帕卡 (PCAR) 2022 Q2 法說會逐字稿

Good morning, and welcome to PACCAR's Second Quarter 2022 Earnings Conference Call. (Operator Instructions) Today's call is being recorded. And if anyone has an objection, they should disconnect at this time. I would now like to introduce Mr. Ken Hastings, PACCAR's Director of Investor Relations. Mr. Hastings, please go ahead.

早安，歡迎參加帕卡公司2022年第二季財報電話會議。 （操作說明）本次電話會議正在錄音。如有任何異議，請立即斷開連接。現在我謹介紹帕卡公司投資者關係總監肯‧黑斯廷斯先生。黑斯廷斯先生，請開始。

Good morning. We would like to welcome those listening by phone and those on the webcast. My name is Ken Hastings, PACCAR's Director of Investor Relations. And joining me this morning are Preston Feight, Chief Executive Officer; Harrie Schippers, President and Chief Financial Officer; and Michael Barkley, Senior Vice President and Controller. As with prior conference calls, we ask that any members of the media on the line participate in a listen-only mode.

早安.歡迎各位透過電話和網路直播收聽本次會議。我是PACCAR投資者關係總監肯‧黑斯廷斯。今天早上與我一同出席的還有執行長普雷斯頓·費特、總裁兼首席財務官哈里·希珀斯以及高級副總裁兼財務總監邁克爾·巴克利。與以往的電話會議一樣，我們懇請所有媒體朋友以僅收聽模式參與會議。

Certain information presented today will be forward-looking and involve risks and uncertainties, including general economic and competitive conditions that may affect expected results. For additional information, please see our SEC filings and the Investor Relations page at paccar.com. I would now like to introduce Preston Feight.

今天公佈的部分資訊屬於前瞻性訊息，涉及風險和不確定性，包括可能影響預期結果的總體經濟和競爭狀況。更多信息，請參閱我們向美國證券交易委員會提交的文件以及paccar.com網站的投資者關係頁面。現在，我謹向大家介紹普雷斯頓·費特。

Good morning. Harrie Schippers, Michael Barkley and I will update you on our second quarter financial results and business highlights. I truly appreciate PACCAR's outstanding employees around the world, who continue to deliver excellent results and the highest quality trucks and transportation solutions. PACCAR achieved record revenues and net income in the second quarter. PACCAR revenues increased 23% to $7.16 billion.

早安.我和哈里·希珀斯、邁克爾·巴克利將向大家報告我們第二季度的財務業績和業務亮點。我衷心感謝帕卡集團遍布全球的傑出員工，他們持續創造卓越的業績，並提供最高品質的卡車和運輸解決方案。帕卡集團第二季度實現了創紀錄的營收和淨利潤。帕卡集團營收成長23%，達到71.6億美元。

Net income increased 45% to $720 million. PACCAR Parts second quarter revenues increased by 18% to a record $1.43 billion. Parts pretax profits were a record $353 million, 32% higher than the same period last year. Truck, Parts and Other gross margins expanded to 14.4% in the second quarter compared to 13.5% in the second quarter of last year.

淨利成長45%至7.2億美元。 PACCAR零件業務第二季營收成長18%，創下14.3億美元的紀錄。零件業務稅前利潤達到創紀錄的3.53億美元，比去年同期成長32%。卡車、零件及其他業務的毛利率從去年同期的13.5%成長至第二季的14.4%。

PACCAR's increased vehicle production, new lineup of premium trucks and strong aftermarket parts business drove the higher gross margins. PACCAR Financial had an excellent quarter, increasing year-over-year pretax income by 36% to $144 million due to its high-quality portfolio and strong used truck results. PACCAR is an industry leader in diesel and zero emissions powertrains, autonomous trucks and next-generation connected services.

PACCAR 車輛產量增加、全新高端卡車系列以及強勁的售後零件業務推動了毛利率的提升。 PACCAR Financial 本季業績表現出色，得益於其高品質的產品組合和強勁的二手卡車銷售業績，稅前利潤同比增長 36% 至 1.44 億美元。 PACCAR 是柴油和零排放動力系統、自動駕駛卡車以及下一代互聯服務的產業領導者。

PACCAR's best-in-class new trucks, its new clean diesel and electric powertrain lineup and its ongoing research and development programs provide our customers with the right products and technology to help them optimize their operations. The entire PACCAR team has done an excellent job of working with our suppliers to manage supply-based shortages, and we have been able to gradually increase daily truck production.

PACCAR一流的新型卡車、全新的清潔柴油和電動動力系統產品線以及持續的研發項目，為客戶提供合適的產品和技術，幫助他們優化營運。 PACCAR全體團隊與供應商密切合作，出色地應對了供應短缺問題，並逐步提高了卡車日產量。

In the U.S. economy, unemployment remains low. GDP is estimated to grow, and industrial production is projected to expand. Based on this favorable operating environment, we estimate the U.S. and Canadian Class 8 market to be in the range of 260,000 to 290,000 trucks. The European and U.K. economies are also growing with Eurozone unemployment at low levels. The 2022 European truck market is expected to be in the range of 270,000 to 300,000 trucks.

美國經濟失業率持續走低，預計國內生產毛額（GDP）將持續成長，工業生產也將擴張。基於這個有利的經營環境，我們預期美國和加拿大的8級卡車市場規模將在26萬至29萬輛之間。歐洲和英國經濟也在成長，歐元區失業率處於低點。預計2022年歐洲卡車市場規模將在27萬至30萬輛之間。

Looking at PACCAR's operating environment. Our new generation of trucks in Europe and North America are providing our customers the benefit of owning the most desirable and the most efficient trucks in the industry. Freight tonnage remains at great levels, we're sold out for the year, and the first quarter is beginning to fill in nicely. With fleet age up and truck utilization high, we anticipate continued strong demand for PACCAR Parts, Trucks and Financial Services.

綜觀PACCAR的營運環境，我們在歐洲和北美推出的新一代卡車，正為我們的客戶帶來業界最理想、最高效的卡車。貨運量依然保持強勁，全年訂單已全部售罄，第一季的訂單也開始逐漸填滿。隨著車隊車齡成長和卡車利用率提高，我們預計PACCAR零件、卡車和金融服務的需求將持續強勁。

Thank you. Harrie Schippers will now provide an update on PACCAR Parts, PACCAR Financial Services and other business highlights. Harrie?

謝謝。接下來，哈利希珀斯將為大家介紹帕卡零件、帕卡金融服務及其他業務亮點。哈里？

Thanks, Preston. PACCAR delivered 47,000 trucks during the second quarter, a 9% increase over the first quarter. We estimate third quarter deliveries to be in the range of 44,000 to 48,000 trucks as higher daily build rates will be offset by the normal summer shutdown at DAF in Europe. Truck parts and other gross margins increased to 14.4% in the second quarter. We anticipate third quarter gross margins to be in the 14.5% to 15% range, reflecting a continued strong performance of PACCAR Parts and a favorable mix of new truck models in production.

謝謝，普雷斯頓。 PACCAR第二季度交付了47,000輛卡車，比第一季成長了9%。我們預計第三季交付量將在44,000至48,000輛之間，因為歐洲DAF工廠夏季停產將抵消日產量成長的影響。第二季卡車零件及其他業務的毛利率增加至14.4%。我們預計第三季毛利率將在14.5%至15%之間，這反映了PACCAR零件業務的持續強勁表現以及在產新卡車車型組合的良好前景。

PACCAR Parts had an outstanding second quarter with Parts gross margins of 30%. Customers increased truck utilization and higher average fleet age have contributed to PACCAR Parts record results. PACCAR Parts outstanding performance is driven by an expanding network of 18 Parts distribution centers, 2,200 dealer locations, 250 independent TRP stores as well as technologies like managed dealer inventory and innovative e-commerce systems. PACCAR is continuing its investments in the parts business by opening a new distribution center in Louisville, Kentucky this quarter.

