All right. Good morning, everyone, and thank you for joining us at Oppenheimer's 20th Annual Industrial Growth Conference. I'm Kristin Owen. I cover the ag and infrastructure space here as part of our Sustainable Growth and Resource Optimization team at Oppenheimer. I have the privilege of being joined this morning by AGCO's Chief Financial Officer, Damon Audia. I believe we've got Greg Peterson, VP of IR, in the background there. Thank you for being here this morning, Damon. Just before we dive in, I do want to note for folks on the line, we have a Q&A feature on today's call. If you have a question or a follow-up, please feel free to drop that in, and we'll try to address it live on the call. If we do not get to it, we'll try to connect you with the team afterwards. Damon, we do have a lot to dig into this morning, but just given that you all reported Q1 results last week, I'm wondering if you can give us the quick one-minute recap on your results last week. Yeah, sure, Kristin. Glad to be here. For those of you who didn't hear, our net sales were just over $2 billion. We reported consolidated adjusted operating margins of 4.1%. That would reflect decremental sort of in the low to mid-20% range. Our adjusted earnings per share came in better than our expectations at $0.41 per share. The strong first quarter helped us reaffirm our full-year outlook at $9.6 billion in sales, operating margins in the 7%-7.5% range, and earnings per share in the $4.00-$4.50 range, all while retaining our production guide of production being down somewhere in the range of 15%-20% for the full year. Overall, good start to the year. Indeed, a very strong start to Q1. You did maintain the guidance, even with the impact of tariffs, which we're going to get into. Can you just talk us through some of those moving pieces around the Q1 strength, and then maybe some of the uncertainty or moving pieces around the tariffs assumed in the remainder of the year? Yeah. If we look at the first quarter, we'll unpack the $0.41 a little bit, and then I'll sort of jump into how that affects the full year. For the $0.41, again, better than our expectations, I'd sort of categorize it in two different pieces. Operationally, we did better by about $0.25-$0.30 or so. We saw a little bit better pricing in certain parts of the world. We saw a little bit better mix. Our cost actions that we've been talking about for a year now, or sort of June of last year, have really started to gain some traction a little bit sooner than what we had expected. When I look at all of them, offset by a little bit of incremental production cuts than what we had originally planned, those buckets together were about $0.25 of operational improvement. If I drop below the line, there was a little bit better other income and expense. We saw lower levels of inflation in Turkey related to the currency there. Our receivable discounting, because sales were a little bit lower in certain parts of the world, we had less of a sale discounting going on. Those sort of below-the-line items amounted for around another $0.15-$0.20 of sort of below-the-line operations. Put those two together is how we get to the $0.40 of earnings better than what we had originally expected. As I said, good start to the year. That was part of the way that we allowed ourselves to reaffirm our $4.00-$4.50 of EPS. If I look at some of the moving pieces, even though there was not a change in the guidance, I would say under the surface, there were several parts that were moving. Let's put the $0.40 as a positive. We have looked at our foreign currency. As I think the team knows here, we have a large exposure internationally. More than half of our revenue comes from Europe. With the euro, at that point, we had originally started the year with a foreign currency headwind of around 3%. As the euro has strengthened in the course of the quarter, it has allowed us to move that foreign currency outlook to flat. That is around a 3% pickup. That translates to around an additional $0.40 of earnings pickup for us through the course of the year. That brings it up to 80. The offset to that 80 is we saw our markets weaken a little bit more. If you look at our change in our outlook, our markets in North America weakened a little bit more. Asia-Pacific is weaker than we started the year. Our European market is a little bit weaker than we started the year. Those three markets a little bit weaker offset by a slightly more positive South American market is taking the absolutes down, and it is forcing us to cut our production a little bit more. I would say those are driving down around $0.30 or $0.40 when you look at the underabsorption. We layered in our tariff assumption. What we have assumed for tariffs is what is in effect today is in place for the balance of the year. The retaliatory tariffs after this 90-day window do not move up to the higher level, but what is in effect sort of stays in effect for the full year. We have made the assumption that that has an incremental cost to AGCO. We have made some assumptions as to how we will address that through cost mitigation actions through our suppliers, through other actions we may be able to do, and/or some potential pricing actions. We have assumed a certain level of pricing that we are able