Good morning, everybody, and welcome. I'm thrilled to be here with you today for the first time with Wells, and I'm really delighted to have the management team from AGCO join our conference. Damon Audia, Chief Financial Officer, is on my left, Greg Peterson, Vice President of Investor Relations here, and we have Steven King, Senior Manager of IR, present in the room as well. Damon, Greg, thank you very much for supporting the maiden voyage here at Wells. Thank you for being here. To start the conversation, Damon, just want to go back to the 2024 Analyst Day, where you folks laid out key growth targets. You spoke about the Fendt opportunity in North America. You spoke about product and technology offensive and building the brand. Fast-forward to today, where do we stand on progress towards those pillars that you laid out? Yeah, Jerry, thanks. I think overall, we feel very good about what we're seeing against all three of the pillars here. We're seeing some real tangible results in our market share. Fendt gained share both in North and South America last year. Farmers continue to see the value, the benefit of the most fuel-efficient products out there, along with the warranty and our new FarmerCore initiative of servicing them. If I break it down, a couple of the components that you touched on here with the distribution. The dealer footprint for us in North and South America over the last couple of years, we've been rolling out these Fendt dealers here in the North American market and our Latin American market. Today, we're just over 80% of the white space covered. We have a dealer present. We've enhanced that through our FarmerCore initiative. If you remember, that's not having a brick-and-mortar store every 25 mi or every 40 km, but rather having a smaller store for the dealer, and then enhancing that with mobile trucks, and those mobile trucks can do 85%-90% of the work on the farm. What this allows is our farmers to get serviced more how they want to be serviced. It allows them to have work done on the farm in addition to what the dealer's there to service, but do other work on the farm that helps them become more productive. Our dealers love this because their breakeven cost goes down. Instead of building these large brick-and-mortar stores with 10 or 12 bays, you build a smaller store, three or four bays. You add your mobile trucks, you're able to cover more white space. You're able to shift your resources to where the demand is in your territory. For AGCO, we love it because our farmers' Net Promoter Score was an all-time high last year. Farmers are getting served how they want. We're able to better connect with them through telemetry and other information we're getting off the machines to help our dealers service them. Farmers are happy. Our dealers are happy because they're getting usually a higher attachment point, and we're happy with better parts and service revenue. The Fendt dealership rollout with FarmerCore has been extremely successful. We see that momentum continuing. Product technology, we continue to see great performance with the new introductions of our Fendt brand here in North America, new introductions in South America, along with Europe. Overall, we have good momentum here in the North American market. Industry's challenged, as we know, no surprise, we're gaining share here and optimistic that as we see the markets recover, we'll start to see that drop to the bottom line here. I'm wondering if we can just double-click on progress on Fendt. What's the revenue footprint for Fendt in the Americas today? How does that compare to where the Challenger brand was before you folks made this transition? Yeah. With the large ag being so cyclical right now, before I go through the details here, if you remember the industry for AGCO, we're sitting at around 85% of mid-cycle right now. Go back a couple of years as a company, we were sitting at around 109% of mid-cycle, we've come down 20%, almost 25%. If I look, North America, in large ag this year, North America will be in the 70s, 72% of mid-cycle. We are sub-trough from what we would normally have talked about for our North American market. South America's been equally challenged. Even though the industry as a whole is sitting at around 85% of mid-cycle, when you start to look at some of those products like combines, high-horsepower tractors, they're significantly below that 85%. That 85% has been buoyed by medium to low horsepower. Fendt in 2024 in North and South America was around $1.4 billion. With the industries coming down in both of those regions, we were just under $1 billion last year, and we'll probably be a little bit lower than that this year because the industry's contracting both here in North America and in the Latin American region for the high horsepower. Sub $1 billion right now. Damon, you mentioned 80% covered today. What's the timeline to get to 100% covered? We'll never get to 100. I'd say our goal is to get into the low to mid-90s, and you'll see that more over the next several years. Again, it's very important that as we pick the dealer, we have more demand to be a Fendt dealer than what we have in appetite because every dealer's got to go through a qualification process. He or she has to have the capital to be able to invest in loaner machines. They have to have the ability to invest in the right type of technicians. They've got to demonstrate the ability to