Hyster-Yale Inc (HY) 2024 Q4 法說會逐字稿

Good morning, ladies and gentlemen, and welcome to the Hyster-Yale Inc., fourth-quarter and full year 2024 earnings conference call.

女士們、先生們，早安，歡迎參加 Hyster-Yale Inc. 2024 年第四季和全年財報電話會議。

(Operator Instructions) This call is being recorded on Wednesday, February 26, 2025.

（操作員指示）此通話於 2025 年 2 月 26 日星期三錄製。

I would now turn the conference over to Andrea Sejba.

現在我將會議交給 Andrea Sejba。

Please go ahead.

請繼續。

Good morning and thank you for joining us for Hyster-Yale's 2024 fourth-quarter earnings call.

早安，感謝您參加 Hyster-Yale 2024 年第四季財報電話會議。

I'm Andrea Sejba, Director of Investor Relations and Treasury.

我是投資者關係和財務總監 Andrea Sejba。

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

今天與我一起參加的是執行主席 Al Rankin；拉吉夫·普拉薩德（Rajiv Prasad），執行長；以及資深副總裁、財務長兼財務主管 Scott Minder。

During our call, we will be discussing our fourth-quarter and full year 2024 earnings release issued yesterday.

在電話會議中，我們將討論昨天發布的 2024 年第四季和全年財報。

You can find the earnings release and replay of this webcast on the Hyster-Yale website.

您可以在 Hyster-Yale 網站上找到收益報告和本次網路廣播的重播。

The replay will remain available for approximately 12 months.

重播將保留約 12 個月。

Today's conference call contains forward-looking statements, which are subject to risks that could cause actual results to be materially different from those expressed or implied.

今天的電話會議包含前瞻性陳述，這些陳述存在風險，可能會導致實際結果與明示或暗示的結果有重大差異。

These risks are described in greater detail in the earnings release and in our reports filed with the SEC.

這些風險在收益報告和我們向美國證券交易委員會提交的報告中進行了更詳細的描述。

On this call, we will be discussing our adjusted results.

在這次電話會議上，我們將討論調整後的結果。

We believe that these are useful in evaluating the company's operating performance.

我們相信這些對於評估公司的經營績效有幫助。

Reconciliation of adjusted operating profit, net income, and earnings per share to the most directly comparable GAAP financial measures can be found in the company's earnings release and investor presentation filed with the SEC.

調整後的營業利潤、淨收入和每股收益與最直接可比較的 GAAP 財務指標的對帳表可在公司向美國證券交易委員會提交的收益報告和投資者報告中找到。

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

禮節說完了，現在讓我把電話轉給拉吉夫開始。

Thanks, Andrea, and good morning, everyone.

謝謝，安德里亞，大家早安。

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

我將首先提供我的營運觀點和對我們市場的一些評論。

Scott will follow with detailed financial results and outlook.

斯科特將隨後公佈詳細的財務結果和展望。

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

艾爾將以此觀點結束本次通話，然後我們將開始回答大家的問題。

As we close out 2024, I'd like to start by recognizing our global team for delivering another solid quarter and a strong finish to an already exceptional year.

在 2024 年即將結束之際，我首先要感謝我們的全球團隊，他們又完成了一個穩健的季度，為本已非凡的一年畫上了圓滿的句號。

In quarter four, we generated higher revenue and improved adjusted operating profit versus the prior year and the prior quarter.

第四季度，與去年同期和上一季相比，我們的收入更高，調整後的營業利潤也有所提高。

These strong results were led by the performance of our Americas Lift Truck business.

這些強勁的業績主要得益於我們美洲堆高機業務的出色表現。

I'm pleased to report that we made significant progress on our strategic initiatives in the quarter.

我很高興地報告，我們本季的策略舉措取得了重大進展。

We began execution on the footprint optimization programs that we shared with you in our quarter three earnings call.

我們開始執行在第三季財報電話會議上與您分享的足跡優化計畫。

These programs are designed to streamline our manufacturing network and optimize our operations.

這些計劃旨在簡化我們的製造網路並優化我們的營運。

These programs should lower our costs and reduce our inventories and product lead times.

這些計劃應該會降低我們的成本、減少我們的庫存和產品交貨時間。

This will better position the company for profitable growth around the world.

這將使公司在全球範圍內實現更好的獲利成長。

As a result of these actions, we incurred a $21 million.

由於這些行動，我們損失了 2100 萬美元。

The costs were primarily in initiated in the fourth quarter to streamline our manufacturing footprint and optimize operations.

這些成本主要在第四季度啟動，以精簡我們的製造足跡並優化營運。

As we further deploy these programs in 2025 and 2026, we expect additional implementation costs ranging from $8 million to $16 million in each of the years.

隨著我們在 2025 年和 2026 年進一步部署這些計劃，我們預計每年的額外實施成本將在 800 萬美元至 1,600 萬美元之間。

These programs are designed to reduce the negative impact from market cyclicality on our business over time.

這些計劃旨在減少市場週期性對我們業務的長期負面影響。

Program benefits are expected to begin in late 2025 but will be offset by operational inefficiencies due to lower total production.

該計劃的收益預計將於 2025 年底開始顯現，但由於總產量下降導致的營運效率低下將被抵消。

Driven by decreased market demand, benefits in 2026 are expected to be small as we finalize the programs.

