帕卡 (PCAR) 2021 Q4 法說會逐字稿

Good morning, and welcome to PACCAR's Fourth Quarter 2021 Earnings Conference Call. (Operator Instructions)

早安，歡迎參加帕卡公司2021財年第四季財報電話會議。 （操作說明）

Today's call is being recorded. (Operator Instructions)

本次通話正在錄音。 （操作員指示）

I would now like to introduce Mr. Ken Hastings, PACCAR's Director of Investor Relations. Mr. Hastings, please go ahead.

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 press 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，我們懇請所有參與的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 of 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 a very good fourth quarter and full year 2021 results as well as other business highlights. First, I really appreciate our outstanding PACCAR employees. They deliver the highest quality trucks and transportation solutions to our customers and focus on the safety and health of each other. They are truly an impressive team.

早安.我和哈里·希珀斯、邁克爾·巴克利將向大家報告我們非常出色的2021年第四季和全年業績，以及其他業務亮點。首先，我衷心感謝我們傑出的帕卡員工。他們為客戶提供最優質的卡車和運輸解決方案，並始終關注彼此的安全和健康。他們真是一支令人印象深刻的團隊。

In 2021, PACCAR achieved annual revenues of $23.5 billion and very good net income of $1.85 billion. PACCAR's financial performance benefited from record results in our Parts and Financial Services divisions. PACCAR has achieved 83 consecutive years of net income and has paid a dividend every year since 1941.

2021年，PACCAR實現年營收235億美元，淨利達18.5億美元，業績表現優異。 PACCAR的財務表現得益於零件和金融服務部門的創紀錄業績。 PACCAR已連續83年實現淨利潤，並自1941年以來每年都會派發股息。

In 2021, PACCAR occurred dividends of $2.84 a share. PACCAR's fourth quarter revenues were $6.7 billion, and fourth quarter net income increased from the prior year by 26% to $511 million. PACCAR Parts achieved record fourth quarter revenues of $1.3 billion and record pretax profits of $306 million, which was a 38% increase compared to the same period last year.

2021年，PACCAR派發了每股2.84美元的股利。 PACCAR第四季營收為67億美元，淨利年增26%至5.11億美元。 PACCAR零件業務第四季營收創歷史新高，達13億美元，稅前利潤也創歷史新高，達3.06億美元，較去年同期成長38%。

PACCAR delivered 47,600 trucks during the fourth quarter, 45% higher than the third quarter. This included delivering 7,000 trucks that were awaiting components. In the first quarter of 2022, deliveries are forecast to be in the range of 41,000 to 45,000, a number that is limited by the global supply of semiconductors.

帕卡公司第四季交付了47,600輛卡車，比第三季成長了45%。這其中包括交付了7,000輛等待零件的卡車。預計2022年第一季的交付量將在41,000至45,000輛之間，但這一數字將受到全球半導體供應的限制。

In 2021, U.S. and Canadian Class 8 truck retail sales were 250,000 units. In 2022, the U.S. economy and industrial production are projected to expand by about 4%. The 2022 U.S. and Canadian Class 8 truck market deliveries are forecast to increase to a range of 250,000 to 290,000 vehicles as the global supply chain gradually improves throughout the year. European above 16-tonne truck registrations were 278,000 units in 2021. In 2022, the European economies are projected to continue growing, and we expect the above 16-tonne truck registrations to be in a range of 260,000 to 300,000 trucks.

2021年，美國和加拿大8級卡車零售銷售量為25萬輛。預計2022年美國經濟和工業生產將成長約4%。隨著全球供應鏈在年內逐步改善，預計2022年美國及加拿大8級卡車市場交付量將增加至25萬至29萬輛。 2021年，歐洲16噸以上卡車註冊量為27.8萬輛。預計2022年歐洲經濟將持續成長，我們預計16噸以上卡車註冊量將達到26萬至30萬輛。

In 2021, the South American above 16-tonne truck industry registrations were 127,000, and in 2022, the South American market is expected to be in the range of 125,000 to 135,000. The growing global economies, robust freight activity and strong customer demand for DAF, Peterbilt and Kenworth trucks has resulted in a substantial order backlog in all markets.

2021年，南美洲16噸以上卡車產業的註冊量為12.7萬輛，預計2022年南美市場將在12.5萬輛至13.5萬輛之間。全球經濟的成長、強勁的貨運活動以及客戶對DAF、Peterbilt和Kenworth卡車的旺盛需求，導致所有市場都出現了大量的訂單積壓。

Truck and parts gross margins were 11.4% in the fourth quarter, reflecting higher labor and materials costs associated with the completion of off-line trucks and the resulting increased mix of trucks versus parts. We estimate first quarter truck and parts gross margins to increase and be in the range of 13% to 13.5% as we ramp up production of our new products and realize production efficiencies.

第四季卡車及零件的毛利率為11.4%，反映出離線卡車完工帶來的人工和材料成本上升，以及由此導致的卡車與零件佔比增加。我們預計，隨著新產品產量的提升和生產效率的提高，第一季卡車及零件的毛利率將有所增長，達到13%至13.5%的區間。

In 2021, PACCAR introduced exciting, new heavy and medium-duty Kenworth, Peterbilt and DAF trucks, which are proving to be very successful in the market. PACCAR also delivered many important technology and innovation milestones such as a strategic partnership to develop and sell autonomous trucks, production of zero-emissions vehicles, and we launched PACCAR's proprietary global connected service offerings.

2021年，PACCAR推出了令人振奮的全新重型和中型肯沃斯（Kenworth）、彼得比爾特（Peterbilt）和達夫（DAF）卡車，這些卡車在市場上取得了巨大成功。 PACCAR在技術和創新方面也取得了多項重要里程碑式的成就，例如與合作夥伴建立策略夥伴關係，共同開發和銷售自動駕駛卡車；生產零排放車輛；以及推出PACCAR自主研發的全球互聯服務。

The new DAF lineup launched in 2021 earned the prestigious International Truck of the Year Award and the innovative DAF XF hydrogen internal combustion technology vehicle won the Truck Innovation Award. Kenworth and Peterbilt each -- Kenworth and Peterbilt earned 5 manufacturing leadership awards from the National Association of Manufacturers, and DAF Brazil was awarded the Truck Brand of the Year for the fourth time.

