Oshkosh Corp (OSK) 2024 Q4 法說會逐字稿

Greetings, and welcome to the Oshkosh Corporation fiscal 2024 fourth-quarter and full-year results conference call. (Operator Instructions) As a reminder, this conference is being recorded.

大家好，歡迎參加奧什科甚公司 2024 財年第四季和全年業績電話會議。 （操作員指示）提醒一下，本次會議正在錄音。

It is now my pleasure to introduce your host, Pat Davidson, Senior Vice President, Investor Relations for Oshkosh Corporation. Thank you, sir. You may begin.

現在我很高興介紹您的主持人，奧什科甚公司投資者關係高級副總裁帕特·戴維森。謝謝您，先生。你可以開始了。

Good morning, and thanks for joining us. Earlier today, we published our fourth-quarter and full-year 2024 results. A copy of that release is available on our website oshkoshcorp.com.

早安，感謝您加入我們。今天早些時候，我們發布了 2024 年第四季和全年業績。您可在我們的網站 oshkoshcorp.com 上查閱該新聞稿的副本。

Today's call is being webcast and is accompanied by a slide presentation, which includes a reconciliation of GAAP to non-GAAP financial measures that we will use during this call, and it's also available on our website. The audio replay and slide presentation will be available on our website for approximately 12 months.

今天的電話會議將透過網路直播，並附有幻燈片演示，其中包括我們將在本次電話會議中使用的 GAAP 與非 GAAP 財務指標的對賬，也可以在我們的網站上找到。音訊重播和幻燈片演示將在我們的網站上提供約 12 個月。

Please refer now to slide 2 of that presentation. Our remarks that follow, including answers to your questions, contain statements that we believe to be forward-looking statements within the meaning of the Private Securities Litigation Reform Act.

請參閱該簡報的第 2 張投影片。我們隨後的評論（包括對您的問題的回答）包含我們認為屬於《私人證券訴訟改革法案》所定義前瞻性的陳述。

These forward-looking statements are subject to risks that could cause actual results to be materially different from those expressed or implied by such forward-looking statements. These risks include, among others, matters that we have described in our Form 8-K filed with the SEC this morning and other filings we make with the SEC. We disclaim any obligation to update these forward-looking statements, which may not be updated until our next quarterly earnings conference call, if at all.

這些前瞻性陳述存在風險，可能導致實際結果與此類前瞻性陳述表達或暗示的結果有重大差異。這些風險包括但不限於我們今天上午向美國證券交易委員會提交的 8-K 表格以及我們向美國證券交易委員會提交的其他文件中所描述的事項。我們不承擔更新這些前瞻性陳述的任何義務，這些陳述可能要等到我們下次季度收益電話會議時才會更新（如果有的話）。

Our presenters today include John Pfeifer, President and Chief Executive Officer; and Matt Field, Executive Vice President and Chief Financial Officer. Please turn to slide 3, and I'll turn it over to you, John.

今天的演講者包括總裁兼執行長約翰·普法伊弗 (John Pfeifer)；以及執行副總裁兼財務長馬特·菲爾德（Matt Field）。請翻到投影片 3，我將把它交給你，約翰。

Thank you, Pat, and good morning, everyone. I'm pleased to announce strong results for Oshkosh Corporation with 2024 revenue and adjusted earnings per share for the full year of $10.8 billion and $11.74, respectively.

謝謝你，帕特，大家早安。我很高興地宣布奧什科甚公司的業績強勁，2024 年全年營收和調整後每股收益分別為 108 億美元和 11.74 美元。

We achieved an adjusted operating income margin of 10.5%, a 110-basis-point increase over 2023. This is an exciting time for our company as we work to capitalize on solid growth opportunities, particularly in our vocational segment.

我們實現了調整後的營業收入利潤率 10.5%，比 2023 年增加了 110 個基點。對於我們公司來說，這是一個令人興奮的時刻，因為我們致力於利用穩健的成長機會，特別是在職業領域。

I'm also happy to welcome our new CFO, Matt Field, to the company. Matt brings exceptional leadership to our team as well as extensive financial and international experience. I look forward to working with him as we continue to execute our innovate, serve, advance growth strategy.

我也很高興歡迎我們的新任財務長馬特·菲爾德加入公司。馬特為我們的團隊帶來了卓越的領導力以及豐富的財務和國際經驗。我期待與他合作，繼續執行我們的創新、服務、進步成長策略。

Let's get started with a recap of the fourth quarter. We delivered another solid quarter of growth, with revenue up 6.3% compared to the fourth quarter of 2023. Our adjusted operating income margin was 9.4%. Our adjusted EPS of $2.58 reflected strong sales growth and margin expansion in our Vocational segment.

讓我們開始回顧第四季。我們又實現了一個季度的穩健成長，營收與 2023 年第四季相比成長了 6.3%。我們的調整後營業收入利潤率為 9.4%。我們的調整後每股收益為 2.58 美元，反映了職業部門強勁的銷售成長和利潤率擴大。

And while our Access segment is experiencing softer near-term market conditions, we expect to deliver robust, resilient margins. And the long-term prospects for this business remain favorable with mega projects, infrastructure build-out and data centers driving demand for our equipment.

儘管我們的 Access 部門近期正經歷較弱的市場條件，但我們預計將實現強勁、有彈性的利潤率。由於大型專案、基礎設施建設和資料中心推動了對我們設備的需求，該業務的長期前景仍然看好。

Earlier this month, we participated at CES in Las Vegas, where we showcased Oshkosh's innovative products and technologies aimed at making the work of everyday heroes safe, intuitive, and more productive. We demonstrated our strong capabilities including AI, autonomy, and connectivity as well as our practical and thoughtful approach to applying these technologies to deliver meaningful benefits for our customers.

本月初，我們參加了在拉斯維加斯舉行的 CES，展示了 Oshkosh 的創新產品和技術，旨在讓日常英雄的工作更加安全、直覺和高效。我們展示了我們強大的能力，包括人工智慧、自主性和連接性，以及我們應用這些技術為客戶帶來有意義的利益的實用和周到的方法。

Our display feature, the job side of the future, the airport of the future, and the neighborhood of the future incorporating these innovations. We also featured our next-generation delivery vehicle, which we started building for the United States Postal Service in 2024. This is one of the most significant new products in the history of our company. We're pleased with the early positive feedback on the NGDV from postal carriers and look forward to ramping production throughout 2025.

我們的展示特色是未來的工作方面、未來的機場以及未來的社區都融入了這些創新。我們也展示了我們的下一代送貨車輛，我們將於 2024 年開始為美國郵政服務打造這款車輛。這是我們公司歷史上最重要的新產品之一。我們很高興看到郵政承運商對 NGDV 的早期積極回饋，並期待在 2025 年擴大產量。

Our HARR-E concept design for an on-demand autonomous refuse collection robot was recognized with a CES Picks award as one of the best new products at the show. With HARR-E, residents of neighborhoods will be able to request refuse and recycling pickup with a smartphone app or a virtual home assistant. The robot will autonomously navigate to homes, collect refuse or recycling, and return to a central collection base to unload and recharge. We believe this technology has significant potential, especially for large planned residential communities.

我們的按需自主垃圾收集機器人 HARR-E 概念設計榮獲 CES Picks 獎，成為展會上最佳新產品之一。有了 HARR-E，社區居民將能夠使用智慧型手機應用程式或虛擬家庭助理請求垃圾和回收收集。機器人將自主導航到家中，收集垃圾或可回收物，然後返回中央收集基地卸貨和充電。我們相信這項技術具有巨大的潛力，特別是對於大型規劃住宅社區。

Lastly, I'm pleased to share that we were named to the Dow Jones Sustainability World Index for the sixth consecutive year. Companies must be rated in the top 10% of their peer group for sustainable business practices to be considered for the index. This recognition reflects our commitment to driving profitable, sustainable growth that benefits our people, communities, and environment as well as shareholders.

最後，我很高興地告訴大家，我們連續第六年入選道瓊永續世界指數。企業的永續商業實踐評級必須在同業中位居前 10%，才有資格被納入該指數。這項認可體現了我們致力於推動獲利性、永續成長，造福我們的員工、社區、環境和股東。

Please turn to slide 4 for a recap of 2024 and our 2025 expectations. I'm proud of our performance in 2024. Our 18,000-plus team members continue to deliver strong results, positioning us to be a growing, more resilient company for the future. For full-year 2024, we grew revenue by 11.4% to $10.76 billion and grew adjusted operating income by 24.5% to $1.13 billion leading to adjusted earnings per share of $11.74. We are pleased with our progress.

請翻到投影片 4 回顧 2024 年以及我們對 2025 年的期望。我為我們在 2024 年的表現感到自豪。我們的 18,000 多名團隊成員繼續取得強勁業績，使我們成為未來成長更快、更具韌性的公司。2024 年全年，我們的營收成長 11.4% 至 107.6 億美元，調整後營業收入成長 24.5% 至 11.3 億美元，調整後每股收益為 11.74 美元。我們對我們的進步感到滿意。

We are also announcing our 11th consecutive double-digit percent increase in our dividend raising the quarterly dividend by $0.05 to $0.51 per share, a nearly 11% increase. This reflects our expectation of strong long-term cash flow generation and our Board's confidence in our ability to sustain profitable growth.

我們還宣布，我們的股息連續第 11 次實現兩位數百分比增長，季度股息增加 0.05 美元至每股 0.51 美元，增幅近 11%。這反映了我們對長期強勁現金流的預期，以及董事會對我們維持獲利成長的能力的信心。

Turning to our outlook for 2025, we expect to deliver adjusted EPS in the range of $11. This reflects a balanced assessment of near-term outlook in access equipment, opportunities in vocational, and the expected ramp-up of the NGDV program in defense and investments in new products and technologies.

