帕卡 (PCAR) 2021 Q1 法說會逐字稿

Good morning, and welcome to PACCAR's First Quarter 2021 Earnings Conference Call. (Operator Instructions) Today's call is being recorded, and if anyone has an objection, you should disconnect at this time.

早安，歡迎參加帕卡公司2021財年第一季財報電話會議。 （操作說明）本次電話會議正在錄音，如有任何異議，請立即掛起。

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.

早安.歡迎各位透過電話和網路直播收聽節目的朋友們。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。

(Operator Instructions)

（操作說明）

Certain information presented today will be forward-looking and involve risks and uncertainties, including 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.

今天發布的某些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。

I would now like to introduce Preston Feight.

現在我來介紹普雷斯頓費特。

Good morning. Harrie Schippers, Michael Barkley and I will update you on a very good first quarter results and business highlights.

早安.我和哈里·希珀斯、邁克爾·巴克利將向大家報告我們第一季非常出色的業績和業務亮點。

First, my sincere appreciation to PACCAR's employees around the world for their dedication, hard work and upbeat spirit. Throughout the past year's challenges, they have delivered outstanding trucks and services that provide essential goods to our communities. Now as the world moves forward, we have many reasons to be optimistic.

首先，我衷心感謝PACCAR全球員工的奉獻精神、辛勤工作和積極樂觀的態度。在過去一年充滿挑戰的時期，他們交付了卓越的卡車和服務，為我們的社區提供了必需品。如今，隨著世界向前發展，我們有很多理由保持樂觀。

In the first quarter, PACCAR achieved very good revenues and net income. PACCAR's first quarter sales and financial services revenues increased 13% to $5.85 billion, and first quarter net income increased 31% to $470 million. PACCAR Parts increased its first quarter revenues to a record $1.16 billion and Parts pretax profits were a record $251 million, 17% higher than the same period last year. Truck and Parts gross margins increased from 12.6% to 13.4% in the first quarter. And PACCAR Financial had a great quarter, delivering excellent portfolio performance and achieving pretax income of $76 million.

第一季度，PACCAR 的營收和淨利潤均表現優異。 PACCAR 第一季銷售和金融服務收入成長 13% 至 58.5 億美元，淨利潤成長 31% 至 4.7 億美元。 PACCAR 零件業務第一季營收創下 11.6 億美元的新高，稅前利潤也達到創紀錄的 2.51 億美元，較去年同期成長 17%。卡車和零件業務的毛利率從去年同期的 12.6% 提升至 13.4%。 PACCAR 金融業務也表現出色，投資組合績效優異，稅前利潤達到 7,600 萬美元。

PACCAR is having a tremendous year of new product introductions. In February, Peterbilt and Kenworth launched beautiful new heavy-duty truck models. The new Peterbilt Model 579 and next-generation Kenworth T680 feature enhanced aerodynamics and powertrains that deliver up to 7% higher fuel efficiency. They feature new LED headlights, new Advanced Driver Assistance Systems and a state-of-the-art interior with a 15-inch configurable digital display. Truck owners and drivers will appreciate these and many other features in these great new trucks.

PACCAR今年新品發布勢頭強勁。 2月份，Peterbilt和Kenworth相繼推出了兩款全新重型卡車。新款Peterbilt 579和新一代Kenworth T680均採用優化的空氣動力學設計與動力系統，燃油效率提升高達7%。它們配備了全新的LED大燈、先進的駕駛輔助系統以及帶有15英寸可配置數位顯示器的尖端內飾。卡車車主和駕駛者一定會對這些全新卡車的許多亮點讚不絕口。

In April, Kenworth and Peterbilt introduced a new medium-duty truck lineup. These vehicles have an 8-inch wider cab, lower cab heights, which makes it easier to get into and out of the truck, best-in-class visibility for enhanced safety and a new premium interior with configurable dash displays. The new medium-duty trucks feature PACCAR's PX-7 and PX-9 engines and the new PACCAR 8-speed automatic transmission.

今年四月，肯沃斯和彼得比爾特推出了全新的中型卡車系列。這些車輛的駕駛室加寬了8英寸，高度降低，方便駕駛員上下車，同時擁有同級別最佳的視野，提升了安全性，並配備了帶有可配置儀錶板顯示器的全新高級內飾。新款中型卡車搭載了帕卡（PACCAR）的PX-7和PX-9引擎以及全新的帕卡8速自排變速箱。

In April, DAF began producing CF Electric trucks, and Peterbilt and Kenworth expect to deliver their first production battery electric vehicles in the coming months. PACCAR has strategic partnerships with 2 electric vehicle battery providers, CATL and Romeo Power. These 2 excellent partners provide our customers with the right technology choice for their applications.

今年四月，DAF開始生產CF電動卡車，而Peterbilt和Kenworth預計將在未來幾個月內交付首批量產純電動車。 PACCAR與兩家電動車電池供應商CATL和Romeo Power建立了戰略合作夥伴關係。這兩位優秀的合作夥伴能夠為我們的客戶提供適合其應用場景的技術選擇。

As the U.S. economy recovers, GDP and industrial production are each projected to expand 6.3% this year. The consumer spending, the housing market and the automotive sectors have strengthened. Good freight tonnage, high truck utilization and a shortage of drivers has created strong demand for PACCAR's premium trucks. The 2021 market size will be tempered by the industry-wide undersupply of semiconductors, and we estimate the U.S. and Canada Class 8 market to be in the range of 260,000 to 290,000 trucks.

隨著美國經濟復甦，預計今年GDP和工業生產將分別成長6.3%。消費支出、房地產市場和汽車產業均有所走強。良好的貨運量、較高的卡車利用率以及司機短缺，都為PACCAR的高端卡車創造了強勁的需求。 2021年，半導體產業普遍供應不足，將抑制市場規模的成長。我們預計，美國和加拿大8級卡車市場規模將在26萬至29萬輛之間。

The U.K. and European economies are also expected to grow strongly. Economists project U.K. GDP to increased 4.8% and European GDP to increase 4.2%. The 2021 European truck market is expected to increase to a range of 260,000 to 290,000 trucks.

英國和歐洲經濟預計也將強勁成長。經濟學家預測英國GDP將成長4.8%，歐洲GDP將成長4.2%。 2021年歐洲卡車市場預計將成長至26萬至29萬輛。

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

哈里希珀斯接下來將介紹帕卡零件公司、帕卡金融服務公司及其他業務亮點。哈里？

Thanks, Preston. PACCAR has delivered 42,200 trucks during the first quarter. This was a 3% increase over fourth quarter production despite an end of supply of semiconductors. This was enabled by all the efforts of PACCAR's outstanding purchasing and production teams. Truck, Parts and Other gross margins improved to 13.4% in the first quarter.

