Titan Machinery Inc (TITN) 2024 Q1 法說會逐字稿

Greetings, and welcome to the Titan Machinery First Quarter Fiscal 2024 Earnings Conference Call. (Operator Instructions) As a reminder, this conference is being recorded. I would now like to turn the conference over to your host, Mr. Jeff Sonnek of ICR. Thank you. Please go ahead.

您好，歡迎參加泰坦機械 2024 財年第一季度收益電話會議。 （操作員指示）謹此提醒，本次會議正在錄製中。現在我想將會議交給東道主 ICR 的 Jeff Sonnek 先生。謝謝。請繼續。

Thank you. Good morning, ladies and gentlemen, and welcome to the Titan Machinery First Quarter Fiscal 2024 Earnings Conference Call. On the call today from the company are David Meyer, Chairman and Chief Executive Officer; Bo Larsen, Chief Financial Officer; and Brian Knutson, President and Chief Operating Officer.

謝謝。早上好，女士們、先生們，歡迎參加泰坦機械 2024 年第一季度財報電話會議。今天，公司董事長兼首席執行官 David Meyer 接聽了電話； Bo Larsen，首席財務官；以及總裁兼首席運營官 Brian Knutson。

By now, everyone should have access to the earnings release for the first quarter ended April 30, 2023, which went out this morning at approximately 6:45 a.m. Eastern Time. If you've not had a chance to find the release, it's available on the IR page of Titan's website at ir.titanmachinery.com. Call is being webcast, and a replay will be available on the company's website as well.

到目前為止，每個人都應該可以查看截至 2023 年 4 月 30 日的第一季度財報，該財報於東部時間今天早上大約 6:45 發布。如果您還沒有機會找到該版本，可以在 Titan 網站 ir.titanmachinery.com 的 IR 頁面上找到該版本。電話會議正在進行網絡直播，並且公司網站上也將提供重播。

In addition, we're providing a presentation to accompany today's prepared remarks, you may access the presentation now by going to Titan's website again at ir.titanmachinery.com. The presentation is available directly below the webcast information in the middle of the page.

此外，我們將提供一個演示文稿來配合今天準備好的發言，您現在可以再次訪問 Titan 的網站 ir.titanmachinery.com 來訪問該演示文稿。該演示文稿位於頁面中間網絡廣播信息的正下方。

You'll see on Slide 2 of the presentation our safe harbor statement. We'd like to remind everyone that the prepared remarks contain forward-looking statements and management may make additional forward-looking statements in response to your questions. These statements do not guarantee future performance, and therefore, undue reliance should not be placed upon them. These forward-looking statements are based on current expectations of management and involve inherent risks and uncertainties, including those identified in the Risk Factors section of Titan's most recently filed annual report on Form 10-K and as updated in subsequent filed quarterly reports on Form 10-Q.

您將在演示文稿的幻燈片 2 中看到我們的安全港聲明。我們想提醒大家，準備好的言論包含前瞻性陳述，管理層可能會針對您的問題做出額外的前瞻性陳述。這些陳述並不保證未來的表現，因此，不應過度依賴它們。這些前瞻性陳述基於管理層當前的預期，涉及固有風險和不確定性，包括 Titan 最近提交的 10-K 表年度報告的風險因素部分中確定的風險和不確定性，以及隨後提交的 10-Q 表季度報告中更新的風險和不確定性。

These risk factors contain a more detailed discussion of the factors that could cause actual results to differ materially from those projected in any forward-looking statements. Except as may be required by applicable law, Titan assumes no obligation to update any forward-looking statements that may be made in today's release or call. The call will last approximately 45 minutes. At the conclusion of our prepared remarks, we will open the call to take your questions.

這些風險因素包含對可能導致實際結果與任何前瞻性陳述中預測的結果存在重大差異的因素的更詳細討論。除適用法律可能要求的情況外，泰坦不承擔更新今天的新聞稿或電話會議中可能做出的任何前瞻性聲明的義務。通話將持續大約 45 分鐘。在我們準備好的發言結束後，我們將召開電話會議回答您的問題。

With that, I'd now like to introduce the company's Chairman and CEO, Mr. David Meyer. David, please go ahead.

現在我想介紹一下公司的董事長兼首席執行官戴維·邁耶先生。大衛，請繼續。

Thank you, Jeff. Good morning, everyone. Welcome to our first quarter fiscal 2024 earnings conference call. On today's call, I will provide a summary of our results. And then Brian Knutson, our President and Chief Operating Officer, will give an overview for each of our business segments. Bo Larsen, our CFO, will then review financial results for the first quarter of fiscal 2024 and conclude with some commentary around fiscal 2024 full year expectations.

謝謝你，傑夫。大家，早安。歡迎參加我們的 2024 財年第一季度收益電話會議。在今天的電話會議上，我將總結我們的結果。然後，我們的總裁兼首席運營官 Brian Knutson 將概述我們的每個業務部門。我們的首席財務官 Bo Larsen 隨後將回顧 2024 財年第一季度的財務業績，並針對 2024 財年全年預期發表一些評論。

We're off to a solid start to fiscal 2024 with strong first quarter results consistent with our expectations going into the year. Revenue increased 23.6% to $569.6 million in the first quarter, which represents record first quarter revenues supplemented with significant contributions from our most recent acquisitions. The combination of Mark's Machinery, Heartland and Pioneer acquisitions added $94 million of revenue in the first quarter, and we couldn't be happier with how integration has been going so far with each of these acquisitions.

我們的 2024 財年有一個良好的開端，第一季度的強勁業績符合我們今年的預期。第一季度收入增長 23.6%，達到 5.696 億美元，這意味著第一季度收入創歷史新高，加上我們最近收購的重大貢獻。 Mark's Machinery、Heartland 和 Pioneer 的收購組合在第一季度增加了 9400 萬美元的收入，我們對迄今為止每項收購的整合進展感到非常滿意。

Notably, each of our operating segments achieved expansion in pretax margins versus the prior year period. This drove consolidated pretax margin of 6.2% and diluted earnings per share of $1.19, which was over 53% higher than last year's earnings performance. Our Agriculture segment revenue grew 33%, benefiting from our recent acquisitions and reflecting healthy underlying industry fundamentals and strong customer demand.

值得注意的是，我們每個運營部門的稅前利潤率均較上年同期有所擴大。這使得綜合稅前利潤率達到 6.2%，稀釋後每股收益達到 1.19 美元，比去年的盈利表現高出 53% 以上。我們的農業部門收入增長了 33%，受益於我們最近的收購，反映了健康的行業基本面和強勁的客戶需求。

Across all our segments, our equipment business remains very healthy, yet constrained due to an insufficient inventory and delivery delays in key product categories. Our parts and service business also performed well despite a later start to the planting season in some of our northern U.S. markets and in our European footprint.

在我們的所有細分市場中，我們的設備業務仍然非常健康，但由於關鍵產品類別的庫存不足和交貨延遲而受到限制。儘管我們的一些美國北部市場和歐洲業務的種植季節開始較晚，但我們的零部件和服務業務也表現良好。

We are poised for this momentum to carry into fiscal second quarter as our agriculture customers complete their spring field work and construction activity gets into full swing. We are well positioned to capitalize on the opportunities that lie ahead and are committed to providing world-class service to our customers and delivering strong results for our shareholders.

