“For fiscal year 2025, our outlook for net income remains between $5 billion and $5.5 billion.”

In context

“on slide twelve. Worldwide Financial Services net income attributable to Deere & Company in the first quarter was $230 million. Net income was favorably impacted by a decreased valuation allowance on assets held for sale of Banco John Deere. Note that Deere completed this transaction with Bradesco for the sale of 50% ownership in Banco John Deere subsequent to the quarter in February. Excluding this special item, net income decreased due to a higher provision for credit losses, partially offset by lower SG&A expenses. For fiscal year 2025, our outlook remains at $750 million as benefits from a lower provision for credit losses are partially offset by less favorable financing spreads. Finally, slide thirteen outlines our guidance for net income, effective tax rate, and operating cash flow. For fiscal year 2025, our outlook for net income remains between $5 billion and $5.5 billion. Next, our guidance now incorporates an effective tax rate between 20% and 22%. Lastly, cash flow from the equipment operations remains projected between $4.5 billion and $5.5 billion. Note that during the quarter, we made a voluntary 401(h) contribution of $520 million to fund our salaried post-retirement health care plan. This will impact our cash flows for the full year; however, our guidance range remains unchanged. This concludes our formal comments. We will now shift to a few topics specific to the quarter. Let's begin with Deere's performance this quarter. We saw net sales decline roughly 35% year over year and margins come in just under 8%, but we held the majority of our guides for the full year, notably net income. Josh Jepsen, could you break down what happened this quarter and”