CNH Industrial NV (CNHI) 2022 Q4 法說會逐字稿

Good day, and welcome to today's CNH conference call and webcast. At this time I hand the call over to Jason Omerza. Please go ahead.

美好的一天，歡迎收看今天的 CNH 電話會議和網絡直播。這時我把電話轉給了 Jason Omerza。請繼續。

Thank you, Serge. Good morning and good afternoon to everyone. We would like to welcome you to the webcast and conference call for CNH Industrial's fourth quarter and full year results for the period ending December 31, 2022. This call is being broadcast live on our website and is copyrighted by CNH Industrial. Any other use, recording or transmission of any portion of this broadcast without the express written consent of CNH Industrial is strictly prohibited. Hosting today's call are CNH Industrial's CEO, Scott Wine; and CFO, Oddone Incisa. They will use the material available for download from the CNH Industrial website.

謝謝你，塞爾。大家早上好，下午好。歡迎您參加 CNH Industrial 截至 2022 年 12 月 31 日的第四季度和全年業績的網絡直播和電話會議。此電話會議正在我們的網站上直播，版權歸 CNH Industrial 所有。未經 CNH Industrial 明確書面同意，嚴禁以任何其他方式使用、錄製或傳輸此廣播的任何部分。主持今天電話會議的是 CNH Industrial 的首席執行官 Scott Wine；和首席財務官，Oddone Incisa。他們將使用可從 CNH Industrial 網站下載的材料。

Please note that any forward-looking statements that we might be making during today's call are subject to the risks and uncertainties mentioned in the safe harbor statement included in the presentation material. Additional information pertaining to factors that could cause actual results to differ materially is contained in the company's most recent report 20-F and EU Annual report as well as other periodic reports and filings with the U.S. Securities and Exchange Commission and the equivalent authorities in the Netherlands and Italy. The company presentation includes certain non-GAAP financial measures. Additional information, including reconciliations to the most directly comparable U.S. GAAP financial measures is included in the presentation material.

請注意，我們在今天的電話會議中可能做出的任何前瞻性陳述都受到演示材料中安全港聲明中提到的風險和不確定性的影響。有關可能導致實際結果出現重大差異的因素的其他信息包含在公司最近的報告 20-F 和歐盟年度報告以及其他定期報告和向美國證券交易委員會和荷蘭同等當局提交的文件中和意大利。公司介紹包括某些非 GAAP 財務措施。演示材料中包含其他信息，包括與最直接可比的美國公認會計原則財務措施的調節。

I will now turn the call over to Scott.

我現在將把電話轉給斯科特。

Thank you, Jason, and thanks, everyone, for joining our call. We finished 2022 with solid results as fourth quarter revenues were up over 27%, driving full year consolidated revenues up 21%. We Deliveries and product mix improved in both agriculture and construction. Our strength was broad-based with double-digit year-over-year price realization coming from all regions. We expanded profit margins in both agriculture and construction despite significant input cost increases.

謝謝 Jason，也感謝大家加入我們的電話會議。我們以穩健的業績結束了 2022 年，第四季度收入增長超過 27%，推動全年綜合收入增長 21%。我們在農業和建築領域的交付和產品組合得到改善。我們的實力基礎廣泛，來自所有地區的同比價格實現了兩位數。儘管投入成本顯著增加，但我們擴大了農業和建築業的利潤率。

The industry faced many other headwinds during the year, including a choppy supply chain, elevated freight costs and ongoing inflation. Late in the year, these issues began to modestly improve, and we anticipate that will continue into 2023.

該行業在這一年面臨許多其他不利因素，包括供應鏈不穩定、運費上漲和持續通貨膨脹。今年年底，這些問題開始適度改善，我們預計這種情況將持續到 2023 年。

The CNH team's creativity, hard work and strong execution resulted in company records for both adjusted net income of $2 billion for the year and adjusted earnings per share at $1.46, up 14% over 2021. We also generated $2 billion in free cash flow from industrial activities in the fourth quarter and $1.6 billion for the full year, as we over delivered on our plans to complete and ship our accumulation of partially built units. This benefited our dealers and put us in a net cash position well ahead of our plan.

CNH 團隊的創造力、辛勤工作和強大的執行力使公司全年調整後淨收入達到 20 億美元，調整後每股收益達到 1.46 美元，比 2021 年增長 14%。我們還從工業領域獲得了 20 億美元的自由現金流第四季度的活動和全年的 16 億美元，因為我們超額完成了完成和運送我們積累的部分建造單位的計劃。這使我們的經銷商受益，並使我們的淨現金狀況遠超我們的計劃。

Last year, we launched 2 potent margin improvement initiatives, the strategic sourcing program and the CNHI business system, which we refer to as CBS. Continuous improvement is hard, especially in pursuit of breakthrough results but our team has embraced this lean mindset and is poised to deliver value across the business. Looking ahead, we remain focused on executing our strategy, including significant investments in our tech stack and product development.

去年，我們推出了 2 項有效的利潤率改進計劃，即戰略採購計劃和 CNHI 業務系統，我們稱之為 CBS。持續改進很困難，尤其是在追求突破性成果時，但我們的團隊已經接受了這種精益思維，並準備在整個企業中創造價值。展望未來，我們將繼續專注於執行我們的戰略，包括對我們的技術堆棧和產品開發的重大投資。

Derek Nielsen and his team continue to drive exceptional performance, delivering a strong fourth quarter with full year net sales for the ag business up 22%. This growth was largely propelled by robust industry demand and significant year-over-year price realization, especially in North and South America. We saw improved product mix, including precision ag revenues up 32%, and which benefited from both an increased take rate for factory fit precision options and incremental Raven sales.

德里克·尼爾森 (Derek Nielsen) 和他的團隊繼續推動卓越的業績，第四季度業績強勁，農業業務全年淨銷售額增長 22%。這一增長在很大程度上是由強勁的行業需求和顯著的同比價格實現推動的，尤其是在北美和南美。我們看到產品組合得到改善，包括精密 ag 收入增長 32%，這得益於工廠適合精密選項的採用率提高和 Raven 銷售的增加。

Ag profitability remained healthy, with Q4 gross margins up 280 basis points and adjusted EBIT margin up 310 points admittedly against an easy comp. Margins were down sequentially versus our record third quarter performance impacted by regional mix and the nonstandard work required to finish units. Overall, I'm extremely pleased with the ag team's performance and results.

Ag 的盈利能力保持健康，第四季度的毛利率上升了 280 個基點，調整後的息稅前利潤率上升了 310 個百分點。利潤率連續下降，而我們創紀錄的第三季度業績受到區域組合和完成單位所需的非標準工作的影響。總的來說，我對 ag 團隊的表現和結果非常滿意。

For 2022, ag adjusted EBIT was nearly $2.5 billion, marking our highest profit in more than a decade. We are executing on our customer-centric strategy and customers have responded with continued demand for our high-end products at prices offsetting increased escalated production cost. They have also recognized us with improved net promoter scores, 5% higher than in 2021. Derek and his team are ensuring that customers at the center of all we do, driving the right behaviors and results.

2022 年，公司調整後息稅前利潤接近 25 億美元，是我們十多年來的最高利潤。我們正在執行以客戶為中心的戰略，客戶對我們高端產品的持續需求做出了回應，其價格抵消了不斷增加的生產成本。他們還以更高的淨推薦分數認可了我們，比 2021 年高出 5%。Derek 和他的團隊確保我們所做的一切都以客戶為中心，推動正確的行為和結果。

Stefano Pampalone and his construction team executed quite well in the fourth quarter with strong momentum from Sampierana integration, manufacturing improvements and enhanced customer focus, we expect even better progress in 2023 and beyond.

Stefano Pampalone 和他的施工團隊在第四季度的表現相當出色，得益於 Sampierana 整合、製造改進和增強的客戶關注度的強勁勢頭，我們預計 2023 年及以後會有更好的進展。

2022 net sales were up 16% for both the full year and the fourth quarter with noteworthy growth in Europe and South America. Organic growth accounted for about 2/3 of the increase in the remainder with the remainder attributed to Sampierana. Their excavator portfolio and technology innovations have enhanced our ability to meet customer needs and their Eurocomach platforms provide an outstanding foundation for electrification.

2022 年全年和第四季度的淨銷售額均增長 16%，歐洲和南美的增長顯著。有機增長約佔其餘增長的 2/3，其餘部分歸因於 Sampierana。他們的挖掘機產品組合和技術創新增強了我們滿足客戶需求的能力，他們的 Eurocomach 平台為電氣化奠定了出色的基礎。

Construction adjusted EBIT for the quarter was $34 million at a 3.5% margin. Full year adjusted EBIT was up 38% to $124 million and we are encouraged by the ongoing progress in construction. The team is well positioned to deliver on their strategic initiatives, support their dealers and customers and gain market share.

本季度建築業調整後息稅前利潤為 3400 萬美元，利潤率為 3.5%。全年調整後息稅前利潤增長 38% 至 1.24 億美元，我們對建設的持續進展感到鼓舞。該團隊有能力實施他們的戰略計劃，支持他們的經銷商和客戶並獲得市場份額。

This past December, we held an engaging tech data to showcase our extensive suite of precision ag technology. Attendees met our deep team of experts in automation, autonomy and connected platforms to better understand the cutting-edge products we are developing. Through a series of live demo stations, the team exhibited the real-world applications of our groundbreaking smart iron.

去年 12 月，我們舉行了一次引人入勝的技術數據展示，展示了我們廣泛的精密農業技術套件。與會者會見了我們在自動化、自治和連接平台方面的深厚專家團隊，以更好地了解我們正在開發的尖端產品。通過一系列現場演示站，該團隊展示了我們突破性智能熨斗的實際應用。

The products and technology that we demonstrated Tech Day that you see here on this page and those we will be releasing over the next few years, prove our commitment to being a leader in precision agriculture. We reiterate our expectation to deliver over $1 billion of precision ag sales in 2023.

