CNH Industrial NV (CNHI) 2023 Q1 法說會逐字稿

Hello, and welcome to the CNH Industrial. My name is Caroline, and I will be your coordinator for today's event. Please note, this call is being recorded. And for the duration of the call, your line will be on listen only. However, you'll have the opportunity to ask questions at the end of the call.(Operator Instructions) I will now hand over the call to your host, Jason Omesa, Vice President of Investor Relations, to begin today's conference. Thank you.

您好，歡迎來到 CNH Industrial。我叫卡羅琳，我將擔任今天活動的協調員。請注意，此通話正在錄音中。在通話期間，您的線路將處於只聽狀態。但是，您將有機會在通話結束時提問。（接線員說明）我現在將把電話轉給您的主持人投資者關係副總裁 Jason Omesa，開始今天的會議。謝謝。

Thank you, Caroline. Good morning and good afternoon to everyone. We would like to welcome you to the webcast and conference call for CNH Industrial's first quarter results for the period ending March 31, 2023. This call is being broadcast live on our website and is copyrighted by CNH Industrial. Any other use, recording or transmission of any portion of this broadcast without the express written consent of CNH Industrial is strictly prohibited. Hosting today's call are CNH Industrial's CEO, Scott Wine; and CFO, Oddone Rocchetta. They will use the material available for download from the CNH Industrial website. 

謝謝你，卡羅琳。大家早上好，下午好。歡迎您參加 CNH Industrial 截至 2023 年 3 月 31 日的第一季度業績的網絡直播和電話會議。本次電話會議正在我們的網站上直播，版權歸 CNH Industrial 所有。未經 CNH Industrial 明確書面同意，嚴禁以任何其他方式使用、錄製或傳輸此廣播的任何部分。主持今天電話會議的是 CNH Industrial 的首席執行官 Scott Wine；首席財務官 Oddone Rocchetta。他們將使用可從 CNH Industrial 網站下載的材料。

Please note that any forward-looking statements that we might be making 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 annual report on Form 10-K as well as other periodic reports and filings with the U.S. Securities and Exchange Commission and the equivalent reports and filings with authorities in the Netherlands and Italy. The company presentation includes certain non-GAAP financial measures. Additional information, including reconciliations to the most directly comparable U.S. GAAP financial measures is included in the presentation material. I will now turn the call over to Scott.

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都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其他信息是包含在公司最近的 10-K 表格年度報告以及向美國證券交易委員會提交的其他定期報告和文件以及向荷蘭和意大利當局提交的同等報告和文件中。公司介紹包括某些非 GAAP 財務指標。演示材料中包含其他信息，包括與最直接可比的美國公認會計原則財務措施的調節。我現在將把電話轉給斯科特。

Thank you, Jason, and thanks, everyone, for joining our call. With record first quarter margins in both agriculture and construction, we had a solid start to the year. Robust demand for large agricultural equipment continues, especially in North America. In construction, we benefited from better capacity utilization and higher volumes in North America and Europe. The margin growth in both businesses reflects our progress, and I'm increasingly encouraged by the resilience of our end markets. Our lean manufacturing and strategic sourcing programs are introducing simpler, more efficient processes across the company. The teams are doing a lot of foundational work right now, and we will accelerate these results along the way as we implement these multiyear margin improvement plans. We are successfully employing a variety of approaches to develop our tech stack and the benefits to our customers and business will be significant. In addition to our R&D and capital expenditures, we also announced 3 key acquisitions bolstering our strong precision agriculture and alternative fuel portfolios. 

謝謝 Jason，也感謝大家加入我們的電話會議。憑藉創紀錄的農業和建築業第一季度利潤率，我們今年開局良好。對大型農業設備的強勁需求仍在繼續，尤其是在北美。在建築方面，我們受益於北美和歐洲更好的產能利用率和更高的產量。這兩項業務的利潤率增長反映了我們的進步，我對我們終端市場的彈性越來越感到鼓舞。我們的精益製造和戰略採購計劃正在整個公司引入更簡單、更高效的流程。這些團隊現在正在做很多基礎工作，我們將在實施這些多年利潤率改善計劃的過程中加速取得這些成果。我們正在成功地採用各種方法來開發我們的技術堆棧，這對我們的客戶和業務來說將是巨大的。除了我們的研發和資本支出外，我們還宣布了 3 項關鍵收購，以加強我們強大的精準農業和替代燃料產品組合。

With increased volumes and continued price realization in both agriculture and construction, revenues were up 15% in the quarter. Industrial EBIT was up 29% with a margin of 11.6%, up 130 basis points over the first quarter of 2022 and also up sequentially from Q4 as supply chain improvements allowed our manufacturing teams to be less encumbered by fleet inventory completion. And as it should, all of this translates into higher bottom line results, visible in our solid year-over-year EPS increase. Derek Nielsen's ag team is laser-focused on delivering for customers, reflected in net sales of agriculture rising 16% with growth across all regions. Ongoing industry demand, especially in North America row crop market, strong year-over-year pricing and a favorable mix all contributed to the higher sales. Rebounding retail sales in Brazil led to decreased dealer inventories for our brands from the end of 2022, so we are well positioned to compete and win in that market. Healthy construction demand is leading us to increase production on certain products as Stefano Pampalone and his team continue to align our portfolio with customer needs.

隨著農業和建築業銷量的增加和價格的持續實現，本季度的收入增長了 15%。工業息稅前利潤增長 29%，利潤率為 11.6%，比 2022 年第一季度增長 130 個基點，也比第四季度環比增長，因為供應鏈的改進使我們的製造團隊減少了車隊庫存完成的負擔。正如它應該的那樣，所有這些都轉化為更高的底線結果，從我們穩健的每股收益同比增長中可以看出。德里克·尼爾森 (Derek Nielsen) 的 ag 團隊專注於為客戶提供服務，這反映在農業淨銷售額增長 16% 以及所有地區的增長中。持續的行業需求，尤其是在北美行作物市場，強勁的同比定價和有利的組合都促成了更高的銷售額。從 2022 年底開始，巴西零售額回升導致我們品牌的經銷商庫存減少，因此我們有能力在該市場競爭並取勝。健康的建築需求促使我們增加某些產品的產量，因為 Stefano Pampalone 和他的團隊繼續根據客戶需求調整我們的產品組合。

At CONEXPO, we previewed innovative new products like the 100 mini track loader, which was developed in conjunction with our Sampierana team and Cass E-Series wheeled excavator. By focusing on premium capabilities and operator experience, we continue to break new ground for our customers. With interest rates rising and banking challenges increasing, it is imperative that we have a healthy captive finance to serve our dealers and end customers. A done and his financial services team have decades of accumulated experiences leading this business, many of them even successfully fought through the 2008 financial crisis. It is reassuring to have a sound and conservatively managed finance business where the portfolios continue to grow even as interest rates temporarily pressure margins. And for a great example of winning the right way, in February, CNH Industrial received the highest score in our industry from the 2023 S&P Global Sustainability Yearbook, which puts us in the top 1% of all companies and industries. 

在 CONEXPO 上，我們預覽了創新的新產品，例如與我們的 Sampierana 團隊和 Cass E 系列輪式挖掘機共同開發的 100 迷你履帶式裝載機。通過專注於優質功能和運營商體驗，我們不斷為客戶開闢新天地。隨著利率上升和銀行業挑戰的增加，我們必須擁有健康的專屬金融服務我們的經銷商和最終客戶。 A done 和他的金融服務團隊在領導這項業務方面積累了數十年的經驗，其中許多人甚至成功地度過了 2008 年的金融危機。令人欣慰的是，擁有穩健且管理保守的金融業務，即使利率暫時壓低利潤率，投資組合仍在繼續增長。 2 月份，CNH Industrial 在《2023 年標準普爾全球可持續發展年鑑》中獲得了業內最高分，這使我們在所有公司和行業中名列前 1%，這是以正確方式獲勝的一個很好的例子。

Our company strategy is centered around 5 key pillars: customer-inspired innovation, technology leadership, brand and dealer strength, operational excellence and sustainability stewardship. In operational excellence, we -- we reaffirm our annual savings target of $550 million by 2024 year-end when compared to our 2021 baseline. Cover Batten's team is driving our strategic sourcing initiative. And by the third quarter of this year, they will have visited and vetted about 450 vendors around the world to ensure we select the best suppliers for our needs. This program will transform our supply chain to sustainably improve quality, delivery and cost in 2024 and beyond. We are ramping up our CNHI business system where CVS roll out across the company. To date, we have trained over 2,000 employees on how to apply lean principles at their locations and more are trained each week. And we are increasing the pace of Kaizen events. By the end of the first quarter, we have already surpassed 60% of our events held last year. I also want to highlight accomplishments in 2 other pillars today. 

我們的公司戰略圍繞 5 個關鍵支柱：以客戶為靈感的創新、技術領先、品牌和經銷商實力、卓越運營和可持續發展管理。在卓越運營方面，我們重申，與 2021 年的基線相比，到 2024 年底我們的年度節省目標為 5.5 億美元。 Cover Batten 的團隊正在推動我們的戰略採購計劃。到今年第三季度，他們將拜訪和審查全球約 450 家供應商，以確保我們選擇最適合我們需求的供應商。該計劃將轉變我們的供應鏈，以在 2024 年及以後持續改進質量、交付和成本。我們正在加強我們的 CNHI 業務系統，CVS 在整個公司推出。迄今為止，我們已經培訓了 2,000 多名員工如何在其所在地應用精益原則，而且每週還有更多人接受培訓。我們正在加快 Kaizen 活動的步伐。到第一季度末，我們已經完成了去年舉辦的活動的 60%。我還想強調今天在其他 2 個支柱方面取得的成就。

CNH is committed to building technology that continuously improves productivity and field experiences for farmers and builders. We constantly break new ground with the goal of marrying great iron and great technology. Last year, we revealed our high horsepower, medium heavy-duty tractor platform, which combines best-in-class technology with premium comfort. The T7 and Optum tractors are leveraged across New Holland and Case IH, respectively, sharing common componentry while retaining brand-specific features. We designed this tractor to provide a full suite of benefits requested by farmers. In its first full year in the market, it is receiving excellent quality ratings, leading to low warranty cost, and we are gaining market share in this important segment. This customer inspired design approach is a win-win because delighted buyers may improve gross margins that drive a high return on investment. We are continuously working to become a technology leader, spurred by significant investments. 

