CNH Industrial NV (CNH) 2024 Q3 法說會逐字稿

Good morning and welcome to the CNH third-quarter results conference call. (Operator Instructions) I will now turn the call over to Jason Omerza, Vice President of Investor Relations.

早安，歡迎參加 CNH 第三季業績電話會議。（操作員指示）我現在將電話轉給投資者關係副總裁 Jason Omerza。

Thank you, Jeanne, and good morning, everyone. We would like to welcome you to the webcast and conference call for CNH Industrial's third quarter results for the period ending September 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. Hosting today's call are CNH CEO, Gerrit Marx; and CFO, Oddone Incisa.

謝謝珍妮，大家早安。歡迎您觀看凱斯紐荷蘭工業集團截至 2024 年 9 月 30 日的第三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。主持今天電話會議的是 CNH 執行長 Gerrit Marx；和財務長 Oddone Incisa。

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

他們將參考可從 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。有關可能導致實際結果出現重大差異的因素的更多資​​訊包含在該公司最近的 10-K 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. In addition, the presentation has been updated for an immaterial revision to our reported joint venture results for 2023 and the first half of 2024, related to our unconsolidated Turkish joint venture whose functional currency is the Turkish lira.

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。此外，該簡報已更新，對我們報告的 2023 年和 2024 年上半年的合資企業業績進行了無關緊要的修訂，該修訂與我們未合併的土耳其合資企業（其功能貨幣為土耳其里拉）有關。

The Turkish economy was deemed highly inflationary in 2022, and CNH has determined that CNH's translation of the joint venture results into US dollars under highly inflationary accounting resulted in an immaterial overstatement of CNH's results. In today's presentation, prior year period results and variances to those results have been updated to reflect this revision. The impact by quarter can be found in the appendix of today's presentation materials.

土耳其經濟在 2022 年被視為高度通膨，CNH 認定，CNH 在高度通膨的會計處理下將合資企業業績換算成美元，導致對 CNH 業績的非實質性誇大。在今天的演示中，上一年期間的結果和這些結果的差異已更新，以反映此修訂。按季度的影響可以在今天演示材料的附錄中找到。

With that, I will now turn the call over to Gerrit.

現在，我將把電話轉給 Gerrit。

Thank you, Jason, for clarifying this point upfront and thanks to everyone for joining our call. The third quarter marked my first three months as CNH's Chief Executive Officer, and I wanted to take a few moments to share some of my observations with you.

感謝 Jason 提前澄清了這一點，並感謝大家加入我們的電話會議。第三季是我擔任 CNH 執行長的頭三個月，我想花一些時間與大家分享我的一些觀察。

As in every cycle downturn before, this is a financially challenging environment for most of our farmers. The depressed commodity prices continue to weigh on farm income and sentiment remains muted and uncertain across regions.

與之前的每次經濟衰退一樣，這對我們大多數農民來說都是一個經濟上充滿挑戰的環境。大宗商品價格低迷持續影響農業收入，各地區的情緒依然低迷且不確定。

We've had low visibility on the industry cycle so far, especially as the retail pace has been slowing month over month. As in prior cycle swings, but in a more proactive way, we continue to work with our dealers as they reduce their inventory levels, which are above our set targets entering 2025. We know what needs to be done here and our efforts to underproduce retail demand will continue into 2025.

到目前為止，我們對產業週期的了解程度較低，特別是零售成長率逐月放緩。與先前的周期波動一樣，我們繼續與經銷商合作，以更積極主動的方式降低庫存水平，使庫存水準高於我們進入 2025 年設定的目標。我們知道這裡需要做什麼，我們抑制零售需求的努力將持續到 2025 年。

I have visited many of our manufacturing R&D sites, and I'm encouraged by the desire and attitude to drive quality more consistently in everything that we do. We are on a very good trajectory here. With this spirit, we have also taken significant strides to address quality issues stemming from a protracted labor strike, and we have the fixes in place to support our end customers.

我參觀了我們的許多製造研發基地，我們所做的一切都更加一致地提高品質的願望和態度讓我深受鼓舞。我們現在正處於非常好的軌道上。本著這種精神，我們在解決長期罷工引起的品質問題方面也取得了重大進展，並且我們已經採取了修復措施來支持我們的最終客戶。

Overall, within 2024, we will have spent around $100 million to address various field quality priorities. We've also been diligent in pursuing cost efficiencies in our plants, and we are taking action to rebalance capacities where necessary. Beyond that, we are also evaluating options to simplify our footprint. I'm really excited about the strategic sourcing work we are doing and how it will transform our supply base and how we work with our supplier partners.

總體而言，到 2024 年，我們將花費約 1 億美元來解決各種現場品質優先事項。我們也一直努力追求工廠的成本效率，並在必要時採取行動重新平衡產能。除此之外，我們也正在評估簡化足跡的選項。我對我們正在進行的策略採購工作以及它將如何改變我們的供應基礎以及我們如何與供應商合作夥伴合作感到非常興奮。

We are taking many strategic actions to drive long-term value and efficiency across our businesses in continuation of the well-timed and properly targeted interventions got one launched some time ago. We have an outstanding product portfolio, and I appreciate the tremendous amount of work being done to bring our new tech to market with in-house solutions, both for factory fit and the aftermarket.

我們正在採取許多策略行動，以推動我們業務的長期價值和效率，繼續實施前段時間推出的適時、有針對性的干預措施。我們擁有出色的產品組合，我很欣賞為將我們的新技術透過內部解決方案推向市場所做的大量工作，無論是工廠安裝還是售後市場。

We have a lot of great things in our product launch pipeline coming over the next few years, and you will see our unprecedented lineup in about one year at the Agritechnica 2025 show. Despite the headwinds we are experiencing in the macro environment, I'm very energized by the passion and expertise of our employees, and I thank them for their diligent work in delivering for our customers and for their daily suggestions on how to improve our business.

未來幾年，我們將推出許多精彩的產品，您將在大約一年後的 Agritechnica 2025 展會上看到我們前所未有的陣容。儘管我們在宏觀環境中遇到了阻力，但我對我們員工的熱情和專業知識感到非常振奮，我感謝他們為客戶提供服務的辛勤工作以及他們每天就如何改進我們的業務提出的建議。

As we work together as one team, we bring practical, reliable and performing solutions to farmers and builders. There's a lot to do and to transform as we write our next chapter, and I'm humbled and honored to lead our global team on this transformational journey.

當我們作為一個團隊共同努力時，我們為農民和建築商帶來實用、可靠和高效的解決方案。在我們寫下一個篇章時，還有很多事情要做和需要變革，我很榮幸也很榮幸能夠帶領我們的全球團隊踏上這趟變革之旅。

Turning to the quarter. we continue to execute our cost reduction activities. As Oddone will explain in detail later, during the quarter, we have saved an incremental $85 million in cost to shore up our gross profit, and we achieved an additional $45 million in SG&A savings.

轉向季度。我們繼續進行成本削減活動。正如 Oddone 稍後將詳細解釋的那樣，在本季度，我們節省了 8500 萬美元的增量成本來支撐我們的毛利，我們還節省了 4500 萬美元的銷售管理費用。

These cost savings are an obvious must do for two reasons: First, we must respond to the market reality and ensure we align our operating efficiency and effectiveness across all areas. Second, we must continue our journey to structurally improve our margins for the long term while investing in our future products and services. This is a daily and weekly grind and will progress inch by inch.

這些成本節約顯然是必須要做的，原因有兩個：首先，我們必須回應市場現實，確保我們在所有領域的營運效率和有效性保持一致。其次，我們必須繼續努力，從長遠來看結構性地提高我們的利潤率，同時投資我們未來的產品和服務。這是每天和每週的苦差事，並將一寸一寸地進步。

Our refocused organization structure has been operating throughout the business for about two months now. Our leadership team is working together more closely and frequently than ever, and that's helping to ensure the team is aligned on the ground and making well-informed decisions.

我們重新調整的組織結構已經在整個業務範圍內運作了大約兩個月。我們的領導團隊比以往任何時候都更加密切和頻繁地合作，這有助於確保團隊在現場保持一致並做出明智的決策。

Following the successful progress of the first wave of our strategic sourcing program, we kicked off the second wave with our supplier convention in Orlando, Florida, with 700 existing and potential future suppliers representing just about $2 billion in annual purchase volume.

繼第一波策略採購計畫取得成功之後，我們在佛羅裡達州奧蘭多舉行了供應商大會，拉開了第二波策略採購的序幕，共有700 家現有和潛在的未來供應商，年採購額約為20 億美元。

While one part of our team is working on implementing the Wave 1 contract worth around $2 billion in purchases, another team of -- another part of the team is starting the supplier selection for the Wave 2 components. Such a comprehensive challenge of our entire supply base has not been done in a while and has already started to surface great new and existing relationships with our supplier partners. We are upgrading -- underlining most of our commercial and qualitative supply terms for a mutually beneficial future.

當我們團隊的一部分正在致力於實施價值約 20 億美元的採購合約的 Wave 1 時，另一個團隊正在開始選擇 Wave 2 組件的供應商。對我們整個供應基地進行如此全面的挑戰已經有一段時間了，並且已經開始與我們的供應商合作夥伴建立良好的新的和現有的關係。我們正在升級——強調我們的大部分商業和品質供應條款，以實現互惠互利的未來。

In August, we fully launched FieldOps, our new and long-awaited off-board form management system that was developed in-house, and we are already getting very positive feedback from our customers. this new web and mobile platform allows farmers to monitor their equipment, whether CNH or other OEMs brands and gather agronomic data with the top of the stream. FieldOps relies on the same software foundation that will be fully integrated with the new onboard operating system rolling out in our equipment over the next couple of years. Our in-house technology journey is accelerating.

