派克漢尼汾 (PH) 2021 Q3 法說會逐字稿

Ladies and gentlemen, thank you for standing by, and welcome to the Parker Hannifin Fiscal 2021 Third Quarter Earnings Conference Call and Presentation. (Operator Instructions) The opening speaker for today's call is Parker's Chief Financial Officer, Mr. Todd Leombruno. Please go ahead, sir.

女士們、先生們，感謝大家的耐心等待，歡迎參加派克漢尼汾 2021 財年第三季收益電話會議和演示會。 （操作員指示）今天電話會議的開幕發言者是 Parker 的財務長 Todd Leombruno 先生。請繼續，先生。

Thank you, Elaine, and good morning, everyone. Thanks for joining our FY '21 Q3 earnings release webcast. As Elaine said, this is Todd Leombruno, Chief Financial Officer, speaking. Here with me today are Chairman and Chief Executive Officer, Tom Williams; and President and Chief Operating Officer, Lee Banks.

謝謝你，伊萊恩，大家早安。感謝您參加我們的 21 財年第三季財報發佈網路廣播。正如伊萊恩所說，這是財務長托德·萊姆布魯諾（Todd Leombruno）的演講。今天和我在一起的還有董事長兼執行長湯姆威廉斯 (Tom Williams)；李‧班克斯 (Lee Banks) 總裁兼營運長。

On Slide 2, you'll find the company's safe harbor disclosure statement addressing forward-looking statements as well as non-GAAP financial measures. Reconciliations for all non-GAAP measures are included in today's materials. These reconciliations and our presentation are accessible under the Investors section at parker.com and will remain available for 1 year.

在投影片 2 上，您會發現該公司的安全港揭露聲明，其中涉及前瞻性聲明以及非公認會計準則財務指標。今天的材料中包含所有非公認會計準則衡量標準的調節。這些調節表和我們的簡報可在parker.com 的投資者部分訪問，並將保留一年。

We'll start the call today with Tom providing some quarter highlights and some strategic commentary. And I will provide a summary of the quarter, financial results and review the increase to guidance that we announced this morning. Tom will then close with key messages. And then Tom, Lee and I will take any questions the group may have.

我們將在今天的電話會議中由 Tom 提供一些季度亮點和一些策略評論。我將提供本季度的摘要、財務業績，並回顧我們今天早上宣布的指導意見的增加。然後湯姆將以關鍵訊息結束。然後湯姆、李和我將回答小組可能提出的任何問題。

With that, I'll direct you to Slide 3 and I'll hand it off to Tom.

接下來，我將引導您查看投影片 3，然後將其交給 Tom。

Thank you, Todd, and good morning, everybody. Before I jump into Slide 3 and the quarter, I want to say thank you to all the Parker team members around the world for an outstanding quarter. It's really more than just this quarter, it's really been the whole year and the performance through the pandemic and also the transformation of the company into a top quartile diversified industrial company. These results are all because of your efforts.

謝謝托德，大家早安。在進入幻燈片 3 和本季之前，我想對全球所有 Parker 團隊成員表示感謝，感謝他們度過了一個出色的季度。這真的不僅僅是這個季度的事，而是全年和疫情期間的表現，以及該公司向前四分之一的多元化工業公司的轉型。這些成績都是你們努力的成果。

So let's look at the quarter on top of Slide 3. Starting with safety, as we always do, we had a 33% reduction in recordable incidents. We're still in the top quartile. The combination of safety, Lean, our high-performance team structure and Kaizen were all driving high engagement and high performance and you see that show up in our results.

讓我們看一下幻燈片 3 上方的季度。一如既往，我們從安全入手，可記錄事件減少了 33%。我們仍然處於前四分之一。安全、精益、我們的高效能團隊結構和 Kaizen 的結合都推動了高敬業度和高效能，您可以在我們的結果中看到這一點。

Sales grew about 1%. The organic decline was minus 1%. But in particular, if you take out Aerospace and look at the Industrial only, Industrial segment grew organically almost 4%, so that was significant.

銷售額成長約 1%。有機下降為-1%。但特別是，如果你去掉航空航天並只看工業部門，工業部門有機增長了近 4%，所以這是很重要的。

We had 5 all-time quarterly records. You can see that in net income, EPS and the segment margins for Parker, North America and International.

我們創造了 5 項歷史季度記錄。您可以在派克、北美和國際公司的淨利潤、每股收益和分部利潤率中看到這一點。

EBITDA margin was very strong at 21.6% as reported, 21.8% adjusted, a huge increase versus prior 250 basis points.

據報道，EBITDA 利潤率為 21.6%，調整後為 21.8%，與先前的 250 個基點相比大幅成長。

Year-to-date cash flow was an all-time record of $1.9 billion and 18 -- a little over 18% of sales.

年初至今的現金流量創歷史新高，達到 19 億美元，佔銷售額的 18% 略多一點。

If you go to the very last row of this page, you see segment operating margin on adjusted basis, 21.4%, again, a significant improvement versus prior, plus 240 basis points.

如果您轉到本頁的最後一行，您會看到調整後的部門營業利潤率為 21.4%，與之前相比有了顯著改善，增加了 240 個基點。

So a terrific quarter in really tough conditions.

因此，在非常艱難的條件下，這是一個非常棒的季度。

If you go to the next slide. I want to talk about the transformation of the company. The old adage that a picture is worth a thousand words and so I want to take you to Slide 5, and this is really the picture that speaks to the transformation of the company.

如果您轉到下一張投影片。我想談談公司的轉型。俗話說，一圖勝千言，所以我想帶您看投影片 5，這確實是一張講述公司轉型的圖片。

Let me explain the chart here for a minute. So you've got in gold bars the adjusted EPS. The blue line is global PMI plotted on a quarterly basis. If you look at the last 6 years and look at that dotted green line and compare that to the blue global PMI line, you see they are much less correlated. In fact, they are diverging. And there's been a step change in performance. The EPS over this time period is more than doubled from $7 to our guidance of $14.80, so approaching $15. And what's propelled that over that time period is an EBITDA margin that's grown 600 basis points.

讓我解釋一下這裡的圖表。所以你得到的是調整後的每股盈餘金條。藍線是按季度繪製的全球 PMI。如果你看看過去 6 年的綠色虛線，並將其與藍色的全球 PMI 線進行比較，你會發現它們的相關性要小得多。事實上，他們是有分歧的。而且性能也發生了巨大的變化。這段時間內的每股收益從 7 美元增加了一倍多，達到我們指導的 14.80 美元，接近 15 美元。在此期間，推動這一成長的是 EBITDA 利潤率成長了 600 個基點。

So you might ask how, how's that happened? It's really that blue takeaway at the bottom of the page: it's our people that focus the alignment, the engagement that comes when you have people think and act like an owner; the portfolio, which is a combination of our interconnected technologies and the value they bring; and the capital deployment we've done buying some great companies that have added to the strength of the company. Then our performance, which really sits with the strategy of the company, Win Strategy 2.0, at the kind of the beginning of this journey and then Win Strategy 3.0 most recently in FY '20. So this combination has really transformed the company. You see that as evidenced on this slide, and we're very proud of it.

那你可能會問，這是怎麼發生的？這確實是頁面底部的藍色要點：我們的員工專注於協調，當你讓人們像主人一樣思考和行動時，就會產生參與度；產品組合，是我們互聯技術及其帶來的價值的組合；我們已經進行了資本部署，購買了一些很棒的公司，這些公司增加了公司的實力。然後，我們的業績真正符合公司的策略，即在這段旅程的開始階段的“贏戰略2.0”，然後是最近在20財年的“贏戰略3.0”。因此，這種結合確實改變了公司。您可以在這張投影片上看到這一點，我們對此感到非常自豪。

But if you go to Slide 6. So that's what's kind of in the rearview mirror. But going forward, we're equally excited about where the company is going to go. And I've called this a convergence of positive inflection points. So on the left-hand side is kind of those external inflection points, you're familiar with a lot of these.

但如果你看投影片 6。這就是後視鏡中的情況。但展望未來，我們也對公司的發展方向感到興奮。我將其稱為積極拐點的匯聚。因此，左側是一些外部拐點，您對其中許多都熟悉。

The macro environment. Industrial momentum, you see that in our positive orders and positive organic growth in Industrial we showed in this quarter. Aerospace is going to recover, the question is just what the trajectory will be and the timing. Vaccines are making progress around the world. There's going to be a significant amount of climate investment. And you put all that on top, I didn't write all these down, but low interest rates, pent-up CapEx demand and fiscal spending, you have a very attractive environment for industrials for the next several years.

宏觀環境。工業勢頭，您可以看到我們在本季度表現出的積極訂單和工業部門的積極有機增長。航空航太將會復甦，問題只是軌跡和時機。世界各地的疫苗正在取得進展。將會有大量的氣候投資。你把所有這些都放在上面，我沒有把所有這些都寫下來，但是低利率、被壓抑的資本支出需求和財政支出，未來幾年對工業業來說是一個非常有吸引力的環境。

On the right-hand side is really the internal things we've been doing, Win Strategy 3.0, in particular. But that last slide that I just went through spoke to all those internal actions because that's what's been propelling us. Remember that last period -- last 6 years, really had very little help from a macro standpoint.

右側實際上是我們一直在做的內部事情，特別是獲勝策略3.0。但我剛剛瀏覽的最後一張幻燈片談到了所有這些內部行動，因為這就是推動我們前進的動力。請記住，過去六年，從宏觀角度來看，確實沒有什麼幫助。

So you look at the 3 major things I highlight here. Performance, becoming top quartile, strategies to grow fast in the market, you've seen our margin expansion, great cash flow generation consistently over the cycle. Portfolio, we've added 3 great companies, all accretive on growth, cash and margins, and with the rapid debt paydown that we've done, we're positioned to do future capital deployment, which is very exciting. The technology, I'll get into in the next slide, but the interconnected technologies really is distinctive for us, and then with a climate investment, we are very well positioned with our suite of clean technologies to take advantage of that. So I would tell you that my view and the team's view, this is about as good an environment as we've seen in a number of years.

所以你看看我在這裡強調的三件主要事情。業績、成為前四分之一、在市場中快速成長的策略，您已經看到我們的利潤率擴張、在整個週期中持續產生大量現金流。投資組合中，我們增加了3 家優秀的公司，它們都在增長、現金和利潤方面有所增長，而且隨著我們快速償還債務，我們已經做好了未來資本部署的準備，這是非常令人興奮的。我將在下一張投影片中介紹這項技術，但互聯技術對我們來說確實是獨一無二的，然後透過氣候投資，我們的清潔技術套件可以很好地利用這一點。所以我想告訴你，我和團隊的觀點是，這是我們多年來所見過的最好的環境。

Go to Slide 7. You've heard me talk about this page. The power of interconnectedness of technology brings the value accretion for customers. What I want to do today in light of the clean technology discussion is give you 4 examples of how this suite of technologies helps with a more clean environment -- clean technology world.