do FarmerCore. For us, we want to make sure that whatever dealer we pick to represent Fendt, the stores that they're putting in place, and the dealer themselves can represent that premium brand. We're very selective. We're just not going to put a dealer in everywhere. We want to make sure that where we put it fits the needs, but at the same time, that dealer can service us as our key ambassador. At the end of the day, they're our face to our customer in a lot of ways, and we want to make sure that when they go on the farm, and they bring Fendt to that farm, it helps that farmer understand they're getting the best of the best. What proportion of your distribution is through Caterpillar dealers? Did you transition the Challenger dealers to that? Yeah. In the North American market, I would say the majority of our revenues in North America still are coming from a Cat-affiliated type dealer. Our largest dealers here in North America would be Ziegler and Butler, here in the Midwest part of the country, both of them have a strong Cat business still. Very nice. That part of the Challenger transition worked really well. How does the Fendt brand work in South America? You have Valtra. You have Massey. How does Fendt fit in in South America? Yeah. When you look at Fendt in South America, again, think of that targeting more of those large professional growers in the Mato Grosso region. Massey Ferguson has its own distribution channel. For Fendt, it's usually complementing to Valtra. You'll have a Fendt Valtra dealer. I was just in Brazil a couple of weeks ago. When you walk into these large dealerships in the Mato Grosso region, you turn to the right and it's all Fendt, you turn to the left and it's Valtra. That dealer is sort of servicing two different types of farmers. You have the large professional growers who are tech-seeking, looking for maximum fuel efficiency. They're going to appeal to Fendt. When you look at the ones who are a little bit more value-orientated, or more sugarcane-orientated, where Valtra has a really strong history and legacy there. That dealer's going to service them with Valtra. Think of Massey as one channel, then Fendt Valtra as a complementary channel. What has played out from a market share standpoint in South America? Deere has spoken about gaining share over time. What's been the shift in the industry from an AGCO standpoint? Again, I think we've been growing share with Fendt in the region, the industry's been shrinking. When you look at the number of units being sold, we're selling fewer units. When we look at that high- horsepower segment where the Fendt tractors play, we've gained share. We look at the Momentum planter, best planter in the industry. It's got the articulated frame, and if you look at the topography in the Mato Grosso region, that frame flexes around the landscape there. That Fendt tractor and the Momentum planter, our South American team calls it the combo deal, where the Momentum is driving a purchase of the Fendt tractor. We've seen good share growth in both of those sprayers. We've got some good momentum with our RoGator there. Combines with our IDEAL combine that we make down there, we've grown as well. Again, all of these are getting good momentum, just in an industry that's been very challenged. The exciting part for us is we were at the Argentinian fair a couple of weeks ago, we announced we're bringing Fendt into Argentina. Again, Fendt had historically been going solely into Brazil. With the momentum we're seeing there, we've now announced our plans to bring that brand to Argentina. I can tell you the farmers were ecstatic because there are a lot of tech-seeking, large tech-seeking farmers in Argentina, and now they have the ability to access the premium Fendt brand is really exciting for them. We're excited. It's not a huge market for us. If you think about South America or Latin America, 80% sits in Brazil, 10% is around Argentina, 10% is the other parts of South America. Not a huge market in units, but a good profitable market that we're excited to bring the Fendt brand to. Unfortunately, Anfavea stopped giving us market share numbers maybe six, seven years ago. If we were to pull up the data, AGCO is gaining share at the high end. Deere is gaining share. That implies Case and New Holland is losing share. Is that what the data would show? Well, there's always a mix. Again, I think in isolation, every one of us can point to winning and someone's going to point to someone losing. But I think when you look at the revenue growth of what we had seen in Fendt, again, to go back a couple of years, there was little to no revenue from Fendt in South America. As I said, 2024, we topped out at $1.4 billion, and I think that was around $500 million or so coming from Fendt. That had to come from somewhere, Jerry. For us, we're penetrating these large farms. We're giving them an alternative to the competitors out there. We feel good about the share we're gaining, and we feel good about the opportunity to continue to gain share. Where a farmer picks what they choose to trade in, again, we'll leave that for them. Jerry, also in Brazil, there's kind of two segments of the market. There's the southern part of the country, where historically most of the farming was done. Think smaller, mid-size farms. The real opportunity in Brazil is the Midwest part of the country. We have historically been under- indexed there. But