強鹿 (DE) 2025 Q2 法說會逐字稿

Good morning and welcome to Deere & Company second-quarter earnings conference call. (Operator Instructions) I would now like to turn the call over to Mr. Josh Beal, Director of Investor Relations. Thank you. You may begin.

早上好，歡迎參加迪爾公司第二季財報電話會議。（操作員指示）現在，我想將電話轉給投資人關係總監 Josh Beal 先生。謝謝。你可以開始了。

Hello. Welcome, and thank you for joining us on today's call. Joining me on the call today are John May, Chairman and Chief Executive Officer; Josh Jepsen, Chief Financial Officer; and Josh Rohleder, Manager, Investor Communications.

你好。歡迎您，感謝您參加今天的電話會議。今天與我一起參加電話會議的還有董事長兼執行長約翰‧梅 (John May)； Josh Jepsen，財務長；以及投資者通訊經理 Josh Rohleder。

Today, we'll take a closer look at Deere second quarter earnings and spend some time talking about our markets and our current outlook for fiscal 2025. After that, we'll respond to your questions. Please note that slides are available to complement the call this morning that can be accessed on our website at johndeere.com/earnings.

今天，我們將仔細研究迪爾第二季的收益，並花一些時間討論我們的市場和我們對 2025 財年的當前展望。之後，我們將回答您的問題。請注意，我們提供了幻燈片來補充今天早上的電話會議，您可以在我們的網站 johndeere.com/earnings 上訪問。

First, a reminder, this call is broadcast live on the internet and recorded for future transmission and use by Deere & Company. Any other use, recording or transmission of any portion of this copyrighted broadcast without the express written consent of Deere is strictly prohibited.

首先提醒一下，本次通話在網路上進行現場直播，並進行錄音，以供迪爾公司將來傳輸和使用。未經 Deere 明確書面同意，嚴禁以任何其他方式使用、錄製或傳輸該受版權保護的廣播的任何部分。

Participants in the call, including the Q&A session, agree that their likeness and remarks in all media may be stored and used as part of the earnings call. This call includes forward-looking statements concerning the company's plans and projections for the future that are subject to uncertainties, risks, changes in circumstances, and other factors that are difficult to predict.

參加電話會議（包括問答環節）的參與者同意，他們的肖像和在所有媒體上的言論可能會被儲存並用作收益電話會議的一部分。本次電話會議包含有關公司未來計劃和預測的前瞻性陳述，這些陳述受不確定性、風險、情況變化和其他難以預測的因素的影響。

Additional information concerning factors that could cause actual results to differ materially is contained in the company's most recent Form 8-K, Risk Factors in the Annual Form 10-K as updated by reports filed with the Securities and Exchange Commission.

有關可能導致實際結果出現重大差異的因素的更多信息，包含在公司最新的 8-K 表格、年度 10-K 表格中的風險因素，該表格已根據提交給美國證券交易委員會的報告進行了更新。

This call may also include financial measures that are not in conformance with accounting principles generally accepted in the United States of America, GAAP. Additional information concerning these measures, including reconciliations to comparable GAAP measures, is included in the release and posted on our website at johndeere.com/earnings under Quarterly Earnings and Events.

此呼籲還可能包括不符合美國公認會計原則 (GAAP) 的財務指標。有關這些指標的更多資訊（包括與可比較 GAAP 指標的對帳）均包含在本新聞稿中，並發佈在我們的網站 johndeere.com/earnings 的「季度收益和事件」下。

I will now turn the call over to John May for opening comments before we begin with our formal remarks.

在我們開始正式發言之前，我現在將電話轉給約翰·梅，請他發表開場評論。

Good morning, and thank you for joining us today. This quarter was marked by historic levels of volatility and significant uncertainty across our end markets given the dynamic global trade backdrop. During times like this, it's important to reflect on and reaffirm our core values and the priorities that drive our teams at John Deere every day, which we've noted on slide 3 of our presentation.

早安，感謝您今天加入我們。鑑於全球貿易的動態背景，本季我們的終端市場出現了歷史性的波動和巨大的不確定性。在這樣的時刻，重要的是反思和重申我們的核心價值以及推動約翰迪爾團隊日常工作的優先事項，我們在簡報的第 3 張幻燈片中已經提到了這一點。

Doing so helps us maintain our focus and resilience, providing a stable foundation that guides our decision-making and actions. Everything that we do at John Deere starts with our customers who provide food, fuel, clothing, shelter and infrastructure for the world.

這樣做有助於我們保持專注和韌性，為指導我們的決策和行動提供穩定的基礎。約翰迪爾所做的一切都是為了我們的客戶，他們為世界提供食物、燃料、衣服、住所和基礎設施。

We're honored to have served them for nearly 200 years, and we will continue to do so for the next 200. In times of uncertainty, we must remain steadfast in this commitment. Practically speaking, this means being deliberate in every action and keeping customers at the forefront of every decision.

我們很榮幸為他們服務了近200年，並且我們將在接下來的200年繼續為他們服務。在充滿不確定性的時期，我們必須堅定不移地履行這項承諾。從實際角度來說，這意味著在採取每一個行動時都要深思熟慮，並將客戶放在每個決策的首位。

We'll continue to honor our commitments from agreed-upon prices to delivering the highest level of uptime and reliability expected from our products. It's in times like these that we have the opportunity to foster new and strengthen existing customer relationships that end up enduring for generations.

我們將繼續履行我們的承諾，從商定的價格到提供我們產品所期望的最高水準的正常運作時間和可靠性。正是在這樣的時刻，我們才有機會培養新的客戶關係並加強現有的客戶關係，最終實現世代相傳。

Our second priority is our commitment to executing our plan, which involves taking actions to navigate more uncertain markets while also maintaining investments in value unlocking products and solutions. Our commitment to our smart industrial strategy remains unwavering.

我們的第二個優先事項是致力於執行我們的計劃，其中包括採取行動應對更不確定的市場，同時保持對價值釋放產品和解決方案的投資。我們對智慧工業戰略的承諾始終堅定不移。

The opportunity to make our customers more productive, profitable and sustainable is tremendous, and we never lose sight of that. In the near term, we'll continue to proactively manage what we can control, cost, production, inventory and quality to navigate this environment while driving the margins that fuel our investments in the future. Our performance this quarter is a powerful testament to the results that come from this approach.

讓我們的客戶更有效率、更有利潤、更永續的機會是巨大的，我們永遠不會忽視這一點。在短期內，我們將繼續積極管理我們能夠控制的成本、生產、庫存和質量，以應對這種環境，同時提高利潤率，為我們未來的投資提供動力。我們本季的業績有力地證明了這種方法所帶來的成果。

On that note, I'd like to commend our teams for the excellent results they delivered this quarter despite the difficult macro environment we were facing. Finally, I'd like to reaffirm our investment in the future. A future rooted in innovation that began nearly two centuries ago in a blacksmith shop in Grand Detour, Illinois.

就此而言，我要讚揚我們的團隊，儘管我們面臨著艱難的宏觀環境，但他們在本季度仍然取得了出色的成績。最後，我想重申我們對未來的投資。未來植根於創新，這種創新始於近兩個世紀前伊利諾伊州大彎鎮的一家鐵匠鋪。

Today, that innovative spirit continues with Smart Industrial, our strategy that combines investment in advanced technology with our legacy of manufacturing excellence. We're proud of our storied US history. And with nearly 80% of our US sales and 25% of our international sales built right here in US manufacturing locations, we stand by and continue to embrace our American manufacturing heritage as we deliver value for our customers around the world.

如今，這種創新精神透過智慧工業得以延續，我們的策略將對先進技術的投資與我們卓越的製造傳統相結合。我們為我們輝煌的美國歷史感到自豪。我們近 80% 的美國銷售額和 25% 的國際銷售額都來自美國製造基地，我們堅持並繼續秉承美國製造業的傳統，為全球客戶提供價值。

Smart Industrial unlocks value through the integration of cutting-edge technology with premium hard iron equipment. We will continue to robustly invest capital, and R&D to bring these integrated solutions to market, enhancing our global competitiveness.

智慧工業透過將尖端技術與優質硬鐵設備相結合來釋放價​​值。我們將繼續大力投入資金和研發，將這些整合解決方案推向市場，增強我們的全球競爭力。

I'm proud that this innovative work will build on our American routes, and we are prepared to invest $20 billion in the US over the next decade as we spearhead new product development, cutting-edge technologies and more advanced manufacturing.

我很自豪這項創新工作將以我們的美國航線為基礎，我們準備在未來十年內在美國投資 200 億美元，帶頭進行新產品開發、尖端技術和更先進的製造業。

These strategic investments are an opportunity to further leverage an already broad base of US assets that include over 60 facilities across 16 states, supported by a highly skilled workforce that has built John Deere into the iconic brand it is today.

這些策略投資為進一步利用已然廣泛的美國資產基礎提供了機會，這些資產包括遍布 16 個州的 60 多家工廠，並由高技能勞動力提供支持，這些勞動力將約翰迪爾打造成為如今的標誌性品牌。

As we look forward, we're more excited than ever about the opportunities ahead, and our ability to drive unparalleled value for our customers worldwide by leveraging our rich heritage. It's a testament to our dedication to innovation, excellence and our customers' success.

展望未來，我們比以往任何時候都對未來的機會感到更加興奮，我們有能力利用我們豐富的傳統為全球客戶創造無與倫比的價值。這證明了我們致力於創新、卓越和客戶的成功。

Thanks, John. We'll now proceed with our remarks on the quarter. John Deere delivered a better-than-expected second quarter with an 18.8% margin for the equipment operations, demonstrating exceptional execution amidst challenging market dynamics.

謝謝，約翰。我們現在繼續對本季度發表評論。約翰迪爾第二季業績優於預期，設備業務利潤率達到 18.8%，在充滿挑戰的市場環境中展現出卓越的執行力。

Notably, margins exceeded projections despite tariff headwinds due to better-than-expected sales and favorable production costs stemming from efficiency gains in our material sourcing and factory operations. However, as we look to the second half of the year, global uncertainty continues to weigh on customer sentiment across end markets.

值得注意的是，儘管面臨關稅阻力，但由於銷售情況優於預期，且材料採購和工廠營運效率提高導致生產成本降低，利潤率仍超過預期。然而，展望下半年，全球不確定性持續影響終端市場的客戶情緒。

And while the top end of our fiscal 2025 outlook remains relatively unchanged from prior guidance, a fluid tariff environment has led us to broaden our guidance range as we actively work to mitigate impact to both our customers and Deere.

儘管我們對 2025 財年前景的最高預期與先前的指引相比基本保持不變，但不斷變化的關稅環境促使我們擴大指引範圍，同時我們積極努力減輕對客戶和迪爾的影響。

Slide 4 opens with our results for the second quarter. Net sales and revenues were down 16% to $12.763 billion, while net sales for the equipment operations were down 18% to $11.171 billion. Net income attributable to Deere & Company was $1.804 billion or $6.64 per diluted share.