8 月份，我們全面推出了 FieldOps，這是我們內部開發的、期待已久的新型場外表單管理系統，我們已經從客戶那裡得到了非常積極的回饋。這個新的網路和行動平台允許農民監控他們的設備，無論是 CNH 還是其他 OEM 品牌，並透過流的頂部收集農藝數據。FieldOps 依賴相同的軟體基礎，該軟體基礎將與未來幾年在我們的裝置中推出的新機載作業系統完全整合。我們的內部技術之旅正在加速。

The third quarter brought continuous challenges across the industry. We saw ongoing pressure on retail demand, but we have moved to reduce production and shipment volumes in response, which is reflected in the financial results and in our updated guidance. We are pursuing a material reduction in deal inventories by the end of the year, and we'll continue our efforts until we reach our target levels. Third quarter consolidated revenues were down 22% and industrial net sales were down 25% as we work towards underproducing the retail demand to help our dealers to lower their inventories.

第三季度，整個產業面臨持續的挑戰。我們看到零售需求持續面臨壓力，但我們已採取行動減少產量和出貨量以應對這一情況，這反映在財務表現和更新的指導中。我們力求在年底前大幅減少交易庫存，並將繼續努力，直到達到目標水準。第三季綜合收入下降 22%，工業淨銷售額下降 25%，因為我們努力抑制零售需求，幫助經銷商降低庫存。

Sales were down in all regions across both agriculture and construction tied to a 27% year-over-year reduction in production hours on top of the first cut of 10% in AG in Q3 2023. Our industrial gross margin reduced by 220 basis points versus the same quarter last year. And the adjusted EBIT margin was 8.4%, down 340 basis points compared to quarter three 2023, primarily driven -- primarily from the lower equipment deliveries, partially offset by our cost reduction actions. EPS was $0.24 compared to $0.40 last year.

農業和建築業所有地區的銷售額均下降，原因是生產時間同比減少了 27%，而 AG 於 2023 年第三季首次減少了 10%。我們的工業毛利率比去年同期下降了 220 個基點。調整後的息稅前利潤率為 8.4%，與 2023 年第三季相比下降了 340 個基點，主要原因是設備交付量下降，但部分被我們的成本削減行動所抵消。EPS 為 0.24 美元，去年為 0.40 美元。

I already mentioned how industry demand remained weak in the third quarter as farmers dealt with lower farm incomes and builders are largely caught up on their CapEx backlogs. Ag demand in Brazil and Europe continues to be weak and the expected softness in North America road crop demand has begun to manifest.

我已經提到過，由於農民的農場收入較低，而建築商在很大程度上陷入了資本支出積壓，因此第三季的行業需求仍然疲軟。巴西和歐洲的農產品需求持續疲軟，北美道路作物需求的疲軟預期已開始顯現。

Dealers continue working through their new and used inventory, which is above our target levels. We estimate dealer and new inventory is about to $1.5 billion or around 1 to 1.5 months too high. While we reiterate that in the current market, our primary lever for achieving channel inventory reductions is through lower production.

經銷商繼續處理他們的新庫存和二手庫存，這超出了我們的目標水平。我們估計經銷商和新庫存約為 15 億美元，或高出約 1 至 1.5 個月。我們重申，在目前市場上，我們實現通路庫存減少的主要手段是降低產量。

We also took some focused pricing actions on specific subsets of inventory that are directed at retail sales and dealer support for used sales in the coming months. There's so much good that comes from a relentless focus on quality from more efficient plant operations to lower warranty claims to a healthier price realization and higher customer satisfaction levels.

我們也對特定的庫存子集採取了一些有針對性的定價行動，這些行動針對未來幾個月的零售銷售和經銷商對二手銷售的支援。對品質的不懈關注帶來了許多好處，從更有效率的工廠運作到更低的保固索賠，再到更健康的價格實現和更高的客戶滿意度。

Our machines do very tough work, and the stress is exceptional at times. We not only have to get first-time quality down the right. But moreover, the service performance for our end customer needs to be an area of attention as we redeploy our resources from the back end to the front end of our business. We are proud that despite the industry headwinds, our teams remain steadfast in delivering excellence to our customers along all of those lines.

我們的機器從事非常艱苦的工作，有時壓力非常大。我們不僅要保證首次品質。但此外，當我們將資源從業務後端重新部署到前端時，對最終客戶的服務績效需要成為關注的領域。我們感到自豪的是，儘管面臨行業逆風，我們的團隊仍然堅定不移地在所有這些方面為我們的客戶提供卓越的服務。

With that, 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 Oddone，讓我們了解財務表現。

Thank you, Gerrit, and good morning and good afternoon to everyone on the call. Third quarter net sales of Industrial Activities of nearly $4 billion were down 25% year-over-year. This was mainly driven by the decrease of equipment deliveries on lower industry demand, compounded by the impact of dealer increasing their inventories in 2023, but needed to reduce them in 2024.

謝謝你，Gerrit，祝所有參加電話會議的人早安、下午好。第三季工業活動淨銷售額近 40 億美元，較去年同期下降 25%。這主要是由於行業需求下降導致設備交付量減少，再加上經銷商在 2023 年增加庫存但需要在 2024 年減少庫存的影響。

Adjusted net income in the quarter was $304 million, with an adjusted diluted earnings per share of $0.24, down $0.16 from Q3 2023. Free cash flow for industry activities was an outflow of $180 million. This is consistent with the seasonality of working capital in the third quarter and is affected by the lower year-over-year activity levels.

該季度調整後淨利潤為 3.04 億美元，調整後攤薄每股收益為 0.24 美元，較 2023 年第三季下降 0.16 美元。產業活動自由現金流流出 1.8 億美元。這與第三季營運資金的季節性一致，並受到年比活動水準較低的影響。

Moving to the segments. Agricultural net sales decreased 24% for the period with lower volumes across all regions and an overproportionate reduction on sales of combined harvesters. Production hours in our agriculture equipment plants were down 42% year-over-year in the quarter for our row-crop products, so for large tractor and combined and 26% year-to-date for the entire product range.

轉向細分市場。在此期間，農業淨銷售額下降了 24%，所有地區的銷量均下降，聯合收割機的銷售額大幅下降。本季度，我們的農業設備工廠的中耕作物產品的生產時間年減了 42%，大型拖拉機和整個產品系列的生產時間年初至今也減少了 26%。

Gross margin was down 290 basis points at 22.7%. The margin results were driven mainly by lower volume in all regions and negative price realization in EMEA and South America, as we launched the targeted campaigns to support deliveries to end customers in the coming months. We still expect net pricing to remain positive for the full year.

毛利率下降 290 個基點至 22.7%。利潤率結果主要是由於所有地區的銷量下降以及歐洲、中東和非洲和南美洲的負價格實現推動的，因為我們推出了有針對性的活動以支持未來幾個月向最終客戶的交付。我們仍然預計全年淨定價將保持正值。

SG&A expenses were $46 million lower year-over-year as labor costs were reduced to the head count reduction and variable compensation. Lower advertising and travel and structural improvements in our outsourced service continued to provide a partial shield to the quarterly earnings. R&D expense was $40 million less than last year, and benefit from similar back-office efficiencies while we have substantially maintained the flow of our engineering FDA.

SG&A 費用年減 4,600 萬美元，因為勞動成本因人員減少和可變薪酬而減少。廣告和差旅的減少以及外包服務的結構改進繼續為季度收益提供部分支撐。研發費用比去年減少了 4000 萬美元，並受益於類似的後台效率，同時我們基本上維持了工程 FDA 的流程。

My intent in our JV income in the third quarter is included in FX and other category and accounts for about half of the $46 million delta shown. The other half of the variance relates to a major inventory refurbishing campaign and to FX translations. Adjusted EBIT margin ended at 10.2% with the decremental EBIT margin at 28%, highlighting the importance of our cost savings.

我對第三季合資企業收入的預期包括外匯和其他類別，約佔所示 4,600 萬美元增量的一半。另一半差異與主要的庫存翻新活動和外匯換算有關。調整後息稅前利潤率為 10.2%，遞減稅前利潤率為 28%，凸顯了我們節省成本的重要性。

Turning to construction. Net sales for the quarter were $687 million, down 28% year-over-year, driven by lower volume in all regions. In Construction tool, the team is seeking a reduction of channel inventories. Despite the lower sales, gross margin grew by 70 basis points to 16.6%. The Lower volumes and pricing were partially offset by lower total costs due to lower material costs and better plant efficiencies.

轉向建築。由於所有地區銷量下降，該季度淨銷售額為 6.87 億美元，年減 28%。在建立工具方面，團隊正在尋求減少通路庫存。儘管銷售額下降，毛利率仍成長 70 個基點，達到 16.6%。由於材料成本降低和工廠效率提高，總成本降低，部分抵消了銷售量和價格下降的影響。

SG&A expenses were down $13 million and R&D was down $3 million compared to Q3 2023. Third quarter adjusted EBIT margin was down slightly year-over-year at 5.8%, with segmental EBIT margin of 8%. On the Financial Services.

與 2023 年第三季相比，SG&A 費用減少了 1,300 萬美元，研發費用減少了 300 萬美元。第三季調整後息稅前利潤率較去年同期小幅下降至 5.8%，部門息稅前利潤率為 8%。關於金融服務。

Net income in the third quarter was $78 million, an $8 million decrease compared to 2023. This is primarily due to higher risk costs in South America, spurred by higher delinquencies in agriculture for which we took additional provisions. This was partially offset by favorable volumes and margin improvement in most regions and saw favorable discrete tax items.