since we brought Fendt four or five years ago, that's where our share gain has happened. Again, depending on where you are in the country and what segment you're talking about, for us, it's been in the Mato Grosso region. A really interesting perspective. Thank you. In terms of the overall profitability of Fendt in North America and South America, can we just spend a minute? Unfortunately, tariffs were not helpful to AGCO. If we were to peel back Fendt economics in North America, what would that look like compared to the other product lines? I think there's a couple of layers to the question. If I think about the Fendt wheel tractors, generally speaking, the price point of a Fendt wheel tractor in the industry is it prices above the competitors. Even here in North America, the Fendt wheel tractors are the most expensive products out there. They price above the competition because they deliver significantly more value, whether that's fuel efficiency, better warranty. There's an array of things we could talk to as to why a farmer's willing to pay more for that Fendt product versus the competitors. Now, there's been two challenges when I think about the North American. One is the tariffs. Those wheel tractors are imported from Germany. The combine's imported from Italy, that has put pressure on the margins if I look at that. When I look at North America this year, we will not make money given the level of tariffs that we're dealing with. When you look at some of the other products, Fendt products, our track tractors we make here in Jackson, Minnesota. Our sprayer we make in Jackson, Minnesota. Our Momentum planter we make in Beloit, Kansas. We make a lot of the Fendt products here in North America. The challenge is the industry has been so low, those factories are running at very low levels of utilization right now. When I look at the profitability, it's hard to give you a how is the profitability of Fendt looking right now, because you're dealing with factories that are running at around 30% utilization. Wow. Putting a lot of incremental cost in the North American P&L that's not getting absorbed by units. When I look at the price point, though, of what we're selling these products, I feel good about the price that we're selling them at relative to the competition. We just need to get the volume flowing through to get those factories better utilized to get the overall profitability of North America up. What's interesting in our fieldwork, even Deere dealers talk about how strong the Fendt tractor is. Can we just spend a minute in terms of your R&D budget is far smaller than Deere's R&D budget, yet you have a phenomenal tractor. Can you just talk about how you folks are able to continue to drive the level of outperformance for your tractor, specifically with the Fendt brand? Yeah. I think it's beyond just Fendt tractors. I think our innovation engine is the most farmer-focused innovation engine in the industry. Again, when you look at what we do, we spend around 4% of sales on R&D. You look at the results, go back and look at the AE50 awards here over the last several years. I think AGCO in most years has won as many or more than the other two. When you look at the awards from Agritechnica, Tractor of the Year, AGCO continues to deliver award-winning innovation, not only on the equipment side, but also in PTx, the Davidson Prize for our autonomous grain cart, autonomous tillage. Two years in a row, we've won the Davidson Prize. The team is focused on farmer value and innovations which contribute to the farmer. I think you're seeing that in the marketplace with the awards that we're being given, and it's sort of a recognition that we're doing the right way versus spending more broadly. We're very concentrated where we're spending dollars in it, and the innovations are delivering for the farmers. Right. In terms of if we were to essentially apply normal operating leverage to your business in North America from 72% of normal to in line with normal, I think that would imply North America margins in the mid-single- digit range. Is that how you're thinking about normalized margins in North America at this point? Where would Fendt be relative to that? Yeah. It's a little bit hard with tariffs embedded in the numbers right now. It's a little bit hard to sort of understand what's permanent versus what may change longer term. Fair to think about as we get those revenues up into the low twos. Today, I would tell you with tariffs, we probably got to get into around $2.2 billion-$2.3 billion of revenue to get to be around breakeven, maybe a little bit less with some of the recent pronouncements on tariffs last week and this week. I think if those are more permanent cost structure, you're sort of seeing in the low upper digit single margins. Ideally, we like to get all of our regions into that double-digit margin range. With the North American market being burdened by a high level of tariff costs right now, that's definitely a little bit more challenging. Fendt overall, again, you got an array of product in the portfolio there between all of the wheel tractors, the sprayer, the combine, the track tractor. I'd say the profitability ranges depending on the product type and again, where we are from a share standpoint. I think generally the way to think about this is Fendt is our highest margin equipment brand, usually significantly above the company average, and