Lindsay Corp (LNN) 2026 Q1 法說會逐字稿

Good day, and welcome to the Lindsay Corporation fiscal first quarter 2026 earnings conference call. (Operator Instructions) Please note, this event is being recorded. I would now like to turn the conference over to Randy Wood, President and CEO. Please go ahead.

大家好，歡迎參加林賽公司2026財年第一季財報電話會議。（操作說明）請注意，本次活動正在錄影。現在我將把會議交給總裁兼執行長蘭迪·伍德先生。請繼續。

Thank you, and good morning, everyone. Welcome to our fiscal 2026 first quarter earnings call. With me today is Sam Hinrichsen, our Chief Financial Officer. Once again, I'm very proud of our team's execution in the quarter despite external headwinds impacting our business. While ongoing trade uncertainty, low commodity prices and high input costs have negatively impacted customer profitability and sentiment, our team's focus on price and cost management and operational efficiencies gained through our diversified global footprint helped us deliver solid profitability and maintain earnings quality in the quarter.

謝謝大家，大家早安。歡迎參加我們2026財年第一季財報電話會議。今天陪我一起的是我們的財務長薩姆·欣里奇森。儘管外部不利因素影響了我們的業務，但我再次為我們團隊在本季的出色表現感到非常自豪。儘管持續的貿易不確定性、低迷的大宗商品價格和高昂的投入成本對客戶的盈利能力和信心產生了負面影響，但我們的團隊專注於價格和成本管理，並透過我們多元化的全球佈局提高了營運效率，幫助我們在本季度實現了穩健的盈利能力並保持了盈利質量。

In our domestic US irrigation business, customers continue to delay large capital purchases due to high input costs and low profitability. In our international business, we're encouraged by the strength and opportunities in the project market, including the Middle East and North Africa.

在美國國內灌溉業務中，由於投入成本高、獲利能力低，客戶不斷延後大額資本採購。在國際業務方面，我們對專案市場的強勁勢頭和機會感到鼓舞，包括中東和北非地區。

Our ability to help growers globally improve productivity and optimize resources remains a key differentiator for Lindsay and has supported performance amid a challenging macroeconomic environment. Subsequent to the end of our fiscal first quarter, we announced a supply agreement to provide Zimmatic irrigation systems and FieldNET remote management and scheduling technology in the MENA region.

我們幫助全球種植者提高生產力和優化資源的能力仍然是 Lindsay 的關鍵差異化優勢，並在充滿挑戰的宏觀經濟環境下支撐了我們的表現。在我們的第一財季結束後，我們宣布了一項供應協議，將在中東和北非地區提供 Zimmatic 灌溉系統和 FieldNET 遠端管理和調度技術。

This project is valued at approximately $80 million in total revenue with approximately $70 million of revenue realization this fiscal year. This announcement reflects our ability to compete and win large-scale projects globally, but also demonstrates Lindsay's role as a trusted partner in advancing sustainable agriculture while supporting localized production and enhancing food security. We're very proud of our team's commitment to delivering transformative projects in our international markets and look forward to executing this important project in the region.

該項目總價值約為 8,000 萬美元，本財年預計將營收約 7,000 萬美元。這項公告不僅體現了我們在全球範圍內競爭並贏得大型計畫的能力，也展現了林賽作為值得信賴的合作夥伴在推進永續農業、支持本地化生產和增強糧食安全方面所發揮的作用。我們為團隊致力於在國際市場交付變革性專案而感到非常自豪，並期待在該地區執行這個重要專案。

Our Infrastructure segment delivered solid performance in the first quarter with total revenues up 17% year-over-year. Increased road construction activity supported segment performance in the quarter, and we continue to see solid interest in our Road Zipper solutions product. Moving forward, we expect further momentum as infrastructure funding and road project activity advance.

我們的基礎設施業務部門在第一季表現穩健，總營收年增 17%。本季道路建設活動的增加支撐了該業務板塊的業績，我們繼續看到市場對我們的道路拉鍊解決方案產品表現出濃厚的興趣。展望未來，隨著基礎設施資金和道路項目活動的推進，我們預計這一勢頭將進一步增強。

Turning to our market outlook. As we mentioned last quarter, in North America, we expect softer market conditions to persist in the near term. Market indicators suggest the current trough environment will persist until there's greater clarity around international trade impacts and an improvement in customer profitability.

接下來談談市場展望。正如我們在上個季度所提到的，在北美，我們預期短期內市場疲軟的狀況將持續。市場指標表明，目前的低迷環境將持續下去，直到國際貿易影響更加明朗以及客戶獲利能力有所改善。

The US administration has announced a $12 billion Farmer Bridge Assistance package designed to offset trade-related pressures on US farmers. The program includes onetime payments of approximately $44 per acre for corn and $31 per acre for soybeans. While this support will be appreciated by growers, we don't expect it to drive significant incremental demand in the short term.