to implement both in parts as well as our equipment. We can talk about that, Kristin, if you want to double-click on it. We have also assumed that if and when we put that into effect, there is likely some incremental weakness to our top line in North America. Again, we did not change our industry outlook related to that because we do not know if that would be unique to AGCO or if that would affect the overall industry. When we look at those two things, the lower revenue for North America coupled with the pricing and how that drops to the bottom line, that is around a $0.30 headwind for us related to tariffs. When you look at the weaker industry, the incremental underabsorption, and the tariffs, that is around $0.70 or so, offsetting that $0.80 of what I touched on, which is the strong Q1 and the FX improvement. We are certainly going to double-click on tariffs. Before I get there, before we make any assumptions around the demand impact on tariffs, I want to ask about your baseline assumptions on sales and production sort of relative to retail demand, how you're anticipating dealer inventories to progress as we get into the back half of the year. Yeah. We'll go around the world, and let's start with Europe. Europe, as I said, it's our biggest market with over 50% of our revenue. If we look at where we finished the first quarter, dealer inventory levels were just under four months. For us, four months is that optimal level of what we want the dealers to hold. Fendt is a little bit below that. Massey and Valtra are a little bit above that. Overall, we're feeling very good about the dealer position in Europe. Again, I would say, generally speaking, you'll see production and retail matched in Europe. It may fluctuate a little bit in any given quarter because some of the exports to the other regions. Generally, for Europe, we're going to be producing in line with retail demand there. If we jump over to South America, which was one of the early, was one of the markets to go into the downturn early, we've been cutting production significantly there now for about six quarters. If we look at where we were at the end of the year in South America, we were at about five months of inventory. We looked at, we finished here in the first quarter just under four months. We took around one month out. If we look at that on a unit basis, we reduced the number of units in South America by about 7%. We are making progress. Our goal is to get to around three months. Based on our outlook right now, we feel like we would be in a good position to hit that three-month mark by the end of the second quarter. I think some of the investors know AgriShow just wrapped up last week. I would say, as we said, probably for the last couple of months, we were starting to feel a little bit more of a positive sentiment in South America. The soybean harvest was a record down there. I think farmers were feeling a little bit more optimistic based on those yields. Obviously, the geopolitical trade tensions, as we have seen in the past, that challenge between the U.S. and Europe historically has benefited the Brazilian farmers. I believe there is a little bit of optimism down there, believing that if this continues, they are likely to be the beneficiary. The feedback coming out of AgriShow was definitely positive year over- year on what they saw this year. If you look, you saw that we changed our outlook of the Brazilian or the Brazil retail market to go from flat to now flat to up 5%. So we're feeling a little bit better about that South American economy. The Brazilian farmers and hopefully feel like we should be in a good position by the end of the second quarter to have our dealer inventory where we need it and then be more aligned to matching production and retail, generally speaking, for the back half of the year. If we move up to North America, North America is obviously the one where we had the most challenge. That industry is challenged. Again, we changed our outlook now for large ag to be down 25%-30% as we continue to see weakness in that market. Our dealer inventories at the end of the year were right around nine months. As I reported on the first quarter call, they came down a little bit to 8.5% at the end of the first quarter. We have to unpack that because there is a little bit of a seasonality going on with that number. If we look at our large ag dealer inventory, we took the number of units on hand down by around 7% from year-end to Q1. That is around two months of large ag dealer inventory. We are making good progress, not where we need to be, but we definitely saw a reduction. What you saw is because of the seasonal selling pattern here. Obviously, the springtime is a peak selling season for farmers in the low horsepower segment of the market. That seasonal build that we saw in the low horsepower is what kept the inventory relatively flat or only down around 1%. That really was not due to anything more than the seasonal nature. As we move through Q2 and into Q3, the dealers will work through that lower horsepower stuff. Large ag, we made progress, not where we need to be. As I said on the call, we are going to continue to underproduce in relative to retail in North America here again in Q2 and then likely again in Q3. Just as a data point, North