由於市場需求下降，當我們最終確定計劃時，預計 2026 年的福利將會很少。

Savings are expected to accelerate generating $30 million to $40 million in annual income and cash benefits starting in 2027.

預計從 2027 年開始，儲蓄將加速產生每年 3,000 萬至 4,000 萬美元的收入和現金收益。

In the Americas, we are focused on programs to right size the company's production footprint enabled by our expanding lineup of modular products.

在美洲，我們專注於透過不斷擴大的模組化產品陣容來適當調整公司生產規模的計畫。

We'll take advantage of manufacturing synergies created by these designs to further enhance profitability.

我們將利用這些設計產生的製造綜效來進一步提高獲利能力。

Executing these programs helps to reduce cost and improve cost absorption rates in our factories, particularly in periods of lower demand.

執行這些計劃有助於降低成本並提高工廠的成本吸收率，尤其是在需求較低的時期。

In our EMEA and JAPIC regions, these optimization programs will help streamline costs, structures, and better position these businesses for long-term profitable growth.

在我們的 EMEA 和 JAPIC 地區，這些優化計劃將有助於簡化成本和結構，並使這些業務更好地實現長期獲利成長。

Turning to our views on global demand.

談談我們對全球需求的看法。

The global Lift Truck booking market continued in its decline in 20 -- in quarter four.

第四季度，全球堆高機預訂市場持續下滑。

Compared to prior year as expected, lower demand and order cancellation each played a role.

與去年同期相比，正如預期的那樣，需求下降和訂單取消都發揮了一定作用。

This ongoing market correction is in response to significantly above trend industry bookings rates in 2022 and 2023.

此次持續的市場調整是為了因應 2022 年和 2023 年產業預訂率大幅高於趨勢的現象。

While the booking market declined in 2024, our extended backlog allowed us to maintain strong production rates.

儘管 2024 年預訂市場下滑，但我們的長期積壓訂單使我們能夠保持強勁的生產力。

Accordingly, our shipments exceeded our bookings in each of the quarters of 2024.

因此，2024 年每季的出貨量都超過了預訂量。

As a result, our backlog reached near normal levels by year end faster than our initial plans.

因此，到年底，我們的積壓訂單量比最初的計劃更快達到接近正常水平。

Due to our lower bookings and reduced backlogs, we've adjusted our production cadence to maintain a more consistent backlog, one that better aligns with market demand.

由於預訂量較低且積壓訂單減少，我們調整了生產節奏，以保持更一致的積壓訂單，從而更好地滿足市場需求。

Operating our factories at this purposeful pace will help to reduce inventories, improve delivery consistency, and ultimately improve customer satisfaction.

以這種有目的的速度運作我們的工廠將有助於減少庫存，提高交付的一致性，並最終提高客戶滿意度。

As market demand improves and our market share is expected to increase across 2025, we expect to gradually increase our production rate.

隨著市場需求的改善以及我們預計在 2025 年的市佔率將會增加，我們預計會逐步提高我們的生產力。

When we do, inventory will increase to support higher production but are from a lower base with improved efficiency.

當我們這樣做時，庫存將會增加，以支持更高的產量，但基礎會較低，效率也會提高。

Early 2025 bookings provide encouraging signs, particularly in our EMEA and JAPIC regions.

2025 年初的預訂量提供了令人鼓舞的跡象，尤其是在我們的 EMEA 和 JAPIC 地區。

This elevated activity gives us some confidence that the bookings market will improve across 2025.

這種活動的增加讓我們有信心，預訂市場將在 2025 年得到改善。

While there is early optimism, our market outlook could be impacted by ongoing uncertainty created by potential tariffs and trade wars.

儘管早期情緒樂觀，但我們的市場前景可能會受到潛在關稅和貿易戰造成的持續不確定性的影響。

If the booking's market on an expected market share gain fails to meet expectations, our global production levels will moderate in the second half of the year.

如果預訂市場對預期市佔率成長的預期未能達到預期，我們全球生產水準將會在下半年放緩。

Despite this uncertainty, we continue to focus on booking units with margin at or above target levels.

儘管存在這種不確定性，我們仍然繼續專注於利潤率達到或超過目標水準的預訂單位。

New product introductions, especially those with our new onboard technologies, are increasing the potential revenue per unit.

新產品的推出，尤其是採用了我們新機載技術的產品，正在增加每單位產品的潛在收入。

Our expanding lineup of modular and scalable models increases our ability to provide customers with products that solve their challenges while also improving our unit economies.

我們不斷擴大的模組化和可擴展模型陣容增強了我們向客戶提供解決其挑戰的產品的能力，同時也提高了我們的單位經濟性。

Countering these Hyster-Yale specific opportunities is a more competitive market.

與這些海斯特-耶魯特定機會相抗衡的是一個更具競爭力的市場。

As demand declined in 2024, competitive intensity picked up.

隨著 2024 年需求下降，競爭強度加劇。

We expect this dynamic to continue in 2025 until bookings return to more normal pace.

我們預計這種動態將持續到 2025 年，直到預訂量恢復到更正常的速度。

As a result, we expect our strong product margins to decline in 2025 but remain above target levels.

因此，我們預計我們強勁的產品利潤率將在 2025 年下降，但仍高於目標水準。

Economic uncertainty created by potential tariffs imposed by the US and others remains a key area of concern.