PACCAR零件業務第二季表現出色，毛利率高達30%。客戶卡車利用率的提高和車隊平均車齡的成長是PACCAR零件業務業績創歷史新高的主要原因。 PACCAR零件業務的卓越表現得益於其不斷擴展的網絡，包括18個零件配送中心、2200個經銷商網點、250家獨立TRP門市，以及經銷商庫存管理和創新電子商務系統等先進技術。 PACCAR將繼續增加對零件業務的投資，本季將在肯塔基州路易斯維爾開設新的配送中心。

PACCAR Financial Services benefited in the second quarter from high used truck prices and excellent portfolio quality. Revenues were $373 million in the second quarter. Pretax income was $144 million, 36% higher than last year. The demand continues to be strong for PACCAR preowned vehicles as customers appreciate and are willing to pay a premium for their superior reliability and durability. PACCAR Financial has been increasing its network of retail used truck centers and is opening a used truck retail center in Madrid, Spain this year.

PACCAR金融服務公司第二季受惠於二手卡車價格高企和優質的車輛組合。第二季營收達3.73億美元，稅前利潤為1.44億美元，年增36%。由於客戶認可PACCAR二手車卓越的可靠性和耐用性，並願意為此支付溢價，因此市場對其二手車的需求仍然強勁。 PACCAR金融公司一直在擴大其二手卡車零售中心網絡，並計劃今年在西班牙馬德里開設新的二手卡車零售中心。

These facilities sell used trucks at retail prices, which contributes to higher profits. PACCAR has invested $7.3 billion in new and expanded facilities, innovative products and new technologies during the past decade. These investments have created the newest and most impressive lineup of trucks in the industry and will contribute to excellent shareholder returns for many years.

這些設施以零售價出售二手卡車，帶來更高的利潤。過去十年，帕卡集團已投資73億美元用於新建和擴建設施、創新產品和新技術。這些投資打造了業內最新、最令人印象深刻的卡車產品線，並將為股東帶來多年豐厚回報。

PACCAR's after-tax return on invested capital, improved to an industry-leading 23% in the first half of this year. Capital expenditures are projected to be $425 million to $475 million this year, and research and development expenses are estimated to be $330 million to $350 million. PACCAR's exciting new line of trucks and transportation solutions, efficient R&D and capital investments, strong aftermarket parts and financial services business and flexible operating structure position the company for a bright future. Thank you. We'd be pleased to answer your questions.

今年上半年，PACCAR的稅後投資報酬率提升至業界領先的23%。預計今年資本支出為4.25億至4.75億美元，研發費用預估為3.3億至3.5億美元。 PACCAR令人振奮的全新卡車和運輸解決方案系列、高效的研發和資本投資、強大的售後零件和金融服務業務以及靈活的營運結構，都為公司未來的發展奠定了堅實的基礎。謝謝。我們很樂意回答您的問題。

(Operator Instructions) We'll take our first question. Caller, your line is open. (Operator Instructions)

（接線生提示）我們開始回答第一個問題。來電者，您的線路已開通。 （接線生提示）

This is from (inaudible) from Bernstein. First question for you just on your gross margin trajectory. If I look last cycle, last time we had like 100,000 build with 2014, and I think you guys were doing around, I guess, (inaudible) margins and if we fast forward where we are today, it looks like we're heading for like a 14.5% run rate.

這是來自伯恩斯坦的（聽不清楚）。第一個問題是關於你們的毛利率走勢。如果我回顧上一個週期，上次我們在2014年的時候做了大約10萬套的訂單，我記得你們當時的毛利率大概是（聽不清楚）…如果我們快進到現在，看起來我們的毛利率會達到14.5%左右。

Just kind of curious about just like the cycle-over-cycle durability. And then secondly, just like how to think about the evolution of margins as we go through the back end of the year? And any early comments you can give on your thoughts at least going to 1Q given that you are taking orders right now?

我有點好奇週期性波動的持續性。其次，隨著年底將近，利潤率的演變該如何看待？鑑於你們目前正在接受訂單，您能否就第一季的情況談談您的看法？

Sure. I'd be happy to take the question. I feel like things are going really well for the company. As we shared in the commentary, the new trucks are performing really well in the market in Europe and in North America. That performance is helping our customers perform better, providing excellent fuel economy for them. And the result of that is an improvement in margins. That is really the fundamental underlying principle for increase in truck margins.

當然可以，我很樂意回答這個問題。我覺得公司目前發展勢頭良好。正如我們在評論中提到的，新款卡車在歐洲和北美市場的表現都非常出色。這種優異的業績幫助我們的客戶提升了營運效率，並為他們提供了卓越的燃油經濟性。最終，利潤率也提高了。這正是卡車利潤率提升的根本原因。

I'd also share that our parts team is doing a great job. We set another record in the first quarter. We expect continued strong performance in the second quarter, I should say. We expect continued strong performance throughout the year for them because fleets have aged and utilizations are at high levels, which is driving parts performance. So we do expect to see continued improvement in margins for some time.

我還想補充一點，我們的零件團隊表現出色。第一季我們再次創下紀錄。我們預計第二季業績將持續強勁。事實上，我們預計全年零件業務都將保持強勁成長，因為車隊老化且利用率居高不下，這都推動了零件業務的業績成長。因此，我們預計利潤率將在一段時間內持續提升。

And then just second question on parts. Just how to think about the year-on-year growth in 3Q as well as just how to think about margins on that.

第二個問題是關於零件的。如何看待第三季的年增速以及相應的利潤率？

Harrie, do you want to offer commentary?

哈里，你想發表一下看法嗎？

Sure. We expect parts sales to continue to be strong in the third quarter, probably similar to the second quarter, which would be up 12% to 14% from the third quarter last year.

當然。我們預計第三季零件銷售額將持續保持強勁勢頭，可能與第二季持平，比去年同期成長12%至14%。

We'll move on to our next question.

接下來我們來看下一個問題。

Good morning, everybody. It's Robert from Melius Research. Are you guys there?

大家早安。我是Melius Research的Robert。你們都在嗎？

Yes, great. We're here.

是的，太好了。我們到了。

So 2 quick questions. One is just, could you update -- I mean the results were great. The margins look very strong. Obviously, there's some tailwind from parts, as you noted, could you update us on where you stand on price versus inflation? Is there a continued catch-up from price? And I don't know if you made any comments on truck pricing, how far it was up for you guys in the quarter?

兩個問題想請教一下。第一個是，能否更新業績——我的意思是，業績確實很棒，利潤率看起來非常強勁。正如您所提到的，零件價格上漲帶來了一定的利好，能否請您介紹一下價格與通膨之間的關係？價格上漲是否仍在持續？另外，我不知道您是否談到卡車定價，本季卡車價格上漲了多少？

Michael, do you want to share any thoughts on that?

邁克爾，你對此有什麼想法嗎？

Yes. We had good price realization during the quarter that kept pace -- a little bit more than kept pace with our cost increases.