America production was down over 50% in Q1, and it will be down likely over 50% again here in Q2 as we are working hard to really get this dealer inventory under control. It is going to take us a little bit longer than the other two regions to get there, just given the starting position and the state of the market in large ag here in North America. Right. Thank you for that. Around the world, we're going to revisit some of those regions in some of our upcoming questions. Before we get to that, I do want to unpack the tariff exposure. Can you just first help us understand your direct exposure? Remind us what that is. I think you touched on this a little bit. Just the tariffs, which specific tariffs you've assumed in the forward outlook? Yeah. So again, we've assumed all the tariffs currently in place are staying. You think about the largest exposure for AGCO is related to the tariff on EU-sourced products. The 10% for products coming in from Europe, that's our biggest exposure. We've assumed that 10% stays for the balance of the year. Just to put that in perspective for the investors, last year, AGCO's North American revenues were just around $2.8 billion. Of that $2.8 billion, 25% of that came from product that was sourced in North America or sorry, sourced in Europe. Coming out of Germany, France, and Italy. In total of the $2.8 billion, around 35% of the revenue came from imported products. That other 10% was coming as a smaller percentage coming from countries like India, Japan, Brazil. We've assumed that those tariffs come into effect or stay in effect for the balance of the year as well. The big one for us is the tariff on the EU, and we've assumed that's currently 10%. That's our largest exposure. Our second-largest exposure would be related to China, and that's the 145% tariff. That would be, generally speaking, on imported products that goes into the assembly operations for our equipment. After that, you start to drop off to much lower levels to some of those lower horsepower tractors or other parts that are coming in from around the world. Has that tariff impacted? I'm thinking specifically about maybe China or some of the steel and aluminum. Has that shifted with some of the portfolio changes that you've made over the last year, bringing in PTx Trimble, selling GMP? Most of us look to cycle over cycle or the prior 2018, 2019 period as a reference point. How has that shifted given those portfolio changes? Yeah, I'd say modestly. When you think about those two businesses, the PTx Trimble business and the GSI portion of grain and protein, which was in the U.S., you're talking about relatively small parts in the grand scheme of a $9.6 billion business. I'd say a little bit to your point, it's a little bit helpful from not having as much import on steel, but generally speaking, not a big driver for our overall exposure given the size of our equipment businesses. You touched on this a little bit on the earnings call, but I want to come back to it. The tariff environment and how that would impact your three primary growth strategies. I am thinking specifically about your ambition to double Fendt sales in the Americas, given that those are produced outside of the US. Yeah. I think if we look at, if we go start with Fendt, and we'll talk about precision ag in parts here. If you look at Fendt in total, I would say, generally speaking, not a lot of change to our strategy. Now, it may shift a little bit into your question or your comment here. Our goal is to take the Fendt revenues, which last year were just under $1 billion, to get North and South America up to $1.7 billion by 2029. Obviously, to the extent these tariffs do come or stay in effect and it shifts grain source from the U.S. to Brazil, we will likely see the Brazilian market perform even stronger than what it has in the past. When you look at that Cerrado region, the Mato Grosso, that is the primary exporting region for the Brazilian market. They're doing two to two and a half plantings per year. These are large professional growers who are looking to maximize their ROI. The Fendt product plays perfectly there. It's the most fuel-efficient tractors in the market. The Momentum planter is the best planter by far. For these farmers, the Fendt product fits them perfectly. We have been seeing great growth of Fendt market share in that part of Brazil. To the extent that that part of the market booms because of this geopolitical tariff-related issue, that's only going to accelerate the Fendt growth in South America. When we look at North America, again, we're seeing good penetration. Obviously, the tariffs will create a little bit of a headwind, but it's not going to be directly affected to the Fendt product. What our CEO said on the call was, at least our philosophy will be as we look at the total cost of these tariffs, and our expectations are whatever we cannot offset or mitigate internally with alternative suppliers, what we cannot push down to our supply base. Whatever we, in theory, have to pass off to our farmers, we are going to look to spread that across all of our portfolio of products that are sold in North America. We are not going to look at a Fendt tractor or an IDEAL combine and say, "Okay, that is subject to 10%. Therefore, the IDEAL has to go up