Manitowoc Company Inc (MTW) 2022 Q4 法說會逐字稿

Good morning, and welcome to the Manitowoc Fourth Quarter 2022 Earnings Call. My name is David, and I'll be your conference operator today. (Operator Instructions) At this time, I'd like to turn the call over to Mr. Ion Warner, Senior Vice President of Marketing and Investor Relations. You may begin.

早上好，歡迎來到 Manitowoc 2022 年第四季度收益電話會議。我叫大衛，今天我將擔任你們的會議接線員。 （操作員說明）此時，我想將電話轉給營銷和投資者關係高級副總裁 Ion Warner 先生。你可以開始了。

Good morning, everyone, and welcome to the Manitowoc conference call to review the company's fourth quarter 2022 and full year 2022 financial results and business update as outlined in our press release yesterday. Participating on the call today are Aaron Ravenscroft, President and Chief Executive Officer; and Brian Regan, Executive Vice President and Chief Financial Officer.

大家早上好，歡迎參加 Manitowoc 電話會議，回顧我們昨天在新聞稿中概述的公司 2022 年第四季度和 2022 年全年財務業績和業務更新。參加今天電話會議的有總裁兼首席執行官 Aaron Ravenscroft；執行副總裁兼首席財務官 Brian Regan。

Today's webcast includes a slide presentation, which includes a reconciliation of GAAP and non-GAAP financial measures as referenced in the call. This can be found in the Investor Relations section of our website under Events and Presentations. We will reserve time for questions and answers after our prepared remarks. I would like to request that you limit your questions to one and a follow-up and return to the queue to ensure everyone has an opportunity to ask their questions.

今天的網絡廣播包括幻燈片演示，其中包括電話會議中提到的 GAAP 和非 GAAP 財務指標的對賬。這可以在我們網站的“投資者關係”部分的“活動和演示”下找到。我們將在準備好的發言後預留時間進行提問和回答。我想請您將問題限制在一個和一個後續問題上，然後返回隊列以確保每個人都有機會提出他們的問題。

Please turn to Slide 2. Please note our safe harbor statement in the material provided for this call. During today's call, forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995 are made based on the company's current assessment of its markets and other factors that affect its business. However, actual results could differ materially from any implied or actual projections due to one or more of the factors, among others, described in the company's latest SEC filings.

請轉到幻燈片 2。請注意我們為此次電話會議提供的材料中的安全港聲明。在今天的電話會議上，1995 年《私人證券訴訟改革法案》中定義的前瞻性陳述是根據公司當前對其市場的評估以及影響其業務的其他因素做出的。但是，由於公司最新提交給美國證券交易委員會的文件中描述的一個或多個因素，實際結果可能與任何暗示或實際預測存在重大差異。

The Manitowoc Company does not undertake any obligation to update or revise any forward-looking statement, whether the result of new information, future events or other circumstances.

馬尼托瓦克公司不承擔任何更新或修改任何前瞻性陳述的義務，無論是新信息、未來事件或其他情況的結果。

And with that, I will now turn the call over to Aaron.

有了這個，我現在將把電話轉給亞倫。

Thank you, Ion, and good morning, everyone. Please turn to Slide 3. After a tough third quarter, I was really pleased with how our team rose to the occasion in the fourth quarter to deliver strong results despite significant adversity. As we entered the quarter, we felt confident that our shippable backlog and inventory levels would allow us to hit the low end of our guidance. The hard work of our team and a bit of luck with parts and vessel availability helped us end the year even stronger than we expected.

謝謝 Ion，大家早上好。請轉到幻燈片 3。在經歷了艱難的第三季度之後，我對我們的團隊如何在第四季度挺身而出，儘管遭遇重大逆境仍取得了強勁的成績感到非常高興。當我們進入本季度時，我們相信我們的可交付積壓訂單和庫存水平將使我們能夠達到指導的低端。我們團隊的辛勤工作以及零件和船隻供應方面的一點運氣幫助我們在年底比我們預期的更強大。

For the full year, we generated slightly above $2 billion in sales and $143 million in adjusted EBITDA, a 23% increase year-over-year. Overall, this is a great achievement in an extremely difficult operating environment. I would like to extend my deepest appreciation to the Manitowoc team for a job well done.

全年，我們的銷售額略高於 20 億美元，調整後的 EBITDA 為 1.43 億美元，同比增長 23%。總的來說，這是在極其困難的運營環境下取得的巨大成就。我要對 Manitowoc 團隊的出色工作表示最深切的感謝。

From a strategic standpoint, we increased non-new machine sales by 22% to $545 million for the year. Suffice to say, I'm pleased with our progress on Cranes+50. Concurrently, we continue to invest heavily in new products throughout the year.

從戰略角度來看，我們全年的非新機器銷售額增長了 22%，達到 5.45 億美元。可以說，我對我們在 Cranes+50 上取得的進展感到滿意。同時，我們全年繼續大力投資新產品。

In 2022, we launched 9 new cranes and continue to develop several new digital and energy-saving technologies. These efforts are important because they help grow the number of our cranes in the field, which will inevitably be the foundation of future aftermarket growth.

2022 年，我們推出了 9 款新起重機，並繼續開發多項數字化和節能新技術。這些努力很重要，因為它們有助於增加現場起重機的數量，這將不可避免地成為未來售後市場增長的基礎。

Please turn to Slide 4. Manitowoc has made big improvements on ESG relatively quickly, thanks to our team's creativity and their application of the Manitowoc Way tools. As we say, what gets measured gets improved. Working around cranes can be high risk, whether on the shop floor or on job sites. So health and safety remains a constant focus of Manitowoc.

請轉到幻燈片 4。由於我們團隊的創造力和他們對 Manitowoc Way 工具的應用，Manitowoc 相對較快地在 ESG 方面取得了重大改進。正如我們所說，得到衡量的東西得到改進。無論是在車間還是在工作現場，在起重機周圍工作都是高風險的。因此，健康和安全始終是 Manitowoc 關注的焦點。

In 2022, we completed over 87,000 safety observations, the highest number in our history. Our recordable injury rate was 1.53, which is slightly lower than the previous year, and our lost time incident rate was 0.92 or 10% lower than the previous year. While these results are encouraging, we still have more work to do. To be clear, the goal is 0 injuries.

2022 年，我們完成了超過 87,000 次安全觀察，這是我們歷史上的最高數字。我們的可記錄工傷率為 1.53，略低於上年，我們的誤工事故率為 0.92，比上年降低了 10%。儘管這些結果令人鼓舞，但我們還有更多工作要做。需要明確的是，目標是 0 傷害。

In addition, we continue to improve our sustainability. As an example, all of our manufacturing facilities have achieved ISO 50001 certification, which is a global energy management standard, and we met our 2025 normalized greenhouse gas emissions target 3 years ahead of schedule. We also reduced the amount of waste we send to landfills by 36% year-over-year by raising welding slag and improving waste sorting and recycling among other actions. When it comes to the environment, I am relentless in pushing for real changes to improve our carbon footprint.

此外，我們繼續提高我們的可持續性。例如，我們所有的生產設施都獲得了 ISO 50001 認證，這是一項全球能源管理標準，我們提前 3 年實現了 2025 年標準化溫室氣體排放目標。我們還通過提高銲渣和改進廢物分類和回收等措施，將送往垃圾填埋場的廢物量同比減少了 36%。在環境方面，我堅持不懈地推動真正的變革，以改善我們的碳足跡。

Manitowoc's greatest asset is its talented team of diverse employees and leaders. In 2022, we expanded our supervisory leadership program to include team members from our acquisitions. We kicked off the Leans In Women Resources group to assist in professional development and retention of women. And in our Shady Grove facility, we continue to enhance our outreach to the local Hispanic community through ESL Grassroots, networking and recruiting efforts. And last but not least, we are extremely proud to be named one of America's most responsible companies by Newsweek. This award recognizes our hard work on ESG.

