伊頓 (ETN) 2021 Q1 法說會逐字稿

Ladies and gentlemen, thank you for standing by. Welcome to Eaton's First Quarter Earnings Call. (Operator Instructions) As a reminder, today's conference is being recorded. And I would now like to turn the conference over to our host, Eaton's Senior Vice President of Investor Relations, Mr. Yan Jin. Please go ahead.

女士們先生們，謝謝你們的支持。歡迎參加伊頓第一季財報電話會議。 （操作員指示）提醒一下，今天的會議正在錄製中。現在我想將會議交給我們的東道主、伊頓公司投資者關係高級副總裁嚴金先生。請繼續。

Good morning, guys. Thank you all for joining us for Eaton's First Quarter 2021 Earnings Call. With me today are Craig Arnold, our Chairman and CEO; and Tom Okray, Executive Vice President and Chief Financial Officer.

早上好傢伙。感謝大家參加伊頓 2021 年第一季財報電話會議。今天與我在一起的有我們的董事長兼執行長克雷格‧阿諾德 (Craig Arnold)；執行副總裁兼財務長 Tom Okray。

Our agenda today include opening remarks by Craig highlighting the company's performance in the first quarter. As we have done on our past calls, we'll be taking questions at end of Craig's comments. The press release and the presentation we'll go through today have been posted on our website at www.eaton.com. This presentation, including adjusted earnings per share, adjusted free cash flow and other non-GAAP measures are reconciled in the appendix.

我們今天的議程包括克雷格的開幕致辭，重點介紹了公司第一季的業績。正如我們在過去的電話會議中所做的那樣，我們將在克雷格評論結束時回答問題。我們今天要瀏覽的新聞稿和簡報已發佈在我們的網站 www.eaton.com 上。本簡報，包括調整後每股盈餘、調整後自由現金流量和其他非公認會計原則指標，均在附錄中進行了調整。

A webcast of this call is accessible on our website and will be available for replay. I would like to remind you that our comments today will include statements related to the expected future results of the company and are therefore forward-looking statements. Our actual results may differ materially from our forecasted projection due to a wide range of the risk and uncertainty-ed as described in our earnings release and presentation. With that, I will turn it over to Craig.

本次電話會議的網路直播可在我們的網站上觀看，並可重播。我想提醒您，我們今天的評論將包括與公司預期未來業績相關的陳述，因此屬於前瞻性陳述。由於我們的收益發布和演示中描述的各種風險和不確定性，我們的實際結果可能與我們的預測有重大差異。這樣，我就把它交給克雷格。

Thanks, Yan. Appreciate it. We'll start on Page 3 with recent highlights. And first, I'd just say we had a terrific quarter, and we're significantly increasing our full year guidance, as you saw. Our teams have just done an outstanding job of managing through this dynamic market environment, which is reflected in our strong results.

謝謝，嚴。欣賞它。我們將從第 3 頁開始介紹最近的亮點。首先，我只想說我們度過了一個出色的季度，正如您所看到的，我們正在大幅提高全年指導。我們的團隊剛剛在這個充滿活力的市場環境中做出了出色的管理工作，這反映在我們的強勁業績中。

Q1 adjusted earnings per share of $1.44 were a solid 15% increase year-over-year and 18% above the midpoint of our guidance. Our Q1 revenues of $4.7 billion were up 0.5% organically, which was well above the high end of our guidance range of down 3%. This outperformance was driven primarily by the 2 electrical segments as well as our Vehicle business. We also posted a Q1 record for segment margins of 17.7%.

第一季調整後每股收益為 1.44 美元，年增 15%，比我們指導的中位數高出 18%。我們第一季的營收為 47 億美元，有機成長 0.5%，遠高於我們下降 3% 的指導範圍的上限。這種優異的表現主要是由兩個電氣部門以及我們的汽車業務所推動的。 我們也公佈了 17.7% 的第一季分部利潤率記錄。

And looking at our incrementals, we generated $73 million of higher profits despite having $97 million of lower revenues. This was the result of, we'd say, strong execution, ongoing improvements in the cost structure from the multiyear restructuring program that we announced in the second quarter of 2020 as well as closely managing price and inflation in the quarter.

從我們的增量來看，儘管收入減少了 9,700 萬美元，但我們的利潤卻增加了 7,300 萬美元。我們可以說，這是強有力的執行力、我們在 2020 年第二季度宣布的多年重組計劃中成本結構持續改善以及本季度嚴格管理價格和通膨的結果。

Our cash flow was also very strong. Our adjusted operating cash flow increased by 42%, and our adjusted free cash flow increased by 62%. And we have another successful quarter of M&A closing 3 deals. We're also making good progress towards the closure of the previously announced acquisition of Cobham Mission Systems as well as the divestiture of Hydraulics.

我們的現金流也非常強勁。調整後的經營現金流量增加了 42%，調整後的自由現金流量增加了 62%。我們又一個成功的季度併購完成了 3 筆交易。我們在完成之前宣布的對 Cobham Mission Systems 的收購以及液壓系統的剝離方面也取得了良好進展。

And finally, we recently announced the agreement to acquire 50% of Jiangsu YiNeng Electric's bus way business in China, an important part of our growth strategy for the Asia Pacific region.

最後，我們最近宣布達成協議，收購江蘇億能電氣在中國的公車線路業務 50% 的股份，這是我們亞太地區成長策略的重要組成部分。

Having been quite busy on the M&A front, we thought it'd be helpful to provide a summary of these 3 recent deals. We covered Tripp Lite and Cobham Mission Systems acquisitions in some depth on the investor meetings.

由於在併購方面非常忙碌，我們認為提供這 3 筆最近交易的摘要會有所幫助。我們在投資者會議上深入報告了 Tripp Lite 和 Cobham Mission Systems 的收購。

But each of these 3 deals here certainly advance our strategic growth objectives in our electrical business. First, Green Motion, based in Switzerland. It expands our capabilities in the electrical charging market, where we expect to see significant growth over the next decade linked to energy transition. Their proven charger designs and advanced power management capabilities and building software are valuable additions to our existing energy storage and power distribution offerings that support our view of everything as a grid. We also closed our previously announced investment in HuanYu. HuanYu is based in China and provides a strong portfolio of products that will open up significant growth opportunities in our business throughout Asia Pacific. They make cost-effective circuit breakers and contactors that give us access to Tier 2 and Tier 3 markets in Asia Pacific.

但這三筆交易中的每一筆都肯定會推進我們電力業務的策略成長目標。首先是 Green Motion，總部位於瑞士。它擴大了我們在充電市場的能力，我們預計未來十年該市場將出現與能源轉型相關的顯著成長。 他們經過驗證的充電器設計以及先進的電源管理功能和建構軟體是對我們現有能源儲存和配電產品的寶貴補充，支持我們將一切視為電網的觀點。我們也完成了先前宣布的對環宇的投資。環宇總部位於中國，提供強大的產品組合，將為我們在整個亞太地區的業務帶來重大成長機會。他們生產具有成本效益的斷路器和接觸器，使我們能夠進入亞太地區的二級和三級市場。

And finally, last week, we're pleased to announce the agreement to acquire 50% of Jiangsu YiNeng Electric's busway business in China. YiNeng's strong busway capabilities in China, combined with Eaton's broad portfolio of products, will really position us well to participate in the high-growth data center, industrial and high-end commercial segments and allowing us to pull through related electrical products. The HuanYu and YiNeng transactions, I'd also add, significantly expand our addressable market in China and in Asia Pacific, certainly allowing us to accelerate our growth rate in the region.

最後，上週，我們很高興地宣布達成協議，收購江蘇億能電氣在中國母線槽業務 50% 的股份。億能在中國強大的母線槽能力，加上伊頓廣泛的產品組合，將使我們真正有能力參與高成長的資料中心、工業和高端商業領域，並讓我們能夠在相關電氣產品領域取得突破。 我還想補充一點，環宇和億能的交易顯著擴大了我們在中國和亞太地區的潛在市場，當然使我們能夠加快在該地區的成長速度。

Moving to Page 5. We summarize our Q1 financial results, and I'll just note a couple of points here. First, acquisitions increased sales by 1%, but this was more than offset by the divestiture of Lighting, which reduced sales by 5.5%. And you'll recall that we sold the Lighting business in March of 2020.

轉到第 5 頁。我們總結了第一季的財務業績，我在此僅指出幾點。首先，收購使銷售額增加了 1%，但這被照明業務的剝離所抵消，後者使銷售額減少了 5.5%。您還記得我們在 2020 年 3 月出售了照明業務。

Second, segment margins of $831 million were 10% above prior year, and this is despite a 2% decline in total revenue. This is largely the result that, I'd say, of solid execution, restructuring savings, and really our ability to effectively manage price and inflation during the quarter. We expect the inflation impact to worsen, certainly in Q2, but we will full -- more than fully offset this for the full year.

其次，儘管總收入下降了 2%，但該部門的利潤率為 8.31 億美元，比去年同期成長了 10%。 我想說，這在很大程度上是堅實的執行力、重組儲蓄以及我們在本季有效管理價格和通膨的能力的結果。我們預計通膨影響將會惡化，當然在第二季度，但我們將在全年完全抵消這一影響。

And lastly, our adjusted earnings of $577 million, up 12%. And when combined with our lower share count, we delivered a 15% increase in our adjusted EPS.

最後，我們的調整後收益為 5.77 億美元，成長 12%。加上我們的股票數量減少，我們的調整後每股盈餘增加了 15%。

Turning to Page 6. You see the results for our Electrical Americas segment. Revenues were up 2% organically, driven by strength in data centers, residential and utility markets, which offset weakness in industrial and commercial markets. The acquisition of Tripp Lite and PDI added 2% of revenues, while the divestiture of lighting reduced revenues by 14%. We're very pleased to also have closed the Tripp Lite acquisition sooner than planned and to welcome their team to the Eaton family. Operating margins, as you can see, increased sharply, up 330 basis points to 20.5%, a quarterly record. And as you can see, profits were $24 million higher on significantly lower revenues. These results, once again, were driven by good execution, cost savings and really favorable mix due to the divestiture of lighting. We're also pleased with the 11% orders growth in the quarter. This was driven by, once again, strength in data center and residential markets.