您在本頁此處看到的技術日展示的產品和技術以及我們將在未來幾年發布的產品和技術證明了我們致力於成為精準農業領導者的承諾。我們重申我們預計在 2023 年實現超過 10 億美元的精準農業銷售額。

I also want to highlight 2 recent investments made through our CNH Industrial Ventures arm. Stout Industrial Technology is a U.S.-based startup focused on AI-powered smart agriculture implements. EarthOptics has proprietary sensor technology that precisely measures soil health and structure. By taking minority stakes in these and similar companies through our ventures portfolio, CNH is staying on the cutting edge of emerging technology to develop solutions that provide real advantages for customers.

我還想強調最近通過我們的 CNH Industrial Ventures 部門進行的兩項投資。 Stout Industrial Technology 是一家總部位於美國的初創公司，專注於人工智能驅動的智能農具。 EarthOptics 擁有專有的傳感器技術，可以精確測量土壤健康和結構。通過我們的風險投資組合持有這些公司和類似公司的少數股權，CNH 始終處於新興技術的前沿，以開發可為客戶提供真正優勢的解決方案。

CNH remains committed to adding value and creating profitable growth for its customers and shareholders through sustainability. We have a strong history of sustainability performance as evidenced by our recognitions and our innovative products, including the New Holland methane tractor and electric mini excavator pictured here. In 2022, we pledged to set science-based targets that will enhance our operations, Scope 1 and 2 emissions goals and establish first-time decarbonization goals related to our products, which we will announce later this year.

CNH 始終致力於通過可持續發展為其客戶和股東增加價值並創造盈利增長。我們在可持續發展方面有著悠久的歷史，我們的認可和我們的創新產品證明了這一點，包括此處所示的 New Holland 沼氣拖拉機和電動小型挖掘機。在 2022 年，我們承諾設定以科學為基礎的目標，以加強我們的運營、範圍 1 和 2 排放目標，並製定與我們的產品相關的首次脫碳目標，我們將在今年晚些時候宣布這些目標。

With that, I will turn it over to Oddone to take you through our financial results. Oddone?

有了這個，我將把它交給 Oddone 來帶你了解我們的財務結果。這個很奇怪？

Yes. Thank you, Scott, and good morning, good afternoon to everyone on the call. So fourth quarter net sales from industrial activities of nearly $6.4 billion were up over 27% net of adverse FX impacts. Full year net sales of industrial activities of $21.5 billion were up 21% or over 24% at constant currency. Continued price adjustments were significant drivers for our top line growth in the quarter, but volume and mix also accounted for around 15% sales increase from Q4 2021.

是的。謝謝你，斯科特，早上好，下午好，電話會議上的每個人。因此，第四季度來自工業活動的淨銷售額接近 64 億美元，扣除不利的外匯影響後增長超過 27%。全年工業活動淨銷售額為 215 億美元，增長 21%，按固定匯率計算增長超過 24%。持續的價格調整是我們本季度收入增長的重要推動力，但數量和組合也佔 2021 年第四季度銷售額增長約 15%。

For our Industrial segments, fourth quarter gross margin was 21.7% and 22.2% for the full year. The year-over-year margin improvement of 1.5 points is mainly due to strong and profitable growth in South America and disciplined price realization globally, which more than offset rising cost -- production costs. Q4 adjusted EBIT came in at $680 million, up $302 million from 2021, with a corresponding EBIT margin of 10.7%, a 310 basis points improvement versus prior year. Full year adjusted EBIT of Industrial Activities was $2.4 billion with a margin of 11.3%, up 140 basis points from 2021.

對於我們的工業部門，第四季度毛利率為 21.7%，全年毛利率為 22.2%。利潤率同比提高 1.5 個百分點，這主要是由於南美強勁且有利可圖的增長以及全球範圍內嚴格的價格實現，這足以抵消不斷上升的成本——生產成本。第四季度調整後息稅前利潤為 6.8 億美元，比 2021 年增加 3.02 億美元，相應的息稅前利潤率為 10.7%，比上年提高 310 個基點。全年調整後的工業活動息稅前利潤為 24 億美元，利潤率為 11.3%，比 2021 年增長 140 個基點。

Free cash flow from Industrial Activities was $1.6 billion in 2022, which turned at our initial industrial activities net debt into a net cash position of $362 million at the end of the year, as Scott discussed in his introductory slide. Adjusted net income for the quarter was $486 million, up $61 million compared to prior year. This resulted in adjusted earnings per share of $0.36, up $0.05 year-over-year and full year adjusted EPS was $1.46. Adjusted net income for the quarter was affected by a higher tax rate due to discrete items booked in Q4.

2022 年，來自工業活動的自由現金流為 16 億美元，正如 Scott 在他的介紹性幻燈片中所討論的那樣，這使我們最初的工業活動淨債務在年底變成了 3.62 億美元的淨現金頭寸。本季度調整後的淨收入為 4.86 億美元，比去年同期增加 6100 萬美元。這導致調整後每股收益為 0.36 美元，同比增長 0.05 美元，全年調整後每股收益為 1.46 美元。本季度調整後的淨收入受到更高稅率的影響，原因是第四季度登記的離散項目。

The full year adjusted effective tax rate was about 28%, mainly due to the jurisdictional mix of pretax profits with higher rates coming from South America, and we will likely see the tax rate upper end to lower in 2023. Available liquidity as of December 31 was $10.6 billion. And at the Annual General Meeting, the Board of CNH Industrial is planning to recommend an annual cash dividend of $0.36 per common share, totaling a little over $500 million in distribution to shareholders.

全年調整後的有效稅率約為 28%，主要是由於稅前利潤與來自南美的較高稅率的管轄組合，我們可能會看到稅率上限在 2023 年下降。截至 12 月 31 日的可用流動性為 106 億美元。在年度股東大會上，CNH Industrial 董事會計劃建議派發每股普通股 0.36 美元的年度現金股息，向股東分配的總額略高於 5 億美元。

In the fourth quarter, strong volumes in double-digit price realization continued to shield us from the steep increase in production costs. R&D and SG&A expenses were higher tied to technology investments, inflation and newly acquired businesses. Energy costs increased year-over-year but still accounted for about 0.5 percentage point of our total production costs worldwide.

第四季度，兩位數價格實現的強勁銷量繼續保護我們免受生產成本急劇增加的影響。研發和 SG&A 費用與技術投資、通貨膨脹和新收購業務的相關性更高。能源成本逐年增加，但仍占我們全球總生產成本的 0.5 個百分點左右。

Agricultural adjusted EBIT increased by $287 million to reach $701 million with a margin of 13.1%, up more than 300 basis points from the same quarter in 2021. The higher profits were driven by higher volumes and favorable pricing, which offset higher product costs, SG&A and R&D expenses. Gross profit was up $394 million compared to Q4 2021, exceeding $1.2 billion with a margin of 13.1% (sic) [23.1%]. For the full year, gross profit was up $989 million or up 140 basis points from 2021, largely driven by strong price realization coming from all regions and better product mix, including margin-rich, technology-related sales growing by about 32%.

農業調整後息稅前利潤增加 2.87 億美元，達到 7.01 億美元，利潤率為 13.1%，比 2021 年同期高出 300 多個基點。利潤增加的原因是產量增加和定價優惠，抵消了產品成本、SG&A 的增加和研發費用。與 2021 年第四季度相比，毛利潤增加了 3.94 億美元，超過 12 億美元，利潤率為 13.1%（原文如此）[23.1%]。全年毛利潤增長 9.89 億美元，比 2021 年增長 140 個基點，這主要是由於來自所有地區的強勁價格實現和更好的產品組合，包括利潤豐厚的技術相關銷售額增長約 32%。

Construction Equipment adjusted EBIT for Q4 increased by $14 million compared to Q4 2021, reaching $34 million with a margin of 3.5%. These results were driven by favorable volume and positive price sterilization but production costs, including strike-related costs were an outsized headwind for the business. Gross profit across the year was up $82 million compared to the full year 2021 mainly due to higher volumes and stronger pricing.

與 2021 年第四季度相比，第四季度建築設備調整後息稅前利潤增加了 1400 萬美元，達到 3400 萬美元，利潤率為 3.5%。這些結果是由有利的銷量和積極的價格對沖推動的，但生產成本，包括與罷工相關的成本，對企業來說是一個巨大的阻力。與 2021 年全年相比，全年毛利潤增加了 8200 萬美元，這主要是由於銷量增加和價格走強。

For our financial service business, net income in the fourth quarter was $75 million, down $50 million compared to 2021. Factors include high-risk cost provisions linked to the termination of the construction business in China, increased labor costs and compressed margin in North America, slightly mitigated by robust volumes across all regions as well as higher recovery on used equipment. Retail originations were $2.9 billion in the quarter, reaching $10 billion for the year, up to $100 million from 2021.

對於我們的金融服務業務，第四季度的淨收入為 7500 萬美元，與 2021 年相比下降了 5000 萬美元。因素包括與中國建築業務終止相關的高風險成本撥備、北美勞動力成本增加和利潤率壓縮，由於所有地區的強勁銷量以及舊設備的更高回收率而略有緩解。本季度零售額為 29 億美元，全年達到 100 億美元，從 2021 年起達到 1 億美元。

The managed portfolio at the end of 2022 was $23.8 billion, up $4 billion on a constant currency basis. Delinquencies remain at a low level, up 10 basis points year-over-year to 1.3%. The increase from December 2021 is explained by the in-sourcing of the revolving credit account portfolio that was purchased in October 2022. CNH Industrial Capital America acquired the receivables previously held by Citi on a private label program that will now be run and booked by our company.

