帕卡 (PCAR) 2020 Q2 法說會逐字稿

Good morning, and welcome to PACCAR's Second Quarter 2020 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 PACCAR 2020 年第二季財報電話會議。（操作員指示）今天的通話正在錄音。如果有人有異議，請立即斷開連接。現在我謹向大家介紹 PACCAR 的投資者關係總監 Ken Hastings 先生。哈斯廷斯先生，請繼續。

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.我們歡迎透過電話收聽的聽眾和透過網路直播收聽的聽眾。我是肯‧黑斯廷斯，PACCAR公司的投資人關係總監。今天早上和我一起參加節目的有：首席執行官普雷斯頓·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。

As with prior conference calls, we ask that any members of the media on the line participate in a listen-only mode. 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.

與以往的電話會議一樣，我們要求所有參與電話會議的媒體成員以只聽模式參與。今天公佈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總體經濟和競爭狀況。如需了解更多信息，請參閱我們向美國證券交易委員會提交的文件以及 paccar.com 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。

Well, good morning. Harrie Schippers, Michael Barkley and I will update you on our second quarter results and business highlights.

早安.哈里·希珀斯、邁克爾·巴克利和我將向大家報告我們第二季度的業績和業務亮點。

First and foremost, I appreciate and I'm thankful for our outstanding employees who during this dynamic time have kept their highest priority on health and safety. PACCAR employees have kept this focus while delivering excellent production and distribution performance in support of our customers' businesses.

首先，我要感謝我們優秀的員工，在這個充滿挑戰的時期，他們總是把健康和安全放在第一位。PACCAR 的員工始終秉持著這個理念，在生產和分銷方面表現出色，為客戶的業務提供了支援。

PACCAR achieved good quarterly revenues and net income in the second quarter of 2020. PACCAR's results reflect limited truck production and aftermarket sales early in the quarter that was associated with COVID-19. The global demand and production and aftermarket sales steadily strengthened throughout the quarter.

PACCAR在2020年第二季實現了良好的季度營收和淨利潤。PACCAR 的業績反映了本季初受 COVID-19 疫情影響，卡車產量和售後市場銷售受到限制。本季全球需求、生產和售後市場銷售穩步增強。

PACCAR's second quarter sales and financial services revenues were $3.1 billion, and second quarter net income was $148 million. PACCAR delivered 18,100 trucks during the second quarter. PACCAR Parts achieved quarterly revenues of $824 million and pretax profits of $152 million. Truck, Parts and Other gross margins were 9.6%. PACCAR Financial achieved pretax income of $56 million. The U.S. and Canada Class 8 truck market is rebounding. Class 8 truck industry orders in June were 28% higher than June last year. Customers realize the benefits of low fuel costs and in many sectors, experienced increased freight volumes and improved pricing as the quarter progressed. We estimate Class 8 industry retail sales in the U.S. and Canada to be in a range of 160,000 to 190,000 trucks this year. Kenworth and Peterbilt market share is at 29.6% year-to-date, 0.5 point higher than the first half of last year.

PACCAR 第二季銷售和金融服務收入為 31 億美元，第二季淨收入為 1.48 億美元。PACCAR在第二季度交付了18100輛卡車。PACCAR Parts 季度營收達 8.24 億美元，稅前利潤達 1.52 億美元。卡車、零件及其他產品的毛利率為 9.6%。PACCAR Financial 實現稅前收入 5,600 萬美元。美國和加拿大的8級卡車市場正在復甦。6月份8級卡車產業的訂單量比去年6月份成長了28%。隨著季度推進，客戶逐漸意識到低燃油成本的好處，在許多行業中，貨運量增加，價格也得到改善。我們估計今年美國和加拿大的 8 級卡車零售銷售將在 16 萬輛到 19 萬輛之間。今年迄今為止，肯沃斯和彼得比爾特的市佔率為 29.6%，比去年上半年高出 0.5 個百分點。

In Europe, monthly orders for DAF trucks also increased as the quarter progressed. European truck industry registrations in the above 16-tonne market are estimated to be in a range of 190,000 to 220,000 vehicles. DAF year-to-date share is 15.8%. The South American above 16-tonne market is projected to be in a range of 60,000 to 80,000 trucks in 2020. In the Brazilian above 40-tonne segment, where DAF competes, DAF market share through June increased to a record 9.1%, up 3 percentage points from last year.

在歐洲，隨著季度的推進，DAF卡車的月訂單量也有所增加。據估計，歐洲16噸以上卡車市場的註冊量在19萬至22萬輛之間。DAF今年迄今的市佔率為15.8%。預計到 2020 年，南美洲 16 噸以上卡車的市場規模將達到 6 萬至 8 萬輛。在 DAF 參與競爭的巴西 40 噸以上卡車市場，截至 6 月，DAF 的市佔率成長至創紀錄的 9.1%，比去年增加了 3 個百分點。

In all regions, our market estimates assume that economies continue to gradually reopen but could be revised if their returns to lockdown conditions. We're excited about Kenworth, Peterbilt and DAF's leadership in zero emissions powertrain programs. To date, we have deployed over 60 battery electric, hybrid and hydrogen powered trucks. DAF, Peterbilt and Kenworth have battery electric vehicles operating in North America and in Europe. These vehicles are placed with customers in local and regional delivery, refuse collection and port applications. We expect these customer segments will be the first to adopt battery electric technology because they typically operate in the city and return home every day for recharging.

在所有地區，我們的市場預測都假設經濟將繼續逐步重新開放，但如果它們再次回到封鎖狀態，則可能會進行修正。我們對 Kenworth、Peterbilt 和 DAF 在零排放動力系統項目方面的領先地位感到興奮。迄今為止，我們已經部署了超過 60 輛純電動、混合動力和氫動力卡車。DAF、Peterbilt 和 Kenworth 等公司在北美和歐洲均有電池電動車投入營運。這些車輛被交付給客戶，用於本地和區域配送、垃圾收集和港口作業。我們預計這些客戶群將率先採用電池電動技術，因為他們通常在城市中運營，每天都要回家充電。

PACCAR is simultaneously developing hydrogen fuel cell powered vehicles and has built 10 Kenworth T680s for customers in the Port of Los Angeles. In the longer term, hydrogen could be promising for long-haul applications due to its high energy density and its relatively fast refueling times. PACCAR will begin production of battery electric trucks next year. Volumes are expected to grow gradually as the cost of batteries decreases, charging infrastructures expanded and regulations drive customer adoption of these technologies. PACCAR is a leader in 0-emissions vehicles.

PACCAR 同時也正在開發氫燃料電池動力汽車，並為洛杉磯港的客戶製造了 10 輛 Kenworth T680 卡車。從長遠來看，由於氫能具有高能量密度和相對較快的加氫速度，因此氫能在長途運輸應用中可能具有廣泛的應用前景。PACCAR將於明年開始生產電池電動卡車。隨著電池成本下降、充電基礎設施擴大以及法規推動消費者採用這些技術，預計銷售將逐步成長。PACCAR是零排放汽車領域的領導者。

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

哈里希珀斯將介紹 PACCAR 零件、PACCAR 金融服務和其他業務亮點的最新情況。

Thanks, Preston. PACCAR continues to provide excellent operating cash flow for reinvestment in future growth and distributions to stockholders. Last week, the PACCAR Board of Directors announced a regular quarterly dividend of $0.32 per share. PACCAR has a strong balance sheet with $4.2 billion of cash and marketable securities, no manufacturing debt and an A+/A1 credit rating.

謝謝你，普雷斯頓。PACCAR持續提供優異的經營現金流，用於未來成長的再投資和向股東分紅。上週，PACCAR 董事會宣布派發每股 0.32 美元的季度常規股息。PACCAR 的資產負債表穩健，擁有 42 億美元的現金和有價證券，沒有製造業債務，信用評級為 A+/A1。

PACCAR Parts achieved quarterly revenues of $824 million, and pretax profits were $152 million. Many customers deferred truck maintenance during April and May's economic uncertainty. In June, parts demand recovered nicely and is returning to normal levels.

PACCAR Parts 季度營收為 8.24 億美元，稅前利潤為 1.52 億美元。由於四月和五月的經濟狀況不明朗，許多客戶推遲了卡車保養。6月份，零件需求明顯回升，並正在恢復正常水準。

To drive growth, PACCAR has made consistent investments in parts distribution capacity and customer-focused technologies. PACCAR Parts opened 2 new parts distribution centers this year, 1 in Ponta Grossa, Brazil, and the other one in Las Vegas. PACCAR Parts has also made significant investments in its e-commerce platform, which is benefiting our customers and dealers.

