康明斯 (CMI) 2025 Q2 法說會逐字稿

Greetings. Welcome to Cummins Inc. second-quarter 2025 earnings conference call.

問候。歡迎參加康明斯公司2025年第二季財報電話會議。

(Operator Instructions) Please note, this conference is being recorded. I would now like to turn the call over to Nick Arens, Executive Director of Investor Relations. Thank you. You may begin.

（操作員指示）請注意，本次會議正在錄音。現在我想將電話轉給投資者關係執行董事尼克·阿倫斯 (Nick Arens)。謝謝。你可以開始了。

Thank you. Good morning, everyone, and welcome to our teleconference today to discuss Cummins' results for the second 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 be available to answer questions at the end of the teleconference.

謝謝。大家早安，歡迎參加今天的電話會議，討論康明斯 2025 年第二季的業績。今天與我一起參加的有我們的董事長兼執行長 Jennifer Rumsey 和我們的財務長 Mark Smith。電話會議結束時我們將解答您的問題。

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. 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，您今天聽到或獲得的某些資訊將包含《1934 年證券交易法》所定義的前瞻性陳述。這些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。

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 will be discussing certain non-GAAP financial measures, and we will refer you to our website for a 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，並將引導您造訪我們的網站，以了解這些指標與 GAAP 財務指標的對帳。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 的投資者關係部分找到。

With that out of the way, I will 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董事長兼執行長 Jennifer Rumsey，她將為我們揭開序幕。

Thank you, Nick. Good morning, everyone. We delivered impressive results in the second quarter led by record performance in our Distribution and Power Systems segments that more than offset continued softening in the North America truck market. The record financial performance from these two segments, along with strong operational execution across our entire company, led to EBITDA increasing 310 basis points year-over-year despite North America heavy and medium-duty truck volumes declining 30% from a year ago.

謝謝你，尼克。大家早安。我們在第二季度取得了令人矚目的業績，其中配電和電力系統部門創下了創紀錄的業績，足以抵消北美卡車市場持續疲軟的影響。這兩個部門創紀錄的財務業績，加上我們整個公司強勁的營運執行力，使得儘管北美重型和中型卡車銷量較去年同期下降了 30%，但 EBITDA 仍同比增長 310 個基點。

I am incredibly proud of our employees' continued focus on meeting customer commitments and delivering our priorities, and I'm confident that our efforts will allow us to continue to operate from a position of strength.

我為我們的員工持續專注於履行對客戶的承諾和實現我們的優先事項感到無比自豪，我相信我們的努力將使我們繼續保持優勢。

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

現在我將介紹我們第二季的一些亮點。然後我將討論我們各地區的銷售和終端市場趨勢。最後，我將介紹當前環境中的不確定性如何影響今年剩餘時間的終端市場。然後馬克將向您介紹我們第二季財務業績的更多細節。

In the second quarter, we continued to make progress in the execution of our Destination Zero strategy with the introduction of a new product in our Power Systems segment.

第二季度，我們繼續在執行「零排放」策略方面取得進展，並在電力系統部門推出了新產品。

Expanding on the success of our acclaimed Centum Series generator set, we launched a new [17-liter] engine platform generator that produces up to 1 megawatt of power. The S-17 Centum gen set was developed to produce a larger power output within a compact footprint to meet the growing power demands in urban environments, where compact design and high performance is critical.

在廣受好評的 Centum 系列發電機組成功的基礎上，我們推出了新型 [17 升] 引擎平台發電機，可產生高達 1 兆瓦的功率。S-17 Centum 發電機組的開發旨在在緊湊的佔地面積內產生更大的功率輸出，以滿足城市環境中日益增長的電力需求，在城市環境中，緊湊的設計和高性能至關重要。

The new gen set is designed to support a wide range of critical market segments such as commercial properties, health care facilities, and water treatment plants. In July, we also announced a 10% increase in our quarterly dividend from $1.82 to $2 per share, the 16th consecutive year in which we have increased the dividend.

新發電機組旨在支援商業房地產、醫療保健設施和水處理廠等廣泛的關鍵市場領域。7 月份，我們也宣布將季度股息從每股 1.82 美元增加 10% 至 2 美元，這是我們連續第 16 年增加股息。

During the quarter, we returned $251 million to shareholders in the form of dividends, consistent with our long-term plan to return approximately 50% of operating cash flow to shareholders. Now I will comment on the overall company performance for the second quarter of 2025, and cover some of our key markets.

本季度，我們以股息的形式向股東返還了 2.51 億美元，這與我們將約 50% 的經營現金流返還給股東的長期計劃一致。現在我將評論 2025 年第二季的整體公司業績，並介紹我們的一些主要市場。

Revenues for the second quarter were $8.6 billion, a decrease of 2% compared to the second quarter of 2024. EBITDA was $1.6 billion or 18.4% compared to $1.3 billion or 15.3% a year ago. And gross margin improved 150 basis points from a year ago.

第二季營收為 86 億美元，與 2024 年第二季相比下降 2%。EBITDA 為 16 億美元，成長率為 18.4%，而去年同期為 13 億美元，成長率為 15.3%。毛利率較去年同期提高了 150 個基點。

This improvement in profitability was driven by the benefits of higher power generation demand, operational efficiencies, pricing and lower compensation expenses, which more than offset lower North America truck volumes and the unfavorable net impact from tariffs.

獲利能力的提高得益於發電需求增加、營運效率、定價和薪資費用降低，這些因素足以抵消北美卡車銷售下降和關稅帶來的不利淨影響。

We see a marked contrast in demand between longer-cycle sectors such as power generation, which also continues to benefit from some well-established secular themes and declining confidence in some of our more economically sensitive shorter-cycle markets in North America; particularly truck, pickup, and consumer-related markets. We anticipate this contrast will become more pronounced in the second half of the year.

我們看到，發電等長週期行業的需求呈現出明顯的對比，發電行業也繼續受益於一些成熟的長期主題，而我們對北美一些經濟更敏感的短週期市場的信心正在下降；特別是卡車、皮卡和消費者相關市場。我們預計這種對比在今年下半年將變得更加明顯。

Our second-quarter revenues in North America decreased 6% compared to 2024. Industry production of heavy-duty trucks in the second quarter was 57,000 units, down 27% from 2024 levels. While our heavy-duty unit sales were 22,000, down 29% from a year ago. Industry production of medium-duty trucks was 28,000 units in the second quarter of 2025, a decrease of 36%, while our unit sales were $25,000, down 35% from 2024.

與 2024 年相比，我們第二季在北美的營收下降了 6%。第二季重型卡車產業產量為5.7萬輛，較2024年水準下降27%。我們的重型車輛銷量為 22,000 輛，比去年同期下降了 29%。2025 年第二季度，中型卡車產業產量為 28,000 輛，下降 36%，而我們的單位銷售額為 25,000 美元，比 2024 年下降 35%。

We shipped 34,000 engines to Stellantis for use in the [ramp] pickups in the second quarter of 2025, down 18% from 2024 levels. Revenues for North America power-generation equipment increased by 25%, driven primarily by continued strong demand in data centers and mission-critical applications. Our international revenues increased by 5% in the second quarter of 2025 compared to a year ago.

2025 年第二季度，我們向 Stellantis 運送了 34,000 台發動機，用於 [ramp] 皮卡，比 2024 年的水平下降了 18%。北美發電設備收入成長了 25%，主要原因是資料中心和關鍵任務應用的需求持續強勁。2025 年第二季度，我們的國際營收與去年同期相比成長了 5%。

Second-quarter revenues in China, including joint ventures, were $1.8 billion, an increase of 9% and as accelerating data center demand and higher domestic truck demand driven by government stimulus, more than offset lower export demand. Industry demand for medium- and heavy-duty trucks in China was 304,000 units, an increase of 13% from last year.

第二季度，包括合資企業在內的中國區收入為 18 億美元，成長 9%，資料中心需求加速成長以及政府刺激措施推動的國內卡車需求上升抵消了出口需求的下降。中國中重型卡車產業需求量為30.4萬輛，比去年同期成長13%。

Our sales and units, including joint ventures, were 43,000, an increase of 31%. The increase in China market size was primarily due to higher-than-expected domestic demand driven by NS4 scrapping incentives. Industry demand for excavators in China in the second quarter was 59,000 units, an increase of 11% from 2024 levels.

我們的銷售量和單位（包括合資企業）為 43,000 輛，成長了 31%。中國市場規模的成長主要是由於NS4報廢激勵措施推動的國內需求高於預期。第二季中國挖土機產業需求為5.9萬台，較2024年水準成長11%。

Our units sold were 11,000, an increase of 13%. An increase in the China market size is primarily due to domestic cyclical replacement demand, rural development, and farmland renovation demand. Sales of power generation equipment in China increased 32% in the second quarter due to accelerating data center demand.

我們的銷量為 11,000 台，成長了 13%。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。由於資料中心需求加速成長，中國發電設備銷售額第二季成長了32%。

Second-quarter revenues in India, including joint ventures, were $699 million, a decrease of 1% from the second quarter a year ago. Industry truck production increased 1% from 2024. Power generation revenues increased 31% in the second quarter, driven by increases in G Drive and data center demand.