馬尼托瓦克最大的資產是其由多元化員工和領導者組成的才華橫溢的團隊。 2022 年，我們擴大了監督領導力計劃，將收購的團隊成員包括在內。我們啟動了 Leans In Women Resources 小組，以協助女性的職業發展和留任。在我們的 Shady Grove 設施中，我們通過 ESL Grassroots、網絡和招聘工作繼續加強與當地西班牙裔社區的聯繫。最後但同樣重要的是，我們非常自豪能夠被《新聞周刊》評為美國最負責任的公司之一。該獎項表彰了我們在 ESG 方面的辛勤工作。

Please turn to Slide 5. In October, we welcomed our Board of Directors to our facility in Wilhelmshaven in Germany to showcase our lean transformation. As a reminder, this plan comprises 11 buildings, which spread across almost 50 acres.

請轉到幻燈片 5。10 月，我們歡迎董事會來到我們位於德國威廉港的工廠，展示我們的精益轉型。提醒一下，該計劃包括 11 座建築，佔地近 50 英畝。

Going to Project (inaudible) 7 years ago, we set out to change the entire flow of this factory and embarked on a multiyear capital investment project to improve its overall operating results by deploying all of the methodologies in our lane toolbox combined with the team's true metal, we reduced the distance in crane travels for the manufacturing process by 66% or 3 miles.

7 年前開始項目（聽不清），我們著手改變這家工廠的整個流程，並著手進行一項多年的資本投資項目，通過部署我們車道工具箱中的所有方法並結合團隊的真實情況來改善其整體經營業績金屬，我們將製造過程中起重機的行駛距離減少了 66% 或 3 英里。

Thank you to everyone that contributed the successful transformation. The Board was quite impressed with their visits. Lastly, I would like to recognize Dan Guo, Engineering Project Manager in China and the three operations leaders from the team in Italy, Alessandro Dutto, Diego Marabotto and Alessandro Macario who all won the 2022 CEO award for the Manitowoc Way. They are exemplary leaders to embody the Manitowoc Way values. A big congratulations to these leaders.

感謝所有為成功轉型做出貢獻的人。董事會對他們的訪問印象深刻。最後，我要感謝中國工程項目經理郭丹和意大利團隊的三位運營負責人 Alessandro Dutto、Diego Marabotto 和 Alessandro Macario，他們都因 Manitowoc Way 獲得了 2022 年 CEO 獎。他們是體現 Manitowoc Way 價值觀的模範領導者。熱烈祝賀這些領導人。

Please move to Slide 6. Turning our attention to the market. We generated orders of $708 million during the fourth quarter, which was a big jump year-over-year. Long story short, I don't believe that the fourth quarter signals an inflection point for crane demand. It was more about pricing and mix.

請轉到幻燈片 6。將我們的注意力轉向市場。我們在第四季度產生了 7.08 億美元的訂單，同比大幅增長。長話短說，我不認為第四季度是起重機需求拐點的信號。更多的是關於定價和組合。

In terms of units, our orders for the fourth quarter were relatively flat year-over-year and included a couple of large orders from dealers securing 2023 build slots. Through the first 6 weeks of 2023, order intake was in line with the monthly run rate of $150 million that we saw for much of 2022.

就單位而言，我們第四季度的訂單與去年同期相比相對持平，其中包括來自經銷商的幾筆大訂單，以確保 2023 年的建造槽位。在 2023 年的前 6 週，訂單量與我們在 2022 年大部分時間看到的每月 1.5 億美元的運行率一致。

On a regional basis, the Americas is steady. The inventory levels remains sufficient, utilization rates at the crane operator level have been strong and rental rates are inching up. That said, there remains a lot of uncertainty driven by rising prices and interest rates. Meaningful projects associated with the infrastructure and semiconductor bills have not yet started in earnest and the oil patches still slow. These tailwinds will manifest at some point, whether in 2023 or further in the future.

在區域基礎上，美洲是穩定的。庫存水平仍然充足，起重機操作員的利用率一直很高，租金也在小幅上漲。儘管如此，價格和利率上漲仍然存在很多不確定性。與基礎設施和半導體法案相關的有意義的項目尚未真正開始，油田開採仍然緩慢。這些順風將在某個時候顯現，無論是在 2023 年還是更遠的未來。

In Europe, our customers remain cautious due to the Ukraine conflict and rising interest rates. The European mobile crane market has been positive, but this is more of a consequence of the delayed COVID rebound rather than an indicator that the market is robust. Additionally, there is a clear lack of confidence regarding the European tower crane market.

在歐洲，由於烏克蘭衝突和利率上升，我們的客戶仍然保持謹慎。歐洲移動式起重機市場一直很樂觀，但這更多是 COVID 反彈延遲的結果，而不是市場強勁的指標。此外，歐洲塔式起重機市場明顯缺乏信心。

Residential housing permits, one of the main drivers of tower crane demand, has slowed over the last several months due to rising interest rates and tighter loan conditions. For instance, in France, permits for new single-family homes declined sequentially 30% in the fourth quarter. And in Germany, we are seeing a similar trend.

由於利率上升和貸款條件收緊，住宅許可是塔式起重機需求的主要驅動力之一，在過去幾個月中有所放緩。例如，在法國，新單戶住宅的許可在第四季度連續下降了 30%。在德國，我們看到了類似的趨勢。

As for Asia Pacific, I returned to the region in December for the first time since the pandemic began and found that market sentiment vary widely between countries. For example, Southeast Asia is still pretty muted. A recent corruption scandal at Vietnam's largest real estate developer, VPT, has led to a crisis. Despite this setback, Vietnam is remarkably similar to China 20 years ago, and we remain optimistic about its future.

至於亞太地區，我在去年 12 月回到該地區，這是自大流行開始以來的第一次，發現各國之間的市場情緒差異很大。例如，東南亞仍然很安靜。越南最大的房地產開發商 VPT 最近的腐敗醜聞引發了一場危機。儘管遭遇挫折，但越南與 20 年前的中國非常相似，我們對其未來仍持樂觀態度。

In the fourth quarter, South Korea and Australia, which were hot the prior few quarters were largely dormant due to higher interest rates. In South Korea, banks withheld financing in November and December to let the market catch up to the dramatic shift in interest rates. Fortunately, the situation has stabilized in January.

第四季度，前幾個季度火爆的韓國和澳大利亞由於利率上升而基本處於休眠狀態。在韓國，銀行在 11 月和 12 月暫停融資，讓市場跟上利率的急劇變化。幸運的是，情況在一月份已經穩定下來。

We are encouraged that several semiconductor projects are ongoing in country and the Korean EPCs are well positioned to support major projects in Saudi Arabia.

我們感到鼓舞的是，該國正在進行多個半導體項目，韓國 EPC 有能力支持沙特阿拉伯的重大項目。

Australia is similar in that respect. Interest rates in the country spiked in the fourth quarter, alarming everyone. Since then, it appears that these issues have been resolved and higher commodity prices should bolster the Australian mining industry. Moving to China. The market has been very soft for several quarters. As the market reopens, we are in a wait and see mode.

澳大利亞在這方面是相似的。該國的利率在第四季度飆升，令所有人感到震驚。從那時起，這些問題似乎已經解決，商品價格上漲應該會提振澳大利亞採礦業。搬到中國。幾個季度以來，市場一直非常疲軟。隨著市場重新開放，我們處於觀望狀態。

Please turn to Slide 7. Finally, in the Middle East, the current environment is the most positive that I've seen in the region since I joined the company 7 years ago. Last week, I met with several dealers in the region and visited the line, which is one of 15 mega projects underway in the city of Neom as part of Saudi Vision 2030.