幻燈片 4 展示了我們第二季的業績。淨銷售額和收入下降 16% 至 127.63 億美元，而設備業務淨銷售額下降 18% 至 111.71 億美元。迪爾公司的淨利潤為 18.04 億美元，即每股收益 6.64 美元。

Turning to our individual segments. We begin with the Production and Precision Ag business on slide 5. Net sales of $5.23 billion were down 21% compared to the second quarter last year, primarily due to lower shipment volumes.

轉向我們各自的部分。我們從幻燈片 5 上的生產和精準農業業務開始。淨銷售額為 52.3 億美元，與去年第二季相比下降 21%，主要原因是出貨量下降。

Price realization was positive, but just under 1 point. Currency translation was negative by roughly 2 points. Operating profit was $1.148 billion, resulting in a 22% operating margin for this segment. The year-over-year decrease was primarily due to lower shipment volumes and an unfavorable sales mix, coupled with the negative effects of foreign currency exchange. These headwinds were partially offset by lower production costs and price realization.

價格實現呈正增長，但僅略低於 1 點。貨幣換算大約為負 2 個百分點。營業利益為 11.48 億美元，該部門的營業利益率為 22%。年比下降主要是由於出貨量下降、銷售組合不利，以及外匯匯率的負面影響。這些不利因素被較低的生產成本和價格實現部分抵消。

Moving now to Small Ag and Turf on slide 6. Net sales were down 6%, totaling $2.994 billion in the second quarter as a result of lower shipment volumes, partially offset by price realization. Price realization was positive by just under 1 point. Currency translation was negative by roughly 0.5 point.

現在轉到幻燈片 6 上的“小型農業和草皮”。由於出貨量下降，第二季淨銷售額下降 6%，總計 29.94 億美元，但部分被價格實現所抵銷。價格實現正向上漲略低於 1 點。貨幣換算大約為負0.5個百分點。

Operating profit was approximately flat year-over-year at $574 million, resulting in a 19.2% operating margin. Lower production costs, lower warranty expenses and price realization were offset by lower shipment volumes and an unfavorable sales mix.

營業利潤與去年同期基本持平，為 5.74 億美元，營業利益率為 19.2%。較低的生產成本、較低的保固費用和價格實現被較低的出貨量和不利的銷售組合所抵消。

Slide 7 gives our industry outlook for Ag and Turf markets globally. We continue to expect large ag equipment industry sales in the US and Canada to be down approximately 30%, due to pressures from high interest rates, elevated late model used inventory levels and trade uncertainty.

幻燈片 7 展示了我們對全球農業和草皮市場的行業展望。我們繼續預計，由於高利率、二手後期型號庫存水準上升以及貿易不確定性帶來的壓力，美國和加拿大大型農業設備行業的銷售額將下降約 30%。

These headwinds are slightly mitigated by stable crop prices, given tighter global stocks and bolstered farm balance sheets, strengthened by the distribution of government funds. For Small Ag and Turf in the US and Canada, industry demand is now expected to be down between 10% and 15%.

由於全球庫存趨緊、農場資產負債表得到加強以及政府資金的分配，穩定的農作物價格略微緩解了這些不利因素。對於美國和加拿大的小型農業和草皮行業來說，預計行業需求將下降 10% 至 15%。

While the dairy and livestock segment remains at historically strong levels of profitability and certain high-value crops like almonds return to profitability, equipment purchases remained subdued due to prevailing uncertainties and elevated costs. Demand has been further restrained by deterioration in turf and compact utility tractor sales due to consumer confidence and high interest rates weighing on purchase decisions.

儘管乳製品和畜牧業仍保持著歷史性的強勁盈利水平，杏仁等某些高價值作物也恢復了盈利能力，但由於普遍存在的不確定性和成本上升，設備採購依然低迷。由於消費者信心和高利率影響購買決策，草坪和小型多用途拖拉機銷售惡化，需求進一步抑制。

Moving to Europe. The industry is still projected to decrease approximately 5%. Sentiment in the region is trending higher given strong dairy and livestock margins and an improving arable outlook. Stabilized commodity prices and input costs, along with improving interest rate environment, should provide more planning certainty despite below average yields in key markets.

移居歐洲。預計該行業仍將下降約5％。由於乳製品和牲畜利潤豐厚以及耕地前景改善，該地區的情緒呈上升趨勢。儘管主要市場的收益率低於平均水平，但穩定的大宗商品價格和投入成本以及不斷改善的利率環境應該能為規劃提供更多的確定性。

In South America, industry sales forecast for tractors and combines remain roughly flat. In Brazil, sentiment continues to improve as crop yields recover and corn and soybean profitability returns. Additionally, continued high margins and coffee production are driving increased demand for small and midsized tractors.

在南美，拖拉機和聯合收割機的產業銷售預測基本上保持穩定。在巴西，隨著農作物產量回升以及玉米和大豆獲利能力的恢復，市場情緒持續改善。此外，持續的高利潤率和咖啡產量正在推動對中小型拖拉機的需求增加。

However, record crop production levels are likely to put pressure on commodity prices capping overall growth in farm profitability for the region, while high interest rates continue to temper demand. Industry sales in Asia are now projected to be flat as the outlook for tractor sales in India improves, supported by favorable growing conditions, steady crop acreage and increased availability for agricultural credit.

然而，創紀錄的農作物產量可能會對大宗商品價格造成壓力，限制該地區農場獲利能力的整體成長，而高利率將繼續抑制需求。由於印度的拖拉機銷售前景好轉，加上良好的生長條件、穩定的農作物種植面積和農業信貸可用性的增加，預計亞洲的行業銷售額將持平。

Next, our segment forecast begin on slide 8. For Production and Precision Ag, our net sales forecast for the full year remains down between 15% and 20%. The forecast now assumes roughly 1 point of positive price realization for the full year, offset by 1.5 points of negative currency translation. Our full year forecast for the segment's operating margin is now between 15.5% and 17% primarily due to tariff impacts.

接下來，我們的細分預測從第 8 張投影片開始。對於生產和精準農業，我們預測全年淨銷售額仍將下降 15% 至 20%。目前的預測假設全年價格實現約 1 個點的正值，抵銷 1.5 個點的負貨幣換算。我們對該部門全年營業利潤率的預測目前在 15.5% 至 17% 之間，這主要歸因於關稅的影響。

Slide 9 shows our forecast for the Small Ag and Turf segment. We now expect net sales to be down between 10% and 15%. The guide includes a 0.5 point of positive price realization and flat currency translation.

幻燈片 9 顯示了我們對小型農業和草坪領域的預測。我們現在預計淨銷售額將下降 10% 至 15%。該指南包括 0.5 點的正價格實現和固定貨幣轉換。

Reduction from the prior quarter is primarily due to softening demand in the US turf and compact utility tractor segment, partially offset by improved sales projections for midsized tractors in Europe and small tractors in India. The segment's operating margin guide is now between 11.5% and 13.5%, primarily due to tariff impacts and the reduction in projected US turf and compact utility tractor shipment volumes.

與上一季相比，銷售額的下降主要由於美國草坪和小型多用途拖拉機市場需求疲軟，但歐洲中型拖拉機和印度小型拖拉機銷售預測的提高部分抵消了這一影響。該部門的營業利潤率指引目前在 11.5% 至 13.5% 之間，主要原因是關稅影響以及預計美國草皮和緊湊型多用途拖拉機出貨量的減少。

Shifting over to Construction and Forestry on slide 10. Net sales for the quarter declined roughly 23% year-over-year to $2.947 billion due to lower shipment volumes. Price realization was negative by just under 1.5 points.

轉到第 10 張投影片上的「建築與林業」。由於出貨量下降，本季淨銷售額年減約 23% 至 29.47 億美元。價格實現負成長略低於 1.5 個百分點。

Currency translation was also negative by roughly less than 0.5 point. Operating profit was down year-over-year at $379 million, resulting in a 12.9% operating margin due primarily to lower shipment volumes and an unfavorable sales mix as well as negative price realization.

貨幣換算也出現了約不到 0.5 個點的負面變化。營業利潤年減至 3.79 億美元，營業利潤率為 12.9%，主要原因是出貨量下降、銷售組合不利以及價格實現為負。

Slide 11 describes our Construction and Forestry outlet. Industry sales projections for earthmoving equipment in the US and Canada remain unchanged, with construction equipment expected to be down around 10% and compact construction equipment expected to be down around 5%.

幻燈片 11 介紹了我們的建築和林業出口。美國和加拿大土方設備的行業銷售預測保持不變，其中建築設備預計下降約 10%，小型建築設備預計將下降約 5%。

End markets continued to see high utilization as construction backlogs are steady and construction employment remains at all-time highs. However, great uncertainty and high interest rates are pressuring order activity for both construction and compact construction equipment.

由於建築積壓量穩定且建築業就業率仍處於歷史最高水平，終端市場繼續保持高利用率。然而，巨大的不確定性和高利率正在給建築和小型建築設備的訂單活動帶來壓力。

US government infrastructure spending continues to provide support to the industry. However, projections for single-family housing starts are moderating given macro uncertainty and higher mortgage rates. Similarly, rental sales continued to soften, while high interest rates continue to pressure multifamily and commercial real estate markets.

美國政府基礎設施支出繼續為該行業提供支援。然而，鑑於宏觀不確定性和抵押貸款利率上升，對獨棟住宅開工量的預測正在放緩。同樣，租賃銷售持續疲軟，而高利率繼續給多戶住宅和商業房地產市場帶來壓力。

Global forestry markets are expected to be flat to down 5% as all global markets remain challenged. Global road building markets are forecasted to be roughly flat, with continued strong end market demand globally. In particular, record sales at our Bauma trade show in April reinforced the uptick we're seeing in sentiment and demand throughout Europe.

由於全球所有市場仍面臨挑戰，預計全球林業市場將持平或下降 5%。預計全球道路建設市場將基本持平，全球終端市場需求持續強勁。尤其是四月我們在寶馬展上創下的銷售記錄，進一步增強了我們在整個歐洲看到的市場情緒和需求的上升趨勢。

Moving on to the Construction and Forestry segment outlook on slide 12. 2025 net sales remain forecasted to be down between 10% and 15%. Net sales guidance for the year includes one point of negative net price realization and flat currency translation. The segment's operating margin is now projected to be between 8.5% and 11.5%, due primarily to tariff impacts and to a lesser degree, lower price realization.

繼續第 12 張幻燈片上的建築和林業部門展望。預計 2025 年淨銷售額仍將下降 10% 至 15%。全年淨銷售額指引包括一點負淨價格實現和貨幣平價。該部門的營業利潤率目前預計在 8.5% 至 11.5% 之間，這主要是由於關稅的影響以及價格實現的降低（在較小程度上）。

Now transitioning to our Financial Services operations on slide 13. Worldwide Financial Services net income attributable to Deere & Company in the second quarter was $161 million. Net income was flat due to less favorable financing spreads and a higher provision for credit losses which were offset by lower SA&G expenses and a reduction in derivative valuation adjustments.