by 10. We're going to look at the number, and let's say if it's 100 in total, we're going to put $1 on all of our products to spread that evenly so the CPC or the comparative pricing doesn't get out of whack with the competition, and we're not penalizing one product versus another. Again, we're not necessarily going to apply it solely to the product that's being imported, but spread it a little bit more evenly across our entire North American portfolio. We realize that that will create a little bit of a challenge relative to the competition, assuming that they do nothing. We think all of us have some type of an exposure related to these tariffs and how our two competitors react will obviously create a relative comparison for us versus them. At the end of the day, we know that Fendt continues to perform very well in the North American market. The fuel efficiency, the technology, the Gold Star warranty, which is that three-year bumper to bumper for them, is really catering to farmers who are looking for the best of the best. We expect that to continue, especially as farmers are looking at sort of reduced levels of profitability, trying to maximize their output and their profitability. Fendt plays well for them, and we expect that to continue. You've given us a little bit of a sense of what some of those mitigation efforts are. You mentioned price if and when after you've tried to offset what you can internally. Any other mitigation efforts that we should be aware of? Yeah. I mean, ideally, as we talk about being the most farmer-focused company, our primary focus is how do we minimize the cost of the farmer first? That starts with our supply chain. How do we make sure that if we are seeing any type of price increases coming from our supply chain, how do we work with them? How do we make sure they are looking at all the tools, all the levers to mitigate that? How do we try to drive productivity? Let's keep the cost. Let's avoid the cost where possible. Where we have dual source of supply, how do we play the tariff arbitrage in that case? If we have a supplier in the U.S. versus one in Europe, can we move more of that to that U.S. supplier to mitigate some of that? Looking to minimize the cost, as we've said in some of the prior calls, we do ship a fair amount to Canada. Today, many of my European products find their way from Europe into the US, and then we ship them north to Canada. Doing some things to mitigate that with a bonded warehouse, for example. We've looked at the alternative shipping directly into Canada, doing some light assembly there, or shipping through a bonded warehouse in the US. That seems to be more cost-effective for us to use the latter approach. Again, a little bit of a cash flow issue, but won't really have a big effect on the Canadian farmer. Trying to look at all the different levers. Obviously, like many multinationals, we're using advisors. We're looking at what best practices are out there, really trying to keep the cost as low as possible before we have to look to that price increase that we may have to pass off to the dealers and the farmers. You started to touch on this in your comments on what this trade environment could mean for Brazil. As I said, we kind of looked to that 2018, 2019 trade war as a playbook for tariffs. While I do not know that any of us has great sense of certainty on what will happen in July and where tariffs are going, I think what we can learn from the prior trade war is that it did have an irreversible impact on global grain trade. Do you see any major differences this time versus last? How would you anticipate the industry to shift this time around? Yeah. It's a tough question to answer because everyone's a little bit different. I step back, and I think at the highest level, the world needs a certain amount of grain to feed the world. And that's not going to change. So the users and the amount per user is not changing. The source of supply, it's like water rolling down a hill. It may take a different path from where it started, but it's always going to get to where it needs to be. I look at that and I say, well, to the extent that what you see, the political tariff tension creating challenges between the U.S. and China, we saw that last time, to your point, that they reduced their purchases from the U.S. and they bought more from Brazil. Again, hard to predict the future, but I would think, again, probably a very similar pattern plays out where U.S. farmers are exporting less to China. That does not mean they will not export, but now they may be finding alternatives like Mexico or other parts of the world to export their goods to. Brazil will likely be the beneficiary of that and ramp up further exports to China. We will definitely see a mix. Again, for someone like AGCO, if we look at our relative position in high horsepower premium products in Brazil relative to the U.S., if that region is growing faster and better, that is definitely an upside for us relative to others, given our relative market share there versus our market share here in North America. Can you put a fine point on that, Damon? What is your market share in Brazil? I mean, you guys have been in the region for decades. How well do you feel those brands are positioned there? Yeah. I think if we