請轉到幻燈片 7。您已經聽我談論過此頁面。技術互聯的力量為客戶帶來價值增值。根據清潔技術的討論，我今天想做的是向您提供 4 個範例，說明這套技術如何幫助建​​立一個更清潔的環境——清潔技術世界。

So the first would be electrification and we've got a full portfolio of technologies here: hydraulic, electrohydraulic, pneumatic, electromechanical. No competitors got that breadth of technologies. And we formed about 4 years ago the Motion Technology center, which put the best and brightest of engineers doing motion technologies, things that fly as well as things with wheels underneath it. So we put the Motion and the Aerospace teams together. And this team has come up with a great listing of products around motors, inverters and controllers. But there's also, in addition to the typical motion opportunities, there's other challenges around electrification like lightweighting, thermal management, shielding, structural adhesives and noise vibration, all these through the combination of we have a legacy Engineered Materials and with the LORD acquisition, we're well positioned to take advantage of those.

因此，第一個是電氣化，我們在這裡有完整的技術組合：液壓、電動液壓、氣動、機電。沒有任何競爭對手擁有如此廣泛的技術。大約四年前，我們成立了運動技術中心，該中心匯集了最優秀、最聰明的工程師，研究運動技術、飛行技術以及下面有輪子的技術。因此，我們將 Motion 和 Aerospace 團隊放在一起。該團隊圍繞著馬達、逆變器和控制器推出了一系列精彩的產品。但除了典型的運動機會之外，電氣化還有其他挑戰，如輕量化、熱管理、屏蔽、結構黏合劑和噪音振動，所有這些都是透過我們擁有傳統的工程材料和收購 Lord 的結合，我們我們已經做好充分利用這些的準備。

Secondary is batteries and fuel cells that utilize most of the technologies you see on this page.

其次是電池和燃料電池，它們利用了您在本頁看到的大部分技術。

Third would be clean power sources and that kind of falls into 2 buckets: renewables, which we do a lot -- we've always have done a lot of wind and solar; then the hydrogen, we just recently joined the Hydrogen Council, and it's going to be both onboard as well as infrastructure opportunities as you go out for the next many years. And it's really building on our high-pressure and cryogenic applications that we have today.

第三是清潔能源，分為兩類：再生能源，我們做了很多事——我們一直在風能和太陽能方面做了大量工作；然後是氫，我們最近剛加入了氫理事會，當你在未來的許多年裡外出時，它將既是船上的機會，也是基礎設施的機會。它確實建立在我們今天擁有的高壓和低溫應用的基礎上。

And then we've been a more sustainable company for a long time and really the clean technology example for us that started a lot of things is filtration. And our Filtration business protects and purifies assets and equipment for people for a more sustainable environment. So we feel very good about this portfolio. There's more climate investment in the future.

長期以來，我們一直是一家更具可持續性的公司，對我們來說，真正開始做很多事情的清潔技術例子就是過濾。我們的過濾業務為人們保護和淨化資產和設備，以創造更永續的環境。所以我們對這個投資組合感覺非常好。未來將會有更多的氣候投資。

Going to Slide 8. I just want to remind you of our purpose statement: enabling engineering breakthroughs that lead to a better tomorrow. It's been very inspirational for our team.

轉到投影片 8。我只是想提醒您我們的目的聲明：實現工程突破，帶來更美好的明天。這對我們的團隊來說非常鼓舞人心。

And I think it comes more to light when we give you examples of the purpose in action, which is on Slide 9. And again, kind of following with that clean technology discussion, when I highlight electrification, I'm going to highlight in particular electric vehicles. On the left-hand side, you see applications that are changed because of an HEV or EV versus a combustion engine. On the right-hand side, you see the various technologies that Parker has that addresses those applications. I won't read all those underneath, but you see the major categories: safety and related technologies, things that say weight, thermal management and a variety of things we do for critical protection.

我認為，當我們為您提供行動目的的範例（幻燈片 9 中的範例）時，這一點會更加明顯。同樣，在清潔技術討論之後，當我強調電氣化時，我將特別強調電動車。在左側，您會看到由於混合動力汽車或電動車與內燃機相比而變化的應用程式。在右側，您可以看到 Parker 擁有的用於解決這些應用程式的各種技術。我不會閱讀下面的所有內容，但您會看到主要類別：安全和相關技術、重量、熱管理以及我​​們為關鍵保護所做的各種事情。

The big opportunity for us -- so we obviously are in the factories helping to make these vehicles and we'll always do that. But the big opportunity for us is the onboard content around engineered materials. Our bill of material for an EV or HEV is 10x what it was in a combustion engine. And it's one of the key reasons why our LORD business has grown so nicely even despite the pandemic. So we grew 11% organically in Q3 from LORD. So we're very happy with the progress so far and our purpose and action around electrification as an example.

這對我們來說是一個巨大的機會——所以我們顯然在工廠裡幫助製造這些車輛，我們將永遠這樣做。但對我們來說，最大的機會是圍繞著工程材料的機載內容。我們的電動車或混合動力車的材料清單是內燃機的 10 倍。這也是我們的 Lord 業務在疫情期間仍保持良好成長的關鍵原因之一。因此，第三季度，LORD 的有機成長為 11%。因此，我們對迄今為止的進展以及我們圍繞電氣化的目標和行動感到非常滿意。

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

因此，我將把有關本季的更多詳細資訊轉交給托德。

Okay. Thanks, Tom. I'll just orientate everyone to Slide 11, and I'll do a quick review of the financial results for the quarter. Tom mentioned some of these, so I'll try to move quickly.

好的。謝謝，湯姆。我將向大家介紹投影片 11，然後我將快速回顧本季的財務表現。湯姆提到了其中一些，所以我會盡力快速行動。

Sales for the quarter were $3.746 billion, that is an increase of 1.2% versus prior year. We are proud of the fact that the Diversified industrial segment did turn positive organically. Industrial segment organic growth was 3.7%. Obviously, that was offset by the Aerospace Systems segment, their organic decline was 19.7%. So all in, that drove total organic sales to minus 1.0%.

該季度銷售額為 37.46 億美元，比去年同期成長 1.2%。我們感到自豪的是，多元化工業領域確實有機地轉好。工業部門有機成長率為 3.7%。顯然，這被航空航天系統部門所抵消，其有機下降為 19.7%。總而言之，這導致總有機銷售額下降至-1.0%。

Currency was a favorable impact this quarter of 2.2%. And just a note, in respect to acquisitions, this is the first full quarter that we report both LORD and Exotic in our organic growth numbers. So therefore, the acquisition impact was zero.

貨幣對本季的有利影響為2.2%。請注意，關於收購，這是我們在有機成長數據中同時報告 Lord 和 Exotic 的第一個完整季度。因此，收購影響為零。

Moving to segment operating margins. You saw the number, 21.4%, that's an improvement of 240 basis points from prior year. It's also an improvement of 130 basis points sequentially. Strong margin performance there. And that really was a result of just broad-based execution of The Win Strategy. We continued to manage our cost in a disciplined manner. The portfolio additions in CLARCOR, LORD and Exotic are all performing soundly. And you've all been familiar with the restructuring activities that we've done in FY '20 and in FY '21. Those are on track and on planned and generating the savings that we expected.

轉向細分營業利潤率。你看到了這個數字，21.4%，比去年提高了 240 個基點。這也比上一季提高了 130 個基點。那裡的利潤率表現強勁。這確實是廣泛執行獲勝策略的結果。我們繼續以嚴格的方式管理成本。 CLARCOR、LORD 和 Exotic 新增的投資組合均表現良好。你們都熟悉我們在 20 財年和 21 財年所做的重整活動。這些都按計劃進行並按計劃進行，並產生了我們預期的節省。

Adjusted EBITDA margins did expand 250 basis points from prior year, finished the quarter at 21.8%.

調整後 EBITDA 利潤率確實比去年同期成長了 250 個基點，本季末達到 21.8%。

And net income is $540 million, which is a 14.4% ROS, that's increased by 22% from prior year.

淨利潤為 5.4 億美元，ROS 率為 14.4%，比上年增長 22%。

Adjusted EPS is $4.11, that is $0.72 or 21% increase compared to prior year's results of $3.39.

調整後每股收益為 4.11 美元，與去年的 3.39 美元相比，增加了 0.72 美元，即 21%。

And as Tom said, it's just really outstanding performance. And I'd also, too, like to commend our global team members for generating these results.

正如湯姆所說，這真是非常出色的表現。我還要讚揚我們的全球團隊成員取得了這些成果。

If you slide to Slide 12, this is really a bridge of that $0.72 increase in adjusted EPS versus prior year. And the story here across the board is just strong execution from all of our businesses. This produced robust incrementals in our Diversified Industrial segment and really commendable decrementals in the Aerospace Systems segment.

如果你滑到投影片 12，這實際上是調整後每股收益與前一年相比增加 0.72 美元的橋樑。整體而言，我們所有業務的執行力都很強。這在我們的多元化工業領域產生了強勁的增量，並在航空航天系統領域產生了值得稱讚的減量。

Adjusted segment operating income did increase by $98 million or 14% versus prior year, that equates to $0.58 of EPS and really is the primary driver of the increase in our adjusted EPS number.

調整後的部門營業收入確實比前一年增加了 9,800 萬美元，即 14%，相當於每股收益 0.58 美元，這確實是我們調整後每股收益成長的主要驅動力。

Interest expense was favorable to prior by $0.12 as we posted yet another quarter of sizable repayment of our serviceable debt and that is really benefiting from our strong cash flow generation.

利息支出比之前有利 0.12 美元，因為我們又一個季度償還了可償還債務，這確實受益於我們強勁的現金流生成。

Other expense, income tax and shares netted to a $0.02 favorable impact compared to prior year.

與前一年相比，其他費用、所得稅和股票淨額產生了 0.02 美元的有利影響。

Moving to Slide 13. This is just an update on our discretionary and permanent cost-out actions. And this is just a reminder, these represent both savings recognized in the current fiscal year from our discretionary actions in response to the pandemic and our permanent realignment actions that were taken at the end of FY '20 and throughout FY '21.

轉向投影片 13。這只是我們酌情和永久成本削減行動的更新。這只是提醒一下，這些代表了我們在本財年因應對這一流行病而採取的酌情行動以及我們在 20 財年末和整個 21 財年採取的永久性調整行動所確認的節省。

Discretionary statements came in exactly as we guided, at $25 million for Q3, and now totaled $215 million year-to-date. There is no change to our discretionary savings forecast for Q4, that remains $10 million. And we continue to forecast the total year to be $225 million in full year savings.