CNH 致力於開發技術，不斷提高農民和建設者的生產力和實地經驗。我們不斷開闢新天地，目標是將偉大的鋼鐵與偉大的技術結合起來。去年，我們展示了我們的大馬力、中型重型拖拉機平台，該平台結合了一流的技術和卓越的舒適性。 T7 和 Optum 拖拉機分別在 New Holland 和 Case IH 中使用，共享通用組件，同時保留品牌特定的功能。我們設計這款拖拉機是為了提供農民要求的全套好處。在上市的第一年，它獲得了卓越的質量評級，從而降低了保修成本，我們正在這一重要領域中獲得市場份額。這種受客戶啟發的設計方法是雙贏的，因為高興的買家可能會提高毛利率，從而推動高投資回報。在重大投資的推動下，我們不斷努力成為技術領導者。

Our goal is to accelerate adoption of ever better precision solutions, thereby bringing additional value to farmers and builders. From 2022 to 2024, we are committed to nearly doubling our R&D and CapEx investments versus the prior 3 years, building out our tech stack and launching new tech-enabled products. Some of the latter will arrive in '23 and '24, but from 2025 on, the pace will dramatically increase. Since our acquisition of Raven, we have hired over 500 tech engineers who are developing the next-generation precision solutions that will seamlessly integrate with our great iron. We also recently announced 2 acquisitions that will further propel our technology innovation and a third that advances our alternative fuel solutions. First, we purchased Augmenta whose technology on our tractors and sprayers increases yield, boost sustainability and reduces application time, effort and input cost. Augmenta will operate within Raven. 

我們的目標是加速採用更好的精確解決方案，從而為農民和建築商帶來額外價值。從 2022 年到 2024 年，我們致力於將研發和資本支出投資比前 3 年增加近一倍，構建我們的技術堆棧並推出新技術產品。後者中的一些將在 23 年和 24 年到達，但從 2025 年開始，速度將急劇增加。自收購 Raven 以來，我們聘請了 500 多名技術工程師，他們正在開發下一代精密解決方案，這些解決方案將與我們的優質熨斗無縫集成。我們最近還宣布了 2 項收購，這將進一步推動我們的技術創新，而第三項收購將推進我們的替代燃料解決方案。首先，我們購買了 Augmenta，其在我們的拖拉機和噴霧機上採用的技術可提高產量、促進可持續性並減少應用時間、工作量和投入成本。 Augmenta 將在 Raven 內運作。

Secondly, we announced our agreement to purchase Hemisphere, a global leader in high-performance satellite positioning technology. Hemisphere's capabilities will allow us to rapidly develop automated and autonomous solutions for both agriculture and construction. We expect to close in the third quarter. For more than 2 decades, we have been at the fore of alternative propulsion, exploring innovative offerings that support farmers and advance our strategic priorities.

其次，我們宣布同意收購全球領先的高性能衛星定位技術公司 Hemisphere。 Hemisphere 的能力將使我們能夠為農業和建築業快速開發自動化和自主解決方案。我們預計將在第三季度結束。二十多年來，我們一直處於替代推進的前沿，探索支持農民和推進我們戰略重點的創新產品。

During the quarter, we took a controlling stake in Bennamann, whose methane capture capabilities are paving a path toward a carbon-negative future on farms, further cementing our sustainability stewardship with a platform that is poised to deliver value and growth. We are making judicious and promising strategic investments to grow and innovate our brands. Our team is demonstrating how we can provide value in any economic environment, and we remain focused on executing our growth strategy. I will now turn the call over to Oddone to take us through the financial results.

在本季度，我們獲得了 Bennamann 的控股權，其甲烷捕獲能力正在為農場實現負碳化未來鋪平道路，進一步鞏固我們的可持續發展管理，打造一個有望實現價值和增長的平台。我們正在進行明智且有前途的戰略投資，以發展和創新我們的品牌。我們的團隊正在展示我們如何在任何經濟環境中提供價值，並且我們仍然專注於執行我們的增長戰略。我現在將把電話轉給 Oddone，讓我們了解財務結果。

Thank you, Scott, and good morning, good afternoon to everyone on the call. First quarter net sales of data activities of $4.8 billion were up roughly $600 million or 17% at constant currency year-over-year. This was mainly driven by favorable price realization and higher sales volumes. Adjusted net income for the quarter was $475 million, with adjusted diluted earnings per share of $0.35, up $0.07 on the back of ongoing strong operating performance. Free cash flow from Industrial Activities was negative $673 million, about a $390 million improvement versus the first quarter of 2022. Quarter 1 has a normal seasonal buildup of finished inventory in preparation for the spring selling season. Agriculture net sales were up 60% to $3.9 billion, supported by favorable price realization, higher volume and favorable mix. Gross margin was a record 26.2%, mainly due to higher volume and pricing across all regions, offsetting higher manufacturing costs and purchasing costs. 

謝謝你，斯科特，早上好，下午好，電話會議上的每個人。第一季度數據業務淨銷售額為 48 億美元，按固定匯率計算同比增長約 6 億美元或 17%。這主要是由有利的價格實現和更高的銷量推動的。本季度調整後淨收入為 4.75 億美元，調整後攤薄每股收益為 0.35 美元，在持續強勁的經營業績的支持下增長 0.07 美元。工業活動的自由現金流為負 6.73 億美元，與 2022 年第一季度相比減少了約 3.9 億美元。第一季度成品庫存正常季節性增加，為春季銷售旺季做準備。在有利的價格實現、更高的銷量和有利的組合的支持下，農業淨銷售額增長了 60%，達到 39 億美元。毛利率達到創紀錄的 26.2%，這主要是由於所有地區的銷量和定價均有所提高，抵消了較高的製造成本和採購成本。

Agriculture's adjusted EBIT increased by $144 million or 33% to reach $570 million with a margin of 14.5%, mostly driven by the gross margin improvement. We are still seeing high carryover price and cost inflation when comparing year-over-year, and that will continue into Q2. That's also true for our SG&A and IDA expenses, which, like our manufacturing costs have -- have been heavily impacted by inflationary pressure from the second half of last year. Carryover pricing will fade in the second half, but that is also when our proactive efforts to contain costs and especially SG&A would be more evident. We have solid plans to increase the full year margins versus 2022 and reduce volatility over time. Construction net sales were up 6%, driven by favorable price realization as well as positive volume and mix in North America and in Europe. These more than offset the close of operations in China and Russia and lower wholesales in South America where dealers were destocking. 

農業的調整後息稅前利潤增加了 1.44 億美元或 33%，達到 5.7 億美元，利潤率為 14.5%，主要受毛利率改善的推動。與去年同期相比，我們仍然看到高結轉價格和成本通脹，並將持續到第二季度。我們的 SG&A 和 IDA 支出也是如此，與我們的製造成本一樣，這些支出也受到了去年下半年通脹壓力的嚴重影響。結轉定價將在下半年消退，但這也是我們控製成本，尤其是 SG&A 的積極努力將更加明顯的時候。我們制定了與 2022 年相比提高全年利潤率並降低波動性的可靠計劃。受有利的價格實現以及北美和歐洲積極的銷量和組合的推動，建築淨銷售額增長了 6%。這些抵消了中國和俄羅斯業務的關閉以及經銷商去庫存的南美洲批發量的減少。

Gross margin was 15.9%, up 160 basis points, mainly due to higher volume, improved fixed cost absorption and favorable price. This was partially offset by higher raw material and manufacturing costs. Construction adjusted EBIT was $44 million with a margin of 5.2%, a 120 basis point increase from last year. We did have 1 month of strike at the Burlington plant in the quarter and with the workforce back from February, production is ramping up to full capacity there. The same 2023 quarterly dynamics in ag applied to construction as well. For our financial service business, net income was $78 million, down $4 million compared to the first quarter of last year. We saw favorable volumes in all regions, but this was more than offset by margin compression in North America, higher risk costs and increased labor cost. While rapid rate increases contributed to the margin pressure, they are managed through a tight asset liability duration magic. 

毛利率為 15.9%，上升 160 個基點，主要是由於銷量增加、固定成本吸收改善和價格優惠。這部分被較高的原材料和製造成本所抵消。建築業調整後息稅前利潤為 4400 萬美元，利潤率為 5.2%，比去年增長 120 個基點。我們在本季度的伯靈頓工廠確實進行了 1 個月的罷工，隨著勞動力從 2 月開始恢復，那裡的生產正在加速到滿負荷運轉。 2023 年 ag 的相同季度動態也適用於建築業。對於我們的金融服務業務，淨收入為 7800 萬美元，與去年第一季度相比下降了 400 萬美元。我們在所有地區都看到了有利的銷量，但這被北美的利潤壓縮、更高的風險成本和增加的勞動力成本所抵消。雖然利率的快速增長導致了利潤率壓力，但它們是通過緊縮的資產負債久期魔法來管理的。

We have a limited impact on our results, and that is mainly linked to the long retail delivery delays in 2022, which created a lag from when a customer financial was contracted to when it was funded. Retail originations were $2.2 billion in the quarter. The managed portfolio, including JVs at the end of the period was $24.5 billion. The receivable balance greater than 30 days past due as a percentage of receivables was 1.4% as agriculture and construction customers remain in good financial health. As we look at our capital allocation priorities, Scott already touched on organic and inorganic growth investments. I want to mention that in April, our financial service business issued $600 million in bonds, initial $870 million ABS transaction to continue funding our growing receivable portfolio. The fact that our financial service business is able to raise capital in these times is a testament to the sound credit worthiness and solid market presence of this part of our business.

