派克漢尼汾 (PH) 2022 Q1 法說會逐字稿

Good day, and thank you for standing by. Welcome to the Parker Hannifin Corporation's Fiscal 2022 First Quarter Earnings Release Conference Call and Webcast. (Operator Instructions) Thank you.

美好的一天，感謝您的支持。歡迎參加派克漢尼汾公司 2022 財年第一季財報發布電話會議和網路廣播。 （操作員說明）謝謝。

I would now like to hand the conference over to your first speaker today, our Chief Financial Officer, Todd Leombruno. Sir, please go ahead.

現在我想將會議交給今天的第一位發言者，我們的財務長 Todd Leombruno。先生，請繼續。

Thank you, Rachel, and good morning, everyone, and thanks for joining our FY '22 Q1 earnings release webcast. As Rachel said, this is Todd Leombruno, Chief Financial Officer. And joining me today is Tom Williams, our Chairman and Chief Executive Officer; and Lee Banks, our Vice Chairman and President.

謝謝 Rachel，大家早安，謝謝您參加我們的 22 財年第一季財報發佈網路廣播。正如 Rachel 所說，我是財務長 Todd Leombruno。今天加入我的是我們的董事長兼執行長湯姆威廉斯 (Tom Williams)；以及我們的副主席兼總裁李班克斯 (Lee Banks)。

If I could direct you to Slide 2, you'll see our disclosure statement addressing our forward-looking statements and non-GAAP financial measures. As usual, we've included all reconciliations for any non-GAAP measures in today's materials. Those reconciliations and our presentation are accessible under the Investors section on parker.com and will remain available for 1 year.

如果我可以引導您查看投影片 2，您將看到我們的揭露聲明，其中涉及我們的前瞻性聲明和非 GAAP 財務指標。像往常一樣，我們在今天的材料中包含了所有非公認會計原則措施的調節。這些對帳和我們的簡報可在parker.com 的投資者部分訪問，並將保留一年。

The agenda is as usual. Tom is going to begin with some highlights on the quarter. He's got a few strategic comments to you that he'd like to add. And then I'll follow up with a very brief financial summary of our quarter and provide some color to the details on the increase in our guidance that we released this morning. Tom will close with a few closing summary comments, and then we'll open up the lines and take your questions.

議程如常。湯姆將從本季度的一些亮點開始。他想向您補充一些策略性意見。然後我將跟進本季度的非常簡短的財務摘要，並對我們今天早上發布的指導增加的細節進行一些說明。湯姆將以一些總結性評論作為結束，然後我們將打開線路並回答您的問題。

Just 1 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. So that's just a reminder for everyone. With -- now, I'll ask you to move to Slide 3, and I'll hand it off to Tom.

關於即將進行的 Meggitt 收購，請注意一點，我們在討論某些交易細節方面仍受英國收購法的要求的約束。所以這只是給大家一個提醒。現在，我將請您轉到投影片 3，然後將其交給 Tom。

Thank you, Todd, and good morning, everybody, and welcome to the call. We turned in an outstanding quarter, and it's a great start to FY '22. My thanks to the global team for delivering such a record quarter against the backdrop of strong demand, inflation and supply chain disruptions.

謝謝托德，大家早安，歡迎來電。我們的季度表現出色，這是 22 財年的良好開端。我感謝全球團隊在需求強勁、通貨膨脹和供應鏈中斷的背景下實現如此創紀錄的季度業績。

So a couple of highlights. Safety performance continued to improve, 17% reduction in recordable incidents on a rolling 12-month basis. Very strong growth, in particular organic growth is 16% year-over-year. It was an extensive list of records. We had 7 first quarter records: sales, total company operating margin, net income and EPS. And in each reporting segment, all 3 of them had all-time operating margin records.

有幾個亮點。安全績效持續改善，連續 12 個月可記錄事故減少了 17%。成長非常強勁，特別是年比有機成長 16%。這是一份內容廣泛的記錄清單。我們有 7 個第一季記錄：銷售額、公司總營業利潤率、淨利潤和每股收益。在每個報告分部中，這三個部門都創下了歷史最高營業利潤率記錄。

EBITDA margin, you can see the reported number was 22.1% adjusted or 210 basis points higher than the prior year. And then down at the bottom, last row, segment operating margin adjusted was 22.0%. Again, a 210 basis points improvement versus the prior year. Just a great quarter. Very proud of the team, and thank you for your hard work.

EBITDA 利潤率，您可以看到報告的數字調整後為 22.1%，比前一年高出 210 個基點。然後在底部，最後一行，調整後的部門營業利潤率為 22.0%。與前一年相比，再次提高了 210 個基點。這只是一個很棒的季度。為團隊感到非常自豪，感謝你們的辛勤工作。

Going to Slide 4, there's really 3 things that drive the company, living up our purpose and great generators and deployers of cash and being a top quartile performer. If you go to Slide 5, I want to just spend a minute, if you remembered our purpose statement, enabling engineering breakthroughs that lead to a better tomorrow. And we've been trying to show you examples of our purpose in action, helping the company come to life. And 1 of the secular trends that the pandemic is accelerating is digitization.

轉到投影片 4，確實有 3 件事推動了公司的發展：實現我們的目標、出色的現金創造者和部署者以及成為表現最佳的公司。如果您看投影片 5，如果您還記得我們的目的聲明，我想花一點時間，實現工程突破，帶來更美好的明天。我們一直在努力向您展示我們的行動目標的例子，幫助公司實現活力。此次疫情正在加速的長期趨勢之一是數位化。

And in Investor Day, we're going to highlight more for you our content as you look at the whole digital supply chain. As an example, things like 5G infrastructure, electronics, manufacturing, clean rooms, data centers, electronic devices, shielding the thermal management that we do there and of course, transportation to get these products around the world. But the application that I wanted to cover today is semiconductors, given especially the importance of chip demand around the world.

在投資者日，當您審視整個數位供應鏈時，我們將向您重點介紹更多我們的內容。例如，5G 基礎設施、電子、製造、無塵室、資料中心、電子設備、屏蔽我們在那裡進行的熱管理，當然還有將這些產品運送到世界各地的運輸。但我今天想介紹的應用是半導體，特別是考慮到全球晶片需求的重要性。

So if you go to Slide 6, there's going to be a significant amount of investment, as we all are aware of, in the semi-semiconductor space, and that's going to drive for us double-digit growth over the next several years. Now we are -- we have strong expertise in semiconductor manufacturing. About 1/4 of our division ship them kind of content into the semiconductor space.

因此，如果你看投影片 6，我們都知道，半導體領域將會有大量投資，這將在未來幾年推動我們實現兩位數的成長。現在我們在半導體製造方面擁有強大的專業知識。我們部門大約 1/4 的人員將某種內容運送到半導體領域。

So to orientate you on this slide, on the left-hand side are the applications that we go into and the right-hand side are our technology. So just a second on the applications. Those 6 bullets that you see there really are made up of a combination of what we would call fabs and tools. The fabs would be the infrastructure or the transportation part of the process and the tools and the various tools that are in the factory helping to make the semiconductors.

因此，為了向您介紹這張幻燈片，左側是我們要介紹的應用程序，右側是我們的技術。請稍等一下應用程式。您看到的這 6 個項目符號實際上是由我們所說的晶圓廠和工具的組合組成的。晶圓廠將是流程的基礎設施或運輸部分以及工廠中幫助製造半導體的工具和各種工具。

On the left-hand side is the picture of a wafer. And on the center there, that is a picture of an etch tool, a 6-chamber etch tool. So on the right are our technologies that we bring to create and bring value for our customers. First segment is process control. So think of that as precise control of gases and liquids in the process. Fluid and gas handling provides a cooling system for the tools, petromechanicals helping with the wafer movement and then engineered materials is doing shielding and sealing.

左側是晶圓的圖片。中間是一個蝕刻工具的圖片，一個 6 室蝕刻工具。右邊是我們為客戶創造和帶來價值的技術。第一部分是過程控制。因此，可以將其視為對過程中氣體和液體的精確控制。流體和氣體處理為工具提供冷卻系統，石油機械幫助晶圓移動，然後工程材料負責屏蔽和密封。

The shielding is helping to protect the wafer from electromagnetic static issues, which would destroy the chips. So we are essential to the digital supply chain in this supply chain and related technologies and markets around digital. If you combine that, it will be part of 4 major secular trends for the company, driving long-term growth. That would be aerospace, ESG, electrification and digitization.

屏蔽有助於保護晶圓免受電磁靜電問題的影響，否則會損壞晶片。所以我們對這個供應鏈中的數位化供應鏈以及圍繞數位化的相關技術和市場至關重要。如果將其結合起來，它將成為公司四大長期趨勢的一部分，推動長期成長。這將是航空航天、ESG、電氣化和數位化。

So if you go to Slide 7. Speaking of the breadth of technologies, these 8 motion control technologies, 2/3 as you heard me talk about in the past of our revenue come from customers who buy 4 more of these technologies. So again, it speaks to the interconnectedness of the technologies, the value proposition of the system and subsystem work that we do.

所以，如果你看投影片 7。說到技術的廣度，這 8 種運動控制技術，正如你過去聽到我談論的那樣，我們收入的 2/3 來自購買了其中 4 種以上這些技術的客戶。所以，它再次說明了技術的互連性、系統的價值主張以及我們所做的子系統工作。

But then coincidentally, 2/3 of our portfolio is also helping to enable our customers with our clean technology journey. And that 2/3 is going to continue to evolve to virtually 100% over time. I'll give you a classic example. The seal work that we do today on a combustion engine for transmissions or for piston seals, eventually gets replaced for seals, promoters and batteries in electric vehicles.

但巧合的是，我們 2/3 的產品組合也幫助我們的客戶實現我們的清潔技術之旅。隨著時間的推移，這 2/3 將繼續發展到幾乎 100%。我舉一個經典的例子給你聽。我們今天在內燃機上進行的變速箱或活塞密封件的密封工作最終會被電動車中的密封件、促進器和電池所取代。

So the takeaway on the bottom here is really our brand promise, helping our customers increase their productivity and their profitability. And we do that really in 2 ways. It's that interconnected tissue, the value proposition that we offer. And we're going to be a big part of helping our customers on their sustainability journeys we help with our claim technologies.