為了推動成長，PACCAR 持續投資於零件分銷能力和以客戶為中心的技術。PACCAR Parts 今年開設了 2 個新的零件配送中心，1 個位於巴西蓬塔格羅薩，另 1 個位於拉斯維加斯。PACCAR Parts 也對其電子商務平台進行了大量投資，這使我們的客戶和經銷商受益。

PACCAR Financial Services second quarter revenues were $360 million, and pretax income improved from $48 million in the first quarter to $56 million in the second quarter, reflecting strong portfolio performance.

PACCAR Financial Services 第二季營收為 3.6 億美元，稅前利潤從第一季的 4,800 萬美元增至第二季的 5,600 萬美元，反映出強勁的投資組合表現。

Used truck results were stable quarter-on-quarter. PACCAR Financial is increasing our retail used truck center capacity worldwide, which enhances margins. PACCAR Financial recently opened used trucks centers in Denton, Texas and in Prague, Czech Republic, and plans to open another facility in Madrid, Spain.

二手卡車銷售業績環比穩定。PACCAR Financial 正在提高我們在全球範圍內的二手卡車零售中心產能，從而提高利潤率。PACCAR Financial 最近在德克薩斯州丹頓和捷克共和國布拉格開設了二手卡車中心，並計劃在西班牙馬德里開設另一家分店。

Kenworth and Peterbilt truck resale values commanded 10% to 15% premium over the competition. We have rigorously aligned costs to this year's market conditions.

Kenworth 和 Peterbilt 卡車的轉售價格比競爭對手高出 10% 到 15%。我們已嚴格根據今年的市場狀況調整了成本。

SG&A was reduced by 33% to $94 million in the second quarter. We are maintaining our R&D and capital investments forecast as we continue to invest in new aerodynamic truck models and advanced powertrain technology.

第二季銷售、一般及行政費用減少了 33%，至 9,400 萬美元。我們維持研發和資本投資預測不變，並將繼續投資於新型空氣動力學卡車車型和先進的動力系統技術。

Research and development expenses are expected to be in the range of $265 million to $295 million this year. And capital investments are projected to be in the range of $525 million to $575 million.

今年的研發費用預計在 2.65 億美元至 2.95 億美元之間。預計資本投資額將在 5.25 億美元至 5.75 億美元之間。

Customer demand and higher order intake will result in increased production during the third quarter. Third quarter Truck, Parts and Other gross margins are estimated to be in the range of 12% to 13%.

客戶需求和訂單量的增加將導致第三季產量增加。第三季卡車、零件及其他業務的毛利率預計在 12% 至 13% 之間。

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 Jamie Cook with Credit Suisse.

（操作員說明）我們的第一個問題來自瑞士信貸的 Jamie Cook。

A nice quarter. I guess my first question, one, I think you just said you expected production to be up in the third quarter. Is there any way you could sort of give more color in how we think about that by region? I guess, would be my first question, which would be helpful. And then my second question, can you just sort of speak to channel inventory for the industry and where PACCAR sits with regards to channel inventory?

不錯的四分之一。我想問的第一個問題是，您剛剛說過預計第三季產量會上升。您能否從區域角度，更詳細地闡述我們對這個問題的看法？我想，這應該是我的第一個問題，希望能有所幫助。我的第二個問題是，您能否談談該行業的通路庫存情況，以及 PACCAR 在通路庫存方面處於什麼位置？

Jamie, good to hear from you. Thanks for taking the time. Start with your first question on truck production for the third quarter first. We saw steadily increasing production through the second quarter and that really is a result of the good freight market that's out there right now. In fact, if you think about freight, you can think about the levels we're operating at are kind of similar to the beginning of 2018. So really solid levels of freight going on in the world. Our customers are profitable, fuel prices are low and activity continues to be high. And that's carrying our build up into the third quarter, as Harrie mentioned, and we obviously build to customer orders. So that's a good thing.

傑米，很高興收到你的來信。感謝您抽出時間。先從第三季卡車產量的問題開始回答。我們看到第二季產量穩定成長，這確實是目前良好的貨運市場所帶來的結果。事實上，如果你考慮一下貨運量，你會發現我們目前的營運水準與 2018 年初的情況有些類似。所以，全球貨運量確實非常穩定。我們的客戶獲利狀況良好，燃油價格低廉，業務活動持續活躍。正如哈利所提到的，這將使我們的生產計劃延續到第三季度，而且我們顯然是根據客戶訂單進行生產的。這是件好事。

If I kind of look at your second question and think about where we are relative to the industry. Through the second quarter, it was nice because retail sales outpaced build by about 10,000 units for the first half of the year. And that means that inventory, retail build are all well matched up right now. And we feel good about our position because we have about 33% of the orders in the first half of the year. I feel like we're in a good position right now. We've good backlog, good visibility, and we're substantially full through the third quarter and taking orders in the fourth quarter and into the first part of next year.

如果我仔細看看你的第二個問題，想想我們相對於產業所處的位置。第二季情況不錯，因為零售銷售量比上半年的建設銷售量高出約 1 萬台。這意味著目前庫存和零售建設都匹配得很好。我們對自己的地位感到滿意，因為我們在今年上半年獲得了大約 33% 的訂單。我覺得我們現在處境不錯。我們訂單儲備充足，前景明朗，第三季基本上已排滿，第四季及明年上半年也都在接受訂單。

And sorry, 1 last question. Just -- you commented about the Parts sales. They improved throughout the quarter. Is there any way you can help us with the cadence of the improvement like how did Parts sales year-over-year exit in the month of June relative to where we started off, and I'll get back in queue after that.

不好意思，最後一個問題。剛才你提到了零件銷售狀況。他們在整個季度中表現都有所提升。您能否幫我們了解一下改進的節奏，例如六月零件銷售額與年初相比如何？之後我會重新排隊。

So Parts sales in June were, I think, about 6% below June of 2019. So we saw some nice improvement throughout the quarter.

所以，我認為 6 月的零件銷售額比 2019 年 6 月下降了約 6%。因此，我們看到本季出現了一些不錯的進步。

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。

I just wanted to start on a little bit more on order trends in June, the color around U.S. and Canada was really helpful. But could you guys characterize what you're also seeing in Europe? Have you also seen a significant improvement in the later part of the quarter?

我只是想更深入地了解六月的訂單趨勢，美國和加拿大的色彩分佈真的很有幫助。但你們能否描述一下你們在歐洲也看到了哪些現象？您是否也觀察到本季後半段出現了顯著改善？

Yes, that's great. Thanks for the follow-up on that. We did see Europe also increase its order intake through the course of the quarter and we're getting good order intake in Europe as well. And we've increased build, along with that order intake in Europe, and we have good visibility. In fact, we're really full in Europe through the third quarter.

是的，那太好了。謝謝你的後續跟進。我們看到歐洲在本季也增加了訂單量，我們在歐洲的訂單量也表現良好。隨著歐洲訂單量的增加，我們的產量也隨之提高，前景十分樂觀。事實上，我們在歐洲的訂單已經排到第三季了。

And like Preston said, also in Europe, customer activity continues to be good. A couple of days ago, the month statistic for Germany came out and the number of kilometers driven on German motorways for which Germany collects taxes was only down 4% compared to a year ago. So it means that 96% of the miles were driven the same as last year.

正如普雷斯頓所說，在歐洲，客戶活躍度也持續良好。幾天前，德國公佈了月度統計數據，數據顯示，德國高速公路的行駛里程數（德國為此徵稅）與去年同期相比僅下降了 4%。這意味著96%的行駛里程與去年相同。

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。

Maybe you could talk about market share in Europe, DAF at 15.8% year-to-date. I think that was comparable to 16.7% a year ago. And then longer term, if I look at everything that's happening in Europe with the Green Deal and all of the news in the last couple of days about their push towards hydrogen, I noticed that neither DAF nor PACCAR are a member of the Hydrogen Council or the Hydrogen Initiative in Europe. So can you talk about DAF's strategy for fuel cells and hydrogen in Europe? I know you talked a lot about the EV strategy, but a little bit more longer term, can you talk about what -- how they might react to a hydrogen environment?