印度第二季營收（包括合資企業）為 6.99 億美元，較去年同期第二季下降 1%。工業卡車產量比 2024 年增加 1%。受 G Drive 和資料中心需求成長的推動，第二季發電收入成長了 31%。

To summarize, we achieved impressive results in the second quarter, with record financial performance in our Power Systems and Distribution segments. As we look ahead to the third quarter, we expect North America heavy and medium-duty truck volumes to decline 25% to 30% from second-quarter levels. As we have seen truck orders recently reached multiyear lows and OEMs have initiated reduced work weeks through the next three months.

總而言之，我們在第二季取得了令人矚目的業績，電力系統和配電部門的財務表現創下了歷史新高。展望第三季度，我們預計北美重型和中型卡車銷量將較第二季度下降 25% 至 30%。正如我們所看到的，卡車訂單最近達到了多年來的最低水平，並且原始設備製造商已開始在未來三個月內減少工作週數。

The duration of this reduced demand in North American truck markets will largely depend on the trajectory of the broader economy, the evolution of trade and tariff policies and the pace at which regulatory clarity emerges.

北美卡車市場需求下降的持續時間在很大程度上取決於整體經濟的趨勢、貿易和關稅政策的演變以及監管明確性的速度。

Despite the challenges in the North American truck market, we have the benefit of operating a diversified global business and expect continued strength in our power generation market in addition to stability in our aftermarket and industrial businesses. Tariffs are undoubtedly having an impact on Cummins, our suppliers, customers and the end users, creating uncertainty over freight activity linked to the movement of goods and increasing costs.

儘管北美卡車市場面臨挑戰，但我們擁有經營多元化全球業務的優勢，並且預計我們的發電市場將繼續保持強勁，售後市場和工業業務也將保持穩定。關稅無疑對康明斯、我們的供應商、客戶和最終用戶產生了影響，這為與貨物運輸相關的貨運活動帶來了不確定性並增加了成本。

We did experience increasing tariff costs in the second quarter. However, as anticipated, we did not see the full impact of the current policies as supply chains work through existing inventory. We've been active in our efforts to mitigate tariff exposures and negotiate agreements with customers that position us to enter fourth quarter near full recovery.

我們在第二季確實經歷了關稅成本的增加。然而，正如預期的那樣，由於供應鏈正在利用現有庫存，我們並沒有看到當前政策的全部影響。我們一直在積極努力減輕關稅風險並與客戶協商協議，以使我們能夠在第四季度接近全面復甦。

Additionally, although we primarily produce engines and gen sets in the markets where we sell them, we are further mitigating our efforts by continuing to evaluate and implement dual sourcing where possible and economically viable for our supply base and component manufacturing.

此外，儘管我們主要在銷售引擎和發電機組的市場生產它們，但我們正在進一步減輕我們的努力，繼續評估和實施雙重採購，在可能的情況下，對我們的供應基地和零件製造具有經濟可行性。

As we navigate these uncertainties, we will continue to maintain discipline by managing our costs while continuing to invest to meet our critical priorities so that we are well positioned as markets recover.

在應對這些不確定性的過程中，我們將繼續保持紀律，管理成本，同時繼續投資以滿足我們的關鍵優先事項，以便在市場復甦時處於有利地位。

In summary, we had a strong second quarter performance that demonstrates the earnings potential of common at a time when demand in North America and China truck market sits at weak levels. While we expect demand in North American truck markets to decline significantly in the third quarter from second quarter levels, we remain well positioned with an experienced leadership team, that has demonstrated capability in managing through periods of uncertainty.

總而言之，我們第二季的業績表現強勁，證明了在北美和中國卡車市場需求疲軟的情況下，普通股的獲利潛力。雖然我們預計第三季北美卡車市場的需求將較第二季大幅下降，但我們仍然擁有一支經驗豐富的領導團隊，他們已證明有能力度過不確定時期。

And we will maintain our focus on our customers, employees, and shareholders. I'm confident that we will further raise our performance when markets recover and look forward to reinstating guidance with some of the uncertainty has subsided.

我們將繼續關注我們的客戶、員工和股東。我相信，當市場復甦時，我們將進一步提高業績，並期待在一些不確定性消退後恢復指導。

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. The highlight of the second quarter was our strong profitability delivered in the face of global uncertainty. Our revenues were $8.6 billion, down 2% from a year ago. Sales in North America decreased 6%, while international revenues increased 5%. EBITDA was $1.6 billion or 18.4% of sales for the quarter compared to $1.3 billion or 15.3% of sales a year ago.

謝謝你，Jen，大家早安。第二季度的亮點是我們在全球不確定性面前實現了強勁的獲利能力。我們的營收為 86 億美元，比去年同期下降 2%。北美銷售額下降 6%，而國際收入成長 5%。本季 EBITDA 為 16 億美元，佔銷售額的 18.4%，而去年同期為 13 億美元，佔銷售額的 15.3%。

The higher EBITDA percentage was driven by higher power generation demand, strong operational efficiencies, and positive pricing, and lower compensation expenses, which were partially offset by lower North America truck volumes and the unfavorable impact of tariffs on all of our operating segments.

EBITDA 百分比的提高得益於發電需求的增加、營運效率的提高、積極的定價以及薪酬費用的降低，但北美卡車銷售的下降以及關稅對我們所有營運部門的不利影響部分抵消了這些影響。

Now I'll go into more detailed by line item. Gross margin for the quarter was $2.3 billion or 26.4% of sales compared to $2.2 billion or 24.9% last year. The improved margins were driven by favorable pricing and operational improvements, especially in Power Systems and Distribution.

現在我將逐項進行更詳細的介紹。本季毛利率為 23 億美元，佔銷售額的 26.4%，去年同期為 22 億美元，佔銷售額的 24.9%。利潤率的提高得益於有利的定價和營運的改善，尤其是在電力系統和配電方面。

Selling, administrative, and research expenses were $1.1 billion or 13.1% of sales compared to $1.2 billion or 13.7% of sales. Lower compensation costs, primarily variable compensation benefited both gross margin and operating expenses and the financial performance of all operating segments year-over-year.

銷售、管理和研究費用為 11 億美元，佔銷售額的 13.1%，而先前為 12 億美元，佔銷售額的 13.7%。較低的薪酬成本（主要是可變薪酬）有利於毛利率和營業費用以及所有營運部門的財務表現年增。

Joint venture income of $118 million increased $15 million from the previous year, primarily driven by higher China volumes within our Engine business as demand improved compared to a weak 2024.

合資企業收入為 1.18 億美元，較上年增加 1500 萬美元，主要由於與疲軟的 2024 年相比需求有所改善，導致我們發動機業務在中國的銷量增加。

Other income increased to $49 million positive compared to a negative $3 million from the prior year, driven by the positive impacts of foreign currency valuation and gains on investments related to company-owned life insurance.

其他收入從去年的負 300 萬美元增至正 4,900 萬美元，主要得益於外匯估值的正面影響以及與公司自有壽險相關的投資收益。

Interest expense was $87 million, a decrease of $22 million from prior year, primarily driven by lower weighted average interest rates, partially offset by higher debt balances. The all-in effective tax rate in the first quarter was 24.2%, including $3 million or $0.02 per diluted share of favorable discrete tax items.

利息支出為 8,700 萬美元，比前一年減少 2,200 萬美元，主要原因是加權平均利率降低，但債務餘額增加部分抵消了這一影響。第一季總有效稅率為 24.2%，其中包括 300 萬美元或每股 0.02 美元的優惠離散稅項目。

All in net earnings for the quarter were $890 million or $6.43 per diluted share compared to $726 million or $5.26 per diluted share a year ago. Operating cash flow was an inflow of $785 million compared to an outflow of $851 million a year ago, with the difference mainly driven by the $1.9 billion required by the previously disclosed settlement agreements with the regulatory agencies, which flowed out in Q2 last year. Excluding the settlement, operating cash flow was an inflow of $1.1 million a year ago.

本季淨利為 8.9 億美元，即每股攤薄收益 6.43 美元，去年同期為 7.26 億美元，即每股攤薄收益 5.26 美元。經營現金流流入 7.85 億美元，而去年同期流出 8.51 億美元，差額主要由於先前披露的與監管機構達成的和解協議所要求的 19 億美元，這筆資金於去年第二季度流出。不計和解金，去年的營運現金流流入為 110 萬美元。

I will now comment on segment performance and provide some comments for the remainder of 2025. For the Engine segment, first quarter revenues were $2.9 billion, a decrease of 8% from a year ago. EBITDA was 13.8%, a decrease from 14.1% a year ago, as weaker North American truck volumes were partially offset by pricing related to the launch of updated products in light duty markets, operational efficiencies, and higher joint venture income in China.

我現在將對各部分的表現進行評論，並對 2025 年剩餘時間提出一些評論。發動機部門第一季營收為 29 億美元，較去年同期下降 8%。EBITDA 為 13.8%，低於去年同期的 14.1%，因為北美卡車銷售疲軟被輕型卡車市場推出更新產品的相關定價、營運效率以及中國合資企業收入增加所部分抵銷。

Components revenue was $2.7 billion, a decrease of 9% from a year ago. EBITDA was 14.7% compared to 13.6% of sales a year ago as lower product coverage costs, operational efficiencies and pricing more than offset lower on-highway demand in North America.

