Kyle Menges

I’m curious what you’re seeing as far as redundancy between those different applications and prime power infrastructures

It sounds like in Resource Industries backlog is growing nicely at a pretty significant quarter of order intake

the emerging data center prime power opportunity

the Resource Industries backlog and level of visibility into '26

could we actually see, as we start to lap these merchandising programs

How are customer conversations progressing and orders so far in 1Q

any real changes in pricing as you're signing new agreements or pretty consistent

for the 95-liter at this point, how far are you booking -- how far out are you booking orders?

curious if there could actually be some meaningful fuel efficiency gains with the new heavy-duty engine

what the ramifications could be or maybe a range of outcomes for next year if that medium-duty engine is not ready

trying to think about how that would actually impact Cummins, I guess, on just engine pricing margin and then also just how to think about the impact to components volume

it would be helpful just to hear about the growth you're seeing in new mobility versus electrolyzers

does that mean that you have confidence in doing roughly 10% EBITDA margin again in the fourth quarter?

is the plan still to roll out the EPA27 compliant engine in '26 and that will be additional pricing on that

how you're thinking about leverage at current levels, appetite for share buybacks?

any sort of tariff mitigation actions you've taken already? And then just any mitigation steps you're exploring?

could you comment a little bit on how you're thinking about the parts outlook for 2025?

how you're thinking about R&D spend in 2025 versus 2024, maybe more specifically within Engine and Components

It seems like the order book is improving nicely, yet a lot of pricing competition still in the market

Sounds like it is back-half weighted. Would just love to hear if that's kind of baking in any assumed improvement in retail demand

So just curious, as you see the over the road market come back and maybe a recovery become more broad based

I am just curious how you are thinking about margin ramifications maybe as you start with selling

how are you thinking about pricing momentum as we get to the second quarter and into the second half

How is the new engine performing in the market, and will it be ready in time

how you are thinking of the potential for dealer stocking and I guess, risk of an inventory overhang exiting 2026

Is that simplistically just taking off the existing tariff surcharges

How would that compare to a quote unquote normal fill rate at this point in the year for the fourth quarter

how are inventories. And then you mentioned you feel good About '26

I'm trying to get a handle on the cost inflation you're seeing and what could actually be, I guess, stickier

how you're thinking about the medium-duty market in U.S. and Canada as we progress through the year

how you think you can grow maybe in the next couple of years if -- sorry, if local markets do come back

could you talk a little bit about just if you're seeing anything particularly in local markets? Any early impacts from the geopolitical uncertainty and a fading rate cut theme impacting those markets?

Just how do you see that impacting competitive dynamics in the industry? And I'm also curious roughly what you think your product overlap is with the typical OEM dealer rental fleet

does that signal that we're through this period of normalization for the used sales recovery? And then just what's driving some of the maybe tightness

Can you just talk about maybe the level of visibility, and is there more visibility in the backlog now just given more mega projects in the pipeline?

How should we be thinking about maybe the value of the used fleet and the overall used market just given maybe some tariffs on new equipment?

could you give some color on what areas you're growing OEC during the year and any areas you plan to pull back a little bit?

can you just give some color on what kind of changes you've seen in customer behavior and sentiment following the election