翻到第 6 頁。受數據中心、住宅和公用事業市場強勁的推動，收入有機增長了 2%，抵消了工業和商業市場的疲軟。收購 Tripp Lite 和 PDI 增加了 2% 的收入，而剝離照明業務則使收入減少了 14%。我們非常高興比計劃更早完成了對 Tripp Lite 的收購，並歡迎他們的團隊加入伊頓大家庭。正如您所看到的，營業利潤率大幅成長，成長了 330 個基點，達到 20.5%，創季度記錄。正如您所看到的，由於收入大幅下降，利潤增加了 2400 萬美元。 這些結果再次得益於良好的執行、成本節約以及由於照明剝離而帶來的真正有利的組合。我們也對本季 11% 的訂單成長感到滿意。這再次是由數據中心和住宅市場的強勁推動的。

Our backlog was actually up 23% versus last year and due to ongoing strength in, once again, data center and residential markets.

由於資料中心和住宅市場的持續走強，我們的積壓訂單實際上比去年增加了 23%。

We are also encouraged to see some very large orders in select commercial markets, perhaps a sign here that these markets, too, are beginning to turn positive. And while it's difficult to judge, we do think the order strength could have been due to some concern about some of the supply chain shortages that you certainly have been reading about.

我們也很高興地看到某些商業市場出現了一些非常大的訂單，這也許是這些市場也開始轉好的跡象。 雖然很難判斷，但我們確實認為訂單強勁可能是由於對您肯定已經讀到的某些供應鏈短缺的擔憂所致。

Next, on Page 7. We show the results for our Electrical Global segment. We posted a 5% organic growth with 5% favorable impact from currency, largely due to the weaker dollar. Organic revenue growth was driven by strength in data centers, residential and utility markets. You can see the pattern here. We also delivered a 250 basis point increase in operating margins and posted a new Q1 record of 17%.

接下來，在第 7 頁。我們實現了 5% 的有機成長，其中 5% 受到貨幣的有利影響，這主要是由於美元疲軟。有機收入成長是由資料中心、住宅和公用事業市場的實力推動的。您可以在這裡看到該模式。我們的營業利潤率也成長了 250 個基點，並創下了 17% 的第一季新紀錄。

Our incremental margins in the segment were also strong, more than 40%, and were also driven by good cost control measures, savings from actions taken from our multiyear restructuring program. Orders grew 7% in the quarter, and like sales, the primary contributors to the growth came from data centers, residential and utility markets.

我們在該領域的增量利潤率也很強勁，超過 40%，這也是受到良好的成本控制措施以及我們多年重組計劃所採取行動節省的推動的。本季訂單成長 7%，與銷售額一樣，成長的主要貢獻者來自資料中心、住宅和公用事業市場。

I'd say dragged down by the earlier COVID-related declines, orders declined 12% -- or excuse me, 5% on a rolling 12-month basis. And lastly, here, our backlog was up 17% versus last year, driven by the same 3 end markets.

我想說的是，受早期與新冠病毒相關的下降的拖累，訂單下降了 12%，或者抱歉，在 12 個月的滾動基礎上下降了 5%。最後，在同樣的 3 個終端市場的推動下，我們的積壓訂單比去年增加了 17%。

Moving to Page 8. We summarize our Hydraulics segment. Revenues increased 11%, with strong 9% organic growth and 2% positive currency impact. Operating margin stepped up significantly to 15%, a 420 basis point improvement over last year. And our Q1 orders were also very strong, up 53%, driven primarily by strength in mobile equipment markets.

轉到第 8 頁。營收成長 11%，有機成長 9%，貨幣正面影響 2%。營業利益率大幅上升至 15%，比去年提高 420 個基點。我們第一季的訂單也非常強勁，成長了 53%，這主要是由行動裝置市場的強勁推動。

As we anticipated, Danfoss did receive conditional regulatory approval from the EU to acquire our Hydraulics business, which is an important step in the process, and this sale is still expected to close in the second quarter here.

正如我們預期的那樣，丹佛斯確實獲得了歐盟有條件的監管批准收購我們的液壓業務，這是該過程中的重要一步，預計此次出售仍將在第二季度完成。

Turning to Page 9. We have the financial results for our Aerospace segment. Revenues were down 24%, including 26% organic decline, driven by the continued downturn in commercial aviation. Currency, as you can see, added 2% to revenues. And as you can also see, operating margins were down 310 basis points to 18.5%, down but still at very attractive levels overall.

翻到第 9 頁，我們看到了航空航太部門的財務表現。由於商業航空持續低迷，收入下降 24%，其中有機下降 26%。如您所見，貨幣使收入增加了 2%。您還可以看到，營業利潤率下降了 310 個基點，降至 18.5%，雖然有所下降，但總體仍處於非常有吸引力的水平。

Our team, I give them a lot of credit. They moved quickly to flex the business and were able to really deliver better than normal decremental margins of approximately 30%.

我們的團隊，我給予他們很大的信任。他們迅速採取行動來調整業務，並真正實現了比正常情況更好的約 30% 的遞減利潤。

Orders were down 36% on a rolling 12-month basis, once again, due to the ongoing downturn in commercial aerospace markets.

由於商業航空航太市場持續低迷，連續 12 個月的訂單量再次下降 36%。

Now, however, I would add, on a sequential basis, we are starting to see some improvement as orders were up 14% from Q4. And lastly, our previously announced acquisition of Cobham Mission Systems remains on track, and we expect the transaction to close at the beginning of Q4 2021, next year.

然而，現在我想補充一點，從環比來看，我們開始看到一些改善，訂單比第四季度增長了 14%。最後，我們先前宣布的對 Cobham Mission Systems 的收購仍在進行中，我們預計該交易將於明年 2021 年第四季初完成。

Next, on Page 10, we show the results of our Vehicle segment. As you can see, revenues increased 9% and were much stronger than anticipated. The strongest growth came from global commercial vehicle markets and from the Chinese light vehicle market. Just as a point of reference here, (inaudible) production was up [some] 12%.

接下來，在第 10 頁，我們展示了車輛部門的結果。正如您所看到的，收入增長了 9%，遠強於預期。最強勁的成長來自全球商用車市場和中國輕型汽車市場。作為參考，（聽不清楚）產量增加了[一些] 12%。

Operating margins also improved significantly here to 17.3%, another quarterly record, and a 380 basis point increase with incremental margins of nearly 60%. The strong margin performance was driven certainly by increased volume and also from savings from the multiyear restructuring program that we've undertaken. And despite volumes that were still below pre-pandemic levels, this business is approaching our target segment margins of 18%. So making very strong progress in our Vehicle segment.

營業利益率也顯著提高至 17.3%，再創季度記錄，增幅達 380 個基點，增量利潤率接近 60%。強勁的利潤率表現無疑是由銷量增加以及我們實施的多年重組計劃帶來的節省所推動的。儘管銷量仍低於疫情前的水平，但該業務正在接近我們 18% 的目標細分市場利潤率。因此，我們的車輛領域取得了非常強勁的進展。

And one additional noteworthy development in this segment was the introduction of the new automated transmission for the heavy-duty truck market in China through our Eaton Cummins JV. This product, I'd say, is already getting great traction and seeing strong growth in the market.

該領域另一項值得注意的發展是透過我們的伊頓康明斯合資企業為中國重型卡車市場推出了新型自動變速箱。我想說，該產品已經獲得了巨大的關注，並在市場上看到了強勁的成長。

Turning to Page 11. We summarize our e-mobility segment. Here, revenues increased 15%; 13% organic and 2% from currency. We experienced solid growth in global vehicle markets, which was driven here both by high- and low-voltage products. Operating margins were a negative 8.4% as we continue to invest heavily in R&D. And as I've reported in the past, we continue to manage just a really robust pipeline of opportunities. Of note in Q1, we secured a multiyear agreement with a leading global automotive customer to buy our next-generation break door circuit protection technology for battery electric vehicles. This award represents $33 million in material revenue sales, and we hope to be awarded additional vehicle platforms using the same technology. And this win, I would say, it really does highlight the strength of our electrical pedigree and how we're able to leverage this strength to grow in the e-mobility markets.

翻到第 11 頁 我們總結了我們的電動車細分市場。其中，收入成長了 15%； 13% 有機，2% 來自貨幣。我們在全球汽車市場經歷了穩健的成長，這是由高壓和低壓產品推動的。由於我們持續大力投資研發，營業利益率為負 8.4%。正如我過去所報告的那樣，我們繼續管理著非常強大的機會管道。值得注意的是，在第一季度，我們與一家全球領先的汽車客戶達成了一項多年協議，購買我們用於電池電動車的下一代破門電路保護技術。該獎項代表了 3300 萬美元的材料銷售收入，我們希望獲得更多使用相同技術的車輛平台。我想說，這次勝利確實凸顯了我們電氣血統的實力，以及我們如何利用這一優勢在電動車市場實現成長。

And on Slide 12, we've updated our organic revenue guidance for the year. As you can see, we're significantly increasing our organic revenue growth for the year with our strong Q1 results. We're optimistic about the remainder of 2021. Our strong order book and growing backlog basis that markets and market demand is really increasing and improving across most of our end markets.

在投影片 12 上，我們更新了今年的有機收入指引。正如您所看到的，憑藉我們強勁的第一季業績，我們今年的有機收入成長顯著增加。我們對 2021 年剩餘時間持樂觀態度。

We now expect overall Eaton organic growth to be up 7% to 9%, and this is up from 4% to 6% previously. And while we're experiencing some supply chain issues, we have confidence in our team's ability to manage through these temporary challenges.

我們現在預計伊頓整體有機成長將成長 7% 至 9%，高於先前的 4% 至 6%。雖然我們遇到了一些供應鏈問題，但我們對我們的團隊應對這些暫時挑戰的能力充滿信心。

As you can see, we've kept our forecast for Aerospace unchanged, Vehicle has increased by 600 basis points, Electrical Global has increased by 400 basis points, and all other segments have increased by 300 basis points. Encouragingly, I'd say here about our Electrical segment, we're seeing higher-than-expected demand across all of our markets, with the exception of utility. And that market remains in line with our original outlook, which was for mid-single-digit growth. So really strong performance in the electrical segments.