零件收入為 27 億美元，較上年下降 9%。EBITDA 為 14.7%，而去年同期的銷售額為 13.6%，這是因為產品覆蓋成本、營運效率和定價的降低足以抵消北美公路需求的下降。

In the Distribution segment, revenues increased 7% from a year ago to $3 billion. EBITDA was a record $445 million and improved as a percent of sales to 14.6% compared to 11.1% of sales a year ago driven by higher power generation, strong parts demand, and overall improvements in gross margin.

在分銷部門，營收比去年同期成長了 7%，達到 30 億美元。EBITDA 達到創紀錄的 4.45 億美元，佔銷售額的百分比從去年的 11.1% 提高到 14.6%，這得益於發電量增加、零部件需求強勁以及整體毛利率的提高。

In the Power Systems segment, revenues were $1.9 billion, an increase of 19% from a year ago. EBITDA dollars were also a record at $433 million, rising from 18.9% to 22.8% of sales driven by strong volume, particularly in data center applications and other mission-critical applications, favorable pricing and a continued focus on productivity and other operational improvements.

電力系統部門的營收為 19 億美元，比去年同期成長 19%。EBITDA 也創下 4.33 億美元的新高，佔銷售額的比重從 18.9% 上升至 22.8%，這得益於強勁的銷售（尤其是資料中心應用和其他關鍵任務應用）、優惠的定價以及對生產力和其他營運改善的持續關注。

Accelera revenues decreased 5% to $105 million as increased e-mobility sales mainly to bus customers, partially offset lower electrolyzer installations. Our EBITDA loss was $100 million compared to an EBITDA loss of $117 million a year ago, reflecting a lower cost base resulting from the actions we took in the fourth quarter of 2024.

Accelera 的收入下降 5% 至 1.05 億美元，因為主要針對公車客戶的電動車銷售額增加，部分抵消了電解槽安裝量的下降。我們的 EBITDA 虧損為 1 億美元，而去年同期的 EBITDA 虧損為 1.17 億美元，這反映了我們在 2024 年第四季採取的行動導致的成本基礎較低。

In summary, we delivered strong profitability for the second quarter as result of improved operational execution across our business that more than offset weaker demand in North America truck markets. For the third quarter, we expect North America truck demand to sharply decline from second quarter levels.

總而言之，由於我們整個業務的營運執行力得到改善，我們在第二季度實現了強勁的獲利能力，這足以抵消北美卡車市場需求疲軟的影響。我們預計第三季北美卡車需求將較第二季大幅下降。

As the recent truck orders are at multiyear lows, driven by uncertainty due to trade tariffs, product regulation and caution about the prospects for freight. Since our last earnings call, we've seen a steady stream of updates from our OEM customers, extending the number of production down days through the third quarter.

由於貿易關稅、產品監管和對貨運前景的謹慎等不確定性，近期卡車訂單處於多年來的最低水平。自上次財報電話會議以來，我們看到 OEM 客戶不斷更新訊息，導致第三季停產天數延長。

We view current order levels as unsustainably low, but immediate catalysts for recovery are not yet clear. We have not yet felt the full impact from tariffs and there is still uncertainty about duration and ongoing levels, which was highlighted again last week with the flurry of new announcements. It remains to be seen what this will impact this will have on business confidence and the demand for capital goods beyond trucks.

我們認為目前的訂單水準不可持續地處於低位，但復甦的直接催化劑尚不明確。我們尚未感受到關稅的全部影響，其持續時間和持續水準仍存在不確定性，上週一系列新公告再次凸顯了這一點。這將對商業信心和卡車以外的資本貨物的需求產生什麼影響還有待觀察。

We've worked hard to mitigate the impact of tariffs. And while negative to profitability in the second quarter, we should enter the fourth quarter close to a price cost neutral position with regard to tariffs.

我們努力減輕關稅的影響。儘管第二季度的獲利能力受到負面影響，但進入第四季度，關稅方面的價格成本應該接近中性水準。

As you saw in our second-quarter results, Cummins is in a strong position to navigate through this uncertainty with our industry-leading portfolio of products and our global network, we are well placed to support our customers. While we expect the coming months to be much more challenging, primarily for the Engine and Components segment, we are staying focused on our strategic priorities, whilst also taking actions in the short term to reduce costs and lower inventory.

正如您在我們的第二季業績中所看到的，康明斯憑藉我們行業領先的產品組合和全球網絡，有能力應對這種不確定性，我們有能力為客戶提供支援。雖然我們預計未來幾個月將面臨更多挑戰，主要是對於引擎和零件部門而言，但我們仍將專注於我們的策略重點，同時在短期內採取行動以降低成本並降低庫存。

We look forward to reinstating our outlook when the economic picture becomes clearer. And we are confident that as markets recover, we will continue to raise our performance as we have clearly done in the first half of this year.

我們期待在經濟情勢變得更加明朗時重新調整我們的展望。我們相信，隨著市場復甦，我們將繼續提高業績，正如今年上半年我們所做的那樣。

Thanks for joining us today. And now, let me turn it back over to Nick.

感謝您今天加入我們。現在，讓我把話題交還給尼克。

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

謝謝你，馬克。出於對通話中其他人的考慮，我要求您將問題限制在一個問題上並進行相關的後續跟進。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) Stephen Volkmann, Jefferies.

（操作員說明）Stephen Volkmann，Jefferies。

Great. Good morning, everybody. Thank you for taking the question. Seems like you have a little bit of [feast] and a little bit of fam in here. So I'll focus on the feast, if that's all right. Power Systems. Let's talk about Power Systems, big margin there, obviously, much higher than I think we expected.

偉大的。大家早安。感謝您回答這個問題。看起來你在這裡有一點[盛宴]和一點家人。所以如果可以的話，我會專注於宴會。電力系統。讓我們來談談電力系統，那裡的利潤率顯然很大，比我們預期的要高得多。

I know you've been doing a lot of work on this over the past few years, Jen. But at the end of the day, I'm curious if you think that is the right margin level that we should be thinking about as we start modeling forward? Is that sustainable? Or was there anything in there that we should be aware of?

我知道過去幾年你在這方面做了很多工作，Jen。但最終，我很好奇您是否認為這是我們在開始未來建模時應該考慮的正確利潤水平？這是可持續的嗎？或者其中有什麼是我們應該注意的？

Yeah, thanks, Steve, for the question. And really pleased with the performance of the Power Systems business. As you noted, we started a couple of years ago on a journey to really improve operational performance and really coupled with the strong and growing demand in the power generation market has really benefited that business.

是的，謝謝史蒂夫提出這個問題。我對電力系統業務的表現非常滿意。正如您所說，幾年前我們就開始著手真正提高營運績效，再加上發電市場強勁且不斷增長的需求，我們的業務確實從中受益。

So we've made many of the steps in really better leveraging the capacity that we have and trying to improve throughput and operational performance. And frankly, the team has outperformed in terms of the efforts for that, and that has led to the really strong margin improvement that you've seen over the last couple of years. We're continuing to focus on areas where we can improve operational efficiency and performance.

因此，我們採取了許多措施來更好地利用我們現有的產能，並努力提高吞吐量和營運績效。坦白說，團隊在這方面的努力表現出色，這導致了過去幾年利潤率的強勁增長。我們將繼續關注可以提高營運效率和績效的領域。

We're continuing our investment and doubling the capacity in that business, which we expect to be fully online by the beginning of next year. So I think the pace of improvement has probably stabilized, but we will certainly continue to work on operational efficiencies and delivering value to our customers and being able to price for that and drive that mentality across all of our businesses.

我們將繼續投資並將該業務的產能翻一番，預計到明年年初將全面上線。所以我認為改進的步伐可能已經穩定下來，但我們肯定會繼續努力提高營運效率，為我們的客戶提供價值，並能夠為此定價，並在我們所有的業務中推動這種心態。

Okay, great.

好的，太好了。

And Steve, just to say there's nothing unique in there other than demand strong for both generators and parts. But there's no onetime in there or anything like that.

史蒂夫，我想說的是，除了對發電機和零件的需求強勁之外，那裡沒有什麼獨特之處。但那裡面沒有一次性的東西或類似的東西。

Right. Understood. And then I assume you must have pretty good backlog in that segment. Maybe you can comment on that. But do you have pricing flexibility in that backlog, if you need it, can you reprice this stuff, if necessary before delivery?

正確的。明白了。然後我假設您在該領域一定有相當不錯的積壓工作。也許您可以對此發表評論。但是，如果您需要的話，您是否對這些積壓訂單具有定價彈性，您是否可以在交貨前重新定價？

Yeah, we have backlog out about two years in that business. And so we continue to see strong demand, strong backlog, and we've been working with customers where we have backlog on the tariff recovery and made some progress there. So typically, we're not repricing beyond that in existing orders that we've taken, we price in aftermarket as the market moves and as I said, working on tariff recovery across all of our businesses.

是的，我們在該業務上已經積壓了大約兩年的訂單。因此，我們繼續看到強勁的需求和強勁的積壓訂單，並且我們一直在與積壓訂單的客戶合作，以恢復關稅，並取得了一些進展。因此，通常情況下，我們不會對已經接到的現有訂單進行重新定價，而是隨著市場走勢在售後市場定價，正如我所說，我們正在努力恢復所有業務的關稅。

Angel Castillo, Morgan Stanley.

摩根士丹利的安吉爾‧卡斯蒂略 (Angel Castillo)。

Hi, good morning. Thanks for taking my question and congrats on another strong quarter here. I wanted to ask a little bit of a bigger picture, sticking to the power system dynamic. Back at your Investor Day last year, you quantified that total data center, I think, business was $1.4 billion, I think, in sales and that you were kind of 23% of the, I think, $6 billion global market for data centers.

