Hyster-Yale Inc (HY) 2024 Q1 法說會逐字稿

Good afternoon, ladies and gentlemen, and welcome to the Hyster-Yale Materials Handling first-quarter 2024 earnings conference call.

女士們、先生們，下午好，歡迎參加海斯特-耶魯物料搬運 2024 年第一季財報電話會議。

(Operator Instructions) This call is being recorded on Wednesday, May 8, 2024.

（操作員說明）此通話錄音時間為 2024 年 5 月 8 日星期三。

I would now like to turn the conference over to Christina Kmetko, Investor Relations.

我現在想將會議交給投資者關係部克里斯蒂娜·克梅特科 (Christina Kmetko)。

Please go ahead.

請繼續。

Good afternoon. And thank you for joining us for Hyster-Yale’s 2024 first-quarter earnings call.

午安.感謝您參加海斯特-耶魯 2024 年第一季財報電話會議。

I'm Christina Kmetko and I'm responsible for Investor Relations.

我是克里斯蒂娜·克梅特科 (Christina Kmetko)，負責投資者關係。

Yesterday evening, we published our first quarter 2024 results and filed our 10-Q.

昨天晚上，我們發布了 2024 年第一季業績並提交了 10-Q 報告。

These documents are available on the Hyster-Yale’s website.

這些文件可在海斯特-耶魯大學網站上取得。

We are recording this webcast.

我們正在錄製這個網路廣播。

And a replay will be on our website later this afternoon.

今天下午晚些時候，我們的網站將重播。

The replay will remain available for approximately 12 months.

重播將保留約 12 個月。

I'd like to remind you that our remarks today, including answers to any questions will include comments related to expected future results of the company and are therefore forward-looking statements.

我想提醒您，我們今天的言論，包括對任何問題的回答，將包括與公司預期未來業績相關的評論，因此屬於前瞻性陳述。

Our actual results may differ materially from our forward-looking statements due to a wide range of risks and uncertainties that are described in our earnings release, 10-Q, and other SEC filings.

由於我們的收益報告、10-Q 和其他 SEC 文件中所述的各種風險和不確定性，我們的實際結果可能與我們的前瞻性陳述有重大差異。

We may not update these forward-looking statements until our next quarterly earnings conference.

在下一次季度收益會議之前，我們可能不會更新這些前瞻性陳述。

Our presenters today are Al Rankin, Executive Chairman; Rajiv Prasad, President and Chief Executive Officer; and Scott Minder, our Senior Vice President, Chief Financial Officer, and Treasurer.

今天我們的主講人是執行主​​席 Al Rankin；拉吉夫·普拉薩德，總裁兼執行長；以及我們的高級副總裁、財務長兼財務主管 Scott Minder。

With the formalities out of the way, let me turn the call over to Rajiv to begin.

手續辦完了，讓我把電話轉給拉吉夫開始。

Thanks, Christy, and good afternoon, everyone.

謝謝克里斯蒂，大家下午好。

I'll start by providing the operational perspective and some commentary on our markets.

我將首先提供營運視角和對我們市場的一些評論。

Scott will follow with the detailed financial results and the outlook.

斯科特將隨後公佈詳細的財務業績和前景。

Then I'll share a few strategic project highlights.

然後我將分享一些戰略項目亮點。

Al, will close the call with his perspective and then we'll open it up to your questions.

艾爾將以他的觀點結束這通通話，然後我們將回答您的問題。

First, I'll provide some highlights from our excellent quarter one 2024 financial results. 2023 was an outstanding year and we're continuing to build on those successes.

首先，我將介紹我們出色的 2024 年第一季財務表現的一些亮點。 2023 年是出色的一年，我們將繼續在這些成功的基礎上再接再厲。

For the fourth consecutive quarter, we reported revenues of more than $1 billion.

我們連續第四個季度的營收超過 10 億美元。

And this past quarter, we had the highest reported operating profit and profit margins in the company's history, achieving an operating profit margin above 7% for the first time.

上個季度，我們實現了公司歷史上最高的營業利潤和利潤率，首次實現營業利潤率超過 7%。

Our quarterly highlights all positive.

我們的季度報告強調了所有積極的方面。

Consolidated operating profit and net incomes are up significantly versus the prior year.

綜合營業利潤和淨利較上年大幅增加。

We've improved operating profit margins and consolidated revenues as well.

我們也提高了營業利潤率和合併收入。

The global economy remains strong overall in the first quarter.

第一季全球經濟整體保持強勁。

However, political unrest around the world is causing lingering uncertainty.

然而，世界各地的政治動盪正造成揮之不去的不確定性。

The latest publicly available lift truck market data indicates that Q4 2023 global bookings increased year over year with stronger-than-expected year end volumes in EMEA and JAPIC markets.

最新公開的堆高機市場數據顯示，2023 年第四季全球預訂量較去年同期成長，歐洲、中東和非洲 (EMEA) 和日本太平洋地區 (JAPIC) 市場的年末銷量強於預期。

Those higher bookings more than offset the Americas decline.

這些較高的預訂量足以抵消美洲地區預訂量的下降。

However, we estimate that Q1 2024 global lift truck bookings moderated compared to relatively strong prior-year level.

然而，我們估計 2024 年第一季全球堆高機預訂量與去年相對強勁的水平相比有所放緩。

In Q1, we continue to work through our extended backlog and continue to focus on booking orders with strong overall margins.

在第一季度，我們繼續處理長期積壓的訂單，並繼續專注於整體利潤率較高的預訂訂單。

This coupled with the year-over-year market decline led to a moderate booking decrease compared to prior year.

再加上市場較去年同期下滑，導致預訂量較上年略有下降。

Bookings increased 10% sequentially, led by a large order for Class 2 and Class 3 warehouse trucks in EMEA.

歐洲、中東和非洲地區 2 級和 3 級倉庫卡車的大訂單帶動了訂單量環比增長 10%。

In quarter 1 2024, average booking prices decreased compared to fourth quarter 2023 and prior year.

2024 年第一季度，平均預訂價格與 2023 年第四季和前一年相比有所下降。

This was largely due to a shift towards lower price warehouse products predominantly in EMEA.

這主要是由於主要在歐洲、中東和非洲地區轉向低價倉儲產品。

In line with our objectives, backlog levels decreased compared to year end 2023 levels.

根據我們的目標，與 2023 年底的水平相比，積壓水平有所下降。

Now let's talk about the outlook for our business.

現在讓我們談談我們業務的前景。

Looking ahead, we expect competitive dynamics to become more prevalent again in our markets, particularly on products with shorter lead times.

展望未來，我們預計競爭動態將在我們的市場中再次變得更加普遍，尤其是交貨時間較短的產品。

As we reduce backlog levels and improve lead times, we're committed to maintaining our targeted booking margins through new model introductions and cost decreases.

隨著我們減少積壓水平並縮短交貨時間，我們致力於透過推出新型號和降低成本來維持我們的目標預訂利潤。

We predict an upward swing in quarter-over-quarter bookings throughout 2024.

我們預計 2024 年季度預訂量將呈上升趨勢。

This is largely due to anticipated market share gains in the Americas and EMEA and improving North American market conditions later in the year.

這主要是由於美洲和歐洲、中東和非洲市場份額的預期成長以及今年稍後北美市場狀況的改善。

Our shipments are expected to increase in 2024 compared to 2023 due to higher production rates, continued supply chain improvements, and the dissipation of lingering product launch issues.

由於更高的生產率、持續的供應鏈改進以及揮之不去的產品發布問題的消散，預計 2024 年的出貨量將比 2023 年增加。

As production and shipment rates increase, we foresee backlog levels and lead times on many product lines reaching target levels by year end.