2021年推出的全新DAF系列卡車榮獲久負盛名的“國際年度卡車獎”，而採用創新氫燃料電池內燃技術的DAF XF卡車則斬獲“卡車創新獎”。肯沃斯和彼得比爾特分別榮獲美國全國製造商協會頒發的5項“製造領導獎”，DAF巴西公司第四次榮獲“年度卡車品牌獎”。

Last year, PACCAR was again recognized as a global leader in environmental practices by the reporting firm, CDP. PACCAR achieved an Elite A rating, which places the company in the top 200 of over 13,000 reporting companies. In 2021, PACCAR was recognized as a Top Place For Women To Work by The Women In Trucking organization for the fourth consecutive year.

去年，PACCAR再次被環境報告機構CDP評為全球環境實踐領域的領導者。 PACCAR獲得了精英A級評級，躋身13,000多家報告公司中的前200強。 2021年，PACCAR連續第四年被「女性卡車運輸協會」（Women In Trucking）評為「女性最佳工作場所」。

The truck market is strong, and demand is high for PACCAR's excellent new trucks and transportation solutions. We look forward to 2022 being a very good year. Harrie Schippers will now provide an update on PACCAR Parts, PACCAR Financial Services and other business highlights. Harrie?

卡車市場強勁，市場對PACCAR卓越的新型卡車和運輸解決方案需求旺盛。我們期待2022年將是碩果累累的一年。接下來，Harrie Schippers將介紹PACCAR零件、PACCAR金融服務及其他業務亮點。 Harrie，您好！

Thank you, Preston. In 2021, PACCAR Parts had new quarterly and annual records for revenues and profits. Annual revenues were $4.9 billion, and annual pretax profit increased by 38% to $1.1 billion. This is an outstanding performance by the Global Parts team, and it really highlights the fact that PACCAR Parts is a high-margin growth business.

謝謝你，普雷斯頓。 2021年，PACCAR零件業務的季度和年度營收及利潤均創下新紀錄。年度營收達49億美元，稅前利潤成長38%，達11億美元。這充分體現了全球零件團隊的卓越表現，也充分證明了PACCAR零件業務的高利潤率和高成長潛力。

PACCAR Parts has expanded its global network to 18 distribution centers, and we'll open another facility in Louisville, Kentucky later this year. We estimate parts sales to grow by over 10% in the first quarter of this year compared to the same quarter last year as we continue to see strong demand for parts worldwide and especially for our outstanding e-commerce business.

PACCAR Parts已將其全球配送網路擴展至18個配送中心，並將於今年稍後在肯塔基州路易斯維爾開設另一家配送中心。我們預計，今年第一季零件銷售額將比去年同期成長超過10%，這主要得益於全球對零件的強勁需求，尤其是我們卓越的電子商務業務。

PACCAR Financial Services fourth quarter pretax finance income increased to a record $135 million. Annual revenues grew to $1.7 billion in 2021. And annual pretax income increased to $438 million, nearly double the profit earned in 2020. Portfolio assets were $15.4 billion. The portfolio continues to perform well with very low past dues and low credit losses. PACCAR Financial benefited from strong used truck pricing in 2021.

PACCAR金融服務公司第四季稅前財務收入創下1.35億美元的歷史新高。 2021年全年營收成長至17億美元。年度稅前利潤增至4.38億美元，幾乎是2020年利潤的兩倍。投資組合資產規模達154億美元。此投資組合持續表現良好，逾期率和信貸損失均極低。 PACCAR金融受益於2021年強勁的二手卡車價格。

PACCAR Financial increased the sales volume in its retail used truck centers, which has contributed to higher used truck price realization. PACCAR Financial has 12 used truck facilities worldwide, and in 2022, we'll open another used truck center in Madrid, Spain. We expect PACCAR Financial's strong performance to continue this year.

PACCAR Financial 旗下二手卡車零售中心銷售成長，帶動了二手卡車售價的上漲。 PACCAR Financial 在全球擁有 12 家二手卡車銷售中心，並計劃於 2022 年在西班牙馬德里開設另一家二手卡車銷售中心。我們預計 PACCAR Financial 今年的強勁業績將得以延續。

In 2021, PACCAR invested $512 million in capital projects and $324 million in R&D as we launched the largest number of new truck models in our history. In 2022, we're planning capital investments in the range of $425 million to $475 million. And R&D expenses will increase and be in the range of $350 million to $400 million as we accelerate our investments in clean combustion, zero emissions, autonomy and connected vehicle programs.

2021年，PACCAR在資本項目上投資5.12億美元，研發投入3.24億美元，並推出了公司史上數量最多的新卡車車型。 2022年，我們計劃在資本項目上投入4.25億至4.75億美元。同時，隨著我們在清潔燃燒、零排放、自動駕駛和智慧網聯汽車專案上的投資加速推進，研發支出也將增加至3.5億至4億美元。

PACCAR's independent Kenworth, Peterbilt and DAF dealers continue to invest in their businesses to provide our customers the highest level of service in the industry. These investments make a significant contribution to PACCAR's long-term success and support the growth of PACCAR Parts and PACCAR Financial Services. PACCAR had an excellent year in 2021 and we're enthusiastic about the future. Thank you. We'd be pleased to answer your questions.

PACCAR旗下獨立的Kenworth、Peterbilt和DAF經銷商持續投資於自身業務，致力於為客戶提供業界最高水準的服務。這些投資對PACCAR的長期成功做出了重大貢獻，並支持了PACCAR零件業務和PACCAR金融服務業務的成長。 PACCAR在2021年取得了卓越的業績，我們對未來充滿信心。謝謝。我們很樂意回答您的問題。

(Operator Instructions) Your first question will come from Chad Dillard with Bernstein.

（操作說明）您的第一個問題將來自伯恩斯坦公司的查德·迪拉德。

So I was wondering if you could talk about just your gross margins in the quarter, which seemed a little bit light just given the revenue that you did? And just how should we think about the breakdown between the absorption versus the price/cost mix? And then as we kind of think through the evolution from 1Q, like what's the trajectory from here for the year?

所以我想請你談談本季的毛利率，考慮到你們的營收，這個毛利率似乎有點低。我們該如何看待吸收成本和價格/成本組成之間的關係？此外，回顧第一季以來的發展趨勢，我們能否展望一下今年的發展軌跡？

Sure. Happy to do that. So if you think about the fourth quarter, our teams did a fantastic job of identifying the chips they needed through engineering efforts, through finding broker parts, through partnering with our suppliers to come up with what they need to deliver the off-line trucks. And so they did deliver the higher volume of trucks. Those trucks have been absorbed in the third quarter.