酌情報表完全按照我們的指導，第三季為 2,500 萬美元，今年迄今總計 2.15 億美元。我們對第四季的可自由支配儲蓄預測沒有變化，仍為 1000 萬美元。我們繼續預測全年節省總額為 2.25 億美元。

Just to note, with the increased demand levels that we're seeing from our positive order entry, our teams have really pivoted to growth and really now these discretionary actions that we knew would diminish across the calendar year have now really been based in reduced travel expenses.

需要注意的是，隨著我們從積極的訂單輸入中看到需求水平的增加，我們的團隊確實轉向了增長，實際上，我們知道在整個日曆年中會減少的這些酌情行動現在實際上是基於旅行的減少花費。

If you move to permanent savings, we realized $65 million in Q3. Our total year-to-date is $190 million. The full year forecast, again, here remains, as previously communicated, at $250 million.

如果轉向永久儲蓄，我們在第三季實現了 6500 萬美元。年初至今，我們的總收入為 1.9 億美元。正如之前所傳達的，全年預測仍為 2.5 億美元。

One item to note, we did guide that the cost of the FY '21 restructuring would come in around $60 million. It's now expected to be $10 million less or $50 million, but there is no change to the expected savings that we are forecasting.

需要注意的一點是，我們確實預計 21 財年重組的成本將約為 6,000 萬美元。現在預計會減少 1000 萬美元或 5000 萬美元，但我們預測的預期節省量沒有變化。

Total incremental impact for the year for both permanent and discretionary savings is $260 million.

今年永久儲蓄和可自由支配儲蓄的增量影響總額為 2.6 億美元。

And just one other thing to note, this will probably be the last quarter that we detail these items as we anniversary the pandemic-induced volume declines and really focus our attention on growth.

還有一件事需要注意，這可能是我們在紀念大流行引起的銷量下降並真正將注意力集中在增長上時詳細介紹這些項目的最後一個季度。

So the takeaway is savings are on track, no changes other than the expense will be a little bit less.

因此，我們得出的結論是，儲蓄已步入正軌，除了費用會減少一點之外，沒有其他變化。

If you go to Slide 14, this is just highlighting some items from our segment performance for the third quarter. In our Diversified North America business, sales were $1.76 billion. That is an improvement in organic sales sequentially from Q2. It still is down 1.2% from prior year.

如果您查看投影片 14，這只是突出顯示了我們第三季的細分市場業績中的一些項目。我們多元化的北美業務銷售額為 17.6 億美元。這是有機銷售額較第二季連續改善的結果。仍較去年下降 1.2%。

But if you look at the adjusted operating margins, we did increase those operating margins by 190 basis points versus prior year and reached 21.9% for the quarter. We were able to increase these margins despite that sales decline due to our disciplined cost management, those portfolio improvements we've talked about, and really, margins in this segment are at a record level.

但如果你看一下調整後的營業利潤率，我們的營業利潤率確實比去年同期增加了 190 個基點，本季達到 21.9%。儘管由於我們嚴格的成本管理和我們所討論的產品組合改進而導致銷售額下降，但我們仍然能夠提高這些利潤率，而且實際上，該領域的利潤率達到了創紀錄的水平。

If you slide over to order rates, another positive here. They improved significantly from plus 1% last quarter and they're now ending the quarter at plus 11%.

如果你滑到訂單率，這裡還有另一個好處。與上季度的 1% 相比，他們有了顯著改善，現在本季末的成長率為 11%。

Looking at the Diversified Industrial International sales, robust organic growth here of 11.1%. Total sales came in at $1.39 billion.

從多元化工業國際銷售來看，有機成長強勁，達到 11.1%。總銷售額為 13.9 億美元。

And another great story here, adjusted operating margins expanded substantially and reached 21.6%, an improvement of 400 basis points versus prior year. Clearly, the double-digit organic growth, coupled with the cost containment and the effort from our global team, really generated this level of record margin performance as well.

另一個精彩的故事是，調整後的營業利潤率大幅成長，達到 21.6%，比前一年提高了 400 個基點。顯然，兩位數的有機成長，加上成本控制和我們全球團隊的努力，確實也創造了創紀錄的利潤率表現。

And again, another plus here is order rates accelerated in this segment and are now plus 14% for the quarter.

再說一次，這裡的另一個優點是該細分市場的訂單率有所加快，目前該季度的訂單率增加了 14%。

If you look at Aerospace Systems, they continued to really perform soundly in the current environment. Sales were $599 million for the quarter. Organic sales showed a slight sequential improvement from Q2, but are still down basically 20% from prior year. Commercial end markets are still under pressure. However, there is strength in our military end markets.

如果你看看航空航天系統公司，他們在當前環境中繼續表現良好。該季度銷售額為 5.99 億美元。有機銷售額較第二季略有改善，但仍較去年同期下降 20%。商業終端市場仍面臨壓力。然而，我們的軍事終端市場有實力。

What's nice here is operating margins were 19.4%, 30 basis points better than prior year despite that 20% decline in volume. And if you look at our fiscal year, that performance of 19.4% is the highest they've done all year. So we're really proud about that.

令人欣喜的是，儘管銷量下降了 20%，但營業利潤率為 19.4%，比上年提高了 30 個基點。如果你看看我們的財年，你會發現 19.4% 的業績是他們全年最高的。所以我們對此感到非常自豪。

Decremental margins are also impressive here in this segment. This quarter, they're 18% decremental margins.

該領域的利潤率下降也令人印象深刻。本季度，他們的利潤率下降了 18%。

Order rates appeared to have bottomed and finished at minus 19% for this quarter. And just a reminder, that is on a rolling 12-month basis.

本季訂單率似乎已觸底，最終降至-19%。請注意，這是滾動 12 個月的基礎。

So overall, we're pleased about a number of things this quarter. That Diversified Industrial segment organic growth of 3.7% is a positive. Total segment margins improved 240 basis points from prior year and at record levels. Orders have turned positive and are plus 6%. And our teams really continued to leverage the Win Strategy to drive significant improvements in our business and increase productivity and generate strong cash flow.

總的來說，我們對本季的許多事情感到滿意。多元化工業部門 3.7% 的有機成長是正面的。部門總利潤率比前一年提高了 240 個基點，達到創紀錄的水平。訂單轉正，成長 6%。我們的團隊確實繼續利用獲勝策略來推動我們業務的重大改進，提高生產力並產生強勁的現金流。

So with that, I'll ask you to go to Slide 15. This is just some details on our cash flow. Year-to-date cash flow from operations is now $1.9 billion. That's 18.1% of sales. That's up 45% from prior year, and it is a year-to-date record.

因此，我會請您轉到幻燈片 15。這只是我們現金流的一些詳細資訊。年初至今，營運現金流為 19 億美元。佔銷售額的 18.1%。這比去年增長了 45%，也是今年以來的最高紀錄。

Improved net income margin, as we've talked about before, is really a key driver in this. It's created a step change in our cash flow generation. But I'd also like to commend our team members' intense focus on our working capital metrics. Each of our working capital metrics is improving and showing positive results, and I'm really proud about that.

正如我們之前討論過的，淨利潤率的提高確實是其中的關鍵驅動因素。它使我們的現金流產生發生了巨大變化。但我還要讚揚我們的團隊成員對營運資本指標的高度關注。我們的每項營運資本指標都在改善並顯示出正面的成果，我對此感到非常自豪。

Moving to free cash flow at 16.8% of sales. That's an increase of 630 basis points over prior year. And our free cash flow conversion is now 141%, which compares to 122% in the prior year. So great cash flow generation there.

自由現金流佔銷售額的 16.8%。比去年增加了 630 個基點。我們的自由現金流轉換率為 141%，而前一年為 122%。那裡產生了巨大的現金流。

Moving to Slide 16. I just want to mention some things we've done on our capital deployment. We did pay down $426 million of debt this quarter. That brings our total debt reduction to a little over $3.2 billion in the last 17 months since the LORD acquisition closed.

轉到投影片 16。我只想提及我們在資本部署方面所做的一些事情。本季我們確實償還了 4.26 億美元的債務。自 Lord 收購結束以來，我們的債務總額在過去 17 個月內減少了 32 億美元多一點。

This reduced our gross debt-to-EBITDA to 2.4x, it was 3.8x in the prior year. And net debt-to-EBITDA is now 2.2x and that's down from 3.5% (sic) [3.5x] in the prior year.

這將我們的總債務與 EBITDA 比率降低至 2.4 倍，上一年為 3.8 倍。淨負債與 EBITDA 比率現在為 2.2 倍，低於前一年的 3.5%（原文如此）[3.5 倍]。

Looking at dividends. Last week, you saw our Board of Directors approved a quarterly dividend increase of $0.15 or 17%. This raises our quarterly dividend from $0.88 to $1.03 per share and extends our record of increasing the annual dividends paid per share to 65 consecutive years.

看看股利。上週，我們的董事會批准了季度股息增加 0.15 美元，即 17%。這使我們的季度股息從每股 0.88 美元提高到 1.03 美元，並將我們連續 65 年增加每股年度股息的記錄延長。

And finally, as we mentioned at the Q2 earnings release, we reinstated our 10b5 (sic) [10b5-1] program and repurchased $50 million of shares in the quarter.

最後，正如我們在第二季度收益發布中提到的，我們恢復了 10b5（原文如此）[10b5-1] 計劃，並在本季度回購了 5000 萬美元的股票。

All right. So if you go to Slide 17, I'll just provide some color to the increase in guidance that we gave this morning. Really, the strong year-to-date performance and these order trends have positioned us to increase our full year outlook for sales to a year-over-year increase of 4.5% at the midpoint.

好的。因此，如果您查看幻燈片 17，我將為我們今天早上提供的指導意見的增加提供一些顏色。事實上，年初至今的強勁表現和這些訂單趨勢使我們能夠將全年銷售預期中點提高至同比增長 4.5%。

And the breakdown of that sales change is this. Organic sales are now expected to be flat year-over-year. Acquisitions will add 3%, and the full year currency impact is expected to be 1.5%.

銷售變化的細目如下。目前預計有機銷售額將較去年同期持平。收購將增加 3%，全年貨幣影響預計為 1.5%。

We've calculated the impact of currency to spot rates as of the quarter ended March 31 and we held those rates constant to estimate the Q4 '21 impact.

我們計算了截至 3 月 31 日的季度貨幣對即期匯率的影響，並保持這些匯率不變以估計 21 年第四季的影響。

Moving to segment operating margins. Our guidance for the full year is raised to 20.8% and that would equate to an increase of 190 basis points versus prior year.

轉向細分營業利潤率。我們對全年的指導上調至 20.8%，相當於比上年增加 190 個基點。

And just some additional color, some things to note. Corporate G&A, interest and other is expected to be $381 million on an as-reported basis and $479 million on an adjusted basis. The main difference between those 2 numbers is that $101 million pretax or $76 million after-tax gain on real estate that we recognized and adjusted in the other income line in Q2. That's the main item.

