Oshkosh Corp (OSK) 2025 Q3 法說會逐字稿

Greetings and welcome to the Oshkosh Corporation third-quarter 2025 results conference call. (Operator Instructions)

各位朋友，歡迎參加奧什科甚公司2025年第三季業績電話會議。（操作說明）

As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Pat Davidson, Senior Vice President, Investor Relations for Oshkosh. Please proceed.

再次提醒，本次會議正在錄影。現在，我很高興向大家介紹主持人，奧什科甚公司投資者關係高級副總裁帕特·戴維森。請繼續。

Good morning and thanks for joining us. Earlier today we published our third-quarter 2025 results. A copy of that release is available on our website at oshkoshcorp.com.

早安，感謝各位收看。今天早些時候，我們發布了 2025 年第三季業績報告。新聞稿的副本可在我們的網站 oshkoshcorp.com 上取得。

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 is also available on our website. The audio replay and slide presentation will be available on our website for approximately 12 months. Please refer now to slide 2 of that presentation.

今天的電話會議將進行網路直播，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 財務指標的調整表，該調整表也可在我們的網站上找到。音訊回放和幻燈片演示將在我們的網站上保留約 12 個月。請參考該簡報的第2頁投影片。

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

接下來我們的發言，包括您問題的回答，應包含我們認為屬於《私人證券訴訟改革法案》意義上的前瞻性陳述。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所表達或暗示的結果有重大差異。

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, as well as matters noted at our Investor Day in June 2025. 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.

這些風險包括（但不限於）我們在今天早上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描述的事項，以及我們在 2025 年 6 月投資者日上提到的事項。我們不承擔更新這些前瞻性聲明的義務，這些聲明可能要等到我們下次季度財報電話會議才會更新，甚至可能根本不會更新。

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

今天的演講嘉賓包括總裁兼執行長約翰·普費弗；以及執行副總裁兼財務長馬特·菲爾茲。請翻到第3張投影片，接下來就交給你了，約翰。

Thanks, Pat, and good morning, everyone. We continue to successfully navigate a dynamic external environment with resilience and a strong sense of purpose to serve our everyday heroes with high-quality products that are safe, intuitive, and productive. We do this with a strong mission of service for our everyday heroes like firefighters in our communities.

謝謝你，帕特，大家早安。我們憑藉著韌性和強烈的使命感，繼續成功地應對不斷變化的外部環境，為我們日常的英雄們提供安全、直覺、高效的高品質產品。我們秉持著服務社區中像消防員這樣的日常英雄的堅定使命感來做這件事。

We proudly sponsored the 13th Annual 9/11 Memorial Stair Climb in Green Bay, where more than 2,000 people raised over $120,000 for the National Fallen Firefighters Foundation and honored the brave firefighters that lost their lives on 9/11.

我們很榮幸贊助了在格林貝舉行的第 13 屆 9/11 紀念登樓活動，超過 2000 人為國家殉職消防員基金會籌集了超過 12 萬美元，並向在 9/11 事件中犧牲的勇敢消防員致敬。

We also demonstrated our commitment to our communities as over 1,200 volunteers came together for Oshkosh's 8th Annual Feed the Body, Feed the Soul event. These volunteers packed 224,000 pounds of rice in just 12 hours to support individuals and families facing food insecurity across eastern Wisconsin.

我們也透過 1200 多名志工齊聚奧什科甚第八屆年度「滋養身體，滋養靈魂」活動，展現了我們對社區的承諾。這些志工在短短 12 小時內包裝了 224,000 磅米，以幫助威斯康辛州東部面臨糧食短缺的個人和家庭。

Turning to our financial results on slide 4, we delivered an adjusted operating margin of 10.2% on revenue of $2.7 billion in our third quarter. This led to adjusted earnings per share of $3.20, an increase of 9.2% over the prior year. These results reflect solid performance across each of our segments.

翻到第 4 頁投影片，我們可以看到財務業績，第三季我們實現了 27 億美元的收入，調整後的營業利潤率為 10.2%。這使得調整後的每股收益達到 3.20 美元，比上年增長 9.2%。這些結果反映了我們各個業務板塊的穩健表現。

Despite lower revenue, we maintained a double-digit adjusted operating income margin year over year, reflecting continued strong performance in our Vocational segment, improved returns in our Transport segment, and a resilient double-digit margin in our Access segment. Our adjusted EPS grew compared with last year, reflecting our operating performance and taxes.

儘管收入下降，但我們仍保持了兩位數的調整後營業利潤率同比，這反映了我們職業技能培訓部門的持續強勁表現、運輸部門的收益改善以及無障礙設施部門兩位數利潤率的穩健增長。與去年相比，我們調整後的每股盈餘有所成長，這反映了我們的經營業績和稅務狀況。

While I am pleased with the resilience demonstrated in our third-quarter results, we are updating our outlook for the full year to reflect the demand environment we have been seeing, starting mostly in the third quarter. We are revising our 2025 adjusted EPS guidance to a range of $10.50 to $11, which reflects slightly lower revenue expectations for both Access and Transport segments.

雖然我對第三季業績所展現出的韌性感到滿意，但我們正在更新全年業績展望，以反映我們從第三季開始所看到的需求環境。我們將 2025 年調整後每股收益預期調整為 10.50 美元至 11 美元，這反映出 Access 和 Transport 兩個業務部門的收入預期略有下降。

I want to emphasize that end market activity in our Access segment is healthy, but we are seeing customers be more cautious in the near term regarding new equipment purchases as a result of tariffs in the current economic environment. Matt will provide additional details on segment performance and our outlook later in the call.

我想強調的是，我們在接入領域的終端市場活動狀況良好，但由於當前經濟環境下的關稅問題，我們看到客戶在短期內對購買新設備更加謹慎。Matt 將在稍後的電話會議中提供有關業務板塊表現和我們展望的更多細節。

Please turn to slide 6 for Q3 highlights. In September, we continued to demonstrate how Oshkosh is shaping the future of airports by showcasing our advanced technologies at the International Airport Ground Service Equipment Expo. And in Washington, DC, at the AUSA Defense Conference just two weeks ago, we introduced our Family of Multi-Mission Autonomous Vehicles, FMAV. Autonomy was a key focus at both events.

請翻到第6頁查看第三季重點內容。9 月，我們繼續在國際機場地面服務設備博覽會上展示我們的先進技術，以證明奧什科甚如何塑造機場的未來。就在兩週前，我們在華盛頓特區舉行的美國陸軍協會國防會議上推出了我們的多任務自主車輛系列（FMAV）。自主性是這兩場活動的重點。

At the GSE Expo, we displayed our full range of ground support equipment and showcased a flexible autonomous robot that can serve multiple roles on the tarmac. We also launched the new Tempest-si deicer, designed to easily navigate congested ramps while providing improved visibility and more intuitive controls for operators.

在 GSE Expo 上，我們展示了全系列的地面支援設備，並展示了一款靈活的自主機器人，該機器人可以在停機坪上承擔多種角色。我們還推出了新型 Tempest-si 除冰器，該除冰器旨在輕鬆應對擁擠的坡道，同時為操作員提供更好的視野和更直觀的控制。

At AUSA, Oshkosh featured three production-ready variants from the autonomous vehicle portfolio, that's FMAV, highlighting our ability to deliver autonomous, payload-agnostic platforms. Please turn to slide 7.

在 AUSA 展會上，奧什科甚展示了其自動駕駛汽車產品組合（即 FMAV）中的三款已準備量產的車型，突顯了我們交付自動駕駛、與有效載荷無關的平台的能力。請翻到第7頁投影片。

As I mentioned earlier, access equipment end market activity remains healthy as we see in equipment utilization percentages. That said, customers are being cautious with CapEx spending. I'm proud of our team's execution, delivering double-digit adjusted operating margins despite this environment.

正如我之前提到的，從設備使用率來看，高空作業設備終端市場活動依然活躍。也就是說，客戶在資本支出方面仍然比較謹慎。我為我們團隊的執行力感到自豪，儘管面臨這樣的環境，我們仍然實現了兩位數的調整後營業利潤率。

While overall demand in the current environment is lower than in 2024, construction activity for data centers and infrastructure has continued to drive demand. We believe that additional long-term tailwinds related to lower interest rates, project deferrals, aged equipment, and manufacturing reshoring will support a broader pickup in construction activity.

