AGCO Corp (AGCO) 2023 Q2 法說會逐字稿

Good day, and welcome to the AGCO Second Quarter 2023 Earnings Call. (Operator Instructions) Please note, this event is being recorded. I would now like to turn the conference over to Greg Peterson, AGCO Head of Investor Relations. Please go ahead.

美好的一天，歡迎參加愛科 2023 年第二季度財報電話會議。 （操作員說明）請注意，正在記錄此事件。我現在想將會議交給愛科投資者關係主管格雷格·彼得森 (Greg Peterson)。請繼續。

Thanks, and good morning. Welcome to those of you joining us for AGCO's Second Quarter 2023 Earnings Call. We will refer to a slide presentation this morning that's posted to our website at www.agcocorp.com. The non-GAAP metrics used in the presentation are reconciled to GAAP measures in the appendix of the presentation. We'll also make forward-looking statements this morning with respect to strategic plans, demand, product development and capital expenditure plans, production levels, engineering expense, exchange rate impacts, pricing, dividends, interest rates, future commodity prices, crop production, farm income, supply chain disruption, inflation, component delivery, sales, margins, earnings, inventories, cash flow tax rates and other financial metrics.

謝謝，早上好。歡迎各位參加愛科 2023 年第二季度財報電話會議。我們將參考今天早上發佈在我們網站 www.agcocorp.com 上的幻燈片演示。演示文稿中使用的非 GAAP 指標與演示文稿附錄中的 GAAP 衡量標准進行了協調。今天早上我們還將就戰略計劃、需求、產品開發和資本支出計劃、生產水平、工程費用、匯率影響、定價、股息、利率、未來商品價格、農作物生產、農場收入、供應鏈中斷、通貨膨脹、零部件交付、銷售、利潤、收益、庫存、現金流稅率和其他財務指標。

We wish to caution you that these statements are predictions and that actual events may differ materially. We refer you to the periodic reports that we file from time to time with the Securities and Exchange Commission including the company's Form 10-K for the year ended December 31, 2022. These documents discuss important factors that could cause the actual results to differ materially from those contained in our forward-looking statements.

我們希望提醒您，這些陳述只是預測，實際事件可能存在重大差異。我們建議您參閱我們不時向美國證券交易委員會提交的定期報告，包括公司截至 2022 年 12 月 31 日的年度 10-K 表格。這些文件討論了可能導致實際結果存在重大差異的重要因素來自我們的前瞻性陳述中包含的內容。

These factors include, but are not limited to, adverse developments in the agricultural industry, including those resulting from COVID-19, supply chain disruption, weather, exchange rate volatility, commodity prices and changes in product demand. We disclaim any obligation to update forward-looking statements, except as required by law. A replay of this call will be available on our corporate website later today.

這些因素包括但不限於農業行業的不利發展，包括因 COVID-19 造成的不利發展、供應鏈中斷、天氣、匯率波動、大宗商品價格和產品需求變化。除法律要求外，我們不承擔任何更新前瞻性陳述的義務。今天晚些時候，我們將在我們的公司網站上提供此次電話會議的重播。

On the call with me this morning is Eric Hansotia, our Chairman, President and Chief Executive Officer; and Damon Audia, our Senior Vice President and Chief Financial Officer. With that, Eric, please go ahead.

今天早上與我通話的是我們的董事長、總裁兼首席執行官埃里克·漢索蒂亞 (Eric Hansotia)；以及我們的高級副總裁兼首席財務官 Damon Audia。那麼，埃里克，請繼續。

Thanks, Greg, and good morning. We appreciate your interest in AGCO and your participation on the call today. This morning, we reported another record quarter in terms of sales, operating margin and earnings. The continued execution on our Farmer First strategy yielded second quarter sales growth of almost 30%, with adjusted operating margins expanding by 420 basis points to 13%.

謝謝，格雷格，早上好。我們感謝您對愛科的關注並參加今天的電話會議。今天早上，我們報告了銷售額、營業利潤率和收益方面再創新高的季度業績。我們繼續執行“農民優先”戰略，第二季度銷售額增長了近 30%，調整後的營業利潤率擴大了 420 個基點，達到 13%。

This makes 4 consecutive quarters with operating margins above 10.5%, which is evidence of how we have structurally transformed our business and further demonstrates the progress we are making towards our mid-cycle 12% operating margin target. We are seeing excellent demand for our technology-rich Fendt tractors, our precision ag solutions and replacement parts. North and South American fence sales are ahead of our growth targets as we expand our distribution networks into the regions to give more farmers access to the industry's best equipment.

這使得營業利潤率連續 4 個季度超過 10.5%，這證明了我們如何對業務進行結構性轉型，並進一步表明我們在實現中期 12% 營業利潤率目標方面所取得的進展。我們看到對技術豐富的芬特拖拉機、精密農業解決方案和替換零件的巨大需求。隨著我們將分銷網絡擴展到這些地區，讓更多的農民能夠獲得行業最好的設備，北美和南美的圍欄銷售領先於我們的增長目標。

Compared to June year-to-date 2022, AGCO's precision ag sales were up 23% and ideal combined sales increased 76%. We've also made significant progress with our efforts to optimize our South American operations and improve margins there. This quarter marks the fourth consecutive quarter with South American operating margins over 19%, which is a testament to the team's execution and industry-leading products.

與 2022 年年初至今的 6 月相比，愛科的精密農業銷售額增長了 23%，理想綜合銷售額增長了 76%。我們在優化南美業務和提高利潤率方面也取得了重大進展。本季度是南美地區營業利潤率連續第四個季度超過 19%，這證明了團隊的執行力和行業領先的產品。

Our customers' growing interest in AGCO's precision ag solutions is supporting extended order boards. We expect solid market conditions to continue. Our improved financial outlook for 2023 reflects this optimism. As we look at the second half of the year, we have increased our full year sales, operating margin, earnings and free cash flow forecast.

我們的客戶對愛科精密農業解決方案越來越感興趣，因為他們支持擴展訂單板。我們預計穩健的市場狀況將持續下去。我們對 2023 年財務前景的改善反映了這種樂觀情緒。展望今年下半年，我們上調了全年銷售額、營業利潤率、盈利和自由現金流預測。

Slide 4 details industry unit retail sales by region for quarter 2 2023. Supportive farm economics resulted in robust demand for large agricultural equipment as farmers continue to replace aging machines. While dealer inventory of smaller equipment has increased versus 2022 levels, larger machinery is still at or below targeted levels. North American industry retail tractor sales were down approximately 2% through June year-to-date versus 2022.

幻燈片 4 詳細介紹了 2023 年第 2 季度按地區劃分的行業單位零售額。隨著農民繼續更換老化機器，支持性農業經濟導致對大型農業設備的強勁需求。儘管經銷商的小型設備庫存較 2022 年的水平有所增加，但大型機械仍處於或低於目標水平。截至 6 月份，北美工業零售拖拉機銷量與 2022 年相比下降了約 2%。

Smaller tractor sales continued to decline from the higher levels in 2022 as increased interest rates and overall economic conditions have slowed demand. Strong demand and increased sales of greater than 100 horsepower units helped partially offset the decline. Industry retail tractor sales in Western Europe decreased approximately 1% through June year-to-date 2023 compared to 2022. Farmer sentiment continues to be negatively influenced by the ongoing war in Ukraine as well as input cost inflation.

由於利率上升和整體經濟狀況減緩了需求，小型拖拉機銷量在 2022 年繼續從較高水平下降。強勁的需求和超過 100 馬力單位的銷量增加部分抵消了下降的影響。與 2022 年相比，截至 2023 年 6 月，西歐的工業零售拖拉機銷量下降了約 1%。農民情緒繼續受到烏克蘭持續戰爭以及投入成本通脹的負面影響。

However, forecast for healthy farm income in Western Europe are expected to continue to support solid retail demand for equipment throughout 2023. In South America, industry retail tractor sales decreased 3% through the first 6 months of 2023 compared to 2022. Retail demand in Brazil was negatively affected by the depletion of the subsidized loan program prior to the June 30 fiscal year-end.

然而，西歐農場收入的健康預測預計將在 2023 年繼續支持設備的強勁零售需求。在南美洲，2023 年前 6 個月的工業零售拖拉機銷量與 2022 年相比下降了 3%。 巴西的零售需求受到 6 月 30 日財政年度結束前補貼貸款計劃耗盡的負面影響。

With new funding recently announced, positive farmer economics, supportive exchange rates and continued expansion in planted acreage, we are still anticipating modest growth for South America tractor industry in 2023 compared to the very strong levels of last year. The combined industry was up in North America, 57% and in Western Europe by 44% through June year-to-date versus 2022 due primarily to improved supply chains.

憑藉最近宣布的新資金、積極的農民經濟、有利的匯率以及種植面積的持續擴大，我們仍然預計 2023 年南美洲拖拉機行業與去年的強勁水平相比將出現溫和增長。截至今年 6 月，與 2022 年相比，北美的綜合行業增長了 57%，西歐的行業增長了 44%，這主要是由於供應鏈的改善。

Combines in South America declined slightly in the first 6 months of 2023 compared to the prior year. We remain positive about the underlying ag fundamentals supporting strong industry demand in 2023. The Stocks-to-use levels are a bit higher than the recent lows, but they remain at a level that supports profitable commodity prices. While there's been recent volatility in commodity prices over the last quarter related to weather uncertainty, they are still above the historical averages and favorable for farmers.

與上年相比，2023 年前 6 個月南美洲的聯合收割機略有下降。我們對支持 2023 年強勁行業需求的基本農業基本面保持樂觀。庫存使用水平略高於近期低點，但仍保持在支持有利可圖的大宗商品價格的水平。儘管上個季度大宗商品價格因天氣不確定性而出現波動，但仍高於歷史平均水平，對農民有利。

As the world demand for clean energy grows, the demand for vegetable oil-based diesel will grow strongly. This is a demand driver for our farmers that will be supportive of commodity prices. Equipment in the field is aged and due for replacement. By our calculations, the current average age of high-horsepower tractors in the U.S. is approximately 7.5 years old. Which is a year older than the historical average.