只是一些額外的顏色，一些需要注意的事情。公司一般管理費用、利息及其他預計在報告基礎上為 3.81 億美元，在調整後基礎上為 4.79 億美元。這兩個數字之間的主要區別在於，我們在第二季度的其他收入項目中確認並調整了房地產稅前收益 1.01 億美元或稅後收益 7,600 萬美元。這是主要項目。

If you look at our tax rates down just a little bit, we're now expecting the full year tax rate to be 22.5%.

如果你看看我們的稅率稍微降低一點，我們現在預計全年稅率為 22.5%。

And moving to EPS on a full year basis. Our as-reported EPS guidance range has increased from $12.96 to $13.26, that's $13.11 at the midpoint. And on an adjusted basis, we're increasing the range from $14.65 to $14.95, and that's $14.80 at the midpoint.

並轉向全年每股收益。我們報告的 EPS 指導範圍已從 12.96 美元增至 13.26 美元，即中點 13.11 美元。在調整後的基礎上，我們將範圍從 14.65 美元增加到 14.95 美元，中間值為 14.80 美元。

For Q4, adjusted EPS is projected to be $4.18 per share. That excludes $0.54 or $93 million of acquisition-related amortization expense, the finishing of our business realignment expenses and integration costs to achieve.

第四季度，調整後每股收益預計為 4.18 美元。這不包括 0.54 美元或 9,300 萬美元的收購相關攤銷費用、完成我們的業務調整費用和實現的整合成本。

If you look at Slide 18, this is just the bridge of our increase to our adjusted EPS guidance. These results that we just reviewed, you can see the outperformance that we had in Q3. That increases our previous guide by $0.57. The order strength that we just reviewed and really the exceptional operation and execution by our teams have allowed us to increase Q4 guide by an additional $0.33, and that is exclusively based on increased segment operating income. This raises our full year EPS guide by about 6.5% from prior guide.

如果您查看幻燈片 18，您會發現這只是我們上調調整後 EPS 指導的橋樑。我們剛剛回顧了這些結果，您可以看到我們在第三季的優異表現。這使我們之前的指南增加了 0.57 美元。我們剛剛審查的訂單強度以及我們團隊的出色運作和執行使我們能夠將第四季度指導額外增加 0.33 美元，而這完全基於部門營業收入的增加。這使我們的全年 EPS 指導比之前的指導提高了約 6.5%。

And with that, I'll turn it over to Tom for some summary comments and ask you to move to Slide 19.

接下來，我將把它交給 Tom 徵求一些總結意見，並請您轉到投影片 19。

Thanks, Todd. So we've got a highly engaged team. You see that, that's what's driving our results, the ownership culture that we're building.

謝謝，托德。所以我們有一個高度敬業的團隊。你看，這就是推動我們成就、我們正在建立的主人翁文化的動力。

Record performance in difficult times. These numbers are historical all-time highs for us and not the best of times.

在困難時期創下業績記錄。這些數字對我們來說是歷史新高，但不是最好的時代。

The convergence of positive inflection points. We feel it points to a very bright future.

積極拐點的收斂。我們認為它預示著一個非常光明的未來。

And the cash generation and deployment is evidenced by the rapid debt paydown, the acquisition performance. And our dividend increase, which I would just highlight the first time we've ever been over $1 at $1.03 on a quarterly dividend, which we're very proud of.

快速的債務償還和收購業績證明了現金的產生和部署。我們的股息增加了，我想強調的是，我們的季度股息首次超過 1 美元，達到 1.03 美元，我們對此感到非常自豪。

So The Win Strategy 3.0 and our purpose statement is well positioned in addition to those inflection points for a very strong future. I'll turn it back to Elaine for -- to start the Q&A.

因此，除了這些轉折點之外，獲勝策略 3.0 和我們的目標聲明也處於有利位置，可實現非常強勁的未來。我會將其轉回伊萊恩以開始問答。

(Operator Instructions) And your first question comes from the line of Jamie Cook from Crédit Suisse.

（操作員說明）您的第一個問題來自瑞士信貸銀行的傑米·庫克（Jamie Cook）。

Nice quarter. I guess just 2 questions. One, understanding you don't want to talk about 2022, but I'm trying to understand the setup for incrementals and to what degree if volumes are still there. Can we have above average sort of incrementals and how the discretionary costs sort of factor back in and impact incremental margins?

不錯的季度。我想只有兩個問題。第一，了解您不想談論 2022 年，但我試圖了解增量的設定以及數量是否仍然存在的程度。我們能否獲得高於平均的增量，以及可自由支配成本如何重新納入並影響增量利潤？

And then I guess my second question is regards to your longer-term margin targets, which you're already starting to beat those targets. So in particular, with volumes not really showing up in your numbers. I'm just trying to think about how we position your margins longer term potentially to be at a higher structural level?

然後我想我的第二個問題是關於您的長期利潤目標，您已經開始超越這些目標。特別是，成交量並沒有真正出現在你的數字中。我只是想考慮一下我們如何將您的利潤長期定位在更高的結構層面？

Jamie, it's Tom. So I'll start with the incrementals. The one thing I would point out is our guidance for Q4 is incrementals of about 30%. And if you were to do like-for-like and take out the discretionary savings we had in the Q4 prior period, may be about 50% incremental.

傑米，是湯姆。所以我將從增量開始。我要指出的一件事是，我們對第四季的指導是增量約 30%。如果你要進行類似的操作並取出我們在上一季第四季的可自由支配的節省，可能會增加約 50%。

So they'd be the incrementals that we feel based on the cost structure and all the things we've done with Win 2.0, Win 3.0, that we would generate at this point in the cycle. So that's -- we would continue to do 30%. I think as we go into '22, obviously, we're not guiding to that yet, but I think that's a good round number to use for us.

因此，它們將是我們根據成本結構以及我們在 Win 2.0、Win 3.0 中所做的所有事情而感受到的增量，我們將在週期的這一點上產生這些增量。所以我們會繼續做 30%。我認為，當我們進入 22 世紀時，顯然我們還沒有指導這一點，但我認為這對我們來說是一個很好的整數。

But I'll highlight Q4 because it is impacted by the prior period discretionary, which we don't have now or not as much and that difference is pretty significant. We go from a 30% to a plus 50% incremental. So it speaks to the underlying power of the business is there.

但我會強調第四季度，因為它受到前期可自由支配的影響，而我們現在沒有或沒有那麼多，而且這種差異非常顯著。我們的增量從 30% 增加到 50%。所以這說明了企業的潛在力量是存在的。

And then on your question on long-term margin targets, yes, this is a good problem that we have, that we basically had beat our targets by about 2 years. Our guide at 20.8% at the midpoint on op margin is within spitting distance of the 21%. And then on EBITDA, we don't guide on EBITDA margins, we'll be at the 21% for a full year on EBITDA.

然後關於你關於長期利潤目標的問題，是的，這是我們遇到的一個好問題，我們基本上已經超越了我們的目標大約兩年。我們的指導值為營運利潤率中點 20.8%，與 21% 相差不遠。然後在 EBITDA 方面，我們不以 EBITDA 利潤率指導，我們全年的 EBITDA 利潤率為 21%。

So we're actively working on what this new set of targets will be. And I'm sure this is a question everybody had. So we're going to disclose them at IR day, which will be March of next year. And we think that's the appropriate forum to do that. But rest assured, we're working on it and we're not going to settle or be happy with stopping at where we're at. We're going to continue to march forward. And we'll give you that vision when we have Investor Day.

因此，我們正在積極研究這組新目標。我相信這是每個人都有的問題。因此，我們將在明年 3 月的投資者關係日披露這些資訊。我們認為這是實現這一目標的合適論壇。但請放心，我們正在努力解決這個問題，我們不會滿足或高興地停留在我們現在的位置。我們將繼續砥礪前行。當我們有投資者日時，我們將向您展示這個願景。

And your next question comes from the line of Andrew Obin from Bank of America.

您的下一個問題來自美國銀行的安德魯·奧賓（Andrew Obin）。

Yes. I guess I'll follow Jamie's lead. I'll ask one question, but it will have 2 parts. It seems you guys are getting ready for some of the best growth you've seen in a long, long time.

是的。我想我會跟隨傑米的領導。我會問一個問題，但它有兩個部分。看來你們已經準備好迎接很長一段時間以來最好的成長了。

And the 2-part question that I have for you is, how do you think about your supply chain and manufacturing footprint to meet demand and meet growth over the next 3, 4, 5 years in North America. So that's Part 1.

我向您提出的由兩部分組成的問題是，您如何看待您的供應鏈和製造足跡，以滿足北美未來 3、4、5 年的需求和成長。這就是第 1 部分。

And Part 2, for the past decade, at least, we didn't really have a lot of growth in North America structurally. And in terms of your distribution channel, do you need -- what do you need to do to optimize your distributors for this new growth environment? Do they need to be better capitalized? There's been some consolidation. Do you need to continue consolidating your dealers?

第二部分，至少在過去的十年裡，我們在北美的結構性成長並沒有真正實現。就您的分銷管道而言，您需要做什麼來優化您的經銷商以適應這種新的成長環境？他們需要更好的資本化嗎？出現了一些整合。您是否需要繼續整合您的經銷商？

So Part 1, manufacturing, getting ready for this multiyear upturn; and Part 2, what do you need to do on the distribution side?

第 1 部分，製造業，為多年的經濟復甦做好準備；第 2 部分，您需要在分銷方面做什麼？

Okay. Andrew, it's Tom. I'll start. Maybe Lee can pile on with the manufacturing structure of the company. But we feel that we're well positioned to take advantage of this growth. I mean one of our strengths historically is when there is a spike in demand, our supply chain and the fact that we make buy and sell local for local and our manufacturing footprint, which is diversified around the world, has typically been more responsive than our competitors.

好的。安德魯，是湯姆。我開始吧。也許李可以繼續完善公司的製造結構。但我們認為我們已經做好了充分利用這一成長的準備。我的意思是，我們歷史上的優勢之一是，當需求激增時，我們的供應鏈以及我們為當地進行本地買賣的事實，以及我們在世界各地多元化的製造足跡，通常比我們的供應鏈反應更快。競爭對手。

And then what we've done with 3.0 and adding Kaizen, and when -- as I started with my opening comments, when you link to safety performance Lean, Kaizen and the high-performance teams, think of the high-performance teams as the structure, how we run the various sales and value streams, you've got a very powerful combination. And as we do Kaizens, we keep finding ways to free up capacity, free of floor space, free of capacity in our equipment, we're able to do what we call more simple automation category, which is uses the only free thing in life, which is gravity. And if you saw these, these are gravity-induced material handling things and simple automation in the factories, has allowed us to be responsive to this demand.