隨著我們的農業客戶完成春季現場工作並且建築活動全面展開，我們準備將這一勢頭延續到第二財季。我們已做好充分準備，充分利用未來的機遇，致力於為客戶提供世界一流的服務，為股東帶來強勁的業績。

With that, I'll turn the call over to Brian Knutson for his segment review.

這樣，我將把電話轉給 Brian Knutson 進行他的細分審核。

Thank you, David, and good morning, everyone. I will now provide a recap of our fiscal first quarter segment drivers, and then review some of our high-level expectations for the balance of fiscal year 2024 across our respective segments.

謝謝大衛，大家早上好。我現在將回顧我們第一財季的細分市場驅動因素，然後回顧我們對各個細分市場 2024 財年餘額的一些高層預期。

I'll begin with our domestic Agriculture segment, which produced organic growth on top of last year's strong performance, which was further bolstered by revenue contributions from our most recent acquisitions. This segment also realized another solid quarter of margin performance, with pretax profitability expanding by 50 basis points versus the prior year period to 5.7%, driven by improved equipment margins that benefited from a combination of strong demand and product mix.

我將從我們的國內農業部門開始，該部門在去年的強勁業績基礎上實現了有機增長，而我們最近收購的收入貢獻進一步推動了這一增長。該部門還實現了又一個穩健的季度利潤表現，稅前盈利能力比上年同期增長了 50 個基點，達到 5.7%，這得益於強勁的需求和產品組合帶來的設備利潤率的提高。

While planting progress is largely on track across the farm belt, we are experiencing some delays in our northern markets due to the late spring. Our same-store sales growth in the first quarter reflects the delayed start to spring field work, as well as the continued limitations on equipment availability and timing of deliveries for cash crop products.

雖然整個農業帶的種植進度基本步入正軌，但由於春末，我們的北部市場出現了一些延誤。我們第一季度的同店銷售增長反映了春季田間工作的延遲開始，以及經濟作物產品的設備可用性和交貨時間的持續限制。

In terms of elements that we have control of, our team is doing an excellent job. We are focused on receiving in performing predelivery inspections, installing additional components and then delivering presold equipment to customers as quickly as possible. However, as I previously noted, the timing for that process varies from several weeks to several months, and we continue to see higher levels of presold equipment and inventory at the end of the first quarter.

就我們所控制的要素而言，我們的團隊做得非常出色。我們專注於接收執行交付前檢查、安裝附加組件，然後儘快將預售設備交付給客戶。然而，正如我之前指出的，該過程的時間從幾周到幾個月不等，我們在第一季度末繼續看到預售設備和庫存水平較高。

In addition to having presold inventory, our sales team is excited about now having some stock inventory at hand that is available for sale, which puts us in a better position to serve customer demand on products like harvest equipment, small tractors and certain tillage equipment than we were a year ago. We are also working hard to deliver best-in-class service and support through our parts and service business, and we remain very active in the evaluation of M&A opportunities.

除了預售庫存之外，我們的銷售團隊還很高興現在手頭有一些可供出售的庫存，這使我們比一年前能夠更好地滿足客戶對收割設備、小型拖拉機和某些耕作設備等產品的需求。我們還努力通過我們的零部件和服務業務提供一流的服務和支持，並且我們仍然非常積極地評估併購機會。

Fiscal 2023 was a big year for us in that regard, having acquired 22 store locations since December of 2021. I expect that we'll continue to see additional acquisitions as we move forward to complement our intense focus on organic growth. All of our current integrations are going well, and we are very pleased with how the businesses are coming together.

在這方面，2023 財年對我們來說是重要的一年，自 2021 年 12 月以來我們已收購了 22 家門店。我預計，隨著我們繼續關注有機增長，我們將繼續看到更多收購。我們目前所有的整合進展順利，我們對業務的整合方式感到非常滿意。

Looking to the balance of fiscal 2024 for Agriculture segment, we believe we are on track to meet our modeling assumptions that we laid out at the beginning of the year. Net farm income remains well above historical averages and continues to support demand for equipment purchases. We expect this to sustain demand throughout the fiscal year and for demand to continue to outpace supply in many cash crop products. While there are equipment shortages and long lead times, we have a solid order board and have incorporated all of these factors into our modeling assumptions that we are reiterating today.

展望 2024 財年農業部門的餘額，我們相信我們有望實現年初提出的建模假設。農場淨收入仍然遠高於歷史平均水平，並繼續支持設備採購需求。我們預計這將維持整個財年的需求，並且許多經濟作物產品的需求將繼續超過供應。儘管存在設備短缺和交貨時間長的問題，但我們擁有堅實的訂單板，並將所有這些因素納入我們今天重申的建模假設中。

Shifting to our domestic Construction segment, we are benefiting from our diversified customer base as well as the less volatile Midwest construction market dynamics. Construction activity was strong throughout our footprint during our fiscal first quarter and we generated a great performance across the board, with same-store sales growth of 9.9% and excellent pretax margin expansion of 150 basis points to 6.3%.

轉向國內建築領域，我們受益於多元化的客戶群以及波動較小的中西部建築市場動態。在第一財季，我們的建築活動十分活躍，我們的整體業績表現出色，同店銷售額增長了 9.9%，稅前利潤率也大幅增長了 150 個基點，達到 6.3%。

We also achieved rental fleet dollar utilization of 26.8% and absorption of 86.2%. Our expectations for fiscal 2024 remain high. General construction activity remains strong and infrastructure projects are expected to support demand for construction equipment throughout the 2024 fiscal year.

我們還實現了租賃機隊美元利用率 26.8% 和吸收率 86.2%。我們對 2024 財年的期望仍然很高。總體建築活動依然強勁，基礎設施項目預計將支持 2024 財年建築設備的需求。

Not unlike our Ag segment, equipment availability is a limiting factor in the near term for certain types of equipment. However, we continue to feel good about our ability to achieve our full year modeling assumptions for this segment.

與我們的農業部門不同，設備可用性是某些類型設備短期內的限制因素。然而，我們仍然對實現該細分市場全年建模假設的能力感到滿意。

Now moving on to our overview of our International segment, which represents our businesses within the countries of Bulgaria, Germany, Romania and Ukraine. The year-over-year decline in revenue was driven by the weakening of the euro. However, net of the effect of these foreign currency fluctuations, first quarter sales grew by 2.8%. Overall, our business within the countries of Bulgaria, Germany and Romania has been performing very well. While the region experienced a later start to the spring planting season, the recent rainfall has benefited early crop development, which is creating some optimism among producers.