或許你可以談談歐洲的市場份額，DAF 今年迄今的市佔率為 15.8%。我認為這與一年前的 16.7% 相當。從長遠來看，如果我縱觀歐洲正在發生的綠色協議以及過去幾天有關他們推動氫能發展的新聞，我注意到 DAF 和 PACCAR 都不是歐洲氫能委員會或氫能倡議的成員。那麼，您能談談DAF在歐洲的燃料電池和氫能策略嗎？我知道您談了很多關於電動車策略的事情，但從更長遠的角度來看，您能否談談它們可能會如何應對氫能環境？

Yes. Good to talk to you, Ann. From a market share standpoint in Europe, we look at that, and we have pretty good market share. We've got good order intake. What we see is the relative positioning has been the shape of the market in Europe. During the COVID event, some countries were closed down longer, deliveries were delayed and different countries at different sizes of the market. So some of it is just cyclicality and timing of that as we see the market right now. When we look into the 0-emissions vehicles, specifically around hydrogen, I'll -- let me kind of characterize PACCAR's strategy there. We have a 3-pronged strategy, which is really -- first have to have the technologies, and that can be battery, electric and hydrogen fuel cells we come down the line. So we have great technology. Our teams are on top of all of the capabilities and are developing these vehicles. I'm really proud of the engineering teams and R&D teams around PACCAR that have done just a fantastic job of having us in that leadership position. So that's 1 element is just being aware of the technology and having it on vehicles.

是的。很高興和你聊天，安。從歐洲市場佔有率的角度來看，我們擁有相當不錯的市佔率。我們訂單量不錯。我們看到的是，相對定位已經形成了歐洲市場的格局。新冠疫情期間，一些國家關閉的時間更長，貨物交付延遲，而且不同國家的市場規模也不同。所以，正如我們目前看到的市場情況，其中一部分只是週期性和時機問題。當我們研究零排放汽車，特別是氫燃料汽車時，我將會——讓我來概括一下 PACCAR 在該領域的策略。我們有一個三管齊下的策略，實際上就是——首先必須擁有技術，這可以是電池、電力和氫燃料電池，我們以後會陸續推出。我們擁有先進的技術。我們的團隊掌握了所有相關技術，正在研發這些車輛。我為 PACCAR 的工程團隊和研發團隊感到非常自豪，他們出色地完成了工作，讓我們處於領先地位。所以，第一個要素就是了解這項技術並將其應用於車輛。

Second element that's going to be critical to that is having good distribution when it comes to market. So a dealer network that works really well. PACCAR obviously is very proud of our relationship with our dealers and they're best in the world and do a great job. And so having the ability to sell and support, take care of our customers, that's a big deal.

第二個關鍵因素是擁有良好的市場分銷管道。所以，經銷商網路運作得非常出色。PACCAR顯然對我們與經銷商的關係感到非常自豪，他們是世界上最好的經銷商，工作做得非常出色。因此，能夠銷售產品、提供支援並照顧好我們的客戶，這意義重大。

And then the third part of being able to have electric vehicles or hydrogen fuel cell vehicles is you have to have flexible manufacturing capabilities so that you can combined not just zero emissions but clean diesel technologies and run them down the same line, so you can maintain efficiencies and be profitable in that way. And in PACCAR's case, we have actual factories that exist and can build vehicles. So that's kind of nice.

第三個方面是，要擁有電動車或氫燃料電池汽車，就必須具備靈活的製造能力，這樣才能將零排放和清潔柴油技術結合起來，並在同一條生產線上生產，從而保持效率並實現盈利。就 PACCAR 而言，我們擁有實際存在的工廠，可以生產汽車。那還挺不錯的。

And I would say that specific to hydrogen fuel cells, where your question was really pointed to. We mentioned in our disclosures that we have 10 trucks we're putting into operations in the Ports of L.A., they happen to be Kenworth T680s, but we have a global approach technology, and we can use DAF, Kenworth and Peterbilt, leverage each other's capabilities. So it's really -- that's just where we're starting right now, but they can be applied in Europe when the time is right.

而且我想特別指出的是氫燃料電池，也就是你的問題真正指向的領域。我們在披露文件中提到，我們正在洛杉磯港投入運營 10 輛卡車，它們恰好是 Kenworth T680，但我們擁有全球化的技術，我們可以使用 DAF、Kenworth 和 Peterbilt，充分利用彼此的能力。所以，這確實是──這只是我們目前的起點，但時機成熟時，它們也可以應用在歐洲。

Great. And can you just maybe then expand on the 10 trucks that are going to L.A.? How long does it take once you put trucks, these 10 trucks into pilot testing or whatever? What are the time lines? And what kind of time frame should we be thinking about before these trucks would actually be commercialized? I'm just trying to get a sense of what needs to happen to go from 10 trucks to commercialization?

偉大的。那麼，您能否詳細介紹一下那10輛要開往洛杉磯的卡車呢？把這10輛卡車投入試辦測試或其他用途後，需要多久？時間軸是什麼？那麼，在這些卡車真正商業化之前，我們應該考慮什麼樣的時間框架呢？我只是想了解一下，從10輛卡車到商業化需要經歷哪些步驟？

Sure. Happy to do that. The trucks that we're putting in the ports, some of them are already gathering miles. And those trucks are in a partnership with Toyota, it's a fuel cell provider there. That's going really well as well as Shell from an energy hydrogen provider. The time to production, commercialization, there's a cost element to that, which has to come into play. Hydrogen is $12 or $13 per kilogram. And in order for it to be really efficient from a commercialization standpoint, it needs to be in the $2 or $3 per kilogram range. So that's a little bit. There needs to be infrastructure put in place as well. And then the cost of fuel cells needs to come down. So we don't see that as something that's a near-term commercialization. We see that as a 5- to 10-year kind of a window where it might play itself into the market.

當然。我很樂意這樣做。我們投入港口的卡車，有些已經行駛了相當長的里程。這些卡車是與豐田合作的，豐田是那裡的燃料電池供應商。殼牌作為能源氫能供應商，進展也非常順利。從生產到商業化，這其中都涉及成本因素，必須加以考慮。氫氣價格為每公斤12或13美元。從商業化的角度來看，要真正有效，價格需要控制在每公斤 2 到 3 美元的範圍內。就這些了。此外，還需要建立相應的基礎設施。其次，燃料電池的成本也需要降低。所以我們認為這在短期內不會實現商業化。我們認為這是一個 5 到 10 年的窗口期，它可能會在這個時期進入市場。

And that was a North America response, not to Europe? Or do you feel the same in Europe?

這是北美方面的回應，而不是歐洲方面的回應？或者你在歐洲也有同樣的感受嗎？

We feel the same in Europe. That response is really a global response. The economics work the same way.

歐洲人也有同樣的感受。這種反應其實是全球性的反應。經濟學原理也是如此。

Our next question comes from Stephen Volkmann with Jefferies.

下一個問題來自傑富瑞集團的史蒂芬‧沃克曼。

Maybe we can go back to Parts. I think you said sort of the exit rate in June was down about 6%. Do you kind of foresee us getting back to flat or even growth in the second half in the Parts business?

或許我們可以回到零件部分。我想你之前說過，6月的退出率下降了約6%。您是否預計下半年零件業務將恢復平穩甚至成長？

Yes. That would be kind of a fair way to characterize it. Stephen, it's obviously going to depend on how freight goes as trucks move, parts move. And so we've seen good truck movements. So we anticipate good parts movement. And we've got a -- the team has done a great job of developing our capabilities, continuing to develop our capabilities. They've put in place a new e-commerce system, which makes it even easier for customers to get parts the same day or next day. We've just launched 2 new PDCs, 1 in Las Vegas, Nevada and the other one in Ponta Grossa, Brazil, which makes it having the right parts and the right locations even better. And so yes, between the general economic state and our fantastic team in the Parts division, we do expect the second half to look really good.

是的。這樣描述應該要比較貼切。史蒂芬，這顯然取決於貨車的行駛情況以及零件的​​運輸情況。因此，我們看到了良好的貨車運輸情況。因此我們預期零件流通情況良好。我們的團隊在提升自身能力方面做得非常出色，並且也持續提升自身能力。他們建立了一套新的電子商務系統，讓客戶更容易在當天或第二天收到零件。我們剛剛推出了 2 個新的 PDC，1 個在內華達州拉斯維加斯，另一個在巴西蓬塔格羅薩，這使得擁有合適的零件和合適的地點變得更加完美。所以，是的，鑑於整體經濟狀況以及我們零件部門的出色團隊，我們預計下半年的業績會非常好。

Okay. Great. And then maybe a little more broadly, you've done a really pretty amazing job, I think, with decremental margins in the Truck business, considering how low production was in the quarter. And I know you talked, Preston, about some of the cost actions that you've taken. I'm curious as things start to rebound in the second half and presumably into '21, is there any reason to think that your incremental margin might be higher than the historical kind of 15%, 20%? Or is the stuff that you've done more kind of temporary and we should just kind of think of the history as being a good guide?

