Manitowoc Company Inc (MTW) 2023 Q1 法說會逐字稿

Good morning. My name is David and I'll be your conference operator today. At this time, I'd like to welcome everyone to the Manitowoc Company First Quarter 2023 Earnings Call. Today's conference is being recorded.

早上好。我叫大衛，今天我將擔任你們的會議操作員。現在，我歡迎大家參加馬尼托瓦克公司 2023 年第一季度收益電話會議。今天的會議正在錄製中。

(Operator Instructions)

（操作員說明）

Thank you. Ion Warner, you may begin your conference.

謝謝。 Ion Warner，您可以開始您的會議了。

Good morning, everyone and welcome to the Manitowoc conference call to review the company's first quarter 2023 financial performance and business update as outlined in last evening's press release. Today, I'm joined by Aaron Ravenscroft, President and Chief Executive Officer; and Brian Regan, Executive Vice President and Chief Financial Officer.

大家早上好，歡迎參加馬尼托瓦克電話會議，回顧昨晚新聞稿中概述的公司 2023 年第一季度財務業績和業務更新。今天，總裁兼首席執行官 Aaron Ravenscroft 也加入了我的行列。以及執行副總裁兼首席財務官 Brian Regan。

Our call includes a slide presentation, which 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 ask 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.

我們的電話會議包括幻燈片演示，您可以在我們網站的“投資者關係”部分的“活動和演示”下找到該演示。在我們準備好發言後，我們將預留提問和回答的時間。我想請您將問題限制為一個和後續問題，然後返回隊列，以確保每個人都有機會提出問題。

Please move 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。請注意我們為本次電話會議提供的材料中的安全港聲明。在今天的電話會議中，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。然而，由於該公司最新的 SEC 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 statements, whether as a result of new information, future events or other circumstances. And with that, I will now turn the call over to Aaron.

馬尼托瓦克公司不承擔更新或修改任何前瞻性陳述的義務，無論是由於新信息、未來事件還是其他情況。現在，我將把電話轉給亞倫。

Thank you, Ion and good morning, everyone.

謝謝你，Ion，大家早上好。

Please turn to Slide 3. Manitowoc ended 2022 on a strong note and this momentum carried into the first quarter of 2023. For the quarter, we generated sales of $508 million and adjusted EBITDA of $45 million. Adjusted EBITDA margin was 8.9%, a 210-basis point improvement year-over-year. I would like to recognize our team's herculean efforts to expedite parts, complete cranes and get them all shipped, all in the face of continuing supply chain, labor and logistics challenges. Thank you to everyone in the Manitowoc organization for delivering this strong performance.

請參閱幻燈片 3。馬尼托瓦克以強勁的勢頭結束了 2022 年，這一勢頭延續到了 2023 年第一季度。該季度，我們實現了 5.08 億美元的銷售額，調整後的 EBITDA 為 4500 萬美元。調整後 EBITDA 利潤率為 8.9%，同比提高 210 個基點。我要表彰我們的團隊在面臨持續的供應鏈、勞動力和物流挑戰的情況下為加快零件、完成起重機並將其全部運輸所付出的巨大努力。感謝馬尼托瓦克組織中的每個人提供瞭如此出色的業績。

In addition, non-new machine sales for the quarter increased 17% year-over-year. I'm pleased how our team is embracing the Cranes+50 strategy and achieving organic growth both in our traditional aftermarket business as well as in the acquired businesses. With these efforts, we continue to build momentum to grow our higher-margin, less cyclical revenue streams.

此外，本季度非新機銷量同比增長 17%。我很高興我們的團隊正在擁抱 Cranes+50 戰略，並在我們的傳統售後市場業務以及收購的業務中實現有機增長。通過這些努力，我們將繼續積蓄動力，以增加利潤率更高、週期性更小的收入流。

Please turn to Slide 4. The mission of Manitowoc is to build the physical communities of tomorrow. We often talk about this mission in the context of famous construction sites, new cranes, lean activities and our sustainability efforts. Today, I would like to highlight Manitowoc's relationship with Brooke's House, a partnership that is strengthening our role in the communities of Central Pennsylvania and Maryland.

請參閱幻燈片 4。馬尼托瓦克的使命是建設未來的實體社區。我們經常在著名的建築工地、新起重機、精益活動和我們的可持續發展努力的背景下談論這一使命。今天，我想強調馬尼托瓦克與 Brooke's House 的關係，這種夥伴關係正在加強我們在賓夕法尼亞州中部和馬里蘭州社區中的作用。

Founded in 2019, Brooke's House provides a community-based safe, stable and emotionally supportive living environment for adult women in the early stages of substance abuse recovery. The center was founded by Kevin Simmers, shortly after his daughter, Brooke, sadly succumbed to drug addiction. Manitowoc's relationship with Brooke's House started with simple monetary donations. And as time progressed, Kevin and Dave Hall, our General Manager of North America realized that Manitowoc could have an even greater impact. Their idea was for Manitowoc to provide job training and employment opportunities to women who have graduated from the in-treatment portion of Brooke's House program. Today, 9 of these graduates are employed in our welding and assembly operations at our Shady Grove facility.

Brooke's House 成立於 2019 年，為處於藥物濫用康復早期階段的成年女性提供一個以社區為基礎的安全、穩定和情感支持的生活環境。該中心是由凱文·西默斯 (Kevin Simmers) 在他的女兒布魯克 (Brooke) 不幸染上毒癮後不久創立的。馬尼托瓦克與布魯克之家的關係始於簡單的金錢捐贈。隨著時間的推移，我們的北美總經理凱文·霍爾 (Kevin Hall) 和戴夫·霍爾 (Dave Hall) 意識到馬尼托瓦克可以產生更大的影響。他們的想法是讓馬尼托瓦克為從布魯克之家計劃治療部分畢業的女性提供職業培訓和就業機會。如今，其中 9 名畢業生在 Shady Grove 工廠的焊接和裝配部門工作。

Next month, we will host 15 additional participants in the program with aspirations to have them join the team. I urge you to check out the video link in our presentation, as words cannot do the program justice. I cannot tell you how proud I am of Dave Hall and his team at Shady Grove for their efforts to partner with Brooke's House. I'd like to give a shout out to our new team members from the Brooke's House, keep up the good work! And a big thank you to Kevin for his incredible dedication and commitment to a noble cause.

