PACCAR Inc. (NASDAQ:PCAR) Q2 Results Conference Call July 26, 2022 12:00 PM ET Company Participants Ken Hastings - Director of IR Preston Feight - CEO Harrie Schippers - President & CFO Michael Barkley - SVP & Controller Conference Call Participants Robert Wertheimer - Melius Research Jerry Revich - Goldman Sachs Steven Fisher - UBS Matt Elkott - Cowen Steve Volkmann - Jefferies Dylan Guggenheim - Morgan Stanley Jeff Kauffman - Vertical Research Partners Tami Zakaria - JPMorgan Tim Thein - Citi Felix Boesch ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the quarterly period ended March 31, 2022 OR ☐ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the transition period from to Commission File No. 001-14817 PACCAR Inc (Exact name of registrant as specified in its charter) Delaware 91-0351110 (State or other jurisdiction of incorporation or o ...

PACCAR Inc (NASDAQ:PCAR) Q1 2022 Earnings Conference Call April 26, 2022 11:00 AM ET Company Participants Ken Hastings - Director of Investor Relations Preston Feight - Chief Executive Officer Harrie Schippers - President & Chief Financial Officer Michael Barkley - Senior Vice President & Controller Conference Call Participants Tami Zakaria - JPMorgan Steven Fisher - UBS Tim Thein - Citigroup Jamie Cook - Credit Suisse Steven Volkmann - Jefferies David Raso - Evercore ISI John Joyner - BMO Nicole DeBlase - ...

Employment and Workforce - As of December 31, 2021, the company had approximately 28,500 employees, with about 37% based in the U.S.[50] Environmental Responsibility - The company achieved an A score from CDP in 2021, placing in the top 1.5% of over 13,000 companies reporting greenhouse gas emissions[53] - PACCAR's factories are ISO 14001 certified, and more than 80% are zero waste-to-landfill[52] - The company is launching its SuperTruck 3 program to develop state-of-the-art zero emissions medium- and heavy-duty trucks[58] - The company has established new emissions reduction targets in partnership with the Science Based Targets Initiative (SBTi)[54] - The company’s commitment to environmental responsibility includes significant investments in research and development for technologies that reduce greenhouse gas emissions[55] Financial Performance and Risks - The company reported a potential loss of $210.8 million related to foreign currency exchange contracts from a 10% unfavorable change in exchange rates as of December 31, 2021[196] - The company’s fixed rate loans had a fair value loss of $110.5 million in 2021 due to interest rate fluctuations[196] - The potential loss in fair value for commodity forward contracts from a 10% unfavorable change in prices was $18.4 million as of December 31, 2021[197] Sales and Market Performance - Biofuel capable unit sales represented 49% of the company's total global truck sales[57]

PACCAR Inc (NASDAQ:PCAR) Q4 2021 Earnings Conference Call January 25, 2022 12:00 PM ET Company Participants Ken Hastings - Director of IR Preston Feight - CEO Harrie Schippers - President and CFO Michael Barkley - SVP and Controller Conference Call Participants Chad Dillard - Bernstein Jamie Cook - Credit Suisse Stephen Volkmann - Jefferies Tami Zakaria - JPMorgan David Raso - Evercore Steve Fisher - UBS Robert Wertheimer - Melius Research Jerry Revich - Goldman Sachs Ross Gilardi - Bank of America Nicole D ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the quarterly period ended September 30, 2021 OR ☐ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the transition period from to Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation ...

PACCAR Inc. (NASDAQ:PCAR) Q3 2021 Earnings Conference Call October 26, 2021 12:00 PM ET Company Participants Ken Hastings - Director of Investor Relations Preston Feight - Chief Executive Officer Harrie Schippers - President and Chief Financial Officer Michael Barkley - Senior Vice President and Controller Conference Call Participants Stephen Volkmann - Jefferies Ann Duignan - JPMorgan David Raso - Evercore ISI Steven Fisher - UBS Joel Tiss - BMO Capital Markets Robert Wertheimer - Melius Research Cha ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the quarterly period ended June 30, 2021 OR ☐ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the transition period from to Commission File No. 001-14817 PACCAR Inc (Exact name of registrant as specified in its charter) Delaware 91-0351110 (State or other jurisdiction of incorporation or or ...

PACCAR Inc (NASDAQ:PCAR) Q2 2021 Earnings Conference Call July 27, 2021 12:00 PM ET Company Participants Ken Hastings - Director of Investor Relations Preston Feight - Chief Executive Officer Harrie Schippers - President and Chief Financial Officer Michael Barkley - Senior Vice President and Controller Conference Call Participants Jerry Revich - Goldman Sachs Ann Duignan - JPMorgan Chase & Co. Stephen Volkmann - Jefferies LLC David Raso - Evercore ISI Nicole DeBlase - Deutsche Bank AG Joel Tiss - BMO Capita ...

