“So as we see demand come back, I think we will see strong incrementals, particularly ex tariffs, but we're still kind of coming off of very low levels right now.”

In context

“as well. And so there's some puts and takes there that don't drive the margin too different from what we've originally forecasted. Joshua Jepsen: Yes, Jamie, it's Jepsen. I think the one thing I'd point out is we're still below trough levels for production and precision Ag overall and North America below that. So when you just the overall magnitude of North America being down 15% to 20% and the pull or negative impact on margins is real there. So I think we're glad to see some of that order activity move, but it's not -- to Josh's earlier point, it's not a bounce. It's not inflecting hard. It's just we're seeing some positive progress and momentum. So that, I think, does demonstrate we should see momentum as we go forward. Inventories are in good shape. Factories are running really lean. So as we see demand come back, I think we will see strong incrementals, particularly ex tariffs, but we're still kind of coming off of very low levels right now. Operator: Our next question comes from Tami Zakaria from JPMorgan. Tami Zakaria: My question is on the new excavator, which is quite exciting. Curious whether you can comment on any marketing plans around the launch of this? Are you expecting to put in some promotions to gain share, any financing promotions, incentive for dealers or anything along those lines to start off on a strong note? Ryan Campbell: Yes. I think the big splash that we have is out at CONEXPO, and so that will be the big launch event. We spent a lot of time with a lot of different operators from customers across the country, testing and understanding the capabilities of the equipment. We had a big launch party and launch event with them. And so I think the capability and the quality of the equipment and what we're goin”