CNH Industrial NV (CNH) 2024 Q2 法說會逐字稿

(Operator Instructions) I would now like to turn the call over to Jason Omerza, Vice President of Investor Relations.

（操作員說明）我現在想將電話轉給投資者關係副總裁 Jason Omerza。

Thank you, Briana, and good morning, everyone. We'd like to welcome you to the webcast and conference call for CNH Industrial's second quarter results for the period ending June 30, 2024. This call is being broadcast live on our website and is copyrighted by CNH. Any other use, recording or transmission of any portion of this broadcast without the express written consent of CNH is strictly prohibited.

謝謝你，布萊恩娜，大家早安。歡迎您參加凱斯紐荷蘭工業集團截至 2024 年 6 月 30 日的第二季業績的網路廣播和電話會議。本次電話會議正在我們的網站上進行直播，版權歸 CNH 所有。未經 CNH 明確書面同意，嚴禁以任何其他方式使用、錄製或傳輸本廣播的任何部分。

Hosting today's call are our new CEO, Gerrit Marx; and our CFO, Oddone Incisa. They will use the material available for download from the CNH website. Please note that any forward-looking statements that we might make during today's call are subject to the risks and uncertainties mentioned in the safe harbor statement included in the presentation material.

主持今天電話會議的是我們的新任執行長 Gerrit Marx；以及我們的財務長 Oddone Incisa。他們將使用可從 CNH 網站下載的資料。請注意，我們在今天的電話會議中可能做出的任何前瞻性陳述均受到演示材料中安全港聲明中提到的風險和不確定性的影響。

Additional information pertaining to factors that could cause actual results to differ materially is contained in the company's most recent annual report on Form 10-K as well as other periodic reports and filings with the US Securities and Exchange Commission.

有關可能導致實際結果出現重大差異的因素的更多資​​訊包含在公司最新的 10-K 表格年度報告以及其他定期報告和向美國證券交易委員會提交的文件中。

The company presentation includes certain non-GAAP financial measures. Additional information, including reconciliations to the most directly comparable US GAAP financial measures is included in the presentation material.

公司簡報包括某些非公認會計準則財務指標。演示材料中還包含其他信息，包括與最直接可比較的美國公認會計準則財務指標的調節。

I will now turn the call over to Gerrit.

我現在將把電話轉給 Gerrit。

Thank you, Jason, and thanks to everyone for joining our call today. Before I begin with the earnings results, I want to say that I'm excited and energized to be back at CNH after 2.5 years at the helm of CNH spun-off on-highway business. I want to thank everyone for joining this call and look forward to working with this great team around the world.

謝謝傑森，也謝謝大家今天加入我們的電話會議。在開始公佈獲利結果之前，我想說，在執掌 CNH 分拆的公路業務 2.5 年後，我對重返 CNH 感到興奮和充滿活力。我要感謝大家參加這次電話會議，並期待與這個來自世界各地的優秀團隊合作。

My first 30 days have been spent getting myself reacquainted with CNH. While I was CEO at Iveco Group, CNH was my single largest customer of engines, and we enjoyed a global partnership with financial services in Europe and Latin America.

我的前 30 天一直在重新熟悉 CNH。當我擔任依維柯集團執行長時，CNH 是我最大的引擎客戶，我們與歐洲和拉丁美洲的金融服務機構建立了全球合作夥伴關係。

As such, I always remained up to speed on what was happening in the agriculture and construction industries. So in a way, I don't feel like I ever really left CNH and the welcome I received has been truly moving but as I have gone I've been going through around the world, touring our manufacturing plants and R&D centers, meeting with our employees and visiting dealers and farmers I've been really impressed and recharged with the spirit and dedication of this collective team of practitioners to advance the noble work of farmers and builders.

因此，我始終了解農業和建築業的最新動態。因此，在某種程度上，我覺得我並沒有真正離開CNH，我受到的歡迎確實令人感動，但在我離開的過程中，我走遍了世界各地，參觀了我們的製造工廠和研發中心，與我們的員工以及來訪的經銷商和農民，這個從業者集體團隊推動農民和建設者崇高工作的精神和奉獻精神給我留下了深刻的印象，並讓我深受鼓舞。

I'm humbled and privileged to have this opportunity to lead this great company and to pick up and further refine the delivery of ambitious plan from Scott Wine for whom I wish all the best in his future endeavors. I'll come back to some of my near-term priorities at the end. But first, let's look at the second quarter results. The agriculture industry is going through a down cycle, and Scott and the leadership team had addressed this well in advance with decisive actions on structural costs, production cadence and dedicated efforts such as our strategic sourcing program.

我很榮幸能有這個機會領導這家偉大的公司，並接手並進一步完善 Scott Wine 雄心勃勃的計劃的實施，我祝愿他在未來的努力中一切順利。最後我會回到我的一些近期優先事項。但首先，讓我們先來看看第二季的業績。農業產業正在經歷一個下行週期，而史考特和領導團隊已經提前解決了這個問題，在結構成本、生產節奏和策略採購計畫等方面採取了果斷行動。

All of this will be, obviously, continued as we add additional elements to these improvements. I'm also very pleased with the innovative products and technology that our team continues to unveil. These innovations showcase the world-class R&D and technology capabilities that are only found at CNH, and I'm committed to ensuring our business continues to embrace these creative and ingenious spirit.

顯然，隨著我們為這些改進添加額外的元素，所有這些都將繼續下去。我也對我們團隊不斷推出的創新產品和技術感到非常滿意。這些創新展現了只有 CNH 才有的世界級的研發和技術能力，我致力於確保我們的業務繼續秉承這些創造力和獨創精神。

Companies are made of people and how we play as a team will determine how well we compete and gain in the end markets. Teamplay is driven by shared values and behaviors, all based on a profound sense of trust and sense of belonging in performance. This will be a primary focus of mine while delivering financial results quarter-by-quarter. In order to create an even greater business focus and effective execution on key priorities, the Board and I agreed to further streamline our governance by designating agriculture as CNH core business and my primary force.

公司是由人組成的，我們作為一個團隊的表現將決定我們在終端市場的競爭和收益的多少。團隊合作是由共同的價值觀和行為所驅動的，所有這些都基於對績效的深刻信任和歸屬感。這將是我在按季度提供財務業績時的主要關注點。為了更重視業務重點並有效執行關鍵優先事項，董事會和我同意將農業指定為 CNH 核心業務和我的主要力量，進一步簡化我們的治理。

Our reinvigorated construction business will be managed as a distinct and fairly independent operation for its own agility and optionality to seek opportunities in its industry. We will obviously keep nurturing the synergies with construction, both downstream and upstream, but we need to recognize that agriculture is and will remain our home turf. The second quarter was very challenging, and that is reflected in the financial results. Low industry retail demand, coupled with the need for dealer destocking resulted in lower production and shipment volumes.

我們重振活力的建築業務將作為一個獨特且相當獨立的業務進行管理，以憑藉其自身的靈活性和選擇性在行業中尋找機會。顯然，我們將繼續培育與上游和下游建築業的協同效應，但我們需要認識到，農業現在是、將來仍然是我們的主場。第二季非常具有挑戰性，這反映在財務表現中。產業零售需求低迷，加上經銷商去庫存的需要，導致產量和出貨量下降。

Consolidated revenues were down 16% and industrial net sales were down 19%, while maintaining our pricing discipline. Sales were down in all regions in both Agriculture & Construction. To counter this on our bottom line, we will remain focused on cost optimization on all levels and retail efficacy throughout the second half of this year.

綜合收入下降 16%，工業淨銷售量下降 19%，同時維持我們的定價紀律。農業和建築業所有地區的銷售額均下降。為了因應這個問題，我們將在今年下半年持續關注各層面的成本優化和零售效率。

Industrial adjusted EBIT margin was 11.2%, 260 basis points compared to last year. While the lower sales and production affected revenues and fixed cost absorption, CNH was able to contain the impact on bottom line compared to previous downturns with our production cost and SG&A restructuring actions.

工業調整後息稅前利潤率為 11.2%，比去年提高 260 個基點。雖然銷售和產量下降影響了收入和固定成本吸收，但與先前的低迷時期相比，CNH 能夠透過生產成本和 SG&A 重組行動來控制對利潤的影響。

Adjusted EPS was $0.38 compared to $0.52 last year. Now going into a bit more qualitative detail of the quarter. Both the agriculture and construction industries deteriorated during the quarter with ag retail demand further weakening amid depressed soft commodity prices. We continued our lower production output in an effort to support our dealers as they work through their inventory. Ag production hours were 30% lower than in the second quarter of 2023, with construction also down 20% and we will continue adjusting our manufacturing output as needed to further reduce our dealer and company inventory levels.

調整後每股收益為 0.38 美元，去年為 0.52 美元。現在詳細介紹本季的定性細節。本季農業和建築業均惡化，大宗商品價格疲軟，農業零售需求進一步疲軟。我們繼續降低產量，以支持我們的經銷商處理庫存。農業生產工時比 2023 年第二季減少了 30%，建築工時也減少了 20%，我們將根據需要繼續調整製造產量，以進一步降低經銷商和公司的庫存水準。

We also continue to assist dealers with marketing their used inventory through pool fund access financing incentives and technology retrofits. We cannot control the broader market, but we can control how we react and respond to it. The team has worked tirelessly to protect margins. And even in this period of diminishing volumes, we were disciplined on pricing.

我們也繼續透過資金池融資激勵和技術改造幫助經銷商行銷其二手庫存。我們無法控制更廣闊的市場，但我們可以控制我們如何反應和應對。團隊孜孜不倦地努力保護利潤。即使在銷售量減少的時期，我們在定價方面也受到了嚴格的約束。

As the personal champion of continuous improvement and operational excellence, I am committed to ensuring that we operate with an eye forward towards efficiency across the company through our structural cost reduction programs. Oddone will give you a more detailed update on these programs a little later.

