派克漢尼汾 (PH) 2022 Q2 法說會逐字稿

Thank you for standing by, and welcome to the Parker Hannifin Corporation Fiscal Year 2022 Second Quarter Conference Call and Webcast. (Operator Instructions) As a reminder, this call may be recorded. I would now like to introduce your host for today's program, Todd Leombruno, Chief Financial Officer. Please go ahead, sir.

感謝您的耐心等待，歡迎參加派克漢尼汾公司 2022 財年第二季電話會議和網路廣播。 （操作員說明）謹此提醒，此通話可能會被錄音。現在我想介紹一下今天節目的主持人，財務長 Todd Leombruno。請繼續，先生。

Thank you, Jonathan, and good morning, everyone. Welcome to Parker's Fiscal Year 2022 Q2 Earnings Release. As Jonathan said, this is Todd Leombruno, Chief Financial Officer speaking. Tom Williams, our Chairman and Chief Executive Officer; and Lee Banks, our Vice Chairman and President, are both with me here today for the webcast.

謝謝喬納森，大家早安。歡迎來到派克 2022 財年第二季財報發布。正如喬納森所說，我是財務長托德·萊姆布魯諾（Todd Leombruno）。湯姆威廉斯，我們的董事長兼執行長；和我們的副主席兼總裁李班克斯今天都和我一起參加網路廣播。

I'd like to direct you to Slide #2, which details our disclosure statement addressing forward-looking statements and non-GAAP financial measures. Reconciliations for all non-GAAP financial measures are included in today's materials. Those materials, those reconciliations, along with this presentation, are accessible under the Investors section at parker.com and will be available for 1 year.

我想引導您觀看第 2 張投影片，其中詳細介紹了我們針對前瞻性陳述和非公認會計原則財務指標的揭露聲明。今天的材料中包含所有非公認會計準則財務指標的調節表。這些資料、這些對帳以及本簡報可在parker.com 的「投資者」部分訪問，並將提供一年。

As usual, today, Tom is going to begin with highlights of the quarter and a few comments on the company's transformation. I'll follow up with a brief financial summary and review the increase to our full year guidance that we announced this morning. Tom is going to handle closing comments, and then we'll open up the lines for your questions.

像往常一樣，今天，湯姆將首先介紹本季的亮點以及對公司轉型的一些評論。我將隨後提供簡短的財務摘要，並回顧我們今天早上宣布的全年指導的增加。湯姆將處理結束語，然後我們將開放您的提問線路。

Two comments before we begin today. First, as a reminder, regarding the pending Meggitt acquisition, we are still bound by the requirements of the U.K. Takeover Code in respect to discussing certain transaction details. And secondly, we are announcing a date and time change to our upcoming virtual Investor Day due to a scheduling conflict with another company's Investor Day. Our meeting will now be held on Tuesday, March 8 from 9:00 a.m. to 12:00 p.m. Eastern. It will be a virtual event. And among the topics that we'll cover will be the release of our new long-term financial targets.

在我們今天開始之前有兩個評論。首先，提醒一下，關於即將進行的 Meggitt 收購，我們在討論某些交易細節方面仍然受到英國收購法的要求的約束。其次，由於與另一家公司的投資者日的日程安排衝突，我們宣布即將到來的虛擬投資者日的日期和時間發生變化。我們的會議將於 3 月 8 日星期二上午 9:00 至中午 12:00 舉行。東。這將是一個虛擬活動。我們將討論的主題之一是發布新的長期財務目標。

So with that, I'll ask you to move to Slide 3, and I'll turn it over to you, Tom.

因此，我會請您轉到幻燈片 3，然後我會將其交給您，湯姆。

Thank you, Todd, and welcome, everybody. Thanks for your participation today.

謝謝托德，歡迎大家。感謝您今天的參與。

I want to start with the title of this slide, which is exceptional execution in a challenging environment. When you look at the performance of the company in aggregate, safety, sales growth, the margin expansion, EPS, it was an extremely strong quarter. This is against arguably one of the most difficult operating environments that we've all faced in our careers when you add up the cumulative effect of inflation, supply chain challenges and the Omicron virus. My thanks to the global team for just a great job execution in this quarter and really the execution for many, many quarters as we go through this presentation.

我想從這張投影片的標題開始，它是在充滿挑戰的環境中的卓越執行力。當你觀察公司的整體業績、安全性、銷售成長、利潤率擴張、每股盈餘時，你會發現這是一個非常強勁的季度。當你將通貨膨脹、供應鏈挑戰和 Omicron 病毒的累積影響加起來時，這可以說是我們職業生涯中所面臨的最困難的營運環境之一。我感謝全球團隊在本季度出色的工作執行力，以及在我們進行本次演示時許多季度的出色執行力。

Let's start with the first bullet. Focus on safety continues. It is our #1 goal. We're leveraging our high-performance teams, the combination of the natural work teams that we have in our plants and warehouses as well as the Star Point teams and Kaizen. And it's really this combination, this team structure plus Kaizen, that is driving an ownership culture within the company. So ownership of safety, but also ownership of quality, cost, delivery and engagement.

讓我們從第一顆子彈開始。繼續關注安全。這是我們的第一個目標。我們正在利用我們的高績效團隊，也就是我們工廠和倉庫中的自然工作團隊以及 Star Point 團隊和 Kaizen 的組合。正是這種組合、這種團隊結構加上 Kaizen，推動了公司內部的所有權文化。因此，對安全的所有權，也是對品質、成本、交付和參與度的所有權。

Sales growth was 12% year-over-year. Organic growth was 13%. It was nice across all the external reporting segments as well as every region participating. Total sales was a second quarter record as well as total segment operating margin. EBITDA margin was 18.2% as reported or 22.7% adjusted. It was 180 basis points. It's a big move versus prior year. Robust demand environment continues. We had over 90% of our end markets in the growth phase, which we're very excited about.

銷售額較去年同期成長 12%。有機成長率為 13%。所有外部報告部分以及每個參與地區的表現都很好。第二季總銷售額和部門營業利潤率均創歷史新高。報告的 EBITDA 利潤率為 18.2%，調整後為 22.7%。為 180 個基點。與去年相比，這是一個重大舉措。強勁的需求環境持續。我們超過 90% 的終端市場處於成長階段，對此我們感到非常興奮。

And this execution, what you're seeing, is really the cumulative effect of Win Strategy 2.0 and 3.0 driving this kind of performance. When you add the strategy changes on top of the portfolio, things we've done, adding those great acquisitions that we've done over the last number of years, and the powerful secular trends that I'm going to talk about here momentarily, we see the future has much longer cycle and more resilient and faster growing.

您所看到的這種執行實際上是獲勝策略 2.0 和 3.0 推動這種性能的累積效應。當你將策略變化添加到投資組合之上時，我們所做的事情，添加我們過去幾年所做的偉大收購，以及我將在這裡談論的強大的長期趨勢，我們看到未來的周期更長、更有彈性、成長更快。

So if you go to the next slide, Slide 4, I've touched on this before. This kind of frames all of our thinking and our strategies for the company to around trying to achieve these 3 key drivers: living up to our purpose, that higher calling, that North Star that we're driving for; to be great generators and deployers of cash; to be a top quartile performer versus our proxy peers.

因此，如果您轉到下一張投影片（投影片 4），我之前已經談到過這一點。這種框架構成了我們公司的所有思維和策略，圍繞著努力實現這三個關鍵驅動因素：實現我們的目標、更高的使命、我們為之奮鬥的北極星；成為偉大的現金創造者和部署者；與我們的代理同行相比，成為表現最好的四分之一。

If you go to Slide 5, which is the little expression that a picture is worth a thousand words, this kind of sums up how the company has changed over the last number of years. We've updated this slide for FY '22 numbers. And I'm going to just reframe this slide for you. On the left-hand side is adjusted EBITDA -- adjusted EPS, and on the right-hand side is adjusted EBITDA margin.

如果你看投影片 5，這是一個小表達，一張圖片勝過一千個字，這總結了公司在過去幾年中發生的變化。我們已針對 22 財年的數字更新了這張投影片。我將為您重新設計這張投影片。左側是調整後的 EBITDA－調整後的 EPS，右邊是調整後的 EBITDA 利潤率。

So if you look on the left, and you go to FY '16, so we worked real hard as a company for 100 years to get to $6.99 EPS. And then the last 6 years, we've grown it by 2.5x to a little over $18 in our current guide. If you just look at the gain that we've had since the pandemic, FY '20 to FY '22 guide, it's almost another $6 just in those 2 years. It happens to be, and I don't think it's coincidental, that we launched Win Strategy 3.0 at the beginning of FY '20. And you can see what it's done to propel performance.

因此，如果你看左邊，你會看到 16 財年，我們作為一家公司努力工作了 100 年，才達到了 6.99 美元的每股收益。在過去的 6 年裡，我們將其成長了 2.5 倍，達到目前指南中的 18 美元多一點。如果你看看我們自大流行以來所獲得的收益，20 財年至 22 財年的指南，僅僅在這兩年裡，就幾乎又增加了 6 美元。我們恰好在 20 財年年初推出了獲勝策略 3.0，我認為這並非巧合。您可以看到它為提高性能所做的努力。

If you look on the right-hand side, and we don't guide on EBITDA margin, but we put in our EBITDA margin year-to-date to 22.4%. If you look at that from FY '16 to that, it's 770 basis points improvement, just remarkable improvement. Really the how behind these results, it's been our people, portfolio changes that we've done and has been, again, a cumulative effect of Win Strategy 2.0, 3.0.

如果你看右邊，我們不會給出 EBITDA 利潤率的指導，但我們將年初至今的 EBITDA 利潤率調整為 22.4%。如果你看一下 16 財年的情況，你會發現進步了 770 個基點，這是顯著的進步。實際上，這些結果的背後是我們的人員、我們所做的投資組合變化，也是獲勝策略 2.0、3.0 的累積效應。

So if you go to the next slide, give you a quick update on the Meggitt transaction. We continue to make progress. There's really 4 main work streams that we're working. There's 2, the economic and national security review that we're working on with the U.K. government. I would characterize those as constructive and positive and on track. And then the antitrust and FDI filings are proceeding as we had anticipated.

因此，如果您轉到下一張投影片，請快速了解 Meggitt 交易的最新情況。我們不斷進步。我們實際上有 4 個主要工作流程。第二，我們正在與英國政府合作進行經濟和國家安全審查。我認為這些是建設性的、積極的、步入正軌的。然後反壟斷和外國直接投資申請正在按照我們的預期進行。

We're still anticipating a Q3 calendar 2022 close, and we're really excited about this. This is obviously a compelling combination. It doubles the size of our Aerospace business, highly complementary technologies. And we're at the beginning of a commercial aerospace recovery with great synergies as we put these 2 companies together. Again, coming -- bringing this on with everything else we've been doing, a much longer cycle, less cyclical, faster growing company.

