Lindsay Corp (LNN) 2025 Q3 法說會逐字稿

Good day, and welcome to the Lindsay Corporation's fiscal third-quarter 2025 earnings conference call. (Operator Instructions) Please note this event is being recorded.

大家好，歡迎參加 Lindsay Corporation 2025 財年第三季財報電話會議。（操作員指示）請注意，此事件正在被記錄。

I would now like to turn the conference over to Randy Wood, President and CEO. Please go ahead.

現在，我想將會議交給總裁兼執行長蘭迪伍德 (Randy Wood)。請繼續。

Thank you, and good morning, everyone. Welcome to our fiscal 2025 third-quarter earnings call. With me today is Brian Ketcham, our Chief Financial Officer.

謝謝大家，早安。歡迎參加我們的 2025 財年第三季財報電話會議。今天和我一起的是我們的財務長 Brian Ketcham。

I am extremely proud of our team and their execution, delivering our third consecutive quarter of year-over-year growth in both revenue and operating income. Our employees are diligently focused on supporting our customers and each other. These results reflect the strength of our global business and our team's commitment to execution excellence.

我為我們的團隊及其執行力感到非常自豪，連續第三個季度實現了收入和營業收入同比增長。我們的員工竭誠為我們的客戶和彼此提供支援。這些結果反映了我們全球業務的實力以及我們團隊對卓越執行的承諾。

Our irrigation business delivered year-over-year revenue growth led by strength in our international markets, including Latin America and the Mid-East and North Africa region, while the domestic irrigation volume was comparable to the prior year.

我們的灌溉業務收入年增，這得益於我們國際市場（包括拉丁美洲和中東及北非地區）的強勁表現，而國內灌溉量與上年相當。

We continue to deliver our large project in the Middle East and are pleased to announce we have secured a new project in the territory valued at over $20 million. This project will begin shipping in our fiscal fourth quarter and will continue into our first quarter of fiscal-year 2026.

我們繼續在中東地區開展我們的大型項目，並很高興地宣布，我們已經在該地區獲得了一個價值超過 2000 萬美元的新項目。該項目將於我們財政年度第四季度開始發貨，並將持續到 2026 財政年度第一季。

Turning to our infrastructure segment. Our team delivered another solid quarter primarily driven by road-safety products as we enter the road construction season here in North America. Our focus remains on growing both our road-safety products and road-zipper system businesses, particularly leasing, as this supports a more stable revenue profile for the segment and our overall results.

轉向我們的基礎設施部分。隨著北美進入道路建設季節，我們的團隊又取得了一個穩健的季度，這主要得益於道路安全產品的推動。我們的重點仍然是發展道路安全產品和道路拉鍊系統業務，特別是租賃，因為這可以為該部門和我們的整體業績提供更穩定的收入狀況。

Shifting gears to market outlook. In North America irrigation, we're now in the primary growing season where weather conditions influence crop yields, prices, and net farm income for the year. These factors play a large role in determining future demand for irrigation equipment.

轉向市場前景。在北美灌溉中，我們現在正處於主要生長季節，天氣狀況影響著農作物的產量、價格和全年的農場淨收入。這些因素在決定未來灌溉設備的需求方面發揮著重要作用。

While the USDA is projecting an increase in net farm income for this year, most of that growth is related to direct government payments for disaster relief and commodity price support. Crop revenue is projected to decline, and at this point of the storm season, we have seen softer demand relative to the prior year. This tempers demand expectations for North American irrigation heading into our fourth quarter.

雖然美國農業部預計今年農場淨收入將會增加，但大部分成長與政府直接支付的救災款和商品價格支持有關。農作物收入預計將下降，在風暴季節的這個階段，我們看到需求與前一年相比減弱。這降低了我們對第四季北美灌溉需求的預期。

In our international irrigation markets, particularly Brazil, we're encouraged by continued signs of improving market conditions. I traveled across Mato Grosso and [Groriai] states earlier this month and can confirm that customers in this region are ready to expand irrigated acres as the availability of affordable credit expands in the country's energy infrastructure grows.

在我們的國際灌溉市場，特別是巴西，市場狀況持續改善的跡象令我們感到鼓舞。本月初，我走訪了馬托格羅索州和格羅裡亞伊州，可以確認，隨著該國能源基礎設施建設的不斷完善，可負擔信貸的可用性不斷提高，該地區的客戶已準備好擴大灌溉面積。

The federal government raised the benchmark interest rate by 25 basis points earlier this month, and it now sits at 15%, which is the highest rate since July of 2006.

聯邦政府本月初將基準利率上調了25個基點，目前為15%，這是自2006年7月以來的最高利率。

We do expect next year's crop plan to be released in July, and the market outlook will be impacted by the rate and amount of funds made available through the program. We continue to see a strong project funnel in the Mid East and North Africa, and as I mentioned earlier, we did secure another project in this region and expect to see continued growth as countries across the territory, prioritize food security and water resource conservation.