第三季淨利為 7,800 萬美元，比 2023 年減少 800 萬美元。這主要是由於南美洲的風險成本較高，而農業拖欠率較高，我們為此採取了額外撥備。這部分被大多數地區有利的銷售和利潤率改善以及有利的離散稅收項目所抵消。

Retail originations in the quarter were $2.8 billion, down $0.2 billion compared to the same period of 2023. The managed portfolio at the end of the quarter was about $29 billion, up $2.2 billion on a constant currency basis year-over-year. Delinquencies on book, which saw a seasonal spike last quarter were down sequentially to 2.2%. However, they remain related from prior year due to economic factors, specifically in South America. Delinquencies in our North America portfolio are below 0 and 8%.

本季零售額為 28 億美元，比 2023 年同期減少 2 億美元。截至本季末，管理投資組合規模約為 290 億美元，以固定匯率計算年增 22 億美元。帳面拖欠率上季出現季節性飆升，季減至 2.2%。然而，由於經濟因素，特別是在南美洲，它們與前一年仍然相關。我們北美投資組合的拖欠率低於 0% 至 8%。

As a reference, they were at the highest 3% in 2009. We have increased our credit risk provisions to remain adequately over in case of increased loan defaults. On (inaudible) our induction cost reduction programs continue to yield results, and we reaffirm our commitment to driving structural cost improvements throughout the company. For cost of goods sold, we have saved $213 million year-to-date with focused efforts on reducing logistics, manufacturing and material costs.

作為參考，2009 年這一比例最高為 3%。我們增加了信用風險準備金，以便在貸款違約增加的情況下保持足夠的準備金。關於（聽不清楚）我們的入職成本削減計劃繼續取得成果，我們重申我們致力於推動整個公司的結構性成本改進。對於銷售成本，我們今年迄今已節省 2.13 億美元，專注於降低物流、製造和材料成本。

Full year savings are forecast to be about $300 million, reflecting the lower production volumes. As we look ahead to 2025, with respect to our year-over-year gross carryover benefit from these actions of $70 million to $90 million. We will continue pursuing productivity improvements and the strategic sourcing program to drive further reductions.

由於產量下降，預計全年可節省約 3 億美元。展望 2025 年，這些行動將為我們帶來 7,000 萬至 9,000 萬美元的年度結轉收益總額。我們將繼續追求生產力的提高和策略採購計劃，以推動進一步的減少。

Our SG&A savings, including the impact of our restructuring program launch in late 2023 have been $150 million in the nine months, and we forecast that we will reach about $180 million for the full year. That will lead to a gross year-over-year over saving of $30 million to $50 million into 2025. Please note that while we have lower variable compensation accruals for the year, we have not included the impact of these savings in the savings we are commenting here.

我們的 SG&A 節省（包括 2023 年底啟動的重組計畫的影響）在這九個月內已節省 1.5 億美元，我們預計全年將達到約 1.8 億美元。這將導致到 2025 年年比節省總額 3,000 萬至 5,000 萬美元。請注意，雖然我們今年的可變薪酬應計額較低，但我們並未將這些節省的影響納入我們在此評論的節省中。

Now to put our capital allocation priorities in context, I want to mention some of the main industrial free cash flow dynamics as our 2024 outlook has reduced significantly in connection with the reduction in sales in the last half of the year. The biggest factor impacting our cash flow is our activity level and operating performance.

現在，為了說明我們的資本配置優先事項，我想提及一些主要的工業自由現金流動態，因為我們的 2024 年前景因去年下半年銷售額的減少而大幅下降。影響我們現金流的最大因素是我們的活動水準和經營績效。

Obviously, with higher demand, we produce more, we sell more and generate more cash and vice versa. But the follow-on effect on the net working capital when sales and production levels change, primarily linked to the divergent terms in our receivables and payables.

顯然，隨著需求的增加，我們生產更多，銷售更多並產生更多現金，反之亦然。但是，當銷售和生產水準發生變化時，對淨營運資本的後續影響主要與我們的應收帳款和應付帳款的不同條款有關。

Another factor is whether our balance sheet prevalence or accrued liabilities are stable, growing or shrinking. For example, for every unit we invoice to dealers, we set aside an adequate amount of money to support future retail sales by them, in what we call marketing research or pool funds.

另一個因素是我們的資產負債表狀況或應計負債是穩定、成長或收縮。例如，對於我們向經銷商開立發票的每個單位，我們都會留出足夠的資金來支持他們未來的零售銷售，這就是我們所說的行銷研究或集合基金。

When dealers shrink their inventories, those reserves are net payout, and a use of marketing research is a net use of cash. Without understanding of the cash dynamics and the foreseeing impact of this free cash flow, we know that once production and sales realign, the usual conversion of income into cash we resume.

當經銷商減少庫存時，這些儲備就是淨支出，而行銷研究的使用就是現金的淨使用。在不了解現金動態和自由現金流的可預見影響的情況下，我們知道一旦生產和銷售重新調整，我們就會恢復通常的收入轉化為現金的過程。

I want to finish up with a note on our capital allocation priorities and specifically on shareholder returns. We reaffirm our policy to dividend 25% to 35% of adjusted net income to shareholders. We also reaffirm our intention that after small M&A needs are funded, over the cycle, we will return essentially all excess free cash flow to shareholders through dividends and share buybacks. That does mean that in individual years, we may return more cash than we generated in that year. And in other years, we may return less cash than we generate in that year and instead pay down some debt.

最後，我想談談我們的資本配置優先事項，特別是股東回報。我們重申將調整後淨利潤的 25% 至 35% 分配給股東的政策。我們也重申，在小規模併購需求得到資助後，在整個週期內，我們將透過股利和股票回購將基本上所有多餘的自由現金流回饋給股東。這確實意味著在個別年份，我們退還的現金可能比當年產生的現金更多。在其他年份，我們退還的現金可能少於當年產生的現金，而是償還一些債務。

But over the course of the cycle, we intend to return essentially all the excess free cash flow while keeping our balance sheet at levels that allow us to preserve our credit ratings. Since January 2023, we have repurchased over 100 million shares reducing the share count by about 7%.

但在整個週期中，我們打算返還基本上所有多餘的自由現金流，同時將我們的資產負債表保持在能夠維持信用評級的水平。自2023年1月以來，我們已回購超過1億股股票，股票數量減少約7%。

With that, I will turn it back to Gerrit.

有了這個，我將把它轉回給 Gerrit。

Thank you, Oddone. Now let us review our revised outlook for 2024. In agriculture, we have lowered the industry demand forecast for combined across the major markets by 5 to 10 percentage points. As (inaudible) in New Holland have a high product mix in combines, this market demand reduction is driving an unfavorable mix impact for CNH in this phase of the cycle. We also slightly lowered our outlook for high house power tractors in North America.

謝謝你，奧多內。現在讓我們回顧一下修訂後的 2024 年展望。在農業方面，我們將主要市場的產業需求預測下調了 5 至 10 個百分點。由於（聽不清楚）紐荷蘭聯合收割機的產品組合較高，市場需求的減少正在對 CNH 在周期的這一階段產生不利的組合影響。我們也小幅下調了北美高房動力拖拉機的前景。

We now expect global production hours to be down 36% year-over-year in Q4 on top of the 21% reduction we had in 2023. We do forecast ag pricing to be positive year-over-year in the fourth quarter, and we affirm our expectation for about plus 1% net pricing for the full year. With those factors in mind, we expect full year Ag net sales to be down between 22% to 23% year-over-year.

我們現在預計，繼 2023 年減少 21% 的基礎上，第四季全球生產時間將年減 36%。我們確實預測第四季度的農業定價將同比增長，並且我們確認全年淨定價將增長 1% 左右。考慮到這些因素，我們預計全年農業淨銷售額將年減 22% 至 23%。

We now expect Agriculture's full year EBIT margin to be between 10.5% to 11.5%, off from prior guidance of 13% to 14%, about 70 basis points of the change from the previous guidance is because of the change in joint venture accounting. The remaining change is due to the lower sales levels and lower production.

我們現在預計農業全年息稅前利潤率將在10.5% 至11.5% 之間，低於先前指導的13% 至14%，與先前指導相比約70 個基點的變化是由於合資企業會計的變化。其餘的變化是由於銷售水準下降和產量下降所致。

In construction, we have slightly improved the industry projections for South America in an effort to keep our channel inventory levels in check. We are planning global production hours to be down 13% year-over-year in Q4. Net pricing in Q4 will be modestly negative as it was in Q3. Therefore, we have slightly lowered our full year net debt forecast to be down between 21% to 22% year-over-year. We still forecast construction EBIT margin to be between 5% to 6%.

在建築方面，我們略微提高了南美洲的產業預測，以控制我們的通路庫存水準。我們計劃第四季全球生產時間年減 13%。第四季的淨定價將與第三季一樣小幅負值。因此，我們小幅下調全年淨債務預測，年減 21% 至 22%。我們仍預測建築業息稅前利潤率在 5% 至 6% 之間。

Combining with two industry businesses, we expect the full year decrease in net sales to be between 22% to 23%, Industrial EBIT margin is now forecasted to be between 8% to 9%, about 60 basis points of the change is due to the accounting revision and the remainder is due to the lower production and sales levels.

結合兩個產業業務，我們預期全年淨銷售額將下降22%至23%之間，工業息稅前利潤率現預測為8%至9%之間，約60個基點的變化是由於會計修正，其餘部分是由於生產和銷售水平較低。

Free cash flow is expected to be negative now an outflow between $100 million to $300 million, most notably because of our lower wholesales considering the targeted dealer inventory reductions. But there are also other variables, such as our exposure to payables with quarter-on-quarter decline in production or pay out to dealers for marketing reserves as they sell new and used machines, as Oddone mentioned.

現在自由現金流預計為負值，流出在 1 億至 3 億美元之間，最顯著的是，考慮到經銷商庫存減少的目標，我們的批發量較低。但也存在其他變量，例如我們因產量環比下降而面臨的應付帳款風險，或者正如 Oddone 提到的那樣，在經銷商銷售新機器和二手機器時向經銷商支付行銷儲備金。

The Q4 net cash generation of around $1 billion will not fully offset the year-to-date negative cash outflow. The drags on our Q4 and full year cash flow will swing the other way when we see the market stabilize and production approach as retail levels. is now forecasted between $1.05 and $1.15, about $0.08 of the change is due to accounting revision. The remainder is due to the lower production and sales levels.