展望 2025 年，我們預計調整後的每股盈餘將在 11 美元左右。這反映了對接入設備的近期前景、職業機會以及國防領域 NGDV 計劃預期成長和新產品新技術投資的平衡評估。

Please turn to slide 5, and we'll get started on our segment updates. The Access team delivered solid fourth-quarter sales as the industry continues to normalize. We're seeing demand moderate in response to softer nonresidential construction activity and elevated interest rates.

請翻到投影片 5，我們將開始進行片段更新。隨著行業持續正常化，Access 團隊在第四季度實現了穩健的銷售。我們看到，由於非住宅建築活動疲軟和利率上升，需求放緩。

As we've previously mentioned, we anticipate lower sales in 2025, particularly in the first half of the year. Our team is focused on execution in this environment, and we are confident that we can deliver resilient margins for the year. We expect improving conditions in the second half of 2025, which are expected to provide momentum going into 2026.

正如我們之前提到的，我們預計 2025 年的銷售額會下降，尤其是上半年。我們的團隊專注於在這種環境下的執行，我們有信心在今年實現穩定的利潤率。我們預計 2025 年下半年情況將有所改善，這有望為 2026 年提供動力。

We ended the year with a healthy backlog at $1.8 billion after booking orders of $856 million in the quarter. We continue to engage with customers on 2025 requirements and expect to book additional annual purchase orders in the first quarter. Furthermore, we remain confident in the market's long-term health.

我們在本季獲得了 8.56 億美元的訂單，年底積壓訂單量達到 18 億美元。我們將繼續與客戶溝通 2025 年的需求，並預計在第一季獲得額外的年度採購訂單。此外，我們仍然對市場的長期健康發展充滿信心。

Our Access team continues to advance its product's state-of-the-art technology and job site connectivity. ClearSky Smart Fleet was also featured at our job site of the future CES exhibit, driving job site productivity. We now have over 100,000 connected assets as part of this technology platform.

我們的 Access 團隊持續推進其產品的最先進技術和工作現場連接性。ClearSky Smart Fleet 也在我們未來 CES 展覽的施工現場進行了展示，以提高施工現場的生產力。現在，作為該技術平台的一部分，我們擁有超過 100,000 項互聯資產。

This is one of the world's largest fleets of connected equipment on the job site. Customer adoption is strong, and enthusiasm continues to build for ClearSky's ability to enhance productivity, boost efficiency, and maximize machine uptime.

這是世界上最大的施工現場聯網設備車隊之一。客戶採用率很高，對 ClearSky 提高生產力、提升效率和最大限度延長機器正常運行時間的能力的熱情持續高漲。

CES attendees also experienced our Galileo all-electric boom lift and rotating telehandler concept as well as its companion, our autonomous mobile recharging robot. These advanced concepts demonstrate potential opportunities to enhance safety and productivity for the job site of the future.

CES 與會者還體驗了我們的 Galileo 全電動動臂升降機和旋轉伸縮臂叉裝機概念以及它的配套產品——自主移動充電機器人。這些先進的概念展示了提高未來工作場所的安全性和生產力的潛在機會。

Please turn to slide 6, and I'll review our Vocational segment. Our Vocational segment achieved strong year-over-year revenue growth of nearly 20% in the fourth quarter and a robust adjusted operating income margin of 14%. Increased volume and strong price realization drove double-digit revenue growth in key product lines in the segment.

請翻到投影片 6，我將回顧我們的職業部分。我們的職業部門在第四季度實現了同比強勁收入成長近 20%，調整後營業收入利潤率達到 14%。銷量增加和強勁的價格實現推動該領域主要產品線的收入實現兩位數增長。

The backlog is also robust, providing excellent visibility into demand. We remain focused on increasing production levels across the segment to support strong demand and a healthy backlog, which we expect will deliver meaningful revenue and income growth over the coming years.

積壓訂單也十分充足，能夠很好地洞察需求。我們將繼續專注於提高整個部門的生產水平，以支持強勁的需求和健康的積壓訂單，我們預計這將在未來幾年帶來有意義的收入和收入成長。

Another important announcement from CES was the launch of our all-new Volterra ZFL eRCV, the industry's first purpose-built, fully integrated, electric, front-end loader refuse and recycling collection vehicle. This joins our Volterra ZSL side loader refuse and recycling vehicle to provide the most capable electric refuse vehicles on the market.

CES 上發布的另一個重要公告是我們推出全新的 Volterra ZFL eRCV，這是業界第一款專用、完全整合、電動、前端裝載垃圾和回收收集車。這與我們的 Volterra ZSL 側裝垃圾和回收車相結合，提供了市場上最強大的電動垃圾車。

We also highlighted future technologies, including our advanced AI capabilities to identify waste and recycling stream contamination as well as our all-electric side loader refuse collection arm, which eliminates hydraulics and features autonomous operation. We believe these innovations will continue to revolutionize safety and productivity in the industry, which we expect will drive future growth.

我們還重點介紹了未來技術，包括我們用於識別廢物和回收流污染的先進人工智慧功能，以及我們的全電動側裝載垃圾收集臂，它消除了液壓並具有自主操作功能。我們相信這些創新將繼續徹底改變產業的安全性和生產力，我們預計這將推動未來的成長。

Global air passenger metrics continue to strengthen with the International Air Transport Association's November figures showing growth of 8.1% year over year. We believe strong market conditions, combined with technology and innovations in our iOPS connected solutions, electrified product offerings and autonomy are fueling growth for our market-leading products at AeroTech where we saw revenue grow more than 9% compared with the fourth quarter of 2023.

國際航空運輸協會 11 月的數據顯示，全球航空客運指標持續增強，較去年同期成長 8.1%。我們相信，強勁的市場條件，加上我們的 iOPS 互聯解決方案的技術和創新、電氣化產品供應和自主性，正在推動 AeroTech 市場領先產品的成長，與 2023 年第四季相比，我們的營收成長了 9% 以上。

Let's turn to slide 7 for a discussion of the Defense segment. Defense results continue to be impacted by legacy fixed-price contracts. In the future, we expect better results with improved pricing terms on TWV programs and the launch of the next-generation delivery vehicle. We look forward to finalizing our FMTV three-year contract extension in the first half of 2025.

讓我們翻到投影片 7，討論一下國防部部分。國防成果持續受到傳統固定價格合約的影響。未來，我們期待透過改善 TWV 計畫的定價條件和推出下一代運輸車輛取得更好的結果。我們期待在 2025 年上半年完成 FMTV 三年合約續約。

This sole source contract is expected to include improved pricing and economic price adjustment provisions similar to our recently announced FHTV contract extension which will improve the resiliency of margins over time. We expect to complete domestic JLTV production in early 2025.

該單一來源合約預計將包括改進的定價和經濟價格調整條款，類似於我們最近宣布的 FHTV 合約延期，這將隨著時間的推移提高利潤率的彈性。我們預計將於 2025 年初完成國內 JLTV 的生產。

International interest in tactical wheeled vehicles, including JLTVs remains solid, and we see the potential for additional international orders during the year. We are pleased with the progress on the production ramp up for the NGDV program, which will be an important component of Oshkosh's growth over the next decade.

國際社會對包括 JLTV 在內的戰術輪式車輛的興趣依然濃厚，我們認為今年還有可能獲得更多國際訂單。我們對 NGDV 專案生產提升的進展感到滿意，這將是 Oshkosh 未來十年發展的重要組成部分。

NGDVs are the delivery industry's most state-of-the-art vehicles and are modernizing and decarbonizing USPS' fleet while dramatically enhancing driver safety and productivity. These purpose-built vehicles are equipped with the latest safety features that will support the success of USPS for the next two decades.

NGDV 是快遞行業最先進的車輛，它正在對 USPS 車隊進行現代化和脫碳，同時大幅提高駕駛員的安全性和生產力。這些專用車輛配備了最新的安全功能，將支援 USPS 未來二十年的成功。

We expect to increase our NGDV production rates throughout the year and achieved full rate production by the end of 2025 which should provide strong revenue growth during the year and into 2026. When we combine the NGDV ramp with revised pricing on the FMTV and FHTV programs, it's clear why we have a strong outlook for profitable growth in 2026 and beyond.

我們預計全年 NGDV 產量將有所提高，到 2025 年底將實現滿載生產，這將為今年及 2026 年帶來強勁的收入成長。當我們將 NGDV 的成長與 FMTV 和 FHTV 計劃的修訂定價結合起來時，我們就清楚地知道為什麼我們對 2026 年及以後的盈利增長前景看好。

With that, I'll turn it over to Matt to discuss our results in more detail, including our expectations for 2025.

接下來，我將讓馬特更詳細地討論我們的結果，包括我們對 2025 年的期望。

Thanks, John. I'm grateful to join the team at Oshkosh and excited by the growth opportunities for the company, including those highlighted at CES. I also want to thank Mike Pack and the finance and accounting team for their support and patience during my transition.

謝謝，約翰。我很高興加入 Oshkosh 團隊，並對公司的成長機會感到興奮，包括在 CES 上重點介紹的機會。我還要感謝 Mike Pack 和財務會計團隊在我過渡期間給予的支持和耐心。

Please turn to slide 8. Consolidated sales for the fourth quarter were $2.62 billion, an increase of $157 million or 6% over the last year. Our top-line growth primarily reflected increased volume and improved pricing in our Vocational segment. In fact, solid performance of Vocational is the primary driver for our strong Q4 results.

請翻到第 8 張投影片。第四季綜合銷售額為 26.2 億美元，較去年同期增加 1.57 億美元，成長 6%。我們的營收成長主要反映了職業部門的銷售成長和價格改善。事實上，職業教育的穩健表現是我們第四季業績強勁的主要動力。

Adjusted operating income was $245 million or 9.4% of sales, an increase of $5.5 million over the same quarter last year. The improvement in adjusted operating income was largely driven by higher sales volume and improved price cost dynamics, offset in part by CCAs in Defense. Adjusted earnings per share was $2.58 in the fourth quarter, essentially in line with $2.56 in the prior year. The roughly flat adjusted earnings per share on higher operating income reflected the impact of higher interest expense on our revolving credit facility.