我們確實預計明年的作物計劃將於 7 月發布，市場前景將受到該計劃提供的資金速度和金額的影響。我們繼續看到中東和北非地區強勁的項目漏斗，正如我之前提到的，我們確實在該地區獲得了另一個項目，並且預計隨著該地區各國優先考慮糧食安全和水資源保護，我們將繼續增長。

In infrastructure, we continue to see opportunities develop across road-zipper system sales, leasing, and road safety products. Infrastructure funding in the US remains steady. And while project timing can shift quarter to quarter, our funnel of project opportunities remains robust. While additional project sales are on the horizon, the timing of these more complex sales remains uncertain.

在基礎設施方面，我們持續看到道路拉鍊系統銷售、租賃和道路安全產品領域的發展機會。美國基礎建設資金維持穩定。儘管專案時間可能會逐季度變化，但我們的專案機會管道依然強勁。雖然更多項目銷售即將到來，但這些更複雜的銷售的時機仍不確定。

Our global operations and supply chain team continue to navigate an evolving tariff environment while leveraging our global footprint to mitigate the impact on our business. Actions including supplier collaboration, strategic inventory placement, resourcing, and pricing have allowed us to manage through this period well.

我們的全球營運和供應鏈團隊繼續應對不斷變化的關稅環境，同時利用我們的全球影響力來減輕對我們業務的影響。包括供應商合作、策略性庫存佈局、資源配置和定價在內的行動使我們能夠很好地度過這段時期。

In the area of technology, our collaboration with Pessl Instruments continues to create customer value. By combining field net advisor with Pessl's in-field environmental centers, we are providing more precise and real-time agronomic insights that allow for more accurate irrigation scheduling decisions. This integrated approach has driven notable growth in cross-selling opportunities. The partnership is deepening our expertise in agronomic decision support, strengthening our data-driven products, and advancing our position as a leader in precision irrigation.

在技​​術領域，我們與 Pessl Instruments 的合作不斷創造客戶價值。透過將現場網路顧問與 Pessl 的現場環境中心結合，我們可以提供更精確、即時的農業見解，從而做出更準確的灌溉計劃決策。這種綜合方法推動了交叉銷售機會的顯著成長。此次合作加深了我們在農業決策支援方面的專業知識，增強了我們的數據驅動產品，並提升了我們在精準灌溉領域的領先地位。

I'd like to now turn the call over to Brian to discuss our third quarter financial results. Brian.

現在我想將電話轉給布萊恩，討論我們的第三季財務表現。布萊恩。

Thank you, Randy, and good morning, everyone. Consolidated revenues for the third quarter of fiscal 2025 increased 22% to $169.5 million compared to $139.2 million in the prior year. Revenues grew in both the irrigation and infrastructure segments compared to the prior year.

謝謝你，蘭迪，大家早安。2025 財年第三季的綜合營收較上年同期的 1.392 億美元成長 22%，達到 1.695 億美元。與前一年相比，灌溉和基礎設施部門的收入均有所成長。

Net earnings for the quarter were $19.5 million or $1.78 per diluted share compared to net earnings of $20.4 million or $1.85 per diluted share in the prior year. This year-over-year decrease in net earnings resulted primarily from the recognition of a one-time income tax credit in the prior year of $4.8 million or $0.44 per diluted share.

本季淨收益為 1,950 萬美元，即每股攤薄收益 1.78 美元，而去年同期淨收益為 2,040 萬美元，即每股攤薄收益 1.85 美元。淨收益年減主要由於前一年確認了一次性所得稅抵免，金額為 480 萬美元或每股攤薄收益 0.44 美元。

Excluding the impact of the tax credit on prior-year results, current year earnings per share represents an increase of 26% over the prior year. Turning to our segment results, irrigation segment revenues for the quarter increased 25% to $143.7 million compared to $114.8 million in the prior year.

不計稅收抵免對上一年業績的影響，本年度每股收益比上一年增長 26%。談到我們的分部業績，本季灌溉分部營收較上年的 1.148 億美元成長 25%，達到 1.437 億美元。

North America irrigation revenues of $69.1 million increased 1% compared to $68.2 million in the prior year. Unit sales volume of irrigation equipment was comparable to the prior year while average selling prices were up slightly. This increase was partially offset by the mixed impact of slightly shorter machines on average compared to the prior year.

北美灌溉收入為 6,910 萬美元，較上年的 6,820 萬美元成長 1%。灌溉設備的單位銷售量與去年同期持平，平均銷售價格略有上漲。與前一年相比，這一增長被機器平均長度略短的混合影響部分抵消。

Increased demand for irrigation equipment and specialty crop markets in the Pacific Northwest offset softer demand in corn and soybean markets and a lower level of storm damage replacement activity compared to the prior year.

太平洋西北地區灌溉設備和特種作物市場需求的增加，抵消了玉米和大豆市場需求的疲軟以及與去年相比風暴損害更換活動的降低。

In international irrigation markets, revenues increased 60% to $74.7 million compared to $46.6 million in the prior year. The majority of the increase resulted from revenues related to our large project in the [Mina] region along with higher sales volumes in Brazil and other parts of South America.