請轉到幻燈片 7。最後，在中東，目前的環境是我 7 年前加入公司以來在該地區看到的最積極的環境。上週，我會見了該地區的幾家經銷商並參觀了這條生產線，這是作為沙特 2030 年願景的一部分在 Neom 市進行的 15 個大型項目之一。

Saudi Vision 2030 is driving the mood across the entire region as it consumes much of the nearby construction-related resources to execute this immense initiative. To put this into perspective, the line will be a futuristic city that reaches 170 kilometers up and down the coast of the Red Sea. In terms of skyscrapers, it will be the equivalent to 4,000 One World Trade centers. Again, the line is just one of 15 mega projects in which Saudi will invest more than $1 trillion.

沙特 2030 年願景正在推動整個地區的情緒，因為它消耗了大量附近的建築相關資源來執行這一巨大的舉措。從這個角度來看，這條線路將是一座在紅海沿岸上下 170 公里的未來城市。就摩天大樓而言，它將相當於 4,000 個世界貿易中心。同樣，這條線路只是沙特將投資超過 1 萬億美元的 15 個大型項目之一。

Neom essentially has no population today and by 2045, it's expected to have the infrastructure to support some 10 million people. This unprecedented initiative is just beginning to take shape, and we are actively working with our partners in the region to support it.

Neom 今天基本上沒有人口，到 2045 年，預計它將擁有支持約 1000 萬人的基礎設施。這一史無前例的倡議才剛剛初具規模，我們正與該地區的合作夥伴積極合作，為其提供支持。

Please move to Slide 8. Before I turn the call over to Brian, I want to reflect on the progress we made on our 4 breakthrough initiatives during 2022.

請轉到幻燈片 8。在我將電話轉給 Brian 之前，我想回顧一下 2022 年我們在 4 項突破性舉措方面取得的進展。

Our first initiative is to grow our European tower crane rental fleet to complement our new crane business. Over the last 3 years, we've invested $30 million in growing our rental fleet, namely in Germany. Most recently, we kicked off a brownfield project in the U.K., where we'll be adding rental cranes to grow our market share and aftermarket footprint.

我們的第一個舉措是擴大我們的歐洲塔式起重機租賃車隊，以補充我們新的起重機業務。在過去的 3 年裡，我們投資了 3000 萬美元來擴大我們在德國的租賃車隊。最近，我們在英國啟動了一個棕地項目，我們將在那裡增加租賃起重機以擴大我們的市場份額和售後市場足跡。

Our second initiative is to scale up our tower crane business in China to serve the belt and road regions. In 2022, our team in China introduced our 2 largest tower crane models specifically engineered for emerging markets. The Potain MCT 805 and the MCT 1005. In fact, over 60% of our current production in the China factory consists of new models engineered by our local team in the last 3 years, which reinforces that this initiative is working.

我們的第二個舉措是擴大我們在中國的塔式起重機業務，以服務“一帶一路”地區。 2022 年，我們在中國的團隊推出了 2 款專為新興市場設計的最大型塔式起重機。 Potain MCT 805 和 MCT 1005。事實上，我們中國工廠目前生產的 60% 以上都是我們當地團隊在過去 3 年中設計的新型號，這進一步證明了這一舉措正在發揮作用。

Our third initiative is to reinvigorate our all-terrain crane product offerings to grow market share, field population and aftermarket revenue. Since launching this initiative, we introduced 10 new all-terrain models. Last October, we unveiled a 4 axle, 70-ton model and a 4 axle 100 ton hybrid concept crane at the bauma trade show. Both models received excellent feedback from customers.

我們的第三個舉措是重振我們的全地面起重機產品供應，以增加市場份額、現場人口和售後市場收入。自啟動該計劃以來，我們推出了 10 款全新的全地形車型。去年 10 月，我們在 bauma 貿易展上推出了 4 軸 70 噸型號和 4 軸 100 噸混合動力概念起重機。兩種型號都收到了客戶的極好反饋。

Our new Grove Connect telematics solution designed to equip the crane owners and operators with real-time services and information is getting good traction too.

我們新的 Grove Connect 遠程信息處理解決方案旨在為起重機所有者和操作員提供實時服務和信息，也獲得了良好的牽引力。

To support our all-terrain cranes in the field, we continue to hire additional service technicians in key markets and added a location in Spain. Additionally, we recently appointed a global leader to bolster our used crane sales, which benefits the aftermarket business. These efforts are part of our journey from being product-oriented to solutions-oriented.

為了在現場支持我們的全路面起重機，我們繼續在主要市場僱用更多的服務技術人員，並在西班牙增加了一個地點。此外，我們最近任命了一位全球領導者來加強我們二手起重機的銷售，這有利於售後市場業務。這些努力是我們從以產品為導向到以解決方案為導向的旅程的一部分。

Our fourth initiative is to expand the aftermarket activities in the Americas. The Aspen and MGX acquisitions are fully integrated with excellent results. We modeled these 2 deals to generate $30 million of annual adjusted EBITDA and they exceeded the target in 2022. The acquisitions were integral to our 22% increase in non-new machine sales year-over-year and have become a catalyst to drive growth in our aftermarket business. Since closing the acquisitions, we've expanded our regional coverage by opening a branch in Kansas City, and a Denver branch is scheduled to open soon.

我們的第四項舉措是擴大美洲的售後市場活動。 Aspen 和 MGX 的收購完全整合併取得了優異的成績。我們對這兩筆交易進行建模，產生了 3000 萬美元的年度調整後 EBITDA，它們在 2022 年超過了目標。這些收購是我們非新機器銷售額同比增長 22% 不可或缺的一部分，並已成為推動增長的催化劑我們的售後市場業務。自完成收購以來，我們通過在堪薩斯城開設分行擴大了區域覆蓋範圍，丹佛分行也計劃很快開業。

Our footprint currently comprises 16 branch locations in 13 states and over 150 field service technicians. Our overall strategy to grow the less cyclical, higher margin segments of the business is gaining momentum.

我們的足跡目前包括 13 個州的 16 個分支機構和 150 多名現場服務技術人員。我們發展週期性較低、利潤率較高的業務部門的總體戰略正在獲得動力。

With that, I'll pass it over to Brian for a financial update.

有了這個，我會把它傳遞給布賴恩進行財務更新。

Thanks, Aaron, and good morning, everyone. Please move to Slide 9. Beginning with orders, we exceeded our expectations during the fourth quarter with orders of $708 million, an increase of 15% from a year ago. The year-over-year increase was primarily driven by higher pricing and a couple of large dealer orders. This was partially offset by lower orders in our EURAF segment as a result of near-term uncertainty as previously discussed by Aaron. Foreign currency unfavorably impacted orders by $31 million. .

謝謝，亞倫，大家早上好。請轉到幻燈片 9。從訂單開始，我們在第四季度超出了我們的預期，訂單額為 7.08 億美元，比去年同期增長 15%。同比增長主要是由更高的定價和幾個大型經銷商訂單推動的。正如 Aaron 先前討論的那樣，由於近期的不確定性，我們的 EURAF 部門的訂單減少部分抵消了這一點。外幣對訂單產生了 3100 萬美元的不利影響。 .

Our December 31 backlog was relatively flat year-over-year at [$1.56 billion] and was unfavorably impacted by $25 million from changes in foreign currency exchange rates. Sequentially, backlog increased $113 million, primarily due to the increase in orders I previously discussed. Foreign currency favorably impacted backlog by $32 million from the prior quarter.