作為持續改進和卓越營運的個人倡導者，我致力於確保我們透過結構性成本削減計劃在整個公司的營運中著眼於提高效率。Oddone 稍後將為您提供有關這些程序的更詳細的更新。

Another one of my big focal points is product and service quality, adding the role of quality and customer advocacy to my top team. And while product quality has always been a priority at CNH, our Q2 results were negatively impacted by higher warranty costs as we expedited repairs in the field for products manufactured at our Racine plant during the recent strike. In total, these warranties weighted on our reported financials by over USD40 million in incremental cost in the quarter and about USD70 million for the first half of 2024.

我的另一個重點是產品和服務質量，為我的高層團隊增加了品質和客戶宣傳的角色。雖然產品品質一直是 CNH 的首要任務，但由於我們在最近的罷工期間加快了拉辛工廠生產的產品的現場維修速度，因此保固成本上升對我們第二季度的業績產生了負面影響。總的來說，這些保固對我們報告的財務數據的影響在本季增加了超過 4,000 萬美元，在 2024 年上半年增加了約 7,000 萬美元。

Racine today is back to top quality output levels, and we are well prepared to work diligently through the pipeline of challenges jointly with our network partners. We will heighten our efforts in this area, making quality and mindset throughout the company.

今天，拉辛已恢復到最高品質的產出水平，我們已做好充分準備，與我們的網路合作夥伴共同努力應對一系列挑戰。我們將加大這方面的力度，打造全公司的品質與理念。

During the quarter, our restructuring program proceeded according to plan and substantially all the remaining actions needed to be taken have been identified. Now this does not mean that we are concluding our focus on cost and efficiency, but we are starting to see the impact of the changes that were made over the last 6 months and this helped to reduce our SG&A costs by over USD100 million compared to the first half of 2023.

本季度，我們的重組計劃按計劃進行，基本上所有需要採取的剩餘行動都已確定。現在，這並不意味著我們結束了對成本和效率的關注，但我們開始看到過去6 個月中所做的變革的影響，與2018 年相比，這有助於將我們的SG&A 成本減少超過1 億美元。

The streamlined leadership structure will help maintain spending discipline and deliver synergies from a simplified and more direct governance.

精簡的領導結構將有助於維持支出紀律，並透過簡化和更直接的治理產生協同效應。

I will now turn the call over to Oddone to take us through the financial results.

現在我將把電話轉給奧多恩，讓我們了解財務表現。

Thank you, and welcome, Gerrit, and good morning, good afternoon to everyone on the call. Second quarter industrial net sales were down 19% year-over-year to $4.8 billion. This decline was mainly due to lower shipment volumes and lower industry demand, compounded by reduced dealer inventory requirements year-over-year.

謝謝你，歡迎，Gerrit，祝所有參加電話會議的人早安、下午好。第二季工業淨銷售額年減 19% 至 48 億美元。這一下降主要是由於出貨量下降和行業需求下降，再加上經銷商庫存需求較去年同期減少。

Adjusted net income was $485 million for the quarter with an adjusted diluted earnings per share of $0.38, down $0.14 from Q2 2023. Second quarter industrial free cash flow was $140 million, down $246 million compared to Q2 of last year as a consequence of the lower sales and lower production levels.

該季度調整後淨利潤為 4.85 億美元，調整後攤薄每股收益為 0.38 美元，較 2023 年第二季下降 0.14 美元。由於銷售額下降和生產水準下降，第二季工業自由現金流為 1.4 億美元，比去年第二季減少 2.46 億美元。

Turning to agriculture. Net sales decreased 20% in the quarter with lower volumes in all regions. Although the team continued realizing price, mainly in North America, the lower volumes and lower production levels were the main drivers for the contraction in gross margin, which was down 260 basis points, up 24.4%.

轉向農業。本季淨銷售額下降 20%，所有地區的銷量均下降。儘管團隊繼續實現價格上漲（主要是在北美），但銷量下降和生產水平下降是毛利率收縮的主要驅動因素，毛利率下降了 260 個基點，增長了 24.4%。

The continuing improvements from purchasing and from our cost optimization program are shown in the chart in the product cost category, which is $20 million positive, net of the $44 million increase in warranty expenses that Gerrit mentioned before. I'd like to remark here that at 24.4%, the gross margin we're presenting today is the second highest for Q2 after the record we set last year in a completely different market conditions.

採購和成本優化計劃的持續改進顯示在產品成本類別的圖表中，扣除 Gerrit 先前提到的 4,400 萬美元的保固費用增加後，該成本為 2,000 萬美元。我想在此指出，我們今天呈現的毛利率為 24.4%，是第二季第二高的毛利率，僅次於我們去年在完全不同的市場條件下創下的紀錄。

SG&A expenses were $35 million lower year-over-year from the execution of our restructuring program, reduced nonlabor costs and lower variable compensation. R&D expense was $28 million less than last year, mainly coming from engineering efficiencies as we did not cut any development program. Agricultural adjusted EBIT margin ended at 13.7%, down 310 basis points compared to Q2 of last year.

由於執行重組計劃、減少非勞動力成本和降低可變薪酬，SG&A 費用年減 3,500 萬美元。研發費用比去年減少了 2,800 萬美元，主要來自於工程效率，因為我們沒有削減任何開發計畫。農業調整後息稅前利潤率為 13.7%，比去年第二季下降 310 個基點。

Moving on to Construction. Net sales for the second quarter were $890 million, down about [16%] driven by lower volumes in all regions. This decrease was larger than anticipated and lowered our expectations for the second half. Net pricing was essentially flat, with positive pricing in aftermarket parts, offsetting higher incentives to our dealers in support of retail equipment sales. Despite the lower sales volume, our cost reduction program made it possible to improve the gross margin by 50 basis points to 16.5%.

繼續施工。由於所有地區銷量下降，第二季淨銷售額為 8.9 億美元，下降約 [16%]。這一下降幅度超出預期，並降低了我們對下半年的預期。淨定價基本上持平，售後零件定價積極，抵消了經銷商支持零售設備銷售的更高激勵措施。儘管銷量較低，但我們的成本削減計劃使毛利率提高了 50 個基點，達到 16.5%。

SG&A expenses were down $8 million compared to last year, and R&D expense was down $3 million. With $60 million of adjusted EBIT in Q2, adjusted EBIT margin was nearly flat year-over-year at 6.7%. In our Financial Service business, net income in the second quarter was $91 million, a $3 million decrease compared to 2023.

與去年相比，SG&A 費用減少了 800 萬美元，研發費用減少了 300 萬美元。第二季調整後息稅前利潤為 6,000 萬美元，調整後息稅前利潤率幾乎與去年同期持平，為 6.7%。在我們的金融服務業務中，第二季淨利為 9,100 萬美元，比 2023 年減少 300 萬美元。

Higher revenues and yields were offset by higher risk costs driven by increased delinquencies. Most of the growth in the past due payments was in South America from the seasonal concentration of yearly installments due from agriculture customers compounded by some of the economic and environmental factors out there.

較高的收入和收益率被拖欠增加導致的較高風險成本所抵消。逾期付款的成長大部分來自南美洲，原因是農業客戶的年度分期付款季節性集中，再加上當地的一些經濟和環境因素。

We continue to feel confident in the quality of our credit portfolio globally and delinquency rates are better than in previous industry down currency. Retail originations in the quarter were up $2.9 billion up slightly compared to the same period of 2023, and the managed portfolio at the end of the quarter was $28.5 billion. Back to the Industrial Activities, our cost reduction programs are continuing to yield results, and we refer our commitment to driving structural cost improvements throughout the company.

我們持續對全球信貸投資組合的品質充滿信心，拖欠率優於以前的行業下行貨幣。與 2023 年同期相比，本季的零售業務成長了 29 億美元，季末的管理投資組合為 285 億美元。回到工業活動，我們的成本削減計劃正在繼續取得成果，我們提到了我們對推動整個公司結構性成本改進的承諾。

On the cost of good sold side, we have saved $128 million year-to-date through focused efforts on reducing logistics, manufacturing and material costs. These savings show up in the agriculture and construction EBIT walks in the product cost categories, but they are partially offset by labor cost increases and higher warranty costs we discussed earlier. We are progressing in our strategic sourcing program. And as we implement the wave 1, we look forward to meeting many of our current and prospective suppliers as we kick off Phase 2 in September.

在銷售成本方面，透過集中精力降低物流、製造和材料成本，我們今年迄今已節省了 1.28 億美元。這些節省體現在產品成本類別的農業和建築業息稅前利潤中，但它們部分被我們之前討論的勞動力成本增加和更高的保固成本所抵消。我們的策略採購計劃正在取得進展。當我們實施第一波時，我們期待在 9 月啟動第二階段時與許多現有和潛在的供應商會面。

Year-to-date, we have saved $105 million of SG&A versus 2023, and we will continue realize savings in the second half as we implement the final steps of our restructuring program, and we will maintain our spending discipline going forward.

年初至今，我們與 2023 年相比節省了 1.05 億美元的銷售管理費用，並且在下半年實施重組計劃的最後步驟時，我們將繼續實現節省，並且我們將繼續保持我們的支出紀律。

Moving to our capital allocation priorities. In June, we issued EUR750 million under our updated medium-term notes program, and we renewed our core long-term revolving credit facility. This demonstrates CNH's strong credit position and we want to thank the banks who assisted with this transaction. During the quarter, we repurchased $60 million worth of shares and paid $593 million for our annual dividend.