現在轉到第 13 張投影片上的金融服務業務。迪爾公司第二季全球金融服務淨收入為 1.61 億美元。淨收入持平，原因是融資利差減少和信貸損失準備金增加，但被 SA&G 費用減少和衍生性商品估值調整減少所抵銷。

For fiscal year '25, our outlook remains at $750 million as benefits from a favorable compare to special items related to the sale of Banco John Deere and lower SA&G expenses are partially offset by less favorable financing spreads.

對於 25 財年，我們的預期仍為 7.5 億美元，因為與出售 Banco John Deere 相關的特殊項目相比有利的收益以及較低的 SA&G 費用被不太有利的融資利差部分抵消。

And finally, slide 14 outlines our guidance for net income, effective tax rate and operating cash flow. For fiscal year 2025, our outlook for net income has widened to between $4.75 billion and $5.5 billion. Next, our guidance incorporates an effective tax rate between 20% and 22% -- 20% and 22%. And lastly, cash flow from the equipment operations remains projected between $4.5 billion and $5.5 billion. This concludes our formal comments.

最後，第 14 張投影片概述了我們對淨收入、有效稅率和經營現金流的指導。對於 2025 財年，我們的淨收入預期已擴大至 47.5 億美元至 55 億美元之間。接下來，我們的指導意見將有效稅率納入 20% 至 22% 之間——20% 至 22%。最後，設備營運的現金流預計仍將在 45 億美元至 55 億美元之間。我們的正式評論到此結束。

We'll now shift to a few topics specific to the quarter before we open up the lines to questions from our investors. Let's begin our discussion with Deere's performance in the quarter. We saw net sales increase sequentially, albeit down year-over-year.

在回答投資者的問題之前，我們現在將轉向本季的幾個具體主題。讓我們從迪爾本季的表現開始討論。我們看到淨銷售額環比成長，儘管同比有所下降。

Additionally, margins were down roughly 2 points year-over-year but grew sequentially to come in at just under 19% for the quarter. While there are clearly macro headwinds at play, the quarter represents strong operational performance.

此外，利潤率年減約 2 個百分點，但季增至本季略低於 19%。儘管宏觀環境明顯面臨不利因素，但本季的營運表現依然強勁。

So Josh Beal, can you kick us off with the breakdown of the quarter?

那麼 Josh Beal，您能先為我們介紹一下本季的具體情況嗎？

Sure, Josh. And I think John said it best earlier. This quarter was about resilience through uncertainty. Despite the macro volatility, we executed to plan and achieved better-than-expected results across all three of our equipment operations segment. Our factories ran well, supporting higher-than-expected sales volumes, particularly in North American Large Ag.

當然，喬希。我認為約翰之前說得最好。本季的主題是應對不確定性的韌性。儘管宏觀經濟波動，我們仍按計劃執行，並在所有三個設備營運部門中取得了好於預期的業績。我們的工廠運作良好，支持了高於預期的銷售量，特別是在北美大型農業領域。

Additionally, production cost favorability was better than anticipated, reflecting our focus on driving material cost and overhead out of the business as we manage through this downturn. Also, recall that lower net sales in the first quarter reflected a shift of shipments to later in the fiscal year. This quarter, we saw some of those volumes materialize.

此外，生產成本的有利性優於預期，反映出我們在渡過這段經濟低迷時期時專注於降低業務中的材料成本和管理費用。另外，回想一下，第一季淨銷售額的下降反映了出貨量轉移到了財政年度後期。本季度，我們看到其中一些數量已經實現。

Turning to Construction and Forestry, our second quarter results reflected a return to seasonal production in line with retail demand across our earthmoving factories, which were shut down for nearly half of the first quarter as we right size inventory levels.

談到建築和林業，我們的第二季度業績反映出，隨著土方工廠的零售需求恢復到季節性生產，由於我們調整庫存水平，這些工廠在第一季的近一半時間裡處於關閉狀態。

Sequential sales and margin improvements were partially offset by negative price realization in the quarter. However, our road building business delivered another quarter of strong margins and a stable global sales, helping support our overall division financials.

連續的銷售額和利潤率的提高被本季的負價格實現部分抵銷。然而，我們的道路建設業務又一個季度實現了強勁的利潤率和穩定的全球銷售額，有助於支撐我們整個部門的財務狀況。

Maybe one final point on the quarter. It's important to contextualize that the equipment operations results that we delivered were net of roughly $100 million in incremental tariff headwinds. All in, we feel really good about what we were able to accomplish across all divisions in Q2.

這可能是本季的最後一點。重要的是，我們所交付的設備營運結果扣除了約 1 億美元的增量關稅阻力。總而言之，我們對第二季各部門的成就感到非常滿意。

Thanks, Josh. That's a great segue into my next question, which is probably top of mind for everyone, given there's been a lot of fluctuation in trade policy over the last few months. As you noted, we saw roughly $100 million of tariff headwinds in the second quarter. What should we expect going forward? And what have we incorporated into our guide for the rest of the year?

謝謝，喬希。這很好地引出了我的下一個問題，考慮到過去幾個月貿易政策發生了許多波動，這可能是每個人最關心的問題。正如您所說，我們在第二季度遭遇了約 1 億美元的關稅逆風。我們對未來有何期待？那麼，我們在今年剩餘時間的指南中加入了哪些內容呢？

Sure, Josh, as you noted, the trade environment is certainly fluid, evidenced by trade agreements and adjustments to tariff levels announced in this past week. We're monitoring these developments closely while concurrently planning and executing mitigation strategy.

當然，喬希，正如你所說，貿易環境肯定是不斷變化的，這從上周宣布的貿易協定和關稅水準調整就可以看出。我們正在密切監視這些事態發展，同時規劃和執行緩解策略。

To provide context on Deere's potential tariff exposure, we provided a geographic breakdown of US complete good and component sourcing in the appendix of today's slide deck.

為了提供有關迪爾潛在關稅風險的背景信息，我們在今天的幻燈片附錄中提供了美國完整商品和零件採購的地理細分。

As John noted earlier, nearly 80% of US complete goods sales are from products billed at our US manufacturing facilities, with over 75% of the components used at those facilities sourced from US-based suppliers. The majority of US completed goods sales sourced outside the US are tied to midsized tractors and road building equipment from Europe.

正如約翰先前指出的，美國整機銷售額的近 80% 都來自我們美國製造工廠生產的產品，而這些工廠使用的零件有 75% 以上都來自美國供應商。美國境外銷售的成品大部分與來自歐洲的中型拖拉機和道路建設設備有關。

On the component side, our primary non-US sourcing was from Mexico and Europe. As it relates to our forecast, we expect a pre-tax tariff impact in fiscal year 2025 of just over $500 million, should these tariff levels continue throughout the remainder of the fiscal year.

在零件方面，我們主要的非美國採購地是墨西哥和歐洲。根據我們的預測，如果這些關稅水準在本財政年度剩餘時間內持續下去，我們預計 2025 財年的稅前關稅影響將略高於 5 億美元。

This forecast is based on the impact of tariffs in effect as of May 13, including the reductions in reciprocal and retaliatory tariffs between China and the United States announced earlier this week. Using this baseline assumption as a starting point, we've expanded our guidance range to account for scenarios that may evolve as the year plays out.

該預測基於5月13日生效的關稅影響，包括本週稍早宣布的中美互惠和報復性關稅的削減。以這個基準假設為起點，我們擴大了指導範圍，以考慮今年可能出現的情況。

For context on the split by business unit, we would expect 40% of the costs to impact our Construction and Forestry operations, with about 35% hitting Small Ag and Turf, and about 25% hitting Production and Precision Ag.

從業務部門劃分來看，我們預計 40% 的成本將影響我們的建築和林業業務，約 35% 的成本將影響小型農業和草坪業務，約 25% 的成本將影響生產和精準農業業務。

Hey this is Jepsen. I'd like to quickly call out a few of the mitigation efforts. We're taking to minimize the impact of tariffs on our customers, dealers in Deere. Teams across the organization are working diligently not only to understand and quantify risks, as Josh Beal noted, but also to mitigate impacts where they're clear executable solutions available.

嘿，我是傑普森。我想快速地介紹一些緩解措施。我們正在採取措施盡量減少關稅對我們的客戶、迪爾經銷商的影響。正如 Josh Beal 所指出的，整個組織的團隊都在努力工作，不僅要了解和量化風險，還要在有明確可執行解決方案的情況下減輕影響。

One example is the work we've done to certify eligible products for USMCA and ag use-only exemptions from Mexico and Canada. These certifications were not required historically as our products were generally duty-free. In only a few weeks, we've been able to successfully certify complete goods and components that make up the majority of the potential exposure from these countries.

其中一個例子就是我們為認證符合 USMCA 的產品以及墨西哥和加拿大的農業專用豁免而進行的工作。由於我們的產品通常免稅，因此歷史上不需要這些認證。在短短幾週內，我們已經能夠成功認證構成這些國家潛在暴露的大部分完整商品和零件。

Additionally, our supply management team has been working to optimize our global trade flows, actively moving component sourcing where we see no regret solutions. Overall, our teams are doing exceptional job to position us well as we navigate the current environment.

此外，我們的供應管理團隊一直致力於優化我們的全球貿易流程，積極將零件採購轉移到我們認為不會後悔的解決方案。總體而言，我們的團隊表現出色，幫助我們在當前環境中取得良好進展。

Now turning to potential price actions. We don't see much opportunity for price mitigation to impact fiscal 2025, given our order books for most product lines are nearly full for the remainder of the year. That being said, we're contemplating tariff impacts on our cost structure as we look to model year 2016 pricing.

現在轉向潛在的價格行為。鑑於今年剩餘時間大多數產品線的訂單已基本滿，我們認為價格下降對 2025 財年的影響機會不大。話雖如此，我們在考慮 2016 年車型的定價時，正在考慮關稅對我們的成本結構的影響。

However, we are doing so being very mindful of the dynamic environment and the pressures our customers have had to deal with over the past few years.

然而，我們這樣做時非常關注動態環境以及我們的客戶在過去幾年中必須應對的壓力。

Thanks for that color, Josh and Josh. Going back to the breakdown on tariff cost by segment, can you walk us through why we're seeing such outsized impact on our C&F business? And then more broadly, can you give us an update on market commentary and how that's impacting our guide?

感謝那個顏色，喬希和喬希。回到按部分劃分的關稅成本明細，您能否向我們解釋為什麼我們的 C&F 業務會受到如此大的影響？然後更廣泛地說，您能否向我們提供有關市場評論的最新資訊以及這對我們的指南有何影響？

It's a great call out, Josh, and an important point to clarify. I'll start by reiterating that the majority of the margin compression seen in our updated C&F guide this quarter was driven by forecasted tariff impacts. That exposure is primarily driven by three areas.

喬希，這是一個很好的呼籲，也是一個需要澄清的重要觀點。首先我要重申，本季我們更新的 C&F 指南中看到的利潤率壓縮大部分是由預測的關稅影響造成的。這種曝光主要受到三個領域的推動。

First, US sales from our road building business are exposed to the 10% global tariffs as production is located almost entirely in Germany. Second, we currently operate under a supply agreement with our former JV partner for excavators, a product line that makes up roughly 40% of the earthmoving market.