我們 12 月 31 日的積壓訂單與去年同期相比相對持平，為 [15.6 億美元]，並且受到外幣匯率變化 2500 萬美元的不利影響。隨後，積壓訂單增加了 1.13 億美元，這主要是由於我之前討論過的訂單增加。與上一季度相比，外幣對積壓訂單產生了 3200 萬美元的有利影響。

Net sales in the fourth quarter were $622 million and increased 25% from a year ago. The year-over-year increase was driven by pricing, the stronger shippable backlog entering the quarter, primarily in the Americas and EURAF regions and incremental sales from our acquisitions, which helped drive our higher non-new machine sales. During the quarter, we caught up on a portion of the net sales missed from the prior quarter was previously communicated.

第四季度淨銷售額為 6.22 億美元，同比增長 25%。同比增長的推動因素包括定價、進入本季度的可發貨積壓訂單（主要在美洲和 EURAF 地區）以及我們收購帶來的增量銷售，這有助於推動我們更高的非新機器銷售額。在本季度，我們趕上了先前傳達的上一季度錯過的部分淨銷售額。

Similar to the fourth quarter of 2021, during the last 2 weeks of the year, we were able to ship machines that were in flux, helping to contribute to the better-than-expected results. Net sales were unfavorably impacted $31 million from changes in foreign currency exchange rates. SG&A expenses were relatively flat year-over-year at $79 million. However, last year included a $14 million charge related to a legal matter with the U.S. Environmental Protection Agency.

與 2021 年第四季度類似，在今年的最後兩週，我們能夠運送不斷變化的機器，有助於實現好於預期的結果。外幣匯率的變化對淨銷售額產生了 3100 萬美元的不利影響。 SG&A 費用同比持平，為 7900 萬美元。然而，去年包括與美國環境保護署的法律事務相關的 1400 萬美元費用。

On an adjusted basis, SG&A expenses as a percentage of sales was 13%, relatively flat year-over-year. SG&A expenses during the quarter were impacted the Triennial bauma trade show, which were offset by the favorable impact from foreign currency exchange rates.

在調整後的基礎上，SG&A 費用佔銷售額的百分比為 13%，同比持平。本季度的 SG&A 費用受到三年一度的 bauma 貿易展的影響，但被外匯匯率的有利影響所抵消。

During the quarter, we recorded $172 million of noncash impairment charges, primarily related to goodwill. The impairment charges were the result of the prolonged low market capitalization leading up to and through the fourth quarter.

本季度，我們記錄了 1.72 億美元的非現金減值費用，主要與商譽有關。減值費用是導致第四季度和整個第四季度的長期低市值的結果。

Our adjusted EBITDA for the fourth quarter was $52 million, an increase of 51% year-over-year. The adjusted EBITDA margin was 8.3%, an increase of 140 basis points over the prior year, primarily due to the higher sales. Fourth quarter depreciation and amortization of $16 million decreased $2 million compared to the prior year.

我們第四季度調整後的 EBITDA 為 5200 萬美元，同比增長 51%。調整後的 EBITDA 利潤率為 8.3%，比上年增長 140 個基點，主要原因是銷售額增加。第四季度的折舊和攤銷費用為 1600 萬美元，與去年同期相比減少了 200 萬美元。

Our provision for income taxes in the quarter was $4 million. On an adjusted basis, our provision for income taxes was $7 million or 21% of our adjusted pretax income. As a reminder, we have tax valuation allowances established for certain countries, and therefore, losses in those countries are not available to offset income tax expense in profitable jurisdictions. Our GAAP diluted loss per share in the quarter was $4.10. On an adjusted basis, diluted income per share was $0.74, an increase of $0.48 from the prior year.

我們在本季度的所得稅準備金為 400 萬美元。在調整後的基礎上，我們的所得稅準備金為 700 萬美元，佔調整後稅前收入的 21%。提醒一下，我們為某些國家/地區設立了稅收估值津貼，因此，這些國家/地區的損失無法抵消盈利司法管轄區的所得稅費用。本季度我們的 GAAP 每股攤薄虧損為 4.10 美元。在調整後的基礎上，每股攤薄收益為 0.74 美元，比上年增加 0.48 美元。

Turning to the full year. Our 2022 orders totaled $2.96 billion, a decrease of $71 million. On a currency-neutral basis, orders increased $21 million, driven by the impacts of our pricing actions and higher orders in the Americas, partially offset by the lower demand in our EURAF segment.

轉向全年。我們 2022 年的訂單總額為 29.6 億美元，減少了 7100 萬美元。在貨幣中性的基礎上，訂單增加了 2100 萬美元，這是由於我們的定價行動和美洲訂單增加的影響，部分被我們 EURAF 部門的需求下降所抵消。

Net sales for the full year were $2.33 billion, an increase of $312 million or 18% year-over-year. The increase was primarily due to the impacts of our pricing actions, higher volume and incremental sales from our acquisitions. Foreign currency unfavorably impacted net sales $107 million for the year.

全年淨銷售額為 23.3 億美元，同比增長 3.12 億美元或 18%。增長主要是由於我們的定價行動、更高的銷量和我們的收購帶來的增量銷售的影響。外幣對全年淨銷售額產生了 1.07 億美元的不利影響。

Adjusted EBITDA for the full year was $143 million, an increase of $27 million year-over-year. As a percentage of sales, the adjusted EBITDA margin was 7%, an increase of 30 basis points over the prior year. Our GAAP diluted loss per share for the full year was $3.51. On an adjusted basis, diluted income per share was $1.06, an increase of $0.20 from the prior year.

全年調整後的 EBITDA 為 1.43 億美元，同比增長 2700 萬美元。作為佔銷售額的百分比，調整後的 EBITDA 利潤率為 7%，比上年增長 30 個基點。我們全年的 GAAP 攤薄每股虧損為 3.51 美元。在調整後的基礎上，每股攤薄收益為 1.06 美元，比上年增加 0.20 美元。

Moving to net working capital and cash flows. Our net operating working capital increased year-over-year $30 million or $45 million on a currency-neutral basis. primarily due to inflation and supply chain constraints. As a percentage of sales, net operating working capital was 30%, an improvement of 370 basis points year-over-year. On a sequential basis, net operating working capital decreased $28 million, primarily due to the improved shipments during the fourth quarter. Sequentially, foreign currency unfavorably impacted net operating working capital, $17 million.

轉向淨營運資本和現金流量。在貨幣中性的基礎上，我們的淨運營營運資金同比增長 3000 萬美元或 4500 萬美元。主要是由於通貨膨脹和供應鏈限制。作為銷售額的百分比，淨運營營運資金為 30%，同比提高 370 個基點。按順序計算，淨運營營運資金減少了 2800 萬美元，這主要是由於第四季度出貨量的增加。隨後，外幣對淨運營營運資金產生了不利影響，為 1700 萬美元。

Moving to cash flows. We generated $80 million of cash from operating activities in the quarter, primarily due to the conversion of working capital to cash. Capital expenditures were $30 million, of which $20 million was for the rental fleet. As a result, our free cash flows in the quarter was $50 million. For the full year, we generated $77 million of cash from operating activities and free cash flows of $15 million.

轉向現金流。我們在本季度的經營活動中產生了 8000 萬美元的現金，這主要是由於營運資金轉換為現金。資本支出為 3000 萬美元，其中 2000 萬美元用於租賃車隊。因此，我們本季度的自由現金流為 5000 萬美元。全年，我們從經營活動中產生了 7700 萬美元的現金和 1500 萬美元的自由現金流。

During the year, we invested $35 million in our rental fleet in the U.S. and Europe, of which $21 million was for growth. We ended the quarter with a cash balance of $64 million, which was a decrease of $11 million from the prior year. Total outstanding borrowings under the ABL decreased $20 million during the year and $24 million during the quarter, leaving $80 million outstanding.