隨著世界對清潔能源需求的增長，對植物油柴油的需求將強勁增長。這對我們的農民來說是一個需求驅動因素，將支持商品價格。現場設備老化，需要更換。根據我們的計算，目前美國大馬力拖拉機的平均車齡約為7.5年。這比歷史平均水平早一年。

Across all regions, new dealer inventory of large ag equipment remains at or below targeted levels while small ag dealer inventory is up from last year. Input costs like fuel and fertilizer are down significantly from their peaks last year. We expect farm income to be down modestly in 2023 from record levels in 2022. However, we believe that it will remain at very good levels in 2023 and be supportive for industry demand, assuming that normal crop production continues.

在所有地區，大型農業設備的新經銷商庫存仍保持在或低於目標水平，而小型農業經銷商庫存則較去年有所增加。燃料和化肥等投入成本較去年的峰值大幅下降。我們預計 2023 年農業收入將比 2022 年創紀錄的水平小幅下降。不過，我們認為，假設作物生產繼續正常，2023 年農業收入將保持在非常好的水平，並支持行業需求。

The team has continued to do a great job managing supply chain challenges over the last few years. We are no longer using brokers to acquire semiconductors. This is not only a cost savings, but it also allows us to move products to finished goods inventory and on the customers faster. While the supply chain has improved from where we were a year ago, there are still components that are affecting our production volumes.

在過去幾年中，該團隊在應對供應鏈挑戰方面繼續表現出色。我們不再使用經紀人來收購半導體。這不僅節省了成本，而且還使我們能夠更快地將產品轉移到成品庫存並交付給客戶。雖然供應鏈較一年前有所改善，但仍有一些組件影響我們的產量。

The encouraging news is that even with these hurdles, capacity is improving. At the same time, farmer economics remain healthy. And global end market demand remains strong, especially in the large farmer segment. AGCO's 2023 factory production hours are shown on Slide 5. We grew our production in quarter 2 by approximately 18% versus 2022. Part of this increase is due to the cyber event we experienced in quarter 2 2022 and which depressed production volumes last year and shifted production to the second half of 2022. Because of this phasing and our focus on managing inventories, we are planning for a relatively flat production level in the back half of this year versus 2022.

令人鼓舞的消息是，儘管存在這些障礙，產能仍在提高。與此同時，農民經濟保持健康發展。全球終端市場需求依然強勁，特別是在大農領域。幻燈片 5 顯示了愛科 2023 年工廠的生產時間。與 2022 年相比，我們第二季度的產量增長了約 18%。這一增長的部分原因是我們在 2022 年第二季度經歷了網絡事件，該事件導致去年的產量下降並發生了轉移生產到 2022 年下半年。由於這一階段以及我們對庫存管理的關注，我們計劃今年下半年的生產水平與 2022 年相比相對持平。

Based on our industry and market share forecast for 2023, we are projecting a 4% to 5% increase in production hours for the year. As of the end of June 2023, demand for our farmer-focused products remains very strong and our order boards remain elevated across all regions. In Europe, tractors have order coverage into the first quarter of 2024 with large ag orders up double digits and small ag orders down double digits compared to last year.

根據我們對 2023 年的行業和市場份額的預測，我們預計今年的生產時間將增加 4% 至 5%。截至 2023 年 6 月底，對我們以農民為中心的產品的需求仍然非常強勁，我們在所有地區的訂單板仍然很高。在歐洲，拖拉機的訂單覆蓋率持續到 2024 年第一季度，與去年相比，大型農業訂單增長了兩位數，小型農業訂單下降了兩位數。

In South America, we have order coverage through September of 2023 where we continue to limit our orders to around 1 quarter in advance to give ourselves more pricing flexibility. We plan to begin accepting fourth quarter orders in Brazil in mid-August. In North America, our orders for track tractors, combines and application equipment extend well into 2024 as the demand in big farm market continues to be strong.

在南美，我們的訂單覆蓋範圍截至 2023 年 9 月，我們繼續將訂單提前限制在 1 個季度左右，以便為自己提供更大的定價靈活性。我們計劃於八月中旬開始接受巴西第四季度的訂單。在北美，由於大型農場市場的需求持續強勁，我們對履帶式拖拉機、聯合收割機和應用設備的訂單一直延續到 2024 年。

As we outlined last quarter, orders remain below last year's levels as we have elected to limit order intake to improve our on-time delivery rates. We currently have around 9 months of order coverage for both large and small ag.

正如我們上季度所述，訂單仍低於去年的水平，因為我們選擇限制訂單量以提高按時交貨率。目前，我們為大型和小型農業公司提供了大約 9 個月的訂單覆蓋範圍。

Moving to Slide 6. Over the last several years, we have been providing insight into our recent acquisitions and where they fit into our tech stack. For those that were present at our recent 2023 technology event in Kentucky, you saw many of the cutting-edge advancements that these companies have helped to accelerate and enable here at AGCO. With the products and technologies we demonstrated at the event, we showcased how we have been able to execute on integrating these companies by giving them the opportunity to be entrepreneurial and creative while leveraging AGCO's scale and go-to-market expertise.

轉到幻燈片 6。在過去的幾年中，我們一直在深入了解我們最近的收購以及它們在我們的技術堆棧中的位置。對於那些出席我們最近在肯塔基州舉行的 2023 年技術活動的人來說，您會看到這些公司在愛科幫助加速和實現的許多尖端進步。通過我們在活動中展示的產品和技術，我們展示了我們如何能夠通過為這些公司提供創業和創造力的機會，同時利用愛科的規模和進入市場的專業知識來執行整合。

Among some of the highlights, where precision planting starting the journey with us in 2017. And they are the cornerstone of our technology stack. They have perfected planters, which we have leveraged into the industry-leading Momentum planter. And now they're taking their know-how beyond planting to areas like sprayers and soil testing. JCA was acquired a year ago, and its technology was on full display at our technology event with the autonomous green card, running next to the Fed combine. We are excited to launch this product into the market in 2025.

其中一些亮點包括我們在 2017 年開始的精準種植之旅。它們是我們技術堆棧的基石。他們已經完善了花盆，我們將其應用到了行業領先的 Momentum 花盆中。現在，他們正在將種植領域的專業知識運用到噴霧器和土壤測試等領域。 JCA 一年前被收購，其技術在我們的技術活動中得到了充分展示，並獲得了自主綠卡，與美聯儲聯合收割機並列運行。我們很高興於 2025 年將該產品推向市場。

Slide 7 recaps the key messages from our recent technology event. The event highlighted all 3 of our key growth levers: the Global Fendt Full-Line, growing our parts and service business and growing our precision ag business. On the Kentucky Farm, we demonstrated a number of our technology-rich Fendt products from a momentum planter to a round baler to an ideal combine.

幻燈片 7 回顧了我們最近的技術活動的關鍵信息。此次活動強調了我們的所有 3 個關鍵增長槓桿：全球芬特全線、零部件和服務業務的增長以及精密農業業務的增長。在肯塔基州農場，我們展示了許多技術豐富的 Fendt 產品，從動量播種機到圓形打捆機再到理想的聯合收割機。

We discuss the ways we are meeting the farmer where they want to do business through our Ag Revolution dealership model, which blends a brick-and-mortar presence with over 30 mobile service trucks capable of performing most services right on the farm. This mobile service model will help us further grow our parts penetration by utilizing the telemetry data coming off of our machines and proactively performing maintenance before it becomes a problem.

我們討論瞭如何通過我們的 Ag Revolution 經銷模式與想要開展業務的農民見面，該模式將實體店與 30 多輛能夠在農場執行大部分服務的移動服務卡車融為一體。這種移動服務模式將通過利用來自機器的遙測數據並在問題出現之前主動進行維護，幫助我們進一步提高零件滲透率。

We are bringing parts and service to the farmer instead of requiring them to always come into the dealer store. We also showcased much of our precision ag portfolio and how we're helping to sustainably feed our world. while also helping farmers increase their net farm income by at least 20% across the entire crop cycle. Our new radical agronomics automated soil sampling lab got a lot of attention at the tech days for how it is revolutionizing the entire soil sampling value chain and lowering farmer cost.

我們為農民提供零件和服務，而不是要求他們總是進入經銷商商店。我們還展示了我們的大部分精密農業產品組合以及我們如何幫助可持續地養活我們的世界。同時還幫助農民在整個作物週期內將農場淨收入提高至少 20%。我們全新的激進農藝自動化土壤採樣實驗室因其如何徹底改變整個土壤採樣價值鏈並降低農民成本而在科技日受到廣泛關注。

We also reiterated the target dates of when we'll be having cutting-edge products in the market. For Autonomous Solutions, we demonstrated how we will have automated many of the tasks in the cab on our path to full autonomy. We demonstrated examples of the full crop cycle from the teach-in headland feature on the tractor pulling the Momentum planter to the ideal drive on the combine.

我們還重申了我們將尖端產品推向市場的目標日期。對於自主解決方案，我們演示瞭如何在實現完全自主的道路上自動化駕駛室中的許多任務。我們展示了整個作物週期的示例，從牽引 Momentum 播種機的拖拉機上的示教岬角功能到聯合收割機上的理想驅動。

The ideal combine automates more tasks than any other in the industry, resulting in less fatigue for the operator and a cleaner harvest with improved yield. We'll have autonomous retrofit solutions by 2025, supporting tillage and green [card] applications. We'll follow that with fully autonomous solutions across the crop cycle by 2030. For targeted Spring, we demonstrated Precision Planting's Symphony vision, a retrofit solution, which will be available for any brand of equipment starting in 2024.

理想的聯合收割機比業內任何其他聯合收割機能自動執行更多任務，從而減少操作員的疲勞，實現更清潔的收割並提高產量。到 2025 年，我們將擁有自主改造解決方案，支持耕作和綠色[卡]應用。到 2030 年，我們將在整個作物週期中推出完全自主的解決方案。針對目標春季，我們展示了 Precision Planting 的 Symphony 願景，這是一種改造解決方案，將從 2024 年開始適用於任何品牌的設備。

We'll follow that up with an OEM solution by 2026. And for clean emissions, we highlighted the paths we're taking to reduce emissions by investing in electric tractors and launching the e100 model in 2024 with more electrified platforms to follow. We also highlighted some of our other paths we're exploring, like biomethane and hydrogen.