在國際灌溉市場，營收較前一年的 4,660 萬美元成長 60%，達到 7,470 萬美元。大部分成長來自於我們在[米納]地區的大型專案相關的收入，以及巴西和南美其他地區的銷售量增加。

These increases were partially offset by unfavorable effects of foreign currency translation of approximately $2.5 million compared to the prior year. Irrigation segment operating income for the quarter of $27.2 million increased 39% compared to the prior year, and operating margin was 18.9% of sales compared to 17% of sales in the prior year.

與前一年相比，這些成長被約 250 萬美元的外幣折算不利影響部分抵銷。本季灌溉部門營業收入為 2,720 萬美元，較上年同期成長 39%，營業利潤率的 18.9%，而去年同期為 17%。

Operating income increased due to higher revenues and favorable leverage of fixed operating expenses while being partially offset by a higher amount of international project revenues which resulted in some dilution to operating margin compared to the prior year.

營業收入增加是由於收入增加和固定營業費用的有利槓桿作用，但部分被更高的國際項目收入所抵消，導致營業利潤率與上年相比有所下降。

Infrastructure segment revenues for the quarter of $25.7 million increased 6% compared to $24.4 million in the prior year. The increase resulted primarily from higher sales of road safety products while roads-upper project sales and lease revenues in total were comparable to the prior year.

本季基礎設施部門營收為 2,570 萬美元，較去年同期的 2,440 萬美元成長 6%。這一成長主要源自於道路安全產品銷售額的增加，而道路上層專案銷售和租賃總收入與上年相當。

Infrastructure segment operating income for the quarter was $5.4 million compared to $6.3 million in the prior year. And infrastructure operating margin for the quarter was 21.1% of sales compared to 25.8% of sales in the prior year. Lower operating income and operating margin resulted primarily from a less favorable margin mix with road zipper system revenues compared to the prior year.

本季基礎建設部門營業收入為 540 萬美元，去年同期為 630 萬美元。本季基礎設施營運利潤率的 21.1%，去年同期為 25.8%。營業收入和營業利益率較低主要是因為與前一年相比，道路拉鍊系統收入的利潤率組合較差。

Turning to the balance sheet and liquidity, our total available liquidity at the end of the third quarter was $261 million, which includes $211 million in cash equivalents and marketable securities, and $50 million available under our revolving credit facility.

談到資產負債表和流動性，我們在第三季末的總可用流動資金為 2.61 億美元，其中包括 2.11 億美元的現金等價物和有價證券，以及 5,000 萬美元的循環信貸額度。

The strength of our balance sheet and ample access to liquid capital resources continue to serve as a strategic asset for Lindsay as we execute our capital allocation strategy to create enhanced and sustained value for our shareholders.

當我們執行資本配置策略，為股東創造更高、更持續的價值時，我們強勁的資產負債表和充足的流動資本資源將繼續成為 Lindsay 的策略資產。

This concludes my remarks and at this time, I'll turn the call over to the operator to take your questions.

我的發言到此結束，現在我將把電話轉給接線生來回答你們的問題。

(Operator Instructions) Kristen Owen, Oppenheimer.

（操作員指示）克里斯汀歐文，奧本海默。

Good morning. This is [Mason Manwa] on for Kristen. We wanted to ask about your international business. Over the short term, can you help us understand what, if any, impact the recent flare up in the Middle East could have on your large project activity? And then on the longer term, I'm wondering if you can help us understand what you're thinking about the long-term growth opportunity in Brazil. We're hearing a lot of optimism around the rebound and sentiment in the region, but also a grad expansion from a competitive standpoint?

早安.這是 [Mason Manwa] 為 Kristen 表演的。我們想詢問一下貴公司的國際業務。從短期來看，您能否幫助我們了解中東地區近期的緊張局勢會對您的大型專案活動產生什麼影響（如果有的話）？從長遠來看，我想知道您是否可以幫助我們了解您對巴西長期成長機會的看法。我們聽到很多關於該地區經濟反彈和情緒的樂觀情緒，但從競爭的角度來看，這也是一種逐步擴張？

Yeah, good morning, Mason. This is Randy. I'll go ahead and take that one. And I guess, I'll start by stating, obviously, like everyone else, we're hoping for a peaceful resolution on the conflicts in the Middle East and transitioning to the impact on large-project activity. We don't see a lot of direct impact in the short term. And certainly, the long-term fundamental drivers there related to food security remain intact. So we don't expect at this point any significant disruption in our ability to deliver existing projects or continue working the funnel to exit new projects in the region. And relative to Brazil, you broke up a little bit there in the middle, but I'll cover what I think I had heard. The long-term growth opportunity in Brazil from our perspective is significant, and we've made that comment before. We still have that view. I was fortunate to travel in the region earlier this month. And it really does confirm what we hear, what we read, what we see from our dealers and our sales teams in the region. And right now, we would put Brazil mid-single digits in terms of irrigation adoption. So we're not only projecting growth on new ground coming into production but certainly improving the yield and productivity of ground that's already under production. And we've often said as credit conditions become more attractive, but we certainly see continued investment and growth. We're hearing a lot of territory now where energy has to catch up. So that they've got the ability to power pumps and pivots in the region. But if we had to rank where we see the strong, sustainable, consistent growth opportunities in the world, Brazil is certainly going to be near the top of that list.