好的。偉大的。而且，從更廣泛的角度來看，考慮到本季度卡車業務的產量非常低，我認為你們在降低利潤率方面做得非常出色。我知道你，普雷斯頓，談到了你採取的一些降低成本的措施。我很好奇，隨著下半年甚至 2021 年經濟開始復甦，是否有任何理由認為你們的增量利潤率可能會高於歷史上 15%、20% 的水平？或者說，你所做的一切更像是暫時的，我們應該把歷史看作是一個很好的指導？

Fun conversation to have. We always think about cost control and we're rigorous in that application, and the team did a great job, did a great job in a really dynamic time in this quarter. Controlling the cost, while still working on the really important projects we have going on. And so we made the right progress on the cool things that we're going be introducing in the coming years. And as far as its relationship to incremental margins, we'll watch how the market goes as we look into the out phase and see where that goes. And some of the stuff is structural and some of it is depending on what we want to spend the money on and where there's a good return.

很有趣的對話。我們始終重視成本控制，並且嚴格執行，團隊在本季這個瞬息萬變的時期做得非常出色。在控製成本的同時，我們仍然要推進我們正在進行的重要專案。因此，我們在未來幾年將要推出的那些很棒的新功能方面取得了正確的進展。至於它與增量利潤率的關係，我們將觀察市場在退出階段的走向，看看情況會如何發展。有些是結構性問題，有些則取決於我們想把錢花在哪裡以及哪裡能獲得良好的回報。

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 just expand on your fuel cell supplier strategy. So obviously, you're working with Toyota on consideration of 10 trucks. Do you view that as the structure going forward where you would have a single fuel cell supplier? Or how do you see that evolving? And are there any different configurations that we should be thinking about, whether we're talking about trucks in Europe versus U.S. versus different fuel cell type applications that might lend itself to a different engineering design? Can you just expand on those points, please?

我想請您詳細介紹一下您的燃料電池供應商策略。顯然，你們正在與豐田公司洽談購買10輛卡車的事宜。您認為未來會發展成單一燃料電池供應商的模式嗎？或者，您認為這種情況會如何發展？我們是否應該考慮其他不同的配置，例如歐洲卡車與美國卡車，或不同的燃料電池類型應用，這些都可能需要不同的工程設計？您能詳細闡述一下這些要點嗎？

Going to turn the engineer me on, Jerry. To say that it's early days on these technologies right now as far as their readiness for commercialization. So the most important thing for us is to be abreast, involved with, partnered with great companies like we have our great relationship with the current supply base and watching how it develops. There'll be some invention. There'll be some cost downs during the coming few years. And our goal is to make sure that we're in a position to provide our customers the lowest operating cost vehicles whenever the market is ready for them, when there's infrastructure, when there's regulation and when the technology is ready. And so it's early days, and we feel like we're really on top of it, and we're focused on a plan that is actionable and buildable.

傑瑞，我要把我這個工程師調教起來。可以說，就這些技術的商業化而言，目前還處於早期階段。因此，對我們來說最重要的是與優秀的公司保持同步，參與其中，並與之合作，就像我們與現有供應商保持良好的關係一樣，並關注其發展。肯定會有一些創新。未來幾年成本會有所下降。我們的目標是確保在市場準備好、基礎設施完善、法規到位、技術成熟時，我們能夠為客戶提供營運成本最低的車輛。所以現在還處於早期階段，我們感覺我們已經完全掌控了局面，並且我們專注於制定一個可操作、可實施的計劃。

Okay. So we'll stay tuned. And in terms of -- out of your cost performance, what really stands out is the SG&A reduction, in particular. Can you just talk about how many -- how much of that was driven by furloughs or on that item specifically, I think you addressed the gross margin performance previously, but can you talk about how much of the SG&A reduction stays with us here as production recovers?

好的。所以我們會繼續關注。就成本效益而言，最突出的就是銷售、一般及行政費用的降低，尤其如此。您能否具體談談其中有多少是因為員工休假或特定專案造成的？我想您之前已經談到了毛利率表現，但您能否談談隨著生產恢復，銷售、管理及行政費用的減少有多少會繼續保留下來？

Some of it was furlough, some of it was structural.

一部分是臨時解僱，一部分是結構性調整。

And some of it was travel, too. So as we see production and activity levels go up in the third and fourth quarters, I -- some of this will be sustainable, and some of the activity levels will be higher. So...

其中一部分也用於旅行。因此，隨著第三季和第四季生產和活動水準的上升，其中一些將是可持續的，而一些活動水準將會更高。所以...

Okay. And then lastly, can you just comment on your material cost performance in the quarter given all the moving pieces on the supply chain? Were you able to achieve net benefit from lower parts -- lower input costs? Or did that get eaten up by airfreight?

好的。最後，鑑於供應鏈中諸多變數，您能否評估本季的材料成本表現？您是否能夠透過降低零件數量（降低投入成本）來實現淨收益？還是被空運吞噬了？

No, it was relatively flat. There was puts and takes in all those areas on as we came back up in production.

不，地勢相對平坦。隨著我們恢復生產，所有這些領域都經歷了投入和投入。

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。

I just was going to go back to just the near term truck delivery outlook. I said a little bit of hesitation for you guys to provide too much guidance there, realizing there's still a lot of uncertainty, but can you help us at all? I mean are we looking at a 10% increase Q2 to Q3, a 50% increase? Like should we think about it kind of getting halfway back to where you were in Q1? And just how is the normal seasonality going to be impacted by COVID? Where you have the normal summer shutdowns in Europe, for example? And any other color you can provide there would be really helpful.

我原本打算只談近期的卡車運輸前景。我之前說過，我有點猶豫要不要給你們太多指導，因為我知道還有很多不確定因素，但是你們能幫幫我們嗎？我的意思是，我們預計第二季到第三季會成長 10%，還是成長 50%？我們是否應該考慮一下，爭取恢復到你在第一季所取得的一半成就？新冠肺炎疫情究竟會對正常的季節性變化產生什麼樣的影響？例如，在歐洲那些有正常夏季停工期的地區？如果您還能提供其他顏色，那就太好了。

Yes. Yes, happy to. If you look at Europe, we'll have our normal summer shutdowns that began last week or this week. So we have that going on right now. And in general, we -- as we've said, we will build the trucks to order. We're substantially full through the third quarter. So that gives you some kind of clarity of what's going on there. We're seeing -- taking build rate increases where they make sense to take them. And I think like the whole world, we're watching how the situation develops and customers are looking at how the situation develops. So providing too much beyond that feels a little bit early.

是的。是的，我很樂意。看看歐洲，我們將迎來正常的夏季停工期，這些停工期可能從上週或本週開始。所以我們現在正在做這件事。總的來說，正如我們所說，我們將按訂單生產卡車。第三季我們的訂單基本上已排滿。這樣就能讓你對那裡發生的事情有一定了解。我們看到的是——在合理的情況下提高建設速度。我認為和全世界一樣，我們都在關注事態的發展，消費者也在關注事態的發展。所以現在提供超出這個範圍的資訊似乎有點操之過急。

Okay. Got it. Maybe, Preston, just I'd love to hear your thoughts just -- and how you're thinking about it from a planning perspective, just the shape of the cycle from here? I mean, it's -- obviously, you saw a nice improvement off of the extreme loads in April as the quarter progressed. But do you think we're in a real V-shape recovery here? Or did we just see a kind of a sharp bounce off the bottom and perhaps headed for several years of kind of below replacement demand environment as the fleet ages and just everybody out there deals with a lot of uncertainty. Just general thoughts on that will be really interesting.

好的。知道了。普雷斯頓，或許，我很想聽聽你的想法──從規劃的角度來看，你是如何思考接下來的周期走向的？我的意思是，很明顯，隨著季度的推進，4 月的極端負載情況已經得到了很好的改善。但你認為我們現在正處於真正的V型復甦階段嗎？或者我們只是看到了從底部迅速反彈，隨著車隊老化，未來幾年需求可能低於更新換代需求，每個人都面臨著很大的不確定性。關於這方面的整體想法會很有趣。

Well, I think the easiest thing for us to do is watch how the truck market is doing, watch how freight is being hauled, watch housing starts, auto industry and a lot of activity in the auto industry right now. Housing starts are strong right now. And the general economy seems to be gathering momentum and rebounding. The shape of that curve, I don't know. I don't know that it's so simple to characterize that way. But we feel good with the way our customers are succeeding. And as customers are succeeding and hauling freight and there's movement in the world, then that's good for PACCAR.