我們將在 2026 年之前推出 OEM 解決方案。對於清潔排放，我們強調了我們正在採取的減少排放的途徑，包括投資電動拖拉機並於 2024 年推出 e100 車型，隨後將推出更多電氣化平台。我們還強調了我們正在探索的一些其他途徑，例如生物甲烷和氫氣。

When you look at it all, there's just never been a more exciting time to be in the ag space. For those of you that were with us, we want to thank you for your attendance at the event and your interest in AGCO. We hope that you saw how we are driving innovative solutions that are focused on helping improve our farmers' profitability. And with that, I'll hand it over to Damon.

縱觀這一切，您會發現農業領域從未有過如此激動人心的時刻。對於那些與我們在一起的人，我們要感謝您參加此次活動以及您對愛科的興趣。我們希望您了解我們如何推動專注於幫助提高農民盈利能力的創新解決方案。這樣，我就把它交給達蒙了。

Thank you, Eric, and good morning, everyone. I will start on Slide 8 with an overview of regional net sales performance for the second quarter. Net sales were up approximately 31% in the quarter compared to the second quarter of 2022 when excluding the negative effect of currency translation. Pricing in the quarter, which was over 14% contributed to higher sales. The strong year-over-year performance was partially influenced by the lower sales in the second quarter of 2022 that were negatively affected by the cyber attack we experienced, particularly in our European and North American operations.

謝謝你，埃里克，大家早上好。我將從幻燈片 8 開始概述第二季度的區域淨銷售業績。排除貨幣換算的負面影響後，本季度淨銷售額較 2022 年第二季度增長約 31%。本季度的定價上漲超過 14%，推動了銷售額的增長。強勁的同比業績在一定程度上是受到 2022 年第二季度銷售額下降的影響，該銷售額受到我們經歷的網絡攻擊的負面影響，特別是在我們的歐洲和北美業務中。

By region, the Europe/Middle East segment reported an increase in second quarter net sales of approximately 36%, excluding the negative effect of currency translation compared to the prior year. The improvement was driven by increased sales of mid- and high-horsepower tractors and combines, along with favorable pricing actions. In South America, net sales in the second quarter grew approximately 16% year-over-year, excluding the negative effects of currency translation, driven by the continued strong sales growth in Brazil, partially offset by lower sales in Argentina.

按地區劃分，歐洲/中東業務第二季度淨銷售額增長約 36%，與上年相比，不包括貨幣換算的負面影響。這一改善是由於中馬力拖拉機和聯合收割機銷量的增加以及有利的定價行動推動的。在南美洲，第二季度的淨銷售額同比增長約16%，不包括貨幣換算的負面影響，這是由巴西持續強勁的銷售增長推動的，但部分被阿根廷銷售額下降所抵消。

Higher sales of tractors and momentum planters as well as favorable pricing effects drove most of the increase. Net sales in North America increased approximately 35% in the quarter, excluding the unfavorable impact of currency translation compared to the second quarter of 2022. The growth resulted primarily from increased sales of high horsepower tractors, combines and application equipment, along with the positive effects of pricing that more than offset inflationary cost pressures.

拖拉機和動力播種機銷量的增加以及有利的定價效應推動了大部分增長。與 2022 年第二季度相比，北美地區的淨銷售額本季度增長約 35%，剔除貨幣換算的不利影響。這一增長主要得益於大馬力拖拉機、聯合收割機和應用設備的銷量增加，以及積極影響的定價足以抵消通脹成本壓力。

On a constant currency basis, net sales in our Asia Pacific/Africa segment increased about 14%. Delayed shipments from our European factories in late 2022 caught back up in the second quarter, resulting in the higher sales in Australia and China. Finally, consolidated replacement part sales were approximately $492 million for the second quarter, up over 9% year-over-year or 10% excluding the effects of negative currency translation.

按固定匯率計算，我們亞太/非洲部門的淨銷售額增長了約 14%。我們歐洲工廠於 2022 年末延遲發貨的情況在第二季度得到了恢復，導致澳大利亞和中國的銷售額增加。最後，第二季度綜合更換零件銷售額約為 4.92 億美元，同比增長超過 9%，排除匯率負值換算的影響則增長 10%。

Turning to Slide 9. The second quarter adjusted operating margin improved by 420 basis points versus 2022. Margins in the quarter benefited from higher sales and production, a richer mix and positive net pricing compared to the second quarter of 2022. Price increases in the quarter of over 14% more than offset significant material and freight cost inflation on a dollar basis, and we're also positive on a margin basis. For the full year, we are projecting approximately 8% pricing. By region, the Europe/Middle East segment reported an increase of approximately $134 million in operating income compared to the second quarter of 2022, and margins improved over 380 basis points. Higher sales, stronger net pricing and a healthy product mix contributed to the improvement.

轉向幻燈片 9。與 2022 年第二季度相比，第二季度調整後營業利潤率提高了 420 個基點。與 2022 年第二季度相比，該季度的利潤得益於更高的銷售額和產量、更豐富的產品組合以及積極的淨定價。該季度的價格上漲以美元計算，超過 14% 的增幅足以抵消材料和運費成本的顯著上漲，而且我們對利潤率也持樂觀態度。我們預計全年定價約為 8%。按地區劃分，歐洲/中東部門的營業收入較 2022 年第二季度增加了約 1.34 億美元，利潤率提高了 380 個基點以上。更高的銷售額、更強的淨定價和健康的產品組合促成了這一改善。

North American operating income for the quarter increased approximately $86 million year-over-year, while margins improved by approximately 690 basis points. Operating income benefited from higher sales and production, positive net pricing and a favorable mix based on the significant growth in Fendt products year-over-year. Operating margins in South America exceeded 20% in the quarter, a 380 basis point increase over the same period in 2022. Operating income improved almost $36 million versus the second quarter last year. The improved South American results reflect the benefit of higher sales and production as well as a favorable sales mix. The continued market strength in Brazil has resulted in continued price resiliency in the quarter, helping deliver very strong results once again.

該季度北美營業收入同比增長約 8600 萬美元，利潤率提高約 690 個基點。營業收入得益於更高的銷量和產量、積極的淨定價以及基於 Fendt 產品同比顯著增長的有利組合。本季度南美洲的運營利潤率超過 20%，比 2022 年同期增長 380 個基點。運營收入比去年第二季度增加近 3600 萬美元。南美業績的改善反映了銷售和產量增加以及有利的銷售組合的好處。巴西市場的持續強勁導致本季度價格持續彈性，幫助再次取得非常強勁的業績。

Finally, in our Asia Pacific/Africa segment, operating income declined approximately $10 million in the quarter due primarily to a weaker mix of sales, the negative transactional effects of imported products and higher logistics costs. With the margin expansion in the last 2 years in our North American and South American regions from our strategy execution and disciplined pricing, we expect AGCO's margin profile to be more balanced across the globe in the years ahead.

最後，在我們的亞太/非洲部門，本季度營業收入下降了約 1000 萬美元，這主要是由於銷售組合疲軟、進口產品的負面交易影響以及物流成本上升。由於我們的戰略執行和嚴格的定價，過去兩年北美和南美地區的利潤率有所增長，我們預計愛科在未來幾年的全球利潤率狀況將更加平衡。

Slide 10 summarizes our Precision Ag business. As we highlighted before, we are focused on expanding our addressable market from just traditional agricultural machinery spend, which today is in the low to mid-teens as a percentage of total farm spend. With our Precision ag portfolio, our sites are set to impact around 70% or effectively all non-land areas. We believe that the investments in precision ag positions us well as it plays a major role in achieving the global sustainability targets that are being established while simultaneously helping our farmers improve their profitability.

幻燈片 10 總結了我們的精密農業業務。正如我們之前強調的那樣，我們專注於擴大傳統農業機械支出的潛在市場，目前傳統農業機械支出佔農業總支出的百分比在十幾歲至十幾歲之間。憑藉我們的 Precision ag 產品組合，我們的工廠將影響約 70% 或實際上所有非陸地區域。我們相信，對精準農業的投資使我們處於有利地位，因為它在實現正在製定的全球可持續發展目標方面發揮著重要作用，同時幫助我們的農民提高盈利能力。

Through June year-to-date, we recorded $384 million in Precision ag revenue, approximately a 23% increase from the same period in 2022. We anticipate continued strong growth in the back half of '23, which takes us to our previously communicated target of $800 million to $850 million in sales. Our current run rate puts us solidly on track to hit the $1 billion sales target by 2025 that we announced during our December 2022 Investor Day.

截至今年 6 月，我們的 Precision ag 收入為 3.84 億美元，比 2022 年同期增長約 23%。我們預計 23 年下半年將繼續強勁增長，這將使我們達到之前傳達的目標銷售額為 8 億至 8.5 億美元。我們目前的運行速度使我們有望在 2025 年實現 10 億美元的銷售目標，這一目標是我們在 2022 年 12 月投資者日宣布的。

Slide 11 details our year-to-date free cash flow for 2022 and 2023. As a reminder, free cash flow represents cash used in or provided by operating activities less capital expenditures and free cash flow conversion is defined as free cash flow divided by adjusted net income. Through June year-to-date, we have used $602 million of cash, 15% less than 2022 as supply chains have improved in the second quarter last year was affected by the cyber attack. The use of cash follows our seasonal inventory build in the first half of the year for the spring selling season and the sell down over the back half of the year. The year-over-year improvement reflects higher earnings, partially offset by almost $100 million in increased capital expenditures year-to-date. For 2023, we still expect our raw material and work in process inventory to remain somewhat elevated given supply chain challenges, but we still expect it to be a modest source of cash versus a use in 2022.

幻燈片 11 詳細介紹了我們 2022 年和 2023 年迄今為止的自由現金流。提醒一下，自由現金流代表經營活動中使用或提供的現金減去資本支出，自由現金流轉換定義為自由現金流除以調整後的現金流量淨利。截至今年 6 月，我們已使用了 6.02 億美元現金，比 2022 年減少了 15%，因為去年第二季度供應鏈受到網絡攻擊的影響有所改善。現金的使用是在我們上半年春季銷售季節的季節性庫存增加以及下半年的銷售下降之後進行的。同比增長反映了收益的增加，但部分被今年迄今增加的近 1 億美元的資本支出所抵消。考慮到供應鏈的挑戰，我們仍然預計 2023 年我們的原材料和在製品庫存將保持在一定水平，但與 2022 年的使用相比，我們仍然預計這將是一個適度的現金來源。

We expect our free cash flow conversion to continue to range from 75% to 100% of adjusted net income, a significant increase from 2022, consistent with our improved financial outlook. We remain focused on direct returns to our investors during 2023 with a regular quarterly dividend that we increased last quarter by 21% to $0.29 per share and the payment of a special variable dividend of $5 per share.