現在繼續我們對國際部門的概述，​​該部門代表我們在保加利亞、德國、羅馬尼亞和烏克蘭國家的業務。歐元疲軟導致收入同比下降。然而，扣除這些外匯波動的影響，第一季度銷售額增長了2.8%。總體而言，我們在保加利亞、德國和羅馬尼亞的業務表現非常好。雖然該地區春季播種季節開始較晚，但最近的降雨有利於作物的早期生長，這讓生產者感到樂觀。

We are very pleased to see the continued operating leverage in our International segment, particularly during the quarter where we realized a slight decrease in our reported revenues. In the first quarter, we expanded our pretax margin by 290 basis points to an impressive 8.6%. Looking toward the balance of fiscal year 2024, European Ag fundamentals are expected to be more moderate in nature with flat industry volumes. And this segment is not immune to the equipment availability issues that we see across the other segments of our business. However, we expect to continue to trend in a favorable direction as we execute on our growth strategy.

我們很高興看到我們的國際部門持續保持運營槓桿，特別是在我們報告的收入略有下降的季度。第一季度，我們的稅前利潤率擴大了 290 個基點，達到令人印象深刻的 8.6%。展望 2024 財年的餘額，歐洲農業基本面預計將更加溫和，行業產量持平。該部門也無法避免我們在其他業務部門看到的設備可用性問題。然而，隨著我們執行增長戰略，我們預計將繼續朝著有利的方向發展。

Before I turn the call over to Bo, I'd like to sincerely thank our employees for their ongoing dedication to our customers. This was another great quarter for our business and is the result of their individual contributions and ability to overcome challenges and find solutions. With that, I will turn the call over to Bo to review our financial results in more detail.

在將電話轉給 Bo 之前，我要真誠地感謝我們的員工對客戶的持續奉獻。對於我們的業務來說，這是又一個偉大的季度，這是他們個人貢獻以及克服挑戰和尋找解決方案的能力的結果。接下來，我會將電話轉給 Bo，以更詳細地審查我們的財務業績。

Thanks, Bryan. Starting with our consolidated results for the fiscal 2024 first quarter, total revenue was $569.6 million an increase of 23.6% compared to the prior year period. Our equipment revenue increased 20.5% versus the prior year period, led by incremental revenue from our recent acquisitions as well as positive same-store sales growth across our Agriculture and Construction segments. Our parts revenue grew 40.9%, Service revenue grew 18.3% and rental and other revenue increased 32.9% versus the prior year period.

謝謝，布萊恩。從 2024 財年第一季度的綜合業績開始，總收入為 5.696 億美元，比上年同期增長 23.6%。我們的設備收入比去年同期增長了 20.5%，這得益於我們最近的收購帶來的收入增量以及農業和建築領域同店銷售的積極增長。與去年同期相比，我們的零部件收入增長了 40.9%，服務收入增長了 18.3%，租賃和其他收入增長了 32.9%。

Gross profit for the first quarter increased 33.7% to $119 million. Reported gross profit margin increased by 160 basis points, driven primarily by improved equipment margins, which benefited from strong demand and favorable product mix.

第一季度毛利潤增長33.7%，達到1.19億美元。報告毛利率增長了 160 個基點，主要是由於設備利潤率的提高，而設備利潤率則受益於強勁的需求和有利的產品組合。

Consistent with the first quarter of the prior year, there was no recognition of manufacturer incentives as we will wait until we get further into the year to make these types of accruals for accounting purposes.

與去年第一季度一致，沒有承認製造商激勵措施，因為我們將等到今年進一步進行會計核算時才進行這些類型的應計費用。

Operating expenses were $81.3 million for the first quarter of fiscal 2024 compared to $64.2 million in the prior year. The year-over-year increase of 26.8% was primarily due to the inclusion of operating expenses related to our acquisitions over the past year, as well as higher variable expenses on increased revenues. Floorplan and other interest expense was $2.5 million as compared to $1.5 million for the first quarter of fiscal 2023, primarily due to higher interest-bearing floorplan borrowings.

2024 財年第一季度的運營支出為 8130 萬美元，而上一年的運營支出為 6420 萬美元。同比增長 26.8% 主要是由於包括了過去一年與收購相關的運營費用，以及收入增加帶來的可變費用的增加。平面圖和其他利息支出為 250 萬美元，而 2023 財年第一季度為 150 萬美元，主要是由於計息平面圖借款增加。

Net income for the first quarter of fiscal 2024 was $27 million, or $1.19 per diluted share, and compared to last year's first quarter net income of $17.5 million or $0.78 per diluted share.

2024 財年第一季度的淨利潤為 2700 萬美元，或稀釋後每股 1.19 美元，而去年第一季度淨利潤為 1750 萬美元，或稀釋後每股 0.78 美元。

Now I'm turning to our segment results for the first quarter. In our Agriculture segment, sales increased 32.9% to $423.2 million. This growth was driven by our recent acquisitions of Mark's Machinery, Heartland Ag and Pioneer, as well as organic growth of 3.8%. As has already been mentioned in our commentary, first quarter revenues continued to be constrained by equipment availability of high-demand cash crop product categories, which limited our ability to drive higher same-store sales growth for the quarter.

現在我要談談第一季度的部門業績。在我們的農業部門，銷售額增長了 32.9%，達到 4.232 億美元。這一增長是由我們最近收購 Mark's Machinery、Heartland Ag 和 Pioneer 以及 3.8% 的有機增長推動的。正如我們在評論中已經提到的，第一季度收入繼續受到高需求經濟作物產品類別的設備可用性的限制，這限制了我們推動本季度同店銷售增長的能力。

With these same equipment categories on allocation through at least the fourth quarter of this calendar year, this demand-supply imbalance is expected to carry over into fiscal year 2025.

由於這些相同的設備類別至少要分配到今年第四季度，這種供需失衡預計將延續到 2025 財年。

Agriculture segment pretax income was $24.2 million and compared to $16.4 million in the first quarter of the prior year, which implies a pretax margin increase of 50 basis points to 5.7%.

農業部門稅前收入為 2,420 萬美元，而去年第一季度為 1,640 萬美元，這意味著稅前利潤率增加了 50 個基點，達到 5.7%。

In our Construction segment, sales increased to 7.5% to $72 million compared to the prior year period. Same-store sales growth of 9.9% drove the increase, which was slightly offset by the divestiture of the North Dakota consumer product store in the prior year. Pretax income was $4.5 million and compared to $3.2 million in the first quarter of the prior year.

在我們的建築業務領域，銷售額較上年同期增長 7.5%，達到 7,200 萬美元。同店銷售額增長 9.9% 推動了這一增長，但上一年北達科他州消費品商店的剝離略微抵消了這一增長。稅前收入為 450 萬美元，去年第一季度為 320 萬美元。

As a reminder, in the prior year's first quarter, we recorded a $1.4 million gain associated with the aforementioned divestiture. Excluding that gain, our year-over-year pretax margin increased by approximately 370 basis points to 6.3%, just a solid overall performance by the Construction segment, as Bryan touched on in his comments.

提醒一下，在去年第一季度，我們記錄了與上述剝離相關的 140 萬美元收益。排除這一收益，我們的稅前利潤率同比增長約 370 個基點，達到 6.3%，正如 Bryan 在評論中談到的那樣，建築部門的整體表現穩健。

In our International segment, sales decreased by 1.4% to $74.4 million, which reflects a 4.6% currency headwind on a weakening euro. Net of the effect of these foreign currency fluctuations, the segment achieved sales growth of 2.8%, which included a modest year-over-year decline in Ukraine as it remains impacted by the ongoing conflict.