正如您所看到的，我們保持對航空航太的預測不變，車輛成長了 600 個基點，全球電氣成長了 400 個基點，所有其他細分市場成長了 300 個基點。令人鼓舞的是，我想說的是我們的電氣部門，我們看到除公用事業外，所有市場的需求都高於預期。該市場仍然符合我們最初的預期，即中個位數成長。在電氣領域的表現非常強勁。

Moving to Page 13. We show our updated segment margin guidance for the year, where we're also significantly increasing our guidance. For Eaton overall, we're increasing segment margins by 50 basis points at the midpoint with a range of 17.8% to 18.3%. And we've raised our margin guidance in each of our segments with the exception of Aerospace and eMobility, which are unchanged. Compared with our original guidance, we expect to deliver better incremental margins for sure on this higher volume. I'd also note that for the full year, we continue to expect net price versus inflation to be neutral.

轉到第 13 頁 我們展示了今年更新的分部利潤率指引，我們也大幅提高了我們的指引。就伊頓整體而言，我們將中點利潤率提高 50 個基點，範圍為 17.8% 至 18.3%。我們提高了每個細分市場的利潤指引，但航空航太和電動交通除外，這兩個領域保持不變。與我們最初的指導相比，我們預計在如此高的銷量上肯定會帶來更好的增量利潤。我還想指出的是，對於全年而言，我們仍然預期淨價與通膨之間的關係將保持中性。

And on Page 14, we have the balance of our 2021 guidance. We're raising our full year adjusted EPS by $0.50, to $5.90 to $6.30, a midpoint of $6.10. And this is a 9% increase over our prior guidance and a 24% increase over 2020. With our recent M&A activities, we now expect a net 4% headwind from acquisitions and divestitures, down from our prior outlook of 8%.

第 14 頁列​​出了 2021 年指導的其餘內容。我們將全年調整後每股收益提高 0.50 美元，至 5.90 美元至 6.30 美元，中間值為 6.10 美元。這比我們之前的指導增加了9%，比2020 年成長了24%。 。

I say it's also worth noting here that our segment margin guidance of 18.1% to 18.5% is 190 basis point increase at the midpoint over 2020, and will be an all-time record. It's also -- this is a point of reference, above our pre-pandemic margins of 17.6%, which we posted in 2019, which was also an all-time record.

我想說，這裡也值得注意的是，我們的分部利潤率指引為 18.1% 至 18.5%，比 2020 年的中點增加了 190 個基點，這將創下歷史記錄。這也是一個參考點，高於我們在 2019 年發布的大流行前 17.6% 的利潤率，這也是歷史記錄。

So we're off to a strong start, and I'd say, well on our way to achieve our longer-term targets of getting to 21% segment margins. The remaining components of our full year 2021 guidance remain unchanged. And lastly, for Q2, our guidance is as follows. We expect to be between $1.45 and $1.55 on earnings, for organic revenue to be up 24% to 28% and for segment margins to come in between 17.5% and 17.9%.

因此，我們有了一個良好的開端，而且我想說，我們正在順利實現我們的長期目標，即達到 21% 的細分利潤率。我們 2021 年全年指引的其餘部分保持不變。最後，對於第二季度，我們的指導如下。我們預計獲利將在 1.45 美元至 1.55 美元之間，有機收入將成長 24% 至 28%，部門利潤率將在 17.5% 至 17.9% 之間。

And if I could, just finally, on Page 15, I'll wrap up with a kind of a high-level summary of why we think Eaton remains an attractive long-term investment. And I begin with first, our intelligent power management strategy really does position us to capitalize on these key secular growth trends that we've talked about for the last couple of years: electrification, energy transition and digitalization. And we're gaining traction here. In all of these areas, we put a number of new wins.

如果可以的話，我將在第 15 頁最後對為什麼我們認為伊頓仍然是一項有吸引力的長期投資進行高度總結。首先，我們的智慧電源管理策略確實使我們能夠利用過去幾年我們討論的這些關鍵的長期成長趨勢：電氣化、能源轉型和數位化。我們在這裡獲得了關注。在所有這些領域，我們取得了許多新的勝利。

Our technology solutions, including our Brightlayer platform, are being well received by customers. And as a result, we continue to expect higher-than-historical organic growth rates for the company. And over the next 5 years, we're reaffirming our view that 4% to 6% outlook looks very much in hand.

我們的技術解決方案，包括 Brightlayer 平台，受到客戶的好評。因此，我們繼續預期該公司的有機成長率將高於歷史水準。在未來 5 年，我們重申我們的觀點，即 4% 至 6% 的前景看起來非常有把握。

Now this accelerated growth plus our, what I call, proven ability to deliver margin expansion, will allow us to deliver, on average, 11% to 13% EPS growth per year over the next 5 years. We'll also continue to deliver very strong free cash flow, which provides the optionality to invest in organic growth, to add strategic acquisitions and to return cash to shareholders.

現在，這種加速成長加上我所謂的經過驗證的利潤率擴張能力，將使我們在未來 5 年內實現平均每年 11% 至 13% 的每股盈餘成長。我們也將繼續提供非常強勁的自由現金流，這為投資有機成長、增加策略收購以及向股東返還現金提供了選擇。

And our commitment to ESG remains strong. We'll continue to develop sustainable solutions for our customers, for our own businesses, and certainly for the environment that we all share.

我們對 ESG 的承諾依然堅定。我們將繼續為我們的客戶、我們自己的企業以及我們共同的環境開發可持續的解決方案。

So with that, I'd like to turn it back to Yan. Obviously, we're very pleased with a really strong start to the year and looking forward to answering your questions.

因此，我想把它轉回給嚴。顯然，我們對今年的良好開局感到非常高興，並期待回答您的問題。

Thanks, Craig. (Operator Instructions) And with that, I will turn it over to the operator to give you guys the instruction.

謝謝，克雷格。 （操作員指示）接下來，我將把它交給操作員來給你們指示。

(Operator Instructions) Our first question today is going to come from the line of Nicole Deblase with Deutsche Bank.

（操作員說明）我們今天的第一個問題將來自德意志銀行的 Nicole Deblase 線。

Maybe we could just start with a clarification question, getting a lot of inbounds from investors about this. So when we look at the guidance today relative to where you were a few months ago, what's been added in with respect to Hydraulics into the second quarter? And then the incremental earnings associated with Tripp Lite closing early?

也許我們可以從一個澄清問題開始，從投資人那裡得到很多關於這個問題的回饋。因此，當我們查看今天相對於幾個月前的指導時，第二季度在液壓方面添加了哪些內容？那麼與 Tripp Lite 提前關閉相關的增量收益呢？

Yes. I appreciate the question, Nicole. It's obviously been a very busy quarter with a number of, I call it, positive moving pieces.

是的。我很欣賞這個問題，妮可。顯然，這是一個非常繁忙的季度，有許多我稱之為積極的、令人感動的事情。

So our current assumption in Hydraulics is that it would close here in the second quarter. And so you could think about a couple of months at about $0.05 a month for Hydraulics. And then specifically, as it relates to Tripp Lite, we were -- you could add about $0.10 or so for -- excuse me, about $0.07 for Tripp Lite. And then there's a couple of cents negative associated with the acquisition of Green Motion. So about $0.15 or so between the M&A activity.

因此，我們目前對液壓的假設是，它將在第二季關閉。因此，您可以考慮每月 0.05 美元左右的液壓系統費用。然後具體來說，因為它與 Tripp Lite 相關，我們——你可以為——對不起，為 Tripp Lite 添加大約 0.10 美元左右，大約 0.07 美元。此外，收購 Green Motion 還會帶來幾美分的負面影響。因此，併購活動之間的時間約為 0.15 美元左右。

Okay. Got it, Craig. That's really clear. And then maybe you could talk a little bit about price cost. So I know you said neutral for the full year. But as we think about the phasing of margins throughout the year, are there certain quarters where you will be facing more of a price cost headwind? And so we should be factoring that into our segment margin assumption?

好的。明白了，克雷格。這真的很清楚。然後也許你可以談談價格成本。所以我知道你說全年保持中立。但當我們考慮全年利潤的逐步調整時，是否在某些季度您將面臨更多的價格成本阻力？那麼我們應該將其納入我們的細分利潤假設中嗎？

Yes. No, certainly appreciate that question as well, and it's obviously one of the bigger topics that we're dealing with internally. And I think you're dealing with in terms of trying to model our results and others. And I'd say that what we experienced in Q1, I'd say, is largely, we were able to offset a lot of this commodity inflation that we had been experiencing through hedges and working out of inventory and other agreements. And so the biggest impact for us will be in Q2. And it's one of the reasons why you look at our Q2 guidance, and you say it may be a little muted given the very strong Q1. But that really is the quarter where we expect to see the biggest impact of material cost inflation. We're obviously getting price in the marketplace. It does take us typically a quarter or 2 to fully get pricing seeded into the marketplace. And so certainly, Q2 will be the most challenging quarter. It's certainly factored into our guidance that we've laid out, and it will get better from that point forward. So Q3 and Q4 will be certainly better on an incremental basis than Q2 will be. Fully offsetting it for the year.

是的。不，當然也很欣賞這個問題，這顯然是我們內部處理的更大主題之一。我認為你正在嘗試對我們的結果和其他結果進行建模。我想說，我們在第一季經歷的情況在很大程度上是，我們能夠透過對沖、庫存和其他協議來抵消我們所經歷的大量商品通膨。因此對我們來說最大的影響將出現在第二季。這也是您查看我們第二季度指導的原因之一，您說考慮到第一季的強勁表現，該指導可能有點低調。但這確實是我們預期材料成本通膨影響最大的季度。顯然我們在市場上得到了價格。我們通常需要一兩個季度的時間才能將定價完全植入市場。因此，可以肯定的是，第二季將是最具挑戰性的季度。這當然已納入我們制定的指導中，並且從那時起它會變得更好。因此，第三季和第四季肯定會比第二季更好。全年全部抵銷。

I would add as well that sometimes, in hyperinflationary environment, it's tough to get a full incremental margin on material cost inflation. We'll certainly more than offset it. But certainly, if you think about in hyperinflationary environment, you generally don't get a full incremental margin on inflation.

我還要補充一點，有時，在惡性通膨的環境中，很難在材料成本通膨方面獲得全額增量利潤。我們肯定會抵消它。但當然，如果你考慮一下惡性通膨的環境，你通常不會獲得完全的通膨增量邊際。

We'll go next to the line of Andrew Obin of Bank of America.