因此，這裡的要點實際上是我們的品牌承諾，幫助我們的客戶提高生產力和獲利能力。我們實際上透過兩種方式做到這一點。這就是我們所提供的價值主張，也就是相互關聯的組織。我們將透過我們的索賠技術為客戶的可持續發展之旅提供幫助，並發揮重要作用。

Going to the next slide, Slide 8, one of our favorite slides. It's going to -- you wanted to know whether Parker is really different or not, a picture's worth a thousand words. On the left-hand side is the EPS trend. We've updated that now for our current guidance for FY '22. And you can see that's virtually a 45-degree angle there, tremendous amount of year-over-year improvement, and 2.5x EPS growth from the $7 that we were doing in FY '16.

轉到下一張投影片，投影片 8，這是我們最喜歡的投影片之一。你想知道帕克是否真的與眾不同，一張照片勝過一千個字。左邊是 EPS 趨勢。我們現在已更新了 22 財年的當前指導。您可以看到，這實際上是一個 45 度角，同比大幅改善，每股收益比 16 財年的 7 美元增長了 2.5 倍。

Then on the right-hand side is EBITDA margin. Again, you can see an almost 45-degree angle to that trajectory. And while we don't guide on EBITDA margin, our performance in the actual quarter we just completed for EBITDA margin was 22.1%. So you can see that we'll continue to show the expansion we're doing on margins.

然後右邊是 EBITDA 利潤率。同樣，您可以看到與該軌跡幾乎成 45 度角。雖然我們沒有對 EBITDA 利潤率進行指導，但我們剛完成的實際季度 EBITDA 利潤率為 22.1%。所以你可以看到我們將繼續展示我們在利潤方面所做的擴張。

So the question might be how, and how is really in the header there, it's in our people, their engagement, the ownership that they're taking, the portfolio changes that we made and then the strategic changes, Win Strategy 2.0 and now most recently at 3.0.

因此，問題可能是如何以及如何真正體現在標題中，體現在我們的員工、他們的參與、他們所採取的所有權、我們所做的投資組合變化以及戰略變化、獲勝戰略 2.0 以及現在的大多數最近在3.0。

If you go to Slide 9, just a quick update on the Meggitt transaction. We had a very strongly favorable shareholder vote. We're working with the U.K. government on both economic and national security views, they're underway. The antitrust and FDA filings are proceeding as planned, and we still anticipate a Q3 calendar 2022 close.

如果您查看投影片 9，請快速了解 Meggitt 交易的最新情況。我們獲得了非常強烈的股東投票支持。我們正在與英國政府就經濟和國家安全觀點進行合作，這些合作正在進行中。反壟斷和 FDA 備案正在按計劃進行，我們仍然預計 2022 年第三季結束。

And this is what we described before is a really compelling combination. It's going to double the size of our aerospace business. And when you couple this with the other acquisitions we've done, CLARCOR, LORD, Exotic and now Meggitt, our portfolio is now much more long cycle, less cyclical and faster growing.

這就是我們之前描述的一個非常引人注目的組合。這將使我們的航空航太業務規模擴大一倍。當你將其與我們完成的其他收購（CLARCOR、LORD、Exotic 和現在的 Meggitt）結合時，我們的投資組合現在周期更長、週期性更小且成長更快。

And with that, I'll hand 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. Thank you, Tom. I'll ask you to go to Slide 11. I know Tom mentioned a number of these numbers, so I'll try to move quick. The quarter was fantastic, right? 7 records. Sales are up almost 17% versus prior year. We finished at $3.8 billion in sales. Organic sales are roughly 16%. It's almost all of the total, and currency had a small favorable impact of less than 1%.

好的。謝謝你，湯姆。我會請您轉到幻燈片 11。我知道 Tom 提到了其中一些數字，所以我會盡力快速行動。這個季度很棒，對吧？ 7 筆記錄。銷售額比去年增長近 17%。我們的銷售額最終達到 38 億美元。有機銷售額約為 16%。這幾乎是總數的一部分，而貨幣的有利影響很小，不到 1%。

The growth this quarter was really driven across the board, strong broad-based demand across all of our industrial businesses and really a rebound in the commercial aerospace market, so we were happy to see that. And as Tom mentioned, we continue to benefit from strong growth from those recent portfolio additions we did in CLARCOR and LORD and Exotic.

本季的成長確實是全面推動的，我們所有工業業務的強勁廣泛需求以及商業航空市場的真正反彈，所以我們很高興看到這一點。正如 Tom 所提到的，我們繼續受益於我們最近在 CLARCOR、LORD 和 Exotic 中增加的投資組合的強勁增長。

Both segment operating margins and adjusted EBITDA margins expanded by 210 basis points from prior year. We're really proud of that number. That adjusted segment operating margin came in at 22% and really just another strong quarter of margin performance.

兩個部門的營業利潤率和調整後 EBITDA 利潤率均較上年增長 210 個基點。我們對這個數字感到非常自豪。調整後的部門營業利潤率為 22%，實際上又是利潤率表現強勁的一個季度。

Really proud of our teams, not only responding to the increased demand, but also executing through a number of various well-documented supply chain challenges. And I want to give them credit, there was a great effort to maintain costs in the quarter, and you can see that in our results.

我們為我們的團隊感到非常自豪，他們不僅響應了不斷增長的需求，而且還應對了許多有據可查的供應鏈挑戰。我想讚揚他們，他們在本季度為維持成本付出了巨大的努力，你可以在我們的業績中看到這一點。

Incrementals are 35% year-over-year, which is really impressive. But even more impressive considering last year we had $125 million of discretionary savings really based on the actions we took during the pandemic. So if you account for that, the difference in incrementals would be 58%. So we're very proud of those results.

同比增量為35%，確實令人印象深刻。但更令人印象深刻的是，去年我們根據疫情期間採取的行動節省了 1.25 億美元的可自由支配資金。因此，如果考慮到這一點，增量差異將為 58%。所以我們對這些結果感到非常自豪。

If you look at net income, adjusted net income and adjusted EPS, both of those numbers increased by 40% versus prior year. Adjusted net income is $557 million, that's a 14.8% return on sales. And adjusted EPS were $4.26, that's a $1.21 increase from prior year where we finished at $3.05.

如果你看看淨利、調整後淨利和調整後每股收益，這兩個數字都比前一年增長了 40%。調整後淨利為 5.57 億美元，銷售報酬率為 14.8%。調整後每股收益為 4.26 美元，比去年的 3.05 美元增加了 1.21 美元。

If you jump to Slide 12, this is really just that breakdown of the $1.21 increase in adjusted EPS. And really, the story here is just very strong, solid operating performance across every segment. Adjusted segment operating income increased by $184 million or almost 30% from prior year. That really is the first leg in this bridge that's $1.10 or 91% of the increase in earnings per share.

如果你跳到幻燈片 12，這實際上只是調整後每股收益增加 1.21 美元的細目。事實上，這裡的故事是每個細分市場都非常強勁、穩定的營運表現。調整後的分部營業收入比前一年增加了 1.84 億美元，近 30%。這確實是這座橋樑的第一站，即每股收益成長的 1.10 美元或 91%。

All the other items netted to another $0.11 of favorable items and interest expense. Other expense and tax were all favorable and that helped us to offset just a slightly higher corporate G&A that was really based off of some of those temporary savings we took action with last year.

所有其他項目均扣除 0.11 美元的優惠項目和利息費用。其他費用和稅收都是有利的，這幫助我們抵消了略高的企業一般費用和行政費用，這實際上是基於我們去年採取的一些臨時節省措施。

If you go to Slide 13, just looking at the segment, really, the takeaway on this page is every segment generated record margins in the quarter. The other big thing I want to note is we were able -- we've always talked about trying to maintain our neutral price cost position. We were able to do that in the quarter across all the segments.

如果您轉到投影片 13，請僅查看該細分市場，實際上，此頁面上的要點是每個細分市場在本季度產生了創紀錄的利潤率。我想指出的另一件大事是我們能夠——我們一直在談論努力維持我們的中性價格成本地位。我們能夠在本季的所有細分市場中做到這一點。

And I already mentioned incrementals already, but I think it really highlights our efforts on covering inflation costs and really managing through the supply chain inefficiencies. So 35% is the MROS, but 58% if you exclude those discretionary savings. And demand continues to be very robust. Orders for the total company are up 26% from prior year.

我已經提到了增量，但我認為這確實凸顯了我們在彌補通膨成本和真正管理供應鏈效率低下方面所做的努力。因此，MROS 為 35%，但如果排除那些可自由支配的儲蓄，則為 58%。需求仍然非常強勁。公司總訂單量比去年增長 26%。

Just diving into the segments really quickly. Diversified Industrial North America, sales were $1.8 billion, that's up 17% from prior year. Adjusted operating margins did improve by 30 basis points from prior year and finished at 21.3%, really sound performance in that segment, considering it's pretty clear that the supply chain challenges are more difficult in the North American region.

只是很快地深入到各個部分。北美多元化工業銷售額為 18 億美元，比上年成長 17%。調整後的營業利潤率確實比前一年提高了 30 個基點，最終達到 21.3%，考慮到北美地區的供應鏈挑戰顯然更加困難，該領域的表現確實不錯。

Order rates also very healthy at 32% positive, and it's really just continuing to show a strong rebound off of those prior year comps. If I look at our international businesses and Diversified Industrial International, great quarter here for that team. even higher organic growth, 21% organic growth. Their sales came in just under $1.4 billion, and adjusted operating margins, significant expansion, 360 basis points improvement from prior year, and they did reach 22.8%. Very proud of that team.