我們預計我們的自由現金流轉換將繼續保持在調整後淨利潤的 75% 至 100% 之間，較 2022 年大幅增加，這與我們改善的財務前景一致。我們仍然專注於 2023 年為投資者帶來直接回報，上季度定期季度股息增加 21% 至每股 0.29 美元，並支付每股 5 美元的特別可變股息。

Future returns of cash to shareholders will be based on cash flow generation, our investment needs, which include capital expenditures and acquisition opportunities as well as our market outlook.

未來股東的現金回報將取決於現金流的產生、我們的投資需求（包括資本支出和收購機會）以及我們的市場前景。

Slide 12 highlights our 2023 retail market forecast for our 3 major regions. Globally, driven by elevated commodity prices, we expect healthy farm economics to support strong end market demand. For North America, we continue to expect similar demand compared to the healthy levels in 2022. We expect continued growth in high horsepower raw crop equipment segment to be offset by softer demand for smaller equipment after several years of robust growth.

幻燈片 12 重點介紹了我們對 3 個主要地區 2023 年零售市場的預測。在全球範圍內，在大宗商品價格上漲的推動下，我們預計健康的農業經濟將支持強勁的終端市場需求。對於北美，我們繼續預計 2022 年的需求將與健康水平類似。我們預計，經過幾年的強勁增長後，高馬力原料作物設備領域的持續增長將被小型設備需求疲軟所抵消。

Current interest rates are expected to continue to slow the smaller equipment segment of the market. In South America, we still expect industry sales to be flat to up 5%. We expect the recently announced funding for the subsidized loan program to stimulate demand, especially for smaller equipment in the second half of 2023.

目前的利率預計將繼續減緩市場中小型設備領域的發展。在南美洲，我們仍然預計行業銷售額將持平至增長 5%。我們預計最近宣布的補貼貸款計劃資金將刺激需求，特別是 2023 年下半年的小型設備。

This region remains one of the stronger end markets, especially in Brazil, where the farm footprint is increasing. We expect another year of healthy farmer profitability, which we expected to drive demand for large ag equipment beyond 2023. For Western Europe, we continue to expect the industry to be relatively flat compared to 2022. Farm fundamentals in the region are generally healthy with grain prices continuing to outpace input inflation. Meanwhile, supply chain constraints over the last 2 years are extending equipment replacement.

該地區仍然是最強大的終端市場之一，尤其是在巴西，那裡的農場足跡正在增加。我們預計農民盈利能力又將保持健康，這將推動 2023 年以後對大型農業設備的需求。對於西歐，我們繼續預計該行業與 2022 年相比將相對平穩。該地區的農業基本面總體健康，穀物產量增加價格繼續超過投入通脹。與此同時，過去兩年的供應鏈限制正在延長設備更換時間。

Slide 13 highlights a few key assumptions underlying our 2023 outlook. In addition to focus on meeting the robust end of market demand, we will also make significant investments in the development of new solutions to support our farmer First strategy. Although we see strong market demand, AGCO's results will still be dependent on our supply chain performance in 2023.

幻燈片 13 強調了我們 2023 年展望的幾個關鍵假設。除了專注於滿足強勁的市場需求之外，我們還將大力投資開發新解決方案，以支持我們的農民優先戰略。儘管我們看到強勁的市場需求，但愛科的業績仍將取決於我們 2023 年的供應鍊錶現。

Our sales plan includes market share gains along with price increases of approximately 8% aimed at more than offsetting material cost inflation. We currently expect currency translation to positively affect sales by about 2%. Engineering expenses are expected to increase by approximately 20% compared to 2022. The increase is targeted at investments in smart farming and precision ag products.

我們的銷售計劃包括市場份額的增長以及約 8% 的價格上漲，旨在抵消材料成本上漲。我們目前預計貨幣換算將對銷售額產生約 2% 的積極影響。與2022年相比，工程費用預計將增加約20%。增加的目標是對智能農業和精準農業產品的投資。

Given our first half performance and our outlook for the second half, we now expect our operating margins to improve to around 11.7% versus our prior outlook of 10.9%, driven by sales, favorable pricing net of material cost and improved factory productivity, partially offset by increased investments in our engineering and digital initiatives as well as inflationary cost pressures. We now expect other expenses to increase approximately $90 million year-over-year, most of which was incurred in the first half of 2023.

考慮到我們上半年的業績和下半年的前景，我們現在預計我們的營業利潤率將提高至 11.7% 左右，而之前的預期為 10.9%，這主要受到銷售、扣除材料成本的有利定價以及工廠生產率提高的推動，部分抵消通過增加對我們的工程和數字計劃的投資以及通貨膨脹的成本壓力。我們現在預計其他費用將同比增加約 9000 萬美元，其中大部分發生在 2023 年上半年。

Half of this increase is tied to the sale of receivables to AGCO Finance. We were being affected by higher sales volume and higher interest rates compared to 2022 that we've been forecasting. The other half is related to the increased volatility in the Turkish lira and the Argentinian peso. We are continuing to target an effective tax rate of 27% to 28% for 2023.

其中一半增長與向 AGCO Finance 出售應收賬款有關。與我們預測的 2022 年相比，我們受到了更高銷量和更高利率的影響。另一半與土耳其里拉和阿根廷比索的波動加劇有關。我們繼續將 2023 年有效稅率目標定為 27% 至 28%。

Turning to Slide 14. We raised our sales and earnings per share targets from what we highlighted on our first quarter call. We now expect net sales to be in the $14.7 billion range based on our first half performance and the stronger euro. Adjusted earnings per share should now be approximately $15.25 in 2023 versus our prior target of $14.40.

轉向幻燈片 14。我們在第一季度電話會議上強調的基礎上提高了銷售額和每股收益目標。根據我們上半年的業績和歐元走強，我們現在預計淨銷售額將在 147 億美元範圍內。 2023 年調整後每股收益應約為 15.25 美元，而我們之前的目標為 14.40 美元。

We've also modestly increased our CapEx target to $400 million to include additional investments in our CVT capacity and to further enable precision ag growth. As I mentioned earlier, free cash flow conversion should be in the range of 75% to 100% of adjusted net income, consistent with our long-term target. And based on our improved outlook should deliver an additional $75 million to $100 million in free cash flow.

我們還適度將資本支出目標提高至 4 億美元，以包括對 CVT 產能的額外投資，並進一步實現精準農業的增長。正如我之前提到的，自由現金流轉換應在調整後淨利潤的 75% 至 100% 範圍內，這與我們的長期目標一致。根據我們改善的前景，應該會帶來額外 7500 萬至 1 億美元的自由現金流。

With that, I'll turn the call back to Greg for Q&A.

這樣，我會將電話轉回給格雷格進行問答。

Thanks, Damon.

謝謝，達蒙。

To maximize participation in the Q&A session today, we'll ask you to limit yourselves to 1 question and 1 follow-up. Gary, with that, we're ready to go ahead and start Q&A.

為了最大限度地參與今天的問答環節，我們將要求您將自己限制在 1 個問題和 1 個後續跟進。加里，我們準備好開始問答了。

We will now begin with the question-and-answer session. (Operator Instructions) The first question is from Jamie Cook with Credit Suisse.

我們現在開始問答環節。 （操作員說明）第一個問題來自瑞士信貸銀行的 Jamie Cook。

Congratulations on a nice quarter. I think my first question, obviously, a nice quarter and nice race to guidance, but I'm just trying -- guidance, in particular the operating margin assumption in the back half seems conservative given what we've put up the margin performance in the first half of the year. I think margins in the back half are implied down about 150 basis points from the first half. So just trying to understand the drivers of why margins would (inaudible) in second half versus the first half. And where is the conservatism there?

祝賀您度過了一個美好的季度。我認為我的第一個問題顯然是一個不錯的季度和良好的指導競賽，但我只是在嘗試 - 指導，特別是後半段的營業利潤假設似乎保守，因為我們已經提出了利潤率表現今年上半年。我認為下半年的利潤率比上半年下降了約 150 個基點。因此，只是想了解為什麼下半年與上半年的利潤率（聽不清）的驅動因素。那裡的保守主義在哪裡？

And then my second question, just understanding you have a strong order book in -- or some visibility into 2024, what's your approach for the order book for 2024? And of the orders that are there, what's going to retail versus dealer.

然後是我的第二個問題，只要了解您在 2024 年擁有強大的訂單簿，或者對 2024 年有一定的了解，您對 2024 年訂單簿的方法是什麼？以及那裡的訂單中，哪些是流向零售的，哪些是經銷商的。

So Jamie, I'll start with the margins first half, second half, and then maybe I'll let Eric talk about the order board. I think if we think about the first half, again, we had a very strong performance here as you alluded to. For the second half, if I think about that sequential change, there's really a couple of drivers influencing the second half. One is the engineering spend. So as we've been talking about this year, we are increasing our engineering spend over $100 million year-over-year. If you look at my first half engineering versus second half, you're going to see that increasing. So that will be a little bit of a detractor on the second half.

傑米，我將從上半場和下半場的利潤開始，然後也許我會讓埃里克談論訂單板。我想，如果我們再考慮一下上半場，正如你提到的那樣，我們在這裡表現得非常出色。對於下半場，如果我考慮一下連續的變化，確實有幾個驅動因素影響下半場。一是工程支出。正如我們今年一直在談論的那樣，我們的工程支出同比增加超過 1 億美元。如果你看看我的前半部分工程與後半部分，你會發現這一點有所增加。因此，這將成為下半場的一個不利因素。

Second is material cost. Again, even though we're seeing the underlying fundamentals of things like steel come down, we are still seeing sequential increase in material cost. So that would be the second biggest driver. Third would be, I would say, a little bit of pricing first half versus second half. You've heard us talk about the lower horsepower segment in South America. As we think about some of the incentives to spur the retail delivery there, we do see potentially some further -- some incentives there, again, that we didn't have to use in the first half in South America.