當然可以，我很樂意效勞。回顧第四季度，我們的團隊做得非常出色，他們透過工程研發、尋找第三方零件以及與供應商合作，最終確定了他們所需的晶片，以滿足離線卡車的交付需求。因此，他們確實交付了更多卡車。這些卡車在第三季已經全部交付完畢。

And so just a huge shoutout to everybody that was part of that effort. I would say, looking forward, we see improvement in production steadiness. It's not completely solved, but our teams have done a good job of creating a more steady production outlook for us. And so we're getting the production efficiencies associated and hence, we show you 13% to 13.5% in Q1. And then I guess I'd add to that and say that if we see that the market continues to gradually improve, we should see improvement from there.

所以，我要衷心感謝所有參與這項工作的人。展望未來，我們看到生產穩定性有所改善。雖然問題尚未完全解決，但我們的團隊已經為公司創造了更穩定的生產前景。因此，我們正在獲得相應的生產效率提升，所以第一季我們實現了 13% 到 13.5% 的成長。此外，如果市場持續逐步好轉，我們預期業績會進一步提升。

Got it. That's super helpful. And then can you talk about your backlog market share versus retail sales market share? Are you seeing any gains from new product intros or anything like that?

明白了，這很有幫助。那麼，您能談談您的積壓訂單市佔率與零售銷售市佔率之間的關係嗎？您是否從新產品推出或其他類似活動中獲得了任何收益？

If I think what's happening with our backlog right now is the new trucks we launched in 2021 are just ramping up and especially in Europe, which was launched in kind of the October time frame. And customers in North America for the new medium-duty level, for the new Kenworth and Peterbilt, are just enjoying the benefits of the 7% improvement in fuel economy.

如果我認為我們目前的訂單積壓情況是這樣的：我們在2021年推出的新款卡車正在逐步交付，尤其是在歐洲，這些卡車大約在10月上市。而在北美，購買新款中型卡車（例如新款肯沃斯和彼得比爾特）的客戶也正在享受燃油經濟性提升7%的好處。

In Europe, you have the 10% improvement in fuel economy and the fact that the new European truck, the XFXGXG+, those are the only trucks in the market that meet the new mass and dimensions regulations. So we have a great advantage there for those trucks, and they're performing really well. That's leading to a strong backlog for us. So we have about 6 months plus of backlog, and that's kind of measured by what we can build. So as we get more parts and availability, we'll probably be able to take some additional orders and build more, but really strong backlog right now.

在歐洲，燃油經濟性提高了10%，而新款歐洲卡車XFXGXG+是市場上唯一符合最新品質和尺寸規定的卡車。因此，這些卡車在這方面具有巨大優勢，而且它們的性能也非常出色。這導致我們積壓了大量訂單。目前我們的積壓訂單大約可以維持6個月以上，主要取決於我們的產能。隨著零件供應的增加，我們或許能夠承接更多訂單並提高產量，但目前積壓訂單確實非常多。

Your next question will come from Jamie Cook with Credit Suisse.

下一個問題將來自瑞士信貸的傑米庫克。

Congrats on a nice quarter.

恭喜你本季業績出色。

Thanks, Jamie.

謝謝你，傑米。

First -- just digging in first on -- I know you talked about margins for the first quarter and for the year. X'ing out benefits from the new products, how do we think about sort of what your assumptions are for price cost for the year, given some of the list increases out there? Do we think we can be neutral? I guess that's my first question.

首先——我先直接問一個問題——我知道您談到了第一季和全年的利潤率。撇開新產品帶來的收益不談，考慮到一些產品的價格上漲，我們該如何看待您對全年價格成本的假設？我們能否保持中立？我想這是我的第一個問題。

Yes, we do. I mean we've gotten a little bit more stability than we had last year. And so I think we expect to have price/cost realization as we go through the year.

是的，確實如此。我的意思是，我們今年的情況比去年穩定了一些。所以我認為，隨著時間的推移，我們預計價格/成本會逐步實現。

Okay. That's helpful. And then I guess my second question, just your sort of view on the cycle with the supply chain potentially easing. How are you thinking about sort of 2023 and what it could mean with the 2024 carbon-emission standards? Do you think the production forecasts out there are correct? And how are you thinking about the incremental cost on the truck?

好的，這很有幫助。那麼我的第二個問題，是關於您對供應鏈可能放鬆的周期性變化有何看法？您如何看待2023年以及2024年碳排放標準可能帶來的影響？您認為目前的產量預測準確嗎？您如何看待卡車成本的增加？

I think the first thing to start with is our customers are doing really well. There's a lot of freight to be hauled out in the market. That doesn't seem like that's a short-term thing. That's a long-term demand thing. So I would expect that to continue, obviously, subject to any interruptions. But if that continues well, then I would expect 2022, 2023, beyond should be good. I mean if you think about 2024, while it's an emissions change, that emissions change brings fuel economy, which should be good for our customers as well. So it looks like we're in the beginning of a good steady, strong market.

首先，我認為我們的客戶目前經營狀況非常好。市場上有大量的貨運需求。這似乎並非短期現象，而是長期需求。因此，我預期這種情況會持續下去，當然，前提是不會受到任何干擾。但如果這種好勢頭持續下去，那麼我預計2022年、2023年以及未來幾年都會不錯。我的意思是，展望2024年，雖然排放標準有所變化，但這項變化也帶來了燃油經濟性的提升，這對我們的客戶來說也是一件好事。所以，看起來我們正處於一個良好、穩定且強勁的市場開端。

Your next question is from Stephen Volkmann with Jefferies.

下一個問題來自傑富瑞集團的史蒂芬‧沃克曼。

I just want to ask Jamie's question just slightly differently. I know given the backlogs that you guys have, and everyone across the industry, I guess, I might have thought that price cost could be positive this year, given the demand drivers. Would you disagree with that? Or is there some other offset?

我想稍微換個方式問一下Jamie的問題。我知道鑑於你們以及整個行業目前的訂單積壓情況，考慮到需求驅動因素，我原本以為今年的價格成本可能會是正值。您不同意我的看法嗎？或者有其他因素可以抵消這種影響？

No, I completely agree with you. I think that price cost should be positive for the year.

不，我完全同意你的看法。我認為今年的價格成本應該是正值。

Got it. Okay. Maybe I misunderstood that answer. And can you also update us maybe a little bit, Preston, you mentioned the big new product -- or maybe Harrie did, the big new product rollout that you guys have this year. And I know you guys always sort of target margin expansion when you do these big model changeovers. And so I guess, as you're rolling through that process, any updates on how you're thinking about the impact that that new model rollout will have on margins?

