帕卡 (PCAR) 2020 Q1 法說會逐字稿

Good morning. And welcome to PACCAR's First Quarter 2020 Earnings Conference Call. (Operator Instructions) Today's call is being recorded. And if anyone has any objections, they should disconnect at this time.

早安.歡迎參加帕卡公司2020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，請立即掛斷電話。

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。

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

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。

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.

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總體經濟和競爭狀況。更多信息，請參閱我們向美國證券交易委員會提交的文件以及paccar.com網站的投資者關係頁面。

I would now like to introduce Preston Feight.

現在我來介紹普雷斯頓費特。

Well, good morning, everyone. Harrie Schippers and I will update you on our first quarter results and our business highlights.

大家早安。我和哈里·希珀斯將向大家報告我們第一季的業績和業務亮點。

I'd like to begin by expressing my sincere thanks and appreciation to all PACCAR employees for their dedication, hard work and their upbeat spirit as we tackle today's challenges and work towards a bright future.

首先，我要向所有 PACCAR 員工表達我衷心的感謝和讚賞，感謝他們的奉獻、辛勤工作和積極樂觀的精神，讓我們能夠應對當今的挑戰，並朝著美好的未來努力。

The trucking industry has been declared as an essential business. PACCAR employees, along with our dealers, are providing critical support to our customers who are delivering medical supplies, food and essential services to our communities around the world. I also want to express my gratitude and thanks to the millions of men and women who are working hard to support those affected by the pandemic. I'm pleased to share that the PACCAR foundation has donated $2 million to United Way and other organizations to help our communities.

卡車運輸業已被認定為必要產業。 PACCAR 的員工與我們的經銷商一起，為我們的客戶提供至關重要的支持，幫助他們向世界各地的社區運送醫療用品、食品和基本服務。我也要向數百萬辛勤工作、為受疫情影響的人們提供幫助的男女錶達我的感激之情。我很高興地宣布，PACCAR 基金會已向聯合勸募協會和其他組織捐贈了 200 萬美元，以幫助我們的社區。

Over the next few weeks, we're beginning a gradual resumption of truck production at selected factories. The specific restart timing for each plant and office location is being aligned with government directives, implementation of our work and social distancing measures, parts availability from suppliers, and our business needs. During this gradual restart, our highest priority is on ensuring the health and safety of our employees and their families.

未來幾週，我們將逐步恢復部分工廠的卡車生產。各工廠和辦公地點的具體復工時間將根據政府指令、工作和社交隔離措施的落實情況、供應商的零件供應情況以及我們的業務需求而定。在逐步復工的過程中，我們始終將員工及其家人的健康和安全放在首位。

Looking at our first quarter financial results. PACCAR achieved good revenues and net income. PACCAR's first quarter sales and financial services revenues were $5.2 billion, and first quarter net income was $359 million.

回顧我們第一季的財務表現。 PACCAR實現了良好的營收和淨利。 PACCAR第一季的銷售和金融服務收入為52億美元，淨利為3.59億美元。

PACCAR delivered 38,400 trucks during the first quarter. PACCAR parts achieved quarterly revenues of $999 million. Parts pretax profits were a record $215 million, 3% higher than the same period last year. Truck and parts gross margins were 12.3% in the first quarter. The first quarter results included $50 million in higher accruals for product support costs.

帕卡公司第一季交付了38,400輛卡車。帕卡零件業務季度營收達9.99億美元。零件稅前利潤創下2.15億美元的新高，較去年同期成長3%。第一季卡車及零件毛利率為12.3%。第一季業績包含5000萬美元的產品支援成本提列。

PACCAR Financial achieved pretax income of $48 million. DAF, Peterbilt and Kenworth delivered excellent heavy-duty market share in the first quarter. Kenworth and Peterbilt's U.S. and Canada market share increased to 30.4% compared to 30% for the full year of 2019. DAF's European market share increased to 16.7% in the first quarter compared to 16.2% last year. And in Brazil, in the above 40-tonne segment, first quarter DAF market share increased to a record 8.7% compared to 6.1% last year, fantastic work.

帕卡金融公司（PACCAR Financial）實現稅前利潤4,800萬美元。 DAF、彼得比爾特（Peterbilt）和肯沃斯（Kenworth）在第一季重型卡車市場份額表現出色。肯沃斯和彼得比爾特在美國和加拿大的市佔率從2019年全年的30%成長至30.4%。 DAF在歐洲的市佔率從去年的16.2%成長至第一季的16.7%。在巴西，40噸以上卡車細分市場中，DAF第一季的市佔率創下歷史新高，達到8.7%，去年同期為6.1%，成績斐然。

PACCAR has steadily grown market share over the long term by delivering excellent value to our customers in terms of product quality, innovative technologies and low total cost of ownership. The global macroeconomic environment is uncertain at this time. Therefore, we will not provide guidance on estimated 2020 truck industry market sizes, next quarter's truck deliveries and gross margins and PACCAR Parts revenues.

PACCAR憑藉著卓越的產品品質、創新技術和低總擁有成本，長期穩定提升市場份額，為客戶創造卓越價值。當前全球宏觀經濟環境充滿不確定性。因此，我們暫不提供2020年卡車產業市場規模、下一季卡車交付量和毛利率以及PACCAR零件收入的預測。

Our employees are doing an excellent job managing through the pandemic. We are rigorously aligning cost to the changing market conditions, including reducing capital investment and research and development costs. As a result of the company's strong culture and discipline, we have achieved 81 consecutive years of profitability and have a bright future.

我們的員工在應對疫情方面表現出色。我們嚴格根據不斷變化的市場環境調整成本，包括削減資本投資和研發費用。憑藉公司強大的企業文化和嚴謹的管理，我們已連續81年實現盈利，並擁有光明的前景。

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 continues to provide strong operating cash flow for reinvestment in future growth and distributions to stockholders.

謝謝，普雷斯頓。 PACCAR持續提供強勁的營運現金流，用於未來成長的再投資和向股東分紅。

Operating cash flow was $416 million in the first quarter. PACCAR delivered an excellent return on invested capital of 23% over the last 5 years due to a combination of strong profitability and a consistent conservative approach to investing in the business.

第一季經營現金流為4.16億美元。過去五年，PACCAR的投資資本回報率高達23%，這得益於其強勁的獲利能力和一貫穩健的投資策略。

Yesterday, the PACCAR Board of Directors announced a regular quarterly dividend of $0.32 per share. PACCAR has a strong balance sheet with $4.3 billion of cash and marketable securities, no manufacturing debt and A+/A1 credit rating.

昨日，PACCAR董事會宣布派發每股0.32美元的季度常規股利。 PACCAR資產負債表穩健，擁有43億美元的現金及有價證券，無製造業債務，信用評級為A+/A1。

PACCAR Parts achieved quarterly revenues of $999 million, which is comparable to the same period last year. Parts' pretax profits were a record $215 million, 3% higher than the first quarter last year. To drive growth, PACCAR has made consistent investments in parts distribution capacity and customer-focused technologies. PACCAR Parts will open 2 new parts distribution centers this year. One is in Ponta Grossa, Brazil and the other one is in Las Vegas, Nevada. PACCAR Parts has also made significant investments in its e-commerce platform, which is benefiting our customers and dealers in this challenging time.

PACCAR零件業務季度營收達9.99億美元，與去年同期基本持平。稅前利潤創下2.15億美元的新高，較去年同期成長3%。為推動成長，PACCAR持續投資於零件分銷能力和以客戶為中心的技術。 PACCAR零件業務今年將開設兩家新的零件分銷中心，分別位於巴西蓬塔格羅薩和美國內華達州拉斯維加斯。此外，PACCAR零件業務也對其電子商務平台進行了大量投資，這在當前充滿挑戰的時期為我們的客戶和經銷商帶來了許多好處。

PACCAR Financial Services' first quarter revenues were $384 million, and pretax income was $48 million, reflecting lower used truck sales results. Kenworth and Peterbilt truck resale values command a 10% to 15% premium over competitors' trucks. PACCAR Financial is investing to increase its retail used truck sample capacity worldwide, which enhances its used truck sales margins. PACCAR Financial recently opened a used truck center in Denton, Texas, and plans to open additional used truck In Prague, Czech Republic and in Madrid, Spain this year. PACCAR Financial Services has excellent ongoing access to the debt markets, including commercial paper on a regular basis -- issuing commercial paper on a regular basis.

PACCAR金融服務公司第一季營收為3.84億美元，稅前利潤為4,800萬美元，反映出二手卡車銷售業績下滑。肯沃斯和彼得比爾特卡車的轉售價格比競爭對手的卡車溢價10%至15%。 PACCAR金融服務公司正在投資擴大其全球二手卡車零售庫存，以提高二手卡車銷售利潤率。 PACCAR金融服務公司最近在德克薩斯州丹頓開設了一家二手卡車中心，並計劃今年在捷克共和國布拉格和西班牙馬德里開設更多二手卡車中心。 PACCAR金融服務公司擁有良好的持續債務市場融資管道，包括定期發行商業票據。

During the first quarter, PACCAR issued 3- and 5-year term notes, totaling $632 million. In addition, in early April, PACCAR Financial issued a $400 million, 3-year fixed rate note. We have reduced 2020 capital expenditures by $100 million to a range of $525 million to $575 million, and have reduced research and development expenses by $45 million to a range of $265 million to $295 million.

第一季度，PACCAR發行了總額為6.32億美元的3年期和5年期債券。此外，4月初，PACCAR Financial發行了4億美元的3年期固定利率債券。我們將2020年資本支出減少了1億美元，降至5.25億美元至5.75億美元之間；並將研發費用減少了4,500萬美元，降至2.65億美元至2.95億美元之間。

PACCAR's strong financial position enables us to continue investing in important capital and R&D projects in all market conditions. And finally, we thank our excellent, independent, Kenworth, Peterbilt and DAF dealers for their support of our customers. Kenworth, Peterbilt and DAF dealers are well-capitalized and have invested $2.6 billion in their businesses in the last 10 years. These investments continue to make a significant contribution to PACCAR's truck market share and PACCAR Parts and Financial Services' performance.