調整後營業收入為 2.45 億美元，佔銷售額的 9.4%，較去年同期增加 550 萬美元。調整後營業收入的成長主要得益於銷售量的增加和價格成本動態的改善，但卻被國防領域的CCA部分抵銷。第四季調整後每股收益為 2.58 美元，與去年同期的 2.56 美元基本持平。由於營業收入增加，調整後每股盈餘大致持平，這反映了更高的利息支出對我們的循環信貸額度的影響。

We repurchased nearly 500,000 shares of our stock during the quarter at a cost of approximately $50 million. Full-year free cash flow was about $270 million for the year, including capital expenditures of approximately $280 million. This was lower than our expectation, due in part to timing delays on unit deliveries in Defense that we expect to reverse in 2025.

我們在本季回購了近 50 萬股股票，耗資約 5,000 萬美元。全年全年自由現金流約為 2.7 億美元，其中包括約 2.8 億美元的資本支出。這低於我們的預期，部分原因是國防單位交付的時間延遲，我們預計這種延遲將在 2025 年扭轉。

Turning to our expectations for 2025 on slide 9, we expect consolidated sales to be approximately $10.6 billion. We are estimating adjusted operating income to be approximately $1 billion, and we estimate that adjusted earnings per share will be approximately $11. While we expect lower sales and access, we expect to grow both sales and adjusted operating income for the Vocational and Defense segments. These estimates assume that present levels of tariff rates, raw material prices and supply chain performance continue into 2025 without significant disruption.

在第 9 頁上，談到我們對 2025 年的預期，我們預計合併銷售額約為 106 億美元。我們預計調整後的營業收入約為 10 億美元，預計調整後的每股盈餘約為 11 美元。儘管我們預期銷售額和訪客量會下降，但我們預期職業和防禦部門的銷售額和調整後營業收入都會成長。這些估計假設目前的關稅稅率、原材料價格和供應鏈績效水準將持續到 2025 年，不會出現重大中斷。

At a segment level, we are estimating Access sales to be approximately $4.4 billion, with an adjusted operating margin of about 13%, reflecting market conditions in North America and Europe. We expect the decline in revenue will be most pronounced in the first and fourth quarters, reflecting market softness as well as traditional seasonality.

從細分角度來看，我們預計 Access 的銷售額約為 44 億美元，調整後的營業利潤率約為 13%，這反映了北美和歐洲的市場狀況。我們預計收入下降將在第一季和第四季最為明顯，這反映了市場疲軟以及傳統的季節性。

In Vocational, we see sales of approximately $3.8 billion with expectations for adjusted operating margin to be approximately 15%. We expect a continuation of favorable price/cost dynamics and volume growth to drive our improved margin outlook.

在職業領域，我們預計銷售額約為 38 億美元，調整後的營業利潤率約為 15%。我們預計，持續有利的價格/成本動態和銷售成長將推動我們利潤率前景的改善。

For Defense, we expect sales to be approximately $2.3 billion with expectations for adjusted operating margin of approximately 4%, reflecting less adverse CCAs and the ramp-up of NGDV production. We expect to invest about $250 million CapEx, and our estimate for free cash flow is in the range of $300 million to $400 million. This cash reflects the projected adverse impact of timing differences from vocational deposits on units produced as we work down the backlog. These can vary from year-over-year and normalize over time.

對於國防，我們預計銷售額約為 23 億美元，調整後的營業利潤率預計約為 4%，這反映了不利的 CCA 減少和 NGDV 產量的提升。我們預計將投資約 2.5 億美元的資本支出，而我們估計的自由現金流在 3 億至 4 億美元之間。這筆現金反映了我們處理積壓訂單時職業存款的時間差異對生產單位預期的不利影響。這些可能會逐年變化，並隨著時間的推移而正常化。

We expect first-quarter results to be the lowest of the year with adjusted EPS to be approximately $2. This reflects our expectations around the access industry dynamics as well as the impact from the progressive ramp-up in NGDV production in defense.

我們預計第一季業績將是今年以來最低的，調整後的每股收益約為 2 美元。這反映了我們對接取產業動態的預期以及國防領域 NGDV 產量逐步提升的影響。

With that, I'll turn it back over to John for some closing comments.

說完這些，我會把話題轉回給約翰，請他做一些結束語。

We reported another solid quarter to finish off an impressive year at Oshkosh, and we expect to continue to deliver healthy results moving forward. We have excellent visibility to grow revenue in our Vocational segment, and our planned NGDV ramp-up supports growth in our last mile delivery business.

我們報告了奧什科甚又一個穩健的季度，為令人印象深刻的一年畫上了圓滿的句號，我們期望未來繼續取得健康的業績。我們在職業領域收入成長方面擁有極佳的前景，我們計劃中的 NGDV 成長支持了最後一哩交付業務的成長。

Additionally, we remain confident across the company in the long-term growth opportunities driven by our people, innovative products and strong businesses, which we expect will continue to deliver shareholder value. We just announced our guidance for 2025, which we believe is balanced and realistic given current business conditions.

此外，我們對於公司由員工、創新產品和強勁業務推動的長期成長機會充滿信心，我們預計這些機會將繼續為股東帶來價值。我們剛剛宣布了 2025 年的指導方針，考慮到當前的商業狀況，我們認為這是平衡且現實的。

Furthermore, we plan to share more details about our longer-term outlook at our Investor Day later this year. This will be an outstanding opportunity to learn about our company and industry leading technologies from our business leaders. We look forward to speaking with you at the event.

此外，我們計劃在今年稍後的投資者日上分享更多有關我們長期展望的細節。這將是從我們的商業領袖那裡了解我們公司和行業領先技術的絕佳機會。我們期待在活動中與您交談。

I'll turn it back to you, Pat, for the Q&A.

我會把問題轉回給你，帕特，進行問答。

Thanks, John. (Event Instructions) Operator, please begin the Q&A session.

謝謝，約翰。(活動指示) 接線員，請開始問答環節。

(Operator Instructions) Jerry Revich, Goldman Sachs.

（操作員指示）傑瑞·雷維奇（Jerry Revich），高盛。

Yes. Hi, good morning, everyone. What obviously stands out in the quarter is the outstanding performance in Vocational in the fourth quarter and the outlook for '25? I'm wondering if you could just talk a little bit more about what the growth outlook in the core Pierce business versus the other parts of the portfolio? How broadly is the top line and margin strength that you're looking for in that business with a bit more context, please, if you don't mind?

是的。大家早安。本季最引人注目的是第四季職業教育的出色表現以及 25 年的前景？我想知道您是否可以再稍微談談皮爾斯核心業務與投資組合其他部分相比的成長前景如何？如果您不介意的話，請提供更多背景信息，說明您對該業務的營收和利潤率的期望有多大？

Yes. Sure, Jerry. Thanks for the question. Yes. Vocational is just continuing to do what we expect it to do, which is be a really resilient, growing business, continuing to grow margins.

是的。當然，傑瑞。謝謝你的提問。是的。職業教育繼續按照我們的期望發展，成為一個真正具有韌性、不斷發展的企業，利潤率持續成長。

We expect to continue to grow margins going forward. Our municipal fire truck business is a really, really important part of that business. We have big backlogs across all of our businesses in Vocational. But I think that the fire -- the municipal fire truck business kind of is the leader in terms of the strong order intake that we've had, and we've built up this big backlog.

我們預計未來利潤率將持續成長。我們的市政消防車業務是這項業務中非常非常重要的一部分。我們所有職業領域的業務都有大量積壓訂單。但我認為，就我們訂單量強勁而言，市政消防車業務處於領先地位，而且我們已經累積了大量積壓訂單。

So what we're doing in our fire business is we're really driving investment and effort in getting throughput through our four manufacturing plants or even adding some capacity at our new Murfreesboro plant, which is primarily building environmental vehicles. But we're also doing some cabs down there to continue to increase throughput, but we've got -- we'll continue to drive growth in both units as we continue to get better throughput, and we'll get continued pricing realization, which is in the backlog that's also going to help us continue to perform really, really well in this business.

因此，我們在消防業務中所做的就是真正推動投資和努力，透過我們的四個製造工廠來提高產量，甚至在我們新的默弗里斯伯勒工廠增加一些產能，該工廠主要生產環保汽車。但是，我們也在那裡進行一些駕駛室作業以繼續提高吞吐量，但是，隨著我們繼續獲得更好的吞吐量，我們將繼續推動兩個部門的成長，並且我們將繼續實現定價，這是積壓訂單，這也將幫助我們繼續在該業務中表現得非常非常好。

So the municipal -- the market in general for municipal fire trucks is strong. Municipalities want new technology and we're giving them new technology, and they're upgrading their fleets. And this is a really foundational part of that Vocational story.

因此，市政——市政消防車市場總體上很強勁。各市政當局想要新技術，我們也提供他們新技術，他們也正在升級他們的車隊。這是職業故事的一個真正基礎部分。

Really well done. And in terms of shifting gears to Defense, as you hit the full production rate for the US postal contract exiting the year, what level of margins are you anticipating from an exit rate standpoint within your guidance for the segment? And is it fair to think about that exit rate as the run rate into '26? Or what other moving pieces should we be thinking about in terms of the margin cadence exiting this year?

確實做得很好。在轉向國防方面，當您在今年年底達到美國郵政合約的全部生產力時，從退出率的角度來看，您預計該部門的利潤率將達到多少？把這個退出率視為 26 年的運行率是否公平？或者，就今年的利潤節奏而言，我們還應該考慮哪些其他變動因素？

Hi, Jerry. It's Matt. So we're really pleased with the ramp-up we're seeing. And as you mentioned, we'll progressively grow the pace of production across the year. While we don't provide specific guidance on USPS, we do see it as accretive to our overall Defense business. And so we'll talk more about that at our Investor Day, but also, obviously, once we get closer to 2026.