我們仍然預計 2022 年第三季日曆將結束，我們對此感到非常興奮。這顯然是一個引人注目的組合。它使我們的航空航太業務規模擴大了一倍，技術高度互補。當我們將這兩家公司合併在一起時，我們正處於商業航空航太復甦的開端，具有巨大的協同效應。再一次，來了——把這一切與我們一直在做的其他事情結合起來，一個週期更長、週期性更小的、成長更快的公司。

And then on Slide 7, in addition to the strategic acquisitions that we've been making, we are uniquely positioned with our 8 motion and control technologies to benefit from the 4 secular trends that you see on this page. Now I touched on Aerospace and the recovery and momentum of Meggitt plus Parker.

然後在投影片 7 上，除了我們一直在進行的策略性收購之外，我們還憑藉 8 項運動和控制技術處於獨特的地位，可以從您在本頁上看到的 4 個長期趨勢中受益。現在我談到了航空航天以及美捷特和派克的復甦和勢頭。

But if you look at electrification, ESG, digitization, what you have here are long-term multiyear growth enablers, and content growth for us is going to grow, both onboard as well as infrastructure. And we're excited that this is going to be a big part of what we'll talk about at Investor Day, and we look forward to sharing more about these secular trends on March 8 with you.

但如果你看看電氣化、ESG、數位化，你會發現這些都是長期的多年成長推動因素，我們的內容成長將會成長，無論是船上還是基礎建設。我們很高興這將成為我們在投資者日討論的重要內容，我們期待在 3 月 8 日與您分享更多有關這些長期趨勢的資訊。

And with that, I'm going to turn it over to Todd for more details on the quarter.

接下來，我將把它交給托德，以了解有關本季度的更多詳細資訊。

Okay. Thanks, Tom. I'll ask everyone to move to Slide 9, and I'll start with our FY '22 Q2 results.

好的。謝謝，湯姆。我會請大家轉到投影片 9，我將從 22 財年第二季的結果開始。

As Tom mentioned, this was just an outstanding quarter. Just another reminder that our operations leaders are really driving the company to significantly higher levels of performance. Our sales increased 12% versus the prior year. We did hit a record level of $3.8 billion. Tom mentioned this, but organic sales were very healthy at 13%. Currency was about a 1 point drag on sales. That's how we got to the 12% reported sales increase. Demand just remains robust. Our backlogs are healthy. Growth remains very broad-based across all of our industrial businesses.

正如湯姆所提到的，這是一個出色的季度。這再次提醒我們，我們的營運領導者確實正在推動公司顯著提高績效水準。我們的銷售額比上一年增長了 12%。我們確實達到了 38 億美元的創紀錄水平。 Tom 提到了這一點，但有機銷售額非常健康，達到 13%。匯率對銷售額的影響約為 1 個百分點。這就是我們報告的銷售額成長 12% 的原因。需求依然強勁。我們的積壓訂單狀況良好。我們所有工業業務的成長仍然非常廣泛。

If you look into the Aerospace business, commercial demand continues to trend positive. And we talked about this before, but the acquisitions of CLARCOR, LORD and Exotic continue to outperform our expectations.

如果您研究航空航太業務，您會發現商業需求持續呈現正面趨勢。我們之前討論過這一點，但 CLARCOR、LORD 和 Exotic 的收購繼續超出我們的預期。

When you look at the segment operating margins, it's a Q2 record on an adjusted basis. We did 21.6% segment operating margin. That's 120 basis points improvement from prior year. And our teams are really managing through the well-documented supply chain issues, the inflationary environment. I really just want to commend them on our team's swift actions to manage these costs and inflationary actions, still while achieving record sales in the quarter.

當您查看該部門的營業利潤率時，您會發現這是調整後的第二季記錄。我們的部門營業利益率為 21.6%。比去年提高了 120 個基點。我們的團隊確實在管理有據可查的供應鏈問題和通貨膨脹環境。我真的只是想讚揚他們，我們的團隊在管理這些成本和通膨行為方面採取了迅速行動，同時在本季度實現了創紀錄的銷售額。

Tom mentioned this, but adjusted EBITDA margin was 22.7%. That's up 180 basis points from last year. Both our adjusted net income and our adjusted EPS has improved by 29% versus prior year. Net income is $582 million or 15.2% return on sales. And adjusted EPS was $4.46. That's $1.01 increase versus the prior year of $3.45, just a really solid quarter.

Tom 提到了這一點，但調整後的 EBITDA 利潤率為 22.7%。比去年上升了 180 個基點。與去年相比，我們調整後的淨利潤和調整後每股收益均提高了 29%。淨利潤為 5.82 億美元，銷售回報率為 15.2%。調整後每股收益為 4.46 美元。與上一年的 3.45 美元相比，增長了 1.01 美元，這是一個非常穩定的季度。

If we jump to Slide 10. This is just a bridge on adjusted EPS, and I'll just detail some of the components that generated the $1.01 increase in EPS. And as you can see really, operating execution is the major driver in this increase. Adjusted segment operating income did increase by $132 million. That's 19% greater than prior year. And that really accounts for 80% of the increase in our EPS this quarter.

如果我們跳到幻燈片 10。這只是調整後 EPS 的橋樑，我將詳細介紹導致 EPS 增加 1.01 美元的一些組成部分。正如您所看到的，營運執行是這一成長的主要驅動力。調整後的分部營業收入確實增加了 1.32 億美元。比去年增加了 19%。這確實占我們本季每股收益成長的 80%。

We did have some other favorable items that was $0.19 favorable. There were some currency gains that were favorable. We did sell a few facilities that we restructured. Those closed in the quarter. And we do have reduced pension expense versus prior year. All of that added up to $0.19. And then you could see the other items on the slide that all netted to $0.04 favorable. But really, the story here is just a very strong operating quarter.

我們確實還有其他一些優惠商品，優惠價為 0.19 美元。有一些有利的貨幣收益。我們確實出售了一些我們重組的設施。這些在本季度關閉。與去年相比，我們確實減少了退休金支出。所有這些加起來為 0.19 美元。然後您可以看到幻燈片上的其他項目均獲得 0.04 美元的折扣。但實際上，這裡的故事只是一個非常強勁的營運季度。

If we go to Slide 11, I'll make a few comments on our segment performance. Tom mentioned those secular trends. We are seeing growth from those trends across our segments. Every single one of the segments has a record adjusted segment operating margin this quarter. We did maintain a cost-price neutral position. We're very proud of that. Incrementals were 32% versus prior year. And I just want to remind everybody, that is against a headwind of $65 million of discretionary savings that we had in the prior year.

如果我們轉到投影片 11，我將對我們的細分錶現發表一些評論。湯姆提到了那些長期趨勢。我們看到我們各個細分市場的這些趨勢都在成長。本季每個部門的調整後部門營業利潤率均創歷史新高。我們確實保持了成本價格中立的立場。我們對此感到非常自豪。與去年相比增量為 32%。我只是想提醒大家，這是針對去年我們可自由支配的 6,500 萬美元儲蓄的逆風。

If you exclude those discretionary savings, our incrementals were 48%. So really fantastic performance across the board from our teams. It really highlights the power of the Win Strategy and really demonstrates our ability to perform through this current climate.

如果排除這些可自由支配的儲蓄，我們的增量為 48%。我們團隊的整體表現非常出色。它真正凸顯了獲勝策略的力量，並真正展示了我們在當前氣候下的表現能力。

If you look at orders, orders are plus 12, and really the demand continues to be robust across our businesses.

如果你看一下訂單，你會發現訂單量增加了 12，而且我們各業務部門的需求實際上仍然強勁。

Just a little color on Diversified Industrial North America, sales reached $1.8 billion. Organic growth in that segment was 15% versus prior year. And listen, we're really pleased with the performance in this region. We've talked a lot -- I've read -- I know everyone is familiar with the well-documented supply chain issues. Tom mentioned the Omicron spike. We are not immune to that.

北美多元化工業公司僅稍稍添彩，銷售額就達 18 億美元。該細分市場的有機成長率比上年增長了 15%。聽著，我們對該地區的表現非常滿意。我們談了很多——我讀過——我知道每個人都熟悉有據可查的供應鏈問題。湯姆提到了 Omicron 尖峰。我們也不能倖免。

But we did keep operating margins at a very high level of 21.3% in this segment, and we're proud of that. Order rates continued to be very high at plus 17. Our backlog is strong. And Tom mentioned this, 91% of our markets are in growth mode. So great things in the North American businesses.

但我們確實將這一領域的營業利潤率保持在 21.3% 的高水平，我們為此感到自豪。訂單率繼續保持在+17 的高位。我們的積壓訂單很多。 Tom 提到，我們 91% 的市場處於成長模式。北美企業有如此偉大的事。

Industrial International is a great story. Sales are $1.4 billion. Organic growth is up 14% in this segment. And I want to note that across all the regions within our International segment, organic growth was mid-teen positive in every region. So really robust activity there. Maybe more impressive is the adjusted operating margins, 22.4%. This is an increase of 210 basis points versus the prior year.

工業國際是一個偉大的故事。銷售額為 14 億美元。該細分市場的有機成長達 14%。我想指出的是，在我們國際業務的所有地區，每個地區的有機成長都處於中位數正值。那裡的活動非常活躍。也許更令人印象深刻的是調整後的營業利潤率，22.4%。比去年增加了 210 個基點。

And certainly, we have volume. We've talked a lot about our growth in distribution internationally. We are benefiting from some product mix. And really, the team is doing a great job controlling cost. And this has been a really long-term effort over a long period of time from that team. So I'm really happy that they're able to put up these continued high level of margin performance. Order rates there were plus 14%, ample backlog and really solid international performance.

當然，我們有數量。我們已經談論了很多關於我們在國際分銷方面的成長。我們受益於一些產品組合。事實上，該團隊在控製成本方面做得非常出色。這是該團隊在很長一段時間內的真正長期努力。因此，我真的很高興他們能夠維持持續高水準的利潤率表現。那裡的訂單率增加了 14%，積壓充足，國際業績非常穩定。

If we look at Aerospace Systems, really continued signs of a rebound there. Sale were $618 million. Organic sales are positive at almost 6%. And we did see very strong demand in our commercial OEM and MRO markets. Great margin performance here as well. Operating margins have increased 270 basis points that finished the quarter at 20.7%. And again, I just want to remind everyone that, that is still at pre-COVID volume levels. So great margin performance from our Aerospace team.