嗨，早安。感謝您回答我的問題，並恭喜本季業績再創佳績。我想問一個更宏觀的問題，堅持電力系統動態。回顧去年的投資者日，您量化了整個資料中心業務的銷售額，我認為是 14 億美元，而您佔了 60 億美元全球資料中心市場的 23%。

I think at the time, you also kind of noted that, that would be a $2 billion sales for you in 2026, maybe a $9 billion market. I know it's difficult to quantify, and it's (technical difficulty) 2026 starting next year. But I guess could you just comment on that? How are you seeing your business growth and demand and market share ultimately evolve toward that kind of $2 billion top line? And where are we in terms of the size of your business within data centers?

我想當時您也提到過，到 2026 年，您的銷售額可能會達到 20 億美元，甚至可能達到 90 億美元的市場規模。我知道這很難量化，從明年開始就是（技術難度）2026年。但我想您能對此發表評論嗎？您如何看待您的業務成長、需求和市場份額最終朝著 20 億美元的目標發展？就資料中心的業務規模而言，我們處於什麼位置？

Yeah, thanks for the question. So we are continuing to be very well positioned. We think the combination of our products. And we've launched the Centum series. We've continued to add some products, but the larger larger ones of those are quite popular in data centers, coupled with our distribution business provides Cummins an advantage. So we're a strong player in a growing backup power provider to data centers.

是的，謝謝你的提問。因此，我們將繼續保持非常有利的地位。我們思考我們的產品的組合。我們已經推出了 Centum 系列。我們繼續增加一些產品，但其中較大的產品在資料中心非常受歡迎，再加上我們的分銷業務，為康明斯提供了優勢。因此，我們是不斷成長的資料中心備用電源供應商中強大的參與者。

We feel like we continue to maintain that position and take advantage of new products and capacity investment. Expect this year to be pretty stable in the second half with typical seasonality. But as I said, we'll have some additional capacity coming on line as we go into 2026.

我們覺得我們將繼續保持這一地位並利用新產品和產能投資。預計今年下半年將相當穩定，具有典型的季節性。但正如我所說，到 2026 年，我們將有一些額外的產能投入使用。

That's helpful. I guess is it fair to assume then that $2 billion is still the way to think about 2026?

這很有幫助。那麼，我是否可以公平地假設 20 億美元仍然是 2026 年的考慮範圍？

Yeah, there's been no change in enthusiasm for demand.

是的，需求熱情沒有改變。

Jamie Cook, Truist Securities.

Jamie Cook，Truist Securities。

Hi, good morning. I guess what struck me about the quarter is your margin performance even with North America truck going through a correction. So I guess the two areas that stuck out to me besides Power Systems was your Distribution margins, which I'm assuming is getting the benefit of power. Are margins moving structurally higher there just because of the benefit that you get through -- from the Power Systems business.

嗨，早安。我想本季最讓我印象深刻的是你們的利潤率表現，即使北美卡車市場正在經歷調整。因此，我想除了電力系統之外，讓我印象深刻的兩個領域是您的分銷利潤率，我認為這將獲得電力帶來的好處。利潤率是否會因為從電力系統業務中獲得的利益而結構性地提高？

And then also on the component side, you were able to improve your margins despite sales declines. I think you noted lower product coverage. Is there any way you could quantify that? Just trying to think about the implications for margins in the back half?

而且在零件方面，儘管銷售額下降，但你們仍然能夠提高利潤率。我認為您注意到了較低的產品覆蓋率。有什麼方法可以量化這一點嗎？只是想思考一下這對下半年利潤率的影響？

And then I guess my second question, Jen just relates to mean the cycle like in North America? Obviously, we're seeing a big correction in 2025 lack of pre-buy based on what you're hearing from your customers, how are you thinking about North America in 2026 and 2027?

然後我想我的第二個問題是，Jen 指的是像北美那樣的週期嗎？顯然，根據您從客戶那裡聽到的消息，我們看到 2025 年預購不足的情況將出現大幅調整，您如何看待 2026 年和 2027 年的北美市場？

Yeah, good morning, Jamie. I'll start on the margin question. So on Distribution, yes, the benefits of power, the benefits of strong parts business and then we've got positive pricing in the distribution business as well. So all of those have combined to make for very positive results in distribution overall. Yes, in compound. It's not reasonable to expect on significant continuing declines in truck volumes that we can maintain margins in the short run.

是的，早安，傑米。我先從保證金問題開始。因此，在分銷方面，是的，電力的優勢，強大的零件業務的優勢，然後我們在分銷業務中也獲得了積極的定價。因此，所有這些因素結合起來，在整體分銷方面取得了非常積極的結果。是的，複合的。在卡車銷量持續大幅下降的情況下，期望我們能在短期內維持利潤率是不合理的。

We expect, obviously, margins to improve over the long run in engines and components. But you're right. We called out the product coverage numbers because that was a tougher quarter a year ago and a much cleaner quarter just within the components for the company overall, there really wasn't much difference in the product coverage numbers.

顯然，我們預期引擎和零件的利潤率從長遠來看會提高。但你是對的。我們之所以公佈產品覆蓋率數字，是因為去年同期的業績更為艱難，而對於整個公司而言，今年同期的產品覆蓋率數字要乾淨得多，產品覆蓋率數字實際上並沒有太大差別。

But for in the Components segment, that was probably worth something like 0.5 point. That was not a onetime -- it was more the absence of a problem from a year ago than something that's special that happened in this quarter.

但對於零件領域來說，這可能值 0.5 分左右。這並不是一次性事件——這更多的是一年前沒有出現過的問題，而不是本季發生的特殊事件。

But just to be clear, given the rates of decline here in the third quarter from second quarter in engines and components, we should expect that there's going to be a negative impact on the profitability of those two segments.

但需要明確的是，鑑於第三季引擎和零件銷量較第二季下降的速度，我們預計這兩個部門的獲利能力將受到負面影響。

Okay. Thank you. And then, Jen, just on the cycle?

好的。謝謝。那麼，Jen，只是騎腳踏車嗎？

Yeah, on the cycle, Jamie, it's -- there's a number of typical factors and then some atypical factors that we see influencing the truck cycle. So spot rates continue to be low, economic demand isn't really growing for customers. Interest rates are still higher.

是的，傑米，就週期而言，我們看到許多典型因素和一些非典型因素影響卡車週期。因此現貨價格持續處於低位，客戶的經濟需求實際上並沒有成長。利率仍然較高。

And while the age of the fleet on average has gone up some we still are seeing that normal cyclical down in the truck market, which then had on top of this uncertainty around tariff policy, the impact that's going to have on price of trucks and regulatory uncertainty, which means customers are really just holding, waiting to see what happens, get more stability and clarity on orders.

雖然車隊的平均使用年限有所增加，但我們仍然看到卡車市場出現正常的周期性下滑，再加上關稅政策的不確定性，卡車價格也會受到影響，監管也存在不確定性，這意味著客戶實際上只是在等待，看看會發生什麼，以獲得更穩定和更清晰的訂單。

And in Q2, build rates held up okay. We saw some softening. But as Mark noted, we're seeing a lot more down days and our customers and us restructuring in our plants in anticipation of a much weaker Q3, how long will it last is a little bit hard to predict.

在第二季度，建設率保持良好。我們看到了一些軟化跡象。但正如馬克指出的那樣，我們看到了更多的停工期，我們的客戶和我們正在對工廠進行重組，以應對第三季度更加疲軟的局面，這種情況會持續多久還很難預測。

The optimistic gen would say we get more tariffs clarity and stability in Q3 and more certainty on regulation. We still believe today that we'll have 27 NOx regulation. And if we do, then that will likely drive demand back up, but it's uncertain right now.

樂觀的人會說，我們在第三季將獲得更清晰的關稅和穩定性，並在監管方面獲得更多的確定性。我們今天仍然相信我們將有 27 項 NOx 法規。如果我們這樣做，那麼這可能會推動需求回升，但目前還不確定。

We're working closely with the EPA to try to push for clarity and help them understand levers that they may have to reduce the total cost impact of that, in particular, longer emissions warranty, but it's really hard for me to predict. So the pessimist says it drags out longer and that's part of why we're not giving guidance is it's just really difficult to predict.

我們正在與美國環保署密切合作，試圖推動澄清，並幫助他們了解可能用來降低總成本影響的手段，特別是延長排放保固期，但這對我來說真的很難預測。因此悲觀主義者認為這會持續更長時間，這也是我們不提供指導的原因之一，因為它真的很難預測。

And the person sat next to it, I will just point out that more years than not, Q4 is not particularly stronger than Q3. So we're hoping for that, that would definitely help all industry participants but we need to see a significant change in the momentum. The momentum for orders to us for Engine Systems is down, obviously, clearly down.

對於坐在旁邊的人，我只想指出，大多數年份，第四季並不比第三季特別強勁。因此，我們希望這一點，這肯定會幫助所有行業參與者，但我們需要看到勢頭的重大變化。顯然，引擎系統訂單的勢頭明顯下降。

Rob Wertheimer, Melius Research.

Rob Wertheimer，Melius Research。

You guys just touched on the engine margins. And Mark, I understand your comments on where things have to go given volumes. But -- this quarter was pretty good and last quarter was great.