其次是材料成本。同樣，儘管我們看到鋼鐵等產品的基本面有所下降，但我們仍然看到材料成本連續增加。所以這將是第二大驅動因素。我想說，第三點是上半年與下半年的一些定價。您已經聽過我們談論南美洲的低馬力市場。當我們考慮刺激那裡零售交付的一些激勵措施時，我們確實看到了潛在的一些進一步的激勵措施，這些激勵措施是我們上半年在南美洲不必使用的。

So I would tell you those are the big 3 drivers first half versus second half, maybe a little bit of mix as well. As you know, planters are a big first half product for us, which is a rich mix and then that South American low horsepower tractors, which were lower than expectations in the first half as they ramp back up in the second half, that will be sort of a negative mix to the Brazilian or the South American margins first half versus second half.

所以我想告訴你，這些是上半場和下半場的三大車手，也許還有一些混合。如您所知，播種機對我們來說是上半年的重要產品，這是一個豐富的組合，然後是南美低馬力拖拉機，上半年低於預期，下半年將回升，這將是巴西隊或南美隊上半場與下半場的差距有點負面。

Jamie, your question on order board, we expect to continue to manage -- the place we're managing the order board most tightly is in South America. And we continue to plan to roll that out 1 quarter at a time to be able to handle both pricing and market volatility. It's been really effective for us, and we think we'll keep that into next year. We've got strong order books in terms of quantity, but also those books are loaded with retail orders. It's already -- today, we're remaining a high percent retail order well over 40%, and we think that will continue to strengthen into next year, probably over 50% retail order percentage of the order bank.

傑米，你關於訂單板的問題，我們希望繼續管理——我們對訂單板管理最嚴格的地方是南美洲。我們繼續計劃一次推出一個季度，以便能夠應對定價和市場波動。這對我們來說非常有效，我們認為我們會在明年繼續保持這種效果。我們的訂單量很大，而且這些訂單也充滿了零售訂單。今天，我們的零售訂單比例已經保持在 40% 以上，我們認為明年這一比例將繼續增強，零售訂單比例可能超過訂單銀行的 50%。

The next question is from Tim Thein with Citigroup.

下一個問題來自花旗集團的 Tim Thein。

Maybe just first question on Europe. And maybe, Eric, you can even speak to some of the -- which don't always have a perfect track record in terms of their predictability but some of the sentiment indicators there have softened. And one of the points raised is some concern around some pickup in inventory. So which is counter to the message that you've conveyed this morning from what you guys were seeing. So maybe just speak to the feedback and what you're hearing from the dealer base. I know it's not a uniform -- there's a lot of countries which can move in different trajectories. But maybe just speak to Europe as a whole and how you're thinking about that into '24.

也許只是關於歐洲的第一個問題。也許，埃里克，你甚至可以與一些人交談——他們在可預測性方面並不總是擁有完美的記錄，但那裡的一些情緒指標已經軟化。提出的問題之一是對庫存增加的一些擔憂。這與你們今天早上所傳達的信息是相反的。因此，也許只需談談您從經銷商那裡聽到的反饋和意見。我知道這不是統一的——有很多國家可以走不同的軌跡。但也許只是談談整個歐洲，以及你在 24 世紀如何看待這個問題。

Okay. Europe, there's a couple of dynamics going on. They have a little more inflation than some of the other markets, so that's a negative. But the Ukrainian is bad for the world as the Ukrainian grain stoppage was. In some ways, it was good for farmers because we most expect that, that's going to drive prices up somewhere in the 10% to 15% range for most commodities because you have substitution. It's not just wheat, you have substitution across all grains. So that helps profitability for the farmers, especially in Europe. So although the sentiment indicator came down a little bit, it's still pretty strong relatively. It's trending towards -- a little more towards neutral from red hot. But that doesn't concern us at this moment.

好的。歐洲正在發生一些動態。他們的通貨膨脹率比其他一些市場要高一些，所以這是一個負面因素。但烏克蘭的糧食停運對世界不利。在某些方面，這對農民有利，因為我們最期望的是，這將推動大多數商品的價格上漲 10% 至 15%，因為有替代品。不僅僅是小麥，所有穀物都有替代品。這有助於農民的盈利，特別是在歐洲。因此，儘管情緒指標有所下降，但相對而言仍然相當強勁。它的趨勢是從熾熱轉向中性。但目前這與我們無關。

We're still seeing strong order rates coming in and we're growing share in most of our brands across Europe. So the business -- the industry is pretty healthy, and we think with this green restriction, it will remain healthy, and we continue to grow share. Global wheat stocks are down -- global wheat stocks are down for the fourth straight year, which is the primary crop in Europe. So that just gives you an overall sense for -- as that commodity is tight, any more further restrictions really pushes price up.

我們仍然看到強勁的訂單率，並且我們在歐洲大多數品牌的份額都在增長。因此，這個行業相當健康，我們認為有了這項綠色限制，它將保持健康，我們的份額將繼續增長。全球小麥庫存下降——全球小麥庫存連續第四年下降，小麥是歐洲的主要作物。因此，這只是給你一個總體感覺——由於該商品供應緊張，任何進一步的限制確實會推高價格。

Okay. And then just kind of mechanically from a quarterly earnings perspective, historically, and seasonality has kind of gotten mixed up a little bit here recently. But historically, fourth quarter is typically the highest. Do you still expect that this year, the way you have the plan laid out?

好的。然後，從歷史上看，從季度收益的角度來看，季節性和季節性最近有點混淆。但從歷史上看，第四季度通常是最高的。今年你還期待你制定的計劃嗎？

Yes. I think, Tim, as we think about the seasonality of the business, again, we'll see how the second half unfolds. I think, as Jamie asked the question, revenue-wise, Q2 and Q4 tend to be our strongest quarters. If we think about the margin-wise, Q2 has been an exceptionally strong quarter here at 13.1%. For all the reasons we articulated on the call, if I look forward here to the back half and the fourth quarter, we do have a little bit of a -- we had a very strong fourth quarter last year, given the sort of the supply chain challenges and the very rich mix that we saw that Fendt product portfolio last year.

是的。蒂姆，我認為，當我們再次考慮業務的季節性時，我們將看到下半年如何展開。我認為，正如傑米所問的問題，就收入而言，第二季度和第四季度往往是我們最強勁的季度。如果我們考慮利潤率，第二季度是一個異常強勁的季度，達到 13.1%。出於我們在電話會議上闡述的所有原因，如果我展望下半年和第四季度，我們確實有一點——考慮到供應量，我們去年第四季度的表現非常強勁連鎖挑戰和我們去年看到的 Fendt 產品組合非常豐富的組合。

So as I think about the second half between engineering spend increasing a little bit of the mix. I'm not sure we'll necessarily have it as our strongest margin quarter, but I think it will still be 1 of our top 2 quarters for sure.

因此，當我想到下半年工程支出會增加一點組合時。我不確定它是否一定會成為我們利潤率最高的季度，但我認為它肯定仍將是我們前兩個季度之一。

By design. Last year, we were running the catch up all through the year, and we had a big surge at the end of the year last year. By design, we aim to be much more building to demand through the course of this year, and we're doing that so far. So we don't want to have this kind of spike at the end of the year that is a catch-up mode. We want to be building to customer demand. And that's with supply chain easing, we're doing a way better job with that this year than other years. .

通過設計。去年我們全年都在追趕，去年年底我們有一個大的飆升。按照設計，我們的目標是在今年內更多地根據需求進行建設，到目前為止我們正在這樣做。因此，我們不希望在年底出現這種追趕模式的峰值。我們希望根據客戶需求進行構建。隨著供應鏈的放鬆，我們今年在這方面做得比往年更好。 。

The next question is from Larry De Maria with William Blair.

下一個問題是拉里·德·瑪麗亞和威廉·布萊爾提出的。

Two unrelated questions. First, on strength, obviously, I highlighted this ongoing strength there. Can you sort of just turn a little bit between channel fill and retail sales there? Because I know you're obviously building out the distribution, which you've talked about. But how much of the growth is going to fill the channel versus sell-through?

兩個不相關的問題。首先，就實力而言，顯然，我強調了那裡持續的實力。你能在渠道填充和零售銷售之間稍微調整一下嗎？因為我知道您顯然正在構建您所討論的發行版。但與銷售量相比，增長量有多少會填補渠道呢？

And second part on IDEAL, I think, up 75%. And -- can you put a little bit of that in perspective, just kind of help us understand the materiality of that because I think it's from a small base in terms of that needle moving or if that's just from a small base that's nice for now and more important in a couple of years.

我認為 IDEAL 的第二部分上漲了 75%。而且 - 你能否正確地看待這一點，只是幫助我們理解其重要性，因為我認為它是從針移動的小基礎開始的，或者如果這只是從現在很好的小基礎開始幾年後更重要。

I think, Larry, if you think about Fendt for us, again, as we alluded to very strong performance here. If I think about it in the North American market, it was up several hundred units year-over-year, of sales. I think we're up over 150% in North America. I would tell you, a high percentage of that is actually retail. Our retail was up right around 100% as well. So you're seeing a little bit of that channel expansion that you're talking about as we fill and bring on new dealers, but we're seeing high retail concentration as well there.

我想，拉里，如果你再次為我們考慮一下芬特，因為我們在這裡提到了非常強勁的表現。如果我考慮一下北美市場，它的銷量同比增長了數百台。我認為我們在北美的增長超過 150%。我想告訴你，其中很大一部分實際上是零售。我們的零售額也增長了 100% 左右。因此，當我們填補和引入新經銷商時，您會看到您所說的渠道擴張，但我們也看到那裡的零售高度集中。

So getting it out to the farms and word of mouth building the momentum as we talk to the farmers as you saw in that tech field day, that farmer, he heard about sent and word-of-mouth as his neighbor had one. Again, part of that sense experience really helping grow the brand recognition out there and getting it into the ultimate farmers, IDEAL, to your point, I would tell you, it's lower numbers. So we are seeing good growth, good percentage, but it's still smaller numbers that we're building off of here on the IDEAL combine.