轉向我們的資本配置優先事項。6 月份，我們根據更新後的中期票據計劃發行了 7.5 億歐元，並更新了我們的核心長期循環信貸安排。這顯示了 CNH 強大的信用狀況，我們要感謝協助此交易的銀行。本季度，我們回購了價值 6,000 萬美元的股票，並支付了 5.93 億美元的年度股利。

Through the first half of 2024, we have returned a total of $1.2 billion to shareholders in dividends and share buybacks. Despite the lower sales, CNH remains a cash-generating business and our commitment to return free cash flow to shareholders remains unchanged.

截至 2024 年上半年，我們透過股利和股票回購向股東返還了總計 12 億美元的資金。儘管銷售額下降，CNH 仍然是一家產生現金的業務，我們向股東返還自由現金流的承諾保持不變。

Lastly, a point related to our recent transition to single listing to the New York Stock Exchange. Based on the most recent market data, CNH will be a US domestic filer for the purposes of US Federal Securities Laws and Exchange requirements as of January 1, 2025.

最後，關於我們最近向紐約證券交易所單一上市過渡的一點。根據最新市場數據，自 2025 年 1 月 1 日起，CNH 將成為符合美國聯邦證券法和交易所要求的美國國內申報人。

As you know, starting from the third quarter of 2022, we began voluntarily filing for our financial results under the period of 10-Q and 10-K reporting forms. So this change would not alter the structure of our financial filings. With that, I turn it back to Gerrit.

如您所知，從 2022 年第三季開始，我們開始按照 10-Q 和 10-K 報告表自願提交財務業績。因此，這項變更不會改變我們財務申報的結構。說完，我把問題轉回給 Gerrit。

Thank you, Oddone for running us through the financials. Moving to the Agriculture outlook. Given the further weakening of farmer demand, we project full year industry retail levels to be lower than previously forecasted. We have further lowered our projections for end market demand in North America, EMEA and South America. As a result, we are lowering our 2024 agriculture net sales forecast to a decrease between 15% and 20% versus 2023. This is in response solely to industry demand.

謝謝您，Oddone 為我們介紹了財務狀況。轉向農業前景。鑑於農民需求進一步疲軟，我們預計全年行業零售水準將低於先前預測。我們進一步降低了對北美、歐洲、中東和非洲和南美終端市場需求的預測。因此，我們將 2024 年農業淨銷售額預測下調至與 2023 年相比減少 15% 至 20%。這只是為了響應產業需求。

Based on our expectations for lower volume with modestly positive pricing, partially offset by continued cost reductions, we are lowering our EBIT margin guidance by 50 basis points to be between 13% and 14%. Production hours in the second half of 2024 will be down around 25% when compared to the second half of 2023. And that reflects our plans to under-produce retail demand for the remainder of the year. Q3 production slots are almost fully covered by orders in all regions. We're already taking orders for model year '25 raw crop products in North America, but it is still too early to draw any conclusion about 2025 demand.

基於我們對銷售下降和定價適度積極的預期（部分被持續成本削減所抵消），我們將息稅前利潤率指引下調 50 個基點，至 13% 至 14% 之間。與 2023 年下半年相比，2024 年下半年的生產時間將減少約 25%。這反映出我們計劃在今年剩餘時間內抑制零售需求。第三季的生產時段幾乎全部被所有地區的訂單覆蓋。我們已經在北美接受 '25 車型年原料作物產品的訂單，但現在就 2025 年的需求得出任何結論還為時過早。

Turning to Construction. Sentiment and leading indicators have trended negative during the quarter. And we have seen industry channel inventories start to tick up. This trend, along with expected lower demand through the re-branded channel, has brought us to reevaluate our sales outlook. Therefore, we are lowering our 2024 construction net sales forecast to be down 15% to 20% versus 2023. Despite this, we are reaffirming our previous EBIT margin guidance of 5% to 6% for the year on the strength of our cost reduction programs, compensating pricing pressures and lower production levels.

轉向建築業。本季情緒和領先指標呈現負面趨勢。我們已經看到行業通路庫存開始增加。這種趨勢，加上品牌重塑通路帶來的預期需求下降，促使我們重新評估我們的銷售前景。因此，我們將 2024 年建築淨銷售額預測比 2023 年下調 15% 至 20%。儘管如此，由於我們的成本削減計劃、補償定價壓力和較低的生產水平，我們重申了今年的 5% 至 6% 的息稅前利潤率指引。

Production hours in the second half of 2024 are being re-balanced with significant reductions in North America and Europe. Worldwide production will be down around 20% compared to the second half of 2023, assuming underproduction compared to retail demand for the remainder of the year. Q3 production slots are mostly covered by orders and order collection is in progress for Q4.

2024 年下半年的生產時間將重新平衡，北美和歐洲的生產時間將大幅減少。假設與今年剩餘時間的零售需求相比產量不足，全球產量將比 2023 年下半年下降約 20%。第三季的生產時段大部分由訂單覆蓋，第四季的訂單收集正在進行中。

Turning to Slide 15. Combining these update segment forecasts, we now anticipate industrial net sales to be down between 15% to 20% compared to last year. Industrial free cash flow is now estimated to be between USD700 million and USD 900 million, reflecting the lower sales and the impact on net working capital of the lower production levels. We now forecast adjusted EPS to be between USD1.30 and USD1.40.

轉到投影片 15。結合這些更新的細分市場預測，我們現在預計工業淨銷售額將比去年下降 15% 至 20%。目前工業自由現金流估計在 7 億至 9 億美元之間，反映出銷售額下降以及生產水準下降對淨營運資本的影響。我們目前預測調整後每股收益將在 1.30 美元至 1.40 美元之間。

I will conclude with a few words on my priorities for the next 90 days. While there's a lot going on at CNH right now, we will not take our focus off delivering results in this challenging market environment. Our global leadership team was announced on Monday this week, builds on way more than 100 years of combined experience in our industry and is empowered to carry out faster and more effective delivery of the strategic priorities for profitable long-term growth with a simplified matrix structure and clearer accountabilities.

最後，我將談談我未來 90 天的優先事項。儘管 CNH 目前正在發生很多事情，但我們不會將注意力從在這個充滿挑戰的市場環境中交付成果上轉移。我們的全球領導團隊於本週週一宣布成立，該團隊以我們行業 100 多年的綜合經驗為基礎，能夠透過簡化的矩陣結構更快、更有效地交付戰略重點，以實現盈利性長期增長和更明確的責任。

As we focus on agriculture, as our core business, our brands, Case IH, New Holland, Raven and Steyr to name only the largest will claim their rightful turf and leave an enduring mark in their respective fields. We do not aim to follow anyone, but we will break our new ground every day with every step we take. We will work jointly with our network partners to improve our commercial and brand effectiveness, by allowing our construction business to run more autonomously and to explore optional paths on their strategic map, we empower them to unlock even more value while retaining their synergistic benefits with ag.

當我們專注於農業作為我們的核心業務時，我們的品牌（僅舉幾個最大的）凱斯IH、紐荷蘭、Raven 和斯太爾將聲稱擁有自己應有的地盤，並在各自的領域留下持久的印記。我們無意追隨任何人，但我們每天邁出的每一步都會開闢新天地。我們將與我們的網路合作夥伴共同努力，提高我們的商業和品牌效益，透過讓我們的建築業務更加自主地運行並探索其戰略地圖上的可選路徑，我們使他們能夠釋放更多價值，同時保留與農業的協同效益。

In 2021, CNH began its journey to bring its tech stack in-house with the acquisition of Raven. A tremendous amount of work has been done to marry our world-class iron with our enhanced suite of precision tech. An integrated approach to having technology embedded into our equipment from each new product inception, we'll see our now combined engineering teams deliver more consistent results. We will accelerate our innovation engine and the convergence of iron and precision into a seamless user experience.

2021 年，CNH 透過收購 Raven 開始了將其技術堆疊引入內部的旅程。為了將我們世界一流的熨斗與我們增強的精密技術套件結合起來，我們做了大量的工作。透過採用整合方法，從每個新產品問世就將技術嵌入到我們的設備中，我們將看到我們現在合併的工程團隊提供更一致的結果。我們將加速我們的創新引擎，將鋼鐵與精密融合成無縫的用戶體驗。

Finally, I'm looking forward to meeting with many of our shareholders. Over the second half of the year, I hope to be able to engage with most of you in-person or virtually. I want you to feel as confident as I do that CNH is a great company and team with tremendous potential for value creation. We are planning our Investor Day for early 2025, and we'll let you know as soon as we have set a date and location. I look forward to going into much greater detail around my vision for strength in the company's value proposition and demonstrating how we win in a competitive marketplace.

最後，我期待與我們的許多股東會面。在今年下半年，我希望能夠與你們大多數人進行面對面或虛擬的交流。我希望您和我一樣相信 CNH 是一家偉大的公司和團隊，擁有巨大的價值創造潛力。我們計劃在 2025 年初舉辦投資者日，一旦確定日期和地點，我們會立即通知您。我期待著更詳細地討論我對公司價值主張的實力願景，並展示我們如何在競爭激烈的市場中獲勝。

As I've traveled to our offices plants, dealer facilities and our customer farms to meet with the many people who make up the CNH ecosystem, I've gotten up to speed on where most of our priorities sit. Our people are moving the most knowledgeable, capable and hard-working individuals I've encountered during my professional career. My goal over the coming months and years is to weave together our competitive advantages and overcome hurdles to unlock growth, value and industry leadership.

當我前往我們的辦公室、工廠、經銷商設施和客戶農場與構成 CNH 生態系統的許多人會面時，我已經了解了我們大部分優先事項所在的情況。我們的員工是我在職涯中遇到的最有知識、最有能力、最勤奮的人。我未來幾個月和幾年的目標是整合我們的競爭優勢並克服障礙，以實現成長、價值和產業領導地位。

I want to express my deep appreciation and gratitude towards everyone who is a part of the CNH family for welcoming me with open arms. I very much look forward to the journey ahead. That concludes our prepared remarks, and we will now open the line for questions.