look at the Brazil market, we have three brands here. In North America, we only talk about Fendt and Massey Ferguson, but we have a third brand called Valtra. And Valtra, actually, I think had the first tractor factory, one of the first tractor factories in Brazil. They've been in it for 65 years. It is an extremely well-known brand down in Brazil. Massey Ferguson, I think, has been there for 64 years. We have two very well-known long-standing brands. Valtra really catering to, we call that our workhorse brand, so catering to a lot of the specialty crops, sugarcane, coffee, doing quite well. Massey Ferguson catering to an array of farmers. Think of that as that full line offering down there, starting with some of the lower horsepower offering services all the way up into the high horsepower. Two very well-established brands, very complementary to each other in the region. As the Mato Grosso or Cerrado region has begun to pick up for these large professional growers, about six or seven years ago, we began to introduce the Fendt brand. That is the best of the best. That is those professional growers who are looking for maximum performance. We are starting to see that really start to take off with share. When you look at those three brands, I think totally of tractor share, we are probably at around that 30% range. Not too far off from the competition. It is going to flex a little bit between high horsepower, medium, and low horsepower. We look at the industry, Fendt is going for the top of the market. It is going for those premium growers who are looking for technology, looking for return on investment. Massey Ferguson catering more to your value-oriented, not your opening price point farmers, but someone who aren't looking for all the bells and whistles, looking for a reliable, dependable, straightforward tractor. Then Valtra, sort of complementing the two, being more focused in that niche focus of high or high intensity sugarcane-type farming and some of the coffee applications. Three brands all complementing each other and each with an opportunity to continue to grow. You mentioned technology. When you're thinking about some of the synergies in the PTx portfolio, I mean, Brazil seems like a prime opportunity for you. What's the technology readiness as you see it in Brazil for things like what you have in the Precision Planting and PTx portfolio? Yeah. I mean, as big as the market is, it's still relatively early in the technology adoption. When we think about the growth in South America, we've been very bullish on the long-term potential for Brazil, just in the size of the market, but also in the technology adoption. Again, you're looking at a country that's doing two to two and a half plantings per year. As we think about the requirements to increase yield, technology can play a huge part there. Our Precision Planting group has done quite well in starting to grow that. Trimble, before the acquisition of the joint venture, was building its presence there. I'd say we see huge potential, but still very early from an adoption standpoint. That is part of the overall growth plans that we have for the PTx business to go from that $1 billion or $850 million in revenue up to $2 billion. Part of that is the geographic expansion. South America is a big part of that. Damon, before I move on to Europe, I do want to address a question that came in just on your 50% underproduction that you mentioned in North America. Can you, or excuse me, 50% production cut in North America, how does that correspond to your industry expectation in the second quarter? Just what that degree of underproduction is assumed in the 2Q outlook? Yeah. Kristin, I do not, the 25-30% that I have for the full year, I do not have that off the top of my head for the second quarter. I would, again, if you assume that the markets have weakened as we went through 2024, I would assume that if we are 25-30% for the full year, it is going to be above that average in the first half of this year. I would say we are still probably going to cut more than the industry's decline, but probably not equal to the full year average, if that makes sense. That's perfect. Thank you. Europe, we spend a lot of time talking about North and South America on the earnings calls, on this call, probably because of your peers. But you have mentioned before Europe is one of your more resilient end markets. It accounts for over 50% of your sales, 60% of your operating income. I'm going to ask you to revisit that market share question. Remind us, what is AGCO's market share in Europe and any sense of how that is split between Massey, Fendt, and Valtra? Yeah. I think overall, I think if you include, when we look at all of Europe, Middle East, I think generally AGCO's right around the 20% mark. Now, if you look at our business more Western Europe, as you know, if we look at our market in France, we're probably in the mid to upper 20%. If we look at Germany, which is a big market, we're probably in that mid to upper 30%. Again, we have a very strong presence in these large mature markets. Again, it's broken down amongst our three major brands. I won't break down by the three, but each of them play a distinct role. I think it's important when we look at ourselves versus our competitors, some of them