美國和其他國家可能徵收的關稅所造成的經濟不確定性仍然是一個主要關注領域。

We remain agile with our pricing strategy, responding quickly if our cost structures are negatively impacted.

我們的定價策略保持靈活，如果我們的成本結構受到負面影響，我們會迅速做出反應。

Now, I'd like to discuss our focus for 2025.

現在，我想討論一下我們 2025 年的重點。

First, I'll start with the Lift Truck business.

首先，我將從堆高機業務開始。

The Lift Truck business launches modular scalable 2- to 3-ton internal combustion engine trucks in 2024.

堆高機業務將於 2024 年推出模組化可擴展的 2 至 3 噸內燃機堆高機。

These products are now available globally and shipments are increasing.

這些產品目前已在全球發售，且出貨量正在增加。

The range will expand with cushion tire, combustion engine trucks, and electric platforms planned for 2025 and 2026.

該系列產品將擴大，計劃於 2025 年和 2026 年推出緩衝輪胎、內燃機卡車和電動平台。

This approach enhances efficiency by integrating ICE and electric trucks on the same production lines, optimizing manufacturing processes.

這種方法透過將內燃機卡車和電動卡車整合在同一生產線上，優化了製造流程，從而提高了效率。

By using these designs, the company can meet customer demand while reducing operational costs and improving working capital.

透過使用這些設計，公司可以滿足客戶需求，同時降低營運成本並提高營運資金。

Automation is a key area of development for us.

自動化是我們發展的一個重點領域。

In 2024, we began customer testing for Yale Relay and Hyster Atlas forklifts.

2024 年，我們開始對 Yale Relay 和 Hyster Atlas 堆高機進行客戶測試。

By early 2025, a new platform for automated lift trucks and an intuitive portal will be launched, simplifying setup and reducing the need for custom programming.

到 2025 年初，將推出一個用於自動堆高機的新平台和一個直覺的門戶，從而簡化設定並減少自訂程式設計的需要。

This will help warehouses cut labor costs and software expenses.

這將有助於倉庫削減勞動成本和軟體費用。

The enhanced lift truck lineup offers significant value to warehouse customers.

增強的堆高機陣容為倉庫客戶提供了巨大的價值。

We have developed strong technology adoption strategies and specialized training for our dealers.

我們為經銷商制定了強大的技術採用策略和專門的培訓。

We saw modest market share gains in 2025 and are poised for above market growth.

2025 年，我們的市場份額將小幅成長，並有望實現高於市場的成長。

The Lift Truck business aims to leverage electric truck advancements in areas once dominated by combustion trucks.

堆高機業務旨在利用電動卡車的進步來取代曾經由內燃機卡車主導的領域。

We continue to expand the electrification of our internal combustion engine counterbalance products using both lithium-ion batteries and fuel cell engines for certain specific applications.

我們繼續擴大內燃機平衡產品的電氣化，使用鋰離子電池和燃料電池引擎來滿足某些特定應用的需求。

These projects capitalize on the company's long history of developing electric power trains and expanding solutions for customers who want to lower their carbon footprint.

這些項目充分利用了該公司長期開發電力傳動系統和為希望降低碳足跡的客戶擴展解決方案的經驗。

Our (inaudible) projects are a promising step to broaden our product range.

我們的（聽不清楚）項目是擴大我們產品範圍的有希望的一步。

Next, I'll discuss Bolzoni.

接下來我將討論博爾佐尼。

Bolzoni aims to lead the attachment business by delivering innovative, customized solutions to address specific mature handling needs.

博佐尼的目標是透過提供創新、客製化的解決方案來滿足特定的成熟處理需求，從而引領附件業務。

Bolzoni is dedicated to driving growth through core projects beyond the lift truck market.

博佐尼致力於透過堆高機市場以外的核心項目推動成長。

Bolzoni is committed to designing products that enhance safety, reduce damage from incorrect handling, and improve efficiency.

Bolzoni 致力於設計能夠增強安全性、減少錯誤操作造成的損害並提高效率的產品。

This includes incorporating advanced technologies components such as sensors, lasers, cameras, and optical readers.

這包括結合感測器、雷射、攝影機和光學讀取器等先進技術組件。

To expand its industry reach, Bolzoni is working with leading companies in the automated guided vehicle or AGV sector to offer customized attachments, often with embedded technologies to facilitate better overall performance.

為了擴大行業範圍，博佐尼正在與自動導引車 (AGV) 領域的領先公司合作，提供定製配件，通常採用嵌入式技術來提高整體性能。

These efforts are expected to increase volumes and margins over time.

預計這些努力將會隨著時間的推移增加銷售和利潤。

Lastly, our next steps with Nuvera.

最後，我們與 Nuvera 的下一步合作計劃。

Nuvera aims to lead in fuel cell technology by focusing on 45- and 60-kilowatt fuel cell engines tailored for heavy vehicles and power systems where batteries fall short.

Nuvera 致力於透過專注於為重型車輛和電池不足的動力系統量身定制的 45 千瓦和 60 千瓦燃料電池引擎來引領燃料電池技術。

The early adopter applications are anticipated to have near-term adoption potential.