是的。本季我們的價格實現情況良好，不僅跟上了成本上漲的步伐，而且還略高於成本上漲的步伐。

Okay. Perfect. And the second one, a little bit bigger picture. Europe, if you're a customer in Europe, I suppose you have a lot of different things you could choose to worry about with energy security and so forth. And I'm curious whether knowing maybe your orders are capped by a supply chain or whatever. Just what your mood from your customers in Europe is? And is there any sign of impending downturn there?

好的，完美。第二個問題，從更宏觀的角度來看。如果您是歐洲的客戶，我想您可能會有許多不同的擔憂，例如能源安全等等。我很好奇，考慮到您的訂單可能受到供應鏈或其他因素的限制，您在歐洲的客戶情緒如何？是否存在任何經濟衰退的跡象？

You bet. Well, our European business is doing fantastic right now. The new trucks that we introduced are really delivering for our customers. They are an increasing percentage of our build. They were roughly 50% in the second quarter and increasing in the third quarter. Demand is exceptionally strong for those products. They're the only trucks that meet the new masses and dimensions regulations in Europe which provides great driver comfort. They operate in a premium position in the market, and they're doing a fantastic job. So I think that what we see is continued strong demand in Europe. Freight is moving effectively, and we think it will continue to do so. Thank you.

當然。我們歐洲的業務目前發展勢頭強勁。我們推出的新款卡車確實為顧客帶來了實質的效益。它們的產量佔比越來越高，第二季約為50%，第三季仍在持續成長。這些產品的需求異常旺盛。它們是唯一符合歐洲最新重量和尺寸規定的卡車，能夠為駕駛員提供極佳的舒適度。它們在市場上佔據高端地位，並且表現出色。因此，我認為歐洲市場的需求將持續強勁。貨運效率很高，我們相信這種趨勢將會持續下去。謝謝。

We'll move on to our next caller.

接下來我們接聽下一位來電者。

Hi, good morning. Jamie Cook, can you hear me?

你好，早安。傑米庫克，你聽得到我說話嗎？

Jamie, we can hear you.

傑米，我們聽得到你說話。

I guess 2 questions. First of all, great performance in the quarter. You talked about the new products being about 50% build in the second quarter. I think that was specific to Europe. Can you comment on where those build rates are in terms of new products for the U.S.? I guess that's my first question.

我想問兩個問題。首先，本季業績非常出色。您提到第二季新產品產能利用率約50%。我認為這指的是歐洲市場。能否談談美國市場的新產品產能利用率？這是我的第一個問題。

And then my second question, just given the deflationary pressures that could be facing us in the back half of the year into 2023, your confidence level in being able to maintain the pricing levels that you have today, just given your new product introductions, do you think you can maintain the list price increases that you have out there?

我的第二個問題是，考慮到今年下半年到 2023 年我們可能面臨的通貨壓力，您是否有信心維持目前的定價水準？考慮到您推出了新產品，您認為您能夠維持目前的標價上漲幅度嗎？

Well, let's start with the first one, which is the North American new products, the medium-duty product. It was on a brand-new platform and the heavy-duty product for the new 579 and T680. We've completed those transitions in North America now. And you're right to note that it's a European product that's continuing to increase. So that's good news for all of us as we'll take build rates up on the new products continually. They're being exceptionally well received by our customers.

好的，我們先從第一個說起，也就是北美的新產品，包括中型卡車和重型卡車。中型卡車基於全新的平台打造，而重型卡車則搭載了全新的579和T680平台。我們在北美已經完成了這些產品的過渡。您說得對，歐洲產品的銷售量也持續成長。這對我們所有人來說都是好消息，因為我們將不斷提高新產品的產量。這些新產品受到了顧客的熱烈歡迎。

And then as far as the commentary on pricing, as we feel like because we've got the right products in the marketplace, and that they're the best products delivering thousands of dollars per truck per year in fuel economy savings that our customers will continue to want to buy those trucks from us. And so we think that the pricing model will stay intact.

至於定價方面，我們認為，由於我們在市場上擁有合適的產品，而且這些產品是市面上最好的產品，每年每輛卡車可節省數千美元的燃油成本，因此我們的客戶會繼續從我們這裡購買這些卡車。所以我們認為定價模式將保持不變。

I guess a follow-up question, if I could. Again, just given the new product introductions and just performance from your perspective, what do we need to see in the market to get your truck gross profit margin sort of back to the pre-COVID 11-ish -- 11% to 12% margin?

我想再問一個後續問題。再次強調，就新產品的推出以及您認為的業績表現而言，我們需要在市場上看到哪些跡象，才能使您的卡車毛利率恢復到新冠疫情前的水平——大約11%到12%？

I think every market stands on its own. As you would be well aware and know and we've talked about in the past, right, there have been supply challenges, and we've put a priority on making sure that we get the most trucks out for our customers that we could. So that has been the thing that we've dealt with really effectively. Great congratulations to our team and our suppliers for working through that and continuing to work through that. But our focus has been on getting the right trucks out to our customers and making the transition to the new products. And we think that looking forward, we'll see continued growth. As Harrie noted in the comments.

我認為每個市場都有其自身的特徵。如您所知，我們也曾討論過，供應方面確實存在一些挑戰，而我們的首要任務是確保盡可能為客戶提供卡車。我們在這方面做得非常出色。衷心祝賀我們的團隊和供應商克服了這些挑戰，並繼續努力應對。但我們的重點始終是確保為客戶提供合適的卡車，並順利過渡到新產品。展望未來，我們相信業務將持續成長。正如哈利在評論中提到的那樣。

We'll take our next question.

我們來回答下一個問題。

Yes. Good morning and good afternoon. This is Jerry Revich, Goldman Sachs.

是的。早安，下午好。我是高盛的傑瑞·雷維奇。

Hi. Good morning, Jerry.

你好。早安，傑瑞。

On your parts business, it's really interesting. Over the past 5 years, you folks have taken up margins by over 1 point per year. And I'm wondering as we look at the parts business over the next couple of years, as your engine field population grows, is that level of margin expansion sustainable, 2, 3, 4 years out? Can you just talk about the moving pieces there, if you don't mind?

關於你們的零件業務，真的很有意思。過去五年，你們的利潤率每年都成長超過1個百分點。我想問的是，展望未來幾年，隨著你們引擎領域用戶群的成長，這種利潤率的成長速度能否持續兩到三年甚至四年？能否請您談談其中的一些因素？

Yes. like you said, Jerry, the parts margins have improved very nicely at record levels of around 30% now. A lot of that is driven by the increasing success of the PACCAR engine. And as that population grows and the engines get older and get into more maintenance work that should be a tailwind for parts margins in the future as well.

是的，正如你所說，傑瑞，零件利潤率確實有了顯著提升，目前達到了創紀錄的30%左右。這很大程度得益於PACCAR引擎日益增長的成功。隨著PACCAR引擎保有量的成長，以及引擎老化需要更多維護保養，未來零件利潤率也將繼續走高。

I think that what Harrie said makes complete sense. And I would just add to it the opportunity of what the parts team is doing from a technology standpoint and how effective they are at capturing an increasing percentage of the market is also helpful to us in improving margins. So the systems they're employing, the technology they're employing put us at the top of the class in terms of how we support customers.

我認為哈里說的完全有道理。我還要補充一點，零件團隊在技術方面所做的工作，以及他們如何有效地擴大市場份額，也對我們提高利潤率大有裨益。他們採用的系統和技術，使我們在客戶支援方面處於行業領先地位。

Super. And then just a follow-up to Jamie's question. In terms of labor hours per unit on trucks now that you've dealt with the toughest part of the supply chain challenges, are you back on trend line levels of labor hours per unit? Or is there more efficiency gains on that normalization in the next couple of quarters for us to think about?