我們將前往美國銀行的安德魯·奧賓 (Andrew Obin) 排隊的地方。

Just a question. You guys did these deals in China, and you don't see a lot of companies in the U.S. being a -- being physically able to sort of find things to do in China and be sort of execute on them. Can you just give us a bit more background as to how these deals came around, and also very intriguing opportunity that you're able to do more deals like that in China.

就一個問題。你們在中國完成了這些交易，而且你們沒有看到很多美國公司能夠在中國找到可以做的事情並執行它們。您能否向我們介紹一下這些交易是如何達成的更多背景信息，以及您能夠在中國進行更多此類交易的非常有趣的機會。

Yes. Thanks for the question as well. And we are absolutely thrilled with what our local team has been able to do in the China market. And I would, in fact, put the emphasis on our local team. And our local team, having been in the market for a number of years, building strong relationships with some of the electrical companies in the region, we're able to pull off some really attractive deals.

是的。也謝謝你的提問。我們對我們的本地團隊在中國市場所取得的成就感到非常興奮。事實上，我會​​把重點放在我們當地的團隊。我們的本地團隊已經進入市場多年，與該地區的一些電力公司建立了牢固的關係，我們能夠達成一些真正有吸引力的交易。

And I think a lot of that is attributed to the fact that we're willing to partner. These are JVs that we have 50% of. We won't consolidate the revenue. At least in China, we'll leverage their products and their low-cost footprint, and we will consolidate revenues as we grow these businesses outside of China. But I think it's a combination of our local team's connectivity to the market and Eaton's willingness and proven track record of really being a very successful JV partner. As you know, we have a number of JVs inside of our company in China, in our aerospace business in China. And I think we have a very strong reputation in the country around a company that can very effectively -- you can very effectively partner with. And at the same time, do things that are helpful to both our company and to the companies that we're partnering with. And so we're thrilled with it.

我認為這很大程度上歸功於我們願意合作。這些是我們擁有 50% 股份的合資企業。我們不會合併收入。至少在中國，我們將利用他們的產品和低成本足跡，並且隨著我們在中國境外發展這些業務，我們將鞏固收入。但我認為，這是我們當地團隊與市場的聯繫以及伊頓的意願和作為非常成功的合資夥伴的良好記錄的結合。如您所知，我們在中國的航空航太業務公司內部有許多合資企業。我認為我們在國內擁有非常高的聲譽，我們是一家可以非常有效地合作的公司。同時，做對我們公司和我們合作的公司都有幫助的事情。所以我們對此感到非常興奮。

I would add that, to your other question, we are, in fact, having a number of other conversations around other similar types of transactions. Nothing to announce here today, but we're hopeful that we will continue to build on kind of this pattern of filling product gaps and whether that's a gap because it's a technology that we don't have like the busway products in the China market or it's a product gap in the form of the ability to really compete in the local market because you have a low cost product. We see other opportunities to do very similar things in other parts of the portfolio.

我想補充一點，對於你的另一個問題，事實上，我們正​​在圍繞其他類似類型的交易進行許多其他對話。今天沒有什麼可宣布的，但我們希望我們能夠繼續以這種填補產品空白的模式為基礎，無論這是一個空白，因為我們沒有像中國市場的母線槽產品那樣的技術，或者這是一種產品差距，其形式是在當地市場上真正競爭的能力，因為你擁有低成本的產品。我們看到了在投資組合的其他部分做非常類似的事情的其他機會。

Fascinating. And then just a question on data centers. Can you just give us color on how much visibility do you have in hyperscale enterprise and maybe by region, it's just -- it's been such a hot market and such a big driver of growth for you guys. Just -- do you have 1 quarter visibility, 6 months, a year? Just maybe a bit more of a deep dive here.

迷人。然後是關於數據中心的問題。您能為我們介紹一下您在超大規模企業中的知名度嗎？只是——你有一個季度、六個月、一年的可見度嗎？也許在這裡更深入一些。

Yes. I mean -- and certainly, the data center market has been one of the hottest markets in the electrical space, and we see that market growing by low double digits. And so it's a very strong market. And we think it will be a very strong market for a very long time. And we get back to this whole idea of saying, to the extent that you believe that the world will continue to generate, consume, process and store increasing amounts of data. The data center market will continue to be a very attractive market to be in for a very long time.

是的。我的意思是——當然，資料中心市場一直是電氣領域最熱門的市場之一，我們看到該市場以低兩位數的速度成長。所以這是一個非常強勁的市場。我們認為在很長一段時間內這將是一個非常強勁的市場。我們回到整個想法，即你相信世界將繼續產生、消費、處理和儲存越來越多的資料。資料中心市場在很長一段時間內仍將是一個非常有吸引力的市場。

And in terms of visibility, specifically in hyperscale, we're typically in the 6 to 12 months out window in terms of having fairly good visibility. As we've said, historically, hyperscale specifically tend to be a relatively lumpy market. And so orders come sometimes in a big slugs in 1 quarter or 1 year versus the others as they reconfigure their data centers. But certainly, when you look at the market more broadly, we are just thrilled by our position in this market and by the prospects to continue to grow here.

就可見性而言，特別是在超大規模方面，我們通常需要 6 到 12 個月的時間才能獲得相當好的可見性。正如我們所說，從歷史上看，超大規模往往是一個相對不穩定的市場。因此，當他們重新配置資料中心時，與其他公司相比，有時在一個季度或一年內會收到大量訂單。但當然，當你更廣泛地審視市場時，我們對我們在這個市場的地位以及在這裡繼續增長的前景感到興奮。

We'll go next to the line of Nigel Coe with Wolfe Research.

我們將繼續 Nigel Coe 與 Wolfe Research 的合作。

So I wanted to get into Electrical Americas a little bit deeper. Obviously, very impressive margin leverage there. You called out residential and data center as particularly strong markets. Is there any mix impact here, Craig? We're used to industrial being margin-accretive, maybe commercial being dilutive. But how does residential and data center impact margin mix?

所以我想更深入地了解美國電氣。顯然，那裡的保證金槓桿非常可觀。您稱住宅和資料中心為特別強勁的市場。克雷格，這裡有混合影響嗎？我們習慣於工業增加利潤，也許商業會稀釋利潤。但住宅和資料中心如何影響利潤率組合？

Yes. I'd say, if anything, to your point, Nigel, I think you know the business well, that we tend to make higher margins on a relative basis in the industrial side of the business and the more commercially oriented stuff tends to be lower margin. And so we certainly have not experienced any positive mix in the Electrical Americas business. I think this margin that you're seeing in us posting these record levels of margins is really a function of the things that we talked about, which is our teams are executing well. We're certainly benefiting from some restructuring that we've done as a company, and the volume is obviously helping.

是的。我想說的是，就你的觀點而言，奈傑爾，我認為你很了解這個行業，我們在工業方面的相對基礎上往往會獲得更高的利潤，而更多以商業為導向的東西往往會較低利潤。因此，我們在美國電氣業務中當然沒有經歷過任何積極的組合。我認為您在我們發布的這些創紀錄的利潤水平中看到的利潤實際上是我們所討論的事情的函數，即我們的團隊執行得很好。我們當然受益於我們作為一家公司所做的一些重組，而且數量顯然有所幫助。

And the big one is, obviously, if you think about Electrical Americas, we divested the Lighting business. And as we continue to work the portfolio in what we call grow the head and shrink the tail, we continue to do things inside of the company to ensure that we're serving attractive markets. But no, we would expect that there's more room to grow. And when we think about margin expansion in our Electrical Americas segment, and certainly, as the industrial markets come back, that's going to certainly be accretive to margins.

顯然，最重要的一點是，如果你考慮美國電氣公司，我們剝離了照明業務。當我們繼續以所謂的「長頭縮尾」的方式進行投資組合時，我們將繼續在公司內部開展工作，以確保我們服務於有吸引力的市場。但不，我們預計會有更多的成長空間。當我們考慮美洲電氣部門的利潤擴張時，當然，隨著工業市場的復甦，這肯定會增加利潤。

Right. Okay. Great. And then on the end markets, you basically said that all of them were going higher with the exception of utility, which remains in the mid single-digit range. And you called out strength in Global, but not U.S.

正確的。好的。偉大的。然後在終端市場上，您基本上是說，除了公用事業之外，所有這些市場都在走高，公用事業仍處於中等個位數範圍內。你強調了全球的力量，但沒有強調美國的力量。

So I'm just wondering what we're seeing in the U.S. utility space. Are we seeing maybe slightly softer trends in the first half of the year? Any color there would be helpful.

所以我只是想知道我們在美國公用事業領域看到了什麼。今年上半年我們是否看到趨勢略為放緩？任何顏色都會有幫助。

I mean, the utility markets, for us, I say, are largely performing in line with what we originally said. We knew as we started the year that utility markets would be a relatively strong market at mid-single-digit growth. And the market is just really continuing to perform in line with those numbers. And so really, the distinction, I'd say between the commentary around global versus the U.S. is really a function of change versus our original expectation. And so we have utility markets continue to be a very attractive space. We think with the work that we've talked about and the things that are going on around energy transition, hardening of the grid, grid resilience, we're seeing a lot of good activity. If you look at our broader negotiations in our Electrical business, they were up quite significantly from the fourth quarter. And so yes, this is a market that we continue to be optimistic about. And we think the utility segment, very much different than its history, is really going to be one of the important growth vectors for the company as we look forward.

我的意思是，對我們來說，公用事業市場的表現基本上與我們最初所說的一致。我們在年初就知道公用事業市場將是一個相對強勁的市場，成長率為中等個位數。市場的表現確實與這些數字一致。事實上，我想說，圍繞全球和美國的評論之間的區別實際上是變化與我們最初期望的函數。因此，公用事業市場仍然是一個非常有吸引力的領域。我們認為，透過我們所討論的工作以及圍繞能源轉型、電網強化、電網彈性所進行的工作，我們看到了很多良好的活動。如果你看看我們在電氣業務方面更廣泛的談判，你會發現它們比第四季大幅成長。所以，是的，這是一個我們繼續樂觀的市場。我們認為，公用事業領域與其歷史有很大不同，在我們的展望中，它確實將成為公司重要的成長載體之一。

We'll go next to the line of Jeff Sprague of Vertical Research.