PACCAR 雄厚的財務實力使我們能夠在各種市場環境下持續投資重要的資本和研發專案。最後，我們衷心感謝我們優秀的獨立經銷商，包括 Kenworth、Peterbilt 和 DAF，感謝他們對我們客戶的支持。 Kenworth、Peterbilt 和 DAF 經銷商資金雄厚，在過去十年中已累積投資 26 億美元。這些投資持續為 PACCAR 卡車市場份額以及 PACCAR 零件和金融服務業務的表現做出重大貢獻。

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) Your first question today comes from the line of Stephen Volkmann of Jefferies.

（操作說明）今天您的第一個問題來自 Jefferies 公司的 Stephen Volkmann。

Maybe, Preston, we go back to your opening comments, I'm curious about -- a little more detail about how you're thinking about reopening production because you mentioned a number of things there. You mentioned sort of local regulations. You mentioned parts availability, and then you mentioned kind of market demand. So there's sort of 3 buckets to think about there. But can you give us any more color of the rate of reopening that you might expect as we go forward?

普雷斯頓，或許我們可以回到你開場白的部分。我很好奇，你對復工復產有什麼更詳細的考慮，因為你提到了很多面向。你提到了地方性法規，提到了零件供應，也提到了市場需求。所以，這方面主要有三個方面要考慮。你能否更詳細地說明一下，隨著復工復產的推進，你預計會以怎樣的速度進行？

Hey, Stephen, good to talk to you. Very glad to. I'd tell you that the most important thing as we think about restart is, again, I keep reemphasizing this is the health of our employees, their families are concerned for getting it right, making sure we take care of them. That's #1, that's #2 and that's #3 for us actually. And then as we look about it, we obviously want to make sure that we have alignment with the government agencies. That's really important to us so that we're staying aligned with best practices for how we can reopen, restart society. It's also important that we think about our supply base and their readiness for the restart of our factories and make sure we stay aligned with them. And then, of course, our business needs.

嗨，史蒂芬，很高興和你聊聊。非常樂意。我想說的是，在考慮復工復產時，最重要的是，我一直強調，員工的健康是重中之重，他們的家人也非常關心，所以我們必須確保一切妥善安排，照顧好他們。這對我們來說是第一、第二、第三重要的事。其次，我們當然要確保與政府機構保持一致。這對我們來說至關重要，這樣我們才能遵循最佳實踐，重啟社會。同樣重要的是，我們要考慮供應商是否做好了工廠復工的準備，並確保與他們保持一致。當然，還有我們自身的業務需求。

So all those things together and where we're thinking about it, and I can -- really pleased with the best practices that we put in place in the factories. As far as temperature-taking for our employees, the distancing protocols, separation of the employees with spacing and barriers, and then wearing masks and personal protective equipment and enhanced cleaning. So all those things are going into our approach for reopening the factories.

綜合考慮所有這些因素以及我們的思考，我對我們在工廠實施的最佳實踐非常滿意。這些措施包括為員工測量體溫、保持社交距離、透過間隔和屏障分隔員工、穿戴口罩和個人防護裝備以及加強清潔。所有這些措施都納入了我們工廠復工的方案中。

It is going to be a gradual reopening. It's going to be done on a location-by-location basis in a phased manner. We already started some this week. In fact, we're kind of in the start-up of operations in Europe and in Australia. And then we will work through the rest of our plants in the coming weeks and make sure we take care of the employees and bring the truck factories back up and running.

我們將逐步重啟生產。我們會分階段、逐一地點地進行。本週我們已經開始部分工廠的復工。事實上，我們在歐洲和澳洲的營運已經開始逐步恢復。接下來幾週，我們將繼續推動其他工廠的復工，確保員工得到妥善照顧，並儘快恢復卡車工廠的正常運作。

So would you like to have everything back up and running at some level by the end of the quarter, perhaps? That's a good way to kind of put bookends around that.

所以，您是否希望到本季末，所有工作都能在一定程度上恢復正常運作？這樣說，就是一個很好的總結方式。

That's a long window, and I feel pretty good about that. I think we're thinking of sooner, but we obviously don't have the final answers, and we are working through that in a constructive way with the local agencies and supply base.

這是一個很長的時間窗口，我對此感覺相當不錯。我們當然希望能夠更快實現，但顯然我們還沒有最終答案，我們正在與當地機構和供應商以建設性的方式共同探討這個問題。

Our next question comes from the line of Andy Casey of Wells Fargo Securities.

我們的下一個問題來自富國證券的安迪凱西。

I guess, following on Steve's question, PACCAR really has a strong supply chain management track record. You mentioned that, that's one of the factors. A couple of questions, if I may, about that. First, have you encountered any smaller suppliers running into liquidity issues? And then second, it seems like the world may be looking at kind of a piecemeal reopening in terms of when to ease the current virus containment efforts. How much of an impact/challenge could that have or be to get your operations back up and running?

我想，接著史蒂夫的問題，PACCAR確實在供應鏈管理方面有著非常出色的業績記錄。您也提到了這一點，這確實是其中一個因素。關於這一點，我有幾個問題。首先，您是否曾經遇到小型供應商出現流動性問題的情況？其次，目前看來，世界各國在逐步放鬆疫情管控措施方面可能會採取分階段重啟的方式。這會對貴公司恢復營運造成多大的影響/挑戰？

A great question. It's a fun thing for our teams to be working through right now with our suppliers. We have such good communication with them right now that it's really helpful to know when you can tell the relationships matter is we're paying attention to what they're doing and when their restart timings are. And large and small suppliers have been doing a really good job of keeping us informed of their readiness. And they're doing the same things we are. They're trying to take care of their employees, they're trying to make sure they stay in line with the governments, and then they're moving forward with restart. And so far, that's part of the whole puzzle we're putting together and getting the truck factories back up.

問得好。我們團隊目前正在和供應商一起研究這個問題，這很有趣。我們和他們保持著非常良好的溝通，這讓我們意識到，密切關注他們的動態和復工時間安排，對於維繫良好的合作關係至關重要。大大小小的供應商都做得非常出色，及時向我們通報了他們的準備。他們和我們一樣，都在努力保障員工的權益，確保遵守政府的各項規定，並逐步推動復工。到目前為止，這些都是我們正在努力拼湊的拼圖中的一部分，也是我們讓卡車工廠恢復運作的關鍵。

Okay. And then just a question on the quarter in the truck segment. The decremental margins were somewhere around 25% and 26% revenue drop. It's not the highest PACCAR has ever seen, but it's kind of higher than typical. You mentioned product accrual was running high. But could you give us a little more color on what kind of growth the margin compression? I mean, obviously, some of it is the shutdown.

好的。接下來我想問一下卡車業務部門本季的情況。利潤率下降幅度在25%到26%左右，收入也相應下降。雖然這並非帕卡集團有史以來最高的降幅，但也高於平常。您提到產品累計利潤率較高。能否詳細解釋一下利潤率下降的具體原因？當然，部分原因是停產造成的。

Well, I think that, as you mentioned, we had the $50 million that we took the opportunity to book for the improvement of our continuous refinement of our engines. Our MX engines was a lot of that. We're doing some software and hardware upgrades on the engine. So that's something that we want to do is make sure that our customers keep having the best of experiences on the account of their engines. And as far as what the future looks like, we're going to see how the pandemic works its way through the system, and that will certainly be something we're all watching closely.

嗯，正如您所提到的，我們抓住機會預留了5000萬美元，用於持續改進我們的引擎。其中很大一部分用於MX引擎。我們正在對引擎進行一些軟硬體升級。我們希望確保客戶在使用引擎時始終擁有最佳體驗。至於未來發展，我們將密切關注疫情對整個系統的影響。

Your next question comes from the line of Jerry Revich of Goldman Sachs.

你的下一個問題來自高盛集團的傑瑞·雷維奇。

I'm wondering if you could just give us an update on dealer inventory levels, very pressing discussion we had last quarter. Obviously, you have a different environment, but I'm wondering if you could give us an update on the declines in dealer inventory levels in March and anticipated declines from here. And in the conversation around timing of the restart, I'm wondering if that calculus has evolved at all, given potentially an opportunity to lean out inventories before ramping up production.

我想請您提供經銷商庫存水準的最新情況，這是我們上個季度討論的一個非常重要的問題。當然，你們的情況可能與我們不同，但我想請你們介紹一下3月份經銷商庫存水準的下降情況以及預計未來的下降趨勢。另外，關於復工時間的討論，考慮到在提高產量之前或許有機會減少庫存，我想知道復工的計劃是否有所調整。

Sure, sure. Glad to. So the North American industry has roughly 3.8 months of retail sales and inventory, and PACCAR has less than that. We have 3.4 months retail sales through March for Kenworth and Peterbilt dealers. And of our 3.4 months, roughly half of that is at body builders. So that's being worked on right now. And I'm sure inventory's in really good shape right now.

當然可以，樂意效勞。北美地區的零售額和庫存大約能維持3.8個月，而PACCAR的庫存量更少。我們為肯沃斯和彼得比爾特經銷商提供的零售額，截至3月只有3.4個月。在這3.4個月的庫存中，大約一半來自車身製造商。所以我們目前正在處理這部分庫存。我相信目前的庫存狀況非常好。

Okay. And in terms of the parts part of the business, can you talk about what the cadence has been in April? Obviously, very steady performance in the March quarter. I'm wondering if you'd be willing to talk about what kind of trends you've seen so far in April.

