期動能廣泛變化的情況。顯然，有些領域的不確定性似乎更明顯。正是這種缺乏清晰度讓我們相信現在正確的做法是撤回指導，而不是根據最新的勢頭變化不斷調整指導。

So we didn't do that lightly. It's not -- we're not trying to foreshadow anything other than that the uncertainty's high, but it's very much varied, and hopefully, there's going to be a change. And we'll be happy to reinstate that guidance as quickly as we can.

所以我們並沒有輕易這麼做。事實並非如此——我們並沒有試圖預示任何事情，只是說不確定性很高，但它變化很大，希望會有所改變。我們將很樂意盡快恢復該指導。

Jerry Revich, Goldman Sachs.

高盛的傑瑞·雷維奇。

Yes. Hi, good morning, everyone. And Chris, Nick, congratulations. I want to ask in power -- I want to ask in power systems, really fantastic performance from net basis and also relative to the analysts they targets, sitting here today obviously got some volatility on costs for the next year.

是的。大家好，早安。克里斯、尼克，祝賀你們。我想問一下電力方面的問題——我想問一下電力系統方面的問題，從淨基礎來看，其表現確實非常出色，而且相對於他們所針對的分析師而言，今天坐在這裡的人們顯然對明年的成本產生了一些波動。

But can you talk about where we should be thinking about margins moving forward for this business is the level of performance that we saw in this quarter? Should we be thinking about that as the run rate going forward as we think about what incremental volumes could look like over the next couple of years once we do get through this low visibility spot mark that you spoke to?

但是您能否談談我們應該如何考慮該業務未來的利潤率以及我們在本季度看到的業績水平？當我們考慮一旦我們突破您提到的這個低能見度點標記後，未來幾年增量量會是什麼樣子時，我們是否應該將其視為未來的運行率？

Yeah, first, thanks and good morning, Jerry. What I'd say is there are no significant one-off items in those results. So those are pure operating results. Of course, they're going to depend to some extent on the ebbs and flows of demand in individual segments.

是的，首先，謝謝你，早安，傑瑞。我想說的是，這些結果中沒有重大的一次性項目。所以這些都是純粹的經營業績。當然，它們在某種程度上將取決於各個領域需求的起伏。

The only thing I'd point to in those results is that the aftermarket sales were very high. They're probably higher than we would have anticipated three months ago, so that, right now, that's the only thing that I would say, looks, yeah, probably higher than we expected.

在這些結果中我唯一要指出的是售後市場銷售額非常高。它們可能比我們三個月前預期的要高，所以，現在，我唯一想說的是，看起來，是的，可能比我們預期的要高。

But other than that, the business has made tremendous improvement and it's continued to improve quarter on quarter. I would say the results were a little bit better than we expected, but mostly down to the strength in aftermarket, not the underlying performance of the business.

但除此之外，業務取得了巨大進步，並且逐季度持續改善。我想說結果比我們預期的要好一點，但主要歸功於售後市場的強勁表現，而不是業務的基本表現。

So again, as long as the demand trends continue, then yeah, we'll be continuing to push to maintain very strong margins and improve where we can.

所以，只要需求趨勢持續下去，我們就會繼續努力維持強勁的利潤率，並盡我們所能進行改進。

Super and then separately you mentioned, Jennifer, in the prepared remarks just the uncertainty around EPA27.

非常好，然後你單獨提到，詹妮弗，在準備好的評論中只是圍繞 EPA27 的不確定性。

In the scenario that EPA27 doesn't move forward, can you just talk about Cummins response in that environment because obviously, you folks, have invested a lot in the next engine family? And how should we think about potential contract renegotiations of 27-plus if we don't get a changeover with your large customers and on highway?

在 EPA27 無法推進的情況下，您能否談談康明斯在這種環境下的反應，因為顯然你們已經在下一代引擎系列上投入了大量資金？如果我們無法與大客戶和高速公路達成轉換，我們應該如何考慮 27 多個潛在的合約重新談判？

Yeah. Great. Thanks, Jerry. Our current view is that likely we'll see a revision and a rule-making process around greenhouse gas phase 3, and so those regulations will change from what we have currently on the books, and those go into effect of course starting in 2030. We still anticipate NOx regulation in 2027.

是的。偉大的。謝謝，傑瑞。我們目前的觀點是，我們可能會看到圍繞溫室氣體第三階段的修訂和規則制定過程，因此這些法規將與我們現有的法規不同，當然這些法規將從 2030 年開始生效。我們仍預計 2027 年將推出 NOx 法規。

We're actively working with EPA on their work to look at opportunities to lower cost and impact of those and probably one likely thing that will be looked at is this requirement for a longer emissions warranty that customers purchase.

我們正在積極與 EPA 合作，尋找降低成本和影響的機會，其中可能要考慮的一件事就是要求客戶購買更長的排放保固期。

So today, customers have the option when they buy a new vehicle to purchase an extended warranty. Some of them do, in particular in heavy duty, but the regulations as they are today would require everybody.

因此，如今客戶在購買新車時可以選擇購買延長保固。有些人確實這麼做，特別是在重型車輛上，但今天的規定要求每個人都這麼做。

To purchase that, so we're continuing to invest in and bringing these new platforms to market with that 27 regulation. It's difficult for me to speculate beyond that on other changes, but of course, if there are further changes, we'll look at revisiting what we're launching, but we intend to continue to launch as planned currently.

為了購買這些產品，我們將繼續投資並根據這 27 條法規將這些新平台推向市場。我很難推測除此之外的其他變化，但當然，如果有進一步的變化，我們會重新考慮我們正在推出的產品，但我們打算繼續以目前的計劃推出。

Right, then that's the same question for all engine manufacturers, right? The whole industry's been investing in new products, so we're all wondering -- hoping for clarity, yeah.