太好了。接下來我想補充Jamie的問題。既然你們已經克服了供應鏈中最棘手的挑戰，那麼現在卡車的單位工時是否已經恢復到正常水準了？或者說，在接下來的幾個季度裡，我們是否還有機會進一步提高效率？

I think that it's a great comment. And I think what we've seen is, again, the focus on getting trucks through to our customers, and that continues to be our focus. We are not back to our optimized efficiencies. But very (expletive) efficient, I think, from a standpoint of how we're producing the new trucks and what they're bringing. We're going to continue to make sure we build as many trucks as we can, and that's really our first priority.

我覺得這個評論很棒。而且我認為我們已經再次看到，我們始終專注於把卡車交付給客戶，這仍然是我們的工作重點。我們還沒有恢復到最佳效率，但從我們生產新卡車的方式以及它們所帶來的價值來看，我認為我們的效率已經非常高了。我們將繼續確保盡可能多地生產卡車，這才是我們真正的首要任務。

Okay. And lastly, obviously, Europe is a big region. Can you just talk about differences in order trends by your major countries? Anything that you would point out in terms of and any differences in order intake rates over the past couple of months?

好的。最後，很顯然，歐洲是一個很大的地區。您能否談談主要國家/地區的訂單趨勢差異？您能否指出過去幾個月訂單接收率的任何差異？

Maybe Harrie, you want to offer something on that?

哈里，你或許想就此發表一些看法？

Yes, sure. The -- as we noted in the press release, our market share in Europe has grown to 17.5%. A lot of those gains have come out of the, let's say, bigger markets like Germany, France and Spain, where we had opportunity to grow. And it's really, really, really exciting to see that in the first half year, those countries came through, and that has done really well in those markets. So that's been a lot of big part of the success.

是的，當然。正如我們在新聞稿中提到的，我們在歐洲的市佔率已成長至17.5%。其中大部分成長來自德國、法國和西班牙等較大的市場，我們在這些市場擁有成長機會。令人振奮的是，這些國家在上半年都取得了不錯的成績，我們在這些市場表現優異。這正是我們成功的重要原因之一。

And we'll move on to our next caller.

接下來，我們將接聽下一位來電者。

It's Steve Fisher from UBS. Curious how you're thinking about the seasonality...

我是瑞銀的史蒂夫費雪。很好奇您是如何看待季節性因素的…

Good morning.

早安.

Good morning. Curious how you're thinking about the seasonality of EPS this year because typically, Q3 would be lower than Q2 due to those European shutdowns. And then Q4 picks up again. Do you think Q2 was sort of the typical peak of EPS for the year? Or do you think there's enough pent-up production? And mix benefits and parts strength that we could see something even better than this as we get towards the end part of the year?

早安.我很好奇您如何看待今年的每股盈餘（EPS）季節性波動，因為通常情況下，由於歐洲的停工，第三季會低於第二季。然後第四季又會回升。您認為第二季是全年EPS的典型高峰嗎？還是您認為目前有足夠的產能積壓？再加上產品組合優勢和零件供應強勁，我們可能會在年底看到比現在更好的業績？

Yes. I think that we feel like the business is running really well. The teams have done a great job in the second quarter. We look forward to the third quarter. As Harrie talked about, we think truck part and other margins are going to increase in the third quarter. You noted the fewer build days in the third quarter in Europe. But all in all, I feel like the business is running quite well, and we'll do so in the third quarter as well.

是的。我認為我們感覺公司業務運作得非常好。團隊在第二季度表現出色。我們期待第三季。正如哈利所說，我們認為卡車零件和其他產品的利潤率在第三季將會提高。您提到歐洲第三季的生產天數有所減少。但總的來說，我認為公司業務運作良好，我們相信第三季也會如此。

Okay. And then looking out to 2023, how are you deciding kind of when to fully open up the order books and how far, how are you comfortable with pricing decisions at this point?

好的。那麼展望2023年，您如何決定何時全面開放訂單，以及開放到什麼程度？您目前對定價決策的接受程度如何？

So as you said and what we shared with you is we have begun to fill our orders for the first quarter of next year. some of those end up being full year contracts. We see really strong interest from the customers. And so we're having good progress in order intake. I'd say that as I think a bit more macroscopically, as we shared, right, fleet age is up 10% or 15%. Truck utilization is very high. Freight tonnage and volumes are at very high levels. We think those set up the market for a strong future for truck sales.

正如您所說，我們也已經和您分享過，我們已經開始處理明年第一季的訂單。其中一些最終會簽訂全年合約。我們看到客戶表現出非常濃厚的興趣。因此，我們在訂單接收方面進展順利。從更宏觀的角度來看，正如我們之前提到的，車隊平均車齡增加了10%到15%。卡車利用率非常高。貨運噸位和貨運量也處於非常高的水準。我們認為這些因素為卡車銷售市場未來的強勁發展奠定了基礎。

And we'll move to our next question.

接下來，我們將討論下一個問題。

This is Matt Elkott from Cowen. I think you guys -- I think the inventory only grew $10 million sequentially in the quarter, which is way less than the increases over the last 2 quarters. Is this mainly a result of a lot of your trucks waiting for parts? And do you think this whole red tag truck issue is largely behind us as the fleet footage eases and the supply chain improves?

我是來自 Cowen 的 Matt Elkott。我想說的是，你們的庫存本季環比僅增長了 1000 萬美元，遠低於過去兩個季度的增幅。這主要是因為很多卡車都在等待配件嗎？隨著車隊規模的縮小和供應鏈的改善，你們認為「紅色標籤」卡車問題是否已經基本解決？

Michael, do you want to share some thoughts on that?

邁克爾，你對此有什麼看法嗎？

Well, we did experience a reduction in the number of trucks that were offline during the quarter. So we had good sequential improvement in that. We also -- the currency weakness also had an impact on reducing our inventories, which we'll see how that goes as the year progresses. But there's that impact as well to think about.

嗯，本季我們確實減少了停駛的卡車數量，環比有所改善。此外，匯率疲軟也影響了我們的庫存削減，我們將觀察這種情況在今年後續發展中的影響。但這也是需要考慮的因素。

Okay. And then any supply chain update would be helpful.

好的。任何供應鏈的最新進展都將很有幫助。

Sure. I'd say as we mentioned, the supply chain and our team have done a fantastic job really of finding solutions and enabling us to increase our daily build rate through the last quarter. And so while we're not complete and through the supply chain limitations, we think that, that probably actually contributes to a strong truck cycle for a long period of time.

當然。正如我們之前提到的，供應鏈和我們的團隊在尋找解決方案方面做得非常出色，使我們能夠在上個季度提高每日生產效率。因此，儘管我們尚未完全克服供應鏈的限制，但我們認為，這實際上可能有助於在較長時間內保持良好的卡車運輸週期。

We'll move on to our next question.

接下來我們來看下一個問題。

It's Steve Volkmann at Jefferies.

我是傑富瑞的史蒂夫‧沃克曼。

Good morning.

早安.

Good morning, good afternoon. So just a couple of quick follow-ups, if I may. What was the currency impact on the second quarter maybe on sales?

早安，下午好。請容許我快速問幾個後續問題。匯率波動對第二季銷售額有何影響？

Yes. The impact on sales was about $270 million, negative. And the impact on net income was about $25 million compared to last year for the quarter.