然後我們對 3.0 做了什麼，添加了 Kaizen，當我開始評論時，當你連結到安全績效精實、Kaizen 和高績效團隊時，將高績效團隊視為結構，我們如何運行各種銷售和價值流，你就得到了一個非常強大的組合。當我們做 Kaizens 時，我們不斷尋找釋放容量、釋放佔地面積、釋放設備容量的方法，我們能夠做我們所說的更簡單的自動化類別，這是使用生活中唯一免費的東西，即重力。如果您看到這些，這些是重力引起的物料搬運設備和工廠中的簡單自動化，使我們能夠響應這一需求。

So I think we're well positioned. Obviously, we're going to have to continue to invest, which we will, but we just found ways to do it more efficiently. And Kaizen has been kind of the great liberator for us to be able to do that.

所以我認為我們處於有利位置。顯然，我們將不得不繼續投資，我們會的，但我們只是找到了更有效的方法。 Kaizen 是我們能夠做到這一點的偉大解放者。

On the channel, the channel has been -- to your point, has been consolidating over the last number of years. I think it's in a better position than it's ever been to respond. We did see nice growth in distribution sequentially. And our distributors are investing in some inventory for the future and I think they'll be in position to respond. Obviously, we take share through them as well as through our OEMs going direct.

在通路方面，就您而言，該頻道在過去幾年中一直在鞏固。我認為它比以往任何時候都處於更好的位置來回應。我們確實看到了分銷的連續良好成長。我們的經銷商正在為未來投資一些庫存，我認為他們將能夠做出回應。顯然，我們透過他們以及我們的原始設備製造商直接獲取份額。

And we've got a great distribution team. Our partners are strong. We've got a great distribution sales force. The distributors have been investing in application engineers and have been relying on us to be better at supply chain. And in their eyes, we can continue to do better, but we have made quite a bit of stride on that.

我們擁有優秀的發行團隊。我們的合作夥伴實力雄厚。我們擁有強大的分銷銷售團隊。經銷商一直在應用工程師方面進行投資，並一直依賴我們在供應鏈方面做得更好。在他們看來，我們可以繼續做得更好，但我們已經在這方面取得了很大的進展。

So I think both of those we'll be well positioned to take advantage of this upturn.

因此，我認為我們將能夠很好地利用這一經濟好轉的機會。

And your next question comes from Scott Davis from Melius Research.

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

Kind of fascinated by Slide 9. I know you've shown it before, but I don't think you guys have disclosed kind of the opportunity difference between the electric vehicle and potential content versus ICE. Is there any way that you can quantify the opportunity for us?

對幻燈片 9 有點著迷。我知道你們以前已經展示過它，但我認為你們沒有透露電動車和潛在內容與 ICE 之間的機會差異。有什麼方法可以量化我們的機會嗎？

Scott, this is Tom. So for competitive reasons and for sensitivities with customers, I won't get into the dollar content, which is why you heard me describe it in terms of just size versus ICE at 10x our bill of material. Our bill of material onboard is primarily almost exclusively all engineered materials. So everything when you go down that list on the right-hand side of Slide 9, these are all engineered materials. And this has been a combination of a pretty strong portfolio that we had before we did LORD, but then LORD added quite a bit to that. And really, the combination we've got there has really given us a very attractive offering for the customers. And the debate is how fast it's going to grow and what percentage of the total fleet it will take over.

斯科特，這是湯姆。因此，出於競爭原因以及對客戶的敏感性，我不會討論美元內容，這就是為什麼你聽到我用 10 倍我們材料清單的 ICE 的尺寸來描述它。我們船上的物料清單幾乎都是工程材料。因此，當您查看幻燈片 9 右側的清單時，您會發現所有這些都是工程材料。這是我們在做 Lord 之前擁有的相當強大的產品組合的組合，但後來 Lord 又增加了很多。事實上，我們的組合確實為我們的客戶提供了非常有吸引力的產品。爭論的焦點是它的成長速度以及它將佔整個船隊的比例。

But for us, every time there's a new EV, it's an upside opportunity. Recognize, as I mentioned, that LORD growing 11% in the quarter, LORD is 1/3 of Aerospace. So LORD's aerospace business is doing a little better than legacy Parker's because they have pretty big military exposure. But it's feeling pressure just like legacy partners. And for LORD as a whole to show a plus 11% just shows you the growth we've got on the EV and the HEV side.

但對我們來說，每次推出新的電動車，都是一個上行機會。正如我所提到的，LORD 在本季成長了 11%，LORD 佔航空航太領域的 1/3。因此，洛德的航空航太業務比帕克的傳統業務表現要好一些，因為他們有相當大的軍事業務。但它和傳統夥伴一樣也感受到了壓力。 Lord 作為一個整體顯示出 11% 的成長，這只是向您展示了我們在電動車和混合動力車方面的成長。

Okay. Fair enough. And what -- just again, looking at Slide 13 and the discretionary costs versus the permanent, how do you think about this going forward and kind of past the middle of the year? Will expenses kind of go back to pre-COVID levels? Is that something that you guys are starting to model in? Or is there some sort of improvement to discretionary that's even -- that almost becomes permanent, if you will, like people will travel a little bit less or there's -- you find that you don't need to send 30 people do a trade show, you can send 20. I mean -- or is that in the numbers already, an open-ended question, I guess, Tom?

好的。很公平。再說一次，看看投影片 13 以及可自由支配成本與永久成本，您如何看待未來以及今年年中之後的情況？費用會回到新冠疫情前的水平嗎？這是你們開始建模的東西嗎？或者是否有某種可自由支配的改進，甚至 - 如果你願意的話，這幾乎會成為永久性的，就像人們會少一點旅行，或者 - 你發現你不需要派 30 個人去參加貿易展覽，你可以發送20 個。我的意思是——或者說這已經是一個開放式問題了，我猜，湯姆？

No. Scott, this is Todd. I'll take that question. You're right on all accounts there. When we talked about this last year, because the decline in volume came so quickly, we pulled a number of levers on discretionary expenses. A lot of this was in response to the volume declines, right? And we talked about our permanent actions and that eventually our permanent actions would rightsize the business. We feel like we're there now.

不，斯科特，這是托德。我來回答這個問題。你在所有方面都是對的。當我們去年談論這個問題時，由於交易量下降得如此之快，我們在可自由支配費用上動用了一些槓桿。這很大程度上是為了應對銷量下降，對嗎？我們討論了我們的永久行動，最終我們的永久行動將調整業務規模。我們感覺我們現在就在那裡。

But we have found a new way to do business, right? I don't think we will go back to the way we did things, travel, trade shows, those are all great examples. But there will be some, right? We're still trying to figure out what that is, but it will not be like it was before. So that will be essentially a change that will be structural going forward.

但我們已經找到了新的經營方式，對嗎？我不認為我們會回到我們做事的方式，旅行、貿易展覽，這些都是很好的例子。但一定會有一些，對嗎？我們仍在試圖弄清楚那是什麼，但它不會像以前那樣。因此，這本質上將是一個結構性的變化。

And you have a question from Joel Tiss from BMO.

BMO 的 Joel Tiss 向您提出了一個問題。

Can you talk a little bit about the inventories in the channel in Aerospace? And just sort of maybe more generically how the industry is setting up for '22 and '23? Like what are you hearing from your customers and your distributors and things like that?

能談談航空航太頻道的庫存狀況嗎？更一般地說，產業如何為「22」和「23」做好準備？例如您從客戶和經銷商聽到了什麼？

Joel, it's Tom. So on distribution, we saw really nice improvement versus Q2. So distribution came in at plus 2% overall for the quarter versus a minus 6% in the prior period, so an 800 basis point improvement in distribution. We saw really good growth in Asia Pacific and Latin America in that 15% to 20% range. EMEA was flat. And North America was just slightly negative, low single digits. But pretty much across all our distributors, we saw a combination of actual activity driving demand and then investing in inventory in the coming months. So I think the channel has turned from -- last quarter, I talked about selective restocking. I think it's pretty much across the board people are planning for their future.

喬爾，是湯姆。因此，在分銷方面，我們看到與第二季相比確實有了很大的改善。因此，本季的分配總體上為正 2%，而上一時期為負 6%，因此分配改善了 800 個基點。我們看到亞太地區和拉丁美洲在 15% 到 20% 的範圍內實現了非常好的成長。歐洲、中東和非洲地區持平。北美地區的情況略有下降，為低個位數。但在我們所有的經銷商中，我們幾乎看到了實際活動推動需求以及未來幾個月庫存投資的結合。所以我認為這個管道已經從上個季度我談到的選擇性補貨轉向。我認為人們正在全面規劃自己的未來。

And then in Aerospace, we still need time. It's -- I think we're bouncing along the bottom there. And we've sized the company to put great margins, where we're at right now. We have the advantage of being very diversified in our segments between engines, military, commercial, helicopters, et cetera, going down the line, that's helped us quite a bit. We're about 50-50 in military and OE.

然後在航空航太領域，我們仍然需要時間。我認為我們正在底部反彈。我們已經調整了公司規模，以實現我們目前所處的高利潤率。我們的優勢是在發動機、軍用、商用、直升機等領域非常多元化，這對我們有很大幫助。我們在軍事和 OE 方面大約有 50-50 人。

So we're well positioned. But the question mark there is just what will the trajectory be and how long do we bounce along the bottom. Clearly, I think the military side will continue to be strong for us. It was strong this quarter and will continue to be strong going forward. Both OE and MRO, we're on the right programs there. In the commercial side, it will be all based on -- we will be based on line rates from the OEMs, the airframers. And then on the MRO side for commercial, it's all about air traffic shop business and you see positives with airlines hiring pilots back. And departure rates are improving, and that will speak well to shop visits down the road.

所以我們處於有利位置。但問題是軌跡將會是什麼，以及我們會沿著底部反彈多久。顯然，我認為軍事方面對我們來說將繼續保持強大。本季表現強勁，並將持續強勁。無論是 OE 還是 MRO，我們都在進行正確的規劃。在商業方面，這一切都將基於——我們將基於原始設備製造商、機身製造商的線路費率。然後在商業 MRO 方面，這一切都與空中交通商店業務有關，你會看到航空公司重新僱用飛行員的積極因素。出發率正在改善，這將有利於未來的商店光顧。

And you have a question from Joe Ritchie from Goldman Sachs.

高盛的喬·里奇向您提出了一個問題。

So I'll ask a multipart one question, but really around free cash flow because that's been a great story for you guys as well. And so as we think about next year and the inflection that you're going to see in growth, how do we think about you having to build working capital within your own distribution and the impact that, that could have on 2022 free cash flow margins.

所以我會問一個多部分的問題，但實際上是圍繞著自由現金流的，因為這對你們來說也是一個很棒的故事。因此，當我們考慮明年以及您將在成長中看到的轉折點時，我們如何看待您必須在自己的分配範圍內建立營運資本以及這可能對 2022 年自由現金流利潤率產生的影響。

And then beyond that, like longer term, what's kind of like the right entitlement? If margins are going to be going up longer term, what can free cash flow margins look like longer term for the company?