好的。就業務的零件部分而言，您能否談談四月份的節奏如何？顯然，三月的業績非常穩定。我想知道您是否願意談談您目前在四月觀察到的趨勢。

One of the things that's interesting, and this kind of gives a little help, I hope, is that 75% of all goods are moved by trucks. And so a lot of the trucking companies are really busy right now, and they're moving around the country, taking care of our communities. And as that's happening, those trucks end up consuming parts, so there was a lot of strong activity in March, and we still have activity going on in April. And we'll kind of watch how the quarter develops, but we expect our Parts team to continue to perform really well. And they have great programs. One of the things that's been nice to watch is their e-commerce programs and the way they're handling our customers and working directly with customers and dealers to support these critical needs is going really well.

有趣的是，我希望這能有所幫助，75%的貨物運輸都是透過卡車完成的。因此，許多卡車運輸公司現在都非常忙碌，他們奔波於全國各地，為我們的社區提供服務。同時，這些卡車也需要消耗零件，所以3月的零件需求非常旺盛，4月的需求仍然強勁。我們會密切關注本季的發展情況，但我們預計零件團隊將繼續保持良好的業績。他們擁有非常出色的項目。尤其值得一提的是他們的電子商務項目，他們與客戶直接合作，支持這些關鍵需求，並且進展非常順利。

Okay. And then in terms of the operational discussion, the conversation you just had with Andy on the warranty program. So if we back out the warranty program, decremental margins would have been 20%. Is that the sort of run rate that we're comfortable thinking through? Or is the level of being shut down for most of April, if not all of April, does that throw that type of decremental margin math off-kilter as we think about what this quarter might look like?

好的。接下來是關於營運方面的討論，也就是你剛才和安迪談的保固計畫。如果我們取消保固計劃，利潤率會下降20%。我們能接受這樣的利潤率嗎？或者說，考慮到四月大部分時間甚至整個四月的停工情況，這是否會影響我們對本季業績的利潤率預測？

Yes. I think that we're -- your assessment of the impact of the product support fees does match into the margin. But I would say that looking forward and what it's going to be going forward, we're going to watch how the situation develops, and when we get our factories running and what the state of the economy is in the second quarter.

是的。我認為—您對產品支援費用影響的評估確實與利潤率相符。但展望未來，我們會密切關注情勢發展，以及工廠何時恢復營運和第二季的經濟狀況。

Okay. And maybe just a clarification on the warranty program. Was that just a onetime over-the-air software update or across the population? Or can you just give us some context behind what exactly that warranty item was?

好的。關於保固計劃，或許可以再澄清一下。那次更新是一次性的無線軟體更新，還是針對所有用戶的？或是您能否詳細說明保固項目的具體內容？

Well, we had the opportunity to optimize the performance of our trucks and engines, mostly on our MX engine from the 2017 to 2019 engines. And so that was hardware and software upgrades. And this accrual, we think, we got that all covered and making sure that our customers have optimally performing trucks and engines, always part of our game plan.

我們有機會優化卡車和引擎的性能，主要是針對2017年至2019年款的MX引擎。這包括硬體和軟體升級。我們認為，此次升級已經涵蓋了所有相關方面，確保客戶擁有性能最佳的卡車和引擎始終是我們策略規劃的一部分。

Your next question comes from the line of Tim Thein of Citigroup.

你的下一個問題來自花旗集團的提姆泰恩。

The first question I had was on loss provisions within the Finkel. And they were certainly higher than I was expecting, at least the absolute level was not -- obviously not directionally, but maybe if you could comment there in terms of -- is there a specific region or a customer set that maybe you'd call out? And I'm just thinking about how that potentially looks going forward. Should we, at least shorter term, have a more challenging backdrop for truckers, at least in North America? So maybe just how to think about, again, loss provisions and what you experienced in the quarter?

我的第一個問題是關於Finkel的損失準備金。這些準備金確實比我預期的要高，至少絕對值沒有——當然，從方向上看並非如此，但您能否就此發表一下看法？是否有某個特定地區或客戶群值得特別關注？我正在思考這種情況未來可能會如何發展。至少在短期內，卡車司機，尤其是在北美地區，是否會面臨更嚴峻的情況？所以，您能否再次談談損失準備金以及您在本季遇到的情況？

Yes. The $15 million increase in credit loss provision reflects the weaker economy, and a weaker economy under the new CECL accounting standards result in a more volatile number. So with that weak economy, the calculation resulted in a $15 million higher credit loss provision. If we look at the finance company, the portfolio is in really good shape. We have a very healthy mix of very good A and B customers. And past dues remain really low, currently less than 1%. So the finance company is in good shape, but the weak economy and the accounting standards drive most of that increase in credit loss reserve.

是的。信貸損失準備金增加1500萬美元反映了經濟疲軟，而新的CECL會計準則下，經濟疲軟會導致信貸損失準備金波動更大。因此，在經濟疲軟的情況下，計算結果顯示信貸損失準備金增加了1500萬美元。如果我們看一下這家金融公司，其投資組合狀況良好。我們擁有非常健康的A級和B級客戶組合。逾期付款率仍然很低，目前不到1%。因此，這家金融公司整體狀況良好，但經濟疲軟和會計準則的變化是信貸損失準備金大幅增加的主要原因。

Okay. Maybe just one last one. Preston, I'm curious from the Parts team, how -- I'm not sure how closely they follow it. But MacKay -- and I know you're not talking or you're not giving guidance on parts sales specifically, but it kind of jumped out at me. I saw MacKay put out a forecast the other day that they expect, and again, this -- not to say this aligns with PACCAR exactly. But I'm talking about parts demand to be down like 20% in the U.S. I'm just curious if you had any comments on that.

好的。或許最後一個問題。普雷斯頓，我很好奇零件團隊的情況——我不確定他們對此關注得有多密切。麥凱——我知道你沒有具體談論或給出零件銷售方面的指導，但這件事引起了我的注意。我看到麥凱前幾天發布了一份預測，他們預計——當然，這並非與帕卡公司的預測完全一致——美國零件需求將下降約20%。我只是想知道你對此有何看法。

Well, I don't really have any comments on MacKay's numbers. I know what we're watching is a team that's got great programs and really strongly positioned to support with not just parts, but knowledge, and they're doing a great job of that. And as I said, talking to a lot of customers and our dealers, there is a lot of activity still going out there and we'll support at the level that's needed.

嗯，我對麥凱的數據沒什麼好說的。我知道我們現在看到的是一個擁有出色專案、實力雄厚的團隊，他們不僅能提供零件，還能提供專業知識，而且他們在這方面做得非常出色。正如我所說，我和許多客戶以及經銷商交流過，他們表示目前市場仍然非常活躍，我們會根據需求提供相應的支援。

Your next question comes from the line of Ann Duignan of JPMorgan.

你的下一個問題來自摩根大通的安‧杜伊尼安。

On the used equipment values, about 28% of your finance book is European, and most of that, I think, is probably guaranteed residuals. So can you talk about the used pricing in the Finkel business and what that might manifest -- how that might manifest itself as we go forward here?

就二手設備價值而言，你們融資組合中約有28%來自歐洲，而且我認為其中大部分可能是保本型設備。那麼，您能否談談芬克爾業務中的二手設備定價，以及未來可能出現的情況——也就是它可能會如何發展？

Used truck prices in Europe came down a little bit in the first quarter. North America used truck prices was mostly flat, of course, down compared to where we were a year ago. Kenworth and Peterbilt trucks command a 10% to 15% premium over our competitor vehicles. So we're in a really good shape from that perspective. But adding used truck retail centers, opening 1 in Czech Republic this quarter. Just added 1 in Denton, Texas. The used truck inventories, as far as we can tell in Europe are a little bit higher than where they've been, especially for the industry. DAF's used truck inventory is in relatively good shape if you compare it to where the rest of the inventory -- the industry is. Anything you want to add there?

第一季歐洲二手卡車價格略有下降。北美二手卡車價格基本上持平，當然，與一年前的水平相比有所下降。肯沃斯和彼得比爾特卡車的價格比競爭對手的車輛高出10%到15%。因此，從這個角度來看，我們的處境非常有利。此外，我們也正在增加二手卡車零售中心，本季在捷克共和國開設了一家，最近又在德州丹頓市開設了一家。據我們所知，歐洲的二手卡車庫存略高於以往水平，尤其是與整個行業相比。與整個行業的庫存水準相比，DAF的二手卡車庫存狀況相對較好。您還有什麼要補充的嗎？

Yes, that's exactly right. I mean, we are -- we have a lower percentage of the inventory of used trucks in Europe than the industry does, and that puts us in good positions.

是的，完全正確。我的意思是，我們在歐洲二手卡車庫存中所佔的比例低於行業平均水平，這使我們處於有利地位。

But you didn't call out Europe -- used prices in Europe being weaker than they were a quarter ago or weaker than they were last year.

但你沒有提到歐洲——歐洲的二手車價格比一個季度前或去年同期都要低。

They were a little bit lower than a quarter ago and lower than a year ago. But...

比上個季度略低，也比一年前低。但是…

That's kind of industry-wide there.

這種情況在業界比較普遍。

That's industry-wide. Yes.

這是整個行業的普遍現象。是的。

Okay. And then just on production cuts, can you give us any kind of direction in terms of the number of deliveries, truck deliveries you had in Q1? And any idea as you ramp back up, what you would expect deliveries to be quarter-over-quarter? I mean I know you can't see past the second quarter. But as you ramp, any direction, at least give us a ballpark for Q1 and then where we might think about Q2 being?