我想向 CNH 大家庭的每一位張開雙臂歡迎我的人表示深深的謝意和感謝。我非常期待接下來的旅程。我們準備好的演講到此結束，現在我們將開始提問。

(Operator Instructions)

（操作員說明）

Jamie Cook, Truist Securities.

傑米庫克 (Jamie Cook)，Truist 證券公司。

And congrats on a nice quarter given the environment that's out there. I guess just 2 questions. Can you talk to what's implied in your guidance in terms of pricing for the full year. One of your competitors yesterday lowered their pricing assumptions and this is specific to farm equipment from 1% to now flat.

鑑於目前的環境，恭喜您度過了一個美好的季度。我想只有兩個問題。您能否談談您的全年定價指引中隱含的內容？你們的一位競爭對手昨天降低了他們的定價假設，這是針對農業設備的，從 1% 降至現在持平。

So I'm just trying to understand how you're balancing price versus market share going forward? And then I guess my second question on the production cut. I think you said down 20%. It would be more concentrated in North America and Europe. Does that imply South America, Brazil is where you want to be now. We've rightsized that? And then sort of how are you thinking about if the markets get worse to what degree is the strategy to continue to cut production in 2024 to set you up for a better 2025?

所以我只是想了解你們如何平衡未來的價格與市場佔有率？然後我想我的第二個問題是關於減產的。我想你說的是下降20%。它將更加集中在北美和歐洲。這是否意味著南美洲，巴西就是你現在想去的地方。我們已經調整規模了嗎？那麼，如果市場惡化到什麼程度，您會如何考慮在 2024 年繼續減產的策略，以便為您迎接更好的 2025 年做好準備？

Thank you

謝謝

So let me take the pricing, Jamie. We confirm very low single-digit price potential price increase in agriculture, whereas we confirm that we are less confident on pricing on construction. So we are prepared to accept it to be negative in construction for the balance of the year because of the competitive position.

那麼就讓我來定價吧，傑米。我們確認農業的潛在價格漲幅非常低，但我們對建築定價信心不足。因此，由於競爭地位，我們準備接受今年剩餘時間建築業的負面影響。

Yes. And on the production cuts, as we said, we have 25% in agriculture production cut in the second half of the year and 20% in construction for the second half of the year and a year-over-year view. And on the construction side, I mean, most notably that is because of the weakness in the U.S. residential sector, while the base infrastructure construction is obviously continuing to go reasonably well. Production cuts in LatAm are around those numbers as well.

是的。至於減產，如我們所說，下半年農業減產25%，下半年建築業減產20%，與去年同期相比。我的意思是，在建築方面，最明顯的原因是美國住宅產業的疲軟，而基礎建設顯然繼續進展得相當順利。拉丁美洲的減產也與這些數字相近。

We have taken them down slightly earlier than the others, and we keep traveling on a very careful level of production there to continue lowering our dealer inventory globally where we see still for the agriculture segment, about $1 billion plus dealer inventory to be reduced by year-end to reach where we want to be entering into certainly flattish 2025 to be seen, but we need to have the deal inventories significantly lower than today by about $1 billion plus globally.

我們比其他公司更早地把它們拿下來，我們繼續保持非常謹慎的生產水平，以繼續降低我們在全球範圍內的經銷商庫存，我們認為農業領域仍將每年減少約10 億美元加上經銷商庫存- 最終達到我們希望進入的 2025 年肯定會持平的狀態，但我們需要讓全球交易庫存比現在大幅降低約 10 億美元以上。

But is the strategy to make sure like when we take the pain in 2024 to set you up for a better 2025. So if the markets get weaker, would you cut production further. Is it like that's the question.

但我們的策略是確保我們在 2024 年承受痛苦，為您創造更好的 2025 年。因此，如果市場走弱，您會進一步減產嗎？是不是這樣的問題。

We get ready for a good start into 2025, expecting similar levels of muted customer demand. And I mean, obviously, we can react quite swiftly if that is that is to change either way. But we get ready for 2025.

我們為 2025 年的良好開局做好了準備，預計客戶需求也會出現類似水準的低迷。我的意思是，顯然，如果要改變任何一種方式，我們都可以非常迅速地做出反應。但我們已經為 2025 年做好了準備。

Daniela Costa, Goldman Sachs

丹妮拉·科斯塔，高盛

I have two questions more regarding the announcement 2 days ago. One on the, you created this new role of Chief of Quality. And I guess sort of what prompted you to create that. Was there something that you've seen that was missing? Why do we need that now? Or maybe that's the first question. And then I'll ask the second one.

關於兩天前的公告，我還有兩個問題。其中之一，您創建了品質主管這一新角色。我想這就是促使你創建它的原因。您所看到的東西是否缺失了？為什麼我們現在需要它？或者也許這是第一個問題。然後我再問第二個。

Well, I mean, Head of Quality was certainly there before in the segment. And now that I put myself on top of the ag segment, that position moves to a direct report, and we further strengthened this position across the globe because we believe that there is more work to be done in creating products that delight our customers. And as I said in my prepared remarks, we have gone through a quality challenge with the production from the Racine plant following the strikes.

嗯，我的意思是，品質主管之前肯定就在這個領域。現在，我將自己置於農業部門的首位，該職位轉變為直接報告，我們在全球範圍內進一步加強了這一職位，因為我們相信在創造令客戶滿意的產品方面還有更多工作要做。正如我在準備好的演講中所說，罷工後我們拉辛工廠的生產經歷了品質挑戰。

And hence, now we are clearing this and cleaning this. And we have successfully returned the Racine plant to very good quality output levels, but maintaining that and also bringing everyone else around the CNH world levels, world class is a constant ambition that we need to live up to and hence, having quality in a direct line is something I'm very much used to and quality is the voice of the customer. And that person shall always be in every discussion that we have. So therefore, we call it quality and customer advocacy and that is a very needed position, I think, in any manufacturing company.

因此，現在我們正在清理這個並清理這個。我們已經成功地將拉辛工廠恢復到非常好的品質輸出水平，但保持這一水平並讓 CNH 的其他工廠達到世界水平，世界一流是我們需要實現的持續目標，因此，直接擁有品質生產線是我非常習慣的，品質是客戶的心聲。這個人將永遠出現在我們的每一次討論中。因此，我們稱之為品質和客戶倡導，我認為，在任何製造公司中，這是一個非常需要的職位。

Understood. And then I guess sort of regarding construction equipment and the relation with the group, I guess you were back in 2021 when the decision to separate Iveco was there and construction equipment was considered a core part, it had some synergies with the rest. The language now seems to slightly shift. Can you talk about like what has changed? And how sizable are these synergies with the group? And could something change to make those synergies less relevant? How should we think about the roadmap for construction equipment?

明白了。然後我想關於建築設備以及與集團的關係，我想你回到了 2021 年，當時就做出了分離依維柯的決定，建築設備被認為是核心部分，它與其他部分有一些協同作用。現在語言似乎略有變化。能談談發生了什麼變化嗎？與集團的綜效有多大？是否可以做出一些改變來降低這些協同效應的相關性？我們該如何思考建築設備的路線圖？

Yes, Daniela, I think the when we spun off the on-highway business or the trucks and engine business back in the days, that was truly different in most of its aspects from CNH, ag and CE. And while here with construction, I think it is to give this business that has led a tremendous turnaround and a very good success story the freedom to explore all the options around in its ecosystem to develop its full potential. The 2 businesses ag and construction, today, have today already separate manufacturing footprints. They have dedicated R&D resources.

是的，丹妮拉，我認為當我們剝離公路業務或卡車和發動機業務時，它在大多數方面與 CNH、ag 和 CE 確實不同。在進行建設時，我認為這是為了讓這家帶來巨大轉變和非常成功故事的企​​業能夠自由地探索其生態系統中的所有選項，以充分發揮其潛力。如今，農業和建築業這兩家企業已經擁有獨立的製造基地。他們擁有專門的研發資源。

We have separate dealer networks and even separate sales organizations. We have the back-end synergies are predominantly and they are sizable. They are predominantly around procurement, joint procurement and back office functions like finance, IT and the likes, but industrial businesses are already separated today and giving this team the agility it takes to capture the opportunities and their playground is requiring them to be at arm's length, and I will focus my time on ag while having regular business reviews with CE obviously, yes.

我們擁有獨立的經銷商網絡，甚至是獨立的銷售組織。我們的後端協同效應占主導地位，而且規模相當大。它們主要圍繞著採購、聯合採購和財務、IT 等後台職能，但工業企業如今已經分離，這使得該團隊具有抓住機會所需的敏捷性，而他們的遊樂場要求他們保持一定距離，我將把時間集中在ag 上，同時與CE 進行定期業務審查，顯然，是的。

Mig Dobre with Baird.

米格·多布雷和貝爾德。

Yes, good morning. Thank you for taking the question. I want to follow up on Jamie's question on inventories and production cut. If I look at your slide 18, where you're discussing dealer inventories. Looking at those charts, I struggle to see a much evidence of dealer de-stocking thus far. You have a goal to take out $1 billion worth of inventory over the next couple of quarters.

是的，早安。感謝您提出問題。我想跟進傑米關於庫存和減產的問題。如果我看一下您的投影片 18，您在其中討論經銷商庫存。從這些圖表來看，到目前為止，我很難看到經銷商去庫存的大量證據。您的目標是在接下來的幾個季度內清除價值 10 億美元的庫存。

And I'm sort of curious if the 25% production cut will be enough to deliver on that goal considering the fact that production hour were down 30% in Q2. So are we doing enough here? How can we get the comfort that this cut is going to achieve that?