儘管當前環境下的總體需求低於 2024 年的預期，但資料中心和基礎設施的建設活動仍在持續推動需求成長。我們認為，與利率下降、專案延期、設備老化和製造業回流相關的其他長期利好因素將支持建築活動的全面復甦。

In the near term, the team remains resilient and is working to mitigate the impacts of tariffs across our business. As we have discussed previously, we are aggressively pursuing cost levers to offset the impact of tariffs. We are also having initial discussions with customers regarding the impact of tariffs on pricing with the expectation that we will raise prices in 2026 to keep pace with input costs.

短期內，團隊依然保持韌性，並正在努力減輕關稅對我們業務的影響。正如我們之前討論過的，我們正在積極尋求降低成本的手段來抵消關稅的影響。我們也正在與客戶就關稅對價格的影響進行初步討論，預計我們將在 2026 年提高價格，以跟上投入成本的上漲。

Our success is driven by designing and building world-class products to meet the needs of our customers. This quarter, we introduced our new AG619 mid-sized ag telehandler aimed at the heart of the market, which we revealed at the World Dairy Expo last month. And in Europe, we launched the innovative LiftPod, providing low-level access for commercial customers needing a safe, portable, and stowable solution to support a wide range of projects at height.

我們成功的驅動力在於設計和製造世界級的產品，以滿足客戶的需求。本季度，我們推出了市場核心的新型 AG619 中型農業伸縮臂堆高機，該車型已於上個月在世界乳業博覽會上亮相。在歐洲，我們推出了創新的 LiftPod，為需要安全、便攜、可收納解決方案的商業客戶提供低層通道，以支援各種高空專案。

Turning to slide 8. In the Vocational segment, we continue to advance initiatives that support increased production of fire trucks. This is a multi-year process as we seek to improve production efficiency by addressing bottlenecks associated with building highly customized, complex trucks. At the same time, we continue to support firefighters with our stock pumpers and Build My Pierce product offerings, which improved lead times by simplifying configurations.

翻到第8張幻燈片。在職業車輛領域，我們持續推動各項舉措，以支持提高消防車的產量。這是一個多年過程，我們將努力解決與製造高度客製化、複雜卡車相關的瓶頸問題，以提高生產效率。同時，我們繼續透過我們的庫存水泵車和「建造我的皮爾斯」產品系列為消防員提供支持，這些產品透過簡化配置縮短了交貨時間。

In recent quarters, we've seen an increase in the mix of orders for Build My Pierce pumpers, which should further support our efforts to streamline production and reduce lead times. We finished the quarter with strong orders for vocational as the segment recorded $1.1 billion in the quarter, led by orders for Pierce fire trucks and our AeroTech products. Of course, we remain focused on increasing throughput, and we expect to bring the backlog down over the next few years as we discussed at our Investor Day in June.

最近幾個季度，我們看到「Build My Pierce」泵浦的訂單比例增加，這將進一步支持我們簡化生產流程和縮短交貨時間的努力。本季末，職業車輛訂單強勁，該業務板塊本季營收達 11 億美元，其中皮爾斯消防車和我們的 AeroTech 產品訂單佔比最高。當然，我們仍然專注於提高產能，正如我們在 6 月的投資者日所討論的那樣，我們預計在未來幾年內減少積壓訂單。

Finally, for the segment, I want to recognize the team that supports our McNeilus Volterra ZSL refuse collection vehicle, which won the coolest thing made in Tennessee 2025. This product is a game changer for the refuse collection industry as the first fully integrated electric vehicle designed with the operator in mind to deliver world-class ergonomics, purpose-built performance and a zero-emission quiet driving experience in neighborhoods.

最後，在這個環節，我要稱讚支持我們 McNeilus Volterra ZSL 垃圾收集車的團隊，這輛車贏得了 2025 年田納西州最酷產品的稱號。這款產品是垃圾收集行業的變革者，它是第一款完全整合的電動車，其設計充分考慮了操作人員的需求，旨在提供世界一流的人體工學設計、專用性能以及在居民區實現零排放的安靜駕駛體驗。

Please turn to slide 9. As I previously mentioned, we showcased autonomy at the AUSA Defense Conference. Earlier this month, we announced an order from the United States Army valued at $89 million for the modernized PLS A2 autonomy-ready heavy tactical truck designed for load handling, another example of innovation that is already available in our products today, not years in the future.

請翻到第9頁投影片。正如我之前提到的，我們在 AUSA 國防會議上展示了自主技術。本月初，我們宣布收到美國陸軍價值 8,900 萬美元的訂單，訂購現代化 PLS A2 自主重型戰術卡車，該卡車專為貨物裝卸而設計。這是我們產品中現有創新技術的又一例證，而不是未來幾年才能實現的創新。

We continue to advance core programs to support US and international customers, including building FHTVs under our previously announced contract extension. We have also monetized JLTV related technology through a one-time license of select operational software IP to the Department of Defense that occurred during the quarter. This further demonstrates our commitment to our government, customers by providing cutting-edge technologies to support mission-critical requirements and fleet sustainment.

我們將繼續推進核心項目，以支持美國和國際客戶，包括根據我們先前宣布的合約延期計劃建造 FHTV。我們也透過本季向國防部一次性授權特定操作軟體智慧財產權的方式，實現了 JLTV 相關技術的貨幣化。這進一步表明了我們對政府和客戶的承諾，即提供尖端技術來支援關鍵任務需求和艦隊維護。

Lastly, we continue to ramp production of the NGDV this quarter and are targeting line rates that support our annual production goals. As with any new product launch in a new assembly plant, challenges are to be expected, and we've seen this across the vehicle industry worldwide and the team continues to work with urgency to ramp production while maintaining quality.

最後，我們本季將持續提高 NGDV 的產量，目標是達到支援我們年度生產目標的生產線速度。與任何在新組裝廠推出的新產品一樣，挑戰在所難免，我們在全球汽車行業都看到了這一點，團隊將繼續以緊迫感努力提高產量，同時保持品質。

We now have over 4 million miles driven by postal workers, and we remain excited about the rollout of this much-needed productivity-enhancing vehicle. With that, I'll hand it over to Matt to walk through our detailed financial results.

目前郵政工作人員的車輛行駛里程已超過 400 萬英里，我們仍然對這款急需的、能夠提高生產力的車輛的推出感到興奮。接下來，我將把發言權交給馬特，讓他詳細講解我們的財務表現。

Thanks, John. Please turn to slide 10. Consolidated sales for the third quarter were nearly $2.7 billion, a decrease of $53 million or 2% from the same quarter last year, primarily due to lower sales volume in the access segment partially offset by higher vocational and transport sales volume and improved pricing.

謝謝你，約翰。請翻到第10張投影片。第三季合併銷售額接近 27 億美元，比去年同期減少了 5,300 萬美元，降幅為 2%，主要原因是高空作業平台銷量下降，但部分被職業和運輸產品銷量上升以及價格上漲所抵消。

Adjusted operating income was $274 million, down slightly from the prior year, primarily reflecting lower volume. Adjusted operating income margin of 10.2% was roughly in line with last year on slightly lower sales. Adjusted earnings per share was $3.20 in the third quarter, $0.27 higher than last year. Adjusted EPS was favorably impacted by about $0.30 due to lower tax expense resulting from the resolution of a multiyear US federal income tax audit.

經調整後的營業收入為 2.74 億美元，較上年略有下降，主要反映銷量下降。經調整後的營業利潤率為 10.2%，與去年基本持平，但銷售額略有下降。第三季調整後每股收益為 3.20 美元，比去年同期成長 0.27 美元。由於解決了一起持續多年的美國聯邦所得稅審計，稅收支出減少，調整後的每股收益因此受益約 0.30 美元。

During the quarter, we again stepped up share repurchases, repurchasing approximately 666,000 shares of our stock for $91 million, bringing year-to-date share repurchases to $159 million. Share repurchases during the previous 12 months benefited adjusted EPS by $0.05 compared to the third quarter of 2024. Free cash flow for the quarter was strong at $464 million compared to $272 million in the third quarter of 2024, primarily reflecting working capital changes, including customer advances and inventory.