我認為我們最容易做的就是觀察卡車市場的發展情況，觀察貨物的運輸情況，觀察房屋開工、汽車產業以及目前汽車產業的許多動態。目前房屋開工量強勁。整體經濟似乎正在積蓄力量並出現反彈。我不知道那條曲線的形狀。我不認為這樣描述就這麼簡單。但我們對客戶的成​​功感到欣慰。當客戶取得成功並運送貨物，世界經濟持續發展時，這對 PACCAR 來說就是好事。

Our next question comes from Andy Casey with Wells Fargo.

下一個問題來自富國銀行的安迪凱西。

A lot has been answered already. But in the -- looking back at the quarter, you had Truck revenue modestly outperformed volume. Could you comment on if that was pricing mix or something else?

很多問題已經得到了解答。但回顧本季，卡車業務收入略微超過了銷量。您能否解釋一下這是價格組合問題還是其他原因造成的？

We're having a hard time thinking about what your question really is. Can you kind of give us another spin at that?

我們很難理解你的問題到底是什麼。你能再給我們解釋一下嗎？

Yes. The Truck volumes were down about 100 basis points more than revenue on the Truck segment. And I'm just wondering, given you probably had some currency headwinds what the main drivers were?

是的。卡車銷量比卡車業務收入下降了約 100 個基點。我只是想知道，考慮到你們可能面臨一些貨幣方面的不利因素，主要的驅動因素是什麼？

There was a little bit of currency headwinds, but that's not material. Maybe it's in the market mix or the product mix, I didn't look into the detail of that, yes, okay.

匯率方面確實存在一些不利因素，但這無關緊要。或許問題出在市場組合或產品組合上，我沒有深入研究這方面的細節，好的。

Okay. Okay. And then switching back to the 0-emissions powertrain discussions, primarily on this timing for hydrogen. A lot of market excitement out there, but it doesn't really sound like your expectation in terms of when that technology could potentially impact the market change too much relative to what you said last year. Is that correct?

好的。好的。然後，話題又回到零排放動力系統的討論上，主要集中在氫能的時機。市場上的熱情很高，但就這項技術何時可能對市場產生太大影響而言，聽起來與你去年所說的有所不同。是這樣嗎？

I think you're accurate. That's correct. We think there's a lot of long-term promise for hydrogen, but it's long-term promise.

我認為你的說法很準確。沒錯。我們認為氫能具有很大的長期發展前景，但這只是長期的前景。

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。

I'm trying to better understand the third quarter gross margin guide, based on the midpoints implying a better gross margin in the first quarter. And I know there was the $50 million engine hit to the first quarter. But just trying to triangulate volume versus gross margin. I mean the first quarter had over 38,000 deliveries. This quarter just had 18,000. To have the third quarter gross margin above the first quarter when you ship the 38,000, I'm just trying to understand somewhat implicitly, I mean, the number that should be above 30,000 units. But even then, you would still need pretty strong mix be within the geographies, the type of trucks. And of course, you highlighted Parts should do relatively well. Can you just put all that together, just some sense of a better gross margin in the third quarter than 1 quarter. But again, you're not even half of the trucks that you delivered in the first quarter, in the second quarter. So we're all just trying to get a sense of, I mean, is it 30,000 deliveries, 35,000 because obviously, it's impressive if you can have that higher gross margin with that much less volume delivered 3Q versus 1Q.

我正在嘗試更好地理解第三季毛利率預期，因為其中值表明第一季的毛利率會更高。我知道第一季受到了 5000 萬美元的引擎衝擊。只是想嘗試將銷量與毛利率進行三角比較。我的意思是，第一季交付量超過 38,000 件。本季只有 18,000 例。為了讓第三季毛利率高於第一季（出貨量為 38,000 台），我只是想大致理解一下，我的意思是，出貨量應該超過 30,000 台。但即便如此，你仍然需要在地理位置和卡車類型方面做到相當強的組合。當然，您也強調了「零件」部分應該會表現得比較好。你能把所有這些因素綜合起來，得出第三季毛利率比第一季更高的結論嗎？但是，第二季度你的卡車交付量甚至不到第一季的一半。所以我們都在努力了解情況，我的意思是，是 3 萬輛還是 3.5 萬輛？因為很明顯，如果第三季的交付量比第一季少得多，但毛利率卻更高，那將令人印象深刻。

Well, I mean, you did a great job of characterizing it, actually, David. I mean think about the second quarter, 5 of 12 weeks were down, we've returned to normal build rates now. So build rates are steady and growing, as we said. And at good levels and 2 shift operations. And we would see the third quarter looking a lot more like the first quarter in terms of volumes. And the Parts business is strong and strengthening. And so those things together are as you put them together, get you to that 12% to 13% gross margin range. Feel good about the third quarter.

嗯，我的意思是，大衛，你對它的描述確實很棒。我的意思是，想想第二季度，12 週中有 5 週產量下降，現在我們已經恢復到正常的生產速度了。正如我們所說，建築速度穩定成長。而且產能充足，實行兩班倒作業。我們可以預見，第三季的銷售量將與第一季更加接近。零件業務強勁且持續成長。因此，把這些因素綜合起來，就能達到 12% 到 13% 的毛利率範圍。對第三季充滿信心。

That's helpful. Okay. Because it kind of dovetails into the question of you can tell about the wholesale receivables coming in, your dealers destocked well. But your own inventory didn't go down much, right, which, to me, indicated you must have some confidence on your builds for the third quarter, and your comment right there does suggest that there's a big ramp.

那很有幫助。好的。因為它與「你能看出批發應收帳款到帳情況嗎？你的經銷商是否已經很好地清倉了？」這個問題密切相關。但你自己的庫存並沒有下降太多，對吧？在我看來，這表明你對第三季的生產計劃一定很有信心，而你剛才的評論也表明，生產計劃將會大幅增長。

Yes, you're correct.

是的，你說得對。

Okay. That's all, I was just checking. I appreciate it.

好的。就這些，我只是確認一下。謝謝。

Yes, we're growing the inventory through into the -- because we're growing the build, strong relationship.

是的，我們正在透過各種方式增加庫存——因為我們正在擴大規模，建立牢固的關係。

Our next question comes from Steven Fisher with UBS.

我們的下一個問題來自瑞銀集團的史蒂文費雪。

I just wanted to ask about the finco a little bit more. Wondering if you could talk about the -- how much of the $25 million year-over-year decline in the profitability was a function of higher credit provisions versus lower used truck values. I think you said the used trucks were stable, but I wasn't sure if that was a pricing comment in particular.

我只是想再了解一下金融公司的狀況。我想知道您能否談談——2500萬美元的同比盈利下降中，有多少是由於信貸撥備增加，又有多少是由於二手卡車價值下降。我想你說過二手卡車的價格很穩定，但我不太確定這是否特別指價格方面。

The used trucks being stabilize is quarter-over-quarter. So if we compare to the second quarter of last year, used trucks results were down as a result of lower used truck prices in general. We've been adding used trucks centers, as we discussed. And although used truck prices are down, we do get a 10% to 15% premium for our used trucks. And the credit loss reserve has a small impact also compared to last year credit losses were up $4 million and interest yields and spreads were down a little bit, too. Although we have a very strong portfolio currently with a very healthy mix of A and B customers and really low past dues, which remains well below 1%.

二手卡車市場趨於穩定，季度較上季有所變動。因此，與去年第二季相比，由於二手卡車價格普遍走低，二手卡車的業績有所下降。正如我們之前討論的那樣，我們一直在增加二手卡車中心。雖然二手卡車價格下跌，但我們的二手卡車仍能獲得 10% 到 15% 的溢價。與去年相比，信貸損失準備金的影響也很小，信貸損失增加了 400 萬美元，利率和利差也略有下降。儘管我們目前擁有非常強大的客戶組合，A 類客戶和 B 類客戶的比例非常健康，而且逾期付款率非常低，遠低於 1%。

Okay. That's helpful. And then could you just talk about the supply chain? How close to full production and delivery rates, would you say they're running now? And are there any spots that you're kind of still keeping an eye on for any concerns?

好的。那很有幫助。那麼，您能否談談供應鏈方面的問題？您認為他們目前的生產和交付速度距離滿載運轉有多近？那麼，有沒有哪些地方還在特別關注，以防萬一呢問題？

Our suppliers are doing really well. Everybody that in this industry has done a fantastic job of responding through the last quarter and putting in good safety and health and safety protocols. Those are in place, and the supply base is doing a great job of providing products.