首先，由於生產幾乎全部在德國進行，我們在美國的道路建設業務的銷售面臨 10% 的全球關稅。其次，我們目前與前合資夥伴簽訂了挖土機供應協議，該產品線約佔土方市場的 40%。

This supply agreement applies to both complete goods sourced from Japan, along with Japanese source components for production in our North Carolina factory. It's important to note, however, that this exposure will reduce over the next few years as we begin to roll out Deere design and US manufactured excavators.

該供應協議適用於從日本採購的整機以及在我們北卡羅來納州工廠生產的日本零件。然而，值得注意的是，隨著我們開始推出 Deere 設計和美國製造的挖土機，這種風險在未來幾年內將會降低。

Finally, the earthmoving market is more exposed to China component sourcing than our ag business, given the robust and mature supply base for construction equipment that developed in that region over the past two decades.

最後，鑑於過去二十年來中國地區已經形成了強大而成熟的建築設備供應基礎，土方工程市場比我們的農業業務更容易受到中國零件採購的影響。

Looking at the C&F industry, utilization of earthmoving equipment in our end markets remains healthy, while current uncertainty has weighed on new equipment replacement demand. Higher levels of price competition are also impacting the first moving market, which is reflected in our revised pricing outlook for the year. It's notable, though, that better than expected material favorability is helping to offset some of the margin impact of the additional pricing actions that we're taking.

縱觀 C&F 產業，我們終端市場的土方設備利用率依然保持健康，而當前的不確定性對新設備更換需求造成了壓力。價格競爭加劇也對首次搬家市場產生了影響，這反映在我們對今年價格前景的修訂中。值得注意的是，好於預期的材料有利性有助於抵消我們採取的額外定價行動對利潤率造成的部分影響。

This is Jepsen. One thing I'd like to add here relates to our road building business. Just this past month, we were in Munich for Bauma, the world's largest construction machinery show held every three years. This is an incredible event for our Wirtgen team.

這是傑普森。我想在這裡補充一點與我們的道路建設業務有關的內容。就在上個月，我們去了慕尼黑參加每三年舉辦一次的世界上最大的建築機械展 Bauma。對於我們維特根團隊來說，這是一件令人難以置信的事情。

Not only do we see strong sentiment and record orders, but we had the opportunity to showcase the significant strides we're making in tech advancements for the industry, including the launch of the John Deere operations center for road building production systems.

我們不僅看到了強勁的市場情緒和創紀錄的訂單，而且我們還有機會展示我們在行業技術進步方面取得的重大進步，包括推出約翰迪爾道路建設生產系統營運中心。

This was on top of the integration of John Deere engines, guidance systems and displays into road building equipment at the show. Given the significant similarities between large ag and road building in terms of repeatable jobs and precise execution to define specifications, we can extend the John Deere tech stack to Wirtgen equipment to enable more digitalization, automation and ultimately, value for our customers.

這是在展會上將約翰迪爾引擎、導航系統和顯示器整合到道路建設設備之上的另一個舉措。鑑於大型農業和道路建設在可重複工作和精確執行以定義規格方面具有顯著的相似性，我們可以將 John Deere 技術堆疊擴展到 Wirtgen 設備，以實現更多的數位化、自動化，並最終為我們的客戶創造價值。

Yeah, this is John. It's important to highlight that the Wirtgen tech story is exactly what we envisioned when we launched our smart industrial strategy in 2020. By focusing on the jobs that our customers do in their respective production systems, we can target our development to solve their biggest pain points.

是的，這是約翰。值得強調的是，維特根科技的故事正是我們在 2020 年推出智慧工業策略時所設想的。透過專注於客戶在各自生產系統中所做的工作，我們可以有針對性地進行開發，以解決他們最大的痛點。

Combining that focus with a centralized tech stack, which makes leveraging technology across production systems easier and more efficient, we can bring value accretive solutions to our customers faster and with greater impact and better capital allocation.

將這一重點與集中式技術堆疊相結合，可以更輕鬆、更有效率地利用跨生產系統的技術，我們可以更快地為客戶帶來增值解決方案，並產生更大的影響並實現更好的資本配置。

Thanks, John. It's really exciting to watch as our tech stack expands beyond just our large ag business. Turning now to ag. I'd like to start with farm fundamentals. So Josh Beal, can you walk us through what our farmers are experiencing as well as what that means for Deere in the back half of the year?

謝謝，約翰。看到我們的技術堆疊擴展到不僅僅是大型農業業務，這真是令人興奮。現在轉向 ag。我想從農場基礎開始。那麼 Josh Beal，您能否向我們介紹一下我們的農民正在經歷什麼，以及這對今年下半年的 Deere 意味著什麼？

Yeah, sure thing, Josh. Trade uncertainty is having an impact on customer sentiment, creating a headwind for the market. However, crop prices have generally stabilized, albeit at lower profitability levels due to tight stocks driven by better-than-expected consumption and lower than expected crop production.

是的，當然可以，喬希。貿易不確定性正在影響消費者情緒，為市場帶來阻力。不過，儘管由於消費量優於預期、作物產量低於預期導致庫存緊張，獲利水準較低，但作物價格整體趨於穩定。

Notably, excluding China stock, global grain and oilseed stocks-to-use ratios are roughly at 20 year lows. Additionally, input costs have fallen for a third consecutive year, though they remain above long-term averages.

值得注意的是，不包括中國庫存，全球穀物和油籽庫存與使用量的比率大約處於20年來的最低水準。此外，投入成本已連續第三年下降，儘管仍高於長期平均水準。

Finally, nearly 75% of the $10 billion in direct US government payments under the emergency commodity assistance program have been distributed, providing American farmers with liquidity following a challenging 2024, 2025 crop year. And so when excluding tariffs, we've seen some stabilization in the North American ag market, which offers some reassurance should uncertainty levels abate over the course of the year.

最後，美國政府根據緊急商品援助計劃直接支付的 100 億美元中，近 75% 已經發放，為美國農民在 2024 年和 2025 年農作物年面臨挑戰後提供了流動性。因此，當排除關稅時，我們看到北美農業市場有所穩定，這為今年不確定性水準的降低提供了一些保證。

It's also worth noting that as we saw with the trade deal announced last week with the UK, ag commodities and ag based energy are at the forefront of the US administration's trade policy agenda. Additional demand and market access for US producers is positive and incremental demand may drive improved prices based on the tight stocks to use ratios that Josh mentioned.

另外值得注意的是，正如我們上週與英國宣布的貿易協議所看到的那樣，農產品和農業能源處於美國政府貿易政策議程的重中之重。對於美國生產商來說，額外的需求和市場准入是積極的，增量需求可能會根據 Josh 提到的緊張的庫存使用比率推動價格上漲。

Good point, Josh. Shifting to global markets, we are continuing to see early signs of sentiment shift in South America as Brazilian farmers benefit from improved corn and soybean profitability as crop yields recover amid a weakened real.

說得好，喬希。轉向全球市場，我們繼續看到南美市場情緒轉變的早期跡象，因為在雷亞爾走弱的情況下，巴西農民受益於玉米和大豆盈利能力的提高，作物產量也隨之回升。

While European markets remain at sub trough levels, we're seeing some green shoots in that region as well. European growers are seeing stability in wheat prices which along with a return to trend yields, should support a recovery in key arable crop markets alongside an already strong dairy and livestock segment.

儘管歐洲市場仍處於低谷水平，但我們也看到該地區出現了一些復甦跡象。歐洲種植者看到小麥價格趨於穩定，加上產量恢復到趨勢水平，這應該會支持主要耕地作物市場以及本已強勁的乳製品和牲畜市場的復甦。

Turning to order books. Availability for both North American produced large tractors and European-produced mid tractors as into October. And in Brazil, our order books are full through the third quarter. It's worth noting that we have less order visibility in turf equipment and compact utility tractors. The reduction in our small ag and turf guide embeds lower demand in these markets, driven by weaker consumer confidence.

轉向訂購書籍。北美生產的大型拖拉機和歐洲生產的中型拖拉機將於 10 月上市。在巴西，我們的訂單已經排到第三季了。值得注意的是，我們對草皮設備和小型多用途拖拉機的訂單了解較少。由於消費者信心減弱，我們的小型農業和草坪指南的減少意味著這些市場的需求下降。

Perfect. Thanks, Josh. Shifting to inventory. Can you unpack what we're seeing over the last quarter for both new and used?

完美的。謝謝，喬希。轉入庫存。您能否分析一下上個季度新車和二手車市場的情況？

Yeah, absolutely. The current focus for Deere is centered on used inventory in North America as actions we took over the prior 18 months helped to right size new inventory levels in the US and globally. For example, in North America, our new inventory for tractors above 220 horsepower is down over 40% year-over-year on a unit basis, while new combines are down nearly 25%.

是的，絕對是如此。迪爾目前的重點是北美的二手庫存，因為我們在過去 18 個月採取的行動有助於調整美國和全球的新庫存水準。例如，在北美，我們220匹馬力以上拖拉機的新庫存量較去年同期下降了40%以上，而新聯合收割機的庫存量下降了近25%。

The story is a little bit different for used inventory or a higher-than-normal mix of late-model year tractors continues to persist in the North American market. While Deere used high horsepower tractors were up slightly quarter-over-quarter, it's important to call out the seasonal build in use that occurs as pre-planting deliveries of new equipment to drive a higher level of trade in.

二手庫存的情況略有不同，北美市場上最新拖拉機的庫存比例仍然高於正常水準。雖然迪爾公司的二手大馬力拖拉機的銷量比上一季略有增長，但必須指出的是，由於播種前新設備的交付，季節性的使用量有所增加，從而推動了更高水平的以舊換新。

Despite the seasonal increase, we feel confident in our plan to reduce use tracker inventories. As we've seen the impact of similar actions, reduced combined inventory by nearly double digits year-over-year to below the 10 year average.

儘管存在季節性增長，但我們對減少使用追蹤器庫存的計劃充滿信心。正如我們所見，類似行動的影響是，合併庫存同比下降了近兩位數，降至十年平均值以下。

Notably in combine, late-model year equipment has declined more significantly than other vintages, helping return used combines to a more normal distribution of equipment age. Through increased contributions to full funds for dealer development, new financing options that support customer purchases and make incentive dollars go further and our dealer network working with every customer to understand their individual needs for executing our plan to drive down used inventories.

值得注意的是，在聯合收割機中，較新型號設備的衰退幅度比其他年份的設備更為顯著，這有助於使二手聯合收割機的設備年齡分佈恢復到更正常的水平。透過增加對經銷商發展的全額資金投入、支持客戶購買並使獎勵金發揮更大作用的新融資選擇，以及我們的經銷商網絡與每位客戶合作以了解他們的個人需求，從而執行我們的計劃以降低二手庫存。

Yeah, this is John. It's worth emphasizing that we are tightly aligned with our channel and our focus on rightsizing that secondary market that Josh referred to. We have the best dealers in the industry. And together, we're taking the actions needed to bring down tractor inventories. I'm confident that our approach will yield results and I'm appreciative of our dealers for their support in this effort.