本季度，我們再次加大了股票回購力度，以 9,100 萬美元的價格回購了約 66.6 萬股股票，使今年迄今的股票回購額達到 1.59 億美元。與 2024 年第三季相比，過去 12 個月的股票回購使調整後的每股盈餘增加了 0.05 美元。本季自由現金流強勁，達到 4.64 億美元，而 2024 年第三季為 2.72 億美元，主要反映了營運資本的變化，包括客戶預付款和庫存。

Turning to our segment results on slide 11. The Access segment delivered resilient adjusted operating income margins of 11% on sales of $1.1 billion. Sales were $254 million or nearly 19% lower than last year, which reflected weaker market conditions in North America and higher discounts. Our Vocational segment continue to deliver strong sales growth through higher volumes and improved pricing as we deliver our backlog, achieving an adjusted operating income margin of 15.6% on $968 million in sales.

接下來請看第 11 頁的分部績效結果。Access 業務部門實現了穩健的調整後營業利潤率，達到 11%，銷售額達 11 億美元。銷售額為 2.54 億美元，比去年下降了近 19%，反映出北美市場狀況疲軟以及折扣力度加大。我們的職業培訓業務部門透過提高銷售和改善定價，繼續實現強勁的銷售成長，同時我們也交付了積壓訂單，調整後的營業利潤率為 15.6%，銷售額達 9.68 億美元。

Sales grew $154 million or nearly 19% from last year, led by improved throughput from municipal fire apparatus and robust growth in airport products. Revenue in Airport Products was up 17% compared to the last year, demonstrating our strong Jet Bridge and RF businesses. The nearly 200 basis point increase in adjusted operating income margin for the segment primarily reflected improved price cost dynamics.

銷售額較去年增長 1.54 億美元，增幅近 19%，主要得益於市政消防設備吞吐量的提高和機場產品的強勁增長。與去年相比，機場產品收入成長了 17%，證明了我們強大的登機橋和射頻業務。該業務部門調整後營業利潤率成長近 200 個基點，主要反映了價格成本動態的改善。

Transport segment sales increased $48 million to $588 million. Delivery vehicle revenue grew by $114 million to $146 million and now represents approximately one-fourth of transport segment revenue. Delivery revenue grew 37% sequentially compared to the second quarter of 2025.

運輸業務部門銷售額成長4,800萬美元，達5.88億美元。送貨車輛收入成長了 1.14 億美元，達到 1.46 億美元，目前約佔運輸部門收入的四分之一。與 2025 年第二季相比，配送收入較上季成長 37%。

As expected, defense vehicle revenue was lower compared with last year due to the wind down of the domestic JLTV program. This was partially offset by higher international sales of tactical wheeled vehicles and one-time revenue from the license of JLTV related intellectual property to the US government for $25 million.

正如預期的那樣，由於國內聯合輕型戰術車輛（JLTV）項目的逐步結束，國防車輛收入與去年相比有所下降。戰術輪式車輛的國際銷售成長，以及向美國政府授權 JLTV 相關智慧財產權的一次性收入 2,500 萬美元，部分抵銷了上述損失。

The transport segment delivered an improved operating income margin of 6.2% compared to 2.1% last year, reflecting the software IP license, improved pricing on new contracts and favorable mix offset by higher warranty costs. The onetime licensing agreement, which was contemplated in our guidance last quarter, represented a roughly 400 basis point improvement in operating income margin.

運輸業務的營業利潤率從去年的 2.1% 提高到 6.2%，這反映了軟體 IP 許可、新合約定價的提高和有利的產品組合，但被更高的保固成本所抵消。上個季度我們在業績指引中考慮的一次性授權協議，使營業利潤率提高了約 400 個基點。

Please turn to slide 12. Turning to our outlook for the remainder of 2025. The macro backdrop and end market activity have remained broadly resilient. Access customer orders, however, reflect a more judicious approach to spending, as you heard from John.

請翻到第12頁投影片。接下來展望2025年剩餘時間。宏觀環境和終端市場活動總體上保持了韌性。然而，Access 客戶訂單則體現了一種更為審慎的支出方式，正如約翰所說。

Our team continues to execute well amidst a dynamic government policy and international trade environment. As John mentioned, we are updating our 2025 full year adjusted EPS guidance to be in the range of $10.50 to $11 on revenues of approximately $10.3 billion to $10.4 billion.

在不斷變化的政府政策和國際貿易環境下，我們的團隊繼續保持良好的執行力。正如約翰所提到的，我們將 2025 年全年調整後每股收益預期更新為 10.50 美元至 11 美元，收入約為 103 億美元至 104 億美元。

As you can see on this slide, we have further moderated our expected adjusted operating income margin in the Access segment to reflect our sales outlook and in the Transport segment for our present expectations for NGDV production.

如您在這張投影片中所看到的，我們進一步下調了 Access 部門的預期調整後營業利潤率，以反映我們的銷售前景；同時，我們也下調了 Transport 部門的預期調整後營業利潤率，以反映我們目前對 NGDV 產量的預期。

Our cash flow outlook of $450 million to $550 million, up $50 million from our previous outlook, reflects lower capital expenditures as we maintain rigorous spending controls. We also plan to continue with share repurchases through the balance of the year at a modestly higher pace than we did in the third quarter. With that, I'll turn it back to John for some closing comments.

我們預計現金流為 4.5 億美元至 5.5 億美元，比先前的預期增加了 5,000 萬美元，這反映出我們在保持嚴格支出控制的同時，資本支出有所下降。我們也計劃在今年剩餘時間內繼續進行股票回購，速度將比第三季略快。接下來，我將把麥克風交還給約翰，讓他做一些總結性發言。

Thanks, Matt. It's clear that 2025 has proven to be a dynamic year, including the tariff landscape and sustained higher interest rates. Our updated outlook reflects the impact of these conditions on our customers and in turn, on the demand for our products, notably in the Access segment. Even so, our team has shown strong focus and agility by managing through these conditions while delivering solid results. This performance reinforces our confidence in managing the near-term while supporting our long-term growth objectives.

謝謝你，馬特。很明顯，2025 年是充滿活力的一年，包括關稅環境和持續走高的利率。我們更新後的展望反映了這些情況對我們的客戶以及對我們產品需求的影響，尤其是在接入設備領域。即便如此，我們的團隊依然展現了高度的專注力和彈性，克服了這些困難，並取得了紮實的成果。這項業績增強了我們對管理近期事務並支持長期成長目標的信心。

Earlier this year at our Investor Day, we shared our vision to roughly double adjusted EPS to a range of $18 to $22 per share by 2028. Each quarter represents a step toward that goal and we're encouraged by the steps our teams are making today to lay the groundwork for nearly doubling EPS by then. We appreciate your continued confidence in Oshkosh and look forward to updating you as we advance our strategy and create long-term value for shareholders, customers and team members. I'll turn it back to you now, Pat, for the Q&A.

今年早些時候，在我們的投資者日上，我們分享了我們的願景，到 2028 年將調整後的每股收益大致翻一番，達到每股 18 至 22 美元。每個季度都代表著朝著這個目標邁出的一步，我們團隊今天正在採取的措施讓我們倍感鼓舞，這些措施為屆時每股收益幾乎翻一番奠定了基礎。我們感謝您對奧什科甚的持續信任，並期待在推進我們的策略並為股東、客戶和團隊成員創造長期價值的過程中向您匯報最新進展。現在把問答環節交還給你，派特。

Thanks, John. I'd like to remind everyone to please limit your questions to one plus a follow-up. Please stay disciplined on your follow-up question. And after that, we'll ask that you rejoin the queue if you have additional questions. Operator, please begin the Q&A session.

謝謝你，約翰。我想提醒大家，請將問題數量限制在一個問題內，並可附加一個後續問題。請在提出後續問題時保持嚴謹。之後，如果您還有其他問題，請重新排隊。操作員，請開始問答環節。

Mig Dobre, Baird.

米格·多布雷，貝爾德。

Maybe we can start with Access a little bit. And I'm sort of curious your perspective here as you're talking to your customers, obviously, not only for business covering Q4 but into 2026. You hinted at the fact that prices are going to go up which makes sense given tariffs and whatnot.