謝謝普雷斯頓。 PACCAR第一季交付了42,200輛卡車。儘管半導體供應中斷，但產量仍比第四季成長了3%。這得歸功於PACCAR傑出的採購和生產團隊的共同努力。卡車、零件及其他業務的毛利率在第一季提升至13.4%。

Second quarter production has a higher than normal level of uncertainty. Depending on semiconductor supply, we anticipate second quarter global truck production to be similar to the first quarter, with Truck, Parts and Other gross margins also at first quarter levels.

第二季生產存在高於平常的不確定性。我們預計，第二季全球卡車產量將與第一季持平，具體情況取決於半導體供應。卡車、零件及其他業務的毛利率也將與第一季持平。

PACCAR Parts had an outstanding quarter, achieving revenues of $1.16 billion, which is 16% higher than the same period last year. Parts pretax profits were a record $251 million. Parts gross margins were a robust 28.2%. PACCAR Parts benefited from strong freight demand and truck utilization, investments in distribution initiatives such as tier feel makes parts and stores and a growing population of connected vehicles with PACCAR engines.

PACCAR零件業務本季表現出色，營收達11.6億美元，較去年同期成長16%。零件稅前利潤創下2.51億美元的新高，毛利率也高達28.2%。 PACCAR零件業務的強勁成長得益於貨運需求和卡車利用率的提升、對分銷管道（例如分級零件和門市）的投資，以及搭載PACCAR引擎的連網車輛數量的不斷增長。

E-commerce Parts sales increased more than 30% in the first quarter compared to the same quarter last year. Parts is a business in which speed of delivery is a major factor in customers' purchasing decisions. Each new distribution center that we open increases sales capacity, parts availability and delivery speeds to customers and dealers. PACCAR will continue its investments in world-class distribution by opening a new distribution center in Louisville, Kentucky next year. We expect second quarter part sales to be similar to the strong first quarter, with full year part sales up 15% to 18% compared to last year.

今年第一季度，電商零件銷售額年增超過30%。在零件業務中，交貨速度是影響顧客購買決策的關鍵因素。我們每開設一個新的配送中心，就能提升銷售能力、零件供應量以及向客戶和經銷商的交貨速度。 PACCAR將繼續投資建立世界一流的配送體系，明年將在肯塔基州路易斯維爾開設一個新的配送中心。我們預計第二季零件銷售額將與強勁的第一季持平，全年零件銷售額將比去年成長15%至18%。

PACCAR Financial Services benefited in the first quarter from strong new loan and lease business volumes, improved used truck prices and an excellent portfolio quality. Revenues were $432 million, 13% higher than last year. Pretax income was $76 million, 58% higher than last year. The excellent portfolio performance resulted in low past dues of less than 0.5% at the end of March.

PACCAR金融服務公司第一季受益於強勁的新貸款和租賃業務量、二手卡車價格的上漲以及優質的資產組合。營收達4.32億美元，年增13%。稅前利潤為7,600萬美元，較去年同期成長58%。優異的資產組合表現使得截至3月底的逾期率低於0.5%。

In the first quarter, North American Kenworth and Peterbilt used truck pricing increased by 30% compared to a year ago. Kenworth and Peterbilt truck resale values continued to come out of premium over the competition. PACCAR Financial has been increasing its retail used truck center capacity and now has 12 facilities worldwide. Selling used trucks at retail has resulted in higher prices and margins. PACCAR Financial plans to open another used truck retail center in Madrid, Spain later this year.

今年第一季度，北美肯沃斯（Kenworth）和彼得比爾特（Peterbilt）二手卡車的價格較去年同期上漲了30%。肯沃斯和彼得比爾特卡車的轉售價值繼續保持高於競爭對手的溢價。帕卡金融（PACCAR Financial）一直在擴大其二手卡車零售中心的規模，目前在全球擁有12家門市。零售二手卡車帶來了更高的價格和利潤。帕卡金融計劃於今年稍後在西班牙馬德里開設另一家二手卡車零售中心。

PACCAR has invested $7.3 billion in new and expanded facilities, innovative products and new technologies during the past decade. Capital expenditures are projected to be $575 million to $625 million and research and development expenses are estimated to be $350 million to $375 million this year. PACCAR is investing in many exciting projects. These include next-generation truck models, zero-emissions and ultra clean diesel powertrains, Advanced Driver Assistance and Autonomous Driving Systems, connected vehicle services and enhanced production and distribution facilities.

過去十年，PACCAR已投資73億美元用於新建和擴建工廠、創新產品和新技術研發。預計今年資本支出為5.75億至6.25億美元，研發費用預計為3.5億至3.75億美元。 PACCAR正在投資眾多令人振奮的項目，包括新一代卡車車型、零排放和超清潔柴油動力系統、高級駕駛輔助和自動駕駛系統、互聯汽車服務以及升級的生產和配送設施。

We thank our excellent independent Kenworth, Peterbilt and DAF dealers for their support to our customers. Kenworth, Peterbilt and DAF dealers are well capitalized and have invested $1.7 billion in their businesses in the last 5 years. These investments make a significant contribution to PACCAR's truck market share and support the growth of PACCAR Parts and PACCAR Financial Services.

我們衷心感謝優秀的肯沃斯 (Kenworth)、彼得比爾特 (Peterbilt) 和達夫 (DAF) 獨立經銷商對我們客戶的支持。這些經銷商資金雄厚，過去五年已在其業務中投資了 17 億美元。這些投資顯著提升了 PACCAR 的卡車市場份額，並支持了 PACCAR 零件和 PACCAR 金融服務的成長。

Thank you. We'd be pleased to answer your questions.

謝謝。我們很樂意回答您的問題。

(Operator Instructions) Our first question comes from Steven Fisher with UBS.

（操作員說明）我們的第一個問題來自瑞銀集團的史蒂文費雪。

Great. Just looking back historically, the deliveries in Q2 tend to be higher than Q1. So just on your flat delivery expectations, are you anticipating kind of shutdowns already? And maybe, what's the risk that kind of you can see that delivery number go to the upside for the quarter?

好的。回顧歷史數據，第二季的交付量通常高於第一季。那麼，基於您目前對交付量的預期，您是否已經預料到會出現某種程度的停工？另外，您認為本季交付量有可能超出預期嗎？

Yes, Steve, good question. It's something that we're all looking at, obviously. You think about the way the industry is working right now, there is an undersupply of semiconductors globally that does affect the truck industry as well. It was what we -- why we delivered 42,000 trucks in the first quarter. I'm so proud of the teams all throughout PACCAR, who brought that up from 40,000 to 42,000. So a nice job by all of them, just really good work.