年內，我們在美國和歐洲的租賃車隊投資了 3500 萬美元，其中 2100 萬美元用於增長。本季度結束時，我們的現金餘額為 6400 萬美元，比上年減少 1100 萬美元。 ABL 項下的未償還借款總額在年內減少了 2000 萬美元，在本季度減少了 2400 萬美元，還剩 8000 萬美元未償還。

Total liquidity improved to $296 million. Due to the strong adjusted EBITDA and operating cash flow during the quarter, our net leverage ratio was 2.2x as of December 31, 2022, well under the targeted 3x.

總流動資金增加至 2.96 億美元。由於本季度調整後的 EBITDA 和經營現金流強勁，截至 2022 年 12 月 31 日，我們的淨槓桿率為 2.2 倍，遠低於目標 3 倍。

Please turn to Slide 10. As we look ahead to 2023, we expect our results for the year to be similar to 2022. While the U.S. market remains strong, a softening European tower crane market and continuing global supply chain challenges and inflation, namely labor costs, are headwinds for the year.

請轉到幻燈片 10。展望 2023 年，我們預計今年的業績將與 2022 年相似。雖然美國市場依然強勁，但歐洲塔式起重機市場疲軟，全球供應鏈挑戰和通貨膨脹持續存在，即勞動力成本，是今年的不利因素。

In January, supply chain constraints were similar to what we saw throughout 2022 and are expected to continue in the near term. In addition, there remains considerable uncertainty with how quickly inflation will moderate and how interest rate hikes will impact customer demand. Based on this, our 2023 full year guidance is as follows. Net sales of $2 billion to $2.1 billion; adjusted EBITDA of $130 million to $160 million; depreciation and amortization of $60 million to $65 million; interest expense of $31 million to $33 million; provision for income tax expense, excluding discrete items, $13 million to $17 million; adjusted diluted earnings per share of $0.35 to $1.15; and capital expenditures of $65 million to $75 million.

1 月份，供應鏈限制與我們在整個 2022 年看到的情況類似，預計短期內將繼續存在。此外，通貨膨脹將以多快的速度放緩以及加息將如何影響客戶需求仍存在相當大的不確定性。基於此，我們的 2023 年全年指導如下。淨銷售額為 20 億至 21 億美元；調整後的 EBITDA 為 1.3 億美元至 1.6 億美元；折舊和攤銷 6000 萬至 6500 萬美元；利息支出為 3100 萬至 3300 萬美元；所得稅費用準備金，不包括離散項目，1300 萬至 1700 萬美元；調整後的攤薄每股收益為 0.35 美元至 1.15 美元；資本支出為 6500 萬至 7500 萬美元。

With that, I will now turn the call back to Aaron.

有了這個，我現在將把電話轉回給亞倫。

Thank you, Brian. Looking forward, as Brian said, and I will reiterate, in the short term, we expect inflation, supply chain constraints and the impact from higher interest rates to be headwinds, which are included in our 2023 guidance.

謝謝你，布萊恩。展望未來，正如布賴恩所說，我將重申，在短期內，我們預計通貨膨脹、供應鏈限制和更高利率的影響將成為不利因素，這些都包含在我們的 2023 年指導方針中。

Please move to Slide 11. To preempt everyone's favorite question on shortages, I unfortunately cannot say that they have improved. To give you some perspective, in our European tower crane factories, we had an average of 224 line item shortages in 2022. So far this year, our shortages have actually increased to over 300 line items, driven primarily by frequency drives, electronic components and hydraulic parts, to name a few. However, we anticipate the effect of these headwinds will abate over the next 12 to 24 months.

請轉到幻燈片 11。為了搶占大家最喜歡的短缺問題，很遺憾，我不能說他們有所改善。給你一些看法，在我們的歐洲塔式起重機工廠，我們在 2022 年平均有 224 個項目短缺。今年到目前為止，我們的短缺實際上已經增加到 300 多個項目，主要是由變頻器、電子元件和液壓件，僅舉幾例。然而，我們預計這些不利因素的影響將在未來 12 至 24 個月內減弱。

We expect 2023 to look a lot like 2022, but there are plenty of signs that a crane renaissance is on the horizon. Just consider the mega trends. Number one, China is reopening after stringent code lockdowns and is poised for a recovery. Number two, commodity prices remain strong, and in some cases, we haven't seen peak pricing yet as demand is poised to outstrip supply.

我們預計 2023 年看起來很像 2022 年，但有很多跡象表明起重機的複興即將到來。只需考慮大趨勢。第一，中國在嚴格的代碼鎖定後正在重新開放，並準備好復甦。第二，大宗商品價格依然堅挺，在某些情況下，由於供不應求，我們還沒有看到定價高峰。

Just consider the impact of electrification on copper demand. And at this time, there are no major greenfield mining projects on the horizon in Latin America, which would substantially increase production. In addition, I remain bullish on oil and gas as China reopens while the U.S. and Middle East have been slow to increase supply and Russian production remains inaccessible to most markets as a result of sanctions.

只需考慮電氣化對銅需求的影響。而此時，拉丁美洲還沒有可顯著提高產量的大型綠地採礦項目。此外，我仍然看好石油和天然氣，因為中國重新開放，而美國和中東在增加供應方面進展緩慢，而且俄羅斯的生產由於製裁仍無法進入大多數市場。

Number three, in terms of infrastructure spending, the U.S. is a $1.2 trillion infrastructure bill and a $53 billion semiconductor bill that are only now beginning to manifest in the project work. Number four, in Saudi Arabia, I saw with my own eyes last week that the government is moving at warp speed to invest $1 trillion to revolutionize how people live and to create a futuristic city with 10 million residents over the next 20 years.

第三，在基礎設施支出方面，美國 1.2 萬億美元的基礎設施法案和 530 億美元的半導體法案現在才開始體現在項目工作中。第四，在沙特阿拉伯，上週我親眼看到政府正以驚人的速度投資 1 萬億美元，以徹底改變人們的生活方式，並在未來 20 年內打造一個擁有 1000 萬居民的未來城市。

Imagine how many cranes it will take to build 4,000 One World Trade centers that stretch 170 kilometers across the desert through the sea and into the mountains. This will include the world's largest marina, a football stadium, a new airport and many, many other projects. Number five, Europe will eventually rebound from the current downturn caused by the crisis in Ukraine. For example, even though housing construction has slowed in Germany, there is still a housing shortage of over 700,000 units.

想像一下，要建造 4,000 個世貿中心，需要多少台起重機才能建成，這些中心綿延 170 公里，穿過沙漠，穿過大海，進入山區。這將包括世界上最大的碼頭、足球場、新機場和許多其他項目。第五，歐洲最終將從烏克蘭危機造成的當前低迷中反彈。例如，儘管德國的住房建設放緩，但仍有超過 70 萬套住房短缺。

Furthermore, the shortage does not consider the influx of over 1 million refugees over the last 12 months. And number six, finally, crane fleets continue to age and are due to be refreshed. As we prepare for the eventual crane renaissance, the Manitowoc team remains focused on what we can control under the banners of the Manitowoc Way and Cranes+50.