下個月，我們將接待另外 15 名該計劃參與者，希望他們加入我們的團隊。我強烈建議您查看我們演示文稿中的視頻鏈接，因為言語無法公正地描述該計劃。我無法形容我為 Dave Hall 和他在 Shady Grove 的團隊與 Brooke's House 合作所做的努力感到多麼自豪。我想向布魯克之家的新團隊成員大聲喊叫，繼續努力！非常感謝凱文對崇高事業的令人難以置信的奉獻和承諾。

Please turn to Slide 5. Before moving on from the topic of Shady Grove, I'd like to recognize our crawler team. Manitowoc has been making lattice-boom sections since 1925. Even so, the team continues to improve how we make these parts. When I recently toured the facilities, they were in the process of reconfiguring how we weld the boom butts and tops. This is the large part of the lattice that physically attaches to the main structure of the crane. We've been welding these parts the same way for over 10 years but the team is taking a new approach to improve safety, quality and productivity by moving certain elements off-line and treating the process almost like a subassembly. This process involves some of the most complicated weldings that I've seen in my career and the skill of our welders is second to none. I'd like to thank Ron Wolford and his team for their dedication to continuous improvement using the Manitowoc Way.

請轉到幻燈片 5。在繼續討論 Shady Grove 主題之前，我想認識一下我們的爬蟲團隊。馬尼托瓦克自 1925 年以來一直在製造桁架臂部分。即便如此，該團隊仍在繼續改進我們製造這些零件的方式。當我最近參觀這些設施時，他們正在重新配置我們如何焊接動臂對接和頂部。這是物理連接到起重機主結構的網格的大部分。十多年來，我們一直以同樣的方式焊接這些零件，但該團隊正在採取一種新方法，通過將某些元件移至離線狀態並將該過程視為組件來提高安全性、質量和生產率。這個過程涉及我職業生涯中見過的一些最複雜的焊接，而我們焊工的技能是首屈一指的。我要感謝 Ron Wolford 和他的團隊致力於利用 Manitowoc Way 進行持續改進。

Please move to Slide 6. Turning our attention to the crane markets. Our orders for the first quarter totaled $525 million, leaving our backlog still well above $1 billion. Although order intake was better than expected for the first quarter, market dynamics vary widely around the globe and current signals from the markets are mixed. Geographically, our backlog is skewed toward the Americas, reflecting this dichotomy. Starting with the U.S., we heard a spectrum of feedback from customers at CONEXPO in March. Although we haven't seen significant money allocated to the infrastructure and semiconductor programs yet, there's still plenty of crane work around the U.S.

請轉到幻燈片 6。將我們的注意力轉向起重機市場。我們第一季度的訂單總額為 5.25 億美元，而我們的積壓訂單仍遠高於 10 億美元。儘管第一季度的訂單量好於預期，但全球市場動態差異很大，目前市場發出的信號好壞參半。從地理位置上看，我們的積壓訂單偏向美洲，反映了這種二分法。從美國開始，我們在 3 月份的 CONEXPO 上聽到了客戶的一系列反饋。儘管我們還沒有看到大量資金分配給基礎設施和半導體項目，但美國各地仍然有大量的起重機工作。

With that said, the chickens are coming home to roost with respect to financing. Higher interest rates are weighing heavily on the minds of our customers and the recent banking crisis, certainly caught the attention of our market. Order intake remains good but our internal sentiment is cautious. While we still have a good backlog, the crane market can change overnight and the U.S. presidential election cycle typically seems to slow customer demand. As a final comment, dealer inventory levels are okay to low depending on the product category. But when this is combined with the orders that we have on hand, we can foresee a potential buildup of inventory coming, if retail activity shows any signs of a slowdown.

話雖如此，在融資方面，雞還是會自食其果。較高的利率給我們的客戶帶來了沉重的壓力，而最近的銀行危機無疑引起了我們市場的關注。訂單量仍然良好，但我們的內部情緒持謹慎態度。雖然我們仍有大量積壓，但起重機市場可能會在一夜之間發生變化，而且美國總統選舉週期通常似乎會減緩客戶需求。最後一點是，根據產品類別，經銷商庫存水平可以低到低。但當這與我們手頭的訂單結合起來時，如果零售活動顯示出任何放緩的跡象，我們可以預見庫存可能會增加。

Turning to Europe. The environment remains very challenging as interest rates continue to rise and the Ukraine crisis drags on. As we previously indicated, the tower crane business is slowing down across Europe. This slowdown was definitely reflected in the first quarter machine orders, which were down approximately 20% versus the same period 1 year ago.

轉向歐洲。隨著利率持續上升和烏克蘭危機的持續，環境仍然充滿挑戰。正如我們之前指出的，整個歐洲的塔式起重機業務正在放緩。這種放緩明顯反映在第一季度的機器訂單上，與一年前同期相比下降了約 20%。

I expect the overall tower crane business in Europe to be very challenging for the remainder of the year. The mobile business is more of a paradox. Cranes are busy and rental rates have inched up but customers have entered a wait-and-see mode. Keep in mind that our build schedule for these products is relatively sold out for 2023 and we're mostly quoting units for 2024. Considering the current geopolitical and banking dynamics in Europe, I believe the purchasing behaviors are not surprising for long lead time items.

我預計歐洲整體塔式起重機業務在今年剩餘時間內將面臨巨大挑戰。移動業務更像是一個悖論。起重機很繁忙，租金有所上漲，但客戶已進入觀望模式。請記住，我們的 2023 年這些產品的生產計劃相對已售罄，我們主要報價 2024 年的單位。考慮到歐洲當前的地緣政治和銀行業動態，我相信對於長交貨期產品的購買行為並不令人意外。

Generally, I feel more positive on the European mobile crane business versus the tower crane business due to the recent new product launches or significant improvement in our quality over the last couple of years and our Cranes+50 strategy, which is driving us to be closer to our customers.

總的來說，我對歐洲移動式起重機業務比塔式起重機業務更加積極，因為最近新產品的推出或過去幾年我們質量的顯著提高以及我們的起重機+50戰略，這促使我們更接近給我們的客戶。

Moving to the Middle East. Saudi Vision 2030 continues to drive the entire region and I remain very optimistic about the long-term potential. At the moment, these projects are primarily involved in earthmoving activities and road building projects as they continue to evaluate the best engineering solutions for vertical construction.