是的，早上好，梅森。這是蘭迪。我會繼續拿那個。我想，首先我要說的是，顯然，和其他人一樣，我們希望中東衝突能得到和平解決，並轉向對大型專案活動的影響。短期內我們不會看到太多直接影響。當然，與糧食安全相關的長期根本驅動力依然完好無損。因此，我們預計目前我們交付現有項目或繼續在該地區推出新項目的能力不會受到任何重大干擾。相對於巴西，你們在中間有點分裂，但我會講一下我認為我聽到的內容。從我們的角度來看，巴西的長期成長機會是巨大的，我們之前也曾表達過這樣的觀點。我們仍然持有這種觀點。本月初我有幸到該地區旅行。它確實證實了我們從該地區的經銷商和銷售團隊那裡聽到的、讀到的和看到的內容。目前，我們認為巴西的灌溉採用率處於個位數中段。因此，我們不僅預測新土地投入生產後產量會有所成長，而且肯定還會提高已投入生產的土地的產量和生產率。我們經常說，隨著信貸條件變得更具吸引力，我們肯定會看到持續的投資和成長。我們現在聽到很多關於能源必須迎頭趕上的說法。這樣他們就有能力為該地區的泵浦和樞軸提供動力。但如果我們必須對世界上強勁、可持續、持續的成長機會進行排名，巴西肯定會名列前茅。

Thank you for that. A quick follow up. One of the things we're watching across both [ag] and infrastructure markets is the extension of the Trump tax credits and in particular the reinstatement of bonus depreciation. Can you provide your thoughts on how it might impact your demand outlook in both irrigation and road-zipper business?

謝謝你。快速跟進。我們在農業和基礎設施市場關注的事情之一是川普稅收抵免的延長，特別是獎金折舊政策的恢復。您能否談談它將如何影響灌溉和道路拉鍊業務的需求前景？

Yeah, Mason, this is Brian.

是的，梅森，這是布萊恩。

I think the tax credits and the and the accelerated depreciation, bonus depreciation, it's going to be more impactful for the irrigation business. Probably not as much on the road zipper side of the business and really it's all about farmer income and the ability to shelter that from taxes. And I think from our standpoint, maybe not at an overall increase in demand, but I think the timing of that demand -- so you could -- if the bill gets passed, this year, you could see some demand later in the calendar year this year that might have been projected to be in the spring of next year. So I think it can shift the timing around. But overall, it's still definitely supportive of investment in our equipment.

我認為稅收抵免、加速折舊、獎金折舊對灌溉業務的影響更大。可能在公路拉鍊業務方面沒有那麼多，實際上這都與農民收入和免稅能力有關。我認為從我們的角度來看，也許整體需求不會增加，但我認為這種需求的時間 - 所以你可以 - 如果今年該法案獲得通過，你可能會在今年晚些時候看到一些需求，而預計這些需求可能會在明年春季出現。所以我認為它可以改變時間。但總體來說，它仍然肯定支持我們對設備的投資。

Thank you for taking my questions.

感謝您回答我的問題。

Ryan Connors, Northcoast Research.

瑞安康納斯（Ryan Connors），Northcoast Research。

Good morning. Thanks for taking my questions. So wanted to stick on the ag business for a few. And first off, just on the pricing front, you talked about price being a slight tailwind. That seems like a bit more constructive than we've had the last few quarters. So any color there was that regional in nature? You mentioned that Northwest was strong, just any additional color on the pricing would be helpful.

早安.感謝您回答我的問題。因此想繼續從事農業業務一段時間。首先，就定價方面而言，您談到價格略有順風。這似乎比過去幾季更有建設性。那麼，那裡的顏色具有地域性嗎？您提到西北航空實力雄厚，只要在定價方面提供任何補充資訊都會有所幫助。

Yeah, Ryan. I would say, we've stated before when the tariff information came out and then some -- we saw some of the steel market in the US go up. We've been proactive at addressing price and taking pricing actions. So I think at this point, I would say it's a slight impact on revenues and -- but I think, we're kind of getting ahead a little bit of the cost impact there so certainly some support on the margin side there. But that's been really in the US is where we've seen the pricing actions.

是的，瑞安。我想說，我們之前已經說過，當關稅資訊公佈後，我們看到美國部分鋼鐵市場價格上漲。我們一直積極主動地解決價格問題並採取定價行動。所以我認為在這一點上，我會說這對收入有輕微的影響 - 但我認為，我們在某種程度上已經領先於成本影響，因此肯定會對利潤率產生一些支持。但我們確實在美國看到了定價行動。

Understood. Okay. And then you mentioned in the press release and you mentioned it as well, Brian, this is this notion of shorter machines. As I guess a tailwind to -- or excuse me, a headwind rather. So anything that's driving that, anything to note in the mix, that's structural, that's changing there or is that just sort of happenstance at the moment and that's the way it's going, or anything we read into that because I noticed you mentioned it a couple times?