訂單率也非常健康，為 32%，而且與去年的比較相比，它確實繼續呈現強勁反彈。如果我看看我們的國際業務和多元化工業國際，這個團隊的季度表現非常好。有機成長甚至更高，有機成長 21%。他們的銷售額接近 14 億美元，調整後的營業利潤率顯著擴張，比前一年提高了 360 個基點，確實達到了 22.8%。為這個團隊感到非常自豪。

Volume obviously was a big driver here. But also, we've talked about this before, our focus on international distribution that helped our mix. That continues to expand and really some disciplined price/cost management across that segment, very important drivers for the quarter. And order rates also very strong at 25% plus prior year.

成交量顯然是這裡的一個重要推動因素。而且，我們之前也討論過這一點，我們對國際發行的關注有助於我們的混音。這種情況繼續擴大，並且在該領域確實進行了一些嚴格的價格/成本管理，這是本季非常重要的驅動因素。訂單率也非常強勁，比去年高出 25%。

If we move to Aerospace Systems, fantastic quarter from that team, sales were almost $600 million. Organic sales did turn positive for the segment, 3.4%, but it did turn positive. And we were very pleased to see that commercial markets are trending up. And notably, commercial aftermarket came in very strong at 33% over prior year. So it's glad to see some rebound in those markets.

如果我們轉向航空航天系統公司，該團隊的季度業績非常出色，銷售額接近 6 億美元。該細分市場的有機銷售額確實轉為正值，成長了 3.4%，但確實轉為正值。我們很高興看到商業市場呈現上升趨勢。值得注意的是，商業售後市場表現非常強勁，比去年增長了 33%。因此，很高興看到這些市場出現一些反彈。

Operating margin is a great story here, 400 basis points improvement. That segment came in at 22.1%. And I just want to note, it's really nice to see that level of performance. We are still well below pre-COVID volume level, so there is room to grow here as that volume returns. So we're looking forward to see that as well.

營業利潤率在這裡是一個偉大的故事，提高了 400 個基點。該細分市場佔 22.1%。我只想指出，很高興看到這樣的表現水準。我們仍遠低於新冠疫情前的成交量水平，因此隨著成交量的恢復，這裡還有成長的空間。所以我們也期待看到這一點。

And order rates turned positive, plus 16%, that is on a 12-month rolling basis. But if you remember last quarter, it was minus 7%, so we did see an inflection to positive orders in the Aerospace segment. And that's really just further proof of a slow but steady recovery in that segment. So really thanks to all of our global team, very great execution and really just continuing to live up to our purpose and perform extremely well.

訂單率轉正，增加了 16%（以 12 個月滾動計算）。但如果您還記得上個季度的成長率，則為負 7%，因此我們確實看到航空航太領域的正訂單出現了變化。這確實進一步證明了該領域緩慢但穩定的復甦。非常感謝我們所有的全球團隊，非常出色的執行力，並且繼續實現我們的目標並表現得非常出色。

If I ask you to go to Slide 14, this is just -- I'll touch on cash flow. Cash flow from operations was $424 million or 11.3% of sales. Free cash flow was $376 million or 10% of sales, and our conversion for the quarter was 83%. So I just want everyone to know, working capital management continues to be a very strong story here.

如果我請您看第 14 張投影片，我會談到現金流。營運現金流為 4.24 億美元，佔銷售額的 11.3%。自由現金流為 3.76 億美元，佔銷售額的 10%，本季的轉換率為 83%。所以我只是想讓大家知道，營運資金管理仍然是一個非常重要的故事。

We continue to tightly manage this. And really, we're just responding to the inflection in growth here. That increased level of demand, coupled with really our efforts to provide continuity of supply for our customers drove working capital to be a use of cash in the quarter.

我們將繼續嚴格管理這一點。事實上，我們只是對這裡成長的轉折點做出反應。需求水準的增加，加上我們為客戶提供連續性供應的努力，推動本季營運資金成為現金使用。

It accounted to be a 3.6% use of cash in the quarter. And if you just look at that compared to prior year. Prior year, we were in the second quarter of a significant downturn. Today, we're in the second quarter of a significant upturn. Last year, working capital was 6.1% source of cash last year.

本季現金使用量佔 3.6%。如果你只看與去年相比。去年，我們的第二季經歷了嚴重的低迷。今天，我們正處於顯著好轉的第二季。去年營運資金佔去年現金來源的6.1%。

But just importantly, I want to be clear on this, for the full year, we are forecasting mid-teens cash flow from operations and our free cash flow will be well over 100%. So you'll see that strong cash flow performance for us as we go throughout the year.

但重要的是，我想明確這一點，對於全年，我們預測來自營運的現金流量將達到十幾歲左右，我們的自由現金流量將遠遠超過 100%。因此，您會看到我們全年強勁的現金流表現。

On Slide 15, just really a quick update on capital deployment. I think everyone saw this, but last week, our Board approved a dividend payout of $1.03 per share. That is our 286th consecutive quarterly dividend. And that payout is in line with our announced target of 30% to 35% of 5-year average net income.

第 15 張投影片只是資本部署的快速更新。我想每個人都看到了這一點，但上週，我們的董事會批准了每股 1.03 美元的股息支付。這是我們連續第 286 個季度派息。該支出符合我們宣布的 5 年平均淨利潤 30% 至 35% 的目標。

And on share repurchases, we did purchase $50 million in the quarter through our 10b5-1 program but we also deployed an additional $180 million to purchase shares on a discretionary basis. And essentially, what that does is that discretionary purchase makes up for the 3 quarters that we paused the 10b5-1 program, from FY '20 Q4 through FY '21 Q2. And our goal there is to eliminate dilution in FY '22.

在股票回購方面，我們確實在本季度透過 10b5-1 計畫購買了 5,000 萬美元，但我們還額外部署了 1.8 億美元來酌情購買股票。從本質上講，這意味著可自由支配的購買彌補了我們暫停 10b5-1 計劃的 3 個季度，從 20 財年第四季度到 21 財年第二季度。我們的目標是在 22 財年消除稀釋。

And then I just want to give a final update on the Meggitt financing. In the quarter, we did secure a $2 billion deferred draw term loan. That, together with a $215 million cash deposit into escrow positioned us to take down our initial bridge facility. So that was successful.

然後我只想提供有關 Meggitt 融資的最後更新資訊。本季度，我們確實獲得了 20 億美元的延期提取定期貸款。再加上託管的 2.15 億美元現金存款，使我們能夠拆除最初的過渡設施。這樣就成功了。

And then I want to be clear here, in October, after the quarter end, we also deposited another $2.3 billion into escrow from a combination of proceeds from commercial paper issuance and also some cash on hand, and that really allowed us to further reduce that bridge to GBP 3.2 billion.

然後我想在這裡澄清一下，在 10 月份，季度末之後，我們還透過商業票據發行收益和手頭現金的組合，另外存入了 23 億美元進行託管，這確實使我們能夠進一步減少達到32 億英鎊。

Lastly, on Meggitt financing, we did complete a deal contingent forward hedge contract in the amount of $6.4 billion, and that really was just to lock in our pound to dollar rate as we continue to work through financing on the Meggitt acquisition. So great work by the team there.

最後，在 Meggitt 融資方面，我們確實完成了一份價值 64 億美元的交易或有遠期對沖合約，這實際上只是為了在我們繼續為 Meggitt 收購融資的過程中鎖定我們的英鎊兌美元匯率。那裡的團隊做得非常出色。

If I go to Slide 16, just looking at guidance, obviously, you saw we increased our guidance this morning. As usual, we're going to give this to you on an as-reported and an adjusted basis. The sales range now for the year is approximately 6% to 9% or just under 8% at the midpoint.

如果我看投影片 16，只看指導，顯然，您會看到我們今天早上增加了指導。像往常一樣，我們將根據報告和調整後的情況向您提供此資訊。目前今年的銷售範圍約為 6% 至 9%，中間值略低於 8%。

The breakdown of that is really all organic. It's 8.4% organic growth. We do expect currency to turn on us in Q3 through Q4, and that will create just a minimal drag, about 0.5 point to top line sales. And obviously, that's going to impact the international segment.

其分解實際上是有機的。有機成長率為 8.4%。我們確實預期貨幣將在第三季到第四季對我們產生不利影響，這只會對營收造成最小的拖累，大約為 0.5 個百分點。顯然，這將影響國際市場。

There is no impact from acquisitions. We still do not expect Meggitt in our fiscal year. We're targeting Q3 of calendar year 2022, but we have no impact from Meggitt acquisition sales or segment operating income.

收購沒有影響。我們仍然預計 Meggitt 在本財年不會出現這種情況。我們的目標是 2022 年第三季度，但 Meggitt 收購銷售或部門營業收入對我們沒有影響。

And the split on sales is 48% first half, 52% second half. If you move down to segment operating margins, we did increase our adjusted segment operating margin forecast for the full year by 30 basis points from our prior guide, and that full year now gets us to 21.9% at the midpoint. There is a range of 20 basis points on either side of that. And segment operating margin is split 47% first half, 53% in the second half.

上半年銷售額佔比為 48%，下半年銷售額佔比為 52%。如果你向下看分部營業利潤率，我們確實將全年調整後的分部營業利潤率預測比之前的指導提高了 30 個基點，現在全年的中位數達到 21.9%。其兩側都有 20 個基點的波動範圍。上半年該部門的營業利潤率為 47%，下半年為 53%。

No change to adjustments at a pretax level, so you see all those numbers, those are exactly the same that we guided last quarter. And in corporate G&A and other expense, we expect that to now be $513 million on an as-reported basis and $461 million on an adjusted basis. Really, the only difference there is some transaction-related costs with the Meggitt acquisition.

稅前水準的調整沒有變化，所以你看到所有這些數字，這些數字與我們上季度指導的完全相同。在公司管理及行政費用和其他費用方面，我們預計按報告數據計算，目前為 5.13 億美元，經調整後為 4.61 億美元。事實上，唯一的區別是收購 Meggitt 時產生了一些與交易相關的成本。

And just a reminder, we will continue to adjust transactional-related expenses as they are incurred until we get through all of those transactions. No change to the tax rate. We expect that to be 23%. And our EPS guidance on an adjusted basis is now $17.30 at the midpoint.