第四季約 10 億美元的淨現金產生量並不能完全抵銷年初至今的負現金流出。當我們看到市場穩定且生產接近零售水準時，對我們第四季和全年現金流的拖累將轉向另一個方向。目前預測在 1.05 美元至 1.15 美元之間，其中約 0.08 美元的變化是由於會計修訂所致。其餘原因是生產和銷售水準較低。

I will conclude with a few words on our priorities for the remainder of the year and some preliminary thoughts about 2025 and beyond. Our efforts to reduce the inventories has been challenged by a very difficult and evolving industry dynamics.

最後，我將談談我們今年剩餘時間的優先事項以及對 2025 年及以後的一些初步想法。我們減少庫存的努力受到了非常困難且不斷變化的行業動態的挑戰。

We are still focused on reducing both our dealers and our own inventory in a price-conscious way. Underproduction to retail demand is likely to continue through the first half of 2025 with the target to produce in line with retail for all products in all regions by the second half. We are taking orders for Modular 2025 equipment, but the commercial environment remains challenging.

我們仍然專注於以價格敏感的方式減少我們的經銷商和我們自己的庫存。零售需求的生產不足可能會持續到 2025 年上半年，目標是到下半年所有地區所有產品的產量都與零售量相符。我們正在接受 Modular 2025 設備的訂單，但商業環境仍然充滿挑戰。

For AG, we are filling Q2 production slots for certain products in North America. For all other regions and products, we are filling production slots for Q1 now. We continue to focus on cost containment and streamlining our processes in line with our new organizational structure because as we look ahead to 2025, market conditions indicate the need for continued spending prudence. We still don't have enough information to make a call on the retail demand next year. However, at this point, we do expect 2025 to see the bottom of the cycle.

對於 AG，我們正在填補北美某些產品第二季的生產空缺。對於所有其他地區和產品，我們現在正在填補第一季的生產空缺。我們繼續專注於成本控制並根據新的組織結構簡化流程，因為展望 2025 年，市場狀況表明需要繼續謹慎支出。我們仍然沒有足夠的資訊來預測明年的零售需求。然而，目前我們確實預計 2025 年將看到週期的底部。

Whether or not we start to see some market recovery in late 2025 or if that will come later is unknown at this point. There are a lot of factors that we will be monitoring such as soft commodity prices, age of the fleet, speed of dealer destocking of new and used equipment and particularly how the South American market evolves as it was the first region to turn down.

目前尚不清楚我們是否會在 2025 年底開始看到市場復甦，或者是否會在稍後出現。我們將監控許多因素，例如軟商品價格、機隊年齡、經銷商去庫存新設備和二手設備的速度，特別是南美市場的發展情況，因為它是第一個出現下滑的地區。

At a higher level, we'll also be watching for geopolitical developments, including in Ukraine, and in the Middle East for global policy shifts around decarbonization efforts, especially in relation to renewable fuels. And for now, the new US administration under President Trump will impact farm and trade policies.

在更高層面上，我們也將關注地緣政治的發展，包括烏克蘭和中東地區圍繞脫碳努力的全球政策轉變，特別是與再生燃料相關的政策轉變。目前，川普總統領導下的美國新政府將影響農業和貿易政策。

We have obviously not cut back on R&D programs despite the market downturn and will continue to fully fund crucial investments in iron and in tech as we move into next year. But we will invest in R&D more efficiently, leveraging our fully staffed India tech center and other centers of expertise in the CNH world.

儘管市場低迷，但我們顯然沒有削減研發計劃，並將在進入明年時繼續為鋼鐵和科技領域的關鍵投資提供充分資金。但我們將利用我們人員齊全的印度技術中心和 CNH 世界的其他專業知識中心，更有效地投資研發。

We have executed well on our cost reduction programs, and this does not stop at the end of 2024. You have heard me talk relentlessly about quality and how important it is for our reputation sales, pricing power and cost. And you'll keep hearing that for me from now on.

我們的成本削減計劃執行得很好，而且這種情況不會在 2024 年底停止。您已經聽到我不斷地談論品質以及它對於我們的聲譽、銷售、定價能力和成本的重要性。從現在起你會一直聽到我這樣說。

And in addition to our strategic sourcing work, I mentioned earlier that we'll be taking a closer look at our manufacturing footprint and our options for some realignment. For example, yesterday, we informed our employees that our construction plant in Burlington, Iowa of our intention to permanently close the plant and to relocate the work to other CNH facilities in the US and Europe.

除了我們的策略採購工作之外，我之前提到過，我們將仔細研究我們的製造足跡和一些調整的選擇。例如，昨天，我們通知員工，我們位於愛荷華州伯靈頓的建築工廠打算永久關閉該工廠，並將工作轉移到美國和歐洲的其他 CNH 工廠。

This is part of our ongoing global initiative to streamline operations, minimize costs and bolster competitiveness in a changing and more challenging market environment. We'll talk more about our strategic initiatives in detail next year at our Investor Day in New York on May 8 and the Tech Day around the Agritechnica show in Germany in November.

這是我們正在進行的全球計劃的一部分，旨在在不斷變化且更具挑戰性的市場環境中簡化營運、最大限度地降低成本並增強競爭力。明年，我們將在 5 月 8 日在紐約舉行的投資者日和 11 月在德國舉行的 Agritechnica 展會的技術日上詳細討論我們的策略舉措。

This concludes our prepared remarks, and we will now open the line for questions.

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）

Kyle Menges, Citigroup.

凱爾門格斯，花旗集團。

Thank you, guys. I was hoping if you could just elaborate a bit on the plan to underproduce retail more so in first half of 2025. And is that really just an ag comment? Or should we expect that in construction as well? And just if you could unpack just how you're thinking about underproducing retail by geography in the first half of '25, that would also be helpful.

謝謝你們，夥計們。我希望您能詳細說明一下 2025 年上半年零售業生產不足的計劃。這真的只是一則農業評論嗎？或者我們也應該期望在建築領域也能做到這一點？如果您能按地區分析您對 25 年上半年零售業生產不足的看法，那也會有所幫助。

Yeah. Thank you for the question. Look, when we take a look at in agriculture, let's say, a tractors, for example, we expect to underproduce retail in the fourth quarter by probably about 30% to 40% in the fourth quarter alone. And then given the season coming, we'll hold and make sure that we have fresh machines in the dealers for the season to come. And that is looking for -- when you look at combines, by the way, in the fourth quarter, we are also slightly underproducing retail.

是的。謝謝你的提問。看，當我們看一下農業領域時，比如說拖拉機，我們預計第四季度零售業的產出僅在第四季度就可能下降約 30% 至 40%。然後考慮到季節即將到來，我們將保留並確保經銷商為即將到來的季節提供新鮮的機器。順便說一下，當你觀察聯合收割機時，第四季度我們的零售產量也略有不足。

However, there, the season usually starts a little earlier. So we have in tractors and combines probably more aligned view in the first quarter, and then we continue to underproduce retail in Q2 and look at basically having that matched again in the second half. So we are following the season here, making sure that our network partners have the products they need. On construction, we continue to destock also here our retail channels, and that means we will, on average, underproduce retail here as well.

然而，在那裡，季節通常開始得更早。因此，我們在第一季對拖拉機和聯合收割機的看法可能更加一致，然後我們在第二季度繼續生產不足的零售業，並著眼於下半年再次實現這一目標。因此，我們在這裡關注季節，確保我們的網路合作夥伴擁有他們需要的產品。在建設方面，我們也持續減少零售通路的庫存，這意味著平均而言，我們也會減少這裡的零售。

And so in construction, we should expect also underproducing retail demand in the first half of 2025?

那麼，在建築領域，我們是否應該預期 2025 年上半年零售需求也會出現低迷？

Yes.

是的。

Okay. Got it. Thank you.

好的。知道了。謝謝。

Daniela Costa, Goldman Sachs.

丹妮拉·科斯塔，高盛。

Hi, good afternoon. Thank you. Two questions. One is actually just a follow-up on what we -- the question just before, just to make sure. So you expect to match production in retail in the -- by the second half. But in dealer inventories, you said are only 1.5 months to elevated. Is that because you do think that the weakness in '25 is going to be sort of to the magnitude on the men that we had this year? Or sort of what's the implied assumption there?

嗨，下午好。謝謝。兩個問題。其中一個其實只是我們之前問題的後續，只是為了確定。因此，您預計到下半年零售業的產量將達到匹配水準。但在經銷商庫存方面，您說只有1.5個月的時間才能提高。這是因為你確實認為25年的弱點對我們今年的男子來說會那麼嚴重嗎？或者說那裡隱含的假設是什麼？

Look, Daniela, the implied assumption is retail, when you break it down to the very product, the demand has to be met with a certain product. And the demand we have obviously now products in our retail network. And that speaks to my commentary before that we have put some extra sell-out commercial campaigning around those products. where we need to have an extra push to get them off the yard. And what we produce fresh is obviously completely in line with the demand that we see in the market to come.

看，丹妮拉，隱含的假設是零售，當你將其分解為特定產品時，必須用某種產品來滿足需求。我們的零售網路中現在顯然有產品的需求。這與我之前的評論相符，我們圍繞這些產品進行了一些額外的銷售商業活動。我們需要額外的推動力才能讓他們離開院子。我們生產的新鮮產品顯然完全符合我們未來市場的需求。

So when we talk about 1.5 months too high, that is a financial number. But when you double click on what is the retail underneath, which track or combinations, which configurations, et cetera, that is it's a more complex -- more complex riddle.