明白了。好的。也許我誤解了你的回答。普雷斯頓，你能否再給我們更新一下狀況？你提到了你們今年即將推出的大型新產品——或許是哈利提到的。我知道你們在進行這些大型車款換代時，總是會著重提升利潤率。所以我想，在你們推動新產品上市的過程中，能否談談你們是如何看待新產品上市對利潤率的影響的？

The new DAF, Steve, has been extremely well received in the market by customers, dealers, the press, everybody, the fuel economy improvement, the ride and drive of the vehicle, the performance, the technology. And I think Preston said it, it's the first and only truck in the market right now that makes use of those new masses and dimensions regulations in Europe. So it really puts DAF in a class of its own. And it's a premium class. So yes, that's going to be very good for our market share growth, margin, everything. And customers benefit from it most.

史蒂夫，新款DAF卡車在市場上廣受好評，客戶、經銷商、媒體，所有人都對它的燃油經濟性提升、駕乘體驗、性能和技術讚不絕口。我想普雷斯頓也說過，它是目前市場上第一款也是唯一一款符合歐洲最新品質和尺寸規定的卡車。這讓DAF真正獨樹一幟，躋身高端行列。所以，這對我們提升市場佔有率、利潤率以及各方面都將大有裨益。而最終受益的，正是客戶。

Your next question will come from Tami Zakaria with JPMorgan.

下一個問題將來自摩根大通的塔米·扎卡里亞。

I have a couple of quick ones. So the first question I have is, what's your outlook for the Parts business after a record year? I know you're guiding to 10% growth in the first quarter. But beyond that, is the current fleet age conducive to the Parts business as you look to the next few quarters?

我有幾個問題想問。首先，在經歷了創紀錄的一年後，您對零件業務的前景有何展望？我知道您預計第一季將成長10%。但除此之外，展望未來幾個季度，您認為目前的車隊平均車齡是否有利於零件業務的發展？

That's a great question, Tami. I'd say that indeed we said 10% year-over-year and strong in the first quarter like it was in the fourth quarter and we see that the trucks are being used out there which as they get used means they consume parts. So that's one thing that bodes well for the year of 2022. And I would also point to the fact that our team, our global team has done a great job of launching things like e-commerce and bringing that to our customers which makes it easier for them to buy from PACCAR than anyone else. And that contributes to the long-term success and growth of the business. So we expect 2022 to be great Parts years.

塔米，你問得好。我的確認為，我們實現了10%的年成長，而且第一季的業績和第四季一樣強勁。我們看到卡車正在投入使用，而隨著使用量的增加，零件也會消耗。這預示著2022年將迎來好兆頭。此外，我還想指出，我們的團隊，尤其是我們的全球團隊，在推出電子商務等服務方面做得非常出色，並將這些服務帶給了我們的客戶，使他們能夠比其他任何供應商都更容易地從PACCAR採購。這有助於公司的長期成功和發展。因此，我們預計2022年將是零件業務蓬勃發展的一年。

Got it. And another quick one. I think you noted about 10,000 red tag part trucks end of last quarter. Any updates on that front as you exited the fourth quarter?

明白了。還有一個小問題。我記得您提到上季末大約有1萬輛貼有紅色標籤的零件運輸車。第四季末，這方面有什麼最新進展嗎？

Sure, Tami. We, in the fourth quarter, were able to deliver about 7,000 off-line trucks because of the great work of the teams. And so that number has been reduced dramatically. And it's one of the reasons we think that production is getting a little bit more stable because we had good supply and good partnership work going on.

當然，塔米。第四季度，由於團隊的出色工作，我們交付了大約7000輛離線卡車。因此，這個數字已經大幅下降。這也是我們認為生產逐漸趨於穩定的原因之一，因為我們擁有良好的供應和有效的合作關係。

Your next question will come from David Raso with Evercore.

下一個問題將來自 Evercore 公司的 David Raso。

You noted in the press release the supply chain improvement, but then on your comments, you're a little more cautious about the supply chain improving. Can you just square up -- I mean, you didn't raise your unit forecast at all for '22 from 3 months ago. So should we take it as -- you were able to ship a bit better in the fourth quarter, but there has not been any improvement in the supply chain? Just trying to square that up, and then I have a quick follow-up on the backlog.

您在新聞稿中提到了供應鏈的改善，但隨後在您的評論中，您對供應鏈的改善又顯得有些謹慎。您能否解釋一下—我的意思是，您三個月前並沒有上調2022年的銷售預測。所以我們是否可以理解為——您在第四季度的出貨量有所改善，但供應鏈並沒有得到任何改善？我只是想弄清楚這一點，之後我還有一個關於積壓訂單的問題需要跟進。

Sure. Let's do that first. If I think about it, supply chain has improved compared to what we experienced in 3Q and 4Q, it's definitely improved, but improved is different than being fully resolved. And so I think we're sitting in between improved and resolved, David, to just kind of give you some boxes for that. So I would...

當然。我們先來談談這個。仔細想想，供應鏈相比第三季和第四季確實有所改善，但改善並不等於完全解決。所以我覺得我們現在的情況介於改善和解決之間，David，我這麼說只是為了給你一些參考。所以，我會…

Okay. But no change in the forecast, though, but that improvement hasn't been baked into any updating your forecast. Is that fair?

好的。不過預測結果沒有變化，但你們的預測更新並沒有反映出這項改進。這樣公平嗎？

Well, I look at it, I think that we have a 250,000 to 290,000 unit range. At the tie side of the range, 290,000 is a pretty significant improvement above a 250,000 market in 2021. And I think that as we watch the year progress, we'll get better clarity for how supply base continues. And as it continues to improve, we'll make adjustments appropriately.

我認為，銷量應該在25萬到29萬輛之間。如果接近29萬輛，那麼相比2021年25萬輛的市場水平，已經有了相當大的提升。隨著時間的推移，我們會更清楚地了解供應情況。如果供應持續改善，我們會做出相應的調整。

And then on the backlog, how it relates to price cost and the full year gross margin comments, how much of the backlog already has the pricing locked in and your cost structure generally locked in on what you can control, of course? And then how much is still out there, say, for the second half of the year on your cost where maybe you can get some help on some of the cost relief maybe we're seeing in some of the materials? Just trying to think that through what's in the backlog and what's sort of left open a little bit for later in the year to see how the gross margins play out.