到 2022 年底，管理的投資組合為 238 億美元，按固定匯率計算增加 40 億美元。拖欠率仍處於較低水平，同比上升 10 個基點至 1.3%。自 2021 年 12 月以來的增長是由於 2022 年 10 月購買的循環信貸賬戶組合的內包。CNH Industrial Capital America 收購了花旗之前在自有品牌計劃中持有的應收賬款，該計劃現在將由我們的運營和記賬公司。

Free cash flow from Industrial Activities in the quarter was over $2 billion on the back of a $1.5 billion change in working capital, driven in large part by the reduction of manufacturing inventory, as we mentioned before. At the end of the year, the total gross debt for industrial activity was $5 billion with a net cash position of $362 million. So within the first year of the spinoff, we were able to improve our net financial position by $1.5 billion on the back of the cash generated by the operations.

正如我們之前提到的，由於營運資本發生 15 億美元的變化，本季度來自工業活動的自由現金流超過 20 億美元，這在很大程度上是由於製造庫存的減少。截至年底，工業活動的總債務為 50 億美元，淨現金頭寸為 3.62 億美元。因此，在分拆的第一年內，我們能夠在運營產生的現金的支持下將我們的淨財務狀況改善 15 億美元。

This takes to our capital allocation priorities. And we have targeted spending $4.4 billion in combined R&D and CapEx over the 2022-2024 plan period, almost doubling what we were spending in the previous 3 years. In 2022, we spent the first $1.3 billion of that, and we remain committed to investing in our business to fuel profitable growth. We are confident the products and services we will bring to the market with this spending would ensure higher financial performance in the near future and more importantly, higher efficiencies to our customers.

這涉及到我們的資本分配優先事項。我們的目標是在 2022-2024 年計劃期間在研發和資本支出方面投入 44 億美元，幾乎是前 3 年支出的兩倍。 2022 年，我們支出了其中的首批 13 億美元，我們將繼續致力於投資於我們的業務以推動盈利增長。我們相信，我們將通過這筆支出推向市場的產品和服務將確保在不久的將來實現更高的財務業績，更重要的是，為我們的客戶提高效率。

Strong cash generation helps us maintaining our investment-grade rating, which has been reaffirmed or improved by all the rating agencies after the spin-off. We returned nearly $600 million to shareholders in 2022 through dividends and share repurchases. And as mentioned earlier, we proposed -- the proposed 2023 dividend itself will total above $500 million, and we plan continuing our share buyback program.

強勁的現金生成有助於我們維持我們的投資級評級，分拆後所有評級機構都重申或提高了這一評級。我們在 2022 年通過股息和股票回購向股東返還了近 6 億美元。如前所述，我們提議——擬議的 2023 年股息本身將總額超過 5 億美元，我們計劃繼續我們的股票回購計劃。

We have the liquidity to fund inorganic growth and you are seeing us use the ventures arm for minority investments when opportunity arises. We remain commitment to our capital allocation strategy and focus on maximizing value for our shareholders.

我們擁有為無機增長提供資金的流動性，您會看到我們在機會出現時使用風險投資部門進行少數股權投資。我們仍然致力於我們的資本配置戰略，並專注於為我們的股東實現價值最大化。

This concludes my prepared remarks, and I will now turn it back to Scott.

我準備好的發言到此結束，現在我將把它轉回給斯科特。

Thank you, Oddone. Overall, demand continues to outstrip the industry's ability to supply at least in the near term, which despite record sales has actually dampened the industry levels. Soft commodity prices are trending down, but they are still generally above pre-2022 levels. And fortunately, for farmers, fertilizer and other input costs are dropping as well.

謝謝你，奧多內。總體而言，至少在短期內，需求繼續超過行業供應能力，儘管銷售額創下歷史新高，但實際上已經抑制了行業水平。軟商品價格呈下降趨勢，但仍普遍高於 2022 年前的水平。幸運的是，對於農民來說，化肥和其他投入成本也在下降。

In North America, elevated farm incomes are sustaining demand for high horsepower tractors and combines, while small tractor demand has slowed from the lofty levels seen over the past 2 years. We see the European ag industry flattening as the macro environment starts to impact equipment demand there. South America and Brazil, in particular, is a very good market for us. The business conditions in Brazil are in flux following the presidential election, but we believe that the fundamentals are still positive for agriculture in the region. We also see good long-term opportunities in APAC, but this year will likely be slightly down.

在北美，農場收入的增加維持了對大馬力拖拉機和聯合收割機的需求，而小型拖拉機的需求已從過去兩年的高水平放緩。隨著宏觀環境開始影響那裡的設備需求，我們看到歐洲農業行業趨於平緩。尤其是南美和巴西，對我們來說是一個非常好的市場。巴西的商業環境在總統大選後不斷變化，但我們認為該地區農業的基本面仍然是積極的。我們在亞太地區也看到了良好的長期機會，但今年可能會略有下降。

In construction, global demand is trending lower, and we expect residential and commercial markets in North America and Europe to decline in 2023 due to rising interest rates. However, public construction spending, at least partially fill in those gaps in the United States. In Europe and South America, construction markets will be down in reaction to the overall macro environment. We expect net sales of industrial activities to increase 6% to 10%, with confidence in the stickiness of our 2022 price increases, we expect to build on our margin gains by taking more cost out of our system. We are committed to growing market share, and we have the products, brands and dealer network to do just that.

在建築領域，全球需求呈下降趨勢，我們預計北美和歐洲的住宅和商業市場將在 2023 年因利率上升而下滑。然而，公共建設支出至少部分填補了美國的那些缺口。在歐洲和南美，建築市場將因整體宏觀環境而下降。我們預計工業活動的淨銷售額將增長 6% 至 10%，我們對 2022 年價格上漲的粘性充滿信心，我們希望通過從我們的系統中減少更多成本來擴大我們的利潤率收益。我們致力於增加市場份額，我們擁有實現這一目標的產品、品牌和經銷商網絡。

Returning to full production in our North American plants will also help. Our SG&A as a percentage of sales remains one of the lowest in the industry. And despite inflationary pressures, we will severely limit SG&A growth. Free cash flow will be between $1.3 billion and $1.5 billion, a little lower than last year as we have earmarked $1.6 billion for R&D and CapEx, up about $300 million from 2022. Even accounting for the increased R&D costs, our EBIT is projected to grow slightly faster than our top line. We are becoming a simpler, leaner company every day and expect to modestly improve our industrial margins throughout the year.

恢復我們北美工廠的全面生產也將有所幫助。我們的 SG&A 佔銷售額的百分比仍然是業內最低的之一。儘管存在通脹壓力，我們仍將嚴格限制 SG&A 的增長。自由現金流將在 13 億美元至 15 億美元之間，略低於去年，因為我們已撥出 16 億美元用於研發和資本支出，比 2022 年增加約 3 億美元。即使考慮到研發成本的增加，我們的息稅前利潤預計也會增長比我們的頂線略快。我們每天都在變得更簡單、更精簡的公司，並期望全年適度提高我們的工業利潤率。

Earlier today, we announced that our Board of Directors has determined that our shareholders will be best served by a single listing in the United States. The majority of our trading in CNH Industrial stock has been shifting to the New York Stock Exchange since the spin-off of Iveco Group, revealing that CNH's new business profile and investor base better fit with the single New York Stock Exchange listing.

今天早些時候，我們宣布，我們的董事會已決定，我們的股東將通過在美國單一上市獲得最佳服務。自依維柯集團分拆以來，我們在 CNH Industrial 股票的大部分交易已轉移到紐約證券交易所，這表明 CNH 的新業務概況和投資者基礎更適合單一的紐約證券交易所上市。

Concentrating trading in one market will allow for increased liquidity of our stock improve investor focus, further simplify the company's profile, enable broader index inclusion and attract more passive investors. The current Italian regulations only permit the delisting of stocks when they are or will be listed on another EU exchange. By definition, the New York Stock Exchange does not qualifying. CNH Industrial has an open dialogue with Borsa Italiana and Euronext, and we told them of our intention to leave the European listing.

在一個市場集中交易將增加我們股票的流動性，提高投資者的關注度，進一步簡化公司的概況，實現更廣泛的指數納入，並吸引更多的被動投資者。意大利現行法規僅允許在或將在另一家歐盟交易所上市的股票退市。根據定義，紐約證券交易所不符合條件。 CNH Industrial 與 Borsa Italiana 和 Euronext 進行了公開對話，我們告訴他們我們打算退出歐洲上市。

The harmonization and modernization of the Italian financial system, which is underway is expected to include the New York Stock Exchange as an acceptable exchange. This is our preferred path for a smooth delisting from Euronext Milan, but not the only option if this becomes untimely. We are targeting sole trading on the NYSE by the end of 2023, but that could shift into 2024, depending on the timing of the regulation change. Rest assured, we will delist as soon as it is legally possible. At this point, we do not intend to change our incorporation in the Netherlands or our tax domicile in the U.K. as part of the single listing. Therefore, we do not expect any material tax or trading consequences for our shareholders.

正在進行的意大利金融體系的協調和現代化預計將包括紐約證券交易所作為可接受的交易所。這是我們從 Euronext Milan 順利退市的首選途徑，但如果不合時宜，這不是唯一的選擇。我們的目標是到 2023 年底在紐約證券交易所進行獨家交易，但這可能會轉移到 2024 年，具體取決於監管變化的時間。請放心，我們會在法律允許的情況下盡快退市。在這一點上，作為單一上市的一部分，我們不打算改變我們在荷蘭的註冊成立或我們在英國的稅務住所。因此，我們預計不會對我們的股東造成任何重大稅收或交易後果。

Our Board of Directors and management team are grateful to Euronext Milan for being our listing venue for the past 10 years and excited about the company's full return to the NYSE. I want to stress that this does not change the company's long-standing commitment to Italy and the Italian market. CNH employees over 5,000 people in Italy made a significant investment with Sampierana acquisition in late 2021. And opened its fifth plant in the country in 2022.