隨著產量和出貨量的增加，我們預計許多產品線的積壓水準和交貨時間將在年底達到目標水準。

As expected, our $3.1 billion backlog, which is equal to approximately nine month of production combined with new unit bookings is supporting the business through any near-term market weaknesses.

正如預期的那樣，我們 31 億美元的積壓訂單（相當於大約 9 個月的生產量加上新的訂單量）正在支持我們的業務應對任何近期市場疲軟的情況。

Now I'll turn it over to Scott to provide some detailed financial results and outlook.

現在我將把它交給斯科特提供一些詳細的財務表現和前景。

Thanks, Rajiv.

謝謝，拉吉夫。

I'd like to emphasize that our strong Q1 2024 results build on 2023 exceptional year-over-year improvements.

我想強調的是，我們 2024 年第一季的強勁業績建立在 2023 年卓越的同比改進基礎上。

The numbers speak for themselves.

數字不言而喻。

Consolidated revenue rose to $1.1 billion, up from just under $1 billion in Q1 2023.

合併收入從 2023 年第一季的近 10 億美元增至 11 億美元。

As Rajiv mentioned, this is the fourth consecutive quarter with revenues over $1 billion.

正如 Rajiv 所提到的，這是連續第四個季度收入超過 10 億美元。

Consolidated operating profit increased to almost $84 million compared to $41 million in Q1 2023.

合併營業利潤從 2023 年第一季的 4,100 萬美元增至近 8,400 萬美元。

Our operating profit margin of 7.9% was up from 4.3% one year ago.

我們的營業利益率為 7.9%，高於一年前的 4.3%。

Our Q1 2024 earnings per share increased by nearly 90% to $2.93.

我們的 2024 年第一季每股收益成長了近 90%，達到 2.93 美元。

Let's dive into the results that our lift truck business.

讓我們深入了解我們的堆高機業務的結果。

Lift truck revenues grew 6% versus the prior year due to higher average sales prices and a favorable sales mix.

由於平均銷售價格上漲和有利的銷售組合，堆高機收入較上年增長 6%。

These improvements were partially offset by lower unit and parts volumes.

這些改進部分被單位和零件數量的減少所抵消。

Due to previously implemented price increases, average lift truck sales prices increased by 17% year over year and 3% sequentially.

由於先前實施的漲價，堆高機平均銷售價格年增 17%，季增 3%。

Our sales mix improved versus the prior year mainly due to increased sales of Class 4 and 5 internal combustion engine units in the Americas.

我們的銷售組合較前一年有所改善，主要是因為美洲 4 級和 5 級內燃機裝置的銷售量增加。

These higher-capacity lift trucks generally have higher selling prices.

這些容量較大的堆高機通常售價較高。

Shipment volume declined 8% versus prior year, driven by 21% decline in EMEA as a result of lower production rates.

由於生產力下降，歐洲、中東和非洲地區的出貨量下降了 21%，導致出貨量較前一年下降 8%。

American shipments were lower mostly due to reduced shipments in Brazil.

美國出貨量下降主要是由於巴西出貨量減少。

In Q1 2024, lift truck operating profit of $89 million increased by 87% year over year.

2024年第一季度，堆高機營業利潤為8,900萬美元，較去年同期成長87%。

Operating margins were 8.9% in the quarter, improving by 390 basis points versus the prior year.

本季營業利益率為 8.9%，較上年同期提高 390 個基點。

This gain was driven by higher new unit margins due to favorable price in material costs.

這項收益是由於材料成本價格優惠而帶來的新單位利潤率上升所推動的。

Units sold in Q1 2024 were largely added to our backlog in late 2022 and in 2023.

2024 年第一季售出的單位大部分已添加到我們 2022 年末和 2023 年的積壓訂單中。

These units had higher prices and margins than trucks sold in Q1 2023, the latter of which entered the backlog before our price increases went into effect.

這些單位的價格和利潤高於 2023 年第一季銷售的卡車，後者在我們的漲價生效之前就進入了積壓狀態。

Operating expenses increased in the quarter compared to prior year, mainly due to higher employee-related costs including for incentive compensation.

本季營運費用較去年同期增加，主要是因為包括激勵薪酬在內的員工相關成本增加。

The lift truck team remains focused on growth with disciplined execution.

堆高機團隊仍專注於以嚴格的執行力實現成長。

As a result, the business generated a 71% year-over-year incremental margin in the first quarter.

結果，該業務第一季的利潤率同比增長了 71%。

Now over to Bolzoni, Bolzoni’s gross profit increased while revenues decreased as a result of the planned phase out of low-margin legacy component sales.

現在輪到博爾佐尼了，由於計劃逐步淘汰低利潤的傳統零件銷售，博爾佐尼的毛利增加了，而收入卻下降了。

This phase out will continue throughout 2024.

這項逐步淘汰將持續到 2024 年。

The business maintained a strong price-to-cost ratio on its core attachment products.

該業務的核心附件產品保持著強勁的性價比。

Bolzoni’s Q1 2024 operating profit decreased due to higher operating expenses.

由於營運費用增加，博爾佐尼 2024 年第一季營運利潤下降。

Moving to Nuvera, Nuvera’s Q1 revenue decreased year over year due to fewer customer shipments.

轉向 Nuvera，由於客戶出貨量減少，Nuvera 第一季營收年減。

The first quarter's operating loss improved slightly as government funding to cover certain research and development expenses, offset the impact from lower shipments.

第一季的營運虧損略有改善，因為政府提供的資金用於支付某些研發費用，抵消了出貨量下降的影響。

I'll explain this government funding in more detail in a moment.

我稍後將更詳細地解釋這項政府資助。

Before I move to our cash and balance sheet results, I'll outline the effect of taxes on our business.

在討論我們的現金和資產負債表結果之前，我將概述稅收對我們業務的影響。

Our first-quarter income before income taxes was $77 million, up 114% compared to the prior year.

我們第一季的稅前收入為 7,700 萬美元，比上年增長 114%。

However, net income increased at a slower pace due to a significantly elevated income tax rate.

然而，由於所得稅率大幅提高，淨利潤成長放緩。

The company's Q1 2024 effective income tax rate was 33%.

該公司2024年第一季的有效所得稅率為33%。

This compared to a 24% rate in the prior-year quarter.

相比之下，去年同期的成長率為 24%。

This large tax rate increase is a result of the combination of the US government's current R&D capitalization requirements and the company's inability to put tax assets on its balance sheet, given its US valuation allowance position.

稅率大幅上漲是美國政府目前研發資本化要求以及該公司鑑於其美國估值補貼狀況而無法將稅收資產納入其資產負債表的結果。

Businesses that invest in R&D activities are required to capitalize these expenses and recognize them overtime.

投資研發活動的企業必須將這些費用資本化並加班確認。

This effectively increases taxable income over 5 to 15 years, depending on the circumstance over which the R&D expenses are amortized.

這有效地增加了 5 至 15 年的應稅收入，具體取決於研發費用攤提的情況。

This reduces cash available to make further R&D and capital investments.

這減少了可用於進一步研發和資本投資的現金。

We continue to work with industry groups and elected representatives to correct the situation and to restore the incentive for companies like Hyster-Yale to make future R&D investments.

我們將繼續與產業團體和民選代表合作，糾正這種情況，並恢復像海斯特-耶魯這樣的公司進行未來研發投資的動機。

Next, we'll turn to the balance sheet.

接下來，我們將轉向資產負債表。

Improvements in our financial results in cash generation were very significant in 2023.

2023 年，我們在現金產生方面的財務表現取得了非常顯著的改善。

We expect increased momentum in this area as 2024 progresses.