然後是關於積壓訂單，它與價格成本和全年毛利率的關係是什麼？積壓訂單中有多少已經確定了價格，而且你的成本結構也基本上固定下來了（當然，這是你能控制的因素）？還有多少訂單的成本尚未確定，比如說，下半年的成本方面，你或許可以利用一些材料方面的成本減免措施？我只是想弄清楚積壓訂單中哪些部分還在，哪些部分留待下半年處理，看看毛利率最終會如何變化。

Yes. I think of it a little bit like there are some of the trucks that have -- some of the bigger customers have their backlog price and out there and then some of the stock units and smaller fleets maybe don't. And it kind of depends, right? So it's a mixed bag, and every truck order stands on its own. It obviously, the further out you go, get out a quarter or 2, it becomes less of it is certain. And so that gives us more flexibility as we move out a quarter or 2, but I think in general, we see this improvement come sequentially through the quarters.

是的。我覺得有點像有些卡車——有些大客戶有他們的積壓訂單價格，而有些庫存車輛和小型車隊可能就沒有。這要看情況，對吧？所以情況比較複雜，每筆卡車訂單都是獨立的。顯然，時間越長，例如提前一、兩個季度，確定性就越低。因此，隨著時間推移，我們有了更大的靈活性，但我認為總體而言，我們會看到這種改善是逐季逐步實現的。

Well, just to clarify, and I'll hop off. We know from -- in the channel, like not all orders have a price yet with it. But it was interesting you commented on flexibility left in price for some orders, but how much of your cost have you locked in yet, meaning steel and things you can kind of look out and maybe lock in a bit for most of the year?

好的，我澄清一下，然後就先掛了。我們從通路了解到，並非所有訂單都已定價。您提到部分訂單的價格還有調整空間，這很有趣。那麼，您目前鎖定了多少成本呢？例如鋼材之類的，您可以提前鎖定一部分，以備全年使用？

Sure. We do, do that. Yes, we do that, David. We have long-term contracts with our suppliers in many cases. We hedge in many cases. And so together, that gives us some control over our -- of our cost structure for materials.

當然，我們確實這麼做。是的，大衛，我們確實這麼做。在很多情況下，我們都與供應商簽訂了長期合約。在很多情況下，我們也進行避險。因此，這些措施加在一起，使我們能夠更好地控製材料成本結構。

Operator, do we have a caller?

接線生，請問有來電嗎？

(technical difficulty)

（技術難題）

Is that Steve Fisher from UBS?

那是瑞銀集團的史蒂夫費雪嗎？

Yes. Sorry, my line cut out there. So it sounds like you still have a few thousand red tags. Does your 41,000 to 45,000 delivery number assume you get through all those in the quarter. And then once you do get through those, what's the underlying or sort of normalized margin once you're just sort of producing and delivering at the same pace?

是的。抱歉，剛才電話斷了。聽起來你們還有幾千個待處理的訂單。你們說的41000到45000個訂單的交付量，是指你們這個季度能全部完成嗎？如果完成了這些訂單，在生產和交付速度保持不變的情況下，基本利潤率或正常利潤率是多少？

We've had a variety of chip supplies have come in and out. And so I'm hesitant to give you an absolute answer on what Q1 will be in terms of number of off-line units that might still remain. We see improvement through the quarter. But it's every day, the team is working together with supply base to work through that. So some portion may remain as off-line, but it's decreasing. And then I would say, as far as underlying assumptions, we feel good about the margins looking forward into the year and seeing them grow into a higher range.

晶片供應一直不穩定，進出頻繁。因此，我無法就第一季可能剩餘的離線產能數量給出確切答案。我們預計本季情況會有所改善。但目前團隊每天都在與供應商合作，努力解決這個問題。所以，部分產能可能仍處於離線狀態，但數量正在減少。至於基本假設，我們對全年的利潤率充滿信心，並預期利潤率將成長到更高水準。

Okay. And then there were some big industry cancellations in the fourth quarter. Can you just talk about your experience with cancellations and how scrubbed your backlog is? I'm wondering whether those cancellations were more proactive or sort of reactive.

好的。第四季產業內出現了一些大型訂單取消的情況。能談談貴公司在應付訂單取消方面的經驗，以及您們的積壓訂單清理情況嗎？我想知道這些訂單取消是主動取消還是被動取消。

Yes. From a customer standpoint, we have not had customers who don't want their trucks. That is not something that we've experienced. I can't speak to anybody else, but I can tell you that all the customers I talk to and the teams are working with, see just a strong demand for as many trucks as we can get them.

是的。從客戶的角度來看，我們還沒有遇到客戶不想要卡車的情況。我們沒有遇到過這種情況。我無法代表其他人發言，但我可以告訴你，我接觸過的所有客戶以及我們的團隊都認為，市場對卡車的需求非常旺盛，我們盡可能多地提供卡車。

Your next question will come from Robert Wertheimer with Melius Research.

下一個問題將來自 Melius Research 的 Robert Wertheimer。

So obviously, delivering trucks that were nonstandard production, just waiting on the components is an expensive thing. I'm pretty sure your 1Q gross margin guide indicates this, but were you kind of already there in 4Q on cost, if you sort of take those trucks out, you're up to a pretty healthy gross margin already? Or is there a bunch you have to do to get to the 1Q goal, if you see what I mean?

很顯然，交付那些非標生產的卡車，光是等待零件到貨就成本很高。我確信你們第一季的毛利率預期也提到了這一點，但如果把這些卡車的成本剔除，你們第四季的成本控制是不是已經達到了相當可觀的毛利率？或者說，你們還需要做很多工作才能達到第一季的目標？

I would say that if you think about the cost of the delivery and the things we had to incur in labor and materials for those 4Q units, that was -- that's a big portion of the difference. And then obviously, that as we look forward, and we've had a chance to react to last year's cost increases, we've been able to price that in more and more effectively and that's how you see the trend developing.

我認為，如果你考慮到第四季度產品的運輸成本以及我們在人工和材料方面投入的成本，這才是造成差異的主要原因。顯然，展望未來，我們已經有機會應對去年的成本上漲，並且能夠越來越有效地將這些成本計入價格，這就是你看到的趨勢發展方向。

Perfect. All right. That's pretty clear, I guess. And then the other -- or one of the other uncertainties overlaying the market is just Omicron and sick outs, and hopefully, it's, obviously, less severe, but people might be out. So do you have a sense on whether that's disruptive to 1Q at this point and whether it's cresting or not on your own worker absences?