it sits up there not as high as our parts or our PTx margins, but from an equipment standpoint, it's above the corporate average. In terms of on the tariff point, as you alluded to, favorable for AGCO, the recent changes, I think the tariff headwind that you had guided to was about $130 million. Just mathematically, it feels like you've got about a $60 million-$65 million tailwind relative to that number on an annualized basis, recognizing that you paid full tariffs before that. On a run rate basis, is that right, or are there any carve-outs that we should know about as we look at the decline from 25% to 15% rate on farm equipment? Yeah. Not exactly that much. A couple pieces to take into consideration. We said the full year tariff impact this year was around $135 million. With the recent change in the 232 going down to 15%, that would reduce my annual tariff cost by about $50 million or so right now. If I think about what that means for 2026, that'll take it down by around $20 million, based on what came out. Yesterday, there were some new HTS codes that were published that could take it down further. We've got to run that through our machines, see how that affects us. We're still waiting. There are still 301 tariffs pending. I think if we just look in isolation, we're $20 million better than what we said at our Q1 call. For 2026, we'll be about $50 million better run rate if nothing changes. We've got to factor in potentially some positives on the HTS codes and potentially some negatives on the Section 301s. Again, just to remember, in North America, about 35% of our revenue is imported into the country. Of the North American revenue, 25% of that's coming from Western Europe. That's the Fendt tractors, that's the Massey Ferguson high horsepower coming out of France, IDEAL combine coming out of Italy. Those are at 15%, give or take. We also import around 10% of our revenue from other countries for more of that medium to low horsepower. We have supply coming in from Japan, Indonesia, India, Brazil to a certain degree. Depending on those Section 301s and what the rate may be, that could potentially be an incremental headwind. We've got to see how these things sort of come together over the next couple of months. We'll give a better outlook when we get on our Q2 call. At least right now, the last couple of weeks have been a positive relative to what we had communicated in Q1. Jerry, just to be clear in terms of our guidance, we have not assumed any benefits that Damon's addressing here, nor did we include any of the refunds that we're set up to receive. Our guidance today, I would say, includes that full $135 million that Damon talked about. Right. We did not book a reserve for the IEEPA refunds, although we've submitted $30 million as part of phase one. We have received some cash already back, but none of that has been embedded in our outlook, as Greg said. Good. Great recap of trade policy. That was super. In terms of thinking about the trends in the cycle, over the past couple of months, as corn emergence has unfortunately been ahead of five-year average. Corn prices have been pretty tough in May. We saw used equipment inventories for large ag in North America move in the wrong direction. Are you seeing higher farmer anxiety today versus three months ago in North America, given the move in the wrong direction for soft commodity prices? I think we're seeing higher anxiety from farmers around the world today versus three months ago, given the war. When you look at where we're sitting with diesel fuel cost increases, the fertilizer cost increases that farmers are potentially dealing with, it's created a tremendous amount of uncertainty. If you just look at some of the health indexes or the barometers, here in the U.S., we look at that Purdue Ag Barometer, and you've seen that tick down over the last couple of months. We know there's a lot of anxiety. Good news is, for farmers, at least right now, most of them had procured their spring fertilizer in advance of the war. They really weren't dealing with the significant increase in prices as they went into spring planting. They have their mid-season passes, and more importantly, as they start to think about locking in their 2027 fertilizer, what's the cost they're going to pay here in the fall, and will they buy the same amount at a higher price? Are they going to have to rotate some of their crops to less nitrogen-intensive crops, or are they going to buy less fertilizer to try to keep their cost level low, which will then compromise 2027 yield? We're going to have to see. I think there's a lot of anxieties with what does each farmer do and how does that affect his or her growing pattern next year. There's a lot of uncertainty more forward-looking. In the near term, though, I think what we're seeing is a lot of farmers monetizing the yields that they had last year. If you remember, last year was a great harvest here in North America. Very strong yields. Corn prices were not that great a year ago, a lot of farmers stored their grain. With corn sitting in the $4.80s or so, you're seeing a lot of those farmers right now taking advantage of that price and getting some cash into their bank accounts. A little bit of a short-term benefit, but a lot of uncertainty as they look forward here as to what are they going to be forced to pay as they go into the back half or the end of the calendar year. You mentioned