如果我們看看航空航天系統公司，就會發現那裡確實有持續的反彈跡象。銷售額為 6.18 億美元。有機銷售額成長近 6%。我們確實看到商業 OEM 和 MRO 市場的需求非常強勁。這裡的利潤率表現也很好。營業利潤率成長了 270 個基點，本季末達到 20.7%。我想再次提醒大家，這仍處於新冠疫情爆發前的水平。我們的航空航太團隊的利潤率表現非常出色。

Aerospace orders on a 12-month rolling rate did decline 7%. But one item I want to make clear for everybody is we did have a few large multiyear military orders in the prior period that really created a tough comp just in Aerospace. If we exclude those orders, Aerospace orders would be plus mid-teens positive. So we're seeing continued signs of steady improvement in Aerospace. Our order dollars in Aerospace in the quarter were at the highest level they've been in the last 3 quarters. So great quarter out of Aerospace.

以 12 個月滾動率計算的航空航太訂單確實下降了 7%。但我想向大家澄清的一點是，我們在前期確實有一些大型的多年期軍事訂單，這些訂單確實在航空航太領域創造了一個艱難的競爭。如果我們排除這些訂單，航空航天訂單將增加到十幾歲左右。因此，我們看到航空航太業持續穩定改善的跡象。本季我們在航空航太領域的訂單金額達到了過去三個季度的最高水準。航空航太領域非常出色。

But if you really look at the segments, it's really outstanding operating performance. We've got positive growth, strong order dollars, robust backlogs, record margins and really just solid execution across the board. So great segment performance.

但如果你真正審視各個細分市場，你會發現它的營運表現確實非常出色。我們實現了積極的成長、強勁的訂單金額、強勁的積壓訂單、創紀錄的利潤率以及全面可靠的執行力。如此出色的細分市場表現。

If I take you to Slide 12 and talk about cash flow on a year-to-date basis, we did exceed $1 billion in cash flow from operations. That is 13.3% of sales. Free cash flow is $900 million or almost 12% of sales. And conversion on a year-to-date basis is now 107%. We still continue to diligently manage working capital across the company. We really are just responding to these increased demand levels that we have.

如果我帶您看幻燈片 12 並討論年初至今的現金流，我們的營運現金流確實超過了 10 億美元。即銷售額的 13.3%。自由現金流為 9 億美元，幾乎佔銷售額的 12%。今年迄今的轉換率為 107%。我們仍然繼續努力管理整個公司的營運資金。我們實際上只是在應對這些不斷增長的需求水準。

The working capital change did improve in the quarter as we forecasted. In the quarter, it was a 1.9% use of cash. Versus last year, it was a 4.1% source of cash. So for the full year, I just want to reiterate, we continue to forecast mid-teens cash flow from operations, and free cash flow for the full year will exceed 100%.

正如我們預測的那樣，本季的營運資本變化確實有所改善。本季現金使用率為 1.9%。與去年相比，現金來源為 4.1%。因此，對於全年，我只想重申，我們繼續預測來自營運的現金流量將在10%左右，全年自由現金流量將超過100%。

If we go to Slide 13 now, I just want to make a few comments on our capital deployment activity. I'm sure many people have seen this, but last week, our Board approved a dividend declaration of $1.03 per share. That is fully supportive of our long-standing 65-year record of increasing dividends paid.

如果我們現在轉到投影片 13，我只想對我們的資本部署活動發表一些評論。我相信很多人都看到了這一點，但上週，我們的董事會批准了每股 1.03 美元的股息聲明。這完全支持了我們 65 年來不斷增加股利的長期記錄。

And I want to give an update on the Meggitt financing. We continue to make progress on our financing plan. Our plan is flexible. It is efficient. It is risk-mitigating. I did mention on the last call that we secured a deal contingent forward hedge contract in the amount of GBP 6.4 billion. Accounting rules require us to mark those contracts to market. That impact in the quarter was a noncash charge of $149 million. We booked that in the other expense line, and we are treating that as an adjusted item.

我想介紹一下美捷特融資的最新情況。我們的融資計劃繼續取得進展。我們的計劃是靈活的。它是有效的。它可以降低風險。我在上次電話會議中確實提到，我們獲得了一份價值 64 億英鎊的交易或有遠期對沖合約。會計規則要求我們將這些合約以市價計價。該季度的影響是 1.49 億美元的非現金費用。我們將其記入其他費用項目，並將其視為調整後的項目。

We now have USD 2.5 billion of cash deposited in escrow to fund the Meggitt transaction. That is listed on our balance sheet as restricted cash. And that was funded from a combination of commercial paper and some cash on hand. A result of that, our gross debt-to-EBITDA ended up being 2.7x in the quarter. Net debt was 2.5x. If you account for the $2.5 billion of restricted cash, net debt-to-EBITDA would be 1.8.

我們現在有 25 億美元的託管現金用於為 Meggitt 交易提供資金。這在我們的資產負債表上列為限制性現金。這是由商業票據和一些手頭現金組合提供的資金。因此，本季我們的總債務與 EBITDA 比率最終達到 2.7 倍。淨債務為 2.5 倍。如果考慮到 25 億美元的限制性現金，淨債務與 EBITDA 比率將為 1.8。

Okay. So if we go to Slide 14, I just want to give some details on the increase to guidance that we announced this morning, and of course, we're giving this on an as-reported and an adjusted basis. Full year adjusted EPS is raised by $0.75. We did guide to $17.30 at the midpoint last quarter. We have moved that to $18.05, and that is at the midpoint. We've also narrowed the range. Range is now $0.25, up or down.

好的。因此，如果我們轉到幻燈片 14，我只想提供有關我們今天早上宣布的指導增加的一些詳細信息，當然，我們是在報告和調整的基礎上提供的。全年調整後每股收益調高 0.75 美元。上季中點我們的指導價確實是 17.30 美元。我們已將其調整為 18.05 美元，這是中間值。我們也縮小了範圍。現在的範圍是 0.25 美元，向上或向下。

And sales is also raised. We're raising the midpoint to a range of 10% at the midpoint. We've got a range of 9% to 11%. And the breakdown of that sales change at the midpoint is organic growth is 10.5% (sic - see press release, "11%"). Currency will be about 1 point unfavorable. And of course, there's no impact from acquisitions. As Tom said, we don't expect Meggitt to close in our fiscal year.

而且銷量也有提升。我們將中點提高到 10% 的範圍。我們的範圍是 9% 到 11%。中點銷售變化的細分是有機成長 10.5%（原文如此 - 參見新聞稿，「11%」）。貨幣將會有1個點左右的不利。當然，收購不會產生任何影響。正如湯姆所說，我們預計美捷特不會在本財年關閉。

If we look at the full year adjusted segment operating margin, we're also raising that 20 basis points from the prior guide. Full year now, we expect that to be 22.1% at the midpoint. There is a 20 basis point range on either side of that. And corporate G&A and other is expected to be $656 million on an as-reported basis, but $435 million on an adjusted basis.

如果我們看一下全年調整後的分部營業利潤率，我們也會比之前的指南提高 20 個基點。現在全年，我們預計中位數將達到 22.1%。其兩側各有 20 個基點的波動範圍。以報告數據計算，企業管理及行政費用及其他預計為 6.56 億美元，但調整後為 4.35 億美元。

So of course, there's a couple of adjusted items in there. The acquisition-related intangible assets, that is a standard adjustment, the realignment expenses, standard adjustment, the lowered cost to achieve, standard adjustment. But we are adjusting these transaction-related expenses for Meggitt. Year-to-date, we've got $71 million worth of transaction costs, and of course, that $149 million noncash mark-to-market loss that I just mentioned. We're going to continue to adjust for the transaction-related expenses as they are incurred.

當然，其中有一些調整的項目。與取得相關的無形資產，即標準調整、調整費用、標準調整、達到的降低成本、標準調整。但我們正在調整 Meggitt 的這些交易相關費用。今年迄今為止，我們的交易成本為 7,100 萬美元，當然還有我剛才提到的 1.49 億美元非現金按市值計算的損失。我們將繼續對發生的交易相關費用進行調整。

If you look at tax rate, tax rate is now going to be slightly lower than what we had forecasted just based on first half activity. We expect that to be 22% now. And finally, guidance for the full year assumed sales, adjusted operating income and EPS all split, 48% first half, 52% in the second half. And just a little bit more color, Q3 -- FY '22 Q3 adjusted EPS guide, we have at $4.54.

如果你看一下稅率，現在的稅率將略低於我們根據上半年活動預測的水平。我們預計現在為 22%。最後，全年指引假設銷售額、調整後營業收入和每股盈餘均分開，上半年為 48%，下半年為 52%。再多一點顏色，第三季——22 財年第三季調整後的 EPS 指南，我們的價格為 4.54 美元。

So with that, Tom, I'll hand it back to you for closing comments, and I'll ask everyone to go to Slide 15.

因此，湯姆，我將把它交還給您以供結束評論，並且我將請大家轉到幻燈片 15。

Thank you, Todd. We've got a highly engaged team around the world living up to our purpose, which is enabling engineering breakthroughs that lead to a better tomorrow. You've seen what 3.0 has done, as I referenced in that EPS chart, describing our current performance that's going to drive our future performance. It's the early days of Win Strategy 3.0, and I would characterize it as having long legs, lots of potential ahead with Win Strategy 3.0.

謝謝你，托德。我們在世界各地擁有一支高度敬業的團隊，致力於實現我們的目標，即實現工程突破，從而創造更美好的明天。正如我在 EPS 圖表中提到的那樣，您已經看到了 3.0 所做的事情，描述了我們當前的業績將推動我們未來的表現。現在是致勝策略 3.0 的早期階段，我認為致勝策略 3.0 的發展前景廣闊，潛力巨大。

The portfolio transformation continues. We've acquired 3 great companies, are in the process of a fourth that will make us longer cycle and more resilient. And if you put that on top of the secular trends that I highlighted, we feel very, very positive about the future.

投資組合轉型仍在持續。我們已經收購了 3 家偉大的公司，正在收購第四家公司，這將使我們的週期更長、更有彈性。如果你把它放在我強調的長期趨勢之上，我們對未來感到非常非常積極。

So it's been our portfolio changes. It's been the strategy changes. But it really starts with our people, 55,000 team members that are thinking and acting like an owner, so 55,000 owners that are driving this transformation. So my thanks to all of them for what we did in the quarter, but really for what we've done in the last number of years.

所以這是我們的投資組合的變化。這是策略的改變。但這真正始於我們的員工，55,000 名團隊成員像業主一樣思考和行動，因此 55,000 名業主正在推動這項轉型。因此，我感謝他們所有人，感謝我們在本季所做的事情，更感謝我們在過去幾年所做的事情。

And then I'm going to hand it back to Todd for a quick comment just to set up the Q&A before we get started.

然後我將把它交還給托德，讓他快速發表評論，以便在我們開始之前設置問答。

Yes. (Operator Instructions) We do appreciate your cooperation. So Jonathan, I'll turn it over to you for Q&A.