預計早期採用者的應用程式具有近期採用的潛力。

During 2025, Nuvera looks to expand HydroCharge, a mobile power product providing clean off-grid power for rapid electric vehicle charging and clean energy genset applications.

2025 年，Nuvera 希望擴大 HydroCharge，這是一款行動電源產品，可為電動車快速充電和清潔能源發電機組應用提供清潔的離網電源。

In the near term, mobile power generation appears to have the greatest opportunity for commercial application.

從短期來看，行動發電似乎具有最大的商業應用機會。

This supports a number of applications where diesel or battery power generation will not work effectively.

這支持了許多柴油或電池發電無法有效運作的應用。

Nuvera is now undertaking a focused study on the size and timing of a mobile power strategy.

Nuvera 目前正在對行動電源策略的規模和時機進行重點研究。

Now, I'll turn the call over to Scott to provide more detailed financial results and outlook.

現在，我將把電話轉給史考特，以提供更詳細的財務結果和展望。

Scott?

史考特？

Thanks, Raj, and good morning.

謝謝，Raj，早安。

As you just heard, our revenues and adjusted profits improved year over year and sequentially.

正如您剛才聽到的，我們的收入和調整後利潤同比和環比都有所提高。

We had a strong year and ended with a solid quarter.

我們度過了強勁的一年，並以穩健的季度結束了這一季度。

I'll start by briefly covering our full year consolidated results.

首先我將簡單介紹一下我們的全年綜合業績。

We reported 2024 revenues of $4.3 billion, a 5% improvement over prior year.

我們報告 2024 年的營收為 43 億美元，比前一年成長 5%。

Our year-over-year top-line growth significantly outpaced the global GDP growth rate.

我們的營收年增率遠超過全球GDP成長率。

Full year adjusted operating profit of $267 million improved by nearly $60 million versus prior year. 2024's adjusted operating profit margin was 6%, representing the strongest full year performance in the company's history.

全年調整後營業利潤為 2.67 億美元，較前一年增加近 6,000 萬美元。 2024年的調整後營業利益率為6%，這是公司史上最強勁的全年業績。

These gains were largely due to the performance of our Lift Truck business, where revenues grew by 5% and adjusted operating profits improved by 28%.

這些成長主要歸功於我們的堆高機業務的出色表現，該業務的收入增長了 5%，調整後的營業利潤增長了 28%。

2024's adjusted net income was $159 million increasing 26% from the strong prior year period. 2024 was a strong year and we took the opportunity to further fund our strategic initiatives.

2024 年的調整後淨收入為 1.59 億美元，較去年同期的強勁成長 26%。 2024 年是強勁的一年，我們藉此機會進一步資助我們的策略計劃。

We invested in additional sales and marketing staff to help accelerate new product introductions and support our share gain efforts.

我們投資了額外的銷售和行銷人員來幫助加速新產品的推出並支持我們提高市場份額的努力。

We invested in new information technology tools that create a more efficient and seamless customer experience.

我們投資了新的資訊科技工具，以創造更有效率、更無縫的客戶體驗。

Lastly, we initiated the footprint optimization journey enabled by our new modular products.

最後，我們啟動了由新模組化產品推動的足跡優化之旅。

As Rajiv stated, this will ultimately save us tens of millions of dollars per year and reduce the negative impact of market cyclicality on the business.

正如拉吉夫所說，這最終將為我們每年節省數千萬美元，並減少市場週期性對業務的負面影響。

To close out our strong 2024 performance, our fourth-quarter results were solid.

為了結束我們強勁的 2024 年業績，我們第四季的業績表現穩健。

At the consolidated level, revenues of $1.1 billion grew by 4% versus prior year and by 5% sequentially.

綜合來看，營收為 11 億美元，較上年成長 4%，較上一季成長 5%。

Adjusted operating profits for $54 million increasing by 10% and by nearly 60% compared to prior year and prior quarter, respectively.

調整後營業利潤為 5,400 萬美元，比去年同期和上一季分別成長 10% 和近 60%。

Adjusted earnings per share was $1.47.

調整後每股收益為 1.47 美元。

Next, I'll provide color by segment and geography on the quarter's performance drivers starting with our Lift Truck business.

接下來，我將從我們的堆高機業務開始，按部門和地區介紹本季的業績驅動因素。

Q4 Lift Truck sales increased 4% year over year, largely due to an improved sales mix.

第四季堆高機銷量年增 4%，這主要歸功於銷售組合的改善。

The Americas benefitted from a mix toward higher value Class 4 and 5 trucks, while EMEA's sales mix was negatively impacted by a shift to Class 3 products with lower average revenues.

美洲地區受益於向價值較高的 4 級和 5 級卡車組合的轉變，而歐洲、中東和非洲地區的銷售組合則因向平均收入較低的 3 級產品轉變而受到負面影響。

As we further implement our market penetration strategies, we're focused on providing the right product with the right technology at the right price.

隨著我們進一步實施市場滲透策略，我們專注於以合適的價格提供採用合適技術的合適產品。

Our customers went through higher productivity and lower total cost of ownership, and we're better able to deliver on our financial commitments over time.

我們的客戶實現了更高的生產力和更低的整體擁有成本，並且我們能夠隨著時間的推移更好地履行我們的財務承諾。

Sequentially, revenues grew by 6% as a result of increased deliveries in the Americas and seasonality-driven improvements in EMEA.

