“And we expect that 2024 will be much the same, meaning we'll see the highest levels of production in the second and third quarter, aligning with the primary use periods for farm and construction equipment.”

In context

“ghs. Overall, these factors drove a strong finish to an incredible year, making 2023 a story of disciplined execution. Following multiple years of a disruptive and challenging environment, we worked through our order books with on-time deliveries, enabling most products to move off restricted allocation. Pricing caught up with inflation, and we saw supply chains revert to normal, which ultimately meant we were able to deliver products to customers on time and at expected costs. Josh Jepsen: This is Jepsen here, maybe to add. I think the overarching takeaway here is that we're finally getting back to steady state of execution. As Brent mentioned, factory production schedules and customer deliveries have returned to traditional seasonal patterns, which has been very good for the business. And we expect that 2024 will be much the same, meaning we'll see the highest levels of production in the second and third quarter, aligning with the primary use periods for farm and construction equipment. Meanwhile, the first quarter will embed lower production rates, allowing for model year changeovers, required factory maintenance and shutdowns during the holiday season. So similar to last year, we expect the first quarter top line to be down 20% to 25% sequentially and for first quarter margins to be 300 to 400 basis points lower than the full year guide. Joshua Rohleder: That's great color, Brent, and thanks for the reminder on seasonality, Josh. It's been a few years since we've been able to use seasonal trends as a guide for future expectations. And speaking of future expectations, this is a perfect segue into my next question, which is probably top of mind for everybody today. Our 2024 guidance would indicate that markets will be a bit more dynamic next year. I know there's a lot”