好的，那麼對於所有引擎製造商來說這都是同樣的問題，對嗎？整個產業都在投資新產品，所以我們都在想——希望得到明確的答案，是的。

Angel Castillo, Morgan Stanley.

摩根士丹利的安吉爾‧卡斯蒂略 (Angel Castillo)。

Hi. Good morning, everyone. And thanks for taking my question. I know it's an incredibly a lot of uncertainty out there, incredible amount of uncertainty and just a very wide range of outcomes, but I was wondering if you could perhaps talk a little bit more about one specific scenario for two, meaning there's tariffs that are already in place today that you have a little bit more visibility to.

你好。大家早安。感謝您回答我的問題。我知道現在存在著很多不確定性，大量的不確定性以及各種各樣的結果，但我想知道您是否可以再多談一談兩個具體的情況，也就是說，現在已經實施的關稅，您可以更加清楚地了解。

So if we just kind of put aside maybe some of the reciprocal or areas that are paused. Can you just talk to -- what is the impact or kind of margin and sales volume that you kind of see based on orders backlog? In terms of paying today for 2Q, I just want to get a better sense of kind of directionally what that implies very near term excepting that you, long term there might be more?

因此，如果我們只是把一些相互的或暫停的區域放在一邊。您能否談談—根據訂單積壓，您認為這會產生什麼影響，或對利潤率和銷售量有何影響？就今天支付第二季的費用而言，我只是想更好地了解這意味著什麼，除了短期之外，長期來看可能會有更多？

What I will say is the impact of tariffs on our financial results in Q1 was immaterial. So those results that you saw, which were very strong, had essentially close to zero financial impact.

我想說的是，關稅對我們第一季財務表現的影響並不大。因此，您所看到的這些結果雖然非常強勁，但其財務影響基本上接近零。

So that's going to change, right? It's going to change and it's probably, it's going to change month to month as we certainly as we start to go through the second quarter. Probably, it's contributing to the biggest degree of uncertainty for the second half of the year in terms of the demand outlook.

所以情況會改變，對嗎？它會發生變化，而且很可能，隨著我們進入第二季度，它肯定會逐月發生變化。這可能為下半年的需求前景帶來了最大的不確定性。

There's uncertainty now, but right, the visibility of the second half, is we're not -- we will give the impacts of the tariffs as we go along in our financial results. Needless to say, I would say it's going to build, over the next few months, there will be some lag inevitably between ordering, incurring, mitigating, and recovering all of those costs.

現在存在不確定性，但是，下半年的可見性是我們不會——我們將在財務結果中給出關稅的影響。不用說，我想說它會在接下來的幾個月裡不斷增加，在訂購、產生、減輕和收回所有這些成本之間不可避免地會存在一些滯後。

So I would say the second half that we're going to see the fullest impact, assuming the tariffs remain as they are, which is a big assumption. Hopefully, it's not a good assumption, but if we make it as an assumption, then you're going to start to see the fuller impact on consumers of equipment, right, and suppliers in the second half of the year.

因此，我想說，假設關稅保持不變，我們將在下半年看到最全面的影響，這是一個很大的假設。希望這不是一個好的假設，但如果我們將其作為假設，那麼您將在下半年開始看到對設備消費者和供應商的更全面的影響。

So we will update you as we go along, but there's a lot of work going on, a lot of moving parts. I know everyone wants to do these calculations. I will just step back and say, our broader concern is on the demand of the economic, on the economic environment, and the overall level of demand.

因此，我們會隨時向您通報進度，但還有很多工作要做，還有很多活動部件。我知道每個人都想做這些計算。我退一步來說，我們更廣泛關注的是經濟需求、經濟環境和整體需求水準。

The tariffs will be significant for Cummins from a cost basis based on where they are right now. We do -- we've got plans to manage through that and we'll provide that to you going forwards. But as we said at the start, we've taken steps to mitigate where we incur them. We'll be looking to pass them on, there'll be some lag, in fact.

從目前的成本基礎來看，這些關稅對康明斯來說意義重大。我們有計劃解決這個問題，並將在未來為您提供該計劃。但正如我們一開始所說的，我們已經採取措施來減輕這些影響。我們希望將它們傳遞下去，事實上，會有一些延遲。

Understood. That's very helpful and maybe just a little bit of a bigger picture question, just the power systems you talked about some of the -- if I heard correctly, just some of the aftermarket strength and particularly on the data center side. I tend to think about those kind of large backup generators as not really having a lot of aftermarket in the first place and again in that data centerpiece.

明白了。這非常有幫助，也許只是一個更大層面的問題，只是您談到的一些電力系統 - 如果我沒聽錯的話，只是一些售後市場的優勢，特別是在數據中心方面。我傾向於認為這些大型備用發電機實際上並沒有太多的售後市場，而且在資料中心也是如此。

So could you just talk about what you're seeing in terms of what's driving the aftermarket parts demand growth and power systems? And to the extent that you're seeing maybe more purchases of aftermarket related to maybe the data centers, what does that tell you about how your assets are being run?

那麼，您能否談談您所看到的推動售後零件需求成長和動力系統的因素？就您所看到的與資料中心相關的售後市場購買量增加而言，這說明您的資產是如何運作的？

If it's -- if there's some kind of a maybe substituting for prime power wherever there's a little bit more of a shortage or any other factors that might impact higher assets are being used?

如果是——如果存在某種可能替代主要電力的情況，那麼在電力短缺稍微嚴重一點的地方，或者存在任何其他可能影響更高資產使用的因素？

Yeah, I appreciate the question. I think what's happening with power systems, which is I understand why. I'm not being critical, like the lens is all zoned in on data centers.