我們的供應商表現非常出色。上個季度，業內所有人士都出色地完成了應對工作，並制定了良好的安全、健康和安全規程。這些條件都已具備，供應鏈也很好地提供了產品。

Our next question comes from the line of Tim Thein with Citigroup.

我們的下一個問題來自花旗集團的提姆·泰恩。

The first question is just on the Truck gross margins. Are you able to give us any color as to where you were exiting June? Just from a margin perspective, obviously, the quarter, I'm sure I had quite a bit of variability in it. Can you segment that precisely in terms of where -- again, where you exited June from a gross margin standpoint?

第一個問題只涉及卡車毛利率。您能否透露一下六月離開時的情況？僅從利潤率的角度來看，顯然，本季利潤率波動較大。您能否具體細分一下—也就是從毛利率的角度來看，您六月的業績狀況？

Harrie?

哈里？

Yes. Obviously, June was better than the second quarter average as we were ramping up production again and getting back to close to normal build in Trucks and close to normal sales in Parts. So yes, June was -- ended the quarter strong.

是的。顯然，6 月的情況比第二季度的平均水平要好，因為我們再次提高了產量，卡車產量恢復到接近正常水平，零件銷量也恢復到接近正常水平。是的，六月表現強勁，為本季畫下了圓滿的句點。

Okay. All right. And then maybe just on Parts, and I'm curious if kind of a similar question, just from a standpoint of mix and maybe what that -- you talked about the pause in activity and some fleets deferring maintenance, which is fairly intuitive. I'm guessing you probably had fewer engine overhauls in the quarter as well. Is that -- does mix enough margins, do you expect that to improve in the second half noticeably? Or is it just kind of leverage with the improvement in revenues that you're forecasting?

好的。好的。然後也許只是關於零件，我很好奇是否有類似的問題，只是從組合的角度來看，也許是什麼——你談到了活動的暫停和一些車隊推遲維護，這相當直觀。我猜你們那一季引擎大修的次數可能也比較少。如果混合利潤率夠高，你預計下半年會明顯改善嗎？或者這只是利用你預測的收入成長來施加某種槓桿作用？

Of course, Parts margins are higher than Truck margins. And if Parts stay higher than Trucks, that has a favorable effect on the overall margin. And we saw that in the second quarter, could happen later this year, too.

當然，零件的利潤率高於卡車的利潤率。如果零件價格高於卡車價格，這將對整體利潤率產生有利影響。我們在第二季就看到了這種情況，這種情況今年晚些時候也可能再次發生。

Okay. The question here is more just Parts specific, i.e., did you sell the margins on the sales in the first half with of Parts? Is it a lower, is it less favorable mix because of just the type and the nature of the products sold or not -- is that not a meaningful factor?

好的。這裡的問題更具體一些，即在零件銷售中，你是否出售了上半年零件銷售的利潤？是因為所售產品的種類和性質導致產品組合較低、不太理想嗎？ ——這不是一個重要的因素嗎？

I think we understand your question. No, no. I think that wasn't significant as far as proprietary versus all makes Parts mixture, it might have been a little impact, but it was much more about the deferring of maintenance and just what happened in April and early May with our dealers and what our customers are doing in watching the uncertainty and then they rebounded through that and have accelerated out of that.

我想我們明白你的問題了。不，不。我認為就專有零件與所有品牌零件的組合而言，這並不重要，可能略有影響，但更重要的是維護保養的推遲，以及四月和五月初我們的經銷商和客戶在關注不確定性時所採取的行動，然後他們挺過了難關，並加速走出了困境。

Got it. Okay. And then just last one, Harrie or Michael, maybe just quick modeling one. The step down in D&A from the first quarter, should second half look more like the first or the second quarter from a D&A expense standpoint?

知道了。好的。最後就拍一個，哈利或者邁克爾，也許就快速拍一個模特兒照。從第一季來看，折舊和攤提費用有所下降，下半年的折舊和攤提費用應該更接近第一季還是第二季？

D&A? What do you mean by D&A?

數據與分析？你說的D&A是什麼意思？

Depreciation and amortization was $70 million in the first quarter, went to like $51 million or $52 million.

第一季的折舊和攤銷費用為 7,000 萬美元，降至 5,100 萬美元或 5,200 萬美元左右。

Yes. We have a lot of depreciation is on a unit to production basis. And so when production goes down, the depreciation necessarily follows. And so as production goes up, you'd expect that to go up some as well.

是的。我們的折舊大多是用產量計算的。因此，當產量下降時，折舊也必然隨之而來。因此，隨著產量的增加，價格也會隨之上漲。

Our next question comes from the line of Adam Uhlman with Cleveland Research.

我們的下一個問題來自克利夫蘭研究公司的亞當·烏爾曼。

I was wondering if we could speak some more about European truck fundamentals. I guess you noted that used truck pricing was stable here in the U.S. Could you expand on what's happening over in Europe and how these truck inventories look? And then I'll wrap with a second question into it. I guess you mentioned that Europe orders improve through the quarter. But I'm not sure if that means that we've actually gotten to year-over-year growth like we saw in the U.S. Maybe you can just touch on that first.

我想問我們是否可以再談談歐洲卡車的基本原理。我想您已經注意到美國二手卡車價格穩定。能否詳細介紹一下歐洲的情況以及卡車庫存狀況？最後，我會以第二個問題作為結尾。我猜您提到歐洲訂單會在本季有所改善。但我不太確定這是否意味著我們已經實現了像美國那樣的年成長。也許您可以先談談這一點。

Sure. The European market is, as Harrie said, anything, the good thing to think about is that mount mileage and it's off slightly from last year's very high levels. And so it continues to be good. Order intake continues to be strong in Europe. I think that as we think about some markets, they're just opened up in the last 30 days where border travel and things were allowed. And so they're still finding their way into that. Deliveries are still happening into the Eastern European countries. And we see strengthening throughout the European market. And that's just a -- there's a little bit of -- it was an unstable period there for a couple of months, and now it's stabilizing and strengthening, and that's what we're seeing happening.

當然。正如哈利所說，歐洲市場瞬息萬變，值得關注的是，它的行駛里程比去年的極高水準略有下降。所以它一直都很好。歐洲的訂單量持續強勁。我認為，當我們考慮某些市場時，會發現它們在過去 30 天內才剛剛開放，邊境旅行等活動也已獲準進行。所以他們仍在摸索融入其中的方法。目前仍向東歐國家出貨。我們看到整個歐洲市場都在走強。這只是——有一點——那段時間不太穩定，持續了幾個月，現在正在趨於穩定和加強，這就是我們正在看到的。

Do you get the sense that there was kind of demand that we've refilled now and there could be a step back? Or are there any indicators that you look at within the order books that give you confidence that there's sustainability to it?

你是否感覺到之前的需求已經被滿足，但現在可能會出現回落？或者，您從訂單簿中尋找哪些指標，讓您確信這種模式能夠持續下去？

Yes. I think we have a high degree of confidence that the order book is well matched to our production rates and that we see good order intake. As I said, we're effectively full through the third quarter in Europe, which is great. Good visibility. Orders continue to come in. And we continue to look at the business just smoothly accelerating.

是的。我認為我們非常有信心訂單量與我們的生產速度相匹配，而且我們看到了良好的訂單成長情況。正如我所說，我們在歐洲第三季的檔期基本上已經排滿了，這非常好。能見度良好。訂單還在不斷湧入。我們繼續看到業務穩步加速成長。

Our next question comes from the line of Rob Wertheimer with Melius Research.

我們的下一個問題來自 Melius Research 的 Rob Wertheimer。

I had 2 questions, if I may. The first one, maybe it's a little bit of a softball, but your op margin was really remarkable in a quarter with maybe maximum disruption, I suppose, just on volumes and also just what you had to do with workforce and so forth. Obviously, versus '09, you did better. And obviously, Parts are one sort of a long-term success story. Is there anything else you'd highlight that's sort of structurally different that allowed you to perform so well this quarter? And then I had a strategic one to follow-up.