我們將繼續垂直研究的傑夫·斯普拉格（Jeff Sprague）的路線。

Craig, maybe just to pick up a little bit on that discussion about industrial. Are you actually seeing anywhere in your business kind of early signs of some of those later-cycle elements of your business are beginning to pick up. Perhaps it hasn't materialized in orders yet, but just kind of what you're hearing from your customers and the channel would be interesting.

克雷格，也許只是想了解一下有關工業的討論。您是否確實在業務的任何地方看到了業務後期某些要素開始回升的早期跡象？也許它還沒有在訂單中實現，但你從客戶和管道聽到的消息將會很有趣。

Yes. It's obviously too early, Jeff, to declare victory on any of this stuff, but we are certainly seeing some early signs in the industrial markets of things starting to come back. And as I mentioned, negotiations for it, as you know, in our business, is -- and you have a pipeline, you do negotiations and you end up with a booking and ultimately a sale. And so we track negotiations in our business, and they are up quite significantly from the fourth quarter. And most of that increase, I'd say the biggest part of that increase in what we call our negotiations, is coming from our industrial businesses.

是的。傑夫，現在宣佈在這些事情上取得勝利顯然還為時過早，但我們確實看到工業市場開始復甦的一些早期跡象。正如我所提到的，正如你所知，在我們的業務中，談判是——你有一個管道，你進行談判，最終得到預訂並最終達成銷售。因此，我們追蹤業務談判，與第四季相比，談判大幅上升。我想說，我們所說的談判成長的大部分來自我們的工業企業。

And so we're certainly seeing some green shoots there. You see a lot of discussion about this whole trend towards reshoring. And you certainly see that today in the semiconductor market, for example, where a number of very large semiconductor companies have announced very sizable projects here in the U.S., and those are very big industrial projects. And so yes, we're clearly seeing some early signs. Too early to, let's say, once again, to declare that. We know exactly where we're headed here, but certainly encouraging.

所以我們肯定看到了一些萌芽。你會看到很多關於回流趨勢的討論。例如，您肯定會看到今天在半導體市場上，許多非常大的半導體公司已經在美國宣布了非常大規模的項目，而這些都是非常大的工業項目。是的，我們顯然看到了一些早期跡象。再說一次，現在宣布這一點還為時過早。我們確切地知道我們將走向何方，但無疑令人鼓舞。

And secondly, unrelated, but just back to what you're doing here on M&A. Maybe just a little more on Green Motion. It sounded like that was a really interesting partner at your Analyst Day. You chose, obviously, to just kind of take them out in entirety. What was the thought process there? And it sounds like maybe there's no revenues, but you feel like you have -- or very little, but you have some revenue visibility out into'23 and '24.

其次，不相關，但回到您在併購方面所做的事情。也許只是更多關於綠色運動。聽起來那是分析師日上一位非常有趣的合作夥伴。顯然，你選擇將它們全部消滅。那裡的思考過程是怎麼樣的？聽起來也許沒有收入，但你感覺你有——或者很少，但你對 23 年和 24 年有一些收入可見性。

Yes. I mean, Green Motion is a company that started back in 2009, so it's a relatively new organization as everything in and around kind of electrification of vehicles is new, and so they are -- some revenues, but revenues are relatively modest at this point. As I mentioned, dilutive to margins as we continue to invest in this business. But yet, strategically, I mean it's just a perfect fit for us.

是的。我的意思是，Green Motion 是一家成立於2009 年的公司，所以它是一個相對較新的組織，因為車輛電氣化及其周圍的一切都是新的，因此它們有一些收入，但目前收入相對較小。正如我所提到的，隨著我們繼續投資這項業務，利潤會被稀釋。但從戰略上講，我的意思是它非常適合我們。

And we see Uday and his team spend a lot of time talking about energy transition and what it's going to mean in terms of opportunities with respect to the grid as electric vehicles continue to grow. And they have both the hardware and the software technology and the billing systems to allow us to really participate in this really fast-growing and exciting space. And so today, they have a solution that works perfectly in the Nordic countries and most of Europe. We'll be taking that technology and integrating it with what we're currently doing in North America so that we have a solution for the North American market as well. And so it's really an important part of our strategy, and it really accelerates what we would have done organically inside of our company by acquiring this company. This gives us, I'd say, at least a couple of year head start for what we were planning to do organically. If you think about it, in terms of our longer-term goals of where we said we'd be by 2030, it probably doesn't change that materially because we planned on making these investments organically. So -- but it certainly accelerates our progress.

我們看到烏代和他的團隊花了很多時間談論能源轉型，以及隨著電動車的不斷增長，這對電網的機會意味著什麼。他們擁有硬體和軟體技術以及計費系統，使我們能夠真正參與這個真正快速成長和令人興奮的領域。因此，今天，他們有了一個在北歐國家和歐洲大部分地區都能完美運作的解決方案。我們將採用該技術並將其與我們目前在北美所做的事情相結合，以便我們也為北美市場提供解決方案。因此，這確實是我們策略的重要組成部分，它確實加速了我們透過收購這家公司在公司內部有機地完成的工作。我想說，這為我們計劃有機開展的工作提供了至少幾年的領先優勢。如果你想一想，就我們所說的 2030 年實現的長期目標而言，這可能不會發生重大改變，因為我們計劃有機地進行這些投資。所以——但這確實加速了我們的進步。

We'll go next to the line of Scott Davis with Melius Research.

我們將緊接著 Scott Davis 與 Melius Research 的合作。

Good morning. A lot of good stuff talked about so far. But if we backed up a little bit, Craig, and just talk through the supply chain issues, your company, your business mix is a little bit different than kind of our average. How would you rank the supply chain issues? Is it more around -- is it more about raw -- higher raw material costs? Is it more about freight? I mean, how do you guys think about it and how are you managing it?

早安.到目前為止討論了很多好東西。但如果我們支持一點，克雷格，只是討論一下供應鏈問題，你的公司、你的業務組合與我們的平均水平有點不同。您如何評估供應鏈問題？是否更多的是──更多的是原料──更高的原料成本？是不是運費比較重要？我的意思是，你們如何看待這個問題以及如何管理它？

And I'd say -- probably fair to say, Scott, we're dealing with all of those challenges. We're dealing with certainly -- if you look at the basket of commodities that we buy, whether that's copper, aluminum, sheet steel, we're probably seeing today levels of inflation in those key raw materials that probably are at levels that we have not seen since probably 2010, 2011.

我想說——也許可以公平地說，斯科特，我們正在應對所有這些挑戰。我們正在處理的問題是——如果你看看我們購買的一籃子商品，無論是銅、鋁還是鋼板，我們今天可能會看到這些關鍵原材料的通膨水平可能達到了我們認為的水平。年、2011年就沒有見過了。

And so clearly, commodity cost increase is on our key. Input materials is quite a significant challenge. As you mentioned, freight around the world is up dramatically as well. And then with these challenges, obviously, you're dealing with the intermittent availability issues on things like you reading the newspaper with respect to semiconductors, which is impacting our vehicle business. And also, to a certain extent, is impacting our electrical business.

顯然，商品成本的增加是我們的關鍵。輸入材料是一個相當重大的挑戰。正如您所提到的，世界各地的貨運量也大幅上漲。然後，面對這些挑戰，顯然，您正在處理間歇性的可用性問題，例如您閱讀有關半導體的報紙，這正在影響我們的汽車業務。而且，在某種程度上，正在影響我們的電力業務。

And so I think we're dealing with this entire kind of portfolio of challenges right now in the market, and our teams are managing through it extraordinarily well. And I would tell you that the good news in all of this, it's a great indicator of just how strong the market is. And so the other side of dealing with these challenges around inflation and freight and the like is that something very positive must be going on in your end markets, and that's really what we're experiencing.

因此，我認為我們現在正在應對市場上的所有挑戰，而且我們的團隊處理得非常好。我想告訴你，所有這一切的好消息是，它是表明市場有多強勁的一個很好的指標。因此，應對通貨膨脹和貨運等挑戰的另一面是，終端市場一定會發生一些非常積極的事情，而這正是我們所經歷的。

And as you know, getting price as a company is something that we do. It's certainly easier. In certain cases, distribution, for example. As long as the market moves, price is a good thing for distribution.

如您所知，作為一家公司，獲取價格是我們所做的事情。這當然更容易。在某些情況下，例如分發。只要市場變動，價格對於分配來說就是一件好事。

And so today, I would tell you that we're dealing with each of these challenges, and there'll be certainly intermittent hiccups that we'll see in a business or in a product line or in a quarter. But by and large, our teams are managing it well, and we'd expect things to start to improve beginning in Q3. And by the time you get to Q4, perhaps at the end of the year, for a lot of the bigger issues to be behind us. But we're managing through all of these challenges. But we've been here before. This is nothing new for our company. We've dealt with inflation before. We've dealt with these intermittent supply chain issues before. And I'm confident that we'll manage through this one extremely well as well.

因此，今天，我想告訴大家，我們正在應對這些挑戰中的每一個，我們肯定會在業務、產品線或一個季度內看到間歇性的問題。但總的來說，我們的團隊管理得很好，我們預計情況會從第三季開始有所改善。當你到達第四季時，也許是在今年年底，許多更大的問題都已經過去了。但我們正在應對所有這些挑戰。但我們以前來過這裡。這對我們公司來說不是什麼新鮮事。我們以前處理過通貨膨脹。我們之前已經處理過這些間歇性的供應鏈問題。我相信我們也能好好度過這一難關。

That's helpful, Craig. And just -- I think this is part of Jeff's question, but you mentioned the semiconductor fabs and kind of this onshoring thing. But I always think of the rule of thumb, new factories, kind of 10% of it is going to be electrical content.

這很有幫助，克雷格。只是 - 我認為這是傑夫問題的一部分，但你提到了半導體工廠和類似的本土業務。但我總是想到經驗法則，新工廠中，大約 10% 將是電氣成分。

How do you guys think about a semiconductor fab? I've actually never been in one. So is it heavier electrical content than an average kind of widget factory? Is it lighter? Perhaps some...

你們如何看待半導體工廠？事實上我從來沒有參加過一次。那麼它的電氣含量是否比一般的小部件工廠更重呢？比較輕嗎？也許有些...

Clearly, the energy requirements of a semiconductor facility would tend to be higher than your typical commercial project, for example. And so the electrical intensity of that kind of project would be much, much higher.