提醒一下，我們將繼續調整發生的交易相關費用，直到我們完成所有這些交易。稅率沒有變動。我們預計這一比例為 23%。我們調整後的每股盈餘指引目前中點為 17.30 美元。

We did narrow the range a little bit, $0.35 on either side of that. And the first half, second half split is 46% first half, 52% -- or excuse me, 54%, second half. And then finally, I'll just say for Q2 we are expecting adjusted EPS to be $3.74 at the midpoint. So that's just a real brief summary of the quarter.

我們確實稍微縮小了範圍，兩邊各 0.35 美元。上半場和下半場的比例是：上半場 46%，下半場 52%——或者對不起，下半場 54%。最後，我只想說，對於第二季度，我們預計調整後每股盈餘中點為 3.74 美元。這只是本季度的簡短摘要。

With that, I will turn it back over to you, Tom.

這樣，我會把它還給你，湯姆。

Thank you, Todd. And I think the portfolio kind of sums up our thoughts. A big thank you to the global team and a highly engaged team delivering outstanding performance, and couple that with what is very bright future, propelled by the Win Strategy 3.0 and our strategic long-cycle acquisitions as part of our capital deployment strategy.

謝謝你，托德。我認為這個投資組合總結了我們的想法。非常感謝全球團隊和高度敬業的團隊，他們提供了出色的業績，並在獲勝策略 3.0 和作為我們資本部署策略一部分的策略性長週期收購的推動下，實現了非常光明的未來。

With that, Todd has a quick comment that he wants to make about logistics before we start the Q&A.

說到這裡，托德在我們開始問答之前對物流發表了簡短的評論。

Yes. Just 1 comment before we start the Q&A portion of the call, we'd like to respond to as many analysts as we can today on the call. So if you could ask 1 question, a follow-up, if necessary, and then jump back in the queue, it would be appreciated.

是的。在我們開始電話問答部分之前，僅發表一條評論，我們希望在今天的電話會議上盡可能回覆分析師。因此，如果您可以提出 1 個問題，如有必要，可以提出後續問題，然後跳回隊列中，我們將不勝感激。

So with that, Rachel, I'll turn it back over to you, and we can start the Q&A session.

那麼，雷切爾，我會將其轉回給您，我們可以開始問答環節。

(Operator Instructions) Your first question comes from the line of Mig Dobre from Baird.

（操作員說明）您的第一個問題來自 Baird 的 Mig Dobre。

Yes. Congrats on a very strong quarter. Tom, I guess where I was thinking we'd start, you highlighted big trends that benefit your business, right, aerospace, ESG, electrification, digitization. I guess the first one, aerospace is perhaps the clearest to observe.

是的。祝賀一個非常強勁的季度。湯姆，我想我們應該從哪裡開始，你強調了有利於你的業務的大趨勢，對吧，航空航太、ESG、電氣化、數位化。我想第一個，航空航天可能是最容易觀察到的。

But I'm curious, the other 3, can you give us some context in terms of how all this plays into your business? How is it driving incremental growth? And more importantly, are all these items driven by sort of new product introduction from Parker? Or is this sort of using the existing solutions that you have in new ways that are helping your customer achieve these goals?

但我很好奇，另外 3 位，您能給我們介紹一下這一切對您的業務有何影響嗎？它如何推動增量成長？更重要的是，所有這些項目都是由派克推出的新產品所推動的嗎？或者，這是否以新的方式使用您現有的解決方案來幫助您的客戶實現這些目標？

Thank you, Mig. I appreciate you picked up on that comment during my opening comments. But, yes, so what I would characterize these are secular trends that feel longer than a normal business cycle. ESG is going to take decades to unfold. Electrification really being kind of a subset of that and digitization continues to just transform how we interface with each other and how we interface with the supply chain.

謝謝你，米格。感謝您在我的開場評論中註意到這一評論。但是，是的，所以我認為這些是長期趨勢，感覺比正常的商業週期更長。 ESG 需要幾十年的時間才能展開。電氣化確實是其中的一個子集，而數位化繼續改變我們彼此之間以及我們與供應鏈之間的互動方式。

So these are things that I view as being bigger, longer than a typical business cycle. For us, it's going to be a combination of infrastructure. So the infrastructure that goes around the world to put these in place, things that are also onboard equipment. And both of these are bill of material-plus type of additions for us. And then also the fact that they should be faster growing environments as a result of.

因此，我認為這些事情比典型的商業週期更大、更長。對我們來說，這將是基礎設施的組合。因此，遍布世界各地的基礎設施將這些設施安裝到位，這些東西也是機上設備。對我們來說，這兩者都是物料清單加類型的添加。還有一個事實是，它們應該是生長速度較快的環境。

We are doing innovation in this space. But a lot of our portfolio today, which is what I mentioned on that 1 slide, 2/3 of it today is already clean technology related. Yes, we're adding some motors and motor controllers and software in addition to our current portfolio, but our current portfolio was already designed to be very energy-source agnostic and be able to respond to these changing dynamics.

我們正在這個領域進行創新。但我們今天的許多投資組合，這就是我在第一張投影片中提到的，今天其中 2/3 已經與清潔技術相關。是的，除了我們目前的產品組合之外，我們還添加了一些馬達、馬達控制器和軟體，但我們目前的產品組合已經被設計為與能源無關，並且能夠響應這些不斷變化的動態。

We'll try to give a little more context on this at the Investor Day. We just started before the call to try to, in the last couple of days, quantify digital and the threat that it cuts through the company and it's surprisingly large, and we'll give you more context on that with some actual numbers when we get to Investor Day.

我們將在投資者日嘗試提供更多相關背景資訊。在過去的幾天裡，我們剛剛在電話會議之前開始嘗試量化數位化及其對公司造成的威脅，而且它的規模大得驚人，當我們得到一些實際數字時，我們將向您提供更多相關背景資訊。到投資者日。

But it has an opportunity, you think of the company as being very diverse and probably no end markets outside of aerospace being bigger than 5% or 6%. Digital is a threat that cuts through so many. It's going to be probably second to aerospace, the biggest threat that cuts through the company.

但它有一個機會，你認為該公司非常多元化，除了航空航天之外，可能沒有哪個終端市場的份額超過 5% 或 6%。數位化是一種影響深遠的威脅。它可能會成為僅次於航空航太領域的公司面臨的最大威脅。

And ESG is unfolding for the next 20, 30 years, as the world tries to get to carbon neutrality. So that's what I like. You've got a prior environment, thinking on lease in my watch, 7 years, 2 industrial recessions and a pandemic, I think we're facing a much more constructive environment going forward.

隨著世界努力實現碳中和，ESG 將在未來 20、30 年展開。這就是我喜歡的。你已經有了一個先前的環境，在我的觀察中考慮租賃，7年，兩次工業衰退和一場大流行，我認為我們未來面臨著一個更具建設性的環境。

Understood. Then my follow-up is on international, which, frankly, performed quite a bit better than I guessed. Two questions here. One is on the margin side, in terms of incrementals and maybe some things that might have been unique that helped the quarter. I don't know if there's anything to call out.

明白了。然後我的後續行動是國際航班，坦白說，它的表現比我想像的要好得多。這裡有兩個問題。一個是利潤方面，就增量而言，也許還有一些可能對本季有所幫助的獨特因素。不知道有沒有什麼值得吐槽的。

And on the order front, I'm curious as to how you're seeing the various regions develop, China, in particular. I know that geography punch is maybe above its weight from a profitability and margin standpoint, so what are you seeing there? And what's the impact on a go-forward basis in terms of mix?

在訂單方面，我很好奇您如何看待各個地區的發展，特別是中國。我知道從獲利能力和利潤率的角度來看，地理衝擊力可能超出其重量，那麼您在那裡看到了什麼？就組合而言，這對未來的影響是什麼？

So maybe I'll start with that, Mig, of course, this is Tom. On the orders, they were strong throughout the quarter. And to help people, it's easier to look at it from a dollar value basis. The dollar value was fairly consistent with what we saw in the prior quarters.

所以也許我會從這個開始，米格，當然，這是湯姆。在訂單方面，他們整個季度都很強勁。為了幫助人們，從美元價值的角度來看待它會更容易。美元價值與我們在前幾季看到的相當一致。

So we had nice consistency. The numbers in the 26% improvement went down from all the way from mid-50s just because the prior periods was improving. But we saw all regions strong. Internationally, all 3 of the international regions were pretty much the same. We reported international 25, but all 3 reasons underneath there were pretty much plus and minus 25%, give or take some change.

所以我們有很好的一致性。 26% 的改善數字從 50 年代中期一路下降，只是因為之前的時期有所改善。但我們看到所有地區都很強大。在國際上，所有三個國際區域幾乎相同。我們報告了國際 25，但下面的所有 3 個原因幾乎都是正負 25%，或多或少有些變化。

On the margin side, I would say there was nothing in particular that is different other than what we've been doing all along, which was Win Strategy 2.0 and 3.0 and a rapid resizing of the company post pandemic and then being very careful as we moved into a higher demand of feathering cost in a very judicious type of fashion, and a much more lean and natural fashion we've had ever before because our cost structure is so much better.

在利潤方面，我想說，除了我們一直在做的事情之外，沒有什麼特別不同的，即獲勝戰略2.0和3.0，以及大流行後公司的快速調整規模，然後在我們採取行動時非常小心。以一種非常明智的時尚類型，以及我們以前擁有的更精益和自然的時尚，對羽毛成本提出了更高的要求，因為我們的成本結構要好得多。

I do think international has less supply chain disruptions in North America for sure. And you see that reflected in MROS.

我確實認為北美的國際供應鏈中斷肯定較少。您會在 MROS 中看到這一點。

Your next question comes from the line of Jeff Sprague from Vertical Research.

您的下一個問題來自 Vertical Research 的 Jeff Sprague。

Tom, I was wondering if you could address a little bit what's going on with your OE customers. The nature of my question is, I thought it would be apparent maybe in the quarter that there would be some more pressures there. I'm sure there were some sales slippage and the like, but it doesn't jump off the page in the numbers, so to speak. So maybe just a little color on what's going on with the OEs? The shape of their inventory? And just your visibility into the remainder of the year?