你好，傑瑞。是馬特。因此，我們對所看到的成長感到非常高興。正如您所說，我們將全年逐步加快生產速度。雖然我們沒有提供有關 USPS 的具體指導，但我們確實認為它對我們的整體國防業務有幫助。因此，我們將在投資者日上進一步討論這個問題，而且顯然，當我們接近 2026 年時，我們也會進一步討論這個問題。

Steven Fisher, UBS.

瑞銀的史蒂文·費雪。

Thanks. Good morning. Congratulations. I just wanted to ask a little bit about the visibility and access on the first half versus the second half and how that compares to usual at this time of the year? And maybe some of the key drivers in your mind of the improving conditions you mentioned in the second half of the year in Access?

謝謝。早安.恭喜。我只是想問一下上半年與下半年的可見性和可訪問性，以及與每年這個時候的通常情況相比如何？您提到的 Access 下半年狀況改善的關鍵驅動因素有哪些？

Yes. Thanks, Steve. I'll take your question. So I'll kind of give you a quick rundown of the market. We look at the market from a lot of different angles. But the primary angle that we have on the market is our relationship and communication with our customers.

是的。謝謝，史蒂夫。我來回答你的問題。所以我將向你簡單介紹一下市場狀況。我們從許多不同的角度看待市場。但我們在市場上關注的主要角度是我們與客戶的關係和溝通。

And we're always -- our customers have really good forecasting capability. They've got good visibility. Of course, we look at all the metrics, we look at from the Dodge Momentum Index to nonresidential construction metrics, but customers give us a lot of insight into the market. So it's a combination of that that really goes into what we're expecting to see in the market in 2025.

而且我們始終－我們的客戶具有非常好的預測能力。他們的能見度很好。當然，我們會考慮所有指標，從道奇動量指數到非住宅建築指標，但客戶為我們提供了許多有關市場的見解。所以，這些因素的結合才真正反映了我們對 2025 年市場前景的期待。

And fleet metrics in terms of fleet utilization is healthy. It's not unhealthy; our fleet metrics are healthy. But combined with that, you got nonresidential construction, primarily private nonresidential construction that's under a bit of pressure. And that's why we're seeing a lot more fleet replacement happening, because fleets are still aged, but not so much fleet growth happening.

從車隊利用率來看，車隊指標良好。這並不不健康；我們的車隊指標很健康。但同時，非住宅建築，主要是私人非住宅建築面臨一些壓力。這就是為什麼我們看到更多的船隊更換，因為船隊仍然老化，但船隊成長並不多。

And when we look at the market, we pay attention to what our customers are expecting. And that gives us the insight to say, hey, more typical seasonality, a little bit lower in the first half, but building momentum in the second half.

當我們觀察市場時，我們會專注於客戶的期望。這讓我們能夠洞察到，嘿，這是更典型的季節性，上半年略低一些，但下半年勢頭強勁。

Okay. That's helpful. And then just to follow up on the Vocational side of things, maybe looking at the AeroTech business in particular, just curious how you see the evolution of that integration and the synergies looking like in 2025 as you embark on this third year of ownership? We had a sense at CES that maybe still some of the best things are still to come here. How do you see the sort of incremental contributions from AeroTech here relative to other parts of Vocational?

好的。這很有幫助。然後只是跟進職業方面的事情，也許特別關注 AeroTech 業務，只是好奇在您開始所有權的第三年時，您如何看待這種整合的發展以及 2025 年的協同效應？我們在 CES 上感覺到也許一些最好的東西還沒到來。相對於職業教育的其他部分，您如何看待 AeroTech 在這裡做出的增量貢獻？

Yes. Thanks for that question. AeroTech is a really strong business for us. It's doing what we had expected it would do. These markets are in secular growth. We're the leader across North America.

是的。謝謝你的提問。對我們來說，AeroTech 是一個非常強大的業務。它正在做我們預期它要做的事情。這些市場處於長期成長中。我們是北美的領導者。

I think CES is really a great way to view what we see the future of AeroTech being and why we acquired AeroTech. I mean, AeroTech, we showed cutting-edge technology like autonomous jet bridges and our iOPS connected solutions. Those are available today, by the way, to future concepts like autonomous vehicles on the tarmac like carrying luggage autonomously. That will happen in the near-term future.

我認為 CES 確實是一個很好的機會來讓我們了解 AeroTech 的未來以及我們收購 AeroTech 的原因。我的意思是，AeroTech，我們展示了諸如自動登機橋和我們的 iOPS 連接解決方案等尖端技術。順便說一句，這些現在都可以應用於未來的概念，例如停機坪上的自動駕駛汽車，以及自動運送行李。這將在不久的將來發生。

But that's really the biggest synergy that we saw when we decided that AeroTech was a great fit to our portfolio is the technologies that we know and that AeroTech knows and needs are common, and we can accelerate them by working together really excited about AeroTech. We see a continued healthy future for this business.

但當我們決定 AeroTech 非常適合我們的產品組合時，我們看到的最大的協同效應在於我們所了解的技術與 AeroTech 所了解和需要的技術是共同的，我們可以透過對 AeroTech 真正感到興奮的共同合作來加速這些技術的發展。我們預見到該業務將繼續保持健康的前景。

Angel Castillo, Morgan Stanley.

摩根士丹利的安吉爾‧卡斯蒂略 (Angel Castillo)。

Hi, good morning. And thanks for taking my question, and congrats on the strong quarter. Maybe I just wanted to dive a little bit deeper into the Access sales decline. I was hoping you could give us some color or specific just to maybe how much price decline versus volume decline is kind of embedded in the guidance? And if you could split that also in kind of first half versus second half, that would be helpful.

嗨，早安。感謝您回答我的問題，並祝賀您本季業績表現強勁。也許我只是想更深入地探討一下 Access 銷售額下滑的原因。我希望您能給我們一些細節或具體信息，例如價格下降與銷量下降的幅度在指導中體現在多少？如果你可以將其分為上半部分和下半部分，那將會很有幫助。

Hi, Angel. It's Matt. So overall, we do see this more pronounced in the first half. I think that's embedded in our guidance for Q1 with our EPS. In terms of price/cost, we're not going to provide specific guidance, but we do obviously take a disciplined approach to pricing and then volume is really where we see most of the decline in the Access as we think the first half is going to be weaker.

你好，安吉爾。是馬特。因此總體而言，我們確實看到這種情況在上半年更加明顯。我認為這已包含在我們第一季的每股收益指引中。在價格/成本方面，我們不會提供具體的指導，但我們顯然採取了嚴謹的定價方法，而銷量確實是 Access 下滑的主要原因，因為我們認為上半年的銷量會比較弱。

We've had good dialogues with our customers, so we have good visibility into how we think the year is going to shape up, but that's kind of how we see Access for the year.

我們與客戶進行了良好的對話，因此我們對今年的情況有很好的預見，但這就是我們對今年 Access 的看法。

Got it. And then maybe just on the point sort of commentary around what you're hearing from your customers. Could you maybe parse that out or kind of split it up between what you're hearing from nationals versus the independents and how the kind of different channels might be suggesting the activity, or the demand level is kind of shaping up across your key customers?

知道了。然後也許只是針對您從客戶那裡聽到的內容進行重點評論。您能否分析一下，或將其分為您從全國人士和獨立人士那裡聽到的內容，以及不同管道可能如何暗示活動，或者需求水平在您的主要客戶中如何形成？

Yes. Sure, Angel. So when we talk to nationals versus the independents, it can -- the nationals tend to get the lion's share of the mega projects that we all talk and hear about every day, and that's real, and it's continuing and it's actually continuing to accelerate.

是的。當然，安吉爾。因此，當我們將國民企業與獨立企業進行比較時，國民企業往往會獲得我們每天談論和聽到的大型項目的最大份額，這是真實的，而且這種情況還在繼續，實際上還在繼續加速。

So with the independents, it really is dependent upon the market that they're serving. And some are serving markets that are very healthy, or they might be getting part of the big mega projects. And others might be exposed to a lot of private construction where they're under a little bit of pressure. So it's a bit inconsistent between some of the rental companies, depending on the end markets that they're serving.

因此對於獨立公司來說，這實際上取決於他們所服務的市場。有些公司服務於非常健康的市場，或者可能參與大型專案。其他人可能會接觸到大量的私人建築，因此他們會面臨一些壓力。因此，一些租賃公司之間的價格有點不一致，這取決於他們所服務的終端市場。

I think the most important thing though is that equipment utilization is healthy. It's come down from all-time highs, but it's, at a healthy level, our customers are comfortable with what their utilization rates are. And we think that 2025 is, again, mostly just pressured by private nonresidential construction being off due to persistent interest rates where they are.

但我認為最重要的是設備利用率良好。雖然它已從歷史最高水平回落，但仍處於健康水平，我們的客戶對他們的利用率感到滿意。我們認為，2025 年，主要壓力還是在於私人非住宅建築因持續的利率而停止。

So just to clarify, is it fair to assume then that the independents and maybe some of those kind of smaller markets that don't have as much mega projects, that's where you're seeing -- that's what's driving the volume move more than anything? Or any difference in replacement demand there?

所以只是為了澄清一下，那麼是否可以公平地假設，獨立公司以及可能沒有那麼多大型項目的某些小型市場，就是您所看到的——這是推動交易量增長的最重要因素？或是替代需求有什麼差異？

In 2025, I think that you'll see -- we had mix that kind of went towards the independent rental companies in 2024. I think in 2025, it's going to come back to more national -- a little bit more national mix than independents. That's what I can tell you. But it's very different from one independent rental customer to the next.