在我們的國際部門，銷售額下降 1.4% 至 7,440 萬美元，反映出歐元疲軟帶來 4.6% 的貨幣阻力。扣除這些外匯波動的影響，該部門的銷售額增長了 2.8%，其中烏克蘭的銷售額同比小幅下降，因為該國仍受到持續衝突的影響。

Limited availability of cash crop products is a factor here, just like in our domestic ag segment. Pretax income was $6.4 million and compares to $4.3 million in the first quarter of fiscal 2023, which implies a pretax margin increase of 290 basis points to 8.6%.

就像我們國內的農業部門一樣，經濟作物產品的供應有限是一個因素。稅前收入為 640 萬美元，而 2023 財年第一季度為 430 萬美元，這意味著稅前利潤率增長 290 個基點，達到 8.6%。

Equipment margins for the International segment were very strong and benefited from some timing windfalls, which we do not expect to reoccur. As such, we expect those margins to moderate off of these unusually high levels as we progress through the rest of the year.

國際部門的設備利潤非常強勁，並受益於一些時機的意外收穫，我們預計這種情況不會再次發生。因此，我們預計隨著今年剩餘時間的進展，這些利潤率將回落到異常高的水平。

Now on to our balance sheet and inventory position. We had cash of $38 million and an adjusted tangible net worth ratio of 1.0 as of April 30, 2023. Our total inventory balance at the end of the first quarter was $854.2 million, an increase of approximately $150.2 million during the quarter. This increase came via growth in equipment and parts inventories of $144.6 million and $4.1 million, respectively. Of the total increase, $22 million is attributable to the Pioneer acquisition, which was made during the first quarter. It might be helpful to talk through inventory changes, excluding acquisition-related balances.

現在我們來看看我們的資產負債表和庫存狀況。截至 2023 年 4 月 30 日，我們擁有現金 3800 萬美元，調整後的有形淨值比率為 1.0。第一季度末我們的總庫存餘額為 8.542 億美元，本季度增加了約 1.502 億美元。這一增長是由於設備和零部件庫存分別增長了 1.446 億美元和 410 萬美元。在總增長中，2200 萬美元歸因於第一季度對先鋒公司的收購。討論庫存變化（不包括與收購相關的餘額）可能會有所幫助。

As you heard on recent OEM earnings calls and in our commentary today, much of the high horsepower cash crop products remain on allocation for the full year. And depending on the product, we have minimal inventory that is available for sale as many units on hand are awaiting predelivery inspection activities and delivery to the customer. On the other hand, demand for items like low horsepower tractors has softened and the inventory has returned to more historical levels.

正如您在最近的 OEM 財報電話會議和我們今天的評論中所聽到的那樣，許多高馬力經濟作物產品仍在全年分配。根據產品的不同，我們可供銷售的庫存量很少，因為現有的許多產品正在等待交付前檢查活動並交付給客戶。另一方面，對低馬力拖拉機等產品的需求已經疲軟，庫存已恢復到歷史水平。

Specifically for harvest, hay and tillage equipment, we have seen some normalization in inventory available for sale but not back to historical levels, and this increase should be helpful for our sales team as they look to fulfill customer demand before fall field activities commence. We foresee a little more build in new equipment inventory in the second quarter before leveling off and decreasing as we work through the rest of the fiscal year.

特別是對於收割、乾草和耕作設備，我們看到可供銷售的庫存有所正常化，但沒有回到歷史水平，這種增加應該對我們的銷售團隊有幫助，因為他們希望在秋季田間活動開始之前滿足客戶的需求。我們預計第二季度新設備庫存會增加一些，然後在本財年剩餘時間裡趨於平穩並減少。

Overall inventory available for sale is below targeted levels, with timing and other constraints causing higher-than-normal levels of presold units sitting in inventory at a given point in time. Consistent with our comments from our last earnings call in March, we expect to continue to work through these timing issues as we progress throughout the year.

可供銷售的總體庫存低於目標水平，時間和其他限制導致特定時間點的預售庫存量高於正常水平。與我們在三月份上次財報電話會議上的評論一致，我們預計隨著全年的進展，將繼續解決這些時間安排問題。

With that, I'll share a few comments on our fiscal 2024 full year guidance, which we are reiterating today for the company as a whole and for each of our segments. Our first quarter performance was consistent with the expectations that we had coming into the year. Market conditions remained positive, and demand remained high across our segments. Commodity prices have come down somewhat, but so have farm input costs, and it's expected to be another good year for net farm income and for it to be above the 10-year average.

在此，我將分享一些關於我們 2024 財年全年指導的評論，我們今天針對整個公司和每個部門重申了這些指導。我們第一季度的業績與我們今年的預期一致。市場狀況依然樂觀，各個細分市場的需求仍然很高。大宗商品價格有所下降，但農業投入成本也有所下降，預計今年將是農業淨收入又一個好年頭，並將高於十年平均水平。

Preliminary visibility in the fourth quarter allocation has been provided and aligns with previous expectations. These allocation levels confirm there is excess demand versus supply for several types of cash crop products, which will carry demand into fiscal 2025. These levels also suggest that the existing fleet will continue to age for products, like high horsepower tractors.

第四季度分配的初步可見性已經提供，並且與之前的預期一致。這些分配水平證實了幾種經濟作物產品的供需過剩，這將使需求持續到 2025 財年。這些水平還表明，現有的產品（如大馬力拖拉機）將繼續老化。

On the other hand, Inventory levels are normalizing for other types of equipment and correspondingly, we expect equipment margins to moderate off of last year's all-time records as we progress throughout the year. OEM production and timing of deliveries are expected to continue to improve throughout the year. Our acquisitions are meeting our high expectations, and the labor market remains competitive, especially as it relates to scaled product support positions.

另一方面，其他類型設備的庫存水平正在正常化，相應地，隨著我們全年的進展，我們預計設備利潤率將低於去年的歷史記錄。 OEM 生產和交貨時間預計全年將繼續改善。我們的收購滿足了我們的高期望，勞動力市場仍然具有競爭力，特別是因為它涉及規模化的產品支持職位。

Overall, we are off to a strong start to the year. And with our current level of presold inventory and continued strong demand, we are confident in our guidance range of $4.50 to $5.10 on a diluted earnings per share basis, which we are reiterating today.

總體而言，我們今年有一個良好的開局。鑑於我們目前的預售庫存水平和持續強勁的需求，我們對稀釋後每股收益 4.50 美元至 5.10 美元的指導範圍充滿信心，我們今天重申了這一點。

This concludes our prepared comments. We can now open up the line for Q&A.

我們準備好的評論到此結束。我們現在可以開通問答熱線。

(Operator Instructions)

（操作員說明）

Our first question is from Alex Rygiel with B. Riley.

我們的第一個問題來自 Alex Rygiel 和 B. Riley。

Sorry about that. If we come back to inventory as a topic, you mentioned that insufficient inventory and product delays in certain key product lines, I know you went through that a little bit. But can you expand upon that a little bit more?