湯姆，我想知道您是否可以解決一下您的 OE 客戶的問題。我的問題的本質是，我認為在本季度可能會明顯出現更多壓力。我確信存在一些銷售下滑之類的情況，但可以這麼說，它的數字並沒有跳出頁面。那麼也許只是對 OE 的情況有一點了解？他們的庫存形狀如何？以及您對今年剩餘時間的了解嗎？

Yes, Jeff. So it's Tom. So I want to touch on customers and then a little bit about us because what you're referring to is really supply chain issues. And those will be the 2 fronts that it touches, obviously. With our customers, I would say the supply chain has been much more acute and a bigger of an issue versus our own supply chain.

是的，傑夫。所以是湯姆。所以我想談談客戶，然後談談我們，因為你指的是真正的供應鏈問題。顯然，這將是它所觸及的兩個前沿。對於我們的客戶，我想說，與我們自己的供應鏈相比，供應鏈更加尖銳，問題也更大。

What we've seen with orders from customers is a much more longer period duration, staggered release dates, trying to make sure they have a spot in line, so to speak. We've had pushouts on delivery acceptance. So you may have a date as due and due to other challenges they have as far as supply chain with other suppliers, they may not necessarily want that delivery, which we fully understand. They don't want to sit on all this inventory.

我們從客戶那裡看到的訂單週期更長，發布日期錯開，可以這麼說，試圖確保他們有一個位置。我們已經延後了交貨驗收。因此，您可能有一個到期日期，並且由於他們在與其他供應商的供應鏈方面面臨其他挑戰，他們可能不一定想要該交貨，我們完全理解這一點。他們不想坐擁所有這些庫存。

So there's been temporary idling of plants and this isn't really tied to the OEs, but you've got the rolling energy shutdowns that we've had and been experiencing in China, which will continue, I think, pretty much all the way to the Olympics. We've done pretty well through all that. If I had to use round numbers, it's probably a $50 million to $75 million impact as far as the OE customers fueling supply chain things that tethered it to us.

因此，工廠暫時閒置，這與運營商並沒有真正的聯繫，但我們在中國已經經歷過並正在經歷能源滾動關閉，我認為這種情況幾乎會持續下去到奧運會。我們在這一切方面都做得很好。如果我必須使用整數，那麼對於為將其與我們聯繫在一起的供應鏈提供燃料的 OE 客戶而言，這可能會產生 5000 萬至 7500 萬美元的影響。

I think overall demand with them continues to be strong. It's more just sliding to the right and then trying to manage a more complex supply chain. Their inventory, they've always been just in time and they're being very careful to not accept other inventory that they don't need that they can't put together with holes that they might have in their bill of material.

我認為他們的整體需求仍然強勁。它只是向右滑動，然後嘗試管理更複雜的供應鏈。他們的庫存總是及時到位，而且他們非常小心，不接受他們不需要的其他庫存，因為他們無法將其與物料清單中可能存在的漏洞放在一起。

Great. That's very interesting. And then on price cost, it is quite an achievement to not only get to dollar neutrality, but margin rate neutrality. But I wonder if you could just give us a ballpark number of the actual realized price on a year-over-year basis that you're running at, your nominal price?

偉大的。這很有趣。然後在價格成本方面，不僅達到美元中性，而且達到保證金率中性，這都是一項相當大的成就。但我想知道您是否可以給我們一個您每年實際實現價格的大概數字，您的名目價格？

Jeff, it's Lee. I can't give you an actual number, but I'll tell you, the margin neutrality is a lot of hard work by everybody in the company. And I think it shouldn't be a surprise. We've had 2 processes embedded in our Win Strategy for going on 20 years, and that's around pricing, and it's around supply chain.

傑夫，是李。我無法給你一個實際的數字，但我會告訴你，利潤中性是公司每個人的努力成果。我認為這不足為奇。 20 年來，我們的獲勝策略中嵌入了兩個流程，一個是圍繞定價，另一個是圍繞供應鏈。

And those processes give us very accurate indices around our selling price index and our purchase price index. So what it does is it aligns the whole company, and it gives us a way to roll things up about what we need to do going forward. And what you're seeing are the benefits of those processes really embedded in the company and institutionalized.

這些流程為我們提供了圍繞銷售價格指數和採購價格指數的非常準確的指數。所以它的作用是使整個公司保持一致，並為我們提供了一種方法來匯總我們未來需要做的事情。您所看到的是這些流程真正嵌入公司並制度化的好處。

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

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

Well, great results from you guys, make our lives a little easier. So thanks for that. But on -- now that we've had a little bit of time, it's not post-COVID yet, but a little bit of time. Can we take stock of LORD and Exotic, kind of where they are versus the deal models? And I imagine perhaps maybe not quite on the top line at your deal model, but perhaps better on the margin line. But I'm just guessing. Some color there would be helpful.

好吧，你們的出色成果讓我們的生活變得更輕鬆。所以謝謝你。但現在我們已經有了一點時間，還不是新冠疫情之後，而是一點時間了。我們能否評估一下 Lord 和 Exotic，看看它們與交易模式相比處於什麼位置？我想，在你的交易模型中，也許不太能達到頂線，但在利潤線上可能會更好。但我只是猜測。那裡有一些顏色會有幫助。

Yes, Scott, it's Tom. We cannot be happier with both of these transactions. Lord has proven to be more resilient and faster growing than legacy Parker and that's what we had hoped for. Its margins are beating what we had expected and that this kind of cash flow that we review with the Board. It's performing in that upper 20s EBITDA. So it's accretive on growth. It's accretive on margins, it's accretive on cash flow and is exposed to more longer cycle businesses.

是的，斯科特，是湯姆。我們對這兩筆交易都非常滿意。事實證明，洛德比遺留的帕克更有彈性，成長更快，這正是我們所希望的。它的利潤率超出了我們的預期，也超出了我們與董事會審查的現金流量。它的 EBITDA 表現在 20 多歲。所以它對成長有促進作用。它可以增加利潤，增加現金流，並且可以接觸更多周期較長的業務。

Exotic has performed remarkably well. Remember, when we bought Exotic, nobody would have anticipated 737 MAX being grounded for as long as it was. And even with that, strength of their portfolio and that team, we put a mid-20s EBITDA. So it's a little light on the top line, mainly because of 2 things, the MAX grounding and the pandemic, but its margins have held up very consistent with what we had approved for the port.

異國風情的表現非常出色。請記住，當我們購買 Exotic 時，沒有人會預料到 737 MAX 會停飛這麼久。即便如此，考慮到他們的投資組合和團隊的實力，我們的 EBITDA 為 20 多歲。所以它的收入有點少，主要是因為兩件事，MAX 停飛和大流行，但它的利潤率與我們為該港口批准的利潤率非常一致。

And we know we're at the beginning of a long cycle improvement there with Exotic. The aerospace traffic is going to come back. and the MAX ramp-up is coming back. So we've gotten through the worst of it, and it's going to be quite an exciting transaction for us.

我們知道我們正處於異國情調的長週期改進的開始。航空航天交通將會恢復。 MAX 的成長正在回歸。所以我們已經度過了最糟糕的時期，這對我們來說將是一筆非常令人興奮的交易。

CLARCOR has been obviously a few years, but that business is also exceeding our expectations from the model standpoint. So a lot of hard work across the team. and that is flowing through in all those numbers that we just talked about, they're a big piece of that as well. So I didn't want to lose sight of that.

CLARCOR 顯然已經存在幾年了，但從模型的角度來看，該業務也超出了我們的預期。所以整個團隊付出了很多努力。這也體現在我們剛才談到的所有數字中，它們也是其中的重要組成部分。所以我不想忽視這一點。

Yes. That was a great deal. But moving on to -- I love your Slide 6, the semiconductor example. But how do you -- can you go to market as 1 Parker when you're looking at content into a semi fab?

是的。這真是太棒了。但接下來——我喜歡你的幻燈片 6，半導體的例子。但是，當您在半晶圓廠中尋找內容時，您能以 1 Parker 的身份進入市場嗎？

We do. We have account managers that cover certain accounts, and they're representing and looking at the entire business. And that's how we -- so we're organized operationally around technologies, but our commercial teams are organized around channels to market, either global OEMs, national OEMs or distribution.

我們的確是。我們有負責某些客戶的客戶經理，他們代表並專注於整個業務。這就是我們的方式——所以我們是圍繞技術進行運營組織的，但我們的商業團隊是圍繞市場渠道進行組織的，無論是全球原始設備製造商、國家原始設備製造商還是分銷渠道。

And so it's that account management team that brings power or partner to the customers. Or if we go through our channel partners, it's our distributors that are bringing the power to Parker and bringing a comprehensive offering together.

因此，正是客戶管理團隊為客戶帶來了力量或合作夥伴。或者，如果我們透過通路合作夥伴，我們的經銷商將為 Parker 帶來力量並提供全面的產品。

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

下一個問題來自摩根大通的 Ann Duignan。

Maybe first on your guidance for fiscal Q2, you're guiding to $374 million at the midpoint and consensus is at $386 million. Can you talk about where you think the biggest disconnect is between our sell-side buddies and what you're guiding to? Where should we be most focused on? Where do we need to review?

也許首先關於第二財季的指導，您的指導值為中點 3.74 億美元，共識為 3.86 億美元。您能談談您認為我們的賣方夥伴和您所指導的目標之間最大的脫節在哪裡嗎？我們最該關注哪裡？我們需要去哪裡審核呢？

Yes. And it's Tom. I would say it's probably at the top line. So what we tried to do with Q2, you saw that we raised the organic guide for the full year from 7% to 8.5%, and that was primarily by raising the second half. Our second half in the prior guide was 4.5% and the new guide is 6%.

是的。這是湯姆。我想說它可能在最上面。所以我們在第二季度嘗試做的事情，你看到我們將全年的自然指導從 7% 提高到 8.5%，這主要是透過提高下半年來實現的。我們之前指南的後半部是 4.5%，而新指南是 6%。

But we left Q2 basically as the same. And that's really based on what we saw. In Q1 and in particular, in October around just supply chain challenges, more around what I was talking about with Jeff, around our customer demand and kind of the uncertainties or difficulty in predicting delivery dates and time on this on that.