好的。明白了。我想這很清楚了。然後，影響市場的另一個不確定因素是Omicron公司和員工病假，希望情況沒有那麼嚴重，但員工可能會缺席。那麼，您目前認為這是否會對第一季造成乾擾，以及貴公司員工缺勤情況是否已經達到高峰？

Sure. I can comment to that and say that if I look at the plants around PACCAR facilities, the people are doing such a fantastic job. I mean probably should park on that for a little bit for just what a tremendous job the people are doing in terms of getting to work and getting the trucks built and delivered.

當然。我可以就此發表一下看法，如果我看看帕卡工廠周圍的那些工廠，我會發現那裡的人們工作得非常出色。我的意思是，或許應該花點時間好好說說他們為了上班、製造和交付卡車所做出的巨大貢獻。

And I just couldn't be more pleased with the people all around PACCAR. So we see that having some limited effects on us in the immediacy right now, but moderating as time passes. And then, of course, with this latest 2-year period, who knows what 3 months from now might bring.

我對PACCAR全體員工的表現都非常滿意。目前來看，這確實對我們造成了一些短期影響，但隨著時間的推移，影響會逐漸減弱。當然，考慮到這過去的兩年期，誰也無法預料三個月後會發生什麼事。

Your next question will come from Jerry Revich with Goldman Sachs.

下一個問題將來自高盛的傑瑞·雷維奇。

Can we talk about the factory overhead costs that you folks have been reporting with, obviously, all of the supply chain goodness going on over the past couple of quarters that's been running in the $70 million to $100 million range per quarter? How did that trend in the fourth quarter and really nice to see the improvement in the first quarter guide? How much of an overhang does the range, let's say, at the midpoint, anticipate from that $70 million to $100 million run rate that we've been at continuing into the first quarter?

我們能否談談你們一直在報告的工廠營運成本？顯然，過去幾季供應鏈的良好發展帶動了這一成本，每季的營運成本一直維持在7,000萬美元到1億美元之間。第四季的趨勢如何？很高興看到第一季的業績指引有所改善。假設我們預測的營運成本區間中點值在7,000萬美元到1億美元之間，那麼第一季的營運成本會比之前高出多少？

I think, Jerry, I'll let Michael answer that one for you.

傑瑞，我想，還是讓麥可來回答這個問題吧。

Yes. I would just say that our factory overhead costs were increased partly due to get those trucks out that we've been talking about and also due to higher volume. We see them more normalizing as the year progresses into 2022.

是的。我想說的是，我們工廠的營運成本增加，部分原因是之前提到的那些卡車的交付，也因為產量增加。我們預計隨著2022年的推進，這些成本會逐漸恢復正常。

And Michael, can you comment on the first quarter? Or does that embed something like $30 million, $40 million headwind? Is that the ballpark? Or can you just help us with how much of an overhang is baked into that first quarter guide?

邁克爾，你能談談第一季的情況嗎？或者說，這其中是否包含了大約3000萬到4000萬美元的不利因素？這個範圍大概是多少？或者你能幫我們估算一下，第一季業績預期中究竟包含了多少不利因素嗎？

I can't comment on that specificity.

我無法就此具體細節發表評論。

Okay. And separately, I'm wondering if you could talk about, as you folks are getting electric vehicle orders. What's the add-on that you're seeing for your dealers to the extent you folks have opportunities to participate on the charging infrastructures and other add-ons that, obviously, you wouldn't get with diesel truck orders? Is there a per ticket item that you can talk about or a take rate from any participation you have in contributing to building out the charging infrastructure with the trucks on those initial orders you booked so far over the past year?

好的。另外，我想請教一下，隨著你們接到電動車訂單，你們經銷商在參與充電基礎建設以及其他附加項目方面有哪些收益？這些附加項目顯然是柴油卡車訂單所不具備的。能否具體說明一下每筆訂單的收益，或者你們從過去一年來接到的首批訂單中，參與充電基礎設施建設的分成比例？

Yes. It's early days, but I think it's an interesting thing to think about in terms of the zero-emissions vehicle programs, battery electric trucks. We've now got -- we built over 100 units. We've taken orders for over 100 vehicle chargers, battery electric chargers at this point as well. So that's kind of an add-on incremental business opportunity for us.

是的。現在還處於早期階段，但我認為從零排放車輛項目和純電動卡車的角度來看，這是一個值得思考的有趣方向。我們現在已經生產了100多輛卡車，也接到了100多台車用充電器和純電動充電器的訂單。所以這對我們來說是一個額外的、增量的業務機會。

And then when you get into that, as you match a charger in a vehicle, the opportunity to have software for charging optimization and battery energy management of the vehicle is something that PACCAR has expertise in, and that will benefit our customers. So that's an add-on opportunity as well. So as that market begins to develop -- zero-emissions market begins to develop, those should be good opportunities for PACCAR.

此外，當您深入研究為車輛匹配充電器時，PACCAR 擁有豐富的軟體經驗，能夠提供充電優化和車輛電池能量管理方面的解決方案，這將使我們的客戶受益。因此，這也是一個增值機會。隨著零排放市場的逐步發展，這將為 PACCAR 帶來良好的發展機會。

Your next question will come from Ross Gilardi from Bank of America.

下一個問題將來自美國銀行的羅斯·吉拉迪。

Preston, when you think about normalized North American Class 8 truck demand, I mean the number that's commonly thrown out forever is like 250,000 units, although obviously, it's rare that we actually see a year where it's not materially above or below that number. And I'm just curious, do you think that figure is still directionally accurate? Or do you think normalized demand for Class 8 vehicles is now much higher than what you would have thought of a few years ago, just due to the continued explosion of e-commerce and just a variety of other factors?

普雷斯頓，說到北美8級卡車的正常需求量，我常說的數字是25萬輛，但實際上，每年的實際需求量幾乎都會大幅高於或低於這個數字。我很好奇，你覺得這個數字現在還能大致反映市場趨勢嗎？或者你認為，由於電子商務的持續蓬勃發展以及其他各種因素的影響，如今8級卡車的正常需求量已經遠高於幾年前的預期？

Ross, I think, you posit out a good question that I think that that 250,000 might be a bit dated. It's hard to know what the number is, but the trucking delivered 72% of the business around freight demand, and that's not decreasing, that's increasing. E-commerce contributes to that, speed of delivery that people are looking forward to contributes to that. The efficiency of trucks has grown so much, especially our PACCAR trucks where the fuel efficiencies are so much higher. And so, yes, I think that you're on to something there that it could be a little bit higher than that.