是的，我很感謝你提出這個問題。我認為電力系統正在發生什麼，我明白為什麼。我並不是批評誰，就像鏡頭全部集中在資料中心一樣。

What you see in aftermarket parts is the use of all of the applications, mining, oil and gas, marine, power gen for the broader economy, rebuild activity. All those things are contributing, and in fact, some price increases and aftermarket are all contributing to the strong revenue. It is not a data center driven phenomenon in the moment.

您在售後零件市場看到的是所有應用的用途，採礦、石油和天然氣、船舶、發電等更廣泛的經濟和重建活動。所有這些都是貢獻因素，事實上，一些價格上漲和售後市場都為強勁的收入做出了貢獻。目前這不是由資料中心驅動的現象。

Eventually, there will be some parts consumption of it, but it will be nothing like a mining engine or a frac rig. So I just wanted to clear that up, and I would just take this opportunity to remind people, the performance improvement in the power systems business is not driven by fair winds in the data center, right?

最終，它的一些零件會被消耗，但它與採礦發動機或壓裂鑽機完全不同。所以我只是想澄清這一點，我只是想藉此機會提醒大家，電力系統業務的效能改進不是由資料中心的順風推動的，對嗎？

There's been a broad-based improvement. We're very appreciative of the opportunity to serve the data center customers, and that's positive for our business. But the power systems leadership team has done a great job in driving up our margins in most parts of what they do below the surface. I just want to make sure.

已經出現了廣泛的改善。我們非常感謝有機會為資料中心客戶提供服務，這對我們的業務有利。但電力系統領導團隊在大部分底層工作中都做出了巨大努力，提高了我們的利潤率。我只是想確認一下。

We're enthusiastic about data center demand. We're not changing that enthusiasm, but this is a much bigger story, the improvement, and the aftermarket really relates to what's gone on in years before. So I hope that helped him.

我們對資料中心的需求充滿熱情。我們不會改變這種熱情，但這是一個更大的故事，改進和售後市場確實與前幾年發生的事情有關。所以我希望這對他有幫助。

And maybe just one other reminder, as we think about the power systems business and its markets is there's a strong partnership between power systems and our distribution business.

也許還有一點提醒，當我們考慮電力系統業務及其市場時，電力系統和我們的配電業務之間存在著牢固的合作關係。

So just in PowerGen, about half of the revenue shows up in power systems, the other half in the distribution business, similar and aftermarket, the distribution business plays an important role in the service, that's provided to those customers.

因此，僅在 PowerGen，大約一半的收入來自電力系統，另一半來自配電業務，類似售後市場，配電業務在向客戶提供的服務中發揮重要作用。

Tim Thein, Raymond James.

提姆泰恩、雷蒙詹姆斯。

Oh, thank you. Good morning and Mark, it was nice of Chris to cook up these new, snazzy slides on his way. So it's good.

噢，謝謝。早安，馬克，克里斯在路上製作了這些新穎、漂亮的幻燈片，真是太好了。所以這很好。

Yeah, they told me I was very old fashioned. Yeah.

是的，他們說我很老派。是的。

Not used to that new look. Just on Mark on the business and maybe we could dig a bit more on the margin performance there and specifically on you mentioned aftermarket, being a contributor or maybe just the comment in terms of your expectations for parts as we look forward.

不習慣那個新面貌。就馬克的業務而言，也許我們可以更深入地了解那裡的利潤表現，特別是您提到的售後市場，作為貢獻者，或者只是就您對零件的期望發表評論。

And then, I guess you're related to that on the [JV] income. I know that those technology fees can move around a bit, but that was a nice tail and what just -- think about kind of the balance of the year if you're still expecting this is not just the engine business but JV income to be a headwind to profits for the year, that's still the expectation just given some of the uptake in China.

然後，我猜你與[JV]收入有關。我知道這些技術費用可能會有一點波動，但這是一個很好的尾聲，想想今年的平衡情況，如果你仍然預計這不僅僅是發動機業務，而且合資企業的收入將成為今年利潤的阻力，考慮到中國的一些增長，這仍然是預期。

So thank you, those are my two-part question.

謝謝，這是我的兩個問題。

Engine business, yeah, so engine business margins were up, right. And we've been, of course, we set out our stall for improving margins. In the current quarter, relative to the prior year, JV income as you said, improved from some of the techs. They're going to be lumpy, probably won't continue at that rate.

引擎業務，是的，所以引擎業務利潤率上升了，對吧。當然，我們一直在努力提高利潤率。在本季度，相對於上年同期，正如您所說，合資企業的收入因一些技術而有所提高。它們會變得笨重，可能不會繼續以這樣的速度發展。

China, haven't been seeing any dramatic changes in demand for some time, that's a past [low] income, not a forward-looking income, it's been pretty steady. And so yes, probably a little, could be a little bit lower going forwards.

中國一段時間以來沒有看到需求發生任何劇烈變化，這是過去的低收入，而不是前瞻性的收入，一直相當穩定。是的，未來可能會稍微低一點。

Product coverage or warranty, as many people refer to it, has been an enormous success story over multiple years of which the engine business is the biggest driver of that. That really helped in the second quarter for the company, our product coverage costs were 1.9% in the quarter.

許多人所說的產品覆蓋範圍或保修，多年來取得了巨大的成功，其中發動機業務是最大的推動力。這對公司第二季確實有幫助，本季我們的產品覆蓋成本為 1.9%。

Typically, normally, we'd be looking in the 2% to 2.5% range, so that was a real positive, sort of strong parts demand, it remains to be -- we hope parts demand will remain resilient as we work through this period of uncertainty, but we don't know.