美國政府宣布了一項價值 120 億美元的“農民橋樑援助計劃”，旨在抵消貿易相關壓力給美國農民帶來的損失。該計劃包括一次性支付玉米每英畝約 44 美元和大豆每英畝約 31 美元。雖然種植者會感謝這種支持，但我們預計短期內不會推動需求的顯著增長。

Within our international markets, we remain encouraged by the overall outlook for future growth and market fundamentals in Latin America, including Brazil. Elevated interest rates and ongoing constraints on credit access for growers continue to weigh on near-term equipment investment in the region, tempering what otherwise remains an attractive long-term growth opportunity.

在我們的國際市場方面，我們對拉丁美洲（包括巴西）的未來成長前景和市場基本面仍然感到鼓舞。高利率和種植者信貸取得持續受限，繼續對該地區近期的設備投資構成壓力，削弱了原本仍具有吸引力的長期成長機會。

Within our infrastructure segment, we continue to see opportunities develop across system sales, leasing and road safety products, and our sales funnel remains strong. As previously communicated, we do not see a large Road Zipper project exiting the funnel in fiscal year '26. This creates a difficult comparison, particularly in Q2, where we shipped a large $20 million project last year. We do have incremental opportunities for smaller projects and other segment growth to offset half of that total with the majority coming in the second half of the fiscal year.

在我們的基礎設施領域，我們不斷看到系統銷售、租賃和道路安全產品的機會不斷湧現，我們的銷售管道仍然強勁。正如之前所溝通的那樣，我們預計在 2026 財年不會有大型道路拉鍊專案出爐。這就造成了比較困難，尤其是在第二季度，因為我們去年交付了一個價值 2000 萬美元的大項目。我們還有一些小型專案和其他細分市場成長的增量機會，可以抵消總額的一半，其中大部分將在本財年的下半年實現。

Road safety funding in the United States remains steady, and we remain very excited by the long-term potential of our Road Zipper leasing model, which continues to gain traction and supports a more stable and balanced margin profile over time.

美國的道路安全資金保持穩定，我們對 Road Zipper 租賃模式的長期潛力感到非常興奮，該模式不斷獲得認可，並隨著時間的推移支持更穩定、更平衡的利潤率。

With that, I'd like to now turn the call over to Sam to discuss our fiscal first quarter financial results. Sam?

接下來，我想把電話交給 Sam，讓他來討論我們第一財季的財務表現。山姆？

Thank you, Randy, and good morning, everyone. It is a privilege to join you today for my first earnings call as Chief Financial Officer at Lindsay Corporation. I'm excited to continue partnering with this talented team as we drive our strategy forward, deliver on key initiatives, and create meaningful long-term value for our shareholders. I look forward to building on the strong foundation already in place. Now let me walk you through our financial results for the quarter.

謝謝你，蘭迪，大家早安。今天很榮幸能以 Lindsay Corporation 財務長的身份與大家一起參加我的首次財報電話會議。我很高興能繼續與這支才華洋溢的團隊合作，共同推動我們的策略，落實關鍵舉措，並為我們的股東創造有意義的長期價值。我期待在現有堅實的基礎上繼續發展。現在讓我帶大家來了解我們本季的財務表現。

Total revenues for the first quarter of fiscal 2026 were $155.8 million, a decrease of 6% compared to revenues of $166.3 million in the same quarter last year. The decline in revenue was driven by lower volumes in our irrigation segment as continued uncertainty around trade, lower commodity prices, and higher input costs continue to weigh on farmer sentiment. Lower volume in irrigation was partially offset by year-over-year growth in our infrastructure segment. Operating income for the quarter was $19.6 million, a decrease of 6% compared to $20.9 million in the prior year period. Operating margin for the quarter was 12.6%, consistent with the prior year.

2026 財年第一季總營收為 1.558 億美元，比去年同期的 1.663 億美元營收下降了 6%。收入下降是由於灌溉業務銷售減少所致，貿易持續不確定性、大宗商品價格下跌和投入成本上漲持續打擊農民信心。灌溉業務量的下降被基礎設施業務的年成長部分抵消。本季營業收入為 1,960 萬美元，比去年同期的 2,090 萬美元下降了 6%。本季營業利益率為12.6%，與去年同期持平。

Despite a lower revenue base, our solid operating margin performance for the quarter reflects continued execution of our operational strategy, coupled with effective cost and pricing management. While near-term irrigation market conditions in North America are expected to remain soft, we anticipate that our business will continue to show resilience. Net earnings results for the quarter were $16.5 million or $1.54 of net earnings per diluted share, marking a slight decline compared to net earnings of $17.2 million or $1.57 per diluted share in the first quarter of last year. The difference in net earnings when compared to the prior year period was largely attributable to lower operating income and a slightly higher effective tax rate. These were partially offset by an increase in other income.