此外，短缺並未考慮過去 12 個月湧入的超過 100 萬難民。第六，最後，起重機車隊繼續老化，需要更新。當我們為最終的起重機復興做準備時，馬尼托瓦克團隊仍然專注於我們在 Manitowoc Way 和 Cranes+50 的旗幟下可以控制的事情。

I am confident that our 4 breakthrough initiatives will continue to benefit our shareholders and drive long-term growth. We expect to continue growing our non-new machine sales organically and through strategic acquisitions. Although we cannot exactly predict the times of the global economy, I am confident that Manitowoc is well positioned to capitalize on the eventual upturn in the crane cycle.

我相信我們的 4 項突破性舉措將繼續讓我們的股東受益並推動長期增長。我們希望通過戰略收購繼續有機地增長我們的非新機器銷售。雖然我們無法準確預測全球經濟的時代，但我相信馬尼托瓦克已做好充分準備，可以利用起重機週期的最終好轉。

With that, operator, please open the line for questions.

有了這個，接線員，請打開問題線路。

(Operator Instructions) We'll take our first question from Jerry Revich with Goldman Sachs.

（操作員說明）我們將從 Jerry Revich 和 Goldman Sachs 提出我們的第一個問題。

Congratulations on the quarter. Can I ask you, Aaron, to please expand the comments around the opportunity in the Middle East? What are your crane annualized revenues today? And what were they in the last peak just so we can dimensionalize what that investment cycle might look like here?

祝賀這個季度。亞倫，我可以請你擴大對中東機會的評論嗎？您今天的起重機年化收入是多少？他們在上一個高峰期是什麼，以便我們可以確定投資週期在這裡可能是什麼樣子？

Yes. I don't think you can compare the 2 cycles. They will be very different in nature. And normally, we don't give out that level of detail. But those projects are just beginning. They're moving dirt at this stage and they've got a lot of cranes on projects, but there's -- I don't think that we'll really start to see tenders come out until the fourth quarter of this year, so it's still early on.

是的。我認為您無法比較這兩個週期。它們的性質將大不相同。通常，我們不會提供那種程度的細節。但這些項目才剛剛開始。他們在這個階段正在搬土，他們在項目上有很多起重機，但是 - 我不認為我們會真正開始看到招標出來，直到今年第四季度，所以它是還早。

Okay. Aaron, let me ask this way. So you're telling on crane renaissance as positive as I've heard you in terms of what's driving that level of optimism, how much of that is what you're seeing in North America, used values, aftermarket sales, et cetera, versus the opportunity in the Middle East and elsewhere. Can you just put that into context for us?

好的。阿龍，讓我這樣問。所以你說的起重機復興和我聽說的一樣積極，是什麼推動了這種樂觀程度，其中有多少是你在北美看到的，使用價值，售後市場銷售等等，與中東和其他地方的機會。你能為我們把它放在上下文中嗎？

Yes. I almost see it as a combination because I think that the stuff in the Middle East will come faster than what we're seeing in the U.S. I mean things are in decent shape in the United States at this point, but we really haven't seen any big change from the semiconductor or infrastructure bills and it's still very, very quiet. So I think it probably comes in waves, probably Middle East coming sooner than the U.S. But that being said, I think generally the stage is pretty well set in the U.S.

是的。我幾乎把它看作是一個組合，因為我認為中東的事情會比我們在美國看到的更快。我的意思是目前美國的情況還不錯，但我們真的沒有看到半導體或基礎設施法案的任何重大變化，它仍然非常非常安靜。所以我認為它可能會一波接一波地到來，可能中東比美國來得早。但話雖如此，我認為總體而言，美國的舞台已經佈置得很好。

Got it. And in terms of the earnings cadence '23 versus '22, your earnings were pretty back-end loaded in '22. Is there a chance if the supply chain execution holds here that we might see a more balanced earnings performance first half of '23 versus back half of '23?

知道了。就 23 年與 22 年的盈利節奏而言，您的收入在 22 年的後端加載非常好。如果供應鏈執行在這裡，我們是否有可能看到 23 年上半年與 23 年後半年的盈利表現更加平衡？

I think it's too tough to comment on the second half at this stage. For sure, we're seeing a slowdown in the European tower crane business. So when you think about where our backlog goes, and , there's still a lot of question marks in the second half. But I agree with your comments on the part shortage issue. It's going to -- it's just as challenging. So I think it's going to be difficult to comment on cadence. What do you think, Brian?

我認為現階段很難評論下半場。可以肯定的是，我們看到歐洲塔式起重機業務正在放緩。因此，當您考慮我們積壓的去向時，下半年仍然存在很多問號。但我同意你對零件短缺問題的評論。它將會 - 它同樣具有挑戰性。所以我認為很難對節奏發表評論。你怎麼看，布賴恩？

Yes. And I think we generally see Q1 a bit slower after the strong Q4 and then Q3 we have the seasonality related to Europe. So I still think that's going to be a part of it. And as Aaron mentioned, the other piece is just how the tower crane business shapes up for the second half.

是的。而且我認為，在強勁的第四季度之後，我們通常會看到第一季度有點慢，然後是第三季度，我們有與歐洲相關的季節性。所以我仍然認為這將成為其中的一部分。正如 Aaron 所提到的，另一部分就是塔式起重機業務在下半年的發展情況。

Next, we'll go to Tami Zakaria with JPMorgan.

接下來，我們將與摩根大通一起前往 Tami Zakaria。

So I have a question on price cost. Can you tell us what price cost impact was in the quarter? And what your expectations are for this year?

所以我有一個關於價格成本的問題。您能告訴我們本季度對價格成本的影響是什麼嗎？您對今年的期望是什麼？

Yes. So the impact was about $8 million in the fourth quarter. And for next year, we still have about $30 million of clawback.

是的。因此，第四季度的影響約為 800 萬美元。明年，我們還有大約 3000 萬美元的追回款。

Got it. So you expect to clawback the entirety of it this year?

知道了。所以你希望今年收回全部？

That's the goal. But I think when you look at the pricing front at the moment, we're still on negotiations after all the price increases have been put forward. So we're going to just -- we're going to go after it. And I don't think it's as simple as just adding back the $30 million.

這就是目標。但我認為，當你看看目前的定價方面時，在提出所有提價之後，我們仍在談判中。所以我們要 - 我們要追求它。而且我不認為這只是加回 3000 萬美元那麼簡單。

Got it. Okay. That's fair. And then in terms of your sales guide, any comments on what your price versus volume expectation is embedded in those -- in that number?

知道了。好的。這還算公平。然後就您的銷售指南而言，關於您的價格與數量預期的任何評論都包含在那些 - 在那個數字中？

Brian?

布萊恩？

Yes, I think the volume number overall is relatively flat year-over-year. So there's definitely some price in there. But there's a decent amount of mix change as well as we talked about relative to towers in particular.

是的，我認為總體銷量同比持平。所以那里肯定有一些價格。但是有相當多的混合變化，我們特別談到了與塔相關的變化。

Next, we'll go to Jamie Cook with Crédit Suisse.

接下來，我們將與 Crédit Suisse 一起去 Jamie Cook。

I guess first question, the non-machine sales increase that you saw in the year was fairly impressive. Can you talk to what your expectations are for 2023? And how we think about sort of that is a percentage of EBITDA or profit, just the business that tends to be more stable? So I guess that's my first question. If you could start there.

我想第一個問題，你在這一年看到的非機器銷售增長相當可觀。您能談談您對 2023 年的期望嗎？我們如何考慮 EBITDA 或利潤的百分比，只是往往更穩定的業務？所以我想這是我的第一個問題。如果你能從那裡開始。

Yes. So I mean a big part of the driver last year was the acquisitions. Of course, we won't have those in terms of comps, but now we're pushing hard on organics while we try to line up the next acquisition. So -- and we look at it month over month over month sequentially, but it's going to be a lot more singles this year than the bump we had last year.