是的。 （操作員說明）非常感謝您的合作。喬納森，我將把它交給你進行問答。

Our first question comes from the line of Joe Ritchie from Goldman Sachs.

我們的第一個問題來自高盛的 Joe Ritchie。

Nice quarter. So Tom, you mentioned in your prepared comments that 90% of your end markets are growing. I think that there's still some concern just around like -- this like hyper growth that we're seeing this year and that we're kind of closer to peak. Can you maybe just tell us a little bit more about kind of like the sustainability of growth even beyond this year and maybe some commentary around inventory balances as well?

不錯的季度。湯姆，您在準備好的評論中提到，您 90% 的終端市場正在成長。我認為仍然存在一些擔憂，例如我們今年看到的高速成長，而且我們已經接近高峰了。您能否告訴我們更多有關今年之後成長的可持續性的信息，以及有關庫存平衡的一些評論？

Yes. It got what I would characterize as some rebound off the bottom, Joe, but you've got a lot of things that are positive. The secular trends that I mentioned during my prepared remarks, Aerospace recovery, ESG, electrification, digitization, are all what I would call longer cycle. I mean the whole electrification trend is going to be years, you could suggest decades. It's what's going to happen (inaudible) ESG, digitization, et cetera.

是的。喬，它得到了我所說的底部反彈，但你也看到了很多積極的東西。我在準備好的演講中提到的長期趨勢，航空航天復甦、ESG、電氣化、數位化，都是我所說的更長週期。我的意思是整個電氣化趨勢將持續數年，你可能會建議數十年。這就是即將發生的（聽不清楚）ESG、數位化等。

The content that we've seen and the potential bill of material changes, both onboard and then adding the infrastructure that's going to be needed to support that, is big and it's going to allow us to grow differently, I think, than in the past.

我們已經看到的內容和潛在的物料清單變化，無論是船上的還是添加支持該內容所需的基礎設施，都是巨大的，我認為，這將使我們能夠以與過去不同的方式成長。

You've got a couple of other things that are going to underpin, I think, a more constructive industrial business cycle going forward. You've got, I think, the CapEx needs where -- are twofold. One, you're going to need to reinvest in areas that you haven't invested in the last 10 years. Because I don't think we're any different than most of my industrial peers, especially in the last 8 years, where we've had 2 industrial recessions and a pandemic. You typically probably under-invested during that time period. So there's a need to catch back up to that.

我認為，還有其他一些因素將支撐未來更具建設性的工業商業週期。我認為，資本支出的需求是雙重的。第一，你需要再投資過去 10 年沒有投資的領域。因為我認為我們與大多數工業同行沒有什麼不同，特別是在過去 8 年裡，我們經歷了兩次工業衰退和一場大流行。在那段時間裡，您通常可能會投資不足。所以有必要趕上這一點。

And then there's also the need around supply chain. Everybody is going to need to put more robust supply chain systems, add multiple sources, et cetera. That's going to require infrastructure, extra equipment, et cetera. So you're going to have kind of 2 bites of the apple on CapEx needs that's going to happen. And then you're going to need to get back to normal inventory levels in the system. And today, inventory is basically nonexistent outside of the suppliers like us. But when you go into our customers and [take larger] distributors, you're going to need an inventory replenishment cycle. So there's a lot of things that are going to foreshadow a much more constructive future.

另外還有供應鏈方面的需求。每個人都需要建立更強大的供應鏈系統，增加多個來源等等。這將需要基礎設施、額外的設備等等。因此，您將在資本支出需求上獲得兩口蘋果的滿足。然後您將需要恢復系統中的正常庫存水準。如今，除了我們這樣的供應商之外，庫存基本上不存在。但是，當您進入我們的客戶並[接受更大的]分銷商時，您將需要一個庫存補充週期。因此，有很多事情將預示著一個更具建設性的未來。

Then if you look at what we -- the companies we've been buying, we've been buying companies that are longer cycle with accretive growth rates than what we've done historically. So again, you have the things we've done with the balance sheet, capital deployment to help ourselves as well. So I think this is a different cycle. I mean it clearly feels different to me. There's always all of those unknowns, the geopolitical unknowns and the virus, et cetera. But I think if we look at it, we were able to look forward the next 7 or 8 years is going to, I think, be better for industrials than the last 7 or 8.

然後，如果你看看我們——我們一直在購買的公司，我們一直在購買比我們歷史上購買的公司週期更長、成長率更高的公司。再說一遍，我們在資產負債表和資本部署方面所做的事情也可以幫助自己。所以我認為這是一個不同的週期。我的意思是，這對我來說明顯感覺不同。總是存在所有這些未知因素，地緣政治未知因素和病毒等等。但我認為，如果我們審視這一點，我們就能夠預見未來 7 或 8 年的工業發展將比過去 7 或 8 年更好。

Yes. That's super helpful. Maybe my follow-on there is, again, stand out from a margin standpoint this quarter was Aero, and it seems like we're still so far off the bottom in that business. I'm just curious, maybe just kind of peel back the onion a little bit on what's really kind of driving the strong margins and then sustainability of those margins moving higher from here?

是的。這非常有幫助。從本季利潤率的角度來看，我的後續業務可能再次脫穎而出，那就是 Aero，而且我們似乎距離該業務的底部還很遠。我只是很好奇，也許只是稍微剝開洋蔥一點，看看到底是什麼推動了強勁的利潤率，然後這些利潤率從這裡開始持續走高？

Yes, the big [help] of Aerospace is twofold. One, we were very aggressive in establishing -- again, Joe, it's Tom, establishing a fixed cost structure that was going to be designed to withstand current conditions and flexible enough to withstand the commercial recovery. So we've done that. And we were, probably I'd say, one of the more aggressive and quick to do that of our other peers are in the aerospace industry. So we have a fixed cost structure that is in a great position to leverage this additional volume.

是的，航空航天的巨大[幫助]是雙重的。第一，我們非常積極地建立——再說一遍，喬，是湯姆，建立了一個固定成本結構，該結構將被設計為能夠承受當前的條件，並且足夠靈活以承受商業復甦。所以我們已經做到了。也許我會說，我們是航空航太產業中其他同業中行動更積極、行動更迅速的企業之一。因此，我們有一個固定的成本結構，可以很好地利用這一額外的產量。

And then in the near term, you're seeing significantly higher volume from commercial MRO. And that piece is obviously more higher margins. I mean commercial MRO in the last quarter grew 47%. So those would be the 2 big things. We had moderate R&D in that low 3% type of level. So you get additional volume over a great cost structure and additional volume being the higher-margin piece of the portfolio is driving the margins.

然後在短期內，您會看到商業 MRO 的銷售量顯著增加。而那一塊顯然利潤率更高。我的意思是上個季度的商業 MRO 成長了 47%。所以這些將是兩件大事。我們的研發處於 3% 的低水準。因此，您可以透過良好的成本結構獲得額外的銷量，而額外的銷量是投資組合中利潤率較高的部分，從而推動利潤率的成長。

Just for people, I mentioned this in the last quarter, but it's even more pronounced now. We're guiding to 21.4% for the full year, and that's against an all-time peak pre COVID of 20.5%. So that's fantastic. It's 90 bps higher than our previous high and we're nowhere near previous high on revenue for Aerospace. You've got -- so what's going to help, Joe, going forward, you've got (inaudible), recovery. You got departures, they're going to recover.

對於人們來說，我在上個季度提到這一點，但現在更加明顯。我們預計全年成長率為 21.4%，而新冠疫情爆發前的歷史高峰為 20.5%。所以這太棒了。它比我們之前的高點高出 90 個基點，而且我們的航空航太收入遠未達到之前的高點。你已經－－所以什麼會有幫助，喬，繼續前進，你已經（聽不清楚）恢復。你離開了，他們就會恢復。

Omicron is probably the silver lining helping all of us get out of this pandemic. And the Aerospace industry will one of the first to recover. And you can look at -- there's a lot of different people forecast in the future. When we get back to pre COVID, I think you can say anywhere from '23 to '25 calendar year.

Omicron 可能是幫助我們所有人擺脫這場大流行的一線希望。航空航太業將是最先復甦的產業之一。你可以看看——有很多人對未來有不同的預測。當我們回到新冠疫情之前，我想你可以說從 23 到 25 日曆年的任何時間。

If you kind of look at the median -- middle of that, what most forecasts are saying that puts you kind of in '24. But there's a -- you're going to have a lot of positives going forward. You've got the recovery. We've got Meggitt and the continued good things we're doing in Aerospace as a whole. So we're very positive. If we weren't so positive, we obviously wouldn't have bought Meggitt. We think this is a great space to invest in.

如果你看一下中位數——中間的數值，大多數預測都說你在 24 歲。但未來將會有很多正面積極的一面。你已經康復了。我們擁有 Meggitt 以及我們在整個航空航太領域持續做的好事。所以我們非常積極。如果我們不是那麼積極，我們顯然不會購買美捷特。我們認為這是一個很好的投資空間。

Our next question comes from the line of Nigel Coe from Wolfe Research.

我們的下一個問題來自沃爾夫研究中心的奈傑爾·科 (Nigel Coe)。

Just wanted to maybe just pick up on your investment comments, Tom. You talked about CapEx, but I'm just wondering about OpEx investments. And so just wondering if there's a need to catch up on engineering spending, R&D within aerospace, any comments there would be helpful.

湯姆，我只是想聽聽你的投資評論。您談到了資本支出，但我只是想知道營運支出投資。因此，只是想知道是否需要趕上航空航太領域的工程支出和研發，任何評論都會有所幫助。

Yes. Nigel, it's Tom. I think on the OpEx part of things, I think we're in good shape. What we've learned over the time is that innovation is not a function purely of dollar. Yes, you need to invest enough there. It's more a function of org structure, the talent and the processes that you put in place to drive that innovation. So we think we're at a very good level.

是的。奈傑爾，是湯姆。我認為在營運支出方面，我們的狀況良好。隨著時間的推移，我們了解到創新並不是純粹由美元決定的。是的，你需要在那裡投入足夠的資金。它更多的是組織結構、人才和推動創新的流程的功能。所以我們認為我們處於非常好的水平。

We're focusing a lot of our R&D, if I just take Aerospace as an example, more on future component technologies and additive and trying to be ready for our customers when the RFPs come out. And if you wait for the request for proposal to come out and start to do your R&D, you're too late. So you have to look at where the market is going and anticipate those type of things.