儘管收入基數較低，但我們本季穩健的營業利潤率表現反映了我們營運策略的持續執行，以及有效的成本和定價管理。儘管預計北美近期灌溉市場狀況仍將疲軟，但我們預計我們的業務將繼續展現韌性。本季淨利潤為 1,650 萬美元，即每股攤薄淨利潤 1.54 美元，與去年第一季的淨利潤 1,720 萬美元或每股攤薄淨利潤 1.57 美元相比略有下降。與去年同期相比，淨利潤的差異主要歸因於營業收入下降和實際稅率略有上升。這些損失部分被其他收入的增加所抵銷。

Turning to our segment results. Irrigation segment revenue for the first quarter were $133.4 million, a decrease of 9% compared to segment revenues of $147.1 million in the prior year. North America irrigation revenues of $74.3 million decreased by 4% compared to $77.7 million in the prior year. Within our North American markets, the impact of lower overall unit sales volume was partially offset by higher average selling prices compared to prior year. In international irrigation markets, we delivered revenues of $59.1 million compared to $69.4 million in the first quarter last year.

接下來來看看我們各業務板塊的業績。第一季灌溉業務收入為 1.334 億美元，比去年同期的 1.471 億美元下降了 9%。北美灌溉收入為 7,430 萬美元，比前一年的 7,770 萬美元減少了 4%。在北美市場，儘管整體銷量有所下降，但與前一年相比，平均售價有所上漲，部分抵消了銷量下降的影響。在國際灌溉市場，我們的收入為 5,910 萬美元，而去年第一季為 6,940 萬美元。

The decrease was primarily attributable to two factors. First, the timing of project revenues in the MENA region is difficult to predict. First quarter results were impacted by the timing gap between last year's project and the recently awarded new project in the region. Secondly, sales volumes in Brazil were lower than anticipated as this key market continues to be constrained by elevated interest rates and an unfavorable credit environment, which is weighing on investor activity for growers in the region. These declines were partially offset by approximately $1.5 million of favorable effects of foreign currency translation compared to the prior year.

這一下降主要歸因於兩個因素。首先，中東和北非地區的專案收入時間難以預測。第一季業績受到去年專案與該地區近期中標的新專案之間存在時間差的影響。其次，由於巴西這一主要市場持續受到高利率和不利信貸環境的限制，導致該地區種植者的投資者活動受到抑制，因此巴西的銷售量低於預期。與前一年相比，外幣折算帶來的約 150 萬美元有利影響部分抵消了這些下降。

Total Irrigation segment operating income for the first quarter was $23 million, a decrease of $1.8 million compared to $24.7 million in the first quarter last year. Segment operating margins of 17.2% of sales grew compared to 16.8% of sales in the first quarter of last year. Despite lower segment revenues, our irrigation margin profile continues to reflect resilience in a down cycle market.

第一季灌溉業務部門的總營業收入為 2,300 萬美元，比去年同期的 2,470 萬美元減少了 180 萬美元。該業務部門的營業利潤率佔銷售額的 17.2%，高於去年第一季的 16.8%。儘管業務板塊收入下降，但我們的灌溉利潤率仍反映出在市場下行週期中的韌性。

In our infrastructure segment, revenues for the first quarter increased 17% to $22.4 million compared to $19.2 million in the prior year. The increase was driven by higher sales of road safety products, while Road Zipper System revenues were similar compared to the prior year. Infrastructure segment operating income for the first quarter increased 9% to $4.5 million compared to $4.1 million in the prior year. Infrastructure segment operating margin for the quarter was 20.1% of sales compared to 21.5% of sales last year as revenue growth was offset by higher operating expenses. Turning to the balance sheet and liquidity.

在我們的基礎設施業務板塊，第一季營收成長 17%，達到 2,240 萬美元，而上年同期為 1,920 萬美元。成長主要得益於道路安全產品銷售的提高，而道路拉鍊系統營收與上年相比基本持平。第一季基礎設施部門的營業收入成長 9%，達到 450 萬美元，而去年同期為 410 萬美元。本季基礎設施業務的營業利潤率為銷售額的 20.1%，而去年同期為銷售額的 21.5%，原因是收入成長被更高的營運費用抵銷。接下來看一下資產負債表和流動性。

Our total available liquidity at the end of the first quarter was $249.6 million, which includes $199.6 million in cash and cash equivalents and $50 million available under our revolving credit facility. Free cash flow for the quarter was impacted by an increase in working capital to support business growth and elevated capital expenditure levels. We also utilized our strong free cash flow conversion to opportunistically buy back shares in the open market. In the first quarter, we deployed $30.3 million into share repurchases, exhausting our original authorization. During the quarter, we were pleased to announce the authorization of a new share repurchase program of up to $150 million.