由於美洲地區交付量增加以及歐洲、中東和非洲地區季節性因素推動的改善，收入環比增長了 6%。

The Lift Truck business delivered an adjusted operating profit of $62 million increasing by 15% compared to prior year and by 55% sequentially.

堆高機業務調整後營業利潤為 6,200 萬美元，較上年成長 15%，較上一季成長 55%。

Volume and mix benefits contributed to strong product margins in the quarter, well ahead of our targeted levels.

產量和產品組合優勢推動本季產品利潤率強勁，遠超我們的目標水準。

Partly offsetting these gains were increased costs for freight and warranty.

運費和保固成本的增加部分抵消了這些收益。

We continue to see historically high freight rates despite some relief over the past few months.

儘管過去幾個月運費有所緩解，但仍處於歷史高點。

We've taken proactive steps to mitigate these costs, but port strikes and geopolitical issues have limited our ability to fully leverage the lower freight rates.

我們已採取積極措施降低這些成本，但港口罷工和地緣政治問題限制了我們充分利用較低運費的能力。

With regard to warranty cost increases, new product introductions often result in increased initial warranty claim rates.

關於保固成本的增加，新產品的推出通常會導致初始保固索賠率的增加。

We're in the midst of a generational product shift toward our new modular scalable designs.

我們正處於產品轉型為新型模組化可擴展設計的階段。

These new trucks are replacing a prior generation of well-tested and highly reliable trucks.

這些新卡車正在取代上一代經過充分測試且高度可靠的卡車。

Over time, we expect our new models to equal or surpass the quality of the prior generation, in part due to the increased component commonality and more focused supply base.

隨著時間的推移，我們預計我們的新車型將達到或超過上一代車型的質量，部分原因是零部件通用性的提高和供應基礎更加集中。

Turning to Bolzoni, the business reported Q4 revenue of $84 million which was $4 million lower than the prior year.

談到博爾佐尼，該公司報告第四季營收為 8,400 萬美元，比去年同期低 400 萬美元。

Q4's adjusted break-even operating loss was below the prior year level.

第四季的調整後損益平衡經營虧損低於去年同期水準。

Bolzoni's product mix negatively impacted unit margins and lower volumes drove manufacturing inefficiencies.

博爾佐尼的產品組合對單位利潤產生了負面影響，產量下降導致了製造效率低下。

Operating expense was above prior year primarily due to employee costs in the sale of a small non-core business in Europe.

營業費用高於上年，主要由於出售歐洲一家小型非核心業務的員工成本。

At Nuvera, the Q4 adjusted operating loss improved sequentially due to lower marketing expenses and reduced employee-related costs as a result of headcount reduction initiatives initiated in Q3.

在 Nuvera，第四季度調整後的營業虧損環比改善，原因是營銷費用降低以及第三季度啟動的員工削減計劃導致的員工相關成本減少。

The hydrogen fuel cell industry continues to face slow customer adoption rates due to ongoing hydrogen supply constraints and delayed customer vehicle development programs.

由於持續的氫氣供應限制和客戶汽車開發計畫延遲，氫燃料電池產業持續面臨客戶採用率緩慢的問題。

Despite Nuvera's active demonstration pipeline, these industry constraints are delaying Nuvera's bookings and reducing its shipments.

儘管 Nuvera 積極開展演示管道，但這些行業限制正在推遲 Nuvera 的預訂並減少其出貨量。

Next, I'll cover the company's tax position.

接下來，我將介紹該公司的稅務狀況。

Our Q4 income tax rate was 55%.

我們第四季的所得稅率為 55%。

This is significantly higher than the full year 2024 rate of 34%.

這明顯高於 2024 年全年 34% 的成長率。

The fourth quarter's increase was due to the non-deductibility of the footprint improvement and operational optimization charges.

第四季的成長是由於足跡改善和營運優化費用不可扣除。

The company wasn't able to recognize a tax benefit on these charges due to its valuation allowance position.

由於估值準備金狀況，該公司無法確認這些費用的稅收優惠。

These items will be included in future tax periods as severance and other expenses are recognized.

這些項目將被納入未來的納稅期，因為遣散費和其他費用已被確認。

2024's effective income tax rate of 34% is higher than the prior year's rate of 29%.

2024 年的實際所得稅率為 34%，高於前一年的 29%。

The elevated 2024 rate is largely due to the ongoing capitalization of research and development costs for US tax purposes combined with the ramifications from the company's US valuation allowance position.

2024 年稅率的提高主要是由於美國稅收目的持續將研發成本資本化，以及該公司在美國的估值準備金狀況的影響。

This combination also affected 2023's tax rate, but the impact was partly offset by our ability to utilize US net operating losses during the 2023 year.

這一組合也影響了 2023 年的稅率，但這一影響被我們在 2023 年利用美國淨經營虧損的能力部分抵消。

Turning to the balance sheet.

轉向資產負債表。

In Q4, we generated $81 million of cash from operations, increasing 2024's full year generation to $170 million.

第四季度，我們從營運中產生了 8,100 萬美元的現金，使 2024 年全年的營運現金產生額增加至 1.7 億美元。

We used a portion of these funds to further reduce debt, which dropped by more than 5% compared to Q3 levels.