是的，史蒂夫，問得好。顯然，這是我們所有人都在關注的問題。想想目前整個產業的狀況，全球半導體供應短缺，無疑也影響了卡車產業。正因如此，我們第一季才交付了42,000輛卡車。我為PACCAR所有團隊感到無比自豪，是他們把交付量從40,000輛提升到了42,000輛。他們做得非常出色，真的非常棒。

We do expect that the undersupply will continue in the second quarter, and then begin to improve as we get into the second part of the year. And so that could have some impact on our deliveries as we're in the second quarter, and that's reflected in the flat deliveries for the second quarter.

我們預計第二季供應不足的情況仍將持續，但隨著下半年的到來，情況將開始好轉。因此，這可能會對我們第二季的交付量產生一定影響，這也反映在第二季交付量持平的趨勢中。

Okay. And then, I guess, you have the same industry retail forecast for U.S., Canada and Europe. Can you just talk a little bit about the relative confidence you have in each market? Any different risks that you see on either side, where you might see more upside or more downside risk in either of the markets?

好的。那麼，我想你們對美國、加拿大和歐洲的零售業預測應該是一樣的。能否請您談談對每個市場的相對信心？您認為各市場有哪些不同的風險，哪些市場可能有更大的上漲空間或下跌風險？

Yes. I think both of the markets are performing really well. Our customers are doing well. The economy is doing well. Yes, utilization is high, freight tonnage is good. Spot rates are up. So I think we see a good economy. There's strong order intake. We've had 42% of the orders in the first quarter for Kenworth and Peterbilt to North America. So great order intake. We have a strong percentage of the backlog, 32% of the backlog. And so, our confidence is pretty good that the industry will be able to have the demand for the products, and probably build will be constrained by the supply as we look at the year.

是的。我認為兩個市場都表現得非常好。我們的客戶經營狀況良好，經濟情勢也一片大好。是的，車輛利用率很高，貨運量也不錯，現貨運價上漲。所以我認為經濟情勢一片大好。訂單量也很強。第一季度，我們已收到肯沃斯和彼得比爾特發送至北美地區的42%的訂單。訂單量非常可觀。我們的積壓訂單比例也很高，達到了32%。因此，我們相當有信心，產業能夠滿足產品需求，而且展望今年，產能可能會受到供應的限制。

Our next question comes from Jerry Revich with Goldman Sachs.

下一個問題來自高盛的傑瑞·雷維奇。

I'm wondering if you could talk about -- on the new flagship truck products that you're introducing here. Typically, you folks see assembly efficiency gains when you have new product rollouts. I'm wondering if you could just quantify what the increase in automation here is with the new models. And also, is there an increase in terms of proprietary parts content on these trucks versus the prior models that you might be willing to quantify for us?

我想請您談談您即將推出的全新旗艦卡車產品。通常情況下，你們在推出新產品時都會看到組裝效率的提升。我想請您量化一下，這些新車型在自動化程度的提升幅度是多少？另外，與之前的車型相比，這些卡車的專有零件含量是否增加？您能否也為我們量化一下？

Thanks for the question, Jerry. I mean, we are really excited about this year in terms of product launches. I can't remember a year where we've had quite so many new product introductions. New T680 and Model 579 are one beautiful -- but from a performance standpoint, up to 7% fuel efficiency is going to mean a lot to our customers. So that's going to be good for the business as well.

謝謝你的提問，傑瑞。我的意思是，就產品發布而言，我們對今年的前景感到非常興奮。我記不清哪一年我們推出了這麼多新產品。新款T680和579型飛機都非常漂亮——但從性能角度來看，高達7%的燃油效率提升對我們的客戶來說意義重大。所以對公司業務也有好處。

The medium-duty product is a brand-new cab, entire new platform. It's a fantastic truck. Both for Class 5, 6 and 7 markets for Peterbilt and Kenworth. And there is a higher degree of automation in the product. So it has more robotic assembly, which is good for us, good for quality and good for our customers. And there is more proprietary part count in the medium-duty and heavy-duty trucks as well. So that's all really good things for, I think, everyone.

這款中型卡車採用全新駕駛室和全新平台，是一款非常出色的卡車，適用於彼得比爾特和肯沃斯的5級、6級和7級市場。這款產品自動化程度更高，採用了更多機器人組裝，這對我們、對品質、對我們的客戶來說都是好事。此外，中型和重型卡車也採用了更多專有零件。我認為，這對所有人來說都是非常好的。

And Preston, any chance you might be willing to quantify those 2 pieces, how much are labor hours per truck expected to be down and what's the magnitude of increase in proprietary parts? Would you be willing to flush that out for us?

普雷斯頓，你能否具體說明一下這兩方面的狀況？預計每輛卡車的工時會減少多少？專用零件的成本會增加多少？能否詳細解釋一下？

I can't really flush that out for you in simple. Maybe if we were together, we could spend some time thinking about it, but I think it's a more complicated than a simple answer, Jerry.

我無法用簡單的語言向你解釋清楚。也許如果我們在一起，我們可以花點時間好好想想，但我認為這個問題比簡單的答案要複雜得多，傑瑞。

Okay, I appreciate that. And then, nice to see the momentum on e-commerce. Can you just frame for us what's e-commerce revenue share of your Parts business today? And is it more profitable than conventional orders? Can you talk about that, please?

好的，謝謝。很高興看到電子商務發展勢頭良好。您能否簡要介紹目前電子商務收入在貴公司零件業務中的佔比？它比傳統訂單更有利可圖嗎？能否詳細談談這方面？

The biggest thing with e-commerce is really that the world is changing, as we all know and have experienced, especially in the past year, and we have a great new e-commerce system in place, which makes it very easy for people to order parts, find like-parts in the -- in models or even for other OEs parts. You can do that in your handheld device, you can do it in your laptop. And so the system is fantastic, and that's what's causing the growth and the up to 30% increase we've seen in e-commerce sales. So we just see that as a foundation to what we're doing, and it is continuing to grow as part of the business. And we think it's just -- it's a convenience and a strength for the Parts business in general.

電子商務最大的優勢在於，世界正在發生變化，這一點我們都深有體會，尤其是在過去一年。我們建立了一套全新的電子商務系統，讓客戶能夠輕鬆訂購零件，尋找同型號或同品牌零件，甚至尋找其他原廠零件。您可以使用行動裝置或筆記型電腦完成這些操作。這套系統非常出色，正是它推動了電子商務銷售額的成長，增幅高達30%。我們將其視為我們業務的基石，並認為它將繼續發展壯大。我們認為，這不僅方便了客戶，也增強了整個零件業務的競爭力。

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Okay. And lastly, I'm wondering if you could talk about -- as you look at your supply base, what's the critical count of suppliers that you're monitoring where we might see the issues that we're seeing on the microchip side? How -- in other words, how concerning is the broader supply chain picture outside of the semiconductor shortage that we're obviously experiencing?