have one brand. They sell different types or different versions within the one brand. Our brands are very complementary. We do not see cannibalization between Massey and Fendt. When we look at the industry around the world, we sort of say, hey, there are two different markets. Half of the market, generally speaking, are these high-tech, high-performance, looking for premium-type services. That is where Fendt plays. There is a second half of the market that are a little bit more value-orientated. They do not need all the bells and whistles. They do not need the latest technology. That is where Massey Ferguson generally plays. You have more of these niche brands. If we look at the Valtra brand, as I said, it plays in the workhorse in the sugarcane in South America, but also very strong in the Nordic regions and plays a certain portfolio complementary to Massey and Valtra. We do not really see a Massey farmer usually is not someone who is going to trade up and buy a Fendt tractor. That Fendt farmer is normally not someone who's going to trade down and buy a Massey. We segregate the market a little bit by brands versus others who maybe do it by different types underneath one brand. You mentioned your strong market share in Germany. This has been a historically very good market for you. You've had some hiccups with a large dealer in the region over the last year. Can you just give us an update on bringing that dealer back to business as usual? Yeah. Obviously, we have a great strong presence in Germany. The team has done well. We do have one large dealer called Baywa. Baywa is a large dealer. They are a conglomerate. There are other non-AG businesses. They dealt with some liquidity, some challenges there. It put the conglomerate itself under strategic review. There was a work-out consultant who stepped in. We have worked very closely with the Baywa management team. We have worked very closely with the restructuring expert. They have published their documents. They think that this is a viable business. They are working to potentially sell some of the non-AG businesses. No surprise, as you are working through a liquidity concern, you want to harness your strongest businesses. AG has been a great business for them. They have seen very good demand. They have continued to work very well with us. It's part of their ability to dig out of the hole that they have, the leverage issues they have on their other businesses. Overall, what I would say is the business itself continues to perform well. What we see with Baywa is not like other dealers. They're not holding as many stock orders. We have a retail order, and then we have a dealer stocking order. In Baywa's situation, the retail demand has continued to be very strong, facilitating some of the market share growth we're seeing in Germany with Fendt and with Massey. We're just not seeing that dealer inventory held the way you would see other dealers. When you heard me talk about the dealer inventories on prior calls, I usually say Fendt's a little bit below. That's because Baywa's presence, they're not carrying that stocking order. It is not necessarily a bad thing for us right now. We are managing it with them. We do not see any risk. We do not see anything that is creating any near-term issues for us with Baywa. They are working with us, and they are working out of their particular challenges. Over the long term, we think they will get back to normal. We view them as a critical part of our distribution network in Europe. The other question we often get about Europe is just what a potential for a true ceasefire in Ukraine could look like for AGCO. Can you just round that out for us, how you view that opportunity? Then we'll get into a couple of final items in our discussion. Yeah. If we look back, Ukraine pre-war was somewhere in the, as a percentage of sales, it was around 2-3% of AGCO's European sales. An important market, but not the primary market for us. When we look at the size of the region, or we look at the size of the country, today our team would say it's probably around 10% of a France or a Germany. Those two very large markets, Ukraine probably around 10% today. If the war was to end, we think that could probably double fairly quickly. A nice step up in opportunity. We've been doing a lot behind the scenes here to really try to support the Ukrainian farmers, Ukrainian dealers. We have a plan where if they make an order, they get top priority in the production queue. We have actually seen our market share grow in Ukraine since the war. We have tried to be visible to support the farmers, support the dealers, knowing that at some point in time, there will likely be a rebuild, and we want to be there to help facilitate that. We have orchestrated meetings with government officials, with banking officials, other political people saying, what are the administrative things that need to be done? Because when the war does end, we expect there to be a large infusion of capital. How do we accelerate that to hit the ground running as quickly as possible? Just trying to be supportive where we can with the dealers and all the other opportunities to present ourselves in the most favorable light. The good news is, if you look back at Ukraine prior to the war, a lot of that country