搬到中東。沙特 2030 年願景繼續推動整個地區，我對其長期潛力仍然非常樂觀。目前，這些項目主要涉及土方活動和道路建設項目，因為他們繼續評估垂直施工的最佳工程解決方案。

With respect to NEOM, our local dealer partner has recently won their first project using Potain tower cranes for the construction of the Island Resort Sindalah. I'll be in Saudi Arabia in July to get a better feeling for how we can expect this booming construction to materialize. Outside of Saudi, we've also seen a significant spike in tower crane activity in Turkey as the country rebuilds from the terrible earthquake that hit it in February. Although the Middle East is one of our smaller regions, our orders for the quarter were up 40% versus the prior year.

就 NEOM 而言，我們當地的經銷商合作夥伴最近贏得了他們的第一個項目，使用 Potain 塔式起重機建造辛達拉島嶼度假村。我將於 7 月前往沙特阿拉伯，以便更好地了解如何期待這一蓬勃發展的建設得以實現。在沙特之外，隨著土耳其從 2 月份發生的可怕地震中恢復重建，我們還看到土耳其的塔式起重機活動大幅增加。儘管中東是我們規模較小的地區之一，但我們本季度的訂單比上年增長了 40%。

And last but not least, I would say it's more of the same in Asia Pacific. China still hasn't rebounded, although key markets such as South Korea, Hong Kong and Australia have been strong. Although we've had some meaningful tower crane orders for Singapore, Southeast Asia is still very quiet.

最後但並非最不重要的一點是，我想說亞太地區的情況也大致相同。儘管韓國、香港和澳大利亞等主要市場表現強勁，但中國仍未反彈。儘管我們在新加坡獲得了一些有意義的塔式起重機訂單，但東南亞仍然非常安靜。

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

這樣，我會將其轉交給布萊恩以獲取最新的財務信息。

Thanks, Aaron and good morning, everyone. Please move to Slide 7. Beginning with orders, we exceeded our expectations during the quarter with orders of $525 million, an increase of 9% from a year ago. The year-over-year increase was primarily driven by higher orders in our Americas segment. Orders in our ERF segment were lower as a result of the near-term uncertainty mentioned by Aaron. Foreign currency unfavorably impacted orders by $9 million. Our March 31 backlog was relatively flat sequentially at $1.076 billion and increased 4% year-over-year. The majority of our backlog is in the Americas region and in Europe, backlog has been declining. Foreign currency favorably impacted backlog by $4 million from the prior quarter and unfavorably $8 million year-over-year.

謝謝亞倫，大家早上好。請轉到幻燈片 7。從訂單開始，本季度我們超出了預期，訂單金額為 5.25 億美元，比去年同期增長 9%。同比增長主要是由美洲業務訂單增加推動的。由於 Aaron 提到的近期不確定性，我們 ERF 部門的訂單較低。外匯對訂單造成了 900 萬美元的不利影響。截至 3 月 31 日，我們的積壓訂單與上一季度持平，為 10.76 億美元，同比增長 4%。我們的大部分積壓訂單位於美洲地區，而在歐洲，積壓訂單一直在下降。外匯對積壓訂單產生有利影響，較上一季度減少 400 萬美元，較去年同期減少 800 萬美元。

Net sales in the first quarter were $508 million and increased 11% from a year ago. The year-over-year increase was driven by pricing and higher volume due to the stronger shippable backlog entering the quarter primarily in the Americas and higher non-new machine sales, which increased 17% to $151 million. Net sales were unfavorably impacted $11 million from changes in foreign currency exchange rates.

第一季度淨銷售額為 5.08 億美元，同比增長 11%。同比增長是由定價和銷量增加推動的，這是由於進入本季度主要在美洲的可發貨積壓量增加以及非新機器銷售額增加（增加 17% 至 1.51 億美元）。外幣匯率變化對淨銷售額造成了 1100 萬美元的不利影響。

SG&A expenses were $9 million higher year-over-year at $75 million. In the prior year, SG&A expenses included a nonrecurring $5 million benefit associated with the partial recovery of a note receivable balance in China. Adjusting for this benefit, SG&A expenses were slightly higher year-over-year due to inflation. SG&A expenses as a percentage of sales were 15%, a decrease of 70 basis points on an adjusted basis year-over-year.

SG&A 費用同比增加 900 萬美元，達到 7500 萬美元。上一年，SG&A 費用包括與部分收回中國應收票據余額相關的 500 萬美元非經常性收益。調整此福利後，由於通貨膨脹，SG&A 費用同比略高。 SG&A 費用佔銷售額的百分比為 15%，調整後同比下降 70 個基點。

Our adjusted EBITDA for the quarter was $45 million, an increase of $14 million or 45% year-over-year. Adjusted EBITDA margin was 8.9%, an increase of 210 basis points over the prior year. Flow through on the year-over-year incremental sales was 28%, slightly higher than our normalized flow through of 20% to 25%, impacted by better-than-expected price realization and mix. First quarter depreciation and amortization of $15 million decreased $2 million compared to the prior year. Our provision for income taxes in the quarter was $4 million or 20% of our pretax income.

本季度調整後 EBITDA 為 4500 萬美元，同比增加 1400 萬美元，即 45%。調整後 EBITDA 利潤率為 8.9%，比上年增加 210 個基點。受好於預期的價格實現和組合的影響，同比增量銷售的流量為 28%，略高於我們正常化的 20% 至 25% 的流量。第一季度折舊和攤銷為 1500 萬美元，比上年同期減少 200 萬美元。我們本季度的所得稅準備金為 400 萬美元，占我們稅前收入的 20%。

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 adjusted diluted net income per share in the quarter was $0.46, an increase of $0.43 from the prior year.

提醒一下，我們為某些國家/地區製定了稅收估價津貼，因此，這些國家/地區的損失無法用來抵消盈利管轄區的所得稅費用。本季度調整後攤薄每股淨利潤為 0.46 美元，比上年增加 0.43 美元。

Our net operating working capital increased year-over-year $33 million or $43 million on a currency-neutral basis. This increase is primarily in inventory and driven by inflation, supply chain and logistics constraints and stronger demand in the Americas. As a percentage of trailing 12-month sales, net operating capital was 30%, an improvement of 250 basis points year-over-year. On a sequential basis, net operating working capital as a percentage of trailing 12-month sales was flat. Sequentially, foreign currency unfavorably impacted net operating working capital by $3 million.