是的。銷售額受到的負面影響約為2.7億美元。與去年同期相比，淨利受到的影響約為2500萬美元。

Great. And then maybe similarly, I think, Harrie, you mentioned in your comments that high used truck prices were a benefit for finco income. How much was that kind of gain on sale stuff? How much did that contribute?

太好了。還有，哈里，我想你剛才在評論裡提到，二手卡車價格高企對金融公司的收入有利。那麼，這種銷售收益具體有多少？貢獻了多少？

I don't have the number readily available, Steve, but it was a nice benefit to the results of the finance company both in the first and second quarter. And we expect the used truck market to remain strong, and the finance company also to perform very, very solid in the third quarter.

史蒂夫，我暫時沒有具體數字，但這確實對金融公司第一季和第二季的業績都起到了積極作用。我們預期二手卡車市場將保持強勁，金融公司第三季的業績也將非常穩健。

Okay. I guess where I'm going with that is, at some point, I suppose used truck prices will kind of normalize. But at the same time, you guys are doing a lot to improve your used truck marketing and so forth. And I'm just curious, maybe as we think out into '23, when and if used truck prices kind of normalize, would that be a bit of a headwind for you? Or do you think you'll be able to kind of keep this higher level of sales because of the way you're marketing on the used trucks?

好的。我想說的是，二手卡車的價格最終可能會趨於正常。但同時，你們也在大力改進二手卡車的行銷等等。我只是好奇，展望2023年，如果二手卡車的價格真的趨於正常，這會不會對你們造成一些不利影響？或者你們認為憑藉目前的二手卡車行銷策略，能夠維持較高的銷售水準？

The used truck sales facilities that we've added, Steve, will definitely benefit the finance company next year and many years thereafter. It's -- it allows us to sell more trucks at retail prices to end customers, which is good for the finance company's profitability.

史蒂夫，我們新增的二手卡車銷售設施肯定會在明年以及未來許多年使金融公司受益。它使我們能夠以零售價向終端客戶銷售更多卡車，這有利於提高金融公司的獲利能力。

We'll take our next question.

我們來回答下一個問題。

This is Dillon Cumming from Morgan Stanley. Just wanted to ask first on R&D. I know you guys took that back a bit this quarter. I was just curious if that was more reflective of your ability to actually spend the money in terms of any kind of supply chain issues or if that was a more conscious pullback on your side?

我是摩根士丹利的狄龍‧卡明。首先我想問一下研發方面的問題。我知道你們這季減少了研發投入。我只是好奇，這更反映了你們在供應鏈方面實際支出能力的不足，還是你們有意縮減研發預算？

It's not necessarily a pullback on the R&D. If you look at the second quarter, the lower R&D, I would say that the majority of that is again due to currency, a weaker euro. Our outlook for the year means that we're going to be spending R&D at record levels. So we feel very good about the money we're spending, the projects we're developing and the technologies that will be coming to customers.

這未必意味著研發投入的減少。如果你看第二季研發投入的下降，我認為這主要還是因為匯率波動，歐元走弱所致。我們對今年的展望意味著我們將投入創紀錄的研發資金。因此，我們對目前的投入、正在開發的專案以及即將交付給客戶的技術充滿信心。

Got it. Thanks, Harrie. And then maybe just one on the battery electric side. I know you guys have been planning to take up production as the year has kind of progressed. I'm just curious if you can kind of give an update around the supply chain situation on the battery side, whether or not procurement of parts sales, et cetera, has kind of improved for the year? Or is there any kind of color you can give on how that build rate path has progressed?

明白了，謝謝，哈利。另外，關於電池電動車方面，我想問一個問題。我知道你們一直在計劃隨著年初的推進逐步投產。我只是想了解電池方面的供應鏈狀況，例如零件採購、銷售等等，今年是否有所改善？或者，你們能否透露一下產能提升的進展？

You bet. I think that where we sit with that is we have 7 truck models in production now around the world that are battery electric and zero emissions product lines, which is fantastic. We've secured supply for the batteries and systems we need, battery specifically for the coming years, and we continue to work with our partners as we ramp up our production.

當然。目前，我們在全球有7款純電動零排放卡車正在生產，這非常棒。我們已經確保了未來幾年所需的電池和系統供應，特別是電池供應，並且我們將繼續與合作夥伴攜手，提高產能。

So we're seeing that growth quarter-over-quarter. And as we've shared a few times, we expect that this year will be in the hundreds of units and then over the coming years, that will have grown to the thousands of units. And we see just a steady progression there as our technology comes to market.

所以我們看到銷量逐季成長。正如我們之前多次提到的，我們預計今年的銷售量將達到數百台，未來幾年將成長到數千台。隨著我們的技術逐步推向市場，我們看到銷量將穩定成長。

We'll take our next question.

我們來回答下一個問題。

This is Mike Feniger from Bank of America. Just 2 quick questions. At your Investor Day, you flagged how we should expect order rates to be constrained over the next few months as OEMs are managing production closely. And the old rule of thumb is a $250,000 SAR is kind of like the replacement level demand for trucks. And that's kind of where orders have been if we look at the last 12 months.

我是來自美國銀行的麥克費尼格。我有兩個問題想問。在您的投資者日上，您提到由於原始設備製造商 (OEM) 正在嚴格控制產量，預計未來幾個月的訂單量將受到限制。通常來說，25萬美元的SAR（車輛估價）大致相當於卡車的替換需求水準。如果我們回顧過去12個月的數據，訂單量也大致維持在這個水準。

Do you think orders would get weaker in the next few months before they get stronger? And in that rule of thumb that replacement level demand, do you feel like that's out of date? Do you think that's maybe now higher than it was in the past?

您認為未來幾個月訂單量會先疲軟後回升嗎？至於「替換水平需求」這個經驗法則，您覺得它現在過時了嗎？您認為現在的替換水準需求是否比過去更高？

Well, first of all, I think this has been an uncommon couple of years, and I think trying to put too much math into order intake is a difficult thing to get accurate. What I would talk about is that the year sold out. There was obviously some pause for everyone in terms of strong order intake because -- everyone to see what the market was going to be and what the supply of capabilities were going to be. We now are closer to 2023. And so we're taking -- we've opened the order books more fully, and we're taking orders and demand is strong for that. I would expect to see order intake increase now for the coming time.

首先，我認為過去幾年情況特殊，很難用過多的數學方法來準確預測訂單量。我想說的是，今年的訂單已經售罄。顯然，在強勁的訂單量方面，大家都有所觀望，因為大家都在觀察市場走向和產能供應情況。現在我們距離2023年越來越近了。因此，我們更全面地開放了訂單，並且正在接受訂單，需求也很強勁。我預計未來一段時間訂單量將會增加。

Great. And I recognize that the spot market is not the entire freight market. If there are worries with spot freight rates down on a year-over-year basis, the potential impact on future trucker profitability on that. How should we view that weakness in spot? Is that not an accurate portrayal of the U.S. truck market in your view? Do you feel like it's misleading given the strength you pointed to in other data points? Just love to get PACCAR's view on how we should kind of interpret some of the weakness in the last few months on the spot freight market.