我們的董事會和管理團隊感謝米蘭泛歐交易所在過去 10 年成為我們的上市地點，並對公司全面重返紐約證券交易所感到興奮。我想強調的是，這不會改變公司對意大利和意大利市場的長期承諾。 CNH 在意大利的 5,000 多名員工在 2021 年底對 Sampierana 的收購進行了重大投資。並於 2022 年在該國開設了第五家工廠。

We also have 3 R&D centers in Italy developing products that are sold around the world. While the delisting is another step in our corporate simplification, real value creation come from the business. We are now taking orders into Q4 in some markets and overall demand remained strong. But the uncertain macro environment, especially towards the end of 2023 requires vigilance as we strive to support our customers, dealers, suppliers and employees. We expect to escalate combined CapEx and R&D investment as we launch exciting new products and build out the tech stack. We have already introduced some Raven enabled products and will unveil more in 2023. And but the real payoff for these higher-margin precision solutions kicks in, in 2024.

我們還在意大利設有 3 個研發中心，開發的產品銷往世界各地。雖然退市是我們簡化公司的又一步，但真正的價值創造來自業務。我們現在正在接受一些市場第四季度的訂單，總體需求依然強勁。但不確定的宏觀環境，尤其是到 2023 年底，需要保持警惕，因為我們努力支持我們的客戶、經銷商、供應商和員工。隨著我們推出令人興奮的新產品並構建技術堆棧，我們預計將增加資本支出和研發投資。我們已經推出了一些支持 Raven 的產品，並將在 2023 年推出更多產品。但這些利潤率更高的精密解決方案的真正回報將在 2024 年開始。

We are happy to have finally secured a contract with UAW in North America. The agreement we reached is fair for our employees and sustainable for the company. Employees returned to work this week, and we expect the 2 affected plants to ramp up to full production in the coming months. While the pace of inflation is slowing, it is still inflation, and we expect it to have an impact on our manufacturing, energy, SG&A and R&D costs in 2023.

我們很高興終於與北美 UAW 簽訂了合同。我們達成的協議對我們的員工是公平的，對公司也是可持續的。員工本週重返工作崗位，我們預計這兩家受影響的工廠將在未來幾個月內全面投產。雖然通貨膨脹的速度正在放緩，但它仍然是通貨膨脹，我們預計它會在 2023 年對我們的製造、能源、SG&A 和研發成本產生影響。

On a more positive note, we are seeing modest supply chain improvements. Our primary margin improvement initiatives, strategic sourcing and CBS will start to yield results in 2023. I want to close by emphasizing again how proud I am of the team for what they have accomplished and ensure you that we are ready to do even more in 2023.

從更積極的方面來看，我們看到供應鏈有所改善。我們的主要利潤改善計劃、戰略採購和 CBS 將在 2023 年開始產生結果。我想再次強調我為團隊所取得的成就感到自豪，並向您保證我們已準備好在 2023 年做更多事情.

That concludes our prepared remarks, and I will now turn the call over to Serge to open the line for questions.

我們準備好的發言到此結束，現在我將把電話轉給 Serge 以打開問題熱線。

(Operator Instructions) Our first question comes from Kristen Owen from Oppenheimer.

（操作員說明）我們的第一個問題來自奧本海默的克里斯汀歐文。

Thank you for the question. Scott, you talked about some of the industry demand outlook for 2023 but I was wondering if you could comment more on some of the order book trends that were outlined in the press release. If I recall, last quarter, you talked about some of the year-over-year declines being driven more by your intentional decision to keep order books relatively short. How far are you open now? And maybe just say more about how you view demand versus order levels for 2023?

感謝你的提問。斯科特，你談到了 2023 年的一些行業需求前景，但我想知道你是否可以對新聞稿中概述的一些訂單趨勢發表更多評論。如果我還記得，上個季度，你談到了一些同比下降更多是由於你有意決定保持相對較短的訂單。你現在開多遠？也許只是更多地談談您如何看待 2023 年的需求與訂單水平？

Yes. As we talked about, the macro environment is -- it's choppy a little bit. You see that in everything you read. But our order books really are not open. We haven't opened up Q4 in any markets yet, and we still are allocating. So a lot of what's happening in the order book is our choice to allocate markets. I mean it's -- I'm not proud of the fact, but we have not delivered on a timely manner in much of 2022.

是的。正如我們所談到的，宏觀環境是——有點起伏不定。你在閱讀的所有內容中都看到了這一點。但是我們的訂單簿真的沒有打開。我們還沒有在任何市場開放第四季度，我們仍在配置中。因此，訂單簿中發生的很多事情都是我們分配市場的選擇。我的意思是——我並不為此感到自豪，但我們在 2022 年的大部分時間裡都沒有及時交付。

The one market where we've been very clear is down is low horsepower tractors. So we are seeing softness there. And I mentioned -- I referred to the political situation in Brazil, it's really provide -- just taking farmers, I think, are just taking a pause. We think the fundamentals in that market are incredibly strong. The world needs that agriculture production, and they need equipment in order to do that. But we're just watching that very closely.

我們一直非常清楚的一個市場是低馬力拖拉機。所以我們在那裡看到了柔軟。我提到了——我提到了巴西的政治局勢，它確實提供了——我認為只是讓農民暫停一下。我們認為該市場的基本面非常強勁。世界需要這種農業生產，他們需要設備才能做到這一點。但我們只是非常密切地關注它。

But overall, Europe is a little bit slightly down, but we feel good about our ability to execute and keep that market relatively flat to the way it was in 2022. So overall, I think the demand environment is better than I would have expected to be at this point. And we're really kind of running our factories as fast as we can, as much as we can through the year. And just being careful as we look at the fourth quarter, the fourth quarter is where we are being cautious at this point. We don't have orders for that yet, but where we have talked about it. I think we could open that up and probably book it very quickly.

但總的來說，歐洲略有下滑，但我們對我們的執行能力和保持該市場與 2022 年的水平相對持平的能力感到滿意。所以總的來說，我認為需求環境比我預期的要好在這一點上。我們真的盡可能快地運營我們的工廠，盡可能多地度過這一年。在我們看第四季度時要小心，第四季度是我們目前要謹慎的地方。我們還沒有這方面的訂單，但我們已經討論過了。我想我們可以打開它並可能很快預訂它。

Okay. That's helpful. And then just as a follow-up to that question, just how you're thinking about dealer inventory levels exiting 2023? Do you expect to produce in line with dealer inventories build? Just any comments you have there?

好的。這很有幫助。然後作為該問題的後續行動，您如何看待 2023 年之後的經銷商庫存水平？您是否期望按照經銷商庫存量進行生產？你有什麼意見嗎？

Yes. We are still again, with the exception of low horsepower tractors, we are still below historical levels and really, quite frankly, still below where most of our dealers would like us to be with dealer inventory. So we're going to work to catch that up. We do not plan to get back to historical levels. We'd like to keep inventory relatively lean. It's careful balancing there because you're running as fast as you can to provide shipments and the market is going to slow down at some point.

是的。我們仍然再次，除了低馬力拖拉機，我們仍然低於歷史水平，而且坦率地說，仍然低於我們大多數經銷商希望我們擁有經銷商庫存的水平。所以我們將努力趕上它。我們不打算回到歷史水平。我們希望保持庫存相對精簡。這是一個謹慎的平衡，因為你正在盡可能快地運行以提供出貨量，而市場在某個時候會放緩。

But no, we are not looking to push a lot more dealer inventory into the channel. We've got -- some dealer feel that we've got to do, just to give them acceptable levels of inventory. But our goal and part of what we're watching for is to make sure we protect dealer inventories going into 2024.

但不，我們不打算將更多的經銷商庫存推入渠道。我們已經 - 一些經銷商認為我們必須做，只是為了給他們可接受的庫存水平。但我們的目標和我們正在關注的部分內容是確保我們保護經銷商庫存進入 2024 年。

Our next question comes from Steven Fisher from UBS.

我們的下一個問題來自瑞銀集團的 Steven Fisher。

But just on the Q4 order book point. Just curious, Scott, why haven't you opened up the order books yet? And what will you need to see to fully open them up for Q4?

但就在第四季度的訂單簿上。只是好奇，斯科特，你為什麼還沒有打開訂單簿？您需要看到什麼才能在第四季度完全開放它們？

Steven, it really refers to -- and again, I'm not proud of the fact just our inability to deliver in a timely manner. I mean we've got a backlog, especially in our high horsepower tractors that is quite long. And I think we're just trying to get more confidence in our ability to deliver. Again, inflation is -- it's not rising anymore, but it's still out there. So we also are making sure we manage our cost. Derek and Stefano are really doing a nice job of managing cost inputs in their business, but it's really that making sure we balance the cost price equation and you've seen from our history, we're really good at doing that, but also ensure that we can deliver when we say we're going to deliver if we open up the books.