你們剛剛談到了引擎的利潤率。馬克，我理解你對於事情在數量上應該如何發展的評論。但是——本季表現相當不錯，上個季度表現也很棒。

And I wondered if you might comment on price that might influence that or anything else given a shallow margin decline on lower revenues and engines. And Jen just touched on [ETA '27]. I wonder if you have any guess as to when we have at least clarity on what the resolution will be.

我想知道您是否會對價格發表評論，因為價格可能會對這一問題或其他問題產生影響，因為收入和引擎的下降導致利潤率略有下降。Jen 剛剛提到[預計抵達 '27]。我想知道您是否能猜測一下我們什麼時候才能至少明確解決方案是什麼。

Yeah. So a couple of factors on the engine margin. We called out in prior quarters because it's been a running theme. As we've launched new models in the light-duty segment, we have raised prices. Product quality has been very stable and positive.

是的。因此，發動機裕度存在幾個因素。我們在前幾個季度就提出過這個問題，因為這一直是個主題。隨著我們在輕型車領域推出新車型，我們提高了價格。產品品質一直非常穩定且積極。

And then China, I don't want to get people overexcited on China, but stepped up a little bit from weaker levels now the engine business benefits a lot from the joint venture earnings in China, which are a little bit higher.

然後是中國，我不想讓人們對中國市場過度興奮，但現在發動機業務已經從較弱的水平稍微提升了一點，從中國合資企業的盈利中受益匪淺，而合資企業的盈利略高一些。

So all those factors -- and then when we say strong parts, that's flowing through the engine business and power systems generally. So all those were factors. But the pricing primarily on new engines was around light-duty.

因此，所有這些因素——當我們說強大的部件時，通常是指引擎業務和動力系統。所以所有這些都是因素。但新引擎的定價主要集中在輕型引擎上。

I'll just add, we have had the focus on operational efficiency come in through a couple of years, we had a lot of supply disruption and high demand. We've had a focus on really just improving the fundamentals of how our business operates and how our plants operate and then we did do some targeted restructuring last year to optimize how our business operates and took advantage of the softening that we started to see last year to do that. So you're seeing some benefit of that across the company as well.

我只想補充一點，幾年來我們一直注重營運效率，我們遇到了很多供應中斷和高需求的問題。我們一直專注於真正改善業務運營和工廠運營的基本面，然後我們去年確實進行了一些有針對性的重組，以優化我們的業務運營方式，並利用去年開始看到的疲軟趨勢來做到這一點。所以你也會在整個公司看到它帶來的一些好處。

Okay. Thank you, Jennifer. Thank you, Mark.

好的。謝謝你，詹妮弗。謝謝你，馬克。

Tim Thein, Raymond James

提姆泰恩、雷蒙詹姆斯

Oh, thank you and good morning. The first question was on the Power Gen business. And I guess, more domestically, this speed to power theme is gaining a lot of momentum and traction in terms of operators that want to get up get power access quickly?

哦，謝謝你，早安。第一個問題是關於發電業務的。我想，在國內，對於想要快速獲得電力的營運商來說，這種快速供電主題正在獲得很大的發展勢頭和吸引力？

And just given the long lead times for industrial gas turbines, it seems like you're starting to see and hear a little bit more of operators that are looking to leverage RCI as a way to gain off-grid primary power. And I'm just curious if that's something that that come in has seen or is expecting to see -- maybe just a comment on that.

鑑於工業燃氣渦輪機的較長交貨期，您似乎開始看到和聽到更多運營商希望利用 RCI 來獲取離網主要電力。我只是好奇，這是那些進來的人所看到或期望看到的東西——也許只是對此發表評論。

Yeah, I mean I think the trend certainly is need for more power challenges of getting that power. Today, we are still primarily positioned in backup power. Certainly, strategically, we're looking at where we want to position ourselves for the future is that, that demand for power continues to exist, but it's not and really meaningfully impacting our business today or in the near future.

是的，我的意思是，我認為趨勢肯定是需要更多的權力挑戰來獲得這種權力。今天，我們仍然主要定位於備用電源。當然，從戰略上講，我們正在考慮未來的定位，即對電力的需求仍然存在，但它不會對我們目前或不久的將來的業務產生真正有意義的影響。

Okay. All right. Understood. And then just on distribution, I can remember years ago when double digits was talked about as the aspirational target there. I'm just curious, is the power gen business obviously has been growing for some time.

好的。好的。明白了。然後就分佈而言，我記得幾年前曾討論過將兩位數作為理想目標。我只是好奇，發電業務顯然已經成長了一段時間。

Are there more -- just as the power demand increase and maybe the data centers are consuming more and more power, is that bringing along more services and more kind of ancillary-type revenues with those installations such that that business carries higher margins? Or would that all be reflected in Power Systems margins?

是否有更多——隨著電力需求的增加以及數據中心可能消耗越來越多的電力，這些設施是否會帶來更多的服務和更多的輔助收入，從而使該業務獲得更高的利潤率？或者這一切都會反映在電力系統利潤上嗎？

I'm just curious, as the parts part of distribution as a percentage has continued to decline, which I would think would be dilutive to the margin. So maybe just a comment on that would be helpful.

我只是好奇，因為零件佔分銷總額的百分比一直在下降，我認為這會稀釋利潤率。因此，也許對此發表評論會有所幫助。

I think yes, you're right. Any of those services and other things would show in distribution, not in power systems. But I think what lies beneath the surface a little bit, Tim, is just a more broad-based improvement in our international operations. I do also remember vividly those double-digit margin targets when we set them -- there's been dramatic improvements in area like Africa, where we had high growth aspirations and quite frankly, had some risk management issues and execution issues early on, those are long behind us.

我認為是的，你是對的。任何這些服務和其他事物都會顯示在配電系統中，而不是電力系統中。但提姆，我認為，從表面來看，我們的國際業務正在得到更廣泛的改善。我確實清楚地記得我們設定的那些兩位數的利潤率目標——非洲等地區取得了顯著的改善，我們對這些地區有很高的增長期望，坦率地說，早期存在一些風險管理問題和執行問題，但這些問題早已成為過去。

So I think we've really more broadly improved the operational effectiveness and profitability focus outside North America in addition to improving North America. So I think it's a more broad-based phenomenon that's really driven the results.

因此，我認為，除了改善北美之外，我們還更廣泛地提高了北美以外的營運效率和獲利能力。所以我認為，真正推動這結果的是一個更廣泛的現象。

So typically, in the power generation market, if we're doing backup power, then there's minimal aftermarket parts demand, but the distribution business can do additional content on the installation and benefit from that work with the customer.

因此，通常情況下，在發電市場中，如果我們提供備用電源，那麼售後零件的需求就很小，但配電業務可以在安裝方面做額外的工作，並從與客戶的合作中受益。

David Raso, Evercore ISI.

大衛·拉索（David Raso），Evercore ISI。

Hi, thank you. I know you don't want to give guidance, but I am curious just directly to ask, the EBITDA margin for Engine in third quarter, fourth quarter, how are you thinking about that relative to -- we've been above 13% now for a while, haven't been below 12%, 11% since, I think, late 2020, 2021. You mentioned the JV income maybe a little bit better as an offset. It's obviously more impactful to lower the consolidated revenues are.

你好，謝謝。我知道您不想給出指導，但我很好奇，直接問一下，Engine 第三季度和第四季度的 EBITDA 利潤率，您如何看待這個數字——我們現在的利潤率已經超過 13% 一段時間了，自 2020 年末和 2021 年以來就沒有低於過 12% 或 11%。您提到合資企業的收入可能會好一點，作為補償。降低合併收入的影響顯然更大。

Just because people are going to look at -- at least a thought process of a bottoming truck in the next few quarters when it comes to margins and then go from there on how to think about '26 earnings. Can you give us any quantification of how to think about the EBITDA margins and engines in the third quarter back half of '24 -- '25? Thank you.

只是因為人們將要考慮——至少是未來幾季利潤率觸底的思考過程，然後從那裡開始考慮如何考慮 26 年的收益。您能否提供我們一些量化數據，說明如何看待 24 年至 25 年下半年第三季的 EBITDA 利潤率和引擎？謝謝。

Yeah, we spent a lot of time staring at that, as you can imagine, and what I would say is I don't see a lot of momentum. China has improved off a very roof bottom, but we're going to come under pressure here in the second half. What I'd say is whilst the margins are going to go down, clearly, there's nothing structural about that. We're just -- the volumes are going to go down significantly. I think if we looked on a full-year basis, we might see -- there's no reason to see why the decrement is very different on a full-year basis from prior cycles.

是的，你可以想像，我們花了很多時間盯著這個問題，我想說的是，我沒有看到太大的動力。中國已經從谷底回升，但下半年我們將面臨壓力。我想說的是，雖然利潤率會下降，但顯然這不是結構性問題。我們只是——交易量將大幅下降。我認為，如果我們從全年的角度來看，我們可能會發現——沒有理由認為全年的減幅與前幾個週期的減幅有很大不同。

But clearly, for engines and components they're going to come under significant pressure. And just to give a bit more topical -- not to be negative, just to give them back. We already know how many engines we produce in heavy and medium-duty truck in July, we can see the order build rate for August. It's going to be very depressed, as Jen said, down 25% to 30%. That's not surprising given how low the orders are.