對於那個很抱歉。如果我們回到庫存這個話題，您提到某些關鍵產品線的庫存不足和產品延遲，我知道您也經歷過這一點。但你能進一步擴展一下嗎？

Alex, this is Bryan. Yes, I think it's important, as Bo and I both tried to do in the prepared remarks, to delineate within the different inventory or product categories. So as we mentioned, certainly, lower horsepower tractors have been normalizing. We have been getting in some stock inventory for those, which is great.

亞歷克斯，這是布萊恩。是的，我認為區分不同的庫存或產品類別很重要，正如 Bo 和我在準備好的發言中所做的那樣。正如我們所提到的，當然，低馬力拖拉機已經正常化。我們已經獲得了一些庫存，這很棒。

That's traditionally a product that does sell more out of stock than presale and it's the type of thing you like to have on hand. So we're optimistic about that improving. So that's leading definitely to some of the increase again, still feel really good about that level.

傳統上，這種產品的缺貨銷量確實比預售的要多，而且是您喜歡手頭擁有的產品類型。因此，我們對這種情況的改善持樂觀態度。所以這肯定會再次導致一些增長，但我仍然對這個水平感覺很好。

And then as Bo mentioned, other areas, harvest equipment, certain tillage, hay and forage, not quite back to historical levels yet. But we have seen some improvement in those levels. Also, there's some timing things with those products as well. We feel good about that as well with the way cattle prices are right now, looking for a great season here in hay and forage.

然後，正如博提到的，其他領域，收穫設備，某些耕作，乾草和飼料，還沒有完全回到歷史水平。但我們已經看到這些水平有所改善。此外，這些產品也有一些計時問題。我們對此感到滿意，也對目前的牛隻價格感到滿意，我們正在尋找乾草和飼料的好季節。

And then as you get into a lot of the cash crop products, Alex, you look at things like 4-wheel drive tractors, magnum, sprayers, a lot of that critical cash crop equipment that's critical to our business as well. It's still an extremely short supply on allocation and continues to be really short of demand. And as Bo mentioned, that really, at this point, will carry into FY '25 now for us.

然後，當您了解許多經濟作物產品時，亞歷克斯，您會看到四輪驅動拖拉機、大容量拖拉機、噴霧器等許多對我們業務也至關重要的關鍵經濟作物設備。分配供應仍然極其短缺，而且需求仍然嚴重不足。正如 Bo 提到的，在這一點上，這確實將延續到我們的 25 財年。

And I guess just to maybe (inaudible) delineate between the sales [WIP] that we talked about as well as the on-hand inventory. And so again, sales WIP , like we talked about last quarter, there's just an increase in the number of things. We need to do to units right now that are arriving from our manufacturers over historical levels. And then also the components that we put on are also impacted by the supply chain.

我想也許只是為了（聽不清）劃分我們討論的銷售 [WIP] 以及現有庫存。再說一次，銷售在製品，就像我們上個季度談到的那樣，只是數量有所增加。我們現在需要對我們製造商收到的超過歷史水平的設備進行處理。我們安裝的組件也受到供應鏈的影響。

So we are seeing longer turn turnover times to get those over to our customers and get the revenue recognized as well. But important to point out, the available for-sale inventory in many of those key cash crop categories is extremely low and much lower than we'd like.

因此，我們發現將這些產品交付給客戶並確認收入所需的周轉時間更長。但需要指出的是，許多關鍵經濟作物類別的可供出售庫存極低，遠低於我們的預期。

And then just so we could maybe sort of understand, how long do you think lead times for high horsepower equipment are still going to be sort of extended?

然後我們也許可以理解，您認為高馬力設備的交貨時間還會延長多長時間？

So right now, we have visibility into our fiscal '25. And so definitely through then, Alex.

現在，我們可以了解 25 財年的情況。所以絕對是從那時起，亞歷克斯。

Our next question is from Daniel Imbro with Stephens.

我們的下一個問題是丹尼爾·因布羅和斯蒂芬斯提出的。

This is Joe Enderlin on for Daniel. I wanted to start out on revenue growth. You saw around 25% growth this quarter. Could you maybe break out how much of that would be from the demand aligned with the first quarter? And then how much was driven by the delay in shipments last quarter? Do you expect the revenue from that delay in shipments to be relatively evenly spaced over this year? Or is there any change in how you're thinking about the cadence?

我是丹尼爾的喬·恩德林。我想從收入增長開始。本季度您看到了約 25% 的增長。您能否透露其中有多少來自與第一季度一致的需求？那麼上季度發貨延遲有多大影響呢？您預計今年因發貨延遲帶來的收入分佈是否相對均勻？或者你對節奏的看法有什麼變化嗎？

Yes. No, I appreciate the question. So as we talked about at the end of last year, and you were referencing the [$100 million] push and us discussing working through that as we progress through the year, our view -- and we continue to have confidence in the fact that we can continue to see improvement in production and delivery cadence as we progress throughout the year.

是的。不，我很欣賞這個問題。因此，正如我們去年年底談到的那樣，您提到了[1億美元]的推動，我們討論了隨著全年的進展如何解決這一問題，我們的觀點 - 我們仍然相信，隨著全年的進展，我們可以繼續看到生產和交付節奏的改善。

In other words, it gets better quarter over quarter over quarter. So -- in terms of the $100 million specifically, right, like those units are units that were delivered in the quarter. But it's a similar carryover from Q1 to Q2. So I guess we see getting another bite -- a larger bite at that apple as we work through the year.

換句話說，它逐季變得更好。因此，具體而言，就 1 億美元而言，就像這些單位是在本季度交付的單位一樣。但這是從第一季度到第二季度的類似結轉。所以我想我們會看到另一個蘋果被咬了一口——在我們這一年的工作中，蘋果被咬得更大了。

That makes sense. As a follow-up, in the slides, you noted you're still actively looking for acquisitions in the ag sector. Could you maybe provide some color on how seller multiples are trending in this market? And then are you seeing more sellers come to market?

這就說得通了。作為後續行動，您在幻燈片中指出，您仍在積極尋找農業領域的收購。您能否提供一些有關該市場賣家倍數趨勢的信息？然後您是否看到更多賣家進入市場？

Well, I'd say there are definitely some motivated sellers out there, Joe, as you see the interest rates increasing and increased cost of equipment and all the capital needs with that, increased OEM demands, this complexity and sophistication of these equipment and the shortage of the skilled product support people out there to support that equipment.

好吧，我想說肯定有一些積極主動的賣家，喬，正如您所看到的那樣，利率上升，設備成本增加，以及隨之而來的所有資本需求，原始設備製造商需求的增加，這些設備的複雜性和精密性，以及支持該設備的熟練產品支持人員的短缺。

We're getting into a new round of regulations, employer mandates. There are challenges out there, especially on the HR side from the recruiting and retaining of employees. So -- so definitely, we're seeing that continued consolidation ownership. And yes, I think there's a good pipeline out there and we continue to focus on integrating the acquisition we did.

我們正在製定新一輪的法規和雇主指令。那裡存在挑戰，特別是在人力資源方面，招聘和留住員工。所以，我們肯定會看到所有權的持續整合。是的，我認為那裡有一個很好的渠道，我們將繼續專注於整合我們所做的收購。

But at the same time, we're actively looking for quality and strategic acquisitions going ahead. And there is the pipeline, it's consistent to what we've seen in the last couple of years.