顯然，例如，半導體設施的能源需求往往會高於典型的商業項目。因此，此類專案的電力強度會高得多。

One of the other markets that we didn't talk about as well is water wastewater. That's another one of these markets I would tell you where that we're starting to see growth in projects with another market that once again has higher electrical intensity in some of the other products in the industrial side.

我們沒有討論的其他市場之一是廢水。這是另一個市場，我想告訴您，我們開始看到另一個市場項目的成長，該市場在工業方面的其他一些產品中再次具有更高的電力強度。

We'll go next to the line of John Inch of Gordon Haskett.

我們將沿著戈登·哈斯克特的約翰·英奇的路線走。

Craig, is Aerospace rightsized for a pending commercial flight rebound over the next couple of years, likely on a lagging shop visit after market basis, but still a rebound nonetheless? Or would you actually have to begin to rehire?

克雷格，航空航太是否針對未來幾年即將到來的商業航班反彈進行了調整，可能是在市場後的商店訪問滯後的基礎上，但仍然是反彈？或者你真的必須開始重新僱用嗎？

No. I appreciate that question, John. It's a little different one that we're getting around aerospace these days, but certainly appreciate it. And I would tell you that one of the things that we've done is we've lived through cyclical businesses and have a lot of experiences out of our company around how do you manage these businesses that go through from periods of time, pretty big cyclical swings.

不，我很欣賞這個問題，約翰。如今我們在航空航太領域遇到的情況有點不同，但我們當然很欣賞它。我想告訴你，我們所做的一件事是，我們經歷過週期性業務，並且在我們公司擁有很多經驗，圍繞著如何管理這些經歷過相當大時期的業務週期性波動。

And so I would tell you that our business is sized appropriately and is well positioned for a rebound in commercial aerospace. The bigger challenges always tend to be the supply chain. So what we're trying to do and make sure that it's not only -- we have our house in order. We're ready for the rebound. But also throughout the supply chain, that everyone is prepared and like everything else in these businesses, it's the weakest link that tend to create issues for your businesses. And so yes, our business itself, very well footed with a viewpoint of -- we think it's '23, '24 recovery. We did take some restructuring actions inside of the business. Most of it was around fixed structural costs that will not come back, things that we would have done anyway even in a more healthy environment.

因此，我想告訴您，我們的業務規模適當，並且處於商業航空航太領域反彈的有利位置。更大的挑戰往往是供應鏈。因此，我們正在努力做的並確保不僅是——我們的房子井然有序。我們已準備好迎接反彈。而且在整個供應鏈中，每個人都做好了準備，就像這些企業中的其他一切一樣，這是最薄弱的環節，往往會為您的企業帶來問題。所以，是的，我們的業務本身非常有基礎，我們認為這是 23、24 年的復甦。我們確實在企業內部採取了一些重組行動。其中大部分是圍繞著不會回來的固定結構成本，即使在更健康的環境中我們無論如何也會做的事情。

And as we talked about this in prior years, what we try to do in each of our businesses is have what we call shovel-ready projects. And so this list of restructuring projects that we would undertake at any point in time. And then we simply accelerate them or decelerate them based upon the market environment that we're living in. And that's simply what we did in aerospace. Things that we wanted to do anyway, we would have done them any way, we simply accelerated them during this period of low economic activity, but not things that take capacity and capability to respond out of the system.

正如我們前幾年談到的那樣，我們在每項業務中嘗試做的就是擁有所謂的「準備就緒」專案。因此，我們將在任何時候進行的重組項目清單。然後我們只是根據我們所處的市場環境來加速或減速它們。無論如何，我們想做的事情，我們會以任何方式完成，我們只是在經濟活動低迷的時期加速它們，而不是需要係統響應能力和能力的事情。

So we're in great shape. And obviously, we're working with our suppliers to make sure that they're also prepared for the ramp.

所以我們的狀態很好。顯然，我們正在與供應商合作，確保他們也為坡道做好準備。

Yes. No. It sounds like a -- it's a pretty good positioning to be in. Maybe just as a follow-up, Tom, I wanted to ask, in your first 90 days, what have you uncovered? And I'm sure with your boss sitting there, you're going to say a lot of positive things. But I'm wondering also, though, if you could talk about areas for maybe opportunities for Eaton and where your background could be additive to this, so maybe like some areas for improvement? I don't know, whatever you'd like to say.

是的。不。我確信當你的老闆坐在那裡時，你會說很多正面的話。但我也想知道，您是否可以談談伊頓可能有機會的領域，以及您的背景可以在哪些方面有所補充，所以也許像一些需要改進的領域？我不知道，你想說什麼就說什麼吧。

Yes. I appreciate it, John. I guess a few things that I've seen. The first one is just a tremendous amount of opportunity. I knew that coming in. And it's even more than I expected. And specifically in the area of organic growth, I think that's a great opportunity for us. And hopefully, that's something that I can be additive to.

是的。我很感激，約翰。我猜想一些我所看到的事情。第一個是巨大的機會。我知道這一點即將到來。特別是在有機成長領域，我認為這對我們來說是一個很好的機會。希望這是我可以補充的。

Another thing that I've found is with all of the issues that we've been managing, whether it be commodities or supply chain, just the professionalism of the organization to get after it and just to mitigate it, has been really remarkable. And the final thing is just a really top-notch leadership team that wants to win. And all of that is just a great combination, and I couldn't be happier to be here.

我發現的另一件事是，對於我們一直在管理的所有問題，無論是大宗商品還是供應鏈，僅該組織在解決問題和緩解問題方面的專業精神就非常出色。最後一件事就是一支真正想要獲勝的一流領導團隊。所有這些都是一個很棒的組合，我很高興來到這裡。

Next, we'll go to the line of Jeff Hammond with KeyBanc.

接下來，我們將進入 Jeff Hammond 與 KeyBanc 的隊伍。

Craig, I think early in the year or when you first gave your outlook, commercial construction and oil and gas were laggards. Can you just kind of frame what you're seeing there and how you're feeling about those end markets versus a couple of months ago?

克雷格，我認為在今年年初，或者當你第一次給出你的展望時，商業建築以及石油和天然氣表現落後。您能否簡單描述一下您在那裡所看到的情況以及您對這些終端市場與幾個月前相比的感受？

Yes. Appreciate the question, Jeff. And I'd say, largely speaking, I mean, in the context of what's happening in our electrical business overall, they are felt clearly laggards. Within commercial, there are certain segments that continue to do well. We've talked about, for example, warehousing, for example, as a segment that is very strong. And once again, it's another one of these markets with a much higher electrical intensity than other commercial applications. But the commercial market, I'd say, our view on it, in general, what we call commercial, institutional is that this year, we're calling that market to be flat to up slightly, but still a laggard relative to the overall electrical market that we're seeing in general. And then in oil and gas, while we are -- in other places where we're certainly seeing some green shoots and the market is certainly firming, the rig count is increasing, we're starting to see more MRO projects and the like. So that market is improving.

是的。感謝這個問題，傑夫。我想說，從很大程度上來說，我的意思是，就我們整個電力產業正在發生的情況而言，他們明顯被認為是落後者。在商業領域，某些細分市場持續表現良好。例如，我們已經討論過倉儲作為一個非常強大的細分市場。這又是另一個電力強度比其他商業應用高得多的市場。但商業市場，我想說，我們對此的看法，總的來說，我們所說的商業、機構市場是，今年，我們稱該市場持平到略有上升，但相對於整體而言仍然落後我們所看到的一般電氣市場。然後在石油和天然氣領域，雖然我們在其他地方確實看到了一些萌芽，市場也確實在堅挺，但鑽機數量正在增加，我們開始看到更多的 MRO 項目等。所以這個市場正在改善。

But once again, relative to the overall electrical market, that market is still a laggard versus the overall electrical market. In that market, we're still calling to be essentially largely flat on the year, but still not a return to kind of the growth that we certainly would expect to see, perhaps beginning at the end of this year into next year.

但再一次，相對於整個電力市場，該市場仍落後於整個電力市場。在該市場中，我們仍然認為今年基本上持平，但仍然沒有恢復到我們當然期望看到的成長，也許從今年年底到明年。

Okay. That's helpful. And then just on vehicle, you guys raised your outlook pretty materially, and certainly 1Q is a lot better. And that seems to be where a lot of the supply chain and semiconductor chip issues are. Can you just speak to kind of the push-pull of kind of raising that pretty materially versus some of the supply chain headwinds you're seeing in those markets?

好的。這很有幫助。然後就車輛而言，你們大大提高了你們的前景，當然 1Q 好多了。這似乎是許多供應鏈和半導體晶片問題所在。您能否談談相對於您在這些市場中看到的一些供應鏈逆風而言，相當實質性的融資的推拉效應？

Yes. We appreciate that. And I'd say that if you think about the semiconductor issue, it certainly has hit the light vehicle market harder than it has, let's say, the commercial vehicle market. I mean, not to say there aren't challenges in commercial vehicles; there are. We have issues there as well. But it's certainly been a much bigger issue in the light vehicle market.

是的。我們對此表示讚賞。我想說，如果你考慮半導體問題，它對輕型汽車市場的打擊肯定比對商用車市場的打擊更大。我的意思是，並不是說商用車不存在挑戰；有。我們那裡也有問題。但這在輕型汽車市場上無疑是一個更大的問題。

And the one thing that's helped us a little bit, I would say, with respect to the way the OEMs are responding to kind of the shortages of semiconductors is that they're tending to make decisions to manufacture to produce their more expensive vehicles. And so what you're finding is trucks and things where they tend to make higher margins are also the places where Eaton has higher content. And so our impact in the way we're being impacted by this semiconductor issue is being somewhat muted by the way the OEMs are prioritizing what they produce.

我想說，就原始設備製造商應對半導體短缺的方式而言，對我們有一點幫助的一件事是，他們傾向於做出製造決定，生產更昂貴的車輛。所以你會發現卡車和它們往往能獲得更高利潤的東西也是伊頓擁有更高內容的地方。因此，我們受到這個半導體問題影響的方式在某種程度上被原始設備製造商優先考慮其生產的方式所削弱。

And so as we think about Q2, it's maybe a 2% to 3% impact on revenues. And revenues would have been 2% to 3% higher, but for the semiconductor issue overall. And so our teams are once again managing it well, but it is a real issue and one that we expect to really deal with throughout Q2 and maybe even into Q3.