截至第一季末，我們的可用流動資金總額為 2.496 億美元，其中包括 1.996 億美元的現金及現金等價物，以及根據我們的循環信貸額度可用的 5000 萬美元。本季自由現金流受到營運資金增加（以支持業務成長）和資本支出水準上升的影響。我們也利用強勁的自由現金流轉換率，伺機在公開市場上回購股票。第一季度，我們投入 3,030 萬美元用於股票回購，用完了我們最初的授權額度。本季度，我們很高興地宣布批准一項新的股票回購計劃，金額高達 1.5 億美元。

Our team have strategically maintained a very robust balance sheet, and this authorization provides us with the ongoing flexibility to continue returning capital to our shareholders. We are pleased with our strong financial position and balance sheet, which enable us to deliver shareholder returns while continuing to invest in future growth opportunities and innovation. This concludes my remarks.

我們的團隊一直以來都保持著非常穩健的資產負債表，而這項授權使我們能夠繼續靈活地向股東返還資本。我們對自身強勁的財務狀況和資產負債表感到滿意，這使我們能夠在為股東帶來回報的同時，繼續投資於未來的成長機會和創新。我的發言到此結束。

And at this time, I will turn the call over to the operator to take your questions.

現在，我將把電話轉交給接線員，由他來回答您的問題。

(Operator Instructions)

（操作說明）

Nathan Jones, Stifel.

Nathan Jones，Stifel。

I guess I'll start with North America irrigation, still down a little bit, but it seems to be bottoming out here. Does it feel to you like we're getting to the trough of the market here? Are there risks that we could take another leg down here? Or I know Valmont's commented that they kind of think we're at replacement level. Is that kind of your feeling about the market where -- I mean, obviously, there's a lot of external headwinds that you can't control, but they seem to all be lining up about as bad as they could get at the moment, which is probably a good thing in itself that if it can't get any worse.

我想先從北美灌溉情況說起，雖然目前還略有下降，但似乎已經觸底反彈了。你覺得我們現在是不是已經到了市場低谷？我們再次冒險下降會有風險嗎？或者我知道瓦爾蒙特曾評論說，他們認為我們已經達到了替代水平。你對市場的感覺是不是就是這樣——我的意思是，顯然有很多你無法控制的外部不利因素，但它們似乎都匯聚到了最糟糕的地步，這本身可能是一件好事，如果情況不能更糟的話。

Just any commentary you might have about how you're thinking about the domestic irrigation market here?

您對本地灌溉市場有什麼看法？

Yes. Nathan, this is Randy. I'll take that one. And we would agree that we are bouncing along the trough here. And there's been some announcements on incremental funding. That's always good news, not enough to move the needle. And I don't think when we talk to customers that they see a lot of upside until there's more certainty on profitability. So in the near, near term, we don't see it getting progressively better, but I would say also we don't see it get progressively worse. So I do believe bouncing along the bottom of the trough here is how we'd characterize it.

是的。內森，這是蘭迪。我選那個。我們同意，我們現在正處於低谷期。此外，還有一些關於追加資金的公告。這當然是好消息，但還不足以改變現狀。我認為，當我們與客戶交談時，他們看不到多少上漲空間，直到獲利能力更有保障為止。所以在短期內，我們看不到情況逐漸好轉，但我也認為我們看不到情況逐漸惡化。所以我認為，用「在低谷底部上下波動」來形容這種情況最為貼切。

I guess the pipeline on international projects here, nice to see the $80 million one. Can you talk about opportunities for other projects? Could we see some more of those come through this year? I think they've been -- most of the ones you've done over the last few years have been with one customer. Are there opportunities outside of that? Are there things in the funnel that are coming from outside of that? Just any commentary around that, please.

我猜想這裡正在進行國際項目，很高興看到那個價值 8000 萬美元的項目。能談談其他項目的機會嗎？今年我們能看到更多這樣的案例嗎？我認為確實如此——過去幾年你做的大部分專案都是只服務一個客戶。除此之外還有其他機會嗎？漏斗中是否有外部的因素？請各位就此發表一下看法。

Yes. I would say in the region, we have had some repeat business, which we view as a good thing. If you execute well, you get the opportunity for that repeat business. But we've also attracted new clients in the region. So it's a combination of recurring business with repeat customers and some new customers that we've pulled in as well.

是的。我認為在這個地區，我們有一些回頭客，我們認為這是一件好事。如果執行得當，你就有機會獲得回頭客。但我們也吸引了該地區的新客戶。所以，這既包括回頭客帶來的持續性業務，也包括我們吸引的一些新客戶。

And I think the language around projects is the same as it's been for the past couple of years. We do see a robust funnel. We see a multiyear runway on projects like this one in this part of the world. And not all of them are in the same country or the same part of the country. We see a broad spectrum of opportunities across the MENA region for the same drivers around food security and stability for those countries in that part of the world.