我們預計隨著 2024 年的進展，這一領域的勢頭將會增強。

Given these broad business and financial improvements, our credit rating agencies, S&P and Moody's, upgraded our credit ratings in March and April respectively.

鑑於這些廣泛的業務和財務改善，我們的信用評級機構標準普爾和穆迪分別在 3 月和 4 月上調了我們的信用評級。

Financial leverage continued to improve in the quarter with a 4% debt reduction compared to December 31, levels.

本季財務槓桿持續改善，債務較 12 月 31 日減少 4%。

Our debt to total capital ratio of 53% improved by 200 basis points sequentially as a result of higher earnings and lower debt.

由於獲利增加和債務減少，我們的債務與總資本比率為 53%，環比提高了 200 個基點。

Additional cash generated from operations was used to reduce debt levels in the quarter.

營運產生的額外現金用於降低本季的債務水準。

Our unused borrowing capacity of $269 million was generally comparable to the December 31, level.

我們未使用的借款能力為 2.69 億美元，與 12 月 31 日的水平大致相當。

Working capital improved modestly from Q4 2023 but remained above desired levels at 18.9% of sales.

營運資本較 2023 年第四季略有改善，但仍高於預期水平，佔銷售額的 18.9%。

While we improved inventory efficiency as measured by days inventory outstanding, significant further working capital reductions largely from inventory are expected across the remainder of 2024.

雖然我們提高了以庫存週轉天數衡量的庫存效率，但預計在 2024 年剩餘時間內，營運資金將進一步大幅減少，主要來自於庫存。

On an absolute basis, Q1 2024 inventory increased compared to the prior year and prior quarter.

從絕對值來看，2024 年第一季的庫存與去年和上一季相比有所增加。

This was largely due to a higher finished goods inventory driven by trucks completed but not shipped at quarter end and extended transit times due to internal global production shipments.

這主要是由於卡車在季度末完成但未發貨，導致成品庫存增加，以及全球內部生產發貨導致的運輸時間延長。

As we execute our strategic initiatives, we're utilizing our global production systems flexibility to manufacture trucks efficiently.

在執行策略性舉措時，我們正在利用全球生產系統的靈活性來有效製造卡車。

Therefore, trucks coming to the US from our non-US facilities take longer to receive.

因此，從我們的非美國工廠運往美國的卡車需要更長的時間才能收到。

We expect finished goods inventory to decrease in the second quarter as the Q1 shipment days are cleared.

我們預計，隨著第一季出貨天數的清空，第二季成品庫存將減少。

Positively, raw material and component parts inventory improved compared to the previous quarter and Q1 2023.

積極的一面是，原材料和零件庫存較上一季和 2023 年第一季有所改善。

Looking ahead, the outlook for full year 2024 remains favorable and better than we anticipated last quarter.

展望未來，2024 年全年前景依然樂觀，優於我們上季的預期。

For the lift truck business, we expect continued revenue and operating profit growth in Q2 compared to the prior year.

對於堆高機業務，我們預計第二季營收和營業利潤將較上年持續成長。

This growth is driven by an increase in expected shipments of higher-priced, higher-margin backlog units.

這一增長是由價格較高、利潤較高的積壓產品的預期出貨量增加所推動的。

To anticipate the potential expiration of tariff exemptions in late May 2024 to modestly tempered Q2 results compared to Q1 levels.

預計關稅豁免可能將於 2024 年 5 月下旬到期，使第二季業績較第一季水準略有下降。

The company is actively working with federal regulators to have these exemptions extended.

該公司正在積極與聯邦監管機構合作，以延長這些豁免。

Full-year 2024 lift truck revenues and operating profit are anticipated to increase over 2023.

預計 2024 年全年堆高機收入和營業利潤將比 2023 年有所成長。

Our Q1 results were higher than expected, largely due to continued strong unit margins.

我們第一季的業績高於預期，這主要是由於單位利潤率持續強勁。

We anticipate our strong margin trend to continue for the balance of 2024.

我們預計 2024 年剩餘時間我們將繼續保持強勁的利潤率趨勢。

As a result, we expect higher full-year revenue and profit in our truck business compared to our prior guidance.

因此，與我們先前的指導相比，我們預計卡車業務的全年收入和利潤將會更高。

For Bolzoni, we anticipate 2024 revenues to be comparable to 2023.

對於 Bolzoni，我們預計 2024 年的收入將與 2023 年相當。

Bolzoni will continue to focus on increasing production of higher margin attachments while it executes the planned phase out of legacy component sales to the lift truck business.

博爾佐尼將繼續專注於增加利潤率更高的配件的產量，同時執行計劃逐步停止向堆高機業務銷售舊零件。

As a result, the operating profit is expected to increase modestly year over year, leading to higher gross profits, partly offset by increased operating expenses.

因此，營業利潤預計將同比小幅增長，從而導致毛利增加，但部分被營業費用增加所抵消。

To increase sales, Nuvera is focused on more global customer product demonstrations in expanding its presence in Europe and China.

為了增加銷售額，Nuvera 專注於更多的全球客戶產品展示，以擴大其在歐洲和中國的業務。

Booked orders from current customers are expected to boost 2024 sales above last year's levels.

預計當前客戶的預訂訂單將使 2024 年的銷售額高於去年的水平。

The benefit from these higher sales will likely be offset by increased development costs, leading to comparable year-over-year operating results.

銷售額增加帶來的好處可能會被開發成本的增加所抵消，從而產生可比擬的年比經營績效。

Fuel cell customer adoption has a long sales cycle.

燃料電池客戶採用的銷售週期較長。

Therefore, we expect increased 2024 demonstrations to support fuel cell engine technology adoption and revenue growth overtime.

因此，我們預計 2024 年示範數量將會增加，以支持燃料電池引擎技術的採用和收入的成長。

To offset manufacturing costs, Nuvera was granted up to $30 million in matching funds from the US Department of Energy in April.

為了抵​​銷製造成本，Nuvera 於 4 月獲得了美國能源部高達 3,000 萬美元的配套資金。

This was part of a $750 million federal government investment in dozens of hydrogen projects as part of the National Clean Hydrogen Strategy.

這是聯邦政府對數十個氫氣項目投資 7.5 億美元的一部分，也是國家清潔氫戰略的一部分。

Also in early April, Nuvera was awarded up to $14 million of investment tax credits from the US Internal Revenue Service based on future spending levels.

同樣在 4 月初，Nuvera 獲得了美國國稅局根據未來支出水準提供的高達 1,400 萬美元的投資稅收抵免。

This is part of the qualifying Advanced Energy Project Tax Credit Initiative, funded by the Inflation Reduction Act.

這是合格的先進能源項目稅收抵免計劃的一部分，由《通貨膨脹減少法案》資助。

This program, which provides up to a 30% investment tax credit for selected clean energy manufacturing projects, is designed to support secure and resilient domestic clean energy supply chains.

該計劃為選定的清潔能源製造項目提供高達 30% 的投資稅收抵免，旨在支持安全且有彈性的國內清潔能源供應鏈。

Nuvera anticipates using the tax credits to expand fuel cell production capacity at its Billerica, Massachusetts, headquarters.

Nuvera 預計利用稅收抵免來擴大其馬薩諸塞州比爾里卡總部的燃料電池產能。

At the Hyster-Yale consolidated levels, we expect increased full-year revenue, operating profit, and net income compared to prior year levels.

在海斯特-耶魯合併水準上，我們預計全年收入、營業利潤和淨利潤將較上年水準增加。

As I said earlier, this outlook builds on a strong 2023 year.