好的。關於減產，您能否大致說明第一季的交付量，特別是卡車交付量？隨著產能逐步恢復，您預計每季的交付量會是多少？我知道您無法預測第二季之後的情況，但隨著產能逐步恢復，能否至少給我們一個第一季的大致範圍，以及第二季的預期？

Sure, Ann. We can talk a little bit about that and that deliveries were 38,400 for the 3-month period. But as far as what we'll see going forward, like I said, I'd come back to is, our biggest focus right now is making sure that our employees are well cared for. And as we watch that and take care of that, then we'll ramp back up our production and we'll align that to the demand, and we'll see where that takes us in the second quarter.

當然可以，安。我們可以稍微聊聊這個，例如三個月的交貨量是38400件。但說到未來的發展，就像我剛才說的，我還是要強調，我們目前的首要任務是確保員工能得到妥善照顧。在關注並解決員工福利問題之後，我們會逐步恢復生產，並根據市場需求進行調整，看看第二季的情況如何。

Your next question comes from the line of David Raso of Evercore ISI.

你的下一個問題來自 Evercore ISI 的 David Raso。

My question is sort of bigger picture. Trying to think about this period, the nuances of how this is different or similar than '08, '09, sort of how you -- what are the differences, the similarities between how you're handling this period and that period, with maybe 3 things in particular, if you could address at a minimum.

我的問題比較宏觀。我想思考這段時期，它與 08 年、09 年有何異同，以及您在處理這段時期和那段時期時有哪些不同之處和相似之處。如果您能至少談談以下三點，那就太好了。

You mentioned in your prepared remarks, 81 consecutive years of profitability. Obviously, back in '09, there were 2 quarters that were basically around breakeven. Just wanted to see if you could address the idea of this being year number 82, just if you're willing to speak to that.

您在準備好的發言稿中提到，公司已經連續81年獲利。顯然，2009年有兩個季度基本上處於損益平衡狀態。我想問您是否願意談談今年是連續第82年獲利這件事。

Second, the gross margin declines roughly were kind of 14.5%, 15%, they dropped down to 8% to 8.5% in 2009. Just trying to get some sense of magnitude, what's different about the business model, more parts, whatever it may be.

其次，毛利率下降幅度大約在 14.5% 到 15% 之間，2009 年降至 8% 到 8.5%。我只是想了解一下下降的幅度，以及商業模式有何不同，例如零件更多了，或者其他什麼原因。

And lastly, the special dividend. Your balance sheet, the equipment company was still net cash back in '09, but you still chose to greatly reduce the special dividend year-over-year. Just wanted to try to lead those 3 key pieces in in answering the question of the differences and similarities of today versus the Great Recession.

最後，關於特別股息。儘管您的資產負債表顯示，設備公司在2009年仍保持淨現金流，但您仍然選擇大幅削減了特別股息。我只是想透過這三個關鍵點來回答當今情勢與大衰退時期的異同問題。

Sure, David. Good to talk with you. First off, you got to start by thinking that we did succeed in '08 and '09. And as we look at the company right now, as we sit here in 2020, we're an even stronger company than we were there. We have $4.3 billion in cash sitting on our balance sheet. We have great liquidity. We have great access to liquidity in the market, still. That hasn't changed during this time frame. Our Parts business has grown over that more than a decade. And it's just a foundational part of our business and does a great job. And we have an experienced leadership team that has been through a lot of cycles. And we know how to manage things, we know how to control costs. And we have amazing trucks and engines out there. The MX engine is doing a great job, and it's 43% of our build. So that's helpful to us from a parts standpoint. Just the business that we've built is really strong and is doing a good job of taking care of our customers, and freight continues to move in this environment. So we feel positive about our future and the products we have on the field and those that we're developing.

當然，大衛。很高興和你聊聊。首先，你要明白我們在2008年和2009年的確取得了成功。而現在，到了2020年，我們比那時更強大。我們的資產負債表上擁有43億美元的現金儲備。我們的流動性非常充足，而且我們仍然能夠輕鬆地從市場上獲得資金。這一點在這段時間並沒有改變。我們的零件業務在過去十多年持續成長，它是我們業務的基石，並且表現出色。我們擁有一支經驗豐富的領導團隊，他們經歷過許多經濟週期。我們知道如何管理，也知道如何控製成本。我們擁有性能卓越的卡車和引擎。 MX引擎表現非常出色，占我們總產量的43%。因此，從零件的角度來看，這對我們大有裨益。我們所建立的業務非常穩健，在服務客戶方面也做得很好，而且在這種環境下貨運依然暢通無阻。因此，我們對未來以及我們現有的和正在研發的產品都充滿信心。

But could you address those 3 issues to some degree? Just the idea of however you feel the flex in your costs, how the situation may be? And even just your framework, sounds like you do expect, obviously, some uneven, but at least some reopening of the factories in the not too distant future. Can we look at '09 as a guide point that if you're able to stay profitable in that environment, this should be similar? The gross margins getting cut in half, roughly a little bit better than that is a framework? And also the handling of the special dividend? If you can just give some parameters of the difference now versus then for those 3 issues in particular.

您能否就這三個問題做一些簡要說明？例如，您如何看待成本方面的靈活性，以及​​目前的情況如何？就您目前的框架而言，聽起來您確實預期工廠會在不久的將來逐步復工，儘管復工過程可能會出現一些不均衡的情況。我們能否以 2009 年的情況作為參考，假設您當時能夠保持盈利，那麼今年的情況應該也類似？毛利率減半，或略好一些，這算是參考框架嗎？還有，關於特別股利的處理方式？如果您能具體說明現在與當時相比，這三個問題有哪些不同之處，那就太好了。

Well, let's just take the last and you mentioned on dividends. And we announced our dividends yesterday for the first quarter at $0.32 a share, which is a strong indicator of what we've done. We have a great history of dividends, and we look forward to what our future is going to be, and that's a Board decision. And we take care of that as we progress through the year based upon the results.

好的，我們先來談談您剛才提到的股息問題。我們昨天宣布了第一季的股息，每股0.32美元，這有力地表明了我們所取得的成績。我們一直以來都保持著良好的股息派發記錄，我們也對未來充滿期待，但這最終將由董事會決定。我們會根據今年的業績狀況，在未來的業績調整方案。

I think that -- I don't think that it's a fair thing to think of it as an '08, '09 kind of a thing. They're just different. Each situation is unique. And what we've got is freight being moved. And I'm kind of giving you -- the kind of the truth of the matter is the freight is being moved, our company is well-built, we have a great position in terms of our liquidity, our cash position, our product investments. Our trucks are the best in the world, and that feels pretty good.

我認為——我覺得把它和 08 年、09 年的情況相提並論並不公平。情況各不相同。每種情況都是獨一無二的。我們現在的情況是，貨物運輸正常。我其實想說的是──事實是，貨物運輸正常，我們公司運作良好，流動性、現金狀況和產品投資都非常充足。我們的卡車是世界上最好的，這感覺真的很好。

And the comfort in the larger parts business and a business that's more on your own vertically integrated drivetrain than back then, is that something else that we should take a little more comfort in versus '09? But at the same time, the unevenness of the production, it's really less of almost your decision that when you can ramp up. I mean is that the yin and yang here, better about parts, a little more uncertain about the truck margins just given, in a way, that's out of your hands?

零件業務規模更大，而且公司擁有比以往更垂直整合的動力傳動系統，這是否讓我們比2009年更有信心？但同時，產能的不均衡性，以及何時能夠提高產能幾乎不再由我們掌控，這是否就是問題的陰陽兩面：零部件業務有所改善，但卡車利潤率卻存在一些不確定性，因為在某種程度上，這並非我們所能控制？

Sure. We have the stronger foundational parts market. We have the growth in our engine business, right? And in '08, '09, it wasn't here in North America. So that's good. I think the other thing to think about the share growth over that time frame has been significant. So we've had really strong share growth over that time, which contributes extra volume to us. And PACCAR does a great job. Our team is so good at adjusting the business, both in capital and expense side, to think about how the business should be run. And so we really do adjust to the market conditions.

當然。我們的基礎零件市場更強勁。我們的引擎業務也在成長，對吧？而且在2008年和2009年，北美市場的情況並非如此。所以這很好。我認為另一個需要考慮的因素是，在此期間我們的市佔率成長非常顯著。因此，我們在此期間實現了非常強勁的市場份額成長，這為我們帶來了額外的銷售。而且，PACCAR做得非常好。我們的團隊非常擅長調整業務，無論是在資本方面還是支出方面，都會認真思考如何更好地經營業務。因此，我們確實能夠根據市場情況做出調整。

Your next question comes from the line of Joel Tiss of BMO.

你的下一個問題來自 BMO 的 Joel Tiss。

And so just to follow-up on kind of the thrust of Ann and David's questioning, does your intelligence -- like what you know and see today and hear, does that give you a sense that by the end of the second quarter, you'll be able to give us more -- a more whatever it is, like a clearer view of what the rest of the year looks like, and how things play out?

所以，為了進一步追問安和戴維提出的問題，你的智力——就像你今天所知道、所看到、所聽到的——是否讓你覺得到第二季度末，你就能給我們提供更多——更多，比如更清晰地了解今年剩餘時間的情況以及事情的發展走向？

Yes. I think that's -- as a general sense, it seems like by the next quarter gets through us, we'll have a lot more information than we do today. And we'll share with you what we can at that point.

是的。我認為，總的來說，到下一個季度結束時，我們會掌握比現在多得多的資訊。屆時我們會與大家分享我們能夠分享的資訊。

And then I wonder if you could give us a little bit of a sense -- like you're kind of hinting at flexibility in the factories, and every time you walk through, there's fewer and fewer people or there's more automation, whatever the right way to say it is. Can you give us a sense of some of the internal focus points you guys are kind of using this pandemic as an opportunity to come out of this situation stronger over the next 5 or 10 years than you were going into it?