因此，當我們與農民交談時，將其傳播到農場並通過口碑建立勢頭，正如您在那個科技領域所看到的那樣，那個農民，他聽說了發送和口碑，因為他的鄰居有一個。再說一次，這種感覺體驗的一部分確實有助於提高品牌知名度，並將其帶入最終的農民，IDEAL，就你的觀點而言，我會告訴你，它的數字較低。因此，我們看到了良好的增長和良好的百分比，但我們在 IDEAL 聯合收割機上建立的數字仍然較小。

Just to put a few numbers behind that. If you go back to 2018, when we really started globalizing the Fendt business, we had a North America coverage something in the 40% range. Now it's up to 75%. In South America, we had essentially 0. We just -- we weren't in that market with Fendt now we're at 70%. So we've gotten to the point where we've got much of the important market covered. We still want to grow that to about 90% in both cases, but we've got a lot of good dealers in the areas where it's important. And so channel fill isn't -- I mean, we still have lower inventory than we want at those dealers. But a lot of it is going right through to retail, as Damon said.

只是在後面加上一些數字。如果你回到 2018 年，當我們真正開始全球化 Fendt 業務時，我們的北美覆蓋率約為 40%。現在已經達到75%了。在南美洲，我們基本上是 0。我們只是——我們沒有和 Fendt 一起進入那個市場，現在我們的比例是 70%。因此，我們已經覆蓋了大部分重要市場。我們仍然希望在這兩種情況下將其增長到 90% 左右，但我們在重要的領域擁有很多優秀的經銷商。因此，渠道填充並不是——我的意思是，我們在這些經銷商處的庫存仍然低於我們想要的水平。但正如達蒙所說，其中很多都直接進入了零售業。

The next question is from Tami Zakaria with JPMorgan.

下一個問題來自摩根大通的 Tami Zakaria。

So I was hoping to get more color on the flat production, our growth outlook for the back half. What is expected to -- what is it expected to look like for small versus large ag, if you could give some details?

因此，我希望對平板生產以及我們下半年的增長前景有更多的了解。如果您能提供一些細節，小型農業公司與大型農業公司的預期會是什麼樣子？

Yes. I think, Tami, just a couple of comments on the production. Again, we're reflecting or forecasting relatively flat production year-over-year. And again, as a reminder, we had the cyber event in the second quarter, which took our production out. We really increased production in the second half of last year to recover, so we didn't do the normal summer shutdowns preventative maintenance as we were trying to recover on that lost production.

是的。我想，塔米，我只是對製作發表一些評論。同樣，我們反映或預測產量同比相對持平。再次提醒一下，我們在第二季度發生了網絡事件，導致我們的生產中斷。我們確實在去年下半年增加了產量來恢復，所以我們沒有進行正常的夏季停產預防性維護，因為我們試圖恢復損失的產量。

This year, again, you're seeing a relatively flat production based off of the higher capacity, the higher demand, but we are still implementing some of these preventive maintenance periods, the European holiday. If I look at it large versus small ag, I would tell you large ag is running strong, probably more capacity, CVT related capacity coming on large ag, where you are seeing some of the production coming down is going to be on the smaller ag part of the business there.

今年，由於產能增加、需求增加，您再次看到產量相對平穩，但我們仍在實施一些預防性維護期間，即歐洲假期。如果我比較一下大型企業與小型企業，我會告訴您大型企業運行強勁，可能有更多產能，CVT 相關產能將出現在大型企業上，您會看到一些產量下降將出現在較小的企業上那裡的業務的一部分。

Got it. So is this large ag production or should be positive in the back half?

知道了。那麼，這是大規模的農業生產還是下半年應該是積極的？

Yes. And...

是的。和...

Got it. That's helpful. And if I could ask one more. What's the pricing expectation again for the backup for large versus small ag? It seems like for the back half, low to mid-single-digit pricing is what's embedded -- but is it going to be similar for large versus small?

知道了。這很有幫助。如果我可以再問一個嗎？大型農業公司與小型農業公司的備份的定價預期分別是多少？對於後半部分來說，低到中個位數的定價似乎是嵌入的——但對於大型和小型來說，它會相似嗎？

Yes. I don't -- we don't really break it down that way, Tami. I think your assessment for the second half in the low single digits is right. It's going to be product by product, and we really don't break it out large ag versus small ag.

是的。我不——我們並沒有真正那樣分解它，塔米。我認為你對下半年低個位數的評估是正確的。這將是一個又一個產品的問題，我們真的不會將其分為大型農業和小型農業。

The next question is from Seth Weber with Wells Fargo Securities.

下一個問題來自富國銀行證券公司的 Seth Weber。

I wanted to just ask about your 9 months of coverage -- 9 months of coverage comment for the North American backlog. Can you just frame that for us? Is that like on a relative basis versus historical? Is that about where it typically sits? Is it better than average? Worse than average? Just any kind of framework for that 9-month number or even versus last year?

我只想問一下你們 9 個月的報導——對北美積壓的 9 個月的報導評論。你能為我們框架一下嗎？這是相對於歷史而言的嗎？那是它通常所在的位置嗎？比平均水平好嗎？比平均水平更差？是否有任何關於 9 個月數據甚至與去年相比的框架？

Well, it's interesting to decide what typical is anymore. If we say it's during COVID, it would be less. But prior to COVID, it's probably twice what we would normally have. So that's what we're seeing as we still actually would like to get that backlog down and not have to have farmers wait as long as they're waiting right now for their demand. There's a lot of thirst for the new technology we're bringing out on the products and we'd like to be able to get that to them faster. So it's still probably twice as high as we'd like it to be. And have historically been.

嗯，決定什麼是典型是很有趣的。如果我們說是在新冠疫情期間，那就會更少。但在新冠疫情爆發之前，這個數字可能是正常情況的兩倍。這就是我們所看到的，因為我們實際上仍然希望減少積壓，並且不必讓農民等待，只要他們現在正在等待他們的需求。人們對我們在產品上推出的新技術有很多渴望，我們希望能夠更快地為他們提供這些技術。所以它可能仍然是我們希望的兩倍。歷史上也是如此。

Okay. And then just on the parts revenue up 9%. I assume you're pushing pricing on parts as well. So I'm just trying to understand was is parts volume up? Was parts volume up in the quarter? Or is it down?

好的。然後僅零部件收入就增長了 9%。我猜你們也在提高零件的定價。所以我只是想了解零件數量是否增加了？本季度零件數量增加了嗎？還是已經下降了？

Yes. Seth, the pricing isn't too much different, whether you're talking about whole goods or parts -- we're saying 8% for the full year, it was double digits in the first half, probably not as much on the part side. So we do have modest volume growth year-over-year, but not to the extent that we're having the whole goods growth.

是的。 Seth，定價並沒有太大的不同，無論你是在談論整件商品還是零件——我們說的是全年 8%，上半年是兩位數，零件上可能沒有那麼高邊。因此，我們的銷量確實同比略有增長，但還沒有達到整體商品增長的程度。

Now -- and that's normal. I mean in -- parts typically are more stable over the cycle. So in times when demand for equipment is stronger you don't see that same pull-through on parts. They're typically steadier. Similarly, when demand softens for big equipment or equipment in general, parts tend to stay more stable. So it's just kind of the nature of the beast.

現在——這很正常。我的意思是——零件在整個週期中通常更加穩定。因此，在設備需求強勁的時候，您不會看到零件有同樣的拉動。他們通常比較穩定。同樣，當大型設備或一般設備的需求疲軟時，零部件往往會保持更加穩定。所以這只是野獸的本性。

Helpful.

有幫助。

Appreciate it. The next question is from Stephen Volkmann with Jefferies.

欣賞它。下一個問題來自 Jefferies 的 Stephen Volkmann。

Great. Good morning, everybody. most of the questions have been answered. So maybe I'll try a big broad brush, Eric. I guess the elephant in the room is just the cycle question, right? And I'm curious if you have any updated thoughts on just where you think we are in the cycle here and you've given some sort of qualitative thoughts, I guess, going forward about market share gains and precision and biofuels. Can '24 be an up year for the industry? Or is it too early to tell?

偉大的。大家早上好。大多數問題已得到解答。所以也許我會嘗試一下大範圍的刷子，埃里克。我想房間裡的大像只是循環問題，對吧？我很好奇您是否對我們所處的周期有任何最新的想法，並且您已經給出了一些定性的想法，我猜，關於市場份額的增長以及精度和生物燃料。 24 年能否成為該行業的增長年？或者現在說還為時過早？

It's too early to tell, but it still can be a very good year. We see a lot of indicators that are tailwind indicators. We've had a couple of good years in a row, but the average -- just a couple more to give you. If you look in the U.S. and the high horsepower area that's still growing. Small ag is cooling off. We've said that, but high horsepower is still growing. The average age of the high horsepower tractor in the U.S. is about 7.5 years based on our data. The historical norm, if you look on over a number of years is more like 6.5.

現在下結論還為時過早，但今年仍然可能是非常好的一年。我們看到很多指標都是順風指標。我們連續幾年都取得了不錯的成績，但平均水平——還有幾個可以給你。如果你看看美國和仍在增長的高馬力地區。小ag正在冷卻。我們已經說過了，但高馬力仍在增長。根據我們的數據，美國大馬力拖拉機的平均年齡約為 7.5 年。如果你觀察多年，歷史標準更像是 6.5。

So it's still -- it's still a pool of equipment that needs refreshment. Not to mention all of the technology, the rate at which we're bringing out technology on the new products and the artificial intelligence features on those products is bringing new productivity enhancements to the farmers that even if they didn't have to refresh, there's new features that give them a good ROI. Used equipment levels are still about 50% below what they were in 2018 or '19. So those are kind of things that we're watching that say, does this market have room to still be a good market next year, and they look like they are when you look at the machinery. When you look at the grain I've already talked about the impact of the Russian blockade of Ukraine, all indicators we've seen say prices will go up on grains about 10% to 15% because of that, and we're starting to see it, especially on wheat, wheat moved up a lot.