好的。我也明白現貨市場並不能代表整個貨運市場。如果現貨貨運價格年減，可能會對卡車司機未來的獲利能力產生影響，我們該如何看待現貨市場的疲軟？您認為這是否準確反映了美國卡車市場的現狀？考慮到您提到的其他數據點，您是否覺得這種說法具有誤導性？我很想了解PACCAR對過去幾個月現貨貨運市場疲軟的解讀。

Sure. Great question. I think that we probably overemphasized the significance of the spot market. It's 10% to 20% of the total market in range, and it's really the part that deals with the tips of anything. It's a good leading indicator maybe. But what I would suggest is that spot contracts are quite robust. Spot rates are down from extremely high levels. And normal contracts, truckload contracts and other are doing very well, and that rates are actually increasing that area. Combine all those factors with strong freight tonnage, and you should expect to see a good truck market for some time.

當然。問得好。我認為我們可能過度強調了現貨市場的重要性。它只佔整個市場的10%到20%，而且實際上它只影響最終結果。它或許是一個不錯的先行指標。但我認為，現貨合約相當穩健。現貨運價已從極高的水平回落。普通合約、整車運輸合約和其他類型的合約都表現良好，而且這些領域的運價實際上還在上漲。將所有這些因素與強勁的貨運量結合起來，你應該會看到卡車運輸市場在未來一段時間內保持良好勢頭。

And we'll move on to our next question.

接下來，我們將討論下一個問題。

It's Scott Group from Wolfe Research. A couple of things I just want to follow up on. It wasn't clear to me if you feel like you still need to be limiting orders for '23 and then, Harrie, you had a comment that your used truck is still really good and don't expect any impact on finco results. Are you not seeing any sort of pressure in used truck like the overall market is starting to see the last couple of months, you wouldn't expect to see any sort of sequential drop off?

我是Wolfe Research的Scott Group。有幾個問題我想跟進一下。我不確定您是否仍然認為需要限制2023年的訂單。還有，Harrie，您之前說過您的二手卡車仍然很好，並且預計不會對財務表現產生任何影響。您是否沒有看到二手卡車市場像過去幾個月整體市場一樣出現任何壓力？您預計不會出現任何環比下跌嗎？

Yes. We did see that used truck prices came down a little bit in the second quarter compared to the first quarter in North America, that is. But used truck prices are still up more than 60% compared to the same quarter last year. So that's what we call a really strong used truck market for us.

是的。我們確實看到，北美地區二手卡車價格在第二季較第一季略有下降。但與去年同期相比，二手卡車價格仍上漲超過60%。因此，我們認為這確實是一個非常強勁的二手卡車市場。

And did you have a first question, Scott?

史考特，你有什麼問題嗎？

Hi, guys. Nicole DeBlase from Deutsche Bank.

大家好，我是德意志銀行的妮可‧德布萊斯。

Hi, Nicole.

你好，妮可。

Maybe just going back to the question asked earlier on red tag inventory to kind of tie things up there. I think last quarter when we were on this earnings call, you guys said that red tag trucks were kind of in the low 3,000 range. When we talk about sequential improvement, like to what extent have they improved? Like how close are we to getting that number towards 0?

或許我們可以回到之前關於貼紅標庫存的問題，把事情總結一下。我記得上個季度財報電話會議上，你們提到貼紅標的卡車數量大概在3000輛左右。說到環比改善，具體改善了多少？我們離把這個數字降到零還有多遠？

Good question. And the number will never go to 0 because there's always trucks that are being final delivery, I would say. So I would never look for the number to be 0, but what we have seen is an improvement from the low 3000s into the high 2,000s. And so we see that sequential improvement, and we hope that, that sequential improvement will continue.

問得好。而且這個數字永遠不會降到0，因為總有貨車在進行最後的交貨。所以我並不指望這個數字會變成0，但我們看到的是，這個數字已經從3000出頭提升到了2000多。我們看到了這種持續的改善，也希望這種改善能持續下去。

Okay. Got it. That's helpful. And then we've gotten through a lot of the questions here. Talked a lot about the U.S. and Europe. But I guess what are you seeing with respect to order rates in the rest of world? Any change in the trend that you had been seeing things kind of pretty strong over the past few quarters?

好的，明白了，這很有幫助。我們已經討論了很多問題，也談了很多關於美國和歐洲的情況。那麼，您如何看待世界其他地區的訂單量呢？過去幾季以來，訂單量一直保持強勁成長，現在這種趨勢是否有所變化？

I'd share that if you look at South America, our team down there has done a really great job in South America and specifically in Brazil. We've grown market share considerably. We've had strong order intake. The trucks are performing very well for the customers. We've established ourselves as a premium brand in Brazil and feels like a great market for us. In Mexico, we're doing well also. So Europe, North America, South America, Australia is doing well, having a fantastic year there as well.

我想分享的是，就南美市場而言，我們團隊在南美，尤其是在巴西，表現非常出色。我們的市佔率大幅成長，訂單量也十分強勁。卡車的性能也深受顧客好評。我們在巴西已經建立了高端品牌的形象，感覺巴西是一個非常適合我們的市場。在墨西哥，我們的業績也相當不錯。總而言之，歐洲、北美、南美和澳洲的表現都很好，澳洲今年的表現也非常亮眼。

Thank you. And we'll go to our next question.

謝謝。我們進入下一個問題。

Hey, everybody. It's Jeff Kauffman of Vertical Research Partners. Good afternoon.

大家好，我是Vertical Research Partners的傑夫‧考夫曼。午安.

Hello, Jeff.

你好，傑夫。

A quick question on raw materials and raw material costs. Pretty inflated in the second quarter, still somewhat inflated, but steel, aluminum, almost any raw material you look at has been coming down pretty sharp over the last 4 to 6 weeks. Could you remind us kind of how long it takes for raw materials to work through inventory and become part of the P&L?

關於原料和原料成本，我有個問題想請教一下。第二季原物料價格漲幅很大，現在仍偏高，但過去4到6週，鋼鐵、鋁等幾乎所有原料的價格都大幅下降。您能否簡單介紹一下原料從庫存到最終計入損益表需要多長時間？

And I guess, kind of the costs you're running through your P&L, when were those raw materials acquired? And what we're seeing now in terms of the change in the markets? Is that something that's going to be more of an early '23 change in cost of goods sold? Is it probably a little later this year? I just love a little insight on that.

我想問的是，你們損益表上列出的那些成本，例如原料是什麼時候購買的？我們現在看到的市場變化是什麼？這些變化會更早反映在2023年初的銷售成本中嗎？還是會在今年稍後？我很想了解這方面的資訊。

Well, we don't really break the model out that way to think about it in terms of sequential timing of that. It obviously depends on which materials and the trucks. You bring up the comment of which is we have seen in the last several weeks. Some softening in materials prices, but from very, very high levels. And so we continue to include that in our conversations with customers as we price the trucks.

嗯，我們其實不會那樣細分模型，也不會從順序時間的角度來考慮。這顯然取決於具體材料和卡車。您剛才提到了過去幾週我們已經看到的現象：材料價格有所回落，但先前的價格水平非常高。因此，我們在與客戶溝通卡車定價時，會繼續把這一點考慮在內。

It's one of the elements that goes into the cost of a truck like labor is and efficiency is and the new truck models are. So there's many elements that go into the pricing for trucks.

卡車的成本構成要素之一，就像人工成本、效率和新卡車一樣。所以，影響卡車定價的因素很多。

So I should think about it as the pricing will follow the cost?

所以，我該這樣想嗎？價格會隨著成本而改變？

That's a good general rule, Jeff. we agree.

傑夫，這是一個很好的通用原則，我們同意。

In general. Wonderful. That's my question.

總的來說，很棒。這就是我的問題。

And we'll move to our next question.