考慮到第二季生產時間減少了 30%，我有點好奇 ​​25% 的產量削減是否足以實現這一目標。那我們在這裡做得足夠了嗎？我們怎樣才能確信這次削減將實現這一目標？

Yes. I think there is a certain time delay between production cuts and until that leads to actual retail inventory dealer inventories to drop. So we have taken 30% production cut in Q2 versus prior year. And this is going to shine in already and shows already impact in the early innings of Q3.

是的。我認為減產之間存在一定的時間延遲，直到導致實際零售庫存經銷商庫存下降。因此，我們第二季的產量比去年減少了 30%。這將在第三季的早期幾局中表現出來並顯示出已經產生的影響。

So there's a certain time delay between those effects. And as we continue with the 25% production cut in ag in Q3 carefully watching what we might need to do as well in Q4. Maybe we don't need to add further cuts, maybe we need to. We can take that decision in a few weeks from now. We are pretty confident that we're going to reach those inventory levels on retail level. The impact of Q2 starts to shine already.

因此這些效果之間存在一定的時間延遲。隨著我們在第三季度繼續削減 25% 的農業產量，仔細觀察我們在第四季可能需要做什麼。也許我們不需要進一步削減，也許我們需要。我們可以在幾週後做出決定。我們非常有信心我們將達到零售層面的庫存水準。第二季的影響已經開始顯現。

And Mig, don't forget that last year, in the second half of the year, we have already taken down production particularly in the low horsepower tractors globally on a quite significant way.

米格，不要忘記，去年下半年，我們已經在全球範圍內大幅減少了生產，特別是低馬力拖拉機的生產。

I appreciate that, Oddone, but given the fact --

我很感激，奧多內，但考慮到事實--

The reduction that we're showing is not sequentially year-over-year, right?

我們顯示的減少不是逐年連續減少的，對吧？

No. I get that. I'm just a little bit confused on why we really haven't seen more of an impact already from your prior production cuts on dealer inventories. But I guess my follow-up here just to kind of move on is on construction. And again, your language around the segment is very different. And I'm wondering if at the Analyst Day, that's going to be upcoming in 2025, we're going to be hearing some more concrete around strategic alternatives developing for this segment.

不。我明白了。我只是有點困惑為什麼我們還沒有看到你們之前的減產對經銷商庫存產生更大的影響。但我想我的後續行動只是為了繼續前進，那就是建設。再說一次，你們圍繞這個細分市場的語言非常不同。我想知道在 2025 年即將舉行的分析師日上，我們是否會聽到一些圍繞針對該細分市場開發的策略替代方案的更具體的資訊。

Yes. I think we are working diligently on the full potential of both of our businesses. And I think on construction side, the optionality and trajectory the team has created will set the stage for interesting Capital Markets Day next year or Investor Day next year.

是的。我認為我們正在努力發揮雙方業務的全部潛力。我認為在建設方面，團隊創造的選擇性和軌跡將為明年有趣的資本市場日或明年投資者日奠定基礎。

Kristen Owen with Oppenheimer

克里斯汀歐文與奧本海默

Thank you for taking the question. Also looking to maybe double-click on the production and inventory levels. And more specifically on the inventory levels, maybe a bit by region. Given the outlook for underproduction relative to demand, if you can maybe help us break down where the inventory levels are, where you might be oversupplied versus regions or types of equipment where you feel like you're more comfortably in the right range?

感謝您提出問題。也希望雙擊生產和庫存水準。更具體地說，是關於庫存水平，可能是按地區劃分的。考慮到相對於需求的生產不足的前景，您是否可以幫助我們詳細分析庫存水平，您可能會供應過剩，而您認為在正確範圍內更舒適的地區或設備類型？

Yes. So I think, look, in Europe, we destocked in Q2 mostly combined, and we intend to reduce this even more in the second half and let's see how the change year-over-year change would happen there. And why we actually have reduced deal inventories in APAC already versus the beginning of the year. So I think here, we are well set up.

是的。所以我認為，在歐洲，我們在第二季的去庫存大部分是合併的，我們打算在下半年進一步減少庫存，讓我們看看那裡的同比變化將如何發生。以及為什麼我們實際上已經比年初減少了亞太地區的交易庫存。所以我認為我們已經準備好了。

In the North America tractors, we are planning to destock in Q3 and Q4 significantly underproducing retail that is lined for the second half. While we for combines, we are lower than Q4 and overall. In summary, we are pretty much aligned with our expectations as we have summarized on global level here.

在北美拖拉機方面，我們計劃在第三季和第四季去庫存，大幅低於下半年的零售量。雖然我們對於聯合收割機而言，但總體而言低於第四季。總之，正如我們在全球層面上總結的那樣，我們與我們的期望非常一致。

That's very helpful. And then my follow-up, I think you mentioned in the prepared remarks that you've opened up the early order program for row crop in North America. Just any early indication, understanding it's not necessarily representative for 2025, but what the book pricing is assumed for that 2025 early order program?

這非常有幫助。然後我的後續行動，我想你在準備好的發言中提到你已經在北美開放了中耕作物的早期訂單計劃。只是任何早期跡象，了解它不一定代表 2025 年，但 2025 年早期訂購計劃的圖書定價是多少？

Thank you.

謝謝。

We've put in some pricing modest pricing in the price lease that we put out for our raw crop in North America. It's really early to say to give any expectation for '25 based on where we are right now.

我們在北美原料作物的價格租賃中加入了一些適度的定價。根據我們現在的情況來給出對 25 年的期望還為時過早。

Andrea Balloni with Mediobanca.

安德里亞·巴洛尼 (Andrea Balloni) 與 Mediobanca 合作。

Yes, good afternoon, everybody, and thanks for taking my question and welcome back, Gerrit. My first question is on cash flow. If I look at the midpoint of your guidance range, you basically reduced the target by circa $400 million. What does this explain this reduction if we consider that the cutting the net industrial EBIT is only $200 million? And again, on free cash flow, if you can give us an idea about the CapEx target we should expect for this year?

是的，大家下午好，感謝您提出我的問題，歡迎回來，Gerrit。我的第一個問題是關於現金流。如果我看一下你們指導範圍的中點，你們基本上將目標減少了大約 4 億美元。如果我們考慮到工業息稅前利潤淨削減僅為 2 億美元，那麼如何解釋這種削減呢？再說一次，關於自由現金流，您能否告訴我們今年我們應該預期的資本支出目標？

My second question is on restructuring costs. If you can give us an update on the total production or amount we should expect? And my very last question is on the warranty cost. You have experienced in Q2 totaling a [$14] million. I'm really sorry, I didn't get what these costs are. If you can explain it again.

我的第二個問題是關於重組成本。您能否向我們提供有關我們預期的總產量或數量的最新資訊？我的最後一個問題是關於保固成本。您在第二季的體驗總計為 [14] 百萬美元。我真的很抱歉，我不明白這些費用是多少。如果你能再解釋一下的話。

Andrea, let me take the last question first. The warranty costs that are inside our reported adjusted financial results for the for the second quarter are related predominantly to quality campaigns or fixing campaigns that we have already launched, and they are well underway.

安德里亞，讓我先回答最後一個問題。我們報告的第二季調整後財務業績中的保固成本主要與我們已經啟動的品質活動或修復活動有關，並且這些活動正在進行中。

Correcting quality issues that came out of the Racine plant as a result of the strikes that we had endured last year. Those are topics we know and we are on top of. And in the interest of the customers, we very proactively are out there and fixing those issues as we speak. And that number is around $70 million for the first half of this year already. This is the reason. And on free cash flow --

糾正由於去年我們遭受的罷工而導致拉辛工廠出現的品質問題。這些是我們知道並且處於領先地位的主題。為了客戶的利益，我們非常積極主動地解決這些問題。今年上半年這個數字已經約為 7,000 萬美元。這就是原因。關於自由現金流--

On free cash flow, I would say the reduction is part of it through the EBITDA, as you mentioned, and the other part is on working capital dynamics when we reduce production and we reduced sales. And on CapEx, we are confirming the guidance that we paid at the beginning of the year. So we're not don't have big changes there.

關於自由現金流，我想說，正如您所提到的，減少的一部分是透過 EBITDA 實現的，另一部分是當我們減少產量和減少銷售時的營運資本動態。在資本支出方面，我們正在確認我們在年初支付的指導。所以我們並不是沒有太大的改變。

David Raso, Evercore ISI.

大衛·拉索，Evercore ISI。

On slide 11, I just want to make sure I'm reading it correctly on the savings. So for example, on the COGS, the $128 million listed in 2Q, that's an aggregate year-to-date, right? So the idea for the full year --

在投影片 11 上，我只是想確保我對節省的理解正確。舉例來說，就 COGS 而言，第二季度列出的 1.28 億美元是今年迄今為止的總額，對吧？所以全年的想法--

That's correct.

這是正確的。

Okay. So basically, if you do both those for SG&A, and COGS, the second half of the year has an incremental $255 million of savings, right? That's what the back half provides. The spirit of the question is looking at your margins. So for example, the second half of the year, your ag margins are implied at 13.8%. Before last year, the company had never done 13.8%, right?

好的。所以基本上，如果您同時考慮 SG&A 和 COGS，那麼下半年將節省 2.55 億美元，對嗎？這是後半部分提供的。這個問題的本質是看你的利潤。例如，今年下半年，您的農業利潤率隱含為 13.8%。去年之前，公司從來沒有做到過13.8%吧？

I mean, basically, the margins are close in '22. So I think we're all just sort of trying to figure out is '25 in another leg down? Or can these margins be viewed as at least close to a bottom, but obviously makes you nervous you look back and go, this company has never done 13.8% before except for 1 year and now people are trying to figure out at the bottom.