因此，當我們談論 1.5 個月過高時，這是一個財務數字。但是，當你雙擊下面的零售內容、哪些軌道或組合、哪些配置等等時，那就是一個更複雜的謎題。

And hence, that's why we operate our industrial machine by matching retail demand as we're entering next year, and then we underproduce again in order to have a good balance of selling out the fresh inventory that we add as well as keep selling off the inventory that we have carried over to next year. So it's a mix of the two. So inventory in the end breaks down into very specific products that need a very specific customer demand. So it's a -- it's a matching task that takes a couple of quarters.

因此，這就是為什麼我們在進入明年時通過匹配零售需求來運營我們的工業機器，然後我們再次生產不足，以便在銷售我們添加的新庫存以及繼續銷售現有庫存之間取得良好的平衡。結轉到明年的庫存。所以它是兩者的混合。因此，庫存最終會分解為需要特定客戶需求的特定產品。所以這是一個需要幾個季度的配對任務。

And how should we think about pricing going forward in the back of the demand backdrop in pricing now having turned slightly negative?

在需求背景下定價現在已經略微轉為負數的情況下，我們應該如何考慮未來的定價？

Yeah. And I'd like Oddone as well feedback into -- feedback on the question, but we have taken certain specific focused pricing actions on certain subsets of our of our inventory that has proven to sit a little heavier there. So that is what is -- what happened in the quarter, while as we move forward, we do expect, and we absolutely plan to keep pricing as we go into next year as we manage production instead of pricing, as I mentioned a couple of times before.

是的。我也希望 Oddone 能夠對這個問題提供回饋，但我們已經對庫存的某些子集採取了某些具體的集中定價行動，事實證明這些子集的庫存量稍重一些。這就是本季度發生的情況，隨著我們前進，我們確實預計，並且我們絕對計劃在進入明年時保持定價，因為我們管理生產而不是定價，正如我提到的一些以前有過幾次。

Got it. Thank you.

知道了。謝謝。

Yeah. Daniela, as we have, I think in the prepared remarks, Latin America and Europe is where we saw some softening in pricing in the third quarter, but we confirm that we see positive pricing for the year. And so -- and clearly, the actions that we're taking on production or what Gerrit was explaining, are directed at preserving our pricing power.

是的。丹妮拉，正如我們所言，我認為在準備好的發言中，拉丁美洲和歐洲是我們在第三季度看到定價有所疲軟的地方，但我們確認今年的定價是積極的。因此，很明顯，我們在生產方面採取的行動或格里特所解釋的，都是為了維護我們的定價能力。

Steven Fisher, UBS.

史蒂文費雪，瑞銀。

Good morning. Just from a decremental and general margin perspective, in ag, seems like we're doing in the neighborhood of about 30%. As to what extent should we expect better than that in the first half of '25, given some additional cost savings? I guess part of what I'm asking is that it looks like we're now going to be down to single-digit implied EBIT margins in Q4 in Ag. Is that kind of what we should assume for the first part of '25 as well?

早安.僅從遞減和整體利潤率的角度來看，在 ag 中，我們的利潤率似乎約為 30% 左右。考慮到一些額外的成本節省，我們應該預期在多大程度上比 25 年上半年更好？我想我要問的部分內容是，看起來我們第四季的隱含息稅前利潤率將降至個位數。我們對 25 年第一部分也應該假設這種情況嗎？

It's early to talk about 2025, as you know. But clearly, our costs have been reducing during the year -- during the year. So when we compare quarter-over-quarter in the second -- the first couple of quarters, we may be more favorable, but let's see when we talk about the year. That will be probably in January.

如您所知，現在談論 2025 年還為時過早。但顯然，我們的成本在這一年中一直在降低。因此，當我們比較第二季（前幾季）的季度與季度時，我們可能會更有利，但讓我們看看我們什麼時候會談論今年。那可能是在一月。

Okay. And then you mentioned considering simplifying your footprint and you gave one example in the construction business. I guess as you think more about those opportunities, would that represent new and incremental cost savings efforts that would be on top of what you've articulated and quantified so far?

好的。然後您提到考慮簡化您的足跡，並舉了建築業的一個例子。我想，當您更多地考慮這些機會時，這是否代表著在您迄今為止所闡述和量化的基礎上，新的、增量的成本節約努力？

Yes. That's what it means. And over and beyond the immediate from those activities, it is a way to simplify the overall structure processes and flows of components and goods. And it is a great way to ease when launching and when relaunching products for the world in fewer plants than in too many. So therefore, yes, it's definitely in adding. It hasn't been in the plan before. And these are things we're going to work through, and we'll let you know at the right point in time.

是的。這就是它的意思。除了這些活動的直接影響之外，它還是一種簡化組件和貨物的整體結構流程和流程的方法。當在更少的工廠而不是太多的工廠向世界各地推出和重新推出產品時，這是一種緩解壓力的好方法。因此，是的，這肯定正在添加。之前的計劃中是沒有的。這些是我們將要解決的問題，我們會在適當的時間讓您知道。

Okay. Thank you very much.

好的。非常感謝。

Jamie Cook, Truist Securities.

傑米庫克 (Jamie Cook)，Truist 證券公司。

Hi, good morning. Just back to the manufacturing footprint discussion and the ability to hold decremental margins at a better level than history? Are some of these manufacturing footprint considerations? Could that help 2025? Or do you sort of get is later on? And then I guess --

嗨，早安。回到製造足跡的討論以及將遞減的利潤率保持在比歷史更好的水平的能力？這些製造足跡是否是一些考慮因素？這對 2025 年有幫助嗎？或者你稍後會得到什麼？然後我猜--

Yeah. Sorry, please continue.

是的。抱歉，請繼續。

And then I was just going to say besides the COGS and the SG&A savings? Is there anything else that you could point to that would allow CNH decrementals in 2025 to what looks to be a down year? And then Oddone, on the free cash flow, that you put out there, you talked about like the different buckets under the weaker demand, the dealer pools or incentives and stuff like that. Can you just put in buckets. I mean the -- how much is related to each one of those -- sorry, free cash flow cut like put it in buckets that we can bridge it? Thank you.

然後我只想說除了銷貨成本和銷售管理費用節省之外？您是否也可以指出其他什麼因素可以讓離岸人民幣匯率在 2025 年下降，看起來會是下跌的一年？然後奧多恩，關於自由現金流，你在那裡談到了需求疲軟下的不同類別、經銷商池或激勵措施等等。可以直接放進桶子裡嗎我的意思是——與其中每一個有多少相關——抱歉，自由現金流被削減，就像把它放在我們可以橋接的桶裡一樣？謝謝。

Thank you. Let me take the first two questions. Well, on the manufacturing footprint, the announcement we just made, I referred to and also other work we are considering, none of that will impact 2025. These are things that in itself needs quite some time to analyze and get properly set up.

謝謝。讓我回答前兩個問題。嗯，就製造足跡而言，我提到了我們剛剛發布的公告以及我們正在考慮的其他工作，這些都不會影響 2025 年。這些事情本身就需要相當多的時間來分析和正確設定。

On the other side, we obviously are very carefully monitoring and watching the implications from the US elections and what it means in terms of tariffs and with those tariffs, depending on from where good the shift and what tariff supply -- tariff supply, what kind of levels of, let's say, reassuring, new assuring or other activities will be will be needed in order to better manage in -- with the new framework conditions.

另一方面，我們顯然正在非常仔細地監控和觀察美國大選的影響，以及它對關稅和這些關稅意味著什麼，這取決於關稅從哪裡轉移以及關稅供應——關稅供應，什麼樣的關稅供應。可以說，為了更好地適應新的框架條件，將需要進行令人放心的、新的保證或其他活動。

So there is analysis required, and it will take a while to get these things into place, also factoring in the new framework conditions that will be in and around the United States. And obviously also when being executed, it takes a while until these effects take place.

因此需要進行分析，並且需要一段時間才能將這些事情落實到位，同時也要考慮到美國及其周邊地區的新框架條件。顯然，在執行時，這些效果也需要一段時間才能發生。

For 2025, other ways or items we are diligently working on to further improve the underlying run rate cost base that we carry over from 2024. You heard me say that we had about $100 million costs related to quality, spend in -- it's actually more than $100 million in 2024 in order to address certain challenges for some products that were in the field, and we absolutely went relentlessly after those and remediate those issues over the next couple of months.

對於 2025 年，我們正在努力研究其他方法或項目，以進一步改善我們從 2024 年結轉的基本運行率成本基礎。你聽到我說我們有大約 1 億美元與品質相關的成本，到 2024 年實際上花費超過 1 億美元，以解決該領域某些產品的某些挑戰，我們絕對不懈地追求這些和在接下來的幾個月內修復這些問題。

And I do not expect that to repeat next year. We will work further on upgrading our processes to be more robust and more consistent in quality delivery, yet these one-offs that we had this year I do not expect to repeat next year. Oddone, on the --

我預計這種情況明年不會重演。我們將進一步努力升級我們的流程，使其在品質交付方面更加穩健和一致，但我們今年的這些一次性事件我預計明年不會再重複。奧多內，關於--

Yeah. As I mentioned, the change in the free cash flow compared to the numbers we were discussing back in July is directly linked with the reduction in sales and the reduction in production that we decided to take right after the summer break, I will say. When we realized that the orders were lower and that the pace of retail wasn't getting at the level we wanted to have.

是的。正如我所提到的，與我們在 7 月討論的數字相比，自由現金流的變化與我們決定在暑假後立即採取的銷售減少和產量減少直接相關。當我們意識到訂單減少並且零售步伐沒有達到我們想要的水平。

Clearly, that brings a reduction in the operating performance. but also brings impacts on our working capital rebalancing and also something on the payout of reserves which the later has been a positive to -- to the cash flow. So that's a combination of this factor, I would say half of it comes from the basic operating performance and rest from the working capital.