如果可以的話，我有兩個問題。第一個問題可能有點簡單，但你們的營業利潤率在一個可能受到最大程度幹擾的季度裡確實非常出色，我想，這不僅是因為銷量，還因為你們不得不對員工隊伍等等進行調整。顯然，與 2009 年相比，你做得更好。顯然，零件業務是一種長期成功的案例。您認為還有哪些結構上的差異，使得你們本季業績如此出色？然後我還有一個策略性的問題需要跟進。

Sure, let's start with that one. And I think we're really proud of the team throughout PACCAR. They did a great job of treating every cost is variable, always do and did this time as well. And you mentioned too -- you mentioned Parts is an important part of the business, which has grown and provides great stability and capability for our company. And the finance company also is another leg of that, which has a great job of having great new business volumes that came in through the course of the quarter. Good spreads on the business. They operate really well and a fantastic part of PACCAR's team.

好的，我們就從那個開始吧。我認為我們為整個 PACCAR 團隊感到非常自豪。他們做得很好，把每一項成本都視為變動因素，一直以來都是如此，這次也不例外。您也提到過—您提到零件是公司業務的重要組成部分，它不斷發展壯大，為我們公司提供了極大的穩定性和能力。金融公司也是其中的重要組成部分，它在本季度獲得了大量新業務，做得非常出色。這家公司業績表現不錯。他們表現出色，是 PACCAR 團隊中非常重要的一員。

Okay. Okay. That's helpful. I want to follow-up off-line in a couple of other things. But just one big picture strategic. You've obviously got hydrogen, electric, autonomous, a lot of different technology streams that you've been as you do using the supply chain to sort of leverage and evaluate and so forth. And you saw one of your competitors partner up more closely with TuSimple. Can you give us a sense of the time frame on when big strategic decisions might be made? Do we have to worry about announcements like that? Or do you think on each of those different streams, hydrogen, electric, autonomous, we're 2 or 3 or 4 years away from critical points? Maybe just give us a sense of how much to worry when or think about when things like that happen?

好的。好的。那很有幫助。我還有一些事情想在線下跟進。但只需要著眼於大局戰略。顯然，你們擁有氫能、電力、自動駕駛等許多不同的技術流派，你們一直在利用供應鏈來加以利用和評估等等。你看到你的一個競爭對手與 TuSimple 建立了更緊密的合作關係。您能否大致說明一下，重大戰略決策可能會在何時做出？我們需要擔心這類公告嗎？或者您認為在氫能、電動、自動駕駛這幾個不同的發展方向上，我們距離關鍵節點還有 2 年、3 年或 4 年的時間？或許可以讓我們大致了解，當發生類似的事情時，我們該有多擔心或多想？

Sure. Happy to do that. I think the key to keep in mind is the customer at the end of the day is interested in the lowest total cost of operation. That's what the trucking companies like to think about. That's what they're trying to deliver. And they're doing that, and they'll use 0-emissions vehicles, whether they're battery electric or hydrogen fuel cells to do that. And so what we do is evaluate those technologies, develop those technologies and bring them to market as soon as they're ready and commercially the right answer or regulations ask us to bring them to market. We think that's -- they develop iteratively. We're always making those strategic decisions about which way things will go. We continue to develop 0-emissions vehicles while we develop clean diesel at the same time because that's going to be the mode of power for the coming years, primary mode of power for the coming years.

當然。我很樂意這樣做。我認為需要記住的關鍵是，歸根結底，客戶最關心的是最低的總營運成本。那是貨運公司喜歡想的事情。這就是他們想要達到的目的。他們正在這樣做，他們將使用零排放車輛，無論是電池電動車還是氫燃料電池汽車來實現這一目標。因此，我們所做的就是評估這些技術，開發這些技術，並在它們準備就緒、商業上可行或法規要求我們將其推向市場時，盡快將它們推向市場。我們認為這是——它們以迭代的方式發展。我們一直在做出關於事物未來發展方向的策略決策。我們一邊繼續研發零排放汽車，一邊研發清潔柴油，因為這將是未來幾年主要的動力模式。

And then on autonomy, it's a great technology. We have strong partnerships with a lot of autonomous vehicle companies. We have developed autonomous vehicles. If you look around at the space, and you'll see that a vast majority of the vehicles that are operating in L4 modes in trial are Peterbilts and Kenworths and DAFs. And so we'll watch that technology and when it's ready, we'll bring it to our customers.

至於自主性方面，這是一項很棒的技術。我們與許多自動駕駛汽車公司建立了牢固的合作關係。我們已經研發出自動駕駛汽車。如果你環顧四周，你會發現，在試驗中以 L4 模式運行的車輛絕大多數是 Peterbilt、Kenworth 和 DAF 的車輛。因此，我們將密切關注這項技術的發展，一旦成熟，我們將把它帶給我們的客戶。

Our next question comes from the line of Rob Salmon with Wolfe Research.

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

And I guess to piggyback a little bit in terms of some of the Parts questions a little bit earlier. In the Q, I think you had noted that Parts is down about 6% in last month. Could you give us a sense of kind of what the exit rate as we left June and then what we're seeing kind of early in July from a Parts revenue standpoint? Has that inflected positive at this point? Or is it still down on a year-over-year basis?

我想稍微借用一下前面一些關於零件的問題。在季度報告中，我想您已經提到零件業務上個月下降了約 6%。能否請您介紹一下六月底的退出率，以及七月初從零件收入角度來看的情況？目前來看，情況是否已經好轉？或者說，與去年同期相比，仍呈現下降趨勢？

And Parts is really returning to normal right now. I mean, as Harrie characterized it, right? It's recovered nicely. It's strengthening. And the easy way to think about it is as trucks move, they use parts and trucks are moving. So Parts are getting used. And our team is doing a great job of supporting the customers and kind of very much return to the strong normal.

零件供應現在真的正在恢復正常。我的意思是，就像哈利所描述的那樣，對吧？它恢復得很好。它正在增強。簡單來說，卡車在行駛過程中會使用零件，而卡車本身也在行駛。所以零件正在被利用。我們的團隊在支援客戶方面做得非常出色，並且正在逐步恢復正常運作。

That's helpful. And we've seen a real nice kind of uptick in terms of spot demand and a lot of load indicators. Also, we've seen a nice improvement in the U.S. with regard to contracted volumes with the truckers. Have you seen an improvement kind of in the month of June and into July from a used truck performance with regard to the price realization that you guys are seeing? Or is that -- was that pretty stable kind of throughout the -- throughout 2Q and into July thus far?

那很有幫助。我們看到現貨需求和許多負載指標都出現了非常可觀的成長。此外，我們看到美國與卡車運輸公司簽訂的合約貨運量也有了不錯的改善。你們有沒有註意到，在六月到七月，二手卡車的價格表現有所改善？或者說，這種情況在第二季以及7月至今都相當穩定嗎？

Yes. We had great volume in June for used truck sales, both in Europe and in the U.S. and Canadian markets. So that was good. What we're seeing is some green shoots in terms of the pricing in the used truck market right now, and that's positive.

是的。6月份，我們在歐洲、美國和加拿大市場的二手卡車銷售都非常可觀。那很好。目前我們看到二手卡車市場的價格出現了一些復甦的跡象，這是一個積極的信號。

Our next question comes from the line of Joe O'Dea with Vertical Research.

我們的下一個問題來自 Vertical Research 的 Joe O'Dea。

Just one question on new technologies and specifically, the battery electric that you plan to have in production next year. How do you envision sort of going to market with those? Are you comfortable leasing those vehicles? Is that something that you're primarily looking not to carry on your books, just given early stages, uncertainty on residuals, trying to understand how you think about selling them?

關於新技術，特別是您計劃明年投產的電池電動車，我只有一個問題。您設想如何將這些產品推向市場？您是否願意租賃這些車輛？鑑於目前還處於早期階段，收益存在不確定性，您是否主要打算不將這些作品保留在您的賬簿上，並試圖了解您是如何考慮出售它們的？

Yes. Fun to talk with you about that. I mean we think the EVs that come into production next year could be leased or purchased, both are available PacLease, as you know, they're celebrating their 40th anniversary into the great leasing operation. So we can run them through PacLease, and we can also have the customers purchase them. When we bring something to market, we have confidence in its performance, and we do with the electric vehicles when we bring them out. The price point is obviously, at this stage of the development. And next year will be higher than diesel. But I think people are interested in seeing what that technology feels like in their fleets. And then obviously, we have regulations coming in the '24, '25 time frame where some markets will need the electric vehicles. And so that's what's going to bring some gradual increase in demand.