我們對我們的結果影響有限，這主要與 2022 年零售交付的長期延遲有關，這造成了從客戶財務合同簽訂到獲得資金的時間滯後。本季度零售額為 22 億美元。期末管理的投資組合（包括合資企業）為 245 億美元。逾期超過 30 天的應收賬款餘額占應收賬款的百分比為 1.4%，因為農業和建築客戶的財務狀況仍然良好。當我們審視我們的資本分配優先事項時，斯科特已經談到了有機和無機增長投資。我想提一下，4 月份，我們的金融服務業務發行了 6 億美元的債券，初始 8.7 億美元的 ABS 交易繼續為我們不斷增長的應收賬款組合提供資金。我們的金融服務業務能夠在這些時期籌集資金這一事實證明了我們這部分業務的良好信譽和穩固的市場地位。

As part of the Board approved a repurchase program, the company executed over $70 million buyback in Q1, and this program is continuing in the second quarter. On my third, our annual dividend was distributed to our shareholders worth over $0.5 billion. I'll now provide a brief update on our delisting from Borsa Italiana and Milan. We have had constructive dialogue with the Exchange management, and we are now confident that the delisting process will be completed by the end of 2023. Understanding that investors with a European mandate may be required to divest their shares when delisting happens, the Board is prepared to do a special buyback program to offset the impact, if needed, as our balance sheet and our cash generation allow for it.

作為董事會批准的回購計劃的一部分，公司在第一季度執行了超過 7000 萬美元的回購，該計劃將在第二季度繼續進行。第三次，我們的年度股息分配給了價值超過 5 億美元的股東。我現在將簡要介紹我們從意大利證券交易所和米蘭退市的最新情況。我們已經與交易所管理層進行了建設性對話，我們現在有信心退市程序將在 2023 年底前完成。了解在退市發生時，具有歐洲授權的投資者可能需要撤資，董事會已做好準備如果需要，在我們的資產負債表和現金生成允許的情況下，執行一項特殊的回購計劃來抵消影響。

We remain confident of the opportunities for passive investments in CNH stock will increase as a result of our -- the expected inclusions in the U.S. indices. Overall, we have had a very positive feedback from shareholders regarding the further simplification of our profile with a single listing in New York. This concludes my prepared remarks, and I will turn it back to Scott.

我們仍然相信，由於我們預期被納入美國指數，對 CNH 股票進行被動投資的機會將會增加。總的來說，我們從股東那裡得到了非常積極的反饋，關於進一步簡化我們的配置文件在紐約單一上市。我準備好的發言到此結束，我將把它轉回給斯科特。

Thank you, done. Most of our 2023 estimates for industry unit performance are consistent with our last earnings call. We have slightly increased our projections for combines in North America but marginally lowered construction estimates in South America and APAC. Our order backlog remains solid, well above 2019 levels, and agriculture and construction order books are full through the third quarter. Model year 2024 list price updates will be announced later this month, and we will be opening the Q4 order books shortly thereafter in most markets. Based on feedback from our dealers, we expect the Q4 order slots to fill rapidly. Our dealers remain on allocation for products where demand is outstripping our ability to produce, especially our large agriculture equipment with precision technology. Dealer inventories for high horsepower tractors and combines remain at historically low levels. 

謝謝，搞定了。我們對 2023 年行業單位業績的大部分估計與我們上次的財報電話會議一致。我們略微提高了對北美聯合收割機的預測，但略微降低了南美和亞太地區的建設預測。我們的訂單積壓量依然強勁，遠高於 2019 年的水平，農業和建築業訂單在第三季度已滿。 2024 車型年標價更新將於本月晚些時候公佈，此後不久我們將在大多數市場開放第 4 季度的訂單簿。根據我們經銷商的反饋，我們預計第 4 季度的訂單位將迅速填補。我們的經銷商繼續分配需求超過我們生產能力的產品，尤其是我們採用精密技術的大型農業設備。大馬力拖拉機和聯合收割機的經銷商庫存仍處於歷史低位。

On the other hand, with persistent small ag demand softness, we are lowering production of the relevant equipment to keep dealer inventories near optimal levels. We saw an uptick in dealer inventories for light construction equipment due to high shipments in the month of March, but the inventory to sales ratio for these products remains quite low. As demand for row crop products is strong, pricing levels are proving durable, order backlog remains solid and dealer feedback is positive, we are raising and narrowing the range of our full year net sales guidance to up 8% to up 11% compared to our prior forecast of up 6% to 10%. We are reaffirming our previous 2023 guidance for the remainder of our metrics.

另一方面，由於小型農業需求持續疲軟，我們正在降低相關設備的產量，以保持經銷商庫存接近最佳水平。由於 3 月份的高出貨量，我們看到輕型建築設備的經銷商庫存有所增加，但這些產品的庫存與銷售比率仍然很低。由於對中耕作物產品的需求強勁，價格水平經證明是持久的，訂單積壓仍然穩固，經銷商反饋積極，我們將全年淨銷售指導範圍提高和縮小至 8% 至 11%，與我們的相比此前預測為上漲 6% 至 10%。我們重申我們之前對其餘指標的 2023 年指南。

With the progress we have shown so far and at today's sustained volume levels, it is evident that we may approach or even meet our sales, margin and earnings per share targets from Capital Markets Day a year early. What we -- what you should retain is that we are working to make CNH a highly profitable and cash-generating business regardless of industry conditions. It is too early to call volumes for 2024, but the drivers in most regions remain strong. 

鑑於我們迄今取得的進展以及今天持續的交易量水平，很明顯，我們可能會提前一年接近甚至實現資本市場日的銷售額、利潤率和每股收益目標。我們——你應該保留的是，無論行業狀況如何，我們都在努力使 CNH 成為一個高利潤和產生現金的業務。現在預測 2024 年的銷量還為時過早，但大多數地區的驅動力依然強勁。

I want to conclude with a few thoughts on 2023 priorities and outlook. As we look at the overall business conditions for 2023, we feel optimistic about our positioning in the industry and are encouraged by an improving supply chain and resilient ag and construction markets. Commodity prices are softening with wheat, bean and corn prices depressed versus this time last year, but many farm input costs are down and farm incomes remain elevated. We see continued strength of our markets, our growers in Brazil and in North America Corn belt. Regardless of the macro backdrop, we are continuing to invest in R&D technology to build and enhance our precision-enabled products.

最後，我想談談對 2023 年優先事項和前景的一些想法。當我們審視 2023 年的整體商業狀況時，我們對我們在行業中的定位感到樂觀，並為不斷改善的供應鍊和有彈性的農業和建築市場感到鼓舞。與去年同期相比，小麥、豆類和玉米價格低迷，商品價格走軟，但許多農業投入成本下降，而農業收入仍然高企。我們看到我們的市場、我們在巴西和北美玉米種植帶的種植者持續走強。無論宏觀背景如何，我們都將繼續投資於研發技術，以構建和增強我們的精準產品。

Customer engagement and retention will sustainably improve as we field automated solutions, enabling near seamless workflow and increased yield and productivity. The Raven integration continues to go well, and we look forward to building on that momentum with our new acquisitions. Results from our margin improvement programs will play an important role in our journey to deliver escalating value to shareholders. Our investments and progress are making us better for our customers, strengthening my conviction that our future is bright. That concludes our prepared remarks. Caroline will now open the line for questions.

隨著我們部署自動化解決方案，客戶參與度和保留率將持續提高，實現近乎無縫的工作流程並提高產量和生產力。 Raven 整合繼續順利進行，我們期待通過我們的新收購來鞏固這一勢頭。我們提高利潤率計劃的結果將在我們為股東提供不斷增長的價值的過程中發揮重要作用。我們的投資和進步使我們能夠更好地為客戶服務，這讓我更加堅信我們的未來是光明的。我們準備好的發言到此結束。 Caroline 現在將打開問題熱線。

(Operator Instructions) We will take the first question from Daniela Costa from Goldman Sachs.

（操作員說明）我們將從高盛的丹妮拉科斯塔那裡回答第一個問題。

Just have 2 questions, if possible. The first one sort of surrounding the current -- given all the current credit situation. If you could give some color on how much of the equipment that you're selling, you're currently financing versus third parties and whether you plan to take on maybe more of the risk related to what maybe is not yet financed by you or for some reasons that sort of out of scope? And what could that mean? And the second question, just on your comments on the journey you're making towards precision ag. Can you maybe elaborate on that journey in terms of the inorganic journey? Where are -- where do you think you at the moment in terms of like the ideal product set that, have you got to where you want and now it's more about growing it organically? Do you still miss certain parts that you would like to strengthen and which are those?

如果可能的話，只要有 2 個問題。第一種是圍繞當前——考慮到當前的所有信用狀況。如果你能說明你銷售的設備有多少，你目前正在為第三方融資，以及你是否計劃承擔更多與你或尚未融資的設備相關的風險一些超出範圍的原因？那是什麼意思？第二個問題，只是關於你對你走向精準農業的旅程的評論。您能否從無機旅程的角度詳細說明該旅程？在哪裡 - 你認為你現在在哪裡，就像理想的產品集一樣，你是否到達了你想要的地方，現在更多的是有機地增長它？您是否仍然想念您想要加強的某些部分，哪些是？

Daniel, let me take the first one. So in terms of retail financing, depending on regions and business about between 25% and 45% of what is retail is financed by us. This is actually in a highly competitive market. There are other players they're financing. We may with -- if there's some lower liquidity in the market, we may see an uptick of our penetration, but we don't see this as an issue.