明白了。好的。然後您在新聞稿中提到，您也提到了這一點，布萊恩，這就是更短機器的概念。我猜是順風──或者不好意思，是逆風。那麼，是什麼在推動這一進程，有什麼需要注意的因素，是結構性的，是正在發生的變化，還是目前的偶然事件，或者情況就是這樣，或者我們對此有何解讀，因為我注意到您提到過幾次？

Yeah. And it's really a regional thing primarily and mentioned that pretty strong demand in the Pacific Northwest in our third quarter. And that's where we're seeing some of the shorter machines, which influences the overall average. And there you've got a large farms that have had pivots in. And as they add land and maybe they cover the corners, with shorter machines, that's what's really driving it. You don't see that as much, across the broad corn belt, but in the Pacific Northwest region and some in the Southeast as well. You got some shorter machines.

是的。這其實主要是地區性問題，我們提到第三季太平洋西北地區的需求相當強勁。我們看到一些較短的機器，這影響了整體平均值。那裡有一大批擁有樞紐的農場。隨著他們擴大土地面積，也許用更短的機器覆蓋角落，這才是真正的推動力。在廣闊的玉米帶中，這種情況並不常見，但在太平洋西北部地區和東南部的一些地區也常見。你有一些較短的機器。

Got it. Okay. And then a bigger picture question, Randy, you alluded to the fact that, net farm income is going to be up this year, but a lot of that is government supports and that -- the adage is that the growers aren't going to spend that money the same as they will spend crop receipts. But in a drought scenario like we have going on in parts of the Midwest, especially a pivot-heavy region like Nebraska, could we actually end up seeing a lot of that money flow into irrigation. I mean, if these -- if the money is coming in from the government and you sort of need -- and it's certainly a priority at the moment, I would think for some of these growers to make sure they can get a crop up.

知道了。好的。然後是一個更大的問題，蘭迪，你提到，今年農場淨收入將會增加，但其中很大一部分是政府的支持，而且——俗話說，種植者不會像花農作物收入那樣花這筆錢。但在像我們中西部部分地區，特別是內布拉斯加州這樣樞紐密集的地區所經歷的乾旱情況下，我們最終是否會看到大量資金流入灌溉領域。我的意思是，如果這些——如果資金來自政府，而你又需要——而且這當然是目前的優先事項，我認為對於一些種植者來說，請確保他們能夠獲得收成。

Yeah, Ryan. I wouldn't say in our view that the drought is going to drive a lot of new machine purposes. We're a pretty mature market here in in the Midwest. So we -- I know we had some machines start up maybe a little earlier to germinate a crop when we didn't have those early spring rains. So we might see more hours this year that could lead to more parts business, certainly, some service business for our dealers. But I wouldn't correlate that to a significant or noticeable increase in machine demand. And I can say in the Eastern part of the state at least, we've had a significant amount of rain here over the last 7 to 10 days. So I think the longer term threat of drought could be abating slightly as well.

是的，瑞安。我們認為，乾旱不會推動大量新機器的用途。我們中西部的市場相當成熟。所以——我知道，在沒有早春雨水的時候，我們可能會早一點啟動一些機器來發芽作物。因此，我們今年可能會有更多的工作時間，為我們的經銷商帶來更多的零件業務，當然還有一些服務業務。但我並不認為這與機器需求的顯著或顯著增長有關。我可以說，至少在州東部，過去 7 到 10 天我們這裡降雨量都很大。因此我認為乾旱的長期威脅也可能會略有減弱。

Sure. And then just one last one if I could sneak it in the on the new $20 million Mina project, should we assume the margins on that are roughly equivalent to the margins on the other big Mina project you've been shipping?

當然。最後再問一個問題，如果我可以偷偷地把它加入到新的 2000 萬美元的 Mina 專案中，我們是否應該假設該專案的利潤率大致相當於您一直在實施的另一個大型 Mina 專案的利潤率？

Yeah. I think that's a fair assumption. I mean it's a smaller project. But I would say given the fact that we're going to start delivering that at the same time we still have the larger project, I think we'll see comparable margins.

是的。我認為這是一個合理的假設。我的意思是這是一個較小的項目。但我想說，鑑於我們將開始交付該項目，同時我們還有更大的項目，我認為我們將看到可比的利潤率。

Yes. Okay, great. Thanks for your time.

是的。好的，太好了。感謝您的時間。

Brian Drab, William Blair.

布萊恩德拉布、威廉布萊爾。

Hey, good morning. Thanks for taking my questions. And I just wanted to start with -- following up to that last question. The $20 million project is a little bit smaller than -- as you pointed out, and some of the other ones that you've been doing in that region. Is that -- is there -- is that the beginning of a trend possibly, why is it coming in maybe smaller pieces in this case? And do you -- in winning that project where there are discussions of other pieces to maybe a larger project, and do you have visibility to -- the next phases?

嘿，早安。感謝您回答我的問題。我只是想開始回答最後一個問題。正如您所指出的，這個耗資 2000 萬美元的項目比您在該地區開展的一些其他項目要小一些。這是不是──這是不是某種趨勢的開始？為什麼在這種情況下，它可能會以更小的碎片形式出現？在贏得該專案後，您是否正在討論可能更大專案的其他部分，並且您是否了解下一階段的情況？

Yeah, good morning, Brian. This is Randy. Thanks for the question. I'd probably answer the question this way. And we talk a lot about the funnel, and I think others that are active in the region have as well. And when you look at the Pareto and everything that's in there, there's going to be more of these $20 million, $30 million, $40 million projects than there. There are the $100 million, $150 million-plus projects.