或許我們可以先從 Access 開始了解。我很好奇您在與客戶溝通時，對業務的看法，顯然，這不僅關乎第四季度的業務，也關乎 2026 年的業務。你暗示過物價將會上漲，考慮到關稅等等因素，這很合理。

What is your sense for where demand seems to be shaken out because we have seen some that are increasing CapEx. At least optically, it looks like there is some signs of stabilization in that industry. I'm curious if that sort of gels with what you're hearing or your salespeople are hearing is they're contemplating in 2026.

您認為需求會在哪些方面被釋放？因為我們看到一些企業正在增加資本支出。至少從光學角度來看，該行業似乎出現了一些穩定跡象。我很好奇，這是否與你或你的銷售人員聽到的消息相符，或者他們正在考慮在 2026 年實現什麼目標。

And maybe more broadly, what should investors be thinking, just as a general framework for the segment next year? It look to me like production is likely to be down in the first half of '26, but perhaps you think about it differently.

更廣泛地說，投資人應該如何思考，才能為明年該領域的發展建立一個總體框架？在我看來，2026 年上半年產量可能會下降，但也許你的看法不同。

Well, I'll answer that, Mig. It's John. So thanks for your question. We're not guiding today, but I can give you some context on what we see ahead for sure. We'll guide -- we're in discussions with all of our customers about what 2026 looks like. So we'll have a lot better clarity for you when we get through the fourth quarter, but I'll give you context.

好吧，我會回答這個問題，米格。是約翰。謝謝你的提問。我們今天不做指導，但我可以向你們透露一些我們預期的未來發展方向。我們會提供指導－我們正在與所有客戶討論 2026 年的發展前景。所以，等到第四季結束，我們就能更清楚地向你們說明情況了，但我現在先給你們一些背景資訊。

First of all, we don't know if at this point in time, if production is going to be down in the first half of 2026. I honestly don't know that. What I will tell you is that we feel -- when we look at the market going forward, we -- all customers are not the same. This is a vast customer base. We've got thousands of independent rental customers, and we've got a group of big national rental customers. And you've heard some positive things from the big national rental customers of ours.

首先，我們目前還不知道 2026 年上半年產量是否會下降。我真的不知道。我想告訴大家的是，當我們展望未來市場時，我們認為──所有客戶都不一樣。這是一個龐大的客戶群。我們擁有數千名獨立租賃客戶，以及一群大型全國性租賃客戶。您也從我們的大型全國性租賃客戶那裡聽到了一些正面的評價。

There is still a bit of hesitancy in the very near term. When I talk about the very near term, I'm talking about Q3, Q4 in terms of with the current environment, how much equipment do I want to take in the here and now. But when we look forward to '26, and we see what's going on in the market, we talk about long-term demand drivers a lot. You hear about mega projects. Constantly, those are real, and they are ongoing, and they do drive a lot of equipment.

短期內仍存在一些猶豫情緒。當我談到近期的時候，我指的是第三、第四季度，就目前的情況而言，我想在當下引進多少設備。但當我們展望 2026 年，看到市場的發展趨勢時，我們經常談論長期需求驅動因素。你經常會聽到一些大型專案。這些都是真實存在的，而且一直在發生，它們確實驅動著許多設備。

But we're starting to also see some free up in terms of the commercial construction activity. So there's been -- non-res has had a lot of commercial construction kind of on hold or pause. Some of -- a lot of those projects are starting to get cleared through the -- into the planning phase. That's a very positive sign for the market going forward.

但我們也開始看到商業建築活動方面出現一些釋放。所以，非住宅領域的許多商業建設都處於停滯或暫停狀態。其中一些項目——許多項目——已經開始通過審批，進入規劃階段。這對市場未來的發展來說是一個非常正面的訊號。

So we'll get through this year, which has been one of the most dynamic years that anybody in business has ever experienced. We'll manage it really well. We'll continue to deliver strong margins even through this dynamic period of 2025. And as we get into 2026, we'll give you some guidance in January. And we think that the market long term looks very, very healthy as we've been saying for a while.

所以我們會撐過今年，今年是商界人士經歷過的最具活力的一年。我們會處理得很好。即使在充滿活力的 2025 年，我們也將繼續保持強勁的利潤率。進入 2026 年，我們將在 1 月為您提供一些指導。正如我們之前一直強調的那樣，我們認為從長遠來看，市場前景非常非常健康。

Understood. My follow-up, maybe to put a finer point on the tariffs, give us a sense here for how the tariff picture has changed for you, maybe quantify the cost. And then as you think about next year, and again, I'm not asking for guidance, I'm just asking for your strategy, how do you think you'll be able to mitigate these tariffs, if any at all?

明白了。我的後續問題是，為了更清楚說明關稅問題，請您談談關稅狀況對您的影響，或許可以量化一下成本。那麼，在考慮明年的時候，我並不是在尋求指導，我只是在詢問你們的策略，你們認為你們將如何減輕這些關稅的影響（如果有的話）？

So tariffs for this year, it's kind of $30 million to $40 million is what we see for the full year. Most of that being in the fourth quarter. So we would estimate that to be about $20 million to $30 million in the fourth quarter. Obviously, as you look into 2026, you'd project a full year impact as that -- as those are implemented and feathered in.

所以今年的關稅，我們預計全年約 3,000 萬至 4,000 萬美元。大部分都發生在第四節。因此，我們估計第四季約為 2,000 萬至 3,000 萬美元。顯然，展望 2026 年，你會預期一整年都會產生這樣的影響——因為這些措施正在實施並逐步實施。

What you don't see in the fourth quarter is the pricing John talked about and you highlighted in your questions. So there be some pricing that would occur in 2026 against that. So that's how I think about tariffs for next year and how are they kind of feathered in this year.

第四季沒有體現的是約翰提到的定價策略，也是你在問題中重點提到的。因此，到 2026 年可能會出現一些價格波動。這就是我對明年關稅的看法，以及它們今年是如何逐步實施的。

Stephen Volkmann, Jefferies.

Stephen Volkmann，傑富瑞集團。

I'm still kind of new at this, so I'm figuring it all out as I go. So the follow-on, just to Mig's question, actually, is it reasonable to think that you can offset this tariff headwind during 2026? Is that sort of the plan? Or will it take longer?

我在這方面還是個新手，所以一切都是在摸索中前進。那麼，針對 Mig 的問題，實際上，認為可以在 2026 年抵消這種關稅不利影響是否合理？計劃大概是這樣嗎？或需要更長時間？

Steve, so as we've talked about on prior calls, our approach to tariffs is really multifaceted. First, it's negotiating the supply chain. Second, it's what we call tariff engineering, and that can come in many forms. And that could be sourcing. It could be how we import. It could be the classification as we run into 232 and other classifications. We look strongly at each part we bring in and make sure it's classified in the right way so that we get the right tariff treatment.

史蒂夫，正如我們之前在電話中討論過的，我們對關稅的處理方式是多方面的。首先，是協商供應鏈。其次，這就是我們所說的關稅工程，它可以有很多種形式。這可能是貨源。這可能是我們進口的方式。這可能是因為我們遇到了 232 和其他分類。我們會仔細檢查進口的每一個零件，確保其分類正確，以便獲得正確的關稅待遇。

And then only then do we start talking about pricing. So it would be preliminary for me to speculate on how much would be offset next year. But certainly, the goal is we mitigate as much as we can on the cost side and then we look at what pricing we need to discuss with our customers. John, is there anything you want to add?

只有到那時我們才能開始討論定價問題。因此，現在就推測明年會有多少抵銷額度還為時過早。當然，我們的目標是盡可能降低成本，然後再考慮需要與客戶討論的價格。約翰，你還有什麼要補充的嗎？

I just want to make a point to say that we do do a lot. We've got a lot of really great work happening with our teams, supply chain first and foremost. There's engineering manufacturing teams. We do a lot of work to offset the impact of tariffs, and we've had a lot of success doing that.

我只想強調一點，我們確實做了很多工作。我們的團隊正在進行許多非常棒的工作，其中供應鏈的工作尤其重要。有工程製造團隊。我們做了很多工作來抵消關稅的影響，並且在這方面取得了巨大的成功。

Our MO when we look at tariffs is we want to absolutely minimize the impact of tariffs on our customers. That's our first goal, minimize the impact to the customer. And we'll -- we've been pretty good at doing that.