我們的淨營運資本同比增加了 3300 萬美元，在貨幣中性的基礎上增加了 4300 萬美元。這一增長主要來自於庫存，並受到通貨膨脹、供應鍊和物流限制以及美洲需求強勁的推動。淨運營資本佔過去 12 個月銷售額的百分比為 30%，同比提高 250 個基點。從環比來看，淨運營資本佔過去 12 個月銷售額的百分比持平。隨後，外幣對淨運營資本產生了 300 萬美元的不利影響。

Moving to cash flows. We generated $15 million of cash from operating activities in the quarter. Capital expenditures were $10 million, of which $3 million was for the rental fleet. As a result, our free cash flows in the quarter were $5 million. We ended the quarter with a cash balance of $56 million, which was a decrease of $8 million sequentially. Total outstanding borrowings under our ABL decreased $10 million during the quarter, leaving $70 million outstanding. Additionally, during the quarter, we repurchased $4 million of our common stock.

轉向現金流。我們本季度的經營活動產生了 1500 萬美元的現金。資本支出為 1000 萬美元，其中 300 萬美元用於租賃車隊。因此，本季度我們的自由現金流為 500 萬美元。本季度結束時，我們的現金餘額為 5600 萬美元，比上一季度減少了 800 萬美元。本季度，ABL 下的未償還借款總額減少了 1,000 萬美元，未償還貸款為 7,000 萬美元。此外，本季度我們還回購了價值 400 萬美元的普通股。

Total liquidity remained flat sequentially at $296 million. Due to the strong adjusted EBITDA, our net leverage ratio was 2x at the end of the quarter, well under the targeted 3x.

流動性總額與上季度持平，為 2.96 億美元。由於調整後的 EBITDA 強勁，我們的淨槓桿率在季度末為 2 倍，遠低於目標 3 倍。

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

現在，我將把電話轉回亞倫。

Thank you, Brian. Please turn to Slide 8. To summarize, our team put up a great first quarter, which is a nice start to a long year. We've got a solid backlog. And based on our first quarter results, the pricing actions that we took last year are coming through a little faster than anticipated. Even so, we continue to face a number of parts shortages, labor constraints and supply chain issues and we are at the start of a downturn in the European tower crane business.

謝謝你，布萊恩。請參閱幻燈片 8。總而言之，我們的團隊在第一季度取得了出色的成績，這是漫長的一年的良好開端。我們有大量的積壓訂單。根據我們第一季度的業績，我們去年採取的定價行動的實施速度比預期要快一些。即便如此，我們仍然面臨一些零部件短缺、勞動力限制和供應鏈問題，歐洲塔式起重機業務正處於低迷時期。

Given these factors, we are maintaining our previously published guidance. At this time, it's extremely difficult to predict how the next 12 to 24 months will unfold as the global economy normalizes to the recent shock treatment of higher interest rates, geopolitical tensions and of course, the U.S. presidential election, which is beginning to heat up.

考慮到這些因素，我們維持之前發布的指導意見。目前，隨著全球經濟因近期利率上升、地緣政治緊張局勢，當然還有開始升溫的美國總統大選的衝擊而恢復正常，預測未來 12 至 24 個月將如何發展是極其困難的。

Nevertheless, the underlying theme in the crane industry remains the same. Cranes fleets have unquestionably become aged and continue to grow older and there's plenty of infrastructure spending around the globe to bolster the construction market over the next decade.

儘管如此，起重機行業的基本主題仍然相同。毫無疑問，起重機車隊已經老化，並且還在繼續老化，全球範圍內有大量基礎設施支出來支撐未來十年的建築市場。

As we prepare for the eventual crane renaissance, the Manitowoc team remains focused on controlling what we can control. Operationally, The Manitowoc Way is at the core of everything we do. It's our compass and the fuel that drives continuous improvement in how we run our factories, design new products, service cranes and support our customers. Strategically, we are committed to Cranes+50 and it's imperative that we continue to find ways to increase our non-new machine sales in order to weather the storms on the crane cycle. This transformation of our business has only just begun.

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控制我們能控制的事情。在運營方面，馬尼托瓦克之道是我們一切工作的核心。它是我們的指南針和燃料，推動我們不斷改進工廠運營、設計新產品、維修起重機和支持客戶的方式。從戰略上講，我們致力於起重機+50，我們必須繼續尋找方法來增加我們的非新機器銷量，以度過起重機週期的風暴。我們業務的轉型才剛剛開始。

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

那麼，接線員，請打開提問線路。

(Operator Instructions)

（操作員說明）

We'll take our first question from Jamie Cook with Credit Suisse.

我們將回答瑞士信貸銀行傑米·庫克提出的第一個問題。

Good morning and congrats on a nice quarter. I mean you talked to pricing mix as being favorable in the first quarter. Can you help us understand how much pricing was in the first quarter? And sort of how do we think about the cadence of that as we progress throughout the year? And then the last 2 quarters in terms of, like your EBITDA performance has been fairly impressive in the $45 million to $50 million range. So why shouldn't we think of that as a good bench for quarterly EBITDA going forward? Or what are the headwinds to EBITDA relative to the past 2 quarters as we think about the rest of the year?

早上好，恭喜您度過了一個愉快的季度。我的意思是，您談到第一季度的定價組合是有利的。您能否幫助我們了解第一季度的定價是多少？隨著我們全年的進步，我們如何看待這種節奏？然後，過去兩個季度，您的 EBITDA 業績在 4500 萬至 5000 萬美元範圍內相當令人印象深刻。那麼，為什麼我們不應該將其視為未來季度 EBITDA 的良好基準呢？或者，當我們考慮今年剩餘時間時，與過去兩個季度相比，EBITDA 面臨哪些不利因素？

Jamie, so I'll start with the mix question. So when we look at sort of how the quarter ended and what we're expecting. I think there's 2 components of the mix. One was within the mobile business, we had some favorable mix relative to both customers and product. And when we look out to the rest of the year and the mix difference, towers is where we're concerned about. So there's going to be a mix shift away from towers likely in the second half, which is going to impact our margin. So I think we're very sensitive around that. And some of the pricing benefit we saw in Q1 and we believe we'll continue to see in Q2 through Q4, will be partially offset by the tower crane mix difference.