好的。最後，我想請您談談－在您審視供應鏈時，您將重點放在哪些供應商，以防出現我們在微晶片方面遇到的問題？換句話說，除了我們目前面臨的半導體短缺之外，更廣泛的供應鏈狀況有多令人擔憂？

Well, I'd start by saying we have a great set of supply base and partners for us around the world. And they do an amazing job of trying to supply PACCAR and supplying PACCAR. This specific issue, semiconductors, comes back to just a handful. And so it's in that handful that we have our concentration and they're located around the world, and we're working closely with our first-tier suppliers and our second-tier suppliers on this and looking for ways to solve the problems. And we've come up with some good solutions and we keep working for the future to get it all put behind us.

首先，我想說的是，我們在全球擁有強大的供應鏈和合作夥伴網路。他們為PACCAR的供貨做出了卓越的貢獻。而半導體這個具體問題，實際上只涉及少數幾家供應商。因此，我們的工作重點也集中在這幾家供應商身上，他們遍布世界各地。我們正與一級和二級供應商緊密合作，尋求解決問題的途徑。我們已經找到了一些有效的解決方案，並將繼續努力，爭取早日徹底解決這些問題。

Our next question comes from Ann Duignan with JPMorgan.

下一個問題來自摩根大通的安·杜伊尼安。

Can you talk a little bit -- it looked like your deliveries were up quarter-over-quarter in the U.S., Canada versus down quarter-over-quarter in Europe. Can you just talk about the supply chain issues in both regions? It does seem like it's more exacerbated in Europe. Is that what you're seeing also?

能簡單談談嗎？看起來你們在美國和加拿大的出貨量較上季成長，而歐洲的出貨量則是環比下降。您能談談這兩個地區的供應鏈問題嗎？歐洲的情況似乎更嚴重。您也觀察到了這一點嗎？

And then beyond semiconductor chips, can you talk about input costs and pricing power, whether higher steel prices? I know you're more of an assembler, et cetera, et cetera. But if current input costs prevail, how much pricing power do you have, given where your backlog is and where your share of orders are? I know there's a lot embedded in there. Sorry, but if you could, Preston?

除了半導體晶片之外，您能否談談投入成本和定價權，例如鋼材價格上漲的影響？我知道您主要從事組裝業務等等。但如果目前的投入成本保持不變，考慮到您的訂單積壓情況和訂單份額，您的定價權有多大？我知道這裡面有很多因素。不好意思，普雷斯頓，您能詳細說說嗎？

That's great, Ann. It's fine. To begin with on your EU North America question on the semiconductors, I would say that there isn't really any differentiation. This all kind of can come back to the -- really just a handful of suppliers that make wafers, and then those translate out into another handful of suppliers who make semiconductors and those are distributed globally for all industries, obviously.

太好了，安。沒問題。首先，關於你提到的歐盟和北美地區的半導體問題，我想說，其實沒有什麼不同。歸根究底，晶圓供應商其實就那麼幾家，而晶圓供應商又分拆出另外幾家半導體供應商，這些半導體產品銷往全球各行業，這是顯而易見的。

I know you're really well aware of how the auto and truck industry both are using those components and are affected by it. And we don't see differentiation between the EU and North America. It's really about which chipset is used in whichever vehicle, and that's ubiquitous across markets.

我知道您非常清楚汽車和卡車行業如何使用這些零件，以及它們如何受到影響。我們並沒有看到歐盟和北美之間的差異。關鍵在於每輛車使用的是哪種晶片組，而這在各個市場都是普遍存在的。

From a cost standpoint, that second part of your question, certainly, there's raw materials impacts in costs recently, whether that's steel or aluminum. That's also true on resins as we saw in the first quarter, which affect plastics. There is good backlog across PACCAR and the industry. And so we do start to see pricing advantage in that. And we think that it's kind of balanced well right now.

從成本角度來看，關於您問題的第二部分，近期原料成本確實受到了影響，無論是鋼鐵還是鋁。正如我們在第一季看到的那樣，樹脂價格上漲也影響了塑膠價格。 PACCAR 和整個行業目前都有充足的訂單儲備。因此，我們開始看到價格優勢。我們認為目前市場整體處於較好的平衡狀態。

So your backlog does include some price increases to offset higher input costs. Is that how I should interpret that answer?

所以你們的訂單確實包含一些價格上漲，以抵銷更高的原料成本。我應該這樣理解這個答案嗎？

Yes, you should. That's a good interpretation.

是的，你應該這麼做。這是一個很好的解讀。

Our next question comes from David Raso with Evercore ISI.

我們的下一個問題來自 Evercore ISI 的 David Raso。

In the scenario that you're -- the scenario that you lay out for the year and the industry sales, you're willing to increase your outlook. But where do you see -- just trying to think about '22 a little bit to set up. Where do you see year-end inventory versus however you want to define the historical norms and so forth? And then second part is the inability to ship as many trucks as you would like or the industry would like, how that play into the stronger Parts outlook? Because obviously, you raised that Parts outlook early.

在您設定的年度和行業銷售預期中，您願意提高期望。但您如何看待2022年的情況？我們不妨稍微展望一下。您認為年底庫存會如何變動？與您設定的歷史標準相比又會如何？其次，如果無法像您或行業預期那樣交付足夠多的卡車，這會對更強勁的零件預期產生怎樣的影響？因為顯然，您之前已經提高了零件的預期。

You bet, David. From an inventory standpoint, as we think about it, inventory is relatively tight right now. The industry is at 1.9 months, we're at 1.7. I wouldn't expect to see a lot of change in that through the year, given the demand that's out there for product. So I think we would enter 2022 in kind of a similar fashion. As I mentioned earlier, there's a strong economy, there's strong truck markets, ,and working with our customers, they have the desire for our great trucks that we just have introduced. So we see that carrying through.

當然，大衛。從庫存角度來看，我們認為目前的庫存相對緊張。產業平均庫存為1.9個月，我們為1.7個月。考慮到市場對產品的需求，我預計今年庫存水準不會有太大變化。所以我認為2022年的情況也會類似。正如我之前提到的，經濟形勢強勁，卡車市場也很活躍，我們的客戶也對我們剛推出的優質卡車非常感興趣。因此，我們預計這種趨勢會持續下去。

I think because there is limitations and build in the first half of the year. It's rational to think that there is a lift in parts just because people are running their trucks for longer periods of time, and that's advantageous to us. And I also think that it has to do with the great systems the team has built. I mean, probably can't overstate how strong a job our team has done putting in distribution centers that are close to our dealers, making it easy for people to get parts the same day, building this e-commerce system, introducing TRP parts and stores, which serves the all-make market very well. All those factors are important in the performance of the record-setting performance our Parts team delivered.