我們在考慮關稅問題時，一貫的做法是盡可能減少關稅對客戶的影響。我們的首要目標是盡可能減少對客戶的影響。而且我們——我們在這方面一直做得相當不錯。

Now you can't mitigate everything. So that's why I said in my prepared remarks that there'll be some price increase in 2026. We believe that the landscape will be calmed down enough to be able to assess what any price increase needs to be. But our MO is to get through this without impacting customers very much.

當然，你不可能緩解所有問題。所以，這就是為什麼我在事先準備好的演講稿中提到，2026年價格會有所上漲。我們相信市場環境會趨於穩定，屆時能評估任何價格上漲幅度應該是多少。但我們的原則是盡量減少對客戶的影響，順利度過難關。

Got it. And then if my math is right, I think you're sort of implied to incremental margins for vocational in the fourth quarter, like 40%, which is obviously impressive, especially with tariffs. How should we think about that going forward? Is that a reasonable assumption for a while or is that something special?

知道了。如果我的計算沒錯，我認為第四季職業教育的利潤率應該會成長到 40%，這顯然令人印象深刻，尤其是在關稅的影響下。我們接下來該如何看待這個問題？這種假設在一段時間內是否合理，還是說這其中有什麼特別之處？

So yeah. So fourth quarter, the math would imply exactly as you said, about a 40% incremental. For the year, our guidance is about 33% actually. So it's really impacted this year as higher production throughput, higher volume. We've had a good mix with strong sales in airport products.

是的。所以，根據數學計算，第四季正如你所說，成長約 40%。今年我們的預期約為 33%。所以今年確實受到了影響，生產效率更高，產量也更大。我們目前產品組合良好，機場產品的銷售情況特別強勁。

Again, it'd be preliminary for me to speculate what the incrementals are. Our 2028 guidance, which we provided in June will be a little lighter than that on an annualized basis, but certainly strong results out of vocational. Thanks for highlighting.

同樣，現在就推測增量是多少還為時過早。我們在 6 月提供的 2028 年指導意見，按年計算會比現在略低一些，但職業教育肯定會取得強勁的成果。謝謝你的提醒。

Jamie Cook, Truist Securities.

Jamie Cook，Truist Securities。

I guess just two questions. One, John, as you think about the competitive landscape within access equipment, in some of the market share movement you've seen between you and your peers. Do you feel like with Section 232 and tariffs, like are you in a position to gain share just based on your manufacturing footprint relative to some of your peers?

我想問兩個問題。約翰，當你思考高空作業設備領域的競爭格局時，想想你和你的同業之間市場佔有率的變化。您是否覺得，根據第 232 條和關稅規定，您能否僅憑相對於一些同行而言的生產規模，就獲得市場份額？

And then my second question, if you could just quantify or talk through more some of the discounting that you noticed in the access market, quantify it? And to what degree, given the tariff situation, does this ease, I guess?

我的第二個問題是，您能否量化或更詳細地談談您在無障礙市場中觀察到的一些折扣現象，並進行量化？那麼，考慮到關稅情勢，這種情況會在多大程度上得到緩解呢？

Yeah. Sure. So I'll -- thanks, Jamie, for the question. In the Access equipment world, what we're doing is we're executing what we call a local-for-local strategy. Now we've always been predominantly a footprint of US manufacturing for US sales in the US in our Access business. So that's good. We started with a strong position.

是的。當然。所以——謝謝你，傑米，問了這個問題。在高空作業設備領域，我們正在執行所謂的在地化策略。現在，我們的門禁系統業務一直主要以美國製造、美國銷售為主。那很好。我們一開始就佔了優勢。

We're continuing to execute that and do more and more of that in the US but also in Europe. It's that overarching strategy allows us to manage the tariff landscape as best we can and minimize the cost that we incur.

我們正在繼續執行這項計劃，並且在美國和歐洲都越來越多地開展這項計劃。正是這項整體策略使我們能夠盡可能地管理關稅環境，並將我們產生的成本降至最低。

So yes, we think that, that helps us a lot versus the competitive environment, particularly against competitors that are outside the United States for sure. But JLG is the leading brand in the industry. We've got fantastic innovations that continue to come to market.

所以，是的，我們認為，這在競爭環境中對我們幫助很大，尤其是在與美國以外的競爭對手競爭時。但JLG是業界領先品牌。我們不斷推出令人驚豔的創新產品。

Our intent is to continue to focus on our customers, how can we drive improvement for them. And that ultimately is what drives long-term share. And that's what we're intently focused on. So that's what I can tell you about that.

我們的目標是繼續以客戶為中心，思考如何為他們帶來更好的體驗。而這最終才是推動長期市佔率成長的因素。而這正是我們目前重點關注的領域。這就是我能告訴你的全部內容。

And Jamie, just adding to your second question and your follow on. So the team practices very disciplined pricing. You've seen that in prior cycles, you've seen it in prior quarters. That's also supported by a strong service network. And that, in the end results in a very strong residual on our JLG equipment, and that's important for rental customers.

傑米，我補充一下你的第二個問題和後續問題。因此，該團隊實行非常嚴格的定價策略。你已經在之前的周期中看到過這種情況，在之前的季度中也看到過。這也得益於強大的服務網絡。最終，這使得我們的 JLG 設備擁有非常高的殘值，這對租賃客戶來說非常重要。

And so what you saw in the third quarter is about a 3%, 4% all-in discount level, which we think is very reasonable given the external environment we have. Obviously, we've not gotten into pricing for tariffs in the third quarter with the limited impact, and that will really be a factor in 2026 versus 2025.

因此，您在第三季看到的是大約 3% 到 4% 的綜合折扣水平，考慮到我們所處的外部環境，我們認為這是非常合理的。顯然，我們還沒有考慮到第三季關稅定價的有限影響，而這將在 2026 年與 2025 年之間產生真正的差異。

Tami Zakaria, JPMorgan.

Tami Zakaria，摩根大通。

Good morning. Thank you so much. Question from me on the warranty costs, which seems to be an item headwind in the quarter. Are you able to elaborate on that? What's driving it? And how to think about it for the rest of the year?

早安.太感謝了。我有一個關於保固成本的問題，這似乎是本季的一個不利因素。能詳細說明一下嗎？是什麼因素在驅動它？那麼，今年剩下的時間裡，我們該如何看待這件事呢？

Tami, so that's really a onetime item we had in the third quarter as we're working through the units that we've built, specifically in the defense sector for vehicles in the kind of supply chain shortages, '21 '22, where we identified issues that we need to repair as we built with kind of interim parts and so forth. So we took that charge in the third quarter. We think that's behind us.

塔米，這確實是我們在第三季度遇到的一個一次性問題，當時我們正在處理我們已經建造的單元，特別是國防領域的車輛，在2021年和2022年，由於供應鏈短缺，我們發現了一些需要修復的問題，因為我們在使用臨時零件等進行建造時遇到了這些問題。所以我們在第三節發動了那次攻擊。我們認為那件事已經過去了。

Yeah, Tami, I want to just emphasize, that's a core defense product. It's not the postal vehicle. It's core defense. We are a quality-focused company. We're known in the Department of Defense for quality.

是的，塔米，我想強調一下，那是一款核心防禦產品。這不是郵政車輛。這是核心防禦。我們是一家注重品質的公司。我們在國防部以品質著稱。

When we see that we have an issue, we wrap it up and we address it as quickly as we can with the customer. Again, as Matt said, this is not an ongoing issue to expect going forward.

當我們發現問題時，我們會迅速處理，並儘快與客戶一起解決。正如馬特所說，這不會是未來會持續存在的問題。

Understood. That's very helpful. And one question on Access. I remember, I think earlier in the year, you talked about taking some pricing -- doing some price investments. Did that -- is that still the case? Do you expect that to continue through the rest of the year? Or anything changed there?

明白了。那很有幫助。還有一個關於Access的問題。我記得，我想是在今年早些時候，你談到進行一些定價——進行一些價格投資。確實如此嗎？現在情況仍然如此嗎？你預計這種情況會持續到今年底嗎？那邊情況有什麼改變嗎？

Can you clarify that, Tami, I'm not sure if I got exactly what you were referring to.