顯然，這會導致營運績效下降。但也會對我們的營運資本再平衡以及儲備金支付產生影響，後者對現金流有正面影響。所以這是這個因素的結合，我想說一半來自基本經營業績，其餘來自營運資金。

Thank you.

謝謝。

Mig Dobre, Baird.

米格·多布雷，貝爾德。

Thank you for taking my question. If we can go back to the pricing discussion in ag, it sounds like the pressure is really in Europe and Latin America. Maybe you can expand on that a little bit. You also seem to expect this to get better in the fourth quarter. So I'm trying to make sense of that a little bit. Is this a function of North America, maybe providing some kind of a buffer? Is there something else going on here? And how do you expect pricing to evolve into 2025 given the fact that the environment is still pretty weak and you're still dealing with destock?

感謝您回答我的問題。如果我們可以回到農業領域的定價討論，聽起來壓力確實來自歐洲和拉丁美洲。也許你可以對此進行一些擴展。您似乎也預計第四季情況會有所改善。所以我試著稍微理解一下這一點。這是北美的功能嗎，也許提供某種緩衝？這裡還有其他事情發生嗎？鑑於環境仍然相當疲軟並且您仍在處理去庫存問題，您預計 2025 年定價將如何演變？

Look, the -- let's start with Latin America and Europe. Latin America we knew from the beginning of the year that the situation became very competitive because of just of the amount of inventory that every player left on the field when -- I mean, on the channel, let's say, when the market started turning down and the turndown of demand was quite rapid, and I would say, now around -- compared to what everyone would have expected.

聽著，讓我們從拉丁美洲和歐洲開始。拉丁美洲我們從今年年初就知道，情況變得非常有競爭力，因為每個球員在場上留下的庫存量——我的意思是，在渠道上，比方說，當市場開始下滑時我想說，與每個人的預期相比，需求的下降速度相當快。

You remember that we're active on our own inventory very early. But that doesn't mean that on a competitive market, if there's overall more inventory, you have -- you sort of have to compete, and that's our response to that. Europe is, I would say, much more linked to individual actions that we have been taking for supporting retail sales of units that were already in dealer inventory.

您還記得，我們​​很早就開始積極開發自己的庫存。但這並不意味著在競爭激烈的市場上，如果整體庫存增加，你必須競爭，這就是我們對此的回應。我想說，歐洲與我們為支持經銷商庫存中已有單位的零售而採取的個人行動關係更大。

Of course, as you know, as the pricing works, what we do is we accrue high reserves on the new wholesales and this is what has affected the Q3 results. All in all, it wasn't a large reduction in pricing in Q3, and we expect Q4 to be slightly positive and the year to remain positive. As for next year, I would start commenting next year, but we don't expect a decrease in pricing.

當然，如您所知，隨著定價的發揮，我們所做的是在新批發上累積高額儲備，這就是影響第三季業績的原因。總而言之，第三季定價並沒有大幅下降，我們預計第四季將略有積極，全年也將保持積極。至於明年，我會從明年開始發表評論，但我們預計價格不會下降。

Understood. My follow-up is on EMEA. I'm curious as to what you're hearing from your dealers in that region? Obviously, the business is down quite a bit this year. Do you get the sense that we could be seeing sort of a smaller cycle in EMEA that we're seeing in North America and LatAm? Or is there a hope that, that market can stabilize before the other two?

明白了。我的後續行動是歐洲、中東和非洲地區。我很好奇您從該地區的經銷商那裡聽到了什麼？顯然，今年的生意確實下滑了不少。您是否感覺到我們在歐洲、中東和非洲可能會看到比北美和拉丁美洲更小的週期？或者是否有希望該市場能夠先於其他兩個市場穩定下來？

Well, look, EMEA, I mean, it really depends when you talk to which dealers subset in which market, for example, if you talk to certain dealers and Germany, France so they will tell you it's not too bad. It's not great, but it's not too bad. And other markets obviously heavier impact.

嗯，看，歐洲、中東和非洲，我的意思是，這實際上取決於您何時與哪個市場的哪個經銷商子集交談，例如，如果您與某些經銷商和德國、法國交談，那麼他們會告訴您情況還不錯。這不是很好，但也不算太糟。而其他市場顯然受到的影響更重。

So therefore, the European territory itself it's quite diverse. The big unknown for Europe itself is when and how the one Ukraine or the conflict around Ukraine is coming to a standstill in a form of a frozen conflict or a piece in whatever shape and form that would determine when and how Ukraine would turn back to its prior crisis production levels of agricultural products.

因此，歐洲領土本身就相當多元。對於歐洲本身來說，最大的未知數是，一個烏克蘭或烏克蘭週邊的衝突何時以及如何以凍結衝突的形式陷入停滯，或者以任何形式和形式陷入停頓，這將決定烏克蘭何時以及如何恢復其原有的狀態。

And how will Europe then deal with those crops and those commodities coming across the border and how -- and if those commodities will be in competition with the products from Western European pharmas. So there is this one event that we don't know when it will happen. But I think what is -- it is going to have a pretty impact on the European environment for our farmers is what is going to happen in Ukraine when it happens and how it will impact the commodity prices because it was a 15% or so relevant player in the global commodity markets.

歐洲將如何處理這些跨境的農作物和商品，以及這些商品是否會與西歐製藥公司的產品競爭。所以有這樣一個事件我們不知道什麼時候會發生。但我認為，這將對我們農民的歐洲環境產生相當大的影響，即烏克蘭將發生什麼，以及它將如何影響大宗商品價格，因為它與 15% 左右相關。

So I think that is determining about when and how the cycle will turn on that end. And we have been traditionally also very strong in the reconstruction of Ukraine. And I think when the conflict is coming to a standstill there or when things turn to a better side, we feel very well positioned to benefit from that country in itself as well.

所以我認為這決定了周期何時以及如何開啟。傳統上，我們在烏克蘭的重建方面也非常強大。我認為，當那裡的衝突陷入停滯或事情轉向更好的一面時，我們感覺自己也能從國家本身中受益。

Thank you.

謝謝。

Kristen Owen, Oppenheimer.

克里斯汀歐文，奧本海默。

Hi, good morning. Thank you for taking my question. Forgive me here, maybe I'm a little rusty after a long week, but I'm still trying to piece together the pricing outlook. And I appreciate some of the competitive dynamics that you called out. Is there some kind of mix effect or something that makes -- that enables you to reaccelerate your price in 4Q? Is it just that the comps are easier? Just help me bridge 3Q to 4Q, why we should expect that, that would turn back positive?

嗨，早安。感謝您回答我的問題。請原諒我，也許經過漫長的一周我有點生疏了，但我仍在努力拼湊定價前景。我很欣賞你提到的一些競爭動態。是否存在某種混合效應或某種因素使您能夠在第四季度重新加速價格上漲？只是因為比較容易嗎？只要幫助我連結第三季和第四季，為什麼我們應該期望它會轉為正值？

I will say, yeah, there's especially a mix effect in there, but there's also an effect that some of these actions were targeted and specific and we don't plan to repeat all of them.

我會說，是的，其中尤其存在混合效應，但還有一個效應是其中一些行動是有針對性的和具體的，我們不打算重複所有這些行動。

Kristen, so maybe I'll give you a bit more color on this. The inventory that take Europe -- the inventory that we have in Europe, that is, let's say, nine months old or older, these are machines that were produced at a time in considerations that are not exactly matching -- I mean, not all the inventory place here, but there are subsets and pockets in there that are not exactly matching the demand that we see right now in the market.

克里斯汀，也許我可以給你更多的資訊。歐洲的庫存——我們在歐洲的庫存，也就是說，九個月或更久了，這些機器是在不完全匹配的情況下生產的——我的意思是，不是所有的機器庫存放在這裡，但那裡有一些子集和部分與我們目前在市場上看到的需求並不完全匹配。

So these are subsets and pockets in the inventory where we allocate more commercial action and more commercial focus on in order to clear that stock. So that is what we are not going to repeat in Q4. That was an effort we had in Q3.

因此，這些是庫存中的子集和口袋，我們在其中分配更多的商業行動和更多的商業重點，以清理庫存。因此，我們不會在第四季度重複這一點。這是我們在第三季所做的努力。

Okay. That's incredibly helpful. Thank you for that additional color. So then I do want to ask about FinCo, the impact of used pricing, how that's influencing how you're thinking about underwriting loans, providing maybe some financial incentives? We didn't talk much about FinCo on this call. So just a brief update there would be very helpful. Thank you.

好的。這非常有幫助。謝謝你額外的顏色。那麼我確實想問 FinCo 的問題，使用定價的影響，這如何影響您對承銷貸款的考慮，也許提供一些財務激勵措施？我們在這次電話會議上沒有過多談論 FinCo。因此，只需進行簡短的更新就會非常有幫助。謝謝。

Well, look two things, one FinCo plays a role and the financing of equipment to new customers. I mean to customers and definitely FinCo plays a role in financing used equipment sold by our dealers to end customers and with pool funds that accrued when we sell new equipment.

好吧，看兩件事，一是金融公司發揮作用，二是為新客戶提供設備融資。我的意思是對客戶而言，金融公司肯定在為我們的經銷商向最終客戶出售的二手設備提供融資方面發揮作用，並在我們銷售新設備時積累資金。

The dealers are able to access subsidized financing from the FinCo for the capital organization to provide subsidized financing to their customers that buy used units. So definitely FinCo is a part of the play of supporting the sales from our dealers, the retail sales. And obviously, business subsidized by the industrial operation is part of the pricing and it's either directly or through the pool funds I was mentioning before.