[PART I. FINANCIAL INFORMATION](index=3&type=section&id=PART%20I.%20FINANCIAL%20INFORMATION) [ITEM 1. FINANCIAL STATEMENTS](index=3&type=section&id=ITEM%201.%20FINANCIAL%20STATEMENTS) The company presents its unaudited consolidated financial statements for the three months ended March 31, 2021 and 2020 [Consolidated Statements of Comprehensive Income](index=3&type=section&id=Consolidated%20Statements%20of%20Comprehensive%20Income) PACCAR reported significant growth in net sales, revenues, and net income for Q1 2021 compared to the prior year Q1 2021 vs Q1 2020 Performance | Metric | Q1 2021 (Millions) | Q1 2020 (Millions) | | :--- | :--- | :--- | | **Total Net Sales and Revenues** | $5,845.5 | $5,161.7 | | Truck, Parts and Other Revenues | $5,413.5 | $4,778.0 | | Financial Services Revenues | $432.0 | $383.7 | | **Total Income Before Income Taxes** | $607.3 | $462.2 | | **Net Income** | $470.1 | $359.4 | | **Diluted EPS** | $1.35 | $1.03 | [Consolidated Balance Sheets](index=4&type=section&id=Consolidated%20Balance%20Sheets) Total assets and stockholders' equity increased slightly as of March 31, 2021, compared to year-end 2020 Balance Sheet Summary (Millions) | Account | March 31, 2021 | December 31, 2020 | | :--- | :--- | :--- | | **Total Assets** | **$28,503.4** | **$28,260.0** | | Cash and cash equivalents | $3,320.0 | $3,539.6 | | Inventories, net | $1,465.4 | $1,221.9 | | Finance and other receivables, net | $11,739.6 | $11,820.7 | | **Total Liabilities** | **$17,785.7** | **$17,870.0** | | Commercial paper and bank loans | $3,042.9 | $3,344.4 | | Term notes | $7,521.8 | $7,508.9 | | **Total Stockholders' Equity** | **$10,717.7** | **$10,390.0** | [Condensed Consolidated Statements of Cash Flows](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Net cash from operations increased while cash used in investing and financing activities decreased in Q1 2021 Cash Flow Summary (Millions) | Activity | Q1 2021 | Q1 2020 | | :--- | :--- | :--- | | Net Cash Provided by Operating Activities | $536.9 | $425.9 | | Net Cash Used in Investing Activities | ($215.7) | ($379.8) | | Net Cash Used in Financing Activities | ($508.3) | ($833.7) | | **Net Decrease in Cash and Cash Equivalents** | **($219.6)** | **($852.0)** | [Notes to Consolidated Financial Statements](index=8&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) This section provides detailed disclosures on revenue recognition, segment performance, and credit loss allowances Truck, Parts and Other Revenue Breakdown (Millions) | Revenue Source | Q1 2021 | Q1 2020 | | :--- | :--- | :--- | | Truck Sales | $4,045.0 | $3,583.6 | | Parts Sales | $1,125.9 | $970.0 | | **Total Truck, Parts and Other** | **$5,413.5** | **$4,778.0** | Allowance for Credit Losses Activity (Millions) | Activity | Q1 2021 | Q1 2020 | | :--- | :--- | :--- | | Balance at January 1 | $127.0 | $118.6 | | Provision for losses | $3.7 | $17.0 | | Charge-offs | ($4.0) | ($10.7) | | Recoveries | $1.5 | $1.5 | | **Balance at March 31** | **$126.8** | **$121.1** | - The effective tax rate for Q1 2021 was **22.6%**, slightly up from **22.2%** in Q1 2020, primarily due to a change in the geographic mix of income[86](index=86&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations (MD&A)](index=30&type=section&id=ITEM%202.%20MANAGEMENT'S%20DISCUSSION%20AND%20ANALYSIS%20OF%20FINANCIAL%20CONDITION%20AND%20RESULTS%20OF%20OPERATIONS) Management discusses Q1 2021 financial performance, operational achievements, and challenges like the semiconductor shortage [Overview and Outlook](index=30&type=section&id=Overview%20and%20Outlook) The company reports strong Q1 results despite a semiconductor shortage and provides a positive outlook for 2021 - The global semiconductor undersupply, along with other supply chain issues, reduced the company's truck deliveries by about **3,000 units** in Q1 2021[134](index=134&type=chunk)[135](index=135&type=chunk) - PACCAR Parts sales are expected to **increase by 15-18%** in 2021 compared to 2020 levels[136](index=136&type=chunk) - Capital investments for 2021 are projected to be **$575-$625 million**, with R&D expenses expected to be **$350-$375 million**[138](index=138&type=chunk) 2021 Industry Truck Sales/Registrations Outlook | Region | 2021 Outlook (Units) | 2020 Actual (Units) | | :--- | :--- | :--- | | U.S. and Canada | 260,000 - 290,000 | 216,500 | | Europe (>16-tonne) | 260,000 - 290,000 | 230,400 | | South America (Heavy-duty) | 100,000 - 