我認為，到 2025 年，您會看到——我們將在 2024 年將業務混合到獨立租賃公司。我認為到 2025 年，它將恢復到更全國化的狀態——比獨立公司更全國化。這就是我能告訴你的。但不同獨立租賃客戶之間卻有很大差異。

Tami Zakaria, JPMorgan.

摩根大通的塔米·扎卡里亞。

Good morning. Thank you so much, and very nice results. So my first question is on NGDVs. I think I heard you say you're going to hit run rate by the end of the year. So I'm curious what's embedded in terms of the mix of ICE versus BEV in that assumption?

早安.非常感謝，結果非常好。我的第一個問題是關於 NGDV 的。我想我聽到您說過您將在今年年底前達到運行率。所以我很好奇，在這個假設中，ICE 與 BEV 的混合意味著什麼？

Yes. It's business as usual, Tami. This is a contract for 165,000 units, and they've given us the first order for 50,000 that we've talked about for a little while. That mix is consistent with what it's been. It's all -- it's business as usual.

是的。一切如常，塔米。這是一份 165,000 台的合同，他們給了我們第一筆 50,000 台的訂單，我們之前已經討論了一段時間。這種混合與以往的情況一致。一切如常。

We're on schedule with production. We talk to the Postal Service all the time about our current pace of continuing to increase production.

我們的生產進度正常。我們一直與郵政局討論我們目前繼續增加生產的進度。

The Postal Service is delighted with the vehicles that they have that are delivering mail and delivering e-commerce today in terms of the productivity benefits that they get out of this vehicle, which is really the first time the industry has ever seen a vehicle like this. So there's nothing really to report on the mix. It's consistent with what we've always talked about.

郵政局對目前用於投遞郵件和電子商務的車輛感到非常滿意，因為這輛車為他們帶來了極大的生產效率提升，這確實是該行業第一次見到這樣的車輛。因此，關於該混合確實沒有什麼可報告的。這與我們一直在談論的一致。

Got it. That is very helpful to know. And then my second question is, I know this situation around tariffs remains fluid. But could you just remind us, what your exposure is in terms of imports from Mexico and Canada? And how you're thinking about it, should there be any tariffs on imports from many of those countries?

知道了。了解這一點非常有幫助。我的第二個問題是，我知道關稅狀況仍然不穩定。但是您能否提醒我們，您從墨西哥和加拿大的進口情況如何？您認為是否應該對上述國家的進口產品徵收關稅？

Yes, I will. I think it's a great thing to bring up. So thank you. First, I want to make -- emphasize that we are an American manufacturer. The vast majority of products that we sell in the United States are made in the United States. So I just want to make sure that that part of it is clear.

是的，我會。我認為提出這一點非常好。所以謝謝你。首先，我想強調一下，我們是美國製造商。我們在美國銷售的絕大多數產品都是在美國製造的。所以我只是想確保這部分內容清晰明了。

Most of what we sell in the US is made in the US. Sure, we're a global company, so we have some movement of certain categories in and out of the US and a global supply chain. We tend to be a pretty resilient company in terms of we use our global footprint to adapt based upon how we can get the best cost that we need to get.

我們在美國銷售的大部分產品都是在美國製造的。當然，我們是一家全球性公司，因此我們的某些類別的產品會進出美國，並且有全球供應鏈。我們是一家相當有彈性的公司，我們利用我們的全球影響力來適應如何獲得我們需要的最佳成本。

So I'll give you an example, if we have to move something from one manufacturing plant to another, we typically can do that relatively quickly. Europe instituted tariffs recently from Access equipment coming from China to Europe. We were supplying product from China to Europe. Essentially, we understood what the Europeans were telling us. We want you to make product for Europe in Europe.

我舉個例子，如果我們必須將某件產品從一家製造廠轉移到另一家製造廠，我們通常可以相對快速地完成。歐洲最近對從中國出口到歐洲的接入設備徵收關稅。我們從中國向歐洲供應產品。從本質上來說，我們明白了歐洲人告訴我們的事。我們希望您在歐洲生產面向歐洲的產品。

We've already shifted our production of product from our China operations to our European existing operations, no new bricks and mortar to serve the European market, because the Europeans want us to serve Europe from Europe.

我們已經將產品生產從中國轉移到歐洲現有的業務，沒有新的實體工廠來服務歐洲市場，因為歐洲人希望我們從歐洲為歐洲服務。

If there's tariffs that affect us in terms of our supply chain or products that we might be bringing in from a from an operation outside the US, we will make similar adjustments to mitigate the impact of the tariff and do what the US is telling us to do, manufacture more in the US, but the vast majority of what we do in the US is made in the US

如果關稅影響到我們的供應鏈或從美國境外的工廠進口的產品，我們也會做出類似的調整，以減輕關稅的影響，按照美國的指示去做，在美國生產更多產品，但我們在美國生產的絕大部分產品都是在美國製造的

Steve Volkmann, Jefferies.

傑富瑞的史蒂夫·福爾克曼。

Thank you, guys. Curious if there's any commentary around how we should think about the defense margin sort of trajectory through the year here. It sounds like the timing of the FMTV contract maybe as a catalyst, but just anything we should think about sort of as the quarters progress relative to your 4% guidance?

謝謝你們。好奇是否有人對我們應該如何看待今年的防禦邊際軌跡做出評論。聽起來 FMTV 合約的時機可能是一個催化劑，但隨著季度進展相對於您的 4% 指導目標，我們應該考慮什麼呢？

Hi, Steve. It's Matt. So as we said, we guided to 4% as this is a transition year ramping up NGDV. So accordingly, I would expect that margin to ramp up across the year. So 4% is obviously the average starting lower and ending a little bit higher.

你好，史蒂夫。是馬特。正如我們所說，我們預計成長率為 4%，因為這是提高 NGDV 的過渡年。因此，我預計利潤率將在全年上升。因此，4% 顯然是一個起始較低、結束略高一點的平均值。

Okay. All right. Thanks. And then back to Access specifically, any commentary around what you're seeing in telehandlers? I think you had a bit of a potential hole to fill in that business? Just how should we think about that in '25?

好的。好的。謝謝。然後具體回到 Access，您對伸縮臂叉裝機有什麼評論嗎？我認為您在這項業務上存在一些潛在的漏洞需要填補？那麼在25年我們該如何看待這個問題呢？

Yes. Thanks. I'll take that, Steve. First of all, we've been -- we're encouraged with our telehandler business in total, really encouraged with it. We've been encouraged by share gains that we've been getting recently, which we expected to get.

是的。謝謝。我接受，史蒂夫。首先，我們對我們的伸縮臂叉裝機業務總體感到鼓舞，確實感到鼓舞。我們最近的股價上漲令我們感到鼓舞，這也是我們預期會實現的。

We've got a new line of agricultural telehandlers that we organically developed. And then we made an acquisition of AUSA in Spain. That also complements and gives another agricultural telehandler product. So that's another area that gives us a lot of optimism as we continue to be the number one provider of telehandlers in the marketplace. So we kind of finished 2024 on a high note.

我們自主開發了一系列新型農業伸縮臂叉裝機。然後我們收購了西班牙的AUSA。這也補充並提供了另一種農業伸縮臂叉裝機產品。因此，這是讓我們充滿樂觀的另一個領域，因為我們將繼續成為市場上第一大伸縮臂叉裝機供應商。因此，我們以高調結束了 2024 年。

And we think that that's good momentum going into 2025, especially with the new market that we're entering in the ag space. Now the other comment here is, of course, we've had a change in agreement with CAT. I'll just bring that up. That's a bit of -- it's a speed bump. This is not unexpected.

我們認為，這對 2025 年來說是一個良好的勢頭，尤其是當我們進入農業領域的新市場時。現在，這裡的另一條評論當然是我們與 CAT 的協議發生了變化。我只是提一下這件事。這有點像——這是一個減速帶。這並不令人意外。

We've known about this for a few years. So we've got great relationship with CAT, we still do, we've got a really good relationship with our dealers. We supply their dealers with a full line of product. We will continue to supply their dealers with product as we go forward, and we'll continue to execute on our telehandler priorities, and we feel very good about it.

我們已經知道這個事好幾年了。因此，我們與 CAT 保持著良好的關係，現在我們與經銷商的關係仍然很好。我們向他們的經銷商提供全系列的產品。我們將繼續向他們的經銷商提供產品，並將繼續執行我們的伸縮臂叉裝機優先任務，我們對此感到非常滿意。

Jamie Cook, Truist.

傑米庫克 (Jamie Cook)，Truist。

Hi, good morning. And congrats on a nice Access margin guide this year given the sales decline. So John, a question for you. Obviously, the Access margins are healthy here. But just trying to understand, again, under possibility of tariffs, what your pricing strategy will be?

嗨，早安。儘管銷售額有所下滑，但今年 Access 的利潤率仍然很高，對此我們表示祝賀。那麼約翰，問你一個問題。顯然，這裡的 Access 利潤率是健康的。但只是想再次了解，在關稅的可能性下，您的定價策略是什麼？

I mean with Access equipment relative to what happened last time, like how do you think about firm pricing versus using escalators? So question there.

我的意思是，相對於上次發生的情況，Access 設備，您如何看待固定定價與使用自動扶梯？所以有疑問。

And then I guess my second question, on the Postal Service award, obviously, it doesn't sound like you see any risk to that contract, but just under Dodge and things that are coming out under the new administration, do you see any risk to that contract in terms of change in price versus EV or push out just given risk of Dodge? So anything you could provide from that context?

然後我想我的第二個問題，關於郵政服務獎，顯然，你聽起來似乎沒有看到該合約有任何風險，但是就在道奇和新政府下出台的事情下，你是否認為該合約在價格變化與 EV 或推遲方面存在任何風險，僅僅是考慮到道奇的風險？那麼從該背景來看您能提供什麼資訊嗎？

So going to your first question, which is on Access --

那麼第一個問題就是關於 Access--

Tariffs and pricing.