通常情況下，我們會在 2% 到 2.5% 的範圍內尋找，所以這是一個真正的積極信號，零部件需求強勁，我們希望零部件需求在我們度過這個不確定時期時能夠保持彈性，但我們不知道。

We got some additional pricing where we launched products in the light duty part of the business. So there were many ingredients to the engine business improvement.

當我們推出輕型業務部分的產品時，我們獲得了一些額外的定價。因此，引擎業務的改善有許多因素。

But of course, the full year, so we can say we're off to a good start. We, of course, were expecting, like others, some accelerating truck demand in the second half of the year.

當然，全年都是如此，所以我們可以說我們有了一個好的開始。當然，和其他人一樣，我們也預計今年下半年卡車需求將會加速成長。

And right now, the momentum, you've seen the truck orders, you don't need me to tell you the momentum's been going in the wrong way, so we'll have to see. But overall, yeah, it's a good start. There are a number of factors, some of which may continue, some of which may fade. Volume's going to be the big question, I think from here.

而現在，你已經看到了卡車訂單的勢頭，你不需要我告訴你，勢頭已經朝著錯誤的方向發展，所以我們只能拭目以待。但總的來說，這是一個好的開始。有許多因素，有些可能會持續，有些可能會逐漸消失。我認為從現在開始數量將是一個大問題。

And I just want to remind you if you look at overall really strong performance in Q1. Even with softening in North America truck, we remain focused on the key areas we've been talking to you about, including in our last day, even as we manage through uncertainty and tariffs and work to mitigate tariffs, so improving gross margin.

我只是想提醒你，如果你看第一季的整體表現，你會發現它確實非常強勁。即使北美卡車市場疲軟，我們仍然專注於我們與您討論的關鍵領域，包括我們最後一天討論的領域，即使我們設法克服不確定性和關稅並努力降低關稅，從而提高毛利率。

In the business, we have growing aftermarket population that allows that aftermarket revenue to continue to grow over time, and we're still investing in critical areas.

在業務方面，我們的售後市場人口不斷成長，這使得售後市場收入能夠隨著時間的推移而持續成長，而且我們仍在關鍵領域進行投資。

We continue to invest in capacity expansion in the power systems business in these next generation engine platforms while also monitoring pace of decarbonization and regulation and pacing investment and other areas and so, we continue to be focused on that even as we navigate through this uncertain time.

我們將繼續投資於下一代引擎平台的動力系統業務的產能擴張，同時監測脫碳和監管的步伐以及投資步伐和其他領域，因此，即使我們度過這個不確定的時期，我們仍會繼續關注這一點。

David Raso, Evercore ISI.

大衛·拉索（David Raso），Evercore ISI。

Hi, thank you. The comment earlier about more word about demand destruction, just curious, very understandable view just from a from a broad macro view I can appreciate that but I'm just curious.

你好，謝謝。之前關於需求破壞的更多言論的評論只是好奇，從宏觀角度來看，這是非常可以理解的觀點，我可以理解，但我只是好奇。

Are these comments based off of already communicating maybe what your cost increases would need to be and a push back from your truck customers? Or is it even the end user of the truck saying hey at that price increase we'll cancel backlog?

這些評論是否基於已經溝通過的成本增加以及卡車客戶的反對？或者卡車的最終用戶會說，嘿，價格上漲後我們會取消積壓訂單？

I'm just curious how much is this a ready sort of floated price increase that would be needed to cover your cost that's getting that reaction or again is it more just a broad, and again, understandable, just a broad macro view of course these tariffs can hurt the economy?

我只是好奇，這種浮動價格上漲需要多少才能彌補引起這種反應的成本？或者，這只是一個廣泛的、可以理解的宏觀觀點，當然這些關稅會損害經濟？

Yeah, David, what I'd say it's really uncertainty and a broader thing. I was at ACT Expo a week ago today talked to many both OEM and sweet customers. They just don't know, right? They're just waiting because there's a huge amount of uncertainty on what's going to happen both economically and with tariffs and so that's really it, the wait and see.

是的，大衛，我想說的是，這確實是一個不確定性和一個更廣泛的問題。一週前的今天，我在 ACT 博覽會上與許多 OEM 和糖果客戶進行了交談。他們只是不知道，對吧？他們只是在等待，因為經濟和關稅方面的未來發展有很大的不確定性，所以只能拭目以待。

And that said, I know you don't want to go into a real exact quantification, but just to level set everybody, can you help us with your greatest exposures to cost, be it 6%, 7% of global COGS as Mexico and China, something like that.

話雖如此，我知道您不想進行真正精確的量化，但為了讓每個人都保持一致，您能否幫助我們了解最大的成本敞口，例如墨西哥和中國佔全球 COGS 的 6% 還是 7%，諸如此類。

So we can at least quantify and then at the same time, hopefully, if the tariffs come down, quantify in a positive way and also what mitigating factors have already been put in place or at least are imminent based off the tariffs of today? Thank you.

因此，我們至少可以量化，然後同時，希望如果關稅下降，能夠以積極的方式量化，並且根據今天的關稅，已經實施了哪些緩解因素，或者至少即將實施哪些緩解因素？謝謝。

Yeah, I'm just going to be honest and say I'm not going to answer all of those questions for some of the reasons I said earlier. What I can say is our US on highway engine plants, our MCA, complied, right?

是的，我只是要誠實地說，由於我之前提到的一些原因，我不會回答所有這些問題。我可以說的是，我們的美國高速公路發動機工廠，我們的 MCA，遵守了規定，對嗎？

So in the terms of the operations that we do for our own highway markets, which is the largest proportion of our business, we're in many markets, but that's the largest proportion. We are MCA compliant for all of those large engine plants. It's really what happens here from these tariffs.