是的。所以我的意思是去年的很大一部分驅動因素是收購。當然，我們不會在補償方面擁有這些，但現在我們在努力安排下一次收購的同時大力推動有機產品。所以——我們逐月逐月地觀察它，但今年的單身人數將比去年多得多。

Okay. And I guess my second question -- sorry, go ahead.

好的。我想我的第二個問題——抱歉，請繼續。

No, I was going to say, you can think about it, like Aaron said, more organically growth. I mean the 22% that we saw in '22 was really driven by the acquisitions.

不，我要說的是，你可以考慮一下，就像亞倫說的那樣，更有機地增長。我的意思是我們在 22 年看到的 22% 確實是由收購推動的。

Okay. And then just 2 quick follow-ups. Any expectation on cash flow for 2023? And then, Aaron, given some of the long-term favorable trends that could positively impact crane demand, what are you seeing at the dealer level in terms of inventory? Are they wanting to restock as they see some of these positive trends? And I'll get back in queue after that.

好的。然後只需 2 個快速跟進。對 2023 年的現金流有何預期？然後，Aaron，考慮到一些可能對起重機需求產生積極影響的長期有利趨勢，您在經銷商層面的庫存方面看到了什麼？當他們看到其中一些積極趨勢時，他們是否想重新進貨？之後我會回到隊列中。

Do you want to go first, Brian?

你想先走嗎，布賴恩？

Yes, I can go with cash flow. So cash flow, we're thinking around $20 million to $40 million of free cash flow for next year. But one of the big things that might drive that is really where the demand is. A big portion of our working capital and our investment that goes into inventory. So depending on where demand is in the second half of the year and going into 2024, that can change pretty significantly.

是的，我可以考慮現金流。所以現金流，我們正在考慮明年大約 2000 萬到 4000 萬美元的自由現金流。但可能推動這一點的重要因素之一確實是需求所在。我們的大部分營運資金和投資都用於存貨。因此，根據下半年和進入 2024 年的需求情況，情況可能會發生很大變化。

And in terms of the dealers, I think they're in decent shape in the U.S. They're all pretty well lined up in terms of our build schedules in Europe, especially in the tower cranes, we've definitely seen a slowdown and they're loaded up. I mean the inventory that they would have taken in the fourth quarter, they really haven't started to move. And then I'm speaking specifically in Germany for some of the smaller tower cranes. Right now is the time that was usually -- move quickly as you head into the spring months, but that's been pretty slow at this stage. And that's what's got us nervous about the tower crane business.

就經銷商而言，我認為他們在美國的狀況不錯。就我們在歐洲的建造時間表而言，他們都安排得很好，尤其是在塔式起重機方面，我們肯定看到了放緩，他們裝滿了。我的意思是他們本應在第四季度進行的盤點，他們真的還沒有開始移動。然後我在德國專門針對一些較小的塔式起重機發表講話。現在是通常的時間——在進入春季的幾個月裡迅速行動，但在這個階段這已經相當緩慢了。這就是讓我們對塔式起重機業務感到緊張的原因。

Next, we'll go to Steve Volkmann with Jefferies.

接下來，我們將與 Jefferies 一起去史蒂夫沃爾克曼。

I'm curious just as we sort of look back at 2022, any interesting share shifts in your view, either geographically or product wise?

我很好奇，就像我們回顧 2022 年一樣，您認為在地理或產品方面有任何有趣的份額變化嗎？

I wouldn't say that there was anything drastic. I mean I think the biggest difficulty right now when looking at market shares is normally based off of shipments. And so many of us have all these supply chain constraints, we also have shipment constraints. So I think it's tough to really dig through the market share numbers and make good sense of them.

我不會說有什麼激烈的事情。我的意思是，我認為目前在查看市場份額時最大的困難通常是基於出貨量。我們中的許多人都有所有這些供應鏈限制，我們也有運輸限制。所以我認為很難真正挖掘市場份額數據並充分理解它們。

Okay. And then just back to kind of the margin. I guess your margin outlook is up about 10 basis points or something, if my math is right. And I guess I might have thought it would be a little higher only because it felt like your backlog sort of the prices you were quoting and the price cost and the backlog as we talked about that in sort of 3Q, I felt like it would be improved going into '23. So is the underlying margin actually up a little bit more and then the mix of towers just sort of brings us back to breakeven?

好的。然後回到邊緣。如果我的計算正確的話，我猜你的保證金前景上升了大約 10 個基點。而且我想我可能認為它會高一點，只是因為感覺就像你的積壓排序，你的報價和價格成本以及我們在第三季度討論的積壓，我覺得它會是改進進入'23。那麼，基礎利潤率實際上是否上漲了一點點，然後塔的組合就讓我們回到了盈虧平衡點？

Yes. It's definitely -- the biggest piece of it is the mix issue. And then there's other challenges out there. I mean right now, I mean we have 2 large facilities in France and everyone in France is striking over the recent bill that Macron is pushing for retirement age. So I mean there's some other underlying issues that we're still battling just like productivity around part shortages.

是的。這絕對是 - 其中最大的一部分是混合問題。然後還有其他挑戰。我的意思是現在，我的意思是我們在法國有兩個大型設施，法國的每個人都在為馬克龍最近推動退休年齡的法案而罷工。所以我的意思是還有一些其他的潛在問題我們仍在努力解決，就像圍繞零件短缺的生產力一樣。

We're definitely going to see labor inflation in '23.

我們肯定會在 23 年看到勞動力通脹。

Yes.

是的。

Okay. Got it. And then the final one, and I'll pass it on. When you talk about your crane renaissance, Aaron, and you talk about China, you talk about Saudi, et cetera, those sound mostly like tower crane kind of drivers. I don't know if you'd agree or disagree, but is there a bit of a kind of margin mix headwind as we look over the next few years, even with this crane renaissance?

好的。知道了。然後是最後一個，我會把它傳遞下去。當你談論你的起重機復興時，亞倫，你談論中國，你談論沙特等等，這些聽起來大多像塔式起重機司機。我不知道你是否同意，但在我們展望未來幾年時，是否存在某種利潤混合逆風，即使是起重機的複興？

Yes. It will be both. It will be mobile cranes and tower cranes. They're just depending on the specific projects. So I think it's too early to comment on what sort of mix it ends up looking like.

是的。兩者都會。它將是移動式起重機和塔式起重機。他們只是取決於具體的項目。所以我認為現在評論它最終看起來是什麼樣的混合還為時過早。

Next, we'll go to Seth Weber with Wells Fargo Securities.

接下來，我們將與 Wells Fargo Securities 一起去 Seth Weber。

Wanted to -- just going back to your supply chain comments. Is there any way to quantify how much -- whatever term you want to use, red tag or hospital inventories or anything like that, that you would call out that's kind of sitting around that's mostly done, waiting for a couple of parts that you could push out if the supply chain gets better? Or is it more just...

想要 - 回到您的供應鏈評論。有沒有辦法量化多少——無論你想使用什麼術語，紅色標籤或醫院庫存或類似的東西，你會說這是一種坐在那裡，大部分已經完成，等待幾個你可以的部分如果供應鏈變得更好就推出？還是更只是...

No, I would say that the fourth quarter was a lot like the fourth quarter of 2021, where we had a lot of parts come in, and a lot of those orphan cranes got shipped in the fourth quarter, more than what we had anticipated originally. So now it's cleared out and the game starts again.

不，我會說第四季度很像 2021 年第四季度，我們有很多零件進來，很多孤兒起重機在第四季度發貨，比我們最初預期的要多.所以現在它被清除了，遊戲又開始了。

Yes. The revenue -- so we were guiding to the low end of the revenue, which would have been about $2 billion. So you can -- our revenue beat from the $2 billion is really kind of that excess shipments that we were not expecting.