然後我想請您稍微介紹一下——您似乎暗示工廠正在變得更加靈活，而且每次走進工廠，都能看到人越來越少，或者自動化程度越來越高，不管怎麼說。您能否談談貴公司在內部的一些重點工作，例如如何利用這次疫情帶來的契機，在未來5到10年內比疫情前更強大？

Well, I think -- what I look at is -- the first thing comes to my mind is, when we go to our factories, when I go to our factories and I meet with our people, whether it's in a distribution center or a truck factory or anywhere, is just how impressive they are. And we have such an incredible group of people, and they're just exceptional. They're just exceptional people. I'm so proud of them and what they're doing. So they're the ones that are every day thinking of new ways to optimize our efficiencies and effectiveness, and they do it every day. And they continue in that vein, and we use Six Sigma as a great tool for ourselves and optimizing, and we'll continue doing that. This is accretive time for us as we look at truck production and how we come back, and we'll learn some new things, and they'll be helpful to improving the business and making us even more effective and efficient as we look forward.

嗯，我覺得——我首先想到的是——當我走進我們的工廠，走進我們的工廠，與我們的員工見面時，無論是在配送中心、卡車工廠還是其他任何地方，我都會被他們展現出的卓越能力所深深打動。我們擁有一支非常優秀的團隊，他們真的非常出色。我為他們以及他們的工作感到無比自豪。他們每天都在思考如何優化我們的效率和效益，而且他們每天都在做這件事。他們一直保持著這種精神，我們運用六西格瑪作為優化自身營運的有效工具，並且我們將繼續這樣做。現在對我們來說是一個重要的發展時期，我們將審視卡車生產以及如何重振旗鼓，我們將學習一些新知識，這些知識將有助於我們改進業務，並在未來使我們更有效率。

Your employees are going to make a recording of this and come back to you and ask for a raise next January.

你的員工會把這件事錄下來，明年一月回來找你要求加薪。

They are the best in the world. They're fantastic.

他們是世界上最好的。他們太棒了。

Your next question comes from the line of David Leiker of Baird.

你的下一個問題來自 Baird 公司的 David Leiker。

I want to try and dig through a little bit of kind of the segments within the trucking space and your customers. I mean there are some parts that are strong, consumer-focused, package; delivery-focused. There are some that are really weak, energy and auto related. Can you talk a little bit about that customer mix for you, for your products and how that would compare to the industry overall in general?

我想深入了解貨運領域的各個細分市場以及您的客戶群。我的意思是，有些細分市場發展強勁，以消費者為中心，專注於包裹和配送。而有些細分市場則非常薄弱，例如能源和汽車相關領域。您能否談談貴公司、貴公司產品的客戶組成，以及與整個產業相比有何不同？

Sure. You did a good job of summarizing what's really going on. If you look at refrigerated carriers or protein haulers, they obviously have just seen a shift in where their business is going. So those long-haul trucking companies that are delivering that are doing well. Locational segment is where we're a market leader, the market leader. And that business has been strong, and I mentioned that part of our inventory is at body builders right now. So that inventory is being built and being ready for production for a summer season.

當然。你很好地總結了實際情況。如果你看看冷藏運輸公司或蛋白質運輸公司，很明顯，他們的業務重心已經發生了轉變。所以那些長途貨運公司業績不錯。在本地配送領域，我們是市場領導者，絕對的市場領導者。這項業務一直很強勁，我之前提到過，我們部分庫存目前在健美運動員那裡。這些庫存正在加緊生產，為夏季的生產做好準備。

And I think as you look at some of the over-the-road trucking companies, it varies by company. Talking with some of them, they have a good base of customers. And those that have a good base of customers, they're really well positioned. And there, as you said, the energy sector has been lower, but the yang to that ying is that fuel prices are down 20%. And if fuel prices are 1/3 of the operating cost for a trucking company, then that's helping them from their operating models as well. So that's kind of -- you characterized it well, and that's a little bit more information on it.

我認為，當你觀察一些長途貨運公司時，你會發現情況因公司而異。與其中一些公司交談後發現，它們擁有良好的客戶基礎。而那些擁有良好客戶基礎的公司，它們的市場地位確實非常穩固。正如你所說，能源產業整體表現不佳，但有利的一面是燃油價格下降了20%。如果燃油價格佔貨運公司營運成本的三分之一，那麼這也有助於改善它們的營運模式。所以，你對這一點的描述很到位，以上是一些補充資料。

Your next question comes from the line of Ross Gilardi of Bank of America.

你的下一個問題來自美國銀行的羅斯·吉拉迪。

I had 2 questions. First one on the PDCs and the 2 additional ones that you're going to add, can you quantify at all how big of a global increase in parts footprint that this will represent when you open them? And do you worry at all about adding parts distribution capacity in the middle of a recession? And I'm trying to just get at -- like how many -- you guys have added a lot of distribution centers over the last 5 to 10 years, and granted that market's not going to move like -- as volatile as the overall truck cycle. But if we're in a slower economy for a longer period of time, do you bump up and will limit at some point how much you can continue to expand that distribution network?

我有兩個問題。第一個是關於你們現有的PDC（零件配送中心）以及即將新增的兩個PDC，能否量化一下這些中心啟用後，你們的全球零件庫存量將增加多少？在經濟衰退期間增加零件配送能力，你們是否擔心？我想了解的是，過去5到10年間，你們新增了很多配送中心，雖然這個市場的波動性不如整體卡車運輸週期那麼大，但如果經濟持續低迷，你們是否會在某個時候限製配送網絡的擴張規模？

Sure. We have 18 distribution centers. We'll be adding 2 more. I was just down in the Las Vegas facility a couple of weeks ago, the new one. It's just beautiful. And I know the employees are excited to move in there because we're talking about it. I think one of the things that's happening is there's always opportunity to gain share, and we continue to use those distribution centers and the best practices around them to gain share. For example, if our distribution centers are more closely aligned to our dealer body, then we're able to deliver more overnight parts to our customers and keep their uptime at maximum levels, which is one of our key objectives. And that gives us a competitive advantage against the market. So that's part of the thinking. It's not just about parts and storing. And it's about getting them to the customers as quickly as possible, and that's going -- been really successful for us in helping the parts team grow the business.

當然。我們有18個配送中心，還會再增加2個。幾週前我才去過拉斯維加斯的新配送中心，真是太漂亮了。我知道員工們都很期待搬進去，因為我們正在討論這件事。我認為，我們始終有機會拓展市場份額，而我們也一直在利用這些配送中心及其相關的最佳實踐來提升市場份額。例如，如果我們的配送中心與經銷商網路更加緊密地對接，我們就能更快地向客戶交付隔夜送達的零件，從而最大限度地保證他們的設備正常運行時間，這也是我們的關鍵目標之一。這讓我們在市場競爭中佔有優勢。這就是我們思考的一部分。我們關注的不僅是零件和倉儲，更重要的是如何以最快的速度將零件送到客戶手中。事實證明，這種做法非常有效，也大大促進了零件團隊的業務成長。

Okay. So is it fair -- are they all fairly similar in size? If you're adding 2 on a network of 18, is it sort of like a 10% increase? And will the business benefit from just some type of pipeline fill? And I don't know if that would be a second quarter event or a second half event that will help continue to support the top line for the parts business this year?

好的。那麼這樣公平嗎？它們的規模都差不多嗎？如果在一個擁有18個節點的網路中增加2個節點，這相當於成長了10%嗎？業務會因為這種管道的擴充而受益嗎？我不知道這會是第二季的事情，還是下半年的事情，才能繼續支撐今年零件業務的營收成長？

Sure. You're right in saying it will continue to support the top line growth for the business. And yes, roughly 10%. There is some variance in the size of the PDCs, but they're roughly the right order -- same orders of magnitude.

當然。您說得對，它將繼續支撐公司營收成長。沒錯，大約是10%。 PDC的規模略有不同，但大致上都在正確的數量級——數量級相同。

Okay. Got you. And then just lastly, can you quantify your energy exposure? I realize it's tricky, but maybe at the very least, you could tell us what portion of your U.S. and Canadian dealer network is located in the Gulf region or other energy-dependent regions? And anything like that would be really useful.

好的，明白了。最後一個問題，您能能量化一下您的能源風險敞口嗎？我知道這有點棘手，但至少您可以告訴我們，您在美國和加拿大的經銷商網路中，有多少位於海灣地區或其他能源依賴型地區？任何類似的資訊都非常有用。

Yes, we have a very diversified portfolio. It's not concentrated overly in the energy sector. So the dealers that have -- there are some dealers that obviously have more exposure, but our dealers are doing just such a great job of building their businesses that they have good absorption, good parts and service businesses throughout a diversified customer bases, even for themselves. And so dealer body is in really good shape and managing that well.

是的，我們的投資組合非常多元化，並沒有過度集中於能源領域。雖然有些經銷商的業務佔比更高，但我們的經銷商在業務拓展方面做得非常出色，他們擁有良好的市場消化能力，零件和服務業務也覆蓋多元化的客戶群體，甚至包括他們自身的需求。因此，經銷商整體狀況良好，管理得宜。

Your next question comes from the line of Jamie Cook of Crédit Suisse.

你的下一個問題來自瑞士信貸的傑米庫克。

I guess just 2 questions. One, can you just talk to, like on the truck side in Europe and in the U.S., like what you're hearing from your customers in terms of trends in April. And understanding you don't want to give an industry forecast, but what your customers are sort of telling you how they're thinking about the year because that would imply you're probably managing your business for that -- for whatever they're telling you.

我想問兩個問題。第一，您能否和歐洲和美國的卡車運輸客戶聊聊，了解他們四月的趨勢？我知道您不想給出行業預測，只是想了解客戶對今年的看法，因為那就意味著您可能正在根據他們反饋的情況來管理業務。

And then, I guess, just my second question, understanding you're taking initiatives to cut R&D and CapEx. But how do you think sort of the coronavirus impacts, people's view around alternative technologies like EV or fuel cell relative to diesel, in particular, with diesel prices lower now? Perhaps we focus more on economics. So if you could help give color on that, that would be helpful.