正如我之前所說，這一前景建立在 2023 年的強勁表現之上。

Due to the better-than-expected Q1 2024 results and anticipated forecast improvements in the following quarters, full-year 2024 results should improve compared to our prior full-year guidance.

由於 2024 年第一季的業績優於預期，並且預計接下來幾季的預測會有所改善，因此 2024 年全年業績應該會比我們之前的全年指引有所改善。

In the second quarter, we anticipate continued strong product margins from shipments of higher-margin backlog units to drive year-over-year profit growth.

在第二季度，我們預計高利潤積壓產品的出貨將帶來持續強勁的產品利潤，進而推動利潤年增。

Q2 profits are expected to increase significantly versus prior-year levels, but the modestly lower than Q1 results.

預計第二季獲利將較上年同期大幅成長，但略低於第一季的業績。

This decrease is largely due to the anticipated expiration of section 301 tariff exemptions on May 31.

這一下降主要是由於 301 條款關稅豁免預計將於 5 月 31 日到期。

For the full year 2024, we expect continued progress toward our 7% operating profit goal in our core lift truck and attachment businesses.

2024 年全年，我們預計核心堆高機和屬具業務將繼續朝著實現 7% 營業利潤的目標取得進展。

We started the year off with first-quarter margins of 8.9% in our lift truck business and 7.9% for the consolidated company.

年初，我們的堆高機業務第一季利潤率為 8.9%，合併後的公司利潤率為 7.9%。

These were well ahead of our previously expected levels.

這些遠遠超出了我們之前的預期水準。

We anticipate operating profit margins to moderate somewhat over the remaining 2024 quarters because of increased material costs.

由於材料成本增加，我們預計 2024 年剩餘季度的營業利潤率將有所放緩。

This was partly due to the assumed tariff exemption, the expiration I mentioned earlier.

這部分是由於假定的關稅豁免，也就是我之前提到的到期期限。

We remain committed to systematic and sustainable progress toward our financial goals overtime.

我們仍然致力於加班加點地有系統地、永續地推進我們的財務目標。

We remain focused on improving operating cash flows by decreasing working capital through improved inventory efficiency and strong production rates.

我們仍然專注於透過提高庫存效率和強勁的生產力來減少營運資本，從而改善營運現金流。

As a result, inventory levels are expected to decrease substantially in 2024.

因此，庫存水準預計將在 2024 年大幅下降。

Consolidated 2024 capital expenditures are estimated to be $84 million, down modestly from our initial projection of $87 million.

2024 年綜合資本支出預計為 8,400 萬美元，略低於我們最初預測的 8,700 萬美元。

While we anticipate substantial investments in our business, maintaining adequate liquidity remains a priority.

儘管我們預計會對我們的業務進行大量投資，但保持充足的流動性仍然是首要任務。

As a result of our efforts, we expect a significant increase in free cash flow in 2024 compared with the prior year.

經過我們的努力，我們預計 2024 年自由現金流將比前一年大幅增加。

This would enable further financial leverage reductions.

這將有助於進一步降低財務槓桿。

Now I'll turn the call back to Rajiv to discuss our strategic initiatives and the recent progress.

現在我將回電給拉吉夫，討論我們的策略舉措和最近的進展。

Thanks, Scott.

謝謝，斯科特。

Our vision is to transform the way the world moves material from port to home by promising customers optimized product solutions and exceptional care.

我們的願景是透過向客戶承諾優化的產品解決方案和卓越的服務來改變世界將物料從港口運送到國內的方式。

To fulfill these promises and achieve long-term growth rates, all product segments are executing established strategic initiatives and key projects.

為了履行這些承諾並實現長期成長率，所有產品部門都在執行既定的策略性舉措和關鍵專案。

I'll share some highlights here, but you can learn more about additional strategic projects in the Q1 2024 news release and in our shortly to be released investor presentation.

我將在這裡分享一些亮點，但您可以在 2024 年第一季新聞稿和我們即將發布的投資者簡報中了解有關其他策略項目的更多資訊。

The lift truck business has three core strategies to transform our competitiveness, market position, and economic performance overtime.

堆高機業務有三大核心策略來轉變我們的競爭力、市場地位和經濟效益。

The first strategy is to provide products that increase customer productivity at the lowest cost of ownership.

第一個策略是以最低的擁有成本提供能夠提高客戶生產力的產品。

At the heart of these initiatives are our award-winning modular scalable lift truck.

這些舉措的核心是我們屢獲殊榮的模組化可擴展堆高機。

With the March 2024 launch of the full 2 to 3 ton internal combustion modular scalable product line in JAPIC, these products are now produced and available in each of our major geographies that can be configured as value standard and premium products to fit the customers’ exact specific needs.

隨著2024 年3 月在JAPIC 推出完整的2 至3 噸內燃模組化可擴展產品線，這些產品現已在我們的每個主要地區生產和銷售，可以配置為價值標準和優質產品，以滿足客戶的需求。

For Hyster-Yale, this modular, scalable product platform enhances multiple areas of the business, including reducing supply chain costs, improving working capital levels, and providing customers with customizable solutions.

對於海斯特-耶魯來說，這個模組化、可擴展的產品平台增強了多個業務領域，包括降低供應鏈成本、提高營運資金水準以及為客戶提供可客製化的解決方案。

Bookings and shipments of these trucks are accelerating in EMEA and American markets where they were first launched in 2022 and 2023.

這些卡車於 2022 年和 2023 年首次推出，在 EMEA 和美國市場的預訂和出貨量正在加速成長。

We continue to capitalize on advancements in electric powertrains for applications now dominated by internal combustion engine trucks.

我們繼續利用電動動力系統的進步，應用於目前由內燃機卡車主導的應用。

As a result, an electrified fuel cell container handler is now operating at the port of Los Angeles and an electrified fuel cell reach stacker is operating at the port of Valencia in Spain.

目前，一台電動燃料電池貨櫃裝卸機正在洛杉磯港運營，一台電動燃料電池正面吊正在西班牙巴倫西亞港運營。

In March 2024, we agreed to supply 10 zero-emission battery powered terminal tractors to APM terminals at the Port of Mobile in Alabama.

2024 年 3 月，我們同意向阿拉巴馬州莫比爾港的 APM 碼頭供應 10 台零排放電池供電碼頭牽引車。

This was part of an electrification pilot for port equipment decarbonization.

這是港口設備脫碳電氣化試點的一部分。

The lift truck business is also focused on applying technology advancement to operator assist and automated product options.

堆高機業務也專注於將技術進步應用於操作員輔助和自動化產品選項。

In March 2024, we began our first test of an internally developed automated truck at a customer location.

2024 年 3 月，我們開始在客戶所在地對內部開發的自動卡車進行首次測試。

This builds on our prior offering using third-party software.

這建立在我們之前使用第三方軟體提供的產品的基礎上。

At the recent MODEX material handling trade show, we announced the standalone availability of our advanced dynamic stability technology or ADS.

在最近舉行的 MODEX 物料搬運貿易展上，我們宣布獨立推出先進的動態穩定技術或 ADS。

ADS helps maintain overall vehicle stability and minimizes the potential for lift truck tip overs, thus addressing a key industry risk factor.

ADS 有助於保持車輛整體穩定性並最大限度地減少堆高機翻倒的可能性，從而解決一個關鍵的行業風險因素。

The even more powerful Yale reliant operator assist technology which helps forklift operators avoid potential hazards, receives global recognition by earning an honorable mention in Fast Company magazine’s Innovation by Design Awards.