是的，早上好，布萊恩。這是蘭迪。謝謝你的提問。我可能會這樣回答這個問題。我們多次討論這個漏斗，我認為在該地區活躍的其他人也是如此。當你查看帕累托圖和其中的所有內容時，你會發現這些價值 2000 萬美元、3000 萬美元、4000 萬美元的項目會比那裡更多。其中有價值 1 億美元、1.5 億美元以上的項目。

Those mega projects are going to be certainly a smaller number. So if you look at a trend. I wouldn't say it's a trend where the mega projects are getting broken down into smaller projects. These are different customers, different parts of the region with maybe different availability of land mass to them. So not a trend where we'd say everything's going to shift to these small ones. We still see some of those mega projects working their way through the funnel from a quantity perspective, I think we are going to see more of these smaller projects over time. But it's not big customers getting small, it's different customers, different parts of the region.

這些大型項目的數量肯定會減少。所以如果你觀察一下趨勢。我不認為大型專案被分解成小型專案是一種趨勢。這些都是不同的客戶，位於不同的地區，可能擁有不同的土地面積。因此，我們不會說所有事物都會轉向這些小型事物的趨勢。從數量角度來看，我們仍然看到一些大型專案正在推進中，我認為隨著時間的推移，我們將看到更多這樣的小型專案。但這不是大客戶變小，而是不同的客戶、不同地區的客戶。

Okay, thanks very much. And then on Brazil, your comments today -- and what we're seeing in Brazil kind of has me slightly, feeling slightly more cautious about the near-term outlook in Brazil. I'm wondering if that what you're senses as well. I mean you talked about the rate being the highest it's been since 2006, 15%. I guess the question is just are you incrementally more cautious on Brazil here for the second half of calendar '25?

好的，非常感謝。然後關於巴西，您今天的評論——以及我們在巴西看到的情況讓我對巴西的近期前景感到更加謹慎。我想知道您是否也有同樣的感覺。我的意思是，您說的這個比率是 2006 年以來的最高水平，即 15%。我想問題是，在 2025 年下半年，您是否會對巴西採取更謹慎的態度？

I think as we see in a lot of markets, there's a combination of tailwinds and headwinds that are kind of battling it out. And I think in Brazil, we still see the fundamental market there when you can grow three crops when you irrigate. And two, when you don't. Soy prices remain strong and that access to affordable capital, that's the one thing right now that's maybe keeping a lid on that market.

我認為，正如我們在許多市場中看到的那樣，順風和逆風並存，並且正在相互較量。我認為，在巴西，如果灌溉可以種植三種作物，我們仍然可以看到那裡的基本市場。第二，當你不這樣做的時候。大豆價格保持堅挺，而且可以獲得負擔得起的資本，這可能是目前限制該市場發展的唯一因素。

So in the near term, a near term being today, maybe slightly more cautious. But we also commented that next year's crop plan should be released in the first part of July. That's going to be a major source of affordable funding for our customers. So depending on where that rate is and the amount of total funding that's available, I think that that short-term cautious optimism could quite quickly. And we know that that market from a long term perspective is going to continue to see growth and ongoing investment.

因此，就短期而言，也就是今天的短期內，我們可能會更加謹慎一些。但我們也評論說，明年的作物計畫應該在7月初發布。這將成為我們客戶可負擔資金的主要來源。因此，根據利率水準和可用資金總額，我認為短期謹慎樂觀情緒可能很快就會消退。我們知道，從長遠來看，該市場將繼續成長並持續投資。

So I don't think it's tempered demand to the point that we're even remotely concerned, Brian. But until we see what next year's crop plan looks like, I think it's -- for the most part, a lot of customers are in a wait-and-see approach now. But that wait and see is 10 to 14 days.

因此，我認為需求還沒有被抑製到讓我們感到擔憂的程度，布萊恩。但在我們看到明年的作物計畫之前，我認為——在大多數情況下，許多客戶現在都採取觀望態度。但這個等待期需要 10 到 14 天。

Okay, thanks. Appreciate it very much.

好的，謝謝。非常感謝。

You bet.

當然。

John Braatz, Kansas City Capital.

約翰‧布拉茨 (John Braatz)，堪薩斯市首府。

Morning, Randy, Ryan. Ryan, can you tell us a little bit about, I mean, tell us how much was delivered on the large project this quarter and what remains and then. From a bigger picture standpoint, is there enough opportunities out there for you to offset the completion of the large project as we look into next year?

早安，蘭迪，瑞安。瑞安，您能否向我們稍微介紹一下，我的意思是，告訴我們本季這個大型專案交付了多少，還剩下多少。從更大的角度來看，明年是否有足夠的機會來抵銷大型專案的完成？

Sure. Yeah, first of all, we were able to deliver a little bit ahead of schedule in the third quarter. So I think we've been talking about $20 million a quarter. We did about $24 million in the third quarter. So that potentially pulls forward what we were expecting to do in the fourth quarter. So maybe there's $16 million in the fourth quarter. And then the remainder, which could be another $15 million, $16 million that rolls into the first quarter of next year. So that's been really delivering as expected. Like I said, we were able to get a little bit more of that out in the third quarter. But the second part of your question, I mean, I think as Randy talked about the project pipeline and, both a combination of large and small -- I mean small.