史蒂文，它真的指的是——再一次，我對我們無法及時交付這一事實並不感到自豪。我的意思是我們有積壓的訂單，尤其是在我們的大馬力拖拉機中，積壓的訂單很長。我認為我們只是在努力增強對我們交付能力的信心。同樣，通貨膨脹是——它不再上升，但它仍然存在。所以我們也確保我們管理我們的成本。 Derek 和 Stefano 在他們的業務中管理成本投入方面確實做得很好，但實際上是確保我們平衡成本價格等式，你從我們的歷史中看到，我們真的很擅長這樣做，但也確保當我們說如果我們打開賬本我們將交付時，我們就可以交付。

Okay. That's fair. And then, I guess, in terms of the ag margins for 2023. Can you maybe just give us any color on the puts and takes there? I imagine there were a number of inefficiencies in production in 2022 due to the strike in the supply chain. And then you have precision ag mix should be helpful, I would think for 2023, so can you talk about some of those puts and takes? And then what you're expecting for price versus cost in 2023?

好的。這還算公平。然後，我想，就 2023 年的 ag 利潤率而言。你能不能給我們看跌期權的任何顏色？我想由於供應鏈罷工，2022 年生產效率低下。然後你有精確的 ag 組合應該會有所幫助，我想是在 2023 年，所以你能談談其中的一些投入和投入嗎？那麼您對 2023 年的價格與成本的預期是什麼？

Let me take this, Steve. Yes, you pretty got it. I mean we expect 2023 to be a play of cost more than a play of pricing. We expect still to be positive price over cost as we have been throughout 2022. But the big game will be in getting cost out of the production system and reducing cost out of the production systems. And that's a combination of having a smoother supply chain, a more organized cadence and possibly getting some improvement in -- from our strategic sourcing program. That probably will kick in more at the end of the year rather than the beginning of the year, but that's what we're looking at. And we have some carryover pricing for 2022 still coming in. And then you mentioned as well, growing sales in tech, which have generally a higher margin than the [pure] equipment.

讓我來拿這個，史蒂夫。是的，你很明白。我的意思是，我們預計 2023 年將是一場成本遊戲，而不是定價遊戲。我們預計到 2022 年，價格仍然會高於成本。但重要的是從生產系統中降低成本並降低生產系統的成本。這是擁有更順暢的供應鏈、更有條理的節奏以及可能從我們的戰略採購計劃中獲得一些改進的結合。這可能會在年底而不是年初發揮更多作用，但這就是我們正在關注的。我們還有一些 2022 年的結轉定價。然後你也提到了技術銷售的增長，這通常比 [純] 設備的利潤率更高。

And our next question comes from David Raso from Evercore ISI.

我們的下一個問題來自 Evercore ISI 的 David Raso。

I'm just trying to square up the implied volumes. I mean, you look at the price -- sorry, the revenue guide of the 8%. I mean, currency shouldn't be that much of a drag at these levels. So.

我只是想計算隱含的交易量。我的意思是，你看看價格——抱歉，8% 的收入指南。我的意思是，在這些水平上，貨幣不應該造成太大的拖累。所以。

It looks like it's mostly just price in the revenue guide. Is that the right way to interpret it that basically volumes are flat? And if that is the case, if you can give us a little flavor where volume is up versus down, just so we kind of square up any chance of overhead absorption?

看起來它主要只是收入指南中的價格。這是解釋基本上成交量持平的正確方法嗎？如果是這樣的話，如果你能給我們一點音量上升和下降的味道，這樣我們就可以消除任何吸收開銷的機會？

No. Volumes are up slightly modestly, I don't know, slightly modestly define that, but it's low single digits. North America is really where we see the greatest strength and where we see the biggest backlog and where we've got the most work to do. So I think that will be the volume play to a great extent. And the rest of -- there's still lots of work to do to deliver in other areas of the world. But that really will be where most of the volume comes from.

不，成交量略微上升，我不知道，稍微溫和地定義了這一點，但它是低個位數。北美確實是我們看到最大力量的地方，也是我們看到最大積壓的地方，也是我們有最多工作要做的地方。所以我認為這將在很大程度上發揮作用。而其餘的 - 在世界其他地區提供服務還有很多工作要做。但這確實是大部分交易量的來源。

And that's more of a large ag comment, I know the units are bigger and so...

這更像是一個大的 ag 評論，我知道單位更大，所以......

You got it. It's high horsepower tractors and combines in that order.

你說對了。它是大馬力拖拉機，並按此順序聯合收割機。

And then on the comment about still more about steel than price. I just want to understand what you're implying there. We still think our steel costs are up year-over-year more than price. It's all wrapped in our thought around do we think gross margins can expand in '23? I just want to make sure I understand that slight growth margin comment.

然後是關於鋼鐵而不是價格的評論。我只是想了解你的意思。我們仍然認為我們的鋼鐵成本同比漲幅超過價格。這一切都圍繞著我們的想法，我們認為毛利率可以在 23 年擴大嗎？我只是想確保我理解那個輕微的增長率評論。

I'm sorry if I wasn't clear. I was talking about cost, some price over cost. In general, and cost includes raw material, but in general production costs, so all of our production

如果我不清楚，我很抱歉。我說的是成本，一些超出成本的價格。一般來說，成本包括原材料，但一般來說是生產成本，所以我們所有的生產

So price cost is expected to be positive for the year to margins neutral to margin, positive margin.

因此，預計今年的價格成本對利潤率是正的，對利潤率是正的。

Yeah, positive margin.

是的，正利潤率。

So if volume is up a little bit and price cost should be net positive to margin. I assume we can defer from that, gross margins are expected to expand as well as SG&A grow slower than sales growth with at least that was in the guide. Is that correct?

因此，如果銷量略有上升，價格成本對利潤率應該是淨正的。我認為我們可以推遲這一點，預計毛利率將擴大，而 SG&A 的增長速度將低於銷售增長，至少在指南中是這樣。那是對的嗎？

That is exactly correct.

這是完全正確的。

What we're looking at.

我們在看什麼。

And our next question comes from Jamie Cook from Credit Suisse.

我們的下一個問題來自瑞士信貸的傑米庫克。

Nice quarter. I guess just 2 questions. Scott, given the performance that you've put up -- the positive financial performance you've put up, can you talk about how you're thinking about the ag cycle and like the implications for your 2024 financial targets, whether you think there's upside there. And then I guess my second question, just an update on Raven and where we are relative to your synergy targets.

不錯的季度。我想只有2個問題。斯科特，考慮到你的表現——你表現出的積極財務表現，你能談談你是如何看待農業周期的，以及它對你 2024 年財務目標的影響，你是否認為在上面。然後我想我的第二個問題，只是關於 Raven 的更新以及我們相對於您的協同目標的位置。

Well, first of all, if you go back a year at a Capital Markets Day, we're obviously much -- 2022 played out significantly better than we expected. Unfortunately, some of that driven by soft commodity prices impacted by the war in Ukraine, which we couldn't have anticipated. But overall, '22 and then as we look at '23 are both better than we had anticipated from that. But that's really market related, not our performance.

好吧，首先，如果你在資本市場日回到一年前，我們顯然 - 2022 年的表現比我們預期的要好得多。不幸的是，其中一些是由受烏克蘭戰爭影響的軟商品價格推動的，這是我們無法預料的。但總的來說，22 年和 23 年都比我們預期的要好。但這確實與市場有關，而不是我們的表現。

Our performance is actually doing quite well. As we look at our 2024 targets, we obviously feel like we're on a path to do better in some areas, but we've got work to do in some areas. So we feel like, generally speaking, we set ambitious targets, and we're on path to hit those. But we are -- I don't want to be a pessimist, but I just think '24 could be a -- we talked about it could be a more difficult year. The ag cycle, though, as I talked about in my prepared remarks, soft commodity prices are still at relatively good levels. And it looks like that could hold and farmer income is still at elevated levels and their reluctance to pay taxes, and therefore, they desire to buy equipment still makes a good setup for the ag cycle. It won't stay positive forever, but we feel like right now, we're not about to call that starting to turn negative in '23.

我們的表現實際上做得很好。當我們審視我們的 2024 年目標時，我們顯然覺得我們在某些領域做得更好，但在某些領域我們還有工作要做。所以我們覺得，總的來說，我們設定了雄心勃勃的目標，而且我們正在實現這些目標。但我們——我不想成為一個悲觀主義者，但我只是認為 24 年可能——我們談到這可能是更困難的一年。不過，正如我在準備好的發言中所說，農業周期，軟商品價格仍處於相對較好的水平。看起來這可能會持續下去，農民收入仍處於較高水平，他們不願納稅，因此他們希望購買設備，這仍然為農業周期做好了準備。它不會永遠保持積極，但我們現在感覺，我們不打算稱之為在 23 年開始轉為消極。

As far as Raven concerned, I'm honestly not sure I could be more positive on how well that integration has gone. We committed to a reverse integration because we like the team, and we like the culture. And our team has embraced that. We are -- we are learning from their agile customer-focused system, and we're building on that giving them the tools and resources. We've done a tremendous amount of hiring. And really, it's -- we talked about the new Patriot sprayer that we brought out with full Raven capability. We'll embed their tools and everything that we can going forward.

就 Raven 而言，老實說，我不確定我是否可以更積極地了解集成的進展情況。我們致力於反向整合，因為我們喜歡這個團隊，我們喜歡這種文化。我們的團隊已經接受了這一點。我們 - 我們正在從他們敏捷的以客戶為中心的系統中學習，我們正在為他們提供工具和資源。我們已經進行了大量招聘。實際上，我們談到了我們推出的具有完整 Raven 功能的新型愛國者噴霧器。我們將嵌入他們的工具和我們可以推進的一切。

But really integrating them into our tech stack is where the real value unlock is, huge aftermarket opportunities there, retrofit opportunities in Raven, but overall, I'm really pleased with how the team -- both the Raven team and our team have done to bring value and overdrive on our synergy targets.