我認為，關於專案的措辭與過去幾年一樣。我們確實看到了一個清晰的轉換漏斗。在世界這一地區，我們看到類似這樣的計畫可以持續多年。而且它們並不全都在同一個國家或同一個地區的同一個地方。我們看到，在中東和北非地區，圍繞著糧食安全和穩定的相同驅動因素，存在著廣泛的機會。

So we do see a good runway here, Nathan. And whether there's another one in 2026 is up in the air. I think the same caveat always applies. These are complex, large, difficult negotiations. Even when you have a deal, you move into credit.

所以我們看到這裡有很好的跑道，內森。2026年是否會有另一次還不得而知。我認為同樣的警告始終適用。這是一場複雜、規模龐大、難度極高的談判。即使達成了交易，你最終還是會陷入賒帳狀態。

logistics. So it's never easy. It's never quick, but I would say there are more opportunities in the market. And again, our track record is a good one. So we'll fight and win for the ones that we want to pull across the finish line.

後勤。所以這從來都不容易。雖然過程不會很快，但我認為市場上的機會更多了。而且，我們的過往業績一直都很好。所以我們會為了那些我們想幫助他們衝過終點線的人而戰，並最終贏得勝利。

And when we are in a position that the project is locked in, credit secured, that's when you'll hear us talk more about it. Until that time, we'll continue to comment on the positive elements of the funnel and the long-term growth potential in that part of the world.

等到專案敲定、信貸到位的時候，我們才會多談這個項目。在此之前，我們將繼續評論該管道的積極因素以及該地區的長期成長潛力。

And I guess one more for me. You guys have had elevated CapEx in fiscal '25 and planned again in fiscal '26 as you're doing a lot of upgrades in Lindsay and around some of your plants. Can you talk about how that's gone, where you are in that process, what contribution that's already generating to profitability, and how we should think about the improved throughput, improved efficiency that you'll gain from that, this year and as we head into next fiscal year as well?

我想我還要再加一個。你們在 2025 財年增加了資本支出，並在 2026 財年再次計劃增加資本支出，因為你們在林賽和你們的一些工廠周圍進行了很多升級改造。您能否談談進展情況，您目前處於哪個階段，這項舉措已經為盈利能力做出了哪些貢獻，以及我們應該如何看待您今年以及進入下一個財政年度後將從中獲得的產量提升和效率提高？

Yes. I'll start on kind of the narrative on what we're doing and where we are and then Sam can comment more specifically on how that might impact some of your models, Nathan. But we, in Lindsay, Nebraska right now have activated our large tube mill investment. This is a world-class tube mill, improving safety, efficiency, productivity. Testing has gone extremely well.

是的。我先從我們正在做的事情和我們目前的狀況入手，然後薩姆可以更具體地評論這可能會如何影響你的一些模型，內森。但是，我們位於內布拉斯加州林賽的大型管材廠投資項目現在已經啟動。這是一座世界級的製管廠，提高了安全性、效率和生產力。測試進行得非常順利。

And I expect in the next 30 days, we'll turn that over to full production once we get certification from our vendors. That project has gone extremely well and will change the way that we produce tubing and really decrease our reliance on labor, which was a key part of some of these investments. We have a second investment in our galvanizing facility that will completely reengineer that process for us, make it safer, more efficient, more environmentally friendly. And that investment will continue to make throughout this calendar year, and we would expect around the end of calendar 2026, we would see that operation potentially kicking off and going into production. I turn it over to Sam for a little more narrative on the numbers.

我預計在接下來的 30 天內，一旦我們獲得供應商的認證，我們將立即進行全面生產。這個專案進展非常順利，將改變我們生產管材的方式，並真正減少我們對勞動力的依賴，而勞動力正是我們進行這些投資的關鍵因素之一。我們對鍍鋅廠進行了第二次投資，這將徹底改造我們的生產流程，使其更安全、更有效率、更環保。這項投資將在今年內持續進行，我們預計到 2026 年底左右，該項目可能會啟動並投入生產。我把麥克風交給山姆，要他對這些數字再做一些解釋。

Yes. So if you think about margins, this is an ongoing project. It's not been finalized. So there's no impact from a margin perspective in the first quarter. And as Randy alluded, in the short term, once completed, incremental depreciation will offset productivity gains at the current demand level.

是的。所以從利潤率的角度來看，這是一個持續進行的項目。尚未最終確定。因此，從利潤率的角度來看，第一季不會受到影響。正如蘭迪所暗示的那樣，短期內，一旦完工，增量折舊將抵消當前需求水準下的生產力提升。

We expect to see improvements in margins from operating leverage once demand picks up following the completion of the project. And then following, again, the installation, we also expect to get back to more normalized capital spending levels.