我的意思是，基本上，22 年的利潤率很接近。所以我想我們都只是想弄清楚「25」是否是另一回合的倒數？或者這些利潤率是否可以被視為至少接近底部，但顯然會讓你在回頭看時感到緊張，這家公司之前除了 1 年之外從未達到過 13.8%，現在人們正試圖找出底部。

So the savings in the back half of the year, I can run the math and I get it. The back half of the year, the decrementals for the whole company are only 16, right? It's impressive, the comp is easier, but even if you pull out the $255 million, it's still less than 30% decrementals, which is still pretty impressive. So that's a long-winded way of asking.

所以下半年的節省，我可以算一下，我就明白了。下半年，整個公司的減量才16吧？這令人印象深刻，補償更容易，但即使你拿出 2.55 億美元，它的減少量仍然不到 30%，這仍然相當令人印象深刻。所以這是一個冗長的詢問方式。

Going into '25, what is left on the savings programs from actions already taken, just in case we want to model a couple of hundred bps pressure on pricing or another leg down, what are some of the savings that are already baked into '25 from actions taken?

進入“25”，已經採取的行動在儲蓄計劃中還剩下什麼，以防萬一我們想要模擬幾百個基點的定價壓力或另一條腿的下降，“25”中已經有哪些節省從採取的行動？

There are a couple of opportunities for 2025. And let me name 3 opportunities. I mean we have this strategic sourcing program. We have structured in 4 waves. We've just done wave 1, which is under implementation as we speak. And we have kicked off and will accelerate on wave 2 in September later this year when we have all our strategic suppliers together at our annual supplier conference. And that will continue with the wave 3 and 4 throughout '25.

2025 年有幾個機會。讓我舉出 3 個機會。我的意思是我們有這個策略採購計畫。我們的結構分為 4 波。我們剛剛完成了第一波，目前正在實施中。我們已經開始並將在今年 9 月稍後加速第二波浪潮，屆時我們將所有策略供應商聚集在一起參加我們的年度供應商會議。這將在整個 25 年的第 3 波和第 4 波中繼續進行。

So there is a continuous cost reduction coming year-over-year from these procurement program. So the procurement itself has obviously already contributed in 2024, but it only really starts to show in the year '25 and after. So this is reason one or, let's say, confident level number one on additional cost reductions.

因此，這些採購計畫會逐年持續降低成本。因此，採購本身顯然已經在 2024 年做出了貢獻，但只有在 25 年及以後才真正開始顯現。因此，這是原因之一，或者說，是額外降低成本的第一大自信。

The second point was is related to the quality side of things. As we said, we have in the first half of this year in the reported adjusted financial $70 million drag in the numbers from quality issues that we have in the current production of Racine fixed, okay? So we are living through this, and it is going to come to a closure at some point next year when we have basically those products hitting the market at larger scale at quality levels that we want.

第二點與事物的品質面有關。正如我們所說，今年上半年，我們在報告的調整後財務中花費了 7000 萬美元，因為我們在當前拉辛生產中修復的品質問題拖累了數字，好嗎？因此，我們正在經歷這個過程，並且它將在明年的某個時候結束，屆時我們基本上將這些產品以我們想要的品質水平更大規模地推出市場。

So in today's numbers, there is, I don't want to call it a one-off, but there is a quality fix in, and that is obviously our targets not to repeat again, okay? So this is something that will certainly help 2025. And on the third element and that is not to be underestimated, we are going to have a full year impact of the SG&A restructuring that Oddone also commented on, which was the program launched with by Scott and the team here that is under implementation in its last innings. And with that, we get the full year impact next year. So there is quite some cost reduction ongoing and in pipeline to help 2025.

因此，在今天的數字中，我不想稱其為一次性，但有一個品質修復，這顯然是我們不再重複的目標，好嗎？所以這肯定會對 2025 年有所幫助。關於第三個要素，這一點不可低估，我們將受到 SG&A 重組的全年影響，Oddone 也評論了這一點，這是 Scott 和這裡的團隊發起的計劃，該計劃正在其實施中最後一局。這樣，我們就能得到明年一整年的影響力。因此，為了實現 2025 年的目標，我們正在進行並醞釀大幅削減成本。

I guess I'll just ask the obvious question. Would you like to try to quantify a little bit when you think of the potential cost savings? Like this year is $488 million, a very significant number. Is it I mean, roughly half that? So I'm just curious how you're thinking about the magnitude of potential savings from [those numbers].

我想我只會問一個顯而易見的問題。當您考慮潛在的成本節省時，您是否願意嘗試進行一些量化？例如今年是 4.88 億美元，這是一個非常可觀的數字。我的意思是大約一半嗎？所以我只是好奇你如何看待潛在的節省量[那些數字]。

We will not quantify it yet because with on the supplier side, we will have quite some work to do. And I'm pushing for the upside, as you can imagine. And on the quality side, I need to see the timing on when we are through this. And while on the SG&A, we obviously have a number, if at all, I would like to give you all 3 together, and we have sufficient time at our Investor Day next year to go deeper into those numbers and reduction opportunities supporting '25 and the years to come.

我們還不會量化它，因為在供應商方面，我們還有很多工作要做。正如你可以想像的那樣，我正在推動積極的一面。在品質方面，我需要看看我們度過這段時期的時間。在 SG&A 方面，我們顯然有一個數字，如果有的話，我想一起給你們所有 3 個數字，並且我們在明年的投資者日有足夠的時間來更深入地研究這些數字和減少支持 '25 和未來的歲月。

Nicole DeBlase with Deutsche Bank.

德意志銀行的 Nicole DeBlase。

Yes, thanks. Good morning, everyone, and welcome Garrett. And I guess maybe just starting with the cadence of earnings, how to think about the third quarter versus the fourth quarter? Any help that you can give us on the expectation for production cuts in ag versus construction? And any delta in the expected decremental margins between 3Q and 4Q?

是的，謝謝。大家早上好，歡迎加勒特。我想也許只是從收益節奏開始，如何看待第三季與第四季？關於農業與建築業的減產預期，您能為我們提供什麼協助嗎？第三季和第四季之間的預期利潤率下降是否有增量？

Yes. So I think in the prepared remarks, we had the size of the production cuts in agriculture and construction is around 25% in agriculture and around 20% in construction year-over-year. We had a difficult Q4 last year. We expect all things considered from a profitability standpoint to be more balanced in the Q4 of this year. In Q3 is where we have most of the production cuts and Q3 is typically a quarter where we have our plans basically down in the month of August.

是的。因此，我認為在準備好的發言中，我們農業和建築業的減產規模與去年同期相比，農業減產幅度約為 25%，建築業減產幅度約為 20%。去年我們經歷了艱難的第四季。我們預計從獲利角度考慮的所有因素在今年第四季將更加平衡。第三季是我們減產最多的時期，第三季通常是我們在 8 月基本削減計畫的季度。

So it's a more difficult quarter to from a profitability standpoint. But I would say, if we compare to last year, we expect to be more balanced on the fourth quarter where last year, we started to take the big adjustments in our production and our.

因此，從獲利能力的角度來看，這是一個更困難的季度。但我想說，如果我們與去年相比，我們預計第四季會更加平衡，去年我們開始對生產和生產進行重大調整。

That makes sense. And then, Gerrit, I know you probably have a lot more to share at the Investor Day next year, but any early thoughts on capital deployment priority of the balance sheet is in a pretty strong position and thoughts around share buyback, et cetera.

這是有道理的。然後，格里特，我知道您可能在明年的投資者日有更多的內容要分享，但任何關於資產負債表資本部署優先級的早期想法都處於相當重要的位置，並且圍繞股票回購等問題的想法也很重要。

Thank you.

謝謝。

Look, Nicole, we're certainly going to return cash and value to shareholders through share buybacks and dividends. As per policies in place and prior distributions, as you can imagine. It's pretty consistent how this group has performed. And I think we have no reason to change that as we move forward. So the I mean okay, yes, go ahead.

聽著，妮可，我們肯定會透過股票回購和股利向股東返還現金和價值。正如您可以想像的那樣，根據現有的政策和先前的分配。這個小組的表現非常一致。我認為隨著我們的前進，我們沒有理由改變這一點。所以我的意思是，好吧，是的，繼續吧。

Angel Castillo , Morgan Stanley

安吉爾‧卡斯蒂略，摩根士丹利

It's Grace on for Angel. Can you talk a bit more about the environment you're seeing in large ag and small ag? And where are you seeing competitors be more aggressive? Thank you.

格蕾絲為天使登場。您能多談談您在大型農業和小型農業中看到的環境嗎？您在哪些方面看到競爭對手更加激進？謝謝。

So the competitive situation right now, I mean, we have seen a pretty steep decline in this market, now not competition, but market in combines stronger than globally actually combines more than in higher horsepower or large tractors where we are leaders on the combined side, and we haven't really seen competitive intensity to go up.

因此，我的意思是，目前的競爭情況是，我們看到這個市場出現了相當大的下滑，現在不是競爭，而是聯合收割機市場比全球更強，實際上聯合收割機市場比我們在聯合收割機方面處於領先地位的更高馬力或大型拖拉機的聯合收割機市場要多。

And we have just recently launched our CR11, our new flagship combine, we call it the next generation, and that will next year also translate into CR10 and CR9. And with that, we are super well positioned in the combine segment where, again, we are leaders with these new products to keep and further grow our market share.

我們最近剛推出了 CR11，我們的新旗艦聯合收割機，我們稱之為下一代，明年也將轉化為 CR10 和 CR9。因此，我們在聯合收割機領域處於非常有利的地位，我們再次成為這些新產品的領導者，以維持並進一步擴大我們的市場份額。

So that is that's not that much. I mean on the high horsepower tractors, competitive intensity is always quite strong as you can imagine. This is a very it's a focused product and segment for all of us. But I haven't seen that really changing much on a global scale. I mean we after now that we have seen in our cash crop high or heavy horsepower tractors back in the market with really good quality, I think we'll gain back market share there, which takes time, but that is something I think we will follow through.