但真正將它們整合到我們的技術堆棧中才是真正的價值釋放所在，那裡有巨大的售後市場機會，Raven 的改造機會，但總的來說，我對團隊的表現感到非常滿意 - Raven 團隊和我們的團隊都做了為我們的協同目標帶來價值和超速。

We'll now move to our next question from Dillon Cumming from Morgan Stanley.

我們現在將轉到摩根士丹利的 Dillon Cumming 的下一個問題。

Just wanted to ask on some of the more producing credit margin improvement opportunities you mentioned. You called out the sourcing program and CBS starting to ramp in the quarter. I know as Oddone mentioned it was still be a bit more back half weighted, but can you just maybe earmark kind of how much more -- how much more of an opportunity that can be on more of a dollar basis or on a margin basis, just trying to get a sense of -- kind of quantifying what that tailwind could be next year?

只是想詢問您提到的一些產生更多的信貸保證金改善機會。你召集了採購計劃，CBS 在本季度開始增加。我知道正如 Oddone 所提到的那樣，它仍然是後半加權的，但是你能不能指定多少——更多的機會可以以美元為基礎或以保證金為基礎，只是想了解一下——量化明年的順風是什麼？

Yes. Well, remember, we actually are not -- our CBS and lean initiatives are not starting from nothing. We've got a great history with WCM and polling lean tools throughout the plant network. What we're looking to do is how do we deploy that in other areas of the business and accelerate it in the plants. And I think that's what you'll see taking shape this year. And obviously, that's -- the opportunity is quite significant. But what the teams are working on now is how do we just push back the cost input using various lean tools to get back to where costs were pre-pandemic. And that's a lot of heavy lifting. But Oddone referred to it. 2022 as a year of price and 2023 is going to be a year of cost. Focus in our lean tools will be a significant way that we get after that.

是的。好吧，請記住，我們實際上不是——我們的 CBS 和精益計劃並非從無到有。在整個工廠網絡中，我們在 WCM 和輪詢精益工具方面有著悠久的歷史。我們想要做的是我們如何在業務的其他領域部署它並在工廠中加速它。我認為這就是你今年會看到的東西。顯然，那是——這個機會非常重要。但是團隊現在正在研究的是，我們如何使用各種精益工具將成本投入推回到大流行前的水平。這是很多繁重的工作。但 Oddone 提到了它。 2022 年是價格年，2023 年將是成本年。專注於我們的精益工具將是我們實現這一目標的重要方式。

But more importantly, it's a way we get after delivering value for customers. It's not about just taking cost out. We're going to use those tools to make quality better, to make delivery better and overall help us expand margins. The -- that's -- I wouldn't say short term, but we can do those that we did that, some of that work in '22. We're accelerating the work in 2023.

但更重要的是，這是我們在為客戶交付價值後獲得的一種方式。這不僅僅是降低成本。我們將使用這些工具來提高質量，改善交付，並從整體上幫助我們擴大利潤。那就是——我不會說是短期的，但我們可以做那些我們做過的事情，其中一些是在 22 年做的。我們正在加快 2023 年的工作。

So a great opportunity across the business to use those tools to create value and expand margins. Strategic sourcing is a longer in the (inaudible) program. It's probably -- it got kicked off last summer and fall. We've got a strong team working through it. But that will show some results later this year, but really start to drive notable margin expansion in '24 and beyond. But both of those, I would say, more near-term opportunities with our CBS initiatives, more significant long-term opportunities with strategic sourcing.

因此，這是整個企業使用這些工具創造價值和擴大利潤的絕佳機會。 （聽不清）計劃中的戰略採購時間更長。它可能是——它是在去年夏天和秋天開始的。我們有一個強大的團隊來解決這個問題。但這將在今年晚些時候顯示一些結果，但真正開始推動 24 世紀及以後顯著的利潤率增長。但是，我想說的是，我們的 CBS 計劃帶來了更多的近期機會，戰略採購帶來了更重要的長期機會。

Okay. That's helpful color. And then just a follow-up on the precision ag revenue target. I think Oddone, you mentioned that you exited the year up 32%. That you were originally guiding at the Tech Day, it's up 11% in 2023. And I know it's still a fairly recent target. But just given that exit rate, would you kind of consider any upside to that $1 billion target for '23 at this point?

好的。這是有用的顏色。然後只是對精準農業收入目標的跟進。我想 Oddone，你提到你在今年結束時上漲了 32%。你最初是在技術日指導的，到 2023 年增長了 11%。我知道這仍然是一個相當近期的目標。但考慮到退出率，您是否會考慮在這一點上實現 23 年 10 億美元的目標？

I will stick to that target for the time being.

我會暫時堅持這個目標。

The next question comes from Tami Zakaria from JPMorgan.

下一個問題來自摩根大通的 Tami Zakaria。

So just to get some color on the volume expectation of low single digit. Is that higher for ag, call it, mid-single digit, but negative for construction, so that nets out to a low single-digit growth for the overall company. Is that how we should be thinking about it?

因此，只是為了了解低個位數的成交量預期。 ag 是否更高，稱之為中等個位數，但建築業為負數，因此整個公司的淨增長率為低個位數。我們應該這樣想嗎？

No. No. No. It's actually -- the construction business and backlog is quite good. Despite a difficult overall environment. We had so many limitations last year and our ability to produce that business is actually reasonably good. So both businesses will have positive volume in 2023.

不，不，不。實際上——建築業務和積壓情況非常好。儘管整體環境艱難。去年我們有很多限制，我們開展這項業務的能力實際上相當不錯。因此，這兩項業務在 2023 年都將實現正增長。

Got it. That's super helpful. And then second question, what kind of incremental margin should we expect in ag and construction segment this year?

知道了。這非常有幫助。然後是第二個問題，今年我們應該期待農業和建築部門的增量利潤率是多少？

I will go to the -- I mean, in line with what the kind of incremental margins that we have had over time no big difference from that. Probably a little bit more on construction because we have -- construction was more affected by some of the cost headwinds this year. But for ag, I will use -- will be pretty much in line with what we have had in the past.

我會去 - 我的意思是，與我們隨著時間的推移所獲得的增量利潤率沒有太大區別。可能更多的是在建築方面，因為我們有 - 今年建築受到一些成本逆風的影響更大。但對於 ag，我將使用 - 將與我們過去所擁有的非常一致。

And now our next question comes from Mig Dobre from Baird.

現在我們的下一個問題來自 Baird 的 Mig Dobre。

Following up on construction here. I'm wondering if you can give us maybe a little more context around the order book here and the declines that we've seen in both heavy and light equipment. Are you limiting the order book in construction similarly what you've done with ag? And I'm also kind of curious in your own outlook for 2023 for the industry, you seem arguably a little more pessimistic than some of your peers when framing 2023. So again, color on that would be helpful as well.

跟進這裡的建設。我想知道你是否可以給我們更多關於這裡訂單的背景以及我們在重型和輕型設備中看到的下降。您是否像對 ag 所做的那樣限制建築訂單簿？我也對您自己對 2023 年行業的展望感到好奇，可以說，在規劃 2023 年時，您似乎比一些同行更悲觀。因此，再次強調一下，顏色也會有所幫助。

Well, I don't -- I didn't --I obviously, was busy this week, but I didn't really digest the (inaudible) numbers overall, but I don't remember them being overly positive on 2023. So I think we're somewhat in line with what that was on the construction side. We're really underserving our dealer network with heavy excavators and we're working diligently to improve that. So that's a significant opportunity for us. But that's where some of the backlog reduction has been just because we cannot deliver in that area.

好吧，我沒有——我沒有——很明顯，我這週很忙，但我並沒有真正消化總體上的（聽不清）數字，但我不記得他們對 2023 年過於樂觀。所以我認為我們在某種程度上與建築方面的情況一致。我們的重型挖掘機經銷商網絡確實服務不足，我們正在努力改善這一點。所以這對我們來說是一個重要的機會。但這就是一些積壓減少的地方，只是因為我們無法在那個領域交付。

On the light side, we've got just really good progress with Sampierana. And we'll start to bring -- expand the markets where we can serve with that. But South America was very strong for construction last year. We don't expect that to repeat. So that market will be a little bit -- from a construction side, be a little bit lighter than it was last year. But overall, again, it's going to be a positive year. Stefano and his team are doing a nice job with that business, and we like where it's going. And it's got a long range upside for sure in that business.

從好的方面來說，我們在 Sampierana 方面取得了非常好的進展。我們將開始帶來——擴大我們可以服務的市場。但南美去年的建築業非常強勁。我們不希望這種情況再次發生。所以這個市場會有點——從建築方面來說，比去年輕一點。但總的來說，這將是積極的一年。 Stefano 和他的團隊在這項業務上做得很好，我們喜歡它的發展方向。它在該業務中肯定有長期的上升空間。

Okay. And then if I can try the price cost question as well. Looking on a consolidated basis, it looks like you've had positive price cost of about $180 million the past couple of quarters. And as you contemplate 2023, I'm wondering if this figure holds or if we should expect any significant variance from that?

好的。然後我是否也可以嘗試價格成本問題。在綜合基礎上看，過去幾個季度你的正價格成本約為 1.8 億美元。當你考慮 2023 年時，我想知道這個數字是否成立，或者我們是否應該期待與此有任何重大差異？

No. Directionally, we expect to be positive price cost in 2023 as well. So I wouldn't take much different view of what we're seeing -- I mean in absolute terms, it's going to be a bit different, but I wouldn't take a much different view of what we have seen throughout 2022.

沒有。從方向上講，我們預計 2023 年的價格成本也將是正數。所以我不會對我們所看到的有太大不同的看法——我的意思是從絕對意義上講，它會有點不同，但我不會對我們在整個 2022 年所看到的有太大不同的看法。

And our next question comes from Marta Bruska from Berenberg.