接下來，我們將討論下一個問題。

This is Tami Zakaria from JPMorgan. I have a couple of quick ones. So my first question is, is there any risk to production in the third or fourth quarter given what we're hearing about a potential gas shortage in Europe, are you preparing for any disruption should there be any?

我是摩根大通的塔米‧扎卡利亞。我有幾個問題想問。第一個問題是，鑑於我們聽到的關於歐洲可能出現天然氣短缺的消息，第三季或第四季的生產是否有風險？如果出現任何中斷，你們是否正在為此做準備？

Well, on that topic, Tami, I would say that those conversations are always ongoing. What we've seen in the last 5 months since the Ukraine conflict started is that the countries have done a great job of continuing to have supply. PACCAR has done very well in that time frame, and we think that we'll continue to do well as we look forward.

關於這個主題，塔米，我想說，這些討論一直在進行中。自烏克蘭衝突爆發以來的五個月裡，我們看到各國在保障物資供應上做得非常好。帕卡公司在這段時間內表現也非常好，我們相信未來也會繼續保持良好的發展動能。

Got it, super helpful. And so this is -- my second question is more of a macro question. So I think Preston, you just mentioned contract freight market is actually increasing. But what we are hearing from retailers is that there is an inventory overhang and slowing consumer demand. So what do you think is really driving the contract freight market that it's going up now?

明白了，非常有用。那麼，我的第二個問題更偏向宏觀層面。普雷斯頓，你剛才提到合約貨運市場實際上正在成長。但我們從零售商那裡了解到的情況是，庫存過剩，消費者需求放緩。那麼，你認為真正推動合約貨運市場成長的因素是什麼呢？

I think that the most fundamental thing is the economy is very large and at a very large level and is probably going to continue to be. So I think that anything that 75% of what is delivered in this country is done through trucks, and ours are the most desirable trucks. So I kind of expect that as the car market is strong, as housing is strong, as consumer goods even if it moderates is at high levels. Then there's a lot of freight that's going to need to be held, and so that creates a strong market dynamic for us.

我認為最根本的一點是，美國經濟規模龐大，而且很可能還會繼續維持這種規模。我認為，在這個國家，75%的貨物運輸都是透過卡車完成的，而我們的卡車是最受歡迎的。因此，我預計，隨著汽車市場和房地產市場的強勁表現，即使消費品需求有所放緩，但仍處於高位，那麼就會有大量的貨物需要儲存，這將為我們創造強勁的市場動力。

We'll take our next question. (Operator Instructions)

接下來我們回答下一個問題。 （操作說明）

Sorry. Tim Thein here from Citi. Sorry about the clunky exchange. Preston, the first question I had was just with respect to the -- from a truck perspective, the margins, and we talked a lot about price versus material cost. But is there a way to quantify what sort of impact you've experienced just from the standpoint of -- from factory efficiency or, I guess, in this case, inefficiencies over the last several quarters from more of a stop start and/or a slower-than-normal build rate? Is there a way to kind of quantify what that drag has been? And then presumably, that becomes more of a tailwind in '23?

抱歉。我是花旗銀行的提姆泰恩。很抱歉剛才的交流有些不順暢。普雷斯頓，我的第一個問題是關於卡車業務的利潤率，我們之前也討論了很多關於價格和材料成本的問題。但是，有沒有辦法量化過去幾個季度工廠效率（或更準確地說，是生產效率低下，例如斷斷續續的生產和/或低於正常水平的生產速度）所受到的影響？有沒有辦法量化這種拖累​​的影響？然後，想必到了2023年，這種情況會有所改善吧？

Well, I think no, there's not really an easy way to do that or a necessary way to do that. I think what we look at is the improvement in margins that we've realized year-over-year and sequentially and the continued improvement in margin that we're forecasting out into the future and think that, that kind of takes the whole macro picture of pricing, cost and efficiency into play and shows you that we see things going in the right direction.

嗯，我認為沒有簡單的方法，也沒有必要的方法。我們關注的是利潤率的年比和環比成長，以及我們對未來利潤率持續成長的預測。我們認為，這能全面反映定價、成本和效率等宏觀因素，並表明我們正朝著正確的方向發展。

All right. And then back to the comment on foreign exchange. If we just used where the dollar settled at the start of the quarter, is there a way maybe Michael can help just a ballpark figure. I know there's multiple cross currency impacts, but just dollar, euro or what we should think about from a standpoint of second half headwind either top end or bottom line, just if the dollar stayed at current levels?

好的。回到外匯問題。如果我們只用美元在本季初的收盤價，Michael 能否幫忙估算一下大概數字？我知道會有多種貨幣交叉影響，但如果只考慮美元、歐元，或者從下半年業績受不利因素（無論是上半年還是下半年）的角度來看，如果美元維持在當前水平，我們應該考慮哪些因素？

Yes. I mean I think what happened in Q2 is probably -- it would be a similar effect to what you see in Q3 and Q4. Kind of last year's currency was already dropping in Q3 and Q4 last year. So there's multiple crosscurrents there. But directionally, it would be similar probably to Q2.

是的。我的意思是，我認為第二季的情況可能與第三季和第四季的情況類似。去年同期，貨幣匯率在第三季和第四季就已經開始下跌了。所以，這裡面有很多因素交織在一起。但從趨勢來看，可能與第二季類似。

We'll take our next question.

我們來回答下一個問題。

This is John Joyner with the Bank of Montreal.

這位是蒙特利爾銀行的約翰·喬伊納。

Hello.

你好。

So -- and maybe you touched on this already. But you've done an excellent job of controlling, I guess, equipment-related SG&A dollars, particularly in light of the strong sales. So I guess, what has been driving your success here?

所以——也許您之前已經提到過這一點。但我想說的是，您在控制設備相關的銷售、管理及行政費用方面做得非常出色，尤其是在銷售強勁的情況下。那麼，我想問的是，是什麼促成了您在這方面的成功？

Well, you have to give all the credit in the world of the entire team at PACCAR. And we have a focus on excellence and a focus on efficiency and operating well, and they have delivered fantastic performance in that area.

這一切都要歸功於帕卡集團的整個團隊。我們一直致力於追求卓越、提高效率和優化運營，而他們在這些方面都取得了非常出色的成績。

Okay. And then maybe just one more on the -- on your outlook kind of maybe if you can talk about beyond this year or at least give some at least directionally in terms of capital expenditures? I mean, do you kind of anticipate those picking up or staying at similar levels or maybe even declining from here? I mean, I would assume that you would be continually investing back into the businesses and particularly with new technologies and such. But if you can give any color there, that would be helpful.

好的。那麼，關於您對未來展望的最後一個問題，您能否談談今年以後的情況，或者至少就資本支出方面給出一些方向性建議？我的意思是，您預計這些支出會增加、維持在類似水平，還是會從目前水平下降？我的意思是，我假設您會持續投資於業務，尤其是在新技術等方面。如果您能提供一些具體信息，那就太好了。

Sure. We've -- obviously, last year and through the start of this year, we've been introducing new products. At the same time, we're working on some really exciting new technology projects in both the battery electric space, hydrogen fuel cell space, connected vehicle space and autonomous space. So we see that we have a great future set of product portfolios that we're working on that will deliver continued great results for the future.

當然。很顯然，去年以及今年年初，我們一直在推出新產品。同時，我們也在電池電動車、氫燃料電池、智慧網聯汽車和自動駕駛領域開展一些令人振奮的新技術項目。因此，我們看到，我們正在研發的一系列極具潛力的產品組合將在未來持續帶來豐碩成果。

We'll take our next question.