經銷商能夠從金融公司獲得資本組織的補貼融資，為購買二手商品的客戶提供補貼融資。因此，FinCo 無疑是支援經銷商銷售和零售銷售的一部分。顯然，工業營運補貼的業務是定價的一部分，它要不是直接補貼，就是透過我之前提到的統籌基金。

We don't see -- if the question was about the used equipment in relation with -- sorry, the used price in relation with the used equipment we don't see anything that is comparable to what happened in 2015 and '16 where, as you know, all the captive companies found themselves with a lot of lease equipment coming back pretty young and prices that weren't competitive anymore.

我們沒有看到 - 如果問題是關於二手設備 - 抱歉，與二手設備相關的二手價格，我們沒有看到任何與 2015 年和 16 年發生的情況可比的情況，如您所知，所有自保公司都發現自己擁有大量租賃設備，這些設備剛回來不久，而且價格不再具有競爭力。

That's not happening. And so -- and that's not happening just because the way we all build -- rebuild our leasing portfolios in the last few years were not the way we build them back at the last peak of the cycle. So we are not doing short term. We have not been doing short-term business, and we have been very prudent, I would say, in the underwriting and the determination of the resale values.

那並沒有發生。因此，這種情況之所以發生，不僅僅是因為我們在過去幾年中重建租賃投資組合的方式並不是我們在週期最後一個高峰期重建它們的方式。所以我們不是要做短期的。我們不做短期業務，我想說，我們在承保和確定轉售價值方面一直非常謹慎。

Thank you for the time.

謝謝你的時間。

Tami Zakaria, JPMorgan.

塔米·扎卡里亞，摩根大通。

Hey, good afternoon. Thank you so much. So one question for clarification. I think you said inventory now is 1 to 1.5 months more than your desired level. So after the underproduction in the fourth quarter, where do you see that going at the end of this year from that 1.5 months? And whatever excess inventory is remaining, do you plan to underproduce on a pro-rated basis in 2Q and 1Q and 2Q to bring it down? Or could it be heavier in 1Q and then whatever is remaining, you do that in 2Q?

嘿，下午好。太感謝了。有一個問題需要澄清。我想您說現在的庫存比您期望的水平多 1 到 1.5 個月。那麼，在第四季度生產不足之後，您認為今年年底這 1.5 個月的生產情況會如何？無論剩餘的過剩庫存是什麼，您是否計劃在第二季、第一季和第二季按比例減少生產以降低庫存？或者可以在第一季更重，然後無論剩下什麼，你都在第二季度這樣做嗎？

Yeah. Hi, Tami. Well, look, where we're going to land this year, we have obviously a target here and that would get us below 1.5 months or $1.5 billion. It depends on the market that we see ahead, right? And that depends on how effective we will be in the fourth quarter to sell it out. So it will not be -- certainly not less than $1 billion that we will carry over into next year.

是的。嗨，塔米。好吧，看，今年我們要實現的目標是，我們顯然有一個目標，這將使我們低於 1.5 個月或 15 億美元。這取決於我們未來看到的市場，對嗎？這取決於我們在第四季度出售它的效率。因此，我們將結轉到明年的金額肯定不會少於 10 億美元。

And how we're going to steer and manage the quarters ahead is really -- we are running here with the visibility of, give or take, six months. And with that visibility, we will proactively adjust production capacity in steel accordingly. What we have started to do, obviously, and I did that a couple of weeks ago as well myself with the -- basically all the German dealers going through for Europe in this case, going through what they see to come and how they see the market and what orders they have insight.

我們將如何引導和管理未來幾季的實際情況是——我們在這裡運行的可見性，給或需要六個月的時間。有了這種認識，我們將相應地主動調整鋼鐵產能。顯然，我們已經開始做的事情，幾週前我也這樣做了——基本上所有德國經銷商都在歐洲經歷過這種情況，了解他們所看到的未來​​以及他們如何看待這一情況他們對市場和訂單有洞察力。

And I think we are sinking ourselves synchronizing ourselves, I wanted to say, with them more closely in order to steer it what we produce and what they're going to retail. So we basically manage here with the six months visibility ahead, and that will allow us to underproduce retail, as I said, on average, in the first half for sure, while always keeping an eye on the season and having sufficient fresh and matched and wanted machines available for our farmers and builders.

我想說的是，我認為我們正在與他們更加密切地同步，以便引導我們生產什麼以及他們將要零售什麼。因此，我們基本上在未來六個月的能見度下進行管理，這將使我們能夠在上半年平均生產零售量不足，同時始終關注季節並擁有足夠的新鮮和匹配的產品我們需要為我們的農民和建築商提供機器。

Got it. That is very helpful. My second question is on R&D. I think it stepped up as a percentage of sales in the third quarter. So as you think about the next couple of years, I think you mentioned your in-house product innovation is progressing well. The pipeline has been strong, and you want to continue to in-source all of -- most of it. So should we expect R&D dollar spend to stay at these levels over the next couple of years even if in a weaker demand environment?

知道了。這非常有幫助。我的第二個問題是關於研發的。我認為它佔第三季銷售額的百分比有所上升。因此，當您思考未來幾年時，我認為您提到了您的內部產品創新進展順利。頻道一直很強大，您希望繼續將其全部（大部分）內包。那麼，即使在需求疲軟的環境下，我們是否應該預期研發美元支出在未來幾年內保持在這些水準？

Yeah, you can expect that quantum of spend to stay on that level. We will get more work out of the quantum that we plan to spend as -- from my comments that we are going to work on our footprint as well. That is one commentary. And you might wonder, why haven't you done that before? Why do you come now with this?

是的，你可以預期這筆支出將維持在這個水平。我們將從我們計劃花費的資金中獲得更多的工作——從我的評論來看，我們也將在我們的足跡上開展工作。這是一篇評論。您可能會想，為什麼以前沒有這樣做？為什麼現在要帶著這個來？

I think the new organizational structure that we have built enables this now before let's say, the different pieces, call it the India Tech Center or, let's say, our digital team and then our product development team they were sitting in different places.

我認為我們建立的新組織結構現在可以實現這一點，然後我們可以說，不同的部分，稱為印度技術中心，或我們的數位團隊，然後是我們的產品開發團隊，他們坐在不同的地方。

And now this is all under one aligned lead under Jay Schreter, our Chief Technology Officer, who is going to obviously synchronize and synergize among those very, very capable colleagues and that means we will get out of the same spend, probably more work, not probably, but very likely more work over the years to come.

現在，這一切都在我們的首席技術長傑伊·施雷特(Jay Schreter) 的統一領導下，他顯然將在那些非常非常有能力的同事之間進行同步和協同，這意味著我們將擺脫相同的支出，可能會做更多的工作，而不是可能，但未來幾年很可能會有更多工作。

Got it. Thank you.

知道了。謝謝。

Mike Shlisky, DA Davidson.

麥克·什利斯基，檢察官戴維森。

Hi, everybody. Thanks for taking my questions. I want to follow up on the R&D comments and the last question there. I was a bit surprised to see that there was a tailwind in both segments in the quarter. I know you mentioned there was some efficiency there. I'm curious if you could just mention the product launch cadence for 2025, has that changed at all in an environment where pricing is tougher to come by and at the right timing to be putting out newer and higher priced products? Just any thoughts as to the cadence that may be changing here?

大家好。感謝您回答我的問題。我想跟進研發評論和最後一個問題。我有點驚訝地發現本季這兩個領域都出現了順風車。我知道你提到過那裡有一些效率。我很好奇您能否提及 2025 年的產品發布節奏，在定價更加困難的環境下以及在適當的時機推出更新、價格更高的產品時，這種情況是否發生了變化？關於這裡可能發生變化的節奏有什麼想法嗎？

Well, look, that's a very good question. And look, the product launch, when I look at the most relevant product launches, the one that started first was the longer base, our new heavy tractor -- the medium tractor along the base, that was launched and it's in the rollout, and it's coming to a full swing. We are in the late innings of getting the new generation combines to our customers.

嗯，聽著，這是一個非常好的問題。看，產品發布，當我查看最相關的產品發佈時，第一個開始的是較長的底座，我們的新型重型拖拉機 - 沿著底座的中型拖拉機，已推出並且正在推出中，並且一切即將全面展開。我們正處於向客戶提供新一代聯合收割機的最後階段。

We obviously started production, but we have -- now small lot of production here that we validate like hell around the world and every farm we work the equipment really, really hard, whether it's in Australia, New Zealand, whether it's in obviously, in the United States and South America, and we collect the learnings from those field actions. And I think our combines have left many market participants speechless in terms of performance and capability to deliver a great yield for our farmers.

顯然，我們已經開始生產，但我們現在已經開始了小批量生產，我們在世界各地進行了地獄般的驗證，我們在每個農場都非常非常努力地使用設備，無論是在澳大利亞、新西蘭，還是在顯然，在美國和南美洲，我們從這些實地行動中收集經驗教訓。我認為我們的聯合收割機在性能和為農民提供高產量的能力方面讓許多市場參與者無話可說。

And as we want to get that really, really right, we will look at the market, how it will develop over 2024 -- sorry, 2025, and we will pace production with that in order to maintain pricing and the target pricing for those for those very big and very relevant machines, namely the combined. And we have other launches to come. I mean we are planning to launch, and we are going, not only planning. We are going to launch our new short-wear base. lineup in somewhere around the Agritechnica at the second half of November this year.

當我們想要真正做到這一點時，我們將關注市場，看看它在 2024 年（抱歉，2025 年）將如何發展，我們將以此調整生產速度，以維持定價和目標定價。且非常相關的機器，即組合機器。我們還將推出其他產品。我的意思是，我們正在計劃啟動，我們正在實施，而不僅僅是計劃。我們將推出新的短版緊身褲。今年 11 月下半月，我們在 Agritechnica 附近的某個地方排隊。

And that's another very, very relevant launch, and we invest quite a bit of the R&D dollars that you can see also the quality validation team dollars here in the in getting these machines right for the launch. So 2025 is a very, very relevant year for us, we're launching. And if there's something good about a market that is slow is when you launch a product, you don't want to launch a product into a high-volume market when the market is high.