所以這還不算多。我的意思是，在大馬力拖拉機上，競爭的強度總是如你想像的那麼強烈。對我們所有人來說，這是一個非常重要的產品和細分市場。但我還沒有看到這種情況在全球範圍內發生太大變化。我的意思是，我們現在已經看到我們的經濟作物高馬力或重馬力拖拉機以非常好的品質重新回到市場，我認為我們將在那裡重新獲得市場份額，這需要時間，但我認為我們會做到這一點跟進。

We will explain also during the Investor Day, we regain on that end. But I would not say that competitive intensity in the high horsepower of large equipment has significantly changed. On the small turf on the very small ag on the compact segment, when you start at that end of the market, we clearly see competitors from Asia in some of the markets coming stronger into our markets.

我們還將在投資者日期間進行解釋，我們將在這方面重新進行。但我不會說大馬力大型設備的競爭強度發生了顯著變化。在緊湊型細分市場中規模很小的公司的小地盤上，當您從市場的這一端開始時，我們清楚地看到來自某些市場的亞洲競爭對手正在以更強大的力量進入我們的市場。

And we feel very well positioned with the lineup that we have recently renewed and we continue to add to with products that will be also engineered and designed in Asia, most notably India, as you might have noticed from the organizational announcement that came out 2 days ago. I will have India as a market specifically called out from Asia-Pacific as a separate market.

我們對最近更新的產品陣容感到非常有利，我們將繼續添加將在亞洲（尤其是印度）設計和設計的產品，正如您可能從兩天后發布的組織公告中註意到的那樣。我將把印度作為一個市場，從亞太地區專門稱為一個單獨的市場。

And member of our global leadership team. And that is also a reason related to not only the massive potential that India in terms of volume offers but it's also home to some players that we already see globally in the small ag segment, small turf. And being there, giving it the right level of priority is for us a necessity to counter competitive moves in the future from players that come out of Asia, in this case, most notably India for us.

也是我們全球領導團隊的成員。這也是一個原因，不僅與印度在產量方面提供的巨大潛力有關，而且也是我們在全球小型農業領域、小領域中已經看到的一些參與者的所在地。在那裡，給予它適當的優先順序對我們來說是必要的，以應對未來來自亞洲的參與者的競爭行為，在這種情況下，對我們來說最引人注目的是印度。

I mean if you allow me that analogy, I believe that India for agriculture is probably comparable to China as it was 15 years ago for the passenger car industry, right, slightly not in the focus, but differently treated. And hence, we here at CNH, we take India extremely serious as a place to source, as we already said before, cost opportunities from sourcing components from hiring talent from engineering products in India, which we do already today, but also as a market to sell.

我的意思是，如果你允許我這樣類比，我相信印度的農業可能與中國15年前的乘用車行業相當，對吧，稍微不是焦點，但待遇不同。因此，正如我們之前所說，在 CNH，我們非常重視印度作為一個採購地，透過在印度僱用工程產品人才來採購零件，從而獲得成本機會，我​​們今天已經這樣做了，但同時也是一個市場出售。

And in the end, it's also the home of some uprising competitors that push on to global markets from the small turf and being there is key for us to counter that competition once they reach our home markets and also higher horsepower segments, which is not the case today, just to be clear. So fairly unchanged competitive dynamics on the high horsepower and large equipment on the smaller ones we see some moves and we counter them also not only not limited, but also including our structural realignments and priorities predominantly on India.

最後，它也是一些崛起的競爭對手的大本營，這些競爭對手從小地盤進軍全球市場，一旦他們進入我們的國內市場和更高馬力的細分市場，我們就能夠在那裡應對競爭，這不是我們的目標。因此，在大馬力和大型設備上，小型設備的競爭動態相當不變，我們看到了一些舉措，我們不僅限於反擊它們，而且還包括我們主要針對印度的結構調整和優先事項。

Got it. That's very helpful. And can you also talk about the level of incentives that you're seeing in the market? And where you see the greatest pressure or potential for higher levels of incentives in '24?

知道了。這非常有幫助。您能否談談您在市場上看到的激勵程度？您認為 24 世紀最大的壓力或提高激勵水平的潛力在哪裡？

Thank you

謝謝

So we have seen some increased level of incentives, in particular in South America, where there has been in the market an overhang on supply starting last year. We have reacted to that as we said by reducing production very early. But definitely, that has been a very competitive market in terms of incentives. We're very proud of our team in South America who's been able to remain profitable across the quarters.

因此，我們看到激勵措施增加，特別是在南美洲，從去年開始，那裡的市場供應過剩。正如我們所說，我們對此做出了反應，很早就減少了產量。但毫無疑問，就激勵措施而言，這是一個競爭非常激烈的市場。我們為南美洲的團隊感到非常自豪，他們能夠在各個季度保持獲利。

And in the rest of the world, what we see is some higher as we mentioned in the call, some higher financial support in terms of financing incentives. We are giving some incentives on the for supporting the dealers on working on their used inventories and on trade-ins. But I would say it's pretty normal conditions, nothing excessive. And that's you see that in our pricing performance, right?

在世界其他地區，正如我們在電話會議中提到的，我們看到的是更高的融資激勵措施方面的財務支持。我們將給予一些獎勵，以支持經銷商處理二手庫存和以舊換新。但我想說這是很正常的情況，沒有什麼過分的。這就是您在我們的定價表現中看到的，對吧？

Tami Zakaria with JPMorgan

塔米·扎卡里亞 (Tami Zakaria) 與摩根大通

Hey, good morning. Thank you so much for taking my question. So my first question is, I was hoping you could help me conceptualize this year as it relates to the theoretical mid-cycle level. Where do you expect to end this year's production volume in the ag and also in the construction segment versus your estimate of the mid-cycle number for these 2 industries?

嘿，早安。非常感謝您回答我的問題。所以我的第一個問題是，我希望你能幫我概念化今年，因為它與理論中期週期水平相關。與您對這兩個行業中期週期數字的估計相比，您預計今年農業和建築業的產量會達到多少？

Well, I mean, we expect the industry to be below the mid what we can defend the mid-cycle, let's say, the average of last 10 years which that [industry] To be at 90%, 95% of that. And we are producing less than the industry because we are adapting we're adjusting our inventory levels.

嗯，我的意思是，我們預計該行業將低於我們可以捍衛的中期週期的中間水平，比方說，該行業過去 10 年的平均水平將達到 90%、95%。我們的產量低於行業，因為我們正在適應，我們正在調整我們的庫存水平。

Is that for ag? Or ag and construction both?

是為了ag嗎？還是農業和建築業兩者兼具？

That was for ag. Construction is I mean, given also our market presence is much more difficult to the fact this compared to a global industry, if you compare to some of our peers that have a much more global presence.

那是給ag的。我的意思是，考慮到與全球產業相比，我們的市場存在要困難得多，如果你與我們一些具有更多全球影響力的同行進行比較的話。

I just wouldn't say that I don't know how much it can be helpful in your macro analysis is getting our data on construction from that standpoint.

我只是不會說我不知道從這個角度獲取我們的建築數據對您的宏觀分析有多大幫助。

Got it. Okay. Thank you for the color. Got it. Okay. And then a quick follow-up on what you just said about competition around pricing and incentives. I think you see it as being pretty normal. We've heard some we've heard about some stepped-up price investments in discounts by OEMs and dealers in both new and equipment market. So do you in the current guide, do you have any sort of buffer to react to increased competitive pricing pressure for the ag segment for the back half? Should it come to that at some point?

知道了。好的。謝謝你的顏色。知道了。好的。然後快速跟進您剛才所說的有關定價和激勵方面的競爭。我想你認為這很正常。我們聽說原始設備製造商和經銷商在新設備市場上加大了折扣價格投資。那麼，在目前的指南中，您是否有任何緩衝措施來應對下半年農業部門競爭性定價壓力的增加？是否應該在某個時候發展到這一點？

Yes. That's the way we manage the business, and we feel confident with the assumptions that we have on a market that is down and that is competitive.

是的。這就是我們管理業務的方式，我們對市場低迷但競爭激烈的假設充滿信心。

Mike Shlisky, D.A. Davidson.

麥克‧史利斯基 (Mike Shlisky)，D.A.戴維森。

My first question, Gerrit, I don't know how far long you've gone in this, but what is your view on the precision ag offerings that CNH obviously at the current time? And more recently, can you just tell us a little bit about, have farmers this year been more cautious on adopting any of your tech stack because they're kind of very busy or worry about their current year and not worried about future stuff. So thoughts as to whether it's been ramping up according to our plan here?

我的第一個問題，Gerrit，我不知道你在這方面已經走了多長時間，但你對 CNH 目前提供的精準農業產品有何看法？最近，您能告訴我們一些關於今年農民在採用您的任何技術堆疊時是否更加謹慎，因為他們有點非常忙碌或擔心今年的事情而不擔心未來的事情。那麼你想知道它是否按照我們的計劃在增加？

Thanks, Mike, for the question. Look, I've been following also the precision side of CNH while not being here necessarily, but because being on the neighboring company, we've done similar yet very different attack and we had obviously fruitful exchanges on what was going on. But my real foot on the ground, let's say, started 4 weeks ago. Nevertheless, precision is a key priority, and I'm thanks to John [Freeheim] and the team and Raven, who paid my very first visit and they spend a few days up there.