我認為這是因為上半年存在一些限制和建設方面的問題。人們延長了卡車的使用時間，零件需求成長是合理的，這對我們來說是有利的。而且我認為這也與團隊建構的出色系統有關。我的意思是，我們的團隊在靠近經銷商的地方建立了配送中心，方便客戶當天就能拿到零件，建立了電子商務系統，推出了TRP零件和門店，很好地服務於所有品牌的市場，他們的工作做得非常出色，這一點怎麼強調都不為過。所有這些因素都對我們零件團隊取得創紀錄的業績至關重要。

And for some quantification of your answer, for the 1.7 months that PACCAR is at for their inventory and let's say, that remains throughout the year full year-end, how would you quantify that versus F�llenbach normal over your desired levels? And again, if you can sort of quantify the Parts revenue increase, how much was that interplayed from less new sales?

為了更量化您的答案，假設 PACCAR 目前的庫存水準為 1.7 個月，並且全年（直至年底）都保持不變，您將如何量化該水準與 Fällenbach 正常水準相比是否符合您的預期水準？另外，如果您能夠量化零件收入的成長，那麼其中有多少是因為新銷售額減少造成的？

I would -- let me take your second part first and say, I think the biggest percentage of the Parts performance is the team and the business of Parts and our dealers and our relationships with our customers, I think that's overwhelming. I couldn't kind of quantify beneath that. So -- and then from your first part of your question on inventory, I think that inventory is less than normal, but it's not an order of magnitude less, it's just less. So it's probably a fair enough way to characterize it, David.

我想先回答你的第二個問題。我認為零件部門績效的最大貢獻在於團隊、業務營運、經銷商關係以及與客戶的關係，這一點至關重要，其他因素很難量化。至於你第一個關於庫存的問題，我認為庫存量低於正常水平，但並沒有大幅下降，只是略有減少。所以，大衛，這樣描述應該要比較準確。

Our next question comes from Nicole DeBlase with Deutsche Bank.

下一個問題來自德意志銀行的妮可·德布萊斯。

Just on the second quarter production outlook, I presume that you're kind of assuming that each geography is flattish from a production perspective Q-on-Q. Is that the right way to frame it?

僅就第二季生產展望而言，我假設您大致認為各個地區的生產環比基本持平。我的理解是否正確？

Yes, that's probably fair to look at it. It will depend a lot on where we -- if we have spot shortages of parts, so that would have some impact. But for your generalization, yes, I agree with you.

是的，這樣考慮或許有道理。這很大程度上取決於我們身處何處——如果出現零件短缺，那肯定會產生一定影響。但就你的整體看法而言，是的，我同意你的觀點。

Okay, got it. And then, you said on the 13.5% gross margin in 2Q, maybe (inaudible) but as we move into the second half and some of these supply chain issues abate and hopefully, production is able to step up again with the strong backlog, how do you guys think about the ability to improve gross margins as we move into the second half?

好的，明白了。然後，您提到第二季的毛利率是13.5%，也許（聽不清楚），但隨著我們進入下半年，一些供應鏈問題會緩解，而且希望在強勁的訂單積壓下，生產能夠再次提速，你們認為下半年毛利率提升的空間有多大？

Sure. I'll ask you -- I'll take the second part of your question. We had some cutting out on the first part of your question, if you can ask that again after we go through this one. But as we begin with this, we look at the margin performance, we're really pleased with the year-over-year growth and the sequential growth that we experienced in gross margins. The teams are doing a good job on that.

當然。我來問你——我先回答你問題的第二部分。你問題的第一部分我們剛才有點刪減，如果你能等我們討論完這個問題之後再問第一部分就太好了。不過，我們先來看利潤率表現，我們對毛利率的年成長和季增都非常滿意。團隊在這方面做得很好。

We think as the situation gets resolved in supply bases and gets ameliorated in the second half of the year, then we will see improvements in margin. We have built capacity, and we think that there'll be just instructional for all of us to think of margins improving in the second half. And then, if you could just help me back with the first part of your question.

我們認為，隨著供應鏈問題的解決和下半年情勢的改善，利潤率將會提高。我們已經擴大了產能，相信下半年利潤率的提升會為我們帶來正面的影響。另外，如果您能幫我解答一下您問題的第一部分，那就太好了。

No, you actually -- you captured the whole spirit of it, so we're going to pass it on.

不，實際上——你抓住了它的全部精髓，所以我們要把它傳承下去。

Our next question comes from Joel Tiss with BMO.

下一個問題來自BMO的Joel Tiss。

All right. So I wonder, can we just talk a little bit about sort of shape of cycle? Can the industry meet these zero-emission mandates by 2024 and 2025 without kind of over-the-road with just doing refuse and port trucks and things like that? Can you help us understand how the cycle looks?

好的。所以我想問，我們能不能稍微談談這個週期的大致狀況？在不走極端路線的情況下，例如只生產垃圾車和港口貨車之類的，這個產業能否在2024年和2025年之前達到這些零排放目標？您能幫我們理解一下這個週期的大致狀況嗎？

Well, I think there's 2 questions in there. One is the shape of the cycle and then one is electrification strategy. I'd say on the -- where we're at in the performance of the truck market is, I think we're just at the beginning of a really nice steady growth in the truck market. Things are going well. Our business is doing well. Customers are doing well. And just to complement that and a very important complement of that is as these great new trucks we're introducing, the new medium-duty and the new heavy-duty trucks are going to be fantastic for our customers. So I think that's going to help PACCAR in the coming months and years, actually. So I would say, that's an important story.

嗯，我認為這裡包含兩個問題。一個是周期形態，另一個是電氣化策略。就卡車市場目前的表現而言，我認為我們正處於卡車市場穩定成長的初期階段。一切進展順利。我們的業務發展良好，客戶也受益匪淺。更重要的是，我們即將推出的這些全新卡車，包括新型中型卡車和新型重型卡車，將為我們的客戶帶來巨大的價值。我認為這將在未來幾個月甚至幾年內對帕卡集團的發展起到積極作用。所以，我認為這是一個非常重要的消息。

And the second part of your question was around electrification. And I would say that there, we have great products. We outlined a little bit that in our earnings release and share with you that our thoughts are is we have partnerships with CATL and we have partnerships with Romeo Power in battery pack production, sell production for us, which gives us an array of different technologies we can put into battery electric vehicles. That's important because that enables us to meet different applications for customers. Some people will use the truck for 1 -- 8 hours a day and then park it overnight and can charge it overnight. Others will want multiple charge cycles in a day. That requires different battery types.

您問題的第二部分是關於電氣化的。我想說，我們在這方面擁有非常出色的產品。我們在財報中對此做了一些概述，也想和您分享我們的想法：我們與寧德時代（CATL）和Romeo Power建立了合作關係，他們負責電池組的生產和銷售，這使我們能夠將各種不同的技術應用於純電動車。這一點非常重要，因為它使我們能夠滿足客戶的不同應用需求。有些客戶每天使用卡車1到8小時，然後停放過夜並充電。而有些客戶則需要一天多次充電。這就需要不同類型的電池。

So we have that capability built into our systems, which will give us a strong product offering. That product offering will enable us to meet the demands of California, the 15 states or anything else, whether it's port, drayage, medium-duty or heavy-duty trucks.