如果我僅以航空航天為例，我們將大量的研發重點放在未來的組件技術和添加劑上，並努力在 RFP 出來時為我們的客戶做好準備。如果您等待提案請求出來並開始進行研發，那就太晚了。因此，你必須專注於市場的走向並預測這些類型的事情。

Our Simple by Design process is allowing us to innovate much more efficiently. Every new product that we develop is going through the Simple by Design process, so that's going to help us as well. I think you weren't asking about CapEx. I think we'll have to add a little CapEx, but it will be immaterial. It would be probably just getting us into the upper 1s or closer to 2.0 on the CapEx side for productivity, for organic growth and all those kind of things.

我們的「簡單設計」流程使我們能夠更有效地進行創新。我們開發的每一個新產品都經過「簡單設計」流程，因此這也會對我們有所幫助。我認為您沒有問資本支出。我認為我們必須增加一點資本支出，但這並不重要。它可能只是讓我們在資本支出方面進入 1 或接近 2.0 的生產力、有機成長和所有這些方面。

And a good example of this on how this has been happening, and I don't disclose the total numbers. But if you look at -- we added a new metric with Win Strategy 3.0 called PVI, product vitality index. And it's the percent of our sales that are coming from new products, new technologies that have been developed in the last 5 years. And that percentage, in the last, I'd go 5 years, has doubled. So the percent of the portfolio that is more innovative has doubled.

這是一個很好的例子來說明這種情況是如何發生的，我不會透露總數。但如果你看一下——我們在獲勝策略 3.0 中加入了一個新指標，稱為 PVI，即產品活力指數。這是我們銷售額中來自過去 5 年開發的新產品、新技術的百分比。在過去的五年裡，這個比例已經翻了一番。因此，更具創新性的投資組合百分比增加了一倍。

It's one of the things that's going to help us with sustainable growth. And it's one of the things that is helping us with margins because the new products are designed with a more attractive value proposition and higher margins. And so that's -- I think that's a good indicator, Nigel, that as long as you invest efficiently, you can get nice rewards for that.

這是幫助我們實現永續成長的事情之一。這是幫助我們提高利潤的因素之一，因為新產品的設計具有更具吸引力的價值主張和更高的利潤。所以，我認為這是一個很好的指標，奈傑爾，只要你有效地投資，你就可以獲得不錯的回報。

Okay. So it sounds like no big investment cycle on OpEx. And then just my follow-on is Industrial versus North American -- International versus North America Industrial margins. Having covered Parker Hannifin for a long time, industrial has always lagged in North America. And within the guide, International 50 bps above North America. So I was just wondering, going forward, do we think that International and North America structural margins will be very similar going forward?

好的。因此，營運支出聽起來似乎沒有太大的投資週期。接下來是工業利潤率與北美工業利潤率對比——國際工業利潤率與北美工業利潤率。長期覆蓋派克漢尼汾，工業在北美始終落後。在指南中，國際市場比北美市場高出 50 個基點。所以我只是想知道，展望未來，我們認為國際和北美的結構利潤率未來會非常相似嗎？

Nigel, it's Tom again. Yes. Yes. I mean they're there now, and we think they basically should run the same. And a great positive about this and for all my international colleagues that are listening, this has been years in the making, a fantastic run rate. Really from all the regions outside of North America have contributed to this. We're seeing margin expansion across all 3 regions. And the short answer, Nigel, is yes, North America and international, should basically be about the same as we go forward.

奈傑爾，又是湯姆。是的。是的。我的意思是它們現在就在那裡，我們認為它們基本上應該以相同的方式運行。對於所有正在傾聽的國際同事來說，這是一個非常積極的方面，這是經過多年的醞釀，運作率非常高。事實上，北美以外的所有地區都為此做出了貢獻。我們看到所有三個地區的利潤率都在擴大。奈傑爾，簡短的回答是，是的，北美和國際，基本上應該與我們前進的方向大致相同。

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

我們的下一個問題來自 BMO 的 Joel Tiss。

Joel -- welcome, Joel. Congratulations on your retirement. Glad you made it...

喬爾——歡迎，喬爾。恭喜您退休。很高興你做到了...

Well, you see, after I ask my question, you might not feel that way. No, just kidding. So I have one short term, one about net pricing for 2022? Do you think that's going to be positive? Or you think it's going to continue to be neutral?

嗯，你看，在我問完我的問題之後，你可能不會有這樣的感覺。不僅僅在開玩笑。那麼我有一個短期條款，一個關於 2022 年淨定價的條款？你認為這會是正面的嗎？或者您認為它將繼續保持中立？

Yes. Joel, it's Lee. Also congratulations. Maybe just taking a step back for everybody on the call. I think the one thing that we've established inside this company is a great culture of value-based pricing. So always pricing products for kind of the -- how we make or save money for our customers.

是的。喬爾，是李。也恭喜你。也許只是為通話中的每個人退一步。我認為我們在公司內部建立的一件事是基於價值的定價的偉大文化。因此，請始終根據我們如何為客戶賺錢或省錢來定價產品。

When we have times of inflation, we've got great processes internally to gauge pricing, but also what's happening with material costs. And as you know, and I've said in the past, our goal is always to be margin-neutral, and we've been able to accomplish that for a long period of time.

當我們遇到通貨膨脹時，我們有很好的內部流程來衡量定價，以及材料成本的變化。如您所知，我過去曾說過，我們的目標始終是保證金中性，並且我們已經能夠在很長一段時間內實現這一目標。

I will tell you what's happening now is just looking at material cost is not enough. Inflation is incredibly broad-based. And we've just had to take a very comprehensive look to maintain that margin neutrality. And we're very active in this last quarter. I mean we saw things ramp up quickly. But to answer your question, I expect to maintain that margin neutrality going forward.

我會告訴你現在發生的事情僅僅看材料成本是不夠的。通貨膨脹的範圍極為廣泛。我們必須進行非常全面的檢視才能保持利潤中立。我們在最後一個季度非常活躍。我的意思是我們看到事情進展迅速。但為了回答你的問題，我預計未來將保持保證金中立。

And then a longer-term question, probably maybe beyond Tom's scope or whatever when we're on Win 5.0. Do you think by 2030, we could see 30% EBITDA margin potential? And the reason I'm asking the question is maybe just a little bit of thought process about some of the big strides you have in front of you to get the margins higher than where they are now.

然後是一個長期問題，當我們使用 Win 5.0 時，可能超出了 Tom 的範圍或其他問題。您認為到 2030 年，我們可以看到 30% 的 EBITDA 利潤率潛力嗎？我問這個問題的原因可能只是對您面前的一些重大進步的一點思考過程，以使利潤率高於現在的水平。

Joel, it's Tom. And I'll add my congratulations as well. And I'm going to maybe just expand for a second. We have always appreciated your honesty, your intelligence and your sense of humor, just like how you started this -- your questions. And that's refreshing. And it's not always -- you don't always get that. And so on behalf of all of us, we thank you and congratulate you for a great career.

喬爾，是湯姆。我也將表示祝賀。我可能會擴展一下。我們一直欣賞您的誠實、智慧和幽默感，就像您開始提出問題一樣。這令人耳目一新。但並不總是——你並不總是明白這一點。因此，我們代表我們所有人感謝您並祝賀您取得了輝煌的職業生涯。

On the long side, so 2030, you're right, that will be beyond my time. But we're not a company that views that there's any kind of mile marker we can't go past. And so I won't say that, that's a number we could never achieve. We're going to give you the first look at our 5-year when we get together on March 8. And I think that will give you visibility of where we think we can take the company. But just as you've seen that chart at the beginning of my remarks, what's happened with EBITDA margin, it's at like a 45-degree line.

從長遠來看，2030 年，你是對的，那將超出我的時間。但我們並不是一家認為有任何里程標記是我們無法逾越的公司。所以我不會這麼說，這是我們永遠無法實現的數字。當我們 3 月 8 日聚會時，我們將向您展示我們的 5 年發展歷程。我認為這將使您了解我們認為我們可以將公司帶到何處。但正如您在我演講開始時看到的圖表一樣，EBITDA 利潤率發生了什麼，它就像一條 45 度線。

And as long as we keep developing technologies and products that create the distinguishing value that Lee referenced, we can attract that kind of margin attainment. So that's not an overnight, and you weren't suggesting it's an overnight at 2030. But I view this as we go down the highway of continuous improvement, there's no exit ramps. We're just going to continue to go and keep trying to get better and aspire -- as I mentioned at the beginning, aspire to be the best industrial company that we can.

只要我們不斷開發能夠創造李所提到的獨特價值的技術和產品，我們就可以吸引這種利潤率的成長。所以這不是一朝一夕的事，你也沒有暗示這會是 2030 年的一朝一夕。但我認為，當我們沿著持續改進的高速公路前進時，沒有出口坡道。我們將繼續前進，繼續努力變得更好，並立志——正如我在開頭提到的，立志成為我們所能成為的最好的工業公司。

Joel, we greatly appreciate it. You have a wonderful retirement.

喬爾，我們非常感激。你的退休生活很美好。

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

我們的下一個問題來自瑞士信貸銀行的傑米庫克。

Congrats on a nice quarter. Tom, I guess, my question, again, it relates to the margin performance in the first half of the year and what's implied in the back half of the year. I'm just sort of wondering, while you're putting up better margins than everyone expects, can you sort of talk through the supply chain, the labor inefficiency, some of the headwinds that you're seeing in the margins?

恭喜您度過了一個美好的季度。湯姆，我想，我的問題再次涉及上半年的利潤表現以及下半年的含義。我只是想知道，雖然你們的利潤率比所有人預期的要好，但你們能談談供應鏈、勞動力效率低下以及你們在利潤率中看到的一些不利因素嗎？

Because it just makes me think -- obviously, the underlying margins could be much stronger as some of these short-term issues go away. And I guess, as I think about that, does that set up Parker to put up above-average incrementals as we think about 2023, assuming sort of the world goes back to normal?

因為這讓我想到——顯然，隨著其中一些短期問題的消失，潛在的利潤率可能會更高。我想，當我想到這一點時，假設世界恢復正常，這是否會讓帕克在 2023 年實現高於平均的增量？

Jamie, it's Tom. I'll start, and Lee can tag on because Lee is leaving us as we speak. I mentioned this in the beginning that arguably the toughest environment in my career, and I've been around a long time, this is really a tough environment. If you're a general manager, you're an ops manager, supply chain leader, twin inflation, COVID supply chain disruption, really difficult to schedule the shop. It's difficult to schedule your suppliers. It's difficult to schedule your team members and apply them.

傑米，是湯姆。我先開始，李可以跟著我們，因為我們說話時李就要離開我們了。我一開始就提到過，這可以說是我職業生涯中最艱難的環境，而且我已經待了很長時間了，這確實是一個艱難的環境。如果你是總經理，你是營運經理，供應鏈領導者，雙重通貨膨脹，新冠疫情供應鏈中斷，真的很難安排商店。安排供應商很困難。安排你的團隊成員並應用他們是很困難的。

Omicron has been -- well, I think it's going to be a blessing overall, has been a blessing if we didn't have any of this. It's going to get us out of it. It's really kind of peaking in January and will start to decline, hopefully, here as we go through February. But it has impacted absenteeism rates significantly. We felt some of that in the second quarter. We're feeling much higher absenteeism rates in the beginning of Q3.