但與此同時，我們正在積極尋找未來的高質量和戰略性收購。還有管道，它與我們過去幾年所看到的一致。

And maybe just a little bit more from a multiples perspective, right? I mean we maintained discipline. The company has been in acquisitions for a long time. And so that's not necessarily something that's changing.

從倍數的角度來看，也許只是多一點，對吧？我的意思是我們保持了紀律。該公司長期以來一直在進行收購。所以這不一定會改變。

Clearly, the average dealer is doing more revenue and more EBITDA today than they were a few years ago. So that's there. But from a multiple perspective, that's not something that we're seeing evolve, at least not the way we approach acquisitions.

顯然，如今經銷商的平均收入和 EBITDA 都比幾年前更高。就這樣。但從多個角度來看，這並不是我們看到的演變，至少不是我們進行收購的方式。

Our next question is from Larry De Maria with William Blair.

我們的下一個問題來自拉里·德·瑪麗亞和威廉·布萊爾。

First question regarding allocations. Obviously, you had some comments on those, but in your discussion with Scott and the final outcome here, kind of curious -- magnitude of what you got versus what you asked for. Can you kind of talk about how that played out for you? And maybe, let's say, how short you are versus where you want to be?

關於分配的第一個問題。顯然，你對這些有一些評論，但在你與斯科特的討論和這裡的最終結果中，有點好奇——你得到的與你要求的相比的大小。您能談談這對您來說有何影響嗎？也許，比方說，你距離你想要達到的目標有多短？

And related to that, is the current full allocation, is it complete? Is that fully embedded into your guide? And do you think you can go out and get more of that stuff that you're reasonably short of this year, kind of like you've did in the last couple of years, sort of more in the open market.

與此相關的是，目前的分配是否已全部完成？這是否已完全融入您的指南中？你是否認為你可以出去購買更多今年相當短缺的東西，就像過去幾年所做的那樣，在公開市場上購買更多。

Yes. Thanks, Larry. So I'll start with -- on the allocation, again, it really depends on the product category. But in several of our key product categories, I think it's important to separate into -- you asked what we want versus what we got. Then there's the other bucket of what we got versus what we expected to get.

是的。謝謝，拉里。因此，我將從分配開始，這實際上取決於產品類別。但在我們的幾個關鍵產品類別中，我認為重要的是要區分——你問我們想要什麼，我們得到什麼。然後還有我們得到的與我們期望得到的另一部分。

And so that's definitely in line. What we're getting is roughly in line with the information they've given us as we work closely with them since allocation came out here about a year ago. And we certainly -- it really does depend on the product category, Larry, but there are some certain product categories where we would like at least 50% more than what we are able to get.

所以這絕對是一致的。自從大約一年前分配以來，我們與他們密切合作，我們得到的信息與他們給我們的信息大致一致。當然，這確實取決於產品類別，拉里，但對於某些特定的產品類別，我們希望比我們能夠獲得的產品至少多出 50%。

So as Bo mentioned, as you know, that does elongate the cycle here specifically and especially in those product categories. And it does -- we're really seeing some aged fleets now in those certain product categories as well. So that's an additional driver to our parts and service business, though, as you know. So that's the positive side of it.

正如 Bo 提到的，正如您所知，這確實延長了周期，特別是在這些產品類別中。確實如此——我們現在確實在某些產品類別中也看到了一些老化的車隊。不過，正如您所知，這是我們零部件和服務業務的額外驅動力。這就是它積極的一面。

And -- then again, it'll likely been into next year before we even see signs of catch-up. And depending on how supply chain recovers in those areas as well as some of the production constraints, it could even be -- we could be sitting at the end of next year and still not be quite to the levels we want in some of those product categories.

而且，話又說回來，可能要到明年我們才能看到追趕的跡象。根據這些地區供應鏈的恢復情況以及一些生產限制，甚至可能到明年年底，某些產品類別仍達不到我們想要的水平。

Okay, that's good color. And maybe staying there, the -- obviously, crop prices are lower, which we all know. And you noted [that obviously in precautionary level] as well. Can you just really give us a real-time update of what you're seeing? Obviously, talking about strong demand, but have these lower prices start to matriculate through the system at all in terms of -- in your conversations and sort of, like, let's say, real-time ordering out there?

不錯，這個顏色不錯也許留在那裡，顯然，農作物價格較低，這是我們都知道的。您也注意到[這顯然處於預防水平]。您真的能給我們實時更新您所看到的內容嗎？顯然，談論的是強勁的需求，但是這些較低的價格是否已經開始通過系統進入——在你們的對話中，或者說，比如實時訂購？

And then also related to that, any real impact to North Dakota late planting season? Or is that just going to get caught up and be okay?

與此相關的是，對北達科他州種植季節後期有什麼真正的影響嗎？或者只是陷入困境並沒事？

Sure. So a lot of our customers do a lot of planning with their advisers and tax consultants and so on, and a lot of income average unit. So there was a lot of income pushed out of last year into this year are deferred. We expect to see that again.

當然。因此，我們的很多客戶與他們的顧問和稅務顧問等一起做了很多規劃，以及很多收入平均單位。因此，有很多收入從去年推遲到今年。我們期待再次看到這一點。

Also with grain sales, a lot of our customers are working with very professional marketers as well. So there is a nice percentage of the crop that is sold now, to hedge if commodity prices do come down further. So just much healthier there than if you look back a couple of decades ago in terms of the professionalism our customers are bringing to the marketing side and again, the tax planning side.

在穀物銷售方面，我們的許多客戶也與非常專業的營銷人員合作。因此，現在有很大一部分農作物被出售，以對沖大宗商品價格進一步下跌的風險。因此，就我們的客戶為營銷方面和稅務規劃方面帶來的專業精神而言，這比幾十年前要健康得多。

So we -- a lot of optimism from our growers. It's still an extremely profitable year overall. And again, the inputs coming down also will help with that. In terms of what we anticipate going forward -- or excuse me, how it impacted North Dakota and, really, Minnesota as well with the late spring, is -- some of that timing you see in some of our numbers maybe and how things could flow to 1 quarter or the other in terms of parts and service business, recognizing some of the revenue.

所以我們的種植者非常樂觀。總體而言，今年仍然是非常有利可圖的一年。同樣，投入的下降也將有助於這一點。就我們對未來的預期而言——或者對不起，它如何影響北達科他州，實際上，明尼蘇達州以及春末，是——你可能會在我們的一些數據中看到一些時間安排，以及零件和服務業務方面的情況如何流向第一季度或其他季度，確認部分收入。

Certainly, with all the work that we've had to do with the equipment coming in for the manufacturers, again, I mentioned there's additional work than what we normally see, which we believe will correct itself as we get into next year. But -- and then those -- some of those components we're putting on being delayed as well.

當然，對於我們必須為製造商提供的設備所做的所有工作，我再次提到，還有比我們通常看到的更多的工作，我們相信這些工作會在進入明年時自行糾正。但是——然後是那些——我們正在安裝的一些組件也被推遲了。

So Dave also mentioned the labor shortages across our industry with skilled labor. So we're having to prioritize, Larry, the equipment that we get out that was critical for spring planting. So now we'll get after some of the summer and fall equipment.