丹尼爾，讓我拿第一個。因此，就零售融資而言，根據地區和業務的不同，大約 25% 至 45% 的零售業務由我們提供融資。這其實是在一個競爭激烈的市場。他們正在資助其他玩家。我們可能會 - 如果市場流動性較低，我們可能會看到我們的滲透率有所上升，但我們不認為這是一個問題。

Yes. And as it relates to the tech stack, obviously, as you've heard me say before, I mean, I feel good about the actual precision technology and automation that's currently on our products. And what Raven does, it rapidly accelerates our ability to go faster and do more. Our autonomy is as good as anyone in the industry, but really enhancing the precision suite in our products, offboard on board, all of those things. What the team is doing now, making tremendous progress to make that whole system work better and easier for our customers. It's a journey, and we're -- we've got a ways to go there. But when we add competencies like Augmenta and Hemisphere, it just allows us to go much, much faster. And the history of Raven, they added these bolt-on acquisitions along their journey as well. So it's not because -- but I do think we have the capability. We've added over 500 engineers to the Raven team. We have the internal capability to do everything we need to do now. There might be opportunities for small acquisitions to enable us to go faster yet again. But I feel good about where Mark and Parag are and their teams are in ensuring that we can deliver value for customers along the way as we get this tech stack build-out complete.

是的。由於它與技術堆棧相關，顯然，正如你之前聽我說過的那樣，我的意思是，我對目前我們產品上的實際精密技術和自動化感覺良好。而 Raven 所做的，它迅速加快了我們走得更快、做更多事情的能力。我們的自主權與業內任何人一樣好，但真正增強了我們產品中的精密套件，船外，所有這些東西。團隊現在正在做的事情，取得了巨大的進步，使整個系統為我們的客戶更好、更輕鬆地工作。這是一段旅程，我們 - 我們有辦法去那裡。但是當我們添加像 Augmenta 和 Hemisphere 這樣的能力時，它只會讓我們走得更快。以及 Raven 的歷史，他們也在他們的旅程中添加了這些補強收購。所以這不是因為 - 但我確實認為我們有能力。我們已經為 Raven 團隊增加了 500 多名工程師。我們有能力做我們現在需要做的一切。可能有機會進行小型收購，使我們能夠再次走得更快。但我對 Mark 和 Parag 以及他們的團隊在確保我們能夠在完成此技術堆棧構建的過程中為客戶提供價值方面感到滿意。

We will take the next question from Michael Feniger from Bank of America.

我們將接受來自美國銀行的 Michael Feniger 的下一個問題。

Scott, could you talk about the cost savings? I know there's the first wave and second wave. When do we think you'll see this run rate savings? You talked about you're already kind of in line of target for your sales margin and EPS, but it doesn't feel like you've actually gone through with some of these savings initiatives that got pushed out. So can you kind of give us an update of where we are in that story right now?

斯科特，你能談談成本節約嗎？我知道有第一波和第二波。我們認為您什麼時候會看到這種運行率節省？你談到你已經有點符合銷售利潤率和每股收益的目標，但感覺你實際上並沒有完成其中一些被推出的儲蓄計劃。那麼你能給我們更新一下我們現在在那個故事中的位置嗎？

Yes. You actually -- don't help me make it easy to answer that question because we did recommit this morning to the $550 million that will be next year, and most of that actually comes in 2024. Obviously, the significant inflation that we experienced last year and then this year, the beginning of this year, you made some of that hard. But -- the work that we're doing, I talked about the progress the strategic sourcing team is making. Scott Moran and our CBS team are doing tremendous work in the plants. So Derek and his team are driving better solutions, making the products that we design, easier to assemble and source parts for. So it is a holistic approach to cost. And I think the fact that we'll get many hundreds of millions in 2024 to get to that $550 million gives you a little bit of insight into what's to come. But certainly, a lot of this stuff as we see supply chains improve, our lean programs improve our strategic sourcing improve, our designs improve really gives us a lot of confidence that the record margins we delivered this quarter can be beat in the years ahead.

是的。你實際上 - 不要幫助我輕鬆回答這個問題，因為我們今天早上確實再次承諾明年將達到 5.5 億美元，其中大部分實際上是在 2024 年。顯然，我們上次經歷的嚴重通貨膨脹一年然後今年，今年年初，你做了一些努力。但是——我們正在做的工作，我談到了戰略採購團隊正在取得的進展。 Scott Moran 和我們的 CBS 團隊在工廠裡做了大量工作。因此，Derek 和他的團隊正在推動更好的解決方案，使我們設計的產品更易於組裝和採購零件。因此，這是一種整體成本方法。而且我認為我們將在 2024 年獲得數億美元以達到 5.5 億美元這一事實讓您對即將發生的事情有一些了解。但可以肯定的是，隨著我們看到供應鏈的改善，我們的精益計劃改善了我們的戰略採購，我們的設計得到改善，很多這些東西確實讓我們充滿信心，我們本季度實現的創紀錄利潤率可以在未來幾年被打破。

And Scott, just to follow up on that. I mean, obviously, nobody has a crystal ball. There's a huge debate on what 2024 looks like. But with the line of sight you have on your cost savings, do you think you could expand ad margins in a backdrop where units are maybe flattish to even slightly down next year?

斯科特，只是想跟進一下。我的意思是，很明顯，沒有人擁有水晶球。關於 2024 年是什麼樣子存在著巨大的爭論。但是，考慮到您對成本節約的看法，您認為在明年單位數量可能持平甚至略有下降的背景下，您是否可以擴大廣告利潤率？

Yes

是的

We will take the next question from Jamie Cook from Credit Suisse.

我們將接受來自瑞士信貸的傑米庫克的下一個問題。

Congratulations on a nice quarter. I guess just my first question, could you just give a little color -- more color on what you're seeing in Brazil. I think last quarter, you were a little more cautious. It sounds like maybe there's some weakness on the smaller horsepower side but large horsepower seems to be okay. So that would be my first question. And then I'll have a follow-up after that.

祝賀一個不錯的季度。我想這只是我的第一個問題，你能不能給點顏色——更多關於你在巴西看到的東西的顏色。我認為上個季度，你更加謹慎了。聽起來小馬力方面可能有些弱點，但大馬力似乎沒問題。所以這是我的第一個問題。之後我會跟進。

Well, the situation in Brazil, just the timing of our earnings call last quarter affected how we looked at that and there was a lot of, for lack of a better term, constipation with the government transition. And we were -- our dealers there were incredibly cautious literally a week after the earnings call, we started to see things turned around. We'd already made the decision to lower production. So it allowed us to reduce dealer inventory in Brazil. And we feel very, very good about where we're positioned now with leaner inventories than anyone else in the industry and a great product lineup and more importantly, a really, really solid team in Brazil to manage that market. So we think Brazil is going to be a decent market this year, not going to grow as much as it did last year, but still a very, very good market for us.

好吧，巴西的情況，只是我們上個季度財報電話會議的時間影響了我們對此的看法，而且由於缺乏更好的術語，政府過渡存在很多便秘。我們是——我們的經銷商在財報電話會議後一周非常謹慎，我們開始看到情況好轉。我們已經決定降低產量。因此，它使我們能夠減少巴西的經銷商庫存。我們對我們現在所處的位置感覺非常非常好，庫存比業內任何其他公司都少，產品陣容強大，更重要的是，巴西有一支非常非常可靠的團隊來管理該市場。所以我們認為巴西今年將是一個不錯的市場，不會像去年那樣增長，但對我們來說仍然是一個非常非常好的市場。

And then I guess just my follow-up question based on what you guys said about the cost savings kicking in, in 2024 and where your margins are today. And related to the last question, Scott, not to put words in your mouth, but it seems like we need to update the Street favorably on a positive basis, increase your targets that you laid out at the Capital Markets Day at some point, just given what you said in the previous question. And so one, confirm that. Obviously, you don't have to tell us what that is today. But my second question is, does the optimism just relate to the farm equipment side and sort of where are you in that process within construction equipment? Is it all ag-driven or where is construction relative to what you would have thought relative to your capital market targets?

然後我想我的後續問題是基於你們所說的關於 2024 年開始的成本節約以及你們今天的利潤率。關於最後一個問題，斯科特，不要說出口，但似乎我們需要在積極的基礎上更新華爾街，增加你在資本市場日設定的目標，只是鑑於你在上一個問題中所說的。所以，確認一下。顯然，您不必告訴我們今天是什麼。但我的第二個問題是，這種樂觀情緒是否只與農場設備方面有關，以及你在建築設備的那個過程中處於什麼位置？是所有 ag 驅動還是建設相對於您相對於您的資本市場目標的想法？

Yes. Well, we did put a comment in our prepared remarks about how we expected to get to some of those 2 targets, and we knew it was just a matter of time before that question. So thanks for getting us out of the way early. We do feel good. The markets -- remember, what we had anticipated at the time of Capital Markets Day, and it went over like a lead balloon was that markets would be relatively flat in 2024. What we've seen is the markets have just been better for us. And as you can see, we're taking advantage of that. And now as we sit here, the positive momentum that we've had looks like it's going to continue from a market perspective, and again, not at the same levels, but still the overall fundamentals are good. As we talked about my last question. We're putting just tremendous energy and how to make the margin expansion opportunity as we serve our customers better, how do we deliver better margins along the way. And I think with that backdrop, the updated guidance will be reasonably good, but we would expect that to happen about a year from now. We're not -- we haven't put a date out there yet, but we want to get into 2024, have a better understanding of what that can be. And I think we'd update our long-term guidance sometime in the first half of 2024.

是的。好吧，我們確實在準備好的評論中發表了關於我們期望如何實現這兩個目標中的一些目標的評論，我們知道這個問題只是時間問題。所以謝謝你讓我們早點離開。我們確實感覺很好。市場——請記住，我們在資本市場日時的預期是，2024 年市場將相對平穩。我們所看到的是市場對我們來說更好.正如您所看到的，我們正在利用這一點。現在，當我們坐在這裡時，從市場的角度來看，我們所擁有的積極勢頭似乎將繼續下去，而且雖然水平不同，但整體基本面仍然良好。當我們談到我的最後一個問題時。我們正在投入巨大的精力，以及如何在我們更好地為客戶服務的同時創造利潤率擴張的機會，我們如何在此過程中提供更好的利潤率。我認為在這種背景下，更新後的指南會相當不錯，但我們預計這會在大約一年後發生。我們還沒有——我們還沒有確定日期，但我們想進入 2024 年，更好地了解那會是什麼。我認為我們會在 2024 年上半年的某個時候更新我們的長期指南。

Okay. And then just a follow-up, ag versus construction? Do you want to comment there? Do you feel better on ag versus construction? Or is it sort of equal?