我們預計，隨著專案完成，需求回升，營運槓桿作用將帶來利潤率的提升。安裝完成後，我們也希望資本支出能夠恢復到較正常的水平。

Brian Drab, William Blair.

布萊恩·德拉布，威廉·布萊爾。

I wanted to ask maybe a similar question to what Nathan was getting at. But can I ask if this new $80 million MENA project is with the same customer in the same country as the June 2024 $100 million project announcement?

我想問的問題可能和內森想問的類似。請問這個新的 8,000 萬美元 MENA 計畫是否與 2024 年 6 月宣布的 1 億美元計畫是同一客戶、同一國家的計畫？

We would acknowledge, Brian, that this is a repeat customer in the same part of the world.

布萊恩，我們確認顧客是同一地區的回頭客。

Okay. And then can you comment, Randy, at all on the margin that you're expecting with this new $80 million order?

好的。那麼，蘭迪，你能否就這筆8000萬美元的新訂單的預期利潤率發表一些看法？

I would say, overall, we would acknowledge project margins generally are going to be dilutive to the overall business. It does create a lot of operational efficiencies and absorption through the facility. So if we characterize it, the margin profile in this project will be as good as or better than the prior project. I think that's about as directional as we'd want to get, Brian.

總的來說，我認為我們應該承認，專案利潤通常會稀釋整體業務利潤。它確實提高了設施的運作效率和吸收能力。因此，如果我們對其進行概括，該專案的利潤率將與先前的專案一樣好，甚至更好。布萊恩，我想這就是我們想要達到的方向目標了。

Okay. But a little bit below segment average or overall irrigation margin?

好的。但略低於細分市場平均或整體灌溉利潤率？

Slightly below, correct.

略低於，正確。

Got it. Got it. Okay.

知道了。知道了。好的。

And that's consistent with the projects of this size.

這與同等規模的項目是一致的。

Yes. Understood. Just wanted to check on this one specifically. Okay. And then just -- I'm curious if The Big Beautiful Bill, I think you mentioned in the slides, I'm not sure there was a lot of commentary in the prepared remarks, but I'm just wondering, did you see any demand related to accelerated depreciation? Is that a narrative that you're hearing from the customer base? And do you expect that to drive any demand going forward?

是的。明白了。我只是想專門確認一下這件事。好的。然後——我很好奇，關於您在幻燈片中提到的《宏偉法案》，我不確定在準備好的演講稿中是否有很多評論，但我只是想知道，您是否看到任何與加速折舊相關的需求？這是你從客戶群聽到的回饋嗎？你認為這會在未來帶動需求嗎？

We -- I would say we didn't see a lot of significant impact, and we didn't anticipate it. I think some of the negative macro market drivers just overwhelmed a little bit of potential incremental benefit from the bill and accelerated depreciation. So not a significant contributor.

我想說，我們並沒有看到太大的重大影響，而且我們也沒有預料到這一點。我認為一些負面的宏觀市場因素抵消了該法案和加速折舊可能帶來的少量額外好處。所以貢獻不大。

Ryan Connors, Northcoast Research.

Ryan Connors，北海岸研究公司。

I wanted to -- you talked about the cycle earlier in North America in the first question there from Nathan. But I wanted to kind of come back to that and look at it from a bit of a different angle. So we were down 4% irrigation in North America in the first fiscal quarter here. Is that kind of reflective of how we should maybe be thinking of a reasonable run rate for the balance of the year? Or do things get better or worse?

我想說的是——你之前在內森提出的第一個問題中談到了北美地區的周期。但我想要再回到這個問題，從稍微不同的角度來看它。因此，我們在第一財季北美地區的灌溉量下降了 4%。這是否反映了我們應該如何考慮今年剩餘時間的合理運行率？情況是會好轉還是會惡化？

Just kind of curious how you think that the 1Q print on North America, what that tells us about the balance of the year specifically? And then also, if you could maybe unpack that on a price versus volume basis as well, that might be helpful.

我只是有點好奇，您認為北美第一季的業績數據，具體能告訴我們今年剩餘時間的業績走向嗎？另外，如果您還能從價格與銷售的角度進行分析，那可能會很有幫助。

You bet, Ryan. I'll cover the first part and kind of turn it over to Sam for the second part. And I think we'd characterize North America as flat to down on a full year basis. And whether that 4% carries forward or degrades slightly, improves slightly, as you know, the tricky part for us in Q4 is going to be storm volume. And last year was a relatively light storm volume year.

當然，瑞恩。第一部分我來介紹，第二部就交給 Sam 來講了。我認為，從全年來看，北美經濟將持平或下降。至於這 4% 的成長是會延續下去，還是會略有下降或略有上升，正如你所知，第四季對我們來說最棘手的部分將是風暴量。去年風暴量相對較小。

The year before that was relatively high. So if we kind of split the difference, I think the run rate that we saw through Q1 could be pretty consistent with what we see the rest of the year. So we're planning for flat to down in our spending, our inventory, our supply chain, and we'll react up or down if we have to. But I think that's probably a good starting point. I'll let Sam cover.