更強大的耶魯操作員輔助技術可幫助堆高機操作員避免潛在危險，並在《Fast Company》雜誌的創新設計獎中獲得榮譽獎，從而獲得全球認可。

Bolzoni's core strategy is to be the leader in the attachment business that continued that journey in Q1 2024.

Bolzoni 的核心策略是成為附件業務的領導者，並將在 2024 年第一季繼續這一歷程。

The new home appliance telescopic plant for lift trucks designed to easily handle home appliances and pallet less load in confined spaces was introduced in March.

新型家用電器伸縮裝置用於堆高機，設計可輕鬆搬運家用電器並在有限空間內進行無托盤負載。

In addition, Bolzoni launched its Easy-Connect product range in February.

此外，博爾佐尼於二月推出了 Easy-Connect 產品系列。

These products feature technology to collect and analyze truck performance data.

這些產品採用收集和分析卡車性能數據的技術。

This allows customers to optimize their material handling process, including maximizing warehouse space and reducing handling time.

這使客戶能夠優化其物料搬運流程，包括最大化倉庫空間和減少搬運時間。

Nuvera’s core strategy is to be a leader in the heavy-duty fuel-cell market.

Nuvera 的核心策略是成為重型燃料電池市場的領導者。

Using the funds granted by the DoE and its own funding, Nuvera will develop high-volume production processes needed to scale up its next generation fuel cell stack technology for heavy-duty vehicles.

Nuvera 將利用美國能源部授予的資金和自己的資金，開發擴大其下一代重型車輛燃料電池堆技術所需的大量生產流程。

Now I'll turn the call over to our Executive Chairman, Al Rankin.

現在我將把電話轉給我們的執行主席阿爾·蘭金。

Thanks, Rajiv.

謝謝，拉吉夫。

Building on the robust 2023 financial results, our results were obviously very strong in the first quarter.

基於 2023 年強勁的財務業績，我們第一季的業績顯然非常強勁。

This reflects sound performance in our core lift truck and attachment businesses and continued progress at Nuvera.

這反映了我們核心堆高機和屬具業務的良好表現以及 Nuvera 的持續進步。

To better reflect our company's business activity focus, last month, we announced new names for some of our businesses.

為了更好地反映我們公司的業務活動重點，上個月，我們宣布了一些業務的新名稱。

As of May 31, the public company will be known as Hyster-Yale, Inc. The lift truck business will then take on the Hyster-Yale Materials Handling name in order to better align its name with its broad material handling capabilities, which have evolved beyond its core lift truck products.

自5 月31 日起，這家上市公司將更名為Hyster-Yale, Inc。已經發展超越其核心堆高機產品。

The names of the other two Hyster-Yale strategic business units, Bolzoni and Nuvera, will remain the same.

海斯特-耶魯的另外兩個策略業務部門 Bolzoni 和 Nuvera 的名稱將保持不變。

We believe these changes give more clarity to our company's future evolution as three distinct but interrelated businesses with lift trucks at the core.

我們相信，這些變化使我們公司的未來發展更加清晰，成為以堆高機為核心的三個不同但相互關聯的業務。

The strategic business unit names also help underscore our commitment to each brand.

戰略業務部門名稱也有助於強調我們對每個品牌的承諾。

Under the umbrella Hyster-Yale, Inc., these business segments are positioned to deliver on the promises of their key brands, Hyster, Yale, Bolzoni, and Nuvera, to provide optimal solutions and exceptional customer care in their areas of business focus.

在海斯特-耶魯公司旗下，這些業務部門致力於兌現其主要品牌海斯特、耶魯、博爾佐尼和 Nuvera 的承諾，在其業務重點領域提供最佳解決方案和卓越的客戶服務。

As I reflect on our business performance and outlook, I believe our future prospects are excellent.

當我反思我們的業務表現和前景時，我相信我們的未來前景非常好。

We're in the midst of a fundamental redesign of our vehicle architecture, which is off to a strong start.

我們正在對車輛架構進行根本性的重新設計，這是一個好的開始。

Our new modular scalable designs will help us meet customer needs more effectively, operate more consistently at target margins, improved manufacturing, and also lower inventory levels.

我們新的模組化可擴展設計將幫助我們更有效地滿足客戶需求，更一致地實現目標利潤，改善製造，並降低庫存水準。

We're leader in on-vehicle technologies with our dynamic stability, operator assist systems, and fully automated trucks.

我們憑藉動態穩定性、操作員輔助系統和全自動卡車成為車載技術的領導者。

Similarly, our initiatives at Bolzoni and Nuvera are expected to continue to position those businesses as leaders in their industries.

同樣，我們在 Bolzoni 和 Nuvera 的舉措預計將繼續將這些企業定位為各自行業的領導者。

In closing, I also note that while economic activity will vary globally and by quarter, our businesses should be stronger and better able to deal with whatever volatility occurs.

最後，我還指出，雖然全球和季度的經濟活動會有所不同，但我們的業務應該更強大，並且能夠更好地應對任何發生的波動。

Now I'd like to open the floor to questions.

現在我想請大家提問。

(Operator Instructions) Chip Moore.

（操作員指令）Chip Moore。

Hey, everybody.

嘿，大家。

Thanks for taking the question.

感謝您提出問題。

Congrats on the strong quarter.

恭喜季度表現強勁。

I wanted to ask first, last quarter, I think we talked about maybe some larger accounts had maybe over-ordered and deferred some of their orders.

我想先問，上個季度，我想我們討論過可能一些較大的客戶可能超額訂購並推遲了一些訂單。

Can you just give us an update there?

您能給我們更新一下嗎？

Have you continued to see that at all?

你還繼續看到這一點嗎？

Has that normalized or how are those trends?

這已經正常化了嗎？

Yeah, Chip.

是的，奇普。

This is Rajiv.

這是拉吉夫。

I think those have generally normalized.

我認為這些已經普遍正常化。

We haven't seen any out of the ordinary cancellations during last quarter.

上個季度我們沒有看到任何異常取消的情況。

So thing those have gone back.

所以那些已經回去了。

I think it was one or two key customers that had delays and so either deferred or canceled?

我認為是一兩個關鍵客戶出現了延誤，所以要么推遲要么取消？

Got it.

知道了。

Thanks, Rajiv.

謝謝，拉吉夫。

And then on the margin side, you talked about it in the prepared remarks, strong margin trends continuing for the balance of the year?

然後在利潤方面，您在準備好的演講中談到了這一點，在今年餘下的時間裡，強勁的利潤趨勢會持續下去嗎？

And I think it was -- maybe just expand on that, help us think about near-term mix impacts.

我認為，也許只是擴展這一點，幫助我們思考近期的混合影響。

Obviously, this quarter, skewing where it's larger trucks.

顯然，本季的重點是大型卡車。

It sounds like maybe next quarter as well.

聽起來也許下個季度也是如此。

Just something about that and lead times as well.

只是關於這件事和交貨時間。

Yeah.

是的。

So as we have worked through our backlog, the dynamic that we've experienced is that the -- so typically our dealers ordered these, let's say, simple configuration trucks.

因此，當我們處理完積壓訂單時，我們所經歷的動態是，我們的經銷商通常會訂購這些簡單配置的卡車。

And we've been able to build those much more easily because they use more standard components.

我們能夠更輕鬆地建造它們，因為它們使用更多標準組件。

So those were built and shipped in 2022, 2023 as we -- and now as we deplete our backlog, what's left are these high priced complex trucks, which have a lot of special engineering in them.

因此，這些卡車是在 2022 年、2023 年建造並發貨的，現在隨著我們耗盡積壓訂單，剩下的是這些高價複雜卡車，其中有許多特殊工程。

And those are more difficult to build up.