好的。然後只是跟進，農業與建築？你想在那裡發表評論嗎？你覺得 ag 還是 construction 更好？或者它有點平等？

It's sort of equal. Obviously, I think the ag cycle kind of exempts us a little bit from economics and construction doesn't have that same exemption. But what we're seeing with really, really good innovation, the Sampierana acquisition is helping. But what I -- the optimism I saw from our team and our dealers at CONEXPO gives me confidence that our construction business is going to do well for the remainder of this year and is positioned well to do well after that. But again, a little bit more susceptible to the overall economic roles if the economy tips over than ag.

這有點平等。顯然，我認為 ag 週期在某種程度上使我們免受經濟影響，而建築業則沒有同樣的豁免。但我們看到的非常非常好的創新，對 Sampierana 的收購正在提供幫助。但我 - 我從我們的團隊和我們在 CONEXPO 的經銷商那裡看到的樂觀情緒讓我相信，我們的建築業務將在今年剩餘時間裡表現良好，並做好準備在此之後表現良好。但同樣，如果經濟比農業更容易受到整體經濟角色的影響。

We will take the next question from Steven Fisher from UBS.

我們將接受來自瑞銀的 Steven Fisher 的下一個問題。

Just curious how you're thinking about margins later in the year. It sounds like the price is going to moderate, but your costs will also moderate lots of different mix puts and takes there. So curious how do you see that netting out relative to Q1. I guess I'm mostly thinking about the ag side, but curious on construction of well, of course.

只是好奇您如何考慮今年晚些時候的利潤率。聽起來價格會降低，但您的成本也會降低許多不同的混合投入和投入。很好奇你如何看待相對於第一季度的淨收益。我想我主要考慮的是 ag 方面，但當然對井的構造很好奇。

Well, Steve, we will have variability over the year, quarter-over-quarter, as we always have, but we are confident that year-over-year, for the full year, we can increase our margins as we plan to do. So of course, pricing, as we have anticipated will start of fade in terms of year-over-year comparison, but so will cost -- and we are putting all these costs -- initiated cost reduction initiatives, including in SG&A that will come to fruition in the second part of the year.

好吧，史蒂夫，我們將像往常一樣，在一年中逐季變化，但我們有信心，在全年中，我們可以按計劃增加利潤率。因此，當然，正如我們預期的那樣，定價將在同比比較方面開始消退，但成本也會——我們正在投入所有這些成本——啟動成本削減計劃，包括即將到來的 SG&A在今年下半年取得成果。

So could we still see some higher margins later in the year relative to the first quarter in ag?

那麼，與第一季度相比，今年晚些時候我們還能看到更高的利潤率嗎？

We could, yes. And again, for the full year, we expect margins to be better than they were last year.

是的，我們可以。而且，對於全年，我們預計利潤率會比去年好。

Sure. Yes. Okay. And then on inventories, how aligned would you say CNH and CNA dealers are on the desired level of inventory for thinking about for the next year? And I think dealers have been clamoring for more inventory. Does that still hold? And how much of a desire do you have to build normal levels to meet their higher levels of demand?

當然。是的。好的。然後在庫存方面，您認為 CNH 和 CNA 交易商在明年考慮的理想庫存水平上的一致性如何？而且我認為經銷商一直在要求增加庫存。這還成立嗎？您有多大的願望建立正常水平以滿足他們更高水平的需求？

Well, I got to be really careful as I answer this because I've got a few dealers that will call me immediately after the call if I say we're not committed to giving them the products they need. So in many markets, especially cash crop around the world, they just need more inventory. It's too low. And I've -- what I've told our dealers is we do not want to get back to the 2019, 2018 levels, where they're slightly over what they would like to have. We want to keep dealers relatively lean. We're not perfect at that. I mean, as you look at our -- we're lowering production of the lower horsepower ag equipment because we didn't slow down soon enough. So we're going to correct that very, very quickly.

好吧，我在回答這個問題時必須非常小心，因為如果我說我們不承諾為他們提供他們需要的產品，我有一些經銷商會在電話後立即給我打電話。因此，在許多市場，尤其是世界各地的經濟作物市場，他們只需要更多的庫存。太低了。而且我 - 我告訴我們的經銷商的是，我們不想回到 2019 年、2018 年的水平，他們略高於他們想要的水平。我們想讓經銷商保持相對精簡。我們在這方面並不完美。我的意思是，正如你所看到的——我們正在降低低馬力 ag 設備的產量，因為我們沒有足夠快地減速。所以我們將非常非常迅速地糾正這個問題。

But overall, our -- many of our cash crop markets are still too low on inventory, and we're ramping up production to try to meet those other parts of the market, really low horsepower and in some parts of Europe, we're trying to make sure that we pull back so we get their inventories in a better position. But I personally and we as a company do not want to get to historical levels. We thought it was probably a little bit too high, and we'd like to keep the DSO a little bit lower.

但總的來說，我們 - 我們的許多經濟作物市場的庫存仍然太低，我們正在提高產量以試圖滿足市場的其他部分，非常低的馬力，在歐洲的一些地區，我們是試圖確保我們撤退，以便我們使他們的庫存處於更好的位置。但我個人和我們公司都不想達到歷史水平。我們認為它可能有點太高了，我們希望 DSO 保持低一點。

We will take the next question from Tami Zakaria from JPMorgan.

我們將接受來自摩根大通的 Tami Zakaria 的下一個問題。

So my first question is, can you give us some color on market share trends for large ag by region for this quarter or maybe over the last 12 months, if that's a better gate of the trend, where you saw the most gains where you saw some relative weakness?

所以我的第一個問題是，你能否給我們一些關於本季度或過去 12 個月按地區劃分的大型 ag 市場份額趨勢的顏色，如果這是趨勢的更好的門檻，你看到你看到的最大收益一些相對弱點？

Yes. We said it all of last year, and it's really true now as well. Market share is based on who can build it in the large ag and cash crop segment. I hate to say it, but we're still ramping up production of high horsepower tractors, and that's not helping us. Our combined performance is exceptionally good. We have industry-leading products, and that gives us an opportunity to gain share in most markets. I think we're -- in Europe is spotty for us. There are some markets where we're doing better than others. I think overall, we're probably down a little bit in market share and looking forward to turning that around in the second half. But generally speaking, I think our overall opportunity for market share is going to improve quarter-over-quarter, year-over-year as we get a return on the investments we're making.

是的。去年我們都這麼說，現在也是如此。市場份額取決於誰可以在大型農業和經濟作物領域建立它。我不想這麼說，但我們仍在提高大馬力拖拉機的產量，這對我們沒有幫助。我們的綜合表現非常出色。我們擁有行業領先的產品，這使我們有機會在大多數市場中獲得份額。我認為我們 - 在歐洲對我們來說參差不齊。在某些市場上，我們比其他市場做得更好。我認為總體而言，我們的市場份額可能有所下降，並期待在下半年扭轉這一局面。但總的來說，我認為隨著我們的投資獲得回報，我們的市場份額總體機會將逐季、逐年提高。

Got it. That's very helpful. And then my second question is, can you help us understand the bridge to the revenue guidance raise? How much of that is lower FX headwind versus higher organic sales growth outlook for the rest of the year? It seems like it's mostly driven by FX, but just curious how you thought about it.

知道了。這很有幫助。然後我的第二個問題是，你能幫助我們理解收入指導提高的橋樑嗎？今年剩餘時間較低的外匯逆風與較高的有機銷售增長前景有多少？看起來它主要是由 FX 驅動的，但只是好奇你是怎麼想的。

Compared to the first quarter, there's going to be -- yes, FX is going to be better and volumes and price impact will be a little bit lower than what we had in the first quarter from what we see.

與第一季度相比，將會有 - 是的，外匯會更好，數量和價格影響將略低於我們所看到的第一季度。

We will take the next question from Larry De Maria from William.

我們將從 William 的 Larry De Maria 那裡接聽下一個問題。

Scott, you mentioned new lift prices coming up at a month, obviously, opening up 24 order boards. Market seems healthy, though commodity prices have been volatile, especially in the forward curve. Just curious how you're thinking first on list pricing, maybe even in general terms, is this a breather year or we can continue to push pricing into next year? And also with that commodity curve, what do you hear and what are you seeing in terms of any incremental caution? Or is it still sort of all systems go from what your hardens field?

斯科特，你提到過一個月後新的升降機價格，顯然，開放了 24 個訂單板。市場似乎很健康，儘管大宗商品價格一直波動，尤其是遠期曲線。只是好奇你是如何首先考慮定價的，甚至可能是一般性的，這是一個喘息的一年，還是我們可以繼續將定價推到明年？並且對於商品曲線，您在任何漸進的謹慎方面聽到了什麼以及您看到了什麼？或者它仍然是所有系統都來自你強化領域的東西？

Yes. I think with pricing, what we're seeing after a couple of years of unprecedented price increases, we are expecting -- we haven't finalized it yet, so I can't say, but pricing is going to normalize. And what does normalized mean 2%, 3% based on features. But generally speaking, we expect '24 pricing and maybe the next couple of years to be in that normal range. And you -- it was a little bit soft, so I didn't catch the second part of your question. If you could repeat that?