然後，我想問第二個問題。我知道您正在採取措施削減研發和資本支出。但您認為新冠疫情會對人們對電動車或燃料電池等替代技術（尤其是柴油車）的看法產生怎樣的影響？尤其是在柴油價格目前較低的情況下。我們或許更關注經濟因素。如果您能就此提供一些見解，那就太好了。

Yes. Sure. Good to talk to you, Jamie. I'd say from a customer standpoint, we do talk to a lot of our customers and the dealers and keep track what's going on. And there is -- as we said before, some segments are doing well, and some are experiencing moderate slowdowns, and that's to be expected in a situation with this much dynamic factoring going into it. But we've got a good customer base, and they do a good job managing their business. So they're making the adjustments. And there's some trucks that are not as fully utilized, that's true. But I'm pretty impressed with how they talk about their business and their customer base. And again, they're an essential part of our economy, and they will continue to move freight and are continuing to move freight. So that's pretty important to keep perspective on.

是的，當然。很高興和你聊聊，傑米。從客戶的角度來看，我們確實會和許多客戶以及經銷商保持溝通，並密切關注市場動態。正如我們之前所說，有些領域發展良好，有些領域則出現了輕微放緩，在當前這種動態因素眾多的情況下，這種情況也在意料之中。但我們擁有良好的客戶基礎，他們也很好地管理自己的業務。所以他們正在做出相應的調整。的確，有些卡車的使用率並不高。但我對他們談論自身業務和客戶群的方式印象深刻。再次強調，他們是我們經濟的重要組成部分，他們將繼續運輸貨物，而且也一直在這樣做。所以，保持這種客觀的視角非常重要。

From a tech standpoint and an R&D CapEx alignment to that, and when I look at that, I'd say we have some really neat programs going on. And we're continuing on some of the exciting programs that we have within our portfolios, and some of those are R&D-related. So whether that's battery-electric vehicles or work that we're doing, that work's going to continue. We're going to keep moving along and doing the critical things that are going to build a bright future for our company and provide our customers the lowest operating costs possible. So it's kind of a bit of a look at what's going on.

從技術角度以及研發資本支出來看，我們目前正在進行一些非常棒的專案。我們正在繼續推進一些我們投資組合中令人振奮的項目，其中一些與研發相關。無論是電池電動車還是我們正在進行的其他工作，這些工作都將繼續進行。我們將繼續前進，做那些能夠為公司打造美好未來並為客戶提供盡可能低的營運成本的關鍵工作。以上就是我們目前情況的簡要概述。

Your next question comes from the line of Steven Fisher of UBS.

你的下一個問題來自瑞銀集團的史蒂文費雪。

I just -- you guys called out some nice market share gains across the regions. What does your order share in backlog tell you about what your market share of retail and production might be over the next few quarters? And are there any regional differences?

我剛才提到，你們在各個地區都取得了不錯的市佔率成長。你們的訂單積壓佔比能反映出未來幾季你們在零售和生產領域的市佔率嗎？是否存在地區差異？

Well, yes, I think we have seen good market share gains. As we mentioned, the 30.4% in the U.S. and 16.7% in Europe and really strong 8.7% in Brazil. And in the medium-duty side, also good growth in both Europe and North America. So that's been good. And as far as what order intake has been, I think in the last month we have numbers for we had was March, and we had 38% of the order intake in the month of March. We're in a good position.

是的，我認為我們的市佔率成長顯著。正如我們之前提到的，美國市佔率達到30.4%，歐洲達到16.7%，巴西更是強勁成長至8.7%。在中型卡車領域，歐洲和北美市場也實現了良好的成長。所以，這些方面都很不錯。至於訂單量，我們掌握的最新數據是3月的訂單量，當月訂單量佔全年訂單量的38%。我們目前處於有利地位。

So more color on Europe. I think the market share growth to 16.7% for DAF has been in most markets, especially the U.K. In the U.K., our share in the first quarter has grown to 35%. So we're really benefiting from the fact that we have an excellent factory in Leyland and are able to build our trucks for the U.K. in the U.K.

接下來我們再詳細說說歐洲市場的情況。我認為DAF的市佔率成長至16.7%主要體現在大多數市場，尤其是英國。在英國，我們第一季的市佔率成長到了35%。這得歸功於我們在利蘭擁有一家優秀的工廠，能夠在英國本土生產面向英國市場的卡車。

Okay. And then you have some plans to open up some international used truck centers. How much better do you expect the used margins to be at these company-owned retail centers versus any other used sales channels that are out there?

好的。你們也計劃開設一些國際二手卡車中心。您預計這些公司自營零售中心的二手車利潤率會比其他二手車銷售管道高出多少？

With the -- those used truck centers, one of the benefits that we have is that they predominantly sell to retail customers. And the margins we make when we sell a used truck to a retail customer are significantly higher than selling them to wholesalers or other customers. So those used truck centers really give us a very nice return on our investment there.

這些二手卡車中心為我們帶來的一個好處是，它們主要針對零售客戶。我們向零售客戶銷售二手卡車的利潤率遠高於向批發商或其他客戶銷售。因此，這些二手卡車中心確實能為我們帶來非常可觀的投資回報。

Your next question comes from the line of Seth Weber of RBC Capital Markets.

你的下一個問題來自加拿大皇家銀行資本市場的賽斯‧韋伯。

Actually, I wanted to follow-up on Steve's last question on the used sales mix. Is there any color you can provide on sort of where you see the channel mix, where it's today, where you think it's going as far as retail versus wholesale or auction? Anything that we can kind of used to frame what the opportunity there is to get the margins up?

實際上，我想就史蒂夫關於二手車銷售組合的最後一個問題做個後續說明。您能否就通路組合的現狀、您認為未來的發展趨勢（例如零售、批發或拍賣）提供一些見解？您能否提供一些信息，幫助我們分析提高利潤率的機會？

What I look at is the PACCAR Financial team has done a really good job of building this used truck center network. And we've seen even in the U.S., an uptick in the recent time of more retail activity flowing through the used truck centers. And as we build like the one in Prague and expand our capabilities, that just creates an outlet for the strong customer demand for PACCAR products in the used market. And it gives them a good place to go to get a young truck that's going to serve their needs really well, and they're happy to buy those trucks from us because they know what they're getting. That helps values.

我認為PACCAR金融團隊在建立二手卡車中心網路方面做得非常出色。即使在美國，我們也看到近​​期二手卡車中心的零售活動增加。隨著我們在布拉格等地建立新中心並擴展服務能力，這為二手市場對PACCAR產品的強勁需求創造了銷售管道。客戶可以在這裡找到合適的二手卡車，滿足他們的需求，而且他們也樂於向我們購買卡車，因為他們清楚自己買到的是什麼。這有助於提升卡車的價值。

Right. Okay. And then sorry if I missed this, but have you address -- have you talked to just the new truck pricing environment? I think last quarter, you said it was up about 2%. Just wondering if anything has changed, given the -- that the macro and then also the weakness in used pricing, if anybody -- if any of your competitors are doing anything irrational? Or is that -- you're still seeing positive pricing on the new truck side.

好的。好的。如果我錯過了什麼，請見諒。您有沒有談到新卡車的定價環境？我記得上個季度您說過價格上漲了大約2%。考慮到宏觀經濟形勢以及二手車價格疲軟，我想知道現在情況是否有所變化，您的競爭對手是否有任何不理智的舉動？或者說，您仍然看到新卡車價格保持上漲趨勢？

Yes. Well, I'll let you talk to the competitors and what they do that's irrational. But for us, what we see is we've seen steadiness in pricing. And I think there continues to be a strong desire to have the best trucks, which are Kenworth, Peterbilt and DAF.

是的。至於競爭對手那些不理智的做法，我還是讓你去問。但就我們而言，我們看到的是價格的穩定性。而且我認為，消費者仍然強烈渴望擁有最好的卡車，例如肯沃斯、彼得比爾特和達夫。

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

你的下一個問題來自摩根士丹利的 Courtney Yakavonis。

I was wondering if you could just share with us a little bit more detail on how to think about some of the fixed costs associated with the plant shutdowns and then also with the plant reopenings, and if any of the protocols that you're enacting that could last for a bit longer might impact the cost basis over the next 12 to 18 months.

我想請您詳細介紹一下與工廠停工和重新開工相關的固定成本，以及您正在實施的、可能會持續更長時間的措施是否會對未來 12 至 18 個月的成本基礎產生影響。

Sure. As far as the protocols we're implementing, I'll come back to the statement because it's core to us is our biggest focus right now is making sure that our employees are cared for and operate in a healthy and safe environment. And so those protocols, things like temperature testing when they enter the facilities and making sure there's 6 feet between them or 1.5 meters in Europe that we have put up spacing and barriers where we're building the trucks, that people are wearing masks, that we're doing great cleaning and that we're comparing all of our practices that I just described to other industry leaders to make sure we have the best practices in place. Those will carry on as long as they need to, to make sure that our employees are healthy and protected. And they're involved in the process and want them to feel comfortable with their environments, and that's really important to us.

當然。關於我們正在實施的各項措施，我會再次強調，因為這對我們來說至關重要。我們目前的首要任務是確保員工得到關懷，並在健康安全的環境中工作。這些措施包括：員工進入廠區時進行體溫檢測；確保員工之間保持6英尺（歐洲標準為1.5米）的距離；在卡車組裝區域設置了隔離帶和屏障；要求員工佩戴口罩；進行徹底的清潔消毒；以及將我剛才提到的所有措施與其他行業領先企業進行比較，以確保我們採用最佳實踐。這些措施將持續實施，直至確保員工的健康和安全。我們鼓勵員工參與整個過程中，讓他們對工作環境感到舒適，這對我們來說至關重要。

And then as far as the costs that we experience, right? We're a company that's always thinking about capital cost and expense costs and looking for ways to reduce them. And our teams are fully focused on that. Looking -- that's why you see the reduction in the CapEx spending plans that we outlined in our opening comments and why we're looking at R&D reductions that we can take, just so that the business is optimized and set up for this industry cycle.