Omicron 一直——嗯，我認為總的來說，這將是一件幸事，如果我們沒有這些，那就是一件幸事。它會讓我們擺脫困境。一月份確實達到了頂峰，希望在二月時會開始下降。但這極大地影響了缺勤率。我們在第二季度感受到了一些。我們感覺第三季初的缺勤率高很多。

The reason why I go through that is, just to your point, Jamie, it underlines how impressive these numbers are. If you run a factory and you're trying to hire a bunch of people, train them, and you've got absenteeism significantly higher than you used to and you're having to redeploy people, retrain them, cross train them, you can imagine how difficult it is in any given day. You're not sure whether the material you want is coming in. You can just guess how hard that is.

我之所以這麼說，是為了表達你的觀點，傑米，它強調了這些數字是多麼令人印象深刻。如果你經營一家工廠，你想僱用一群人，對他們進行培訓，但你的缺勤率明顯高於以前，你必須重新部署人員，重新培訓他們，交叉培訓他們，你可以想像一下在任何一天這是多麼困難。你不確定你想要的材料是否會進來。你可以猜測這有多難。

And so these numbers are impressive, to your point, as we get through this and it becomes more normal times. That's helpful, and we'll kind of indicate that when we get to IR day. But the implied guidance in our second half is quite a bit better than the first half. So 22.3% is what we're implying for total op margin in the second half. We did 21.8% in the second half of '21. So it's a 50 bps higher than prior year. And ironically, it's the same 50 bps higher than what we did in the first half. So you see some of that sequential growth.

因此，就您而言，這些數字令人印象深刻，因為我們度過了這段時期，並且變得更加正常。這很有幫助，當我們到達 IR 日時，我們會指出這一點。但下半年的隱含指導比上半年好得多。因此，我們所說的下半年總營運利潤率為 22.3%。 21 年下半年，我們完成了 21.8%。因此比去年高出 50 個基點。諷刺的是，這比我們上半年的表現同樣高出 50 個基點。所以你會看到一些連續的成長。

I would just help to remind, you guys cover so many companies. We came out of the -- when we started the pandemic, we were very aggressive on taking out cost. And so it kind of falls into the no good deed goes unpunished. We were one of the best companies putting up MROSs at the beginning of the pandemic.

我只是想提醒一下，你們涵蓋了很多公司。當我們開始流行病時，我們非常積極地削減成本。因此，這有點落入善行不善報應的境地。我們是疫情爆發之初部署 MROS 的最佳公司之一。

But we now have to compare against those years, and we've been trying to give you apples-for-apples. This last quarter, the apples-for-apples was a 48% incremental. The guidance for the second half is around 40% for Q3. This is making apples-for-apple, taking out those discretionary costs in Q4 around 35%. Again, a full year, not counting those things, it turned out to be 30%.

但我們現在必須與那些年進行比較，我們一直在努力為您提供同類產品。上個季度，同類產品成長了 48%。下半年第三季的指引值為 40% 左右。剔除第四季的可自由支配成本後，這將是同等水準的結果，約佔 35%。再說一次，一整年，不計這些，結果是 30%。

I think that's a great number. In this kind of environment, you can put up a 30% incremental, you're doing some spectacular work. And again, I want to emphasize, Todd said this earlier, a big thank you to Lee and Jenny and all the group present and all the people around the world that did such a great job running our factories. But we'll get more, Jamie, into what we think we could do in a more normalized world and show you the targets on IR day.

我認為這是一個很大的數字。在這種環境下，你可以增加 30%，你正在做一些令人驚嘆的工作。我想再次強調，托德早些時候說過，非常感謝李和珍妮以及在場的所有團隊以及世界各地為我們工廠的運營所做的出色工作的所有人。但傑米，我們會更了解我們認為在一個更正常化的世界中我們可以做的事情，並向您展示投資者關係日的目標。

Our next question comes from the line of Mig Dobre from Baird.

我們的下一個問題來自 Baird 的 Mig Dobre。

Tom, I remember on the last earnings call, you were talking about supply chain disruptions maybe not so much impacting you, but impacting your customers and their ability to frankly produce, and thus, purchase or get deliveries of components from you. I'm wondering if you can maybe give us an update here in terms of how things have evolved. And as you're looking at the back half of your fiscal year, how you think your own customers' output/throughput is going to progress?

湯姆，我記得在上次財報電話會議上，您談到供應鏈中斷可能不會對您產生太大影響，但會影響您的客戶及其坦率生產的能力，從而從您那裡購買或接收組件。我想知道您是否可以在這裡向我們介紹事情的進展。當您回顧本財年的後半段時，您認為您自己的客戶的產出/吞吐量將如何發展？

Yes, Mig, it's Tom. Yes, that is still the case. If you look at the whole value chain, our customers, us, our suppliers and our suppliers' suppliers, everybody is feeling it. Everybody is feeling it. I would say our customers are feeling it the worst because they're at the top of the food chain, our customers or the OEMs, they have the more complicated bill of material. They have more ship dependency. And so they have more difficult time.

是的，米格，是湯姆。是的，情況仍然如此。如果你看看整個價值鏈，我們的客戶、我們、我們的供應商以及我們供應商的供應商，每個人都會感受到這一點。每個人都感覺到了。我想說，我們的客戶感受最糟糕，因為他們處於食物鏈的頂端，我們的客戶或原始設備製造商，他們的物料清單更複雜。他們對船舶的依賴程度較高。所以他們的日子更加艱辛。

And so that is still -- while everybody is feeling it, and we are clearly not immune, we're feeling it as well and our suppliers are feeling it, the long pole in the tent is still our customers and their ability to manage a more complex bill of material coming their way.

因此，儘管每個人都感受到了這一點，而且我們顯然也不能倖免，我們也感受到了這一點，我們的供應商也感受到了這一點，帳篷中的長桿仍然是我們的客戶以及他們管理客戶的能力。更複雜的物料清單即將到來。

That's part of what makes forecasting sales difficult for us is we look at our own inputs, our AI model and feedback from customers and divisions and et cetera. But we do have to factor in, our customers are careful that they're not able to take everything that we could provide them because -- and I understand why they would do this, why would they want to take our material if they can't put it to use. We're doing the same with our suppliers.

對我們來說，預測銷售變得困難的部分原因是我們會查看自己的輸入、人工智慧模型以及客戶和部門等的回饋。但我們確實必須考慮到，我們的客戶很小心，他們無法拿走我們能為他們提供的一切，因為——我理解他們為什麼要這樣做，如果可以的話，為什麼他們想要拿走我們的材料。不要使用它。我們正在對我們的供應商做同樣的事情。

That really hasn't changed much since our last conversation. I think in a lot of cases, the chip issues, at least the chips that our industry, our customers and our products use, are still feeling the pinch point. As a matter of fact, probably got here worse as we started Q3.

自從我們上次談話以來，這確實沒有太大改變。我認為在很多情況下，晶片問題，至少我們的行業、我們的客戶和我們的產品使用的晶片仍然感受到了困境。事實上，當我們開始第三季時，情況可能會變得更糟。

We're not forecasting any help on that. Of course, we have the benefit being a different fiscal year company. We've only got 5 months left to talk about, but we don't see any help within our fiscal year. And if help is going to come on that, it's going to be more towards the end of this calendar year.

我們預計不會對此提供任何協助。當然，作為一家不同會計年度的公司，我們有好處。我們只剩下 5 個月的時間來討論，但我們在本財年內看不到任何幫助。如果要在這方面提供幫助，那麼將在今年年底左右提供更多幫助。

Understood. You talked earlier about the robustness of this industrial cycle. But I guess, one of the concerns out there is that the robust orders that you've seen thus far could potentially be a factor of customers trying to make sure that they do have available components in an environment in which there are shortages out there. So what is your sense as to whether or not this resulted in some unnatural boost to demand or double ordering, however you want to characterize it?

明白了。您之前談到了這個產業週期的穩健性。但我想，人們擔心的一個問題是，迄今為止您所看到的強勁訂單可能是客戶試圖確保他們在短缺環境中確實擁有可用組件的一個因素。那麼，無論您想如何描述它，您對這是否會導致需求異常增長或雙重訂購有何看法？

Yes. Again, Mig, it's Tom. I would say that from what we can tell, it's still predominantly all underlying demand and not people trying to worry about getting in line or double ordering, to your point. Is that happening? I would guarantee it probably is happening somewhere because there's no way we can 100% predict that. But my comment at the beginning of the Q&A was more longer term.

是的。再說一次，米格，是湯姆。我想說的是，據我們所知，這仍然主要是所有潛在需求，而不是人們試圖擔心排隊或重複訂購，就你的觀點而言。這種事發生了嗎？我保證它可能會在某個地方發生，因為我們無法 100% 預測這一點。但我在問答開始時的評論是更長遠的。

This industrial cycle feels like it has stronger legs from just the recovery dynamics, CapEx and the underlying -- for us, the underlying linkage of those secular trends. I think most of what our customers are doing now is just trying to be pragmatic. They're laying in orders that are over multiple time periods than they historically would have done, which I think net-net is a good thing for the whole supply chain.

從復甦動態、資本支出和潛在因素（對我們來說，這些長期趨勢的潛在連結）來看，這個工業週期似乎具有更強大的支撐力。我認為我們的客戶現在所做的大部分事情只是為了務實。他們所下的訂單比以往的多個時段都要多，我認為這對整個供應鏈來說是一件好事。

Our next question comes from the line of David Raso from Evercore.

我們的下一個問題來自 Evercore 的 David Raso。

One question a little longer term and one more near term. With the meeting coming up, last meeting, the margin expansion was really focused on simplification and then a better mix as distribution grows. And within simplification, obviously, we had org structure, operational complexity and particularly Simple by Design.

一個是長期問題，一個是近期問題。隨著會議即將召開，上次會議，利潤擴張的重點實際上是簡化，然後隨著分銷的成長而實現更好的組合。顯然，在簡化過程中，我們有組織結構、營運複雜性，特別是設計簡單。

I was just curious, can you give us at least a little insight on how to think about approaching this meeting? Is this the ability to drive those initiatives further, get a further update on those? Are there other things that we should consider? And then I'll follow up with my near-term question.