是的，這是約翰。值得強調的是，我們與我們的管道緊密結合，並專注於 Josh 提到的二級市場的合理規模。我們擁有業內最好的經銷商。我們正在共同採取必要措施降低拖拉機庫存。我相信我們的方法會產生效果，我感謝我們的經銷商對此努力的支持。

Thanks John and Josh. Continuing with large ag. 2025 represents a major milestone in our tech journey, as we not only announced the commercialization of autonomous tillage in model year '26, but we're also lapping the first year cohort of tech offerings like See & Spray and Precision Essentials. Can you give us an update on the latest progress across our Precision Ag Solutions?

感謝約翰和喬希。繼續進行大型農業。 2025 年是我們技術旅程中的一個重要里程碑，因為我們不僅宣佈在 26 車型年實現自動耕作的商業化，而且還在推出 See & Spray 和 Precision Essentials 等第一年的技術產品。您能否向我們介紹精準農業解決方案的最新進展？

Absolutely, Josh, and I think it's important to frame this across three areas, capabilities, adoption and utilization. I'll start with capabilities, which is a part of this tech journey that we don't speak about enough and is underappreciated in terms of its importance.

當然，喬希，我認為從三個方面來建構這一點很重要，即能力、採用和利用。我將從能力開始，這是技術之旅的一部分，我們對此討論得不夠，其重要性也未得到充分重視。

Capabilities of the foundational building blocks, primarily internal to Deere and our dealers that ensure our customers are maximizing the value of our technology in a seamless and easy-to-access manner. We've been investing in these capabilities for the last several years and are now beginning to see their benefits come to fruition.

基礎建置模組的功能主要在 Deere 和我們的經銷商內部實現，以確保我們的客戶以無縫且易於存取的方式最大化我們的技術價值。過去幾年我們一直在投資這些功能，現在開始看到它們帶來的好處。

For example, we've implemented and scaled a license management system integrated with the John Deere operations center to handle hundreds of thousands of licenses, enhancing the customer experience for purchasing and renewing solutions.

例如，我們實施並擴展了與 John Deere 營運中心整合的許可證管理系統，以處理數十萬個許可證，從而增強了客戶購買和續約解決方案的體驗。

We've also built out a customer success function that helps ensure our customers are getting the most out of our technologies. For example, this spring season, we're using automated intervention to ensure that customers are realizing the full value of See & Spray in the field.

我們也建立了客戶成功功能，幫助確保我們的客戶充分利用我們的技術。例如，今年春季，我們使用自動幹預來確保客戶在現場充分實現 See & Spray 的價值。

Our channels aligned with us in this work as our dealers are also investing in capabilities through connected support and precision ag specialist roles that support customers as we integrate new solutions and technologies into their operation. These capabilities are a foundational platform that will continue to build as we progress on our smart industrial journey.

我們的通路在這項工作中與我們保持一致，因為我們的經銷商也在透過互聯支援和精準農業專家角色來投資能力，在我們將新的解決方案和技術融入客戶的營運中時為客戶提供支援。這些能力是一個基礎平台，隨著我們在智慧工業過程中不斷前進，它將繼續建立。

Turning to adoption. We're seeing continued growth in customers choosing Precision Tech as we expand our suite of offerings and bring them to more geographies across the globe. Furthermore, for many of these technologies, our Solutions as a Service business model makes tech more affordable, accessible and adaptable for our customers, a perfect example is Precision Essentials.

轉向收養。隨著我們擴大產品系列並將我們的產品推廣到全球更多地區，我們看到選擇 Precision Tech 的客戶數量持續成長。此外，對於許多此類技術，我們的「解決方案即服務」業務模式使技術對我們的客戶來說更加經濟實惠、更容易獲得且適應性更強，Precision Essentials 就是一個很好的例子。

In 2025, we're seeing greater adoption as we expand the solution to additional markets. In fact, in the first half of this fiscal year, we've already received nearly 10,000 orders globally, exceeding the entire fiscal 2024 order count in just six months.

到 2025 年，隨著我們將解決方案擴展到更多市場，其採用率將會增加。事實上，本財年上半年，我們在全球已經收到近 10,000 份訂單，僅用六個月就超過了整個 2024 財年的訂單數量。

Brazil alone accounts for over 3,500 of those 2025 orders, and we're seeing strong order activity in North America and Europe as well. Going forward, success for this and other subscription-based technologies will depend heavily on our ability to drive license renewals year-over-year.

光是巴西就佔了 2025 年訂單中的 3,500 多艘，而且我們也看到北美和歐洲的訂單活動十分強勁。展望未來，這項技術和其他基於訂閱的技術的成功將在很大程度上取決於我們逐年推動許可證續簽的能力。

2025 marks our first year of renewals for the 2024 Precision Essentials cohort, where we have a year one goal of 70% renewal. Nearly two-thirds of eligible machines have renewed thus far, and we expect that to increase as we continue to engage with our customers in the renewal process.

2025 年是我們 2024 年 Precision Essentials 隊列續約的第一年，我們第一年的目標是續約 70%。到目前為止，已有近三分之二的合格機器進行了更新，隨著我們繼續與客戶合作進行更新，我們預計這一數字將會增加。

Finally, the best way to enable technology growth is through utilization. Continued growth in the number of acres covered by Deere's precision offerings is the best indicator that customers are seeing value in the technology and will continue to use it season after season. We're encouraged by the momentum we're seeing in the utilization of See & Spray.

最後，實現技術成長的最佳方式是透過利用。迪爾精準產品覆蓋的土地面積持續成長，最能說明客戶看到了該技術的價值，並將一季又一季地繼續使用它。我們對 See & Spray 使用率的不斷增長感到鼓舞。

As you'll recall, in 2024, we had a few hundred See & Spray units running in North America with those units ultimately covering 1 million acres during last leap year per spraying season. In 2025, we have over 1,000 new orders for See & Spray, which significantly increases the population of machines that we'll be running this year.

您可能還記得，2024 年，我們在北美運行了數百台 See & Spray 裝置，這些裝置在上一個閏年的每個噴灑季節最終覆蓋了 100 萬英畝土地。2025 年，我們的 See & Spray 新訂單超過 1,000 份，這將大大增加我們今年運行的機器數量。

It's worth highlighting for the customers that ran See & Spray in 2024, we're seeing greater utilization on the same machines in the 2025 season, and those same customers have invested in more See & Spray units this year.

值得強調的是，對於 2024 年使用 See & Spray 的客戶，我們看到 2025 年季節對相同機器的利用率更高，而且這些客戶今年投資了更多的 See & Spray 設備。

Effectively, what we're seeing is a compounding effect. More units with more utilization across more farms. The combination of capabilities, adoption and utilization is continuing to drive more depth and breadth of engagement with Deere precision technologies across the world. Digital engagement is a great proof point for this, represented by the utilization growth we're seeing in the John Deere Operations Center.

實際上，我們看到的是一種複合效應。更多農場擁有更多單位，利用率更高。能力、採用和利用的結合將繼續推動全球範圍內與 Deere 精密技術的深度和廣度的結合。數位化參與就是一個很好的證明，正如我們在約翰迪爾營運中心看到的利用率成長所反映的那樣。

Year-over-year, engaged acres grew by nearly 15% to just over 475 million acres while highly engaged acres grew by over 25%, and now represent nearly 30% of total engaged acres. We are encouraged by the trend lines we're seeing as these numbers validate not only the effectiveness of our technology but also the strategy by which we are bringing them to market.

與去年同期相比，投入耕作的土地面積增加了近 15%，達到 4.75 億英畝多一點，而高度投入耕作的土地面積增加了 25% 以上，目前佔總投入耕作土地面積的近 30%。我們看到的趨勢線讓我們感到鼓舞，因為這些數字不僅驗證了我們技術的有效性，也驗證了我們將其推向市場的策略。

This is Jepsen. One point to add here, which we increasingly talk about is the opportunity to extend these technologies to our Brazilian customers who are, in many cases, just beginning their tech journey. In fact, earlier this month, we had our largest product introduction to date at Brazil's Agra Show.

這是傑普森。這裡要補充的一點是我們越來越多地談論的將這些技術擴展到我們的巴西客戶的機會，在許多情況下，這些客戶才剛開始他們的技術之旅。事實上，本月初，我們在巴西阿格拉展會上進行了迄今為止規模最大的產品展示。

Given this immense opportunity and our commitment to investing in Brazil for Brazil, we are also excited to announce our Brazil Investor Day on June 10 in Indaiatuba at our recently opened R&D center. .

鑑於這一巨大的機會以及我們致力於在巴西投資的承諾，我們也很高興地宣布，我們將於 6 月 10 日在因達亞圖巴我們最近開設的研發中心舉辦巴西投資者日。。

As we celebrate our 25th anniversary in Brazil, our livestream event will showcase the incredible opportunity that exists along with the strong foundation we have built over the past quarter of century, which uniquely positions us to drive differentiated value and sustainable growth for our customers and Deere. Additional information can be found in the quarter's presentation and on our website.

在我們慶祝在巴西成立 25 週年之際，我們的直播活動將展示我們在過去 25 年中建立的堅實基礎以及我們所擁有的不可思議的機遇，這使我們能夠為客戶和迪爾創造差異化價值和實現可持續增長。更多資訊請參閱本季的介紹和我們的網站。

Really exciting news, Josh. Shifting now to our last topic. I'd like to walk through our capital allocation strategy. Josh Jepsen, given the market volatility and uncertainty, what can you share about the actions we're taking to ensure we can support both customers and shareholders during this time?

真是令人興奮的消息，喬希。現在轉到我們的最後一個話題。我想介紹一下我們的資本配置策略。Josh Jepsen，鑑於市場波動和不確定性，您能否分享我們正在採取哪些措施來確保我們在此期間能夠為客戶和股東提供支援？

Our use of cash policy remains the same. It starts with maintaining a mid-single ag or better credit rating to ensure John Deere financial can continue to provide customers with cost-effective financing. This is even more important in the current environment when many financial institutions are less willing to participate in the ag space.

我們使用現金的政策保持不變。首先要維持中等單一農業或更好的信用評級，以確保約翰迪爾金融能夠繼續為客戶提供具有成本效益的融資。在目前許多金融機構不太願意參與農業領域的環境下，這一點就顯得更為重要。

Our next priority is investing in the business. By focusing on value-accretive projects and solutions at all points in the cycle, we're able to exit downturns with a strong pipeline to deliver growth and competitive differentiation, ultimately by driving more value for our customers, we can drive more value for our shareholders, which will distribute via dividends and share repurchases.

我們的下一個優先事項是投資業務。透過在週期的各個階段專注於增值項目和解決方案，我們能夠憑藉強大的管道擺脫低迷，實現成長和競爭差異化，最終透過為客戶創造更多價值，我們可以為股東創造更多價值，並透過股息和股票回購進行分配。

All this is predicated on prudent cash management for the business and even more so during periods of heightened market volatility. And as we have in the past, we've taken steps to solidify our balance sheet and bolster liquidity. I'm confident in our use of cash policy and ability to proactively plan and strategically execute in any market environment.