但顯然，引擎和零件將面臨巨大的壓力。只是為了給更多主題——不帶有負面的意味，只是為了回報他們。我們已經知道7月份我們生產了多少輛重型和中型卡車的發動機，我們可以看到8月份的訂單建造率。正如 Jen 所說，情況將會非常低迷，下降 25% 至 30%。考慮到訂單量如此之低，這並不奇怪。

But I think as we look forward though, we're confident that we -- margins will rebound quickly as the volume comes through. The other complexity that we're dealing with is a lack of clarity on emissions regulations means we've got to retain flexibility on the engineering side. And we said at our last Analyst Day, over time, we expect engineering to come down as a percent of sales in engines and components.

但我認為，展望未來，我們有信心，隨著銷售量的成長，利潤率將迅速反彈。我們面臨的另一個複雜問題是排放法規缺乏明確性，這意味著我們必須在工程方面保持彈性。我們在上次分析師日上表示，隨著時間的推移，我們預計工程在引擎和零件銷售額中所佔的百分比將會下降。

We're not able to execute that side of it yet because of this lingering uncertainty. So clear reduction, but nothing structural, no significant changes to market pricing, which always could have an impact structurally. So we're going to go down and then we're going to rebound in those two businesses.

由於仍然存在不確定性，我們目前還無法執行這項操作。因此，雖然明顯減少了，但沒有任何結構性變化，也沒有對市場定價產生重大影響，而市場定價總是會產生結構性影響。因此，我們的這兩項業務將會先下滑，然後再反彈。

And hopefully, that's quicker rather than later -- history says we don't have that many quarters of down. A few quarters in already, but we're waiting for more momentum on the order side. But yes, it's going to be tough definitely until the second half.

希望這個過程能盡快結束——歷史經驗告訴我們，我們不會有那麼多季度的下滑。已經過去幾個季度了，但我們正在等待訂單方面的更多動力。但是的，直到下半場肯定會很艱難。

The incremental margins, again, I know you're avoiding quantifying, but just so we can frame this a little bit, is the idea that decremental margins and EBITDA for engines for the third quarter, it's at 35%-ish, 40% kind of range. We're just trying to get some sense of --

再次強調，我知道您避免量化增量利潤率，但為了便於我們稍微闡述一下，第三季引擎的遞減利潤率和 EBITDA 大約在 35% 到 40% 的範圍內。我們只是想了解一下--

Yeah, they're going to be pretty heavy. They're going to -- I'm not trying to hide from it. They're going to be pretty heavy. These are some of the largest declines we've seen. If you look at the orders in the past three or four months, they're amongst the weakest three- or four-month periods we've had in the last 20 years.

是的，它們會很重。他們會——我並不想迴避這一點。它們會相當重。這是我們所見過的最大幅度的下降。如果你看過去三、四個月的訂單，你會發現這是我們過去 20 年來最疲軟的三、四個月之一。

That's going to show up in our numbers, but it's going to be -- it's a cyclical business, and it will rebound. And just to reinforce, it's going to be tough. But then when the volumes come back, which they inevitably will, quite when we can't say we'd expect performance to rebound as well.

這會在我們的數據中反映出來，但這是一個週期性的業務，它會反彈。需要強調的是，這將會很艱難。但是，當交易量不可避免地回升時，我們不能說我們預期效能也會反彈。

So hopefully, July is the trough. We started with a spreadsheet. Imagine a spreadsheet in front of you. I'm still old and I use spreadsheets where we've got customer down days by brand by location. And when we sat here three months ago, it was modest for the third quarter, and now it's kind of a sea of red.

所以希望七月是低谷。我們從電子表格開始。想像一下您面前有一張電子表格。我仍然很老，我使用電子表格，其中記錄了按品牌和位置劃分的客戶停留天數。三個月前，當我們坐在這裡時，第三季的業績還算溫和，但現在，卻一片紅海。

But we'll come through this period, but the margins will come under pressure. We're not going to hide from that, but there's nothing structural change and that's what I want investors to leave. If it was something structural, we would tell you that it's going to be volume based and it's going to be tough.

但我們會度過這段時期，但利潤率將面臨壓力。我們不會迴避這一點，但沒有結構性變化，這就是我希望投資者留下的。如果它是結構性的東西，我們會告訴你它將是基於數量的，而且會很困難。

The good news is we've got two businesses that are performing at record levels where demand is high. That's what we look for and stronger than they have done in prior cycles and we expect broadly demand for those businesses to remain stable for the remainder of the year.

好消息是，我們的兩家企業在需求旺盛的情況下，業績表現創下了歷史新高。這正是我們所期待的，而且比前幾個週期的表現更強勁，我們預計在今年剩餘時間內這些業務的需求將保持穩定。

So I hope that helps a bit. I know it's tough. The reason why we haven't given guidance is as you can see, withdrew guidance, it was nothing to do with our performance in the second quarter, but the number of variables out there essentially remain the same from three months ago.

我希望這能有所幫助。我知道這很難。我們沒有給出指引的原因正如你所看到的，撤回了指引，這與我們第二季度的業績無關，但變數的數量與三個月前基本保持不變。

Yes, we've got more visibility into Q3, and it's much worse than we would have imagined at the start of the year. It's worse than we would have imagined three months ago but we hope this is the bottoming period. And then we're moving on and hopefully, the industry set up for a better 2026, and we are well positioned with strong position in the markets, good relationships with excellent customers. So we look forward to that.

是的，我們對第三季有了更多的了解，情況比我們年初想像的要糟糕得多。情況比我們三個月前想像的還要糟糕，但我們希望這是一個觸底的時期。然後我們繼續前進，希望產業能夠為 2026 年的更好發展做好準備，我們在市場上佔據強勢地位，與優秀客戶保持良好的關係。所以我們對此充滿期待。

But yes, this is going to be one of those tougher periods.

但確實，這將是一段較為艱難的時期。

Kyle Menges, Citi.

花旗銀行的凱爾孟格斯 (Kyle Menges)。

Thank you. I was hoping, Mark, if you could just touch on your thoughts on capital allocation quickly. And how you're thinking about leverage at current levels, appetite for share buybacks? And then I'm thinking you guys should be beneficiaries from the Big Beautiful Bill and favorable cash taxes and just -- have you tried to quantify that impact and thoughts on where you might deploy that excess cash to?

謝謝。馬克，我希望你能快速談談你對資本配置的看法。您如何看待目前水準的槓桿率和股票回購的興趣？然後我想你們應該是《大美麗法案》和優惠現金稅的受益者，你們是否嘗試量化這種影響並考慮過將這些多餘的現金部署到哪裡？

Yeah, so we've had pretty long track record of returning capital to shareholders. We set this long-term benchmark of at least 50%, and we've been living up to that even during a period where we made a major acquisition. You saw we had a healthy increase in the dividend here. We've been working hard to improve our leverage metrics, and I feel good about where they are now.

是的，我們在向股東返還資本方面有著相當長的記錄。我們設定了至少 50% 的長期基準，即使在進行重大收購期間，我們也一直保持著這個基準。您會看到我們的股息有了健康成長。我們一直在努力提高我們的槓桿指標，我對目前的狀況感到滿意。

So really -- the pace of capital allocation is really based on economy prospects for the business when we do capital allocation, we're also looking at making sure we're doing that in the most effective way that we can. So yes, incrementally, we should be looking for more of that going forward as a base case. Yes, if the taxes are the beautiful part, then the tariffs are definitely not, right?

因此，實際上，資本配置的速度取決於企業的經濟前景，當我們進行資本配置時，我們也會確保以最有效的方式進行資本配置。所以是的，我們應該逐步尋找更多這樣的情況作為基本情況。是的，如果稅收是美好的部分，那麼關稅肯定不是，對嗎？

And the challenge is that the tariff costs have created great uncertainty. I just say a little bit about tariffs since I haven't been asked about that yet that the cost of the tariffs to Cummins and I'll quantify the tax benefits in a moment, multiples of the tax -- the pull forward of tax benefits that are allowed under accelerated depreciation.

而挑戰在於關稅成本帶來了很大的不確定性。我只是稍微談一下關稅問題，因為還沒有人問我關稅對康明斯的成本，我稍後會量化稅收優惠，稅收的倍數——加速折舊允許的稅收優惠的提前。

And whilst we've done a pretty good job in mitigating tariffs it's placing a significant burden on the industries and all the participants that we play on. So all that weighs into all this calculus of liquidity, capital allocation.

雖然我們在降低關稅方面做得相當不錯，但這給業界和所有參與者帶來了沉重的負擔。所以所有這些都會影響流動性和資本配置的計算。

To answer you specifically on the tax bill, I mean, we've got some choices to make and what elections we want to make through the various dynamics of tax legislation you could reasonably expect $125 million to $250 million of cash benefit. But we haven't -- we'll finalize our choices in the third quarter.

為了具體回答您關於稅收法案的問題，我的意思是，我們需要做出一些選擇，我們希望透過稅收立法的各種動態做出哪些選擇，您可以合理地預期獲得 1.25 億至 2.5 億美元的現金收益。但我們還沒有——我們將在第三季最終確定我們的選擇。

In taxes, inherently some strange trade-offs where cash benefits today can be negative for long-term tax rates. And then we have quite a relatively complex global business that we've got to think all of that through.