110,000 | 93,000 | [Results of Operations](index=31&type=section&id=Results%20of%20Operations) This section details strong revenue growth across the Truck, Parts, and Financial Services segments in Q1 2021 - The company's heavy-duty truck retail market share in the U.S. and Canada was **28.4%** in Q1 2021, down from **30.4%** in Q1 2020[144](index=144&type=chunk) - Parts segment pre-tax return on revenues was strong at **21.7%** in Q1 2021, slightly up from **21.5%** in Q1 2020, driven by higher sales volume[151](index=151&type=chunk)[152](index=152&type=chunk) - The provision for losses on receivables in the Financial Services segment decreased significantly to **$3.7 million** in Q1 2021 from **$17.0 million** in Q1 2020[165](index=165&type=chunk) Worldwide Truck Deliveries (Units) | Region | Q1 2021 | Q1 2020 | % Change | | :--- | :--- | :--- | :--- | | U.S. and Canada | 23,000 | 22,200 | 4% | | Europe | 13,700 | 11,600 | 18% | | Other | 5,500 | 4,600 | 20% | | **Total** | **42,200** | **38,400** | **10%** | [Liquidity and Capital Resources](index=40&type=section&id=Liquidity%20and%20Capital%20Resources) The company maintained a strong liquidity position with substantial cash reserves and unused credit facilities - Total cash and marketable debt securities stood at **$4.74 billion** at the end of Q1 2021, a decrease of $227.5 million from year-end 2020[177](index=177&type=chunk) - The company has line of credit arrangements totaling **$3.60 billion**, with **$3.24 billion** unused as of March 31, 2021, providing ample backup liquidity[181](index=181&type=chunk) - No shares were repurchased under the company's common stock repurchase plan in Q1 2021; **$390.0 million** remains authorized under the current program[85](index=85&type=chunk)[182](index=182&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=44&type=section&id=ITEM%203.%20QUANTITATIVE%20AND%20QUALITATIVE%20DISCLOSURES%20ABOUT%20MARKET%20RISK) The company reports no material changes in its market risk during the first three months of 2021 - There were **no material changes** in the Company's market risk during the three months ended March 31, 2021[194](index=194&type=chunk) [Controls and Procedures](index=44&type=section&id=ITEM%204.%20CONTROLS%20AND%20PROCEDURES) Management concluded that the company's disclosure controls and internal financial reporting controls were effective - The Principal Executive Officer and Principal Financial Officer concluded that the Company's disclosure controls and procedures were **effective** as of the end of the period[195](index=195&type=chunk) - **No changes** in internal controls over financial reporting occurred during the quarter that have materially affected, or are reasonably likely to materially affect, these controls[196](index=196&type=chunk) [PART II. OTHER INFORMATION](index=45&type=section&id=PART%20II.%20OTHER%20INFORMATION) [Legal Proceedings](index=45&type=section&id=ITEM%201.%20LEGAL%20PROCEEDINGS) The company faces ongoing lawsuits in Europe related to a 2016 European Commission settlement - Following a 2016 settlement with the European Commission (EC), PACCAR and its DAF subsidiaries are defendants in various claims and lawsuits in Europe[124](index=124&type=chunk) - Management **cannot reasonably estimate a range of loss**, if any, due to the early stage of these legal proceedings[124](index=124&type=chunk) [Risk Factors](index=45&type=section&id=ITEM%201A.%20RISK%20FACTORS) The company highlights the ongoing semiconductor shortage as a key updated risk factor impacting truck deliveries - The company updated its risk factors to specifically address the automotive industry's undersupply of semiconductors, which reduced truck deliveries by approximately **3,000 units** in Q1 2021[201](index=201&type=chunk) - The supply chain disruption from the semiconductor shortage is anticipated to continue reducing deliveries in the second quarter[201](index=201&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=45&type=section&id=ITEM%202.%20UNREGISTERED%20SALES%20OF%20EQUITY%20SECURITIES%20AND%20USE%20OF%20PROCEEDS) The company reports no unregistered sales of equity securities and no share repurchases during Q1 2021 - The company made **no repurchases** under its **$500.0 million** stock buyback plan during the first quarter of 2021[202](index=202&type=chunk) [Exhibits](index=45&type=section&id=ITEM%206.%20EXHIBITS) This section provides an index of all exhibits filed with the Form 10-Q