而這些更難建立。

To give you an idea, let's say if -- typically you'd have for each of our manufacturing stations, you'd have a certain tag time but, let's say, 20 minutes per station.

為了給您一個想法，假設 - 通常您對我們的每個製造站都有一定的標記時間，但比方說，每個站 20 分鐘。

These trucks maybe are taking 50% more time to get through some of the stations, and that's reducing the amount of volume throughput we can get.

這些卡車可能需要多花 50% 的時間才能通過某些車站，這減少了我們可以獲得的吞吐量。

But at the same time, the value is much higher.

但同時，價值也高得多。

So that's where you've seen the dynamic this quarter where although, the number of units was lower, the actual revenue was pretty good.

這就是您在本季看到的動態，雖然單位數量較少，但實際收入相當不錯。

And that's why that's happened.

這就是發生這種情況的原因。

Now these trucks also have good margin.

現在這些卡車也有不錯的利潤。

As we get into the second half of the year, we plan to build these mostly in the early first half of the year and second half, we'll get back to more normal mix.

當我們進入下半年時，我們計劃主要在今年上半年和下半年建造這些，我們將恢復到更正常的組合。

Got it.

知道了。

Yeah.

是的。

That's very helpful.

這非常有幫助。

And maybe if I could ask another one on modular and scalable.

也許我可以問另一位關於模組化和可擴展性的問題。

How that process has gone?

這個過程進行得怎麼樣了？

What you've learned so far from the rollout on some of those products, some of those hiccups?

到目前為止，您從其中一些產品的推出中學到了什麼，其中一些問題是什麼？

Do you think things get a bit smoother as you roll out to new lift truck glasses and then maybe with supply chain?

您認為當您推出新的堆高機玻璃以及供應鏈時，事情會變得更順利嗎？

That helps.

這有幫助。

I'm not sure, but just give us a little bit more of an update there?

我不確定，但能給我們多一點更新嗎？

Yes, sure.

是的，當然。

The primary hiccup was some technical issues on the rollout of those trucks, mostly software.

主要的問題是這些卡車推出時的一些技術問題，主要是軟體問題。

We've got majority of that behind us.

我們已經完成了大部分工作。

The trucks are ramping up nicely.

卡車進展順利。

We are adding models.

我們正在添加模型。

So today, what we have in production is 2 to 3 ton pneumatics.

所以今天我們生產的是 2 到 3 噸的氣動裝置。

And then over the next few quarters, we'll add the cushion trucks 2 to 3 ton and then 1 to 2 ton pneumatic and then 1 to 2 ton cushion in our Craigavon and Berea plant.

然後在接下來的幾個季度中，我們將在克雷加文和伯里亞工廠添加2 至3 噸的緩衝卡車，然後是1 至2 噸的氣動卡車，然後是1 至2 噸的緩衝卡車。

And then we'll also start manufacturing the value and the standard platform -- value standard platform in our Fuyang plant.

然後我們也將在富陽工廠開始製造價值和標準平台——價值標準平台。

We've already started for the apex part of the money market.

我們已經開始走向貨幣市場的頂端部分。

The rest of the world will come online in the third quarter.

世界其他地區將於第三季上線。

So there's still quite a bit of phasing in of all the different models that we sell off that platform, and that will happen through the rest of this year.

因此，我們在該平台上銷售的所有不同型號仍然會逐步投入使用，這將在今年剩餘時間內發生。

Great.

偉大的。

And sorry, if I could, one last one, maybe for you, Scott, on the balance sheet, the inventory position.

抱歉，如果可以的話，最後一項，也許是針對你的，斯科特，關於資產負債表、庫存狀況。

I think you called out, just the larger finished goods position.

我想你喊的只是更大的成品部位。

It sounds like maybe that unwinds fairly near term, but just how to think about the inventories?

聽起來也許短期內會有所緩解，但如何考慮庫存呢？

And obviously working capital is key to free cash flow there.

顯然，營運資金是自由現金流的關鍵。

Just thoughts on how that plays out this year.

只是想一下今年的情況如何。

Thanks.

謝謝。

Sure, Chip.

當然，奇普。

Yeah, I think what we saw was a slower unwind of the inventory in Q1, largely in finished goods.

是的，我認為我們看到第一季的庫存釋放速度較慢，主要是成品。

Raw materials did come down as expected.

原材料確實如預期下跌。

So we expect to pick up the pace on the inventory reductions and make good progress on our long-term goal of 15% working capital as a percent of sales across 2024 and into 2025.

因此，我們預計將加快庫存削減步伐，並在實現 2024 年至 2025 年營運資本佔銷售額 15% 的長期目標方面取得良好進展。

So I think it's a good positive yet to come for the business, and that will translate into increased free cash flows.

因此，我認為這對業務來說是一個很好的積極因素，這將轉化為自由現金流的增加。

Maybe I could just provide a little bit more color to that.

也許我可以為此提供更多的色彩。

So as you know, one of the plants that was -- had the longest backlogs were our big truck plant in Nijmegen, and those guys are making some really good progress now.

如您所知，積壓時間最長的工廠之一是我們位於奈梅亨的大型卡車工廠，這些工廠現在正在取得一些非常好的進展。

Also Fuyang is now starting to build trucks for the other regions.

阜陽現在也開始為其他地區生產卡車。

So what that does, it puts a lot of trucks on the water, and that goes into our marketing inventory as trucks that are in the shipping process.

那麼它的作用是，它讓大量卡車進入水面，並作為運輸過程中的卡車進入我們的行銷庫存。

So that happened.

於是事情就這樣發生了。

It was better than we expected, but that does trap trucks in that category.

這比我們預期的要好，但這確實讓卡車陷入了這個類別。

Now, of course, as soon as they arrive, they're sent to their customers and invoice.

當然，現在，貨物一到達，就會立即發送給客戶並開立發票。

So we think it will transition into receivables fairly quickly.

因此，我們認為它將很快轉變為應收帳款。

All right.

好的。

I appreciate all the color, and I'll hop back in queue.

我很欣賞所有的顏色，我會重新排隊。

Thanks, chip.

謝謝，晶片。

Ted Jackson.

特德傑克森。

Thanks.

謝謝。

Congrats on the quarter.

恭喜本季。

Days like this make me sad that sell-side analysts aren't allowed to own their own coverage anymore.

在這樣的日子裡，賣方分析師不再被允許擁有自己的報道，這讓我感到難過。

Thanks, Tedd.

謝謝，泰德。

I have a few questions on.

我有幾個問題。

I think some of them have been touched on actually in the last dialogue, but let's get into.

我認為在最後的對話中實際上已經觸及了其中的一些內容，但讓我們開始吧。

So I'm talking about production issues.

所以我說的是生產問題。

It sounds like most of the production issues were -- I mean, am I correct, there were around the modular stuff and that is now fading out.

聽起來大多數生產問題都是——我的意思是，我說得對嗎？

When do we see these production issues fully resolved?

我們什麼時候才能看到這些生產問題完全解決？

I think I'll stop at that right now.

我想我現在就到此為止。

Yeah, Ted.

是的，泰德。

So I think I want to -- I think generally, the [ANM], the new platform was okay.

所以我想我想——我認為總的來說，[ANM]，新平台還不錯。

The majority of the issues we had were around 4-to-7 ton truck and also some big trucks.

我們遇到的大部分問題都是 4 到 7 噸的卡車以及一些大型卡車。

And the issue, as I said, the chip was really around the throughput we can achieve because of the complexity of the design that's in the backlog now that we're building.

正如我所說，問題實際上是圍繞著我們可以實現的吞吐量，因為我們正在構建的積壓工作中的設計非常複雜。

These are major account trucks with quite a lot of additional content.