是的。跟你聊這個很有意思。我的意思是，我們認為明年投產的電動車可以租賃或購買，PacLease 提供這兩種選擇，正如你所知，他們正在慶祝成立 40 週年，成為一家偉大的租賃公司。所以我們可以把它們交給 PacLease 管理，也可以讓顧客直接購買。當我們把產品推向市場時，我們對它的性能充滿信心，我們對電動車也是如此。價格顯然是在這個發展階段決定的。明年油價將會高於柴油。但我認為人們很想看看這項技術在他們的機隊中實際應用效果如何。顯然，在 2024 年、2025 年期間，一些市場將需要電動車，屆時也會有相關法規出台。因此，這將逐步帶動需求成長。

And from a regional perspective, the 2020 launch is for both Europe and North America?

從區域角度來看，2020年的發表會是面向歐洲和北美嗎？

Correct. We're developing trucks for both Europe and North America in 2021.

正確的。我們正在為歐洲和北美市場開發2021年的卡車。

Our next question comes from the line of Courtney Yakavonis with Morgan Stanley.

我們的下一個問題來自摩根士丹利的 Courtney Yakavonis。

Just following up on Joe's question, when we're thinking about -- I think a lot of your comments about the kind of the modest growth has come from the demand side. But can you help us understand what are the bottlenecks in terms of switching your lines to battery electric from an investment perspective in the factory? Are you taking a diesel line and just switching it to battery? Or is it more complex than that? And what's the length of time? And I guess, if demand ends up surprising to the positive, how quickly can you ramp those production levels on battery electric and then same question for hydrogen acknowledging that, that's a little bit of a longer time out.

我接著喬的問題想問一下——我認為你關於這種溫和增長的許多評論都來自需求方面。但您能否從工廠投資的角度，幫助我們了解將生產線改用電池電動生產線的瓶頸是什麼？你是把柴油管路改成電池供電嗎？或者，事情比這更複雜？持續時間是多久？我想，如果需求最終超出預期，電池電動車的產量能以多快的速度提升？氫燃料電池汽車也面臨同樣的問題，但需要更長的時間才能實現。

Courtney, good to talk to you. From a demand standpoint and from a flexible manufacturing standpoint, it is really important to note, you've been to many of our factories that when you look at PACCAR's factories, we build the order, they're custom trucks, they can be configured with various displacements of diesel engines or different numbers of axles and et cetera and et cetera. And our teams and our operations teams do a great job of being able to integrate different designs on to our main line. That's one of the real core talents that PACCAR has. And electric vehicles will be the same kind of thing. We'll be mounting them on our lines and whether it's the batteries, the electric motors, capabilities will all be mounted online. And we have flexible lines that can accommodate that in low and high volume. So we're prepared. It's really nice to have actual factories that are able to build trucks. And we can do that today, and we'll be able to accommodate all the demand in the future.

Courtney，很高興和你聊天。從需求角度和靈活製造角度來看，需要特別注意的是，您參觀過我們許多工廠，當您看到 PACCAR 的工廠時，我們會根據訂單生產定制卡車，它們可以配置不同排氣量的柴油引擎或不同數量的車軸等等。我們的團隊和營運團隊在將不同的設計整合到我們的主生產線上方面做得非常出色。這是帕卡公司真正的核心優勢之一。電動車也將面臨同樣的問題。我們將把它們安裝在我們的生產線上，無論是電池、電動馬達或其他功能，都將在線上安裝。我們擁有靈活的生產線，可以滿足低產量和高產量的需求。所以我們已經做好準備了。擁有能夠製造卡車的實體工廠真是太好了。我們今天就能做到這一點，而且將來也能夠滿足所有需求。

Okay. That's helpful. And then just on the Parts, you mentioned that your e-commerce sales increased, I think, 20% in the first half. Can you just comment a little bit on what customers were purchasing? Was that mostly dealers? Or was it customers you haven't historically been exposed to, I think you've done a good job kind of broadening the reach of your Parts business over time. I'm just curious if this is another avenue or if it's really just been replacing existing Parts customers?

好的。那很有幫助。然後，關於零件業務，您提到您的電子商務銷售額在上半年增長了，我認為是 20%。能否簡單介紹一下顧客們購買的商品？那些人大多是經銷商嗎？或者說，你接觸到的是你以前從未接觸過的客戶群？我認為，隨著時間的推移，你在擴大零件業務的影響範圍方面做得很好。我只是好奇這是否是另一種發展途徑，還是真的只是在替換現有的零件客戶？

It is -- it's a mixture of both, Courtney, it's some dealers, some customer orders. It's a great system that gives them that flexibility to get what they want and to see the related parts whenever they need to. It makes it a little bit quicker to receive the parts, but it's all parts of the business. So there's some replacement, and there's some new demand that comes from it as well.

沒錯——是兩者的混合體，考特尼，既有經銷商的訂單，也有客戶的訂單。這是一個很棒的系統，它賦予他們極大的靈活性，讓他們能夠獲得自己想要的東西，並在需要時查看相關部分。這樣可以稍微加快收到零件的速度，但這都是業務的一部分。所以既有產品的替代，也由此產生了一些新的需求。

Okay. Great. And then just lastly, you talked about the strength in orders in June in both the U.S. and Europe. Can you just comment on which customers are you seeing coming back first? I think last quarter, you talked a lot about vocational being strong. Is that still what's driving the order book at this point? Are you seeing kind of some of those core TL customers come back?

好的。偉大的。最後，您也談到了6月份美國和歐洲的訂單強勁成長。您能否簡要介紹一下您觀察到的回頭客群體中哪些群體最先出現？我認為上個季度你多次提到職業教育很強勢。目前訂單量仍主要受此因素驅動嗎？您是否看到一些核心的TL客戶回歸了？

It's pretty broad. I mean the customers coming back are broad right now. It's some of the bigger customers in the various sectors. That are continuing to use trucks, so they'll need to replace trucks. They might have postponed to buy for a quarter, but now they're ordering. The vocational market continues to be strong, and we're doing really well in medium duty. So all kind of seems to be growing equivalently right now.

範圍相當廣泛。我的意思是，現在回頭客的範圍很廣。它是各個行業中一些規模較大的客戶。那些繼續使用卡車的公司，因此需要更換卡車。他們可能推遲了一個季度才開始購買，但現在他們已經開始下訂單了。商用車市場持續強勁，我們在中型卡車領域也做得非常好。所以目前看來，各種事物似乎都在同步成長。

(Operator Instructions) Our next question comes from the line of Jeff Kauffman with Loop Capital Markets.

（操作員說明）我們的下一個問題來自 Loop Capital Markets 的 Jeff Kauffman。

Congratulations. I was kind of curious, are your customers asking you for anything different these days? I mean we've pulled back from the abyss, but there's a lot of P&L pressure in the industry. There's a lot of struggling carriers out there still. What's changing in terms of what customers are asking for in the vehicles?

恭喜。我有點好奇，最近您的客戶有什麼不同的需求嗎？我的意思是，我們已經從深淵中掙脫出來了，但這個行業面臨著很大的損益壓力。目前仍有許多營運困難的航空公司。顧客對車輛的需求發生了哪些變化？

Yes. I think it's easier to say what's constant and what's constant is they want great trucks. They want premium products that support their brands, help them operate efficiently in their businesses, lowest total cost of operation. So great fuel efficiency, and they want a truck they're proud of. And that's DAF, and Peterbilt and Kenworth and makes their drivers happy, and that's an important part of their operations. So I think those fundamentals stay right with us right now. We're happy to provide those great trucks.

是的。我認為更容易說清楚的是，他們始終想要性能卓越的卡車。他們想要能夠支持其品牌、幫助他們高效地經營業務、降低總營運成本的優質產品。所以他們追求極佳的燃油效率，並且想要一輛讓他們引以為傲的卡車。DAF、Peterbilt 和 Kenworth 就是這樣，它們讓司機滿意，而這正是它們營運的重要組成部分。所以我認為這些基本原則現在仍然適用。我們很樂意提供這些優質卡車。

Granted. But in terms of options, packages in terms of things people want to see on the truck, is any of that changing with the customers or no, not really?

的確。但是就選項、套餐以及人們希望在卡車上看到的東西而言，這些是否會隨著客戶的變化而改變，或者說，並沒有真正改變？

I think you could see there's been an increase in the past several years of safety systems as people want to see just the continued availability of ADAS kinds of features, Level 1 features growing towards Level 2. So that's something that's come along.

我認為你可以看到，過去幾年安全系統有所增加，因為人們希望看到ADAS（高級駕駛輔助系統）等功能的持續普及，從L1級功能發展到L2級功能。所以這是發展的一個趨勢。

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。

Thanks to everyone. Have a great day.

謝謝大家。祝你有美好的一天。

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。感謝您的參與。您現在可以斷開連線了。