所有這一切都建立在企業審慎的現金管理基礎上，在市場波動加劇的時期更是如此。正如我們過去所做的那樣，我們已採取措施鞏固資產負債表並增強流動性。我對我們的現金政策運用以及在任何市場環境下主動規劃和策略執行的能力充滿信心。

Thanks, Josh. Great update. And before we open up the line to questions, do you have any final comments you'd like to share?

謝謝，喬希。很棒的更新。在我們開始提問之前，您還有什麼想說的嗎？

Yeah, thanks, Josh. The second quarter highlighted strong execution across the organization, and I'm proud of what the team has accomplished and the resiliency demonstrated in the face of significant uncertainty. We responded with measured actions to deliver optimal long-term outcomes for all stakeholders.

是的，謝謝，喬希。第二季凸顯了整個組織的強大執行力，我為團隊所取得的成就以及在面臨重大不確定性時所表現出的韌性感到自豪。我們採取了謹慎的行動，為所有利害關係人提供最佳的長期成果。

Our near-term plan is focused on how we navigate the cycle. The actions we've taken continue to yield results and position us well for the future. And we're encouraged by the customer value, our long-term strategy is generating. Customers are choosing our production system offerings because they understand the outcomes the Deere solution provides.

我們的近期計劃重點是如何駕馭這一周期。我們採取的行動繼續產生效果並為我們的未來做好了準備。我們受到客戶價值的鼓舞，我們的長期策略正在形成。客戶選擇我們的生產系統產品是因為他們了解 Deere 解決方案所提供的成果。

We're excited by the opportunities to expand our technology across business units and product lines, leveraging our investments in one business to drive returns and others. We'll continue to explore and invest in opportunities, both organic and inorganic that provide strong returns for our customers and Deere.

我們很高興有機會將我們的技術擴展到各個業務部門和產品線，利用我們在一項業務上的投資來推動回報和其他回報。我們將繼續探索和投資有機和無機機會，為我們的客戶和迪爾帶來豐厚的回報。

In closing, we're committed to our customers and focus squarely on driving long-term value for them as we look to mitigate disruptions and volatility in their day-to-day operations. We take seriously the trust our customers place in Deere to ensure they can execute their work, and to do so, we hold ourselves to the highest standards to ensure we can deliver on our promise of providing the highest quality machines, most value-enhancing technologies and best customer service and support in the industry.

最後，我們致力於服務客戶，致力於為他們創造長期價值，同時努力減輕他們日常營運中的干擾和波動。我們非常重視客戶對迪爾的信任，以確保他們能夠順利完成工作，為此，我們嚴格遵守最高標準，確保能夠兌現我們的承諾，提供業內最高質量的機器、最具增值能力的技術以及最佳的客戶服務和支援。

Thanks, Josh. Now let's open it up to questions from our investors.

謝謝，喬希。現在讓我們來回答投資者的問題。

We're now ready to begin the Q&A portion of the call. The operator will instruct you on the polling procedure. (Event Instructions) Operator, we're ready for the first question.

我們現在準備開始電話會議的問答部分。操作員將指導您進行投票程序。（活動指示）接線員，我們已準備好回答第一個問題。

(Operator Instructions) Rob Wertheimer, Melius Research.

（操作員指示）Rob Wertheimer，Melius Research。

Thanks, and apologies to everybody. I'd like to start out with a strategic question because I thought your comments on the SaaS and the adoption on the continued rollout on See & Spray really interesting. Can you kind of talk about how many different SaaS models you kind of have currently?

謝謝，並向大家致歉。我想從一個策略問題開始，因為我認為您對 SaaS 以及 See & Spray 持續推出的採用的評論非常有趣。您能談談您目前有多少種不同的 SaaS 型號嗎？

I'm not sure I understand fully what the precision essential cohort -- product line is? And then what does the pipeline look like for that? We obviously all understand the long-term goals.

我不確定我是否完全理解精準必需群體——產品線是什麼？那麼，這個管道是什麼樣的呢？我們顯然都了解長期目標。

I don't know if you have a bunch of features that you're kind of rolling out this year, next year, the year after and how many different offerings you're doing in that fast world now? I know you've worked hard on getting farmers to sort of see the value of it. I'm curious about your progress. Thank you.

我不知道您是否會在今年、明年或後年推出一系列功能，以及在這個快速發展的世界中您會推出多少種不同的產品？我知道您已經付出了很多努力來讓農民認識到它的價值。我對你的進展很好奇。謝謝。

Hey, Rob, thanks for the question. I can start off. I mean I think as you think about our SaaS offerings, it's fair to put them in really three buckets. First, think about precision digital technologies, things like Precision Ag Essentials, things like our G5 licenses, many of those are the foundational pieces of the tech stack.

嘿，羅布，謝謝你的提問。我可以開始了。我的意思是，我認為當您考慮我們的 SaaS 產品時，可以將它們分為三類。首先，考慮精準數位技術，例如 Precision Ag Essentials、我們的 G5 許可證，其中許多都是技術堆疊的基礎部分。

So Precision Essentials again is those core elements of precision, the connectivity guidance on onboard compute that for Precision Essentials, we were offering a much lower upfront cost and then an annual license depending on the level of precision that you have.

因此，Precision Essentials 再次體現了精度的核心要素，即板載計算的連接指導，對於 Precision Essentials，我們提供低得多的前期成本，然後根據您的精度等級提供年度授權。

So Precision Technologies -- Precision is kind of foundational digital elements and one. The second one, I think you can broadly call is like (inaudible) technologies, things like See & Spray, which are usage-based depending on the savings that you're seeing in the field.

因此，精準技術－精準是一種基礎數位元素。第二個，我認為你可以廣泛地稱之為（聽不清楚）技術，例如 See & Spray 之類的技術，它們是基於使用情況的，取決於你在現場看到的節省。

Things like (inaudible). I mean the third, which is forthcoming will be as we progress towards autonomy, again, with the goal of fully autonomous corn production system by the end of 2030, you'll see many of those autonomous solutions as a SaaS model as well.

諸如此類的事情（聽不清楚）。我的意思是，第三個即將到來，隨著我們朝著自主化的方向發展，我們的目標是到 2030 年底實現完全自主的玉米生產系統，你會看到許多自主解決方案也以 SaaS 模型的形式出現。

Hey Rob, it's Josh Jepsen. And I think one thing to add too is today, a lot of those are based on the given solution, a single solution that we have. I think increasingly, as we progress and as we drive outcomes and utilization, I think you'll see some of those come together more in bundles to make that easier from a customer perspective and thinking about how do they do their jobs across the production system, so not just on a given machine but across multiple. So I think that will evolve.

嘿，羅布，我是喬希·傑普森。我認為今天還要補充的一點是，其中許多都是基於給定的解決方案，即我們擁有的單一解決方案。我認為，隨著我們的進步和我們推動成果和利用率，我認為你會看到其中一些以捆綁的方式結合在一起，以便從客戶的角度更容易地做到這一點，並思考他們如何在整個生產系統中完成工作，而不僅僅是在一台給定的機器上，而是在多台機器上。所以我認為這將會發展。

I think we're very early in that stage, but I think that will give us opportunities to demonstrate the value that we see that comes from an integrated production system. So from preparing the land, all the way through harvest and then leveraging the data across that, that we can provide and demonstrate that value in a different way but early today from where we are.

我認為我們還處於這個階段的早期階段，但我認為這將為我們提供機會來展示我們所看到的來自整合生產系統的價值。因此，從準備土地，一直到收穫，然後利用整個過程中的數據，我們可以以不同的方式提供和展示這種價值，但今天我們還沒有做到這一點。

Rob, you had asked about the pipeline too. So maybe just real quick on that. I mean it's -- think about that in terms of both expanding on additional expanding on current foundational platforms. When we think of See & Spray like a platform, today, we're in corn, soy, cotton in North America, we have the ability over time to expand that different crop types, expand that to different geographies as well.

羅布，你也問過管道的問題。所以也許只是很快地做到這一點。我的意思是——從擴展和在現有基礎平台上進行額外擴展的角度來考慮這一點。當我們將 See & Spray 視為一個平台時，今天，我們已涉足北美的玉米、大豆和棉花領域，隨著時間的推移，我們有能力擴大不同作物類型的種植範圍，並將其擴展到不同的地區。

Autonomy as it begins to develop and roll out over the next few years, you saw in CES has taken that autonomous platform beyond large ag to commercial (Operator Instructions), so orchards, to construction. And then it's in the ability to continue to build on the digital side as well, both in expanding the production systems.

隨著自主性在未來幾年內開始發展和推廣，您在 CES 上看到，自主平台已經從大型農業領域擴展到商業領域（操作員指示）、果園和建築領域。然後，它還具有繼續在數位化方面進行建設的能力，同時也擴大了生產系統。

We mentioned that this call where we've taken the op center and brought that to road building as well. So it's a combination of building our platforms, expanding their capabilities into different production systems and geographies as well. Thanks, Rob.

我們在這次電話會議上提到，我們已經將營運中心帶入了道路建設領域。因此，它是建立我們的平台、將其功能擴展到不同的生產系統和地區的組合。謝謝，羅布。

Thank you.

謝謝。

Tim Thein, Raymond James.

提姆泰恩、雷蒙詹姆斯。

Right, thank you, yeah. The question is on the implied profitability in the second half for the PPA segment and basically how we should be or shouldn't be viewing that in the context of kind of a stepping off point heading into '26?

好的，謝謝，是的。問題在於 PPA 部門下半年的隱含獲利能力，以及在進入 26 年的起點背景下我們應該如何看待這一點？

And if I add back I think, call it, $100 million is what you outlined in terms of the tariff impact for that segment. You would imply decrementals of going to like 80% in the back half versus, I think, something like the mid-30s in the first half.

如果我加上去，我想，您所說的 1 億美元就是該部分關稅影響的概述。您可能會認為下半年的減幅將達到 80%，而我認為上半年的減幅約為 30%。

So I know that the comparisons get skewed because of just the base of the numbers, especially in the fourth quarter when I assume you're expecting the growing revenues. But maybe, Josh Jepsen just a comment there in terms of what we should be thinking about in terms of the key kind of elements in that implied profitability in the second half? Thank you.

所以我知道，由於數字基數的原因，比較會產生偏差，特別是在第四季度，我假設你預期收入會成長。但也許，Josh Jepsen 只是就我們應該考慮哪些關鍵因素來評論下半年的獲利能力？謝謝。

Yeah, thanks, Tim. I would say there's a few things at play there. I mean, certainly, the tariff impact, which you described, which is impactful, given what we see there. I think you also have a mix impact there, North American large ag being down, the industry being down where it is, even producing to retail at a much lower level, is impactful as it relates to the decremental.