當然。是的，首先，我們能夠在第三季提前一點交付。所以我認為我們談論的是每季 2000 萬美元。我們在第三季的營收約為 2,400 萬美元。因此，這可能會提前實現我們預期的第四季目標。因此第四季可能有 1600 萬美元。剩下的可能是另外 1500 萬美元或 1600 萬美元，將進入明年第一季。所以這確實達到了預期的效果。就像我說的，我們在第三季取得了更多成績。但是你問題的第二部分，我的意思是，我認為正如蘭迪談到的項目管道，既有大項目也有小項目——我的意思是小項目。

I kind of have to laugh when we talk about a $20 million project being small. I mean in the past, the $20 million project would be a pretty good-sized project. But there's enough projects in the funnel to fill the gap from the large project that we've had -- we have this year. I think the big question is -- we always talk about is the timing and the unpredictability there, and a lot of factors go into when you know a project can get started, whether it's infrastructure or whether it's getting funding in place and things like that. But we -- there's ample opportunity there to certainly fill that gap and continue to have a project business in that part of the world.

當我們談到 2000 萬美元的項目很小的時候，我有點想笑。我的意思是，在過去，2000 萬美元的項目已經是一個相當大的項目了。但是，目前有足夠多的項目可以填補我們今年的大型項目的空白。我認為最大的問題是——我們總是談論的是時機和不可預測性，很多因素都會影響一個專案何時可以啟動，無論是基礎設施還是資金是否到位等等。但是，我們有足夠的機會來填補這一空白，並繼續在世界這一地區開展專案業務。

Okay. Second question is in the past -- we're speaking in North America. North America and pivot sales seem to have been somewhat correlated with what we're seeing in terms of volumes that John Deere and the big equipment manufacturers. And this year certainly hasn't been a disconnect, your volumes have been flattish and their volumes have been off considerably.

好的。第二個問題與過去有關──我們正在北美進行演講。北美和樞紐地區的銷售似乎與我們所看到的約翰迪爾和大型設備製造商的銷售有一定關聯。今年肯定沒有出現脫節，你們的交易量一直持平，而他們的交易量則大幅下降。

What might be driving that? And I know you talked a little bit about the Pacific Northwest. Is it more irrigation, more pivot sales in regional markets and outside of the big-row crops?

是什麼原因導致這現象的發生？我知道您談到了一些有關太平洋西北地區的事情。是增加灌溉量，還是增加區域市場和大田作物以外的樞紐銷售量？

Yeah, I'll take that one, John. I think there's a couple of things. The mix that you're talking about regionally, I think certainly plays into it. One of the other factors is that just fundamentally we've got different go-to market models. And when you talk about John Deere, and they're called they'll talk about destocking the channel. So their revenue is recognized when it ships to a dealer. The dealer's going to hold inventory and sell that at retail and for us we basically ship from the factory to the field. So we don't have that destocking mechanism through our channel that I think a lot of those equipment OEMs have to have to deal with when we start to see the market downturn.

是的，我會接受這個，約翰。我認為有幾件事。我認為您談論的區域混合肯定起了作用。另一個因素是，從根本上來說，我們有不同的市場進入模式。當你談論約翰迪爾時，他們會談論減少渠道庫存。因此，當產品運送至經銷商時，他們的收入就被確認了。經銷商將持有庫存並以零售價出售，而我們基本上是從工廠運送到現場。因此，當我們開始看到市場低迷時，我認為許多設備原始設備製造商都必須透過我們的管道來應對這種去庫存機制。

Okay. All right. That's it. Thank you very much.

好的。好的。就是這樣。非常感謝。

Thank you.

謝謝。

Thanks, John

謝謝，約翰

(Operator Instructions) Nathan Jones, Stifel.

（操作員指示）Nathan Jones，Stifel。

Hi, good morning. This is Adam Farley on for Nathan.

嗨，早安。亞當法利 (Adam Farley) 代替內森 (Nathan)。

Hey, Adam.

嘿，亞當。

I wanted to follow up on -- hey, good morning, guys. I wanted to follow up on the price/cost discussion. Are you seeing any impact from the increase in the steel and aluminum tariff? And then do you have any expectations for near-term steel costs?

我想跟進一下——嘿，大家早安。我想跟進價格/成本討論。您是否看到鋼鐵和鋁關稅上調帶來的影響？那麼，您對近期鋼鐵成本有什麼預期呢？

Yeah, Adam, this is Brian. I would say at this point we've had little to no impact from the steel cost. I mean we had seen initially when the tariffs were announced the domestic steel suppliers increasing price, some of that was some artificial demand created with companies stocking up on inventory and things like that. But this most recent announcement of the 50% tariffs, we just haven't seen any price increases sticking at this point in time. I don't think the demand is there to support, the domestic steel increases. So I would say from a cost standpoint as it relates to steel at this point, limited impact.