是的。收入 - 所以我們指導收入的低端，大約為 20 億美元。所以你可以 - 我們的收入超過 20 億美元，這確實是我們沒有預料到的超額出貨量。

Got it. Okay. That's helpful. And then just on the -- as you guys -- I heard the comment around used cranes a little bit. Can you just talk to what you're sort of seeing in the used crane pricing market? And what you think that might look like through 2023 just from a used pricing perspective?

知道了。好的。這很有幫助。然後就在 - 就像你們一樣 - 我聽到了一些關於二手起重機的評論。你能談談你在二手起重機定價市場上看到的情況嗎？從二手定價的角度來看，您認為到 2023 年會是什麼樣子？

Yes. I mean from our perspective, used prices have been up as folks have struggled to get machines out of the factory. I think it continues to hold.

是的。我的意思是，從我們的角度來看，二手價格一直在上漲，因為人們一直在努力將機器運出工廠。我認為它會繼續保持下去。

And next, we'll go to Stanley Elliott with Stifel.

接下來，我們將與 Stifel 一起去 Stanley Elliott。

Congratulations. Can you talk a little bit more about bauma show. I mean the 15% improvement in orders, is there a way to clarify like how much of that is from some of the new products that you're coming out with some of the parts of the market that maybe you felt like you had some gaps in the portfolio?

恭喜。你能多談談寶馬展嗎？我的意思是訂單增加了 15%，有沒有一種方法可以澄清其中有多少來自您推出的一些新產品以及您可能覺得自己存在差距的某些市場部分在投資組合中？

Yes, I don't think it was necessarily reflected at the bauma show. When I look at new products in total for the year, I mean there were some [altering] that got launched earlier in the year, but because they originally -- we expected bauma to be in April. So I wouldn't say that there's much really 2 comments with respect to bauma.

是的，我認為它不一定反映在寶馬展上。當我查看今年的新產品總數時，我的意思是今年早些時候推出了一些 [altering]，但因為它們最初 - 我們預計 bauma 將在 4 月份推出。所以我不會說關於 bauma 有很多真正的 2 評論。

And curious on the move on the -- expanding, I guess, the rental fleet into the U.K. market. Can you talk about what sort of investments you would need there? And how you think that, that can ultimately progress?

並且很好奇 - 我猜想將租賃車隊擴展到英國市場。你能談談你在那裡需要什麼樣的投資嗎？您如何看待最終會取得進展？

Yes. I mean, we like to go by step by step, and we will be focused on supporting the major rental houses. They do RPOs and short-term rentals. So I mean it's within the context of our budget side. Again, I don't think it's anything extraordinary. It would be a handful of cranes and we'll go step by step, just like we did in Germany.

是的。我的意思是，我們喜歡循序漸進，我們將專注於支持主要的出租屋。他們做 RPO 和短期租賃。所以我的意思是它在我們預算方面的範圍內。再一次，我認為這沒什麼特別的。這將是幾台起重機，我們將逐步進行，就像我們在德國所做的那樣。

Yes. The numbers are in the CapEx forecast that we provided.

是的。這些數字在我們提供的資本支出預測中。

And we'll move to our next question, Steven Fisher with UBS.

我們將轉到下一個問題，瑞銀集團的史蒂文費舍爾。

Just wanted to, Aaron, you mentioned that China is in a kind of a wait and see mode. I'm curious if you have any bias at this point about how this year plays out, any more kind of recent data points that kind of give you a sense one way or the other of what's really going on there?

只是想，Aaron，你提到中國正處於一種觀望模式。我很好奇你在這一點上是否對今年的表現有任何偏見，是否有更多最近的數據點讓你以某種方式或另一種方式了解那裡真正發生的事情？

No. I mean I was just spent a week with the fellow who runs China for us and it's still pretty quiet. I mean I think people are optimistic, but it's still too early to really say how it's going to play out.

不，我的意思是我剛剛和那個為我們管理中國的人呆了一個星期，而且仍然很安靜。我的意思是，我認為人們很樂觀，但現在說它會如何發揮作用還為時過早。

Okay. And then following up on Jerry's question about the Middle East. I'm wondering if you can maybe compare the Middle East opportunity to the European business because it sounds like the European area is kind of one of the main concerns at this point and it might drag on for a little while. But yet on the Middle East, it sounds like it's one of the more quickly to ramp up. Do you think the Middle East business could sort of offset the kind of the weakness that you see in Europe and then kind of net-net North America is kind of the rest of the swing factor?

好的。然後跟進 Jerry 關於中東的問題。我想知道您是否可以將中東機會與歐洲業務進行比較，因為聽起來歐洲地區是目前主要關注的問題之一，而且可能會拖延一段時間。但在中東，這聽起來像是增長最快的地區之一。您是否認為中東業務可以抵消您在歐洲看到的那種弱點，然後是北美的某種淨網絡是其餘的搖擺因素？

Yes, that's the hope. I don't think it fully offsets it, and there are much different cranes and bigger cranes. I mean most of the cranes we will send in the Middle East, they come from a mix of Europe and China factories, but I think the big orders still -- that will be slow to come. I mean it won't come until the fourth quarter. We've seen some orders related to those projects, but not in earnest as they will likely be.

是的，這就是希望。我不認為它完全抵消了它，而且有很多不同的起重機和更大的起重機。我的意思是，我們將發送到中東的大部分起重機，它們來自歐洲和中國工廠的混合體，但我認為大訂單仍然存在——那會很慢。我的意思是它要到第四季度才會出現。我們已經看到一些與這些項目相關的訂單，但並不像它們可能那樣認真。

And how is the competitive environment in the Middle East relative to Europe or other markets?

與歐洲或其他市場相比，中東的競爭環境如何？

Yes, it's unusual because it's a real mixed bag depending on machine availability. I mean I've heard pricing sort of all over the map, including the Chinese. So I think it really depends on the availability and how badly someone needs the crane. At this stage, I think that there's plenty of business to go around for everybody. So it's much more managed than it had been the last couple of years. I mean the last couple of years, it was down in dirty fighting over singular cranes where now there's much bigger projects, I think that will help eat up everyone's capacity and keep pricing more reasonable.

是的，這很不尋常，因為它是一個真正的混合包，具體取決於機器的可用性。我的意思是我聽說過各地的定價，包括中國。所以我認為這真的取決於可用性以及某人對起重機的需求程度。在這個階段，我認為每個人都有很多事情要做。所以它比過去幾年管理得更好。我的意思是，在過去的幾年裡，它在單一起重機的骯髒戰鬥中陷入困境，現在有更大的項目，我認為這將有助於消耗每個人的能力並使定價更加合理。

At this time, I'd like to turn the call back over to Mr. Warner for closing remarks.

在這個時候，我想把電話轉回給華納先生作結束語。

Before we conclude today's call, please note that a replay of our fourth quarter 2022 conference call will be available later this morning by accessing the Investor Relations section of our website at www.manitowoc.com. Thank you, everyone, for joining us today and for your continuing interest in the Manitowoc Company. We look forward to speaking with you again next quarter.

在我們結束今天的電話會議之前，請注意我們 2022 年第四季度電話會議的重播將於今天上午晚些時候通過訪問我們網站 www.manitowoc.com 的投資者關係部分提供。感謝大家今天加入我們，感謝您對馬尼托瓦克公司的持續關注。我們期待下個季度再次與您交談。

This concludes today's conference call. You may now disconnect.

今天的電話會議到此結束。您現在可以斷開連接。