除此之外，從長遠來看，什麼是正確的權利？如果利潤率將在長期內上升，那麼公司的長期自由現金流利潤率會是什麼樣子？

Joe, this is Todd. I'll take that question. And thanks for noting our superb free cash flow, we are really proud about that. As you know, we don't guide on free cash flow. We're really happy with our results. There has been a step change. If you look back over time, I kind of alluded to that in the slides there. It's really driven by our increased margin performance.

喬，這是托德。我來回答這個問題。感謝您注意到我們出色的自由現金流，我們對此感到非常自豪。如您所知，我們不提供自由現金流指導。我們對我們的結果非常滿意。發生了一步改變。如果你回顧過去，我在幻燈片中提到了這一點。這實際上是由我們提高的利潤表現所推動的。

But not only that, I mentioned our working capital. Our teams really have put intense focus on this. And that's one of the areas that we really have improved with these recent acquisitions, kind of bringing them into Parker-type terms and Parker-type policies. So we're not done with that. We still have room to go on that on every single one of those metrics. So we do see that improving.

但不僅如此，我還提到了我們的營運資金。我們的團隊確實非常關注這一點。這是我們透過最近的收購真正改進的領域之一，將它們納入帕克式的條款和帕克式的政策中。所以我們還沒完成。我們在每項指標上仍有持續發展的空間。所以我們確實看到情況有所改善。

Will there be some pressure as growth comes? Absolutely, but it will not adversely affect those numbers. We see a positive future here for cash flow.

隨著成長的到來，會不會有些壓力？絕對可以，但這不會對這些數字產生不利影響。我們看到這裡的現金流有一個積極的未來。

And you have a question from Nathan Jones from Stifel.

來自 Stifel 的 Nathan Jones 向您提出了一個問題。

I'd like to follow-up on the Aerospace side. Tom, specifically on commercial aerospace and even more specifically on the aftermarket side, that's where you guys are going to see the pickup on the commercial side first. Have you seen sequentially that get any better as we're really seeing the front end of air traffic start to pick up.

我想跟進航空航天方面的情況。湯姆，特別是在商業航空航太方面，更具體地說是在售後市場方面，你們將首先在商業方面看到皮卡。您是否連續看到情況有所好轉，因為我們確實看到空中交通的前端開始回升。

And if not, what's the typical kind of lag you see from when that recovery in air traffic starts to when you actually see the recovery in your aftermarket orders?

如果沒有，從空中交通開始復甦到實際看到售後訂單復甦的典型延遲是什麼？

Yes. Nathan, it's Tom. So sequentially on sales, for commercial MRO, we saw a 13% improvement going from Q2 to Q3. And the lag is sometimes hard to predict. But the sequence of the increase in available seat kilometers, increase in departure rates, drive shop visits to go up at some period of time after that. And that's always the hard part because it depends on what the routes are in the cycles and the particular engine, et cetera. But those will start to improve. And then once the shop visits go up, then our flow-through in the commercial MRO is going to happen.

是的。內森，是湯姆。因此，就商業 MRO 的銷售而言，我們看到從第二季到第三季成長了 13%。而且這種滯後有時很難預測。但可用座位公里數的增加、出發率的增加，會在之後的一段時間內帶動商店客流量的上升。這始終是困難的部分，因為它取決於循環中的路線和特定的引擎等等。但這些將開始改善。一旦商店訪問量上升，我們的商業 MRO 流程就會發生。

So I can't give you an exact lag because if I did it, I would probably be wrong. But clearly, these are all positive signs. Pilots being hired, departure rates going up, available seat kilometers starting to, at least, stabilize and starting to improve. Those will all speak to shop visits going up and they'll drive higher content of MRO for us.

所以我不能給你一個確切的滯後時間，因為如果我這樣做，我可能會錯。但顯然，這些都是正面的跡象。飛行員被雇用，起飛率上升，可用座位公里數至少開始穩定並開始改善。這些都將導致商店訪問量的增加，並將為我們帶來更高的 MRO 內容。

Okay. And then one on use of cash here. I think you guys had said, once we get to about mid- this year, mid-calendar year, you're going to be out of debt to pay off and obviously producing a lot of cash flow here. Can you talk about your approach to the M&A market now, when we might expect to see you back into it? And what the maturity of the pipeline looks like right now?

好的。然後是關於現金的使用。我想你們說過，一旦我們到了今年年中、日曆年中，你們將擺脫債務來還清，並且顯然會在這裡產生大量現金流。現在您能談談您對併購市場的態度嗎？我們預期您何時會重返併購市場？目前管道的成熟度如何？

Yes. Nathan, this is Tom again. So you're right. Our serviceable debt will be paid off this quarter. So we'll enter FY '22 with no serviceable debt and our next payment corporate bond not due till September calendar '22. So we have opportunities.

是的。內森，這又是湯姆。所以你是對的。我們的可償還債務將於本季還清。因此，我們將進入 22 財年，沒有可償還債務，而我們的下一筆付款公司債要到 9 月日曆 22 才到期。所以我們有機會。

And the way I would always describe it and the lessons learned from the financial crisis is to continuously work the financial pipeline. Lee, Todd and myself just did reviews. We do this all the time. Lee does it monthly with his presidents. And so this is something we stay on top of, building those relationships.

我總是會描述它以及從金融危機中學到的教訓，那就是不斷完善金融管道。李、陶德和我剛剛做了評論。我們一直這樣做。李每月都會與他的總統們一起這樣做。因此，這是我們要重點關注的事情，建立這些關係。

So the pipeline is active. But it's always a matter of finding a willing seller and a willing buyer. And so it's this activity doesn't necessarily translate into actual properties being acquired. But we're looking and certainly we're going to buy companies with the same kind of themes that you've seen before that either are immediately accretive or accretive within our synergy time period where they can help the growth rates of the company, help margins, help cash flow.

所以管道是活躍的。但這始終是找到願意的賣家和願意的買家的問題。因此，這項活動並不一定會轉化為所收購的實際財產。但我們正在尋找，而且我們肯定會購買與您之前見過的主題相同的公司，這些公司要么立即增值，要么在我們的協同時間內增值，它們可以幫助公司的增長率，幫助利潤，有利於現金流。

And you'll continue to see us be the consolidated choice. We think we're still the best home of these motion and control properties. But we'll also look at the other areas that you've seen us build on in the last several years. And hopefully, by now, people feel good about our track record. We've -- the last 3 got a lot of fanfare. We've been good at this for a long time. We've done 80 deals in the last 20 years. And I think you'll see us to continue to be active on that.

您將繼續看到我們成為綜合選擇。我們認為我們仍然是這些運動和控制特性的最佳家園。但我們也會關注您在過去幾年中看到的我們所建立的其他領域。希望到目前為止，人們對我們的業績記錄感到滿意。我們——最後 3 場比賽得到了極大的關注。我們在這方面已經擅長很久了。過去 20 年我們完成了 80 筆交易。我想你會看到我們繼續積極參與這方面的工作。

First and foremost, for us, the dividends, we were very excited to clip that dollar mark on a quarterly basis. And you'll see us stay on top of that. Our net income is going to grow. And we're going to stay on top of those dividends to match the net income growth. We'll continue to invest in the company organically in productivity. And if we don't find the right properties, which our preference would be to do deals because it drives cash and EBITDA growth, we think we're a great investment, and we'll buy shares on a discretionary basis on top of a 10b5-1. But the pipeline is active and more to come on that.

首先，對於我們來說，股息，我們非常高興能夠按季度削減這一美元大關。您會看到我們始終掌握這一點。我們的淨利潤將會成長。我們將繼續控制這些股息，以適應淨利潤的成長。我們將繼續對公司的生產力進行有機投資。如果我們找不到合適的房產，我們會優先交易，因為它會推動現金和 EBITDA 成長，我們認為我們是一項很好的投資，我們將在10b5-1。但管道正在積極進行中，並且會有更多管道出現。

And we have a question from Julian Mitchell from Barclays.

巴克萊銀行的朱利安·米切爾向我們提出了一個問題。

Maybe first question around the sort of linked topics of cost inflation and component shortages and the sort of unifying factor of tight supply chains. I mean, I guess, 2 parts. One is do you think there's much evidence of sort of excess stocking up or accelerated stocking up by your customers or channel partners, given all the headlines around supply chain shortages.

也許第一個問題是圍繞成本通膨和零件短缺的相關主題以及供應鏈緊張的統一因素。我想，我的意思是，兩個部分。一是，考慮到所有有關供應鏈短缺的頭條新聞，您是否認為有許多證據表明您的客戶或通路夥伴存在過度備貨或加速備貨的情況？

And then secondly, when you look at Parker itself, how comfortable do you feel on that pricing outlook to offset cost inflation pressures?

其次，當您審視派克本身時，您對抵銷成本通膨壓力的定價前景感到滿意嗎？

Julian, it's Lee. I was waiting for somebody to ask a question around material cost and pricing. I'm looking at a commodity chart right now, which has got trends year-over-year, quarter-over-quarter, going back to the last big inflation period. It's a sea of red. But the thing I would say about our team is we saw this coming early on as we did this. And as you know, we've got really 2 great internal processes inside the company. It's how we track our PPI, which is our input cost, and how we track our selling price index to make sure that we always maintain this margin-neutral kind of role.

朱利安，是李。我正在等待有人詢問有關材料成本和定價的問題。我現在正在看一張商品圖表，其中有同比、季度環比的趨勢，可以追溯到上一個大通膨時期。這是一片紅色的海洋。但關於我們的團隊，我要說的是，我們很早就看到了這一點，因為我們這樣做了。如您所知，我們公司內部確實有兩個很棒的內部流程。這就是我們如何追蹤我們的生產者物價指數（PPI），即我們的投入成本，以及我們如何追蹤我們的銷售價格指數，以確保我們始終保持這種利潤中性的角色。

So we've been active with price through the distribution channel, and we'll continue to do that. We're fortunate to have great contracts in place with many OEMs that have raw material cost escalators in them. But our goal on the whole pricing side is to be margin-neutral. We've done that before, we'll continue to do that.

因此，我們一直透過分銷​​管道積極調整價格，並將繼續這樣做。我們很幸運能夠與許多原始設備製造商簽訂了良好的合同，其中原材料成本不斷上升。但我們在整個定價方面的目標是保持利潤中立。我們以前已經這樣做過，我們將繼續這樣做。

On the supply chain side, I would say, just echo what Tom said earlier, the biggest benefit is our business model. So we design, source, make, sell in the region for the region. Everything you read about in the paper, we're not immune to that. I mean there's still things that happen on a day-to-day basis. But I would just tell you, from a company standpoint, it's not material. I mean we manage it day in and day out.