羅斯，我覺得你提出的問題很好，25萬這個數字可能有點過時了。很難確定確切的數字，但卡車運輸佔貨運需求的72%，而且這個比例不降反升。電子商務的興起和人們對快速配送的期望都對此有所貢獻。卡車的效率也大幅提升，尤其是我們的PACCAR卡車，燃油效率更高。所以，是的，我認為你說的有道理，實際數字可能比這還要高一些。

Okay. Interesting. And then can you talk a little bit about the hydrogen ICE vehicle that you've got that you recently received an award on? And what kind of reception is hydrogen internal combustion engine getting from regulators on that engine type is a true zero-emission solution? And how does it -- how do you think it stacks up on the vehicle performance versus a hydrogen fuel cell vehicle?

好的，很有意思。您能否談談您最近獲獎的那輛氫燃料電池汽車？監管機構對氫燃料電池汽車作為真正的零排放解決方案持何種態度？您認為它的性能與氫燃料電池汽車相比如何？

Well, what we're trying to do as PACCAR is make sure we pay attention to all the different opportunities out there. And then we'll let the market -- we like the market to decide which is the right ones. Right now, we have great success with our battery electric vehicles, obviously, a leader in the hydrogen fuel cell area. And the team over at DAF led this hydrogen combustion engine development program, which we won the Innovation Truck award for.

作為帕卡集團，我們努力的目標是專注於所有不同的機會。然後，我們會讓市場——我們希望市場來決定哪些是正確的選擇。目前，我們的純電動車取得了巨大的成功，顯然，我們在氫燃料電池領域也處於領先地位。達夫團隊主導了氫燃料電池引擎的研發項目，並憑藉該項目榮獲了創新卡車獎。

And so that has nearly zero CO2 output. It's really just some trace CO2 from the lube oil stuff. And I think we want that out there as an opportunity so that we can work with the governments and see what's going to be acceptable and what's going to provide our customers the right benefits. We think it's early days and preselecting the right answer is not necessary. So we'll just continue to leverage our strong partnerships, our technologies and bring the right solutions to our customers.

因此，它的二氧化碳排放量幾乎為零。實際上只有潤滑油成分會產生微量的二氧化碳。我認為我們希望藉此機會與政府合作，探討哪些方案是可接受的，哪些方案能為我們的客戶帶來真正的利益。我們認為現在還處於早期階段，沒有必要預先選定正確答案。因此，我們將繼續利用我們強大的合作夥伴關係和技術，為客戶提供合適的解決方案。

Your next question will come from Nicole DeBlase with Deutsche Bank.

下一個問題將來自德意志銀行的妮可·德布萊斯。

Maybe just a question on Europe. So what are you guys seeing there from an order perspective? I'm just kind of surprised that it looks like you're forecasting deliveries more flattish in 2022, especially since you talked about improvement in supply chain.

我有一個關於歐洲的問題。你們從訂單角度來看，歐洲市場的情況如何？我有點驚訝，你們預測2022年的交付量似乎比較平穩，尤其是在你們提到供應鏈改善的情況下。

So the order situation in Europe has been very strong and much in line with what Preston just commented on on the U.S. and the rest of the world for PACCAR. I think a market between 260,000 and 300,000 again, is a pretty wide range. And it shows that there is still quite some uncertainty with maybe COVID-related stuff, chip situation.

因此，歐洲的訂單情況非常強勁，與普雷斯頓剛才對PACCAR在美國和世界其他地區情況的評論基本一致。我認為26萬到30萬的市場規模相當大。這表明，受新冠疫情和晶片供應等因素的影響，仍然存在相當大的不確定性。

But whatever the market does with our new trucks, the new DAF truck models, we're in a very good position to grow market share in whatever the market size will be. So that bodes well, DAF production and DAF volumes.

但無論市場對我們的新卡車，也就是新款DAF卡車車型作何反應，我們都處於非常有利的地位，能夠在任何規模的市場中擴大市場份額。因此，這對DAF的產量和銷售來說都是個好兆頭。

Okay. Got it. Understood. And then just a follow-up on dealer inventory. So I suspect that they're probably still very low, but just wanted to get an update there and if you guys see the potential for some restocking to help volumes as we move into the second half of the year.

好的，明白了。然後我想跟進一下經銷商的庫存。我估計庫存可能仍然很低，但還是想了解一下最新情況，看看你們是否認為在下半年到來之際，有必要進行一些補貨來提升銷售。

Yes. I'd say inventories are lower than we'd wish them ideally to be, but that's, obviously, a result of the supply-based situations. And that does give us a strong confidence that we'll be able to build every truck that we can get the parts for this year, which should create a really good year. So we'll see inventory react as we can build enough trucks.

是的。庫存水平確實低於我們理想的水平，但這顯然是供應狀況所致。這也讓我們更有信心，今年只要零件到位，我們就能生產出所有需要的卡車，這將帶來非常好的業績。所以，隨著卡車產量的增加，庫存水準也會隨之改變。

Your next question will come from Courtney Yakavonis with Morgan Stanley.

下一個問題將來自摩根士丹利的 Courtney Yakavonis。

Maybe if we can just go back to the question on Europe, and I think that was where you saw the biggest sequential step-up in deliveries this quarter. So is it the right way to understand that that was where most of those red tag trucks were? And how should we be thinking about the remaining couple of thousand? Are those in Europe? Are those in North America?

或許我們可以回到關於歐洲的問題上來，我認為本季歐洲的交付量較上季增幅最大。那麼，我們是否可以這樣理解：大部分貼著紅色標籤的卡車都在歐洲？剩下的幾千輛又該如何看待呢？它們是在歐洲？還是在北美？

And then if you could also just comment on the FinCo. I think you had very strong margins this quarter. Harrie commented on the higher used pricing. But how should we think about that business going forward? If there's any guiderails you can give us aside from just continued strength?

另外，您能否也談談金融公司的狀況？我認為貴公司本季的利潤率非常高。哈利也提到了二手車價格上漲的問題。那麼，我們該如何看待這項業務的未來發展呢？除了持續強勁的成長之外，您能否提供一些指導原則？

Sure. Courtney, how about I start off on the European deliveries and then Harrie can pick up and add anything he wants to and talk about the FinCo?