是的，謝謝，提姆。我想說這裡面有幾件事在起作用。我的意思是，當然，您所描述的關稅影響，根據我們所看到的情況，是有影響的。我認為你也會受到混合影響，北美大型農業下滑，整個產業下滑，甚至生產到零售的水平也低得多，這都是有影響的，因為它與遞減有關。

And then I think on top of that, while price is favorable, it's favorable to a less extent than a year ago. So those things, I think, stacked on top of each other, drive the vast majority of that decremental. And as you noted, a smaller change on the top line, just creates the denominator in that math, pushes those numbers a bit higher than what you traditionally see. Thanks, Tim.

然後我認為最重要的是，雖然價格有利，但與一年前相比，有利的程度降低。所以我認為，這些因素疊在一起，推動了絕大多數的減量。正如您所注意到的，頂線上的較小變化只會在數學中產生分母，使這些數字比您傳統上看到的數字略高。謝謝，蒂姆。

Got it. Thank you, Josh.

知道了。謝謝你，喬希。

Jamie Cook, Truist Securities.

Jamie Cook，Truist Securities。

Hi, good morning, and nice quarter. I guess my first question or my question is just your -- the world we're in with tariffs, et cetera. Your approach as we enter in 2026 in terms of the early order program, whether there'll be any change there in pricing?

嗨，早上好，祝您生活愉快。我想我的第一個問題或我的問題只是您的——我們所處的世界有關稅等等。就早期訂單計劃而言，當我們進入 2026 年時，定價是否會有任何變化？

And then I guess, Josh, typically, for Deere, if we enter a year with flat sales, but we're producing in line with retail demand that generally means Deere can manufacture earnings growth. Do you still see that as potential or should we be less optimistic about your ability to fully offset tariffs and looking out into 2026? Thank you.

然後我想，喬希，對於迪爾來說，通常情況下，如果我們進入一個銷售額持平的年份，但我們的生產符合零售需求，這通常意味著迪爾可以實現盈利增長。您是否仍然認為這是有潛力的，或者我們是否應該對您完全抵消關稅和展望 2026 年的能力不那麼樂觀？謝謝。

Yeah, thanks Jamie. I mean, first, starting with early order programs, and those programs are just getting underway. In fact, we just launched sprayers yesterday and planters will be forthcoming at the beginning of June.

是的，謝謝傑米。我的意思是，首先，從早期訂單計劃開始，這些計劃才剛剛開始。事實上，我們昨天剛推出了噴霧器，播種機將於六月初推出。

Yeah, you're right. I mean, the structure of the early order programs will be similar to the past. They will occur in phases over the next several months.

是的，你說得對。我的意思是，早期訂單計劃的結構將與過去類似。它們將在接下來的幾個月內分階段進行。

I think the beauty of that structure, particularly in an uncertain environment is it gives us some price flexibility phase by phase as we see this ever-changing tariff environment play out. And so we do have structured some optionality in those programs, optionality to wait as we think about the price and discount structure for upcoming phases as tariffs evolve over the next few months.

我認為這種結構的優點在於，尤其是在不確定的環境中，隨著我們見證不斷變化的關稅環境的展開，它為我們提供了逐步提高價格的靈活性。因此，我們確實在這些計劃中建立了一些可選性，隨著未來幾個月關稅的演變，我們將考慮下一階段的價格和折扣結構。

So we've got that built in. As you think about what that means for next year and building in line with retail, the point I would make is, and we mentioned this in our comments, we've done a lot of work last year, and then that continued in the first half of this year in some select geographies to get new inventory to a very, very low level, candidly. We talked about the work we did last year in the US. US is in line with retail this year.

所以我們已將其內建。當您思考這對明年意味著什麼以及與零售業保持一致時，我想說的是，正如我們在評論中提到的那樣，我們去年做了很多工作，然後在今年上半年繼續在一些特定地區將新庫存降至非常非常低的水平，坦率地說。我們談論了去年在美國所做的工作。美國今年的零售業表現與此一致。

Combines in South America, we had a little more underproduction to do in the first half of '25. That's complete now. In fact, the back half of this year in Brazil will actually build a little bit of seasonal inventory as we go into the spring selling season in the region.

在南美，聯合收割機在 25 年上半年的產量略有不足。現在已經完成了。事實上，隨著巴西進入春季銷售季節，今年下半年巴西實際上將建立一些季節性庫存。

And then in Europe as well, we mentioned some green shoots there. Our plan now with mid tractors in Europe is the build in line with retail, given some of the pickup there. So we feel really good about our new inventories are positioned and that positions us well to be in line with retail in '26 as well. Thanks for the question, Jamie.

我們也提到了歐洲的一些復甦跡象。鑑於歐洲中型拖拉機的銷量有所回升，我們現在的計劃是與零售同步生產。因此，我們對新庫存的定位感到非常滿意，這也使我們能夠與 26 年的零售保持一致。謝謝你的提問，傑米。

David Raso, Evercore ISI.

大衛·拉索（David Raso），Evercore ISI。

Hi, thank you. I just wanted to dig into the second half large ag margins again. Just so we understand a bit the -- again, the implied decrementals are -- for the whole second half, don't worry about third and fourth quarter, just in aggregate, just seem to be particularly weak. And I'm just making sure I understand, is this pricing that we're price protecting the backlog with retail invoices and that's sort of the pain point.

你好，謝謝。我只是想再次深入研究下半年的大型農業利潤。為了讓我們知道一點——再次強調，隱含的減量是——對於整個下半年來說，不必擔心第三季度和第四季度，只是總體而言，似乎特別疲軟。我只是想確保我理解，這個定價是否是我們用零售發票來保護積壓訂單的定價，這就是痛點。

But I would have thought you would have baked that into the $100 million number, right, the 25% of the back half of the year, $400 million total tariff hit. I'm just making sure I understand why the margins would be that low in the second half of the year? It seems -- it just strikes me as very conservative.

但我以為你會把這個數字計入 1 億美元中，對吧，下半年的 25%，也就是 4 億美元的總關稅衝擊。我只是想確認為什麼下半年的利潤率會這麼低？看起來——我覺得它非常保守。

And at the same time, I don't want to be thinking about '26 that that's really an appropriate low starting point. Just making sure the mix being -- the mix should not be that different than what we've seen already. So I apologize to sort of be the dead horse a little bit. But can you help us understand why the margins are that soft in the second half? It just strikes me as very conservative. Thank you.

同時，我不想認為 26 年真的是一個合適的低起點。只需確保混合物 - 混合物不應該與我們已經看到的有太大不同。所以我為有點無用之物道歉。但您能幫助我們理解為什麼下半年的利潤率如此低嗎？我覺得它非常保守。謝謝。

Yeah, Dave, I'll walk you through a couple of things here. I mean, I think if you think about first and foremost, the impact of tariffs, as we said, it is $500 million for the full year, incurred $100 million in the second quarter, it's about $400 million the rest of the year.

是的，戴夫，我會在這裡向你介紹一些事情。我的意思是，我認為如果你先考慮關稅的影響，正如我們所說，全年的關稅影響為 5 億美元，第二季產生了 1 億美元，那麼今年剩餘時間的關稅影響約為 4 億美元。

The full year impact of the equipment operations for those -- for that tariff impact of $500 million is about 1 point to 1.5 points. But again, being so back-end loaded in the back half margins, that's 2 to 2.5 points in the back half.

對於那些設備營運而言，5 億美元的關稅影響對全年的影響約為 1 到 1.5 個百分點。但是，由於後半部的後端負載如此之高，所以後半部的得分為 2 到 2.5 分。

So if you account for that, first and foremost, that's a pretty big lift. The detrimental math, candidly, gets a little bit funny just because the change in sales is relatively small year-over-year as you look at the second half of '25 versus the second half of '24. So these changes, these tariff impacts have an outsized impact on the decremental math, just given the smaller denominator from a sales change.

因此，如果你考慮到這一點，那麼首先，這是一個相當大的提升。坦白說，這種不利的計算有點可笑，因為當你比較 25 年下半年和 24 年下半年時，銷售額的變化比去年同期相對較小。因此，這些變化，這些關稅影響對減量數學產生了巨大的影響，因為銷售變化的分母較小。

As we mentioned, a little bit less price in the back half as we think about that, a little bit less material favorability. It was really, really strong in the front half of the year, and that pulls back a bit in the back half. We expect production costs, ex tariffs, they continue to be positive.

正如我們所提到的，我們認為後半部的價格會稍微低一些，材料的優惠性也會稍微低一些。今年上半年的表現確實非常強勁，但下半年則略有回落。我們預計生產成本（不含關稅）將持續維持正值。

They will be positive for the full year, but to a lesser extent in the back half. So I think between all those elements, Dave, I think that's what's driving a little bit of the compare there. Thanks for the question.

這些因素對於全年而言都是利好的，但對於下半年而言，利好的程度會比較小。因此，戴夫，我認為在所有這些因素之間，這就是推動進行比較的原因。謝謝你的提問。

Jerry Revich, Goldman Sachs.

高盛的傑瑞·雷維奇。

Yes, hi, good morning everyone, and congratulations on the strong quarter. I'm wondering if you just revisit just philosophically, the price cost conversation and revisit the prepared remarks, I mean historically, you folks have pushed pricing ahead of inflation with value. And so you had mentioned for '26 list prices are under review to see if that can continue.

是的，大家早安，恭喜本季業績強勁。我想知道您是否只是從哲學角度重新審視價格成本對話並重新審視準備好的發言，我的意思是從歷史上看，您一直將定價置於通貨膨脹之前。所以您提到，26 個標價正在接受審查，看看是否可以繼續下去。

Can you just expand on that because your competitors are facing the same worse cost pressures than you and you folks have a really strong track record of pushing through inflation in all forms? So can you just talk about is there any scenario under which you might be price tariff cost negative in '26? Thank you.

您能否進一步闡述這一點，因為您的競爭對手也面臨著同樣嚴峻的成本壓力，而你們在克服各種形式的通貨膨脹方面有著非常出色的記錄？那麼，您能否談談在什麼情況下 26 年的價格關稅成本可能會出現負值？謝謝。

Hey Jerry, it's Josh Jepsen. I guess I would start and maybe reiterate a little bit of what I said earlier. I think one of the unique components that we face today is just coming through a period of significant inflation. I think we're very mindful of how much price has been pushed through the system as an industry over, call it, the last four or five years.

嘿，傑瑞，我是喬希·傑普森。我想我應該開始並可能重申我之前說過的話。我認為我們今天面臨的獨特因素之一是剛剛經歷了嚴重的通貨膨脹時期。我認為我們非常清楚，在過去四、五年裡，整個產業的價格被推高了多少。

And as a result, I think very mindful of what do we do here as we go forward given where the industry sits today. So do we believe we'll get price? Yes. This year, we're doing about a point of price in a challenged market.

因此，考慮到目前行業所處的狀況，我認為我們應該非常謹慎地考慮下一步該做什麼。那我們相信我們會得到價格嗎？是的。今年，我們在充滿挑戰的市場中採取了價格點措施。

If we look at in Production and Precision Ag, some of the early order programs that are out there with prices, we're in the low single-digit range, 2% to 4% price. And as Josh Beal mentioned, we'll continue to evaluate those as we go forward.