是的。我認為在定價方面，我們在經歷了幾年前所未有的價格上漲後所看到的，我們期待——我們還沒有最終確定，所以我不能說，但定價將會正常化。什麼是歸一化意味著 2%，基於特徵的 3%。但總的來說，我們預計 24 年的定價以及未來幾年可能會在正常範圍內。而你 - 它有點軟，所以我沒有聽清你問題的第二部分。如果你能重複一遍？

I was just talking about the forward curve in commodity is obviously lower, right? I'm just curious about how you're seeing and what you're hearing in the field from dealers. Is there any incremental cautiousness creeping up? Or is it all systems sort of go still at this point?

我剛才說的是大宗商品的遠期曲線明顯更低，對吧？我只是想知道您在現場從經銷商那裡看到什麼以及聽到什麼。是否有任何逐漸增加的謹慎情緒？還是此時所有系統都處於靜止狀態？

The general feedback that I'm getting is, it's all systems go with a slight -- I mean, senate produce report came out yesterday, some farmer sentiments improving, the overall setup for soft commodities is relatively good. Overall, if the dollar movement also has an inverse relationship with commodity prices. So generally speaking, I think we expect, and it's part of the help we're getting -- commodity prices are going to moderate at a level that we think is above historical norms, which helps farm income and ultimately helps us. We have to manage that as well because we are expecting, as you've seen, steels come down tremendously. We're seeing shipping rates come down dramatically. So we kind of need to play both sides of it and keep the soft commodities relatively high and the commodities that affect our input cost relatively low. And right now, that seems to be working for us.

我得到的一般反饋是，所有系統都略有進展——我的意思是，昨天出爐的參議院農產品報告，一些農民的情緒有所改善，軟商品的整體設置相對較好。總的來說，如果美元走勢與大宗商品價格也存在反比關係。所以總的來說，我認為我們預計，這是我們得到的幫助的一部分——大宗商品價格將回落到我們認為高於歷史正常水平的水平，這有助於農業收入並最終幫助我們。我們也必須解決這個問題，因為正如您所見，我們預計鋼鐵價格會大幅下降。我們看到運費急劇下降。所以我們有點需要兩面兼顧，將軟商品保持在相對較高的水平，將影響我們投入成本的商品保持在相對較低的水平。現在，這似乎對我們有用。

We will take the next question from Marta Bruska from Berenberg.

我們將接受來自 Berenberg 的 Marta Bruska 的下一個問題。

My question is on the margin, but asked several times and was very helpful answer. So I would like to just ask if you could please comment on the decline in the under 140 horsepower tractors. Is that driven by the dairy with milk margins coming under personnel or rather that comes from the general macroeconomic situation as under 140 at broad category, which would include also the under 40 horsepower tractors that are declining to a strong year.

我的問題是邊緣的，但問了好幾次並且得到了非常有幫助的答案。所以我想問問你是否可以對 140 馬力以下拖拉機的下降發表評論。這是由牛奶利潤率低於人員的乳製品推動的，還是來自一般宏觀經濟形勢的推動，在廣泛的類別中低於 140，其中還包括 40 馬力以下的拖拉機，這些拖拉機正在下降到強勁的一年。

Yes. The decline in the low horsepower market is really -- it's related to the very high sales that happened during the pandemic and post early years after the pandemic. So, I think it's just somewhat of a return to normal in that market. But unfortunately, what happens is when, not just us, the industry got caught a little bit surprised on how quickly it turns out dealer inventory is a little bit higher. So what you're seeing is higher promotion rates there and all of us working through that situation.

是的。低馬力市場的下滑確實與大流行期間和大流行後幾年後發生的非常高的銷售額有關。所以，我認為這只是在某種程度上恢復了該市場的正常狀態。但不幸的是，不僅是我們，整個行業都對經銷商庫存增加的速度感到驚訝。所以你看到的是那裡更高的晉升率，我們所有人都在努力應對這種情況。

We will take the next question from David Raso from Evercore ISI.

我們將接受來自 Evercore ISI 的 David Raso 的下一個問題。

One question on pricing and one on the commentary around 24. First, just indulge me for a second. If you pull pricing out of ag revenues for this quarter and last quarter, it suggests the revenues were down sequentially in a 22%, but then the pricing gains fell 55% sequentially. And that same kind of math going back a few quarters. The relationship has been positive, right, meaning pricing gains up sequentially or better sequentially than what was happening on revenues ex pricing. Was there a certain mix issue in the first quarter? Why would the pricing have slowed that much relative to what we've been seeing and relative to the, let's call it, volume ex price sequentially down? Was something unique in the mix?

一個關於定價的問題和一個關於 24 點左右的評論的問題。首先，請允許我稍等片刻。如果您將定價從本季度和上一季度的農業收入中剔除，則表明收入環比下降了 22%，但隨後定價收益環比下降了 55%。同樣的數學可以追溯到幾個季度。這種關係一直是積極的，正確的，這意味著定價比定價前的收入連續增長或更好。第一季度是否存在某種混合問題？為什麼定價相對於我們所看到的以及相對於我們稱之為成交量價格連續下降的定價會放緩那麼多？混合中有什麼獨特之處嗎？

Well, the many mixed components, the first quarter is a smaller quarter in terms of sales. We have also relatively slower sales in South America in the first quarter, and we talk about it, and it's mainly because of the stocking of the network that we have been doing. But we're pretty happy about how the price play out in the first quarter actually. And if you compare it -- I mean if you think we started growing pricing in the second part of 2021. And as you said, we have sequentially price increase quarter-over-quarter. And we also have been very clear that we don't expect this to continue at this pace forever, but we need to have cost reductions in the industry, in the system and the supply chain before we stop increasing pricing.

好吧，許多混合組件，第一季度在銷售額方面是一個較小的季度。我們第一季度在南美的銷售也相對較慢，我們談論它，這主要是因為我們一直在做的網絡備貨。但我們對價格在第一季度的實際表現感到非常高興。如果你比較一下——我的意思是，如果你認為我們在 2021 年下半年開始提高定價。正如你所說，我們的價格環比上漲。而且我們也非常清楚，我們不希望這種情況永遠以這種速度持續下去，但在我們停止提高價格之前，我們需要在行業、系統和供應鏈中降低成本。

No, I appreciate that, but I think by capturing volume ex -- revenue ex price, we're sort of just looking at it sequentially, why such a larger sequential slowdown in price than in, let's call it, volume. It's just the gap is the gaps in positive for multiple quarters. And obviously, the costs are coming down, but it's just a very unique gap there, down 22 price revenue ex price and down 55% on price.

不，我很欣賞這一點，但我認為通過捕獲不包含價格的銷量 - 不包含價格的收入，我們只是按順序查看它，為什麼價格的連續放緩比我們稱之為銷量的幅度更大。只是差距是多個季度的積極差距。顯然，成本正在下降，但這只是一個非常獨特的差距，前價格收入下降了 22%，價格下降了 55%。

Let's look at what we focus at, the price cost relationship, right? And that has actually been better in the first quarter than it was in the fourth quarter.

看我們關注的是什麼，價格成本關係，對吧？第一季度的情況實際上比第四季度要好。

I agree with that (inaudible) come down in price flows as much as.

我同意（聽不清）價格流量下降的觀點。

No, I get it. But that's -- I mean, that's what's relevant for us is the fact that price cost is -- continue to be positive and is actually sequentially better to the -- compared to the fourth quarter. Then as you say, there's many mix components quarter-over-quarter. And again, the first quarter is a relatively small quarter. So any variances there probably is a sort of amplify.

不，我明白了。但那是 - 我的意思是，這與我們相關的事實是價格成本 - 繼續為正並且實際上比 - 與第四季度相比更好。然後正如您所說，每個季度都有許多混合組件。同樣，第一季度是一個相對較小的季度。所以任何差異都可能是一種放大。

No, that's fair. And on the 24 comments, encouraging your comments about margins for '24 sort of not requiring growth for volume. Can you give us a little better understanding of when you -- I'm not trying to ask for '24 guide on incremental margins. But when you think of a smoother supply chain, obviously, no labor issues assumed, when you think of the cost improvement, if we did give you volume up, I'm just curious how you're thinking about incremental margins relative to what we've seen of late, the kind of more low 20s. How would you think about a 24%, if you did have a little volume help? And then secondly, on 24, any order books extending into '24 right now that you can at least give us a little early color?

不，這很公平。在 24 條評論中，鼓勵您對 24 年的利潤率發表評論，這種評論不需要數量增長。你能不能讓我們更好地理解你什麼時候——我不是想要求關於增量利潤的 24 指南。但是當你想到一個更順暢的供應鏈時，顯然，假設沒有勞動力問題，當你想到成本改善時，如果我們確實給你增加了數量，我只是好奇你是如何考慮相對於我們的增量利潤率的最近看到的，那種比較低20s的。如果您確實有一點音量幫助，您如何看待 24%？然後，其次，在 24 日，任何訂單現在延伸到 24 年，你至少可以給我們一點早期的顏色？

Well, let's tackle the margin before I don't answer your second question. I'll tell you about the margins. situation. It was -- it's been really a brutal 2 years with supply chain, a debacle in the supply chain, some labor issues affecting our ability to produce. And because we were fighting those, we were not able to get as much traction with our margin improvement opportunities as we expected. So what we're seeing now is those teams are starting to really, really get those projects underway. And they don't hit immediately. So we're going to see the ramp throughout the year, which is why we guided better margins for the year.

好吧，在我不回答你的第二個問題之前，讓我們先解決利潤問題。我會告訴你利潤率。情況。過去 2 年供應鏈真的很殘酷，供應鏈崩潰，一些勞工問題影響了我們的生產能力。而且因為我們正在與那些人作鬥爭，所以我們無法像預期的那樣通過提高利潤率的機會獲得那麼多的吸引力。所以我們現在看到的是，這些團隊開始真正、真正地開展這些項目。而且他們不會立即擊中。所以我們將看到全年的增長，這就是為什麼我們指導今年的利潤率更高。

But as it gets into '24, what we see is an opportunity really for, with strategic sourcing is going to be better. Our lean programs are going to be better. Our product portfolio is going to be better. And don't forget, we do get a margin boost from our tech stack improvements, and that stuff is a gift that's going to keep on giving for a while. So I don't think it's going to take -- 26.2% gross margin for ag is pretty darn good. I'm sure there's room for us to make it better. But from an industry perspective, it's reasonably good. And what we're committing to is that's not as good as we can do, and we see an opportunity for improvement. So -- and construction as well. I think construction is going to continue to surprise you with their ability to drive margin expansion. And combined together, that's a pretty good story for us.