所以戴夫還提到了我們整個行業的熟練勞動力短缺問題。因此，拉里，我們必須優先考慮我們所使用的對春季播種至關重要的設備。現在我們將獲得一些夏季和秋季的設備。

But from a yield impact perspective, a lot of our growers are going to be getting the crop in the ground here in North Dakota and Minnesota. Very similar timing to last year, which still generated above-average yields. And so at this point, don't expect much other than timing, at least that's our expectation.

但從產量影響的角度來看，我們的許多種植者將把作物種植在北達科他州和明尼蘇達州的地裡。與去年的時間非常相似，去年的收益率仍然高於平均水平。因此，在這一點上，除了時間之外不要期待太多，至少這是我們的預期。

That's great. If I could just sneak one more quick question. Sales were light on -- especially on the ag side, obviously, good bottom line performance overall. How did the ag sales in the quarter different from your expectations? And was that more delivery delays and kind of spillover from the prior quarter? Or is there something else that caused the ag sales to miss?

那太棒了。如果我能再問一個簡短的問題就好了。銷售清淡——尤其是在農業方面，顯然，總體利潤表現良好。本季度的農產品銷售與您的預期有何不同？與上一季度相比，是否有更多的交付延遲和溢出效應？還是還有其他原因導致農產品銷售不理想？

Yes, I'll let Bo comment mostly here. But generally, from my end was timing and the constraints that we had on equipment and equipment shipments. And again, getting the stuff out the door and onto our customers' hands to recognize the revenue. But yes, just anything you have to add, Bo?

是的，我會讓 Bo 在這裡主要發表評論。但總的來說，從我的角度來看，時間安排以及我們對設備和設備運輸的限制。再次，將產品送到客戶手中以確認收入。但是，是的，你有什麼要補充的嗎，Bo？

Yes. And I would just say so, I mean, largely overall, things came in as expected. If there was any softness, it would be on the ag side. And I'd say still pretty well aligned with what we expected. Now what we want to do for our customers and deliver for them, we would have loved to fulfill more of that demand.

是的。我只想這麼說，我的意思是，總體而言，事情按預期進行。如果說有什麼軟弱的話，那一定是在ag方面。我想說仍然與我們的預期非常一致。現在，我們想要為客戶做並為他們提供服務，我們很樂意滿足更多的需求。

And yes, it was largely what we've been talking about here today, and it's really the cadence of receiving those higher demand cash crop units in and being able to turn them around. That would be the -- that would be the area we want to continue to see improved and that we have confidence will continue to improve through the year.

是的，這主要是我們今天在這裡討論的內容，這實際上是接收那些需求較高的經濟作物單位並能夠扭轉局面的節奏。這將是我們希望繼續看到改進的領域，並且我們有信心在這一年中將繼續改進。

Our next question is from Mig Dobre with Baird.

我們的下一個問題來自 Mig Dobre 和 Baird。

It's Joe Grabowski on for Mig this morning. I thought I'd ask a question on equipment gross margin. It was quite strong for a first quarter. I was wondering if Heartland maybe impacted it favorably? And you also mentioned product mix aided margin in the quarter. I was wondering if maybe you could provide a little more color there.

今天早上由喬·格拉博夫斯基替補米格。我想我應該問一個關於設備毛利率的問題。第一季度的表現相當強勁。我想知道 Heartland 是否會對它產生有利的影響？您還提到了本季度產品組合有助於提高利潤。我想知道你是否可以在那裡提供更多的顏色。

Yes, I'll help you out with that a little bit, and 2 things. I would say that there was a bit of a timing on the international side, which was exceptionally strong, and I'll talk about that, and then the product mix.

是的，我會幫助你解決這個問題，還有兩件事。我想說的是，國際方面有一個非常強勁的時機，我將談論這一點，然後是產品組合。

So from an international perspective, what we were really alluding to on the timing side of things is kind of the timing of when we ordered products and what price increases had or hadn't come through yet. By the time we received products and we're able to sell them in the market, prices had gone up, and there was an opportunity to sell at the current value, so expect a little bit more profitability there.

因此，從國際角度來看，我們在時間方面真正提到的是我們訂購產品的時間以及已經或尚未完成的價格上漲。當我們收到產品並且能夠在市場上出售它們時，價格已經上漲，並且有機會以當前價值出售，因此預計那裡會有更多的盈利能力。

And then that will kind of have wrapped up in the first quarter here. We don't foresee that continuing the rest of the year. More broadly speaking, and we did see strong margins across our segments. But specifically with ag because we know that drives a lot of what goes on here.

然後這將在第一季度結束。我們預計今年剩餘時間這種情況不會持續。更廣泛地說，我們確實看到了各個細分市場的強勁利潤率。但特別是對於 ag，因為我們知道這推動了這裡發生的很多事情。

The understanding, the dynamics of the cash crop units and those kind of being slower to go out the door and foreseeing more of that happening as we progress throughout the year. Those big ticket items with high price tags tend to have lower margins than some of the hay and forage and other, and tillage and other areas. So what we really saw from a mix perspective, what we're talking about there is some of the equipment that we sell from short lines and some of these smaller ticket items, they carry a higher margin and they were more of that mix.

經濟作物單位的理解、動態以及那些走出門的速度較慢的情況，並預見隨著我們全年的進展，會發生更多這種情況。那些標價較高的大宗商品的利潤往往低於一些乾草和飼料等以及耕作和其他領域的利潤。因此，我們真正從混合的角度看到的是，我們正在談論的是我們通過短線銷售的一些設備和一些較小的門票項目，它們的利潤更高，而且更多的是這種混合。

And again, for expectations for the rest of the year, as we drive sequential growth in volume and get more of this cash crop equipment sent out to customers, that comes at a little lower margin, and that's one of the reasons we talk about, the margin changing sequentially as we progress throughout the year.

再說一次，對於今年剩餘時間的預期，隨著我們推動銷量連續增長，並將更多的經濟作物設備發送給客戶，利潤率會稍低，這就是我們談論的原因之一，隨著我們全年的進展，利潤率會連續變化。

Got it. Okay, that makes sense. And then maybe just a couple of questions on the construction business. Maybe talk about some of the demand trends you're seeing there. Is the infrastructure bill starting to lift demand? And maybe are there any headwinds from some of the commercial lending issues we've seen?

知道了。好吧，這是有道理的。然後也許只是關於建築業務的幾個問題。也許可以談談您在那裡看到的一些需求趨勢。基礎設施法案是否開始提振需求？也許我們看到的一些商業貸款問題存在任何阻力？

And then maybe secondarily, you mentioned some equipment availability issues in construction. Maybe expand on that.

其次，您提到了施工中的一些設備可用性問題。也許可以擴展一下。

Yes, Joe, I'll just talk -- we -- up here in the upper Midwest, it's been a strong economy overall. So a lot of our customers had a great year last year. A lot of their demand and thus our equipment demand is carrying now into this year. And the fleet has also been getting really aged out there on the construction side from lack of availability in the last two years now. And so again, carrying demand.