我們利用其中的部分資金進一步減少債務，與第三季相比下降了 5% 以上。

In addition, we delivered on our commitment to shareholder returns with a consistent and strong dividend and a roughly $5 million Class A common stock repurchase in the quarter.

此外，我們還透過持續強勁的股息和本季約 500 萬美元的 A 類普通股回購履行了對股東回報的承諾。

At year-end 2024, the company had unused borrowing capacity of $290 million proving by nearly $30 million compared to the end of Q3.

截至 2024 年底，該公司未使用的借款能力為 2.9 億美元，與第三季末相比增加近 3,000 萬美元。

We continue to focus on reducing working capital, particularly through inventory efficiency gains.

我們持續致力於減少營運資本，特別是透過提高庫存效率。

Total inventory decreased by $60 million from prior year levels and by $100 million sequentially.

總庫存較上年同期減少 6,000 萬美元，較上一季減少 1 億美元。

These gains stem from better alignment between production needs and on-hand materials as we adapt our manufacturing cadence to reduce variation in our factories.

這些收益源自於我們調整生產節奏以減少工廠內的差異，從而更好地協調生產需求和現有材料。

Additionally, finished goods held in customer ready status improved due to increased shipping and customer installation discipline.

此外，由於運輸和客戶安裝紀律的加強，成品在客戶準備狀態得到改善。

As a result, working capital represented 18% of sales in Q4, down from 21% in Q3.

因此，第四季營運資本佔銷售額的 18%，低於第三季的 21%。

Now, I'll cover our outlook for full year 2025, including color around our first-quarter expectations.

現在，我將介紹我們對 2025 年全年的展望，包括對第一季的預期。

Due to the anticipated decrease in our lift truck production levels in Q1 and for full year 2025, we expect a significant year-over-year revenue decrease in both periods.

由於預計第一季和 2025 年全年堆高機產量將下降，我們預計這兩個時期的收入都將比去年同期大幅下降。

Lift Truck gross profit margins are likely to decline toward target levels due to the negative effect from reduced volumes and increased market competitiveness.

由於銷售減少和市場競爭加劇帶來的負面影響，堆高機毛利率可能會下降至目標水準。

Operating expenses are expected to increase year over year in 2025 to support long-term profitable growth initiatives.

預計 2025 年營運費用將逐年增加，以支持長期獲利成長計畫。

We anticipate an operating expense run rate similar to Q4 2024 levels in each 2025 quarter.

我們預計 2025 年每季的營業費用運行率將與 2024 年第四季的水平相似。

The company is focused on offsetting a portion of these higher costs through increased use of its low-cost shared service capabilities and through more efficient tools and processes.

該公司致力於透過更多地使用其低成本共享服務能力以及使用更有效率的工具和流程來抵消部分較高的成本。

As a result of the lower revenues, margin declined and increased expenses, we expect first quarter and full year 2025 operating profit to be significantly below the exceptionally strong 2024 performance.

由於收入減少、利潤率下降以及費用增加，我們預計 2025 年第一季和全年營業利潤將大幅低於 2024 年強勁的業績。

Moving to Bolzoni. 2025 revenues are expected to decline while operating margins should increase.

搬到博爾佐尼。預計 2025 年收入將下降，但營業利潤率將上升。

Both of these changes are a result of the ongoing phaseout of lower margin legacy components sold to the Lift Truck business.

這兩項變動都是由於堆高機業務中利潤較低的傳統零件不斷被淘汰所致。

Bolzoni 2025 operating profit is expected to be comparable to 2024.

博爾佐尼 2025 年營業利潤預計與 2024 年相當。

At Nuvera, the company is focused on increasing customer product demonstrations and orders, especially for its new HydroCharge product beginning in 2025.

在 Nuvera，該公司專注於增加客戶產品展示和訂單，尤其是 2025 年開始的全新 HydroCharge 產品。

Nuvera anticipates full year revenues to increase largely due to sales of this new mobile unit designed to provide off-grid charging for a variety of electric vehicle types.

Nuvera 預計全年收入將大幅增加，這主要得益於這款新型移動裝置的銷售，該裝置旨在為多種類型的電動車提供離網充電。

We expect a modest increase in product development costs year over year to support further development of the new, more powerful 125-kilowatt fuel cell engine.

我們預計產品開發成本將同比小幅增加，以支援新型、更強大的 125 千瓦燃料電池引擎的進一步開發。

In total, Nuvera's 2025 operating results are expected to improve modestly compared to 2024, in part due to benefits realized from 2024's reduction in force action.

整體而言，Nuvera 2025 年的經營業績預計將較 2024 年略有改善，部分原因是 2024 年減少兵力行動帶來的利益。

Turning to the Consolidated view, I'll start with our outlook for taxes.

談到綜合觀點，我將首先談談我們的稅收展望。

The company anticipates its 2025 effective tax rate to be elevated largely due to the ongoing capitalization of R&D costs in its valuation allowance position.

該公司預計其 2025 年有效稅率將會上升，這主要歸因於其估值準備金狀況中研發成本的持續資本化。

The US Congress is actively debating an important tax law change that could reverse the R&D cost capitalization rule, thus treating them as a period expense.

美國國會正在積極討論一項重要的稅法改革，該改革可能會扭轉研發成本資本化規則，從而將其視為期間費用。

If this occurs, the company's tax expense outlook would change materially.