但隨著它進入 24 世紀，我們看到的是一個真正的機會，戰略採購將會變得更好。我們的精益計劃會變得更好。我們的產品組合會變得更好。別忘了，我們確實從技術堆棧改進中獲得了利潤提升，而這些東西是一份禮物，會持續一段時間。所以我不認為它會採取 - ag 26.2% 的毛利率非常好。我相信我們還有改進的餘地。但從行業的角度來看，這是相當不錯的。我們承諾的是，這還不如我們能做的那麼好，我們看到了改進的機會。所以——還有建築。我認為建築業將繼續以其推動利潤率擴張的能力讓你感到驚訝。結合在一起，這對我們來說是一個非常好的故事。

In the order book commentary? Or is that a no answer?

在訂單評論中？或者這是一個沒有答案？

That's a no answer.

那是沒有答案。

We will take the next question from Mircea Dobre from Baird.

我們將接受 Baird 的 Mircea Dobre 的下一個問題。

This is -- Scott, I wanted to get you to talk a little bit about Augmenta and Hemisphere. Curious how you're looking to integrate this product in your equipment and kind of what the goal is here, how these folks are going to be working with the Raven team. And maybe you can update us a little bit on the progress that you're making internally from a text to stack perspective, considering that you've changed your relationship with Trimble. So I'm curious, your engineering folks, what are they doing to sort of address that in the near term? And how you're thinking about the next, call it, 18 to 24 months on that?

這是——斯科特，我想讓你談談 Augmenta 和半球。想知道您希望如何將此產品集成到您的設備中，以及這裡的目標是什麼，這些人將如何與 Raven 團隊合作。考慮到您已經改變了與 Trimble 的關係，也許您可以向我們介紹一下您在內部從文本到堆棧方面取得的進展。所以我很好奇，你們的工程人員，他們在短期內正在做什麼來解決這個問題？您如何考慮接下來的 18 到 24 個月？

First of all, we're thrilled to welcome the Augmented team to the portfolio. They -- what they give us is see and act technology at a much more value-oriented place than what other people in the industry offer. I've actually been in the field and seen the product work, and it's really, really encouraging. So, farmers can get into the augmented program and get sand spray opportunities at a much, much lower cost than anything else available in the industry. And that is encouraging. It's why we made the initial investment when we were a minority partner and why we ultimately brought them to acquire. Now we're still with Raven's capability doing a lot more work to advance our (inaudible) Act capabilities. But we're just better with Augmenta. And they will fold into the Raven team and John Preheim, the team there will really advance what they can do for us from an automation and an autonomy perspective that gets better with Augmenta.

首先，我們很高興歡迎 Augmented 團隊加入我們的產品組合。他們 - 他們給我們的是在比業內其他人提供的更注重價值的地方看到和採取技術。我實際上已經在該領域看到了產品的工作，這真的非常令人鼓舞。因此，農民可以參與增強計劃並以比業內任何其他產品低得多的成本獲得噴砂機會。這是令人鼓舞的。這就是為什麼我們在作為少數合夥人時進行初始投資以及為什麼我們最終讓他們收購的原因。現在我們仍然利用 Raven 的能力做更多的工作來提升我們的（聽不清）Act 能力。但有了 Augmenta，我們就更好了。他們將加入 Raven 團隊和 JohnA Preheim，那裡的團隊將從自動化和自治的角度真正推進他們可以為我們做的事情，而 Augmenta 會變得更好。

With Hemisphere, we've had a really, really strong relationship with Trimble and Novatel over the years. So we know that there are other solutions out there. But what it doesn't -- when you have to buy it from a partner, you don't have the ability to innovate and integrate as fast as you would like. And so what Hemisphere gives us is a really, really good team with a strong manufacturing base, which has surprised us a little bit. But the opportunity just to go faster. And as I talk to dealers and customers, their request is that we go faster. And this opportunity with both of these businesses just allows us to do that. But that said, the work that -- the benefit that we're getting from Raven and then the team there have helped us bring on an additional 500 engineers just gives us so much more software capability. 

多年來，通過 Hemisphere，我們與 Trimble 和 Novatel 建立了非常非常牢固的關係。所以我們知道還有其他解決方案。但它沒有的是——當你必須從合作夥伴那裡購買它時，你就沒有能力像你希望的那樣快速創新和集成。因此，Hemisphere 給我們的是一支非常非常優秀的團隊，擁有強大的製造基礎，這讓我們有點驚訝。但機會只是去得更快。當我與經銷商和客戶交談時，他們的要求是我們走得更快。這兩個業務的機會讓我們能夠做到這一點。但話雖如此，我們從 Raven 和那裡的團隊那裡獲得的好處幫助我們增加了 500 名工程師，這讓我們的軟件能力大大增強。

Now, I hope I'm clear that we're nowhere near delivering for customers what we will and what we expect to give, and that's coming, and it's going to be incremental benefits through this year and into next year. But as I said in the prepared remarks, it's really 25 where we feel like we get to true extremely great technology and products for our customers. But we're encouraged where we are on the path and how we're progressing there. And as it relates to Trimble, that was -- they made the decision to exit the relationship. And Rob and I are good friends, and we're managing through that. So both of us can have a positive future going forward. Really, with Raven, we have the ability to take over that work and really not miss a beat for our customers, and that's what we're striving to do.

現在，我希望我很清楚，我們離為客戶提供我們將要提供和期望提供的東西還差得很遠，而這即將到來，並且這將是今年和明年的增量收益。但正如我在準備好的發言中所說的那樣，我們覺得我們真正為客戶提供了真正非常棒的技術和產品的時間是 25 歲。但我們對我們在這條道路上的進展以及我們在那裡取得的進展感到鼓舞。就 Trimble 而言，他們決定結束這種關係。 Rob 和我是好朋友，我們正在努力解決這個問題。因此，我們雙方都可以擁有一個積極的未來。真的，有了 Raven，我們有能力接管這項工作，並且真的不會錯過我們客戶的任何一個節拍，這就是我們正在努力做的事情。

Got it. My follow-up is on construction. I'm curious to get an update from you on what you're seeing in terms of orders, especially on the heavy construction side backlog maybe. And one of the things that kind of puzzles me a bit is your commentary seems to be positive in the press release and slides. But if I'm looking at your Slide 16 on your outlook for both light and heavy construction, it's basically down across products, across geographies. So I'm trying to square a relatively positive commentary with the industry outlook that you provided there.

知道了。我的後續行動是建設。我很想從你那裡得到關於你在訂單方面看到的最新情況，尤其是在重型建築方面的積壓。讓我有點困惑的一件事是你的評論在新聞稿和幻燈片中似乎是積極的。但如果我看你的幻燈片 16，你對輕型和重型建築的展望，它基本上是跨產品、跨地域的。因此，我試圖將相對積極的評論與您在那裡提供的行業前景相結合。

Yes. Well, part of -- there's 2 things that are with -- that are helping us in construction. First of all, dealer inventories are low. And secondly, we've introduced a tremendous amount of new products. And as I mentioned in my earlier remarks, we're very careful about managing dealer inventory, but we also need to get these new products out there to our dealer network, and that's allowing us to put in something -- now that's from a kind of an input -- internal perspective. If you look at a market perspective, housing is actually a little more resilient than I expected, which doesn't make sense to me from an economic perspective. But nonetheless, housing is a little bit better than we thought. And I don't like the program, but the inflation Reduction Act is actually putting money into infrastructure that is going to bleed out and help us and others over time. So I think that's giving us a little bit more encouragement from a construction side than we might otherwise have.

是的。好吧，其中一部分 - 有兩件事 - 正在幫助我們進行建設。首先，經銷商庫存偏低。其次，我們推出了大量新產品。正如我在之前的評論中提到的，我們在管理經銷商庫存方面非常謹慎，但我們也需要將這些新產品投放到我們的經銷商網絡，這讓我們能夠投入一些東西——現在這是一種輸入——內部視角。如果你從市場的角度來看，住房實際上比我預期的更有彈性，從經濟角度來看這對我來說沒有意義。但儘管如此，住房比我們想像的要好一點。我不喜歡這個項目，但《降低通貨膨脹法案》實際上是在將資金投入到基礎設施中，隨著時間的推移，這些基礎設施將會流失並幫助我們和其他人。所以我認為這從建築方面給了我們更多的鼓勵比我們可能擁有的更多。

So you're saying your outlook is too conservative then on this slide?

所以你是說你的觀點在這張幻燈片上過於保守？

I very specifically didn't say that. I'm just saying, overall, is us -- I mean we're not on an island saying this. It's not going to be a great year for construction, but we're going to do a little bit better because of those opportunities that I spoke of.

我非常明確地沒有這麼說。我只是說，總的來說，是我們——我的意思是我們不是在一個島上這麼說。今年不會是建築業的好年頭，但由於我談到的那些機會，我們會做得更好一些。

We will take the next question from Tim Thein from Citi.

我們將接受來自花旗銀行的 Tim Thein 的下一個問題。

Just the first is a clarification. Oddone, on the comment earlier about the revenue guidance change, you mentioned FX, obviously, was a positive. But did you say that was offset by lower volumes and pricing...

第一個是澄清。 Oddone，在早些時候關於收入指導變化的評論中，你提到 FX 顯然是積極的。但是你說這被較低的銷量和定價所抵消了嗎……

No, no, no, no. I said --. Sorry. I'd say that relative to Q1 the growth driven by volume and price needs to be a little bit lower relative to the Q1 growth. Last year, volume, price and FX...