關稅和定價。

Tariffs, I'm sorry. I go back to your first question on tariffs and pricing.

關稅，抱歉。我回到您關於關稅和定價的第一個問題。

Yes. Tariffs and pricing, specifically.

是的。具體來說，是關稅和定價。

So our Access -- our JLG is becoming more resilient every year that goes by. And that's why they're continuing to deliver healthy margins in the face of a downturn that you can see in our guidance because of the resiliency that they have. So we'll be -- we believe that in different -- we've got a whole playbook on potential different scenarios that might unfold with regard to tariffs, and Access has a very good mitigation plan, depending on what may or may not occur with tariffs.

因此，我們的 Access——我們的 JLG 每年都變得更有彈性。這就是為什麼他們在經濟低迷的情況下仍能繼續保持健康的利潤率，這一點您可以從我們的指引中看到，因為他們具有韌性。因此，我們相信，在不同的條件下，我們已經針對可能出現的與關稅相關的不同情景制定了完整的應對方案，而且 Access 有一個非常好的緩解計劃，這取決於關稅可能發生或不可能發生的情況。

So we think that we can mitigate a lot of it. Now within the supply chain, where you've got global supply chains, sometimes there's things that you have more difficulty mitigating, and we'll try to minimize or even potentially eliminate any need for price increases as a result of tariffs.

因此我們認為我們可以減輕很多影響。現在，在供應鏈中，也就是在全球供應鏈中，有時會有一些事情很難緩解，我們會盡量減少甚至消除因關稅而導致的價格上漲的需要。

But that's essentially kind of the general MO that we have with regard to tariffs. It's what we did in Europe, right? We were able to mitigate most of those tariffs by using our footprint to manufacture differently to avoid the tariffs.

但這基本上是我們在關稅問題上採取的一般做法。這就像我們在歐洲所做的那樣，對嗎？我們利用自己的足跡進行不同的生產以避免關稅，從而能夠減輕大部分關稅。

On the US Postal Service, what I can tell you is that we're happy with whatever mix the United States Postal Service orders from us. This is a great contract; it's a lot of vehicles. The Postal Service needs these vehicles. They're using high-cost, unproductive vehicles today that were designed 40-plus years ago.

關於美國郵政服務，我可以告訴您的是，無論美國郵政服務向我們訂購什麼樣的產品，我們都很滿意。這是一份很棒的合約；有很多車輛。郵政服務需要這些車輛。他們現在使用的車輛成本高、效率低，是 40 多年前設計的。

And so every time they take a new vehicle from us, their productivity goes up. So this is a really important program for the United States Postal Service. We are in contact with them every day.

因此，每次他們從我們這裡購買一輛新車，他們的生產力就會提高。所以這對美國郵政服務來說是一個非常重要的計畫。我們每天都與他們保持聯繫。

We -- again, we'll deliver the mix that they want us to deliver to them. And we're pretty pleased with progress on this program. And I think the United States Postal Service is pleased with the vehicles that they're getting, they're absolutely delighted with. So that's what I'll tell you.

我們 — — 再說一次，我們會提供他們希望我們提供的混合物。我們對計劃的進展非常滿意。我認為美國郵政局對他們所獲得的車輛感到非常滿意，他們非常高興。這就是我要告訴你的。

Tim Thein, Raymond James.

提姆泰恩、雷蒙詹姆斯。

Thank you. Good morning. John, back to the Access commentary with respect to how you think the year plays out and presumably or largely influenced and educated by what you're hearing from your customers, do you -- and not that you want be in the business of forecasting orders, but I guess I'll ask it anyways, just how you expect the seasonality of orders has gotten kind of thrown around in post-COVID?

謝謝。早安.約翰，回到 Access 評論，關於您認為今年將如何發展，以及可能或很大程度上受到您從客戶那裡聽到的消息的影響和教育，您是否——並不是說您想從事訂單預測業務，但我想我還是會問，您認為在後疫情時代，訂單的季節性會如何變化？

But I guess just quite bluntly, would you expect you see maybe a year-over-year pickup as we get into the second quarter and then maybe a little stronger accordingly in the back half of the year? Or just any kind of thoughts with respect to the timing and how you think that looks as we go through the year from an order standpoint?

但我想坦白地說，您是否預計，當我們進入第二季度時，我們的銷售額可能會比去年同期有所回升，而在今年下半年，我們的銷售額可能會略有回升？或者您對時間安排有什麼想法，以及您認為從訂單的角度來看，今年的情況會如何？

Yes. I think in general, what's happening is the industry is reverting to more normalized seasonal order patterns. And I think that's why you've seen some unusual order patterns the last few quarters. I think the thing to pay most attention to with our business is we've got a $1.8 billion backlog, a $1.8 billion backlog for JLG in our Access business is a healthy backlog, a healthy backlog in normal times with JLGs, three to six months of backlog, and we're right in the middle of that at our current size with $1.8 billion.

是的。我認為總體而言，該行業正在恢復更正常的季節性訂單模式。我認為這就是為什麼你在過去幾季看到一些不尋常的訂單模式。我認為，對於我們的業務，最值得關注的是我們有 18 億美元的積壓訂單，在我們的 Access 業務中，JLG 的 18 億美元積壓訂單是健康的積壓訂單，在正常時期 JLG 的積壓訂單量是健康的，積壓訂單量為三到六個月，而我們目前的規模處於這個水平的 18 億美元，為正好處於這個水平的 18 億美元。

And so our customers look at our lead times and they say, okay, we're going to order in accordance with your lead times. Your lead times are good right now, they're normal, we'll order in accordance with those. We did get annual purchase orders in the fourth quarter, but we've got a lot more annual purchase orders coming in the first quarter right now that we're in today. So I think the most important thing to pay attention to is what does the backlog look like, and we're happy with the $1.8 billion backlog today.

因此，我們的客戶看到我們的交貨時間後會說，好的，我們將按照您的交貨時間訂購。您的交貨時間目前很好，這是正常的，我們將根據這些時間進行訂購。我們確實在第四季度收到了年度採購訂單，但是目前第一季的年度採購訂單比現在多得多。因此我認為最重要的是關注積壓訂單的情況，我們對今天的 18 億美元積壓訂單感到滿意。

Okay. And then just on Vocational, as you think of -- you mentioned price/cost being an expected tailwind in '25 to margins. I think from memory, through at least the first nine months of '24, pricing was kind of a 6% to 7% year-over-year tailwind in '24. Is that a similar number we should be thinking about higher or lower? How would you kind of characterize that in terms of the pricing benefit you're expecting in '25 versus what you realized in '24?

好的。然後就職業而言，正如您所想到的 - 您提到價格/成本預計將是 25 年利潤率的順風。我記得，至少在 24 年的前九個月，價格年增了 6% 到 7%。我們是否應該考慮更高或更低的類似數字？就您預期的 25 年定價收益與 24 年實現的定價收益相比，您如何描述這一點？

Hi, Tim. It's Matt. So we're still working through the pricing and the backlog. So I would expect some of that price dynamic to continue, certainly. The price/cost, the team has done a nice job managing and Vocational. The other thing I would just highlight is we talk a lot about Pierce, but what you saw in the sales numbers and what we're really proud of as well is our refuse and recycling business, which has performed extremely well, specifically in the fourth quarter and it's also a nice healthy business for us.

你好，提姆。是馬特。因此我們仍在努力解決定價和積壓問題。因此我預計這種價格動態肯定會持續下去。價格/成本、團隊在管理和職業方面做得很好。我想強調的另一件事是，我們談論了很多關於皮爾斯的事情，但你在銷售數據中看到的以及我們真正引以為豪的是我們的垃圾和回收業務，它表現得非常好，特別是在第四季度，這對我們來說也是一個非常健康的業務。

Mig Dobre, Baird.

米格·多布雷、貝爾德。

Thank you. Good morning. I'm going to try Steve Volkmann's question one more time on Defense margin in terms of cadence. I guess the way I'm going to ask it, when I'm thinking about the Q1 EPS guidance, what sort of Defense margin do you have baked in there? Is it going to be lower sequentially versus what we saw in the fourth quarter?

謝謝。早安.我將再一次嘗試回答史蒂夫·福爾克曼關於防守節奏裕度的問題。我想我要問的是，當我考慮第一季每股收益指引時，您在其中考慮了什麼樣的防禦利潤率？與第四季相比，這個數字是否會季減？

So hey, Mig, it's Matt. So thanks for taking a second stab at a good question. So first quarter, obviously, that's kind of our lowest production quarter of the year on USPS. So you can expect that, at least we would expect that to be our lowest quarter in Defense as well. I'm not going to comment specifically on quarter-over-quarter dynamics, but I think you should think about that as the lowest quarter for Defense.

嘿，米格，我是馬特。感謝您再次提出這個好問題。因此，顯然第一季是 USPS 今年產量最低的季度。所以你可以預料到，至少我們也預期這將是我們國防領域績效最低的一個季度。我不會具體評論季度環比變化情況，但我認為你應該將其視為國防業務最低的一個季度。

Okay. And I guess my follow-up, sticking with the segment. If we're thinking about you getting to full production on the NGDV, it sounds like the other Defense contracts that you've got are starting to normalize from a pricing standpoint. Should we be thinking in 2026, this segment will be operating as you previously deemed as normalized margins? Or is that still premature to factor in at this point?

好的。我想我的後續行動是堅持這一部分。如果我們考慮您全面生產 NGDV，聽起來您獲得的其他國防合約從定價的角度開始正常化。我們是否應該考慮在 2026 年，這個部門將按照您之前認為的正常利潤率運作？或者現在考慮這一點還為時過早？

So I'll take that, Mig. I think one of the big movers of Defense, of course, is new pricing contracts. We've taken some of our big programs, and we've gone to what's called a sole-source contract which allows us to reset price to the realities of input costs.