這是另一個非常非常相關的發布，我們投入了大量的研發資金，您也可以在這裡看到品質驗證團隊的資金，以使這些機器適合發布。因此，2025 年對我們來說是非常非常重要的一年，我們正在推出。如果市場緩慢的好處是當你推出產品時，你不想在市場高漲時將產品推出到大批量市場。

Because if that happens, you need to go very quickly, very fast to high volumes and that might stress a little your supply base that might stress a little bit your industrial machine too much. And again, I don't like cycle downturns, but if there's something good about it. It's the right time to launch products, very thoughtfully and very carefully as a coordinated effort across the entire company.

因為如果發生這種情況，您需要非常快速、非常快地實現大批量生產，這可能會給您的供應基地帶來一些壓力，這可能會給您的工業機器帶來太大壓力。再說一次，我不喜歡週期衰退，但如果它有什麼好處的話。現在是推出產品的最佳時機，需要整個公司的協調一致，深思熟慮、非常謹慎。

Got it. Thanks for that. I also want to ask about some of your comments around product quality. You mentioned it many times here during the call here, and you've gone out in the field to [6], it sounds like a lot of products that may have had some issues.

知道了。謝謝你。我還想詢問您對產品品質的一些評論。您在通話期間多次提到這一點，並且您已經到現場[6]，聽起來很多產品可能存在一些問題。

Can you comment whether you have lost share this year because of it or any plan or your thoughts about your market share next year? And any extra work that has to be done to kind of regained farmer trust. Are the issues of quality that serious that you've had to pass things over with like to make some changes?

您能否評論一下您今年是否因此而失去了份額，或者您對明年的市場份額有何計劃或想法？以及為了重新獲得農民信任而必須做的任何額外工作。品質問題是否嚴重到您不得不放棄某些事情並做出一些改變？

Well, we actually have gained share in the segments where we're focused on and where we're very thoughtful about getting back in or even further strengthening our anyway, quite strong position. So now, we have gained market shares in those segments. And look, the quality that I was talking about was related to certain launch quality and certain field quality that we want to get cleared and remediated prior to bringing the new generation into the field on the tractor side. We have very good, combined quality. So there is never -- it was never an issue with us.

嗯，我們實際上已經在我們關注的領域獲得了份額，並且我們非常考慮重新進入甚至進一步加強我們無論如何相當強大的地位。所以現在，我們已經在這些領域獲得了市場份額。看，我所說的品質與某些發射品質和某些現場品質有關，我們希望在將新一代產品帶入拖拉機方面之前對其進行清理和修復。我們擁有非常好的綜合品質。所以這對我們來說從來都不是問題。

It is really about the tractors. And here, the launch of the new long wheel and the short rebase will entirely renew our midrange tractors in Europe and for the world. And with that, we are pretty well positioned to compete on a very different level from next year on or let's say, from 2026 on and those need to be launched on the ground of proper quality and proper processes. That's why I've been mentioning that. And on the market share side, we have actually gained this year.

這實際上是關於拖拉機的。在這裡，新型長輪和短輪基的推出將徹底更新我們在歐洲和全世界的中型拖拉機。有了這個，我們就處於有利地位，可以從明年開始，或者說從 2026 年開始，在一個非常不同的水平上競爭，而這些需要在適當的質量和適當的流程的基礎上推出。這就是為什麼我一直提到這一點。在市場佔有率方面，我們今年實際上有所成長。

David Raso, Evercore ISI.

大衛·拉索，Evercore ISI。

Hi. Thank you for the time. A quick question on the operating leases you have on FinCo. Can you help us with where are the current carrying values than the reasons on the operating leases versus market prices?

你好。謝謝你的時間。關於您在 FinCo 上的經營租賃的一個簡單問題。您能否幫助我們了解目前的帳面價值以及經營租賃的原因與市場價格之間的關係？

Dave, Oddone here. We are fine with that. I don't have a report in front of me, but we have been realizing the values of the units that coming back without any issue.

戴夫，奧多恩在這裡。我們對此表示同意。我面前沒有報告，但我們一直在實現毫無問題地回歸的單位的價值。

So the lease is coming off of late, they're not causing any losses on those trades.

因此，租約即將到期，他們不會對這些交易造成任何損失。

No. I'm not saying that it what happened, right? It happened in the past, and I'm not saying that it won't happen in the future. But what I see now from what we see now, there's no significant iteration. Of course, I mean --

不。我不是說發生了什麼，對吧？它過去發生過，我並不是說將來不會發生。但從我們現在所看到的情況來看，沒有重大的迭代。當然，我的意思是--

The balance has been coming on, but obviously, you just get nervous some lease resids we said a couple of years ago show up next year and we're under order. That's what I'm just trying to think of the starting point for '25. But at least from what you understand right now, not coming off the lease levels that the resale is a loss.

平衡已經出現，但顯然，你只是感到緊張，我們幾年前說過的一些租賃剩餘物明年就會出現，我們正在訂購。這就是我試著思考 25 年的起點。但至少從你現在的理解來看，不脫離租賃水平，轉售就是損失。

No.

不。

Okay. And then real quick on the production costs for next year. I know the pricing is down, but some of the production costs came in a little more favorable than I was modeling. Can you give us any insight on early contract deal, you name the input to how to think about production costs for '25?

好的。然後快速確定明年的生產成本。我知道價格下降了，但一些生產成本比我建模的要有利一些。您能否給我們任何有關早期合約交易的見解，您指出如何考慮 25 年生產成本的輸入？

We're looking at it. We -- but I wouldn't say that we have any -- I mean the usual prudence from the purchasing organization when we set up the budget which we are reviewing. And from the last year, we had say there's nothing significant.

我們正在研究它。我們——但我不會說我們有任何——我的意思是採購組織在製定我們正在審查的預算時一貫的謹慎態度。從去年開始，我們就說過沒有什麼重大的事。

Yes. Look, there's also -- I mean, it's fair to add, we have made great improvements on production costs in the United States. North America, you remember we had this protracted strike in Racine, we had to get efficiency back into our sprayer plant in Benson, particularly, and we had to get our operational efficiency back on track.

是的。看，還有——我的意思是，公平地說，我們在美國的生產成本方面取得了巨大的進展。北美，你還記得我們在拉辛發生了這場曠日持久的罷工，我們必須讓位於班森的噴霧器工廠恢復效率，尤其是，我們必須讓我們的運作效率回到正軌。

We had a couple of plant leader changes also in North America and that has paid back really well. And we have with the leadership team centered in the US with our manufacturing head colors or the quality tune that we have, the ones who go after these areas of quality and manufacturing costs quite diligently.

我們在北美也進行了幾次工廠領導的變動，這得到了很好的回報。我們的領導團隊以美國為中心，擁有我們的製造頭顱顏色或我們擁有的品質調校，他們非常努力地追求這些領域的品質和製造成本。

So that is going to continue, and that has been a great addition, particularly from the US team across their plants, and we will grind through also the other regions to see them operating at a lower overall production cost level also next year, even at lower volumes because you do not meet necessarily higher volumes in order to get product efficiency. You can also do the things better with lower production volumes. And that is something that we would expect to see also in the next year.

因此，這種情況將繼續下去，這是一個很大的補充，特別是來自他們工廠的美國團隊，我們還將研究其他地區，以看到他們明年也以較低的總體生產成本水平運營，即使在較低的產量，因為您不一定要滿足較高的產量才能獲得產品效率。您還可以透過降低產量來做得更好。我們預計明年也會看到這種情況。

And lastly, in the call has been going along, sorry. The decision on Burlington, I mean just given the back sort of what the construction business was built on over the decades. I know it's not the same product category it was. To close that facility, and maybe I missed a comment earlier, how does that relate to your overall -- and we've sort of discussed this already in the past about strategic decisions around that business now as the CEO?

最後，在通話中一直在進行，抱歉。我的意思是，對伯靈頓的決定只是考慮到了幾十年來建築業務的基礎。我知道這不是同一產品類別。要關閉該設施，也許我之前錯過了一條評論，這與您的整體有何關係 - 我們過去已經討論過這一點，現在作為首席執行官，圍繞該業務進行戰略決策？

Look, the --

看，那個--

Is there a bigger factory than just cost savings, what I'm driving at.

除了節省成本之外，是否還有更大的工廠，而這正是我所追求的。

Well, look, we are further improving the business. It's part of our structure. There is a need for action. That decision has been very thoroughly prepared by the construction team for quite a while. And Burlington today produces rough terrain forklift trucks as well as Tier Bs.

嗯，看，我們正在進一步改善業務。這是我們結構的一部分。有必要採取行動。這個決定是施工團隊經過很長一段時間的充分準備的。如今，伯靈頓不僅生產 B 級堆高機，還生產越野堆高機。

And as I said, we are going to relocate the -- just as an assembly plant. We're going to relocate those to existing CNH plants in the US and Europe. And that these -- this move is similar to other moves the construction team has done. And it is benefiting the business, and it is the right thing to do. So we do it just because there are considerations around strengthening the business further down the line, possibly with a partner doesn't mean that we stop thinking and stop acting.

正如我所說，我們將搬遷——就像一個裝配廠一樣。我們將把這些工廠搬遷到美國和歐洲現有的 CNH 工廠。這些——這項措施與施工團隊所做的其他措施類似。這對企業有利，而且是正確的做法。因此，我們這樣做只是因為考慮到進一步加強業務，可能與合作夥伴一起，但這並不意味著我們停止思考和停止行動。

That's helpful. Thank you so much.

這很有幫助。太感謝了。

That concludes today's conference call. You may now disconnect.

今天的電話會議到此結束。您現在可以斷開連線。