這些是主要帳戶卡車，具有相當多的附加內容。

And so that's restricting the throughput we can achieve.

因此這限制了我們可以實現的吞吐量。

I think another factor that you might want to think some more about is that units aren't necessarily the best indicator of what's going on in the plan.

我認為您可能需要更多考慮的另一個因素是，單位不一定是計劃中正在發生的事情的最佳指標。

In another way, that's what Rajiv just said.

換句話說，這就是拉吉夫剛才所說的。

And if you have fewer units going through, but they have higher revenue and very good margins, that's a full utilization of the line.

如果您的銷售量較少，但收入較高且利潤率非常高，那就是生產線的充分利用。

And so we're tending much more as time goes on to think of revenue throughput than individual units because remember, in the backlog, we have trucks at range from what to what, Rajiv?

因此，隨著時間的推移，我們會更多地考慮收入吞吐量，而不是單個單位，因為請記住，在積壓中，我們的卡車範圍從什麼到什麼，拉吉夫？

3,000 to 500,000.

3,000 至 500,000。

So really is to look at the single numbers in the backlog in terms of units is probably not as helpful as understanding and focusing on the revenues.

因此，實際上，以單位來查看積壓訂單中的單一數字可能不如理解和關注收入那麼有幫助。

That's something we've got to think about as well as you all and we are.

這是我們和你們大家以及我們自己都必須考慮的事情。

So I'm taking that those answers then and the dialogue with and commentary with regards to guidance, that sounds to me like the production issues, which are related to the bigger trucks really will be resolved as we get out of the second quarter and you deliver those, we should see

因此，我認為這些答案以及與指導有關的對話和評論，在我看來，這聽起來像是與大型卡車相關的生產問題，當我們離開第二季度時，這些問題確實將得到解決交付這些，我們應該看到

--

--

Again, I just want to be careful about the use issues?

再說一遍，我只是想小心使用問題？

It's okay.

沒關係。

These trucks have to be produced.

必須生產這些卡車。

They're very good trucks and we want to produce them.

它們是非常好的卡車，我們想生產它們。

And we want to take the time that it takes to make them.

我們希望花時間來製作它們。

Rajiv used the right word.

拉吉夫用了正確的字。

There's less throughput in terms of units, but the dollars throughput is pretty darn good.

以單位計算的吞吐量較少，但以美元計算的吞吐量卻相當不錯。

Okay.

好的。

I understand.

我明白。

I'm just trying to get but let me get to my question because my question is really -- it's not about terminology, it's -- and tying into that is, as you deliver that backlog that we will see, our gross margin in the lift truck business comparable to the first quarter in the second quarter.

我只是想弄清楚，但讓我回答我的問題，因為我的問題實際上是——這與術語無關，而是——當你交付我們將看到的積壓訂單時，我們的毛利率二季度堆高機業務與第一季相當。

And then because the mix of your production changes, the unit volume will go up.

然後，由於生產組合發生變化，單位產量將會上升。

The ASP will go down, and we will see, for lack of a better term, a contraction in gross margin in the second half.

平均售價將下降，由於缺乏更好的術語，我們將看到下半年毛利率的收縮。

That's where I am going.

這就是我要去的地方。

Just the cadence of how your backlog is going to be going through your financial statements and how I see it, that's what I am asking. masking?

我要問的是，您的積壓工作將如何處理您的財務報表，以及我如何看待它。掩蔽？

Yes.

是的。

I think the way that we're thinking about it right now is we think the second quarter is going to be like the first quarter.

我認為我們現在考慮的方式是我們認為第二季將會像第一季一樣。

The second half, we're still doing a lot of work to figure out how exactly to execute the second quarter because

下半年，我們仍在做大量工作來弄清楚如何準確執行第二季度，因為

--

--

They're actually the second half.

他們實際上是下半場。

Second half, sorry. on it.

下半場，抱歉。在它上面。

And part of it is our customers are concerned about getting some of these trucks.

部分原因是我們的客戶擔心獲得這些卡車。

So I'll just give you a -- for instance, for the second half, we're considering and we're exploring, getting EMEA to build some of the trucks for North America because they have caught up in a much better way -- their lead times now are lower than the Americas.

所以我只想給你一個 - 例如，在下半年，我們正在考慮並正在探索，讓歐洲、中東和非洲地區為北美製造一些卡車，因為他們已經以更好的方式迎頭趕上 - - 他們的交貨時間現在比美洲短。

So we feel they could build some trucks for Americas.

所以我們覺得他們可以為美洲製造一些卡車。

So that's where the second half is still something that we're in the middle of planning on.

因此，我們仍在規劃下半年的工作。

So it's really difficult to comment on that on.

所以真的很難對此發表評論。

I think another way to think about it is, just the backlog, which is -- really takes us largely through the year.

我認為另一種思考方式是，積壓的訂單確實佔據了我們這一年的大部分時間。

Yeah.

是的。

Has pretty darn good margins.

擁有相當不錯的利潤。

(multiple speakers)

（多個發言者）

We did fall out the negative, which, of course is the likelihood as we see it now that the tariff exclusions will not be kept up.

我們確實得出了負面的結論，當然，正如我們現在所看到的，關稅排除很可能不會繼續下去。

That will be a headwind for us in the second half.

這對我們下半場來說將是一個阻力。

And so it's more of those kinds of things.

所以更多的是這樣的事情。

And I guess the other headwind we're going to go down is this the shipment costs, logistic costs because of the Red Sea issues.

我想我們將面臨的另一個不利因素是由於紅海問題而導致的運輸成本和物流成本。

So we've had -- it's a longer trip, more expensive trip for our material and trucks coming out of Asia to our plants.

因此，對於我們的材料和卡車從亞洲到我們工廠來說，這是一次更長的旅程，更昂貴的旅程。

So those two are headwinds, and we're trying to figure out what is the right way to and where to build some of the trucks as well.

所以這兩個都是逆風，我們正在努力找出正確的方法以及在哪裡建造一些卡車。

So I know it there's a fair bit of complexity.

所以我知道這有相當複雜性。

And we're trying to manage that ourselves.

我們正在嘗試自己管理這個問題。

Trying to figure out the best way to get through this situation we find ourselves in.

試圖找出最好的方法來度過我們所處的情況。

So we are getting increasingly more pressure from customers to get these trucks, which are really production oriented trucks.

因此，客戶要求我們購買這些卡車的壓力越來越大，這些卡車實際上是面向生產的卡車。

They're really core part.

它們確實是核心部分。

You think about automotive, think about paper industry, steel industry, these trucks aren't support trucks, they're integral part of the production system.

想想汽車、造紙工業、鋼鐵工業，這些卡車不是支援卡車，它們是生產系統不可或缺的一部分。

Yeah, and t's good case, I know.

是的，我知道這是個好例子。

I'm going to beat the unit thing one more time.

我要再一次擊敗單位。

And then I've got another question behind that.

然後我還有另一個問題。

And so when I think about the last call, there was, for lack of a better term, a shortfall in terms of deliveries.

因此，當我想到上次通話時，由於缺乏更好的術語，交付量出現了短缺。

And they got delivered in the first quarter.

他們在第一季就交付了。

And honestly, I was expecting to see growth in units at least on a sequential basis, and I did not.

老實說，我預計至少會連續看到單位數量的增長，但我沒有。

And so I want to go into units, and why I want to is because if we're going to see units grow in fiscal '24 relative to fiscal '23, given where you've started the first quarter, will we see meaningful unit growth in the second quarter because I'm trying to understand again kind of the cadence of this as we roll through the fiscal year?