因此，當我們考慮第二季時，這可能會對收入產生 2% 到 3% 的影響。如果不是半導體問題，收入將會增加 2% 到 3%。因此，我們的團隊再次管理得很好，但這是一個真正的問題，我們希望在整個第二季甚至第三季真正解決這個問題。

Thank you. We'll go to the line of Josh Pokrzywinski of Morgan Stanley.

謝謝。我們將聽取摩根士丹利 (Morgan Stanley) 的喬許波克茲溫斯基 (Josh Pokrzywinski) 的意見。

Just, Craig, maybe to follow-up on your earlier comments in electrical. It sounded like you thought you guys were benefiting a little bit from supply chain shortages, maybe some advance ordering or, I don't know, double ordering, and people just sort of trying to get ahead of supply constraints. How much of that 23% backlog growth that you saw in the Americas would you attribute to something that's maybe a bit more atypical versus the underlying business? Just trying to get a handle on what (inaudible) timing that mechanism might be worth.

只是，克雷格，也許是為了跟進您之前在電氣方面的評論。聽起來你們認為你們從供應鏈短缺中受益匪淺，也許是一些提前訂購，或者我不知道，重複訂購，人們只是想擺脫供應限制。您在美洲看到的 23% 的積壓增長，有多少是由於與基礎業務相比更非典型的業務所致？只是想了解機制可能值得的（聽不清楚）時機。

Yes. I mean, it's obviously a difficult question to really know for certain in terms of the behavior and what's going on specifically in the channel. I would say that we probably did see some order surges that took place at the end of Q1 in the month of March.

是的。我的意思是，要真正了解頻道中的行為和具體情況，顯然是一個困難的問題。我想說，我們可能確實看到了 3 月第一季末出現的一些訂單激增。

Tough to call it double ordering. I think some of that ordering could be certainly trying to get out in front of price increases, some of that ordering could be to put in some safety stock to protect against concerns about shortages. But I would say that overall, if you think about inventory levels, I say inventory levels, in general, I'd say, are still probably slightly below where they really ought to be. If you think about some of the end markets of residential and others and, let's say, in some of our factory OEM equipment markets, inventory levels there are probably well below where they need to be, and then we're still kind of hand to mouth with respect to dealing with some of the demand that we're seeing. And so I would say, kind of the spirit of the question is, do we think this strength that we're seeing in the Electrical business has legs? Or is it a little bit of an artificial pop that we're seeing? I think mostly, we're comfortable that it's real. The underlying demand that we're seeing in these end markets is real and that's what's really driving the ordering more than anything. And we'd love to be in a position today where we actually had more inventory in that same sentiment, I would tell you, would be largely true for almost all of our customers.

很難稱之為雙重排序。我認為，其中一些訂單肯定是試圖在價格上漲之前擺脫困境，其中一些訂單可能是為了放入一些安全庫存，以防止對短缺的擔憂。但我想說的是，總的來說，如果你考慮庫存水平，我想說的是，總體而言，庫存水平可能仍略低於實際水平。如果你考慮一些住宅和其他終端市場，比如說，在我們的一些工廠 OEM 設備市場，庫存水平可能遠低於他們需要的水平，然後我們仍然會幫助關於處理我們所看到的一些需求的嘴。所以我想說，問題的實質是，我們認為我們在電氣產業看到的這種優勢是否有效？還是我們看到的有點人造的流行音樂？我認為大多數情況下，我們對它是真實的感到滿意。我們在這些終端市場看到的潛在需求是真實的，這才是真正推動訂購的因素。我們希望今天我們實際上擁有更多的庫存，我想告訴你，對於我們幾乎所有的客戶來說，這在很大程度上都是正確的。

Got it. That's helpful. And then maybe just following up on electrical. Obviously, at the Analyst Day, a lot of discussion around electrification and sort of some secular shifts in the way customers are buying. As you guys are bidding on projects, is there some, I don't know, higher content level that you're seeing show up that would suggest this is playing out? Or is this just kind of project velocity picking up rather than, I guess, project content?

知道了。這很有幫助。然後也許只是跟進電氣問題。顯然，在分析師日，圍繞電氣化以及客戶購買方式的一些長期變化進行了許多討論。當你們正在競標專案時，是否有一些我不知道的更高內容水平出現，表明這一切正在發生？或者這只是專案速度的加快，而不是專案內容的加快？

No. I would say that it's both. It's both velocity and it's also content. And one I always go back to, which is an easy one to relate to, is really what's going on even in residential construction today. If you think about today, the electrical content in your home as you move from a standard mechanical circuit breaker to an electronic circuit breaker or a circuit breaker that has the ability to do fault protection, I mean, we're seeing more electrical content in almost every project that we participate in, in almost every single end market. And I just think this idea of -- as we talk about the digitization connectivity, these broader secular growth trends are really requiring an increase in the electrical content in the equipment that we provide. So I would say it's both. It's both the velocity of projects as well as increased content on every project that we sell.

不，我想說兩者都是。這既是速度，也是內容。我經常回顧的一個很容易產生共鳴的問題，即使在當今的住宅建設中也確實正在發生。如果您考慮一下今天，當您從標準機械斷路器轉向電子斷路器或具有故障保護能力的斷路器時，您家中的電氣內容，我的意思是，我們將看到更多的電氣內容幾乎我們參與的每個項目、幾乎每個終端市場。我只是認為，當我們談論數位化連接時，這些更廣泛的長期成長趨勢確實需要增加我們提供的設備中的電氣含量。所以我想說兩者兼具。這既是項目的速度，也是我們銷售的每個項目內容的增加。

We'll go next to the line of Joe Ritchie of Goldman Sachs.

我們將跟隨高盛的喬·里奇 (Joe Ritchie) 的隊伍。

So Craig, I know you've been pretty front footed on the investments that you've been making on the e-mobility offering. Saw this interesting announcement last week with ABB, like initiating a carve-out of their business, their business being smaller than your business today. I'm just curious. You guys have been front-footed as well in terms of your portfolio. I guess how are you thinking about this business longer term? And is this a potential opportunity for a carve-out of this business as you build momentum?

克雷格，我知道您在電動車產品上的投資相當領先。上週 ABB 看到了這個有趣的公告，例如開始剝離他們的業務，他們的業務比你今天的業務還要小。我只是好奇。你們在投資組合方面也一直處於領先地位。我想您對這項業務的長期看法如何？當您建立勢頭時，這是否是剝離該業務的潛在機會？

Yes. We obviously followed that announcement as well from ABB. And I'd say that every company has got their own strategy around how you unlock value in your organization. And as we think about the connectivity between what we do in our e-mobility business with our broader electrical business, we see just tons of synergies between them. And so we really think about that as being a key growth platform for Eaton and a great source of synergies with respect to the way we develop technology, the way we leverage scale in our supply chain. And so we really do see it as an integrated part of our company as we go forward.

是的。顯然，我們也關注了 ABB 的這項公告。我想說，每家公司都有自己的關於如何釋放組織價值的策略。當我們思考我們的電動車業務與更廣泛的電氣業務之間的聯繫時，我們看到它們之間存在大量的協同效應。因此，我們確實認為這是伊頓的一個關鍵成長平台，也是我們開發技術的方式以及我們利用供應鏈規模的方式的重要協同來源。因此，隨著我們的發展，我們確實將其視為我們公司不可或缺的一部分。

If you think about one of the examples that we mentioned in the earnings call today around this break to our technology, which is basically a resettable circuit breaker that's used in a vehicle application in a market that has historically only used fuses, that's a great example. That core technology came from our electrical business. That's where it was developed. And so our eMobility team lifted that technology, naturally modified it for the commercial vehicle space, and here, we landed a number of key wins that are, we think, at maturity, we could be talking about $100 million worth of business in this kind of space around this break door technology once we get to full maturity and we bed down all the wins that we're working on right now. So we really do see it as a core piece of the way we run the company, the way we leverage our scale and the way we'll ultimately grow our business and synergies that will flow back to both our electrical and to our eMobility segment.

如果您考慮我們在今天的財報電話會議中圍繞我們的技術突破所提到的一個示例，該技術基本上是一種可重置斷路器，用於歷史上只使用保險絲的市場中的車輛應用，這是一個很好的例子。此核心技術來自我們的電氣業務。這就是它被開發的地方。因此，我們的eMobility 團隊提升了這項技術，自然地針對商用車領域對其進行了修改，在這裡，我們取得了一些關鍵的勝利，我們認為，在成熟時，我們可以談論價值1 億美元的這類業務一旦我們完全成熟，圍繞這種突破門技術的空間就會很大，並且我們會放下我們現在正在努力的所有勝利。因此，我們確實將其視為我們經營公司的方式、我們利用規模的方式以及我們最終發展業務和協同效應的方式的核心部分，這些方式將回流到我們的電氣和電動交通部門。

Makes a lot of sense, Greg. I appreciate the color there. I guess my follow-on question, and I know we've talked a lot about different end market trends, but I'd be curious if you guys could quantify how April has been trending relative to some of the intra-quarter trends that you saw in the first quarter?

很有道理，格雷格。我很欣賞那裡的顏色。我想我的後續問題，我知道我們已經討論了很多不同的終端市場趨勢，但我很好奇你們是否可以量化四月份的趨勢相對於你們所預測的一些季度內趨勢第一季度看到的？

Yes. I'd say that we had a good April. And actually, we're working to get some rather modest comps given COVID-19 last year. But the month of April for us came in very strong and came in actually slightly better than what we were forecasting. And so at this juncture, we think everything is looking good for another strong quarter in Q2.

是的。我想說我們度過了愉快的四月。事實上，考慮到去年的 COVID-19，我們正在努力獲得一些相當適度的補償。但四月份對我們來說非常強勁，實際上比我們的預測稍好。因此，在這個時刻，我們認為一切看起來都很好，第二季將迎來另一個強勁的季度。

Next we'll go to the line of Ann Duignan of JPMorgan.

接下來我們將轉到摩根大通的 Ann Duignan。

Most of my questions have been answered. But just maybe on the electrical side, can you talk about any growing interest or quoting in terms of state and local government either retrofitting for renewable energy requirements or retrofitting for modernization of infrastructure? Are you seeing any of that kind of activity pick back up? I mean taking local budgets are in better shape than we might have anticipated now with all the money they've gotten in terms of aid, I'm just curious if you're seeing any evidence of green shoots there.