塔米，你能解釋一下嗎？我不太確定我是否完全理解了你的意思。

So my question is on Access pricing, aerials pricing for the year. The way it's playing out, do you expect positive pricing this year as some of these tariffs have come in? Or are you going back to your customers and giving some discount? Any comments on pricing and how that's trending in the Access segment would be helpful.

所以我的問題是關於 Access 的定價，也就是全年的空拍價格。根據目前的情況來看，隨著部分關稅的實施，你預期今年的價格走勢會走向好嗎？還是你會回頭給你的顧客一些折扣？關於定價以及Access細分市場的定價趨勢，任何評論都將不勝感激。

Okay. I'm sorry, I got it. Go ahead, Matt.

好的。抱歉，我明白了。請繼續，馬特。

Yes. Thanks for the clarification. So as I just mentioned, this year, really, given the weakness we see in external demand, we've seen a negative pricing environment in access. Obviously, with tariffs hitting in the latter part of this year and mostly next year, we would talk about a different pricing environment into 2026.

是的。謝謝你的解釋。正如我剛才提到的，今年，鑑於外部需求疲軟，我們看到准入價格環境處於不利地位。顯然，隨著關稅在今年下半年和明年大部分時間生效，我們將討論到 2026 年不同的定價環境。

Mike Shlisky, DA Davidson.

麥克‧施利斯基，戴維森地方檢察官。

In Access, it seems like a lot of the client taking -- just digging a little bit deeper into the numbers, a lot of the clients in third quarter came from telehandlers, it was down like, I think, a little over 40% on the sales line. And you're actually expending capacity there. Could you maybe just take the Access discussion one step deeper and just tell us a little bit about how that's going? What's happening there compared to the core aerials?

在 Access 領域，似乎很多客戶都受到了影響——稍微深入分析一下數據，第三季度很多客戶都來自伸縮臂堆高機，銷售額下降了約 40%。實際上，你是在那裡消耗產能。您能否將「存取權限」的討論再深入一步，並簡要介紹一下這方面的進展？與核心天線相比，那裡的情況如何？

Yeah. The difference is Cat. We've talked about it for a few quarters that we've had a long-term agreement with Cat. That agreement is no longer in place, and that's the primary reason you see the change in telehandlers.

是的。差別在於貓。我們已經討論過好幾個季度了，我們與卡特彼勒公司達成了一項長期協議。該協議已不再有效，這也是伸縮臂堆高機變化的主要原因。

JLG telehandlers including the Skytrack models, they're doing great, they're not losing share there. And then you look at the aerials, we're in a situation where the market is down because of nonresidential private construction being down, but this is -- it's a temporary phenomenon. And long term, we see very strong health in the market, and we're really pleased with how we're able to perform with resilience during --

JLG伸縮臂堆高機，包括Skytrack系列，表現非常出色，市佔率沒有下降。然後你看看空拍圖，我們現在的情況是，由於非住宅私人建築減少，市場整體下滑，但這只是暫時的現象。從長遠來看，我們看到市場非常健康，我們對自身在市場波動期間展現的韌性感到非常滿意。--

You see in Q3, for example, our revenue and access equipment is down nearly 19%, and we're at healthy double-digit margins. That's exactly the way we expect to operate, and that's what we're doing. And we'll continue through this and the market will grow as we go forward.

例如，您可以看到，在第三季度，我們的收入和接取設備下降了近 19%，但我們的利潤率仍然保持在健康的兩位數水準。這正是我們預期的運作方式，而我們也正在這樣做。我們將繼續前進，市場也會隨著時間的推移而成長。

Great. And then just talking about peers real quick. Have you seen any impact over the last few weeks at peers from the federal government shutdown, especially any local effects on fire fighter assistance grants or other state owned government systems that the federal government provides to fire departments?

偉大的。然後我們簡單地聊了聊同齡人。在過去幾周里，聯邦政府停擺是否對同行造成了任何影響，特別是對聯邦政府向消防部門提供的消防員援助撥款或其他州屬政府系統造成了任何地方性影響？

Mike, it's Matt. So in terms of federal government shutdown in the near term, we've not really seen a material impact. If it extends much longer or significantly longer, I guess, we may have some contracts affected as we do sell directly to the government in some cases, think about our products and so forth.

麥克，我是馬特。因此，就聯邦政府近期停擺而言，我們還沒有真正看到實質的影響。如果這種情況持續更長時間或明顯更長，我想，我們的一些合約可能會受到影響，因為在某些情況下我們直接向政府銷售產品，想想我們的產品等等。

So there would be some knock-on effects if this extends for an extended period of time. Not huge numbers, but certainly something that I would watch for.

如果這種情況持續很長時間，就會產生一些連鎖反應。數字雖然不大，但絕對是我會關注的事情。

Kyle Menges, Citigroup.

凱爾門格斯，花旗集團。

I think NGDV sales of $146 million in the quarter was a little bit below your expectation. And it sounds like fourth quarter is going to be a little lower than initially expected. So just curious what's driving that? What have been some of the challenges in increasing capacity?

我認為NGDV本季1.46億美元的銷售額略低於您的預期。聽起來第四季的業績會比原先預期的略低。所以，我很好奇是什麼原因導致這種情況？提高產能過程面臨哪些挑戰？

And then I don't want to put words in your mouth, but I got the sense from the prepared remarks, perhaps a walk back of the earlier guidance to get to annualized full run rate production of, I think, 16,000 to 20,000 units by year-end. Like is that still feasible in your mind? Yes, I would just love to hear an update on that.

我不想替你說話，但從準備好的發言稿中我感覺，或許會收回先前關於到年底實現年化滿載生產力達到 16,000 至 20,000 台的指導意見。你覺得這仍然可行嗎？是的，我很想知道這方面的最新進展。

Yeah, I'll start with the 16,000 to 20,000 units as an annualized number. And so let me start from the top. I'm going to start with talking about the product, the NGDV or the new postal vehicles, an amazing product, the feedback that we continue to receive with now over 4 million miles driven in delivery operations by postal carriers is really positive.

是的，我先從年化銷量16000到20000台開始估價。那麼，就讓我從頭開始吧。我首先要談談這款產品，NGDV，也就是新型郵政車輛，這是一款非常棒的產品，我們不斷收到回饋，郵政人員已經在遞送作業中行駛了超過 400 萬英里，反饋非常積極。

As I said on the call in my prepared remarks, this is a brand-new plant with a brand-new product and highly automated processes, it's a fantastic plant. We have made progress, you can see the revenue growing there, but not to date at the pace that we want it to be at.

正如我在電話會議上事先準備好的演講稿中所說，這是一個全新的工廠，擁有全新的產品和高度自動化的流程，這是一個非常棒的工廠。我們已經取得了一些進展，你可以看到收入正在成長，但到目前為止，成長速度還沒有達到我們希望的速度。

So we're working really hard. We've got great people in place that are working on continuing to drive production increases until we get to full rate production. We expect to grow revenue sequentially and believe we will exit 2025 in a good position to support our plans for the United States Postal Service and a really strong 2026. So that's kind of the state of the program but -- for you.

所以我們正在非常努力地工作。我們已經安排了優秀的人才，他們正在努力繼續提高產量，直到達到滿載生產。我們預計收入將逐年增長，並相信到 2025 年底，我們將處於有利地位，以支持我們對美國郵政服務的計劃，並迎來強勁的 2026 年。所以這就是該項目目前的狀況，但是——對你來說。

Got it. And just curious, I guess, when you would expect maybe now to hit that full annualized run rate production? And then my follow-up was just going to be on the lower CapEx guide, it looks like you brought it down $50 million. So curious what drove that.

知道了。我只是好奇，您預計什麼時候才能達到目前的年化生產力？然後我的後續問題就是降低資本支出指南，看起來你們已經將其降低了 5000 萬美元。很好奇是什麼原因促成了這件事。

Yeah. So I'll start by the full rate production. We continue to target full rate production by the end of this year. I want to say that's not without challenges, of course, as I just mentioned previously, we have constant communication with the United States Postal Service to the highest levels. We're doing everything we can, but our plans are to get to full rate production by the end of the year. Matt, do you want to talk about the $0.50?