因此，就我們自己的高速公路市場所進行的營運而言，這是我們業務中最大的部分，我們涉足許多市場，但這是最大的部分。我們所有大型引擎工廠均符合 MCA 標準。這就是這些關稅真正造成的結果。

Yes, there's some exposure to China. Yes, there's some exposure to Mexico. Yes, there's some exposure to all some of the other countries as well. Well, we're going to quantify that on a quarter-by-quarter basis. We're working through all of that with suppliers, with customers, and we'll provide an update as we go forward.

是的，有一些與中國相關的業務。是的，有一些與墨西哥相關的活動。是的，對其他一些國家也有一定的曝光。好吧，我們將按季度量化這一點。我們正在與供應商、客戶共同努力解決這些問題，並將隨時提供最新進展。

Rob Wertheimer, Melius Research.

Rob Wertheimer，Melius Research。

Hi, good morning. It was a remarkable quarter in March on a lot of fronts. And I understand the comments within Power System on all the work you've done. Nonetheless, I do have a data center question. You mentioned China.

嗨，早安。從很多方面來看，三月都是一個非凡的季度。我理解 Power System 內部對您所做的所有工作的評論。儘管如此，我確實有一個關於資料中心的問題。您提到了中國。

I wonder if you'd be willing to sort of talk about, for one, I don't -- not 100% sure how you serve data centers there, whether it's director through JD? And two, I wonder if you could provide any context or color around size geographically in the data center market or momentum, et cetera? Is this largely a US phenomenon or are there other areas that are importantly big? Thank you.

我想知道您是否願意談論一下，首先，我不 100％ 確定您如何為那裡的資料中心提供服務，是否是透過京東進行管理？其次，我想知道您是否可以提供關於資料中心市場地理規模或發展勢頭等方面的背景或資訊？這主要是美國現象嗎，還是其他地區也存在這種重要現象？謝謝。

Well, the trends that are driving data center growth are global trends, right? Increasing use of AI data storage going into the cloud digitization, and so those underlying trends are global trends.

那麼，推動資料中心成長的趨勢是全球趨勢，對嗎？人工智慧資料儲存越來越多地應用於雲端數位化，因此這些潛在趨勢是全球趨勢。

Our market, we have global markets, but in particular US and China have been areas where we've seen a lot of growth and like we serve the US market through our US plants, we primarily serve the China market through plants in China, including joint venture plants that we have there.

我們的市場是全球市場，但特別是美國和中國是我們看到大量成長的地區，就像我們透過美國工廠服務美國市場一樣，我們主要透過中國的工廠（包括我們在那裡的合資工廠）服務中國市場。

Yeah, just to add on that, Rob, the primary backup gen sets in China are run with the 60-L engines which are made in our Chongqing engine plant there. So that's the primary source.

是的，羅布，補充一點，中國的主要備用發電機組是由我們重慶引擎廠生產的 60 升引擎驅動的。這就是主要來源。

Yeah, and like other major markets, we are one of the very leading players, right, it's a very select group of companies that are relied upon in this industry for backup.

是的，和其他主要市場一樣，我們是領先的參與者之一，是的，我們是這個行業中值得信賴的、能夠提供支援的精選公司之一。

Kyle Menges, Citigroup.

花旗集團的凱爾孟格斯 (Kyle Menges)。

Thank you. Jen, I wanted to touch on the comment you made just about the PowerGen business and you had just mentioned about cancellations and push outs and being able to reallocate those orders, was that more of a hypothetical or is that something that you're seeing today?

謝謝。Jen，我想談談您對 PowerGen 業務的評論，您剛才提到取消和推遲以及能夠重新分配這些訂單，這更像是一種假設，還是您今天看到的？

We're not seeing significant changes, but you know it's not atypical for some of that to happen, which we have seen and as I said, we have when it happens and expect that we continue to be able to reallocate. We have a lot of customers that would like us to deliver some of these products sooner than it's currently scheduled and so, I wouldn't describe it as a broad trend but a limited one that we're seeing.

我們沒有看到重大的變化，但你知道，發生一些這樣的變化並不罕見，我們已經看到了，正如我所說的，當它發生時我們已經看到了，並期望我們能夠繼續重新分配。我們有很多客戶希望我們比目前計劃的更早交付其中一些產品，因此，我不會將其描述為廣泛的趨勢，而只是我們看到的有限趨勢。

Got it.

知道了。

Be it another way. It's the business with the least visibility to any changing economic sentiment overall, so far.

換一種方式吧。到目前為止，它是受整體經濟情緒變化影響最小的業務。

Right, makes sense. And then could you guys just touch on a little bit any sort of tariff mitigation actions you've taken already and then just any mitigation steps you're exploring. And can you remind us, is there any sort of tariff pass through baked into any of your contracts that would also be helpful? Thank you.

對，有道理。然後，你們能否稍微談談你們已經採取的任何關稅減免行動，以及你們正在探索的任何減免措施。您能否提醒我們，您的合約中是否包含任何有幫助的關稅轉嫁條款？謝謝。

Yeah. So, of course, mitigating when there's a high degree of uncertainty is a little bit tricky because we're waiting to have a little bit more clarity on what, where tariffs will go over time.

是的。因此，當然，在存在高度不確定性的情況下緩解關稅有點棘手，因為我們正在等待對關稅在未來走向的更加清晰的了解。

What I would say is we have done some mitigation through inventory strategies where we anticipated we would see higher tariffs, and we have dual sourcing and some of our supply base, so that's, there's some no regrets moves that we're taking now and then as we continue to have more clarity on what tariffs will look like.