至於我們面臨的成本問題，對吧？我們是一家始終專注於資本成本和營運成本，並尋求降低成本方法的公司。我們的團隊也全力以赴地投入其中。這就是為什麼您會在開場白中看到我們削減資本支出計劃，以及為什麼我們正在考慮削減研發投入的原因，以便優化業務，使其適應當前的行業週期。

Is there anything you could share with us that's just maybe about factory overhead costs that might not be getting to cut just for the weeks that you're shut down, and then if there's any difference between the shutdowns in North America versus in Europe?

您能否和我們分享一些關於工廠營運成本的信息，例如在停工期間可能無法削減的那些成本？另外，北美和歐洲的停工情況是否有差異？

Yes. There -- the difference is that we have furloughed some employees during the stopping point, and that's what we've done in North America and Europe. In the Netherlands, we have a good relationship with our unions there, with our employees there and with the government there. And they've been able to help us support people still working during the shutdown, in the overhead side of the business, and that's great because we're continuing to make progress in these practices to keep a healthy and safe environment. And even on the engineering side, they're continuing to work on new projects and processes that are aligned with government support programs.

是的。差別在於，我們在停工期間讓一些員工暫時休假，我們在北美和歐洲也採取了同樣的做法。在荷蘭，我們與當地的工會、員工、政府都保持著良好的關係。他們幫助我們支援那些在停工期間仍在工作的員工，特別是那些負責公司營運管理的員工。這非常重要，因為我們正不斷改進這些措施，以維持健康安全的工作環境。即使在工程方面，他們也在繼續推動與政府支持計畫相符的新項目和流程。

And the support programs are in place, not only in the Netherlands but also in Belgium and the U.K. and PACCAR qualifies to all those programs.

不僅在荷蘭，而且在比利時和英國，都有相應的支持計劃，PACCAR 符合所有這些計劃的資格。

And then just lastly, your parts margins did hold up very well this quarter. You mentioned that you've been building out the e-commerce platform, but are you seeing any structural changes that you think might last in terms of how your customers are interacting with that business in this environment?

最後，本季你們的零件利潤率表現非常出色。您提到你們一直在完善電子商務平台，但您認為在當前環境下，客戶與業務互動方式方面是否存在任何可能持續存在的結構性變化？

I think that this may hasten the move towards more and more e-commerce in the parts business. But our -- and our team has built a great system to make that available for the customers and for the dealers to work with. And we continue to use the e-commerce and the MDI systems to help everybody have the right parts at the right places at the right time, so we can make sure our customers' uptime is optimized. There may be a little bit of a move towards that furthering, and that's good for PACCAR and good for our parts team.

我認為這可能會加速零件業務轉型為電子商務。我們團隊已經建構了一套完善的系統，方便客戶和經銷商使用。我們將繼續利用電子商務和MDI系統，確保每個人都能在正確的時間、正確的地點獲得正確的零件，從而最大限度地保障客戶的設備正常運作時間。這種趨勢可能會進一步發展，這對PACCAR和我們的零件團隊來說都是好事。

Your next question comes from the line of Matt Elkott of Cowen.

你的下一個問題來自 Cowen 公司的 Matt Elkott。

So the truckload industry, which is an important part of your customer base, had been dealing with some headwinds like rising insurance premiums and low freight rates, which was resulting in a lot of market exits. But now they also have the tailwind of lower diesel prices. So my question is if we start to see an economic rebound, while at the same time, oil prices lag and remain relatively low, which would be good for the health of the truckload industry, do you have any sense of how quickly that could translate into higher orders? And are you happy that you could see a benefit from that?

因此，作為您客戶群重要組成部分的整車運輸行業，此前一直面臨著一些不利因素，例如保險費上漲和運費低迷，導致許多企業退出市場。但現在，他們也受益於柴油價格下跌的利多。所以我的問題是，如果我們開始看到經濟復甦，而與此同時，油價滯後並保持在相對較低的水平（這對整車運輸行業來說是好事），您認為這種情況多久會轉化為訂單增加？您是否樂見這種情況帶來的好處？

That's a good commentary you offered. I think it's a truth of the confluence of the pandemic and the low oil prices and the fact that customers continue -- our customers, trucking companies, continue to deliver freight. And when they're delivering freight, they're putting miles on trucks. And so that bodes well for us in the future because they're consumable, and over time, we'll need to replace them.

你的評論很好。我認為這反映了疫情、低油價以及客戶——也就是我們的客戶，貨運公司——仍在繼續運輸貨物這一事實共同作用的結果。而當他們運送貨物時，卡車的行駛里程就會增加。這對我們未來的發展來說是個好兆頭，因為卡車是消耗品，隨著時間的推移，我們需要更換它們。

That makes sense. And then just one follow-up on the balance sheet side. You don't have manufacturing debt, but you do obviously go to debt markets in your Financial Services segment. If this economic crisis intensifies and morphs into a financial crisis, do you think you may have to borrow on your manufacturing segment for your Financial Services segment?

這很有道理。那麼，關於資產負債表方面，我還有一個後續問題。你們沒有製造業債務，但顯然你們的金融服務業務會進行債務融資。如果這場經濟危機加劇並演變成金融危機，您認為您是否可能需要向製造業借款來支持金融服務業務？

So you're right. PACCAR has a very strong balance sheet with $4.3 billion in cash, a strong A+/A1 credit rating and no manufacturing debt, and that is exactly how we like it.

你說得對。 PACCAR的資產負債表非常穩健，擁有43億美元的現金，信用評級為A+/A1，而且沒有製造業債務，這正是我們所希望的。

And we've had good access to the markets.

我們一直都能很好地進入市場。

We do.

是的。

We have great credit ratings and good access to the markets, and we've had no trouble in getting mid-term notes. And our issuances in the first quarter, $632 million, and we did an issuance in April for $400 million, and we've got really good positions to support our financial services business.

我們擁有良好的信用評等和便利的市場進入管道，中期債券的發行也一直很順利。第一季我們發行了6.32億美元的債券，4月又發行了4億美元，我們擁有非常穩健的資產配置來支持我們的金融服務業務。

Your next question comes from the line of Felix Boeschen of Raymond James.

你的下一個問題來自 Raymond James 的 Felix Boeschen 的一條線。

I really just have a quick question around how to think about the Parts business going forward. I think, obviously, trucks still moving as a positive for the business. But outside of looking at industry truck utilization, was there anything we should think about around the strong 1Q performance in that business, dealers building parts inventory given some uncertainty ahead or any color on where you think inventory levels might be today?

我其實只是想快速問一下關於未來零件業務的發展方向。我認為，卡車運輸量的持續成長顯然對業務有利。但除了關注行業卡車利用率之外，我們是否還應該考慮一下第一季強勁的業績表現，經銷商是否會因為未來存在一些不確定性而增加零件庫存？或者您對目前的庫存水準有何看法？

Sure. I think that the most significant factor is the team at PACCAR Parts has done a great job with -- alongside of our dealers of having the right kind of systems in place to support the customers, and so they become a go-to organization in these times. And they're doing a great job of beating the demand there. And I think that they're -- obviously, as the situation is dynamic, people were looking at that. And so they want to make sure that they have parts on the shelf to take care of the customers, and they've done that. And as we move forward, they're consuming those parts and they'll reorder.

當然。我認為最重要的因素是PACCAR Parts團隊與我們的經銷商攜手合作，建立了完善的系統來支援客戶，他們做得非常出色，因此在當前情況下，他們成為了客戶的首選合作夥伴。他們出色地滿足了市場需求。顯然，由於情勢瞬息萬變，大家都在關注這一點。他們希望確保庫存充足，能夠滿足客戶的需求，而他們也做到了。隨著業務的推進，這些零件會繼續消耗，他們也會及時補貨。

Your next question comes from the line of Faheem Sabeiha of Longbow Research.

你的下一個問題來自 Longbow Research 的 Faheem Sabeiha。

Just for starters, as far as the social distancing and the staggered shift that you guys are employing in the factories, would that have any impact on production capacity?

首先，你們工廠採取的維持社交距離和錯峰輪班措施，會對生產能力產生任何影響嗎？

Excuse me, what was the last part?

請問，最後一部分是什麼？

Wouldn't that have any impact on production capacity?

這難道不會對產能產生影響嗎？

Yes. I think that we always -- we think that in the market we're in, we have sufficient capacity. And even bringing in these great best practices, we'll have sufficient capacity to build for our customers' needs.

是的。我認為我們始終認為，在我們所處的市場中，我們擁有足夠的產能。即使引入這些優秀的最佳實踐，我們也有足夠的產能來滿足客戶的需求。

Okay. And can you provide some color around the order intake and cancellations that you've been seeing so far, at least through April. I just want to understand if your backlog is essentially holding or shrinking at this point.

好的。您能否詳細介紹一下目前為止（至少到四月）的訂單接收和取消情況？我想了解您目前的訂單積壓情況是基本保持不變還是有所減少。

Yes. I think that through the month of April, our backlog actually improved and increased because we weren't building trucks. And so we do have good backlog through the second quarter. And we'll watch how that carries on.

是的。我認為四月我們的積壓訂單實際上有所改善和增加，因為我們沒有生產卡車。所以第二季我們的積壓訂單狀況良好。我們會繼續觀察這種情況的發展。

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

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

My question is just on your visibility into any future supply chain disruption from all the obvious impacts. Does that feel like a major uncertainty still? Or is your visibility in the supply chain and how your suppliers are working, seeing less volatile and less of a disruptive risk?