所以它仍然是一個需要更新的設備池。更不用說所有的技術了，我們在新產品上推出技術的速度以及這些產品上的人工智能功能正在為農民帶來新的生產力提高，即使他們不需要更新，也有為他們帶來良好投資回報率的新功能。二手設備水平仍比 2018 年或 19 年低 50% 左右。因此，我們正在關注的事情是，明年這個市場是否還有空間繼續成為一個良好的市場，當你看機械時，它們看起來就是這樣。當你看穀物時，我已經談到了俄羅斯封鎖烏克蘭的影響，我們看到的所有指標都表明穀物價格將因此上漲約 10% 至 15%，我們開始看吧，尤其是小麥，小麥漲了很多。

We're seeing record heat waves going through much of the growing portions of the world, North America, Europe. And although August is an important month, we've got to get through that. It has not been good for crops and there's a potential downside coming on that. So lots of indicators that say 2024 could still be a very good year.

我們看到創紀錄的熱浪席捲了世界大部分地區，包括北美、歐洲。儘管八月是一個重要的月份，但我們必須度過這個時期。這對農作物不利，並且存在潛在的負面影響。許多指標表明 2024 年仍可能是非常好的一年。

Great. Okay. And then maybe a Damon question. I think we've talked in the past about some productivity challenges due to the supply chain volatility that we've been seeing. And I guess that's improving. But is there still some productivity to come as supply chains kind of finally get normal again? Or are we sort of through that already?

偉大的。好的。然後也許是達蒙的問題。我想我們過去已經討論過由於我們所看到的供應鏈波動而帶來的一些生產力挑戰。我想這正在改善。但隨著供應鏈最終恢復正常，生產力還會提高嗎？或者我們已經經歷過這個過程了嗎？

Yes. So Steve, we are still experiencing supply chain challenges here. We're a lot better now than what we were a year ago. And I mean, just to put it in perspective, and you've sort of seen it in our performance, and Eric alluded to that fourth quarter spike last year. But if I look at our semi-finished inventory, that we had at the end of last Q2 last year. we've reduced that by about 60% year-over-year with that semifinished product. Again, a lot of that is due to the supply chain improvements.

是的。史蒂夫，我們仍然面臨供應鏈挑戰。我們現在比一年前好多了。我的意思是，從長遠來看，你已經在我們的業績中看到了這一點，埃里克提到了去年第四季度的飆升。但如果我看看我們去年第二季度末的半成品庫存。我們通過該半成品將其同比減少了約 60%。同樣，這很大程度上歸功於供應鏈的改進。

And as Eric said, trying to get a better cadence of our sales you saw in Q2 and -- in Q2, Q3 and in Q4. So we're seeing significant improvement. We are not where we want to be yet. What I would tell you, if we were dealing with 10 suppliers per factory last year this time, we are still dealing with 1 or 2. And so we still have disruption in the flow in the factory, we still have the rework to get things on to the tractors when they show up for the combines. So there's still opportunity for further productivity, further volume output as the supply chain continues to normalize, but it's getting better.

正如埃里克所說，努力提高我們在第二季度、第三季度和第四季度看到的銷售節奏。所以我們看到了顯著的改進。我們還沒有達到我們想要的目標。我想告訴你的是，如果去年我們每個工廠與 10 家供應商打交道，那麼今年我們仍然在與 1 或 2 家供應商打交道。因此，工廠的流程仍然存在中斷，我們仍然需要返工才能拿到東西當拖拉機出現在聯合收割機上時，它們就會被帶到拖拉機上。因此，隨著供應鏈繼續正常化，仍然有機會提高生產率和產量，但情況正在變得更好。

The next question is from Kristen Owen with Oppenheimer.

下一個問題是克里斯汀·歐文和奧本海默提出的。

I wanted to ask you specifically about some of the outlook for the back half in South America. I mean you did previously call out some of the financing headwinds, the small horsepower tractor incentives but specifically around like Argentina being an offset there, there's an election coming up in that region. Just any sense of what you're hearing on the ground that could influence deliveries in the back half of the year.

我想具體問一下南美後半程的一些前景。我的意思是，您之前確實指出了一些融資阻力，小馬力拖拉機激勵措施，但特別是像阿根廷這樣的抵消因素，該地區即將舉行選舉。您在實地聽到的任何感覺都可能影響下半年的交付。

Yes. I think, Kristen, for us, as we've alluded to in the last couple of quarters here, the -- we've been very strong with our pricing and that the demand that we've been seeing has allowed our team to really hold on to some of the more traditional discounts or incentives they would provide dealers. As we think about the changes that have come out with the financing plan here, we're optimistic that the small horsepower tractors will start to pick back up. But again, we just look at the overall market conditions there, we sort of expect to see the teams getting back to that more traditional level of discounts here that they would have sent the dealers within the back half of the year.

是的。我認為，克里斯汀，對我們來說，正如我們在過去幾個季度中提到的那樣，我們的定價非常強勁，而且我們所看到的需求使我們的團隊真正能夠保留他們為經銷商提供的一些更傳統的折扣或激勵措施。當我們考慮這裡的融資計劃所帶來的變化時，我們對小馬力拖拉機將開始回升感到樂觀。但同樣，我們只關注那裡的整體市場狀況，我們希望看到團隊在這裡恢復到他們在今年下半年向經銷商發送的更傳統的折扣水平。

Argentina definitely continues to be a little bit more of a challenging market. It's being more than offset by the strength in Brazil. But overall, we still feel good about the South American market. It's still our strongest market as we look at 2023 here, but probably a little bit weaker from a margin perspective as we move into the back half of the year.

阿根廷無疑仍然是一個更具挑戰性的市場。它被巴西的實力所抵消。但總體來說，我們對南美市場還是感覺良好。展望 2023 年，這仍然是我們最強勁的市場，但隨著進入今年下半年，從利潤率的角度來看，它可能會稍微疲軟一些。

That's really helpful. And then if I could follow up on the 9 months coverage in higher horsepower. Just any indication of pricing in that order book? How much of that is sort of resuming that normalized level, 3% to 4%? Or if you're able to see something a little bit better than that in the order book.

這真的很有幫助。然後我是否可以跟進 9 個月的更高馬力覆蓋範圍。訂單簿中是否有任何定價指示？其中有多少是恢復正常水平（3% 到 4%）？或者，如果您能夠看到比訂單簿中更好一點的東西。

Yes. So Kristen, most of those are '23 orders. So we've talked about kind of the level of pricing for this year. And this year, that implies kind of mid-single-digit pricing in the back half of the year. So -- so going into next year, we'll have some carryover from the back-half pricing, and then we'll likely add some incremental pricing on that based on market conditions for the new orders that will get under the '24 order program.

是的。克里斯汀，其中大部分是 23 年訂單。我們已經討論了今年的定價水平。今年，這意味著下半年的定價將達到中個位數。因此，進入明年，我們將從下半年定價中獲得一些結轉，然後我們可能會根據“24 訂單”下的新訂單的市場狀況，在此基礎上增加一些增量定價程序。

The next question is from Steven Fisher with UBS.

下一個問題來自瑞銀集團的史蒂文·費舍爾。

Just to follow-up on South America. Now that the financing situation there has been clarified in Brazil, have you seen already a pickup in the activity there? And was that financing uncertainty (inaudible) an impact on the smaller ag piece in the second quarter because it seems like you still more big ag equipment than you expected?

只是為了跟進南美洲。既然巴西的融資狀況已經明朗，您是否已經看到那裡的活動有所回升？融資不確定性（聽不清）是否對第二季度較小的農業設備產生了影響，因為看起來您的大型農業設備仍然比您預期的要多？

Right. So Steve, the way that -- there's a couple of different pieces of that program. One is geared towards the smaller farmers that ran out of money in January. And those guys tend to use -- they're very heavy users of that program, so 90% roughly of the equipment purchased by small farmers goes through that FINAME program. So they definitely waited as we got into really first quarter and here in the second quarter.

正確的。史蒂夫，這個程序有幾個不同的部分。其中一個是針對一月份資金耗盡的小農戶。這些人傾向於使用——他們是該計劃的重度用戶，因此小農購買的設備中大約 90% 都通過了 FINAME 計劃。因此，當我們進入真正的第一季度和第二季度時，他們肯定在等待。

And we have seen pick up. One of the things that our sales folks locally in Brazil have been doing is to help with the AGCO Finance folks process those applications because the administrative process in Brazil is not smooth. So one of the things we're trying to do is facilitate the rapid fulfilling of those loans. And so that's going on as we speak. But our expectation, as Damon said, is to see some improvement for the small stuff.

我們已經看到了回升。我們在巴西當地的銷售人員一直在做的事情之一就是幫助愛科財務人員處理這些申請，因為巴西的行政流程並不順利。因此，我們正在努力做的事情之一就是促進這些貸款的快速履行。就在我們說話的時候，事情就這樣發生了。但正如達蒙所說，我們的期望是看到小事情有所改進。

Now the bigger stuff or the bigger farmers caps out at about -- the threshold is about $9 million of gross sales for farmers. So that's still somewhat big. But those guys only use the program, it's about 60% or 70% of the purchases that happen to go through that the FINAME program for the bigger farmers. So a lot of those guys were still using or are -- and will continue to still use commercial bank funding. And then if you get into the bigger kind of the megafarms in the Montegrosso region, a lot of those guys have not used the program. So they've continued to order. So it's really a mixed bag as we think about Brazil.

現在，更大的東西或更大的農民的上限約為——農民的總銷售額約為 900 萬美元。所以說這個還是有點大的。但這些人只使用該計劃，大約 60% 或 70% 的採購碰巧是通過 FINAME 計劃為較大的農民進行的。因此，其中很多人仍在使用或正在使用商業銀行資金，並將繼續使用商業銀行資金。然後，如果你進入蒙特格羅索地區更大的大型農場，很多人都沒有使用過該程序。所以他們繼續訂購。所以當我們想到巴西時，這確實是一個複雜的問題。

Yes. And I think, Steve, as we alluded to, I think it was on Jamie's question, the first half versus the second half margins. Part of our expectations are, as Greg alluded to, with this funding now available, these lower horsepower tractors should pick up volume-wise, which is a little bit margin dilutive for the South American region, given the strength of what we saw here in the first half.

是的。我認為，史蒂夫，正如我們提到的，我認為這是關於傑米的問題，上半場與下半場的差距。正如格雷格提到的，我們的部分預期是，有了這筆資金，這些低馬力拖拉機的銷量應該會增加，考慮到我們在這裡看到的實力，這對南美地區的利潤率來說有點稀釋。上半場。

The next question is from Jerry Revich with Goldman Sachs.