我只是很好奇，您能否至少給我們一些關於如何考慮召開這次會議的見解？這是進一步推動這些舉措並獲得進一步更新的能力嗎？我們還應該考慮其他事情嗎？然後我將跟進我的近期問題。

Yes, David, this is Tom. It's going to be a combination of what were the latest on 3.0 and really keep updating you on all the changes to 3.0. It's very hard in an earnings call and just even a normal road show that we might be doing to take people through all the different elements of Win Strategy 3.0.

是的，大衛，這是湯姆。它將結合 3.0 的最新內容，並不斷向您更新 3.0 的所有變更。在財報電話會議中，甚至在普通的路演中，我們可能很難帶領人們了解獲勝策略 3.0 的所有不同元素。

So we're going to try to do a more comprehensive job of taking you through that and how can help both growth and our margin expansion. Talk about some incentive changes that we've made that are going to help change the behavior and motivation for our team.

因此，我們將嘗試做更全面的工作，引導您完成這個過程，以及如何幫助我們實現成長和利潤率擴張。談談我們所做的一些激勵措施的改變，這些改變將有助於改變我們團隊的行為和動機。

We're going to give you an update on the secular trends, which are really unique. I mean when Lee and I started our respective jobs, this whole ESG phenomena, the electrification, digitization, they were there, but not at the same kind of extent with the same kind of momentum and CapEx investment that's going to happen around there. And we really -- and we want to try to give people a better understanding of how our portfolio is going to change and how the content changes because of those trends.

我們將為您提供有關長期趨勢的最新信息，這些趨勢非常獨特。我的意思是，當李和我開始各自的工作時，整個 ESG 現象、電氣化、數位化，它們就在那裡，但沒有達到同樣的程度，也沒有達到同樣的動力和資本支出投資。我們真的希望讓人們更了解我們的產品組合將如何變化，以及內容將如何因這些趨勢而改變。

So there will be a lot of time on that. And then it will all come out in a forecast of what we think the 5-year goals are going to be. So [that's what I'll show] kind of the high-level time line of our agenda for the meeting.

所以會有很多時間在這上面。然後這一切都將在我們對 5 年目標的預測中顯現出來。 [這就是我將展示的]我們會議議程的高層時間表。

That's helpful. And just real quick, I know the guide, we can debate conservative or not on the revenue. But in particular, the international revenues for the back half of the year implied only growing 1% despite the order that just came in 14. And I suspect some of it's currency weighing on it. But anything we should be thoughtful about on why -- if you look at where the guide in the back half seems a little, at least raises an eyebrow, why would international slow that much?

這很有幫助。很快，我知道指南，我們可以就收入問題進行辯論是否保守。但特別是，儘管剛剛收到了 14 個訂單，但今年下半年的國際收入僅增長了 1%。我懷疑其中一些貨幣對其造成壓力。但我們應該考慮為什麼——如果你看看後半部分的指南似乎有點，至少讓人皺起眉頭，為什麼國際航班會慢那麼多？

Okay, David, it's Tom, and Todd can tag on if I miss something here. So I'll give you what I have. I don't know where you're getting to 1%, but I'll give you what we're seeing for the second half. I'm going to give you the organic numbers. So we are raising the guide. It was 6% for the second half, all-in total company to 7%. And just to kind of provide context, that 7% is against the 10% that we did in the prior second half.

好的，大衛，我是湯姆，如果我錯過了什麼，托德可以跟上。所以我會給你我所擁有的。我不知道你在哪裡達到 1%，但我會告訴你我們在下半年看到的情況。我會給你有機數字。所以我們正在提高指南。下半年為 6%，公司總計為 7%。只是為了提供背景信息，這 7% 與我們上下半年的 10% 不同。

So again, it's kind of the 2-year stack. It's 7% on top of 10%. But if I split out the segments for you to get to the 7% North America second half is around 8.5%, International is 5%. So it's not 1%, it's 5% organic. And then Aerospace is approaching 7%, and that's how you get to the total number of 7%. I don't know, Todd...

再說一次，這有點像 2 年堆疊。這是 10% 之上的 7%。但如果我把各個部分分開，你會發現北美為 7%，下半年約為 8.5%，國際為 5%。所以它不是 1%，而是 5% 有機的。然後航空航太接近 7%，這就是總數達到 7% 的原因。我不知道，托德...

Yes, David, I would just add, you're right. You mentioned currency. We're forecasting between 3.5 and 4 points of negative impact in the International segment just from where the currency rates are today. We're not trying to forecast those going forward. It's just a year-over-year comparison. To kind of put that in perspective, we had less than 1 in the first half. So that's probably a little bit of a...

是的，大衛，我想補充一點，你是對的。你提到了貨幣。根據今天的匯率，我們預測國際市場將受到 3.5 到 4 個百分點的負面影響。我們並不是試圖預測未來的情況。這只是逐年比較。從某個角度來看，我們上半場的進球數還不到 1 分。所以這可能有點...

So that's the gap between the 5% and 1% essentially?

那麼這就是 5% 和 1% 之間的差距嗎？

Yes.

是的。

Our question comes from the line of Jeff Sprague from Vertical Research.

我們的問題來自 Vertical Research 的 Jeff Sprague。

Todd, you laid out how you're FX hedge on financing for Meggitt. Could you just update us on what, if any, interest rate risk you have just on the actual financing cost itself?

托德，您闡述如何為美捷特融資進行外匯對沖。您能否向我們介紹一下實際融資成本本身的利率風險（如果有）？

Yes. We've got a very flexible plan here. We've talked a little bit about that. It's going to be a mix of commercial paper, a mix of cash. We did take out a deferred draw term loan, and then the remaining of that is yet to be determined. We've looked at it. We feel good with the rates that we're seeing. So I guess we could give you more info on that as we get a little bit closer to taking action on that. But we've got the team looking at it, and we feel really good with the total cost of debt for this transaction.

是的。我們這裡有一個非常靈活的計劃。我們已經對此進行了一些討論。它將是商業票據和現金的混合體。我們確實申請了延期提款定期貸款，其餘部分尚未確定。我們已經研究過了。我們對所看到的利率感到滿意。因此，我想，當我們接近採取行動時，我們可以向您提供更多相關資訊。但我們的團隊正在研究它，我們對這筆交易的債務總成本感到非常滿意。

You're not proactively locking anything else in front of the transaction?

您不會在交易之前主動鎖定其他任何內容嗎？

No, we've looked at that. Because the close timing is uncertain, the breakeven on that just becomes a little bit challenging.

不，我們已經看過了。由於收盤時間不確定，因此損益平衡變得有點具有挑戰性。

Understood. And then, Lee, you mentioned we need to think more about raw mats, and I totally agree. I just wonder if you could address labor a little bit more? Tom mentioned how hard people are working in the factories and the like. Can you just maybe give us a little bit of a context of how significant labor is in terms of your direct cost in COGS or any other kind of way to frame up the labor component of the cost structure?

明白了。然後，李，你提到我們需要更多地考慮原始墊子，我完全同意。我只是想知道你是否可以多談談勞工問題？湯姆提到人們在工廠等地工作是多麼辛苦。您能否向我們介紹一下勞動力在銷貨成本中的直接成本或任何其他方式來建構成本結構中的勞動力組成部分的重要性？

Yes, I'm not sure I can be that specific for you. But I think the one thing I was thinking about when Tom was talking, the one reason we've been able to come through this 2 years of pandemic is really the culture around our high-performance teams driving all these processes that are embedded inside the company around lean, talent, supply chain and the way there is this just culture of ownership.

是的，我不確定我能否為您提供那麼具體的資訊。但我認為，當湯姆說話時，我想到的一件事是，我們能夠度過這兩年的大流行的原因之一，實際上是我們的高績效團隊的文化，推動了嵌入在公司內部的所有這些流程。公司圍繞著精益、人才、供應鏈以及這種公正的所有權文化的方式。

And what's been rewarding for me to see is we have had a spike in absenteeism rate, but our teams figure it out. They prioritize what needs to get done. Our local teams figure it out. There's certainly an increase in cost in different markets, inflation -- to sum it up in one number, I can't do that for you. But I can tell you, costs are going up and all the support costs that go with it. But bottom line is it's really our team that keeps working all the way through this to help us achieve these results.

對我來說，看到缺勤率飆升是值得的，但我們的團隊已經解決了這個問題。他們優先考慮需要完成的事情。我們當地的團隊解決了這個問題。不同市場的成本肯定會增加，通貨膨脹——用一個數字來概括，我無法為你做到這一點。但我可以告訴你，成本以及隨之而來的所有支援成本都在上升。但最重要的是，我們的團隊一直在努力幫助我們取得這些成果。

Our next question comes from the line of Joe O'Dea from Wells Fargo.

我們的下一個問題來自富國銀行的 Joe O'Dea。

I wanted to start on supply chain and experience over the past few months and your confidence in kind of stabilization of peak pain, if you think we see that kind of this past quarter and the quarter we're in right now? Anything you have in terms of visibility on things getting better? And then within that, any characterization of differences you see on the North America side versus the international side on supply chain?

我想從供應鏈和過去幾個月的經驗開始，以及您對穩定峰值痛苦的信心，如果您認為我們在過去的季度和現在所處的季度看到了這種情況？您對事情變得更好有什麼看法嗎？然後，您在北美方面與國際方面在供應鏈上看到的差異有什麼特徵嗎？

Joe, it's Tom. I would say that I don't see it getting better, as I mentioned earlier, within the fiscal year. If I had to say it's probably -- this current quarter we're in is probably the toughest that we're going to experience. At least I'm hoping, it's the toughest with all things considered. I think we've weathered it pretty well, and probably the best indicator of our ability to weather has been that incremental margin conversion and our margin expansion that's really the punch line, are you able to digest inflation, supply chain disruptions, absenteeism, everything.

喬，是湯姆。我想說的是，正如我之前提到的，我認為在本財年內情況不會好轉。如果我必須說，我們目前所處的這個季度可能是我們將經歷的最艱難的一個季度。至少我希望，考慮到所有因素，這是最困難的。我認為我們已經很好地經受住了考驗，也許我們經受住考驗的能力的最佳指標是增量利潤轉換和我們的利潤擴張，這確實是妙語，你是否能夠消化通貨膨脹、供應鏈中斷、缺勤等一切。

It all ends up in, well, how are you doing on margins? Are you expanding margins? Are you converting incremental revenue at the right kind of pace? And we've been able to do that. Part of our success on supply chain is historical. We've taken the approach historically that we want to make, buy and sell local for local. Yes, we have global supply chains, and we look at augmenting local sources. But we've always been, from a service and a customer experience standpoint, trying to be local, too, and speed-to-market, et cetera. So that localization has helped us a lot and a lot of -- because a lot of the pain points are tied to logistics as we're all aware of.