我想說的是，我們透過庫存策略採取了一些緩解措施，我們預計會看到更高的關稅，我們有雙重採購和一些供應基地，所以，隨著我們對關稅的面貌越來越清楚，我們會不時採取一些不會後悔的舉措。

We may make changes in the dual sourcing. There are places where there's -- there are other options, but it will take time to develop alternatives. So it's really a bit of a mix, but as you can imagine, we have an extensive strategy, and work underway looking at options and determining when we action those.

我們可能會對雙重採購做出改變。有些地方還有其他選擇，但開發替代方案需要時間。所以這確實有點混亂，但正如你所想像的，我們有一個廣泛的策略，並且正在進行研究各種選擇並確定何時採取行動。

And as we said, we're working through all of this which I think if you're not in the business, you're hard to appreciate how much work it is for supply chain and other groups. Yeah, we're working through all of that with suppliers and customers right now, so we're not going to comment any anymore.

正如我們所說，我們正在努力解決所有這些問題，我想如果你不是從事這個行業，你就很難理解這對供應鏈和其他團體有多大的工作量。是的，我們現在正在與供應商和客戶解決所有這些問題，所以我們不會再發表任何評論。

Tami Zakaria, JP Morgan.

摩根大通的塔米·扎卡里亞。

Hey, good morning. Thank you so much. My first question is on price/cost. Are you able to share what price/cost was in in the first quarter?

嘿，早安。太感謝了。我的第一個問題是關於價格/成本。能分享一下第一季的價格/成本嗎？

Yes, so we had about [two-plus], well, almost exactly 2% gross margin improvement year over year of which we had about 3% of price/cost improvement and 1% of negative volume impacts.

是的，所以我們的毛利率與去年同期相比提高了大約 2%，其中價格/成本改善了大約 3%，銷量受到了 1% 的負面影響。

That price/cost impact varies quite a lot between segment and you can figure that out from some of the improvements we've driven over time and cost includes many things, including the improved warranty cost over time, but that's the macro picture.

價格/成本影響在各個細分市場之間存在很大差異，您可以從我們長期以來推動的一些改進中看出這一點，成本包括許多方面，包括隨著時間的推移保固成本的改善，但這只是宏觀情況。

Understood. That's very helpful. And then the second question is I understand Cummins engines are primarily made in the US for the US, which is great news long term, given all that's going on. But for the distribution and component segments, are those primarily made in the US as well, or what's the mix of imports that serve the US market for those two segments?

明白了。這非常有幫助。第二個問題是，據我了解，康明斯引擎主要在美國製造，供美國使用，考慮到目前的情況，從長遠來看，這是一個好消息。但是對於分銷和零件部分，它們也主要在美國製造嗎？或者為這兩個部分服務美國市場的進口產品組合是怎樣的？

Well, the distribution business is really just reselling parts from the rest of the company, so it depends on the different applications, components.

嗯，分銷業務實際上只是轉售公司其他部分的零件，所以它取決於不同的應用程式和組件。

We've got manufacturing facilities and the aftertreatment systems in Wisconsin, turbo chargers that are made in Charleston, but it's the supply base and some of the suppliers that we use that bring more of that exposure if we want to use that word. So that's the -- that's where the complexity comes in from the tariffs. It's not, I mean, that's what I would say.

我們在威斯康辛州擁有製造設施和後處理系統，在查爾斯頓製造渦輪增壓器，但如果我們願意使用這個詞的話，供應基地和我們使用的一些供應商帶來了更多的曝光。這就是關稅的複雜性所在。事實並非如此，我的意思是，這就是我要說的。

Steven Fisher, UBS.

瑞銀的史蒂文·費雪。

Thanks, good morning, and impressive quarter. I think you said that you are on track with the timing of your product launches. Can you just clarify, kind of some of the timing of those launches that you had in mind, particularly around the 2027 engine and then how the outcome of these NOx rules may impact the timing there?

謝謝，早安，令人印象深刻的季度。我認為您說過，您的產品發佈時間安排得很準確。您能否澄清一下，您所考慮的一些發射時間，特別是 2027 年左右的發動機，以及這些 NOx 規則的結果將如何影響發射時間？

Yeah, as I said right now, we have not changed our launch plans on any of those products. We are planning to launch the new 10-liter and the B7.2 in '27, as those regulations go in place. And we plan to launch the X15 diesel version and the '26 timeframe. We'll have a kind of a split strategy across the year with the current X15 and the new one.

是的，正如我現在所說的，我們沒有改變任何產品的發布計劃。隨著這些法規的實施，我們計劃在 27 年推出新的 10 公升和 B7.2。我們計劃推出 X15 柴油版和 '26 時間框架。我們將在全年採取一種分階段策略，包括現有的 X15 和新的 X15。

Remember, we already have launched the natural gas variant of that new platform and the diesel version is going to bring significant fuel efficiency improvements, so value to the customer that we believe is worth bringing into the market early, so that's our plan.

請記住，我們已經推出了新平台的天然氣版本，柴油版本將帶來顯著的燃油效率提升，因此我們認為值得儘早將其推向市場，這對客戶來說很有價值，這就是我們的計劃。

Terrific. And then just in terms of the guidance, I'm curious of what you think you need to see in order to actually reinstate the guidance. Is it actual kind of signed trade agreements or what degree of certainty do you think you need to be able to bring that guidance back?

了不起。然後就指導而言，我很好奇您認為需要看到什麼才能真正恢復指導。這是實際簽署的貿易協定嗎？或者您認為需要什麼程度的確定性才能恢復這種指導？

What I would say is a few more data points would be helpful, right? I mean the April truck hold as I would describe as disappointing.