是的。那我就從全速生產開始吧。我們仍計劃在今年年底前實現滿載生產。當然，我想說這並非沒有挑戰，正如我剛才提到的，我們與美國郵政服務部門保持著最高層級的持續溝通。我們正在盡一切努力，但我們的計劃是在年底前達到滿載生產。馬特，你想談談那 0.5 美元的事嗎？

Yeah. The reduction in CapEx reflects twofold. One, stricter spending controls in this environment, but then two, just timing of spending.

是的。資本支出減少體現在兩個方面。第一，在這種環境下要加強支出控制；第二，要把握支出時機。

Angel Castillo, Morgan Stanley.

安吉爾‧卡斯蒂略，摩根士丹利。

Just wanted to go back to some of the discussion around Access. Could you just clarify, I guess, is the greater cautiousness that you talked about from your customers reflecting itself purely in just kind of the low ordering or the low book-to-bill this quarter? Or are you seeing any kind of order cancellations or delivery push out here? And just if you could add a little bit more color as part of that, kind of how the behavior maybe differs between the nationals and independents?

我想再回到之前關於 Access 的一些討論。您能否澄清一下，您提到的客戶更加謹慎的態度，是否僅僅體現在本季訂單量低或訂單出貨比低上？或是你們那邊有沒有出現訂單取消或出貨延遲的情況？如果您還能再補充一些細節，例如國民黨和獨立黨在行為上可能存在的差異，那就更好了？

Yes. So first, Angel, thanks for the question. We had a 0.6 book-to-bill. That's a normal book-to-bill for a third quarter, if you look historically. That said, the market has been a little bit softer compared to last year, as I already mentioned.

是的。首先，Angel，謝謝你的提問。我們的訂單出貨比為 0.6。從歷史數據來看，這是第三季正常的訂單出貨比。話雖如此，正如我之前提到的，與去年相比，市場略顯疲軟。

I want to emphasize that end market demand in this -- here is healthy. The equipment utilization is healthy in the market. Used market is healthy. That's all really good signs.

我想強調的是，這方面的終端市場需求——這裡的需求很健康。市場上的設備利用率狀況良好。二手市場狀況良好。這些都是非常好的跡象。

What we're seeing in the dynamic market with continuously shifting tariffs, prolonged higher interest rates, that's caused a lot of customers to say, hey, the market is healthy, but I just -- in the very near term, I'm just going to kind of hold back on my CapEx until I get a little bit more clarity as to how this is going to evolve, see the Fed continue to drop rates, things like that. That's really what we feel is happening in the market.

我們看到，在不斷變化的市場中，關稅持續波動，利率長期走高，這導致許多客戶表示，嘿，市場很健康，但我——在短期內，我打算暫緩資本支出，直到我對市場走向有更清晰的了解，比如美聯儲是否會繼續降息等等。我們認為，這確實是目前市場正在發生的事情。

That's helpful. And maybe just related to that, I know it's still early for fiscal year '26 and a lot of moving pieces here, but given just your ongoing kind of discussions with customers, whether on kind of the near-term environment for next year, can you just talk about the magnitude of the price increases that are currently being discussed for next year? And whether that kicks in kind of January 1?

那很有幫助。或許與此相關，我知道現在距離 2026 財年還很早，還有很多變數，但鑑於您目前正與客戶就明年的近期環境進行討論，您能否談談目前正在討論的明年價格上漲幅度？那是不是從1月1日開始生效？

And just kind of overall discussion of those negotiations because I guess, if I'm not mistaken, on the discounting part, it seems like discounting may have stepped up from 2% to 3% to 3% to 4%. So if you could just kind of help us understand perhaps the trajectory of that versus the kind of increases expected in Jan 1?

就這些談判進行整體討論吧，因為我猜，如果我沒記錯的話，在折扣方面，折扣似乎已經從 2% 提高到 3%，再提高到 3%，最後提高到 4%。所以，如果您能幫我們了解目前的趨勢與1月1日預期成長的情況有何不同，那就太好了？

Yeah, I'd be preliminary to talk about pricing for 2026. On a quarterly basis, it's really what you see there is some seasonality in how we go to market.

是的，現在談論 2026 年的價格還為時過早。從季度來看，你會發現我們在市場推廣方面確實存在一些季節性因素。

Tim Thein, Raymond James.

提姆泰恩，雷蒙詹姆斯。

Great. Just a lot of dialogue here on Access, but maybe I'll ask another one. Just with respect to your expectations, John, for order activity here in the fourth quarter and specifically maybe the composition, I would imagine more of your NRCs are the ones that take up the order slots in the fourth quarter that are booking orders rather.

偉大的。關於 Access 的討論很多，不過也許我會再問一個問題。約翰，關於你對第四季度訂單活動，特別是訂單構成方面的預期，我猜想第四季度佔據訂單位置的應該是更多的非註冊客戶，而不是那些正在下訂單的客戶。

But maybe just any kind of guardrails as to how you're thinking and maybe how the initial discussions have shaped up just with respect to how we should be thinking about order activity. Obviously, that will be important as to how we think about '26. So maybe I'll start with that one.

但或許可以設定一些指導原則，來規範你的思考方式，以及最初的討論是如何進行的，尤其是在我們應該如何思考訂單活動方面。顯然，這對我們如何看待2026年非常重要。那我或許就從那個開始吧。

And then part B of the question is just on the vocational segment. And just on fire & emergency, obviously, that's a big part of the nice margin improvement that you have lined up into that 2028 target as you talked earlier about more stock units in the Build My Pierce. Does that have any implications that we should think about from a product mix standpoint? So that's two long questions.

然後，問題的 B 部分只涉及職業技能面。顯然，就火災和緊急情況而言，這是您在 2028 年目標中實現良好利潤率提升的重要部分，正如您之前在「建造我的皮爾斯」計劃中提到的那樣，需要增加庫存單位。從產品組合的角度來看，這是否會產生任何我們應該考慮的影響？所以這是兩個比較長的問題。

Yeah. So one on access, one on the fire industry and our fire truck business, Pierce. To start on access. I mean you kind of hit the nail on the head, Tim. The reason that we went from an $11 guide to a -- $10.50 to $11 guide is primarily orders in the fourth quarter for Access.

是的。所以，皮爾斯，一個是關於交通便利性的，一個是關於消防行業和我們的消防車業務的。首先，取得存取權限。我的意思是，提姆，你說的有點一針見血了。我們將價格從 11 美元指南調整為 10.50 美元至 11 美元指南的主要原因是 Access 在第四季度的訂單量。

And when I say orders in the fourth quarter for Access, I'm talking about orders in the fourth quarter for delivery in the fourth quarter. And right now, it's in terms of how much equipment our customers, I'm talking from the thousands of independents to the big guys are going to take in the fourth quarter, but that's why there's a bit of a range there from $10.50 to $11. If it's as we expect, we'll be around $11. If it's -- they're not going to take quite as much equipment in the fourth quarter, then it could come down a little bit.

當我說第四季 Access 的訂單時，我指的是第四季交付的訂單。而現在，關鍵在於我們的客戶，從成千上萬的獨立商家到大型企業，在第四季度將採購多少設備，所以價格才會有 10.50 美元到 11 美元之間的波動。如果一切如我們所預期的那樣，價格應該在 11 美元左右。如果情況真是如此——他們在第四季度不會帶那麼多設備，那麼價格可能會略微下降一些。

With regard -- hey, I want to continue to emphasize how well our people at Access Equipment and JLG are performing in this very dynamic market. We're performing extremely well. We'll continue to do that in this environment. But again, we see nice growth on the horizon ahead of us as we've talked about through the year.

關於這一點——嘿，我想繼續強調我們 Access Equipment 和 JLG 的員工在這個瞬息萬變的市場中表現出色。我們表現得非常出色。在這種環境下，我們將繼續這樣做。但正如我們今年一直在討論的那樣，我們看到未來前景一片光明，並有望實現良好的成長。

On our Pierce business, the fire truck business, we're continuing to get improved output. We'll continue to get improved output as we go forward the next few years. That will continue to draw the backlog down. The Build my Pierce and more of the off-the-shelf fire trucks are great products. We don't see a specific margin differential between whether or not we're shipping Build My Pierce units or we're building our fully customized units.