是的，喬，我只想談談 - 我們 - 在中西部北部，總體上經濟強勁。所以我們的很多客戶去年度過了美好的一年。他們的大量需求以及我們的設備需求現在都延續到了今年。由於過去兩年缺乏可用性，施工方面的船隊也變得非常老化。如此，承載需求。

Also with the -- a lot of these small independent rental houses that we deal with are -- also have very aged fleets, again, due to the construction constraints of the last 2 years. And so they're still looking to replenish their fleets. We haven't been able to do a lot of that yet.

此外，由於過去兩年的建設限制，我們處理的許多小型獨立租賃房屋也擁有非常老化的車隊。因此他們仍在尋求補充他們的機隊。我們還不能做很多這樣的事情。

And then again, those key product categories, as you mentioned. So very similar to ag. Some of our core legacy products that we do really well with, which are -- some of those are some big ticket items, are on allocation. And again, very short of and we'll continue to grab every one of those we can find and continue to push for more units, or to get our hands on more of those and hope to fulfill demand. But that will be pushed out very similar to the high horsepower tractors and some of those things that we mentioned on the ag side.

再說一遍，正如您提到的，這些關鍵產品類別。與ag非常相似。我們確實做得很好的一些核心遺留產品，其中一些是一些大件產品，正在分配中。再說一次，非常短缺，我們將繼續抓住我們能找到的每一個，並繼續推動更多的單位，或者得到更多的單位，並希望滿足需求。但這將被推出，與高馬力拖拉機以及我們在農業方面提到的一些東西非常相似。

Our final question is from Steve Dyer with Craig-Hallum.

我們的最後一個問題來自史蒂夫·戴爾和克雷格·哈勒姆。

Good morning, Ryan on for Steve. I want to start with parts supports growth. It was effectively double service growth on the revenue side this quarter. I guess, what caused that outsized strength in parts, vis-a-vis service? And then secondly to that, are you having any supply constraints getting core parts inventory?

早上好，瑞安替史蒂夫發言。我想從支持增長的零件開始。本季度收入方面的服務增長實際上翻了一番。我想，是什麼導致了零件相對於服務的巨大優勢？其次，您的核心零部件庫存是否存在供應限制？

So from a growth perspective, parts growth was fairly well aligned with overall ag growth, and some of that came with the acquisitions. But also busy spring, getting people ready for field work.

因此，從增長的角度來看，零部件增長與整體農業增長相當一致，其中一些來自收購。但春天也是忙碌的，讓人們為野外工作做好準備。

You asked about the dynamic. Why isn't the service growth in line with that parts growth? Some of the service effort, right -- a lot of service effort is focused on getting those new units ready, predelivery inspection, installing products like parts, for example. And that doesn't get charged to service revenue, right? That's going to be part of a new whole good process. So that's a factor there.

你問的是動態。為什麼服務增長與零部件增長不一致？一些服務工作，對吧——很多服務工作都集中在讓這些新設備做好準備、交付前檢查、安裝零件等產品上。而且這不會計入服務收入，對吧？這將成為一個新的、完整的良好流程的一部分。所以這是一個因素。

As there's -- we'd love to have more service tech so that we can accomplish everything at the same time. But with some of the congestion we've discussed and focused on getting new whole goods delivered, that's why you'd see the softer side of the service.

因此，我們希望擁有更多的服務技術，以便我們可以同時完成所有工作。但由於我們已經討論過一些擁堵問題，並專注於交付新的整批貨物，這就是為什麼您會看到服務較軟的一面。

And then again, back to parts, I just see it more in line kind of with what we're seeing in other areas of the business.

再說一遍，回到零件，我只是認為它更符合我們在業務其他領域看到的情況。

And I would just add on your question right, about the parts availability. We've definitely seen some improvement lately in that. However, still not where we'd like to see. We still have longer lead times than we'd like. We still are struggling to get some parts.

我只想補充一下您關於零件可用性的問題。最近我們確實看到了這方面的一些改進。然而，仍然不是我們希望看到的地方。我們的交貨時間仍然比我們希望的要長。我們仍在努力獲取一些零件。

And then as an example, our back order lines are still well above where we would -- the levels we'd like to see or met. Now on the flip side, you look at -- it is much improved compared to some of those key cash crop equipment categories like we said, where we just aren't -- haven't seen any improvement.

舉個例子，我們的延期交貨訂單仍然遠高於我們希望看到或達到的水平。現在，從另一方面來看，與我們所說的一些關鍵經濟作物設備類別相比，它有了很大的改進，而我們只是沒有看到任何改進。

And then just for my second question, are any customers willing or even able to shift down to lower horsepower equipment or some of the inventory that you have better supply of? Or are they effectively forced to wait and thus building that almost 2-year type pipeline of demand for those high horsepower and in-demand tractors and combines?

接下來我的第二個問題是，是否有客戶願意甚至能夠轉向較低馬力的設備或你們有更好供應的一些庫存？或者他們實際上被迫等待，從而為那些高馬力和需求旺盛的拖拉機和聯合收割機建立了近兩年的需求渠道？

Yes, there'd be a few rare exceptions. But in almost every case, they're forced to have to wait.

是的，會有一些罕見的例外。但幾乎​​在所有情況下，他們都被迫等待。

Yes. And just to add on to that, in some cases, it creates a -- we've got some really nice late model used equipment. And all of a sudden, maybe some of these customer is going to switch from a new purchase to a late model used purchase. And we need to use through the pipeline too. So that's helpful to move the used equipment.

是的。除此之外，在某些情況下，它會創建一個——我們有一些非常好的後期型號二手設備。突然之間，也許其中一些客戶將從購買新產品轉向購買最新型號的二手產品。我們也需要通過管道來使用。所以這對於移動舊設備很有幫助。

Yes. And then also just adding, that does really help with the future pipeline and the presell is, I guess, the positive is it gives those customers and their tax accounts and advisers plenty of time to plan their business and helps us plan our business, helps them lock in and get the specs that they want and so on.

是的。然後還要補充一點，這確實對未來的管道和預售有幫助，我想，積極的是它為這些客戶及其稅務賬戶和顧問提供了充足的時間來規劃他們的業務，並幫助我們規劃我們的業務，幫助他們鎖定並獲得他們想要的規格等等。

But yes, again, on the specific product category, still dealing with longer lead times than we would like and then our customers would like.

但是，是的，對於特定的產品類別，仍然需要處理比我們希望的和客戶希望的更長的交貨時間。

There are no further questions at this time. I'd like to hand the floor back over to David Meyer for any closing comments.

目前沒有其他問題。我想將發言權交還給大衛·邁耶（David Meyer），請他發表最後的評論。

All right. Thank you, everyone, for taking time for our call, and thanks for your interest in Titan Machinery, and we look forward to updating you on our progress on our next call. So have a great day.

好的。感謝大家抽出時間參加我們的電話會議，也感謝您對泰坦機械的興趣，我們期待在下次電話會議上向您通報我們的最新進展。祝你有美好的一天。

This concludes today's conference. You may disconnect your lines at this time. Thank you for your participation.

今天的會議到此結束。此時您可以斷開線路。感謝您的參與。