傑米，我將從混合問題開始。因此，當我們看看本季度的結束情況以及我們的預期時。我認為這個組合有兩個組成部分。一是在移動業務領域，我們在客戶和產品方面都有一些有利的組合。當我們關註今年剩餘時間和混合差異時，塔樓是我們關注的地方。因此，下半年可能會出現塔樓的混合轉變，這將影響我們的利潤率。所以我認為我們對此非常敏感。我們在第一季度看到的一些定價優勢（我們相信我們將在第二季度到第四季度繼續看到）將被塔式起重機組合差異部分抵消。

Yes. And I'll take the question around the EBITDA of $45 million. So I think there's a couple of things, Jamie. First, I'd say, it's with all the lean work that we've done at (inaudible), we're running that factory a little bit differently and have smoothed out the production a lot better than we have in the past. And we saw some good gains there sort of from the fourth quarter to the first, it really showed in our revenue. That's why our revenue was up over $500 million for the first time, I think, at least as long as I've been with the company. So I think that's part of it, right? So we smoothed some out with some of the things we're doing operationally.

是的。我將圍繞 4500 萬美元的 EBITDA 回答這個問題。所以我認為有幾件事，傑米。首先，我想說的是，我們在（聽不清）所做的所有精益工作中，我們以稍微不同的方式運營該工廠，並且比過去更好地平滑了生產。從第四季度到第一季度，我們看到了一些不錯的收益，這確實體現在我們的收入中。我想，這就是為什麼我們的收入首次超過 5 億美元，至少在我加入公司以來是這樣。所以我認為這是其中的一部分，對嗎？因此，我們通過一些操作上正在做的事情來平滑一些內容。

And then the big question marks are really around the second half. So we've got our normal seasonality in the third quarter. And then just this number, I think question of European tower crane businesses slowing down, how much will it slow down, will be in a book-and-bill scenario starting in the third quarter and tower cranes is one of our -- typically our higher-margin products. So I do worry about that mix as we get into the second half of next year -- or second half of this year.

然後大問號確實出現在下半場左右。因此，第三季度我們的季節性表現正常。然後就是這個數字，我認為歐洲塔式起重機業務放緩的問題，會放緩多少，將從第三季度開始出現在賬本和賬單場景中，而塔式起重機是我們的之一——通常是我們的利潤率較高的產品。因此，當我們進入明年下半年或今年下半年時，我確實擔心這種混合情況。

Sorry, I don't think -- you talked to mix but you didn't speak to pricing, unless you don't want to.

抱歉，我不認為 - 你談到了混合，但你沒有談到定價，除非你不想。

No. So when I look at the flow-through for the quarter, it was about 28%. We expect between 20% and 25%. So pricing, I would say, would be that about 3% but there's also a mix component in there. So I'd say, look at that between 3% and 5%.

不。所以當我查看本季度的流量時，大約為 28%。我們預計在 20% 到 25% 之間。所以我想說，定價約為 3%，但其中也有混合成分。所以我想說，看看 3% 到 5% 之間。

Okay. And sorry, one last if I could. The non -machine sales, obviously, that they were up nicely in the quarter and probably contributed to profitability as well. What is your expectation for non-machine sales within your guidance of the $2 billion to $2.1 billion?

好的。抱歉，如果可以的話，最後一次。顯然，非機器銷售在本季度增長良好，可能也對盈利能力做出了貢獻。在 20 億至 21 億美元的指導範圍內，您對非機械銷售額的預期是多少？

I don't think we shared it at that level.

我認為我們沒有在那個層面上分享它。

No, we've not.

不，我們沒有。

I can tell you that -- I mean, we -- operationally, we drive the business, we're trying to grow it sequentially every month, every quarter. That's not so easy to do. But yes, I think that we've had some nice gains recently, not just from the acquisitions but the growth and the acquisitions since we owned them, so.

我可以告訴你——我的意思是，我們——在運營上，我們推動業務發展，我們試圖每個月、每個季度依次增長業務。這可不是那麼容易做到的。但是，是的，我認為我們最近取得了一些不錯的收益，不僅來自收購，還來自我們擁有它們以來的增長和收購，所以。

Yes, we've done some good investments in Denver and Missouri to grow organically the acquisitions. So when we look at what the target is for the Cranes+50, by 2026, we're expecting to be at about [6 75]. So it's a trend.

是的，我們在丹佛和密蘇里州進行了一些良好的投資，以有機地增長收購。因此，當我們考慮到 2026 年 Cranes+50 的目標時，我們預計約為 [6 75]。所以這是一種趨勢。

I think it will end up being lumpy, too, especially because we've gotten more aggressive on the used side of the house.

我認為它最終也會變得凹凸不平，特別是因為我們在房子的二手側變得更加激進。

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。

Great quarter, Congrats. So in terms of -- I'm sorry if I missed this but did you disclose how much is price cost impact in the quarter? And what's the outlook for the rest of the year?

很棒的季度，恭喜。因此，如果我錯過了這一點，我很抱歉，但您是否透露了本季度價格成本影響有多大？今年剩餘時間的前景如何？

So in answering Jamie's question, I mentioned that of the flow-through, the 28% flow-through, you can model that the price was about 3% to 5% of that.

因此，在回答 Jamie 的問題時，我提到了流通量，即 28% 的流通量，您可以建模價格約為其中的 3% 到 5%。

Got it. Got it. Okay. And you also said there's some mix in there. So mix and prices included was 3% to 5%.

知道了。知道了。好的。你還說裡面有一些混合。所以組合和價格包含在 3% 到 5% 之間。

Approximately, I'd say the 3% to 5%. We look at flow-through at around 20% to 25%. We're at 28%, so between volume mix.

大約是3%到5%。我們預計流通量約為 20% 至 25%。我們的比例是 28%，所以在數量混合之間。

I think the reality is you can't say it's price, it's more mix because and it's cleaning out the backlog, it's not as it's a go-forward gain.

我認為現實是你不能說它是價格，它更加混合，因為它正在清理積壓，而不是因為它是前進的收益。

Right.

正確的。

Got it. So taking us back based on the supply chain visibility that you currently have, where do you see your current backlog sort of settling end of this year?