我們的下一個問題來自 Berenberg 的 Marta Bruska。

If you don't mind, please, it would be helpful to hear your thoughts on the pricing environment in raw materials going forward from the different angles specifically, given the industry in the past, some of your competitors would hand out steel discounts, while the raw materials start to normalize a little bit, but to my understanding, it hasn't been the case in 2022 despite the already positive base effect versus the prior year. So I was just wondering whether you see anything at all that would suggest that this should change in 2023 or what's the risk of some of your competitors given certain handing out still discounts to the dealer? And how would you react to that? And then I have 1 more, please.

如果您不介意的話，具體來說，從不同的角度聽聽您對原材料定價環境的看法會有所幫助，鑑於過去的行業，您的一些競爭對手會提供鋼鐵折扣，而原材料開始有點正常化，但據我了解，儘管與上一年相比已經產生積極的基數效應，但 2022 年情況並非如此。所以我只是想知道你是否看到任何跡象表明這種情況應該在 2023 年發生變化，或者你的一些競爭對手在向經銷商提供某些折扣的情況下有什麼風險？你對此有何反應？請再給我 1 個。

So we are still expecting inflation to impact our business and therefore, our supply chain in 2023. To a lesser extent than it did in 2022. So a declining rate of inflation but still seeing inflation. So we've seen a decrease in some areas. But overall, the cost that we're paying is not coming down. So we don't intend. In fact, we're still going to have to price going into 2023, again, at lower levels because of the lower increases, but we don't see a decrease in pricing and that -- again, the quality and innovation that we're putting in our products would suggest that we don't need to go start competing on price. And I think the industry overall is likely going to take that approach.

因此，我們仍然預計 2023 年通貨膨脹會影響我們的業務，進而影響我們的供應鏈。影響程度低於 2022 年。因此通貨膨脹率下降但仍會出現通貨膨脹。所以我們看到一些地區有所下降。但總的來說，我們支付的成本並沒有下降。所以我們不打算。事實上，到 2023 年，我們仍將不得不再次以較低的價格定價，因為漲幅較低，但我們沒有看到定價下降——同樣，我們的質量和創新重新投入我們的產品將表明我們不需要開始在價格上競爭。我認為整個行業可能會採用這種方法。

Okay. And then I was just wondering with all the big tax in cutting the workforce, were you able to benefit from the opportunity to tap into the textile and pool for your precision -- kind of hiring pool, please?

好的。然後我只是想知道在削減勞動力方面的所有巨額稅收，你是否能夠從這個機會中受益，因為你的精確度 - 一種招聘池，拜託？

We -- that's actually something I've been pushing the team on for quite some time. I mean we've done significant hiring with our technical team, precision and autonomy. But many of the layoffs are not actually the programmers and engineers. So we don't really see that as an opportunity. And we did most of our hiring in '20 then we'll probably slow down a little bit, but -- to the extent that we can bring on great talent at more reasonable prices because of what others are doing, but certainly, our commitment to accelerating value that our customers get from precision and autonomy is there. And we are continuing to hire in '23. So -- but no, there's not a significant opportunity for us there just because of where we're hiring and where those -- most of those employees are located.

我們 - 這實際上是我一直在推動團隊進行很長一段時間的事情。我的意思是我們已經對我們的技術團隊、精確度和自主性進行了大量招聘。但很多裁員實際上並不是程序員和工程師。所以我們真的不認為這是一個機會。我們在 20 世紀完成了大部分招聘工作，然後我們可能會放慢一點，但是——由於其他人正在做的事情，我們可以以更合理的價格引進優秀人才，但可以肯定的是，我們的承諾加速我們的客戶從精度和自主性中獲得的價值。我們將在 23 年繼續招聘。所以 - 但不，僅僅因為我們在哪裡招聘以及那些 - 大多數員工所在的地方，我們在那裡沒有重大機會。

Our next question comes from Nicole DeBlase from Deutsche Bank.

我們的下一個問題來自德意志銀行的 Nicole DeBlase。

Can we just start by talking a little bit about what you're seeing with respect to used equipment values? Any sense of moderation at all from such high levels in '22 within ag or construction?

我們能否先談談您所看到的二手設備價值？在 22 年的農業或建築業中，如此高的水平有任何適度的感覺嗎？

Used values are still hanging in there just again because availability. And I'm not talking about low horsepower tractors because that's a different scenario, and we've seen that market stabilize at a lower level, but at the high horsepower side and large ag, we're still not seeing large fleets anywhere in the OEM side or in the used side. So prices are staying reasonably high.

由於可用性，使用過的值仍然掛在那裡。我不是在談論低馬力拖拉機，因為那是不同的情況，我們已經看到市場穩定在較低水平，但在高馬力和大型 ag 方面，我們仍然沒有在任何地方看到大型車隊OEM 端或在使用端。所以價格保持在合理的高位。

Okay. Got it. And just thinking about the quarterly cadence of earnings throughout '23 versus normal seasonality, I would kind of suspect that you would see a return to normal seasonality, but if there's anything you guys want to comment on to think about throughout the year, that would be helpful.

好的。知道了。想想整個 23 年的季度收益節奏與正常季節性相比，我有點懷疑你會看到正常季節性的回歸，但如果你們想對全年發表任何評論，那就是有幫助。

No, I would say we'll go back to the normal seasonality, which sort of we have seen in 2022 as well, between production and retail sales. So I would say, yes, going back to the normal.

不，我會說我們將回到正常的季節性，我們在 2022 年也看到了生產和零售銷售之間的那種情況。所以我會說，是的，回到正常狀態。

We will now take our next question from Timothy Thein from Citi.

我們現在將接受來自花旗銀行的 Timothy Thein 的下一個問題。

Yes. First, Scott, it's interesting I think these order board comments in the release have kind of taken a life of their own. But I'm just curious, how does Derek and team interpret that? There's so much -- seems to be so much noise just in terms of how the world has unfolded over the last year or so and how you and others have shifted to an allocation mode. Just really getting at the underlying significance of these order boards in light of just all the issues around timing of deliveries and meaning how significant are they? I guess that's the nature of the question.

是的。首先，Scott，有趣的是，我認為新聞稿中的這些訂購板評論已經過時了。但我很好奇，Derek 和他的團隊是如何解釋的？就過去一年左右世界的發展情況以及您和其他人如何轉向分配模式而言，似乎有太多的噪音。鑑於有關交貨時間的所有問題以及它們的重要性，只是真正了解這些訂單板的潛在意義嗎？我想這就是問題的本質。

I would -- if I could call Derek up and getting on the call, I think you'd hear a much more positive tone from him than how I think you're reading it. Obviously, that was -- we're coming off an unprecedented demand, and I think we're seeing regional changes in that. But overall, the net portfolios are still reasonably good. The collection, what used to have is as you open up the book and you'd fill it off in an hour, and we still see that in some markets. But generally speaking, it's slowing a little bit in Europe and low horsepower tractors in almost all markets.

我會 - 如果我能打電話給 Derek 並接聽電話，我想你會從他那裡聽到比我認為你正在閱讀它的方式更積極的語氣。顯然，那是——我們正在擺脫前所未有的需求，我認為我們正在看到區域性的變化。但總的來說，淨投資組合仍然相當不錯。收藏，過去是當你打開這本書時，你會在一個小時內把它填滿，我們仍然在一些市場上看到這種情況。但總的來說，歐洲和幾乎所有市場的低馬力拖拉機都在放緩。

But overall, I mean, I think a lot of what we're seeing, we didn't expect it, but the Lula election in Brazil really caused a lot of pause for farmers in the region. And that had been -- has been so good for us, and we expect it to be, but it's taken, I would call it, a pause in orders there. But overall, that market having just been there recently is very, very strong.

但總的來說，我的意思是，我認為我們所看到的很多事情，我們都沒有預料到，但巴西的盧拉選舉確實給該地區的農民帶來了很多停頓。這對我們來說非常好，我們希望它會是這樣，但我認為它已經暫停了那裡的訂單。但總的來說，最近剛剛出現的市場非常非常強勁。

So I think it's just a matter of timing, and we're trying to manage that appropriately. But I think Derek is managing the business extremely well, as you've seen by the execution and that includes on the sales side to make sure that orders in -- retail orders come through, and he's not at all sounding an alarm. He's just putting the right measures in place to make sure that we deliver on a solid year in '23.

所以我認為這只是時間問題，我們正在努力妥善處理。但我認為 Derek 對業務的管理非常好，正如你從執行中看到的那樣，包括在銷售方面確保訂單——零售訂單通過，他根本沒有發出警報。他只是採取了正確的措施，以確保我們在 23 年取得穩健的成績。

Got it. Got it. And back to your earlier comments about just dealer and again, I think we can all -- the low horsepower market weakness, I think it's pretty well telegraphed and known at this point. But just again, sticking to large ag, obviously, far more significant from a bottom line perspective for CNH. Just the notion that dealer, any sort of dealer stocking or restocking is likely not happening in '23. So presumably, that could pose some tailwind as we -- '24 is long ways off, but that's still in front of the company as a whole. Is that a fair takeaway?

知道了。知道了。回到你之前關於經銷商的評論，我認為我們都可以 - 低馬力市場疲軟，我認為它在這一點上已經很好地傳達和知道了。但再次強調，顯然，從 CNH 的底線角度來看，堅持大型公司更為重要。只是經銷商的概念，任何類型的經銷商庫存或補貨都可能不會在 23 年發生。所以據推測，這可能會帶來一些順風，因為我們 - 24 歲還有很長的路要走，但這仍然擺在整個公司面前。這是一個公平的外賣嗎？

I think some markets will get back to reasonable levels of inventory. But I just I don't like -- I mean we want to be -- our goal, our intent is to make sure as we manage and protect our own cash flow that we do the same for our dealers. And that takes discipline to do, and that's the discipline that we're going to have as we go through this. The end of the year was a little bit tricky for us because there was so much very good work done to complete this significant fleet inventories. We had literally all over the world where we just were missing components, and we needed to finish those get them built and tested out to dealers. And the team did a really nice job with that, but it happened so much at the very end of the quarter. We ended up with more inventory in some places that has retail orders, the customers are going to pick it up right away. We just didn't get it there in time for that to happen.