在稅收方面，本質上存在一些奇怪的權衡，今天的現金收益可能會對長期稅率產生負面影響。然後，我們有一個相對複雜的全球業務，我們必須仔細考慮所有這些。

So I would say on the margin, could that be like 5% to 8% of our operating cash flow for the year? Yes. Does it fundamentally change any of our business plans for this year? No. We've invested a lot in North America to meet the upcoming emissions regulations. And quite frankly, we're looking for some clarity to be able to deploy that capital effectively with our new products going forward. So we're not rushing to spend more capital here.

所以我想說，就利潤率而言，這是否可以占到我們全年經營現金流的 5% 到 8% 呢？是的。這是否會從根本上改變我們今年的任何業務計劃？不。我們在北美投入了大量資金以滿足即將出台的排放法規。坦白說，我們正在尋求一些明確的方案，以便能夠在未來新產品中有效地部署這些資本。所以我們並不急於在這裡投入更多資金。

We're hoping for clarity on utilizing the capital invested. So sorry for the long -- a little bit of whining there, but just to reinforce the complexity that we're facing.

我們希望能夠明確如何利用所投資的資本。很抱歉這麼長時間以來我一直抱怨，但這只是為了強調我們所面臨的複雜性。

That's helpful. And then just it sounds like you're expecting to completely offset tariff impacts and pass through to the customer. You commented a little bit on how the industry is handling it. But maybe you could just expand on just what you're seeing and hearing from the customers and markets and how they're handling that pass-through of the tariff costs?

這很有幫助。這聽起來就像您希望完全抵消關稅影響並轉嫁給客戶。您對業界如何處理這個問題做了一些評論。但也許您可以詳細說明您從客戶和市場看到和聽到的情況，以及他們如何處理關稅成本的轉嫁？

And then is the plan still to roll out the EPA '27 compliant engine in '26 and that will be additional pricing on that. So just, I guess, would love to hear your thoughts, how you're thinking about that and the industry's ability to handle even more pricing? Thank you.

然後計劃仍是在 26 年推出符合 EPA 27 標準的發動機，這將產生額外的定價。所以，我想，我很想聽聽您的想法，您對此有何看法，以及該行業是否有能力處理更高的定價？謝謝。

So tariffs were negative to profitability for Cummins in the second quarter. So we did not fully recover -- we're approximately $22 million negative net in the quarter. We've been working hard to mitigate the costs through managing when we're buying materials, where we're buying it from, resourcing where we can -- we've done a lot, as you can imagine, making choices about supply chain is hard when the international tariff dynamic keeps changing.

因此，關稅對康明斯第二季度的獲利能力產生了負面影響。因此我們尚未完全恢復——本季我們的淨虧損約為 2,200 萬美元。我們一直在努力透過管理購買材料的時間、購買地點、盡可能的資源來降低成本——我們已經做了很多，你可以想像，當國際關稅動態不斷變化時，對供應鏈做出選擇是很困難的。

So it's hard to make any decisions to shift when you're not sure that we've reached a period of stability. So about $22 million negative, as we said three months ago, we didn't expect the full impact until the second half of the year. That's the case. So both the costs to Cummins and the degree of recoveries will be increasing in subsequent quarters, we expect to enter Q4 on a much closer to price cost neutral on tariffs starting in the fourth quarter.

因此，當你不確定我們是否已經達到穩定期時，很難做出任何轉變的決定。因此，正如我們三個月前所說的那樣，負值約為 2200 萬美元，我們預計直到今年下半年才會產生全部影響。確實如此。因此，康明斯的成本和復甦程度都將在隨後的幾個季度中增加，我們預計從第四季度開始，價格成本將更接近關稅中性。

But there's a gap in Q2, will be a gap in Q3, Q4 will get close. But it's hard to underestimate the amount of resources and time that this is consumed amongst all industry participants. It is -- I do believe, we don't know exactly what the end user prices are.

但第二季存在差距，第三季也會出現差距，第四季將會縮小。但很難低估所有產業參與者為此所消耗的資源和時間的數量。是的——我確實相信，我們並不確切知道最終用戶的價格是多少。

But we do know that everybody is suffering with this, it doesn't help at a time when trucker orders, in particular, had already been slowing. But that's maybe more than you wanted I'll move on quickly from a very -- yeah, uncomfortable topic here.

但我們確實知道每個人都在遭受這種困擾，尤其是在卡車司機訂單已經放緩的時候，這無濟於事。但這可能比你想要的還要多，我很快就會從一個非常——是的，令人不舒服的話題轉移開來。

Yeah. And on the product launches. So the regulations are still in place today. We're continuing to work towards launching and we have our new platforms, of course, the helm engine platform is launching is a part of the '27 regulations. We are no longer launching the X15 earlier in the year. So at the end of next year, we'll be launching those new platforms to comply with the '27 regulation and continue to keep the team focused on that.

是的。以及產品發布。因此這些規定至今仍然有效。我們正在繼續努力推出新平台，當然，舵機平台的推出是 27 條規定的一部分。我們不再在今年早些時候推出 X15。因此，明年年底，我們將推出這些新平台以遵守 27 條法規，並繼續讓團隊專注於此。

Just as a reminder, those engines are all made in the US, and we're investing $1 billion in our engine plants primarily because of the new platforms, which we believe will really position us with the most efficient, highest power density best products in the market.

提醒一下，這些引擎都是在美國製造的，我們將在引擎工廠投資 10 億美元，主要是為了新平台，我們相信這將真正使我們擁有市場上最高效、功率密度最高的最佳產品。

Tami Zakaria, JPMorgan.

摩根大通的塔米·扎卡里亞。

Hey, good morning. Thank you so much. One more question on [CARB] systems. Should we expect better cost absorption and improved incremental margin versus what we are seeing now when the remaining capacity goes live next year? The premise of the question is, whether you're currently seeing some inefficiencies as you're building capacity and firing on all cylinders against robust demand. And so whether incremental margin could get even better once the new capacity is live and running at full rate. So if you could comment on that.

嘿，早安。太感謝了。關於[CARB]系統還有一個問題。當剩餘產能明年投入使用時，我們是否應該預期比現在更好的成本吸收和更高的增量利潤率？問題的前提是，當您在建立產能並全力以赴應對強勁需求時，您是否目前看到了一些效率低下的問題。那麼，一旦新產能投入使用並全速運轉，增量利潤率是否會變得更好。所以如果你能對此發表評論的話。

Perfectly reasonable question that makes the assumption that so many things are standing still, right? I mean there's always a million and one things going on. But if you ask us, do we have aspirations for the Power Systems margins over time to go high. Yes, we do, right? And yes, when capacity is fully installed and the demand is still there, usually, that's better.

這是一個非常合理的問題，假設很多事情都是靜止的，對嗎？我的意思是總有無數的事情發生。但如果你問我們，我們是否希望電力系統的利潤率隨著時間的推移而不斷提高。是的，是的，對吧？是的，當產能已滿，且需求仍然存在時，通常情況會更好。

But there's a lot of variation. We don't just make one engine in one facility, a lot of differences by end market and region. But just to be clear, do we expect over time, not what's been nice to see is this consistency now of higher performance quarter-on-quarter. Yes, we still think there's plenty of things to work on to take as high. We don't expect dramatic changes for the remainder of this year, revenue should be relatively range bound.

但其中存在著許多變化。我們不只在一個工廠生產一台發動機，不同的終端市場和地區生產的產品也有很大差異。但需要明確的是，我們是否期望隨著時間的推移，現在看到的不是這種季度環比更高表現的一致性，而是令人高興的。是的，我們仍然認為還有很多事情要做才能達到更高的水平。我們預計今年剩餘時間內不會出現劇烈變化，收入應該會相對穩定。

But as we go forward, yes, after absorbing investments, we'd hope to do better. All other things being equal.

但隨著我們不斷前進，是的，在吸收投資之後，我們希望做得更好。在其他條件相同的情況下。

Great, thank you. That's all I had.

太好了，謝謝。這就是我所擁有的一切。

Steven Fisher, UBS.

瑞銀的史蒂文·費雪。

Thanks, good morning. Just wanted to start on Power Gen. You mentioned that you have backlog out two years. I'm assuming that's for the largest engines. Just curious what the lead times are on some of those. And obviously, you have the capacity coming online fully next year. How does that affect the lead times that you see there?

謝謝，早安。只是想開始使用 Power Gen。您提到您已經積壓了兩年的工作。我假設這是針對最大的引擎而言的。只是好奇其中一些的交貨時間是多久。顯然，明年你們的產能將會全面上線。這對您所看到的交貨時間有何影響？

Yeah, so obviously, as we're taking orders, we're considering the incremental capacity that we'll have coming online next year. So we are taking orders out in the '27 time frame now from our customers. If we have any movement in terms of current order backlog and order demand, we reallocate those slots and would work with our customers to do that. But if you want, in particular, the larger engine orders today, I'm happy to put you in the queue in '27 for that.

是的，很明顯，當我們接受訂單時，我們正在考慮明年上線的增量產能。因此，我們現在正在接受客戶在 27 個時間內的訂單。如果當前訂單積壓和訂單需求有任何變化，我們會重新分配這些時段，並與我們的客戶合作。但是如果您今天想要更大的引擎訂單，我很樂意將您列入 27 年的隊列中。

Okay. And then sorry to ask a follow-up on the uncomfortable topic, but in terms of the Q4 tariffs, you mentioned that you expect to be price versus cost neutral there from customers. Is that just contractually what you have embedded in these new agreements? Or is there a negotiation that has to happen there? Just curious how that should play out.