但我們讓第二季基本上保持不變。這確實是基於我們所看到的。在第一季度，特別是在十月份，圍繞著供應鏈挑戰，更多圍繞我與傑夫談論的內容，圍繞我們的客戶需求以及預測交付日期和時間的不確定性或困難。

You also have -- if you just look at the raw dollars, the dollars flow very much proportionally from Q1 to Q2. So normally, we would have less workdays, which is what we have in North America, typically, if you look at over the last 20 years. Our Q2 is typically 4% lighter in Q1. International is typically 1% lighter. We lowered North America here more. It's not minus 5% from a dollar standpoint versus Q1, mainly because of that extra 100 bps of supply chain uncertainties.

如果你只看原始美元，你也會發現美元從第一季流向第二季的比例非常大。所以通常情況下，我們的工作日會更少，這就是北美的典型情況，如果你看看過去 20 年的情況。我們的第二季通常比第一季輕 4%。國際通常輕 1%。我們在這裡進一步降低了北美的水平。從美元角度來看，與第一季相比，這不是負 5%，主要是因為供應鏈的不確定性增加了 100 個基點。

And part of what we're looking at is those temporary idling that customers have been doing. And in particular, while we haven't had any customers announcing yet, you've got the holidays, and if you -- it would be very easy for them just to extend a day or a half day of those type of things.

我們關注的一部分是客戶一直在做的臨時閒置。特別是，雖然我們還沒有任何客戶宣布，但你已經放假了，如果你——他們很容易延長一天或半天的此類活動。

And so we're just trying to be pragmatic as to what Q2 would look like given natural progression from Q1 to Q2, putting on a little bit of supply chain. And so I think the difference would be in the top line because the incrementals for Q2. If you look at it on apples-to-apples, again, taking out the discretionary basis that we had in prior Q2, it's another upper 50s, just like Q1.

因此，我們只是試著務實地考慮第二季的情況，考慮到從第一季到第二季的自然發展，增加一點供應鏈。因此，我認為差異將出現在頂線，因為第二季的增量。如果你再比較一下，去掉我們在之前第二季的酌情基礎，這又是一個 50 多歲的數字，就像第一季一樣。

So if you look at the operational excellence, upper 50s incrementals is pretty hard to beat. And so really, the only difference you could have is top line assumptions that give you the context of how we came up with our Q2.

因此，如果你看看卓越運營，你會發現 50 年代以上的增量是很難被擊敗的。因此，實際上，您可能擁有的唯一區別是頂線假設，這些假設為您提供了我們如何提出第二季度的背景。

Very helpful. I guess if I'd had time to back into all your first half, back half, I would have figured that out. So I appreciate you taking the time to give us that color. Just as a follow-up then, if I look at your sales in Diversified Industrial North America, up 19% versus orders up 32%, which suggests that your lead times are extending. A, can you just confirm that?

很有幫助。我想如果我有時間回到你的上半場、後半場，我就會明白這一點。所以我很感謝你花時間給我們這種顏色。接下來，如果我看看你們在北美多元化工業的銷售額成長了 19%，而訂單成長了 32%，這表示你們的交貨時間正在延長。 A，你能確認一下嗎？

And B, is that what gives you confidence in the back half revenues? Or is there still some uncertainty. I mean you're not known for having long lead times, so they have confidence in the back half and make no change to your revenue outlook for half 2. Is some of that back half contingent on all of these supply chains getting better through the course of Q2 and off to the races thereafter? Or is there still some lack of visibility for back half for you guys? And I'll leave it there.

B，這就是讓您對下半年收入充滿信心的原因嗎？或者說還存在一些不確定性。我的意思是，你們並不以交貨時間長而聞名，所以他們對後半部分有信心，並且不會改變你們半年的收入前景 2。後半部分是否取決於所有這些供應鏈通過第二季度的路線以及之後的比賽？或者說你們後半場的能見度還不夠嗎？我會把它留在那裡。

Yes, Ann, it's Tom again. So yes, we don't always have complete visibility, but our backlog is increasing sequentially. North America went up 14%, international went up 6%. So that's part of it. We're also just recognizing that the second half, we don't see necessarily significant improvement from supply chain. We think you'll get a little bit. Most of the supply chain improvements will be more so into our FY '23.

是的，安，又是湯姆。所以，是的，我們並不總是具有完全的可見性，但我們的積壓訂單正在依次增加。北美上漲 14%，國際上漲 6%。這就是其中的一部分。我們也剛體認到，下半年我們看不到供應鏈必然有顯著改善。我們認為您會得到一點。大多數供應鏈改進將在 23 財年更加明顯。

We have not been impacted a lot of that. But I think the difference you're seeing between orders and organic growth is what I was referring to earlier as customers putting in orders and having it be over multi-quarter release dates. Whereas in the past, they would give us orders that were much shorter cycle. These are longer cycle by industrial standards with release dates over multiple quarters.

我們並沒有受到太大影響。但我認為您所看到的訂單和有機增長之間的差異就是我之前提到的客戶下訂單並在多個季度的發布日期中所提到的。而在過去，他們會給我們週期短得多的訂單。按照行業標準，這些週期較​​長，發布日期跨越多個季度。

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

您的下一個問題來自 Evercore 的 David Raso。

Obviously, I've been covering the company for some years and the international margins have really been impressive, now running ahead of North America. And part of it really maybe has been supply chain issues are a little more acute in North America. But can you help us better understand how we should think about that notable improvement in international margins? Be it geographic, be it obviously building out more Parker stores, whatever may be bigger distribution there?

顯然，我已經報道該公司多年了，其國際利潤率確實令人印象深刻，現在已經領先北美。部分原因可能是北美的供應鏈問題更為嚴重。但您能否幫助我們更好地理解我們應該如何看待國際利潤率的顯著改善？無論是地理因素，還是明顯建立更多的派克商店，或者那裡可能有更大的分銷？

Just trying to understand, so when we think about you say the upcoming March meeting and we think about margin improvement from here, it just was a major issue years ago about can international get close or equal North America. And now it's been many quarters in a row, it's running ahead. And I'm just curious about the drivers and how to think about that going forward.

只是想了解一下，所以當我們想到你所說的即將舉行的三月會議，並且我們考慮從這裡開始的利潤率改善時，這只是幾年前的一個主要問題，即國際能否接近或等於北美。現在已經連續幾個季度了，它正在領先。我只是對驅動因素以及如何思考未來感到好奇。

Yes, David, it's Tom. We could not be happier obviously, because this has been something the company has been working on for a long time, long time on international margins. So I would say it started a while even before the changes to the Win Strategy, at least on my watch. It started with our team working very hard to change the cost structure in all international, in particular in EMEA.

是的，大衛，是湯姆。顯然，我們高興極了，因為這是該公司長期以來在國際利潤率上致力於的事情。所以我想說，這甚至在獲勝策略改變之前就已經開始了，至少在我看來是這樣。首先，我們的團隊非常努力地改變所有國際市場的成本結構，特別是歐洲、中東和非洲地區。

And just recognizing that all those different countries and different infrastructures, there was an opportunity to try to simplify that. So that's been going on for multiple years, having a more agile, lower cost structure, than a concerted effort to grow international distribution from where we started at 35%, a 35-65 split now up to 40, and we'll give you the latest when we get to Investor Day, but it's north of 40 now, so you're getting some mix out there.

只要認識到所有這些不同的國家和不同的基礎設施，就有機會嘗試簡化這一點。因此，這種情況已經持續多年，擁有更靈活、成本更低的結構，而不是齊心協力擴大國際分銷，從一開始的 35%，35-65 的比例現在增加到 40，我們會給你最晚的時間是我們到投資者日的時候，但現在已經超過40 點了，所以你會看到一些混合的東西。

We've had -- Asia has always historically been a very strong performer. We really kind of set that region up if we think -- if you think about over the last 30 years, we set that region up the latest. And so we took all the best practices we had from everywhere around the world, when we set that region up from a cost structure standpoint.

我們——亞洲歷史上一直表現非常強勁。如果我們認為——如果你想想過去 30 年，我們確實在最近設立了該區域。因此，當我們從成本結構的角度設置該地區時，我們採用了世界各地的所有最佳實踐。

But what's helped us a lot in the last couple of years is, is the Europe team and Latin America, Latin America being small for us, but both of those teams have made a marked improvement. And when we think going forward to your other part of your question, David, we see no reason why they can't continue, we'll give you new targets when we get to March.

但過去幾年對我們幫助很大的是歐洲隊和拉丁美洲隊，拉丁美洲對我們來說很小，但這兩支球隊都取得了顯著的進步。大衛，當我們思考你問題的其他部分時，我們認為他們沒有理由不能繼續下去，我們會在三月時給你新的目標。

But you see right now our full year guide, basically North America, international margins converging. We had always hoped that they're basically the same. And so going forward, we don't see any reason why they can't be. And they both have equal opportunity to grow to higher levels, and we'll give you that vision in March.

但你現在看到我們的全年指南，基本上是北美，國際利潤率趨同。我們一直希望它們基本上相同。因此，展望未來，我們看不出有任何理由不能做到這一點。他們都有平等的機會成長到更高的水平，我們將在三月向您展示這個願景。

And a quick follow-up. The back half of the year, fiscally speaking, your revenue is only up 4%, and I have to believe pricing is running probably at least that. So the idea of volume being essentially flat or down in the back half of the year, is that simply a conservatism around the supply chain? Or just trying to understand why volumes won't be able to grow in the back half?

並快速跟進。今年下半年，從財務角度來看，你們的收入僅成長了 4%，我必須相信定價至少會達到這個水準。那麼下半年銷售量基本上持平或下降的想法是否只是供應鏈的保守主義？或是只是想了解為什麼下半年銷售無法成長？

So just for clarification, David, the back half organic is 6%. You have about a 1% currency headwind. So probably nets to around 5%. And there is some -- we're being, what I mentioned earlier, pragmatic about the uncertainties on supply chain more so on our customers. But then we're not immune.