謝謝邁克提出這個問題。看，我也一直在關注 CNH 的精確方面，雖然不一定在這裡，但因為在鄰近的公司，我們做了類似但非常不同的攻擊，並且我們就正在發生的事情進行了明顯富有成效的交流。但可以說，我真正的腳踏實地是在四個星期前開始的。儘管如此，精確性仍然是重中之重，我要感謝 John [Freeheim] 和他的團隊以及 Raven，他們是我第一次來訪，並在那裡待了幾天。

I am pretty clear on the time line and on the benefits that our precision ag offering will bring and brings today. We have today's system, which is AgDNA is our current system that we have running. We have a road map, thanks to our precision team, where we bring upgrades now to that system all the way until we are going long we are launching Life, our new CNH operating system in a few years from now, more details, not a few years now, but in the near future. And then it is going to be and I'm pretty certain gets pretty close to a software-defined tractor.

我非常清楚我們的精準農業產品將帶來的時間表以及今天帶來的好處。我們有今天的系統，AgDNA 是我們目前運行的系統。感謝我們的精準團隊，我們有一個路線圖，我們現在對該系統進行升級，直到我們在幾年後推出 Life，我們的新 CNH 操作系統，更多細節，而不是現在是幾年，但在不久的將來。然後我很確定它會非常接近軟體定義的拖拉機。

And with that offers great functionality for our farmers. So our offering today, again, thanks to the Raven team, thanks to the M&A work that we've done, tucking in other companies like Hemisphere, Augmenta and other things is really coming together quite nicely, offering a nice suite of precision offering onboard and offboard. So that's a good roadmap.

這為我們的農民提供了強大的功能。因此，我們今天的產品再次感謝 Raven 團隊，感謝我們所做的併購工作，將 Hemisphere、Augmenta 等其他公司納入其中，確實很好地結合在一起，提供了一套不錯的精密產品和船外。所以這是一個很好的路線圖。

You've seen the recent organization move putting precision under one single leader, our CTO, Jay Schroeder who has been with the company for more than 25 years, leading ag engineering for quite a while and bringing these two together under one lead offers greater effectiveness, bringing the innovations to life and responding even faster to what our customers and farmers expect from our digital customer interface in our machines may be a tractor or a combine.

您已經看到最近的組織舉措將精確性置於一位領導者（我們的首席技術官Jay Schroeder）的領導下，他已在公司工作超過25 年，領導農業工程相當長一段時間，將這兩位領導者集中在一位領導者的領導下可以提供更高的效率，將創新變為現實，並更快地響應我們的客戶和農民對我們機器中的數位客戶介面的期望，這可能是拖拉機或聯合收割機。

So the roadmap is clearly laid out. We'll give you more color during the Investor Day. We'll proudly present you these technologies and features on site. And so this is makes me pretty confident that we are very well set up on this end as we also launch other innovations and automated functionalities around implements and not only tractors but also combines and more to come. I mean, I can't reveal them here, but I'm pretty excited about what I've seen and the pipeline product pipeline is really strong and well invested.

因此，路線圖已經明確列出。我們將在投資者日期間為您提供更多色彩。我們將自豪地在現場向您展示這些技術和功能。因此，這讓我非常有信心，我們在這方面已經做好了充分的準備，因為我們還圍繞機具推出了其他創新和自動化功能，不僅是拖拉機，還包括聯合收割機等。我的意思是，我不能在這裡透露它們，但我對我所看到的感到非常興奮，而且管道產品管道非常強大且投資充足。

Got it. And my other question was about your plan to take ag at the core business and give construction a bit more autonomous I suppose. I've always thought that farmers were a big customer base for the CASE and construction equipment. Can you just tell us what percent of construction sales are actually really on farms? And will there be any changes to how there are 2 separate distribution channels. But will there be any changes as to how, how the segment faces the farm sector going forward?

知道了。我的另一個問題是關於你們計劃將農業作為核心業務，並賦予建築業更多的自主權。我一直認為農民是CASE和建築設備的一大客戶群。您能告訴我們建築銷售的百分比其實是來自農場嗎？兩個獨立的分銷管道的方式是否會有任何變化？但該部門未來如何面對農業部門會發生任何變化嗎？

Well, the farmers really like the CASE construction equipment, whether branded CASE or New Holland in their farms. And that is that's a piece of equipment that is a smaller part of what CASE construction does. So yes, there is also that type of synergy, clearly, yet the larger market for construction, when you look at crawlers and wheel loaders and also even the back holes to a greater quantity in other segments, which is typically construction, residential and the likes.

嗯，農夫們真的很喜歡 CASE 建築設備，無論是他們農場中的 CASE 品牌還是 New Holland 品牌的設備。這就是一個設備，只是 CASE 施工的一小部分。所以，是的，顯然也存在這種類型的協同作用，但當你看看履帶式裝載機和輪式裝載機，甚至其他領域的大量後孔時，建築市場也更大，通常是建築、住宅和建築業。

So there is a need for these types of equipment in farms. But the by far largest amount of those machines go to, let's say, more traditional construction segments. And that has nothing to do with how we operate the businesses inside the group with construction being at arm's length operation that has gained its independence also through its pretty impressive turnaround. So on the customer side, things come together. But on the operations, on the business side, there are clearly two distinct businesses.

所以農場需要這些類型的設備。但到目前為止，這些機器中最大的一部分用於更傳統的建築領域。這與我們如何經營集團內部的業務無關，建築業是按照公平原則進行運營的，而建築業也透過其令人印象深刻的轉變而獲得了獨立性。因此，在客戶方面，一切都融為一體。但在營運方面，在業務方面，顯然有兩個不同的業務。

Kyle Menges with Citigroup

花旗集團的凱爾門格斯

Thanks and welcome back to CNH Garrett. I'm Darin, I was curious in your first 30 days as you've met with dealers and customers on the ag side specifically, I'd love to hear just from any of the common threads of feedback that you've gotten from dealers and customers and how that's informing some of your strategic priorities over the next year or so?

感謝並歡迎回到 CNH 加勒特。我是 Darin，我對你在前 30 天的表現很好奇，因為你在農業方面會見了經銷商和客戶，我很想听聽你從經銷商那裡得到的任何常見反饋線索和客戶，這將如何影響您在未來一年左右的一些策略重點？

Well, look, the to be honest it was a lot. But I mean as I alluded to quality has always been in our top priority list. We have recently encountered some challenges there. And I think that echoes here and there that we need to get that back to the top levels where our customers and farmers are used to and we are on a good track to get that. As I said, we see this already at a pretty good level.

嗯，看，說實話，數量很多。但我的意思是，正如我所提到的，品質始終是我們的首要任務。我們最近在那裡遇到了一些挑戰。我認為這到處都是，我們需要將其恢復到我們的客戶和農民習慣的最高水平，並且我們正在良好的軌道上實現這一點。正如我所說，我們認為這已經達到了相當好的水平。

So I think that was cutting across. I think another element that was more implicitly than an explicitly is we are going to further strengthen our dealer network to make it when it comes to the different brands that we have more prepared to take the opportunities in the market and to compete more effectively in the territories where they are. So I think on the dealer side, we want to strengthen them.

所以我認為這是交叉的。我認為另一個比明確的更隱性的因素是我們將進一步加強我們的經銷商網絡，使我們能夠更充分地準備好抓住市場機會並在市場中更有效地競爭。所以我認為在經銷商方面，我們想要加強他們。

We want to grow them. And we have also, for that reason, created a Chief Commercial Officer position, which is taken by Stefano Pampalone, the former CE had. And before that, Stefano has been for many, many years leading very successfully our Asia-Pacific region for both ag and CE. And I think all his knowledge and insights he will bring to bear in gearing up on creating a really strong brand aligned dealer network.

我們想要種植它們。為此，我們也設立了首席商務官職位，由前執行長 Stefano Pampalone 擔任。在此之前，Stefano 多年來一直非常成功地領導我們亞太地區的農業和消費電子領域。我認為他將利用他的所有知識和見解來準備創建一個真正強大的品牌聯盟經銷商網路。

And I think that is clearly something that was not explicitly mentioned, I'd say, but it's more like implicit takeaway that dealers, our partners, they are in parts our friends, but they are predominantly our business partners and our revenues start very commercial success with customers and strengthening them means strengthening ourselves. And I think that is another key priority and focus that I will bring to bear apart from, obviously, precision, as we talked about at the meeting even at a faster pace, having the precision and the iron come together.

我認為這顯然是沒有明確提及的事情，我想說，但這更像是隱含的外賣，經銷商，我們的合作夥伴，他們在某種程度上是我們的朋友，但他們主要是我們的業務夥伴，我們的收入一開始就非常商業化與客戶取得成功並加強他們的實力就意味著加強我們自己。我認為這是除了精確性之外我將要重點考慮的另一個關鍵優先事項和重點，正如我們在會議上討論的那樣，甚至以更快的速度，將精確性和鋼鐵結合在一起。

And also some more minor points that were more local when you talk to customers, for example, in the United States or in Germany have different views and different needs. And I think that is that would I would overrun in this call to summarize those, but I'm listening quite attentively, and I will continue to do so forever, actually, being in dealerships and listening to customers what they want. I'm pretty present and hands on, I would say.

當你與客戶交談時，還有一些更在地化的小問題，例如，在美國或德國有不同的觀點和不同的需求。我認為我會在這次電話會議中過度總結這些內容，但我正在非常專心地傾聽，而且我將永遠繼續這樣做，實際上，在經銷商中傾聽客戶的需求。我想說，我非常在場並且親力親為。

So very strong momentum with customers. And a couple of things to fix, a couple of things to reprioritize, but we are on a pretty good trajectory.

客戶的動力非常強勁。還有一些事情需要解決，有些事情需要重新確定優先順序，但我們正處於一個非常好的軌道上。

That does conclude today's conference call. Thank you, and you may now disconnect.

今天的電話會議到此結束。謝謝，您現在可以斷開連接了。