知道了。那麼，根據您目前擁有的供應鏈可見性，讓我們回顧一下您目前的積壓情況，您認為今年年底會在哪裡解決？

Yes. So I think at this point, it's difficult to say because it's going to be highly dependent upon the order rates. So a couple of sort of points here in April, our orders were good. They were close to $200 million. So that's good news. The other side of this, though, is we have not seen an improvement in shortages. And again, to give you a little color, in Shady Grove, our line item shortages were up to 4,000 at the end of April, and we ended the year around 2,500, so it's not improving and it will be a big challenge for us for the rest of the year, so but those 2 variables moving in opposite direction is it's really tough to guess what the backlog will be.

是的。所以我認為目前還很難說，因為這將高度依賴於訂單率。所以四月份的幾個點上，我們的訂單都很好。他們的價值接近2億美元。這是個好消息。但另一方面，我們還沒有看到短缺問題得到改善。再說一次，為了給你一點說明，在 Shady Grove，我們的訂單項短缺在 4 月底達到了 4,000 個，而我們年底的短缺量約為 2,500 個，所以情況沒有改善，這對我們來說將是一個巨大的挑戰今年剩下的時間裡，所以這兩個變量朝相反的方向發展，很難猜測積壓的情況是多少。

Next, we'll go to Mig Dobre with Baird.

接下來，我們將與貝爾德一起前往米格多布雷。

It's actually Joseph Grabowski, on for Mig this morning. I think you just touched upon it but I was hoping you could maybe give a little more color on the supply chain during the quarter. How much has it improved since the worst levels and maybe any regional differences?

實際上是約瑟夫·格拉博夫斯基（Joseph Grabowski），今天早上替補米格。我想你剛剛談到了這個問題，但我希望你能在本季度對供應鏈提供更多的信息。與最差水平相比已經改善了多少，也許還有地區差異？

Yes. I mean even in the tower crane business where we've started to slow down, we're still battling lots of parts shortages and of course, it continues to get even more difficult as we ramp up on the mobile side. So I'd say it's more by factory and what the demand of each of those factories is. But it clearly has not improved based on some of the data that we're looking at.

是的。我的意思是，即使在我們已經開始放緩的塔式起重機業務中，我們仍然面臨著大量零部件短缺的問題，當然，隨著我們在移動方面的發展，它繼續變得更加困難。所以我想說這更多是由工廠決定的，以及每個工廠的需求是什麼。但根據我們正在查看的一些數據，它顯然沒有得到改善。

Okay. Still hasn't improved. Okay. And then I guess my follow-up question, you mentioned European tower crane machine orders were down 20%. You mentioned that the backlog in Europe is declining. Maybe talk about any levers you could pull there if demand does continue to soften, how you think about production rates and just anything along those lines?

好的。還是沒有好轉。好的。然後我猜想我的後續問題，您提到歐洲塔式起重機訂單下降了 20%。您提到歐洲的積壓訂單正在減少。也許可以談談如果需求繼續疲軟，您可以採取哪些槓桿，您如何看待生產率以及類似的任何事情？

Yes. So I mean that's really a balancing act of trying to get a good forecast of what it will be in the third and fourth quarter, in terms of production levels. And then, of course, in Europe, there's a variety of levers to pull given that we have 2 major factories in France, we've got to be really strategic how we would manage that. So there's always the use of [short time work] and some other things but that will go up sort of a monthly or quarterly, one at a time. I don't expect any structural changes. I mean the business will bounce back. There's still huge housing shortages in Germany and throughout Europe and then whenever the Ukraine situation starts to subside, I think you'll start to see a pickup in the business.

是的。所以我的意思是，這實際上是一種平衡行為，試圖對第三和第四季度的生產水平進行良好的預測。當然，在歐洲，考慮到我們在法國有兩家主要工廠，我們可以使用多種槓桿，我們必須真正具有戰略性地管理如何管理它。因此，總是會使用[短時間工作]和其他一些東西，但會每月或每季度增加一次，一次一個。我預計不會發生任何結構性變化。我的意思是業務將會反彈。德國和整個歐洲仍然存在巨大的住房短缺，每當烏克蘭局勢開始消退時，我認為您將開始看到業務的回升。

So I don't see a structural change in the business and plus, of course, we're making machines for our own dealer fleet. So we want to make sure that we maintain our core competency because anytime you have these big (inaudible) as we saw in COVID, it's hard to get back on your feet as things come back.

因此，我認為業務不會發生結構性變化，而且，當然，我們正在為自己的經銷商車隊製造機器。因此，我們希望確保保持我們的核心競爭力，因為每當遇到像我們在新冠疫情中看到的那樣大（聽不清）的情況時，隨著事情的恢復，就很難重新站起來。

Next, we'll go to Stephen Volkmann from Jefferies.

接下來，我們請來 Jefferies 的 Stephen Volkmann。

Can I go back to the non-new machine sales? What exactly is driving those higher? Is it the re-rent, is it more parts? Is it equipment sales? I guess not, if it's not new machine sales. Any way -- any more color on what's driving that higher? And also how does that impact the margin mix?

可以回到非新機銷售嗎？到底是什麼推動了這些上漲？是重租還是更多零件？是設備銷售嗎？我想不會，如果不是新機銷售的話。無論如何，還有更多關於推動股價上漲的因素的信息嗎？這又如何影響利潤率組合？

Yes. So our margins are always more favorable in the non-new machine sales significantly than it would be on any of the machine segments. And I think when I look at how we grow non-machine sales, what's most critical is that we continuously grow our field service. And I think at this point, we're looking at over 50 adds for the rest of the year that we're recruiting. That's sort of the cornerstone of it and making sure we have those folks to support it and then that work obviously will drive service and will drive parts. Now the bigger other things that are bigger opportunities to swing the number really (inaudible), which is the [math] issue because you're selling a full crane and that's been pretty decent for us. I think the fact that the market has been tightened, folks who are having a hard time getting machines that's been pretty successful for us.