前一年的數值也相對較高。所以如果我們取個中間值，我認為我們在第一季看到的運行率可能與今年剩餘時間的運行率相當一致。因此，我們計劃在支出、庫存和供應鏈方面保持平穩或下降，如有必要，我們會做出相應的調整。但我認為這或許是個不錯的起點。我讓薩姆負責掩護。

And then -- yes, on the price versus volume.

然後——是的，價格與成交量的關係。

Yes. So again, if you think about pricing, we called out that average selling prices in North America were up during the first quarter. We have a history of price stewardship, and we expect to be able to continue maintaining solid margins. Pricing is one key contributor. In addition, of course, there's cost management, there's productivity gains across the organization that are contributing to maintaining this margin profile despite the current top end situation.

是的。所以再說一遍，如果你考慮定價問題，我們指出，北美地區的平均售價在第一季有所上漲。我們一直以來都奉行價格管控策略，並期望能持續維持穩健的利潤率。價格是影響因素之一。當然，此外還有成本管理，以及整個組織生產力的提高，這些都有助於在當前高端情況下維持這種利潤率水準。

Yes. Okay. And then kind of -- maybe while I have you there, Sam, a bit of a below-the-line item. Pretty nice contribution from the interest, other income line, as you mentioned. Is there any color you can give us around what drove that, and how we should think about modeling that line over the balance of the year?

是的。好的。然後，趁你在這兒，山姆，再補充一點幕後細節。正如您所提到的，利息和其他收入來源貢獻相當可觀。您能否透露一下造成這種情況的原因，以及我們應該如何考慮在今年剩餘時間內對這條線進行建模？

Is that something that should continue? Or are we going to kind of revert back to normal there?

這種情況應該繼續下去嗎？或者我們會在那裡恢復到正常狀態嗎？

So I can't go into the very specific details, but I would say interest income, of course, is driven by the regional mix of funds at the interest rates in various regions. And that's why we have seen an increase year-over-year in Q1. I'm not going to speculate on the interest rate environment, but that's what's the key driver for this improvement in Q1.

所以我無法透露非常具體的細節，但我想說的是，利息收入當然是由各地區的資金組合和利率決定的。這就是為什麼我們看到第一季同比增長的原因。我不打算對利率環境進行猜測，但這確實是第一季業績改善的關鍵驅動因素。

Got it. Okay. And then lastly, we haven't really talked much about infrastructure here in the Q&A. And I wondered, Randy, if you can kind of unpack for us this lull in Road Zipper. I mean, obviously, it's a lumpy business and there are lulls from time to time.

知道了。好的。最後，我們在問答環節中還沒有真正過度討論基礎設施問題。蘭迪，我想知道你是否能為我們分析一下 Road Zipper 的這段平靜時期。我的意思是，很顯然，這是一個起伏不定的行業，時不時會出現低迷期。

But is there anything we should read into that in terms of are we -- is the low-hanging fruit plucked to any degree in terms of the TAM there? Or just any color you can give us on how you're thinking about the fact that we're into a pretty light year it looks like on Road Zipper?

但是，就 TAM 而言，我們是否應該從中得出什麼結論，即我們是否已經摘取了唾手可得的果實？或者，您能否用任何顏色來表達您對“今年看起來是Road Zipper的淡季”這一事實的看法？

Yes. And I don't think we're anywhere near plucking all of the easy to pick fruit or addressing the cap on the TAM. This is a lumpy project-oriented business. And I think just like the irrigation business, the good news for us is we're at the table. We're engaged with our sales funnel.

是的。而且我認為我們離摘取所有容易摘的果實或解決TAM上限的問題還差得很遠。這是一個業務斷斷續續、以專案為導向的企業。我認為就像灌溉業一樣，對我們來說的好消息是我們獲得了參與決策的機會。我們正積極進行銷售通路工作。

We're talking to specific customers about specific bridges, about specific project sites where Road Zipper is going to allow them to solve their problem better than any other option in the market. It just takes time. So this is a very different type of business. And I think as you model it out, you look at the historical lumpiness, some of the big projects that we've dumped in prior fiscal periods, we love them. When they hit it, it just creates a really difficult comp the next year because they're not -- we can't calendarize one every second quarter, every fiscal year.