在供應鏈方面，我想說，就像湯姆之前所說的那樣，最大的好處是我們的商業模式。因此，我們在該地區為該地區設計、採購、製造和銷售。你在報紙上讀到的所有內容，我們都不能倖免。我的意思是，每天仍然會發生一些事情。但我只想告訴你，從公司的角度來看，這並不重要。我的意思是我們日復一日地管理它。

So on pricing, I think we're active in a good place. On the supply chain side, we're managing it. The model is set up. So I don't think we'll get hurt, and it's really not going to be material.

因此，在定價方面，我認為我們處於積極的位置。在供應鏈方面，我們正在對其進行管理。模型已建立。所以我認為我們不會受到傷害，而且這不會是實質的。

And then how about on your own sort of customers or channel partners? Do you see them kind of across the board doing any kind of accelerated stocking up because of the supply chain issues being so well publicized? Or do you think that the activity is kind of normal for what one would expect as you see a macro inflection positive?

那麼您自己的客戶或通路夥伴又如何呢？由於供應鏈問題被廣泛宣傳，您是否看到他們全面加速備貨？或者您認為這種活動對於人們所預期的宏觀拐點是正面的來說是正常的嗎？

Listen, everybody is very, very busy right now. I would say supply chain issues aside, North America, labor is very tight. I mean you read about that as a fact. So a lot of our customers are doing what we're doing, just really using Kaizen, automation where appropriate, et cetera.

聽著，現在每個人都非常非常忙碌。我想說，撇開供應鏈問題不談，北美的勞動力非常緊張。我的意思是你讀到的這是一個事實。因此，我們的許多客戶正在做我們正在做的事情，只是真正使用 Kaizen、適當的自動化等等。

But I don't -- look, every time there's a ramp, there's a little bit of a bullwhip effect, but this is no different than anything I've seen in the past. It's just people trying to manage the increase in demand.

但我不——看，每次出現斜坡時，都會有一點牛鞭效應，但這與我過去見過的任何東西都沒有什麼不同。只是人們試圖管理需求的成長。

And you have a question from John Inch from Gordon Haskett.

戈登·哈斯克特的約翰·英奇向您提出了一個問題。

Hey, Lee, maybe to pick up on some of the themes here. What are you seeing in terms of competitive behavior, particularly given the inflationary backdrop? How are competitors jocking, jostling and how is that maybe modifying your own behavior in this period of post-pandemic or emerging from post-pandemic?

嘿，Lee，也許可以了解這裡的一些主題。您對競爭行為有何看法，特別是考慮通膨背景？在疫情後或剛走出疫情的時期，競爭對手如何相互競爭、推擠，這可能會如何改變你自己的行為？

I think really the narrative right now, John, is around supply. I think everybody's -- we're structured much differently than many of our competitors. So the issues that you read about every day maybe are not as imperative to us. But I think the narrative right now is around supply. People are looking for continuity of supply if they can get it. Everybody understands what's happening with commodity prices. So I don't really see any negative customer actions taking place.

約翰，我認為現在真正的敘述是圍繞著供應的。我認為每個人的——我們的結構與許多競爭對手有很大不同。因此，您每天閱讀的問題對我們來說可能不那麼重要。但我認為現在的敘述是圍繞著供應的。人們正在尋求供應的連續性（如果可以的話）。每個人都了解大宗商品價格的變化。所以我真的沒有看到任何負面的客戶行為發生。

I will tell you as -- and we've talked about this for years, this is always an inflection point for us where we tend to do better than the market as we come out of this. It's a combination of 2 things. We've done a lot of work with OE customers on design during the downturn because they're looking to simplify their designs, take costs out. We do that through our application centers. We see the benefit of that as we ramp up. And then, second, our internal distribution systems are really poised to take advantage of disruptions with competitors.

我會告訴你——我們已經討論這個問題很多年了，這對我們來說始終是一個轉折點，當我們走出困境時，我們往往會比市場做得更好。這是兩件事的結合。在經濟低迷時期，我們與原始設備客戶進行了大量的設計工作，因為他們希望簡化設計，並降低成本。我們透過我們的應用中心來做到這一點。隨著我們的發展，我們看到了這樣做的好處。其次，我們的內部分銷系統確實準備好利用競爭對手的干擾。

Well, I was wondering like as prices go up and everybody is trying to raise in various aspects of their operations, are competitors -- one of the ways the competitor might instigate a price cut to position themselves is by not raising commensurately, say, compared with other people or other companies or players. Are you seeing any of that -- kind of that behavior? Or is it still a little bit too soon to tell?

好吧，我想知道，隨著價格上漲，每個人都在努力提高其運營的各個方面，競爭對手 - 競爭對手可能會煽動降價以定位自己的方式之一就是不相應地提高價格，例如，比較與其他人或其他公司或玩家。你看過這樣的行為嗎？還是現在說還太早？

I haven't seen that kind of a behavior and I typically really don't see that in this kind of the cycle. You see more of that, John, when you're at the bottom of the cycle and people are trying to fill up factories.

我還沒有見過這種行為，而且我通常在這種週期中也確實沒有看到這種行為。約翰，當你處於週期的底部，人們試圖填滿工廠時，你會看到更多這樣的情況。

Yes. That makes sense. And then, Tom, Simple by Design, as it becomes more ingrained as, let's call it, an operating competitive advantage for Parker, do you think this would be used to perhaps offensively target companies for M&A, picking up on the M&A theme? I was thinking it could maybe provide a bit of an arbitrage opportunity for, say, Parker to be able to go in and maybe even bid more knowing you can drive more synergies than other bidders that don't have Simple by Design as part of their arsenal.

是的。這就說得通了。然後，湯姆，設計簡單，隨著它變得更加根深蒂固，我們稱之為帕克的營運競爭優勢，您認為這可能會被用來攻擊性地瞄準併購公司，抓住併購主題嗎？我在想，這可能會為帕克提供一些套利機會，讓他能夠參與其中，甚至可能出價更高，因為你知道自己可以比其他沒有將“簡單設計”作為其一部分的投標人帶來更多的協同效應。兵工廠。

Yes, John, it's Tom. So clearly, Simple by Design, I would just say everything that's in Win 3.0 is part of our basket of goods that go into evaluating acquisitions. So we look at what the best practices are for the acquisition, what best practices do we bring. That combination of 1 plus 1 equals 3 generates the synergy plan. And that's -- the bigger the synergies, which you're alluding to, Simple by Design, the opportunity you have to pay. And what we really look for is what's the synergized EBITDA multiple were done and is that something that makes sense given where we're trading.

是的，約翰，是湯姆。很明顯，設計簡單，我只想說 Win 3.0 中的所有內容都是我們評估收購的一籃子商品的一部分。因此，我們會研究收購的最佳實踐是什麼，我們會帶來哪些最佳實踐。 1 加 1 等於 3 的組合產生了協同計畫。這就是——你所提到的「設計簡單」所暗示的綜效越大，你必須付出的機會就越多。我們真正尋找的是協同 EBITDA 倍數是多少，以及考慮到我們的交易情況，這是有意義的。

The other part, aside from acquisitions, to get at what Lee was talking about with competitive dynamics, Simple by Design is an opportunity for share gain. As we come up with products that are simpler to make, easier supply chains, more reliable, et cetera, and maybe in some areas where we don't currently have share, it allows us to penetrate an account. Overall, we've got 11%, 12% market share of this $135 billion space. We've got lots of room to grow. Simple by Design is just one of many share gain opportunities.

另一方面，除了收購之外，為了理解 Lee 所說的競爭動態，Simple by Design 是一個獲得份額的機會。當我們推出更容易製造、更容易供應鏈、更可靠等等的產品時，也許在我們目前沒有份額的某些領域，它允許我們滲透一個帳戶。總體而言，我們在這個價值 1,350 億美元的領域中佔據了 11%、12% 的市場份額。我們有很大的成長空間。設計簡單只是眾多分享收益機會之一。

And you have a question from Jeff Sprague from Vertical Research.

來自 Vertical Research 的 Jeff Sprague 向您提出了一個問題。

I guess 2 for me. Just thinking about this idea, Tom, of trying to break the gravitational pull of the PMI. Actually, 2 questions. One, just kind of maybe fundamental in the business and maybe a second kind of philosophical.

我猜對我來說是2。湯姆，想想這個嘗試打破 PMI 引力的想法。實際上，2個問題。第一，也許是商業上的基礎，也許是第二種哲學。

First, obviously, the PMI is a broad industrial benchmark, right? Have you considered that calling your segments Diversified Industrial just suggests you are an industrial proxy? Perhaps some kind of different earnings presentation would make sense. You give us this global technology platforms, but we don't know anything about the profitability of those subsegments. So that's more of a philosophical question, I wonder if you've thought about that.

首先，顯然，PMI 是一個廣泛的工業基準，對嗎？您是否認為將您的細分市場稱為多元化工業只是表明您是工業代理？也許某種不同的收益報告是有意義的。你們為我們提供了這個全球技術平台，但我們對這些細分市場的獲利能力一無所知。所以這更多的是一個哲學問題，我想知道你是否考慮過這一點。

And then secondly, although most of your business is short cycle, right, I would argue, it's really a broad mix of early, mid and late. And I think, to some degree, people confuse short with early. I just wonder if you could kind of give us some rough buckets. What percent of your business you would actually characterize as early cycle versus mid-cycle versus late cycle?

其次，雖然你的大部分業務都是短週期，但我認為，它實際上是早期、中期和晚期的廣泛組合。我認為，在某種程度上，人們混淆了「短」和「早」。我只是想知道你能否給我們一些粗桶。您實際上將您的業務劃分為早期週期、中期週期還是晚期週期的比例是多少？

Okay. Jeff, it's Tom. So those are -- that's a good question and a hard one. First of all, that whole PMI gravitational pull, that's one of the reasons, besides I think it's just a great way to describe the company when we did Slide 5. And that's, for those of you who are not looking at your slides, that's the whole PMI versus our EPS trend. And I hope you -- I hope people got the point there, this company is dramatically, and I'm underlining dramatically, different. And yes, we'll never be completely detached from PMIs because obviously that represents total manufacturing activity and we would benefit from that. But we didn't get much help from that over the last 6 years, and you've seen us double EPS and add 600 basis points to EBITDA margins.

好的。傑夫，是湯姆。所以這些是──這是一個好問題，也是一個難題。首先，整個 PMI 引力，這是原因之一，此外，我認為這是我們製作幻燈片 5 時描述公司的好方法。也就是說，對於那些不看幻燈片的人來說，這就是整個PMI 與我們的EPS 趨勢。我希望你們——我希望人們明白這一點，這家公司是戲劇性的，我強調的是戲劇性的，不同的。是的，我們永遠不會完全脫離採購經理人指數，因為顯然這代表了整個製造業活動，我們將從中受益。但在過去 6 年裡，我們並沒有從中得到太多幫助，而且您看到我們的 EPS 翻了一番，EBITDA 利潤率增加了 600 個基點。

So we'll continue that. And hopefully, people recognize that we don't need the macros to help us. We have enough self-help with 2.0 and 3.0 to keep lasting us for many, many years. The current environment is going to get better. So we are going to get some help with that.