我想說的是，多一些數據點會有幫助，對嗎？我的意思是，四月的卡車庫存情況令人失望。

So is that something that can move back to a normal trend level? What do we see? I mean, there's tariffs are designed to be disruptive to trade, right? I mean that's what they're designed for. And we've seen that significant slowing certainly of freight activity into the West Coast that directly impacts ultimately.

那麼這是否可以回到正常趨勢水平？我們看到了什麼？我的意思是，關稅的目的是為了破壞貿易，對嗎？我的意思是這就是它們的設計目的。我們已經看到西海岸的貨運活動明顯放緩，這最終將產生直接影響。

Road freight here in the US and then what, even as things, let's hope they stabilize, improve, we've caused a slowing of the global supply chain. That's what happens. It's that things are queuing up at ports and then it just takes a long time to write that momentum. And I think if you're not in the industry, that may be underappreciated.

美國的公路貨運情況如何？儘管我們希望情況能夠穩定和改善，但我們已經導致全球供應鏈放緩。事情就是這樣的。事情是在港口排隊，然後需要很長時間才能形成這種勢頭。我認為如果你不在這個行業，那麼這可能會被低估。

And so, the less time the uncertainty's in place, then the more quickly, I think we'll have greater clarity and confidence, and the longer it's in place, then it'll just make it more difficult.

因此，我認為不確定性存在的時間越短，我們就能越快獲得更大的清晰度和信心，而不確定性存在的時間越長，情況就會變得更加困難。

Ultimately, we're not going to continue forever without gags, but we'll get a sense of where purchases of capital goods, whether their confidence is shaken, or whether it's a temporary pause and we get back on, and we actually start to see more positive economic activity right now.

最終，我們不會永遠保持這種不封殺的狀態，但我們會了解資本貨物的購買情況，了解他們的信心是否動搖，或者是否只是暫時停頓然後我們再重新開始，實際上我們現在開始看到更積極的經濟活動。

There's not in the -- again, we're not trying to comment on the whole of the global economy or even the whole of the US economy, we're just commenting on the slices that we see and uncertainty's gone up. So we want to see a few more data points on the broader economy, specific, yes, certainly to one highway as a ranking, that those would be helpful.

再說一次，我們並不是想評論整個全球經濟，甚至整個美國經濟，我們只是在評論我們看到的片段，而且不確定性已經上升。因此，我們希望看到更多關於更廣泛經濟的數據點，是的，具體到一條高速公路的排名，這些數據點會很有幫助。

Chad Dillard, Bernstein.

查德·迪拉德，伯恩斯坦。

Hey^ Hey, good morning, guys. So totally appreciate that it's difficult to quantify the impact of tariffs, but I was hoping you could lay out a timeline for that impact on the P&L. So, how much component inventory did you pull forward? When does it run out? When will you need to raise price to offset the cost, and then if you could shar, the percentage of US COGS that are imports?

嘿^嘿，大家早安。因此，我完全理解量化關稅的影響很困難，但我希望您能製定對損益表影響的時間表。那麼，您提前了多少零件庫存呢？什麼時候用完？什麼時候需要提高價格來抵銷成本？然後，您是否可以分享一下美國 COGS 中進口產品的百分比？

Yeah, it's way too many things to give, because there's way too many variables. What I'll say is, just to remind, no impact really in the first quarter, given the pause in some of the tariffs and the escalation and some mitigation actions we're going to start to see creeping and growing impact, even yet as the second quarter unfolds here.

是的，要給的東西太多了，因為變數太多了。我想說的是，只是提醒一下，第一季實際上沒有影響，考慮到一些關稅的暫停以及升級和一些緩解行動，我們將開始看到影響逐漸增大，甚至在第二季度展開時也是如此。

There's inevitably going to be some lags between what we see, what actually -- what we anticipate, what actually happens, and then all the work that's going on with customers and suppliers. So that's the reason why.

我們所看到的、實際預期的、實際發生的以及與客戶和供應商正在進行的所有工作之間不可避免地會存在一些延遲。這就是原因。

But we will, when we get to the second quarter results from going forward to tell you what the impact is, and hopefully, we've got more clarity, then, but we'll certainly tell you what the impact was in the second quarter and what we think is going to happen to that run rate as we go through the rest of the year.

但是，當我們獲得第二季度的業績時，我們會告訴您其影響是什麼，希望到那時我們能夠更加清楚地了解情況，但我們一定會告訴您第二季度的影響是什麼，以及我們認為在今年剩餘時間內運行率將會發生什麼變化。

I think nobody has absolute certainty on the direct flow of every single widget, right through the supply chain, so that's still evolving and we're not alone, right? We're not the only manufacturer of engines, power trains, and power systems in the -- in our markets.

我認為沒有人能夠絕對確定每個小部件在整個供應鏈中的直接流動，所以這仍在不斷發展，我們並不孤單，對吧？在我們的市場上，我們並不是唯一的引擎、動力傳動系統和電力系統製造商。

Got it. Okay, so just one more, so just on section 232, assuming that, does eventually get applied, how does that impact your relative positioning? And from your perspective, like would you consider it, good, bad, or neutral versus the status quo of what we are right now?

知道了。好的，再問一個問題，就第 232 節而言，假設它最終得到應用，這會對您的相對定位產生什麼影響？從您的角度來看，與我們目前的現狀相比，您認為它是好的、壞的還是中性的？

So for those that maybe haven't been paying attention, maybe you've all been paying attention 232, the US Commerce Department launched a 232 investigation two weeks ago on foreign production of medium and heavy-duty trucks and parts.