所以我想談談單位，我之所以想這樣做是因為，如果我們要看到24 財年的單位相對於23 財年的增長，考慮到第一季的開始情況，我們會看到有意義的單位嗎？

So that's where I'm going with it.

這就是我要解決的問題。

Just how do I think about second quarter, and then I do actually have a much more fun question after this stuff.

我如何看待第二季度，在這之後我實際上有一個更有趣的問題。

Okay.

好的。

So the way I would think about it is second quarter is going to be similar to first and then the second half, I think we'll do better on the build rate.

因此，我認為第二季度將與第一季相似，然後是下半年，我認為我們會在構建率方面做得更好。

Okay.

好的。

That was actually easy.

這其實很容易。

Okay, now, here's my more fun question for you.

好的，現在，這是我要問你的更有趣的問題。

You're ready.

你準備好了。

So you commented in the press release and in your presentation about the success you had in the EMA with warehouse truck orders.

因此，您在新聞稿和簡報中評論了您在 EMA 倉庫卡車訂單方面的成功。

I know from your Investor Day that you have highlighted the warehouse market as an important opportunity for longer-term growth because your underrepresented market share in that vertical.

我從你們的投資者日了解到，你們強調倉庫市場是長期成長的重要機會，因為你們在那個垂直領域的市佔率代表性不足。

So when I hear that, my question is, is the success that you had in the first quarter of '24, an early indication of the success in taking market share in that segment?

因此，當我聽到這個消息時，我的問題是，你們在 24 年第一季取得的成功是否是在該細分市場取得市場份額成功的早期跡象？

And what will the stat success as you progress through it mean to your margin structure over time?

隨著時間的推移，統計成功對您的利潤結構意味著什麼？

And so let's just think about share as two components, it's participation, and close rates.

因此，讓我們將份額視為兩個組成部分，即參與度和成交率。

And so where we are very, very focused right now, Ted, is increasing our participation.

因此，特德，我們現在非常非常關注的是增加我們的參與。

And there's huge amount of work going on in every region for us to increase our participation in warehouse in a very significant way.

每個地區都在進行大量工作，以非常重要的方式增加我們對倉庫的參與。

Now, some engagements that can turn into orders fairly quickly.

現在，一些約定可以相當快速地轉化為訂單。

And that's been the case with a couple of major account customers in EMEA.

歐洲、中東和非洲地區的幾個主要客戶客戶就是這種情況。

With others, it takes -- it's a longer lead time to turn those into -- to get the close and turned those into orders.

對於其他人來說，需要 - 將這些轉化為訂單需要更長的準備時間 - 才能完成並將其轉化為訂單。

But I will just talk about our focus, it's to increase participation.

但我只想談談我們的重點，那就是增加參與度。

And as we start to participate, we'll get a sense for what we need to do to improve our close rates as we start to get feedback from customers on our initial quotes.

當我們開始參與時，當我們開始收到客戶對我們初始報價的回饋時，我們就會了解我們需要做什麼來提高我們的成交率。

So that's the way we're kind of trying to serve the market.

這就是我們嘗試服務市場的方式。

Does that make sense in terms of a process and come and how we're going after it?

這對於過程和結果以及我們如何追求它有意義嗎？

Yes, you're learning.

是的，你正在學習。

You have to understand what the market wants so that you can deliver it.

你必須了解市場想要什麼，這樣你才能交付它。

That's how (multiple speakers) you need the experience?

這就是（多位發言者）您需要的體驗？

Yeah.

是的。

Okay.

好的。

I have a couple of other questions, but I'll step out of line.

我還有其他幾個問題，但我會越界。

I've been on for a while.

我已經上線有一段時間了

Thanks.

謝謝。

There are no further questions at this time.

目前沒有其他問題。

I would like to turn the call back to Christina Kmetko.

我想把電話轉回克里斯蒂娜·克梅特科。

Please go ahead.

請繼續。

Yeah, Ted, If you have got some more questions, please go ahead.

是的，泰德，如果您還有其他問題，請繼續。

Ted Jackson.

特德傑克森。

Yes, sorry, I just didn't want to hog up the call.

是的，抱歉，我只是不想掛斷電話。

So I want to talk then about the SG&A line, particularly in lift trucks.

所以我想談談 SG&A 系列，特別是堆高機。

It was heavy in both Americas and EMEA.

美洲和歐洲、中東和非洲地區的情況都很嚴重。

And I'm just kind of curious into what drove -- relative to my expectations, I should caveat that.

我只是有點好奇是什麼驅動了——相對於我的期望，我應該警告這一點。

And so my question is just kind of what drove the increases?

所以我的問題是什麼推動了成長？

Should I view that as kind of a new baseline going forward?

我是否應該將其視為未來的新基準？

There are two key elements.

有兩個關鍵要素。

The first one is something that we've been saying for a while that we want to find a way to invest more on some of our strategic initiatives.

第一個是我們已經說過一段時間的事情，我們希望找到一種方法來對我們的一些策略性舉措進行更多投資。

So we are increasing our head count a little bit.

因此，我們正在稍微增加人數。

But the big element of it was actually incentive comp, which was -- incentive compensation, which was paid in March of this year.

但其中最重要的部分實際上是激勵補償，即激勵補償，這是在今年三月支付的。

And two things drove that.

有兩件事推動了這一點。

Firstly, outperformance for 2023.

首先，2023 年表現優異。

It was better than we expected.

這比我們預期的要好。

And so the incentive comp program paid out better than we had planned.

因此，激勵補償計劃的回報比我們計劃的要好。

The other piece was our share price appreciated, and that has an impact on the equity part of our long-term incentive.

另一個是我們的股價升值，對我們長期激勵的股權部分有影響。

So both of those elements are actually the larger element.

所以這兩個元素其實都是較大的元素。

And that is done for 2023.

這是在 2023 年完成的。

Now, we are accruing for 2024 at the normal rate.

現在，我們以正常利率提列 2024 年的費用。

Okay.

好的。

So we could actually see that line item pop down in the second quarter.

因此，我們實際上可以看到該訂單項目在第二季突然下降。

And hopefully, given the trajectory you're on and what you're doing, have the problem of seeing it pop up again, if we get to the end of the year.

希望，考慮到你所處的軌跡和你正在做的事情，如果我們到了年底，它會再次出現。

Yeah.

是的。

Okay.

好的。

I'm going to leave it at that.

我就這樣吧。

Congrats on the quarter.

恭喜本季。

It was really, really super.

真的非常非常超級。

Thanks.

謝謝。

Thank you for your questions.

謝謝您的提問。

We appreciate it.

我們很感激。

There are no questions at this time.

目前沒有問題。

Please continue.

請繼續。

Okay.

好的。

With that, we'll conclude our Q&A session, and we do thank you for participating.

至此，我們的問答環節就結束了，我們非常感謝您的參與。

A replay of our call will be available later this afternoon.

今天下午晚些時候我們將重播我們的電話會議。

We'll also post a transcript on the investor relations website when it becomes available.

當投資者關係網站可用時，我們也會在其上發布記錄。

If you have any follow-up questions, please reach out to me.

如果您有任何後續問題，請與我聯絡。

My information is on the press release, and I hope you enjoy the rest of your day.

我的信息在新聞稿中，希望您今天餘下的時間過得愉快。

Now I'll turn it back to Chloe to conclude the call.

現在我將把它轉回給克洛伊來結束通話。

Ladies and gentlemen, this concludes today's conference call.

女士們、先生們，今天的電話會議到此結束。

Thank you for your participation.

感謝您的參與。

(Operator Instructions) You may now disconnect.

（操作員說明）您現在可以斷開連線。

Thank you.

謝謝。