如果發生這種情況，該公司的稅收支出前景將會發生重大變化。

While our effective tax rate is likely to remain elevated, 2025 tax expense is expected to be well below 2024 levels due to lower overall profitability.

雖然我們的有效稅率可能仍然較高，但由於整體獲利能力較低，預計 2025 年的稅費將遠低於 2024 年的水準。

At the Consolidated level, 2025 revenues and profits are expected to decline significantly compared to 2024's operating results.

從合併層面來看，預計 2025 年的營收和利潤將較 2024 年的經營業績大幅下降。

This is largely due to the soft global bookings market experienced by our Lift Truck business in 2024.

這主要是由於我們的堆高機業務在 2024 年遭遇了全球預訂市場疲軟。

As Rajiv said earlier, we expect our markets to gradually improve in 2025, providing some momentum as we move into 2026.

正如拉吉夫之前所說，我們預計我們的市場將在 2025 年逐步改善，為我們進入 2026 年提供一些動力。

The company remains focused on reducing the negative impact from market cyclicality on its business.

該公司仍然致力於減少市場週期性對其業務的負面影響。

As markets grow and reach new heights, the business should maximize its operational results.

隨著市場不斷成長並達到新的高度，企業應該最大限度地提高營運成果。

We did that in 2023 and 2024, making solid progress toward our long-term operating profit goal of 7% for the Lift Truck and Bolzoni businesses.

我們在 2023 年和 2024 年實現了這一目標，並朝著堆​​高機和 Bolzoni 業務 7% 的長期營業利潤目標邁出了堅實的一步。

As markets decline, as we anticipate in the first half of 2025, the business should remain profitable, but very likely have margins below the 7% target.

隨著市場下滑，正如我們預計的 2025 年上半年，業務應該保持盈利，但利潤率很可能低於 7% 的目標。

We're working diligently to strengthen our business's foundation to create higher highs and higher lows across the business cycle.

我們正在努力加強業務基礎，以便在整個商業週期中創造更高的高點和更高的低點。

And finally, we intend to generate and deploy cash across all phases of this cycle.

最後，我們打算在這週期的所有階段產生和部署現金。

Turning now to our outlook for cash flow drivers.

現在來談談我們對現金流驅動因素的展望。

We made progress on reducing working capital levels in 2024, but the gains were well below our expectations.

我們在2024年降低營運資本水準方面取得了進展，但收益遠低於我們的預期。

Intense efforts to accelerate our improvement pace, particularly around inventories, are underway, and we expect to generate more substantial progress in 2025.

我們正大力加快改善步伐，特別是在庫存方面，預計在 2025 年將取得更實質的進展。

Overall, we anticipate cash generated from operations to be comparable to strong 2024 levels as working capital improvements generally offset the net income decline. 2025 capital expenditures are expected to range between $40 million and $80 million.

整體而言，我們預期經營活動產生的現金將與 2024 年的強勁水準相當，因為營運資本的改善通常會抵銷淨收入的下降。 2025 年資本支出預計在 4,000 萬美元至 8,000 萬美元之間。

This wide range of outcomes is due to current economic and geopolitical uncertainty, particularly in the US and in EMEA.

這種廣泛的結果是由於當前的經濟和地緣政治的不確定性，特別是在美國和歐洲、中東和非洲地區。

We will closely monitor spending during the first half of the year and accelerate investments if the market and our share increase as expected.

我們將密切監控上半年的支出，如果市場和我們的份額按預期成長，我們將加快投資。

As we continue to generate free cash, we'll follow our disciplined capital allocation framework to reduce leverage, make strategic investments that support long-term profitable growth, and continue to generate strong returns for our shareholders.

隨著我們繼續產生自由現金，我們將遵循嚴格的資本配置框架來降低槓桿率，進行支持長期獲利成長的策略投資，並繼續為股東創造強勁回報。

Now, I'll turn the call over to Al for his comments.

現在，我將把電話轉給 Al 來徵求他的意見。

Thanks, Scott.

謝謝，斯科特。

I want to emphasize the significance of the information Rajiv and Scott have shared today.

我想強調拉吉夫和史考特今天分享的訊息的重要性。

We had a strong 2024 that build upon the previous year's results, which were robust by historical standards.

我們在 2024 年取得了強勁的成績，這建立在上一年業績的基礎上，以歷史標準來看，這算是強勁的。

We exceeded our initial expectations despite a substantial market decline and significant geopolitical uncertainty.

儘管市場大幅下滑且地緣政治不確定性很大，但我們仍超越了最初的預期。

This was largely due to our lengthy and margin rich backlog built during the robust lift truck markets of 2022 and 2023.

這主要是因為我們在 2022 年和 2023 年堆高機市場強勁期間累積了長期且利潤豐厚的積壓訂單。

I'd like to take this opportunity to commend our global team for delivering these strong results.

我想藉此機會讚揚我們的全球團隊所取得的出色成績。

Looking forward, our path forward is guided by sound, long-term core strategies.

展望未來，我們前進的道路由健全的長期核心策略引導。

I'm confident we have the right team and business structure in place to execute our key strategic programs, whether the near-term cyclical downturn, achieve our long-term financial goals, and provide strong shareholder returns over time.