所以我會接受的，米格。我認為國防領域的一大推動力當然是新的定價合約。我們已經開展了一些大型項目，並採用了所謂的單一來源合同，這使我們能夠根據實際投入成本重新設定價格。

So when you look at it, we've got the heavies that we've already done, and the mediums will be done shortly in terms of the pricing contracts. We start to get the benefit of the heavies not until sort of the late part of 2025 and then in through '26 and beyond.

所以當您看到它時，我們已經完成了重型產品，並且根據定價合同，中型產品也將很快完成。直到 2025 年末，我們才開始享受重量級人物帶來的好處，然後持續到 2026 年及以後。

And then the medium it will be, starting in 2026, in terms of getting the benefit of those pricing contracts. So a little bit slower to get the benefit there. And of course, the NGDV margin as we're in production ramp builds throughout the year as we continue every week to increase production output.

然後，從 2026 年開始，我們將開始從這些定價合約中獲益。因此，獲得利益的速度會慢一些。當然，隨著我們每週繼續增加產量，我們的生產量不斷增加，NGDV 利潤率也全年不斷提高。

So I'm going to take that as a yes.

因此我將認為這是肯定的。

Okay.

好的。

Kyle Menges, Citi.

花旗銀行的凱爾孟格斯 (Kyle Menges)。

Thank you. I was hoping -- so just within the Access outlook, Access implied down 15% for the year. Could you just help me just with maybe some range of how you're thinking about AWPs versus telehandlers in 2025?

謝謝。我希望 — — 光是在 Access 展望中，Access 今年就暗示會下降 15%。您能否幫我談談您對 2025 年高空作業平台 (AWP) 與伸縮臂叉裝機 (Telehandler) 的看法？

We don't really give that level of guidance within the guide that we've got. I think the most -- look at the down 15%, we're guiding at $4.4 billion in revenue for Access equipment. That's in line with all of the customer conversations we're having and all the metrics that we look at and what we expect with nonresidential construction and how it's going to impact the market. And it also includes the changing nature of the CAT agreement. But suffice it to say that telehandlers have been strong for us, and we expect telehandlers to continue to be strong going forward.

我們實際上並沒有在現有的指南中提供這種程度的指導。我認為最大的——看看下降的 15%，我們預計 Access 設備的收入為 44 億美元。這與我們與所有客戶進行的對話、我們所關注的所有指標以及我們對非住宅建築的期望以及它將如何影響市場相一致。其中還包括 CAT 協議的變化性質。但可以說，伸縮臂叉裝機對我們來說一直很強勁，我們預計伸縮臂叉裝機在未來將繼續保持強勁。

Got it. And then I was curious how you're thinking about telehandler capacity now with some puts and takes with the CAT contracts but then coming out with this new line of telehandlers, just would be helpful to hear how you're thinking about that.

知道了。然後我很好奇，您現在如何看待伸縮臂叉裝機的容量，以及 CAT 合約的一些變動，但隨後推出這款新的伸縮臂叉裝機系列，聽聽您對此的看法會很有幫助。

Yes. Well, what's happening with CAT is not new news to us. We've known about this for a long time. And we've known about it before we put the plans in place to put more capacity in Jefferson City, Tennessee. So when we make capacity decisions, we make them because of five-year-plus outlooks.

是的。嗯，CAT 發生的事情對我們來說並不是什麼新鮮事。我們早就知道這個了。我們在製定向田納西州傑斐遜城增加產能的計劃之前就已經知道了這一點。因此，當我們做出產能決策時，我們會考慮五年以上的前景。

We don't make them because of a one-year change in the market. And we see the five-year outlook being continuously healthy for our business because of all the reasons that we talk about new markets that we're putting the product into mega projects, et cetera, a lot of construction will continue to happen over the next five-plus years, both in North America and globally.

我們不會因為市場一年內的變化而製造它們。我們認為未來五年我們的業務前景將持續健康，原因包括我們談論新市場、將產品投入大型專案等等，未來五年內，無論是在北美還是全球，都會繼續進行大量的建設。

So when we put those plans together, that's what's in our line of sight, not just the next 12 months. We're 100% continuing forward and continuing to get output and increasing output in that Jefferson City, Tennessee plant, and we need the product.

因此，當我們制定這些計劃時，我們的眼光就是這些，而不僅僅是未來 12 個月。我們將全力以赴，繼續在田納西州傑斐遜城的工廠獲得產出並不斷增加產量，我們需要產品。

Chad Dillard, Bernstein.

查德·迪拉德、伯恩斯坦。

Hey. Good morning, guys. So I have a question on Access. So first of all, I think you guys talked about annual purchase orders in 1Q. Just wondering if that's shifted from like a seasonal standpoint, I guess, in other words, would orders be a little bit stronger than normal seasonality would suggest in the first quarter?

嘿。大家早安。我有一個關於 Access 的問題。首先，我想你們談論的是第一季的年度採購訂單。我只是想知道從季節性的角度來看這是否會發生變化，換句話說，第一季的訂單是否會比正常的季節性強勁一些？

And then secondly, in terms of like your capacity additions in Access, how should we think about the cadence in terms of ramping? And to what extent is there any absorption baked into the guidance for this year?

其次，就 Access 中的容量增加而言，我們應該如何考慮增加的節奏？今年的指導方針中又包含了多大程度的吸收？

Yes. Thank you. I think that there's been a slight shift in terms of annual purchase orders. In terms of what I mean is they used to mostly come in Q4. And now we're also working through annual purchase orders in Q1, and I think part of that is due to our backlog.

是的。謝謝。我認為年度採購訂單發生了輕微的變化。我的意思是，它們過去大多出現在第四季度。現在我們也正在處理第一季的年度採購訂單，我認為部分原因是我們的積壓訂單。

Customers are saying, hey, I've got visibility out four or five months. So I'm going to wait a little bit to put this annual purchase order. And that's kind of a little bit of a dynamic that's happening. So a little bit of seasonality in there that's different from maybe the past. In terms of the Jefferson City telehandler plant, yes, the -- that's all in our guidance in terms of the ramp for those products. We're in production today.

顧客們說，嘿，我已經知道四、五個月的狀況了。所以我要等一段時間再下這個年度採購訂單。這就是正在發生的動態現象。因此其中的季節性可能與過去有所不同。就傑斐遜城伸縮臂叉裝機工廠而言，是的，這完全符合我們對這些產品的產量預測。我們今天開始生產。

We're shipping products today, but we don't get to full production until the back half of the year, and the costs for doing that are all in our guidance.

我們今天正在運送產品，但直到今年下半年才能全面投入生產，而這樣做的成本都在我們的指導範圍內。

Great. That's helpful. Second question on NGDV. Could you comment on the production rate that you're seeing, I guess, maybe exiting the fourth quarter? And then just walk me through the, I guess, like the shape of the ramp as we go through '25.

偉大的。這很有幫助。第二個問題關於 NGDV。您能否評論一下您所看到的生產力，我想，也許是在第四季？然後帶我走過我想像的 25 號斜坡的形狀。

Well, it's kind of consistent as we go through 2025. We work with the United States Postal Service. We did a deliberate kind of low rate production to start, which not only helps us, but also helps the Postal Service onboard vehicles and get the onboarding right, and we're continuing to progress and increase production every month and every quarter that goes by. And we will be at full rate production by the end of the year.

嗯，當我們進入 2025 年時，它是一致的。我們與美國郵政局合作。我們一開始就特意採用低速率生產，這不僅對我們有幫助，而且還可以幫助郵政服務搭載車輛並正確搭載，而且我們每個月、每個季度都在繼續進步和提高產量。到今年年底我們將實現滿載生產。

Mike Shlisky, D.A. Davidson.

施利斯基（Mike Shlisky），地區檢察官戴維森。

Hey guys, good morning. Thanks for taking my questions. I wanted to go back to one of your earlier -- first comments you made, John, about Access about the first half and second half. You kind of said that it could be a bit stronger in the second half, and it positions yourself well for 2026.

嘿，大家早安。感謝您回答我的問題。約翰，我想回到你之前對 Access 前半部分和後半部分所做的第一條評論。您好像說過，它下半年可能會更加強勁，為 2026 年做好了準備。

So I know it's only in January, but -- and of course, the economy is quite fluid still. But is your first instinct that 2026 could be an up year in Access? And perhaps that's -- a better way to ask the question is kind of what you're seeing currently in '25 more of a blip than a multiyear downturn that you're kind of seeing the first phases of here?

我知道現在只是一月份，但——當然，經濟仍然相當不穩定。但是，您的第一直覺是否認為 2026 年將是 Access 上升的一年？也許這是——一個更好的提問方式是，您目前在 25 年看到的更多的是暫時現象，而不是您所看到的多年低迷的初期階段？

Yes. So first of all, I can't guide for 2026 right now. But what -- when we make those comments, we work with our customers closely. They've got a backlog of projects. They have a visibility to their backlog of projects.

是的。首先，我現在無法為 2026 年做出指導。但是，當我們發表這些評論時，我們會與客戶密切合作。他們有大量項目積壓。他們可以清楚地了解積壓的項目。

And really, I think, ultimately, that's what gets baked into our forecast of equipment needs and when the equipment is needed and because we know when those projects are coming online because our customers tell us that. So that's really kind of what gives us the insight to say that we'll be doing a little bit more in the back half than the front half.

實際上，我認為，最終，這就是我們對設備需求的預測以及何時需要設備所考慮的內容，因為我們知道這些項目何時上線，因為我們的客戶會告訴我們這一點。所以這實際上讓我們能夠洞察到我們在後半部分做的事情會比前半部分多一點。

Okay. And then maybe secondly, if you can just dig a little bit deeper into the backlog in Vocational. Could you comment on if the Pierce backlog got better in the quarter? Was the book-to-bill above 1 there or at very least if you would order a fire truck today, what year would you be able to deliver?