was serviced by Russian equipment. Unlikely that would be the case this time. To the extent it does open or when it opens, we're hopeful that we'll see that large infusion of capital and that it will likely be serviced by the Western companies. Again, hopefully, given the presence that we've been there, how we've tried to facilitate, maybe we see an outsized benefit for AGCO given the support. Time will tell. Overall, we're positive that Ukraine will be a benefit for us when it opens. All right. I know we are just about at time, but I want to get a chance to ask you one more question that we get often on the technology front. You mentioned it earlier, but you put some targets out there around the PTx Trimble portfolio combined with precision ag and some of what you have internally. The target is to double your precision ag revenue to $2 billion by 2029. Just walk us through the steps to get there and how folks on the call should think about those milestones. Yeah. I think there is a couple of things. Obviously, we are sitting well below mid-cycle today. I think you have to, one is we look at just the overall volume that happens as we go from sitting at around 85% of mid-cycle up to mid-cycle. That will create a natural underlying lift to the numbers. If I break down the different components, there are a couple of things that we are doing. One will be geographic expansion. As I mentioned, we look at where Precision Planting was strong. It was mainly US with opportunities to really grow in Europe and South America. If I look at Trimble prior to the joint venture, which is now PTx Trimble, they were very strong in Europe, and there were geographic expansion opportunities in North America and South America. Part of the growth will be just sort of bringing those two products together, those two groups together, and expanding where they're in the geographies where they were not as strong. The primary area is going to be new product introductions. You've already started to see some of the products coming out of the PTx Trimble or out of the PTx organization. Let's focus on autonomy for a second. We've already announced the OutRun program, which is a retrofit application for the autonomous grain carts. We're the first company out there with an autonomous application. Again, this is retrofit. The farmers can bolt it on their John Deere tractor. They can bolt it on their Fendt tractor. They don't have to buy a brand new piece of equipment. I would say the early results from the farmers have been very excited as they're testing this, and they're seeing this taking the labor out of the grain cart, and it's allowing that farmer, he or she is sitting in the combine, to autonomously bring that cart next to them. That's a huge opportunity for them. That was the first one in the market. We've demoed the tillage. That is coming. What we've committed to is to have an autonomous offering across the crop cycle by 2030. The teams are working on all of those different opportunities. That's a huge opportunity, again, unique to AGCO, is I think, Kristin, we go retrofit first. We do not bring that to our new equipment. We start in the aftermarket. We start with that discreet go-to-market channel, starting retrofit first so the farmers can bolt it on his or her piece of equipment first. Then when they get comfortable and they like the technology, hopefully they migrate into an OEM product like Fendt that has that technology already embedded in it. You see things like autonomy, targeted spraying. We have our Symphony Vision system, which we demoed earlier this year at our winter conference. This is the targeted spraying, the vision system that can identify a crop versus a weed. Again, very much retrofit first. The farmers can go out, they can buy the equipment, the camera system, the nozzle systems. They can bolt that to their existing boom on their sprayer, and they can result in significant herbicide savings as they're now only spraying a weed versus the entire broadcast spraying. Leveraging that type of technology, not only here in North America, but in Europe and South America. We can layer on the other technologies, water management, Radicle Agronomics, all the different things we are bringing out in the planting, which is the cornerstone of Precision Planting. Lots of new technology innovations, all trying to drive productivity for the farmers, improve their yields, reduce their input costs. We grow that retrofit channel first, and then we bring it into the OEM channel second. We see growth as many of our OEM customers love to use that technology on their equipment. We know that we see opportunities to grow that as well. We put all those together as sort of how we see ourselves getting to the $2 billion by 2029. I suspect we could have an entire call based on that topic alone. Unfortunately, we will have to leave it there because we are at time. Damon, thank you very much for taking the time to answer some of our questions this morning. We will look forward to hearing more of that technology journey. I think September is the next technology day. In Germany. Absolutely. Look forward to seeing you there. Thank you, everyone, for joining us today. Thank you to the AGCO team. Hope you enjoy the conference. Thanks, Kristin. Thank you. Thanks.