我的問題是關於您對未來供應鏈中斷（包括所有顯而易見的衝擊）的可見性。您仍然覺得這方面有很大的不確定性嗎？或者，您對供應鏈以及供應商的運作情況的了解，是否讓您覺得波動性較小，中斷風險也較小？

You bet. We're working really close with all suppliers, have daily contact with them, and we have a great, strong supply base. And we choose them for their strength and continue just alignment with them so that when we restart, they're ready to go and aligned with us being ready to go. So there are daily conversations. There's nothing that seems unstable right now. It's just making sure they put the best practices, and care for their people, which they want to do; and align up with the government directives.

當然。我們與所有供應商都保持著非常緊密的合作，每天都與他們聯繫，我們擁有強大而可靠的供應基礎。我們選擇他們是看重他們的實力，並與他們保持協調一致，這樣當我們復工時，他們就能做好準備，我們也做好了復工的準備。所以我們每天都在溝通。目前一切都很穩定。我們只是確保他們採取最佳實踐，關心員工（他們也希望如此），並遵守政府的各項指示。

Okay. That's helpful. And you've made a number of helpful comments on parts. Are you able to say from telematics or otherwise, how far miles driven or down in April, just to give a sense of real-time pulse of the economy?

好的，這很有幫助。您對各個方面都提出了很多有益的建議。您能否透過車載資訊系統或其他方式提供四月份的行駛里程數據，以便我們了解當前的經濟狀況？

Yes. That's interesting. We do have -- in North America, all of our trucks are connected, so the people that can work trucks are connected. And we watch vehicle miles traveled, and we watch utilization of the fleet. And while it's down just a little bit, it's also holding up pretty well and remains at high levels over the historical framework.

是的，這很有意思。在北美，我們所有的卡車都連網了，所以所有能駕駛卡車的人員也都連網了。我們會監控車輛行駛里程和車隊利用率。雖然利用率略有下降，但總體而言還算穩定，並且與歷史水平相比仍然很高。

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

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

With respect to the facility restart, and you talked about deploying safety protocols and government regulations and supply chain, can you talk about any government regulations today that prevent you from operating? And are there protocols that you have not yet deployed? Or are sort of facilities ready to operate and regulations aren't restricting you, and it's just about sort of comfort level with supply chain?

關於工廠重啟，您提到了部署安全規程、遵守政府法規以及供應鏈，您能否談談目前有哪些政府法規阻礙了您的營運？還有哪些規程您尚未部署？或者說，工廠是否已經準備就緒，法規也沒有限制您，只是供應鏈方面存在一些問題？

Well, we continue to work in alignment with the initial declarations, which is that trucking is an essential business and the parts supply is an essential business. So that's one of the things that we work with. And then the other is to make sure that these best practices we put in for our employees are sufficient and are robust and protect them well. And those 2 things in alignment are what define our restart strategy.

我們始終遵循最初的聲明，即貨運和零件供應都是必不可少的業務。這是我們工作的重點之一。另一方面，我們要確保為員工製定的最佳實務充分且有效，並且能夠很好地保護他們。這兩點的一致性構成了我們重啟策略的核心。

And so you're still rolling out some of those safety protocol actions at facilities?

所以你們仍在各設施中推行這些安全規程措施？

Indeed, we are and staying lined up with each state and their directives as well.

事實上，我們一直並將繼續與各州及其指令保持一致。

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

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

I guess kind of piggybacking on the adjustments you guys have made to the factories to obviously protect the employees and respect social distancing. Is there any cost quantification that you can kind of help us think about whether it's the impact to gross margins? Or kind of incremental cost per piece associated with the cleaning, with the temperature-taking as well as phasing out employees a little bit more than we would historically have seen?

我想藉著你們為保護員工和保持社交距離而對工廠做出的調整，談談我的看法。能否提供一些成本量化數據，例如對毛利率的影響？或是與清潔、測溫以及比以往更多員工輪班相關的每件產品額外成本？

No, there's nothing that's that concrete. Or we'd take the temperatures of the employees -- we're going to, as they come back into the factories, preproduction, make sure everybody is healthy when they come to work. That's good for everybody. And then the teams are doing a really good job of just bringing in safety protocols that work with truck production, and that overlay has gone very well in our factories where we're starting up.

不，目前還沒有那麼具體的措施。或者我們會給員工測量體溫——在他們返回工廠進行生產前檢查時，我們會確保每個人上班時都身體健康。這對每個人都有好處。此外，各個團隊在落實適用於卡車生產的安全規程方面做得非常出色，而且在我們即將復工的工廠裡，這些措施的實施效果非常好。

And like Preston has said, the #1 priority is the safety of our employees. And there might be some costs associated with that, but that's not the #1 priority.

正如普雷斯頓所說，員工安全是我們的首要任務。雖然這可能會帶來一些成本，但這並非我們最優先考慮的事項。

Yes. Of course, you guys made that very clear, and we'll kind of keep that in mind. As we're looking forward -- or as we look through kind of the first quarter, can you give us a sense of what the parts revenue cadence was by month? Like did we see any sort of major difference in your parts revenue in the month of March relative to January, February?

是的。當然，你們已經非常明確地說明了這一點，我們會牢記在心。展望未來——或者回顧第一季——能否讓我們了解零部件收入按月的變化？例如，3月份的零件收入與1月和2月相比，是否有顯著差異？

It was relatively flat through the quarter. I mean there were weeks and differences by weeks, but it was relatively flat through the first -- for each of the months.

整個季度相對平穩。我的意思是，雖然每週的情況略有不同，但第一個季度——每個月都是如此——都相對平穩。

That's helpful. And then on the provisions for the losses on the receivables, with the step-up that we saw, obviously, kind of tied to the economy, were you seeing any difference in terms of the receivables that you have for the customers relative to dealers in kind of one of those 2 channels? Was there a big customer impact? I mean I'm just trying to better understand as we think about the impact looking forward.

這很有幫助。關於應收帳款損失準備金，鑑於我們看到的調整（顯然與經濟狀況有關），您是否發現客戶應收帳款與經銷商應收帳款在這兩個管道中存在任何差異？客戶是否受到了重大影響？我的意思是，我只是想更好地了解情況，以便我們更好地展望未來。

No. We talked about the past dues being really low. And most customers are in a good position to pay their bills on time. Finance company is doing well. We're financing a stable portion of the trucks that we sell, and with all good -- updated customers that pay their bills.

不，我們討論過之前的欠款非常少。而且大多數客戶都有能力準時付款。金融公司運作良好。我們為銷售的卡車提供了穩定比例的融資，而且所有客戶都按時還款，一切順利。

Your next question comes from the line of Jeff Kauffman of Loop Capital Management.

你的下一個問題來自 Loop Capital Management 的 Jeff Kauffman。

I guess 2 questions. Number one, following up on what Jamie was asking earlier. The -- is it more a deferral on CapEx and R&D or more of a structural adjustment, where maybe we're not going to do certain things? And where do you think, in terms of -- I think Jamie was hinting is the EV movement slowing down because of low fuel prices and pushing things out. But in terms of looking at R&D programs or capital spending, where is the flex, and kind of what do you think should be pushed out in this kind of environment?

我想問兩個問題。第一個問題，接著Jamie之前的問題。這更多的是延遲資本支出和研發，還是更偏向結構性調整，例如我們可能不會做某些事情？另外，您認為——Jamie似乎暗示電動車的發展速度會因為低油價而放緩，導致一些專案延期——在研發專案或資本支出方面，有哪些彈性？在這種環境下，您認為哪些項目應該延後？

Okay. Happy to answer that question with you. So I would say that it's, whether deferred or canceled, we have a great portfolio of projects. They all have good returns and provide values to our customers. And so with those projects, often what we're looking at right now is, can we do a phase now? Can we postpone a phase to a later point? Very few that will cancel. We just look at how well they can be done and how do we become more efficient at doing them.

好的，我很樂意回答這個問題。我想說的是，無論項目是延期還是取消，我們都擁有大量優質項目。這些項目都能帶來良好的回報，並為客戶創造價值。因此，對於這些項目，我們目前通常會考慮的是：能否立即開展某個階段？能否將某個階段延後到以後？很少有項目會被取消。我們主要關注如何才能更好地完成這些項目，以及如何提高效率。

And as that lies into the EV movement or autonomous vehicles or connected vehicles, those technologies continue to be progressing into the truck industry in the coming years, and PACCAR is going to continue to be a leader in offering EV vehicles to our customers and developing autonomous vehicles, leveraging partnerships and working with their suppliers and doing in-house development so that we can have all of those ready when our customers want them, and we'll continue to have that leadership position.

隨著電動車、自動駕駛汽車或連網汽車的發展，這些技術將在未來幾年繼續應用於卡車行業，而 PACCAR 將繼續引領為客戶提供電動車和開發自動駕駛汽車的潮流，利用合作夥伴關係，與供應商合作，並進行內部研發，以便在客戶需要時隨時提供所有這些產品，我們將繼續保持這一領導地位。

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

目前沒有其他問題需要提問。公司方面還有其他補充說明嗎？

Yes. I guess I'd just like to close by saying thank you to everybody for the calls. And again, just to recognize the outstanding people in our company that are doing such a fantastic job. And then also to recognize those people that are handling and managing and working with the COVID situation around the world. And our heartfelt thoughts and prayers are with them, and we're all going to come through this stronger in the final analysis.

是的。最後，我想感謝大家的來電。再次感謝我們公司那些表現出色的人，他們做得非常出色。同時，也感謝那些在全球各地應對新冠疫情的人們。我們衷心祝福他們平安健康，相信最終我們都會變得更強大。

And ladies and gentlemen, this concludes PACCAR's earnings call. Thank you for your participation. 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。