好的。然後也許其次，如果你可以更深入地研究職業方面的積壓問題。您能否評論一下本季皮爾斯的積壓訂單是否有所改善？訂單出貨比是否大於 1，或至少如果你今天訂購一輛消防車，哪一年你可以交貨？

Hi, Mike, it's Matt. So the book to -- sorry, the backlog continued to grow over the quarter. So we took more orders specifically in Pierce. So really pleased with the continued demand we have and the production ramp-up the team is working on to support that demand. So it is the book-to-bill, I believe, was over 1. So we're continuing to support those customers with everything we can build.

嗨，麥克，我是馬特。因此，抱歉，該書的積壓訂單在本季持續增加。因此我們專門在皮爾斯接收了更多的訂單。因此，我們對持續的需求以及團隊為滿足這一需求而不斷提高的產量感到非常高興。所以我認為訂單出貨比應該超過1。因此，我們將繼續盡我們所能為這些客戶提供支援。

Steve Barger, KeyBanc.

史蒂夫·巴格，KeyBanc。

Good morning. This is actually Christian Zyla on for Steve Barger. Just looking at the second half of 2024, your incremental margin was 3% in 3Q and 4% in 4Q on high single-digit and mid-single-digit revenues, respectively. Why was that? And does that get better in '25?

早安.這實際上是 Christian Zyla 為 Steve Barger 表演。只看 2024 年下半年，您的增量利潤率在第三季為 3%，在第四季為 4%，收入分別為高個位數和中個位數。為什麼呢？'25 年情況會好轉嗎？

So in terms of that -- it's Matt, sorry. So you're really looking at a couple of things there. You're looking at business mix driving that as well. So the strong Vocational performance obviously impacts the sequential incremental margins. So really strong performance in Vocational drives a lot of that in the quarter-over-quarter performance.

因此就這一點而言 —— 是馬特，抱歉。因此您實際上正在關注那裡的幾件事。您也在關注推動這項進程的業務組合。因此，強勁的職業表現顯然會對連續的增量利潤產生影響。因此，職業教育的強勁表現在很大程度上推動了季度環比表現。

Got it. Thank you. Next question, just balance sheet and leverage look pretty healthy. Are there parts of your portfolio that you think you are missing capabilities or that you can add via M&A? Or can you just frame up which of your segments could benefit the most with any incremental M&A like we saw with AUSA and AeroTech?

知道了。謝謝。下一個問題是，資產負債表和槓桿率看起來相當健康。您認為您的投資組合中是否存在某些部分缺乏能力或可以透過併購來添加？或者您能否概括出哪些部門可以從增量併購中獲益最多，就像我們在 AUSA 和 AeroTech 身上看到的那樣？

Yes. So we do have a healthy balance sheet, and we think that's good. You saw us do a more aggressive share buybacks in the fourth quarter because -- for a lot of reasons. And you'll probably see us continue to be deliberate about share buybacks going forward. One of the benefits we have of a healthy balance sheet.

是的。因此，我們的資產負債表確實很健康，我們認為這是好事。您會看到我們在第四季度進行了更積極的股票回購，因為——出於很多原因。您可能會看到我們今後將繼續慎重考慮股票回購。健康的資產負債表是我們擁有的好處之一。

But when we look at M&A, we have an always on process. We are always looking at targets. Every day, there are targets that we look at and debate. And when we look at things, we're very focused. So we look at ourselves as technology for the everyday hero.

但當我們審視併購時，我們有一個始終持續的流程。我們始終在關注目標。我們每天都會注意和討論一些目標。當我們觀察事物時，我們會非常專注。因此，我們將自己視為日常英雄的技術。

We say the purpose of the company is we deliver for the everyday hero and to make their lives better and so where we have the opportunity to apply our technology and our capability to make a material difference, i.e., that's the synergy that's adjacent, a near adjacency to what we do.

我們說，公司的宗旨是為日常英雄提供服務，讓他們的生活更美好，因此，我們有機會運用我們的技術和能力來創造實質性的改變，也就是，這是相鄰的協同作用，與我們所做的工作相近。

So AeroTech is a great example. We were already in airports. We saw these categories that we weren't in. We said, hey, this is -- we can help with the technology on this product. We worked on that deal, it was a focus for us, it's a great business for us to be in.

AeroTech 就是一個很好的例子。我們已經到機場了。我們看到了我們不屬於的這些類別。我們說，嘿，這是——我們可以為該產品的技術提供幫助。我們致力於這筆交易，它是我們的重點，對我們來說，這是一件很棒的事。

We're continuing to accelerate the synergies that you saw at CES. AUSA is another example. Hinowa in Italy is another example. Near adjacencies to JLG where we can drive a lot of goodness in synergies because of technology and capability. So that's what we look at.

我們將繼續加速您在 CES 上看到的綜效。AUSA 是另一個例子。義大利的Hinowa是另一個例子。我們與 JLG 相鄰，憑藉著技術和能力，能夠產生許多協同效應。這就是我們所關注的。

We're always looking at targets, but we're also very careful. We are very deliberate and patient when we look at targets.

我們始終專注於目標，但我們也非常謹慎。當我們審視目標時，我們非常謹慎且有耐心。

David Raso, Evercore.

大衛·拉索（David Raso），Evercore。

Hi. I know we're running late. I'll be quick. Maybe I'm being a little greedy, the Vocational implied incremental margins of 25%. Can you lend some insight to why that wouldn't be stronger, maybe within that if you look at the revenue growth for the whole segment guided shade below 15%, which of the categories within do you think it will be above and below that 15% to maybe help us with the mix question?

你好。我知道我們遲到了。我會很快的。也許我有點貪心，職業隱含的增量利潤率為 25%。您能否解釋為什麼它不會更強勁，也許如果您看一下整個細分市場的收入成長預期，低於 15%，您認為其中哪些類別的收入成長將高於或低於 15%，這也許可以幫助我們解決組合問題？

David, it's Matt. Thanks for the question. So in terms of the incremental in Vocational, really what you're looking at there is some of our investment in terms of capacity and otherwise. So you're getting good growth across the business but also investing in the business at the same time. So that's a little of what you see in the guide.

大衛，我是馬特。謝謝你的提問。因此，就職業教育的增量而言，您實際上看到的是我們在能力和其他方面的一些投資。因此，您不僅獲得了整個業務的良好成長，而且還對業務進行了投資。這就是您在指南中看到的一些內容。

And I just want to point out again, I don't think you guys have highlighted enough on the call, the strong Vocational operating income guidance we provided and the strength that, that provides to the overall business, I have to say.

我只想再次指出，我認為你們在電話會議上沒有足夠強調我們提供的強有力的職業營業收入指導以及這為整體業務帶來的優勢，我不得不說。

In terms of the mix of products, obviously, Pierce continues to deliver. I mentioned McNeilus, which is a good business with good strong margins that continues to grow. You saw that in the sales numbers we posted as well. And then AeroTech is a great bolt-on business that we acquired and embedded and have a fantastic new leader there as well. So I'm not going to provide specific guidance across those three, but that's where we see the growth for the year.

就產品組合而言，皮爾斯顯然繼續表現出色。我提到了 McNeilus，這是一家優秀的企業，利潤豐厚，而且還在持續成長。您也在我們發布的銷售數據中看到了這一點。然後，AeroTech 是我們收購並嵌入的一家出色的附加業務，該公司還有一位出色的新領導者。因此，我不會針對這三個領域提供具體的指導，但這就是我們看到今年的成長領域。

So to nudge just a little -- sorry, Matt -- is it fair to say Pierce is growing the fastest?

所以稍微提醒一下——抱歉，馬特——可以說皮爾斯的成長速度是最快的嗎？

I don't -- we're not going to provide that level of specificity at this time. We can talk more about that in our quarterly results, but Pierce certainly has a good healthy backlog with good opportunities to grow.

我不知道——我們目前不會提供這種程度的具體資訊。我們可以在季度業績中更多地談論這一點，但皮爾斯確實擁有良好的積壓訂單和良好的成長機會。

But David, the good news is in that Vocational business, they're all growing.

但大衛，好消息是，在職業教育領域，他們都在成長。

Yes. No, it's just Pierce, I think, leads the show there with margins, if I'm correct. So just curious how much of that backlog we can unleash in '25 just to offset any access or wrinkles around the defense margins as the year plays out. So that was the spirit of the question.

是的。不，如果我沒有記錯的話，我認為只是皮爾斯在那裡以優勢領先。所以只是好奇我們可以在 25 年釋放多少積壓訂單，以抵消隨著時間的推移國防邊緣的任何訪問或皺紋。這就是問題的核心。

David, we think that the Vocational business really pairs well with our Access business. They're both great businesses. They're both driving really good margins. And I think that the two really complement one another well, and you're seeing that in 2025 as we continue to grow in Vocational, while Access positions itself for the future.

大衛，我們認為職業業務確實與我們的 Access 業務非常匹配。兩家公司都是很棒的企業。他們都實現了相當好的利潤。我認為兩者確實是相輔相成的，到 2025 年，您會看到我們在職業教育方面繼續發展，而 Access 則為未來做好了準備。

Mr. Davidson, I would like to turn the floor back over to you for closing comments.

戴維森先生，我想把發言權交還給您，請您發表最後評論。

Yes. Thanks very much. As both Matt and John mentioned, we've got our Investor Day coming up a little bit later this year. Between now and then, we will be at a couple of different conferences in Florida and New York, and we hope to see you there. Thanks very much for dialing in today.

是的。非常感謝。正如馬特和約翰所提到的，我們的投資者日將在今年稍後舉行。從現在到那時，我們將參加佛羅裡達和紐約的幾個不同的會議，我們希望在那裡見到您。非常感謝您今天的來電。

Ladies and gentlemen, this does conclude today's teleconference. You may disconnect your lines at this time. Thank you for your participation, and have a wonderful day.

女士們、先生們，今天的電話會議到此結束。現在您可以斷開您的線路。感謝您的參與，祝您有美好的一天。