因此，我們的系統內建了這種能力，這將使我們擁有強大的產品組合。憑藉這些產品，我們將能夠滿足加州、其他15個州以及其他任何地區的需求，無論是港口、短途運輸、中型或重型卡車。

Our next question is from Robert Wertheimer with Melius Research.

下一個問題來自 Melius Research 的 Robert Wertheimer。

I had two questions. One is just a simple one. You probably saw a Scandinavian competitor reported pretty good orders in Europe. And obviously, COVID and inventories, there's a lot of disruption going on. Just wonder if you could characterize, does Europe feel like there's real and profound underlying strength in the orders, to the extent you're willing to comment?

我有兩個問題。第一個問題很簡單。您可能已經看到一家北歐競爭對手公佈了歐洲相當不錯的訂單情況。當然，受新冠疫情和庫存的影響，市場確實存在著許多幹擾。我想請您談談，歐洲市場的訂單是否真的強勁且具有深遠的潛力？如果您願意的話。

Sure. I think that we do feel there's real and underlying strength in the orders. We work closely with our customers and our dealers. These are personal relationships and we know them all, and we pay close attention to what that -- what their needs are. So yes, we definitely have a clear eye on their needs and the backlog.

當然。我認為我們確實感受到訂單量有實質的強勁勢頭。我們與客戶和經銷商保持著密切的合作關係。這些都是私人關係，我們了解他們所有人，並且非常關注他們的需求。所以，是的，我們非常清楚他們的需求和訂單積壓情況。

Perfect. So it's not just a catch-up work. Okay, perfect. The second question is a little bit more profound, and I'm not sure how far you're going to be willing to go on it. But you saw too simple kind of throughout a revenue share cents per mile kind of idea on autonomous. You guys are obviously working with folks on autonomous. I'm wondering if you'll characterize what the potential revenue stream for PACCAR are as the years go by. I assume, there's higher content per vehicle, maybe at a decent margin. Maybe there's some autonomous revenues that you get shared or service revenues or whatever. Just wondering about if you could give us any update on the strategy there and the timeline, the potential in terms of revenue for PACCAR?

太好了。所以這不僅僅是追趕進度的工作。好的，太好了。第二個問題更深入一些，我不確定您願意就此展開到什麼程度。您剛剛提到過一種過於簡單的自動駕駛收入分成模式，例如以每英里幾美分分成。你們顯然在和業內人士合作開發自動駕駛技術。我想知道您能否描述一下，隨著時間的推移，PACCAR的潛在收入來源是什麼？我猜想，每輛車的成本會更高，利潤率可能也相當可觀。或許你們還能獲得一些與自動駕駛相關的收入分成、服務收入或其他收入。我想請您提供一些關於這項策略和時間表的最新信息，以及PACCAR的潛在收入前景？

Sure. On a strategy standpoint, we have a great partnership with Aurora. They're really strong to work with, and we're enjoying that early on. Our teams are together all the time. Our leadership teams are together talking about how we're going to develop these vehicles, and they're very complicated vehicles, we all understand that.

當然。從策略角度來看，我們與Aurora建立了良好的合作關係。他們實力雄厚，合作起來非常愉快，我們目前也從中受益匪淺。我們的團隊經常在一起。我們的領導團隊也經常聚在一起討論如何開發這些車輛，這些車輛非常複雜，我們都明白這一點。

We also continue to have good partnerships with the other start-ups in the valley and others that are using our trucks and working with us on developing autonomous platforms. So our strategy is to work with the best of the best and to contribute an autonomous vehicle platform, which has a lot of technology in it. And then we would provide that to the market space, and that market space would be able to end up relying eventually on PACCAR's product lines and autonomous vehicle platforms in partnership with the autonomous driver to help our customers out. We think it's really going to work well.

我們也與矽谷其他新創公司以及其他使用我們卡車並與我們合作開發自動駕駛平台的公司保持良好的合作關係。因此，我們的策略是與業界頂尖企業合作，貢獻一個蘊含眾多技術的自動駕駛汽車平台。然後，我們將把這個平台推向市場，最終市場將能夠依賴 PACCAR 的產品線和自動駕駛汽車平台，並與自動駕駛系統合作，從而幫助我們的客戶。我們相信這將會非常有效。

As far as predicting revenue streams, I feel like it's a little bit early for that. I feel like there's a lot of development work. There's a lot of regulations, societal work that needs to be taken care of first, and I think we should let that sort itself out before we're making projections that are sure to be wildly wrong at this point.

至於預測收入來源，我覺得現在還太早。我覺得還有很多發展工作要做。有很多監管和社會問題需要先解決，我認為我們應該先讓這些問題理順，然後再做出肯定會錯得離譜的預測。

Our next question comes from Jamie Cook with Crédit Suisse.

我們的下一個問題來自瑞士信貸的 Jamie Cook。

I guess just two follow-up questions. One, I think last quarter, when you talked about costs associated with COVID, you were embedding sort of 40 bps of margin headwind in your numbers. Is that sort of tracking where you thought, or what are the expectations for the rest of the year?

我想再問兩個後續問題。第一，我記得上個季度您談到與新冠疫情相關的成本時，您在財務數據中預留了大約40個基點的利潤率下滑空間。實際情況是否符合您的預期？或者您對今年剩餘時間的預期是什麼？

And then just a follow-up on Rob's questions on the orders. With Peterbilt and Kenworth, I think you said you're 42% of the order book. Just trying to understand, how sustainable that is? Is it just the new products, or what's driving that market share growth? And are you concerned at all that there's double ordering in the order book, just given the market's concern about supply chain?

然後，我想就羅布提出的訂單問題做個後續說明。您提到，彼得比爾特和肯沃斯的訂單佔總訂單量的42%。我想了解一下，這個比例是否可持續？只是新產品帶來的成長，還是其他因素推動了市場佔有率的成長？考慮到市場對供應鏈的擔憂，您是否擔心訂單中存在重複下單的情況？

Yes, on the corporate cost side, Jamie, I think those costs, as a percentage, have definitely come down over the quarters, and we expect those costs to continue to come down. We do see some more expense last quarter and probably also in the second quarter associated with the undersupply of certain components and the efficiency that those costs. And then going forward, we'll also have some start-up costs for the new products. But those new products will definitely generate stronger margins for us going forward.

是的，傑米，就公司成本而言，我認為這些成本佔比在過去幾季確實有所下降，而且我們預計這些成本還會繼續下降。我們確實看到上個季度以及可能第二季度會有一些額外的支出，這與某些零件供應不足以及由此產生的效率成本有關。此外，展望未來，我們也將面臨一些新產品的啟動成本。但這些新產品肯定會在未來為我們帶來更高的利潤率。

Okay, that's helpful. And then just the orders, the sustainability of it and just concerned if there's any sort of double ordering just because of the concerns on supply chain.