大衛，澄清一下，後半部的有機率為 6%。您面臨大約 1% 的貨幣逆風。所以淨值可能在 5% 左右。正如我之前提到的，我們對供應鏈的不確定性（尤其是對我們的客戶）持務實態度。但我們也不能倖免。

We have some of our own challenges, but I think our team has done a particular job weathering it. And probably the best evidence of our ability to weather supply chain is just our ability of the MROS. Because if you're struggling with your supply chain issues it ultimately shows up in your marginal return on sales. But that's how I characterize the second half.

我們自己也面臨一些挑戰，但我認為我們的團隊已經完成了一項特殊的工作來應對這些挑戰。也許我們的 MROS 能力就是我們抵抗供應鏈能力的最佳證據。因為如果您正在努力解決供應鏈問題，它最終會反映在您的邊際銷售回報中。但這就是我對下半場的描述。

The next question comes from the line of Nathan Jones from Stifel.

下一個問題來自 Stifel 的 Nathan Jones。

Parker has over the years continued to move towards and has always maintained a kind of local for logical sourcing and manufacturing structure. Has that given you guys better supply chain here that's allowed you to pick up any market share versus competitors who might have longer supply chains? And do you think that, that market share gain will be sticky or transient once supply chain normalize?

Parker 多年來不斷走向並始終保持一種本地化的邏輯採購和製造結構。這是否為你們提供了更好的供應鏈，使你們能夠比擁有更長供應鏈的競爭對手獲得更多的市場份額？您認為一旦供應鏈正常化，市場佔有率的成長將是黏性的還是短暫的？

Yes. Nathan, it's Lee. Just maybe I'll talk to the first part, you're right. Our strategy always has been to build and source local, which has been incredibly helpful. And I think the other thing that's kind of benefited us through these disruptions. We worked hard on dual-sourcing strategy where appropriate, which has given us some flexibility.

是的。內森，是李。也許我會談談第一部分，你是對的。我們的策略始終是在本地進行建置和採購，這非常有幫助。我認為另一件事透過這些幹擾使我們受益。我們在適當的情況下努力製定雙重採購策略，這給了我們一定的彈性。

And one of the things that kind of weaved itself into this are simple by design efforts in some key areas where it's been easier for us to do material substitutions than we've done in the past. So all that together is really -- I'm not saying we're immune, but has made us to be able to work though these supply chain disruptions.

其中之一就是透過在一些關鍵領域的設計工作來簡單地融入其中，在這些領域中，我們比過去更容易進行材料替代。因此，所有這些加在一起確實是——我並不是說我們可以倖免，而是使我們能夠克服這些供應鏈中斷的情況。

I would say the market share that we pick up is very sticky. One, you're talking about a lot of engineered products. So I mean, when people take the effort to engineer the product in, it's not something that you quickly change. And two, the reality is if we're taking on new business, we're looking for commitments on both -- from both of us to be committed to the volume going forward. And that -- to that standpoint, I think it's sticky going forward.

我想說我們獲得的市場份額非常黏。第一，你談論的是很多工程產品。所以我的意思是，當人們花精力設計產品時，你不會很快改變它。第二，現實情況是，如果我們要開展新業務，我們就會尋求雙方的承諾──我們雙方都將致力於未來的業務量。從這個角度來看，我認為未來的發展很困難。

And my follow-up, Tom, was to one of your comments where you talked about customers giving you, I guess, orders over multiple quarters rather than maybe orders over just 1 quarter. Does that have a meaningful impact on the order rates in the quarter, you've just reported first quarter of '22? And should we expect that to have maybe a little bit of a negative impact on the order rates as we go forward with that increased visibility that customers are giving you at the moment? Or is it not a significant amount?

湯姆，我的後續行動是針對您的一條評論，您談到客戶給您的訂單是多個季度的訂單，而不是僅僅一個季度的訂單。這對您剛剛報告的 22 年第一季的季度訂單率是否有重大影響？當我們繼續提高客戶目前為您提供的可見性時，我們是否應該預期這可能會對訂單率產生一點負面影響？或者金額並不大？

Nathan, it's Tom. It's hard to quantify. If you take the orders and try to somehow dissect and separate all those that are multi-quarters. I'd hazard just a guess, I don't think it's material. It's just a -- it's different as far as in the past, at least in industrial and normal business conditions, say, normal supply chains, normal order entry patterns, you had a fairly consistent input output quarter-to-quarter, maybe a little bit going into the next quarter.

內森，是湯姆。很難量化。如果你接受訂單並嘗試以某種方式解剖和分離所有那些多四分之一的東西。我只是大膽猜測，我認為這並不重要。這只是 - 與過去不同，至少在工業和正常商業條件下，比如說，正常的供應鏈，正常的訂單輸入模式，每個季度的輸入輸出相當一致，也許有點有點進入下個季度。

This is clearly more over multi-quarters. And actually, it's good. It's customers trying to plan for longer, trying to make sure they get their ticket in line in a way that helps us from a planning standpoint. So when things do stabilize, if they continue that way, I think that's a good thing for scheduling them. Our factors and schedule our supply chain.

這顯然超過了多個季度。事實上，這很好。客戶試圖計劃更長時間，試圖確保他們以從計劃的角度幫助我們的方式排隊購買機票。因此，當事情穩定下來時，如果它們繼續這樣下去，我認為安排它們是一件好事。我們的因素和安排我們的供應鏈。

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

下一個問題來自 Wolfe Research 的 Nigel Coe。

So aerospace, so I wonder if we could maybe unpack the aero performance a little bit and maybe focus a little bit more on military because that's been an area where we've seen, especially in the ops markets, some noise from some of your competitors in defense. And I'm just curious how you see military over the next fiscal year compared to your prior expectations.

所以航空航天，所以我想知道我們是否可以稍微解開航空性能，也許更多地關注軍事，因為這是我們已經看到的領域，特別是在操作市場，來自一些競爭對手的一些噪音在防守中。我只是好奇與之前的預期相比，您對下一財政年度的軍事情況有何看法。

Yes. Nigel, it's Tom. So military OEM, and that's one we mentioned in the last call. We do see that being slightly soft, kind of mid-single digits decline. And that's primarily because of the repositioning that our customers, thankfully, did to try to strengthen the supply chain and protect the supply chain.

是的。奈傑爾，是湯姆。軍事 OEM，這就是我們在上次電話會議中提到的。我們確實看到略顯疲軟，呈現中個位數下降。值得慶幸的是，這主要是因為我們的客戶重新定位，試圖加強供應鏈並保護供應鏈。

They were in the pandemic, they didn't want people to go under. And so they kind of pulled forward demand into last fiscal year, leading this fiscal year lighter as you're adjusting inventory. So that should come back into FY '23 and beyond. And I would see that being a low to mid-single digits, probably more towards the low single-digit growth on the military OE side.

他們正處於大流行之中，他們不希望人們陷入困境。因此，他們將需求提前到上一財年，導致本財年在調整庫存時減少。因此，這種情況應該會在 23 財年及以後出現。我認為這是一個低至中個位數的成長，可能更接近軍事裝備的低個位數成長。

And then on military MRO, we had some softness in the quarter. We're still forecasting mid-single digits positive for the full year. So the only weakness that we're really experiencing for the full year would be the military OEM based on the supply chain things I mentioned.

然後在軍事 MRO 方面，本季我們出現了一些疲軟。我們仍然預測全年將實現中個位數的正成長。因此，我們全年真正遇到的唯一弱點是基於我所提到的供應鏈的軍事原始設備製造商。

Okay. That's great. And then you raised your margin by 1 point at the midpoint for aerospace. I think the revenue number stayed unchanged. So just curious what's changed since you gave guidance back in August?

好的。那太棒了。然後，您將航空航太領域的中點利潤提高了 1 個百分點。我認為收入數字保持不變。所以只是好奇自您八月提供指導以來發生了什麼變化？

Well, the aerospace team is doing a fantastic job. There's a couple of factors, Nigel. It's Tom again. First of all, a nice commercial MRO uptick. So Todd mentioned that commercial MRO up 33% for the quarter. And order entry on 312 was over 70%.

嗯，航空航天團隊做得非常出色。有幾個因素，奈傑爾。又是湯姆。首先，商業 MRO 成長良好。 Todd 提到，本季商業 MRO 成長了 33%。 312訂單輸入率超過70%。

So you're starting to see that replenishment of commercial aftermarket, which is of the 4 elements, the highest margin that we would have. And then within that kind of favorable mix -- within that favorable mix, the spare to repair mix was favorable.

因此，您開始看到商業售後市場的補充，這是我們將擁有的最高利潤的四個要素。然後在那種有利的組合中——在這種有利的組合中，修復組合的備用零件是有利的。

So at the beginning, which is typical when customers are trying to maintain assets and minimize cost, they'll do more repair work. And then once that's kind of exhausted and they had to put back in spares. We've seen an uptick in spare activity.

因此，一開始，當客戶試圖維護資產並最大限度地降低成本時，他們會做更多的維修工作，這是典型的情況。一旦耗盡，他們就必須放回備用。我們看到業餘活動有所增加。

And then the aerospace team has done a great job. If you go back to the beginning of pandemic, we moved very aggressively at the beginning to resize the business for the long cycle. And what's really remarkable here is we're going to put these margins we're putting up to guide at 20.9% will be higher than our previous all-time high pre-COVID.

然後航空航天團隊做得很好。如果你回到大流行之初，我們一開始就非常積極地調整業務規模以適應長週期。真正值得注意的是，我們將把這些利潤率設定為 20.9%，這將高於我們先前在新冠疫情爆發前的歷史最高水準。

And so this business is not even at 80% volume of COVID and is putting up margins that are higher than the best we've ever done pre-COVID. It's just a fantastic job. And to your point, Nigel, if you were to go compare that aerospace performance against other aerospace peers, I think we would do quite well with that.