這一切的最終結果是，你的利潤率怎麼樣？您正在擴大利潤嗎？您是否以正確的速度轉換增量收入？我們已經能夠做到這一點。我們在供應鏈方面的成功部分是歷史性的。我們歷史上一直採取的做法是，為本地人生產、購買和銷售本地產品。是的，我們擁有全球供應鏈，我們正在考慮擴大本地資源。但從服務和客戶體驗的角度來看，我們一直在努力實現在地化，並加快上市速度等等。因此，在地化對我們幫助很大——因為我們都知道，許多痛點都與物流有關。

And then we've had a pretty good risk mitigation strategy around dual sources, but we're spending a lot of time on that. So I would tell you, going forward, we're going to add more dual sources, which I'm not the only CEO in the world that's thinking that. So that's a good infrastructure thing for us, equipment needs, et cetera, building needs. We're going to do that. We're also going to be deploying Simple by Design at our suppliers because as we help them with designs that are easy for them to make, obviously, that makes it easier for them to produce and at a better cost, et cetera.

然後，我們圍繞雙源製定了相當好的風險緩解策略，但我們在這方面花費了大量時間。所以我想告訴你，展望未來，我們將添加更多的雙重來源，而我並不是世界上唯一一個這麼想的執行長。所以這對我們來說是一個很好的基礎設施，設備需求，等等，建築需求。我們打算這麼做。我們還將在我們的供應商處部署“簡單設計”，因為當我們幫助他們進行易於製作的設計時，顯然，這將使他們更容易生產並且成本更低，等等。

North America is more challenged in general because it has tougher logistic challenges. That would be first. And then second, it has tougher labor challenges. I think Europe in particular did a better job of retaining people during the pandemic. There are various different number of programs that they had, varied by country, but where they didn't lay people off and retained people. And we did a lot of that as well. And so I think their labor availability and their logistics are running smoother than North America. And that's how we'd characterize the differences.

總體而言，北美面臨的挑戰更大，因為它面臨更嚴峻的物流挑戰。那是第一。其次，它面臨更嚴峻的勞動挑戰。我認為歐洲在疫情期間在留住人才方面做得尤其好。他們有各種不同數量的計劃，因國家而異，但他們沒有裁員並保留了人員。我們也做了很多這樣的事情。因此，我認為他們的勞動力供應和物流運作比北美更順暢。這就是我們描述差異的方式。

Got it. And then a related one on the incrementals. When you talk about adjusted incrementals and a stronger first half of the year than the back half of the year, what within that change is operational versus how much of that is more a function of comps and mix and factors like that, that we would consider more nonoperational elements of a step-down in the incremental in the back half?

知道了。然後是關於增量的相關內容。當您談論調整後的增量以及上半年比下半年更強時，該變化中的哪些內容是可操作的，而其中有多少更多是我們會考慮的比較和組合以及類似因素的函數後半部分的增量中是否有更多的非操作性元素？

Well, incrementals are incrementals based on operating margins. So they're all operating. The difference would be -- what I mentioned to one of the questions, was we put out some incredible incrementals in that [first season] of pandemic. If you could go back at benchmark, we were clearly top quartile, maybe not one of the best incrementals of any industrial company. So we're comparing against that. So that's a difficult comparison.

嗯，增量是基於營業利潤的增量。所以他們都在運作。差別在於——我在其中一個問題中提到的是，我們在大流行的[第一季]中推出了一些令人難以置信的增量。如果你能回到基準，我們顯然是前四分之一，也許不是任何工業公司中最好的增量之一。所以我們正在與之進行比較。所以這是一個困難的比較。

And then of course, we've tried to take you through making an apples-to-apples. We had discretionary one-offs, we've savings, all the people taking pay cuts at the beginning of the pandemic is not repeating. And so the apples-for-apples, I mean, our first half this year is in the upper 40s when you do apples-for-apples incrementals, which is absolutely fantastic. That's fantastic in normal times when everything is running smoothly. And to do it in these kind of times is just incredible.

當然，我們也嘗試引導您進行同類比較。我們有一次性的自由裁量權，我們有儲蓄，所有在疫情開始時接受減薪的人都不會重蹈覆轍。因此，我的意思是，當你進行同等增量增量時，我們今年上半年的業績處於 40 多歲左右，這絕對是太棒了。在一切順利的正常時期，這真是太棒了。在這樣的時代做到這一點真是令人難以置信。

Yes, Joe, I would just add, it does get -- because those discretionary savings kind of ramped down as we went back to normal operations, the adjustment does get lower in the second half. So we're -- the comparable is $25 million in Q3 and goes down to $10 million in Q4. So Q1 was $125 million. Q2 was $65 million. So you could see that start to ramp down there.

是的，喬，我想補充一點，它確實得到了——因為隨著我們恢復正常運營，這些可自由支配的儲蓄有所減少，下半年的調整確實會降低。因此，第三季的可比較金額為 2,500 萬美元，第四季降至 1,000 萬美元。所以第一季的營收為 1.25 億美元。第二季營收為 6,500 萬美元。所以你可以看到那裡開始逐漸下降。

But you're not saying that there's something about supply chain that's getting tougher or that labor is driving some meaningful change within those incrementals in the back half?

但您並不是說供應鏈正在變得更加艱難，或者勞動力正在推動後半段增量中的一些有意義的變化？

No, not at all. No.

一點都不。不。

Our next question comes from the line of Scott Davis from Melius Research.

我們的下一個問題來自 Melius Research 的 Scott Davis。

Congrats on a great -- another big result here.

恭喜您取得了又一個偉大的成果。

Thanks, Scott. We appreciate that.

謝謝，斯科特。我們對此表示讚賞。

I've got a couple of things. First, just hearing all these questions, I mean it kind of raises the -- a question. I mean is working capital needed almost be permanently higher the next 2, 3, even potentially 4 or 5 years because of all these dislocations and such? And that kind of threw a little bit of a monkey wrench into some of your traditional lean practices?

我有幾件事。首先，聽到所有這些問題，我的意思是它提出了一個問題。我的意思是，由於所有這些錯位等原因，未來 2 年、3 年甚至可能 4 年或 5 年所需的營運資金是否幾乎永久較高？這對您的一些傳統精益實踐造成了一點破壞嗎？

No, Scott, we don't believe it is. We believe that this is a short-term response to the spike in demand. If you look at us over the longer period of time, you can see that we have done a wonderful job managing working capital. It still is early days on some of the recent acquisitions. So I do think we have some upside there as well.

不，斯科特，我們不相信是這樣。我們認為這是對需求激增的短期反應。如果你從更長的時間來看我們，你會發現我們在管理營運資金方面做得非常出色。最近的一些收購仍處於早期階段。所以我確實認為我們也有一些優勢。

But the other thing I would say is if you look at our second half, historically, the second half is really where we've started to get a little bit more leverage from the working capital side of the fence, and that's exactly what we expect to see in the second half of '22. It's always a little bit tougher in a growth environment, but that's a good problem to have. And I'm really happy with the way the teams are managing this across the entire company.

但我想說的另一件事是，如果你看看我們的下半年，從歷史上看，下半年我們確實開始從營運資本方面獲得更多的槓桿作用，而這正是我們所期望的22年下半年見。在成長環境中總是會有點困難，但這是個好問題。我對整個公司團隊管理此問題的方式感到非常滿意。

Scott, it's Tom, if I would add on, our inventory levels right now we have lots of opportunity. And as we go forward, that will be a source of cash for us once we get through the more normal supply chain conditions.

史考特，我是湯姆，如果我想補充一下，我們現在的庫存水準有很多機會。隨著我們的前進，一旦我們度過了更正常的供應鏈狀況，這將成為我們的現金來源。

Okay. That's helpful. And then this is kind of a little bit big picture. I mean if you went back and you looked at your original deal models in CLARCOR, LORD and Exotic, I mean where -- I hate to have you rank your children, but where have you been most kind of pleased with the upside? I know there's a little bit different duration on each of these, so it's a little unfair to compare it. But when you think about trying to normalize the trajectory, I mean, what's standing out? Anything in particular that you would note on those 3 big deals?

好的。這很有幫助。這是一個有點大的圖景。我的意思是，如果你回顧 CLARCOR、LORD 和 Exotic 的原始交易模型，我的意思是，我討厭讓你對你的孩子進行排名，但是你對哪些方面的優勢最滿意？我知道每一個的持續時間都有點不同，所以比較它有點不公平。但當你考慮嘗試使軌跡正常化時，我的意思是，什麼是突出的？對於這三筆大交易，您有什麼特別需要注意的嗎？

So Scott, I'll try -- I recognize I'm up against the time, but will try to be quick with this. We could not be happier with all 3. You're right, it's kind of like, well, picking from your 3 children, what you like best. You like them all. They've all achieved their margin targets that we wanted. Have all done what we would expected as far as growth resilience and being accretive to growth.

所以史考特，我會盡力——我知道我已經時間緊迫了，但會盡量快點做這件事。我們對這三個孩子感到非常滿意。你是對的，這有點像，嗯，從你的 3 個孩子中挑選你最喜歡的。你都喜歡他們。他們都實現了我們想要的利潤目標。在成長彈性和促進成長方面，所有人都達到了我們的預期。

I think LORD in particular brought some unique best practices around how we do commercial strategies, which we're applying across the company. And they've all been accretive, accretive on growth, accretive on margins and accretive on EPS. And so the design intent when we started, they lived up to their billing. A lot of times, it's not the case. So we are happy about that.

我認為，LORD 特別圍繞著我們如何制定商業策略帶來了一些獨特的最佳實踐，我們正在整個公司應用這些實踐。它們都具有增值性、成長性、利潤性和每股盈餘增值性。因此，我們開始時的設計意圖，他們達到了他們的要求。很多時候，事實並非如此。所以我們對此感到高興。

Yes. Jonathan, just to be respectful of everyone's time, I don't think we have time for another question, so I apologize to those that didn't get on the call. This really concludes our FY '22 Q2 earnings webcast. As always, Robin and Jeff are going to be available for the rest of the day if you need any clarifications or questions. And I just ask everyone that try to stay warm, stay safe, and have a great afternoon. Thanks for your interest in Parker and thanks for joining us today.

是的。喬納森，為了尊重每個人的時間，我認為我們沒有時間回答另一個問題，所以我向那些沒有接聽電話的人表示歉意。我們的 22 財年第二季財報網路廣播到此結束。像往常一樣，如果您需要任何說明或問題，羅賓和傑夫將在當天剩餘時間為您提供幫助。我只是請求每個努力保持溫暖、保持安全並度過一個愉快的下午的人。感謝您對派克的興趣，並感謝您今天加入我們。

Thank you, ladies and gentlemen, for your participation in today's conference. This does conclude the program. You may now disconnect. Good day.

女士們、先生們，感謝你們參加今天的會議。這確實結束了該程式。您現在可以斷開連線。再會。