如果我們看一下生產和精準農業，一些早期訂單計劃的價格處於低個位數範圍，即 2% 到 4% 的價格。正如喬許·比爾 (Josh Beal) 所提到的，我們將在前進的過程中繼續評估這些問題。

But we think that's reasonable. We're trying to take a measured approach there as we think about not only the customer dynamics, but what does it mean from a from a margin perspective as we march forward. At the same time, we're going to continue to put more and more effort into not only mitigation efforts, but what are we doing on production costs, whether that's material cost, logistics cost, overheads, which have been favorable thus far this year.

但我們認為這是合理的。我們試圖採取一種謹慎的方法，因為我們不僅考慮客戶動態，還考慮從利潤角度來看這對我們前進意味著什麼。同時，我們將繼續投入越來越多的精力，不僅在緩解措施上，而且在生產成本方面，無論是材料成本、物流成本還是管理費用，今年到目前為止都是有利的。

We're going to keep pressing on those things, which we have control over. So too early, I think, to predict exactly what '26 looks like. I think we've got a lot of actions that we can take, but definitely trying to be measured and mindful from a price perspective for customers. Thanks, Jerry.

我們將繼續致力於那些我們能夠控制的事情。所以我認為，現在預測 26 年的具體情況還為時過早。我認為我們可以採取很多行動，但絕對要從客戶的價格角度來衡量和考慮。謝謝，傑瑞。

Chad Dillard, Bernstein.

查德·迪拉德，伯恩斯坦。

Hey, good morning guys. So I guess just to kind of continue with that tariff conversation, just trying to think through how you guys are thinking about sharing the tariff cost across all the constituents, with the vendors, yourselves, dealers, customers, just given that your farmers have seen a lot of price increase over the last like several years? I'm sure it's like some combination of all the above, but just love to get a sense of just your philosophical approach?

嘿，大家早安。所以我想繼續討論關稅問題，只是想想你們如何考慮在所有參與者之間分攤關稅成本，包括供應商、你們自己、經銷商、客戶，因為你們的農民在過去幾年裡已經看到價格大幅上漲？我確信它就像是以上所有內容的某種組合，但我只是想了解您的哲學方法？

Yeah. Thanks, Chad. I mean I think first and foremost, and we've mentioned this, but it's certainly underscoring the dynamic environment. And through all of this, we're trying to understand what the levels are going to be. And again, as we've seen in the last three or four days, that can change pretty quickly.

是的。謝謝，乍得。我的意思是，我認為首先，我們已經提到了這一點，但它肯定強調了動態環境。透過這一切，我們試著去了解水平將會是怎樣的。而且，正如我們在過去三到四天看到的那樣，情況可能會很快發生變化。

And so I think, first and foremost, just reaffirming, we're taking a measured approach in all of this a measured approach in terms of the decisions that we make, how quickly we react just because it's changing so quickly.

因此我認為，首先，我們要重申的是，我們在所有這一切中都採取了審慎的態度，在做出決定方面，我們在做出反應方面採取了審慎的態度，因為情況變化太快了。

So with that as a backdrop, certainly, as Josh Jepsen had mentioned, we're going to take price. You've seen that in the actions taken thus far on early order programs, again, ranging from 2% to 4%. And the programs that are out there thus far. And as I mentioned, we've got some optionality in those phases of the earlier programs to adjust as the environment potentially could change as well.

因此，以此為背景，正如 Josh Jepsen 所提到的那樣，我們當然會採取價格措施。您已經看到，迄今為止針對早期訂單計劃採取的行動中，漲幅再次從 2% 到 4% 不等。以及迄今為止已經推出的計劃。正如我所提到的，我們在早期專案的這些階段中有一些可選的調整空間，因為環境也有可能發生變化。

As it relates to sourcing, we certainly work with our suppliers to make sure we're equally sharing what we're seeing. And at the same time, we're continually looking for the best cost options. We do that in a there environment and not in a tariff environment, and that's just a continual good practice good hygiene that we have to look for those lowest cost options.

就採購而言，我們當然會與供應商合作，以確保我們平等地分享我們所看到的資訊。同時，我們也在不斷尋找最佳的成本選擇。我們在那裡的環境中而不是在關稅環境中這樣做，這只是一種持續的良好實踐和良好的衛生習慣，我們必須尋找那些成本最低的選擇。

We've done a lot of work over the last several years in terms of dual sourcing in terms of supplier resiliency. Those efforts are still very much in play right now as the environment changes. So it's a combination of all the above. And I think short answer is it will be sharing across all those stakeholders with the actions that we mentioned. Thanks, Chad.

過去幾年來，我們在供應商彈性方面的雙重採購方面做了大量工作。隨著環境的變化，這些努力目前仍扮演著重要角色。所以它是以上所有內容的組合。我認為簡短的回答是，它將與所有利害關係人分享我們提到的行動。謝謝，乍得。

Kristen Owen, Oppenheimer.

克里斯汀歐文，奧本海默。

Hi, good morning. Thank you for taking the question. I wanted to come back to your used inventory comments in your prepared remarks. And just get a sense of velocity of movement of that used equipment. You did note some of the ECAP dollars that have started to flow.

嗨，早安。感謝您回答這個問題。我想回到您在準備好的評論中對所用庫存的評論。並了解所用設備的運動速度。您確實注意到一些 ECAP 資金已經開始流入。

And how you're thinking about how that could influence your net pricing capability, whether that's in the back half or as we get into 2026? Just that influence of the used market would be very helpful. Thank you.

您認為這會如何影響您的淨定價能力，無論是在下半年還是在進入 2026 年？二手市場的影響力將會非常有幫助。謝謝。

Yeah, Kris, thanks for the question. Yeah, as we mentioned in the used market in North America, really have seen good progress on combines over the last year or so. So the focus here is really around high horsepower tractors in North America.

是的，克里斯，謝謝你的提問。是的，正如我們在北美二手市場上提到的那樣，在過去一年左右的時間裡，聯合收割機確實取得了良好的進展。因此這裡的重點其實是北美的大馬力拖拉機。

And what we've seen in that segment is some stabilization. The year-over-year increases in high-horsepower used are mitigating -- are moderating, I should say, we saw some seasonal build in the quarter. I think we did see a little bit of a slowdown just over the last three or four weeks of April, just given the volatility in the market.

我們在這一部分看到了一些穩定性。與去年同期相比，高馬力引擎的使用量有所增加，應該說，這種增加正在減緩，我們在本季度看到了一些季節性的成長。我認為，考慮到市場的波動性，我們在四月最後三四周確實看到了一點放緩。

But I think pace to your question, Kristen, is still a bit unknown, and there's a lot of factors in play. There's some stability in ag fundamentals, albeit at lower levels. You mentioned the economic system that's coming through. We view that as a good thing for our customers.

但是我認為，克里斯汀，對於你問題的回答速度，仍然有點未知，而且有很多因素在起作用。儘管水準較低，但農業基本面仍保持一定穩定性。您提到了正在形成的經濟體系。我們認為這對我們的客戶來說是一件好事。

And again, we're continuing to put those ingredients in place, keeping new inventories low as well as pool funds that are supporting our dealers as they work on the used market. So very mindful of the pace. It's very much a focus area, and we'll see how plays out over the back half of the year.

再次，我們將繼續落實這些要素，保持新庫存量低，並集中資金支持我們的經銷商在二手市場上開展業務。所以非常注意節奏。這是一個值得關注的領域，我們將觀察今年下半年的發展。

Kristen, maybe a slightly different way to answer that is, I think there's an underlying question of kind of what unlocks the ag cycle in North America. And I think used is one part of that. As we can move and work through some of that use, I think that's certainly helpful. I think having a farm bill in place would provide some certainty for our customers, which would be supportive.

克莉絲汀，也許回答這個問題的方式稍微不同一點，我認為有一個潛在的問題，就是什麼可以解開北美的農業週期。我認為使用是其中的一部分。當我們能夠採取行動並解決其中的一些問題時，我認為這肯定是有幫助的。我認為農業法案的實施將為我們的客戶提供一定的確定性，這將是有利的。

And then I think there's -- given where stocks to use are, there's a few things that could drive some upside, whether that's trade deals that we talked about, like I mentioned with the UK that are driving ag commodities and ag energy year around (inaudible) as we think about demand for ethanol.

然後我認為——考慮到庫存的狀況，有幾件事可能會推動一些上漲，無論是我們談到的貿易協議，就像我提到的與英國的貿易協議一樣，這些協議正在推動全年的農業大宗商品和農業能源（聽不清楚），因為我們考慮對乙醇的需求。

And then certainly, there's always weather impacts that can be impactful. So I think use is important, certainly, and I think there are a couple of other things that we could see that if occurred, could drive a little bit of a turn in the shape of the cycle where we're at.

當然，天氣影響總是會產生影響。所以我認為使用很重要，當然，我認為我們還可以看到其他一些事情，如果發生的話，可能會稍微改變我們所處的週期形狀。

We have time for one more question.

我們還有時間再回答一個問題。

Stephen Volkmann, Jefferies.

傑富瑞的史蒂芬·福爾克曼。

Well, thank you guys. Just slid in there. Maybe I'm just going to tug at this thread around tariffs one more way. Is it your ultimate goal to price so that you protect margin or is it your ultimate goal to sort of cover the dollars that tariffs might sort of add to your P&L instead?

好吧，謝謝大家。剛剛滑進去。也許我只是想再用一種方式來探討一下有關關稅的問題。您的最終目標是透過定價來保護利潤，還是透過補償關稅可能增加的損益？

Hey Steve, this is Josh Jepsen. It's a great question. We -- and this is something we have worked through and wrestled with and when we saw some of the inflationary pressures really over the last five year-plus. I mean ultimately, the goal would be to find ways to protect margin, and that's not just price. That's what we're doing from a cost structure perspective, how we can add value.

嘿，史蒂夫，我是喬希·傑普森。這是一個很好的問題。我們 — — 這是我們在過去五年多的時間裡努力解決和努力應對的問題，當時我們看到了一些通膨壓力。我的意思是，最終目標是找到保護利潤的方法，而不僅僅是價格。這就是我們從成本結構角度所做的事情，我們如何增加價值。

Now I think saying that, that's there's multiple pieces of that and the time lines of those probably vary a little bit. But I think overall, the view is we want to protect margin both through activities on cost as well as what we do from a price realization perspective.

現在我認為，這其中有多個部分，而且它們的時間線可能會有一點不同。但我認為總體而言，我們希望透過成本活動以及從價格實現角度所做的事情來保護利潤。

That's all the time that we have for today. We appreciate everyone's time, and thanks for joining us on our call. Have a great day.

今天我們的時間就這麼多。我們感謝大家的時間，並感謝您參加我們的電話會議。祝你有美好的一天。

Thank you. That concludes today's conference. Thank you for participating. You may disconnect at this time.

謝謝。今天的會議到此結束。感謝您的參與。您現在可以斷開連線。