capacity utilization for large ag in North America, 30% for you folks. Very similar numbers across the industry. Used values are now improving. What's the level of confidence that we'll produce at a higher level than 30% in 2027 based on the improvement in used values? How would you weigh that against the uncertainty that farmers are seeing? Yeah. I think, well, it's hard to forecast what the industry's going to look like. If we look at the data, the age of the fleet is at a record high in North America. We normally average the age of the fleet at around six and a half years. We're closer to eight and a half right now because when we went through the supply chain, we went through the peak in 2022, 2023, and early 2024. The industry, because of supply chain challenges, we could only get the age of the fleet and the farm from old to average. We never got it young. End of 2024 into 2025 and 2026, we've seen the downturn now. That age of the fleet has creaked back up. We know the age of the fleet is high. We know that if we look at, again, all the decisions farmers are going to have to make on crop rotation, potentially less fertilizer will likely result in less yield in 2027. As that starts to trickle through some of the USDA and others' estimates for 2027, we'll see corn futures rise. That could be a windfall for farmers as we get into the harvest of 2027. There's lots of reasons to think that the industry could be in a much better position next year. As we look at our production, if that industry starts to pick up or even stays flat, we're going to see higher levels of production either way. Because today we're underproducing relative to retail demand. We're still trying to work our dealer inventory down. We're sitting at around seven months right now. We want to get that down to six. We were up in the nines a couple of quarters ago, we've been underproducing that retail demand, trying to bring that dealer inventory to the right level. As that sort of stabilizes here over the next quarter or two, even if that industry doesn't pick up, you're still going to see a higher level of production flowing through our factories because we'll be producing more in line with retail. In Europe, you folks are executing phenomenally well. We're seeing record margins or near record margins out of your business. Given the pressure on farmer economics, how do you view the risk to your European business, especially given your orientation very heavy in Germany? What implications does that mean for the business over the next 12 months, given all the moving pieces? I think similar to North America, there's a lot of uncertainty for the European farmers. If you look at the CEMA index, which again is another European barometer, that had been sort of circling in that growth category for probably around 15 months. Really hadn't moved. If you look at post the start of the war, that index has sort of started to tick down a little bit. Again, a very similar dynamic that we talked about for North America, is farmers are going to have to make some decisions as they come into the fall. A little bit different, in Europe, you have a lot of winter wheat there, so that's harvested here in the early summer. You have a little bit more crop diversity. Farmers tend to carry a little bit more livestock and dairy on their farms. More grain diversity there. You have a little bit more variability, but that farmer's going to have to go through the same decision. Do they rotate their crops? Do they buy less fertilizer? Do they buy the same at the same cost or at a higher cost? They're going to go through all of those dynamics. The good news for us and the good news in Western Europe is you still have a high percentage of those farmers' income comes from government subsidies. In Western Europe, close to 50% of their income comes from subsidies, and that tends to be relatively consistent. You have less variability from an order pattern there. Our industry in Europe usually flexes from around 90-110, so it doesn't usually get too high, but doesn't get too low like we see here in North America or in South America. You have better crop diversity, better stability from subsidies. We look at the dealer inventory, we're sitting at around just under four months, in a very healthy position there. We haven't had to go through a significant level of destocking. When we look at the order boards, we're sitting within the three- to four-month range for our European business. We have pretty good visibility based on historical standards. Again, a lot of uncertainty, but the teams have done a really good job staying at the farm table, talking to the farmers. New product introductions coming out that are driving better fuel efficiency, better innovation coming out of Fendt, along with Valtra and Massey. Again, it's uncertain, but I think overall Europe's in a relatively good position. On your mid-cycle framework, can you remind me, is that a seven-year average? Where is Europe relative to the 90-110 range? Yeah. We look at the 10-year average. Europe is sitting at around 90% of the 10-year average, that's usually the low point that we sit at in the European market. Very interesting. Germany's done better, I believe. Is that right? Germany's done well, the last couple of years. France has been a little bit weaker this year. The two biggest markets in Europe are Germany and France, where our AGCO has great market