好的，這很有幫助。然後就是訂單方面的問題，例如永續性，以及是否會因為供應鏈問題而重複下單的情況。

I think we kind of tried to talk about that. I think we feel like we know the customers well, work with them and feel like the order board is solid. I mean, this is good backlog. I mean, we have confidence in it.

我覺得我們已經嘗試討論過這個問題了。我們覺得對客戶很了解，和他們合作也很順暢，訂單狀況也很穩定。我的意思是，目前的訂單量很不錯。我們對此很有信心。

Our next question comes from Chad Dillard with Bernstein.

下一個問題來自伯恩斯坦公司的查德·迪拉德。

So can you talk about your price cost assumptions as we go through the year? Maybe you can compare first half versus second half and how are you thinking about that.

那麼，您能否談談您在這一年中對價格成本的假設？或許您可以比較一下上半年和下半年的價格成本，以及您是如何考慮的。

So I think if you just think about it, I mean, we mentioned that we're starting to see price realization that's occurring, and we would expect that to continue through the year. That's generally how we think about it.

所以我覺得，仔細想想，就像我們之前提到的，我們開始看到價格正在逐步回歸現實，而且我們預計這種情況會持續到年底。我們通常就是這麼認為的。

All right. And then, can you talk about just your EV order book today? How far out does it stretch? And just remind us, when you think you're going to hit high-volume production in that product line?

好的。那麼，您能談談您目前的電動車訂單狀況嗎？訂單排期有多長？還有，您預計該產品線何時能實現大規模量產？

I think that for us right now, it's simply about getting the right semiconductor supply in the second quarter. And as that stabilizes, we'll see builds increase, and that's how we're thinking about it. Good order book, good backlog, great production team has done a good job, able to raise production in the first quarter over the fourth, and we think that, that's kind of the trend for the year.

我認為對我們來說，目前最重要的是確保第二季半導體供應穩定。隨著供應趨於穩定，我們預期產量將會增加，我們也是這麼想的。良好的訂單儲備，充足的積壓訂單，優秀的生產團隊也表現出色，使得第一季的產量超過了第四季度，我們認為這大致就是今年的發展趨勢。

Our next question comes from Ross Gilardi with Bank of America.

下一個問題來自美國銀行的羅斯·吉拉迪。

Just a couple of questions. Just on the semiconductors press. I mean, what gives you confidence that they will, in fact, be more readily available in the third quarter? I mean, a lot of the recent news flow seems to suggest the tightness could be longer lasting. And previously assumed, I mean, are you actually seeing or hearing anything that supports the view that they're going to become more readily available in the second half than where you're at?

我問幾個問題，都是關於半導體產業的。我的意思是，您憑什麼確信半導體在第三季會更容易買到？最近很多新聞似乎都顯示供應緊張的局面可能會持續更久。而且，您之前是否也看到或聽到任何跡象表明，半導體在下半年會比現在更容易買到？

And in terms of general procurement practices, do you see yourselves entering to -- into more long-term supply agreements for semiconductors or any of your other critical inputs just to cope with this, what seems to be some real widespread tightness across any number of different components?

就一般採購做法而言，你們是否會考慮簽訂更多半導體或其他關鍵投入品的長期供應協議，以應對目前似乎在許多不同零件領域普遍存在的供應緊張局面？

Yes. I think when I look at it, if I think about the third quarter and our confidence in recovery, you'd have to put into construct the fact that there's been a couple unique circumstances in the first quarter. There was a storm in Texas, which took 2 plants down in the Austin area. And so that's a big impact. And there was a fire at a supplier in Japan. That had a big impact.

是的。我認為，如果我回顧第三季以及我們對復甦的信心，就必須考慮到第一季出現的一些特殊情況。德州遭遇風暴，奧斯汀地區的兩家工廠停產，造成了很大的影響。此外，日本一家供應商發生火災，也造成了很大的影響。

So as those facilities are able to recover, that will certainly be a help. And I think that there's also been a lot of good work by the wafer manufacturers and understanding the need. So those together, along with our suppliers' forecast, gives us confidence that we'll see improvement into the third and fourth quarter. It's not -- I don't think tightness is going to be eliminated, but I just anticipate that there'll be improvements.

因此，隨著這些工廠的恢復，這無疑會有所幫助。我認為晶圓製造商也做了許多有益的工作，他們充分了解市場需求。綜上所述，再加上供應商的預測，我們有信心在第三季和第四季看到情況好轉。我並不認為供應緊張的情況會完全消除，但我預計會有所改善。

Where PACCAR has done really well is that we -- early on, we already gave very reliable future outlook of our needs to our supply base. So that also means that when things start to recover, that we will get priority in those deliveries. That's what we're assuming.

PACCAR做得非常出色的一點在於，我們很早就向供應商提供了非常可靠的未來需求預測。這意味著，一旦市場開始復甦，我們將優先獲得這些訂單的交付。我們就是這麼認為的。

And then the second part of your question, you asked about procurement practices. And Harrie just said, we do a good job with forecasting and we also do a good job of working with the second-tier suppliers in our needs so that we can have good supply.

然後，你問題的第二部分是關於採購實務的。哈利剛才說，我們在預測方面做得很好，而且我們也與滿足我們需求的二級供應商合作得很好，這樣我們就能保證良好的供應。

Okay, got it. And then can you talk a little bit more about this new medium-duty transmission that you discussed? I mean, is this -- it sounds like a product you're making in-house versus sourcing externally from the (inaudible) of the world. But I just wanted to verify that, is it a fully automatic or an AMT? And just what's the longer plan on -- longer-term plan on transmissions? Are you going to in-source more of your transmissions, much like you've done with your engines?

好的，明白了。那麼，您能否再詳細談談您剛才提到的這款新型中型變速箱？我的意思是，聽起來像是你們自己研發的，而不是從國外採購的。我想確認一下，它是全自動變速箱還是AMT變速箱？你們的長期變速箱發展計畫是什麼？你們會像引擎一樣，逐步增加變速箱的生產嗎？

Well, we have great partnerships in our transmission suppliers around the world. And this will be a -- this is a fully automatic transmission of a torque converter in it. So that's going to be a great, great help for our customers. It goes up to 1,000-foot pounds of torque, 380 horsepower. So it fits perfectly into the medium-duty space. It will give us the aftermarket parts stream that is really advantageous to us. And it allows us to integrate it into the powertrain in a very efficient way to help optimize performance for our customers. So all that together is good for PACCAR and good for our customers.