因此，這項業務的銷售量甚至還不到新冠肺炎疫情期間的 80%，但其利潤率高於我們在新冠肺炎疫情發生之前所做的最佳水平。這真是一項了不起的工作。就你的觀點而言，奈傑爾，如果你要將航空航天性能與其他航空航天同行進行比較，我認為我們會做得很好。

The next question comes from the line of Stephen Volkmann from Jefferies.

下一個問題來自 Jefferies 的 Stephen Volkmann。

You mentioned, Tom, I think that your OE customers were sort of delaying some of their deliveries, certainly understandable. But what do you see in the distribution side? Are inventories also really low there? And would they rather be building them a little if they could.

湯姆，你提到，我認為你的原廠客戶推遲了部分交貨，當然可以理解。但您在分銷方面看到了什麼？那裡的庫存真的很低嗎？如果可以的話，他們寧願稍微建造一下嗎？

Absolutely. Steve, it's Tom. Lee -- I can let Lee chime in if he has anything extra. Our distributors are finding the same challenges. When you talk to them, they would love to be building inventory. This would be a strategic use of cash for them if they could, but they're having a hard time, really all their suppliers getting up to where they'd like them to be.

絕對地。史蒂夫，是湯姆。 Lee－如果他還有什麼額外的事情，我可以讓Lee插話。我們的經銷商也面臨同樣的挑戰。當你與他們交談時，他們很樂意建立庫存。如果可以的話，這對他們來說將是一種策略性的現金使用，但他們正經歷著一段艱難的時期，實際上他們所有的供應商都達到了他們希望的水平。

So they're pretty much running hand about. And so that -- when I think about the longer-term opportunities for us on growth here, you've got the pent-up demand and kind of the reflex of COVID bottom. But there'll be an inventory replenishment back to normal levels for distribution, which will be -- will help us.

所以他們幾乎是到處跑。因此，當我想到我們在這裡的長期成長機會時，你會看到被壓抑的需求和新冠疫情觸底的反應。但庫存將恢復到正常的分配水平，這將對我們有所幫助。

And if you go out longer than that, you've got CapEx reinvestment. 2 things, they are under investment, and I think this whole localization has a giant burner underneath it now because of this lack of product availability is going to drive customers and suppliers to add capacity and to create dual capacity, which is infrastructure opportunities for us, ESG and then just capital deployment.

如果你出去的時間超過這個時間，你就會得到資本支出再投資。兩件事，它們正在投資，我認為整個本地化現在有一個巨大的燃燒器，因為產品可用性的缺乏將推動客戶和供應商增加產能並創建雙重產能，這對我們來說是基礎設施機會、ESG ，然後只是資本部署。

So I think there's a long-term secular growth trajectory. But to get to your more near-term question, yes, the distributors are in desperate need of more material, and we're doing everything we can to get it to them.

所以我認為有一個長期的長期成長軌跡。但要回答您更近期的問題，是的，發行商迫切需要更多材料，我們正在盡一切努力將其提供給他們。

Okay. Great. And maybe just my quick follow-up. You guys obviously did much better this quarter than I think most of us expected. And I think maybe than you even expected. And yet for most of our companies, things actually deteriorated through the quarter. So I guess I'm just curious really what changed for you from 3 months ago that allowed you to kind of come in with such a strong result?

好的。偉大的。也許只是我的快速跟進。你們本季的表現顯然比我們大多數人預期的要好得多。我想也許比你預期的還要多。然而，對於我們大多數公司來說，整個季度情況實際上都在惡化。所以我想我只是很好奇你與 3 個月前相比到底發生了什麼變化，讓你能取得如此強勁的成績？

Well, I think 3 months ago, we were doing an annual guide, so we were careful with the annual guide, again, it's Tom, as to getting too far over our skis. We tried to factor in an element of uncertainties with supply chain because we were experiencing them already when we did the August guide.

嗯，我想三個月前，我們正在做年度指南，所以我們對年度指南非常小心，再次，是湯姆，以免超出我們的滑雪範圍。我們試著考慮供應鏈的不確定性因素，因為在製作八月指南時我們已經經歷過這些因素。

I think we weathered the supply chain issues better than we anticipated, allow us to generate higher organic growth. And then the operating margins are, I think, indicative of really multiple years of effort. It's a combination of Win 2.0, Win 3.0, the capital deployment buying, buying companies that are accretive on margins and cash and growth.

我認為我們比預期更好地應對了供應鏈問題，使我們能夠實現更高的有機成長。我認為營業利潤率確實顯示了多年的努力。它是Win 2.0、Win 3.0、資本部署購買、購買能夠增加利潤、現金和成長的公司的組合。

So it's not an overnight sensation. It's really -- you go to that 1 slide that shows the EBITDA trend. It's been building on and the pace of that improvement on top of some very quick cost actions that we did in the pandemic. And thankfully, not a lot of those costs have come back, we've been able to run the business differently in a more digital fashion, which has clearly helped us on some of those variable costs.

所以這不是一夕之間的感覺。這真的是——你去看那張顯示 EBITDA 趨勢的幻燈片。它是建立在我們在大流行中採取的一些非常快速的成本行動之上的，並且是在這種改善的步伐之上的。值得慶幸的是，這些成本並沒有很多回來，我們已經能夠以更數位化的方式以不同的方式經營業務，這顯然幫助我們降低了一些可變成本。

Rachel, I think we have time for at least 1 more question. So could you take who's next in line.

Rachel，我想我們至少還有時間再問一個問題。那你可以選擇下一個是誰嗎？

The next question comes from the line of Jeff Hammond from KeyBanc Capital Markets.

下一個問題來自 KeyBanc Capital Markets 的 Jeff Hammond。

I know you can't say much on the Meggitt deal, but I guess I just want to understand if like in your -- from your perspective, if the review process or the gating factors around getting the deal closed or the timing has changed in any way?

我知道您對美捷特交易不能說太多，但我想我只是想了解，從您的角度來看，審查流程或完成交易的控制因素或時間是否發生了變化反正？

Jeff, it's Tom. No, not at all. We're on schedule. We always kind of anticipated third quarter next calendar year. The reviews we're doing with the government on economic and national security will conclude well before that. And then really, the pacing item will be just the antitrust and FDI filings, which are pursuing as planned, but you just can't predict. Every country has a different process and timing. And it's difficult to project that outcome. So that's our best guess, and everything is on schedule.

傑夫，是湯姆。一點都不。我們按計劃進行。我們總是期待明年的第三季。我們正在與政府就經濟和國家安全進行的審查將在此之前結束。事實上，節奏項目將只是反壟斷和外國直接投資備案，這些文件正在按計劃進行，但你無法預測。每個國家都有不同的流程和時間安排。而且很難預測這個結果。所以這是我們最好的猜測，一切都按計劃進行。

Okay. Great. And then, Tom, I like the slide on the clean tech as well, 2/3 of the product enabling clean tech. But I'm just wondering if you have a sense of what you think your revenue mix is today to clean tech or ESG markets? And what you think that might look like 3 to 5 years out?

好的。偉大的。然後，湯姆，我也喜歡關於清潔技術的幻燈片，2/3 的產品支援清潔技術。但我只是想知道您是否了解您目前清潔科技或 ESG 市場的收入組合是怎樣的？您認為 3 到 5 年後會是什麼樣子？

Jeff, it's Tom again. So it's basically -- it's 2/3 numbers. That's how we came up with it. 2/3 our revenue today would be supporting intent. I would argue, everything we do support sustainability, even if you take, say, engine on mobile filtration that we'd be doing for heavy-duty trucks is helping that fuel run more efficiently and better emissions.

傑夫，又是湯姆。所以基本上是 2/3 的數字。我們就是這樣想出來的。我們今天 2/3 的收入將用於支持意圖。我認為，我們所做的一切都支持永續發展，即使您採用我們為重型卡車所做的移動過濾發動機，也有助於提高燃料運行效率並改善排放。

So even today, we just try to be very conservative in that number, recognizing that, that was still a fossil fuel-related technology. But it's going to morph into a 100% of the portfolio because everything -- if you take construction equipment or forestry equipment as it moves to more electric, all you're really doing is changing the power source, going from say precipitating diesel engine to hydrogen engine or fuel cell or a battery or some combination thereof.

因此，即使在今天，我們也只是在這個數字上保持非常保守，並認識到這仍然是一項與化石燃料相關的技術。但它將變成 100% 的投資組合，因為一切 - 如果你採用建築設備或林業設備，因為它轉向更多的電力，你真正要做的就是改變電源，從沉澱柴油引擎到氫發動機或燃料電池或電池或其某種組合。

And all of our technologies are still needed to facilitate the work functions and the propel functions. And if anything, like I had mentioned before, our bill of material gets bigger because it was much more heat and you've got a management of all of our Engineered Materials technologies. We do have, I think, a bigger bill of material that we'll have with our Motion Technologies, if we had more motor content and more software, et cetera.

我們仍然需要所有的技術來促進工作功能和推進功能。如果有什麼不同的話，就像我之前提到的那樣，我們的材料清單變得更大，因為熱量更多，而且您可以管理我們所有的工程材料技術。我認為，如果我們有更多的馬達內容和更多的軟體等等，我們的運動技術確實會有更大的材料清單。

So we're very excited. I came back to those secular trends for us, aerospace, ESG, electrification and digitization. I think you're going to see a different Parker if you look at for the next 5...

所以我們非常興奮。我回到了我們的長期趨勢，航空航天、ESG、電氣化和數位化。我想如果你關注接下來的 5 個賽季，你會看到一個不同的帕克…

All right. I think that concludes our FY '22 Q1 earnings webcast. Thank you to everyone for joining us today. As usual, Robin and Jeff are going to be here for follow-ups if anyone needs any. And I wish everyone has a great remainder of the day. Thanks again.

好的。我認為我們的 22 財年第一季財報網路廣播到此結束。感謝大家今天加入我們。像往常一樣，如果有人需要的話，羅賓和傑夫會在這裡進行後續行動。我希望每個人都度過愉快的一天。再次感謝。

Thank you. This concludes today's conference call. Thank you for participating. You may now disconnect.

謝謝。今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。