下一個問題來自高盛的傑里·雷維奇（Jerry Revich）。

This is Clay on for Jerry. Congrats on the strong Precision Ag sales in the quarter. I was just curious on how we should think about production capacity in the precision ag product lines and here now and then moving forward towards the 2025 target?

這是傑瑞的克萊。祝賀 Precision Ag 本季度的強勁銷售。我只是好奇我們應該如何考慮精密農業產品線的產能以及時不時地向 2025 年目標邁進？

Yes. We've got a huge factory coming online at Precision Planting. It's 500,000 square feet. We're putting the equipment into it right now. The building is done. It looks fantastic, and it's going to be -- it will be way more than we need in the short-term, but we expect to grow into it in short order after we acquired those 6 other companies and can consolidate into it.

是的。 Precision Planting 的一家大型工廠即將上線。面積為 500,000 平方英尺。我們現在正在把設備放進去。大樓已經完工了。它看起來棒極了，而且會比我們短期內需要的多得多，但我們預計在我們收購了其他 6 家公司並整合到其中後，我們會在短時間內成長為這樣的公司。

So that's coming online this fall, and we don't see capacity constraints there in terms of our internal capacity. The big issue that we've had in the last couple of years of semiconductor chips, and that's moderated significantly. So relative to precision ag, we have a good runway ahead for growth.

因此，該功能將於今年秋天上線，就我們的內部容量而言，我們沒有看到容量限制。過去幾年我們在半導體芯片方面遇到的大問題已經得到了顯著緩解。因此，相對於精密農業，我們有良好的增長前景。

Yes. And I think, like, just for us, we still expect to be up in the range of $800 million to $850 million in sales this year. So we were $700 million last year on our precision ag. Our goal right now is $800 million to $850 million. So we feel we're well on path to deliver that $1 billion target by 2025.

是的。我認為，就我們而言，我們仍然預計今年的銷售額將達到 8 億至 8.5 億美元。去年我們的精密農業投入了 7 億美元。我們目前的目標是 8 億至 8.5 億美元。因此，我們認為我們正在順利實現 2025 年 10 億美元的目標。

Or maybe even sooner.

或者也許更早。

Our last question today comes from Chad Dillard with Bernstein.

今天我們的最後一個問題來自查德·迪拉德和伯恩斯坦。

I just had a question for you guys on small ag. First of all, can you just quantify what share of the business it represents? And then can you just talk about where you are on your destock and whether you expect to be done by the end of the year?

我剛剛有一個關於小 ag 的問題要問你們。首先，你能量化一下它所代表的業務份額嗎？然後您能否談談您的去庫存進展情況以及您是否預計在年底前完成？

So the small ag definition, Chad, is a little flexible, but we would typically somewhat say between 25% and 1/3 of our business is small ag. it's a little bit different in the U.S. and that there are -- there's a distinct category of compact tractors, which is sub 40-horsepower tractors not very much not a ag-related kind of part of the business. But globally, kind of outside of North America, it's -- the small midsized stuff is tied a lot of times to dairy and livestock. But globally, the number has come down over time. I'd say if you go back 5 to 10 years, that number was probably closer to 40%. But with a lot of the new product introductions and a lot of the focus on technology, we've shifted our mix, especially in South America, but globally, kind of away from the small ag into the bigger farms.

因此，乍得，小型農業的定義有點靈活，但我們通常會說我們 25% 到 1/3 的業務是小型農業。美國的情況有點不同，有一個獨特的緊湊型拖拉機類別，即 40 馬力以下的拖拉機，並不是與農業相關的業務部分。但在全球範圍內，除了北美之外，中小型產品很多時候都與乳製品和牲畜聯繫在一起。但在全球範圍內，這一數字隨著時間的推移有所下降。我想說，如果你回到 5 到 10 年前，這個數字可能接近 40%。但隨著大量新產品的推出以及對技術的高度關注，我們已經改變了我們的組合，特別是在南美洲，但在全球範圍內，我們已經從小農業轉向了更大的農場。

And I think, Chad, to your question on the inventory of the destocking, again, we're watching the dealer inventory levels very closely around the world here. And as we've talked, we know that those inventory levels are up to what we would consider the more optimal level. 2 things that we're doing here. One is, I think Tim had asked the question, we are slowing the production for what we produce low-horsepower tractors.

查德，我想，對於你關於庫存去庫存的問題，我們再次密切關注世界各地經銷商​​的庫存水平。正如我們所說，我們知道這些庫存水平達到了我們認為的更優化水平。我們在這裡做的兩件事。一是，我認為蒂姆已經問過這個問題，我們正在放慢生產低馬力拖拉機的生產速度。

We are sort of slowing that down just to make sure that we don't build up dealer inventory stock in that particular segment. And I think you know we also buy a lot of these low horsepower tractors from third-party manufacturers. So we don't actually produce them, but we source them. We've slowed the order board for those as while helping continue to adjust the inflow of product here to try to keep that dealer inventory at the optimal level.

我們正在放慢速度，只是為了確保我們不會在該特定細分市場增加經銷商庫存。我想你知道我們也從第三方製造商那裡購買了很多這種低馬力拖拉機。所以我們實際上並不生產它們，而是採購它們。我們放慢了這些訂單的速度，同時幫助繼續調整這裡的產品流入，以盡量將經銷商庫存保持在最佳水平。

That's helpful. And just one last question on your engineering expense over the medium-term. I guess like how should we think about the appropriate level of spend? Should we be thinking about the second half of the year, like that should be a good run rate on a go-forward basis?

這很有幫助。最後一個問題是關於您的中期工程費用。我想我們應該如何考慮適當的支出水平？我們是否應該考慮下半年的情況，比如在未來的基礎上應該有一個良好的運行率？

Yes. I mean we continue to increase our engineering expense annually as we are focused on increasing the technology development here. As I said earlier this year, we're going to be up $100 million. I think the rule of thumb going forward is around 4% of sales. We've been trending a little bit lower than that the last couple of years. Given we've been trying to hire as fast as we could. But as everyone, no surprise, it's hard to get a lot of these top-tier engineers, but we're ramping that up. But I would tell you sort of rule of thumb for the outer years is around 4%.

是的。我的意思是，我們每年都會繼續增加工程費用，因為我們專注於增加這裡的技術開發。正如我今年早些時候所說，我們將增加 1 億美元。我認為未來的經驗法則是銷售額的 4% 左右。我們的趨勢比過去幾年要低一些。鑑於我們一直在努力盡快招聘人員。但正如每個人一樣，毫不奇怪，很難找到很多這樣的頂級工程師，但我們正在加大力度。但我想告訴你，外部年份的經驗法則是 4% 左右。

This concludes our question-and-answer session. I would like to turn the conference back over to Eric Hansotia for any closing remarks.

我們的問答環節到此結束。我想將會議轉回埃里克·漢索蒂亞 (Eric Hansotia) 發表閉幕詞。

I'll close the day by saying thank you very much for your participation and your support of AGCO. It was a really good call again today. We're very proud of how we've started 2023 as a record quarter in many ways, and we're setting ourselves on a trajectory to deliver another record year. And we have higher and higher confidence that we're going to deliver on all of the commitments that we've made to you over this last year or 2. The key to our success is the continued execution of our Farmer First strategy. Our focus is on growing our margin-rich businesses like Fendt, parts and service and our Precision Ag smart machine business. We've been investing heavily in the last few years, like Damon was just talking about.

最後，我要對大家的參與和對愛科的支持表示感謝。今天又是一個非常好的電話。我們對 2023 年在許多方面都創下了創紀錄的季度感到非常自豪，並且我們正在為自己設定一個軌跡，以實現另一個創紀錄的一年。我們越來越有信心，我們將兌現我們在過去一兩年向您做出的所有承諾。我們成功的關鍵是繼續執行我們的“農民優先”戰略。我們的重點是發展利潤豐厚的業務，如 Fendt、零部件和服務以及 Precision Ag 智能機器業務。正如達蒙剛才所說，過去幾年我們一直在大力投資。

And in 2023, we're making even bigger investments to continue the development of these farmer-focused solutions that are solving critical farming problems, many of them with very short paybacks. And I was glad to see many of you on the farm being able to see those in -- live and in action. We demonstrated the overall strategy and these products at our technology event and we were using precision ag tools to really engage strongly on sustainability, putting more and more of our technology efforts there, capturing a lot more data and helping our farmers make the transition to not only more productive farming, but also more sustainable farming.

到 2023 年，我們將進行更大的投資，繼續開發這些以農民為中心的解決方案，解決關鍵的農業問題，其中許多問題的投資回收期非常短。我很高興看到農場裡的許多人能夠看到這些——現場和行動。我們在技術活動中展示了整體戰略和這些產品，我們正在使用精密農業工具真正大力參與可持續發展，在那裡投入越來越多的技術努力，捕獲更多的數據並幫助我們的農民過渡到不可持續發展。不僅要有更高生產力的農業，還要有更可持續的農業。

Lastly, the large ag markets continue to be strong globally. Farm fundamentals are healthy and supporting farmer investments. Over the last few quarters, we've touched on many factors supporting our markets, including growing populations, changing diets, low stock-to-use levels, healthy commodity prices and more. All of these trends give us confidence that our industry could stay strong for some time. We look forward to seeing many of you at the Farm Progress meeting in August 29 in Decatur, Illinois.

最後，全球大型農業市場繼續強勁。農場基本面健康並支持農民投資。在過去的幾個季度中，我們談到了支持市場的許多因素，包括人口增長、飲食變化、庫存利用率低、大宗商品價格健康等。所有這些趨勢都讓我們相信我們的行業可以在一段時間內保持強勁。我們期待在 8 月 29 日於伊利諾伊州迪凱特舉行的農場進展會議上見到你們。

Thanks again for a good session today.

再次感謝今天的精彩會議。

Thank you for joining the AGCO Second Quarter 2023 Earnings Call. The call has concluded. Have a nice day. You may now disconnect.

感謝您參加愛科 2023 年第二季度收益電話會議。通話結束了。祝你今天過得愉快。您現在可以斷開連接。