我們來回答下一個問題。

This is Felix Boeschen from Raymond James.

這是來自 Raymond James 的 Felix Boeschen。

Hi, Felix.

你好，菲利克斯。

I just have one question. I guess 2 parts, but you mentioned earlier in the call that the new model transition in North America is largely complete. I'm curious if you could talk about the uptake on the PACCAR transmission for the medium-duty lineup? Maybe what percent of builds have them? And then similarly, if you could update us on what percent of your heavy-duty builds in North America now carrying MX engine. That's really it for me.

我只有一個問題。我想可以分為兩部分，您在先前的通話中提到，北美地區的新車型過渡工作已基本完成。我想了解一下PACCAR變速箱在中型卡車產品線中的應用情況，例如，有多少比例的車輛配備了這種變速箱？同樣地，能否告知一下目前北美地區有多少比例的重型卡車搭載了MX引擎？我的問題就這些了。

Sure thing. As we think about it, we have been able to grow over the years, our proprietary Powertrain, that continues to grow. Our MX engine performance or percentages in the U.S. is now right around 40%. And the low 40% is what we'd expect to see through the year. And the transmission that we introduced in the medium duty, the automated PACCAR transmission is doing a great job. I don't have the numbers in front of me in terms of percentages but it is definitely growing.

當然。仔細想想，這些年來我們一直在發展壯大，我們自主研發的動力總成也持續成長。目前，我們MX引擎在美國的市佔率約為40%。我們預計今年全年市佔率將維持在40%左右。此外，我們在中型卡車上推出的PACCAR自動變速箱也表現出色。我手頭上沒有具體的百分比數據，但它的市佔率肯定在成長。

We'll move on to our next caller.

接下來我們接聽下一位來電者。

David Raso from Evercore ISI. I was curious with the new models and assume the majority of Europe in this new model, what is the margin differential with the new models out in the U.S., Canada versus your European business?

來自 Evercore ISI 的 David Raso：我對新模型很好奇，假設歐洲大部分地區都採用了這個新模型，那麼與美國、加拿大和歐洲市場的新模型相比，利潤率有何差異？

David, we don't break that out. We think that what we've been able to do is transition the DAF, Kenworth and Peterbilt brands to these new models, and we definitely see that as an advantage for our customers. As we said, each of those -- each truck can save them several thousand dollars per year in operating costs. And then of course, as we mentioned, that's really good for the company. but we haven't differentiated those margins.

大衛，我們沒有單獨列出這些。我們認為我們已經成功地將DAF、肯沃斯和彼得比爾特品牌過渡到這些新車型，我們當然認為這對我們的客戶來說是一個優勢。正如我們所說，每輛卡車每年都能為他們節省數千美元的營運成本。當然，正如我們所提到的，這對公司來說也確實有利。但我們沒有區分這些利潤率。

Could you at least answer has the gap changed with the new models?

您能否至少回答一下，新車型是否改變了這種差距？

Well, I mean I think, yes, it has, right? We've seen improved margin from them because they're delivering benefit to our customers. And so it's a win-win situation.

嗯，我的意思是，我認為確實如此，對吧？我們看到利潤率提高了，因為它們為我們的客戶帶來了好處。所以這是一個雙贏的局面。

I meant the gap between U.S., Canada and Europe, has it changed with the new models out?

我指的是美國、加拿大和歐洲之間的差距，隨著新車型的推出，這種差距是否有所改變？

I think there's several factors that go into that and one of those is market strengths, and we have seen increasingly strong markets in Europe. So that's to an advantage. And then the new trucks are definitely performing really well. So I would -- directionally, the margin question of Europe improving yes, great margins in Europe.

我認為這其中有幾個因素，其中之一是市場實力，而我們看到歐洲市場越來越強勁。這對我們有利。此外，新款卡車的表現也確實非常出色。所以，從趨勢來看，歐洲的利潤率確實在提高，而且利潤率非常高。

(Operator Instructions) we'll take our next question.

（操作說明）我們來回答下一個問題。

It's Scott Group from Wolfe again. I don't know what happened. Can you guys hear me now?

又是沃爾夫的斯科特集團。我不知道發生了什麼事。你們現在聽得到我說話嗎？

We sure can.

當然可以。

Okay. Great. So I had -- one of my follow-ups was just it wasn't clear to me if you guys are still in a place where you need to be limiting orders for '23.

好的。太好了。我有一個後續問題，就是我不確定你們是否仍然需要限制 2023 年的訂單。

No, I wouldn't think of us as being limiting orders for 2023. I think that there's a normal cadence to how fleets buy and how the market goes. So it's really just the start of that season. And that's what you're kind of seeing as an uptick in order intake as we move through the calendar year.

不，我不認為我們會限制2023年的訂單。我認為船隊的採購和市場走勢都有其正常的節奏。所以現在其實只是旺季的開始。隨著時間的推移，訂單量逐漸增加，這正是我們所看到的現象。

Okay. And then I just want to ask a bigger picture question. So you guys are talking about gross margins of 14.5% to 15%. We haven't been above 15% since 2016. So as you think about price and cost and units and just your crystal ball, does third quarter feel like it's about as good as it gets from a gross margin standpoint? Or would you think you could build on that into next year?

好的。接下來我想問一個更宏觀的問題。你們說毛利率在14.5%到15%之間。我們自2016年以來就沒超過15%。所以，考慮到價格、成本、銷售以及你們的預測，從毛利率的角度來看，第三季是否已經達到最佳水準了？或者你們認為明年還能在此基礎上繼續提升？

I would say that we've had a fantastic team of people working really hard around the business to deliver the great results that we -- as we shared. We think that the third quarter looks fantastic as well. And we think that there's a great business going forward.

我想說，我們擁有一支非常優秀的團隊，他們在業務的各個方面都付出了巨大的努力，才取得了我們之前分享的優異成績。我們認為第三季的業績也非常出色。我們相信，公司未來的發展前景一片光明。

Okay. And then if I can, just one last just follow-up with that. So the last time you guys were at high 14% kind of gross margins, op margins for truck were right around 11%. Next time you get back to a high teens -- sorry, a high 14%, 15% gross margin. Do you think that the operating margins, the EBIT margins should be better, worst, similar with that 11% that you had last time?

好的。如果可以的話，我再問最後一個問題。上次你們的毛利率在14%左右，卡車的營業利潤率約在11%左右。下次如果你們的毛利率能回到14%到15%的高位，你們認為營業利潤率（EBIT利潤率）會比上次的11%更好、更差，還是差不多？

Yes. I think like Preston said, we will continue to deliver good margins. I think the outlook for the company is excellent. Demand is strong. The new products are doing well. We're in an excellent position to deliver very, very good margins for the next quarter and going forward.

是的。我覺得就像普雷斯頓說的那樣，我們會繼續保持良好的利潤率。我認為公司前景非常樂觀。市場需求強勁，新產品銷售狀況良好。我們完全有能力在下一季以及未來幾個月內實現非常可觀的利潤率。

There are no further questions. I'll turn it back to our presenters for any additional or closing comments.

沒有其他問題了。我將把時間交還給各位發言人，請他們補充或作總結發言。

We'd like to thank everyone for joining the call, and thank you, operator.

感謝各位參與通話，也謝謝接線生。

Thank you. Ladies and gentlemen, this concludes PACCAR's earnings call. Thank you for participating. You may now disconnect.

謝謝。女士們、先生們，PACCAR的財報電話會議到此結束。感謝各位的參與。您可以斷開連線了。