在我們的皮爾斯業務（消防車業務）方面，我們的產量持續提高。未來幾年，我們的產量將持續提高。這將繼續減少積壓案件數量。Build my Pierce 和其他現成的消防車都是很棒的產品。我們認為，無論是交付 Build My Pierce 產品還是建立我們完全客製化的產品，利潤率並沒有明顯差異。

Steve Barger, KeyBanc.

史蒂夫·巴格爾，KeyBanc。

This is actually Christian Zyla on for Steve Barger. Just as a follow-up, maybe to Tim's first question on Access. I heard your comments about the near-term uncertainty your customers are facing. Just historically, 4Q was a big sequential order quarter for Access as your customers plan for next year. So do you still see a normal step-up in 4Q or is that more of a 1Q event now? And then is your access backlog split evenly? Or does this skew one way between bigger nationals or the smaller independents?

實際上，這是克里斯蒂安·齊拉代替史蒂夫·巴格爾解說。作為對 Tim 關於 Access 的第一個問題的後續問題。我聽到了您關於您的客戶目前面臨的短期不確定性的評論。從歷史資料來看，第四季是 Access 訂單量持續成長的季度，因為客戶都在為明年做準備。那麼你認為第四季仍然會出現正常的成長，還是說現在這更像是第一季才會發生的事情？那麼，你們的訪問積壓是否平均分配？或者說，這種趨勢是否在大型全國性公司和小型獨立公司之間出現一面倒的局面？

Christian, it's Matt. So the way to think about Q4 is you're right. Traditionally, the book-to-bill will be higher. Honestly, I think it would be presumptive of me to assume that, that's the same as you end up with price negotiations. Some of that might set to January versus December, but honestly, it's too early to make a call like that. So traditionally, I would say it's higher, how it's going to shape up this year is unclear.

克里斯蒂安，我是馬特。所以，對於第四季度，你的看法是對的。傳統上，訂單出貨比會更高。說實話，我認為我這樣假設未免過於武斷，因為這最終會導致價格談判。其中一些結果可能會在 1 月與 12 月之間產生差異，但說實話，現在下這樣的結論還為時過早。所以傳統上來說，我認為這個數字會更高，但今年的情況會如何還不清楚。

Got it. Okay. And then just switching gears to your defense related business. It seems like the industry is wanting more transport type vehicles. Is that what you're seeing as well? It may be a pitch for the CTT program. What differentiates your portfolio capabilities versus the other bidders in that program?

知道了。好的。然後，我們再轉而談談你的國防相關業務。看來業界需要更多運輸類型的車輛。你看到的也是這種情況嗎？這可能是為CTT專案所做的宣傳。與其他參與此專案的競標者相比，您的投資組合能力有何獨特之處？

Yeah. Thanks for the question. Sure. I mean what's really differentiating us in this market today is our technological capability as well as our quality. We've got a really strong quality and service reputation. So they know what they get when we supply them with tactical-wheeled vehicles.

是的。謝謝你的提問。當然。我的意思是，如今在這個市場上真正讓我們脫穎而出的是我們的技術能力和產品品質。我們擁有非常優秀的產品品質和服務口碑。所以他們知道當我們向他們提供戰術輪式車輛時會得到什麼。

But going forward, as I talked in my prepared remarks, it's a lot about things like autonomous functionality or full autonomy, and that's why you see a lot of our products moving that way with the technology that we have. And that's kind of what we see as the future of this. And it's why we stand out in that industry is that reliability and the technological performance and capabilities of our vehicles that get better and better as we go forward.

但展望未來，正如我在準備好的演講稿中所說，重點在於自主功能或完全自主，這就是為什麼你會看到我們許多產品都在利用我們擁有的技術朝著這個方向發展。這就是我們認為的未來發展方向。而我們之所以能在業界脫穎而出，是因為我們的車輛的可靠性、技術性能和功能會隨著時間的推移而不斷提高。

David Raso, Evercore.

David Raso，Evercore。

Of the defense revenue cut by $200 million, how much of that was the postal truck?

國防預算削減了 2 億美元，其中有多少是郵政卡車的開支？

It was all on the delivery side, David.

大衛，問題全出在交付環節。

All of it, yeah.

全部，是的。

And when it comes to that, is that the ramp-up of the BEV truck that's giving you a little bit of struggle to ramp up? Or is it the ICE truck as well?

那麼，您遇到的困難是不是電動卡車啟動時的動力提升問題呢？還是也是燃油卡車？

It's unrelated to ICE and BEV, David. The vehicles are produced on the same line. It's just continuing to dial in all of the autonomous functionality of this manufacturing plant and its normal ramp-up challenges that we're addressing and we will get to full rate production. But it's not related to ICE and BEV.

大衛，這跟燃油車和電動車無關。這些車輛在同一條生產線上生產。我們正在繼續完善這家製造工廠的所有自主功能，並解決其正常的產能爬坡挑戰，最終我們將實現滿載生產。但這與內燃機汽車和電動車無關。

I mean just so I know how much of this you feel is under your control because 35% to 40% of the EBIT cut actually came from defense. And that program is hugely significant next year for driving defense profits to say, take a little pressure off of Access, so it's not immaterial.

我的意思是，我想知道你認為其中有多少是你能控制的，因為息稅前利潤下降的 35% 到 40% 實際上來自國防。該計劃明年對推動國防利潤、減輕 Access 的壓力意義重大，因此並非無關緊要。

I think most people feel Vocational, that backlog should carry you, but that interplay between transport, defense and Access is not immaterial. So can you be a little clearer on when do you feel you'll have the ability to ramp that -- I was looking for revenues getting close to $300 million a quarter at some point not too far in the future. So I apologize to push a little bit, but just a little more clarity. It's very important for '26.

我認為大多數人對職業技能訓練都有信心，認為積壓的工作應該能幫助你，但運輸、國防和准入之間的相互作用並非無關緊要。所以您能否更清楚地說明一下，您認為何時才能實現這一目標？我期待在不久的將來，季度營收能夠接近 3 億美元。所以，我不好意思再追問一下，只是想再解釋清楚一點。這對26年來說非常重要。

That's fine, David. So just on the OI, remember the warranty charge we took in the third quarter, which is about $13 million, that's flowing into OI for the full year. We did fully expect the licensing, which was in our guidance, the warranty however, it would flow through to OI. So you shouldn't look at the top line change in revenue as the full impact on to OI.

沒關係，大衛。所以，就營業收入而言，請記住我們在第三季提列的保固費用，大約是 1,300 萬美元，這筆費用將計入全年營業收入。我們完全預料到了授權問題，這在我們的指導方針中有所提及，但保固問題，它將轉嫁給 OI。所以，你不應該把營收總額的變動看成是對營業利益的全部影響。

Okay. The licensing was in the guide.

好的。許可證資訊在指南裡有寫。

Yeah. We were expecting that, that was under negotiation when we set up our guidance for the year previously.

是的。我們之前就預料到了這一點，我們在製定上一年業績指引時，就已經在就此進行談判了。

And David, I will just say your expectation for quarterly revenue on the delivery side is in line with ours.

大衛，我只想說，你對季度配送收入的預期與我們的預期一致。

Thank you. At this time, I would like to turn the call back over to Mr. Pat Davidson for closing comments.

謝謝。此時，我想把電話轉回給帕特·戴維森先生，請他作總結發言。

Thank you, and thanks for joining us today. We will be meeting with investors at several conferences during the fourth quarter in Chicago, Florida and New York. We'd be happy to connect. In an early January, we'll be showcasing our technology at the annual CES show in Las Vegas. We encourage you to stop by our booth and learn about technology that supports airports, job sites and neighborhoods of the future. Take care, everyone, and have a great rest of the day.

謝謝，也謝謝各位今天收看我們的節目。第四季度，我們將在芝加哥、佛羅裡達和紐約等地參加多個會議，與投資者會面。我們很樂意與您聯繫。一月初，我們將在拉斯維加斯舉行的年度 CES 展會上展示我們的技術。我們誠摯邀請您蒞臨我們的展位，了解支援未來機場、工作場所和社區的技術。大家保重，祝你們今天剩下的時間過得愉快。

Thank you. This does conclude today's teleconference. You may disconnect your lines at this time. Thank you for your participation and have a great day.

謝謝。今天的電話會議到此結束。您可以在此時斷開線路。感謝您的參與，祝您有美好的一天。