我相信，我們擁有合適的團隊和業務結構來執行我們的關鍵策略計劃，無論是近期的周期性衰退，還是實現我們的長期財務目標，並隨著時間的推移為股東提供強勁的回報。

And with that, we'll take your questions.

接下來我們將回答您的問題。

(Operator Instructions) Ted Jackson, Northland Securities.

（操作員指示） 泰德傑克森（Ted Jackson），北國證券。

Thanks for taking the questions.

感謝您回答這些問題。

So I want to start out, Al, I believe last quarter when you had discussed the market outlook for '25 kind of based off industry data that the view was that it was a weaker second half, stronger -- I mean first half; a stronger second half, and that for the full year of '25 that the bookings market for lift trucks globally would be more or less flat.

所以我想首先，艾爾，我相信上個季度當你討論 25 年的市場前景時，基於行業數據，人們的觀點是下半年會比較弱，上半年會比較強；下半年將會更加強勁，而 25 年全年全球堆高機預訂市場將基本持平。

When I go through the commentary with regards to the quarter and what you presented, it sounds like that view has tempered somewhat and that the market at a global level maybe will be down.

當我瀏覽有關本季度的評論以及您所提出的內容時，聽起來這種觀點已經有所緩和，並且全球市場可能會下滑。

Is that the right way to read the commentary that I've gotten from you all?

這是閱讀我從你們大家那裡得到的評論的正確方式嗎？

That's my first question.

這是我的第一個問題。

Hey Ted, it's Rajiv.

嘿，泰德，我是拉吉夫。

I'll take that question.

我來回答這個問題。

I think our guidance is pretty consistent with what we said last time.

我認為我們的指導與我們上次所說的非常一致。

We do expect the first half to be lower, of course, as we've stated.

當然，正如我們所說的，我們確實預計上半年的銷售額會較低。

But we do see -- from our projections we see an increase in the second half of the year, as Scott said, and then we're going into a pretty good 2026.

但我們確實看到——從我們的預測來看，正如斯科特所說，今年下半年會成長，然後我們將進入相當不錯的 2026 年。

I think we've described why we had the downturn is because of the overbooking we saw in '22 and '23, which moderated and then really curtailed in the second half of 2024.

我認為我們已經解釋過為什麼會出現經濟衰退，這是因為我們在 2022 年和 2023 年看到了超額預訂，這種現像在 2024 年下半年有所緩和，然後真正得到了遏制。

The other thing that we hadn't talked about last time is towards the end of the year, after our conference call, we saw an increase in cancellations.

上次我們沒有談到的另一件事是，接近年底，在我們的電話會議之後，我們發現取消的數量增加。

I assume that was driven by customers really adjusting their demand for the upcoming year.

我認為這是由於客戶確實調整了來年的需求。

So that -- we talked a little bit about we brought the production rates below what we had anticipated.

所以 — — 我們討論了一下我們將生產力降低到了低於我們的預期。

And those two elements were the big drivers for it is the market dropped more than we expected, and then we got higher cancellations than we were anticipating.

這兩個因素是導致市場跌幅超出我們預期的主要因素，而且我們收到的取消訂單數量也超出了我們的預期。

So we adjusted for that.

因此我們對此進行了調整。

We expect -- if I just look at the last couple of months, we haven't seen the same scale of cancellations nowhere near.

我們預計——如果只看過去幾個月，我們還沒有看到如此規模的取消。

We seem to be back to normal kind of levels.

我們似乎已經恢復到正常水平。

So we expect that to moderate.

因此我們預計這一情況將會緩和。

We still expect the market to be low in the first half but then come back in the second as some of the orders that were placed prior -- I get -- and deliveries that have been made get consumed by customers and applied.

我們仍然預期市場在上半年會處於低迷狀態，但下半年會回升，因為先前下達的部分訂單和已交付的貨物會被客戶消費和使用。

Does that make sense?

這樣有道理嗎？

Hello?

你好？

Apologies as we did seem to lose the caller.

抱歉，我們似乎失去了來電者。

I can turn it back over to Andrea for any closing comments at this time.

現在我可以把它交還給 Andrea 來做最後的總結。

Thank you for your questions.

感謝您的提問。

We'll now conclude our Q&A session.

我們現在結束問答環節。

We thank you for participating.

感謝您的參與。

A replay of our call will be available online later today.

我們的通話重播將於今天稍晚在網上提供。

We'll also post a transcript on the Hyster-Yale website when it becomes available.

當成績單可用時，我們也會將其發佈在 Hyster-Yale 網站上。

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

如果您有任何疑問，請與我聯絡。

My contact information is on the earnings release.

我的聯絡資訊可以在收益報告上找到。

I hope you enjoy the rest of your day, and now I'll turn it back to Joanne to conclude the call.

我希望您今天剩下的時間過得愉快，現在我將把時間轉回喬安妮來結束這次通話。

Thank you, ladies and gentlemen.

謝謝各位，女士們、先生們。

This concludes your conference call for today.

今天的電話會議到此結束。

Our replay will be available until March 5, 2025, by dialing 1-888-660-6345 and entering conference code 49516.

我們的重播將持續到 2025 年 3 月 5 日，請撥打 1-888-660-6345 並輸入會議代碼 49516。

We thank you for participating and ask that you please disconnect your lines.

感謝您的參與，並請您斷開線路。