是的。因此，我們在非新機器銷售方面的利潤始終比任何機器細分市場都更有利。我認為，當我審視我們如何增長非機器銷售時，最關鍵的是我們不斷發展我們的現場服務。我認為目前我們正在考慮在今年剩餘時間內招募 50 多名新員工。這是它的基石，確保我們有這些人來支持它，然後這項工作顯然將推動服務並推動零件。現在，其他更大的事情是真正改變數字的更大機會（聽不清），這是[數學]問題，因為你正在銷售一台完整的起重機，這對我們來說相當不錯。我認為市場已經收緊，那些很難買到機器的人對我們來說是相當成功的。

So I mean some of it is where we're doing all the work doesn't always necessarily bring the biggest dollar items like rental, for instance, just due to the nature of the math. I mean, rental is never going to be a huge part of the growth but I think that it layers on the sort of the best profitability when we do it.

所以我的意思是，我們所做的所有工作並不總是帶來最大的金錢項目，例如租金，這只是由於數學的性質。我的意思是，租金永遠不會成為增長的重要組成部分，但我認為，當我們這樣做時，它會帶來最佳的盈利能力。

And obviously, that service drives parts, yes.

顯然，該服務驅動零件，是的。

Yes.

是的。

Understood. And just a follow-up there. I think if my math is right, that business is up something like 20% over the last year. And I think you've given yourself 2.5 years to get to next 20%. Is there a chance that this comes in kind of ahead of that?

明白了。只是後續行動。我認為如果我的計算正確的話，該業務比去年增長了 20% 左右。我認為你已經給自己 2.5 年的時間來達到下一個 20%。這是否有可能提前發生？

I think it just depends on the timing of acquisitions.

我認為這僅取決於收購的時機。

Next, we'll go to Steven Fisher with UBS.

接下來，我們將採訪瑞銀集團的史蒂文·費舍爾。

So it's -- good -- it sounded like the orders were better than you expected and it was mostly North America. What part of the end market and product line drove the upside? And how sustainable do you think that is?

所以，很好，聽起來訂單比你預期的要好，而且主要是北美。終端市場和產品線的哪一部分推動了上漲？您認為這有多可持續？

Yes. I mean I'd say it's mobile is across the board and of course, the Middle East piece of it. I mean within the United States, it's really hard to put your finger on what's driving it, we got a lot of dealers that have confidence because their inventories have gone on the low end and they're trying to make sure that they're on the order board as much as anything to service their customers. So when I look at end markets, I can't say at this point that there's anything super specific. Of course, everyone is watching commercial real estate to see where it goes over the next couple of years. But I think it's more of an issue of making sure that the channel has what it needs to run their businesses as it is end market demand.

是的。我的意思是，我想說它的移動性是全面的，當然還有中東部分。我的意思是，在美國，很難確定是什麼在推動這一趨勢，我們有很多經銷商有信心，因為他們的庫存已經處於低位，他們正在努力確保庫存充足訂單板與為客戶提供服務的任何東西一樣多。因此，當我審視終端市場時，我目前不能說有什麼非常具體的東西。當然，每個人都在關注商業房地產未來幾年的走勢。但我認為更多的問題是確保渠道擁有運營業務所需的資源，因為這是終端市場的需求。

Got it. And then I think there was a reference to the utilization. Do you have any sense of what utilization is running at in, say, North America? And then how do you think about existing fleet being utilized as a lot of these infrastructure and bigger programs and mega projects move forward versus in just kind of [specking] in totally brand new cranes.

知道了。然後我認為有人提到了利用率。您是否了解北美等地區的利用率？然後，您如何看待現有的車隊在許多基礎設施和更大的項目和大型項目的推進中得到利用，而不是僅僅使用全新的起重機。

I mean, I think that's always the balance. So we don't have a number but everyone I talk to says that they've got -- I don't want to say all-time highs, they're at the highest levels of utilization, they feel really good. But again, in terms of how their cranes get used, it's -- I would say it's very rare that that's what driving the orders. I mean a big part of this is how they're managing their fleets and we know that many of the fleets out there age, they're going to have to refresh them. So this is why I always go back to -- they have to have really the confidence and the financing element has become a bigger issue with where interest rates are to really drive the replenishment of their fleets. And of course, it starts with good utilization. And it's not -- it's not typical unless there's lots of orders that someone says, "Oh, I got a project for a stadium and I need 6 cranes." I mean it may help justify an addition of a crane or 2 into their fleet but we're talking about folks who've got fleets of 2,000 cranes.

我的意思是，我認為這始終是平衡。所以我們沒有具體數字，但與我交談過的每個人都說他們已經達到了——我不想說歷史最高水平，他們處於最高的利用率水平，他們感覺非常好。但同樣，就他們的起重機的使用方式而言，我想說，這很少是推動訂單的原因。我的意思是，其中很大一部分是他們管理機隊的方式，我們知道許多機隊已經老化，他們將不得不更新它們。所以這就是為什麼我總是回到——他們必須有真正的信心，而融資因素已經成為一個更大的問題，利率才能真正推動他們船隊的補充。當然，這要從良好的利用率開始。這不是——這並不典型，除非有很多訂單，有人說，“哦，我有一個體育場項目，我需要 6 台起重機。”我的意思是，這可能有助於證明在他們的車隊中添加一台或兩台起重機是合理的，但我們談論的是那些擁有 2,000 台起重機車隊的人。

And just on that last point, have you had any orders put on hold because of changes in financing and credit conditions in the last month or so?

關於最後一點，您是否有任何訂單因過去一個月左右的融資和信貸條件的變化而被擱置？

We had 1 or 2 cancellations, but we were able to -- yes, turn it around pretty quickly because there's a lot of folks that need cranes too.

我們有一兩次被取消，但我們能夠——是的，很快扭轉局面，因為還有很多人也需要起重機。

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

接下來，我們將採訪富國銀行證券公司的賽斯·韋伯 (Seth Weber)。

I wanted to follow up on the interest rate discussion and just to make sure I'm understanding what you're saying. Are you starting to hear anything from your customers about projects getting canceled or delayed due to interest rates or it's more just the customer crane financing.

我想跟進利率討論，只是為了確保我理解你在說什麼。您是否開始從客戶那裡聽到有關項目因利率而取消或延遲的消息，或者更多的是客戶起重機融資。

Yes. I mean -- in Europe, it's a project issue. But in the United States, no, it's just everyone's super sensitive, just as we are to the jump in interest rates. And given the fact that the machines are multimillion dollar machines, it has a big effect from a dollar standpoint.