我們正在與特定的客戶討論特定的橋樑，討論特定的專案地點，在這些地點，Road Zipper 將比市場上任何其他選擇更好地幫助他們解決問題。這需要時間。所以這是一種非常不同的商業模式。我認為，當你建立模型時，你會發現歷史上的波動性，以及我們在前幾個財政年度放棄的一些大型項目，我們其實很喜歡它們。當他們達到目標時，就會造成第二年很難進行比較，因為我們無法每隔一個季度、每個財政年度就設定一個目標。

So this is us being transparent, I believe, in what we think we see in the market. And as we start to get better clarity on fiscal '27, fiscal '28, that's where we see more of these Road Zipper projects landing right now. And if that changes, where we see some accelerating because incremental funding is available, we'll certainly be transparent and clear with you. But I think the narrative we've shared indicates what we see this year, but it's not an indication that the market is any better, any worse, any softer than it has been. It has been lumpy project business.

我認為，這就是我們對市場現狀的透明表達。隨著我們對 2027 財年和 2028 財年的情況越來越清晰，我們看到越來越多的 Road Zipper 專案正在這些財年落地。如果情況發生變化，例如由於獲得了額外的資金而導致某些項目加速推進，我們一定會向你們坦誠相告。但我認為我們分享的這些觀點表明了我們今年所看到的情況，但這並不意味著市場比以前更好、更糟或更疲軟。項目業務一直起伏不定。

It's going to continue to be lumpy project business. Again, the good news is with our shift-left strategy, we've got better visibility, both short and long term. And I think that's where we're willing to be more transparent and open with you guys, so you can kind of work that into your models as well. But we see long-term growth opportunities for Road Zipper well into the future.

專案業務仍將充滿波折。好消息是，透過我們的左移策略，我們獲得了更好的短期和長期可視性。我認為，在這方面我們願意對你們更加透明和開放，這樣你們也可以把這些融入你們的模型中。但我們認為 Road Zipper 在未來很長一段時間內都有著巨大的成長潛力。

Brett Kearney, American Rebirth Opportunity.

Brett Kearney，美國重生機會。

I know the most recent project win you have, Middle East North Africa includes your FieldNET capabilities. Obviously, I think those are incorporating all the Pivot sales you make in North America at this point. But just curious what you're seeing as you look to the international irrigation project funnel today, what kind of adoption appetite there is an opportunity for you all with some of your technology offerings in some of these regions?

我知道你們最近贏得的中東和北非計畫就運用了你們的FieldNET技術。顯然，我認為這已經包含了你目前在北美地區的所有 Pivot 銷售額。但我很好奇，您目前在觀察國際灌溉計畫管道時看到了什麼？在這些地區，您的一些科技產品有哪些被接受的機會？

I'd characterize it this way that when you're making these significant investments. These are huge agro operations where there has been basically nothing. And in the Mid East, it's essentially desert that they're converting to be these highly productive, highly efficient farms. And with the size of investments they're making, they want every piece of technology that's available to them. And this isn't a normal technology adoption curve where you start with small equipment and you migrate towards large equipment.

我會這樣描述它：當你進行這些重大投資時。這些是規模龐大的農業生產基地，而這裡以前基本上什麼都沒有。而在中東，他們正在將基本上是沙漠的地區改造成高產量、高效率的農場。鑑於他們投入的巨額資金，他們想要獲得所有可用的技術。這不是一條正常的技術採納曲線，不是從小型設備開始，然後逐步過渡到大型設備。

They're starting with the biggest tractors, the biggest planters, the biggest combines, and they want every technological advantage that they can find to be as efficient as they can be in their production, in their consumption of water and energy. So I think this has really been a shift in the last 5 to 10 years where the technology has proven itself, where it brings real value to our customers.

他們從最大的拖拉機、最大的播種機、最大的聯合收割機入手，他們希望找到一切技術優勢，盡可能提高生產效率，節省用水和能源。所以我認為，在過去的 5 到 10 年裡，這確實是一個轉變，這項技術已經證明了自身的價值，為我們的客戶帶來了真正的價值。

And again, at these investment levels, I think the customers are intelligent. They're smart, and they want every advantage that they can bring to the table. And certainly, FieldNET, FieldNET Advisor and the advantage that it creates for our growers is an important part of that mix.

再次強調，在目前的投資水準下，我認為客戶都是明智的。他們很聰明，他們想盡辦法為自己爭取優勢。當然，FieldNET、FieldNET Advisor 以及它為我們的種植者創造的優勢，是這個組合的重要組成部分。

This concludes our question-and-answer session. I would like to turn the conference back over to Randy Wood for any closing remarks.

我們的問答環節到此結束。我謹將會議交還給蘭迪·伍德，請他作總結發言。

Thank you all again for joining us today. We appreciate your ongoing support, and we look forward to updating you on our second quarter earnings call. Thanks for joining us.

再次感謝各位今天蒞臨。感謝您一直以來的支持，我們期待在第二季財報電話會議上向您報告最新情況。謝謝您的參與。

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

感謝各位參加今天的報告會。會議已經結束。您現在可以斷開連線了。