不不不不。我說 - 。對不起。我想說，相對於第一季度，由數量和價格驅動的增長需要比第一季度的增長低一點。去年，數量、價格和外匯...

Right. Okay, you were clear on that earlier. Okay. I just want to make sure I heard that. And then on the -- Scott, you mentioned back to the market share comment, thinking from a high horsepower tractor standpoint, where are you on the -- in terms of the progress of getting ramped back up in Racine, and how does that play into -- assuming you're not back to 100%, as the year progresses, does that provide a more of a mix tailwind for you as you presumably output there. I'm guessing is increasing as we go through the year, but maybe just a comment on that and how meaningful that could be?

正確的。好吧，你之前說得很清楚了。好的。我只是想確定我聽到了。然後 - 斯科特，你提到了市場份額評論，從大馬力拖拉機的角度思考，你在哪裡 - 就拉辛的恢復進展而言，它是如何發揮作用的進入——假設你沒有回到 100%，隨著時間的推移，這是否會為你提供更多的混合順風，因為你可能在那裡輸出。我猜隨著我們一年的過去，這種情況會增加，但也許只是對此發表評論，這有多大意義？

Yes. I probably won't comment on how meaningful it could be. But I will tell you, we had our Board meeting earlier this week in Racine. So I got a chance to be on the floor and see the work that they're doing. We're ramping up, but by no means where we need -- we want to be or where our customers need us to be, there is a tremendous backlog globally for our high horsepower tractors. And the team is working really, really hard. I was encouraged by what I saw, but there's a lot of work to do there. And I'm confident that week after week, month after month, we're going to continue to produce more for the racing plant, and that will obviously be a benefit to our customers and to our financials as well. The high horsepower market -- cash crop market continues to be very strong. And I think our ability to continue to produce for that will be helpful for us.

是的。我可能不會評論它的意義。但我會告訴你，我們本週早些時候在拉辛召開了董事會會議。所以我有機會親眼目睹他們正在做的工作。我們正在加速發展，但絕不是在我們需要的地方——我們想去的地方或我們的客戶需要我們去的地方，我們的大馬力拖拉機在全球範圍內積壓了大量訂單。團隊真的非常非常努力地工作。我對所見所聞感到鼓舞，但還有很多工作要做。而且我相信一周又一周，一個月又一個月，我們將繼續為賽車工廠生產更多產品，這顯然對我們的客戶和我們的財務都有好處。大馬力市場——經濟作物市場繼續非常強勁。我認為我們繼續為此生產的能力將對我們有所幫助。

We will take the next question from Dillon coming from Morgan Stanley.

我們將接受來自摩根士丹利的 Dillon 的下一個問題。

I wanted to see if you could put a finer point on some of the comments around the lean initiatives and the sourcing savings. Again, so we get to a point, call it, middle of next year where supply chain is a lot better price costs in an issue. Where do you see the greatest relative opportunity between the 2 segments in terms of how impactful the savings opportunities, the lean initiatives...

我想看看您是否可以對有關精益計劃和採購節省的一些評論提出更好的觀點。再次，所以我們到了明年年中的一個點，供應鏈在一個問題上的價格成本要好得多。就節省機會、精益計劃的影響力而言，您認為這兩個部分之間最大的相對機會在哪裡……

Yes. Well, obviously, just by a size perspective, ag is going to get much more of the benefit. But Stefano and his team have already done a lot of lean work in Wichita. We're seeing actually the margins they delivered in the first quarter. And I think you'll see as the year plays out, shows a little bit of the benefit that we can get as we drive lean throughout the system. But obviously, because of the size and nature of ag, we get more savings there. We're going to get meaningful and consistent savings from lean throughout. But I think a bigger nut comes from the strategic sourcing. 

是的。好吧，顯然，僅從規模的角度來看，ag 將獲得更多的好處。但是 Stefano 和他的團隊已經在威奇托做了很多精益工作。我們實際上看到了他們在第一季度交付的利潤率。而且我認為隨著這一年的結束，您會看到我們在整個系統中推動精益生產時可以獲得的一些好處。但顯然，由於 ag 的規模和性質，我們在那裡可以節省更多。我們將從整個精益過程中獲得有意義且持續的節省。但我認為更大的堅果來自戰略採購。

And obviously, I don't get lucky very often, but that strategic sourcing is a little bit -- it doesn't happen right away. It's not an immediate negotiation. So we're actually going to be doing the negotiations later this year. And I think as we do that, we're going to be entering, and it's -- this is a multi-wave program. So we're in the first wave of what's likely to be 4 or 5. But that first wave of negotiations is going to come when overall inflation is better, commodity is going to be supply chain commodities are going to be down. So I think we'll be in a good position to get meaningful savings as we work through that. So we're encouraged by both the lean and sourcing initiatives, what they mean in '23, but really, really what they mean in '24 and beyond.

顯然，我並不經常走運，但戰略採購有點——它不會馬上發生。這不是立即談判。所以我們實際上將在今年晚些時候進行談判。我認為當我們這樣做時，我們將進入，這是一個多波程序。所以我們正處於可能是 4 或 5 的第一波談判中。但是當整體通貨膨脹更好時，第一波談判將會到來，商品將成為供應鏈商品將會下降。因此，我認為在我們努力解決這個問題的過程中，我們將能夠很好地節省大量資金。因此，我們對精益和採購計劃感到鼓舞，它們在 23 世紀的意義，但實際上，它們在 24 世紀及以後的意義。

We will take our final question from Kristen Owen from Oppenheimer.

我們將接受來自奧本海默的克里斯汀歐文的最後一個問題。

I'll be brief here. One is just a clarification again on the CE margins. Obviously, a very strong pricing. But do I understand correctly, there was still a fair amount of strike drag there. And just any commentary that you have around the regional exits and the impact that, that may have had on margins in the segment?

我會在這裡簡要介紹一下。一個是再次澄清 CE 利潤率。顯然，一個非常強大的定價。但我是否理解正確，那裡仍然有相當多的罷工阻力。您對區域退出以及可能對該細分市場的利潤率產生的影響有何評論？

Yes, the Burlington plant is also like Racine is ramping up. The construction team did take advantage to get some alternative sourcing done. So that also helped from a margin perspective. But I think both that will benefit the year. The exits of China and Russia, obviously, not helpful to us, but we've got those in the rearview mirror and really didn't hurt us much from a margin perspective in the quarter. But again, Stefano and his team have really done a lot of work with the portfolio, and we're encouraged what we'll be able to talk about next quarter when we have the call.

是的，伯靈頓工廠也像拉辛一樣在加速發展。施工團隊確實利用了一些替代資源。因此，從利潤率的角度來看，這也有所幫助。但我認為這兩者都會使今年受益。中國和俄羅斯的退出顯然對我們沒有幫助，但我們在後視鏡中看到了這些，從本季度的利潤率角度來看，確實沒有對我們造成太大傷害。但同樣，Stefano 和他的團隊確實在投資組合方面做了很多工作，我們很高興下個季度接到電話時能夠談論的內容。

Okay. That's helpful. I think I was maybe assuming that perhaps those exits, at least from China might be accretive to margins, not necessarily dilutive. Before you respond to that, just I want to fit my second question in the interest of time. It's not a topic that we talk about very often, I feel like on these calls, but can you just give us an update on aftermarket and parts? What percentage of revenue is that today? How much of that is Raven? And just how to think about the aftermarket business, specifically now that you're integrating more of these new acquisitions?

好的。這很有幫助。我想我可能假設這些退出，至少從中國退出可能會增加利潤率，而不一定會稀釋。在您對此作出回應之前，為了節省時間，我想先回答我的第二個問題。這不是我們經常談論的話題，我覺得在這些電話中很喜歡，但你能給我們介紹一下售後市場和零件的最新情況嗎？今天的收入佔多少百分比？ Raven 有多少？以及如何考慮售後市場業務，特別是現在您正在整合更多這些新收購的業務？

There's a whole lot there. So let's go see if I can see how good my memory is. First of all, China was -- the reason we exited because we weren't very good. And so the margin -- it wasn't a big enough business to impact our margins negatively before or positively going forward. So that's kind of wash. Aftermarket business is really, really good for us. Our team does a really, really nice job of managing that. We finally got our inventories up a little bit, so we can serve our customers better there. Overall, it's about 18% or 20% of our business.

那裡有很多。所以讓我們去看看我的記憶力有多好。首先，中國 - 我們退出的原因是因為我們不是很好。因此，利潤率——這不是一個足夠大的業務，無法在之前對我們的利潤率產生負面影響或對未來產生積極影響。所以這有點洗。售後市場業務對我們來說真的非常好。我們的團隊在管理這方面做得非常非常好。我們終於增加了一點庫存，這樣我們就可以更好地為那裡的客戶服務。總體而言，它約占我們業務的 18% 或 20%。

And Raven was an aftermarket business. So they're really, really good at it. And as we ramp up our capability with our tech stack, a significant portion of that is in aftermarket. And obviously, what we're most excited about is the integrated solutions that we can put in with the production, but there's a very, very notable opportunity for growth, share gains and margin expansion with the aftermarket from Raven and what we build out there.

Raven 是一家售後市場企業。所以他們真的非常擅長。隨著我們通過技術堆棧提高我們的能力，其中很大一部分是在售後市場。顯然，我們最興奮的是我們可以在生產中使用的集成解決方案，但是 Raven 的售後市場以及我們在那裡建立的產品有一個非常非常顯著的增長、份額收益和利潤擴張的機會.

There's no further questions. So I'll hand it back over to your host to conclude today's conference.

沒有其他問題了。所以我會把它交還給你的東道主來結束今天的會議。

Thank you, everyone, for joining today, and have a great day.

謝謝大家今天的加入，祝你有美好的一天。

Thank you for joining today's conference. You may now disconnect.

感謝您參加今天的會議。您現在可以斷開連接。