“Actually, margins, if you think about decrementals for construction and forestry in the first quarter, it'll be higher than the implied guide for the full year, again, given the underproduction.”

In context

“ion, obviously, the appointment of the new secretary of health and human services, just how to think about framework-wise, how that could impact how farmers are thinking about their business. Thank you. Josh Jepsen: Yeah. Thanks, David. Thanks for the questions. Starting with the first one on the year, I mean, as Josh Jepsen mentioned, as we think about Q1 particularly, sequentially, that's going to be down 15% to 20% compared to the fourth quarter. And as Josh mentioned, if you look at the margin expectations for the first quarter, 300 to 400 basis points below the full-year guide for equipment ops. So certainly, you're going to see more of that decline in Q1, particularly, again, noting construction and forestry, which will be at the top end of that range of top-line sequential decline. Actually, margins, if you think about decrementals for construction and forestry in the first quarter, it'll be higher than the implied guide for the full year, again, given the underproduction. And then, to your question, as you move throughout the course of the year, those year-over-year comps get better, particularly in the back half. And you get to kind of flattish, if not up a little bit, as you look at Q3, Q4 of 2025. On the new administration, I mean, obviously, we're thinking about that in terms of how it impacts our customers, how it impacts our suppliers, and certainly how it impacts our operations as well. Yeah. I think it's too early at this point to know exactly what that means in terms of enacted policy and what the impact will be on those three stakeholder groups. But, certainly, we're engaging and will monitor that as we go forward. John May: Yeah. You know, and the other thing I'd like to add is we're positioned really well. We rely heavily on our highly skilled”