我認為一些市場將恢復到合理的庫存水平。但我只是不喜歡——我的意思是我們想成為——我們的目標，我們的意圖是確保在我們管理和保護我們自己的現金流時，我們也為我們的經銷商做同樣的事情。這需要遵守紀律，這就是我們在經歷這件事時將要遵守的紀律。年底對我們來說有點棘手，因為為完成這一重要的機隊庫存做了很多非常好的工作。實際上，我們在世界各地都有缺少組件的地方，我們需要完成這些組件，將它們製造出來並測試給經銷商。球隊在這方面做得非常好，但在本季度末發生了很多事情。我們最終在一些有零售訂單的地方增加了庫存，客戶會立即提貨。我們只是沒有及時到達那裡。

So I think the end of the year inventories aren't really telling a great story, especially in North American market where that was significant. But overall, we feel like there's just a tremendous opportunity for us to keep our factories running and produce 4 retail customers at this point and possibly at the end of the year, start to get dealer inventories back. When I say back up, I mean, it's up to acceptable levels, not up to historical levels.

所以我認為年底的庫存並沒有真正說明一個好故事，尤其是在北美市場，這很重要。但總的來說，我們覺得我們現在有一個巨大的機會來保持我們的工廠運轉並生產 4 個零售客戶，並可能在今年年底開始收回經銷商庫存。當我說備份時，我的意思是，它達到可接受的水平，而不是達到歷史水平。

Our next question comes from Michael Feniger from Bank of America.

我們的下一個問題來自美國銀行的 Michael Feniger。

Scott, I believe you phrased it as 2022 was the year of price, 2023 is a year of cost. Just want to understand this a little bit more. If we look at 2022, can you quantify some of the cost embedded in the model attributed to premium freight transportation, just buckets that like cyclically won't -- that cost won't be as elevated in 2023?

斯科特，我相信你的措辭是 2022 年是價格年，2023 年是成本年。只是想多了解一點。如果我們看看 2022 年，您能否量化模型中歸因於優質貨運的一些成本，只是周期性的桶不會——2023 年成本不會那麼高？

Well, you hit a big one, which we've already seen start to come down, being transportation cost, just cargo boxes, all of that stuff. We've seen that start to give away. And the way our contracts are, we don't always see it right away, but nonetheless, that's one. And overall, we're just not seeing the spike in prices.

好吧，你遇到了一個大問題，我們已經看到它開始下降，運輸成本，只是貨箱，所有這些東西。我們已經看到開始放棄。就我們的合同而言，我們並不總是能立即看到它，但無論如何，就是這樣。總的來說，我們只是沒有看到價格飆升。

Again, inflation is there. We're dealing with it. I think the team's proven our ability to manage that. Semiconductors have also come down so that's at a much more reasonable or, I guess, acceptable level for us. But overall, prices are going to be higher for us in 2023, but when I talk about we're looking at the entire business portfolio and saying, what cost have we incurred through the pandemic and then the response to the pandemic, when we had to ramp up so quickly to deliver customer orders and how do we get back to running the business very efficiently.

同樣，通貨膨脹是存在的。我們正在處理它。我認為團隊已經證明了我們有能力做到這一點。半導體也下降了，所以這對我們來說更合理，或者，我想，可以接受的水平。但總的來說，2023 年我們的價格會更高，但當我談到我們正在研究整個業務組合時，我們會說，我們在大流行期間付出了多少成本，然後是對大流行的反應，當我們有如此迅速地增加交付客戶訂單的速度，以及我們如何恢復非常高效地運營業務。

And that's the work when I talk -- we talk about cost, it's getting after that efficiency in all aspects of the business that we might have lost a little bit of during the last couple of years.

這就是我談論的工作——我們談論成本，它正在追求業務各個方面的效率，我們在過去幾年中可能會失去一些效率。

Understood. And I know we just went through the order board comment, but you did also make a comment earlier, I think it was to Jamie Cook about 2024 could be a more difficult year. Many economists actually think 2024 could -- we could be seeing the global economy expanding. So I just wanted to narrow in on that a little bit. Why do you think 2024 could just become a more challenging year, as you said?

明白了。我知道我們剛剛通過了訂單板的評論，但你早些時候也發表了評論，我認為對 Jamie Cook 來說，2024 年可能是更困難的一年。許多經濟學家實際上認為 2024 年可能——我們可能會看到全球經濟在擴張。所以我只想縮小範圍。為什麼您認為 2024 年會像您所說的那樣成為更具挑戰性的一年？

So remember, we are significantly more exposed to the ag cycle than we are to global GDP. So -- and I -- we call it an ag cycle for a reason, which means that it's not a flat line, and it doesn't go in one direction forever. And we've had a very high market and I'm not actually not at all talking about a peak here, but I'm just saying we had a very strong market here. And I'm acknowledging with other global inputs that may, at some point, impact ag demand, '24 may be a year that isn't as strong as others. I mean I think that's not a negative comment. It's just a fact, actually.

所以請記住，與全球 GDP 相比，我們更容易受到農業周期的影響。所以——我——我們稱它為農業周期是有原因的，這意味著它不是一條直線，它不會永遠朝著一個方向發展。我們有一個非常高的市場，我實際上並不是在談論這裡的高峰，但我只是說我們在這裡有一個非常強勁的市場。我承認其他全球投入可能在某個時候影響農業需求，24 年可能不如其他一年強勁。我的意思是我認為這不是負面評論。實際上，這只是一個事實。

All right. Understood, Scott. Just to squeeze one last in. Like you did see this inflection in your industrial net debt ahead of time, it was from some of the cash generation from the business in 2022. Just I know you're aggressively investing in the business. How can we think about the fact that you inflected on your industrial net debt ahead of time? And how should we think about that in terms of potentially share repurchases to kind of close maybe your valuation discount to peers, how you kind of look at that? I know you're aggressively investing in R&D and CapEx but just that lever to pull, how are you thinking of that?

好的。明白了，斯科特。只是為了擠進最後一個。就像你確實提前看到你的工業淨債務的這種變化一樣，它來自於 2022 年業務產生的一些現金。我知道你正在積極投資該業務。我們如何考慮您提前調整了您的工業淨債務這一事實？我們應該如何考慮潛在的股票回購，以接近您對同行的估值折扣，您如何看待這一點？我知道您正在積極投資於研發和資本支出，但只是要拉動槓桿，您對此有何看法？

So let me take this one. we set very clear on our capital allocation priorities. We say that we are investing more in R&D, as you pointed out, we stepped up our dividend in 2022, we went back and doing share repurchases at levels that probably we hadn't done in the past. We want to continue doing share repurchases in 2023. So that's part of the mix that we have in there. And then we also want to have some availability for some sort of M&A in -- particularly in the tech space, if that helps our profitable growth there.

所以讓我拿這個。我們非常清楚地確定了我們的資本分配重點。正如您所指出的，我們說我們在研發方面投入更多，我們在 2022 年增加了股息，我們回去並以過去可能沒有做過的水平進行股票回購。我們希望在 2023 年繼續進行股票回購。這是我們現有組合的一部分。然後我們還希望在某些領域有一些併購的可能性——特別是在技術領域，如果這有助於我們在那裡的盈利增長。

And now we have time for one final question, Nancy Ni from Goldman Sachs.

現在我們有時間問最後一個問題，高盛的 Nancy Ni。

I guess I just wanted to touch on cash. Your guidance for '23 sort of sees a bit weaker cash conversion. So I was wondering maybe you could just comment a bit more on what you're seeing there and sort of what the moving parts are?

我想我只是想談談現金。你對 23 年的指導認為現金轉換有點弱。所以我想知道也許您可以就您在那裡看到的內容以及移動部件是什麼發表更多評論？

Yes. Again, I'll use the opportunity answering your question just to thank the team for delivering such strong cash flow in the fourth quarter, which gave us a reasonable result for the year. We're expecting another $1 billion plus, I think the $1.3 billion to $1.5 range of cash flow in 2023, but we are spending several hundred million dollars more in CapEx. Again, part of our strategy is bringing new products to market that do allow us to get -- to have higher profit -- higher gross margins and gain market share.

是的。再次，我將利用這個機會回答你的問題，只是為了感謝團隊在第四季度提供如此強勁的現金流，這給了我們今年合理的結果。我們預計 2023 年還會有 10 億美元以上的現金流，我認為現金流量在 13 億美元到 1.5 美元之間，但我們在資本支出上的支出要多出數億美元。同樣，我們戰略的一部分是將新產品推向市場，這些產品確實能讓我們獲得——獲得更高的利潤——更高的毛利率和市場份額。

So those things don't come free. So we're going to spend more money to get that, and that's really the key driving factor of it. We'll still be disciplined with inventories and managing that, but that will be the differentiator between year-over-year cash flow generation.

所以這些東西不是免費的。所以我們要花更多的錢來做到這一點，而這確實是它的關鍵驅動因素。我們仍然會嚴格控制庫存並對其進行管理，但這將是同比現金流產生之間的區別。

Thank you. This concludes today's conference call. Thank you for your participation, ladies and gentlemen. You may now disconnect.

謝謝。今天的電話會議到此結束。感謝您的參與，女士們，先生們。您現在可以斷開連接。