因此，對於那些可能還沒有關注的人來說，也許你們都已經關注了 232，美國商務部兩週前針對外國生產的中型和重型卡車及其零件啟動了 232 調查。

And so that has the potential to result in additional tariffs on trucks and parts that come from outside the US. Of course, we see the announcement of we're in the middle of the public comment period.

因此，這有可能導致對來自美國以外的卡車和零件徵收額外關稅。當然，我們看到公告稱我們正處於公眾評論期。

And we'll be providing comments, of course, as a part of that and just emphasizing the US manufacturing that we make and advocating for exemptions on imports to US manufacturing through a robust exemption process and ensuring that we reflect the impact that that any tariffs could have on the underlying US economy. So stay tuned there, but that's the potential with 232 investigation.

當然，作為其中的一部分，我們將提供評論，強調我們製造的美國產品，並主張透過強有力的豁免程序對美國製造業的進口實行豁免，並確保我們反映出任何關稅可能對美國經濟產生的影響。所以請繼續關注，但這就是 232 調查的潛力。

Jeff Kauffman, Vertical Research Partners.

傑夫·考夫曼（Jeff Kauffman），Vertical Research Partners 的合夥人。

And thank you for signing me in here and Chris, it's been great working with you. Nick, look forward to getting to know you. Mark, thank you for all the detail that you were able to give. I have one on currency. Given that so much of your business occurs outside the US, was currency translation a good guy, a bad guy?

感謝您在這裡為我簽名，克里斯，與您合作非常愉快。尼克，期待認識你。馬克，謝謝你提供的所有細節。我有一個關於貨幣的。鑑於你們大部分的業務都在美國境外，貨幣轉換是好事還是壞事？

Can you give us an idea of magnitude? And then you explain the price increase on the light duty engines well with the new product at Stellantis. Can we talk a little bit more about the ASP increase on the power system side? Were that also new products, product mix, larger products you did mention aftermarket, just kind of understand what's driving that increase as well?

您能給我們一個幅度的概念嗎？然後您可以很好地解釋 Stellantis 新產品導致的輕型引擎價格上漲的原因。我們能否進一步談談電力系統方面的平均售價上漲？這些是否也是新產品、產品組合、更大的產品，您提到了售後市場，只是了解推動這種成長的因素是什麼？

Sorry. You caught my attention with the pricing. Repeat the first part, sorry currency, yeah.

對不起。您的定價引起了我的注意。重複第一部分，對不起貨幣，是的。

Currency.

貨幣。

Currency, yes, so that the answer is generally, if we could choose and we didn't deploy hedging techniques, then a weaker dollar except against the pound would be our perfect choice of combinations.

貨幣，是的，所以答案一般是，如果我們可以選擇並且我們沒有部署對沖技術，那麼除了兌英鎊之外的較弱的美元將是我們完美的組合選擇。

But we do deploy, we have natural hedges from the way we're globally organized, and then we do use some very simple vanilla derivatives. So the net impact is not -- if you ask any individual business leader, distribution in particular, are more exposed to a strengthening dollar.

但我們確實進行了部署，從我們全球組織的方式來看，我們有自然的對沖，然後我們確實使用了一些非常簡單的香草衍生品。因此，如果你問任何一位企業領導人，淨影響並不是特別大，尤其是分銷業領導人更容易受到美元走強的影響。

But the net result is very modest to the P&L, like less than $10 million when you look at all the impacts that the hedges, and that's generally been the case for a long time.

但對於損益表來說，淨結果非常有限，如果考慮到所有對沖的影響，則不到 1000 萬美元，而且這種情況長期以來一直如此。

Sharp shifts, where we get caught is when there's like capital constraints and currency revaluations like Nigeria, Argentina's a common topic of conversation about what to do there, but net, Jeff for the company were fortunate that we're close to neutral.

當出現資本限制和貨幣重估等急劇轉變時，我們就會陷入困境，就像尼日利亞和阿根廷的情況一樣，人們經常談論在那裡做什麼，但對於公司來說，傑夫很幸運，我們接近中立。

Yeah, and on your second question, Jeff. On the ASP for on the power systems power generation product, that's -- it's a tough one to gauge. That's really kind of a bit of a red herring because the size is so different across that portfolio. You could -- we have lower demand in the small stuffs, I think RVs or power or backup gen sets at home versus strong growth in data centers.

是的，關於你的第二個問題，傑夫。對於電力系統發電產品的平均銷售價格來說，這是一個很難衡量的問題。這其實有點像是轉移注意力的說法，因為整個投資組合的規模差異很大。您可以 - 我們對小件物品的需求較低，我認為房車或家用電源或備用發電機組與資料中心的強勁增長相比。

So that can flex quite a bit and it's usually not a really great indicator, but we continue to see strength I guess through the first quarter in that big stuff and that that drives a higher ASP.

因此，這可能會有很大的彈性，而且通常不是一個很好的指標，但我想，我們將繼續看到第一季這些大宗商品的強勁表現，這將推動平均售價的上漲。

We have reached the end of the question-and-answer session. I'd now like to turn the call back over to Chris Clulow for closing comments.

問答環節已結束。現在我想將電話轉回給 Chris Clulow 來做最後發言。

Great. Thank you, everybody for joining and thanks. It's been a pleasure working with you all over the last couple of years. That concludes our teleconference for the day. We'll be available as an investor relations team for the remainder of the day should you have any follow-ups. Thank you.

偉大的。謝謝大家的加入，謝謝。過去幾年我很榮幸能與你們一起工作。今天的電話會議到此結束。如果您有任何後續問題，我們將在當天剩餘時間內作為投資者關係團隊為您服務。謝謝。

This includes today's conference. You may disconnect your lines at this time. And we thank you for your participation.

這包括今天的會議。現在您可以斷開線路。我們感謝您的參與。