當然可以。考特尼，不​​如我先講講歐洲的交付情況，然後哈里可以接著補充他想講的內容，再談談金融公司的事？

There were 3 things I would think weigh into the different sequential in deliveries. And one of them is seasonality. One of them is build rate increases that we've had. And then the other is really probably tied to the off-line reduction that we had. So those 3 things kind of changed the 10,000 to the 18,000. And Harrie, anything you'd add on that?

我認為有三件事會影響交付順序的差異。一是季節性因素。二是我們提高了生產速度。三是可能與我們減少線下訂單有關。這三件事使得交付量從 1 萬件增加到了 1.8 萬件。哈里，你還有什麼要補充的嗎？

No. I think the off-line truck reduction was proportional. DAF did similar than the other brands. And the seasonality is a big impact if you compare the third to the fourth quarter. The third quarter has typically the summer shutdown with fewer production days in the third quarter. And those things combined explain the increases together with an increased build rate and that's always nice to see.

不，我認為離線卡車產量的減少是成比例的。 DAF 的情況與其他品牌類似。如果你比較第三季和第四季，季節性因素的影響很大。第三季通常是夏季停工期，生產天數較少。這些因素加在一起，再加上生產速度的提高，就解釋了產量的成長，這總是令人欣喜的。

And for the finance company, yes, great results in the fourth quarter. We've seen the used truck markets improve by a lot. PACCAR Financial has expanded its used truck center and sales capability over the years. And this is really a year that starts to pay dividends. And looking into next year, I would say, the outlook for the next couple of quarters is really good, and we expect PACCAR Financials' strong performance to continue.

對於金融公司而言，第四季業績確實非常出色。我們看到二手卡車市場大幅改善。多年來，PACCAR Financial 不斷擴大其二手卡車中心和銷售能力。今年確實是開始獲得回報的一年。展望明年，我認為未來幾季的前景非常樂觀，我們預計 PACCAR Financial 的強勁業績將得以延續。

Your next question will come from Matt Elkott with Cowen.

下一個問題將來自 Cowen 公司的 Matt Elkott。

So as you guys continue to tackle supply chain issues this year, is part of the solution using more engines from your suppliers as opposed to in-house, so you can focus on other parts of the supply chain?

所以，隨著你們今年繼續解決供應鏈問題，解決方案的一部分是否是更多地使用供應商的引擎而不是內部引擎，以便你們可以專注於供應鏈的其他環節？

That's not quite how it really works, Matt. We have -- each chip -- it's funny. Each chip kind of goes to a component, and you can't really know how that's going to shake out. They're not the same chips each place. So the teams have done a really good job, say, again, of figuring out how to reengineer in different chips to be used in our engines and Cummins does the same as a good partner. And we've also been able to kind of go back and track similar types of chips and find ways to use them.

馬特，實際情況並非如此。我們——每個晶片——說來也怪，每個晶片都對應一個組件，但你無法預知最終結果會如何。每個地方用的晶片都不一樣。所以，團隊做得非常出色，他們想辦法重新設計不同的晶片，使其適用於我們的發動機，康明斯作為優秀的合作夥伴也做得同樣出色。此外，我們還能回顧並追蹤類似晶片，找到它們的使用方法。

So I think that's independent of the engine, independent of the component really. It's just a great team effort by everyone at PACCAR and our suppliers, and we would expect to see the MX share in North America go up significantly in 2022.

所以我認為這與引擎無關，也與零件無關。這完全是帕卡公司及其供應商全體員工共同努力的成果，我們預計2022年MX在北美的市佔率將顯著成長。

Got it. And just one more question on the outlook for the Class 8 build next year. We had the disruptions pushing out some deliveries this year and last year. And then there could be a potential prebuy in 2023. So could 2023 be materially up from this year? Or do you guys not think there will be a meaningful prebuy ahead of 2024?

明白了。關於明年8級卡車的建造前景，我還有一個問題。今年和去年都受到了一些幹擾，導致部分交付推遲。而且2023年可能會有預購。那麼2023年的產量會比今年大幅成長嗎？還是你們認為2024年之前不會有大規模的預購？

I think there's a lot of variables between now and the end of 2023. And I think in general, it feels like the market is going to be really good this year and it seems likely it will be very good next year as well.

我認為從現在到2023年底有很多變數。總的來說，我覺得今年的市場會非常好，明年也很有可能會非常好。

Your next question will come from Jeff Kauffman with Vertical Research.

下一個問題將來自 Vertical Research 的 Jeff Kauffman。

I wanted to ask a question on production rates. When we were down in the third quarter, approximately what was the trucks per day production that you were seeing across the network? And then where are we exiting the fourth quarter? And where do you believe that number could go by the middle of '22?

我想問一個關於生產力的問題。第三季我們產量下降的時候，您當時在整個網路中觀察到的日均卡車產量大約是多少？第四季末的情況如何？您認為到2022年年中，這個數字會達到什麼水準？

I would ask -- I would answer it this way, so we don't really provide our build rates. So I'd just simply say is that we have seen build rate increases through the fourth quarter into now, and we would anticipate being able to or hoping to take additional build rate increases as we can get the components we need to build the trucks.

我會這樣問——我會這樣回答：我們通常不會提供具體的生產速度。我只能簡單地說，從第四季度到現在，我們的生產速度一直在提升，我們預計，隨著我們能夠獲得生產卡車所需的零件，我們能夠或希望進一步提高生產速度。

Okay. But is there any metric to think about where you are now versus where you were during the peak of the crisis and chips and parts and things like that? Just to get an idea how much production scaled up.

好的。但是有沒有什麼指標可以用來衡量你現在的情況與危機高峰期晶片、零件等等的情況相比如何？只是想了解生產規模擴大了多少。

We were 45% higher than the third quarter. So quite a step up. If that answers your question?

我們比第三季成長了45%。所以這是一個相當大的進步。這樣回答你的問題了嗎？

Yes. I want to add on what Harrie is saying. I think right now maybe of a 10% to 20% increase from what we've had in production, not deliveries and a continuing growth in that area is what it feels like.

是的。我想補充一下哈里剛才說的話。我認為目前產量可能比之前增加了10%到20%，而不是交付量，而且感覺這方面還在持續成長。

There are no other questions in the queue at this time. Are there any additional remarks from the company?

目前隊列中沒有其他問題。公司還有其他補充說明嗎？

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。

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

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。