我的大部分問題都得到了解答。但也許在電力方面，您能否談談州和地方政府對再生能源需求改造或基礎設施現代化改造的任何日益增長的興趣或引用？您是否看到此類活動有所回升？我的意思是，考慮到當地預算的狀況比我們現在預期的要好，他們在援助方面獲得了所有資金，我只是好奇你是否看到了任何復甦跡象。

Yes, I appreciate that question as well, Ann. And you're absolutely right. I mean, the infrastructure needs in our country are vast and what's happening today in terms of the stimulus programs that are being either approved already or proposed by the Biden administration are going to put significant dollars in the hands of both state and local governments. And I can tell you today, it's early days. In terms of what's been approved already, I'd say that we are starting to see some of those projects. And when you look at kind of the C-30 report, the public sector has tended to be a little stronger than the private sector. When you think about what's going on in commercial construction. And so we obviously have seen some of that already. But the biggest piece of it, we think, is still out in front of us.

是的，我也很欣賞這個問題，安。你是完全正確的。我的意思是，我們國家的基礎設施需求巨大，而拜登政府已經批准或提議的刺激計劃目前所發生的情況將為州和地方政府帶來大量資金。我今天可以告訴你，現在還為時過早。就已經批准的項目而言，我想說我們已經開始看到其中一些項目。當你查看 C-30 報告時，會發現公部門往往比私部門稍強。當您思考商業建築中正在發生的事情時。所以我們顯然已經看到了其中的一些。但我們認為，其中最大的一部分仍然擺在我們面前。

And we think that -- and obviously, it's going to depend upon where these dollars go in terms of this infrastructure build. If it's in roads and bridges, that probably won't have a material impact on our company. But if it's where the Biden administration is pointing a lot of those dollars, whether that's in reduced energy consumption, the greening of the economy, electrification of the economy, building out the electrical infrastructure, grid resiliency, a lot of the things that the administration are talking about not baked into our current forecast and outlook, could be another real, I'd say, leg of growth for our company. And we're hopeful, but I think today, we've seen very little of that really show up in our business.

我們認為，顯然，這將取決於這些資金在基礎設施建設方面的去向。如果是在道路和橋樑中，可能不會對我們公司產生實質影響。但如果這是拜登政府將大量資金投入的領域，無論是減少能源消耗、經濟綠色化、經濟電氣化、建設電力基礎設施、電網彈性，還是政府所關注的很多方面我想說的是，我們正在談論的內容並未納入我們當前的預測和前景，這可能是我們公司的另一個真正的成長支柱。我們充滿希望，但我認為今天，我們很少看到這種情況真正出現在我們的業務中。

Okay. That's helpful. And then just back on Green Motion on the electrical charging company in Europe. Can you talk a little bit about what is so differentiated about that company? Because we think that charging as being commoditized very quickly over time. I mean, the barriers to entry are not that high, and it's very regional, and there's standard issues across different countries. I mean, just talk a little bit about why that company, why you think they will be the winner?

好的。這很有幫助。然後又回到了歐洲充電公司的 Green Motion。您能談談該公司的獨特之處嗎？因為我們認為隨著時間的推移，充電很快就會商品化。我的意思是，進入障礙並沒有那麼高，而且具有很強的區域性，不同國家之間存在標準問題。我的意思是，稍微談談為什麼那家公司，為什麼你認為他們會成為贏家？

Yes. I'd say, clearly, when you think about the charging infrastructure side, there is obviously the hardware. And I think when you think about the piece that's -- today, you could argue is not very differentiated. It's really the hardware itself. It's the equipment. We view that as really more of as a gateway and the real value creation really comes in the software associated with how do you manage the charging infrastructure.

是的。我想說，顯然，當你考慮充電基礎設施方面時，顯然有硬體。我認為，當你思考今天的這篇文章時，你可能會說它並沒有太大的區別。這實際上是硬體本身。就是裝備啊我們認為，它實際上更像是一個網關，真正的價值創造真正來自於與如何管理充電基礎設施相關的軟體。

And so yes, they have charging, and they have the hardware associated with charging. And that piece, for us, is interesting because we do think that, depending upon the application that you're in, all charging isn't the same. There is an opportunity, we believe, depending upon which segment of the market you're serving, where the charging infrastructure in and of itself is important. We think there's an opportunity to really pull through and couple the charging infrastructure with what we do on the electrical equipment on year side, which we think will be value-creating. But the real value, ultimately, is really in the software and the way the solutions around how do you manage the charging of vehicles, of fleets, manage the load in a smart way in a really complex environment. And that's ultimately where we see the biggest value and what really intrigued us a lot about what Green Motion has already done and the ability to do billing as well and what Green Motion has already done in the Nordic countries.

是的，他們有充電功能，並且有與充電相關的硬體。對於我們來說，這件事很有趣，因為我們確實認為，根據您所使用的應用程序，所有充電都是不一樣的。我們相信，這是一個機會，取決於您所服務的市場細分，充電基礎設施本身很重要。我們認為有機會真正完成充電基礎設施並將其與我們在電氣設備上所做的工作結合起來，我們認為這將創造價值。但最終真正的價值在於軟體以及圍繞如何在非常複雜的環境中管理車輛、車隊充電、以智慧方式管理負載的解決方案的方式。這最終是我們看到最大價值的地方，也是真正讓我們對 Green Motion 已經做的事情、計費能力以及 Green Motion 已經在北歐國家所做的事情非常感興趣的地方。

And we have time for one more question. That will come from the line of Julian Mitchell of Barclays.

我們還有時間再問一個問題。這將來自巴克萊銀行的朱利安·米切爾的家族。

Maybe just a clarification question around the free cash flow. I don't think anyone's asked about it yet. But that guidance was unchanged, I think, from before. The adjusted net income guide was raised by about 200 million. So just wondered what the moving pieces are? Is it around bigger working capital headwinds? Or is it more to do with perhaps a lot of those sort of adjustments to EPS noncash. Just wanted to check on that.

也許只是關於自由現金流的澄清問題。我想還沒有人問過這個問題。但我認為，這項指導方針與以前相比沒有變化。調整後淨利指引上調約2億。所以只是想知道移動的部分是什麼？是因為營運資金面臨更大的阻力嗎？或者說這可能更多地與每股收益非現金的大量此類調整有關。只是想檢查一下。

Joe, I think the way to think about it, the working capital piece, it's just early. I'd say that today, we are dealing with a number of uncertainties as it relates to supply chain, and we may need to build a little bridge inventory to deal with some of these supply chain challenges. And so the way I think about it more than anything is it's just early in the year. And some uncertainty around how some of the supply chain challenges are going to work their way through the system.

喬，我認為思考這個問題的方式，營運資金部分，現在還為時過早。我想說，今天，我們正在處理與供應鏈相關的許多不確定性，我們可能需要建立一些橋樑庫存來應對其中一些供應鏈挑戰。所以我最重要的是考慮這件事現在才剛開始。一些供應鏈挑戰將如何透過系統發揮作用仍存在一些不確定性。

As you saw in the numbers, we had a very strong Q1 in free cash flow. Better than our plan, for sure. And there's nothing particularly that we can see today that would prevent that from playing through for the year, but it's just early, and there's a number of these uncertainties around what's going on in the supply chain. And that's what kind of held us back from taking that guidance up at this point.

正如您在數字中看到的，我們第一季的自由現金流非常強勁。當然比我們的計劃更好。我們今天看到的沒有什麼特別的事情可以阻止這種情況在今年持續發生，但現在還為時過早，而且供應鏈中正在發生的事情存在許多不確定性。這就是我們目前未能採納該指導意見的原因。

And then just a quick follow-up on aerospace specifically. The margin guide for the year embeds maybe a 200-, 300-point step-up from Q1 for the balance of the year. I assume that's commercial aftermarket recovering and carrying a very high mix tailwind with it. Maybe just help us understand what your assumption is for commercial aftermarket sales growth for the year in that context?

然後是專門針對航空航太領域的快速跟進。今年的利潤率指引可能比第一季提高 200 到 300 點。我認為這是商業售後市場的復甦，並帶來了非常高的混合動力。也許只是幫助我們了解您對今年商業售後市場銷售成長的假設是什麼？

Yes. So commercial aftermarket, the aftermarket typically lags the OEM by a quarter or 2. And so we are certainly expecting a lift in aftermarket as we get into the second half of the year, and that's certainly going to be very much accretive to margins overall. So that's certainly baked into our assumptions.

是的。因此，在商業售後市場，售後市場通常落後於原始設備製造商四分之一或兩個季度。利潤率。所以這肯定已經融入了我們的假設。

And the other place, as I said, we did a lot of restructuring in the company. A lot of that went into Aerospace. And so certainly, as our restructuring programs get completed, we'll see those benefits as well show up in our expanded margins.

另一方面，正如我所說，我們對公司進行了許多重組。其中許多都進入了航空航太領域。當然，隨著我們的重組計畫完成，我們將看到這些好處也會反映在我們擴大的利潤中。

But we're very comfortable with the margin outlook for Aerospace. Even in Q1, the margins that we delivered in that business of 18.5%, very attractive margins on volumes that are down dramatically. And so as we think about the business and the margin profile overall, nothing that I'd say would be extraordinary or Herculean in our effort to deliver the forecast.

但我們對航空航太的利潤前景非常滿意。即使在第一季度，我們在該業務中實現的利潤率為 18.5%，在銷量急劇下降的情況下，利潤率非常有吸引力。因此，當我們考慮整體業務和利潤狀況時，我所說的在我們實現預測的努力中都不會是非凡的或艱鉅的。

Okay, guys, I think -- thanks for all the questions. As always, Chip and I will be available for any follow-up questions. Have a good day.

好吧，夥計們，我想——謝謝大家提出的問題。像往常一樣，奇普和我將隨時解答任何後續問題。祝你有美好的一天。

All right. Thank you.

好的。謝謝。

Thank you, guys. Bye.

感謝你們。再見。

Thank you. And ladies and gentlemen, that does conclude our conference for today. Thank you for your participation and for using AT&T event conferencing. You may now disconnect.

謝謝。女士們、先生們，我們今天的會議到此結束。感謝您的參與和使用 AT&T 活動會議。您現在可以斷開連線。