是的，亞當，這是布萊恩。我想說，目前我們受到鋼鐵成本的影響很小甚至沒有。我的意思是，當關稅宣佈時，我們最初看到國內鋼鐵供應商提高了價格，其中一些是由於公司囤積庫存等原因造成的人為需求。但在最近宣布徵收 50% 關稅之後，我們還沒有看到任何價格上漲。我認為沒有需求支撐國內鋼鐵價格上漲。因此，我想說，從目前與鋼鐵相關的成本角度來看，影響有限。

And you know as it relates to the other tariffs, I think it's still in that -- what we talked about before in that mid-single digit kind of impact. And as we mentioned earlier, we have taken some pricing actions and in anticipation of that cost impact.

你知道，就其他關稅而言，我認為它仍然處於那種狀態——我們之前談到的那種中等個位數的影響。正如我們之前提到的，我們已經採取了一些定價措施，並預計成本影響。

Thanks, Brian, that's helpful. And then I wanted to follow up on the progress surrounding the modernization of your [Windy], Nebraska manufacturing facility. I'm asking the question because markets have been pretty robust this year and I'm wondering if you're seeing real-life savings from that modernization.

謝謝，布萊恩，這很有幫助。然後我想跟進一下你們位於內布拉斯加州溫迪的製造工廠的現代化進展。我之所以問這個問題，是因為今年市場表現相當強勁，我想知道您是否從這種現代化中看到了實際的節省。

You all maybe start, Adam and kind of give you an update on the progress, and Brian can maybe go a little deeper on some of the numbers. And we had the opportunity to take our Board there earlier this week and do a tour on the investment progress and things are going extremely well. We've been blessed with good weather. We've been blessed with a great team, supplier support working on execution. And I can say that every is on track on the timelines that we expected. And I think the quality of the equipment of the facilities, the worker environment, the improvements in safety, the improvements of efficiency, everything looks like it's going to deliver quite well versus our expectations, and maybe turn it over to Brian to be a little more specific.

你們都可以開始了，亞當，向你們介紹一下進展情況，布萊恩可以更深入地了解一些數字。本週早些時候，我們有幸帶領董事會前往那裡參觀投資進度，一切進展非常順利。我們很幸運，遇到了好天氣。我們非常幸運，擁有一支優秀的團隊和供應商來支援執行工作。我可以說，一切都按照我們預期的時間進度進行。我認為設施設備的品質、工人環境、安全性的改善、效率的提高，一切看起來都會比我們的預期好很多，也許可以交給布萊恩更具體地說明。

Yeah, Adam. In terms of the margin improvement that we're seeing and specifically to the third quarter here. If I were to characterize it in order of magnitude, I would say first of all, the volume leverage that we have in the international business and the leverage in our Turkey facilities is probably the largest single driver. But operational efficiencies, I would say, would be the next contributor to the margin expansion. And you're seeing that, in our main factories in Brazil, Turkey, and in the US, we're seeing some operational efficiencies and then a third thing that's contributing to margin expansion that we've talked about at some point is being supportive. I think our growth in subscriptions and the and the recurring revenue there we are seeing that start to impact and help from a margin standpoint.

是的，亞當。就我們所看到的利潤率改善而言，特別是第三季的利潤率改善。如果我要按數量級來描述它，我會說首先，我們在國際業務中擁有的數量槓桿以及我們在土耳其工廠的槓桿可能是最大的單一驅動因素。但我想說，營運效率將是利潤率擴大的下一個貢獻因素。您會發現，在我們位於巴西、土耳其和美國的主要工廠中，我們看到了一些營運效率的提高，而我們曾經討論過的第三個有助於利潤率擴大的因素就是支持。我認為我們的訂閱量和經常性收入的成長開始對利潤率產生影響並有所幫助。

Okay, thank you for taking my questions.

好的，感謝您回答我的問題。

Thank you.

謝謝。

Seeing no additional questions, this concludes our question-and-answer session. I would like to turn the conference back over to Randy Wood for any closing remarks.

沒有其他問題了，我們的問答環節到此結束。我想將會議交還給蘭迪伍德 (Randy Wood) 做最後發言。

Thank you all for joining us today. We are very pleased with our year-to-date results and our third-quarter performance. Our teams continue to execute well and we are positioned to manage through the market headwinds in our domestic US irrigation market while leveraging opportunities in the expanding international irrigation regions.

感謝大家今天的參與。我們對今年迄今的業績和第三季的表現非常滿意。我們的團隊繼續表現良好，我們有能力應對美國國內灌溉市場的市場逆風，同時利用不斷擴大的國際灌溉地區的機會。

Our roads of funnel will continue to drive long-term growth. And our global footprint and supply chain will allow us to effectively manage through tariff uncertainty. This concludes our third-quarter earnings call. We look forward to updating you on our continued progress following the close of our fiscal 2025 year. Thanks for joining us.

我們的漏斗之路將繼續推動長期成長。我們的全球足跡和供應鏈將使我們能夠有效地應對關稅不確定性。我們的第三季財報電話會議到此結束。我們期待在 2025 財年結束後向您報告我們的持續進展。感謝您的加入。

The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

會議現已結束。感謝您參加今天的演講。您現在可以斷開連線。