是的。我的意思是——在歐洲，這是一個項目問題。但在美國，不，只是每個人都超級敏感，就像我們對利率的飆升一樣。考慮到這些機器價值數百萬美元，從美元的角度來看，它具有很大的影響。

Yes, especially when you add the inflation and our price increases that we've affected, when you add that to the interest, it's a big number that they've got to absorb.

是的，特別是當你加上我們所影響的通貨膨脹和物價上漲時，當你將其添加到利息中時，他們必須吸收一個很大的數字。

Okay. But you're not hearing about North American projects getting canceled or pushed around.

好的。但你沒有聽說北美項目被取消或推遲。

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No, I've not heard of any projects in the United States. I mean there's a lot of chatter around where is commercial real estate going to go in the next couple of years. But in terms of big projects in the infrastructure, I think everyone's confident it's coming.

不，我沒有聽說過美國有任何項目。我的意思是，關於未來幾年商業房地產的走向有很多討論。但就基礎設施方面的大型項目而言，我認為每個人都對它的到來充滿信心。

Yes. Okay. And then just given your comments about the European tower market, are you rethinking your rental -- European tower rental business plan and CapEx spending there for this year?

是的。好的。然後，剛剛給出您對歐洲塔樓市場的評論，您是否正在重新考慮您的租賃——歐洲塔樓租賃業務計劃和今年的資本支出？

No. So I mean, we have a very small fleet. And in fact, I'd say our angle is probably the opposite. I mean that's why you have a rental fleet so you can build cranes and future fleet when times are tough to fill your factories. So we'll hold to what we've been doing. And we're looking -- my hope is that this creates some buying opportunities on the acquisition side of the business.

不，所以我的意思是，我們的機隊非常小。事實上，我想說我們的角度可能是相反的。我的意思是，這就是為什麼你有一個租賃車隊，這樣你就可以在工廠難以裝滿的時候建造起重機和未來的車隊。所以我們會堅持我們一直在做的事情。我們正在尋找 - 我希望這會在業務收購方面創造一些購買機會。

And we talked last year about growing into the U.K. and that market is pretty good. So as Aaron said, we're going to continue to move forward on the strategy.

我們去年談到了進軍英國，那個市場非常好。正如亞倫所說，我們將繼續推進該戰略。

Okay. If I could squeeze in one last one. Just your expectations for steel prices for the year and how that's factored into your outlook?

好的。如果我能擠進最後一張就好了。您對今年鋼材價格的預期以及您的前景如何考慮這一因素？

Yes. So in the U.S., and I'll use that as the example. We definitely -- we buy forward. So we're pretty much comfortable with where we're at relative to steel, even if it moves for the rest of the year. So we're comfortable that steel is not going to have a big impact for us on the go forward as it looks like it's likely to increase.

是的。所以在美國，我會以此為例。我們肯定——我們提前購買。因此，我們對鋼鐵的相對狀況感到非常滿意，即使今年剩餘時間鋼鐵價格會發生變化。因此，我們確信鋼鐵不會對我們的未來產生重大影響，因為它看起來可能會增加。

Next, we'll go to Jerry Revich with Goldman Sachs.

接下來，我們將採訪高盛的傑里·雷維奇 (Jerry Revich)。

This is Clay on for Jerry. Just a quick question here. I see, typically, margins in second quarter, up 200 basis points from 1Q to 2Q sequentially. Anything we need to watch out here moving into the second quarter or...

這是傑瑞的克萊。這裡只是一個簡單的問題。我通常認為第二季度的利潤率比第一季度到第二季度連續上升 200 個基點。進入第二季度我們需要注意的任何事情或者......

I don't think it's as simple as comparing the history because for sure, the way we ran the AT business, we shipped more ATs in the first (inaudible). Normally, than what have historically. Brian, do you want to add more color to that?

我認為這不像比較歷史那麼簡單，因為可以肯定的是，我們經營 AT 業務的方式，我們首先發貨了更多的 AT（聽不清）。通常情況下，比歷史上的情況要好。布萊恩，你想為此添加更多色彩嗎？

Yes. I think some of the mix that we saw even at the end of the quarter, we definitely had a better mix in Q1 than we would expect in Q2. Yes. So I'd expect margin-wise, Q1 to be a little bit better than Q2 and really driven by that mix.

是的。我認為即使在本季度末我們看到的一些組合，我們在第一季度的組合肯定比我們在第二季度的預期更好。是的。因此，我預計第一季度的利潤率會比第二季度好一些，並且真正受到這種組合的推動。

Yes. And then 1 follow-up here. On dealer inventories, can you frame how much they've risen since the trough over the last 12 months or so and even monthly supply basis, however you prefer to look at? And I imagine there's some variance there by region.

是的。然後這裡有 1 個後續行動。關於經銷商庫存，您能否列出自過去 12 個月左右的低谷以來增加了多少，甚至每月供應量（無論您喜歡如何看待）？我想不同地區之間存在一些差異。

Yes. So the dealers, mostly we talk about the U.S., their inventories, I would say, have not risen, just if you look at what our shipping rates have been, I mean they want the cranes. So my bigger concern on dealer inventory is now where we sit today, it's where are we 6 months from now, we can see that our dealers have a lot of orders on hand. So as we start to ship all those and they start to receive them and they retail them at the same rate. And that's always what I look for and keeps me nervous and keeps me on my toes relative to the dealer channel.

是的。因此，經銷商，我們主要談論的是美國，我想說，他們的庫存沒有增加，只要你看看我們的運費是多少，我的意思是他們想要起重機。因此，我對經銷商庫存更關心的是我們今天的庫存情況，以及 6 個月後的情況，我們可以看到我們的經銷商手頭有很多訂單。因此，當我們開始運送所有這些產品時，他們開始接收它們並以相同的價格零售。這始終是我所尋找的，這讓我感到緊張，並讓我對經銷商渠道保持警惕。

Again I show we have no further questions at this time. And I'll now turn the call back over to Ion Warner for any additional or closing remarks.

我再次表明我們目前沒有其他問題。現在，我將把電話轉回給離子華納，請其發表補充或結束語。

Thank you. Before we conclude today's call, please note that a replay of our first quarter 2023 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.

謝謝。在我們結束今天的電話會議之前，請注意，今天上午晚些時候，您可以訪問我們網站 www.manitowoc.com 的投資者關係部分，重播 2023 年第一季度電話會議。感謝大家今天加入我們並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。