所以我們會繼續這樣做。希望人們認識到我們不需要宏來幫助我們。我們對 2.0 和 3.0 有足夠的自助能力，可以讓我們持續很多很多年。當前的環境將會變得更好。所以我們將在這方面獲得一些幫助。

Your comment philosophically on reporting segments, yes, that's been a raging internal debate for many, many years. There's pros and cons to a probably longer discussion than I can do on an earnings call. But we continue to think that representing the way we do today is the best way because if you go back to those 8 technologies, and the fact that 2/3 of our revenue comes from customers who buy and perform all those technologies, that's exactly how we go to market. We don't go to market specifically with one-off technologies all the time. We go to market, if you look at our commercial teams, leveraging that breadth of technology. So that's how we're representing the company to shareholders is exactly how we go to market.

是的，您對報告分部的哲學評論，多年來一直是激烈的內部辯論。可能比我在財報電話會議上進行的更長的討論有利有弊。但我們仍然認為，代表我們今天的做法是最好的方式，因為如果你回到這 8 項技術，事實上我們 2/3 的收入來自購買和執行所有這些技術的客戶，這正是如何我們去市場。我們並不總是專門以一次性技術進入市場。如果你看看我們的商業團隊，我們會利用廣泛的技術進入市場。這就是我們向股東代表公司的方式，也是我們進入市場的方式。

Now the whole early versus mid versus late, I'm not even going to try to do that other than I'm going to reinforce your point, yes, we are a mixture. And obviously, you can look at Aerospace and you characterize that as long. But where do you want to put EV? With EV, we're feeling that now, but EV is a long-term change that's going to happen. Where do you want to put all the clean technologies? I could add up all the things I talked about on that one slide related to clean technologies and you get a pretty significant percentage of the company. Obviously, hydrogen's long -- very long cycle what's happening there. Electrification is a little more near term.

現在，整個早期、中期和晚期，我甚至不會嘗試這樣做，除非我要強化你的觀點，是的，我們是一個混合體。顯然，你可以看看航空航天，你可以將其描述為很長。但你想把電動車放在哪裡？對於電動車，我們現在就有這樣的感覺，但電動車是一個即將發生的長期變化。您想把所有清潔技術放在哪裡？我可以把我在一張投影片上談到的與清潔技術相關的所有內容加起來，你就得到了公司相當大的比例。顯然，氫的循環週期非常長。電氣化是近期的事情。

So it's -- I think unfairly, we've been characterized as early and maybe because it's just historically how we used to report orders on a monthly basis and people could see those things sooner. I think we're a good mix. And I think, hopefully, over the last 6 years, people recognize we're a good bet. You want to bet your money, bet it on this team.

所以我認為不公平的是，我們被定性為早期，也許是因為從歷史上看，我們過去是按月報告訂單的，人們可以更快地看到這些事情。我認為我們是一個很好的組合。我認為，希望在過去的六年裡，人們意識到我們是一個不錯的選擇。你想把錢押在這支球隊上。

And you have a question from David Raso from Evercore ISI.

Evercore ISI 的 David Raso 向您提出了一個問題。

Curious, it seemed like the January price increases you put through were relatively modest. I think kind of where we were in the cost escalation moment, it made sense. But as the quarter has gone on and we look out to fiscal '22, I'm assuming the Fluid Connector Group put out an increase. But you don't usually do a lot of increases for July 1. The setup here feels though more accommodative to you putting price increases through.

奇怪的是，你們一月份的價格上漲似乎相對溫和。我認為我們正處於成本上升的時刻，這是有道理的。但隨著本季的持續，我們展望 22 財年，我假設流體連接器集團的業績會有所成長。但您通常不會在 7 月 1 日大幅提價。這裡的設定感覺更適合您提價。

So 2 questions. Is it fair to say we should see a lot more midyear price increases than we've seen in the past?

所以有2個問題。可以公平地說，我們應該看到年中價格漲幅比過去高很多嗎？

And second, is the lead time issue significant enough where distributors who would normally want to get ahead of that increase are not able to, given the lead times? I'm just trying to get a sense of how much of the price increase we could think about for '22 and sales that kind of capture it versus maybe a little bit of a natural prebuy that you see sometimes when you announce an increase?

其次，交貨時間問題是否足夠嚴重，而考慮到交貨時間，通常希望提前交貨的分銷商卻無法做到這一點？我只是想了解一下，我們可以考慮 22 年的價格上漲多少，以及能夠反映價格上漲的銷售量，而不是您有時在宣布上漲時看到的自然預購？

Yes. David, it's Lee. I'll take that question. So I think it's fair to say you'd see midyear price increases going on through the distribution channels, not only in North America but globally, given where we are with input costs, et cetera. And I would say, by and large, you're probably pretty correct, lead times that a lot of prebuying, while there's some, it's not what you would expect if the level of activity wasn't so strong as it is right now.

是的。大衛，是李。我來回答這個問題。因此，我認為可以公平地說，考慮到我們的投入成本等情況，您會看到年中的價格透過分銷管道上漲，不僅在北美，而且在全球範圍內。我想說，總的來說，你可能是相當正確的，大量預購的交付週期，雖然有一些，但如果活動水平不像現在那麼強勁，這不是你所期望的。

Okay. The last question comes from Josh Pokrzywinski from Morgan Stanley.

好的。最後一個問題來自摩根士丹利的 Josh Pokrzywinski。

We may have lost Josh.

我們可能失去了喬許。

The next question on the line is from Nigel Coe, Wolfe Research.

下一個問題來自 Wolfe Research 的 Nigel Coe。

So look, I think Jeff had a really good point on the sort of early cycle points. The fact that you're still negative in 2 of your 3 segments I think is sort of proof that you're not a category cycle. So I think that's an important point.

所以看，我認為傑夫關於早期週期點的觀點非常好。我認為，您在 3 個細分市場中的 2 個細分市場中仍然持負面態度，這一事實在某種程度上證明您不是類別循環。所以我認為這是很重要的一點。

I did want to go back to your comments about incremental margins for 2022. And I know that, that wasn't guidance necessarily. But if you could do 30% incremental margins with the temporary costs coming back and perhaps obviously inflation pretty rampant in the back half of the calendar year, I guess what I'm trying to ask is do you think that there's a line of sight based on where you sit today to hitting that 30% incremental margin for FY '22?

我確實想回到您關於 2022 年增量利潤的評論。我知道，這不一定是指導。但是，如果你能在臨時成本回來的情況下實現30% 的增量利潤，而且可能在日曆年後半段明顯通貨膨脹相當猖獗，我想我想問的是，你是否認為有一個基於視線的方法？您今天對實現 22 財年 30% 的增量利潤率有何看法？

Yes. Nigel, it's Tom. So you're right. We are not a guidance discussion for '22. '22 is hard enough to do when we do it in August. But I think, philosophically, our goal and what is best-in-class is to do a 30% incremental. And I think the evidence that we're going to do about 30% in Q4, even with the tough comps that we have with high discretionary cost as we did in Q4 of prior period, our evidence that we can do that going into '22 we'll see when we pull the numbers together because this Q4 is probably one of our tougher comparisons. And it will -- and Q1 is probably not a tough comparison, but it will get progressively easier as we go through '22 of those comparisons. But I think at 30% it's still on our radar and Q4 is good evidence. If we can do it in Q4, we can do it going forward.

是的。奈傑爾，是湯姆。所以你是對的。我們不是 22 世紀的指導性討論。當我們八月做的時候，22 已經夠難了。但我認為，從哲學上講，我們的目標和一流的目標是實現 30% 的增量。我認為，有證據表明，我們將在第四季度完成大約30% 的工作，即使我們像上一季第四季那樣進行了艱難的補償，可自由支配成本很高，我們的證據表明我們可以在22 年做到這一點當我們把這些數字放在一起時我們就會看到，因為第四季度可能是我們更艱難的比較之一。它將 - 第一季可能不是一個艱難的比較，但隨著我們進行第 22 個比較，它會變得越來越容易。但我認為 30% 仍然在我們的關注範圍內，第四季就是很好的證據。如果我們能在第四季度做到這一點，我們就可以繼續做到這一點。

And that kind of raises the question then. If you can do it in an environment like this, presuming FY '22, mix isn't going to be that helpful, I don't think, in FY '22. But once Aerospace starts kicking back into gear, do you think 35%, maybe plus, could be a good run rate beyond FY '22?

這就提出了一個問題。如果你能在這樣的環境中做到這一點，假設 22 財年，我認為混合不會那麼有幫助，在 22 財年。但是，一旦航空航太開始恢復正常運轉，您是否認為 35%（也許更多）可能是 22 財年後的良好運作率？

I missed the word. What was before FY '22 there?

我錯過了這個詞。 22 財年之前是什麼？

I mean do you think that better than 30% could be a good number to use beyond FY '22?

我的意思是，您認為 22 財年之後使用超過 30% 的數字是否合適？

Yes. Over the business cycle, what we've always told people if you're modeling us over multi-years, is use 30%. Now clearly, in inflections, we've done better than that, we've done 40% to 50% range. But this is -- while we're in inflection now is a little bit masked because of the prior period, big huge discretionary savings, which is why I gave the number, if you took that out, it'd be 50%. So typically, we glide pretty high up at the beginning, 30% over the cycle, then later in the cycle, you're down into the 20s. But if you're modeling multiyear, I would use 30%.

是的。在整個商業週期中，如果你要對我們進行多年建模，我們總是告訴人們，使用率是 30%。現在顯然，在變形方面，我們做得比這更好，我們已經做到了 40% 到 50% 的範圍。但這是——雖然我們現在正處於拐點，但由於前一時期的原因，有一點被掩蓋了，巨大的可自由支配儲蓄，這就是為什麼我給出了這個數字，如果你把它去掉，那就是50%。所以通常情況下，我們在開始時會滑得很高，在整個週期中上升 30%，然後在週期後期，你會下降到 20 多歲。但如果你要建模多年，我會使用 30%。

Thanks, Nigel. All right, Elaine, that concludes our call today. I'd just like to thank everyone for joining us. As always, we appreciate your interest in Parker. Robin and Jeff will be here all day if you have further questions or if you need clarification.

謝謝，奈傑爾。好的，伊萊恩，我們今天的電話就到此結束。我只想感謝大家加入我們。一如既往，我們感謝您對 Parker 的興趣。如果您還有其他問題或需要澄清，羅賓和傑夫將全天在這裡。

I hope everyone has a great afternoon. And stay safe, everyone.

我希望每個人都有一個愉快的下午。大家注意安全。

Ladies and gentlemen, this does conclude today's conference call. Thank you for participating. You may now disconnect.

女士們先生們，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。