share between Fendt, Massey, and Valtra. Fendt has done well in gaining share in both of those markets the last couple of years. German market's been stronger this year. French market's been a little bit weaker, for the industry, though. Got it. Then on the precision ag side, so your planters, especially in aftermarket business, really phenomenal position in the industry. Can you talk about what demand looks like this year? Obviously, planting season's over. What were the results for AGCO? Yeah. How did the business perform? We're still in the second quarter, we'll give you a little bit more information on that at the second quarter call. If you look at our PTx portfolio, again, one of those unique differentiators that AGCO offers is that we have three different channels in the PTx business. Last year, that business was $860 million. We said this year it'll be around $860 million - $900 million. If you can break that down into the three primary channels, about 1/3 of that goes to AGCO. That's PTx technology getting into the factory floor for a Fendt product, a Massey product, or a Valtra product. Think of that AGCO OEM direct, about 1/3 goes there. That's going to cycle with the overall ag industry. We also sell to 100-plus OEMs. Again, between Precision Planting and PTx Trimble, we pretty much sell to every OEM other than the big one. Look at a back of a planter from competitors, see Precision Planting, guidance systems from major companies using PTx Trimble. We have 100-plus OEMs that we're selling to. That's around another $300 million directionally. That's going to follow the overall industry cycle. The third part is that unique part about AGCO, where we have that separate retrofit channel. These are independent technology dealers. These are usually not the equipment dealers who are selling a new tractor, a new sprayer, a new combine. They're selling seeds, they're selling agronomy, they're on the farm driving technology. That business is around $300 million as well. About 1/3, 1/3, 1/3. That business has been a lot less cyclical. It's usually about 1/3 the cyclicality of what we see from the new equipment business. That's because as farmers have been more challenged from a net farm income standpoint, they're still looking to reduce their input costs or drive higher yields, and you can get a much faster payback at a much lower entry point. Our whole PTx portfolio targeted at retrofit first, and it's allowing those farmers to keep their old traditional iron, but upgrade it, make it smarter, make it more productive by bolting on these PTx pieces of equipment that generally yield a one-year, maximum two-year payback for them. If they're looking to reduce their fertilizer, there's options on their planters. If you look at the targeted spraying, again, reducing their herbicide use because now you're bolting on our vision system and our nozzles to your existing sprayer. You don't need to buy a brand-new sprayer, but you can buy the camera system and the nozzles, and you can put that on your old sprayer. Giving them the efficacy, the lower input costs at a much lower price point. You look at our autonomous systems. We have autonomous for the grain cart. We have autonomous for tillage. We're coming out with autonomous for fertilizer. For that farmer, he or she's buying the system for their John Deere tractor or their Fendt tractor, and they own that piece of equipment, and they can then buy the hours for tillage or grain cart when they want it. It gives them a lot more flexibility. They're not having to buy a brand-new tractor. They're literally just buying the system and bolting it onto their existing tractor, giving them a lot more flexibility to test out this new technology without having to make a massive investment on a brand-new tractor. We know times are tough, but yield, efficiency, labor shortages, this is a time where they can get a lot better payback with some of this technology without having to make those large upfront investments. Deere rolled out on a subscription basis the GPS kits, and you folks have a phenomenal position in that business. Are you doing it on a subscription basis as well? They've got good traction, $4,500 upfront, $4,500 a year. Do you have a matching product? Is that how you're taking them on market? No, we're trying to, as we've talked to the farmers, again, in these times, when net farm income is low, adding subscriptions to them for the basic necessities, they tend to run into a lot of resistance with that. We've tried to serve the farmers how they want to be serviced, where they see the incremental value for the subscription. Again, the way I would look at our, if you look at our guidance systems, you own the hardware, you have a small annual subscription. If you look at our autonomous system, you own the hardware, you buy the hours that you want or need. If you want to buy hours for autonomous tillage, you buy those hours, or autonomous grain cart, you buy those hours. If I look at our targeted spraying system, that's yours. You buy that equipment upfront. If you want to go into the field one time, two times, three times, it doesn't cost you anything different from AGCO. You already own the equipment. It's just your labor, your diesel fuel for your sprayer, we try to sort of service them how they want to be serviced. Super. Well, thank you so much, gentlemen, for joining us today. Damon and Greg, appreciate you.