好的。然後很抱歉詢問這個令人不舒服的話題，但就第四季度的關稅而言，您提到您預計客戶的價格與成本將保持中性。這些只是合約上的內容，你們已經將這些內容嵌入這些新協議中了嗎？或者那裡必須進行談判嗎？只是好奇這應該如何進行。

It is not contractual. And so in most cases, we've been now actively negotiating with our customers on tariff recovery timeline.

這不是合約性的。因此，在大多數情況下，我們都在積極與客戶協商關稅恢復時間表。

Noah Kaye, Oppenheimer Company.

諾亞·凱伊（Noah Kaye），奧本海默公司。

Thanks. Wanted to together a couple of points you mentioned earlier. I think, Mark, you highlighted that maybe engineering spend intensity is being negatively impacted by the uncertainty around the regs. And then, Jen, you mentioned some actual launch pushouts.

謝謝。想將您之前提到的幾點放在一起。馬克，我認為你強調了也許工程支出強度受到了法規不確定性的負面影響。然後，Jen，你提到了一些實際的發布活動。

So can you help us understand just operationally how your engineering and technology strategy are being affected at this moment? Are you doing redundant or duplicative engineering development for a variety of outcomes. Just trying to get a better handle on how you net (multiple speakers)

那麼，您能否幫助我們從營運角度了解您的工程和技術策略目前受到的影響？您是否為了實現各種結果而進行冗餘或重複的工程開發。只是想更好地掌握你的網絡（多位發言者）

So the majority of the work we're doing is focused on these new product launches and so you've got a peak of investment in research and development as well as capital going in ahead of that launch at the end of next year. And we did delay by six months, one of the product launches because frankly, the uncertainty around regulation and tariffs, with creating an environment where even though it was more efficient products that we thought could bring some value to customers, the demand was a concern.

因此，我們所做的大部分工作都集中在這些新產品的發布上，因此在明年年底發布新產品之前，研發和資本的投資將達到頂峰。我們確實將一款產品的發布推遲了六個月，因為坦白說，監管和關稅方面的不確定性，以及所創造的環境，儘管我們認為更有效率的產品可以為客戶帶來一些價值，但需求仍然是一個問題。

So we've delayed that, that then extend some of the R&D for that program. We're, of course, doing some additional work on contingency plans at a much lower level while keeping the team focused on the launches that we have beginning of '27, and then we anticipate following that, that level of R&D and capital investment and engine business and components will start coming down.

因此我們推遲了這項計劃，並延長了該計劃的部分研發時間。當然，我們正在較低水平上做一些額外的應急計劃工作，同時讓團隊專注於 27 年初的發布，然後我們預計，在此之後，研發和資本投資以及發動機業務和零部件的水平將開始下降。

Okay, great. So '27 is really when we start to see some leverage there. And then just quickly shifting gears to power. As you mentioned, I mean your content is primarily today around the backup gen set. With the shift towards more on-site Direct Power, I mean, you have an entire division that can do battery backup and fuel cell power. You're obviously very familiar with natural gas generation. And you've talked in the past, including the Investor Day about micro-grids.

好的，太好了。因此，27 年才是我們真正開始看到一些影響力的時候。然後迅速轉向動力。正如您所提到的，我的意思是您今天的內容主要圍繞備用發電機組。隨著向更多現場直接供電的轉變，我的意思是，您有一個完整的部門可以提供電池備用電源和燃料電池電源。您顯然對天然氣發電非常熟悉。您過去也曾談論過微型電網，包括在投資者日上。

Just can you give us any color on trends in wallet share expansion with the data center customers and if you're seeing that where it's coming from?

您能否向我們介紹一下資料中心客戶的錢包份額擴大的趨勢以及這種趨勢的來源？

So we have launched in the last year, a stationary energy storage product in the market. We have some limited offerings, I would say, today. And both natural gas and stationary energy storage. And that's an area that we are continuing to evaluate our position in the products that we have in our portfolio, and over time, how we might want to participate, and if that's an area we want to expand.

因此，我們在去年向市場推出了一款固定式儲能產品。我想說，今天我們提供的服務有限。以及天然氣和固定能源儲存。我們正在繼續評估我們在產品組合中的地位，以及隨著時間的推移，我們可能希望如何參與，以及我們是否希望擴展這個領域。

So no firm decisions or anything to give guidance on today, but that certainly is an area that could be interesting for Cummins and microgrid space given the growing demand for power and the challenges for customers to meet that.

因此，今天沒有明確的決定或任何可以提供指導的事情，但考慮到不斷增長的電力需求以及客戶面臨的挑戰，這無疑是康明斯和微電網領域感興趣的領域。

Chad Dillard, Bernstein.

查德·迪拉德，伯恩斯坦。

Hi. Good morning, guys. So you commented about tariff or the price cost being neutral by the fourth quarter. And I was just wondering whether that's true on a segment-by-segment basis? Or is it biased towards one versus the other?

你好。大家早安。所以您評論說關稅或價格成本在第四季度將保持中立。我只是想知道從各個細分市場來看這是否正確？還是對其中一方有偏見？

And then secondly, what was price cost in 2Q? And if you can share any thoughts on what it should look like in the third quarter? That would be helpful.

其次，第二季的價格成本是多少？能否分享一下對第三季情況的看法？那將會很有幫助。

Yeah, I mean I think -- Yeah, it's a challenge in all segments of our business is what I would say for tariffs with the engine business components. Probably absorbing more than the rest of the company, but not dramatically different.

是的，我的意思是，我認為——是的，對於我們業務的所有領域來說，這都是一個挑戰，我想說的是引擎業務零件的關稅。可能比公司其他部分吸收的更多，但差異並不大。

Price cost overall when we weigh in the actions that we've taken on parts, the actions that we've taken on light-duty engines, some of the improvements in Power Systems. If I ignore tariffs, then we were about -- we were about 1.2% improvement overall across all the businesses, remembering that's a big step-up in Power Systems and Distribution, in particular.

當我們權衡對零件採取的行動、對輕型引擎採取的行動以及動力系統的一些改進時，整體價格成本是多少。如果我忽略關稅，那麼我們所有業務的整體改善率約為 1.2%，記住，這在電力系統和配電方面尤其是一個很大的進步。

That's here that the Engine business and Components margins were down or flat -- ex product coverage, not improved.

這就是引擎業務和零件利潤率下降或持平的原因——除產品覆蓋率外，沒有提高。

And secondly, just on Accelera, just recognizing that we're in, I guess, a new regime it comes to like alternative powertrains. I guess how are you thinking about the growth trajectory, particularly more so on the electrolyzer side? And then like the path towards the long-term profit target that you set out, has that changed?

其次，就 Accelera 而言，我想我們意識到我們正處於一個類似於替代動力系統的新領域。我猜您如何看待成長軌跡，特別是在電解器方面？那麼，您設定的實現長期利潤目標的路徑有改變嗎？

Yeah, I mean it's fair to say that trajectory of growth in that business has slowed. You have seen us growing and reducing losses. We did a restructuring at the end of last year to try to focus on the areas, the technologies and products that we think will grow. And I do think it positions Cummins well because we're continuing to, of course, offer engine-based solutions. Start-ups are not surviving many of our OEM customers don't really want to invest given the uncertainty.

是的，公平地說，該業務的成長軌跡已經放緩。您已經看到我們不斷成長並減少損失。我們在去年年底進行了重組，試圖專注於我們認為將會成長的領域、技術和產品。我確實認為這對康明斯來說是一個良好的定位，因為我們當然會繼續提供基於引擎的解決方案。新創公司無法生存，我們的許多 OEM 客戶因為不確定性而不想投資。

So we're really trying to position ourselves to pace investments but be able to be the provider as the market starts to develop. We're continuing to move forward with our partners in the Amplify cell joint venture here in the US with commercial vehicle sell and pacing investments in that together as well. So it's slowing but we're committed to continue to reduce losses over time and grow as the market grows. In the meantime, we'll sell more into, which will be positive for our base business.

因此，我們確實在努力調整自己的定位，以加快投資步伐，但隨著市場開始發展，我們能夠成為供應商。我們將繼續與美國 Amplify cell 合資企業的合作夥伴一起推進商用車銷售，並共同推動該領域的投資。因此，雖然速度正在放緩，但我們致力於隨著時間的推移繼續減少損失，並隨著市場的成長而成長。同時，我們將銷售更多產品，這對我們的基礎業務有利。

Thank you. We have reached the end of our question-and-answer session. I would now like to turn the floor back over to Nick Arens for closing comments.

謝謝。我們的問答環節已經結束。現在我想把發言權交還給尼克·阿倫斯 (Nick Arens) 來做最後發言。

Thank you. That concludes our teleconference for today. Thank you all for participating and your continued interest. As always, the Investor Relations team will be available for questions after the call.

謝謝。今天的電話會議到此結束。感謝大家的參與與持續關注。與往常一樣，投資者關係團隊將在電話會議結束後解答您的問題。

Thank you, ladies and gentlemen. That does now conclude today's teleconference. We appreciate your participation. You may disconnect your lines at this time. Enjoy the rest of your day.

謝謝各位，女士們、先生們。今天的電話會議到此結束。感謝您的參與。現在您可以斷開線路。享受剩餘的一天。