我們與世界各地的變速箱供應商建立了良好的合作關係。這款變速箱是一款全自動油力變矩器變速箱，這將極大地幫助我們的客戶。它的扭力可達1000磅英尺，功率可達380馬力，非常適合中型卡車市場。它將為我們帶來極具優勢的售後配件供應。此外，它還能以高效的方式整合到動力系統中，從而幫助客戶優化性能。所有這些優勢對帕卡和我們的客戶都大有裨益。

But Preston, you're saying you have great partnerships with your suppliers. But is this -- are you making this internally, or is someone making it for you?

普雷斯頓，你說你和供應商建立了良好的合作關係。但是，這是你們自己生產的，還是別人代勞的？

We are partnered with ZF on this.

我們與ZF公司就此展開合作。

Our next question comes from Matt Elkott with Cowen.

下一個問題來自 Cowen 公司的 Matt Elkott。

I know you guys -- it's good to hear that you -- that the order -- the quality of orders seems to be pretty solid here. But I wanted to ask a question from a different angle. From your conversations with customers and dealers, do you have any reason to be concerned that due to the driver shortage, even though demand for equipment is there, you might some from cancellations because of people's inability to see trucks?

我知道你們——很高興聽到你們的訂單——訂單品質看起來相當穩定。但我還想從另一個角度問個問題。根據你們與客戶和經銷商的交流，你們是否有理由擔心，由於司機短缺，即使設備需求旺盛，也會因為人們看不到卡車而導致一些訂單取消？

I guess, you could build that scenario, but no, we don't. Just to be simple with that, we don't see that happening. We see the strong demand for the trucks. We see the strong demand for our used trucks as well, which means that there is a need for freight movement. And the economy is doing well, which means people are buying things, and that is likely to continue. So our premium trucks, good used truck business, good order board, all bodes well for a steady good future.

我想，你可以設想那種情景，但我們並不這麼認為。簡單來說，我們認為這種情況不會發生。我們看到市場對卡車的需求強勁，對二手卡車的需求也很旺盛，這意味著貨運需求仍然存在。而且經濟狀況良好，人們都在消費，這種情況很可能會持續下去。因此，我們的高端卡車、良好的二手卡車業務以及穩定的訂單量，都預示著我們未來將擁有一個穩定而美好的前景。

Got it. That's very helpful. And just one more question on the technology front. You guys have been investing quite a bit in-house and through partnerships in technologies. But given the increasing interest in technology, whether it's autonomy or new energy technologies, would you consider kind of taking another look at your acquisition strategy, and maybe consider acquiring companies instead of the partnership model that you've gone with so far?

明白了，這很有幫助。關於技術面，我還有一個問題。你們一直在內部和透過合作在技術領域投入大量資金。但鑑於人們對科技的興趣日益濃厚，無論是自動駕駛技術還是新能源技術，你們是否會考慮重新審視一下收購策略，或許可以考慮收購公司，而不是像目前這樣採用合作模式？

We look at all options. We don't have a single set of strategy. We just take the best approach that we think is going to provide the best returns for our customers and bring the right technologies to bear with the right economies of scale on a global level.

我們會考慮所有方案。我們沒有固定的策略。我們只會採取我們認為能夠為客戶帶來最佳回報的最佳方法，並在全球範圍內運用合適的技術和規模經濟效益。

Our next question comes from Rob Salmon with Wolfe Research.

我們的下一個問題來自 Wolfe Research 的 Rob Salmon。

With regard to your delivery outlook, obviously, there's some supply chain challenges that you talked about earlier. Can you give us a sense of kind of the monthly cadence? Is it pretty similar throughout the second quarter, or are you expecting an uptick kind of later in the quarter, just to give us a sense of upside and downside risk?

關於您的交付前景，顯然，正如您之前提到的，供應鏈方面存在一些挑戰。您能否大致介紹一下每月的交貨節奏？第二季度是否基本保持不變，還是預計在第二季後期會成長？這樣我們就能了解潛在的利多和風險。

Rob, I think it's a little hard to characterize that. I think the teams are moving things around, and we're talking with suppliers. So as there's parts that come available, and they've done a good job of finding parts and we're able to increase the cadence of delivery and other times, we're having to moderate that. And so it's hard to get to on a monthly basis.

羅布，我覺得這有點難以概括。我認為各個團隊都在調整安排，我們也在和供應商溝通。所以，當有零件到貨時（他們找零件的工作做得很好，我們能夠加快交貨速度），我們就能加快交貨速度；但有時，我們又不得不放慢速度。因此，很難按月給出確切的數字。

Okay. But it's not outsized weighted to the second half of the quarter? Is that a fair characterization, or...

好的。但是，它並非明顯集中在季度後半段，對嗎？這樣描述是否恰當？

No. No, it's not. It just depends upon the chip and the supplier and where it sits.

不，不是這樣的。這取決於晶片、供應商以及晶片的存放位置。

Okay. And then...

好的。然後…

these things come in batch -- maybe a way to think about it for you is these things come in batches as they're produced. So you might get a batch of parts, which alleviates the supply constraint. Then you might be tight for a little while, somewhere else. So think of it more like that, but it's not a continuous flow.

這些東西是分批到貨的——你可以這樣理解：這些東西是按生產批次分批到貨的。例如，你可能會收到一批零件，這就能緩解供應緊張的問題。然後，你可能在其他地方又會遇到一段時間的供應短缺。所以，你可以這樣理解，但這並非持續不斷的供應。

Got it. Helpful. So kind of the red-tagging effect, if you will, and ability to kind of make up or accelerate or decelerate depending on kind of how the supply chain is working. I guess, looking out in terms of the -- you talked a little bit earlier about kind of some of the new electrification partnerships that you guys have. When I'm thinking about kind of like the early models with regard to electrification, how should I think about the PACCAR kind of proprietary part mix initially? And then how do you see that evolving over time?

明白了，很有幫助。所以，這有點像“紅色標籤效應”，可以根據供應鏈的運作情況來調整進度，例如加快或減慢速度。我想，就您之前提到的你們的一些新的電氣化合作夥伴關係而言，當我考慮早期車型的電氣化時，我應該如何看待PACCAR最初的專有零件組合？您認為隨著時間的推移，這種情況會如何發展？

Good question. I think it's going to evolve over time to be higher content as we move along as volumes increase and as economies of scale makes sense to do that. So we have great partners, and that's working really well at the -- and we talked previously about hundreds of trucks and use of thousands of trucks. And as it grows, then we'll see probably higher proprietary content come along with it.

問得好。我認為隨著業務量的成長和規模經濟效益的顯現，其內容佔比會逐漸提高。我們擁有優秀的合作夥伴，目前合作非常順利——我們之前也討論過數百輛卡車以及數千輛卡車的使用情況。隨著業務的成長，我們可能會看到更高的專有內容佔比。

There are no other questions in 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, Lindsay.

感謝大家參加電話會議，也謝謝 Lindsay。

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。